Realty Income Corp Previous Rating No Change Price (5/04) $50.61 Price Target $58.00 Higher I-Grade = Higher Rent Collection Previous Price Target No Change

REITs Research US Real Estate Investment Trusts U.S. Equity Research May 5, 2020 Estimates Change

Rating Buy Realty Income Corp Previous Rating No Change Price (5/04) $50.61 Price Target $58.00 Higher I-Grade = Higher Rent Collection Previous Price Target No Change

Summary Key Data Symbol O (NYSE) We won't dwell on O's inline (backward-looking) 1Q20 results, but instead focus 52-Week Range $84.92 - $38.00 on April rent collection data overall and by subsegment. O's reported 83% (of Market Cap ($mm) $17,379 April rent) met our/investor's expectations, trailing just ADC, but ahead of VER, Shares Outstanding (mm) 343.4 SRC, STOR, NNN. Notably, all i-grade tenants (~1/2 of total rent) paid April Float 342.6 rent with best collections from c-stores, dollar stores, drug stores and grocers, Average Daily Volume 3,782,138 while movies, gyms, casual dining and child care lagged. We remain favorable Dividend/Yield $2.71/5.4% on O and see its lower risk business model (higher i-grade / lower risk tenant Fiscal Year-End: Dec 31 base and lower leverage / liquid balance sheet) as a better risk-adjusted way to play Triple Nets in a post-COVID, higher WACC world. Updated model 2019E 2020E 2021E Prior Curr Prior Curr attached. FFO 1Q 0.81A 0.87E 0.82A 0.90E 0.89E 2Q 0.81A – 0.65E – 0.83E KeyPoints 3Q 0.82A – 0.88E 0.83E 0.82E 4Q 0.85A – 0.86E 0.83E 0.82E 1Q20 Earnings In-Line with Expectations: 1Q20 AFFO increased by 7.3% Yr 3.29A 3.26E 3.20E 3.38E 3.36E to $0.88 (vs $0.87 MSUSA and consensus) with ssRev was +0.2% (industrial AFFO 1.3%, agriculture, 1.2%, office 0.4%, and retail 0.0%) as ss-occup ended 1Q 0.82A 0.87E 0.88A – 0.90E 1Q20 at 98.5% (-10bps from 4Q19, +20bps vs 1Q19). As O telegraphed last 2Q 0.82A – 0.65E – 0.83E quarter, 1Q20 ss-rev was impacted by a change in accounting methodology (O 3Q 0.84A – 0.88E – 0.83E previously accrued percentage rent for the year it was earned, but will now 4Q 0.87A – 0.87E 0.84E 0.83E recognize it when received); ex this change, O's 1Q20 ss-rev growth would have Yr 3.32A – 3.28E – 3.39E been closer to its historical 1%-ish level. (P) (V) 90 160 140 April Rent Collections In-Line…but May Rent and Recoveries Unclear: O 80 120 collected 83% of April rent, a figure that largely met expectations given recently 70 100 80 released peers’ data – ADC (87%, i-grade focus like O), SRC (70%, i-grade 60 60 40 50 focus, more c-stores, restaurants, and gyms than O), STOR (64%, less i-grade, 20 more p/e-backed tenants), NNN (55%, less i-grade, more restaurant) EPR (15%, May-19 Aug-19 Nov-19 Feb-20 May-20 O Volume more movie & restaurants). Created by BlueMatrix Looking deeper within its rent collections, we highlight the following trends / insights:

■ O collected 83% of rent from its top 20 tenants, in line with its portfolio average, implying size was a relative non-factor.

Haendel St. Juste ■ Nearly all (99.9%) of O's i-grade tenants (48% of rent) paid April rent, Managing Director supporting our higher credit bias and investors' expectations of better rent +1 212 205 7860 collectability. [email protected] Lydia Jiang Associate +1 212 209 9379 [email protected]

PLEASE REFER TO PAGE 9 OF THIS REPORT FOR IMPORTANT DISCLOSURE AND ANALYST CERTIFICATION INFORMATION. Mizuho Securities USA LLC does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

Mizuho Securities USA LLC www.mizuhosecurities.com/us Realty Income Corp

■ O collected 99.5% of rent from its top 4 industry exposures (C-stores, drug stores, dollar stores and grocery stores) which represent~37% of total rent.

■ Among O's portfolio, rent collection was best for c-stores (99% collected, 12% of rent), drug stores (99% / 9%), dollar stores (100% / 5%), and grocery stores (100% / 5%), a collective 31% of rev.

■ Conversely, O's four worst collection industries included theaters (0% collected, 6% of rent), health and fitness (0% / 7%), casual dining (35% / 3%), and child care (32% / 2%), a collective 18% of rev.

■ See Appendix for more details on O and Triple Net coverage peer’s (SRC, STOR, VER) industry / exposure; also see our recent Triple Net sector report for more tenant credit / industry exposure and analysis (here).

Lastly (and as we’ve written previously), while April collections appear better- than-feared, we see incremental downside risk in May (and potentially June) for Triple Net portfolios and most other asset classes given the lingering / ongoing COVID impact. Favorable Liquidity Profile, but Higher WACC and Conservatism Temper Our External Growth Expectations: The contraction in positive spread investing and more conservative capital deployment / lower volumes is a clear negative for triple net REIT business models. That said, we see this as less of a risk for O vs most peers (ex-ADC) as O held up better than peers YTD, has less leverage (~5.0x debt/LTM ebitda) and has >$3B of liquidity on hand (bolstered by its $752M equity offering in February). All told, this gives O plenty of liquidity to fund its ~$400M of debt maturities through 2021, modest development commitments ($24M) and opportunistic acquisitions. We recently lowered our 2020 acquisitions outlook for O and now assume $900M of FY20 acquisitions vs $1.5B previously and $2.5B at the start of the year (vs O’s initial, but now defunct $2.25B - $2.75B guide). O acquired $484M in 1Q20 at 6.0% (cash) cap rate (6.5% US / 5.1% UK) with 95% retail / 5% industrial and 36% i-grade. Lastly, O announced a quarterly dividend increase of 3.1% to $0.693 and has a relatively healthy 79% AFFO coverage (well below retail REITs that recently cut / suspended dividends, i.e., AAT, ROIC, SITC) and vs certain Triple Net peers (SRC, VER). 2020 / 2021 Estimates Unchanged: Like many REITs, O withdrew its prior 2020 guidance (was $3.50-$3.56/sh) in the aftermath of COVID. We are maintaining our prior 2020 AFFO estimate of $3.28 (as lower acquisitions are offset by increased 2020 rent collection / rental revenue), as well as our 2021 estimate of $3.39. Our estimates imply -1% / +3% YOY AFFO/sh growth vs Triple Nets' -6% / +9% and all REITs' -1% / +6%. Key Questions for Management: 1) early May tenant / segment rent collections and recovery prospects for deferred April rent; 2) updated perspectives on key segments / tenant credit health in post-COVID world; 3) capital deployment in a higher WACC / higher tenant risk economy; 4) updated perspectives on post-COVID portfolio diversification / key industry exposures. Earnings Call Today: 2:30 ET Phone: (877) 701-6180. Passcode: 223883

May 5, 2020 Mizuho Securities USA LLC 2 Realty Income Corp

Exhibit 1: O has second highest April rent collection following ADC

Source: Company reports and Mizuho Securities USA

Exhibit 2: Top 4 industries represent ~37% of rent with 99.5% collection rate

Source: Company reports and Mizuho Securities USA

May 5, 2020 Mizuho Securities USA LLC 3 Realty Income Corp

Exhibit 3: O has more exposure to i-grade and essential tenants than most peers

O Top Tenants % ABR Credit Rating Industry Public PE Backed Walgreens 6.0% BBB Pharmacy ✓ 7-Eleven 4.7% AA- C-store ✓ Dollar General 4.4% BBB Dollar store FedEx 4.0% BBB Shipping Dollar Tree 3.4% BBB- Dollar store ✓ Fitness International 3.4% B+ Fitness AMC Theaters 2.9% B Entertainment ✓ Regal Cinemas 2.9% NR Entertainment Walmart 2.5% AA Retail ✓ Sainsbury 2.4% NR Grocery ✓ LifeTime Fitness 2.4% B Fitness Circle K 1.9% BBB C-store ✓ BJ's Wholesale 1.8% B+ Grocery ✓ CVS 1.6% BBB Pharmacy ✓ Treasury Wine Estates 1.6% NR Winery ✓ SuperAmerica 1.6% BBB Kroger's 1.6% BBB Grocery ✓ GPM Investments 1.4% NR C-store ✓ TBC Corp. 1.2% NR Auto Parts Home Depot 1.2% A Home Improvement ✓ Total 52.9% Others 47% % Investment Grade 48%

% of Contractual Sector Rent Convenience Stores 12.1% Drug Stores 8.6% Dollar Stores 7.9% Grocery Stores 5.1% Health and Fitness 7.2% Theaters 6.0% Restuarants - quick service 5.7% Transportation services 4.2% Restaurants - casual dining 3.1% Home improvement 2.9% Total 62.8% Lower Risk 33.7% Medium Risk 12.8% Higher Risk 16.3% Others 37.2%

Source: Company reports and Mizuho Securities USA

May 5, 2020 Mizuho Securities USA LLC 4 Realty Income Corp

Exhibit 4: Peer Industry Exposures

SRC STOR

% of Contractual % of Contractual Sector Rent Sector Rent Convenience Stores 8.6% Restaurants - Full Service 9.4% Health and Fitness 7.3% Early Childhood Education 5.7% Restaurants - Quick Service 7.1% Health Clubs 5.7% Restaurants - Casual Dining 7.1% Furniture 5.4% Drug Stores/Pharmacies 6.4% Restaurants - Limited Service 5.1% Grocery 5.1% Automotive Repair and Maintenance 4.8% Entertainment 3.8% Farm and Ranch Supply 4.5% Car Washes 3.5% Metal Fabrication 4.3% Home Improvement 3.3% Movie Theaters 4.0% Dollar Stores 3.2% Family entertainment 3.8% Others 44.6% Pet Care 3.4% Total 100.0% Medical and Dental 2.8% Lower Risk 23.3% Behavioral Health 2.3% Medium Risk 13.9% Equipment Sales and Leasing 1.8% Higher Risk 18.2% Elementary & Secondary Schools 1.5% Wholesale Automobile Auction 1.3% Logistics 1.3% VER Career Education 1.2% Total 68.3% % of Contractual Lower Risk 16.7% Sector Rent Medium Risk 16.8% Office 18.6% Higher Risk 33.0% Industrial 16.5% Others 31.7% Restaurants - Casual Dining 12.0% Restaurants - Quick Service 8.8% Retail - Discount 8.2% Retail - Pharmacy 6.5% Retail - Home and Garden 5.6% Retail - Grocery and Supermarket 4.5% Retail - Motor Vehicle 3.9% Total 84.6% Lower Risk 39.6% Medium Risk 27.4% Higher Risk 17.6% Others 15.4%

Source: Company reports and Mizuho Securities USA

May 5, 2020 Mizuho Securities USA LLC 5 Realty Income Corp

Exhibit 5: O Variance Table

O 1Q20A 1Q20E Variance Per Share Rental income 391,791 395,299 (3,508) (0.00) less: SLR (7,782) (8,053) 271 0.00 less: above/below market rent 6,430 4,957 1,473 0.00 Cash rental income 390,439 392,203 (1,764) 0.00 Tenant reimbursements 20,366 17,364 3,002 0.01 Other revenue 2,184 2,023 161 0.00 Total Property Income 410,805 409,567 1,238 0.01

Property operating (25,606) (20,818) (4,788) (0.01) Total Property Expenses (25,606) (20,818) (4,788) (0.01)

Net Operating Income 385,199 388,749 (3,550) (0.00) NOI Margin 93.8% 94.9% (1.2%) (0.00)

General & administrative (20,964) (18,431) (2,533) (0.01) EBITDA 366,419 372,341 (5,922) (0.01) - - Interest expense (75,925) (74,994) (931) (0.00) Add back: SLR 7,782 8,053 (271) (0.00) Add back: above/below mkt rent (6,430) (4,957) (1,473) (0.00) Depreciation and amortization (126) (200) 74 0.00 Loss on impairment - - - - Merger-related costs - - - - Discontinued operations - - - - Noncontrolling interests (470) (406) (64) (0.00) Gain on sales of real estate assets - - - - Income taxes (2,763) (2,662) (101) (0.00) Preferred dividends - - - - Excess of redemption value (11,383) - (11,383) (0.03)

FFO, reported 277,104 295,174 (18,070) (0.05)

Amortization of share-based compensation 3,742 3,184 558 0.00 Amortization of deferred financing costs 1,360 1,283 77 0.00 Amortization of debt premiums (discounts) (354) (354) - (0.00) Gain on early extinguishment of mortgage debt - - - - Loss on interest rate swaps 686 - 686 0.00 Straight-line rental income (7,782) (8,053) 271 0.00 Amortization of acquired above- and below -market leases 6,430 4,957 1,473 0.00 Preferred share redemption - - - - Other adjustments 16,175 - 16,175 0.05

FFO, Operating 298,713 299,287 (574) 0.00

AFFO Tenant improvements - - 0 - Recurring capex - (224) 224 0.00 Leasing capex (138) (200) 62 0.00

AFFO 297,223 295,768 1,455 0.01

Weidged avg shares + units 337,440 339,257 (1,818) -

Reported FFO/sh 0.82 0.87 (0.05) Operating FFO/sh 0.89 0.88 0.01 AFFO/sh 0.88 0.87 0.01

Source: Company reports and Mizuho Securities USA

May 5, 2020 Mizuho Securities USA LLC 6 Realty Income Corp

Exhibit 6: O Earnings Model

O 2015 2016 2017 2018 2019 1Q20 2Q20 3Q20 4Q20 2020 1Q21 2Q21 3Q21 4Q21 2021 A A A A A A E E E E A E E E E Rental income 976,864 1,057,413 1,166,224 1,274,596 1,415,733 391,791 318,460 399,197 391,810 1,501,258 406,684 385,331 386,844 392,009 1,570,869 less: SLR (16,468) (19,492) (17,191) (24,687) (28,674) (7,782) (6,312) (7,968) (7,862) (29,925) (8,168) (7,699) (7,770) (7,907) (31,545) add / (less): above/below market rent 7,861 9,298 14,013 16,853 19,336 6,430 3,326 6,164 6,464 22,384 6,721 4,068 6,012 6,501 23,302 Cash rental income 968,257 1,047,219 1,163,046 1,266,762 1,406,395 390,439 315,474 397,392 390,412 1,493,717 405,237 381,700 385,087 390,603 1,562,626 Tenant reimbursements 42,016 43,104 46,083 46,950 69,085 20,366 16,575 21,014 20,919 78,874 21,906 20,677 20,883 21,391 84,857 Total Property Income 1,010,273 1,090,323 1,209,129 1,313,712 1,475,480 410,805 332,049 418,406 411,331 1,572,591 427,143 402,378 405,969 411,994 1,647,484

Property operating (55,352) (62,865) (69,480) (66,326) (88,585) (25,606) (20,707) (26,180) (25,918) (98,411) (27,113) (25,570) (25,812) (26,333) (104,828) Total Property Expenses (55,352) (62,865) (69,480) (66,326) (88,585) (25,606) (20,707) (26,180) (25,918) (98,411) (27,113) (25,570) (25,812) (26,333) (104,828)

Net Operating Income 954,921 1,027,458 1,139,649 1,247,386 1,386,895 385,199 311,343 392,226 385,413 1,474,180 400,030 376,808 380,157 385,661 1,542,656 NOI Margin 94.5% 94.2% 94.3% 95.0% 94.0% 93.8% 93.8% 93.7% 93.7% 93.7% 93.7% 93.6% 93.6% 93.6% 93.6%

Other revenue 4,404 2,655 3,462 6,292 6,773 2,184 1,578 1,987 1,968 7,717 2,045 1,923 1,925 1,981 7,875 General & administrative (49,298) (51,965) (58,446) (84,148) (66,483) (20,964) (16,602) (18,828) (18,510) (74,905) (20,503) (19,314) (19,487) (19,776) (79,079) EBITDA 910,027 978,148 1,084,665 1,169,530 1,327,185 366,419 296,318 375,385 368,871 1,406,992 381,572 359,416 362,596 367,867 1,471,451

Interest expense (233,080) (219,974) (247,412) (266,020) (290,991) (75,925) (73,864) (72,664) (71,592) (294,044) (71,276) (71,522) (72,173) (72,295) (287,266) Add back: SLR 16,468 19,492 17,191 24,687 28,674 7,782 6,312 7,968 7,862 29,925 8,168 7,699 7,770 7,907 31,545 Add back: above/below mkt rent (7,861) (9,298) (14,013) (16,853) (19,336) (6,430) (3,326) (6,164) (6,464) (22,384) (6,721) (4,068) (6,012) (6,501) (23,302) Depreciation and amortization (811) (747) (558) (651) (565) (126) (200) (200) (200) (726) (200) (200) (200) (200) (800) Severance expense Loss on impairment ------Merger-related costs ------Discontinued operations ------Noncontrolling interests (2,057) (1,885) (1,453) (2,096) (1,473) (470) (470) (470) (470) (1,880) (470) (470) (470) (470) (1,880) Gain on sales of real estate assets ------Income taxes (3,168) (3,260) (6,045) (5,340) (6,158) (2,763) (2,350) (2,961) (2,911) (10,985) (2,990) (2,817) (2,842) (2,884) (11,532) Preferred dividends (27,080) (27,080) (3,911) ------Redemption related charges - - (55,799) - 2,255 (11,383) - - - (11,383) - - - - - FFO, reported 652,438 735,396 772,665 903,257 1,039,591 277,104 222,421 300,894 295,097 1,095,516 308,083 288,039 288,669 293,424 1,178,216 - Amortization of share-based compensation 10,391 12,008 13,946 15,470 13,662 3,742 3,742 3,742 3,742 14,968 3,742 3,742 3,742 3,742 14,968 Amortization of deferred financing costs 5,262 5,351 5,326 3,991 4,755 1,360 1,360 1,360 1,360 5,440 1,360 1,360 1,360 1,360 5,440 Amortization of debt premiums (discounts) (6,978) (3,354) (466) (1,521) (1,416) (354) (354) (354) (354) (1,416) (354) (354) (354) (354) (1,416) Gain on early extinguishment of mortgage debt (505) (60) ------Loss on interest rate sw aps 3,043 (1,638) (3,250) (2,733) 2,752 686 - - - 686 - - - - - Preferred share redemption - - 13,373 ------Other adjustments 304 300 43,000 18,917 2,909 16,175 - - - 16,175 ------FFO, Operating 663,955 748,003 844,594 937,381 1,062,253 298,713 227,169 305,642 299,845 1,131,369 312,831 292,787 293,417 298,172 1,197,208 AFFO Straight-line rental income (16,468) (19,492) (17,191) (24,687) (28,674) (7,782) (6,312) (7,968) (7,862) (29,925) (8,168) (7,699) (7,770) (7,907) (31,545) Amortization of acquired above- and below -market leases 7,861 9,298 14,013 16,853 19,336 6,430 3,326 6,164 6,464 22,384 6,721 4,068 6,012 6,501 23,302 Tenant improvements (2,009) ------Recurring capex (5,597) (719) (912) (1,083) (802) ------Leasing capex (748) (757) (1,574) (3,908) (2,103) (138) (138) (138) (138) (552) (200) (200) (200) (200) (800) Severance expense - - - AFFO 646,994 736,333 838,930 924,556 1,050,010 297,223 224,044 303,700 298,308 1,123,276 311,184 288,956 291,459 296,566 1,188,165

Weidged avg shares + units 235,891 255,823 273,843 289,884 316,424 337,440 343,865 343,865 344,365 342,384 346,365 348,865 351,365 355,865 350,615

Reported FFO/sh 2.77 2.87 2.82 3.12 3.29 0.82 0.65 0.88 0.86 3.20 0.89 0.83 0.82 0.82 3.36 Operating FFO/sh 2.81 2.92 3.08 3.23 3.36 0.89 0.66 0.89 0.87 3.30 0.90 0.84 0.84 0.84 3.41 AFFO/sh 2.74 2.88 3.05 3.19 3.32 0.88 0.65 0.88 0.87 3.28 0.90 0.83 0.83 0.83 3.39

Source: Company reports and Mizuho Securities USA

May 5, 2020 Mizuho Securities USA LLC 7 Realty Income Corp

Price Target Calculation and Key Risks Our Base Case price target of $58/sh equates to an AFFO multiple of ~17x applied to our FY2021E AFFO/share of $3.39. Our Bull Case price target of $71/sh equates to a forward AFFO multiple of 21x applied to our FY2021E AFFO/share. Our Bear Case price target of $44/sh equates to a forward AFFO multiple of 14x applied to our FY2021E AFFO/share. Macro risks include COVID-19 disruptions and changes to the economic backdrop, interest rates outlook and / or the sector’s cost and availability of capital. Industry-specific risks include tenant credit quality, new supply and decreased acquisitions.

May 5, 2020 Mizuho Securities USA LLC 8 Realty Income Corp

IMPORTANT DISCLOSURES The disclosures for the subject companies of this report as well as the disclosures for Mizuho Securities USA LLC entire coverage universe can be found at https://msusa.bluematrix.com/sellside/Disclosures.action or obtained by contacting [email protected] or via postal mail at Equity Research Editorial Department, Mizuho Securities USA LLC, 1271 Avenue of the Americas, 2nd FL, New York NY, 10020. Investment Risks and Valuation Methods can be located in the following section of this research report - Price Target Calculation and Key Risks.

Receipt of Compensation Mizuho Securities USA LLC and or its affiliates makes a market in the following securities: Realty Income Corp Mizuho Securities USA LLC and or its affiliates has received compensation for investment banking services for Realty Income Corp in the past 12 months. Mizuho Securities USA LLC and or its affiliates expects to receive or intends to seek compensation for investment banking services for Realty Income Corp in the next 3 months. Mizuho Securities USA LLC and or its affiliates has managed or co-managed a public offering of securities for Realty Income Corp in the past 12 months. Mizuho Securities USA LLC and or its affiliates have provided investment banking services for Realty Income Corp who is or was a client in the past 12 months. The compensation of the research analyst writing this report, in whole or part, is based on MSUSA's annual revenue and earnings and is not directly related to any specific investment banking compensation. MSUSA's internal policies and procedures prohibit research analysts from receiving compensation from companies covered in the research reports.

Regulation Analyst Certification (AC) I, Haendel St. Juste, hereby certify that the views expressed in this research report accurately reflect my personal views about any and all the subject companies. No part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report. Rating Definitions Mizuho Securities USA investment ratings are based on the following definitions: Anticipated share price change is based on a 12-month time frame. Return expectation is based on the stock’s total return. For disclosure purposes (for purposes of the FINRA requirements), we include the category headings of Buy, Hold, and Sell alongside our ratings of Buy, Neutral, and Underperform. (effective July 10, 2017). Buy: Stock's total return is expected to appreciate above the average total return of the analyst's industry coverage universe, on a risk-adjusted basis, over the next 12 months. Neutral: Stock's total return is expected to be within the average total return of the analyst's industry coverage universe, on a risk-adjusted basis, over the next 12 months. Underperform: Stock's total return is expected to depreciate below the average total return of the analyst's industry coverage universe, on a risk- adjusted basis, over the next 12 months.

RS: Rating Suspended - rating and price objective temporarily suspended. NR: No Rating - not covered, and therefore not assigned a rating.

Mizuho Securities USA LLC investment ratings are based on the following definitions. Anticipated share price change is based on a 6- to 12-month time frame. Return expectation excludes dividends (prior to July 10, 2017).

Buy: Stocks for which the anticipated share price appreciation exceeds 10%. Neutral: Stocks for which the anticipated share price appreciation is within 10% of the share price. Underperform: Stocks for which the anticipated share price falls by 10% or more. RS: Rating Suspended - rating and price objective temporarily suspended. NR: No Rating - not covered, and therefore not assigned a rating.

Rating Distribution (As of 5/04 ) % of coverage IB service past 12 mo Buy (Buy) 60.82% 52.40% Hold (Neutral) 36.84% 53.97% Sell (Underperform) 2.34% 37.50%

For disclosure purposes only (NYSE and FINRA ratings distribution requirements), our Buy, Neutral and Underperform ratings are displayed as Buy, Hold and Sell, respectively.

May 5, 2020 Mizuho Securities USA LLC 9 Realty Income Corp

Rating and Price Target History for: Realty Income Corp (O) as of 05-04-2020

05/11/17 07/10/17 08/31/17 03/02/18 05/15/18 08/13/18 11/14/18 01/07/19 03/15/19 11/07/19 01/15/20 04/24/20 N:$58 N:$57 N:$59 N:$53 N:$55 N:$58 N:$66 N:$65 N:$73 N:$84 B:$84 B:$58 90

40 Q2 Q3 2018 Q1 Q2 Q3 2019 Q1 Q2 Q3 2020 Q1

Created by: BlueMatrix For additional information: Please log on to http://www.mizuhosecurities.com/us or write to Mizuho Securities USA LLC 1271 Avenue of the Americas, 2nd FL, New York, NY 10020.

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