MIC Second Quarter 2018 Earnings Conference Call Supplemental Materials August 2, 2018
Important Notice This presentation by Macquarie Infrastructure Corporation (MIC) is proprietary and all rights are reserved. Any reproduction, in whole or in part, without the prior written consent of MIC is prohibited. This presentation is based on information generally available to the public and does not contain any material, non-public information. The presentation has been prepared solely for informational purposes. It is not a solicitation of any offer to buy or sell any security or instrument. This presentation contains forward-looking statements. Forwardlooking statements in this presentation are subject to a number of risks and uncertainties, some of which are beyond our control. Our actual results, performance, prospects or opportunities could differ materially from those expressed in or implied by the forward-looking statements. A description of known risks that could cause our actual results to differ appears under the caption Risk Factors in our Form 10-K filed with the SEC on February 21, 2018, our Form 10-Q filed with the SEC on August 1, 2018, and other materials filed with the SEC subsequently. Additional risks of which we are not currently aware could also cause our actual results to differ. These forward-looking statements are made as of the date of this presentation. We undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. Macquarie Group consists of Macquarie Group Limited and its worldwide subsidiaries and affiliates. MIC is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and its obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542. Macquarie Bank Limited does not guarantee or otherwise provide assurance in respect of the obligations of MIC. Use of Non-GAAP Metrics In addition to our results under U.S. GAAP, we use certain non- GAAP measures to assess the performance and prospects of our businesses. In particular, we use EBITDA excluding non-cash items, Free Cash Flow and certain proportionately combined financial metrics. Proportionately combined financial metrics reflect our proportionate ownership interest in our wind and solar facilities. We define EBITDA excluding non-cash items as net income (loss) or earnings the most comparable GAAP measure before interest, taxes, depreciation and amortization and non-cash items including impairments, unrealized derivative gains and losses, adjustments for other non-cash items and pension expense reflected in the statements of operations. EBITDA excluding noncash items also excludes base management fees and performance fees, if any, whether paid in cash or stock. We define Free Cash Flow as cash from operating activities the most comparable GAAP measure which includes cash paid for interest, taxes and pension contributions, less maintenance capital expenditures, which includes principal repayments on capital lease obligations used to fund maintenance capital expenditures, and excludes changes in working capital. Please review our Form 10-Q and earnings release, filed on August 1, 2018, for a complete discussion of our use of non-gaap metrics and reconciliations to the most comparable GAAP measures. PAGE 2
Results for 2Q 18
Results and Guidance Consolidated and Proportionately Combined Results Selected Key Results: Consolidated Proportionately Combined 1 $ Millions 2Q 18 2Q 17 % 2Q 18 2Q 17 % Net Income 36.3 26.0 39% 35.5 25.8 37% Adjusted EBITDA ex Non-cash Items 2 173.6 178.9 (3%) 170.8 175.8 (3%) Cash from Operating Activities 3 121.9 121.0 1% 120.0 119.2 1% Adjusted Free Cash Flow 2 128.6 143.4 (10%) 126.6 141.1 (10%) Adjusting 2018 Guidance: $ Millions (Proportionately Combined 1 ) Current Outlook 2018E Prior Outlook 2018E 2017A Adjusted EBITDA ex Non-cash Items 2 670-705 690 720 718.5 Adjusted Free Cash Flow 2 480 509 520 544 567.9 Dividend per Share $4.00 $4.00 $5.56 1. Includes only MIC s proportionate interest in its wind and solar facilities within the Contracted Power and MIC Hawaii segments. 2. For 2018 and 2017, Adjusted EBITDA excluding non-cash items and Adjusted Free Cash Flow excludes costs relating to certain investment and acquisition/disposition activities. Adjusted EBITDA excluding non-cash items and Adjusted Free Cash Flow for 2017 also excludes implementation costs relating to our shared services center. 3. Conformed to current period presentation for the adoption of ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. See Note 2, Basis of Presentation, in our Notes to Consolidated Condensed Financial Statements in Part I of Form 10-Q for the quarter ended June 30, 2018. PAGE 4
Adjusted Free Cash Flow Performance ($ in millions) Adjusted Free Cash Flow (Proportionately Combined) 1,2 : 200 160 $ millions 120 80 40 0 141.1 Business Unit Adjusted EBITDA (8.3) IMTT 2.9 Atlantic Aviation 5.8 Contracted Power (3.1) (2.3) MIC Hawaii (3.0) (5.4) (1.1) 126.6 2Q 17 2Q 18 Corporate EBITDA Proportionately Combined Maintenance Expense Interest Expense Cash Taxes Adjusted Free Cash Flow (Proportionately Combined) 1,2 was $126.6 million in 2Q 18, reflecting a decrease of 10% from $141.1 million in 2Q 17 Outperformance at Atlantic Aviation and Contracted Power offset reduced contribution from IMTT and MIC Hawaii Decline was due primarily to higher interest expense, increased maintenance capital expenditures, and reduced Corporate EBITDA Weighted average shares outstanding increased to 85.1 million for 2Q 18 compared to 82.4 million in 2Q 17 1. Includes only MIC s proportionate interest in its wind and solar facilities within the Contracted Power and MIC Hawaii segments. 2. For 2018 and 2017, Adjusted EBITDA excluding non-cash items and Adjusted Free Cash Flow excludes costs relating to certain investment and acquisition/disposition activities. Adjusted EBITDA excluding non-cash items and Adjusted Free Cash Flow for 2017 also excludes implementation costs relating to our shared services center. PAGE 5
2018 Capital Deployment 2018 growth capital deployment and commitment of $300m forecast. 2018 maintenance capital expenditure of $63 million forecast Maintenance Capex 2018E Maintenance Capex: $63 million 2018E Committed Capex: $185 million Growth Capex 2018E Strategic Capex: $115 million Business Unit Prior Outlook 1 $m Current Outlook $m Business Unit Prior Outlook 1 $m Current Outlook $m Business Unit Prior Outlook 1 $m Current Outlook $m IMTT 2 20-25 35 Atlantic Aviation 8-10 8 Contracted Power - 13 MIC Hawaii 7-8 7 IMTT 30 37 Atlantic Aviation 75 75 Contracted Power 45 55 MIC Hawaii 15 13 IMTT Repurposing and Repositioning 2 30 14 Other Strategic Capex 90-110 101 TOTAL 120-140 115 TOTAL 35-45 63 Corporate and Other 5 5 TOTAL 170 185 Note: Totals may not add due to rounding. Estimate as of July 31, 2018. 1. Reported on May 2, 2018 alongside Q1 2018 financial results. 2. Reflects shift of up to $10m of IMTT s repurposing capex which has been reclassified from Strategic Growth Capex to Maintenance Capex and $6m to Committed Capex. PAGE 6
Growth Capex Update Description Committed Growth Capex: 2018E $m 2019E $m Committed Growth Capex Opening Balance 170 1 54 Additional Commitments During 2018 YTD 2 15 34 Total Committed Growth Capex: End Of 2Q 2018 2 185 89 Amounts Deployed 2018 YTD 2 102 n/a Committed Growth Capex To Be Deployed 83 89 $255m Under Consideration For Commitment in 2018 3 : Estimated Deployment For Projects Currently Under Evaluation 3,4 14 110 $425m Under Consideration For Commitment in 2019 3 : Estimated Deployment For Projects Currently Under Evaluation 3,4 n/a 195 Note: Totals may not add due to rounding. Estimate as of July 31, 2018. 1. Reported on May 2, 2018 alongside Q1 2018 financial results. 2. As of June 30, 2018. 3. Reflects projects under review, to be assessed and approved on the basis of investment considerations, market conditions, satisfactory due diligence and business performance. 4. Balance of deployment forecast in FY2020 and onwards. PAGE 7
Update on Guidance
Updating 2018 Adjusted EBITDA Outlook ($ in millions) Adjusted EBITDA (Proportionately Combined) 1 : $719 $705 ($12.5) ($5) Contracted Power MIC Corporate $687.5 Reducing midpoint of Adjusted EBITDA (Proportionately Combined) guidance as a result of: Anticipated timing of BEC sale closing in early Q4 2018 Unbudgeted advisory expenses at MIC Corporate incurred in connection with addressing shareholder matters No change to IMTT, Atlantic Aviation or MIC Hawaii 2017A Prior 2,3 Current 3 Outlook Outlook 1. Includes only MIC s proportionate interest in its wind and solar facilities within the Contracted Power and MIC Hawaii segments. 2. Reported on May 2, 2018 alongside Q1 2018 financial results. 3. Prior Outlook and Current Outlook reflect midpoints of segment guidance. PAGE 9
Outlook Updates For BEC Sale ($ in millions) Impacts to Previous Outlook: Metric Full Year 2018 Impact Impact to Prior Outlook 2018 1 Notes Adjusted EBITDA ($52.0) ($12.5) Assumes early Q4 closing Maintenance Capex $ - ($12.5) Accelerated maintenance capex incurred in conjunction with sale Interest Expense $10.0 $2.5 Assumes early Q4 closing Adjusted Free Cash Flow 2 ($42.0) ($22.5) 1. Reported on May 2, 2018 alongside Q1 2018 financial results. 2. Adjusted Free Cash Flow impacts of the BEC divestment excludes: (a) transaction expenses, (b) state income and transfer taxes on sale and (c) accelerated purchase of catalyst placed into inventory. PAGE 10
Updating 2018 Adjusted Free Cash Flow Outlook ($ in millions) Adjusted Free Cash Flow (Proportionately Combined) 1 : $568 $532 ($22.5) ($10) ($5) $494.5 Reducing midpoint of Free Cash Flow guidance to accommodate: Updates for BEC sale Updates For BEC Sale MIC Corporate Reclassification of IMTT Repurposing Growth Capex as Maintenance Capex $341 Reclassification of IMTT repurposing growth capex as maintenance capex Unbudgeted advisory expenses at MIC Corporate incurred in connection with addressing shareholder matters 2017A Prior 2,3 Outlook Current Outlook 3 2018 Dividend Guidance 2018 Dividend Guidance implies 69% Adjusted Free Cash Flow payout ratio at midpoint 1. Includes only MIC s proportionate interest in its wind and solar facilities within the Contracted Power and MIC Hawaii segments. 2. Reported on May 2, 2018 alongside Q1 2018 financial results. 3. Prior Outlook and Current Outlook reflect midpoints of segment guidance. PAGE 11
Update on IMTT
IMTT Facilities Overview Two major terminal locations represent more than 80% of total storage capacity, in privileged positions in two of the four major marine bulk liquid markets in the US Barrel capacity (45.0 million) 1 : Terminal Capacity (m barrels) Capacity (% of total) Heavy & Residual Key Products 2 Distillates & Gasoline Chemical Vegetable & Tropical St Rose 16.3 36.2% Gretna 2.3 5.1% Avondale 1.1 2.4% Geismar 0.7 1.6% LMR 20.3 45.1% Renewable IMTT terminals privileged positions LMR (20.3 million barrels) St. Rose in close proximity to some of the largest, most efficient refineries in North America Geismar well positioned to capitalize on growth in export petrochemical production Avondale positioning as tropical oil hub Opportunities exist to repurpose and enhance clean product capacity and further improve terminal connectivity Bayonne 15.9 35.3% Quebec 2.0 4.4% Savannah-N 1.1 2.4% Savannah-S 1.0 2.2% Chesapeake 1.0 2.2% Lemont 0.9 2.0% Joliet 0.7 1.6% Other 3 2.1 4.7% Other 8.8 19.6% Total 45.0 100.0% Source: IMTT. As at June 30, 2018. 1. Excludes 3.0m bbl in Newfoundland and 0.6 million bbl related to a customer in Geismar. 2. Key Products excludes crude oil, which is only stored at St Rose. 3. Alamogordo, Bremen, Macon, Montgomery, Moundville, Richmond (VA), Richmond (CA). Bayonne (15.9 million barrels) Bayonne largest facility in New York Harbor, with premier marine infrastructure including 20 berths and deep draft Handles primarily refined petroleum products for domestic consumption in New York and Northeast markets Opportunities exist to further enhance strategic positioning through improvements in connectivity PAGE 13
IMTT Product Capacity IMTT s portfolio is well diversified including significant capacity serving chemical, vegetable / tropical oils, and renewable products Barrels of capacity by product 1 : Chemical, Vegetable / Tropical Oils, and Renewables (26%) Continue to leverage privileged geographic locations to meet growing demand and increase product diversification Renewable Vegetable and 1.5 Tropical Oils 2.5 Chemical 7.7 Crude 0.8 Heavy and Residual Oil 17.3 Heavy and Residual (39%) Diversified sub product mix with continued customer interest Rightsizing capacity into clean products as part of ~3 million barrel repurposing strategy Highly flexible capacity handling a broad array of heavy products Gasoline 4.7 Two thirds of existing capacity located in the Lower Mississippi River ( LMR ) Distillates 10.5 Gasoline and Distillates (34%) Significant portion located in Bayonne, NJ facility in New York Harbor Opportunities from growing export market in LMR In New York Harbor s mature market, focus is on infrastructure enhancement to better integrate with customer supply chains Source: IMTT. As at June 30, 2018. 1. Excludes 3.0m bbl in Newfoundland and 0.6m bbl related to a customer in Geismar. PAGE 14
IMTT LMR Heavy and Residual Capacity Post Repurposing Post repurposing the up to 3 million barrel Heavy and Residual capacity on the LMR, approximately three-quarters of remaining storage capacity associated with refining and industrial demand IMTT Attributes on the LMR Stored Heavy and Residual Products on the LMR Flexible tank configuration 18 barge and ship berths Tanks capable of storing asphalt and a variety of other products requiring elevated heat Refinery Feedstock Use: Processed / re-refined to produce more middle distillates Product: VGO and VTB Marine Fuel/Blend Stock Use: Fuel for shipping industry Product: High and low sulphur marine fuel, cutter stock Diverse tank sizes and blending capabilities Proximity to complex refineries Residual Oil Use: Back-up fuel for power generation, exports Product: 6 Oil Other Products Use: Roads, buildings, roofs, tires and hoses Product: Asphalt and CBO Access to decongested port with deep draft Source: IMTT. As at June 30, 2018. PAGE 15
IMTT Repurposing Leverage IMTT s privileged position to respond to market changes and capitalize on growth opportunities Repurposing (existing tanks) Expands customer base Diversifies product mix Leverages existing asset base What is it? Clean and convert up to 3 million barrels of existing Heavy and Residual tanks and install ancillary infrastructure to store and handle clean products What is the potential capex and earnings impact? 1 Capex: Up to $35 million by December 31, 2019 (1.3 million underway, 0.9 million re-contracted) Increases attractiveness of terminals Short time for completion Shorter payback Reduces exposure to heavy and residual oil How long does it take? 3 to 9 months per tank depending on previous product stored, degree of cleaning required for new product, installation of ancillary infrastructure EBITDA multiple: 2.0 3.0x Which products and terminals? Majority of projects are related to clean petroleum and chemicals and are located on the LMR 1. Subject to ongoing assessment and approval on the basis of investment considerations, market conditions, satisfactory due diligence and business performance. PAGE 16
IMTT Repositioning (new capabilities) Leverage IMTT s privileged position to respond to market changes and capitalize on growth opportunities Repositioning (new capabilities) Expands customer base Integration with fundamental users supply chains Adds inter-modal capabilities What is it? Investments in truck, pipeline, marine and rail infrastructure to better integrate existing IMTT terminals with customer supply chains What is the potential capex and earnings impact? 1 Five projects under evaluation Capex: $150-200 million over the next four years EBITDA multiple: 7.0 9.5x Leverages IMTT s experience on similar projects Increases attractiveness of terminals How long does it take? 12 to 24 months depending on engineering complexity, permitting, rights of way, and construction Which products and terminals? Majority of projects are related to transportation fuels (gasoline, diesel, jet fuel) and are located in the NYH and on the LMR 1. Subject to ongoing assessment and approval on the basis of investment considerations, market conditions, satisfactory due diligence and business performance. PAGE 17
IMTT Repositioning (new tanks) Leverage IMTT s privileged position to respond to market changes and capitalize on growth opportunities Repositioning (new tanks) Expands customer base Integration with fundamental users Diversifies product mix (chemical and tropical) What is it? Build new tanks and logistics infrastructure primarily at existing IMTT terminals to serve customer needs for product storage What is the potential capex and earnings impact? 1 Ten projects under evaluation Capex: $325-425 million over the next four years EBITDA multiple: 6.0 10.0x Enhances terminals footprint Long term contracts Customer backed How long does it take? 12 to 36 months depending on engineering complexity, permitting, commercial negotiation, and construction Which products and terminals? Majority of projects are related to chemical and tropical oil products and are located on the LMR and other smaller terminals 1. Subject to ongoing assessment and approval on the basis of investment considerations, market conditions, satisfactory due diligence and business performance. PAGE 18
Update on Hawaii Gas Rate Case
Hawaii Gas 2018 Rate Case Hawaii Public Utilities Commission s ( HPUC ) Interim Decision and Order approves an $8.9 million (~8.4%) annual increase in Hawaii Gas regulated utility revenues over present rates On June 27, 2018, the HPUC issued an Interim Decision and Order providing the regulated utility operations of Hawaii Gas with interim rate relief: HPUC approved an increase in revenues over present rates of $8.9 million (~8.4%) annually New rates reflecting the decision went into effect on July 1, 2018 Infers a return on equity invested in the utility of 9.75% Allowed Return on Equity: 2018 Rate Case 1 Rate Base: $127.5m Regulatory WACC: 7.09% Return on Equity: 9.75% Cost of Debt: 3.85% % Equity: 55% Rate Increase (Revenue): $8.9m HPUC is expected to issue a Final Decision and Order subject to, among other things, the completion by Hawaii Gas of the Honouliuli Waste Water Treatment Plant Biogas Project The project is currently estimated to be completed in 4Q 2018 The rate increase is the first sought by Hawaii Gas since 2009 The increase in revenues reflects, in part, a return on investments made to diversify Hawaii Gas fuel supply including its investments in renewable natural gas projects 1. Interim Decision and Order, as of June 27, 2018. PAGE 20
APPENDICES
Summary Financial Information 2018 2017 $ % ($ In Thousands, Except Share and Per Share Data) (Unaudited) GAAP Metrics Net income $ 36,279 $ 26,025 10,254 39.4 Weighted average number of shares outstanding: basic 85,082,209 82,430,324 2,651,885 3.2 Net income per share attributable to MIC $ 0.45 $ 0.32 0.13 40.6 Cash provided by operating activities (1) 121,900 121,043 857 0.7 MIC Non-GAAP Metrics Quarter Ended June 30, Change Favorable/(Unfavorable) EBITDA excluding non-cash items (2) $ 168,935 $ 170,924 (1,989) (1.2) Shared service implementation costs (3) - 3,091 (3,091) (100.0) Investment and acquisition costs (3) 4,651 4,850 (199) (4.1) Adjusted EBITDA excluding non-cash items (3) $ 173,586 $ 178,865 (5,279) (3.0) Cash interest (4) $ (31,789) $ (26,410) (5,379) (20.4) Cash taxes (3,712) (2,618) (1,094) (41.8) Maintenance capital expenditures (9,490) (6,480) (3,010) (46.5) Noncontrolling interest (5) (1,948) (2,244) 296 13.2 Adjusted Free Cash Flow (3) $ 126,647 $ 141,113 (14,466) (10.3) NM Not meaningful 1. Conformed to current period presentation for the adoption of ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. See Note 2, Basis of Presentation, in our Notes to Consolidated Condensed Financial Statements in Part I of Form 10-Q for the quarter ended June 30, 2018. 2. EBITDA excluding non-cash items is calculated as net income before interest expense, taxes, depreciation and amortization expense, management fees, pension expense and other non-cash (income) expense recorded in the consolidated statement of operations. See below for reconciliation of net income (loss) to EBITDA excluding non-cash items. 3. For 2018 and 2017, Adjusted EBITDA excluding non-cash items and Adjusted Free Cash Flow excludes costs relating to certain investment and acquisition/disposition activities. Adjusted EBITDA excluding non-cash items and Adjusted Free Cash Flow for 2017 also excludes implementation costs relating to our shared services center. 4. Cash interest is calculated as interest expense, net, excluding the impact of non-cash adjustments for unrealized (gains) losses from derivative instruments, amortization of deferred financing costs and the amortization of debt discount recorded in the consolidated statement of operations. 5. Noncontrolling interest adjustment represents the portion of Free Cash Flow not attributable to MIC s ownership interest. PAGE 22
Reconciliation from Consolidated Free Cash Flow to Proportionately Combined Free Cash Flow PAGE 23
Proportionately Combined Free Cash Flow Quarter Ended June 30, 2018 NM Not meaningful 1. Represents MIC s proportionately combined interests in the businesses comprising these reportable segments. 2. The sum of the amounts attributable to MIC in proportion to its ownership. 3. Interest expense, net, includes adjustments to derivative instruments, non-cash amortization of deferred financing fees and non-cash amortization of debt discount related to the 2.00% Convertible Senior Notes due October 2023. 4. Pension expense primarily consists of interest cost, expected return on plan assets and amortization of actuarial and performance gains and losses. 5. Other non-cash expense (income), net, primarily includes non-cash amortization of tolling liabilities, unrealized gains (losses) on commodity hedges and non-cash gains (losses) related to disposal of assets. See Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) excluding non-cash items, Free Cash Flow and Proportionately Combined Metrics above for further discussion. 6. Represents the cash interest expense reclassified from MIC Corporate to Atlantic Aviation related to the 2.00% Convertible Senior Notes due October 2023, proceeds of which were used to pay down a portion of Atlantic Aviation s credit facility in October 2016. PAGE 24
Proportionately Combined Free Cash Flow Quarter Ended June 30, 2017 NM Not meaningful 1. Represents MIC s proportionately combined interests in the businesses comprising these reportable segments. 2. The sum of the amounts attributable to MIC in proportion to its ownership. 3. Interest expense, net, includes adjustments to derivative instruments, non-cash amortization of deferred financing fees and non-cash amortization of debt discount related to the 2.00% Convertible Senior Notes due October 2023. 4. Pension expense primarily consists of interest cost, expected return on plan assets and amortization of actuarial and performance gains and losses. 5. Other non-cash expense (income), net, primarily includes non-cash amortization of tolling liabilities, unrealized gains (losses) on commodity hedges and non-cash gains (losses) related to disposal of assets. See Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) excluding non-cash items, Free Cash Flow and Proportionately Combined Metrics above for further discussion. 6. Represents the cash interest expense reclassified from MIC Corporate to Atlantic Aviation related to the 2.00% Convertible Senior Notes due October 2023, proceeds of which were used to pay down a portion of Atlantic Aviation s credit facility in October 2016. 7. Conformed to current period presentation for the adoption of ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. See Note 2, Basis of Presentation, in our Notes to Consolidated Condensed Financial Statements in Part I of Form 10-Q for the quarter ended June 30, 2018. PAGE 25
Credit Profile Holding company rated BBB- (S&P) Proportionately combined leverage ratio of 5.0x (excluding renewable assets) 1 As Of July 31, 2018: Business Debt Weighted Average Remaining Life (Years) MIC Corporate IMTT Atlantic Aviation Contracted Power MIC Hawaii 5 Revolving Facility Convertible Senior Notes Senior Notes Tax-Exempt Bonds 3 Revolving Facility Term Loan Revolving Facility Balance Outstanding ($000 s) 1 1. Proportionate to MIC s ownership interest. 2. Reflects annualized interest rate on all facilities including interest rate hedges. 3. Interest rate reflects the impact of the Tax Cuts and Jobs Act. 4. The BEC Term Loan balance of $246.0 million was classified as Liabilities held for sale on the Consolidated Condensed Balance Sheet for June 30,2018. 5. Excludes $2.3m of equipment loans at the MIC Hawaii business. 3.4 3.2 7.7 3.8 1.8 3.2 3.2 Renewables Project Finance 13.9 BEC Term Loan 4 4.0 Term Loan Senior Notes Revolving Facility 5.1 4.0 4.5 141,500 752,445 600,000 508,975 217,000 380,000 291,000 254,759 246,000 96,051 100,000 15,000 Weighted Average Rate 2 3.83% 2.41% 3.97% 3.34% 3.58% 2.75% 3.83% 4.84% 3.91% 2.85% 4.22% 3.33% Total 4.8 3,602,730 3.42% PAGE 26