The AM Comment. Note Important Disclosures on Page 7 Note Analyst Certification on Page 7. April 23, 2018

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1 April 23, 2018 The AM Comment Recent Reports Industrials Monthly: Sector Update Procter & Gamble Co. (PG-$73.80): Mixed 3Q Results; Strategically Sound Acquisition South Jersey Industries (SJI-$30.02): Several Capital Raising Transactions; Tweaking Model and Reiterating Neutral Rating Weekly Market Recap For the week ending 04/20 What had been a solid gain for the week was pushed into a very slight gain by weak days on Thursday and Friday. While earnings continued to measure up to what we anticipate -- a very strong season -- some guidance issues caused some sharp downward moves in specific names, including Apple (AAPL-$165.72), which saw some analysts question forward sales. The continued solid economic numbers also supported the market earlier in the week, although these same factors have pushed up the likelihood of Fed rate increases, with a continued expectation for three rate increases and the likelihood of a fourth increase also remaining. We note, however, this is more a function of the strong economy than a worry of increased inflation, as these numbers continue to be muted. We believe the volatility we have seen so far in 2018 is likely to continue, although with our expectation for solid Q1 earnings numbers, which has been borne out by the results so far, volatility is likely to generally be to the upside. We continue to note valuation is not cheap but a move higher in earnings expectations above what is currently envisioned, something we believe is likely, could be a positive catalyst to support higher valuations in the near term. Without earnings, we expect all of the political uncertainty and turmoil that has been seen as likely to promote volatility. The strong earnings results produced over the past several quarters (combined with the low interest rate environment) have supported a historically high market multiple. The question will become how forward earnings look, as some of the numbers we have seen thrown around (one source we have put a mid-$170s number on 2019 S&P 500 earnings) would translate into a much more reasonable valuation for the markets. However, there is much uncertainty on how the tax law changes will impact bottom line earnings, so we are taking a wait and see attitude before moving our estimate of fair value in light of the earnings changes, and so far we have not seen a major impact from the lower taxes. Given the rising rate environment, worries around trade, and the fact that tax driven earnings gains are less attractive than earnings gains driven by operations, our estimate for fair value currently sits at 15 times. We expect market participants to not treat the potential for additional economic growth destroying tariffs (which are in essence additional taxes) and the Middle East issues as a positive for the markets, and we believe investors are likely to revalue markets around this additional uncertainty, which includes the likelihood of at least three rate increases and maybe four raises, which would dovetail with our more hawkish expectation for rate raises in Last week the S&P 500 was up 0.5%, the Dow 0.4%, and the NASDAQ 0.6%. For the year, the S&P 500 is down 0.1%, the Dow is off 1.0%, and the NASDAQ is up 3.5%. Commodities were mixed last week with oil at $68.40 a barrel, from $67.26, while gold was $1,337 an ounce compared to $1,346 an ounce. Bond yields were higher with the yield on the 5-year ending at 2.80% and To obtain important disclosure information regarding Hilliard Lyons rating system, valuation methods, risk factors, and potential conflicts of interest with respect to the companies covered in this report, please call (800) ext. 8820, or send a request via to RsLib@hilliard.com, or go online to: Requests should include the name and date of this report and a list of companies for which the disclosure information is requested. Note Important Disclosures on Page 7 Note Analyst Certification on Page 7

2 the 10-year at 2.96% compared to 2.67% and 2.82%, respectively, the previous week. Last week s economic numbers were somewhat better than expected. This week s economic calendar is about normal with the major reports expected including: existing home sales on Monday; new home sales, the Case-Shiller home price index, and consumer confidence on Tuesday; crude oil inventories on Wednesday; durable orders and initial jobless claims on Thursday; and GDP numbers, Chicago PMI, and Michigan sentiment on Friday. The market multiple on the S&P 500 remains above our estimate for fair value (15 times) at 16.9 times forward earnings. We believe consistent earnings growth coming out of the recession has been the major force driving the market higher, and the strong Q2, Q3, and Q4 numbers have enabled a continuation of that trend. We expect to see continued strength for the next several quarters as well. We expect a mid-to-high teen growth rate in earnings for 2018 and potentially above trend growth again for 2019 with the positive impacts of tax reform and continued economic growth acting as catalysts. An acceleration of economic growth would be another driver for markets going forward although that is something that could be interrupted by potential trade issues. In thinking about our expectations for market performance for 2018, while valuation would typically make us cautious, positive earnings numbers could drive a higher market. Markedly higher interest rates would be a major reason for re-rating market valuations, but the degree we have seen so far does not seem adequate to drive such a re-rating in light of the economic growth expectations. Of course, we now have to add trade uncertainty and the issues in the Middle East, which lessens the potential for continued momentum. That makes us re-think our 2018 thesis, along with the potential for higher rates and makes the momentumdriven S&P 500 target of a rise above 3150 sometime towards the middle part of the year less likely. We hope sober heads prevail here and should that occur, the Q4 earnings and stronger economic growth, which we believe is likely to carry through to Q1, Q2, and Q3, could still allow such a target to be reached. We still do not currently see the conditions for a recession, but potential trade issues could bring one into focus; just remember back to the Great Depression, where the Smoot-Hawley tariffs were an exacerbating factor in deepening and lengthening the depression. The strong Q4 earnings and the positive catalysts around potential strength in Q1 and Q2 earnings have not changed. We continue to see the energy sector as a place to go, especially with the strength in crude prices, and would potentially also look at telecom names, which have sharply underperformed over the past year and which look attractive from a valuation perspective. Note telecom is also more domestically based, and less likely to see retaliation due to tariffs. We have also become more constructive on the interest sensitive names for longer term, despite the likelihood of rates moving higher, as this may drive some price pressures in the near term. Also note real estate, an interest rate sensitive sector, is largely domestic-based and much less likely to see a negative impact from any tariff issue, in our view. For those looking for income, we would enter these groups slowly and dollar cost average over the coming year or so. The current forward market multiple remains in an area that we see as expensive. International equities may be an alternative to more expensive domestic names, however, as values here appear more compelling than domestic valuations despite strong outperformance over the past year. Further, dividend yields may be higher there as well, providing a higher level of income for investors, although investors should be mindful of factors affecting non domestic dividends. Investors also need to consider which markets might be more impacted by any tariffs. We note too with the Fed likely to continue to raise rates, short-term fixed income is also finally presenting a place to park money, with quality short-term bonds offering yields in excess of 2% now. As believers in long-term investing and patience, we generally suggest waiting for attractive valuations and then jumping in at good prices. When we do have selloffs, and cheaper stocks ensue, we suggest buying into some of the areas where we see value such as the fairly/undervalued groups highlighted earlier, as well as some individual situations/geographies. Analyst Comments American Campus Communities (ACC) CP: $ TP: $ Cap: Mid Rating: 3 LT Buy K. Kemper, x8446 Earnings preview We look for ACC to report first quarter FFOM (funds from operations modified) of $0.63 per share, equal to the consensus estimate. We look for an update on the development pipeline. ACC will report earnings after the market closes tonight. Page 2 of 7

3 BB&T Corporation (BBT) CP: $ TP: $ Cap: Large Rating: 1 Buy A. Stapp, 1Q18 earnings update upgrading to Buy Period end loans declined 0.5% sequentially. Factors that should driver stronger loan growth in coming quarters include the following: A strategic priority has been to enhance the risk/reward dynamics of the company s auto and mortgage portfolios, which has constrained growth. Having achieved this objective for mortgages, this portfolio began to rise in Q1 and auto loans should likewise regain traction by mid year Commercial customers have enhanced confidence regarding their business prospects. The loan pipeline is at all time highs. Insurance pricing improved to positive 2% in 1Q18 from down 2% 3% in 4Q17. New business production was up 11.8% versus a gain of 3.7% in 4Q17, which helped organic growth rise to 3% in Q1 from ~1.5% in Excluding purchase accounting accretion, the core NIM rose four bps to 3.32% sequentially due to the increase in short term interest rates and contained deposit costs. Excluding the impact of tax reform on taxable equivalent net interest income, the core NIM advanced six bps. A disruption resulting from a systems outage negatively impacted deposit service charges by ~$15 million and increased operating expenses by ~$5 million. Full time equivalent employees declined 576 on a LQ basis. The company expects to close ~150 branch offices in 2018, including 80 in Q2. BB&T expects to generate meaningful efficiencies from the Q3 acquisition of Regions Insurance through robotics and other back office automation. The total payout ratio was 82% in 1Q18, including $320 million of share repurchases. Tangible book value per share rose $0.06 to $20.86 LQ. Management provided the following 1Q18 and full year 2018 guidance: Annualized LQ growth in average loans of 1% 3% in 2Q18 Net charge offs of bps in 1Q18 The GAAP margin is expected to remain stable LQ, while the core NIM should be up slightly 2Q18 noninterest income growth of 2% 4% YOY Q2 noninterest expenses should decline 1% 3% YOY An effective tax rate of 21% in 2Q18 Growth in average total loans of 1% 3% in revenue growth of 2% 4% Noninterest expense is expected to be flat to down 1% versus 2017 An effective tax rate of 20% 21% in We increased our 2018 and 2019 operating EPS estimate to $4.01 and $4.39 from $3.90 and $4.23, respectively. We raised our 12 month price target by $2.00 to $ BBT is reaching inflection points wherein growth in loans and insurance revenues should accelerate. At the same time, the company is implementing strong cost controls that should result in flat to negative expense growth in 2018 and 2019 though branch closures and technology. We believe the market is underappreciating these EPS growth drivers. With our price target suggesting a potential return of 14.9%, including dividends, we upgraded our rating to Buy from Neutral. First Financial Bancorp (FFBC) CP: $ TP: $ Cap: Small Rating: 2 Neutral A. Stapp, 1Q18 earnings update downgrading to Neutral on valuation Management intends to reposition the balance sheet to make the company slightly more interest rate sensitive, but cautioned competitive deposit pricing could be a headwind for the NIM. FFBC noted competitive loan pricing pressures have been modest. Loan growth was driven by gains in commercial & industrial (1.6%), construction (5.8%), and commercial real estate (2.2%) loans. The rise in commercial & industrial loans was attributable to the company s commercial finance division, which focuses on insurance and franchise lending. Mortgage banking revenues were negatively impacted by seasonality, higher long term interest rates, and a tight housing supply. Tangible book value per share rose $0.13 to $11.75 on a LQ basis. FFBC completed the acquisition of MainSource on April 1, The systems and brand conversion is expected to occur in late May. FFBC provided the following 2Q18 4Q18 guidance for the combined company: Annualized loan growth in the mid single digits Net interest margin in the range of 3.92% 3.97% based on a static interest rate scenario on a fully taxable equivalent basis Stable credit quality Quarterly noninterest income of $29MM $31MM Quarterly operating noninterest expense of $80MM in 2Q18 declining to $75MM $77MM by year end 2018 Page 3 of 7

4 Efficiency ratio expected to be between 50% 52% upon realization of cost synergies Targeted dividend payout ratio is 35% 40% Effective tax rate of ~19.5% We increased our 2018 and 2019 operating EPS estimates to $2.22 and $2.39 from $2.09 and $2.28, respectively. Our price target remains unchanged at $ With the valuation gains realized by FFBC, we reduced our rating to Neutral from Buy. Community Trust Bancorp, Inc. (CTBI) CP: $ TP: $N/A Cap: Small Rating: 3 Neutral A. Stapp, 1Q18 earnings update The BOLI death benefits positively impacted EPS by $0.07. Tangible book value per share increased $0.35 to $26.64 on a LQ basis. Loan growth was negatively impacted by a payoff of a $13 million dealer floor plan loan and a $3 million decline in consumer loans. The yield on interest earning assets rose seven bps sequentially, while the cost of interest bearing liabilities increased seven bps. We revised our 2018 and 2019 operating EPS estimates to $3.45 and $3.33 from $3.29 and $3.38, respectively. We reaffirmed our Neutral rating. Park National Corporation (PRK) CP: $ TP: $N/A Cap: Small Rating: 2 Neutral A. Stapp, Reports 1Q18 results, dividend increase, and special dividend Excluding $0.07 of net securities gains, PRK reported 1Q18 operating EPS of $1.95, which handily exceeded our estimate of $1.63 and the street consensus of $1.64. As detailed below, the massive beat was attributable to multiple line items. Net interest income increased 2.2% linked quarter (LQ) to $64.9 million as 26 bps of net interest margin (NIM) expansion to 3.87% more than offset a 4.1% decline in average earning assets and two fewer days in the quarter. We had modeled net interest income of $61.9 million and a 3.64% margin. We suspect the primary driver of the NIM increase was attributable to interest recoveries on problem assets. The provision for loan losses was nominal at $0.3 million to ($0.2 million) on a LQ basis. Nonperforming Assets/Assets plunged 16 bps to 1.05%, while the net charge off ratio was down 28 bps to ten bps. We had modeled a provision of $2.1 million and net chargeoffs of 15 bps. Operating noninterest income surged 17.9% LQ to $25.7 million driven primarily by $4.3 million of gains on sale of other real estate owned (OREO). Results were above our estimate of $19.1 million due primarily to the OREO gains and a favorable variance in mortgage banking revenues. Operating noninterest expense rose 1.6% LQ to $54.3 million as increases in salaries & benefits (9.7%) and state taxes (66.2%) more than offset declines in professional fees (21.5%) and miscellaneous expense (35.8%). Salaries & benefits were impacted by cash bonuses and pay increases to non executive associates, as well as an increase in the matching contribution for associate retirement saving plan contributions to 50% from 25%. We had projected noninterest expense of $48.8 million. End of period loans fell 1.5% LQ, while average loans were down 1.3%. PRK increased the Q2 dividend by $0.02 to $0.96 and declared a Q2 special dividend of $0.25. Old National Bancorp (ONB) CP: $ TP: $ Cap: Small Rating: 2 Buy A. Stapp, First look at 1Q18 results Excluding non core items that negatively impacted EPS by $0.03, ONB reported operating EPS of $0.34, which beat our estimate by $0.03 and was $0.05 ahead of the street consensus. Net interest income rose 8.4% linked quarter (LQ) to $128.6 million as two bps of net interest margin (NIM) compression to 3.45% and two fewer days in the quarter were more than offset by an 5.7% rise in average earning assets. Results were impacted by the November acquisition of Anchor Bancorp. We had modeled net interest income of $125.7 million and a 3.38% margin. The NIM benefitted from 28 bps of purchase accounting accretion during the quarter versus 21 bps in 3Q17. Excluding accretion income, the core NIM fell nine bps sequentially to 3.17%, which exceeded our estimate of 3.12%. The impact of tax reform on fully taxable equivalent income negatively impacted the NIM by nine bps. The provision for loan losses fell to $0.4 million from $1.0 million in 3Q17, while the net charge off ratio dipped two bps to only 0.01% and Nonperforming Assets/Assets inched up one bp to 0.77%. We had modeled a provision of $1.5 million and net charge offs of five bps. Operating noninterest income declined 4.7% LQ to $41.6 million primarily on declines in wealth management fees (7.9%) and other noninterest income (11.7%). Results were below our estimate of $45.1 million. Adjusted noninterest expense plummeted $9.3 million LQ to $112.6 million and was well below our estimate of $116.0 million due to lower than expected tax credit amortization, the timing of which is difficult to predict. End of periods loans advanced 1.1% on a LQ basis, which exceeded our estimate 0.5% growth. Page 4 of 7

5 We will update our model and issue our note after our call with management this morning. Eli Lilly & Co. (LLY) CP: $ TP: $ Cap: Large Rating: 1 LT Buy K. Kemper, x8446 Earnings preview and FDA AdComm Lilly is set to report earnings tomorrow morning with a conference call at 9:00 AM EDT. We forecast $5.36 billion in revenue and $1.08 in operating EPS versus the street consensus of $5.52 billion and $1.14, respectively. We are actually below the street consensus of 2018 estimates before ramping ahead in 2019 and beyond. We expect most of the conversation on the call tomorrow to be focused on Trulicity trends with new competition on the market, as well as discussion regarding the Animal Health unit and the strategic review. Today, The FDA s Advisory Committee (AdComm) will review baricitinib, a rheumatoid arthritis (RA) drug under development from Lilly and partner Incyte (INCY $68.43). As a reminder to investors, the FDA staff s memos did not issue glowing reviews for the 4 mg dose of the drug due to concerns about cardiovascular safety. TripAdvisor Inc. (TRIP) CP: $ TP: $N/A Cap: Large Rating: 3 Neutral S. Turner, x8675 Consumers continue to shift spending toward experiences Following the financial crisis, consumers, led by Millennials, began shifting their buying patterns toward spending more on experiences and less on physical goods. TripAdvisor has benefitted significantly from this trend with its The Fork and Viator businesses. TripAdvisor announced it will acquire Bokun, a leading business management technology for the tours, attractions, and experiences industry. Bokun will provide experience operators with solutions including bookings, inventory management, and price management, while also becoming the sector's largest distribution channel. TripAdvisor believes the experiences sector is only 20% penetrated. TripAdvisor s non Hotel segment continues to improve profitability which is positive given the Hotel segment has been transitioning its business model over the past year, which has hurt performance during that time. Vectren Corporation (VVC) CP: $ TP: $N/A Cap: Large Rating: 2 Neutral D. Burks, x8648 Company to be acquired by CenterPoint Energy This morning it was announced CenterPoint Energy (CNP $26.68) is acquiring Vectren in a transaction in which Vectren shareholders will receive $72 per share in cash. Headquartered in Houston, CenterPoint Energy provides natural gas to 3.4 million customers in six states along with delivering electricity to more than 2.4 million customers in the greater Houston area. In terms of size, CNP's market cap is $11.5 billion compared to VVC's market cap of $5.5 billion. We do not follow CenterPoint but are aware of it and regard CNP as a solid company. CNP expects to maintain 5% to 7% EPS growth in 2019 and The companies are targeting a close of the transaction by the first quarter The deal is subject to Vectren shareholder approval, approvals from the Federal Energy Regulatory Commission, and expiration or termination of the Hart Scott Rodino waiting period. In addition to these filings, the company will make certain regulatory filings in Indiana and Ohio. In some respects we are not surprised to see Vectren acquired. The rumor has been out there for months, and the company has had one of the smaller market caps in the industry. It also had one of the highest valuations in the sector, largely because of potential takeover speculation, in our view. The $72 buyout price represents just under a 10% premium to Friday's closing stock price. At first glance, we believe the acquisition is likely to be approved by regulators. Also, because this is an all cash deal, it will be a taxable transaction for Vectren sharholders. We would maintain positions in Vectren for now as we anticipate at least three more dividend payments (June 1, September 1, and December 1) before the transaction potentially closes. However, as we do not anticipate any other offers coming, we would not be opposed to taking some profits for those who wish to realize their gains and pursue other opportunities as they arise. The companies will be hosting a conference call tomorrow morning, and we expect to publish a report afterwards. Connecticut Water Service, Inc. (CTWS) CP: $ TP: $N/A Cap: Small Rating: 3 Neutral S. Joyce, x8402 Unsolicited bid Late last week, Eversource Energy (ES $59.22, not rated) went public with an unsolicited hostile bid to acquire CTWS for $63.50/share, payable in either cash or ES stock. The proposal was unanimously rejected by the CTWS s Board of Directors, which remains committed to the prior agreed to merger of equals with SJW Group (SJW $56.17, not rated). We remind investors each CTWS share is entitled to receive SJW shares at merger closing (an implied value at Friday s close of $63.89). Eversource owns Aquarion Water, the largest water utility franchise in the state of Connecticut, so this news is perhaps not surprising. That said, ES is a diversified utility, with just a small presence in water. Page 5 of 7

6 At this point, we do not believe this news impacts the value of CTWS shares, although it does present a slight level of upside risk, in our view. We remain quite comfortable with our Neutral rating. 3M Company (MMM) CP: $ TP: $ Cap: Large Rating: 1 Buy S. Joyce, x8402 Earnings tomorrow morning 3M Company is set to report Q1 18 earnings tomorrow morning. The consensus EPS estimate for the quarter is $2.50, while we expect a street high $2.70; we expect revenue of $8.5B versus consensus at $8.2B. We see MMM continuing momentum from the past two (record) quarters on the back of strong execution amidst a global economic expansion. Given positive commentary from management back in January, we would not be surprised to see another hike to 2018 guidance. Thus, we like the stock heading into earnings and are comfortable with our Buy rating at this time. MMM s call will begin tomorrow morning at 9a ET and we will look to post a full report tomorrow afternoon. American Water Works (AWK) CP: $ TP: $ Cap: Large Rating: 1 LT Buy S. Joyce, x8402 Dividend hike AWK increased its quarterly dividend by 9.6% to an annualized $1.82 per share; this was in line with expectations as the company has guided to dividend increases of 7% 10%, with a recent emphasis on the top half of the range. The hike pushes AWK s indicated yield to 2.175% as of Friday s close. We remain comfortable with our Long term Buy rating and 2 3 year price target of $110. AT&T (T) CP: $ TP: $ Cap: Large Rating: 2 Buy D. Burks, x8648 Justice Department to investigate AT&T and Verizon over wireless collusion It was reported late Friday the US Justice Department has opened an anti trust probe into potential coordination by AT&T and Verizon (VZ $47.90) and a telecommunications standards organization to hinder consumers from easily switching wireless carriers. The investigation supposedly began five months ago. We expect both companies will comment on the issue when they report first quarter earnings this week. Verizon reports tomorrow morning and AT&T reports after the close on Wednesday. FirstEnergy (FE) CP: $ TP: $N/A Cap: Large Rating: 3 Neutral D. Burks, x8648 Company reports first quarter results This morning FirstEnergy reported first quarter operating earnings of $0.57 per share versus $0.52 per share in last year's first quarter. Earnings were slightly below expectations. Management expects this year's earnings to be in a range of $2.25 to $2.55 per share. We believe FirstEnergy is a generally improving situation after its exit from the merchant generation business. FE will focus on growing its traditional regulated assets. We would maintain positions in the stock. Indices % Chg. % Chg. Yr. Results Yr. Results P/E Index Price Prior Day YTD (Simple Return) (Total Return) 2018E DJIA 24, NASDAQ Comp 7, S&P 500 2, Russell , MSCI EAFE 2, MSCI Emerging Mkts Net Crude Oil Gold 1, Sources: Thomson Reuters, Bloomberg Page 6 of 7

7 Additional information is available upon request. Analyst Certification The contributors to this report hereby certify that the views expressed in this report accurately reflect their personal views about the subject. They also certify that they have not been, are not, and will not be receiving direct or indirect compensation in exchange for expressing the specific points of view in this report. Important Disclosures Hilliard Lyons' analysts receive bonus compensation based on Hilliard Lyons' profitability. They do not receive direct payments from investment banking activity. The contributors of this report or members of their households typically have positions in the companies they follow, which may include, but are not limited to, common stock, options, rights, warrants, or futures contracts. They may not engage in buying or selling securities contrary to their recommendations. BB&T Corp., Community Trust Bancorp, First Financial Bancorp, Old National Bancorp, and Vectren Corp. are/were clients of Hilliard Lyons within the past 12 months, received non investment banking securities related services, and Hilliard Lyons received compensation for those services. Hilliard Lyons has been a manager or co-manager of an offering of securities of AT&T Inc. within the past 12 months. Hilliard Lyons has received investment banking compensation from AT&T Inc. within the past 12 months. Investment Ratings Buy: We believe the stock has significant total return potential in the coming 12 months. Long-term Buy: We believe the stock is an above average holding in its sector, and expect solid total returns to be realized over a longer time frame than our Buy rated issues, typically 2-3 years. Neutral: We believe the stock is an average holding in its sector, is currently fairly valued, and may be used as a source of funds if better opportunities arise. Underperform: We believe the stock is vulnerable to a price decline in the next 12 months. Suitability Ratings 1: A large cap, core holding with a solid history. 2: A historically secure company which could be cyclical, has a shorter history than a "1" or is subject to event-driven setbacks. 3: An above average risk/reward ratio could be due to small size, lack of product diversity, sporadic earnings or high leverage. 4: Speculative, due to small size, inconsistent profitability, erratic revenue, volatility, low trading volume or a narrow customer or product base. Other Disclosures Opinions expressed are subject to change without notice and do not take into account the particular investment objectives, financial situation or needs of individual investors. Employees of J.J.B. Hilliard, W.L. Lyons, LLC or its affiliates may, at times, release written or oral commentary, technical analysis or trading strategies that differ from the opinions expressed here. J.J.B. Hilliard, W.L. Lyons, LLC is a multi-disciplined financial services firm that regularly seeks investment banking assignments and compensation from issuers for services including, but not limited to, acting as an underwriter in an offering or financial advisor in a merger or acquisition, or serving as placement agent in private transactions. The information herein has been obtained from sources we believe to be reliable but is not guaranteed and does not purport to be a complete statement of all material factors. This is for informational purposes and is not a solicitation of orders to purchase or sell securities. Reproduction is forbidden unless authorized. All rights reserved. Page 7 of 7

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