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ƉůĂŶǁĂƐƉƌŽƉŽƐĞĚƚŽh͕ƚŚĞĨŽůůŽǁŝŶŐĞŶŚĂŶĐĞƐŚĂǀĞďĞĞŶŵĂĚĞƚŽƚŚĞƉƌŽũĞĐƚ͗ ͲĚĚĞĚƐĞƉĂƌĂƚĞĞŶƚƌĂŶĐĞƐƚŽƐĞǀĞƌĂůƵŶŝƚƐŽŶĨŝƌƐƚĨůŽŽƌ͘ ͲZĞŵŽǀĞĚĂůůǀŝŶǇůƐŝĚŝŶŐĨƌŽŵĞǆƚĞƌŝŽƌŽĨďƵŝůĚŝŶŐ͘ZĞƉůĂĐĞĚǀŝŶǇůǁŝƚŚ,ĂƌĚŝĞĞŵĞŶƚ ŽĂƌĚ͘ ͲĚĚĞĚďĂůĐŽŶŝĞƐ͘ ͲĚĚĞĚŵĞƚĂůƉĂŶĞůƐŝĚŝŶŐŽŶǁĞƐƚĂŶĚƐŽƵƚŚƐŝĚĞƐŽĨƚŚĞďƵŝůĚŝŶŐ͘ ͲĚĚĞĚƉƌŽƉĞƌƚǇƐŝŐŶŽŶƐŽƵƚŚƐŝĚĞŽĨďƵŝůĚŝŶŐ͘ ͲĚĚĞĚŵŽƌĞďƌŝĐŬƚŽƚŚĞĨĂĕĂĚĞ͘ ůƚŚŽƵŐŚƚŚĞƐĞĞŶŚĂŶĐĞŵĞŶƚƐǁŝůůĂĚĚĐŽƐƚƐĂŶĚƉŽƚĞŶƚŝĂůůǇŝŵƉĂĐƚƚŚĞƉƌŽũĞĐƚ͛ƐĐŽŵƉĞƚŝǀĞŶĞƐƐĂƚƚŚĞ ƐƚĂƚĞůĞǀĞů͕:ŽƐĞƉŚĞǀĞůŽƉŵĞŶƚŝƐǁŝůůŝŶŐƚŽƚĂŬĞƚŚĂƚƌŝƐŬƚŽĚĞůŝǀĞƌĂƉƌŽĚƵĐƚƚŚĂƚŝƐƐƵƉƉŽƌƚĞĚďǇƚŚĞ ĐŽŵŵƵŶŝƚǇ͘ ŶŚĂŶĐĞĚƉůĂŶƐŝŶĐůƵĚŝŶŐƌĞŶĚĞƌŝŶŐƐǁŝůůďĞƉƌĞƐĞŶƚĞĚĂƚƚŚĞϭͬϮϭͬϭϱĐŽƵŶĐŝůŵĞĞƚŝŶŐ͘ Z^dZ/d/ss>KWDEdW>EWW>/d/KE ,/^dKZz ƚŚ KŶKĐƚŽďĞƌϭϱ͕ϮϬϭϰ͕:ŽƐĞƉŚĞǀĞůŽƉŵĞŶƚƐƵďŵŝƚƚĞĚĂZĞƐƚƌŝĐƚŝǀĞĞǀĞůŽƉŵĞŶƚĂƉƉůŝĐĂƚŝŽŶƚŽƚŚĞŝƚǇ ŽĨZŽĐŚĞƐƚĞƌĨŽƌƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚ͘:ŽƐĞƉŚĞǀĞůŽƉŵĞŶƚĐŚŽƐĞƚŽŐŽƚŚƌŽƵŐŚƚŚĞƌĞƐƚƌŝĐƚŝǀĞ ĚĞǀĞůŽƉŵĞŶƚƉƌŽĐĞƐƐŝŶŽƌĚĞƌƚŽĞǆĐĞĞĚĐĞƌƚĂŝŶĚĞǀĞůŽƉŵĞŶƚƐƚĂŶĚĂƌĚƐŽĨƚŚĞŚŝŐŚĞƐƚƌĞƐŝĚĞŶƚŝĂů ǌŽŶŝŶŐĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ZͲϰŚŝŐŚĚĞŶƐŝƚǇƌĞƐŝĚĞŶƚŝĂů͘WĞƌŚĂƉƚĞƌϲϮ͘ϳϬϬŽĨƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ>ĂŶĚ ĞǀĞůŽƉŵĞŶƚDĂŶƵĂů͗ ƚŚ KŶEŽǀĞŵďĞƌϭϮƚŚĞŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶŚĞůĚĂƉƵďůŝĐŚĞĂƌŝŶŐƚŽĐŽŶƐŝĚĞƌƚŚĞ ĂĨŽƌĞŵĞŶƚŝŽŶĞĚZĞƐƚƌŝĐƚŝǀĞĞǀĞůŽƉŵĞŶƚ͘ƚƚŚŝƐŵĞĞƚŝŶŐ͕ŝƚǇWůĂŶŶŝŶŐ^ƚĂĨĨĂŶĚƚŚĞWůĂŶŶŝŶŐĂŶĚ ŽŶŝŶŐŽŵŵŝƐƐŝŽŶƉƌŽǀŝĚĞĚĂƌĞĐŽŵŵĞŶĚĂƚŝŽŶŽĨĚĞŶŝĂůďĂƐĞĚŽŶƐĞǀĞƌĂůĨŝŶĚŝŶŐƐ͘:ŽƐĞƉŚ ĞǀĞůŽƉŵĞŶƚĚŽĞƐŶŽƚĂŐƌĞĞǁŝƚŚƚŚĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌĚĞŶŝĂů͘ĞůŽǁĂƌĞƚŚĞĐƌŝƚĞƌŝĂĂŶĚĨŝŶĚŝŶŐƐ ŝŶƋƵĞƐƚŝŽŶĂƐǁĞůůĂƐŽƵƌƌĞƐƉŽŶƐĞƚŽƚŚŽƐĞĨŝŶĚŝŶŐƐ͗ ƌŝƚĞƌŝĂ&ʹ,ĞŝŐŚƚ/ŵƉĂĐƚƐ͗ ^ƚĂĨĨͬWΘ&ŝŶĚŝŶŐƐ ,ĞŝŐŚƚ/ŵƉĂĐƚƐ͗dŚĞƉƌŽƉŽƐĞĚďƵŝůĚŝŶŐĂƚĨŝĨƚǇͲĨŝǀĞĨĞĞƚŝƐĂƚůĂƌŐĞƌƐĐĂůĞĂŶĚƉƌŽƉŽƌƚŝŽŶƚŽƚŚĞĂĚũĂĐĞŶƚ ĐŽŵŵĞƌĐŝĂůĂŶĚƉĞƌŵŝƚƚĞĚƵƐĞƐǁŝƚŚŝŶƚŚĞͲϰ;'ĞŶĞƌĂůŽŵŵĞƌĐŝĂůͿŽŶŝŶŐŝƐƚƌŝĐƚĂƚĂŵĂǆŝŵƵŵ ŚĞŝŐŚƚŽĨĨŽƌƚǇĨĞĞƚ͘dŚĞƉŽƌƚŝŽŶŽĨƚŚĞďƵŝůĚŝŶŐĨĂĐŝŶŐƚŚĞĞǆŝƐƚŝŶŐďƵƐŝŶĞƐƐƚŽƚŚĞŶŽƌƚŚǁŝůůĂƉƉĞĂƌĂƐĂ ϰͲƐƚŽƌǇƐƚƌƵĐƚƵƌĞ͘dŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚĐŽƵůĚƉŽƚĞŶƚŝĂůůǇďůŽĐŬƐƵŶůŝŐŚƚĨƌŽŵƌĞĂĐŚŝŶŐĂĚũĂĐĞŶƚ ƉƌŽƉĞƌƚŝĞƐ͘ 3DFNHW3J )E ZĞƐƉŽŶƐĞ dŚĞďƵŝůĚŝŶŐŝƐŚŝŐŚĞƌƚŚĂŶǁŚĂƚƚŚĞĐƵƌƌĞŶƚǌŽŶŝŶŐĂůůŽǁƐďƵƚ͕ĂƐŵĞŶƚŝŽŶĞĚĂďŽǀĞ͕ƌĞƐƚƌŝĐƚŝǀĞ ĚĞǀĞůŽƉŵĞŶƚĂůůŽǁƐĨŽƌŝŶŶŽǀĂƚŝŽŶĂŶĚĞǆƉĞƌŝŵĞŶƚĂƚŝŽŶƚŚĂƚŝƐŽƚŚĞƌǁŝƐĞŶŽƚĂůůŽǁĞĚďǇƚŚĞǌŽŶŝŶŐ 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ƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚůĂǇŽƵƚ͘ ZĞŐĂƌĚŝŶŐƚŚĞƌĂŝůƌŽĂĚƚƌĂĐŬƐ͕ƚŚĞƌĞŝƐŶŽƚŚŝŶŐŝŶƚŚĞŽƌĚŝŶĂŶĐĞƉƌĞǀĞŶƚŝŶŐŚŽƵƐŝŶŐĨƌŽŵďĞŝŶŐůŽĐĂƚĞĚ ŶĞĂƌƌĂŝůƌŽĂĚƚƌĂĐŬƐĂŶĚŝƚŝƐŶŽƚƵŶĐŽŵŵŽŶĨŽƌŶĞǁƵƌďĂŶƉƌŽũĞĐƚƐƚŽďĞůŽĐĂƚĞĚŶĞĂƌƚƌĂĐŬƐ͘ 3DFNHW3J )E ĐĐŽƌĚŝŶŐƚŽĂŶĂĚŝĂŶWĂĐŝĨŝĐZĂŝůǁĂǇ͕ŽŶƚŚŝƐůŝŶĞ͞ƚŚĞƌĞĂƌĞŽŶĂǀĞƌĂŐĞƚǁŽƚƌĂŝŶƐƚŚĂƚƌƵŶƉĞƌĚĂǇ͕ ŽŶĞĞĂĐŚǁĂǇ͘͟ĂƐĞĚŽŶƚŚĞůŝŵŝƚĞĚŶƵŵďĞƌŽĨƚƌĂŝŶƐĐƌŽƐƐŝŶŐĚĂŝůǇ͕ƚŚĞƌĂŝůƚƌĂĨĨŝĐƐŚŽƵůĚŶŽƚ ĚƌĂŵĂƚŝĐĂůůǇŝŵƉĂĐƚƚŚĞĚĞƐŝƌĂďŝůŝƚǇŽĨƚŚŝƐƉƌŽũĞĐƚ͘ĨĞŶĐĞǁŝůůďĞĂĚĚĞĚƚŽƚŚĞƐŽƵƚŚĂŶĚƐŽƵƚŚĞĂƐƚ ĂƌĞĂƐŽĨƚŚĞƉƌŽũĞĐƚƚŽŵŝƚŝŐĂƚĞƚŚĞŝŵƉĂĐƚƐŽĨƚŚĞƚƌĂĐŬƚŽǁĂƌĚƚŚĞƉƌŽũĞĐƚ͘ĚĚŝƚŝŽŶĂůůǇ͕ĐĂƵƚŝŽŶ ƐŝŐŶƐǁŝůůďĞƉůĂĐĞĚĂůŽŶŐƚŚĞĨĞŶĐĞĂŶĚƌĂŝůǁĂǇƐĂĨĞƚǇƚƌĂŝŶŝŶŐǁŝůůďĞƉƌŽǀŝĚĞĚƚŽƚĞŶĂŶƚƐƵƉŽŶŵŽǀĞ ŝŶ͘ ZĞŐĂƌĚŝŶŐƚŚĞĐŽŶŐĞƐƚŝŽŶ͕ƉĞƌƚŚĞ^ƚĂĨĨZĞƉŽƌƚ͕͞dŚĞƚƌĂĨĨŝĐƉƌŽũĞĐƚĞĚƚŽďĞŐĞŶĞƌĂƚĞĚĨƌŽŵƚŚĞ ĚĞǀĞůŽƉŵĞŶƚƐŚŽƵůĚŶŽƚĐĂƵƐĞƚŚĞƚƌĂĨĨŝĐǀŽůƵŵĞƐƚŽĞǆĐĞĞĚĐĂƉĂĐŝƚŝĞƐŽŶůŽĐĂůƌĞƐŝĚĞŶƚŝĂůƐƚƌĞĞƚƐ͘͟ dŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚŝƐĂŶƚŝĐŝƉĂƚĞĚƚŽƉƌŽĚƵĐĞĂƉƉƌŽǆŝŵĂƚĞůǇϰϱϬƚƌŝƉƐƉĞƌĚĂǇ͘ĂƐĞĚŽŶƉƌĞǀŝŽƵƐ ĐŽŶǀĞƌƐĂƚŝŽŶƐǁŝƚŚZŽĐŚĞƐƚĞƌdƌĂĨĨŝĐŶŐŝŶĞĞƌƐ͕ƚƌĂĨĨŝĐŐĞŶĞƌĂƚĞĚďǇŵƵůƚŝĨĂŵŝůǇŚŽƵƐŝŶŐŝƐ 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ƌĞƐŝĚĞŶƚƐƚŚĂƚŝƐĂůƐŽĂĞƐƚŚĞƚŝĐĂůůǇƉůĞĂƐŝŶŐƚŽƚŚŽƐĞƉĂƐƐŝŶŐďǇ͘:ŽƐĞƉŚĞǀĞůŽƉŵĞŶƚŝƐĐŽŶĨŝĚĞŶƚƚŚĂƚ ƌĞƐŝĚĞŶƚƐǁŝůůďĞĂƚƚƌĂĐƚĞĚƚŽƚŚĞƉƌŽũĞĐƚ͛ƐƉƌŝƐƚŝŶĞůŽĐĂƚŝŽŶĂŶĚŶŽƚďĞĚĞƚĞƌƌĞĚďǇůĂŶĚƐĐĂƉŝŶŐƚŚĂƚŝƐ ƵŶĚĞƌϯϱй͘ dŚĞůĂŶĚƐĐĂƉŝŶŐƉůĂŶǁŝůůŝŶĐůƵĚĞďŽƵůĞǀĂƌĚƚƌĞĞƐ͕ŽŶĞƉĞƌϯϱĨĞĞƚ͘ ĚĞƚĂŝůĞĚůĂŶĚƐĐĂƉŝŶŐƉůĂŶǁŝůůďĞƐƵďŵŝƚƚĞĚĂƐƉĂƌƚŽĨWŚĂƐĞ//ŽĨƚŚĞZĞƐƚƌŝĐƚŝǀĞĞǀĞůŽƉŵĞŶƚ ƉƉůŝĐĂƚŝŽŶƉƌŽĐĞƐƐ͘ ƌŝƚĞƌŝĂ:ʹKƌĚŝŶĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚ ^ƚĂĨĨͬWΘ&ŝŶĚŝŶŐƐ hƐŝŶŐƉĂƌŬŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĂDƵůƚŝͲĨĂŵŝůǇƵƐĞŝŶƚŚĞZͲϰZĞƐŝĚĞŶƚŝĂůŽŶŝŶŐŝƐƚƌŝĐƚ͕ϵϰƐƉĂĐĞƐĂƌĞ ƌĞƋƵŝƌĞĚ͘ĂƐĞĚŽŶƚŚŝƐĐĂůĐƵůĂƚŝŽŶ͕ƚŚĞǇĂƌĞϭϯƐƉĂĐĞƐƵŶĚĞƌƚŚĞŵŝŶŝŵƵŵƌĞƋƵŝƌĞŵĞŶƚƐ͘dŚĞ ƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚĚŽĞƐŶŽƚƐŚŽǁƚŚĞƚŽƚĂůůĂŶĚƐĐĂƉĞĂƌĞĂ͕ŚŽǁĞǀĞƌ͕ŝƚĂƉƉĞĂƌƐƚŽďĞůĞƐƐƚŚĂŶƚŚĞ ϯϱƉĞƌĐĞŶƚŵŝŶŝŵƵŵƌĞƋƵŝƌĞĚ͘dŚĞŵĂǆŝŵŝƵŵĚĞŶƐŝƚǇĨŽƌƚŚŝƐƐŝƚĞŝƐϱϮ͘ϮϳƵŶŝƚƐĂŶĚƚŚĞƉƌŽƉŽƐĂůŝƐϲϴ ƵŶŝƚƐ͘dŚĞƐŝƚĞƉůĂŶĚŽĞƐŶŽƚŝŶĚŝĐĂƚĞǁŚĂƚƉĞƌĐĞŶƚĂŐĞŽĨƌĞĐƌĞĂƚŝŽŶƐƉĂĐĞƚŚĞƌĞǁŝůůďĞŽŶƐŝƚĞ͘dŚĞ ƌĞƋƵŝƌĞŵĞŶƚǁŽƵůĚďĞĨŽƌĞŝŐŚƚƉĞƌĐĞŶƚŽĨƚŚĞďƵŝůĚŝŶŐƐƋƵĂƌĞĨŽŽƚĂŐĞ;ϲ͕ϯϲϭƐƋƵĂƌĞĨĞĞƚͿ͘ 3DFNHW3J )E ZĞƐƉŽŶƐĞ 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