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 1.86. As you know, my expertise is not finance, so l'm hoping you could provide some clarification so l'm better prepared for our next meeting. If Ferris has a leverage of 1.86 , what does this mean? I appreciate your insight! Sincerely, Rich Rich Carter Board Member, Human Resources | Andrews Corporation 1.86 of assets is funded with $1.00 of equity and $0.86 of debt. Assets are funded with 85.9% equity. Assets are funded with 85.9% debt. 1.86 of assets is funded with $1.00 of debt and $0.86 of equity