Reply To: Letter to Shareholdrs: Elephant in the Room

[Hilary B. Johnson]

Hi Ethan,

Thank you for raising attention to this, and I appreciate Martha’s perspective on the matter regarding the internal McCabe family rotation.

The one additional question I would pose is, were the 50 people in support of Jen’s nomination aware that there is no McCabe seat coming vacant this year? The three seats coming vacant for which we are voting for directors are one each from the Schwab, Wells, and Warner families. A vote for Jen, qualifications aside, would be a vote to take away a board seat from one of the other families listed above. It is not clear to me why Jen could not be nominated as a qualified candidate when the McCabe family has a vacancy.

Best,
Hilary