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June 6, 2016 Agenda Packet
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ĐůĂƐƐŝĨŝĐĂƚŝŽŶĨŽƌƚŚĞƚŝŵĞĂĐƚƵĂůůLJǁŽƌŬĞĚƚŚĞƌĞŝŶ͕͗ƚŚĂƚƚŚĞ ďLJƚŚĞĐŽŶƚƌĂĐƚŽƌŽƌƐƵďĐŽŶƚƌĂĐƚŽƌƵŶĚĞƌĂŶLJƐƵĐŚĐŽŶƚƌĂĐƚŽƌĂŶLJ ĞŵƉůŽLJĞƌΖƐƉĂLJƌŽůůƌĞĐŽƌĚƐĂĐĐƵƌĂƚĞůLJƐĞƚĨŽƌƚŚƚŚĞƚŝŵĞƐƉĞŶƚŝŶ ŽƚŚĞƌ&ĞĚĞƌĂůĐŽŶƚƌĂĐƚǁŝƚŚƚŚĞƐĂŵĞƉƌŝŵĞĐŽŶƚƌĂĐƚŽƌ͕ŽƌĂŶLJŽƚŚĞƌ ĞĂĐŚĐůĂƐƐŝĨŝĐĂƚŝŽŶŝŶǁŚŝĐŚǁŽƌŬŝƐƉĞƌĨŽƌŵĞĚ͘dŚĞǁĂŐĞ &ĞĚĞƌĂůůLJͲĂƐƐŝƐƚĞĚĐŽŶƚƌĂĐƚƐƵďũĞĐƚƚŽƚŚĞŽŶƚƌĂĐƚtŽƌŬ,ŽƵƌƐĂŶĚ ĚĞƚĞƌŵŝŶĂƚŝŽŶ;ŝŶĐůƵĚŝŶŐĂŶLJĂĚĚŝƚŝŽŶĂůĐůĂƐƐŝĨŝĐĂƚŝŽŶĂŶĚǁĂŐĞƌĂƚĞƐ ^ĂĨĞƚLJ^ƚĂŶĚĂƌĚƐĐƚ͕ǁŚŝĐŚŝƐŚĞůĚďLJƚŚĞƐĂŵĞƉƌŝŵĞĐŽŶƚƌĂĐƚŽƌ͕ ĐŽŶĨŽƌŵĞĚƵŶĚĞƌ;ϭͿ;ŝŝͿŽĨƚŚŝƐƐĞĐƚŝŽŶͿĂŶĚƚŚĞĂǀŝƐͲĂĐŽŶƉŽƐƚĞƌ ƐƵĐŚƐƵŵƐĂƐŵĂLJďĞĚĞƚĞƌŵŝŶĞĚƚŽďĞŶĞĐĞƐƐĂƌLJƚŽƐĂƚŝƐĨLJĂŶLJ ;t,ͲϭϯϮϭͿƐŚĂůůďĞƉŽƐƚĞĚĂƚĂůůƚŝŵĞƐďLJƚŚĞĐŽŶƚƌĂĐƚŽƌĂŶĚŝƚƐ ůŝĂďŝůŝƚŝĞƐŽĨƐƵĐŚĐŽŶƚƌĂĐƚŽƌŽƌƐƵďĐŽŶƚƌĂĐƚŽƌĨŽƌƵŶƉĂŝĚǁĂŐĞƐĂŶĚ ƐƵďĐŽŶƚƌĂĐƚŽƌƐĂƚƚŚĞƐŝƚĞŽĨƚŚĞǁŽƌŬŝŶĂƉƌŽŵŝŶĞŶƚĂŶĚĂĐĐĞƐƐŝďůĞ ůŝƋƵŝĚĂƚĞĚĚĂŵĂŐĞƐĂƐƉƌŽǀŝĚĞĚŝŶƚŚĞĐůĂƵƐĞƐĞƚĨŽƌƚŚŝŶƉĂƌĂŐƌĂƉŚ ƉůĂĐĞǁŚĞƌĞŝƚĐĂŶĞĂƐŝůLJďĞƐĞĞŶďLJƚŚĞǁŽƌŬĞƌƐ͘ ϮŽĨƚŚŝƐĐůĂƵƐĞ͘ ;ŝŝͿ;ͿdŚĞĐŽŶƚƌĂĐƚŝŶŐŽĨĨŝĐĞƌƐŚĂůůƌĞƋƵŝƌĞƚŚĂƚĂŶLJĐůĂƐƐŽĨůĂďŽƌĞƌƐ ϳ͘ϰ^ƵďĐŽŶƚƌĂĐƚŽƌƐ͘ ŽƌŵĞĐŚĂŶŝĐƐ͕ŝŶĐůƵĚŝŶŐŚĞůƉĞƌƐ͕ǁŚŝĐŚŝƐŶŽƚůŝƐƚĞĚŝŶƚŚĞǁĂŐĞ ĚĞƚĞƌŵŝŶĂƚŝŽŶĂŶĚǁŚŝĐŚŝƐƚŽďĞĞŵƉůŽLJĞĚƵŶĚĞƌƚŚĞĐŽŶƚƌĂĐƚƐŚĂůů DĞĂĚΘ,ƵŶƚ͕/ŶĐ͘ WĂŐĞϯ ZĞƋƵŝƌĞĚŽŶƚĂĐƚWƌŽǀŝƐŝŽŶƐ DĂLJϯ͕ϮϬϭϲ /ƐƐƵĞĚŽŶ:ĂŶƵĂƌLJϮϵ͕ϮϬϭϲ ŚƚƚƉ͗ͬͬǁǁǁ͘ĨĂĂ͘ŐŽǀͬĂŝƌƉŽƌƚƐͬĂŝƉͬƉƌŽĐƵƌĞŵĞŶƚͬĨĞĚĞƌĂůͺĐŽŶƚƌĂĐƚͺƉƌŽǀŝƐŝŽŶƐ 3DFNHW3J 'D ďĞĐůĂƐƐŝĨŝĞĚŝŶĐŽŶĨŽƌŵĂŶĐĞǁŝƚŚƚŚĞǁĂŐĞĚĞƚĞƌŵŝŶĂƚŝŽŶ͘dŚĞdŚĞ&ĞĚĞƌĂůǀŝĂƚŝŽŶĚŵŝŶŝƐƚƌĂƚŝŽŶŽƌƚŚĞƐƉŽŶƐŽƌƐŚĂůůƵƉŽŶŝƚƐ ĐŽŶƚƌĂĐƚŝŶŐŽĨĨŝĐĞƌƐŚĂůůĂƉƉƌŽǀĞĂŶĂĚĚŝƚŝŽŶĂůĐůĂƐƐŝĨŝĐĂƚŝŽŶĂŶĚŽǁŶĂĐƚŝŽŶŽƌƵƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚŽĨĂŶĂƵƚŚŽƌŝnjĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ǁĂŐĞƌĂƚĞĂŶĚĨƌŝŶŐĞďĞŶĞĨŝƚƐƚŚĞƌĞĨŽƌĞŽŶůLJǁŚĞŶƚŚĞĨŽůůŽǁŝŶŐŽĨƚŚĞĞƉĂƌƚŵĞŶƚŽĨ>ĂďŽƌǁŝƚŚŚŽůĚŽƌĐĂƵƐĞƚŽďĞǁŝƚŚŚĞůĚĨƌŽŵ ĐƌŝƚĞƌŝĂŚĂǀĞďĞĞŶŵĞƚ͗ƚŚĞĐŽŶƚƌĂĐƚŽƌƵŶĚĞƌƚŚŝƐĐŽŶƚƌĂĐƚŽƌĂŶLJŽƚŚĞƌ&ĞĚĞƌĂůĐŽŶƚƌĂĐƚǁŝƚŚ ƚŚĞƐĂŵĞƉƌŝŵĞĐŽŶƚƌĂĐƚŽƌ͕ŽƌĂŶLJŽƚŚĞƌ&ĞĚĞƌĂůůLJͲĂƐƐŝƐƚĞĚĐŽŶƚƌĂĐƚ ;ϭͿdŚĞǁŽƌŬƚŽďĞƉĞƌĨŽƌŵĞĚďLJƚŚĞĐůĂƐƐŝĨŝĐĂƚŝŽŶƌĞƋƵĞƐƚĞĚŝƐŶŽƚ ƐƵďũĞĐƚƚŽĂǀŝƐͲĂĐŽŶƉƌĞǀĂŝůŝŶŐǁĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐ͕ǁŚŝĐŚŝƐŚĞůĚ ƉĞƌĨŽƌŵĞĚďLJĂĐůĂƐƐŝĨŝĐĂƚŝŽŶŝŶƚŚĞǁĂŐĞĚĞƚĞƌŵŝŶĂƚŝŽŶ͖ĂŶĚ ďLJƚŚĞƐĂŵĞƉƌŝŵĞĐŽŶƚƌĂĐƚŽƌ͕ƐŽŵƵĐŚŽĨƚŚĞĂĐĐƌƵĞĚƉĂLJŵĞŶƚƐŽƌ ĂĚǀĂŶĐĞƐĂƐŵĂLJďĞĐŽŶƐŝĚĞƌĞĚŶĞĐĞƐƐĂƌLJƚŽƉĂLJůĂďŽƌĞƌƐĂŶĚ ;ϮͿdŚĞĐůĂƐƐŝĨŝĐĂƚŝŽŶŝƐƵƚŝůŝnjĞĚŝŶƚŚĞĂƌĞĂďLJƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶ ŵĞĐŚĂŶŝĐƐ͕ŝŶĐůƵĚŝŶŐĂƉƉƌĞŶƚŝĐĞƐ͕ƚƌĂŝŶĞĞƐ͕ĂŶĚŚĞůƉĞƌƐ͕ĞŵƉůŽLJĞĚ ŝŶĚƵƐƚƌLJ͖ĂŶĚ ďLJƚŚĞĐŽŶƚƌĂĐƚŽƌŽƌĂŶLJƐƵďĐŽŶƚƌĂĐƚŽƌƚŚĞĨƵůůĂŵŽƵŶƚŽĨǁĂŐĞƐ ;ϯͿdŚĞƉƌŽƉŽƐĞĚǁĂŐĞƌĂƚĞ͕ŝŶĐůƵĚŝŶŐĂŶLJďŽŶĂĨŝĚĞĨƌŝŶŐĞďĞŶĞĨŝƚƐ͕ ƌĞƋƵŝƌĞĚďLJƚŚĞĐŽŶƚƌĂĐƚ͘/ŶƚŚĞĞǀĞŶƚŽĨĨĂŝůƵƌĞƚŽƉĂLJĂŶLJůĂďŽƌĞƌŽƌ ďĞĂƌƐĂƌĞĂƐŽŶĂďůĞƌĞůĂƚŝŽŶƐŚŝƉƚŽƚŚĞǁĂŐĞƌĂƚĞƐĐŽŶƚĂŝŶĞĚŝŶƚŚĞ ŵĞĐŚĂŶŝĐ͕ŝŶĐůƵĚŝŶŐĂŶLJĂƉƉƌĞŶƚŝĐĞ͕ƚƌĂŝŶĞĞ͕ŽƌŚĞůƉĞƌ͕ĞŵƉůŽLJĞĚŽƌ ǁĂŐĞĚĞƚĞƌŵŝŶĂƚŝŽŶ͘ ǁŽƌŬŝŶŐŽŶƚŚĞƐŝƚĞŽĨǁŽƌŬ͕ĂůůŽƌƉĂƌƚŽĨƚŚĞǁĂŐĞƐƌĞƋƵŝƌĞĚďLJƚŚĞ ĐŽŶƚƌĂĐƚ͕ƚŚĞ&ĞĚĞƌĂůǀŝĂƚŝŽŶĚŵŝŶŝƐƚƌĂƚŝŽŶŵĂLJ͕ĂĨƚĞƌǁƌŝƚƚĞŶ ;Ϳ/ĨƚŚĞĐŽŶƚƌĂĐƚŽƌĂŶĚƚŚĞůĂďŽƌĞƌƐĂŶĚŵĞĐŚĂŶŝĐƐƚŽďĞĞŵƉůŽLJĞĚ ŶŽƚŝĐĞƚŽƚŚĞĐŽŶƚƌĂĐƚŽƌ͕ƐƉŽŶƐŽƌ͕ĂƉƉůŝĐĂŶƚ͕ŽƌŽǁŶĞƌ͕ƚĂŬĞƐƵĐŚ ŝŶƚŚĞĐůĂƐƐŝĨŝĐĂƚŝŽŶ;ŝĨŬŶŽǁŶͿ͕ŽƌƚŚĞŝƌƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͕ĂŶĚƚŚĞ ĂĐƚŝŽŶĂƐŵĂLJďĞŶĞĐĞƐƐĂƌLJƚŽĐĂƵƐĞƚŚĞƐƵƐƉĞŶƐŝŽŶŽĨĂŶLJĨƵƌƚŚĞƌ ĐŽŶƚƌĂĐƚŝŶŐŽĨĨŝĐĞƌĂŐƌĞĞŽŶƚŚĞĐůĂƐƐŝĨŝĐĂƚŝŽŶĂŶĚǁĂŐĞƌĂƚĞ ƉĂLJŵĞŶƚ͕ĂĚǀĂŶĐĞ͕ŽƌŐƵĂƌĂŶƚĞĞŽĨĨƵŶĚƐƵŶƚŝůƐƵĐŚǀŝŽůĂƚŝŽŶƐŚĂǀĞ ;ŝŶĐůƵĚŝŶŐƚŚĞĂŵŽƵŶƚĚĞƐŝŐŶĂƚĞĚĨŽƌĨƌŝŶŐĞďĞŶĞĨŝƚƐǁŚĞƌĞ ĐĞĂƐĞĚ͘ ĂƉƉƌŽƉƌŝĂƚĞͿ͕ĂƌĞƉŽƌƚŽĨƚŚĞĂĐƚŝŽŶƚĂŬĞŶƐŚĂůůďĞƐĞŶƚďLJƚŚĞ ĐŽŶƚƌĂĐƚŝŶŐŽĨĨŝĐĞƌƚŽƚŚĞĚŵŝŶŝƐƚƌĂƚŽƌŽĨƚŚĞtĂŐĞĂŶĚ,ŽƵƌ ϵ͘ϯ͘WĂLJƌŽůůƐĂŶĚďĂƐŝĐƌĞĐŽƌĚƐ͘ ŝǀŝƐŝŽŶ͕ ŵƉůŽLJŵĞŶƚ^ƚĂŶĚĂƌĚƐĚŵŝŶŝƐƚƌĂƚŝŽŶ͕h͘^͘ĞƉĂƌƚŵĞŶƚŽĨ ;ŝͿWĂLJƌŽůůƐĂŶĚďĂƐŝĐƌĞĐŽƌĚƐƌĞůĂƚŝŶŐƚŚĞƌĞƚŽƐŚĂůůďĞŵĂŝŶƚĂŝŶĞĚďLJ >ĂďŽƌ͕tĂƐŚŝŶŐƚŽŶ͕͘͘ϮϬϮϭϬ͘dŚĞĚŵŝŶŝƐƚƌĂƚŽƌ͕ŽƌĂŶĂƵƚŚŽƌŝnjĞĚ ƚŚĞĐŽŶƚƌĂĐƚŽƌĚƵƌŝŶŐƚŚĞĐŽƵƌƐĞŽĨƚŚĞǁŽƌŬĂŶĚƉƌĞƐĞƌǀĞĚĨŽƌĂ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ǁŝůůĂƉƉƌŽǀĞ͕ŵŽĚŝĨLJ͕ŽƌĚŝƐĂƉƉƌŽǀĞĞǀĞƌLJĂĚĚŝƚŝŽŶĂů ƉĞƌŝŽĚŽĨƚŚƌĞĞLJĞĂƌƐƚŚĞƌĞĂĨƚĞƌĨŽƌĂůůůĂďŽƌĞƌƐĂŶĚŵĞĐŚĂŶŝĐƐ ĐůĂƐƐŝĨŝĐĂƚŝŽŶĂĐƚŝŽŶǁŝƚŚŝŶϯϬĚĂLJƐŽĨƌĞĐĞŝƉƚĂŶĚƐŽĂĚǀŝƐĞƚŚĞ ǁŽƌŬŝŶŐĂƚƚŚĞƐŝƚĞŽĨƚŚĞǁŽƌŬ͘^ƵĐŚƌĞĐŽƌĚƐƐŚĂůůĐŽŶƚĂŝŶƚŚĞŶĂŵĞ͕ ĐŽŶƚƌĂĐƚŝŶŐŽĨĨŝĐĞƌŽƌǁŝůůŶŽƚŝĨLJƚŚĞĐŽŶƚƌĂĐƚŝŶŐŽĨĨŝĐĞƌǁŝƚŚŝŶƚŚĞ ĂĚĚƌĞƐƐ͕ĂŶĚƐŽĐŝĂůƐĞĐƵƌŝƚLJŶƵŵďĞƌŽĨĞĂĐŚƐƵĐŚǁŽƌŬĞƌ͕ŚŝƐŽƌŚĞƌ ϯϬͲĚĂLJƉĞƌŝŽĚƚŚĂƚĂĚĚŝƚŝŽŶĂůƚŝŵĞŝƐŶĞĐĞƐƐĂƌLJ͘ ĐŽƌƌĞĐƚĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ŚŽƵƌůLJƌĂƚĞƐŽĨǁĂŐĞƐƉĂŝĚ;ŝŶĐůƵĚŝŶŐƌĂƚĞƐŽĨ ;Ϳ/ŶƚŚĞĞǀĞŶƚƚŚĞĐŽŶƚƌĂĐƚŽƌ͕ƚŚĞůĂďŽƌĞƌƐŽƌŵĞĐŚĂŶŝĐƐƚŽďĞ ĐŽŶƚƌŝďƵƚŝŽŶƐŽƌĐŽƐƚƐĂŶƚŝĐŝƉĂƚĞĚĨŽƌďŽŶĂĨŝĚĞĨƌŝŶŐĞďĞŶĞĨŝƚƐŽƌ ĞŵƉůŽLJĞĚŝŶƚŚĞĐůĂƐƐŝĨŝĐĂƚŝŽŶŽƌƚŚĞŝƌƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͕ĂŶĚƚŚĞ ĐĂƐŚĞƋƵŝǀĂůĞŶƚƐƚŚĞƌĞŽĨŽĨƚŚĞƚLJƉĞƐĚĞƐĐƌŝďĞĚŝŶϭ;ďͿ;ϮͿ;ͿŽĨƚŚĞ ĐŽŶƚƌĂĐƚŝŶŐŽĨĨŝĐĞƌĚŽŶŽƚĂŐƌĞĞŽŶƚŚĞƉƌŽƉŽƐĞĚĐůĂƐƐŝĨŝĐĂƚŝŽŶĂŶĚ ĂǀŝƐͲĂĐŽŶĐƚͿ͕ĚĂŝůLJĂŶĚǁĞĞŬůLJŶƵŵďĞƌŽĨŚŽƵƌƐǁŽƌŬĞĚ͕ ǁĂŐĞƌĂƚĞ;ŝŶĐůƵĚŝŶŐƚŚĞĂŵŽƵŶƚĚĞƐŝŐŶĂƚĞĚĨŽƌĨƌŝŶŐĞďĞŶĞĨŝƚƐ ĚĞĚƵĐƚŝŽŶƐŵĂĚĞĂŶĚĂĐƚƵĂůǁĂŐĞƐƉĂŝĚ͘tŚĞŶĞǀĞƌƚŚĞ^ĞĐƌĞƚĂƌLJŽĨ ǁŚĞƌĞĂƉƉƌŽƉƌŝĂƚĞͿ͕ƚŚĞĐŽŶƚƌĂĐƚŝŶŐŽĨĨŝĐĞƌƐŚĂůůƌĞĨĞƌƚŚĞƋƵĞƐƚŝŽŶƐ͕ >ĂďŽƌŚĂƐĨŽƵŶĚƵŶĚĞƌϮϵ&Zϱ͘ϱ;ĂͿ;ϭͿ;ŝǀͿƚŚĂƚƚŚĞǁĂŐĞƐŽĨĂŶLJ ŝŶĐůƵĚŝŶŐƚŚĞǀŝĞǁƐŽĨĂůůŝŶƚĞƌĞƐƚĞĚƉĂƌƚŝĞƐĂŶĚƚŚĞ ůĂďŽƌĞƌŽƌŵĞĐŚĂŶŝĐŝŶĐůƵĚĞƚŚĞĂŵŽƵŶƚŽĨĂŶLJĐŽƐƚƐƌĞĂƐŽŶĂďůLJ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶŽĨƚŚĞĐŽŶƚƌĂĐƚŝŶŐŽĨĨŝĐĞƌ͕ƚŽƚŚĞĚŵŝŶŝƐƚƌĂƚŽƌĨŽƌ ĂŶƚŝĐŝƉĂƚĞĚŝŶƉƌŽǀŝĚŝŶŐďĞŶĞĨŝƚƐƵŶĚĞƌĂƉůĂŶŽƌƉƌŽŐƌĂŵĚĞƐĐƌŝďĞĚ ĚĞƚĞƌŵŝŶĂƚŝŽŶ͘dŚĞĚŵŝŶŝƐƚƌĂƚŽƌ͕ŽƌĂŶĂƵƚŚŽƌŝnjĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ ŝŶƐĞĐƚŝŽŶϭ;ďͿ;ϮͿ;ͿŽĨƚŚĞĂǀŝƐͲĂĐŽŶĐƚ͕ƚŚĞĐŽŶƚƌĂĐƚŽƌƐŚĂůů ǁŝůůŝƐƐƵĞĂĚĞƚĞƌŵŝŶĂƚŝŽŶǁŝƚŚŝŶϯϬĚĂLJƐŽĨƌĞĐĞŝƉƚĂŶĚƐŽĂĚǀŝƐĞƚŚĞ ŵĂŝŶƚĂŝŶƌĞĐŽƌĚƐǁŚŝĐŚƐŚŽǁƚŚĂƚƚŚĞĐŽŵŵŝƚŵĞŶƚƚŽƉƌŽǀŝĚĞƐƵĐŚ ĐŽŶƚƌĂĐƚŝŶŐŽĨĨŝĐĞƌŽƌǁŝůůŶŽƚŝĨLJƚŚĞĐŽŶƚƌĂĐƚŝŶŐŽĨĨŝĐĞƌǁŝƚŚŝŶƚŚĞ ďĞŶĞĨŝƚƐŝƐĞŶĨŽƌĐĞĂďůĞ͕ƚŚĂƚƚŚĞƉůĂŶŽƌƉƌŽŐƌĂŵŝƐĨŝŶĂŶĐŝĂůůLJ ϯϬͲĚĂLJƉĞƌŝŽĚƚŚĂƚĂĚĚŝƚŝŽŶĂůƚŝŵĞŝƐŶĞĐĞƐƐĂƌLJ͘ ƌĞƐƉŽŶƐŝďůĞ͕ĂŶĚƚŚĂƚƚŚĞƉůĂŶŽƌƉƌŽŐƌĂŵŚĂƐďĞĞŶĐŽŵŵƵŶŝĐĂƚĞĚ ŝŶǁƌŝƚŝŶŐƚŽƚŚĞůĂďŽƌĞƌƐŽƌŵĞĐŚĂŶŝĐƐĂĨĨĞĐƚĞĚ͕ĂŶĚƌĞĐŽƌĚƐǁŚŝĐŚ ;ͿdŚĞǁĂŐĞƌĂƚĞ;ŝŶĐůƵĚŝŶŐĨƌŝŶŐĞďĞŶĞĨŝƚƐǁŚĞƌĞĂƉƉƌŽƉƌŝĂƚĞͿ ƐŚŽǁƚŚĞĐŽƐƚƐĂŶƚŝĐŝƉĂƚĞĚŽƌƚŚĞĂĐƚƵĂůĐŽƐƚƐŝŶĐƵƌƌĞĚŝŶƉƌŽǀŝĚŝŶŐ ĚĞƚĞƌŵŝŶĞĚƉƵƌƐƵĂŶƚƚŽƐƵďƉĂƌĂŐƌĂƉŚƐ;ϭͿ;ŝŝͿ;ͿŽƌ;ͿŽĨƚŚŝƐ ƐƵĐŚďĞŶĞĨŝƚƐ͘ŽŶƚƌĂĐƚŽƌƐĞŵƉůŽLJŝŶŐĂƉƉƌĞŶƚŝĐĞƐŽƌƚƌĂŝŶĞĞƐƵŶĚĞƌ ƉĂƌĂŐƌĂƉŚ͕ƐŚĂůůďĞƉĂŝĚƚŽĂůůǁŽƌŬĞƌƐƉĞƌĨŽƌŵŝŶŐǁŽƌŬŝŶƚŚĞ ĂƉƉƌŽǀĞĚƉƌŽŐƌĂŵƐƐŚĂůůŵĂŝŶƚĂŝŶǁƌŝƚƚĞŶĞǀŝĚĞŶĐĞŽĨƚŚĞ ĐůĂƐƐŝĨŝĐĂƚŝŽŶƵŶĚĞƌƚŚŝƐĐŽŶƚƌĂĐƚĨƌŽŵƚŚĞĨŝƌƐƚĚĂLJŽŶǁŚŝĐŚǁŽƌŬŝƐ ƌĞŐŝƐƚƌĂƚŝŽŶŽĨĂƉƉƌĞŶƚŝĐĞƐŚŝƉƉƌŽŐƌĂŵƐĂŶĚĐĞƌƚŝĨŝĐĂƚŝŽŶŽĨƚƌĂŝŶĞĞ ƉĞƌĨŽƌŵĞĚŝŶƚŚĞĐůĂƐƐŝĨŝĐĂƚŝŽŶ͘ ƉƌŽŐƌĂŵƐ͕ƚŚĞƌĞŐŝƐƚƌĂƚŝŽŶŽĨƚŚĞĂƉƉƌĞŶƚŝĐĞƐĂŶĚƚƌĂŝŶĞĞƐ͕ĂŶĚƚŚĞ ;ŝŝŝͿtŚĞŶĞǀĞƌƚŚĞŵŝŶŝŵƵŵǁĂŐĞƌĂƚĞƉƌĞƐĐƌŝďĞĚŝŶƚŚĞĐŽŶƚƌĂĐƚĨŽƌ ƌĂƚŝŽƐĂŶĚǁĂŐĞƌĂƚĞƐƉƌĞƐĐƌŝďĞĚŝŶƚŚĞĂƉƉůŝĐĂďůĞƉƌŽŐƌĂŵƐ͘ ĂĐůĂƐƐŽĨůĂďŽƌĞƌƐŽƌŵĞĐŚĂŶŝĐƐŝŶĐůƵĚĞƐĂĨƌŝŶŐĞďĞŶĞĨŝƚǁŚŝĐŚŝƐŶŽƚ ;ŝŝͿ;ͿdŚĞĐŽŶƚƌĂĐƚŽƌƐŚĂůůƐƵďŵŝƚǁĞĞŬůLJĨŽƌĞĂĐŚǁĞĞŬŝŶǁŚŝĐŚĂŶLJ ĞdžƉƌĞƐƐĞĚĂƐĂŶŚŽƵƌůLJƌĂƚĞ͕ƚŚĞĐŽŶƚƌĂĐƚŽƌƐŚĂůůĞŝƚŚĞƌƉĂLJƚŚĞ ĐŽŶƚƌĂĐƚǁŽƌŬŝƐƉĞƌĨŽƌŵĞĚĂĐŽƉLJŽĨĂůůƉĂLJƌŽůůƐƚŽƚŚĞ&ĞĚĞƌĂů ďĞŶĞĨŝƚĂƐƐƚĂƚĞĚŝŶƚŚĞǁĂŐĞĚĞƚĞƌŵŝŶĂƚŝŽŶŽƌƐŚĂůůƉĂLJĂŶŽƚŚĞƌ ǀŝĂƚŝŽŶĚŵŝŶŝƐƚƌĂƚŝŽŶŝĨƚŚĞĂŐĞŶĐLJŝƐĂƉĂƌƚLJƚŽƚŚĞĐŽŶƚƌĂĐƚ͕ďƵƚŝĨ ďŽŶĂĨŝĚĞĨƌŝŶŐĞďĞŶĞĨŝƚŽƌĂŶŚŽƵƌůLJĐĂƐŚĞƋƵŝǀĂůĞŶƚƚŚĞƌĞŽĨ͘ ƚŚĞĂŐĞŶĐLJŝƐŶŽƚƐƵĐŚĂƉĂƌƚLJ͕ƚŚĞĐŽŶƚƌĂĐƚŽƌǁŝůůƐƵďŵŝƚƚŚĞ ;ŝǀͿ/ĨƚŚĞĐŽŶƚƌĂĐƚŽƌĚŽĞƐŶŽƚŵĂŬĞƉĂLJŵĞŶƚƐƚŽĂƚƌƵƐƚĞĞŽƌŽƚŚĞƌ ƉĂLJƌŽůůƐƚŽƚŚĞĂƉƉůŝĐĂŶƚ͕ƐƉŽŶƐŽƌ͕ŽƌŽǁŶĞƌ͕ĂƐƚŚĞĐĂƐĞŵĂLJďĞ͕ĨŽƌ ƚŚŝƌĚƉĞƌƐŽŶ͕ƚŚĞĐŽŶƚƌĂĐƚŽƌŵĂLJĐŽŶƐŝĚĞƌĂƐƉĂƌƚŽĨƚŚĞǁĂŐĞƐŽĨ ƚƌĂŶƐŵŝƐƐŝŽŶƚŽƚŚĞ&ĞĚĞƌĂůǀŝĂƚŝŽŶĚŵŝŶŝƐƚƌĂƚŝŽŶ͘dŚĞƉĂLJƌŽůůƐ ĂŶLJůĂďŽƌĞƌŽƌŵĞĐŚĂŶŝĐƚŚĞĂŵŽƵŶƚŽĨĂŶLJĐŽƐƚƐƌĞĂƐŽŶĂďůLJ ƐƵďŵŝƚƚĞĚƐŚĂůůƐĞƚŽƵƚĂĐĐƵƌĂƚĞůLJĂŶĚĐŽŵƉůĞƚĞůLJĂůůŽĨƚŚĞ ĂŶƚŝĐŝƉĂƚĞĚŝŶƉƌŽǀŝĚŝŶŐďŽŶĂĨŝĚĞĨƌŝŶŐĞďĞŶĞĨŝƚƐƵŶĚĞƌĂƉůĂŶŽƌ ŝŶĨŽƌŵĂƚŝŽŶƌĞƋƵŝƌĞĚƚŽďĞŵĂŝŶƚĂŝŶĞĚƵŶĚĞƌϮϵ&Zϱ͘ϱ;ĂͿ;ϯͿ;ŝͿ͕ WƌŽǀŝĚĞĚ ƉƌŽŐƌĂŵ͕͕dŚĂƚƚŚĞ^ĞĐƌĞƚĂƌLJŽĨ>ĂďŽƌŚĂƐĨŽƵŶĚ͕ƵƉŽŶƚŚĞ ĞdžĐĞƉƚƚŚĂƚĨƵůůƐŽĐŝĂůƐĞĐƵƌŝƚLJŶƵŵďĞƌƐĂŶĚŚŽŵĞĂĚĚƌĞƐƐĞƐƐŚĂůů ǁƌŝƚƚĞŶƌĞƋƵĞƐƚŽĨƚŚĞĐŽŶƚƌĂĐƚŽƌ͕ƚŚĂƚƚŚĞĂƉƉůŝĐĂďůĞƐƚĂŶĚĂƌĚƐŽĨ ŶŽƚďĞŝŶĐůƵĚĞĚŽŶǁĞĞŬůLJƚƌĂŶƐŵŝƚƚĂůƐ͘/ŶƐƚĞĂĚƚŚĞƉĂLJƌŽůůƐƐŚĂůů ƚŚĞĂǀŝƐͲĂĐŽŶĐƚŚĂǀĞďĞĞŶŵĞƚ͘dŚĞ^ĞĐƌĞƚĂƌLJŽĨ>ĂďŽƌŵĂLJ ŽŶůLJŶĞĞĚƚŽŝŶĐůƵĚĞĂŶŝŶĚŝǀŝĚƵĂůůLJŝĚĞŶƚŝĨLJŝŶŐŶƵŵďĞƌĨŽƌĞĂĐŚ ƌĞƋƵŝƌĞƚŚĞĐŽŶƚƌĂĐƚŽƌƚŽƐĞƚĂƐŝĚĞŝŶĂƐĞƉĂƌĂƚĞĂĐĐŽƵŶƚĂƐƐĞƚƐĨŽƌ Ğ͘Ő͘ ĞŵƉůŽLJĞĞ;͕ƚŚĞůĂƐƚĨŽƵƌĚŝŐŝƚƐŽĨƚŚĞĞŵƉůŽLJĞĞΖƐƐŽĐŝĂůƐĞĐƵƌŝƚLJ ƚŚĞŵĞĞƚŝŶŐŽĨŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚĞƉůĂŶŽƌƉƌŽŐƌĂŵ͘ ŶƵŵďĞƌͿ͘dŚĞƌĞƋƵŝƌĞĚǁĞĞŬůLJƉĂLJƌŽůůŝŶĨŽƌŵĂƚŝŽŶŵĂLJďĞƐƵďŵŝƚƚĞĚ ŝŶĂŶLJĨŽƌŵĚĞƐŝƌĞĚ͘KƉƚŝŽŶĂů&Žƌŵt,ʹϯϰϳŝƐĂǀĂŝůĂďůĞĨŽƌƚŚŝƐ ƉƵƌƉŽƐĞĨƌŽŵƚŚĞtĂŐĞĂŶĚ,ŽƵƌŝǀŝƐŝŽŶtĞďƐŝƚĞĂƚ ϵ͘Ϯ͘tŝƚŚŚŽůĚŝŶŐ͘ ŚƚƚƉ͗ͬͬǁǁǁ͘ĚŽů͘ŐŽǀͬĞƐĂͬǁŚĚͬĨŽƌŵƐͬǁŚϯϰϳŝŶƐƚƌ͘Śƚŵ ŽƌŝƚƐ ƐƵĐĐĞƐƐŽƌƐŝƚĞ͘dŚĞƉƌŝŵĞĐŽŶƚƌĂĐƚŽƌŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞ DĞĂĚΘ,ƵŶƚ͕/ŶĐ͘ WĂŐĞϰ ZĞƋƵŝƌĞĚŽŶƚĂĐƚWƌŽǀŝƐŝŽŶƐ DĂLJϯ͕ϮϬϭϲ /ƐƐƵĞĚŽŶ:ĂŶƵĂƌLJϮϵ͕ϮϬϭϲ ŚƚƚƉ͗ͬͬǁǁǁ͘ĨĂĂ͘ŐŽǀͬĂŝƌƉŽƌƚƐͬĂŝƉͬƉƌŽĐƵƌĞŵĞŶƚͬĨĞĚĞƌĂůͺĐŽŶƚƌĂĐƚͺƉƌŽǀŝƐŝŽŶƐ 3DFNHW3J 'D ƐƵďŵŝƐƐŝŽŶŽĨĐŽƉŝĞƐŽĨƉĂLJƌŽůůƐďLJĂůůƐƵďĐŽŶƚƌĂĐƚŽƌƐ͘ŽŶƚƌĂĐƚŽƌƐ;ŝͿƉƉƌĞŶƚŝĐĞƐ͘ƉƉƌĞŶƚŝĐĞƐǁŝůůďĞƉĞƌŵŝƚƚĞĚƚŽǁŽƌŬĂƚůĞƐƐƚŚĂŶ ĂŶĚƐƵďĐŽŶƚƌĂĐƚŽƌƐƐŚĂůůŵĂŝŶƚĂŝŶƚŚĞĨƵůůƐŽĐŝĂůƐĞĐƵƌŝƚLJŶƵŵďĞƌƚŚĞƉƌĞĚĞƚĞƌŵŝŶĞĚƌĂƚĞĨŽƌƚŚĞǁŽƌŬƚŚĞLJƉĞƌĨŽƌŵĞĚǁŚĞŶƚŚĞLJĂƌĞ ĂŶĚĐƵƌƌĞŶƚĂĚĚƌĞƐƐŽĨĞĂĐŚĐŽǀĞƌĞĚǁŽƌŬĞƌ͕ĂŶĚƐŚĂůůƉƌŽǀŝĚĞƚŚĞŵĞŵƉůŽLJĞĚƉƵƌƐƵĂŶƚƚŽĂŶĚŝŶĚŝǀŝĚƵĂůůLJƌĞŐŝƐƚĞƌĞĚŝŶĂďŽŶĂĨŝĚĞ ƵƉŽŶƌĞƋƵĞƐƚƚŽƚŚĞ&ĞĚĞƌĂůǀŝĂƚŝŽŶĚŵŝŶŝƐƚƌĂƚŝŽŶŝĨƚŚĞĂŐĞŶĐLJŝƐĂƉƉƌĞŶƚŝĐĞƐŚŝƉƉƌŽŐƌĂŵƌĞŐŝƐƚĞƌĞĚǁŝƚŚƚŚĞh͘^͘ĞƉĂƌƚŵĞŶƚŽĨ ĂƉĂƌƚLJƚŽƚŚĞĐŽŶƚƌĂĐƚ͕ďƵƚŝĨƚŚĞĂŐĞŶĐLJŝƐŶŽƚƐƵĐŚĂƉĂƌƚLJ͕ƚŚĞ>ĂďŽƌ͕ ŵƉůŽLJŵĞŶƚĂŶĚdƌĂŝŶŝŶŐĚŵŝŶŝƐƚƌĂƚŝŽŶ͕ƵƌĞĂƵŽĨ ĐŽŶƚƌĂĐƚŽƌǁŝůůƐƵďŵŝƚƚŚĞŵƚŽƚŚĞĂƉƉůŝĐĂŶƚ͕ƐƉŽŶƐŽƌ͕ŽƌŽǁŶĞƌ͕ĂƐƉƉƌĞŶƚŝĐĞƐŚŝƉĂŶĚdƌĂŝŶŝŶŐ͕ŽƌǁŝƚŚĂ^ƚĂƚĞƉƉƌĞŶƚŝĐĞƐŚŝƉŐĞŶĐLJ ƚŚĞĐĂƐĞŵĂLJďĞ͕ĨŽƌƚƌĂŶƐŵŝƐƐŝŽŶƚŽƚŚĞ&ĞĚĞƌĂůǀŝĂƚŝŽŶƌĞĐŽŐŶŝnjĞĚďLJƚŚĞƵƌĞĂƵ͕ŽƌŝĨĂƉĞƌƐŽŶŝƐĞŵƉůŽLJĞĚŝŶŚŝƐŽƌŚĞƌ ĚŵŝŶŝƐƚƌĂƚŝŽŶ͕ƚŚĞĐŽŶƚƌĂĐƚŽƌ͕ŽƌƚŚĞtĂŐĞĂŶĚ,ŽƵƌŝǀŝƐŝŽŶŽĨƚŚĞĨŝƌƐƚϵϬĚĂLJƐŽĨƉƌŽďĂƚŝŽŶĂƌLJĞŵƉůŽLJŵĞŶƚĂƐĂŶĂƉƉƌĞŶƚŝĐĞŝŶƐƵĐŚ ĞƉĂƌƚŵĞŶƚŽĨ>ĂďŽƌĨŽƌƉƵƌƉŽƐĞƐŽĨĂŶŝŶǀĞƐƚŝŐĂƚŝŽŶŽƌĂƵĚŝƚŽĨĂŶĂƉƉƌĞŶƚŝĐĞƐŚŝƉƉƌŽŐƌĂŵ͕ǁŚŽŝƐŶŽƚŝŶĚŝǀŝĚƵĂůůLJƌĞŐŝƐƚĞƌĞĚŝŶƚŚĞ ĐŽŵƉůŝĂŶĐĞǁŝƚŚƉƌĞǀĂŝůŝŶŐǁĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐ͘/ƚŝƐŶŽƚĂǀŝŽůĂƚŝŽŶƉƌŽŐƌĂŵ͕ďƵƚǁŚŽŚĂƐďĞĞŶĐĞƌƚŝĨŝĞĚďLJƚŚĞƵƌĞĂƵŽĨ ŽĨƚŚŝƐƐĞĐƚŝŽŶĨŽƌĂƉƌŝŵĞĐŽŶƚƌĂĐƚŽƌƚŽƌĞƋƵŝƌĞĂƐƵďĐŽŶƚƌĂĐƚŽƌƚŽƉƉƌĞŶƚŝĐĞƐŚŝƉĂŶĚdƌĂŝŶŝŶŐŽƌĂ^ƚĂƚĞƉƉƌĞŶƚŝĐĞƐŚŝƉŐĞŶĐLJ ƉƌŽǀŝĚĞĂĚĚƌĞƐƐĞƐĂŶĚƐŽĐŝĂůƐĞĐƵƌŝƚLJŶƵŵďĞƌƐƚŽƚŚĞƉƌŝŵĞ;ǁŚĞƌĞĂƉƉƌŽƉƌŝĂƚĞͿƚŽďĞĞůŝŐŝďůĞĨŽƌƉƌŽďĂƚŝŽŶĂƌLJĞŵƉůŽLJŵĞŶƚĂƐ ĐŽŶƚƌĂĐƚŽƌĨŽƌŝƚƐŽǁŶƌĞĐŽƌĚƐ͕ǁŝƚŚŽƵƚǁĞĞŬůLJƐƵďŵŝƐƐŝŽŶƚŽƚŚĞĂŶĂƉƉƌĞŶƚŝĐĞ͘dŚĞĂůůŽǁĂďůĞƌĂƚŝŽŽĨĂƉƉƌĞŶƚŝĐĞƐƚŽũŽƵƌŶĞLJŵĞŶŽŶ ƐƉŽŶƐŽƌŝŶŐŐŽǀĞƌŶŵĞŶƚĂŐĞŶĐLJ;ŽƌƚŚĞĂƉƉůŝĐĂŶƚ͕ƐƉŽŶƐŽƌ͕ŽƌƚŚĞũŽďƐŝƚĞŝŶĂŶLJĐƌĂĨƚĐůĂƐƐŝĨŝĐĂƚŝŽŶƐŚĂůůŶŽƚďĞŐƌĞĂƚĞƌƚŚĂŶƚŚĞ ŽǁŶĞƌͿ͘ƌĂƚŝŽƉĞƌŵŝƚƚĞĚƚŽƚŚĞĐŽŶƚƌĂĐƚŽƌĂƐƚŽƚŚĞĞŶƚŝƌĞǁŽƌŬĨŽƌĐĞƵŶĚĞƌ ƚŚĞƌĞŐŝƐƚĞƌĞĚƉƌŽŐƌĂŵ͘ŶLJǁŽƌŬĞƌůŝƐƚĞĚŽŶĂƉĂLJƌŽůůĂƚĂŶ ;Ϳ ĂĐŚƉĂLJƌŽůůƐƵďŵŝƚƚĞĚƐŚĂůůďĞĂĐĐŽŵƉĂŶŝĞĚďLJĂΗ^ƚĂƚĞŵĞŶƚŽĨ ĂƉƉƌĞŶƚŝĐĞǁĂŐĞƌĂƚĞ͕ǁŚŽŝƐŶŽƚƌĞŐŝƐƚĞƌĞĚŽƌŽƚŚĞƌǁŝƐĞĞŵƉůŽLJĞĚ ŽŵƉůŝĂŶĐĞ͕ΗƐŝŐŶĞĚďLJƚŚĞĐŽŶƚƌĂĐƚŽƌŽƌƐƵďĐŽŶƚƌĂĐƚŽƌŽƌŚŝƐŽƌŚĞƌ ĂƐƐƚĂƚĞĚĂďŽǀĞ͕ƐŚĂůůďĞƉĂŝĚŶŽƚůĞƐƐƚŚĂŶƚŚĞĂƉƉůŝĐĂďůĞǁĂŐĞƌĂƚĞ ĂŐĞŶƚǁŚŽƉĂLJƐŽƌƐƵƉĞƌǀŝƐĞƐƚŚĞƉĂLJŵĞŶƚŽĨƚŚĞƉĞƌƐŽŶƐĞŵƉůŽLJĞĚ ŽŶƚŚĞǁĂŐĞĚĞƚĞƌŵŝŶĂƚŝŽŶĨŽƌƚŚĞĐůĂƐƐŝĨŝĐĂƚŝŽŶŽĨǁŽƌŬĂĐƚƵĂůůLJ ƵŶĚĞƌƚŚĞĐŽŶƚƌĂĐƚĂŶĚƐŚĂůůĐĞƌƚŝĨLJƚŚĞĨŽůůŽǁŝŶŐ͗ ƉĞƌĨŽƌŵĞĚ͘/ŶĂĚĚŝƚŝŽŶ͕ĂŶLJĂƉƉƌĞŶƚŝĐĞƉĞƌĨŽƌŵŝŶŐǁŽƌŬŽŶƚŚĞũŽď ƐŝƚĞŝŶĞdžĐĞƐƐŽĨƚŚĞƌĂƚŝŽƉĞƌŵŝƚƚĞĚƵŶĚĞƌƚŚĞƌĞŐŝƐƚĞƌĞĚƉƌŽŐƌĂŵ ;ϭͿdŚĂƚƚŚĞƉĂLJƌŽůůĨŽƌƚŚĞƉĂLJƌŽůůƉĞƌŝŽĚĐŽŶƚĂŝŶƐƚŚĞŝŶĨŽƌŵĂƚŝŽŶ ƐŚĂůůďĞƉĂŝĚŶŽƚůĞƐƐƚŚĂŶƚŚĞĂƉƉůŝĐĂďůĞǁĂŐĞƌĂƚĞŽŶƚŚĞǁĂŐĞ ƌĞƋƵŝƌĞĚƚŽďĞƉƌŽǀŝĚĞĚƵŶĚĞƌϮϵ&ZΑϱ͘ϱ;ĂͿ;ϯͿ;ŝŝͿ͕ƚŚĞĂƉƉƌŽƉƌŝĂƚĞ ĚĞƚĞƌŵŝŶĂƚŝŽŶĨŽƌƚŚĞǁŽƌŬĂĐƚƵĂůůLJƉĞƌĨŽƌŵĞĚ͘tŚĞƌĞĂĐŽŶƚƌĂĐƚŽƌ ŝŶĨŽƌŵĂƚŝŽŶŝƐďĞŝŶŐŵĂŝŶƚĂŝŶĞĚƵŶĚĞƌϮϵ&ZΑϱ͘ϱ;ĂͿ;ϯͿ;ŝͿĂŶĚƚŚĂƚ ŝƐƉĞƌĨŽƌŵŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶŽŶĂƉƌŽũĞĐƚŝŶĂůŽĐĂůŝƚLJŽƚŚĞƌƚŚĂŶƚŚĂƚ ƐƵĐŚŝŶĨŽƌŵĂƚŝŽŶŝƐĐŽƌƌĞĐƚĂŶĚĐŽŵƉůĞƚĞ͖ ŝŶǁŚŝĐŚŝƚƐƉƌŽŐƌĂŵŝƐƌĞŐŝƐƚĞƌĞĚ͕ƚŚĞƌĂƚŝŽƐĂŶĚǁĂŐĞƌĂƚĞƐ ;ϮͿdŚĂƚĞĂĐŚůĂďŽƌĞƌĂŶĚŵĞĐŚĂŶŝĐ;ŝŶĐůƵĚŝŶŐĞĂĐŚŚĞůƉĞƌ͕ ;ĞdžƉƌĞƐƐĞĚŝŶƉĞƌĐĞŶƚĂŐĞƐŽĨƚŚĞũŽƵƌŶĞLJŵĂŶΖƐŚŽƵƌůLJƌĂƚĞͿƐƉĞĐŝĨŝĞĚ ĂƉƉƌĞŶƚŝĐĞĂŶĚƚƌĂŝŶĞĞͿĞŵƉůŽLJĞĚŽŶƚŚĞĐŽŶƚƌĂĐƚĚƵƌŝŶŐƚŚĞƉĂLJƌŽůů ŝŶƚŚĞĐŽŶƚƌĂĐƚŽƌΖƐŽƌƐƵďĐŽŶƚƌĂĐƚŽƌΖƐƌĞŐŝƐƚĞƌĞĚƉƌŽŐƌĂŵƐŚĂůůďĞ ƉĞƌŝŽĚŚĂƐďĞĞŶƉĂŝĚƚŚĞĨƵůůǁĞĞŬůLJǁĂŐĞƐĞĂƌŶĞĚ͕ǁŝƚŚŽƵƚƌĞďĂƚĞ͕ ŽďƐĞƌǀĞĚ͘ ǀĞƌLJĂƉƉƌĞŶƚŝĐĞŵƵƐƚďĞƉĂŝĚĂƚŶŽƚůĞƐƐƚŚĂŶƚŚĞƌĂƚĞ ĞŝƚŚĞƌĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJ͕ĂŶĚƚŚĂƚŶŽĚĞĚƵĐƚŝŽŶƐŚĂǀĞďĞĞŶŵĂĚĞ ƐƉĞĐŝĨŝĞĚŝŶƚŚĞƌĞŐŝƐƚĞƌĞĚƉƌŽŐƌĂŵĨŽƌƚŚĞĂƉƉƌĞŶƚŝĐĞΖƐůĞǀĞůŽĨ ĞŝƚŚĞƌĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJĨƌŽŵƚŚĞĨƵůůǁĂŐĞƐĞĂƌŶĞĚ͕ŽƚŚĞƌƚŚĂŶ ƉƌŽŐƌĞƐƐ͕ĞdžƉƌĞƐƐĞĚĂƐĂƉĞƌĐĞŶƚĂŐĞŽĨƚŚĞũŽƵƌŶĞLJŵĞŶŚŽƵƌůLJƌĂƚĞ ƉĞƌŵŝƐƐŝďůĞĚĞĚƵĐƚŝŽŶƐĂƐƐĞƚĨŽƌƚŚŝŶZĞŐƵůĂƚŝŽŶƐϮϵ&ZWĂƌƚϯ͖ ƐƉĞĐŝĨŝĞĚŝŶƚŚĞĂƉƉůŝĐĂďůĞǁĂŐĞĚĞƚĞƌŵŝŶĂƚŝŽŶ͘ƉƉƌĞŶƚŝĐĞƐƐŚĂůůďĞ ƉĂŝĚĨƌŝŶŐĞďĞŶĞĨŝƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ ;ϯͿdŚĂƚĞĂĐŚůĂďŽƌĞƌŽƌŵĞĐŚĂŶŝĐŚĂƐďĞĞŶƉĂŝĚŶŽƚůĞƐƐƚŚĂŶƚŚĞ ĂƉƉƌĞŶƚŝĐĞƐŚŝƉƉƌŽŐƌĂŵ͘/ĨƚŚĞĂƉƉƌĞŶƚŝĐĞƐŚŝƉƉƌŽŐƌĂŵĚŽĞƐŶŽƚ ĂƉƉůŝĐĂďůĞǁĂŐĞƌĂƚĞƐĂŶĚĨƌŝŶŐĞďĞŶĞĨŝƚƐŽƌĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĨŽƌƚŚĞ ƐƉĞĐŝĨLJĨƌŝŶŐĞďĞŶĞĨŝƚƐ͕ĂƉƉƌĞŶƚŝĐĞƐŵƵƐƚďĞƉĂŝĚƚŚĞĨƵůůĂŵŽƵŶƚŽĨ ĐůĂƐƐŝĨŝĐĂƚŝŽŶŽĨǁŽƌŬƉĞƌĨŽƌŵĞĚ͕ĂƐƐƉĞĐŝĨŝĞĚŝŶƚŚĞĂƉƉůŝĐĂďůĞǁĂŐĞ ĨƌŝŶŐĞďĞŶĞĨŝƚƐůŝƐƚĞĚŽŶƚŚĞǁĂŐĞĚĞƚĞƌŵŝŶĂƚŝŽŶĨŽƌƚŚĞĂƉƉůŝĐĂďůĞ ĚĞƚĞƌŵŝŶĂƚŝŽŶŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞĐŽŶƚƌĂĐƚ͘ ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͘/ĨƚŚĞĚŵŝŶŝƐƚƌĂƚŽƌĚĞƚĞƌŵŝŶĞƐƚŚĂƚĂĚŝĨĨĞƌĞŶƚ ;ͿdŚĞǁĞĞŬůLJƐƵďŵŝƐƐŝŽŶŽĨĂƉƌŽƉĞƌůLJĞdžĞĐƵƚĞĚĐĞƌƚŝĨŝĐĂƚŝŽŶƐĞƚ ƉƌĂĐƚŝĐĞƉƌĞǀĂŝůƐĨŽƌƚŚĞĂƉƉůŝĐĂďůĞĂƉƉƌĞŶƚŝĐĞĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĨƌŝŶŐĞƐ ĨŽƌƚŚŽŶƚŚĞƌĞǀĞƌƐĞƐŝĚĞŽĨKƉƚŝŽŶĂů&Žƌŵt,ͲϯϰϳƐŚĂůůƐĂƚŝƐĨLJƚŚĞ ƐŚĂůůďĞƉĂŝĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĂƚĚĞƚĞƌŵŝŶĂƚŝŽŶ͘/ŶƚŚĞĞǀĞŶƚƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚĨŽƌƐƵďŵŝƐƐŝŽŶŽĨƚŚĞΗ^ƚĂƚĞŵĞŶƚŽĨŽŵƉůŝĂŶĐĞΗ ƵƌĞĂƵŽĨƉƉƌĞŶƚŝĐĞƐŚŝƉĂŶĚdƌĂŝŶŝŶŐ͕ŽƌĂ^ƚĂƚĞƉƉƌĞŶƚŝĐĞƐŚŝƉ ƌĞƋƵŝƌĞĚďLJƉĂƌĂŐƌĂƉŚ;ϯͿ;ŝŝͿ;ͿŽĨƚŚŝƐƐĞĐƚŝŽŶ͘ ŐĞŶĐLJƌĞĐŽŐŶŝnjĞĚďLJƚŚĞƵƌĞĂƵ͕ǁŝƚŚĚƌĂǁƐĂƉƉƌŽǀĂůŽĨĂŶ ĂƉƉƌĞŶƚŝĐĞƐŚŝƉƉƌŽŐƌĂŵ͕ƚŚĞĐŽŶƚƌĂĐƚŽƌǁŝůůŶŽůŽŶŐĞƌďĞƉĞƌŵŝƚƚĞĚ ;ͿdŚĞĨĂůƐŝĨŝĐĂƚŝŽŶŽĨĂŶLJŽĨƚŚĞĂďŽǀĞĐĞƌƚŝĨŝĐĂƚŝŽŶƐŵĂLJƐƵďũĞĐƚ ƚŽƵƚŝůŝnjĞĂƉƉƌĞŶƚŝĐĞƐĂƚůĞƐƐƚŚĂŶƚŚĞĂƉƉůŝĐĂďůĞƉƌĞĚĞƚĞƌŵŝŶĞĚƌĂƚĞ ƚŚĞĐŽŶƚƌĂĐƚŽƌŽƌƐƵďĐŽŶƚƌĂĐƚŽƌƚŽĐŝǀŝůŽƌĐƌŝŵŝŶĂůƉƌŽƐĞĐƵƚŝŽŶ ĨŽƌƚŚĞǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶƚŝůĂŶĂĐĐĞƉƚĂďůĞƉƌŽŐƌĂŵŝƐĂƉƉƌŽǀĞĚ͘ ƵŶĚĞƌ^ĞĐƚŝŽŶϭϬϬϭŽĨdŝƚůĞϭϴĂŶĚ^ĞĐƚŝŽŶϮϯϭŽĨdŝƚůĞϯϭŽĨƚŚĞ hŶŝƚĞĚ^ƚĂƚĞƐŽĚĞ͘ ;ŝŝͿdƌĂŝŶĞĞƐ͘ džĐĞƉƚĂƐƉƌŽǀŝĚĞĚŝŶϮϵ&Zϱ͘ϭϲ͕ƚƌĂŝŶĞĞƐǁŝůůŶŽƚďĞ ƉĞƌŵŝƚƚĞĚƚŽǁŽƌŬĂƚůĞƐƐƚŚĂŶƚŚĞƉƌĞĚĞƚĞƌŵŝŶĞĚƌĂƚĞĨŽƌƚŚĞǁŽƌŬ ;ŝŝŝͿdŚĞĐŽŶƚƌĂĐƚŽƌŽƌƐƵďĐŽŶƚƌĂĐƚŽƌƐŚĂůůŵĂŬĞƚŚĞƌĞĐŽƌĚƐƌĞƋƵŝƌĞĚ ƉĞƌĨŽƌŵĞĚƵŶůĞƐƐƚŚĞLJĂƌĞĞŵƉůŽLJĞĚƉƵƌƐƵĂŶƚƚŽĂŶĚŝŶĚŝǀŝĚƵĂůůLJ ƵŶĚĞƌƉĂƌĂŐƌĂƉŚ;ϯͿ;ŝͿŽĨƚŚŝƐƐĞĐƚŝŽŶĂǀĂŝůĂďůĞĨŽƌŝŶƐƉĞĐƚŝŽŶ͕ ƌĞŐŝƐƚĞƌĞĚŝŶĂƉƌŽŐƌĂŵǁŚŝĐŚŚĂƐƌĞĐĞŝǀĞĚƉƌŝŽƌĂƉƉƌŽǀĂů͕ ĐŽƉLJŝŶŐŽƌƚƌĂŶƐĐƌŝƉƚŝŽŶďLJĂƵƚŚŽƌŝnjĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐŽĨƚŚĞ ĞǀŝĚĞŶĐĞĚďLJĨŽƌŵĂůĐĞƌƚŝĨŝĐĂƚŝŽŶďLJƚŚĞh͘^͘ĞƉĂƌƚŵĞŶƚŽĨ>ĂďŽƌ͕ ƐƉŽŶƐŽƌ͕ƚŚĞ&ĞĚĞƌĂůǀŝĂƚŝŽŶĚŵŝŶŝƐƚƌĂƚŝŽŶŽƌƚŚĞĞƉĂƌƚŵĞŶƚŽĨ ŵƉůŽLJŵĞŶƚĂŶĚdƌĂŝŶŝŶŐĚŵŝŶŝƐƚƌĂƚŝŽŶ͘dŚĞƌĂƚŝŽŽĨƚƌĂŝŶĞĞƐƚŽ >ĂďŽƌ͕ĂŶĚƐŚĂůůƉĞƌŵŝƚƐƵĐŚƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐƚŽŝŶƚĞƌǀŝĞǁĞŵƉůŽLJĞĞƐ ũŽƵƌŶĞLJŵĞŶŽŶƚŚĞũŽďƐŝƚĞƐŚĂůůŶŽƚďĞŐƌĞĂƚĞƌƚŚĂŶƉĞƌŵŝƚƚĞĚ ĚƵƌŝŶŐǁŽƌŬŝŶŐŚŽƵƌƐŽŶƚŚĞũŽď͘/ĨƚŚĞĐŽŶƚƌĂĐƚŽƌŽƌƐƵďĐŽŶƚƌĂĐƚŽƌ ƵŶĚĞƌƚŚĞƉůĂŶĂƉƉƌŽǀĞĚďLJƚŚĞ ŵƉůŽLJŵĞŶƚĂŶĚdƌĂŝŶŝŶŐ ĨĂŝůƐƚŽƐƵďŵŝƚƚŚĞƌĞƋƵŝƌĞĚƌĞĐŽƌĚƐŽƌƚŽŵĂŬĞƚŚĞŵĂǀĂŝůĂďůĞ͕ƚŚĞ ĚŵŝŶŝƐƚƌĂƚŝŽŶ͘ ǀĞƌLJƚƌĂŝŶĞĞŵƵƐƚďĞƉĂŝĚĂƚŶŽƚůĞƐƐƚŚĂŶƚŚĞƌĂƚĞ &ĞĚĞƌĂůĂŐĞŶĐLJŵĂLJ͕ĂĨƚĞƌǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞĐŽŶƚƌĂĐƚŽƌ͕ƐƉŽŶƐŽƌ͕ ƐƉĞĐŝĨŝĞĚŝŶƚŚĞĂƉƉƌŽǀĞĚƉƌŽŐƌĂŵĨŽƌƚŚĞƚƌĂŝŶĞĞΖƐůĞǀĞůŽĨƉƌŽŐƌĞƐƐ͕ ĂƉƉůŝĐĂŶƚŽƌŽǁŶĞƌ͕ƚĂŬĞƐƵĐŚĂĐƚŝŽŶĂƐŵĂLJďĞŶĞĐĞƐƐĂƌLJƚŽĐĂƵƐĞ ĞdžƉƌĞƐƐĞĚĂƐĂƉĞƌĐĞŶƚĂŐĞŽĨƚŚĞũŽƵƌŶĞLJŵĂŶŚŽƵƌůLJƌĂƚĞƐƉĞĐŝĨŝĞĚ ƚŚĞƐƵƐƉĞŶƐŝŽŶŽĨĂŶLJĨƵƌƚŚĞƌƉĂLJŵĞŶƚ͕ĂĚǀĂŶĐĞ͕ŽƌŐƵĂƌĂŶƚĞĞŽĨ ŝŶƚŚĞĂƉƉůŝĐĂďůĞǁĂŐĞĚĞƚĞƌŵŝŶĂƚŝŽŶ͘dƌĂŝŶĞĞƐƐŚĂůůďĞƉĂŝĚĨƌŝŶŐĞ ĨƵŶĚƐ͘&ƵƌƚŚĞƌŵŽƌĞ͕ĨĂŝůƵƌĞƚŽƐƵďŵŝƚƚŚĞƌĞƋƵŝƌĞĚƌĞĐŽƌĚƐƵƉŽŶ ďĞŶĞĨŝƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƚƌĂŝŶĞĞƉƌŽŐƌĂŵ͘/Ĩ ƌĞƋƵĞƐƚŽƌƚŽŵĂŬĞƐƵĐŚƌĞĐŽƌĚƐĂǀĂŝůĂďůĞŵĂLJďĞŐƌŽƵŶĚƐĨŽƌ ƚŚĞƚƌĂŝŶĞĞƉƌŽŐƌĂŵĚŽĞƐŶŽƚŵĞŶƚŝŽŶĨƌŝŶŐĞďĞŶĞĨŝƚƐ͕ƚƌĂŝŶĞĞƐƐŚĂůů ĚĞďĂƌŵĞŶƚĂĐƚŝŽŶƉƵƌƐƵĂŶƚƚŽϮϵ&Zϱ͘ϭϮ͘ ďĞƉĂŝĚƚŚĞĨƵůůĂŵŽƵŶƚŽĨĨƌŝŶŐĞďĞŶĞĨŝƚƐůŝƐƚĞĚŽŶƚŚĞǁĂŐĞ ĚĞƚĞƌŵŝŶĂƚŝŽŶƵŶůĞƐƐƚŚĞĚŵŝŶŝƐƚƌĂƚŽƌŽĨƚŚĞtĂŐĞĂŶĚ,ŽƵƌ ŝǀŝƐŝŽŶĚĞƚĞƌŵŝŶĞƐƚŚĂƚƚŚĞƌĞŝƐĂŶĂƉƉƌĞŶƚŝĐĞƐŚŝƉƉƌŽŐƌĂŵ ĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐũŽƵƌŶĞLJŵĂŶǁĂŐĞƌĂƚĞŽŶƚŚĞ ϵ͘ϰ͘ƉƉƌĞŶƚŝĐĞƐĂŶĚdƌĂŝŶĞĞƐ͘ DĞĂĚΘ,ƵŶƚ͕/ŶĐ͘ WĂŐĞϱ ZĞƋƵŝƌĞĚŽŶƚĂĐƚWƌŽǀŝƐŝŽŶƐ DĂLJϯ͕ϮϬϭϲ /ƐƐƵĞĚŽŶ:ĂŶƵĂƌLJϮϵ͕ϮϬϭϲ ŚƚƚƉ͗ͬͬǁǁǁ͘ĨĂĂ͘ŐŽǀͬĂŝƌƉŽƌƚƐͬĂŝƉͬƉƌŽĐƵƌĞŵĞŶƚͬĨĞĚĞƌĂůͺĐŽŶƚƌĂĐƚͺƉƌŽǀŝƐŝŽŶƐ 3DFNHW3J 'D ǁĂŐĞĚĞƚĞƌŵŝŶĂƚŝŽŶǁŚŝĐŚƉƌŽǀŝĚĞƐĨŽƌůĞƐƐƚŚĂŶĨƵůůĨƌŝŶŐĞďĞŶĞĨŝƚƐ;ŝŝͿEŽƉĂƌƚŽĨƚŚŝƐĐŽŶƚƌĂĐƚƐŚĂůůďĞƐƵďĐŽŶƚƌĂĐƚĞĚƚŽĂŶLJƉĞƌƐŽŶŽƌ ĨŽƌĂƉƉƌĞŶƚŝĐĞƐ͘ŶLJĞŵƉůŽLJĞĞůŝƐƚĞĚŽŶƚŚĞƉĂLJƌŽůůĂƚĂƚƌĂŝŶĞĞƌĂƚĞĨŝƌŵŝŶĞůŝŐŝďůĞĨŽƌĂǁĂƌĚŽĨĂ'ŽǀĞƌŶŵĞŶƚĐŽŶƚƌĂĐƚďLJǀŝƌƚƵĞŽĨ ƚŚĂƚŝƐŶŽƚƌĞŐŝƐƚĞƌĞĚĂŶĚƉĂƌƚŝĐŝƉĂƚŝŶŐŝŶĂƚƌĂŝŶŝŶŐƉůĂŶĂƉƉƌŽǀĞĚďLJƐĞĐƚŝŽŶϯ;ĂͿŽĨƚŚĞĂǀŝƐͲĂĐŽŶĐƚŽƌϮϵ&Zϱ͘ϭϮ;ĂͿ;ϭͿ͘ ƚŚĞ ŵƉůŽLJŵĞŶƚĂŶĚdƌĂŝŶŝŶŐĚŵŝŶŝƐƚƌĂƚŝŽŶƐŚĂůůďĞƉĂŝĚŶŽƚůĞƐƐ ;ŝŝŝͿdŚĞƉĞŶĂůƚLJĨŽƌŵĂŬŝŶŐĨĂůƐĞƐƚĂƚĞŵĞŶƚƐŝƐƉƌĞƐĐƌŝďĞĚŝŶƚŚĞh͘^͘ ƚŚĂŶƚŚĞĂƉƉůŝĐĂďůĞǁĂŐĞƌĂƚĞŽŶƚŚĞǁĂŐĞĚĞƚĞƌŵŝŶĂƚŝŽŶĨŽƌƚŚĞ ƌŝŵŝŶĂůŽĚĞ͕ϭϴh͘^͘͘ϭϬϬϭ͘ ĐůĂƐƐŝĨŝĐĂƚŝŽŶŽĨǁŽƌŬĂĐƚƵĂůůLJƉĞƌĨŽƌŵĞĚ͘/ŶĂĚĚŝƚŝŽŶ͕ĂŶLJƚƌĂŝŶĞĞ ƉĞƌĨŽƌŵŝŶŐǁŽƌŬŽŶƚŚĞũŽďƐŝƚĞŝŶĞdžĐĞƐƐŽĨƚŚĞƌĂƚŝŽƉĞƌŵŝƚƚĞĚ ϭϬ͘ ZD EdE^h^W E^/KE ƵŶĚĞƌƚŚĞƌĞŐŝƐƚĞƌĞĚƉƌŽŐƌĂŵƐŚĂůůďĞƉĂŝĚŶŽƚůĞƐƐƚŚĂŶƚŚĞ ^KhZ Ϯ&ZƉĂƌƚϭϴϬ;^ƵďƉĂƌƚͿ͖Ϯ&ZƉĂƌƚϭϮϬϬ͖Kd KƌĚĞƌ ĂƉƉůŝĐĂďůĞǁĂŐĞƌĂƚĞŽŶƚŚĞǁĂŐĞĚĞƚĞƌŵŝŶĂƚŝŽŶĨŽƌƚŚĞǁŽƌŬ ϰϮϬϬ͘ϱ ĂĐƚƵĂůůLJƉĞƌĨŽƌŵĞĚ͘/ŶƚŚĞĞǀĞŶƚƚŚĞ ŵƉůŽLJŵĞŶƚĂŶĚdƌĂŝŶŝŶŐ ĚŵŝŶŝƐƚƌĂƚŝŽŶǁŝƚŚĚƌĂǁƐĂƉƉƌŽǀĂůŽĨĂƚƌĂŝŶŝŶŐƉƌŽŐƌĂŵ͕ƚŚĞ ůĂƵƐĞƚŽďĞŝŶĐůƵĚĞĚŝŶĂŶLJ/WĨƵŶĚĞĚĐŽŶƚƌĂĐƚƌĞŐĂƌĚůĞƐƐŽĨƚŝĞƌŝĨ ĐŽŶƚƌĂĐƚŽƌǁŝůůŶŽůŽŶŐĞƌďĞƉĞƌŵŝƚƚĞĚƚŽƵƚŝůŝnjĞƚƌĂŝŶĞĞƐĂƚůĞƐƐƚŚĂŶ ĂŵŽƵŶƚŽĨĐŽŶƚƌĂĐƚŝƐĞƋƵĂůƚŽŽƌĞdžĐĞĞĚƐΨϮϱ͕ϬϬϬ͘ ƚŚĞĂƉƉůŝĐĂďůĞƉƌĞĚĞƚĞƌŵŝŶĞĚƌĂƚĞĨŽƌƚŚĞǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶƚŝůĂŶ ϭϬ͘ϭĞƌƚŝĨŝĐĂƚŝŽŶKĨKĨĨĞƌŽƌͬŝĚĚĞƌZĞŐĂƌĚŝŶŐĞďĂƌŵĞŶƚ͘ ĂĐĐĞƉƚĂďůĞƉƌŽŐƌĂŵŝƐĂƉƉƌŽǀĞĚ͘ LJƐƵďŵŝƚƚŝŶŐĂďŝĚͬƉƌŽƉŽƐĂůƵŶĚĞƌƚŚŝƐƐŽůŝĐŝƚĂƚŝŽŶ͕ƚŚĞĐŽŶƐƵůƚĂŶƚ ;ŝŝŝͿ ƋƵĂů ŵƉůŽLJŵĞŶƚKƉƉŽƌƚƵŶŝƚLJ͘dŚĞƵƚŝůŝnjĂƚŝŽŶŽĨĂƉƉƌĞŶƚŝĐĞƐ͕ ŽƌŽĨĨĞƌŽƌĐĞƌƚŝĨŝĞƐƚŚĂƚŶĞŝƚŚĞƌŝƚŶŽƌŝƚƐƉƌŝŶĐŝƉĂůƐĂƌĞƉƌĞƐĞŶƚůLJ ƚƌĂŝŶĞĞƐĂŶĚũŽƵƌŶĞLJŵĞŶƵŶĚĞƌƚŚŝƐƉĂƌƚƐŚĂůůďĞŝŶĐŽŶĨŽƌŵŝƚLJǁŝƚŚ ĚĞďĂƌƌĞĚŽƌƐƵƐƉĞŶĚĞĚďLJĂŶLJ&ĞĚĞƌĂůĚĞƉĂƌƚŵĞŶƚŽƌĂŐĞŶĐLJĨƌŽŵ ƚŚĞĞƋƵĂůĞŵƉůŽLJŵĞŶƚŽƉƉŽƌƚƵŶŝƚLJƌĞƋƵŝƌĞŵĞŶƚƐŽĨ džĞĐƵƚŝǀĞKƌĚĞƌ ƉĂƌƚŝĐŝƉĂƚŝŽŶŝŶƚŚŝƐƚƌĂŶƐĂĐƚŝŽŶ͘ ϭϭϮϰϲ͕ĂƐĂŵĞŶĚĞĚ͕ĂŶĚϮϵ&ZWĂƌƚϯϬ͘ ϭϬ͘ϮĞƌƚŝĨŝĐĂƚŝŽŶŽĨ>ŽǁĞƌdŝĞƌŽŶƚƌĂĐƚŽƌƐZĞŐĂƌĚŝŶŐĞďĂƌŵĞŶƚ͘ ϵ͘ϱ͘ŽŵƉůŝĂŶĐĞǁŝƚŚŽƉĞůĂŶĚĐƚZĞƋƵŝƌĞŵĞŶƚƐ͘ ŽŶƐƵůƚĂŶƚ͕ďLJĂĚŵŝŶŝƐƚĞƌŝŶŐĞĂĐŚůŽǁĞƌƚŝĞƌƐƵďĐŽŶƚƌĂĐƚƚŚĂƚ dŚĞĐŽŶƚƌĂĐƚŽƌƐŚĂůůĐŽŵƉůLJǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨϮϵ&ZWĂƌƚϯ͕ ĞdžĐĞĞĚƐΨϮϱ͕ϬϬϬĂƐĂ͞ĐŽǀĞƌĞĚƚƌĂŶƐĂĐƚŝŽŶ͕͟ŵƵƐƚǀĞƌŝĨLJĞĂĐŚůŽǁĞƌ ǁŚŝĐŚĂƌĞŝŶĐŽƌƉŽƌĂƚĞĚďLJƌĞĨĞƌĞŶĐĞŝŶƚŚŝƐĐŽŶƚƌĂĐƚ͘ ƚŝĞƌƉĂƌƚŝĐŝƉĂŶƚŽĨĂ͞ĐŽǀĞƌĞĚƚƌĂŶƐĂĐƚŝŽŶ͟ƵŶĚĞƌƚŚĞƉƌŽũĞĐƚŝƐŶŽƚ ϵ͘ϲ͘^ƵďĐŽŶƚƌĂĐƚƐ͘ ƉƌĞƐĞŶƚůLJĚĞďĂƌƌĞĚŽƌŽƚŚĞƌǁŝƐĞĚŝƐƋƵĂůŝĨŝĞĚĨƌŽŵƉĂƌƚŝĐŝƉĂƚŝŽŶŝŶ ƚŚŝƐĨĞĚĞƌĂůůLJĂƐƐŝƐƚĞĚƉƌŽũĞĐƚ͘dŚĞŽŶƐƵůƚĂŶƚǁŝůůĂĐĐŽŵƉůŝƐŚƚŚŝƐ dŚĞĐŽŶƚƌĂĐƚŽƌŽƌƐƵďĐŽŶƚƌĂĐƚŽƌƐŚĂůůŝŶƐĞƌƚŝŶĂŶLJƐƵďĐŽŶƚƌĂĐƚƐƚŚĞ ďLJ͗ ĐůĂƵƐĞƐĐŽŶƚĂŝŶĞĚŝŶϮϵ&ZWĂƌƚϱ͘ϱ;ĂͿ;ϭͿƚŚƌŽƵŐŚ;ϭϬͿĂŶĚƐƵĐŚ ŽƚŚĞƌĐůĂƵƐĞƐĂƐƚŚĞ&ĞĚĞƌĂůǀŝĂƚŝŽŶĚŵŝŶŝƐƚƌĂƚŝŽŶŵĂLJďLJ ͘ŚĞĐŬŝŶŐƚŚĞ^LJƐƚĞŵĨŽƌǁĂƌĚDĂŶĂŐĞŵĞŶƚĂƚǁĞďƐŝƚĞ͗ ĂƉƉƌŽƉƌŝĂƚĞŝŶƐƚƌƵĐƚŝŽŶƐƌĞƋƵŝƌĞ͕ĂŶĚĂůƐŽĂĐůĂƵƐĞƌĞƋƵŝƌŝŶŐƚŚĞ ŚƚƚƉ͗ͬͬǁǁǁ͘ƐĂŵ͘ŐŽǀ ƐƵďĐŽŶƚƌĂĐƚŽƌƐƚŽŝŶĐůƵĚĞƚŚĞƐĞĐůĂƵƐĞƐŝŶĂŶLJůŽǁĞƌƚŝĞƌ ͘ŽůůĞĐƚŝŶŐĂĐĞƌƚŝĨŝĐĂƚŝŽŶƐƚĂƚĞŵĞŶƚƐŝŵŝůĂƌƚŽƚŚĞĞƌƚŝĨŝĐĂƚĞ ƐƵďĐŽŶƚƌĂĐƚƐ͘dŚĞƉƌŝŵĞĐŽŶƚƌĂĐƚŽƌƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞ ZĞŐĂƌĚŝŶŐĞďĂƌŵĞŶƚĂŶĚ^ƵƐƉĞŶƐŝŽŶ;ŝĚĚĞƌŽƌKĨĨĞƌŽƌͿ͕ ĐŽŵƉůŝĂŶĐĞďLJĂŶLJƐƵďĐŽŶƚƌĂĐƚŽƌŽƌůŽǁĞƌƚŝĞƌƐƵďĐŽŶƚƌĂĐƚŽƌǁŝƚŚĂůů ĂďŽǀĞ͘ ƚŚĞĐŽŶƚƌĂĐƚĐůĂƵƐĞƐŝŶϮϵ&ZWĂƌƚϱ͘ϱ͘ ͘/ŶƐĞƌƚŝŶŐĂĐůĂƵƐĞŽƌĐŽŶĚŝƚŝŽŶŝŶƚŚĞĐŽǀĞƌĞĚƚƌĂŶƐĂĐƚŝŽŶǁŝƚŚ ƚŚĞůŽǁĞƌƚŝĞƌĐŽŶƚƌĂĐƚ ϵ͘ϳ͘ŽŶƚƌĂĐƚdĞƌŵŝŶĂƚŝŽŶ͗ĞďĂƌŵĞŶƚ͘ /ĨƚŚĞ&ůĂƚĞƌĚĞƚĞƌŵŝŶĞƐƚŚĂƚĂůŽǁĞƌƚŝĞƌƉĂƌƚŝĐŝƉĂŶƚĨĂŝůĞĚƚŽ ďƌĞĂĐŚŽĨƚŚĞĐŽŶƚƌĂĐƚĐůĂƵƐĞƐŝŶƉĂƌĂŐƌĂƉŚϭƚŚƌŽƵŐŚϭϬŽĨƚŚŝƐ ĚŝƐĐůŽƐĞƚŽĂŚŝŐŚĞƌƚŝĞƌƉĂƌƚŝĐŝƉĂŶƚƚŚĂƚŝƚǁĂƐĞdžĐůƵĚĞĚŽƌ ƐĞĐƚŝŽŶŵĂLJďĞŐƌŽƵŶĚƐĨŽƌƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞĐŽŶƚƌĂĐƚ͕ĂŶĚĨŽƌ ĚŝƐƋƵĂůŝĨŝĞĚĂƚƚŚĞƚŝŵĞŝƚĞŶƚĞƌĞĚƚŚĞĐŽǀĞƌĞĚƚƌĂŶƐĂĐƚŝŽŶ͕ƚŚĞ& ĚĞďĂƌŵĞŶƚĂƐĂĐŽŶƚƌĂĐƚŽƌĂŶĚĂƐƵďĐŽŶƚƌĂĐƚŽƌĂƐƉƌŽǀŝĚĞĚŝŶϮϵ ŵĂLJƉƵƌƐƵĞĂŶLJĂǀĂŝůĂďůĞƌĞŵĞĚŝĞƐ͕ŝŶĐůƵĚŝŶŐƐƵƐƉĞŶƐŝŽŶĂŶĚ &Zϱ͘ϭϮ͘ ĚĞďĂƌŵĞŶƚŽĨƚŚĞŶŽŶͲĐŽŵƉůŝĂŶƚƉĂƌƚŝĐŝƉĂŶƚ͘ ϵ͘ϴ͘ŽŵƉůŝĂŶĐĞtŝƚŚĂǀŝƐͲĂĐŽŶĂŶĚZĞůĂƚĞĚĐƚZĞƋƵŝƌĞŵĞŶƚƐ͘ ϭϭ͘/^sEd' h^/E ^^ Ed ZWZ/^ ůůƌƵůŝŶŐƐĂŶĚŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐŽĨƚŚĞĂǀŝƐͲĂĐŽŶĂŶĚZĞůĂƚĞĚĐƚƐ ^KhZ ϰϵ&ZƉĂƌƚϮϲ ĐŽŶƚĂŝŶĞĚŝŶϮϵ&ZWĂƌƚƐϭ͕ϯ͕ĂŶĚϱĂƌĞŚĞƌĞŝŶŝŶĐŽƌƉŽƌĂƚĞĚďLJ ϭϭ͘ϭŽŶƚƌĂĐƚƐƐƵƌĂŶĐĞ;ΑϮϲ͘ϭϯͿ͘ ƌĞĨĞƌĞŶĐĞŝŶƚŚŝƐĐŽŶƚƌĂĐƚ͘ dŚĞĐŽŶƚƌĂĐƚŽƌŽƌƐƵďĐŽŶƚƌĂĐƚŽƌƐŚĂůůŶŽƚĚŝƐĐƌŝŵŝŶĂƚĞŽŶƚŚĞďĂƐŝƐ ϵ͘ϵ͘ŝƐƉƵƚĞƐŽŶĐĞƌŶŝŶŐ>ĂďŽƌ^ƚĂŶĚĂƌĚƐ͘ ŽĨƌĂĐĞ͕ĐŽůŽƌ͕ŶĂƚŝŽŶĂůŽƌŝŐŝŶ͕ŽƌƐĞdžŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐ ŝƐƉƵƚĞƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚĞůĂďŽƌƐƚĂŶĚĂƌĚƐƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐĐŽŶƚƌĂĐƚ ĐŽŶƚƌĂĐƚ͘dŚĞĐŽŶƚƌĂĐƚŽƌƐŚĂůůĐĂƌƌLJŽƵƚĂƉƉůŝĐĂďůĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨ ƐŚĂůůŶŽƚďĞƐƵďũĞĐƚƚŽƚŚĞŐĞŶĞƌĂůĚŝƐƉƵƚĞƐĐůĂƵƐĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͘ ϰϵ&ZWĂƌƚϮϲŝŶƚŚĞĂǁĂƌĚĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨKdĂƐƐŝƐƚĞĚ ^ƵĐŚĚŝƐƉƵƚĞƐƐŚĂůůďĞƌĞƐŽůǀĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƉƌŽĐĞĚƵƌĞƐŽĨ ĐŽŶƚƌĂĐƚƐ͘&ĂŝůƵƌĞďLJƚŚĞĐŽŶƚƌĂĐƚŽƌƚŽĐĂƌƌLJŽƵƚƚŚĞƐĞƌĞƋƵŝƌĞŵĞŶƚƐ ƚŚĞĞƉĂƌƚŵĞŶƚŽĨ>ĂďŽƌƐĞƚĨŽƌƚŚŝŶϮϵ&ZWĂƌƚƐϱ͕ϲĂŶĚϳ͘ ŝƐĂŵĂƚĞƌŝĂůďƌĞĂĐŚŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ǁŚŝĐŚŵĂLJƌĞƐƵůƚŝŶƚŚĞ ŝƐƉƵƚĞƐǁŝƚŚŝŶƚŚĞŵĞĂŶŝŶŐŽĨƚŚŝƐĐůĂƵƐĞŝŶĐůƵĚĞĚŝƐƉƵƚĞƐďĞƚǁĞĞŶ ƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚŝƐĐŽŶƚƌĂĐƚŽƌƐƵĐŚŽƚŚĞƌƌĞŵĞĚLJ͕ĂƐƚŚĞƌĞĐŝƉŝĞŶƚ ƚŚĞĐŽŶƚƌĂĐƚŽƌ;ŽƌĂŶLJŽĨŝƚƐƐƵďĐŽŶƚƌĂĐƚŽƌƐͿĂŶĚƚŚĞĐŽŶƚƌĂĐƚŝŶŐ ĚĞĞŵƐĂƉƉƌŽƉƌŝĂƚĞ͘ ĂŐĞŶĐLJ͕ƚŚĞh͘^͘ĞƉĂƌƚŵĞŶƚŽĨ>ĂďŽƌ͕ŽƌƚŚĞĞŵƉůŽLJĞĞƐŽƌƚŚĞŝƌ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͘ ϭϭ͘ϮWƌŽŵƉƚWĂLJŵĞŶƚ;ΑϮϲ͘ϮϵͿ͘ ϵ͘ϭϬ͘ĞƌƚŝĨŝĐĂƚŝŽŶŽĨ ůŝŐŝďŝůŝƚLJ͘ dŚĞƉƌŝŵĞĐŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐƚŽƉĂLJĞĂĐŚƐƵďĐŽŶƚƌĂĐƚŽƌƵŶĚĞƌƚŚŝƐ ƉƌŝŵĞĐŽŶƚƌĂĐƚĨŽƌƐĂƚŝƐĨĂĐƚŽƌLJƉĞƌĨŽƌŵĂŶĐĞŽĨŝƚƐĐŽŶƚƌĂĐƚŶŽůĂƚĞƌ ;ŝͿLJĞŶƚĞƌŝŶŐŝŶƚŽƚŚŝƐĐŽŶƚƌĂĐƚ͕ƚŚĞĐŽŶƚƌĂĐƚŽƌĐĞƌƚŝĨŝĞƐƚŚĂƚŶĞŝƚŚĞƌ ƚŚĂŶϯϬĚĂLJƐĨƌŽŵƚŚĞƌĞĐĞŝƉƚŽĨĞĂĐŚƉĂLJŵĞŶƚƚŚĞƉƌŝŵĞĐŽŶƚƌĂĐƚŽƌ ŝƚ;ŶŽƌŚĞŽƌƐŚĞͿŶŽƌĂŶLJƉĞƌƐŽŶŽƌĨŝƌŵǁŚŽŚĂƐĂŶŝŶƚĞƌĞƐƚŝŶƚŚĞ ƌĞĐĞŝǀĞƐĨƌŽŵƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ͘dŚĞƉƌŝŵĞĐŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐ ĐŽŶƚƌĂĐƚŽƌΖƐĨŝƌŵŝƐĂƉĞƌƐŽŶŽƌĨŝƌŵŝŶĞůŝŐŝďůĞƚŽďĞĂǁĂƌĚĞĚ ĨƵƌƚŚĞƌƚŽƌĞƚƵƌŶƌĞƚĂŝŶĂŐĞƉĂLJŵĞŶƚƐƚŽĞĂĐŚƐƵďĐŽŶƚƌĂĐƚŽƌǁŝƚŚŝŶ 'ŽǀĞƌŶŵĞŶƚĐŽŶƚƌĂĐƚƐďLJǀŝƌƚƵĞŽĨƐĞĐƚŝŽŶϯ;ĂͿŽĨƚŚĞĂǀŝƐͲĂĐŽŶ ϯϬĚĂLJƐĂĨƚĞƌƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌΖƐǁŽƌŬŝƐƐĂƚŝƐĨĂĐƚŽƌŝůLJĐŽŵƉůĞƚĞĚ͘ ĐƚŽƌϮϵ&Zϱ͘ϭϮ;ĂͿ;ϭͿ͘ ŶLJĚĞůĂLJŽƌƉŽƐƚƉŽŶĞŵĞŶƚŽĨƉĂLJŵĞŶƚĨƌŽŵƚŚĞĂďŽǀĞƌĞĨĞƌĞŶĐĞĚ DĞĂĚΘ,ƵŶƚ͕/ŶĐ͘ WĂŐĞϲ ZĞƋƵŝƌĞĚŽŶƚĂĐƚWƌŽǀŝƐŝŽŶƐ DĂLJϯ͕ϮϬϭϲ /ƐƐƵĞĚŽŶ:ĂŶƵĂƌLJϮϵ͕ϮϬϭϲ ŚƚƚƉ͗ͬͬǁǁǁ͘ĨĂĂ͘ŐŽǀͬĂŝƌƉŽƌƚƐͬĂŝƉͬƉƌŽĐƵƌĞŵĞŶƚͬĨĞĚĞƌĂůͺĐŽŶƚƌĂĐƚͺƉƌŽǀŝƐŝŽŶƐ 3DFNHW3J 'D ƚŝŵĞĨƌĂŵĞŵĂLJŽĐĐƵƌŽŶůLJĨŽƌŐŽŽĚĐĂƵƐĞĨŽůůŽǁŝŶŐǁƌŝƚƚĞŶ;ϮͿdŚĞĐŽŶƚƌĂĐƚŽƌǁŝůů͕ŝŶĂůůƐŽůŝĐŝƚĂƚŝŽŶƐŽƌĂĚǀĞƌƚŝƐĞŵĞŶƚƐĨŽƌ ĂƉƉƌŽǀĂůŽĨƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ͘dŚŝƐĐůĂƵƐĞĂƉƉůŝĞƐƚŽďŽƚŚ ĞŵƉůŽLJĞĞƐƉůĂĐĞĚďLJŽƌŽŶďĞŚĂůĨŽĨƚŚĞĐŽŶƚƌĂĐƚŽƌ͕ƐƚĂƚĞƚŚĂƚĂůů ĂŶĚŶŽŶͲ ƐƵďĐŽŶƚƌĂĐƚŽƌƐ͘ƋƵĂůŝĨŝĞĚĂƉƉůŝĐĂŶƚƐǁŝůůƌĞĐĞŝǀĞĐŽŶƐŝĚĞƌĂƚŝŽŶƐĨŽƌĞŵƉůŽLJŵĞŶƚ ǁŝƚŚŽƵƚƌĞŐĂƌĚƚŽƌĂĐĞ͕ĐŽůŽƌ͕ƌĞůŝŐŝŽŶ͕ƐĞdž͕ŽƌŶĂƚŝŽŶĂůŽƌŝŐŝŶ͘ ϭϭ͘ϯZĂĐĞͬ'ĞŶĚĞƌEĞƵƚƌĂů>ĂŶŐƵĂŐĞ ;ϯͿdŚĞĐŽŶƚƌĂĐƚŽƌǁŝůůƐĞŶĚƚŽĞĂĐŚůĂďŽƌƵŶŝŽŶŽƌƌĞƉƌĞƐĞŶƚĂƚŝǀĞŽĨ dŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨϰϵ&ZƉĂƌƚϮϲĂƉƉůLJƚŽƚŚŝƐĐŽŶƚƌĂĐƚ͘/ƚŝƐƚŚĞǁŽƌŬĞƌƐǁŝƚŚǁŚŝĐŚŚĞŚĂƐĂĐŽůůĞĐƚŝǀĞďĂƌŐĂŝŶŝŶŐĂŐƌĞĞŵĞŶƚŽƌ ƉŽůŝĐLJŽĨƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌƚŽƉƌĂĐƚŝĐĞŶŽŶĚŝƐĐƌŝŵŝŶĂƚŝŽŶďĂƐĞĚŽƚŚĞƌĐŽŶƚƌĂĐƚŽƌƵŶĚĞƌƐƚĂŶĚŝŶŐ͕ĂŶŽƚŝĐĞƚŽďĞƉƌŽǀŝĚĞĚĂĚǀŝƐŝŶŐ ŽŶƌĂĐĞ͕ĐŽůŽƌ͕ƐĞdžŽƌŶĂƚŝŽŶĂůŽƌŝŐŝŶŝŶƚŚĞĂǁĂƌĚŽƌƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞƐĂŝĚůĂďŽƌƵŶŝŽŶŽƌǁŽƌŬĞƌƐΖƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐŽĨƚŚĞĐŽŶƚƌĂĐƚŽƌΖƐ ƚŚŝƐĐŽŶƚƌĂĐƚ͘dŚĞKǁŶĞƌĞŶĐŽƵƌĂŐĞƐƉĂƌƚŝĐŝƉĂƚŝŽŶďLJĂůůĨŝƌŵƐĐŽŵŵŝƚŵĞŶƚƐƵŶĚĞƌƚŚŝƐƐĞĐƚŝŽŶ͕ĂŶĚƐŚĂůůƉŽƐƚĐŽƉŝĞƐŽĨƚŚĞŶŽƚŝĐĞ ƋƵĂůŝĨLJŝŶŐƵŶĚĞƌƚŚŝƐƐŽůŝĐŝƚĂƚŝŽŶƌĞŐĂƌĚůĞƐƐŽĨďƵƐŝŶĞƐƐƐŝnjĞŽƌŝŶĐŽŶƐƉŝĐƵŽƵƐƉůĂĐĞƐĂǀĂŝůĂďůĞƚŽĞŵƉůŽLJĞĞƐĂŶĚĂƉƉůŝĐĂŶƚƐĨŽƌ ŽǁŶĞƌƐŚŝƉ͘ĞŵƉůŽLJŵĞŶƚ͘ ϭϮ͘/^dZd Z/s/E';d yd/E't, EZ/s/E'Ϳ;ϰͿdŚĞĐŽŶƚƌĂĐƚŽƌǁŝůůĐŽŵƉůLJǁŝƚŚĂůůƉƌŽǀŝƐŝŽŶƐŽĨ džĞĐƵƚŝǀĞKƌĚĞƌ ϭϭϮϰϲŽĨ^ĞƉƚĞŵďĞƌϮϰ͕ϭϵϲϱ͕ĂŶĚŽĨƚŚĞƌƵůĞƐ͕ƌĞŐƵůĂƚŝŽŶƐ͕ĂŶĚ ^KhZ džĞĐƵƚŝǀĞKƌĚĞƌϭϯϱϭϯ͖KdKƌĚĞƌϯϵϬϮ͘ϭϬ ƌĞůĞǀĂŶƚŽƌĚĞƌƐŽĨƚŚĞ^ĞĐƌĞƚĂƌLJŽĨ>ĂďŽƌ͘ /ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ džĞĐƵƚŝǀĞKƌĚĞƌϭϯϱϭϯ͕Η&ĞĚĞƌĂů>ĞĂĚĞƌƐŚŝƉŽŶ ;ϱͿdŚĞĐŽŶƚƌĂĐƚŽƌǁŝůůĨƵƌŶŝƐŚĂůůŝŶĨŽƌŵĂƚŝŽŶĂŶĚƌĞƉŽƌƚƐƌĞƋƵŝƌĞĚ ZĞĚƵĐŝŶŐdĞdžƚDĞƐƐĂŐŝŶŐtŚŝůĞƌŝǀŝŶŐΗ;ϭϬͬϭͬϮϬϬϵͿĂŶĚKdKƌĚĞƌ ďLJ džĞĐƵƚŝǀĞKƌĚĞƌϭϭϮϰϲŽĨ^ĞƉƚĞŵďĞƌϮϰ͕ϭϵϲϱ͕ĂŶĚďLJƌƵůĞƐ͕ ϯϵϬϮ͘ϭϬ͞dĞdžƚDĞƐƐĂŐŝŶŐtŚŝůĞƌŝǀŝŶŐ͟;ϭϮͬϯϬͬϮϬϬϵͿ͕ƚŚĞ& ƌĞŐƵůĂƚŝŽŶƐ͕ĂŶĚŽƌĚĞƌƐŽĨƚŚĞ^ĞĐƌĞƚĂƌLJŽĨ>ĂďŽƌ͕ŽƌƉƵƌƐƵĂŶƚ ĞŶĐŽƵƌĂŐĞƐƌĞĐŝƉŝĞŶƚƐŽĨ&ĞĚĞƌĂůŐƌĂŶƚĨƵŶĚƐƚŽĂĚŽƉƚĂŶĚĞŶĨŽƌĐĞ ƚŚĞƌĞƚŽ͕ĂŶĚǁŝůůƉĞƌŵŝƚĂĐĐĞƐƐƚŽŚŝƐŬƐ͕ƌĞĐŽƌĚƐ͕ĂŶĚĂĐĐŽƵŶƚƐ ƐĂĨĞƚLJƉŽůŝĐŝĞƐƚŚĂƚĚĞĐƌĞĂƐĞĐƌĂƐŚĞƐďLJĚŝƐƚƌĂĐƚĞĚĚƌŝǀĞƌƐ͕ŝŶĐůƵĚŝŶŐ ďLJƚŚĞĂĚŵŝŶŝƐƚĞƌŝŶŐĂŐĞŶĐLJĂŶĚƚŚĞ^ĞĐƌĞƚĂƌLJŽĨ>ĂďŽƌĨŽƌƉƵƌƉŽƐĞƐ ƉŽůŝĐŝĞƐƚŽďĂŶƚĞdžƚŵĞƐƐĂŐŝŶŐǁŚŝůĞĚƌŝǀŝŶŐǁŚĞŶƉĞƌĨŽƌŵŝŶŐǁŽƌŬ ŽĨŝŶǀĞƐƚŝŐĂƚŝŽŶƚŽĂƐĐĞƌƚĂŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƐƵĐŚƌƵůĞƐ͕ƌĞŐƵůĂƚŝŽŶƐ͕ ƌĞůĂƚĞĚƚŽĂŐƌĂŶƚŽƌƐƵďͲŐƌĂŶƚ͘ ĂŶĚŽƌĚĞƌƐ͘ /ŶƐƵƉƉŽƌƚŽĨƚŚŝƐŝŶŝƚŝĂƚŝǀĞ͕ƚŚĞKǁŶĞƌĞŶĐŽƵƌĂŐĞƐƚŚĞŽŶƚƌĂĐƚŽƌƚŽ ;ϲͿ/ŶƚŚĞĞǀĞŶƚŽĨƚŚĞĐŽŶƚƌĂĐƚŽƌΖƐŶŽŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞ ƉƌŽŵŽƚĞƉŽůŝĐŝĞƐĂŶĚŝŶŝƚŝĂƚŝǀĞƐĨŽƌŝƚƐĞŵƉůŽLJĞĞƐĂŶĚŽƚŚĞƌǁŽƌŬ ŶŽŶĚŝƐĐƌŝŵŝŶĂƚŝŽŶĐůĂƵƐĞƐŽĨƚŚŝƐĐŽŶƚƌĂĐƚŽƌǁŝƚŚĂŶLJŽĨƚŚĞƐĂŝĚ ƉĞƌƐŽŶŶĞůƚŚĂƚĚĞĐƌĞĂƐĞĐƌĂƐŚĞƐďLJĚŝƐƚƌĂĐƚĞĚĚƌŝǀĞƌƐ͕ŝŶĐůƵĚŝŶŐ ƌƵůĞƐ͕ƌĞŐƵůĂƚŝŽŶƐ͕ŽƌŽƌĚĞƌƐ͕ƚŚŝƐĐŽŶƚƌĂĐƚŵĂLJďĞĐĂŶĐĞůĞĚ͕ ƉŽůŝĐŝĞƐƚŚĂƚďĂŶƚĞdžƚŵĞƐƐĂŐŝŶŐǁŚŝůĞĚƌŝǀŝŶŐŵŽƚŽƌǀĞŚŝĐůĞƐǁŚŝůĞ ƚĞƌŵŝŶĂƚĞĚ͕ŽƌƐƵƐƉĞŶĚĞĚŝŶǁŚŽůĞŽƌŝŶƉĂƌƚĂŶĚƚŚĞĐŽŶƚƌĂĐƚŽƌ ƉĞƌĨŽƌŵŝŶŐǁŽƌŬĂĐƚŝǀŝƚŝĞƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞƉƌŽũĞĐƚ͘dŚĞ ŵĂLJďĞĚĞĐůĂƌĞĚŝŶĞůŝŐŝďůĞĨŽƌĨƵƌƚŚĞƌ'ŽǀĞƌŶŵĞŶƚĐŽŶƚƌĂĐƚƐŽƌ ŽŶƚƌĂĐƚŽƌŵƵƐƚŝŶĐůƵĚĞƚŚĞƐƵďƐƚĂŶĐĞŽĨƚŚŝƐĐůĂƵƐĞŝŶĂůůƐƵďͲƚŝĞƌ ĨĞĚĞƌĂůůLJĂƐƐŝƐƚĞĚĐŽŶƐƚƌƵĐƚŝŽŶĐŽŶƚƌĂĐƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ ĐŽŶƚƌĂĐƚƐĞdžĐĞĞĚŝŶŐΨϯ͕ϱϬϬĂŶĚŝŶǀŽůǀĞĚƌŝǀŝŶŐĂŵŽƚŽƌǀĞŚŝĐůĞŝŶ ƉƌŽĐĞĚƵƌĞƐĂƵƚŚŽƌŝnjĞĚŝŶ džĞĐƵƚŝǀĞKƌĚĞƌϭϭϮϰϲŽĨ^ĞƉƚĞŵďĞƌϮϰ͕ ƉĞƌĨŽƌŵĂŶĐĞŽĨǁŽƌŬĂĐƚŝǀŝƚŝĞƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞƉƌŽũĞĐƚ͘ ϭϵϲϱ͕ĂŶĚƐƵĐŚŽƚŚĞƌƐĂŶĐƚŝŽŶƐŵĂLJďĞŝŵƉŽƐĞĚĂŶĚƌĞŵĞĚŝĞƐ ŝŶǀŽŬĞĚĂƐƉƌŽǀŝĚĞĚŝŶ džĞĐƵƚŝǀĞKƌĚĞƌϭϭϮϰϲŽĨ^ĞƉƚĞŵďĞƌϮϰ͕ ϭϯ͘ E Z'zKE^ Zsd/KEZ Yh/Z D Ed^ ϭϵϲϱ͕ŽƌďLJƌƵůĞ͕ƌĞŐƵůĂƚŝŽŶ͕ŽƌŽƌĚĞƌŽĨƚŚĞ^ĞĐƌĞƚĂƌLJŽĨ>ĂďŽƌ͕ŽƌĂƐ ^KhZ Ϯ&ZΑϮϬϬ͕ƉƉĞŶĚŝdž//;,Ϳ ŽƚŚĞƌǁŝƐĞƉƌŽǀŝĚĞĚďLJůĂǁ͘ ŽŶƚƌĂĐƚŽƌĂŶĚ^ƵďĐŽŶƚƌĂĐƚŽƌĂŐƌĞĞƚŽĐŽŵƉůLJǁŝƚŚŵĂŶĚĂƚŽƌLJ ;ϳͿdŚĞĐŽŶƚƌĂĐƚŽƌǁŝůůŝŶĐůƵĚĞƚŚĞƉŽƌƚŝŽŶŽĨƚŚĞƐĞŶƚĞŶĐĞ ƐƚĂŶĚĂƌĚƐĂŶĚƉŽůŝĐŝĞƐƌĞůĂƚŝŶŐƚŽĞŶĞƌŐLJĞĨĨŝĐŝĞŶĐLJĂƐĐŽŶƚĂŝŶĞĚŝŶ ŝŵŵĞĚŝĂƚĞůLJƉƌĞĐĞĚŝŶŐƉĂƌĂŐƌĂƉŚ;ϭͿĂŶĚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨ ƚŚĞƐƚĂƚĞĞŶĞƌŐLJĐŽŶƐĞƌǀĂƚŝŽŶƉůĂŶŝƐƐƵĞĚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞ ƉĂƌĂŐƌĂƉŚƐ;ϭͿƚŚƌŽƵŐŚ;ϳͿŝŶĞǀĞƌLJƐƵďĐŽŶƚƌĂĐƚŽƌƉƵƌĐŚĂƐĞŽƌĚĞƌ ĞƚƐĞƋ ŶĞƌŐLJWŽůŝĐLJĂŶĚŽŶƐĞƌǀĂƚŝŽŶĐƚ;ϰϮh͘^͘͘ϲϮϬϭͿ͘ ƵŶůĞƐƐĞdžĞŵƉƚĞĚďLJƌƵůĞƐ͕ƌĞŐƵůĂƚŝŽŶƐ͕ŽƌŽƌĚĞƌƐŽĨƚŚĞ^ĞĐƌĞƚĂƌLJŽĨ >ĂďŽƌŝƐƐƵĞĚƉƵƌƐƵĂŶƚƚŽƐĞĐƚŝŽŶϮϬϰŽĨ džĞĐƵƚŝǀĞKƌĚĞƌϭϭϮϰϲŽĨ ϭϰ͘ Yh> DW>Kz D EdKWWKZdhE/dz; ͘ ͘K͘Ϳ ^ĞƉƚĞŵďĞƌϮϰ͕ϭϵϲϱ͕ƐŽƚŚĂƚƐƵĐŚƉƌŽǀŝƐŝŽŶƐǁŝůůďĞďŝŶĚŝŶŐƵƉŽŶ ^KhZ Ϯ&ZϮϬϬ͕ƉƉĞŶĚŝdž//;Ϳ͖ϰϭ&ZΑϲϬͲϭ͘ϰ͖ϰϭ&ZΑϲϬͲϰ͘ϯ͖ ĞĂĐŚƐƵďĐŽŶƚƌĂĐƚŽƌŽƌǀĞŶĚŽƌ͘dŚĞĐŽŶƚƌĂĐƚŽƌǁŝůůƚĂŬĞƐƵĐŚĂĐƚŝŽŶ džĞĐƵƚŝǀĞKƌĚĞƌϭϭϮϰϲ ǁŝƚŚƌĞƐƉĞĐƚƚŽĂŶLJƐƵďĐŽŶƚƌĂĐƚŽƌƉƵƌĐŚĂƐĞŽƌĚĞƌĂƐƚŚĞ ĂĚŵŝŶŝƐƚĞƌŝŶŐĂŐĞŶĐLJŵĂLJĚŝƌĞĐƚĂƐĂŵĞĂŶƐŽĨĞŶĨŽƌĐŝŶŐƐƵĐŚ dŚĞĞƋƵĂůŽƉƉŽƌƚƵŶŝƚLJĐŽŶƚƌĂĐƚĐůĂƵƐĞŵƵƐƚďĞŝŶĐůƵĚĞĚŝŶĂŶLJ ͗WƌŽǀŝĚĞĚ͕ ƉƌŽǀŝƐŝŽŶƐ͕ŝŶĐůƵĚŝŶŐƐĂŶĐƚŝŽŶƐĨŽƌŶŽŶĐŽŵƉůŝĂŶĐĞ ĐŽŶƚƌĂĐƚŽƌƐƵďĐŽŶƚƌĂĐƚǁŚĞŶƚŚĞĂŵŽƵŶƚĞdžĐĞĞĚƐΨϭϬ͕ϬϬϬ͘ ŚŽǁĞǀĞƌ ͕dŚĂƚŝŶƚŚĞĞǀĞŶƚĂĐŽŶƚƌĂĐƚŽƌďĞĐŽŵĞƐŝŶǀŽůǀĞĚŝŶ͕ŽƌŝƐ ƵƌŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ƚŚĞĐŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐĂƐ ƚŚƌĞĂƚĞŶĞĚǁŝƚŚ͕ůŝƚŝŐĂƚŝŽŶǁŝƚŚĂƐƵďĐŽŶƚƌĂĐƚŽƌŽƌǀĞŶĚŽƌĂƐĂƌĞƐƵůƚ ĨŽůůŽǁƐ͗ ŽĨƐƵĐŚĚŝƌĞĐƚŝŽŶďLJƚŚĞĂĚŵŝŶŝƐƚĞƌŝŶŐĂŐĞŶĐLJƚŚĞĐŽŶƚƌĂĐƚŽƌŵĂLJ ƌĞƋƵĞƐƚƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐƚŽĞŶƚĞƌŝŶƚŽƐƵĐŚůŝƚŝŐĂƚŝŽŶƚŽƉƌŽƚĞĐƚƚŚĞ ;ϭͿdŚĞĐŽŶƚƌĂĐƚŽƌǁŝůůŶŽƚĚŝƐĐƌŝŵŝŶĂƚĞĂŐĂŝŶƐƚĂŶLJĞŵƉůŽLJĞĞŽƌ ŝŶƚĞƌĞƐƚƐŽĨƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ͘ ĂƉƉůŝĐĂŶƚĨŽƌĞŵƉůŽLJŵĞŶƚďĞĐĂƵƐĞŽĨƌĂĐĞ͕ĐŽůŽƌ͕ƌĞůŝŐŝŽŶ͕ƐĞdž͕Žƌ ŶĂƚŝŽŶĂůŽƌŝŐŝŶ͘dŚĞĐŽŶƚƌĂĐƚŽƌǁŝůůƚĂŬĞĂĨĨŝƌŵĂƚŝǀĞĂĐƚŝŽŶƚŽĞŶƐƵƌĞ ϭϱ͘& Z>&/Z>KZ^dEZ^d;& Z>D/E/DhD ƚŚĂƚĂƉƉůŝĐĂŶƚƐĂƌĞĞŵƉůŽLJĞĚ͕ĂŶĚƚŚĂƚĞŵƉůŽLJĞĞƐĂƌĞƚƌĞĂƚĞĚ t' Ϳ ĚƵƌŝŶŐĞŵƉůŽLJŵĞŶƚǁŝƚŚŽƵƚƌĞŐĂƌĚƚŽƚŚĞŝƌƌĂĐĞ͕ĐŽůŽƌ͕ƌĞůŝŐŝŽŶ͕ƐĞdž͕ ^KhZ Ϯϵh͘^͘͘ΑϮϬϭ͕ĞƚƐĞƋ ƐĞdžƵĂůŽƌŝĞŶƚĂƚŝŽŶ͕ŐĞŶĚĞƌŝĚĞŶƚŝĨLJŽƌŶĂƚŝŽŶĂůŽƌŝŐŝŶ͘^ƵĐŚĂĐƚŝŽŶ 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ĞƐƚĂďůŝƐŚŵĞŶƚƐ͕ĂŶĚƚŚĂƚŝƚĚŽĞƐŶŽƚĂŶĚǁŝůůŶŽƚƉĞƌŵŝƚŝƚƐďͿ&ĂŝůƐƚŽŵĞĞƚƌĞĂƐŽŶĂďůĞĐŽŶƚƌĂĐƚƉĞƌĨŽƌŵĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐ͖Žƌ ĞŵƉůŽLJĞĞƐƚŽƉĞƌĨŽƌŵƚŚĞŝƌƐĞƌǀŝĐĞƐĂƚĂŶLJůŽĐĂƚŝŽŶƵŶĚĞƌŝƚƐĐŽŶƚƌŽů ĐͿ/ƐŽŶůLJĂǀĂŝůĂďůĞĂƚĂŶƵŶƌĞĂƐŽŶĂďůĞƉƌŝĐĞ͘ ǁŚĞƌĞƐĞŐƌĞŐĂƚĞĚĨĂĐŝůŝƚŝĞƐĂƌĞŵĂŝŶƚĂŝŶĞĚ͘dŚĞŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐ DĞĂĚΘ,ƵŶƚ͕/ŶĐ͘ WĂŐĞϴ ZĞƋƵŝƌĞĚŽŶƚĂĐƚWƌŽǀŝƐŝŽŶƐ DĂLJϯ͕ϮϬϭϲ /ƐƐƵĞĚŽŶ:ĂŶƵĂƌLJϮϵ͕ϮϬϭϲ ŚƚƚƉ͗ͬͬǁǁǁ͘ĨĂĂ͘ŐŽǀͬĂŝƌƉŽƌƚƐͬĂŝƉͬƉƌŽĐƵƌĞŵĞŶƚͬĨĞĚĞƌĂůͺĐŽŶƚƌĂĐƚͺƉƌŽǀŝƐŝŽŶƐ 3DFNHW3J 'D ϮϬ͘^ /^D/^& dzŶŽƚŝĐĞƚŽƚŚĞŽŶƚƌĂĐƚŽƌŝĨĂƚĂŶLJƚŝŵĞŝƚůĞĂƌŶƐƚŚĂƚŝƚƐĐĞƌƚŝĨŝĐĂƚŝŽŶ ǁĂƐĞƌƌŽŶĞŽƵƐďLJƌĞĂƐŽŶŽĨĐŚĂŶŐĞĚĐŝƌĐƵŵƐƚĂŶĐĞƐ͘ ^KhZ ϰϵ&ZƉĂƌƚϰϭ hŶůĞƐƐƚŚĞƌĞƐƚƌŝĐƚŝŽŶƐŽĨƚŚŝƐĐůĂƵƐĞĂƌĞǁĂŝǀĞĚďLJƚŚĞ^ĞĐƌĞƚĂƌLJŽĨ &ŽƌǁŽƌŬŝŶǀŽůǀŝŶŐĚĞƐŝŐŶŽƌĐŽŶƐƚƌƵĐƚŝŽŶŽĨŶĞǁďƵŝůĚŝŶŐƐŽƌ dƌĂŶƐƉŽƌƚĂƚŝŽŶŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚϰϵ&ZϯϬ͘ϭϳ͕ŶŽĐŽŶƚƌĂĐƚƐŚĂůůďĞ ƐƚƌƵĐƚƵƌĂůĂĚĚŝƚŝŽŶƚŽĞdžŝƐƚŝŶŐďƵŝůĚŝŶŐƐ͕ŝŶĐůƵĚŝŶŐĞůĞĐƚƌŝĐĂůǀĂƵůƚƐ͘ ĂǁĂƌĚĞĚƚŽĂŶKĨĨĞƌŽƌŽƌƐƵďĐŽŶƚƌĂĐƚŽƌ͗ ϮϬ͘ϭWƌŽĨĞƐƐŝŽŶĂů^ĞƌǀŝĐĞŐƌĞĞŵĞŶƚƐĨŽƌĞƐŝŐŶ ;ϭͿǁŚŽŝƐŽǁŶĞĚŽƌĐŽŶƚƌŽůůĞĚďLJŽŶĞŽƌŵŽƌĞĐŝƚŝnjĞŶƐŽƌŶĂƚŝŽŶĂůƐ ŽĨĂĨŽƌĞŝŐŶĐŽƵŶƚƌLJŝŶĐůƵĚĞĚŽŶƚŚĞůŝƐƚŽĨĐŽƵŶƚƌŝĞƐƚŚĂƚ /ŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨĚĞƐŝŐŶƐĞƌǀŝĐĞƐ͕ƚŚĞŽŶƐƵůƚĂŶƚĂŐƌĞĞƐƚŽ ĚŝƐĐƌŝŵŝŶĂƚĞĂŐĂŝŶƐƚh͘^͘ĨŝƌŵƐƉƵďůŝƐŚĞĚďLJƚŚĞh͘^͘d͘Z͘Žƌ ĨƵƌŶŝƐŚĂďƵŝůĚŝŶŐĚĞƐŝŐŶĂŶĚĂƐƐŽĐŝĂƚĞĚĐŽŶƐƚƌƵĐƚŝŽŶƐƉĞĐŝĨŝĐĂƚŝŽŶ ƚŚĂƚĐŽŶĨŽƌŵƚŽĂďƵŝůĚŝŶŐĐŽĚĞƐƚĂŶĚĂƌĚǁŚŝĐŚƉƌŽǀŝĚĞƐĂůĞǀĞůŽĨ ;ϮͿǁŚŽƐĞƐƵďĐŽŶƚƌĂĐƚŽƌƐĂƌĞŽǁŶĞĚŽƌĐŽŶƚƌŽůůĞĚďLJŽŶĞŽƌŵŽƌĞ ƐĞŝƐŵŝĐƐĂĨĞƚLJƐƵďƐƚĂŶƚŝĂůůLJĞƋƵŝǀĂůĞŶƚƚŽƐƚĂŶĚĂƌĚƐĂƐĞƐƚĂďůŝƐŚĞĚďLJ ĐŝƚŝnjĞŶƐŽƌŶĂƚŝŽŶĂůƐŽĨĂĨŽƌĞŝŐŶĐŽƵŶƚƌLJŽŶƐƵĐŚh͘^͘d͘Z͘ůŝƐƚŽƌ ƚŚĞEĂƚŝŽŶĂů ĂƌƚŚƋƵĂŬĞ,ĂnjĂƌĚƐZĞĚƵĐƚŝŽŶWƌŽŐƌĂŵ;E ,ZWͿ͘>ŽĐĂů ďƵŝůĚŝŶŐĐŽĚĞƐƚŚĂƚŵŽĚĞůƚŚĞŝƌďƵŝůĚŝŶŐĐŽĚĞĂĨƚĞƌƚŚĞĐƵƌƌĞŶƚ;ϯͿǁŚŽŝŶĐŽƌƉŽƌĂƚĞƐŝŶƚŚĞƉƵďůŝĐǁŽƌŬƐƉƌŽũĞĐƚĂŶLJƉƌŽĚƵĐƚŽĨĂ ǀĞƌƐŝŽŶŽĨƚŚĞ/ŶƚĞƌŶĂƚŝŽŶĂůƵŝůĚŝŶŐŽĚĞ;/ͿŵĞĞƚƚŚĞE ,ZWĨŽƌĞŝŐŶĐŽƵŶƚƌLJŽŶƐƵĐŚh͘^͘d͘Z͘ůŝƐƚ͖ ĞƋƵŝǀĂůĞŶĐLJůĞǀĞůĨŽƌƐĞŝƐŵŝĐƐĂĨĞƚLJ͘ƚƚŚĞĐŽŶĐůƵƐŝŽŶŽĨƚŚĞĚĞƐŝŐŶ EŽƚŚŝŶŐĐŽŶƚĂŝŶĞĚŝŶƚŚĞĨŽƌĞŐŽŝŶŐƐŚĂůůďĞĐŽŶƐƚƌƵĞĚƚŽƌĞƋƵŝƌĞ ƐĞƌǀŝĐĞƐ͕ƚŚĞŽŶƐƵůƚĂŶƚĂŐƌĞĞƐƚŽĨƵƌŶŝƐŚƚŚĞKǁŶĞƌĂ͞ĐĞƌƚŝĨŝĐĂƚŝŽŶ ĞƐƚĂďůŝƐŚŵĞŶƚŽĨĂƐLJƐƚĞŵŽĨƌĞĐŽƌĚƐŝŶŽƌĚĞƌƚŽƌĞŶĚĞƌ͕ŝŶŐŽŽĚ ŽĨĐŽŵƉůŝĂŶĐĞ͟ƚŚĂƚĂƚƚĞƐƚƐĐŽŶĨŽƌŵĂŶĐĞŽĨƚŚĞďƵŝůĚŝŶŐĚĞƐŝŐŶĂŶĚ ĨĂŝƚŚ͕ƚŚĞĐĞƌƚŝĨŝĐĂƚŝŽŶƌĞƋƵŝƌĞĚďLJƚŚŝƐƉƌŽǀŝƐŝŽŶ͘dŚĞŬŶŽǁůĞĚŐĞ ƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶƐƉĞĐŝĨŝĐĂƚŝŽŶƐǁŝƚŚƚŚĞƐĞŝƐŵŝĐƐƚĂŶĚĂƌĚƐŽĨE ,ZW ĂŶĚŝŶĨŽƌŵĂƚŝŽŶŽĨĂĐŽŶƚƌĂĐƚŽƌŝƐŶŽƚƌĞƋƵŝƌĞĚƚŽĞdžĐĞĞĚƚŚĂƚǁŚŝĐŚ ŽƌĂŶĞƋƵŝǀĂůĞŶƚďƵŝůĚŝŶŐĐŽĚĞ͘ ŝƐŶŽƌŵĂůůLJƉŽƐƐĞƐƐĞĚďLJĂƉƌƵĚĞŶƚƉĞƌƐŽŶŝŶƚŚĞŽƌĚŝŶĂƌLJĐŽƵƌƐĞŽĨ ϮϬ͘ϮŽŶƐƚƌƵĐƚŝŽŶŽŶƚƌĂĐƚƐďƵƐŝŶĞƐƐĚĞĂůŝŶŐƐ͘ dŚĞĐŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐƚŽĞŶƐƵƌĞƚŚĂƚĂůůǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐdŚĞKĨĨĞƌŽƌĂŐƌĞĞƐƚŚĂƚ͕ŝĨĂǁĂƌĚĞĚĂĐŽŶƚƌĂĐƚƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐ ĐŽŶƚƌĂĐƚ͕ŝŶĐůƵĚŝŶŐǁŽƌŬƉĞƌĨŽƌŵĞĚďLJƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ĐŽŶĨŽƌŵƐƚŽƐŽůŝĐŝƚĂƚŝŽŶ͕ŝƚǁŝůůŝŶĐŽƌƉŽƌĂƚĞƚŚŝƐƉƌŽǀŝƐŝŽŶĨŽƌĐĞƌƚŝĨŝĐĂƚŝŽŶǁŝƚŚŽƵƚ ĂďƵŝůĚŝŶŐĐŽĚĞƐƚĂŶĚĂƌĚƚŚĂƚƉƌŽǀŝĚĞƐĂůĞǀĞůŽĨƐĞŝƐŵŝĐƐĂĨĞƚLJŵŽĚŝĨŝĐĂƚŝŽŶŝŶŝŶĂůůůŽǁĞƌƚŝĞƌƐƵďĐŽŶƚƌĂĐƚƐ͘dŚĞĐŽŶƚƌĂĐƚŽƌŵĂLJ ƐƵďƐƚĂŶƚŝĂůůLJĞƋƵŝǀĂůĞŶƚƚŽƐƚĂŶĚĂƌĚƐĞƐƚĂďůŝƐŚĞĚďLJƚŚĞEĂƚŝŽŶĂůƌĞůLJŽŶƚŚĞĐĞƌƚŝĨŝĐĂƚŝŽŶŽĨĂƉƌŽƐƉĞĐƚŝǀĞƐƵďĐŽŶƚƌĂĐƚŽƌƚŚĂƚŝƚŝƐŶŽƚ ĂƌƚŚƋƵĂŬĞ,ĂnjĂƌĚƐZĞĚƵĐƚŝŽŶWƌŽŐƌĂŵ;E ,ZWͿ͘>ŽĐĂůďƵŝůĚŝŶŐĂĨŝƌŵĨƌŽŵĂĨŽƌĞŝŐŶĐŽƵŶƚƌLJŝŶĐůƵĚĞĚŽŶƚŚĞůŝƐƚŽĨĐŽƵŶƚƌŝĞƐƚŚĂƚ ĐŽĚĞƐƚŚĂƚŵŽĚĞůƚŚĞŝƌĐŽĚĞĂĨƚĞƌƚŚĞĐƵƌƌĞŶƚǀĞƌƐŝŽŶŽĨƚŚĞĚŝƐĐƌŝŵŝŶĂƚĞĂŐĂŝŶƐƚh͘^͘ĨŝƌŵƐĂƐƉƵďůŝƐŚĞĚďLJh͘^͘d͘Z͕ƵŶůĞƐƐƚŚĞ /ŶƚĞƌŶĂƚŝŽŶĂůƵŝůĚŝŶŐŽĚĞ;/ͿŵĞĞƚƚŚĞE ,ZWĞƋƵŝǀĂůĞŶĐLJůĞǀĞůKĨĨĞƌŽƌŚĂƐŬŶŽǁůĞĚŐĞƚŚĂƚƚŚĞĐĞƌƚŝĨŝĐĂƚŝŽŶŝƐĞƌƌŽŶĞŽƵƐ͘ ĨŽƌƐĞŝƐŵŝĐƐĂĨĞƚLJ͘ dŚŝƐĐĞƌƚŝĨŝĐĂƚŝŽŶŝƐĂŵĂƚĞƌŝĂůƌĞƉƌĞƐĞŶƚĂƚŝŽŶŽĨĨĂĐƚƵƉŽŶǁŚŝĐŚ ƌĞůŝĂŶĐĞǁĂƐƉůĂĐĞĚǁŚĞŶŵĂŬŝŶŐĂŶĂǁĂƌĚ͘/ĨŝƚŝƐůĂƚĞƌĚĞƚĞƌŵŝŶĞĚ Ϯϭ͘dZ Z ^dZ/d/KE Zd/&/d/KE ƚŚĂƚƚŚĞŽŶƚƌĂĐƚŽƌŽƌƐƵďĐŽŶƚƌĂĐƚŽƌŬŶŽǁŝŶŐůLJƌĞŶĚĞƌĞĚĂŶ ^KhZ ϰϵh^ΑϱϬϭϬϰ͖ϰϵ&ZƉĂƌƚϯϬ ĞƌƌŽŶĞŽƵƐĐĞƌƚŝĨŝĐĂƚŝŽŶ͕ƚŚĞ&ĞĚĞƌĂůǀŝĂƚŝŽŶĚŵŝŶŝƐƚƌĂƚŝŽŶŵĂLJ ĚŝƌĞĐƚƚŚƌŽƵŐŚƚŚĞKǁŶĞƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚĞĐŽŶƚƌĂĐƚŽƌƐƵďĐŽŶƚƌĂĐƚ dŚĞƚƌĂĚĞƌĞƐƚƌŝĐƚŝŽŶĐĞƌƚŝĨŝĐĂƚŝŽŶĂŶĚĐůĂƵƐĞĂƉƉůŝĞƐƚŽĂůů/W ĨŽƌĚĞĨĂƵůƚĂƚŶŽĐŽƐƚƚŽƚŚĞKǁŶĞƌŽƌƚŚĞ&͘ ĨƵŶĚĞĚƉƌŽũĞĐƚƐ͘ ϮϮ͘s d ZE͛^WZ & Z E LJƐƵďŵŝƐƐŝŽŶŽĨĂŶŽĨĨĞƌ͕ƚŚĞKĨĨĞƌŽƌĐĞƌƚŝĨŝĞƐƚŚĂƚǁŝƚŚƌĞƐƉĞĐƚƚŽ ^KhZ ϰϵh^ΑϰϳϭϭϮ;Ϳ ƚŚŝƐƐŽůŝĐŝƚĂƚŝŽŶĂŶĚĂŶLJƌĞƐƵůƚĂŶƚĐŽŶƚƌĂĐƚ͕ƚŚĞKĨĨĞƌŽƌͲ dŚŝƐƉƌŽǀŝƐŝŽŶĂƉƉůŝĞƐƚŽĂůů/WĨƵŶĚĞĚƉƌŽũĞĐƚƐƚŚĂƚŝŶǀŽůǀĞůĂďŽƌƚŽ Ă͘ŝƐŶŽƚŽǁŶĞĚŽƌĐŽŶƚƌŽůůĞĚďLJŽŶĞŽƌŵŽƌĞĐŝƚŝnjĞŶƐŽĨĂĨŽƌĞŝŐŶ ĐĂƌƌLJŽƵƚƚŚĞƉƌŽũĞĐƚ͘ ĐŽƵŶƚƌLJŝŶĐůƵĚĞĚŝŶƚŚĞůŝƐƚŽĨĐŽƵŶƚƌŝĞƐƚŚĂƚĚŝƐĐƌŝŵŝŶĂƚĞĂŐĂŝŶƐƚ h͘^͘ĨŝƌŵƐĂƐƉƵďůŝƐŚĞĚďLJƚŚĞKĨĨŝĐĞŽĨƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐdƌĂĚĞ /ŶƚŚĞĞŵƉůŽLJŵĞŶƚŽĨůĂďŽƌ;ĞdžĐůƵĚŝŶŐĞdžĞĐƵƚŝǀĞ͕ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ͕ ZĞƉƌĞƐĞŶƚĂƚŝǀĞ;h͘^͘d͘Z͘Ϳ͖ ĂŶĚƐƵƉĞƌǀŝƐŽƌLJƉŽƐŝƚŝŽŶƐͿ͕ƚŚĞĐŽŶƚƌĂĐƚŽƌĂŶĚĂůůƐƵďͲƚŝĞƌ ď͘ŚĂƐŶŽƚŬŶŽǁŝŶŐůLJĞŶƚĞƌĞĚŝŶƚŽĂŶLJĐŽŶƚƌĂĐƚŽƌƐƵďĐŽŶƚƌĂĐƚĨŽƌ ĐŽŶƚƌĂĐƚŽƌƐŵƵƐƚŐŝǀĞƉƌĞĨĞƌĞŶĐĞƚŽĐŽǀĞƌĞĚǀĞƚĞƌĂŶƐĂƐĚĞĨŝŶĞĚ ƚŚŝƐƉƌŽũĞĐƚǁŝƚŚĂƉĞƌƐŽŶƚŚĂƚŝƐĂĐŝƚŝnjĞŶŽƌŶĂƚŝŽŶĂůŽĨĂĨŽƌĞŝŐŶ ǁŝƚŚŝŶdŝƚůĞϰϵhŶŝƚĞĚ^ƚĂƚĞƐŽĚĞ^ĞĐƚŝŽŶϰϳϭϭϮ͘ŽǀĞƌĞĚǀĞƚĞƌĂŶƐ ĐŽƵŶƚƌLJŝŶĐůƵĚĞĚŽŶƚŚĞůŝƐƚŽĨĐŽƵŶƚƌŝĞƐƚŚĂƚĚŝƐĐƌŝŵŝŶĂƚĞĂŐĂŝŶƐƚ ŝŶĐůƵĚĞsŝĞƚŶĂŵͲĞƌĂǀĞƚĞƌĂŶƐ͕WĞƌƐŝĂŶ'ƵůĨǀĞƚĞƌĂŶƐ͕ĨŐŚĂŶŝƐƚĂŶͲ h͘^͘ĨŝƌŵƐĂƐƉƵďůŝƐŚĞĚďLJƚŚĞh͘^͘d͘Z͖ĂŶĚ /ƌĂƋǁĂƌǀĞƚĞƌĂŶƐ͕ĚŝƐĂďůĞĚǀĞƚĞƌĂŶƐ͕ĂŶĚƐŵĂůůďƵƐŝŶĞƐƐĐŽŶĐĞƌŶƐ Đ͘ŚĂƐŶŽƚĞŶƚĞƌĞĚŝŶƚŽĂŶLJƐƵďĐŽŶƚƌĂĐƚĨŽƌĂŶLJƉƌŽĚƵĐƚƚŽďĞƵƐĞĚ ;ĂƐĚĞĨŝŶĞĚďLJϭϱh͘^͘͘ϲϯϮͿŽǁŶĞĚĂŶĚĐŽŶƚƌŽůůĞĚďLJĚŝƐĂďůĞĚ ŽŶƚŚĞ&ĞĚĞƌĂůŽŶƚŚĞƉƌŽũĞĐƚƚŚĂƚŝƐƉƌŽĚƵĐĞĚŝŶĂĨŽƌĞŝŐŶĐŽƵŶƚƌLJ ǀĞƚĞƌĂŶƐ͘dŚŝƐƉƌĞĨĞƌĞŶĐĞŽŶůLJĂƉƉůŝĞƐǁŚĞŶƚŚĞƌĞĂƌĞĐŽǀĞƌĞĚ ŝŶĐůƵĚĞĚŽŶƚŚĞůŝƐƚŽĨĐŽƵŶƚƌŝĞƐƚŚĂƚĚŝƐĐƌŝŵŝŶĂƚĞĂŐĂŝŶƐƚh͘^͘ĨŝƌŵƐ 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