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ĞŵƉŚĂƐŝǌĞĚƐŽŵĞƚŚĞĚĞƚĂŝůƐĚŝƐĐƵƐƐĞĚĂƚƚŚĞƉƌŽũĞĐƚ͖ƐƵĐŚĂƐƉƵďůŝĐĂƌƚƐŽůŝĐŝƚ͖ƉĂƌŬŝŶŐ͖ƚŚĞ ŶĞŝŐŚďŽƌŚŽŽĚŚĂƐƚƌŝĞĚƚŽƐƚĂǇƉŽƐŝƚŝǀĞĂŶĚƐƵƉƉŽƌƚŝǀĞǁŝƚŚƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚǁŽƵůĚůŝŬĞƚŽƐĞĞĂ ƐƚĂŶĚĂƌĚƐĞƚŝŶƉůĂĐĞĨŽƌƚŚĞϮ ŶĚ^ƚƌĞĞƚĐŽƌƌŝĚŽƌ͘ ƚŚ Dƌ͘ŶĚǇDĂƐƚĞƌƉŽůĞ͕ƌĞƐŝĚĞƐĂƚϵϭϯǀĞŶƵĞ^t͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞĂƐŬĞĚŚŽǁĚŽĞƐƚŚĞƉƵďůŝĐďĞŶĞĨŝƚĂŶĚĐŝƚǇďĞŶĞĨŝƚĨƌŽŵƚŚĞƉƌŽũĞĐƚ͖ĞǆƉƌĞƐƐĞĚƚŚĞ ĚĞƚĂŝůƐŽĨƚŚĞƐƵďǁĂǇƚƵŶŶĞůƉƌŽƉŽƐĞĚĨŽƌƚŚĞƉƌŽũĞĐƚǁŽƵůĚďĞďĞŶĞĨŝĐŝĂů͘ DƐ͘>ĞƐůŝĞDĐ'ŝůůŝǀƌĂǇ Ͳ ZŝǀĂƐ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚt^ΘƐƐŽĐŝĂƚĞƐ͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌDE ϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞŶŽƚĞĚŚĞƌĐůŝĞŶƚĨĞĞůƐƚŚĞǇŚĂǀĞĂŐŽŽĚƉƌŽũĞĐƚ͕ƚŚĞǇŚĂǀĞ ǁŽƌŬĞĚŚĂƌĚƚŽĚĞǀĞůŽƉĂƉƌŽũĞĐƚƚŚĂƚŝƐĂŶĂƐƐĞƚƚŽƚŚĞĐŽŵŵƵŶŝƚǇ͖ĂŶĚƚŚĞƉƌŽĐĞƐƐĐĂŶďĞƐƚŽƉƉĞĚĂƚ ĂŶǇƚŝŵĞĂƐǁŚĂƚŝƐďĞŝŶŐŚĞĂƌĚŝƐƉƌĞůŝŵŝŶĂƌǇ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘tĂůƚĞƌƐĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ ŶĚ Dƌ͘^ŝŵƐŶŽƚĞĚƚŚĞůĂĐŬŽĨĚĞƐŝŐŶ͖ĚŽĞƐŶ͛ƚƌĞƐƉŽŶĚǁĞůůƚŽƚŚĞϮ^ƚƌĞĞƚĐŽƌƌŝĚŽƌƉůĂŶ͖ŶŽƚŵƵĐŚŽĨĂŶ ŝŶĐĞŶƚŝǀĞŝŶƌĞƚƵƌŶƚŽƚŚĞĐŝƚǇĂŶĚƉƵďůŝĐ͖ĂŶĚƚŚĞƌĞŝƐĂƌĞƋƵĞƐƚĨŽƌĚĞŶŝĂůĨƌŽŵƚŚĞŽǁŶĞƌ͖ƐĞĞƐĂĚĞŶŝĂů ŽĨƚŚĞƉƌŽũĞĐƚ͘ Dƌ͘ƵƌƐƚĞǆƉƌĞƐƐĞĚŚĞĨĞĞůƐƚŚĞƉƌŽũĞĐƚŝƐĂŐŽŽĚƉƌŽũĞĐƚ͖ĂĚĚƐƚŽƚŚĞŐƌŽǁƚŚŽĨƚŚĞĐŝƚǇ͖ƐƵƉƉŽƌƚƐƚŚĞ ƉƌŽũĞĐƚĂŶĚŚĞǁŽƵůĚůŝŬĞƚŽƐĞĞŝƚŵŽǀĞĨŽƌǁĂƌĚ͘ Dƌ͘^ŚĞƌǁŽŽĚƐƚĂƚĞĚŚĞǁŽƵůĚůŝŬĞƚŽƐĞĞƚŚĞƉƌŽũĞĐƚŵŽǀĞĨŽƌǁĂƌĚŝŶĂƉŽƐŝƚŝǀĞǁĂǇ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶŽŶƚŚĞƉƌĞůŝŵŝŶĂƌǇƉůĂŶĨŽƌĐƌŝƚĞƌŝĂŽĨĚĞŶƐŝƚǇďŽŶƵƐĞƐͬĨůŽŽƌ ŶĚ ĂƌĞĂďŽŶƵƐďĞŝŶŐŵĞƚ͖ǁŚĞƚŚĞƌƚŚŝƐŵĞĞƚƐƚŚĞƐƚĂŶĚĂƌĚƐŽĨƚŚĞϮ^ƚƌĞĞƚĐŽƌƌŝĚŽƌ͖ 3DFNHW3J )G 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 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ĚĞǀĞůŽƉĞƌ͖ĂŶĚĨĞĞůƐĂŶĂŐƌĞĞŵĞŶƚĐĂŶďĞƌĞĂĐŚĞĚďĞĨŽƌĞŽƵŶĐŝůŵĞĞƚŝŶŐ͘ Dƌ͘dũŽƐƐĞŵĂŶƐǁĞƌĞĚĂŽŵŵŝƐƐŝŽŶĞƌƋƵĞƐƚŝŽŶĞǆƉƌĞƐƐŝŶŐŚŝƐĐŽŶĐĞƌŶŽǀĞƌƚŚĞĐŽŵŵŝƐƐŝŽŶŝŶĂĚĚŝŶŐĂ ĐŽŶĚŝƚŝŽŶŝŶƌĞŐĂƌĚƐƚŽƚŚĞĂŐƌĞĞŵĞŶƚƐďĞƚǁĞĞŶĚĞǀĞůŽƉĞƌĂŶĚŽǁŶĞƌ͘ ƌĚ Dƌ͘ZŝĐŬŽůĚ͕>ĂƌŬŝŶ,ŽĨĨŵĂŶƚƚŽƌŶĞǇƐ͕ϭϴϯ^ƚƌĞĞƚ^t͕^ƵŝƚĞϮϬϭ͕ZŽĐŚĞƐƚĞƌDŝŶŶĞƐŽƚĂϱϱϵϬϮ͕ ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞŝƐƌĞƉƌĞƐĞŶƚŝŶŐƚŚĞŽŶĞƉƌŽƉĞƌƚǇŽǁŶĞƌ͕WĞƚĞƌWĂůŝĂƐ͘,ĞŶŽƚĞĚƚŚĞ ƉƵƌĐŚĂƐĞĂŐƌĞĞŵĞŶƚŝƐǀŽŝĚĂƚƚŚĞĐƵƌƌĞŶƚƚŝŵĞďǇƚŚĞŽǁŶĞƌŽĨƚŚĞƉƌŽƉĞƌƚǇ͖ƚŚĞǇĂƌĞƌĞĐŽŵŵĞŶĚŝŶŐ ĚĞŶŝĂůŽĨƚŚĞĂƉƉůŝĐĂƚŝŽŶ͘,ĞŶŽƚĞĚƚŚĞƌĞǁĞƌĞĐŽŶĚŝƚŝŽŶƐŽĨƚŚĞĂŐƌĞĞŵĞŶƚǁŚŝĐŚŶĞĞĚĞĚƚŽďĞŵĞĞƚ͖ ĂŶĚƚŚŝƐĚŝĚŶŽƚŽĐĐƵƌ͘ ŶĚ DƐ͘:ĞƐƐĞtĞůĐŚ͕ϭϭϮϰϮ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞ ĞŵƉŚĂƐŝǌĞĚƐŽŵĞƚŚĞĚĞƚĂŝůƐĚŝƐĐƵƐƐĞĚĂƚƚŚĞƉƌŽũĞĐƚ͖ƐƵĐŚĂƐƉƵďůŝĐĂƌƚƐŽůŝĐŝƚ͖ƉĂƌŬŝŶŐ͖ƚŚĞ ŶĞŝŐŚďŽƌŚŽŽĚŚĂƐƚƌŝĞĚƚŽƐƚĂǇƉŽƐŝƚŝǀĞĂŶĚƐƵƉƉŽƌƚŝǀĞǁŝƚŚƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚǁŽƵůĚůŝŬĞƚŽƐĞĞĂ ƐƚĂŶĚĂƌĚƐĞƚŝŶƉůĂĐĞĨŽƌƚŚĞϮ ŶĚ^ƚƌĞĞƚĐŽƌƌŝĚŽƌ͘ ƚŚ Dƌ͘ŶĚǇDĂƐƚĞƌƉŽůĞ͕ƌĞƐŝĚĞƐĂƚϵϭϯǀĞŶƵĞ^t͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞĂƐŬĞĚŚŽǁĚŽĞƐƚŚĞƉƵďůŝĐďĞŶĞĨŝƚĂŶĚĐŝƚǇďĞŶĞĨŝƚĨƌŽŵƚŚĞƉƌŽũĞĐƚ͖ĞǆƉƌĞƐƐĞĚƚŚĞ ĚĞƚĂŝůƐŽĨƚŚĞƐƵďǁĂǇƚƵŶŶĞůƉƌŽƉŽƐĞĚĨŽƌƚŚĞƉƌŽũĞĐƚǁŽƵůĚďĞďĞŶĞĨŝĐŝĂů͘ DƐ͘>ĞƐůŝĞDĐ'ŝůůŝǀƌĂǇ Ͳ 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 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ƐŚĂůůŽŶůǇďĞĚƵƌŝŶŐŶŝŐŚƚƚŝŵĞŚŽƵƌƐ͘ ϱ͘dŚĞĂƉƉůŝĐĂŶƚƐŚĂůůƐĂƚŝƐĨǇ^ĞĐƚŝŽŶϲϮ͘ϵϯϳ^ƵďĚ͘ϭϳĂŶĚƉƌŽǀŝĚĞĂŶŶƵĂůƌĞŐŝƐƚƌĂƚŝŽŶ ŝŶĨŽƌŵĂƚŝŽŶƚŽƚŚĞWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ WƌĞůŝŵŝŶĂƌǇWůĂƚηZϮϬϭϱ Ͳ ϬϯϵW>dƚŽďĞŬŶŽǁŶĂƐĂƐƐŝĚǇZŝĚŐĞ^ĞĐŽŶĚďǇ<ƵƌƚŚΖƐĂǇŽŵƉĂŶǇ͕>>͘dŚĞWůĂƚ ƉƌŽƉŽƐĞƐƚŽƐƵďĚŝǀŝĚĞϱϴůŽƚƐĂŶĚϮŽƵƚůŽƚƐŽŶϯϲ͘ϯϭĂĐƌĞƐĨŽƌƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚ͘dŚĞWůĂƚĚĞĚŝĐĂƚĞƐ ^ƚŽŶĞWŽŝŶƚƌŝǀĞE͕ĂƉƵďůŝĐƌŝŐŚƚ Ͳ ŽĨ Ͳ ǁĂǇ͘dŚĞĂƉƉůŝĐĂŶƚŝƐĂůƐŽƌĞƋƵĞƐƚŝŶŐĂƉƉƌŽǀĂůŽĨĂ^ƵďƐƚĂŶƚŝĂů>ĂŶĚ ůƚĞƌĂƚŝŽŶƉĞƌŵŝƚƚŽĂůůŽǁĨŽƌŐƌĂĚŝŶŐƚŚĂƚĞǆĐĞĞĚƐϭϬĨĞĞƚŽĨĨŝůůĂŶĚĐƵƚŽŶƚŚĞƉƌŽƉĞƌƚǇ͘dŚĞƉƌŽƉĞƌƚǇŝƐ ůŽĐĂƚĞĚƐŽƵƚŚŽĨϰϴƚŚ^ƚƌĞĞƚEĂŶĚǁĞƐƚŽĨϮϮŶĚǀĞŶƵĞE͘ DƐ͘'ƌŽƐƐƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ:ĂŶƵĂƌǇϳ͕ϮϬϭϲ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐŽŶĨŝůĞĂƚƚŚĞ ZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ Dƌ͘tĂůƚĞƌƐŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘DĂƌŬŶŐĞů͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚ^,͕ϳϭϳdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞƌĞǀŝĞǁĞĚƚŚĞƐƚĂĨĨĐŽŶĚŝƚŝŽŶƐŝŶĚĞƚĂŝůĂŶĚŚĂƐĂƐŬĞĚĨŽƌƌĞǀŝƐŝŽŶƐƚŽĐŽŶĚŝƚŝŽŶŶŽ͘ϭϰƌĞĨĞƌĞŶĐŝŶŐKƵƚůŽƚŽĨ ĂƐƐŝĚǇZŝĚŐĞ&ŝƌƐƚ͖ĐŽŶĚŝƚŝŽŶŶŽ͘ϭϱŚĂƐďĞĞŶĂĚĚƌĞƐƐĞĚĂŶĚƚŚĞǇŚĂǀĞďĞĞŶŝŶĐŽŶƚĂĐƚǁŝƚŚ'/^ĂƌĞĂƌĞŐĂƌĚŝŶŐ 3DFNHW3J )I 3DJH &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH-DQXDU\ ƐƚƌĞĞƚŶĂŵĞƐ͖ĂŶĚĐŽŶĚŝƚŝŽŶƐŶŽ͘ϭϲĂŶĚϭϳǁĞƌĞĂĚĚƌĞƐƐĞĚďǇĚĞƚĂŝůŝŶŐƚŚĞŝƌŝŶƚĞŶƚŝŽŶǁĂƐƚŽƌĞĚƵĐĞƚŚĞ ŐƌĂĚŝŶŐĂŶĚůĞƐƐƚƌĞĞƌĞŵŽǀĂůĨŽƌƚŚĞĐƌĞĂƚŝŽŶŽĨƚŚĞůŽƚƐ͘ Dƌ͘ĂƌƐŽŶZŽŵŵĞ͕ƌĞƐŝĚŝŶŐĂƚϰϬϱϱĂŵĞŽWůĂĐĞE͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϲ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞĞǆƉƌĞƐƐĞĚŶŽŶƐƵƉƉŽƌƚŽĨƚŚĞĂƉƉůŝĐĂƚŝŽŶĂƐĂƉƌŽƉĞƌƚǇŽǁŶĞƌ͕ƐƉĞĐŝĨŝĐĂůůǇůŽƚƐϳ͕ϴĂŶĚϵďĞĐĂƵƐĞǁŚĞŶŚĞ ƉƵƌĐŚĂƐĞĚŚŝƐůŽƚŚĞǁĂƐƵŶĚĞƌƚŚĞŝŶƚĞŶƚŝŽŶŽĨƚŚŝƐĂƌĞĂŶŽƚďĞŝŶŐĚĞǀĞůŽƉĞĚĂƐůŽƚƐĂŶĚǁĂƐƚŽďĞŵĂŝŶƚĂŝŶĞĚ ĂƐĞǆŝƐƚƐ͘ DƐ͘'ƌŽƐƐŶŽƚĞĚƚŽƚŚĞĐŽŵŵŝƐƐŝŽŶƚŚĞƉƌŽƉŽƐĞĚůŽƚƐŚĂǀĞďĞĞŶƐŚŽǁŶŝŶƚŚĞ^ƚŽŶĞ,ĞĚŐĞŐĞŶĞƌĂů ĚĞǀĞůŽƉŵĞŶƚƉůĂŶĂƐĂWŚĂƐĞĨŽƵƌĨŽƌƚŚŝƐĚĞǀĞůŽƉŵĞŶƚ͘ Dƌ͘ƐŝĨ,ŽƐƐĂŝŶ͕ƌĞƐŝĚŝŶŐĂƚϰϬϳϭĂŵĞŽWůĂĐĞE͕ZŽĐŚĞƐƚĞƌDŝŶŶĞƐŽƚĂϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ ŶŽƚĞĚƚŚĞƉŝĐƚƵƌĞƐƚŚĂƚǁĞƌĞƉƌĞƐĞŶƚĞĚƚŽƚŚĞŵǁŚĞŶƉƵƌĐŚĂƐŝŶŐƚŚĞůŽƚǁĂƐŵŝƐƌĞƉƌĞƐĞŶƚĞĚďǇǁŚĂƚŝƐďĞŝŶŐ ƉƌĞƐĞŶƚĞĚƚŽŶŝŐŚƚ͘ Dƌ͘DŝŬĞsĂŶĐĞ͕ƌĞƐŝĚŝŶŐĂƚϯϴϬϰĂŵĞŽWůĂĐĞE͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϲ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ ĞǆƉƌĞƐƐĞĚŚŝƐŶŽŶ Ͳ ƐƵƉƉŽƌƚĨŽƌƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͖ĂŶĚĨĞĞůƐƚŚĞĚĞǀĞůŽƉĞƌƐĂƌĞƚƌǇŝŶŐƚŽƐƋƵĞĞǌĞůŽƚƐ ŝŶƚŽĂŶŝĐĞůǇǁŽŽĚĞĚĂƌĞĂ͘ Dƌ͘EŝĐŬ&ĞƌŶŚŽůǌ͕ƌĞƐŝĚŝŶŐĂƚϯϳϳϳĂŵĞŽWůĂĐĞE͕ZŽĐŚĞƐƚĞƌDŝŶŶĞƐŽƚĂϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞŶŽƚĞĚŚŝƐŶŽŶƐƵƉƉŽƌƚĨŽƌƚŚĞĂƉƉůŝĐĂƚŝŽŶ͖ƚŚĞƉƌĞƐĞŶƚĂƚŝŽŶƚŚĞǇƌĞĐĞŝǀĞĚĨƌŽŵƚŚĞĚĞǀĞůŽƉĞƌǁŚĞŶ ƉƵƌĐŚĂƐŝŶŐĂůŽƚŝƐŶŽƚǁŚĂƚŝƐďĞŝŶŐƉƌŽƉŽƐĞĚƚŽŶŝŐŚƚ͖ĂŶĚĨĞĞůƐůŝŬĞƚŚĞǁŽŽůǁĂƐƉƵůůĞĚŽǀĞƌƚŚĞŝƌĞǇĞƐďǇƚŚĞ ĚĞǀĞůŽƉĞƌ͘ Dƌ͘ĂƌƐŽŶZŽŵŵĞ͕ƌĞƐŝĚŝŶŐĂƚϰϬϱϱĂŵĞŽWůĂĐĞE͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϲ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞĂƐŬĞĚŚŽǁŵƵĐŚĚƵĞĚŝůŝŐĞŶĐĞŶĞĞĚƐƚŽďĞĚŽŶĞĂƐĂŚŽŵĞŽǁŶĞƌďƵƚǁŚĂƚůĞǀĞůŝƐƌĞƋƵŝƌĞĚǁŚĞŶ ƉƌŽĨĞƐƐŝŽŶĂůƐĂƌĞǁŚĂƚĂƉƉĞĂƌƐƚŽďĞŶŽƚƚƌƵƚŚĨƵůůǇƉƌĞƐĞŶƚĞĚƚŽƚŚĞŵ͘ Dƌ͘EŝĐŬ&ĞƌŶŚŽůǌ͕ƌĞƐŝĚŝŶŐĂƚϯϳϳϳĂŵĞŽWůĂĐĞE͕ZŽĐŚĞƐƚĞƌDŝŶŶĞƐŽƚĂϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞŶŽƚĞĚƚŚĞĐŽŶƚŽƵƌŽĨƚŚĞůĂŶĚŽŶ>ŽƚϴŝƐǀĞƌǇƐƚĞĞƉĂŶĚǁŝƚŚƌĂŝŶĨĂůůŝƚǁŽƵůĚŵĂŬĞŝƚĚŝĨĨŝĐƵůƚƚŽďĞĂ ďƵŝůĚĂďůĞůŽƚ͘ Dƌ͘:ĞƌƌǇůĂƵƐĞŶ͕ƌĞƐŝĚŝŶŐϭϲϴϬ^ƚŽŶĞƌĞƐƚƌŝǀĞE͕ZŽĐŚĞƐƚĞƌDŝŶŶĞƐŽƚĂϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞŶŽƚĞĚƚŚĞǁŝůĚůŝĨĞŚĂďŝƚĂƚŽŶ>ŽƚϴŝĨƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĐĐƵƌƐŝƚǁŽƵůĚĂĚǀĞƌƐĞůǇĂĨĨĞĐƚŝƚ͘ Dƌ͘DŝŬĞsĂŶĐĞ͕ƌĞƐŝĚŝŶŐĂƚϯϴϬϰĂŵĞŽWůĂĐĞE͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϲ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ ĂĚĚƌĞƐƐĞĚŚŽǁƚŚĞŝƌůŽƚƐǁŽƵůĚďĞĂĨĨĞĐƚĞĚŝĨƚŚĞƚƌĞĞƐǁĞƌĞĐůĞĂƌĞĚŽŶƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͖ĂŶĚŝƚŝƐĂ ĐŽŶĐĞƌŶĨŽƌŚŝŵĂƐĂƉƌŽƉĞƌƚǇŽǁŶĞƌ͘ Dƌ͘ĂƌƐŽŶZŽŵŵĞ͕ƌĞƐŝĚŝŶŐĂƚϰϬϱϱĂŵĞŽWůĂĐĞE͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϲ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞƐƚĂƚĞĚŚŝƐůŽƚǁŝůůďĞĂĨĨĞĐƚĞĚďǇƚŚĞĐůĞĂƌŝŶŐŽĨƚƌĞĞƐŽŶ>ŽƚϴĂŶĚŝƚǁŝůůŽƉĞŶƵƉŚŝƐůŽƚ͘ Dƌ͘ŝĐŬƌŐƵĞ͕ƌĞƐŝĚŝŶŐĂƚϭϵϱϱ,ĂĚůĞǇƌĞĞŬƌŝǀĞE͕ZŽĐŚĞƐƚĞƌDŝŶŶĞƐŽƚĂĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ ŶŽƚĞĚƚŚĞƐŝǌĞŽĨƚŚĞƉƌŽƉŽƐĞĚůŽƚƐĐƵƌƌĞŶƚůǇŽŶĂŵĞŽƌŝǀĞĂƌĞϮϬϬĨĞĞƚĚĞĞƉĂŶĚŚĞĂǀŝůǇǁŽŽĚĞĚ͖ŝĨƚŚĞƚŚƌĞĞ ůŽƚƐĂƌĞĚĞǀĞůŽƉŵĞŶƚƚŚĞǇǁŝůůďĞĨŽƌƉĞŽƉůĞǁŚŽǁĂŶƚƚŽůŝǀĞŝŶƚŚĞǁŽŽĚƐǁŝƚŚŽŶĞĚƌŝǀĞǁĂǇƚŽĞĂĐŚůŽƚ͖ĂŶĚ ƚŚĞůŽƚƐǁŝůůŚĂǀĞůŝƚƚůĞŝŵƉĂĐƚŽŶƚŚĞĞǆŝƐƚŝŶŐŶĞŝŐŚďŽƌƐ͘ 3DFNHW3J )I 3DJH &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH-DQXDU\ Dƌ͘:ŽŚŶtĞŶĚĞůů͕ƌĞƐŝĚĞƐĂƚϭϳϲϰ^ƚŽŶĞƌĞƐƚƌŝǀĞE͕ZŽĐŚĞƐƚĞƌDŝŶŶĞƐŽƚĂϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞŶŽƚĞĚŚŝƐŶŽŶƐƵƉƉŽƌƚŽĨƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚďĞĐĂƵƐĞŽĨŚŽǁŝƚǁŝůůĚŝǀĞƌƐĞůǇĂĨĨĞĐƚŚŝƐ ƉƌŽƉĞƌƚǇŝŶĂŶĞŐĂƚŝǀĞŵĂŶŶĞƌ͖ĂŶĚǁĂƐŶĞǀĞƌŝŶĨŽƌŵĞĚŽĨƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘tĂůƚĞƌƐĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ 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ƚŚĞƐŝƚĞŝŶĂŵĂŶŶĞƌĐŽŵƉĂƚŝďůĞǁŝƚŚƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ͕ŶĞŝŐŚďŽƌŚŽŽĚƉůĂŶƐ͕ƚŚĞ >ĂŶĚhƐĞWůĂŶĂŶĚĂƉƉůŝĐĂďůĞŝƚǇƉŽůŝĐŝĞƐ͘ K͘dŚĞƉƌŽƉŽƐĞĚĂĐƚŝǀŝƚǇĐŽŵƉůŝĞƐǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞĂĚŽƉƚĞĚďƵŝůĚŝŶŐĐŽĚĞ͘ W͘&ŽƌĂƌĞĂƐŽĨƚŚĞĞĐŽƌĂŚĚŐĞŽƌƚŚĞƵŵŵŝŶŐƐǀŝůůĞ&ŽƌŵĂƚŝŽŶƚŚĂƚĂƌĞǁŝƚŚŝŶϭ͕ϬϬϬĨĞĞƚ ŽĨĚŐĞ^ƵƉƉŽƌƚƌĞĂƐ͕ŐƌŽƵŶĚǁĂƚĞƌƐƵƉƉŽƌƚĞĚǁĞƚůĂŶĚƐ͕ŽƌǁĞůůŚĞĂĚƉƌŽƚĞĐƚŝŽŶ ĞŵĞƌŐĞŶĐǇƌĞƐƉŽŶƐĞĂƌĞĂĂŶĚĚĞůŝŶĞĂƚĞĚďǇZŽĐŚĞƐƚĞƌWƵďůŝĐhƚŝůŝƚŝĞƐĨŽƌŵƵŶŝĐŝƉĂů 3DFNHW3J )I 3DJH &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH-DQXDU\ ǁĞůůƐ͕ƚŚĞůĂŶĚĂůƚĞƌĂƚŝŽŶŝƐƚŚĞŵŝŶŝŵƵŵĂŵŽƵŶƚŶĞĐĞƐƐĂƌǇƚŽĚĞǀĞůŽƉĂƚƚŚĞƐŝƚĞ ĐĂƉĂĐŝƚǇĚĞƚĞƌŵŝŶĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ^ĞĐƚŝŽŶϲϭ͘ϱϯϮ͘ Y͘&ŽƌĂŶǇĂƌĞĂƐŝŶǁŚŝĐŚŐƌŽƵŶĚǁĂƚĞƌĨůŽǁƐŵĂǇďĞŝŶƚĞƌĐĞƉƚĞĚďǇĞǆĐĂǀĂƚŝŽŶ͕ƉƌŽǀŝƐŝŽŶŝƐ ŵĂĚĞƚŽĚŝƌĞĐƚƐƵĐŚĨůŽǁƐƚŽŵĂŶĂŐĞĚǁĞƚůĂŶĚƐĨŽƌƚƌĞĂƚŵĞŶƚĂŶĚƌĞ Ͳ ŝŶĨŝůƚƌĂƚŝŽŶ͕ŝĨ ĨĞĂƐŝďůĞ͘ dĞǆƚŵĞŶĚŵĞŶƚηZϮϬϭϱ Ͳ ϬϬϴd͕ŝŶŝƚŝĂƚĞĚďǇƚŚĞŝƚǇŽƵŶĐŝůƚŽĂŵĞŶĚ^ĞĐƚŝŽŶϲϬ͘ϲϯϬĂŶĚ^ĞĐƚŝŽŶϲϮ͘ϳϬϴ ƌĞŐĂƌĚŝŶŐĂƉƉƌŽǀĂůĐƌŝƚĞƌŝĂĨŽƌ/ŶĐĞŶƚŝǀĞĂŶĚZĞƐƚƌŝĐƚŝǀĞĞǀĞůŽƉŵĞŶƚ͘ Dƌ͘ƵŶŶƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ:ĂŶƵĂƌǇϰ͕ϮϬϭϲ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐŽŶĨŝůĞĂƚƚŚĞ ZŽĐŚĞƐƚĞƌ 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ϬϬϴd͕ŝŶŝƚŝĂƚĞĚďǇƚŚĞŝƚǇŽƵŶĐŝůƚŽĂŵĞŶĚ^ĞĐƚŝŽŶϲϬ͘ϲϯϬĂŶĚ^ĞĐƚŝŽŶϲϮ͘ϳϬϴ ƌĞŐĂƌĚŝŶŐĂƉƉƌŽǀĂůĐƌŝƚĞƌŝĂĨŽƌ/ŶĐĞŶƚŝǀĞĂŶĚZĞƐƚƌŝĐƚŝǀĞĞǀĞůŽƉŵĞŶƚ͘ Dƌ͘ƵŶŶƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ:ĂŶƵĂƌǇϰ͕ϮϬϭϲ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐŽŶĨŝůĞĂƚƚŚĞ ZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ DƐ͘DĞĞŬĂƐŬĞĚĨŽƌĂĚĞĨŝŶŝƚŝŽŶŽĨ͞ĨĂĐŝůŝƚŝĞƐ͘͟ Dƌ͘ƵŶŶƌĞĂĚƚŚĞĚĞĨŝŶŝƚŝŽŶĂƐƌĞƋƵĞƐƚĞĚ͘ Dƌ͘tĂůƚĞƌƐŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ EŽŽŶĞĐĂŵĞĨŽƌǁĂƌĚ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘tĂůƚĞƌƐĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ DƐ͘tŝůƐŽŶŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĞĚŽĨZϮϬϭϱ Ͳ ϬϬϴdǁŝƚŚƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐ͘ DƐ͘DĞĞŬƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘ dĞǆƚŵĞŶĚŵĞŶƚηZϮϬϭϱ Ͳ ϬϬϵd͕ŝŶŝƚŝĂƚĞĚďǇƚŚĞŝƚǇŽƵŶĐŝůƚŽĂŵĞŶĚ^ĞĐƚŝŽŶϲϬ͘ϳϯϯƌĞŐĂƌĚŝŶŐƚŚĞ ĐŽŶĐƵƌƌĞŶƚǀĂƌŝĂŶĐĞĂƉƉĞĂůƉƌŽĐĞƐƐ͘͘ Dƌ͘ƵŶŶƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ:ĂŶƵĂƌǇϰ͕ϮϬϭϲ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐŽŶĨŝůĞĂƚƚŚĞ ZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ Dƌ͘tĂůƚĞƌƐŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ EŽŽŶĞĐĂŵĞĨŽƌǁĂƌĚ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘tĂůƚĞƌƐĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ DƐ͘tŝůƐŽŶŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨZϮϬϭϱ Ͳ ϬϬϵdǁŝƚŚƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐ͘DƐ͘ ^ĞĂďƌŽŽŬƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘ dĞǆƚŵĞŶĚŵĞŶƚηZϮϬϭϱ Ͳ ϬϭϬd͕ŝŶŝƚŝĂƚĞĚďǇƚŚĞŝƚǇŽƵŶĐŝůƚŽĂŵĞŶĚ^ĞĐƚŝŽŶϲϬ͘ϭϱϭĂŶĚϲϬ͘ϰϭϳƚŽ ĐůĂƌŝĨǇŝŶŐƚŚĞĐŽŶŶĞĐƚŝŽŶďĞƚǁĞĞŶǀĂƌŝĂŶĐĞƐĂŶĚƚŚĞĚĞǀĞůŽƉŵĞŶƚĂƉƉůŝĐĂƚŝŽŶ͘ Dƌ͘ƵŶŶƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ:ĂŶƵĂƌǇϰ͕ϮϬϭϲ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐŽŶĨŝůĞĂƚƚŚĞ ZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ Dƌ͘tĂůƚĞƌƐŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ 3DFNHW3J ) 5(48(67)25&281&,/$&7,21 0((7,1*'$7( $*(1'$6(&7,2125,*,1$7,1*'(37 +HDULQJV3ODQQLQJDQG=RQLQJ ,7(0'(6&5,37,2135(3$5('%< 7H[W$PHQGPHQW57$LQLWLDWHGE\WKH&LW\&RXQFLOWRDPHQG6HFWLRQ 'DYH'XQQ RUGLQDQFHIRUDGRSWLRQ 3DFNHW3J )D 3DFNHW3J )E 3DJH &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH-DQXDU\ ǁĞůůƐ͕ƚŚĞůĂŶĚĂůƚĞƌĂƚŝŽŶŝƐƚŚĞŵŝŶŝŵƵŵĂŵŽƵŶƚŶĞĐĞƐƐĂƌǇƚŽĚĞǀĞůŽƉĂƚƚŚĞƐŝƚĞ ĐĂƉĂĐŝƚǇĚĞƚĞƌŵŝŶĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ^ĞĐƚŝŽŶϲϭ͘ϱϯϮ͘ Y͘&ŽƌĂŶǇĂƌĞĂƐŝŶǁŚŝĐŚŐƌŽƵŶĚǁĂƚĞƌĨůŽǁƐŵĂǇďĞŝŶƚĞƌĐĞƉƚĞĚďǇĞǆĐĂǀĂƚŝŽŶ͕ƉƌŽǀŝƐŝŽŶŝƐ ŵĂĚĞƚŽĚŝƌĞĐƚƐƵĐŚĨůŽǁƐƚŽŵĂŶĂŐĞĚǁĞƚůĂŶĚƐĨŽƌƚƌĞĂƚŵĞŶƚĂŶĚƌĞ Ͳ ŝŶĨŝůƚƌĂƚŝŽŶ͕ŝĨ ĨĞĂƐŝďůĞ͘ dĞǆƚŵĞŶĚŵĞŶƚηZϮϬϭϱ Ͳ ϬϬϴd͕ŝŶŝƚŝĂƚĞĚďǇƚŚĞŝƚǇŽƵŶĐŝůƚŽĂŵĞŶĚ^ĞĐƚŝŽŶϲϬ͘ϲϯϬĂŶĚ^ĞĐƚŝŽŶϲϮ͘ϳϬϴ ƌĞŐĂƌĚŝŶŐĂƉƉƌŽǀĂůĐƌŝƚĞƌŝĂĨŽƌ/ŶĐĞŶƚŝǀĞĂŶĚZĞƐƚƌŝĐƚŝǀĞĞǀĞůŽƉŵĞŶƚ͘ Dƌ͘ƵŶŶƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ:ĂŶƵĂƌǇϰ͕ϮϬϭϲ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐŽŶĨŝůĞĂƚƚŚĞ ZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ DƐ͘DĞĞŬĂƐŬĞĚĨŽƌĂĚĞĨŝŶŝƚŝŽŶŽĨ͞ĨĂĐŝůŝƚŝĞƐ͘͟ Dƌ͘ƵŶŶƌĞĂĚƚŚĞĚĞĨŝŶŝƚŝŽŶĂƐƌĞƋƵĞƐƚĞĚ͘ Dƌ͘tĂůƚĞƌƐŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ EŽŽŶĞĐĂŵĞĨŽƌǁĂƌĚ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘tĂůƚĞƌƐĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ DƐ͘tŝůƐŽŶŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĞĚŽĨZϮϬϭϱ Ͳ ϬϬϴdǁŝƚŚƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐ͘ DƐ͘DĞĞŬƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘ dĞǆƚŵĞŶĚŵĞŶƚηZϮϬϭϱ Ͳ ϬϬϵd͕ŝŶŝƚŝĂƚĞĚďǇƚŚĞŝƚǇŽƵŶĐŝůƚŽĂŵĞŶĚ^ĞĐƚŝŽŶϲϬ͘ϳϯϯƌĞŐĂƌĚŝŶŐƚŚĞ ĐŽŶĐƵƌƌĞŶƚǀĂƌŝĂŶĐĞĂƉƉĞĂůƉƌŽĐĞƐƐ͘͘ Dƌ͘ƵŶŶƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ:ĂŶƵĂƌǇϰ͕ϮϬϭϲ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐŽŶĨŝůĞĂƚƚŚĞ ZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ Dƌ͘tĂůƚĞƌƐŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ EŽŽŶĞĐĂŵĞĨŽƌǁĂƌĚ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘tĂůƚĞƌƐĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ DƐ͘tŝůƐŽŶŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨZϮϬϭϱ Ͳ ϬϬϵdǁŝƚŚƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐ͘DƐ͘ ^ĞĂďƌŽŽŬƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘ dĞǆƚŵĞŶĚŵĞŶƚηZϮϬϭϱ Ͳ ϬϭϬd͕ŝŶŝƚŝĂƚĞĚďǇƚŚĞŝƚǇŽƵŶĐŝůƚŽĂŵĞŶĚ^ĞĐƚŝŽŶϲϬ͘ϭϱϭĂŶĚϲϬ͘ϰϭϳƚŽ ĐůĂƌŝĨǇŝŶŐƚŚĞĐŽŶŶĞĐƚŝŽŶďĞƚǁĞĞŶǀĂƌŝĂŶĐĞƐĂŶĚƚŚĞĚĞǀĞůŽƉŵĞŶƚĂƉƉůŝĐĂƚŝŽŶ͘ Dƌ͘ƵŶŶƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ:ĂŶƵĂƌǇϰ͕ϮϬϭϲ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐŽŶĨŝůĞĂƚƚŚĞ ZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ Dƌ͘tĂůƚĞƌƐŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ 3DFNHW3J ) 5(48(67)25&281&,/$&7,21 0((7,1*'$7( $*(1'$6(&7,2125,*,1$7,1*'(37 +HDULQJV3ODQQLQJDQG=RQLQJ ,7(0'(6&5,37,2135(3$5('%< 7H[W$PHQGPHQW57$LQLWLDWHGE\WKH&LW\&RXQFLOWRDPHQG6HFWLRQ 'DYH'XQQ DQGWKHPRWLRQ 7KHPRWLRQFDUULHGXQDQLPRXVO\ &281&,/$&7,215(48(67(' ,IWKH&RXQFLOZLVKHVWRSURFHHGZLWKWKHDGRSWLRQRIWKHSURSRVHG/'0WH[W$PHQGPHQWVLWVKRXOGPRYHWRLQVWUXFWWKH&LW\ $WWRUQH\WRSUHSDUHDQRUGLQDQFHIRUDGRSWLRQ 3DFNHW3J )D 3DFNHW3J )E 3DJH &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH-DQXDU\ 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