FTI Consulting is a global business advisory firm that is uniquely positioned to provide holistic expert advice to businesses that are facing financial distress due to the impact of COVID-19 and companies seeking government support through the CARES Act.

1. April 2020
Stabilizing Businesses in Crisis and
Navigating the CARES Act
April 2020

2. .13
Critical Considerations for Companies to Address Today
22
Assessing liquidity issues,
determining financing needs
and reviewing opportunities
to reduce costs
Evaluating business plan
under various contingency
planning scenarios
Identifying and assessing
opportunities for U.S.
government support,
including benefits and
pitfalls of accepting
government support
Implementing best-in-class
operational, governance
and communications
practices to protect against
government investigations,
litigation, and reputational
damage
FTI Consulting is a global business advisory firm that is uniquely positioned to provide
holistic expert advice to businesses that are facing financial distress due to the impact of
COVID-19 and companies seeking government support through the CARES Act.

3. .13
Managing Uncertainty Proactively
Most companies (like most individuals) underestimate the severity and duration of problems. Hence, the origin of the expression for
having done “too little, too late”.
To help companies avoid doing “too little, too late”, we have developed a framework to identify, anticipate and mitigate inevitable
issues that companies are facing. Companies that face operational disruptions need to focus on the following actions:
— Prepare immediately for the unpredictable timing of an eventual rebound in the global economy and customer demand
○ Revise cash flow forecasts and reduce costs to eliminate discretionary and non-essential spending
○ Test business plan under various contingency scenarios
○ Communicate to your employees and external stakeholders with transparency and consistency
— Plan for supply chain and operation resilience for unexpected events that can impede growth and place down-side pressure on the business
○ Create the processes and procedures needed to support your financial systems and people
○ Insulate your supply chains and operations from disruption
3

4. .13
Contingency Plans Should be Fueled by Liquidity and Tested by Scenario Analyses
Buying time to last through the downturn, however long it lasts, and preparing for an eventual rebound are the predicates for building
longer term operational resilience.
4
TIMING: NOW NEAR TERM SOON AS FEASIBLE
Revise Cash Flow Forecasts Reduce Costs Test Business Plan / Contingency
Scenarios
OBJECTIVES ▪ Revisit cash inflows and outflows
▪ Maximize liquidity through working
capital management
▪ Stabilize situation
▪ Assess cost structure – fixed vs. variable
costs
▪ Manage/control spending
▪ Identify core businesses/assets
▪ Determine achievability of business plan
under a variety of likely and “could never
happen” scenarios
▪ Drill-down on business unit profitability
TOOLS ▪ 13 week cash flow
▪ Weekly “dashboards”
▪ Payable aging
▪ Receivable analysis
▪ Vendor negotiations
▪ Vendor terms over time
▪ Vendor/contract rationalization
▪ Overhead/cost analysis
▪ Capital/liquidity allocation
▪ Accounts receivable weakness
▪ Profit cube – product and sales contribution
▪ Reassess revenue drivers
▪ SWOT Analysis – Competitor benchmarking
▪ Scenario planning and sensitivity analysis

5. .13
Consideration: The CARES Act and Government Aid
5
■ On March 27, President Trump signed the CARES Act into law, the largest economic rescue package in American history. The package includes over $2 trillion in government
funding – in the form of direct payments, loans, loan guarantees and grants – for individuals, small and large businesses, health care providers, and others.
■ In the coming months, the U.S. government will begin distributing trillions of dollars in economic relief to bolster individuals, state and local governments, and large and small
businesses under duress.
■ Businesses feeling the strain of the economic contraction will need to determine if they qualify for government relief, how to apply for assistance, and what the ramifications of
that decision will be.
■ The process will be messy and political, and there will be confusion, especially as the program starts to rollout.
■ Companies accepting government aid should expect to receive heightened political and public scrutiny.
■ Similar to the assistance given to the private sector during the economic downturn in 2008-2009, accepting funds will be tethered to government-imposed restrictions on
certain business activities, including layoffs and furloughs, stock buybacks, dividend payments and executive compensation limits. Companies accepting government funds
should expect heightened public scrutiny from voters, elected officials, investors, employees, and customers in the coming months as the relative success of the government
relief programs are assessed. Congressional investigations and hearings could include subpoenas of e-mails and other sensitive business documents that would be made public.
■ Companies should prepare for these communications challenges as they work with the government to manage their business through this crisis and educate critical
stakeholders on their recovery strategy.
Companies seeking government relief will need to put internal systems in place to demonstrate
accountability and develop communications strategies to mitigate reputational risk.

6. .13
“What did we do with government funds?”
6
This is the question to ask yourself today. Your answer will be critical in avoiding the
ramifications of the investigations and oversight that will come later.
Proactively demonstrate
accountability and
transparency in how they
are using taxpayer funds.
Have systems in place designed
to address government and
media scrutiny.
Proactively tell their story of how
the aid helped American workers
and boosted the U.S. economy.

7. .13
FTI Can Put in Place Proper Controls to Demonstrate Accountability
7
We can help demonstrate your company’s accountability to both the government and the public. We have forensic accounting experts who can advise
on control design, implementation, monitoring, and evaluation of the funds and how they were leveraged.
Control Design
• Understanding the specific terms, conditions,
requirements and restrictions imposed by grants
received
• Identifying, documenting and addressing our
clients’ existing internal control risks and exposure
• Identifying our client’s resource needs (e.g. human
resource needs and IT systems)
• Aligning controls with identified risks and exposure
in order to strengthen and/or design an adequately
effective systems of controls
Control Implementation
• Developing robust, specific and detailed action
plans for a phased implementation of controls
• Developing specific internal-control related policies
and procedures, and assigning responsibilities to
available resource
• Establishing effective reporting mechanisms
• Establishing effective safeguards to ensure that
funds received are protected and segregated for
their designated use only
• Establishing an effective tracking system to ensure
that funds are spent in accordance with governing
grant documentation
Control Monitoring and Evaluation
• Periodic testing of effectiveness of controls and
identification of control deficiencies
• Periodic reporting of observations and findings to
management
• Remediation of control deficiencies identified

8. .13
FTI Can Help you Tell Your Story When Applying for Aid …
8
To help companies tell their story
and avoid costly missteps, our
public affairs experts can help
companies anticipate the tough
questions that will be asked and
fashion proactive responses.
It is essential that the company tell
their own story, and not let it be
told by detractors.
Political Audit and Early Positioning
• Audit a company’s public profile to identify possible
political risks
• Make strategic recommendations to help position the
client as an attractive candidate for government aid
Navigate Government Actors
• Make business decisions that are informed by real-
time monitoring, intelligence, and analysis of
legislative and regulatory developments related to
COVID-19
• Identify and assess relief options, along with
contingencies and requirements
• Leverage deep and longstanding relationship with key
Congressional Committees and Members of Congress
• Communicate to key government officials how the
company is a responsible steward of the taxpayer’s
dollars

9. .13
...and After Government Funds are Put to Work
9
Tell the Company’s Story
• Create a “factbook” that represents a wholistic
narrative of company’s values, commitment to
transparency and accountability, and value to
society
• Develop white papers and issue briefs to support
core arguments and messaging
• Leverage digital communication to tell the
company’s story to key audiences, particularly
support for employees
• Continually identify examples of how the
government aid is being leveraged to benefit the
US economy and the American worker
• Mobilize third parties to validate the company’s
narrative
• Engage key reporters with desk side briefings so
that they understand the beneficial use of
taxpayer-funded support
Communicate with Investors
• Recognize and articulate the challenges at hand
• Detail the company’s plans to confront today’s
challenges, including seeking government aid as
appropriate
• Help the company’s key stakeholders make
informed investment decisions
• Tailor a thoughtful value proposition in a rapidly
changing environment
• Consider proactive engagement and/or tailored
events such as market update conference calls
hosted by credible sell-side analysts
Engage your Workforce
• Recognize and articulate the challenges at hand
• Communicate the company’s stabilization plan,
including seeking government aid as appropriate
• Develop core and tailored messages around the
Company’s go-forward plan
• Tailor a thoughtful value proposition in a rapidly
changing environment
• Consider proactive engagement and/or tailored
events such as market update conference calls
hosted by credible sell-side analysts

10. .13
Remember, Government Aid Comes with Strings Attached
Many sectors, such as …
… will come under heightened scrutiny,
and some are already
10
Companies who accept aid from the U.S. government are opening
themselves up to scrutiny by various government actors, including
the Special Inspector General, the Pandemic Response
Accountability Committee, the U.S. Congress, as well as media and
NGOs, for their use of taxpayer funds.
In fact, questions are already being raised about corporate
business practices, such as CEO pay, stock buybacks, and other
financial governance decisions.
Airlines
Fossil Fuels Healthcare
Financial Services
Retail
Manufacturing Technology

11. .13
New Oversight Bodies Will Monitor Use of Funds
11
Since Congress passed the CARES Act, four new oversight bodies have been created to oversee the enormous program.
■ The Special Inspector General for Pandemic Recovery (SIGPR)
SIGPR within the Department of Treasury has been authorized for 5
years, has a $25 million budget, and subpoena authority.
■ The Congressional Oversight Commission
New Congressionally appointed body authorized by CARES dedicated to
overseeing the implementation of the $500 billion in relief funds. The
Commission will hold hearings and produce reports every 30 days
regarding the effectiveness of loans, loan guarantees, and investments
made through Treasury’s Exchange Stabilization Fund. The Commission,
which terminates on September 30, 2025, will be comprised of a
member from each party in the House and Senate, with a chairperson
appointed by the Speaker of the House and Majority Leader of the
Senate after consultation with other leaders.
■ The Pandemic Response Accountability Committee (PRAC)
Wide purview to develop a strategic plan for comprehensive oversight
across federal agencies. PRAC will have an $80 million budget and a
mandate to conduct audits reviews to identify waste, fraud and abuse,
and will report regularly to the public.
■ Special Committee on COVID
Speaker of the House Nancy Pelosi just announced the creation of a
new Committee, led by Majority Whip Jim Clyburn (D-SC), that
will oversee "all aspects" of the federal response to the pandemic,
including the $2 trillion stimulus bill. She specifically cited the Truman
Committee, formed in 1941 to address inefficiencies and profiteering
during World War II, as a guide.

12. .13
The Past as Prologue: TARP Oversight
12
Similar oversight mechanisms were established in association with the 2008 financial crisis and Troubled Asset Relief Program (TARP), and
a review of TARP oversight is instructive for those considering applying to receive funds under CARES Act programs.
Scrutiny of TARP fund recipients came in the following forms:
Government Reports
There were more than 70 reports issued by
government entities including the TARP
Congressional Oversight Panel, Special
Inspector General for TARP, Government
Accountability Office, Financial Stability
Oversight Board, and Congressional Budget
Offices.
Hearings
The TARP Congressional Oversight Panel held
27 hearings from December 2008 to March
2011, in addition to the hearings conducted by
standing Congressional committees, including
House Financial Services, House Oversight and
Government Reform, Senate Banking, Senate
Finance, Senate Appropriations, Senate
Homeland Security and Governmental Affairs,
and the bicameral Joint Economic Committee.
Investigations
Government investigations led to criminal
convictions or civil fines for 380 defendants in
TARP-related cases. These include
investigations by the Special Inspector General
for TARP, Justice Department, Securities and
Exchange Commission, state attorneys general
and other regulators.

13. .13
The Past is Prologue: Reputational Impact
13
Media Scrutiny
The media closely monitored and reported on the spending of TARP
money. Investigative journalism nonprofit ProPublica established “Eye on
the Bailout,” and media organizations such as the Huffington Post, New
York Times, and The Wall Street Journal all launched dedicated webpages
to track TARP spending. Media outlets also criticized perceived corporate
largesse of TARP recipients, even if such spending was unrelated to funds
received. This included spending to entertain corporate clients at sporting
events, conferences at premiere locations, and high-profile event
sponsorships.
Public Criticism
Public criticism of TARP came from nonprofit organizations such as the
Center for Economic and Policy Research, Citizens Against Government
Waste, Americans for Tax Reform, and the American Enterprise Institute,
as well as high profile individuals such as Harvard Law professor Elizabeth
Warren. In fact, Warren rose to prominence as a TARP critic and was
appointed by then Senate Majority Leader Harry Reid as the Chair of the
Congressional Oversight Panel of TARP.

14. .13
FTI Consulting: Experts with Impact
Aerospace & Defense Hospitality & Gaming
Agriculture Insurance
Automotive Mining & Mining Services
Construction Public Sector
Chemicals Real Estate
Energy, Power & Products Retail & Consumer Products
Environmental
Technology, Media, and
Telecommunications
Financial Institutions Transportation
Healthcare & Life Sciences Manufacturing
FTI Consulting is an independent global business advisory firm dedicated to helping organizations manage change, mitigate risk and resolve disputes. Due to our unique mix
of EXPERTISE, CULTURE, BREADTH OF SERVICES and INDUSTRY EXPERIENCE, we have a tangible impact on our clients’ most complex opportunities and challenges.
Industry Experience
A Culture That Delivers
§ Practical in our communication and approach
to outcomes
§ Judicious in complex, multi-party situations
§ Collaborative with clients and colleagues
§ Professional in our commitment to work with
the highest caliber
5,550+
Employees
550+
SMDs
$4.1B
Market Cap.(1)
82
Cities
27
Countries
Advisor to 96
of the world’s
top
100 law firms
53 of Fortune
Global 100
corporations
are clients
Advisor to 8
of the world’s
top 10 bank
holding
companies
(1) Number of total share outstanding as of February 17, 2020, times the closing share price of February 25, 2020
America’s Best
Management Consulting
Firms
Forbes
(2016 - 2019)
Global Turnaround
Consulting Firm
of the Year
M&A Atlas Awards
(2018 - 2019)
Top Intellectual Property
Litigation Consulting
Services Provider
ALM Media Properties
(2016 – 2019)
Corporate Counsel: Top
Service Provider in the
Legal Industry
ALM Media Properties
(2016 – 2019)
Global Strategy
Consulting Firm of the
Year
M&A Atlas Awards
(2019)
#1 Crisis Management
Firm
The Deal
(2017 – 2018)
14

15. Comprehensive Services
FTI Consulting is unmatched in the breadth of expertise we bring to bear on our clients’ behalf.
15
Financial
We partner and advise with
management teams, boards of directors,
creditors, investors and lenders across the
valuation creation life cycle to manage cash
flow, liquidity forecasts, accounting and financial
reporting, activist shareholders and financial
communication needs.
Our teams take an industry first approach,
bringing veteran practitioners and former
industry executives to bear on the most complex
commercial challenges and opportunities facing
companies today.
Operational
We help clients across the corporate
life cycle overcome operational impediments
and navigate the complexities of doing business
in disrupted industries.
Working with executive management, boards of
directors and investors, we provide the
objectivity, data-driven analytics and hands-on
solutions and develop and implement plans of
action that deliver sustained results.
Reputational
We help clients use their
communications assets to protect, enhance
and develop their business interests with key
constituencies.
Our experienced professionals can help clients
manage crises, navigate market disruptions,
articulate their brand, stake a competitive
position and preserve their permission to
operate.
Legal
We provide independent dispute
advisory, expert testimony, international
arbitration, investigative, data governance,
e-discovery and forensic accounting services to
the global business and legal community.
Our experience in high stakes litigation and
complex financial investigations enables us to
get to an appropriately scaled response quickly.
Political & Regulatory
FTI Consulting and its subsidiary,
Compass Lexecon, work with clients to
ensure that relevant regulations are economically
sound, assess whether regulatory and compliance
obligations are being met, perform public policy
studies, implement robust systems and controls,
protect their businesses from risks associated
with political change and provide confidence to
all key stakeholders that their business is well-
controlled.
Our clients span from individual companies to
trade associations to governmental agencies in
many jurisdictions around the globe.
Transactional
Our definitive expertise across the
deal life cycle and diverse industries enables us to
maximize outcomes for our clients in acquisitions,
IPOs, divestitures, integrations, carve-outs and
capital markets activities. We advise corporate and
financial clients and their advisors and regulators
to structure, conduct due diligence, integrate,
value and communicate all the while responding
to a broad range of commercial demands. In
addition, Compass Lexecon, an FTI Consulting
subsidiary, works with private parties and
government agencies to evaluate the likely effects
of proposed mergers and acquisitions on prices,
costs and competition.

16. Experts with Impact™
For additional information, please contact: Jackson Dunn, Washington, D.C. jackson.dunn@fticonsulting.com
Myron Marlin, Washington, D.C. myron.marlin@fticonsulting.com
Kristina Moore, Washington, D.C. kristina.moore@fticonsulting.com