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ŵĂũŽƌĂƌƚĞƌŝĂůƌŽĂĚǁĂǇĚĞƐŝŐŶĞĚďǇZKK'ǁŚŝĐŚŝƐĂĨƵƚƵƌĞƉƌŽũĞĐƚŝŽŶ͖ĂŶĚƚŚĞƉƌŽũĞĐƚŝƐĐŽŵƉĂƚŝďůĞ ǁŝƚŚƚŚĞŶĞŝŐŚďŽƌŚŽŽĚǀĞƌƐƵƐĂĐŽŵŵĞƌĐŝĂůĂƌĞĂ͘ ƚŚ Dƌ͘ĚĂŵ&ĞƌƌĂƌŝ͕ůŽĐĂƚĞĚĂƚϱϭϴϳǀĞŶƵĞ^t͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ ƉƌĞƐĞŶƚĞĚďĂĐŬŐƌŽƵŶĚŽĨƚŚĞƉƌŽƉĞƌƚǇ͖ƚŚĞƉƌŽƉĞƌƚǇŝƐĐƵƌƌĞŶƚůǇĚĞƐŝŐŶĂƚĞĚďĂƐĞĚŽŶƚŚĞůĂŶĚƵƐĞƉůĂŶ ĂŶĚǌŽŶŝŶŐĐƌĞĂƚĞĚŝŶϭϵϳϵ͖ƚŚĞƚƌĂŶƐƉŽƌƚĂƚŝŽŶƉůĂŶŶŝŶŐŚĂƐďĞĞŶƵƉĚĂƚĞĚĂŶĚŶŽǁƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶŝƐĂ ŵĂũŽƌĂƌƚĞƌŝĂůĚĞƐŝŐŶĂƚŝŽŶ͖ĂƐůŝĚĞƐŚŽǁǁĂƐƉƌĞƐĞŶƚĞĚǁŝƚŚƚƌĂĨĨŝĐĐŽƵŶƚƐŽŶƚŚĞŝŶƚĞƌƐĞĐƚŝŶŐƌŽĂĚǁĂǇƐ͖ ŚĞŶŽƚĞĚǁŚĂƚŝƐďĞŝŶŐƉƌĞƐĞŶƚĞĚĐŽŵƉůŝĞƐǁŝƚŚƚŚĞĐƵƌƌĞŶƚƚƌĂĨĨŝĐŵŽƌĞƐŽƚŚĂŶǁŚĂƚŝƐƚŚĞĐƵƌƌĞŶƚ ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͖ŚĞĞǆƉůĂŝŶĞĚƚŚĞĐŽŵŵƵŶŝƚǇŝŶǀŽůǀĞŵĞŶƚǁĂƐƉŽƐŝƚŝǀĞĂŶĚƚŚĞǇŚĂǀĞƚĂŬĞŶƚŚĞŝƌŝŶƉƵƚƚŽ ĐƌĞĂƚĞƚŚĞƉůĂŶƉƌĞƐĞŶƚĞĚ͘ ƚŚ Dƌ͘dŝŵ^ĐŚŵŝƚƚ͕ƌĞƉƌĞƐĞŶƚĂƚŝǀĞŽĨEŽƌƚŚƌŽƉEĞŝŐŚďŽƌŚŽŽĚƐƐŽĐŝĂƚŝŽŶ͕ϰϰϮϭϬ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ DEϱ ϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞŶŽƚĞĚƚŚĞ'ƵǇƐĞ͛ƐŚĂǀĞǁŽƌŬŝŶŐǁŝƚŚƚŚĞŶĞŝŐŚďŽƌŚŽŽĚĂŶĚ ƚŚĞǇŚĂǀĞĐŽŵĞƚŽĂŐƌĞĞŵĞŶƚƐŝŶƌĞŐĂƌĚƐƚŽƚŚĞƉĂƌŬŝŶŐƌĂƚŝŽĂƚϭ͗ϭĂŶĚĞǆƚĞƌŝŽƌƚƌĞĂƚŵĞŶƚƐŽĨƚŚĞ ďƵŝůĚŝŶŐ͘ 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DƐ͘DĞĞŬŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨdǇƉĞ///͕WŚĂƐĞ//ZĞƐƚƌŝĐƚĞĚĞǀĞůŽƉŵĞŶƚWƌĞůŝŵŝŶĂƌǇ WůĂŶηZϮϬϭϱͲϬϭϳhWƚŚĂƚƚŚĞĚĞǀĞůŽƉŵĞŶƚŚĂƐĂĚĚƌĞƐƐĞĚĂŶĚƐĂƚŝƐĨŝĞĚĂůůĂƉƉůŝĐĂďůĞĐƌŝƚĞƌŝĂŽĨƵŶĚĞƌ ^ĞĐƚŝŽŶϲϮ͘ϳϬϲ͘DƐ͘tŝůƐŽŶƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϲͲϬ͘ ĞĨŽƌĞƚŚĞĐŚĂŝƌĐĂůůĞĚĨŽƌƚŚĞǀŽƚĞ͕Dƌ͘ŚŝůĚƐƋƵĞƐƚŝŽŶĞĚŝĨĂůůŽĨƚŚĞĐƌŝƚĞƌŝĂƵŶĚĞƌ^ĞĐƚŝŽŶϲϮ͘ϳϬϲǁĂƐ ƐĂƚŝƐĨŝĞĚ͘ Dƌ͘ƵŶŶĂƐŬĞĚĨŽƌŐƵŝĚĂŶĐĞŝŶĨŝŶĚŝŶŐƐĨƌŽŵƚŚĞĐŽŵŵŝƐƐŝŽŶŝŶŵŽǀŝŶŐĨŽƌǁĂƌĚǁŝƚŚĂƌĞĐŽŵŵĞŶĚĞĚ ĂƉƉƌŽǀĂů͘ ŝƐĐƵƐƐŝŽŶďǇƚŚĞĐŽŵŵŝƐƐŝŽŶŽŶƚŚĞĨŝŶĚŝŶŐƐǁĞƌĞƚŚĞĚŝƌĞĐƚŽƉƉŽƐŝƚĞŽĨƚŚĞWůĂŶŶŝŶŐƐƚĂĨĨ͘ DƐ͘DĞĞŬŶŽƚĞĚƐŚĞǁŝůůƌĞŵĂŝŶǁŝƚŚƚŚĞƐƚĂƚĞĚƚŚĞŵŽƚŝŽŶŽŶƚŚĞƚĂďůĞ͘ Dƌ͘ƵŶŶƌĞƋƵĞƐƚĞĚĂĐŽŶƚŝŶƵĂƚŝŽŶďǇƚŚĞŽŵŵŝƐƐŝŽŶĨŽƌƚŚĞǀĂƌŝĂŶĐĞƐĂŶĚƚŚĞĚĞƐŝŐŶŵŽĚŝĨŝĐĂƚŝŽŶƐ͕ ĂƐƚŚĞWůĂŶŶŝŶŐƐƚĂĨĨĚŝĚŶŽƚƉƌŽǀŝĚĞĂŶǇĨŝŶĚŝŶŐƐďĂƐĞĚŽŶĂƌĞĐŽŵŵĞŶĚĂƚŝŽŶŽĨĚĞŶŝĂůŽŶƚŚĞ ZĞƐƚƌŝĐƚĞĚĞǀĞůŽƉŵĞŶƚWƌĞůŝŵŝŶĂƌǇWůĂŶ͘ DƐ͘DĞĞŬŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨsĂƌŝĂŶĐĞηZϮϬϭϱͲϬϬϴsZͲůĂŶĚƐĐĂƉŝŶŐĂƌĞĂǁŝƚŚĨŝŶĚŝŶŐƐ ƉƌŽǀŝĚĞĚďǇƚŚĞĂƉƉůŝĐĂŶƚ͛ƐŶ ĂƌƌĂƚŝǀĞŽŶWĂŐĞϭϰϬŽĨƚŚĞŵĞĞƚŝŶŐƉĂĐŬĞƚ͘Dƌ͘^ŝŵƐƐĞĐŽŶĚĞĚƚŚĞ ŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϲͲϬ͘ KE/d/KE^͗ ͘dŚĞĞǆƚƌĂŽƌĚŝŶĂƌǇĐŽŶĚŝƚŝŽŶƐŝŶƚŚŝƐŝŶƐƚĂŶĐĞŝƐĐƌĞĂƚŝŶŐĂĚĞŶƐĞƵƌďĂŶƉƌŽũĞĐƚŽŶĂĐŽŵƉĂĐƚĐŝƚǇůŽƚ͘ dŚĞŽǁŶĞƌƐĂŶĚŶĞŝŐŚďŽƌŚŽŽĚƐĚĞƐŝƌĞƐǁĞƌĞƚŽĐƌĞĂƚĞĂƉƌŽũĞĐƚǁŝƚŚĂŽŶĞƚŽŽŶĞƉĂƌŬŝŶŐƌĂƚŝŽ͘/Ŷ ŽƌĚĞƌƚŽĚŽƚŚĂƚĂŶĚĐƌĞĂƚĞĂƉƌŽƉĞƌůǇƐĐĂůĞĚĂŶĚĂĞƐƚŚĞƚŝĐĂůůǇƉůĞĂƐŝŶŐƉƌŽũĞĐƚƚŚĂƚĨŝƚƐŝŶǁŝƚŚƚŚĞ ŶĞŝŐŚďŽƌŚŽŽĚ͕ĂŶƵŶĚĞƌŐƌŽƵŶĚƉĂƌŬŝŶŐŐĂƌĂŐĞŝƐƉůĂŶŶĞĚ͘dŚĞƐŝǌĞŽĨƚŚĞƵŶĚĞƌŐƌŽƵŶĚƉĂƌŬŝŶŐ ƐƚƌƵĐƚƵƌĞƚŽĚŽƵďůĞůŽĂĚĐĂƌƐƌĞƋƵŝƌĞƐƚŚĞďƵŝůĚŝŶŐƚŽďĞĂƉƉƌŽǆŝŵĂƚĞůǇϲϮĨĞĞƚǁŝĚĞ͘dŚĞŶĂƌƌŽǁŶĞƐƐ ŽĨƚŚĞƐĞƚǁŽƵƌďĂŶůŽƚƐĂŶĚƚŚĞĚĞƐŝƌĞƚŽĂĐĐĞƐƐƚŚĞďƵŝůĚŝŶŐŽĨĨŽĨƚŚĞĂůůĞǇŽŶƚŚĞĞĂƐƚƐŝĚĞ͕ƌĞĚƵĐĞƐ ƚŚĞŽǀĞƌĂůůůĂŶĚƐĐĂƉĞĂƌĞĂ͘ ͘dŚŝƐĐŽŶĚŝƚŝŽŶŝƐĚƵĞƚŽƚŚĞĨĂĐƚƚŚĂƚƚŚĞƐĞůŽƚƐǁĞƌĞƉůĂƚƚĞĚŽǀĞƌĂŚƵŶĚƌĞĚǇĞĂƌƐĂŐŽ͘hƌďĂŶůŽƚƐ ĂƌĞƚǇƉŝĐĂůůǇƐŵĂůůĞƌĂŶĚƚŚĞĚĞǀĞůŽƉŵĞŶƚƉĂƚƚĞƌŶŵŽƌĞĐŽŵƉĂĐƚ͘ ͘/ŶĂŶĞĨĨŽƌƚƚŽĐƌĞĂƚĞĂĚĞŶƐĞ͕ƵƌďĂŶƐƚǇůĞĂƉĂƌƚŵĞŶƚďƵŝůĚŝŶŐƚŚĂƚƉƌŽǀŝĚĞƐƉĂƌŬŝŶŐĂƚĂŽŶĞƚŽŽŶĞ ƌĂƚŝŽ͕ƚŚĞƌĞĚƵĐĞĚůĂŶĚƐĐĂƉĞĂƌĞĂŝƐŶĞĐĞƐƐĂƌǇ͘ ͘dŚŝƐǀĂƌŝĂŶĐĞǁŝůůŶŽƚďĞŵĂƚĞƌŝĂůůǇĚĞƚƌŝŵĞŶƚĂůƚŽƚŚĞƉƵďůŝĐǁĞůĨĂƌĞ͘dŚĞĨƌŽŶƚǇĂƌĚǁŝůůŝŶĐůƵĚĞĂ ƐŵĂůůƉƵďůŝĐƐĞĂƚŝŶŐĂƌĞĂƚŚĂƚǁŝůůďĞĂŶĂƚƚƌĂĐƚŝǀĞĂŶĚĨƵŶĐƚŝŽŶĂůĂŵĞŶŝƚǇĨŽƌƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘dŚĞ ĞĂƐƚƐŝĚĞ͕ǁŚĞƌĞĂĚũĂĐĞŶƚƚŽƚŚĞŶĞŝŐŚďŽƌŝŶŐŚŽƵƐĞ͕ǁŝůůŝŶĐůƵĚĞĂŶŽǀĞƌƐƚŽƌǇƚƌĞĞĂŶĚďĞƐĐƌĞĞŶĞĚ ǁŝƚŚĂŚĞĚŐĞ͘^ƚƌĞĞƚƚƌĞĞƐǁŝůůďĞƉƌŽǀŝĚĞĚŽŶďŽƚŚϳƚŚ^ƚƌĞĞƚEtĂŶĚϰƚŚǀĞŶƵĞEt͘ ͘dŚŝƐǀĂƌŝĂŶĐĞĚŽĞƐĨŝƚƚŚĞŝŶƚĞŶƚŽĨƚŚĞŽƌĚŝŶĂŶĐĞďĞĐĂƵƐĞƚŚĞZĞƐƚƌŝĐƚĞĚĞǀĞůŽƉŵĞŶƚƉƌŽĐĞƐƐ ĂůůŽǁƐĨŽƌĂƵƐĞƚŚĂƚŝƐƵŶŝƋƵĞƚŽƚŚĞǌŽŶŝŶŐŽƌĚŝŶĂŶĐĞ͕ŝĨĂƉƵďůŝĐďĞŶĞĨŝƚĐĂŶďĞƐŚŽǁŶ͘dŚŝƐƉƌŽũĞĐƚ ǁŝůůďĞƉƵƚƚŝŶŐĂŶĞŵƉŚĂƐŝƐŽŶŐŽŽĚůĂŶĚƐĐĂƉŝŶŐ͘dŚĞŚŝŐŚƋƵĂůŝƚǇŽĨďŽƚŚůĂŶĚƐĐĂƉĞŚĂƌĚƐĐĂƉĞĂŶĚ 3DFNHW3J )J &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH$XJXVW ƉůĂŶƚŝŶŐƐǁŝůůďĞĂƚƚƌĂĐƚŝǀĞĂŶĚƐĂƚŝƐĨǇƚŚĞŝŶƚĞŶƚŽĨƚŚĞŽƌĚŝŶĂŶĐĞ͘ &͘dŚŝƐǀĂƌŝĂŶĐĞŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŝƚǇ͛ƐŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ͘dŚĞZĞƐƚƌŝĐƚĞĚĞǀĞůŽƉŵĞŶƚƉƌŽĐĞƐƐ ;ĂŶĚƚŚŝƐǀĂƌŝĂŶĐĞͿŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŝƚǇ͛ƐĂĚŽƉƚĞĚƉŽůŝĐŝĞƐĂŶĚŝƐƚŚĞǀĞŚŝĐůĞƚŚĂƚĂůůŽǁƐĨŽƌƚŚŝƐ ƐƚǇůĞŽĨĚĞǀĞůŽƉŵĞŶƚ͘ Dƌ͘ƵŶŶƌĞƋƵĞƐƚĞĚĂŐĂŝŶƚŽƚŚĞĐŽŵŵŝƐƐŝŽŶĨŽƌĂĐŽŶƚŝŶƵĂƚŝŽŶĨŽƌWůĂŶŶŝŶŐ^ƚĂĨĨƚŽƌĞǀŝĞǁƚŚĞǀĂƌŝĂŶĐĞ ĨŝŶĚŝŶŐƐ͘ ŽŵŵŝƐƐŝŽŶƐĂŐƌĞĞĚƚŚĞǇǁĂŶƚƚŽŵŽǀĞĂůŽŶŐǁŝƚŚƚŚĞĂƉƉůŝĐĂƚŝŽŶƐĞǀĞŶƚŚŽƵŐŚƚŚĞWůĂŶŶŝŶŐ^ƚĂĨĨĚŝĚ ŶŽƚƉƌŽǀŝĚĞĂŶǇĨŝŶĚŝŶŐƐ͘ DƐ͘DĞĞŬŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨsĂƌŝĂŶĐĞηZϮϬϭϱͲϬϬϴsZͲĚƌŝǀĞǁĂǇǁŝĚƚŚǁŝƚŚĨŝŶĚŝŶŐƐ ƉƌŽǀŝĚĞĚďǇƚŚĞĂƉƉůŝĐĂŶƚ͛ƐŶĂƌƌĂƚŝǀĞŽŶWĂŐĞϭϰϬŽĨƚŚĞŵĞĞƚŝŶŐƉĂĐŬĞƚ͘Dƌ͘ƵƌƐƚƐĞĐŽŶĚĞĚƚŚĞ ŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϲͲϬ͘ &/E/E'^͗ ^ĞĐƚŝŽŶϲϯ͘ϰϱϱŽĨƚŚĞZŽĐŚĞƐƚĞƌ>ĂŶĚĞǀĞůŽƉŵĞŶƚDĂŶƵĂůƌĞƋƵŝƌĞƐƚŚĂƚĂĚƌŝǀĞǁĂǇǁŝĚƚŚďĞϭϴ $ ĨĞĞƚǁŚĞŶƐĞƌǀŝŶŐƐŝǆŽƌŵŽƌĞƵŶŝƚƐ͘dŚĞĞǆƚƌĂŽƌĚŝŶĂƌǇĐŝƌĐƵŵƐƚĂŶĐĞƐŝŶƚŚŝƐŝŶƐƚĂŶĐĞŝƐƚŚĞŶĂƚƵƌĞ ŽĨĐƌĞĂƚŝŶŐĂƉƌŽƉĞƌůǇƐĐĂůĞĚďƵŝůĚŝŶŐƚŚĂƚĨŝƚƐŝŶƚŽƚŚĞŶĞŝŐŚďŽƌŚŽŽĚĂŶĚŝƐĞĐŽŶŽŵŝĐĂůůǇĨĞĂƐŝďůĞ͕ ƌĞƋƵŝƌĞƐĐŽŵƉƌŽŵŝƐĞƐ͘dŚĞƐĞƵƌďĂŶƉƌŽũĞĐƚƐƉƌŝŽƌŝƚŝǌĞǁĂůŬŝŶŐŽǀĞƌĚƌŝǀŝŶŐ͘dŚĞůŽƚƐĂƌĞŶĂƌƌŽǁ ĂŶĚŝƚŝƐŶŽƚĨĞĂƐŝďůĞƚŽĐƌĞĂƚĞĚƌŝǀĞǁĂǇƐƚŚĂƚĂƌĞϭϴĨĞĞƚǁŝĚĞ͘ĚƌŝǀĞǁĂǇƚŚĂƚŝƐϭϲĨĞĞƚǁŝĚĞ ƚŚ ĂůůŽǁƐĨŽƌŵŽƌĞůĂŶĚƐĐĂƉŝŶŐĂůŽŶŐƚŚĞƉƵďůŝĐĨƌŽŶƚĂŐĞŽĨϰǀĞŶƵĞEt͘ dŚĞŶĂƌƌŽǁŶĞƐƐŽĨƚŚĞůŽƚƐĂŶĚĂƚƚĞŵƉƚŝŶŐƚŽĐƌĞĂƚĞĂĚĞŶƐĞ͕ƵƌďĂŶƉƌŽũĞĐƚǁŝƚŚ % ƵŶĚĞƌŐƌŽƵŶĚƉĂƌŬŝŶŐŝƐƚŚĞĞǆƚƌĂŽƌĚŝŶĂƌǇĐŝƌĐƵŵƐƚĂŶĐĞ͘EĂƌƌŽǁĚƌŝǀĞǁĂǇƐĂƌĞƚǇƉŝĐĂůŝŶ ƚŚŝƐŶĞŝŐŚďŽƌŚŽŽĚďĞĐĂƵƐĞŽĨŝƚƐŚŝƐƚŽƌŝĐĂůƉůĂƚƚŝŶŐ͘ ƚŚ dŚĞŶĂƌƌŽǁŝŶŐŽĨƚŚŝƐƌĞƋƵŝƌĞŵĞŶƚďǇϮĨĞĞƚĂůůŽǁƐĨŽƌĂŐƌĞĂƚĞƌƐĞƚďĂĐŬŽŶϰǀĞŶƵĞEtĂŶĚ & ŝƐĂƌĞĂƐŽŶĂďůĞĂŶĚƉƌĂĐƚŝĐĂůƐŽůƵƚŝŽŶƚŽĐŽŵƉůǇŝŶŐǁŝƚŚƚŚĞǌŽŶŝŶŐŽƌĚŝŶĂŶĐĞ͘ dŚŝƐǀĂƌŝĂŶĐĞŝƐŶŽƚŵĂƚĞƌŝĂůůǇĚĞƚƌŝŵĞŶƚĂůƚŽƚŚĞƉƵďůŝĐǁĞůĨĂƌĞ͘/ŶĨĂĐƚ͕ƚŚĞŶĂƌƌŽǁĞƌĚƌŝǀĞǁĂǇ ' ƚŚ ǁŝůůĐƌĞĂƚĞĂďĞƚƚĞƌƉĞĚĞƐƚƌŝĂŶĞǆƉĞƌŝĞŶĐĞĂŶĚĂůůŽǁŵŽƌĞůĂŶĚƐĐĂƉŝŶŐĂůŽŶŐϰǀĞŶƵĞEt͘ dŚĞǀĂƌŝĂŶĐĞĚŽĞƐĨŝƚƚŚĞŝŶƚĞŶƚŽĨƚŚĞŽƌĚŝŶĂŶĐĞďĞĐĂƵƐĞƚŚŝƐĂƉĂƌƚŵĞŶƚďƵŝůĚŝŶŐŝƐƉƌŽƉĞƌůǇ ( ƐŝƚĞĚĨŽƌŐŽŽĚƵƌďĂŶĚĞƐŝŐŶƐƚĂŶĚĂƌĚƐĂŶĚĨŝƚƐŝŶƚŽƚŚĞĨĂďƌŝĐŽĨƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘ dŚĞǀĂƌŝĂŶĐĞŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŝƚǇ͛ƐŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ͘dŚŝƐƐŝƚĞŝƐĂŶĞǆĐĞůůĞŶƚůŽĐĂƚŝŽŶ ) ĨŽƌĂŶƵƌďĂŶƐƚǇůĞĚĞǀĞůŽƉŵĞŶƚ͘dŚĞZĞƐƚƌŝĐƚĞĚĞǀĞůŽƉŵĞŶƚƉƌŽĐĞƐƐ;ĂŶĚƚŚŝƐǀĂƌŝĂŶĐĞͿŝƐ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŝƚǇ͛ƐĂĚŽƉƚĞĚƉŽůŝĐŝĞƐĂŶĚĂůůŽǁƐĨŽƌƚŚŝƐƐƚǇůĞŽĨĚĞǀĞůŽƉŵĞŶƚ͘ 3DFNHW3J )J &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH$XJXVW DƐ͘DĞĞŬŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨsĂƌŝĂŶĐĞηZϮϬϭϱͲϬϬϴsZͲƉĂƌŬŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐǁŝƚŚ ĨŝŶĚŝŶŐƐƉƌŽǀŝĚĞĚďǇƚŚĞĂƉƉůŝĐĂŶƚ͛ƐŶĂƌƌĂƚŝǀĞŽŶWĂŐĞϭϰ ϭŽĨƚŚĞŵĞĞƚŝŶŐƉĂĐŬĞƚ͘Dƌ͘ƵƌƐƚƐĞĐŽŶĚĞĚ ƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϲͲϬ͘ &/E/E'^͗ ͘dŚĞĞǆƚƌĂŽƌĚŝŶĂƌǇĐŝƌĐƵŵƐƚĂŶĐĞƐĨŽƌƚŚŝƐƉƌŽũĞĐƚŝƐƚŚĞŶĂƌƌŽǁŶĞƐƐŽĨƚŚĞůŽƚŝŶƌĞůĂƚŝŽŶƚŽĐƌĞĂƚŝŶŐ ĂďƵŝůĚŝŶŐǁŝƚŚƵŶĚĞƌŐƌŽƵŶĚƉĂƌŬŝŶŐ͘DĂŶĂŐĞŵĞŶƚŽĨƚŚĞƐƚŽƌŵǁĂƚĞƌŝƐĂůƐŽĂĨĂĐƚŽƌďĞĐĂƵƐĞƚŚĞ ůĂĐŬŽĨĐĂƉĂĐŝƚǇŽĨƚŚĞƐƚŽƌŵƐĞǁĞƌƌĞƋƵŝƌĞƐŵŽƌĞŽŶͲƐŝƚĞƐƚŽƌĂŐĞ͘WƌŽǀŝĚŝŶŐĂĐĐĞƐƐƚŽƚŚĞ ƵŶĚĞƌŐƌŽƵŶĚƉĂƌŬŝŶŐĂŶĚĐƌĞĂƚŝŶŐƐƚŽƌŵǁĂƚĞƌŝŶĨŝůƚƌĂƚŝŽŶĂƌĞĂƐƌĞĚƵĐĞĚƚŚĞĂƌĞĂĨŽƌĂĚĚŝƚŝŽŶĂů ƉĂƌŬŝŶŐ͘ƌĞĂƚŝŶŐĂĚĞŶƐĞ͕ƵƌďĂŶƉƌŽũĞĐƚĂůƐŽŵĞĂŶƐƌĞĚƵĐŝŶŐƉĂƌŬŝŶŐƌĂƚŝŽƐďĞĐĂƵƐĞŽĨůĂĐŬŽĨƐƉĂĐĞ͘ ͘dŚĞŶĂƌƌŽǁŶĞƐƐŽĨƚŚĞůŽƚĂŶĚƚŚĞůĂĐŬŽĨĐĂƉĂĐŝƚǇŝŶƚŚĞĞǆŝƐƚŝŶŐƐƚŽƌŵƐĞǁĞƌĂƌĞďŽƚŚƵŶŝƋƵĞƚŽ ƚŚĞƉƌŽƉĞƌƚǇĂŶĚŶŽƚĐƌĞĂƚĞĚďǇƚŚĞůĂŶĚŽǁŶĞƌ͘ ͘dŚŝƐǀĂƌŝĂŶĐĞŝƐŶĞĐĞƐƐĂƌǇƚŽŽǀĞƌĐŽŵĞƚŚĞƉƌĂĐƚŝĐĂůĚŝĨĨŝĐƵůƚŝĞƐǁŝƚŚĐŽŵƉůǇŝŶŐǁŝƚŚƚŚĞŽƌĚŝŶĂŶĐĞ͘ dŚĞƌĞĚƵĐĞĚƉĂƌŬŝŶŐŝƐŶĞĞĚĞĚĨŽƌĐƌĞĂƚŝŶŐĂĚĞŶƐĞ͕ƵƌďĂŶ͕ǁĂůŬĂďůĞĂƉĂƌƚŵĞŶƚďƵŝůĚŝŶŐƚŚĂƚĨŝƚƐŝŶ ƚŚĞĨĂďƌŝĐŽĨƚŚĞEŽƌƚŚƌŽƉEĞŝŐŚďŽƌŚŽŽĚ͘dŚĞƌĞĚƵĐƚŝŽŶŝŶƚŚĞƉĂƌŬŝŶŐĂůůŽǁƐĨŽƌƚŚĞďƵŝůĚŝŶŐĂŶĚŝƚƐ ĨƌŽŶƚƵŶŝƚĞŶƚƌĂŶĐĞƐƚŽďĞƉůĂĐĞĚŶĞĂƌƚŚĞƐŝĚĞǁĂůŬƐ͕ǁŚŝĐŚĨŝƚƐƚŚĞƚƌĂĚŝƚŝŽŶĂůĐŚĂƌĂĐƚĞƌŽĨƚŚĞ ŶĞŝŐŚďŽƌŚŽŽĚ͘ǁĞůĐŽŵŝŶŐŵĂŝŶĞŶƚƌĂŶĐĞƚŽƚŚĞĂƉĂƌƚŵĞŶƚĐŽŵŵŽŶĂƌĞĂŝƐĂůƐŽƉƌŽǀŝĚĞĚǁŚŝĐŚ ďĞŶĞĨŝƚƐƌĞƐŝĚĞŶƚƐ͕ǀŝƐŝƚŽƌƐĂŶĚŶĞŝŐŚďŽƌƐ͘ ͘dŚŝƐǀĂƌŝĂŶĐĞǁŝůůŶŽƚďĞŵĂƚĞƌŝĂůůǇĚĞƚƌŝŵĞŶƚĂůƚŽƚŚĞƉƵďůŝĐǁĞůĨĂƌĞďĞĐĂƵƐĞƚŚĞƌĞǁŝůůďĞĂŶ ĂĚĞƋƵĂƚĞĂŵŽƵŶƚŽĨƉĂƌŬŝŶŐƐƉĂĐĞƐĨŽƌƌĞƐŝĚĞŶƚƐƵŶĚĞƌƚŚĞďƵŝůĚŝŶŐ͘tĞĂƌĞƉƌŽƉŽƐŝŶŐƚŽƉƌŽǀŝĚĞĂ ŽŶĞƚŽŽŶĞƉĂƌŬŝŶŐƌĂƚŝŽ͘tĞĂƌĞĂůƐŽƉƌŽƉŽƐŝŶŐƚŽŝŶĐŽƌƉŽƌĂƚĞŽŶƐƚƌĞĞƚƉĂƌŬŝŶŐďĂĐŬŽŶƚŽϳƚŚ^ƚƌĞĞƚ EtĂŶĚϰƚŚǀĞŶƵĞEt͕ǁŚŝĐŚǁŽƵůĚƉƌŽǀŝĚĞƉĂƌŬŝŶŐĨŽƌǀŝƐŝƚŽƌƐ͘ ͘dŚĞǀĂƌŝĂŶĐĞŝƐŝŶŚĂƌŵŽŶǇǁŝƚŚƚŚĞŝŶƚĞŶƚŽĨƚŚĞŽƌĚŝŶĂŶĐĞďĞĐĂƵƐĞŝƚĚŝŵŝŶŝƐŚĞƐƚŚĞŝŵƉŽƌƚĂŶĐĞŽĨ ƚŚĞĐĂƌĂŶĚŝƚƐƐƚŽƌĂŐĞ͘/ŶĨŝůůƉƌŽũĞĐƚƐĂĚũĂĐĞŶƚƚŽĚŽǁŶƚŽǁŶĂƌĞŵŽƌĞƵƌďĂŶĂŶĚǁĂůŬĂďůĞ͕ĂŶĚƚŚĞ ZĞƐƚƌŝĐƚĞĚĞǀĞůŽƉŵĞŶƚƉƌŽĐĞƐƐŝƐƚŚĞƚŽŽůǁŝƚŚŝŶƚŚĞŽƌĚŝŶĂŶĐĞƚŽĂůůŽǁƉƌŽũĞĐƚƐƚŽĨŝƚŝŶƚŽƚŚĞĨĂďƌŝĐ ŽĨŽůĚĞƌŶĞŝŐŚďŽƌŚŽŽĚ͘ &͘dŚĞǀĂƌŝĂŶĐĞƌĞƋƵĞƐƚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŝƚǇ͛ƐŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶďĞĐĂƵƐĞŝƚƉƌŽŵŽƚĞƐŚŝŐŚĞƌ ĚĞŶƐŝƚǇĂŶĚǁĂůŬĂďůĞĚĞǀĞůŽƉŵĞŶƚƐŝŶƚŚĞĐŽƌĞŶĞŝŐŚďŽƌŚŽŽĚƐƐƵƌƌŽƵŶĚŝŶŐĚŽǁŶƚŽǁŶ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚƌĞŐĂƌĚƐƚŚĞƌĞŵĂŝŶŝŶŐǀĂƌŝĂŶĐĞƐƌĞƋƵŝƌŝŶŐĂĐƚŝŽŶ͘ DƐ͘DĞĞŬŵŽǀĞĚƚŽĂƉƉƌŽǀĞsĂƌŝĂŶĐĞηZϮϬϭϱͲϬϬϴsZŽĨĂƐƉŝůůŽǀĞƌƉĂƌŬŝŶŐďĂƐĞĚŽŶƚŚĞĨŝŶĚŝŶŐƐŽĨ ^ĞĐƚŝŽŶϲϬ͘ϰϭϳŽĨƚŚĞŽŶŝŶŐKƌĚŝŶĂŶĐĞ͘Dƌ͘ƵƌƐƚƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϱͲϭ͘Dƌ͘ ŚŝůĚƐǀŽƚŝŶŐŶĂǇ͘ dŚĞƌĞĂƌĞĞǆƚƌĂŽƌĚŝŶĂƌǇĐŽŶĚŝƚŝŽŶƐŽƌĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ƐƵĐŚĂƐŝƌƌĞŐƵůĂƌŝƚǇ͕ŶĂƌƌŽǁŶĞƐƐ͕Žƌ $ ƐŚĂůůŽǁŶĞƐƐŽĨƚŚĞůŽƚŽƌĞǆĐĞƉƚŝŽŶĂůƚŽƉŽŐƌĂƉŚŝĐĂůŽƌƉŚǇƐŝĐĂůĐŽŶĚŝƚŝŽŶƐǁŚŝĐŚĂƌĞƉĞĐƵůŝĂƌƚŽ ƚŚĞƉƌŽƉĞƌƚǇĂŶĚĚŽŶŽƚĂƉƉůǇƚŽŽƚŚĞƌůĂŶĚƐǁŝƚŚŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚŽƌƚŚĞƐĂŵĞĐůĂƐƐŽĨ ǌŽŶŝŶŐĚŝƐƚƌŝĐƚ͖ƚŚĞŝƌƌĞŐƵůĂƌŝƚǇŽĨďĞŝŶŐůŽĐĂƚĞĚŽŶƚǁŽŵĂũŽƌƵƌďĂŶĂƌƚĞƌŝĂůƐƚƌĞĞƚƐƚŚĂƚĚŽŶ͚ƚ ƉĞƌŵŝƚŽŶƐƚƌĞĞƚƉĂƌŬŝŶŐĂĚũĂĐĞŶƚƚŽƚŚĞƉƌŽƉĞƌƚǇ͘ dŚĞĞǆƚƌĂŽƌĚŝŶĂƌǇĐŽŶĚŝƚŝŽŶƐŽƌĐŝƌĐƵŵƐƚĂŶĐĞƐĂƌĞĚƵĞƚŽĐŝƌĐƵŵƐƚĂŶĐĞƐƵŶŝƋƵĞƚŽƚŚĞƉƌŽƉĞƌƚǇ % ŶŽƚĐƌĞĂƚĞĚďǇƚŚĞůĂŶĚŽǁŶĞƌ͖ dŚĞǀĂƌŝĂŶĐĞŝƐŶĞĐĞƐƐĂƌǇƚŽŽǀĞƌĐŽŵĞƉƌĂĐƚŝĐĂůĚŝĨĨŝĐƵůƚŝĞƐŝŶĐŽŵƉůǇŝŶŐǁŝƚŚƚŚĞǌŽŶŝŶŐ & ŽƌĚŝŶĂŶĐĞƐŽƚŚĂƚƚŚĞƉƌŽƉĞƌƚǇĐĂŶďĞƵƐĞĚŝŶĂƌĞĂƐŽŶĂďůĞŵĂŶŶĞƌŶŽƚƉĞƌŵŝƚƚĞĚďǇƚŚĞ ŽƌĚŝŶĂŶĐĞ͖ 3DFNHW3J )J &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH$XJXVW dŚĞǀĂƌŝĂŶĐĞǁŝůůŶŽƚďĞŵĂƚĞƌŝĂůůǇĚĞƚƌŝŵĞŶƚĂůƚŽƚŚĞƉƵďůŝĐǁĞůĨĂƌĞŽƌŵĂƚĞƌŝĂůůǇŝŶũƵƌŝŽƵƐƚŽ ' ŽƚŚĞƌƉƌŽƉĞƌƚǇŝŶƚŚĞĂƌĞĂ͕ĂŶĚǁŝůůŶŽƚĂůƚĞƌƚŚĞĞƐƐĞŶƚŝĂůĐŚĂƌĂĐƚĞƌŽĨƚŚĞůŽĐĂůŝƚǇ͖ dŚĞǀĂƌŝĂŶĐĞŝƐŝŶŚĂƌŵŽŶǇǁŝƚŚƚŚĞŐĞŶĞƌĂůƉƵƌƉŽƐĞĂŶĚŝŶƚĞŶƚŽĨƚŚŝƐŽƌĚŝŶĂŶĐĞ͖ĂŶĚ ( dŚĞƚĞƌŵƐŽĨƚŚĞǀĂƌŝĂŶĐĞĂƌĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ͘ ) ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚŝŶƌĞŐĂƌĚƐƚŽƚŚĞďĂƐŝƐĨŽƌĨŝŶĚŝŶŐƐŽĨĂǀĂƌŝĂŶĐĞďƵĨĨĞƌǇĂƌĚ͘ 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Dƌ͘ŝůůdŽŝŶƚŽŶ͕ŽŶďĞŚĂůĨŽĨZŽĐŚĞƐƚĞƌƌĞĂƵŝůĚĞƌƐ͕ϱϮϰůŵǀŝĞǁWůĂĐĞ^t͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞŶŽƚĞĚĚŝĨĨŝĐƵůƚŝĞƐǁŝƚŚƚŚĞĐƵƌƌĞŶƚƉƌŽĐĞƐƐŽĨƉƌĞͲĚĞǀĞůŽƉŵĞŶƚ ĂƉƉůŝĐĂƚŝŽŶƐ͖ƚŝŵŝŶŐŽĨŶŽƚŝĨŝĐĂƚŝŽŶƐ͖ĂŶĚŵĞĞƚŝŶŐƐ͘,ĞǁŽƵůĚƉƌŽƉŽƐĞƚŚĞŝŶĨŽƌŵĂƚŝŽŶĂůŵĞĞƚŝŶŐďĞ ŚĞůĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞƉƌĞͲĚĞǀĞůŽƉŵĞŶƚŵĞĞƚŝŶŐ͘,ĞƚŚĞŶƐƵŐŐĞƐƚĞĚŚĂǀŝŶŐƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ ŵĞĞƚŝŶŐĂĨƚĞƌƚŚĞƉƌĞͲĚĞǀĞůŽƉŵĞŶƚŵĞĞƚŝŶŐďƵƚďĞĨŽƌĞƚŚĞĨŝƌƐƚƉƵďůŝĐŚĞĂƌŝŶŐ͖ĂĐŽŶĐĞƌŶǁĂƐ ĞǆƉƌĞƐƐĞĚŽŶƚŚĞƉƌŽũĞĐƚƐŶŽƚŚĂǀŝŶŐƐƵĨĨŝĐŝĞŶƚĚĞƚĂŝůĂƚƚŚĞƚŝŵĞƚŚĞŶĞŝŐŚďŽƌŚŽŽĚŵĞĞƚŝŶŐ͖ƚŚĞ ƉƵƌƉŽƐĞŽĨŶĞŝŐŚďŽƌŚŽŽĚŵĞĞƚŝŶŐƐĞĞŵƐƚŽďĞŵŝƐͲƵŶĚĞƌƐƚŽŽĚĂƐƚŚĞŶĞŝŐŚďŽƌƐƚŚŝŶŬƚŚĞŵĞĞƚŝŶŐĂƌĞ ĨŽƌĚĞƐŝŐŶ͖ƚŚĞƉƌŽĐĞƐƐƚŝŵĞůŝŶĞǁĂƐĚŝƐƉůĂǇĞĚŽŶĂƐůŝĚĞĂŶĚŚŽǁůŽŶŐƚŚĞƉƌŽĐĞƐƐƚĂŬĞƐĐŽƵůĚďĞƵƉƚŽ ϭϰŵŽŶƚŚƐ͖ĂƌĞƋƵĞƐƚĨŽƌĂŵŽĚĞƌĂƚŽƌĨŽƌŶĞŝŐŚďŽƌŚŽŽĚŵĞĞƚŝŶŐŝƐĂŶŝƐƐƵĞƚŚĂƚƐŚŽƵůĚďĞĂĚĚƌĞƐƐĞĚ͖ 3DFNHW3J )E ƉůĂŶŶŝŶŐƐƚĂĨĨŝƐƌĞƋƵŝƌŝŶŐƚŚĞŵĞĞƚŝŶŐ͕ƐŽƚŚĞǇĐŽƵůĚďĞƚŚĞŽŶĞƐƚŽƌĞĐŽƌĚƚŚĞŵĞĞƚŝŶŐĂŶĚƉƌŽǀŝĚĞĂŶ ŽƌĚĞƌůǇĨƵŶĐƚŝŽŶƚŽƚŚĞŵĞĞƚŝŶŐ͘ Dƌ͘ƌĂŝŐƌŝƚƚŽŶ͕ŵĞŵďĞƌŽĨƚŚĞZŽĐŚĞƐƚĞƌƌĞĂƵŝůĚĞƌƐ͕t^EůŽĐĂƚĞĚĂƚϲϯϬϭĂŶĚĞůZŽĂĚEt͕ ZŽĐŚĞƐƚĞƌDEϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞŶŽƚĞĚŚŝƐĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞŶĞĞĚƚŽĚĞĨŝŶĞƚŚĞ ƚŝŵŝŶŐŽĨƚŚĞŶĞŝŐŚďŽƌŚŽŽĚŵĞĞƚŝŶŐ͖ƚŚĞĐƵƌƌĞŶƚϭϬĚĂǇŶŽƚŝĨŝĐĂƚŝŽŶŝƐĚŝĨĨŝĐƵůƚƚŽĂĐŚŝĞǀĞ͘ Dƌ͘dĂǇůŽƌZŝĚĚĞƌďƵƐĐŚ͕WƵďůŝĐĨĨĂŝƌƐŝƌĞĐƚŽƌ͕ϭϬϴůƚŽŶ,ŝůůƐ>ĂŶĞEt͕ZŽĐŚĞƐƚĞƌƌĞĂƵŝůĚĞƌƐ͕ ZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞŶŽƚĞĚƚŚĞůŝŵŝƚĞĚƚŝŵŝŶŐŽĨŶĞŝŐŚďŽƌŚŽŽĚ ŵĞĞƚŝŶŐŵĂǇĐŚĂŶŐĞǁŚĂƚŝƐďĞŝŶŐƐƵďŵŝƚƚĞĚǁŝƚŚƚŚĞĂƉƉůŝĐĂƚŝŽŶ͕ƐŽƚŚĞĂŵĞŶĚŵĞŶƚĚŽĞƐŶŽƚ ĂĐĐŽŵƉůŝƐŚĂŶǇƚŚŝŶŐĚŝĨĨĞƌĞŶƚƚŚĂŶŝƐĐƵƌƌĞŶƚůǇŽĐĐƵƌƌŝŶŐ͘ ƚŚ DƐ͘EĂŶĐǇ^ůŽĐƵŵď͕ƌĞƐŝĚŝŶŐĂƚϲϮϭϱǀĞŶƵĞ^t͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞƌĐŽŶĐĞƌŶǁĂƐǁŝƚŚƚŚĞŶĞŝŐŚďŽƌŚŽŽĚŵĞĞƚŝŶŐƐŶĞĞĚŝŶŐƚŽďĞŝŶǀŽůǀĞĚƐŽŽŶĞƌŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚ ƉƌŽĐĞƐƐ͘ Dƌ͘ĂƌƌǇ^ŬŽůŶŝĐŬ͕ƌĞƐŝĚŝŶŐĂƚϭϱϭ Ɛƚ^ƚƌĞĞƚ^͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ ŶŽƚĞĚƚŚĞŝŵƉŽƌƚĂŶĐĞŽĨŶĞŝŐŚďŽƌƐͬĐŽŵŵƵŶŝƚǇďĞŝŶŐŝŶǀŽůǀĞĚĞĂƌůŝĞƌƚŚĞďĞƚƚĞƌ͘ DƐ͘>ĞƐůŝĞDĐ'ŝůůŝǀƌĂǇͲZŝǀĂƐ͕ƌĞƐŝĚŝŶŐĂƚZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞ ƉƌĞƐĞŶƚĞĚƚŚĞŚŝƐƚŽƌǇŽĨŶĞŝŐŚďŽƌŚŽŽĚŵĞĞƚŝŶŐƐďĞŝŶŐƌĞƋƵŝƌĞĚĨŽƌĚĞǀĞůŽƉŵĞŶƚƐ͖ĂŶĚŚŽǁƚŚĞƌĞĐĞŶƚ ĐŚĂŶŐĞƐŽĨĂƚƚŝƚƵĚĞĂƚŶĞŝŐŚďŽƌŚŽŽĚŵĞĞƚŝŶŐƐŝƐĂĨĨĞĐƚŝŶŐƚŚĞĚĞǀĞůŽƉŵĞŶƚĐŽŵŵƵŶŝƚǇ͖ĂƐƵŐŐĞƐƚŝŽŶŽĨ ǁŚĂƚĐŽŶƚĞŶƚŶĞĞĚƐƚŽďĞďƌŽƵŐŚƚŽƵƚŽĨŶĞŝŐŚďŽƌŚŽŽĚŵĞĞƚŝŶŐƐŶĞĞĚƐƚŽďĞĚĞĨŝŶĞĚ͘ Dƌ͘dĂǇůŽƌZŝĚĚĞƌďƵƐĐŚ͕WƵďůŝĐĨĨĂŝƌƐŝƌĞĐƚŽƌ͕ϭϬϴůƚŽŶ,ŝůůƐ>ĂŶĞEt͕ZŽĐŚĞƐƚĞƌƌĞĂƵŝůĚĞƌƐ͕ ZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞĞǆƉůĂŝŶĞĚƚŚĞƌĞĂƐŽŶŝŶŐĨŽƌŚĂǀŝŶŐĂĚĞǀĞůŽƉŵĞŶƚ ŝŶĨŽƌŵĂƚŝŽŶŵĞĞƚŝŶŐƚŽŽĞĂƌůǇŝŶƚŚĞƉƌŽĐĞƐƐǁŝůůĐĂƵƐĞĚĞůĂǇƐǁŝƚŚƚŚĞƉƌŽũĞĐƚďĞĐĂƵƐĞŽĨĨƌƵƐƚƌĂƚŝŽŶ ďĞƚǁĞĞŶƚŚĞĚĞǀĞůŽƉĞƌĂŶĚƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘ ƚŚ DƐ͘EĂŶĐǇ^ůŽĐƵŵď͕ƌĞƐŝĚŝŶŐĂƚϲϮϭϱǀĞŶƵĞ^t͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ^ŚĞƐƚĂƚĞĚŚĞƌĞǆƉĞƌŝĞŶĐĞƐǁŝƚŚƚŚĞŝŶǀŽůǀĞŵĞŶƚǁŝƚŚŶĞŝŐŚďŽƌŚŽŽĚŵĞĞƚŝŶŐƐ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚƌĞŐĂƌĚŝŶŐƚŚĞŝŶƚĞŶƚŝŽŶƐŽĨƚŚĞŶĞŝŐŚďŽƌŚŽŽĚŝŶĨŽƌŵĂƚŝŽŶĂůŵĞĞƚŝŶŐ͖ƚŚĞƚŝŵĞůŝŶĞŝŶ ǁŚŝĐŚƚŚĞŵĞĞƚŝŶŐƐĂƌĞƚŽƚĂŬĞƉůĂĐĞ͖ǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞƌĞƋƵŝƌĞŵĞŶƚŽĨŝƚǇƐƚĂĨĨŶĞĞĚƐƚŽďĞƉƌĞƐĞŶƚ ĂŶĚƚĂŬĞŽŶƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨƐĞŶĚŝŶŐŽƵƚƚŚĞŶŽƚŝĨŝĐĂƚŝŽŶƐ͖ĂĚǀĂŶƚĂŐĞƚŚĞƚŝŵŝŶŐŽĨƚŚĞƌĞƋƵŝƌĞŵĞŶƚ ĨŽƌƚŚĞŝŶĨŽƌŵĂƚŝŽŶĂůŵĞĞƚŝŶŐ͘ Dƌ͘^ŝŵƐŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨdĞǆƚŵĞŶĚŵĞŶƚηZϮϬϭϱͲϬϬϯdǁŝƚŚƚŚĞƐƚĂĨĨͲ ƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐ͘Dƌ͘ŚŝůĚƐƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĨĂŝůĞĚϮͲϰ͘DƐ͘DĞĞŬ͕Dƌ͘ ƵƌƐƚ͕Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌ͖DƐ͘tŝůƐŽŶǀŽƚŝŶŐŶĂǇ͘ ϭϬ͗ϮϬƉŵDƌ͘^ŝŵƐůĞĨƚƚŚĞŵĞĞƚŝŶŐ͘ 3DFNHW3J )E Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌŶŽƚĞĚŚĞǁĂŶƚĞĚĐůĂƌŝĨŝĐĂƚŝŽŶƚŚĂƚƚŚĞƌĞĂƐŽŶĨŽƌǀŽƚŝŶŐĂŐĂŝŶƐƚƚŚĞƚĞǆƚĂŵĞŶĚŵĞŶƚ ƉƌŽƉŽƐĞĚǁŝůůŶŽƚƐŽůǀĞĂŶǇŽĨƚŚĞĐŽŶĐĞƌŶƐ͘ Dƌ͘ƵŶŶĂƐŬĞĚĨŽƌĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĚĞŶǇŝŶŐƚŚĞdĞǆƚŵĞŶĚŵĞŶƚ͘ DƐ͘DĞĞŬŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĚĞŶŝĂůŽĨdĞǆƚŵĞŶĚŵĞŶƚηZϮϬϭϱͲϬϬϯd͘DƐ͘tŝůƐŽŶƐĞĐŽŶĚĞĚ ƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϰͲϭ͘Dƌ͘ŚŝůĚƐǀŽƚŝŶŐŶĂǇ͘ 3DFNHW3J )F DĞŵŽƌĂŶĚƵŵ ^ĞƉƚĞŵďĞƌϮ͕ϮϬϭϱ dK͗ZŽĐŚĞƐƚĞƌŝƚǇŽƵŶĐŝů &ZKD͗:ŽŚŶĐŬĞƌŵĂŶ WƌĞƐŝĚĞŶƚ͕ZŽĐŚĞƐƚĞƌƌĞĂƵŝůĚĞƌƐ Z͗ŚĂŶŐĞƐƚŽƚŚĞĞǀĞůŽƉŵĞŶƚWƌŽĐĞƐƐ /ŶƚŚĞŽƌŝŐŝŶĂůŵĞŵŽƐĞŶƚƚŽŝƚǇŽƵŶĐŝůĨƌŽŵƚŚĞWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͕ĞƉĂƌƚŵĞŶƚ,ĞĂĚDŝƚǌŝĂŬĞƌ ƐƚĂƚĞĚƚŚĂƚƚŚĞƐĞĐŚĂŶŐĞƐǁŽƵůĚ͕͞ƌĞƐƵůƚŝŶŶĞǁͬĂĚĚŝƚŝŽŶĂůĞǆƉĞŶƐĞƐĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝǀĞĐŽƐƚƐƚŚĂƚĂƌĞ ŶŽƚĂĐĐŽƵŶƚĞĚĨŽƌŝŶƚŚĞĞƉĂƌƚŵĞŶƚďƵĚŐĞƚŽƌĐƵƌƌĞŶƚĨĞĞƐƚƌƵĐƚƵƌĞ͘͟tĞĂƌĞĐŽŶĐĞƌŶĞĚƚŚĂƚƚŚĞƐĞ 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