I hope you're doing well. I wanted to follow up on our last meeting with Ronald, Samantha, and Lawrence. Ronald was discussing the financials of

other companies in our industry and drew attention to Ferris having a leverage of $1\mathrm{.}91.$ As you know, my expertise is not finance, so l$\text{'}$m hoping you

could provide some clarification so I$\text{'}$m better prepared for our next meeting. If Ferris has a leverage of $1\mathrm{.}91,$ what does this mean?

I appreciate your insight!

Sincerely,

Rich

Rich Carter

Board Member, Human Resources $|$ Andrews Corporation

Assets are funded with $91\mathrm{.}0\%$ equity.

Assets are funded with $91\mathrm{.}0\%$ debt.

$1\mathrm{.}91$ of assets is funded with $$1\mathrm{.}00$ of debt and $$0\mathrm{.}91$ of equity.

$1\mathrm{.}91$ of assets is funded with $$1\mathrm{.}00$ of equity and $$0\mathrm{.}91$ of debt.