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ĞǆƉƌĞƐƐĞĚƐƵƉƉŽƌƚĨŽƌƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚ͘,ĞŶŽƚĞĚĂĐƵƌƌĞŶƚĚĞǀĞůŽƉŵĞŶƚƚŚĂƚŝƐŶŽƚǁŽƌŬŝŶŐǁĞůůŝŶ ƚŚĞŶĞŝŐŚďŽƌŚŽŽĚĂŶĚĐŽŵŵĞŶĚĞĚƚŚĞĚĞǀĞůŽƉĞƌĨŽƌŝŶǀŽůǀŝŶŐŶĞŝŐŚďŽƌŚŽŽĚŝŶǀŽůǀĞŵĞŶƚ͘ ƚŚ Dƌ͘<ĞǀŝŶĂŵŐĂƌĚ͕ƌĞƐŝĚĞƐĂƚϮϮϴϲǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ ĂƐŬĞĚƚŚĞŽŵŵŝƐƐŝŽŶƚŽŚŽůĚŽĨĨŽŶŵĂŬŝŶŐĂĚĞĐŝƐŝŽŶƚŽŶŝŐŚƚĂƐŚĞĚŽĞƐŶŽƚĨĞĞůƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ ŚĂƐŶŽƚďĞĞŶĨƵůůǇŝŶĨŽƌŵĞĚŽŶǁŚĂƚŝƐďĞŝŶŐƉƌŽƉŽƐĞĚ͖ĂŶĚƉĂƌŬŝŶŐŝƐďĞĐŽŵŝŶŐĂďŝŐŐĞƌƉƌŽďůĞŵŝŶƚŚĞ ŶĞŝŐŚďŽƌŚŽŽĚ͘ Dƌ͘<ĞǀŝŶ&ůĞŵŝŶŐ͕ƌĞƐŝĚĞƐĂƚϱϭϭĂƐƚĞŶƚĞƌ͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ ƐƚĂƚĞĚŚĞŚĂƐďĞĞŶŝŶǀŽůǀĞĚŝŶƚŚĞŵĞĞƚŝŶŐǁŝƚŚƚŚĞĚĞǀĞůŽƉĞƌ͖ĂůƚŚŽƵŐŚĞǆƉƌĞƐƐĞĚĐŽŶĐĞƌŶĨƌŽŵǁŚĂƚ ǁĂƐďĞŝŶŐƉƌĞƐĞŶƚĞĚƚŚŝƐĞǀĞŶŝŶŐǁĂƐŶŽƚǁŚĂƚƚŚĞǇŚĂǀĞƐĞĞŶ͘,ĞĂƐŬĞĚƚŚĞŽŵŵŝƐƐŝŽŶƚŽŚŽůĚŽĨĨŽŶ ŵĂŬŝŶŐĂĚĞĐŝƐŝŽŶƐŽƌĞǀŝĞǁĐĂŶďĞƐĞĞŶďĞĨŽƌĞƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘ ƚŚ DƐ͘WĞŐŐǇĚǁĂƌĚƐ͕ƌĞƐŝĚĞƐĂƚϭϮϭϳǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞ ŶŽƚĞĚĐŽŶĐĞƌŶǁŝƚŚƚŚĞŚĞŝŐŚƚŽĨƚŚĞƉƌŽƉŽƐĞĚďƵŝůĚŝŶŐǁŝůůŝŶƚĞƌĨĞƌĞǁŝƚŚƚŚĞŝƌƐĞĐŽŶĚƐƚŽƌǇǀŝĞǁĨƌŽŵ ŚĞƌŚŽŵĞ͘ Dƌ͘DŝŬĞ,ĞůůĞƌ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚ^ŶŽǁ<ƌĞŝůŝĐŚƌĐŚŝƚĞĐƚƐ͕ϱϮϳDĂƌƋƵĞƚƚĞǀĞ͕^ƚĞ͘ϮϰϬϬ͕DŝŶŶĞĂƉŽůŝƐ DEϱϱϰϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞŶŽƚĞĚǁŚĂƚĂƐƉĞĐƚƐŽĨƚŚĞƉƌŽũĞĐƚŚĂǀĞďĞĞŶƉƌĞƐĞŶƚĞĚƚŽ ƚŚĞŶĞŝŐŚďŽƌŚŽŽĚĂŶĚǁŚĂƚĐŚĂŶŐĞƐŚĂǀĞŽĐĐƵƌƌĞĚĨŽƌƚŽŶŝŐŚƚ͛ƐŵĞĞƚŝŶŐ͘ Ɛƚ Dƌ͘^ĞĂŶůůĞŶ͕DŝĚǁĞƐƚ>ĂŶĚŝŶŐ͕ϵϬϴϭ^ƚƌĞĞƚ^t͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞŶŽƚĞĚƚŚŝƐŝƐĂƉƌĞůŝŵŝŶĂƌǇƉůĂŶƌĞǀŝĞǁĂŶĚǁŝůůďĞĐŽŵŝŶŐďĂĐŬĂƐĂĨŝŶĂůƉůĂŶ͘,ĞƐƚĂƚĞĚƚŚĞǇĨĞĞů ƚŚĞǇŚĂǀĞĚŽŶĞǁŚĂƚŝƐŶĞĐĞƐƐĂƌǇƚŽŝŶǀŽůǀĞƚŚĞŶĞŝŐŚďŽƌƐĂŶĚƚŚĞƌĞŝƐŶ͛ƚĂŶĞĞĚĨŽƌŚŽůĚŝŶŐŽĨĨŽŶ ŵŽǀŝŶŐĂůŽŶŐƚŚĞƉƌŽũĞĐƚ͘ Dƌ͘tĂůƚĞƌƐĂƐŬĞĚǁŝƚŚŽƵƚƚŚĞƉĞŶƚŚŽƵƐĞƵŶŝƚĞƐŚŽǁƚĂůůǁŽƵůĚƚŚĞďƵŝůĚŝŶŐďĞ͍ 3DFNHW3J )H 3DJH &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH0D\ Dƌ͘ůůĞŶŶŽƚĞĚƚŚĞŚĞŝŐŚƚǁŽƵůĚďĞϯϱĨĞĞƚƚĂůůĂŶĚƚŚĞƉĞŶƚŚŽƵƐĞƵŶŝƚƐĂƌĞƚŚĞƌĞĂƐŽŶĨŽƌƚŚĞǀĂƌŝĂŶĐĞ ƌĞƋƵĞƐƚ͘ DƐ͘DĂƌǇ:ŽDĂũĞƌƵƐ͕ƌĞƐŝĚĞƐĂƚϳϬϯĂƐƚĞŶƚĞƌ^ƚƌĞĞƚ͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘^ŚĞĞǆƉƌĞƐƐĞĚŚĞƌƐƵƉƉŽƌƚŽĨƚŚĞƉƌŽũĞĐƚ͖ĐŽŵŵĞŶĚĞĚƚŚĞĚĞǀĞůŽƉĞƌŽŶŐĞƚƚŝŶŐŝŶƉƵƚ ĨƌŽŵƚŚĞŶĞŝŐŚďŽƌŚŽŽĚƐ͖ƐŚĞĂƚƚĞŶĚĞĚĂůůŽĨƚŚĞŵĞĞƚŝŶŐĞǆĐĞƉƚŽŶĞĂŶĚƚŚĞƉĞŶƚŚŽƵƐĞŚĂƐďĞĞŶƉĂƌƚ ŽĨƚŚŽƐĞŵĞĞƚŝŶŐƐ͘ ƚŚ Dƌ͘<ĞǀŝŶĂŵŐĂƌĚ͕ƌĞƐŝĚĞƐĂƚϮϮϴϲǀĞŶƵĞ^t͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ ĞǆƉƌĞƐƐĞĚŚŝƐĚŝƐĐŽŶĐĞƌŶĨŽƌƚŚĞĚĞǀĞůŽƉĞƌĂŶĚǁŚǇƚŚĞŶĞŝŐŚďŽƌŚŽŽĚƐŚŽƵůĚďĞŝŶƐƵƉƉŽƌƚŽĨƚŚĞ ĚĞǀĞůŽƉŵĞŶƚďĞĐĂƵƐĞƚŚĞǇŚĂǀĞďĞĞŶŽƉĞŶƚŽĚŝƐĐƵƐƐŝŽŶǁŝƚŚƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘ ƚŚ DƐ͘ŝĂŶĞhŶĚĞďĞƌŐ͕ƌĞƐŝĚĞƐĂƚϭϬϵϳǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ^ŚĞĞǆƉƌĞƐƐĞĚĐŽŶĐĞƌŶĨŽƌƚŚĞůĂĐŬŽĨƉĂƌŬŝŶŐĂǀĂŝůĂďŝůŝƚǇŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚĂŶĚƚŚŝƐƉƌŽũĞĐƚǁŝůůĐĂƵƐĞ ŵŽƌĞƉƌŽďůĞŵƐ͘ Dƌ͘WĂƵů^ĐĂŶůŽŶ͕ƌĞƐŝĚĞƐĂƚϭϬϬDĂǇŽWĂƌŬƌŝǀĞ^͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞŶŽƚĞĚŚŝƐŚŽƵƐĞŝƐƚŚĞĐůŽƐĞƐƚƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚ͖ƚŚĞƉƌŽũĞĐƚŝƐĂƐƵďƐƚĂŶƚŝĂůŝŵƉƌŽǀĞŵĞŶƚƚŽƚŚĞ ĂƌĞĂ͖ĐƌŝŵĞŝƐĂƉƌŽďůĞŵŝŶƚŚĞƉĂƌŬĂƌĞĂĂŶĚǁŝƚŚƚŚŝƐĚĞǀĞůŽƉŵĞŶƚƚŚĞĐƌŝŵĞƐŚŽƵůĚĚĞĐƌĞĂƐĞ͖ŚĞ ŶŽƚĞĚƚŚĞĚĞǀĞůŽƉĞƌŚĂƐďĞĞŶĨŽƌƚŚĐŽŵŝŶŐŝŶǁŚĂƚƚŚĞǇĂƌĞƉƌŽƉŽƐŝŶŐǁŝƚŚƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͖ĂŶĚŚŝƐ ŵĂŝŶĐŽŶĐĞƌŶŝƐǁŝƚŚƚŚĞůĂĐŬŽĨƉĂƌŬŝŶŐĂǀĂŝůĂďŝůŝƚǇ͘ DƐ͘DĂƌǇ:ŽDĂũĞƌƵƐ͕ƌĞƐŝĚĞƐĂƚϳϬϯĂƐƚĞŶƚĞƌ^ƚƌĞĞƚ͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘^ŚĞĂĚĚƌĞƐƐĞĚƚŚĞĐŽŶĐĞƌŶƐŽĨƉĂƌŬŝŶŐ͕ƐŚĞĨĞĞůƐƚŚĞĐƵůƚƵƌĞŝƐĐŚĂŶŐŝŶŐ͖ĂŶĚƐŚĞĚŽĞƐŶŽƚ ǁĂŶƚƚŽƐĞĞƐƵƌĨĂĐĞƉĂƌŬŝŶŐŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘ Dƌ͘DĂƚƚŚĞǁ,ĞůůĞƌ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚ^ŶŽǁͲ<ƌĞŝůŝĐŚƌĐŚŝƚĞĐƚƐ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞŶŽƚĞĚ ƚŚĞƚƌĂŶƐŝƚǁŚŝĐŚŝƐĂǀĂŝůĂďůĞƚŽĐůŽƐĞƉƌŽǆŝŵŝƚǇ͖ƚŚĞƚƌĂŝůƐǇƐƚĞŵĂŶĚǁĂůŬĂďŝůŝƚǇũƵƐƚŝĨŝĞƐƚŚĞƉĂƌŬŝŶŐ ĐŽƵŶƚƉƌŽƉŽƐĞĚ͘ ƚŚ Dƌ͘<ĞǀŝŶĂŵŐĂƌĚ͕ƌĞƐŝĚŝŶŐĂƚϮϮϴϲǀĞŶƵĞ^t͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞĂĚĚƌĞƐƐĞĚƚŚĞƉĂƌŬŝŶŐƐŝƚƵĂƚŝŽŶĂŶĚŚŽǁĚŝǀĞƌƐŝƚǇŽĨƌĞƐŝĚĞŶƚƐĂůůŽǁƐĨŽƌƐŽŵĞǁŝƚŚƚŚĞǀĞŚŝĐůĞƐĂŶĚ ƐŽŵĞǁŝƚŚŶŽŶĞ͘ Dƌ͘WĂƵů^ĐĂŶůŽŶ͕ƌĞƐŝĚĞƐĂƚϭϬϬDĂǇŽWĂƌŬƌŝǀĞ^͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞĞǆƉƌĞƐƐĞĚƚŚĞŚĞǁŽƵůĚůŝŬĞƚŽƐĞĞŵŽƌĞŐƌĞĞŶƐƉĂĐĞ͕ĂŶĚŶŽƚƐƵƌĨĂĐĞƉĂƌŬŝŶŐŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘ Ɛƚ Dƌ͘^ĞĂŶůůĞŶ͕ĐŽŶƐƵůƚĂŶƚŽĨDŝĚǁĞƐƚ>ĂŶĚŝŶŐ͕ϵϬϴϭ^ƚƌĞĞƚ^t͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞĂĚĚƌĞƐƐĞĚƚŚĞƉĂƌŬŝŶŐĂǀĂŝůĂďŝůŝƚǇďĞŝŶŐƉƌŽƉŽƐĞĚďǇƚŚĞƉƌŽũĞĐƚ͘ Dƌ͘<ĞǀŝŶ&ůĞŵŝŶŐ͕ƌĞƐŝĚĞƐĂƚϱϭϭĂƐƚĞŶƚĞƌ^ƚƌĞĞƚ͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞĂĚĚƌĞƐƐĞĚƚŚĞĐŽŶĐĞƌŶǁŝƚŚǌŽŶĞĐŚĂŶŐĞƌƵůĞƐ͖ĂŶĚŝĨŝŶƚŚĞĨƵƚƵƌĞĂƌĞƐŝĚĞŶƚĐŽŵĞƐďĞĨŽƌĞƚŚĞ ŽŵŵŝƐƐŝŽŶ͕ǁŚǇĐĂŶĂĚĞǀĞůŽƉĞƌďƌŝŶŐĂůĂƌŐĞƌƉƌŽũĞĐƚĂŶĚŝƚŝƐĂůůŽǁĞĚ͘ ƚŚ Dƌ͘<ĞǀŝŶĂŵŐĂƌĚ͕ƌĞƐŝĚĞƐϮϮϴϲǀĞŶƵĞ^t͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ ĂĚĚƌĞƐƐĞĚƚŚĞƐƵƌĨĂĐĞƉĂƌŬŝŶŐŽƉƚŝŽŶĂƐĂĐŽŶĐĞƌŶǁŝƚŚĞŵĞƌŐĞŶĐǇĂĐĐĞƐƐďĞŝŶŐĐŽŶƐƚƌƵĞĚ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ 3DFNHW3J )H 3DJH &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH0D\ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞŽŵŵŝƐƐŝŽŶŝŶƌĞŐĂƌĚƐƚŽƚŚĞƉĂƌŬŝŶŐĂǀĂŝůĂďŝůŝƚǇ͖ĐŽŶĐĞƌŶƐŽĨƚŚĞ ŚĂƌĚƐŚŝƉďĞŝŶŐǀŝĂďůĞĨŽƌƚŚĞǀĂƌŝĂŶĐĞƌĞƋƵĞƐƚĨŽƌƚŚĞƉĞŶƚŚŽƵƐĞĨŽƌƚŚĞŚĞŝŐŚƚ͖ĚĞƚĂŝůĂƐƚŽƚŚĞŽŶƐĞƚ ƉĂƌŬŝŶŐĐŽŶĐĞƌŶƐ͖ƚŚĞĚĞǀĞůŽƉĞƌ͛ƐĚƵĞĚŝůŝŐĞŶĐĞŽŶŵĞĞƚŝŶŐǁŝƚŚƚŚĞŶĞŝŐŚďŽƌŚŽŽĚƐ͖ƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨ ƚŚĞŶĞŝŐŚďŽƌ͛ƐĞǆƉƌĞƐƐĞĚĐŽŶĐĞƌŶƐ͖ Dƌ͘,ĂƌĨŽƌĚŶŽƚĞĚĨŽƌĐůĂƌŝĨŝĐĂƚŝŽŶƚŚĂƚĂƚŽŶĞƚŝŵĞŚĂƌĚƐŚŝƉǁĂƐƚŚĞĨŝƌƐƚĐƌŝƚĞƌŝĂŽĨĂǀĂƌŝĂŶĐĞ͖ƚŚĞƌĞŝƐ ŶŽǁůĂŶŐƵĂŐĞĨŽƌƚĂůŬƐĂďŽƵƚĞǆƚƌĂŽƌĚŝŶĂƌǇĐŽŶĚŝƚŝŽŶƐŽƌĐŝƌĐƵŵƐƚĂŶĐĞƐǁŚŝĐŚŶŽƚƚŚĞƐĂŵĞƚŚŝŶŐ͖ ƌĞĂƐŽŶĂďůĞƵƐĞŝƐƐƚŝůůŝŶƚŚĞůĂŶŐƵĂŐĞ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚƌĞŐĂƌĚŝŶŐƚŚĞůĂŶŐƵĂŐĞŽĨƚŚĞŽƌĚŝŶĂŶĐĞĨŽƌĐƌŝƚĞƌŝĂŽĨǀĂƌŝĂŶĐĞƐƌĞƋƵŝƌĞŵĞŶƚƐ͘ DƐ͘DĞĞŬŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨsĂƌŝĂŶĐĞZϮϬϭϱͲϬϬϯsZǁŝƚŚƚŚĞƐƚĂĨĨͲƌĞĐŽŵŵĞŶĚĞĚ ĨŝŶĚŝŶŐƐ͘DƐ͘tŝůƐŽŶƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϲͲϭ͘ KE/d/KE^͗ hE/Yh/ZhD^dE^͗dŚĞƌĞĚŽĂƉƉĞĂƌƚŽďĞĞǆƚƌĂŽƌĚŝŶĂƌǇĐŽŶĚŝƚŝŽŶƐŽƌĐŝƌĐƵŵƐƚĂŶĐĞƐƚŚĂƚ ĂƉƉůǇƚŽƚŚĞĂƉƉůŝĐĂŶƚƚŚĂƚĚŽŶŽƚĂƉƉůǇŐĞŶĞƌĂůůǇƚŽŽƚŚĞƌƉƌŽƉĞƌƚŝĞƐǁŝƚŚŝŶƚŚĞZͲϭǌŽŶŝŶŐĚŝƐƚƌŝĐƚ͘ hŶůŝŬĞŽƚŚĞƌƉƌŽƉĞƌƚŝĞƐŝŶƚŚŝƐůŽĐĂƚŝŽŶ͕ǀĞŚŝĐůĞĂĐĐĞƐƐŝƐƌĞƐƚƌŝĐƚĞĚƚŽϲƚŚǀĞ^ŐŝǀĞŶĨƵƚƵƌĞƉůĂŶƐƚŽ ĐƌĞĂƚĞŵŽƌĞƉĂƌŬĂŵĞŶŝƚǇĂƚDĂǇŽWĂƌŬƌŝǀĞ^ƚŚƌŽƵŐŚƉŽƐƐŝďůĞĐůŽƐƵƌĞŽĨƚŚĞƌŽĂĚƌŝŐŚƚͲŽĨͲǁĂǇƚŽ ǀĞŚŝĐƵůĂƌƚƌĂĨĨŝĐ͘dŚŝƐĐŽŶƐƚƌĂŝŶƚŚĂƐĚĞƚĞƌŵŝŶĞĚƚŚĂƚĂĐĐĞƐƐŵƵƐƚĐŽŵĞĨƌŽŵϲƚŚǀĞ^͕ǁŚŝĐŚ ŶĞĐĞƐƐŝƚĂƚĞƐĂĐŚĂŶŐĞŝŶŐƌĂĚĞĂŶĚůŝŵŝƚƐĐŽŶƐƚƌƵĐƚŝŽŶŽƉƚŝŽŶƐĨŽƌƚŚĞƐŝƚĞďǇĚĞƚĞƌŵŝŶŝŶŐƚŚĞ ďƵŝůĚŝŶŐ͛ƐĨŽŽƚƉƌŝŶƚĚƵĞƚŽƚŚĞƉĂƌŬŝŶŐƌĂŵƉ͛ƐƐŝǌĞĂŶĚŐƌĂĚĞ͘/ĨǀĞŚŝĐƵůĂƌĂĐĐĞƐƐǁĞƌĞƉĞƌŵŝƚƚĞĚĨƌŽŵ DĂǇŽWĂƌŬƌŝǀĞ^͕ĂƌĂŵƉǁŽƵůĚŶŽƚďĞŶĞĐĞƐƐĂƌǇĚƵĞƚŽƚŚĞƐŝƚĞ͛ƐƚŽƉŽŐƌĂƉŚǇ͕ƚŚƵƐĂůůŽ ǁŝŶŐĨŽƌĂ ůĂƌŐĞƌďƵŝůĚŝŶŐĨŽŽƚƉƌŝŶƚĂŶĚƚŚĞƌĞĨŽƌĞĂůŽǁĞƌďƵŝůĚŝŶŐŚĞŝŐŚƚ͘ EKdZdzd,>EKtEZ͗/ƚŝƐĐŽŶƐŝĚĞƌĞĚƚŚĂƚƚŚĞĞǆƚƌĂŽƌĚŝŶĂƌǇĐŽŶĚŝƚŝŽŶƐŽƌ ĐŝƌĐƵŵƐƚĂŶĐĞƐǁĞƌĞŶŽƚĐƌĞĂƚĞĚďǇƚŚĞůĂŶĚŽǁŶĞƌĂŶĚĂƌĞƵŶŝƋƵĞƚŽƚŚĞƐŝƚĞŐŝǀĞŶƚŚĞĞǆŝƐƚŝŶŐƐŝƚĞ ƚŽƉŽŐƌĂƉŚǇ;ŐƌĂĚĞĐŚĂŶŐĞŽĨĂůŵŽƐƚĞůĞǀĞŶĨĞĞƚĨƌŽŵƚŚĞĞĂƐƚŽĨƚŚĞƐŝƚĞƚŽƚŚĞǁĞƐƚŽĨƚŚĞƐŝƚĞͿ͕ ĨƵƚƵƌĞƉůĂŶƐĨŽƌDĂǇŽWĂƌŬƌŝǀĞ^͕ĂŶĚƚŚĞƌĞĨŽƌĞƌĞƋƵŝƐŝƚĞĂĐĐĞƐƐĨƌŽŵϲƚŚǀĞ^͘ůůŽĨƚŚĞĂďŽǀĞ 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ƐŚŽƵůĚďĞŐƌĂŶƚĞĚďĞĐĂƵƐĞƐƵďƐƚĂŶƚŝĂůũƵƐƚŝĐĞŵĂǇďĞĚŽŶĞĂŶĚƚŚĞƉƵďůŝĐŝŶƚĞƌĞƐƚƐĞĐƵƌĞĚǁŝƚŚŽƵƚ ĚĞƚƌŝŵĞŶƚƚŽƚŚĞƉƵďůŝĐŝŶƚĞƌĞƐƚ͕ĂŶĚƚŚĞǀĂƌŝĂŶĐĞǁŝůůŶŽƚŚĂǀĞƚŚĞĞĨĨĞĐƚŽĨŶƵůůŝĨǇŝŶŐƚŚĞŝŶƚĞŶƚĂŶĚ ƉƵƌƉŽƐĞŽĨƚŚĞKƌĚŝŶĂŶĐĞ͘ KE^/^dEzt/d,KDWZ,E^/sW>E͗dŚĞZͲϭ;DŝǆĞĚ^ŝŶŐůĞ&ĂŵŝůǇͿZĞƐŝĚĞŶƚŝĂůŽŶŝŶŐŝƐƚƌŝĐƚ ŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƵŶĚĞƌůǇŝŶŐůĂŶĚƵƐĞĚĞƐŝŐŶĂƚŝŽŶŽĨ>ŽǁĞŶƐŝƚǇZĞƐŝĚĞŶƚŝĂů͘dŚĞ>ĂŶĚhƐĞWůĂŶ ƌĞĐŽŐŶŝǌĞƐƚŚĂƚǁŚŝůĞƐŝŶŐůĞĨĂŵŝůǇĂŶĚŵƵůƚŝͲĨĂŵŝůǇƵƐĞƐĂƌĞƐŝŐŶŝĨŝĐĂŶƚůǇĚŝĨĨĞƌĞŶƚŝŶŵĂŶǇƌĞƐƉĞĐƚƐ͕ ƚŚĞWůĂŶŶĞǀĞƌƚŚĞůĞƐƐĂůůŽǁƐ͕ĂŶĚŝŶƐŽŵĞĐĂƐĞƐƉƌŽŵŽƚĞƐ͕ƚŚĞŵŝǆƚƵƌĞŽĨƚŚĞƐĞƵƐĞƐŝŶůŽǁͲĚĞŶƐŝƚǇ ƌĞƐŝĚĞŶƚŝĂůĂƌĞĂƐ͘^ƵĐŚĂƌĞĂƐĂƌĞŝĚĞŶƚŝĨŝĞĚŝŶŽůĚĞƌŶĞŝŐŚďŽƌŚŽŽĚƐǁŚĞƌĞƐƚƌƵĐƚƵƌĂůĂŶĚƵƐĞ ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŝŶĚŝĐĂƚĞƚŚĂƚĂƚƌĂŶƐŝƚŝŽŶĨƌŽŵƐŝŶŐůĞĨĂŵŝůǇƚŽŚŝŐŚĞƌĚĞŶƐŝƚǇƌĞƐŝĚĞŶƚŝĂůƵƐĞƐĞŝƚŚĞƌŚĂƐ ĂůƌĞĂĚǇŽĐĐƵƌƌĞĚƵƐŝŶŐĞǆŝƐƚŝŶŐƐƚƌƵĐƚƵƌĞƐŽƌƐŚŽƵůĚŽĐĐƵƌǁŝƚŚƌĞƉůĂĐĞŵĞŶƚŽĨƐƚƌƵĐƚƵƌĞƐ͘ŶƐƵƌŝŶŐ ƚŚĞǀŝĂďŝůŝƚǇŽĨĞǆŝƐƚŝŶŐŽůĚĞƌŶĞŝŐŚďŽƌŚŽŽĚƐŵĂǇŶŽƚďĞƉŽƐƐŝďůĞǁŝƚŚŽƵƚĞŶĐŽƵƌĂŐŝŶŐƌĞĚĞǀĞůŽƉŵĞŶƚ ƚŚƌŽƵŐŚƐƵĐŚŵĞĂŶƐĂƐĂůůŽǁŝŶŐŚŝŐŚĞƌĚĞŶƐŝƚǇƌĞƐŝĚĞŶƚŝĂůƵƐĞƐ͘'ŝǀĞŶƚŚĞĂďŽǀĞƌĞĂƐŽŶƐ͕ŝƚŝƐ ĐŽŶƐŝĚĞƌĞĚƚŚĂƚƚŚĞǀĂƌŝĂŶĐĞƌĞƋƵĞƐƚĐŽŵƉůŝĞƐǁŝƚŚƚŚŝƐƉƌŽǀŝƐŝŽŶ͘ DƐ͘DĞĞŬŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨdǇƉĞ//ĞƐŝŐŶDŽĚŝĨŝĐĂƚŝŽŶηZϮϬϭϱͲϬϬϱDǁŝƚŚƐŝĚĞ ĂŶĚƌĞĂƌǇĂƌĚƐĞƚďĂĐŬƐǁŝƚŚƚŚĞƐƚĂĨĨͲƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐ͘DƐ͘ŝƌƌƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞ ŵŽƚŝŽŶĐĂƌƌŝĞĚϳͲϬ͘ KE/d/KE^͗ ;ϭͿWƌŝǀĂĐǇ͗dŚĞƐŝĚĞǇĂƌĚĂƚƚŚĞƐŽƵƚŚŽĨƚŚĞƉƌŽƉĞƌƚǇ͕ĂďƵƚƚŝŶŐDĂǇŽWĂƌŬ͕ŝƐƉƌŽƉŽƐĞĚƚŽďĞϮ͘ϮϱĨĞĞƚ ĂƚŝƚƐŶĂƌƌŽǁĞƐƚĂŶĚϯ͘ϴϯĨĞĞƚĂƚŝƚƐǁŝĚĞƐƚƉŽŝŶƚ͘ƵĞƚŽƚŚĞƐƚĞƉƉĞĚŵĂƐƐŝŶŐŽĨƚŚĞďƵŝůĚŝŶŐĂůŽŶŐ DĂǇŽWĂƌŬ͕ƚŚĞĂĐƚƵĂůĚǁĞůůŝŶŐƵŶŝƚƐĂŶĚŽƚŚĞƌĞŶĐůŽƐĞĚƐƉĂĐĞƐĂƌĞƐĞƚďĂĐŬϭϵ͘ϵϭĨĞĞƚĨƌŽŵƚŚĞƐŽƵƚŚ ƐŝĚĞůŽƚůŝŶĞ͘dŚĞĚǁĞůůŝŶŐƵŶŝƚƐĂƌĞƐŝƚĞĚŽŶĞƐƚŽƌǇĂďŽǀĞŐƌĂĚĞ͘dŚĞƐĞĐŽŶĚŝƚŝŽŶƐĂĨĨŽƌĚƐƵĨĨŝĐŝĞŶƚ ƉƌŝǀĂĐǇƚŽƚŚĞĚǁĞůůŝŶŐƵŶŝƚƐĂŶĚĚŽŶŽƚŝŵƉĂĐƚŽŶĂĚũĂĐĞŶƚƌĞƐŝĚĞŶƚŝĂůƵƐĞƐ͘dŚĞďƵŝůĚŝŶŐ͛ƐĐŽŵŵŽŶ ƐƉĂĐĞƐ͕ƚĞŶĂŶƚůŽďďǇĂŶĚƉĂƚŝŽĂƌĞĂ͕ĂƌĞůŽĐĂƚĞĚĂƚŐƌĂĚĞĂůŽŶŐƚŚŝƐůŽƚůŝŶĞ͕ǁŚŝĐŚĂĨĨŽƌĚƐƐƵĨĨŝĐŝĞŶƚ ƉƌŝǀĂĐǇĂŶĚƉƌŽƚĞĐƚŝŽŶŽĨŶĞŝŐŚďŽƌŝŶŐĂŵĞŶŝƚǇ͘ ƚƚŚĞƌĞĂƌǇĂƌĚ͕ƚŚĞďƵŝůĚŝŶŐŝƐƉƌŽƉŽƐĞĚƚŽďĞƐŝƚĞĚϱ͘ϱϴĨĞĞƚĨƌŽŵƚŚĞƌĞĂƌůŽƚůŝŶĞĂƚŝƚƐŶĂƌƌŽǁĞƐƚ ƉŽŝŶƚĂŶĚϮϱ͘ϯϯĨĞĞƚĨƌŽŵƚŚĞƌĞĂƌůŽƚůŝŶĞĂƚŝƚƐǁŝĚĞƐƚƉŽŝŶƚ͘dŚĞĚǁĞůůŝŶŐƵŶŝƚƐĂƌĞƐŝƚĞĚŽŶĞƐƚŽƌǇ ĂďŽǀĞŐƌĂĚĞĂŶĚĂƌĞƚŚƵƐĂĨĨŽƌĚĞĚƐƵĨĨŝĐŝĞŶƚƉƌŝǀĂĐǇ͘DŽƌĞŽǀĞƌ͕ƚŚĞƌĞĂƌĞŶŽĂĚũĂĐĞŶƚƌĞƐŝĚĞŶƚŝĂů ƵƐĞƐƚŽƚŚĞǁĞƐƚ;ƵŵďƌŽZŝǀĞƌͿ͖ƚŚĞƌĞĨŽƌĞ͕ƚŚĞƌĞǁŝůůďĞŶŽĂŵĞŶŝƚǇŽƌƉƌŝǀĂĐǇŝŵƉĂĐƚƐƚŽŶĞŝŐŚďŽƌŝŶŐ ƌĞƐŝĚĞŶƚŝĂůƵƐĞƐ͘ ;ϮͿ>ŝŐŚƚĂŶĚĂŝƌ͗dŚĞďƵŝůĚŝŶŐĂďƵƚƐDĂǇŽWĂƌŬĂƚƚŚĞƐŝĚĞǇĂƌĚ͕ǁŚŝĐŚĂĨĨŽƌĚƐĂŵƉůĞůŝŐŚƚĂŶĚĂŝƌƚŽ ƚŚĞĚǁĞůůŝŶŐƵŶŝƚƐĂŶĚĚŽĞƐŶŽƚŝŵƉĂĐƚŽŶĂŶǇĂĚũĂĐĞŶƚƌĞƐŝĚĞŶƚŝĂůƵƐĞƐ͘ dŽƚŚĞǁĞƐƚ͕ŽƌƌĞĂƌǇĂƌĚ͕ƚŚĞďƵŝůĚŝŶŐŽǀĞƌůŽŽŬƐƚŚĞƵŵďƌŽZŝǀĞƌĂŶĚDĂǇŽWĂƌŬ͘dŚĞƌĞĂƌĞŶŽ ŶĞĂƌďǇďƵŝůĚŝŶŐƐŝŵƉĂĐƚĞĚƚŽƚŚĞǁĞƐƚ͕ĂŶĚƚŚĞĚǁĞůůŝŶŐƵŶŝƚƐǁŝůůŚĂǀĞĂŵƉůĞĂĐĐĞƐƐƚŽůŝŐŚƚĂŶĚĂŝƌ͘ ;ϯͿhƐĞ͗dŚĞƉƌŽƉŽƐĞĚƐŝĚĞǇĂƌĚƌĞĚƵĐƚŝŽŶĚŽĞƐŶŽƚƐĞƉĂƌĂƚĞďƵŝůĚŝŶŐƐŽĨĚŝĨĨĞƌĞŶƚƵƐĞƐ͘dŚĞĨĂĐƚƚŚĂƚ ĚǁĞůůŝŶŐƵŶŝƚƐŝŶƚŚĞďƵŝůĚŝŶŐĂƌĞŶŽƚůŽĐĂƚĞĚĂƚŐƌĂĚĞǁŝůůĂĨĨŽƌĚƚŚĞŵĂĚĞƋƵĂƚĞƉƌŝǀĂĐǇŐŝǀĞŶ 3DFNHW3J )H 3DJH &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH0D\ ĂĚũĂĐĞŶƚƌĞĐƌĞĂƚŝŽŶĂůƵƐĞŽĨƚŚĞƉĂƌŬ͘ dŚĞƉƌŽƉŽƐĞĚƌĞĂƌǇĂƌĚŝƐŶŽƚĂĚũĂĐĞŶƚƚŽĂŶǇŶĞŝŐŚďŽƌŝŶŐďƵŝůĚŝŶŐƐ͘ƚŐƌĂĚĞ͕ƚŚĞĞŶĐůŽƐĞĚƉĂƌŬŝŶŐ ŐĂƌĂŐĞŝƐĂĚũĂĐĞŶƚƚŽƚŚĞƌĞĂƌǇĂƌĚ͕ǁŝƚŚĨƌŽƐƚĞĚŐůĂƐƐŽƉĞŶŝŶŐƐĂŶĚůĂŶĚƐĐĂƉŝŶŐ͘dŚĞƉƌŽǆŝŵŝƚǇŽĨƚŚĞ ďƵŝůĚŝŶŐƚŽƚŚĞƌĞĂƌůŽƚůŝŶĞǁŝůůŶŽƚĂĚǀĞƌƐĞůǇŝŵƉĂĐƚŽŶƚŚĞĂĚũĂĐĞŶƚƌĞĐƌĞĂƚŝŽŶĂůƵƐĞǁŝƚŚŝŶƚŚĞƉĂƌŬ͘ DƐ͘DĞĞŬŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨdǇƉĞ//ĞƐŝŐŶDŽĚŝĨŝĐĂƚŝŽŶηZϮϬϭϱͲϬϬϱDĨŽƌƉĂƌŬŝŶŐ ǁŝƚŚƚŚĞƐƚĂĨĨͲƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐ͘DƐ͘ŝƌƌƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϳͲϬ͘ ;ϭͿdƌĂŶƐŝƚǀĂŝůĂďŝůŝƚǇZĞĚƵĐƚŝŽŶ͗dŚĞŵŝŶŝŵƵŵŶƵŵďĞƌŽĨŽĨĨͲƐƚƌĞĞƚƉĂƌŬŝŶŐƐƉĂĐĞƐŵĂǇďĞƌĞĚƵĐĞĚ ďǇĂŶĂĚĚŝƚŝŽŶĂůƚĞŶƉĞƌĐĞŶƚŝĨƚŚĞǌŽŶŝŶŐůŽƚŽŶǁŚŝĐŚƚŚĞĚĞǀĞůŽƉŵĞŶƚŝƐůŽĐĂƚĞĚŝƐǁŝƚŚŝŶϲϬϬĨĞĞƚŽĨ ƚŚĞƌŝŐŚƚͲŽĨͲǁĂǇĨŽƌĂƐƚƌĞĞƚƚŚĂƚŝƐƵƐĞĚĂƐĂǁĞĞŬĚĂǇƐĞƌǀŝĐĞďƵƐƌŽƵƚĞĂŶĚͬŽƌǁŝƚŚŝŶϭ͕ϯϮϬĨĞĞƚŽĨĂ ƐŝŐŶĞĚďƵƐƐƚŽƉŽƌďƵƐƐŚĞůƚĞƌƐĞƌǀŝŶŐĂǁĞĞŬĚĂǇďƵƐƌŽƵƚĞ͘ŶǇƌĞĚƵĐƚŝŽŶŝŶƚŚĞŶƵŵďĞƌŽĨƉĂƌŬŝŶŐ ƐƉĂĐĞƐƐŚĂůůďĞƌĞƉůĂĐĞĚŝŶŶƵŵďĞƌǁŝƚŚďŝĐǇĐůĞƉĂƌŬŝŶŐƐƉĂĐĞƐ͘&ŽƌƚƌĂŶƐŝƚĂǀĂŝůĂďŝůŝƚǇ͕ƚŚĞƉƌŽũĞĐƚ ƐŝƚĞŝƐĂƉƉƌŽǆŝŵĂƚĞůǇϰϳϱ͛ĨƌŽŵĂƐƚĞŶƚĞƌ^ƚ͕ǁŚŝĐŚŚĂƐǁĞĞŬĚĂǇďƵƐƐĞƌǀŝĐĞ;ZŽƵƚĞϮͿ͘dŚĞƉƌŽũĞĐƚ ƐŝƚĞŝƐĂůƐŽǁŝƚŚŝŶĂƉƉƌŽǆŝŵĂƚĞůǇϲϬϱ͛ŽĨĂďƵƐƐƚŽƉŽŶƚŚĞƐĂŵĞƌŽƵƚĞ͘dŚĞƉƌŽũĞĐƚŝƐŝŶĂǁĞůů ĐŽŶŶĞĐƚĞĚůŽĐĂƚŝŽŶĨŽƌĂĐĐĞƐƐƚŽƉƵďůŝĐƚƌĂŶƐŝƚ͘dŚĞƉƌŽƉŽƐĂůŵĞĞƚƐƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨWĂƌŬŝŶŐ DŽĚŝĨŝĐĂƚŝŽŶĨŽƌdƌĂŶƐŝƚǀĂŝůĂďŝůŝƚǇZĞĚƵĐƚŝŽŶ͘ 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