THE WALL STREET JOURNAL. Monday, November 16, 2020 |B7
HSBC’spretaxprofit
HSBC'sworkforce†
*After 2008, includes North Africa †At year end 2019
Source: the company
Chinese
Indian
British
23%17169636All Employees
Senior Leaders$15
–50510billion2002 ’10 ’19Hong KongAsia excluding
Hong KongEuropeMiddle East*
North America
Latin Americaality. There are four British citi-
zens and three other
Westerners: Henri de Castries
from France, Pauline van der
Meer Mohr from the Nether-
lands and José Antonio Meade
Kuribreña from Mexico. Ewen
Stevenson, the finance director,
holds British and New Zealand
citizenship. The two Chinese
nationals on the board are
Laura Cha and Irene Lee.
HSBC is starting a new digi-
tal wealth planning and insur-
ance unit in China called Pinna-
cle, which will hire between
2,000 and 3,000 employees in
the next four years. Pinnacle
has obtained a fintech license
in China, a first for a foreign fi-
nancial institution in the coun-
try, according to the bank.
Bob Tricker, a former Hong
Kong University professor of fi-
nance who helped draft the
Asian port city’s corporate-gov-
ernance code in the 1980s, says
the nationality question isn’t
complicated.
“It’s intuitively obvious,” Mr.
Tricker said. “If their strategy
is to see their future in China
then they need to orientate
their governance, which is con-
cerned with the way power is
exercised over a company, in
China.”
Mr. Quinn emphasized the
Asian experience of board
members including himself, Mr.
Tucker, Mr. Tai and Mr. Forese,
who have all worked in the re-
gion. Ms. Cha and Ms. Lee are
“very strong,” he said.
“We have a very strong
management team in Asia,” Mr.
Quinn said. “Peter Wong has
grown up and lived in Asia all
of his life apart from some time
in the U.S. when he was at uni-
versity.”
Mr. Wong is chief executive
of HSBC’s Hong Kong-based
unit, whose local board, one
rung below the main board of
directors, is chaired by Ms. Cha
and composed mainly of citizens
of Asian nations. Earlier this
year, an HSBC Chinese social-
media account posted a photo of
Mr. Wong signing a petition
backing China’s security law.
Opponents of the law criti-
cized Mr. Wong, arguing it
would undo Hong Kong’s auton-
omy and threaten its Western-
style pillars of free speech and
independent courts. Chinese
politicians have said the law
was necessary after a year of
protests.
Nationality has long been a
strategic consideration at HSBC,
which was founded by British
bankers in Hong Kong in 1865.
Faced with the prospect of
HSBC becoming a Chinese bank
when the U.K. ceded control of
Hong Kong, Michael Sandberg,
the bank’s chairman until 1986,
devised an international strat-
egy called the “three-legged
stool” to build out operations in
Europe and the Americas to bal-
ance those in Asia.
Mr. Sandberg said in 1986
that if HSBC found itself con-
fined to China after the 1997
handover of Hong Kong, “it
must be absolutely as night fol-
lows day that we would become
a Chinese bank” and that in such
circumstances it would be “a
complete anachronism to have
all our senior officers British.”
HSBC expanded to 88 terri-
tories in the 1990s and early
2000s, marketing itself as the
world’s local bank and moving
its headquarters to London. It
scaled back in the wake of the
global financial crisis of 2008.
The bank has sold billions of
dollars of assets and now oper-
ates in 64 territories.
—Frances Yoon
and Julie Steinberg
contributed to this article.Global banking giantHSBC
HoldingsPLC has made clear
that its business destiny is in
China. Its board, however, re-
mains an Anglo-American affair.
The London-based, Asia-fo-
cused bank appointed three
board members along with a
chief legal officer and a chief
operating officer in the past 12
months. All are American. Just
two out of 14 board members
are Chinese.
HSBC exemplifies the diffi-
culties multinational companies
face navigating tensions be-
tween the U.S. and China. The
bank has received competing
demands for pledges of loyalty
from Washington and Beijing
after China imposed a national-
security law on Hong Kong. The
U.S., the U.K. and other West-
ern governments opposed ex-
tending the law to Hong Kong.
The high-level appointments
come even as the bank is scal-
ing back its already modest U.S.
operations and shutting
branches there.
“It doesn’t make good busi-
ness sense,” said Gregg Li, a
Hong Kong-based investor who
advises companies on gover-
nance, pointing out that Shen-
zhen, China-based Ping An In-
surance—HSBC’s largest
investor—doesn’t have a repre-
sentative on the bank’s board.
“Given where China is going I
would think you would start
working much closer with the
Chinese economy and major
players.” Ping An declined to
comment.
HSBC earns more money in
Asia than it does in the rest of
the world. The bank’s British
chief executive, Noel Quinn, is
refocusing on the lender’s lucra-
tive network in China and Hong
Kong while scaling back opera-
tions in Europe and the U.S.
Mr. Quinn played down the
importance of nationality in an
interview. “You’ve got to look
at our experience, not just the
nationality,” he said.
In May, former Hong Kong
Chief Executive Leung Chun-
ying called on HSBC to express
support for the security law or
risk losing business. HSBC
wasn’t among the banks that
arranged a Chinese government
dollar-bond sale in October, the
first time in years that it wasn’t
involved in such a sale.
“I shall watch with interest
now that the bank has a new
board,” Mr. Leung said in an
email from Beijing. “Any busi-
ness should have sufficient col-
lective expertise on the board
level of its major markets.”
Mark Tucker, HSBC’s British
chairman, led the appointment
of former Citigroup Inc. Presi-
dent Jamie Forese, former
Bridgewater Associates LP co-
CEO Eileen Murray and former
Microsoft Corp. executive Ste-
ven Guggenheimer to the board
this year. Bob Hoyt was ap-
pointed chief legal officer in
October and John Hinshaw was
appointed chief operating offi-
cer in December.
Along with directors Jackson
Tai and Heidi Miller, Americans
represent 36% of the board, up
from 25% in 2016, before Mr.
Tucker became chairman.
There are more American di-
rectors than any other nation-
BYSIMONCLARK
Westerners Control
HSBC Board Seats
Despite Asia Focus
Justtwoof14
members are from
China even as the
bank expands there.
BUSINESS & FINANCE
This announcement is neither an offer to purchase nor a solicitation of an offer to sell Shares (as defined below), and the provisions herein are subjectin their entirety
to the provisions of the Offer (as defined below). The Offer is made solely pursuant to the Offer to Purchase, dated November 16, 2020, and the related Letter
ofTransmittalandanyamendmentsorsupplementsthereto,andisbeingmadetoallholdersofShares.TheOfferisnotbeingmadeto(norwilltenders
beacceptedfromoronbehalfof)holdersofSharesinanyjurisdictioninwhichthemakingoftheOfferortheacceptancethereofwouldnotbe
incompliancewiththesecurities,“bluesky”orotherapplicablelawsofsuchjurisdiction.Inthosejurisdictionswhereapplicablelaws
requiretheOffertobemadebyalicensedbrokerordealer,theOfferwillbedeemedtobemadeonbehalfofPurchaser(asdefined
below)byoneormoreregisteredbrokersordealerslicensedunderthelawsofsuchjurisdictiontobedesignatedbyPurchaser.NoticeofOffertoPurchaseforCash
AllOutstandingSharesofCommonStockofDunkin’BrandsGroup,Inc.
aDelawarecorporation
at$106.50NetPerShare
Pursuant to the Offer to Purchase
Dated November 16, 2020
byVale Merger Sub, Inc.
awholly-ownedindirectsubsidiaryof
Inspire Brands, Inc.
ValeMergerSub,Inc.(“Purchaser”),aDelawarecorporationandawholly-ownedindirectsubsidiaryofInspireBrands,Inc.(“Parent”),aDelawarecorporation,
isofferingtopurchase,subjecttocertainconditions,includingthesatisfactionoftheMinimumTenderCondition,asdescribedbelow,anyandalloftheissued
andoutstandingsharesofcommonstock,parvalue$0.001pershare(the“Shares”),ofDunkin’BrandsGroup,Inc.,aDelawarecorporation(“Dunkin’Brands”), at
apriceof$106.50perShare,withoutinterest(the“OfferPrice”),nettothesellerincash,lessanyapplicablewithholdingtaxes,uponthetermsandsubject to the
conditionssetforthintheOffertoPurchase,datedNovember16,2020(the“OffertoPurchase”),andintherelatedLetterofTransmittal(the“Letterof Transmittal”
which, together with the Offer to Purchase and other related materials, as each may be amended or supplemented from time to time, constitutes the “Offer”).
StockholdersofrecordwhotenderdirectlytoAmericanStockTransfer&TrustCompany(the“Depositary”)willnotbeobligatedtopaybrokeragefeesor
commissionsor,exceptasotherwiseprovidedintheLetterofTransmittal,stocktransfertaxeswithrespecttothepurchaseofSharesbyPurchaserpursuant
totheOffer.StockholderswhoholdtheirSharesthroughabroker,dealer,commercialbank,trustcompanyorothernomineeshouldconsultwithsuchinstitution
astowhetheritchargesanyservicefeesorcommissions.THEOFFERANDWITHDRAWALRIGHTSWILLEXPIREATONEMINUTE
FOLLOWING 11:59 P.M. (12:00 MIDNIGHT), EASTERN TIME, ON MONDAY,
DECEMBER14,2020,UNLESSTHEOFFERISEXTENDEDOREARLIERTERMINATED.
TheOfferisbeingmadepursuanttotheAgreementandPlanofMerger,datedasofOctober30,2020(asitmaybeamendedfromtimetotime,the“Merger
Agreement”),amongDunkin’Brands,ParentandPurchaser.TheMergerAgreementprovides,amongotherthings,that,assoonaspracticablefollowingthe
consummationoftheOffer,PurchaserwillbemergedwithandintoDunkin’Brands(the“Merger”)inaccordancewithSection251(h)oftheGeneralCorporation
LawoftheStateofDelaware(asamended,the“DGCL”),withDunkin’BrandscontinuingasthesurvivingcorporationintheMergerandtherebybecominga
wholly-owned indirect subsidiary of Parent. Because the Merger will be governed by Section 251(h) of the DGCL, assuming the requirements of Section 251( h) of
the DGCL are met, no Dunkin’ Brands stockholder vote will be required to adopt the Merger Agreement and consummate the Merger. As a result of the Merger,
eachoutstandingShareimmediatelypriortotheeffectivetimeoftheMerger(otherthanShares(i)irrevocablyacceptedforpurchasebyPurchaserinthe Offer,
(ii) held in treasury by Dunkin’ Brands or owned by any direct or indirect wholly owned subsidiary of Dunkin’ Brands, (iii) owned by Parent or Purchaseror
anydirectorindirectwholly-ownedsubsidiaryofParentor(iv)forwhichappraisalrightshavebeenproperlydemandedinaccordancewiththeDGCL)will be
convertedautomaticallyintotherighttoreceive$106.50perShareincash(withoutinterestandlessanyapplicablewithholdingtaxes).Followingthe Merger,
Dunkin’Brandswillceasetobeapubliclytradedcompany.
The Offer is not subject to any financing condition. The Offer is conditioned upon, among other things, the satisfaction of the Minimum Tender Conditionand
the waiver by Parent or Purchaser of the satisfaction of the Inside Date Condition and the HSR Condition (as defined below). The “Minimum Tender Condition”
requires that the number of Shares validly tendered in accordance with the terms of the Offer and “received” (as defined in Section 251(h)(6) of the DGCL), and not
validlywithdrawn,togetherwithanySharesownedbyPurchaseranditsaffiliates,equalsatleastamajorityoftheoutstandingSharesasofoneminutefollowing
11:59p.m.(12:00midnight),EasternTime,onMonday,December14,2020(the“OfferExpirationTime,”unlessPurchasershallhaveextendedtheperiodduring
whichtheOfferisopeninaccordancewiththeMergerAgreement,inwhichevent“OfferExpirationTime”willmeanthelatesttimeanddateatwhichtheOffer,
assoextendedbyPurchaser,willexpire).ForpurposesofdeterminingwhethertheMinimumTenderConditionhasbeensatisfied,Sharestenderedinthe
Offer pursuant to the guaranteed delivery procedures that have not yet been received are excluded. The “Inside Date Condition” requires that, unlesssuch
conditioniswaivedbyParentorPurchaser,theOfferExpirationTimewillnotoccuronorpriortoDecember18,2020.The“HSRCondition”requiresthatany
applicablewaitingperiodapplicabletothepurchaseofSharespursuanttotheOfferundertheHart-Scott-RodinoAntitrustImprovementsActof1976,asamended
(the“HSRAct”),willhaveexpiredorbeenterminated.TheOfferisalsosubjecttootherconditionsasdescribedintheOffertoPurchase.Theconditions to the
OffermustbesatisfiedorwaivedonorpriortotheOfferExpirationTime.
TheDunkin’BrandsBoardhasunanimously(i)determinedthattheMergerAgreementandthetransactionscontemplatedthereby(includingtheOfferandthe
Merger) are fair to and in the best interests of Dunkin’ Brands and its stockholders; (ii) declared it advisable to enter into the Merger Agreement; (iii) authorized
andapprovedtheexecution,deliveryandperformancebyDunkin’BrandsoftheMergerAgreementandtheconsummationofthetransactionscontemplatedby
theMergerAgreement(includingtheOfferandtheMerger);and(iv)resolved,subjecttothetermsoftheMergerAgreement,torecommendthatthestockholders
ofDunkin’BrandsaccepttheOfferandtendertheirSharestoPurchaserpursuanttotheOffer.
TheMergerAgreementcontainsprovisionsgoverningthecircumstancesinwhichtheOffermaybeextended.Specifically,theMergerAgreementprovides
thatPurchaserwillextendtheOffer:(i)foranyperiodrequiredbyanyapplicablerule,regulation,interpretationorpositionoftheSecuritiesandExchange
Commission(the“SEC”)oritsstafforofNASDAQorasmaybenecessarytoresolveanycommentsoftheSECoritsstafforNASDAQ),ineachcase,asapplicable
totheOffer,theSolicitation/RecommendationStatementonSchedule14D-9ofDunkin’Brands,includingexhibitsandannexesattachedtheretoortheOffer
documentsand(ii)ifasofanythen-scheduledOfferExpirationTimeanyconditiontotheOffer(asdescribedintheMergerAgreement)isnotsatisfiedand
hasnotbeenwaivedbyParentorPurchaser(totheextentpermittedundertheMergerAgreement),ononeormoreoccasionsinconsecutiveincrementsof
uptotenbusinessdayseach(orsuchlongerorshorterperiodasthepartiesmayagreeinwriting).Fortheforegoingclause(ii),ifanythen-scheduledOffer
ExpirationTimeistenorfewerbusinessdaysbeforetheOutsideDate(asdefinedbelow)(aftertakingintoaccountanyextensionthereofpursuanttotheMerger
Agreement),PurchaserwillinsteadextendtheOfferuntil11:59p.m.,EasternTime,onthedaybeforetheOutsideDate(orsuchotherdateandtimeasthe
partiesmayagreeinwriting).IfalloftheOfferConditionsotherthantheInsideDateCondition(andotherthanthoseconditionsthatbytheirnaturearetobe
satisfiedattheOfferExpirationTime)havebeensatisfied(orwaived)inaccordancewiththetermsoftheMergerAgreement,PurchaserwillextendtheOffer
untiloneminutefollowing11:59p.m.(12:00midnight),EasternTime,attheendofthefirstbusinessdayafterDecember18,2020.ParentandPurchaserwill not
berequiredtoextendtheOffertoadatesubsequenttoMarch31,2021or,ifextendedpursuanttotheMergerAgreement,suchlaterdate(the“OutsideDate”).
IfPurchaserextendstheOffer,itwillinformtheDepositaryofthatfactandwillmakeapublicannouncementoftheextensionnotlaterthan9:00a.m.,Eastern
Time,onthenextbusinessdayafterthedayofthescheduledOfferExpirationTime.
SubjecttotheapplicablerulesandregulationsoftheSEC,Purchaserexpresslyreservestheright,atanytimetowaive,inwholeorinpart,anyconditions to
theOfferormodifythetermsoftheOffer(includingbyincreasingtheOfferPrice)notinconsistentwiththetermsoftheMergerAgreement,exceptthat Purchaser
isnotpermitted(withoutthepriorwrittenconsentofDunkin’Brands)to(i)reducethenumberofSharessoughtpursuanttotheOffer,(ii)reducetheOffer Price
(excepttotheextentrequiredpursuanttothetermsoftheMergerAgreementinconnectionwithastocksplit,reversestocksplit,stockdividend,reorganization,
recapitalization, reclassification, combination, exchange of shares or other like change), (iii) amend, modify, supplement or waive the Minimum Tender Condition
ortheconditionthattheMergerAgreementhasnotbeenterminatedinaccordancewithitsterms,(iv)addtooramend,modifyorsupplementanyconditions to the
Offer,(v)directlyorindirectlyamend,modifyorsupplementanyothertermoftheOfferinanyindividualcaseinanymanneradversetotheholdersofShares or
thatwould,individuallyorintheaggregate,reasonablybeexpectedtopreventordelaytheconsummationoftheOfferortheMergerorimpairtheability of Parent
orPurchasertoconsummatetheOffer,(vi)exceptasexpresslyrequiredorpermittedbytheMergerAgreement,extendorotherwisechangetheOfferExpiration
Time,(vii)changetheformofconsiderationpayableintheOfferor(viii)provideforany“subsequentofferingperiod”(oranyextensionofanythereof) within the
meaningofRule14d-11undertheExchangeAct.
UponthetermsandsubjecttotheconditionsoftheOffer,promptlyaftertheOfferExpirationTime,PurchaserwillacceptforpaymentallSharesvalidly
tenderedandnotvalidlywithdrawnpriortotheOfferExpirationTime,andPurchaserwillpayforsuchSharespromptly(andinanyeventwithintwobusiness
days)aftertheOfferExpirationTime.ForpurposesoftheOffer,Purchaserwillbedeemedtohaveacceptedforpayment,andtherebypurchased,Sharesvalidly
tenderedandnotvalidlywithdrawnas,ifandwhenPurchasergivesoralorwrittennoticetotheDepositaryofitsacceptanceforpaymentofsuchSharespursuant
totheOffer.UponthetermsandsubjecttotheconditionsoftheOffer,paymentforSharesacceptedforpaymentpursuanttotheOfferwillbemadebydeposit of
theOfferPriceforsuchShareswiththeDepositary,whichwillactaspayingagentforthepurposeofreceivingpaymentsfromPurchaserandtransmitting such
payments to tendering stockholders whose Shares have been accepted for payment. If Purchaser extends the Offer, is delayed in its acceptance for payment of
Shares(whetherbeforeorafteritsacceptanceforpaymentofShares)orisunabletoacceptSharesforpaymentpursuanttotheOfferforanyreason,then, without
prejudicetoPurchaser’srightsundertheOfferandtheMergerAgreement,theDepositarymayretaintenderedSharesonPurchaser’sbehalf,andsuchShares
may not be withdrawn except to the extent that tendering stockholders are entitled to withdrawal rights as described in the Offer to Purchase and as otherwise
requiredbyRule14e-1(c)undertheExchangeAct.UndernocircumstanceswillParentorPurchaserpayinterestonthepurchasepriceforSharesbyreason of any
extensionoftheOfferoranydelayinmakingsuchpaymentforShares.
Noalternative,conditionalorcontingenttenderswillbeaccepted.Inallcases,paymentforSharestenderedandacceptedforpaymentpursuanttotheOffer
willonlybemadeaftertimelyreceiptbytheDepositaryof(i)thecertificatesevidencingsuchShares(the“Certificates”)orconfirmationofabook-entry transfer
ofsuchShares(a“Book-EntryConfirmation”)intotheDepositary’saccountatTheDepositoryTrustCompany(“DTC”)pursuanttotheproceduressetforth in
theOffertoPurchase,(ii)theLetterofTransmittal,properlycompletedanddulyexecuted,withanyrequiredsignatureguaranteesor,inthecaseofabook-entry
transfer,anAgent’sMessage(asdescribedintheOffertoPurchase)inlieuoftheLetterofTransmittaland(iii)anyotherdocumentsrequiredbytheLetter of
Transmittal. Accordingly, tendering stockholders may be paid at different times depending upon when Certificates or Book-Entry Confirmations with respect to
SharesareactuallyreceivedbytheDepositary.HoldersofShareswhowishtotenderSharespursuanttotheOfferandcannotdeliversuchSharesandallother
requireddocumentstotheDepositarybytheOfferExpirationTimeorcannotcomplywiththeproceduresforbook-entrytransferdescribedinSection3of the
OffertoPurchase,ineachcasepriortotheOfferExpirationTime,mayneverthelesstendersuchSharesbyfollowingtheproceduresforguaranteeddelivery set
forthinSection3oftheOffertoPurchase.
SharestenderedpursuanttotheOffermaybewithdrawnatanytimepriortotheOfferExpirationTimeandmayalsobewithdrawnatanytimeafter
January15,2021,whichisthe60thdayafterthedateofthecommencementoftheOffer,unlesssuchShareshavealreadybeenacceptedforpaymentbyPurchaser
pursuanttotheOfferandnotvalidlywithdrawn.
Forawithdrawaltobeeffective,awritten(or,withrespecttoEligibleInstitutions(asdefinedintheOffertoPurchase),afacsimiletransmission)notice of
withdrawalmustbetimelyreceivedbytheDepositaryattheaddresssetforthonthebackcoverpageoftheOffertoPurchase.Anysuchnoticeofwithdrawal
mustspecifythenameofthepersonwhotenderedtheSharestobewithdrawn,thenumberofSharestobewithdrawnandthenameoftheregisteredholderof
such Shares, if different from that of the person who tendered such Shares. If Certificates evidencing Shares to be withdrawn have been delivered or otherwise
identifiedtotheDepositary,then,priortothephysicalreleaseofsuchCertificates,theserialnumbersshownonsuchCertificatesmustbesubmittedtothe
Depositaryandthesignature(s)onthenoticeofwithdrawalmustbeguaranteedbyanEligibleInstitution(asdescribedintheOffertoPurchase),unless such
ShareshavebeentenderedfortheaccountofanEligibleInstitution.IfShareshavebeentenderedpursuanttotheprocedureforbook-entrytransferassetforthin
the Offer to Purchase, any notice of withdrawal must also specify the name and number of the account at DTC to be credited with the withdrawn Shares.
WithdrawalsofSharesmaynotberescinded.AnySharesvalidlywithdrawnwillthereafterbedeemednottohavebeenvalidlytenderedforpurposesoftheOffer.
However,withdrawnSharesmaybere-tenderedagainfollowingoneoftheproceduresdescribedintheOffertoPurchaseatanytimepriortotheOfferExpiration Time.
Purchaserwilldetermine,initssolediscretion,allquestionsastotheformandvalidity(includingtimeofreceipt)ofanynoticeofwithdrawal
andPurchaser’sdeterminationwillbefinalandbinding.NoneofParent,Purchaser,theDepositary,theInformationAgent(asdefinedbelow)or
anyotherpersonwillbeunderanydutytogivenoticeofanydefectsorirregularitiesinanynoticeofwithdrawalorincuranyliabilityforfailure
togiveanysuchnotification.
Theinformationrequiredtobedisclosedbyparagraph(d)(1)ofRule14d-6oftheGeneralRulesandRegulationsundertheExchangeActiscontainedinthe
OffertoPurchaseandisincorporatedhereinbyreference.
Dunkin’BrandshasprovidedPurchaserwithDunkin’Brands’stockholderlistandsecuritypositionlistingsforthepurposeofdisseminatingtheOffer to
Purchase,LetterofTransmittalandotherOfferrelatedmaterialstoholdersofShares.TheOffertoPurchaseandtherelatedLetterofTransmittalwill be mailed
torecordholdersofShareswhosenamesappearonDunkin’Brands’stockholderlistandwillbefurnished,forsubsequenttransmittaltobeneficialowners of
Shares,tobrokers,dealers,commercialbanks,trustcompaniesandsimilarpersonswhosenames,orthenamesofwhosenominees,appearonthestockholder
listor,ifapplicable,whoarelistedasparticipantsinaclearingagency’ssecuritypositionlisting.
ThetenderofSharesintheOfferforcashortheexchangeofSharesforcashpursuanttotheMergerwillbeataxabletransactiontoUnitedStatesHolders(as
definedintheOffertoPurchase)forUnitedStatesfederalincometaxpurposes.SeetheOffertoPurchaseforamoredetaileddiscussionofthetaxtreatment of the
Offer.EachholderofSharesisurgedtoconsultwithitstaxadvisorastotheparticulartaxconsequencestosuchholderoftenderingSharesforcashin
theOfferorexchangingSharesforcashpursuanttotheMerger(includingtheapplicationandeffectofanyU.S.federal,state,localornon-U.S.laws).
TheOffertoPurchaseandtherelatedLetterofTransmittalcontainimportantinformation.HoldersofSharesshouldcarefullyreadboth
documentsintheirentiretybeforeanydecisionismadewithrespecttotheOffer.
QuestionsandrequestsforassistancemaybedirectedtoInnisfreeM&AIncorporated(the“InformationAgent”)atitsaddressandtelephonenumbersset
forthbelow.RequestsforcopiesoftheOffertoPurchase,theLetterofTransmittal,theNoticeofGuaranteedDeliveryandothertenderoffermaterials may be
directedtotheInformationAgent.SuchcopieswillbefurnishedpromptlyatPurchaser’sexpense.Stockholdersmayalsocontactbrokers,dealers,commercial
banks,trustcompaniesorothernomineesforassistanceconcerningtheOffer.Additionally,copiesofthisOffertoPurchase,therelatedLetterofTransmittal,
theNoticeofGuaranteedDeliveryandanyothermaterialrelatedtotheOffermaybeobtainedatthewebsitemaintainedbytheSECatwww.sec.gov.Exceptas
setforthintheOffertoPurchase,neitherPurchasernorParentwillpayanyfeesorcommissionstoanybrokerordealeroranyotherpersonforsoliciting tenders
of Shares pursuant to the Offer. Brokers, dealers, commercial banks, trust companies or other nominees will, upon request, be reimbursed by Purchaserfor
customarymailingandhandlingexpensesincurredbytheminforwardingtheOffermaterialstotheircustomers.TheInformationAgentfortheOfferis:Innisfree M&A Incorporated501MadisonAvenue,20thFloor
New York, NY 10022
Shareholdersmaycalltollfree:(877)717-3929
Banks and Brokers may call collect: (212) 750-5833November 16, 2020