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ŐƌĞĞŵĞŶƚŽƌƵƐĞŽĨůŝĞŶƚ͛ƐĂůƚĞƌŶĂƚĞĐŽŶƚƌĂĐƚĨŽƌŵĂƚ͘ŶǇĐŽŶƚƌĂĐƚĂŵĞŶĚŵĞŶƚƐŵĂĚĞĂĨƚĞƌůŝĞŶƚŚĂƐĂƵƚŚŽƌŝǌĞĚƚŚĞ^ĞƌǀŝĐĞ ƐƐŚĂůůďĞĂƉƉůŝĐĂďůĞ ŽŶůǇƚŽ^ĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂĨƚĞƌƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƐƵĐŚĂŵĞŶĚŵĞŶƚ͘dŚĞƉƌŽƉŽƐĂůĂŶĚƚŚĞƐĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͕ŝŶĐůƵĚŝŶŐƚĞƌŵƐŽĨƉĂǇŵĞŶƚ͕ ƐŚĂůůĂƉƉůǇƚŽĂůů^ĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƉƌŝŽƌƚŽƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƐƵĐŚĂŵĞŶĚŵĞŶƚ͘ ϭ͘ϴͲdŚĞdƉƌŽƉŽƐĂůĂĐĐŽŵƉĂŶǇŝŶŐƚŚĞƐĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŝƐǀĂůŝĚĨŽƌƐŝǆƚǇ;ϲϬͿĚĂǇƐĂĨƚĞƌƚŚĞƉƌŽƉŽƐĂůŝƐƐƵĂŶĐĞĚĂƚĞƚŽƚŚĞůŝĞŶƚ͘ŶǇĂƚƚĞŵƉƚ ƚŽĂƵƚŚŽƌŝǌĞ^ĞƌǀŝĐĞƐĂĨƚĞƌƚŚĞĞǆƉŝƌĂƚŝŽŶĚĂƚĞŝƐƐƵďũĞĐƚƚŽd͛ƐƌŝŐŚƚƚŽƌĞǀŝƐĞƚŚĞƉƌŽƉŽƐĂůĂƐŶĞĐĞƐƐĂƌǇ͘ ^d/KEϮͲ^/d^^EZ^dKZd/KE Ϯ͘ϭͲůŝĞŶƚǁŝůůĨƵƌŶŝƐŚdƐĂĨĞĂŶĚůĞŐĂůƐŝƚĞĂĐĐĞƐƐ͘ Ϯ͘ϮůŝĞŶƚĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚŝŶƚŚĞŶŽƌŵĂůĐŽƵƌƐĞŽĨŝƚƐ^ĞƌǀŝĐĞƐ͕dŵĂǇƵŶĂǀŽŝĚĂďůǇĂůƚĞƌĞǆŝƐƚŝŶŐƐŝƚĞĐŽŶĚŝƚŝŽŶƐŽƌĂĨĨĞĐƚƚŚĞĞŶǀŝƌŽŶŵĞŶƚŝŶƚŚĞ ĂƌĞĂďĞŝŶŐƐƚƵĚŝĞĚ͘dǁŝůůƚĂŬĞƌĞĂƐŽŶĂďůĞƉƌĞĐĂƵƚŝŽŶƐƚŽŵŝŶŝŵŝǌĞĂůƚĞƌĂƚŝŽŶƐƚŽƚŚĞƐŝƚĞŽƌĞǆŝƐƚŝŶŐŵĂƚĞƌŝĂůƐ͘ZĞƐƚŽƌĂƚŝŽŶŽĨƚŚĞƐŝƚĞŝƐƚŚĞ ƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨƚŚĞůŝĞŶƚ͘ ^d/KEϯͲhEZ'ZKhEhd/>/dzE^dZhdhZ>ZE ϯ͘ϭͲŽƌŝŶŐƐ͕ĞǆĐĂǀĂƚŝŽŶƐĂŶĚŽƚŚĞƌƉĞŶĞƚƌĂƚŝŽŶƐŵƵƐƚďĞůŽĐĂƚĞĚĂƚƐĂĨĞĚŝƐƚĂŶĐĞƐĨƌŽŵƵŶĚĞƌŐƌŽƵŶĚƵƚŝůŝƚŝĞƐŽƌŽƚŚĞƌŵĂŶͲŵĂĚĞŽďũĞĐƚƐ͘ůŝĞŶƚƐŚĂůů ĂĚǀŝƐĞdŽĨĂůůƵƚŝůŝƚŝĞƐƚŚĂƚƐĞƌǀŝĐĞŽƌĂƌĞůŽĐĂƚĞĚŽŶƚŚĞƐŝƚĞ͕ĂŶĚĂŶǇƵŶĚĞƌŐƌŽƵŶĚŝŵƉƌŽǀĞŵĞŶƚƐůŽĐĂƚĞĚŽŶƚŚĞƐŝƚĞ͘WƌŝŽƌƚŽĚƌŝůůŝŶŐ͕dǁŝůů ĐŽŶƚĂĐƚƐƚĂƚĞŶŽƚŝĨŝĐĂƚŝŽŶĐĞŶƚĞƌƐ͕ǁŚĞƌĞĂǀĂŝůĂďůĞ͕ŽƌŝŶĚŝǀŝĚƵĂůƵƚŝůŝƚǇŽǁŶĞƌƐǁŚĞƌĞĂƐƚĂƚĞŶŽƚŝĨŝĐĂƚŝŽŶĐĞŶƚĞƌŝƐŶŽƚĂǀĂŝůĂďůĞ͘dƐŚĂůůďĞĞŶƚŝƚůĞĚ ƚŽƌĞůǇŽŶƚŚĞůŽĐĂƚŝŽŶŝŶĨŽƌŵĂƚŝŽŶƉƌŽǀŝĚĞĚďǇůŽĐĂƚŝŶŐǀĞŶĚŽƌƐ͘ ϯ͘Ϯʹ/ĨWƵďůŝĐƵƚŝůŝƚǇŽǁŶĞƌƐĚŽŶŽƚƉƌŽǀŝĚĞƚŚĞůŽĐĂƚŝŶŐƐĞƌǀŝĐĞŽŶƉƌŝǀĂƚĞƉƌŽƉĞƌƚǇŽƌƚŚĞƉƌŽƉĞƌƚǇŽǁŶĞƌŚĂƐƉƌŝǀĂƚĞƵŶĚĞƌŐƌŽƵŶĚŝŵƉƌŽǀĞŵĞŶƚƐ ǁŚŝĐŚĐĂŶŶŽƚďĞĐůĞĂƌĞĚƚŚƌŽƵŐŚƚŚĞƐƚĂƚĞŶŽƚŝĨŝĐĂƚŝŽŶĐĞŶƚĞƌŽƌƉƵďůŝĐƵƚŝůŝƚǇŽǁŶĞƌƐ͕ůŝĞŶƚƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌůŽĐĂƚŝŽŶŽĨƐƵĐŚƵƚŝůŝƚŝĞƐƉƌŝŽƌƚŽ ĚƌŝůůŝŶŐ͕ŽƌĨŽƌƉĂǇŵĞŶƚŽĨĂƉƌŝǀĂƚĞƵƚŝůŝƚǇĐůĞĂƌĂŶĐĞƐƵďĐŽŶƚƌĂĐƚŽƌ͘ ϯ͘ϯͲdǁŝůůŶŽƚďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶǇĚĂŵĂŐĞƐƚŽƵŶĚĞƌŐƌŽƵŶĚƵƚŝůŝƚŝĞƐͬŝŵƉƌŽǀĞŵĞŶƚƐŶŽƚůŽĐĂƚĞĚŽƌŝŶĐŽƌƌĞĐƚůǇŝĚĞŶƚŝĨŝĞĚďǇƚŚĞĨŽƌĞŐŽŝŶŐůŽĐĂƚŝŽŶ ŵĞƚŚŽĚƐ͘ ^d/KEϰͲKEdD/Ed/KE ϰ͘ϭͲůŝĞŶƚĂĐŬŶŽǁůĞĚŐĞƐĂŶĚĂĐĐĞƉƚƐĂůůĐŽŶƚĂŵŝŶĂƚŝŽŶƌŝƐŬƐǁŚŝĐŚŵĂǇďĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞ^ĞƌǀŝĐĞƐ͘ZŝƐŬƐŝŶĐůƵĚĞ͕ďƵƚĂƌĞŶŽƚůŝŵŝƚĞĚƚŽ͕ĐƌŽƐƐ ĐŽŶƚĂŵŝŶĂƚŝŽŶĐƌĞĂƚĞĚďǇůŝŶŬŝŶŐĐŽŶƚĂŵŝŶĂƚĞĚǌŽŶĞƐƚŽƵŶĐŽŶƚĂŵŝŶĂƚĞĚǌŽŶĞƐĚƵƌŝŶŐƚŚĞĚƌŝůůŝŶŐƉƌŽĐĞƐƐ͖ĐŽŶƚĂŝŶŵĞŶƚĂŶĚƉƌŽƉĞƌĚŝƐƉŽƐĂůŽĨŬŶŽǁŶ ŽƌƐƵƐƉĞĐƚĞĚŚĂǌĂƌĚŽƵƐŵĂƚĞƌŝĂůƐ͕ĚƌŝůůĐƵƚƚŝŶŐƐĂŶĚĚƌŝůůĨůƵŝĚƐ͖ĂŶĚĚĞĐŽŶƚĂŵŝŶĂƚŝŽŶŽĨĞƋƵŝƉŵĞŶƚĂŶĚĚŝƐƉŽƐĂůĂŶĚƌĞƉůĂĐĞŵĞŶƚŽĨĐŽŶƚĂŵŝŶĂƚĞĚ ĐŽŶƐƵŵĂďůĞƐ͘ŝƐĐŽǀĞƌǇŽĨĂĐƚƵĂůŽƌƐƵƐƉĞĐƚĞĚŚĂǌĂƌĚŽƵƐŵĂƚĞƌŝĂůƐƐŚĂůůĞŶƚŝƚůĞdƚŽƚĂŬĞŝŵŵĞĚŝĂƚĞŵĞĂƐƵƌĞƐŝƚĚĞĞŵƐŶĞĐĞƐƐĂƌǇŝŶŝƚƐƐŽůĞ ĚŝƐĐƌĞƚŝŽŶ͕ŝŶĐůƵĚŝŶŐƌĞŐƵůĂƚŽƌǇŶŽƚŝĨŝĐĂƚŝŽŶ͕ƚŽƉƌŽƚĞĐƚŚƵŵĂŶŚĞĂůƚŚĂŶĚƐĂĨĞƚǇ͕ĂŶĚͬŽƌƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͘&ƵƌƚŚĞƌ͕ĚŝƐĐŽǀĞƌǇŽĨƐƵĐŚŵĂƚĞƌŝĂůƐ ĐŽŶƐƚŝƚƵƚĞƐĂĐŚĂŶŐĞĚĐŽŶĚŝƚŝŽŶĨŽƌǁŚŝĐŚůŝĞŶƚĂŐƌĞĞƐƚŽƉĂǇĂƐƐŽĐŝĂƚĞĚĂĚĚŝƚŝŽŶĂůĐŽƐƚ͘ ϰ͘ϮͲůŝĞŶƚƐŚĂůůŝŶĚĞŵŶŝĨǇĂŶĚŚŽůĚdŚĂƌŵůĞƐƐĨƌŽŵĂůůůŝĂďŝůŝƚǇ͕ĚĂŵĂŐĞƐ͕ĐůĂŝŵƐŽƌĐŽƐƚƐƌĞƐƵůƚŝŶŐĨƌŽŵĐŽŶƚĂŵŝŶĂŶƚƐŽŶƚŚĞƐŝƚĞ͘ ^d/KEϱͲ^&dz ϱ͘ϭͲůŝĞŶƚƐŚĂůůŝŶĨŽƌŵdŽĨĂŶǇŬŶŽǁŶŽƌƐƵƐƉĞĐƚĞĚŚĂǌĂƌĚŽƵƐŵĂƚĞƌŝĂůƐŽƌƵŶƐĂĨĞĐŽŶĚŝƚŝŽŶƐĂƚƚŚĞƐŝƚĞ͘/Ĩ͕ĚƵƌŝŶŐƚŚĞĐŽƵƌƐĞŽĨdΖƐ^ĞƌǀŝĐĞƐ͕ ƐƵĐŚŵĂƚĞƌŝĂůƐŽƌĐŽŶĚŝƚŝŽŶƐĂƌĞĚŝƐĐŽǀĞƌĞĚ͕dƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽƚĂŬĞŵĞĂƐƵƌĞƐƚŽƉƌŽƚĞĐƚdƉĞƌƐŽŶŶĞůĂŶĚĞƋƵŝƉŵĞŶƚŽƌƚŽŝŵŵĞĚŝĂƚĞůǇ ƚĞƌŵŝŶĂƚĞ^ĞƌǀŝĐĞƐ͘ůŝĞŶƚƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƉĂǇŵĞŶƚŽĨƐƵĐŚĂĚĚŝƚŝŽŶĂůƉƌŽƚĞĐƚŝŽŶĐŽƐƚƐ͘ ϱ͘ϮͲdƐŚĂůůŽŶůǇďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐĂĨĞƚǇŽĨdĞŵƉůŽǇĞĞƐĂƚƚŚĞƐŝƚĞ͖ƚŚĞƐĂĨĞƚǇŽĨĂůůŽƚŚĞƌƐƐŚĂůůďĞůŝĞŶƚΖƐŽƌŽƚŚĞƌƉĞƌƐŽŶƐΖƌĞƐƉŽŶƐŝďŝůŝƚǇ͘ ^d/KEϲʹ^DW>^ ϲ͘ϭͲůŝĞŶƚƐŚĂůůŝŶĨŽƌŵdŽĨĂŶǇŬŶŽǁŶŽƌƐƵƐƉĞĐƚĞĚŚĂǌĂƌĚŽƵƐŵĂƚĞƌŝĂůƐƉƌŝŽƌƚŽƐƵďŵŝƚƚĂůƚŽd͘ůůƐĂŵƉůĞƐŽďƚĂŝŶĞĚďǇŽƌƐƵďŵŝƚƚĞĚƚŽd ƌĞŵĂŝŶƚŚĞƉƌŽƉĞƌƚǇŽĨƚŚĞůŝĞŶƚĚƵƌŝŶŐĂŶĚĂĨƚĞƌƚŚĞ^ĞƌǀŝĐĞƐ͘ŶǇŬŶŽǁŶŽƌƐƵƐƉĞĐƚĞĚŚĂǌĂƌĚŽƵƐŵĂƚĞƌŝĂůƐĂŵƉůĞƐǁŝůůďĞƌĞƚƵƌŶĞĚƚŽƚŚĞůŝĞŶƚĂƚ dΖƐĚŝƐĐƌĞƚŝŽŶ͘ 3DFNHW3J DZ/EE'/EZ/E'd^d/E'͕/E͘ ^ϰϭϳ';ϭϬͬϭϰͿ Es/ZKEDEd>ͬ'Kd,E/>^Zs/'ZDEdͲdZD^EKE/d/KE^WĂŐĞϮŽĨϯ 'D ϲ͘ϮͲEŽŶͲŚĂǌĂƌĚŽƵƐƐĂŵƉůĞƐǁŝůůďĞŚĞůĚĨŽƌƚŚŝƌƚǇ;ϯϬͿĚĂǇƐĂŶĚƚŚĞŶĚŝƐĐĂƌĚĞĚƵŶůĞƐƐ͕ǁŝƚŚŝŶƚŚŝƌƚǇ;ϯϬͿĚĂǇƐŽĨƚŚĞƌĞƉŽƌƚĚĂƚĞ͕ƚŚĞůŝĞŶƚƌĞƋƵĞƐƚƐŝŶ ǁƌŝƚŝŶŐƚŚĂƚdƐƚŽƌĞŽƌƐŚŝƉƚŚĞƐĂŵƉůĞƐ͘^ƚŽƌĂŐĞĂŶĚƐŚŝƉƉŝŶŐĐŽƐƚƐƐŚĂůůďĞďŽƌŶĞƐŽůĞůǇďǇůŝĞŶƚ͘ ^d/KEϳͲWZK:dZKZ^ dŚĞŽƌŝŐŝŶĂůƉƌŽũĞĐƚƌĞĐŽƌĚƐƉƌĞƉĂƌĞĚďǇdǁŝůůƌĞŵĂŝŶƚŚĞƉƌŽƉĞƌƚǇŽĨd͘dƐŚĂůůƌĞƚĂŝŶƚŚĞƐĞŽƌŝŐŝŶĂůƌĞĐŽƌĚƐĨŽƌĂŵŝŶŝŵƵŵŽĨƚŚƌĞĞǇĞĂƌƐ ĨŽůůŽǁŝŶŐƐƵďŵŝƐƐŝŽŶŽĨƚŚĞƌĞƉŽƌƚ͕ĚƵƌŝŶŐǁŚŝĐŚƉĞƌŝŽĚƚŚĞƉƌŽũĞĐƚƌĞĐŽƌĚƐĐĂŶďĞŵĂĚĞĂǀĂŝůĂďůĞƚŽůŝĞŶƚĂƚdΖƐŽĨĨŝĐĞĂƚƌĞĂƐŽŶĂďůĞƚŝŵĞƐ͘ ^d/KEϴͲ^dEZK&Z dƉĞƌĨŽƌŵƐŝƚƐ^ĞƌǀŝĐĞƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞůĞǀĞůŽĨĐĂƌĞĂŶĚƐŬŝůůŶŽƌŵĂůůǇƉĞƌĨŽƌŵĞĚďǇŽƚŚĞƌĨŝƌŵƐŝŶƚŚĞƉƌŽĨĞƐƐŝŽŶĂƚƚŚĞƚŝŵĞŽĨƚŚŝƐƐĞƌǀŝĐĞĂŶĚ ŝŶƚŚŝƐŐĞŽŐƌĂƉŚŝĐĂƌĞĂ͕ƵŶĚĞƌƐŝŵŝůĂƌďƵĚŐĞƚĂƌǇĐŽŶƐƚƌĂŝŶƚƐ͘ ^d/KEϵͲ/E^hZE dŵĂŝŶƚĂŝŶƐŝŶƐƵƌĂŶĐĞǁŝƚŚĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐƐŚŽǁŶďĞůŽǁ͘dǁŝůůĨƵƌŶŝƐŚĐĞƌƚŝĨŝĐĂƚĞƐŽĨŝŶƐƵƌĂŶĐĞƚŽůŝĞŶƚƵƉŽŶƌĞƋƵĞƐƚ͘ ϵ͘ϭʹdŵĂŝŶƚĂŝŶƐƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐŽĨůŝĂďŝůŝƚǇ͗ tŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶ^ƚĂƚƵƚŽƌǇ>ŝŵŝƚƐ ŵƉůŽǇĞƌ͛Ɛ>ŝĂďŝůŝƚǇΨϭϬϬ͕ϬϬϬĞĂĐŚĂĐĐŝĚĞŶƚ ΨϱϬϬ͕ϬϬϬĚŝƐĞĂƐĞƉŽůŝĐǇůŝŵŝƚ ΨϭϬϬ͕ϬϬϬĚŝƐĞĂƐĞĞĂĐŚĞŵƉůŽǇĞĞ ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚǇΨϭ͕ϬϬϬ͕ϬϬϬĞĂĐŚŽĐĐƵƌƌĞŶĐĞ Ψϭ͕ϬϬϬ͕ϬϬϬĂŐŐƌĞŐĂƚĞ ƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚǇΨϭ͕ϬϬϬ͕ϬϬϬĞĂĐŚĂĐĐŝĚĞŶƚ WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞΨϭ͕ϬϬϬ͕ϬϬϬƉĞƌĐůĂŝŵ Ψϭ͕ϬϬϬ͕ϬϬϬĂŐŐƌĞŐĂƚĞ ϵ͘ϮͲŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞǁŝůůŝŶĐůƵĚĞĐŽǀĞƌĂŐĞĨŽƌWƌŽĚƵĐƚƐͬŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐĞǆƚĞŶĚŝŶŐŽŶĞ;ϭͿǇĞĂƌĂĨƚĞƌĨŝŶĂůĂĐĐĞƉƚĂŶĐĞŽĨ ƚŚĞWƌŽũĞĐƚďǇKǁŶĞƌ͕WƌŽƉĞƌƚǇĂŵĂŐĞŝŶĐůƵĚŝŶŐŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ͕WĞƌƐŽŶĂů/ŶũƵƌǇ͕ĂŶĚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞĂƉƉůŝĐĂďůĞƚŽdΖƐ ŝŶĚĞŵŶŝƚǇŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͘ ϵ͘ϯͲƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞƐŚĂůůŝŶĐůƵĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůŽǁŶĞĚ͕ŚŝƌĞĚĂŶĚŶŽŶͲŽǁŶĞĚĂƵƚŽŵŽďŝůĞƐ͘ ϵ͘ϰͲWƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞŝƐǁƌŝƚƚĞŶŽŶĂĐůĂŝŵƐͲŵĂĚĞďĂƐŝƐĂŶĚĐŽǀĞƌĂŐĞǁŝůůďĞŵĂŝŶƚĂŝŶĞĚĨŽƌŽŶĞ;ϭͿǇĞĂƌĂĨƚĞƌĨŝŶĂůĂĐĐĞƉƚĂŶĐĞŽĨƚŚĞ WƌŽũĞĐƚďǇKǁŶĞƌ͘ZĞŶĞǁĂůƉŽůŝĐŝĞƐĚƵƌŝŶŐƚŚŝƐƉĞƌŝŽĚƐŚĂůůŵĂŝŶƚĂŝŶƚŚĞƐĂŵĞƌĞƚƌŽĂĐƚŝǀĞĚĂƚĞ͘ ϵ͘ϱͲdŽƚŚĞĞǆƚĞŶƚƉĞƌŵŝƚƚĞĚďǇĂƉƉůŝĐĂďůĞƐƚĂƚĞůĂǁ͕ĂŶĚŽŶůǇƵƉŽŶůŝĞŶƚ͛ƐƐŝŐŶŝŶŐŽĨƚŚĞƉƌŽƉŽƐĂůĂŶĚƌĞƚƵƌŶŽĨƚŚĞƐĂŵĞƚŽd͕ůŝĞŶƚĂŶĚKǁŶĞƌ ƐŚĂůůďĞŶĂŵĞĚĂŶ͞ĂĚĚŝƚŝŽŶĂůŝŶƐƵƌĞĚ͟ŽŶd͛ƐŽŵŵĞƌĐŝĂů'ĞŶĞƌ Ăů>ŝĂďŝůŝƚǇWŽůŝĐǇ;&Žƌŵ'ϰϭϰϬϰϬϴ͕ǁŚŝĐŚŝŶĐůƵĚĞƐďůĂŶŬĞƚĐŽǀĞƌĂŐĞĨŽƌ WƌŽĚƵĐƚƐͬŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐĂŶĚŽŶĂWƌŝŵĂƌǇĂŶĚEŽŶͲŽŶƚƌŝďƵƚŽƌǇďĂƐŝƐͿĂŶĚƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚǇWŽůŝĐǇ͘ůŝĞŶƚĂŶĚKǁŶĞƌƐŚĂůůďĞĞǆƚĞŶĚĞĚ ΗǁĂŝǀĞƌŽĨƐƵďƌŽŐĂƚŝŽŶΗƐƚĂƚƵƐĨŽƌĂƉƉůŝĐĂďůĞĐŽǀĞƌĂŐĞƐ͘ŶǇŽƚŚĞƌĞŶĚŽƌƐĞŵĞŶƚ͕ĐŽǀĞƌĂŐĞŽƌƉŽůŝĐǇƌĞƋƵŝƌĞŵĞŶƚƐŚĂůůƌĞƐƵůƚŝŶĂĚĚŝƚŝŽŶĂů ĐŚĂƌŐĞƐ͘ ϵ͘ϲͲdǁŝůůŵĂŝŶƚĂŝŶŝŶĞĨĨĞĐƚĂůůŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞĚďǇƚŚŝƐŐƌĞĞŵĞŶƚĂƚŝƚƐƐŽůĞĞǆƉĞŶƐĞ͕ƉƌŽǀŝĚĞĚƐƵĐŚŝŶƐƵƌĂŶĐĞŝƐƌĞĂƐŽŶĂďůǇ ĂǀĂŝůĂďůĞ͕ǁŝƚŚŝŶƐƵƌĂŶĐĞĐĂƌƌŝĞƌƐůŝĐĞŶƐĞĚƚŽĚŽďƵƐŝŶĞƐƐŝŶƚŚĞƐƚĂƚĞŝŶǁŚŝĐŚƚŚĞƉƌŽũĞĐƚŝƐůŽĐĂƚĞĚĂŶĚŚĂǀŝŶŐĂĐƵƌƌĞŶƚ͘D͘ĞƐƚƌĂƚŝŶŐŽĨŶŽůĞƐƐ ƚŚĂŶŵŝŶƵƐ;ͲͿ͘^ƵĐŚŝŶƐƵƌĂŶĐĞƐŚĂůůƉƌŽǀŝĚĞĨŽƌƚŚŝƌƚǇ;ϯϬͿĚĂǇƐƉƌŝŽƌǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽůŝĞŶƚĨŽƌŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶŽƌŵĂƚĞƌŝĂůůŝŵŝƚĂƚŝŽŶƐĨŽƌ ƚŚĞƉŽůŝĐǇŽƌƚĞŶ;ϭϬͿĚĂǇƐΖŶŽƚŝĐĞĨŽƌŶŽŶͲƉĂǇŵĞŶƚŽĨƉƌĞŵŝƵŵ͘ ϵ͘ϳͲdƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽĐŚĂƌŐĞůŝĞŶƚĨŽƌd͛ƐĐŽƐƚƐĨŽƌĂĚĚŝƚŝŽŶĂůĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐƵŶŬŶŽǁŶŽŶƚŚĞĚĂƚĞŽĨƚŚĞƉƌŽƉŽ ƐĂů͕Ğ͘Ő͕͘ĐŽǀĞƌĂŐĞ ůŝŵŝƚƐŽƌƉŽůŝĐǇŵŽĚŝĨŝĐĂƚŝŽŶŝŶĐůƵĚŝŶŐǁĂŝǀĞƌŽĨƐƵďƌŽŐĂƚŝŽŶ͕ĂĚĚŝƚŝŽŶĂůŝŶƐƵƌĞĚĞŶĚŽƌƐĞŵĞŶƚƐĂŶĚŽƚŚĞƌƉƌŽũĞĐƚƐƉĞĐŝĨŝĐƌĞƋƵŝƌĞŵĞŶƚƐ͘ ^d/KEϭϬͲ>z^ /ĨĚĞůĂǇƐƚŽdΖƐ^ĞƌǀŝĐĞƐĂƌĞĐĂƵƐĞĚďǇůŝĞŶƚŽƌKǁŶĞƌ͕ǁŽƌŬŽĨŽƚŚĞƌƐ͕ƐƚƌŝŬĞƐ͕ŶĂƚƵƌĂůĐĂƵƐĞƐ͕ǁĞĂƚŚĞƌ͕ŽƌŽƚŚĞƌŝƚĞŵƐďĞǇŽŶĚdΖƐĐŽŶƚƌŽů͕Ă ƌĞĂƐŽŶĂďůĞƚŝŵĞĞǆƚĞŶƐŝŽŶĨŽƌƉĞƌĨŽƌŵĂŶĐĞŽĨǁŽƌŬƐŚĂůůďĞŐƌĂŶƚĞĚ͕ĂŶĚdƐŚĂůůƌĞĐĞŝǀĞĂŶĞƋƵŝƚĂďůĞĨĞĞĂĚũƵƐƚŵĞŶƚ͘ ^d/KEϭϭͲWzDEd͕/EdZ^d͕EZ, ϭϭ͘ϭͲ/ŶǀŽŝĐĞƐĂƌĞĚƵĞŶĞƚƚŚŝƌƚǇ;ϯϬͿĚĂǇƐ͘ůŝĞŶƚǁŝůůŝŶĨŽƌŵdŽĨŝŶǀŽŝĐĞƋƵĞƐƚŝŽŶƐŽƌĚŝƐĂŐƌĞĞŵĞŶƚƐǁŝƚŚŝŶĨŝĨƚĞĞŶ;ϭϱͿĚĂǇƐŽĨŝŶǀŽŝĐĞĚĂƚĞ͖ƵŶůĞƐƐ ƐŽŝŶĨŽƌŵĞĚ͕ŝŶǀŽŝĐĞƐĂƌĞĚĞĞŵĞĚĐŽƌƌĞĐƚ͘ ϭϭ͘ϮʹůŝĞŶƚĂŐƌĞĞƐƚŽƉĂǇŝŶƚĞƌĞƐƚŽŶƵŶƉĂŝĚŝŶǀŽŝĐĞďĂůĂŶĐĞƐĂƚĂƌĂƚĞŽĨŽŶĞĂŶĚĂŚĂůĨƉĞƌĐĞŶƚ;ϭ͘ϱйͿƉĞƌŵŽŶƚŚ͕ŽƌƚŚĞŵĂǆŝŵƵŵĂůůŽǁĞĚďǇůĂǁ͕ ǁŚŝĐŚĞǀĞƌŝƐůĞƐƐ͕ďĞŐŝŶŶŝŶŐƚŚŝƌƚǇ;ϯϬͿĚĂǇƐĂĨƚĞƌŝŶǀŽŝĐĞĚĂƚĞ͘ ϭϭ͘ϯʹ/ŶǀŽŝĐĞƐƌĞŵĂŝŶŝŶŐƵŶƉĂŝĚĨŽƌƐŝǆƚǇ;ϲϬͿĚĂǇƐƐŚĂůůĐŽŶƐƚŝƚƵƚĞĂŵĂƚĞƌŝĂůďƌĞĂĐŚŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͕ƉĞƌŵŝƚƚŝŶŐd͕ŝŶŝƚƐƐŽůĞĚŝƐĐƌĞƚŝŽŶĂŶĚ ǁŝƚŚŽƵƚůŝŵŝƚŝŶŐĂŶǇŽƚŚĞƌůĞŐĂůŽƌĞƋƵŝƚĂďůĞƌĞŵĞĚŝĞƐĨŽƌƐƵĐŚďƌĞĂĐŚ͕ƚŽƚĞƌŵŝŶĂƚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚĂŶĚďĞƌĞůŝĞǀĞĚŽĨĂŶǇĂƐƐŽĐŝĂƚĞĚ ĚƵƚŝĞƐƚŽƚŚĞůŝĞŶƚŽƌŽƚŚĞƌƉĞƌƐŽŶƐ͘&ƵƌƚŚĞƌ͕dŵĂǇǁŝƚŚŚŽůĚĨƌŽŵůŝĞŶƚĚĂƚĂĂŶĚƌĞƉŽƌƚƐŝŶd͛ƐƉŽƐƐĞƐƐŝŽŶ͘/ĨůŝĞŶƚĨĂŝůƐƚŽĐƵƌĞƐƵĐŚďƌĞĂĐŚ͕Ăůů ƌĞƉŽƌƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞƵŶƉĂŝĚŝŶǀŽŝĐĞƐƐŚĂůůŝŵŵĞĚŝĂƚĞůǇƵƉŽŶĚĞŵĂŶĚďĞƌĞƚƵƌŶĞĚƚŽdĂŶĚůŝĞŶƚŵĂǇŶĞŝƚŚĞƌƵƐĞŶŽƌƌĞůǇƵƉŽŶƐƵĐŚƌĞƉŽƌƚƐ ŽƌƚŚĞ^ĞƌǀŝĐĞƐ͘ ϭϭ͘ϰͲůŝĞŶƚǁŝůůƉĂǇĂůůdĞǆƉĞŶƐĞƐĂŶĚĂƚƚŽƌŶĞǇĨĞĞƐƌĞůĂƚŝŶŐƚŽĐŽůůĞĐƚŝŽŶŽĨƉĂƐƚĚƵĞŝŶǀŽŝĐĞƐ͘ ^d/KEϭϮͲD/d/KE ϭϮ͘ϭͲǆĐĞƉƚĨŽƌĞŶĨŽƌĐĞŵĞŶƚŽĨd͛ƐƌŝŐŚƚƐƚŽƉĂǇŵĞŶƚĨŽƌ^ĞƌǀŝĐĞƐƌĞŶĚĞƌĞĚŽƌƚŽĂƐƐĞƌƚĂŶĚͬŽƌĞŶĨŽƌĐĞŝƚƐůŝĞŶƌŝŐŚƚƐ͕ŝŶĐůƵĚŝŶ ŐǁŝƚŚŽƵƚůŝŵŝƚĂƚŝŽŶ ĂƐƐĞƌƚŝŽŶĂŶĚĞŶĨŽƌĐĞŵĞŶƚŽĨŵĞĐŚĂŶŝĐ͛ƐůŝĞŶƌŝŐŚƚƐĂŶĚĨŽƌĞĐůŽƐƵƌĞŽĨƚŚĞƐĂŵĞ͕ůŝĞŶƚĂŶĚdĂŐƌĞĞƚŚĂƚĂŶǇĐůĂŝŵ͕ĚŝƐƉƵƚĞŽƌŽƚŚĞƌŵĂƚƚĞƌŝŶ 3DFNHW3J DZ/EE'/EZ/E'd^d/E'͕/E͘ ^ϰϭϳ';ϭϬͬϭϰͿ Es/ZKEDEd>ͬ'Kd,E/>^Zs/'ZDEdͲdZD^EKE/d/KE^WĂŐĞϯŽĨϯ 'D ƋƵĞƐƚŝŽŶĂƌŝƐŝŶŐŽƵƚŽĨŽƌƌĞůĂƚĞĚƚŽƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞƐƵďũĞĐƚƚŽŵĞĚŝĂƚŝŽŶĂƐĂĐŽŶĚŝƚŝŽŶƉƌĞĐĞĚĞŶƚƚŽĂƌďŝƚƌĂƚŝŽŶŽƌƚŚĞŝŶƐƚŝƚƵƚŝŽŶŽĨůĞŐĂůŽƌ ĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐďǇĞŝƚŚĞƌƉĂƌƚǇ͖ƉƌŽǀŝĚĞĚŚŽǁĞǀĞƌƚŚĂƚŝĨĞŝƚŚĞƌƉĂƌƚǇĨĂŝůƐƚŽƌĞƐƉŽŶĚƚŽĂƌĞƋƵĞƐƚĨŽƌŵĞĚŝĂƚŝŽŶǁŝƚŚŝŶƐŝǆƚǇ;ϲϬͿĚĂǇƐ͕ƚŚĞƉĂƌƚǇ ƌĞƋƵĞƐƚŝŶŐŵĞĚŝĂƚŝŽŶŵĂǇǁŝƚŚŽƵƚĨƵƌƚŚĞƌŶŽƚŝĐĞ͕ƉƌŽĐĞĞĚƚŽĂƌďŝƚƌĂƚŝŽŶŽƌƚŚĞŝŶƐƚŝƚƵƚŝŽŶŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐ͘ ϭϮ͘ϮͲDĞĚŝĂƚŝŽŶƐŚĂůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽŶƐƚƌƵĐƚŝŽŶ/ŶĚƵƐƚƌǇDĞĚŝĂƚŝŽŶZƵůĞƐŽĨƚŚĞŵĞƌŝĐĂŶƌďŝƚƌĂƚŝŽŶƐƐŽĐŝĂƚŝŽŶ͘ZĞƋƵĞƐƚĨŽƌŵĞĚŝĂƚŝŽŶ ƐŚĂůůďĞŝŶǁƌŝƚŝŶŐĂŶĚƚŚĞƉĂƌ ƚŝĞƐƐŚĂůůƐŚĂƌĞƚŚĞŵĞĚŝĂƚŽƌ͛ƐĨĞĞĂŶĚĂŶǇĨŝůŝŶŐĨĞĞƐĞƋƵĂůůǇ͘dŚĞŵĞĚŝĂƚŽƌƐŚĂůůďĞĂĐĐĞƉƚĂďůĞƚŽďŽƚŚƉĂƌƚŝĞƐĂŶĚƐŚĂůů ŚĂǀĞĞǆƉĞƌŝĞŶĐĞŝŶĐŽŵŵĞƌĐŝĂůĐŽŶƐƚƌƵĐƚŝŽŶŵĂƚƚĞƌƐ͘ ^d/KEϭϯͲ>/d/'d/KEZ/DhZ^DEd ǆĐĞƉƚĨŽƌŵĂƚƚĞƌƐƌĞůĂƚŝŶŐƚŽŶŽŶͲƉĂǇŵĞŶ ƚŽĨĨĞĞƐ͕ǁŚŝĐŚŝƐŐŽǀĞƌŶĞĚďǇ^ĞĐƚŝŽŶϵ͘ϰŚĞƌĞŽĨ͕ƉĂǇŵĞŶƚŽĨĂƚƚŽƌŶĞǇ͛ƐĨĞĞƐĂŶĚĐŽƐƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚ ůĂǁƐƵŝƚƐŽƌĂƌďŝƚƌĂƚŝŽŶŽĨĚŝƐƉƵƚĞƐďĞƚǁĞĞŶdĂŶĚůŝĞŶƚ͕ǁŚŝĐŚĂƌĞĚŝƐŵŝƐƐĞĚŽƌĂƌĞũƵĚŐĞĚƐƵďƐƚĂŶƚŝĂůůǇŝŶĞŝƚŚĞƌƉĂƌƚǇΖƐĨĂǀŽƌ͕ƐŚĂůůďĞƉĂŝĚďǇƚŚĞ ŶŽŶͲƉƌĞǀĂŝůŝŶŐƉĂƌƚǇ͘ƉƉůŝĐĂďůĞĐŽƐƚƐŝŶĐůƵĚĞ͕ďƵƚĂƌĞŶŽƚůŝŵŝƚĞĚƚŽ͕ĂƚƚŽƌŶĞǇĂŶĚĞǆƉĞƌƚǁŝƚŶĞƐƐĨĞĞƐ͕ĐŽƵƌƚĐŽƐƚƐ͕ĂŶĚdĐŽƐƚƐ͘ ^d/KEϭϰͲDhdh>/EDE/&/d/KE ϭϰ͘ϭͲ^ƵďũĞĐƚƚŽƚŚĞůŝŵŝƚĂƚŝŽŶƐĐŽŶƚĂŝŶĞĚŝŶ^ĞĐƚŝŽŶƐϭϯĂŶĚϭϰ͕dĂŐƌĞĞƐƚŽŝŶĚĞŵŶŝĨǇůŝĞŶƚĨƌŽŵĂŶĚĂŐĂŝŶƐƚĚĂŵĂŐĞƐĂŶĚĐŽƐƚƐƚŽƚŚĞĞǆƚĞŶƚ ĐĂƵƐĞĚďǇdΖƐŝŶƚĞŶƚŝŽŶĂůĂĐƚƐŽƌŶĞŐůŝŐĞŶƚƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ^ĞƌǀŝĐĞƐ͘ ϭϰ͘ϮͲůŝĞŶƚĂŐƌĞĞƐƚŽŝŶĚĞŵŶŝĨǇdĨƌŽŵĂŶĚĂŐĂŝŶƐƚĚĂŵĂŐĞƐĂŶĚĐŽƐƚƐƚŽƚŚĞĞǆƚĞŶƚĐĂƵƐĞĚďǇƚŚĞŝŶƚĞŶƚŝŽŶĂůĂĐƚƐŽƌŶĞŐůŝŐĞŶĐĞŽĨƚŚĞůŝĞŶƚ͕ KǁŶĞƌ͕ůŝĞŶƚΖƐĐŽŶƚƌĂĐƚŽƌƐĂŶĚƐƵďĐŽŶƚƌĂĐƚŽƌƐŽƌŽƚŚĞƌƚŚŝƌĚƉĂƌƚŝĞƐ͘ 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ƉƌĞǀŝŽƵƐ ŽŶůǇ ŶĐĞŐƌĂŶƚĞĚ͘ ĐĂŶ ĂĐƚƵĂůůǇ dŚĞǇ ǀĞŶ ^ŝ^ŝ 'ĞŶĞƌĂů dŚŝƐ dŚĞdŚĞ ƵƐĞ хх ¾¾¾¾¾¾¾¾¾ 3DFNHW3J )L ϭ ďĞŶĞĨŝĐŝĂů ŶŐŝŶĞĞƌŝŶŐ ƚŽ ŽĨ ďĞĞŶ ĂĐƚŝǀĞůǇ ďĞŶĞĨŝƚƐ ĐƌĞĂƚŝŽŶ ĂůǁĂǇƐ ͘ ůĂĐŬŝŶŐůĂĐŬŝŶŐ Ͳ ŵƵƚƵĂůůǇ ƉƌŽ ŵŽƐƚ ƚŚĞ ƚŚĞŝƌ ŚĂƐ ƚŽ ďĞĞŶďĞĞŶ ĨŽƌ ŚĂƌĚ ƚŚĞ ĂŶĚ ƌĞůĂƚŝŽŶƐŚŝƉ Ă ƉĂƌƚŶĞƌƐŚŝƉ ďƌŝŶŐ ĚĞĨŝŶĞ ƵŶĨŽƌƚƵŶĂƚĞůǇƵŶĨŽƌƚƵŶĂƚĞůǇ ŶĞŝŐŚďŽƌŚŽŽĚ͘ ǀĞƌǇ DĂŝĞƌ͕ ƵŶĚĞƌƐƚĂŶĚŝŶŐͿƵŶĚĞƌƐƚĂŶĚŝŶŐͿ ǁŽƌŬŝŶŐ ƐŚŽƵůĚ ŚĞůƉ :ĂǇ ƚŚĞ ŝŶ ŶŐĂŐĞŵĞŶƚ ĨŽƌǁĂƌĚ͘ DĂƌƌŝƐ͕ ƚŽ ĂŶĚĂŶĚ ĞŶŐĂŐĞ ůƚŚŽƵŐŚ ƚŽŐĞƚŚĞƌ ĂŶĚŚĂǀĞŚĂǀĞ ďĞĞŶ ƌĞĨĞƌĞŶĐĞƌĞĨĞƌĞŶĐĞ ƚŚĞ ŵĞŶĚŵĞŶƚ͕ ;ĂǀĞ ĂŶĚ ĚĂƚĞĚĂƚĞ ŚĂǀĞ ŐŽŝŶŐ ĂĐƚŝǀĞůǇ ĨŽƌĨŽƌ ǁŽƌŬŝŶŐ ͬ WůĂŶ͘ ĚĞǀĞůŽƉŵĞŶƚ ;ũƵƐƚ;ũƵƐƚ ͲͲ ƚŽƚŽ WĂƌƚŶĞƌƐŚŝƉ EĞŝŐŚďŽƌƐ >> ƚŚŝƐ ƌĞƐƵůƚƐƌĞƐƵůƚƐ ŚŝƐƚŽƌǇ͘ŚŝƐƚŽƌǇ͘ ƚŽ ĞǀĞůŽƉŵĞŶƚ ŚĂƚĞĂƵ ŝŵƉƌŽǀĞ ƚŚĂƚ ǁĂƐ ŝƐƚƌŝĐƚ ƚŚĞƚŚĞ ŐŽĂůďĞůŝĞǀĞ EŽƌƚŚǁĞƐƚ ƐŚŽƌƚƐŚŽƌƚ ŶĞǁ ͕ ǁŝƚŚ ƚŽ ĐŽƌĚŝĂůĐŽƌĚŝĂů ^ƉĞĐŝĂů KƵƌ ŚŽƉĞ ƚŚĞĂĂ 'ĞŶĞƌĂů Ɛƚŝůů ĞŶŐĂŐĞ ŝƐŝƐ ĨŝƌŵͿ͘ ,ĞƌĞ,ĞƌĞ ďŽƚŚ ǀĞƌǇǀĞƌǇ dŚĞ ƚŚĞtĞtĞ ¾¾¾¾¾ 3DFNHW3J )L ǁŝůů ŝƚ ƌĞƐƚƌŝĐƚŝŽŶƐ ŬĞǇ ƚŚŽƵŐŚƚ фƚŚĞƌĞĂůĂůǌŽΛǇĂŚŽŽ͘ĐŽŵх͕ :ĂŶƵĂƌǇ͘/ Ϯ ƚŚŝƐ ĨĞǁ ĐŽƌŶĞƌ ;>>Ϳ͘ƵƌŝŶŐ ĐŽƵŶĐŝů͘ / 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ƉĂƐƚ ŝƐ ^ƚĞƉ͗ ĚŝƐĐƵƐƐŝŽŶ ƐŽŵĞ Ăůů tŽƌŬŝŶŐ ŐŽĂů 'ƵǇƐ͕ :ĂŶƵĂƌǇ ƵƌƌĞŶƚĂ dŚĂŶŬƐ͕ ĂƌĞ ĨƵƌƚŚĞƌĨƵƌƚŚĞƌ dŚŝƐ ŝƐ ĂƚĞ͗ ǁĞ EĞǆƚ /Ŷ dŚŝƐ KƵƌ ĂŶĚ Ğ dŽ Ɛ tt ,ŝ ϭͿϮͿ 3DFNHW3J )L ĐŚĞĐŬŝŶŐ ϱ ŐƌŽƵƉ ƐŵĂůů ƚŽ ŬŶŽǁ ĂĂ Ŭƚ ƚ Ğ ŚĂǀĞ ƐƐ Ŭ ŝŶ ŝ ƉŽĐ ǇŽƵ Ă ƐĞ ĐŽƵƐĞ ĨŽĐƵƐ ĂƌĞ ƚŽ ǁŝƚŚ ƌ ĂŶĚ ǁĞ ĂůƌĞĂĚǇ ĐŽƵ ĨĨ ƚŝŵĞƐ͘/Ĩ ŐĞƚ ďŽƚŚ Ž ĂŶĚ ƚŚĞ ƚƚ ďĞĐĂƵƐĞ ŵĞĞƚ ƚŚŽƵŐŚƚƐ Ĩ ŽƵ ĐĂŶ ŽŽ ƚŽ EĞŝŐŚďŽƌŚŽŽĚ͕ ƐƐ ĂƐŬĞĚ ƐŽ dŚŝ ĂƌĞ ŐƌŽƵƉƐ ďĞŶĞĨŝƚƐ ĐŽŵĞ ůů Ă ƉŽƐƐŝďůĞ ĂƌĞ ĚŝŐĞƐƚ͘tĞ ƉĂƚŚ ƚ͘ ŚĂǀĞ ŝŶŝƚŝĂů ĞĂŐĞĂ ƚŽ ŐƌŽƵƉ ƚǁŽ ƌ Ő ƚŚŝƐ ŵŽƐƚ ĚĞǀĞůŽƉĞƌ ƚŚĞǇ ďĞďĞ ƚŚĞ ŽƵƌ ƚŚĞ ŽŶ ƚŚĞ ŽĐƵƐ ŽƵĚ Ě ƚŚĞ ŽĨŝŶĐůƵĚĞ ů ƐƵĐŚ ŽƵ ďĞƚƚĞƌ ǁŚĞƌĞ ĂƌĞ ǁŝƚŚŝŶ ƉƌĞƐĞŶƚĂƚŝŽŶ ǁĨĨ ĚŝƌĞĐƚůǇ͘ ďƌŝŶŐ Ğ ͘tĞ ƚ ƚŚĞĂƐ ƚŚƚŚ ĂĂ ĂŶĚƚŽ ƚŚ ĂŶĚ ŵĞĞƚŝŶŐ ĂŶĚ ƌŽŵ ĚŝůŝŐĞŶƚůǇ ĂŶĚ ŚŽƉĞĨƵůůǇ ĚĞĂƐĚĞĂƐ ƚŚĂƚ ƚŚ͘ ůĞƚƚĞƌ ĨĨ EĞŝŐŚďŽƌŚŽŽĚ͕ Ϯϲ ǇŽƵ ƵƐ ƌĞǀŝĞǁ ŝ ŝƌ Ă ĚŽ ĨĨ ƚŚĞ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ĞĞŽ ŝŶǀŝƚĞƚŚƌŽƵŐŚ /ŶǀŝƚĂƚŝŽŶ ƚŚ ǁŽƌŬŝŶŐ Ğ ƐŚŽƵůĚĐĂŶ ŽĨ ůů ĐŽƵƉ Ğ ĨƵƌƚŚĞƌ ƌ ǁĞĞŬ Ă ǁĞ ƚŽ Ś Ɛ ǇŽƵ Ă ĞǀĞůŽƉĞƌ ůŝŬĞ ŵĂŝůƐ Ŷ ďĞĞŶ ƚŚĞĂŶ ĚĚ ĞĞ ƚŚĞ ĨŽƌ ĂŶ ĐĂŵƉŝŽŶϰĐŽƵŶĐŝůΛŐŵĂŝů͘ĐŽŵ ƚŚ ĂŶĚ ǁŽƵůĚ ŽƵƚ ŽĨ ƐŽ ĂƐŽ ŽĨĨ͕ ŐŽŽĚ ĨŽƌ ŚĂǀĞ ŝŚďŚĚ Ě фŶŽƌĚŵĂŶƌΛŐŵĂŝů͘ĐŽŵх ĂƉƉƌŽƉƌŝĂƚĞ ŽŽ ĐŽŶƚŝŶŐĞŶƚ ů ĞǀĞůŽƉĞƌ ƐĞŶĚ Ă ŝƌĐůĞ ŐŽ фďǀŝƌŶŝŐΛŚŽƚŵĂŝů͘ĐŽŵх͕ ŚƵƌĐŚ ĚĐŽƵĚŚ ĂůŝŬĞ͊tĞ ƚŚĞ Žƌ ů Ă ŶĞŝŐŚďŽƌŚŽŽĚ͘tĞ ĐŽƵ ƋƵŝĐŬůǇ ďĞ ƚŽ Śď ŚĂƚĞĂƵ ǁŝƚŚ D ƌŐ ƚŽ ůŝŬĞ ĞƐŐĞ Ğ ƚŚĞ ŝ ŶĞ ϵ͗ϭϭ Ŷ ƚŚĞ ƚŚŝƐ ůĂƌŐĞ ƚŚĞ Ő ƚŽŐĞƚŚĞƌ ƚŚĞŶ ǁŽƵůĚ ŝ ĂƌŐĞƌ Ăƚ ĞƐ Ͳ ƚŚŝŶŬ Ăƚ ZĞƋƵĞƐƚ ƚĂŬĞ ǁĂŶƚ ƵƐ ƵƉ ϮϬϭϱ Ă ĂŶĚ ĚĂĚ ƐĞŶĚ ƚŽůů ƚŝŵĞƐ Ŷ ǁĞĞŬ͘tĞ Ğ ƚŽ ŵƵƐƚ Ă EŽƌĚŵĂŶ ĂŵƉŝŽŶ ƚŚƚŚ ǁŽƌŬŝŶŐtĞ ŝŵƉŽƌƚĂŶƚ ŝĚĞĂƐ͕ ϭϵ͕ DĞĞƚŝŶŐ ƌ ůŝŬĞ ŽƉĞ ĞĞŽƉĞ sŝƌŶŝŐ ŝƚŚŝƚŚ ƉůĞĂƐĞ ŽƵƌ :ĂŶ ŚĞůƉ ŵĞĞƚŝŶŐ ŵŝŶĚƐ ǁ ǁŽƵůĚ ĚŝůŝŐĞŶƚ͘ ů Ğ ƐŚĂƌĞ ĂƚĞ͗DŽŶ͕ ĨƌŽŵ Ğǁ ĐĐ͗Ăƌď ǀ dŽ͗EŝĐŬ ĨƌŽŵ͗Žď ƚŚĂƚ ǇŽƵƌ Ğ ^ƵďũĞĐƚ͗ZĞ͗ ƚŚŝƐƚŽ ŝŝ ŐƌĞĂƚ ƌĞǀ ŐŽŽĚ ĞĞ ƉĂƌƚŝĞƐ͘tĞ ǁĂŶƚ ŐƌŽƵƉ ƉŽƐƐŝďůĞ ŽƚŚĞƌ͕ ĂŐƌĞĞŵĞŶƚƚŚ ŽĨĨŽƌ ǀĞƌǇ ŽƵƌ /Ĩ ŽĨ ĞŶĚ EŝĐŬ͕ dŚĂŶŬƐ ǁŽƵůĚ ͘ ĨŝŝŚ ĨŽĐƵƐŚ ĚĞĂƐĚĞĂƐ ďĞ ƚŽƉŝĐ ĞĂĐŚ Ɛ ƚŚĞ ŝ ŽŶ Ŷ ƚŽ ,ŝ Ĩŝ ŝ 3DFNHW3J )L ϲ ĐĂŶ ŝĚĞĂƐ͕ ƚŚĞ ŵŽƐƚ ĂƌĞ Ă ƚŚĞ ǁĞ ǁŝƚŚ Ăƚ ĚŝŐĞƐƚ͘/ ŐƌŽƵƉ͘tĞ ƚŚĞĂŶĚ ϳƉŵ ǁŝƚŚŝŶ ǁŚĞƌĞ ŵĞĞƚ ďƌŝŶŐ ƚŚŽƵŐŚƚƐ ƚŚŝŶŬŝŶŐ ŚĂƌĚ ŵĞĞƚŝŶŐ ďĞƚƚĞƌ ĐŽŵĞ ǁŝůů ĚŝǀĞƌƐĞ ǁŽƌŬŝŶŐ ƚŽŐĞƚŚĞƌ ŝŶŝƚŝĂů ĂƌĞ ƚŽ ƚŽ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ǇŽƵ ĂŶĚ ;ϭͬϮϵͿ͘tĞ ƐŝƚĞ͘ƐŝƚĞ͘ ŽƵƌ ŽƵƌ ŝŶǀŝƚĞ ďĞĞŶ ƌĞǀŝĞǁ фĐĂŵƉŝŽŶϰĐŽƵŶĐŝůΛŐŵĂŝů͘ĐŽŵх ǁŽƌŬŝŶŐ ǁŝƚŚŝŶ ŽĨ ĚĞǀĞůŽƉŵĞŶƚĚĞǀĞůŽƉŵĞŶƚ ƐŽŵĞ ŚĂǀĞ ƚŽ ĨƵƌƚŚĞƌ ĞǀĞŶŝŶŐ ůŝŬĞ ƚŝŵĞ ƚŚĂƚ ŽĨ ŶĞŝŐŚďŽƌŚŽŽĚ͘tĞ ŐŽŽĚ ǁŽƵůĚ ƉƌĞƐĞŶƚĂƚŝŽŶ ŵĞĞƚŝŶŐ ďĞůŝĞǀĞ ĨŽƌ ŶĞǁŶĞǁ Ă dŚƵƌƐĚĂǇ ŽĨĨ ďĞ / ƚĞĂŵ͘ ŶĞŝŐŚďŽƌŚŽŽĚ ƚŚĞƚŚĞ ƚŽ ŐŽ ƐƚƌŽŶŐůǇ ǁŽƌŬĂďůĞ ƚŚŝƐ ŽĨŽĨ ƋƵŝĐŬůǇ ǇŽƵƌ ƵƐ Ă ǁĞƐƚǁĞƐƚ ĂŵƉŝŽŶ ůŝŬĞ ƚŚƌŽƵŐŚ ǁŝƚŚ tĞ ĂŶĚ ƚŚĞ ĐŽŵх фŶŽƌĚŵĂŶƌΛŐŵĂŝůĐŽŵх Ă ƚŚĞŶ ǁŽƵůĚ ũƵƐƚũƵƐƚ ŐĞƚ ŵĞĞƚ фďǀŝƌŶŝŐΛŚŽƚŵĂŝů͘ĐŽŵх ĂŶĚ ŶŽƌƚŚǁĞƐƚ ǇŽƵ ŶĞŝŐŚďŽƌŚŽŽĚ͘ ͘ EŝĐŬ фŶŽƌĚŵĂŶƌΛŐŵĂŝů ŝƐŝƐ ǇŽƵ ĂŶĚ ƚŽ ǁŚŝĐŚǁŚŝĐŚ tĞ ĚĞǀĞůŽƉŵĞŶƚ ĨŽƌ ƚŽ ƚƌǇŝŶŐ dŽ͗dŽŝŶƚŽŶΛŵĐŐŚŝĞďĞƚƚƐ͘ĐŽŵ͕ ƚĂŬĞ D ŝĚĞĂƐ͕ ǁŽƌŬ ĂǀĂŝůĂďůĞ ǇŽƵƌƐ͘ ϵ͗ϯϬ ŚƵƌĐŚŚƵƌĐŚ ƚŚĞ ƚŽ DĞĞƚŝŶŐ ŝŶ ƐŚĂƌĞ ǁŝůů ůŝŬĞ Ăƚ ĚĞůĂǇ ŽĨƐŚĂƌĞ ŽƵƌ ϮϬϭϱ ďĞŚĂůĨďĞ ƚŚŝƐ ǁŽƵůĚ ŶĞǁ WƌĞƐďǇƚĞƌŝĂŶWƌĞƐďǇƚĞƌŝĂŶ EŽƌĚŵĂŶEŽƌĚŵĂŶ 'ƌŽƵƉ ŽƚŚĞƌ͕ ĨƌŽŵ ƐůŝŐŚƚ ǁŽƵůĚ ĂůƐŽ sŝƌŶŝŐ Ϯϯ͕ ŝĨ ƚŚĞ ŬŶŽǁ :ĂŶ ŽŶ ĂŶĚ ^ƵďũĞĐƚ͗&ŽĐƵƐ ǁŝůů ŐƌŽƵƉ ĞĂĐŚ ƚŚĞ ĐĐ͗Ăƌď ŽďŽď ďŽƚŚ ǇŽƵ EŝĐŬ͕ ĂƚĞ͗&ƌŝ͕ ŶĞŝŐŚďŽƌŚŽŽĚ ǇŽƵ ŵĞ ĨŽƌ Žď ŬŶŽǁ ŽŵŵƵŶŝƚǇŽŵŵƵŶŝƚǇ ƚŚĂƚ ĨŽĐƵƐ ƚŽ ĂŶĚ ůĞƚ ĂƉŽůŽŐŝǌĞ ŚŽƉĞ ďĞŶĞĨŝƚƐ dŚĂŶŬƐ͕ ŚŽƉŝŶŐ WůĞĂƐĞ ƚŽ ŝůů ƐŵĂůů &ƌŽŵ͗&ƌŽŵ͗ ĂŶĚ ŐĞƚ ,ŝ 3DFNHW3J )L ϳ ŶĞŝŐŚďŽƌŚŽŽĚ͘ ƐƵƌƌŽƵŶĚŝŶŐ ŶĞŝŐŚďŽƌŚŽŽĚ͘ EĞŝŐŚďŽƌŚŽŽĚ͘EĞŝŐŚďŽƌŚŽŽĚ͘ EĞŝŐŚďŽƌŚŽŽĚ͘ ƚŚĞ ƚŚĞ ĨƌŽŵ ĂŶĚ ƚƌĂĨĨŝĐ ϭϱ ĚĞǀĞůŽƉŵĞŶƚĚĞǀĞůŽƉŵĞŶƚ͘ Ͳ Ϯϵ ƚŚĞƚŚĞ ŽĨŽƵƌ Ͳ ĂŶĚ ϭ ŝŶƚŽŝŶƚŽ ŝŶĨůƵĞŶĐĞƐ ͞ŚĂƌĂĐƚĞƌ͞ ƚƌĂŶƐŝƚŝŽŶƚƌĂŶƐŝƚŝŽŶ ŶĞǁ ĞǀĞůŽƉĞƌƐ ĐŽŵŵĞƌĐŝĂů ƚŚĞ ĐŽŵŵĞƌĐŝĂů ŐŽŽĚŐŽŽĚ ďŽƚŚ ĚĞƐŝƌĂďůĞ ĨƌŝĞŶĚůǇ͟ ǁŝƚŚ ĂĂ ƚŽ ĂŶĚĂŶĚ ďĞŶĞĨŝƚƐ ĂĚǀĞƌƐĞ ǀĞƌǇ ŵĞĞƚŝŶŐ ďƵĨĨĞƌďƵĨĨĞƌ ͞ŶĞŝŐŚďŽƌŚŽŽĚ ĂŶĚ ŵŽƐƚ ŐŽŽĚŐŽŽĚ ŝƚƐ ƵŝůĚŝŶŐƐ͘ ƵŶŝƋƵĞ ŝŶŝƚŝĂů ͞ŝŶƐƵůĂƚĞƐ͟ ƚŚĞ ĂĂ ŝƐƚƌŝĐƚ͍ ĂƐĂƐ ďƌŝŶŐ ƚŚĞ/ŶƐƵůĂƚŝŽŶ ƚŚĞ ĂĐƚĂĐƚ ŽĨ Ă ͘ ƚŚ ƚŽ ĐƌĞĂƚĞ ďƵƐŝŶĞƐƐĞƐ͘ ŽƌŝĞŶƚĂƚŝŽŶ ĐĂŶĐĂŶ ĨƌŽŵ ϱϱ ǁŝůů ƐƵĨĨŝĐŝĞŶƚůǇ^ƉĞĐŝĂů ĐŽŶƚƌŝďƵƚĞƐ ĂŶĚ ŝƚƐĞůĨŝƚƐĞůĨ ƚŽŐĞƚŚĞƌ ĂƌĚ DĞƐƐĂŐĞƐ ƚŽ ƌŽĂĚƐ͘ ďƵŝůĚŝŶŐƐ ĂŶĚ ǇǇ ǇŽƵ ĚĞǀĞůŽƉŵĞŶƚĚĞǀĞůŽƉŵĞŶƚ >Žƚ͘ ƵĨĨĞƌ ŝŶƚĞŶƐĞ ĂŶĚ ůŝŶĞƐ ŝƐĐƵƐƐŝŽŶ͗ ƚŚĂƚ 'W ŶĞŝŐŚďŽƌŚŽŽĚ ŽĨ ǁŝƚŚ ǁŽƌŬŝŶŐ&ĂĐĂĚĞƐ ĂŶĚ ůŽĐĂƚŝŽŶ ƐŝĚĞ ZŽŽĨ ͬͬ ĂŶĚďĞƚǁĞĞŶ <ĞǇ ŽŶ ƉƌĞƐĞƌǀĞ ƚŽŐĞƚŚĞƌ ƚŚ͘ ŐƉŐ ůĞƐƐ ŝŶ ϱϱ EŽƌƚŚ ĞŶŐĂŐĞ Ɖ /ŶƚĞŶƐĞ͟ ĞƐƚŚĞƚŝĐƐ KƵƌ ƵŝůĚŝŶŐ ƚŚĂƚ>ŝŬĞ >ĂŶĚƐĐĂ ƚŚĞƚŚĞĨĂĐŝŶŐ ƚŝŵĞƚĂďůĞ͍ ͬ ĂŶĚ &ƌŝĞŶĚůǇ ŐĞŶĞƌĂƚŝŶŐ >ŽƚƐ ZĞƐŝĚĞŶƚŝĂů ƚŚŽƵŐŚƚĨƵůůǇƚŚŽƵŐŚƚĨƵůůǇ ďĞůŝĞǀĞ ƚŽ ǁŽƌŬ ŚĞůƉƐ ŽŶ &ŽĐƵƐ ƚŽ ƵŝůĚŝŶŐƐƵŝůĚŝŶŐƐ ͞ůĞƐƐ ƐŝĚĞĚ ƚƌĂĨĨŝĐ ďĞƐƚ ŐŐWĂƌŬŝŶŐ ^ƚƌŽŶ ͬ EĞŝŐŚďŽƌŚŽŽĚ ƚŽ ĂůƐŽ DĞƐƐĂŐĞƐ͗ ƌĐŚŝƚĞĐƚƵƌĞ ĞƚĐ͘ ƐƚƌŽŶŐůǇĨŽƌ ǇŽƵƌ ŝƐ ŝƐ ^ƚĞƉƐ͗ǁĞ ƚƌŝƉ ϰ ZĞĚƵĐŝŶŐ 'ŽĂůƚŚĂƚƚŚĂƚ ƌĞĂƐ ĚŽ ĚŽŶĞĚŽŶĞ ŝƐ >ŽǁĞƌ tŚĂƚ KŶĞKŶĞ EĞǆƚ ,Žǁ KƵƌ tĞ <ĞǇ<ĞǇ /Ĩ/Ĩ 3DFNHW3J )L ϴ ĂƌĞĂůƐŽ dŽŝŶƚŽŶ ǇŽƵ ŽŶ ŚŝŐŚ ŵĞĞƚŝŶŐ ĂĐƚŝǀĞ͘/Ĩ ŝŶƚĞŶƐĞͬ͟ ƐƋĨƚͿ͘dŚĞǇ ŚŽƵƌͿ ĐŽƵƉůĞ ŝůů ĚĞƐŝŐŶĞƌ ƐƐŽĐŝĂƚŝŽŶ ;Ϯϰ ĐŽŵŵĞƌĐŝĂů ǀĞƌǇ Ă ͞ůĞƐƐ ŝŶĐůƵĚĞ ƐƋĨƚ ϲϬ< ĂŶĚ ŚŝƐ Ă ϭϱ< Ͳ ĐƌĞĂƚĞ ƐƚŽƌĞƐ͘;ΕϱϬ< DĂƌƌŝƐ͕ ĨŽĐƵƐĞĚ ƵƐ͘ ĂůƐŽ EĞŝŐŚďŽƌŚŽŽĚ ƚŚĞĂ ǁŝƚŚŚĂǀĞ ƉůĂŶƐ EĞŝŐŚďŽƌŚŽŽĚ͕ ǁŝƚŚ ĂŶĚ ĂǀĞ ǀĞƌǇ ĞŶŐĂŐĞ ƚŽ ƚƌǇ ƚŚĞŝƌ ĂŚĞĂĚ ĂƚƚĞŵƉƚŝŶŐ ĞǀĞůŽƉĞƌ ƌĞƚĂŝů͍ ďĞ ĚŝƌĞĐƚůǇ͘ ƚŽ ƚŚĞ ƚŚŝŶŬƚŽ ŚŽǁ ĂĐƚŝǀĞůǇ ƐƉĞĞĚ ĚŝƌĞĐƚŝŽŶ͘ ŶĞĞĚ Ăƚ ĂĚĚŝƚŝŽŶĂů ƚŚĞ ŽŶ ŵĞ ĞƚĐ͘tĞ ďĞ ďĞ ƚŚĞ ĨƵůů ŝĚĞĂƐǁŝůů ƚŽ ǁŝƚŚ ĐŽŶƚĂĐƚ ǁŝůů ǁŝůů ĂŐƌĞĞĚ ŝŶǀŝƚĞĚ ĂŶĚ ŵŽǀĞ ŶĞŝŐŚďŽƌŚŽŽĚ ƚŽ͗ ŐƌŽƵƉ ĞŶŐĂŐĞ ƚŽ ƚŚĞǇ ϮϬ ƐŝŐŶĂŐĞ͕ ǁĂƐ ƐƚƌĂƚĞŐǇ ůŝƐƚĞŶ Ͳ ƚŽ Εϭϱ ƚŽ ŽŶ͘ ǇĞƚ EĞŝŐŚďŽƌŚŽŽĚ ƚŚŝŶŬ ͘ ĐŽƌĞ ĞĂƐƚĞĂƐƚ ĨƌĞĞ ƉƵƌƉŽƐĞ ƚƌǇŝŶŐ ĂĐƚŝǀĞůǇ ĂŶĚ Ě ĨĚ ŶŽƚ ƚŽ ŽĐƵƐĞ ŝŶĐƌĞĂƐĞĚ ĚĞǀĞůŽƉŵĞŶƚ͘ ĨĞĞů ƚŚĞŝƌƚŚĞ ƚŚĞƚŚĞ ƐƉƌŝŶŐ͘tĞ ŽƵŶĐŝů ƌĞƐƚĂƵƌĂŶƚ͕ ŚĂǀĞ ŽƵƌ ŝƐ ĞĨĨŽƌƚƐ͕ ƚŽƚŽŽƌ ĨĞǀĞůŽƉĞƌ ĚŝƐĐƵƐƐŝŽŶƐ͘/ƚƐ ƚŽ ŽĨ Ğ ĂŶĚ ƉƌŽƉĞƌƚǇƉƌŽƉĞƌƚǇ ŚƵƌĐŚͿ ƚŚĞǇ ďď ĂŐƌĞĞ ǀŝĞǁ ŝƚǇ Ž ĨŽƌ ƚŚĞ ƚƚ ďĂƚƚůĞ ŽƵƌ ĚĚ ĚĞǀĞůŽƉŵĞŶƚ͘ ƚŚŝƐ ƵƐ͕ ĞǆĐĞƉƚŝŽŶƐ ŶĞĞ ƚŚĞďĞƚƚĞƌ ĚŽǁŶ ĨƌŽŵ tĂůŐƌĞĞŶƐ ƚŽ WƌĞƐďǇƚĞƌŝĂŶ ƚŚĞ ǁŝƚŚ ǁŝƚŚ ƚŚĞƚŚĞ ŐƌŽƵŶĚ ĞǀĞůŽƉĞƌͬĞƐŝŐŶĞƌ ĨƌŽŵ ƚŚƚ ƚ ƵƉŚŝůů Ă ŐƌŽƵƉ ƵƉĚĂƚĞ ƚŚ ƚŚĂƚ Ɛŝƚ ŽŶŽŶ Ă ŵĞĞƚ ĚĞƚĂŝůĞĚ ŚĞůƉŝŶŐ ŐĞƚ ĂƌĞĂƐ Ă ĂŵƉŝŽŶ ƐƋĨƚͿƐƋĨƚͿ ĂŶ ŝƐƌĞƋƵĞƐƚŝŶŐ ďƌĞĂŬ ďƵƐŝŶĞƐƐĞƐ͕ WDWD ƚŚĞ ĐŽƌĞ ĂŶĚ ŵĞĞƚŝŶŐ ĐŽŵŵĞƌĐŝĂů tĂůŐƌĞĞŶƐ ďĞ ĚŝĚ EĞŝŐŚďŽƌƐ ƚ ŝƚƚ ϭϬ<ϭϬ< ŽŵŵƵŶŝƚǇ Žƌ ĂŶ ϭ͗ϭϮϭ͗ϭϮ ŽŶ ŝŶƚŽ ĚĞĨŝŶŝƚĞůǇ ƚƌǇ ĂŶĚ ƐŵĂůů ƚŽ ƚ ŵŽƌĞ͕ ŵƉŽƌ EŝĐŬ Ͳ ƵƉĚĂƚĞ ;ϲ<;ϲ< ƚƌǇŝŶŐ ƚŽ ĂƚĂƚ ŐŽ ĐŽƌĚŝĂů ƚŚĞ ďĞ ŵĞĞƚŝŶŐ ƵƉ Ă ϮϬϭϱϮϬϭϱ ďƵŝůĚŝŶŐďƵŝůĚŝŶŐ sŝƌŶŝŐ ŶŽƚ ĂŶĚ ŝ ^ƵďũĞĐƚ͗/ŵƉŽƌƚĂŶƚ dŽ͗EŽƌƚŚǁĞƐƚƚŚĞ ǁĞĞŬ ůĞĂƌŶŝŶŐ ĨƌŝĞŶĚůǇ͟ǁŝůů Ğ Ͳ ĨƌŽŵ ĂƌĞĚƌŝǀĞ ǁŝůů ŝƚƚ ƋƵŝĐŬ ĐĂ ƚŚĞ ĚŝĚ ĞƚƚƐ͕ ŐĞƚ ǀĞƌǇ ͕ ĂŶĚ ϲϲ ŝ ĚĞǀĞůŽƉŵĞŶƚ͘dŚĞǇ Ăƌď ŽŵŵƵŶƚŚŝƐ ůĂƐƚ ŐůĞĂŶ &Ğď&Ğď Ăƚ ǁĞ ƚŚĞ ĂŶĚĨŽŽĚ ŽĨĨŝĐĞŽĨĨŝĐĞ Ă ǁĞƌĞ ŝŶ ƐƚŽƌĞ Ɖ͘ŵ͘ Θ ŝƐ ŽĨ ƐĞĞ͕ ͞ŶĞŝŐŚďŽƌŚŽŽĚ ŵĞĞƚŝŶŐ hƐĞ ŝŶƚĞƌĞƐƚĞĚ dƌǇ ŚĞƌĞ DĐ'ŚŝĞ ĨĂƐƚ dŚƵƌƐĚĂǇ ĚŝĚ Žď ĂŶĂŶ ƚŚĞǇ ;ϳ ĐĂŶ tĂůŐƌĞĞŶƐ ϭͿϭͿϮͿϯͿ ǁĞ ŝŶƚĞŶƐŝƚǇ ƉůĂŶŶŝŶŐƉůĂŶŶŝŶŐ DŽŶĚĂǇ 'ƵǇƐ͕ dŚĂŶŬƐ͕ ǇŽƵ ƚŚŝƐ tŚŝůĞ tŚĂƚ ĂƚĞ͗ĂƚĞ͗ ĨƌŽŵ ĂƌĞ KŶ ĐĐ͗ Ɛ ,ŝ /Ŷ 3DFNHW3J )L ϵ ƚŽ ƚŚĞ ĂŶĚ ĚŝĂůŽŐ ĚĞǀĞůŽƉĞƌ ũƵƐƚ ƉŽƌƚƌĂǇ ĞǀĞůŽƉĞƌ͛Ɛ ΕϮϬΕϮϬ ĂƐĂƐ ǇŽƵ 'W ƚŽƚŽ ĞĂĐŚ ĂŐĞŶĚĂ͘ƚŽ ĨƌŽŵ ůĂǇŽƵƚƐ͟ ǀŝĞǁǀŝĞǁ ĚĚ ŝƐ ŽĨŽĨ ǁŝůůŝŶŐŶĞƐƐ Ăƌ ũŽŝŶƚ ƚĞĂƚĞĂ ƚŚĞ ůŝƐƚ ŬŶŽǁ ĨĨ ůŝƐƚůŝƐƚ ĞĂƌŶĞƐƚ ƚŽ ŝŶƐŝŶƐ Ž ǁŽƵůĚǁŽƵůĚ фďǀŝƌŶŝŐΛŚŽƚŵĂŝů͘ĐŽŵх͕ ^^ ŽŶƚŚĞ ŵĞĂŶŝŶŐĨƵů ƚŚĞƵƐƵĂů ƐƚƐƚ ŵĞĞƚŝŶŐƐ ͞ƉŽƚĞŶƚŝĂů ďƵƚďƵƚ ŽƉĞƌ͘ ĨĂĨĂ ŽĨƚŚĞ ƚŽ ĞŶŐĂŐĞ ŽĨ ŐĞƚ ĂĂ ŶĞŝŐŚďŽƌŚŽŽĚŶĞŝŐŚďŽƌŚŽŽĚ ŐĞƚ ͕ ŝŶ ŵĂũŽƌŝƚǇ ĂƐĐŽŵƉůŝŵĞŶƚĂƌǇĐŽŵƉůŝŵĞŶƚĂƌǇĂ ǀĞƌďĂůŝǌĞĚǀĞƌďĂůŝǌĞĚ ůů ĞǀĞ ƌĞƋƵŝƌĞƐ ƚŽ ƐƚĂƌƚ ďƵƐŝŶĞƐƐ ƚĞĂŵƐ ƌĞŝƚĞƌĂƚŝŽŶ ĂĐƚŝǀĞůǇƚŚĞƐĞ ƚƌǇŝŶŐ ŽĨ ƐŽŵĞ Ğ ƚŚŝƐ ƚŚƚŚ ƐŬĞƚĐŚĞƐ ƚŚĞ ƚǁŽ ƵƐĞ ĂŶĚ ŽŶǇ ĂŶĚĂŶĚ ƐĞĞŶ ƐƚĂƌƚ ŽǁŶ Ͳ ďď EĞŝŐŚďŽƌŚŽŽĚ͘͟hŶĨŽƌƚƵŶĂƚĞůǇ ƉƌŽ ƚŚĞƚŚĞ ƵƌĞ ƉƌŽŐƌĞƐƐƚŚĞ Ă ƚŽ ĚĞƚĂŝůƐ͕ ͕ ĂŶĚĂŶĚũƵƐƚ ůĂǇŽƵƚƐůĂǇŽƵƚƐ ƚŽƚŚĞŝƌ ǇĞƚ ƚƌǇŝŶŐ ĂŶĚ Ĩƚ ƚ ǁŚĂƚǁŚĂƚ ĚƌĂǁŶ ŚĞůƉ Ƶ sŝƌŶŝŐ Ĩ ĂůůŽǁĞĚ ĂƌĞ ĐŽŵƉĂƚŝďůĞĐŽŵƉĂƚŝďůĞ ŶŽƚ Ğ ƚƌǇ ƚŚƚŚ ǁŝƚŚ ƐƉĞĐŝĨŝĐ ĂŶĚ ŽĨŽĨ ǁŝƚŚ ďĞ ƌĞƋƵŝƌĞŵĞŶƚƐ͘͘͘KƚŚĞƌƐ ĚƌĂǁŶĚƌĂǁŶ ĚĞƚĂŝůƐ͙ ŚĂǀĞ ŚĂŶĚ ŶƚŽ Ăƌď ŽƉƉŽƐŝƚĞŽƉƉŽƐŝƚĞ ŝŝ ŵĂǇ ƚƌǇ ĚĚĨŽƌǁĂƌĚ ƌĂŝƐĞĚ ďĞ ĚŝƐĂƉƉŽŝŶƚŵĞŶƚ ƵƐĞ ǁĞ ƐŽŵĞ ƚŽ ƚŚĞ фũŝŵ͘ĚŝĞƉŚƵŝƐΛŐŵĂŝů͘ĐŽŵх͕ ŚĂŶĚŚĂŶĚ ƚŽ ĞǀĞůŽƉĞƌ ŵŽƌĞŵŽƌĞ ƉŽƌƚƌĂǇĞĚĞ ƐƵƉƉŽƌƚŝŶŐ ǁĂƐ ƵŶĨŽƌƚƵŶĂƚĞůǇ ĂƐŬĞĚ ďď ĂŐĂŝŶ ƚŚƌŽƵŐŚ ďƵƐŝŶĞƐƐĞƐ͘ ƚŚĞƚŚĞ ŝŚƚŚƚ ŵŽǀŝŶŐ ƐŚŽǁŝŶŐ ͟ ƉŽƚĞŶƚŝĂůƉŽƚĞŶƚŝĂů :ĂŶƵĂƌǇ Ő ĚĞǀĞůŽƉŵĞŶƚĚĞǀĞůŽƉŵĞŶƚ ŝ ƵŶĨŽƌƚƵŶĂƚĞůǇƵŶĨŽƌƚƵŶĂƚĞůǇ ŵ ĂŶĚ ǁĞ ŶŐƐ ƚŚĞ ďĞǁŽƌŬ ƚŚĂƚ ũƵƐƚ ŽŶ͕ ĂŶǇ ŽƵƌ ƚŚĞ ďƌŝĞĨůǇ ƚŝƚŝ ŽĨ ŵĂǇ ƚŚĂƚ ͞ ŝŶƚĞŶƐĞ ŵĞĞ ƐŝĚĞƐ͕ ĂƌĞ ĨŽĐƵƐ ƐŽŵĞƐŽŵĞ ƚŽƉŝĐƐϰ͘ ďĂƐŝĐ ŚĂǀĞ ĚŽĐƵŵĞŶƚ ĞŶĚƚŽ ͞ĨŽƌ Ͳ ŵĞĞƚŝŶŐƐ ĐŽŶĐĞƌŶĞĚ ĚŽǁŶ ƚŚĞǇ ĞƐĞƉƌŽƉŽƐĞĚƉƌŽƉŽƐĞĚ ƚĞĂŵ ƚŽ ƚŚĞ ĂƌĞĂƌĞ ĚŽŝŶŐ ũŽŝŶƚůǇ ďŽƚŚ ŵŝŶŝŵƵŵƚŽ ƐŚŽǁĞĚƐŚŽǁĞĚ ŵŽƌĞ ĨĞǁ ƚŚƚŚ ĐůŽƐĞƌ ĂĐƚƵĂůůǇ ǇĞƚ Ăƚ ĨĞǁĨĞǁ ƐŝƚƚŝŶŐ Žǁ ĞŶŐŝŶĞĞƌŝŶŐ ŝĞƉŚƵŝƐ dŚĞ ĨŽƌ ŵĞĞƚŝŶŐ ĨŽƌŵĂůůǇ ŝƐ ŚĂǀĞ ŚŽǁĨĂƌ ƚŽ ŚŚ ĂĂ ƚŚĞƚŚĞĞǀĞůŽƉĞƌ ŝƚ ǀĞƌǇ ďƌŝĞĨůǇďƌŝĞĨůǇ ƌĞƐƵůƚƐ ĨĨ ůŝŬĞŶĚŶĚ Ž ŵĂŬĞďƵƚ ĂďƐŽůƵƚĞ ŝĚĞĂƐ͕ EĞŝŐŚďŽƌŚŽŽĚ͘͟ ǁŚŝůĞ ĐŽŶĐĞƌŶƐ ĂŶĚ ŵĂŬĞŵĂŬĞ ĂŶĚ ŝŐŶŽƌĞĚ͘ ĂƌĞ фĐĂŵƉŝŽŶϰĐŽƵŶĐŝůΛŐŵĂŝů͘ĐŽŵх ǁŽƵůĚ ^Y&d͕ ĨŝƌƐƚ :ŝŵ ƚŽ ͘ ĂŐĂŝŶĂŐĂŝŶ ŽŶĞŽŶĞ ďĞƐƚ ĞŶŐĂŐĞŵĞŶƚǁŝůůƉĂƉĞƌ ĞǀĞůŽƉĞƌ͛Ɛ ǁĞĂŶĚ ŝŵƉŽƌƚĂŶƚ ŶĞŝŐŚďŽƌŚŽŽĚ͕͟ ŚĞůƉŚĞůƉ ƚŚĞ фƚŚĞƌĞĂůĂůǌŽΛǇĂŚŽŽ͘ĐŽŵх͕ ƚŚĞ ƚŚĞ ǁŚŝĐŚĚĂǇĚĂǇ фŶŽƌĚŵĂŶƌΛŐŵĂŝů͘ĐŽŵхǁĞ ƐƵĐŚ͕ƚŽƚĂů ƚŚĞ ŵŝůĞ͘ ŽƵƌ ďĞĞŶ ƚŽƉŝĐƐ ĞǀĞůŽƉĞƌĞǀĞůŽƉĞƌ ĞŶŐĂŐĞ͘ ŽŶ ƚŚĂƚ ĨŽƌƚŽƚŽ фŝƐĂǀĞĚƌĂΛŐŵĂŝů͘ĐŽŵх ĂĐƚƵĂůůǇ ƚŚĂƚ ƐŝŶĐĞƐŝŶĐĞ ƉƌŽĚƵĐĞ ĂƐ ŶŽƚŶŽƚ ůĞƐƐ ƉƵƚ Ɛ ƉƵƌƉŽƐĞ ĞǆƚƌĂ ŽŶŝŶŐŚĂǀĞ ƚŚĞŝƚĞŵƐ ĚŽĐƵŵĞŶƚŝŶŐ ŝƐ ůůůů ĂƌĞĂƐ WD ǁĞ ƚŚĞ ƌĞĂů ŝƐƚƌŝĐƚŝƐƚƌŝĐƚ ďĞ ŝƚƐůŝŐŚƚůǇ ƉƌŽƉŽƐŝŶŐƉƌŽƉŽƐŝŶŐ ƚŽ ĞǀĂĚĞĚ͘ ͞ĨŽƌ ĂƌĞ ĨĞĞů ŽŶƚŚĞ ĂƐƚŚĞƚŚĞ ϭϮ͗Ϭϲ ƚŽ ǁŝƚŚ ŽĨǁŚĞŶ ƚŚĞ ΕϮϬ ƐŚŽƵůĚ ϭ ŝŵƉŽƌƚĂŶƚ ŵĞĞƚŝŶŐƐ͘KƵƌ Ͳ ͕ ĞŶŐĂŐĞ ƚŚŽƐĞ ǇĞƚ ƉůĂĐĞ ŝŚďŚĚ Ě ŐŽ ůĂĐŬ / ǁŚĞƌĞǁŚĞƌĞ ŽŽ ^ƉĞĐŝĂů^ƉĞĐŝĂů ďƵƚ ǁŝƚŚ ǁŝƚŚ ŽĨ ƵŶĚĞƌůǇŝŶŐ ĞŶĚĞĚ Ăƚ ƚŽ ŚĂǀĞ ƵŶĨŽƌƚƵŶĂƚĞůǇ Žƌ Ś ůŝƐƚ ďĞĞŶďĞĞŶ ƚŚĞ Žƌ ƚŽŐĞƚŚĞƌ ďƌŝĞĨůǇ ŽĨŝŶĐůƵĚĞƐ ϮϬϭϱ ǁŝůůŝŶŐŶĞƐƐ ŝŶ ŚŽǁ ͞ǁŽƌŬŝŶŐ ůĂǇŽƵƚƐ ƚŽ Śď &ƌŝĚĂǇ&ƌŝĚĂǇ ƉƵƚǀĞƌďĂů ŵĂŶǇ ƐƚĂƚĞŵĞŶƚƐ ĂďŽƵƚ͊ ŵĞĞƚŝŶŐ ĂĂ ĐŽŵŵƵŶŝĐĂƚĞĚ Ő ƚƌŝĞĚ ĞŶĚ EŽƌĚŵĂŶ ŚĂǀĞŚĂǀĞ ĂŵƉŝŽŶ ƵƐĞƵƐĞ ŝ ŝŽůŬŽǁƐŬŝ ^ĂǀĞĚƌĂ ŽŶ ͕͕ ŶĞ ϭϵ ŶŽǁ ƚŚŝƐ ĂŶ ůĂƐƚůĂƐƚ ŽƵƌ ǁŽƌŬŝŶŐ ĂŐƌĞĞŵĞŶƚ ĚƌĂǁŶ ĂŶĚĞŶŐĂŐĞŵĞŶƚ Ğ ƚŽƚŽ ůĞǀĞů DĂƌ ƚǁŽŚĂǀĞ ^ƵďũĞĐƚ͗ŽŶĐĞƌŶ ƚŚĞǇƚŚĞǇ ƚŚƚŚ ĨĂĐƚƚŽ ĚŝƐĐƵƐƐĞĚ ŚĂǀĞ ƉůĂŶƐƉůĂŶƐĂŶĚ ǁĞƌĞ ŝƐƚƌŝĐƚ͘dŚĞ ǁĂƐǁĂƐ ĨƌŽŵ ŝƚŚŝƚŚ ƌĞƋƵŝƌĞŵĞŶƚƐ͕ ͞ĞǆĐĞƉƚŝŽŶƐ͟ ƚŚĞ dŽ͗EŝĐŬ /ƐĂĂĐ͕͕ &ƌŽŵ͗Žď ŚŝŐŚ ĂƚĞ͗dŚƵ ǁĞ ŝŶ ƚŚĞƐĞ ƚŚĂƚƚŚĂƚ ĚĞǀĞůŽƉĞƌ͘ ǁ ŚĂŶĚ ǁŽƌŬ ĐĐ͗ů ƚŚĞǇ ŵĞĞƚŝŶŐŵĞĞƚŝŶŐ ĂƌĞ ƚŚĂƚ ŽĨŽĨ ŽĨ ƚƌĂƐŚͿ ĞŶŐĂŐĞƚƌǇŝŶŐ ƚŽƉŝĐƐ ďĞƚƚĞƌ͘tĞ ƋƵŝĐŬ ƉůĂŶƐƉůĂŶƐ ŚĞĂƌĚŚĞĂƌĚ ŶŽ ƉĂƌƚ ϱ͘ĚĚŝƚŝŽŶĂůůǇ ŚĂǀĞƚŚĞǇ ƐĞĞŶ ŝƚ ŚĂǀĞ͗,ŽŶĞƐƚͬƐĞƌŝŽƵƐ ĨĞĞů ďĞůŝĞǀĞ ƵŶĨŽƌƚƵŶĂƚĞůǇ ŵĂŬĞ ĚĞƐŝƌĂďůĞ ;ƵĨĨĞƌǇĂƌĚƐ͕ ŬĞĞƉ ĨĞǁ ĂŽď Ă ŽƌŝŐŝŶĂůŽƌŝŐŝŶĂů Ǉ ƐĞĐŽŶĚƐĞĐŽŶĚ ^ƉĞĐŝĂů ƚŚĞǇ ƚŚĂƚ ǁĞϮ͘ƌŝĞĨůǇ ƌŝĞĨůǇƌŝĞĨůǇ ĐƌĞĂƚĞƚŚĞ ďĞĞŶ ŝů ůϰ͘,ĞĂƌĚ ŽƵƐ ǁĞďĂƐŝĐ EŝĐŬ͕ ϯ͘dŚĞ ƚŽdŚĂŶŬƐ͕ Ɛƚŝůůǁŝůů ŬŶŽǁ ŽĨ ŽƚŚĞƌƐ ŝ ƚŚŝŶŐƐ ƐĞƌĨĂƌ ŽƚŚĞƌ ǁĂŶƚ ŚĂǀĞ ƐŝĚĞ ĂŶĚdŚĞdŚĞ tĞtĞ ,ŝ ^Ž Ž ͘ ϭϭ / ƚƚ 3DFNHW3J )L ϭϬ ǁĂǇ Ăƚ ŝƌĐůĞ ĨĂŝƌ ůŽŽŬ ŬĞǇ͞^ŝƚĞ ŝůů ƉƌŽĐĂ Ă ƚŽ ŚĂƚĞĂƵ ĨŝŶĚ фďǀŝƌŶŝŐΛŚŽƚŵĂŝů͘ĐŽŵх͕ ǁŝůůŝŶŐŶĞƐƐ ŝ ƚŚĞ ƌĞĐ ƚŽ ĂƚƚĞŵƉƚ ͬͬ ĂĚĚƌĞƐƐŝŶŐ ƌĞŵĞŶƚƐƚŚĞ ĨƌŽŵ ǇŽƵƌ ĂŶ ŝŝ ƌĞƋƵ ŽǀĞƌ ĨŽƌ ĂƐ ƐƉĞĐŝĨŝĐĂůůǇ ǁƌŝƚƚĞŶ ǇŽƵ ŶŐ ƉŽƌƚĞĚ ŬŝŬŝ sŝƌŶŝŐ ƚŚĂŶŬ ƉĂƌ ĞƚĐ͘ ǁĂƐ ĞĂƐŝůǇ ĂŶĚƚƌĞĞƐ͕ Ăƌď ĐŚĂƌĂĐƚĞƌ͘ ĞǀĞůŽƉŵĞŶƚ͕ ĂŶĚ ĨŽůůŽǁ͘/ƚ ĂĐŬŶŽǁůĞĚŐŝŶŐ фĐĂŵƉŝŽŶϰĐŽƵŶĐŝůΛŐŵĂŝů͘ĐŽŵх ďĞ ƉĂƌƚŶĞƌƐŚŝƉ͘ Žƚ ŵĞĞƚŝŶŐ͕ фũŝŵ͘ĚŝĞƉŚƵŝƐΛŐŵĂŝů͘ĐŽŵх͕ ůů фĚƌŵĂƌƌŝƐΛŐŵĂŝů͘ĐŽŵх ĐĂŶ ŶĞŝŐŚďŽƌŚŽŽĚ͘ ŶŐ ŬŝŬŝ ƚŚĞ ĞƚĐ͘ ƚŽ ƉĂƌ ƵƉĚĂƚĞ ƐŝŵƉůĞ ƉƌŽƚĞĐƚ /ŶĐĞŶƚŝǀĞ ƌĞƋƵŝƌĞŵĞŶƚƐ͕ ĂŶƐ͕ ŵĞŶƚ͘ ŝŶ ƚŝŵĞ ǇŽƵ ůů ффффф Ɖ ƚŚŝƐ͘ ǀĞƌǇ ŶĞŝŐŚďŽƌŚŽŽĚ ĂŶĚŶŐ ƉƉ ƚŚĞ ƐĂŵĞ ĚĞǀĞůŽ ǁŝƚŚ ŶŽ ůĚŝ ŝ KǀĞƌůĂǇ ƐĐĂƉ ŽŶ ŝƐ ĐŽŵƉĂƚŝďŝůŝƚǇ ŽĨ ϱͬϮϭͬϭϱ ^ƚĂŶĚĂƌĚƐ͙͘͘͘:ƵƐƚ /ƚ ǁŽƌŬŝŶŐ ǇŽƵ ƚŚĞ ĐŚĂƌĂĐƚĞƌ Ě ŵĂƌƌŝƐ ŐůĂƐƐ ĂŵĞŶĚŵĞŶƚ͘ 'ƌŽƵƉ͘ ǁĞĞŬ͘ ŽƐĞĚ ĂŶ ŝĞƉŚƵŝƐ ǁŝƚŚ Ăƚ ŝƐƚƌŝĐƚ ů ĚĚŝŝů ĂŵƉŝŽŶů ŽŶĂ ƚŽĚĂǇ ǁŝŶĚŽǁ ƉƉ ƉǁŚŝůĞ ǇĞƐƚĞƌĚĂǇ͛Ɛ ĚĂǀŝĚ ůĂƐƚ ƌŽ ƚŽ &ŽĐƵƐ ǁŽƌŬ ƌĞŐƵůĂƚĞ͘ ŝ Ɖ ƚŚĞƚ ĨŽƌǁĂƌĚ ŝŵƉƌŽǀĞ ĚĚŝ :ŝŵ ŽƵƌŝƐƚƌŝĐƚ ^ƉĞĐŝĂůĂŵƉŝŽŶ ŽĨ ĚĞǀĞůŽƉŵĞŶƚ͕ фdŽŝŶƚŽŶΛŵĐŐŚŝĞďĞƚƚƐ͘ĐŽŵх͕ ƉƌŽƚĞĐƚ ƚŽ ŝƐƚƌŝĐƚ Ă EŝĐŬ EĞŝŐŚďŽƌƐ ĨĂĐĂĚĞƐ͕ ĂƐ ǇǇ фƚŚĞƌĞĂůĂůǌŽΛǇĂŚŽŽ͘ĐŽŵх͕ Ɛ͕ ϭ ĨŽƌ ƚŝŵĞ фŶŽƌĚŵĂŶƌΛŐŵĂŝů͘ĐŽŵх Ͳ ĚĚ ZĞƐƉŽŶƐĞ ƚŽ ŝƐƚƌŝĐƚ ƐƚĂŶ ĨŽůůŽǁŝŶŐ ůŽŽŬ фŝƐĂǀĞĚƌĂΛŐŵĂŝů͘ĐŽŵх͕ ǁŝƚŚ ^ƉĞĐŝĂů ƚŽ ďĂƐĞ ^ƚĂŶĚĂƌĚƐсEŽƌŵĂů ƉƌŽĐĞƐƐĞƐ EŝĐŬ ĂĚĞƋƵĂƚĞůǇ ĨƵůů^ƉĞĐŝĂů ^ƚĂŶĚĂƌĚƐ͟ ƐƚĂŐŐĞƌĞĚ Ğ ĂŶĚ ϭ ďŝŬďŝŬ Ͳ ^ƉĞĐŝĂůEŽƌƚŚǁĞƐƚ ƚŚĞ ĂǀĂŝůĂďůĞ ďǇ ŽŶŝŶŐс WD dƌĂŶƐŝƚŝŽŶ͟ ĐŽŵŵĞƌĐŝĂů EŽ ĨĞĞĚďĂĐŬ Ğ ĚŝƐĐƵƐƐŝŽŶ ǇŽƵ ĂƐ ďĂƐĞ ůŝŬůŝŬ Ϯ͗ϰϬ ĂŶĚ ххх ĚŽĐƵŵĞŶƚ ŵƉŽƌƚĂŶĐĞ dƌĂŶƐŝƚŝŽŶΗ ƚŽ ŚĞůƉ ƉƉĞĂƌĂŶĐĞ ƐƉĂĐĞ͕ ƚŚŝƐ ŽƵƌƐĞůǀĞƐ Ăƚ ŽƌĚŝŶĂŶĐĞƐ ƐĞŶƚ ƚŚĞ ϮϬϭϱ ƉŽƐŝƚŝǀĞ ͞EŽƌƚŚǁĞƐƚ ǁŝůů ƐƚƌĞŶŐƚŚĞŶ ƉŽƐŝƚŝǀĞ ƚŚĞ ďǇ ƐĂŵĞĚŽĐƵŵĞŶƚ ŽƉĞŶ EŽƌĚŵĂŶ ŝŽůŬŽǁƐŬŝ ^ĂǀĞĚƌĂ ƚŚĂƚ ŝƐƚƌŝĐƚ ϭϲ͕ ĨŽƌ ŝŝ ^ƵďũĞĐƚ͗ΗEŽƌƚŚǁĞƐƚĐƌĞĂƚĞĚ ƐŝŵƉůĞ͗ dŽŝŶƚŽŶ ĨĨ ŵĂŬĞ Ž ǇŽƵƌ DĂǇĐŽŵŵƵŶŝƚǇ ͞^ŝƚĞ ĐŝƚǇ ǇŽƵ ƚĞŵƐ ^ƚĂŶĚĂƌĚƐ͟ ĞŶĐŽƵƌĂŐĞ ŽŶŝŶŐ ĨƵƌƚŚĞƌ ĞĐŝĂů /ƐĂĂĐ &ƌŽŵ͗ŽďĞǆŝƐƚŝŶŐ ƚŚĂŶŬ ĂƚĞ͗^Ăƚ͕ƚŽ ƚŽ ǀĞƌǇ ǁĂƐ dŽ͗ŝůů^ƚƌĞŶŐƚŚĞŶ ŝŝ ĐĐ͗ů ƋƵĞ ƉƌĞƉĂƌĞĚ ĨŽƌǁĂƌĚ ƉƉ ĚŽĐƵŵĞŶƚ ^ ŝƐ 'ĞŶĞƌĂů ŝŝ ŽĨ ƚŚĞ ĂǀĞ͕ ƵŶ ŽƵƌ ƚŽ ĂŐƌĞĞŵĞŶƚƐ͕ ĂŶĚĐŽŶĐĞƉƚ ŽďŽď ƉƉĞĂƌĂŶĐĞ hƐĞ dǇƉĞ ĚŽĐƵŵĞŶƚ ů ĚĚŝŝů ŽŶĂŝƐ ƉŐ Ő ůŽŽŬ ĂůůŽǁ ƚŝŶ dŚŝƐ ͕ хх ĂŶĚ ĂƌĞ dŚĂŶŬƐdŚĂŶŬƐ ŝ ƚ Ɖ ĚĚŝ dŚŝƐ ĂĚŽ dŚĞ tĞtĞ ŝůůW^͗ ƚŽ 3DFNHW3J )L ^ƚĂƚĞŵĞŶƚĨƌŽŵĂƌďĂƌĂsŝƌŶŝŐ͕ϱϳϮϯ>ŽŶŐďŽĂƚZŽĂĚE͘t͕͘ZŽĐŚĞƐƚĞƌ͕DEʹDĂǇϭϴ͕ϮϬϭϱ ZĞŐĂƌĚŝŶŐƚŚĞ͞>ŽƚƐ͕ϭůŽĐŬ͕ĂŶĚϭKƵƚůĞƚĨŽƌĐŽŵŵĞƌĐŝĂůĚĞǀĞůŽƉŵĞŶƚƉƌŽƉŽƐĞĚƚŽďĞŬŶŽǁŶĂƐ ŚĂƚĞĂƵŝƌĐůĞďǇŚĂƚĞĂƵŝƌĐůĞ>>͘ 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ϵ͘ƵĨĨĞƌǇĂƌĚƐŶĞĞĚƚŽďĞĚĞĞƉĞŶŽƵŐŚƚŽƉƌŽƚĞĐƚƚŚĞƵŶŝƋƵĞŶĞƐƐŽĨŽƵƌŶĞŝŐŚďŽƌŚŽŽĚ͘ ϭϬ͘tĞĂůƐŽĚŽŶŽƚǁĂŶƚƚŚĞĚƌŝǀĞƚŚƌŽƵŐŚƌĞƐƚĂƵƌĂŶƚƐ͕ĐŽĨĨĞĞŚŽƵƐĞƐŽƌĂŶǇďĂƌƐŝŶƚŚĞ ŶĞŝŐŚďŽƌŚŽŽĚĂƐƚŚĞǇƉƌŽĚƵĐĞŵŽƌĞŝŶƚĞŶƐĞƚƌĂĨĨŝĐĂŶĚƚƌŝƉƐƉĞƌĚĂǇĂůŽŶŐǁŝƚŚƉŽƚĞŶƚŝĂůŶŽŝƐĞ ĂŶĚŽĚŽƌĐŽŶƚĂŵŝŶĂƚŝŽŶ͘EĞŝŐŚďŽƌƐŚĂǀĞďĞĞŶĐŽŵŵĞŶƚŝŶŐƚŚĂƚĞǀĞŶƚŚŽƵŐŚƚŚĞdĞǆĂƐ ƚŚ >ŽŶŐŚŽƌŶZĞƐƚĂƵƌĂŶƚŝƐĂĐƌŽƐƐƚŚĞǁŝĚƚŚŽĨϱϱ^ƚ͕͘ƚŚĞƐŵĞůůƐĞŵĂŶĂƚŝŶŐĨƌŽŵƚŚĂƚƌĞƐƚĂƵƌĂŶƚ ĂƌĞŝŶƚƌƵƐŝǀĞ͘ dŚĂŶŬǇŽƵĨŽƌĐŽŶƐŝĚĞƌŝŶŐƚŚĞƐĞĐŽŶĐĞƌŶƐƌĞůĂƚĞĚƚŽƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͘ ĂƌďĂƌĂsŝƌŶŝŐ 3DFNHW3J )L 3DFNHW3J )L 3DFNHW3J )L 3DFNHW3J )L 3DFNHW3J )L 3DFNHW3J )L 3DFNHW3J )L 3DFNHW3J )L 3DFNHW3J )L 3DFNHW3J )L 3DFNHW3J )L 3DFNHW3J )L 3DFNHW3J )L 3DFNHW3J )L 3DFNHW3J )L 3DFNHW3J )L 3DFNHW3J )L 3DFNHW3J )L 3DFNHW3J )L 3DFNHW3J )L 3DFNHW3J )L 3DFNHW3J )L 3DFNHW3J )L 3DFNHW3J )L 3DFNHW3J )L 3DFNHW3J )L 3DFNHW3J )L ϭ KĨ ďǇ hƐĞ ƐƚŽƉ ŝƚǇ ŵĂŶĂŐĞĚ ŽƉŵĞŶƚ͘ >ĂŶĚ ŝƐƐƵĞƐ͘ ZŽĂĚ ďƵĨĨĞƌƐ͘ ƚŚĞ ƚŚĞ ŽĨ ŚĂƚĞĂƵ ĂŶĚ Ěůů ĞǀĞ ^ƵďĚ͘ϴ ŝŶ ƐĂĨĞƚǇ ŶĂƚƵƌĂů ƌĞƋƵŝƌĞĚ ĚůŝŵŝƚĞĚ ŝůů Ă EĞŝŐŚďŽƌŚŽŽĚ ŝ ĐŽŵŵĞƌĐ ŝŶϲϬ͘ϯϮϯ ͬ ĞǆŝƐƚŝŶŐ ZŽĂĚ ĂůƌĞĂĚǇ ĂŶĚ ĂƐƚ͘ sŝůůĂ ĚĞĨŝŶĞĚ Žƌ ĚĞĨŝŶĞĚƐƚƌŽŶŐ ƚŚĞ ĂƌĞ ĨĨ ĐŚĂůůĞŶŐŝŶŐ ĂƚĞ ƌĞƐƵůƚŝŶŐ ƚŽ ǁŚŝĐŚ tĞƐƚ͘ ĂƐ ŝŝ ƚŚĞ ĂƉƉƌŽƉƌ ŚŽƵƐĞƐ ĂƐ ^ƉĂĐĞ ͘ϭ͘ĐͿ ŝƐƚƌŝĐƚ ŵĂŝŶƚĂŝŶƐ ƚŚĞƐŝƚĞ͕ ƚŚĞ ǀĞƌǇ EĞŝŐŚďŽƌŚŽŽĚ ĂŶĚ ƚŽ ŽŶŐĞƌ ƚŽƚĂů 'ƌĞĞŶ ĂŶĚ ƐƉĂĐĞ͘ ĂĐĐŽŵŵŽĚĂƚĞĚ &ĂĐƚƐ͗ ŽŵŵĞƌĐŝĂů DĂŶƵĂů͘ ƚŚĞ ;͘ϭ͘Ă͘ ĂŶĚ ůů ƚŚĞ dƌĂĨĨŝĐ ŶŽ Ăƚ ŐƌĞĞŶ ĨŽƌ ŶĞŝŐŚďŽƌŚŽŽĚ ŝƐƐƵĞƐ Ɛ ŽĨ hƐĞ ŝŝ ĞǀĞůŽƉŵĞŶƚ х ŽƉŵĞŶƚ ƚŚƌŽƵŐŚ ƵƐĞƐ Ͳ &ŝŶĚŝŶŐ ƚŚĞ ƉƵďůŝĐ ZĞƐƚƌŝĐƚĞĚ ŽŵŵĞƌĐŝĂů >Žƚ ƐĂĨĞƚǇ ŽĨ ĂŶĚ ďĞ Ěůů ĞǀĞ ƌĞĂ͘ ĂƐƚ Ͳ ǀĂůƵĞ Ƶƚ ƐŚŽƵůĚ ĂƐ ĚĞŶƐŝƚǇ ĂŶĚ Ě ƚŚĞ ŵĂŝŶƚĂŝŶĞĚ EĞŝŐŚďŽƌŚŽŽĚ ϭ >ĂŶĚ ĚĚ ^ĞƌǀŝĐĞ dŚĞ ƚŚĞ Ͳ ƉƌŽƉŽƐĞĐŽŵƉůŝĐĂƚŝŽŶ ĨŽƌ ƚŽ ĂŶĚ Ă ŵĂǆŝŵƵŵ ŝŵƉĂĐƚƐͿ ŝŵƉĂĐƚƐ ŽĨĂŶĚ ƌŝƚĞƌŝĂ ĐĂŶ ĚĞĨŝŶŝƚŝŽŶ hƌďĂŶ KƌĚŝŶĂŶĐĞ Ğ ďĞ ŽƉƚŝŽŶƐ ŚŚ ƚ >ŽĐĂƚŝŽŶ ĐůŽƐĞƐƚ ƐŚŽƵůĚ^ƚƵĚǇ͘ ĨĨ ;ǀƐ ŽƌĞĚƵĐĞƐƌĞĚƵĐĞƐ ZŽĐŚĞƐƚĞƌ ƚŚĞ ŽŶ ŝŵƉƌŽǀĞƐ ƚŚĞ ƌĞĚƵĐĞ ŝŝ ĞǀĞůŽƉŵĞŶƚ ƉŽƌƚ /ŵƉĂĐƚ ŽŶŝŶŐ ŝŶƚĞƌƐĞĐƚŝŽŶ͘ >Žƚ ƚŚĞ ŵĞĞƚŵĞĞƚ ^ŝŐŶŝĨŝĐĂŶƚůǇ^ŝŐŶŝĨŝĐĂŶƚůǇ ĂƐƚĂƐƚ ůŝŵŝŶĂƚĞƐ ƚŚĞ EKd ĐƚƵĂůůǇ dƌĂĨĨŝĐ ZŽĐŚĞƐƚĞƌ ƚŽƚŽ ĞdŚĞ ĨŽƌ dŚdŚ &ĂŝůƐ&ĂŝůƐ tŝůů WůĂŶ ƐŝŐŶ ƚŚĞ ϭͿϮͿϯͿϰͿϱͿϲͿϳͿ ¾¾¾¾ 3DFNHW3J )L Ϯ hƐĞ ĨŽůůŽǁŝŶŐ Žƌ sŝůůĂ >ĂŶĚ Ǉ ůů Ěŝŝ Ă Ě ƚŚĞ ŽŶ Ğ ƚŚĞ ƚŚƚŚ ŽŝŶƚ ǁŝƚŚ Ž ^ƚƌĞĞƚ͘ ƚƚ ŝŶ ŶŐ ƉƉ ĂƌĞĂƐ ƵŝƌĞĚ ƚŝŝ ;͘ϭ͘ĂͿ Ğƌ ŵŝůĞ͘ ĂĐĐĞƐƐ ƚ ĐĂ ŽůůĞĐƚŽƌ ŝŶ ƋƋ ŽŶĞ ŽƌĞƐ ƌĞ ƐƵŝƚĂďůĞ hƐĞƐ ůĞ ĂŶĚ ƚŽ ƚƚ ŐŐ Ɛ ƐŝŶ ;ĂĐŬƵƉͿ ŶŐ ŚĂůĨ ŽŵŵĞƌĐŝĂů ĚĞĨŝŶĞĚ ŝůĚŝĚŝ Ă ŵŽƐƚ Ă Ͳ Ƶ ĂŶĚ ŽŶĞ ǇǇ ů ŶĐ ŽŶů ŝ ĂƌĞ ŽĨ ƌƚĞƌŝĂůͿͿ ĂƌĞĂ ŝƐ ĂƐ ƌĂĚŝƵƐ ŶĞŝŐŚďŽƌŚŽŽĚ͕ ůĂŶ͘dŚĞƌĞ ͿͿ Ŷ ͘ϭ͘Đ ĨŽƌ ǆƉůĂŶĂƚŝŽŶͬĞƚĂŝůƐ͗ ŝŝ ĂĐƌĞƐ Ă ĂŶ ǁŝƚŚ ƐƚƌĞĞƚƐ͘ ƌŝƚĞƌŝĂ ĂŶĚ ŽĨ ŝŚƚŚƚ ŚŽƵƐĞŚŽůĚƐ Ő ŝŶƚĞƌƐĞĐƚŝŽŶ ƉƉ ŝ ͘ϭ͘Ă͘ Ğ Ă ůĞǀĞů ĨƌŽŵ Ž ŽĨ >ŽĐĂƚŝŽŶ ƚƚ ŽƵƌ ŶĞĞĚƐ Ͳ ;; ŚŝŐŚĞƌ hƐĞ ;Ĩ;Ĩ ƌĞŵŽǀĞĚ ŝŶƚĞƌƐĞĐƚŝŽŶ͘ ĞƌƐ ϭ͕ϱϬϬ ƐĞƌǀŝĐĞƐ ŽŵŵĞƌĐŝĂů ƚŚĞƚŚĞ ƚƚ ĂŶĚͬŽƌ ĐĞŶ ůĞĂƐƚ ĂƚƐƵƉƉŽƌƚƐ ůůůů ďĞĞŶ ƐŵĂ ƌĞĂ͘ ƉĞƌƐŽŶĂů ůŽĐĂƚĞĚ ƐƚƌĞĞƚ &ƵƌƚŚĞƌ Ăƚ ĂĐĐĞƐƐ͘ ĂƐ ŽĨ ƌŽĂĚ ŚĂǀĞ hƐĞƐ͗ ^ĞƌǀŝĐĞ ĚĨŝĚĚ ƉŽƉƵůĂƚŝŽŶ ĐŽůůĞĐƚŽƌ ĨŽƌ ŶĞ ůŽŶŐĞƌ ĂŶĚ ůŽŶŐĞƌ ƉĞĚĞƐƚƌŝĂŶ Ĩŝ ŚĂƚĞĂƵ ƌŝƚĞƌŝĂ Ğ ZŽĂĚ ŽŵŵĞƌĐŝĂů Ě ŶĞĞĚƐ ĞƌƐ͕ hƌďĂŶ ŶŽ Ă ŶŽ ŽĨ ŚĂƚĞĂƵ ƚƚĂƌĞĂ ĐĞŶ ͘ ƚĞƌƌĂŝŶƚĞƌƌĂŝŶ ƐŚŽƉƉŝŶŐ ůŽĐĂƚŝŽŶ ƚŚĞ >ŽĐĂƚŝŽŶ ŝŶƚĞƌƐĞĐƚŝŽŶ ĂŶĚ ƚŚƵƐ ƐĞƌǀŝĐĞ ŶŐ ZŽĐŚĞƐƚĞƌ ŽĨ ĨŽƌ ǀĞŚŝĐƵůĂƌ Śŝŝ ŽƉƉ ĨůĂƚĨůĂƚ ŝƐ ĞĂƐƚ ƚŽ ƌŝƚĞƌŝĂ ƉƌŽƉĞƌƚǇ ĐŽŶǀĞŶŝĞŶĐĞ Ś ƚŚŝƐ ƌĞůĂƚŝǀĞůǇƌĞůĂƚŝǀĞůǇƉƌŽũĞĐƚĞĚ ŵĞĞƚ Ɛ ĂĐĐĞƐƐĞƐ EŝŚďŚĚĚ ƚŚĞ ũƵƐƚ ŽŽ ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ͗ ƐƵĐŚ͕ ŐŽŽĚ ƚŚĞ >ŽĐĂƚŝŽŶĂů Ś Ăƚ ƚŽ Žƌ ZŽĂĚ͕ >ŽĐĂƚĞĚ ĨŽƌ Śď dŚŝƐ,ĂǀŝŶŐ,ĂǀŝŶŐ ,ĂǀŝŶŐ Ă &ĂŝůƐ Ɛ ůů tŝƚŚ Ő ǁĞĞŬůǇ ŝ Ğ WůĂŶ E ͿͿ ¾¾¾ ϭ ͘ ϭͿϭͿ ͘Ě͘ Ă͘ Đ͘ ďď 3DFNHW3J )L KĨ ϯ ǇǇ ƌĞƐŝĚĞŶƚŝĂů ŝƚ ZŽĂĚ͘ ůŝŐŚƚƐ͘ ƚŚĞ ,ĂƌďŽƌĂŐĞ ŽĨ sŝůůĂ ĂƌĞĂƐ ƚŽ ƚƌĂĨĨŝĐ ^ƵďĚ͘ϴ ĂĚũĂĐĞŶƚ ŽŶƚŽ ƌĞƐŝĚĞŶƚŝĂů ĂĚĚŝƚŝŽŶĂů ƚŚĞ ϲϬ͘ϯϮϯ ǇǇ ĚŝƌĞĐƚů ůŽĐĂƚĞĚ ƚŚŽƵŐŚ ĂĚũĂĐĞŶƚ ;ĂĐŬƵƉͿ ŝŶ ůŽƚ ĂƌĞ ĂŶĚ ĚĞĨŝŶĞĚ ƉĂƚŚ ƚŚĂƚ ƚŚŝƐ ϭ͘ ƚŚĞ ƚƵƌŶƐ Ͳ ƵƐĞƐ ƚŽ ĂƐƚ͘ >ĂŶĞ ƚŚƌŽƵŐŚ Ă ĂƐ ƌĞůĂƚĞĚ ŽĨ ůĞĨƚ ďƵƐŝŶĞƐƐ ŝƐƚƌŝĐƚ ǆƉůĂŶĂƚŝŽŶͬĞƚĂŝůƐ͗ tŚĂůĞƌƐ ƉƵƌƉŽƐĞ ŽĨ ƚƌĂĨĨŝĐ ƚŚĞ Ɛ ĐŽŵďŝŶĂƚŝŽŶ ƉƉ ŝŶƚĞŶƐŝƚǇ ĨƌŽŵ ƚƌŝ ŽŵŵĞƌĐŝĂů ͘ ĐƵƐƚŽŵĞƌ DĂŶƵĂů ĂŶĚ ƚƌĂĨĨŝĐ ^ƚƌĞĞƚ ĂŶĚ ĚĞĨŝŶŝƚŝŽŶ ůŽǁ Ăůů ƚŽ ĞǀĞůŽƉŵĞŶƚ ĞŶĐŽƵƌĂŐĞ ƚŚ ŽĨ ĐŚĂůůĞŶŐŝŶŐ ϱϱ ĨŽƌĐĞ ƚƌĂĨĨŝĐ ZĞƐƚƌŝĐƚĞĚ ĂƌĞĂƐ ƚŚĞ ŶŽǁ ĨŽƌ ƚŚƌƵ ƚŽ &ƵƌƚŚĞƌ ŵĞĞƚƐ ƉƌŽǀŝĚĞ ŶŽƚ ǁŝůů Ͳ Ă ϭ ĐƵƚ >ĂŶĚ Ͳ ĞůŝŵŝŶĂƚĞ ĂƐ Ŷ Ă ůŽŶŐĞƌ ƐŝŐŶŝĨŝĐĂŶƚ ƐŽ ŐŐ ĂŶĚ ŽĨ ĚĞƐŝ ĂŶĚ ƚŚŽƌŽƵŐŚĨĂƌĞƐ ZŽĂĚ ŝƐƚƌŝĐƚ͗ ŵĂŝŶƚĂŝŶ ĚĞĨŝŶŝƚŝŽŶ KƌĚŝŶĂŶĐĞ ƐŝƚĞ ŶŽ ŶŽǁ sŝůůĂ ůŽĐĂƚŝŽŶ ŝƚƐ ĐƌĞĂƚĞ ŽŵŵĞƌĐŝĂů ǁŝůů ƚŽ ĂŶĚ ƚŚĞ ŝŶƚĞŶĚĞĚ ŵĂũŽƌ ŶĞŝŐŚďŽƌŚŽŽĚ ŽŶŝŶŐ ƚƵƌŶ ůŽĐĂƚŝŽŶ ŵĞĞƚ ƚŚŝƐ ĂůŽŶŐ ZĞƐƚƌŝĐƚĞĚ ŝŶ ŝƐ ƐƵĐŚ ƚŽ ZŽĐŚĞƐƚĞƌ ĚŝƐƚƌŝĐƚ ǁŝůů ďƵƚ dŚŝƐ &ĂŝůƐ Ɛ /ƚ ĂƌĞĂƐ͕ dŚŝƐ ϭ ͿͿ ¾¾¾Ͳ Ϯ 3DFNHW3J )L ͕ ϰ ĞĂƐƚ ,ĂƌďŽƌĂŐĞ͛Ɛ ƚŚĞ ƐƚƌĞĞƚ ďƵĨĨĞƌƐ͘ ƚŽ ŶĞŝŐŚďŽƌŚŽŽĚ ƚŚ ϱϱ ŶĂƚƵƌĂů ;ĂůŽŶŐ ĂĐƌŽƐƐ ŐŐ ŚŽƵƐĞƐ͘ ĞǆŝƐƚŝŶ ĂůƌĞĂĚǇ ƚŚĞ ;ĂĐŬƵƉͿ ĨŽƌ ŐŐ ƌĞƐŝĚĞŶƚŝĂů ƐƚƌŽŶ ĚĞǀĞůŽƉŵĞŶƚƐ ďƵĨĨĞƌ ƚŚĞ ŐŽŽĚ ǆƉůĂŶĂƚŝŽŶͬĞƚĂŝůƐ͗ ŵĂŝŶƚĂŝŶƐ ĨĂŵŝůǇ ĚĞǀĞůŽƉŵĞŶƚ͘ Ă ƉƌŽǀŝĚĞ ĐŽŵŵĞƌĐŝĂů ƐŝŶŐůĞ ĂŶĚ ǁŽƵůĚ ƚŚĞ ŚďŽƌŚŽŽĚ ƉƌŽƉŽƐĞĚ ŽĨ ƚŚĞ ƚŚĂƚ ĂŶǇ ĨƌŽŵ ƚŽ ŐŐ ƚƌĞĞƐ ŶĞŝ &ƵƌƚŚĞƌ ƉƌŽǆŝŵŝƚǇĂŶĚ ƚŚĞ ƚŚĞ ŵĂƚƵƌĞ ƚŽ ĚĞǀĞůŽƉŵĞŶƚ͕ ƚŽ ĚĞĐŬ ĂĐƚƐ ĐůŽƐĞƐƚ ĐĞŶƚĞƌͿ ůĂƌŐĞ ĐůŽƐĞƐƚ ƉƉ ŝŵ ĐŽŶƚĂŝŶƐ ĐůŽƐĞƐƚ ƚŚĞ ƐŚŽƉƉŝŶŐ ƉƌŽƉŽƐĞĚ ĨƌŽŵ ŝŶ ƌŽĂĚͿ͘ ŝƐ ƚŚĞ ĨĞĞƚ ĂůƐŽ ůŽƚ ;tĂůŵĂƌƚ >ŽŶŐďŽĂƚ ůŝŵŝŶĂƚĞƐ ƚŚĞ ĂƐƚ ϯϯ ůŽƚ ĨƌŽŵ KŶůǇ dŚŝƐ dŚĞ ͿͿ ¾¾¾ ϰ 3DFNHW3J )L ǇǇ ϱ ƚŚĞ ď dƌĂĨĨŝĐ ;tĂůŐƌĞĞŶƐ ƐZŽĂĚ͘ ĞĚ͛ ;tĂůŐƌĞĞŶ ŽĨŽĨ ŬĞĞƉŝŶŐ ŐŐ ŵĂŶĂ ;EƵŵďĞƌ;EƵŵďĞƌ ƚŚĞ ŚĂƚĞĂƵ ƚŚĂƚ ĂŶĚ ǁĞƐƚǁĞƐƚ ƚŽ ĚĞǀĞůŽƉŵĞŶƚ ͘ ŶĞǁ ůŝŵŝƚĞĚ ĚĞǀĞůŽƉŵĞŶƚĚĞǀĞůŽƉŵĞŶƚ ƌĞůĂƚĞĚ ƚŚĞƚŚĞ ƚŚĞ ƚŽƚŽ ǇǇ ŽĨ ĂůƌĞĂĚ ĚĞǀĞůŽƉŵĞŶƚĚĞǀĞůŽƉŵĞŶƚ ĞǆƉĞŶƐĞƐ ;ĂĐŬƵƉͿ ǁĞƐƚ DĂǆŝŵƵŵ ŽǀĞƌĂůůŽǀĞƌĂůů ĂƌĞ ƐŝƚƵĂƚĞĚ ǁŚŝĐŚ ĂĚĚŝƚŝŽŶ ƚŚĞƚŚĞ ƚŚĞƚŚĞ ƚŽƚĂů ŽĨŽĨ ĂƌĞ ǆƉůĂŶĂƚŝŽŶͬĞƚĂŝůƐ͗ ͕͕ ƐŝƚĞ ƐƵƉƉŽƌƚƐƵƉƉŽƌƚ ƐŝǌĞƐŝǌĞ ĞĂƐƚ͘ ƚŚĂƚ ƚŚĞ ƚŽƚĂů Žƌ DĂǆŝŵƵŵDĂǆŝŵƵŵ ƚŚĂƚ ƚŚĞ ůŽƚƐ ŽƉƉŽƌƚƵŶŝƚǇ ƚŽƚŽ ƚŚĞ ƚŽ ďƵŝůĚďƵŝůĚƚŚĞ ƐŚŽǁŶ ĨŽƌ ďƵŝůƚ Ψϭ͘ ǁŝƚŚŝŶ ƚŚĞƚŚĞ ƵƐĞƐ ďĞďĞ ŽŶůǇ ŶŽƚĐůĞĂƌůǇ ƚŽƚŽ ůŝŵŝƚůŝŵŝƚ ĂŶĚ ŝƐ Ĩŝƚ ŝƐ ŶĞĞĚƐŶĞĞĚƐ ďƵƐŝŶĞƐƐ ĞĂƐƚ Žƌ ĐŽŵƉůĞƚĞůǇ ƵůƚŝŵĂƚĞůǇƵůƚŝŵĂƚĞůǇ ďĞ ǇǇ &ƵƌƚŚĞƌ ĚĞŶƐŝƚ ŝƐ ĐĂŶ ƚŚĞ ƌŽĂĚƌŽĂĚ ǁŚĂƚ ƚŽ/ƚ ŵĂǆŝŵƵŵ ůŽƐƚ ŚĂƚĞĂƵŚĂƚĞĂƵ ŽĨ ƉƌŽƉĞƌƚǇ ͘ ǁŝůůǁŝůů ^ƉĂĐĞ ǁŝůů ƐŝǌĞƐͿ͘ ƌĞŐĂƌĚůĞƐƐ ŶŽ ^ƚƵĚǇ^ƚƵĚǇ ĂůůŽǁ͕ ďĞ ͟ ƚŚĞŝƌ ^ƚƵĚǇ͘ 'ƌĞĞŶ ƚŚĞ ŶĞǁŶĞǁ ŝƚǇ ǁŝůů /ŵƉĂĐƚ/ŵƉĂĐƚ ǁŝůů ƌĞĚƵĐĞ ͞ ĞƚĐͿ͕ ĂŶĚ ƚŚĞ ƐŝǌĞƐŝǌĞ /ŵƉĂĐƚ ƚŚĞƌĞ ^ƚƵĚǇ ĂƐ ŽĨ ďƵƐŝŶĞƐƐĞƐ dƌĂĨĨŝĐdƌĂĨĨŝĐ ͕ ƐĂŵĞƐĂŵĞ >Žƚ ďƵŝůĚŝŶŐƐ EKd ĐŽƐƚ /ŵƉĂĐƚ ^Ž dƌĂĨĨŝĐ ĂƐƚ dŚĞdŚĞdŚĞdŚĞdŚĞ ŽĞƐ /Ğ͗ ƚŚĞ ¾ ͿͿ ¾¾¾¾¾ ϳ 3DFNHW3J )L ϭ ů Ěů ŝƌĞĐƚŝŽŶĂ ŽĨ ĚĞĨŝŶĞĚͿ ĂƐ ƚŽ Žƌ ĂďŽǀĞͿ͘ ƌĂƚĞ ;ϲϭ͘ϱϮϲͿ ĨĂŝůĞĚ ^ƵďĚŝǀŝƐŝŽŶ͕ ŝŶŝŶ ŐĞŶĞƌĂƚŝŽŶ ŽƵŶĐŝůŽƵŶĐŝů Ě ĐƵƌƌĞŶƚůǇ ŵŽƌĞ ĐŽŶƚĞŶƚ͕ ŵĞŶƚŝŽŶĞĚ ^ƚĂŶĚĂƌĚƐ Žƌ ƚŽƚŽ >ĂŶĚ ϭϬϬ;ĂƐ ƐƵďŵŝƚƚĞĚƐƵďŵŝƚƚĞĚ ƚƌŝƉ ƐƵďŵŝƚƚĞĚ ǁŝůů ƌĞƋƵŝƌĞŵĞŶƚƐ ^ĞƌǀŝĐĞ ŐĞŶĞƌĂƚĞ ĂǀĞƌĂŐĞ ŵĞŶĚŵĞŶƚ͕ ŝƚ ŝŶƚĞŶƐĞ͕ ŝŶ 'W'W dƌĂĨĨŝĐ ^ƚƵĚŝĞƐ͘ ĂŶ ƐƵĨĨŝĐŝĞŶƚ Ăƚ ͘ ŽŶůǇ ŚŚǁŝƚŚ ŚŽƵƌ͘ ͟ ƚ ƉƌĞǀŝŽƵƐƉƌĞǀŝŽƵƐ ƚŚĞ ŽƉŵĞŶƚƐWůĂŶ ŵŽƌĞ ƚŚĞ hƐĞ ^ƚĂŶĚĂƌĚƐ͘ ĚĞǀĞůŽƉŵĞŶƚƐ /ŵƉĂĐƚ ƉĞĂŬ ŵĞĞƚƐ ĂŐĂŝŶƐƚ ĞǀĞůŽƉŵĞŶƚ ĂŶĚ KĨĨŝĐĞ ĞǀĞŶ ͞ WD Ěůů ƚŚĞƚŚĞ ĞǀĞ ĐŽŵƉůĞƚĞ ͗ dƌĂĨĨŝĐ ĚĞǀĞůŽƉŵĞŶƚ ƌĞĐŽŵŵĞŶĚĞĚ ŝƐ ƉƌŽƉŽƐĂů͘ƉƌŽƉŽƐĂů͘ ƚŽ ^ƚƵĚŝĞƐ͗ ĞǀĂůƵĂƚĞĚ ŝŶ ĨŽƌĨŽƌ Ě ^ĞƌǀŝĐĞ ƵƐĞƐ ůŽƚƐ Žƌ ƚƌŝƉƐ ;ϲϭϭϮϱͿ ϭϮϱͿ ƉƌĞǀŝŽƵƐ ĨĨ ƉƌŽƉŽƐĞĚ ĚĚ ƉĞƌŵŝƚƚĞĚ ŵŽƐƚ 'ĞŶĞƌĂů ĐŽŶƐŝĚĞƌĞĚ ƌĞƋƵŝƌĞ ϯϱϬ dƌĂĨĨŝĐ ͘dƌĂĨĨŝĐ Ɛ>>Ɛ ;ϲϭ ͛ďĞ >> ƚŚĞ ф tĞƐƚ ƚŽ ^ƚĂŶĚĂƌĚƐ^ƚĂŶĚĂƌĚƐ ƚŚĞ ϮϬϭϰͿƚŽ ŚĂƚĞĂƵŚĂƚĞĂƵ ĚĂǇ͘ ĨŽƌ ĂƌĞ ŵĞŶĚŵĞŶƚ͕ ĂƐ ƌĞƋƵŝƌĞĚ ŶĞĞĚ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ƵƐĞ ƚǁŽ ůŽŶŐ ĂŶĚ ǁŚŝůĞ ;ͿͿ ƉĞƌ ϲϭ͘ϱϮϬ ;EŽǀ ůĂǇŽƵƚ ĚĂƚĂƚŽ ƚŚĞ ŚŽƵƌ͕ ĂĐƌĞ;ĂƐ ĨŽƌĨŽƌ ^ĞƌǀŝĐĞ^ĞƌǀŝĐĞ ĐŚŽƐĞŶ ƐƚƵĚǇ͕ƚŚĞ ƉƌĞǀŝŽƵƐůǇ ŽŶ ^ƚƵĚǇ ; WůĂŶ ƚƌƵĞƚƌƵĞ ŝĞƐ ƉĞƌ'W ƉĞĂŬŽĨ ZĞǌŽŶŝŶŐ ƵƐĞƐ ƚŚĞ ĚĚ ŝŵƉĂĐƚ Ăůů dƌĂĨĨŝĐdƌĂĨĨŝĐ ĞǀĞůŽƉŵĞŶƚ ĂƌĞĂƌĞ ŚĂƐ ^ƚƵ ƚƌŝƉƐ /ŵƉĂĐƚ ͘ ͞EĞǁ͟ ϮϬϭϰ ƚŚĞ ƉĂƐƐ ϭ͘>ŝŵŝƚŝŶŐϮ͘>ŝŵŝƚŝŶŐ ǁŚŝĐŚǁŚŝĐŚ /ŵƉĂĐƚ ĂƉƉůŝĐĂŶƚ ^ƚĂĨĨ ŵŽƌĞ ĚƵƌŝŶŐ ƚŚĞƚŚĞ ĂŶǇ dƌĂĨĨŝĐ ĞĐĞŵďĞƌ ƚŽ dƌĂĨĨŝĐ ƚŚĞ ŝƚǇ ŽĨŽĨ ĨĂŝů ĂůůĂůů ŽĨ Žƌ ŝĐ ^ŝŶĐĞ ŽƚŚŽƚŚ ĨĨĨĨ ƚƌŝƉƐ ƉĂƐƐƉĂƐƐ ƉĂƌƚ ĂůƐŽ dŚŝƐ ^ŝƚĞ ϭϮϱdŚĞdŚĞ dƌĂ ůů ¾¾¾¾¾¾¾¾¾ 3DFNHW3J )L ũƵƐƚ ĨĂŝůĨĂŝů Ϯ 'W͘ ƚƌĂĨĨŝĐ ƚǁŽƚǁŽ ƚŚŝƐ ǁŝƚŚ ƉƌĞǀŝŽƵƐ dŚĞƐĞdŚĞƐĞ ƐƚƵĚŝĞƐ͕ ĂƐƐĞĚ ϯ ĨƚĞƌ ƉƉ ĂƌƚĞƌŝĂů ĂƐ ;ϯͿ ƚŚĞ ŶŽƚŶŽƚ ǁŝƚŚŝŶ ďĞ ĂŶǇ /ŶĚŝǀŝĚƵĂů ƚŽ ƐŽ ƚŽ ƉƵďůŝĐƉƵďůŝĐ ƐŚĂůů ŝŶ ŵŝŶŝŵƵŵ ƐŚĂůůƐŚĂůů ƵƐĞĚ ĚĞƐŝŐŶĞĚ ŽŶ ϯϬϬ Ͳ ĐŚĂŶŐĞƐ ͘ ĂŶǇƐƚƌĞĞƚƐ ŶŽŶŶŽŶ ďĞ Ăůů ĞǆĐĞĞĚĞĚ ^ĞƌǀŝĐĞĂŶĚ ƚƌĂĨĨŝĐ ƐƚĂŶĚĂƌĚƐƐƚĂŶĚĂƌĚƐ ůĞĂƐƚ ďĞĂŶǇĂŶǇ ƐŚĂůů ŽŶ ĂĐĐŽŵŵŽĚĂƚĞ EŽEŽ ƐƚƌĞĞƚ͘ ƚƌĂĨĨŝĐ ĚŝƐƚĂŶĐĞ ƐŚĂůů ŵĂŝŶƚĂŝŶĞĚƉƵďůŝĐ ŽŶŽŶ ƚŚĞ ƉƌŽƉŽƐĞĚ ďĞ Ăƚ ͘ ƚƵƌŶŝŶŐ ƐƚƌĞĞƚƐ ŽůǀĞĚŽůǀĞĚ ŽĨ ĨůŽǁƐĨůŽǁƐ ƐŚĂůů ǁŝƚŚ ƚŚĂƚ ďĞ ĐŽŶƐŝƐƚĞŶƚůǇ ƐŝƚĞ ƌĞƐŝĚĞŶƚŝĂů>ĞǀĞů ^ĞƌǀŝĐĞ^ĞƌǀŝĐĞ ŵĂũŽƌ ŝŶǀŝŶǀ ƐŚĂůů ƐŝŐŚƚ ƐƚƌĞĞƚ ŽĨ ƉĂƚƚĞƌŶƐ ƐĞƌǀŝĐĞ ƌĞƐŝĚĞŶƚŝĂůĨŽƌ ƚƌĂĨĨŝĐƚƌĂĨĨŝĐ Žƌ ƐƚƌĞĞƚƐƚƌĞĞƚ Ă ĚĞĐĞůĞƌĂƚŝŽŶ ďĞ ƐŚĂůů ƉƌŽǀŝĚĞĚ ĂďŽǀĞůĂŶĞƐ ŽŶ ĂĚĞƋƵĂƚĞ WůĂŶ͘ƐŝŐŶĂůƐ ŽĨŽĨ ƐŚĂůů ƌĞƐŝĚĞŶƚŝĂů Ͳ ƚŚƌŽƵŐŚƚŚƌŽƵŐŚ ƉƌŽŐƌĞƐƐŝŽŶ >ĞǀĞů>ĞǀĞů ƚƌĂĨĨŝĐ ŶŽŶ ŽĨŽĨĂŶĚ ďĞ ;ϮͿ ƉĂƌŬŝŶŐ ĂƵǆŝůŝĂƌǇ dŚŽƌŽƵŐŚĨĂƌĞ Žƌ ĐůĂƐƐĐůĂƐƐ ŶŽƚ ŽŶ ƚƌĂĨĨŝĐ ŽƚŚĞƌ ƐƚƌĞĞƚ ^ĞƌǀŝĐĞ ƉŽŝŶƚƐ Ăƚ ŵĞĞƚŵĞĞƚ ĨŽƌ ĨŽƌ ;dͿ ƐŝƚĞ͘ ƐŚĂůů ǁŝƚŚǁŝƚŚ ŵĂŝŶƚĂŝŶĞĚ ĂŶĚ ƚŚĞƚŚĞ ĂŶĚ ƐƚĂŶĚĂƌĚƐ Ă ƉƌŽǀŝĚĞ ĂŶǇ ŶĞǁ ĂŶĚ ƉƵďůŝĐ ƚŽƚŽ ŽŶ ƚƌĂĨĨŝĐ ƚŚĞ ĂĐĐĞƐƐ ĨŽƌĨŽƌ ĂĐĐĞůĞƌĂƚŝŽŶ Ϭ͘ϵϬ dƌĂĨĨŝĐ ŽĨŝŶƚĞƌĨĞƌĞŝŶƚĞƌĨĞƌĞ ĐŝƌĐƵůĂƚŝŽŶ ĂƌĞ͗ƐŝŐŶĂůƐƐŝŐŶĂůƐ ŽŶƚƌĂĨĨŝĐ ;ϭͿďĂǇƐ ŽĨ >ĞǀĞůĨŽƌ WůĂŶWůĂŶ ƚŚĞ ƌĂƚŝŽ ĂŶǇ ůŽĐĂƚŝŽŶ ƐƚƵĚŝĞƐ ĂĚĞƋƵĂƚĞƚŽ ŽĨ ĐĂƉĂĐŝƚǇ ĂŝůǇ ^ĞƌǀŝĐĞ ďĞ ƐƚŽƌĂŐĞ dŚĞ ŽŶ dŚŽƌŽƵŐŚĨĂƌĞdŚŽƌŽƵŐŚĨĂƌĞ ĚĞƐŝŐŶĞĚ ƚŚĞĞǆŝƐƚŝŶŐĞǆŝƐƚŝŶŐ Ă ŶƵŵďĞƌ ŽŶ ŶŽƚŶŽƚ ;sͬͿ ƐŚĂůů ŝŶƚĞƌƐĞĐƚŝŽŶƐ͕ ĚĞƐŝŐŶĂƚĞĚ ^ƚĂŶĚĂƌĚƐ͗ ǀĞŚŝĐůĞ ƚƌĂĨĨŝĐ ŝŶĐƌĞĂƐĞ ǀĞƌĂŐĞ ĂĐĐŽŵŵŽĚĂƚĞ Ϯϱй͘ ŝŵƉĂĐƚ ǁŝůůǁŝůů dŚĞ ŽĨ ĂĐĐĞƐƐ ŽĨ ŝŶƚĞƌƐĞĐƚŝŽŶ ĂĐŚŝĞǀŝŶŐ ĐĂƉĂĐŝƚǇ ŽĨŽĨ >ĞǀĞůƚƌĂĨĨŝĐƚƌĂĨĨŝĐ dŚĞ ďĞ ĐĂƉĂĐŝƚǇ ͗ ƚŚĂŶ ŽĨ WƌŽŐƌĞƐƐŝŽŶ ƉĂƚƚĞƌŶƐƉĂƚƚĞƌŶƐ ƐŝƚĞ ͘ ƚƌĂĨĨŝĐƚƌĂĨĨŝĐ ƚƌĂĨĨŝĐ ƐŚĂůů /ŵƉĂĐƚ͗ƐŚĂůů ĨůŽǁ WŽŝŶƚƐ͗ ƚŚĞƚŚĞ ĂƐĂĚĞƋƵĂƚĞ ĚĞǀĞůŽƉŵĞŶƚ͖ Ͳ Ă ŵŽƌĞ KŶ ƚƵƌŶŝŶŐƚƵƌŶŝŶŐ Ăůů ƚŽ ĂŶĚ ƐƚƌĞĞƚ ^ĞƌǀŝĐĞ ŽĨ ƉŽŝŶƚƐ ŝŶŝŶ ĚĞǀĞůŽƉŵĞŶƚ ƚŚĞ ƐŝƚĞƐŝƚĞ ŽĨdŚĞ ǀŽůƵŵĞ ƚ ŝƌĐƵůĂƚŝŽŶ͗ƚŽ ĂŶǇ ƚŝŵŝŶŐƚŝŵŝŶŐ ŐŽĂů ŽƵƚŽƵƚ ƐƚƌĞĞƚ ĐĐĞƐƐ ďǇ ^ƚƌĞĞƚ ĨŝŶĚŝŶŐƐ ĨĂĐŝůŝƚŝĞƐ ǁŝƚŚ ŽĨŽĨ ^ĞƌǀŝĐĞ͗͗ ĐŽůůĞĐƚŽƌĂŶĚ ^ƚŽƌĂŐĞ ŝŶƐƵƌĞŝŶƐƵƌĞ ǁŝƚŚŝŶ ƉƌŽǀŝĚĞ ƚƌŝƉƐ ƐƉĞůůĞĚƐƉĞůůĞĚ ĐĐĞƐƐ ƚŚĞ ƚǇƉĞƐƚǇƉĞƐ dƌĂĨĨŝĐ ŽƌŽƌ ŝŶƚĞƌĨĞƌĞ ŽƌĚĞƌ &ůŽǁ ZĞƐŝĚĞŶƚŝĂů ŽĨ ǁŝƚŚ ƚŚĞ ĚĂŝůǇ ĂƉĂĐŝƚǇ͗ ůĞŶŐƚŚƐůĞŶŐƚŚƐ ƚŚĞ ƚŽƚŽ ŵŽǀĞŵĞŶƚƐ ĂƉƉƌŽƉƌŝĂƚĞ EƵŵďĞƌ ĂŶƚŝĐŝƉĂƚĞĚĂŶƚŝĐŝƉĂƚĞĚ ŽĨ/ŶƚĞƌŶĂů ĂŶĚ ƌĂŶŐĞƐƌĂŶŐĞƐ ƌĞƐŝĚĞŶƚŝĂů sĞŚŝĐůĞ ƚŽ ^ĂĨĞƚǇ͗ Žƌ ŽĨ dƌĂĨĨŝĐ ĂĚĞƋƵĂƚĞĂĚĞƋƵĂƚĞ ŚŝŐŚĞƌ ŝŶƚĞƌĨĞƌĞ ĞǀĂůƵĂƚĞ >ĞǀĞů ϲϭ͘ϱϮϲ ĂǀĞƌĂŐĞ ŶĞĞĚĞĚ ĂƌƚĞƌŝĂů ǀŝĐŝŶŝƚǇ ƐƚƌĞĞƚ͖ ƚŽ ĐǇĐůĞĐǇĐůĞ ŶŽƚ ƚŚĞƚŚĞ Žƌ ϭ͘Ϯ͘ϯ͘ϰ͘ϱ͘ϲ͘ϳ͘ϴ͘ 3DFNHW3J )L ϯ ϯϱϬ ф Ɛ dƌŝƉ ƉƉ dƌŝ ;WŽŽƌͿ WD ǇǇ Ăŝů WĞĂŬ DĞƚƌŝĐƐ ϮϬϬϬ ϰϳϱ ƌĞǀŝĞǁ͗ ф х ^ĞƌǀŝĐĞ͗ ʹ<ĞǇ Ϯϱй͗ ZŽĂĚƐ͗ ƉƌĞǀŝŽƵƐ ĂĐƚ ^ƚĂŶĚĂƌĚ ŽĨ ŽůůĞĐƚŽƌ ƉƉ >ĞǀĞů /ŵ ƚŚĞ ^ƚƌĞĞƚ ŝŶƚĞƌƐĞĐƚŝŽŶ ^ĞƌǀŝĐĞ ŽĨ ĨŽƌ ŽƵƚ ZĞƐŝĚĞŶƚŝĂů ƌĂŶŐĞ ĐĂŵĞ dƌĂĨĨŝĐ DĂŝŶƚĂŝŶDĂŝŶƚĂŝŶ ƚŚĂƚ >ŝŵŝƚ ŵĞƚƌŝĐƐ ¾¾¾ ŬĞǇ dŚƌĞĞ 3DFNHW3J )L ZĞǀŝĞǁŽĨƉƌĞǀŝŽƵƐŚĂƚĞĂƵŝƌĐůĞdƌĂĨĨŝĐ^ƚƵĚǇ хх/E&KZDd/KE&ZKD͗ϭϮͬϬϭͬϮϬϭϰŝƚǇŽƵŶĐŝůDĞĞƚŝŶŐ WƵďůŝĐ,ĞĂƌŝŶŐ&ϴ͘ ĂͿW^ƚĂĨĨZĞƉŽƌƚϭϭ Ͳ ϭϮ Ͳ ϮϬϭϰZϮϬϭϰ Ͳ ϬϬϳ>hWͺWĂƌƚϭ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ хDKZd/><'ZKhE>Kt͗ ϭ 3DFNHW3J )L Ϯ 3DFNHW3J )L ϯ 3DFNHW3J )L ϰ 3DFNHW3J )M 'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶηZϬϬϯϮϮ'W͕WƌĞůŝŵŝŶĂƌǇWůĂƚηZϮϬϭϱͲϬϭϬW>d͕ĂŶĚ^ƉĞĐŝĂůŝƐƚƌŝĐƚ ηZϮϬϭϱͲϬϬϮ^ƚŽďĞŬŶŽǁŶĂƐŚĂƚĞĂƵŝƌĐůĞďǇŚĂƚĞĂƵŝƌĐůĞ͕>>͘dŚĞĂƉƉůŝĐĂŶƚƉƌŽƉŽƐĞƐƚŽ ƐƵďĚŝǀŝĚĞϰ>ŽƚƐ͕ϭůŽĐŬ͕ĂŶĚϭKƵƚůŽƚĨŽƌĐŽŵŵĞƌĐŝĂůĚĞǀĞůŽƉŵĞŶƚ͘dŚĞƉƌŽƉĞƌƚǇŝƐůŽĐĂƚĞĚŶŽƌƚŚŽĨ ϱϱƚŚ^ƚƌĞĞƚEtĂŶĚƐŽƵƚŚŽĨsŝůůĂZŽĂĚEt͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĂƐŬĞĚĨŽƌĐŽŶĨŝƌŵĂƚŝŽŶĨƌŽŵĐŽŵŵŝƐƐŝŽŶƐƚŚĞǇŚĂǀĞƌĞĐĞŝǀĞĚĂŶĚƌĞǀŝĞǁĞĚƚŚĞ ĂĚĚŝƚŝŽŶĂůŶŽƚŝĨŝĐĂƚŝŽŶƐƐƵďŵŝƚƚĞĚĨŽƌĐŽŵŵĞŶƚƐ͘ůůĐŽŵŵŝƐƐŝŽŶĞƌƐĂĐŬŶŽǁůĞĚŐĞĚ͘ Dƌ͘dũŽƐƐĞŵƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚDĂǇϭϵ͕ϮϬϭϱ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐŽŶ ĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌͲKůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĂƐŬĞĚĂďŽƵƚƚŚĞĂƌĞĂŽĨƚŚĞƉƌŽƉĞƌƚǇďĞŝŶŐƉƌŽƉŽƐĞĚĨŽƌĂ^ƉĞĐŝĂůŝƐƚƌŝĐƚ͕ŝƐƚŚŝƐ ĂƌĞĂƌĂƚŚĞƌƐŵĂůůĨŽƌĂ^ƉĞĐŝĂůŝƐƚƌŝĐƚ͖tŚĂƚƚŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶͲϭĂŶĚǁŚĂƚŝƐƚŚĞ^ƉĞĐŝĂůŝƐƚƌŝĐƚ ƉƌŽƉŽƐŝŶŐ͘ Dƌ͘dũŽƐƐĞŵĞǆƉůĂŝŶĞĚĂůůƚŚĞƐƉĞĐŝĨŝĐƐƚŚĂƚĂƌĞĐĂůůĞĚŽƵƚŝŶƚŚĞƐƉĞĐŝĂůĚŝƐƚƌŝĐƚ͕ŐŽǀĞƌŶǁŚĂƚŝƐĂůůŽǁĞĚ ĨŽƌƵƐĞƐ͖ƐŝŐŶĂŐĞƌĞŐƵůĂƚŝŽŶƐǁŽƵůĚďĞƐŽŵĞĞǆĂŵƉůĞƐŽĨůĂŶŐƵĂŐĞ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌŝŶƋƵŝƌĞĚĂďŽƵƚƚŚĞƐŝǌĞŽĨƚŚĞĂƌĞĂŽĨƚŚĞƐƉĞĐŝĂůĚŝƐƚƌŝĐƚďĞŝŶŐƌĂƚŚĞƌƐŵĂůů͘ Dƌ͘dũŽƐƐĞŵŶŽƚĞĚƚŚĞƌĞŝƐŶŽŵŝŶŝŵƵŵƐŝǌĞŶŽƚĞĚŝŶƚŚĞŽƌĚŝŶĂŶĐĞ͘ DƐ͘DĞĞŬĂƐŬĞĚĂďŽƵƚƚŚĞŶƵŵďĞƌĞƐƚĂďůŝƐŚĞĚƐƉĞĐŝĂůĚŝƐƚƌŝĐƚƐŝŶƚŚĞŝƚǇ͘ ŽƵŶĐŝůĚŬŝŶƐŶŽƚĞĚŚĞĚƌĂĨƚƐƚŚĞƐƉĞĐŝĂůĚŝƐƚƌŝĐƚƐŽƌĚŝŶĂŶĐĞĨŽƌƚŚĞŝƚǇ͖ŚĞƵƐĞƐĂĂůƉŚĂͲŶƵŵĞƌŝĐ ƐǇƐƚĞŵĂŶĚƐŝŶĐĞƚŚĞƉĂƐƚϮϰǇĞĂƌƐ͕ƚŚĞůĂƐƚĂůƉŚĂŶƵŵďĞƌƵƐĞĚǁĂƐs͘ ŝƐĐƵƐƐĞĚĞŶƐƵĞĚƌĞŐĂƌĚŝŶŐǁŚĂƚŚĂƉƉĞŶƐŝĨƚŚĞƐƉĞĐŝĂůĚŝƐƚƌŝĐƚŝƐĂƉƉƌŽǀĞĚ͖ďƵƚƚŚĞĚĞǀĞůŽƉŵĞŶƚĚŽĞƐ ŶŽƚĨŽůůŽǁƚŚƌŽƵŐŚǁŚĂƚŚĂƉƉĞŶƐƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘ ŽƵŶĐŝůĚŬŝŶƐŶŽƚĞĚŽŶĐĞĂƐƉĞĐŝĂůĚŝƐƚƌŝĐƚŝƐĞƐƚĂďůŝƐŚĞĚ͖ĂƌĞǌŽŶĞǁŽƵůĚŶĞĞĚƚŽďĞĂƉƉůŝĞĚĨŽƌƚŽ ƵŶĚŽƚŚĞƐƉĞĐŝĂůĚŝƐƚƌŝĐƚŽƌĂŶĂŵĞŶĚŵĞŶƚŝƐĐƌĞĂƚĞĚĨŽƌĐŚĂŶŐĞƐŝŶƵƐĞ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘ŝůůdŽŝŶƚŽŶ͕ĐŽŶƐƵůƚǁŝƚŚDĐ'ŚŝĞΘĞƚƚƐͬt^ΘƐƐŽĐŝĂƚĞƐ͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌDE ϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞƌĞǀŝĞǁĞĚƚŚĞƌĞĂƐŽŶŝŶŐŽĨĐƌŝƚĞƌŝĂĂƐƚŚĞĂƉƉůŝĞĚĨŽƌƐƉĞĐŝĂů ĚŝƐƚƌŝĐƚ͖ĂƚƌĂĨĨŝĐƐƚƵĚǇŚĂƐďĞĞŶƉĞƌĨŽƌŵĞĚĂŶĚƐƵďŵŝƚƚĞĚƚŽŝƚǇWƵďůŝĐtŽƌŬƐĨŽƌĂƉƉƌŽǀĂů͖ƚŚĞWƵďůŝĐ tŽƌŬƐŶŽƚĞĚƚŚĞƚƌĂĨĨŝĐĂŶĂůǇƐŝƐĂŶĚƐƵƉƉůĞŵĞŶƚĂůĂŶĂůǇƐŝƐƚŽďĞĂĐĐĞƉƚĂďůĞ͖ƉƌĞƐĞŶƚĞĚĚƌĂǁŝŶŐƐŽĨƚŚĞ ƚŚ ŚĂƚĞĂƵZŽĂĚĂŶĚϱϱ^ƚƌĞĞƚĂůŝŐŶŵĞŶƚ͖ƉƌŽƉŽƐĞĚƌŽĂĚƌĞĐŽŶƐƚƌƵĐƚŝŽŶĨŽƌƚŚĞsŝůůĂZŽĂĚǁĞƌĞ ƉƌĞƐĞŶƚĞĚ͖ƌĞǀŝĞǁĞĚƚŚĞŶĞŝŐŚďŽƌŚŽŽĚŝƐƐƵĞƐĂŶĚĐŽŶĐĞƌŶƐƌĂŝƐĞĚĚƵƌŝŶŐƚŚĞŶĞŝŐŚďŽƌŚŽŽĚŵĞĞƚŝŶŐƐ͖ ƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐĂŶĚĐƌŽƐƐǁĂůŬƐďĞƚǁĞĞŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚĂŶĚƚŚĞďƵŝůĚŝŶŐƐǁĂƐƐŚŽǁŶ͖ĂŶĚŶŽƚĞĚ ǁŚĞŶĂƐŝƚĞĚĞǀĞůŽƉŵĞŶƚƉůĂŶĐŽŵĞƐƚŚƌŽƵŐŚĨŽƌĂƉƉůŝĐĂƚŝŽŶƚŚĞƌĞǁŝůůďĞƌĞǀŝĞǁďǇWůĂŶŶŝŶŐ^ƚĂĨĨĨŽƌ ĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂůŝƐƚƌŝĐƚ͖ƚŚĞĂƉƉůŝĐĂŶƚŝƐŝŶĂŐƌĞĞĚǁŝƚŚĂĚĚŝŶŐŽŶĚŝƚŝŽŶŶŽ͘ϵ͘ DƐ͘>ĞƐůŝĞDĐ'ŝůůŝǀƌĂǇͲZŝǀĂƐ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚDĐ'ŚŝĞΘĞƚƚƐͬt^ΘƐƐŽĐŝĂƚĞƐ͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^͕ ZŽĐŚĞƐƚĞƌDEϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞƌĞǀŝĞǁĞĚŝŶĚĞƚĂŝůƚŚĞƉƌŽƉŽƐĞĚ^ƉĞĐŝĂůŝƐƚƌŝĐƚ ůĂŶŐƵĂŐĞĂŶĚƚŚĞĚĞƐŝŐŶĂƐƉĞĐƚƐŽĨƚŚĞƐƉĞĐŝĂůĚŝƐƚƌŝĐƚƉůĂŶĨŽƌĞĂĐŚŽĨƚŚĞƉƌŽƉŽƐĞĚͲ&ďƵŝůĚŝŶŐƐ͖Ă 3DFNHW3J )M ǀĂƌŝĞƚǇŽĨĐŽŶĐĞƉƚƉůĂŶƐǁĞƌĞƌĞǀŝĞǁĞĚďĞĨŽƌĞĐŽŵŝŶŐĨŽƌƚŚǁŝƚŚĂƉůĂŶĂƐďĞŝŶŐƉƌĞƐĞŶƚĞĚƚŚŝƐĞǀĞŶŝŶŐ͖ ƚƌĞĞƐǁŝůůďĞƐĂǀĞĚĂƐĂůůŽǁĞĚ͖ƚŚĞůĂŶŐƵĂŐĞŽĨƚŚĞŚŽƵƌƐŽĨŽƉĞƌĂƚŝŽŶǁĂƐĚŝƐĐƵƐƐĞĚ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚƚŚĞƌĞĂƐŽŶŝŶŐĨŽƌƚŚĞŚŽƵƌƐŽĨŽƉĞƌĂƚŝŽŶŝŶƌĞůĂƚŝŽŶƚŽďƵƐŝŶĞƐƐƚǇƉĞƐ͕ĚƌŝǀĞͲƚŚƌƵĂŶĚ ĐŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌƚŚĞŶĞŝŐŚďŽƌŚŽŽĚƐ͘ Dƌ͘^ŝŵƐĂƐŬĞĚĨŽƌĚĞƚĂŝůƐŝŶƐŝŐŶĂŐĞŝŶƚŚĞƐƉĞĐŝĂůĚŝƐƚƌŝĐƚůĂŶŐƵĂŐĞ͘ DƐ͘DĐ'ŝůůŝǀƌĂǇŶŽƚĞĚƚŚŝƐƋƵĞƐƚŝŽŶǁŽƵůĚďĞĨŽƌDƌ͘dŽŝŶƚŽŶƚŽĂŶƐǁĞƌ͘^ŚĞĐŽŶƚŝŶƵĞĚŚĞƌ ƉƌĞƐĞŶƚĂƚŝŽŶ͘^ŚĞƉƌŽĐĞĞĚĞĚǁŝƚŚƚŚĞďŽƵůĞǀĂƌĚƚƌĞĞƉůĂŶ͖ƉĂƚŚǁĂǇƐǁĞƌĞƌĞǀŝĞǁĞĚ͖ůĂŶĚƐĐĂƉĞ ďƵĨĨĞƌŝŶŐǁĂƐĚĞƚĂŝůĞĚĂƌŽƵŶĚƚŚĞƐŝƚĞ͖ĂŶĚĂƌĐŚŝƚĞĐƚƵƌĂůĚƌĂǁŝŶŐƐǁĞƌĞƉƌĞƐĞŶƚĞĚ͘ Dƌ͘ŝůůdŽŝŶƚŽŶ͕ĐŽŶƐƵůƚǁŝƚŚDĐ'ŚŝĞΘĞƚƚƐͬt^ΘƐƐŽĐŝĂƚĞƐ͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌDE ϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞƌĞƐƉŽŶĚĞĚƚŽƋƵĞƐƚŝŽŶƐďǇƚŚĞŽŵŵŝƐƐŝŽŶŝŶƌĞŐĂƌĚƐƚŽƚŚĞͲϭ ƐƚĂŶĚĂƌĚƐĨŽƌƚŚĞƐƉĞĐŝĂůĚŝƐƚƌŝĐƚƉŽƌƚŝŽŶŽĨƚŚĞƐŝŐŶĂŐĞůĂŶŐƵĂŐĞĂŶĚƚŚĞŽƚŚĞƌŽŶĞŚĂƐƚŽĚŽǁŝƚŚ ĞǆƚĞŶƐŝŽŶŽĨŚŽƵƌƐŽĨŽƉĞƌĂƚŝŽŶĂďŽƵƚĂŶŚŽƵƌĨŽƌŵŽƐƚďƵƐŝŶĞƐƐĂŶĚǁŝƚŚƚŚĞƉƌŽƉŽƐĞĚďƵŝůĚŝŶŐĨŽƌ tĂůŐƌĞĞŶƐ͕ƌĞƚĂŝůĂŶĚƌĞƐƚĂƵƌĂŶƚǁŽƵůĚďĞƚŝůůϭĂŵ͖ƐƉĞĐŝĨŝĐƐŝŐŶĂŐĞƚŽĂůůŽǁŽŶƚŚĞtĂůŐƌĞĞŶƐƐŝŵŝůĂƌƚŽ ŽƚŚĞƌůŽĐĂƚŝŽŶƐǁŝƚŚƚŚĞƌĞĂĚĞƌďŽĂƌĚƐ;ĂŶŝŵĂƚĞĚͿ͘ DƐ͘DĞĞŬĂƐŬĞĚĂďŽƵƚƐŝŐŶĂŐĞǁŚŝĐŚŐŽĞƐŽŶǁŝŶĚŽǁƐďĞŝŶŐĂĚĚƌĞƐƐĞĚŝŶƚŚĞƐƉĞĐŝĂůĚŝƐƚƌŝĐƚ͘ Dƌ͘dŽŝŶƚŽŶŶŽƚĞĚƚŚŝƐŝƐĂĚĚƌĞƐƐĞĚŝŶƚŚĞůĂŶŐƵĂŐĞǁŝƚŚƐƉĞĐŝĨŝĐĂůůǇϰϵйŽĨƚŚĞǁŝŶĚŽǁƐĐůĞĂƌĂŶĐĞ͕ ĂůůŽǁŝŶŐƚŚĞĂĚĚŝƚŝŽŶŽĨĂǁŶŝŶŐƐƚŽƚŚĞǁŝŶĚŽǁ͘ Dƌ͘ůŝŽůŬŽǁƐŬŝ͕ƌĞƐŝĚŝŶŐĂƚϱϲϬϯ>ŽŶŐďŽĂƚZŽĂĚEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞƉƌĞƐĞŶƚĞĚƐůŝĚĞƐƉƌŽũĞĐƚŝŶŐǁŚĂƚƚŚĞĂƌĞĂĐƵƌƌĞŶƚůǇůŽŽŬƐůŝŬĞĂŶĚǁŚĂƚƚŚĞĂƌĞĂǁŝůů ůŽŽŬůŝŬĞǁŝƚŚƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͘,ŝƐĐŽŶĐĞƌŶǁĂƐǁŝƚŚƚŚĞƉŽƐƐŝďŝůŝƚǇŽĨƚŚĞŝŶĐƌĞĂƐĞŝŶƚƌĂĨĨŝĐ ƚŽƚŚĞƌĞƐŝĚĞŶƚŝĂůĂƌĞĂƐĂƐĂƐĂĨĞƚǇƉƌŽďůĞŵĐĂƵƐĞĚďǇƚŚĞŝŶƚĞŶƐŝƚǇŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚŽƚŚĞƌĂƌĞĂ ĚĞǀĞůŽƉŵĞŶƚ͘ DƐ͘ŚĞƌǇůZŽǁĞŬĂŵƉ͕ƌĞƐŝĚŝŶŐĂƚϱϳϲϵ>ŽŶŐďŽĂƚZŽĂĚEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘^ŚĞĂĚĚƌĞƐƐĞĚƚŚĞůĂŶŐƵĂŐĞŽĨƚŚĞ^ƉĞĐŝĂůŝƐƚƌŝĐƚ͘^ŚĞŶŽƚĞĚƐƉĞĐŝĨŝĐĚĞƚĂŝůƐŽĨƚŚĞ ^ƉĞĐŝĂůŝƐƚƌŝĐƚƐƵĐŚĂƐƉĞĚĞƐƚƌŝĂŶǁĂůŬǁĂǇƐ͖ƐŝŐŶƐďĞŝŶŐŝůůƵŵŝŶĂƚĞĚ͕ŚŽƵƌƐŽĨůŝŐŚƚŝŶŐ͖ĞŶƚƌĂŶĐĞĂŶĚ ĞǆŝƚŝŶŐŽĨƚƌĂĨĨŝĐ͖ĂĞƐƚŚĞƚŝĐƐŽĨƚŚĞĚĞƐŝŐŶŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ͖ƚƌĂƐŚĞŶĐůŽƐƵƌĞƐďĞŝŶŐĨƵůůǇĞŶĐůŽƐĞĚ͖ ŚŽƵƌƐŽĨŽƉĞƌĂƚŝŽŶĨŽƌďƵƐŝŶĞƐƐĞƐ͖ĂŶĚƚǇƉĞƐŽĨďƵƐŝŶĞƐƐĞƐ͘ Dƌ͘ƌŝĂŶEŽŽƌĚǇŬĞ͕ƌĞƐŝĚŝŶŐĂƚϱϱϭϴ>ŽŶŐďŽĂƚZŽĂĚEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞĂƐŬĞĚƋƵĞƐƚŝŽŶƐŽĨƚŚĞŽŵŵŝƐƐŝŽŶĂƐƚŽƚŚĞϮƐƚŽƌǇĨĂĕĂĚĞŽĨƚŚĞďƵŝůĚŝŶŐƐǀĞƌƐƵƐϭͲ ƐƚŽƌǇĨĂĕĂĚĞ͖ǁŝůůƚŚĞƌĞďĞŵƵůƚŝͲĨůŽŽƌďƵŝůĚŝŶŐƐ͖ĂŶĚĂďŽƵƚǁŚĂƚŝƐƚŚĞŵĂǆŝŵƵŵĂůůŽǁĂďůĞƐŝǌĞĂůůŽǁĞĚ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌƐƚĂƚĞĚŝƚŝƐĂŶĂƌĐŚŝƚĞĐƚƵƌĂůĐŚĂƌĂĐƚĞƌĨĞĞůĨŽƌƌĞƚĂŝůĚĞǀĞůŽƉŵĞŶƚĂŶĚĐƌĞĂƚŝŶŐĂĨĞĞů ĨŽƌƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘ Dƌ͘EŽŽƌĚǇŬĞĂƐŬĞĚǁŚĂƚŝƐƚŚĞĚĞĨŝŶŝƚŝŽŶŽĨĂŵĞĚŝĐĂůĨĂĐŝůŝƚǇ͘ Dƌ͘dũŽƐƐĞŵŶŽƚĞĚĂĚĞĨŝŶŝƚŝŽŶŝƐŶŽƚƐƚĂƚĞĚƐƉĞĐŝĨŝĐĂůůǇŝŶƚŚĞ^ƉĞĐŝĂůŝƐƚƌŝĐƚďƵƚĂĚĞĨŝŶŝƚŝŽŶŝƐƐƉĞůůĞĚ ŽƵƚŝŶƚŚĞŽŶŝŶŐKƌĚŝŶĂŶĐĞĂŶĚŚĞƉƌŽĐĞĞĚĞĚƚŽƌĞĂĚĂůŽƵĚƚŚĞĚĞĨŝŶŝƚŝŽŶ͘ 3DFNHW3J )M DƐ͘DĞĞŬƌĞƋƵĞƐƚĞĚĂϱͲŵŝŶƵƚĞƌĞĐĞƐƐ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĐĂůůĞĚƚŚĞŵĞĞƚŝŶŐƚŽŽƌĚĞƌ͘ Dƌ͘ŽďZŽŶŶŝŶŐĞŶ͕ƌĞƐŝĚĞƐĂƚϱϲϭϳsŝůůĂZŽĂĚEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞŶŽƚĞĚŚĞŝƐĂƌĞƐŝĚĞŶƚŽĨƚŚĞĂƌĞĂĂŶĚĂĚĚƌĞƐƐĞĚĐŽŶĐĞƌŶƐŽĨƌĂŝŶĨĂůůĨůŽǁĂŶĚĚƌĂŝŶĂŐĞ͖ŚŽǁǁŝůůƚŚĞ ƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚĚĞĂůƐǁŝƚŚƚŚĞƌĂŝŶĨĂůůƌƵŶŽĨĨ͖ŚĞĂĚǀŝƐĞĚƚŚĞĐŽŵŵŝƐƐŝŽŶƚŽŝŶƐŝƐƚŽŶƚŚĞ ĚĞǀĞůŽƉĞƌĂĚĚƌĞƐƐŝŶŐƚŚĞƌĂŝŶĨĂůůƌƵŶŽĨĨǁŝƚŚĐŽŶƚƌŽůŵĞĂƐƵƌĞƐ͖ƉŽƐƐŝďŝůŝƚǇŽĨĂĚĚŝƚŝŽŶĂůĐŽƐƚƐĂƐƐĞƐƐĞĚ ĨŽƌŝŵƉƌŽǀĞŵĞŶƚƐƚŽƉƌŽƉĞƌƚǇŽǁŶĞƌƐĐĂƐĞĚďǇƚŚĞĚĞǀĞůŽƉŵĞŶƚ͖ĂŶĚŚĞĞǆƉƌĞƐƐĞĚĐŽŶĐĞƌŶƐǁŝƚŚ ŝŶĐƌĞĂƐĞĚƚƌĂĨĨŝĐǁŝƚŚƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͘ ƚŚ WĂƐƚŽƌ>ĂƵƌĞŶĞ&ĂƚŽŶƚĂŝŶĞ͕ŽŵŵƵŶŝƚǇWƌĞƐďǇƚĞƌŝĂŶŚƵƌĐŚ͕ůŽĐĂƚĞĚϯϳϬϱϱϱ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ DEϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞĂĚĚƌĞƐƐĞĚƚŚĞĐŽŶĐĞƌŶƐǁŝƚŚƚŚĞƐĂĨĞƚǇŽĨƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ ĂŶĚƚŚĞĚĂǇĐĂƌĞĂƚƚŚĞĐŚƵƌĐŚ͖ƚŚĞĚĞǀĞůŽƉŵĞŶƚŝƐĂŶŽǀĞƌƌĞĂĐŚĂƐƉƌŽƉŽƐĞĚ͖ŶĞĞĚƐƚŽďĞĚŽǁŶƐŝǌĞĚ͖ ƚŚĞĐŚƵƌĐŚŝƐĚŝƌĞĐƚůǇŝŵƉĂĐƚĞĚďǇƚŚĞĚĞǀĞůŽƉŵĞŶƚ͖ƐĞĐƵƌŝƚǇĂŶĚƐĂĨĞƚǇĨŽƌƚŚĞƉƌĞƐĐŚŽŽůĞƌƐĂƚƚŚĞ ĐŚƵƌĐŚŝƐĂĐŽŶĐĞƌŶ͖ĂŶĚƚŚĞŝŵƉĂĐƚŽĨƚŚĞƉŽƐƐŝďŝůŝƚǇŽĨƚŚĞĚĂǇĐĂƌĞůĞĂǀŝŶŐƚŚĞďƵŝůĚŝŶŐďĞĐĂƵƐĞŽĨƚŚĞ ŶĞŐĂƚŝǀĞŝŵƉĂĐƚŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘ Dƌ͘ŽďEŽƌĚƐŵĂŶ͕ƌĞƐŝĚŝŶŐĂƚϱϳϲϭ>ŽŶŐďŽĂƚZŽĂĚEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞĂĚĚƌĞƐƐĞĚŚŝƐĐŽŶĐĞƌŶƐǁŝƚŚƚŚĞďĂĐŬŐƌŽƵŶĚŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ͖ƐƉĞĐŝĂůĚŝƐƚƌŝĐƚ ůĂŶŐƵĂŐĞ͕ƚƌĂĨĨŝĐƐƚƵĚǇ͖ĂŶĚŐĞŶĞƌĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶ͖ŚĞƉƌĞƐĞŶƚĞĚĂƐĐĞŶĂƌŝŽŽĨƚŚĞƉƌŽƉŽƐĞĚ ĚĞǀĞůŽƉŵĞŶƚǁŝƚŚĂǀĂƌŝĞƚǇŽĨƉĞƌŵŝƚƚĞĚƵƐĞƐ͖ŚŽǁĂƉƉƌŽǀŝŶŐƚŚĞƉƌŽƉŽƐĞĚĂƉƉůŝĐĂƚŝŽŶƐǁŝůůĂĨĨĞĐƚ ĚŽǁŶƚŚĞƌŽĂĚƚŚĂƚƵƐĞƐƚŚĂƚŵĂǇďĞĂƉƉůŝĞĚĨŽƌ͖ŝƐƚŚĞĞǆŝƐƚŝŶŐĐŚĂƌĂĐƚĞƌŽĨƚŚĞŶĞŝŐŚďŽƌŚŽŽĚďĞŝŶŐ ƉƌŽƚĞĐƚĞĚ͖ĂŶĚĚŝƐĐƵƐƐŝŽŶƐǁŝƚŚƚŚĞĚĞǀĞůŽƉĞƌŝŶƌĞŐĂƌĚƐƚŽďƵĨĨĞƌƐǁĞƌĞƉƌĞƐĞŶƚĞĚ͘ DƐ͘DĂƌůĂĞƌŐ͕ƌĞƐŝĚŝŶŐĂƚϱϵϬϬDĂŶŽƌŽƵƌƚEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ƚŚ ,ĞƌĐŽŶĐĞƌŶǁĂƐǁŝƚŚƚŚĞƉŽƐƐŝďůĞƌĞĂůŝŐŶŵĞŶƚŽĨϱϱ^ƚƌĞĞƚEtĂŶĚĂĚĚŝŶŐĂŶ͞^͟ŝŶƚŽŚĂƚĞĂƵZŽĂĚ͘ Dƌ͘ƌƵĐĞ&ƌĂŶŬůŝŶ͕ƌĞƐŝĚŝŶŐĂƚϱϳϯϳ>ŽŶŐďŽĂƚZŽĂĚEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞŚĂƐďĞĞŶĂůŽŶŐƚŝŵĞƌĞƐŝĚĞŶƚŽĨƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘,ŝƐĐŽŶĐĞƌŶǁĂƐǁŝƚŚƚŚĞ ĚĞǀĞůŽƉĞƌĐŚŽŽƐŝŶŐƚŚŝƐƉĂƌƚŝĐƵůĂƌĂƌĞĂ͖ĂŶĚƚŚĞƌĞĂƌĞŵĂŶǇŽƚŚĞƌĂƌĞĂƐŚĞĐŽƵůĚŚĂǀĞĐŚŽƐĞŶ͘dŚĞƌĞ ĂƌĞŵĂŶǇŝƐƐƵĞƐŚĞǁŝůůŶĞĞĚƚŽĚĞĂůǁŝƚŚƚŚĞŵ͘ Dƌ͘^ŚĂĚdŚŽƌƐƚĞŶƐŽŶ͕ƌĞƐŝĚŝŶŐĂƚϯϲϭϮsŝůůĂZŽĂĚ͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ ŝƐĐƵƌƌĞŶƚůǇƐĞůůŝŶŐŚŝƐƉƌŽƉĞƌƚǇƚŽƚŚĞĚĞǀĞůŽƉĞƌ͖ŚĞƐƵƉƉŽƌƚƐƚŚĞƐŝŐŶŝĨŝĐĂŶƚĐŚĂŶŐĞƐƚŚĂƚŚĂǀĞďĞĞŶ ďƌŽƵŐŚƚĨŽƌƚŚŝŶƌĞŐĂƌĚƐƚŽǁŚĂƚǁĂƐƉƌĞǀŝŽƵƐůǇĂƉƉůŝĞĚĨŽƌ͖ĂŶĚĂƐŬĞĚƚŚĞŽŵŵŝƐƐŝŽŶĨŽƌƚŚĞŝƌ ƐƵƉƉŽƌƚ͘ Dƌ͘ůǀŝŶ'ŽƌƐŬŝ͕ƌĞƐŝĚŝŶŐĂƚϯϱϭϯsŝůůĂZŽĂĚEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ŝƐ ĐŽŶĐĞƌŶŝƐǁŝƚŚƚŚĞĂĚĚŝƚŝŽŶĂůƐŝĚĞǁĂůŬƚŚĂƚŝƐďĞŝŶŐĂĚĚĞĚƚŽƚŚĞŶŽƌƚŚƐŝĚĞŽĨsŝůůĂZŽĂĚ͘ƐĂ ŚŽŵĞŽǁŶĞƌ͕ŚĞǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽŵĂŝŶƚĂŝŶƚŚĞŶĞǁƐŝĚĞǁĂůŬ͕ŚĞĨĞĞůƐƚŚĞƉƌŽƉĞƌƚǇŽǁŶĞƌƐƐŚŽƵůĚ ŶŽƚŚĂǀĞƚŽƉĂǇĂŶĚƚĂŬĞĐĂƌĞŽĨƚŚĞŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞƐŝĚĞǁĂůŬ͘ Dƌ͘ŝůůdŽŝŶƚŽŶ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚDĐ'ŚŝĞΘĞƚƚƐͬt^ΘƐƐŽĐŝĂƚĞƐ͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌ DEϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞĂĚĚƌĞƐƐĞĚĐŽŶĐĞƌŶƐǁŚŝĐŚŚĂǀĞďĞĞŶďƌŽƵŐŚƚĨŽƌƚŚƐƵĐŚĂƐ ďƵĨĨĞƌǇĂƌĚ͕ƐĞĐƵƌŝƚǇƐǇƐƚĞŵĨŽƌƚŚĞĐŚƵƌĐŚ;ĐŽƉǇŽĨĐŽƌƌĞƐƉŽŶĚŝŶŐĞŵĂŝůŝƐŽŶĨŝůĞǁŝƚŚƚŚĞWůĂŶŶŝŶŐ ĞƉĂƌƚŵĞŶƚͿ͖ƚŚĞƚƌĂĨĨŝĐƐƚƵĚǇƌĞǀŝĞǁĞĚĂŶĚĂƉƉƌŽǀĞĚďǇWƵďůŝĐtŽƌŬƐĂůůŽǁƐĨŽƌϯϱϬƉŵƉĞĂŬƚƌŝƉƐ 3DFNHW3J )M ůŝŵŝƚĂƚŝŽŶĨŽƌĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚŝƐƌĞƋƵŝƌĞŵĞŶƚ͖ƚŚĞĚƌĂŝŶĂŐĞĐŽŶĐĞƌŶƐŚĂǀĞďĞĞŶĂĚĚƌĞƐƐĞĚďǇ ŝŵƉƌŽǀĞŵĞŶƚƐƚŽsŝůůĂZŽĂĚĂŶĚŚĂƚĞĂƵŝƌĐůĞƚŚƌŽƵŐŚĐƵƌď͕ƐƚŽƌŵďĂƐŝŶƐĂŶĚƐƚŽƌŵƐĞǁĞƌŝŶƐƚĂůůĂƚŝŽŶ͘ Dƌ͘ŚŝůĚƐĂƐŬĞĚDƌ͘dŽŝŶƚŽŶĂďŽƵƚƚŚĞƌĞĨĞƌĞŶĐĞĨŽƌƚŚĞƌĞƋƵŝƌĞŵĞŶƚŝŶƚŚĞƚƌŝƉĐŽƵŶƚĂƚƚƌĂĨĨŝĐƉĞĂŬŽĨ ϯϱϬ͕ǁŚĂƚƚŚĞƐƵŐŐĞƐƚŝŽŶƚŚĂƚĐƌŝƚĞƌŝĂĚŽĞƐŶŽƚĂĐĐŽƵŶƚĨŽƌƚŚĞŶĞĞĚƚŽĂĐĐŽƵŶƚĨŽƌĂĚĚŝƚŝŽŶĂůƚƌĂĨĨŝĐ ƚŚƌŽƵŐŚƌĞƐŝĚĞŶƚŝĂůĂƌĞĂ͘ Dƌ͘dŽŝŶƚŽŶƐƚĂƚĞĚƚŚĞƚƌĂĨĨŝĐƐƚƵĚǇŝƐƌĞĨĞƌĞŶĐĞĚĂŶĚƚŚĞĂƉƉƌŽǀĞĚƚƌĂĨĨŝĐƐƚƵĚǇŝĨƌĞĨůĞĐƚĞĚŝŶƚŚĞ ^ƉĞĐŝĂůŝƐƚƌŝĐƚĂƐǁĞůůĂƐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞ>ĂŶĚĞǀĞůŽƉŵĞŶƚDĂŶƵĂů͘ Dƌ͘ŽďEŽƌĚƐŵĂŶ͕ƌĞƐŝĚŝŶŐϱϳϭϲ>ŽŶŐďŽĂƚZŽĂĚEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞĞǆƉůĂŝŶĞĚƚŚĞƉƌŽĐĞƐƐŽĨĐŽŵƉůĞƚŝŶŐĐŽůůĞĐƚŝŽŶĨŽƌĚĂƚĂĨŽƌĂƚƌĂĨĨŝĐƐƚƵĚǇ͖ĂŶĚƚŚĞŶŽŶĐĞĞŶŽƵŐŚ ŝŶĨŽƌŵĂƚŝŽŶŝƐĐŽůůĞĐƚĞĚ͖ƚŚĞĚĂƚĂĐĂŶďĞĂƉƉůŝĞĚƚŽƚŚĞƚƌĂĨĨŝĐƐĞƌǀŝĐĞƐƚĂŶĚĂƌĚƐ͘ Dƌ͘ŝůůdŽŝŶƚŽŶ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚDĐ'ŚŝĞΘĞƚƚƐͬt^ΘƐƐŽĐŝĂƚĞƐ͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌ DEϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞĞǆƉůĂŝŶĞĚŚŽǁƚŚĞƚƌĂĨĨŝĐƐƚƵĚǇĚĂƚĂǁĂƐĂƉƉůŝĞĚƚŽďĞ ĂĐĐĞƉƚĂďůĞŝŶƚŚĞ^ƉĞĐŝĂůŝƐƚƌŝĐƚůĂŶŐƵĂŐĞ͘ ƚŚ Dƌ͘ĂǀĞDĂƌƌŝƐ͕ŵĞŵďĞƌŽĨƚŚĞĞǀĞůŽƉŵĞŶƚdĞĂŵ͕ůŽĐĂƚĞĚĂƚϰϲϬϬϭϴǀĞŶƵĞEt͕ZŽĐŚĞƐƚĞƌDE ϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞƌĞǀŝĞǁĞĚǁŚŝĐŚƌŽĂĚƐǁŝůůŚĂǀĞŝŵƉƌŽǀĞŵĞŶƚƐŝŶĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚƚŚĞƚƌĂĨĨŝĐƐƚƵĚǇĂŶĚƚŚĞƚŚƌĞĞĐŽŶŶĞĐƚŝǀŝƚǇŝƐƐƵĞƐ͘ Dƌ͘ŽďEŽƌĚƐŵĂŶ͕ƌĞƐŝĚŝŶŐĂƚϱϳϲϭ>ŽŶŐďŽĂƚZŽĂĚEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞĂĚĚƌĞƐƐĞĚƚŚĞĐƌŝƚĞƌŝĂƚŽďĞůŽŽŬĞĚĂƚĨŽƌĨƵƚƵƌĞĂƉƉůŝĐĂƚŝŽŶƐŽĨƚŚĞƐŝƚĞĚĞǀĞůŽƉŵĞŶƚ ƉůĂŶƐ͘ Dƌ͘ůǀŝŶ'ŽƌƐŬŝ͕ƌĞƐŝĚŝŶŐĂƚϯϱϭϯsŝůůĂZŽĂĚEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ ĂƐŬĞĚŝĨĞĂĐŚĐŚĂŶŐĞŽƌƌĞǀŝƐŝŽŶďĞďƌŽƵŐŚƚďĂĐŬĨŽƌĂƉƵďůŝĐŚĞĂƌŝŶŐ͖ƚŚĞĞĂƐƚŵŽƐƚůŽƚĐŽƵůĚďĞ ĂůůĞǀŝĂƚĞĚ͕ƉŽƐƐŝďůĞŐƌĞĞŶƐƉĂĐĞŽƌŚĂǀĞƐƉĞĐŝĂůƌĞƐƚƌŝĐƚŝŽŶƐŽŶǁŚĂƚĐĂŶďĞĚĞǀĞůŽƉĞĚ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘^ŝŵƐĂƐŬĞĚŽƵŶĐŝůƚŽƌĞĂĚ^ĞĐƚŝŽŶϲϮ͘ϵϬϭŽĨƚŚĞ>D͘^ƉĞĐŝĨŝĐĂůůǇƚŚĞ/ƚĞŵϮǁĂƐƌĞĨĞƌĞŶĐĞĚǁŝƚŚ ƚŚĞŐƌĂŵŵĂƌĚŝĨĨĞƌĞŶĐĞƐŽĨ͞ĂŶĚ͟ĂŶĚ͞Žƌ͖͟ƚŚĞƌĞǁĂƐĂŶŽƚĞĚĚŝƐĐƌĞƉĂŶĐǇďĞƚǁĞĞŶƚŚĞƐƚĂĨĨƌĞƉŽƌƚ ŝŶĐůƵĚĞĚŝŶƚŚĞŵĞĞƚŝŶŐƉĂĐŬĞƚĂŶĚƚŚĞŽŶͲůŝŶĞǀĞƌƐŝŽŶŽĨƚŚĞ>D͘ ŽƵŶĐŝůĚŬŝŶƐŶŽƚĞĚĐƌŝƚĞƌŝĂŽĨ/ƚĞŵŽƌĂŶĚŶĞĞĚƐƚŽďĞŵĞĞƚ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚƌĞŐĂƌĚŝŶŐƚŚĞKƌĚŝŶĂŶĐĞůĂŶŐƵĂŐĞƐƚĂƚŝŶŐŽŶǁŚĞƚŚĞƌŽƌŶŽƚĂƐƉĞĐŝĂůĚŝƐƚƌŝĐƚŝƐǀŝĂďůĞ ĨŽƌĂƉƉƌŽǀĂů͘ ŽƵŶĐŝůĚŬŝŶƐŶŽƚĞĚƚŚĞƋƵĞƐƚŝŽŶďĞĨŽƌĞƚŚĞŽŵŵŝƐƐŝŽŶŽĨǁŚĞƚŚĞƌŽƌŶŽƚĂƐƉĞĐŝĂůĚŝƐƚƌŝĐƚƐŚŽƵůĚďĞ ĐƌĞĂƚĞĚďĂƐĞĚŽŶƚŚĞĐƌŝƚĞƌŝĂ͖ŝĨƚŚĞĂƉƉůŝĐĂƚŝŽŶŐĞŶĞƌĂůůǇƐƵƉƉŽƌƚƐŽƌĂŶĚƚŚĞŶƚŚŝƐǁŽƵůĚďĞďĂƐŝƐ ƚŽĂƉƉƌŽǀĞĨŽƌĂĐƌĞĂƚŝŽŶŽĨĂƐƉĞĐŝĂůĚŝƐƚƌŝĐƚ͘ ŝƐĐƵƐƐŝŽŶĂŵŽŶŐƚŚĞŽŵŵŝƐƐŝŽŶŽŶĂƐƉĞĐƚƐŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚƐĨŽƌƐůŝŐŚƚůǇŵŽƌĞƌĞŐƵůĂƚĞĚ ŐƵŝĚĞůŝŶĞƐŝŶĂͲϭ͖ƚŚĞƐŝŐŶĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐĂƌĞŵĂŝŶĚŝĨĨĞƌĞŶĐĞĨŽƌĂƉƵďůŝĐďĞŶĞĨŝƚĨƌŽŵͲϭǌŽŶŝŶŐ͖ ĂŶĚ 3DFNHW3J )M Dƌ͘tĂůƚĞƌƐŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĚĞŶŝĂůŽĨ^ƉĞĐŝĂůŝƐƚƌŝĐƚηZϮϬϭϱͲϬϬϮ^ƚŽďĞŬŶŽǁŶĂƐŚĂƚĞĂƵ ŝƌĐůĞďĂƐĞĚŽŶĂĨŝŶĚŝŶŐŽĨĨĂĐƚƚŚĂƚƚŚĞƐƉĞĐŝĂůĚŝƐƚƌŝĐƚůĂŶŐƵĂŐĞĚŽĞƐŶŽƚĂĚǀĂŶƚĂŐĞĂƐƵďƐƚĂŶƚŝĂů 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