Arthur J Gallagher : CFO Commentary - July 30, 2020

CFO Commentary

July 30, 2020

Arthur J. Gallagher & Co.

Non-GAAP Measures and Forward-Looking Statements

Information Regarding Non-GAAP Measures

In this CFO Commentary, we have provided information regarding Adjusted EBITDAC Margin (for the brokerage and risk management segments) and Adjusted Net Earnings Attributable to Controlling Interests (for the corporate segment) presented on a forward-looking and historical basis. Adjusted EBITDAC Margin is Adjusted EBITDAC divided by Adjusted Revenue (EBITDAC, Revenue (for the brokerage segment), and Revenue before Reimbursements (for the risk management segment), respectively, adjusted to exclude the impact of net gains realized on divestitures and costs relating to existing businesses, acquisition integration costs, workforce related charges, lease termination related charges, acquisition related adjustments (which in the first quarter of 2020, excluded certain COVID-19 adjustments related to changed estimates of future revenues), the period-over-period impact of foreign currency translation, and, for the corporate segment, workforce and effective tax rate impact, and clean energy related adjustments, as defined on page 3, note 5 (acquisition integration costs are related to certain of our larger acquisitions outside the scope of our usual tuck-in strategy)). EBITDAC is net earnings before interest, income taxes, depreciation, amortization and the change in estimated acquisition earnout payables. Adjusted Net Earnings Attributable to Controlling Interests is net earnings attributable to controlling interests adjusted to exclude the impact of U.S. tax reform, moving a legal entity within Gallagher's subsidiary structure, and clean energy related adjustments, as defined on page 3, note 5. Management believes that both Adjusted EBITDAC Margin and Adjusted Net Earnings Attributable to Controlling Interests are meaningful indicators of our operating performance. The adjustments made to each measure are intended to improve the comparability of our results between periods by eliminating the impact of items that have a high degree of variability and, in the case of the legal entity restructuring and U.S. tax reform, are unlikely to recur during the next two years.

We have not reconciled the forward-looking Adjusted EBITDAC Margin information to the most directly comparable GAAP measure because certain material items that impact this measure, including the timing and exact amount of highly variable elements of revenue (such as acquired revenue), gains from the sales of books of business and divestitures and acquisition related adjustments, have not yet occurred or are out of management's control or cannot be reasonably predicted. Accordingly, a reconciliation of forward-looking Adjusted EBITDAC Margin to the corresponding GAAP measure is not available without unreasonable effort. Please see our most recent earnings release and page 3 of this CFO Commentary for reconciliations of historical non-GAAP information to the closest GAAP information. The non-GAAP information provided in this CFO Commentary should be used in addition to, but not as a substitute for, GAAP information.

Cautionary Statement Regarding Forward-Looking Statements

This CFO Commentary contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, for our

brokerage and risk management segments, 2020 estimates, as applicable, of the impact of foreign currency on EPS and revenues, integration costs, workforce and lease termination costs, adjusted EBITDAC margin, amortization, depreciation, change in estimated earnout payables, acquisition rollover revenues, the adjusted effective tax rate, earnings from continuing operations attributable to noncontrolling interests and the weighted average multiple paid for acquisitions. These forward -looking statements may also include, for our corporate segment, estimates of the net earnings attributable to controlling interests impact of various items, including interest and banking c osts, Gallagher's clean energy investments, acquisition costs and corporate expenses (including the impact of U.S. tax reform). We also make forward -looking statements relating to our clean energy investments, including the low and high ranges of potential 2020 annual after-tax earnings of the various clean energy plants, and Chem -Mod royalty income, net of noncontrolling interests.

Actual results may differ materially from the estimates set forth herein. The ongoing economic deterioration caused by COVID-19 is a major source of uncertainty impacting these estimates. Readers are therefore cautioned against relying on any of the forward -looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Statements regarding our clean energy investments and future effective tax rates could be materially impacted by various othe r risk and uncertainties, including uncertainties related to political and regulatory developments, such as potential actions by Congress or challenges by the IRS eliminating or reducing the availability of tax credits under IRC Section 45 retroactively and/or going forward; the potential for divergent business objectives by co -investors and other stakeholders; plant operational risks, including supply-chain risks; utilities' future use of, or demand for, coal; the market price of coal; the costs of moving a clean coal plant; intellectual property litigation risks; a nd environmental risks. The other forward-looking statements referred to above could be materially impacted by various risks and uncertainties including litigation and regulatory liability; changes in the economy (for example, due to trade wars or Brexit) or premium rates; changes in our acquisition pipeline and number of completed acquisitions; changes in our competitive position; changes in accounting standards; and fluctuations in global exchange rates. All of these risks and uncertainties could be aggravated further by the COVID-19 crisis. Please refer to Gallagher's filings with the SEC, including Item 1A, "Risk Factors," of its most recently filed Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, for a detailed discussion of these and other factors that could impact its forward-looking statements. Any forward-looking statement made by Gallagher in this press release speaks only as of the date on which it is made . Except as required by applicable law, Gallagher does not undertake to update the information included herein.

Page 1

ARTHUR J. GALLAGHER & CO. - CFO COMMENTARY - JULY 30, 2020

This communication is subject to, and you are urged to carefully read, the cautions set forth at the beginning of this communication.

BROKERAGE SEGMENT

	ACTUAL		ESTIMATES ON		ESTIMATES ON
		JUNE 17, 2020		JULY 30, 2020
Q1 2020	Q2 2020		2020 Quarterly	Full Year 2020		2020 Quarterly	Full Year 2020

Foreign Currency Impact on Earnings Per Share (shown as an adjustment to prior year numbers)

Foreign Currency Impact on Revenues

(shown as an adjustment to prior year numbers)

Integration Costs Per Share

Workforce & Lease Termination Costs Per Share

Adjusted EBITDAC Margin

Amortization - Recurring

Depreciation - Recurring

Change in Estimated Earnout Payable - Recurring

			Q2: ($0.01)
($0.01)	($0.02)		Q3: $0.01	Approx. ($0.01)
			Q4: very little impact
			Q2: ($15 million)
($14.1 million)	($15.5 million)		Q3: $5 million	Approx. ($29 million)
			Q4: ($5 million)
$0.03	$0.03		nep	nep
$0.02	$0.06		nep	nep
34.5% (1)	32.6%		No commentary provided
$134 million pretax (2)	$87 million pretax		$89 million pretax (3)	$401 million pretax (2, 3)
$18 million pretax	$18 million pretax		$18 million pretax	$72 million pretax
($77 million) pretax (4)	$8 million pretax		$8 million pretax	($53 million) pretax (4)

Q3: $0.01	Approx. ($0.02)
Q4: very little impact
Q3: $10 million	Approx. ($20 million)
Q4: very little impact
nep	nep
nep	nep
No commentary provided
$89 million pretax (3)	$401 million pretax (2, 3)
$18 million pretax	$72 million pretax
$8 million pretax	($53 million) pretax (4)

Rollover Revenues from Acquisitions

Adjusted Effective Tax Rate

Earnings from continuing operations attributable to noncontrolling interests

RISK MANAGEMENT SEGMENT

Foreign Currency Impact on Earnings Per Share (shown as an adjustment to prior year numbers)

Foreign Currency Impact on Revenues

(shown as an adjustment to prior year numbers)

Workforce & Lease Termination Costs Per Share

Adjusted EBITDAC Margin (before reimbursements)

Amortization - Recurring

Depreciation - Recurring

Adjusted Effective Tax Rate

OTHER

--------------------------------------------------------------------------------------			See table on page 5 --------------------------------------------------------------------------------------
24.2%	23.3%		--------------------------- 23% to 25% --------------------------	---------------------------	23% to 25% --------------------------
$0.7 million	$1.5 million		Approx. $1.5 million	Approx. $6 million		Approx. $2 million	Approx. $6 million
$0.00	$0.00		very little impact	very little impact		very little impact	very little impact
($2.6 million)	($1.8 million)		very little impact	very little impact		very little impact	Approx. ($4 million)
$0.00	$0.02		nep	nep		nep	nep
16.7% (5)	17.6%		No commentary provided		No commentary provided
$1 million pretax	$1 million pretax		$2 million pretax	$7 million pretax		$2 million pretax	$6 million pretax
$12 million pretax	$12 million pretax		$12 million pretax	$48 million pretax		$12 million pretax	$48 million pretax
25.4%	25.4%		-------------------------- 24% to 26% -------------------------	--------------------------	24% to 26% -------------------------

Weighted Average Multiple of EBITDAC for Acquisition Pricing

8.8x

7.3x----------------------------

7.0x to 8.5x ----------------------------

---------------------------- 7.0x to 8.5x ----------------------------

Notes

Yellow highlighted rows will be presented as adjustments to GAAP earnings.

All estimates related to foreign currency are based on July 29, 2020 exchange rates.

1. Adjusted EBITDAC margin in first quarter 2020 was 34.5% and includes the adverse net impact of $46.7 million, or 2.2 pts related to COVID-19.
2. Actual first quarter 2020 amortization includes $45 million for impaired amortizable customer lists due to the COVID-19 pandemic and resulting economic conditions
3. As we complete more acquisitions, for every dollar we spend, increase amortization by about 1% of the purchase price per quarter. In
4. Actual first quarter 2020 change in estimated earnout payable includes a $87 million decrease in estimated earnout payable due to the COVID-19 pandemic and resulting economic conditions.
5. Adjusted EBITDAC margin in first quarter 2020 was 16.7% and includes the adverse net impact of $1.1 million, or 43 basis points related to COVID-19.

nep = no estimate provided

Page 2

ARTHUR J. GALLAGHER & CO. - CFO COMMENTARY - JULY 30, 2020

This communication is subject to, and you are urged to carefully read, the cautions set forth at the beginning of this communication.

CORPORATE SEGMENT

1st Quarter

Interest and banking costs Clean-energy related (1) Acquisition costs

Corporate (includes Impact of U.S. Tax Reform) (2)

Reported 1st quarter (3)

2nd Quarter

Interest and banking costs Clean-energy related (1) Acquisition costs (4)

Corporate (includes Impact of U.S. Tax Reform) (2)

Reported 2nd quarter (3)

3rd Quarter

Interest and banking costs

Clean-energy related (1)

Acquisition costs

Corporate (includes Impact of U.S. Tax Reform)

Reported 3rd quarter

Clean-energy related (5)

Total Adjustments

Interest and banking costs Clean-energy related (1) Acquisition costs

Corporate (includes Impact of U.S. Tax Reform)

Adjusted 3rd quarter (3)

4th Quarter

			2019							2020				2020 ESTIMATES		2020 ESTIMATES
	RECONCILIATION OF REPORTED TO ADJUSTED			RECONCILIATION OF REPORTED TO ADJUSTED		ON JUNE 17, 2020		ON JULY 30, 2020
					Net Earnings							Net Earnings		Net Earnings (Loss)		Net Earnings (Loss)
	Pretax		Income Tax	(Loss) Attributable			Pretax		Income Tax	(Loss) Attributable		Attributable to		Attributable to
	Earnings		Benefit		to Controlling			Earnings		Benefit		to Controlling		Controlling Interests		Controlling Interests
	(Loss)		(Expense)		Interests			(Loss)		(Expense)		Interests		Range Low to High		Range Low to High
$	(41.1)	$	10.7	$	(30.4)	$	(51.8)	$	13.0	$	(38.8)
	(53.5)		115.0		61.5			(23.9)		76.4		52.5
	(3.9)		0.6		(3.3)			(2.7)		0.2		(2.5)
	(21.9)		12.3		(9.6)			(10.4)		15.7		5.3

$	(120.4)	$	138.6	$	18.2	$	(88.8)	$	105.3	$	16.5
$	(46.0)	$	12.0	$	(34.0)	$	(51.5)	$	12.9	$	(38.6)	$	(42.0)	$	(40.0)
	(36.6)		44.8		8.2		(22.9)		27.9		5.0		4.0		9.0
	(7.8)		1.3		(6.5)		(1.4)		0.2		(1.2)		(3.0)		(2.0)
	(13.6)		7.6		(6.0)		(20.1)		10.0		(10.1)		(9.0)		(8.0)
$	(104.0)	$	65.7	$	(38.3)	$	(95.9)	$	51.0	$	(44.9)	$	(50.0)	$	(41.0)
$	(47.8)	$	12.4	$	(35.4)							$	(42.0)	$	(40.0)	$	(41.0)	$	(39.0)
	(42.0)		50.6		8.6								9.0		14.0		1.0		6.0
	(3.5)		0.4		(3.1)								(3.0)		(2.0)		(3.0)		(2.0)
	(21.1)		13.2		(7.9)								(9.0)		(8.0)		(9.0)		(8.0)
	(114.4)		76.6		(37.8)								(45.0)		(36.0)		(52.0)		(43.0)

	12.4			(3.2)			9.2
	12.4			(3.2)			9.2
	(47.8)			12.4			(35.4)			(42.0)			(40.0)			(41.0)			(39.0)
	(29.6)			47.4			17.8			9.0			14.0			1.0			6.0
	(3.5)			0.4			(3.1)			(3.0)			(2.0)			(3.0)			(2.0)
	(21.1)			13.2			(7.9)			(9.0)			(8.0)			(9.0)			(8.0)
$	(102.0)		$	73.4	$	(28.6)	$	(45.0)	$	(36.0)	$	(52.0)	$	(43.0)

Notes:

(1) Actual 2020 quarterly net earnings may differ

materially from 2019 and these estimates. See

further discussion of accounting for clean energy

investments on the following page. Pretax earnings

are presented net of amounts attributable to

noncontrolling interests.

(2) Corporate pretax loss includes a net unrealized

foreign exchange remeasurement gain of

$12.4 million in Q1 2020 and a loss of $2.1 million

in Q1 2019. Corporate pretax loss includes a net

unrealized foreign exchange remeasurement loss

of $5.1 million in Q2 2020 and a gain of $1.7 million

in Q2 2019.

(3) Note that first three quarters of 2019 corporate

segment reported results have not been adjusted

to reflect the decrease in annual effective income

tax rate for full year 2019 that occurred during Q4

2019.

(4) Includes a hedge loss of approximately $3

million after tax due to the delayed closing of the

JLT aerospace acquisition during the second

quarter of 2019.

(5) Clean Energy Related Adjustments - During

third quarter of 2019, Gallagher and/or our 46.5%

owned affiliate, Chem-Mod LLC, incurred costs

related to (a) settling certain patent infringement

litigation, (b) prevailing in a tax court matter, (c)

defending a new patent matter, and (d) moving

three 2011 Era plants into different locations that

could generate more after-tax earnings in 2020

than in 2019.

Interest and banking costs Clean-energy related (1) Acquisition costs

Corporate (includes Impact of U.S. Tax Reform)

Reported 4th quarter

Workforce and effective income tax rate impact (6)

Total Adjustments

Interest and banking costs Clean-energy related (1) Acquisition costs

Corporate (includes Impact of U.S. Tax Reform)

Adjusted 4th quarter

Full Year

Interest and banking costs Clean-energy related (1) Acquisition costs

Corporate (includes Impact of U.S. Tax Reform)

Reported Full Year

Clean-energy related (5)

Workforce (6)

Total Adjustments

Interest and banking costs Clean-energy related (1) Acquisition costs

Corporate (includes Impact of U.S. Tax Reform)

Adjusted Full Year

$	(49.1)	$	12.3	$	(36.8)
	(19.8)			30.0			10.2
	(6.0)			0.9			(5.1)
	(24.9)			17.0			(7.9)
	(99.8)			60.2			(39.6)
	3.0			2.4			5.4
	3.0			2.4			5.4
	(49.1)			12.3			(36.8)
	(19.8)			30.0			10.2
	(6.0)			0.9			(5.1)
	(21.9)			19.4			(2.5)
$	(96.8)	$	62.6	$	(34.2)
$	(184.0)	$	47.4	$	(136.6)
	(151.9)			240.4			88.5
	(21.2)			3.2			(18.0)
	(81.5)			50.1			(31.4)
	(438.6)			341.1			(97.5)
	12.4			(3.2)			9.2
	3.0			(0.7)			2.3
	15.4			(3.9)			11.5
	(184.0)			47.4			(136.6)
	(139.5)			237.2			97.7
	(21.2)			3.2			(18.0)
	(78.5)			49.4			(29.1)
$	(423.2)	$	337.2	$	(86.0)

$	(42.0)	$	(40.0)	$	(41.0)	$	(39.0)
	4.0			9.0			1.0			6.0
	(3.0)			(2.0)			(3.0)			(2.0)
	(9.0)			(8.0)			(9.0)			(8.0)
	(50.0)			(41.0)			(52.0)			(43.0)
	(42.0)			(40.0)			(41.0)			(39.0)
	4.0			9.0			1.0			6.0
	(3.0)			(2.0)			(3.0)			(2.0)
	(9.0)			(8.0)			(9.0)			(8.0)
$	(50.0)	$	(41.0)	$	(52.0)	$	(43.0)
$	(164.8)	$	(158.8)		$	(159.4)	$	(155.4)
	69.5			84.5			59.5			69.5
	(11.5)			(8.5)			(9.7)			(7.7)
	(21.7)			(18.7)			(22.8)			(20.8)
	(128.5)			(101.5)			(132.4)			(114.4)
	-			-			-			-
	(164.8)			(158.8)			(159.4)			(155.4)
	69.5			84.5			59.5			69.5
	(11.5)			(8.5)			(9.7)			(7.7)
	(21.7)			(18.7)			(22.8)			(20.8)
$	(128.5)	$	(101.5)		$	(132.4)	$	(114.4)

(6) Consists of severance costs and the impact

related to prior quarters in 2019 for the decrease

in the effective income tax rate used to compute

the provision for income taxes for full year 2019.

Adjusted amounts related to previous quarters of

$3.1 million in the fourth quarter have not been

reallocated to prior quarters, therefore year to

date adjusted amount does not total.

Page 3

ARTHUR J. GALLAGHER & CO. - CFO COMMENTARY - JULY 30, 2020

This communication is subject to, and you are urged to carefully read, the cautions set forth at the beginning of this communication.

Clean Energy Investments

The following provides certain information related to Gallagher's investments in limited liability companies that own 35 clean coal production plants, which produce refined coal using proprietary technologies owned by Chem-Mod. We believe that the production and sale of refined coal at these plants qualifies to receive refined coal tax credits under IRC Section 45 through 2019 for the fourteen 2009 Era Plants and through 2021 for the twenty one 2011 Era Plants. The underlying operations of those investments where Gallagher has a controlling ownership interest are consolidated.

											2020 Estimates (3)
							Actual 2019		Low Range As		High Range As
				Actual 2018		As Adjusted		Adjusted			Adjusted
					After-tax			After-tax		After-tax			After-tax
($ in millions)			Earnings			Earnings		Earnings			Earnings
Investments that own 2009 Era Plants - 2019 Sunset (1)
12	2009	Under long-term production contracts during 2019 and prior periods	$	18.0	$	13.4			Sunset in 2019
2	2009	Not in active negotiations for long-term production contracts during 2019			-			-			Sunset in 2019
Investments that own 2011 Era Plants - 2021 Sunset (1)
17	2011	Under long-term production contracts			70.5			59.9			32.0			38.0
4	2011	Restarted under long-term production contracts in Q4 2019 and Q3 2020 (2)			6.7			1.5			9.0			11.0
Chem-Mod royalty income, net of noncontrolling interests (4)			23.4			22.9			19.0			21.0
		Total		$	118.6		$	97.7		$	60.0		$	70.0

1. The 14 plants which were placed in service early in December 2009 (2009 Era Plants) received tax credits through early December 2019. The 21 plants which were placed in service in November and December 2011 (2011 Era Plants) can receive tax credits through November and December 2021.
2. During the third quarter and early fourth quarter of 2019, Gallagher moved three 2011 Era plants into 2009 Era locations. These plants are operating under long-term production contracts as of December 31, 2019. During the second quarter of 2020, Gallagher purchased a 2011 Era plant from a third party, which began operating under a long-term production contract in July 2020.
3. Reflects management's current estimate of the 2020 low and high ranges of as adjusted after-tax earnings based on conversations with the host utilities, investment partner assumptions, current and future natural gas prices, and lower coal-generated electricity consumption in the U.S. due to reduced economic activity resulting from the COVID- 19 crisis. Host utilities have not, and may not, consistently utilize the fuel plants at ultimate production levels due to seasonal electricity demand, weather conditions, as well as many other operational, regulatory and environmental compliance reasons. Estimates could vary, potentially significantly, from current projections.
4. Gallagher's investment in Chem-Mod generates royalty income from refined coal plants owned by those limited liability companies in which it invests as well as refined coal production plants owned by other unrelated parties. Estimates are based on production estimates provided by licensees.

All estimates set forth above regarding the potential future earnings impact of our clean energy investments are subject to significant risks. Please refer to the cautionary statement on page 1 of this communication and Gallagher's filings with the SEC, including Item 1A, "Risk Factors" in its most recently filed Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q for a more detailed discussion of these and other factors that could impact the information above.

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ARTHUR J. GALLAGHER & CO. - CFO COMMENTARY - JULY 30, 2020

This communication is subject to, and you are urged to carefully read, the cautions set forth at the beginning of this communication.

Clean Energy Investments - Continued

Accounting for Clean Energy Investments

The quarterly GAAP accounting for Gallagher's tax advantaged clean energy investments is complex, but generally requires: (a) operating expenses associated with producing clean-coal to be recognized in the period of production;

1. tax benefits relating to (a) to be recognized in the period of production; but (c) associated tax credits to be recognized as a component of the tax provision based on the proportion of that quarter's consolidated reported pretax earnings to expected total consolidated reported annual pretax earnings, with certain modifications and without anticipation of future acquisitions.

The accounting for Gallagher's tax advantaged clean energy investments reflects a considerable amount of estimation, including tax credits to be produced for the full year, annual GAAP earnings and the seasonal spread of GAAP earnings between each quarter. After adopting the new revenue recognition standard, ASC 606, Gallagher's reported first quarter earnings from its core operations is higher than in the remaining three quarters of the year. This can result in a substantial number of tax credits being recognized in the first quarter for GAAP purposes, even before the tax credits being recognized have been produced. The following table shows credits produced compared to tax credits recognized for the first and second quarters of 2020 and full years 2019, 2018 and 2017. Credits recognized in 2017 are shown as restated for the adoption of ASC 606.

					2017
		2016 Actual		As Restated for Adoption of ASC 606			2018 Actual			2019 Actual			2020 Actual
		Credits			Credits			Credits			Credits			Credits			Credits			Credits		Credits			Credits
(in millions)		Produced			Produced			Recognized			Produced			Recognized			Produced			Recognized			Produced			Recognized
1st Quarter	$	40.7	$	51.0	$	93.9	$	62.1	$	94.6	$	55.2	$	101.1		$	31.2	$	70.4
2nd Quarter		41.3			56.6			34.1			61.8			47.6			40.9			35.2			27.7			22.3
3rd Quarter		63.2			66.7			55.6			72.8			63.8			63.1			39.7			nep			nep
4th Quarter		49.2			55.4			46.1			61.1			51.8			41.8			25.0			nep			nep
Full Year	$	194.4		$	229.7		$	229.7		$	257.8		$	257.8		$	201.0		$	201.0			nep			nep

Other Commentary

Acquisition Rollover & Divested Operations' Total Revenues - Brokerage Segment
		Actual				Estimates (1)
(in millions)	1st Quarter 2020		2nd Quarter 2020		3rd Quarter 2020		4th Quarter 2020
1st Quarter 2019 Acquisition Activity		2.0			NA			NA			NA
2nd Quarter 2019 Acquisition Activity		35.2			13.5			NA			NA
3rd Quarter 2019 Acquisition Activity		20.8			18.7			5.0			NA
4th Quarter 2019 Acquisition Activity		31.3			29.3			30.0			5.0
1st Quarter 2020 Acquisition Activity		6.0			9.4			5.0			5.0
2nd Quarter 2020 Acquisition Activity		NA			1.2			3.0			3.0
Less: Divestitures (2)		(12.0)			(5.4)			nep			nep
Total - Acquisitions & Divestitures	$	83.3		$	66.7		$	43.0		$	13.0

Notes

(1) Values for 2020 represent forecasted revenue for acquisitions closed by July 29, 2020. No other future acquisitions are contemplated. Actual revenues may be different than forecasted.

Also, forecasted acquisition rollover revenues are shown in U.S. dollars at foreign exchange rates as of July 29, 2020. Any future strengthening or weakening of the U.S. dollar will impact the amounts forecasted above.

1. During the first quarter of 2019, we divested a travel insurance broker and four other smaller brokerage operations. The revenues associated with our divested operations and program repricing are being shown as a reversal of revenues in the first and second quarters of 2020 for informational purposes.

nep = no estimate provided

Page 5