A DSPP with a waiver feature provides a company with a cost-effective and flexible capital
raising tool.

• Ability to issue a significant amount of stock to shareholders and investors
  • Capital raising potential is based on company’s stock trading profile

• Generally more cost-effective than other equity capital raising methods
  • Typical discounts range from 1 1/2% - 3% (issuance cost)

• Significant flexibility and control over issuance parameters
  • Company decides when to activate the waiver feature to issue stock
  • When activated, company determines issuance parameters – how much to issue, to whom, and the minimum issuance price

• Minimal market impact of equity issuance
  • No “announcement effect” when a plan is filed
  • No “overhang” due to DSPP filing, since market cannot infer dilution as there is no commitment to issue stock
  • No announcement to market that shares are being issued
  • Gradual issuance should have little impact on stock price, allowing the market to absorb new shares
  • Less impact to EPS relative to larger transactions, as stock is issued over time, or more closely to capital need

• Minimal management time requirement
  • Simple process which requires little management time—just decision making regarding capital raising objectives and parameters
  • No road show, special marketing, or special selling efforts