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Dƌ͘^ŬŽůŶŝĐŬƐƚĂƚĞĚƚŚĂƚŚĞĐŽŶƐƵůƚĞĚĂƌĐŚŝƚĞĐƚƵƌĂůŚŝƐƚŽƌǇĞǆƉĞƌƚƐŝŶƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂĂŶĚƐƚĂƚĞĚƚŚĂƚ ƚŚĞŚĂƌĚŽŶŶĂǇďƵŝůĚŝŶŐŝƐŽŶĞŽĨƚŚĞƚŽƉƚǁŽĂĞƐƚŚĞƚŝĐĂůůǇƉůĞĂƐŝŶŐďƵŝůĚŝŶŐƐŝŶZŽĐŚĞƐƚĞƌŽĨŝƚƐƚŝŵĞ ƉĞƌŝŽĚ͘ Dƌ͘^ŬŽůŶŝĐŬĂƐŬĞĚ͕͞/ĨƚŚŝƐĚĞŵŽůŝƚŝŽŶƉĞƌŵŝƚ;ĨŽƌƚŚĞŚĂƌĚŽŶŶĂǇͿǁŽƵůĚďĞĂƉƉƌŽǀĞĚǁŚĞŶŝƚŵĞĞƚƐ ƚŚĞĐƌŝƚĞƌŝĂĨŽƌďĞŝŶŐĂŚŝƐƚŽƌŝĐďƵŝůĚŝŶŐ͕ǁŚĞŶǁŽƵůĚƚŚĞĐŽŵŵŝƐƐŝŽŶĞǀĞƌĚĞŶǇĂĚĞŵŽůŝƚŝŽŶƉĞƌŵŝƚ͘͟,Ğ ĐŽŶƚŝŶƵĞĚƐƚĂƚŝŶŐďĂƐĞĚŽŶŝƚƐŚŝƐƚŽƌŝĐŶĂƚƵƌĞ͕ŝƚƐďĞĂƵƚǇĂŶĚŵĞĂŶŝŶŐƚŽZŽĐŚĞƐƚĞƌ͕ŝƚƐŚŽƵůĚƌĞŵĂŝŶ͘ ƚŚ DƐ͘EĂŶĐǇ^ůŽĐƵŵď͕;ƌĞƐŝĚŝŶŐĂƚϲϮϭϱǀĞ͘^t͕ZŽĐŚĞƐƚĞƌ͕DEͿĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ DƐ͘^ůŽĐƵŵďƐƚĂƚĞĚƚŚĂƚǁŝƚŚƚŚĞŚĞůƉŽĨĂůŽƚŽĨĨƌŝĞŶĚƐƐŚĞŐĂƚŚĞƌĞĚƚŚĞŝŶĨŽƌŵĂƚŝŽŶƚŚĂƚǁĂƐƐĞŶƚƚŽ ƚŚĞ,WƚŽĚĂǇ͘^ŚĞƐƚĂƚĞĚƚŚĞĂĚĚĞŶĚƵŵǁŝƚŚŚĞƌĚŽĐƵŵĞŶƚǁĂƐĂĚĚĞĚƐŽƚŚĂƚƐŚĞĐŽƵůĚǁƌŝƚĞĂŶĚ ƉƌŽǀŝĚĞƚŚĞŝŶĨŽƌŵĂƚŝŽŶŝŶƚŚĞƐĂŵĞŵĂŶŽƌƚŚĞƐƚĂĨĨŚĂĚĚŽŶĞ͘ DƐ͘^ůŽĐŽŵďŐĂǀĞĂďƌŝĞĨŚŝƐƚŽƌǇŽĨŚĞƌƌĞƐĞĂƌĐŚŵĞƚŚŽĚƐĂŶĚĂŚŝƐƚŽƌǇŽĨƚŚĞďƵŝůĚŝŶŐŽǁŶĞƌƐŚŝƉ͕ ĨŽƌŵĞƌƵƐĞƐ͕ĂŶĚƌĞƐŝĚĞŶƚƐŽĨƚŚĞƉƌŽƉĞƌƚǇĂŶĚƚŚĞďƵŝůĚŝŶŐ͘^ŚĞƐƚĂƚĞĚƚŚĂƚƚŚĞƐƚƌĞĞƚƚŚĂƚŝƚǁĂƐŽŶ ŚĂĚĂůŽƚŽĨŚŝƐƚŽƌǇĂŶĚĞĂƌůŝĞƌŝŶŝƚƐŚŝƐƚŽƌǇǁĂƐĂƉƌĞŵŝĞƌƉůĂĐĞƚŽůŝǀĞ͘^ŚĞĨĞĞůƐƚŚĂƚƚŚĞƌĞĐĂŶďĞ ĨƵƚƵƌĞƵƐĞƐĨŽƌƚŚĞƉƌŽƉĞƌƚǇ͘ Dƌ͘sŽƐƐĐŽŵŵĞŶĚĞĚDƐ͘^ůŽĐƵŵďŽŶŚĞƌŝŶĨŽƌŵĂƚŝŽŶĂŶĚĂƐŬĞĚĨŽƌĂĚĚŝƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐ ŚĞƌƌĞƐĞĂƌĐŚƐŽƵƌĐĞƐ͘ DƐ͘^ůŽĐƵŵďƐƚĂƚĞĚƚŚĂƚƐŚĞŐŝǀĞƐĐƌĞĚŝƚƚŽƚŚĞƐƚĂĨĨĂƚƚŚĞŚŝƐƚŽƌǇĐĞŶƚĞƌĨŽƌŚĞůƉŝŶŐŚĞƌĐŽŵƉŝůĞŚĞƌ ŝŶĨŽƌŵĂƚŝŽŶĂŶĚĞǆƉůĂŝŶĞĚŚĞƌƉƌŽĐĞƐƐŝŶƌĞƐĞĂƌĐŚŝŶŐĂĚĚŝƚŝŽŶĂůƉƌŽƉĞƌƚǇĚĞƚĂŝůƐĂŶĚŐĂǀĞƚŚĞŵŚĞƌ ƚŚĂŶŬƐ͘ 3DFNHW3J (H 3DJH &LW\+HULWDJH3UHVHUYDWLRQ&RPPLVVLRQ 0DUFK DƐ͘^ůŽĐƵŵďƐƚĂƚĞĚƚŚĂƚƐŚĞĂůƐŽůŽŽŬĞĚŝŶƚŽƌĞĨĞƌĞŶĐĞŵĂƚĞ ƌŝĂůƐĂƚƚŚĞƌĞĐŽƌĚĞƌ͛ƐŽĨĨŝĐĞĂŶĚ $WWDFKPHQW+3&0LQXWHV +HULWDJH3UHVHUYDWLRQ&RPPLVVLRQ"5HYLHZRIWKH'HPROLWLRQ3HUPLWVIRU0HOLVVD"VRQQG ĂĐŬŶŽǁůĞĚŐĞĚƚŚĂƚƐŚĞĚŝĚŶŽƚƐƉĞĂŬƚŽƚŚĞĐƵƌƌĞŶƚŽǁŶĞƌƐĂŶĚŚĞƌŝŶĨŽƌŵĂƚŝŽŶŝƐůĂĐŬŝŶŐĐƵƌƌĞŶƚĚĂƚĂ͘ Dƌ͘ůůŵĂŶĐŽŵŵĞŶĚĞĚDƐ͘^ůŽĐƵŵďĂŶĚDƌ͘dŝŵ^ĐŚŵŝƚƚĂƚƚŚĞ,ŝƐƚŽƌǇĞŶƚĞƌĨŽƌƚŚĞǁŽƌŬƚŚĂƚƚŚĞǇ ĚŝĚŽŶƚŚŝƐĞĨĨŽƌƚĂŶĚƚŚĞŝŶǀĞƐƚŝŐĂƚŝŽŶĨŽƌƚŚĞŚĂƌĚŽŶŶĂǇĂŶĚƚŚĂƚŽĨƚŚĞŚŝƐƚŽƌǇŽĨ:͛ƐƚŚĂƚƐŚĞ ƉƌĞǀŝŽƵƐůǇƉƌĞƐĞŶƚĞĚĂƚŝƚǇŽƵŶĐŝů͘ DƐ͘^ůŽĐƵŵďƐƚĂƚĞĚƚŚĂƚƚŚĞĞĨĨŽƌƚĚŝĚƚĂŬĞĂůŽƚŽĨǁŽƌŬĂŶĚŝƐƚŝŵĞĐŽŶƐƵŵŝŶŐĂŶĚƌĞĐŽŵŵĞŶĚĞĚƚŚĂƚ ƚŚĞŽŵŵŝƐƐŝŽŶĨŝŶĚĂǁĂǇƚŽŚŝƌĞĂĐŽŶƐƵůƚĂŶƚƐŽƚŚĂƚƚŚĞŽŵŵŝƐƐŝŽŶŝƐŶŽƚƌĞĂĐƚŝŶŐŝŶĨƵƚƵƌĞ ƐŝƚƵĂƚŝŽŶƐ͘^ŚĞƐƚĂƚĞĚĂǀŽůƵŶƚĞĞƌĞĨĨŽƌƚƚŽĨŝŶĚƚŚŝƐĚĂƚĂŽƵƚĐĂŶŶŽƚĐŽŶƚŝŶƵĞ͘ DƐ͘dŚĞƌĞƐĂDĐŽƌŵĂĐŬ͕;ƌĐŚŝƚĞĐƚĂƚdŚĞhƌďĂŶ^ƚƵĚŝŽ͕ϯϭϴ^͘ƌŽĂĚǁĂǇ͕ZŽĐŚĞƐƚĞƌ͕DEͿĂĚĚƌĞƐƐĞĚ ƚŚĞŽŵŵŝƐƐŝŽŶ͘ DƐ͘DĐŽƌŵĂĐŬƐƚĂƚĞĚǁŚĂƚƐŚĞǁŽƵůĚůŝŬĞƚŚĞŝƚǇĂŶĚƚŚĞŽŵŵŝƐƐŝŽŶƚŽƌĞĂůŝǌĞ͕ŝƐƚŚĂƚŝĨƚŚŝƐƐƚƌĞĞƚŝƐ ŐŽŝŶŐƚŽďĞƌĞĚĞǀĞůŽƉĞĚĂŶĚƚŚĞƌĞƐƚŽĨƚŚĞďƵŝůĚŝŶŐƐĂƌĞŐŽŝŶŐĂǁĂǇ͕ƚŚĞŶƚŚŝƐďƵŝůĚŝŶŐƐŝƚƐϯϬĨĞĞƚĨƌŽŵ ƚŚĞƐƚƌĞĞƚĂŶĚƚŚĞƐƵƌƌŽƵŶĚŝŶŐďƵŝůĚŝŶŐĚĞŶƐŝƚǇƉƵůůƐǁŝƚŚŝŶϭϱ͛ĨƌŽŵƚŚĞƐƚƌĞĞƚ͘^ŚĞĂƐŬĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶƚŽůŽŽŬĨŽƌĨƵŶĚŝŶŐŶŽƚŽŶůǇĨŽƌƚŚĞŝŶĨŽƌŵĂƚŝŽŶƐĞĞŬŝŶŐƚǇƉĞŽĨǁŽƌŬƚŚĂƚǁĂƐĚŽŶĞ͕ďƵƚ ĂůƐŽĂďŽƵƚƉƌŽǀŝĚŝŶŐŝŶĐĞŶƚŝǀĞƐƚŽŽǁŶĞƌƐŽĨŚŝƐƚŽƌŝĐƉƌŽƉĞƌƚŝĞƐƚŽŵŽǀĞƚŚĞŵ͕ŽƌƚŽŬĞĞƉƚŚĞŵĂŶĚ ƌĞƐƚŽƌĞƚŚĞŵƐŽƚŚĞǇĂƌĞŶŽƚĂƚƌŝƐŬ͘^ŚĞƐƚĂƚĞĚƚŚĂƚŝƚŝƐĂŐƌĞĂƚďƵŝůĚŝŶŐďƵƚƐŚĞŝƐŶŽƚĂǁĂƌĞŽĨĂ ďƵƐŝŶĞƐƐƉůĂŶƚŚĂƚǁŽƵůĚƐƵƉƉŽƌƚŝƚĨŝŶĂŶĐŝĂůůǇ͘ DƐ͘DĐŽƌŵĂĐŬƐƚĂƚĞĚƚŚĂƚƐŚĞŝƐĐŽŶĐĞƌŶĞĚƚŚĂƚĞǀĞŶŝĨƚŚŝƐďƵŝůĚŝŶŐƐƵƌǀŝǀĞƐƚŚŝƐƌŽƵŶĚ͕ŝƚŵŝŐŚƚŶŽƚ ƐƵƌǀŝǀĞĂŶŽƚŚĞƌŽŶĞ͘^ŚĞĐŽŶƚŝŶƵĞĚƚŚĂƚŝƚ;ƚŚĞďƵŝůĚŝŶŐͿŝƐĂƚƌŝƐŬĚƵĞƚŽŝƚƐůŽĐĂƚŝŽŶĨƌŽŵƚŚĞƉƌĞƐƐƵƌĞŽĨ ĚĞǀĞůŽƉŵĞŶƚ͘ ƚŚ Dƌ͘<ƌƵĞƐĞů;ƌĞƐŝĚŝŶŐĂƚϰϴϬϭϰϴ^ƚ͘E͕ZŽĐŚĞƐƚĞƌ͕DEͿƐƚĂƚĞĚƚŚĂƚŚĞŶĞĞĚĞĚƚŽƌĞƐƉŽŶĚƚŽǁŚĂƚDƐ͘ DĐŽƌŵĂĐŬŚĂƐƚŽƐĂǇĂŶĚƐƚĂƚĞĚƚŚĂƚŚĞĐŽƵůĚŶŽƚĂĚĚƚŽƚŚĞĞǆĞŵƉůĂƌǇũŽďƚŚĂƚDƐ͘^ůŽĐƵŵďĂůƌĞĂĚǇ ĚŝĚ͘ Dƌ͘<ƌƵĞƐĞůƐƚĂƚĞĚŚĞŝƐŚŽƉĞĨƵůƚŚŝƐŚŽƵƐĞĐĂŶƐƚĂǇǁŚĞƌĞŝƚŝƐĂƐƚŚĂƚŝƐƚŚĞďĞƐƚƉůĂĐĞĨŽƌĂŚŝƐƚŽƌŝĐ ŚŽŵĞ͕ďƵƚĨĞĂƌƐƚŚĂƚŝƚŵĂǇďĞĐŽŵĞŶĞĐĞƐƐĂƌǇĨŽƌƚŚŝƐŚŽƵ ƐĞƚŽŵŽǀĞ͘,ĞƋƵĞƐƚŝŽŶĞĚ͕͞d/&ĨŝŶĂŶĐŝŶŐ ĐŽƵůĚďĞƐĞƚĂƐŝĚĞĂƐĂŶŝŶĐĞŶƚŝǀĞƉĂĐŬĂŐĞƐĨŽƌĐŽŵŵĞƌĐŝĂůďƵŝůĚŝŶŐƐƐŽƚŚĞǇĐĂŶŬĞĞƉĂƉŽƐŝƚŝǀĞĐĂƐŚ ĨůŽǁ͘͟ Dƌ͘<ŶŽƚƚƌĞƐƉŽŶĚĞĚƚŚĂƚd/&ŝƐŶŽƚƐĞƚƵƉĨŽƌƚŚĞƉƌŽĐĞƐƐƚŚĂƚDƌ͘<ƌƵĞƐĞůǁĂƐƐƉĞĂŬŝŶŐƚŽĂƐŝƚŝƐŶ͛ƚĂ ƉŽŽůŽĨŵŽŶĞǇƚŚĂƚĐĂŶďĞƐĞƚĂƐŝĚĞĨŽƌŽƚŚĞƌƚŚŝŶŐƐ͘,ĞĞǆƉůĂŝŶĞĚƚŚĞƌĞŵĂǇďĞŽƚŚĞƌƐŽƵƌĐĞƐ͕ďƵƚd/& ǁŽƵůĚŶ͛ƚďĞĞůŝŐŝďůĞĨŽƌƚŚŝƐƉƌŽũĞĐƚĂŶĚƚŚĞŝƐƐƵĞĐŽƵůĚďĞůŽŽŬĞĚĂƚĨƵƌƚŚĞƌ͘,ĞĨƵƌƚŚĞƌĞůĂďŽƌĂƚĞĚƚŚĞ ǁĂǇƐd/&ĐĂŶďĞĂƉƉůŝĞĚ͕ƐƚĂƚŝŶŐƚŚĂƚd/&ĨƵŶĚŝŶŐŶĞĞĚƐƚŽďĞƉƌŽũĞĐƚƐƉĞĐŝĨŝĐĂŶĚĂĚŵŝŶŝƐƚĞƌĞĚƵŶĚĞƌ ƐƚĂƚĞƐƚĂƚƵƚĞƐ͘ Dƌ͘<ƌƵĞƐĞůƐƚĂƚĞĚƚŚĂƚŝĨƚŚĞďƵŝůĚŝŶŐĐĂŶŶŽƚƐƚĂǇĂƚŝƚƐĐƵƌƌĞŶƚƐŝƚĞƚŚĞŶƚŚĞƌĞĂƌĞƉĂƌƚŝĞƐĐƵƌƌĞŶƚůǇ ůŽŽŬŝŶŐĂƚŵŽǀŝŶŐŝƚ͘,ĞĐŽŶĐůƵĚĞĚƐĂǇŝŶŐĚĞŵŽůŝƚŝŽŶŽĨƚŚŝƐďƵŝůĚŝŶŐŝƐƵŶĂĐĐĞƉƚĂďůĞ͘ ƚŚ DƐ͘͘ŚƌŝƐƚŝŶĞ^ĐŚƵůƚǌĞ͕;ƌĐŚŝƚĞĐƚDd>ŝĐ͕͘ƌĞƐŝĚŝŶŐĂƚϳϯϬϱ^ƚ͘^t͕ZŽĐŚĞƐƚĞƌ͕DEͿĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘ 3DFNHW3J (H 3DJH 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Dƌ͘ůůŵĂŶĂƐŬĞĚŝĨƚŚĞƉƌŽƉĞƌƚǇŽǁŶĞƌǁŽƵůĚůŝŬĞƚŽƐƉĞĂŬĂŶĚƚŚĞŽǁŶĞƌĚĞĐůŝŶĞĚ͘ Dƌ͘ůůŵĂŶĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘ůůŵĂŶƐƚĂƚĞĚƚŚĂƚŚĞŚĂĚƐŽŵĞŽƉŝŶŝŽŶƐĂŶĚĞǆƉƌĞƐƐŝŶŐƚŚĞŵ͘,ĞĐŽŶĐůƵĚĞĚƐƚĂƚŝŶŐƚŚĞǁŽƌŬŽĨ ƚŚĞ,WŝƐŝŶŝƚƐŝŶĨĂŶĐǇĂŶĚƚŚĂƚŽŶĐĞďƵŝůĚŝŶŐƐŐŽĚŽǁŶ͕ƚŚĞǇĐĂŶŶŽƚďĞƉƵƚƵƉ͘ Dƌ͘ůůŵĂŶƐƚĂƚĞĚƚŚĂƚŚĞŚĂƐĂďĞůŝĞĨƚŚĂƚƚŚĞ,WƐŚŽƵůĚŶŽƚĚŝĐƚĂƚĞĚĞƐŝŐŶĐƌŝƚĞƌŝĂŝŶƌĞŐĂƌĚƚŽƐĐĂůĞ ĂŶĚƚĞǆƚƵƌĞ͘,ĞĂŐƌĞĞĚƚŚĂƚƐƵďƐŝĚŝĞƐĂƌĞŐŽŝŶŐƚŽďĞĐƌƵĐŝĂůŽĨĂĚĂƉƚŝǀĞƌĞƵƐĞŽĨƚŚĞƐĞďƵŝůĚŝŶŐƐĂŶĚ ,ŝƐƚŽƌŝĐƵŝůĚŝŶŐƐŚŽƵůĚĂĚĂƉƚƚŽƵƐĞĂŶĚďƵŝůĚŝŶŐĐŽĚĞƐ͘ Dƌ͘ůůŵĂŶƐƚĂƚĞĚƚŚĂƚŚĞŝƐĐŽŶĨůŝĐƚĞĚƌĞŐĂ ƌĚŝŶŐ,W͛ƐƌŽůĞĐŽŶĐĞƌŶŝŶŐǁŚĞƌĞƉƌŝǀĂƚĞŽǁŶĞƌƐƌŝŐŚƚƐĂŶĚ ƉƵďůŝĐŽǁŶĞƌƐƌŝŐŚƚƐďĞŐŝŶŝŶƌĞůĂƚŝŽŶƚŽƚŚĞ,ŝƐƚŽƌŝĐWƌĞƐĞƌǀĂƚŝŽŶKƌĚŝŶĂŶĐĞ͘ Dƌ͘ũĞƌŬĂĂƐƌĞƋƵĞƐƚĞĚƚŚĂƚƐƚĂĨĨǁƌŝƚĞĂůĞƚƚĞƌŽĨƚŚĞ;ϲϬͿƐŝǆƚǇĚĂǇ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚďĞƚǁĞĞŶƐƚĂĨĨĂŶĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ Dƌ͘KůƐŽŶŵĂĚĞĂŵŽƚŝŽŶƚŚĂƚͲ ϭͿ͘dŚĞ,WĂƐŬĞĚƚŚĞŝƚǇƚŽǁƌŝƚĞĂϲϬĚĂǇůĞƚƚĞƌ ϮͿ͘ůĞƚƚĞƌďĞĚƌĂĨƚĞĚƚŽƚŚĞŽǁŶĞƌƌĞŐĂƌĚŝŶŐƉŽƚĞŶƚŝĂůŝŶĐĞŶƚŝǀĞĨŝŶĂŶĐŝĂůƉĂĐŬĂŐĞƐ͘ Dƌ͘ĞŶŝŬĞƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘ Dƌ͘ĞŶŝŬĞƐƚĂƚĞĚƚŚĂƚƉĞƌŚĂƉƐĂƐƉĞĐŝĂůŵĞĞƚŝŶŐĐĂŶďĞĐĂůůĞĚƚŽƐĞĞŝĨƚŚĞĚƵĞĚŝůŝŐĞŶĐĞƌĞŐĂƌĚŝŶŐƚŚĞ 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ĐŽŶƚŝŶƵĞĚƚŚĂƚƐŚĞĨĞůƚƚŚĞŽŵŵŝƐƐŝŽŶŐĞƚƐďŽŐŐĞĚĚŽǁŶŝŶƵŶŶĞĐĞƐƐĂƌǇŝŶĨŽƌŵĂƚŝŽŶŐŝǀĞŶďĞĐĂƵƐĞ ƚŚĞƐƉĞĐŝĨŝĐŝŶĨŽƌŵĂƚŝŽŶƉƌŽǀŝĚĞĚƌĞŐĂƌĚŝŶŐŚŝƐƚŽƌŝĐƉƌĞƐĞƌǀĂƚŝŽŶǁĂƐĂůƌĞĂĚǇďĞĞŶƉƌŽǀŝĚĞĚ͘ DƐ͘ůůŵĂŶƐƚĂƚĞĚƚŚĂƚŝƚŝƐĂĐŽƌĞŝƐƐƵĞĂƐŬŝŶŐǁŚŽƐĞďƵŝůĚŝŶŐŝƚŝƐĂŶĚƚŚĂƚƚŚĞŽŵŵŝƐƐŝŽŶǁŝůůĐŽŵĞƵƉ ĂŐĂŝŶƐƚƚŚŝƐƋƵĞƐƚŝŽŶĞǀĞƌǇƚŝŵĞ͘ Dƌ͘ũĞƌŬĂĂƐƐƚĂƚĞĚƚŚĂƚŚĞĐŽŶĐƵƌƐǁŝƚŚDƐ͘'ƵŝŵĂƌĂĞƐĂŶĚƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌĨŝŶĂŶĐŝŶŐŝƐŽŶƚŚĞ ŽǁŶĞƌ͕ďƵƚƚŚĂƚ,WĐĂŶĂƐƐŝƐƚŝŶƚŚĂƚƉƌŽĐĞƐƐ͘,ĞƐƚĂƚĞĚƚŚĞĐŝƚǇƐŚŽƵůĚďĞĂďůĞƚŽĂƐƐŝƐƚŝŶƐŽŵĞ ŝŶǀĞƐƚŵĞŶƚĚƵĞƚŽƚŚĞDŝŶĐĞŶƚŝǀĞƐ͘ Dƌ͘ĚŬŝŶƐƐƚĂƚĞĚŝĨĂƉƌŽũĞĐƚĨŝŶĚƐŝƚƐǁĂǇŝŶƚŽƚŚĞDƉůĂŶƐ͕ƚŚĞŶŝƚǁŽƵůĚďĞĞůŝŐŝďůĞĨŽƌƚŚĞD ŝŶĐĞŶƚŝǀĞƐďƵƚůĞĂƌŶĞĚƚŚĂƚŵŽƌŶŝŶŐƚŚĂƚƚŚĞDƉůĂŶƐǁŽƵůĚŶŽƚďĞĂǀĂŝůĂďůĞƵŶƚŝůϮϬϭϱ͘ Dƌ͘sŽƐƐƋƵĞƐƚŝŽŶĞĚƚŚĞůŽŐŝĐŽĨĚĞůĂǇŝŶŐƚŚĞĚĞĐŝƐŝŽŶĂŶĚƐƚĂƚĞĚŶŽŽŶĞŚĂƐĂƌŐƵĞĚƚŚĞŚŝƐƚŽƌŝĐĂů ƐŝŐŶŝĨŝĐĂŶĐĞŽĨƚŚŝƐƐŝƚĞĂŶĚƚŚŝƐŝƐĂŶŽƉƉŽƌƚƵŶŝƚǇƚŽƐĞĞŝĨƚŚĞŽŵŵŝƐƐŝŽŶŝƐŐŽŝŶŐƚŽůŝǀĞƵƉƚŽŝƚƐ ŵŝƐƐŝŽŶ͘ Dƌ͘KůƐŽŶĂŶĚDƌ͘ůůŵĂŶǀŽƚĞĚŝŶĨĂǀŽƌŽĨƚŚĞŵŽƚŝŽŶ͘ Dƌ͘ũĞƌŬĂĂƐ͕Dƌ͘ĞŶŝŬĞ͕Dƌ͘sŽƐƐ͕Dƌ͘'ŝĞƐĞŶ͕ĂŶĚDƐ͘'ƵŝŵĂƌĂĞƐǀŽƚĞĚĂŐĂŝŶƐƚƚŚĞŵŽƚŝŽŶ͘ Dƌ͘WĞĚĞƌƐŽŶĂďƐƚĂŝŶĞĚ͘dŚĞŵŽƚŝŽŶĨĂŝůĞĚ͘ Dƌ͘'ŝĞƐĞŶŵĂĚĞĂŵŽƚŝŽŶƚŚĂƚďĂƐĞĚŽŶƚŚĞĐŚĂƌŐĞŽĨ,ĞƌŝƚĂŐĞWƌĞƐĞƌǀĂƚŝŽŶKƌĚŝŶĂŶĐĞĐƌŝƚĞƌŝĂ͕ďĂƐĞĚ ŽŶƚŚĞŝŶĨŽƌŵĂƚŝŽŶŝŶƚŚĞƉĂĐŬĞƚ͕ƚŚĞϯĐƌŝƚĞƌŝĂŐŝǀĞŶŝŶƚŚĞŵĞŵŽ͕ƚŚŝƐƐŝƚĞƉŽƚĞŶƚŝĂůůǇďĞŝŶŐĂ,ĞƌŝƚĂŐĞ WƌĞƐĞƌǀĂƚŝŽŶƐŝƚĞ͕ĂŶĚƚŚĞƚĞƐƚŝŵŽŶǇŐŝǀĞŶƚŽĚĂǇ͕ƚŽĚĞŶǇƚŚĞĞŵŽůŝƚŝŽŶWĞƌŵŝƚ͘DƐ͘'ƵŝŵĂƌĂĞƐ ƐĞĐŽŶĚĞĚ͘ Dƌ͘ũĞƌŬĂĂƐƐƚĂƚĞƚŚĂƚŚĞŚĂĚĂŵĞŶĚŵĞŶƚƐƚŽƚŚĞŵŽƚŝŽŶƚŽƐƚĂƚĞƚŚĞĞǆĂĐƚĐƌŝƚĞƌŝĂĂŶĚƌĞĂĚĂŵŽƚŝŽŶ ŚĞŚĂĚĐƌĂĨƚĞĚĂŶĚĂƐŬĞĚDƌ͘'ŝĞƐĞŶŝĨŚĞǁŽƵůĚůŝŬĞƚŽƵƐĞŚŝƐǁŽƌĚŝŶŐƚŽĂŵĞŶĚƚŚĞŵŽƚŝŽŶ͘ Dƌ͘'ŝĞƐĞŶĚĞĐůŝŶĞĚƚŽĂŵĞŶĚƚŚĞŵŽƚŝŽŶ͘ Dƌ͘ůůŵĂŶ͕Dƌ͘ũĞƌŬĂĂƐ͕Dƌ͘ĞŶŝŬĞ͕Dƌ͘sŽƐƐ͕Dƌ͘'ŝĞƐĞŶ͕ĂŶĚDƐ͘'ƵŝŵĂƌĂĞƐǀŽƚĞĚŝŶĨĂǀŽƌŽĨƚŚĞ ŵŽƚŝŽŶ͘Dƌ͘KůƐŽŶǀŽƚĞĚĂŐĂŝŶƐƚ͕Dƌ͘WĞĚĞƌƐŽŶĂďƐƚĂŝŶĞĚ͘ Dƌ͘sŽƐƐƐƚĂƚĞĚŚĞĐŽŵŵĞŶĚĞĚƚŚĞ,W͕ƐĂǇŝŶŐƚŚĞŵŽƚŝŽŶŝƐŽĨƐŝŐŶŝĨŝĐĂŶĐĞĂƐŝƚƐŚŽǁƐǁŽƌŬŝƐďĞŝŶŐ ĚŽŶĞďǇƚŚĞŽŵŵŝƐƐŝŽŶ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚƌĞŐĂƌĚŝŶŐƚŚĞŶĞǆƚƐƚĞƉŝŶƚŚĞĞŵŽůŝƚŝŽŶWĞƌŵŝƚƉƌŽĐĞƐƐ͘ 3DFNHW3J (H 3DJH &LW\+HULWDJH3UHVHUYDWLRQ&RPPLVVLRQ 0DUFK $WWDFKPHQW+3&0LQXWHV +HULWDJH3UHVHUYDWLRQ&RPPLVVLRQ"5HYLHZRIWKH'HPROLWLRQ3HUPLWVIRU0HOLVVD"VRQQG DƐ͘^ĐŚƵůƚǌƐƚĂƚĞĚƚŚĂƚƚŚĞĐƌŝƚĞƌŝĂĨŽƌ,ŝƐƚŽƌŝĐWƌĞƐĞƌǀĂƚŝŽŶŝƐŝŵƉŽƌƚĂŶƚĂŶĚŶĞĞĚƐƚŽďĞŝŶĐůƵĚĞĚŝŶƚŚĞ ĨƵƚƵƌĞŵŽƚŝŽŶƐ͘ Dƌ͘ůůŵĂŶƐƚĂƚĞĚƚŚĂƚƚŚĞǇǁŝůůďĞŚŝƌŝŶŐĂĐŽŶƐƵůƚĂŶƚĂŶĚƚŚĞ,WǁŝůůďĞĐŽĂĐŚĞĚŝŶĨƵƚƵƌĞŵŽƚŝŽŶƐ͘ &ĂĐƚŽƌƐƚŽŝŶǀĞƐƚŝŐĂƚĞĨŽƌĞŵŽůŝƚŝŽŶWĞƌŵŝƚƐ ;ĂƚƚĂĐŚŵĞŶƚͿĂŶĚ ůƚĞƌŶĂƚŝǀĞŽŶĚŝƚŝŽŶƐĨŽƌĞŵŽůŝƚŝŽŶWĞƌŵŝƚĞĐŝƐŝŽŶƐ ;ĂƚƚĂĐŚŵĞŶƚͿ Dƌ͘,ĂƌĨŽƌĚƐƚĂƚĞĚƚŚĂƚĂĨƚĞƌƚŚĞůĂƐƚŵĞĞƚŝŶŐŝƚǁĂƐŚŝƐŝŶĐůŝŶĂƚŝŽŶƚŽĂƐƐŝƐƚŝŶƚŚĞĞǀĂůƵĂƚŝŽŶŽĨ ƉƌŽƉŽƐĂůƐƐŝŵŝůĂƌƚŽǁŚĂƚŝƐďƌŽƵŐŚƚƚŽƚŚĞWůĂŶŶŝŶŐŽŵŵŝƐƐŝŽŶ͘,ĞĨĞůƚƚŚĞ,WŶĞĞĚƐĐƌŝƚĞƌŝĂĂŶĚƚŚĞ ĐŽŶĚŝƚŝŽŶƐƉůĂĐĞĚŽŶŵŽƚŝŽŶƐĨŽƌĂĐƚŝŽŶƚŽďĞƚĂŬĞŶŵŽƌĞƐƉĞĐŝĨŝĐ͘ Dƌ͘,ĂƌĨŽƌĚƐƚĂƚĞĚƚŚĂƚƚŚĞĚŽĐƵŵĞŶƚŝƐĂƐƚĂƌƚŝŶŐƉŽŝŶƚĂŶĚƐŚŽƵůĚďĞĐŽŶƐŝĚĞƌĞĚŝŶĚƌĂĨƚĨŽƌŵĂƐƚŚĞ ,WůŽŽŬƐĂƚƚŚĞĐƌŝƚĞƌŝĂƚŽĐŽŶƐŝĚĞƌ͘,ĞĐŽŶƚŝŶƵĞĚ͕ƌĞĐŽƌĚŝŶŐƚŚĞĞǆŝƐƚĞŶĐĞŽĨƚŚĞďƵŝůĚŝŶŐĂŶĚƉƵƚƚŝŶŐ ƚŽŐĞƚŚĞƌĂƌĞĐŽƌĚŽĨƚŚĞďƵŝůĚŝŶŐƐĨŽƌƚŚĞ,ŝƐƚŽƌǇĞŶƚĞƌĨŝůĞƐŽƌƚŚĞ,WĨŝůĞƐ͕ǁŚŝĐŚĞǀĞƌŝƐĂƉƉƌŽƉƌŝĂƚĞ͕ ŝƐƐŽŵĞƚŚŝŶŐƚŽƵƐĞĨŽƌĨƵƚƵƌĞŐƵŝĚĂŶĐĞďǇƚŚĞ,W͘ Dƌ͘ůůŵĂŶƐƚĂƚĞĚƚŚĂƚŚĞǁĂƐŝŶĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞƉƌĞŵŝƐĞ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚƌĞŐĂƌĚŝŶŐƚŚĞĚŽĐƵŵĞŶƚƐĂŶĚŚŽǁƚŚĞǇĐĂŶďĞƵƐĞĨƵůĨŽƌĨƵƚƵƌĞĚŝƐĐƵƐƐŝŽŶ͘ Dƌ͘ůůŵĂŶƌĞĐŽŵŵĞŶĚĞĚƚŚĂƚĂĚĚŝƚŝŽŶƐŽƌĂůƚĞƌĂƚŝŽŶƐƚŽƚŚĞĚƌĂĨƚĐĂŶďĞĞŵĂŝůĞĚƚŽDƌ͘,ĂƌĨŽƌĚŽƌƚŽ ĂƐƵďĐŽŵŵŝƚƚĞĞůŽŽŬŝŶŐĂƚĐƌŝƚĞƌŝĂ͘ 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