<SEC-DOCUMENT>0000921895-24-001390.txt : 20240611
<SEC-HEADER>0000921895-24-001390.hdr.sgml : 20240611
<ACCEPTANCE-DATETIME>20240611172302
ACCESSION NUMBER:		0000921895-24-001390
CONFORMED SUBMISSION TYPE:	DEFC14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240611
DATE AS OF CHANGE:		20240611

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Enhabit, Inc.
		CENTRAL INDEX KEY:			0001803737
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-HOME HEALTH CARE SERVICES [8082]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		IRS NUMBER:				472409192
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFC14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41406
		FILM NUMBER:		241036801

	BUSINESS ADDRESS:	
		STREET 1:		6688 N. CENTRAL EXPRESSWAY, SUITE 1300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75206
		BUSINESS PHONE:		4696216419

	MAIL ADDRESS:	
		STREET 1:		6688 N. CENTRAL EXPRESSWAY, SUITE 1300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75206

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Encompass Health Home Health Holdings, Inc.
		DATE OF NAME CHANGE:	20200218

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AREX Capital Management, LP
		CENTRAL INDEX KEY:			0001800261
		ORGANIZATION NAME:           	
		IRS NUMBER:				815477716
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		DEFC14A

	BUSINESS ADDRESS:	
		STREET 1:		10 EAST 53RD STREET
		STREET 2:		11TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		646-679-4000

	MAIL ADDRESS:	
		STREET 1:		10 EAST 53RD STREET
		STREET 2:		11TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFC14A
<SEQUENCE>1
<FILENAME>defc14a12397015_06112024.htm
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Rule 14a-101)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Information Required in Proxy Statement</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Schedule 14a Information</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by the Registrant &#9744;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by a Party other than the Registrant &#9746;</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD>Preliminary Proxy Statement</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD>Confidential, for Use of the Commission Only (as permitted
by Rule 14a-6(e)(2))</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9746;</TD><TD>Definitive Proxy Statement</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD>Definitive Additional Materials</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD>Soliciting Material Under Rule 14a-12</TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
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    <TD STYLE="width: 100%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="text-transform: uppercase">ENHABIT,
inc.</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">(Name of Registrant as Specified in Its Charter)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
<DIV STYLE="padding: 0in; border-bottom: Black 0.5pt solid">

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AREX CAPITAL MASTER FUND, LP&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AREX CAPITAL PARTNERS, LP</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AREX CAPITAL, LTD.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AREX CAPITAL GP, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">AREX
CAPITAL MANAGEMENT, LP</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">AREX
CAPITAL MANAGEMENT GP, LLC</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">ANDREW
RECHTSCHAFFEN</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">JAMES
T. CORCORAN</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">MEGAN
AMBERS</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">MAXINE
HOCHHAUSER</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">MARK
W. OHLENDORF</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">ANNA-GENE
O&rsquo;NEAL</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">DR.
GREGORY S. SHEFF</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">JUAN
VALLARINO</FONT></P>
</DIV></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">(Name of Persons(s) Filing Proxy Statement, if Other Than the Registrant)</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Filing Fee (Check all boxes that apply):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9746;</TD><TD>No fee required</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD>Fee paid previously with preliminary materials</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Fee computed on table in exhibit required by Item 25(b) per
Exchange Act Rules &#9;14a-6(i)(1) and 0-11</TD>
</TR></TABLE>

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AREX CAPITAL MASTER FUND, LP<BR>
<BR>
</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">June 11, 2024&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">AREX Capital Master
Fund, LP, an exempted limited partnership organized under the laws of the Cayman Islands, together with certain of its affiliates (&ldquo;AREX,&rdquo;
 &ldquo;we&rdquo; or &ldquo;us&rdquo;) and the other participants named herein are significant stockholders of Enhabit, Inc., a Delaware
corporation (the &ldquo;Company&rdquo; or &ldquo;Enhabit&rdquo;) who beneficially own, in the aggregate, 2,446,162 shares of Common Stock,
par value $0.01 per share (the &ldquo;Common Stock&rdquo;), of the Company, constituting approximately 4.9% of the outstanding Common
Stock. We believe meaningful change to the composition of the Board of Directors of the Company (the &ldquo;Board&rdquo;) is urgently
needed to ensure that the Company is being run in a manner consistent with your best interests. Accordingly, we are seeking your support
for the election of our seven (7) highly-qualified nominees, Megan Ambers, James T. Corcoran, Maxine Hochhauser, Mark W. Ohlendorf, Anna-Gene
O&rsquo;Neal, Dr. Gregory S. Sheff, and Juan Vallarino (collectively, the &ldquo;AREX Nominees&rdquo;) to the Board at the 2024 annual
meeting of stockholders to be held on July 25, 2024, at 9:00 a.m. (CDT) virtually at www.cesonlineservices.com/ehab24_vm (including any
adjournments, postponements or continuations thereof and any meeting which may be called in lieu thereof, the &ldquo;Annual Meeting&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are currently thirteen
(13) directors serving on the Board, all of whom have terms expiring at the Annual Meeting; however, the Company has disclosed that four
(4) incumbent directors will not be standing for re-election at the Annual Meeting and the size of the Board will be reduced to nine (9)
directors following the Annual Meeting. The Company has nominated nine (9) directors for election at the Annual Meeting. Through the attached
Proxy Statement and enclosed <B>WHITE</B> universal proxy card, we are soliciting proxies to elect not only our seven (7) AREX Nominees,
but also two (2) of the Company&rsquo;s nominees whose election we do not oppose. AREX and the Company will each be using a universal
proxy card for voting on the election of directors at the Annual Meeting, which will include the names of all nominees for election to
the Board. Stockholders will have the ability to vote for up to nine (9) nominees on AREX&rsquo;s enclosed <B>WHITE</B> universal proxy
card. Any stockholder who wishes to vote for any combination of the Company&rsquo;s nominees and the AREX Nominees may do so on AREX&rsquo;s
enclosed <B>WHITE</B> universal proxy card. There is no need to use the Company&rsquo;s yellow universal proxy card or voting instruction
form, regardless of how you wish to vote. In any case, we recommend that the stockholders vote in favor of the AREX Nominees, who we believe
are most qualified to serve as directors in order to achieve a Board composition that we believe is in the best interest of all stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We strongly believe that
stockholders will benefit from a meaningfully reconstituted Board that includes the addition of independent directors with extensive
industry experience and a shared objective of enhancing value for the benefit of all Enhabit stockholders. The individuals that we have
nominated are highly qualified, significantly experienced and ready to ensure that the interests of stockholders, the true owners of
Enhabit, are appropriately represented in the boardroom.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We urge you to carefully
consider the information contained in the attached Proxy Statement and then support our efforts by signing, dating and returning the
enclosed <B>WHITE </B>universal proxy card today. The attached Proxy Statement and the enclosed <B>WHITE </B>universal proxy card are
first being sent to the stockholders on or about June 11, 2024.&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you have already voted
for the incumbent management slate, you have every right to change your vote by signing, dating and returning a later dated <B>WHITE </B>universal
proxy card or by voting virtually at the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you have any questions
or require any assistance with your vote, please contact Saratoga Proxy Consulting LLC, which is assisting us, at its address and toll-free
number listed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Thank you for your support,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">/s/ Andrew Rechtschaffen</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">AREX Capital Master Fund, LP</P>
</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 100%; border: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>If you have any questions, require assistance
in voting your <B>WHITE </B>universal proxy card,</I>&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>or need additional copies of AREX&rsquo;s
proxy materials,</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>please contact:</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><IMG SRC="image_001.jpg" ALT=""></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Stockholders call toll-free at (888)
    368-0379 or (212) 257-1311</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Email: rehabEHAB@Saratogaproxy.com</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red">&nbsp;</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2024 ANNUAL MEETING OF STOCKHOLDERS</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">enhabit,
INC.</FONT><FONT STYLE="font-weight: normal"><BR>
_________________________<BR>
<BR>
</FONT>PROXY STATEMENT<BR>
OF<BR>
AREX CAPITAL MASTER FUND, LP<FONT STYLE="font-weight: normal"><BR>
_________________________<BR>
<BR>
</FONT>PLEASE SIGN, DATE AND MAIL THE ENCLOSED WHITE UNIVERSAL PROXY CARD TODAY</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">AREX Capital Master
Fund, LP, an exempted limited partnership organized under the laws of the Cayman Islands (&ldquo;AREX Capital Master&rdquo; and, together
with its affiliates named herein, &ldquo;AREX,&rdquo; &ldquo;we&rdquo; or &ldquo;us&rdquo;) and the other participants in this solicitation
are significant stockholders of Enhabit, Inc., a Delaware corporation (the &ldquo;Company,&rdquo; &ldquo;Enhabit&rdquo; or &ldquo;EHAB&rdquo;),
who beneficially own, in the aggregate, 2,446,162 shares of Common Stock, par value $0.01 per share (the &ldquo;Common Stock&rdquo;),
of the Company, constituting approximately 4.9% of the outstanding shares of Common Stock. We believe that the Board of Directors of
the Company (the &ldquo;Board&rdquo;) must be meaningfully reconstituted to ensure that the Board takes the necessary steps to maximize
value for all of the Company&rsquo;s stockholders. To that end, we have nominated seven (7) highly-qualified directors for election at
the 2024 annual meeting of stockholders (including any adjournments, postponements or continuations thereof and any meeting which may
be called in lieu thereof, the &ldquo;Annual Meeting&rdquo;) who have strong, relevant backgrounds and who are committed to fully exploring
all opportunities to unlock stockholder value. The Annual Meeting will be held in virtual format on July 25, 2024, at 9:00 a.m. (CDT),
via a live audio webcast at <FONT STYLE="background-color: white">www.cesonlineservices.com/ehab24_vm</FONT>, where stockholders will
have an opportunity:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">To elect our seven (7) director nominees, Megan Ambers, James T. Corcoran, Maxine Hochhauser, Mark W.
Ohlendorf, Anna-Gene O&rsquo;Neal, Dr. Gregory S. Sheff, and Juan Vallarino (each a &ldquo;AREX Nominee&rdquo; and collectively, the &ldquo;AREX
Nominees&rdquo;) to the Board to hold office until the 2025 annual meeting of stockholders (the &ldquo;2025 Annual Meeting&rdquo;);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">To vote on the Company&rsquo;s proposal to ratify the appointment by the Company&rsquo;s Audit &amp; Finance
Committee of PricewaterhouseCoopers LLP as the Company&rsquo;s independent registered public accounting firm;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">To vote on the Company&rsquo;s proposal to approve, on an advisory basis, the compensation of the Company&rsquo;s
named executive officers; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">To transact such other business as may properly come before the Annual Meeting.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Proxy Statement and
the enclosed <B>WHITE </B>universal proxy card are first being mailed to stockholders on or about June 11, 2024.&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has disclosed
that the Annual Meeting will take place in a virtual meeting format only. Stockholders will not be able to attend the Annual Meeting in
person. For further information on how to attend and vote virtually at the Annual Meeting and by proxy please see the &ldquo;VOTING AND
PROXY PROCEDURES&rdquo; and &ldquo;VIRTUAL MEETING&rdquo; sections of this Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">There are currently
thirteen (13) directors serving on the Board, all of whom have terms expiring at the Annual Meeting; however, the Company has disclosed
that four (4) incumbent directors will not be standing for re-election at the Annual Meeting and the size of the Board will be reduced
to nine (9) directors following the Annual Meeting. The Company has nominated nine (9) directors for election at the Annual Meeting.
Through this Proxy Statement and enclosed <B>WHITE</B> universal proxy card, we are soliciting proxies to elect not only the seven (7)
AREX Nominees, but also two (2) of the Company&rsquo;s nominees whose election we do not oppose, Barbara A. Jacobsmeyer and Barry P.
Schochet (together, the &ldquo;Unopposed Company Nominees&rdquo;). AREX and EHAB will each be using a universal proxy card for voting
on the election of directors at the Annual Meeting, which will include the names of all nominees for election to the Board. Stockholders
will have the ability to vote for up to nine (9) nominees on the enclosed <B>WHITE</B> universal proxy card. There is no need to use
the Company&rsquo;s yellow universal proxy card or voting instruction form once distributed, regardless of how you wish to vote.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Your vote to elect the AREX
Nominees will have the legal effect of replacing seven (7) incumbent directors. If all seven (7) of the AREX Nominees are elected, they
will constitute a majority of the Board. If fewer than five (5) of the AREX Nominees are elected, they will comprise less than a majority
of the Board and there can be no guarantee that the AREX Nominees will be able to implement the actions that they believe are necessary
to unlock stockholder value. There is no assurance that any of the Company&rsquo;s nominees will serve as directors if all or some of
the AREX Nominees are elected. The names, background and qualifications of the Company&rsquo;s nominees, and other information about them,
can be found in the Company&rsquo;s proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Stockholders are permitted
to vote for less than nine (9) or any combination (up to nine (9) total) of the AREX Nominees and the Company&rsquo;s nominees on the
enclosed <B>WHITE </B>universal proxy card. However, if stockholders choose to vote for any of the Company&rsquo;s nominees, we recommend
that stockholders vote in favor of only the Company nominees who we believe are the most qualified to serve as directors &ndash; the Unopposed
Company Nominees &ndash; to help achieve a Board composition that we believe is in the best interest of all stockholders. We recommend
that stockholders do not vote for any of the Company&rsquo;s nominees other than the Unopposed Company Nominees. Among other potential
consequences, voting for Company nominees other than the Unopposed Company Nominees may result in the failure of one or all of the AREX
Nominees to be elected to the Board. We believe the best opportunity for the AREX Nominees to be elected is by voting on the <B>WHITE
</B>universal proxy card. AREX therefore urges stockholders using our <B>WHITE </B>universal proxy card to vote &ldquo;<B>FOR</B>&rdquo;
all of the AREX Nominees and &ldquo;<B>FOR</B>&rdquo; the Unopposed Company Nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IF YOU MARK FEWER THAN
NINE (9) &ldquo;FOR&rdquo; BOXES WITH RESPECT TO THE ELECTION OF DIRECTORS, OUR WHITE UNIVERSAL PROXY CARD, WHEN DULY EXECUTED, WILL BE
VOTED ONLY AS DIRECTED. IF NO DIRECTION IS INDICATED WITH RESPECT TO HOW YOU WISH TO VOTE YOUR SHARES, THE PROXIES NAMED THEREIN WILL
VOTE SUCH SHARES &ldquo;FOR&rdquo; THE SEVEN (7) AREX NOMINEES AND THE TWO (2) UNOPPOSED COMPANY NOMINEES.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IMPORTANTLY, IF YOU MARK
MORE THAN NINE (9) &ldquo;FOR&rdquo; BOXES WITH RESPECT TO THE ELECTION OF DIRECTORS, ALL OF YOUR VOTES FOR THE ELECTION OF DIRECTORS
WILL BE DEEMED INVALID.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company has set
the close of business on June 5, 2024 as the record date for determining stockholders entitled to notice of and to vote at the Annual
Meeting (the &ldquo;Record Date&rdquo;). The mailing address of the principal executive offices of the Company is 6688 N. Central Expressway,
Suite 1300, Dallas, Texas 75206. According to the Company&rsquo;s proxy statement, as of the Record Date, there were 50,156,310 shares
of Common Stock outstanding and entitled to vote at the Annual Meeting.&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As of the date hereof,
AREX Capital Master, AREX Capital Partners, LP, a Delaware limited partnership (&ldquo;AREX Capital Partners&rdquo;), AREX Capital, Ltd.,
a Cayman Islands exempted company (&ldquo;AREX Limited&rdquo;), AREX Capital GP, LLC, a Delaware limited liability company (&ldquo;AREX
Capital GP&rdquo;), AREX Capital Management, LP, a Delaware limited partnership (&ldquo;AREX Capital Management&rdquo;), AREX Capital
Management GP, LLC, a Delaware limited liability company (&ldquo;AREX Capital Management GP&rdquo;) and Andrew Rechtschaffen, a citizen
of the United States (collectively, the &ldquo;AREX Group&rdquo;), and each of the AREX Nominees (each a &ldquo;Participant&rdquo; and
collectively, the &ldquo;Participants&rdquo;), collectively beneficially own 2,446,162 shares of Common Stock (the &ldquo;AREX Shares&rdquo;).
We intend to vote the AREX Shares <B>FOR</B> the AREX Nominees and the Unopposed Company Nominees, <B>FOR </B>the ratification of the
appointment of PricewaterhouseCoopers LLP as the Company&rsquo;s independent registered public accounting firm, and <B>FOR</B> the approval
of the advisory vote on the compensation of the Company&rsquo;s named executive officers, as described herein.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We urge you to carefully consider
the information contained in this Proxy Statement and then support our efforts by signing, dating and returning the enclosed <B>WHITE
</B>universal proxy card today.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS SOLICITATION IS BEING
MADE BY AREX AND NOT ON BEHALF OF THE BOARD OR MANAGEMENT OF THE COMPANY. WE ARE NOT AWARE OF ANY OTHER MATTERS TO BE BROUGHT BEFORE THE
ANNUAL MEETING OTHER THAN AS SET FORTH IN THIS PROXY STATEMENT. SHOULD OTHER MATTERS, WHICH AREX IS NOT AWARE OF A REASONABLE TIME BEFORE
THIS SOLICITATION, BE BROUGHT BEFORE THE ANNUAL MEETING, THE PERSONS NAMED AS PROXIES IN THE ENCLOSED <B>WHITE </B>UNIVERSAL PROXY CARD
WILL VOTE ON SUCH MATTERS IN THEIR DISCRETION.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">AREX URGES YOU TO SIGN, DATE
AND RETURN THE <B>WHITE</B> UNIVERSAL PROXY CARD IN FAVOR OF THE ELECTION OF THE AREX NOMINEES.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IF YOU HAVE ALREADY SENT A
UNIVERSAL PROXY CARD FURNISHED BY COMPANY MANAGEMENT OR THE BOARD, YOU MAY REVOKE THAT PROXY AND VOTE ON EACH OF THE PROPOSALS DESCRIBED
IN THIS PROXY STATEMENT BY SIGNING, DATING, AND RETURNING THE ENCLOSED <B>WHITE </B>UNIVERSAL PROXY CARD. THE LATEST DATED PROXY IS THE
ONLY ONE THAT COUNTS. ANY PROXY MAY BE REVOKED AT ANY TIME PRIOR TO THE ANNUAL MEETING BY DELIVERING A WRITTEN NOTICE OF REVOCATION OR
A LATER DATED PROXY FOR THE ANNUAL MEETING OR BY VOTING ELECTRONICALLY AT THE ANNUAL MEETING.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Important Notice Regarding the Availability
of Proxy Materials for the Annual Meeting&mdash;<BR>
This Proxy Statement and our WHITE universal proxy card are available at</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>https://www.rehabEHAB.com</B><BR></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Your vote is important,
no matter the number of shares of Common Stock you own. AREX urges you to sign, date, and return the enclosed WHITE universal proxy card
today to vote FOR the election of the AREX Nominees and in accordance with AREX&rsquo;s recommendations on the other proposals on the
agenda for the Annual Meeting.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">If
                                            your shares of Common Stock are registered in your own name, please sign and date the enclosed
                                            <B>WHITE </B>universal proxy card and return it to AREX, c/o Saratoga Proxy Consulting LLC
                                            (&#8220;Saratoga&#8221;) in the enclosed postage-paid envelope today. Stockholders also have
                                            the following two options for authorizing a proxy to vote shares registered in their name:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">Via
                                            the Internet at https://www.MyProxyOnline.com at any time prior to 11:59 p.m. (CDT) on July
                                            24, 2024, and follow the instructions provided on the <B>WHITE</B> universal proxy card;
                                            or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">By
                                            telephone, by calling (866) 437-4674 at any time prior to 11:59 p.m. (CDT) on July 24, 2024,
                                            and follow the instructions provided on the <B>WHITE</B> universal proxy card.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">If your shares of Common Stock are held in a brokerage account or bank, you are considered the beneficial
owner of the shares of Common Stock, and these proxy materials, together with a <B>WHITE</B> voting form, are being forwarded to you by
your broker or bank. As a beneficial owner, you must instruct your broker, trustee or other representative how to vote. Your broker cannot
vote your shares of Common Stock on your behalf without your instructions. As a beneficial owner, you may vote the shares virtually at
the Annual Meeting only if you obtain a legal proxy from the broker or bank giving you the rights to vote the shares.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Depending upon your broker or custodian, you may be able to vote either by toll-free telephone or by the
Internet. Please refer to the enclosed <B>WHITE</B> voting instruction form for instructions on how to vote electronically. You may also
vote by signing, dating and returning the enclosed <B>WHITE</B> voting form.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">You may vote your shares virtually at the Annual Meeting. Even if you plan to attend the Annual Meeting,
we recommend that you submit your <B>WHITE </B>universal proxy card by mail by the applicable deadline so that your vote will be counted
if you later decide not to attend the Annual Meeting.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As AREX is using a &ldquo;universal&rdquo;
proxy card containing both of the AREX Nominees as well as the Company&rsquo;s nominees, there is no need to use any other proxy card
regardless of how you intend to vote. <B>AREX strongly urges you NOT to sign or return any yellow proxy cards or voting instruction forms
that you may receive from the Company.</B> Even if you return the Company&rsquo;s yellow proxy card marked &ldquo;withhold&rdquo; as a
protest against the incumbent directors, it will revoke any proxy card you may have previously sent to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 100%; border: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>If you have any questions, require assistance
in voting your <B>WHITE </B>universal proxy card,</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>or need additional copies of AREX&rsquo;s
proxy materials,</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>please contact:</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><IMG SRC="image_001.jpg" ALT=""></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Stockholders call toll-free at (888)
    368-0379 or (212) 257-1311</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Email: rehabEHAB@Saratogaproxy.com</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BACKGROUND TO THE SOLICITATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a chronology of material events
leading up to this proxy solicitation:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On July 1, 2022, Encompass Health Corporation (NYSE: EHC) (&ldquo;Encompass&rdquo;) completed the previously
announced separation of its home health and hospice business through the distribution of all the outstanding shares of Common Stock of
Enhabit to the stockholders of Encompass (the &ldquo;Spin-off&rdquo;). Enhabit became an independent public company, and the Common Stock
began trading under the symbol &ldquo;EHAB&rdquo; on the New York Stock Exchange (&ldquo;NYSE&rdquo;).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">From August 2022 to May 2023, AREX regularly engaged with Enhabit&rsquo;s
management, including Chief Executive Officer Barbara Jacobsmeyer and Chief Financial Officer Crissy Carlisle, to discuss the Company&rsquo;s
performance and outlook.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On March 30, 2023, Enhabit announced an agreement with Cruiser Capital
Advisors LLC and Harbour Point Capital Management LP, pursuant to which Stuart M. McGuigan and Barry P. Schochet were appointed to the
Board, temporarily expanding it to 13 directors. The Company also disclosed that at least 4 of the 5 legacy Encompass directors would
step down from the Board at or before the Annual Meeting.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On April 3, 2023, Enhabit disclosed that it would be unable to timely file its Annual Report on Form 10-K
for the fiscal year ended December 31, 2022 (the &ldquo;FY 2022 10-K&rdquo;), because it needed additional time to complete its goodwill
impairment analysis and had identified a material weakness in its internal controls over financial reporting relating to its accounts
receivable methodology controls.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Also on April 3, 2023, AREX spoke with Ms. Jacobsmeyer, Ms. Carlisle and then head of investor relations,
Mark Brewer, to discuss the Company&rsquo;s disclosure of a material weakness in its internal controls.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On April 14, 2023, Enhabit belatedly filed its FY 2022 10-K.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On May 5, 2023, AREX sent a letter to the Board in which it discussed the
Company&rsquo;s poor share price performance and its views on the dismal investor communications and the Company&rsquo;s inability to
file its FY 2022 10-K in a timely manner due to a material weakness in its internal controls. AREX also recommended that the Board refresh
itself with greater urgency and comprehensiveness. In furtherance of this, AREX requested that two highly qualified healthcare executives
be placed on the Board immediately and that all legacy Encompass directors resign concurrently. In the letter, AREX also requested that
the Board commit to a review of strategic alternatives before the end of 2023 in light of the strategic interest in home health assets
evidenced by the recently announced merger between peer company, Amedisys, Inc. (NASDAQ: AMED) (&ldquo;Amedisys&rdquo;), a leading provider
of home health, hospice and high-acuity care, and Option Care Health, Inc. (NASDAQ: OPCH).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On May 30, 2023, AREX met virtually with Ms. Jacobsmeyer and General Counsel
and Secretary, Dylan Black to discuss AREX&rsquo;s requests for Board refreshment and a commitment from the Company to undertake a review
of strategic alternatives before the end of 2023. In support of its contention that a strategic review was warranted, AREX referenced
media reports of acquisition interest in the Company four months prior to the Spin-off. The Company agreed to interview the two candidates
suggested by AREX and agreed to discuss AREX&rsquo;s views with the full Board and revert shortly.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On June 9, 2023, AREX received an email from Ms. Jacobsmeyer in which she
stated that she was not at liberty to share any specifics regarding Board deliberations but gave assurances that the Board was aware of
AREX&rsquo;s perspectives on the Company initiating a strategic review process and the need for urgent Board refreshment, and she advised
that the Board was open to considering any path in the best interest of stockholders.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On June 13, 2023, AREX issued an open letter to the Board in which it outlined concerns with the Company&rsquo;s
dramatic share price underperformance since the Spin-off. AREX also reiterated its request that the Board commit to launching a review
of strategic alternatives before the end of 2023 in light of what it saw as a promising market environment, evidenced by the then ongoing
public bidding war for Amedisys.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On August 1, 2023, Ms. Jacobsmeyer notified AREX via e-mail that the Board
had thoroughly discussed the review of strategic alternatives at its most recent Board meeting. She also informed AREX that the Company&rsquo;s
executive search firm had interviewed each of AREX&rsquo;s suggested director candidates but that the Board did not anticipate adding
any directors in the near future.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On August 9, 2023, Enhabit released its second quarter 2023 earnings report and dramatically lowered its
full-year 2023 guidance. It also announced that it was undertaking steps to attempt to satisfy the conditions in its Tax Matters Agreement
(the &ldquo;TMA&rdquo;) entered into with Encompass in connection with the Spin-off, and that, upon satisfaction of those conditions,
the Board intended to launch a strategic alternatives process with the assistance of independent advisors. The Company held a conference
call to discuss its earnings the following day.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On August 14, 2023, AREX issued an open letter to the Board in which it
applauded Enhabit&rsquo;s decision to launch a strategic alternatives process and stated that it expected the requisite tax opinion in
connection with the TMA to be delivered promptly. AREX also publicly requested that the legacy Encompass directors immediately step down
from the Board to alleviate any investor concerns that the prior disappointing decisions by the Board might stymie the strategic alternatives
process.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On August 23, 2023, Enhabit announced that it had satisfied the conditions in the TMA and that the Company
had formally initiated a review of strategic alternatives.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On October 2, 2023, Enhabit disclosed that it had entered into a Limited Waiver (the &ldquo;Limited Waiver&rdquo;)
with Wells Fargo Bank, National Association, as administrative agent to the other lenders (the &ldquo;Administrative Agent&rdquo;) under
its Credit Agreement, dated as of June 1, 2022, among the Company, as borrower, the Administrative Agent, as administrative agent, collateral
agent, and swingline lender, and the other lenders party thereto, and the First Amendment to Credit Agreement dated as of June 27, 2023
(as amended, the &ldquo;Credit Agreement&rdquo;).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On October 3, 2023, AREX met virtually with Ms. Jacobsmeyer and Ms. Carlisle to discuss AREX&rsquo;s concerns
regarding what it viewed as the Company&rsquo;s failure to provide adequate disclosure on the Limited Waiver of its Total Net Leverage
Ratio <FONT STYLE="background-color: white">(as defined in the Credit Agreement)</FONT> covenant for the next required test date of September
30, 2023.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On October 4, 2023, AREX met virtually with Enhabit&rsquo;s Chairperson Leo I. Higdon, Jr., Ms. Jacobsmeyer
and Ms. Carlisle to further discuss the Company&rsquo;s disclosure surrounding the Limited Waiver.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On October 5, 2023, AREX issued an open letter to the Board in which it
criticized the Company for its consistently poor communications as exemplified by its inept disclosure of the Limited Waiver and expressed
its belief that an effectively conducted strategic review process should lead to a sale of the Company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On January 16, 2024, AREX met virtually with Ms. Jacobsmeyer and Ms. Carlisle to reiterate its previously
stated belief that a sale of the Company was the best outcome for stockholders and that AREX would act to protect its rights as a stockholder
if the Company was not sold.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On March 6, 2024, Enhabit released its fourth quarter 2023 earnings report
and issued its full-year 2023 guidance. The Company held a conference call to discuss its earnings the following day, during which it
affirmed that discussions with interested parties were ongoing and that the strategic review process was in its later stages.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On March 12, 2024, AREX met virtually with Board members L. Edward Shaw,
Jr. and Jeffrey W. Bolton. AREX informed the directors that it would be nominating director candidates for election to the Board at the
Annual Meeting but that it would refrain from publicizing its nomination at that time to avoid disrupting the strategic review process.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">On
                                            March 22, 2024, AREX delivered a notice of nomination to the Company nominating the AREX
                                            Nominees for election to the Board at the Annual Meeting (the &ldquo;Nomination Notice&rdquo;).</P></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On May 8, 2024, Enhabit released its first quarter 2024 earnings report.
The Company also announced the conclusion of its strategic review process, with the Board unanimously determining that the Company would
remain an independent, public company. The Company further announced that 4 of the legacy Encompass directors would not be standing for
election at the Annual Meeting and that the Board would be shrinking from 13 directors to 9 directors following the Annual Meeting. The
Company held a conference call to discuss its earnings the following day.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On May 9, 2024, AREX released a public statement expressing its disappointment in the outcome of the strategic
review and announced that it had nominated the AREX Nominees for election to the Board at the Annual Meeting.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">On
                                            May 23, 2024, the Company filed its preliminary proxy statement with the Securities and Exchange
                                            Commission (the &#8220;SEC&#8221;).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">On May 28, 2024, AREX filed its preliminary proxy statement with the SEC.</P></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">On
                                            May 29, 2024, AREX issued an open letter to the stockholders of the Company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">On
                                            May 30, 2024, AREX delivered a letter to the Company requesting the inspection of certain
                                            stockholder list materials and related information pursuant to Section 220 of the Delaware
                                            General Corporation Law (the &#8220;Stockholder List Demand&#8221;).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">On
                                            May 31, 2024, AREX delivered a supplement to the Nomination Notice to the Company in accordance
                                            with the Company&#8217;s Amended and Restated Bylaws (the &#8220;Bylaws&#8221;).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">On
                                            June 6, 2024, the Company responded to the Stockholder List Demand.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">On
                                            June 7, 2024, AREX delivered an additional supplement to the Nomination Notice to the Company
                                            in accordance with the Bylaws.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">On
                                            June 10, 2024, the Company filed its definitive proxy statement with the SEC and issued an
                                            open letter to its stockholders.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">On June 10, 2024, AREX filed its revised preliminary proxy statement with the SEC.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">On June 11, 2024, AREX filed this definitive proxy statement with the SEC.</TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REASONS FOR THE SOLICITATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have been Enhabit stockholders
since the Spin-off in July 2022 and we have spent nearly two years engaging in good faith with the Board and advocating for improvements
at the Company. We believe Enhabit is well-positioned to compete in the highly fragmented and secularly growing home health and hospice
industries&mdash;industries that we expect to be a key part of the solution to our nation&rsquo;s health care spending challenges, and
which we anticipate will greatly benefit from the aging population.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Given the abysmal
experience that Enhabit&rsquo;s stockholders have endured under the watch of its existing Board, we would have expected the Board to
constructively engage with us regarding our ideas and rationale for nominating the AREX Nominees for election at the Annual Meeting.
We believe that it should be clear to the Board that a significant reconstitution of its membership is required and warranted. A Board
that has presided over a more than 60% decline in the Company&rsquo;s share price over a two-year period should, in our view, have the
humility to acknowledge that it cannot and should not continue in its current form. Merely confirming the already-planned retirement
of four directors who we believe should never have been seated on the Board in the first place and were given retention grants not awarded
to Enhabit&rsquo;s non-legacy directors is, from our perspective, a complete mockery of the term &ldquo;Board refreshment.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Regrettably, the Board
has not made any real effort to engage with us in good faith. We believe Enhabit&rsquo;s stockholders have suffered from the Board&rsquo;s
failure to adequately supervise the Company&rsquo;s inexperienced management team, which has struggled both to navigate industry challenges
as dexterously as peers and to communicate effectively with investors. What the Board was in fact overseeing was, in our view, enormous
destruction of stockholder value on an absolute basis and dramatic underperformance versus peers and the market in general.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total
    Stockholder Return</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 31%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Since
    Spin-Off <SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 31%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1-Year
    <SUP>(3)</SUP></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Enhabit</FONT></TD>
    <TD STYLE="padding-right: 0.25in; padding-bottom: 12pt; padding-left: 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: red">(61.5%)</FONT></TD>
    <TD STYLE="padding-right: 0.25in; padding-bottom: 12pt; padding-left: 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: red">(28.9%)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Proxy
    Peer Group <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.25in; padding-bottom: 12pt; padding-left: 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: red">(10.7%)</FONT></TD>
    <TD STYLE="padding-right: 0.25in; padding-bottom: 12pt; padding-left: 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: red">(3.6%)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Russell
    2000 Index</FONT></TD>
    <TD STYLE="padding-right: 0.25in; padding-bottom: 12pt; padding-left: 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">24.6%</FONT></TD>
    <TD STYLE="padding-right: 0.25in; padding-bottom: 12pt; padding-left: 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">18.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.25in; padding-bottom: 12pt; padding-left: 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.25in; padding-bottom: 12pt; padding-left: 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Enhabit
    Underperformance vs:</FONT></TD>
    <TD STYLE="padding-right: 0.25in; padding-bottom: 12pt; padding-left: 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.25in; padding-bottom: 12pt; padding-left: 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 17.15pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Proxy
    Peer Set </FONT></TD>
    <TD STYLE="padding-right: 0.25in; padding-bottom: 12pt; padding-left: 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: red">(50.8%)</FONT></TD>
    <TD STYLE="padding-right: 0.25in; padding-bottom: 12pt; padding-left: 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: red">(25.3%)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 12pt; padding-left: 17.15pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Russell
    2000 Index</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0.25in; padding-bottom: 12pt; padding-left: 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: red">(86.1%)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0.25in; padding-bottom: 12pt; padding-left: 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: red">(47.8%)</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">Reflects the average total stockholder return of Enhabit&rsquo;s 2024 Compensation
Peer Group as disclosed in the Company&rsquo;s definitive proxy statement, comprising the following: Addus HomeCare Corporation; Amedisys,
Inc.; America Oncology Network, Inc.; Aveanna Healthcare Holdings, Inc.; Cross Country Healthcare, Inc.; DocGo Inc.; InnovAge Holding
Corp.; LifeStance Health Group, Inc.; ModivCare, Inc.; National HealthCare Corporation; P3 Health Partners Inc.; Pediatrix Medical Group,
Inc.; The Ensign Group, Inc.; The Pennant Group, Inc.; Premier, Inc.; and U.S. Physical Therapy, Inc.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify">Total stockholder return from June 30, 2022 through May 24, 2024. As the Spin-off was completed on the
morning of July 1, 2022, the metric incorporates the closing price of Enhabit&rsquo;s when-issued stock on June 30, 2022.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify">Total stockholder return from May 24, 2023 through May 24, 2024.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In fact, we have only spoken
directly with non-executive directors twice in the past year, while the Board was supervising Enhabit&rsquo;s apparent slow-moving train
wreck: once last October in the aftermath of the Company&rsquo;s failure to provide adequate disclosure surrounding its receipt of a Limited
Waiver of its leverage covenant under its Credit Agreement, and once in March when we advised the Board of our intention to nominate a
slate of directors. Both of those conversations were extremely one-sided, but we assumed that the Board would engage with us once the
strategic review blackout had ended. We were mistaken.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>A History of Underperformance and Strategic
Missteps</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Enhabit&rsquo;s challenges
as a standalone company began immediately after its separation from Encompass. Enhabit&rsquo;s &ldquo;original sin&rdquo; was the replacement
of a deeply experienced senior management team with executives with no prior hands-on involvement in the home health or hospice industries.
This lack of specialized knowledge was exacerbated by a Board that was similarly devoid of relevant operating expertise. While the Board
possessed generally solid r&eacute;sum&eacute;s, it lacked the industry-specific familiarity to guide a novice management team through
industry-specific challenges. The risks of such a marriage quickly presented themselves. Starting with Enhabit&rsquo;s first quarterly
report just weeks after its public debut, the Company began a chronic pattern of missing consensus expectations and lowering financial
guidance. The impact of these missteps was then further amplified by a litany of debacles: a failure to file its first annual report on
time, a financial restatement, a revolving door of investor relations professionals, and what we believe to be persistently poor investor
communications.</P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 4.5pt; text-align: justify; text-indent: -4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1
</SUP></FONT>In connection with Enhabit&rsquo;s spin-off, the legacy Encompass directors
each received &ldquo;Founder RSU Awards&rdquo; of $187,500 in stock that were not awarded to the other Enhabit directors, according to
the Company&rsquo;s proxy statement for its 2023 annual meeting of stockholders.</P>


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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In an attempt to be collaborative
and helpful to a Company that we saw as clearly flailing, we recruited two directors with highly relevant experience, including one with
leadership roles at several large home health companies. In May 2023, we suggested that they be seated on Enhabit&rsquo;s Board to fill
what we then viewed and continue to view as the clear gap in the Board&rsquo;s skills matrix relating to relevant operating experience.
We felt strongly that their skillsets could help unlock value for all stockholders. Unfortunately, the Company appeared to ignore our
recommendations. We believe it is unconscionable that the Board would reject such obvious assets to the Company while it was suffering
acute operational challenges and yet allow at least four &ldquo;lame duck&rdquo; directors (the &ldquo;legacy Encompass directors&rdquo;)
to remain on the Board. Furthermore, by removing the legacy Encompass directors we believe had been improperly foisted upon Enhabit stockholders
(likely due to their having been in violation of the tenure limits in Encompass&rsquo; Corporate Governance Guidelines), the Board would
rid itself of any residual taint of shareholder skepticism related to the strategic review process resulting in its own spin-off.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In our initial May 2023
letter to the Board that included our director suggestions, we also stated our belief that the Company&rsquo;s many self-inflicted wounds
had placed it in the &ldquo;penalty box&rdquo; with investors, but that the recently announced acquisition of Amedisys had clearly demonstrated
the continuing strategic appeal and value of home health and hospice assets. We urged the Company to commit to a strategic review before
the end of the year, as we were concerned that even with flawless execution, the public markets were unlikely to reward the Company with
a valuation comparable to that which a competitive auction would bring.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As we watched the
Company&rsquo;s performance continue to flounder under the seemingly ineffectual current leadership, it became our view that a competitive
auction for the Company would result in a buyer compensating stockholders for some of what we believe has been value destruction overseen
by this Board. The Company&rsquo;s disclosure of the substantial unsolicited interest in Enhabit from potential acquirers only validates
our initial beliefs in Enhabit&rsquo;s strategic value. However, we believe that further debates about the outcome of the strategic review
serves no useful purpose at this juncture&mdash;what matters is pursuing the best path forward to unlock Enhabit&rsquo;s strategic value
for all of its stockholders. To this end, we believe that meaningful change is urgently needed now to rehabilitate Enhabit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We believe there is abundant
evidence that Enhabit&rsquo;s results have been inferior to peers in each of its operating segments (home health, hospice, and home office).
Ultimately, it is our view that the responsibility for persistent underperformance lies squarely with the Board. Given the improving
but still dynamic external landscape, we believe it is vital that the Board possess the industry-specific knowledge to rigorously evaluate
management&rsquo;s strategic and operational choices. Further, it is the Board&rsquo;s responsibility to ensure the Company effectively
navigates changing industry conditions, which its peers have been able to successfully do. The current Board has, we believe, utterly
failed in its stewardship of the Company.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>We Believe the AREX Nominees will Bring Necessary
Experience and Improved Oversight to the Boardroom</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Enhabit stockholders urgently
need Board members with hands-on home health and hospice experience. They need directors who possess the expertise required to create
value and who are specifically focused on that objective&mdash;precisely what the AREX Nominees bring. AREX has meticulously selected
and nominated a diverse, highly qualified group of directors who can apply their extensive industry expertise to address Enhabit&rsquo;s
challenges. The AREX Nominees bring proven operational experience across all facets of home health and hospice, including operations,
clinical activity, and business development. Collectively, the AREX Nominees have a deep understanding of managing payor relationships
and a comprehensive grasp of capital markets. If elected, the AREX Nominees plan to form a dedicated Transformation Committee of the Board
to work seamlessly with management to rehabilitate Enhabit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Our fellow stockholders
deserve a Board that has industry expertise, understands the importance of open and constructive engagement with its stockholders, and
is committed to maximizing value for all stockholders. We believe the AREX Nominees are the right candidates to catalyze these important
changes at Enhabit.&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROPOSAL 1</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ELECTION OF DIRECTORS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are currently thirteen
(13) directors serving on the Board, all of whom have terms expiring at the Annual Meeting; however, the Company has disclosed that four
(4) incumbent directors will not be standing for re-election at the Annual Meeting and the size of the Board will be reduced to nine (9)
directors following the Annual Meeting. The Company has nominated nine (9) directors for election at the Annual Meeting. AREX Capital
Master has nominated seven (7) independent, highly qualified nominees for election to the Board to replace seven incumbent directors.
If all seven (7) AREX Nominees are elected, they will represent a majority of the members of the Board. There is no assurance that any
incumbent director will serve as a director if the AREX Nominees are elected to the Board. You should refer to the Company&rsquo;s proxy
statement for the names, background, qualifications and other information concerning the Company&rsquo;s nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Proxy Statement is soliciting
proxies to elect not only the seven (7) AREX Nominees, but also the two (2) Unopposed Company Nominees. We have provided the required
notice to the Company pursuant to the Universal Proxy Rules, including Rule 14a-19(a)(1) under the Securities Exchange Act of 1934, as
amended (the &ldquo;Exchange Act&rdquo;), and intend to solicit the holders of Common Stock representing at least 67% of the voting power
of Common Stock entitled to vote on the election of directors in support of director nominees other than the Company&rsquo;s nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>THE AREX NOMINEES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following information
sets forth the name, age, business address, present principal occupation, and employment and material occupations, positions, offices,
or employments for the past five (5) years of each of the AREX Nominees. The nominations were made in a timely manner and in compliance
with the applicable provisions of the Company&rsquo;s governing instruments. The specific experience, qualifications, attributes and skills
that led us to conclude that the AREX Nominees should serve as directors of the Company are set forth above in the section entitled &ldquo;REASONS
FOR THE SOLICITATION&rdquo; and below. This information has been furnished to us by the AREX Nominees. Each of the AREX Nominees is a
citizen of the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>Megan Ambers</B>, age
42, currently serves as Chief People Officer of Ivy Rehab Network, an industry-leading outpatient and pediatric healthcare provider offering
physical, occupational, speech and ABA therapy, since November 2022. Ms. Ambers previously served as Interim Chief Human Resources Officer
of Amedisys, a leading provider of healthcare in the home, from March 2022 to October 2022. Ms. Ambers also served as Senior Vice President
of Workforce Strategy, Human Resources Innovation and Total Rewards, of Amedisys from October 2018 to March 2022. Prior to that, Ms.
Ambers served as Senior Vice President, Senior Human Resources Business Partner Manager, of The PNC Financial Services Group, Inc. (NYSE:
PNC) (&ldquo;PNC&rdquo;), a bank holding company and financial services corporation, from March 2015 to October 2018. During Ms. Ambers&rsquo;
time at PNC, she also served as Vice President, Senior Talent Manager, from June 2013 to March 2015, as well as Assistant Vice President,
Recruiting Manager, from May 2011 to June 2013. Prior to PNC, Ms. Ambers served as Director, Talent Acquisition, of Rosetta Marketing
Group, LLC, a company that operated as a customer engagement agency to capture and understand human behavior, from 2008 to 2011, which
was acquired by French multinational advertising and public relations company, Publicis Groupe, in 2011. Ms. Ambers previously served
as an Employment Specialist of Signet Jewelers Limited (NYSE: SIG), the world's largest jewelry retailer of diamond jewelry, from 2006
to 2008. Prior to that, Ms. Ambers previously served as Director of Career Development and Recruitment of Northwestern Mutual Financial
Network, a financial services mutual organization providing consultation on wealth and asset income protection, education, retirement,
estate, and business planning, investment advisory services, and trust and private client services, from 2002 to 2006. Ms. Ambers received
her B.A. in Sociology and Business Administration from the University of Akron.&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">AREX believes that Ms. Ambers&rsquo;
experience in driving organization evolution, and deep understanding of labor strategies, operations, payer models, utilization, and organizational
optimization, as well as her expertise in healthcare and home health would make her a valuable addition to the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>James T. Corcoran</B>,
age 41, currently serves as Partner of AREX Capital Management, an investment management firm focused on special situations, activism,
and catalyst-driven investing, since August 2019. Mr. Corcoran founded and served as Chief Executive Officer of Purple Mountain Capital
Partners LLC, a private investment firm, from 2017 to January 2020. Mr. Corcoran previously served as a Principal at Highfields Capital
Management, a value-oriented investment management firm, from 2010 to 2016, where he also served as an analyst from 2010 to 2012. Prior
to that, Mr. Corcoran served as an investment banking analyst for Credit Suisse (USA), Inc., a provider of investment banking services,
in its leveraged finance and restructuring group, from 2006 to 2008, in addition to working in its hedge funds investment group, from
2005 to 2006. Mr. Corcoran served as a member of the board of directors of Tuesday Morning Corporation (NASDAQ: TUES) (&ldquo;Tuesday
Morning&rdquo;), an American discount, off-price retailer specializing in domestic and international, designer and name-brand closeout
merchandise, from 2017 to December 2020, where he also served as a member of the Audit and Nominating and Governance Committees. Mr. Corcoran,
a CFA charterholder, received an A.B. with honors in Economics and Political Science from the University of Chicago, as well as an M.B.A.
from the Harvard Business School.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">AREX believes that Mr. Corcoran&rsquo;s
more than a decade of investing experience, extensive knowledge of capital markets and corporate governance practices, as well as his
experience as a director of a publicly traded company make him a well-qualified addition to the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Maxine Hochhauser</B>,
age 63, currently serves as Chief Executive Officer of HealthPRO Heritage, a national rehab and health innovations company, since April
2023. Ms. Hochhauser previously served as President of the Home and Community Based Services Division of LHC Group, Inc., a provider of
in-home healthcare services and innovations for communities around the nation, from January 2019 to April 2023. Prior to that, Ms. Hochhauser
served as the Chief Operating Officer of Addus HomeCare Corporation (NASDAQ: ADUS) from 2014 to 2017. Ms. Hochhauser previously served
as Senior Vice President of Enterprise Operations of Amedisys, a leading provider of healthcare in the home with a vision of becoming
the premiere solution for patients across the country to age in place, from 2012 to 2014. Prior to Amedisys, Ms. Hochhauser served as
Chief Executive Officer of AllianceCare, Inc., a private equity owned home healthcare company, from 2008 to 2012. Prior to that, Ms. Hochhauser
served as President and Chief Executive Officer of Visiting Nurse Regional Healthcare System, a healthcare leader delivering home healthcare
services, from 2006 to 2008. In 1994, Ms. Hochhauser joined Metropolitan Jewish Health System, an integrated not for profit delivering
healthcare that includes rehabilitation, home care, palliative and hospice care, and long-term care, where she served as Vice President
of Continuing Care Services until 1997, and then as Executive Vice President and Chief Operating Officer of its service delivery system
until 2006. Ms. Hochhauser currently serves as a member of the board of directors for several healthcare organizations, including SG Homecare,
Inc. (&ldquo;SG Homecare&rdquo;), a leading provider of durable medical equipment throughout California, since November 2023, as well
as CareTicker LLC (also known as Care Heroes), a mobile engagement platform that rewards caregivers for providing quality care, since
2016. Ms. Hochhauser received a B.S. in Physical Therapy from Boston University and an M.B.A. in Healthcare from Adelphi University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">AREX believes that Ms. Hochhauser&rsquo;s
more than 30 years of experience as a healthcare executive, focused mainly on home health and home care operations, as well as her history
of successfully navigating challenging financial, regulatory, and payer transitions, would make her a valuable addition to the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>Mark W. Ohlendorf</B>,
age 64, served as the Managing Member of Four Peaks Advisors, LLC, a consulting practice focused on post-acute healthcare and related
businesses, from 2016 to May 2023. Mr. Ohlendorf previously served as President of Brookdale Senior Living, Inc. (NYSE: BKD) (&ldquo;Brookdale&rdquo;),
the largest operator of senior living communities in the United States, from 2015 to 2016. Mr. Ohlendorf also held various additional
leadership roles at Brookdale, including President and Chief Financial Officer from 2013 to 2015, Co-President and Chief Financial Officer
from 2006 to 2013, and Co-President from 2005 to 2006. Prior to Brookdale, Mr. Ohlendorf joined Alterra Healthcare Corporation, a national
assisted living company, where he also served various roles, including President and Chief Executive Officer from 2004 to 2005. Mr. Ohlendorf
also served as Vice President and Chief Financial Officer of VITAS Healthcare Corporation, a leading hospice and palliative care provider,
from 1990 to 1997. Mr. Ohlendorf served as a member of the board of directors of Argentum (formerly the Assisted Living Federation of
America), a national association dedicated to supporting companies operating professionally managed senior living communities, from 2003
to 2016, and also served as Chairman from 2011 to 2013. Mr. Ohlendorf served as a member of the board of trustees of Illinois Wesleyan
University from 2014 to May 2023, where he also served on the Audit, Investment, Farm Management, and Academic Affairs Committees. Mr.
Ohlendorf graduated summa cum laude with a B.A. in Political Science from Illinois Wesleyan University.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">AREX believes that Mr. Ohlendorf&rsquo;s
more than 30 years of diverse experience in senior-related healthcare, including in the home health, hospice, and senior housing markets,
coupled with his financial and accounting expertise makes him well qualified to serve on the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Anna-Gene O&rsquo;Neal</B>,
age 57, has served as an independent consultant in which she supports operational assessments and develops strategic plans for accelerated
growth within the healthcare industry since April 2022. She also serves as Senior Vice President of Home Health, Hospice, and Palliative
Care at U.S. Medical Management, LLC d/b/a HarmonyCares (&ldquo;HarmonyCares&rdquo;), a Michigan-based provider of comprehensive home-based
healthcare services, since December 2023. Ms. O&rsquo;Neal previously served as the Chief Operating Officer of Charter Healthcare
Group, LLC (&ldquo;Charter Healthcare&rdquo;), a California-based provider of home hospice, home health, and transitional care services,
from December 2022 to December 2023. Prior to Charter Healthcare, Ms. O&rsquo;Neal served as the President, Hospice Service Line of HCA
Healthcare, Inc. (NYSE: HCA) (&ldquo;HCA Healthcare&rdquo;), an operator of healthcare facilities, from July 2021 to January 2022. Ms.
O&rsquo;Neal also served as the Division President of Brookdale, the largest operator of senior living communities in the United States,
from August 2019 to July 2021, as well as Interim Division President from July 2019 to August 2019. From 2012 to June 2019, Ms. O&rsquo;Neal
served as the President and Chief Executive Officer of Alive Hospice, a Tennessee-based non-profit hospice provider consistently ranked
among the best in the nation. Prior to that, Ms. O&rsquo;Neal held various leadership roles, including Senior Vice President, Quality
 &amp; Performance Improvement, for Cogent-HMG, a national hospitalist management company, from 2007 to 2012, and Vice President of Hospital
Operations and Clinical Quality for Essent Healthcare, Inc., a multistate for-profit hospital system, from 2001 to 2007. Ms. O&rsquo;Neal
currently serves as the Chairperson of the board of directors of QualisTerra Senior Ventures, LLC, a senior living property investment
firm, since April 2023. Ms. O&rsquo;Neal is a registered nurse and received a B.S.N. from Vanderbilt University&rsquo;s School of Nursing,
a M.S.N. from Vanderbilt University, and an M.B.A. from Vanderbilt University&rsquo;s Owen Graduate School of Management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">AREX believes that Ms.
O'Neal&rsquo;s 35 years of healthcare experience, including her leadership positions in home health and hospice operations as well as
her track record of driving business growth and improving quality of patient care, would make her a valuable addition to the Board.&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>Dr. Gregory S. Sheff</B>,
age 55, currently serves as fractional Chief Medical Officer of tango (&ldquo;tango&rdquo;) (f/k/a Professional Health Care Network),
a post-acute enablement managed service organization that takes on capitated and performance risk from payers, since April 2023. Dr. Sheff
also currently serves as a strategic advisor to The Heritage Group, a private equity firm focusing on the healthcare industry, since May
2024. In addition, Dr. Sheff currently serves as a strategic advisor and fractional Chief Medical Officer of Medalogix, LLC (&ldquo;Medalogix&rdquo;)
a home health and hospice analytics platform, since September 2022. Dr. Sheff also currently serves as a part-time Family Physician of
Austin Regional Clinic, a multispecialty medical group that provides comprehensive healthcare services, practicing with Austin Regional
Clinic in different capacities since 2005. Dr. Sheff previously served as Interim President of Home Solutions at Humana, Inc. (NYSE: HUM)
(&ldquo;Humana&rdquo;), a health insurance company focused on creating innovative solutions and resources, from June 2021 to February
2022. Dr. Sheff also served as Senior Vice President and Chief Medical Officer, Home Solutions, of Humana from November 2020 to February
2022. Prior to Humana, Dr. Sheff served as Executive Vice President and Chief Medical Officer of AccentCare, Inc., one of the nation&rsquo;s
leaders in home-based healthcare services, from 2015 to December 2019. Dr. Sheff previously served as Executive Vice President of Clinical
Systems of Ascension Seton Healthcare Family, a healthcare organization dedicated to transformation through innovation across the continuum
of care, from 2013 to 2015. Dr. Sheff also served as President and Chief Medical Officer at Ascension Seton Health Alliance from 2012
to 2015. Prior to Seton, Dr. Sheff served as the Medical Director of Care Management and Clinical Integration from 2010 to 2013. Dr. Sheff
currently serves as a member of the board of directors of TridentCare, a national provider of portable diagnostic and imaging services,
since May 2023, where he also serves as a member of the Compliance Committee. Dr. Sheff has also served as a member of the board of directors
at the Austin Regional Clinic from 2008 to 2013. Dr. Sheff also currently serves as a board advisor for tango since April 2023. Dr. Sheff
received his B.A. in Psychology from Stanford University and his M.D. from the University of New Mexico School of Medicine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">AREX believes that Dr.
Sheff&rsquo;s more than 20 years of healthcare experience, both as a practicing physician and executive, with a particular focus on home-
and value-based care, coupled with his extensive knowledge of home health and hospice operations as well as insight into large payers,
would make him a valuable addition to the Board.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Juan Vallarino</B>, age
64, currently serves as President and Chief Executive Officer of Nobis, LLC d/b/a myLaurel (&ldquo;myLaurel&rdquo;), a leader in providing
high-acuity, high-complexity care in patients&rsquo; homes, since November 2022. Prior to myLaurel, Mr. Vallarino founded and served as
President and Chief Executive Officer of Nobis Health, a pioneering company delivering high-quality, on-demand in-home care, from June
2021 until it was acquired by myLaurel in November 2022. Prior to that, Mr. Vallarino served as Chief Executive Officer of myNEXUS, a
leading provider of comprehensive home-based nursing management to health insurers, from December 2019 until its successful sale in June
2021 to Anthem Inc. (now known as Elevance Health, Inc. (NYSE: ELV)). During his time at myNEXUS, Mr. Vallarino also served as Vice Chairman
from February 2018 to November 2019. In 1993, Mr. Vallarino joined HCA Healthcare, an operator of health care facilities, and served various
roles at HCA Healthcare, including Senior Vice President from 2011 to 2016, Vice President from 1998 to 2011, and Division Group Vice
President from 1993 to 1997. During his time at HCA Healthcare, Mr. Vallarino also held positions in Government Programs Compliance, Home
Health Services, and Physician Management Services. Mr. Vallarino currently serves as a member on various boards of directors, including
North American Partners in Anesthesia, the nation's largest anesthesia staffing company, since September 2017; Newport Healthcare, a leading
provider of behavioral health services to young adults, since November 2021; and Genesis Healthcare, Inc. (OTC: GENN), a leading skilled
nursing facility operator, since July 2022. Mr. Vallarino previously served as a member of the board of directors of Trumpet Behavioral
Health, a leading provider of behavioral health services specializing in treating children and adults with autism spectrum disorders and
developmental disabilities, from May 2018 to December 2023; Adoration Health, a provider of the highest quality and compassionate home
health services in the comfort of the patient&rsquo;s home, providing support for families or caregivers in their time of need, from 2014
to May 2018; and Alsana, a recovery facility and healthcare community, from July 2018 to August 2019. Mr. Vallarino received his B.S.
in Public Health Administration from Rutgers University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">AREX believes that Mr.
Vallarino&rsquo;s more than 40 years of experience in the healthcare industry, his extensive knowledge of multifaceted home health and
post-acute experience, and his deep understanding of managed care payer negotiations, would make him a valuable addition to the Board.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The principal business
address of Ms. Ambers is 1311 Mamaroneck Ave, Suite 140, White Plains, NY 10605. The principal business address of Mr. Corcoran is c/o
AREX Capital Management, LP, 10 E 53rd Street, 11th Floor, New York, NY 10022. The principal business address of Ms. Hochhauser is 307
International Circle, Suite 100, Hunt Valley, MD 21030. Mr. Ohlendorf is retired and has no principal business address. The principal
business address of Ms. O&rsquo;Neal is 3200 North Cross Bridges Road, Columbia, TN 38401. The principal business address of Dr. Sheff
is 6210 E Hwy 290, Austin, TX 78723. The principal business address of Mr. Vallarino is 883 Third Ave, 29th Floor, New York, NY 10022.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date hereof, none
of the AREX Nominees own beneficially or of record any securities of the Company nor have any of the AREX Nominees entered into any transactions
in securities of the Company during the past two years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each AREX Nominee may
be deemed to be a member of a &ldquo;group&rdquo; with the other Participants for the purposes of Section 13(d)(3) of the Exchange Act,
and such group may be deemed to beneficially own the 2,446,162 shares of Common Stock beneficially owned in the aggregate by all of the
Participants. Each AREX Nominee disclaims beneficial ownership of the shares of Common Stock that he or she does not directly own.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each of Messrs. Ohlendorf,
Sheff, and Vallarino and Mses. Ambers, Hochhauser, and O&rsquo;Neal (each, an &ldquo;Advisor&rdquo; and collectively, the &ldquo;Advisors&rdquo;)
has entered into an agreement (the &ldquo;Special Advisor Agreements&rdquo;) with AREX Capital Management. Pursuant to the Special Advisor
Agreements, each Advisor agreed to (a) provide AREX Capital Management and its affiliates with certain consulting services, as requested,
relating to the Company and (b) certain customary trading restrictions and exclusivity provisions including, among other things, not
to: (i) purchase or sell, agree to purchase or sell, or make any proposal to purchase or sell, directly or indirectly, any class of securities
or property of the Company or any derivative position linked to any such instruments of the Company, (ii) make, or in any way participate
in any solicitation of proxies to vote, or seek to advise or influence any person with respect to the voting of any voting securities
of the Company, or (iii) form, join or in any way participate in a &ldquo;group&rdquo; (within the meaning of Section 13(d)(3) of the
Securities Exchange Act of 1934, as amended) with respect to any voting securities of the Company, other than in accordance with the
Special Advisor Agreements. In the event Dr. Sheff is not elected or appointed to the Board by June 30, 2024, AREX Capital Management
agreed to pay him a one-time fee of $100,000, however, the fee shall be reduced by any consulting fees incurred. Further, Dr. Sheff will
be paid an hourly fee of $500 per hour for the time he is engaged in consultation (i.e., in-person, video conference, or telephone conference)
in connection with the solicitation of stockholders of the Company on and after April 26, 2023; however, without the prior consent of
AREX Capital Management, the hourly fee is limited to 10 hours a week. As of the date hereof, AREX Capital Management has paid Dr. Sheff
an aggregate of $7,500 pursuant to his Special Advisor Agreement. In addition, AREX Capital Management agreed to indemnify the Advisors
against any and all claims of any nature arising from its solicitation of proxies from the Company&rsquo;s stockholders at the Annual
Meeting and any related transactions, irrespective of the outcome. The Advisors also agreed to certain customary confidentiality and
non-disparagement provisions. The Special Advisor Agreements terminate upon the earlier of (A) delivery of written notice by either party,
subject to certain conditions, (B) the conclusion or termination of AREX Capital Management&rsquo;s and its affiliates&rsquo; solicitation
of proxies from the Company&rsquo;s stockholders, (C) the Advisor&rsquo;s election or appointment as a member of the Board, (D) any agreement
between the Nominating Stockholder or AREX Capital Management and the Company in connection with such solicitation and (E) the conclusion
of the Annual Meeting.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that each AREX
Nominee presently is, and if elected as a director of the Company, each of the AREX Nominees would be, an &ldquo;independent director&rdquo;
within the meaning of (i) applicable NYSE listing standards applicable to board composition and (ii) Section 301 of the Sarbanes-Oxley
Act of 2002. Notwithstanding the foregoing, AREX acknowledges that no director of a NYSE-listed company qualified as &ldquo;independent&rdquo;
under the NYSE listing standards unless the board of directors affirmatively determines that such director is independent under such standards.
Accordingly, AREX acknowledges that if any AREX Nominee is elected, the determination of the AREX Nominee&rsquo;s independence under the
NYSE listing standards ultimately rests with the judgment and discretion of the Board. No AREX Nominee is a member of the Company&rsquo;s
compensation, nominating or audit committee that is not independent under any such committee&rsquo;s applicable independence standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the AREX Nominees
has granted Jason Abrams, an employee of AREX Capital Management, a power of attorney in connection with the solicitation of proxies from
the Company&rsquo;s stockholders in connection with the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 22, 2024, the Participants
entered into a Joint Filing and Solicitation Agreement (the &ldquo;JFSA&rdquo;) in connection with the Annual Meeting, pursuant to which,
among other things, the parties agreed (a) to the joint filing on behalf of each of them of statements on Schedule 13D, and any amendments
thereto, with respect to the securities of the Company, if applicable, (b) to form a group to solicit proxies for the election of certain
persons nominated for election to the Board at the Annual Meeting and to take such other actions as the group deems advisable, (c) that
Mses. Ambers, Hochhauser and O&rsquo;Neal and Messrs. Corcoran, Ohlendorf, Sheff and Vallarino would not enter into any transactions in
the securities of the Company without written notice to AREX Capital Management&rsquo;s counsel, and (d) that AREX Capital Management
would bear all pre-approved expenses incurred in connection with the Participants&rsquo; activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 27, 2020, while Mr.
Corcoran was a member of its board of directors, due to the strain the COVID-19 pandemic and related store closures placed on the business,
Tuesday Morning, along with certain of its direct and indirect subsidiaries, filed voluntary petitions under Chapter 11 of the United
States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Texas, Dallas Division, which were administered
under the caption &ldquo;In re: Tuesday Morning Corporation, <I>et. al.</I>, Case No. 20-31476-HDH-11.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 26, 2024, Charter
Healthcare, along with certain of its direct and indirect subsidiaries and affiliates, filed voluntary petitions under Chapter 7 of the
United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The board of directors and capital partner
of Charter Healthcare decided to cease operations and file the foregoing petitions as a result of its previous violation of certain debt
covenants contained in loan agreements with certain of its lenders, which occurred six months before Ms. O&rsquo;Neal joined the executive
team of Charter Healthcare as its COO, as well as the commencement of a lawsuit filed by a former employee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Dr. Sheff provides fractional
CMO and board advisory services to tango, which is party to an agreement with the Company pursuant to which it will pay the Company for
providing services to members of certain Medicare Advantage plans, and provides fractional CMO services to Medalogix, in which the Company
has a $2.0 million minority equity investment and incurs certain costs in connection with the use of its analytics platforms. From 2020
to 2022, Dr. Sheff served as Interim President and Chief Medical Officer, Home Solutions, of Humana, which has an ongoing commercial
relationship with the Company. Dr. Sheff has had no direct or indirect material interest in any of the transactions or arrangements involving
EHAB discussed above that would require disclosure under Item 404(a)(3) and (4) of Regulation S-K of the Exchange Act (&ldquo;Regulation
S-K&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">While working as the Interim
Chief Human Resources Officer of Amedisys, Ms. Ambers previously worked with Pay Governance, which was the compensation consultant engaged
by Amedisys and is also the compensation consultant engaged by the Company&rsquo;s Compensation Committee. Ms. Ambers, in her capacity
as Chief People Officer of Ivy Rehab Network, is currently working on the implementation of Workday with Mercer, which is the compensation
consultant engaged by the Company&rsquo;s management.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Except as otherwise
set forth in this proxy statement (including the Schedules hereto), (i) during the past 10 years, none of the AREX Nominees has been
convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors); (ii) no AREX Nominee directly or indirectly
beneficially owns any securities of the Company; (iii) no AREX Nominee owns any securities of the Company which are owned of record but
not beneficially; (iv) no AREX Nominee has purchased or sold any securities of the Company during the past two years; (v) no part of
the purchase price or market value of the securities of the Company owned by any Nominee is represented by funds borrowed or otherwise
obtained for the purpose of acquiring or holding such securities; (vi) no AREX Nominee nor any of his or her associates is, or within
the past year was, a party to any contract, arrangements or understandings with any person with respect to any securities of the Company,
including, but not limited to, joint ventures, loan or option arrangements, puts or calls, guarantees against loss or guarantees of profit,
division of losses or profits, or the giving or withholding of proxies; (vii) no associate of any Nominee owns beneficially, directly
or indirectly, any securities of the Company; (viii) no AREX Nominee owns beneficially, directly or indirectly, any securities of any
affiliate of the Company; (ix) no AREX Nominee nor any of his or her affiliates, associates or immediate family members was a party to
any transaction, or series of similar transactions, since the beginning of the Company&rsquo;s last fiscal year, or is a party to any
currently proposed transaction, or series of similar transactions, to which the Company or any of its subsidiaries was or is to be a
party, which transaction has materially affected or will materially affect the Company or any of its affiliates or in which the amount
involved exceeds $120,000; (x) no AREX Nominee nor any of his or her associates has any arrangement or understanding with any person
with respect to any future employment by the Company or its affiliates, or with respect to any future transactions to which the Company
or any of its affiliates will or may be a party; (xi) no AREX Nominee or any of their respective associates has a substantial or material
interest, direct or indirect, by securities holdings or otherwise in any matter to be acted on at the Annual Meeting, other than the
election of directors; (xii) no AREX Nominee holds any positions or offices with the Company; (xiii) no AREX Nominee has a family relationship
with any director, executive officer, or person nominated or chosen by the Company to become a director or executive officer; and (xiv)
no companies or organizations, with which any of the AREX Nominees has been employed in the past five years, is a parent, subsidiary
or other affiliate of the Company. There are no material proceedings to which any AREX Nominee or any of his, her or its associates is
a party adverse to the Company or any of its subsidiaries or has a material interest adverse to the Company or any of its subsidiaries.
Except as disclosed herein, with respect to each of the AREX Nominees, (a) none of the events enumerated in Item 401(f)(1)-(8) of Regulation
S-K occurred during the past ten years, (b) there are no relationships involving any AREX Nominee or any AREX Nominee&rsquo;s associates
that would have required disclosure under Item 407(e)(4) of Regulation S-K had such Nominee been a director of the Company, and (c) none
of the AREX Nominees nor any of their associates has received any fees earned or paid in cash, stock awards, option awards, non-equity
incentive plan compensation, changes in pension value or nonqualified deferred compensation earnings or any other compensation from the
Company during the Company&rsquo;s last completed fiscal year, or was subject to any other compensation arrangement described in Item
402 of Regulation S-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Other than as set forth
in this Proxy Statement, there are no agreements, arrangements or understandings between or among AREX and the AREX Nominees or any other
person or persons pursuant to which the nominations described herein are to be made, other than the consent by each of the AREX Nominees
to be named as a nominee of AREX Capital Master in any proxy statement relating to the Annual Meeting and serving as a director of the
Company if elected. None of the AREX Nominees is a party adverse to the Company or any of its subsidiaries or has a material interest
adverse to the Company or any of its subsidiaries in any material pending legal proceedings.&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we are successful in obtaining
stockholder approval for the election of five (5) or more of the AREX Nominees at the Annual Meeting, then a change of control of the
Board may be deemed to have occurred under certain of the Company&rsquo;s material agreements and contracts. According to the Company&rsquo;s
proxy statement and based on a review of the Company&rsquo;s material agreements and contracts, such a change of control may trigger certain
change of control provisions or payments contained therein as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Pursuant to the Company&rsquo;s
compensation and benefit plans, a change in control occurs under specific circumstances, including if, during any 24 month period, the
individuals who, at the beginning of such period, constituted the Board (the &ldquo;Incumbent Board&rdquo;) cease for any reason to constitute
at least a majority of the Board (any person becoming a director in the future whose election, or nomination for election, was approved
by a vote of at least a majority of the directors then constituting the Incumbent Board shall be considered as though such person were
a member of the Incumbent Board). According to the Company&rsquo;s proxy statement, each of the Company&rsquo;s named executive officers
is a participant in the Company&rsquo;s Executive Change in Control Benefits Plan (the &ldquo;Plan&rdquo;). If a participant&rsquo;s
employment with the Company is terminated during the pre-change in control period or within 24 months following a change in control,
either by the participant for good reason (as defined in the plan) or by the Company without cause, the participant is entitled to certain
payments and benefits, subject to the participant&rsquo;s execution of an effective restrictive covenant and release agreement. These
payments include (i) a lump sum severance payment equal to the sum of the participant&rsquo;s highest annual base salary in the preceding
three years plus the average of actual annual incentives for the prior three years, multiplied by an applicable multiplier, (ii) a prorated
annual incentive award for any incomplete performance period (and, in the case of a termination after the completion of the performance
period but before payment of the earned award, an amount for such completed period based on actual performance), plus (iii) any accrued
obligation. Additionally, participants and their dependents will continue to be covered by all Company medical, dental, and vision insurance
plans and programs for the applicable period at the same cost-sharing arrangement as active employees.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Plan, in the event
of a change in control, certain outstanding equity awards would vest under certain conditions. If a replacement award is not provided,
the outstanding awards would vest immediately. If a replacement award is provided, but the participant resigns for good reason or is terminated
without cause within 24 months following the change in control, the outstanding awards would vest. Options or stock appreciation rights
that vest as described in the immediately preceding sentence would remain exercisable until the earlier of two years following termination
or the original expiration date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not expect that any
of the AREX Nominees will be unable to stand for election, but, in the event any AREX Nominee is unable to serve or for good cause will
not serve, the shares of Common Stock represented by the enclosed <B>WHITE </B>universal proxy card will be voted for substitute nominee(s),
to the extent this is not prohibited under the Company&rsquo;s organizational documents and applicable law. In addition, we reserve the
right to nominate substitute person(s) if the Company makes or announces any changes to its organizational documents or takes or announces
any other action that has, or if consummated would have, the effect of disqualifying any AREX Nominee, to the extent this is not prohibited
under the Company&rsquo;s organizational documents and applicable law. In any such case, shares of Common Stock represented by the enclosed
<B>WHITE </B>universal proxy card will be voted for such substitute nominee(s). In the event AREX nominates substitute and/or additional
nominees, as applicable, prior to the Annual Meeting, it will file an amended proxy statement identifying such nominees, disclosing whether
such nominees have consented to being named in the revised proxy statement and to serve as a director of the Company if elected, and otherwise
disclose such other information required by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">AREX and EHAB will each be
using a universal proxy card for voting on the election of directors at the Annual Meeting, which will include the names of all nominees
for election to the Board. Each of the AREX Nominees has consented to being named as a nominee for election as a director of the Company
in any proxy statement relating to the Annual Meeting. Stockholders will have the ability to vote for up to nine (9) nominees on AREX&rsquo;s
enclosed <B>WHITE</B> universal proxy card. Any stockholder who wishes to vote for any combination of the AREX Nominees and the Company&rsquo;s
nominees may do so on the enclosed&nbsp;<B>WHITE</B>&nbsp;universal proxy card.&nbsp;<B>There is no need to use the Company&rsquo;s yellow
universal proxy card or voting instruction form, regardless of how you wish to vote</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Stockholders are permitted
to vote for fewer than nine (9) nominees or for any combination (up to nine (9) total) of the AREX Nominees and the Company&rsquo;s nominees
on the&nbsp;<B>WHITE</B>&nbsp;universal proxy card. However, if stockholders choose to vote for any of the Company&rsquo;s nominees, we
recommend that stockholders vote in favor of the Unopposed Company Nominees, who we believe are sufficiently qualified to serve as a director,
to help achieve a Board composition that we believe is in the best interest of all stockholders.&nbsp;<B>There is no need to use the Company&rsquo;s
yellow universal proxy card or voting instruction form, regardless of how you wish to vote. </B>However, AREX urges stockholders to vote
using our&nbsp;<B>WHITE </B>universal proxy card&nbsp;<B>&ldquo;FOR&rdquo;</B>&nbsp;all of the AREX Nominees and&nbsp;<B>&ldquo;FOR&rdquo;</B>&nbsp;the
Unopposed Company Nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company nominees that
AREX does not oppose and believes are sufficiently qualified to serve as directors with the AREX Nominees are the Unopposed Company Nominees.
Certain information about the Unopposed Company Nominees is set forth in the Company&rsquo;s proxy statement. AREX is not responsible
for the accuracy of any information provided by or relating to EHAB or its nominees contained in any proxy solicitation materials filed
or disseminated by, or on behalf of, EHAB or any other statements that EHAB or its representatives have made or may otherwise make.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IF YOU MARK FEWER THAN
NINE (9) &ldquo;FOR&rdquo; BOXES WITH RESPECT TO THE ELECTION OF DIRECTORS, THIS PROXY CARD, WHEN DULY EXECUTED, WILL BE VOTED &ldquo;FOR&rdquo;
THOSE NOMINEES YOU HAVE SO MARKED AND DEFAULT TO A &ldquo;WITHHOLD&rdquo; VOTE WITH RESPECT TO ANY NOMINEE LEFT UNMARKED. IF NO DIRECTION
IS INDICATED WITH RESPECT TO HOW YOU WISH TO VOTE YOUR SHARES, THE PROXIES NAMED THEREIN WILL VOTE SUCH SHARES &ldquo;FOR&rdquo; THE SEVEN
(7) AREX NOMINEES AND THE TWO (2) UNOPPOSED COMPANY NOMINEES.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IMPORTANTLY, IF YOU MARK
MORE THAN NINE (9) &ldquo;FOR&rdquo; BOXES WITH RESPECT TO THE ELECTION OF DIRECTORS, ALL OF YOUR VOTES FOR THE ELECTION OF DIRECTORS
WILL BE DEEMED INVALID</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>WE STRONGLY URGE YOU TO
VOTE &ldquo;FOR&rdquo; THE ELECTION OF THE AREX NOMINEES ON THE ENCLOSED WHITE UNIVERSAL PROXY CARD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">PROPOSAL 2</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">RATIFICATION OF APPOINTMENT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As discussed in further detail
in the Company&rsquo;s proxy statement, the Audit &amp; Finance Committee of the Board selected the firm of PricewaterhouseCoopers LLP
to be the Company&rsquo;s independent registered public accounting firm for the 2024 audit period, and the Board is recommending that
stockholders ratify such appointment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to the Company&rsquo;s
proxy statement, the Audit &amp; Finance Committee will reconsider the appointment of PricewaterhouseCoopers LLP for the next audit period
if such appointment is not ratified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">WE RECOMMEND STOCKHOLDERS
VOTE &ldquo;FOR&rdquo; THIS PROPOSAL AND INTEND TO VOTE OUR SHARES &ldquo;FOR&rdquo; THIS PROPOSAL.</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">PROPOSAL 3</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ADVISORY VOTE ON EXECUTIVE
COMPENSATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As discussed in further detail
in the Company&rsquo;s proxy statement, the Company is asking stockholders to approve, on an advisory basis, the Company&rsquo;s compensation
of its named executive officers as described under &ldquo;Executive Compensation,&rdquo; including the &ldquo;Executive Summary&rdquo;
section, in the Company&rsquo;s proxy statement. This proposal, commonly referred to as a &ldquo;say-on-pay&rdquo; proposal, gives stockholders
the opportunity to express their views on the named executive officers&rsquo; compensation. According to the Company&rsquo;s proxy statement,
this vote is not intended to address any specific item of compensation, but rather the overall compensation of the named executive officers
and the philosophy, policies, and practices described in the Company&rsquo;s proxy statement. Accordingly, the Board is asking stockholders
to vote for the following non-binding resolution:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;RESOLVED, that the
Company&rsquo;s stockholders approve, on an advisory basis, the compensation of the named executive officers for 2024, as discussed and
disclosed pursuant to the compensation disclosure rules of the Securities and Exchange Commission, including the Compensation Discussion
and Analysis, the 2024 Summary Compensation Table and the other related tables and disclosure in this proxy statement.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As discussed in the Company&rsquo;s
proxy statement, while the vote on the executive compensation resolution is advisory, and therefore non-binding on the Company, the Compensation
 &amp; Human Capital Committee or the Board, the Company will consider stockholders&rsquo; concerns, and the Compensation &amp; Human Capital
Committee will evaluate whether any actions are necessary to address those concerns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">WE MAKE NO RECOMMENDATION
WITH RESPECT TO THIS PROPOSAL AND INTEND TO VOTE OUR SHARES &ldquo;FOR&rdquo; THIS PROPOSAL.</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>VOTING AND PROXY PROCEDURES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Only stockholders of record
on the Record Date will be entitled to notice of and to vote at the Annual Meeting. Stockholders who sell their shares of Common Stock
before the Record Date (or acquire them without voting rights after the Record Date) may not vote such shares. Stockholders of record
on the Record Date will retain their voting rights in connection with the Annual Meeting even if they sell such shares after the Record
Date. Each share entitles the holder to one vote on each of the matters to be voted upon at the Annual Meeting. Based on publicly available
information, AREX believes that the only class of stock of the Company entitled to vote at the Annual Meeting is its Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Shares of Common Stock represented
by properly executed <B>WHITE </B>universal proxy cards will be voted at the Annual Meeting as marked and, in the absence of specific
instructions, will be voted <B>FOR </B>the election of the AREX Nominees and the Unopposed Company Nominees, <B>FOR</B> the ratification
of the appointment of PricewaterhouseCoopers LLP as the Company&rsquo;s independent registered public accounting firm, and <B>FOR </B>the
approval of the advisory vote on the compensation of the Company&rsquo;s named executive officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has an annually
elected Board with nine (9) directors standing for election at the Annual Meeting. We are soliciting proxies to elect not only the seven
(7) AREX Nominees, but also the two (2) Unopposed Company Nominees. AREX and EHAB will each be using a universal proxy card for voting
on the election of directors at the Annual Meeting, which will include the names of all nominees for election to the Board. Stockholders
will have the ability to vote for up to nine (9) nominees on AREX&rsquo;s enclosed&nbsp;<B>WHITE</B>&nbsp;universal proxy card. Any stockholder
who wishes to vote for any combination of the AREX Nominees and the Company&rsquo;s nominees may do so on the enclosed <B>WHITE</B>&nbsp;universal
proxy card.&nbsp;<B>There is no need to use the Company&rsquo;s yellow universal proxy card or voting instruction form, regardless of
how you wish to vote</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Stockholders are permitted
to vote for fewer than nine (9) nominees or for any combination (up to nine (9) total) of the AREX Nominees and the Company&rsquo;s nominees
on the&nbsp;<B>WHITE</B>&nbsp;universal proxy card. However, if stockholders choose to vote for any of the Company&rsquo;s nominees, we
recommend that stockholders vote in favor of only the Company&rsquo;s nominees who we believe are most qualified to serve as directors
 &ndash; the &ldquo;Unopposed Company Nominees&rdquo; &ndash; to help achieve a Board composition that we believe is in the best interest
of all stockholders. We recommend that stockholders do not vote for any of the Company&rsquo;s nominees other than the Unopposed Company
Nominees. Among other potential consequences, voting for Company nominees other than the Unopposed Company Nominees may result in the
failure of one or more of AREX Nominees to be elected to the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that voting on
the&nbsp;<B>WHITE</B>&nbsp;universal proxy card provides the best opportunity for stockholders to elect all of the AREX Nominees and achieve
the best Board composition overall. AREX therefore urges stockholders to use our&nbsp;<B>WHITE</B>&nbsp;universal proxy card to vote &ldquo;<B>FOR</B>&rdquo;
the seven (7) AREX Nominees and &ldquo;<B>FOR</B>&rdquo; the two (2) Unopposed Company Nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IMPORTANTLY, IF YOU MARK
MORE THAN NINE (9) &ldquo;FOR&rdquo; BOXES WITH RESPECT TO THE ELECTION OF DIRECTORS, ALL OF YOUR VOTES FOR THE ELECTION OF DIRECTORS
WILL BE DEEMED INVALID. IF YOU MARK FEWER THAN NINE (9) &ldquo;FOR&rdquo; BOXES WITH RESPECT TO THE ELECTION OF DIRECTORS, THIS PROXY
CARD, WHEN DULY EXECUTED, WILL BE VOTED &ldquo;FOR&rdquo; THOSE NOMINEES YOU HAVE SO MARKED AND DEFAULT TO A &ldquo;WITHHOLD&rdquo; VOTE
WITH RESPECT TO ANY NOMINEE LEFT UNMARKED.&nbsp;</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has disclosed
that the Annual Meeting will take place in a virtual meeting format only. Stockholders will not be able to attend the Annual Meeting in
person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company has disclosed
that the Annual Meeting will be held online via a live audio webcast at <FONT STYLE="background-color: white">www.cesonlineservices.com/ehab24_vm</FONT>,
where you will be able to vote electronically and submit questions during the meeting. No physical meeting will be held. You are entitled
to participate in the Annual Meeting if you are a stockholder of record as of the close of business on the Record Date or if you hold
a valid proxy for the Annual Meeting. To participate in the virtual 2024 Annual Meeting, you must register in advance at www.cesonlineservices.com/ehab24_vm
prior to the deadline of 9:00 a.m. (CDT) on July 24, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>VOTING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Stockholder of Record</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If you are a stockholder
of record, you may vote your shares via the Internet at https://www.MyProxyOnline.com. You may also vote by telephone by calling 1-866-437-4674,
or by completing, signing and dating the <B>WHITE</B> universal proxy card. Authorizing a proxy by telephone or through the Internet
requires you to input your 12-digit control number located on your <B>WHITE</B> universal proxy card. In order to be valid and acted
upon at the Annual Meeting, your proxy must be received before 11:59 p.m. (CDT) on July 24, 2024.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to the Company&rsquo;s
proxy statement, if you are a stockholder whose shares are held in a stock brokerage account or by a bank or other nominee as of the Record
Date, you are invited to attend the virtual Annual Meeting; however, you may not vote your shares at the Annual Meeting unless you obtain
a written proxy from your broker. As a beneficial owner of your shares, you are entitled to direct your broker how to vote your shares.
You may instruct your broker on how to vote by completing the voting instruction form provided to you by your broker. You may also vote
by telephone or via the Internet if your broker makes such methods available, in which case applicable instructions will be provided to
you by your broker.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Whether or not you plan to
attend the Annual Meeting, we urge you to sign, date and return the enclosed <B>WHITE</B> universal proxy card in the postage-paid envelope
provided, or vote via the Internet or telephone as instructed on the <B>WHITE</B> universal proxy card.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>QUORUM; BROKER NON-VOTES; DISCRETIONARY VOTING</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A quorum is the minimum
number of shares of Common Stock that must be represented at a duly called meeting in person or by proxy in order to legally conduct
business at the meeting. According to the Company&rsquo;s proxy statement, the presence at the Annual Meeting, in person or by proxy,
of the holders of a majority of the shares of all of the Company&rsquo;s capital stock outstanding and entitled to vote on the Record
Date will constitute a quorum. At the close of business on the Record Date, 50,156,310 shares of Common Stock were issued and outstanding.
According to the Company&rsquo;s proxy statement, proxies received but marked as withholds, abstentions, and broker non-votes, if any,
will be included in the calculation of the number of shares considered to be present at the Annual Meeting for purposes of a quorum.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you are a stockholder of
record, you must deliver your vote by Internet, telephone or mail or attend the Annual Meeting virtually and vote in order to be counted
in the determination of a quorum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If you are a beneficial
owner, your broker will vote your shares pursuant to your instructions, and those shares will count in the determination of a quorum.
A broker non-vote occurs when a broker holding shares for a beneficial owner has discretionary authority to vote on &ldquo;routine&rdquo;
matters brought before a stockholder meeting, but the beneficial owner of the shares fails to provide the broker with specific instructions
on how to vote on any &ldquo;non-routine&rdquo; matters brought to a vote at the stockholder meeting. Under the rules governing brokers&rsquo;
discretionary authority, if a stockholder receives proxy materials from or on behalf of both AREX and the Company, then brokers holding
shares in such stockholder&rsquo;s account will not be permitted to exercise discretionary authority regarding any of the proposals to
be voted on at the Annual Meeting, whether &ldquo;routine&rdquo; or not. As a result, there would be no broker non-votes by such brokers.
In such case, if you do not submit any voting instructions to your broker, then your shares will not be counted in determining the outcome
of any of the proposals at the Annual Meeting, nor will your shares be counted for purposes of determining whether a quorum exists. However,
if you receive proxy materials only from the Company, then brokers will be entitled to vote your shares on &ldquo;routine&rdquo; matters
without instructions from you. The only proposal that would be considered &ldquo;routine&rdquo; in such event is Proposal 2 (ratification
of the Company&rsquo;s independent registered public accounting firm). A broker will not be entitled to vote your shares on any &ldquo;non-routine&rdquo;
matters, absent instructions from you. We urge you to instruct your broker about how you wish your shares to be voted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>VOTES REQUIRED FOR APPROVAL</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Proposal 1: Election of
Directors</I> &boxh; According to the Company&rsquo;s proxy statement, as a result of our nomination of the AREX Nominees, the election
of directors to the Board at the Annual Meeting is contested and the Company has a plurality vote standard for contested elections. Accordingly,
the nine (9) director nominees receiving the highest number of &ldquo;FOR&rdquo; votes will be elected as directors. Withhold votes and
broker non-votes, if any, will not affect the outcome of the vote on the election of a director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Proposal 2: Ratification
of Independent Registered Public Accounting Firm </I>&boxh; According to the Company&rsquo;s proxy statement, the ratification of the
appointment of PricewaterhouseCoopers LLP as the Company&rsquo;s independent registered public accounting firm requires approval by holders
of a majority of the shares present in person or represented by proxy and entitled to vote at the Annual Meeting. If you hold your shares
in street name, your broker may not vote your shares without your instruction. The Company has disclosed that abstentions will have the
effect of votes against the proposal, and broker non-votes, if any, will have no effect on the vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Proposal 3: Advisory Vote
to Approve Executive Compensation </I>&boxh; According to the Company&rsquo;s proxy statement, the Board will consider the proposal approved
if a majority of the shares present in person or represented by proxy and entitled to vote at the Annual Meeting approve the proposal.
If you hold your shares in street name, your broker may not vote your shares without your instruction. The Company has disclosed that
abstentions will have the effect of votes against the proposal, and broker non-votes, if any, will have no effect on the vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under applicable Delaware
law, appraisal rights are not applicable to the voting on any matter to be considered at the Annual Meeting. If you sign and submit your
<B>WHITE </B>universal proxy card without specifying how you would like your shares voted, your shares will be voted in accordance with
AREX&rsquo;s recommendations specified herein and in accordance with the discretion of the persons named on the <B>WHITE </B>universal
proxy card with respect to any other matters that may be voted upon at the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Stockholders of the Company
may revoke their proxies at any time prior to exercise by attending the Annual Meeting and voting virtually (although, attendance at the
Annual Meeting will not in and of itself constitute revocation of a proxy) or by delivering a written notice of revocation. The delivery
of a subsequently dated proxy which is properly completed will constitute a revocation of any earlier proxy. The revocation may be delivered
either to AREX in care of Saratoga at the address set forth on the back cover of this Proxy Statement or to the Corporate Secretary of
the Company at 6688 N. Central Expressway, Suite 1300, Dallas, Texas 75206, or any other address provided by the Company. Although a revocation
is effective if delivered to the Company, we request that either the original or photostatic copies of all revocations be mailed to AREX
in care of Saratoga at the address set forth on the back cover of this Proxy Statement so that we will be aware of all revocations and
can more accurately determine if and when proxies have been received from the holders of record on the Record Date of a majority of the
outstanding shares of Common Stock. Additionally, Saratoga may use this information to contact stockholders who have revoked their proxies
in order to solicit later dated proxies for the election of the AREX Nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>IF YOU WISH TO VOTE FOR
THE ELECTION OF THE AREX NOMINEES, PLEASE SIGN, DATE AND RETURN THE ENCLOSED WHITE UNIVERSAL PROXY CARD TODAY IN THE POSTAGE-PAID ENVELOPE
PROVIDED.</B></P>

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



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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">SOLICITATION OF PROXIES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The solicitation of proxies
pursuant to this Proxy Statement is being made by AREX. Proxies may be solicited by mail, facsimile, telephone, Internet, in person and
by advertisements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">AREX has entered into
an agreement with Saratoga for solicitation and advisory services in connection with the solicitation, for which Saratoga will receive
a fee not to exceed $150,000, together with reimbursement for its reasonable and out-of-pocket expenses, and will be indemnified against
certain liabilities and expenses, including certain liabilities under the federal securities laws. Saratoga will solicit proxies from
individuals, brokers, banks, bank nominees and other institutional holders. AREX has requested banks, brokerage houses and other custodians,
nominees and fiduciaries to forward all solicitation materials to the beneficial owners of the shares they hold of record. It is anticipated
that Saratoga will employ approximately 15 persons to solicit the Company&rsquo;s stockholders for the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The entire expense of soliciting
proxies is being borne by AREX. Costs of this solicitation of proxies are currently estimated to be $750,000. AREX estimates that through
the date hereof, its expenses in connection with this solicitation are approximately $425,858. To the extent legally permissible, if AREX
is successful in its proxy solicitation, AREX intends to seek reimbursement from the Company for the expenses it incurs in connection
with this solicitation. AREX does not intend to submit the question of such reimbursement to a vote of security holders of the Company.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ADDITIONAL PARTICIPANT INFORMATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Participants in this proxy
solicitation are the members of the AREX Group and the AREX Nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The principal business address
of each of AREX Capital Master, AREX Capital Partners, AREX Limited, AREX Capital GP, AREX Capital Management, AREX Capital Management
GP and Andrew Rechtschaffen is 10 E. 53<SUP>rd</SUP> Street, 11<SUP>th</SUP> Floor, New York, New York 10022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The principal business of
AREX Capital Master, a Cayman Islands exempted limited partnership, is investing in securities. Each of AREX Capital Partners, a Delaware
limited partnership, and AREX Limited, a Cayman Islands exempted company, is a private investment partnership that serves as a feeder
fund to AREX Capital Master. The principal business of AREX Capital GP, a Delaware limited liability company, is serving as the general
partner of AREX Capital Master. The principal business of AREX Capital Management, a Delaware limited partnership, is serving as the investment
advisor to AREX Capital Master and the AREX Managed Accounts (as defined below). The principal business of AREX Capital Management GP,
a Delaware limited liability company, is serving as the general partner of AREX Capital Management. The principal occupation of Mr. Rechtschaffen
is serving as the Managing Member of each of AREX Capital GP and AREX Capital Management GP. Mr. Rechtschaffen is a citizen of the United
States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As of the date hereof,
AREX Capital Master directly beneficially owns 566,234 shares of Common Stock. Each of AREX Capital Partners and AREX Limited, as feeder
funds of AREX Capital Master, may be deemed to beneficially own the 566,234 shares of Common Stock owned by AREX Capital Master. AREX
Capital GP, as the general partner of AREX Capital Master, may be deemed to beneficially own the 566,234 shares of Common Stock owned
by AREX Capital Master. AREX Capital Management, as the investment advisor of each of AREX Capital Master and certain accounts separately
managed by AREX Capital Management (the &ldquo;AREX Managed Accounts&rdquo;), may be deemed to beneficially own the 2,446,162 shares
of Common Stock owned in the aggregate by AREX Capital Master and held in the AREX Managed Accounts. AREX Capital Management GP, as the
general partner of AREX Capital Management, may be deemed to beneficially own the 2,446,162 shares of Common Stock owned in the aggregate
by AREX Capital Master and held in the AREX Managed Accounts. Mr. Rechtschaffen, as the Managing Member of each of AREX Capital GP and
AREX Capital Management GP, may be deemed to beneficially own the 2,446,162 shares of Common Stock owned in the aggregate by AREX Capital
Master and held in the AREX Managed Accounts. As of the date hereof, none of the AREX Nominees own any shares of Common Stock.&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">AREX Capital Master has
entered into certain cash-settled total return swap agreements with Morgan Stanley Capital Services LLC (&ldquo;Morgan Stanley&rdquo;)
as the counterparty (the &ldquo;Swap Agreements&rdquo;). The swaps with Morgan Stanley constitute economic exposure to an aggregate of
71,929 notional shares of Common Stock, representing less than one percent of the outstanding shares of Common Stock, which have a reference
price of $9.569 and an expiration date of December 31, 2025. The Swap Agreements provide AREX Capital Master with economic results that
are comparable to the economic results of ownership but do not provide it with the power to vote or direct the voting or dispose of or
direct the disposition of the shares that are the subject of the Swap Agreements (such shares, the &ldquo;Subject Shares&rdquo;). AREX
Capital Master and the other the other participants in this solicitation disclaim beneficial ownership of the Subject Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each Participant, as a
member of a &ldquo;group&rdquo; with the other Participants for the purposes of Section 13(d)(3) of the Exchange Act, may be deemed to
beneficially own the 2,446,162 shares of Common Stock owned in the aggregate by all of the Participants in this solicitation. Each Participant
in this solicitation disclaims beneficial ownership of the shares of Common Stock he, she or it does not directly own. For information
regarding the transactions in the securities of the Company during the past two (2) years by the Participants, see <U>Schedule I</U>.
The shares of Common Stock owned by AREX Capital Master and held in the AREX Capital Managed Accounts were purchased with working capital
in open market purchases.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise set forth
in this Proxy Statement (including the Schedules hereto), (i) during the past 10 years, no Participant has been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors); (ii) no Participant directly or indirectly beneficially owns any securities
of the Company; (iii) no Participant owns any securities of the Company which are owned of record but not beneficially; (iv) no Participant
has purchased or sold any securities of the Company during the past two years; (v) no part of the purchase price or market value of the
securities of the Company owned by any Participant is represented by funds borrowed or otherwise obtained for the purpose of acquiring
or holding such securities; (vi) no Participant is, or within the past year was, a party to any contract, arrangements or understandings
with any person with respect to any securities of the Company, including, but not limited to, joint ventures, loan or option arrangements,
puts or calls, guarantees against loss or guarantees of profit, division of losses or profits, or the giving or withholding of proxies;
(vii) no associate of any Participant owns beneficially, directly or indirectly, any securities of the Company; (viii) no Participant
owns beneficially, directly or indirectly, any securities of any parent or subsidiary of the Company; (ix) no Participant or any of his,
her or its associates or immediate family members was a party to any transaction, or series of similar transactions, since the beginning
of the Company&rsquo;s last fiscal year, or is a party to any currently proposed transaction, or series of similar transactions, to which
the Company or any of its subsidiaries was or is to be a party, in which the amount involved exceeds $120,000; (x) no Participant or any
of his, her or its associates has any arrangement or understanding with any person with respect to any future employment by the Company
or its affiliates, or with respect to any future transactions to which the Company or any of its affiliates will or may be a party; (xi)
no Participant has a substantial interest, direct or indirect, by securities holdings or otherwise in any matter to be acted on at the
Annual Meeting; (xii) no Participant holds any positions or offices with the Company; (xiii) no Participant has a family relationship
with any director, executive officer, or person nominated or chosen by the Company to become a director or executive officer, (xiv) no
companies or organizations, with which any of the Participants has been employed in the past five years, is a parent, subsidiary or other
affiliate of the Company and (xv) there are no material proceedings to which any Participant or any of his, her or its associates is a
party adverse to the Company or any of its subsidiaries or has a material interest adverse to the Company or any of its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">OTHER MATTERS AND ADDITIONAL
INFORMATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">AREX is unaware of any other
matters to be considered at the Annual Meeting. However, should other matters, which AREX is not aware of a reasonable time before this
solicitation, be brought before the Annual Meeting, the persons named as proxies on the enclosed <B>WHITE</B> universal proxy card will
vote on such matters in their discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Some banks, brokers and other
nominee record holders may be participating in the practice of &ldquo;householding&rdquo; proxy statements and annual reports. This means
that only one copy of this Proxy Statement may have been sent to multiple stockholders in your household. We will promptly deliver a separate
copy of the document to you if you write to our proxy solicitor, Saratoga, at the address set forth on the back cover of this Proxy Statement,
or call toll free at (888) 368-0379. If you want to receive separate copies of our proxy materials in the future, or if you are receiving
multiple copies and would like to receive only one copy for your household, you should contact your bank, broker or other nominee record
holder, or you may contact our proxy solicitor at the above address and telephone number.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information concerning
the Company and the proposals in the Company&rsquo;s proxy statement contained in this Proxy Statement has been taken from, or is based
upon, publicly available documents on file with the SEC and other publicly available information. Although we have no knowledge that would
indicate that statements relating to the Company contained in this Proxy Statement, in reliance upon publicly available information, are
inaccurate or incomplete, we were not involved in the preparation of such information and statements and are not in a position to verify
such information and statements. All information relating to any person other than the Participants is given only to the knowledge of
AREX.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Proxy Statement is
dated June 11, 2024. You should not assume that the information contained in this Proxy Statement is accurate as of any date other than
such date, and the mailing of this Proxy Statement to stockholders shall not create any implication to the contrary.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">STOCKHOLDER PROPOSALS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">According to the Company&rsquo;s
proxy statement, if you want the Company to include a proposal in its proxy statement for the 2025 Annual Meeting pursuant to Rule 14a-8
under the Exchange Act, you must submit it by mail or courier service and addressed to Enhabit, Inc., 6688 N. Central Expressway, Suite
1300, Dallas, Texas 75206, Attention: Corporate Secretary, by February 10, 2025. Any such proposal should comply with the requirements
of Rule 14a-8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition, according to
the Company&rsquo;s proxy statement, under the Bylaws, a stockholder wishing to bring director nominations or other business before an
annual meeting outside of the Rule 14a-8 process is required to provide advance written notice to the Corporate Secretary at the principal
executive offices of the Company regarding such nominations or other business and provide the information and satisfy the other requirements
set forth in the Bylaws. To be timely for purposes of the 2025 Annual Meeting, such notice must be delivered to or be mailed and received
by the Secretary no earlier than March 27, 2025 and no later than April 26, 2025. However, if the 2025 Annual Meeting is not within 30
days before or after the anniversary date of the 2024 Annual Meeting, in order to be timely, such notice must be so received not later
than the close of business on the 10th day following the day on which such notice of the date of the annual meeting was mailed or such
public disclosure of the date of the annual meeting was made, whichever first occurs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition, according to
the Company&rsquo;s proxy statement, to comply with the universal proxy rules, stockholders who intend to solicit proxies in support
of director nominees other than the Company&rsquo;s nominees must provide notice that sets forth the information required by Rule 14a-19
under the Exchange Act (including a statement that such stockholder intends to solicit the holders of shares representing at least 67%
of the voting power of the Company&rsquo;s shares entitled to vote on the election of directors in support of director nominees other
than the Company&rsquo;s nominees), which notice must be postmarked or transmitted electronically to Enhabit at its principal executive
offices no later than 60 calendar days prior to the anniversary date of the 2024 Annual Meeting (for the 2025 Annual Meeting, no later
than May 26, 2025). However, if the date of the 2025 Annual Meeting is changed by more than 30 calendar days from such anniversary date,
then notice must be provided by the later of 60 calendar days prior to the date of the 2025 Annual Meeting or the 10th calendar day following
the day on which public announcement of the date of the 2025 Annual Meeting is first made by Enhabit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information set forth
above regarding the procedures for submitting stockholder proposals for consideration at the 2025 Annual Meeting is based on information
contained in the Company&rsquo;s proxy statements and the Bylaws. The incorporation of this information in this Proxy Statement should
not be construed as an admission by AREX that such procedures are legal, valid or binding.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WE HAVE OMITTED FROM THIS
PROXY STATEMENT CERTAIN DISCLOSURE REQUIRED BY APPLICABLE LAW THAT IS EXPECTED TO BE INCLUDED IN THE COMPANY&rsquo;S PROXY STATEMENT RELATING
TO THE ANNUAL MEETING BASED ON RELIANCE ON RULE 14A-5(C) UNDER THE EXCHANGE ACT. THIS DISCLOSURE IS EXPECTED TO INCLUDE, AMONG OTHER THINGS,
CURRENT BIOGRAPHICAL INFORMATION ON THE COMPANY&rsquo;S DIRECTORS AND EXECUTIVE OFFICERS, INFORMATION CONCERNING EXECUTIVE COMPENSATION
AND DIRECTOR COMPENSATION, INFORMATION CONCERNING THE COMMITTEES OF THE BOARD AND OTHER INFORMATION CONCERNING THE BOARD, INFORMATION
CONCERNING CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS, INFORMATION ABOUT THE COMPANY&rsquo;S REGISTERED PUBLIC ACCOUNTING FIRM
AND OTHER IMPORTANT INFORMATION. <B>STOCKHOLDERS ARE DIRECTED TO REFER TO THE COMPANY&rsquo;S PROXY STATEMENT FOR THE FOREGOING INFORMATION,
INCLUDING INFORMATION REQUIRED BY ITEM 7 OF SCHEDULE 14A WITH REGARD TO THE COMPANY&rsquo;S NOMINEES. STOCKHOLDERS CAN ACCESS THE COMPANY&rsquo;S
PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS DISCLOSING THIS INFORMATION, WITHOUT COST, ON THE SEC&rsquo;S WEBSITE AT WWW.SEC.GOV.
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SEE <U>SCHEDULE II</U> FOR
INFORMATION REGARDING PERSONS WHO BENEFICIALLY OWN MORE THAN 5% OF THE SHARES AND THE OWNERSHIP OF THE SHARES BY THE DIRECTORS AND MANAGEMENT
OF THE COMPANY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information concerning
the Company contained in this Proxy Statement and the Schedules attached hereto has been taken from, or is based upon, publicly available
documents on file with the SEC and other publicly available information. Although we have no knowledge that would indicate that statements
relating to the Company contained in this Proxy Statement, in reliance upon publicly available information, are inaccurate or incomplete,
to date we have not had access to the books and records of the Company, were not involved in the preparation of such information and statements
and are not in a position to verify such information and statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Your vote is important. No matter how many or
how few shares you own, please vote to elect the AREX Nominees by marking, signing, dating and mailing the enclosed WHITE universal proxy
card promptly.</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 50%"><P STYLE="margin-top: 0; margin-bottom: 0">AREX Capital Master Fund, LP&nbsp;</P>
                         <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                         <P STYLE="margin-top: 0; margin-bottom: 0">June 11, 2024</P></TD></TR>
</TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE I</U><BR>
<BR>
TRANSACTIONS IN SECURITIES OF <FONT STYLE="text-transform: uppercase">the Company during the past two years</FONT><BR>
<BR>
</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; font-size: 10pt; text-align: center"><U>Nature of Transaction</U></TD>
    <TD STYLE="width: 34%; font-size: 10pt; text-align: center">Securities <U><BR>
Purchased/(Sold)</U></TD>
    <TD STYLE="width: 33%; font-size: 10pt; text-align: center">Date of <U><BR>
Purchase/Sale</U></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>AREX CAPITAL MASTER FUND, LP</U></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 33%">Purchase of Cash-Settled Swaps</TD>
    <TD STYLE="width: 34%; text-align: center">53,125*</TD>
    <TD STYLE="width: 33%; text-align: center">07/01/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">53,969</TD>
    <TD STYLE="text-align: center">08/04/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">22,582</TD>
    <TD STYLE="text-align: center">08/05/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">6,150</TD>
    <TD STYLE="text-align: center">08/08/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">9,120</TD>
    <TD STYLE="text-align: center">08/11/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">228</TD>
    <TD STYLE="text-align: center">08/12/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(7,984)</TD>
    <TD STYLE="text-align: center">08/30/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(7,984)</TD>
    <TD STYLE="text-align: center">08/31/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">5,018</TD>
    <TD STYLE="text-align: center">09/07/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">4,562</TD>
    <TD STYLE="text-align: center">09/21/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(66,606)</TD>
    <TD STYLE="text-align: center">11/01/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">4,100</TD>
    <TD STYLE="text-align: center">11/30/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">8,200</TD>
    <TD STYLE="text-align: center">12/01/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">21,886</TD>
    <TD STYLE="text-align: center">12/02/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">4,100</TD>
    <TD STYLE="text-align: center">12/05/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">8,662</TD>
    <TD STYLE="text-align: center">12/06/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,050</TD>
    <TD STYLE="text-align: center">12/07/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,050</TD>
    <TD STYLE="text-align: center">12/08/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,050</TD>
    <TD STYLE="text-align: center">12/09/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">6,150</TD>
    <TD STYLE="text-align: center">01/09/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,050</TD>
    <TD STYLE="text-align: center">01/10/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,050</TD>
    <TD STYLE="text-align: center">01/11/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,050</TD>
    <TD STYLE="text-align: center">01/12/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,050</TD>
    <TD STYLE="text-align: center">01/13/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">18,912</TD>
    <TD STYLE="text-align: center">01/17/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">18,913</TD>
    <TD STYLE="text-align: center">01/18/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">8,032</TD>
    <TD STYLE="text-align: center">01/19/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,050</TD>
    <TD STYLE="text-align: center">01/20/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(33)</TD>
    <TD STYLE="text-align: center">01/20/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,050</TD>
    <TD STYLE="text-align: center">01/23/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,050</TD>
    <TD STYLE="text-align: center">01/24/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">6,150</TD>
    <TD STYLE="text-align: center">01/26/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,050</TD>
    <TD STYLE="text-align: center">01/27/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,050</TD>
    <TD STYLE="text-align: center">01/30/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,050</TD>
    <TD STYLE="text-align: center">01/31/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,050</TD>
    <TD STYLE="text-align: center">02/01/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">47,151</TD>
    <TD STYLE="text-align: center">02/15/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">11,522</TD>
    <TD STYLE="text-align: center">02/16/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">8,200</TD>
    <TD STYLE="text-align: center">02/17/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">11,029</TD>
    <TD STYLE="text-align: center">02/21/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">12,300</TD>
    <TD STYLE="text-align: center">02/22/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">11,275</TD>
    <TD STYLE="text-align: center">02/23/2023</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 33; Options: NewSection -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 33%">Purchase of Common Stock</TD>
    <TD STYLE="text-align: center; width: 34%">21,525</TD>
    <TD STYLE="text-align: center; width: 33%">02/24/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">8,200</TD>
    <TD STYLE="text-align: center">02/27/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">8,200</TD>
    <TD STYLE="text-align: center">02/28/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">30,750</TD>
    <TD STYLE="text-align: center">03/01/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">16,810</TD>
    <TD STYLE="text-align: center">03/02/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">11,890</TD>
    <TD STYLE="text-align: center">03/03/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">19,680</TD>
    <TD STYLE="text-align: center">03/06/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">9,020</TD>
    <TD STYLE="text-align: center">03/07/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">12,300</TD>
    <TD STYLE="text-align: center">03/08/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">6,150</TD>
    <TD STYLE="text-align: center">03/09/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">6,150</TD>
    <TD STYLE="text-align: center">03/10/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,050</TD>
    <TD STYLE="text-align: center">03/13/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,230</TD>
    <TD STYLE="text-align: center">03/14/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">820</TD>
    <TD STYLE="text-align: center">03/15/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,025</TD>
    <TD STYLE="text-align: center">03/16/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,025</TD>
    <TD STYLE="text-align: center">03/17/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,025</TD>
    <TD STYLE="text-align: center">03/20/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,025</TD>
    <TD STYLE="text-align: center">03/21/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">820</TD>
    <TD STYLE="text-align: center">03/22/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,025</TD>
    <TD STYLE="text-align: center">03/23/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">205</TD>
    <TD STYLE="text-align: center">03/24/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">6,150</TD>
    <TD STYLE="text-align: center">03/29/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">10,250</TD>
    <TD STYLE="text-align: center">03/30/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">8,200</TD>
    <TD STYLE="text-align: center">03/31/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">12,233</TD>
    <TD STYLE="text-align: center">04/03/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">4,100</TD>
    <TD STYLE="text-align: center">04/04/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,050</TD>
    <TD STYLE="text-align: center">04/05/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,050</TD>
    <TD STYLE="text-align: center">04/06/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,025</TD>
    <TD STYLE="text-align: center">04/10/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,025</TD>
    <TD STYLE="text-align: center">04/11/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,025</TD>
    <TD STYLE="text-align: center">04/12/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,025</TD>
    <TD STYLE="text-align: center">04/13/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,025</TD>
    <TD STYLE="text-align: center">04/14/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">4,510</TD>
    <TD STYLE="text-align: center">04/17/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">10,865</TD>
    <TD STYLE="text-align: center">04/18/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">4,100</TD>
    <TD STYLE="text-align: center">04/19/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">4,100</TD>
    <TD STYLE="text-align: center">04/20/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">8,470</TD>
    <TD STYLE="text-align: center">04/28/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,230</TD>
    <TD STYLE="text-align: center">05/01/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,460</TD>
    <TD STYLE="text-align: center">05/02/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,640</TD>
    <TD STYLE="text-align: center">05/03/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">4,780</TD>
    <TD STYLE="text-align: center">05/10/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">820</TD>
    <TD STYLE="text-align: center">05/11/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">4,100</TD>
    <TD STYLE="text-align: center">05/12/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,050</TD>
    <TD STYLE="text-align: center">05/15/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,050</TD>
    <TD STYLE="text-align: center">05/16/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">4,100</TD>
    <TD STYLE="text-align: center">05/17/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">8,200</TD>
    <TD STYLE="text-align: center">05/18/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">4,100</TD>
    <TD STYLE="text-align: center">05/19/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">3,280</TD>
    <TD STYLE="text-align: center">05/22/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,870</TD>
    <TD STYLE="text-align: center">05/23/2023</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 33%">Purchase of Common Stock</TD>
    <TD STYLE="text-align: center; width: 34%">4,100</TD>
    <TD STYLE="text-align: center; width: 33%">05/24/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">11,070</TD>
    <TD STYLE="text-align: center">05/25/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">9,430</TD>
    <TD STYLE="text-align: center">05/26/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,050</TD>
    <TD STYLE="text-align: center">05/30/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,050</TD>
    <TD STYLE="text-align: center">05/31/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,230</TD>
    <TD STYLE="text-align: center">06/01/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Cash-Settled Swaps</TD>
    <TD STYLE="text-align: center">1,000*</TD>
    <TD STYLE="text-align: center">06/02/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Cash-Settled Swaps</TD>
    <TD STYLE="text-align: center">20,000*</TD>
    <TD STYLE="text-align: center">06/06/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(32,248)</TD>
    <TD STYLE="text-align: center">06/06/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Cash-Settled Swaps</TD>
    <TD STYLE="text-align: center">15,000*</TD>
    <TD STYLE="text-align: center">06/07/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(16,400)</TD>
    <TD STYLE="text-align: center">06/07/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Cash-Settled Swaps</TD>
    <TD STYLE="text-align: center">13,500*</TD>
    <TD STYLE="text-align: center">06/08/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(10,710)</TD>
    <TD STYLE="text-align: center">06/08/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(361)</TD>
    <TD STYLE="text-align: center">06/09/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">8,200</TD>
    <TD STYLE="text-align: center">06/12/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,050</TD>
    <TD STYLE="text-align: center">06/15/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Cash-Settled Swaps</TD>
    <TD STYLE="text-align: center">25,000*</TD>
    <TD STYLE="text-align: center">06/30/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">10,250</TD>
    <TD STYLE="text-align: center">06/30/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(25,000)</TD>
    <TD STYLE="text-align: center">06/30/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">366</TD>
    <TD STYLE="text-align: center">07/05/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(366)</TD>
    <TD STYLE="text-align: center">07/05/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Cash-Settled Swaps</TD>
    <TD STYLE="text-align: center">40,000*</TD>
    <TD STYLE="text-align: center">08/10/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Cash-Settled Swaps</TD>
    <TD STYLE="text-align: center">20,000*</TD>
    <TD STYLE="text-align: center">08/11/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">281</TD>
    <TD STYLE="text-align: center">10/26/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Sale of Cash-Settled Swaps</TD>
    <TD STYLE="text-align: center">(343)*</TD>
    <TD STYLE="text-align: center">11/06/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Sale of Cash-Settled Swaps</TD>
    <TD STYLE="text-align: center">(35,000)*</TD>
    <TD STYLE="text-align: center">11/07/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Cash-Settled Swaps</TD>
    <TD STYLE="text-align: center">10,000*</TD>
    <TD STYLE="text-align: center">11/08/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">8,200</TD>
    <TD STYLE="text-align: center">11/15/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">4,100</TD>
    <TD STYLE="text-align: center">11/16/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(2,132)</TD>
    <TD STYLE="text-align: center">11/27/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(2,641)</TD>
    <TD STYLE="text-align: center">11/28/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(3,427)</TD>
    <TD STYLE="text-align: center">11/30/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(4,100)</TD>
    <TD STYLE="text-align: center">12/01/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">8,200</TD>
    <TD STYLE="text-align: center">12/15/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">6,150</TD>
    <TD STYLE="text-align: center">12/18/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">42</TD>
    <TD STYLE="text-align: center">12/20/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(42)</TD>
    <TD STYLE="text-align: center">12/20/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">4,100</TD>
    <TD STYLE="text-align: center">12/29/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,050</TD>
    <TD STYLE="text-align: center">01/02/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,960</TD>
    <TD STYLE="text-align: center">01/03/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">4,190</TD>
    <TD STYLE="text-align: center">01/04/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(3,920)</TD>
    <TD STYLE="text-align: center">01/09/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">8,200</TD>
    <TD STYLE="text-align: center">01/17/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">6,150</TD>
    <TD STYLE="text-align: center">01/19/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,050</TD>
    <TD STYLE="text-align: center">01/25/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(8,200)</TD>
    <TD STYLE="text-align: center">01/29/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(8,200)</TD>
    <TD STYLE="text-align: center">01/30/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(6,314)</TD>
    <TD STYLE="text-align: center">01/31/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(5,986)</TD>
    <TD STYLE="text-align: center">02/01/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(4,100)</TD>
    <TD STYLE="text-align: center">02/02/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(549)</TD>
    <TD STYLE="text-align: center">02/05/2024</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 35 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 33%">Sale of Common Stock</TD>
    <TD STYLE="text-align: center; width: 34%">(40,816)</TD>
    <TD STYLE="text-align: center; width: 33%">02/06/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(1,412)</TD>
    <TD STYLE="text-align: center">02/27/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(5,880)</TD>
    <TD STYLE="text-align: center">03/06/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Sale of Cash-Settled Swaps</TD>
    <TD STYLE="text-align: center">(25,000)*</TD>
    <TD STYLE="text-align: center">03/20/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">25,000</TD>
    <TD STYLE="text-align: center">03/20/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Sale of Cash-Settled Swaps</TD>
    <TD STYLE="text-align: center">(50,000)*</TD>
    <TD STYLE="text-align: center">03/21/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">50,000</TD>
    <TD STYLE="text-align: center">03/21/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Sale of Cash-Settled Swaps</TD>
    <TD STYLE="text-align: center">(5,000)*</TD>
    <TD STYLE="text-align: center">04/29/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">12,500</TD>
    <TD STYLE="text-align: center">05/06/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Sale of Cash-Settled Swaps</TD>
    <TD STYLE="text-align: center">(15,000)*</TD>
    <TD STYLE="text-align: center">05/06/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Sale of Cash-Settled Swaps</TD>
    <TD STYLE="text-align: center">(5,000)*</TD>
    <TD STYLE="text-align: center">05/07/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Sale of Cash-Settled Swaps</TD>
    <TD STYLE="text-align: center">(7,500)*</TD>
    <TD STYLE="text-align: center">05/08/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">7,840</TD>
    <TD STYLE="text-align: center">05/09/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">3,920</TD>
    <TD STYLE="text-align: center">05/10/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">3,920</TD>
    <TD STYLE="text-align: center">05/15/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">277</TD>
    <TD STYLE="text-align: center">05/16/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Cash-Settled Swaps</TD>
    <TD STYLE="text-align: center">9,647*</TD>
    <TD STYLE="text-align: center">05/16/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Cash-Settled Swaps</TD>
    <TD STYLE="text-align: center">7,500*</TD>
    <TD STYLE="text-align: center">05/17/2027</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*Represents shares of Common Stock underlying Cash-Settled Swaps.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>arex
capital management, lp</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>(Through the AREX Managed Accounts)</U></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 33%">Purchase of Common Stock</TD>
    <TD STYLE="width: 34%; text-align: center">8,125</TD>
    <TD STYLE="width: 33%; text-align: center">07/01/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,000</TD>
    <TD STYLE="text-align: center">08/01/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">10,281</TD>
    <TD STYLE="text-align: center">08/04/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,168</TD>
    <TD STYLE="text-align: center">08/05/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,350</TD>
    <TD STYLE="text-align: center">08/08/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">880</TD>
    <TD STYLE="text-align: center">08/11/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">22</TD>
    <TD STYLE="text-align: center">08/12/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(766)</TD>
    <TD STYLE="text-align: center">08/30/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(766)</TD>
    <TD STYLE="text-align: center">08/31/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">482</TD>
    <TD STYLE="text-align: center">09/07/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">438</TD>
    <TD STYLE="text-align: center">09/21/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(6,394)</TD>
    <TD STYLE="text-align: center">11/01/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">900</TD>
    <TD STYLE="text-align: center">11/30/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,800</TD>
    <TD STYLE="text-align: center">12/01/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">3,114</TD>
    <TD STYLE="text-align: center">12/02/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">900</TD>
    <TD STYLE="text-align: center">12/05/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,338</TD>
    <TD STYLE="text-align: center">12/06/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">450</TD>
    <TD STYLE="text-align: center">12/07/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">450</TD>
    <TD STYLE="text-align: center">12/08/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">450</TD>
    <TD STYLE="text-align: center">12/09/2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,350</TD>
    <TD STYLE="text-align: center">01/09/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">450</TD>
    <TD STYLE="text-align: center">01/10/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">450</TD>
    <TD STYLE="text-align: center">01/11/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">450</TD>
    <TD STYLE="text-align: center">01/12/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">450</TD>
    <TD STYLE="text-align: center">01/13/2023</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 33%">Purchase of Common Stock</TD>
    <TD STYLE="text-align: center; width: 34%">3,588</TD>
    <TD STYLE="text-align: center; width: 33%">01/17/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">3,587</TD>
    <TD STYLE="text-align: center">01/18/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,008</TD>
    <TD STYLE="text-align: center">01/19/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">450</TD>
    <TD STYLE="text-align: center">01/20/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(7)</TD>
    <TD STYLE="text-align: center">01/20/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">450</TD>
    <TD STYLE="text-align: center">01/23/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">450</TD>
    <TD STYLE="text-align: center">01/24/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,350</TD>
    <TD STYLE="text-align: center">01/26/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">450</TD>
    <TD STYLE="text-align: center">01/27/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">450</TD>
    <TD STYLE="text-align: center">01/30/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">450</TD>
    <TD STYLE="text-align: center">01/31/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">450</TD>
    <TD STYLE="text-align: center">02/01/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">30,349</TD>
    <TD STYLE="text-align: center">02/15/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">17,529</TD>
    <TD STYLE="text-align: center">02/16/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">11,800</TD>
    <TD STYLE="text-align: center">02/17/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">12,420</TD>
    <TD STYLE="text-align: center">02/21/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">12,700</TD>
    <TD STYLE="text-align: center">02/22/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,475</TD>
    <TD STYLE="text-align: center">02/23/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">8,975</TD>
    <TD STYLE="text-align: center">02/24/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,800</TD>
    <TD STYLE="text-align: center">02/27/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,800</TD>
    <TD STYLE="text-align: center">02/28/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">6,750</TD>
    <TD STYLE="text-align: center">03/01/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">3,690</TD>
    <TD STYLE="text-align: center">03/02/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,610</TD>
    <TD STYLE="text-align: center">03/03/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">4,320</TD>
    <TD STYLE="text-align: center">03/06/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,980</TD>
    <TD STYLE="text-align: center">03/07/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,700</TD>
    <TD STYLE="text-align: center">03/08/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,350</TD>
    <TD STYLE="text-align: center">03/09/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,350</TD>
    <TD STYLE="text-align: center">03/10/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">450</TD>
    <TD STYLE="text-align: center">03/13/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">270</TD>
    <TD STYLE="text-align: center">03/14/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">180</TD>
    <TD STYLE="text-align: center">03/15/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">225</TD>
    <TD STYLE="text-align: center">03/16/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">225</TD>
    <TD STYLE="text-align: center">03/17/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">7,725</TD>
    <TD STYLE="text-align: center">03/20/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">225</TD>
    <TD STYLE="text-align: center">03/21/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">180</TD>
    <TD STYLE="text-align: center">03/22/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">225</TD>
    <TD STYLE="text-align: center">03/23/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">45</TD>
    <TD STYLE="text-align: center">03/24/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,350</TD>
    <TD STYLE="text-align: center">03/29/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">51,350</TD>
    <TD STYLE="text-align: center">03/30/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">50,466</TD>
    <TD STYLE="text-align: center">03/31/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">50,001</TD>
    <TD STYLE="text-align: center">04/03/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">900</TD>
    <TD STYLE="text-align: center">04/04/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">450</TD>
    <TD STYLE="text-align: center">04/05/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">450</TD>
    <TD STYLE="text-align: center">04/06/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">225</TD>
    <TD STYLE="text-align: center">04/10/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">225</TD>
    <TD STYLE="text-align: center">04/11/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">225</TD>
    <TD STYLE="text-align: center">04/12/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">225</TD>
    <TD STYLE="text-align: center">04/13/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">225</TD>
    <TD STYLE="text-align: center">04/14/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">990</TD>
    <TD STYLE="text-align: center">04/17/2023</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 33%">Purchase of Common Stock</TD>
    <TD STYLE="text-align: center; width: 34%">2,385</TD>
    <TD STYLE="text-align: center; width: 33%">04/18/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">900</TD>
    <TD STYLE="text-align: center">04/19/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">900</TD>
    <TD STYLE="text-align: center">04/20/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">560,889</TD>
    <TD STYLE="text-align: center">04/21/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">65,000</TD>
    <TD STYLE="text-align: center">04/24/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">57,526</TD>
    <TD STYLE="text-align: center">04/25/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">45,000</TD>
    <TD STYLE="text-align: center">04/26/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">39,085</TD>
    <TD STYLE="text-align: center">04/27/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">11,530</TD>
    <TD STYLE="text-align: center">04/28/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">270</TD>
    <TD STYLE="text-align: center">05/01/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">540</TD>
    <TD STYLE="text-align: center">05/02/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">360</TD>
    <TD STYLE="text-align: center">05/03/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">36,500</TD>
    <TD STYLE="text-align: center">05/04/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">52,000</TD>
    <TD STYLE="text-align: center">05/05/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">38,510</TD>
    <TD STYLE="text-align: center">05/08/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">47,500</TD>
    <TD STYLE="text-align: center">05/09/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">76,720</TD>
    <TD STYLE="text-align: center">05/10/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">19,170</TD>
    <TD STYLE="text-align: center">05/11/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">45,900</TD>
    <TD STYLE="text-align: center">05/12/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">175,450</TD>
    <TD STYLE="text-align: center">05/15/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">22,950</TD>
    <TD STYLE="text-align: center">05/16/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,400</TD>
    <TD STYLE="text-align: center">05/17/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,800</TD>
    <TD STYLE="text-align: center">05/18/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">900</TD>
    <TD STYLE="text-align: center">05/19/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">720</TD>
    <TD STYLE="text-align: center">05/22/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">630</TD>
    <TD STYLE="text-align: center">05/23/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">900</TD>
    <TD STYLE="text-align: center">05/24/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">18,430</TD>
    <TD STYLE="text-align: center">05/25/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,070</TD>
    <TD STYLE="text-align: center">05/26/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">450</TD>
    <TD STYLE="text-align: center">05/30/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">450</TD>
    <TD STYLE="text-align: center">05/31/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">5,270</TD>
    <TD STYLE="text-align: center">06/01/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">5,050</TD>
    <TD STYLE="text-align: center">06/02/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,465</TD>
    <TD STYLE="text-align: center">06/06/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(252)</TD>
    <TD STYLE="text-align: center">06/06/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">54,087</TD>
    <TD STYLE="text-align: center">06/07/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(3,600)</TD>
    <TD STYLE="text-align: center">06/07/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(2,350)</TD>
    <TD STYLE="text-align: center">06/08/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(79)</TD>
    <TD STYLE="text-align: center">06/09/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,800</TD>
    <TD STYLE="text-align: center">06/12/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">21,769</TD>
    <TD STYLE="text-align: center">06/13/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">450</TD>
    <TD STYLE="text-align: center">06/15/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">33,153</TD>
    <TD STYLE="text-align: center">06/30/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">7,794</TD>
    <TD STYLE="text-align: center">07/03/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">80</TD>
    <TD STYLE="text-align: center">07/05/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(80)</TD>
    <TD STYLE="text-align: center">07/05/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">38,762</TD>
    <TD STYLE="text-align: center">08/10/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">5,270</TD>
    <TD STYLE="text-align: center">08/24/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,500</TD>
    <TD STYLE="text-align: center">08/28/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">18,000</TD>
    <TD STYLE="text-align: center">10/03/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,750</TD>
    <TD STYLE="text-align: center">10/04/2023</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 33%">Purchase of Common Stock</TD>
    <TD STYLE="text-align: center; width: 34%">62</TD>
    <TD STYLE="text-align: center; width: 33%">10/26/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">32,300</TD>
    <TD STYLE="text-align: center">11/03/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,800</TD>
    <TD STYLE="text-align: center">11/15/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">900</TD>
    <TD STYLE="text-align: center">11/16/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(468)</TD>
    <TD STYLE="text-align: center">11/27/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(580)</TD>
    <TD STYLE="text-align: center">11/28/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(752)</TD>
    <TD STYLE="text-align: center">11/30/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(900)</TD>
    <TD STYLE="text-align: center">12/01/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,800</TD>
    <TD STYLE="text-align: center">12/15/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,350</TD>
    <TD STYLE="text-align: center">12/18/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">9</TD>
    <TD STYLE="text-align: center">12/20/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(9)</TD>
    <TD STYLE="text-align: center">12/20/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">900</TD>
    <TD STYLE="text-align: center">12/29/2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">450</TD>
    <TD STYLE="text-align: center">01/02/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">540</TD>
    <TD STYLE="text-align: center">01/03/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">3,310</TD>
    <TD STYLE="text-align: center">01/04/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(1,080)</TD>
    <TD STYLE="text-align: center">01/09/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,800</TD>
    <TD STYLE="text-align: center">01/17/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,350</TD>
    <TD STYLE="text-align: center">01/19/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">450</TD>
    <TD STYLE="text-align: center">01/25/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(1,800)</TD>
    <TD STYLE="text-align: center">01/29/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(1,800)</TD>
    <TD STYLE="text-align: center">01/30/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(1,386)</TD>
    <TD STYLE="text-align: center">01/31/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(1,314)</TD>
    <TD STYLE="text-align: center">02/01/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(900)</TD>
    <TD STYLE="text-align: center">02/02/2024</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">Sale of Common Stock</TD>
    <TD STYLE="vertical-align: top; text-align: center">(151)</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">02/05/2024</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">Purchase of Common Stock</TD>
    <TD STYLE="vertical-align: top; text-align: center">40,816</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">02/06/2024</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">Sale of Common Stock</TD>
    <TD STYLE="vertical-align: top; text-align: center">(388)</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">02/27/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(1,620)</TD>
    <TD STYLE="text-align: center">03/06/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(26,117)</TD>
    <TD STYLE="text-align: center">03/14/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(13,791)</TD>
    <TD STYLE="text-align: center">03/19/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Sale of Common Stock</TD>
    <TD STYLE="text-align: center">(13,401)</TD>
    <TD STYLE="text-align: center">03/20/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">2,160</TD>
    <TD STYLE="text-align: center">05/09/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,080</TD>
    <TD STYLE="text-align: center">05/10/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">1,080</TD>
    <TD STYLE="text-align: center">05/15/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">76</TD>
    <TD STYLE="text-align: center">05/16/2024</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Purchase of Common Stock</TD>
    <TD STYLE="text-align: center">540</TD>
    <TD STYLE="text-align: center">05/24/2024</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt; background-color: white"><B><I>The following
table is reprinted from the Company&rsquo;s definitive proxy statement filed with the Securities and Exchange Commission on June 10,
2024.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>SECURITY OWNERSHIP
OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">The following table sets
forth information regarding the beneficial ownership of the Company&rsquo;s common stock as of May&nbsp;20,&nbsp;2024 by (1) each person
who is known by the Company to own beneficially more than 5% of the outstanding shares of the Company&rsquo;s common stock, (2)&nbsp;each
of the Company&rsquo;s directors, (3) each of the Company&rsquo;s named executive officers, and (4) all of the Company&rsquo;s directors
and executive officers as a group. Percentage of ownership is based on 50,155,417 shares of common stock outstanding as of May 20, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD COLSPAN="6" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt"><B>Common&nbsp;Shares<BR>
Beneficially<BR>
Owned(1)</B></FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt"><B>Percent of Class</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; border-top: #4C16AE 1pt solid"><FONT STYLE="font-size: 10pt"><B>Greater Than 5% Beneficial Owners</B></FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #4C16AE 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #4C16AE 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD COLSPAN="6" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;BlackRock, Inc.</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">8,094,739&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">16.1%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="6" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;The Vanguard Group</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">5,706,087&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">11.4%</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD COLSPAN="6" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Deerfield Mgmt, L.P.</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">4,997,746&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">10.0%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="6">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="6" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>Non-Employee Directors</B>(6)</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD COLSPAN="6" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Leo I. Higdon, Jr.,&nbsp;<I>Chairperson</I></FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">37,702&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="6" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Jeffrey W. Bolton</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">52,299&nbsp;</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD COLSPAN="6" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Tina L. Brown-Stevenson</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">22,347&nbsp;</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="6" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Yvonne M. Curl</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">30,310&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD COLSPAN="6" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Charles M. Elson</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">34,771&nbsp;</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="6" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Erin P. Hoeflinger</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">30,399&nbsp;</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD COLSPAN="6" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Susan A. La Monica</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">35,797&nbsp;</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="6" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;John E. Maupin, Jr.</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">30,092&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD COLSPAN="6" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Stuart M. McGuigan</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">14,599&nbsp;</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="6" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Gregory S. Rush</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">29,299&nbsp;</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD COLSPAN="6" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Barry P. Schochet</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">21,924&nbsp;</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="6" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;L. Edward Shaw, Jr.</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">51,691&nbsp;</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD COLSPAN="6" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>Named Executive Officers</B>(6)</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="6">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="6" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Barbara A. Jacobsmeyer</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">643,182&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(7)</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">1.3%</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD COLSPAN="6" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Crissy B. Carlisle</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">88,342&nbsp;</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="6" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Dylan C. Black</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">25,471&nbsp;</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD COLSPAN="6" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Julie D. Jolley</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">71,429&nbsp;</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="6" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Tanya R. Marion</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">44,375&nbsp;</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD COLSPAN="6" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>All directors and executive officers as a group (19 total)</B></FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">1,332,222&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(5)(7)</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">2.7%</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="14">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="14">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 22%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">* Less than 1%.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD>According to the rules adopted by the SEC, a person is a beneficial
owner of securities if the person or entity has or shares the power to vote them or to direct their investment or has the right to acquire
beneficial ownership of such securities within 60 days through the exercise of an option, warrant or right, conversion of a security
or otherwise. Unless otherwise indicated, each person or entity named in the table has sole voting and investment power, or shares voting
and investment power, with respect to all shares of stock listed as owned by that person.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD>Based on a Schedule 13G/A filed with the SEC on January 22,
2024, BlackRock, Inc. (parent holding company/control person) reported, as of December 31, 2023, beneficial ownership of 8,094,739 shares,
with sole voting power for 7,956,961 shares and sole investment power for 8,094,739 shares. This holder is located at 50 Hudson Yards,
New York, NY 10001</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD>Based on a Schedule 13G/A filed with the SEC on February 13,
2024, The Vanguard Group (investment adviser) reported, as of December&nbsp;31,&nbsp;2023, beneficial ownership of 5,706,087 shares,
with shared voting power for 31,940 shares, sole investment power for 5,632,412 shares, and shared investment power for 73,645 shares.
This holder is located at 100 Vanguard Blvd., Malvern, PA 19355.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(4)</TD><TD>Based on a Schedule 13G/A filed with the SEC on February 12,
2024, Deerfield Mgmt, L.P. (parent holding company/control person) reported, as of December 31, 2023, beneficial ownership of 4,997,746
shares, with shared voting and investment power for 4,997,746 shares. This holder is located at 345 Park Avenue South, 12th Floor, New
York, NY 10010.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(5)</TD><TD>Includes 7,926 shares indirectly beneficially owned in a family
trust.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(6)</TD><TD>The address of the Company&rsquo;s directors and executive officers
is c/o Enhabit, Inc., 6688 N. Central Expressway, Suite 1300, Dallas, Texas 75206.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(7)</TD><TD>Includes 172,197 shares issuable upon exercise of options.</TD>
</TR></TABLE>

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

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

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    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Tell the Board what you think!
Your vote is important. No matter how many shares of Common Stock you own, please give AREX your proxy &ldquo;<B>FOR</B>&rdquo; the election
of the AREX Nominees and in accordance with our recommendations on the other proposals on the agenda for the Annual Meeting by <B>SIGNING,
DATING AND MAILING</B> the enclosed <B>WHITE </B>universal proxy card <B>TODAY</B> in the envelope provided (no postage is required if
mailed in the United States).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You may vote your shares
virtually at the Annual Meeting, however, even if you plan to attend the Annual Meeting, we recommend that you submit your <B>WHITE</B> universal
proxy card by mail by the applicable deadline so that your vote will still be counted if you later decide not to attend the Annual Meeting.
If any of your shares of Common Stock are held in the name of a brokerage firm, bank, bank nominee or other institution, only it can
vote such shares of Common Stock and only upon receipt of your specific instructions. Depending upon your broker or custodian, you may
be able to vote either by toll-free telephone or by the Internet. Please refer to the enclosed voting form for instructions on how to
vote electronically. You may also vote by signing, dating and returning the enclosed <B>WHITE</B> voting form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you have any questions
or require any additional information concerning this Proxy Statement, please contact Saratoga at the address set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 100%; border: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>If you have any questions, require assistance
in voting your <B>WHITE </B>universal proxy card,</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>or need additional copies of AREX&rsquo;s
proxy materials,</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>please contact:</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><IMG SRC="image_001.jpg" ALT=""></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Stockholders call toll-free at (888)
    368-0379 or (212) 257-1311</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Email: rehabEHAB@Saratogaproxy.com</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red">&nbsp;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: left; font-size: 10pt"><B>WHITE</B> UNIVERSAL PROXY CARD&#8239;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ENHABIT, INC.<BR>
<BR>
2024 ANNUAL MEETING OF STOCKHOLDERS<BR>
<BR>
THIS PROXY IS SOLICITED BY AND ON BEHALF OF AREX CAPITAL MASTER FUND, LP AND THE OTHER PARTICIPANTS IN ITS PROXY SOLICITATION<BR>
<BR>
THIS PROXY IS <U>NOT</U> SOLICITED BY OR ON BEHALF OF MANAGEMENT<BR>
<BR></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The undersigned appoints
Andrew Rechtschaffen, John Ferguson and Andrew Freedman, and each of them, attorneys and agents with full power of substitution to vote
all shares of Common Stock of Enhabit, Inc. (the &ldquo;Company&rdquo;) which the undersigned would be entitled to vote if personally
present at the 2024 Annual Meeting of Stockholders of the Company scheduled to be held virtually at 9:00 a.m. (CDT) on July 25, 2024
(including any adjournments or postponements thereof and any meeting called in lieu thereof, the &ldquo;Annual Meeting&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The undersigned hereby
revokes any other proxy or proxies heretofore given to vote or act with respect to the shares of Common Stock of the Company held by
the undersigned, and hereby ratifies and confirms all action the herein named attorneys and proxies, their substitutes, or any of them
may lawfully take by virtue hereof. If properly executed, this Proxy will be voted as directed on the reverse and, to the extent authorized
by Rule 14a-4(c) under the Securities Exchange Act of 1934, as amended, in the discretion of the herein named attorneys and proxies or
their substitutes with respect to any other matters as may properly come before the Annual Meeting that are unknown to AREX Capital Master
Fund, LP (together with the other participants in its solicitation, &ldquo;AREX&rdquo;) a reasonable time before this solicitation.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>THIS PROXY WILL
BE VOTED AS DIRECTED. IF NO DIRECTION IS INDICATED WITH RESPECT TO THE PROPOSALS ON THE REVERSE, THIS PROXY WILL BE VOTED &ldquo;FOR&rdquo;
THE SEVEN (7) AREX NOMINEES AND &ldquo;FOR&rdquo; THE TWO (2) COMPANY NOMINEES UNOPPOSED BY AREX IN PROPOSAL 1, &ldquo;FOR&rdquo; PROPOSAL
2 AND &ldquo;FOR&rdquo; PROPOSAL 3.&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Proxy will be valid until
the completion of the Annual Meeting. This Proxy will only be valid in connection with AREX&rsquo;s solicitation of proxies for the Annual
Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>IMPORTANT: PLEASE SIGN, DATE AND MAIL THIS PROXY
CARD PROMPTLY!<BR>
<BR>
CONTINUED AND TO BE SIGNED ON REVERSE SIDE</B></P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: left; font-size: 10pt"><B>WHITE</B> UNIVERSAL PROXY CARD&#8239;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">[X] Please mark vote as in this example</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>AREX
Strongly </B></FONT><B>RECOMMENDS THAT STOCKHOLDERS VOTE <FONT STYLE="text-transform: uppercase">&ldquo;for&rdquo; </FONT>THE SEVEN (7)
AREX NOMINEES AND <FONT STYLE="text-transform: uppercase">&ldquo;for&rdquo; the </FONT>TWO (2) COMPANY NOMINEES UNOPPOSED BY AREX, AND
NOT TO VOTE &ldquo;FOR&rdquo; ANY OF THE REMAINING COMPANY NOMINEES LISTED BELOW IN PROPOSAL 1.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>YOU MAY SUBMIT VOTES &ldquo;FOR&rdquo; UP TO
NINE (9) NOMINEES IN TOTAL. IMPORTANTLY, IF YOU MARK MORE THAN NINE (9) &ldquo;FOR&rdquo; BOXES WITH RESPECT TO THE ELECTION OF DIRECTORS,
ALL OF YOUR VOTES FOR THE ELECTION OF DIRECTORS WILL BE DEEMED INVALID. &nbsp;IF YOU MARK FEWER THAN NINE (9) &ldquo;FOR&rdquo; BOXES
WITH RESPECT TO THE ELECTION OF DIRECTORS, THIS PROXY CARD, WHEN DULY EXECUTED, WILL BE VOTED ONLY &ldquo;FOR&rdquo; THOSE NOMINEES YOU
HAVE SO MARKED.&nbsp;</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">To elect nine (9) directors to the Board of Directors to serve until the Company&rsquo;s 2025 annual meeting
of stockholders.</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 55%; border: Black 1pt solid"><FONT STYLE="text-transform: uppercase"><B>AREX Nominees</B></FONT></TD>
    <TD STYLE="width: 23%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="text-transform: uppercase"><B>FOR</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="text-transform: uppercase"><B>WITHHOLD</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 17.1pt">a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Megan Ambers</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&#9744;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&#9744;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 17.1pt">b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>James T. Corcoran</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&#9744;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&#9744;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 17.1pt">c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Maxine Hochhauser</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&#9744;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&#9744;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 17.1pt">d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Mark W. Ohlendorf</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&#9744;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&#9744;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 17.1pt">e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Anna-Gene O&rsquo;Neal</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&#9744;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&#9744;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 17.1pt">f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Dr. Gregory S. Sheff</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&#9744;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&#9744;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 17.1pt">g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Juan Vallarino</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&#9744;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&#9744;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; border: Black 1pt solid"><FONT STYLE="text-transform: uppercase"><B>COMPANY Nominees unopposed by AREX</B></FONT></TD>
    <TD STYLE="width: 23%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="text-transform: uppercase"><B>FOR</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="text-transform: uppercase"><B>WITHHOLD</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 17.1pt">a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>Barbara A. Jacobsmeyer</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&#9744;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&#9744;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 17.1pt">b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&#8239;&nbsp;&nbsp;
    </FONT>Barry P. Schochet</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&#9744;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&#9744;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; border: Black 1pt solid"><FONT STYLE="text-transform: uppercase"><B>COMPANY Nominees OPPOSED BY AREX</B></FONT></TD>
    <TD STYLE="width: 23%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="text-transform: uppercase"><B>FOR</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="text-transform: uppercase"><B>WITHHOLD</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 17.1pt">a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>Jeffrey W. Bolton</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&#9744;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&#9744;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 17.1pt">b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    &#8239; </FONT>Tina L. Brown-Stevenson</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&#9744;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&#9744;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 17.1pt">c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>Charles M. Elson</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&#9744;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&#9744;</TD></TR>
  <TR>
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    &#8239;</FONT>Erin P. Hoeflinger</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&#9744;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&#9744;</TD></TR>
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    </FONT>Susan A. La Monica</TD>
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    </FONT>&#8239;Stuart M. McGuigan</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&#9744;</TD>
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    </FONT>&#8239;Gregory S. Rush</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&#9744;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: left; font-size: 10pt"><B>WHITE</B> UNIVERSAL PROXY CARD&#8239;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>AREX RECOMMENDS STOCKHOLDERS VOTE &ldquo;FOR&rdquo;
PROPOSAL 2.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">The Company&rsquo;s proposal to ratify the appointment by the Company&rsquo;s Audit &amp; Finance Committee
of PricewaterhouseCoopers LLP as the Company&rsquo;s independent registered public accounting firm.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: center; width: 33%">&#9744; &#8239;FOR</TD>
  <TD STYLE="text-align: center; width: 34%">&#9744;&#8239; AGAINST</TD>
  <TD STYLE="text-align: center; width: 33%">&#9744; &#8239;ABSTAIN</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>AREX MAKES NO RECOMMENDATION WITH
RESPECT TO PROPOSAL 3.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">The Company&rsquo;s proposal to approve, on an advisory basis, the compensation of the Company&rsquo;s
named executive officers.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: center; width: 33%">&#9744; &#8239;FOR</TD>
  <TD STYLE="text-align: center; width: 34%">&#9744;&#8239; AGAINST</TD>
  <TD STYLE="text-align: center; width: 33%">&#9744; &#8239;ABSTAIN</TD></TR>
</TABLE>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DATED: _____________________________<BR>
<BR>
____________________________________<BR>
(Signature)<BR>
<BR>
____________________________________<BR>
(Signature, if held jointly)<BR>
<BR>
____________________________________<BR>
(Title)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WHEN SHARES ARE HELD JOINTLY, JOINT OWNERS SHOULD
EACH SIGN. EXECUTORS, ADMINISTRATORS, TRUSTEES, ETC., SHOULD INDICATE THE CAPACITY IN WHICH THEY ARE SIGNING. PLEASE SIGN EXACTLY AS NAME
APPEARS ON THIS PROXY.</P>

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