#1Project Pelican CLEANSING MATERIALS January 2018 Exhibit 99.2 PJT Partners KIRKLAND & ELLIS LLP ALVAREZ & MARSAL DRAFT#2Disclaimer This document contains highly confidential information and is solely for informational purposes. You should not rely upon or use it to form the definitive basis for any decision or action whatsoever, with respect to any proposed transaction or otherwise. You and your affiliates and agents must hold this document and any oral information provided in connection with this document, as well as any information derived by you from the information contained herein, in strict confidence and may not communicate, reproduce or disclose it to any other person, or refer to it publicly, in whole or in part at any time except with our prior written consent. If you are not the intended recipient of this document, please delete and destroy all copies immediately. This document is "as is" and is based, in part, on information obtained from other sources. 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Asset Overview Confidential DRAFT#5Asset Overview EXCO has a strong collection of assets, with significant near-term drilling opportunities as well as the potential to develop contingent acreage for which financial resources were unable to be allocated given the strained market environment. 1 Gas-levered portfolio with significant, high quality drilling inventory > 250+ gross locations with IRRs of >25% at spot prices as of 9/29/17 > 92% HBP as of December 31, 2016 > 3-rig program expected in 4Q 2017 > Large position in the most active development region in East Texas ("ETX") / North Louisiana ("NLA") > South Texas Tier 1 oil wells have highest PV/I with IRRs of 65% at $3.00/MMBtu and $50/bbl 2 Enhanced drilling and completion techniques have successfully increased EXCO's (and competitors') well productivity > Longer laterals delivering nearly 150% more volume in -275 days online in NLA > Larger completions and higher fracture intensity delivering 45% more volume in ~600 days online in ETX > Competitors have recently been successful in pursuing recompletion programs in existing horizontal wells by installing a liner system and refracture stimulating (QEP, CHK) > EXCO drilled 2nd fastest well in Haynesville to-date at 22 days 3 Upside in both NLA and Appalachia > Unlock Bossier shale value in NLA with enhanced completion designs > Utica potential in Central PA is emerging and EXCO is positioned to begin appraisal testing Source: Company filings and presentations. 5 DRAFT#6Asset Overview (Cont'd) OPERATING AREA OVERVIEW East Texas and North Louisiana Net Acres/%HBP(1) Q2 '17 Operating Rigs Q2 '17 Net Production (Mmcfe/d) 12/31/16 Proved Reserves (Bcfe) Drilling Inventory South Texas Net Acres/%HBP(1) Q2 '17 Operating Rigs Q2 '17 Net Production (Boe/d) 12/31/16 Proved Reserves (Bcfe) Drilling Inventory Appalachia Net Acres/%HBP(¹) Q2 '17 Operating Rigs Q2 '17 Net Production (Mmcfe/d) 12/31/16 Proved Reserves (Bcfe) Drilling Inventory Total Net Acres/%HBP(1) Q2 '17 Operating Rigs Q2 '17 Net Production (Mmcfe/d) 12/31/16 Proved Reserves (Bcfe) Drilling Inventory Source: Company presentations. (1) As of 12/31/16. 96,300/87% 177 1,110 529 gross locations 49,300/95% 0 3,700 155 87 gross locations 184,100/93% 0 29 29 192 gross locations 329,700/92% 229 1,503 808 gross locations MAP OF PRIMARY ASSETS Zavala Frio Dimmit South Texas TX 295 East Texas / North Louisiana Q1 16 296 LA NET PRODUCTION (MMCFE/D) 350 300 250 200 150 100 50 0 Q2 16 Gregg Rusk Harrison Nacogdoches 288 263 Q3 16 Net Production Q4 16 Appalachi 241 PA Q1 17 WV Panola DeSoto Shelby San Augustine Sabine Caddo 229 Q217 6 DRAFT#7Drilling Inventory EXCO has economic drilling inventory that can support the Company's capital plan for at least the next 5 years without pricing or well performance improvements with a four rig drilling program. BREAKEVEN PRICE REQUIRED FOR 25% IRR PW/S $4.00 $3.50 $3.00 $2.50 > $2.00 $1.50 $1.00 $0.50 $0.00 Gross Locations $35.50 Spot: Gas $2.96; Oil $51.50(1) 49 $2.42 STX Eagle Ford NLA-CADOO NA-DESOTO Core Tier 1 (7500 LL) 45 $2.52 Source: Company presentations. (1) As of 9/29/17, $2.66 ETX- NLA-CADOO CORE (4500 LL) HIGHLANDER (4500 LL) (6500 LL) 17 $2.70 57 24 262 Locations 546 Locations $48.50 STX Eagle Ford Core Tier 2 38 $2.90 APP-EAST LYCOMING NORTH (5900 113 #S/MCF 32 $3.08 #S/ Bibl $3.10 ETX- ETX-JEBEL APP-WEST HIGHLANDER HSVL (7500 LL) LYCOMING BSSR (6500 LL) (5000LL) 65 $3.29 63 Old forecast, not necessarily representative of Company's current business plan and financial forecast 89 $3.30 ETX-JEBEL SOUTH BSSR (7500LL) 48 808 Total Locations $3.53 $3.58 43 ETX-JEBEL NLA-HOLLY APP. NORTH BSSR BOSSER (7500 ARMSTRONG (7500 LL) (5700 LL) $3.60 167 71 $70.00 $60.00 $50.00 $40.00 $30.00 $20.00 $10.00 $0.00 S/ Bbl 7 DRAFT#8North Louisiana Attribute Total Acreage(1) Active Wells Production Targeted Formations Q2 '17 Results (1) As of 12/31/16. Key Features 50,800 net acres (38,000 shale) 100% HBP 424 operated wells flowing to sales Q2 2017: 131 Mmcfe/d Haynesville Bossier Produced 131 Mmcfe/d, a decrease of 3 Mmcfe/d, or 2%, from Q1 2017 3 rig drilling program for the remainder of 2017 Turned-to-sales 3 gross (2.7 net) operated Haynesville shale wells and 1 gross (0.8 net) cross-unit Bossier shale well in 2017 2017 HSVL wells completed with 3500 lbs/ft are outperforming HSVL offset wells, which were completed with 2700 lbs/ft. Current EUR expectation is greater than 2.2 Bcf/1000' 2017 BSSR well completed with 3500 lbs/ft is outperforming older BSSR well completed with 2350 lbs/ft based on 5 months of production history NORTH LOUISIANA OVERVIEW TX Harrison Panola 291 310 NET PRODUCTION (MMCFE/D) 329 286 259 LA Caddo DeSoto 235 217 193 207 231 197 174 151 146 TX LA Bossier Bienville Red River EXCO Acreage 159. 149 134 131 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 13 13 13 13 14 14 14 14 15 15 15 15 16 16 16 16 17 17 8 DRAFT#9East Texas Attribute Total Acreage(1) Active Wells Production Targeted Formations Q2 '17 Results Key Features 45,500 net acres 74% HBP(2) 104 operated wells flowing to sales Q2 2017: 46 Mmcfe/d Haynesville Bossier • Produced 46 Mmcfe/d, a decrease of 7 Mmcfe/d, or 13%, from Q1 2017 Highest EUR/1000' in EXCO's Haynesville Highlander booked at 2.6 Bcf/1000 EXCO participated in the Walker J 1H, which turned to sales in January and is performing like EXCO-operated wells drilled in Highlander. These wells all had greater than 2500 lbs/ft proppant concentrations and are much better than the legacy wells in the area Participating in 2 stacked wells in the Highlander area testing BSSR and HSVL. Wells to turn to sales in October/ November 2017 (1) As of 12/31/16. (2) Reflects-10k acres that requires continuous development obligation of two wells per year. EAST TEXAS OVERVIEW 60 50 40 30 20 10 TX 0 Polk NET PRODUCTION (MMCFE/D) 80 70 43 LA Angelina 37 30 Jacogdoches 25 22 22 25 San Augustine 47 45 Shelby Jasper 40 52 Sabine 64 63 EXCO Acreage 76 69 Sabine 60 53 46 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 13 13 13 13 14 14 14 14 15 15 15 15 16 16 16 16 17 17 9 DRAFT#10South Texas Attribute Total Acreage(1) Active Wells Production Targeted Formations Q2 '17 Results (1) As of 12/31/16. Key Features 49,300 net acres 93% HBP (100% Core) 235 operated wells Q2 2017: 3.7 MBoe/d Eagle Ford • Buda Austin Chalk Produced 3.7 Mboe/d, a decrease of 0.3 Mboe/d, or 8%, from Q1 2017 Significant held-by-production acreage provides development flexibility Offset operator fracing numerous wells in the Boll/Calvert area causing shut-ins and increased water production Larger completion designs have greatly improved well recoveries and performance; last wells drilled are best in EXCO portfolio SOUTH TEXAS OVERVIEW Zavala Dimmit NET PRODUCTION (BOE / D) 8,000 7,100 6,500 7,000 6,200 6,500 6,000 5,000 4,000 3,000 2,000 1,000 0 Frio 7,300 7,200 7,300 6,100 5,900 6,000 La Salle 6,500 5,400 TX LA C EXCO Acreage 4,500 4,500 4,000 3,700 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 13 13 14 14 14 14 15 15 15 15 16 16 16 16 17 17 10 DRAFT#11Appalachia Attribute Total Acreage (1) Active Wells Production Targeted Formations Q2 '17 Results (1) As of 12/31/16. Key Features 184,100 net acres (127,000 shale) 90% HBP (shale) 126 operated wells Q2 2017: 29 Mmcfe/d Marcellus Upper Devonian Utica Produced 29 Mmcfe/d, a decrease of 1 Mmcfe/d, or 3% from Q1 2017 Decrease in production primarily due to sale of conventional assets in Pennsylvania on July 1, 2016, and conventional assets in West Virginia on October 3, 2016 In conjunction with the conventional asset sales, field employee count in the region has been reduced by 85% since Q4 2015 APPALACHIA OVERVIEW WV PA Ohio West Virginia NET PRODUCTION (MMCFE/D) 70 64 64 66 60 56 50 40 30 20 10 0 61 62 Pennsylvania 56 55 51 47 47 37 42 43 EXCO Acreage 33 27 30 29 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 13 13 13 13 14 14 14 14 15 15 15 15 16 16 16 16 17 17 11 DRAFT#12Recent Performance Improvement The Company has had recent success across its basin positions in increasing estimated ultimate recoveries, primarily with enhanced completion methods. EUR/ 1000' (Bcf) 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 1.60 1.28 NLA-HOLLY BOSSIER 1.76 1.50 NLA-DESOTO CORE SOUTH 1.98 Source: Company presentations as of November 2017. 1.60 NLA-CADDO 2.20 2.00 NLA-DESOTO CORE YE'15 Proved EUR/ 1000¹ (BCF) 1.80 1.50 2.20 Old forecast, not necessarily representative of Company's current business plan and financial forecast 1.50 1.89 1.33 ETX-HIGHLANDER ETX-HIGHLANDER APP-ARMSTRONG BSSR HSVL YE'16 Proved EUR/ 1000' (BCF) Company Forecast 2.28 1.58 APP - WEST LYCOMING 3.51 2,64 APP-EAST LYCOMING NORTH 12 DRAFT#13Utica The potential exists to create significant value in the Utica if the Company is able to fund its drilling operations and potentially prove contingent reserves. TESTING IN THE UTICA COULD RESULT IN PROVING OF CURRENT CONTINGENT, UNDER- EXPLOITED RESERVES EXCO holds 40,000 net acres prospective for Utica dry gas with up to 860 gross locations (670 Op/190 OBO); Contingent Net Reserves of ~4 TCF based on 3.0 Bcf/1000' type curve Results from nearby wells are encouraging Consol's Gaut well IP'd at 60+ Mmcf/d and cumulative production of 8.4 Bcf through 18 months of production as of Q1 2017 Range Resources - Claysville S.C. 9H: 59 Mmcf/d D&C costs are declining with Consol expecting the recently drilled Aiken appraisal wells to be $15mm; targeting development costs of $12.5mm for 7000' laterals EXCO has drilled and completed 500+ wells in the Haynesville at similar pressures and depths as the Utica Note: As of November 2017. 13 DRAFT#14Bossier Improved drilling and completion techniques in Bossier could increase EURS and drilling locations. STAGGERED BOSSIER WELLS COULD YIELD MORE LOCATIONS EXCO has approximately 30,000 net acres in the Bossier formation in DeSoto Parish with 167 gross operated locations / 132 OBO locations 3P+ net reserves of 900 Bcf Currently EXCO has 5 producing wells in NLA in the Mid-Bossier; 4 EXCO operated, 1 Operated by Other (OBO) 2017 vintage Bossier well (Norris 1-12) with largest completion design to date combined with a longer lateral IP'd 13 MMCFD and has CUM'd 1.2 Bcf in under five months; EXCO's best Bossier well to date The current appraisal program is designed to achieve further breakthroughs in performance by refining landing zone and completion design The thickness of the Middle Bossier interval could provide a compelling staggered lateral development approach and yield additional gross locations Note: As of November 2017. 14 DRAFT#15Other Drilling Opportunities The Company has several other value enhancing opportunities if investment capital is available. Modern Harrison / Panola Haynesville completion design EXCO's last well in this area was in 2010 but there has been offset operator success Rock quality indicates that larger completion designs could have a positive uplift on economics Haynesville recompletion with cemented liners Recent indications (QEP and CHK) have been positive from cemented liner recompletions South Texas landing zones Upper landing zones could help non-core areas achieve higher EURs and potentially allow for staggering core area wells Upper Devonian Offset operators are having success in the Upper Devonian in Appalachia Rogersville shale This area has received positive press based on public information and EXCO acreage has geologic potential Note: As of November 2017. 15 DRAFT#16|II. Additional Information Confidential DRAFT#17Management Team The management team of EXCO Resources, Inc. ("EXCO" or "the Company") has years of experience in the industry with a proven track record of maximizing value. The team has a deep knowledge of EXCO's assets, having developed over 700 horizontal shale wells over the last 9 years. Name Harold L. Hickey Chief Executive Officer & President Harold H. Jameson Vice President & Chief Operating Officer Tyler S. Farquharson Vice President, Chief Financial Officer & Treasurer Heather L. Lamparter Vice President, eneral Counsel & Secretary Years with EXCO > 16 years > 10 years 12 years > 7 years > Appointed Chief Executive Officer in March 2015 and President since February 2013 > Previously served as Chief Operating Officer from October 2005 until March 2015 and Vice President from October 2005 until February 2013 > Served as President of subsidiary North Coast Energy from January 2004 until October 2005 > Production and Asset Manager of EXCO from 2001 to 2004 > Worked at Mobil Oil Corporation from 1979 to 2000 Past Experience V V > > General Manager of East Texas / North Louisiana area from August 2008 until March 2011 after serving as General Manager of Vernon Field project > Prior to joining the Company in April 2007, employed at Anadarko Petroleum from 1991 to 2007 Appointed Chief Operating Officer in April 2015 Previously served as Vice President of Development and Production Served in a Vice President role since March 2011 V Appointed Vice President, Chief Financial Officer and Treasurer in February 2017 Previously served as acting Chief Financial Officer and Treasurer since October 2016 and Vice President of Strategic Planning since August 2016 Served in various roles including Strategic Analysis and Financial Planning Director since joining the Company in 2005 Appointed Vice President, General Counsel and Secretary in February 2017 > Previously served as Assistant General Counsel, acting General Counsel and Secretary beginning in December 2016 > Served in various roles including Assistant General Counsel and Vice President of Legal of Appalachia JV Before joining the Company in 2010, represented E&P companies at K&L Gates 17 DRAFT#18Organization Chart The Company's legal structure is presented below. Based upon legal diligence, limited unencumbered asset value exists outside of the guarantor group. EXCO Partners GP, LLC GP EXCO Partners OLP GP, LLC 50% PCMWL EXCO GP Partners Old, LP GP LP EXCO Operating Company, LP 50% Moran Land Company EXCO Services EXCO Land Company, LLC EXCO Resources, Inc. Borrower & Issuer EXCO Resources (XA), LLC 50% Bonchase Land Company EXCO Midcontinent MLP, LLC EXCO Production Company (PA). LLC 50% EXCO Holdings MLP Inc. Moran Minerals EXCO Production Company (WV). LLC 50% EXCO Holdings Inc. (PA) EBG Resources 50% EXCO Resources (PA), LLC(2) GP Raider Marketing, LP Raider Marketing GP LP Guarantor of RBL, 1.5L and 1.75L Guarantor of RBL and 1.75L Unrestricted subsidiary Borrower/Issuer Note: Based upon conversations with Counsel, it appears that substantially all assets have been pledged and liens perfected. (1) Under the sixth amendment to the 2022 Notes, EXCO Equipment Leasing, LLC is listed as a guarantor, but the entity was dissolved in 2015. (2) BG Production Company, LLC (DE) is the 50% owner of Bonchasse Land Company, L.L.C. (LA), EBG Resources, LLC (DE), Moran Land Company, L.L.C. (LA), Moran Minerals, L.L.C. (LA), PCMWL, L.L.C. (LA), EXCO Resources (PA), LLC (DE), and EXCO Appalachia Midstream, LLC (DE). Memo:(¹) Guarantor of RBL, 1.5L, 1.75L, 2L and unsecured notes Guarantor of RBL, 1.5L, 1.75L, 2L, and 8.5% notes 50% EXCO Appalachia Midstream, LLC (2) 18 DRAFT#19Existing Capital Structure Based upon 2017 projected EBITDA, the Company is levered 15x through its secured debt and 18x on a consolidated basis. ($ in millions) $150mm RBL (¹) 1.5 Lien Notes 1.75 Lien Term Loan 2nd Lien Term Loan Total Secured Debt 7.5% Unsecured Notes 8.5% Unsecured Notes Total Debt Less: Cash & Equivalents(4) 2017 Net Debt Market Capitalization as of 10.17.2017 ($1.26/share) Total Enterprise Value Debt Maturity Schedule $800 $600 $400 $200 $0 $258 Maturity Coupon Jul-18 Mar-22 Oct-20 Oct-20 2018 Sep-18 Apr-22 2019 L+225-325 11% PIK(2) 15% PIK(2) 12.500% 7.500% 8.500% $726 2020 Face Amount Leverage(3) $127 317 709 17 1,170 132 70 1,372 (82) 1,289 29 $1,318 2021 Source: CapIQ, Markit, Bloomberg, Company filings, Note: Data as of 10/17/17. RBL and cash balance shown pro forma for revolver draws post 9/7/17. 14.6x 17.1x 16.1x 16.5x $387 2022 Price N/A 73.3 66.5 N/A 25.9 22.8 Market Value $127 232 471 17 848 34 16 898 (82) 815 29 $845 Cash Debt Service (1) RBL amount outstanding does not include LCs outstanding. Including LCs, the total balance is $150mm. (2) Cash interest rates are 8% and 12.5% for 1.5 Lien and 1.75 Lien, respectively. Company also has the option to pay the PIK rate in shares at the trailing 20-day VWAP. (3) Based on 2017E EBITDA of $80mm. (4) As of 9/29/17. $4 2 6 10 6 22 22 19 DRAFT#20North Louisiana Well Level Details. WELL DETAILS Assumptions WI NRI IP (Mod) Initial Dedine Rate B-Factor Terminal Dedine Gas EUR (BCF) Locations Gross Locations Net Location Economics (¹) PV-10 (SM) IRR CapEx ($M) TYPE CURVES 10,000 8,000 6,000 4,000 2,000 0 Cumulative Gas (MMCF) 0 NLA DeSoto Core HSVL 4,500' 4 8 12 -NLA DeSoto Core HSVL 4,500' 37.0% 29.0% 14,000 50.0% 6.0% 9.9 17 6 $4,691 56.1% $7,700 16 Note: As of November 2017. (1) Economics shown on an 8/8ths basis; IRR assumes $3.00/MMBtu. NLA Caddo X-Unit HSVL 7,500' 20 35.0% 27.0% 17,600 40.0% 6.0% 14.9 45 16 $7,835 62.5% $10,600 24 -NLA Caddo X-Unit HSVL 7,500' NLA Caddo HSVL 4,500' 28 32 Months 50.0% 38.0% 13,200 52.0% 6.0% 8.9 24 12 $3,250 39.9% $7,700 36 Old forecast, not necessarily representative of Company's current business plan and financial forecast NLA Bossier X-Unit 7,500' 40 44 NLA Caddo HSVL 4,500' 50.0% 39.0% 10,900 41.0% 6.0% 12.8 167 84 ($137) 9.6% $12,800 48 52 56 60 -NLA Bossier X-Unit 7,500' 20 DRAFT#21East Texas Well Level Details WELL DETAILS Assumptions WI NRI IP (Mcfd) Initial Dedine Rate B-Factor Terminal Dedine Gas EUR (BCF) Locations Gross Locations Net Location Economics (¹) PV-10 ($M) IRR CapEx ($M) TYPE CURVES 10,000 8,000 6,000 4,000 2,000 Cumulative Gas (MMCF) 0 ETX Shelby HSVL ETX Highlander HSVL ETX Highlander BSSR 7,500' 6,500' 6,500' 39.0% 31.0% 9,300 22.0% 6.0% 11.3 63 25 $2,843 22.5% $10,600 23.0% 18.0% 11,500 22.0% -ETX Shelby HSVL 7,500' Note: As of November 2017. (1) Economics shown on an 8/8ths basis; IRR assumes $3.00/MMBtu. 6.0% 14.1 57 13 $6,111 39.8% $11,100 26.0% 20.0% 9,500 22.0% 6.0% 11.7 65 17 $3,100 24.0% $10,700 Old forecast, not necessarily representative of Company's current business plan and financial forecast 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60 Months ETX Highlander HSVL 6,500' -ETX Highlander BSSR 6,500' 21 DRAFT#22South Texas (Eagle Ford) Well Level Details WELL DETAILS Assumptions W NRI IP (Bod) Initial Decline Rate B-Factor Terminal Decline Oil EUR (MBO) Locations Gross Locations Net Location Economics (¹) PV-10 (SM) IRR Cap Ex (SM) TYPE CURVES Cumulative Oil (MBO) 300 250 200 150 100 50 0 STX Eagle Ford Tier 1 7,500' 0 2 4 6 8 31.0% 24.0% 750 61.0% 1.25 6.0% 830 49 15 $7,900 87.0% $5,575 STX Eagle Ford Tier 2 7,500* 42.0% 32.0% 630 52.0% Note: As of November 2017. (1) Economics shown on an 8/8ths basis; IRR assumes $3.00/MMBtu and $50.00/bbl. 1.25 6.0% 580 38 17 $3,500 40.0% $5,575 Old forecast, not necessarily representative of Company's current business plan and financial forecast 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60 Months -STX Eagle Ford Tier 1.7,500' STX Eagle Ford Tier 2 7,500' 22 DRAFT#23Appalachia Well Level Details WELL DETAILS Assumptions WI NRI IP (Mcfd) Instantaneous Dedine Rate B-Factor Terminal Dedine Gas EUR (MCF) Locations Gross Locations Net Location Economics PV-10 ($ in thousands) IRR CapEx ($ in thousands) TYPE CURVES MMBtu 20,000 15,000 10,000 5,000 0 0 APP North Lycoming Marcellus 5,900' 100 26.0% 21.0% 17,758 252.6% -APP North Lycoming MARC 5,900 6.0% 20,144,502 1 Note: As of November 2017. (1) Economics shown on an 8/8ths basis; IRR assumes $3.00/MMBtu. 32 8 $6,992 62.1% $5,400 APP West Lycoming Marcellus 4,900' 200 24.0% 20.0% 7,990 166.1% 1 6.0% 11,087,463 91 22 $2,308 25.7% $4,500 300 APP Armstrong Marcellus 5,700* Mooths -APP West Lycoming MARC 4,900 20.0% 17.0% 6,472 134.7% 1 6.0% 10,663,496 400 94 19 $2,042 20.7% $5,200 Old forecast, not necessarily representative of Company's current business plan and financial forecast 500 600 -APP Armstrong MARC 5,700' 23 DRAFT