Slide 1: NexPoint Advisors Receives Support from Glass Lewis for its Proxy Solicitation Regarding TICC
10/21/2015 NexPoint[]Advisors[]Receives[]Support[]from[]Glass[]Lewis[]for[]its[]Proxy[]Sol icitation[]Regarding[]TICC...[][][][]DALLAS,[]Oct.[]15,[]2015[]/PRNewswire/[][] [] NexPointAdvisorsReceivesSupportfromGlassLewisforits ProxySolicitationRegarding TICC CapitalCorp NexPoint[]Advisors[]Logo DALLA
Slide 2: NexPoint Advisors Receives Support from Glass Lewis (continued)
10/21/2015 NexPoint[]Advisors[]Receives[]Support[]from[]Glass[]Lewis[]for[]its[]Proxy[]Sol icitation[]Regarding[]TICC...[][][][]DALLAS,[]Oct.[]15,[]2015[]/PRNewswire/[][] [] NexPoint[]urges[]TICC[]stockholders[]to[]protect[]their[]interests[]and[]their[ ]investment[]in[]the[]Company[]by[]voting[]for
Slide 3: NexPoint Advisors Receives Support from Glass Lewis (continued)
10/21/2015 NexPoint[]Advisors[]Receives[]Support[]from[]Glass[]Lewis[]for[]its[]Proxy[]Sol icitation[]Regarding[]TICC...[][][][]DALLAS,[]Oct.[]15,[]2015[]/PRNewswire/[][] [] [][]including[]a[]lower[]base[]fee[]and[]a[]$20.0[]mi l ion[]fee[]waiver[][][][]and[]otherwise[]maintained[]provisions[]equal[
Slide 4: NexPoint Advisors Receives Support from Glass Lewis (continued)
10/21/2015 NexPoint[]Advisors[]Receives[]Support[]from[]Glass[]Lewis[]for[]its[]Proxy[]Sol icitation[]Regarding[]TICC...[][][][]DALLAS,[]Oct.[]15,[]2015[]/PRNewswire/[][] [] We[]remain[]ful y[]commi t ed[]to[]defending[]the[]interests[]of,[]and[]maximizing[]the[]value[]for,[]TICC 's[]stockholders, a
Slide 5: Contacts and Participants in the Solicitation
10/21/2015 NexPoint[]Advisors[]Receives[]Support[]from[]Glass[]Lewis[]for[]its[]Proxy[]Sol icitation[]Regarding[]TICC...[][][][]DALLAS,[]Oct.[]15,[]2015[]/PRNewswire/[][] [] Stockholders[]Cal []Tol []Free[]at:[]866[]416[]0556 Banks[]and[]Brokers[]Cal []Col ect[]at:[]212[]269[]5550 Email:[]TICC@dfkin
Slide 6: Footnotes to Glass Lewis press release
10/21/2015 NexPoint[]Advisors[]Receives[]Support[]from[]Glass[]Lewis[]for[]its[]Proxy[]Sol icitation[]Regarding[]TICC...[][][][]DALLAS,[]Oct.[]15,[]2015[]/PRNewswire/[][] [] [1][]Glass[]Lewis[]recommends[]withhold[]with[]respect[]to[]the[]other[]NexPoin t[]nominee,[]which[]in[]their[]view[]may promo
Slide 7: Agenda
[GRAPHIC OMITTED] AGENDA Introduction and Executive Summary NexPoint's Value Proposition for Stockholders Appendix I: QandA Appendix II: NexPoint's Capabilities Appendix III: NexPoint's Board Nominees Important Information Contact Information 2
Slide 8: Executive Summary
[GRAPHIC OMITTED] Executive Summary * TICC Management, LLC ("TICC Management"), the Company's current adviser, has agreed to be acquired by Benefit Street Partners, LLC ("BSP"). * NexPoint's alternative proposal offers stockholders superior economics and is designed to bolster and support the divide
Slide 9: Executive Summary (continued)
Executive Summary [GRAPHIC OMITTED] * Since the Board's actions to date indicate that their interests are more aligned with the Company's incumbent management than with you as a stockholder, we have nominated a highly experienced alternative slate of Board nominees. * If elected at the October 27 me
Slide 10: NexPoint Urges you to Vote
NexPoint Urges you to: [GRAPHIC OMITTED] * Vote AGAINST the TICC Management Advisory Agreement; * Vote FOR electing NexPoint's competing slate of director nominees, rejecting the new director nominees proposed by the Board; and * Vote AGAINST the Company's proposal to adjourn the Special Meeting in
Slide 11: Timeline of Events
Timeline of Events [GRAPHIC OMITTED] TICC announces BSP agreement wherein BSP acquires existing adviser and enters into a new advisory agreement NexPoint announces its proposal to the public TICC files a definitive proxy statement requesting approval of the new advisory agreement and nominating new
Slide 12: Agenda
AGENDA [GRAPHIC OMITTED] Introduction and Executive Summary NexPoint's Value Proposition for Stockholders Appendix I: QandA Appendix II: NexPoint's Capabilities Appendix III: NexPoint's Board Nominees Important Information Contact Information 7
Slide 13: NexPoint's Proposal for TICC
NexPoint's Proposal for TICC [GRAPHIC OMITTED] * Perpetual 1.25% annual base management fee. * This represents an estimated $2.6 million, or $26 million over 10 years, of annual savings to stockholders in perpetuity.* * An additional waiver of the first $20 million of management fees. * NexPoint's p
Slide 14: NexPoint's Offer is Superior to BSP's
NexPoint'sOffer is SuperiortoBSP's NexPoint's offer delivers superior economics, saves stockholders between $45 to 50 million in fees,(1) is designed to support and bolster TICC's dividend and reduces the discount to Book Value. Ability to Vote on Director Slate at Upcoming Meeting Preservation of C
Slide 15: NexPoint's Offer is Superior to TSLX's
NexPoint'sOffer is SuperiortoTSLX's NexPoint's offer is immediately actionable for stockholders, offers superior economics, saving between $55 and $64 million in fees over the next 10 years(2), and is designed to support and bolster TICC's dividend. Ability to Vote on Director Slate at Upcoming Meet
Slide 16: NexPoint Offers Superior Economics
NexPointOffers Superior Economics [GRAPHIC OMITTED] * Don't be misled by either BSP or TSLX. * Applicable fees under both BSP and TSLX proposals are materially higher than those proposed by NexPoint. * NexPoint was the first to commit to open market purchases of the Company's shares to help reduce T
Slide 17: NexPoint's Superior Experience
NexPoint'sSuperior Experience [GRAPHIC OMITTED] * NexPoint will maintain the Company's current investment strategy, which is what stockholders have elected; * Though remaining flexible, and with the expertise, to adjust the strategy should independent Board members or stockholders so choose. * NexPo
Slide 18: Stockholder Focused Board
Stockholder Focused Board [GRAPHIC OMITTED] * NexPoint has nominated a highly qualified slate of directors who will be entirely focused on their fiduciary duties and delivering value for stockholders. * Detailed biographies of our nominees are available in Appendix II of this presentation. * If elec
Slide 19: Agenda
AGENDA [GRAPHIC OMITTED] Introduction and Executive Summary NexPoint's Value Proposition for Stockholders Appendix I: QandA Appendix II: NexPoint's Capabilities Appendix III: NexPoint's Board Nominees Important Information Contact Information 14
Slide 20: Q: Why is NexPoint sending me a proxy statement?
Q: Why is NexPoint sending meaproxy statement? [GRAPHIC OMITTED] A: * NexPoint believes that the Board has failed to act in your best interests by continuing to support the BSP acquisition and recommending approval of the TICC Management Advisory Agreement while ignoring NexPoint's repeated requests
Slide 21: Q: I agree with NexPoint, what should I do?
Q: I agree with NexPoint, what should I do? [GRAPHIC OMITTED] A:* To protect your interest and preserve the value of your investment in the Company, NexPoint urges you to vote on the BLUE proxy card: * Vote AGAINST the TICC Management Advisory Agreement; * Vote FOR electing NexPoint's competing slat
Slide 22: Q: Can you tell me more about the Board's conduct?
Q: Can you tell me more about the Board's conduct? [GRAPHIC OMITTED] A: * On August 11, 2015, NexPoint submitted a proposal to the Board that offered the Company and its stockholders significant economic savings compared to the BSP proposal. * Despite NexPoint's stated desire to discuss the terms of
Slide 23: Q: What is NexPoint's proposal?
Q: What isNexPoint'sproposal? [GRAPHIC OMITTED] A: * Perpetual 1.25% annual base management fee. * An additional waiver of the first $20 million of management fees. * An investment of at least $20 million in the Company's common stock in open market transactions in the first 12 months following appo
Slide 24: Q: Why is NexPoint's proposal superior?
Q: Why isNexPoint'sproposal Superior? [GRAPHIC OMITTED] A: Ability to Vote on Director Slate at Upcoming Meeting Preservation of Current Strategy, if Desired by Stockholders $20 million Management Fee Waiver Management Fee (% of Gross Assets) Incentive and Other Fees(1) (% of Gross Assets) Open-Mark
Slide 25: Q: Why does NexPoint believe the BSP transaction is designed to enrich management?
Q: Why does NexPoint believe the BSP transaction is designed to enrich management? [GRAPHIC OMITTED] A: * According to at least one industry analyst, this arrangement could generate estimated payments of $60 million to the Company's current adviser, TICC Management (an amount we believe was initiall
Slide 26: Q: Can you tell me more about NexPoint and its qualifications?
Q: Can you tell me more about NexPoint and its qualifications? [GRAPHIC OMITTED] A: * NexPoint, together with its affiliates, currently manages approximately $20 billion in net assets and believes that its core competencies are squarely within the Company's investment strategy. * NexPoint is affilia
Slide 27: Q: Are there any alternative proposals on which I can vote?
Q: Are there any alternative proposals on which I can vote? [GRAPHIC OMITTED] A: * No, as discussed in the next QandA. 22
Slide 28: Q: What about the proposal from TPG Specialty Lending?
Q: What about the proposalfrom TPG Specialty Lending, Inc. ("TSLX")? [GRAPHIC OMITTED] A: * TSLX submitted only a preliminary, highly conditional non-binding all-stock offer, which "does not constitute or create any commitment, undertaking or other binding obligation" and is "based solely on publicl
Slide 29: Q: Why is NexPoint's proposal superior to the TSLX proposal?
Q: Why isNexPoint'sproposal superior to the TSLX proposal? [GRAPHIC OMITTED] A: Ability to Vote on Director Slate at Upcoming Meeting Preservation of Current Strategy, if Desired by Stockholders $20 million Management Fee Waiver Management Fee (% of Gross Assets) Incentive and Other Fees(1) (% of Gr
Slide 30: Q: Should I hold out for a better offer from TSLX?
Q: Should I hold out for a better offer from TSLX? [GRAPHIC OMITTED] A: * No. The Board has provided no indication they are willing to pursue TSLX's non-binding proposal and, even assuming the TSLX proposal was an available alternative, NexPoint strongly believes its proposal is superior for the fol
Slide 31: Q: Can you tell me more about NexPoint's loyalty program?
Q: Can you tell me more aboutNexpoint's industry-leading loyalty program? [GRAPHIC OMITTED] A: * Under this program, NexPoint plans to provide an effective 2% gross-up of the contributions of stockholders that invest through the plan administrator and hold the related shares for at least one year. *
Slide 32: Q: Why shouldn't TICC delay the meeting and seek alternatives?
Q: Why shouldn't TICCto delay the meeting and seek alternatives such as engaging an investment banker to analyze strategic alternatives? [GRAPHIC OMITTED] A: * The Board has already shown, in our view, that they put TICC Management's interests ahead of stockholders. * Delaying the vote leaves the cu
Slide 33: Q: If elected, how will your nominees implement your management proposal?
Q: If elected, how will your nominees implement your managementproposal? [GRAPHIC OMITTED] A: * Both the Board and the Company's stockholders are required to approve an investment advisory agreement between the Company and NexPoint. * Stockholders are not being asked at the Special Meeting to approv
Slide 34: Agenda
AGENDA [GRAPHIC OMITTED] Introduction and Executive Summary NexPoint's Value Proposition for Stockholders Appendix I: QandA Appendix II: NexPoint's Capabilities Appendix III: NexPoint's Board Nominees Important Information Contact Information 29
Slide 35: We Are A Leading Alternative Asset Manager
We Are A Leading Alternative Asset Manager [GRAPHIC OMITTED] AUM by Business Segment (As of 08/31/15)(1) NexPoint, Highland and Affiliates $19.8 billion CLOs $10.4 billion Separate Accounts $1.4billion Hedge Funds, Private Equity and Other $3.4 billion Liquid Alternatives $4.6 billion AUM by Asset C
Slide 36: Our Competitive Edge
Our Competitive Edge [GRAPHIC OMITTED] [GRAPHIC OMITTED] * Led migration of the bank loan (senior secured loan) asset class to institutional products * Structured the first non-bank CLO in 1996 * Led migration of alternative strategies to liquid alternative funds * One of the largest CLO managers in
Slide 37: Our Investment Philosophy
Our Investment Philosophy We seek to exploit these opportunities through: [GRAPHIC OMITTED] * Proprietary fundamental credit and financial modelling across the spectrum of loans and bonds (par loans, CLOs, high yield, stressed/distressed loans), leading to a differentiated access and interpretation
Slide 38: Rigorous and Disciplined Investment Process Tested Through Multiple Cycles
Rigorous and Discipline Investment Process Tested Through Multiple Cycles [GRAPHIC OMITTED] [GRAPHIC OMITTED] Utilize relationships with Highland's Trading Desk and external counterparties to identify opportunities Large, Broad, and Liquid Investment Universe Consistent and Robust Underwriting Proce
Slide 39: Our Sourcing Process Creates a Unique and Differentiated Portfolio
Our Sourcing Process Creates a Unique and Differentiated Portfolio [GRAPHIC OMITTED] Bank Loan/High Yield Sourcing Investable Universe -3,200 Tranche of $300 million+ -1800 Covered Universe -900 80-100 High Conviction Positions Credit Suisse Leveraged Loan Index Approximately 1,600 loans(1) Credit S
Slide 40: Consistent and Robust Process with Senior Level Investment Committee Approval
Consistent and Robust Process with Senior Level Investment Committee Approval and Monitoring [GRAPHIC OMITTED] Portfolio Sell Sourcing Due Diligence Approval Monitoring Construction Discipline Investment Committee Presentations Demonstrate Depth of Due Diligence Process Comprehensive Committee packe
Slide 41: Alpha is Generated Through Differentiated Portfolio Construction
Alpha is Generated Through Differentiated Portfolio Construction [GRAPHIC OMITTED] Portfolio Sell Sourcing Due Diligence Approval Monitoring Construction Discipline ACTIVE. Active, nimble investing exploits strategic and tactical investing opportunities BOLD. Concentrated, high conviction portfolios
Slide 42: Active Monitoring and Sell Discipline is Essential to Risk Management
Active Monitoring and Sell Discipline is Essential to Risk Management [GRAPHIC OMITTED] Portfolio Sell Sourcing Due Diligence Approval Monitoring Construction Discipline We Utilize a Comprehensive Approach to Risk Management Monitoring Portfolio Level: * Daily Return Attribution and Movers * Portfol
Slide 43: Comprehensive Approach to Risk Management
Comprehensive Approach to Risk Management [GRAPHIC OMITTED] Identification Quantification Management Monitoring * Identify key risks through regularly scheduled daily, weekly and monthly meetings * Classify -- Market risk -- Fundamental/ economic risk -- Sector and name-specific technical risk * In
Slide 44: Comprehensive Approach to Risk Management: Identification
Comprehensive Approach to Risk Management: Identification [GRAPHIC OMITTED] Market Risk Risk: unforseen systemic or systematic risk causes increased correlation and market sell-off Mitigants: * Monthly risk management meeting focuses on market risks we believe are non-consensus * Views are constantl
Slide 45: Comprehensive Approach to Risk Management: Monitoring
Comprehensive Approach to Risk Management: Monitoring [GRAPHIC OMITTED] Daily * Investment team morning meeting covers: * Market movements * Current pricing * Deal pipeline * News headlines * Outstanding trades * Automated flash reports sent to portfolio managers with detail on: * Major market mover
Slide 46: How We Invest
How We Invest Our Firm's Approach to Investing is Founded on Common Beliefs [GRAPHIC OMITTED] * Co-Founders, Jim Dondero and Mark Okada, each have over 30 years of experience in credit and alternatives. * Founders still actively manage assets and the Firm invests alongside investors. * One of the la
Slide 47: Agenda
AGENDA [GRAPHIC OMITTED] Introduction and Executive Summary NexPoint's Value Proposition for Stockholders Appendix I: QandA Appendix II: NexPoint's Capabilities Appendix III: NexPoint's Board Nominees Important Information Contact Information 42
Slide 48: Meet the Nominees
Meet the Nominees * Dr. Bob Froehlich * John Honis * Timothy K. Hui * William M. Swenson * Ethan Powell * Bryan A. Ward [GRAPHIC OMITTED] Additionally, If elected we expect to recommend engaging separate, premier legal counsel to advise the Board and TICC. 43
Slide 49: Dr. Bob Froehlich
Dr. Bob Froehlich Dr. Froehlich currently serves on a portfolio of boards spanning private, public, not-for-profit and mutual fund companies, which includes serving on the Advisory Board of Directors for Internet Connectivity Group, Inc., Chairman of the Board, CEO, President and Owner of the Kane C
Slide 50: John Honis
John Honis Mr. John Honis has more than 25 years of business experience as CEO, CRO and board-level advisor to both high-growth and distressed companies in a wide range of manufacturing and service industries. Since August 2013, Mr. Honis has served as President of Rand Advisors, LLC. Prior to Rand
Slide 51: Timothy K. Hui
Timothy K. Hui Mr. Timothy K. Hui has served as Dean of Educational Resources at at Cairn University (formerly, Philadelphia Biblical University) since July 2012 and also from July 2006 to January 2008. Mr. Hui served as Vice President at Cairn University from February 2008 to June 2012. He served a
Slide 52: William M. Swenson
WilliamM. Swenson Mr. Swenson has extensive experience raising debt and equity capital globally for middle market companies in various industries. Mr. Swenson's experience spans Direct Lending, Debt Capital Markets (Loans, Bonds, Mezzanine and Private Debt), Origination, Portfolio and Credit Risk Ma
Slide 53: Ethan Powell
Ethan Powell Mr. Powell is Chief Product Strategist at NexPoint and Highland Capital Management Fund Advisors, L.P. In this role he is responsible for evaluating and optimizing the registered product lineup offered by Highland. Additionally, Mr. Powell works with portfolio managers and wholesalers o
Slide 54: Bryan A. Ward
BryanA. Ward Mr. Ward currently focuses on private investments in the oil and gas, real estate and power generation sector. Prior to this from 2001-2014 he held various senior roles including Special Projects Advisor, Senior Manager and Information Technology consultant at Accenture primarily focuse
Slide 55: Agenda
AGENDA [GRAPHIC OMITTED] Introduction and Executive Summary NexPoint's Value Proposition for Stockholders Appendix I: QandA Appendix II: NexPoint's Capabilities Appendix III: NexPoint's Board Nominees Important Information Contact Information 50
Slide 56: Important Information
ImportantInformation [GRAPHIC OMITTED] * The Special Meeting of the Company will be held on: * October 27, 2015, at 10:00 a.m., Eastern time * Location: SutherlandAsbill and Brennan LLP * 1114 Avenue of theAmericas, 40th Floor, New York, New York 10036 * Your proxy is due on October 26, 2015 if not
Slide 57: Agenda
AGENDA [GRAPHIC OMITTED] Introduction and Executive Summary NexPoint's Value Proposition for Stockholders Appendix I: QandA Appendix II: NexPoint's Capabilities Appendix III: NexPoint's Board Nominees Important Information Contact Information 52
Slide 58: Contact Information
Contact Information [GRAPHIC OMITTED] * If you have any questions or need assistance voting your Shares, please call: D.F. King and Co., Inc. 48 Wall Street New York, NY 10005 * Stockholders Call Toll[]Free at: 866-416-0556 * Banks and Brokers Call Collect at: 212-269-5550 * Email: TICC@DFKing.com *
Slide 59: Thank you for your support
[GRAPHIC OMITTED] Thank you for your support NexPointAdvisors, L.P. 54
Slide 60: Disclosures and Disclaimers
Disclosures and Disclaimers [GRAPHIC OMITTED] TSLX's Incentive and Administrative Fee Structure. In addition to higher management fees, under TSLX's incentive fee and administrative fee structure, stockholders would bear an additional approximately $10-14 million of incentive and administrative fees
Slide 61: Disclaimer
Disclaimer [GRAPHIC OMITTED] About NexPoint Advisors, L.P. NexPoint, together with its affiliates, currently manages approximately $22 billion in net assets and believes that its core competences are squarely within the Company's investment strategy. NexPoint is indirectly wholly owned by a trust th
Slide 62: Disclaimer (cont'd)
Disclaimer (cont'd) [GRAPHIC OMITTED] Participants in the Solicitation NexPoint and the Nominees are deemed to be participants in NexPoint's solicitation of proxies from the Company's stockholders in connection with the matters to be considered at the Company's Special Meeting of Stockholders to be
Slide 63: Disclaimer (cont'd)
Disclaimer (cont'd) [GRAPHIC OMITTED] NexPoint and its respective affiliates do not assume responsibility for investment decisions. This presentation does not recommend the purchase or sale of any security. Under no circumstances is this presentation to be used or considered as an offer to sell or a
Slide 64: Disclaimer (cont'd)
Disclaimer (cont'd) [GRAPHIC OMITTED] NexPoint may have relied upon certain quantitative and qualitative assumptions when preparing the analysis which may not be articulated as part of the analysis. The realization of the assumptions on which the analysis was based are subject to significant uncerta
Slide 65: Disclaimer (cont'd)
Disclaimer (cont’d) NexPoint may have relied upon certain quantitative and qualitative assumptions when preparing the analysis which may not be articulated as part of the analysis. The realization of the assumptions on which the analysis was based are subject to significant uncertainties, variables,
Slide 66: NexPoint's Superior Track Record; Outperformance in Relevant Asset Classes
NexPoint's Superior Track Record; Outperformance in Relevant Asset Classes Additional Proxy Materials for TICC Special Meeting (NASDAQ: TICC) October 20, 2015 Please refer to Important Disclosures and Disclaimers beginning on Page 6. For use only in connection with consideration of the matters propo
Slide 67: NexPoint's Experience and Expertise
NexPoint's Experience and Expertise * NexPoint Advisors, L.P., together with Highland Capital Management, L.P. and its affiliates ("NexPoint"), have deep experience in CLOs and leveraged loans, the current and anticipated investment strategy of TICC: * NexPoint currently manages approximately $20 bi
Slide 68: Track Record: NexPoint CLO Debt and Equity Composite
Track Record: NexPoint CLO Debt and Equity Composite As of 8/31/15. NexPoint Composites include 35 managed accounts. Returns are gross of fees. Gross of fees performance does not reflect the deduction of advisory fees or other expenses that impact returns shown. Please see important additional discl
Slide 69: Track Record: NexPoint Bank Loan Composite
Track Record: NexPoint Bank Loan Composite As of 8/31/15. The NexPoint Bank Loan Composite includes all discretionary long-only strategy accounts that typically invest in senior secured floating rate loans using a fundamental bottoms up investment analysis. Returns are gross of fees. Gross of fees p
Slide 70: Track Record: NexPoint Credit Strategies Fund
Track Record: NexPoint Credit Strategies Fund (NYSE:NHF) 5 As of 8/31/15. NHF performance is shown net of fees. NHF returns are calculated using NHF share price. Please see important additional disclosures regarding each composite on Page 6. Past performance is not indicative of future results. Inve
Slide 71: Disclosures
Disclosures NexPoint is defined as NexPoint Advisors, L.P. and its affiliated advisers; including Highland Capital Management, L.P., Acis Capital Management, L.P., Falcon EandP Opportunities GP, LLC, Granite Bay Advisors, L.P., Highland Capital Healthcare Advisors, L.P., Highland Capital Management
Slide 72: Disclaimer: About NexPoint Advisors, L.P.
Disclaimer About NexPoint Advisors, L.P. NexPoint, together with its affiliates, currently manages approximately $20 billion in net assets and believes that its core competences are squarely within the Company's investment strategy. NexPoint is indirectly wholly owned by a trust that is beneficially
Slide 73: Disclaimer (cont'd)
Disclaimer (cont'd) Participants in the Solicitation. NexPoint and the Nominees are deemed to be participants in NexPoint's solicitation of proxies from the Company's stockholders in connection with the matters to be considered at the Company's Special Meeting of Stockholders to be held on October 2
Slide 74: Disclaimer (cont'd)
Disclaimer (cont'd) NexPoint may have relied upon certain quantitative and qualitative assumptions when preparing the analysis which may not be articulated as part of the analysis. The realization of the assumptions on which the analysis was based are subject to significant uncertainties, variables,