|Purpose of Transaction|
|Mr. Cannell, on behalf of the Investment Vehicles, identified the Company as an entity satisfying each Investment Vehicle’s investment criteria. The Investment Vehicles acquired and continue to hold the Shares as a long-term investment.
See Exhibit 99 for disclosure of a recent communication with the Company’s Board of Directors.
Above and beyond the actions summarized above and in Exhibit 99, Mr. Cannell reserves the right to discuss various views and opinions with respect to the Company and its plans with the Company or its management. The discussion of such may extend from ordinary day-to-day business operations to matters such as nominees for representation on the Company’s board of directors, management decisions and extraordinary business transactions. Mr. Cannell reserves the right to take such action as he may deem necessary from time to time to seek to maximize the value of the Shares. Such actions may include, but may not necessarily be limited to, pursuit of strategic initiatives to enhance shareholder value.
Mr. Cannell reserves the right to engage in any of the actions specified in Items 4(a) through 4(j) of the Schedule 13D general instructions. Except as set forth above, Cannell has no present plans or proposals that relate to or would result in any of the transactions described in Item 4 of Schedule 13D.