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ŽůƵŵŶƐ,ƚŚƌƵ:ƐƵŵŵĂƌŝǌĞĂŶƚŝĐŝƉĂƚĞĚƚƌĂĨĨŝĐƵŶĚĞƌ^ĐĞŶĂƌŝŽϮǁŚĞƌĞůĂŶĚƐǁĞƐƚŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ ĂƌĞĚĞǀĞůŽƉĞĚĂŶĚĚŝƌĞĐƚĂĐĐĞƐƐƚŽϯϭ ƐƚǀĞŝƐĂǀĂŝůĂďůĞĨŽƌƚŚĞŶŽƌƚŚĂŶĚŵŝĚĚůĞƐĞĐƚŝŽŶƐŽĨƚŚĞtĞƐƚ Ɛƚ ĞǀĞůŽƉŵĞŶƚ͘,ĂǀŝŶŐƚŚŝƐĚŝƌĞĐƚĂĐĐĞƐƐƚŽϯϭǀĞĂǀĂŝůĂďůĞǁŽƵůĚƌĞƐƵůƚŝŶ͗ x ƐƚŝŵĂƚĞĚǀŽůƵŵĞƐŽĨϭϵϯϬdŽŶ^ĐĞŶŝĐsŝĞǁƌďĂƐĞĚŽŶƚƌĂĨĨŝĐĨƌŽŵůŽƚƐŝŶƚŚĞĂƐƚ ĞǀĞůŽƉŵĞŶƚĂůŽŶŐǁŝƚŚƚƌĂĨĨŝĐĨƌŽŵƚŚĞŵŝĚĚůĞƐĞĐƚŝŽŶŽĨƚŚĞtĞƐƚĞǀĞůŽƉŵĞŶƚ; ŽůƵŵŶ/͕ZŽǁ Ϳ͘ ϭϭ x ƐƚŝŵĂƚĞĚǀŽůƵŵĞƐŽĨϮϭϵϬdŽŶ^ĐĞŶŝĐsŝĞǁƌǁŚĞŶĂĚĚŝƚŝŽŶĂůƚƌĂĨĨŝĐĨƌŽŵ^ĐĞŶŝĐsŝĞǁ >ĂŬĞǀŝĞǁĂŶĚƚŚĞƐŽƵƚŚǁĞƐƚƐĞĐƚŽƌƚŚĞtĞƐƚĞǀĞůŽƉŵĞŶƚĂůƐŽĂƌĞĂĚĚĞĚ;Ϳ ŽůƵŵŶ/͕ZŽǁϭϴ ŽƚŚƚŚĞƐĞƌĞƐƵůƚƐŝŶĚŝĐĂƚĞƚŚĂƚĐŽŶĚŝƚŝŽŶƐƌĞůĂƚŝǀĞƚŽƚƌĂĨĨŝĐǁŽƵůĚďĞĐŽŶƐŝĚĞƌĞĚďŽƌĚĞƌůŝŶĞĂĐĐĞƉƚĂďůĞ ŽŶ^ĐĞŶŝĐsŝĞǁƌďĂƐĞĚŽŶƚŚĞŐƵŝĚĞůŝŶĞƐŝŶƚŚĞ>ŽŶŐZĂŶŐĞWůĂŶŝůůƵƐƚƌĂƚĞĚĂƚƚŚĞďŽƚƚŽŵŽĨƉĂŐĞϯŽĨ ƚŚŝƐŵĞŵŽ͘ dǁŽƉŽƚĞŶƚŝĂůŽƉƚŝŽŶƐƚŽĂĚĚƌĞƐƐƚŚĞŝŶƚĞƌŝŵĐŽŶĚŝƚŝŽŶƐƚŚĂƚƌĞƐƵůƚŝŶŚŝŐŚĞƌƚŚĂŶĚĞƐŝƌĂďůĞĞƐƚŝŵĂƚĞĚ ǀŽůƵŵĞƐŽŶ^ĐĞŶŝĐsŝĞǁƌǁŽƵůĚďĞƚŽĐŽŶƐŝĚĞƌϭͿƉŚĂƐŝŶŐŽĨƉƌŽƉŽƐĞĚŝŵƉƌŽǀĞŵĞŶƚƐ͕ĂŶĚϮͿƉƌŽǀŝƐŝŽŶ ŽĨĐŽŶŶĞĐƚŝŽŶďĞƚǁĞĞŶƚŚĞŶŽƌƚŚĂŶĚŵŝĚĚůĞƐĞĐƚŝŽŶƐŽĨƚŚĞtĞƐƚĞǀĞůŽƉŵĞŶƚƚŽƉƌŽǀŝĚĞůŽƚƐŝŶƚŚĞ tĞƐƚĞǀĞůŽƉŵĞŶƚĂĐĐĞƐƐƚŽϰϴ ƚŚ^ƚƚŚƌŽƵŐŚƚŚĞŶŽƌƚŚƐĞĐƚŝŽŶŽĨƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͘ WŚĂƐŝŶŐŽĨƉƌŽƉŽƐĞĚŝŵƉƌŽǀĞŵĞŶƚƐǁŽƵůĚŝŶĐůƵĚĞĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨ x ƚŚĞƚŝŵŝŶŐŽĨǁŚĞŶƚŚĞZĞƐĞƌǀŽŝƌƌĐŽŶŶĞĐƚŝŽŶƚŽ^ĐĞŶŝĐsŝĞǁƌŝƐďƵŝůƚ͘ĞůĂǇŝŶŐƚŚĞ ĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚŝƐĐŽŶŶĞĐƚŝŽŶƵŶƚŝůĐŽŶŶĞĐƚŝŽŶƐƚŽϯϭ Ɛƚ ǀĞĂƌĞĂǀĂŝůĂďůĞǁŽƵůĚƌĞĚƵĐĞ ĂŶƚŝĐŝƉĂƚĞĚǀŽůƵŵĞƐďǇĂŶĞƐƚŝŵĂƚĞĚϯϬϬͲϰϬϬdŽŶ^ĐĞŶŝĐsŝĞǁƌ x ĐĂƉƉŝŶŐƚŚĞŶƵŵďĞƌŽĨůŽƚƐŝŶƚŚĞŵŝĚĚůĞƐĞĐƚŝŽŶŽĨƚŚĞtĞƐƚĞǀĞůŽƉŵĞŶƚƚŚĂƚĐĂŶďĞ Ɛƚ ĚĞǀĞůŽƉĞĚƵŶƚŝůĐŽŶŶĞĐƚŝŽŶƐƚŽϯϭǀĞĨŽƌƚŚĞŵŝĚĚůĞƐĞĐƚŝŽŶŽĨƚŚĞtĞƐƚĞǀĞůŽƉŵĞŶƚĂƌĞ ĂǀĂŝůĂďůĞ͘ZĞĚƵĐŝŶŐƚŚĞŶƵŵďĞƌŽĨĚĞǀĞůŽƉĂďůĞůŽƚƐďǇϯϱͲϰϬůŽƚƐǁŽƵůĚƌĞĚƵĐĞdŽŶ^ĐĞŶŝĐ sŝĞǁƌďǇϯϬϬͲϰϬϬd dŚĞĐŽŵďŝŶĞĚĞĨĨĞĐƚŽĨƚŚĞƐĞƚǁŽĂĐƚŝŽŶƐǁŽƵůĚƌĞĚƵĐĞƚŚĞĞƐƚŝŵĂƚĞĚdŽŶ^ĐĞŶŝĐsŝĞǁƌďǇ ϲϬϬͲϴϬϬdĚƵƌŝŶŐƚŚĞŝŶƚĞƌŝŵƉĞƌŝŽĚ͕ƚŚƵƐŵĂŝŶƚĂŝŶŝŶŐĂůĞǀĞůŽĨƚƌĂĨĨŝĐŽŶ^ĐĞŶŝĐsŝĞǁƌƚŚĂƚ ŵĞĞƚƐƚŚĞŐƵŝĚĞůŝŶĞƐŝŶƚŚĞŝƚǇŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ͘ ŽŶŶĞĐƚŝŽŶŽĨƚŚĞŵŝĚĚůĞƐĞĐƚŝŽŶŽĨƚŚĞtĞƐƚĞǀĞůŽƉŵĞŶƚƚŽƚŚĞŶŽƌƚŚĞƌŶƐĞĐƚŝŽŶĂĐƌŽƐƐƚŚĞ ĚƌĂŝŶĂŐĞǁĂǇǁŽƵůĚĂƚƚƌĂĐƚĂƐŝŐŶŝĨŝĐĂŶƚƐŚĂƌĞŽĨŽƵƚďŽƵŶĚƚƌĂĨĨŝĐĂŶĚƌĞĚƵĐĞƚŚĞĞƐƚŝŵĂƚĞĚĨƵƚƵƌĞ ǀŽůƵŵĞƐŽŶ^ĐĞŶŝĐsŝĞǁƌƚŽůĞǀĞůƐŵĞĞƚŝŶŐƚŚĞŐƵŝĚĞůŝŶĞƐŽĨƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ͘ 3DFNHW3J )K ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϲ 'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶηZϬϬϮϱϮ'WŵĞŶĚŵĞŶƚďǇDĂƌŬ,ĂŶƐŽŶƚŽďĞŬŶŽǁŶĂƐ^ĐĞŶŝĐKĂŬƐ >ĂŬĞǀŝĞǁ͘dŚĞ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶĂŵĞŶĚŵĞŶƚĐŽŶƐŝƐƚƐŽĨƚŚĞƌĞĚĞƐŝŐŶŽĨƚŚĞŝŶƚĞƌŶĂůƐƚƌĞĞƚ ƉĂƚƚĞƌŶĂŶĚĐŽŶŶĞĐƚŝŽŶƐƚŽƉƵďůŝĐƌŽĂĚƐĂŶĚƚŚĞĐŚĂŶŐĞŝŶƚŚĞƐŝǌĞŽĨůŽƚƐĂŶĚƐƚǇůĞŽĨŚŽƵƐŝŶŐŽŶ ϴϬ͘ϳϰĂĐƌĞƐŽĨůĂŶĚ͘dŚĞƉƌŽƉĞƌƚǇŝƐůŽĐĂƚĞĚƐŽƵƚŚŽĨ^ĐĞŶŝĐsŝĞǁƌŝǀĞ^tĂŶĚǁĞƐƚŽĨtŝůůŽǁƌĞĞŬ ZĞƐĞƌǀŽŝƌĂŶĚŶŽƌƚŚŽĨϲϬƚŚ^ƚƌĞĞƚ^t͘ Dƌ͘ŶŐĞůƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϲ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐ ŽŶĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ Dƌ͘tĂůƚĞƌƐŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘DĂƌŬtĞůĐŚ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚ'ͲƵƌďĞĚ͕ůŽĐĂƚĞĚĂƚϭϰϬϳϬ,ŝŐŚǁĂǇϱϮE͕ŚĂƚĨŝĞůĚ͕DŝŶŶĞƐŽƚĂ͕ ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞƌĞǀŝĞǁĞĚƚŚĞ^ĐĞŶŝĐKĂŬƐtĞƐƚ'WůĂǇŽƵƚĂŶĚĂŐƌĞĞĚƚŽƚŚĞƐƚĂĨĨ ƌĞĐŽŵŵĞŶĚĞĚĐŽŶĚŝƚŝŽŶƐ͖^ĐĞŶŝĐKĂŬƐ>ĂŬĞǀŝĞǁĂƉƉůŝĐĂƚŝŽŶǁĂƐƌĞǀŝĞǁĞĚ͖ĂĐĐĞƐƐƉŽŝŶƚƐǁĞƌĞ ƌĞǀŝĞǁĞĚ͖ƚŚĞƚƌĂŝůĐŽŶŶĞĐƚŝŽŶƐŽƉƚŝŽŶƐĂƐǁĞůůĂƐƚŽƉŽŐƌĂƉŚǇǁĞƌĞĚŝƐĐƵƐƐĞĚ͘ Dƌ͘tĂůƚĞƌƐĂƐŬĞĚĂďŽƵƚƚŚĞƌĞĚƵĐƚŝŽŶŽĨƉƌŽƉŽƐĞĚůŽƚƐ͖ĂŶĚƚƌǇŝŶŐƚŽĂůůĞǀŝĂƚĞƚƌĂĨĨŝĐĐŽƵŶƚƐ͘ Dƌ͘tĞůĐŚƐƚĂƚĞĚƚŚĞůŽƚƐǁĞƌĞƌĞĚƵĐĞĚďĞĐĂƵƐĞŽĨƚŚĞƐƚǇůĞŽĨŚŽƵƐĞƐŽŶƚŚĞůŽƚƐǁĞƌĞĐŚĂŶŐĞĚĂŶĚ ĚĞƐŝŐŶĞĚĨŽƌďĞƚƚĞƌĂĐĐŽŵŵŽĚĂƚŝŽŶƚŽƚŚĞƉƌŽƉŽƐĞĚůĂǇŽƵƚ͘ ƚŚ Dƌ͘ZŽďĞƌƚWǇĨĨĞƌŽĞŶ͕ƌĞƐŝĚŝŶŐĂƚϰϮϯϬϰϬ^ƚƌĞĞƚ^t͕ZŽĐŚĞƐƚĞƌDŝŶŶĞƐŽƚĂϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞƐƚĂƚĞĚŚŝƐǁŝĨĞŽǁŶƐƉƌŽƉĞƌƚǇĂĚũĂĐĞŶƚƚŽƚŚĞƉƌŽƉŽƐĞĚƉƌŽƉĞƌƚǇ͖ŚĞǁŽƵůĚůŝŬĞƚŽ ŬŶŽǁŝĨƚŚĞŝƚǇŚĂƐĂŶǇƉƌĞĨĞƌĞŶĐĞĨŽƌŚĂǀŝŶŐĐŽƌŶĨŝĞůĚƐĂĚũĂĐĞŶƚƚŽƌĞƐŝĚĞŶƚŝĂůŚŽƵƐŝŶŐ͖ƚŚŝƐĐĂŶďĞĂ ƐĂĨĞƚǇĨĂĐƚŽƌĨŽƌŬŝĚƐŐĞƚƚŝŶŐůŽƐƚŽƌďĞŝŶŐŶĞĂƌĨĂƌŵŝŶŐĞƋƵŝƉŵĞŶƚ͖ŝƐĂďƵĨĨĞƌŽƌĨĞŶĐĞƌĞƋƵŝƌĞĚ͖ĂŶĚŚĞ ĂůƐŽǁŽƵůĚůŝŬĞƚŽŬŶŽǁĂƚŝŵĞůŝŶĞĨŽƌŝŵƉƌŽǀĞŵĞŶƚƐƚŽϰϴ ƚŚ^ƚƌĞĞƚ͘ ƚŚ Dƌ͘ůůĞƌďƵƐĐŚƐƚĂƚĞĚƚŚĞŝƚǇŝƐĂǁĂƌĞŽĨƚŚĞŶĞĞĚĞĚŝŵƉƌŽǀĞŵĞŶƚƐŽŶϰϴ^ƚƌĞĞƚĂŶĚĂƌĞŵĂŬŝŶŐƉůĂŶƐ ĨŽƌŚĂǀŝŶŐĨƵŶĚƐĂǀĂŝůĂďůĞƚŚƌŽƵŐŚĂŐĂƐƚĂǆĂŶĚŐŽǀĞƌŶŵĞŶƚŐƌĂŶƚƐĂŶĚŶŽƚĞĚƚŚĞƌĞŝƐŶŽďƵĨĨĞƌ ƌĞƋƵŝƌĞŵĞŶƚĨŽƌĂĚũĂĐĞŶƚĂŐƌŝĐƵůƚƵƌĞůĂŶĚ͘ ƚŚ DƐ͘dĂŵŵǇĂŚů͕ƌĞƐŝĚŝŶŐĂƚϮϱϬϯϰϴ^ƚƌĞĞƚ^t͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ƚŚ ŽŵŵŝƐƐŝŽŶ͘^ŚĞŶŽƚĞĚƐŚĞŝƐĞǆĐŝƚĞĚĂďŽƵƚƚŚĞĚĞǀĞůŽƉŵĞŶƚďƵƚĐŽŶĐĞƌŶĞĚǁŝƚŚƚŚĞƚƌĂĨĨŝĐŽŶϰϴ ^ƚƌĞĞƚ͖ĂŶĚǁŝƐŚƚŽŬŶŽǁǁŚĞŶŝŵƉƌŽǀĞŵĞŶƚƐǁŽƵůĚďĞƉůĂŶŶĞĚ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘tĂůƚĞƌƐĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ DƐ͘DĞĞŬŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶηZϬϬϯϯϳ'WǁŝƚŚƚŚĞ ƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĐŽŶĚŝƚŝŽŶƐ͘Dƌ͘ƵƌƐƚƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϳ Ͳ Ϭ͘ KE/d/KE^͗ ϭ͘dŚĞĂƉƉůŝĐĂŶƚĂŐƌĞĞƐƚŚĞƌĞĂƌĞŝŶĂĚĞƋƵĂƚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐƚŚĂƚĐĂŶďĞĂĚĚƌĞƐƐĞĚƚŚƌŽƵŐŚĂ ĚĞǀĞůŽƉŵĞŶƚĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞŝƚǇ͘ Ϯ͘dŚĞĂƉƉůŝĐĂŶƚƌĞƐƵďŵŝƚƌĞǀŝƐĞĚ'WďĞĨŽƌĞƚŚĞŝƚǇŽƵŶĐŝůĚŽĐƵŵĞŶƚƐƚŚĂƚĐŽƌƌĞĐƚƚŚĞĨŽƵƌ ŽŵŝƐƐŝŽŶƐŶŽƚĞĚďǇƚŚĞƐƚĂĨĨ͗ Ă͘^ŚŽǁƚŚĞ'WŵĂƉƚŚĂƚƉĞĚĞƐƚƌŝĂŶͬďŝŬĞƉĂƚŚǁŝůůďĞĂĨƵƚƵƌĞŝŵƉƌŽǀĞŵĞŶƚĂůŽŶŐƚŚĞ ϰϴ ƚŚ^ƚƌĞĞƚ^tĨƌŽŶƚĂŐĞ ď͘^ŚŽǁŽŶƚŚĞ'WƚŚĂƚĂůŽŶŐƚŚĞůŽƚƐĂďƵƚƚŝŶŐϰϴ ƚŚ^ƚƌĞĞƚ^tŶŽĂĐĐĞƐƐǁŝůůďĞĂůůŽǁĞĚ _3DJH 3DFNHW3J )K ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϲ Đ͘^ŚŽǁŽŶƚŚĞ'WƚŚĞůŽĐĂƚŝŽŶŽĨƚŚĞŐƌĂǀŝƚǇƐĞǁĞƌĐŽŶŶĞĐƚŝŽŶƐĨƌŽŵƚŚĞĞĂƐƚĂŶĚ ŝĚĞŶƚŝĨǇƚŚĞďŽƵŶĚĂƌǇŽĨƚŚĞƉŚĂƐĞƚŚĂƚŵƵƐƚďĞƐĞƌǀĞĚďǇĂĨƵƚƵƌĞůŝĨƚƐƚĂƚŝŽŶ Ě͘/ĚĞŶƚŝĨǇŽŶƚŚĞ'WƚŚĞĞƐƚŝŵĂƚĞĚďŽƵŶĚĂƌŝĞƐŽĨƚŚĞƉŚĂƐĞƐŽĨĐŽŶƐƚƌƵĐƚŝŽŶŽƌƉůĂƚƚŝŶŐ ŽĨƐƵďĚŝǀŝƐŝŽŶƐ͘ DƐ͘DĞĞŬŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶηZϬϬϮϱϮ'WŵĞŶĚŵĞŶƚ ǁŝƚŚƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĐŽŶĚŝƚŝŽŶƐ͘Dƌ͘,ŝůůƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘ ƚŚ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞŽŵŵŝƐƐŝŽŶŝŶƌĞŐĂƌĚƐƚŽĨƵƚƵƌĞŝŵƉƌŽǀĞŵĞŶƚƐƚŽϰϴ^ƚƌĞĞƚ͖ĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚďŝŬĞƉĂƚŚƐͬƚƌĂŝůƐǇƐƚĞŵ͖ĂŶĚƚŚĞůŽƐƚĐŽŶŶĞĐƚŝŽŶƚŽϲϬ ƚŚǀĞŶƵĞ͘ dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϳ Ͳ Ϭ͘ KE/d/KE^͗ ϭ͘dŚĞƉůĂŶƐŚĂůůďĞŵŽĚŝĨŝĞĚĂƐĨŽůůŽǁƐƚŽƐŚŽǁ͗ Ă͘WĞĚĞƐƚƌŝĂŶĨĂĐŝůŝƚŝĞƐƐŚĂůůďĞƐŚŽǁŶĂůŽŶŐϲϬ ƚŚ^ƚƌĞĞƚ^t͘ ď͘ϭϬĨŽŽƚǁŝĚĞďŝƚƵŵŝŶŽƵƐƉĞĚĞƐƚƌŝĂŶĐŽŶŶĞĐƚŝŽŶƐŚĂůůďĞƐŚŽǁŶĨƌŽŵZĞƐĞƌǀŽŝƌƌŝǀĞ ĐŽŶƚŝŶƵŝŶŐĂůŽŶŐƚŚĞŶŽƌƚŚƐŝĚĞŽĨƚŚĞƌĞƐŝĚĞŶƚŝĂůůŽƚƐƚŽƚŚĞĞǆŝƐƚŝŶŐƵŶƐƵƌĨĂĐĞĚƚƌĂŝů͘ Đ͘ϭϬĨŽŽƚǁŝĚĞďŝƚƵŵŝŶŽƵƐƉĞĚĞƐƚƌŝĂŶĐŽŶŶĞĐƚŝŽŶĨƌŽŵƚŚĞǁĞƐƚĞƌŶĐƵů Ͳ ĚĞ Ͳ ƐĂĐƚŽƚŚĞ ƉĞĚĞƐƚƌŝĂŶĐŽŶŶĞĐƚŝŽŶŝĚĞŶƚŝĨŝĞĚĂďŽǀĞ͘ ƚŚ Ě͘ϭϬĨŽŽƚǁŝĚĞďŝƚƵŵŝŶŽƵƐƉĞĚĞƐƚƌŝĂŶĐŽŶŶĞĐƚŝŽŶĨƌŽŵĚĞǀĞůŽƉŵĞŶƚƚŽϲϬ^ƚƌĞĞƚ^t͘ Ğ͘dŚĞůŽƚƐƐŚŽǁŶǁŝƚŚŝŶƚŚĞZŽĐŚĞƐƚĞƌ/ŶƚĞƌŶĂƚŝŽŶĂůŝƌƉŽƌƚŽŶĞ͚͛ŶĞĞĚƚŽŝĚĞŶƚŝĨǇƚŚĞ ĂĐƌĞĂŐĞƚŽƐŚŽǁƚŚĞǇŵĞĞƚƚŚĞŵŝŶŝŵƵŵŽŶĞĂĐƌĞƌĞƋƵŝƌĞŵĞŶƚ͘ Ϯ͘dŚĞĚĞǀĞůŽƉĞƌƐŚĂůůŵĂŝŶƚĂŝŶĂϱϬĨŽŽƚǁŝĚĞďƵĨĨĞƌĂůŽŶŐƚŚĞƌĞĂƌůŽƚůŝŶĞŽĨƚŚĞƌĞƐŝĚĞŶƚŝĂů ƉƌŽƉĞƌƚŝĞƐĂďƵƚƚŝŶŐƚŚĞƉĂƌŬůĂŶĚĂůŽŶŐƚŚĞƌĞƐĞƌǀŽŝƌ͘dŚĞďƵĨĨĞƌƐŚĂůůďĞŝĚĞŶƚŝĨŝĞĚĂƐĂ 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ϴϬ͘ϳϰĂĐƌĞƐŽĨůĂŶĚ͘dŚĞƉƌŽƉĞƌƚǇŝƐůŽĐĂƚĞĚƐŽƵƚŚŽĨ^ĐĞŶŝĐsŝĞǁƌŝǀĞ^tĂŶĚǁĞƐƚŽĨtŝůůŽǁƌĞĞŬ ZĞƐĞƌǀŽŝƌĂŶĚŶŽƌƚŚŽĨϲϬƚŚ^ƚƌĞĞƚ^t͘ Dƌ͘ŶŐĞůƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϲ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐ ŽŶĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ Dƌ͘tĂůƚĞƌƐŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘DĂƌŬtĞůĐŚ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚ'ͲƵƌďĞĚ͕ůŽĐĂƚĞĚĂƚϭϰϬϳϬ,ŝŐŚǁĂǇϱϮE͕ŚĂƚĨŝĞůĚ͕DŝŶŶĞƐŽƚĂ͕ ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞƌĞǀŝĞǁĞĚƚŚĞ^ĐĞŶŝĐKĂŬƐtĞƐƚ'WůĂǇŽƵƚĂŶĚĂŐƌĞĞĚƚŽƚŚĞƐƚĂĨĨ ƌĞĐŽŵŵĞŶĚĞĚĐŽŶĚŝƚŝŽŶƐ͖^ĐĞŶŝĐKĂŬƐ>ĂŬĞǀŝĞǁĂƉƉůŝĐĂƚŝŽŶǁĂƐƌĞǀŝĞǁĞĚ͖ĂĐĐĞƐƐƉŽŝŶƚƐǁĞƌĞ ƌĞǀŝĞǁĞĚ͖ƚŚĞƚƌĂŝůĐŽŶŶĞĐƚŝŽŶƐŽƉƚŝŽŶƐĂƐǁĞůůĂƐƚŽƉŽŐƌĂƉŚǇǁĞƌĞĚŝƐĐƵƐƐĞĚ͘ Dƌ͘tĂůƚĞƌƐĂƐŬĞĚĂďŽƵƚƚŚĞƌĞĚƵĐƚŝŽŶŽĨƉƌŽƉŽƐĞĚůŽƚƐ͖ĂŶĚƚƌǇŝŶŐƚŽĂůůĞǀŝĂƚĞƚƌĂĨĨŝĐĐŽƵŶƚƐ͘ Dƌ͘tĞůĐŚƐƚĂƚĞĚƚŚĞůŽƚƐǁĞƌĞƌĞĚƵĐĞĚďĞĐĂƵƐĞŽĨƚŚĞƐƚǇůĞŽĨŚŽƵƐĞƐŽŶƚŚĞůŽƚƐǁĞƌĞĐŚĂŶŐĞĚĂŶĚ ĚĞƐŝŐŶĞĚĨŽƌďĞƚƚĞƌĂĐĐŽŵŵŽĚĂƚŝŽŶƚŽƚŚĞƉƌŽƉŽƐĞĚůĂǇŽƵƚ͘ ƚŚ Dƌ͘ZŽďĞƌƚWǇĨĨĞƌŽĞŶ͕ƌĞƐŝĚŝŶŐĂƚϰϮϯϬϰϬ^ƚƌĞĞƚ^t͕ZŽĐŚĞƐƚĞƌDŝŶŶĞƐŽƚĂϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞƐƚĂƚĞĚŚŝƐǁŝĨĞŽǁŶƐƉƌŽƉĞƌƚǇĂĚũĂĐĞŶƚƚŽƚŚĞƉƌŽƉŽƐĞĚƉƌŽƉĞƌƚǇ͖ŚĞǁŽƵůĚůŝŬĞƚŽ ŬŶŽǁŝĨƚŚĞŝƚǇŚĂƐĂŶǇƉƌĞĨĞƌĞŶĐĞĨŽƌŚĂǀŝŶŐĐŽƌŶĨŝĞůĚƐĂĚũĂĐĞŶƚƚŽƌĞƐŝĚĞŶƚŝĂůŚŽƵƐŝŶŐ͖ƚŚŝƐĐĂŶďĞĂ ƐĂĨĞƚǇĨĂĐƚŽƌĨŽƌŬŝĚƐŐĞƚƚŝŶŐůŽƐƚŽƌďĞŝŶŐŶĞĂƌĨĂƌŵŝŶŐĞƋƵŝƉŵĞŶƚ͖ŝƐĂďƵĨĨĞƌŽƌĨĞŶĐĞƌĞƋƵŝƌĞĚ͖ĂŶĚŚĞ ĂůƐŽǁŽƵůĚůŝŬĞƚŽŬŶŽǁĂƚŝŵĞůŝŶĞĨŽƌŝŵƉƌŽǀĞŵĞŶƚƐƚŽϰϴ ƚŚ^ƚƌĞĞƚ͘ ƚŚ Dƌ͘ůůĞƌďƵƐĐŚƐƚĂƚĞĚƚŚĞŝƚǇŝƐĂǁĂƌĞŽĨƚŚĞŶĞĞĚĞĚŝŵƉƌŽǀĞŵĞŶƚƐŽŶϰϴ^ƚƌĞĞƚĂŶĚĂƌĞŵĂŬŝŶŐƉůĂŶƐ ĨŽƌŚĂǀŝŶŐĨƵŶĚƐĂǀĂŝůĂďůĞƚŚƌŽƵŐŚĂŐĂƐƚĂǆĂŶĚŐŽǀĞƌŶŵĞŶƚŐƌĂŶƚƐĂŶĚŶŽƚĞĚƚŚĞƌĞŝƐŶŽďƵĨĨĞƌ ƌĞƋƵŝƌĞŵĞŶƚĨŽƌĂĚũĂĐĞŶƚĂŐƌŝĐƵůƚƵƌĞůĂŶĚ͘ ƚŚ DƐ͘dĂŵŵǇĂŚů͕ƌĞƐŝĚŝŶŐĂƚϮϱϬϯϰϴ^ƚƌĞĞƚ^t͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ƚŚ ŽŵŵŝƐƐŝŽŶ͘^ŚĞŶŽƚĞĚƐŚĞŝƐĞǆĐŝƚĞĚĂďŽƵƚƚŚĞĚĞǀĞůŽƉŵĞŶƚďƵƚĐŽŶĐĞƌŶĞĚǁŝƚŚƚŚĞƚƌĂĨĨŝĐŽŶϰϴ ^ƚƌĞĞƚ͖ĂŶĚǁŝƐŚƚŽŬŶŽǁǁŚĞŶŝŵƉƌŽǀĞŵĞŶƚƐǁŽƵůĚďĞƉůĂŶŶĞĚ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘tĂůƚĞƌƐĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ DƐ͘DĞĞŬŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶηZϬϬϯϯϳ'WǁŝƚŚƚŚĞ ƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĐŽŶĚŝƚŝŽŶƐ͘Dƌ͘ƵƌƐƚƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϳ Ͳ Ϭ͘ KE/d/KE^͗ ϭ͘dŚĞĂƉƉůŝĐĂŶƚĂŐƌĞĞƐƚŚĞƌĞĂƌĞŝŶĂĚĞƋƵĂƚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐƚŚĂƚĐĂŶďĞĂĚĚƌĞƐƐĞĚƚŚƌŽƵŐŚĂ ĚĞǀĞůŽƉŵĞŶƚĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞŝƚǇ͘ 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ĨŽƌŶŽƚĞǆƚĞŶĚŝŶŐƵƚŝůŝƚŝĞƐĂƚƚŚĞĐƵƌƌĞŶƚƚŝŵĞ͖ĂŶĚǁŚǇƐŚĂƌĞǁĞůůƐĂŶĚƐĞƉƚŝĐƐǇƐƚĞŵƐǁŝůůďĞŝŶƐƚĂůůĞĚ͘ Dƌ͘:ĞƌƌǇ&ŝƐĐŚĞƌ͕ƌĞƐŝĚŝŶŐĂƚϲϮϭϰϭϰ ƚŚ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ ŝƐŽŶĞŽŶƚŚĞƐŝǆŽǁŶĞƌƐŽĨƚŚĞƉƌŽƉĞƌƚǇ͖ĞǆƉůĂŝŶĞĚƚŚĞƐƵƌƌŽƵŶĚŝŶŐĨĞŶĐĞŽĨƚŚĞƉƌŽƉĞƌƚǇ͖ƚŚĞ ŝŵƉƌŽǀĞŵĞŶƚƐƚŽƚŚĞƉƌŽƉĞƌƚǇ͖ƉƌŽƉŽƐĞĚƌŝĚŝŶŐĂƌĞŶĂǁŝƚŚĞǆŝƐƚŝŶŐƚƌĂŝůƐ͖ĂŶĚĂƌĞŚŽƉŝŶŐƚŽŚĂǀĞĂŶĂůů Ͳ ĂƌŽƵŶĚĨĂŵŝůǇŽƌŝĞŶƚĞĚĞǆƉĞƌŝĞŶĐĞ͘ ƚŚ Dƌ͘EĞŝůDĞůƋƵŝƐƚ͕ƌĞƐŝĚŝŶŐĂƚϲϮϰϭϭϰ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞŝƐƐƵƉƉŽƌƚŝǀĞŽĨƚŚĞƉƌŽũĞĐƚƉƌŽƉŽƐĞĚ͖ƚŚĞǇĂƌĞŐƌĞĂƚŶĞŝŐŚďŽƌƐ͖ĂŶĚǁŝůůďĞĂŐŽŽĚŝŵƉƌŽǀĞŵĞŶƚƚŽ ƚŚĞĐŽŵŵƵŶŝƚǇ͘ Dƌ͘DŝŬĞtŽůƚĞƌ͕ƌĞƐŝĚŝŶŐĂƚϱϵϮϬ>ŽǁƌǇƌŝǀĞEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞĐŽŵŵŝƐƐŝŽŶ͘ ƚŚ ,ĞŶŽƚĞĚĐŽŶĐĞƌŶŝƐǁŝƚŚŵŽƌĞƚƌĂĨĨŝĐĂĐĐĞƐƐŝŶŐ,ŝŐŚǁĂǇϭϰŽĨĨŽĨϲϬǀĞŶƵĞ͘ Dƌ͘ŝůůdŽŝŶƚŽŶ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚt^ΘƐƐŽĐŝĂƚĞƐ͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌDŝŶŶĞƐŽƚĂ͕ ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞŶŽƚĞĚƚŚĞƉƌŽƉĞƌƚǇŚĂƐŐŽŶĞƚŚƌŽƵŐŚƚŚĞŝƚǇ͕ŽƵŶƚǇĂŶĚƐƚĂƚĞŚĂǀĞ ĐƌĞĂƚĞĚĂŐĞŽŵĞƚƌŝĐĚĞƐŝŐŶƉůĂŶ͖ĨƵŶĚŝŶŐƚŝŵĞŝƐŶŽƚŬŶŽǁŶ͖ƚŚĞƉƌŽũĞĐƚďĞŝŶŐƉƌŽƉŽƐĞĚŝƐĂƉŚĂƐĞĚ ƉƌŽũĞĐƚ͘ Dƌ͘:ŝŵ,ŽƐƐ͕ƌĞƉƌĞƐĞŶƚĂƚŝǀĞǁŝƚŚĂƐĐĂĚĞdŽǁŶƐŚŝƉ͕ƌĞƐŝĚŝŶŐĂƚϭϯϵ,ĂƌǀĞƐƚǀĞŶƵĞEt͕ZŽĐŚĞƐƚĞƌ͕ DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞĂƐŬĞĚĂďŽƵƚƌŽĂĚǁĂǇŝŵƉƌŽǀĞŵĞŶƚƐƚŽZϭϬϰ͖ƐĂĨĞƚǇ ĐŽŶĐĞƌŶƐŽŶϲϬ ƚŚǀĞŶƵĞ͖ďƵƚĚŽĞƐƐĞĞƚŚŝƐĂƐĂŐŽŽĚƉƌŽũĞĐƚ͘ _3DJH 3DFNHW3J )I ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϲ ƚŚ Dƌ͘ůůĞƌďƵƐĐŚĐŽŵŵĞŶƚĞĚŽŶƚŚĞƚŝŵĞůŝŶĞŽĨĨƵŶĚŝŶŐĨŽƌƚŚĞŝŵƉƌŽǀĞŵĞŶƚƐƚŽϲϬǀĞŶƵĞĂŶĚ ,ŝŐŚǁĂǇϭϰŝŶƚĞƌƐĞĐƚŝŽŶƐ͖ǁŚĞŶĨƵŶĚŝŶŐĨŽƌƐĂĨĞƚǇĐŽŶĐĞƌŶƐŝŶƚŚĞ^ƚĂƚĞĂƌĞůŽŽŬĞĚŝŶƚŚĞĨƵƚƵƌĞƚŚĞ ŝŵƉƌŽǀĞŵĞŶƚƐĐŽƵůĚŚĂƉƉĞŶ͘ Dƌ͘,ŝůůĐŽŵŵĞŶƚĞĚŽŶŚĂǀŝŶŐĂĐŽŶĐĞƌŶǁŝƚŚŵĞĞƚŝŶŐƌŝƚĞƌŝĂĂŶĚ&͘Ϯ͖ƚŚĞƉƌŽũĞĐƚŝƐŐŽŽĚďƵƚŝŶƚŚĞ ƉĂƐƚǁŚĞŶƚŚĞƌĞĂƌĞƚŽŽŵĂŶǇƵŶĂŶƐǁĞƌĞĚƋƵĞƐƚŝŽŶĂŶĚŝŶĐŽŶƐŝƐƚĞŶƚ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘tĂůƚĞƌƐĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ DƐ͘DĞĞŬŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶηZϬϬϯϰϯ'WǁŝƚŚƚŚĞ ƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĐŽŶĚŝƚŝŽŶƐ͘DƐ͘^ĞĂďƌŽŽŬƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘ ƚŚ Dƌ͘tĂůƚĞƌƐĐŽŵŵĞŶƚĞĚŶŽƚďĞŝŶŐĂďůĞƚŽƐƵƉƉŽƌƚƚŚĞƉƌŽũĞĐƚďĞĐĂƵƐĞŽĨƐĂĨĞƚǇĐŽŶĐĞƌŶƐŽŶϲϬ ǀĞŶƵĞĂŶĚ,ŝŐŚǁĂǇϭϰ͖ĚŽĞƐŶŽƚƐĞĞƉĞŽƉůĞƚƌĂǀĞůŝŶŐĂůƚĞƌŶĂƚŝǀĞƌŽƵƚĞƐ͖ĂŶĚůĂĐŬŽĨĂĐĐĞƐƐƚŽƚŚĞƐŝƚĞ͘ dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϱ 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ƚŽŽĐĐƵƌƵŶƚŝůƚŚĞŝƚǇŽƵŶĐŝůŚĂƐĚĞƚĞƌŵŝŶĞĚƚŚĂƚĂůůƌĞƋƵŝƌĞĚƉƵďůŝĐĨĂĐŝůŝƚŝĞƐĂƌĞĂĚĞƋƵĂƚĞĨŽƌ ƐĂŝĚĚĞǀĞůŽƉŵĞŶƚ͕ŽƌƚŚĂƚďǇŝŶƚĞƌŝŵĂŐƌĞĞŵĞŶƚ͕ĂůƚĞƌŶĂƚŝǀĞŝŶƚĞƌŝŵƉƌŝǀĂƚĞĨĂĐŝůŝƚŝĞƐĂƌĞ ĂǀĂŝůĂďůĞ͘ ϰ͘dŚĞƐƚĂƚƵƐŽĨƚŚĞ'ƌĂĚŝŶŐĂŶĚ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚWůĂŶƐŚĂůůďĞĂƉƉƌŽǀĞĚ͕ŽƌĂƉƉƌŽǀĞĚ ǁŝƚŚĐŽŶĚŝƚŝŽŶƐ͕ƉƌŝŽƌƚŽƐƵďŵŝƚƚŝŶŐƚŚĞ&ŝŶĂůWůĂƚ͘ ϱ͘ǆĞĐƵƚŝŽŶŽĨĂŝƚǇ Ͳ KǁŶĞƌŽŶƚƌĂĐƚ͕ĂŶĚĚĞĚŝĐĂƚŝŽŶŽĨĂŶǇĂƉƉůŝĐĂďůĞŽŶĂŶĚŽĨĨ Ͳ ƐŝƚĞƉƵďůŝĐ ĞĂƐĞŵĞŶƚƐŝƐƌĞƋƵŝƌĞĚƉƌŝŽƌƚŽĐŽŶƐƚƌƵĐƚŝŽŶŽĨĂŶǇƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞƚŽƐĞƌǀĞƚŚĞWƌŽƉĞƌƚǇ͘ ϲ͘ŚĂƌŐĞƐͬĨĞĞƐĂƉƉůŝĐĂďůĞƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚŝƐWƌŽƉĞƌƚǇǁŝůůďĞĂĚĚƌĞƐƐĞĚŝŶŝƚǇ Ͳ KǁŶĞƌ ŽŶƚƌĂĐƚ͕ĂŶĚĞǀĞůŽƉŵĞŶƚŐƌĞĞŵĞŶƚ͘ ϳ͘ƐƚŚŝƐĚĞǀĞůŽƉŵĞŶƚŝƐƚŽŚĂǀĞƉƌŝǀĂƚĞƵƚŝůŝƚŝĞƐ͕ǁĞůůĂŶĚƐĞƉƚŝĐ͕ĂŶǇĨƵƚƵƌĞƌĞƐƉŽŶƐĞǁŝƚŚƚŚĞ ZŽĐŚĞƐƚĞƌ&ŝƌĞĞƉĂƌƚŵĞŶƚĂƐƚŚĞƉƌŝŵĂƌǇƌĞƐƉŽŶĚŝŶŐĚĞƉĂƌƚŵĞŶƚ͕ƐŚĂůůďĞĐŽŶƐŝĚĞƌĞĚĂƌƵƌĂů ƌĞƐƉŽŶƐĞ͕ƵŶƚŝůƐƵĐŚĂƚŝŵĞƚŚĂƚƉƵďůŝĐǁĂƚĞƌĂŶĚĨŝƌĞŚǇĚƌĂŶƚƐĂƌĞĞǆƚĞŶĚĞĚŝŶƚŽƚŚŝƐ ĚĞǀĞůŽƉŵĞŶƚ͕ĨŽƌĨŝƌĞƉƌŽƚĞĐƚŝŽŶ͘ )I ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϲ ϴ͘ĐĐĞƐƐďĂƌƌŝĞƌƐƐƵĐŚĂƐŐĂƚĞƐŽƌŽƚŚĞƌŵĞĂŶƐŽĨŚŝŶĚĞƌŝŶŐĂĐĐĞƐƐƚŽƚŚĞƉƌŽƉĞƌƚǇŵƵƐƚŚĂǀĞĂ 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ĐƵŵƵůĂƚŝǀĞďƵŝůĚŝŶŐƐƋƵĂƌĞĨŽŽƚĂŐĞĨŽƌƚŚĞĞŶƚŝƌĞƉƌŽũĞĐƚƐŝƚĞŝƐůĞƐƐƚŚĂŶŽŶƚŚĞĂƉƉƌŽǀĞĚ'W͘,ĞĨƵƌƚŚĞƌ ĞǆƉůĂŝŶĞĚƚŚĂƚƚŚĞĨƵƚƵƌĞďƵŝůĚŝŶŐƉƌŽũĞĐƚĂƐƉƌŽƉŽƐĞĚǁŝůůďĞŽŶ>ŽƚϮŽĨůŽĐŬϮĂŶĚǁŝůůďĞĂϭϬ͕ϮϬϬ^&ŽĨĨŝĐĞ ďƵŝůĚŝŶŐǁŝƚŚƐŽŵĞƐƵƌĨĂĐĞƉĂƌŬŝŶŐ͘/ůůƵƐƚƌĂƚŝŽŶƐŽĨƚŚĞďƵŝůĚŝŶŐǁŚŝĐŚŝŶĐůƵĚĞƐŝƚĞƉůĂŶƐŽĨƚŚĞƉƌŽƉŽƐĞĚ ƉƌŽũĞĐƚǁĞƌĞƉƌĞƐĞŶƚĞĚƚŽĂƚƚĞŶĚĞĞƐ͘dŚĞĨĞĂƚƵƌĞƐŽĨƚŚĞďƵŝůĚŝŶŐĨĂĐĂĚĞĂŶĚŚŽǁƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚƌĞůĂƚĞƐ ƚŽŽƚŚĞƌƉŽƚĞŶƚŝĂůďƵŝůĚŝŶŐůŽĐĂƚŝŽŶƐĂĚũŽŝŶŝŶŐĂŶĚĐŝƌĐƵůĂƚŝŽŶǁĞƌĞĚŝƐĐƵƐƐĞĚ͘ 3DFNHW3J )J dŚĞĨŽůůŽǁŝŶŐƋƵĞƐƚŝŽŶƐĂŶĚĐŽŵŵĞŶƚƐǁĞƌĞĂƐŬĞĚďǇƚŚĞĂƚƚĞŶĚĞĞƐ͘ZĞƐƉŽŶƐĞƐƚŽĞĂĐŚƋƵĞƐƚŝŽŶͬĐŽŵŵĞŶƚ ĂƌĞŶŽƚĞĚ͗ YƵĞƐƚŝŽŶƐĂŶĚŶƐǁĞƌƐ͗ YƵĞƐƚŝŽŶηϭ͗,ŽǁƐŽŽŶĂƌĞǇŽƵǁŽƌŬŝŶŐƚŽŐĞƚƚŚĂƚ;ŽĨĨŝĐĞďƵŝůĚŝŶŐͿďƵŝůƚ͍ ŶƐǁĞƌηϭ͗tĞĂƌĞŐŽŝŶŐƚŚƌŽƵŐŚƚŚŝƐĂŵĞŶĚŵĞŶƚŝŶƚŚĞƐƉĞĐŝĂůĚŝƐƚƌŝĐƚƉƌŽĐĞƐƐǁŚŝĐŚǁŝůůůŝŬĞůǇĐŽŶĐůƵĚĞ ĂƚƚŚĞĞŶĚŽĨƚŚŝƐǇĞĂƌ͘ŽŶƐƚƌƵĐƚŝŽŶƉƌŽƉŽƐĞĚŝƐƚŽďĞŐŝŶŝŶƚŚĞƐƉƌŝŶŐŽĨϮϬϭϳ͘ĞƉĞŶĚŝŶŐŽŶ ƚŚĞŵĂƌŬĞƚ͕ŝƚŝƐŽƵƌĞǆƉĞĐƚĂƚŝŽŶƚŚĂƚƉŚĂƐĞ//ŽĨƚŚĞĂƉƉůŝĐĂƚŝŽŶƉƌŽĐĞƐƐǁŽƵůĚďĞƚŚĞĂĚũŽŝŶŝŶŐ ďƵŝůĚŝŶŐƐ͘,ŽǁĞǀ Ğƌ͕ǁĞĚŽŶ͛ƚŚĂǀĞĂŶǇŬŶŽǁůĞĚŐĞŽĨĂŶǇŽƚŚĞƌƉŽƚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚŽĨƚŚŝƐ ĂƌĞĂĂƚƚŚŝƐƚŝŵĞ͘ ƚŚ YƵĞƐƚŝŽŶηϮ͗^ŽƚŚĞƐƚƌĞĞƚ;ĞǆƚĞŶƐŝŽŶŽĨϱϱ^ƚƌĞĞƚĂŶĚDĞŵďĞƌƐWĂƌŬǁĂǇEtͿŝƐŶŽƚŐŽŝŶŐƚŽďĞ ĐŽŶƐƚƌƵĐƚĞĚĂƐǇŽƵƐƵŐŐĞƐƚĞĚĨŽƌϱǇĞĂƌƐ͘tŝůůƚŚĞŵĂŝŶĂĐĐĞƐƐƚŽƚŚĞďƵŝůĚŝŶŐďĞEŽƚƚŝŶŐŚĂŵ ZŽĂĚ͍ ŶƐǁĞƌηϮ͗ĞĐĂƵƐĞƚŚŝƐŝƐĂĚĞƐƚŝŶĂƚŝŽŶďƵƐŝŶĞƐƐ͕ŝƚǁŽƵůĚďĞĞǆƉĞĐƚĞĚƚŚĂƚƚŚĞƉƌŝŵĂƌǇƌŽƵƚĞƚŽĂĐĐĞƐƐ ƚŚĞďƵŝůĚŝŶŐǁŝůůďĞĨƌŽŵtĞƐƚŝƌĐůĞƌŝǀĞƚŽƚŚĞďƵŝůĚŝŶŐĂŶĚƚŚĞŶďĂĐŬŽƵƚ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚƌĞŐĂƌĚŝŶŐĐƵƌƌĞŶƚƚƌĂĨĨŝĐǁŚŝĐŚŽĐĐƵƌƐŽŶEŽƚƚŝŶŐŚĂŵƌŝǀĞEtĂŶĚƚŚĂƚƚŚĞƌĞĂƌĞƚƌĂĨĨŝĐ ĐŽŶĐĞƌŶƐĨƌŽŵĞǆŝƐƚŝŶŐƵƐĞƌƐŽĨƚŚĞƌŽĂĚ͘ YƵĞƐƚŝŽŶηϯ͗,ŽǁĐĂŶǇŽƵĞŶƐƵƌĞƚŚĂƚƚŚĞƌĞǁŝůůďĞŶŽĚĞǀĞůŽƉŵĞŶƚƚƌĂĨĨŝĐĚŽǁŶEŽƚƚŝŶŐŚĂŵƌŝǀĞ͍ ŶƐǁĞƌηϯ͗/ƚǁĂƐŶŽƚĞĚƚŚĂƚEŽƚƚŝŶŐŚĂŵƌŝǀĞŝƐĚĞƐŝŐŶĞĚĂƐĂĐŽůůĞĐƚŽƌƌŽĂĚ͘ YƵĞƐƚŝŽŶηϰ͗dŚĞƉƌŽũĞĐƚǁŝůůŐŽŽŶƌĞŐĂƌĚůĞƐƐŽĨƚŚĞƚƌĂĨĨŝĐ͍ ŶƐǁĞƌηϰ͗ŶĞǆƉůĂŶĂƚŝŽŶŽĨƚŚĞĞǆŝƐƚŝŶŐĐŽŶƚƌŽůůĞĚĂĐĐĞƐƐƌĞƐƚƌŝĐƚŝŽŶƐĂƌĞŽŶƚŚĞƉƌŽƉĞƌƚǇƚŽďĞ ĚĞǀĞůŽƉĞĚĂŶĚǁŚĂƚƚŚĞůŝŵŝƚĂƚŝŽŶƐŽŶĂĐĐĞƐƐůŽĐĂƚŝŽŶƐǁĞƌĞĚŝƐĐƵƐƐĞĚ͘ ƐƵŐŐĞƐƚŝŽŶŽĨĂďĂƌƌŝĐĂĚĞďĞƚǁĞĞŶƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚEŽƚƚŝŶŐŚĂŵZŽĂĚǁĂƐŵĂĚĞ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚƌĞŐĂƌĚŝŶŐƚŚĞĂƉƉƌŽǀĂůƉƌŽĐĞƐƐĂŶĚƚƌĂĨĨŝĐĐĂůŵŝŶŐŵĞƚŚŽĚƐƚŚĂƚŚĂǀĞďĞĞŶŝŶĐŽƌƉŽƌĂƚĞĚŝŶ ƚŽŽƚŚĞƌƉĂƌƚƐŽĨƚŚĞĐŝƚǇƚŽƌĞĚƵĐĞƚƌĂĨĨŝĐƐƉĞĞĚƐŽŶĞǆŝƐƚŝŶŐƌŽĂĚƐ͘dŚĞĞǆŝƐƚŝŶŐƚƌĂĨĨŝĐƐƚƵĚŝĞƐǁĞƌĞŶŽƚĞĚĂůŽŶŐ ǁŝƚŚƚŚĞƉŽƚĞŶƚŝĂůƚŽĂŵĞŶĚƚŚŽƐĞƐƚƵĚŝĞƐĂƚĂĨƵƚƵƌĞƚŝŵĞǁŚĞŶƐŽŵĞŽĨƚŚĞŽƚŚĞƌůĂƌŐĞƌƉĂƌĐĞůƐǁĞƌĞ ƉƌŽƉŽƐĞĚƚŽďĞĚĞǀĞůŽƉĞĚĂƐŶŽƚĞĚ͘/ƚǁĂƐĨƵƌƚŚĞƌŶŽƚĞĚƚŚĂƚƚŚĞŝƌŝƚǇŽƵŶĐŝůƌĞƉƌĞƐĞŶƚĂƚŝǀĞǁĂƐĂǁĂƌĞŽĨ ĞǆŝƐƚŝŶŐƚƌĂĨĨŝĐĐŽŶĐĞƌŶƐĂŶĚŚĂĚĂůƐŽĞǆƉƌĞƐƐĞĚƚŚŽƐĞƚŽƚŚŽƐĞƉƌĞƐĞŶƚŝŶĂƉƌĞǀŝŽƵƐŵĞĞƚŝŶŐ͘/ƚǁĂƐƐƚĂƚĞĚƚŚĂƚ ƚŚĞƌĞǁŽƵůĚďĞŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽĞǆƉƌĞƐƐĐŽŶĐĞƌŶƐĂƚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐĨŽƌƚŚŝƐƉƌŽƉŽƐĂůĂƚƚŚŝƐƐƚĂŐĞŽĨ ĚĞǀĞůŽƉŵĞŶƚĂŶĚƚŚĞĨƵƚƵƌĞďƵŝůĚŝŶŐƉƌŽƉŽƐĂůƐƚĂŐĞ͘ 3DFNHW3J )J YƵĞƐƚŝŽŶηϱ͗dŚĞďƵŝůĚŝŶŐŝƐŐŽŝŶŐƵƉŝŶϮϬϭϳ͍ ŶƐǁĞƌηϱ͗zĞƐ͕ƚŚĂƚŝƐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶƐĐŚĞĚƵůĞĂƚƚŚŝƐƚŝŵĞ͕ŬŶŽǁŝŶŐƚŚĂƚƚŚĞƌĞĂƌĞĂŶƵŵďĞƌŽĨƉƵďůŝĐ ŚĞĂƌŝŶŐƐƚŽŐŽƚŚƌŽƵŐŚƚŽƐĞĞŬĂƉƉƌŽǀĂů͘ YƵĞƐƚŝŽŶηϲ͗/ƐƚŚĞƌĞĂůŝŵŝƚŽŶǁŚĂƚƚǇƉĞŽĨƌĞƚĂŝůĐĂŶŐŽƚŚĞƌĞ͍ ŶƐǁĞƌηϲ͗dŚĞƌĞĂƐŽŶǁĞŚĂǀĞŝĚĞŶƚŝĨŝĞĚƚŚĞƐĞƚŚƌĞĞƉŽƚĞŶƚŝĂůƵƐĞƐŝŶƚŚĞƐĞǀĞƌǇŐĞŶĞƌĂůŚŝŐŚůĞǀĞůƚĞƌŵƐ͕ ŝƐƚŽůŝŵŝƚƚŽĂŐƌĞĂƚĚĞŐƌĞĞƚŚĞŽƚŚĞƌƚǇƉĞƐŽĨƵƐĞƐƚŚĂƚǁĞĂƌĞŶŽƚƉƌŽƉŽƐŝŶŐƚŽďĞƚŚĞƌĞ͘&Žƌ ĞǆĂŵƉůĞ͕ǁĞĂƌĞŶŽƚƉƌŽƉŽƐŝŶŐĂŶĞŶƚĞƌƚĂŝŶŵĞŶƚĂƌĞĂƐƵĐŚĂƐĂďŽǁůŝŶŐĂůůĞǇ͘dŚĞƌĞĂƌĞŵŽƌĞ ƐƉĞĐŝĨŝĐƵƐĞƐĚĞĨŝŶĞĚǁŝƚŚŝŶĐŽŶǀĞŶƚŝŽŶĂůǌŽŶŝŶŐƐƚĂŶĚĂƌĚƐǁŚŝĐŚǁĞǁŝůůůŝŬĞůǇŶĞĞĚƚŽĚĞĨŝŶĞŝŶ ƚŚĞŶĞǆƚĂƉƉůŝĐĂƚŝŽŶƉŚĂƐĞŽĨƚŚĞĨŝŶĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶŝŶƚŚŝƐƉƌŽƉŽƐĞĚƉƌŽũĞĐƚĂŶĚĨŽƌƚŚĞ ŽƚŚĞƌƉƌŽƉĞƌƚŝĞƐ͘ YƵĞƐƚŝŽŶηϳ͗ZŝŐŚƚŶŽǁƚŚĞĐŽŶŶĞĐƚŝŽŶƐĨŽƌƚŚĞĨƵƚƵƌĞƌŽĂĚǁĂǇƐ;DĞŵďĞƌƐWĂƌŬǁĂǇĂŶĚEŽƚƚŝŶŐŚĂŵƌŝǀĞͿ ĂƌĞŶŽƚŐŽŝŶŐƚŽŽĐĐƵƌĨŽƌϱǇĞĂƌƐ͍ ŶƐǁĞƌηϳ͗/ƚŝƐŽƵƌƵŶĚĞƌƐƚĂŶĚŝŶŐ͕ďĂƐĞĚŽŶĂĐŽŶǀĞƌƐĂƚŝŽŶǁŝƚŚĂƌĞƉƌĞƐĞŶƚĂƚŝǀĞĂƚƚŚĞŝƚǇŽĨWƵďůŝĐ tŽƌŬƐĞƉĂƌƚŵĞŶƚ͕ƚŚĂƚƚŚĞƌĞŝƐŶŽƚĞǆŝƐƚŝŶŐĨƵŶĚŝŶŐĂǀĂŝůĂďůĞĨŽƌƚŚŽƐĞĐŽŶŶĞĐƚŝŽŶƐ͕ďƵƚƚŚĂƚ ŝƚŚĂƐďĞĞŶďƵĚŐĞƚĞĚŝŶƚŚĞĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWůĂŶǁŚŝĐŚŝƐϱǇĞĂƌƐŽƵƚ͘ ƚŚ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚƌĞŐĂƌĚŝŶŐƚŚĞϱϱ^ƚƌĞĞƚŽƌƌŝĚŽƌ^ƚƵĚǇ͕ƚŚĞƐĐŚĞĚƵůĞŽĨƚŚĞĨƵƚƵƌĞƉŚĂƐĞƐŽĨƚŚĞƚƌĂĨĨŝĐ ŝŵƉƌŽǀĞŵĞŶƚĂŶĚƚƌĂĨĨŝĐůŝŐŚƚŝŶƐƚĂůůĂƚŝŽŶĂƚDĞŵďĞƌƐWĂƌŬǁĂǇĂŶĚtĞƐƚŝƌĐůĞƌŝǀĞĂŶĚƚŚĞƉŽƚĞŶƚŝĂůĞĨĨĞĐƚƐ ŽĨƚŚĞĞǆŝƐƚŝŶŐĂŶĚƉƌŽƉŽƐĞĚƚƌĂĨĨŝĐ͘ ŽŶĐĞƌŶǁĂƐĞǆƉƌĞƐƐĞĚĂďŽƵƚƚŚĞĞǆŝƐƚŝŶŐƚƌĂĨĨŝĐƐƉĞĞĚƐŽŶEŽƚƚŝŶŐŚĂŵƌŝǀĞEt͘ dŚĞŵĞĞƚŝŶŐĐŽŶĐůƵĚĞĚǁŝƚŚĂƚƚĞŶĚĞĞƐĂďůĞƚŽĐŽŵĞĨŽƌǁĂƌĚƚŽǀŝĞǁƚŚĞďŽĂƌĚƐǁŚŝĐŚŚĂĚƚŚĞWƌŽũĞĐƚ ĞǀĞůŽƉŵĞŶƚWůĂŶ͕ƚŚĞƉƌŽƉŽƐĞĚĨƵƚƵƌĞďƵŝůĚŝŶŐƉƌŽũĞĐƚǁŝƚŚƚŚĞƐŝƚĞƉůĂŶĂŶĚĞůĞǀĂƚŝŽŶƐĂŶĚƚŽƐƉĞĂŬǁŝƚŚ ƚŚĞĐŽŶƐƵůƚĂŶƚƐĂŶĚĚĞǀĞůŽƉŵĞŶƚƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐƵŶƚŝůĂƉƉƌŽǆŝŵĂƚĞůǇϳ͗ϮϬƉŵ͘ DŝŶƵƚĞƐƐƵďŵŝƚƚĞĚǁŝƚŚĂƉƉůŝĐĂƚŝŽŶ͘ ƚƚĂĐŚŵĞŶƚ͗ƚƚĞŶĚĂŶĐĞ^ŚĞĞƚ͘ 3DFNHW3J )K ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϲ ƚŚ Dƌ͘ůůĞƌďƵƐĐŚĐŽŵŵĞŶƚĞĚŽŶƚŚĞƚŝŵĞůŝŶĞŽĨĨƵŶĚŝŶŐĨŽƌƚŚĞŝŵƉƌŽǀĞŵĞŶƚƐƚŽϲϬǀĞŶƵĞĂŶĚ ,ŝŐŚǁĂǇϭϰŝŶƚĞƌƐĞĐƚŝŽŶƐ͖ǁŚĞŶĨƵŶĚŝŶŐĨŽƌƐĂĨĞƚǇĐŽŶĐĞƌŶƐŝŶƚŚĞ^ƚĂƚĞĂƌĞůŽŽŬĞĚŝŶƚŚĞĨƵƚƵƌĞƚŚĞ ŝŵƉƌŽǀĞŵĞŶƚƐĐŽƵůĚŚĂƉƉĞŶ͘ Dƌ͘,ŝůůĐŽŵŵĞŶƚĞĚŽŶŚĂǀŝŶŐĂĐŽŶĐĞƌŶǁŝƚŚŵĞĞƚŝŶŐƌŝƚĞƌŝĂĂŶĚ&͘Ϯ͖ƚŚĞƉƌŽũĞĐƚŝƐŐŽŽĚďƵƚŝŶƚŚĞ ƉĂƐƚǁŚĞŶƚŚĞƌĞĂƌĞƚŽŽŵĂŶǇƵŶĂŶƐǁĞƌĞĚƋƵĞƐƚŝŽŶĂŶĚŝŶĐŽŶƐŝƐƚĞŶƚ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘tĂůƚĞƌƐĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ DƐ͘DĞĞŬŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶηZϬϬϯϰϯ'WǁŝƚŚƚŚĞ ƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĐŽŶĚŝƚŝŽŶƐ͘DƐ͘^ĞĂďƌŽŽŬƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘ ƚŚ Dƌ͘tĂůƚĞƌƐĐŽŵŵĞŶƚĞĚŶŽƚďĞŝŶŐĂďůĞƚŽƐƵƉƉŽƌƚƚŚĞƉƌŽũĞĐƚďĞĐĂƵƐĞŽĨƐĂĨĞƚǇĐŽŶĐĞƌŶƐŽŶϲϬ ǀĞŶƵĞĂŶĚ,ŝŐŚǁĂǇϭϰ͖ĚŽĞƐŶŽƚƐĞĞƉĞŽƉůĞƚƌĂǀĞůŝŶŐĂůƚĞƌŶĂƚŝǀĞƌŽƵƚĞƐ͖ĂŶĚůĂĐŬŽĨĂĐĐĞƐƐƚŽƚŚĞƐŝƚĞ͘ dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϱ Ͳ Ϯ͘Dƌ͘,ŝůůĂŶĚDƌ͘tĂůƚĞƌƐǀŽƚŝŶŐŶĂǇ͘ KE/d/KE^͗ ŵĞŶĚŵĞŶƚƚŽηZϮϬϭϲ Ͳ ϬϬϱ^ƌďŽƌĞƚƵŵ^ƉĞĐŝĂůŝƐƚƌŝĐƚďǇdŚŝŶŬDƵƚƵĂůĂŶŬ͘dŚĞĂƉƉůŝĐĂŶƚŝƐ ƉƌŽƉŽƐŝŶŐƚŽĂŵĞŶĚƚŚĞƌďŽƌĞƚƵŵ^ƉĞĐŝĂůŝƐƚƌŝĐƚWƌŽũĞĐƚĞǀĞůŽƉŵĞŶƚWůĂŶĨŽƌƚŚĞƐŝƚĞ͘dŚĞƉƌŽũĞĐƚ ŝƐůŽĐĂƚĞĚĂƚƚŚĞŶŽƌƚŚĞĂƐƚĂŶĚƐŽƵƚŚĞĂƐƚĐŽƌŶĞƌƐŽĨƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶŽĨtĞƐƚŝƌĐůĞƌŝǀĞEtĂŶĚ DĞŵďĞƌƐWĂƌŬǁĂǇEt͘ Dƌ͘:ŽŚŶƐŽŶƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϲ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨ ƌĞƉŽƌƚŝƐŽŶĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ Dƌ͘tĂůƚĞƌƐŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ DƐ͘>ĞƐůŝĞZŝǀĂƐ Ͳ DĐ'ŝůůŝǀƌĂǇ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚt^ΘƐƐŽĐŝĂƚĞƐ͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌ DŝŶŶĞƐŽƚĂϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞƌĞǀŝĞǁĞĚƚŚĞĂƐƉĞĐƚƐŽĨƚŚĞĂƉƉůŝĐĂƚŝŽŶ͖ƚŚĞƉŽƐƐŝďůĞ ƵƐĞƐƚŚĂƚǁŽƵůĚďĞĐŽŵŝŶŐƚŽƚŚĞƐƉĞĐŝĂůĚŝƐƚƌŝĐƚĂƌĞĂ͖ƚƌĂĨĨŝĐĂŶĚƌŽĂĚǁĂǇĐŚĂŶŐĞƐĂŶĚƵƉŐƌĂĚĞƐ͖ ĂůůŽǁŝŶŐƌĞƐƚĂƵƌĂŶƚĂŶĚƌĞƚĂŝůƵƐĞƐŝŶĂĚĚŝƚŝŽŶƚŽƚŚĞŽĨĨŝĐĞƵƐĞĂůƌĞĂĚǇĂůůŽǁĞĚ͘ Dƌ͘,ŝůůĂƐŬĞĚĂďŽƵƚĂĐĐĞƐƐĨƌŽŵEŽƚƚŝŶŐŚĂŵƌŝǀĞ DƐ͘ZŝǀĂƐĞǆƉůĂŝŶĞĚƚŚĞĂĐĐĞƐƐƉŽŝŶƚƚŚŝƐĂůůŽǁĞĚŝƐƌĞƋƵŝƌĞĚ͕ŶŽƚĂůůŽǁĞĚƚŽďĞŽĨĨŽĨDĞŵďĞƌWĂƌŬǁĂǇ͘ Dƌ͘ŚƌŝƐŽůďǇ͕ZtƌĐŚŝƚĞĐƚƵƌĞ͕ZŽĐŚĞƐƚĞƌDŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚŽŵŵŝƐƐŝŽŶ͘,ĞĂĚĚƌĞƐƐĞĚƚŚĞ ƵƐĞƐďĞŝŶŐĂƐŬĞĚĨŽƌĂĚĚŝƚŝŽŶĂůŽƉƉŽƌƚƵŶŝƚŝĞƐĂŶĚĨůĞǆŝďŝůŝƚǇŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚĂƌĞĂ͘ Dƌ͘ĞŽŶ&ůĂƚƚ͕ƌĞƐŝĚŝŶŐĂƚϯϳϬϱEŽƚƚŝŶŐŚĂŵƌŝǀĞEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞŶŽƚĞĚŚŝƐĐŽŶĐĞƌŶǁŝƚŚƚƌĂĨĨŝĐĐŽƵŶƚƐŝŶĐƌĞĂƐŝŶŐ͕ƐĂĨĞƚǇĨŽƌŬŝĚƐ͕ĂŶĚƉƌŽƉĞƌƚǇǀĂůƵĞ ĐŽŶĐĞƌŶƐ͘ )K ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϲ DƐ͘>ĞƐůŝĞDĐ'ŝůůŝǀƌĂǇ Ͳ ZŝǀĂƐ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚt^ΘƐƐŽĐŝĂƚĞƐ͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌ DŝŶŶĞƐŽƚĂϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞĞǆƉůĂŝŶĞĚƚƌĂĨĨŝĐĐĂůŵŝŶŐŵĞĂƐƵƌĞƐŶĞĞĚŝŶŐƚŽďĞ ĂĚĚƌĞƐƐĞĚĂŶĚƚŚĞǇǁŽƵůĚŽĨĨĞƌĨŝŶĂŶĐŝĂůĐŽŶƚƌŝďƵƚŝŽŶƐƚŽƚŚŝƐĐŽŶĐĞƌŶ͘ Dƌ͘^ĐŽƚƚZŝŐŐƐ͕ƌĞƐŝĚŝŶŐϯϲϵϯEŽƚƚŝŶŐŚĂŵƌŝǀĞEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞŶŽƚĞĚŚŝƐĐŽŶĐĞƌŶŝƐǁŝƚŚƚƌĂĨĨŝĐƐĂĨĞƚǇ͕ƚƌĂĨĨŝĐƐƉĞĞĚƐ͕ƌĞƐŝĚĞŶƚŝĂůůŽĐŬĞĚŶĞŝŐŚďŽƌŚŽŽĚďǇ ĐŽŵŵĞƌĐŝĂůĚĞǀĞůŽƉŵĞŶƚ͖ĂŶĚůĂŶĚƵƐĞ͘,ĞĞǆƉůĂŝŶĞĚƚŚĞĞǆŝƐƚŝŶŐůĂŶĚƵƐĞŝƐƉƌĞĨĞƌƌĞĚ͖ǁŝƚŚƚŚĞ ĐŽŶĨŝŐƵƌĂƚŝŽŶŽĨƌĞƐŝĚĞŶƚŝĂůďĞƚǁĞĞŶƚǁŽĐŽŵŵĞƌĐŝĂůEŽƚƚŝŶŐŚĂŵƌŝǀĞŝƐĐŽŵŝŶŐĂŚĞĂǀŝůǇƵƐĞĚƌŽĂĚ ĨŽƌƚƌĂĨĨŝĐĂƚŚŝŐŚƐƉĞĞĚ͘ DƐ͘>ĞƐůŝĞZŝǀĂƐ Ͳ DĐ'ŝůůŝǀƌĂǇ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚt^ΘƐƐŽĐŝĂƚĞƐ͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌ DŝŶŶĞƐŽƚĂϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞĞǆƉůĂŝŶĞĚƚŚĞƉůĂŶƐǁŚŝĐŚĂƌĞƐƵďŵŝƚƚĞĚĂƌĞƚŚĞ ƐĂŵĞĂƐƚŚĞǇǁĞƌĞƉƌĞǀŝŽƵƐůǇ͖ƚŚĞĐŽŶƚƌŝďƵƚŝŽŶƐĂƌĞƐƉĞůůĞĚŽƵƚŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŐƌĞĞŵĞŶƚ͖ĂŶĚ ƌĂƚŚĞƌƚŚĂŶĂƉƉůǇŝŶŐĨŽƌĂǌŽŶĞĐŚĂŶŐĞƚŚŝƐǁŝůůĂůůŽǁĨŽƌƚŚĞďĞƐƚĐŽŵŵĞƌĐŝĂůĞŶǀŝƌŽŶŵĞŶƚ͘ Dƌ͘^ĐŽƚƚZŝŐŐƐ͕ƌĞƐŝĚŝŶŐϯϲϵϯEŽƚƚŝŶŐŚĂŵƌŝǀĞEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞŶŽƚĞĚƉƌĞĨĞƌĞŶĐĞĨŽƌƚŚĞƉƌĞǀŝŽƵƐĚĞƐŝŐŶĂŶĚƚŚĞĞǆƉĞƌŝĞŶĐĞŽĨƚŚĞŶĞŝŐŚďŽƌǁŝůůĐŚĂŶŐĞǁŝƚŚƚŚĞ ĂƉƉƌŽǀĂůŽĨƉƌŽƉŽƐĞĚĂŵĞŶĚŵĞŶƚ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘tĂůƚĞƌƐĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶŝŶƌĞŐĂƌĚƐƚŽƚƌĂĨĨŝĐƐƚƵĚǇǁĂŝǀĞƌĚŽĞƐŶŽƚŵĞĂŶĂƚƌĂĨĨŝĐ ƐƚƵĚǇǁŝůůŶŽƚďĞƌĞƋƵŝƌĞĚŝŶƚŚĞĨƵƚƵƌĞ͘ Dƌ͘ƵƌƐƚŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨŵĞŶĚŵĞŶƚƚŽηZϮϬϭϲ Ͳ ϬϬϱ^ƌďŽƌĞƚƵŵ^ƉĞĐŝĂů ŝƐƚƌŝĐƚǁŝƚŚƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĐŽŶĚŝƚŝŽŶƐ͘DƐ͘tŝůƐŽŶƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶ ĐĂƌƌŝĞĚϲ Ͳ ϭ͘DƐ͘^ĞĂďƌŽŽŬǀŽƚŝŶŐŶĂǇ͘ KE/d/KE^͗ ϭͿdŚĞWƌŽũĞĐƚĞǀĞůŽƉŵĞŶƚWůĂŶƐŚĂůůďĞƌĞǀŝƐĞĚĂŶĚƌĞƐƵďŵŝƚƚĞĚƚŽŝŶĐůƵĚĞĐŽƌƌĞĐƚĞĚ&ůŽŽƌƌĞĂ ZĂƚŝŽĐĂůĐƵůĂƚŝŽŶƐ͘ ϮͿdŚĞ&ŝŶĂů^ŝƚĞWůĂŶĂƉƉůŝĐĂƚŝŽŶƐŚĂůůŝŶĐůƵĚĞ͗ 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ƐŽƐƚŽƉƉĞĚďƵƐǁŝůůŶŽůŽŶŐĞƌďůŽĐŬƐŝŐŚƚĚŝƐƚĂŶĐĞĂƚƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶ͘ ϱ͘dŚĞƌĞƉŽƌƚĂƐƐƵŵĞƐƚŚĂƚƚŚĞŝƚǇǁŝůůďĞƉĞƌŝŽĚŝĐĂůůǇƌĞͲƚŝŵŝŶŐͬŽƉƚŝŵŝǌŝŶŐƚŚĞƐŝŐŶĂůƐĂůŽŶŐ ŶĚ Ϯ^ƚ͘^t͘&ŽƌƚŚĞϮϬϮϴƐĐĞŶĂƌŝŽƐ͕͞ŽƉƚŝŵŝǌĞĚ͟ƐŝŐŶĂůƚŝŵŝŶŐƐǁĞƌĞƵƐĞĚĨŽƌƚŚĞĂŶĂůǇƐŝƐ͘ 'ĞŽƌŐĞĂůĞďĂƵŐŚ͕W͕WdK dƌĂĨĨŝĐŶŐŝŶĞĞƌ 3DFNHW3J ) )ĚĞƐƚƌŝĂŶƐƚŽƚŚĞŐƌŽĐĞƌǇƐƚŽƌĞĂŶĚƚŚĞĨƵƚƵƌĞƌĞƚĂŝůƐƚŽƌĞƐ͘ DƐ͘DĞĞŬĂƐŬĞĚDƌ͘^ƚĞŶǌĞůŝĨŚĞŝƐŽƉĞŶƚŽĐŽŶƚŝŶƵŝŶŐƚŚĞƉƌŽũĞĐƚƚŽĂůůŽǁĨŽƌŵŽƌĞƚŝŵĞŽĨƚŚĞ ŽŵŵŝƐƐŝŽŶƚŽƌĞǀŝĞǁƚŚĞƌĞĐĞŶƚůǇƐƵďŵŝƚƚĞĚƌĞǀŝƐĞĚƉůĂŶƐ͘ Dƌ͘^ƚĞŶǌĞůƐƚĂƚĞĚŚĞĚŝĚŶ͛ƚĨĞĞůƚŚĞƌĞǀŝƐĞĚƉůĂŶƐǁĞƌĞƐŝŐŶŝĨŝĐĂŶƚĞŶŽƵŐŚĨŽƌƚŚĞŵƚŽĐŽŶƐŝĚĞƌĂůůŽǁŝŶŐ ĂŶǇŵŽƌĞƚŝŵĞ͕ƚŚĞǇǁŽƵůĚůŝŬĞƚŽŵŽǀĞƚŚĞƉƌŽũĞĐƚĨŽƌǁĂƌĚ͘ Dƌ͘ŝůůdŽŝŶƚŽŶ͕ǁŝƚŚt^ĂŶĚƐƐŽĐŝĂƚĞƐ͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞƉƌĞƐĞŶƚĞĚĂďĂĐŬŐƌŽƵŶĚǁŝƚŚŚŝƐƚŽƌǇŽĨƚŚĞDŝƌĂĐůĞDŝůĞ͖ĚĞƚĂŝůĞĚƚŚĞƌĞĚĞǀĞůŽƉŵĞŶƚ ƉŽƌƚŝŽŶŽĨƚŚĞƉƌŽƉĞƌƚǇ͖ĂŶĚĂĚĚƌĞƐƐĞĚĂŶƵŵďĞƌŽĨƚŚĞĐŽŶĚŝƚŝŽŶƐŝŶƚŚĞƐƚĂĨĨƌĞƉŽƌƚĨƌŽŵƚŚĞƐƵďŵŝƚƚĂů ŽĨƚŚĞƌĞǀŝƐĞĚƉůĂŶƐ͘ DƐ͘DĞĞŬĂƐŬĞĚǁŚǇWƵďůŝĐtŽƌŬƐŝƐƌĞƋƵĞƐƚŝŶŐϳĨĞĞƚŽĨƌŝŐŚƚŽĨǁĂǇ͘ Dƌ͘dŽŝŶƚŽŶĞǆƉůĂŝŶĞĚƚŚĞƌĞƋƵĞƐƚĨŽƌƚŚĞŝƚǇƚŽŽďƚĂŝŶĞŶŽƵŐŚƌŽĂĚǁĂǇĨŽƌĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞ ZKK'ĐůĂƐƐŝĨŝĐĂƚŝŽŶŽĨƚŚĞƌŽĂĚǁĂǇ͘ _3DJH 3DFNHW3J )ŐŚƚ͘ ƌĚ Dƌ͘WĞƚƌŽDĞŐŝƚƐ͕ĂƌĐŚŝƚĞĐƚ͕ƌĞƐŝĚŝŶŐĂƚϭϴϮϵϯǀĞŶƵĞ^͕DŝŶŶĞĂƉŽůŝƐ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘dŚĞďůĂĐŬĐǇůŝŶĚĞƌƐƐŚŽǁŶƚŚĞƉůĂŶƐŚŽƵůĚŚĂǀĞďĞĞŶƌĞŵŽǀĞĚǁŝƚŚƉůĂĐĞŵĞŶƚŽĨŶĞǁ ĐĂůĚǁĞůůĚĞƐŝŐŶ͘ ŶĚ Dƌ͘ŚƌŝƐƚŽƉŚĞƌ,ĂǇĚŽĐŬ͕ƌĞƐŝĚŝŶŐĂƚϭϯϮϲϮ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞĂƐŬĞĚĂďŽƵƚƚŚĞƉŚŽƚŽŵĞƚƌŝĐĚƌĂǁŝŶŐƐǁŝƚŚƚŚĞǌĞƌŽƐĂƌĞĨƌŽŵƚŚĞůŝŐŚƚƐďĞŝŶŐ ƌĞŵŽǀĞĚĨƌŽŵǁĂůů͖ĂŶĚƚŚĞƚƌĂŶƐůƵĐĞŶƚůŝŐŚƚƐŶŽƚŝůůƵŵŝŶĂƚŝŶŐůŝŐŚƚ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĞǆƉůĂŝŶĞĚŚŽǁƚŚĞůŝŐŚƚƐĂƌĞƵƐĞĚ͘ &ŝǀĞŵŝŶƵƚĞƌĞĐĞƐƐǁĂƐƚĂŬĞŶ͘ Dƌ͘ZŝĐŚĂƌĚ,ƵƚƚŽŶ͕ƌĞƐŝĚŝŶŐĂƚϭϰϮϲϭ Ɛƚ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞĂƐŬĞĚĂďŽƵƚĚƌŝǀĞǁĂǇĂůŝŐŶŵĞŶƚǁŝƚŚĞŶƚĞƌ^ƚƌĞĞƚ͖ĂŶĚŝƚŵĂǇďĞŽĨĨƐĞƚĨƌŽŵĚŝƐĐƵƐƐŝŽŶŝŶƚŚĞ ŶĞŝŐŚďŽƌŚŽŽĚŵĞĞƚŝŶŐ͖ĂŶĚĚŽĞƐŶŽƚƐĞĞĂŶǇŝŵƉƌŽǀĞŵĞŶƚŝŶƚŚĞďĂĐŬŽĨƚŚĞďƵŝůĚŝŶŐĨƌŽŵǁŚĂƚƚŚĞǇ ĐƵƌƌĞŶƚůǇůŽŽŬĂƚ͘ Ɛƚ DƐ͘,ĞŶĚƌŝŬĂhŵďĂŶŚŽǁĂƌ͕ƌĞƐŝĚŝŶŐĂƚϭϮϮϬϭ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘^ŚĞŶŽƚĞĚďĞŝŶŐĞŶĐŽƵƌĂŐĞĚďǇƐŽŵĞŽŶĞǁĂŶƚƐƚŽŝŵƉƌŽǀĞƚŚĞDŝƌĂĐůĞDŝůĞĂƌĞĂ͖ƐŚĞ _3DJH 3DFNHW3J )ůŝŵŝƚĞĚůŽĐĂƚŝŽŶƐĨŽƌƉĂƌŬŝŶŐ͘ DƐ͘:ĞƐƐĞtĞůƐŚ͕ƉƌĞƐŝĚĞŶƚŽĨƚŚĞ<ƵƚǌŬǇEĞŝŐŚďŽƌŚŽŽĚƐƐŽĐŝĂƚŝŽŶ͕ƌĞƐŝĚŝŶŐĂƚϭϭϮϰϮ ŶĚ^ƚƌĞĞƚEt͕ ZŽĐŚĞƐƚĞƌDŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞĂƐŬĞĚĂďŽƵƚƚŚĞƉƌĞůŝŵŝŶĂƌǇĚĞƐŝŐŶǀĞƌƐƵƐĨŝŶĂů ƐƚĂŐĞŽĨƚŚĞƉƌŽũĞĐƚ͖ĂƐŬĞĚĂďŽƵƚƚŚĞƚŝŵĞůŝŶĞŽĨƚŚĞƉƌŽũĞĐƚ͖ƚŚĞŶĞŝŐŚďŽƌŚŽŽĚŝƐĂǁĂƌĞƚŚĞƉƌŽũĞĐƚŝƐ ĚŝĨĨĞƌĞŶƚǁŚĂƚŝƐĐƵƌƌĞŶƚůǇƚŚĞƌĞ͕ďƵƚǇĞƚĂƌĞĚŝƐĂƉƉŽŝŶƚĞĚƚŚĂƚƚŚĞƉƌŽũĞĐƚĚŽĞƐŶŽƚŚĂǀĞĂŶĂĐƚŝǀĞ ƚŚ ƐƚƌĞĞƚŽŶϭϲ^ƚƌĞĞƚ͖ĚƵƌŝŶŐƚŚĞŝƌŶĞŝŐŚďŽƌŚŽŽĚŵĞĞƚŝŶŐƐƚŚĞƌĞǁĂƐĂƐƵŐŐĞƐƚŝŽŶƐƚŚĞĚĞǀĞůŽƉŵĞŶƚ ŵŝŐŚƚƐĞĞŬĂƐƐŝƐƚĂŶĐĞĨƌŽŵDEĞƐŝŐŶĞŶƚĞƌ͘ Dƌ͘EĂƚĞ^ƚĞŶǌĞů͕ůŽĐĂƚĞĚĂƚϲϳϭϳ'ĂŝůůĂƌŝĂƌŝǀĞEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞĐŽŵŵĞŶƚĞĚĨƌŽŵĞĂƌůŝĞƌǁĂƐĨŽƌƉƌĞůŝŵŝŶĂƌǇƉƌŝĐŝŶŐĨŽƌƚŚĞd/&ĨƵŶĚŝŶŐĂƐŵĂǇďĞŶĞĞĚĞĚ͘ Ɛƚ DƐ͘<ĞůůŝĞDƵĞůůĞƌ͕ƌĞƐŝĚŝŶŐĂƚϳϮϳϭ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞĐŽŵŵŝƐƐŝŽŶ͘^ŚĞ ĐŽŵŵĞŶƚĞĚĂďŽƵƚƚŚĞϭϬĨŽŽƚŐƌĂĚĞĚƌŽƉŝŶĞůĞǀĂƚŝŽŶĨƌŽŵƚŚĞďƵŝůĚŝŶŐƚŽƚŚĞƐŝĚĞǁĂůŬĨŽƌƉĞĚĞƐƚƌŝĂŶ ƵƐĞ͘ Dƌ͘EĂƚĞ^ƚĞŶǌĞů͕ůŽĐĂƚĞĚĂƚϲϳϭϳ'ĂŝůůĂƌŝĂƌŝǀĞEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ Ɛƚ ,ĞĂĚĚƌĞƐƐĞĚƚŚĞƐŝŐŶŝĨŝĐĂŶƚŐƌĂĚĞĐŚĂŶŐĞŽŶƚŚĞϭ^ƚƌĞĞƚĂŶĚĞŶƚĞƌ^ƚƌĞĞƚƐŝĚĞĂŶĚƚŚŝƐǁŝůůďĞ ĂĚĚƌĞƐƐĞĚǁŝƚŚĂŶĐŽŵƉůŝĂŶĐĞƌĂŵƉƐƚǇůĞ͘ DƐ͘<ĞůůŝĞDƵĞůůĞƌ͕ƌĞƐŝĚŝŶŐĂƚϳϮϳϭ Ɛƚ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞĐŽŵŵŝƐƐŝŽŶ͘^ŚĞ ĂƐŬĞĚĂďŽƵƚƚŚĞƌĂŝůŝŶŐŵĂƚĞƌŝĂůĨŽƌǁŚĞƌĞƚŚĞƚƌƵĐŬƐĚƌŝǀĞƚŚƌŽƵŐŚ͘ _3DJH 3DFNHW3J )ĂďůĞĚĞĨŝŶŝƚŝŽŶŽĨŽƌŝĞŶƚĂƚŝŽŶŽĨ ƚŚĞďƵŝůĚŝŶŐŝƐĨŽƌƚŚĞĐŽŵŵƵŶŝƚǇ͕ŶĞŝŐŚďŽƌŚŽŽĚ͕ƉĞĚĞƐƚƌŝĂŶƐ͖ƚŚĞƌĞĂƌĞŵĂŶǇĨĂĐƚŽƌƐŽĨĂĨĨĞĐƚƐĨŽƌ ŶĚ ĐŽŶƐŝĚĞƌŝŶŐĂĚĞƐŝƌĂďůĞŽƌŝĞŶƚĂƚŝŽŶ͕ƚŚĞůĂŶŐƵĂŐĞŝƐŐĞŶĞƌŝĐ͖ŝƐƚŚĞϮ^ƚƌĞĞƚĐŽƌƌŝĚŽƌƉůĂŶƉĂƌƚŽĨƚŚĞ ĚŝƐĐƵƐƐŝŽŶĨŽƌĂĨĨĞĐƚŝŶŐĂĚĞĐŝƐŝŽŶŽŶƚŚĞƉƌŽũĞĐƚ͘ Dƌ͘ƵŶŶƐƚĂƚĞĚǁŚĞŶƐƚĂĨĨůŽŽŬĞĚĂƚƚŚĞŽƌŝŐŝŶĂůƉůĂŶƚŚĞƌĞǁĞƌĞƐƉĞĐŝĨŝĐƐǁŝƚŚůĂŶĚƐĐĂƉĞ͕ĞƚĐ͘ĂŶĚƚŚŝƐ ǁĂƐŵŽƌĞŽĨƚĞĐŚŶŝĐĂůŝƚǇ͖ǁŚĞŶƚŚĞƌĞǀŝƐĞĚƉůĂŶƐǁĞƌĞƐƵďŵŝƚƚĞĚƐƚĂĨĨĨĞůƚĐŽŶĨŝĚĞŶƚƚŚĞƌĞǀŝƐŝŽŶƐ ĐůĞĂƌĞĚƵƉƐŽŵĞŽĨƚŚŽƐĞĐŽŶĐĞƌŶƐĂŶĚǁĞƌĞĐŽŵĨŽƌƚĂďůĞƌĞĐŽŵŵĞŶĚŝŶŐĂŶĂƉƉƌŽǀĂů͘ ŝƐĐƵƐƐŝŽŶĐŽŶƚŝŶƵĞĚďǇƚŚĞĐŽŵŵŝƐƐŝŽŶŽŶƚŚĞƐŚŽƌƚƚŝŵĞĨŽƌƌĞǀŝĞǁǁŝƚŚƌĞĐĞŝǀŝŶŐĂƌĞǀŝƐĞĚƐƵďŵŝƚƚĂů ŽĨƉůĂŶƐ͘ DƐ͘DĞĞŬŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĐŽŶƚŝŶƵĂƚŝŽŶŽĨŵĞŶĚŵĞŶƚƚŽƚŚĞZŽĐŚĞƐƚĞƌ^ŚŽƉƉŝŶŐĞŶƚĞƌ WhηZϮϬϭϲ Ͳ ϬϬϭWhďĂƐĞĚŽŶĂůůŽǁŝŶŐĨƵƌƚŚĞƌƚŝŵĞĨŽƌƚŚĞĐŽŵŵŝƐƐŝŽŶƚŽƌĞǀŝĞǁƚŚĞƌĞǀŝƐĞĚƉůĂŶ ƐƵďŵŝƚƚĞĚƚŽƚŚĞKĐƚŽďĞƌϯ͕ϮϬϭϲWŵĞĞƚŝŶŐ͘Dƌ͘^ŝŵƐƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘ Dƌ͘ƵƌƐƚĐŽŵŵĞŶƚĞĚŽŶŵŽǀŝŶŐƚŚĞƉƌŽũĞĐƚĨŽƌǁĂƌĚǁŝƚŚĂĚĞŶŝĂůƐŝŶĐĞĐŽŶƐĞŶƐƵƐƐĞĞŵƐƚŽďĞĚĞŶŝĂů͖ Dƌ͘tĂůƚĞƌƐƐƚĂƚĞĚŚĞĨĞĞůƐŝŶŐŽŽĚĨĂŝƚŚŚĞĚŝĚŶŽƚŚĂǀĞƚŝŵĞƚŽƌĞǀŝĞǁƚŚĞƉůĂŶƐ͖ďƵƚĐƌŝƚĞƌŝĂ,ŝƐŶŽƚ ǀĂůŝĚĨŽƌĂŶĂƉƉƌŽǀĂůĚĞĐŝƐŝŽŶ͖DƐ͘DĞĞŬƌĞǀŝĞǁĞĚŚĞƌĐŽŶǀĞƌƐĂƚŝŽŶǁŝƚŚŝƚǇWƵďůŝĐtŽƌŬƐŝŶƌĞŐĂƌĚƐƚŽ ƚŚ ŝŵƉƌŽǀĞŵĞŶƚƐƚŽϭϲ^ƚƌĞĞƚĂŶĚƉŽƐƐŝďůĞĨƵƌƚŚĞƌĚŝƐĐƵƐƐŝŽŶƐďĞƚǁĞĞŶƚŚĞĚĞǀĞůŽƉĞƌĂŶĚƚŚĞŝƚǇ WƵďůŝĐƐĐŽƵůĚƚĂŬĞƉůĂĐĞ͘ DƐ͘DĞĞŬĂƐŬĞĚĨŽƌƵŶĂŶŝŵŽƵƐĐŽŶƐĞŶƚƚŽǁŝƚŚĚƌĂǁƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘ )ŶŐŵŽƌĞƚƌĂĨĨŝĐǀŽůƵŵĞƚŚĞĐŽŶĐĞƌŶǁŝƚŚƐĂĨĞƚǇǁŝůůŝŶĐƌĞĂƐĞ͘ DƐ͘tŝůƐŽŶůĞĨƚƚŚĞŵĞĞƚŝŶŐ;ϭϬ͗ϰϱƉŵͿ DƐ͘>ĞƐůŝĞDĐ'ŝůůŝǀƌĂǇ Ͳ ZŝǀĂƐ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚt^ΘƐƐŽĐŝĂƚĞƐ͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌDE ϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞƌĞǀŝĞǁĞĚƚŚĞĂƐƉĞĐƚƐŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚďĞŝŶŐƉƌŽƉŽƐĞĚ͖ƚŚĞ ŶĞĂƌďǇĐŽŵŵĞƌĐŝĂůďƵƐŝŶĞƐƐĞƐ͖ŚŽǁŵƵůƚŝ Ͳ ĨĂŵŝůǇǁŝůůĨŝƚŝŶƚŽƚŚĞĂƌĞĂǌŽŶŝŶŐĚŝƐƚƌŝĐƚƐ͘ Dƌ͘tĂůƚĞƌƐĂƐŬĞĚĂďŽƵƚƐƉŽƚǌŽŶŝŶŐ͘ DƐ͘DĐ'ŝůůŝǀƌĂǇ Ͳ ZŝǀĂƐŶŽƚĞĚƚŚĞǇĂƌĞĂƐŬŝŶŐĨŽƌͲ ϭǁŚŝĐŚĐĂŶďĞĨŽƵŶĚĂĚũĂĐĞŶƚƚŽͲ ϰ͖ĐůĂƌŝĨǇŝŶŐƚŚĞ ǌŽŶĞĐŚĂŶŐĞĂƉƉƌŽǀĂůŝƐĐŽŶƚŝŶŐĞŶƚŽŶƚŚĞĂƉƉƌŽǀĂůŽĨƚŚĞŝŶĐĞŶƚŝǀĞĚĞǀĞůŽƉŵĞŶƚ͖ƌĞĐĂƉƉĞĚƚŚĞĞĂƌůŝĞƌ ŵĞĞƚŝŶŐǁŝƚŚWůĂŶŶŝŶŐ^ƚĂĨĨŽŶƉƌŽĐĞĞĚŝŶŐǁŝƚŚƚŚĞĚĞǀĞůŽƉŵĞŶƚ͖ƚŚĞƌĞŝƐƚŚĞĚĞƐŝƌĞƚŽĚĞǀĞůŽƉŵĞŶƚ ƌĞƐŝĚĞŶƚŝĂůŚŽƵƐŝŶŐŝŶƚŚĞĐŽŵŵĞƌĐŝĂůĂƌĞĂƐ͖ĂŶĚƌĞǀŝĞǁĞĚĞǆƚĞƌŝŽƌůĂǇŽƵƚŽĨƚŚĞďƵŝůĚŝŶŐ͘^ŚĞƚŚĞŶ ƌĞǀŝĞǁĞĚƚŚĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌĚĞŶŝĂůďǇƐƚĂĨĨĂŶĚĞǆƉƌĞƐƐĞĚŚŽǁƚŚĞƉƌŽũĞĐƚŝƐŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚ ĂŶĂƉƉƌŽǀĂů͘ _3DJH 3DFNHW3J )ůƉƌĞƐĞŶƚĞĚƚŚĞŝŶĨŽƌŵĂƚŝŽŶĨŽƌƚŚĞďŽƵŶĚĂƌǇŽĨƚŚĞϮ^ƚƌĞĞƚĐŽƌƌŝĚŽƌƐƚƵĚǇ͕ƐƚĂƚŝŶŐƚŚĞ ƉƌŽƉŽƐĞĚƉƌŽũĞĐƚŝƐŶŽƚŶŽƚĞĚŝŶƚŚĞƉůĂŶŶŝŶŐĚŽĐƵŵĞŶƚƐ͘ ŶĚ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚƌĞŐĂƌĚŝŶŐƚŚĞůŽĐĂƚŝŽŶŽĨƚŚĞďŽƵŶĚĂƌǇůŝŶĞŝŶƌĞůĂƚŝŽŶƚŽƚŚĞDŝƌĂĐůĞƐŝƚĞĂŶĚƚŚĞϮ ^ƚƌĞĞƚĐŽƌƌŝĚŽƌƉůĂŶ͘ DƐ͘tŝůƐŽŶĂƐŬĞĚŝĨĂŶǇŝŶĨŽƌŵĂƚŝŽŶŚĂĚďĞĞŶŐŝǀĞŶƚŽƚŚĞƉƵďůŝĐŽƌƚŚĞĚĞǀĞůŽƉĞƌƐďĞĨŽƌĞƚŽŶŝŐŚƚƚŚĂƚ ƚŚĞƌĞǁŽƵůĚďĞŶŽƉƵďůŝĐŚĞĂƌŝŶŐĂƚƚŽŶŝŐŚƚ͛ƐŵĞĞƚŝŶŐ͘ Dƌ͘tĂůƚĞƌƐƐƚĂƚĞĚďǇĐŽŶƚŝŶƵŝŶŐǁŝƚŚĂƉƵďůŝĐŚĞĂƌŝŶŐ͖ƚŚŝƐǁŽƵůĚďĞĂǀŝŽůĂƚŝŽŶŽĨĂƐƚĂƚĞƐƚĂƚƵƚĞŽĨ KƉĞŶ>ĂǁDĞĞƚŝŶŐ͘ _3DJH 3DFNHW3J )ƵůĚŵŽǀĞĨŽƌǁĂƌĚ ǁŝƚŚĂŶĂĐƚŝŽŶ͘ Dƌ͘^ŝŵƐŵĂĚĞĂŵŽƚŝŽŶƚŽƚĂďůĞƚŚĞĚŝƐĐƵƐƐŝŽŶĨƌŽŵƚŚĞŵŽƚŝŽŶŵĂĚĞďǇDƌ͘ƵƌƐƚ͘DƐ͘DĞĞŬ ƐĞĐŽŶĚĞĚ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϰ Ͳ ϯ͘Dƌ͘tĂůƚĞƌƐ͕Dƌ͘,ŝůůĂŶĚDƌ͘ƵƌƐƚǀŽƚŝŶŐŶĂǇ͘ DƐ͘DĞĞŬŵĂĚĞĂŵŽƚŝŽŶƚŽĐŽŶƚŝŶƵĞƚŽƚŚĞŵŽƐƚƌĞĂƐŽŶĂďůĞĚĂƚĞĨŽƌŵĞŶĚŵĞŶƚƚŽƚŚĞ ZŽĐŚĞƐƚĞƌ^ŚŽƉƉŝŶŐĞŶƚĞƌWhηZϮϬϭϲ Ͳ ϬϬϭWhƚŽŽƉĞŶĨŽƌĂƉƵďůŝĐŚĞĂƌŝŶŐĂŶĚŶŽƚŝĨŝĐĂƚŝŽŶƐƐĞŶƚ ŽƵƚ͘DƐ͘^ĞĂďƌŽŽŬƐĞĐŽŶĚĞĚ͘ DƐ͘DĞĞŬĂůůŽǁŝŶŐƚŚĞĐŽŶƚŝŶƵĂŶĐĞǁŝůůŐŝǀĞƚŚĞĂƉƉůŝĐĂŶƚĂŶĚƚŚĞƉƵďůŝĐƚŚĞŽƉƚŝŽŶƚŽǀŽŝĐĞŽƉŝŶŝŽŶƐ ĨŽƌƚŚĞƉƌŽũĞĐƚ͘ dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϰ Ͳ ϯ͘Dƌ͘tĂůƚĞƌƐ͕Dƌ͘,ŝůůĂŶĚDƌ͘ƵƌƐƚǀŽƚŝŶŐŶĂǇ͘ WƵďůŝĐ,ĞĂƌŝŶŐƐ͗ 'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶηZϬϬϯϯϳ'WďǇz,ĂŶĚ͕>>ƚŽďĞŬŶŽǁŶĂƐ^ĐĞŶŝĐKĂŬƐtĞƐƚ͘dŚĞ ƉůĂŶŝŶĐůƵĚĞƐĨŝǀĞƉĂƌĐĞůƐĐŽǀĞƌŝŶŐϭϳϲĂĐƌĞƐ͘dŚĞƉƌŽƉĞƌƚǇŝƐůŽĐĂƚĞĚǁĞƐƚŽĨƚŚĞ^ĐĞŶŝĐKĂŬƐ ƐƵďĚŝǀŝƐŝŽŶƐ͕ĞĂƐƚŽĨϯϭƐƚǀĞŶƵĞ^tĂŶĚƐŽƵƚŚŽĨϰϴƚŚ^ƚƌĞĞƚ^tŝŶ^ĞĐƚŝŽŶƐϮϴĂŶĚϯϯŽĨZŽĐŚĞƐƚĞƌ dŽǁŶƐŚŝƉ͘ Dƌ͘ůůĞƌďƵƐĐŚƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ^ĞƉƚϮϴ͕ϮϬϭϲ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐ ŽŶĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ _3DJH 3DFNHW3J )ĐƚŝǀĞ ƚĞŶĂŶƚƐĚŝĚŶŽƚĨĞĞůƉĂƌĂůůĞůƉĂƌŬŝŶŐǁĂƐĂŶŽƉƚŝŽŶĨŽƌƚŚĞŝƌĐƵƐƚŽŵĞƌƐ͘ ŶĚ Dƌ͘ŚƌŝƐ,ĂǇĚŽĐŬ͕ƌĞƐŝĚŝŶŐĂƚϭϯϮϲϮ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞƐƉŽŬĞŽŶƚŚĞǀŝƐŝŽŶĂŶĚŽƉƉŽƌƚƵŶŝƚǇŽĨƚŚĞĐŽŵŵƵŶŝƚǇ͕ƚŚĞĚĞǀĞůŽƉĞƌ͕ƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͕ZŽĐŚĞƐƚĞƌ ŐŽǀĞƌŶŵĞŶƚ͕ŚĞĂůƚŚĨĂĐŝůŝƚŝĞƐŚĂǀŝŶŐƚŚĞĂďŝůŝƚǇƚŽŚĂǀĞĂŐƌĞĂƚŽƉƉŽƌƚƵŶŝƚǇ͖ƚŚĞĂďŝůŝƚǇƚŽŚĞĂƌĨƌŽŵƚŚĞ ƉƵďůŝĐĂŶĚƚŚĞĚĞǀĞůŽƉĞƌ͖ƚŚĞŶĞŝŐŚďŽƌŚŽŽĚŐƌŽƵƉĂŶĚŚŽǁƚŽƚŚĞƐĞŐƌŽƵƉƐĐĂŶĂůůǁŽƌŬƚŽŐĞƚŚĞƌ͘ Ɛƚ Dƌ͘'ůĞŶŶ&ĂŝƚŚ͕ƌĞƐŝĚŝŶŐĂƚϭϬϬϰϭ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞŝƐ ĂƌĞƐŝĚĞŶƚŽŶƚŚĞ<ƵƚǌŬǇEĞŝŐŚďŽƌŚŽŽĚ͕ůŝŬĞƐƚŚĞƉƌŽũĞĐƚ͕ďƵƚǁŽƵůĚůŝŬĞƚŽƐĞĞƚŚĞŽƌŝĞŶƚĂƚŝŽŶĨĂĐĞƚŚĞ ŶĞŝŐŚďŽƌŚŽŽĚ͖ŚĞƉƌĞƐĞŶƚĞĚĂŚŝƐƚŽƌŝĐƚŝŵĞůŝŶĞŽĨƚŚĞDŝƌĂĐůĞDŝůĞƐƚƌŝƉŵĂůů͖ĂŶĚƐĞĞƐƚŚĞĐƵƌƌĞŶƚ ŽƌŝĞŶƚĂƚŝŽŶŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŚŝƐƚŽƌŝĐĂůŵŝƐƚĂŬĞĂŶĚǁŽƵůĚůŝŬĞƚŽƐĞĞŝƚĐŽƌƌĞĐƚĞĚďǇĨĂĐŝŶŐƚŚĞ ďƵŝůĚŝŶŐƚŽƚŚĞŶĞŝŐŚďŽƌŚŽŽĚŶŽƚƚŚĞŚŝŐŚǁĂǇ͘ Dƌ͘ĞŶŶŝƐĂǀĞǇ͕ƌĞƐŝĚŝŶŐĂƚϱϭϵϲ ƚŚ^ƚƌĞĞƚ^t͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ ŶŽƚĞĚŚŝƐĐŽŶĐĞƌŶĨŽƌƚŚĞƉƌŽƉŽƐĞĚŽƌŝĞŶƚĂƚŝŽŶŽĨƚŚĞďƵŝůĚŝŶŐ͘ _3DJH 3DFNHW3J )ƚŚĞ ĚĞǀĞůŽƉĞƌƐ͖ĂŶĚƚŚŝƐŝƐƐŽŵĞƚŚŝŶŐǁŚŝĐŚŶĞĞĚƐƚŽďĞůŽŽŬĞĚĂƚ͘ DƐ͘DĞĞŬĂƐŬĞĚǁŚĂƚŝƐƚŚĞĞůĞǀĂƚŝŽŶĐŚĂŶŐĞĨƌŽŵƚŚĞŵĂŝŶůĞǀĞůŽĨƚŚĞƉƌŽƉŽƐĞĚďƵŝůĚŝŶŐƚŽƚŚĞƐƚƌĞĞƚ ůĞǀĞů͍ Dƌ͘ŶŐĞůŶŽƚĞĚŚĞƚŚŽƵŐŚƚĂďŽƵƚϴĨĞĞƚ͘ DƐ͘DĞĞŬĂƐŬĞĚĂďŽƵƚĂĐĐĞƐƐĨŽƌƚŚĞƉƵďůŝĐǁŝƚŚƚŚĞŵŽďŝůŝƚǇŶĞĞĚƐƚƌǇŝŶŐƚŽĂĐĐĞƐƐƚŚĞďƵŝůĚŝŶŐ͘ ƚŚ Dƌ͘:ĂǀŽŶĞĂ͕ƌĞƐŝĚŝŶŐĂƚϭϭϮϯϭϭǀĞŶƵĞEt͕KƌŽŶŽĐŽDŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ ƐƚĂƚĞĚƚŚĞƉůĂŶŚĂƐďĞĞŶƌĞǀŝĞǁĞĚďǇƚŚĞŝƚǇ͛ƐƵŝůĚŝŶŐ^ĂĨĞƚǇĞƉĂƌƚŵĞŶƚ͖ƚŚĞǇŚĂǀĞƚĂŬĞŶĚŝƌĞĐƚŝŽŶ ĨƌŽŵƚŚĂƚĚĞƉĂƌƚŵĞŶƚ͘ Dƌ͘ĂƌƌǇ^ŬŽůŶŝĐŬ͕ϯϭϳϲ ƚŚǀĞŶƵĞEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ ĂĚĚƌĞƐƐĞĚĐŽŶĐĞƌŶƐǁŝƚŚŵŽďŝůŝƚǇĐŽŶĐĞƌŶƐĂŶĚŽŶůǇŵĞĞƚŝŶŐŵŝŶŝŵĂůƐƚĂŶĚĂƌĚƐ͘ Dƌ͘ŶĚǇDĂƐƚĞƌƉŽůĞ͕ƌĞƐŝĚŝŶŐĂƚϵϭϯ ƚŚǀĞŶƵĞEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞĂĚĚƌĞƐƐĞĚƚŚĞĐŽŶĐĞƌŶǁŝƚŚŵŽďŝůŝƚǇͬŚĂŶĚŝĐĂƉƐƵďũĞĐƚŽĨĂĐĐĞƐƐŝŶŐƚŚĞĚĞǀĞůŽƉŵĞŶƚ͖ĂŶĚƐƚĂƚĞĚŚĞ ƚŚŽƵŐŚƚĚŝƌĞĐƚŝŽŶǁĂƐĐŽŵŝŶŐĨƌŽŵWƵďůŝĐtŽƌŬƐŶŽƚƵŝůĚŝŶŐ^ĂĨĞƚǇĞƉĂƌƚŵĞŶƚ͘ _3DJH 3DFNHW3J )ŝŶĚŝŶŐƐ͘Dƌ͘ƵƌƐƚƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞ ŵŽƚŝŽŶĐĂƌƌŝĞĚϰ Ͳ ϯ͘Dƌ͘tĂůƚĞƌƐ͕DƐ͘DĞĞŬĂŶĚDƐ͘tŝůƐŽŶŶĂǇ͘ KE/d/KE^͗ ϭ͘dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌWƵďůŝĐtŽƌŬƐŝƌĞĐƚŽƌŵƵƐƚĂƉƉƌŽǀĞƚŚĞƚǁŽ Ͳ ǁĂǇĂĐĐĞƐƐĐŝƌĐƵůĂƚŝŽŶĂůŽŶŐ ƚŚĞǁĞƐƚƐŝĚĞŽĨƚŚĞƉƌŽƉŽƐĞĚďƵŝůĚŝŶŐƚŽĂĚĚƌĞƐƐǀĞŚŝĐƵůĂƌĐŽŶĨůŝĐƚƐǁŝƚŚƚŚĞĚƌŝǀĞǁĂǇ Ɛƚ 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