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ĂŶĚŝŶĚŝǀŝĚƵĂůƐĨƌŽŵƚŚĞĐŽŵŵƵŶŝƚǇŝŶǁĂǇƐƚŽĂůůŽǁƚŚĞŝƌ ǀŝƐŝŽŶƚŽďĞŚĞĂƌĚĂŶĚƐĞĞŶ͘ 3DFNHW3J ΀ϭ΁ 'E ͘^ƚĂƚĞŵĞŶƚŽĨWƌŽƉŽƐĂů DŚĂƐƐƵĐĐĞƐƐĨƵůůǇŝŵƉůĞŵĞŶƚĞĚĐŽŵŵƵŶŝƚǇĞŶŐĂŐĞŵĞŶƚ ĂƐĂƉƌŽĐĞƐƐƚŽƵŶĚĞƌƐƚĂŶĚƚŚĞǀŝƐŝŽŶĂŶĚŶĞĞĚƐŽĨƐƉĂĐĞƐ ŽŶĂŶƵŵďĞƌŽĨĐŽŵŵƵŶŝƚǇͲĚƌŝǀĞŶĂƌƚƐĂŶĚƉĞƌĨŽƌŵĂŶĐĞ ƉƌŽũĞĐƚƐ͘dŚĞƐĞĂƌĞƐŝŵŝůĂƌƚŽĂŶĂƉƉƌŽĂĐŚDĐŽƵůĚƵƐĞ ĨŽƌƚŚŝƐƉƌŽũĞĐƚ͘/ŶƚŚĞŝŶƐƚĂŶĐĞƐŽƵƚůŝŶĞĚďĞůŽǁ͕ƚŚĞĐŽŶĐĞƉƚ ǁĂƐŝŶŝƟĂƚĞĚďǇDďƵƚƚŚĞĞǆĂĐƚƉƌŽĐĞƐƐ͕ŝŶĐůƵĚŝŶŐŶƵŵďĞƌ ŽĨŝŶĚŝǀŝĚƵĂůƐĂŶĚĞǀĞŶƚƐŶĞĞĚĞĚƚŽŵĂŬĞĨŽƌĂƐƵĐĐĞƐƐĨƵů ĞŶŐĂŐĞŵĞŶƚƉƌŽĐĞƐƐ͕ǁĂƐĚĞƐŝŐŶĞĚďǇƚŚĞǁŚŽůĞƚĞĂŵ͕ ŝŶĐůƵĚŝŶŐƚŚĞŽǁŶĞƌŐƌŽƵƉ͘dǁŽĞǆĂŵƉůĞƐĨŽůůŽǁ͘ ƵƌŝŶŐŽƵƌƉůĂŶŶŝŶŐǁŽƌŬŽŶƚŚĞWĂƌĂŵŽƵŶƚdŚĞĂƚĞƌŝŶ ƵƐƟŶ͕DEǁĞƵƐĞĚĂŐƌŽƵƉŝŶƚĞƌǀŝĞǁƉƌŽĐĞƐƐƚŽŐĂƚŚĞƌ ŝŶĨŽƌŵĂƟŽŶ͘'ƌŽƵƉƐŽĨŝŶĚŝǀŝĚƵĂůƐĨƌŽŵƚŚĞĐŽŵŵƵŶŝƚǇ ǁĞƌĞŝĚĞŶƟĮĞĚďǇƚŚĞďŽĂƌĚĂŶĚŝŶǀŝƚĞĚƚŽƐŝƚǁŝƚŚƚŚĞ ĚĞƐŝŐŶƚĞĂŵŽŶƚŚĞƐƚĂŐĞƚŽĚŝƐĐƵƐƐƚŚĞŝƌĐŽŶĐĞƌŶƐĂŶĚ ŝƐƐƵĞƐƌĞůĂƚĞĚƚŽƚŚĞƵƐĞŽĨƚŚĞƚŚĞĂƚĞƌ͘^ŽŵĞŝŶĚŝǀŝĚƵĂůƐ ƌĞƋƵĞƐƚĞĚƉƌŝǀĂƚĞŝŶƚĞƌǀŝĞǁƐ͘KŶĐĞƚŚĞŝŶƚĞƌǀŝĞǁƐǁĞƌĞ ĐŽŵƉůĞƚĞ͕ĂƉƵďůŝĐŽƉĞŶĨŽƌƵŵǁĂƐŚĞůĚƚŽƐŚĂƌĞƚŚĞ ĮŶĚŝŶŐƐĂŶĚŽƵƚĐŽŵĞ͘dŚŝƐǁĂƐĂŐƌĞĂƚŽƉƉŽƌƚƵŶŝƚǇĨŽƌ ŵĂŶǇƚŽďĞŚĞĂƌĚĂŶĚƚŽƐĞĞŚŽǁƚŚĞŝƌŝŶƉƵƚŝŵƉĂĐƚĞĚ 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ŝŶŽďƚĂŝŶŝŶŐŚŝƐƚŽƌŝĐƚĂǆĐƌĞĚŝƚƐ͕ĨĂĐĂĚĞĞĂƐĞŵĞŶƚƐ͕ŐƌĂŶƚƐͲŽĨŽƵƌĐůŝĞŶƚƐ͘dŚĞĂƐŝĐ^ĞƌǀŝĐĞƐǁĞǁŝůůƉƌŽǀŝĚĞ͕ĂŶĚƚŚĞ ŝŶͲĂŝĚ͕ĂŶĚŽƚŚĞƌĮŶĂŶĐŝĂůŝŶĐĞŶƟǀĞƐĨŽƌŚŝƐƚŽƌŝĐďƵŝůĚŝŶŐƐ͘DdĞĂŵŵĞŵďĞƌƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞŵ͕ŝƐŽƵƚůŝŶĞĚďĞůŽǁ͘ tĞĐĂŶĂůƐŽĂƐƐŝƐƚŝŶŝĚĞŶƟĨǇŝŶŐ͞ŽŶŽƌKƉƉŽƌƚƵŶŝƟĞƐ͟ĨŽƌ ŝŶĚŝǀŝĚƵĂůƐ͕ĐŽƌƉŽƌĂƟŽŶƐ͕ĂŶĚͬŽƌĨŽƵŶĚĂƟŽŶƐĂŶĚĚĞǀĞůŽƉŝŶŐdŚĞDƐƚĂīŝŶĐůƵĚĞƐĂŶƵŵďĞƌŽĨŝŶĚŝǀŝĚƵĂůƐƚŚĂƚƐƉĞĐŝĂůŝǌĞ ƉƌĞƐĞŶƚĂƟŽŶƉĂĐŬĂŐĞƐƚŽŐŽǀĞƌŶŵĞŶƚĂůďŽŶĚŝŶŐĂƵƚŚŽƌŝƟĞƐ ŝŶƚŚĞƐƵĐĐĞƐƐĨƵůƌĞƵƐĞŽĨĞǆŝƐƟŶŐĂŶĚŚŝƐƚŽƌŝĐďƵŝůĚŝŶŐƐ ĂŶĚƉŚŝůĂŶƚŚƌŽƉŝĐĨƵŶĚŝŶŐƐŽƵƌĐĞƐ͘ŝŶĐůƵĚŝŶŐ͖ĂƌĐŚŝƚĞĐƚƐ͕ŝŶƚĞƌŝŽƌĚĞƐŝŐŶĞƌƐ͕ŽƵƌƵŝůĚŝŶŐŶǀĞůŽƉĞ 'ƌŽƵƉ͕ĂŶĚĐŽŶƐƚƌƵĐƟŽŶƐƉĞĐŝĂůŝƐƚƐ͘dŚĞƐĞŝŶĚŝǀŝĚƵĂůƐĂůƐŽ ŚĂǀĞĞǆƚĞŶƐŝǀĞĞǆƉĞƌŝĞŶĐĞŝŶƚŚĞĂƚƌĞƐ͕ŚĂǀŝŶŐĐŽŵƉůĞƚĞĚĂ ŶƵŵďĞƌŽĨĐŽŶĐĞƉƚƉůĂŶƐĂŶĚͬŽƌĐŽŵƉůĞƚĞĚƉƌŽũĞĐƚƐĨŽƌƚŚĞ ĨŽůůŽǁŝŶŐǀĞŶƵĞƐ͗ dŚĞŽǁůĞƐĞŶƚĞƌĨŽƌĂŶĐĞĂŶĚƚŚĞWĞƌĨŽƌŵŝŶŐƌƚƐ͖ DŝŶŶĞĂƉŽůŝƐ ĂƵůĂŝƌĞZĞŐŝŽŶĂůƌƚƐĞŶƚĞƌ͖ĂƵůĂŝƌĞ͕t/ ,ĂƌǀĞǇ,Ăůů͕ht^ƚŽƵƚ͖DĞŶŽŵŽŶŝĞ͕t/ ,ŝƐƚŽƌŝĐdŚĞĂƚƌĞ'ƌŽƵƉ;KƌƉŚĞƵŵ͕^ƚĂƚĞĂŶĚWĂŶƚĂŐĞƐ dŚĞĂƚƌĞƐͿ͖DŝŶŶĞĂƉŽůŝƐ DĂďĞůdĂŝŶƚĞƌDĞŵŽƌŝĂůdŚĞĂƚĞƌ͖DĞŶŽŵŽŶŝĞ͕t/ DĂƌŐŽůŝƐƌŽǁŶdŚĞĂƚĞƌ͖DŝŶŶĞĂƉŽůŝƐ͕DE WĂůĂĐĞdŚĞĂƚĞƌ͖>ƵǀĞƌŶĞ͕DE WĂƌĂŵŽƵŶƚdŚĞĂƚƌĞ͖ƵƐƟŶDE sŝĐƚŽƌŝĂdŚĞĂƚĞƌ͖^ĂŝŶƚWĂƵů ůůŽĨƚŚĞƐĞƉƌŽũĞĐƚƐůŽŽŬĞĚƚŽŽƉƟŵŝǌĞĂĚĂƉƟŽŶŽĨĞǆŝƐƟŶŐ ƐƉĂĐĞĨŽƌƉĞƌĨŽƌŵĂŶĐĞĂŶĚƐƵƉƉŽƌƚĨƵŶĐƟŽŶƐ͕ĂƐǁĞůůĂƐŚŽǁ ďĞƐƚƚŽĞǆƉĂŶĚ͕ŝĨŶĞĐĞƐƐĂƌǇ͕ƚŽŵĞĞƚƚŚĞƚŚĞĂƚĞƌƐ͛ĨƵŶĐƟŽŶĂů ƉƌŽŐƌĂŵƐ͕ĂůůƚŽĂƐƐƵƌĞƚŚĞŝƌǀŝĂďŝůŝƚǇǁŝƚŚŝŶƚŚĞĐŽŵŵƵŶŝƟĞƐ ƚŚĞǇƐĞƌǀĞ͘ 3DFNHW3J ΀ϰ΁ 'E ͘^ƚĂƚĞŵĞŶƚŽĨWƌŽƉŽƐĂů dĞĂŵ>ĞĂĚ͗DǁĂƐƚŚĞůĞĂĚĚĞƐŝŐŶĮƌŵĨŽƌƚŚĞƉƌŽũĞĐƚƐdŚĞĂƚƌĞWůĂŶŶŝŶŐ͗dŚĞĂƚƌĞƉůĂŶŶŝŶŐĂŶĚůŝŐŚƟŶŐƐĞƌǀŝĐĞƐĨŽƌ ůŝƐƚĞĚĂďŽǀĞ͘/ŶĂĚĚŝƟŽŶƚŽĞǆƉĞƌƟƐĞŝŶŚŝƐƚŽƌŝĐƚŚĞĂƚĞƌƐ͕ƚŚƌĞĞĂůůƉƌŽũĞĐƚƐŶŽƚĞĚĂďŽǀĞǁĞƌĞƉƌŽǀŝĚĞĚďǇ^ĐŚƵůĞƌ^ŚŽŽŬ;^^Ϳ͕ ŵĞŵďĞƌƐŽĨƚŚĞDdĞĂŵͲͲ:ŽŚŶDĞĐƵŵ͕ĞŶŝƚĂ>ĞŵŵŽŶDŝŶŶĞĂƉŽůŝƐ͘^ĐŚƵůĞƌ^ŚŽŽŬŚĂƐƐƵĐĐĞƐƐĨƵůůǇƚƌĂŶƐůĂƚĞĚĐůŝĞŶƚ ĂŶĚtŝŶĚǇ&ůĞŝƐĐŚĂŬĞƌͲͲĂůƐŽŚĂǀĞƉƌĞǀŝŽƵƐĞǆƉĞƌŝĞŶĐĞŶĞĞĚƐŝŶƚŽƐƵĐĐĞƐƐĨƵůƉĞƌĨŽƌŵŝŶŐĂƌƚƐƐƉĂĐĞƐǁŽƌůĚǁŝĚĞĨŽƌ ǁŝƚŚƚŚĞĂƚƌĞƚĞĐŚŶŝĐĂůĚŝƌĞĐƟŽŶ͕ŵĂŶĂŐĞŵĞŶƚ͕ƐĞƚĚĞƐŝŐŶ͕ŽǀĞƌϮϱǇĞĂƌƐ͘dŚĞǇŚĂǀĞƐƉĞĐŝĮĐĂůůǇďĞĞŶŝŶǀŽůǀĞĚŝŶŽƚŚĞƌ ĂŶĚŽƚŚĞƌĂƐƉĞĐƚƐŽĨŽƉĞƌĂƟŶŐĂƉĞƌĨŽƌŵĂŶĐĞǀĞŶƵĞ͘/ŶŶŽƚĂďůĞĞǆĂŵƉůĞƐƐŝŵŝůĂƌƚŽƚŚĞŚĂƚĞĂƵ͕ŝŶĐůƵĚŝŶŐ͗ ĂĚĚŝƟŽŶ͕ďŽƚŚWƌŽũĞĐƚWƌŝŶĐŝƉĂů͕:ŽŚŶDĞĐƵŵ͕ĂŶĚƐƐŽĐŝĂƚĞdŚĞ,ŽǁĂƌĚdŚĞĂƚƌĞŝŶtĂƐŚŝŶŐƚŽŶ͗ŶŚŝƐƚŽƌŝĐ WƌŝŶĐŝƉĂů͕ĞŶŝƚĂ>ĞŵŵŽŶ͕ŵĞĞƚƚŚĞEĂƟŽŶĂůWĂƌŬ^ĞƌǀŝĐĞ͛ƐǀĞŶƵĞƚŚĂƚǁĂƐƐŚƵƩĞƌĞĚĨŽƌŵĂŶǇǇĞĂƌƐ͘dŚƌŽƵŐŚƚŚĞ WƌŽĨĞƐƐŝŽŶĂůYƵĂůŝĮĐĂƟŽŶ^ƚĂŶĚĂƌĚ;ϯϲ&ZWĂƌƚϲϭͿĨŽƌƵƐĞƌŝŶƉƵƚĂŶĚĮŶĂŶĐŝĂůĨĞĂƐŝďŝůŝƚǇƉƌŽĐĞƐƐ͕ƚŚĞƌĞͲƵƐĞ ,ŝƐƚŽƌŝĐƌĐŚŝƚĞĐƚƵƌĞ͕ĂƐƉĂƌƚŽĨƚŚĞ^ĞĐƌĞƚĂƌǇŽĨƚŚĞ/ŶƚĞƌŝŽƌ͛ƐŽĨƚŚĞƚŚĞĂƚĞƌĐĞŶƚĞƌĞĚŽŶŵƵůƟͲƉƵƌƉŽƐĞĞǀĞŶƚƵƐĞƚŽ ^ƚĂŶĚĂƌĚƐĨŽƌƚŚĞdƌĞĂƚŵĞŶƚŽĨ,ŝƐƚŽƌŝĐWƌŽƉĞƌƟĞƐ͘dŚŝƐŵĞĞƚƐŝŶĐůƵĚĞĂůůŐĞŶƌĞƐŽĨŵƵƐŝĐ͕:ĞǀĞŶƚƐ͕ƉĂƌƟĞƐ͕ůĞĐƚƵƌĞƐ͕ ƚŚĞƌĞƋƵŝƌĞŵĞŶƚŽĨƚŚĞZ&W͘ĐŽŵĞĚŝĂŶƐ͕ƐŵĂůůƐĐĂůĞĚƌĂŵĂ͕ĂŶĚĐŽŵƉůĞƚĞŝŶͲŚŽƵƐĞ ĨŽŽĚƉƌĞƉĂƌĂƟŽŶĨŽƌĞǀĞŶƚƐ͕ĞƐƉĞĐŝĂůůǇ^ƵŶĚĂǇŵŽƌŶŝŶŐ 'ŽƐƉĞůƌƵŶĐŚ͘ƐƚŚĞďƵŝůĚŝŶŐĚŝĚŶŽƚŚĂǀĞĂůŽƚŽĨƌŽŽŵ ƚŽĞǆƉĂŶĚ͕ƚŚĞĂƌĞĂďĞůŽǁƚŚĞĂƵĚŝĞŶĐĞǁĂƐĞǆĐĂǀĂƚĞĚ ĂŶĚĂĨƵůůŬŝƚĐŚĞŶǁĂƐŝŶƐƚĂůůĞĚ͘ĚĚŝƟŽŶĂůƐƚŽƌĂŐĞĂŶĚ ƐƵƉƉŽƌƚƐƉĂĐĞƐǁĞƌĞĚĞǀĞůŽƉĞĚƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚĞ ĂŵďŝƟŽƵƐŇĞǆŝďŝůŝƚǇŽĨƚŚĞƐƉĂĐĞ͘ dŚĞ^ĂĞŶŐĞƌdŚĞĂƚƌĞŝŶEĞǁKƌůĞĂŶƐ͗&ůŽŽĚĞĚĚƵƌŝŶŐ ŚƵƌƌŝĐĂŶĞ<ĂƚƌŝŶĂ͕ƚŚŝƐƉƌĞĐŝŽƵƐĂƚŵŽƐƉŚĞƌŝĐƚŚĞĂƚĞƌ ǁĂƐƚŚĞŚĞĂƌƚŽĨƚŚĞEĞǁKƌůĞĂŶƐƚŚĞĂƚĞƌƉƌĞƐĞŶƚĂƟŽŶ ŵĂƌŬĞƚ͘ŶĞǆƚĞŶƐŝǀĞƌĞŶŽǀĂƟŽŶĂīŽƌĚĞĚŝŵƉƌŽǀĞĚ ƐŝŐŚƚůŝŶĞƐĂŶĚĂƵĚŝĞŶĐĞĂŵĞŶŝƟĞƐ͕ĂůůŶĞǁƚĞĐŚŶŝĐĂů ƐǇƐƚĞŵƐ͕ƐƚĂŐĞŚŽƵƐĞĂŶĚůŽĂĚŝŶŐĂƌĞĂƐĂŶĚƚŚĞ ƌĞŶŽǀĂƟŽŶŽĨƚŚĞĂƚŵŽƐƉŚĞƌŝĐĐĞŝůŝŶŐƚŚĂƚŝŶĐůƵĚĞƐĐůŽƵĚ ŵĂĐŚŝŶĞƐ͕>ƐƵŶƐĞƚƚŽŵŝĚŶŝŐŚƚďůƵĞůŝŐŚƟŶŐĂŶĚĮďĞƌ ŽƉƟĐƐƚĂƌƐƚŚĂƚƐŚŽǁƚŚĞĐŽŶƐƚĞůůĂƟŽŶƉĂƩĞƌŶĨƌŽŵƚŚĞ ƚŚĞĂƚĞƌ͛ƐŽƉĞŶŝŶŐŝŶϭϵϮϵ͘dŚĞƉƌŽũĞĐƚĂůƐŽŝŶĐůƵĚĞĚĂůůŽĨ ƚŚĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚƉŚǇƐŝĐĂůƐƉĂĐĞƚŽĞǀĞŶƚƵĂůůǇďƌŝŶŐ ďĂĐŬƚŚĞŵŝŐŚƚǇtƵƌůŝƚǌĞƌKƌŐĂŶ͘ ƌŝĂ͕DŝŶŶĞĂƉŽůŝƐ͗KƌŝŐŝŶĂůůǇƚŚĞůůŝĞĚsĂŶ>ŝŶĞƐ tĂƌĞŚŽƵƐĞ͕ƚŚŝƐŚŝƐƚŽƌŝĐďƵŝůĚŝŶŐǁĂƐĮƌƐƚĐŽŶǀĞƌƚĞĚ ŝŶƚŽƚŚĞdŚĞĂƚĞƌĚĞůĂ:ĞƵŶĞ>ƵŶĞĂŶĚƐĞƌǀĞĚƚŚĂƚŚŝŐŚůǇ ŝŶŶŽǀĂƟǀĞĂŶĚĐŽůůĂďŽƌĂƟǀĞƚŚĞĂƚĞƌĐŽŵƉĂŶǇĨŽƌϮϯ ǇĞĂƌƐ͘,ŽǁĞǀĞƌ͕ƚŚƌŽƵŐŚŽƵƚƚŚĂƚŚŝƐƚŽƌǇ͕ƚŚĞŇĞǆŝďůĞ ƐƉĂĐĞĂůƐŽĨƵŶĐƟŽŶĞĚĂƐĂŶĞǀĞŶƚǀĞŶƵĞĨŽƌƌĞĐĞƉƟŽŶƐ͕ ĐŽƌƉŽƌĂƚĞĞǀĞŶƚƐ͕ĞƚĐ͘/ƚŶŽǁƐĞƌǀĞƐƚŚĂƚƉƵƌƉŽƐĞĨƵůůͲ ƟŵĞ͕ŝůůƵƐƚƌĂƟŶŐŚŽǁĂƉƌŽƉĞƌůǇƉƌŽŐƌĂŵŵĞĚĂŶĚ ĚĞƐŝŐŶĞĚĨĂĐŝůŝƚǇĐĂŶďĞƵƐĞĚĨŽƌŵƵůƟƉůĞƉƵƌƉŽƐĞƐ͘ 3DFNHW3J ΀ϱ΁ 'E ͘^ƚĂƚĞŵĞŶƚŽĨWƌŽƉŽƐĂů DĂƌŬĞƚƐƐĞƐƐŵĞŶƚ͗/ŶƚĞŐƌĂůƚŽŽƵƌƐĞƌǀŝĐĞƐ͕D͛ƐƚĞĂŵDĞĐŚĂŶŝĐĂůĂŶĚůĞĐƚƌŝĐĂůƐƐĞƐƐŵĞŶƚ͗dŚĞŵĞĐŚĂŶŝĐĂůĂŶĚ ŝŶĐůƵĚĞƐtĞďďDĂŶĂŐĞŵĞŶƚ^ĞƌǀŝĐĞƐƚŽƉƌŽǀŝĚĞŝŶĨŽƌŵĂƟŽŶĞůĞĐƚƌŝĐĂůƐǇƐƚĞŵƐĨŽƌĂƚŚĞĂƚĞƌĂƌĞĞǆƚĞŶƐŝǀĞĂŶĚĐŽŵƉůĞǆ͕ 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ŽŵŵĞŶƚWĞƌŝŽĚ dĂƐŬ&ŽƌĐĞ ^ƚĞƉϰͲDĂƌŬĞƚŶĂůǇƐŝƐ /ŶĨŽƌŵĂƚŝŽŶ'ĂƚŚĞƌŝŶŐ DdĞĂŵ ŶĂůǇƐŝƐ DdĞĂŵ ƌĂĨƚZĞĐŽŵŵĞŶĚĂƚŝŽŶƐ DdĞĂŵ hƉĚĂƚĞƚŽdĂƐŬ&ŽƌĐĞ DhƉĚĂƚĞƚŽdĂƐŬ&ŽƌĐĞ ŽŵŵĞŶƚƉĞƌŝŽĚ dĂƐŬ&ŽƌĐĞ ^ƚĞƉϱͲWƵďůŝĐZĞǀĞĂů WƌĞƐĞŶƚĂƚŝŽŶƚŽdĂƐŬ&ŽƌĐĞ DdĞĂŵ WƌĞƐĞŶƚĂƚŝŽŶͲƵŐƵƐƚǀĞŶƚ ŽŵŵƵŶŝƚǇŶŐĂŐĞŵĞŶƚ &ŝŶĂůŽĐƵŵĞŶƚƐ EĞǆƚ^ƚĞƉƐͲŝƚǇŽĨZŽĐŚĞƐƚĞƌ 3DFNHW3J ΀ϵ΁ 'E ͘&ŝƌŵWƌŽĨŝůĞƐ dĞĂŵ,ŝƐƚŽƌǇΘǆƉĞƌƚŝƐĞ DŝůůĞƌƵŶǁŝĚĚŝĞƌĐŚŝƚĞĐƚƵƌĞ dĞĂŵ>ĞĂĚĞƌ͕ƌĐŚŝƚĞĐƚƵƌĞ͕,ŝƐƚŽƌŝĐĂůƌĐŚŝƚĞĐƚ͕/ŶƚĞƌŝŽƌƐ͕ƵŝůĚŝŶŐŶǀĞůŽƉĞ dŚĞŽǁůĞƐĞŶƚĞƌĨŽƌĂŶĐĞĂŶĚƚŚĞWĞƌĨŽƌŵŝŶŐƌƚƐ͖DŝŶŶĞĂƉŽůŝƐ͕DE ϱϬнǇĞĂƌƐŽĨĞǆƉĞƌŝĞŶĐĞ͘dŚŽƵƐĂŶĚƐŽĨƐƵĐĐĞƐƐĨƵůƉƌŽũĞĐƚƐ͘ ŽƵŶƚůĞƐƐŚĂƉƉǇĐůŝĞŶƚƐ ŽŶƚĂĐƚ DŝůůĞƌƵŶǁŝĚĚŝĞƌĐŚŝƚĞĐƚƵƌĞŝƐĂĨƵůůͲƐĞƌǀŝĐĞĂƌĐŚŝƚĞĐƚƵƌĞĮƌŵďĂƐĞĚŝŶ ϭϮϯEŽƌƚŚdŚŝƌĚ^ƚƌĞĞƚ͕^ƵŝƚĞϭϬϰDŝŶŶĞĂƉŽůŝƐ͕DE͘^ŝŶĐĞϭϵϲϯ͕DŝůůĞƌƵŶǁŝĚĚŝĞŚĂƐǁŽƌŬĞĚƚŽƐŚĂƉĞĂŶĚ DŝŶŶĞĂƉŽůŝƐ͕DEϱϱϰϬϭ ƉƌĞƐĞƌǀĞƚŚĞĞŶǀŝƌŽŶŵĞŶƚƚŚƌŽƵŐŚƌĞƐƉŽŶƐŝďůĞ͕ĐƌĞĂƟǀĞĚĞƐŝŐŶ͘KƵƌĐŽŵŵŝƚŵĞŶƚ ƚŽŝŵƉƌŽǀŝŶŐƚŚĞďƵŝůƚĞŶǀŝƌŽŶŵĞŶƚŚĂƐůĞĚƚŽƉĂƌƚŶĞƌƐŚŝƉƐǁŝƚŚĚŝǀĞƌƐĞĐůŝĞŶƚƐ ƉϲϭϮͲϯϯϳͲϬϬϬϬƚŚƌŽƵŐŚŽƵƚƚŚĞƌĞŐŝŽŶ͘ ĨϲϭϮͲϯϯϳͲϬϬϯϭ &ƌŽŵƉƌŽǀŝĚŝŶŐĚĞĐĂĚĞƐŽĨƐĞƌǀŝĐĞƚŽƚŚĞDĞƚƌŽƉŽůŝƚĂŶŝƌƉŽƌƚƐŽŵŵŝƐƐŝŽŶʹ ŝŶĨŽΛŵŝůůĞƌĚƵŶǁŝĚĚŝĞ͘ĐŽŵ ƚŽĐŽŵƉůĞƟŶŐŽǀĞƌϳϬϬŚŝƐƚŽƌŝĐƉƌĞƐĞƌǀĂƟŽŶƉƌŽũĞĐƚƐʹŽƵƌƌĂŶŐĞŽĨǁŽƌŬŝƐĂ ǁǁǁ͘ŵŝůůĞƌĚƵŶǁŝĚĚŝĞ͘ĐŽŵ ƚĞƐƚĂŵĞŶƚƚŽƚŚĞĮƌŵ͛ƐĐŽŵŵŝƚŵĞŶƚƚŽŝŵƉƌŽǀŝŶŐĂŶĚƉƌĞƐĞƌǀŝŶŐƚŚĞďƵŝůƚ ĞŶǀŝƌŽŶŵĞŶƚƚŚƌŽƵŐŚĞǆĐĞůůĞŶƚĚĞƐŝŐŶʹďŽƚŚŝŶŶĞǁĨĂĐŝůŝƟĞƐĂŶĚĞǆŝƐƟŶŐ ƐƚƌƵĐƚƵƌĞƐ͘ 3DFNHW3J ΀ϭϬ΁ 'E ͘&ŝƌŵWƌŽĨŝůĞƐ dĞĂŵ,ŝƐƚŽƌǇΘǆƉĞƌƚŝƐĞ DŝůůĞƌƵŶǁŝĚĚŝĞƌĐŚŝƚĞĐƚƵƌĞ dĞĂŵ>ĞĂĚĞƌ͕ƌĐŚŝƚĞĐƚƵƌĞ͕,ŝƐƚŽƌŝĐĂůƌĐŚŝƚĞĐƚ͕/ŶƚĞƌŝŽƌƐ͕ƵŝůĚŝŶŐŶǀĞůŽƉĞ DĂďĞůdĂŝŶƚĞƌDĞŵŽƌŝĂůdŚĞĂƚƌĞ͖DĞŶŽŵŽŶŝĞ͕t/ tĞĚŽŵŽƌĞƚŚĂƚǇŽƵŵĂǇƚŚŝŶŬ͕ĂŶĚŶĞǀĞƌůĞƐƐ tĞŽīĞƌĐůŝĞŶƚƐĂƉƌŽĨĞƐƐŝŽŶĂůƐƚĂīǁŝƚŚƚŚĞƐŬŝůůƐŶĞĐĞƐƐĂƌǇƚŽƐŽůǀĞƉƌŽďůĞŵƐ^ĞƌǀŝĐĞƐ ƚŚƌŽƵŐŚŝŶŶŽǀĂƟǀĞĚĞƐŝŐŶƐŽůƵƟŽŶƐ͘tĞĨŽĐƵƐŽŶŽƵƌĐůŝĞŶƚƐ͛ŽďũĞĐƟǀĞƐĂŶĚƌĐŚŝƚĞĐƚƵƌĞ ĐŽŶĐĞƌŶƐ͘tĞďĞůŝĞǀĞƚŚĂƚďǇĐĂƌĞĨƵůůǇůŝƐƚĞŶŝŶŐ͕ĂŶĚĐŽŶƟŶƵŝŶŐƚŽĞŵƉŚĂƐŝǌĞ/ŶƚĞƌŝŽƌĞƐŝŐŶ ĐŽŵŵƵŶŝĐĂƟŽŶǁŝƚŚƚŚĞĐůŝĞŶƚĂƐƚŚĞĚĞƐŝŐŶƉƌŽĐĞƐƐƉƌŽĐĞĞĚƐƚŚƌŽƵŐŚ,ŝƐƚŽƌŝĐWƌĞƐĞƌǀĂƟŽŶ ĐŽŶƐƚƌƵĐƟŽŶ͕ǁĞĐĂŶĞīĞĐƟǀĞůǇĚĞƐŝŐŶĂŶĚĐŽŶƐƚƌƵĐƚĂŶǇďƵŝůĚŝŶŐƚǇƉĞƚŽƐƵŝƚƵŝůĚŝŶŐŶǀĞůŽƉĞ ƚŚĞŶĞĞĚƐŽĨŽƵƌĐůŝĞŶƚƐ͘^ƵƐƚĂŝŶĂďůĞĞƐŝŐŶ KƵƌĂƌĐŚŝƚĞĐƚƐ͕ŝŶƚĞƌŝŽƌĚĞƐŝŐŶĞƌƐ͕ĂŶĚďƵŝůĚŝŶŐĞŶǀĞůŽƉĞƐƉĞĐŝĂůŝƐƚƐŽīĞƌĐůŝĞŶƚƐ ĐŽŵƉůĞƚĞƉůĂŶŶŝŶŐĂŶĚĚĞƐŝŐŶƐĞƌǀŝĐĞƐ͘ǀĞƌǇƉƌŽũĞĐƚŝƐĚŝīĞƌĞŶƚ͘tĞĨŽƌŵ ƚĞĂŵƐƚŽŵĞĞƚĐůŝĞŶƚƌĞƋƵŝƌĞŵĞŶƚƐ͘KƵƌĮƌŵŝƐƐŵĂůůĞŶŽƵŐŚƚŽĞŶƐƵƌĞƚŚĂƚĞĂĐŚ ƉƌŽũĞĐƚŝƐƵŶĚĞƌƚŚĞĚŝƌĞĐƚĐŽŶƚƌŽůŽĨĂĮƌŵWƌŝŶĐŝƉĂůĂŶĚǇĞƚůĂƌŐĞĞŶŽƵŐŚƚŽ ĂĐĐĞƐƐĂĚĚŝƟŽŶĂůƉĞƌƐŽŶŶĞůǁŚĞŶƐĐŚĞĚƵůĞĚŝĐƚĂƚĞƐ͘ 3DFNHW3J ΀ϭϭ΁ 'E ͘&ŝƌŵWƌŽĨŝůĞƐ dĞĂŵ,ŝƐƚŽƌǇΘǆƉĞƌƚŝƐĞ DŝůůĞƌƵŶǁŝĚĚŝĞƌĐŚŝƚĞĐƚƵƌĞ dĞĂŵ>ĞĂĚĞƌ͕ƌĐŚŝƚĞĐƚƵƌĞ͕,ŝƐƚŽƌŝĐĂůƌĐŚŝƚĞĐƚ͕/ŶƚĞƌŝŽƌƐ͕ƵŝůĚŝŶŐŶǀĞůŽƉĞ ŽǁůĞƐĞŶƚĞƌĨŽƌĂŶĐĞ ĂŶĚdŚĞWĞƌĨŽƌŵŝŶŐƌƚƐ͖ DŝŶŶĞĂƉŽůŝƐ͕DE >ĞŌ͗ ZĞŚĂďŝůŝƚĂƚĞĚΘƌĞŶĂŵĞĚ dŚĞ'ŽŽĚĂůĞdŚĞĂƚĞƌ ĞůŽǁ͗ ^ŚƵďĞƌƚdŚĞĂƚĞƌďĞĨŽƌĞ ƌĞŚĂďŝůŝƚĂƟŽŶ ,ŝƐƚŽƌŝĐWƌĞƐĞƌǀĂƚŝŽŶ ƉŝŽŶĞĞƌŝŶŚŝƐƚŽƌŝĐƉƌĞƐĞƌǀĂƟŽŶ͕DŝůůĞƌƵŶǁŝĚĚŝĞŚĂƐďĞĞŶŚĞůƉŝŶŐƉƌŽƚĞĐƚ ĂŶĚƌĞǀŝǀĞĂƌĐŚŝƚĞĐƚƵƌĂůƚƌĞĂƐƵƌĞƐƐŝŶĐĞϭϵϲϯ͘KǀĞƌƚŚĞƉĂƐƚϱϬнǇĞĂƌƐǁĞŚĂǀĞ ĐŽŵƉůĞƚĞĚŵŽƌĞƚŚĂŶϳϬϬƉƌĞƐĞƌǀĂƟŽŶƉƌŽũĞĐƚƐʹŝŶĐůƵĚŝŶŐŵĂŶǇEĂƟŽŶĂů,ŝƐƚŽƌŝĐ >ĂŶĚŵĂƌŬƐ͘KŶĞͲƚŚŝƌĚŽĨŽƵƌƐƚĂīŵĞĞƚƚŚĞEĂƟŽŶĂůWĂƌŬ^ĞƌǀŝĐĞ͛ƐWƌŽĨĞƐƐŝŽŶĂů YƵĂůŝĮĐĂƟŽŶ^ƚĂŶĚĂƌĚ;ϯϲ&ZWĂƌƚϲϭͿĨŽƌ,ŝƐƚŽƌŝĐƌĐŚŝƚĞĐƚƵƌĞĂƐƉĂƌƚŽĨƚŚĞ ^ĞĐƌĞƚĂƌǇŽĨƚŚĞ/ŶƚĞƌŝŽƌ͛Ɛ^ƚĂŶĚĂƌĚƐĨŽƌƚŚĞdƌĞĂƚŵĞŶƚŽĨ,ŝƐƚŽƌŝĐWƌŽƉĞƌƟĞƐ͘ dŚĞǆƉĞƌƚŝƐĞzŽƵEĞĞĚ KƵƌĞǆƉĞƌƟƐĞŝŶŚŝƐƚŽƌŝĐƉƌĞƐĞƌǀĂƟŽŶŝƐƌĞĐŽŐŶŝǌĞĚƚŚƌŽƵŐŚŽƵƚƚŚĞDŝĚǁĞƐƚ͘KƵƌ ǁŽƌŬŚĂƐƌĂŶŐĞĚĨƌŽŵƚŚĞƌĞƐƚŽƌĂƟŽŶŽĨĂƟŶǇǁŽŽĚĞŶĨĂƌŵŚŽƵƐĞ͖ƚŽƚŚĞŵĂƐƚĞƌ ƉůĂŶ͕ƌĞŚĂďŝůŝƚĂƟŽŶ͕ĂŶĚĐŽŶƐƚƌƵĐƟŽŶĨŽƌĂŶĞŶƟƌĞĐŝƚǇďůŽĐŬŝŶĂEĂƟŽŶĂůZĞŐŝƐƚĞƌ ,ŝƐƚŽƌŝĐŝƐƚƌŝĐƚ͘tĞƵŶĚĞƌƐƚĂŶĚƚŚĞƌĞƐĞĂƌĐŚĂŶĚĚŽĐƵŵĞŶƚĂƟŽŶĚĞŵĂŶĚƐĂƐ ǁĞůůĂƐƚŚĞĂƌĐŚŝƚĞĐƚƵƌĂůƐƵďƚůĞƟĞƐŝŶǀŽůǀĞĚŝŶŚŝƐƚŽƌŝĐďƵŝůĚŝŶŐƐ͘ ,ĞůƉǁŝƚŚ&ƵŶĚŝŶŐĂŶĚƉƉƌŽǀĂůƐ &ƵŶĚŝŶŐĂŶĚĂƉƉƌŽǀĂůƐĂƌĞĂĐƌŝƟĐĂůƉĂƌƚŽĨĂŶǇƉƌĞƐĞƌǀĂƟŽŶƉƌŽũĞĐƚ͘DƉƌŽǀŝĚĞƐ ĂĚǀŝĐĞĂŶĚĂƐƐŝƐƚĂŶĐĞĨŽƌŽďƚĂŝŶŝŶŐŚŝƐƚŽƌŝĐƚĂǆĐƌĞĚŝƚƐ͕ĨĂĐĂĚĞĞĂƐĞŵĞŶƚƐ͕ŐƌĂŶƚͲŝŶͲĂŝĚ͕ ZŝǀĞƌĨƌŽŶƚĞŶƚƌĞ͕ZĞĚtŝŶŐ͕DE ĂŶĚŽƚŚĞƌĮŶĂŶĐŝĂůŝŶĐĞŶƟǀĞƐĨŽƌŚŝƐƚŽƌŝĐďƵŝůĚŝŶŐƐ͘/ŶĂĚĚŝƟŽŶ͕ǁĞŚĂǀĞĂƚŚŽƌŽƵŐŚ ƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞĐŽĚĞƐĂŶĚƌĞŐƵůĂƟŽŶƐĨŽƌďƵŝůĚŝŶŐƐŽŶŚŝƐƚŽƌŝĐĂůƌĞŐŝƐƚƌŝĞƐ͘ 3DFNHW3J 'E ͘&ŝƌŵWƌŽĨŝůĞƐ dĞĂŵ,ŝƐƚŽƌǇΘǆƉĞƌƚŝƐĞ ^ĐŚƵůĞƌ^ŚŽŽŬ dŚĞĂƚĞƌWůĂŶŶŝŶŐ ^ĂĞŶŐĞƌdŚĞĂƚƌĞ͖EĞǁKƌůĞĂŶƐ͕> ^ĐŚƵůĞƌ^ŚŽŽŬŝƐĂƚŚĞĂƚƌĞĐŽŶƐƵůƟŶŐĂŶĚĂƌĐŚŝƚĞĐƚƵƌĂůůŝŐŚƟŶŐĚĞƐŝŐŶĮƌŵǁŝƚŚ ŽĸĐĞƐŝŶŚŝĐĂŐŽ͕DŝŶŶĞĂƉŽůŝƐ͕ĂůůĂƐ͕ĂŶĚDĞůďŽƵƌŶĞ͕ƵƐƚƌĂůŝĂ͘&ŽƵŶĚĞĚŝŶ ϭϵϴϲ͕ƚŚĞǇďĞůŝĞǀĞƐƚƌŽŶŐůǇƚŚĂƚĂŶŽƉĞŶĐŽůůĂďŽƌĂƟǀĞƉƌŽĐĞƐƐŝƐƚŚĞŬĞǇƚŽ ƐƵĐĐĞƐƐĨƵůĚĞƐŝŐŶ͘ 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ĐƵůƚƵƌĂůƉƌŽũĞĐƚƉůĂŶŶŝŶŐƐĞƌǀŝĐĞƐ͕ŚĂǀŝŶŐĐŽŵƉůĞƚĞĚŵŽƌĞƚŚĂŶϯϲϬĂƐƐŝŐŶŵĞŶƚƐ͘ KƵƌŵŝƐƐŝŽŶŝƐƚŽƐƵƉƉŽƌƚƉƌĞƐĞƌǀĂƟŽŶ͕ĚĞǀĞůŽƉŵĞŶƚ͕ĂŶĚĚĞůŝǀĞƌǇǁŝƚŚŝŶƚŚĞ ĂƌƚƐĂŶĚĐƵůƚƵƌĂůƐĞĐƚŽƌǁŝƚŚƐŽƵŶĚƉůĂŶŶŝŶŐĂŶĚƐĞƌǀŝĐĞƐƚŚĂƚůĞĂĚƚŽĐƵůƚƵƌĂů ĂŶĚĐŽŵŵƵŶŝƚǇĚĞǀĞůŽƉŵĞŶƚ͘tĞďĞůŝĞǀĞĂƌƚƐĂŶĚĐƵůƚƵƌĞƉůĂǇĂǀŝƚĂůƌŽůĞŝŶ ƐŚĂƉŝŶŐŽƵƌǁŽƌůĚ͘dŚƌŽƵŐŚĐŽŶƐƵůƟŶŐ͕ƚƌĂŝŶŝŶŐ͕ĂŶĚƌĞƐĞĂƌĐŚ͕ŽƵƌĮƌŵǁŽƌŬƐ ƚŽƐƚƌĞŶŐƚŚĞŶƚŚĞŵĂŶĂŐĞŵĞŶƚĂŶĚƉůĂŶŶŝŶŐƐŬŝůůƐŽĨƚŚĞĚĞĐŝƐŝŽŶͲŵĂŬĞƌƐǁŚŽ &ĞĂƐŝďŝůŝƚǇWůĂŶŶŝŶŐĨŽƌDƵůƟͲĂƌƚƐĂŵƉƵƐ͖<ĞĞŶĞ͕E, ĐƌĞĂƚĞĂŶĚƐƵƐƚĂŝŶĚŝǀĞƌƐĞĂƌƚƐĂŶĚĞŶƚĞƌƚĂŝŶŵĞŶƚĞŶƟƟĞƐĂŶĚĐŽŵŵƵŶŝƟĞƐ͘ ͘D͘^ƚƌƵĐƚƵƌĂůŶŐŝŶĞĞƌŝŶŐ ^ƚƌƵĐƚƵƌĂůƐƐĞƐƐŵĞŶƚ ͘D͘^ƚƌƵĐƚƵƌĂůŶŐŝŶĞĞƌŝŶŐǁĂƐĨŽƵŶĚĞĚŝŶϮϬϬϮďǇĂǀĞtĂŐŶĞƌĂŶĚƉƌŽǀŝĚĞƐ ĨƵůůƐƚƌƵĐƚƵƌĂůĞŶŐŝŶĞĞƌŝŶŐƐĞƌǀŝĐĞƐ͘dŚĞƐĞƐĞƌǀŝĐĞƐŝŶĐůƵĚĞĨĞĂƐŝďŝůŝƚǇƐƚƵĚŝĞƐ͕ ŝŶǀĞƐƟŐĂƟŽŶ͕ƐĐŚĞŵĂƟĐĚĞƐŝŐŶ͕ĚĞƐŝŐŶĚĞǀĞůŽƉŵĞŶƚ͕ĐŽŶƐƚƌƵĐƟŽŶĚŽĐƵŵĞŶƚ ƉƌĞƉĂƌĂƟŽŶ͕ĂŶĚĐŽŶƐƚƌƵĐƟŽŶĂĚŵŝŶŝƐƚƌĂƟŽŶ͘dŚĞĮƌŵŚĂƐďĞĞŶĞŶŐŝŶĞĞƌͲŽĨͲ ƌĞĐŽƌĚŽŶŚƵŶĚƌĞĚƐŽĨƉƌŽũĞĐƚƐƌĂŶŐŝŶŐĨƌŽŵƌĞƐŝĚĞŶƟĂůĚĞĐŬĂĚĚŝƟŽŶƐƚŽĂϭϬ ƐƚŽƌǇƉŽƐƚͲƚĞŶƐŝŽŶĞĚĐŽŶĐƌĞƚĞĐŽŶĚŽŵŝŶŝƵŵŝŶƚŚĞŚŝƐƚŽƌŝĐDŝŶŶĞĂƉŽůŝƐŵŝůů ,ĂƌǀĞǇ,Ăůů͕ht^ƚŽƵƚ͖DĞŶŽŵŽŶŝĞ͕t/ ĚŝƐƚƌŝĐƚ͘ DŝĐŚĂƵĚŽŽůĞǇƌŝĐŬƐŽŶ DĞĐŚĂŶŝĐĂůΘůĞĐƚƌŝĐĂůƐƐĞƐƐŵĞŶƚ &ŽƌŽǀĞƌϲϱǇĞĂƌƐDŝĐŚĂƵĚŽŽůĞǇƌŝĐŬƐŽŶŚĂƐďĞĞŶƉƌŽǀŝĚŝŶŐƚŚĞƉĞƌƐŽŶĂůŝǌĞĚ ƐĞƌǀŝĐĞǁŚŝĐŚƐƵĐĐĞƐƐĨƵů͕ůŽŶŐͲƚĞƌŵĐůŝĞŶƚƌĞůĂƟŽŶƐŚŝƉƐĂƌĞƉƌĞĚŝĐĂƚĞĚƵƉŽŶ͘^ŝŶĐĞ ŽƉĞŶŝŶŐƚŚĞŝƌĚŽŽƌƐŝŶϭϵϰϲƚŚĞŝƌƚĞĂŵŽĨŵĞĐŚĂŶŝĐĂůĂŶĚĞůĞĐƚƌŝĐĂůĞŶŐŝŶĞĞƌƐ ŚĂƐŐƌŽǁŶƚŽϭϮϴ͘DŚĂƐďĞĐŽŵĞŽŶĞŽĨƚŚĞůĂƌŐĞƐƚŵĞĐŚĂŶŝĐĂůĂŶĚĞůĞĐƚƌŝĐĂů ĐŽŶƐƵůƟŶŐĞŶŐŝŶĞĞƌŝŶŐĮƌŵƐŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐǁŝƚŚůŝĐĞŶƐŝŶŐŝŶĂůůϱϬƐƚĂƚĞƐ͘ DŝĐŚĂƵĚŽŽůĞǇƌŝĐŬƐŽŶ͛ƐƐĞƌǀŝĐĞƐŝŶĐůƵĚĞĚĞƐŝŐŶŝŶŐŵĞĐŚĂŶŝĐĂů͕ĞůĞĐƚƌŝĐĂů͕ ůŝŐŚƟŶŐ͕ĮƌĞƉƌŽƚĞĐƟŽŶ͕ƐĞĐƵƌŝƚǇ͕ƐƉĞĐŝĂůƐǇƐƚĞŵƐĂŶĚĞŶĞƌŐǇŵĂŶĂŐĞŵĞŶƚ :ĂŶĞƚtĂůůĂĐĞ&ŝŶĞƌƚƐĞŶƚĞƌ͖^ƚ͘WĂƵů͕DE ĞŶŐŝŶĞĞƌŝŶŐƐŽůƵƟŽŶƐĨŽƌĐůŝĞŶƚƐ͕ĂƐǁĞůůĂƐƉƌŽǀŝĚŝŶŐĐŽŵŵŝƐƐŝŽŶŝŶŐĂŶĚĨĂĐŝůŝƟĞƐ ŵĂŶĂŐĞŵĞŶƚƐĞƌǀŝĐĞƐƚŽĨĂĐŝůŝƚĂƚĞĞĸĐŝĞŶƚŽƉĞƌĂƟŽŶŽĨƐǇƐƚĞŵƐ͘ 3DFNHW3J ΀ϭϰ΁ 'E ͘&ŝƌŵWƌŽĨŝůĞƐ dĞĂŵ,ŝƐƚŽƌǇΘǆƉĞƌƚŝƐĞ ĐŽƵƐƟĐŝƐƟŶĐƟŽŶƐ ĐŽƵƐƚŝĐĂŶĚs^ǇƐƚĞŵƐƐĞƐƐŵĞŶƚ ĐŽƵƐƟĐŝƐƟŶĐƟŽŶƐ;ͿŝƐĂh͘^͘ͲďĂƐĞĚĂĐŽƵƐƟĐƐĂŶĚsƐǇƐƚĞŵƐƉĞĐŝĂůƚǇ ĐŽŶƐƵůƟŶŐĮƌŵƚŚĂƚǁŽƌŬƐŝŶďƵŝůƚĞŶǀŝƌŽŶŵĞŶƚƐ͘ƐĂŶŝŶƚĞŐƌĂƚĞĚĚĞƐŝŐŶ ƉĂƌƚŶĞƌǁŽƌŬŝŶŐǁŝƚŚŽǁŶĞƌƐ͕ĂƌĐŚŝƚĞĐƚƐ͕ĞŶŐŝŶĞĞƌƐĂŶĚĐŽŶƚƌĂĐƚŽƌƐ͕ƉƌŽǀŝĚĞƐ ĞǆƉĞƌƟƐĞĐĞŶƚĞƌĞĚŽŶĞŶĂďůŝŶŐƐƉĂĐĞƐƚŽĞŶŚĂŶĐĞƚŚĞĞŶĚͲƵƐĞƌĞǆƉĞƌŝĞŶĐĞ͘ ͛ƐŝŶƐŝŐŚƚƐŚĂǀĞďĞĞŶŐĂŝŶĞĚƚŚƌŽƵŐŚŵŽƌĞƚŚĂŶƚǁŽĚĞĐĂĚĞƐŽĨĐŽůůĂďŽƌĂƟŽŶ ŽŶĂĚŝǀĞƌƐĞƉŽƌƞŽůŝŽŽĨƉƌŽũĞĐƚƐŽĨĚŝƐƟŶĐƟŽŶ͘&ƌŽŵĂƌƚƐ͕ŵĞĚŝĂ͕ĐŽƌƉŽƌĂƚĞ͕ ŐŽǀĞƌŶŵĞŶƚ͕ǁŽƌƐŚŝƉ͕ĞĚƵĐĂƟŽŶĂŶĚŵŝǆĞĚͲƵƐĞ͕ƐƚƌŝǀĞƐĨŽƌĞǆĐĞůůĞŶĐĞŝŶ >ŝŶĐŽůŶdŚĞĂƚƌĞ͖ŽůƵŵďƵƐ͕K, ŚĞůƉŝŶŐďƌŝŶŐĚĞƐŝŐŶŝŶŚĂƌŵŽŶǇ͘ DĐ'ŽƵŐŚŽŶƐƚƌƵĐƚŝŽŶ ŽƐƚDŽĚĞů /ŶĐŽƌƉŽƌĂƚĞĚŝŶϭϵϱϲ͕DĐ'ŽƵŐŚŝƐŽŶĞŽĨƚŚĞhƉƉĞƌDŝĚǁĞƐƚ͛ƐƉƌĞŵŝĞƌ ĐŽŶƐƚƌƵĐƟŽŶĮƌŵƐŽīĞƌŝŶŐĨƵůůͲƐĞƌŝǀĐĞĐŽŶƐƚƌƵĐƟŽŶĐĂƉĂďŝůŝƟĞƐ͘DĐ'ŽƵŐŚ͛Ɛ ƉƌŽƉƌŝĞƚĂƌǇĚĂƚĂďĂƐĞ͕ĂƉƌŽĚƵĐƚŽĨŶĞĂƌůǇϲϬͲǇĞĂƌƐŽĨĞǆƉĞƌŝĞŶĐĞ͕ĨĂĐŝůŝƚĂƚĞƐ ĂĐĐƵƌĂƚĞďƵĚŐĞƚĂƌǇĞƐƟŵĂƚĞƐĞƐƚĂďůŝƐŚĞĚĚƵƌŝŶŐƉƌĞĐŽŶƐƚƌƵĐƟŽŶ͘dŚĞǇƉĞƌĨŽƌŵ ĂůůŽĨŽƵƌĞƐƟŵĂƚĞƐŝŶͲŚŽƵƐĞ͕ƵƟůŝǌŝŶŐŽƵƌŝŶƚĞƌŶĂůƐǇƐƚĞŵŽĨŚŝƐƚŽƌŝĐĂůĐŽƐƚĚĂƚĂ ĂŶĚŝŶƉƵƚĨƌŽŵƉƌŽƐƉĞĐƟǀĞƐƵďĐŽŶƚƌĂĐƚŽƌƐ͘ KƌĚǁĂǇĞŶƚĞƌ͖^ƚ͘WĂƵů͕DE ,ĞƐƐZŽŝƐĞĂŶĚŽŵƉĂŶǇ ,ŝƐƚŽƌŝĐƐƐĞƐƐŵĞŶƚ tŝƚŚƉĂƌƟĐƵůĂƌĞǆƉĞƌƟƐĞŝŶĂƌĐŚŝƚĞĐƚƵƌĂůŚŝƐƚŽƌǇ͕ƐŽĐŝĂůĂŶĚŝŶƚĞůůĞĐƚƵĂůŚŝƐƚŽƌǇ͕ ĂŶĚƚŚĞŚŝƐƚŽƌǇŽĨƚĞĐŚŶŽůŽŐǇ͕,ĞƐƐZŽŝƐĞŚĂƐĐŽŵƉůĞƚĞĚŵƵůƟƉůĞƉƌŽũĞĐƚƐĨŽƌ ƉƵďůŝĐĂŶĚƉƌŝǀĂƚĞĐůŝĞŶƚƐĂƌŽƵŶĚƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐƐŝŶĐĞϭϵϵϬ͘dŚĞǇŚĂǀĞĂŶ ĞǆƚĞŶƐŝǀĞŝŶͲŚŽƵƐĞƌĞĨĞƌĞŶĐĞůŝďƌĂƌǇĂŶĚĂƌĞŝŶĐůŽƐĞƉƌŽǆŝŵŝƚǇƚŽĂĐĂĚĞŵŝĐ͕ ƉƵďůŝĐ͕ĂŶĚƉƌŝǀĂƚĞůŝďƌĂƌŝĞƐĂŶĚĂƌĐŚŝǀĞƐ͘dŚĞƐĞƌĞƐŽƵƌĐĞƐĂůůŽǁƵƐƚŽĐŽŶĚƵĐƚ ƌĞƐĞĂƌĐŚĞĸĐŝĞŶƚůǇĂŶĚĞīĞĐƟǀĞůǇ͘dŚĞĮƌŵŚĂƐĚĞĚŝĐĂƚĞĚƐƚĂīŝŶĐůƵĚĞƐ ŚŝƐƚŽƌŝĂŶƐ͕ĂƌĐŚŝƚĞĐƚƵƌĂůŚŝƐƚŽƌŝĂŶƐ͕ĂŶĚƌĞƐĞĂƌĐŚĞƌƐ͘,ĞƐƐZŽŝƐĞƋƵĂůŝĮĞƐĂƐĂ DĂďĞůdĂŝŶƚĞƌDĞŵŽƌŝĂůdŚĞĂƚĞƌ͖DĞŶŽŵŽŶŝĞ͕t/ ǁŽŵĂŶͲŽǁŶĞĚďƵƐŝŶĞƐƐĂŶĚŝƐĐĞƌƟĮĞĚďǇĂŶƵŵďĞƌŽĨŐŽǀĞƌŶŵĞŶƚĂŐĞŶĐŝĞƐ͘ :>tĞŝůĞƌ͕/ŶĐ͘ WŝƉĞKƌŐĂŶŶĂůǇƐŝƐ :>tĞŝůĞƌ͕/ŶĐ͘ŚĂƐďĞĞŶĞŶŐĂŐĞĚŝŶƉŝƉĞŽƌŐĂŶƌĞƐƚŽƌĂƟŽŶ͕ŵĂŝŶƚĞŶĂŶĐĞ͕ǀŽŝĐŝŶŐ͕ ĂŶĚƚŽŶĂůĮŶŝƐŚŝŶŐƐŝŶĐĞϭϵϴϯ͘dŚĞǇŚĂǀĞďĞĐŽŵĞĂǁĞůůͲĞƐƚĂďůŝƐŚĞĚĂŶĚŚŝŐŚůǇ ƌĞƐƉĞĐƚĞĚƉŝƉĞŽƌŐĂŶƌĞƐƚŽƌĂƟŽŶƐƉĞĐŝĂůŝƐƚǁŝƚŚĐůŝĞŶƚƐĂƌŽƵŶĚƚŚĞǁŽƌůĚ͘tŝƚŚ ĂƐƚĂīŽĨϭϱĂƌƟƐĂŶƐ͕ŽƵƌǁŽƌŬƐŚŽƉŽīĞƌƐŽƌŐĂŶƌĞƐƚŽƌĂƟŽŶ͕ƚĞĐŚŶŝĐĂů͕ǀŽŝĐŝŶŐ ĂŶĚƚƵŶŝŶŐƐĞƌǀŝĐĞƐ͕ĐŽŶƐƵůƟŶŐ͕ĂŶĚŽƌŐĂŶƌĞůŽĐĂƟŽŶĨŽƌĐŚƵƌĐŚĞƐ͕ĐŽŶĐĞƌƚŚĂůůƐ͕ ĂĐĂĚĞŵŝĐŝŶƐƟƚƵƟŽŶƐ͕ƚŚĞĂƚƌĞƐĂŶĚŚŽŵĞƐ͘:>tĞŝůĞƌŝƐ͕ĂƚƉƌĞƐĞŶƚ͕ƚŚĞůĂƌŐĞƐƚ ƐƉĞĐŝĂůƚǇƉŝƉĞŽƌŐĂŶƌĞƐƚŽƌĂƟŽŶĮƌŵŝŶƚŚĞh^ǁŝƚŚƉƌŽũĞĐƚƐƐƉĂŶŶŝŶŐƚŚĞŐůŽďĞ͘ ^ƚ͘DĂƌŬ͛Ɛ>ƵƚŚĞƌĂŶŚƵƌĐŚ͕^ŬŝŶŶĞƌKƉƵƐϲϵϱ͖DĂƌŝŽŶ͕/ 3DFNHW3J 'E ͘&ŝƌŵWƌŽĨŝůĞƐ WƌŽũĞĐƚǆƉĞƌŝĞŶĐĞ 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dŚĞĐŽŶĐĞƉƚĚĞƐŝŐŶƐĞǆƉůŽƌĞĚƚŚĞƚǇƉŝĐĂůƉƌŽŐƌĂŵƉůƵƐĂƉŽƐƐŝďůĞĂĚĚŝƟŽŶŽƌ ƵƐĞŽĨĞǆŝƐƟŶŐďƵŝůĚŝŶŐƐƚŽƚŚĞĞĂƐƚĨŽƌĞǆƉĂŶĚĞĚĐŽŵŵƵŶŝƚǇƉƌŽŐƌĂŵŵŝŶŐ͕ ĞǀĞŶƚĂŶĚĐĂƚĞƌŝŶŐƐƉĂĐĞ͘ 3DFNHW3J 'E ͘&ŝƌŵWƌŽĨŝůĞƐ WƌŽũĞĐƚǆƉĞƌŝĞŶĐĞ ŽŶĐĞƉƚĞƐŝŐŶ 3DFNHW3J 'E ͘&ŝƌŵWƌŽĨŝůĞƐ WƌŽũĞĐƚǆƉĞƌŝĞŶĐĞ DĂďĞůdĂŝŶƚĞƌĞŶƚĞƌĨŽƌƚŚĞƌƚƐ DĞŶŽŵŽŶŝĞ͕t/ DŝůůĞƌƵŶǁŝĚĚŝĞƌĐŚŝƚĞĐƚƵƌĞ͕^ĐŚƵůĞƌ^ŚŽŽŬ͕,ĞƐƐZŽŝƐĞ͕͘D͘^ƚƌƵĐƚƵƌĂůŶŐŝŶĞĞƌŝŶŐ ŽŶƚĂĐƚͬZĞĨĞƌĞŶĐĞ dŚĞĂĚĚŝƟŽŶĂŶĚƌĞŶŽǀĂƟŽŶƉƌŽũĞĐƚĨŽƌƚŚĞDĂďĞůdĂŝŶƚĞƌdŚĞĂƚƌĞďĞŐĂŶǁŝƚŚ ŵǇZǇĚďĞƌŐZĞŝƐĞĂŶĞǆƚĞŶƐŝǀĞ,ŝƐƚŽƌŝĐ^ƚƌƵĐƚƵƌĞƐZĞƉŽƌƚ;,^ZͿďǇDǁŚŝĐŚůĞĚƚŽĂƌĞũƵǀĞŶĂƚĞĚ ;ĨŽƌŵĞƌǆĞĐƵƟǀĞŝƌĞĐƚŽƌͿϭϴϵϬďƵŝůĚŝŶŐŽĨŚŝƐƚŽƌŝĐŐƌĂĐĞĂŶĚŝŶƚĞŐƌŝƚǇ͘dŚĞϯϯϬƉĂŐĞ,^ZǁĂƐƉĂƌƟĂůůǇ ϳϭϱͲϯϬϴͲϮϴϯϮĨƵŶĚĞĚďǇĂ:ĞīƌŝƐ&ĂŵŝůǇ&ŽƵŶĚĂƟŽŶ'ƌĂŶƚ͘ ĂŵǇƌĞŝƐĞΛŐŵĂŝů͘ĐŽŵ DŝůůĞƌƵŶǁŝĚĚŝĞ͛ƐĚĞƐŝŐŶƌĞƐƉŽŶĚĞĚƚŽƚŚĞĐŚĂůůĞŶŐĞƐƉŽƐĞĚďǇƌĞƐƚŽƌŝŶŐ ĂĐŽŵŵƵŶŝƚǇůĂŶĚŵĂƌŬǁŚŝůĞŵĞĞƟŶŐƚŚĞŶĞĞĚƐŽĨĂŵŽĚĞƌŶƚŚĞĂƚĞƌ͘dŚĞ ŽŵƉůĞƚĞĚ ĂĚĚŝƟŽŶƉƌŽǀŝĚĞĚŶƵŵĞƌŽƵƐĮƌĞͬůŝĨĞƐĂĨĞƚǇŝŵƉƌŽǀĞŵĞŶƚƐ͕ĂĐĐĞƐƐŝďŝůŝƚǇƵƉĚĂƚĞƐ͕ ϮϬϬϳ ĂŶĚŵŽĚĞƌŶŝǌĞĚďƵŝůĚŝŶŐƐǇƐƚĞŵƐ͕ŝŶĐůƵĚŝŶŐĐŽŵƉůĞƚĞůǇŶĞǁ,sƐǇƐƚĞŵƐ 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ƌƚƐ/ŶŝƟĂƟǀĞ͕ĂĐŽŵŵƵŶŝƚǇͲĚƌŝǀĞŶĞŶŐĂŐĞŵĞŶƚƉƌŽĐĞƐƐƚŽƵŶĚĞƌƐƚĂŶĚƚŚĞǁŽƌŬ ƐĐŽƉĞƌĞƋƵŝƌĞĚƚŽƌĞŚĂďŝůŝƚĂƚĞĂŶĚƉƌŽŐƌĂŵƚŚĞďƵŝůĚŝŶŐƚŽĐƌĞĂƚĞĂůŽĐĂƟŽŶƚŽ ŽŵƉůĞƚĞĚ ƐĞƌǀĞƚŚĞƐƵƌƌŽƵŶĚŝŶŐĐŽŵŵƵŶŝƚǇĨŽƌŶĞǁƵƐĞƐƚŽĚĂǇĂŶĚŝŶƚŽƚŚĞĨƵƚƵƌĞ͘ ƉƌŝůϮϬϭϲ;ƐƚƵĚǇͿ dǁŽŵĂŝŶĞǀĞŶƚƐ͕͞ĚĞƐŝŐŶƉĂƌƟĞƐ͕͟ǁĞƌĞŚĞůĚǁŝƚŚŝŶƚŚĞƚŚĞĂƚĞƌƐƉĂĐĞ͕ǁŚŝĐŚ ĂůůŽǁĞĚƚŚŽƐĞĂƩĞŶĚŝŶŐƚŽŐĞƚĂŐůŝŵƉƐĞŽĨǁŚĂƚŐĂƚŚĞƌŝŶŐƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞŝƌ ĐŽŵŵƵŶŝƚǇŝŶƚŚŝƐƐƉĂĐĞǁŽƵůĚďĞůŝŬĞ͘dŚĞĮƌƐƚĚĞƐŝŐŶƉĂƌƚǇǁĂƐĨŽĐƵƐĞĚ ŽŶƵŶĚĞƌƐƚĂŶĚŝŶŐǁŚĂƚƚŚĞĐŽŵŵƵŶŝƚǇĞŶǀŝƐŝŽŶĞĚĨŽƌƚŚĞƐƉĂĐĞ͘dŚĞƐĞĐŽŶĚ ĞǀĞŶƚĂůůŽǁĞĚƚŚŽƐĞĂƩĞŶĚŝŶŐƚŽǀŝƐƵĂůŝǌĞĂŶĚŚĞůƉǁŝƚŚƚŚĞƐƉĂĐĞƉůĂŶŶŝŶŐ͘ dŚĞĚĞƐŝŐŶƚĞĂŵƵƐĞĚƚŚŝƐŝŶƉƵƚĂŶĚƚŚĞŝƌĞǆƉĞƌŝĞŶĐĞĂŶĚĞǆƉĞƌƟƐĞǁŝƚŚƐŝŵŝůĂƌ ƐƉĂĐĞƐƚŽĐŽŵƉůĞƚĞĂĐŽŶĐĞƉƚƵĂůĚĞƐŝŐŶĂŶĚƉƌŽďĂďůĞĐŽƐƚĨŽƌƚŚĞƉƌŽũĞĐƚ͘ dŚŝƐŝŶĨŽƌŵĂƟŽŶǁŝůůďĞƵƐĞĚƚŽĐŽŶƟŶƵĞǁŽƌŬŝŶŐŽŶƚŚĞŶĞĐĞƐƐĂƌǇƐƵƉƉŽƌƚƚŽ ĮŶĂŶĐĞĂŶĚĐŽŵƉůĞƚĞƚŚŝƐĐŽŵŵƵŶŝƚǇƉƌŽũĞĐƚ͘dŚŝƐƉƌŽĐĞƐƐĂŶĚƚŚĞĮŶĂůƌĞƉŽƌƚ ǁĞƌĞŵĂĚĞƉŽƐƐŝďůĞďǇĨƵŶĚŝŶŐƚŚƌŽƵŐŚĂ<ŶŝŐŚƚ'ƌĂŶƚ͘ 3DFNHW3J 'E ͘&ŝƌŵWƌŽĨŝůĞƐ WƌŽũĞĐƚǆƉĞƌŝĞŶĐĞ ^ƚ͘ƌŽŝǆ&ĂůůƐŝǀŝĐƵĚŝƚŽƌŝƵŵ ^ƚ͘ƌŽŝǆ&ĂůůƐ͕t/ DŝůůĞƌƵŶǁŝĚĚŝĞƌĐŚŝƚĞĐƚƵƌĞ͕^ĐŚƵůĞƌ^ŚŽŽŬ͕͘D͘^ƚƌƵĐƚƵƌĂůŶŐŝŶĞĞƌŝŶŐ dŚĞ^ƚƌŽŝǆŝǀŝĐƵĚŝƚŽƌŝƵŵĐƵƌƌĞŶƚůǇŚŽƐƚƐŵƵůƟƉůĞƉĞƌĨŽƌŵĂŶĐĞƐĂŶĚ ŽƚŚĞƌĞǀĞŶƚƐĚƵƌŝŶŐƚŚĞǇĞĂƌǁŝƚŚŝŶƚŚŝƐŚŝƐƚŽƌŝĐďƵŝůĚŝŶŐ͘dŚĞƌĞŝƐĂĚĞƐŝƌĞ ƚŽŝŶĐƌĞĂƐĞĂŶĚĞǆƉĂŶĚƚŚĞƵƐĞŽĨƚŚŝƐŝƚǇͲŽǁŶĞĚĐŽŵŵƵŶŝƚǇĂƐƐĞƚƚŽƌĞĂůŝǌĞ ŝƚƐĨƵůůƉŽƚĞŶƟĂů͘/ŶŽƌĚĞƌƚŽĂĐĐŽŵƉůŝƐŚƚŚŝƐ͕ƚŚĞƌĞŝƐĂŶĞĞĚƚŽŵŽĚŝĨǇĂŶĚ ŝŶĐƌĞĂƐĞƚŚĞƐŝǌĞŽĨƚŚĞŵĂŝŶŇŽŽƌĨŽƌƉƌĞͲĨƵŶĐƟŽŶ͕ƉĂƚƌŽŶƐƵƉƉŽƌƚ͕ĂŶĚůŽďďǇ ƐƉĂĐĞƐ͘dŚĞĞǆƉĂŶĚĞĚƐƉĂĐĞƐǁŝůůďĞƵƐĞĚƚŽƐƵƉƉŽƌƚŽƚŚĞƌĞǀĞŶƚƐƐƵĐŚĂƐ ǁĞĚĚŝŶŐƐ͕ƌĞĐĞƉƟŽŶƐ͕ĐŽŶĨĞƌĞŶĐĞƐ͕ĐůĂƐƐĞƐ͕ĞƚĐ͘>ŝŵŝƚĂƟŽŶƐƚŽƚŚĞƐƚĂŐĞĂŶĚ ƐƵƉƉŽƌƚĂƌĞĂƐ͕ŝŶĐůƵĚŝŶŐĂĐĐĞƐƐŝďŝůŝƚǇ͕ŵƵƐƚĂůƐŽďĞĂĚĚƌĞƐƐĞĚ͘ D͕ǁŝƚŚdŚĞĂƚƌŝĐĂůŽŶƐƵůƚĂŶƚ^ĐŚƵůĞƌ^ŚŽŽŬ͕ƉƌŽǀŝĚĞĚƚŚĞĐŽŶĐĞƉƚ ƉůĂŶŶŝŶŐ͕ŝŶĐůƵĚŝŶŐƚŚĞĂƚƌĞĚĞƐŝŐŶĂŶĚůŝŐŚƟŶŐ͕ƚŽĚĞƚĞƌŵŝŶĞƌĞŶŽǀĂƟŽŶĂŶĚ ĞǆƉĂŶƐŝŽŶƉůĂŶƉŽƐƐŝďŝůŝƟĞƐ͘dŚĞĐŽŶĐĞƉƚƐǁĞƌĞĚĞƐŝŐŶĞĚƚŽĂĚĚƌĞƐƐƚŚĞůŽŶŐͲ ƚĞƌŵǀŝĂďŝůŝƚǇŽĨƚŚĞƚŚĞĂƚƌĞ͘dŚĞĐŽŶĐĞƉƚƉƌŽĐĞƐƐŝŶĐůƵĚĞĚƵŶĚĞƌƐƚĂŶĚŝŶŐƚŚĞ ĞǆŝƐƟŶŐďƵŝůĚŝŶŐĐŽŶĚŝƟŽŶƐƚŚƌŽƵŐŚŽŶͲƐŝƚĞŝŶƐƉĞĐƟŽŶĂŶĚĚŽĐƵŵĞŶƚĂƟŽŶ͕ ĂŶĚĞǆƉůŽƌŝŶŐƉŽƚĞŶƟĂůƟĞͲŝŶƐĂŶĚƐŚĂƌĞĚƐƉĂĐĞƐǁŝƚŚĂĨƵƚƵƌĞƉƌŝǀĂƚĞůǇŽǁŶĞĚ ĚĞǀĞůŽƉŵĞŶƚŶĞǆƚĚŽŽƌ͘dŚĞĂƵĚŝƚŽƌŝƵŵƉƌŽũĞĐƚŝƐũƵƐƚďĞŐŝŶŶŝŶŐƚŚĞ^ĐŚĞŵĂƟĐ ĞƐŝŐŶWŚĂƐĞŽĨƐĞƌǀŝĐĞƐ͕ǁŝƚŚƚŚĞƚŚĞĂƚƌĞƉƌŽũĞĐƚĞĚƚŽŽƉĞŶŝŶ^ƵŵŵĞƌϮϬϭϳ͘ 3DFNHW3J 'E ͘&ŝƌŵWƌŽĨŝůĞƐ WƌŽũĞĐƚǆƉĞƌŝĞŶĐĞ 'ůĞŶƐŚĞĞŶƐƚĂƚĞ͕ hŶŝǀĞƌƐŝƚǇŽĨDŝŶŶĞƐŽƚĂ ƵůƵƚŚ͕DE DŝůůĞƌƵŶǁŝĚĚŝĞƌĐŚŝƚĞĐƚƵƌĞ͕,ĞƐƐZŽŝƐĞ ƵŝůƚďĞƚǁĞĞŶϭϵϬϱĂŶĚϭϵϬϴ͕ƚŚĞ'ůĞŶƐŚĞĞŶ,ŝƐƚŽƌŝĐƐƚĂƚĞĐŽŶƚĂŝŶƐĂϯϵͲƌŽŽŵ DĂŶŽƌ,ŽƵƐĞ͕Ă^ƚĂďůĞͬĂƌƌŝĂŐĞ,ŽƵƐĞ͕Ă'ĂƌĚĞŶĞƌ͛ƐŽƩĂŐĞ͕ĂŽĂƚ,ŽƵƐĞ͕ĂŶĚ ŽƚŚĞƌŽƵƚďƵŝůĚŝŶŐƐŽŶϳͲϭͬϮůĂŶĚƐĐĂƉĞĚĂĐƌĞƐŽŶ>ĂŬĞ^ƵƉĞƌŝŽƌ͘DŚĂƐďĞĞŶ ŝŶǀŽůǀĞĚǁŝƚŚƚŚĞ'ůĞŶƐŚĞĞŶDĂŶƐŝŽŶĨŽƌŽǀĞƌϮϱǇĞĂƌƐ͕ďĞŐŝŶŶŝŶŐǁŝƚŚĂ,ŝƐƚŽƌŝĐ ^ƚƌƵĐƚƵƌĞƐZĞƉŽƌƚ;,^ZͿĨŽƌƚŚĞƐŝƚĞŝŶϭϵϴϵ͘/ŶϮϬϭϭDƵƉĚĂƚĞĚƚŚĞ,^ZďǇ ƌĞͲĞǀĂůƵĂƟŶŐĂŶĚĚŽĐƵŵĞŶƟŶŐƚŚĞĐŽŶĚŝƟŽŶƐĂƚƚŚĞƉƌŽƉĞƌƚǇĂŶĚĂĚĚŝŶŐĂŶ ŽǀĞƌǀŝĞǁŽĨƚŚĞŽƌŝŐŝŶĂůŚŝƐƚŽƌŝĐƐŝƚĞĚĞƐŝŐŶĂŶĚůĂŶĚƐĐĂƉŝŶŐ͘ KƵƌƐĞƌǀŝĐĞƐĂƚ'ůĞŶƐŚĞĞŶĐŽŶƟŶƵĞƚŽĞǆƉĂŶĚ͘^ŽŽŶĂŌĞƌƐĞǀĞƌĞƐƚŽƌŵƐƚŽƌĞ ƚŚƌŽƵŐŚƚŚĞƵůƵƚŚĂƌĞĂŝŶ:ƵŶĞϮϬϭϮ͕DůĞĂĚĂƚĞĂŵŽĨĐŽŶƐƵůƚĂŶƚƐƚŽ ĂƐƐĞƐƐƚŚĞĚĂŵĂŐĞƚŽƚŚĞĞƐƚĂƚĞĂŶĚƉƌĞƉĂƌĞĚĐŽŶƐƚƌƵĐƟŽŶĚŽĐƵŵĞŶƚƐĨŽƌƚŚĞ ƌĞĐŽŵŵĞŶĚĞĚǁŽƌŬƚŽƌĞƐƚŽƌĞƚŚĞƐŝƚĞďĂĐŬƚŽŝƚƐ͚ƉƌĞͲƐƚŽƌŵĞǀĞŶƚ͛ĂƉƉĞĂƌĂŶĐĞ͘ /ŶϮϬϭϱ͕DŝůůĞƌƵŶǁŝĚĚŝĞǁĂƐƐĞůĞĐƚĞĚƚŽĨŽƌƚǁŽĂĚĚŝƟŽŶĂůƉƌŽũĞĐƚƐƚŚĂƚĂƌĞďŽƚŚ ũƵƐƚŐĞƫŶŐƵŶĚĞƌǁĂǇͲƌĞƐƚŽƌŝŶŐƚŚĞŽǁůŝŶŐ'ƌĞĞŶͬ'ĂƌĚĞŶǁĂůůƐƚŚĂƚƐƵīĞƌĞĚ ǁĂƚĞƌĚĂŵĂŐĞĂŶĚƉƌŽǀŝĚŝŶŐĂĐĐĞƐƐŝďŝůŝƚǇƵƉŐƌĂĚĞƐƚŽƚŚĞ'ĂƌĚĞŶĞƌ͛ƐŽƩĂŐĞ͘ 3DFNHW3J 'E ͘&ŝƌŵWƌŽĨŝůĞƐ WƌŽũĞĐƚǆƉĞƌŝĞŶĐĞ EŽƌƚŚƌŽƉDĞŵŽƌŝĂůƵĚŝƚŽƌŝƵŵ hŶŝǀĞƌƐŝƚǇŽĨDŝŶŶĞƐŽƚĂ DŝŶŶĞĂƉŽůŝƐ͕DE DŝůůĞƌƵŶǁŝĚĚŝĞƌĐŚŝƚĞĐƚƵƌĞ͕^ĐŚƵůĞƌ^ŚŽŽŬ ƐƉĂƌƚŽĨĂůĂƌŐĞƌƚĞĂŵ͕DĐŽŵƉůĞƚĞĚĂŶĞǆƚĞŶƐŝǀĞWƌĞĚĞƐŝŐŶDĂƐƚĞƌWůĂŶ ĨŽƌEŽƌƚŚƌŽƉDĞŵŽƌŝĂůƵĚŝƚŽƌŝƵŵ͘/ŶŝƟĂůǁŽƌŬŝŶĐůƵĚĞĚƚŚĞĐƌĞĂƟŽŶŽĨ ĞǆŝƐƟŶŐĐŽŶĚŝƟŽŶĚŽĐƵŵĞŶƚƐƚŽŝĚĞŶƟĨǇŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĨƵŶĐƟŽŶĂů͕ĐŽĚĞ͕ĂŶĚ ĂĐĐĞƐƐŝďŝůŝƚǇĚĞĮĐŝĞŶĐŝĞƐ͘dŚƌŽƵŐŚǀŝƐƵĂůŝŶƐƉĞĐƟŽŶƐŽĨĂůůĂƌĞĂƐǁŝƚŚŝŶƚŚĞ ďƵŝůĚŝŶŐƚŚĞƐĞŝƚĞŵƐǁĞƌĞůŽŐŐĞĚĂŶĚƵƐĞĚĂƐƚŚĞďĂƐŝƐĨŽƌĨƵƌƚŚĞƌĂƌĐŚŝƚĞĐƚƵƌĂů ĂŶĂůǇƐŝƐ͘DŝůůĞƌƵŶǁŝĚĚŝĞŝĚĞŶƟĮĞĚŶƵŵĞƌŽƵƐĐŽŶƚƌŝďƵƟŶŐĞůĞŵĞŶƚƐƚŚĂƚǁŽƵůĚ ƌĞƋƵŝƌĞƌĞƐƉĞĐƞƵůƌĞŚĂďŝůŝƚĂƟŽŶ͘ĐŽŵƉůĞƚĞŶĞǁƐƉƌŝŶŬůĞƌƐǇƐƚĞŵǁĂƐĚĞƐŝŐŶĞĚ ĂŶĚŝŶƐƚĂůůĞĚƚŚƌŽƵŐŚŽƵƚƚŚĞďƵŝůĚŝŶŐǁŝƚŚƉŚĂƐĞĚĐŽŶƐƚƌƵĐƟŽŶƐĞƋƵĞŶĐĞĚƚŽ ŵĂŝŶƚĂŝŶƚŚĞƵĚŝƚŽƌŝƵŵƉĞƌĨŽƌŵĂŶĐĞƐĐŚĞĚƵůĞĂŶĚƵƐĞŽĨhŶŝǀĞƌƐŝƚǇŽĸĐĞƐ͘/Ŷ ϮϬϬϲ͕DǁĂƐĐĂůůĞĚƵƉŽŶĂŐĂŝŶƚŽƉƌŽǀŝĚĞŚŝƐƚŽƌŝĐƉƌĞƐĞƌǀĂƟŽŶĐŽŶƐƵůƚĂƟŽŶ ĨŽƌƚŚĞĞǆƚĞƌŝŽƌƐƚĂďŝůŝǌĂƟŽŶŽĨƚŚĞďƵŝůĚŝŶŐ͘ 3DFNHW3J ΀Ϯϱ΁ 'E ͘&ŝƌŵWƌŽĨŝůĞƐ WƌŽũĞĐƚǆƉĞƌŝĞŶĐĞ KƌƉŚĞƵŵdŚĞĂƚƌĞ͖DŝŶŶĞĂƉŽůŝƐ͕DE KƌƉŚĞƵŵ͕^ƚĂƚĞ͕ĂŶĚWĂŶƚĂŐĞƐdŚĞĂƚĞƌƐ ,ĞŶŶĞƉŝŶdŚĞĂƚƌĞ'ƌŽƵƉ DŝŶŶĞĂƉŽůŝƐ͕DE DŝůůĞƌƵŶǁŝĚĚŝĞƌĐŚŝƚĞĐƚƵƌĞ͕^ĐŚƵůĞƌ^ŚŽŽŬ͕DĐ'ŽƵŐŚ ,ĞŶŶĞƉŝŶǀĞŶƵĞŝŶĚŽǁŶƚŽǁŶDŝŶŶĞĂƉŽůŝƐŝƐǁĞůůŬŶŽǁŶĨŽƌŝƚƐŵĂŶǇ,ŝƐƚŽƌŝĐ ƚŚĞĂƚĞƌƐ͕ĨŽƵƌŽĨǁŚŝĐŚĂƌĞŽƉĞƌĂƚĞĚďǇƚŚĞ,ĞŶŶĞƉŝŶdŚĞĂƚƌĞ'ƌŽƵƉ;,d'Ϳ͘DŝůůĞƌ ƵŶǁŝĚĚŝĞǁĂƐƐĞůĞĐƚĞĚƚŽĂƐƐŝƐƚƚŚĞ,d'ŝŶƚŚĞƉƌĞƉĂƌĂƟŽŶŽĨĂϭϬͲǇĞĂƌĂƉŝƚŽů /ŵƉƌŽǀĞŵĞŶƚƐWůĂŶĨŽƌƚŚƌĞĞŽĨƚŚŽƐĞƚŚĞĂƚĞƌƐ͕ƚŚĞKƌƉŚĞƵŵ͕ƚŚĞ^ƚĂƚĞ͕ĂŶĚƚŚĞ WĂŶƚĂŐĞƐ͘tŽƌŬŝŶĐůƵĚĞĚĂŶŝŶƚĞƌŝŽƌΘĞǆƚĞƌŝŽƌĞǀĂůƵĂƟŽŶ͖ƐƵƌǀĞǇŝŶŐƚŚĞƚŚĞĂƚĞƌƐƚŽ ǀĞƌŝĨǇĂŶĚƋƵĂŶƟĨǇƉŽƚĞŶƟĂůƐĐŽƉĞ͖ĂŶĚĚĞǀĞůŽƉŵĞŶƚŽĨĂƉƌŝŽƌŝƟǌĞĚŝŵƉƌŽǀĞŵĞŶƚƐ ƉůĂŶ͕ŝŶĐůƵĚŝŶŐĂƉŚĂƐŝŶŐƐĐŚĞĚƵůĞĂŶĚĐŽƐƚƐĨŽƌƚŚĞŝĚĞŶƟĮĞĚǁŽƌŬ͘ dŚĞKƌƉŚĞƵŵdŚĞĂƚƌĞŝƐŽŶĞŽĨƚŚƌĞĞƉĞƌĨŽƌŵĂŶĐĞƐƉĂĐĞƐƵŶĚĞƌƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇ ŽĨdŚĞ,ĞŶŶĞƉŝŶdŚĞĂƚƌĞ'ƌŽƵƉ;,d'Ϳ͘dŚĞŝƌƌŽůĞŝƐƚŽŐƵĂƌĂŶƚĞĞƚŚĞĨƵƚƵƌĞŽĨ ƚŚĞƐĞƚŚĞĂƚĞƌƐŝŶĐůƵĚŝŶŐŽƉĞƌĂƟŽŶƐ͕ƉƌĞƐĞƌǀĂƟŽŶĂŶĚƉƌŽŐƌĂŵŵŝŶŐ͘dŚĞƌĞŝƐ ĐƵƌƌĞŶƚůǇĂƚǁŽͲǇĞĂƌĐĂŵƉĂŝŐŶƚŽƌĞŵŽǀĞĂŶĚƌĞƉůĂĐĞƚŚĞĞǆŝƐƟŶŐƐĞĂƚƐ͘D ǁĂƐŚŝƌĞĚƚŽƌĞǀŝĞǁƚŚĞďĂůĐŽŶǇƐĞĂƟŶŐĐŽŶĮŐƵƌĂƟŽŶ͕ĚĞƐŝŐŶƚŚĞŵŽĚŝĮĐĂƟŽŶƐ͕ ƉƌĞƉĂƌĞĐŽŶƐƚƌƵĐƟŽŶĚŽĐƵŵĞŶƚƐ͕ƉƌŽǀŝĚĞƵƉĚĂƚĞĚĐŽƐƚŝŶĨŽƌŵĂƟŽŶĂŶĚƌĞƋƵŝƌĞĚ ĐŽŶƐƚƌƵĐƟŽŶĂĚŵŝŶŝƐƚƌĂƟŽŶ͘ 3DFNHW3J ΀Ϯϲ΁ 'E ͘&ŝƌŵWƌŽĨŝůĞƐ WƌŽũĞĐƚǆƉĞƌŝĞŶĐĞ 'ƌĂŶƚŽƵŶƚǇŽƵƌƚŚŽƵƐĞ ůďŽǁ>ĂŬĞDE DŝůůĞƌƵŶǁŝĚĚŝĞƌĐŚŝƚĞĐƚƵƌĞ͕DŝĐŚĂƵĚŽŽůĞǇƌŝĐŬƐŽŶ dŚĞϭϵϬϱ'ƌĂŶƚŽƵŶƚǇŽƵƌƚŚŽƵƐĞŝƐůŝƐƚĞĚŽŶƚŚĞEĂƟŽŶĂůZĞŐŝƐƚĞƌŽĨ,ŝƐƚŽƌŝĐWůĂĐĞƐ ǁĂƌĚƐ ĂŶĚŚĂƐƐĞĞŶŽŶůǇŵŝŶŝŵĂůĐŚĂŶŐĞƐŝŶŽǀĞƌϭϬϬǇĞĂƌƐ͘DŝůůĞƌƵŶǁŝĚĚŝĞĐŽŵƉůĞƚĞĚ ϮϬϭϰWƌĞƐĞƌǀĂƚŝŽŶůůŝĂŶĐĞŽĨ ĂŶĞǆŝƐƟŶŐĐŽŶĚŝƟŽŶƐĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞĐŽƵƌƚŚŽƵƐĞĂŶĚŵĂĚĞƌĞĐŽŵŵĞŶĚĂƟŽŶƐ DŝŶŶĞƐŽƚĂ ĨŽƌŶĞĞĚĞĚƌĞƉĂŝƌƐĂŶĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞƵƉŐƌĂĚĞƐ͘ůůŽĨƚŚĞďƵŝůĚŝŶŐƐǇƐƚĞŵƐǁĞƌĞ ĞǀĂůƵĂƚĞĚ͕ŝŶĐůƵĚŝŶŐĂƐƚƌƵĐƚƵƌĂůĂƐƐĞƐƐŵĞŶƚǁŚŝĐŚůĞĚƚŽĂŵŽƌĞŝŶͲĚĞƉƚŚƐƚƵĚǇĂŶĚ ŵĂƚĞƌŝĂůƐƚĞƐƟŶŐŽĨƚŚĞƌĞŝŶĨŽƌĐĞĚĐŽŶĐƌĞƚĞŇŽŽƌƐƚƌƵĐƚƵƌĞƐ͘ dŚĞƉƌŽũĞĐƚƵƟůŝǌĞĚĂŐƌĂŶƚĨƌŽŵƚŚĞKĸĐĞŽĨŶĞƌŐǇ^ĞĐƵƌŝƚǇĨŽƌǁŝŶĚŽǁƌĞƉůĂĐĞŵĞŶƚ͕ ĂůŽŶŐǁŝƚŚƌĞďĂƚĞƐĨƌŽŵƚŚĞůŽĐĂůƵƟůŝƚǇĐŽŵƉĂŶǇĨŽƌŐĞŽƚŚĞƌŵĂůŐƌŽƵŶĚͲƐŽƵƌĐĞŚĞĂƚ ƉƵŵƉƐ͘KƚŚĞƌǁŽƌŬŝŶĐůƵĚĞĚƌŽŽĨƌĞƉůĂĐĞŵĞŶƚ͕ŇŽŽƌƐůĂďƐƚĂďŝůŝǌĂƟŽŶĂŶĚƐƵƉƉŽƌƚ͕ ĮƌĞƉƌŽƚĞĐƟŽŶ͕ĂĐĐĞƐƐŝďůĞƌĞƐƚƌŽŽŵƐ͕ĞůĞĐƚƌŝĐĂůƐǇƐƚĞŵƵƉŐƌĂĚĞƐ͕ŝŶƚĞƌŝŽƌƌĞƐƚŽƌĂƟŽŶ ŝŶŚŝƐƚŽƌŝĐĂůůǇƐŝŐŶŝĮĐĂŶƚĂƌĞĂƐ͕ĂŶĚƵƉĚĂƚĞĚĮŶŝƐŚĞƐŝŶŽĸĐĞĂƌĞĂƐ͘ ƵƌŝŶŐƚŚĞƌĞŶŽǀĂƟŽŶǁŽƌŬ͕ĂůĂƌŐĞŵƵƌĂůŽŶƚŚĞĐŽƵƌƚƌŽŽŵĐĞŝůŝŶŐ;ĂƉƉƌŽǆ͘ ϭϴ͛ǆϮϱ͛ͿǁĂƐƵŶĐŽǀĞƌĞĚ͘dŚŝƐŵƵƌĂůŝƐĐƵƌƌĞŶƚůǇďĞŝŶŐĐŽŶƐĞƌǀĞĚʹĂƉƌŽĐĞƐƐŽĨ ĐĂƌĞĨƵůůǇĐůĞĂŶŝŶŐ͕ĐŽŶƐŽůŝĚĂƟŶŐƉĂŝŶƚůĂǇĞƌƐ͕ƉĂƚĐŚŝŶŐĂŶĚƌĞƉĂŝƌŝŶŐƚŚĞƉůĂƐƚĞƌ͕ ĂŶĚƌĞƚŽƵĐŚŝŶŐĂƌĞĂƐŽĨŵŝƐƐŝŶŐƉĂŝŶƚ͘ƐŝŵŝůĂƌƉƌŽĐĞƐƐǁŝůůďĞƵƐĞĚƚŽĐŽŶƐĞƌǀĞ ƚŚĞŵƵƌĂůƐŝŶƚŚĞĚŽŵĞŝŶƚŚĞĂĚũĂĐĞŶƚůŽďďǇ͘ 3DFNHW3J ΀Ϯϳ΁ 'E ͘&ŝƌŵWƌŽĨŝůĞƐ WƌŽũĞĐƚǆƉĞƌŝĞŶĐĞ tŝŶŽŶĂDĂƐŽŶŝĐdĞŵƉůĞ tŝŶŽŶĂ͕DE DŝůůĞƌƵŶǁŝĚĚŝĞƌĐŚŝƚĞĐƚƵƌĞ͕͘D͘^ƚƌƵĐƚƵƌĂůŶŐŝŶĞĞƌŝŶŐ͕,ĞƐƐZŽŝƐĞ dŚĞŝƚǇŽĨtŝŶŽŶĂƐĞůĞĐƚĞĚDƚŽƉƌŽǀŝĚĞĂ,ŝƐƚŽƌŝĐ^ƚƌƵĐƚƵƌĞƐZĞƉŽƌƚ͘dŚĞ ǁŽƌŬǁĂƐĐŽŵƉůĞƚĞĚŽǀĞƌĂƚŚƌĞĞͲŵŽŶƚŚƉĞƌŝŽĚĂŶĚĐŽŶƐŝƐƚĞĚŽĨĂƉƌĞůŝŵŝŶĂƌǇ ǁĂůŬƚŚƌŽƵŐŚƚŽŝĚĞŶƟĨǇĂƌĞĂƐŽĨĐŽŶĐĞƌŶƐ͕ŚŝƐƚŽƌŝĐƌĞƐĞĂƌĐŚƚŽƵŶĚĞƌƐƚĂŶĚƚŚĞ ŚŝƐƚŽƌŝĐƌŽůĞĂŶĚĞǀŽůƵƟŽŶŽĨƚŚĞďƵŝůĚŝŶŐ͕ĂŶĚĂŶĞǆŝƐƟŶŐĐŽŶĚŝƟŽŶƐƵƌǀĞǇ ŝŶĐůƵĚŝŶŐƚŚĞĐŚĂƌĂĐƚĞƌĂŶĚĐŽŶĚŝƟŽŶŽĨƉŚǇƐŝĐĂůƐƉĂĐĞƐ͕ĞůĞŵĞŶƚƐ͕ŵĂƚĞƌŝĂůƐ͕ ĂŶĚƐǇƐƚĞŵƐ͘ŽŶĐƵƌƌĞŶƚƚŚĞƉƌŽũĞĐƚĂůƐŽŝŶĐůƵĚĞĚĚŝŐŝƚĂůƐĐĂŶŶŝŶŐŽĨƚŚĞƐƉĂĐĞƐ ƚŽƉƌŽǀŝĚĞŵĞĂƐƵƌĞĚĚƌĂǁŝŶŐƐ͘ĂƐĞĚŽŶƚŚĞĮŶĚŝŶŐƐĂŶĚƌĞƐĞĂƌĐŚ͕ĂƚƌĞĂƚŵĞŶƚ ĂƉƉƌŽĂĐŚĂŶĚǁŽƌŬƌĞĐŽŵŵĞŶĚĂƟŽŶƐǁĞƌĞĚĞǀĞůŽƉĞĚŝŶƌĞƉŽƌƚĨŽƌŵ͘^ƚƌƵĐƚƵƌĂů ƌĞƉĂŝƌƐĂŶĚƌĞͲƌŽŽĮŶŐĂƌĞŶŽǁƉƌŽĐĞĞĚŝŶŐ͘ 3DFNHW3J ΀Ϯϴ΁ 'E ͘&ŝƌŵWƌŽĨŝůĞƐ WƌŽũĞĐƚǆƉĞƌŝĞŶĐĞ ĞƐŬŽͲ^ůŽǀĂŶƐŬǉWŽĚƉŽƌƵũşĐş^ƉŽůĞŬ ;^W^Ϳ,Ăůů ^ƚ͘WĂƵů͕DE DŝůůĞƌƵŶǁŝĚĚŝĞƌĐŚŝƚĞĐƚƵƌĞ͕͘D͘^ƚƌƵĐƚƵƌĂůŶŐŝŶĞĞƌŝŶŐ dŚĞ^W^,ĂůůŝƐůŝƐƚĞĚŽŶƚŚĞEĂƟŽŶĂůZĞŐŝƐƚĞƌŽĨ,ŝƐƚŽƌŝĐWůĂĐĞƐĂŶĚŚĂƐƉůĂǇĞĚ ĂĐĞŶƚƌĂůƌŽůĞŝŶƚŚĞǌĞĐŚĂŶĚ^ůŽǀĂŬĐŽŵŵƵŶŝƚǇŝŶ^ƚ͘WĂƵůƐŝŶĐĞŝƚƐĐŽŶƐƚƌƵĐƟŽŶ ŝŶϭϴϴϳ͘DŝůůĞƌƵŶǁŝĚĚŝĞůĞĚĂƚĞĂŵŽĨĐŽŶƐƵůƚĂŶƚƚŽƉƌĞƉĂƌĞĂDĂƐƚĞƌWůĂŶ ĨŽƌƚŚĞĨĂĐŝůŝƚǇ͘^ƉĞĐŝĮĐĂůůǇ͕ƚŚĞƚĞĂŵǁĂƐĂƐŬĞĚƚŽƉƌĞƉĂƌĞĂŶĂƐƐĞƐƐŵĞŶƚŽĨ ƚŚĞĞǆŝƐƟŶŐĨĂĐŝůŝƟĞƐŶŽƟŶŐƉƌŝŽƌŝƟǌĞĚƌĞĐŽŵŵĞŶĚĂƟŽŶƐĨŽƌƌĞƉĂŝƌĂůŽŶŐǁŝƚŚ ĂŶĞƐƟŵĂƚĞŽĨĂƐƐŽĐŝĂƚĞĚĐŽƐƚƐ͕ŵĂƌŬĞƚĂŶĂůǇƐŝƐŽĨƉŽƚĞŶƟĂůƌĞŶƚĂůƐƉĂĐĞ͕ĂŶĚ ƐĐŚĞŵĂƟĐĚĞƐŝŐŶĐŽŶĐĞƉƚƐǁŚŝĐŚŝůůƵƐƚƌĂƚĞŽƉƟŽŶƐƚŚĂƚƌĞŇĞĐƚƚŚĞŶĞĞĚƐŽĨƚŚĞ ŽƌŐĂŶŝǌĂƟŽŶ͘ 3DFNHW3J ΀Ϯϵ΁ 'E ͘&ŝƌŵWƌŽĨŝůĞƐ WƌŽũĞĐƚǆƉĞƌŝĞŶĐĞ ^ĂĞŶŐĞƌdŚĞĂƚƌĞ EĞǁKƌůĞĂŶƐ͕> ^ĐŚƵůĞƌ^ŚŽŽŬ KƌŝŐŝŶĂůůǇŽƉĞŶĞĚŝŶϭϵϮϳ͕ƚŚĞ^ĂĞŶŐĞƌdŚĞĂƚƌĞƉƌŽǀŝĚĞĚŵĂŶǇǇĞĂƌƐŽĨƚŚĞĂƚƌĞ͕ Įůŵ͕ĂŶĚŵƵƐŝĐƚŽEĞǁKƌůĞĂŶƐ͘,ƵƌƌŝĐĂŶĞ<ĂƚƌŝŶĂĚĞǀĂƐƚĂƚĞĚƚŚŝƐƚŚĞĂƚƌĞŝŶ ϮϬϬϱ͕ƌĞŶĚĞƌͲŝŶŐƚŚĞďƵŝůĚŝŶŐĚĂŵĂŐĞĚĂŶĚŝĚůĞĨŽƌŵĂŶǇǇĞĂƌƐ͘ ^ĐŚƵůĞƌ^ŚŽŽŬƉƌŽǀŝĚĞĚdŚĞĂƚƌĞWůĂŶŶŝŶŐĂŶĚƌĐŚŝƚĞĐƚƵƌĂů>ŝŐŚƟŶŐĞƐŝŐŶ ƐĞƌͲǀŝĐĞƐĨŽƌƚŚĞΨϱϮŵŝůůŝŽŶŵĂũŽƌƌĞƐƚŽƌĂƟŽŶƚŚĂƚƌĞƐƵůƚĞĚ͘dŚĞĂƚŵŽƐƉŚĞƌŝĐ ƚŚĞĂƚƌĞŚĂĚŝŶĐƌĞĂƐĞǀĞƌƐĂƟůŝƚǇĂŶĚĨƵŶĐƟŽŶŝŶŐǁŝƚŚĂŶĞǆƉĂŶĚĞĚƐƚĂŐĞŚŽƵƐĞ͕ ĂůůŶĞǁďƵŝůĚŝŶŐĂŶĚƉĞƌĨŽƌŵĂŶĐĞƐǇƐƚĞŵƐ͕ĂŶĚƌĞƐƚŽƌĂƟŽŶŽĨŶƵŵĞƌŽƵƐŚŝƐƚŽƌŝĐ ĮŶŝƐŚĞƐ͘ dŚĞůŝŐŚƟŶŐĚĞƐŝŐŶŝŶĐůƵĚĞĚƌĞĨƵƌďŝƐŚŝŶŐŚŝƐƚŽƌŝĐĮǆƚƵƌĞƐǁŝƚŚƵƉĚĂƚĞĚǁŝƌŝŶŐ ĂŶĚĐŝƌĐƵŝƚƐĨŽƌŽƉƟŵĂůĐŽŶƚƌŽůĂŶĚƌĞƉůŝĐĂƟŶŐŵŝƐƐŝŶŐĮǆƚƵƌĞƐǁŝƚŚĞŶĞƌŐǇ ĞĸĐŝĞŶƚĂŶĚĞĂƐǇƚŽŵĂŝŶƚĂŝŶƐŽůƵƟŽŶƐ͘ 3DFNHW3J ΀ϯϬ΁ 'E ͘&ŝƌŵWƌŽĨŝůĞƐ WƌŽũĞĐƚǆƉĞƌŝĞŶĐĞ WůĂǌĂdŚĞĂƚƌĞ ůWĂƐŽ͕dy ^ĐŚƵůĞƌ^ŚŽŽŬ ^ŝŶĐĞŝƚ͛ƐŽƉĞŶŝŶŐŝŶϭϵϯϬ͕ƚŚĞWůĂǌĂdŚĞĂƚƌĞǁĂƐŬŶŽǁŶĂƐƚŚĞ^ŚŽǁƉůĂĐĞŽĨ ƚŚĞ^ŽƵƚŚǁĞƐƚĨŽƌŝƚ͛ƐƐŝǌĞ͕ĞůĂďŽƌĂƚĞĚĞĐŽƌ͕ĂŶĚƚĞĐŚŶŝĐĂůŝŶŶŽǀĂƟŽŶƐ͘dŚŝƐ ĂƚŵŽƐƉŚĞƌŝĐƚŚĞĂƚĞƌĚŝƐƉůĂǇĞĚĂƐƚĂƌƌǇŶŝŐŚƚǁŝƚŚĐůŽƵĚƐĂŶĚĂĚĂƌŬƐŬǇĂĐƌŽƐƐ ƚŚĞĐĞŝůŝŶŐǁŚĞŶƚŚĞůŝŐŚƚƐĚŝŵŵĞĚ͘/ŶϭϵϴϲƚŚĞĚĞƚĞƌŝŽƌĂƟŶŐƚŚĞĂƚƌĞǁĂƐƐĂǀĞĚ ĨƌŽŵĚĞŵŽůŝƟŽŶ͘ ^ĐŚƵůĞƌ^ŚŽŽŬƉƌŽǀŝĚĞĚƚŚĞdŚĞĂƚƌĞWůĂŶŶŝŶŐƐĞƌǀŝĐĞƐƚŽƌĞƐƚŽƌĞƚŚĞŚŽƵƐĞĂŶĚ ƉƌŽǀŝĚĞĂůůŶĞǁƐƵƉƉŽƌƚƐƉĂĐĞƐĂŶĚƚĞĐŚŶŝĐĂůƐǇƐƚĞŵƐĨŽƌƚŚŝƐϮ͕ϭϬϬͲƐĞĂƚƚŚĞĂƚƌĞ͘ ŶĞǁƐƚĂŐĞŚŽƵƐĞǁŝƚŚĐŽƵŶƚĞƌͲǁĞŝŐŚƚĞĚƌŝŐŐŝŶŐĂŶĚĂŶĞǁƐƚĂŐĞĂŶĚŚŽƵƐĞ ůŝŐŚƟŶŐƐǇƐƚĞŵƉƌŽǀŝĚĞƐĨŽƌďŽƚŚůŽĐĂůĂŶĚƚŽƵƌŝŶŐƉĞƌĨŽƌŵĂŶĐĞƐ͘ 3DFNHW3J ΀ϯϭ΁ 'E ͘&ŝƌŵWƌŽĨŝůĞƐ WƌŽũĞĐƚǆƉĞƌŝĞŶĐĞ dŚĞ>ĞƌŶĞƌWĞƌĨŽƌŵŝŶŐƌƚƐĞŶƚĞƌ ůŬŚĂƌƚ͕/E ^ĐŚƵůĞƌ^ŚŽŽŬ dŚĞ>ĞƌŶĞƌdŚĞĂƚƌĞ͕ĨŽƌŵĞƌůǇƚŚĞ>KdŚĞĂƚƌĞ͕ǁĂƐƌĞƐƚŽƌĞĚƚŽŝƚƐĨŽƌŵĞƌϭϵϮϰ ŐůŽƌǇ͘^ĐŚƵůĞƌ^ŚŽŽŬǁĂƐŝŶǀŽůǀĞĚǁŝƚŚƚŚĞƉƌĞͲĚĞƐŝŐŶƐƚƵĚǇĂŶĚƚŚĞƌĞƐƵůƟŶŐ ƌĞŶŽǀĂƟŽŶƚŚĂƚďĞŐĂŶŝŶϮϬϬϵ͘ dŚĞƌĞŶŽǀĂƟŽŶŝŶĐůƵĚĞĚĂŶĞǆƉĂŶĚĞĚƐƚĂŐĞĂŶĚƐƵƉƉŽƌƚĨĂĐŝůŝƟĞƐ͘dŚĞŽƌĐŚĞƐƚƌĂ ůĞǀĞůŇŽŽƌǁĂƐŵŽĚŝĮĞĚƚŽŝŵƉƌŽǀĞƐŝŐŚƚůŝŶĞƐĂŶĚĂĐĐĞƐƐ͘^ƚƌƵĐƚƵƌĂů ĐŚĂůůĞŶŐĞƐǁĞƌĞŽǀĞƌĐŽŵĞŝŶƚŚĞďĂƐĞŵĞŶƚƚŽĂůůŽǁĂŶĂƵƚŽŵĂƚĞĚŽƌĐŚĞƐƚƌĂ ƉŝƚůŝŌƚŽďĞŝŶƐƚĂůůĞĚ͘ŶĞǁ͕ƐƚĂƚĞŽĨƚŚĞĂƌƚĚŝŵŵŝŶŐĂŶĚĐŽŶƚƌŽůƐǇƐƚĞŵǁĂƐ ŝŶƐƚĂůůĞĚĂŶĚŶĞǁůŝŐŚƟŶŐĮǆƚƵƌĞƐǁĞƌĞƐĞůĞĐƚĞĚ͘dŚĞĂƵĚŝŽĂŶĚůŝŐŚƟŶŐĐŽŶƚƌŽů ĂƌĞĂĂƚƚŚĞŵĂŝŶŇŽŽƌǁĞƌĞĞǆƉĂŶĚĞĚĂŶĚĂŶĞǁĨŽůůŽǁͲƐƉŽƚͬƉƌŽũĞĐƟŽŶƌŽŽŵ ǁĂƐĐŽŶƐƚƌƵĐƚĞĚĂƚƚŚĞƌĞĂƌŽĨƚŚĞďĂůĐŽŶǇ͘dŚĞĐŽƵŶƚĞƌǁĞŝŐŚƚƌŝŐŐŝŶŐƐǇƐƚĞŵ ǁĂƐƌĞůŽĐĂƚĞĚĨƌŽŵƐƚĂŐĞƌŝŐŚƚƚŽƐƚĂŐĞůĞŌƚŽĂĐĐŽŵͲŵŽĚĂƚĞĂŶĞǁůŽĂĚŝŶŐĚŽĐŬ ĂŶĚĨƌĞŝŐŚƚĞůĞǀĂƚŽƌ͘/ŶĨƌĂƐƚƌƵĐƚƵƌĞǁĂƐŝŶĐůƵĚĞĚƚŽĂůůŽǁĂŶŽƌĐŚĞƐƚƌĂƐŚĞůůƚŽďĞ ĂĚĚĞĚŝŶƚŚĞĨƵƚƵƌĞ͘>ůŝŐŚƚƐŽƵƌĐĞƐǁĞƌĞƵƐĞĚƚŽƌĞůŝŐŚƚƚŚĞŚŽƵƐĞ͘ 3DFNHW3J 'E ͘&ŝƌŵWƌŽĨŝůĞƐ WƌŽũĞĐƚǆƉĞƌŝĞŶĐĞ <ŝŶŐƐdŚĞĂƚƌĞ ƌŽŽŬůǇŶ͕Ez ^ĐŚƵůĞƌ^ŚŽŽŬ dŚĞĨŽƌŵĞƌ>ŽĞǁ͛Ɛ<ŝŶŐƐdŚĞĂƚĞƌŽŶƌŽŽŬůǇŶ͛Ɛ&ůĂƚďƵƐŚǀĞŶƵĞŝƐŽŶĞŽĨƚŚĞ ůĂƌŐĞƐƚĂŶĚŵŽƐƚĚĞĐŽƌĂƟǀĞǀĞŶƵĞƐŝŶEĞǁzŽƌŬŝƚǇ͘dŚĞƌĞŶŽǀĂƟŽŶƉƌĞƐĞƌǀĞĚ ŝƚƐďĞĂƵƚǇǁŚŝůĞĐƌĞĂƟŶŐĂĨƵůůǇͲĞƋƵŝƉƉĞĚ͕ϯ͕ϮϬϬͲƐĞĂƚŵŽĚĞƌŶƉĞƌĨŽƌŵĂŶĐĞ ƐƉĂĐĞĚĞƐŝŐŶĞĚƚŽƐƵƉƉŽƌƚůŝǀĞŵƵƐŝĐ͕ĚĂŶĐĞĂŶĚƚŚĞĂƚƌĞƉƌŽĚƵĐƟŽŶƐ͘ ^ĐŚƵůĞƌ^ŚŽŽŬƉƌŽǀŝĚĞĚĐŽŵƉůĞƚĞƚŚĞĂƚƌĞƉůĂŶŶŝŶŐƐĞƌǀŝĐĞƐǁŚŝĐŚŝŶĐůƵĚĞĚ ĂŶĞǆƚĞŶƐŝǀĞƐĞĂƟŶŐƌĞĐŽŶĮŐƵƌĂƟŽŶĂŶĚŽǀĞƌͲďƵŝůĚƚŽŝŵƉƌŽǀĞĐŽŵĨŽƌƚĂŶĚ ƐŝŐŚƚůŝŶĞƐ͘dŚĞƐƚĂŐĞŚŽƵƐĞǁĂƐĞǆƉĂŶĚĞĚƐůŝŐŚƚůǇĂŶĚĞƋƵŝƉƉĞĚǁŝƚŚĂŶĞǁ ůŝŐŚƟŶŐƌŝŐŐŝŶŐĂŶĚŵĂƐŬŝŶŐĐƵƌƚĂŝŶƐ͘>ĂƌŐĞĚĞĐŽƌĂƟǀĞĐƵƌƚĂŝŶƐĂƚƚŚĞƉƌŽƐĐĞŶŝƵŵ ŽƉĞŶŝŶŐ͕ĂƵĚŝƚŽƌŝƵŵĂŶĚůŽďďǇǁĞƌĞƌĞĐƌĞĂƚĞĚĨƌŽŵŚŝƐƚŽƌŝĐƉŚŽƚŽŐƌĂƉŚƐ͘ dŚĞĂƌĐŚŝƚĞĐƚƵƌĂůůŝŐŚƟŶŐĚĞƐŝŐŶŝŶĐůƵĚĞĚƌĞƐƚŽƌĂƟŽŶŽĨƐĞǀĞƌĂůůŽďďǇĐŚĂŶĚĞůŝĞƌƐ ƉůƵƐŚŝƐƚŽƌŝĐĂůůǇĂƉƉƌŽƉƌŝĂƚĞƐĞůĞĐƟŽŶƐƚŽƌĞƉůĂĐĞŵŝƐƐŝŶŐĮǆƚƵƌĞƐĨƌŽŵƚŚĞ ƐŝƚĞ͘>ƐŽƵƌĐĞƐǁĞƌĞĂĚĚĞĚƚŽŚŝŐŚůŝŐŚƚĂƵĚŝƚŽƌŝƵŵĐĞŝůŝŶŐĐŽǀĞƐĂŶĚŽƚŚĞƌ ĂƌĐŚŝƚĞĐƚƵƌĂůĨĞĂƚƵƌĞƐ͘ 3DFNHW3J ΀ϯϯ΁ 'E ͘&ŝƌŵWƌŽĨŝůĞƐ WƌŽũĞĐƚǆƉĞƌŝĞŶĐĞ ĞĚĂƌƵůƚƵƌĂůĞŶƚĞƌ DŝŶŶĞĂƉŽůŝƐ͕DE DŝůůĞƌƵŶǁŝĚĚŝĞƌĐŚŝƚĞĐƚƵƌĞ͕ ^ĐŚƵůĞƌ^ŚŽŽŬ ZĞĐĞŶƚůǇŽƉĞŶĞĚ͕WŚĂƐĞ/ ŝŵƉƌŽǀĞĚdŚĞĞĚĂƌ͛ƐůĂƌŐĞ ƉƵďůŝĐƉůĂǌĂƚŚĂƚŝƐƵƐĞĚĂƐĂŶ ŽƵƚĚŽŽƌƉĞƌĨŽƌŵĂŶĐĞǀĞŶƵĞĂŶĚ ŵƵĐŚͲŶĞĞĚĞĚŶĞŝŐŚďŽƌŚŽŽĚ ŽƉĞŶƐƉĂĐĞ͘WŚĂƐĞ//ǁŝůůďĞĂŶ ĞǆƉĂŶƐŝŽŶĂŶĚƌĞŶŽǀĂƟŽŶŽĨƚŚĞ ĞǆŝƐƟŶŐďƵŝůĚŝŶŐ͘ ,ĂƌǀĞǇ,Ăůů͕ht^ƚŽƵƚ DĞŶŽŵŽŶŝĞ͕t/ DŝůůĞƌƵŶǁŝĚĚŝĞƌĐŚŝƚĞĐƚƵƌĞ͕ ^ĐŚƵůĞƌ^ŚŽŽŬ͕͘D͘^ƚƌƵĐƚƵƌĂů ŶŐŝŶĞĞƌŝŶŐ ŽŵƉůĞƚĞƌĞŶŽǀĂƟŽŶŽĨƚŚĞ ϱϬϬнƐĞĂƚĨĂĐŝůŝƚǇŝŶĐůƵĚĞĚŶĞǁ ƐĞĂƚƐƚŚƌŽƵŐŚŽƵƚ͖ƌĞͲƐůŽƉĞĚĂŶĚ ĂĚĚĞĚďĂůĐŽŶǇƐĞĂƟŶŐ͖ŝŵƉƌŽǀĞĚ ƐŝŐŚƚůŝŶĞƐ͖ƌĞŶŽǀĂƟŽŶŽĨďĂĐŬƐƚĂŐĞ ĂƌĞĂƐ͖ƵƉŐƌĂĚĞĚƚŽƐŽƵŶĚĂŶĚ ůŝŐŚƟŶŐƐǇƐƚĞŵƐ͖ĂŶĚĐŽŵƉůĞƚĞ ƌĞŶŽǀĂƟŽŶŽĨƚŚĞ,sƐǇƐƚĞŵ͘ 3DFNHW3J ΀ϯϰ΁ 'E ͘&ŝƌŵWƌŽĨŝůĞƐ WƌŽũĞĐƚǆƉĞƌŝĞŶĐĞ WĞĂďŽĚǇKƉĞƌĂ,ŽƵƐĞ ^ƚ͘>ŽƵŝƐ͕DK ^ĐŚƵůĞƌ^ŚŽŽŬ ZĞŶŽǀĂƟŽŶŽĨŚŝƐƚŽƌŝĐŽƉĞƌĂ ŚŽƵƐĞŝŶĐůƵĚŝŶŐĂϯ͕ϭϬϬͲƐĞĂƚŵĂŝŶ ĂƵĚŝƚŽƌŝƵŵĂŶĚƚŚƌĞĞďĂŶƋƵĞƚͬ ĂƐƐĞŵďůǇƌŽŽŵƐ͕s/WůŽƵŶŐĞĂŶĚ ĞǆƚĞŶƐŝǀĞůŽďďǇƐŚĂƌĞĚďǇĂůů ƐƉĂĐĞƐ &ŝƌƐƚ^ƚƌĞĞƚWůĂǌĂ ZŽĐŚĞƐƚĞƌ͕DE ^ĐŚƵůĞƌ^ŚŽŽŬ >ŝŐŚƟŶŐĚĞƐŝŐŶĨŽƌĂĚŽǁŶƚŽǁŶ ƉůĂǌĂĂŶĚĨŽƵŶĚĂƟŽŶ͘ 3DFNHW3J ΀ϯϱ΁ 'E ͘&ŝƌŵWƌŽĨŝůĞƐ WƌŽũĞĐƚǆƉĞƌŝĞŶĐĞ 'ƵƚŚƌŝĞdŚĞĂƚĞƌ DŝŶŶĞĂƉŽůŝƐ͕DE DŝĐŚĂƵĚŽŽůĞǇƌŝĐŬƐŽŶ͕DĐ'ŽƵŐŚ ϮϱϬ͕ϬϬϬ^&dŚĞĂƚĞƌĂůŽŶŐƚŚĞ DŝƐƐŝƐƐŝƉƉŝZŝǀĞƌ͘dŚƌƵƐƚΘ WƌŽƐĐĞŶŝƵŵ^ƚĂŐĞƐ͘DĚĞƐŝŐŶĞĚ ƚŚĞDWĂŶĚŽŵŵŝƐƐŝŽŶŝŶŐĨŽƌ ƚŚĞWĞƌĨŽƌŵŝŶŐƌƚƐĐŽŵƉůĞǆ͕ ŝŶĐůƵĚŝŶŐƚŚĞ^ĐĞŶĞ^ŚŽƉ͕ ĐůĂƐƐƌŽŽŵƐƉĂĐĞƐ͕ĂŶĚĂĐĂƌ ƉĂƌŬŝŶŐƌĂŵƉ͘ĮƌĞĂůĂƌŵĂŶĚ ƐĞĐƵƌŝƚǇƐǇƐƚĞŵĚĞƐŝŐŶǁĂƐĂůƐŽ ŝŶƚĞŐƌĂƚĞĚ͘ :ĂŶĞƚtĂůůĂĐĞ &ŝŶĞƌƚƐĞŶƚĞƌ͕ DĂĐĂůĞƐƚĞƌŽůůĞŐĞ ^ƚ͘WĂƵů͕DE DŝĐŚĂƵĚŽŽůĞǇƌŝĐŬƐŽŶ͕DĐ'ŽƵŐŚ ϭϴϬ͕ϬϬϬ^&&ŝŶĞĂŶĚWĞƌĨŽƌŵŝŶŐ ƌƚƐĞŶƚĞƌZĞŶŽǀĂƟŽŶĂŶĚ ĞǆƉĂŶƐŝŽŶŽĨƚŚĞϭϵϲϴ&ŝŶĞƌƚƐ ďƵŝůĚŝŶŐŝŶĐůƵĚŝŶŐĐĞŶƚƌĂůĐŚŝůůĞƌ ĂŶĚďŽŝůĞƌƉůĂŶƚƵƉŐƌĂĚĞƐ͘ 3DFNHW3J ΀ϯϲ΁ 'E ͘&ŝƌŵWƌŽĨŝůĞƐ WƌŽũĞĐƚǆƉĞƌŝĞŶĐĞ >ŝŶĐŽůŶdŚĞĂƚƌĞ ŽůƵŵďƵƐ͕K, ĐŽƵƐƚŝĐŝƐƚŝŶĐƚŝŽŶƐ ZĞŚĂďŝůŝƚĂƟŽŶŽĨϭϵϮϬƐ͕ϱϲϲͲƐĞĂƚ ƚŚĞĂƚƌĞĨŽƌƟĮĞĚŝƚƐŝŶĐůƵƐŝŽŶŝŶƚŚĞ EĂƟŽŶĂůZĞŐŝƐƚĞƌŽĨ,ŝƐƚŽƌŝĐWůĂĐĞƐ >ŝƐƚĂŶĚƐĞƌǀĞĚĂƐĂĐĂƚĂůǇƐƚĨŽƌ ƌĞǀŝƚĂůŝǌŝŶŐĂŚŝƐƚŽƌŝĐĚŽǁŶƚŽǁŶ ŶĞŝŐŚďŽƌŚŽŽĚ͘ĐŽƵƐƟĐĚĞƐŝŐŶ ƐƉĂŶŶĞĚƚŚĞŵĂŝŶƐƚĂŐĞƚŚĞĂƚƌĞ ǁŝƚŚĂŶƟĐŝƉĂƚĞĚƵƐĞĨŽƌďŽƚŚůŝǀĞ ĂƌƚƐĂŶĚĐŝŶĞŵĂƟĐƉƌĞƐĞŶƚĂƟŽŶƐ ǁŝƚŚƚŚĞĂĚĚŝƟŽŶŽĨĂŶĞǁĚŝŐŝƚĂů ƉƌŽũĞĐƟŽŶƐǇƐƚĞŵ͘ KŚŝŽdŚĞĂƚƌĞ ŽůƵŵďƵƐ͕K, ĐŽƵƐƚŝĐŝƐƚŝŶĐƚŝŽŶƐ ĐŽƵƐƟĐƐƚƵĚǇĂƐƉĂƌƚŽĨĂůĂƌŐĞƌ ĨĂĐŝůŝƚǇĂƐƐĞƐƐŵĞŶƚŽĨϮ͕ϳϳϵͲƐĞĂƚ ^ƉĂŶŝƐŚͲĂƌŽƋƵĞŵĂƐƚĞƌƉŝĞĐĞ ďƵŝůƚŝŶϭϵϮϴ͘ƚĞĂŵĂĚĚƌĞƐƐĞĚ ĂĐŽƵƐƟĐĞŶŚĂŶĐĞŵĞŶƚƐŝŶĐůƵĚŝŶŐ ŵĞĐŚĂŶŝĐĂůͬĞůĞĐƚƌŝĐĂůŶŽŝƐĞĂŶĚ ǀŝďƌĂƟŽŶĐŽŶƚƌŽů͕ƐŽƵŶĚŝƐŽůĂƟŽŶ ĂŶĚĐŽŽƌĚŝŶĂƟŽŶŽĨŝŶƚĞƌŝŽƌ ĮŶŝƐŚĞƐƚŽƉƌĞƐĞƌǀĞƚŚĞ,Ăůů͛Ɛ ƐƚƌŽŶŐŶĂƚƵƌĂůĂĐŽƵƐƟĐƐ 3DFNHW3J ΀ϯϳ΁ 'E ͘&ŝƌŵWƌŽĨŝůĞƐ WƌŽũĞĐƚǆƉĞƌŝĞŶĐĞ ^ĞŵŝŶŽůĞdŚĞĂƚƌĞ ,ŽŵĞƐƚĞĂĚ͕&> tĞďďDĂŶĂŐĞŵĞŶƚ^ĞƌǀŝĐĞƐ ĐŽŵƉůĞƚĞĂďƵƐŝŶĞƐƐƉůĂŶƚŚĂƚ ĐŽŶƐŝĚĞƌĞĚǀĂƌŝŽƵƐŽƉƉŽƌƚƵŶŝƟĞƐ ĂŶĚĂůƚĞƌŶĂƟǀĞƐƚŽĂŶŝŵĂƚĞƚŚĞ ĨĂĐŝůŝƚǇĂŶĚŐĞŶĞƌĂƚĞǀĂůƵĞĨŽƌƚŚĞ ŝƚǇďĂƐĞĚŽŶŵĂƌŬĞƚĐŽŶĚŝƟŽŶƐ ĂŶĚŝŶĚƵƐƚƌǇƚƌĞŶĚƐ͘ ZƵŶŶŝŶŐdŚĞĂƚĞƌƐ͗ĞƐƚ WƌĂĐƚŝĐĞƐĨŽƌ>ĞĂĚĞƌƐ ĂŶĚDĂŶĂŐĞƌƐ tĞďďDĂŶĂŐĞŵĞŶƚ^ĞƌǀŝĐĞƐ ZĞůĞĂƐĞĚŝŶϮϬϬϱ͕ƚŚĞďŽŽŬ ƌĞǀĞĂůƐƚŚĞďĞƐƚƉƌĂĐƟĐĞƐƚŚĂƚ ĐŽŶƐŝƐƚĞŶƚůǇůĞĂĚƚŽŽƉĞƌĂƟŶŐ ƐƵĐĐĞƐƐĨƵůƚŚĞĂƚĞƌƐ͘ƵůůĞĚĨƌŽŵ ƐƵƌǀĞǇƐĂŶĚŝŶƚĞƌǀŝĞǁƐǁŝƚŚŵŽƌĞ ƚŚĂŶĮŌǇƚŽƉƚŚĞĂƚĞƌŵĂŶĂŐĞƌƐ ĂŶĚĞǆƉĞƌƚƐ͕ƚŚŝƐŐƵŝĚĞƉƌŽǀŝĚĞƐ ƉƌŽǀĞŶĂŶĚƐƵĐĐĞƐƐĨƵůƐƚƌĂƚĞŐŝĞƐ ĨƌŽŵŵĂŶĂŐĞƌƐ͕ƐƚĂī͕ĂŶĚǀŽůƵŶƚĞĞƌ ůĞĂĚĞƌƐĐŽǀĞƌŝŶŐǀŝƌƚƵĂůůǇĞǀĞƌǇ ĂƐƉĞĐƚŽĨƌƵŶŶŝŶŐĂƚŚĞĂƚĞƌ͗ ĂƵĚŝĞŶĐĞĚĞǀĞůŽƉŵĞŶƚ͕ĨƵŶĚƌĂŝƐŝŶŐ͕ ĨĂĐŝůŝƚǇĚĞǀĞůŽƉŵĞŶƚ͕ƉƌŽŐƌĂŵŵŝŶŐ͕ ĐŽŵŵƵŶŝƚǇŝŶǀŽůǀĞŵĞŶƚ͕ĂŶĚ ŵƵĐŚŵŽƌĞ͘^ƉĞĐŝĂůƐĞĐƟŽŶƐĐŽǀĞƌ ƉŚǇƐŝĐĂůŵĂŝŶƚĞŶĂŶĐĞ͕ƚĞĐŚŶŽůŽŐǇ ŝŶƚŚĞĂƚĞƌƐ͕ĂŶĚƐƚĂīĂŶĚďŽĂƌĚ ĚĞǀĞůŽƉŵĞŶƚ͘ 3DFNHW3J ΀ϯϴ΁ 'E ͘&ŝƌŵWƌŽĨŝůĞƐ WƌŽũĞĐƚǆƉĞƌŝĞŶĐĞ ^ƚ͘:ŽŚŶĂŶƚŝƵƐŚƵƌĐŚ ͲĂƐĂǀĂŶƚKƉƵƐϭϭϯϬ ŚŝĐĂŐŽ͕/> :>tĞŝůĞƌ ĂƐĂǀĂŶƚKƉƵƐϭϭϯϬ;ĨŽƵƌ ŵĂŶƵĂůƐ͕ϱϳƌĂŶŬƐͿ͕ƌĞƐĐƵĞĚĨƌŽŵ ƚŚĞƐŚƵƩĞƌĞĚ^ƚ͘:ĂŵĞƐhŶŝƚĞĚ DĞƚŚŽĚŝƐƚŚƵƌĐŚŝŶ,ǇĚĞWĂƌŬ͕ ŚĂƐďĞĞŶƌĞƐƚŽƌĞĚĂŶĚŝŶƐƚĂůůĞĚĂƚ ^ƚ͘:ŽŚŶĂŶƟƵƐŚƵƌĐŚ͕ŚŝĐĂŐŽ͘ ƵŝůƚŝŶϭϵϮϲ͕ƚŚĞŽƌŐĂŶǁĂƐĂ ĨĂǀŽƌŝƚĞŽĨƚŚĞŶŽƚĞĚĐŽŵƉŽƐĞƌ ĂŶĚŽƌŐĂŶŝƐƚDĂƌĐĞůƵƉƌĞ͘dŚĞ ƌĞƐƚŽƌĂƟŽŶǁĂƐĐŽŵƉůĞƚĞĚŝŶƟŵĞ ĨŽƌƚŚĞĚĞĚŝĐĂƟŽŶŽŶKĐƚŽďĞƌϮϬ͕ ϮϬϭϯ͘ ^ƚĂƚĞdŚĞĂƚƌĞ ͲtƵƌůŝƚǌĞƌKƉƵƐϮϬϬϱ ^ǇĚŶĞǇ͕ƵƐƚƌĂůŝĂ :>tĞŝůĞƌ dŚĞƌĞƐƚŽƌĞĚĨŽƵƌͲŵĂŶƵĂůtƵƌůŝƚǌĞƌ ĐŽŶƐŽůĞƐĐŽƉĞŽĨǁŽƌŬŝŶĐůƵĚĞĚ ƚŚĞƌĞŵŽǀĂůŽĨĐŽŶƚĞŵƉŽƌĂƌǇ ƐƚŽƉĂĐƟŽŶŵĂŐŶĞƚƐ͕ĂƐƐŽĐŝĂƚĞĚ ŚĂƌĚǁĂƌĞ͕ĂŶĚĐŽŶƚƌŽůƐ͖ƌĞƐƚŽƌĂƟŽŶ ŽĨƚŚĞŵĂŝŶƐƚŽƉŬĞǇŵŽƚŽƌƉůĂƚĞ ǁŚŝĐŚŚĂĚďĞĞŶĂůƚĞƌĞĚ͖ƌĞƚƵƌŶŝŶŐ ǁŝŶĚŽƉĞƌĂƚĞĚƐƚŽƉŬĞǇŵŽǀĞŵĞŶƚƐ ƵƐŝŶŐĂůůǀŝŶƚĂŐĞtƵƌůŝƚǌĞƌ ĐŽŵƉŽŶĞŶƚƐĂŶĚƟŶƚƵďŝŶŐ͖ƚŚĞ ƌĞƐƚŽƌĂƟŽŶŽĨƚŚĞĐŽŶƐŽůĞĐĂƐĞ ƚŽŝƚƐϭϵϮϴĂƉƉĞĂƌĂŶĐĞ͖ƌĞƉůĂƟŶŐ ŚĂƌĚǁĂƌĞŝŶďƌŝŐŚƚŶŝĐŬĞů͖Ăůů ďƌĂŝĚĞĚĐĂďůĞĐŽǀĞƌŝŶŐƐƵƐŝŶŐƚŚĞ ůĂƚĞtƵƌůŝƚǌĞƌŚŽƵŶĚƐƚŽŽƚŚƉĂƩĞƌŶ ĨĂďƌŝĐĂƚĞĚ͖ĂƌĞƐƚŽƌĞĚtƵƌůŝƚǌĞƌ ƉĞĚĂůďŽĂƌĚ͖ĂŶĚƚŚĞƌĞƚƵƌŶƚŽƚŚĞ ŽƌŝŐŝŶĂůƐƚŽƉůŝƐƚ͘ 3DFNHW3J ΀ϯϵ΁ 'E 3DFNHW3J 'E ͘^ƚĂĨĨZĞƐƵŵĞƐ ŚĂƚĞĂƵdŚĞĂƚƌĞZĞƵƐĞdĂƐŬ&ŽƌĐĞ DŝůůĞƌƵŶǁŝĚĚŝĞƌĐŚŝƚĞĐƚƵƌĞ dĞĂŵ>ĞĂĚĞƌ͕ƌĐŚŝƚĞĐƚƵƌĞ͕,ŝƐƚŽƌŝĐĂůƌĐŚŝƚĞĐƚ͕/ŶƚĞƌŝŽƌƐ͕ƵŝůĚŝŶŐŶǀĞůŽƉĞ WƌŝŶĐŝƉĂůͲŝŶͲŚĂƌŐĞ :ŽŚŶDĞĐƵŵͲ ĞŶŝƚĂ>ĞŵŵŽŶͲWƌŽũĞĐƚDĂŶĂŐĞƌͬWƌŽũĞĐƚƌĐŚŝƚĞĐƚ Ͳ/ŶƚĞƌŝŽƌĞƐŝŐŶĞƌ <ĂƚŚƌǇŶ,ƵŶƐůĞǇ ͲƌĐŚŝƚĞĐƚƵƌĂů/ŶƚĞƌŶ tŝŶĚǇ&ůĞŝƐĐŚĂŬĞƌ ƵŝůĚŝŶŐŶǀĞůŽƉĞ^ƉĞĐŝĂůŝƐƚ͕ZŽŽĨŽŶƐƵůƚĂŶƚ;sĂůƵĞĚĚĞĚ^ĞƌǀŝĐĞƐͿ ZŝĐŬ&ƌŽďĞƌŐͲ ƵŝůĚŝŶŐŶǀĞůŽƉĞ^ƉĞĐŝĂůŝƐƚ͕tĂƚĞƌƉƌŽŽĮŶŐŽŶƐƵůƚĂŶƚ;sĂůƵĞĚĚĞĚ^ĞƌǀŝĐĞƐͿ tŝŶŐ<ŽŶŐͲ KE^h>dEddD ĂƐĞ^ĞƌǀŝĐĞƐ ^ĐŚƵůĞƌ^ŚŽŽŬtĞďďDĂŶĂŐĞŵĞŶƚ͘D͘^ƚƌƵĐƚƵƌĂůŶŐŝŶĞĞƌŝŶŐ dŚĞĂƚĞƌWůĂŶŶŝŶŐDĂƌŬĞƚƐƐĞƐƐŵĞŶƚ^ƚƌƵĐƚƵƌĂůƐƐĞƐƐŵĞŶƚ DŝĐŚĂĞůŝůĂƐŝƵŶĐĂŶtĞďďĂǀĞtĂŐŶĞƌ ĐŽƵƐƟĐŝƐƟŶĐƟŽŶƐDŝĐŚĂƵĚŽŽůĞǇƌŝĐŬƐŽŶ DĐ'ŽƵŐŚŽŶƐƚƌƵĐƟŽŶ ĐŽƵƐƟĐĂůƐƐĞƐƐŵĞŶƚ DĞĐŚĂŶŝĐĂůΘůĞĐƚƌŝĐĂůƐƐĞƐƐŵĞŶƚŽƐƚDŽĚĞů ĐŽƵƐƟĐĂůDĞĐŚĂŶŝĐĂů ĂǀŝĚ<ĂŚŶͲ'ƌĞŐĂƌĚŝŶĂůͲĂǀĞWŽƚŚĞŶ ůĞĐƚƌŝĐĂů dŽĚĚĂůǇͲ ƵĚŝŽsŝƐƵĂů ĂǀŝĚZŽďďͲ &ŝƌĞWƌŽƚĞĐƟŽŶ dĞĚ^ĂůǌŵĂŶͲ dĞĐŚŶŽůŽŐǇ ƌŝĐ^ƚĞůŵĂĐŬͲ sĂůƵĞĚĚĞĚdĞĂŵDĞŵďĞƌƐ :>tĞŝůĞƌ,ĞƐƐZŽŝƐĞĂŶĚŽŵƉĂŶǇ ,ŝƐƚŽƌŝĐƐƐĞƐƐŵĞŶƚ WŝƉĞKƌŐĂŶŶĂůǇƐŝƐ ŚĂƌůĞŶĞZŽŝƐĞ :ĞītĞŝůĞƌ 3DFNHW3J ΀ϰϭ΁ 'E ͘^ƚĂĨĨZĞƐƵŵĞƐ :ŽŚŶDĞĐƵŵ͕ /͕EZ WƌŝŶĐŝƉĂůŝŶŚĂƌŐĞ DŝůůĞƌƵŶǁŝĚĚŝĞƌĐŚŝƚĞĐƚƵƌĞ :ŽŚŶŝƐĂWƌŝŶĐŝƉĂůǁŝƚŚDĂŶĚŚĂƐŽǀĞƌϯϬǇĞĂƌƐŽĨĞǆƉĞƌŝĞŶĐĞŝŶĐůƵĚŝŶŐĐŽŵƉůĞƟŶŐ ŽǀĞƌϯϬϬƉƌĞƐĞƌǀĂƟŽŶƉƌŽũĞĐƚƐ͕ŵŽƐƚůǇƉůĂŶŶŝŶŐ͕ĂĚĂƉƟǀĞƌĞƵƐĞ͕ĂŶĚƌĞŚĂďŝůŝƚĂƟŽŶƐ ĨŽƌŚŝƐƚŽƌŝĐďƵŝůĚŝŶŐƐ͘,ĞŚĂƐďĞĞŶĂĨĂĐŝůŝƚĂƚŽƌĨŽƌƉƌŽũĞĐƚǁŽƌŬƐŚŽƉƐĂŶĚĐŽŵŵƵŶŝƚǇ ĞŶŐĂŐĞŵĞŶƚƐĞƐƐŝŽŶƐŽŶŵƵůƟƉůĞƉƌŽũĞĐƚƐ͘:ŽŚŶŝƐĂƐŬŝůůĞĚůŝƐƚĞŶĞƌǁŚŽǁŽƌŬƐƚŽŚĞůƉ ĚŝǀĞƌƐĞŐƌŽƵƉƐŝĚĞŶƟĨǇƐŚĂƌĞĚŶĞĞĚƐ͕ĂƌƟĐƵůĂƚĞĐŽŵŵŽŶŐŽĂůƐ͕ƵŶĚĞƌƐƚĂŶĚĞǆĐŝƟŶŐ ƉŽƐƐŝďŝůŝƟĞƐ͕ĂŶĚƌĞĂĐŚĐŽŶƐĞŶƐƵƐ͘,ĞŚĂƐŚĂĚĂůŽǀĞĨŽƌƚŚĞƚĞĐŚŶŝĐĂůƐŝĚĞŽĨƚŚĞƚŚĞĂƚƌĞ ƐŝŶĐĞŚŝŐŚƐĐŚŽŽůĂŶĚƐĞƌǀĞĚϳǇĞĂƌƐĂƐƚŚĞdĞĐŚŶŝĐŝĂŶŝƌĞĐƚŽƌŽĨĂĐŽŵŵƵŶŝƚǇƚŚĞĂƚƌĞ͘ ^ĞůĞĐƚĞĚZĞůĞǀĂŶƚWƌŽũĞĐƚǆƉĞƌŝĞŶĐĞ >ŝĐĞŶƐĞͬĞƌƚŝĨŝĐĂƚŝŽŶ ƌƚƐƉĂĐĞ ͻDEƌĐŚŝƚĞĐƚηϮϭϲϭϳ ͻdŚĞŽǁůĞƐĞŶƚĞƌĨŽƌĂŶĐĞĂŶĚƚŚĞWĞƌĨŽƌŵŝŶŐƌƚƐ͖DŝŶŶĞĂƉŽůŝƐ͕DE ͻDĞĞƚƐƚŚĞEĂƟŽŶĂůWĂƌŬ^ĞƌǀŝĐĞ͛Ɛ ͻ^ŚƵďĞƌƚdŚĞĂƚƌĞZĞůŽĐĂƟŽŶ WƌŽĨĞƐƐŝŽŶĂůYƵĂůŝĮĐĂƟŽŶ ͻWƌĞĚĞƐŝŐŶ^ƚƵĚǇ ^ƚĂŶĚĂƌĚ;ϯϲ&ZWĂƌƚϲϭͿĨŽƌ ͻEĞǁĚĚŝƟŽŶůŝŶŬŝŶŐƚǁŽŚŝƐƚŽƌŝĐďƵŝůĚŝŶŐƐ ,ŝƐƚŽƌŝĐƌĐŚŝƚĞĐƚƵƌĞ͕ĂƐƉĂƌƚŽĨ ͻ&ƌĂŶŬůŝŶƌƚƐĞŶƚĞƌ;ĂĚĂƉƟǀĞƌĞƵƐĞŽĨŚŝƐƚŽƌŝĐƐĐŚŽŽůͿ͖ƌĂŝŶĞƌĚ͕DE ƚŚĞ^ĞĐƌĞƚĂƌǇŽĨƚŚĞ/ŶƚĞƌŝŽƌ͛Ɛ ͻdŝůƐŶĞƌƌƟƐƚƐ>ŽŌƐ͖^ƚ͘WĂƵů͕DE ^ƚĂŶĚĂƌĚƐĨŽƌƚŚĞdƌĞĂƚŵĞŶƚŽĨ ,ŝƐƚŽƌŝĐWƌŽƉĞƌƟĞƐ ,ĞŶŶĞƉŝŶdŚĞĂƚƌĞdƌƵƐƚ KƌƉŚĞƵŵdŚĞĂƚƌĞ&ĂĐŝůŝƟĞƐƐƐĞƐƐŵĞŶƚ ĚƵĐĂƚŝŽŶ KƌƉŚĞƵŵdŚĞĂƚƌĞĂůĐŽŶǇ^ĞĂƟŶŐZĞǀŝĞǁƐ ͻD͘ŽĨƌĐŚŝƚĞĐƚƵƌĞΘ>ĂŶĚƐĐĂƉĞ KƌƉŚĞƵŵdŚĞĂƚƌĞs/W>ŽƵŶŐĞŽŶĐĞƉƚĞƐŝŐŶ WĂŶƚĂŐĞƐdŚĞĂƚƌĞ&ĂĐŝůŝƟĞƐƐƐĞƐƐŵĞŶƚ WƌĞƐĞƌǀĂƟŽŶ͕/ŽǁĂ^ƚĂƚĞ ^ƚĂƚĞdŚĞĂƚƌĞ&ĂĐŝůŝƟĞƐƐƐĞƐƐŵĞŶƚ hŶŝǀĞƌƐŝƚǇ ,ŝƐƚŽƌŝĐdŚĞĂƚĞƌ'ƌŽƵƉKĸĐĞZĞůŽĐĂƟŽŶ ƐƐŽĐŝĂƚŝŽŶƐ hŶŝǀĞƌƐŝƚǇŽĨDEͲKŶŐŽŝŶŐƐĞƌǀŝĐĞƐƐŝŶĐĞϭϵϵϬĂŶĚŽǀĞƌϮϬϬƉƌŽũĞĐƚƐ͗ ͻdŚĞŵĞƌŝĐĂŶ/ŶƐƟƚƵƚĞŽĨ ͻEŽƌƚŚƌŽƉDĞŵŽƌŝĂůƵĚŝƚŽƌŝƵŵ ƌĐŚŝƚĞĐƚƐ ͻWƌĞĚĞƐŝŐŶ^ƚƵĚǇ ͻEĂƟŽŶĂůŽƵŶĐŝůŽĨƌĐŚŝƚĞĐƚƵƌĂů ͻǆƚĞƌŝŽƌZĞƐƚŽƌĂƟŽŶŽŶƐƵůƚĂŶƚ ZĞŐŝƐƚƌĂƟŽŶŽĂƌĚƐ ͻ>ŽďďǇĞŝůŝŶŐZĞƐƚŽƌĂƟŽŶ ͻƐƐŽĐŝĂƟŽŶĨŽƌWƌĞƐĞƌǀĂƟŽŶ ͻ^ƉƌŝŶŬůĞƌ^ǇƐƚĞŵĚĚŝƟŽŶ dĞĐŚŶŽůŽŐǇŝŶƚĞƌŶĂƟŽŶĂů ͻ:ŽŚŶY͘/ŵŚŽůƚĞ,ĂůůĚĚŝƟŽŶĂŶĚZĞŶŽǀĂƟŽŶ͕DŽƌƌŝƐ ͻĞŶWŽŵĞƌŽǇ^ƚƵĚĞŶƚͬůƵŵŶŝ>ĞĂƌŶŝŶŐĞŶƚĞƌ;ĚĂƉƟǀĞZĞƵƐĞŽĨ,ŝƐƚŽƌŝĐĂŝƌǇĂƌŶͿ ͻ&ŽůǁĞůů,ĂůůǆƚĞƌŝŽƌZĞƐƚŽƌĂƟŽŶĂŶĚ/ŶƚĞƌŝŽƌZĞŚĂďŝůŝƚĂƟŽŶ ͻ^ŽƵƚŚĞĂƐƚ,ĞĂƟŶŐWůĂŶƚǆƚĞƌŝŽƌZĞƐƚŽƌĂƟŽŶĂŶĚZĞŚĂďŝůŝƚĂƟŽŶ ͻKǀĞƌϱϬƵŝůĚŝŶŐŽŶĚŝƟŽŶƐƐƐĞƐƐŵĞŶƚƐ͕ǀĂůƵĂƟŽŶƐĂŶĚWůĂŶŶŝŶŐ^ƚƵĚŝĞƐ ,ĞĂƌƚŽĨƚŚĞĞĂƐƚWƵƉƉĞƚΘDĂƐŬdŚĞĂƚƌĞDĞĐŚĂŶŝĐĂůhƉŐƌĂĚĞΘŽĚĞ^ƉĞĐŝĮĐĂƟŽŶƐ͖ DŝŶŶĞĂƉŽůŝƐ͕DE DŝŶŶĞĂƉŽůŝƐŝƚǇ,ĂůůͬŽƵƌƚŚŽƵƐĞͲKŶŐŽŝŶŐƌĞŚĂďŝůŝƚĂƟŽŶĂŶĚƌĞƐƚŽƌĂƟŽŶƉƌŽũĞĐƚƐ ƐŝŶĐĞϭϵϴϰ ĂƚŚĞĚƌĂůŽĨ^ĂŝŶƚWĂƵůDĂƐƚĞƌWůĂŶ^ƚƵĚǇĂŶĚǆƚĞƌŝŽƌZĞƐƚŽƌĂƟŽŶ͖^ƚ͘WĂƵů͕DE 3DFNHW3J 'E ͘^ƚĂĨĨZĞƐƵŵĞƐ ĞŶŝƚĂ>ĞŵŵŽŶ͕ /͕EZ͕>W WƌŽũĞĐƚDĂŶĂŐĞƌͬWƌŽũĞĐƚƌĐŚŝƚĞĐƚ DŝůůĞƌƵŶǁŝĚĚŝĞƌĐŚŝƚĞĐƚƵƌĞ ĞŶŝƚĂŝƐĂŶƐƐŽĐŝĂƚĞWƌŝŶĐŝƉĂůΘWƌŽũĞĐƚDĂŶĂŐĞƌǁŝƚŚDĂŶĚŚĂƐďĞĞŶǁŝƚŚƚŚĞ ĮƌŵƐŝŶĐĞϭϵϵϲ͘^ŚĞŚĂƐĚĞǀĞůŽƉĞĚĂƉĂƐƐŝŽŶĨŽƌƐŽůǀŝŶŐƚĞĐŚŶŝĐĂůĂŶĚǀŝƐƵĂůĂƐƉĞĐƚƐŽĨ ĞǆŝƐƟŶŐĂŶĚĂŐŝŶŐďƵŝůĚŝŶŐƐĂŶĚŚĂƐĞǆƚĞŶƐŝǀĞĞǆƉĞƌŝĞŶĐĞŝŶĂĚĂƉƟŶŐŚŝƐƚŽƌŝĐďƵŝůĚŝŶŐƐ͘ ^ŚĞŚĂƐĂƐƵĐĐĞƐƐĨƵůƚƌĂĐŬƌĞĐŽƌĚŽĨŵĂŶĂŐŝŶŐĐŽŵƉůĞǆĂƌĐŚŝƚĞĐƚƵƌĂůĂŶĚĐŽŶƐƚƌƵĐƟŽŶ ƉƌŽũĞĐƚƐĨƌŽŵďƵŝůĚŝŶŐĂƐƐĞƐƐŵĞŶƚƐƚŽĐŽŶĐĞƉƚĚĞǀĞůŽƉŵĞŶƚΘƉůĂŶŶŝŶŐƚŽƐĐŚĞĚƵůŝŶŐ͕ ĞƐƟŵĂƟŶŐ͕ĂŶĚĐůŝĞŶƚͬĐŽŶƚƌĂĐƚŽƌŝŶƚĞƌĂĐƟŽŶ͘ĞŶŝƚĂŚĂƐĂƉĂƌƟĐƵůĂƌƉĂƐƐŝŽŶĨŽƌƚŚĞĂƚĞƌƐ͘ ^ŚĞŚĂƐĂƵŶŝƋƵĞƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨĚŝǀĞƌƐĞƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƚŚĞƵƐĞŽĨĂŶĂƵĚŝƚŽƌŝƵŵĂŶĚ ƐƵƌƌŽƵŶĚŝŶŐƐƉĂĐĞƐ͕ŚĂǀŝŶŐƐĞƌǀĞĚĂƐ,ŽƵƐĞDĂŶĂŐĞƌĨŽƌϭϬͲǇĞĂƌƐĂƚƚŚĞhŶŝǀĞƌƐŝƚǇŽĨ DŝŶŶĞƐŽƚĂ͛ƐEŽƌƚŚƌŽƉDĞŵŽƌŝĂůƵĚŝƚŽƌŝƵŵ͘ ^ĞůĞĐƚĞĚZĞůĞǀĂŶƚWƌŽũĞĐƚǆƉĞƌŝĞŶĐĞ >ŝĐĞŶƐĞͬĞƌƚŝĨŝĐĂƚŝŽŶ ^ƚ͘ƌŽŝǆ&ĂůůƐŝǀŝĐƵĚŝƚŽƌŝƵŵZĞƵƐĞŽŶĐĞƉƚWůĂŶŶŝŶŐ͖^ƚ͘ƌŽŝǆ&ĂůůƐ͕t/ ͻDEƌĐŚŝƚĞĐƚηϰϬϰϴϵ ͻ>ĐĐƌĞĚŝƚĞĚWƌŽĨĞƐƐŝŽŶĂů ƌƚƐƉĂĐĞ ͻDĞĞƚƐƚŚĞEĂƟŽŶĂůWĂƌŬ^ĞƌǀŝĐĞ͛Ɛ ͻdŚĞŽǁůĞƐĞŶƚĞƌĨŽƌĂŶĐĞĂŶĚƚŚĞWĞƌĨŽƌŵŝŶŐƌƚƐ͖DŝŶŶĞĂƉŽůŝƐ͕DE WƌŽĨĞƐƐŝŽŶĂůYƵĂůŝĮĐĂƟŽŶ ͻWƌĞĚĞƐŝŐŶ^ƚƵĚǇ ^ƚĂŶĚĂƌĚ;ϯϲ&ZWĂƌƚϲϭͿĨŽƌ ͻEĞǁĚĚŝƟŽŶůŝŶŬŝŶŐƚǁŽŚŝƐƚŽƌŝĐďƵŝůĚŝŶŐƐ ,ŝƐƚŽƌŝĐƌĐŚŝƚĞĐƚƵƌĞĂƐƉĂƌƚŽĨ ͻ&ƌĂŶŬůŝŶƌƚƐĞŶƚĞƌ;ĂĚĂƉƟǀĞƌĞƵƐĞŽĨŚŝƐƚŽƌŝĐƐĐŚŽŽůͿ͖ƌĂŝŶĞƌĚ͕DE ƚŚĞ^ĞĐƌĞƚĂƌǇŽĨƚŚĞ/ŶƚĞƌŝŽƌ͛Ɛ ,ĞŶŶĞƉŝŶdŚĞĂƚƌĞdƌƵƐƚ ^ƚĂŶĚĂƌĚƐĨŽƌƚŚĞdƌĞĂƚŵĞŶƚŽĨ KƌƉŚĞƵŵdŚĞĂƚƌĞ&ĂĐŝůŝƟĞƐƐƐĞƐƐŵĞŶƚ ,ŝƐƚŽƌŝĐWƌŽƉĞƌƟĞƐ͘ KƌƉŚĞƵŵdŚĞĂƚƌĞĂůĐŽŶǇ^ĞĂƟŶŐZĞǀŝĞǁƐ KƌƉŚĞƵŵdŚĞĂƚƌĞs/W>ŽƵŶŐĞŽŶĐĞƉƚĞƐŝŐŶ ĚƵĐĂƚŝŽŶ WĂŶƚĂŐĞƐdŚĞĂƚƌĞ&ĂĐŝůŝƟĞƐƐƐĞƐƐŵĞŶƚ ͻ͘ƌĐŚŝƚĞĐƚƵƌĞΘŶǀŝƌŽŶŵĞŶƚĂů ^ƚĂƚĞdŚĞĂƚƌĞ&ĂĐŝůŝƟĞƐƐƐĞƐƐŵĞŶƚ ĞƐŝŐŶ͕hŶŝǀĞƌƐŝƚǇŽĨDŝŶŶĞƐŽƚĂ ,ŝƐƚŽƌŝĐdŚĞĂƚĞƌ'ƌŽƵƉKĸĐĞZĞůŽĐĂƟŽŶ ƐƐŽĐŝĂƚŝŽŶƐ DĂďĞůdĂŝŶƚĞƌDĞŵŽƌŝĂůdŚĞĂƚĞƌĚĚŝƟŽŶĂŶĚZĞƐƚŽƌĂƟŽŶ͖DĞŶŽŵŽŶŝĞ͕t/ ͻ>ĞĂŐƵĞŽĨ,ŝƐƚŽƌŝĐdŚĞĂƚƌĞƐ ͻŽƉƉĞƌŝĚŐĞ&ŽƵŶĚĂƟŽŶͲƵůƚƵƌĂů sŝĐƚŽƌŝĂdŚĞĂƚĞƌŽŶĐĞƉƚĞƐŝŐŶWůĂŶŶŝŶŐ͖^ƚ͘WĂƵů͕DE ǆĐŚĂŶŐĞ͕ƵďĂϮϬϭϰ ͻŵĞƌŝĐĂŶ/ŶƐƟƚƵƚĞŽĨƌĐŚŝƚĞĐƚƐ ŝƚǇŽĨtŝŶŽŶĂͲDĂƐŽŶŝĐdĞŵƉůĞ,ŝƐƚŽƌŝĐ^ƚƌƵĐƚƵƌĞƐZĞƉŽƌƚ ͻEĂƟŽŶĂůdƌƵƐƚĨŽƌ,ŝƐƚŽƌŝĐ hŶŝǀĞƌƐŝƚǇŽĨtŝƐĐŽŶƐŝŶ͕^ƚŽƵƚͲ,ĂƌǀĞǇ,ĂůůdŚĞĂƚƌĞZĞŶŽǀĂƟŽŶ͖DĞŶŽŵŽŶŝĞ͕t/ WƌĞƐĞƌǀĂƟŽŶ ͻWƌĞƐĞƌǀĂƟŽŶůůŝĂŶĐĞŽĨ WĂƌĂŵŽƵŶƚdŚĞĂƚƌĞŽŶĐĞƉƚWůĂŶŶŝŶŐ͖ƵƐƟŶ͕DE DŝŶŶĞƐŽƚĂ ͻWĂƐƚsŝĐĞͲŚĂŝƌŽĨƚŚĞDŝŶŶĞĂƉŽůŝƐ ĞĚĂƌƵůƚƵƌĂůĞŶƚĞƌZĞŵŽĚĞůŝŶŐĂŶĚǆƉĂŶƐŝŽŶ͖DŝŶŶĞĂƉŽůŝƐ͕DE ,ĞƌŝƚĂŐĞŽŵŵŝƐƐŝŽŶ ,ĞĂƌƚŽĨƚŚĞĞĂƐƚWƵƉƉĞƚΘDĂƐŬdŚĞĂƚƌĞDĞĐŚĂŶŝĐĂůhƉŐƌĂĚĞΘŽĚĞ^ƉĞĐŝĮĐĂƟŽŶƐ͖ DŝŶŶĞĂƉŽůŝƐ͕DE hŶŝǀĞƌƐŝƚǇŽĨDŝŶŶĞƐŽƚĂ ͻEŽƌƚŚƌŽƉDĞŵŽƌŝĂůƵĚŝƚŽƌŝƵŵ ͻWƌĞĚĞƐŝŐŶ^ƚƵĚǇ ͻǆƚĞƌŝŽƌZĞƐƚŽƌĂƟŽŶŽŶƐƵůƚĂŶƚ ͻ>ŽďďǇĞŝůŝŶŐZĞƐƚŽƌĂƟŽŶ ͻ^ƉƌŝŶŬůĞƌ^ǇƐƚĞŵĚĚŝƟŽŶ 3DFNHW3J ΀ϰϯ΁ 'E ͘^ƚĂĨĨZĞƐƵŵĞƐ <ĂƚŚƌǇŶ,ƵŶƐůĞǇ͕ /͕// /ŶƚĞƌŝŽƌĞƐŝŐŶĞƌ DŝůůĞƌƵŶǁŝĚĚŝĞƌĐŚŝƚĞĐƚƵƌĞ <ĂƚŚƌǇŶŝƐĂŶƐƐŽĐŝĂƚĞWƌŝŶĐŝƉĂůΘŝƌĞĐƚŽƌŽĨ/ŶƚĞƌŝŽƌĞƐŝŐŶǁŝƚŚDĂŶĚŚĂƐďĞĞŶ ǁŝƚŚƚŚĞĮƌŵƐŝŶĐĞϮϬϬϭ͘^ŚĞŝŶǀŽůǀĞĚŝŶĞǀĞƌǇĨĂĐĞƚŽĨĂƉƌŽũĞĐƚ͕ĨƌŽŵƉƌŽŐƌĂŵŵŝŶŐ ĂŶĚƐƉĂĐĞƉůĂŶŶŝŶŐƚŽĐŽŶƐƚƌƵĐƟŽŶĚŽĐƵŵĞŶƚĂƟŽŶĂŶĚŝŵƉůĞŵĞŶƚĂƟŽŶ͘ŽůůĂďŽƌĂƟŽŶ ǁŝƚŚŚĞƌĐůŝĞŶƚƐ͕ǁŚŝĐŚŝŶǀŽůǀĞƐŐƵŝĚŝŶŐĂĐůŝĞŶƚƚŚƌŽƵŐŚƚŚĞĞŶƟƌĞĚĞƐŝŐŶƉƌŽĐĞƐƐ͕ĨƌŽŵ ŵĂƚĞƌŝĂůƐĂŶĚĮŶŝƐŚƐĞůĞĐƟŽŶƐƚŽĨƵƌŶŝƚƵƌĞƐƉĞĐŝĮĐĂƟŽŶƐĂŶĚŝŶƐƚĂůůĂƟŽŶ͕ŝƐĂƚƚŚĞĐŽƌĞ ŽĨŚĞƌƉĂƐƐŝŽŶĨŽƌŝŶƚĞƌŝŽƌĚĞƐŝŐŶ͘ ^ĞůĞĐƚĞĚZĞůĞǀĂŶƚWƌŽũĞĐƚǆƉĞƌŝĞŶĐĞ ƌƚƐƉĂĐĞ ͻdŚĞŽǁůĞƐĞŶƚĞƌĨŽƌĂŶĐĞĂŶĚƚŚĞWĞƌĨŽƌŵŝŶŐƌƚƐ͖DŝŶŶĞĂƉŽůŝƐ͕DE >ŝĐĞŶƐĞͬĞƌƚŝĨŝĐĂƚŝŽŶ ͻWƌĞĚĞƐŝŐŶ^ƚƵĚǇ ͻDEĞƌƟĮĞĚ/ŶƚĞƌŝŽƌĞƐŝŐŶĞƌ ͻEĞǁĚĚŝƟŽŶůŝŶŬŝŶŐƚǁŽŚŝƐƚŽƌŝĐďƵŝůĚŝŶŐƐ ηϬϮϭϳϰ ͻ&ƌĂŶŬůŝŶƌƚƐĞŶƚĞƌ;ĂĚĂƉƟǀĞƌĞƵƐĞŽĨŚŝƐƚŽƌŝĐƐĐŚŽŽůͿ͖ƌĂŝŶĞƌĚ͕DE ĚƵĐĂƚŝŽŶ ,ĞŶŶĞƉŝŶdŚĞĂƚƌĞdƌƵƐƚ ͻ͘^͘/ŶƚĞƌŝŽƌĞƐŝŐŶ͕DŝŶŶĞƐŽƚĂ KƌƉŚĞƵŵdŚĞĂƚƌĞs/W>ŽƵŶŐĞŽŶĐĞƉƚĞƐŝŐŶ ^ƚĂƚĞhŶŝǀĞƌƐŝƚǇ͕DĂŶŬĂƚŽ ,ŝƐƚŽƌŝĐdŚĞĂƚĞƌ'ƌŽƵƉKĸĐĞZĞůŽĐĂƟŽŶ ƐƐŽĐŝĂƚŝŽŶƐ DĂďĞůdĂŝŶƚĞƌDĞŵŽƌŝĂůdŚĞĂƚĞƌĚĚŝƟŽŶĂŶĚZĞƐƚŽƌĂƟŽŶ͖DĞŶŽŵŽŶŝĞ͕t/ ͻdŚĞ/ŶƚĞƌŶĂƟŽŶĂů/ŶƚĞƌŝŽƌĞƐŝŐŶ ƐƐŽĐŝĂƟŽŶ WĂůĂĐĞdŚĞĂƚƌĞͲ,ŝƐƚŽƌŝĐ&ĂĐŝůŝƚǇƐƐĞƐƐŵĞŶƚĂŶĚZĞŶŽǀĂƟŽŶ͖>ƵǀĞƌŶĞ͕DE hŶŝǀĞƌƐŝƚǇŽĨtŝƐĐŽŶƐŝŶ͕^ƚŽƵƚͲ,ĂƌǀĞǇ,ĂůůdŚĞĂƚƌĞZĞŶŽǀĂƟŽŶ͖DĞŶŽŵŽŶŝĞ͕t/ ǌĞĐŚ^ůŽǀĂŬ^ŽŬŽůDŝŶŶĞƐŽƚĂDĂƐƚĞƌWůĂŶ͖^ƚ͘WĂƵů͕DE 'ƌĂŶƚŽƵŶƚǇŽƵƌƚŚŽƵƐĞZĞƐƚŽƌĂƟŽŶ͖ůďŽǁ>ĂŬĞ͕DE ĚŝŶĂŽƵŶƚƌǇůƵďůƵďŚŽƵƐĞĚĚŝƟŽŶΘZĞŶŽǀĂƟŽŶ͖ĚŝŶĂ͕DE hŶŝǀĞƌƐŝƚǇŽĨDŝŶŶĞƐŽƚĂ &ŽůǁĞůů,Ăůů/ŶƚĞƌŝŽƌZĞŶŽǀĂƟŽŶWƌŽŐƌĂŵŵŝŶŐ :ŽŚŶY͘/ŵŚŽůƚĞ,ĂůůĚĚŝƟŽŶΘZĞŶŽǀĂƟŽŶ ĂƐŝůŝĐĂŽĨ^ƚ͘DĂƌǇZĞŶŽǀĂƟŽŶƐ͖DŝŶŶĞĂƉŽůŝƐ͕DE ŚƵƌĐŚŽĨ^ƚ͘WĞƚĞƌĚĚŝƟŽŶΘZĞŶŽǀĂƟŽŶ͖EŽƌƚŚ^ƚ͘WĂƵů͕DE KƵƌ>ĂĚǇŽĨ>ŽƵƌĚĞƐŚƵƌĐŚ/ŶƚĞƌŝŽƌZĞŶŽǀĂƟŽŶ͖DŝŶŶĞĂƉŽůŝƐ͕DE hŶŝƚǇŚƵƌĐŚͲhŶŝƚĂƌŝĂŶĚĚŝƟŽŶĂŶĚZĞŶŽǀĂƟŽŶ͖^ƚ͘WĂƵů͕DE DĞƚƌŽƉŽůŝƚĂŶŝƌƉŽƌƚƐŽŵŵŝƐƐŝŽŶͲKǀĞƌϭϬŝŵƉƌŽǀĞŵĞŶƚƉƌŽũĞĐƚƐĂƚdĞƌŵŝŶĂůϮͲ ,ƵŵƉŚƌĞǇ͖D^W/ŶƚĞƌŶĂƟŽŶĂůŝƌƉŽƌƚ͕DE 3DFNHW3J ΀ϰϰ΁ 'E ͘^ƚĂĨĨZĞƐƵŵĞƐ DŝĐŚĂĞůŝůĂƐŝ͕^d dŚĞĂƚĞƌĞƐŝŐŶĞƌ ^ĐŚƵůĞƌ^ŚŽŽŬ DŝĐŚĞůŝůĂƐŝ͕WĂƌƚŶĞƌĂƚ^ĐŚƵůĞƌ^ŚŽŽŬ͕ŚĂƐϯϬǇĞĂƌƐŽĨƚŚĞĂƚƌĞƉůĂŶŶŝŶŐĞǆƉĞƌŝĞŶĐĞĂŶĚ ƐƉĞĐŝĂůŝǌĞƐŝŶƌĞŶŽǀĂƟŶŐŚŝƐƚŽƌŝĐƉĞƌĨŽƌŵĂŶĐĞĨĂĐŝůŝƟĞƐ͘DŝĐŚĂĞůĨŽĐƵƐĞƐŽŶďƌŝŶŐŝŶŐŽůĚĞƌ ǀĞŶƵĞƐŝŶƚŽĞĸĐŝĞŶƚĂŶĚƚĞĐŚŶŝĐĂůůǇƐĂǀǀǇǀĞŶƵĞƐ͕ǁŚŝůĞƌĞƐƉĞĐƟŶŐƚŚĞŚŝƐƚŽƌŝĐĂƩƌŝďƵƚĞƐ ĂŶĚŝŶƚĞŐƌĂƟŽŶŽĨŵŽĚĞƌŶƐǇƐƚĞŵƐ͘DŝĐŚĂĞů͛ƐďĂĐŬŐƌŽƵŶĚŝŶĐůƵĚĞƐůŝŐŚƟŶŐĚĞƐŝŐŶĨŽƌ ĚĂŶĐĞ͕ŽƉĞƌĂ͕ƚŚĞĂƚĞƌĂŶĚƐƉĞĐŝĂůĞǀĞŶƚƐǁŚŝĐŚƉƌŽǀŝĚĞĂƐƚƌŽŶŐďĂƐŝƐĨŽƌŚŝƐƚŚĞĂƚƌĞ ĐŽŶƐƵůƟŶŐǁŽƌŬ͘dŚŝƐŚĂŶĚƐͲŽŶƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƉĞƌĨŽƌŵĂŶĐĞ ǀĞŶƵĞƐ͕ŝŶĐůƵĚŝŶŐƚĞĐŚŶŝĐĂů͕ĨƵŶĐƟŽŶĂůĂŶĚĂĞƐƚŚĞƟĐŝƐƐƵĞƐ͕ƉƌŽǀŝĚĞƐĂŶŝŶǀĂůƵĂďůĞ ƌĞƐŽƵƌĐĞƚŽƚŚĞĚĞƐŝŐŶŽĨƚŚĞĂƚƌĞĨĂĐŝůŝƟĞƐ͘,ŝƐĂĐĐŽŵƉůŝƐŚŵĞŶƚƐŝŶƚŚĞĂƚƌĞĐŽŶƐƵůƟŶŐ 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>ĞƌŶĞƌdŚĞĂƚƌĞ͕ůŬŚĂƌƚ͕/E 3DFNHW3J ΀ϰϱ΁ 'E ͘^ƚĂĨĨZĞƐƵŵĞƐ tŝŶĚǇ&ůĞŝƐĐŚĂŬĞƌ͕ ƐƐŽĐ͘/ ƌĐŚŝƚĞĐƚƵƌĂů/ŶƚĞƌŶ DŝůůĞƌƵŶǁŝĚĚŝĞƌĐŚŝƚĞĐƚƵƌĞ tŝŶĚǇũŽŝŶĞĚDŝŶƚŚĞĨĂůůŽĨϮϬϭϱĂŶƌĐŚŝƚĞĐƚƵƌĂů/ŶƚĞƌŶǁŝƚŚƚǁŽǇĞĂƌƐŽĨĞǆƉĞƌŝĞŶĐĞ͕ ĂŌĞƌĂŶĞĂƌůŝĞƌĐĂƌĞĞƌĂƐĂƐĞƚĚĞƐŝŐŶĞƌΘƐĐĞŶŝĐĂƌƟƐƚ͘^ŚĞŝƐĂĚĞƐŝŐŶƉƌŽĨĞƐƐŝŽŶĂůǁŝƚŚĂ ƉĂƐƐŝŽŶĨŽƌƐƵƐƚĂŝŶĂďŝůŝƚǇĂŶĚĐŽŵŵƵŶŝƚǇͲŽƌŝĞŶƚĞĚĚĞƐŝŐŶ͘tŝŶĚǇ͛ƐƉƌĞǀŝŽƵƐĐĂƌĞĞƌŝŶƚŚĞĂƚĞƌ ĂŶĚĮůŵŚĂƐƉƌŽǀŝĚĞĚŚĞƌǁŝƚŚĂƚĞĐŚŶŝĐĂůƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞƉĞƌĨŽƌŵŝŶŐĂƌƚƚŚĂƚƐŚĞďƌŝŶŐƐ ƚŽŚĞƌƉƌĂĐƟĐĞĂƚD͘ ^ĞůĞĐƚĞĚZĞůĞǀĂŶƚWƌŽũĞĐƚǆƉĞƌŝĞŶĐĞ sŝĐƚŽƌŝĂdŚĞĂƚĞƌŽŶĐĞƉƚĞƐŝŐŶWůĂŶŶŝŶŐ͖^ƚ͘WĂƵů͕DE ĚƵĐĂƚŝŽŶ ^ƚ͘WĂƵůWƵďůŝĐ^ĐŚŽŽůƐDŝƐĐĞůůĂŶĞŽƵƐWůĂŶŶŝŶŐ ͻD͘ƌĐŚŝƚĞĐƚƵƌĞ͕hŶŝǀĞƌƐŝƚǇ tĞƐƚǁŽŽĚŚŝůůƐEĂƚƵƌĞĞŶƚĞƌŽŶĐĞƉƚWůĂŶŶŝŶŐ͖^ƚ͘>ŽƵŝƐWĂƌŬ͕DE ŽĨDŝŶŶĞƐŽƚĂ ͻD͘<ͲϭϮsŝƐƵĂůƌƚƐ͕ŽůůĞŐĞ ^ĞůĞĐƚĞĚWĂƐƚǆƉĞƌŝĞŶĐĞͲ^ĞƚĞƐŝŐŶĞƌ͕^ĐĞŶŝĐƌƚŝƐƚ͕ΘDŽĚĞůDĂŬĞƌ ŽĨ^ƚ͘ĂƚŚĞƌŝŶĞ &ŽǆϮϬϬϬͲ:ŽĞ^ŽŵĞďŽĚǇ͕>ŽƐŶŐĞůĞƐ ͻ͘dŚĞĂƚĞƌdĞĐŚŶŽůŽŐǇ͕ EĞǁ>ŝŶĞŝŶĞŵĂͲ^ƵŐĂƌΘ^ƉŝĐĞ͕>ŽƐŶŐĞůĞƐ hŶŝǀĞƌƐŝƚǇŽĨDŝŶŶĞƐŽƚĂ sŽƌƉŽƌĂƟŽŶͲ^ĞƐĂŵĞ^ƚƌĞĞƚ>ŝǀĞ͕DŝŶŶĞĂƉŽůŝƐ ƐƐŽĐŝĂƚŝŽŶƐ ŝƐŶĞǇͲŽƵŶƚƌǇĞĂƌƐ͕>ŽƐŶŐĞůĞƐ ͻŵĞƌŝĐĂŶ/ŶƐƟƚƵƚĞŽĨ 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tĂƚĞƌƉƌŽŽĮŶŐZĞƉĂŝƌƐ͕WůĂǌĂĂŶĚĞůŽǁ'ƌĂĚĞtĂƚĞƌƉƌŽŽĮŶŐ^ƚƵĚŝĞƐΘZĞƉĂŝƌƐ ͻDEWƌŽĨĞƐƐŝŽŶĂůŶŐŝŶĞĞƌηϮϲϳϵϴ ;ĐŝǀŝůͿ ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ ͻ>ĞǀĞůϭdŚĞƌŵŽŐƌĂƉŚĞƌηϳϮϯϱϭ ͻƵƌĞĂƵŽĨƌŝŵŝŶĂůƉƉƌĞŚĞŶƐŝŽŶtŝŶĚŽǁĂŶĚtĂůů>ĞĂŬ^ƚƵĚŝĞƐΘZĞƉĂŝƌƐ ;/ŶĨƌĂƌĞĚdƌĂŝŶŝŶŐĞŶƚĞƌͿ ͻĞŶƚĞŶŶŝĂůKĸĐĞƵŝůĚŝŶŐWůĂǌĂ͕dĞƌƌĂĐĞƐ͕^ƚĂŝƌǁĂǇƐĂŶĚWĂƌŬŝŶŐZĂŵƉZĞƉĂŝƌƐ ĚƵĐĂƚŝŽŶ ͻ^ƚĂƚĞKĸĐĞƵŝůĚŝŶŐWƌĞƐĞƌǀĂƟŽŶWƌĞĚĞƐŝŐŶ ͻ͘ŝǀŝůŶŐŝŶĞĞƌŝŶŐ͕hŶŝǀĞƌƐŝƚǇŽĨ ͻsĞƚĞƌĂŶƐ,ŽŵĞƵŝůĚŝŶŐϭϲ&ŽƵŶĚĂƟŽŶtĂƚĞƌƉƌŽŽĮŶŐ DŝŶŶĞƐŽƚĂ ŝƚǇŽĨ^ƵƉĞƌŝŽƌ͕t/Ͳ&ĂŝƌůĂǁŶDĂŶƐŝŽŶ&ŽƵŶĚĂƟŽŶZĞƐƚŽƌĂƟŽŶ ,ĞŶŶĞƉŝŶŽƵŶƚǇͲZŽŐĞƌƐ>ŝďƌĂƌǇǆƚĞƌŝŽƌƐƐĞƐƐŵĞŶƚ͖ZŽŐĞƌƐ͕DE ƵŶĐĂŶtĞďď͕ D DĂƌŬĞƚŶĂůǇƐŝƐŽŶƐƵůƚĂŶƚ tĞďďDĂŶĂŐĞŵĞŶƚ^ĞƌǀŝĐĞƐ ƵŶĐĂŶŝƐƚŚĞWƌĞƐŝĚĞŶƚŽĨtĞďďDĂŶĂŐĞŵĞŶƚ^ĞƌǀŝĐĞƐǁŝƚŚŽǀĞƌϮϱǇĞĂƌƐŽĨĞǆƉĞƌŝĞŶĐĞǁƌŝƟŶŐ ĨĞĂƐŝďŝůŝƚǇƐƚƵĚŝĞƐĨŽƌĂƌĂŶŐĞŽĨƉĞƌĨŽƌŵŝŶŐĂƌƚƐĨĂĐŝůŝƟĞƐ͘,ĞŝƐĂŶĂĐƟǀĞƐƉĞĂŬĞƌĂŶĚƉƵďůŝƐŚĞĚ ǁƌŝƚĞƌŽŶĂƌƚƐŵĂŶĂŐĞŵĞŶƚĂŶĚƚŚĞĚĞǀĞůŽƉŵĞŶƚ͕ŽƉĞƌĂƟŽŶ͕ĂŶĚĮŶĂŶĐŝŶŐŽĨĂƌƚƐĨĂĐŝůŝƟĞƐ͘ tĞďď͛ƐďŽŽŬ͞ZƵŶŶŝŶŐdŚĞĂƚĞƌƐ͗ĞƐƚWƌĂĐƟĐĞƐĨŽƌDĂŶĂŐĞƌƐĂŶĚ>ĞĂĚĞƌƐ͟ǁĂƐƚŚĞĮƌƐƚďŽŽŬ ĞǀĞƌǁƌŝƩĞŶŽŶƚŚĞŵĂŶĂŐĞŵĞŶƚŽĨƉĞƌĨŽƌŵŝŶŐĂƌƚƐĨĂĐŝůŝƟĞƐ͘,ĞŝƐĂůƐŽĂƉƌŽĨĞƐƐŽƌŝŶEĞǁzŽƌŬ hŶŝǀĞƌƐŝƚǇ͛Ɛ'ƌĂĚƵĂƚĞWƌŽŐƌĂŵŝŶWĞƌĨŽƌŵŝŶŐƌƚƐĚŵŝŶŝƐƚƌĂƟŽŶ͕ǁŚĞƌĞŚĞƚĞĂĐŚĞƐ&ŝŶĂŶĐĞĂŶĚ WůĂŶŶŝŶŐĨŽƌƚŚĞWĞƌĨŽƌŵŝŶŐƌƚƐĂŶĚWƌŝŶĐŝƉůĞƐнWƌĂĐƟĐĞƐŽĨWĞƌĨŽƌŵŝŶŐƌƚƐĚŵŝŶŝƐƚƌĂƟŽŶ͘ ^ĞůĞĐƚĞĚZĞůĞǀĂŶƚWƌŽũĞĐƚǆƉĞƌŝĞŶĐĞ >ŝĐĞŶƐĞͬĞƌƚŝĨŝĐĂƚŝŽŶ ŽƌŽƚŚǇŚĂŶĚůĞƌWĂǀŝůŝŽŶн>DƵƐŝĐĞŶƚĞƌZĞŶŽǀĂƟŽŶƐƐĞƐƐŵĞŶƚ͖>ŽƐŶŐĞůĞƐ͕ ͻĞƌƟĮĞĚDĂŶĂŐĞŵĞŶƚ KƌƉŚĞƵŵdŚĞĂƚƌĞZĞŶŽǀĂƟŽŶ&ĞĂƐŝďŝůŝƚǇ^ƚƵĚǇ͖tŝĐŚŝƚĂ͕<^ ŽŶƐƵůƚĂŶƚ tzKdŚĞĂƚĞƌǆƉĂŶƐŝŽŶ&ĞĂƐŝďŝůŝƚǇ^ƚƵĚǇнƵƐŝŶĞƐƐWůĂŶŶŝŶŐ͖^ŚĞƌŝĚĂŶ͕tz ĚƵĐĂƚŝŽŶ ͻD͘ƵƐŝŶĞƐƐĚŵŝŶŝƐƚƌĂƟŽŶ͕ WƌŽĐƚŽƌ͛ƐdŚĞĂƚƌĞ&ĞĂƐŝďŝůŝƚǇ^ƚƵĚǇнWůĂŶŶŝŶŐ^ĞƌǀŝĐĞƐ͖^ĐŚĞŶĞĐƚĂĚǇ͕Ez hŶŝǀĞƌƐŝƚǇŽĨdŽƌŶŽŶƚŽ ƵůƚƵƌĂůƌƚƐĞŶƚĞƌEĞĞĚƐƐƐĞƐƐŵĞŶƚ͖ĂƌŵĞů͕ ͻ͘ĐŽŶŽŵŝĐƐ͕hŶŝǀĞƌƐŝƚǇŽĨ tĞƐƚĞƌŶKŶƚĂƌŝŽ ^ĞŵŝŶŽůĞdŚĞĂƚƌĞ&ĞĂƐŝďŝůŝƚǇ^ƚƵĚǇнƵƐŝŶĞƐƐWůĂŶ͖,ŽŵĞƐƚĞĂĚ͕&> EĞǀŝŶƐ,Ăůů&ĞĂƐŝďŝůŝƚǇ^ƚƵĚǇнDĂƌŬĞƚ^ƚƵĚǇ͕&ƌĂŵŝŶŐŚĂŵ͕D &ŽǆdŚĞĂƚĞƌZĞƐƚŽƌĂƟŽŶ^ƚƵĚǇ͕KĂŬůĂŶĚ͕ 3DFNHW3J ΀ϰϳ΁ 'E ͘^ƚĂĨĨZĞƐƵŵĞƐ ĂǀŝĚtĂŐŶĞƌ ^ƚƌƵĐƚƵƌĂůŶŐŝŶĞĞƌ ͘D͘^ƚƌƵĐƚƵƌĂůŶŐŝŶĞĞƌŝŶŐ ĂǀŝĚŚĂƐǁŽƌŬĞĚŽŶŚƵŶĚƌĞĚƐŽĨƉƌŽũĞĐƚƐǁŝƚŚĞǆƚĞŶƐŝǀĞĞǆƉĞƌŝĞŶĐĞǁŝƚŚƚŚĞĚĞƐŝŐŶŽĨŵĂŶǇ ƐƚƌƵĐƚƵƌĂůŵĂƚĞƌŝĂůƐŝŶĐůƵĚŝŶŐƟŵďĞƌ͕ƐƚĞĞů͕ĐŽŶĐƌĞƚĞ͕ƉŽƐƚͲƚĞŶƐŝŽŶĞĚĐŽŶĐƌĞƚĞ͕ĂŶĚŵĂƐŽŶƌǇ 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ĐŽŶƐŝƐƚĞŶƚƉƌŽĚƵĐƚƐĂŶĚƐĞƌǀŝĐĞ͘/ŶƚŚĞƐĞƌŽůĞƐ͕'ƌĞŐŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌƌĞĐƌƵŝƚŝŶŐŶĞǁĐůŝĞŶƚƐ͕ ŵĂŶĂŐŝŶŐƚŚĞĚĂǇͲƚŽͲĚĂǇƉƌŽũĞĐƚĐŽŽƌĚŝŶĂƚŝŽŶĂŶĚŝƐƚŚĞŵĞĐŚĂŶŝĐĂůƉŽŝŶƚŽĨĐŽŶƚĂĐƚĨŽƌ ƚŚĞŽǁŶĞƌ͘,ŝƐĞǆƉĞƌŝĞŶĐĞŝŶĐůƵĚĞƐĚŝƌĞĐƚƐƵƉĞƌǀŝƐŝŽŶŽĨĞŶŐŝŶĞĞƌŝŶŐƐƚĂĨĨƌĞƐƉŽŶƐŝďůĞĨŽƌ ŵĞĐŚĂŶŝĐĂůƐǇƐƚĞŵĚĞƐŝŐŶƐ͕ƋƵĂůŝƚǇĐŽŶƚƌŽůŽĨĞŶŐŝŶĞĞƌŝŶŐĞůĞŵĞŶƚƐ͕ĂŶĚĐŽŵŵƵŶŝĐĂƚŝŽŶŽĨ ƉƌŽũĞĐƚŐŽĂůƐĂŶĚŽďũĞĐƚŝǀĞƐ͘ >ŝĐĞŶƐĞͬĞƌƚŝĨŝĐĂƚŝŽŶ^ĞůĞĐƚĞĚZĞůĞǀĂŶƚWƌŽũĞĐƚǆƉĞƌŝĞŶĐĞ DEWƌŽĨĞƐƐŝŽŶĂůŶŐŝŶĞĞƌ ĂƚŚĞĚƌĂůŽĨ^ƚ͘WĂƵů͖^ƚ͘WĂƵů͕DE ηϰϭϴϰϵ ͻŽŝůĞƌZĞƉůĂĐĞŵĞŶƚ^ƚƵĚǇ ͻ>ĐĐƌĞĚŝƚĞĚWƌŽĨĞƐƐŝŽŶĂů ͻKƌŐĂŶZĞǀŝƚĂůŝǌĂƟŽŶΘŚŽŝƌ>ŽŌZĞŶŽǀĂƟŽŶ ĚƵĐĂƚŝŽŶ ͻƵŝůĚŝŶŐŽŽůŝŶŐ^ĐŚĞŵĂƟĐĞƐŝŐŶ ͻ͘DĞĐŚĂŶŝĐĂůŶŐŝŶĞĞƌŝŶŐ͕ ͻ&ĂĐŝůŝƚǇDĞĐŚĂŶŝĐĂůƋƵŝƉŵĞŶƚƐƐĞƐƐŵĞŶƚ hŶŝǀĞƌƐŝƚǇŽĨDŝŶŶĞƐŽƚĂ dƌĂǀĞůĞƌƐͲDƵůƟƉůĞZĞŶŽǀĂƟŽŶƐĂŶĚ,shƉŐƌĂĚĞƐ͖^ƚ͘WĂƵů͕DE ZĂĚŝƐƐŽŶ>h͕DĂůůŽĨŵĞƌŝĐĂ͖ůŽŽŵŝŶŐƚŽŶ͕DE dŚĞ^ƚ͘WĂƵů,ŽƚĞůZĞŶŽǀĂƟŽŶƐ͖^ƚ͘WĂƵů͕DE 3DFNHW3J ΀ϰϴ΁ 'E ͘^ƚĂĨĨZĞƐƵŵĞƐ dŽĚĚĂůǇ͕ W͕>W ůĞĐƚƌŝĐĂůŶŐŝŶĞĞƌ DŝĐŚĂƵĚŽŽůĞǇƌŝĐŬƐŽŶ dŽĚĚĂůǇ͛ƐĞǆƉĞƌŝĞŶĐĞŝŶĐůƵĚĞƐƚŚĞĚĞƐŝŐŶŽĨĞůĞĐƚƌŝĐĂůĚŝƐƚƌŝďƵƚŝŽŶƐǇƐƚĞŵƐ͕ŐĞŶĞƌĂůƉŽǁĞƌ 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dĞĐŚŶŽůŽŐǇŶŐŝŶĞĞƌ DŝĐŚĂƵĚŽŽůĞǇƌŝĐŬƐŽŶ ƌŝĐŚĂƐďĞĞŶƉƌĂĐƚŝĐŝŶŐĞŶŐŝŶĞĞƌŝŶŐǁŝƚŚDŝĐŚĂƵĚŽŽůĞǇƌŝĐŬƐŽŶ;DͿƐŝŶĐĞϭϵϵϲ͘ƌŝĐ ůĞĂĚƐĂŶĚŵĂŶĂŐĞƐƚŚĞdĞĐŚŶŽůŽŐǇ^ǇƐƚĞŵƐŐƌŽƵƉĨŽƌDĂŶĚŝƐŚŝŐŚůǇƉƌŽĨŝĐŝĞŶƚŝŶĂůů ƉŚĂƐĞƐĨƌŽŵƉƌŽũĞĐƚƐĐŚĞŵĂƚŝĐĚĞƐŝŐŶƚŽĐŽŶƐƚƌƵĐƚŝŽŶĂĚŵŝŶŝƐƚƌĂƚŝŽŶŝŶŵƵůƚŝƉůĞŵĂƌŬĞƚ ƐĞĐƚŽƌƐ͘,ĞŵĂŝŶƚĂŝŶƐĐŽŵƉƌĞŚĞŶƐŝǀĞŬŶŽǁůĞĚŐĞŽĨǀŽŝĐĞĂŶĚĚĂƚĂ͕ĨŝƌĞĂůĂƌŵ͕ƐĞĐƵƌŝƚǇ͕ ĂƵĚŝŽͬǀŝƐƵĂůĂŶĚŽƚŚĞƌůŽǁͲǀŽůƚĂŐĞƐǇƐƚĞŵƐ͘,ĞŝƐĂŶĂƚƵƌĂůůĞĂĚĞƌĂŶĚĐůŝĞŶƚƐĂƉƉƌĞĐŝĂƚĞŚŝƐ ŚŝŐŚĞŶĞƌŐǇ͘ >ŝĐĞŶƐĞͬĞƌƚŝĨŝĐĂƚŝŽŶ ^ĞůĞĐƚĞĚZĞůĞǀĂŶƚWƌŽũĞĐƚǆƉĞƌŝĞŶĐĞ DEWƌŽĨĞƐƐŝŽŶĂůŶŐŝŶĞĞƌ ŚŝůĚƌĞŶ͛ƐdŚĞĂƚĞƌĚĚŝƟŽŶ͖DŝŶŶĞĂƉŽůŝƐ͕DE ηϰϯϭϬϴ 'ƵƚŚƌŝĞdŚĞĂƚƌĞ͖DŝŶŶĞĂƉŽůŝƐ͕DE ͻ>ĐĐƌĞĚŝƚĞĚWƌŽĨĞƐƐŝŽŶĂů ĚƵĐĂƚŝŽŶ DǇƐƟĐ>ĂŬĞĂƐŝŶŽZĞŶŽǀĂƟŽŶĂŶĚZĞŵŽĚĞů͖WƌŝŽƌ>ĂŬĞ͕DE ͻ͘/ŶĚƵƐƚƌŝĂůĂŶĚ^ǇƐƚĞŵƐ DƵƐŝĐĂů/ŶƐƚƌƵŵĞŶƚDƵƐĞƵŵ͖WŚŽĞŶŝǆ͕ ŶŐŝŶĞĞƌŝŶŐ͕hŶŝǀĞƌƐŝƚǇŽĨ tĂƌƌĞŶƵƌŐĞƌ&ĞĚĞƌĂůƵŝůĚŝŶŐZĞƐƚŽƌĂƟŽŶΘZĞŶŽǀĂƟŽŶ͖^ƚ͘WĂƵů͕DE tŝƐĐŽŶƐŝŶͲDĂĚŝƐŽŶ hŶŝǀĞƌƐŝƚǇŽĨDŝŶŶĞƐŽƚĂͲ^ƚ͘ŶƚŚŽŶǇ&ĂůůƐ>ĂďŽƌĂƚŽƌǇ͖DŝŶŶĞĂƉŽůŝƐ͕DE ,ĞŶŶĞƉŝŶŽƵŶƚǇͲĞŶƚƵƌǇWůĂǌĂƵŝůĚŝŶŐ͖DŝŶŶĞĂƉŽůŝƐ͕DE ĂǀŝĚ<ĂŚŶ͕>W ĐŽƵƐƚŝĐĂůĞƐŝŐŶĞƌ ĐŽƵƐƚŝĐŝƐƚŝŶĐƚŝŽŶƐ ĂǀŝĚ͛ƐϯϬǇĞĂƌĐĂƌĞĞƌŝŶƚŚĞĮĞůĚŽĨĂƌĐŚŝƚĞĐƚƵƌĂůĂĐŽƵƐƟĐƐŚĂƐĂŶĞŵƉŚĂƐŝƐŝŶƉĞƌĨŽƌŵĂŶĐĞ ƐƉĂĐĞĚĞƐŝŐŶĂŶĚĂĚĚƌĞƐƐŝŶŐĂĐŽƵƐƟĐĐŚĂůůĞŶŐĞƐŝŶŚŝƐƚŽƌŝĐƚŚĞĂƚƌĞƌĞŶŽǀĂƟŽŶƐ͘,ĞŚĂƐ ĂƐƐŝƐƚĞĚĂƌĐŚŝƚĞĐƚƐĂŶĚƉĞƌĨŽƌŵĂŶĐĞŽƌŐĂŶŝǌĂƟŽŶƐŝŶŝŶƚĞŐƌĂƟŶŐĂĐŽƵƐƟĐĂůĚĞƐŝŐŶƚŽŶĂƚƵƌĂůůǇ ĞŶŚĂŶĐĞƚŚĞƉĞƌĨŽƌŵĂŶĐĞĞǆƉĞƌŝĞŶĐĞƚŚƌŽƵŐŚƌŽŽŵĂĐŽƵƐƟĐƐĚĞƐŝŐŶ͕ďƵŝůĚŝŶŐŶŽŝƐĞĂŶĚ ǀŝďƌĂƟŽŶĐŽŶƚƌŽů͘,ŝƐĐĂƉĂďŝůŝƟĞƐƐƉĂŶƉƌĞͲĚĞƐŝŐŶͬŵĂƐƚĞƌƉůĂŶŶŝŶŐƐƚƌĂƚĞŐŝĞƐĨŽƌĨƵŶĐƟŽŶĂůŝƚǇ ĂŶĚƵƐĞƚŚƌŽƵŐŚĚĞƚĂŝůĞĚĚĞƐŝŐŶĂŶĚĐŽŵŵŝƐƐŝŽŶŝŶŐ͘,ĞĐŽŽƌĚŝŶĂƚĞƐĚĞƐŝŐŶĞůĞŵĞŶƚƐƚŽ ĞŶĂďůĞϮϭƐƚĞŶƚƵƌǇĨƵŶĐƟŽŶĂůŝƚǇĨŽƌĂƌƟƐƚƐ͕ƉĂƚƌŽŶƐĂŶĚǀĞŶƵĞŽƉĞƌĂƚŽƌƐ͘ >ŝĐĞŶƐĞͬĞƌƚŝĨŝĐĂƚŝŽŶ^ĞůĞĐƚĞĚZĞůĞǀĂŶƚWƌŽũĞĐƚǆƉĞƌŝĞŶĐĞ ͻ>ĐĐƌĞĚŝƚĞĚWƌŽĨĞƐƐŝŽŶĂů dŚĞŽǁůĞƐĞŶƚĞƌĨŽƌĂŶĐĞĂŶĚƚŚĞWĞƌĨŽƌŵŝŶŐƌƚƐ͖DŝŶŶĞĂƉŽůŝƐ͕DE ĚƵĐĂƚŝŽŶ WĂƌŬ^ƋƵĂƌĞdŚĞĂƚĞƌ͕^ƚ͘WĂƵů͕DE ͻD͘^ĐŝĞŶĐĞŝŶĐŽƵƐƟĐƐ͕ ,ŝƐƚŽƌŝĐ>ŝŶĐŽůŶdŚĞĂƚƌĞ͕ŽůƵŵďƵƐ͕K, WĞŶŶƐǇůǀĂŶŝĂ^ƚĂƚĞ ,ŝƐƚŽƌŝĐtŽŽĚǁĂƌĚKƉĞƌĂ,ŽƵƐĞ͕Dƚ͘sĞƌŶŽŶ͕K, hŶŝǀĞƌƐŝƚǇ ,ŝƐƚŽƌŝĐDŝĚůĂŶĚdŚĞĂƚƌĞ͕EĞǁĂƌŬ͕K, ͻ͘ŶŐŝŶĞĞƌŝŶŐ͕ŽůƵŵďŝĂ ,ŝƐƚŽƌŝĐWĂůĂĐĞdŚĞĂƚƌĞ͕ŽůƵŵďƵƐ͕K, hŶŝǀĞƌƐŝƚǇ ,ŝƐƚŽƌŝĐKƌŝĞŶƚĂůdŚĞĂƚĞƌ͕ŚŝĐĂŐŽ͕/> ,ŝƐƚŽƌŝĐKŚŝŽdŚĞĂƚƌĞ͕ŽůƵŵďƵƐ͕K, 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ŽƐƚƐƚŝŵĂƚŽƌ DĐ'ŽƵŐŚŽŶƐƚƌƵĐƚŝŽŶ ĂǀĞŚĂƐϯϭͲǇĞĂƌƐŽĨĞǆƉĞƌŝĞŶĐĞŝŶƚŚĞĐŽŶƐƚƌƵĐƟŽŶŝŶĚƵƐƚƌǇ͕ĂůůǁŝƚŚDĐ'ŽƵŐŚŽŶƐƚƌƵĐƟŽŶ͘ ,ŝƐĞǆƚĞŶƐŝǀĞďĂĐŬŐƌŽƵŶĚŝŶƉƌŽũĞĐƚŵĂŶĂŐĞŵĞŶƚǁŝůůŚĞůƉĨĂĐŝůŝƚĂƚĞƚŚĞƉƌĞĐŽŶƐƚƌƵĐƟŽŶ ƉƌŽĐĞƐƐƚŚƌŽƵŐŚǀĂůƵĞĞŶŐŝŶĞĞƌŝŶŐ͕ĐŽŶƐƚƌƵĐƚĂďŝůŝƚǇĂŶĚƐĐŚĞĚƵůĞĐŽŵƉůŝĂŶĐĞ͘ƐƚŚĞ ĐŽŵƉĂŶǇ͛ƐĐŚŝĞĨĞƐƟŵĂƚŽƌ͕ŚĞŚĂƐĚĞǀĞůŽƉĞĚŝŶĚƵƐƚƌǇͲůĞĂĚŝŶŐƉƌĂĐƟĐĞƐĨŽƌĞƐƟŵĂƟŶŐĐŽƐƚƐ ĂŶĚƚƌĂĐŬŝŶŐĐƵƌƌĞŶƚŵĂƌŬĞƚƉƌŝĐŝŶŐĐŽŶĚŝƟŽŶƐ͘ ^ĞůĞĐƚĞĚZĞůĞǀĂŶƚWƌŽũĞĐƚǆƉĞƌŝĞŶĐĞ ĚƵĐĂƚŝŽŶ dŚĞŽǁůĞƐĐĞŶƚĞƌĨŽƌĂŶĐĞĂŶĚƚŚĞWĞƌĨŽƌŵŝŶŐƌƚƐ͗DŝŶŶĞĂƉŽůŝƐ͕DE ͻ͘^͘ƵƐŝŶĞƐƐDĂŶĂŐĞŵĞŶƚ KƌĚǁĂǇĞŶƚĞƌĨŽƌWĞƌĨŽƌŵŝŶŐƌƚƐΘŽŶĐĞƌƚ,ĂůůǆƉĂŶƐŝŽŶ͖^ƚ͘WĂƵů͕DE ǁŝƚŚĞŵƉŚĂƐŝƐŝŶ 'ƵƚŚƌŝĞdŚĞĂƚĞƌ͖DŝŶŶĞĂƉŽůŝƐ͕DE ŽŶƐƚƌƵĐƟŽŶDĂŶĂŐĞŵĞŶƚ͕ DŝŶŶĞƐŽƚĂ^ƚĂƚĞhŶŝǀĞƌƐŝƚǇ WĂůĂĐĞdŚĞĂƚĞƌ͖^ƚ͘WĂƵů͕DE DĂŶŬĂƚŽ DĂĐĂůĞƐƚĞƌŽůůĞŐĞ:ĂŶĞƚtĂůůĂĐĞ&ŝŶĞƌƚƐĞŶƚĞƌZĞŶŽǀĂƟŽŶ͖^ƚ͘WĂƵů͕DE ĂƌůĞƚŽŶŽůůĞŐĞtĞŝƚǌĞŶƚĞƌĨŽƌƌĞĂƟǀŝƚǇ͖EŽƌƚŚĮĞůĚ͕DE ^ŚĂŬŽƉĞĞDĚĞǁĂŬĂƚŽŶ^ŝŽƵǆŽŵŵƵŶŝƚǇƵůƚƵƌĂůĞŶƚĞƌ͖WƌŝŽƌ>ĂŬĞ͕DE ^ƚ͘:ŽŚŶ͛ƐhŶŝǀĞƌƐŝƚǇƌĞƵĞƌ͛ƐůĐƵŝŶͲ,ŝůůDƵƐĞƵŵΘDĂŶƵƐĐƌŝƉƚ>ŝďƌĂƌǇ͖ŽůůĞŐĞǀŝůůĞ͕DE 3DFNHW3J ΀ϱϭ΁ 'E ͘^ƚĂĨĨZĞƐƵŵĞƐ ŚĂƌůĞŶĞZŽŝƐĞ ,ŝƐƚŽƌŝĂŶ ;sĂůƵĞĚĚĞĚ^ĞƌǀŝĐĞͿ 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dǇƉĞ///WŚĂƐĞ//WƌĞůŝŵŝŶĂƌǇWůĂƚηZϮϬϭϲͲϬϭϬW>dďǇDŽƌƌŝƐDĞŵŽƌŝĂů>>ƚŽďĞŬŶŽǁŶĂƐDŽƌƌŝƐ DĞŵŽƌŝĂů^ƵďĚŝǀŝƐŝŽŶ͘dŚĞƉůĂƚƉƌŽƉŽƐĞƐƚŽƐƵďĚŝǀŝĚĞĂƉƉƌŽǆŝŵĂƚĞůǇϮϯ͘ϵϴĂĐƌĞƐŝŶƚŽŽŶĞůŽƚĂŶĚƚǁŽ ŽƵƚůŽƚƐ͘dŚĞƉƌŽƉĞƌƚǇŝƐůŽĐĂƚĞĚǁĞƐƚŽĨĂŶĚĂĚũĂĐĞŶƚƚŽE͘ƌŽĂĚǁĂǇ͕ĞĂƐƚŽĨƚŚĞZŽĐŚĞƐƚĞƌ DĂŝŶƚĞŶĂŶĐĞ&ĂĐŝůŝƚǇĂŶĚŶŽƌƚŚŽĨϰϭƐƚ^ƚƌĞĞƚE͘ Dƌ͘,ĂƌĨŽƌĚƉƌĞƐĞŶƚĞĚĂƌĞƋƵĞƐƚďǇƚŚĞĂƉƉůŝĐĂŶƚƚŽĐŽŶƚŝŶƵĞƚŚĞĂƉƉůŝĐĂƚŝŽŶƵŶƚŝůƚŚĞDĂǇϭϭ͕ϮϬϭϲ WDĞĞƚŝŶŐ͘ Dƌ͘tĂůƚĞƌƐƌĞĂĚĂůŽƵĚƚŚĞƌĞƋƵĞƐƚƉƌĞƐĞŶƚĞĚďǇƚŚĞĂƉƉůŝĐĂŶƚĨŽƌƚŚĞĐŽŶƚŝŶƵĂƚŝŽŶ͘ DƐ͘DĞĞŬŵŽǀĞĚƚŽĐŽŶƚŝŶƵĞdǇƉĞ///WŚĂƐĞ//WƌĞůŝŵŝŶĂƌǇWůĂƚηZϮϬϭϲͲϬϭϬW>dƚŽƚŚĞDĂǇϭϭ͕ ϮϬϭϲWŵĞĞƚŝŶŐ͘Dƌ͘ƵƌƐƚƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘ dǇƉĞ///WŚĂƐĞ//ŵĞŶĚŵĞŶƚƚŽZϬϬϭϵϳ'WďǇ'WĞǀĞůŽƉŵĞŶƚ͕/ŶĐ͘dŚĞĂƉƉůŝĐĂŶƚƉƌŽƉŽƐĞƐƚŽĂĚĚ Ϯϱ͘ϭϵĂĐƌĞƐŽĨůĂŶĚƚŽƚŚĞĞǆŝƐƚŝŶŐ'WĂŶĚĂŵĞŶĚƚŚĞĂƉƉƌŽǀĞĚ&ŝĞůĚƐƚŽŶĞ'W͘dŚĞĂƌĞĂƉƌŽƉŽƐĞĚ ĨŽƌĂŵĞŶĚŵĞŶƚŝƐůŽĐĂƚĞĚŝŶƚŚĞǁĞƐƚĞƌůǇƉŽƌƚŝŽŶŽĨƚŚĞĂƉƉƌŽǀĞĚ'WĂŶĚƚŚĞĂĚĚŝƚŝŽŶŝƐůŽĐĂƚĞĚƚŽ ƚŚĞǁĞƐƚŽĨƚŚĞĂƉƉƌŽǀĞĚ&ŝĞůĚƐƚŽŶĞ'W͘ Dƌ͘ƵƌŚŽƉƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚƉƌŝůϮϭ͕ϮϬϭϲ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐŽŶ ĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌͲKůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ Dƌ͘ƵƌƐƚĂƐŬĞĚĂďŽƵƚƚŚĞƌĞĂƐŽŶŝŶŐĨŽƌƚŚĞĚĞƐŝŐŶŵŽĚŝĨŝĐĂƚŝŽŶƐĨŽƌƚƌĂĨĨŝĐ͘ _3DJH 3DFNHW3J )I ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗ƉƌŝůϮϳ͕ϮϬϭϲ WůĂŶŶŝŶŐ^ƚĂĨĨĞǆƉůĂŝŶĞĚĨŽƌĞĂĐŚĂĐĐĞƐƐƉŽŝŶƚƐ͕ŝƚǁŝůůƐĞƌǀĞϱϬůŽƚƐ͖ŝŶƚŚĞƉƌŽƉŽƐĞĚƉůĂƚƚŚĞƌĞĂƌĞϱϴ ůŽƚƐ͕ƐŽƚŚĞĚĞƐŝŐŶŵŽĚŝĨŝĐĂƚŝŽŶŝƐďĞŝŶŐƌĞƋƵĞƐƚĞĚ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶŝŶƌĞŐĂƌĚƐƚŽƌĞĂƐŽŶŝŶŐĨŽƌƚŚĞĚĞƐŝŐŶŵŽĚŝĨŝĐĂƚŝŽŶ͖ĐƌŝƚĞƌŝĂ ĨŽƌƵŶĚƵĞŚĂƌĚƐŚŝƉŵĞĂŶŝŶŐ͖ŽƚŚĞƌǁĂǇƐƚŽŽďƚĂŝŶĂŶŽƚŚĞƌĂĐĐĞƐƐ͘ WůĂŶŶŝŶŐƐƚĂĨĨƉƌĞƐĞŶƚĞĚďĂĐŬŐƌŽƵŶĚŽŶƚŚĞƉƌŽƉĞƌƚǇŝŶƌĞŐĂƌĚƐƚŽƚŽƉŽŐƌĂƉŚǇƌĞƐƚƌĂŝŶƚƐ͖ĂŶĚƚŚĞ ƉƌŽƉŽƐĞĚĂƌĞĂŶĞĞĚƐƚŽĐŽŶŶĞĐƚƚŽƚŚĞĞǆŝƐƚŝŶŐƐƚƌĞĞƚƐ͘ Dƌ͘tĂůƚĞƌƐŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘^ƚĞǀĞWŽůůĂĐŬ͕ƌĞƐŝĚŝŶŐĂƚϮϬϬϴsŝŽůĂZŽĂĚE͕ZŽĐŚĞƐƚĞƌDŝŶŶĞƐŽƚĂϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞƌĞŵŝŶĚĞĚƚŚĞŽŵŵŝƐƐŝŽŶĂŶĚƐƚĂĨĨƚŽƐƉĞĂŬŝŶƚŽŵŝĐƌŽƉŚŽŶĞƐƐŽƚŚĞƉƵďůŝĐŝŶƚŚĞ ĂƵĚŝĞŶĐĞĐĂŶŚĞĂƌ͘ Dƌ͘DĂƌŬtĞůĐŚ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚ'ͲƵďĞĚ͕ϭϰϬϳϬ,ŝŐŚǁĂǇϱϮ^͕ŚĂƚĨŝĞůĚ͕DŝŶŶĞƐŽƚĂϱϱϵϮϯ͕ ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞƌĞƐƉŽŶĚĞĚƚŽƚŚĞƋƵĞƐƚŝŽŶƐďǇƚŚĞĐŽŵŵŝƐƐŝŽŶŽŶƚŚĞƌĞĂƐŽŶŝŶŐĨŽƌƚŚĞ ĚĞƐŝŐŶŵŽĚŝĨŝĐĂƚŝŽŶƌĞƋƵĞƐƚŝŶƌĞŐĂƌĚƐƚŽƚŚĞƐŝŶŐůĞĂĐĐĞƐƐĨŽƌϱϬϬͬƚƌŝƉƐƉĞƌĚĂǇ͘,ĞƚŚĞŶƉƌŽĐĞĞĚĞĚƚŽ ĞǆƉůĂŝŶƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚ͖ƚŚĞƚŽƉŽŐƌĂƉŚǇŽĨƚŚĞŶĞĂƌďǇůĂŶĚǁŚŝĐŚŝŶĐůƵĚĞƐƐŽŵĞƐƚĞĞƉƌĂǀŝŶĞƐ ĐĂƵƐĞƐůŝŵŝƚĂƚŝŽŶƐŝŶĚĞƐŝŐŶ͖ĂŶĚŚĞƐƚĂƚĞĚƚŚĞǇĂƌĞŝŶĂŐƌĞĞŵĞŶƚǁŝƚŚƐƚĂĨĨĐŽŶĚŝƚŝŽŶƐ͘ Dƌ͘tĂůƚĞƌƐĂƐŬĞĚĨŽƌĐůĂƌŝĨŝĐĂƚŝŽŶŝŶƚŚĞĂŵĞŶĚŵĞŶƚƚŽƚŚĞ'W͘ Dƌ͘tĞůĐŚƐƚĂƚĞĚƚŚĞƌĞǁĂƐĂƐƚƌĞĞƚƐŚŽǁŶŽŶƚŚĞŽƌŝŐŝŶĂů'W͖ƚŚĞĂŵĞŶĚŵĞŶƚŝŶĐůƵĚĞƐĂƌŽĂĚŚĂƐ ďĞĞŶŵŽǀĞĚƚŽƚŚĞŶŽƌƚŚƚŽƉƌŽǀŝĚĞŵŽƌĞďƵĨĨĞƌƚŽƚŚĞǀŝůůĂŚŽƵƐĞƐ͖ĂŶĚƚŚĞůŽƚƐĂƌĞŽŶĂǀĞƌĂŐĞĂƚ ǁŝĚƚŚƐŽĨϵϬ͛ƐŽƚŚĞůŽƚƐĂƌĞůĂƌŐĞƌŝŶƐŝǌĞ͘ Dƌ͘ƌŝĐ^ƚĂŚů͕ƌĞƐŝĚŝŶŐĂƚϮϯϴϳ&ŝĞůĚƐƚŽŶĞZŽĂĚ^t͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞĂƐŬĞĚĨŽƌĐůĂƌŝĨŝĐĂƚŝŽŶŽŶƚŚĞǁŽƌĚŝŶŐĨŽƌĂƐƚƌŝƉŽĨůĂŶĚŽŶƚŚĞƉƌŽƉŽƐĞĚ'W͘ Dƌ͘DĂƌŬtĞůĐŚ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚ'ͲƵďĞĚ͕ϭϰϬϳϬ,ŝŐŚǁĂǇϱϮ^͕ŚĂƚĨŝĞůĚ͕DŝŶŶĞƐŽƚĂϱϱϵϮϯ͕ ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞƐƚĂƚĞĚƚŚĞŶŽƚĂƚŝŽŶŽŶƚŚĞ'WŝƐĨŽƌĂĐĐĞƐƐůŽĐĂƚŝŽŶƚŽƐĞƌǀĞƚŚĞƉŽŶĚ͘ Dƌ͘^ƚĂŚůĂƐŬĞĚŝĨƚŚŝƐĂƌĞĂǁŝůůďĞŵĂŝŶƚĂŝŶĞĚďǇƚŚĞŝƚǇ͖ŽƌƉƌŝǀĂƚĞůǇŽǁŶĞĚ͘ WůĂŶŶŝŶŐ^ƚĂĨĨŶŽƚĞĚƚŚĞůĂŶĚŝƐƉƌŝǀĂƚĞŽƉĞŶƐƉĂĐĞƵŶůĞƐƐƚŚĞƌĞĂƌĞŽƚŚĞƌĂŐƌĞĞŵĞŶƚƐƉƵƚŝŶƚŽƉůĂĐĞ͘ Dƌ͘DĂƌŬtĞůĐŚ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚ'ͲƵďĞĚ͕ϭϰϬϳϬ,ŝŐŚǁĂǇϱϮ^͕ŚĂƚĨŝĞůĚ͕DŝŶŶĞƐŽƚĂϱϱϵϮϯ͕ ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞŵĞŶƚŝŽŶĞĚƚŚĞƌĞŚĂǀĞďĞĞŶŵĞĞƚŝŶŐƐǁŝƚŚƚŚĞWĂƌŬĂŶĚĞƉĂƌƚŵĞŶƚĨŽƌ ŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞŽƉĞŶƐƉĂĐĞĂƌĞĂ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘tĂůƚĞƌƐĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ DƐ͘DĞĞŬŵĂĚĞƚŚĞŵŽƚŝŽŶƚŽĂƉƉƌŽǀĞdǇƉĞ//ĞƐŝŐŶDŽĚŝĨŝĐĂƚŝŽŶƚŽZϬϬϭϵϳ'WǁŝƚŚƚŚĞĨŝŶĚŝŶŐ ŝƚŵĞĞƚƐƚŚĞĨŝŶĚŝŶŐĨŽƌ^ĞĐƚŝŽŶϲϬ͘ϰϮϰWƵďůŝĐ&ĂĐŝůŝƚŝĞƐƐƚĂŶĚĂƌĚĐƌŝƚĞƌŝĂ͘Dƌ͘ƵƌƐƚƐĞĐŽŶĚĞĚƚŚĞ ŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘ DƐ͘DĞĞŬŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨdǇƉĞ///WŚĂƐĞ//ŵĞŶĚŵĞŶƚƚŽZϬϬϭϵϳ'WǁŝƚŚƚŚĞ ƐƚĂĨĨͲƌĞĐŽŵŵĞŶĚĞĚĐŽŶĚŝƚŝŽŶƐ͘Dƌ͘ƵƌƐƚƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘ _3DJH 3DFNHW3J )I ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗ƉƌŝůϮϳ͕ϮϬϭϲ KE/d/KE^͗ ϭ͘ůůŽƌŝŐŝŶĂůĐŽŶĚŝƚŝŽŶŽĨƚŚĞϮϬϬϯ'WĂƌĞĐĂƌƌŝĞĚŽǀĞƌĂŶĚƐŚĂůůďĞƐĂƚŝƐĨŝĞĚĂƐŶĞĐĞƐƐĂƌǇƉƌŝŽƌ ƚŽĂŶǇƉůĂƚƚŝŶŐŽĨƚŚĞƐŝƚĞ͘ Ϯ͘WĂƌŬůĂŶĚĞĚŝĐĂƚŝŽŶZĞƋƵŝƌĞŵĞŶƚƐĨŽƌƚŚĞĂĚĚŝƚŝŽŶĂůϮϱ͘ϭϵĂĐƌĞƐƐŚĂůůďĞŵĞƚǀŝĂ͗ĐĂƐŚŝŶůŝĞƵ ŽĨůĂŶĚǁŝƚŚƉĂǇŵĞŶƚĚƵĞƉƌŝŽƌƚŽƌĞĐŽƌĚĂƚŝŽŶŽĨƚŚĞĨŝŶĂůƉůĂƚĨŽƌƚŚĞĂƌĞĂ͘ 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ĐŽŵĨŽƌƚĂďůĞĨŽƌƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͖ƉĂƌŬŝŶŐƐƚĂŶĚĂƌĚƐĂƌĞďĞŝŶŐŵĞƚ͖ƚŚĞƌĞǁĂƐĂŶĞŝŐŚďŽƌŚŽŽĚŵĞĞƚŝŶŐ ŚĞůĚ͖ĨĞĞĚďĂĐŬĨƌŽŵŶĞŝŐŚďŽƌƐǁĂƐƉŽƐŝƚŝǀĞ͖ƉƌŽũĞĐƚŚĂƐĂƐƵƌďĂŶĨĞĞůǁŝƚŚĐŽŶƚĞŵƉŽƌĂƌǇĚĞƐŝŐŶǁŝƚŚ ůŽĐĂƚŝŽŶďĞŝŶŐĐůŽƐĞƚŽĚŽǁŶƚŽǁŶ͘ Dƌ͘ŚƌŝƐŽůďǇ͕ĂƌĐŚŝƚĞĐƚǁŝƚŚZtƌĐŚŝƚĞĐƚƵƌĞ͕ƌĞƐŝĚŝŶŐĂƚϭϵϮϱĂŝŚůǇƐƚĂƚĞƐ>ĂŶĞ^t͕ZŽĐŚĞƐƚĞƌ͕ DŝŶŶĞƐŽƚĂϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞƉƌĞƐĞŶƚĞĚƚŚĞƌĞŶĚĞƌŝŶŐŽĨƚŚĞƉƌŽũĞĐƚůĂǇŽƵƚ͖ ƌĞǀŝĞǁĞĚĚĞƚĂŝůƐŽĨƚŚĞĞǆƚĞƌŝŽƌĂŶĚŝŶƚĞƌŝŽƌ͖ĂŵĞŶŝƚŝĞƐŽŶƚŚĞƉƌŽƉĞƌƚǇŝŶĐůƵĚŝŶŐƌĞĐƌĞĂƚŝŽŶƐƉĂĐĞ͖ ůŽĐĂƚĞĚŶĞĂƌĐŽŵŵĞƌĐŝĂůĚĞǀĞůŽƉŵĞŶƚĂŶĚĚŽǁŶƚŽǁŶĂƌĞĂ͖ϮϵƵŶŝƚƐǁŝƚŚƵŶĚĞƌŐƌŽƵŶĚƉĂƌŬŝŶŐ͖ĂŶĚ ŶŽƚĞĚƚŚĞǇĂƌĞŝŶĂŐƌĞĞŵĞŶƚǁŝƚŚƐƚĂĨĨĐŽŶĚŝƚŝŽŶƐ͘,ĞƚŚĞŶĚŝƐĐƵƐƐĞĚƚŚĞŵĂŝŶͬƉƵďůŝĐĞŶƚƌǇůŽĐĂƚŝŽŶŝŶ ƚŚĞŵĂŝŶĐŽŵŵŽŶĂƌĞĂ͘ Dƌ͘,ŝůůĂƐŬĞĚĂďŽƵƚŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞůĂŶĚƐĐĂƉĞ͘ Dƌ͘ŽůďǇŶŽƚĞĚƚŚĞĚĞǀĞůŽƉĞƌǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŵĂŝŶƚĞŶĂŶĐĞĂůŽŶŐǁŝƚŚƚŚĞƌĂŝŶŐĂƌĚĞŶƐ͘ DƐ͘DĞĞŬŝŶƋƵŝƌĞĚŝŶƚŽƚŚĞŵŝǆĞĚůĂŶĚƵƐĞƐǁŚŝĐŚĂƌĞƉƌĞƐĞŶƚŝŶƚŚĞĂƌĞĂĂŶĚƋƵĞƐƚŝŽŶĞĚǁŚǇĂƌĞǌŽŶĞ ǁĂƐŶŽƚĂƉƉůŝĞĚĨŽƌ͘ Dƌ͘ŽůďǇŶŽƚĞĚƌĞĂƐŽŶƐĂƐƚŽǁŚǇƚŚĞĚĞǀĞůŽƉĞƌĚĞĐŝĚĞĚƚŽŐŽǁŝƚŚƚŚĞƌĞƐƚƌŝĐƚĞĚĂƉƉůŝĐĂƚŝŽŶ͘ DƐ͘DĞĞŬĂƐŬĞĚĂďŽƵƚƚŚĞůĂǇŽƵƚŽĨƚŚĞďƵŝůĚŝŶŐĂŶĚǁŚǇŶŽƚŝŶĚŝǀŝĚƵĂůĞŶƚƌĂŶĐĞƐƚŽƵŶŝƚƐ͘ Dƌ͘ŽůďǇĞǆƉůĂŝŶĞĚƚŚĞŽƌŝĞŶƚĂƚŝŽŶŽĨƚŚĞďƵŝůĚŝŶŐůĂǇŽƵƚĂŶĚƚŚĞŽǁŶĞƌƐŚŝƉŽĨĂĚũĂĐĞŶƚƉƌŽƉĞƌƚǇŝŶ ƌĞŐĂƌĚƐƚŽDŶKd͕ŝƚǇĂŶĚƵƚŝůŝƚǇĐŽŵƉĂŶǇĞĂƐĞŵĞŶƚƐ͘,ĞĂůƐŽǁĂŶƚĞĚƚŽƐĞĞƚŚĞďƵŝůĚŝŶŐƚƵĐŬĞĚŝŶƚŽ ƚŚĞŶŽƌƚŚĞĂƐƚĐŽƌŶĞƌŽĨƚŚĞůŽƚƚŽŬĞĞƉƚŚĞůŽŽŬƐŽĨƚĞƌĂŶĚƚŚĞƚƌĂĨĨŝĐŶŽŝƐĞďƵĨĨĞƌĞĚ͘ Dƌ͘,ŝůůŶŽƚĞĚƚŚĞůŽĐĂƚŝŽŶĂŶĚĚŝƌĞĐƚŝŽŶŽĨƚŚĞďƵŝůĚŝŶŐŝƐŐŽŽĚ͕ďƵĨĨĞƌƐĨƌŽŵƚŚĞͲϰǌŽŶŝŶŐĂŶĚǁŽƌŬƐ ǁĞůůǁŝƚŚƚŚĞƌĞƐŝĚĞŶƚŝĂůŶĞŝŐŚďŽƌŚŽŽĚ͘Dƌ͘^ŚĞƌǁŽŽĚĂŐƌĞĞĚ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚŽŶƚŚĞƉƌŽƐĂŶĚĐŽŶƐŽĨŝŶĚŝǀŝĚƵĂůĞŶƚƌĂŶĐĞƐǀĞƌƐƵƐŚĂǀŝŶŐĐŽŵŵŽŶĞŶƚƌĂŶĐĞƐ͖ ǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞĚĞƐŝŐŶŵĞĞƚƐƌŝƚĞƌŝĂ,ĂŶĚ>ŝŶƚŚĞǌŽŶŝŶŐŽƌĚŝŶĂŶĐĞ͘ Dƌ͘ZŽŶ&ƌŝƚƐĐŚ͕ƌĞƐŝĚŝŶŐĂƚϯϯϭϭϴ ƚŚǀĞŶƵĞ^t͕ZŽĐŚĞƐƚĞƌDŝŶŶĞƐŽƚĂ͕ϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞĂƐŬĞĚŝĨϯ ƌĚ^ƚƌĞĞƚĐŽŵŝŶŐƐƚƌĂŝŐŚƚŽƵƚŽƌĂŶŐůĞĚŽŶƚŽƚŚĞĨƌŽŶƚĂŐĞƌŽĂĚ͘ WůĂŶŶŝŶŐƐƚĂĨĨŶŽƚĞĚƚŚĞĚƌŝǀŝŶŐůĂŶĞƐǁŝůůďĞƌĞŵĂŝŶŝŶŐƚŚĞƐĂŵĞ͖ĐƵƌďĂŶĚŐƵƚƚĞƌĂŶĚƐŝĚĞǁĂůŬƐǁŝůůďĞ ĂĚĚĞĚ͘ Dƌ͘ŚƌŝƐŽůďǇ͕ĂƌĐŚŝƚĞĐƚǁŝƚŚZtƌĐŚŝƚĞĐƚƵƌĞ͕ƌĞƐŝĚŝŶŐĂƚϭϵϮϱĂŝŚůǇƐƚĂƚĞƐ>ĂŶĞ^t͕ZŽĐŚĞƐƚĞƌ͕ DŝŶŶĞƐŽƚĂϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞƐƚĂƚĞĚƚŚĞƌŽĂĚǁĂǇǁŝůůŶŽƚĐŚĂŶŐĞƵŶĚĞƌƚŚŝƐ ĚĞǀĞůŽƉŵĞŶƚ͕ƚŚĞŽǁŶĞƌƐŚŝƉŽĨƚŚĞůĂŶĚŵĂǇďĞĐŚĂŶŐŝŶŐĂƐƚŚĞŝƚǇŵĂǇǁĂŶƚďĂĐŬƐŽŵĞŽĨƚŚĞƌŝŐŚƚŽĨ ǁĂǇ͘ _3DJH 3DFNHW3J )L ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗ƉƌŝůϮϳ͕ϮϬϭϲ Dƌ͘'ĂƌǇsĂƐƚĞƌ͕ƌĞƐŝĚŝŶŐĂƚϭϴϭϮϮ ŶĚ^ƚƌĞĞƚ^t͕ZŽĐŚĞƐƚĞƌDŝŶŶĞƐŽƚĂϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞƐƚĂƚĞĚŚŝƐĐŽŶĐĞƌŶŝƐǁŝƚŚƚŚĞĂŐŝŶŐŽĨϯ ƌĚ^ƚƌĞĞƚ͘,ĞǁŽƵůĚůŝŬĞƚŽƐĞĞƐĞǁĞƌĂŶĚ ŐƵƚƚĞƌƐĂĚĚĞĚĨŽƌƌĂŝŶĐŽŶƚƌŽů͘ DƐ͘:ĞƐƐĞtĞůƐŚ͕ƌĞƐŝĚŝŶŐĂƚϭϭϮϰϮ ŶĚ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘^ŚĞŶŽƚĞĚĐŽŶĐĞƌŶƐƐƵďŵŝƚƚĞĚŝŶĂůĞƚƚĞƌŽŶďĞŚĂůĨŽĨƚŚĞhĐŽŵŵŝƚƚĞĞ͖ƉĞƌ<ƵƚǌŬǇ /ŵĂŐŝŶĞƐŚĞŶŽƚĞĚƚŚĞĐŽŶĐĞƌŶƐŝŶƚŚĞůĞƚƚĞƌƐƵďŵŝƚƚĞĚ͖ůŽŽŬŝŶŐĨŽƌƚŚĞƉƌŽũĞĐƚƚŽŚĂǀĞĂďĞƚƚĞƌ ƉĞĚĞƐƚƌŝĂŶĞǆƉĞƌŝĞŶĐĞ͖ƌĞŵŽǀŝŶŐƐŽŵĞŽĨƚŚĞƉĂƌŬŝŶŐǁŽƵůĚĂĚĚŵŽƌĞƌĞĐƌĞĂƚŝŽŶƐƉĂĐĞ͖ĂŶĚƚŚĞƉƌŽũĞĐƚ ŝƐƐŚŽǁŝŶŐŝƚƐ͞ďĂĐŬ͟ƚŽƚŚĞĂĐƚŝǀ ŝƚǇŽĨƚŚĞďƵŝůĚŝŶŐ͘ Dƌ͘DŝĐŚĂĞůƵƐĐŚ͕ƌĞƐŝĚŝŶŐĂƚϮϬϭϲĂŝŚůǇ,ĞŝŐŚƚƐƌŝǀĞ^t͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞĂĚĚƌĞƐƐĞĚƚŚĞĐŽŶĐĞƌŶƐĞǆƉƌĞƐƐĞĚŝŶĐŽŵŵĞŶƚƐŽĨƚŚĞĚĞƐŝŐŶͬůĂǇŽƵƚŽĨƚŚĞďƵŝůĚŝŶŐ͖ŚĞ ŶŽƚĞĚƚŚĞƌĞǁĞƌĞŵĂŶǇĚŝƐĐƵƐƐŝŽŶƐŽŶƚŚĞůŽĐĂƚŝŽŶŽĨƚŚĞďƵŝůĚŝŶŐ͖ĂŶĚƚŚĞůŽǁĞƌůĞǀĞůŝƐƐĞƚƵƉŚŝŐŚĞƌ ŽĨĨŽĨŐƌĂĚĞĨŽƌƐĞĐƵƌŝƚǇƉƵƌƉŽƐĞ͘ WůĂŶŶŝŶŐƐƚĂĨĨŶŽƚĞĚŝƚǇWƵďůŝĐtŽƌŬƐŚĂǀĞƐƚĂƚĞĚƚŚĞǇǁŝůůŶŽƚĂůůŽǁĂĐĐĞƐƐĨƌŽŵƚŚĞĨƌŽŶƚĂŐĞƌŽĂĚ ĂĐƌŽƐƐƚŽƚŚĞĂĚũĂĐĞŶƚƉƌŽƉĞƌƚǇ͖ĂŶĚƚŚĞǇĂůƐŽĚŽŶŽƚǁĂŶƚĂŶǇƐƚƌƵĐƚƵƌĞƐŽŶŽƌŶĞĂƌƚŚĞƉƌŽƉĞƌƚǇ ďĞĐĂƵƐĞŽĨĞǆŝƐƚŝŶŐƵƚŝůŝƚŝĞƐ͘ Dƌ͘ŚƌŝƐŽůďǇ͕ĂƌĐŚŝƚĞĐƚǁŝƚŚZtƌĐŚŝƚĞĐƚƵƌĞ͕ƌĞƐŝĚŝŶŐĂƚϭϵϮϱĂŝŚůǇƐƚĂƚĞƐ>ĂŶĞ^t͕ZŽĐŚĞƐƚĞƌ͕ DŝŶŶĞƐŽƚĂϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞĂĚĚƌĞƐƐĞĚƚŚĞŐƌĂĚĞĐŽŶĐĞƌŶƐĂƐŝƚŝƐƌĞůĂƚŝǀĞůǇĨůĂƚ͕ ďƵƚĂĚƌŽƉŽĨĨĚŽĞƐĞǆŝƐƚƚŽƚŚĞŶŽƌƚŚĞĂƐƚ͘,ĞĚŝĚƐƚĂƚĞƚŚĞǇŚĂǀĞƌĂŝƐĞĚƚŚĞďƵŝůĚŝŶŐďĞĐĂƵƐĞŽĨ ƵŶĚĞƌŐƌŽƵŶĚƉĂƌŬŝŶŐĂŶĚĂůůŽǁƐƚŚĞĨŝƌƐƚůĞǀĞůƵŶŝƚƐƚŽďĞďƌŽƵŐŚƚĂďŽǀĞŐƌĂĚĞ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘tĂůƚĞƌƐĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞŽŵŵŝƐƐŝŽŶŝŶƌĞŐĂƌĚƐƚŽƚŚĞĚŝĨĨĞƌĞŶĐĞƐŽĨŽƉŝŶŝŽŶƐŽŶƚŚĞĚĞƐŝŐŶŽĨ ŚĂǀŝŶŐŝŶĚŝǀŝĚƵĂůĞŶƚƌĂŶĐĞƐƚŽƵŶŝƚƐǀĞƌƐƵƐĐŽŵŵŽŶĞŶƚƌĂŶĐĞƐƚŽƚŚĞďƵŝůĚŝŶŐ͖ƉĞĚĞƐƚƌŝĂŶĐŽŶŶĞĐƚŝǀŝƚǇ ƚŚ ŽĨĂĐĐĞƐƐŝŶŐĨŽƌǁĂůŬŝŶŐĂůŽŶŐϭϳǀĞŶƵĞƚŽĂĐĐĞƐƐĚŽǁŶƚŽǁŶ͖ĚĞƐŝŐŶŽĨƚŚĞďƵŝůĚŝŶŐŝƐĨƵŶĐƚŝŽŶĂůĨŽƌ ƚĞŶĂŶƚƐ͖ĂŶĚƐĐĂůĞŽĨďƵŝůĚŝŶŐŝƐƐƵĨĨŝĐŝĞŶƚĨŽƌƚŚĞĚĞƐŝŐŶƉƌŽƉŽƐĞĚ͘ DƐ͘DĞĞŬŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĚĞŶŝĂůŽĨdǇƉĞ///WŚĂƐĞ//ZĞƐƚƌŝĐƚĞĚĞǀĞůŽƉŵĞŶƚWƌĞůŝŵŝŶĂƌǇWůĂŶ ƉƉůŝĐĂƚŝŽŶηZϮϬϭϲͲϬϬϲhWďĂƐĞĚŽŶƚŚĞƉƌŽũĞĐƚŶŽƚŵĞĞƚŝŶŐƌŝƚĞƌŝĂ,Žƌ>ŽĨ^ĞĐƚŝŽŶϲϮ͘ϳϬϴ͘Dƌ͘ ^ŝŵƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĨĂŝůĞĚϮͲϰ͘Dƌ͘ƵƌƐƚ͕Dƌ͘,ŝůů͕Dƌ͘^ŚĞƌǁŽŽĚ͕Dƌ͘tĂůƚĞƌƐ ǀŽƚŝŶŐŶĂǇ͖DƐ͘^ĞĂďƌŽŽŬĂďƐƚĂŝŶĞĚ͘ Dƌ͘,ŝůůŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨdǇƉĞ///WŚĂƐĞ//ZĞƐƚƌŝĐƚĞĚĞǀĞůŽƉŵĞŶƚWƌĞůŝŵŝŶĂƌǇ WůĂŶƉƉůŝĐĂƚŝŽŶηZϮϬϭϲͲϬϬϲhWǁŝƚŚƚŚĞƐƚĂĨĨͲƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘Dƌ͘ ^ŚĞƌǁŽŽĚƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϰͲϮ͘DƐ͘DĞĞŬĂŶĚDƌ͘^ŝŵƐǀŽƚŝŶŐŶĂǇ͖Dƌ͘ tĂůƚĞƌƐĂďƐƚĂŝŶĞĚ͘ KE/d/KE^͗ ϭ͘dŚĞĂƉƉůŝĐĂŶƚƐŚĂůůƌĞͲƉůĂƚƚŚĞƉƌŽƉĞƌƚŝĞƐŝŶƚŽŽŶĞŶĞǁůŽƚƉƌŝŽƌƚŽ&ŝŶĂůWůĂŶƐƵďŵŝƚƚĂů͘dŚĞ&ŝŶĂů ƌĚ WůĂƚƐŚĂůůĚĞĚŝĐĂƚĞĂĚĚŝƚŝŽŶĂůƌŝŐŚƚͲŽĨͲǁĂǇĂƐƉƌŽƉŽƐĞĚŽŶƚŚĞƐŝƚĞƉůĂŶĂůŽŶŐϯ^ƚƌĞĞƚ^t͘ Ϯ͘ƉƉůŝĐĂŶƚƐŚĂůůƐƵďŵŝƚĂƚƌĂĨĨŝĐŝŵƉĂĐƚƐƚƵĚǇŽƌǁĂŝǀĞƌ͕ĂƐĚĞƚĞƌŵŝŶĞĚďǇƚŚĞŝƚǇŶŐŝŶĞĞƌ͕ǁŝƚŚ ƐƵďŵŝƚƚĂůŽĨƚŚĞ&ŝŶĂůWůĂŶ͘ _3DJH 3DFNHW3J )L ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗ƉƌŝůϮϳ͕ϮϬϭϲ 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