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ZŝǀĂƐ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚt^ΘƐƐŽĐŝĂƚĞƐ͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌDE ϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞŶŽƚĞĚŚĞƌĐůŝĞŶƚĨĞĞůƐƚŚĞǇŚĂǀĞĂŐŽŽĚƉƌŽũĞĐƚ͕ƚŚĞǇŚĂǀĞ ǁŽƌŬĞĚŚĂƌĚƚŽĚĞǀĞůŽƉĂƉƌŽũĞĐƚƚŚĂƚŝƐĂŶĂƐƐĞƚƚŽƚŚĞĐŽŵŵƵŶŝƚǇ͖ĂŶĚƚŚĞƉƌŽĐĞƐƐĐĂŶďĞƐƚŽƉƉĞĚĂƚ ĂŶǇƚŝŵĞĂƐǁŚĂƚŝƐďĞŝŶŐŚĞĂƌĚŝƐƉƌĞůŝŵŝŶĂƌǇ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘tĂůƚĞƌƐĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ ŶĚ Dƌ͘^ŝŵƐŶŽƚĞĚƚŚĞůĂĐŬŽĨĚĞƐŝŐŶ͖ĚŽĞƐŶ͛ƚƌĞƐƉŽŶĚǁĞůůƚŽƚŚĞϮ^ƚƌĞĞƚĐŽƌƌŝĚŽƌƉůĂŶ͖ŶŽƚŵƵĐŚŽĨĂŶ ŝŶĐĞŶƚŝǀĞŝŶƌĞƚƵƌŶƚŽƚŚĞĐŝƚǇĂŶĚƉƵďůŝĐ͖ĂŶĚƚŚĞƌĞŝƐĂƌĞƋƵĞƐƚĨŽƌĚĞŶŝĂůĨƌŽŵƚŚĞŽǁŶĞƌ͖ƐĞĞƐĂĚĞŶŝĂů ŽĨƚŚĞƉƌŽũĞĐƚ͘ Dƌ͘ƵƌƐƚĞǆƉƌĞƐƐĞĚŚĞĨĞĞůƐƚŚĞƉƌŽũĞĐƚŝƐĂŐŽŽĚƉƌŽũĞĐƚ͖ĂĚĚƐƚŽƚŚĞŐƌŽǁƚŚŽĨƚŚĞĐŝƚǇ͖ƐƵƉƉŽƌƚƐƚŚĞ ƉƌŽũĞĐƚĂŶĚŚĞǁŽƵůĚůŝŬĞƚŽƐĞĞŝƚŵŽǀĞĨŽƌǁĂƌĚ͘ Dƌ͘^ŚĞƌǁŽŽĚƐƚĂƚĞĚŚĞǁŽƵůĚůŝŬĞƚŽƐĞĞƚŚĞƉƌŽũĞĐƚŵŽǀĞĨŽƌǁĂƌĚŝŶĂƉŽƐŝƚŝǀĞǁĂǇ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶŽŶƚŚĞƉƌĞůŝŵŝŶĂƌǇƉůĂŶĨŽƌĐƌŝƚĞƌŝĂŽĨĚĞŶƐŝƚǇďŽŶƵƐĞƐͬĨůŽŽƌ ŶĚ ĂƌĞĂďŽŶƵƐďĞŝŶŐŵĞƚ͖ǁŚĞƚŚĞƌƚŚŝƐŵĞĞƚƐƚŚĞƐƚĂŶĚĂƌĚƐŽĨƚŚĞϮ^ƚƌĞĞƚĐŽƌƌŝĚŽƌ͖ 3DFNHW3J )J 3DJH &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH2FWREHU Dƌ͘ƵƌƐƚŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚWƌĞůŝŵŝŶĂƌǇWůĂŶηZϮϬϭϱ Ͳ ϬϮϰhWǁŝƚŚƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘Dƌ͘^ŚĞƌǁŽŽĚƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘ dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϰ Ͳ Ϭ͘ KE/d/KE^͗ ϭ͘dŚĞ&ŝŶĂůĞǀĞůŽƉŵĞŶƚWůĂŶĂƉƉůŝĐĂƚŝŽŶƐŚĂůůŝŶĐůƵĚĞ͗ x ĞƚĂŝůĞĚWŚŽƚŽŵĞƚƌŝĐWůĂŶĨŽƌƚŚĞĞǆƚĞƌŝŽƌůŝŐŚƚŝŶŐŽŶƚŚĞďƵŝůĚŝŶŐĂŶĚŝŶƚŚĞƉƵďůŝĐ ƌŝŐŚƚ Ͳ ŽĨ Ͳ ǁĂǇĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞKƌĚŝŶĂŶĐĞZĞƋƵŝƌĞŵĞŶƚƐ͖ x ĚĚŝƚŝŽŶĂůĚĞƚĂŝůƐĨŽƌƚŚĞƐƚƌĞĞƚƐĐĂƉĞ͕ŝŶĐůƵĚŝŶŐƉĂǀŝŶŐŵĂƚĞƌŝĂůƐ͕ĐŽůŽƌƐ͕ĂŶĚ ĞůĞǀĂƚŝŽŶƐ͖ x ^ƵďŵŝƐƐŝŽŶŽĨĂĚĞƚĂŝůĞĚ>ĂŶĚƐĐĂƉŝŶŐWůĂŶǁŝƚŚƉůĂŶƚĚĞƚĂŝůƐ͖ x ĚĚŝƚŝŽŶĂůĚĞƚĂŝůĨŽƌƚŚĞƉĂƚŝŽƐĂŶĚƚĞƌƌĂĐĞƐ͕ŝŶĐůƵĚŝŶŐŵĂƚĞƌŝĂůƐĂŶĚĨŝŶŝƐŚĞƐ͖ x ĚĚŝƚŝŽŶĂůĚĞƚĂŝůƐƐŚŽǁŝŶŐĨƵŶĐƚŝŽŶŽĨŽĨĨ Ͳ ƐƚƌĞĞƚůŽĂĚŝŶŐĂŶĚƚƌĂƐŚƌĞŵŽǀĂůĂŶĚƐŶŽǁ ƐƚŽƌĂŐĞͬƌĞŵŽǀĂů͖ x ^ŚĂĚŽǁ/ŵƉĂĐƚŝĂŐƌĂŵƐŚŽǁŝŶŐĂŶǇƐŚĂĚŽǁŝŶŐĂĨĨĞĐƚƐŽŶĂĚũĂĐĞŶƚƉƌŽƉĞƌƚǇ͘ x ŶĚ WĞƌƚŚĞϮ^ƚƌĞĞƚŽƌƌŝĚŽƌWůĂŶ͕ĞůĞǀĂƚŝŽŶĚƌĂǁŝŶŐƐŝŶĐŽƌƉŽƌĂƚŝŶŐƚŚĞƵƐĞŽĨĂƌĐĂĚĞƐ ŶĚ ĂůŽŶŐƚŚĞŶŽƌƚŚƐŝĚĞŽĨϮ^ƚƌĞĞƚ͘ x WĞƌƚŚĞϮ ŶĚ^ƚƌĞĞƚŽƌƌŝĚŽƌWůĂŶ͕ĂƐŝƚĞƉůĂŶƐŚŽǁŝŶŐĂďŝŬĞƌŽƵƚĞĐŽŶŶĞĐƚŝŶŐƚŚĞĂƐĐĂĚĞ ŝŬĞdƌĂŝůƚŽ^ƚ͘DĂƌǇ͛ƐǀŝĂϭϯ ƚŚǀĞ^t͘ dƌĂĨĨŝĐ/ŵƉĂĐƚ^ƚƵĚǇĞƚĞƌŵŝŶĂƚŝŽŶŝƐƌĞƋƵŝƌĞĚĞǀŝĚĞŶĐŝŶŐƚŚĂƚd/^ƌĞƋƵŝƌĞŵĞŶƚƐŚĂǀĞ Ϯ͘ ďĞĞŶĚŝƐĐƵƐƐĞĚǁŝƚŚƚŚĞŝƚǇWƵďůŝĐtŽƌŬƐĞƉĂƌƚŵĞŶƚĂŶĚĂĚĞƚĞƌŵŝŶĂƚŝŽŶŵĂĚĞĂƐƚŽ ǁŚĞƚŚĞƌĂd/^ŝƐƌĞƋƵŝƌĞĚ͘ WƌŝŽƌƚŽƚŚĞƐƵďŵŝƚƚĂůŽĨĂ&ŝŶĂů/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĂƉƉůŝĐĂƚŝŽŶĨŽƌĂ&ŝŶĂůWůĂƚ ϯ͘ ǁŝůůŶĞĞĚƚŽďĞĨŝůĞĚǁŝƚŚƚŚĞWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ WƌŝŽƌƚŽƚŚĞƐƵďŵŝƚƚĂůŽĨĂ&ŝŶĂů/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚWůĂŶWƵďůŝĐdƌĂŶƐŝƚůŽĐĂƚŝŽŶƐŶĞĞĚ ϰ͘ ƚŽďĞĨŝŶĂůŝǌĞĚǁŝƚŚƚŚĞWƵďůŝĐtŽƌŬƐĞƉĂƌƚŵĞŶƚ͘ 'ƌĂĚŝŶŐΘƌĂŝŶĂŐĞWůĂŶĂƉƉƌŽǀĂůŝƐƌĞƋƵŝƌĞĚĨŽƌƚŚŝƐĂƉƉůŝĐĂƚŝŽŶ͘ ϱ͘ dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚƉůĂŶŝƐĐŽŶƚŝŶŐĞŶƚŽŶƚŚĞŝƚǇ͛ƐƌĞůĞĂƐĞͬǀĂĐĂƚŝŽŶŽĨĂŶĞǆŝƐƚŝŶŐ ϲ͘ ŶŽƌƚŚͬƐŽƵƚŚĂĐĐĞƐƐĞĂƐĞŵĞŶƚŽǀĞƌĂƉŽƌƚŝŽŶŽĨƚŚĞWƌŽƉĞƌƚǇ͕ĂŶĚƚŚĞŝƚǇ͛ƐƌĞůĞĂƐĞŽĨĂ ^ƚŽƌŵtĂƚĞƌDĂŝŶƚĞŶĂŶĐĞŐƌĞĞŵĞŶƚƚŚĂƚǁĂƐĞǆĞĐƵƚĞĚĐŽŶĐƵƌƌĞŶƚǁŝƚŚƉƌŝŽƌ ĚĞǀĞůŽƉŵĞŶƚŽĨƚŚŝƐƉƌŽƉĞƌƚǇĂƐĂƉĂƌŬŝŶŐůŽƚ͘ ĞĂƐĞŵĞŶƚ ĞĚŝĐĂƚŝŽŶŽĨϭϬĨĞĞƚŽĨĂĚĚŝƚŝŽŶĂůZKtŝƐƌĞƋƵŝƌĞĚĂůŽŶŐϮŶĚ^ƚ^t͘ ϳ͘ ǆĞĐƵƚŝŽŶŽĨĂZĞǀŽĐĂďůĞWĞƌŵŝƚŐƌĞĞŵĞŶƚǁŝůůďĞƌĞƋƵŝƌĞĚĨŽƌĂŶǇƉƌŽƉŽƐĞĚƉƌŝǀĂƚĞ ϴ͘ ŝŵƉƌŽǀĞŵĞŶƚƐǁŝƚŚŝŶƚŚĞƉƵďůŝĐƌŝŐŚƚ Ͳ ŽĨ Ͳ ǁĂǇ͘ ǆĞĐƵƚŝŽŶŽĨĂŝƚǇ Ͳ KǁŶĞƌŽŶƚƌĂĐƚŝƐƌĞƋƵŝƌĞĚƉƌŝŽƌƚŽĐŽŶƐƚƌƵĐƚŝŽŶͬƌĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨ ϵ͘ 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