INVESTING IN LIFE'S ENDURING EXPERIENCES - INVESTOR PRESENTATION - AUGUST 2017 - DATA IN THIS PRESENTATION IS AS OF 6/30/17 UNLESS OTHERWISE NOTED ...
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INVESTING IN LIFE’S ENDURING EXPERIENCES INVESTOR PRESENTATION – AUGUST 2017 AMC THEATRE – COLUMBIA, MD BASIS INDEPENDENT SCHOOL – BROOKLYN, NY TOPGOLF – PHOENIX, AZ DATA IN THIS PRESENTATION IS AS OF 6/30/17 UNLESS OTHERWISE NOTED
DISCLAIMER Statements made in this presentation may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements relate to, without limitation, the Company’s future economic performance, plans and objectives for future operations and projections of revenue and other financial items. Forward-looking statements can be identified by the use of words such as "may," "will," "plan," "should," "expect,” "anticipate," "estimate," "continue" or comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate. Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, we can give no assurance that such expectations will be achieved. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed under the headings "Risk Factors" in the Company’s Annual Report on Form 10-K, as may be supplemented or amended by the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company assumes no obligation to update and supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise. Definitions and reconciliations of the non-GAAP financial measures used in this presentation are available in our investor supplemental dated June 30, 2017 available on our website at www.eprkc.com. 2
EPR PROPERTIES EPR IS A TRIPLE NET LEASE REIT, SPECIALIZING IN SELECT, NON-COMMODITY REAL ESTATE SEGMENTS THAT ARE HIGHLY ENDURING COMPANY SNAPSHOT* NYSE: EPR, FOUNDED: 1997 LONG-TERM OUTPERFORMANCE** LIFETIME TOTAL SHAREHOLDER RETURN $8.4B TOTAL MARKET CAP $5.6B EQUITY, $2.8B DEBT $6.3B+ TOTAL INVESTMENTS 378 PROPERTIES, 43 STATES, DC & CANADA *As of June 30, 2017 **Source: SNL, dates 11/18/1997 through 6/30/17 PRIMARY INVESTMENTS SEGMENTS ENTERTAINMENT RECREATION EDUCATION 4
INVESTMENT THESIS AND CORE STRATEGIES INVESTMENT THESIS CORE STRATEGIES DIFFERENTIATED INVESTMENTS LONG TERM STRONG RELATIONSHIP-BASED GROWTH PIPELINE KNOWLEDGE DRIVEN WELL CAPITALIZED BALANCE SHEET FEWER CATEGORIES GREATER DEPTH UNDERLYING INVESTMENT SEGMENT STRENGTH TRIPLE NET STRUCTURE CONSISTENT COVERAGE 5
HUMAN CAPITAL OUR ORGANIZATIONAL DESIGN REFLECTS OUR SEGMENT FOCUS Builds centers of knowledge in each Creates competitive advantage to of our primary segments identify key market trends EXECUTIVE MANAGEMENT CHIEF INVESTMENT OFFICER ENTERTAINMENT RECREATION EDUCATION GROUP GROUP GROUP 6
EXPERIENCE EVOLUTION ARTS, ENTERTAINMENT AND RECREATION INDUSTRY MILLENNIALS CONTRIBUTION TO US GDP Total Industry Output (IN TRILLIONS) $1.4 As a percent of Total US GDP Output 4.1% 75.4M $1.2 4.0% 3.9% people aged 18-34 3.8% $1.0 3.7% LARGEST 3.6% population segment $0.8 3.5% 2010 2011 2012 2013 2014 2015 Source: US Bureau of Economic Analysis (BEA) they value EXPERIENCE “We are on the threshold… of the over EXPERIENCE ECONOMY, a new economic era in which businesses must orchestrate OWNERSHIP memorable events for their customers.” Source: US Census Bureau - The Experience Economy 7
PORTFOLIO VALUE $6.3B+ PORTFOLIO Generating $574M+* in NOI BY INVESTMENT VALUE 378 locations with over 250 tenants in 43 states, DC & Canada 32% RECREATION 22% EDUCATION 3% 43% OTHER ENTERTAINMENT *Represents annualized GAAP NOI – see supplemental for definition and reconciliations of certain Non-GAAP Financial measures. 9
PORTFOLIO DETAIL PROPERTY TYPE PROPERTIES NOI* % of TOTALS % LEASED (IN MILLIONS) MEGAPLEX THEATRES** 144 208.0 36.2% 100.0% ENTERTAINMENT RETAIL CENTERS (ERCS) 7 40.8 7.1% 96.3% FAMILY ENTERTAINMENT CENTERS (FECS) 8 9.4 1.6% 100.0% TOTAL ENTERTAINMENT 159 258.2 44.9% 99.4% GOLF ENTERTAINMENT COMPLEXES 27 54.0 9.4% 100.0% METROPOLITAN SKI AREAS 26 57.0 9.9% 100.0% ATTRACTIONS (WATERPARKS) 20 64.4 11.2% 100.0% OTHER RECREATION 5 4.0 0.7% 100.0% TOTAL RECREATION 78 179.4 31.2% 100.0% PUBLIC CHARTER SCHOOLS 67 73.3 12.8% 97.9% PRIVATE SCHOOLS 14 27.1 4.7% 100.0% EARLY CHILDHOOD EDUCATION 59 28.7 5.0% 100.0% TOTAL EDUCATION 140 129.1 22.5% 98.5% ADELAAR 1 7.5 1.3% N/A TOTAL OTHER 1 7.5 1.3% N/A TOTAL 378 $574.2 100% 99.3% * Represents annualized GAAP NOI – see supplemental for quarter ended June 30, 2017 for definitions and reconciliation of certain Non-GAAP financial measures **Excludes 7 theatres in ERC’s 10
CNL LIFESTYLE PROPERTIES TRANSACTION EPR acquired from CNL Properties (CNL) the Northstar California Ski Resort and attractions portfolio, and provided OVERVIEW debt financing to funds affiliated with Och-Ziff Real Estate (OZRE) for the remainder of CNL’s ski portfolio. TIMING Closed on April 6, 2017 following shareholder approval NORTHSTAR AND ATTRACTIONS PORTFOLIO EPR acquired Northstar and 15 attractions assets (waterparks and amusement parks) for $455.5M (9.35% cap rate) OZRE SKI PORTFOLIO OUTCOMES EPR provided approximately $251.0M of five year financing at 8.5% for 14 ski and mountain lifestyle resorts acquired by OZRE for $374.5M FINANCING Over 90% of EPR’s $706.5M investment was financed with common shares. Unless otherwise indicated throughout document: A) Purchase price does not include pro-rations, transactions costs or closing adjustments 11 B) Amount of the OZRE note does not include any other future advances C) Attractions portfolio information excludes 5 FECs that account for less than 1% of transaction and were sold at closing
CNL LIFESTYLE PROPERTIES TRANSACTION NORTHSTAR CALIFORNIA • Leading regional destination mountain resort and retail village, with a proven operator, Vail Resorts • 5-year average rent coverage of ~1.6x* • Year round resort with extensive co-investments MOUNTAIN RESORT RETAIL VILLAGE ATTRACTIONS PORTFOLIO • Geographically diverse portfolio of 15 market- leading waterparks and amusement parks • Strong performance with underwritten 5-year average rent coverage of ~1.8x** PACIFIC PARK - SANTA MONICA WET N WILD PHOENIX OZRE SKI PORTFOLIO • 14 market-leading ski & mountain resorts across 9 states and B.C. Canada • 1 conservatively structured note at 8.5% interest rate, 65% LTV, cross-collateralized and ~2.5x underwritten coverage*** BRIGHTON - UTAH OKEMO - VERMONT *Historical EBITDAR/Historical Cash Minimum Rent Source: CNL Lifestyle Properties 12 **EBITDAR / Pro Forma Cash Minimum Rents ***Property-Level Rent / Mortgage Interest Payment
FOCUSED GROWTH TOTAL INVESTMENTS* (IN MILLIONS) OTHER $6,353 179 RECREATION $5,307 EDUCATION 178 2,026 $4,606 ENTERTAINMENT 1,148 203 $4,040 $3,562 207 944 $3,120 $3,211 212 696 1,422 $2,844 $2,969 1,303 $2,717 395 267 550 1,006 335 728 $2,271 342 382 318 421 538 337 280 312 230 374 234 286 174 2,678 2,726 2,262 2,411 2,453 1,976 2,177 2,011 2,148 1,926 1,925 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q2 2017 * Total Investments is a Non-GAAP financial measure. See investor supplemental for quarter ended June 30, 2017 or Form 10-K’s as applicable for reconciliation of certain Non-GAAP financial measures 13
PROPERTY MAP* GEOGRAPHICALLY DIVERSE PORTFOLIO *As of June 30, 2017 14
DISTINCTIVE COMBINATION OF LEASE CHARACTERISTICS CROSS DEFAULT/ DURATION 12 YEARS CREDIT SUPPORT UNIQUE COMBINATION STRONG RENT ESCALATORS COVERAGE GENERALLY 1.5% - 2% OR 7.5%-10% PARTICIPATING RENT/ INTEREST EVERY FIVE YEARS 15
CONTINUING TREND OF REDUCED CONCENTRATION Top 5= 70% 64% 5% 60% 7% Percent of Total Revenue 5% Top 5= 50% 7% 5% 6% 45% 9% 8% 6% Premier Parks 9% 8% 8% 4% 40% 9% 8% 7% Peak Resorts 7% 8% 9% 9% Topgolf 10% 9% 30% 6% 8% 7% 4% Cinemark 6% 8% 20% Regal 34% 29% 25% Rave 23% 20% 23% 10% 19% Imagine 0% AMC FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 Q2 2017 16
PORTFOLIO LEASE EXPIRATIONS LEASE EXPIRATIONS OVER NEXT 10 YEARS AVERAGE 2.5% TOTAL REVENUE ANNUALLY 50% ENTERTAINMENT RECREATION EDUCATION 40% Percent of Total Revenue 30% 20% 10% 0% This schedule relates to owned megaplex theatres, public charter schools, early education centers, private schools, ski areas and golf entertainment complexes only, which together represent approximately 76% of total revenue for the quarter ended June 30, 2017. This schedule excludes properties under construction, land held for development and investments in mortgage notes receivable. 17
ENTERTAINMENT UPDATES 2017 BOX OFFICE REVENUE YTD NEAR LAST YEAR’S RECORD-BREAKING RESULTS* MEGAPLEX THEATRES THREE PRIMARY STRATEGIES – REDEVELOPMENT, BUILD-TO-SUIT AND ACQUISITION EPR PORTFOLIO ENTERTAINMENT RETAIL CENTERS 159 $2.7B+ PROPERTIES INVESTED IN SERVICE 6 ** 22 *** PROPERTIES OPERATORS UNDER DEVELOPMENT *Source: Box Office Mojo through July 24, 2017 FAMILY ENTERTAINMENT CENTERS **Properties not yet in service ***Does not include operators at ERCs 18
MEGAPLEX THEATRES LONG HISTORY OF STEADY GROWTH 151 MEGAPLEX THEATRES* 3 UNDER DEVELOPMENT** *Includes theatres in ERCs **Properties not yet in service Source: BoxOfficeMojo FUTURE LOOKS BRIGHT MILLENNIALS ACCOUNT FOR 50% MILLENNIALS JUST BECAME THE LARGEST POPULATION SEGMENT AND WILL CONTINUE TO GROW OF FREQUENT MOVIEGOERS Source: MPAA 19
MEGAPLEX THEATRES TRANSFORMING THE CUSTOMER EXPERIENCE +40% AVERAGE INCREASES IN TOTAL REVENUE* NEW LUXURY SEATING NEW FOOD AND BEVERAGE CONCEPTS 60% Seat Reduction Replaced with Lo unges and In-T hea tr e Dining A lco ho l and Luxury Seating E xp anded Menus Res taura n ts Enhanced Customer Experience NEW SOUND AND VISUAL ENHANCEMENTS Increased Attendance INCREASED REVENUE 20 * Renovated Theatres in EPR portfolio open a full year
ENTERTAINMENT RETAIL CENTERS ( E R C s) ONE STOP SHOPPING, DINING AND FUN 7 ENTERTAINMENT RETAIL CENTERS Theatre or live performance venue provides anchor 21
FAMILY ENTERTAINMENT CENTERS ( F EC s) ONE LOCATION A VARIETY OF ENTERTAINMENT OPTIONS 8 FAMILY ENTERTAINMENT CENTERS Upscale venues work well for corporate and consumer events 3 UNDER DEVELOPMENT* *Properties not yet in service 22
RECREATION HIGHLIGHTS RECREATION UPDATES GOLF ENTERTAINMENT COMPLEXES TOPGOLF MAINTAINED SUPERIOR PERFORMANCE SKI SEASON REVENUE UP 18%* AND VISITATION UP 22%* OVER LAST YEAR SKI AREAS EPR PORTFOLIO 78 $2.0B+ ATTRACTIONS PROPERTIES INVESTED IN SERVICE 5 ** 19 PROPERTIES OPERATORS UNDER DEVELOPMENT OTHER RECREATION *Source: Tenant financial information, includes only properties owned for both full seasons **Properties not yet in service 23
GOLF ENTERTAINMENT COMPLEXES GOLF ENTERTAINMENT COMPLEXES REVOLUTIONIZE RECREATIONAL ACTIVITY 27 GOLF ENTERTAINMENT COMPLEXES Topgolf’s 2016 attendance grew over 30%** 4 UNDER DEVELOPMENT* *Properties not yet in service **Source: Topgolf 24
SKI AREAS LEADING REGIONAL SKI AND RESORT DESTINATIONS 26 SKI AREAS GEOGRAPHIC SNOWMAKING FOUR SEASON DIVERSITY CAPABILITIES APPEAL 25
ATTRACTIONS PROVEN AND DURABLE RECREATION ACTIVITY 20 ATTRACTIONS Demonstrating a consistent track record of attendance and revenue, the attractions industry is an enduring component of 1 UNDER DEVELOPMENT* the American lifestyle. *Properties not yet in service 26
OTHER RECREATION ACTIVE EXPERIENCES CONSISTENT WITH CONSUMER TRENDS 5 OTHER RECREATION PROPERTIES Increased focus on fitness and wellness, along with participation in new generation activities 27
EDUCATION EDUCATION FACILITIES UPDATES CONTINUE TO SEE ATTRACTIVE OPPORTUNITIES FOR INVESTMENTS ACROSS OUR EDUCATION PUBLIC CHARTER SCHOOLS FACILITIES PLATFORM PUBLIC CHARTER SCHOOLS EPR PORTFOLIO EDUCATION INVESTMENT SPENDING 140 $1.4B+ PRIVATE SCHOOLS PROPERTIES INVESTED IN SERVICE 13 * 61 PROPERTIES OPERATORS UNDER DEVELOPMENT EARLY CHILDHOOD EDUCATION *Properties not yet in service 28
PUBLIC CHARTER SCHOOLS * DRIVEN BY PARENTAL DEMAND FOR CHOICE; OVER 20 YEARS OLD AND GROWING STRONG 67 PUBLIC CHARTER SCHOOLS Started in 1992 3 UNDER DEVELOPMENT** Currently adopted in 42 states and D.C. 3.1M students growing at ~12% CAGR 6,900 schools growing at ~7% CAGR Waiting list of over 1M students *Source: NAPCS **Properties not yet in service 29
PRIVATE SCHOOLS LIMITED QUALITY PRIVATE OPTIONS FUEL DEMAND 14 PRIVATE SCHOOLS In select markets, quality public and private school options are limited Non-sectarian private schools in the >$15K tuition level have seen double-digit growth since 2008 Proven operators are capitalizing on the opportunity by meeting the needs in gateway cities PARENTS SEEK PRIVATE SCHOOLS THAT OFFER Academic Rigor Strong Culture Relative Affordability Source: National Center for Education Statistics 30
PRIVATE SCHOOLS PROVIDING AN ALTERNATIVE TO MEET THE DEMAND FOR QUALITY PRIVATE EDUCATION 31
EARLY CHILDHOOD EDUCATION DEMAND FOR EDUCATION BEYOND DAYCARE 59 EARLY CHILDHOOD EDUCATION CENTERS Large number of dual income families Increasing per capita disposable income/stabilizing 10 UNDER DEVELOPMENT* unemployment rate Desire for quality education instead of daycare According to the U.S. Census Bureau, there are TRADITIONAL DAYCARE = PHYSICAL NEEDS VS. 15.1M CHILDREN EARLY PHYSICAL ACADEMIC under the age of six that require CHILDHOOD = + Childcare NEEDS DEVELOPMENT EDUCATION *Properties not yet in service 32
EARLY CHILDHOOD EDUCATION EARLY CHILDHOOD EDUCATION REDEFINED Teaching kids through simulation of real world environments, utilizing technology as part of the curriculum and providing opportunities to learn through play 33
ADELAAR SUMMARY • EPR is the land lessor on the casino parcel and two adjoining parcels. o Empire Resorts expected to invest ~$800M in Montreign Resort Casino. o Empire Resorts will now also fund improvements to both the golf course and retail village. o EPR is expected to invest ~$155M for development of hotel waterpark, development commenced in April 2017. o EPR is developing ~$97M in infrastructure for the development, of which ~$88M is expected to be reimbursed through municipal IDA bonds. $76.7M spent YTD, of which $51.9 has been reimbursed. • EPR estimates that in 2017 the Adelaar development will generate ~$9.2M of GAAP revenue from ground leases and ~$7.5M in NOI. 34
ADELAAR UPDATE Steady progress towards planned opening of Montreign Resort Casino on or before March 31, 2018 Casino will be rebranded a Resort Worlds Property, an internationally- recognized hospitality and casino brand Development continues on the hotel waterpark site with projected opening in early 2019 35
FINANCIAL REVIEW
CAPITAL STRUCTURE AND FINANCIAL HIGHLIGHTS* Total Market Cap = $8.4B CAPITAL STRUCTURE (IN MILLIONS) Fixed Rate Debt = 97% COMMON SECURED EQUITY, Weighted Average = 5.0% DEBT, $62 $5,294 1% 63% Unsecured Debt = 98% Leverage = 2.8X on Net Debt UNSECURED 32% to Adjusted EBITDA DEBT, $2,731 4% In May, issued $450M of 10year senior unsecured notes with an PREFERRED EQUITY, $346 annual interest rate of 4.5% * As of June 30, 2017. See investor supplemental for quarter ended June 30, 2017 for 37 reconciliation of certain Non-GAAP financial measures
WELL LADDERED DEBT MATURITY PROFILE* $500 $450 $450 $400 $350 $350 $300 $300 $275 $250 $192 $200 $148 $100 $25 $12 $25 $0 Secured Debt Unsecured Term Loan Unsecured Senior Notes Unsecured Credit Facility Private Placement *Data in millions as of 6/30/17; excludes amortization 38
OPERATING PERFORMANCE HISTORY CONSISTENTLY STRONG OPERATING METRICS FFOAA TOTAL REVENUE $350 $600 $300 $500 $250 $400 $200 $300 $150 $100 $200 $50 $100 $0 $0 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 FFOAA PER SHARE NET INCOME TO COMMON SHAREHOLDERS $250 $6.00 $5.00 $200 $4.00 $150 $3.00 $100 $2.00 $1.00 $50 $0.00 $0 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 39 (in millions, except per share data)
ANNUAL DIVIDENDS ATTRACTIVE & GROWING ANNUAL DIVIDENDS Dividend Yield of 5.6%* *As of 5/1/17 40 ** Projected
FINANCIAL PERFORMANCE SIX MONTHS ENDED 6-30, 2016 2017 $ CHANGE % CHANGE Total Revenue $236.8 $276.9 $40.1 17% Net Income - Common 97.4 122.5 25.1 26% FFO – Common* 146.0 158.9 12.9 9% FFO as adj. - Common* 148.4 171.4 23.0 15% Net Income/share – Common 1.54 1.78 0.24 16% FFO/share - Common, as adj.* 2.33 2.48 0.15 6% (In millions except per share data) *See investor supplemental dated June 30, 2017 for certain Non-GAAP reconciliations. 41
KEY RATIOS KEY RATIOS* FOR THE SIX MONTHS ENDED 6-30 2017 2016 Fixed charge coverage 3.0x 3.2x Debt service coverage 3.3x 3.6x Interest coverage 3.5x 4.0x Net debt to Adjusted EBITDA 2.8x 2.6x FFO as adjusted payout 82% 82% INVESTMENT GRADE CREDIT RATINGS S&P MOODY’S FITCH Senior Notes BBB- Baa2 BBB- *See investor supplementals for the applicable periods for definitions and calculations 42
CONFIRMING 2017 EARNINGS GUIDANCE AND INCREASING INVESTMENT SPENDING GUIDANCE FFO AS ADJUSTED PER SHARE $5.05 - $5.20 INVESTMENT SPENDING Prior Guidance $1.30B - $1.35B Revised Guidance $1.45B - $1.50B DISPOSITIONS Prior Guidance $150M - $300M Revised Guidance $175M - $250M 43
APPENDIX
MEGAPLEX THEATRES * DRIVEN BY STRONG VALUE, THEATRES CONTINUE TO BE THE DOMINANT CHOICE IN ADMISSIONS-BASED ENTERTAINMENT ADMISSIONS-BASED ATTENDANCE RELATIVE VALUE 2015 ATTENDANCE (IN MILLIONS) 2015 Average Ticket Price for a Family of Four (US$) Sources: NATO, Sports Leagues, International Theme Park Services 1,400 1,321 NFL, 17.3 1,200 NHL, 21.5 NFL $343.32 1,000 NBA, 21.9 NHL $248.72 800 NBA $215.92 600 388 Theme Parks $209.44 400 MLB, 73.8 134 MLB $115.76 200 Theatres $33.72 - Theatres Theme Parks Sports $- $100 $200 $300 $400 AVERAGE TICKET PRICE 10 Year Average Ticket Price CAGR is 2.6% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Average Ticket Price $6.55 $6.88 $7.18 $7.50 $7.89 $7.93 $7.96 $8.13 $8.17 $8.43 % Change vs. Previous Year 2% 5% 4% 4% 5% 1% 0% 2% 0% 3% CPI % Change vs. Previous Year 3% 3% 4% 0% 2% 3% 2% 2% 2% 0% 45 *Source: MPAA Theatrical Market Statistics 2015
PUBLIC CHARTER SCHOOLS CURRENT FAMILY PROFILE SCHOOL PROFILE TARGET STATES Parents who want an Strong organizational leadership ARIZONA alternative to traditional and governance public schools COLORADO Favorable market analysis of FLORIDA Highly engaged enrollment and waiting list CALIFORNIA High potential for expansion NEW JERSEY NORTH CAROLINA SOUTH CAROLINA EPR POTENTIAL MARKET TENNESSEE GEORGIA COMPRISED OF MARKET NEW YORK OPPORTUNITY $5 - $25 $2.5 MILLION BILLION TRANSACTIONS 46
PRIVATE SCHOOLS FAMILY PROFILE OPERATOR PROFILE HIGH POTENTIAL Mid to high affluence Nonsectarian schools MARKETS Strong academic Branded school group with NEW YORK orientation history of success SAN FRANCISCO BAY AREA High parental education Academically rigorous at LOS ANGELES achievement moderate price point CHICAGO Select markets WASHINGTON D.C. HOUSTON EPR POTENTIAL MARKET DALLAS SAN DIEGO COMPRISED OF SEATTLE MARKET ATLANTA OPPORTUNITY $20 - $50 $2 MILLION BILLION TRANSACTIONS 47
EARLYEARLY CHILDHOOD EDUCATION CHILDHOOD REDEFINED EDUCATION FAMILY PROFILE OPERATOR PROFILE MARKET PROFILE Dual income Academic Focus Suburban areas of major MSA’s High income Multi-site operations Target segment growth Well-educated parents Superior real estate execution Underserved trade areas Children ages 0-5 (lack of competition) EPR POTENTIAL MARKET COMPRISED OF MARKET OPPORTUNITY $5 - $20 $1 MILLION BILLION TRANSACTIONS 48
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