Cambridge Bancorp (CATC) 425 Business combination disclosure

Exhibit: 99.6

UNAUDITED PRO FORMA COMBINED CONSOLIDATED FINANCIAL STATEMENTS

Merger with Wellesley Bancorp, Inc.

On December 5, 2019, Cambridge Bancorp, a Massachusetts corporation (the “Company”), entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among the Company, Cambridge Trust Company, the Company’s subsidiary bank (“Cambridge Trust”), Wellesley Bancorp, Inc. (“Wellesley”), and Wellesley Bank, Wellesley’s subsidiary bank (“Wellesley Bank”), pursuant to which Wellesley will merge with and into the Company and Wellesley Bank will merge with and into Cambridge Trust, with the Company and Cambridge Trust as the surviving entities (collectively, the “Mergers”). As a result of the Mergers, each share of Wellesley common stock will be exchanged for 0.580 shares of the Company’s common stock.

The following unaudited pro forma combined consolidated financial statements have been prepared in accordance with Article 11 of RegulationS-X and combine the historical consolidated financial position and results of operations of the Company and its subsidiaries and Wellesley as an acquisition by the Company of Wellesley using the acquisition method of accounting and giving effect to the related pro forma adjustments described in the accompanying notes. Under the acquisition method of accounting, the assets and liabilities of Wellesley were recorded by the Company at their respective fair values as of the date the Mergers were completed. Certain reclassifications were made to Wellesley’s historical financial information to conform to the Company’s presentation of financial information. All significant pro forma adjustments and underlying assumptions are described in the accompanying notes. The unaudited pro forma combined consolidated statements of income give effect to the Mergers as if they occurred on January 1, 2018. The unaudited pro forma combined consolidated balance sheet gives effect to the Mergers as if they occurred on September 30, 2019. The unaudited pro forma combined financial statements should be read in conjunction with: the Company’s audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2018, which were included in the Company’s Annual Report onForm 10-K for the year ended December 31, 2018, and the Company’s unaudited financial statements and the related notes thereto as of and for the nine months ended September 30, 2019, which were included in the Company’s Quarterly Report on Form10-Q for the nine months ended September 30, 2019, which were filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 18, 2019, and November 7, 2019, respectively, and Wellesley’s audited consolidated financial statements as of and for the year ended December 31, 2018 and 2017 and Wellesley unaudited consolidated financial statements as of and for the nine months ended September 30, 2019, which are being filed as Exhibit 99.4 and Exhibit 99.5 to this Current Report on Form8-K, respectively.

The unaudited pro forma combined consolidated financial statements are presented for illustrative purposes only, do not indicate the actual financial results of the combined company had the Mergers occurred on January 1, 2018 at the beginning of each period presented, nor are they indicative of the Company’s future financial position or financial results.

Merger with Optima Bank & Trust Company

On April 17, 2019, the Company, completed its previously announced acquisition of Optima Bank & Trust Company (“Optima”), pursuant to an Agreement and Plan of Merger, dated as of December 5, 2018 (the “Optima Merger Agreement”), by and between Cambridge, Cambridge Trust Company and Optima. Under the terms of the Optima Merger Agreement, Optima merged with and into Cambridge Trust Company (the “Optima Merger”), with Cambridge Trust Company being the surviving entity. As a result of the Optima Merger, each share of Optima common stock was exchanged for either (i) 0.3468 shares of Cambridge common stock, (ii) $32.00 in cash, or (iii) a combination of the two, subject to customary pro ration procedures, which resulted in an aggregated stock / cash consideration mix of 95 percent / 5 percent.

The following unaudited pro forma combined consolidated financial statements have been prepared in accordance with Article 11 of RegulationS-X and combine the historical consolidated financial position and results of operations of Cambridge and its subsidiaries and Optima as an acquisition by Cambridge of Optima using the acquisition method of accounting and giving effect to the related pro forma adjustments described in the accompanying notes. Under the acquisition method of accounting, the assets and liabilities of Optima were recorded by Cambridge at their respective fair values as of the date the Optima Merger was completed. Certain reclassifications were made to Optima’s historical financial information to conform to Cambridge’s presentation of financial information. All significant pro forma adjustments and underlying assumptions are described in the accompanying notes. The unaudited pro forma combined consolidated statements of income give effect to the Optima Merger as if it occurred on January 1, 2018. The unaudited pro forma combined consolidated balance sheet gives effect to the Optima Merger as if it occurred on September 30, 2019. The unaudited pro forma combined financial statements should be read in conjunction with: Cambridge’s audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2018, which were included in Cambridge’s Annual Report on Form10-K for the year ended December 31, 2018, and Cambridge’s unaudited financial statements and the related notes thereto as of and for the six months ended June 30, 2019, which were included in Cambridge’s Quarterly Report on Form10-Q for the six months ended June 30, 2019, which were filed with the SEC on March 18, 2019, and August 8, 2019, respectively and Optima’s audited financial statements as of and for the year ended December 31, 2018 and 2017 and Optima’s unaudited condensed financial statements as of and for the three months ended March 31, 2019, which were filed with the SEC on October 22, 2019 as Exhibits 99.1 and 99.2, respectively, to the Company’s Current Report on Form8-K.

*                    *                     *

The unaudited pro forma shareholders’ equity and net income are qualified by the statements set forth under this caption and should not be considered indicative of the market value of the Company common stock or the actual or future results of operations of the Company for any period. Actual results may be materially different than the pro forma information presented.

UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEETS

	September 30, 2019
	Cambridge (as Reported)			Wellesley (as Reported)			Adjustments for Cambridge’s Acquisition of Wellesley			Cambridge (Pro Forma with Wellesley)			Adjustments for Capital Raise			Cambridge (Pro Forma with Wellesley and Capital Raise)
	(dollars in thousands, except par value)
Assets
Cash and cash equivalents	$	68,949		$	81,353		$	(15,128	)(1)	$	135,174		$	33,250	(12)	$	168,424
Investment securities
Available for sale, at fair value		148,068			33,793			288	(2)		182,149			—			182,149
Held to maturity, at amortized cost		269,475			100			—			269,575			—			269,575
Total investment securities		417,543			33,893			288			451,724			—			451,724
Loans held for sale, at lower of cost or fair value		2,082			6,351			—			8,433			—			8,433
Loans		2,179,882			832,803			(10,351	)(3)		3,002,334			—			3,002,334
Less: allowance for loan losses		(18,035	)		(7,218	)		7,218	(4)		(18,035	)		—			(18,035	)
Net loans		2,161,847			825,585			(3,133	)		2,984,299			—			2,984,299
Federal Home Loan Bank of Boston Stock, at cost		9,159			6,162			—			15,321			—			15,321
Bank owned life insurance		37,161			7,946			—			45,107			—			45,107
Banking premises and equipment, net		14,954			3,785			—			18,739			—			18,739
Right-of-use asset, operating leases		34,553			6,852			—			41,405			—			41,405
Deferred income taxes, net		7,939			2,717			(798	)(5)		9,858			—			9,858
Accrued interest receivable		6,959			2,769			—			9,728			—			9,728
Goodwill		31,206			—			44,883	(6)		76,089			—			76,089
Merger related intangibles		3,429			—			6,930	(7)		10,359			—			10,359
Other assets		46,087			8,454			—			54,541			—			54,541
Total assets	$	2,841,868		$	985,867		$	33,042		$	3,860,777		$	33,250		$	3,894,027
Liabilities
Deposits
Demand	$	654,133		$	133,187		$	—		$	787,320		$	—		$	787,320
Interest bearing checking		429,755			42,162			—			471,917			—			471,917
Money market		214,721			280,434			—			495,155			—			495,155
Savings		876,392			72,807			—			949,199			—			949,199
Certificates of deposit		232,858			230,155			671	(8)		463,684			—			463,684
Total deposits		2,407,859			758,745			671			3,167,275			—			3,167,275
Short-term borrowings		113,935			51,000			—			164,935			—			164,935
Long-term borrowings		—			77,533			285	(9)		77,818			—			77,818
Subordinated debt		—			9,854			—			9,854			—			9,854
Operating lease liabilities		35,990			6,907			—			42,897			—			42,897
Other liabilities		40,739			10,043			—			50,782			—			50,782
Total liabilities		2,598,523			914,082			956			3,513,561			—			3,513,561
Shareholders’ Equity
Common stock		4,850			26			1,452	(10)		6,328			452	(12)		6,779
Additionalpaid-in capital		98,256			27,500			74,893	(11)		200,649			32,798	(12)		233,448
Retained earnings		142,237			44,598			(44,598	)(11)		142,237			—			142,237
Accumulated other comprehensive loss		(1,998	)		592			(592	)(11)		(1,998	)		—			(1,998	)
Unearned compensation - ESOP		—			(931	)		931	(11)		—			—			—
Total shareholders’ equity		243,345			71,785			32,086			347,216			33,250			380,466
Total liabilities and shareholders’ equity	$	2,841,868		$	985,867		$	33,042		$	3,860,777		$	33,250		$	3,894,027

Footnotes to Unaudited Pro Forma Consolidated Statements of Balance Sheets at September 30, 2019:

(1) Includes $4.8 million paid to the holders of Wellesley stock options and estimatedafter-tax merger expenses of $10.7 million

(2) Represents the estimated adjustment to increase investments to fair market value

(3) Represents the estimated adjustment to reduce loans to fair market value

(4) Reflects the elimination of Wellesley’s existing loan loss reserve at acquisition

(5) Represents the amount to record estimated deferred income taxes on the fair value adjustments presented, at an estimated tax rate of 25.5%

(6) Represents the preliminary estimated amount of goodwill, based on issuance of 1,477,645 CATC shares outstanding at $77.50 per share (December 3, 2019, closing price)

(7) Represents the estimated amount of the core deposit intangible asset recognized in connection with the business combination

(8) Represents the estimated amount to increase time deposits to fair market value

(9) Represents the estimated amount to increase borrowings from FHLB to fair market value

(10) Represents the amount to eliminate Wellesley common stock at par and record the estimated par value of shares issued by Cambridge

(11) Represents the amount to eliminate Wellesley equity accounts and record the estimated additionalpaid-in capital

(12) Represents the amount to record the issuance of 451,612 CATC shares at $77.50 per share (December 3, 2019, closing price), less estimated issuance costs of $1.8 million

UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF INCOME

	For the Nine Months Ended September 30, 2019
	Cambridge (as Reported)			Optima (through April 17, 2019)			Adjustments for Cambridge’s Acquisition of Optima			Cambridge (Pro Forma with Optima)			Wellesley (as Reported)		Adjustments for Cambridge’s Acquisition of Wellesley			Cambridge (Pro Forma with Wellesley)			Cambridge (Pro Forma with Wellesley and Capital Raise)
	(dollars in thousands, except share data)
Interest and dividend income
Interest on taxable loans	$	60,919		$	6,050		$	591	(1)	$	67,560		$	27,867	$	687	(8)	$	96,114		$	96,114
Interest ontax-exempt loans		385			30			—			415			73		—			488			488
Interest on taxable investment securities		6,074			155			—			6,229			1,076		(49	)(9)		7,256			7,256
Interest ontax-exempt investment securities		1,709			—			—			1,709			238		—			1,947			1,947
Dividends on FHLB of Boston stock		281			18			—			299			213		—			512			512
Interest on overnight investments		556			196			—			752			577		—			1,329			1,329
Total interest and dividend income		69,924			6,449			591			76,964			30,044		638			107,646			107,646
Interest expense
Interest on deposits		11,489			1,941			63	(2)		13,493			7,665		(535	)(10)		20,623			20,623
Interest on borrowed funds		1,347			195			—			1,542			2,328		(226	)(11)		3,644			3,644
Total interest expense		12,836			2,136			63			15,035			9,993		(761	)		24,267			24,267
Net interest and dividend income		57,088			4,313			528			61,929			20,051		1,399			83,379			83,379
Provision for Loan Losses		2,673			70			—			2,743			480		—			3,223			3,223
Net interest and dividend income after provision for loan losses		54,415			4,243			528			59,186			19,571		1,399			80,156			80,156
Noninterest income
Wealth management revenue		19,576			—			—			19,576			1,228		—			20,804			20,804
Deposit account fees		2,395			69			—			2,464			74		—			2,538			2,538
ATM/Debit card income		1,046			99			—			1,145			57		—			1,202			1,202
Bank owned life insurance income		454			36			—			490			177		—			667			667
Gain (loss) on disposition of investment securities		(79	)		—			—			(79	)		8		—			(71	)		(71	)
Gain on loans held for sale		491			47			—			538			161		—			699			699
Loan related derivative income		1,571			—			—			1,571			771		—			2,342			2,342
Other income		1,014			53			—			1,067			50		—			1,117			1,117
Total noninterest income		26,468			304			—			26,772			2,526		—			29,298			29,298
Noninterest expense
Salaries and employee benefits		34,353			2,238			—			36,591			9,214		—			45,805			45,805
Occupancy and equipment		7,813			678			18	(3)		8,509			2,466		—			10,975			10,975
Data processing		4,532			216			—			4,748			930		—			5,678			5,678
Professional services		2,411			414			—			2,825			637		—			3,462			3,462
Marketing		1,175			94			—			1,269			197		—			1,466			1,466
FDIC Insurance		369			4			—			373			336		—			709			709
Merger expenses		3,880			3,381			(7,261	)(4)		—			—		—			—			—
Other expenses		2,216			195			120	(5)		2,531			1,674		945	(12)		5,150			5,150
Total noninterest expense		56,749			7,220			(7,123	)		56,846			15,454		945			73,245			73,245
Income before income taxes		24,134			(2,673	)		7,651			29,112			6,643		454			36,209			36,209
Income tax expense (benefit)		5,988			(570	)		1,836	(6)		7,254			1,800		116	(13)		9,170			9,170
Net income	$	18,146			(2,103	)		5,815		$	21,858		$	4,843	$	338		$	27,039		$	27,039
Share data:
Weighted average number of shares outstanding, basic		4,525,178			2,192,588			—			4,948,444	(7)		2,454,103		—			6,426,088	(14)		6,877,701	(15)
Weighted average number of shares outstanding, diluted		4,552,092			2,325,417			—			4,975,358	(7)		2,545,786		—			6,453,002	(14)		6,904,615	(15)
Basic earnings per share	$	3.98		$	(0.96	)	$	—		$	4.42		$	1.97	$	—		$	4.21		$	3.93
Diluted earnings per share	$	3.95		$	(0.90	)	$	—		$	4.39		$	1.91	$	—		$	4.19		$	3.92

Footnotes to Unaudited Pro Forma Consolidated Statements of Income for the Nine Months Ended September 30, 2019:

Notes for Merger with Optima:

(1) Represents accretion income as a result of the fair market value adjustment on loans of $6.3 million

(2) Represents amortization expense as a result of the fair market value adjustment on Certificates of Deposit of $472,000

(3) Represents the depreciation as a result of the fair market value adjustment for fixed assets of $980,000

(4) Represents the elimination of merger expenses in connection with the Optima merger

(5) Represents the amortization expense as a result of the recognition of the core deposit intangible asset of $3.6 million

(6) Represents the Income tax effect of pro forma adjustments utilizing an effective tax rate of 24%

(7) Pro forma weighted average shares include 722,746 shares issued to former Optima shareholders

Notes for Merger with Wellesley:

(8) Represents accretion income as a result of the fair market value adjustment on loans of $10.4 million

(9) Represents amortization expense as a result of the fair market value adjustment on Investment Securities of $288,000

(10) Represents accretion income as a result of the fair market value adjustment on Certificates of Deposit of $671,000

(11) Represents accretion income as a result of the fair market value adjustment on Federal Home Loan Bank borrowings of $285,000

(12) Represents the amortization expense as a result of the recognition of the core deposit intangible asset of $6.9 million

(13) Represents the Income tax effect of pro forma adjustments utilizing an effective tax rate of 25.5%

(14) Pro forma weighted average shares include 1,477,645 shares to be issued to former Wellesley shareholders

(15) Pro forma weighted average shares include 451,612 shares to be issued in connection with the capital raise

UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF INCOME

	For the Year Ended December 31, 2018
	(dollars in thousands, except share data)
	Cambridge (as Reported)		Optima (as Reported)		Adjustments for Cambridge’s Acquisition of Optima			Cambridge (Pro Forma with Optima)			Wellesley (as Reported)		Adjustments for Cambridge’s Acquisition of Wellesley			Cambridge (Pro Forma with Wellesley)			Cambridge (Pro Forma with Wellesley and Capital Raise)
	(dollars in thousands, except share data)
Interest and dividend income
Interest on taxable loans	$	57,941	$	19,604	$	2,038	(1)	$	79,583		$	30,927	$	874	(8)	$	111,384		$	111,384
Interest ontax-exempt loans		371		30		—			401			101		—			502			502
Interest on taxable investment securities		7,457		580		—			8,037			1,441		(65	)(9)		9,413			9,413
Interest ontax-exempt investment securities		2,404		15		—			2,419			327		—			2,746			2,746
Dividends on FHLB of Boston stock		287		56		—			343			333		—			676			676
Interest on overnight investments		595		263		—			858			509		—			1,367			1,367
Total interest and dividend income		69,055		20,548		2,038			91,641			33,638		809			126,088			126,088
Interest expense
Interest on deposits		5,023		5,949	$	253	(2)		11,225			6,442		(652	)(10)		17,015			17,015
Interest on borrowed funds		444		3		—			447			2,467		(243	)(11)		2,671			2,671
Total interest expense		5,467		5,952		253			11,672			8,909		(895	)		19,686			19,686
Net interest and dividend income		63,588		14,596		1,785			79,969			24,729		1,704			106,402			106,402
Provision for Loan Losses		1,502		246		—			1,748			585		—			2,333			2,333
Net interest and dividend income after provision for loan losses		62,086		14,350		1,785			78,221			24,144		1,704			104,069			104,069
Noninterest income
Wealth management revenue		25,191		—		—			25,191			1,616		—			26,807			26,807
Deposit account fees		3,071		245		—			3,316			87		—			3,403			3,403
ATM/Debit card income		1,180		344		—			1,524			89		—			1,613			1,613
Bank owned life insurance income		526		153		—			679			234		—			913			913
Gain (loss) on disposition of investment securities		2		22		—			24			—		—			24			24
Gain on loans held for sale		99		206		—			305			64		—			369			369
Loan related derivative income		1,651		—		—			1,651			340		—			1,991			1,991
Other income		1,269		335		—			1,604			156		—			1,760			1,760
Total noninterest income		32,989		1,305		—			34,294			2,586		—			36,880			36,880
Noninterest expense
Salaries and employee benefits		41,212		7,104		—			48,316			10,842		—			59,158			59,158
Occupancy and equipment		9,072		2,185		54	(3)		11,311			3,004		—			14,315			14,315
Data processing		5,177		552		—			5,729			990		—			6,719			6,719
Professional services		3,258		959		—			4,217			766		—			4,983			4,983
Marketing		2,229		305		—			2,534			323		—			2,857			2,857
FDIC Insurance		574		495		—			1,069			626		—			1,695			1,695
Merger expenses		201		—		(201	)(4)		—			—		—			—			—
Other expenses		2,264		477		360	(5)		3,101			2,012		1,260	(12)		6,373			6,373
Total noninterest expense		63,987		12,077		213			76,277			18,563		1,260			96,100			96,100
Income before income taxes		31,088		3,578		1,572			36,238			8,167		444			44,849			44,849
Income tax expense		7,207		1,002		377	(6)		8,586			2,176		113	(13)		10,875			10,875
Net income	$	23,881		2,576		1,195		$	27,652		$	5,991	$	331		$	33,974		$	33,974
Share data:
Weighted average number of shares outstanding, basic		4,061,529		2,069,880		—			4,784,275	(7)		2,404,371		—			6,261,920	(14)		6,713,532	(15)
Weighted average number of shares outstanding, diluted		4,098,633		2,331,569		—			4,821,379	(7)		2,502,784		—			6,299,024	(14)		6,750,636	(15)
Basic earnings per share	$	5.82	$	1.24	$	—		$	5.78		$	2.49	$	—		$	5.43		$	5.06
Diluted earnings per share	$	5.77	$	1.10	$	—		$	5.74		$	2.40	$	—		$	5.39		$	5.03

Footnotes to Unaudited Pro Forma Consolidated Statements of Income for the Year Ended December 31, 2018:

Notes for Merger with Optima:    

(1) Represents accretion income as a result of the fair market value adjustment on loans of $6.3 million

(2) Represents amortization expense as a result of the fair market value adjustment on Certificates of Deposit of $472,000

(3) Represents the depreciation as a result of the fair market value adjustment for fixed assets of $980,000

(4) Represents the elimination of merger expenses in connection with the Optima merger

(5) Represents the amortization expense as a result of the recognition of the core deposit intangible asset of $3.6 million

(6) Represents the Income tax effect of pro forma adjustments utilizing an effective tax rate of 24%

(7) Pro forma weighted average shares include 722,746 shares issued to former Optima shareholders

Notes for Merger with Wellesley:    

(8) Represents accretion income as a result of the fair market value adjustment on loans of $10.4 million

(9) Represents amortization expense as a result of the fair market value adjustment on Investment Securities of $288,000

(10) Represents accretion income as a result of the fair market value adjustment on Certificates of Deposit of $671,000

(11) Represents accretion income as a result of the fair market value adjustment on Federal Home Loan Bank borrowings of $285,000

(12) Represents the amortization expense as a result of the recognition of the core deposit intangible asset of $6.9 million

(13) Represents the Income tax effect of pro forma adjustments utilizing an effective tax rate of 25.5%

(14) Pro forma weighted average shares include 1,477,645 shares to be issued to former Wellesley shareholders

(15) Pro forma weighted average shares include 451,612 shares to be issued in connection with the capital raise

Preliminary Purchase Price Allocation

The pro forma adjustments include the accounting entries to record the merger transaction under the acquisition method of accounting for business combinations. The excess of the purchase price over the fair value of net assets acquired was allocated to goodwill and other intangible assets. Fair value adjustments included in the pro forma financial statements are based upon available information and certain assumptions which are considered reasonable, and will be revised as additional information becomes available.

The pro forma purchase price for the Wellesley merger is as follows (dollars in thousands):

Purchase Price Calculation
Shares outstanding		2,570
ESOP plan termination		(22	)
Shares outstanding		2,548
Shares exchanged for stock		2,548
Stock value	$	44.95
Aggregate value of shares receiving stock	$	114,533
Aggregate value to option holders	$	4,466
Aggregate Purchase Price	$	118,999
Preliminary pro forma goodwill
Fair value of assets acquired:
Cash and cash equivalents	$	81,353
Investments available for sale		34,181
Loans held for sale		6,351
Loans, net		822,452
Other assets		37,887
Core deposit intangible		6,930
Total assets acquired	$	989,154
Fair value of liabilities assumed:
Deposits		759,416
Borrowings		138,672
Other liabilities		16,950
Total liabilities assumed	$	915,038
Net assets acquired		74,116
Preliminary pro forma goodwill	$	44,883

Note 1—Basis of Presentation

The unaudited pro forma combined consolidated financial information and notes have been prepared to illustrate the effects of the Merger involving Cambridge and Optima using the acquisition method of accounting, with Cambridge treated as the acquirer, as if the Merger had been consummated January 1, 2018. The unaudited pro forma combined consolidated financial information is presented for illustrative purposes only and does not necessarily indicate the financial results of the combined companies had the companies actually been combined at the beginning of each period presented, nor does it necessarily indicate the results of operations in future periods of

the combined entity. Under the acquisition method of accounting, the assets and liabilities of Optima, as of the effective date of the Merger, were recorded by Cambridge at their respective fair values and the excess of the Merger consideration over the fair value of the net assets was allocated to goodwill and other intangible assets.

Forward-looking Statements

Certain statements herein may constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements about Cambridge and its industry involve substantial risks and uncertainties. Statements other than statements of current or historical fact, including statements regarding Cambridge’s future financial condition, results of operations, business plans, liquidity, cash flows, projected costs, and the impact of any laws or regulations applicable to Cambridge, are forward-looking statements. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “may,” “will,” “should,” and other similar expressions are intended to identify these forward-looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. Such factors include, but are not limited to, the following: economic conditions being less favorable than expected, disruptions to the credit and financial markets, weakness in the real estate market, legislative, regulatory or accounting changes that adversely affect Cambridge’s business and/or competitive position, the Dodd-Frank Act’s consumer protection regulations, disruptions in Cambridge’s ability to access the capital markets, changes to accounting standards and other factors that are described in Cambridge’s filings with the U.S. Securities and Exchange Commission, including Cambridge’s Annual Report on Form10-K for the year end December 31, 2018, which Cambridge filed on March 18, 2019. Cambridge does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. You are cautioned not to place undue reliance on these forward-looking statements.