<SEC-DOCUMENT>0001140361-25-024711.txt : 20250703
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<ACCEPTANCE-DATETIME>20250702212018
ACCESSION NUMBER:		0001140361-25-024711
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250703
DATE AS OF CHANGE:		20250702

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Aebi Schmidt Holding AG
		CENTRAL INDEX KEY:			0002048519
		STANDARD INDUSTRIAL CLASSIFICATION:	CONSTRUCTION MACHINERY & EQUIP [3531]
		ORGANIZATION NAME:           	06 Technology
		EIN:				000000000
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-286373
		FILM NUMBER:		251103570

	BUSINESS ADDRESS:	
		STREET 1:		SCHULSTRASSE 4
		CITY:			FRAUENFELD
		STATE:			V8
		ZIP:			8500
		BUSINESS PHONE:		41 (44) 308 5855

	MAIL ADDRESS:	
		STREET 1:		SCHULSTRASSE 4
		CITY:			FRAUENFELD
		STATE:			V8
		ZIP:			8500
</SEC-HEADER>
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<DESCRIPTION>424B3
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              <div style="font-weight: bold;">Prospectus Supplement No. 4</div>
            </td>
            <td style="width: 50%; vertical-align: top;">
              <div style="text-align: right; font-weight: bold;">Filed Pursuant to Rule 424(b)(3)</div>
            </td>
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          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div style="font-weight: bold;">(to Prospectus dated May 13, 2025)</div>
            </td>
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              <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">Registration No. 333-286373</div>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Aebi Schmidt Holding AG</div>
      <div><br>
      </div>
      <div style="text-align: justify;">This prospectus supplement (the &#8220;<font style="font-weight: bold; font-style: italic;">Prospectus Supplement</font>&#8221;) updates, amends and supplements the prospectus, dated May 13, 2025 (as supplemented by prior
        prospectus supplements, the &#8220;<font style="font-weight: bold; font-style: italic;">Prospectus</font>&#8221;), which forms a part of the Registration Statement on Form S-4 (Registration No. 333-286373) (the &#8220;<font style="font-weight: bold; font-style: italic;">Registration Statement</font>&#8221;) of Aebi Schmidt Holdings AG, a Switzerland Aktiengesellschaft (&#8220;<font style="font-weight: bold; font-style: italic;">Aebi Schmidt</font>&#8221;), filed with the U.S. Securities and Exchange Commission (the &#8220;<font style="font-weight: bold; font-style: italic;">SEC</font>&#8221;) on April 4, 2025, and as amended on May 5, 2025 and May 12, 2025. To the extent that information in this Prospectus Supplement differs from, or updates information contained in, the
        Prospectus, the information in this Prospectus Supplement shall supersede or supplement the information in the Prospectus. Except as otherwise described in this Prospectus Supplement or the documents referred to, contained in or incorporated by
        reference in this Prospectus Supplement, the Prospectus, the annexes to the Prospectus and the documents referred to, contained in or incorporated by reference in the Prospectus are not otherwise modified, supplemented or amended.&#160; Capitalized
        terms used in this Prospectus Supplement and not otherwise defined herein have the meanings specified in the Prospectus.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">This Prospectus Supplement is being filed to update and supplement the information previously included in the Prospectus with the information contained in our Quarterly Report on Form 10-Q filed with the SEC on June
        27, 2025. Accordingly, we have attached that Form 10-Q to this Prospectus Supplement.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">This Prospectus Supplement is not complete without the Prospectus. This Prospectus Supplement should be read in conjunction with the Prospectus, which is to be delivered with this Prospectus Supplement, and is
        qualified by reference thereto, except to the extent that the information in this Prospectus Supplement updates or supersedes the information contained in the Prospectus. Please keep this Prospectus Supplement with your Prospectus for future
        reference.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">Investing in Aebi Schmidt&#8217;s securities involves risks that are described in the &#8220;Risk Factors&#8221; section of the Prospectus.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">Neither the SEC nor any state securities commission has approved or disapproved of the securities to be issued under the Prospectus or this Prospectus Supplement or determined if the Prospectus or
        this Prospectus Supplement is truthful or complete. Any representation to the contrary is a criminal offense.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">The date of this Prospectus Supplement is July 3, 2025.</div>
      <div><br>
      </div>
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              <td style="width: 8%; text-align: center;">*</td>
              <td style="width: 46%;">*</td>
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                <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">UNITED STATES</div>
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                <div style="text-align: center; color: rgb(0, 0, 0); font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
                <div style="text-align: center; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
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                <div><font style="color: rgb(0, 0, 0);"> </font><br>
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                <div>&#160;</div>
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                <div style="color: rgb(0, 0, 0);">(Mark One)</div>
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                    <td style="width: 18pt; vertical-align: top;">&#9746;<br>
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                      <div style="font-weight: bold;">QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</div>
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                <div style="text-align: center; color: #000000; font-weight: bold;">For the quarterly period ended March 31, 2025</div>
                <div>&#160;</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">or</div>
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                    <td style="width: 18pt; vertical-align: top;">&#9744;<br>
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                    <td style="width: auto; vertical-align: top;">
                      <div style="font-weight: bold;">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</div>
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                <div style="text-align: center; color: #000000; font-weight: bold;">For the transition period from&#160; &#160; &#160; &#160; &#160; &#160; to&#160; &#160; &#160; &#160; &#160; &#160; .</div>
                <div>&#160;</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Commission File Number: 333-286373</div>
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                <div><br>
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                <div style="text-align: center; color: rgb(0, 0, 0); font-size: 24pt; font-weight: bold;">Aebi Schmidt Holding AG<br>
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                <div style="text-align: center; color: #000000;">(Exact name of registrant as specified in its charter)</div>
                <div><br>
                </div>
              </div>
              <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;" id="z493782a00489442b94a2aa86c9153b2b">

                  <tr>
                    <td style="width: 33%; vertical-align: top;">
                      <div style="text-align: center; color: #000000; font-weight: bold;">Switzerland<br>
                      </div>
                    </td>
                    <td style="width: 34%; vertical-align: bottom;">
                      <div style="text-align: center; color: #000000; font-weight: bold;">3531</div>
                    </td>
                    <td style="width: 33%; vertical-align: bottom;">
                      <div style="text-align: center; color: #000000; font-weight: bold;"><font style="-sec-ix-hidden:Fact_be10fd3952aa40dfa672d8a1bd86dd38">Not Applicable</font><br>
                      </div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 33%; vertical-align: top;">
                      <div style="text-align: center; color: #000000;">(State or other jurisdiction of</div>
                      <div style="text-align: center; color: #000000;">incorporation or organization)</div>
                    </td>
                    <td style="width: 34%; vertical-align: bottom;">
                      <div style="text-align: center; color: #000000;">(Primary Standard Industrial</div>
                      <div style="text-align: center; text-indent: 13.5pt; color: #000000;">Classification Code Number)</div>
                    </td>
                    <td style="width: 33%; vertical-align: bottom;">
                      <div style="text-align: center; color: #000000;">(I.R.S. Employer</div>
                      <div style="text-align: center; color: #000000;">Identification Number)</div>
                    </td>
                  </tr>

              </table>
              <div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Schulstrasse 4<br>
                </div>
                <div style="text-align: center; color: #000000; font-weight: bold;">CH-8500 Frauenfeld, Switzerland</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">+41 44-308-5800</div>
                <div style="text-align: center; color: #000000;">(Address, including zip code, and telephone number, including</div>
                <div style="text-align: center; color: #000000;">area code, of registrant&#8217;s principal executive offices)</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">ASH North America, Inc.</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">201 MB Lane</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Chilton, WI 53014</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">+1 800-558-5800</div>
                <div style="text-align: center; color: #000000;">(Name, address, including zip code, and telephone number, including</div>
                <div style="text-align: center; color: #000000;">area code, of agent for service)</div>
              </div>
              <div><br>
              </div>
              <div style="text-indent: 36pt; margin-right: 36pt; color: #000000;">Securities registered pursuant to Section 12(b) of the Act:</div>
              <div><br>
              </div>
              <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;" id="zbf29bc233f4f402686a893b21c9c6aae">

                  <tr>
                    <td style="width: 30%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                      <div style="text-align: center; color: rgb(0, 0, 0);">Title of each class</div>
                    </td>
                    <td style="width: 30%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                      <div style="text-align: center; color: rgb(0, 0, 0);">Trading Symbol(s):</div>
                    </td>
                    <td style="width: 40%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                      <div style="text-align: center; color: rgb(0, 0, 0);">Name of each exchange on which registered</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 30%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: rgb(0, 0, 0);">Common Stock<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
                    </td>
                    <td style="width: 30%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: rgb(0, 0, 0);">AEBI<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
                    </td>
                    <td style="width: 40%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: rgb(0, 0, 0);">The NASDAQ Stock Market LLC<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z8f996de97f2e4532a9dd7321aff8ef23">

                  <tr>
                    <td style="width: 18pt;"><br>
                    </td>
                    <td style="width: 36pt; vertical-align: top; color: #000000;">(1)</td>
                    <td style="width: auto; vertical-align: top;">
                      <div><font style="color: #000000;">No stock is currently trading or listed; while the trading symbol is approved, the actual listing of the stock is pending the Closing of the Proposed Transaction, as each is defined and described in
                          Aebi Schmidt Holding AG&#8217;s registration statement on Form S-4 (Registration No. 333-286373) filed with the Securities and Exchange Commission on April 4, 2025, as subsequently amended (and which is available at </font><font style="text-decoration: underline;">https://www.sec.gov/edgar/browse/?CIK=0002048519</font><font style="color: #000000;">).</font></div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <div style="text-indent: 25.2pt; margin-right: 7.2pt; color: #000000;">Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
                preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.<font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font>&#9744; Yes &#9746; No</div>
              <div>&#160;</div>
              <div style="text-indent: 25.2pt; color: #000000;">Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (&#167;232.405 of this
                chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).<font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font>&#9746; Yes&#160;<font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160; </font>&#9744; No</div>
              <div>&#160;</div>
              <div style="text-indent: 25.2pt; margin-right: 7.2pt; color: #000000;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging
                growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company,&#8221; and "emerging growth company" in Rule 12b-2 of the Exchange Act.</div>
              <div style="text-indent: 25.2pt; margin-right: 7.2pt; color: #000000;"> <br>
              </div>
              <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;" id="z3f9ef2509c54472191384f955b17bf37">

                  <tr>
                    <td style="width: 50%; vertical-align: top;">
                      <div style="text-align: center; color: rgb(0, 0, 0);">Large accelerated filer &#9744;</div>
                    </td>
                    <td style="width: 50%; vertical-align: top;">
                      <div style="color: rgb(0, 0, 0);">Accelerated filer &#9744;</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
                    <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 50%; vertical-align: top;">
                      <div style="text-align: center; color: rgb(0, 0, 0);">Non-accelerated filer &#9746;</div>
                    </td>
                    <td style="width: 50%; vertical-align: top;">
                      <div style="color: rgb(0, 0, 0);">Smaller reporting company &#9744;</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
                    <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 50%; vertical-align: top;">&#160;</td>
                    <td style="width: 50%; vertical-align: top;">
                      <div style="color: rgb(0, 0, 0);">Emerging growth company &#9746;</div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <div style="margin-right: 10.8pt; color: #000000;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
                standards provided pursuant to Section 13(a) of the Exchange Act. &#9746;</div>
              <div>&#160;</div>
              <div style="color: #000000;">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the</div>
              <div style="color: #000000;">Exchange Act).&#160;&#160; &#9744; Yes &#9746; No</div>
              <div>&#160;</div>
              <div style="margin-right: 7.2pt; color: #000000;">Indicate the number of shares outstanding of each of the issuer&#8217;s classes of common stock, as of the latest practicable date.</div>
              <div><br>
              </div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;" id="z541ccc5be54f4adeae0287c41510a648">

                  <tr>
                    <td style="width: 49.99%; vertical-align: top;">
                      <div style="text-align: center;"><font style="text-decoration: underline;">Class</font></div>
                    </td>
                    <td style="width: 50.01%; vertical-align: top;">
                      <div style="text-align: center;"><font style="text-decoration: underline;">Outstanding as of June 23, 2025</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 49.99%; vertical-align: top;">
                      <div style="text-align: center;">Common Stock</div>
                    </td>
                    <td style="width: 50.01%; vertical-align: top;">
                      <div style="text-align: center; color: rgb(0, 0, 0);">40,351,683 shares*<br>
                      </div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <div>* Reflects a 1 to 7.5 stock split to be effected upon closing of the Merger Agreement (as defined in this Quarterly Report).<br>
              </div>
              <div> <br>
              </div>
              <div>
                <hr style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                <div class="BRPFPageHeader" style="width: 100%;">
                  <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                  </div>
                </div>
              </div>
            </div>
          </div>
          <div style="color: #000000;">
            <div>
              <div>
                <div style="text-align: center; font-weight: bold;">FORWARD-LOOKING STATEMENTS</div>
                <div>&#160;</div>
                <div style="text-align: justify;">This Quarterly Report on Form 10-Q contains some statements that are not historical facts. These statements are called &#8220;forward-looking statements&#8221; within the meaning of Section 27A of the Securities Act of
                  1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve important known and unknown risks, uncertainties and other factors and generally can be identified by phrases using &#8220;estimate,&#8221;
                  &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;project,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;predict,&#8221; &#8220;potential,&#8221; &#8220;future,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should&#8221; or similar expressions or words. Aebi Schmidt Holding AG (&#8220;Aebi Schmidt,&#8221; the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us&#8221; or &#8220;our&#8221;) future
                  results, performance or achievements may differ materially from the results, performance or achievements discussed in the forward-looking statements. These statements are not guarantees of future performance and involve certain risks,
                  uncertainties and assumptions (&#8220;Risk Factors&#8221;) that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or
                  forecasted in such forward-looking statements.</div>
                <div>&#160;</div>
                <div style="text-align: justify;">Factors that might cause future results to differ materially from those projected in the forward-looking statements include, but are not limited to, those described below in the section titled &#8220;<font style="font-style: italic;">Risk Factors</font>&#8221; in Part II, Item 1A of this Quarterly Report, as well as risk factors that we have discussed in previous public reports and other documents filed with the Securities and Exchange
                  Commission, including without limitation those included in the sections entitled &#8220;<font style="font-style: italic;">Risk Factors</font>&#8221;<font style="font-style: italic;">&#160;</font>and &#8220;<font style="font-style: italic;">Cautionary</font>&#160;<font style="font-style: italic;">Statement Regarding Forward-Looking Statements&#8221; </font>in the proxy statement/prospectus (the &#8220;Proxy Statement/Prospectus&#8221;) which forms a part of our registration statement on Form S-4 (Registration No.
                  333-286373) filed with the SEC on April 4, 2025, as subsequently amended (the &#8220;Registration Statement&#8221;). Such Risk Factors includes the primary risks our management believes could materially affect the potential results described by
                  forward-looking statements contained in this Quarterly Report. However, these risks may not be the only risks we face. Our business, operations and financial performance could also be affected by additional factors that are not presently
                  known to us or that we currently consider to be immaterial to our operations. In addition, new Risk Factors may emerge from time to time that may cause actual results to differ materially from those contained in any forward-looking
                  statements. Given these risks and uncertainties, although we believe that the forward-looking statements contained in this Quarterly Report are reasonable, we cannot provide you with any guarantee that the results described in those
                  forward-looking statements will be achieved. All forward-looking statements in this Quarterly Report are expressly qualified in their entirety by the cautionary statements contained in this section, and investors should not place undue
                  reliance on forward-looking statements as a prediction of actual results. The Company undertakes no obligation to update or revise any forward-looking statements to reflect developments or information obtained after the date this
                  Quarterly Report is filed with the Securities and Exchange Commission.</div>
                <div>&#160;</div>
                <div style="text-align: center; font-weight: bold;">RISK FACTORS SUMMARY</div>
                <div>&#160;</div>
                <div style="text-align: justify;">Investing in our securities involves a high degree of risk. The following is a summary of the principal factors that make an investment in our securities speculative or risky, all of which are further
                  described below in the section titled &#8220;<font style="font-style: italic;">Risk Factors</font>&#8221; in Part II, Item 1A of this Quarterly Report. This summary should be read in conjunction with the &#8220;Risk Factors&#8221; section and should not be
                  relied upon as an exhaustive summary of the material risks facing our business. In addition to the following summary, you should consider the information set forth in the &#8220;Risk Factors&#8221; section and the other information contained in this
                  Quarterly Report before investing in our securities. Term used but not defined in this Risk Factors Summary have the meanings given to them further below in this Quarterly Report.</div>
                <div>&#160;</div>
                <div style="text-align: justify;"><font style="text-decoration: underline;">Risks Relating to Our Company and Business</font></div>
                <div>&#160;</div>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="ze7f4bf4ecbec47df8e270d5c189857e0">

                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>Changes in U.S. trade policy, including the imposition of tariffs and the resulting consequences, may have a material adverse impact on our business and results of operations.</div>
                      </td>
                    </tr>

                </table>
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                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>A disruption, termination or alteration of the supply of critical components from third-party suppliers could materially adversely affect the sales of our products.</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="zdf6e56c6fb0347c5996f0da70e54d5ed">

                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>Increases in the price of commodities would impact the cost or price of our products, which may impact our ability to sustain and grow earnings.</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="zcab72bfdc6ce4aea80b6a656855759b2">

                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>The unavailability, reduction, elimination or adverse application of government funding could have an adverse effect on our business, prospects, financial condition and operating results.</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="zaa803a0bbd02439d91f9ca8be0d14a56">

                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>The integration of businesses or assets we have acquired or may acquire in the future involves challenges that could disrupt our business and harm our financial condition.</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="zd6067eedd5e54771902ac06e399b6532">

                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>We may be unsuccessful in implementing our growth strategy.</div>
                      </td>
                    </tr>

                </table>
                <div> <br>
                </div>
                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div style="page-break-after: always;" class="BRPFPageBreak">
                    <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                  <div class="BRPFPageHeader" style="width: 100%;">
                    <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                    </div>
                  </div>
                </div>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z92046a763b544a718ec4bb26a57728f5">

                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>We may discover defects in our vehicles, potentially resulting in delaying new model launches, recall campaigns, increased warranty costs, liability or other costs.</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="zbe94a9bd1a304194ac1c385219cf1ab1">

                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>Increases in the cost of labor, deterioration in employee relations, union organizing activity and work stoppages at our facilities could have a negative effect on our business.</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z80a5b6358b9945288606c835399e166a">

                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>Our ability to execute our strategy is dependent upon our ability to attract, retain, and develop qualified personnel, including our ability to execute proper succession plans for senior management and key employees.</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="zce713690a62249979f6a120eaeed5903">

                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>Risks associated with international sales and contracts could have a negative effect on our business.</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="za52f93b7bd9a41b990c9a0a337eda3bb">

                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>Our EVs rely on software and hardware that is highly technical, and if these systems contain errors, bugs, vulnerabilities, or design defects, or if we are unsuccessful in addressing or mitigating technical limitations in our
                          systems, our EV business could be adversely affected.</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="zc88edc6122dc4ba0b7587d7c2c759d39">

                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>Our businesses are cyclical, and this can lead to fluctuations in our operating results.</div>
                      </td>
                    </tr>

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                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>Fuel shortages, or higher prices for fuel, could have a negative effect on sales.</div>
                      </td>
                    </tr>

                </table>
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                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>Emerging issues related to the development and use of artificial intelligence could give rise to legal or regulatory action, damage our reputation or otherwise materially harm our business.</div>
                      </td>
                    </tr>

                </table>
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                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>Fluctuations in foreign currency exchange rates have adversely affected and could continue to adversely affect our operating results.</div>
                      </td>
                    </tr>

                </table>
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                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>Weather conditions, including conditions exacerbated by global climate change, present chronic and acute physical risks, and have previously impacted, and may continue to impact, demand for some of our products and/or cause
                          disruptions in our operations.</div>
                      </td>
                    </tr>

                </table>
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                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>Our business is subject to risks arising from our indebtedness, contingent obligations, liquidity and financial position.</div>
                      </td>
                    </tr>

                </table>
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                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>Expectations relating to environmental, social and governance considerations expose us to potential liabilities, increased costs, reputational harm and other adverse effects on our business.</div>
                      </td>
                    </tr>

                </table>
                <div><br>
                </div>
                <div style="text-align: justify;"><font style="text-decoration: underline;">Risks Relating to Tax Matters</font></div>
                <div><br>
                </div>
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                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>The IRS may assert that Aebi Schmidt is a &#8220;domestic corporation&#8221; or a &#8220;surrogate foreign corporation&#8221; for U.S. federal income tax purposes as a result of the Transactions.</div>
                      </td>
                    </tr>

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                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>If Aebi Schmidt is a passive foreign investment company, U.S. holders of shares of our Common Stock could be subject to adverse U.S. federal income tax consequences.</div>
                      </td>
                    </tr>

                </table>
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                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>If a U.S. investor is treated for U.S. federal income tax purposes as owning directly or indirectly at least 10% of our Common Stock, such U.S. investor may be subject to adverse U.S. federal income tax consequences.</div>
                      </td>
                    </tr>

                </table>
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                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>Dividends on shares of the capital stock of the Combined Company may subject U.S. shareholders to Swiss withholding tax.</div>
                      </td>
                    </tr>

                </table>
                <div><br>
                </div>
                <div style="text-align: justify;"><font style="text-decoration: underline;">Risks Relating to the Merger</font></div>
                <div><br>
                </div>
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                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>The future results of the Combined Company may be adversely impacted if the Combined Company does not effectively manage our expanded operations following completion of the Merger.</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z22711dacbfbc48bc848cf78422b38a88">

                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>We have identified material weaknesses in our internal control over financial reporting and may identify additional material weaknesses in the future or fail to maintain an effective system of internal control over financial
                          reporting. If our remediation of the material weaknesses is not effective, or we fails to develop and maintain effective internal control over financial reporting, our ability to produce timely and accurate financial statements or
                          comply with applicable laws and regulations could be impaired, which could harm the Combined Company&#8217;s business and negatively impact the value of our Common Stock.</div>
                      </td>
                    </tr>

                </table>
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                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>We will incur increased costs as a result of operating as a public company, and the Combined Company&#8217;s management will be required to devote substantial time to compliance with our public company responsibilities and corporate
                          governance practices.</div>
                      </td>
                    </tr>

                </table>
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                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>The New Credit Facilities Agreement contains, and agreements governing future indebtedness may contain, restrictive covenants that may impair the Combined Company&#8217;s ability to access sufficient capital and operate our business.</div>
                      </td>
                    </tr>

                </table>
                <div><br>
                </div>
                <div style="text-align: justify;"><font style="text-decoration: underline;">Risks Relating to our Common Stock</font></div>
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                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>Our Common Stock does not have a history of trading and the market price and trading volume of our Common Stock following the Effective Time may be volatile.</div>
                      </td>
                    </tr>

                </table>
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                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>We will enter into the Relationship Agreements with PCS Holdings AG and Peter Spuhler, Gebuka AG and Barend Fruithof (the &#8220;Specified Stockholders&#8221;), which provide the Specified Stockholders with certain rights over company
                          matters.</div>
                      </td>
                    </tr>

                </table>
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                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>Aebi Schmidt is a Swiss corporation, and shareholders may not have the same rights and protections generally afforded to shareholders of U.S. corporations.</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z8fb4f35445044de0b5c1f078e10888d6">

                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>The PCS Parties control a significant number of shares of our Common Stock and, following the Merger, will continue to control a significant number of shares of our Common Stock, providing such parties with substantial
                          influence over the Combined Company&#8217;s business.</div>
                      </td>
                    </tr>

                </table>
                <div> <br>
                </div>
                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div style="page-break-after: always;" class="BRPFPageBreak">
                    <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                  <div class="BRPFPageHeader" style="width: 100%;">
                    <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                    </div>
                  </div>
                </div>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z78942d069a004380be2fc0a3ba39decb">

                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>The shares of the Combined Company will not be listed in Switzerland, the home jurisdiction of the Combined Company. As a result, shareholders may not benefit from certain provisions of Swiss law that are designed to protect
                          shareholders in a public takeover offer or a change-of-control transaction.</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z64b5757129f544f08b2760800ce987fd">

                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>The Amended Articles will designate the courts at the location of the Combined Company&#8217;s registered seat as the exclusive forum for certain types of actions and proceedings that may be initiated by the Combined Company
                          shareholders.</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z0808099cc4d343d6bc7f6807f3fa2f76">

                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>We cannot guarantee the timing, amount or payment of dividends on shares of the capital stock of the Combined Company.</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="zef7c0798a46f40619ad144d219632a59">

                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>Certain provisions of the Amended Articles and Swiss law may limit the Combined Company&#8217;s flexibility to raise capital, issue dividends and otherwise manage ongoing capital needs.</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="zd85fff170bc1471f876d35bd32198e2d">

                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>Holders of shares of the capital stock of the Combined Company may not be able to exercise certain shareholder rights if they are not registered as shareholders of record on the Combined Company Share Register.</div>
                      </td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z078a78f697e94138bb72f60f2f88e4b9">

                    <tr>
                      <td style="width: 18pt;"><br>
                      </td>
                      <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>U.S. shareholders may not be able to obtain judgments or enforce civil liabilities against the Combined Company or our executive officers or members of the Combined Company Board.</div>
                      </td>
                    </tr>

                </table>
                <div><br>
                </div>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                <div style="page-break-after: always;" class="BRPFPageBreak">
                  <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                <div class="BRPFPageHeader" style="width: 100%;">
                  <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                  </div>
                </div>
              </div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"> <a name="INDEX"><!--Anchor--></a><font style="font-weight: bold;">INDEX</font></div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"> <br>
              </div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">PART I&#8212;FINANCIAL INFORMATION</div>
              <div><br>
              </div>
              <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;" id="z95a1d4ec50bb4e058aade3259299be0b">

                  <tr>
                    <td rowspan="1" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div>Item 1.</div>
                    </td>
                    <td rowspan="1" style="vertical-align: middle; background-color: rgb(204, 238, 255); font-weight: normal;">
                      <div style="color: rgb(0, 0, 0);"><a href="#FinancialStatements.">Financial Statements.</a></div>
                    </td>
                    <td rowspan="1" style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255); text-align: right;">3</td>
                  </tr>
                  <tr>
                    <td colspan="2" style="vertical-align: middle;">
                      <div><a href="#BALANCESHEETS">CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)</a></div>
                    </td>
                    <td style="width: 5%; vertical-align: middle;">
                      <div style="text-align: right;">3</div>
                    </td>
                  </tr>
                  <tr>
                    <td colspan="2" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div><a href="#OFOPERATIONS">CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)</a></div>
                    </td>
                    <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">4</div>
                    </td>
                  </tr>
                  <tr>
                    <td colspan="2" style="vertical-align: middle;">
                      <div><a href="#COMPREHENSIVEINCOME">CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)</a></div>
                    </td>
                    <td style="width: 5%; vertical-align: middle;">
                      <div style="text-align: right;">5</div>
                    </td>
                  </tr>
                  <tr>
                    <td colspan="2" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div><a href="#EQUITY">CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)</a></div>
                    </td>
                    <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">6</div>
                    </td>
                  </tr>
                  <tr>
                    <td colspan="2" style="vertical-align: middle;">
                      <div><a href="#CASHFLOWS">CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)</a></div>
                    </td>
                    <td style="width: 5%; vertical-align: middle;">
                      <div style="text-align: right;">7</div>
                    </td>
                  </tr>
                  <tr>
                    <td colspan="2" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div><a href="#NOTES">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</a></div>
                    </td>
                    <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">8</div>
                    </td>
                  </tr>
                  <tr>
                    <td colspan="2" style="vertical-align: middle;">
                      <div style="margin-left: 9pt;"><a href="#NOTE1">NOTE 1 &#8211; NATURE OF OPERATIONS AND BASIS OF PRESENTATION</a></div>
                    </td>
                    <td style="width: 5%; vertical-align: middle;">
                      <div style="text-align: right;">8</div>
                    </td>
                  </tr>
                  <tr>
                    <td colspan="2" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="margin-left: 9pt;"><a href="#NOTE2">NOTE 2 &#8211; REVENUE</a></div>
                    </td>
                    <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">9</div>
                    </td>
                  </tr>
                  <tr>
                    <td colspan="2" style="vertical-align: middle;">
                      <div style="margin-left: 9pt;"><a href="#NOTE3">NOTE 3 &#8211; INVENTORIES</a></div>
                    </td>
                    <td style="width: 5%; vertical-align: middle;">
                      <div style="text-align: right;">10</div>
                    </td>
                  </tr>
                  <tr>
                    <td colspan="2" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="margin-left: 9pt;"><a href="#NOTE4">NOTE 4 &#8211; PROPERTY, PLANT AND EQUIPMENT</a></div>
                    </td>
                    <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">11</div>
                    </td>
                  </tr>
                  <tr>
                    <td colspan="2" style="vertical-align: middle;">
                      <div style="margin-left: 9pt;"><a href="#NOTE5">NOTE 5 &#8211; LEASES</a></div>
                    </td>
                    <td style="width: 5%; vertical-align: middle;">
                      <div style="text-align: right;">11</div>
                    </td>
                  </tr>
                  <tr>
                    <td colspan="2" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="margin-left: 9pt;"><a href="#NOTE6">NOTE 6 &#8211; INCOME TAXES</a></div>
                    </td>
                    <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">12</div>
                    </td>
                  </tr>
                  <tr>
                    <td colspan="2" style="vertical-align: middle;">
                      <div style="margin-left: 9pt;"><a href="#NOTE7">NOTE 7 &#8211; COMMITMENTS AND CONTINGENT LIABILITIES</a></div>
                    </td>
                    <td style="width: 5%; vertical-align: middle;">
                      <div style="text-align: right;">13</div>
                    </td>
                  </tr>
                  <tr>
                    <td colspan="2" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="margin-left: 9pt;"><a href="#NOTE8">NOTE 8 &#8211; DEFINED BENEFIT PENSION PLANS</a></div>
                    </td>
                    <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">13</div>
                    </td>
                  </tr>
                  <tr>
                    <td colspan="2" style="vertical-align: middle;">
                      <div style="margin-left: 9pt;"><a href="#NOTE9">NOTE 9 &#8211; DEBT</a></div>
                    </td>
                    <td style="width: 5%; vertical-align: middle;">
                      <div style="text-align: right;">14</div>
                    </td>
                  </tr>
                  <tr>
                    <td colspan="2" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="margin-left: 9pt;"><a href="#NOTE10">NOTE 10 &#8211; ACCUMULATED OTHER COMPREHENSIVE INCOME</a></div>
                    </td>
                    <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">16</div>
                    </td>
                  </tr>
                  <tr>
                    <td colspan="2" style="vertical-align: middle;">
                      <div style="margin-left: 9pt;"><a href="#NOTE11">NOTE 11 &#8211; SEGMENTS</a></div>
                    </td>
                    <td style="width: 5%; vertical-align: middle;">
                      <div style="text-align: right;">16</div>
                    </td>
                  </tr>
                  <tr>
                    <td colspan="2" style="vertical-align: middle; background-color: rgb(204, 238, 255);" rowspan="1">
                      <div style="margin-left: 9pt"><a href="#NOTE12">NOTE 12 &#8211; SUBSEQUENT EVENTS</a> </div>
                    </td>
                    <td style="width: 5%; vertical-align: middle; text-align: right; background-color: rgb(204, 238, 255);" rowspan="1">19<br>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 5%; vertical-align: middle;" rowspan="1">
                      <div>Item 2.</div>
                    </td>
                    <td style="width: 90%; vertical-align: middle;" rowspan="1">
                      <div><a href="#ManagementsDiscussionandA">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</a></div>
                    </td>
                    <td style="width: 5%; vertical-align: middle; text-align: right;" rowspan="1">20<br>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);" rowspan="1">
                      <div>Item 3.</div>
                    </td>
                    <td style="width: 90%; vertical-align: middle; background-color: rgb(204, 238, 255);" rowspan="1">
                      <div><a href="#QuantitativeandQualitativ">Quantitative and Qualitative Disclosure About Market Risk</a></div>
                    </td>
                    <td style="width: 5%; vertical-align: middle; text-align: right; background-color: rgb(204, 238, 255);" rowspan="1">29</td>
                  </tr>
                  <tr>
                    <td style="width: 5%; vertical-align: middle;" rowspan="1">
                      <div>Item 4.</div>
                    </td>
                    <td style="width: 90%; vertical-align: middle;" rowspan="1">
                      <div><a href="#ControlsandProcedures">Controls and Procedures</a></div>
                    </td>
                    <td style="width: 5%; vertical-align: middle; text-align: right;" rowspan="1">29</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;" id="z09e967bb519f4860af756b15cb239730">

                  <tr>
                    <td colspan="3" style="vertical-align: middle; text-align: center; font-weight: bold;" rowspan="1">
                      <div>PART II&#8212;OTHER INFORMATION</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 5%; vertical-align: middle;" rowspan="1">&#160;</td>
                    <td style="width: 90%; vertical-align: middle;" rowspan="1">&#160;</td>
                    <td style="width: 5%; vertical-align: middle; text-align: right;" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);" rowspan="1">
                      <div>Item 1.</div>
                    </td>
                    <td style="width: 90%; vertical-align: middle; background-color: rgb(204, 238, 255);" rowspan="1">
                      <div><a href="#LegalProceedings">Legal Proceedings</a></div>
                    </td>
                    <td style="width: 5%; vertical-align: middle; text-align: right; background-color: rgb(204, 238, 255);" rowspan="1">31</td>
                  </tr>
                  <tr>
                    <td style="width: 5%; vertical-align: middle; white-space: nowrap;" rowspan="1">
                      <div>Item 1A.&#160; <br>
                      </div>
                    </td>
                    <td style="width: 90%; vertical-align: middle;" rowspan="1">
                      <div><a href="#RiskFactors">Risk Factors</a></div>
                    </td>
                    <td style="width: 5%; vertical-align: middle; text-align: right;" rowspan="1">31</td>
                  </tr>
                  <tr>
                    <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);" rowspan="1">
                      <div>Item 2.</div>
                    </td>
                    <td style="width: 90%; vertical-align: middle; background-color: rgb(204, 238, 255);" rowspan="1">
                      <div><a href="#UnregisteredSalesofEquity">Unregistered Sales of Equity Securities and Use of Proceeds</a></div>
                    </td>
                    <td style="width: 5%; vertical-align: middle; text-align: right; background-color: rgb(204, 238, 255);" rowspan="1">51</td>
                  </tr>
                  <tr>
                    <td style="width: 5%; vertical-align: middle;" rowspan="1">
                      <div>Item 5.</div>
                    </td>
                    <td style="width: 90%; vertical-align: middle;" rowspan="1">
                      <div><a href="#OtherInformation">Other Information</a></div>
                    </td>
                    <td style="width: 5%; vertical-align: middle; text-align: right;" rowspan="1">51</td>
                  </tr>
                  <tr>
                    <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);" rowspan="1">
                      <div>Item 6.</div>
                    </td>
                    <td style="width: 90%; vertical-align: middle; background-color: rgb(204, 238, 255);" rowspan="1">
                      <div><a href="#Exhibits">Exhibits</a></div>
                    </td>
                    <td style="width: 5%; vertical-align: middle; text-align: right; background-color: rgb(204, 238, 255);" rowspan="1">52</td>
                  </tr>
                  <tr>
                    <td colspan="2" style="width: 5%; vertical-align: middle;" rowspan="1">
                      <div><a href="#SIGNATURES">Signatures</a></div>
                    </td>
                    <td style="width: 5%; vertical-align: middle; text-align: right;" rowspan="1">53</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div><br>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                <div style="page-break-after: always;" class="BRPFPageBreak">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                <div class="BRPFPageHeader" style="width: 100%;">
                  <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                  </div>
                </div>
              </div>
              <!--PROfilePageNumberReset%Num%3%Page % of 53%--> </div>
          </div>
          <div style="color: #000000;">
            <div>
              <div style="text-align: center; font-weight: bold;">
                <div style="font-weight: bold;">PART I &#8211; FINANCIAL INFORMATION</div>
                <div style="text-align: left;">&#160;</div>
                <div style="text-align: left;"> <a name="FinancialStatements."><!--Anchor--></a>
                  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0;" id="z3a5617a7c25242cb8253e8ce93ce21bf">

                      <tr style="vertical-align: top;">
                        <td style="text-align: right; vertical-align: top; width: 36pt;">
                          <div style="text-align: left; color: rgb(0, 0, 0); font-weight: bold;">Item 1.</div>
                        </td>
                        <td style="text-align: left; vertical-align: top; width: auto;">
                          <div style="color: rgb(0, 0, 0); font-weight: bold;">Financial Statements.</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: center; font-weight: bold;"> <br>
              </div>
              <div style="text-align: center; font-weight: bold;">AEBI SCHMIDT HOLDING AG AND SUBSIDIARIES</div>
              <div style="text-align: center; font-weight: bold;">CONDENSED CONSOLIDATED <a name="BALANCESHEETS"><!--Anchor--></a><!--Anchor-->BALANCE SHEETS (Unaudited)</div>
              <div>&#160;</div>
              <div style="text-align: center;">(In thousands, except share data)</div>
              <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" id="z430cf1ba0c6d49aca93599a9c881d91b">

                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; border-top: #000000 solid 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; border-top: #000000 solid 2px;">
                      <div style="text-align: center; color: #000000;">March 31,</div>
                      <div style="text-align: center; color: #000000;">2025</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-top: #000000 solid 2px; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-top: #000000 solid 2px; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; border-top: #000000 solid 2px;">
                      <div style="text-align: center; color: rgb(0, 0, 0);">December 31, </div>
                      <div style="text-align: center; color: rgb(0, 0, 0);">2024</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-top: #000000 solid 2px; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Assets</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Current assets:</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Cash and cash equivalents</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">47,818</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">65,173</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Accounts receivable, less allowance for credit losses of $<font style="text-indent: 0pt;">640</font> and $<font style="text-indent: 0pt;">580</font></div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">167,210</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">173,957</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Contract assets</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">31,068</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">24,145</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Inventories</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">260,393</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">231,399</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Prepaid expense and other current assets</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">29,934</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">23,487</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0); font-weight: bold;">Total current assets</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">536,423</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">518,161</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Property, plant and equipment, net</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">70,227</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">68,647</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Goodwill</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">221,189</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">221,189</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Intangible assets, net</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">171,779</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">175,324</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Deferred tax assets</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">6,580</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">5,693</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Right of use assets operating leases</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">67,986</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">63,066</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Other assets</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">42,907</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">36,044</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">TOTAL ASSETS</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">1,117,091</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">1,088,124</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">LIABILITIES AND EQUITY</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Current liabilities:</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Accounts payable</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">92,848</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">93,634</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Accrued warranty</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">9,398</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">8,577</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Accrued compensation and related taxes</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">18,946</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">23,204</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Contract liabilities</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">19,534</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">20,044</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Operating lease liabilities</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">9,703</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">9,241</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Other current liabilities and accrued expenses</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">83,505</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">89,260</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Current portion of long-term debt</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">24,224</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">23,259</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0); font-weight: bold;">Total current liabilities</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">258,158</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">267,219</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Other non-current liabilities</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">8,523</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">8,053</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Long-term operating lease liabilities</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">57,157</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">52,748</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Long-term debt, less current portion</div>
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                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">402,437</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">376,594</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Deferred tax liabilities</div>
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                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">19,412</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">18,335</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0); font-weight: bold;">Total liabilities</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">745,687</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">722,949</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Commitments and contingent liabilities</div>
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                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;"><br>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Equity:</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
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                    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Common stock, <font style="text-indent: 0pt;">10.00</font> CHF par value: <font style="text-indent: 0pt;">5,382,029</font> shares authorized as of</div>
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                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">50,794</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">50,794</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Additional paid-in capital</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">221,839</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">221,839</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Treasury shares at cost</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">(257</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">(257</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Retained earnings</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">63,322</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">61,247</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Accumulated other comprehensive income</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">35,636</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">31,469</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255);">
                      <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0); font-weight: bold;">Total Shareholders&#8217; equity</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0);">371,334</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0);">365,092</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Non-controlling interest</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">70</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">83</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0); font-weight: bold;">Total equity</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0);">371,404</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0);">365,175</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">TOTAL LIABILITIES AND EQUITY</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">1,117,091</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">1,088,124</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="text-align: center;">See accompanying Notes to Condensed Consolidated Financial Statements<br>
                <br>
              </div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 3 of 53</font></div>
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                <div class="BRPFPageHeader" style="width: 100%;">
                  <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                  </div>
                </div>
              </div>
            </div>
          </div>
          <div style="color: #000000;">
            <div>
              <div style="text-align: center; font-weight: bold;">AEBI SCHMIDT HOLDING AG AND SUBSIDIARIES</div>
              <div style="text-align: center; font-weight: bold;">CONDENSED CONSOLIDATED
                <!--Anchor-->STATEMENTS OF OPERATIONS<a name="OFOPERATIONS"><!--Anchor--></a> (Unaudited)</div>
              <div>&#160;</div>
              <div style="text-align: center;">(In thousands, except per share data)</div>
              <div style="text-align: center;"> <br>
              </div>
              <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" id="za09970b3f38b4f3d88fc3e3639adc90c">

                  <tr>
                    <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="6" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
                      <div style="text-align: center; color: rgb(0, 0, 0);">Three Months Ended March 31,</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
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                      <div style="text-align: center; color: rgb(0, 0, 0);"> 2025</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
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                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Sales</div>
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                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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                      <div style="color: rgb(0, 0, 0);">249,186</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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                      <div style="color: rgb(0, 0, 0);">258,801</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
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                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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                      <div style="color: rgb(0, 0, 0);">195,880</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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                      <div style="color: rgb(0, 0, 0);">200,277</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Gross profit</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">53,306</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">58,524</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Operating expenses:</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Research and development</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">4,627</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">5,717</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Selling, general and administrative</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">30,724</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">28,718</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Amortization of purchased intangibles</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">3,574</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">3,516</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Other operating (income) expense</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">(13</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">498</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Total operating expenses</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                      <div style="color: rgb(0, 0, 0);">38,912</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                      <div style="color: rgb(0, 0, 0);">38,449</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Operating income</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                      <div style="color: rgb(0, 0, 0);">14,394</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                      <div style="color: rgb(0, 0, 0);">20,075</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Other income (expense):</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Interest expense</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">(6,503</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">(9,112</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
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                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Other income (expense)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                      <div style="color: rgb(0, 0, 0);">(5,042</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                      <div style="color: rgb(0, 0, 0);">1,755</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Total other expense</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">(11,545</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">(7,357</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Income before income taxes</div>
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                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">2,849</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">12,718</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Income tax expense</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                      <div style="color: rgb(0, 0, 0);">787</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                      <div style="color: rgb(0, 0, 0);">3,971</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Net income</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">2,062</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">8,747</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Less: Net income (loss) attributable to non-controlling interest</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                      <div style="color: rgb(0, 0, 0);">(13</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                      <div style="color: rgb(0, 0, 0);">2</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Net income attributable to Aebi Schmidt Holding AG</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">2,075</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">8,745</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Earnings per share</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                      <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Basic and diluted earnings per share</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">0.39</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">1.62</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Basic weighted average common shares outstanding</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">5,380</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">5,382</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
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              </table>
              <div><br>
              </div>
              <div style="text-align: center;">See accompanying Notes to Condensed Consolidated Financial Statements.</div>
              <div style="text-align: center;"> <br>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 4 of 53</font></div>
                <div style="page-break-after: always;" class="BRPFPageBreak">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                <div class="BRPFPageHeader" style="width: 100%;">
                  <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                  </div>
                </div>
              </div>
            </div>
          </div>
          <div style="color: #000000;">
            <div>
              <div style="text-align: center; font-weight: bold;">AEBI SCHMIDT HOLDING AG AND SUBSIDIARIES</div>
              <div style="text-align: center; text-indent: 36pt; font-weight: bold;">CONDENSED CONSOLIDATED STATEMENTS OF <a name="COMPREHENSIVEINCOME"><!--Anchor--></a><!--Anchor-->COMPREHENSIVE INCOME (Unaudited)</div>
              <div>&#160;</div>
              <div style="text-align: center; color: #000000;">(In thousands)</div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" class="cfttable" id="z89e0a40cdbae46519afd9b4e101d8373">

                  <tr>
                    <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="6">
                      <div style="text-align: center; color: rgb(0, 0, 0);">Three Months Ended March 31,</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
                      <div style="text-align: center; color: rgb(0, 0, 0);"> 2025</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
                      <div style="text-align: center; color: rgb(0, 0, 0);">2024</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Net income</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
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                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">2,062</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">8,747</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%;">&#160;</td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Other comprehensive income:</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Foreign currency translation adjustments</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div>181</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div>(1,820</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">
                      <div>)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Pension benefit (loss), net of tax</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">3,986</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">(302</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Other comprehensive income (loss), net of tax</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">4,167</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">(2,122</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Comprehensive income<br>
                      </div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">6,229</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">6,625</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Less: Comprehensive income (loss) attributable to non-controlling interests</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">(13</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">2</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Comprehensive income attributable to Aebi Schmidt Holding AG</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">6,242</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">6,623</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="text-align: center;">See accompanying Notes to Condensed Consolidated Financial Statements,</div>
              <div style="text-align: center;"> <br>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 5 of 53</font></div>
                <div style="page-break-after: always;" class="BRPFPageBreak">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                <div class="BRPFPageHeader" style="width: 100%;">
                  <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                  </div>
                </div>
              </div>
            </div>
          </div>
          <div style="color: #000000;">
            <div>
              <div style="text-align: center; font-weight: bold;">AEBI SCHMIDT HOLDING AG AND SUBSIDIARIES</div>
              <div style="text-align: center; font-weight: bold;">CONDENSED CONSOLIDATED
                <!--Anchor-->STATEMENTS OF <a name="EQUITY"><!--Anchor--></a>EQUITY (Unaudited)</div>
              <div>&#160;</div>
              <div style="text-indent: 36pt; margin-right: 13.5pt; margin-left: 216pt;">(In thousands, except share data)</div>
              <div><br>
              </div>
              <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" id="z82800678ea2843c38c58234455b2fc59">

                  <tr>
                    <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">
                      <div style="font-weight: bold;">Number </div>
                      <div style="font-weight: bold;">of shares</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">
                      <div style="font-weight: bold;">Common </div>
                      <div style="font-weight: bold;">stock</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">
                      <div style="font-weight: bold;">Additional<br>
                      </div>
                      <div style="font-weight: bold;"> Paid-in </div>
                      <div style="font-weight: bold;">Capital</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="font-weight: bold;">Treasury shares</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">
                      <div style="font-weight: bold;">Retained </div>
                      <div style="font-weight: bold;">earnings</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">
                      <div style="font-weight: bold;">Accumulated </div>
                      <div style="font-weight: bold;">Other </div>
                      <div style="font-weight: bold;">Comprehensive <br>
                        Income</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="font-weight: bold;">Total Shareholders&#8217; equity</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">
                      <div style="font-weight: bold;">Non-</div>
                      <div style="font-weight: bold;">controlling </div>
                      <div style="font-weight: bold;">interest</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">
                      <div style="font-weight: bold;">Total <br>
                        equity</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 10%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Balance at January 1, 2025</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                      <div>5,380,224</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div>$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;">
                      <div>50,794</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div>$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;">
                      <div>221,839</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div>$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;">
                      <div>(257</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div>)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div>$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;">
                      <div>61,247</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div>$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;">
                      <div>31,469</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div>$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;">
                      <div>365,092</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div>$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;">
                      <div>83</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div>$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                      <div>365,175</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 10%;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Translation adjustments in the reporting period</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
                      <div>181</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; white-space: nowrap;">
                      <div>181</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
                      <div>181</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 10%; background-color: #CCEEFF;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Pension benefit</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                      <div>3,986</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;">
                      <div>3,986</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                      <div>3,986</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Net income (loss)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div>2,075</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">
                      <div>2,075</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div>(13</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">
                      <div>)</div>
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                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div>2,062</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
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                  <tr>
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                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Balance at March 31, 2025</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                      <div>5,380,224</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div>$</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                      <div>50,794</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div>$</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                      <div>221,839</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div>$</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                      <div>(257</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
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                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div>$</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                      <div>63,322</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div>$</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                      <div>35,636</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div>$</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                      <div>371,334</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div>$</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                      <div>70</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div>$</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                      <div>371,404</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 10%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 10%; background-color: #CCEEFF;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Balance at January 1, 2024</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                      <div>5,382,029</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div>$</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                      <div>50,794</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div>$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                      <div>221,839</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div>$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                      <div>-</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div>$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                      <div>33,790</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                      <div>31,533</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div>$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                      <div>337,956</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div>$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                      <div>3</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div>$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                      <div>337,959</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 10%;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Translation adjustments in the reporting period</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
                      <div>(1,820</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                      <div>)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
                      <div>(1,820</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                      <div>)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
                      <div>(1,820</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                      <div>)</div>
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                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 10%; background-color: #CCEEFF;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Pension loss</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                      <div>(302</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div>)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                      <div>(302</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div>)</div>
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                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                      <div>(302</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div>)</div>
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                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Net income<br>
                      </div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div>8,745</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div>8,745</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div>2</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div>8,747</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 10%; background-color: #CCEEFF;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Balance at March 31, 2024</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                      <div>5,382,029</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div>$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                      <div>50,794</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div>$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                      <div>221,839</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div>$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                      <div>-</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div>$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                      <div>42,535</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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                      <div>29,411</div>
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                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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                      <div>$</div>
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                      <div>344,579</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div>$</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                      <div>5</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div>$</div>
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                      <div>344,584</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
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              </table>
              <div><br>
              </div>
              <div style="text-align: center;">See accompanying Notes to Condensed Consolidated Financial Statements.</div>
              <div><br>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 6 of 53</font></div>
                <div style="page-break-after: always;" class="BRPFPageBreak">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                <div class="BRPFPageHeader" style="width: 100%;">
                  <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                  </div>
                </div>
              </div>
            </div>
          </div>
          <div style="color: #000000;">
            <div>
              <div style="text-align: center; font-weight: bold;">AEBI SCHMIDT HOLDING AG AND SUBSIDIARIES</div>
              <div style="text-align: center; font-weight: bold;">CONDENSED CONSOLIDATED STATEMENTS OF<!--Anchor--> <a name="CASHFLOWS"><!--Anchor--></a>CASH FLOWS (Unaudited)</div>
              <div>&#160;</div>
              <div style="text-align: center;">(In thousands)</div>
              <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;" id="z23c4ccccdc7841db87b82ef052dea547">

                  <tr>
                    <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                      <div style="text-align: center; color: rgb(0, 0, 0);">Three Months Ended March 31,</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
                      <div style="text-align: center; color: rgb(0, 0, 0);"> 2025</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
                      <div style="text-align: center; color: rgb(0, 0, 0);">2024</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Cash flows from operating activities:</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: middle; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: middle; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
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                  <tr>
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                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Net income</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">2,062</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">8,747</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-style: italic;">Adjustments to reconcile net income to net cash provided by operating activities:</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Depreciation and amortization</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">6,625</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">6,367</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Foreign exchange (gains) losses on debt</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">982</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(2,295</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Changes in repurchase liability for employee share plan</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">-</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(628</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Deferred taxes</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">1,411</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(2,473</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Pension</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(351</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(328</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Other, net</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">400</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(19</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" rowspan="1" style="vertical-align: middle; width: 76%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-style: italic;">&#160;Changes in operating assets and liabilities:</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Accounts receivable and contract assets</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">3,793</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">10,849</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Inventories</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(23,384</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(27,628</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
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                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(2,465</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">9,406</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Contract liabilities</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(1,276</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(474</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Income tax payable and receivable</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(748</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(6,276</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Other assets and liabilities</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(13,610</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(717</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Net cash used in operating activities</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(26,561</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(5,469</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-style: italic;">Cash flows from investing activities:</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Purchases of property, plant and equipment</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(3,110</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(4,071</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Purchases of intangible assets</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(10</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">-</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Proceeds from sale of property, plant and equipment</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">12</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">19</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Net cash used in investing activities</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(3,108</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(4,052</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-style: italic;">Cash flows from financing activities:</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Proceeds on long-term debt</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">17,395</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">8,146</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Deferred payments related to historical transactions</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(5,694</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(962</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Payment of finance lease principal</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(259</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(225</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
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                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Net cash provided by financing activities</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">11,442</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">6,959</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Effect of exchange rate changes on cash and cash equivalents</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">872</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(668</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Net decrease in cash and cash equivalents</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(17,355</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(3,230</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Cash and cash equivalents at beginning of period</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">65,173</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">42,698</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Cash and cash equivalents at end of period</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">47,818</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">39,468</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" rowspan="1" style="vertical-align: middle; width: 76%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Supplemental disclosures of cash flow information</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Cash paid during the period for:</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Interest</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">6,453</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">8,958</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Income taxes</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">1,314</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">355</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="text-align: center;">See accompanying Notes to Condensed Consolidated Financial Statements<font style="font-weight: bold;">.</font></div>
              <div style="text-align: center;"><font style="font-weight: bold;"> <br>
                </font></div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 7 of 53</font></div>
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                <div class="BRPFPageHeader" style="width: 100%;">
                  <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                  </div>
                </div>
              </div>
            </div>
          </div>
          <div style="color: #000000;">
            <div>
              <div style="text-align: center; font-weight: bold;">AEBI SCHMIDT HOLDING AG AND SUBSIDIARIES</div>
              <div style="text-align: center; font-weight: bold;"><!--Anchor--><a name="NOTES"><!--Anchor--></a>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>
              <div>&#160;</div>
              <div style="text-align: center;">(Dollar amounts in thousands, except per share data)</div>
              <div><br>
              </div>
              <a name="NOTE1"><!--Anchor--></a>
              <div style="font-weight: bold;"><!--Anchor-->NOTE 1 &#8211; NATURE OF OPERATIONS AND BASIS OF PRESENTATION</div>
              <div>&#160;</div>
              <div style="text-align: justify;">As used herein, the term &#8220;the Company&#8221; refers to Aebi Schmidt Holding AG and its subsidiaries unless designated or identified otherwise.</div>
              <div><br>
              </div>
              <div style="text-align: justify; font-style: italic;">Nature of Operations</div>
              <div><br>
              </div>
              <div style="text-align: justify;">The Company is a provider of innovative technical products for cleaning and clearing traffic areas as well as mowing green spaces in particularly challenging terrain. The range of products comprises vehicles,
                attachable and demountable devices for individual vehicle equipment as well as related services. Aebi Schmidt Holding AG covers the European and North American Markets with its own sales organizations while clients outside of these markets
                are served either directly by the exporting subsidiary or indirectly by the worldwide dealer network.</div>
              <div><br>
              </div>
              <div style="text-align: justify; font-style: italic;">The Shyft Transaction</div>
              <div><br>
              </div>
              <div style="text-align: justify;">On December 16, 2024, the Company entered into an Agreement and Plan of Merger, dated as of December 16, 2024 (the &#8220;Merger Agreement&#8221;), by and among The Shyft Group, Inc., a Michigan corporation (&#8220;Shyft&#8221;),
                the Company, ASH U.S. Group, LLC, a Delaware limited liability company and direct, wholly owned subsidiary of Aebi Schmidt (&#8220;Holdco&#8221;), and Badger Merger Sub, Inc., a Michigan corporation and direct, wholly owned subsidiary of Holdco
                (&#8220;Merger Sub&#8221;), pursuant to which, on the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into Shyft (the &#8220;Merger&#8221;, and the time at which the Merger is effective, the &#8220;Effective Time&#8221;),
                with Shyft surviving the Merger as a direct, wholly owned subsidiary of Holdco and as an indirect, wholly owned subsidiary of Aebi Schmidt (the transactions contemplated by the Merger Agreement, the &#8220;Transactions&#8221;). &#8220;Combined Company&#8221;
                refers to Aebi Schmidt as of and following the Effective Time.</div>
              <div><br>
              </div>
              <div style="text-align: justify;">At the Effective Time, each share of common stock, no par value, of Shyft (&#8220;Shyft Common Stock&#8221;) issued and outstanding as of immediately prior to the Effective Time (other than any shares of Shyft Common
                Stock that are held as of immediately prior to the Effective Time by Holdco, Aebi Schmidt, Merger Sub or any of their respective subsidiaries) will automatically be converted into the right to receive 1.040166432 (the &#8220;Exchange Ratio&#8221;)
                shares of fully paid and nonassessable shares of common stock, par value $1.00 per share, of Aebi Schmidt (&#8220;Aebi Schmidt Common Stock&#8221;), on the terms and subject to the conditions set forth in the Merger Agreement.</div>
              <div><br>
              </div>
              <div style="text-align: justify;">As of immediately following the Effective Time, the holders of shares of Shyft Common Stock as of immediately prior to the Effective Time will own approximately 48% of the issued and outstanding shares of
                Aebi Schmidt Common Stock and the holders of shares of Aebi Schmidt Common Stock as of immediately prior to the Effective Time will own approximately 52% of the issued and outstanding shares of Aebi Schmidt Common Stock</div>
              <div><br>
              </div>
              <div style="text-align: justify;">As of immediately following the Effective Time, the Board of Directors of the Combined Company will be composed of eleven members, six of whom will be designated by Aebi Schmidt and five of whom will be
                designated by Shyft. James A. Sharman, the Chairman of the Shyft Board of Directors as of immediately prior to the Effective Time, will serve as the Chairman of the Board of Directors of the Combined Company (the &#8220;Combined Company Board&#8221;)
                following the Effective Time. Barend Fruithof, current CEO of Aebi Schmidt, will serve as Vice Chairman and Peter Spuhler, current Chairman of Aebi Schmidt, will also serve on the board. The Merger Agreement includes a covenant requiring
                Shyft and Aebi Schmidt to cooperate in good faith until the Closing to agree on a new name and ticker symbol for Aebi Schmidt.</div>
              <div><br>
              </div>
              <div style="text-align: justify;">
                <div>The Closing is expected to occur on July 1, 2025, as the necessary closing conditions have already been satisfied or waived, or are expected to be satisfied or waived before then.&#160; Those conditions include: (a) the affirmative vote of
                  the holders of a majority of the outstanding shares of Shyft common stock, (b) the approval by <font style="-sec-ix-hidden:Fact_c779e27860bd4da7abf74a5943dd0a27">two-thirds</font> of the shares of Aebi Schmidt Common Stock represented at
                  an extraordinary meeting of the shareholders of Aebi Schmidt for all matters requiring shareholder approval to consummate the Transactions in accordance with the Merger Agreement, and (c) the receipt of certain required regulatory
                  consents, approvals, non-disapprovals, and other authorizations under applicable antitrust and foreign direct investment laws and regulations specified in the Merger Agreement. The Merger will be accounted for as a forward merger using
                  the acquisition method of accounting, pursuant to Financial Accounting Standards Board Accounting Standards Codification (&#8220;ASC&#8221;) Topic 805, Business Combinations (&#8220;ASC 805&#8221;), with Aebi Schmidt treated as the legal and accounting acquirer
                  and Shyft treated as the legal and accounting acquiree.</div>
              </div>
              <div><br>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 8 of 53</font></div>
                <div style="page-break-after: always;" class="BRPFPageBreak">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                <div class="BRPFPageHeader" style="width: 100%;">
                  <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                  </div>
                </div>
              </div>
              <div style="text-align: justify; font-style: italic;">Basis of Presentation and Consolidation</div>
              <div><br>
              </div>
              <div style="text-align: justify;">The accompanying unaudited interim condensed consolidated financial statements include the accounts of Aebi Schmidt Holding AG and its subsidiaries and have been prepared in accordance with accounting
                principles generally accepted (&#8220;GAAP&#8221;) in the United States (&#8220;U.S.&#8221;) and with the instructions to Form 10-Q and Article 10 of Regulation S-X.&#160; Accordingly, certain information and disclosures required by GAAP for complete consolidated
                financial statements are not included herein. The results of operations for any interim period are not necessarily indicative of the results of operations for the full year. All inter-company transactions and balances have been eliminated.
                The accompanying unaudited interim condensed consolidated financial statements reflect all normal and recurring adjustments that are necessary for the fair statement of these interim financial statements.&#8239;These interim financial statements
                should be read in conjunction with the audited consolidated financial statements and footnotes for the year ended December 31, 2024 included in our Form S-4 filed with the Securities and Exchange Commission (&#8220;SEC&#8221;) on April 4, 2025.</div>
              <div style="text-align: justify;"> <br>
              </div>
              <div style="text-align: justify;">For a description of key accounting policies followed, refer to the footnotes to Aebi Schmidt Holding AG&#8239;consolidated financial statements for the year ended&#8239;December 31, 2024,&#8239;included in our Form&#8239;S-4.</div>
              <div><br>
              </div>
            </div>
          </div>
          <div style="color: #000000;">
            <div> <a name="NOTE2"><!--Anchor--></a>
              <div style="font-weight: bold;">NOTE 2<!--Anchor--> &#8211; REVENUE</div>
              <div>&#160;</div>
              <div style="text-align: justify;"><font style="text-decoration: underline;">Contract Assets and Liabilities</font></div>
              <div style="text-align: justify;">The tables below disclose changes in contract assets and liabilities for the three months ended March 31, 2025 and 2024.</div>
              <div><br>
              </div>
              <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" id="z62ddcea4ab394fe8944c03d6754621aa">

                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Contract Assets</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                      <div style="text-align: center; color: #000000;">March 31,</div>
                      <div style="text-align: center; color: #000000;">2025</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                      <div style="text-align: center; color: #000000;">March 31,</div>
                      <div style="text-align: center; color: #000000;">2024</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Contract assets, beginning of period</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">24,145</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">9,654</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">(13,018</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">(7,899</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Contract assets recognized, net of reclassification to receivables</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">19,941</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">16,264</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Contract assets, end of period</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                      <div style="color: rgb(0, 0, 0);">31,068</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                      <div style="color: rgb(0, 0, 0);">18,019</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>

              </table>
              <div> <br>
              </div>
              <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" id="z699371a4cf5e41e2803997a30915c25d">

                  <tr>
                    <td valign="bottom" style="vertical-align: bottom;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Contract Liabilities</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Contract liabilities, beginning of period</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">20,044</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">12,979</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Reclassification of the beginning contract liabilities to receivables, as the result of performance obligations being satisfied</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">(4,637</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">(2,858</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Cash received in advance and not recognized in revenue</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">4,127</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">2,036</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Contract liabilities, end of period</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
                      <div style="color: rgb(0, 0, 0);">19,534</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
                      <div style="color: rgb(0, 0, 0);">12,157</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="text-align: justify;">The aggregate amount of the transaction price allocated to remaining performance obligations in existing contracts that are yet to be completed in the North America and Europe and Rest of the World (&#8220;ROW&#8221;)
                segments are $483,395 and $205,871 respectively.</div>
              <div style="text-align: justify;"> <br>
              </div>
              <div style="text-align: justify;">For performance obligations that are satisfied over time, revenue is expected to be recognized over the period to complete the contract. For performance obligations that are satisfied at a point in time,
                revenue is expected to be recognized when the customer obtains control of the product, which is generally upon shipment from our facility. No amounts have been excluded from the transaction prices above related to the guidance on
                constraining estimates of variable consideration.</div>
              <div><br>
              </div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 9 of 53</font></div>
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                <div class="BRPFPageHeader" style="width: 100%;">
                  <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                  </div>
                </div>
              </div>
              <div style="text-align: justify;">In the following tables, revenue is disaggregated by primary geographical market and timing of revenue recognition. The tables also include a reconciliation of the disaggregated revenue with the reportable
                segments.</div>
              <div><br>
              </div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" class="cfttable" id="z839d740a289e45439973e6449fdfaf29">

                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="10">
                      <div style="text-align: center; color: rgb(0, 0, 0);">Three Months Ended March 31, 2025</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" colspan="2">
                      <div style="text-align: center; color: rgb(0, 0, 0);">New Business</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                      <div style="text-align: center; color: rgb(0, 0, 0);">After Sales</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                      <div style="text-align: center; color: rgb(0, 0, 0);">Total</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom;">
                      <div style="color: rgb(0, 0, 0);"><font style="text-decoration: underline;">Primary geographical markets</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="2">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="2">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="2">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
                      <div style="text-indent: 9pt; color: rgb(0, 0, 0);">North America</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">130,256</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
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                      <div style="color: rgb(0, 0, 0);">17,035</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
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                      <div style="color: rgb(0, 0, 0);">147,291</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 2px;">
                      <div style="text-indent: 9pt; color: rgb(0, 0, 0);">Europe and ROW</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div style="color: rgb(0, 0, 0);">72,652</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div style="color: rgb(0, 0, 0);">29,243</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div style="color: rgb(0, 0, 0);">101,895</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0); margin-left: 18pt;">Total Sales</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
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                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">202,908</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
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                      <div style="color: rgb(0, 0, 0);">46,278</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
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                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">249,186</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 64%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0);"><font style="text-decoration: underline;">Timing of revenue recognition</font></div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 64%;">
                      <div style="text-indent: 9pt; color: rgb(0, 0, 0);">Products transferred at a point in time</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
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                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">141,369</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
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                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">40,723</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
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                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">182,092</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                      <div style="text-indent: 9pt; color: rgb(0, 0, 0);">Products and services transferred over time</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div style="color: rgb(0, 0, 0);">61,539</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div style="color: rgb(0, 0, 0);">5,555</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div style="color: rgb(0, 0, 0);">67,094</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 4px;">
                      <div style="text-indent: 18pt; color: rgb(0, 0, 0);">Total Sales</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
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                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">202,908</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
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                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">46,278</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
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                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">249,186</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" colspan="1">&#160;</td>
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                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="10">
                      <div style="text-align: center; color: rgb(0, 0, 0);">Three Months Ended March 31, 2024</div>
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                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" colspan="2">
                      <div style="text-align: center; color: rgb(0, 0, 0);">New Business</div>
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                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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                      <div style="text-align: center; color: rgb(0, 0, 0);">After Sales</div>
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                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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                      <div style="text-align: center; color: rgb(0, 0, 0);">Total</div>
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                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
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                      <div style="color: rgb(0, 0, 0);"><font style="text-decoration: underline;">Primary geographical markets</font></div>
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                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="2">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="2">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
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                    <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
                      <div style="text-indent: 9pt; color: rgb(0, 0, 0);">North America</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
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                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">128,738</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
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                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">16,229</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
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                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">144,967</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
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                  <tr>
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                      <div style="text-indent: 9pt; color: rgb(0, 0, 0);">Europe and ROW</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">84,141</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">29,693</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">113,834</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
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                  <tr>
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                      <div style="text-indent: 18pt; color: rgb(0, 0, 0);">Total Sales</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
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                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">212,879</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">45,922</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">258,801</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 64%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0);"><font style="text-decoration: underline;">Timing of revenue recognition</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 64%;">
                      <div style="text-indent: 9pt; color: rgb(0, 0, 0);">Products transferred at a point in time</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">155,043</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">40,716</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">195,759</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
                      <div style="text-indent: 9pt; color: rgb(0, 0, 0);">Products and services transferred over time</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div style="color: rgb(0, 0, 0);">57,836</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div style="color: rgb(0, 0, 0);">5,206</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                      <div style="color: rgb(0, 0, 0);">63,042</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 4px;">
                      <div style="text-indent: 18pt; color: rgb(0, 0, 0);">Total Sales</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">212,879</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">45,922</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">258,801</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <!--Anchor--> </div>
          </div>
          <div style="color: #000000;">
            <div> <a name="NOTE3"><!--Anchor--></a>
              <div style="font-weight: bold;">NOTE 3 &#8211; INVENTORIES</div>
              <div>&#160;</div>
              <div style="text-align: justify;">Inventories are summarized as follows:</div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" class="cfttable" id="z36a7fcdc73b1471db8258f03997430a3">

                  <tr>
                    <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
                      <div style="color: rgb(0, 0, 0);">March 31, </div>
                      <div style="color: rgb(0, 0, 0);">2025</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px; white-space: nowrap;" colspan="2">
                      <div style="text-align: center; color: #000000;">December 31,</div>
                      <div style="text-align: center; color: #000000;"> 2024</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">Finished goods</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">117,888</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">105,481</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                      <div style="color: rgb(0, 0, 0);">Work in process</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">45,735</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">34,334</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">Raw materials and purchased components</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">96,770</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">91,584</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px;">
                      <div style="color: rgb(0, 0, 0);">Total Inventories</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">260,393</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">231,399</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 10 of 53</font></div>
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                <div class="BRPFPageHeader" style="width: 100%;">
                  <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                  </div>
                </div>
              </div>
            </div>
          </div>
          <div style="color: #000000;">
            <div> <a name="NOTE4"><!--Anchor--></a>
              <div style="font-weight: bold;"><!--Anchor-->NOTE 4 &#8211; PROPERTY, PLANT AND EQUIPMENT</div>
              <div>&#160;</div>
              <div style="text-align: justify;">Property, plant and equipment are summarized by major classifications as follows:</div>
              <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" id="z007dedc08f8c48f5b7ed76d48443a4a7">

                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;">
                      <div style="text-align: center;">March 31, </div>
                      <div style="text-align: center;">2025</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;">
                      <div style="text-align: center;">December 31, </div>
                      <div style="text-align: center;">2024</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                      <div>Land and Building</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div>$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div>71,383</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div>$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div>69,119</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                      <div>Technical installation and machinery</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div>55,194</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div>53,851</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                      <div>Plant and office equipment</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div>45,948</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div>44,395</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
                      <div>Assets under construction</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                      <div>4,415</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                      <div>2,346</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                      <div>Subtotal</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div>176,940</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div>169,711</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
                      <div>Less: accumulated depreciation</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                      <div>(106,713</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">
                      <div>)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                      <div>(101,064</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">
                      <div>)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
                      <div>Total Property, plant and equipment, net</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                      <div>$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                      <div>70,227</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                      <div>$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                      <div>68,647</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="text-align: justify;">The Company recorded depreciation expense of $2,845 and $2,846 during the three months ended March 31, 2025 and 2024, respectively.</div>
              <div><br>
              </div>
            </div>
          </div>
          <div style="color: #000000;">
            <div> <a name="NOTE5"><!--Anchor--></a>
              <div style="font-weight: bold;"><!--Anchor-->NOTE 5 &#8211; LEASES</div>
              <div>&#160;</div>
              <div style="text-align: justify;">The Company has both operating and finance leases for land, buildings, machinery, vehicles and certain equipment. Our leases have remaining lease terms of 1 to 25 years, some of which include options to
                extend the lease agreements for up to 12 years. Our leases do not contain residual value guarantees. As of March 31, 2025, and December 31, 2024, assets recorded under finance leases were immaterial.</div>
              <div><br>
              </div>
              <div style="text-align: justify;">Operating lease expenses are classified as cost of product sales and selling, general and administrative on the Consolidated Statements of Operations. <font style="color: #000000;">The components of lease
                  expense were as follows:</font></div>
              <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" id="zc67c3de5e82b47f88021133fe6d79fda">

                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;">
                      <div style="text-align: center; color: rgb(0, 0, 0);">Three Months Ended March 31,</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                      <div style="text-align: center; color: rgb(0, 0, 0);"> 2025</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                      <div style="text-align: center; color: rgb(0, 0, 0);">2024</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Operating leases</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">3,452</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">3,087</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Finance leases</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Amortization of right of use (ROU) assets</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">122</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">103</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Interest on lease liabilities</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">9</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">8</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Short-term leases</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">61</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">26</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Variable lease expense</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">119</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">144</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Sublease income</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">(373</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(205</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Total lease expense</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
                      <div style="color: rgb(0, 0, 0);">3,390</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">3,163</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="text-align: justify;">The weighted average remaining lease term and weighted average discount rate were as follows:</div>
              <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" id="z798039f91dc946a098d64f5bf9010212">

                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="6" style="vertical-align: top; border-bottom: #000000 solid 2px;">
                      <div style="text-align: center; color: rgb(0, 0, 0);">March 31,</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;">
                      <div style="text-align: center; color: rgb(0, 0, 0);"> 2025</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;">
                      <div style="text-align: center; color: rgb(0, 0, 0);">2024</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Weighted average remaining lease term (in years)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Finance leases</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">3</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">3</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Operating leases</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                      <div style="color: rgb(0, 0, 0);">12</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                      <div style="color: rgb(0, 0, 0);">13</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Weighted average discount rate</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Finance leases</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">2.16</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
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                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">1.25</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">%</div>
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                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; white-space: nowrap;">
                      <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Operating leases</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                      <div style="color: rgb(0, 0, 0);">5.42</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">%</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                      <div style="color: rgb(0, 0, 0);">5.41</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">%</div>
                    </td>
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              </table>
              <div><br>
              </div>
              <div style="text-align: justify;">Supplemental cash flow information related to leases was as follows:</div>
              <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" id="z04b3ecc83e4c42418a0aa2d628665ae2">

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                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;">
                      <div>
                        <div style="text-align: center; color: rgb(0, 0, 0);">Three Months Ended March 31,</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                      <div style="text-align: center; color: rgb(0, 0, 0);"> 2025</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
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                        <div style="text-align: center; color: rgb(0, 0, 0);">2024</div>
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                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Cash paid for amounts included in the measurement of lease liabilities:</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: middle; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: middle; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Finance - Financing cash flows</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">259</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">225</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Finance - Operating cash flows</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">9</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">8</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Operating leases - Operating cash flows</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">3,434</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">2,928</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Right of use assets obtained in exchange for lease obligations:</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Operating leases</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">6,207</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">1,517</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Finance leases</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">213</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">71</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">6,420</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">1,588</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 11 of 53</font></div>
                <div style="page-break-after: always;" class="BRPFPageBreak">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                <div class="BRPFPageHeader" style="width: 100%;">
                  <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                  </div>
                </div>
              </div>
              <div>Maturities of lease liabilities as of March 31, 2025, are as follows:</div>
              <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" id="z34c1e2c458f04237bcb7c50b4c287cdf">

                  <tr>
                    <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
                      <div style="color: rgb(0, 0, 0);">Years ending December 31:</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                      <div style="text-align: center; color: rgb(0, 0, 0);">Finance</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;">
                      <div style="text-align: center; color: rgb(0, 0, 0);">Operating</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">2025<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">785</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">9,759</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                      <div style="color: rgb(0, 0, 0);">2026</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">746</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">11,050</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">2027</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">201</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">7,722</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                      <div style="color: rgb(0, 0, 0);">2028</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">194</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">6,637</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">2029</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">185</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">6,004</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                      <div style="color: rgb(0, 0, 0);">2030</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">69</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">5,871</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Thereafter</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">6</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">50,714</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Total lease payments</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                      <div style="color: rgb(0, 0, 0);">2,186</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                      <div style="color: rgb(0, 0, 0);">97,757</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Less: imputed interest</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">97</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">30,897</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px;">
                      <div style="color: rgb(0, 0, 0);">Total lease liabilities</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
                      <div style="color: rgb(0, 0, 0);">2,089</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
                      <div style="color: rgb(0, 0, 0);">66,860</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable" id="zdb23c15038fb4ffbb0d6f7ce13c44163">

                  <tr>
                    <td style="width: 18pt;"><br>
                    </td>
                    <td style="width: 54pt; vertical-align: top;">(1)</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div>Excluding the three months ended March 31, 2025.</div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
            </div>
          </div>
          <div style="color: #000000;">
            <div> <a name="NOTE6"><!--Anchor--></a>
              <div style="font-weight: bold;"><!--Anchor-->NOTE 6 &#8211; INCOME TAXES</div>
              <div>&#160;</div>
              <div>At the end of each interim period, the Company makes its best estimate of the annual expected effective income tax rate and applies that rate to its ordinary year-to-date earnings or loss. The income tax provision or benefit related to
                unusual or infrequent items, if applicable, that will be separately reported or reported net of their related tax effects are individually computed and recognized in the interim period in which those items occur. In addition, the effect of
                changes in enacted tax laws or rates, tax status, judgment on the realizability of a beginning-of-the-year deferred tax asset in future years or income tax contingencies is recognized in the interim period in which the change occurs.</div>
              <div><br>
              </div>
              <div>Our income tax expense was $787 and $3,971 for the three months ended March 31, 2025, and 2024<font style="font-style: italic;">,</font> respectively. The tax expense represented a 27.6% and 31.2% effective tax rate for the three months
                ended March 31, 2025, and 2024, respectively. There were neither unusual or infrequent items, nor significant changes of income tax contingencies and also no revised judgements on the realizability of beginning-of-the-year deferred tax
                assets that had a material impact on the income tax expense for the quarters.</div>
              <div><br>
              </div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 12 of 53</font></div>
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                <div class="BRPFPageHeader" style="width: 100%;">
                  <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                  </div>
                </div>
              </div>
            </div>
          </div>
          <div style="color: #000000;">
            <div> <a name="NOTE7"><!--Anchor--></a>
              <div style="font-weight: bold;"><!--Anchor-->NOTE 7 &#8211; COMMITMENTS AND CONTINGENT LIABILITIES</div>
              <div>&#160;</div>
              <div style="text-align: justify; font-style: italic;">Warranty Related</div>
              <div><br>
              </div>
              <div style="text-align: justify;">We provide limited warranties against assembly or construction defects. These warranties generally provide for the replacement or repair of defective parts or workmanship for a specified period following the
                date of sale. The end users also may receive limited warranties from suppliers of components that are incorporated into our chassis and vehicles.</div>
              <div><br>
              </div>
              <div style="text-align: justify;">Certain warranty and other related claims involve matters of dispute that ultimately are resolved by negotiation, arbitration or litigation. Infrequently, a material warranty issue can arise which is beyond
                the scope of our historical experience. We provide for any such warranty issues as they become known and are estimable. It is reasonably possible that additional warranty and other related claims could arise from disputes or other matters
                beyond the scope of our historical experience. An estimate of possible penalty or loss, if any, cannot be made at this time.</div>
              <div><br>
              </div>
              <div>Changes in the warranty liability are summarized below:</div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" class="cfttable" id="z5637712037264efc8269443538f7ccab">

                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px; white-space: nowrap;" colspan="6">
                      <div style="text-align: center; color: rgb(0, 0, 0);">Three Months Ended March 31,</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
                      <div style="text-align: center; color: rgb(0, 0, 0);"> 2025</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
                      <div style="text-align: center; color: rgb(0, 0, 0);">2024</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                      <div style="margin-right: 46.3pt;">Balance of accrued warranty, beginning of period</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div>10,205</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div>8,022</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                      <div style="margin-right: 56.7pt;">Accruals for current period sales</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div>1,265</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div>922</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                      <div style="margin-right: 56.7pt;">Cash settlements</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div>(546</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div>(483</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div>)</div>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                      <div style="margin-right: 37.3pt;">Changes in liability for pre-existing warranties</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div>(8</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div>(4</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">
                      <div>)</div>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
                      <div style="margin-right: 56.7pt;">Translation adjustment</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div>289</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div>(242</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div>)</div>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px;">
                      <div style="margin-right: 56.7pt;">Balance of accrued warranty, end of period</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
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                      <div>$</div>
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                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
                      <div>11,205</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
                      <div>$</div>
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                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
                      <div>8,215</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" colspan="1">&#160;</td>
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              </table>
              <div><br>
              </div>
              <div style="text-align: justify;">Long-term warranty provision amounting to $1,807 and $782 as of March 31, 2025 and 2024, respectively is included within the Other non-current liabilities in the Condensed Consolidated Balance Sheets.</div>
              <div><br>
              </div>
              <div style="text-align: justify; font-weight: bold;">Chassis Pool Agreements</div>
              <div><br>
              </div>
              <div style="text-align: justify;">As of March 31, 2025, and December 31, 2024, chassis consigned inventory was approximately $23,982 and $36,573 respectively. The Company incurred $309 and $698 of interest expense related to the chassis on
                hand during the three months ended March 31, 2025 and 2024, respectively. For additional information regarding our chassis pool agreements refer to our audited consolidated financial statements and footnotes included in our Form S-4.</div>
              <div>&#160;</div>
            </div>
          </div>
          <div style="color: #000000;">
            <div> <a name="NOTE8"><!--Anchor--></a>
              <div style="font-weight: bold;"><!--Anchor-->NOTE 8 &#8211; DEFINED BENEFIT PENSION PLANS</div>
              <div>&#160;</div>
              <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" id="z1426578dace44bde872aed79d699c428">

                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="6" style="vertical-align: middle; border-bottom: #000000 solid 2px; white-space: nowrap;">
                      <div style="text-align: center; color: rgb(0, 0, 0);">Three Months Ended March 31,</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
                      <div style="text-align: center; color: rgb(0, 0, 0);"> 2025</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
                      <div style="text-align: center; color: rgb(0, 0, 0);">2024</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">Service cost</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">607</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">640</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                      <div style="color: rgb(0, 0, 0);">Interest cost</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">388</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">483</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">Interest income</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">(1,058</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">(968</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                      <div style="color: rgb(0, 0, 0);">Amortization of prior service cost/(credit)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div>-</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div>-</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">Amortization of net gain</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">(227</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">(272</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                      <div style="color: rgb(0, 0, 0);">Administrative expenses</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">44</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">56</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">Loss due to settlement</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">-</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                      <div>-</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px;">
                      <div style="color: rgb(0, 0, 0);">Total Benefit cost</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
                      <div style="color: rgb(0, 0, 0);">(246</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
                      <div style="color: rgb(0, 0, 0);">(61</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="text-align: justify;">The components of net periodic pension and other postretirement cost, other than service cost, are included in Other income (expense) in our Condensed Consolidated Statements of Operations.</div>
              <div style="text-align: justify;"> <br>
              </div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 13 of 53</font></div>
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                <div class="BRPFPageHeader" style="width: 100%;">
                  <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                  </div>
                </div>
              </div>
              <div style="text-align: justify; color: #000000; font-weight: bold;">Investments measured at Net Asset Value (NAV) as of December 31, 2024, and 2023 are as follows:</div>
              <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" id="z38d4fbda36a546c3957c2ccec613f6ee">

                  <tr>
                    <td valign="bottom" style="vertical-align: middle;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: middle;">
                      <div style="text-align: center; color: rgb(0, 0, 0);">March 31,</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: top; white-space: nowrap;">
                      <div style="text-align: center; color: rgb(0, 0, 0);">December 31,</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
                      <div style="text-align: center; color: rgb(0, 0, 0);"> 2025</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px; white-space: nowrap;">
                      <div style="text-align: center; color: rgb(0, 0, 0);">2024</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">Real estate collective funds</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">40,964</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">39,773</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px;">
                      <div style="color: rgb(0, 0, 0);">Pooled investment funds</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                      <div style="color: rgb(0, 0, 0);">-</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;">
                      <div>-</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">Total Investments at Fair Value</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">40,964</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">39,773</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Total Plan Assets</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">156,886</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">152,173</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="text-align: justify;">The following valuation methodologies were used to measure these assets:</div>
              <div style="text-align: justify;"> <br>
              </div>
              <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="zbf280698d0494f5b8aeed8506af7c633">

                  <tr>
                    <td style="width: 9pt">&#160;</td>
                    <td style="width: 18pt; vertical-align: top;">(1)</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div>Equity securities (equities) - Common Stocks and mutual funds are valued at the closing price reported on the active market on which the individual securities are traded and are classified as Level 1.</div>
                    </td>
                  </tr>

              </table>
              <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="zb037fcf96459478c98e5890cbd58d7e4">

                  <tr>
                    <td style="width: 9pt;"><br>
                    </td>
                    <td style="width: 18pt; vertical-align: top;">(2)</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div>Fixed income securities (bonds) - Debt securities include government and corporate bonds which are generally quoted in active markets or as units in mutual funds are classified as Level 1. Debt securities for which market prices
                        are not available are valued based on yields reflecting the perceived risk of the issuer and the maturity of the security, recent disposals in the market or other modelling techniques, which may involve judgment. Units in mutual
                        funds which are not directly quoted on a public stock exchange and/or for which a fair value is not readily determinable are measured at fair value using NAV. They are therefore classified as Level 2.</div>
                    </td>
                  </tr>

              </table>
              <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z3093b346c48841c9b0fca0ff021b1837">

                  <tr>
                    <td style="width: 9pt;"><br>
                    </td>
                    <td style="width: 18pt; vertical-align: top;">(3)</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div>Cash and cash equivalents (liquidity) - Cash and cash equivalents include money market instruments and commingled funds. Valuations are generally based on observable inputs. They are categorized as Level 1.</div>
                    </td>
                  </tr>

              </table>
              <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z58fe2b6f74954d0eb6afcba0b86a8b52">

                  <tr>
                    <td style="width: 9pt;"><br>
                    </td>
                    <td style="width: 18pt; vertical-align: top;">(4)</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div>Real estate - Real estate investments are classified as Level 2 and are measured at fair value using discounted cash flow.</div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
            </div>
          </div>
          <div style="color: #000000;">
            <div> <a name="NOTE9"><!--Anchor--></a>
              <div style="font-weight: bold;"><!--Anchor-->NOTE 9 &#8211; DEBT</div>
              <div>&#160;</div>
              <div>Debt consists of the following:</div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" class="cfttable" id="zcc5d0e40c97c44f0aa184517b5b79f09">

                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px; white-space: nowrap;" colspan="2">
                      <div style="text-align: center;">March 31, </div>
                      <div style="text-align: center;">2025</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px; white-space: nowrap;" colspan="2">
                      <div style="text-align: center;">December 31,</div>
                      <div style="text-align: center;">2024</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                      <div style="margin-right: 56.7pt;">Revolving credit facility, due <font style="-sec-ix-hidden:Fact_0f86674b9776452ba4eb65e17020c2c9">2026</font></div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div>170,875</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div>152,787</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                      <div style="margin-right: 56.7pt;">Term loan:</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                      <div style="margin-right: 56.7pt;">&#160;&#160;&#160;Facility A, due 2026</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div>21,631</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div>20,778</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                      <div style="margin-right: 56.7pt;">&#160;&#160;&#160;Facility B, due 2026</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div>40,000</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div>40,000</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                      <div style="margin-right: 56.7pt;">&#160;&#160;&#160;Facility C, due 2026</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div>120,934</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div>119,715</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                      <div style="margin-right: 56.7pt;">Shareholder loan</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div>53,775</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div>51,982</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                      <div style="margin-right: 56.7pt;">Mortgage loan</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div>10,266</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div>10,348</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                      <div style="margin-right: 56.7pt;">Finance lease obligations</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div>2,089</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div>2,003</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                      <div style="margin-right: 56.7pt;">Other local credit lines</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                      <div>7,091</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                      <div>2,240</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                      <div style="margin-right: 56.7pt;">Total debt</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div>426,661</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div>399,853</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                      <div style="margin-right: 56.7pt;">Less current portion of long-term debt</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                      <div>(24,224</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                      <div>(23,259</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div>)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px;">
                      <div style="margin-right: 56.7pt;">Total long-term debt</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
                      <div>402,437</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1">
                      <div>376,594</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 14 of 53</font></div>
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                <div class="BRPFPageHeader" style="width: 100%;">
                  <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                  </div>
                </div>
              </div>
              <div style="text-align: justify; font-weight: bold;">Term Loan</div>
              <div><br>
              </div>
              <div>In November 2021, the Company entered a syndicated loan agreement with various banks for financing acquisitions. The term loan is split into the following facilities:</div>
              <div><br>
              </div>
              <div>Facility A -<font style="font-style: italic;">&#160;</font>A senior amortizing term loan facility with a total commitment of EUR 45,000 ($48,670).</div>
              <div><br>
              </div>
              <div>Facility B<font style="font-style: italic;"> - </font>A senior amortizing term loan facility with a total commitment of $60,000.</div>
              <div><br>
              </div>
              <div>Facility C -<font style="font-style: italic;">&#160;</font>A senior non-amortizing term loan facility with a total commitment of $90,000 and EUR 28,602 ($30,934).</div>
              <div><br>
              </div>
              <div style="text-align: justify;">The interest rate is variable defined based on EURIBOR (EUR) compounded with SOFR (USD) plus a given interest margin. The interest margin of Facility A and B was 2.200% and 2.200% for the three months ended
                March 31, 2025 and 2024, respectively. The interest rate margin for Facility C was 2.700% and 2.700% for three months ended March 31, 2025 and 2024, respectively. Debt issuance costs of $2,016 as of March 31, 2025, and $2,219 as of December
                31, 2024, are deferred and amortized based on the effective interest method. The Company is committed to fulfill certain financial covenants throughout the credit contract period. As of March 31, 2025, and December 31, 2024, the Company was
                in compliance with all covenants.</div>
              <div><br>
              </div>
              <div style="text-align: justify; font-weight: bold;">Revolving Credit Facility Commitment</div>
              <div><br>
              </div>
              <div style="text-align: justify;">The aggregate of the Revolving Credit Facility Commitment is EUR 165,000 ($178,456) which is primarily used for refinancing existing debt obligations, excluding those related to Facility A. In addition, the
                Revolving Credit Facility supports the broader financial needs of the Company, including general corporate purposes and working capital requirements, as well as funding permissible acquisitions aligned with the Company&#8217;s strategic
                objectives.</div>
              <div><br>
              </div>
              <div style="text-align: justify; font-weight: bold;">New Credit Facilities Agreement</div>
              <div><br>
              </div>
              <div style="text-align: justify;">On March 10, 2025, the Company entered into a syndicated $600 million credit facilities agreement consisting of a multicurrency senior secured amortizing term loan facility in an aggregate amount of up to
                $350 million and a multicurrency senior secured revolving loan facility in an aggregate amount of up to $250 million. The proceeds of the New Credit Facilities shall be used to refinance existing interest-bearing financial indebtedness
                after the Shyft Transaction (see Note 1 &#8211; <font style="font-style: italic;">Nature of Operations and Basis of Presentation</font>) as well as pay costs and expenses incurred in connection with the Refinancing and the Transaction (as each
                is defined in the Form S-4). The obligations of the lenders to consummate the debt financing under the new credit facilities agreement are subject to certain closing conditions, including the consummation of the Merger. As of March 31,
                2025, no debt financing has been obtained and fees incurred ($2,137) in connection with the new credit facilities agreement have been deferred as prepaid expenses upon the issuance of debt.</div>
              <div><br>
              </div>
              <div style="font-weight: bold;">Shareholder loans</div>
              <div><br>
              </div>
              <div style="text-align: justify;">As of March 31, 2025, and December 31, 2024, there were subordinated shareholder loans totaling CHF 13,563 (2025: $15,390, 2024: $14,970) and EUR 15,000 (2025: $16,223, 2024: $15,584) from PCS Holding AG, as
                well as CHF 10,000 (2025: $11,347, 2024: $11,038) and EUR 10,000 (2025: $10, 2024: $10,390) from Gebuka AG. The loans are originally granted for a fixed term, but the term will be extended if the loan agreement is not terminated 90 days
                prior to the end date or if an extension agreement is signed. The change in the loan balance as of March 31, 2025 and December 31, 2024, is solely due to foreign exchange rate fluctuations.</div>
              <div><br>
              </div>
              <div style="text-align: justify;">The Company has mortgage loans related to the expansion of its plant in Chilton, Wisconsin, U.S. of $10,266 as of March 31, 2025, and $10,348 as of December 31, 2024.</div>
              <div><br>
              </div>
              <div style="font-weight: bold;">Off-balance sheet arrangements</div>
              <div><br>
              </div>
              <div style="text-align: justify;">The contingent liabilities include guarantees (&#8220;performance bonds&#8221;) amounting to $14,775 and $13,202 as of March 31, 2025 and December 31, 2024. Through the normal course of bidding for and executing certain
                projects, the Company has entered into bid/performance bonds and surety bonds (collectively &#8220;performance bonds&#8221;) with various financial institutions. Customers can draw on such performance bonds if the Company does not fulfil its
                contractual obligations. If a performance bond is drawn the Company would have an obligation to reimburse the financial institution for amounts paid. There have been no significant amounts reimbursed to financial institutions under these
                types of arrangements for the three months ended Mach 31, 2025 and 2024.</div>
              <div style="text-align: justify;"> <br>
              </div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 15 of 53</font></div>
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                <div class="BRPFPageHeader" style="width: 100%;">
                  <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                  </div>
                </div>
              </div>
              <!--PROfilePageNumberReset%Num%17%Page % of 52%--> </div>
          </div>
          <div style="color: #000000;">
            <div> <a name="NOTE10"><!--Anchor--></a>
              <div style="font-weight: bold;"><!--Anchor-->NOTE 10 &#8211; ACCUMULATED OTHER COMPREHENSIVE INCOME</div>
              <div>&#160;</div>
              <div>The components of AOCI, net of tax are as follows:</div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" class="cfttable" id="zd77ad03e81e04837be6fc9a761dd6ce4">

                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px; white-space: nowrap;" colspan="2">
                      <div style="text-align: center;">March 31, 2025</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px; white-space: nowrap;" colspan="2">
                      <div style="text-align: center;">March 31, 2024</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                      <div>Foreign currency translation adjustments</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div>9,245</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div>7,241</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                      <div>Pension benefits</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
                      <div>26,391</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
                      <div>22,170</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
                      <div>Total accumulated other comprehensive income</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div>35,636</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div>29,411</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>

              </table>
              <div>&#160;</div>
            </div>
          </div>
          <div style="color: #000000;">
            <div> <a name="NOTE11"><!--Anchor--></a>
              <div style="font-weight: bold;"><!--Anchor-->NOTE 11 &#8211; SEGMENTS</div>
              <div>&#160;</div>
              <div style="text-align: justify;">The Company identifies their operating and reportable segments based on the management structure and the financial data utilized by the chief operating decision maker (&#8220;CODM&#8221;), which was determined to be the
                Board of Directors, to assess segment performance and allocate resources among the operating units.</div>
              <div><br>
              </div>
              <div style="text-align: justify;">The Company&#8217;s segment reporting policy identifies two operating segments, North America and Europe, including Rest of the World, (&#8220;ROW&#8221;), as reportable segments. Financial results for each segment are
                presented separately to provide transparency and insight into the performance and resources of each geographic area, consistent with how the CODM reviews and assesses the Company&#8217;s operations.</div>
              <div><br>
              </div>
              <div style="text-align: justify;">The CODM evaluates the performance of their reportable segments based on Segment Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), which is defined as income from operations
                before interest, income taxes, depreciation and amortization, as adjusted to eliminate the impact of restructuring charges, acquisition related expenses and adjustments and other gains and losses not reflective of the ongoing operations.</div>
              <div><br>
              </div>
              <div style="text-align: justify;">Interest expense and taxes on income are not included in the information utilized by the CODM to assess segment performance and allocate resources, and accordingly, are excluded from the segment results
                presented below.</div>
              <div><br>
              </div>
              <div style="text-align: justify;">The Company&#8217;s Board of Directors assesses the Segment Adjusted EBITDA to compare to historical trends and the forecast to assess segment results, allocate capital, make strategic decisions and identify areas
                of opportunity.</div>
              <div><br>
              </div>
              <div style="text-align: justify;">Sales and other financial information by reportable segment are as follows:</div>
              <div><br>
              </div>
              <div style="text-align: justify;">Three Months Ended March 31, 2025</div>
              <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" id="z03b6408aa09343b7b22969b29f0f6d4f">

                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">North America</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;">
                      <div style="text-align: center; color: #000000; font-weight: bold;">Europe and </div>
                      <div style="text-align: center; color: #000000; font-weight: bold;">ROW</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                      <div style="text-align: center; color: #000000; font-weight: bold;">Total</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">New Business</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">130,256</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">72,652</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">202,908</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px;">
                      <div style="color: rgb(0, 0, 0);">After Sales</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                      <div style="color: rgb(0, 0, 0);">17,035</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                      <div style="color: rgb(0, 0, 0);">29,243</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                      <div style="color: rgb(0, 0, 0);">46,278</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">Segment sales</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">147,291</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">101,895</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">249,186</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" id="z5029cb30847c49e2b046fa316ac570e3">

                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">North America</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;">
                      <div style="text-align: center; color: #000000; font-weight: bold;">Europe and </div>
                      <div style="text-align: center; color: #000000; font-weight: bold;">ROW</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                      <div style="text-align: center; color: #000000; font-weight: bold;">Total</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">Depreciation and amortization expense</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">5,139</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">1,486</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">6,625</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 64%;">
                      <div style="color: rgb(0, 0, 0);">Segment assets</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">696,745</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">420,346</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">1,117,091</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">Capital expenditures</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">2,157</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">963</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">3,120</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 16 of 53</font></div>
                <div style="page-break-after: always;" class="BRPFPageBreak">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                <div class="BRPFPageHeader" style="width: 100%;">
                  <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                  </div>
                </div>
              </div>
              <div>Segment Adjusted EBITDA is as follows:</div>
              <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" id="z0b4b9d865797460c9b5728fc9a1ba9c5">

                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">North America</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Europe and </div>
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">ROW</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Sales</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">147,291</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">101,895</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                      <div style="color: rgb(0, 0, 0);">Cost of products sold</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">116,909</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">78,971</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">Research and development</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">601</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">4,026</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                      <div style="color: rgb(0, 0, 0);">Selling, general and administrative</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">12,534</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">18,190</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Other segment items<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">(1,789</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">(1,533</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px;">
                      <div style="color: rgb(0, 0, 0);">Segment Adjusted EBITDA</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
                      <div style="color: rgb(0, 0, 0);">19,036</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
                      <div style="color: rgb(0, 0, 0);">2,241</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0;" id="z24c0921535604b41bea9319aa9ad806e">

                    <tr style="vertical-align: top;">
                      <td style="text-align: right; vertical-align: top; width: 9pt;">
                        <div style="text-align: left;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
                      </td>
                      <td style="text-align: left; vertical-align: top; width: auto;">
                        <div>Other segment items include, other operating income and expenses, other income and expenses, depreciation and amortization, transaction related expenses, non-service cost related pension expense and legacy plan, foreign
                          exchange gain on external debts and other non-recurring.</div>
                      </td>
                    </tr>

                </table>
                <div> <br>
                </div>
              </div>
              <div>The reconciliation of total Segment Adjusted EBITDA to <font style="color: rgb(0, 0, 0);">Income before income taxes</font> as follows:</div>
              <div><br>
              </div>
              <div>Three Months Ended March 31, 2025</div>
              <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" id="za090f3e029c6475497e72b963fd6efef">

                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Total Segment Adjusted EBITDA</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">21,277</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 88%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Interest expense</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(6,503</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Foreign exchange gains/losses on external debt</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(982</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 88%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Depreciation and amortization</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(6,625</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Restructuring and other related expenses</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(374</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 88%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Transaction related expenses</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(4,643</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Settlement of acquisition</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(412</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
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                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 88%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Pension related income, net<br>
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                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">929</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div>Change in provision for contingencies</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">210</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Other non-operating one-off items</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(28</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
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                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Income before income taxes</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">2,849</div>
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                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>
                  </tr>

              </table>
              <div> <br>
              </div>
              <div>Three Months Ended March 31, 2024</div>
              <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" id="z586dcc2c54174ac8ac722c8dc86957cf">

                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">North America</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;">
                      <div style="text-align: center; color: #000000; font-weight: bold;">Europe and ROW</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                      <div style="text-align: center; color: #000000; font-weight: bold;">Total</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">New Business</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">128,738</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">84,141</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">212,879</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px;">
                      <div style="color: rgb(0, 0, 0);">After Sales</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                      <div style="color: rgb(0, 0, 0);">16,229</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                      <div style="color: rgb(0, 0, 0);">29,693</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                      <div style="color: rgb(0, 0, 0);">45,922</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">Segment sales</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">144,967</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">113,834</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">258,801</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" id="zd1a5902fc1854aacaf9707c83daa9630">

                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">North America</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;">
                      <div style="text-align: center; color: #000000; font-weight: bold;">Europe and ROW</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                      <div style="text-align: center; color: #000000; font-weight: bold;">Total</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">Depreciation and amortization expense</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">5,123</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">1,244</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">6,367</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 64%;">
                      <div style="color: rgb(0, 0, 0);">Segment assets</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">703,809</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">410,481</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">1,114,290</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">Capital expenditures</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">1,524</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">2,547</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">4,071</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 17 of 53</font></div>
                <div style="page-break-after: always;" class="BRPFPageBreak">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                <div class="BRPFPageHeader" style="width: 100%;">
                  <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                  </div>
                </div>
              </div>
              <!--PROfilePageNumberReset%Num%19%Page % of 52%-->
              <div>Segment Adjusted EBITDA is as follows:</div>
              <div>Three Months Ended March 31, 2024</div>
              <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" id="z5dec163db4d44f96ac9f96a47cf859da">

                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px; white-space: nowrap;">
                      <div style="text-align: center; color: #000000; font-weight: bold;">North America</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;">
                      <div style="text-align: center; color: #000000; font-weight: bold;">Europe and ROW</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Sales</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">144,967</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">113,834</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                      <div style="color: rgb(0, 0, 0);">Cost of products sold</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">115,287</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">84,990</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">Research and development</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">726</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">4,991</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                      <div style="color: rgb(0, 0, 0);">Selling, general and administrative</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">12,533</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">16,185</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Other segment items<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">(1,228</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">(819</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px;">
                      <div style="color: rgb(0, 0, 0);">Segment Adjusted EBITDA</div>
                    </td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
                      <div style="color: rgb(0, 0, 0);">17,649</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
                      <div style="color: rgb(0, 0, 0);">8,487</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0;" id="z5da50372b58849f0a830639e82b01c45">

                    <tr style="vertical-align: top;">
                      <td style="text-align: right; vertical-align: top; width: 9pt;">
                        <div style="text-align: left;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
                      </td>
                      <td style="text-align: left; vertical-align: top; width: auto;">
                        <div>Other segment items include, other operating income and expenses, other income and expenses, depreciation and amortization, transaction related expenses, non-service cost related pension expense and legacy plan, foreign
                          exchange gain on external debts and other non-recurring.</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div><br>
              </div>
              <div>The reconciliation of total Segment Adjusted EBITDA to <font style="color: rgb(0, 0, 0);">Income before income taxes</font> as follows:</div>
              <div>Three Months Ended March 31, 2024</div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" class="cfttable" id="zd8382b83560a4ce0afa7f5cefdb7b220">

                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Total Segment Adjusted EBITDA</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">26,136</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 88%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Interest expense</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">(9,112</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Foreign exchange gains/losses on external debt</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">2,295</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 88%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Depreciation and amortization</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">(6,367</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Pension related income, net</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">628</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 88%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Legal matters</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">(283</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF; white-space: nowrap;">
                      <div>Change in provision for contingencies</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">(550</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; white-space: nowrap;">
                      <div>Other non-operating one-off items</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">(29</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Income before income taxes</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">12,718</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div>The following table presents sales disaggregated by geography which exceed 10% of total sales:</div>
              <div><br>
              </div>
              <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" id="z081208aef4dd44dba7e56b4c995b2357">

                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="6" style="vertical-align: top; border-bottom: #000000 solid 2px;">
                      <div style="text-align: center;">Three Months Ended March 31,</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;">
                      <div style="text-align: center;"> 2025</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;">
                      <div style="text-align: center;"> 2024</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                      <div>Switzerland</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div>$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div>11,205</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                      <div>$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div>13,948</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%;">
                      <div>U.S.</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div>134,448</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div>136,272</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                      <div>Other</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                      <div>103,533</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                      <div>108,581</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
                      <div>Total sales</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                      <div>$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
                      <div>249,186</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                      <div>$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
                      <div>258,801</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 18 of 53</font></div>
                <div style="page-break-after: always;" class="BRPFPageBreak">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                <div class="BRPFPageHeader" style="width: 100%;">
                  <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                  </div>
                </div>
              </div>
              <!--PROfilePageNumberReset%Num%19%Page % of 52%--> </div>
          </div>
          <div style="color: #000000;">
            <div> <a name="NOTE12"><!--Anchor--></a>
              <div><font style="font-weight: bold;">NOTE 12 &#8211; SUBSEQUENT EVENTS</font><br>
              </div>
              <div><font style="font-weight: bold;"> <br>
                </font></div>
              <div>
                <div><font style="font-weight: bold;"> </font></div>
                <div style="margin-bottom: 8pt;"><font style="text-decoration: underline;">Litigation Relating to the Merger</font></div>
                <div style="text-align: justify; margin-bottom: 8pt;">On May 27 and May 28, 2025, Shyft was notified of two complaints filed with the Supreme Court of the State of New York County of New York by purported shareholders. The complaints allege
                  that the Proxy Statement was materially incomplete due to certain misrepresentations and omissions, violating New York State law. The complaints name Shyft and its directors as defendants and seek, among other relief, an injunction
                  against the consummation of the Merger.</div>
                <div style="text-align: justify; margin-bottom: 8pt;">The company believes that the likelihood of a materially unfavorable outcome is currently not probable, and any potential loss cannot be reasonably estimated at this time. Therefore, no
                  liability has been recognized in the financial statements. However, the Company will continue to monitor the situation and may reassess this evaluation as further developments occur.</div>
                <div style="margin-bottom: 8pt;"><font style="text-decoration: underline;">Shyft Executive Retention: Employment Matters</font></div>
                <div style="text-align: justify; margin-bottom: 8pt;">In connection with the Merger Agreement and the Transactions, Shyft&#8217;s Board and the Human Resources and Compensation Committee (the &#8220;HRCC&#8221;) reviewed, among other things, executive
                  retention matters. Retention compensation arrangements were approved for key executives Joshua Sherbin and Jacob Farmer to facilitate the Merger's closing.</div>
                <div style="font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-family: 'Times New Roman';">In May 2025, Mr. Sherbin indicated his intention to resign for Good Reason under the Company&#8217;s Executive Severance
                    Plan if the Merger is consummated. Subsequently, on May 19, 2025, Shyft and Mr. Sherbin entered into a transition and separation agreement.</font> </div>
              </div>
              <div><br>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 19 of 53</font></div>
                <div style="page-break-after: always;" class="BRPFPageBreak">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                <div class="BRPFPageHeader" style="width: 100%;">
                  <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                  </div>
                </div>
              </div>
            </div>
          </div>
          <div style="color: #000000;">
            <div> <a name="ManagementsDiscussionandA"><!--Anchor--></a>
              <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="zef22bb642a4f4f32bda414677a5629a0">

                  <tr>
                    <td style="width: 45pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Item 2.</td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations.</div>
                    </td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="color: #000000; font-weight: bold;">Forward-Looking Statements</div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">
                <div>The following discussion and analysis of the financial condition and results of operations of Aebi Schmidt should be read together with Aebi Schmidt&#8217;s unaudited condensed consolidated financial statements included elsewhere in this
                  Quarterly Report. Unless the context requires otherwise, references to &#8220;Aebi Schmidt&#8221; in this section of the Quarterly Report refers to Aebi Schmidt and its consolidated subsidiaries. The information presented herein is based on
                  management&#8217;s perspective of Aebi Schmidt&#8217;s results of operations. The following discussion contains forward-looking statements that reflect future plans, estimates, beliefs and expected performance. The forward-looking statements are
                  dependent upon events, risks and uncertainties that may be outside of Aebi Schmidt&#8217;s control. Aebi Schmidt&#8217;s actual results may differ significantly from those projected in the forward-looking statements. Factors that might cause future
                  results to differ materially from those projected in the forward-looking statements include, but are not limited to, those discussed in the sections entitled &#8220;<font style="font-style: italic;">Risk Factors</font>&#8221; and &#8220;<font style="font-style: italic;">Cautionary Statement Regarding Forward-Looking Statements</font>&#8221; in the Registration Statement. </div>
                <div>&#160; <br>
                </div>
              </div>
              <div style="color: #000000; font-weight: bold;">Overview</div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">Aebi Schmidt is a global leader in intelligent and innovative solutions for clean and safe infrastructure with a strong presence in over 90 countries in North America,
                Europe, and the rest of the world. Aebi Schmidt is a provider of a wide range of innovative technical products designed for effective maintenance of public and private infrastructure, including products in Snow and Ice Clearing, Airport
                Runway Clearing, Street Sweeping and Marking, Commercial Trucks and Trailers, and Agriculture. Aebi Schmidt is committed to innovation and technology, often integrating features into its products to enhance performance and continue to
                maintain its competitive market position amongst competitors. Based on its strategy and strong customer orientation, Aebi Schmidt is prepared to continue the growth path in the foreseeable future.</div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">Aebi Schmidt operates in two reportable segments, which consist of (i) North America, and (ii) Europe including the rest of the world (collectively referred to as &#8220;Europe
                and the Rest of the World&#8221;). Operating results for the three months ended March 31, 2025 are not necessarily indicative of the results we may achieve for the entire year ending December 31, 2025.</div>
              <div><br>
              </div>
              <div style="color: #000000; font-style: italic; font-weight: bold;">North America</div>
              <div><br>
              </div>
              <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 18pt;">Aebi Schmidt&#8217;s North America Segment offers leading brands in Commercial Trucks and Trailers, Snow and Ice Clearing, and Airport Snow and Ice Clearing markets. Aebi
                Schmidt operates as a key player in providing innovative solutions for snow removal, street cleaning, and other essential services that enhance infrastructure and public safety.</div>
              <div><br>
              </div>
              <div style="color: #000000; font-style: italic; font-weight: bold;">Europe and the Rest of the World</div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">Aebi Schmidt maintains a strong presence in Europe and the Rest of the World through its Street Sweeping and Marking and Environmental Maintenance, Airport Snow and Ice
                Clearing, and Agriculture products. Aebi Schmidt has long-lasting relationships with airports and municipalities across Europe and with international customers.</div>
              <div><br>
              </div>
              <div style="color: #000000; font-weight: bold;">Recent Developments</div>
              <div><br>
              </div>
              <div style="color: #000000; font-style: italic;">Business Combination with Shyft</div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">On December 16, 2024, Aebi Schmidt entered into the Merger Agreement pursuant to which, on the terms and subject to the conditions set forth in the Merger Agreement, Merger
                Sub will merge with and into Shyft, with Shyft surviving the Merger as a direct, wholly owned subsidiary of Holdco and as an indirect, wholly owned subsidiary of Aebi Schmidt.</div>
              <div style="text-align: justify;"><br>
              </div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 20 of 53</font></div>
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                <div class="BRPFPageHeader" style="width: 100%;">
                  <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                  </div>
                </div>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">At the Effective Time, each share of Shyft Common Stock issued and outstanding as of immediately prior to the Effective Time (other than any shares of Shyft Common Stock
                that are held as of immediately prior to the Effective Time by Holdco, Aebi Schmidt, Merger Sub or any of their respective subsidiaries) will automatically be converted into the right to receive 1.040166432 fully paid and nonassessable
                shares of Aebi Schmidt Common Stock, on the terms and subject to the conditions set forth in the Merger Agreement.</div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">On April 4, 2025, Aebi Schmidt filed the Registration Statement, which includes the Proxy Statement/Prospectus. The Registration Statement was declared effective on May 13,
                2025. The Closing of the Merger is expected to occur on July 1, 2025. Agreement. Upon the consummation of the Merger, the Combined Company will be Aebi Schmidt Holding AG, and its shares will be listed and traded on the Nasdaq under the
                ticker symbol &#8220;AEBI&#8221;. Aebi Schmidt Holding AG, together with its subsidiaries, is generally referred to as &#8220;Aebi Schmidt Group.&#8221; </div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">As a result of the Merger, the holders of Shyft Common Stock as of immediately prior to the Effective Time will collectively own approximately 48% of the issued and
                outstanding shares of Aebi Schmidt Common Stock, and the holders of Aebi Schmidt Common Stock as of immediately prior to the Effective Time will collectively own approximately 52% of the issued and outstanding shares of Aebi Schmidt Common
                Stock, in each case, as of immediately following the Effective Time. Peter Spuhler, an existing shareholder of Aebi Schmidt, will beneficially own approximately 35% of Aebi Schmidt Common Stock immediately following the Effective Time.</div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">The Merger will be accounted for as a business combination in accordance with U.S. GAAP, with Aebi Schmidt treated as the legal and accounting acquirer and Shyft as the
                legal and accounting acquiree for financial reporting purposes. Upon completion of the Transactions, the Combined Company will be a Swiss domiciled filer. The Merger is not expected to deliver additional proceeds to either party other than
                potential cash settlement for fractional shares.<br>
              </div>
              <div><br>
              </div>
              <div style="color: #000000; font-weight: bold;">Key Performance Indicators</div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">Aebi Schmidt reviews the following key performance indicators on a regular basis in order to evaluate the financial and operating performance of its business, identify
                trends affecting its performance, prepare financial projections, and make strategic decisions. Aebi Schmidt&#8217;s key performance indicators are not based on any standardized industry methodology and are not necessarily calculated in the same
                manner or comparable to similarly titled measures presented by other companies. Similarly, Aebi Schmidt&#8217;s key metrics may differ from estimates published by third parties or from similarly titled metrics of its competitors due to
                differences in methodology. The numbers that Aebi Schmidt uses to calculate its key performance indicators are based on internal data. While these numbers are based on what Aebi Schmidt believes to be reasonable judgments and estimates for
                the applicable period of measurement, there are inherent challenges in measuring usage and engagement. Increases or decreases in Aebi Schmidt&#8217;s key performance indicators may not correspond with increases or decreases in its revenue. Aebi
                Schmidt regularly reviews and may adjust its processes for calculating its internal metrics to improve their accuracy. In addition to the key performance indicators summarized below, Aebi Schmidt also evaluates certain non-GAAP financial
                measures, (i.e. Adjusted EBITDA and Adjusted EBITDA margin) which are further summarized in the Non-GAAP Financial Measures section below.</div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">The following table presents a summary of Aebi Schmidt&#8217;s key performance indicators for the three months ended March 31, 2025, and March 31, 2024.</div>
              <div><br>
              </div>
              <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" class="cfttable" id="z5e3beac74976468789c56e22e74376e5">

                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 78%;">&#160;</td>
                    <td style="vertical-align: middle; padding-bottom: 2px; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td style="vertical-align: middle; padding-bottom: 2px; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="4">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Three Months Ended March 31,</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 78%; padding-bottom: 2px;">
                      <div style="color: rgb(0, 0, 0); font-style: italic;">(in thousands, except percentages)</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; padding-bottom: 2px;">
                      <div>&#8194;</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; padding-bottom: 2px;">
                      <div>&#8194;</div>
                    </td>
                    <td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2025</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; padding-bottom: 2px;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; padding-bottom: 2px;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2024</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0);">Sales</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#8194;</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>$&#8194;</div>
                    </td>
                    <td style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; color: rgb(0, 0, 0);">249,186</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; color: rgb(0, 0, 0);">$258,801</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 78%;">
                      <div style="color: rgb(0, 0, 0);">Net income</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td style="vertical-align: bottom; width: 9%;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">2,062</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">8,747</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0);">Net income margin</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#8194;</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#8194;</div>
                    </td>
                    <td style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; color: rgb(0, 0, 0);">0.8%</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; color: rgb(0, 0, 0);">3.4%</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 78%;">
                      <div style="color: rgb(0, 0, 0);">Adjusted EBITDA<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td style="vertical-align: bottom; width: 9%;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">21,277</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">26,136</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0);">Adjusted EBITDA margin<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#8194;</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#8194;</div>
                    </td>
                    <td style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; color: rgb(0, 0, 0);">8.5%</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; color: rgb(0, 0, 0);">10.1%</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 78%;">
                      <div style="color: rgb(0, 0, 0);">Net cash provided by (used in) operating activities</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td style="vertical-align: bottom; width: 9%;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">(26,561)</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">(5,469)</div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z02213db5fad245989ab8457725dc5996">

                  <tr>
                    <td style="width: 36pt; vertical-align: top; color: #000000;">(1)</td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="color: rgb(0, 0, 0);">Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. See the section titled &#8220;Non-GAAP Financial Measures&#8221; below for the definitions of these measures and the reconciliations to
                        the closest U.S. GAAP measure.</div>
                    </td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 21 of 53</font></div>
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                <div class="BRPFPageHeader" style="width: 100%;">
                  <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                  </div>
                </div>
              </div>
              <div style="color: #000000; font-weight: bold;">Results of Operations</div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">Results for Aebi Schmidt for the three months ended March 31, 2025, compared to results for the three months ended March 31, 2024.</div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;"> <br>
              </div>
              <div><br>
              </div>
              <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" class="cfttable" id="z6f0a61f4e5f946b78254f91fb34ebf33">

                  <tr>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 54%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" rowspan="1" style="vertical-align: middle; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" rowspan="1" style="vertical-align: middle; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="11" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">For the Three Months Ended March 31,</div>
                    </td>
                    <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 54%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; padding-bottom: 2px;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; padding-bottom: 2px;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2025</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; padding-bottom: 2px;">
                      <div>&#8194;</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; padding-bottom: 2px;">
                      <div>&#8194;</div>
                    </td>
                    <td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2024</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; padding-bottom: 2px;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; padding-bottom: 2px;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">$ </div>
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Change</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; padding-bottom: 2px;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; padding-bottom: 2px;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">% </div>
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Change</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 54%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">&#160;</td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td style="vertical-align: bottom; width: 9%; white-space: nowrap;">&#160;</td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 54%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0);">Sales</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">$249,186</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">$&#8194;</div>
                    </td>
                    <td style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">258,801</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;$</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">(9,615)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">-4</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;%</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 54%;">
                      <div style="color: rgb(0, 0, 0);">Cost of products sold</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">195,880</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">200,277</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">(4,397)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">-2</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;%</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 54%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">Gross profit</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">$&#8203;53,306</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">$&#8194;</div>
                    </td>
                    <td style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">58,524</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;<font style="font-weight: bold;">$</font></td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">(5,218)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">-9</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;%</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 54%;">
                      <div style="color: rgb(0, 0, 0);">Operating expenses:</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">&#160;</td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td style="vertical-align: bottom; width: 9%; white-space: nowrap;">&#160;</td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 54%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0);">Research and development</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">4,627</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">5,717</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">(1,090)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">-19</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;%</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 54%;">
                      <div style="color: rgb(0, 0, 0);">Selling, general and administrative</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">30,724</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">28,718</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">2,006</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">7</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;%</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 54%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0);">Amortization of purchased intangibles</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">3,574</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">3,516</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">58</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">2</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;%</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 54%;">
                      <div style="color: rgb(0, 0, 0);">Other operating (income) expense</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">(13)</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">498</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">(511)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">-103</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;%</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 54%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0);">Total operating expenses</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">$38,912</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">$&#8194;</div>
                    </td>
                    <td style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">38,449</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">$</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">&#160;463</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">1</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;%</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 54%;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">Operating income</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">$14,394</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">$&#8194;</div>
                    </td>
                    <td style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">20,075</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;"><font style="font-weight: bold;">$</font>&#8203;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">(5,681)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">-28</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;%</td>
                  </tr>

              </table>
              <div>&#160;</div>
              <div><br>
              </div>
              <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" class="cfttable" id="z6f899fdbeebb4e0d91e4bdadf079eb5d">

                  <tr>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 54%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" rowspan="1" style="vertical-align: middle; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" rowspan="1" style="vertical-align: middle; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="11" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">For the Three Months Ended March 31,</div>
                    </td>
                    <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 54%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; padding-bottom: 2px;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; padding-bottom: 2px;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2025</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; padding-bottom: 2px;">
                      <div>&#8194;</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; padding-bottom: 2px;">
                      <div>&#8194;</div>
                    </td>
                    <td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2024</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; padding-bottom: 2px;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; padding-bottom: 2px;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">$ </div>
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Change</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; padding-bottom: 2px;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; padding-bottom: 2px;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">% </div>
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Change</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 54%;">
                      <div style="color: rgb(0, 0, 0);">Other income (expense):</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">&#160;</td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td style="vertical-align: bottom; width: 9%; white-space: nowrap;">&#160;</td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 54%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0);">Interest expense</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">(6,503)</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">(9,112)</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">2,609</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">-29</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">% <br>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 54%;">
                      <div style="color: rgb(0, 0, 0);">Other income (expense)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">(5,042)</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">1,755</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">(6,797)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">-387</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;%</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 54%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0);">Total other expense</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">$(11,545)</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: #CCEEFF;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: #CCEEFF;">
                      <div style="text-align: right;">$&#8194;</div>
                    </td>
                    <td style="vertical-align: bottom; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">(7,357)</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: #CCEEFF;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">$</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">(4,188)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">-57</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;%</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 54%;">
                      <div style="color: rgb(0, 0, 0);">Income before income taxes</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">$&#8203;2,849</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">$&#8194;</div>
                    </td>
                    <td style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">12,718</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">$</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">(9,869)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">-78</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;%</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 54%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0);">Income tax expense<br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">787</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: #CCEEFF;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: #CCEEFF;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td style="vertical-align: bottom; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">3,971</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: #CCEEFF;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">(3,184)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">-80</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;%</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 54%;">
                      <div style="color: rgb(0, 0, 0);">Net income</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">2,062</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">8,747</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">(6,685)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">-76</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;%</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 54%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0);">Less: Net income (loss) attributable to non-controlling interest</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">(13)</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">2</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">(15)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">n.m.</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 54%;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">Net income attributable to Aebi Schmidt Holding AG</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">$&#8203;2,075</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">$&#8194;</div>
                    </td>
                    <td style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">8,745</div>
                    </td>
                    <td style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; font-weight: bold; white-space: nowrap;">$</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">(6,670)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div style="text-align: right;">&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">-76</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;%</td>
                  </tr>

              </table>
              <div style="color: #000000; font-style: italic;"> <br>
              </div>
              <div style="color: #000000; font-style: italic;">n.m. &#8211; not meaningful</div>
              <div><br>
              </div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 22 of 53</font></div>
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                <div class="BRPFPageHeader" style="width: 100%;">
                  <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                  </div>
                </div>
              </div>
              <div style="text-align: justify; color: rgb(0, 0, 0);">
                <div style="color: #000000; font-style: italic;">Sales</div>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: rgb(0, 0, 0);"> <br>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: rgb(0, 0, 0);">Sales decreased by $9.6 million, or 4%, to $249.2 million in the three months ended March 31, 2025, from $258.8 million in the three months ended March 31, 2024. The
                decrease in sales was primarily driven by a decrease in gross new business sales of $15.7 million and an increase in sales deductions related to after sales of $1.0 million due to project related discounts. The decrease was partially offset
                by an increase of gross after sales of $1.4 million and decreases in sales deductions related to new business of $5.8 million.</div>
              <div><br>
              </div>
              <div style="color: rgb(0, 0, 0); font-style: italic;">Cost of products sold</div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: rgb(0, 0, 0);">Cost of products sold decreased by $4.4 million, or 2%, to $195.9 million in the three months ended March 31, 2025, from $200.3 million in the three months ended March
                31, 2024. The decrease in cost of products sold was primarily driven by a decrease of $5.1 million in costs related to new business sales, a decrease in lease expenses of $1.1 million, and a decrease of $0.2 million in over-absorption and
                under-absorption costs. This was partially offset by an increase of $1.3 million in costs related to after sales, and an increase of $0.2 million in other costs.</div>
              <div style="color: rgb(0, 0, 0); font-style: italic;"> <br>
              </div>
              <div style="color: rgb(0, 0, 0); font-style: italic;">Research and development expense</div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: rgb(0, 0, 0);">Research and development expense decreased by $1.1 million, or 19%, to $4.6 million in the three months ended March 31, 2025, from $5.7 million in the three months
                ended March 31, 2024. The decrease in research and development expense was primarily driven by an elevated level of project costs related to the development of new products in the three months ended March 31, 2024.</div>
              <div><br>
              </div>
              <div style="color: #000000; font-style: italic;">Selling, general and administrative expense</div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">Selling, general and administrative expense increased by $2.0 million, or 7%, to $30.7 million in the three months ended March 31, 2025, from $28.7 million in the three
                months ended March 31, 2024. The increase in selling, general and administrative expense was primarily driven by increases in finance expenses of $0.9 million, management expenses of $0.7 million, and other general and administrative costs
                of $0.5 million. The increase was partially offset by a decrease in information technology costs of $0.1 million.</div>
              <div style="text-align: center;"><br>
              </div>
              <div style="color: #000000; font-style: italic;">Amortization of purchased intangibles</div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">Amortization of purchased intangibles increased by $0.1 million, or 2%, to $3.6 million in the three months ended March 31, 2025, from $3.5 million in the three months ended
                March 31, 2024.</div>
              <div><br>
              </div>
              <div style="color: #000000; font-style: italic;">Other operating (income) expense</div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">Other operating expense decreased by $0.5 million, or 100%, to operating income of $0.0 million in the three months ended March 31, 2025, from other operating expense of
                $0.5 million in the three months ended March 31, 2024. The decrease in other operating expense was primarily driven by an increase of $0.2 million of realized foreign exchange gains, net of realized foreign exchange losses, caused by
                changes in foreign exchange rates between contract award and contract fulfilment and an increase of $0.3 million in other operating income net other operating expense.</div>
              <div>&#160;</div>
              <div style="color: #000000; font-style: italic;">Interest expense</div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">Interest expense decreased by $2.6 million, or 29%, to $6.5 million in the three months ended March 31, 2025, from $9.1 million in the three months ended March 31, 2024. The
                decrease in interest expense was primarily driven by a decrease in debt balances of $14.9 million.</div>
              <div><br>
              </div>
              <div style="color: #000000; font-style: italic;">Other income (expense)</div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">
                <div>Other expense increased by $6.8 million, or 387%, to $5.0 million in the three months ended March 31, 2025, from other income of $1.8 million in the three months ended March 31, 2024. The increase in other expense was primarily driven
                  by an increase in net foreign exchange losses on financial positions of $3.3 million and transaction related expenses of $4.6 million related to the Shyft Transaction. The increase in other expenses was partially offset by a $0.8 million
                  decrease related to contingencies. </div>
                <div>&#160;</div>
              </div>
              <div style="color: #000000; font-style: italic;">Income tax expense (benefit)</div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">
                <div>Income tax expense decreased by $3.2 million, or 80%, to $0.8 million in the three months ended March 31, 2025, from $4 million in the three months ended March 31, 2024. The decrease in income tax expense was primarily driven by a
                  reduction in profit before tax from $8.7 million to $2.1 million. </div>
                <div style="text-align: left;">&#160;</div>
              </div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 23 of 53</font></div>
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                <div class="BRPFPageHeader" style="width: 100%;">
                  <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                  </div>
                </div>
              </div>
              <div style="color: #000000; font-weight: bold;">Segment Results of Operations</div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">
                <div style="text-indent: 20pt; color: #000000;">Aebi Schmidt operates its business as two reportable segments: (i)&#160;North America and (ii)&#160;Europe including the Rest of the World. Both segments operate separately with limited cross-selling
                  activities. The information below includes Sales and Segment Adjusted EBITDA, consistent with information presented for financial reporting purposes in Note 11 to Aebi Schmidt&#8217;s unaudited condensed consolidated financial statements
                  included elsewhere in this Quarterly Report. Costs that are not allocated to segment sales and expenses are immaterial and are included within the figures shown below.</div>
                <div>&#160;</div>
              </div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" class="cfttable" id="zb429bce3e43e47ba9cf90092a176e5cc">

                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="10">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">For the Three Months Ended March 31, 2025</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
                      <div style="color: rgb(0, 0, 0); font-style: italic;">(in thousands)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                      <div style="text-align: center; color: #000000; font-weight: bold;">North</div>
                      <div style="text-align: center; color: #000000; font-weight: bold;">America</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" colspan="2">
                      <div style="text-align: center; color: #000000; font-weight: bold;">Europe and the</div>
                      <div style="text-align: center; color: #000000; font-weight: bold;">Rest of the </div>
                      <div style="text-align: center; color: #000000; font-weight: bold;">World</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Total</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">Segment sales</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">147,291</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">101,895</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">249,186</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom;">
                      <div style="color: rgb(0, 0, 0);">Segment Adjusted EBITDA</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">$&#8203;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;19,036</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">&#8203;$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; white-space: nowrap;">2,241</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">$&#8203;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;21,277</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>

              </table>
              <div>&#160;</div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" class="cfttable" id="z63666ec8ab5b451eb9f55bf04ac5fe0c">

                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="10" rowspan="1">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">For the Three Months Ended March 31, 2024</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                      <div style="text-align: center; color: #000000; font-weight: bold;">North</div>
                      <div style="text-align: center; color: #000000; font-weight: bold;">America</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" colspan="2">
                      <div style="text-align: center; color: #000000; font-weight: bold;">Europe and the</div>
                      <div style="text-align: center; color: #000000; font-weight: bold;">Rest of the </div>
                      <div style="text-align: center; color: #000000; font-weight: bold;">World</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Total</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">Segment sales</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">144,967</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">113,834</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
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                      <div style="color: rgb(0, 0, 0);">$</div>
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                      <div style="color: rgb(0, 0, 0);">258,801</div>
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                  <tr>
                    <td valign="bottom" style="vertical-align: bottom;">
                      <div style="color: rgb(0, 0, 0);">Segment Adjusted EBITDA</div>
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                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;">
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                    <td valign="bottom" style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;17,649</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">$&#8203;</div>
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                    <td valign="bottom" style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;8,487</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">$&#8203;</div>
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                    <td valign="bottom" style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;26,136</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="color: #000000; font-style: italic;">North America</div>
              <div style="color: #000000; font-style: italic;"> <br>
              </div>
              <div>
                <div style="text-align: justify; text-indent: 20pt; color: #000000;">Sales for Aebi Schmidt&#8217;s North America segment increased by $2.3 million, or 1.6%, to $147.3 in the three months ended March 31, 2025, from $145 million in the three
                  months ended March 31, 2024. The change was primarily driven by an increase of $2.5 million in sales to the Canadian market.</div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 20pt; color: #000000;">Segment Adjusted EBITDA for Aebi Schmidt&#8217;s North America segment increased by $1.4 million, or 7.9%, to $19.0 million in the three months ended March 31, 2025, from $17.6
                  million in the three months ended March 31, 2024. The increase in Segment Adjusted EBITDA was primarily driven by higher sales volumes and improved gross margins, each contributing $0.5 million.</div>
                <div>&#160;</div>
              </div>
              <div style="font-style: italic;">Europe and the Rest of the World</div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">Sales for Aebi Schmidt&#8217;s Europe and the Rest of the World segment decreased by $11.9 million, or 10.5%, to $101.9 million in the three months ended March 31, 2025, from
                $113.8 million in the three months ended March 31, 2024. The decrease in sales was primarily driven by stronger sales of electrified products in the three months ended March 31, 2024 compared to the three months ended March 31, 2025.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">Adjusted EBITDA for Aebi Schmidt&#8217;s Europe and the Rest of the World segment decreased by $6.2 million, or 73.6%, to $2.2 million in the three months ended March 31, 2025,
                from $8.5 million in the three months ended March 31, 2024. The decrease in Adjusted EBITDA was primarily driven by the lower sales volume having a negative impact of $3.0 million and a change in the product mix having a negative impact of
                $3.2 million.</div>
              <div>&#160;</div>
              <div style="color: #000000; font-weight: bold;">Non-GAAP Financial Measures</div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">Aebi Schmidt utilizes non-GAAP financial measures, Adjusted EBITDA and Adjusted EBITDA margin, to complement its U.S. GAAP reporting and to assist stakeholders in evaluating
                and comparing its financial and operational performance over multiple periods, identifying trends affecting its business, formulating business plans, and making strategic decisions. There can be no assurance that Aebi Schmidt will not
                modify the presentation of its non-GAAP measures in the future, and any such modification may be material.</div>
              <div><br>
              </div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 24 of 53</font></div>
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                <div class="BRPFPageHeader" style="width: 100%;">
                  <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                  </div>
                </div>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">Aebi Schmidt defines Adjusted EBITDA as net income before interest, taxes, depreciation, and amortization, further adjusted for foreign exchange gains and losses on external
                debt, restructuring and other related expenses, transaction related expenses, changes in repurchase liabilities for Aebi Schmidt&#8217;s employee share plan, non-service cost related pension expenses, legacy legal matters, sales executive
                transition costs, changes in provisions for contingencies, and other non-recurring items. Aebi Schmidt defines Adjusted EBITDA margin as a ratio of Adjusted EBITDA as a percentage of sales. Management uses Adjusted EBITDA to assess Aebi
                Schmidt&#8217;s financial performance because it allows management and stakeholders to compare its operating performance on a consistent basis across periods by removing the effects of its capital structure (such as varying levels of interest
                expense and income), asset base (such as depreciation and amortization) and other items (such as non-recurring costs) that impact the comparability of financial results from period to period.</div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">In evaluating Adjusted EBITDA, you should be aware that in the future Aebi Schmidt may incur expenses that are the same as or similar to some of the adjustments in such
                presentation. Aebi Schmidt&#8217;s presentation of Adjusted EBITDA and Adjusted EBITDA margin should not be construed as an inference that future results will be unaffected by unusual or non-recurring items. Adjusted EBITDA and Adjusted EBITDA
                margin have important limitations as an analytical tool, and you should not consider these measures in isolation or as a substitute for analysis of Aebi Schmidt&#8217;s operating results as reported under U.S. GAAP. Adjusted EBITDA and Adjusted
                EBITDA margin may be defined differently by other companies in its industry and may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.</div>
              <div><br>
              </div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" class="cfttable" id="z69d36184538144068ee644eb3fcf5d57">

                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="6">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">For the three months ended March 31,</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
                      <div style="color: rgb(0, 0, 0); font-style: italic;">(in thousands, except percentages)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">&#8194;&#8194;2025</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">&#8194;&#8194;2024</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">Net income</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">$&#8203;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: bold; text-align: right; white-space: nowrap;">2,062</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">8,747</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom;">
                      <div style="color: rgb(0, 0, 0);">Adjusted for:</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;"><br>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">Income tax expense</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">787</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">3,971</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                      <div style="color: rgb(0, 0, 0);">Interest expense</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">6,503</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">9,112</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">Foreign exchange (gain) / losses on external debt</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">982</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(2,295</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                      <div style="color: rgb(0, 0, 0);">Depreciation and amortization</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">6,625</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">6,367</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">Restructuring and other related expenses</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">374</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;" colspan="2">
                      <div style="text-align: right; color: rgb(0, 0, 0);">-</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                      <div style="color: rgb(0, 0, 0);">Transaction related expenses</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">4,643</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">-</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">
                        <div>Settlement of acquisition</div>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">412</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">-</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom;">Pension related income, net<br>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">(929</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="2">
                      <div style="text-align: right; color: rgb(0, 0, 0);">&#8194;(628)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0);">Legacy legal matters</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">-</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">283</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom;">
                      <div style="color: rgb(0, 0, 0);">Change in provision for contingencies</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">(210</div>
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                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);"><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">&#8194;550</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">Other non-operating one-off items</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">28</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;" colspan="2">
                      <div style="text-align: right; color: rgb(0, 0, 0);">&#8194;29</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">Adjusted EBITDA</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">$&#8203;</div>
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                    <td valign="bottom" style="vertical-align: bottom; font-weight: bold; text-align: right; white-space: nowrap;">&#160;21,277</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;">
                      <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">$&#8203;</div>
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                    <td valign="bottom" style="vertical-align: bottom; font-weight: bold; text-align: right; white-space: nowrap;">26,136</td>
                    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">Sales</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">249,186</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">258,801</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">Net Income Margin</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">0.8%</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;"><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">3.4%</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;"><br>
                      </div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">Adjusted EBITDA Margin</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">8.5%</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;"><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">10.1%</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;"><br>
                      </div>
                    </td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="color: #000000; font-weight: bold;">Liquidity and Capital Resources</div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">Aebi Schmidt&#8217;s primary liquidity needs are to fund general business requirements, including working capital, capital expenditures, restructuring costs and debt service
                requirements. Aebi Schmidt&#8217;s principal sources of liquidity are cash flows from operating activities, the revolving credit facility and other debt issuances, and existing cash balances of $47.8 million as of March 31, 2025. Aebi Schmidt
                actively manages its working capital and associated cash requirements and continually seeks more effective uses of cash.</div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">As of March 31, 2025, Aebi Schmidt had $278.3 million of net working capital (i.e., current assets minus current liabilities) compared to $260.4 million of net working
                capital as of March 31, 2024.</div>
              <div style="text-align: justify;"><br>
              </div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 25 of 53</font></div>
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                <div class="BRPFPageHeader" style="width: 100%;">
                  <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                  </div>
                </div>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">Aebi Schmidt believes that its available liquidity will be sufficient to meet its current obligations for a period of at least 12 months from the date of the filing of this
                Quarterly Report, and its liquidity will be sufficient to finance its operating and capital needs, including day to day operations, capital expenditures, research and development, investments in information technology systems, dividends and
                potential future acquisitions.</div>
              <div><br>
              </div>
              <div style="color: #000000; font-weight: bold;">Cash Flows</div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">Aebi Schmidt&#8217;s cash flows from operating, investing and financing activities, as reflected in the Aebi Schmidt Consolidated Statements of Cash Flows appearing in Item 1 of
                this Form 10-Q are summarized in the following table:</div>
              <div><br>
              </div>
              <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" class="cfttable" id="z03d5debcab544101b85f44ff444050f9">

                  <tr>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 54%;">&#160;</td>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="12">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">For the Three Months Ended March 31,</div>
                    </td>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 54%;">
                      <div style="color: rgb(0, 0, 0); font-style: italic;">(in thousands)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2025</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2024</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px; width: 1%;">
                      <div>&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2" rowspan="1">
                      <div style="text-align: center; color: #000000; font-weight: bold;">$</div>
                      <div style="text-align: center; color: #000000; font-weight: bold;">Change</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px; width: 1%;">
                      <div>&#8194;&#8194;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 9%;">
                      <div style="text-align: center; color: #000000; font-weight: bold;">%</div>
                      <div style="text-align: center; color: #000000; font-weight: bold;">Change</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 54%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0);">Net cash used in operating activities</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">(26,561</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">(5,469</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#160;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;$</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; color: rgb(0, 0, 0);">&#8194;(21,092)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#160;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; color: rgb(0, 0, 0);">&#8194;&#8194;386</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">%</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 54%;">
                      <div style="color: rgb(0, 0, 0);">Net cash used in investing activities</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">(3,108</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">(4,052</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#160;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">&#8194;944</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#160;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">&#8194;&#8194;-23</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;%</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 54%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0);">Net cash provided by financing activities</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);"><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">11,442</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">6,959</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#160;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; color: rgb(0, 0, 0);">&#8194;4,483</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#160;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; color: rgb(0, 0, 0);">&#8194;&#8194;64</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;%</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 54%;">
                      <div style="color: rgb(0, 0, 0);">Effect of exchange rate changes on cash and cash equivalents</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">872</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">(668</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#160;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">&#8194;1,540</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#160;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">&#8194;&#8194;-231</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;%</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 54%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0);">Net decrease in cash and cash equivalents</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">(17,355</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">(3,230</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#160;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; color: rgb(0, 0, 0);">&#8194;(14,125)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#160;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; color: rgb(0, 0, 0);">&#8194;&#8194;437</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;%</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 54%;">
                      <div style="color: rgb(0, 0, 0);">Cash and cash equivalents at beginning of the period</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">65,173</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div style="color: rgb(0, 0, 0);">42,698</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#160;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">$</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">&#8194;22,475</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%;">
                      <div>&#160;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%;">
                      <div style="text-align: right; color: rgb(0, 0, 0);">&#8194;&#8194;53</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;%</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 54%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">Cash and cash equivalents at end of the period</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">47,818</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">39,468</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#160;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">&#8194;8,350</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 1%; background-color: rgb(204, 238, 255);">
                      <div>&#160;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">&#8194;&#8194;21</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;%</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="color: #000000;"><font style="text-decoration: underline;">Net cash used in operating activities</font></div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 20pt;"><font style="color: #000000;">Net cash used in operating activities increased by $21.1&#160;million, or 386%, to $26.6&#160;million in the three months ended March 31, 2025, from $5.5&#160;million in the
                  three months ended March 31, 2024. The increase was primarily driven by payment of expenses, which contributed to a decrease of accounts payable</font><font style="color: #EE0000;"> </font><font style="color: #000000;">by $11.9&#160;million.
                  There was also a $7.1&#160;million decrease</font><font style="color: #EE0000;"> <font style="color: rgb(0, 0, 0);">in</font> </font><font style="color: #000000;">account</font><font style="color: #EE0000;"><font style="color: rgb(0, 0, 0);">s</font>
                </font><font style="color: #000000;">receivable</font> <font style="color: #000000;">and contract assets in the three months ended March 31, 2025 compared to the three months ended March 31, 2024. In addition, there was an increase of
                  $12.9&#160;million in changes of other assets and liabilities. Partially offsetting the increase was a $4.2 million decrease due to changes in inventory for the three months ended March 31, 2025 compared to the change for the three months
                  ended March 31, 2024 and a decrease in changes in income tax payables and receivables of $5.5 million.</font></div>
              <div>&#160;</div>
              <div style="color: #000000;"><font style="text-decoration: underline;">Net cash used in investing activities</font></div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">Net cash used in investing activities decreased by $0.9 million, or 24%, to $3.1 million in the three months ended March 31, 2025, from $4.1 million in the three months
                ended March 31, 2024. The decrease was primarily driven by a decrease in cash spent on purchases of property, plant and equipment.</div>
              <div><br>
              </div>
              <div style="color: #000000;"><font style="text-decoration: underline;">Net cash provided by financing activities</font></div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">Net cash provided by financing activities increased by $4.5 million, or 64%, to $11.4 million in the three months ended March 31, 2025, from $7.0 million in the three months
                ended March 31, 2024. The increase was primarily driven by an increase of $9.2 million in proceeds from long term debt. The increase is partially offset by a decrease of $4.7 million in deferred payments related to Aebi Schmidt&#8217;s historical
                transactions.</div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;"> <br>
              </div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 26 of 53</font></div>
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                <div class="BRPFPageHeader" style="width: 100%;">
                  <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                  </div>
                </div>
              </div>
              <div style="color: #000000; font-style: italic;">Debt</div>
              <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" id="z06f5130fcebe45cc92988f1e0886e759">

                  <tr>
                    <td valign="bottom" style="vertical-align: middle;">
                      <div>&#160;</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: middle;">
                      <div> &#8194;&#8194;&#8194;&#8194;&#8194;&#8194;&#8194;</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
                      <div style="color: rgb(0, 0, 0); font-style: italic;">In thousands</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                      <div style="text-align: center; color: #000000; font-weight: bold;">March 31,</div>
                      <div style="text-align: center; color: #000000; font-weight: bold;">2025</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                      <div style="text-align: center; color: #000000; font-weight: bold;">December 31,</div>
                      <div style="text-align: center; color: #000000; font-weight: bold;">2024</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">Revolving credit facility, due 2026</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">170,875</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">152,787</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                      <div style="color: rgb(0, 0, 0);">Term loan:</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">Facility A, due 2026</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">21,631</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">20,778</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                      <div style="color: rgb(0, 0, 0);">Facility B, due 2026</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">40,000</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">40,000</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">Facility C, due 2026</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">120,934</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">119,715</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                      <div style="color: rgb(0, 0, 0);">Shareholder loan</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">53,775</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">51,982</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">Mortgage loan</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">10,266</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">10,348</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                      <div style="color: rgb(0, 0, 0);">Finance lease obligations</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">2,089</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">2,003</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">Other local credit lines</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">7,091</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">2,240</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                      <div style="color: rgb(0, 0, 0);">Total debt</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">426,661</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">399,853</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                      <div style="color: rgb(0, 0, 0);">Less current portion of long-term debt</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(24,224</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">(23,259</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                      <div style="color: rgb(0, 0, 0);">Total long-term debt</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">402,437</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">376,594</div>
                    </td>
                    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="color: #000000;"><font style="text-decoration: underline;">Existing Credit Facilities Agreement</font></div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">In November 2021, Aebi Schmidt entered a syndicated loan agreement with various banks for financing acquisitions. The term loan is split into the following facilities:</div>
              <div>&#160;</div>
              <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z88a30026b8a04e21af1dbc74f00a53fe">

                  <tr>
                    <td style="width: 20pt;"><br>
                    </td>
                    <td style="width: 16pt; vertical-align: top; color: #000000;">&#8226;</td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="color: #000000;"><font style="font-style: italic;">Total Facility A Commitments:</font> A senior amortizing term loan facility with a total commitment of $48.7 million.</div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z3884764d14c4416c89b4fee6cbe9cdb9">

                  <tr>
                    <td style="width: 20pt;"><br>
                    </td>
                    <td style="width: 16pt; vertical-align: top; color: #000000;">&#8226;</td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="color: #000000;"><font style="font-style: italic;">Total Facility B Commitments:</font> A senior amortizing term loan facility with a total commitment of $60.0 million.</div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z83db53d33465467e9d5f546d6f81a540">

                  <tr>
                    <td style="width: 20pt;"><br>
                    </td>
                    <td style="width: 16pt; vertical-align: top; color: #000000;">&#8226;</td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="color: #000000;"><font style="font-style: italic;">Total Facility C Commitments:</font> A senior non-amortizing term loan facility with a total commitment of $90.0 million and $30.9 million.</div>
                    </td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">The average interest margin of Facility A and B was 2.200% and 2.200% for the periods ended March 31, 2025 and March 31, 2024, respectively. The average interest rate margin
                for Facility C was 2.700% and 2.700% for the periods ended March 31, 2025 and March 31, 2024, respectively.</div>
              <div><br>
              </div>
              <div style="color: #000000;"><font style="text-decoration: underline;">Existing Revolving Credit Facility Commitment</font></div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 20pt; color: #000000;">The aggregate of the Revolving Credit Facility Commitment under the Existing Credit Facilities Agreement is $178.5 million which is primarily used for refinancing existing
                debt obligations, excluding those related to Facility A. In addition, the Revolving Credit Facility supports the broader financial needs of Aebi Schmidt, including general corporate purposes and working capital requirements, as well as
                funding permissible acquisitions aligned with Aebi Schmidt&#8217;s strategic objectives.</div>
              <div><br>
              </div>
              <div style="text-align: justify; color: #000000;"><font style="text-decoration: underline;">New Credit Facilities Agreement</font></div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 36pt; color: #000000;">On March 20, 2025, the Company entered into a syndicated $600 million credit facilities agreement consisting of a multicurrency senior secured amortizing term loan facility
                in an aggregate amount of up to $350 million and a multicurrency senior secured revolving loan facility in an aggregate amount of up to $250 million. The proceeds of the New Credit Facilities shall be used to refinance existing
                interest-bearing financial indebtedness after the Transaction as well as pay costs and expenses incurred in connection with the Refinancing and the Transaction. The obligations of the lenders to consummate the debt financing under the new
                credit facilities agreement are subject to certain closing conditions, including the consummation of the merger. As of March 31, 2025, no debt financing has been obtained and fees incurred ($2,137) in connection with the new credit
                facilities agreement have been deferred until the issuance of debt.</div>
              <div>&#160;</div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 27 of 53</font></div>
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                <div class="BRPFPageHeader" style="width: 100%;">
                  <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                  </div>
                </div>
              </div>
              <div>
                <div>
                  <div style="color: #000000;"><font style="text-decoration: underline;">Shareholder Loans</font></div>
                  <div><br>
                  </div>
                  <div style="text-align: justify; text-indent: 20pt; color: #000000;">At March 31, 2025, Aebi Schmidt had subordinated shareholder loans with outstanding amounts of $15.4 million and $16.2 million from PCS Holding AG, as well as $11.3
                    million and $10.0 million from Gebuka AG. These shareholder loans will be renewed and amended in connection with the New Credit Facilities Agreement and will survive the Closing.</div>
                  <div><br>
                  </div>
                  <div style="color: #000000;"><font style="text-decoration: underline;">Other Debts</font></div>
                  <div><br>
                  </div>
                  <div style="text-align: justify; text-indent: 20pt; color: #000000;">In connection with the expansion of the plant in Chilton/US mortgage loans, the outstanding amount is approximately $10.3 million as of March 31, 2025.</div>
                  <div><br>
                  </div>
                  <div style="color: #000000; font-style: italic;">Contingent Liabilities</div>
                  <div><br>
                  </div>
                  <div style="text-align: justify; text-indent: 20pt; color: #000000;">Changes in Aebi Schmidt&#8217;s warranty liability during the periods ended March 31, 2025, and 2024 were as follows:</div>
                  <div style="text-align: justify; text-indent: 20pt; color: #000000;"> <br>
                  </div>
                  <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" class="cfttable" id="zf3137cd3dde848aea5ecc505f4d6cbd4">

                      <tr>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 77%;">
                          <div style="color: #000000; font-style: italic;">(in thousands)</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 9%;">
                          <div style="text-align: center; color: #000000; font-weight: bold;">&#8194;&#8194;Q1 2025</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 9%;">
                          <div style="text-align: center; color: #000000; font-weight: bold;">&#8194;Q1 2024</div>
                        </td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: bottom; width: 77%; background-color: rgb(204, 238, 255);">
                          <div style="color: #000000;">Balance of accrued warranty, beginning of period</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">$</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                          <div style="text-align: right; color: #000000;">&#8194;10,205</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                          <div style="text-align: right; color: #000000;">&#8194;$8022</div>
                        </td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: bottom; width: 77%;">
                          <div style="color: #000000;">Accruals for current period sales</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                          <div style="text-align: right; color: #000000;">&#8194;&#8194;1,265</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                          <div style="text-align: right; color: #000000;">&#8194;922</div>
                        </td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: bottom; width: 77%; background-color: rgb(204, 238, 255);">
                          <div style="color: #000000;">Cash settlements</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                          <div style="text-align: right; color: #000000;">&#8194;&#8194;(546)</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                          <div style="text-align: right; color: #000000;">&#8194;(483)</div>
                        </td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: bottom; width: 77%;">
                          <div style="color: #000000;">Changes in liability for pre-existing warranties</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                          <div style="text-align: right; color: #000000;">&#8194;&#8194;(8)</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                          <div style="text-align: right; color: #000000;">&#8194;(4)</div>
                        </td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: bottom; width: 77%; background-color: rgb(204, 238, 255);">
                          <div style="color: #000000;">Translation adjustment</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                          <div style="text-align: right; color: #000000;">&#8194;&#8194;289</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                          <div style="text-align: right; color: #000000;">&#8194;(242)</div>
                        </td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: bottom; width: 77%;">
                          <div style="color: #000000;">Balance of accrued warranty, end of period</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                          <div style="text-align: right; color: #000000;">&#160;$11,205</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;$</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 9%; white-space: nowrap;">
                          <div style="text-align: right; color: #000000;">&#8194;8,215</div>
                        </td>
                      </tr>

                  </table>
                  <div><br>
                  </div>
                  <div style="text-align: justify; text-indent: 20pt; color: #000000;">Aebi Schmidt&#8217;s long-term warranty provisions amounting to $1.8 million and $0.8 million for the periods ended March 31, 2025 and 2024, respectively, are included within
                    other non-current liabilities on its balance sheet.</div>
                  <div><br>
                  </div>
                  <div style="color: #000000; font-style: italic;">Contractual Obligations</div>
                  <div><br>
                  </div>
                  <div style="text-align: justify; text-indent: 20pt; color: #000000;">Aebi Schmidt is party to contractual obligations involving commitments to make payments to third parties, and such commitments require a material amount of cash. As part
                    of its normal course of business, Aebi Schmidt enters into contracts with suppliers for purchases of certain raw materials, components, and services to facilitate adequate supply of these materials and services. These arrangements may
                    contain fixed or minimum quantity purchase requirements.</div>
                  <div><br>
                  </div>
                  <div style="text-align: justify; text-indent: 20pt; color: #000000;">Refer to Note 7 to Aebi Schmidt&#8217;s unaudited condensed consolidated financial statements for details on its contractual obligations.</div>
                  <div><br>
                  </div>
                  <div style="color: #000000; font-style: italic;">Off-Balance Sheet Arrangements</div>
                  <div><br>
                  </div>
                  <div style="text-align: justify; text-indent: 20pt; color: #000000;">In the normal course of bidding for and executing certain projects, Aebi Schmidt has entered into bid/performance bonds and surety bonds (collectively &#8220;performance
                    bonds&#8221;) with various financial institutions. Customers can draw on such performance bonds in the event that Aebi Schmidt does not fulfil its contractual obligations. The Company would then have an obligation to reimburse the financial
                    institution for amounts paid under the performance bonds. At March 31, 2025, the total outstanding performance bonds aggregated to $14.8 million. There were no significant amounts reimbursed to financial institutions under these types
                    of arrangements in the three months ended March 31, 2025 and March 31, 2024.</div>
                  <div><br>
                  </div>
                  <div style="color: #000000; font-weight: bold;">Critical Accounting Policies and Estimates</div>
                  <div><br>
                  </div>
                  <div style="text-indent: 20pt; color: #000000;">There have been no changes to our critical accounting policies during the three months ended March 31, 2025. Refer to the Registration Statement on Form S-4 for a summary of our policies.</div>
                  <div><br>
                  </div>
                  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 28 of 53</font></div>
                    <div class="BRPFPageBreak" style="page-break-after: always;">
                      <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                    <div class="BRPFPageHeader" style="width: 100%;">
                      <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                      </div>
                    </div>
                  </div>
                  <a name="QuantitativeandQualitativ"><!--Anchor--></a>
                  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z405ee52e6a1f4f2c8042c05469d297f3">

                      <tr>
                        <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Item 3.</td>
                        <td style="width: auto; vertical-align: top;">
                          <div style="color: #000000; font-weight: bold;"> Quantitative and Qualitative Disclosures About Market Risk.</div>
                        </td>
                      </tr>

                  </table>
                  <div style="text-align: justify; text-indent: 20pt;"><br>
                  </div>
                  <div style="text-align: justify; text-indent: 20pt; color: #000000;">Aebi Schmidt is exposed to market risks in the ordinary course of business, which primarily relate to fluctuations in foreign currency exchange and commodity prices.
                    Since December 31, 2024, there have been no material changes in our foreign currency exposures, which is incorporated herein by reference, commodity prices, or interest rates. For a discussion of our exposure to market risk, refer to &#8220;<font style="font-style: italic;">Quantitative and Qualitative Disclosures about Market Risk</font>&#8221; in the Registration Statement, which is incorporated herein by reference.<br>
                  </div>
                  <div>&#160;</div>
                  <a name="ControlsandProcedures"><!--Anchor--></a>
                  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="zcd89626ce666415aaaf886ae34c73a00">

                      <tr>
                        <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Item 4.</td>
                        <td style="width: auto; vertical-align: top;">
                          <div style="color: #000000; font-weight: bold;"> Controls and Procedures.</div>
                        </td>
                      </tr>

                  </table>
                  <div><br>
                  </div>
                  <div style="color: #000000;">
                    <div><font style="text-decoration: underline;">Evaluation of Disclosure Controls and Procedures</font></div>
                    <div>&#160;</div>
                    <div style="text-indent: 18pt;">
                      <div>Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2025. Based on that evaluation, our Chief
                        Executive Officer and Chief Financial Officer concluded that, due to the material weaknesses in internal control over financial reporting described below, our disclosure controls and procedures (as defined in Rules 13a-15(e) and
                        15d-15(e) under the Exchange Act) were not effective at a reasonable assurance level.</div>
                      <div>&#160;</div>
                    </div>
                  </div>
                  <div style="text-align: justify; text-indent: 20pt; color: #000000;">As previously disclosed, in connection with the preparation of Aebi Schmidt&#8217;s Consolidated Financial Statements as of December 31, 2024 and 2023 and for the years then
                    ended for purposes of the Registration Statement, Aebi Schmidt identified material weaknesses in its internal control over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control
                    over financial reporting, such that there is a reasonable possibility that a material misstatement of Aebi Schmidt&#8217;s annual or interim consolidated financial statements will not be prevented or detected on a timely basis.</div>
                  <div><br>
                  </div>
                  <div style="text-align: justify; text-indent: 20pt; color: #000000;">Aebi Schmidt&#8217;s management identified the following material weaknesses in its internal control over financial reporting:</div>
                  <div>&#160;</div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0;" id="z8755ee0608074beebb3d19ec0492da6a">

                        <tr style="vertical-align: top;">
                          <td style="width: 20pt;">
                            <div><br>
                            </div>
                          </td>
                          <td style="text-align: right; vertical-align: top; width: 18pt;">
                            <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">i.</font></div>
                          </td>
                          <td style="text-align: left; vertical-align: top; width: auto;">
                            <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">Lack of designing and maintaining an effective control environment commensurate with Aebi Schmidt&#8217;s financial reporting requirements due to a lack of
                                sufficient number of professionals with an appropriate level of internal controls and technical U.S. GAAP knowledge, experience and training to appropriately analyze, record and disclose accounting matters, including
                                complex, non-routine transactions accurately and timely;</font></div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div style="text-align: justify;">&#160;</div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0;" id="zcb10e071d9db487f97d17e943b3a1d4e">

                        <tr style="vertical-align: top;">
                          <td style="width: 20pt;">&#160;</td>
                          <td style="text-align: right; vertical-align: top; width: 18pt;">
                            <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">ii.</font></div>
                          </td>
                          <td style="text-align: left; vertical-align: top; width: auto;">
                            <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">Lack of maintaining formal accounting policies and procedures, and designing and maintaining controls related to significant accounts and disclosures to
                                achieve complete, accurate and timely financial accounting, reporting and disclosures;</font></div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div style="text-align: justify;">&#160;</div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0;" id="z9696cf2743a34426972cd2a16dc33906">

                        <tr style="vertical-align: top;">
                          <td style="width: 20pt;">&#160;</td>
                          <td style="text-align: right; vertical-align: top; width: 18pt;">
                            <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">iii.</font></div>
                          </td>
                          <td style="text-align: left; vertical-align: top; width: auto;">
                            <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">Lack of consistently establishing appropriate authorities and responsibilities related to the segregation of duties in our finance and accounting functions;</font></div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div style="text-align: justify;">&#160;</div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0;" id="z692d59eb0b2e45e7963b59b87aee505f">

                        <tr style="vertical-align: top;">
                          <td style="width: 20pt;">&#160;</td>
                          <td style="text-align: right; vertical-align: top; width: 18pt;">
                            <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">iv.</font></div>
                          </td>
                          <td style="text-align: left; vertical-align: top; width: auto;">
                            <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">A failure to design and maintain effective information technology (&#8220;IT&#8221;) general controls over user access, change management and segregation of duties for SAP
                                information systems in Europe that are relevant to the preparation of its financial statements.</font></div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div style="text-align: justify;">&#160;</div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0;" id="z4d143bc6e37c4e67a6823b3d11c5ac88">

                        <tr style="vertical-align: top;">
                          <td style="width: 20pt;">&#160;</td>
                          <td style="text-align: right; vertical-align: top; width: 18pt;">
                            <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">v.</font></div>
                          </td>
                          <td style="text-align: left; vertical-align: top; width: auto;">
                            <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">A failure to design and maintain effective IT general controls over user access, change management and segregation of duties for the remaining information
                                systems that are relevant to the preparation of its financial statements.</font></div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div><br>
                  </div>
                  <div style="margin: 0px 0px 0px 39pt; color: #000000; text-align: justify;">The above IT general control deficiencies did not result in a material misstatement to the financial statements. However, these IT general control deficiencies
                    could impact maintaining effective segregation of duties, as well as the effectiveness of IT-dependent controls (such as automated controls that address the risk of material misstatement to one or more assertions, along with the IT
                    controls and underlying data that support the effectiveness of system-generated data and reports) that could result in misstatements potentially impacting all financial statement accounts and disclosures that would not be prevented or
                    detected.</div>
                  <div><br>
                  </div>
                  <div style="text-align: justify; text-indent: 20pt; color: #000000;">Aebi Schmidt&#8217;s management is developing a plan to remediate the material weaknesses identified, including: (a) providing relevant U.S. GAAP technical accounting,
                    internal controls over financial reporting and SEC financial reporting requirements training for personnel, including hiring additional personnel to strengthen the accounting and finance functions; (b) designing and implementing a
                    financial reporting control framework, including management review controls, together with IT general and application controls for all systems which materially impact financial reporting.</div>
                  <div><br>
                  </div>
                  <div style="text-align: justify; text-indent: 20pt; color: #000000;">Aebi Schmidt&#8217;s management cannot assure that it will be successful in remediating the material weaknesses identified above. The failure to correct the material
                    weaknesses or the failure to discover and address any other material weaknesses or deficiencies could result in inaccuracies in the financial statements and impair the ability to comply with applicable financial reporting requirements
                    and related regulatory filings on a timely basis.</div>
                  <div><br>
                  </div>
                  <div style="text-align: justify; text-indent: 20pt; color: #000000;">Aebi Schmidt currently is a Swiss private company and has not been required to comply with Section 404 of the Sarbanes-Oxley Act of 2002, as amended (the &#8220;Sarbanes-Oxley
                    Act&#8221;). Therefore, neither management nor an independent registered public accounting firm has performed an evaluation of the effectiveness of Aebi Schmidt&#8217;s internal control over financial reporting in accordance with the provisions of
                    the Sarbanes-Oxley Act. Following the Closing and Aebi Schmidt&#8217;s U.S. listing as a public company, Aebi Schmidt&#8217;s management will be required to report on the effectiveness of Aebi Schmidt&#8217;s internal control over financial reporting
                    pursuant to Section 404(a) of the Sarbanes-Oxley Act and is expected to become subject to auditor attestation requirements pursuant to Section 404(b) of the Sarbanes-Oxley Act, beginning with the filing of Aebi Schmidt&#8217;s Annual Report
                    on Form 10-K for the year ending December 31, 2026.</div>
                  <div style="text-align: justify; text-indent: 20pt; color: #000000;"> <br>
                  </div>
                  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 29 of 53</font></div>
                    <div class="BRPFPageBreak" style="page-break-after: always;">
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                    <div class="BRPFPageHeader" style="width: 100%;">
                      <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                      </div>
                    </div>
                  </div>
                  <div style="text-align: justify; color: #000000;"><font style="text-decoration: underline;">Changes in Internal Control over Financial Reporting</font></div>
                  <div><br>
                  </div>
                  <div style="text-align: justify; text-indent: 20pt; color: #000000;">We are taking actions to complete the remediation of the remaining material weaknesses relating to our internal control over financial reporting, as described above.
                    Except as otherwise described herein, there was no change in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during our most recent fiscal
                    quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.</div>
                  <div><br>
                  </div>
                  <div>
                    <div><font style="text-decoration: underline;">Inherent Limitations on Effectiveness of Controls</font></div>
                    <div>&#160;</div>
                    <div style="text-align: justify; text-indent: 18pt;">An effective internal control system, no matter how well designed, has inherent limitations, including the possibility of human error or overriding of controls, and therefore can
                      provide only reasonable assurance with respect to reliable financial reporting. Because of its inherent limitations, our internal control over financial reporting may not prevent or detect all misstatements, including the possibility
                      of human error, the circumvention or overriding of controls, or fraud. Effective internal controls can provide only reasonable assurance with respect to the preparation and fair presentation of financial statements.</div>
                    <div>&#160;</div>
                  </div>
                  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 30 of 53</font></div>
                    <div class="BRPFPageBreak" style="page-break-after: always;">
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                    <div class="BRPFPageHeader" style="width: 100%;">
                      <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                      </div>
                    </div>
                  </div>
                  <div style="text-align: center; color: #000000; font-weight: bold;">PART II&#8212;OTHER INFORMATION</div>
                  <div>&#160;</div>
                  <a name="LegalProceedings"><!--Anchor--></a>
                  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z9e85deb54bd04f36a4b9b933f462a306">

                      <tr>
                        <td style="width: 45pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Item 1.</td>
                        <td style="width: auto; vertical-align: top;">
                          <div style="color: #000000; font-weight: bold;"> Legal Proceedings.</div>
                        </td>
                      </tr>

                  </table>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">As of the date of this Quarterly Report, Aebi Schmidt was party, both as plaintiff or defendant, to a number of lawsuits and claims arising out of the normal conduct of its businesses.
                    Aebi Schmidt&#8217;s management does not currently expect its financial position, future operating results or cash flows to be materially affected by the final outcome of these legal proceedings.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Please refer to Prospectus Supplement No. 2 to the Proxy Statement/Prospectus, which discloses certain complaints and demand letters received by Shyft from purported shareholders of
                    Shyft alleging certain deficiencies in the Proxy Statement/Prospectus. Prospectus Supplement No#2 is hereby incorporated by reference into this Part II, Item 1.</div>
                  <div>&#160;</div>
                  <a name="RiskFactors"><!--Anchor--></a>
                  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z423e336d59074c3d8df0195e41b0bbe6">

                      <tr>
                        <td style="width: 45pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Item 1A.</td>
                        <td style="width: auto; vertical-align: top;">
                          <div style="color: #000000; font-weight: bold;"> Risk Factors.</div>
                        </td>
                      </tr>

                  </table>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Our business, financial condition, results of operations and cash flows are subject to various risks which may cause actual performance to differ materially from historical or projected
                    future performance, many of which are not exclusively within our control. The risks described below are the primary risks known to us which we believe could materially affect our business, financial condition, results of operations, or
                    cashflows. However, these risks may not be the only risks that could impact us. Our business could also be affected by other factors which are not presently known to us, factors we currently consider to be immaterial to our operations,
                    or factors that could emerge as new risks in the future. Readers should not interpret the disclosure of any risk factor to imply that the risk has not already materialized. <br>
                  </div>
                  <div>&#160;</div>
                  <div style="text-align: justify; font-weight: bold;">Risks Relating to Our Company and Business</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Changes in U.S. trade policy, including the imposition of tariffs and the resulting consequences, may have a material adverse impact on our
                    business and results of operations.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Changes in U.S. trade policy, including the imposition of tariffs and the resulting consequences of such imposition, may have a material adverse impact on our business and results of
                    operations and of our business partners and suppliers. In particular, the U.S. government has adopted a new approach to trade policy and in many cases is renegotiating, or potentially terminating, certain existing bilateral or
                    multi-lateral trade agreements. It has also imposed or is considering the imposition of tariffs on certain foreign goods, including certain products imported into the United States from Mexico, Canada, China and numerous other
                    jurisdictions. These measures have resulted in, and are likely to continue to result in, increased costs for goods imported into the United States, particularly if these measures are implemented in regions where we or our suppliers
                    source components or raw materials. This in turn has required and may continue to require us to increase the prices we charge to our customers, which may reduce demand, or, if we are unable to increase prices, result in lowering our
                    margin on products sold. Further, changes in U.S. trade policy have resulted in, and likely will continue to result in one or more of the United States&#8217; trading partners adopting responsive trade policies making it more difficult or
                    costly for us to export our products to those countries. Countries may also adopt other measures, such as controls on imports or exports of goods, technology or data, which could adversely impact our operations and supply chain. Any
                    such volatility and disruptions may adversely affect our business or the third parties on whom we rely. Political tensions as a result of trade policies could reduce trade volume, investment, technological exchange and other economic
                    activities between major international economies, resulting in a material adverse effect on global economic conditions and the stability of global financial markets.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">There is substantial uncertainty about the duration of existing tariffs and whether additional tariffs may be imposed, modified or suspended. We cannot predict future trade policy or
                    the terms of any renegotiated trade agreements and their impact on our business. The adoption and expansion of trade restrictions, reciprocal tariffs, the occurrence of a trade war, or other governmental action related to tariffs or
                    trade agreements or policies has the potential to adversely impact demand for our products, costs, customers, suppliers, and the U.S. economy, which in turn could adversely impact our business, financial condition and results of
                    operations.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">A disruption, termination or alteration of the supply of critical components from third-party suppliers could materially adversely affect the
                    sales of our products.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Our sales and manufacturing processes depend on the supply of critical components such as vehicle chassis, engines, transmissions, wire harnesses, axles and hydraulic pumps from major
                    vehicle manufacturers and other suppliers. If our suppliers experience production delays, if the quality or design of their products change, if they implement recalls or change or discontinue the specific type of products they
                    manufacture, or terminate their relationships with us, we could incur significant costs or disruptions to our business, which could have a material adverse effect on our net sales, financial condition, profitability and/or cash flows.
                    At various times, we may carry increased inventory to protect against these concerns, which may negatively impact our results of operations.</div>
                  <div style="text-align: justify; text-indent: 36pt;"> <br>
                  </div>
                  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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                      <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                      </div>
                    </div>
                  </div>
                  <div style="text-align: justify; text-indent: 36pt;">The steel, stainless steel, aluminum and other raw materials and components for our U.S. business are predominantly manufactured in the U.S. and purchased from U.S. domestic suppliers.
                    However, to the extent tariffs increase the price of imported products, others in the industry may choose to increase their orders from U.S. domestic suppliers, which could strain the capacity of our U.S. domestic suppliers, putting the
                    normal, uninterrupted supply of components to us at risk. In addition, U.S. domestic suppliers that currently incorporate imported components in their products may be subject to the same issues, i.e., increased costs of those imported
                    components and limited availability of U.S. domestic supplier sources. Our suppliers could also experience operational delays or disruptions, including as a result of reacting to the imposition of tariffs, the outbreak of epidemics or
                    other public health crises, which could in turn affect our manufacturing processes and sales. Additionally, certain important components that we use in our vehicles, such as engines and transmissions, are produced by a limited number of
                    qualified suppliers and for some components may be limited to a single source of supply, so any disruption in their supply to us of such components could have a negative impact on our business.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Volatility in the financial markets generally, and in the truck and automotive sectors in particular, could impact the financial viability of certain of our key third-party suppliers,
                    or could cause them to exit certain business lines, or change the terms on which they are willing to provide products. During 2018 and 2019, many of our suppliers encountered production issues and delivery delays due to factors which
                    included a vendor factory fire, new plant location inefficiencies, unplanned work stoppages and indirect impacts from the implementation of tariffs. A recurrence of any of these events or another similar development could lead to
                    difficulties in meeting our customers&#8217; demands and reduce our overall sales volume. Further, any changes in quality or design, capacity limitations, shortages of raw materials or other problems could result in shortages or delays in the
                    supply of vehicle chassis or components to us. Our business, operating results and financial condition could suffer if our suppliers reduce output or make changes to chassis models that are unpopular with customers or are incompatible
                    with current product designs or production process.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">In addition, a growth in popularity of EVs without a significant expansion in battery cell production capacity could result in shortages, which could result in increased materials costs
                    and could adversely impact our projected manufacturing and delivery timelines.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Increases in the price of commodities would impact the cost or price of our products, which may impact our ability to sustain and grow earnings.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Our manufacturing processes consume significant amounts of raw materials, the costs of which are subject to worldwide supply and demand factors, as well as other factors beyond our
                    control, including continuing inflation. Raw material price fluctuations may adversely affect our results. We purchase, directly and indirectly through component purchases, significant amounts of aluminum, stainless steel, nickel (in
                    particular as part of stainless steel), plastics and other resins, wood, electronic components, cables, and fiberglass products as well as other commodity-sensitive raw materials annually. In particular, in past years, steel and
                    aluminum prices have experienced volatility which has been unforeseen and unexpected. Further, tariffs enacted or proposed by the U.S. government, or retaliatory tariffs, could further increase the price of components imported from
                    international suppliers, and lift prices of certain commodities generally, regardless of origin. For example, tariffs increasing the cost of wood imported from Canada would likely lead to commercial and price pressures from U.S.
                    producers as the result of consumers moving purchases to U.S. producers. Although at times we purchase steel, aluminum and other raw materials in advance to provide certainty regarding portions of our pricing and supply, for the
                    majority of our raw material purchases we do not typically enter into any fixed-price contracts and may not be able to accurately anticipate future raw material prices for those inputs, including the impacts of inflation. Commodity
                    pricing has fluctuated significantly over the past few years and may continue to do so in the future. In addition, the cost of land and sea transportation is impacted by fluctuations in the cost of crude oil and diesel.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Such fluctuations in commodity prices could have a material effect on our results of operations, balance sheets and cash flows and impact the comparability of our results between
                    financial periods.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Any negative change in our relationship with major customers could have significant adverse effects on revenues and profits.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Our financial success is directly related to customers continuing to purchase our products. Failure to fill customers&#8217; orders in a timely manner or on the terms and conditions of sale
                    could harm our relationships with customers. The importance of maintaining excellent relationships with our major customers may also give those customers leverage in their negotiations with us, including pricing and other supply terms,
                    as well as post-sale disputes. This leverage may lead to increased costs or reduced profitability for us. Furthermore, if any of our major customers experience a significant downturn in their business or fail to remain committed to
                    their products or brands, these customers may reduce or discontinue purchases from us, which could have an adverse effect on our business, results of operations and financial condition.</div>
                  <div style="text-align: justify; text-indent: 36pt;"> <br>
                  </div>
                  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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                      <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                      </div>
                    </div>
                  </div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">The unavailability, reduction, elimination or adverse application of government funding could have an adverse effect on our business, prospects,
                    financial condition and operating results.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">The risk associated with government customers is linked to fluctuations in their tax revenues and budgets. While many of our products are often prioritized - being either
                    safety-critical equipment for street maintenance (e.g., ice and snow removal) or mission-critical airport equipment - there remains a risk that budget constraints could lead to delays in funding allocations, impacting order timelines.
                    Although government and municipal customers typically are required by law to maintain these operations, financial pressures may result in postponed or deferred purchases, as witnessed during the COVID-19 pandemic.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">The agricultural sector faces a similar risk related to funding. Farmers typically rely on subsidies from public institutions, and spending in this sector is heavily dependent on the
                    availability of those funds. Any reduction or delay in subsidies could directly impact purchasing decisions, posing a risk to demand for our products. For example, the U.S. federal government recently has frozen or otherwise refused to
                    honor certain promised payments and subsidies to farmers and others, which poses such a risk.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Our U.S. airport customers operate under FAA regulations, so any failure of our equipment could have significant operational consequences. Funding for airport improvements comes from
                    the FAA&#8217;s Airport Improvement Program (AIP), which requires compliance with the Buy American Act. A government shutdown or budget cuts would pose a direct risk, leading to delays in funding approvals and project execution. The Airport
                    &amp; Airway Trust Fund (AATF), a key funding source within the AIP, is government-funded and closely tied to federal budget decisions. Any reductions in government spending could negatively impact AATF allocations, directly affecting
                    purchase decisions and potentially delaying orders.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">We may not be able to remain competitive in the rapidly changing markets in which we compete.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">We operate in a highly competitive environment in each of the markets we serve, and face competition in each of our product segments from numerous competitors. We compete principally on
                    the basis of customer loyalty and repeat buyers, client-specific customization, product quality and reliability, breadth of product offering, manufacturing capability and flexibility, technical capability, product innovation, customer
                    service, after-sales support, delivery times and price.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">The markets we serve are undergoing rapid transformation, particularly with respect to electric vehicles (&#8220;<font style="text-decoration: underline;">EV</font>&#8221;) and autonomous vehicles.
                    Our current and potential competitors include companies that have significantly greater financial, technical, manufacturing, marketing and other resources than we do, including OEMs and certain of their customers who are highly
                    motivated by market opportunities to deploy those resources to the design, development, manufacturing, distribution, promotion, sale and support of their products, including their EVs and autonomous vehicles. As a result of these market
                    opportunities, OEMs and other companies have taken actions to reduce costs, including through in-sourcing, supply base consolidation and vertical integration. We expect these trends to continue and even accelerate. We expect competition
                    for EVs and autonomous vehicles to intensify due to increased demand and a regulatory push for alternative fuel vehicles, continuing globalization, and consolidation in the worldwide vehicle industry. Increased competition may lead to
                    lower vehicle unit sales and increased inventory, which may result in downward price pressure and adversely affect our business, financial condition, operating results, and prospects. Our business will be adversely affected if we are
                    unable to adequately respond to these pressures or otherwise continue to compete in these markets.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Amounts included in order backlog may not result in actual revenue and are an uncertain indicator of our future revenue.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Backlog is generally comprised of agreements and purchase orders from customers that are subject to modification, cancellation, or rescheduling. We report these orders in our backlog at
                    aggregate selling prices, net of discounts or allowances, and for certain products we recognize revenues based upon percentage completion. While realization of revenue related to order backlog has not been a major issue in the past, we
                    cannot assure that we will recognize revenue with respect to each order included in order backlog. Should a cancellation occur, our order backlog and anticipated revenue would be reduced unless we are able to replace the cancelled
                    order. As a result, the order backlog is not entirely within our control, and may not be indicative of future sales and can vary significantly from period to period. Reductions in our order backlog could negatively impact our future
                    results of operations.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">We evaluate our order backlog at least quarterly to determine if the orders continue to meet our criteria for inclusion in order backlog and to verify percentage of completion. We may
                    adjust our reported order backlog to account for any changes, including those arising from continued customer intent and ability to fulfill order, supply base capacity, and changes in our ability, or the methodology used, to determine
                    whether an order is likely to be completed. We cannot assure that our order backlog will result in revenue on a timely basis or at all, or that any cancelled contracts will be replaced. As a result, the order backlog may not be
                    indicative of future sales and can vary significantly from period to period. In addition, it is possible that the methodology for determining the order backlog may not be comparable to methods used by other companies.</div>
                  <div style="text-align: justify; text-indent: 36pt;"> <br>
                  </div>
                  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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                    <div class="BRPFPageHeader" style="width: 100%;">
                      <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                      </div>
                    </div>
                  </div>
                  <div style="text-align: justify; text-indent: 36pt;">In addition, as a result of firm purchase orders from our customers, we may enter into agreements to produce and sell vehicles at a specified price with certain adjustments for changes
                    and options based upon our estimation of the cost to produce and the timing of delivery. Due to the nature of these product cost estimates and the fluctuations in input costs and availability, we may underestimate the costs of
                    production and therefore overestimate the profitability in the backlog. As a result, the actual profitability of those sales in the future may differ materially from the initial estimates when we recorded the firm purchase orders in
                    backlog.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Our ability to meet customer delivery schedules is dependent on a number of factors including, but not limited to, access to components and raw materials, an adequate and capable
                    workforce, assembling/engineering expertise for certain projects and sufficient manufacturing capacity. The availability of these factors may in some cases be subject to conditions outside of our control. A failure by us to deliver in
                    accordance with our performance obligations may result in financial penalties under certain of our contracts and damage to existing customer relationships, damage to our reputation and loss of future bidding opportunities, which could
                    cause the loss of future business and could negatively impact our financial performance.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">The integration of businesses or assets we have acquired or may acquire in the future involves challenges that could disrupt our business and harm
                    our financial condition.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">As part of our growth strategy, we have pursued and expect to continue to selectively pursue acquisitions of businesses or assets to diversify, expand our capabilities, enter new
                    markets, or increase our market share. Integrating any newly acquired business or assets can be expensive and can require a great deal of management time and other resources. We cannot guarantee that we will be able to identify
                    attractive acquisition targets or assets. If we are unable to successfully integrate newly acquired businesses (including Shyft) with our existing business, we will not realize the synergies we expect from the acquisition and our
                    business and results of operations would be adversely impacted.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Reconfiguration or relocation of our production operations could negatively impact our earnings.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">We may, from time to time, reconfigure our production lines or relocate production of products between buildings or locations or to new locations to maximize the efficient utilization
                    of our existing production capacity or take advantage of opportunities to increase manufacturing efficiencies. Costs incurred to affect these reconfigurations or relocations may exceed our estimates, and the efficiencies gained may be
                    less than anticipated, each of which may have a negative impact on our results of operations and financial position.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Unforeseen or recurring operational problems at any of our facilities, or a catastrophic loss of one of our key manufacturing facilities, may
                    cause significant lost production and adversely affect our results of operations.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Our manufacturing process could be affected by operational problems that could impair our production capability. Many of our manufacturing facilities contain sophisticated machines that
                    are used in our manufacturing process. Disruptions or shutdowns at any of our facilities could be caused by:</div>
                  <div style="text-align: justify; text-indent: 36pt;"> <br>
                  </div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z08109924ed28401b9683be15b5f19799">

                        <tr>
                          <td style="width: 36pt;">&#160;</td>
                          <td style="vertical-align: top; text-align: right; width: 18pt;">
                            <div style="text-align: left;">&#8226;</div>
                          </td>
                          <td style="vertical-align: top;">
                            <div>maintenance outages to conduct maintenance activities that cannot be performed safely during operations;</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="zd856bed8496a4773a91c9f5445a6e87c">

                        <tr>
                          <td style="width: 36pt;">&#160;</td>
                          <td style="width: 18pt; vertical-align: top; text-align: right;">
                            <div style="text-align: left;">&#8226;</div>
                          </td>
                          <td style="vertical-align: top;">
                            <div>prolonged power failures or reductions;</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z4b118656102640a7aaad27efe45d33ce">

                        <tr>
                          <td style="width: 36pt;">&#160;</td>
                          <td style="width: 18pt; vertical-align: top; text-align: right;">
                            <div style="text-align: left;">&#8226;</div>
                          </td>
                          <td style="vertical-align: top;">
                            <div>breakdown, failure or substandard performance of any of our machines or other equipment;</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z2ba290b9fb9f405a8ad8209029e564a2">

                        <tr>
                          <td style="width: 36pt;">&#160;</td>
                          <td style="width: 18pt; vertical-align: top; text-align: right;">
                            <div style="text-align: left;">&#8226;</div>
                          </td>
                          <td style="vertical-align: top;">
                            <div>noncompliance with, and liabilities related to, environmental requirements or permits;</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z4981630cb9ec406c80787797edfeecb3">

                        <tr>
                          <td style="width: 36pt;">&#160;</td>
                          <td style="width: 18pt; vertical-align: top; text-align: right;">
                            <div style="text-align: left;">&#8226;</div>
                          </td>
                          <td style="vertical-align: top;">
                            <div>disruptions in the transportation infrastructure, including railroad tracks, bridges, tunnels or roads;</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z7f6a48fef42e468486c471e44bd8c6a9">

                        <tr>
                          <td style="width: 36pt;">&#160;</td>
                          <td style="width: 18pt; vertical-align: top; text-align: right;">
                            <div style="text-align: left;">&#8226;</div>
                          </td>
                          <td style="vertical-align: top;">
                            <div>fires, floods, earthquakes, tornadoes, hurricanes, microbursts or other catastrophic disasters, national emergencies, pandemics, political unrest, war or terrorist activities; or</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z35cbacab94ec496ea454913f688db410">

                        <tr>
                          <td style="width: 36pt;">&#160;</td>
                          <td style="width: 18pt; vertical-align: top; text-align: right;">
                            <div style="text-align: left;">&#8226;</div>
                          </td>
                          <td style="vertical-align: top;">
                            <div>other operational problems.</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">If some of our facilities are shut down, they may experience prolonged startup periods, regardless of the reason for the shutdown. Those startup periods could range from several days to
                    several weeks or longer, depending on the reason for the shutdown and other factors. Any prolonged disruption in operations at any of our facilities could cause a significant loss of production and adversely affect our results of
                    operations and negatively impact our customers and dealers. Further, a catastrophic event could result in the loss of the use of all or a portion of one of our manufacturing facilities. Although we carry property and business
                    interruption insurance, our coverage may not be adequate to compensate us for all losses that may occur. Any of these events individually or in the aggregate could have a material adverse effect on our business, financial condition and
                    operating results.</div>
                  <div style="text-align: justify; text-indent: 36pt;"> <br>
                  </div>
                  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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                    <div class="BRPFPageHeader" style="width: 100%;">
                      <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                      </div>
                    </div>
                  </div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Disruptions within our dealer network could adversely affect our business.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">We rely, for certain of our products, on a network of independent dealers to market, stock, deliver, provide training for, and service our products to and for customers. Our business is
                    influenced by our ability to initiate and manage new and existing relationships with dealers.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">From time to time, we or an individual dealer may choose to terminate the relationship, or the dealership could face financial difficulty leading to bankruptcy or other failure, or
                    difficulty in transitioning to new ownership, in each case leading to a temporary loss of distribution channels. In addition, our competitors could engage in a strategy to attempt to acquire or convert our dealers to carry their
                    products. We do not believe our business is dependent on any single dealer, the loss of which would have a sustained material adverse effect on our business.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">However, the disruption of dealer coverage within a specific local market could have an adverse impact on our business within the affected market. The loss or termination of a
                    significant number of dealers could cause difficulties in marketing and distributing our products and have an adverse effect on our business, operating results or financial condition. If a dealer in a strategic market experiences
                    financial difficulty, we may choose to provide financial support such as extending credit to a dealership, reducing the risk of disruption, but increasing our financial exposure.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Additionally, there is a competitive risk related to the distribution chain, as dealers operate independently and set their own pricing and conditions in the market. While we may seek
                    to mitigate that risk through direct sales, we have no control over dealer pricing strategies. This risk could impact the competitiveness of our products in specific dealer markets.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">We may be unsuccessful in implementing our growth strategy.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Our growth strategy includes expanding existing market share through product innovation, continued expansion into industrial and global markets and merger or acquisition related
                    activities. We believe that our future success depends in part on our research and development and engineering efforts, our ability to manufacture or source the products and customer acceptance of our products. As it relates to new
                    markets, our success also depends on our ability to create and implement local supply chain, sales, distribution and services strategies to reach these markets.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">The potential inability to successfully implement and manage our growth strategy could adversely affect our business and our results of operations. The successful implementation of our
                    growth strategy will depend, in part, on our ability to integrate operations with acquired companies.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">We also make investments in new business development initiatives which could have a relatively high failure rate. We limit our investments in these initiatives and establish governance
                    procedures to contain the associated risks, but losses could result and may be material. Our growth strategy also may involve acquisitions, joint venture alliances and additional arrangements of distribution. We may not be able to enter
                    into acquisitions or joint venture arrangements on acceptable terms, and we may not successfully integrate these activities into our operations. We also may not be successful in implementing new distribution channels, and changes could
                    create discord in our existing channels of distribution.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">When we introduce new products, we may incur expenses that we did not anticipate, such as recall expenses, resulting in reduced earnings.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">The introduction of new products is critical to our future success. We will have additional costs when we introduce new products, such as initial labor or purchasing inefficiencies and
                    costs to identify and comply with product regulations applicable to the new products. But we may also incur unexpected expenses. For example, we may experience unexpected engineering or design issues that will force a recall of a new
                    product, increase our warranty costs for the new product, or increase production costs of the product above levels needed to ensure profitability. In addition, we may make business decisions that include offering incentives to stimulate
                    the sales of products not adequately accepted by the market, or to stimulate sales of older or less marketable products. The costs resulting from these types of problems could be substantial and have a significant adverse effect on our
                    earnings.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">We may discover defects in our vehicles, potentially resulting in delaying new model launches, recall campaigns, increased warranty costs,
                    liability or other costs.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Meeting or exceeding many government-mandated safety standards is costly and often technologically challenging. Government safety standards require manufacturers to remedy defects
                    related to motor vehicle safety through safety recall campaigns, and a manufacturer is obligated to recall vehicles if we determine that they do not comply with relevant safety standards. Should we or government safety regulators
                    determine that a safety or other defect or noncompliance exists with respect to certain of our vehicles, there could be a delay in the launch of a new model, recalls of existing models or a significant increase in warranty claims, the
                    costs of which could be substantial. Any actual or perceived defect or other quality issue in our products could be costly to address and could also lead to potential liability or reputational damage. Additionally, the vehicles we
                    manufacture for sale are subject to strict contractually established specifications using complex manufacturing processes. If we fail to meet the contractual requirements for a vehicle or a part, we could be subject to warranty costs to
                    repair or replace the part itself and additional costs related to the investigation and inspection of non-complying parts. These potential warranty and repair and replacement costs are generally not covered by our insurance. We
                    establish warranty reserves that represent our estimate of expected costs for fulfilling our warranty obligations. We base our estimate for warranty reserves on our historical experience and other related assumptions. If actual results
                    materially differ from these estimates, our results of operations could be materially affected.</div>
                  <div style="text-align: justify; text-indent: 36pt;"> <br>
                  </div>
                  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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                    <div class="BRPFPageHeader" style="width: 100%;">
                      <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                      </div>
                    </div>
                  </div>
                  <div style="text-align: justify; text-indent: 36pt;">In addition, we may not be able to enforce warranties and extended warranties received or purchased from our suppliers if they refuse to honor such warranties or go out of business.
                    Also, a customer may choose to pursue remedies directly under our contract with us over enforcing such supplier warranties. In such a case, we may not be able to recover our losses from the supplier.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Increases in the cost of labor, deterioration in employee relations, union organizing activity and work stoppages at our facilities could have a
                    negative effect on our business.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">While we believe our employee relations are generally positive, it cannot be assured that our relations with our workforce will remain positive. A deterioration in these relations could
                    have an adverse effect on our business. In addition, we conduct a large portion of our business in highly competitive labor markets. If we are unable to recruit and retain a sufficient workforce, or if the costs of doing so increase,
                    our business could be materially adversely affected.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Union organizers may work to organize employees at some of our facilities. If union representation is implemented at such sites and we are unable to agree with the union on reasonable
                    employment terms, including wages, benefits, and work rules, we could experience a significant disruption of our operations and incur higher ongoing labor costs. Further, if a location does experience organizing activity, our management
                    and other personnel need to divert attention from operational and other business matters to devote substantial time to address such activity.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Our ability to execute our strategy is dependent upon our ability to attract, retain, and develop qualified personnel, including our ability to
                    execute proper succession plans for senior management and key employees.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Our continued success depends, in part, on our ability to identify, attract, motivate, train and retain qualified personnel in key functions and geographic areas, including the members
                    of our senior management team. In particular, we are dependent on our ability to identify, attract, motivate, train and retain qualified engineers and skilled labor with the requisite education, background and industry experience to
                    assist in the development, enhancement, introduction and manufacture of our products and technology solutions.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Failure to attract, train and retain qualified personnel, whether as a result of an insufficient number of qualified local residents or the allocation of inadequate resources to train,
                    integrate and retain, could impair our ability to execute our business strategy and could have an adverse effect on our business prospects. Our success also depends to a large extent upon our ability to attract and retain key executives
                    and other key employees, as well as the existence of a succession plan for these employees. These employees have extensive experience in our markets and are familiar with our business, systems and processes. The loss of the services of
                    one or more of these key employees could have an adverse effect, at least in the short to medium term, on significant aspects of our business, including the ability to manage our business effectively and the successful execution of our
                    strategies, if transitions according to our succession plans are not successful. If certain of these employees decide to leave, we could incur disruptions to the completion of certain initiatives and could incur significant costs in
                    hiring, training, developing and retaining their replacements if our succession plans are not adequate.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Risks associated with international sales and contracts could have a negative effect on our business.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">We face numerous risks associated with conducting international operations, any of which could negatively affect our financial performance, including changes in foreign country
                    regulatory requirements, the strength of the U.S. dollar and the Euro compared to other currencies, import/export restrictions, the imposition of tariffs and other trade barriers, disruptions in the shipping of exported products and
                    other logistical challenges. In addition, when we introduce an existing product into a new market, we generally will incur additional costs to adapt that product to local markets, and to identify and comply with product regulations
                    applicable to products in that jurisdiction.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Our EVs rely on software and hardware that is highly technical, and if these systems contain errors, bugs, vulnerabilities, or design defects, or
                    if we are unsuccessful in addressing or mitigating technical limitations in our systems, our EV business could be adversely affected.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Our EVs rely on software and hardware that is highly technical and complex and will require modification and updates over the life of our vehicles. Our software and hardware may contain
                    errors, bugs, vulnerabilities or design defects, and our systems are subject to certain technical limitations that may compromise our ability to meet our objectives. Some errors, bugs, vulnerabilities, or design defects inherently may
                    be difficult to detect and may only be discovered after the product has been released. Although we will attempt to remedy any issues we observe in our vehicles effectively and rapidly, such efforts may not be timely, may hamper
                    production or may not be to the satisfaction of our customers.</div>
                  <div style="text-align: justify; text-indent: 36pt;"> <br>
                  </div>
                  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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                    <div class="BRPFPageHeader" style="width: 100%;">
                      <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                      </div>
                    </div>
                  </div>
                  <div style="text-align: justify; text-indent: 36pt;">If we are unable to prevent or effectively remedy errors, bugs, vulnerabilities or defects in our software and hardware, or fail to deploy updates to our software properly, we would
                    suffer damage to our reputation, loss of customers, loss of revenue or liability for damages, any of which could adversely affect our business, prospects, financial condition, results of operations, and cash flows.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">There are complex software and technology systems that we must develop in coordination with vendors and suppliers to reach mass production for our
                    EVs, and there can be no assurance that we will successfully develop or integrate them.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Our EVs and EV operations use a substantial amount of complex third-party and in-house software and hardware. The development and integration of such advanced technologies are
                    inherently complex, and we will need to coordinate with our vendors and suppliers to reach mass production for our EVs. Defects and errors may be revealed over time and our control over the performance of third-party services and
                    systems may be limited. As a result, our potential inability to develop and integrate the necessary software and technology systems may adversely affect our EV business.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">We rely on third-party suppliers to develop a number of emerging technologies for use in our EVs, including battery technology and the use of different battery cell chemistries. Certain
                    of these technologies and chemistries are not currently commercially viable, and they may never be commercially viable. There can be no assurances that our suppliers will be able to meet the technological requirements, production
                    timing, and volume requirements to support our business plan. Competitors and their suppliers may develop cheaper or more efficient battery technology. Furthermore, if we experience delays from our third-party suppliers (including due
                    to their financial viability or technology), we could experience delays in delivering on our timelines. In addition, the technology may not comply with the cost, performance useful life, and warranty characteristics we anticipate in our
                    business plan. As a result, our business plan could be significantly impacted and we may incur significant liabilities under warranty claims which could materially and adversely affect our business, prospects, financial condition,
                    results of operations, and cash flows.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">General economic, market, and/or political conditions, whether on a global, national, or more regional scale, could have a negative effect on our
                    business.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Wars, acts of terrorism, armed conflicts, natural disasters (including those caused by climate change), budget shortfalls, cybersecurity incidents, civil unrest, governmental actions,
                    and epidemics have in the past and could in the future create significant uncertainties that may have material and adverse effects on consumer demand, shipping and transportation, the availability of manufacturing components, commodity
                    prices and our ability to engage in overseas markets as tariffs are implemented. An economic recession, whether resulting from one of these events or others, would have a material adverse impact on our financial condition and results of
                    operations.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">If there is a rise in the frequency and size of product liability, warranty and other claims against us, including wrongful death claims, our
                    business, results of operations and financial condition may be harmed.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">We are frequently subject, in the ordinary course of business, to litigation involving product liability and other claims, including wrongful death claims, related to personal injury
                    and warranties. We insure our product liability claims in the commercial insurance market. We cannot be certain that our insurance coverage will be sufficient to cover all future claims against us. Any increase in the frequency and size
                    of these claims, as compared to our experience in prior years, may cause our insurance premiums to rise significantly. It may also increase the amount we pay in punitive damages, which our insurance may not cover. In addition, a major
                    product recall or increased levels of warranty claims could have a material adverse effect on our results of operations.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Changes to laws and regulations governing our business could have a material impact on our operations.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Our manufactured products and the industries in which we operate are subject to extensive federal, state&#160; and local regulations in multiple jurisdictions. Changes to any of these
                    regulations or the implementation of new regulations could significantly increase the costs of manufacturing, purchasing, operating or selling our products, managing our data and systems, and could have a material adverse effect on our
                    results of operations. Our failure to comply with present or future regulations could result in fines, potential civil and criminal liability, suspension of sales or production, or cessation of operations.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Failure to comply with, and liabilities arising under, environmental and motor vehicle laws and regulations could have a material impact on our
                    operations.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Our operations are subject to a variety of federal, state, local and international environmental regulations in the jurisdictions in which we operate relating to, among other matters,
                    noise pollution and the use, generation, storage, treatment, emission and disposal of hazardous materials and wastes, some of which impose joint and several liability, regardless of fault. Our failure to comply with present or future
                    regulations could result in fines, potential civil and criminal liability, suspension of production or operations, alterations to the manufacturing process, costly cleanup or capital expenditures. Climate change regulations at the
                    federal, state or local level in the jurisdictions in which we operate could require us to change our manufacturing processes or product portfolio or undertake other activities that may require us to incur additional expenses, which may
                    be material.</div>
                  <div style="text-align: justify; text-indent: 36pt;"> <br>
                  </div>
                  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 37 of 53</font></div>
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                      <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                      </div>
                    </div>
                  </div>
                  <div style="text-align: justify; text-indent: 36pt;">Our vehicles are subject to motor vehicle safety standards, and the failure to satisfy such mandated safety standards could have a material adverse effect on our business, financial
                    condition, results of operations, and cash flows.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">All vehicles sold must comply with applicable international, federal, state and local motor vehicle safety standards. In the United States, vehicles that meet or exceed all federally
                    mandated safety standards are self-certified by the manufacturer under the federal regulations. Rigorous testing and the use of approved materials and equipment are among the requirements for achieving federal certification.
                    Jurisdictions outside the United States require us to meet &#8220;Type Approval&#8221; requirements by proving to regulators that our vehicles meet those relevant safety standards in effect in those countries. Our failure to maintain compliance of
                    our current vehicles or obtain certification of compliance for any future vehicle, including future EV models, with motor vehicle safety standards in the United States, Europe, Canada or other jurisdictions could have a material adverse
                    effect on our business, prospects, financial condition, results of operations, and cash flows.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Our operating results may fluctuate significantly on a quarter-to-quarter basis.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Our quarterly operating results depend on a variety of factors including the timing and volume of orders, the completion of product inspections and acceptance by our customers, and
                    various restructuring initiatives that may be undertaken from time to time. Accordingly, our financial results may be subject to significant and/or unanticipated quarter-to-quarter fluctuations.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Our businesses are cyclical, and this can lead to fluctuations in our operating results.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">The industries in which we operate are highly cyclical and there can be substantial fluctuations in our manufacturing, shipments and operating results, and the results for any prior
                    period may not be indicative of results for any future period. Companies within these industries are subject to volatility in operating results due to external factors such as economic, demographic and political changes. Factors
                    affecting the manufacture of chassis, specialty vehicles and other products include but are not limited to:</div>
                  <div style="text-align: justify; text-indent: 36pt;"> <br>
                  </div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="za2e4e3f611d74239982059e513bc4552">

                        <tr>
                          <td style="width: 36pt;">&#160;</td>
                          <td style="width: 18pt; vertical-align: top; text-align: right;">
                            <div style="text-align: left;">&#8226;</div>
                          </td>
                          <td style="vertical-align: top;">
                            <div>Commodity prices;</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="za4c0fc21f7c149cd983d7d7532cfe6e2">

                        <tr>
                          <td style="width: 36pt;">&#160;</td>
                          <td style="width: 18pt; vertical-align: top; text-align: right;">
                            <div style="text-align: left;">&#8226;</div>
                          </td>
                          <td style="vertical-align: top;">
                            <div>Fuel availability and prices;</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="zf5c57c05f922478c9a1512ef95bc8882">

                        <tr>
                          <td style="width: 36pt;">&#160;</td>
                          <td style="width: 18pt; vertical-align: top; text-align: right;">
                            <div style="text-align: left;">&#8226;</div>
                          </td>
                          <td style="vertical-align: top;">
                            <div>Unemployment trends;</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="zf8f98c3630c047f5a4ac99246d17d530">

                        <tr>
                          <td style="width: 36pt;">&#160;</td>
                          <td style="width: 18pt; vertical-align: top; text-align: right;">
                            <div style="text-align: left;">&#8226;</div>
                          </td>
                          <td style="vertical-align: top;">
                            <div>International tensions and hostilities;</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z4727258e4d6f4ce1af9bc83c96371e22">

                        <tr>
                          <td style="width: 36pt;">&#160;</td>
                          <td style="width: 18pt; vertical-align: top; text-align: right;">
                            <div style="text-align: left;">&#8226;</div>
                          </td>
                          <td style="vertical-align: top;">
                            <div>General economic conditions;</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z03f2950425764b0fa8ef88243efffeba">

                        <tr>
                          <td style="width: 36pt;">&#160;</td>
                          <td style="width: 18pt; vertical-align: top; text-align: right;">
                            <div style="text-align: left;">&#8226;</div>
                          </td>
                          <td style="vertical-align: top;">
                            <div>Various tax incentives;</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z1f0da758d61747a98595f3c6be55db44">

                        <tr>
                          <td style="width: 36pt;">&#160;</td>
                          <td style="width: 18pt; vertical-align: top; text-align: right;">
                            <div style="text-align: left;">&#8226;</div>
                          </td>
                          <td style="vertical-align: top;">
                            <div>Strength of the U.S. dollar and Euro compared to other currencies;</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="zb819d2ba5d184c118e862795e0e617a1">

                        <tr>
                          <td style="width: 36pt;">&#160;</td>
                          <td style="width: 18pt; vertical-align: top; text-align: right;">
                            <div style="text-align: left;">&#8226;</div>
                          </td>
                          <td style="vertical-align: top;">
                            <div>Overall consumer confidence and the level of discretionary consumer spending;</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z5c1c7743508c402e8819d9fad793bf8a">

                        <tr>
                          <td style="width: 36pt;">&#160;</td>
                          <td style="width: 18pt; vertical-align: top; text-align: right;">
                            <div style="text-align: left;">&#8226;</div>
                          </td>
                          <td style="vertical-align: top;">
                            <div>Dealers&#8217; and manufacturers&#8217; inventory levels; and</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="zb73d3c73351240f4a6f3c2a65ae83b78">

                        <tr>
                          <td style="width: 36pt;">&#160;</td>
                          <td style="width: 18pt; vertical-align: top; text-align: right;">
                            <div style="text-align: left;">&#8226;</div>
                          </td>
                          <td style="vertical-align: top;">
                            <div>Interest rates and the availability of financing.</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Economic, legal and other factors could impact our customers&#8217; ability to pay accounts receivable balances due from them.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">In the ordinary course of business, customers are granted terms related to the sale of goods and services delivered to them. These terms typically include a period between when the
                    goods and services are tendered for delivery to the customer and when the customer must pay for these goods and services. The amounts due under these payment terms are listed as accounts receivable on our balance sheet. Prior to our
                    collecting these accounts receivable, our customers could encounter drops in sales, unexpected increases in expenses, or other factors which could impact their ability to continue as a going concern, and which could affect the
                    collectability of these amounts. Writing off uncollectible accounts receivable could have a material adverse effect on our earnings and cash flow as we have major customers with material accounts receivable balances at any given time.</div>
                  <div style="text-align: justify; text-indent: 36pt;"> <br>
                  </div>
                  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 38 of 53</font></div>
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                    <div class="BRPFPageHeader" style="width: 100%;">
                      <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                      </div>
                    </div>
                  </div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Our business operations could be disrupted if our information technology systems fail to perform adequately or experience a cybersecurity
                    incident.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">We rely on our information technology systems to effectively manage our business data, communications, supply chain, product engineering, manufacturing, accounting and other business
                    processes. If these systems are damaged, cease to function properly or are subject to a cybersecurity breach such as ransomware, phishing, infection with viruses or intentional attacks aimed at theft or destruction of sensitive data, we
                    may suffer an interruption in our ability to manage and operate the business, and our results of operations and financial condition may be adversely affected.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Like most corporations, our information systems are a target of attacks. In addition, third-party providers of data hosting or cloud services, as well as our suppliers, may experience
                    cybersecurity incidents that may involve data we share with them. There can be no assurance that cybersecurity incidents, whether with respect to us or such third-party providers, will not have a material adverse effect on us in the
                    future. To mitigate risks to our information systems, we continue to make investments in personnel, technologies and training of personnel.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Fuel shortages, or higher prices for fuel, could have a negative effect on sales.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Gasoline or diesel fuel is required for the operation of the specialty vehicles we manufacture. There can be no assurance that the supply of these petroleum products will continue
                    uninterrupted, that rationing will not be imposed or that the price of, or tax on, these petroleum products will not significantly increase in the future. Increases in gasoline and diesel prices and speculation about potential fuel
                    shortages may have had an unfavorable effect on consumer demand for certain we products. This, in turn, may have a material adverse effect on our sales volume. Increases in the price of oil also can result in significant increases in
                    the price of many of the components in our products, which may have an adverse impact on margins or sales volumes.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">We could incur asset impairment charges for goodwill, intangible assets or other long-lived assets.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">We have a significant amount of goodwill, intangible assets and other long-lived assets. At least annually, we review goodwill and non-amortizing intangible assets for impairment. We
                    will also review for impairment identifiable intangible assets, goodwill and other long-lived assets whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable from future cash flows. If
                    the operating performance at one or more of our reporting units fails to meet future forecasts, or if future cash flow estimates decline, we could be required, under current U.S. accounting rules, to record impairment charges for our
                    goodwill, intangible assets or other long-lived assets. Any write-off of a material portion of such assets could negatively affect our results of operations or financial position.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">We may be unable to adequately protect our intellectual property.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">While we believe that our patents, trademarks, know-how and other intellectual property have significant value, it is uncertain that this intellectual property or any intellectual
                    property acquired or developed by us in the future will provide a meaningful competitive advantage. Our patents or pending patent applications may be challenged, invalidated or circumvented by competitors or rights granted thereunder
                    may not provide meaningful proprietary protection. Moreover, competitors may infringe on our patents or successfully avoid them through design innovation. Policing unauthorized use of our intellectual property is difficult and
                    expensive, and we may not be able to, or have the resources to, prevent misappropriation of our proprietary rights, particularly in countries where the laws may not protect such rights as fully as in the U.S. The cost of protecting our
                    intellectual property may be significant and have a material adverse effect on our financial condition and future results of operations. In addition, because we operate in many countries throughout the world, our intellectual property
                    may be subject to additional risks of infringement, sometimes in jurisdictions with weaker protections of intellectual property rights, and we must take steps to protect our intellectual property rights under the laws of multiple
                    jurisdictions. This risk increases when the intellectual property rights relate to new technologies.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Emerging issues related to the development and use of artificial intelligence (&#8220;<font style="text-decoration: underline;">AI</font>&#8221;) could give
                    rise to legal or regulatory action, damage our reputation or otherwise materially harm our business.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Our development and use of AI technology in our products and operations remains in the early phases. While we aim to develop and use AI responsibly and attempt to mitigate ethical and
                    legal issues presented by our use, we may ultimately be unsuccessful in identifying or resolving issues before they arise. AI technologies are complex and rapidly evolving and the technologies that we develop or use may ultimately be
                    flawed. Moreover, AI technology is subject to rapidly evolving domestic and international laws and regulations, which could impose significant costs and obligations on the company. For example, the European Union&#8217;s Artificial
                    Intelligence Act, which establishes broad obligations for the development and use of AI-based technologies made available in the European Union based on their potential risks and level of impact, came into force on August 1, 2024.
                    Emerging regulations may pertain to data privacy, data protection, and the ethical use of AI, as well as clarifying intellectual property considerations. Our use of AI could give rise to legal or regulatory action, increased scrutiny or
                    liability, damage our reputation or otherwise materially harm our business.</div>
                  <div style="text-align: justify; text-indent: 36pt;"> <br>
                  </div>
                  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 39 of 53</font></div>
                    <div class="BRPFPageBreak" style="page-break-after: always;">
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                    <div class="BRPFPageHeader" style="width: 100%;">
                      <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                      </div>
                    </div>
                  </div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">We are subject to litigation in the ordinary course of business, and uninsured judgments, settlements or other costs, or a rise in insurance
                    premiums may adversely impact our results of operations.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">In the ordinary course of business, we are subject to various claims and litigation. Any such claims, whether with or without merit, could be time-consuming and expensive to defend,
                    could divert management&#8217;s attention and resources, could result in reputational damage to us, could result in significant damages or other costs, and could otherwise have a material adverse effect on our business, financial condition
                    and results of operations.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Some of our businesses have in the past and may in the future face claims and litigation regarding accidents involving their products, including accidents involving injuries and deaths,
                    and the increasing amount of our vehicles on the road may increase our exposure to such matters. In accordance with customary practice, we maintain insurance against some, but not all, of these potential claims. We may elect not to
                    obtain insurance if we believe that the cost of available insurance is excessive relative to the risks presented. The levels of insurance we maintain may not be adequate to fully cover any and all losses or liabilities. Further, we may
                    not be able to maintain insurance at commercially acceptable premium levels or at all.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">If any significant accident, judgment, claim or other event is not fully insured or indemnified against, then in either case that could have a material adverse impact on our business,
                    financial condition and results of operations. We cannot assure that the outcome of all current or future litigation will not have a material adverse impact on our business or results of operations.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Fluctuations in foreign currency exchange rates have adversely affected and could continue to adversely affect our operating results.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Because the functional currency of most of our foreign operations is the applicable local currency, but our financial reporting currency is the U.S. dollar, we are required to translate
                    the assets, liabilities, expenses, and revenues of our non-U.S. operations into U.S. dollars at the applicable exchange rate in preparing our financial statements. Accordingly, we face foreign currency exchange rate risk arising from
                    transactions in the normal course of business, such as sales and loans to wholly owned subsidiaries, sales to third-party customers, purchases from suppliers, and bank lines of credit with creditors denominated in foreign currencies.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Foreign currency exchange rates have affected our net sales, net earnings, and operating results in the past and could affect them in the future, in some cases materially. Currency
                    exchange rate fluctuations may also affect the comparative prices between products we sell and products our non-U.S. competitors sell in the same market, which may decrease demand for our products. Substantial exchange rate fluctuations
                    caused by the strengthening of the U.S. dollar or otherwise, may have an adverse effect on our operating results, financial condition, and cash flows, as well as the comparability of our financial statements between reporting periods.
                    While we actively manage our foreign currency market risk in the normal course of business by entering into various derivative instruments to hedge against such risk, these derivative instruments involve risks and may not effectively
                    limit our underlying exposure to foreign currency exchange rate fluctuations or minimize our net earnings and cash volatility associated with foreign currency exchange rate changes. Further, the failure of one or more counterparties to
                    our foreign currency exchange rate contracts to fulfill their obligations to us could adversely affect our operating results.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Weather conditions, including conditions exacerbated by global climate change, present chronic and acute physical risks, and have previously
                    impacted, and may continue to impact, demand for some of our products and/or cause disruptions in our operations.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Weather conditions in particular geographic regions have adversely affected, and in the future will likely adversely affect the sales, demand, and field inventory levels and seasonality
                    trends of some of our products. Weather conditions also have disrupted our own manufacturing and distribution facilities and our supply chain, which has impacted our ability to manufacture products to fulfill customer demand, and such
                    disruptions may occur in the future. For example, drought or unusually wet conditions have had, and may continue to have, an adverse effect on sales of certain mowing equipment products. Lower snowfall accumulations in key markets have
                    had, and may continue to have, an adverse effect on sales of our snow and ice removal business. Similarly, adverse weather conditions in one season may negatively impact customer purchasing patterns and net sales for some of our
                    products in another season. For example, lower snowfall accumulations may result in lower winter season revenues for landscape contractor professionals, causing such customers to forego or postpone spring purchases of our mowing
                    equipment products.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Our business is subject to risks arising from our indebtedness, contingent obligations, liquidity and financial position.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Our business has meaningful working capital requirements and a decline in operating results or access to financing may have an adverse impact on our liquidity position. As of March 31,
                    2025, under the Existing Credit Facilities Agreement, we had drawn $353.4 million. In addition, we entered into the new $600 million New Credit Facilities Agreement, which we will use for the refinancing of existing interest-bearing
                    financial indebtedness of Aebi Schmidt and Shyft (and their subsidiaries), to pay costs and expenses incurred in connection with the Refinancing and the Transactions, and for general corporate and working capital purposes. The
                    obligations of the lenders to consummate the Debt Financing under the New Credit Facilities Agreement are subject to certain closing conditions, including the consummation of the Merger. The Combined Company&#8217;s ability to make required
                    payments of principal and interest on our debt will depend on our future performance, which, to a certain extent, is subject to general economic, financial, competitive, political and other factors, some of which are beyond our control.
                    Accordingly, conditions could arise that could limit the Combined Company&#8217;s ability to generate sufficient cash flows or to access borrowings to enable us to fund our liquidity needs, which could further limit our financial flexibility
                    or impair our ability to obtain alternative financing sufficient to repay our debt at maturity.</div>
                  <div style="text-align: justify; text-indent: 36pt;"> <br>
                  </div>
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                      </div>
                    </div>
                  </div>
                  <div style="text-align: justify; text-indent: 36pt;">We believe that our cash on hand, together with funds generated by our operations and borrowings under the Existing Credit Facilities Agreement or, after Closing, the New Credit
                    Facility Agreement will provide the Combined Company with sufficient liquidity and capital resources to meet our working capital, capital expenditures and other operating needs for the foreseeable future. This belief is based on
                    significant assumptions including, among other things, assumptions relating to future sales volumes, the successful implementation of the Combined Company&#8217;s business strategies, the continuing availability of trade credit from certain
                    key suppliers and that there will be no material adverse developments in our competitive market position, business, liquidity or capital requirements. Any failure to achieve earnings expectations may have an adverse impact on the
                    Combined Company&#8217;s available liquidity. As a result, we cannot provide assurance that Aebi Schmidt or the Combined Company will continue to have sufficient liquidity to meet our operating needs. In the event that the Combined Company
                    does not have sufficient liquidity, we may be required to seek additional capital, reduce or cut back our operating activities, capital expenditures or otherwise alter our business strategy. If the Combined Company obtains additional
                    capital by issuing equity, the interests of our existing stockholders will be diluted. If the Combined Company incurs additional debt, the agreements governing that debt may contain significant financial and other covenants that may
                    materially restrict our operations. We cannot assure you that the Combined Company could obtain refinancing or additional financing on favorable terms or at all.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">We have meaningful contingent obligations, which could negatively impact our results of operations.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">We have meaningful contingent liabilities with respect to certain items that, if realized, could have a material adverse effect on our business, financial condition and operating
                    results. In particular, we obtain certain vehicle chassis from automobile manufacturers under converter pool agreements. Chassis typically are converted and delivered to customers within 90 to 120 days of receipt. If the chassis are not
                    converted within this timeframe of delivery, in certain cases we are obliged to purchase the chassis and record it as inventory or is obligated to begin paying an interest charge on this inventory until purchased. We also obtain vehicle
                    chassis directly from our customers in connection with specific vehicle orders. These vehicle chassis are stored at our various production facilities until the related value-added work is completed and the finished unit is shipped back
                    to the customer. The customer does not transfer the vehicle chassis certificate of origin to us. If damage or theft were to occur to these chassis, we would be responsible for related costs incurred to repair or replace the
                    customer-provided chassis. Further, in connection with dealers&#8217; wholesale floor-plan vehicle financing programs, we enter into repurchase agreements with certain lending institutions, customary in the industries in which we operate,
                    which may require us to repurchase previously sold vehicles. Although our exposure under these agreements is limited by the expected resale value of the inventory we may repurchase, we may receive less than anticipated on such resales
                    and could collect payment on such resales later than originally expected. Additionally, we are party to multiple agreements whereby we guarantee indebtedness of others, including losses under pool agreements. Also, we are contingently
                    liable under bid, performance and specialty bonds issued by our surety companies and has open standby letters of credit issued by our banks in favor of third parties. While we do not expect to experience material losses under these
                    agreements, we cannot provide any assurance that these contingent liabilities will not be realized.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Expectations relating to environmental, social and governance (&#8220;ESG&#8221;) considerations expose us to potential liabilities, increased costs,
                    reputational harm and other adverse effects on our business.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Various regulatory authorities have imposed, and may continue to impose, mandatory substantive or disclosure requirements with respect to ESG and sustainability matters. These
                    requirements are not uniform across jurisdictions and may conflict with legal requirements, particularly in certain U.S. states that seek to discourage or penalize consideration of ESG factors in business operations, which may result in
                    increased complexity, and cost for compliance, as well as could lead to increased litigation risks related to disclosures made pursuant to these regulations and legal requirements, any of which could adversely affect our financial
                    performance. Additionally, we make statements about our ESG goals and initiatives through information provided on our website, press statements and other communications, and in the future expect to report on ESG matters in line with
                    mandatorily applicable reporting rules under Swiss law. Any failure, or perceived failure, by us to achieve our goals, further our initiatives, adhere to our public statements, comply with federal, state or international ESG laws and
                    regulations, or meet evolving and varied stakeholder expectations and standards could result in legal and regulatory proceedings against us and materially adversely affect our business, reputation, results of operations, financial
                    condition and stock price.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; font-weight: bold;">Risks Relating to Tax Matters</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Our management views the following Risk Factors as the primary tax-related risks with respect to Aebi Schmidt and Aebi Schmidt Common Stock (our &#8220;<font style="text-decoration: underline;">Common Stock</font>&#8221;). However, you should read the discussion under the sections of the Proxy Statement/Prospectus entitled &#8220;<font style="font-style: italic;">Material U.S. Federal Income Tax Considerations for U.S.
                      Holders</font>&#8221; and &#8220;<font style="font-style: italic;">Material Swiss Tax Consequences of the Ownership of Combined Company Shares</font>&#8221; for a more complete discussion of U.S. federal and Swiss income tax considerations relating to
                    the Transactions and/or the ownership and disposition of the our Common Stock.</div>
                  <div style="text-align: justify; text-indent: 36pt;"> <br>
                  </div>
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                      </div>
                    </div>
                  </div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">The IRS may assert that Aebi Schmidt is a &#8220;domestic corporation&#8221; or a &#8220;surrogate foreign corporation&#8221; for U.S. federal income tax purposes as a
                    result of the Transactions.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Under current U.S. federal income tax law, a corporation is generally considered for U.S. federal income tax purposes to be a tax resident in the jurisdiction of our organization or
                    incorporation. Accordingly, under generally applicable U.S. federal income tax rules, Aebi Schmidt, which is incorporated under the laws of Switzerland and is a Swiss tax resident, would be classified as a non-U.S. corporation (and,
                    therefore, not a U.S. tax resident) for U.S. federal income tax purposes. Section 7874 of the Code, however, contains rules that may cause a non-U.S. corporation to, in certain circumstances, be treated as a domestic corporation for
                    U.S. federal income tax purposes. If we were treated as a domestic corporation for U.S. federal income tax purposes, we could be subject to substantial U.S. tax liability, in addition to tax liability in our country of residence, and
                    the gross amount of any dividend payments to our non-U.S. holders could be subject to U.S. withholding tax. In addition, even if a non-U.S. corporation is not treated as a domestic corporation for U.S. federal income tax purposes, the
                    non-U.S. corporation may be treated as a &#8220;surrogate foreign corporation&#8221; under Section 7874 of the Code, in which case the non-U.S. corporation would be subject to certain adverse U.S. federal income tax rules, including the
                    ineligibility of dividends paid by the non-U.S. corporation for the reduced rates of tax that apply to qualified dividends.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">We believe that the Merger should not result in Aebi Schmidt being treated as a &#8220;surrogate foreign corporation&#8221; within the meaning of Section 7874(a)(2)(B) of the Code or a &#8220;domestic
                    corporation&#8221; pursuant to Section 7874(b) of the Code. However, the application of the rules under Section 7874 of the Code is complex and subject to uncertainty, and there is limited guidance regarding their application. Moreover, the
                    application of Section 7874 of the Code to the facts and circumstances of the Transactions is uncertain.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Please see the section of the Proxy Statement/Prospectus entitled &#8220;<font style="font-style: italic;">Material U.S. Federal Income Tax Considerations for U.S. Holders&#8212;Application of
                      Section 7874 of the Code</font>&#8221; for a more detailed discussion with respect to Section 7874 of the Code.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">If Aebi Schmidt is a passive foreign investment company, U.S. holders of shares of our Common Stock could be subject to adverse U.S. federal
                    income tax consequences.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Aebi Schmidt, as a non-U.S. corporation, will be classified as a passive foreign investment company (&#8220;<font style="text-decoration: underline;">PFIC</font>&#8221;) for any taxable year if
                    either (1) at least 75% of our gross income for such year consists of certain types of &#8220;passive&#8221; income, or (2) at least 50% of the value of our assets (generally determined on the basis of a quarterly average) during such year is
                    attributable to assets that produce passive income or are held for the production of passive income. Under certain &#8220;look-through&#8221; rules, a non-U.S. corporation is treated for purposes of determining whether Aebi Schmidt is a PFIC as
                    owning a proportionate share of the assets, and receiving a proportionate share of the gross income, of subsidiaries in which we directly or indirectly owns a 25% or greater interest. Based on the current composition of our income,
                    assets and operations, and, the expected composition of our income, assets and operations after the Merger, we believe (i) that Aebi Schmidt was not a PFIC for our taxable year prior to the Closing, and (ii) that Aebi Schmidt will not
                    be a PFIC for our taxable year that includes the Closing or the foreseeable future. Because determining PFIC status is a fact-intensive exercise made on an annual basis and depends on the composition of a non-U.S. corporation&#8217;s assets
                    and income during each year, no assurance can be given that we are not, and we will not be, classified as a PFIC. If we were a PFIC for any taxable year, or portion thereof, that is included in the holding period of a U.S. holder of our
                    Common Stock, such U.S. holder could be subject to certain adverse U.S. federal income tax consequences and could be subject to additional reporting requirements. There can be no assurance that we will not be a PFIC for U.S. federal
                    income tax purposes for the taxable year that includes the Closing or for future taxable years.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Please see the section of the Proxy Statement/Prospectus entitled &#8220;<font style="font-style: italic;">Material U.S. Federal Income Tax Considerations for U.S. Holders&#8212;U.S. Federal Income
                      Tax Consequences for U.S. Holders of Aebi Schmidt Common Stock&#8212;Passive Foreign Investment Company Considerations</font>&#8221; for a more detailed discussion with respect to our potential PFIC status and certain tax implications thereof.
                    U.S. holders are urged to consult their tax advisors regarding the possible application of the PFIC rules to holders of our Common Stock.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">If a U.S. investor is treated for U.S. federal income tax purposes as owning directly or indirectly at least 10% of our Common Stock, such U.S.
                    investor may be subject to adverse U.S. federal income tax consequences.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">For U.S. federal income tax purposes, if a U.S. investor is treated for U.S. federal income tax purposes as owning (directly, indirectly or constructively) at least 10% of the value or
                    voting power of our Common Stock, such U.S. investor may be treated as a &#8220;United States shareholder&#8221; with respect to Aebi Schmidt, or any of our non-U.S. subsidiaries, which could result in adverse U.S. federal income tax consequences
                    to such U.S. investor if Aebi Schmidt or such subsidiary is a &#8220;controlled foreign corporation.&#8221; A non-U.S. corporation is considered a controlled foreign corporation if more than 50% of (1) the total combined voting power of all classes
                    of stock of such corporation entitled to vote, or (2) the total value of the stock of such corporation is owned or is considered as owned by applying certain constructive ownership rules, by U.S. shareholders on any day during the
                    taxable year of such non-U.S. corporation. As we will have U.S. subsidiaries following the Transactions, certain of our non-U.S. subsidiaries could be treated as controlled foreign corporations under certain attribution rules regardless
                    of whether we are treated as a controlled foreign corporation.</div>
                  <div style="text-align: justify; text-indent: 36pt;"> <br>
                  </div>
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                      </div>
                    </div>
                  </div>
                  <div style="text-align: justify; text-indent: 36pt;">Under these rules, certain U.S. shareholders (that directly or indirectly own at least 10% of the value or voting power of our Common Stock) may be required to report annually and
                    include in their U.S. federal taxable income their pro rata share of our non-U.S. subsidiaries&#8217; &#8220;Subpart F income&#8221; and, in computing their &#8220;global intangible low-taxed income,&#8221; &#8220;tested income&#8221; and a pro rata share of the amount of
                    certain U.S. property held by the subsidiaries regardless of whether such subsidiaries make any distributions. Failure to comply with these reporting obligations (or related tax payment obligations) may subject such U.S. shareholder to
                    significant monetary penalties and may extend the statute of limitations with respect to such U.S. shareholder&#8217;s U.S. federal income tax return for the year for which reporting (or payment of tax) was due. We do not intend to assist
                    U.S. investors in determining whether we or any of our non-U.S. subsidiaries are treated as a controlled foreign corporation for U.S. federal income tax purposes or whether any U.S. investor is treated as a U.S. shareholder with respect
                    to any of such controlled foreign corporations or furnish to any investor information that may be necessary to comply with reporting and tax paying obligations if we, or any of our non-U.S. subsidiaries, is treated as a controlled
                    foreign corporation for U.S. federal income tax purposes. U.S. investors who directly or indirectly own 10% or more of the combined voting power or value of our Common Stock are strongly encouraged to consult their own tax advisors
                    regarding the U.S. tax consequences of owning or disposing of our Common Stock.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Future changes to tax laws could adversely affect our effective tax rate, potential tax liability, operations or financial performance.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Any change in tax law, interpretation or practice, or in the terms of tax treaties, in a jurisdiction where we and our subsidiaries are subject to tax could increase the amount of tax
                    payable by us and our subsidiaries, either in respect of the Transactions or in respect of the operations of Aebi Schmidt and its subsidiaries. These changes could negatively affect our operations or financial performance.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Aebi Schmidt has operations in various countries that have differing tax laws and is subject to audit by domestic and foreign authorities. The effective tax rate of Aebi Schmidt and our
                    subsidiaries may change from year to year based on changes in the mix of activities and income earned among the different jurisdictions in which Aebi Schmidt and our subsidiaries (including Shyft after the Merger), will operate; changes
                    in tax laws in these jurisdictions; changes in the tax treaties between various countries in which they will operate; changes in eligibility for benefits under those tax treaties; and changes in the estimated values of deferred tax
                    assets and liabilities. Tax laws, regulations and administrative practices in various jurisdictions may be subject to significant change, with or without notice, due to economic, political and other conditions, and significant judgment
                    is required in evaluating and estimating the provision and accruals for these taxes. Such changes could result in a substantial increase in the effective tax rate on all or a portion of the income of us and our subsidiaries.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Dividends on shares of the capital stock of the Combined Company may subject U.S. shareholders to Swiss withholding tax.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Dividends paid on shares of the capital stock of the Combined Company generally will be subject to Swiss withholding tax at a rate of 35% on any amount that cannot be allocated to share
                    capital as reported on the annual standalone financial statements prepared pursuant to Swiss law (i.e., would constitute a reduction of share capital) or capital contribution reserves as reported on the Combined Company&#8217;s annual
                    standalone financial statements prepared pursuant to Swiss law and recognized as such by the Swiss Federal Tax Administration. We expect that the Combined Company will be able to create through the Merger additional capital contribution
                    reserves in the amount of the fair market value of Shyft. There can be no assurance that Combined Company&#8217;s shareholders will approve dividends out of capital contribution reserves. It is also possible that Swiss withholding tax rules
                    will be changed in the future or that a change in Swiss law will adversely affect the Combined Company or our shareholders, in particular as a result of distributions out of capital contribution reserves becoming subject to additional
                    corporate law or other restrictions. If the Combined Company is unable to allocate any portion of a dividend to share capital or capital contribution reserves, we will not be able to make distributions without subjecting our
                    shareholders to Swiss withholding tax. For additional information, including regarding potential recovery routes, please see the section of the Proxy Statement/Prospectus entitled &#8220;<font style="font-style: italic;">Material Swiss Tax
                      Consequences of the Ownership of Combined Company Shares&#8212;Swiss Withholding Tax.&#8221;</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Repurchases of shares of the capital stock of the Combined Company could be subject to Swiss tax, and it may not be possible to manage such share
                    repurchases efficiently at a sufficiently large scale.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">The repurchase of shares of the capital stock of the Combined Company for cancellation will be treated as a partial liquidation, and the proceeds from any repurchase of shares of the
                    capital stock of the Combined Company will generally be subject to Swiss withholding tax at a rate of 35% on any amount that cannot be allocated to share capital (as reported on the Combined Company&#8217;s annual standalone financial
                    statements prepared pursuant to Swiss law) or capital contribution reserves (as reported on the Combined Company&#8217;s annual standalone financial statements prepared pursuant to Swiss law and recognized as such by the Swiss Federal Tax
                    Administration). It is expected that the Combined Company will be able to create through the Merger additional capital contribution reserves in the amount of the fair market value of Shyft. While the repurchase of shares of the capital
                    stock of the Combined Company for purposes other than for cancellation (such as to retain the repurchased shares of the capital stock of the Combined Company as treasury shares for use in connection with acquisitions, equity incentive
                    plans, convertible debt or other instruments) would generally not be subject to Swiss withholding tax, the repurchase of shares of the capital stock of the Combined Company for purposes other than cancellation would also be treated as a
                    partial liquidation if the Combined Company repurchases shares of the capital stock of the Combined Company in excess of certain thresholds or if it fails to sell or reissue such shares of the capital stock of the Combined Company
                    within the applicable time period after the repurchase.</div>
                  <div style="text-align: justify; text-indent: 36pt;"> <br>
                  </div>
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                      </div>
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                  </div>
                  <div style="text-align: justify; text-indent: 36pt;">In most instances, Swiss companies with shares listed on a Swiss trading venue will repurchase shares for cancellation through a second trading line on such Swiss trading venue. On the
                    second trading line, the Swiss withholding tax of 35% is deducted from the portion of the purchase price that is subject to Swiss withholding tax as required by Swiss tax laws, and certain shareholders may subsequently apply for a full
                    or partial refund of this Swiss withholding tax. Should the Combined Company not deduct the Swiss withholding tax upon repurchase (for example, in the case of a repurchase on an ordinary trading line), the Combined Company would have to
                    pay the grossed-up Swiss withholding tax (53.8%) upon cancellation of the repurchased shares of the capital stock of the Combined Company, in case of the repurchase of the shares of the capital stock of the Combined Company in excess of
                    certain thresholds or failure to sell or reissue such shares of the capital stock of the Combined Company within the applicable time period after the repurchase.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">The Combined Company is not expected to be able to use the customary second trading line process available on Swiss trading venues to repurchase shares of capital stock of the Combined
                    Company because the Combined Company is not expected to list the shares of the capital stock of the Combined Company on any Swiss trading venues. Moreover, opening a Proxy Statement second trading line that would allow the Combined
                    Company to deduct the Swiss withholding tax of 35% from the purchase price is not possible on the Nasdaq. While it is possible that companies whose shares are not listed on the SIX are allowed in the future to have second trading lines
                    on the SIX, there is expected to be significant practical hurdles for the Combined Company to efficiently manage repurchases on such second trading lines in a sufficiently large scale given the materially different trading hours of the
                    SIX and Nasdaq, among other things. While in certain cases the Combined Company may be able to conduct repurchases through arrangements with certain financial institutions (referred to as &#8220;virtual second trading lines&#8221;), such
                    arrangements may be less efficient than a customary second trading line and, in any case, will be subject to confirmation in a tax ruling with the competent Swiss tax authorities. The Combined Company may not be able to receive such a
                    Swiss tax ruling and there is no certainty that in the future a second trading line for Swiss companies with shares listed on a foreign stock exchange will be available, or that such second trading line would allow the Combined Company
                    to efficiently manage repurchases in a sufficiently large scale, thus limiting the Combined Company&#8217;s ability to conduct share repurchases.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; font-weight: bold;">Risks Relating to the Merger</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Our management views the following Risk Factors as the primary risks for Aebi Schmidt relating to the Merger; however, you should read the discussion under the sections of the Proxy
                    Statement/Prospectus entitled &#8220;<font style="font-style: italic;">Risk Factors&#8212;Risks Relating to the Merger,</font>&#8221; which have been incorporated herein by reference.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">The future results of the Combined Company may be adversely impacted if the Combined Company does not effectively manage our expanded operations
                    following completion of the Merger.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Following completion of the Merger, the size of the Combined Company&#8217;s business will be significantly larger than the current size of either Shyft&#8217;s or our respective businesses. The
                    Combined Company&#8217;s ability to successfully manage this expanded business will depend, in part, upon management&#8217;s ability to implement an effective integration of the two companies and our ability to manage the increased costs and
                    complexities associated with a combined business that is significantly larger in size and scope. There can be no assurances that the management of the Combined Company will be successful or that the Combined Company will realize the
                    expected operating efficiencies, cost savings and other benefits currently anticipated from the Merger.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Each of Shyft and Aebi Schmidt have incurred substantial expenses related to the completion of the Merger, and we expect to incur substantial
                    expenses related to the integration of the Shyft&#8217;s businesses into the Aebi Schmidt.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Each of Shyft and Aebi Schmidt have incurred substantial expenses in connection with the completion of the Merger, and we expect to incur substantial expenses to integrate a large
                    number of processes, policies, procedures, operations, technologies and systems of Shyft and Aebi Schmidt. The substantial majority of these costs will be non-recurring expenses related to the Transactions, the ancillary agreements and
                    the facilities and systems consolidation costs. The Combined Company may incur additional costs or suffer loss of business under third-party contracts that are terminated or that contain change in control or other provisions that may be
                    triggered by the completion of the Merger, may suffer losses of, or decreases in orders by, customers, and may incur costs to retain certain key management personnel and employees. Shyft and Aebi Schmidt will also incur transaction fees
                    and costs related to formulating integration plans for the combined business, and the execution of these plans may lead to additional unanticipated costs and time delays. These incremental transaction-related costs may exceed the
                    savings the Combined Company expects to achieve from the elimination of duplicative costs and the realization of other efficiencies related to the integration of the businesses, particularly in the near term and in the event of any
                    material unanticipated costs. Factors beyond the parties&#8217; control could affect the total amount or timing of these expenses, many of which, by their nature, are difficult to estimate accurately.</div>
                  <div style="text-align: justify; text-indent: 36pt;"> <br>
                  </div>
                  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 44 of 53</font></div>
                    <div class="BRPFPageBreak" style="page-break-after: always;">
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                    <div class="BRPFPageHeader" style="width: 100%;">
                      <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                      </div>
                    </div>
                  </div>
                  <div style="text-align: justify;">
                    <div style="font-style: italic; font-weight: bold; text-indent: 36pt;">We have identified material weaknesses in our internal control over financial reporting and may identify additional material weaknesses in the future or fail to
                      maintain an effective system of internal control over financial reporting. If our remediation of the material weaknesses is not effective, or we fail to develop and maintain effective internal control over financial reporting, our
                      ability to produce timely and accurate financial statements or comply with applicable laws and regulations could be impaired, which could harm the Combined Company&#8217;s business and negatively impact the value of our Common Stock.</div>
                    <div>&#160;</div>
                  </div>
                  <div style="text-align: justify; text-indent: 36pt;">In connection with the preparation of our consolidated financial statements as of December 31, 2024 and 2023 and for the years then ended for purposes of the Proxy Statement/Prospectus
                    , we identified material weaknesses in our internal control over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable
                    possibility that a material misstatement of our annual or interim consolidated financial statements will not be prevented or detected on a timely basis. Management identified the following material weaknesses in our internal control
                    over financial reporting:</div>
                  <div>&#160;</div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0;" id="z1f4e7328a2714b4bad085ae70b92c7b3">

                        <tr style="vertical-align: top;">
                          <td style="width: 20pt;">&#160;</td>
                          <td style="text-align: right; vertical-align: top; width: 18pt;">
                            <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">i.</font></div>
                          </td>
                          <td style="text-align: left; vertical-align: top; width: auto;">
                            <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">Lack of designing and maintaining an effective control environment commensurate with our financial reporting requirements due to a lack of sufficient number of
                                professionals with an appropriate level of internal controls and technical U.S. GAAP knowledge, experience and training to appropriately analyze, record and disclose accounting matters, including complex, non-routine
                                transactions accurately and timely;</font></div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div style="text-align: justify;">&#160;</div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0;" id="z6fccf785913b43c5987b2aff91d24e3c">

                        <tr style="vertical-align: top;">
                          <td style="width: 20pt;">&#160;</td>
                          <td style="text-align: right; vertical-align: top; width: 18pt;">
                            <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">ii.</font></div>
                          </td>
                          <td style="text-align: left; vertical-align: top; width: auto;">
                            <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">Lack of maintaining formal accounting policies and procedures, and designing and maintaining controls related to significant accounts and disclosures to
                                achieve complete, accurate and timely financial accounting, reporting and disclosures;</font></div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div style="text-align: justify;">&#160;</div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0;" id="z09044bebc532460c958a81c5043ade42">

                        <tr style="vertical-align: top;">
                          <td style="width: 20pt;">&#160;</td>
                          <td style="text-align: right; vertical-align: top; width: 18pt;">
                            <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">iii.</font></div>
                          </td>
                          <td style="text-align: left; vertical-align: top; width: auto;">
                            <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">Lack of consistently establishing appropriate authorities and responsibilities related to the segregation of duties in our finance and accounting functions;</font></div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div style="text-align: justify;">&#160;</div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0;" id="zf1d9fdfee88449668d54a85b2b59b04f">

                        <tr style="vertical-align: top;">
                          <td style="width: 20pt;">&#160;</td>
                          <td style="text-align: right; vertical-align: top; width: 18pt;">
                            <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">iv.</font></div>
                          </td>
                          <td style="text-align: left; vertical-align: top; width: auto;">
                            <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">A failure to design and maintain effective information technology (&#8220;IT&#8221;) general controls over user access, change management and segregation of duties for SAP
                                information systems in Europe that are relevant to the preparation of our financial statements; and</font></div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div style="text-align: justify;">&#160;</div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0;" id="z4bec4e55d2864d8f8b4bd0d2075a3e8e">

                        <tr style="vertical-align: top;">
                          <td style="width: 20pt;">&#160;</td>
                          <td style="text-align: right; vertical-align: top; width: 18pt;">
                            <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">v.</font></div>
                          </td>
                          <td style="text-align: left; vertical-align: top; width: auto;">
                            <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">A failure to design and maintain effective IT general controls over user access, change management and segregation of duties for the remaining information
                                systems (other than SAP information systems) that are relevant to the preparation of our financial statements.</font></div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div><br>
                  </div>
                  <div style="margin: 0px 0px 0px 39pt; color: #000000; text-align: justify;">The above IT general control deficiencies did not result in a material misstatement to the financial statements; however, these IT general control deficiencies
                    could impact maintaining effective segregation of duties, as well as the effectiveness of IT-dependent controls (such as automated controls that address the risk of material misstatement to one or more assertions, along with the IT
                    controls and underlying data that support the effectiveness of system-generated data and reports) that could result in misstatements potentially impacting all financial statement accounts and disclosures that would not be prevented or
                    detected.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">We are developing a plan to remediate the material weaknesses identified, including: (a) providing relevant U.S. GAAP technical accounting, internal controls over financial reporting
                    and SEC financial reporting requirements training for personnel, including hiring additional personnel to strengthen the accounting and finance functions; and (b) designing and implementing a financial reporting control framework,
                    including management review controls, together with IT general and application controls for all systems which materially impact financial reporting.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Following the identification of the identified material weaknesses, we have initiated certain remediation procedures. For example, we are in the process of (i) engaging an external
                    consultant with extensive expertise in internal controls, accounting and SEC matters to assist we management in enhancing our overall internal control framework and (ii) reviewing the gap-analysis performed by we to determine the order
                    in which the changes should be implemented by we and the timing of such changes. While we are working to remediate the identified material weaknesses as timely and efficiently as possible, at this time we cannot provide an estimate of
                    the time we will take to complete this remediation plan. We cannot assure you that these remediation measures will significantly improve or remediate the material weaknesses above. As of the date of this Current Report, the material
                    weaknesses have not been remediated.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">During the fiscal year ended December 31, 2024, we have not incurred material costs as part of our remediation efforts; however, we cannot provide an estimate of costs expected to be
                    incurred in connection with the implementation of this remediation plan. We expect the remediation to be time-consuming and place significant demands on our financial and operational resources. The implementation of our remediation
                    measures will require validation and testing of the design and operating effectiveness of our internal controls over a sustained period.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">We cannot assure that we will be successful in remediating the material weaknesses identified above. The failure to correct the material weaknesses or the failure to discover and
                    address any other material weaknesses or deficiencies could result in inaccuracies in the financial statements and impair the ability to comply with applicable financial reporting requirements and related regulatory filings on a timely
                    basis.</div>
                  <div style="text-align: justify; text-indent: 36pt;"> <br>
                  </div>
                  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 45 of 53</font></div>
                    <div class="BRPFPageBreak" style="page-break-after: always;">
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                    <div class="BRPFPageHeader" style="width: 100%;">
                      <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                      </div>
                    </div>
                  </div>
                  <div style="text-align: justify; text-indent: 36pt;">Aebi Schmidt is a Swiss private company and has not been required to comply with Section 404 of the Sarbanes-Oxley Act. Therefore, neither management nor an independent registered
                    public accounting firm has performed an evaluation of the effectiveness of our internal control over financial reporting in accordance with the provisions of the Sarbanes-Oxley Act. Following the Closing and our U.S. listing, as a
                    public company, the Combined Company&#8217;s management will be required to report on the effectiveness of the Combined Company&#8217;s internal control over financial reporting pursuant to Section 404(a) of the Sarbanes-Oxley Act and is expected
                    to become subject to auditor attestation requirements pursuant to Section 404(b) of the Sarbanes-Oxley Act, beginning with the filing of Combined Company&#8217;s Annual Report on Form 10-K for the year ending December 31, 2026.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">We will incur increased costs as a result of operating as a public company, and the Combined Company&#8217;s management will be required to devote
                    substantial time to compliance with our public company responsibilities and corporate governance practices.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">As a public company, the Combined Company will continue to incur significant legal, accounting, and other expenses that we did not incur as a private company. The Sarbanes-Oxley Act of
                    2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the listing requirements of Nasdaq, and other applicable securities rules and regulations impose various requirements on public companies, including establishment and
                    maintenance of effective disclosure and financial controls and corporate governance practices. We expect that the Combined Company will need to hire and train additional accounting, finance, and other personnel in connection with our
                    efforts to comply with the requirements of being a public company, and the Combined Company&#8217;s management and other personnel will need to devote a substantial amount of time towards maintaining compliance with these requirements. Our
                    management and other personnel have and will also need to continue to devote a substantial amount of time to compliance with the additional reporting requirements of the Exchange Act. These requirements have and will continue to
                    increase our legal and financial compliance costs and will make some activities more time-consuming and costly. These rules and regulations are often subject to varying interpretations, in many cases due to their lack of specificity,
                    and, as a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs necessitated
                    by ongoing revisions to disclosure and governance practices.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">We are an emerging growth company and our compliance with the reduced reporting and disclosure requirements applicable to emerging growth
                    companies could make our common stock less attractive to investors.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">We are an &#8220;emerging growth company,&#8221; as defined in the Jumpstart Our Business Acts of 2012 (the &#8220;JOBS Act&#8221;), and may remain an emerging growth company for up to five years. For as long
                    as we are an emerging growth company, we will not be required to comply with certain requirements that are applicable to other public companies that are not emerging growth companies, including the auditor attestation requirements of
                    Section 404 of the Sarbanes-Oxley Act, and may also take advantage of the reduced disclosure obligations regarding executive compensation in our periodic reports, proxy statements and registration statements and the exemptions from the
                    requirements of holding a nonbinding advisory vote on executive compensation and obtaining stockholder approval of any golden parachute payments not previously approved. As a result, the information we provide shareholders will be
                    different than the information that is available with respect to other public companies. In the Proxy Statement/Prospectus, we did not include all of the executive compensation related information that would be required if we were not
                    an emerging growth company, and we have only provided only two years of audited financial statements and only two years of related &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations.&#8221; If some
                    investors find our Common Stock less attractive as a result, there may be a less active trading market for our Common Stock, and our stock price may be more volatile.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">In addition, under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as
                    those standards apply to private companies. We have not elected to use this extended transition period. We expect that the Combined Company will lose &#8220;emerging growth company&#8221; status as of December 31, 2025.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">The New Credit Facilities Agreement contains, and agreements governing future indebtedness may contain, restrictive covenants that may impair the
                    Combined Company&#8217;s ability to access sufficient capital and operate our business.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">The New Credit Facilities Agreement contains various provisions that will limit the Combined Company&#8217;s ability (subject to a number of exceptions) to, among other things:</div>
                  <div style="text-align: justify; text-indent: 36pt;"> <br>
                  </div>
                  <div>
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                        <tr>
                          <td style="width: 36pt;">&#160;</td>
                          <td style="width: 18pt; vertical-align: top; text-align: right;">
                            <div style="text-align: left;">&#8226;</div>
                          </td>
                          <td style="vertical-align: top;">
                            <div>incur additional indebtedness;</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z5babda695cd74837917f8fbadcca16a2">

                        <tr>
                          <td style="width: 36pt;">&#160;</td>
                          <td style="width: 18pt; vertical-align: top; text-align: right;">
                            <div style="text-align: left;">&#8226;</div>
                          </td>
                          <td style="vertical-align: top;">
                            <div>incur certain liens;</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z5ee3ec8318a147499bc4a4dca53c93aa">

                        <tr>
                          <td style="width: 36pt;">&#160;</td>
                          <td style="width: 18pt; vertical-align: top; text-align: right;">
                            <div style="text-align: left;">&#8226;</div>
                          </td>
                          <td style="vertical-align: top;">
                            <div>consolidate or merge with other parties;</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="za2d3e6a89e6b49bf9b9eefebf58fc5bb">

                        <tr>
                          <td style="width: 36pt;">&#160;</td>
                          <td style="width: 18pt; vertical-align: top; text-align: right;">
                            <div style="text-align: left;">&#8226;</div>
                          </td>
                          <td style="vertical-align: top;">
                            <div>alter the business conducted by the Combined Company and our subsidiaries taken as a whole;</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="zc7a72fb87752436780027568e1fc47bd">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                        <td style="width: auto; vertical-align: top;">
                          <div>make investments, loans, advances, guarantees and acquisitions;</div>
                        </td>
                      </tr>

                  </table>
                  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 46 of 53</font></div>
                    <div class="BRPFPageBreak" style="page-break-after: always;">
                      <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                    <div class="BRPFPageHeader" style="width: 100%;">
                      <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                      </div>
                    </div>
                  </div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z3085b23631ac4666ac2c60d482ee8745">

                        <tr>
                          <td style="width: 36pt;">&#160;</td>
                          <td style="width: 18pt; vertical-align: top; text-align: right;">
                            <div style="text-align: left;">&#8226;</div>
                          </td>
                          <td style="vertical-align: top;">
                            <div>sell, lease or transfer assets, including capital stock of the Combined Company&#8217;s subsidiaries;</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z1a9862b640f54fbbbdaabf1269b48108">

                        <tr>
                          <td style="width: 36pt;">&#160;</td>
                          <td style="width: 18pt; vertical-align: top; text-align: right;">
                            <div style="text-align: left;">&#8226;</div>
                          </td>
                          <td style="vertical-align: top;">
                            <div>enter into certain sale and leaseback transactions;</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="zb1f92e17fa3e414184c739a87b28963d">

                        <tr>
                          <td style="width: 36pt;">&#160;</td>
                          <td style="width: 18pt; vertical-align: top; text-align: right;">
                            <div style="text-align: left;">&#8226;</div>
                          </td>
                          <td style="vertical-align: top;">
                            <div>repay any subordinated indebtedness the Combined Company may issue in the future;</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z24946badf6f148b4ae44544c87cde75e">

                        <tr>
                          <td style="width: 36pt;">&#160;</td>
                          <td style="width: 18pt; vertical-align: top; text-align: right;">
                            <div style="text-align: left;">&#8226;</div>
                          </td>
                          <td style="vertical-align: top;">
                            <div>amend the terms of certain unsecured or subordinated debt;</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z2f97136f863a4b72abf11b4191ab832b">

                        <tr>
                          <td style="width: 36pt;">&#160;</td>
                          <td style="width: 18pt; vertical-align: top; text-align: right;">
                            <div style="text-align: left;">&#8226;</div>
                          </td>
                          <td style="vertical-align: top;">
                            <div>engage in transactions with affiliates; and</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="zebbbd9792bf94d09ad33662e180e4a1a">

                        <tr>
                          <td style="width: 36pt;">&#160;</td>
                          <td style="width: 18pt; vertical-align: top; text-align: right;">
                            <div style="text-align: left;">&#8226;</div>
                          </td>
                          <td style="vertical-align: top;">
                            <div>enter into agreements restricting the Combined Company&#8217;s subsidiaries&#8217; ability to pay dividends.</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">In addition, the restrictive covenants in the New Credit Facilities Agreement require the Combined Company to maintain specified financial ratios and other business or financial
                    conditions. The Combined Company&#8217;s ability to comply with these financial ratios or other covenants may be affected by events beyond the Combined Company&#8217;s control, and our failure to comply with these ratios or other covenants could
                    result in an event of default. These covenants may affect the Combined Company&#8217;s ability to operate and finance our business as we deem appropriate. The Combined Company&#8217;s inability to meet obligations as they become due or to comply
                    with various financial covenants contained in the instruments governing our current or future indebtedness could constitute an event of default under the instruments governing our indebtedness. If there were an event of default under
                    the New Credit Facilities Agreement, or any future instruments governing the Combined Company&#8217;s indebtedness, the holders of the affected indebtedness could declare all of the affected indebtedness immediately due and payable, which, in
                    turn, could cause the acceleration of the maturity of all of the Combined Company&#8217;s other indebtedness. The Combined Company may not have sufficient funds available, or we may not have access to sufficient capital from other sources, to
                    repay any accelerated debt. Even if the Combined Company could obtain additional financing, the terms of the financing may not be favorable to the Combined Company. In addition, the Combined Company has pledged the equity securities of
                    certain of our material subsidiaries as security for our obligations under the New Credit Facilities Agreement. If amounts outstanding under the New Credit Facilities Agreement were accelerated, the Combined Company&#8217;s lenders could
                    foreclose on those pledges, and the Combined Company could lose a substantial part of our assets. Any event of default under the instruments governing the Combined Company&#8217;s indebtedness could have a material adverse effect on our
                    business, financial condition and results of operations.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; font-weight: bold;">Risks Relating to our Common Stock</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Our Common Stock does not have a history of trading and the market price and trading volume of our Common Stock following the Effective Time may
                    be volatile.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Because there is not currently any public market for our Common Stock, the market price and trading volume of our Common Stock following the Effective Time may be volatile. Further,
                    since the Shyft Common Stock is currently included in the Russell 3000 Index and our Common Stock may not be included in the Russell 3000 Index or other stock indices, significant amounts of our Common Stock may have to be sold in the
                    open market by index funds and other investors where there may not be offsetting demand.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">We will enter into the Relationship Agreements with the Specified Stockholders, which provide the Specified Stockholders with certain rights over
                    company matters.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Concurrently with the Closing, the Specified Stockholders (as defined in the Proxy Statement/Prospectus) will enter into the Relationship Agreements in substantially the form attached
                    to the Proxy Statement/Prospectus as Annexes C-1, C-2 and C-3, as applicable. The Relationship Agreements will establish certain rights, restrictions and obligations of the Specified Stockholders, and will set forth other arrangements
                    relating to the Combined Company, including the right of PCS Holding AG (&#8220;<font style="text-decoration: underline;">PCS</font>&#8221; and, together with Mr. Peter Spuhler, the &#8220;<font style="text-decoration: underline;">PCS Parties</font>&#8221;) to
                    designate up to four individuals for nomination to the Combined Company Board, subject to the PCS Parties maintaining certain beneficial ownership of shares of our Common Stock. Pursuant to the Relationship Agreements, after the second
                    anniversary of the Closing, the Specified Stockholders may increase their stake in the Combined Company, which would lead to more influence of the Specified Stockholders in the Combined Company&#8217;s general meeting of shareholders. Also,
                    the PCS Relationship Agreement can be terminated by PCS after the fourth anniversary of the Closing, and if the PCS Relationship Agreement were to be terminated, the PCS Parties could nominate more members to the Combined Company Board
                    than what is envisaged by the PCS Relationship Agreement. The interests of the parties to the Relationship Agreements may differ from those of other holders of our Common Stock. For more information, please see the section of the Proxy
                    Statement/Prospectus entitled &#8220;<font style="font-style: italic;">Other Related Agreements&#8212;Relationship Agreements</font>.&#8221;</div>
                  <div style="text-align: justify; text-indent: 36pt;"> <br>
                  </div>
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                    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 47 of 53</font></div>
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                      </div>
                    </div>
                  </div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Aebi Schmidt is a Swiss corporation, and shareholders may not have the same rights and protections generally afforded to shareholders of U.S.
                    Corporations.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Swiss law and the Amended Articles may not grant the Combined Company&#8217;s shareholders certain of the rights and protections generally afforded to shareholders of U.S. corporations. In
                    particular, Swiss corporate law limits the ability of a shareholder to challenge resolutions or actions of the board of directors in court. Under Swiss law, shareholders generally cannot bring a suit to reverse a decision by the board
                    of directors, but may seek damages for breaches of duty by the board of directors. Furthermore, remedies against transactions involving conflicts of interest or other procedural flaws may be limited if a claimant cannot prove that the
                    benefits inuring to the Combined Company are manifestly disproportionate to the consideration rendered in return. For a more complete description of the different rights associated with shares of Shyft Common stock and shares of our
                    Common Stock following the Merger, please see the section of the Proxy Statement/Prospectus entitled &#8220;<font style="font-style: italic;">Comparison of the Rights of Shareholders</font>.&#8221;</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">The PCS Parties control a significant number of shares of our Common Stock and, following the Merger, will continue to control a significant
                    number of shares of our Common Stock, providing such parties with substantial influence over the Combined Company&#8217;s business.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Upon completion of the Merger, the PCS Parties are expected to beneficially own approximately 35% of the issued and outstanding shares of our Common Stock and four directors nominated
                    by the PCS Parties will serve on the Combined Company Board, pursuant to the PCS Relationship Agreement. As a result, the PCS Parties may have substantial influence over matters requiring approval by the Combined Company&#8217;s shareholders,
                    including the election and removal of directors, amendments to the Amended Articles, any proposed merger, consolidation or sale of all or substantially all of the Combined Company&#8217;s assets and other corporate transactions. The PCS
                    Parties may have interests that are different from those of other stockholders.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Following the Closing, the PCS Parties&#8217; ownership of the shares of our Common Stock may adversely affect the trading price for our Common Stock to the extent investors perceive
                    disadvantages in owning shares of a company with a significant stockholder or in the event the PCS Parties take any action with our shares that could result in an adverse impact on the price of our Common Stock, including a sale of any
                    portion of their shares of our Common Stock.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">The shares of the Combined Company will not be listed in Switzerland, the home jurisdiction of the Combined Company. As a result, shareholders may
                    not benefit from certain provisions of Swiss law that are designed to protect shareholders in a public takeover offer or a change-of-control transaction.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Because the shares in the Combined Company will be listed exclusively on Nasdaq and not in Switzerland, shareholders of the Combined Company will not benefit from the protection
                    afforded by certain provisions of Swiss law that are designed to protect shareholders in the event of a public takeover offer or a change-of-control transaction. For example, the Swiss takeover regime imposes a duty on any person or
                    group of persons who acquires more than one-third of a company&#8217;s voting rights to make a mandatory offer for all of the company&#8217;s outstanding listed equity securities. In addition, the Swiss takeover regime imposes certain restrictions
                    and obligations on bidders in a voluntary public takeover offer that are designed to protect shareholders. However, these protections are applicable only to issuers that list their equity securities in Switzerland, and because the
                    shares of the Combined Company will be listed exclusively on Nasdaq, such Swiss law protections will not be applicable to the Combined Company. While the Amended Articles provide for clauses aiming to provide similar takeover
                    protections, there is no guarantee that such clauses will result in the same or similar level of protection of minority shareholders as would be the case if Swiss law would apply directly. Furthermore, since Swiss law will restrict the
                    Combined Company&#8217;s ability to implement rights plans or U.S.-style &#8220;poison pills,&#8221; the Combined Company&#8217;s ability to resist an unsolicited takeover attempt or to protect minority shareholders in the event of a change-of-control
                    transaction may be limited. Therefore, shareholders in the Combined Company may not be protected to the same degree in a public takeover offer or a change-of-control transaction as are shareholders in a Swiss company listed in
                    Switzerland.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">The market price of shares of our Common Stock after the Merger may be affected by factors different from those that are currently affecting or
                    historically have affected the market price of shares of Shyft Common Stock.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Upon completion of the Merger, holders of Shyft Common Stock as of immediately prior to the Effective Time will become holders of shares of our Common Stock, which will be listed and
                    traded on Nasdaq. As a newly traded stock, the market price of our Common Stock may fluctuate significantly following completion of the Merger. The issuance of shares of our Common Stock in the Merger could have the effect of depressing
                    the market price of our Common Stock. In addition, many Shyft shareholders may decide not to hold the shares of our Common Stock they receive as a result of the Merger. Other Shyft shareholders, such as funds with limitations on their
                    permitted holdings of stock in individual issuers, may be required to sell the shares of our Common Stock they receive as a result of the Merger. Any such sales of our Common Stock could have the effect of depressing the market price of
                    shares of Shyft Common Stock, which will immediately thereafter become shares of our Common Stock upon the filing of the certificate of merger. Moreover, general fluctuations in stock markets could have a material adverse effect on the
                    market for, or liquidity of, our Common Stock, regardless of our actual operating performance.</div>
                  <div style="text-align: justify; text-indent: 36pt;"> <br>
                  </div>
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                    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 48 of 53</font></div>
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                    </div>
                  </div>
                  <div style="text-align: justify; text-indent: 36pt;">Our business differs from that of Shyft in important respects and, accordingly, the results of operations of the Combined Company after the Merger, as well as the market price of shares
                    of our Common Stock, may be affected by factors different from those that are currently affecting, historically have affected or would in the future affect the results of operations of Shyft as a stand-alone public company, as well as
                    the market price of shares of Shyft Common Stock. For further information on the respective businesses of Shyft and we and certain factors to consider in connection with those businesses, please see the section of this Quarterly Report
                    entitled &#8220;<font style="font-style: italic;">Risk Factors&#8212;Risks Relating to our Business</font>.&#8221;</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">The Amended Articles will designate the courts at the location of the Combined Company&#8217;s registered seat as the exclusive forum for certain types
                    of actions and proceedings that may be initiated by the Combined Company shareholders.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">The Amended Articles will provide that (except with respect to any disputes arising under the Securities Act, the Exchange Act and any rules and regulations promulgated thereunder) the
                    exclusive jurisdiction for any disputes arising from company matters (including but not limited to disputes between individual shareholders and the Combined Company or our corporate bodies, as well as between the Combined Company and
                    our corporate bodies, or between the corporate bodies themselves) is at the registered seat of the Combined Company in Frauenfeld, Switzerland. Any person or entity purchasing or otherwise acquiring shares of the Combined Company will
                    be deemed to have notice of and consented to the provisions of the Amended Articles, including the exclusive forum provision. As a result, shareholders of the Combined Company may be required to bring certain legal actions or
                    proceedings exclusively in Swiss courts, which may be less convenient and more costly than courts in other jurisdictions, including the United States. Furthermore, the jurisdiction clause in the Amended Articles may limit the ability of
                    shareholders of the Combined Company to initiate legal proceedings against the Combined Company or our directors, officers, or other representatives in jurisdictions of their choosing. It may also discourage lawsuits or derivative
                    actions, even if such claims would otherwise be permissible under applicable laws. Moreover, Swiss courts may apply legal principles or procedural rules that differ from those in U.S. courts, potentially leading to outcomes less
                    favorable to shareholders compared to an action or proceeding brought in a U.S. court.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">We cannot guarantee the timing, amount or payment of dividends on shares of the capital stock of the Combined Company.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">While we expect that the Combined Company will pay dividends, the timing, declaration, amount and payment of any future dividends on shares of the capital stock of the Combined Company
                    will fall within the discretion of the Combined Company Board. There can be no assurance that the Combined Company will pay or declare dividends in the future. Under Swiss law, the Combined Company may only pay dividends if (i) we has
                    sufficient net income from the immediately preceding fiscal year, (ii) we has brought forward net income from prior fiscal years or (iii) we has otherwise freely distributable reserves, each as evidenced by our audited annual standalone
                    financial statements prepared pursuant to Swiss law, after allocations of net income to statutory retained earnings as required by Swiss law and by the Amended Articles. See section of the Proxy Statement/Prospectus entitled &#8220;<font style="font-style: italic;">Description of the Capital Stock of the Combined Company and Amended Articles&#8212;Dividends and Distributions</font>.&#8221; Additionally, any decision by the Combined Company Board to recommend the payment of a
                    dividend will depend on many factors, such as the Combined Company&#8217;s financial condition, earnings, corporate strategy, credit rating, capital requirements, debt service obligations, debt covenants, industry practice, legal
                    requirements, regulatory constraints and other factors that the Combined Company Board deems relevant. Additionally, the declaration, timing and amount of any dividends to be paid by the Combined Company will be subject to approval by
                    our shareholders at the relevant general meeting of shareholders. The Combined Company&#8217;s ability to pay dividends will depend on our ongoing ability to generate cash from operations and access to the capital markets. Further, under
                    Swiss law, although shareholders must approve dividend distributions in advance, the determination of the record and payment dates may be delegated to the company&#8217;s board of directors. Shyft currently anticipates that the Combined
                    Company Board will adopt a practice of recommending an annual dividend paid in equal quarterly installments. If the Combined Company Board were to do so, Shyft expects that the policy would be effected by seeking approval of the
                    Combined Company&#8217;s shareholders at the annual general meeting for an annual dividend distribution to be paid in four quarterly installments on dates determined by the Combined Company Board. However, any specific decisions in the future
                    regarding dividends and dividend policy will be determined from time to time by the Combined Company Board with the approval of the shareholders. Shyft cannot guarantee that the Combined Company will pay a dividend in the future.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Swiss law imposes certain restrictions on the Combined Company&#8217;s ability to repurchase the shares of the Combined Company.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Swiss law limits the Combined Company&#8217;s ability to hold or repurchase shares of the capital stock of the Combined Company. The Combined Company and our subsidiaries may only repurchase
                    shares of the capital stock of the Combined Company to the extent that (i) we has freely distributable reserves in the amount of the purchase price (as reported on the annual standalone financial statements prepared pursuant to Swiss
                    law) and (ii) the aggregate nominal amount (par value) of all shares of the capital stock of the Combined Company held by the Combined Company and our subsidiaries does not exceed 10% of the Combined Company&#8217;s share capital (excluding
                    any treasury shares dedicated for cancellation pursuant to a shareholder-ratified repurchase program) registered in the Commercial Register. For more information, please see the section of the Proxy Statement/Prospectus entitled &#8220;<font style="font-style: italic;">Description of the Capital Stock of the Combined Company and Amended Articles&#8212;Repurchase of Combined Company Shares</font>.&#8221; As a result, should the Combined Company choose to repurchase shares of the
                    capital stock of the Combined Company in the future, our shareholders would be required to periodically approve a reduction in the share capital through the cancellation of designated blocks of repurchased shares held in treasury and
                    may from time to time, as necessary, in a separate vote, have to approve share repurchase programs. If the Combined Company&#8217;s shareholders do not approve the cancellation of repurchased shares or, if necessary, approve a proposed share
                    repurchase program, we may be unable to return capital to shareholders through share repurchases.</div>
                  <div style="text-align: justify; text-indent: 36pt;"> <br>
                  </div>
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                  </div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Certain provisions of the Amended Articles and Swiss law may limit the Combined Company&#8217;s flexibility to raise capital, issue dividends and
                    otherwise manage ongoing capital needs.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">The rights of the Combined Company&#8217;s shareholders will be governed by Swiss law and the Amended Articles. Swiss law requires approval by shareholders for certain corporate actions over
                    which a board of directors would have authority in some other jurisdictions. For example, Swiss law provides that the payment of dividends and other distributions and the cancellation of treasury shares must be approved by shareholders.
                    Swiss law also requires that shareholders resolve to, or authorize the board of directors to, increase the share capital. While shareholders may authorize a board of directors to increase or reduce the company&#8217;s share capital by
                    introducing a capital band into the company&#8217;s articles of association, Swiss law limits this capital band to between 50% and 150% of the issued share capital as recorded in the Commercial Register at the time of the introduction of the
                    capital band. The capital band, furthermore, has a limited duration of up to five years unless renewed by shareholders (by holders of at least two-thirds of the votes represented at a general meeting of shareholders) from time to time.
                    According to the Amended Articles, the Combined Company Board will be authorized to increase the Combined Company&#8217;s share capital to a maximum of $116,299,384 and/or reduce it to a minimum of $62,080,000 without a shareholder vote.
                    However, this capital band authorization will expire on February 12, 2030, at which point a new capital band must be approved by shareholders before the Combined Company Board may increase and/or reduce the Combined Company&#8217;s share
                    capital under a capital band. For more information, please see the section of the Proxy Statement/Prospectus&#160; entitled &#8220;Description of the Capital Stock of the Combined Company and Amended Articles&#8212;Ordinary Capital Increase, Conditional
                    Share Capital and Capital Band.&#8221;</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Additionally, Swiss law grants preemptive rights to existing shareholders to subscribe for new issuances of shares and advance subscription rights for convertible bonds or similar
                    instruments with conversion or option rights. For more information, please see the section of the Proxy Statement/Prospectus&#160; entitled &#8220;Description of the Capital Stock of the Combined Company and Amended Articles&#8212;General&#8212;Preemptive
                    Rights.&#8221;</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Swiss law also does not provide as much flexibility in the various terms that can attach to different classes of shares as the laws of some other jurisdictions. These Swiss law
                    requirements relating to the Combined Company&#8217;s capital management may limit our flexibility, and situations may arise where greater flexibility would provide substantial benefits to the Combined Company&#8217;s shareholders.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Certain provisions in the Amended Articles may limit or preclude shareholders&#8217; ability to exercise control over the Combined Company.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">The Amended Articles will contain provisions that are intended to limit the ability of shareholders to exercise control over the Combined Company. For example, the Amended Articles
                    provide that no person may, directly or indirectly, formally, constructively or beneficially own or otherwise control voting rights with respect to 49% or more of the Combined Company&#8217;s share capital (as registered in the Commercial
                    Register). For more information, please see the section of the Proxy Statement/Prospectus&#160; entitled &#8220;Description of the Capital Stock of the Combined Company and Amended Articles&#8212;Voting Rights and Voting Restrictions&#8212;Voting
                    Restrictions.&#8221;</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Shareholders may not be able to exercise preemptive rights in future issuances of equity or other securities that are convertible into equity.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Under Swiss law, shareholders may receive certain preemptive rights to subscribe on a pro rata basis to issuances of equity or other securities that are convertible into equity. For
                    more information, please see the section of the Proxy Statement/Prospectus&#160; entitled &#8220;Description of the Capital Stock of the Combined Company and Amended Articles&#8212;General&#8212;Preemptive Rights.&#8221; Due to laws and regulations in their
                    respective jurisdictions, however, non-Swiss shareholders may not be able to exercise such rights unless the Combined Company takes action to register or otherwise qualify the rights offering under the laws of such shareholders&#8217;
                    jurisdiction. Shyft cannot give any assurance that the Combined Company will register or otherwise qualify the offering of subscription rights or shares under the law of any jurisdiction where the offering of such rights is restricted.
                    If shareholders in such jurisdictions were unable to exercise their subscription rights, their ownership interest in the Combined Company would be diluted.</div>
                  <div style="text-align: justify; text-indent: 36pt;"> <br>
                  </div>
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                      </div>
                    </div>
                  </div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Holders of shares of the capital stock of the Combined Company may not be able to exercise certain shareholder rights if they are not registered
                    as shareholders of record on the Combined Company Share Register.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">It is intended that shares of the capital stock of the Combined Company will be issued as uncertificated securities, which will either be held in the name of Cede &amp; Co. through the
                    Depository Trust Company, the U.S. central securities depositary (&#8220;<font style="text-decoration: underline;">DTC</font>&#8221;), or directly registered on the Combined Company&#8217;s share register (the &#8220;<font style="text-decoration: underline;">Combined
                      Company Share Register</font>&#8221;). For more information, please see the section of the Proxy Statement/Prospectus&#160; entitled &#8220;Description of the Capital Stock of the Combined Company and Amended Articles&#8212;General&#8212;Forms of Holding Combined
                    Company Shares.&#8221; Given that shares of the capital stock of the Combined Company will primarily be held through DTC, SIX SIS AG, the national central securities depository of the Swiss financial market and an international central
                    securities depository (&#8220;<font style="text-decoration: underline;">SIX SIS</font>&#8221;), will not serve as the primary central securities depositary for shares of the capital stock of the Combined Company, and any shares of the capital stock
                    of the Combined Company held through SIX SIS, including those received in the Merger, will be derivatives of shares of the capital stock of the Combined Company held through DTC. Therefore, and contrary to common practice for other
                    Swiss companies with shares listed on the SIX Swiss Exchange (&#8220;<font style="text-decoration: underline;">SIX</font>&#8221;), holders of shares of the capital stock of the Combined Company will not be eligible for automated registration on the
                    Combined Company Share Register under the system of SIX SIS (AREG-Data).</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">In relation to the Combined Company, only those shareholders directly registered in the Combined Company Share Register will be recognized as the Combined Company&#8217;s shareholders. Voting
                    rights may only be exercised by holders of shares of the capital stock of the Combined Company registered with voting rights in the Combined Company Share Register. While holders of shares of the capital stock of the Combined Company
                    who are not registered as shareholders of record on the Combined Company Share Register will be able to receive dividends and in certain cases, if duly authorized by a proxy issued by the relevant holder of record and depending on their
                    bank or broker, vote their shares of the capital stock of the Combined Company at general meetings of shareholders, certain other shareholder rights (such as the right to request that a general meeting of shareholders be called, the
                    right to put items on the agenda of a general meeting of shareholders, the right to sue the Combined Company&#8217;s corporate bodies, or the right to inspect the Combined Company&#8217;s books and records) will not be available to such holders of
                    shares of the capital stock of the Combined Company who are not registered as shareholders of record on the Combined Company Share Register.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">U.S. shareholders may not be able to obtain judgments or enforce civil liabilities against the Combined Company or our executive officers or
                    members of the Combined Company Board.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">The Combined Company will be organized under the laws of Switzerland, and our jurisdiction of incorporation is Switzerland. In addition, certain of our directors and officers reside
                    outside the United States and certain of our assets and the assets of such persons are located in jurisdictions outside the United States. As a result, it may not be possible for investors to effect service of process within the United
                    States upon the Combined Company or upon such persons, obtain documents or other discovery in connection with any legal proceedings against such persons in the United States or enforce against them judgments obtained in U.S. courts.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">Switzerland and the United States do not have a treaty providing for reciprocal recognition and enforcement of judgments in civil and commercial matters. The recognition and enforcement
                    in Switzerland of a judgment of the courts of the United States are governed by the principles set forth in the Swiss Federal Act on Private International Law. This statute provides in principle that a judgment rendered by a non-Swiss
                    court may be enforced in Switzerland only if:</div>
                  <div style="text-align: justify; text-indent: 36pt;"> <br>
                  </div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="zf49c9c4e6cc44cc8b6a291c93bf2a717">

                        <tr>
                          <td style="width: 36pt; text-align: justify;">&#160;</td>
                          <td style="width: 18pt; vertical-align: top; text-align: right;">
                            <div style="text-align: justify;">&#8226;</div>
                          </td>
                          <td style="vertical-align: top;">
                            <div style="text-align: justify;">the non-Swiss court had jurisdiction pursuant to the Swiss Federal Act on Private International Law;</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="zc971122bce214beeb6a1ef72763ea6a8">

                        <tr>
                          <td style="width: 36pt; text-align: justify;">&#160;</td>
                          <td style="width: 18pt; vertical-align: top; text-align: right;">
                            <div style="text-align: justify;">&#8226;</div>
                          </td>
                          <td style="vertical-align: top;">
                            <div style="text-align: justify;">the judgment of such non-Swiss court has become final and non-appealable;</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="zac6fa2f2efc5431190bfb46eef3aff5c">

                        <tr>
                          <td style="width: 36pt; text-align: justify;">&#160;</td>
                          <td style="width: 18pt; vertical-align: top; text-align: right;">
                            <div style="text-align: justify;">&#8226;</div>
                          </td>
                          <td style="vertical-align: top;">
                            <div style="text-align: justify;">the judgment does not contravene Swiss public policy;</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z58017c58749842d5a52f090377ad6819">

                        <tr>
                          <td style="width: 36pt; text-align: justify;">&#160;</td>
                          <td style="width: 18pt; vertical-align: top; text-align: right;">
                            <div style="text-align: justify;">&#8226;</div>
                          </td>
                          <td style="vertical-align: top;">
                            <div style="text-align: justify;">the court procedures and the service of documents leading to the judgment were in accordance with the due process of law; and</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z2d84e8b2fad64682a49f20f28921f0a3">

                        <tr>
                          <td style="width: 36pt; text-align: justify;">&#160;</td>
                          <td style="width: 18pt; vertical-align: top; text-align: right;">
                            <div style="text-align: justify;">&#8226;</div>
                          </td>
                          <td style="vertical-align: top;">
                            <div style="text-align: justify;">no proceeding involving the same position and the same subject matter was first brought in Switzerland, or adjudicated in Switzerland, or was earlier adjudicated in a third state and this
                              decision is recognizable in Switzerland.</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div style="text-align: justify;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;">In particular, there is doubt as to the enforceability in Switzerland of original actions, or in actions for enforcement of judgments of U.S. courts, of civil liabilities to the extent
                    predicated upon the civil liability provisions of the federal and state securities laws of the United States. Some remedies available under the laws of U.S. jurisdictions, including some remedies available under the U.S. federal
                    securities laws, may not be allowed in Swiss courts as contrary to public policy. Also, provisions of Swiss law may be applicable regardless of any other law that would otherwise apply.</div>
                  <div>&#160;</div>
                  <a name="UnregisteredSalesofEquity"><!--Anchor--></a>
                  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z8d7705cb81214513a36cfe799f106f79">

                      <tr>
                        <td style="width: 45pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Item 2.</td>
                        <td style="width: auto; vertical-align: top;">
                          <div style="color: #000000; font-weight: bold;">Unregistered Sales of Equity Securities and Use of Proceeds.</div>
                        </td>
                      </tr>

                  </table>
                  <div style="text-align: justify;">&#160;</div>
                  <div style="margin-right: 3.6pt; color: rgb(0, 0, 0); text-align: justify;">The Company did not make any unregistered sales of equity securities during the first quarter of 2025.<br>
                    <br>
                  </div>
                  <div style="margin-right: 3.6pt; color: #000000;">
                    <div> <a name="OtherInformation"><!--Anchor--></a>
                      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0;" class="DSPFListTable" id="zd0ee9f46111049779316b71b49542c4b">

                          <tr style="vertical-align: top;">
                            <td style="text-align: right; vertical-align: top; width: 45pt;">
                              <div style="text-align: justify;"><font style="font-weight: bold;">Item 5.</font></div>
                            </td>
                            <td style="text-align: left; vertical-align: top; width: auto;">
                              <div style="text-align: justify;"><font style="font-weight: bold;">Other Information.</font></div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div style="text-align: justify;">&#160;</div>
                    <div style="text-align: justify;"><font style="text-decoration: underline;">Pre-Closing Dividend</font></div>
                    <div style="text-align: justify;">&#160;</div>
                    <div style="text-align: justify;">On June 23, 2025, the Company&#8217;s Board of Directors resolved to propose to the general meeting of the shareholders the distribution of a dividend of CHF 2,475,733.34 (representing CHF 0.46 per share as
                      of such date), to be made to shareholders of record as of June 23, 2025, with a payment date of June 30, 2025, subject to approval by the Company&#8217;s stockholders as required under Swiss law.&#160; It is anticipated that the general meeting
                      of the shareholders will approve the dividend at a shareholder meeting being held on June 28, 2025.</div>
                    <div style="text-align: justify;">&#160;</div>
                    <div style="text-align: justify;"><font style="text-decoration: underline;">Rule 10b5-1</font></div>
                    <div style="text-align: justify;">&#160;</div>
                    <div style="text-align: justify;">During the quarter ended March 31, 2025, no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) of the Company adopted, modified or terminated a &#8220;Rule 10b5-1 trading arrangement&#8221; or
                      &#8220;non-Rule 10b5-1 trading arrangement&#8221; (as each term is defined in Item 408 of Regulation S-K).</div>
                    <div>&#160;</div>
                  </div>
                  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 51 of 53</font></div>
                    <div class="BRPFPageBreak" style="page-break-after: always;">
                      <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                    <div class="BRPFPageHeader" style="width: 100%;">
                      <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
                      </div>
                    </div>
                  </div>
                  <div> <a name="Exhibits"><!--Anchor--></a>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0;" class="DSPFListTable" id="z13ffa37427144dcdae06f284f01ab39b">

                        <tr style="vertical-align: top;">
                          <td style="text-align: right; vertical-align: top; width: 45pt;">
                            <div style="text-align: left; color: #000000; font-weight: bold;">Item 6.</div>
                          </td>
                          <td style="text-align: left; vertical-align: top; width: auto;">
                            <div style="color: #000000; font-weight: bold;">Exhibits.</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>&#160;</div>
                  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z39786a5f85b34828983cf8f3f084e635">

                      <tr>
                        <td style="width: 13.5pt;"><br>
                        </td>
                        <td style="width: 23.25pt; vertical-align: top; color: #000000;">(a)</td>
                        <td style="width: auto; vertical-align: top;">
                          <div style="color: #000000;"><font style="text-decoration: underline;">Exhibits</font>.&#160; The following exhibits are filed as a part of this Quarterly Report on Form 10-Q:</div>
                        </td>
                      </tr>

                  </table>
                  <div>&#160;</div>
                  <div style="margin-left: 36pt;">
                    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;" id="z4d1d536c05d745ec87f6adda4228d326">

                        <tr>
                          <td style="width: 11.42%; vertical-align: bottom;">
                            <div>Exhibit No.</div>
                          </td>
                          <td style="width: 89%; vertical-align: top;">
                            <div style="font-weight: bold;">Document</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 11.42%; vertical-align: bottom;" rowspan="1"><br>
                          </td>
                          <td style="width: 89%; vertical-align: top;" rowspan="1"><br>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 11.42%; vertical-align: top; background-color: rgb(204, 238, 255);" rowspan="1">
                            <div style="color: rgb(0, 0, 0);"><a href="https://www.sec.gov/Archives/edgar/data/2048519/000114036125012178/ny20046461x1_ex10-5.htm">10.1</a></div>
                          </td>
                          <td style="width: 89%; vertical-align: top; background-color: rgb(204, 238, 255);" rowspan="1">
                            <div style="text-align: justify; color: rgb(0, 0, 0);">Credit Facilities Agreement dated March&#160;10, 2025, by and among Aebi Schmidt Holding AG as original borrower and original guarantor, certain subsidiaries of Aebi Schmidt
                              Holding AG as original obligors, UBS Switzerland AG as mandated lead arranger, agent, security agent and original lender, Z&#252;rcher Kantonalbank as lead arranger and original lender, and the other lenders party thereto*#</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 11.42%; vertical-align: top;" rowspan="1"><br>
                          </td>
                          <td style="width: 89%; vertical-align: top;" rowspan="1"><br>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 11.42%; vertical-align: top; background-color: rgb(204, 238, 255);" rowspan="1">
                            <div style="color: rgb(0, 0, 0);"><a href="https://www.sec.gov/Archives/edgar/data/2048519/000114036125012178/ny20046461x1_ex10-14.htm">10.2</a></div>
                          </td>
                          <td style="width: 89%; vertical-align: top; background-color: rgb(204, 238, 255);" rowspan="1">
                            <div style="text-align: justify; color: rgb(0, 0, 0);">Salary Adjustment Letter from Aebi Schmidt to Mr.&#160;Fruithof, dated February 25, 2025 (English translation from the original German) +#</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 11.42%; vertical-align: top;" rowspan="1"><br>
                          </td>
                          <td style="width: 89%; vertical-align: top;" rowspan="1"><br>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 11.42%; vertical-align: top; background-color: rgb(204, 238, 255);" rowspan="1">
                            <div style="color: rgb(0, 0, 0);"><a href="https://www.sec.gov/Archives/edgar/data/2048519/000114036125012178/ny20046461x1_ex10-16.htm">10.3</a></div>
                          </td>
                          <td style="width: 89%; vertical-align: top; background-color: rgb(204, 238, 255);" rowspan="1">
                            <div style="text-align: justify; color: rgb(0, 0, 0);">Salary Adjustment Letter from Aebi Schmidt to Mr. Schewerda, dated March 28, 2025 +#</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 11.42%; vertical-align: top;" rowspan="1"><br>
                          </td>
                          <td style="width: 89%; vertical-align: top;" rowspan="1"><br>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 11.42%; vertical-align: top; background-color: rgb(204, 238, 255);" rowspan="1">
                            <div style="color: rgb(0, 0, 0);"><a href="https://www.sec.gov/Archives/edgar/data/2048519/000114036125012178/ny20046461x1_ex10-17.htm">10.4</a></div>
                          </td>
                          <td style="width: 89%; vertical-align: top; background-color: rgb(204, 238, 255);" rowspan="1">
                            <div style="text-align: justify; color: rgb(0, 0, 0);">Salary Adjustment Letter from Aebi Schmidt to Mr.&#160;Schenkirsch, dated March 28, 2025 (English translation from the original German) +#</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 11.42%; vertical-align: top;" rowspan="1"><br>
                          </td>
                          <td style="width: 89%; vertical-align: top;" rowspan="1"><br>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 11.42%; vertical-align: top; background-color: rgb(204, 238, 255);" rowspan="1">
                            <div style="color: rgb(0, 0, 0);"><a href="https://www.sec.gov/Archives/edgar/data/2048519/000114036125017413/ny20046461x2_ex10-19.htm">10.5</a></div>
                          </td>
                          <td style="width: 89%; vertical-align: top; background-color: rgb(204, 238, 255);" rowspan="1">
                            <div style="text-align: justify; color: rgb(0, 0, 0);">Lockup Letter, dated April 5, 2025, by and between Aebi Schmidt and John Dunn #</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 11.42%; vertical-align: top;"><br>
                          </td>
                          <td style="width: 89%; vertical-align: top;"><br>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 11.42%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div><a href="https://www.sec.gov/Archives/edgar/data/2048519/000114036125023978/ef20050886_ex10-6.htm">10.6</a></div>
                          </td>
                          <td style="width: 89%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div>Form of Bonus Retention Agreement between Aebi Schmidt and certain officers of Aebi Schmidt and its subsidiaries, including Barend Fruithof, Thomas Schenkirsch and Steffen Schewerda, with respect to the &#8220;Retention Awards&#8221;
                              described and defined in Aebi Schmidt&#8217;s Current Report on Form 8-K filed June 18, 2025. +</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 11.42%; vertical-align: top;">&#160;</td>
                          <td style="width: 89%; vertical-align: top; text-align: justify;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 11.42%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div><a href="https://www.sec.gov/Archives/edgar/data/2048519/000114036125023978/ef20050886_ex31-1.htm">31.1</a></div>
                          </td>
                          <td style="width: 89%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: justify;">Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 11.42%; vertical-align: top;">&#160;</td>
                          <td style="width: 89%; vertical-align: top; text-align: justify;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 11.42%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div><a href="https://www.sec.gov/Archives/edgar/data/2048519/000114036125023978/ef20050886_ex31-2.htm">31.2</a></div>
                          </td>
                          <td style="width: 89%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: justify;">Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 11.42%; vertical-align: top;">&#160;</td>
                          <td style="width: 89%; vertical-align: top; text-align: justify;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 11.42%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div><a href="https://www.sec.gov/Archives/edgar/data/2048519/000114036125023978/ef20050886_ex32.htm">32</a></div>
                          </td>
                          <td style="width: 89%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: justify;">Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. &#167; 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act</div>
                          </td>
                        </tr>
                        <tr>
                          <td rowspan="1" style="width: 11.42%; vertical-align: top;"><br>
                          </td>
                          <td rowspan="1" style="width: 89%; vertical-align: top; text-align: justify;">&#160;</td>
                        </tr>
                        <tr>
                          <td rowspan="1" style="width: 11.42%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div>101.INS</div>
                          </td>
                          <td rowspan="1" style="width: 89%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: justify;">Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)</div>
                          </td>
                        </tr>
                        <tr>
                          <td rowspan="1" style="width: 11.42%; vertical-align: top;">
                            <div>101.SCH</div>
                          </td>
                          <td rowspan="1" style="width: 89%; vertical-align: top;">
                            <div style="text-align: justify;">Inline XBRL Taxonomy Extension Schema Document</div>
                          </td>
                        </tr>
                        <tr>
                          <td rowspan="1" style="width: 11.42%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div>101.CAL</div>
                          </td>
                          <td rowspan="1" style="width: 89%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: justify;">Inline XBRL Taxonomy Extension Calculation Linkbase Document</div>
                          </td>
                        </tr>
                        <tr>
                          <td rowspan="1" style="width: 11.42%; vertical-align: top;">
                            <div>101.DEF</div>
                          </td>
                          <td rowspan="1" style="width: 89%; vertical-align: top;">
                            <div style="text-align: justify;">Inline XBRL Taxonomy Extension Definition Linkbase Document</div>
                          </td>
                        </tr>
                        <tr>
                          <td rowspan="1" style="width: 11.42%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div>101.LAB</div>
                          </td>
                          <td rowspan="1" style="width: 89%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: justify;">Inline XBRL Taxonomy Extension Label Linkbase Document</div>
                          </td>
                        </tr>
                        <tr>
                          <td rowspan="1" style="width: 11.42%; vertical-align: top;">
                            <div>101.PRE</div>
                          </td>
                          <td rowspan="1" style="width: 89%; vertical-align: top;">
                            <div style="text-align: justify;">Inline XBRL Taxonomy Extension Presentation Linkbase Document</div>
                          </td>
                        </tr>
                        <tr>
                          <td rowspan="1" style="width: 11.42%; vertical-align: top; background-color: rgb(204, 238, 255);">104<br>
                          </td>
                          <td rowspan="1" style="width: 89%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div>Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div><br>
                  </div>
                  <div>
                    <div>
                      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="z9d6906a029bf48918e796d1a694dd3d2">

                          <tr>
                            <td style="width: 11pt; vertical-align: top;"><font style="color: rgb(0, 0, 0);">*</font></td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="color: rgb(0, 0, 0);">Schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. Aebi Schmidt agrees to furnish supplementally a copy of any omitted attachment to the Securities and
                                Exchange Commission on a confidential basis upon request.</div>
                            </td>
                          </tr>

                      </table>
                      <div>&#160;</div>
                      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="ze8b5a70f8be74905a3483989df46d2c2">

                          <tr>
                            <td style="width: 11pt; vertical-align: top; color: rgb(0, 0, 0);">+</td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="color: rgb(0, 0, 0);">Management contract or compensatory plan or agreement.</div>
                            </td>
                          </tr>

                      </table>
                      <div>&#160;</div>
                      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" id="za6ca2437e36349408bfb7fc2ff9ee171">

                          <tr>
                            <td style="width: 11pt; vertical-align: top;"><font style="color: rgb(0, 0, 0);">#</font></td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="color: rgb(0, 0, 0);">Previously filed.</div>
                            </td>
                          </tr>

                      </table>
                      <div>&#160;</div>
                    </div>
                  </div>
                  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                    <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 52 of 53</font></div>
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                      <div><font style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic; font-variant: normal; text-transform: none;"><a href="#INDEX">Index</a></font><br>
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                  <div style="text-align: center; color: #000000; font-weight: bold;"><a name="SIGNATURES"><!--Anchor--></a>SIGNATURES</div>
                  <div>&#160;</div>
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                    <div style="color: #000000;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>
                    <div><font style="color: #000000;"> </font><br>
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                          <div style="color: #000000;">Date: June 27, 2025</div>
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                        <td style="width: 49.99%; vertical-align: top;" colspan="2">
                          <div style="color: #000000; font-weight: bold;">Aebi Schmidt Holding AG</div>
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                        <td style="width: 50.01%; vertical-align: top;">&#160;</td>
                        <td style="width: 7.99%; vertical-align: top;">&#160;</td>
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                        <td style="width: 50.01%; vertical-align: top;">&#160;</td>
                        <td style="width: 7.99%; vertical-align: top;">
                          <div style="color: #000000;">By:</div>
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                        <td style="width: 41.99%; vertical-align: top;">
                          <div style="color: #000000;"><font style="text-decoration: underline;">/s/ Barend Fruithof</font></div>
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                      <tr>
                        <td style="width: 50.01%; vertical-align: top;">&#160;</td>
                        <td style="width: 7.99%; vertical-align: top;">
                          <div style="color: #000000;">Name:</div>
                        </td>
                        <td style="width: 41.99%; vertical-align: top;">
                          <div style="color: #000000;">Barend Fruithof</div>
                        </td>
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                        <td style="width: 50.01%; vertical-align: top;">&#160;</td>
                        <td style="width: 7.99%; vertical-align: top;">
                          <div style="color: #000000;">Title:</div>
                        </td>
                        <td style="width: 41.99%; vertical-align: top;">
                          <div style="color: #000000;">Group CEO</div>
                        </td>
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                      <tr>
                        <td style="width: 50.01%; vertical-align: top;" rowspan="1">&#160;</td>
                        <td style="width: 7.99%; vertical-align: top;" rowspan="1">&#160;</td>
                        <td style="width: 41.99%; vertical-align: top;" rowspan="1">&#160;</td>
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                        <td style="width: 50.01%; vertical-align: top;">&#160;</td>
                        <td style="width: 7.99%; vertical-align: top;">
                          <div style="color: #000000;">By:</div>
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                        <td style="width: 41.99%; vertical-align: top;">
                          <div style="color: #000000;"><font style="text-decoration: underline;">/s/ Thomas Schenkirsch</font></div>
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                      <tr>
                        <td style="width: 50.01%; vertical-align: top;">&#160;</td>
                        <td style="width: 7.99%; vertical-align: top;">
                          <div style="color: #000000;">Name:</div>
                        </td>
                        <td style="width: 41.99%; vertical-align: top;">
                          <div style="color: #000000;">Thomas Schenkirsch</div>
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                        <td style="width: 50.01%; vertical-align: top;">&#160;</td>
                        <td style="width: 7.99%; vertical-align: top;">
                          <div style="color: #000000;">Title:</div>
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                        <td style="width: 41.99%; vertical-align: top;">
                          <div style="color: #000000;">Head Group Strategic Development</div>
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                        <td style="width: 50.01%; vertical-align: top;" rowspan="1"><br>
                        </td>
                        <td style="width: 7.99%; vertical-align: top;" rowspan="1"><br>
                        </td>
                        <td style="width: 41.99%; vertical-align: top;" rowspan="1"><br>
                        </td>
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                        <td style="width: 50.01%; vertical-align: top;" rowspan="1"><br>
                        </td>
                        <td style="width: 7.99%; vertical-align: top;" rowspan="1">
                          <div style="color: #000000;">By:</div>
                        </td>
                        <td style="width: 41.99%; vertical-align: top;" rowspan="1"><font style="text-decoration: underline;">/s/ Marco Portmann</font><br>
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                        <td style="width: 50.01%; vertical-align: top;" rowspan="1"><br>
                        </td>
                        <td style="width: 7.99%; vertical-align: top;" rowspan="1">
                          <div style="color: #000000;">Name:</div>
                        </td>
                        <td style="width: 41.99%; vertical-align: top;" rowspan="1">Marco Portmann</td>
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                      <tr>
                        <td style="width: 50.01%; vertical-align: top;" rowspan="1"><br>
                        </td>
                        <td style="width: 7.99%; vertical-align: top;" rowspan="1">
                          <div style="color: #000000;">Title:</div>
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                        <td style="width: 41.99%; vertical-align: top;" rowspan="1">Group CFO<br>
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