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ƵƌŝŶŐƚŚĞŽƌŝŐŝŶĂůƐƚƌĞĞƚĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚƉůĂŶŶŝŶŐďǇƚŚĞĞǀĞůŽƉĞƌĂŶĚƚŚĞĞǀĞůŽƉĞƌ͛Ɛ ŶŐŝŶĞĞƌ͕ƚŚĞǇŵŝŐŚƚŚĂǀĞĞǆƚĞŶĚĞĚƐĞƌǀŝĐĞĐŽŶŶĞĐƚŝŽŶƐƚŽƚŚĞ^ƵďĚƌĂŝŶĨƌŽŵƚŚĞƐƵďĚƌĂŝŶŝŶ ƚŚĞƐƚƌĞĞƚ͕ƚŽƚŚĞůŽƚůŝŶĞŽĨĞĂĐŚďƵŝůĚŝŶŐůŽƚ͘^ŽŵĞƐƵďĚŝǀŝƐŝŽŶƐĂůƐŽŚĂǀĞĞĚŐĞĚƌĂŝŶƚŚĂƚŚĂƐ ƐĞƌǀŝĐĞĐŽŶŶĞĐƚŝŽŶƐƐƚƵďďĞĚƚŽĞĂĐŚůŽƚ;ƐƚĂŶĚĂƌĚƉƌĂĐƚŝĐĞƐƚĂƌƚŝŶŐŝŶƚŚĞĞĂƌůǇϮϬϬϬ͛ƐͿ͘dŚĞ ŝŶƚĞŶƚŝƐƚŽƉƌŽǀŝĚĞŚŽƵƐĞƐƚŽŚĂǀĞĂŶŽƵƚůĞƚƚŽĚŝƐĐŚĂƌŐĞƐƵďƐƵƌĨĂĐĞĂŶĚŐƌŽƵŶĚǁĂƚĞƌƚŽ͘ _3DJH 3DFNHW3J 'D ŝƚǇŽĨZŽĐŚĞƐƚĞƌ^ƵďĚƌĂŝŶĂŶĚĚŐĞĚƌĂŝŶ^ǇƐƚĞŵDĂŝŶƚĞŶĂŶĐĞĂŶĚKƉĞƌĂƚŝŽŶƐWŽůŝĐǇͲϮϬϭϲ ,ŽŵĞďƵŝůĚĞƌƐǁŝůůŝŶƐƚĂůůĂĨŽƵŶĚĂƚŝŽŶĚƌĂŝŶƐǇƐƚĞŵĂƌŽƵŶĚƚŚĞĞǆƚĞƌŝŽƌŽƌƉĞƌŝŵĞƚĞƌŽĨƚŚĞ ďĂƐĞŵĞŶƚĨŽƵŶĚĂƚŝŽŶĂŶĚƐŽŵĞƚŝŵĞƐŝŶƐƚĂůůĂƐĞƌǀŝĐĞůĂƚĞƌĂůƉŝƉĞĨŽƌŵƚŚĞŚŽŵĞƚŽƚŚĞ ƐƵďĚƌĂŝŶŝŶƚŚĞƐƚƌĞĞƚƌŝŐŚƚͲŽĨͲǁĂǇ͘/ŶƐŽŵĞĐĂƐĞƐƚŚĞĨŽƵŶĚĂƚŝŽŶĚƌĂŝŶŝƐĂůƐŽĐŽŶŶĞĐƚĞĚďǇƚŚĞ ŚŽŵĞďƵŝůĚĞƌŽƌƉůƵŵďĞƌƚŽƚŚĞƐƵŵƉďĂƐŬĞƚŝŶƚŚĞŚŽƵƐĞƐďĂƐĞŵĞŶƚ͘ dŚĞĚĞĐŝƐŝŽŶŽŶĐŽŶŶĞĐƚŝŶŐĂŚŽƵƐĞƐĨŽƵŶĚĂƚŝŽŶĚƌĂŝŶƚŽƚŚĞƐƵďĚƌĂŝŶŝŶƚŚĞƐƚƌĞĞƚƌŝŐŚƚͲŽĨͲǁĂǇ ǁĂƐŵĂĚĞƐŽůĞůǇďǇƚŚĞŽǁŶĞƌŽĨƚŚĞŚŽƵƐĞŽƌďǇƚŚĞďƵŝůĚĞƌŽĨƚŚĞŚŽƵƐĞ͘tŚĞŶƚŚĞ ŚŽŵĞďƵŝůĚĞƌŽƌƉůƵŵďĞƌŵĂĚĞƚŚĞĐŽŶŶĞĐƚŝŽŶƚŽƚŚĞŚŽƵƐĞƚŚĞǇŬŶĞǁĂƚƚŚĞƚŝŵĞǁŚĞƚŚĞƌƚŚŝƐ ĐŽŶŶĞĐƚŝŽŶǁĂƐŵĂĚĞďǇŐƌĂǀŝƚǇ;ďĂĐŬĨůŽǁƐĐŽƵůĚŽĐĐƵƌͿ͕ǁŚĞƚŚĞƌĂďĂĐŬĨůŽǁƉƌĞǀĞŶƚĞƌǁĂƐ ŝŶƐƚĂůůĞĚ͕ŽƌǁŚĞƚŚĞƌĂŵĞĐŚĂŶŝĐĂůƉƵŵƉ;ƐƵŵƉƉƵŵƉͿǁĂƐŽŶͲůŝŶĞ͘ƵƌŝŶŐƚŚĞϭϵϴϬ͛ƐƚŚĞŝƚǇ ĚŝĚŶŽƚƌĞƋƵŝƌĞŽƌƉƌŽŚŝďŝƚĂĐŽŶŶĞĐƚŝŽŶďĞƚǁĞĞŶƚŚĞĨŽƵŶĚĂƚŝŽŶĚƌĂŝŶĂŶĚƚŚĞƐƵďĚƌĂŝŶƐǇƐƚĞŵ ŝŶƚŚĞƐƚƌĞĞƚ͘ ^ŽŵĞŚŽƵƐĞƐĨůŽŽƌĚƌĂŝŶƐĐŽƵůĚďĞĐŽŶŶĞĐƚĞĚƚŽƚŚĞƐƵďĚƌĂŝŶƐǇƐƚĞŵ;ŶŽƚĂůůŽǁĞĚƵŶĚĞƌƚŚĞ ĐƵƌƌĞŶƚƉůƵŵďŝŶŐĐŽĚĞͿ͘,ŽƵƐĞƐĐŽƵůĚŚĂǀĞĞǆƚĞƌŶĂůĐŽŶŶĞĐƚŝŽŶƐĨƌŽŵƚŚĞŝƌǇĂƌĚŐŽŝŶŐŝŶƚŽƚŚĞ ƐƵďĚƌĂŝŶƐǇƐƚĞŵ;ƚǇƉŝĐĂůůǇĂůůŽǁĞĚĂƐůŽŶŐĂƐƚŚĞƌĞŝƐĂĐŽŶŶĞĐƚŝŽŶƉĞƌŵŝƚĨŽƌŝƚͿ͘ dŚĞĨŽƵŶĚĂƚŝŽŶĚƌĂŝŶĨŽƌƚŚĞŚŽƵƐĞŝƐŝŶƐƚĂůůĞĚďǇƚŚĞŚŽŵĞďƵŝůĚĞƌƚŽĐŽůůĞĐƚƐƵƌĨĂĐĞǁĂƚĞƌƚŚĂƚ ƉĞƌĐŽůĂƚĞƐŝŶƚŽƚŚĞůĞƐƐĐŽŵƉĂĐƚĞĚƐŽŝůƚŚĂƚǁĂƐďĂĐŬĨŝůůĞĚĂƌŽƵŶĚƚŚĞĨŽƵŶĚĂƚŝŽŶǁĂůůƐŽĨǇŽƵƌ ŚŽŵĞ͘dŚĞǁĂƚĞƌĐŽůůĞĐƚĞĚďǇƚŚĞĨŽƵŶĚĂƚŝŽŶĚƌĂŝŶŵĂǇĚƌĂŝŶĂǁĂǇďǇŐƌĂǀŝƚǇĨůŽǁƚŽƚŚĞ ƐƵďĚƌĂŝŶŝŶƚŚĞƐƚƌĞĞƚŽƌŝƚŵĂǇĨůŽǁŝŶƚŽƚŚĞƐƵŵƉƉƵŵƉďĂƐŬĞƚŽĨƚŚĞŚŽƵƐĞ͕ƚŽďĞƉƵŵƉĞĚ ŽƵƚĞŝƚŚĞƌŝŶƚŽƚŚĞƐƵďĚƌĂŝŶŽƌŽƵƚƐŝĚĞŽĨƚŚĞŚŽƵƐĞŝŶƚŽƚŚĞůĂǁŶ͘tŚĞŶĂƐƵŵƉƉƵŵƉ ĚŝƐĐŚĂƌŐĞƐƚŽƚŚĞŽƵƚƐŝĚĞŽĨƚŚĞŚŽƵƐĞ͕ƚŚŝƐƚǇƉŝĐĂůůǇŵĞĞƚƐĐŽĚĞ͘/ƚŝƐŝůůĞŐĂůƚŽŚĂǀĞƚŚĞƐƵŵƉ 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ǁŽƵůĚŶĞĞĚƚŽďĞĚŝƌĞĐƚĞĚŽƵƚƐŝĚĞƚŽƚŚĞƉƌŽƉĞƌƚŝĞƐůĂǁŶ͘ǇƉƵŵƉŝŶŐŽƌĚŝƐĐŚĂƌŐŝŶŐ ǁĂƚĞƌŽŶƚŽƚŚĞůĂǁŶ͕ƚŚŝƐĐĂŶĐƌĞĂƚĞƐĂƚƵƌĂƚĞĚůĂǁŶĐŽŶĚŝƚŝŽŶƐ͕ŝĐŝŶŐŽŶƚŚĞƐŝĚĞǁĂůŬ͕Žƌ ŝĨƚŚĞĚŝƐĐŚĂƌŐĞƉŽŝŶƚŝƐŶŽƚĂǁĂǇĨƌŽŵƚŚĞŚŽƵƐĞ͕ĐŽƵůĚĐĂƵƐĞƚŚĞǁĂƚĞƌƚŽƌĞĐǇĐůĞďĂĐŬ͘ Ϯ͘dŚĞŚŽŵĞŽǁŶĞƌŵĂǇǁĂŶƚƚŽĐŽŶĨŝŐƵƌĞƚŚĞŐƌĂǀŝƚǇĨŽƵŶĚĂƚŝŽŶĚƌĂŝŶƐǇƐƚĞŵĂŶĚƐƵŵƉ ƉƵŵƉƉůƵŵďŝŶŐƚŽĞůŝŵŝŶĂƚĞƚŚĞďĂĐŬĨůŽǁƌŝƐŬƐ͘dŚŝƐƐƚŝůůĂůůŽǁƐƚŚĞƉƌŽƉĞƌƚǇƚŽĂĚŝƌĞĐƚ ĐŽŶŶĞĐƚŝŽŶŽĨƚŚĞŝƌƐƵŵƉƉƵŵƉĚŝƐĐŚĂƌŐĞůŝŶĞƚŽƚŚĞƐƵďĚƌĂŝŶƐǇƐƚĞŵ͘dŚĞƐƵŵƉƉƵŵƉ ŚĂƐĂďĂĐŬǁĂƚĞƌǀĂůǀĞƚŚĂƚŝƐĚĞƐŝŐŶĞĚƚŽƉƌĞǀĞŶƚďĂĐŬĨůŽǁĨƌŽŵƚŚĞƐƵďĚƌĂŝŶ͘ƐƵŵƉ _3DJH 3DFNHW3J 'D ŝƚǇŽĨZŽĐŚĞƐƚĞƌ^ƵďĚƌĂŝŶĂŶĚĚŐĞĚƌĂŝŶ^ǇƐƚĞŵDĂŝŶƚĞŶĂŶĐĞĂŶĚKƉĞƌĂƚŝŽŶƐWŽůŝĐǇͲϮϬϭϲ ƉƵŵƉĚŝƐĐŚĂƌŐĞĨƌŽŵƚŚĞŚŽƵƐĞƚŽƚŚĞƐƵďĚƌĂŝŶƐǇƐƚĞŵǁŽƵůĚĞǆŝƐƚƚŚƌŽƵŐŚƚŚĞ ĨŽƵŶĚĂƚŝŽŶǁĂůůĂƚĂŚŝŐŚĞƌĞůĞǀĂƚŝŽŶƚŚĞŶƚŚĞĐƵƌƌĞŶƚĨŽƵŶĚĂƚŝŽŶĚƌĂŝŶŽƌƐƵŵƉƉƵŵƉ ďĂƐŬĞƚĐŽŶŶĞĐƚŝŽŶƚŽƚŚĞƐƵďĚƌĂŝŶ͘dŚĞŚŝŐŚĞƌƚŚĞĞůĞǀĂƚŝŽŶŽĨƚŚĞƐƵŵƉƉƵŵƉ ĚŝƐĐŚĂƌŐĞůŝŶĞƉƌŽǀŝĚĞƐĂĚĚŝƚŝŽŶĂůƉƌŽƚĞĐƚŝŽŶĨƌŽŵƚŚĞƐƵƌĐŚĂƌŐĞĚĐŽŶĚŝƚŝŽŶƐƚŚĂƚĐĂŶ ŽĐĐƵƌŝŶƚŚĞƐƵďĚƌĂŝŶƐǇƐƚĞŵ͘ ϭϲ͘ƉƉĞŶĚŝĐĞƐ ʹ^ĞĞƉƉĞŶĚŝǆ͕͕͕͕ĨŽƌĚĚŝƚŝŽŶĂů/ŶĨŽƌŵĂƚŝŽŶ͘hƉĚĂƚĞƐƚŽƚŚŝƐƉŽůŝĐǇ ǁŝůůďĞŝŶƉƉĞŶĚŝǆ^ĞĐƚŝŽŶƐĨŽƌĨƵƚƵƌĞǇĞĂƌƐ͘ _3DJH 3DFNHW3J EƵŵďĞƌŽĨ 3DFNHW3J 'E DĂŶŚŽůĞƐ ϭϮϰ ϭϬϬ ϰϮϵ ϰϴϯϴ ϭϭϭϭϯϲϭϮ ϴϴ ϳϮϲ ϱϱϱϯ >ĞŶŐƚŚ ;DŝůĞƐͿ Ϯϲ͘ϯϮ ϭ͘ϵϰϬ͘ϰϰϮ͘ϬϴϬ͘ϭϴ Ϭ͘ϮϮϬ͘ϯϳϬ͘ϰϳϬ͘ϭϲϬ͘ϲϭϬ͘Ϯϲϴ͘ϯϳϳ͘ϬϵϬ͘ϯϵϬ͘ϳϬϬ͘Ϭϵ Ϭ͘ϭϯϮ͘ϴϯ ϭϯϴ͕ϵϲϵ ϭϬ͕ϮϮϰ >ĞŶŐƚŚϭϭ͕ϬϬϬϰϰ͕Ϯϭϵϯϳ͕ϰϭϬ ϭϰ͕ϵϱϱ ;&ĞĞƚͿϭ͕ϭϲϴϮ͕ϯϬϰ ϭ͕ϵϰϬϮ͕ϰϴϵϭ͕ϯϲϲϮ͕Ϭϰϵϯ͕ϲϴϮ ϯ͕ϮϮϯ ϴϳϭϲϲϮϵϱϬϰϱϳ hŶŬŶŽǁŶ dŽƚĂůƐ ĞƉƚŚ хϴΖхϴΖхϴΖхϴΖхϴΖхϴΖхϴΖхϴΖхϴΖхϴΖхϴΖхϴΖхϴΖхϴΖхϴΖхϴΖ ϰΗ͕ϲΗ͕ϴΗ͕ϭϬΗ ϰΗEϲΗ ϰΗĂŶĚϲΗ ^ŝǌĞ ϲΗϲΗϲΗϲΗϴΗϲΗϲΗϰΗϲΗϲΗϲΗϲΗϲΗϲΗ WĞƌĨŽƌĂƚĞĚWs͕^W͕ WĞƌĨŽƌĂƚĞĚWsWĞƌĨŽƌĂƚĞĚWsWĞƌĨŽƌĂƚĞĚWsWĞƌĨŽƌĂƚĞĚWsWĞƌĨŽƌĂƚĞĚWsWĞƌĨŽƌĂƚĞĚWsWĞƌĨŽƌĂƚĞĚWsWĞƌĨŽƌĂƚĞĚWsWĞƌĨŽƌĂƚĞĚWsWĞƌĨŽƌĂƚĞĚWsWĞƌĨŽƌĂƚĞĚWsWĞƌĨŽƌĂƚĞĚWsWĞƌĨŽƌĂƚĞĚWsWĞƌĨŽƌĂƚĞĚWsWĞƌ ĨŽƌĂƚĞĚWsWĞƌĨŽƌĂƚĞĚWs WŝƉĞdǇƉĞ DW ϭϵϲϬΖƐƚŽϭϵϴϬΖƐ ϭϵϵϭEϭϵϵϮ ϭϵϴϳƚŚƌƵϮϬϬϮ ϭϵϴϵƚŚƌƵϮϬϬϯ zĞĂƌ/ŶƐƚĂůůĞĚ ϭϵϵϬdKϭϵϵϱ ϭϵϵϮͲϮϬϬϬ ϭϵϴϰϭϵϵϴ ϭϵϴϲϭϵϵϭϭϵϴϲϭϵϴϵϮϬϬϮ ϭϵϵϯϭϵϵϯϭϵϵϯϮϬϬϱ ƌĞĂ EtEtEtEtEtEtEt ^t^t^t^t^t^t^t EE ^ ĞĞƉ^ƵďĚƌĂŝŶƐĞŶƚĞƌŽĨ^ƚƌĞĞƚ ,ĂŵƉƚŽŶZŚŽĚĞƐĂŶĚ<ůŝĐŬƉĂƚƌŝĐŬ^Ƶď ϮϬϭϲ^hZ/E/^dZ/hd/KE>/^d ĂŝŚůǇƐƚĂƚĞƐĂŶĚĂŝŚůǇDĞĂĚŽǁƐ Z/'s/tDEKZϰd,Eϱd, ĂŝŚůǇtŽŽĚůĂŶĚϱƚŚ^ƵďĚŝǀŝƐŝŽŶ WŝŶĞZŝĚŐĞƐƚĂƚĞƐ^ƵďĚŝǀŝƐŝŽŶ ĂůůŽǇΖƐ&ŝƌƐƚĂŶĚ:ĞŶƐĞŶϮŶĚ Z/'s/tDEKZϮE EŽƌƚŚWĂƌŬ^ƵďĚŝǀŝƐŝŽŶ &ŽǆĐƌŽĨƚ^ƵďĚŝǀŝƐŝŽŶƐ ŝĂŵŽŶĚZŝĚŐĞƌĞĂ DĞĂĚŽǁWĂƌŬƌĞĂ ^ƵďĚŝǀŝƐŝŽŶEĂŵĞ 'ŽůĨsŝĞǁƐƚĂƚĞƐ >ŝŶĐŽůŶƐŚŝƌĞƌĞĂ EŽƌƚŚĞƌŶsĂůůĞǇ ƉƉůĞZŝĚŐĞ// 'ůĞŶĚĂůĞ,ŝůůƐ ƉƉůĞZŝĚŐĞ EƵŵďĞƌŽĨ 3DFNHW3J ůĞĂŶŽƵƚƐ 'E DĂƉƉĞĚ ϭϴϴϲϭϳ ϭϰ ϭϭϱϬϮϮϴϬ ϰ Ϭϳ >ĞŶŐƚŚ ;DŝůĞƐͿ ϭϬ͘ϱϯϯϲ͘ϴϱ ϭ͘ϳϴϯ͘ϯϴ Ϭ͘ϵϲϭ͘ϭϳϭ͘ϯϵϬ͘ϰϬ Ϭ͘ϰϯϭ͘Ϭϯ ϭϵϰ͕ϱϵϬ ϱϱ͕ϲϮϭ >ĞŶŐƚŚ ϭϳ͕ϴϱϱ ;&ĞĞƚͿϲ͕ϭϳϰϳ͕ϯϭϰ Ϯ͕ϮϱϳϮ͕ϭϭϬ ϱ͕Ϭϴϯϵ͕ϯϴϱϱ͕ϰϰϯ d^ dKd> ĞƉƚŚ dŽƚĂů фϰΖфϰΖфϰΖфϰΖфϰΖфϰΖфϰΖфϰΖ ϰΗĂŶĚϲΗ ϰΗ͕ϲΗ͕ϴΗ ^ŝǌĞ ϰΗϰΗϰΗϰΗϰΗϲΗ WĞƌĨŽƌĂƚĞĚWsWĞƌĨŽƌĂƚĞĚWsWĞƌĨŽƌĂƚĞĚWsWĞƌĨŽƌĂƚĞĚWsWĞƌĨŽƌĂƚĞĚWsWĞƌĨŽƌĂƚĞĚWsWĞƌĨŽƌĂƚĞĚWsWĞƌĨŽƌĂƚĞĚWs dǇƉĞ ϮϬϬϭ͕ϮϬϬϮ͕ϮϬϬϯ͕ ϮϬϭϭ͕ϮϬϭϮ͕ϮϬϭϯ ϮϬϬϰ͕ϮϬϬϱ͕ĂŶĚ zĞĂƌ/ŶƐƚĂůůĞĚ ϮϬϬϵϮϬϬϭ ϮϬϬϱϮϬϬϱϮϬϬϰϮϬϬϱ ϮϬϬϲ ƌĞĂ EtEtEtEtEt ^t E ^ ĚŐĞƌĂŝŶƐ;/ŶƐƚĂůůĞĚďĞŚŝŶĚƚŚĞƵƌďͿ ϮE^ƚƌĞĞƚWŚĂƐĞƐ;ŽǁŶƚŽǁŶĂŶĚ ĞŶƚƵƌǇ,ŝůůƐϵƚŚ^ƵďĚŝǀŝƐŝŽŶ ĂĚŐĞƌ,ŝůůƐ^ƵďĚŝǀŝƐŝŽŶ ,ƵŶĚƌĞĚĐƌĞtŽŽĚƐ ^ƵŵŵŝƚWŽŝŶƚĞ^ƵďƐ ^ƵďĚŝǀŝƐŝŽŶEĂŵĞ ϱϱd,^ƚƌĞĞƚEt tĞĂƚŚĞƌƐƚŽŶĞ ϱϬd,sEt hƉƚŽǁŶͿ ϱͬϭϲͬϮϬϭϲ 'F DĂǇϭϲ͕ϮϬϭϲŽŵŵŝƚƚĞĞŽĨƚŚĞtŚŽůĞ ŐĞŶĚĂ tŚĂƚĂƌĞ^ƵďĚƌĂŝŶƐĂŶĚǁŚĂƚĂƌĞĚŐĞĚƌĂŝŶƐ͍ dŚĞďĞŶĞĨŝƚƐŽĨ^ƵďĚƌĂŝŶƐĂŶĚĚŐĞĚƌĂŝŶƐ͘ ^ƵďĚƌĂŝŶĂŶĚĚŐĞĚƌĂŝŶ/ŶǀĞŶƚŽƌǇ WƌŽďůĞŵƐǁŝƚŚ^ƵďĚƌĂŝŶƐ DĂŝŶƚĞŶĂŶĐĞŚĂůůĞŶŐĞƐ &ƵŶĚŝŶŐĨŽƌŵĂŝŶƚĞŶĂŶĐĞ ^ŚŽƌƚdĞƌŵZĞĐŽŵŵĞŶĚĂƚŝŽŶƐ >ŽŶŐdĞƌŵZĞĐŽŵŵĞŶĚĂƚŝŽŶƐ 3DFNHW3Jϭ ϱͬϭϲͬϮϬϭϲ 'F ^ƵďĚƌĂŝŶ ʹ;ϰ͕͟ϲ͕͟ϴ͟;ŝŶĐŚͿƉĞƌĨŽƌĂƚĞĚWsƉŝƉĞƚŚĂƚŝƐďƵƌŝĞĚŝŶƚŚĞƐƚƌĞĞƚ ƌŝŐŚƚ Ͳ ŽĨ Ͳ ǁĂǇ͕ĚƌĂŝŶƐǁĂƚĞƌĨƌŽŵƐŽŝůƐĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͕ƵƐƵĂůůǇŝŶƐƚĂůůĞĚ ĚĞĞƉďĞŶĞĂƚŚŽƚŚĞƌƵƚŝůŝƚŝĞƐ͘dŚĞƐĞŵĂǇŚĂǀĞŝŶĐůƵĚĞĚŝŶƐƚĂůůĂƚŝŽŶŽĨĂ ĐŽŵŵŽŶƉƌŝǀĂƚĞŐƌĂǀŝƚǇƐĞƌǀŝĐĞƐƚƵďŝŶƚŚĞƐĂŵĞƚƌĞŶĐŚĂƐƐĞǁĞƌĂŶĚ ǁĂƚĞƌƐĞƌǀŝĐĞĐŽŶŶĞĐƚŝŽŶƐ͘^ƵďĚƌĂŝŶƐǁĞƌĞŝŶƐƚĂůůĞĚŝŶZŽĐŚĞƐƚĞƌĨƌŽŵƚŚĞ ϭϵϴϬ͛ƐƵŶƚŝůϮϬϬϮ͘ĐĐĞƐƐŝƐƚǇƉŝĐĂůůǇƚŚƌƵĂƐƚŽƌŵƐĞǁĞƌƐǇƐƚĞŵŵĂŶŚŽůĞ͘ ĚŐĞĚƌĂŝŶ Ͳ;ϰ͟Žƌϲ͟;ŝŶĐŚͿƉĞƌĨŽƌĂƚĞĚWsƉŝƉĞƚŚĂƚŝƐďƵƌŝĞĚ ĂƉƉƌŽǆŝŵĂƚĞůǇϰĨĞĞƚďĞůŽǁŐƌĂĚĞĂŶĚůŽĐĂƚĞĚďĞŚŝŶĚƚŚĞĐƵƌď͘WƌŝǀĂƚĞ ƐĞƌǀŝĐĞƐĐŽŶŶĞĐƚŝŽŶƐŵĂǇďĞƐƚƵďďĞĚƚŽƚŚŝƐ͘ĚŐĞĚƌĂŝŶŝŶƐƚĂůůĂƚŝŽŶŚĂƐ ƌĞƉůĂĐĞĚƚŚĞĚĞĞƉĞƌƐƵďĚƌĂŝŶƐƐŝŶĐĞϮϬϬϮ͘ĐĐĞƐƐĐĂŶďĞƚŚƌƵĂ ĐůĞĂŶŽƵƚŽƌŽƵƚůĞƚŝŶƚŽĂƐƚŽƌŵƐĞǁĞƌƐǇƐƚĞŵĐĂƚĐŚďĂƐŝŶŽƌŵĂŶŚŽůĞ͘ ^ƵďĚƌĂŝŶůŽĐĂƚĞĚ ŝŶĐĞŶƚĞƌŽĨ ƐƚƌĞĞƚĂŶĚ ƉƌŝǀĂƚĞƐĞƌǀŝĐĞ ůĂƚĞƌĂůƐƐƚƵďďĞĚ ƚŽƉƌŽƉĞƌƚǇůŝŶĞ ^ƵďĚƌĂŝŶŝƐ ůŽĐĂƚĞĚϭϮĨĞĞƚ ďĞůŽǁƐƚƌĞĞƚ͕ ďĞŶĞĂƚŚĂůů ŽƚŚĞƌƵƚŝůŝƚŝĞƐ 3DFNHW3JϮ ϱͬϭϲͬϮϬϭϲ 'F ĚŐĞĚƌĂŝŶůŽĐĂƚĞĚďĞƚǁĞĞŶ ƚŚĞĐƵƌďĂŶĚƐŝĚĞǁĂůŬ ƵƌƌĞŶƚŝƚǇ^ƚĂŶĚĂƌĚƐ ƌĞƋƵŝƌĞĂůů^ƚƌĞĞƚƐŚĂǀĞ ĚŐĞĚƌĂŝŶŝŶƐƚĂůůĞĚ ,ŽƵƐĞƐĐĂŶďĞĐŽŶŶĞĐƚĞĚƚŽ ĞĚŐĞĚƌĂŝŶ͕ďƵƚŶŽ ĐŽŶŶĞĐƚŝŽŶƐƚŚƌƵŐƌĂǀŝƚǇ ĂůůŽǁĞĚ ĚŐĞĚƌĂŝŶŝƐƐŚĂůůŽǁ͕ůŽĐĂƚĞĚ ĚŽǁŶϯʹϰĨĞĞƚĂŶĚĂďŽǀĞ ĂůůŽǀĞƌƵƚŝůŝƚŝĞƐ ĐĐĞƐƐŝƐƚŚƌƵĐůĞĂŶŽƵƚƐ ^ƵďĚƌĂŝŶ͗ϭϯϴ͕ϵϲϵĨĞĞƚ;Ϯϲ͘ϵϯŵŝůĞƐͿ ŽĨĚĞĞƉƐƵďĚƌĂŝŶ ůŽĐĂƚĞĚŝŶƚŚĞĂƉƉƌŽǆŝŵĂƚĞĐĞŶƚĞƌŽĨƚŚĞƐƚƌĞĞƚ͘ ĚŐĞĚƌĂŝŶ͗ϱϱ͕ϲϮϭĨĞĞƚ;ϭϮ͘ϭϮŵŝůĞƐͿ ŽĨĞĚŐĞĚƌĂŝŶ͕ůŽĐĂƚĞĚĂƚ ĂĚĞƉƚŚŽĨĂďŽƵƚϯͲ ϰĨĞĞƚďĞůŽǁƚŚĞƐƵƌĨĂĐĞƵŶĚĞƌƚŚĞƐƚƌĞĞƚ ĐƵƌď͘ ŽŶŶĞĐƚŝŽŶƐ͗ϯϵ͘ϬϱŵŝůĞƐĂŶĚĂŶĞƐƚŝŵĂƚĞĚϯ͕ϵϲϴƐĞƌǀŝĐĞ ůĂƚĞƌĂůĐŽŶŶĞĐƚŝŽŶƐƚŽŚŽŵĞƐ͘EƵŵďĞƌƐĂƌĞĐƵƌƌĞŶƚĂƐŽĨ DĂƌĐŚϮϬϭϲ͘ 3DFNHW3Jϯ ϱͬϭϲͬϮϬϭϲ 'F >ĞŶŐƚŚ>ĞŶŐƚŚEƵŵďĞƌŽĨEƵŵďĞƌŽĨ^ĞƌǀŝĐĞƐ ^ƵďĚŝǀŝƐŝŽŶƌĞĂzĞĂƌ/ŶƐƚĂůůĞĚWŝƉĞdǇƉĞ^ŝǌĞĞƉƚŚ;&ĞĞƚͿ;DŝůĞƐͿDĂŶŚŽůĞƐWƌŽǀŝĚĞĚ ƉƉůĞZŝĚŐĞ/Θ//^tϭϵϴϰWĞƌĨŽƌĂƚĞĚWsϲΗхϴΖϯ͕ϭϬϴϬ͘ϱϵϭϲϳϳ ĂŝŚůǇƐƚĂƚĞƐĂŶĚĂŝŚůǇDĞĂĚŽǁƐ^tϭϵϵϭWĞƌĨŽƌĂƚĞĚWsϲΗхϴΖϯ͕ϯϲϬϬ͘ϲϰϭϮϳϮ ĂůůŽǇΖƐ&ŝƌƐƚĂŶĚ:ĞŶƐĞŶϮŶĚ^tϭϵϵϴWĞƌĨŽƌĂƚĞĚWsϴΗхϴΖϲϲϮϬ͘ϭϯϮϭϮ ŝĂŵŽŶĚZŝĚŐĞƌĞĂEtϭϵϵϮͲ ϮϬϬϬWĞƌĨŽƌĂƚĞĚWsϰΗĂŶĚϲΗхϴΖϭϰ͕ϵϱϱϮ͘ϴϯϰϴϰϰϴ ĂƐƚǁŽŽĚ,ŝůůƐ^ƵďĚŝǀŝƐŝŽŶ^ϭϵϵϳ Ͳ ϭϵϵϴWĞƌĨŽƌĂƚĞĚWsϲΗхϴΖϯ͕ϮϯϬϬ͘ϲϭϵϳϰ &ŽǆĐƌŽĨƚ^ƵďĚŝǀŝƐŝŽŶƐ^tϭϵϵϬdKϭϵϵϱWĞƌĨŽƌĂƚĞĚWsϰΗEϲΗхϴΖϭϬ͕ϮϮϰϭ͘ϵϰϯϴϭϳϰ 'ůĞŶĚĂůĞ,ŝůůƐĂŶĚEŽƌƚŚĞƌŶsĂůůĞǇEϭϵϴϵWĞƌĨŽƌĂƚĞĚWsϲΗхϴΖϱ͕ϮϳϮϭ͘ϬϬϭϭϭϯϰ 'ŽůĨsŝĞǁƐƚĂƚĞƐEtϭϵϵϯWĞƌĨŽƌĂƚĞĚWsϲΗхϴΖϭ͕ϯϲϲϬ͘ϮϲϴϮϰ ,ĂŵƉƚŽŶZŚŽĚĞƐĂŶĚ<ůŝĐŬƉĂƚƌŝĐŬ^ƵďEtϭϵϵϯWĞƌĨŽƌĂƚĞĚWsϰΗхϴΖϮ͕ϯϬϰϬ͘ϰϰϴϱϬ >ŝŶĐŽůŶƐŚŝƌĞƌĞĂEtϭϵϴϵƚŚƌƵϮϬϬϯWĞƌĨŽƌĂƚĞĚWsϲΗхϴΖϭϭ͕ϬϬϬϮ͘ϬϴϯϲϯϬϮ ϭϵϲϬΖƐƚŽWĞƌĨŽƌĂƚĞĚWs͕ DĞĂĚŽǁWĂƌŬƌĞĂ^ϭϵϴϬΖƐ^W͕DWϰΗ͕ϲΗ͕ϴΗ͕ϭϬΗхϴΖϰϰ͕Ϯϭϵϴ͘ϯϳϭϬϬϵϵϴ EŽƌƚŚWĂƌŬ^ƵďĚŝǀŝƐŝŽŶ EtϭϵϴϳƚŚƌƵϮϬϬϮWĞƌĨŽƌĂƚĞĚWsϲΗхϴΖϯϳ͕ϰϭϬϳ͘ϬϵϭϮϰϵϬϱ WŝŶĞZŝĚŐĞƐƚĂƚĞƐ^ƵďĚŝǀŝƐŝŽŶ^tϭϵϵϭEϭϵϵϮWĞƌĨŽƌĂƚĞĚWsϲΗхϴΖϯ͕ϲϴϮϬ͘ϳϬϭϮϳϵ Z/'s/tDEKZϮEEtϮϬϬϮWĞƌĨŽƌĂƚĞĚWsϲΗхϴΖϵϱϬϬ͘ϭϴϱϮϮ Z/'s/tDEKZϰd,Eϱd,EtϮϬϬϱWĞƌĨŽƌĂƚĞĚWsϲΗхϴΖϰϱϳϬ͘Ϭϵϯϴ dŽƚĂůƐϭϰϮ͕ϭϵϵϮϲ͘ϵϯϰϯϮϯ͕ϯϳϵ EƵŵďĞƌŽĨ zĞĂƌ>ĞŶŐƚŚ>ĞŶŐƚŚDĂƉƉĞĚEƵŵďĞƌŽĨ^ĞƌǀŝĐĞƐ ^ƵďĚŝǀŝƐŝŽŶEĂŵĞƌĞĂ/ŶƐƚĂůůĞĚdǇƉĞ^ŝǌĞĞƉƚŚ;&ĞĞƚͿ;DŝůĞƐͿůĞĂŶŽƵƚƐWƌŽǀŝĚĞĚ ϮE^ƚƌĞĞƚWŚĂƐĞƐ;ŽǁŶƚŽǁŶϮϬϭϭ͕ϮϬϭϮ͕ ĂŶĚhƉƚŽǁŶͿ^tϮϬϭϯWĞƌĨŽƌĂƚĞĚWsϰΗ͕ϲΗ͕ϴΗфϰΖϱ͕ϬϴϯϬ͘ϵϲϭϭϬ ϱϬd,sEtEtϮϬϬϵWĞƌĨŽƌĂƚĞĚWsϰΗфϰΖϲ͕ϭϳϰϭ͘ϭϳϱϬϬ ϱϱd,^ƚƌĞĞƚEtEtϮϬϬϭWĞƌĨŽƌĂƚĞĚWsϰΗфϰΖϳ͕ϯϭϰϭ͘ϯϵϬϬ ϮϬϬϰ͕ϮϬϬϱ͕ ĂĚŐĞƌ,ŝůůƐ^ƵďĚŝǀŝƐŝŽŶEtĂŶĚϮϬϬϲWĞƌĨŽƌĂƚĞĚWsϰΗфϰΖϵ͕ϯϴϱϭ͘ϳϴϮϮϭϯϰ ĞŶƚƵƌǇ,ŝůůƐϵƚŚ^ƵďĚŝǀŝƐŝŽŶEϮϬϬϱWĞƌĨŽƌĂƚĞĚWsϰΗфϰΖϮ͕ϮϱϳϬ͘ϰϯϳϮϯ ,ƵŶĚƌĞĚĐƌĞtŽŽĚƐ^ϮϬϬϱWĞƌĨŽƌĂƚĞĚWsϰΗфϰΖϱ͕ϰϰϯϭ͘ϬϯϭϰϳϮ ^ŽƵƚŚĞƌŶtŽŽĚƐϭƐƚ^tϮϬϬϳWĞƌĨŽƌĂƚĞĚWsϲΗфϰΖϭ͕ϯϬϳϬ͘ϮϱϰϭϮ ƐŽƵƚŚĞƌŶtŽŽĚƐϰƚŚ^tϮϬϬϳWĞƌĨŽƌĂƚĞĚWsϲΗфϰΖϳϳϬϬ͘ϭϱϭϭϰ ϮϬϬϭ͕ϮϬϬϮ͕ ^ƵŵŵŝƚWŽŝŶƚĞ^ƵďƐEtϮϬϬϯ͕ϮϬϬϰWĞƌĨŽƌĂƚĞĚWsϰΗĂŶĚϲΗфϰΖϭϳ͕ϴϱϱϯ͘ϯϴϴϬϮϱϲ ^ƚŽŶĞďƌŽŽŬĂŶĚ^ƵŶŶǇĚĂůĞ^WĞƌĨŽƌĂƚĞĚWsϲΗфϰΖϱ͕ϴϯϵϭ͘ϭϭϮϭϰϬ tĞĂƚŚĞƌƐƚŽŶĞEtϮϬϬϱWĞƌĨŽƌĂƚĞĚWsϲΗфϰΖϮ͕ϭϭϬϬ͘ϰϬϰϯϰ tĞĚŐĞǁŽŽĚƌĞĞŬ^tϭϵϵϴWĞƌĨŽƌĂƚĞĚWsϲΗфϰΖϰϳϬϬ͘Ϭϵϭϰ dŽƚĂůϲϰ͕ϬϬϳϭϮ͘ϭϮϮϭϱϱϴϵ 3DFNHW3Jϰ ϱͬϭϲͬϮϬϭϲ 'F ^ŝŶĐĞϮϬϬϮŝƚǇŶŐŝŶĞĞƌŝŶŐ^ƚĂŶĚĂƌĚƐƌĞƋƵŝƌĞƚŚĂƚĂ ĞĚŐĞĚƌĂŝŶƐǇƐƚĞŵŝƐƚŽďĞŝŶƐƚĂůůĞĚǁŝƚŚĂůůWƵďůŝĐ^ƚƌĞĞƚƐ͕ ƵŶůĞƐƐƚŚĞŶŐŝŶĞĞƌĐĂŶƐŚŽǁƚŚĂƚĂĞĚŐĞĚƌĂŝŶƐǇƐƚĞŵŝƐŶŽƚ ŶĞĞĚĞĚĨŽƌƚŚĂƚĂƌĞĂ͘ ŶŐŝŶĞĞƌŝŶŐƐƚĂŶĚĂƌĚƐŚĂǀĞďĞĞŶƌĞǀŝƐĞĚ͕ĂůůĞĚŐĞĚƌĂŝŶŝƐ ŶŽǁƚŽďĞϲ͟ƉĞƌĨŽƌĂƚĞĚWsƉŝƉĞ͘WƌĞǀŝŽƵƐƐƚĂŶĚĂƌĚ ĂůůŽǁĞĚϰŝŶĐŚ͘ ĞĞƉƐƵďĚƌĂŝŶƐĂƌĞŶŽůŽŶŐĞƌĂůůŽǁĞĚͬŝŶƐƚĂůůĞĚ͘ 3DFNHW3J ϱͬϭϲͬϮϬϭϲ 'F ŽƚŚĞĚŐĞĚƌĂŝŶĂŶĚ ƐƵďĚƌĂŝŶƐǇƐƚĞŵƐ EŽƌƚŚWĂƌŬŚŝƐƚŽƌŝĐĂůůǇ ǁĞƚĂƌĞĂ͕ƐĂƚƵƌĂƚĞĚƐŽŝůƐ͕ ĐŽŶƐƚĂŶƚŐƌŽƵŶĚǁĂƚĞƌ ϭϬϬϬ͛ƐŽĨŚŽƵƐĞƐĐŽƵůĚ ƐƚŝůůďĞĐŽŶŶĞĐƚĞĚ ,ŽƵƐĞƐƚŚĂƚĂƌĞ ĐŽŶŶĞĐƚĞĚƚŽƚŚĞ ^ƵďĚƌĂŝŶƚŚƌƵŐƌĂǀŝƚǇ ĐŽƵůĚďĞĂƚƌŝƐŬ 3DFNHW3Jϲ ϱͬϭϲͬϮϬϭϲ 'F ŽƚŚĞĚŐĞĚƌĂŝŶĂŶĚ ƐƵďĚƌĂŝŶƐǇƐƚĞŵƐ DĞĂĚŽǁWĂƌŬĂƌĞĂŚĂƐ ƐƵďĚƌĂŝŶŝŶƐƚĂůůĞĚƐƚĂƌƚŝŶŐ ŝŶƚŚĞϭϵϲϬ͛ƐĂŶĚŝƐ ĐŽƌƌƵŐĂƚĞĚƐƚĞĞůƉŝƉĞ ^ŽŵĞŚŽƵƐĞƐŚĂǀĞĨůŽŽƌ ĚƌĂŝŶƐĐŽŶŶĞĐƚŝŽŶĞĚƚŽ ƐƵďĚƌĂŝŶƐǇƐƚĞŵ ϭϬϬϬ͛ƐŽĨŚŽƵƐĞƐĐŽƵůĚďĞ ĐŽŶŶĞĐƚĞĚ WƌĞǀĞŶƚƐŶƵŝƐĂŶĐĞĐŽŶĚŝƚŝŽŶƐĨƌŽŵƐƵŵƉ ƉƵŵƉĚŝƐĐŚĂƌŐĞƐ;ǁĞƚǇĂƌĚƐΘŝĐǇƐŝĚĞǁĂůŬƐͿ 'ƌĂǀŝƚǇĨŽƵŶĚĂƚŝŽŶĚƌĂŝŶƐ;ƐƵŵƉƉƵŵƉŶŽƚ ŶĞĞĚĞĚͿ &ƌĞĞǌŝŶŐŽĨƐƵŵƉƉƵŵƉůŝŶĞƐĚŽĞƐŶŽƚŽĐĐƵƌ WƌĞǀĞŶƚƐŝĐĞĨƌŽŵĨŽƌŵŝŶŐŽŶƚŚĞƐŝĚĞǁĂůŬ ĂŶĚŝŶƐƚƌĞĞƚĂƌĞĂƐ 'ƌĂǀŝƚǇŝƐŵŽƌĞƌĞůŝĂďůĞƚŚĂŶĞůĞĐƚƌŝĐŝƚǇ ĂŶƉƌŽǀŝĚĞĂŶĂĚĚŝƚŝŽŶĂůůĞǀĞůŽĨƉƌŽƚĞĐƚŝŽŶ ƚŽĂƉƌŽƉĞƌƚǇĂŐĂŝŶƐƚǁĞƚďĂƐĞŵĞŶƚƐ ŚĞĂƉƚŽŝŶƐƚĂůůŽŶƚŚĞĨƌŽŶƚĞŶĚŽĨ ĐŽŶƐƚƌƵĐƚŝŽŶ͕ĐĂŶďĞĞǆƉĞŶƐŝǀĞƚŽŝŶƐƚĂůů ĂĨƚĞƌƚŚĞƐƵďĚŝǀŝƐŝŽŶŝƐďƵŝůƚ 3DFNHW3Jϳ ϱͬϭϲͬϮϬϭϲ 'F ŝĚƐŝŶŽŶƐƚƌƵĐƚŝŽŶŽĨhƚŝůŝƚŝĞƐĂŶĚ^ƚƌĞĞƚƐ WƌĞǀĞŶƚƐůĞĂŶtĂƚĞƌĨƌŽŵŶƚĞƌŝŶŐ^ĂŶŝƚĂƌǇ ^ĞǁĞƌ /ŶĐƌĞĂƐĞƐƚŚĞůŝĨĞŽĨƵƚŝůŝƚŝĞƐ;ĚƌǇŝŶŐŽƵƚƐŽŝůƐ͕ ƐƉĞĐŝĨŝĐĂůůǇĞĚŐĞĚƌĂŝŶͿ ZĞĚƵĐĞƐŵĂũŽƌƐƚƌĞĞƚƌĞƉĂŝƌƐ;DĂŝŶĞ^ƚƌĞĞƚ ĞǀĞůŽƉŵĞŶƚĚŽĞƐŶŽƚŚĂǀĞĞĚŐĞĚƌĂŝŶͿ ZĞĚƵĐĞƐƐƚƌĞĞƚƌĞƉůĂĐĞŵĞŶƚ WƌĞǀĞŶƚƐ^ŝĚĞǁĂůŬ,ĂǌĂƌĚƐ;ŝĐĞĂŶĚĂůŐĂĞͿ ĞĐŽƌĂŚĚŐĞƌĞĂƐ ,ĞĂǀǇůĂǇĂŶĚ^ŚĂůĞƐ WŽŽƌůǇĚƌĂŝŶŝŶŐ^ŽŝůƐ ,ŽƵƐĞĨŽƵŶĚĂƚŝŽŶƐĚŝƌĞĐƚůǇ ĐŽŶƐƚƌƵĐƚĞĚŝŶƚŽĨƌĂĐƚƵƌĞĚďĞĚƌŽĐŬ ĂƐĞŵĞŶƚĐĂŶďĞƚŚĞŶĞǁďĂƚŚƚƵď 3DFNHW3Jϴ ϱͬϭϲͬϮϬϭϲ 'F ƌĂŝŶƚŝůĞŝŶƐƚĂůůĞĚĂƌŽƵŶĚŽƵƚƐŝĚĞĂŶĚ ŝŶƐŝĚĞŽĨĨŽŽƚŝŶŐŽĨŚŽƵƐĞ͘ ƌĂŝŶƚŝůĞĐŽŶŶĞĐƚĞĚƚŽƐƵŵƉďĂƐŝŶŽĨ ŚŽƵƐĞǁŚŝĐŚŝƐĐŽŶŶĞĐƚĞĚƚŽƐƵďĚƌĂŝŶ ^ŽŵĞƉƌŽƉĞƌƚŝĞƐŚĂǀĞǁŽŽĚ ĨŽƵŶĚĂƚŝŽŶƐ ^ƚƌĞĞƚͬhƚŝůŝƚǇŽŶƐƚƌƵĐƚŝŽŶWůĂŶƐ /ŶĚŝĐĂƚĞŝĨƐƚƵďƐǁŚĞƌĞůĞĨƚĨŽƌĨƵƚƵƌĞ ŚŽƵƐĞƐ ŽŶŶĞĐƚŝŽŶWĞƌŵŝƚƐŝŶĚŝĐĂƚĞŝĨƉƌŽƉĞƌƚǇ ǁĂƐĐŽŶŶĞĐƚĞĚƚŽĂƐƵďĚƌĂŝŶĚƵƌŝŶŐƚŚĞ ^ĞǁĞƌĂŶĚtĂƚĞƌŽŶŶĞĐƚŝŽŶ ŽŶŶĞĐƚŝŽŶWĞƌŵŝƚƐĚŽŶŽƚƐŚŽǁŝĨ ƉƌŝǀĂƚĞƐƵďĚƌĂŝŶƐĞƌǀŝĐĞŝƐĨƵŶĐƚŝŽŶĂůŽƌ ŚĂƐďĞĞŶĚŝƐĐŽŶŶĞĐƚĞĚ ^ŶĂƉƐŚŽƚŝŶƚŝŵĞ 3DFNHW3Jϵ ϱͬϭϲͬϮϬϭϲ 'F ƵƌŝŶŐŝŶƐƉĞĐƚŝŽŶ^ĞƌǀŝĐĞƐŶŽǁ 'W^͛ĚŝŶƚŚĞ&ŝĞůĚ WůƵŵďĞƌƐĐĂŶdsŝŶĚŝǀŝĚƵĂůƐƵďĚƌĂŝŶ ƐĞƌǀŝĐĞƐĨŽƌƉƌŽƉĞƌƚǇŽǁŶĞƌƐĂŶĚ ĚĞƚĞƌŵŝŶĞŝĨƚŚĞŝƌƐĞƌǀŝĐĞŝƐƉƌŽƉĞƌůǇ ĨƵŶĐƚŝŽŶŝŶŐ͘ WƌŽƉĞƌƚǇKǁŶĞƌƐĐĂŶĚŝƐĐŽŶŶĞĐƚƚŚĞŝƌ ƐƵďĚƌĂŝŶƐĞƌǀŝĐĞ EĞĂƌ^ƵŵƉĂƐŬĞƚ /ŶǇĂƌĚŽĨWƌŽƉĞƌƚǇ;ƵƐƵĂůůǇďƵƌŝĞĚĚŽǁŶĂ ĐŽŶƐŝĚĞƌĂďůĞĚŝƐƚĂŶĐĞďĞůŽǁŐƌŽƵŶĚƐƵƌĨĂĐĞͿ KƚŚĞƌKƉƚŝŽŶƐ /ŶƐƚĂůůŵƵůƚŝƉůĞƐƵŵƉƉŝƚƐ͕ƉƵŵƉƐ͕ďĞĂǀĞƌ ƐǇƐƚĞŵƐŝŶƐŝĚĞŽĨŚŽƵƐĞŝŶƐƚĞĂĚŽĨ ĚŝƐĐŽŶŶĞĐƚŝŶŐĨƌŽŵƐƵďĚƌĂŝŶ 3DFNHW3JϭϬ ϱͬϭϲͬϮϬϭϲ 'F >ĂƌŐĞZĂŝŶĨĂůůǀĞŶƚ DƵůƚŝƉůĞŚŽƵƐĞƐĞǆƉĞƌŝĞŶĐĞĚďĂĐŬƵƉƐƚŚƌŽƵŐŚ ƚŚĞŝƌŐƌĂǀŝƚǇƐƵďĚƌĂŝŶƐĞƌǀŝĐĞƉŝƉĞ ^ƵďĚƌĂŝŶĐŽŶŶĞĐƚĞĚƚŽƐƵƌĐŚĂƌŐĞĚĐŝƚǇƐƚŽƌŵ ƐĞǁĞƌ ϲ͟ƐƵĚĚƌĂŝŶƉŝƉĞŚĂƐůŝŵŝƚĞĚĐĂƉĂĐŝƚǇ ĨƚĞƌĞǀĞŶƚ͕ƐŽŵĞƉƌŽƉĞƌƚǇŽǁŶĞƌƐĚĞĐŝĚĞĚƚŚĂƚ ƚŚĞƌŝƐŬĂŶĚĐŽƐƚĚƵĞƚŽǁĂƚĞƌĚĂŵĂŐĞǁĂƐƐƚŝůů ǁŽƌƚŚďĞŝŶŐĐŽŶŶĞĐƚĞĚƚŽŐƌĂǀŝƚǇƐƵďĚƌĂŝŶ͘dŚĞǇ ĚŝĚŶŽƚŝŶƐƚĂůůĂƐƵŵƉƉƵŵƉŽƌĐŚĂŶŐĞƚŚĞŝƌ ƉůƵŵďŝŶŐĐŽŶŶĞĐƚŝŽŶ͘dŚŝƐǁĂƐƚŚĞŝƌƉƌŝǀĂƚĞ ĚĞĐŝƐŝŽŶ͘ ϲ͟WŝƉĞDŝŶĞƌĂůŝǌĞĚ^ŚƵƚ ϭϴ͟ƉŝƉĞǁŝƚŚŵŝŶĞƌĂůĚĞǀĞůŽƉŵĞŶƚ tĂƚĞƌŝƐŶĂƚƵƌĂůůǇŚĞĂǀǇŝŶŵŝŶĞƌĂůƐ;ŚĂƌĚǁĂƚĞƌͿ^ŽƵƚŚĞĂƐƚDE DŝŶĞƌĂůĚĞƉŽƐŝƚƐͬĨŽƌŵĂƚŝŽŶƐĚĞǀĞůŽƉĨĂƐƚƵŶĚĞƌůŽǁŽǆǇŐĞŶ ĐŽŶĚŝƚŝŽŶƐ 3DFNHW3Jϭϭ ϱͬϭϲͬϮϬϭϲ 'F DŝŶĞƌĂůŝǌĞĚ ĨŽƌŵĂƚŝŽŶƐ ďƌŽŬĞŶƵƉƚŚƌƵ ŚŝŐŚƉƌĞƐƐƵƌĞ ũĞƚƚŝŶŐĂŶĚ ƌĞŵŽǀĞĚĨƌŽŵ ŵĂŶŚŽůĞ͘ >ĂďŽƌŝŶƚĞŶƐŝǀĞ ƉƌŽĐĞƐƐĂŶĚ ƌĞƋƵŝƌĞƐĂůů ĚĞďƌŝƐƚŽďĞ ƌĞĐŽǀĞƌĞĚĨƌŽŵ ƐƵďĚƌĂŝŶƐĂŶĚ ŵĂŶŚŽůĞƐ͘ sĂĐƵƵŵdƌƵĐŬ ŚŽƉƉĞƌĨŝůůĞĚǁŝƚŚ ŵŝŶĞƌĂůĂŶĚŐƌŝƚ͘ DĂŶǇϱŐĂůůŽŶ ďƵĐŬĞƚƐĨƵůůŽĨ ĨůŽǁƐƚŽŶĞ ƌĞƚƌŝĞǀĞĚ͘ dƌĞĞZŽŽƚƐ ƌĞŵŽǀĞĚĨƌŽŵ ĚƌĂŝŶƐ͘ 3DFNHW3JϭϮ ϱͬϭϲͬϮϬϭϲ 'F sĂƌǇŝŶŐůĞǀĞůƐŽĨŵĂŝŶƚĞŶĂŶĐĞŽǀĞƌƚŚĞƉĂƐƚϯϬǇĞĂƌƐ WĂƐƚŵĂŝŶƚĞŶĂŶĐĞŝŶĐůƵĚĞĚƌŽƵƚŝŶĞůŝŶĞũĞƚƚŝŶŐ ,ĂǌĂƌĚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚŵĂŝŶƚĞŶĂŶĐĞ;ƚƌĂĨĨŝĐĐŽŶƚƌŽů͕ŐĞƚƚŝŶŐũĞƚƚŝŶŐƚŽŽůƐƐƚƵĐŬŝŶƚŚĞ ƐƵďĚƌĂŝŶ͕ĚĂŵĂŐĞƚŽƐƵďĚƌĂŝŶƉŝƉĞƐͿ EŽĨŽƌŵĂůŵĂŝŶƚĞŶĂŶĐĞƉůĂŶŝŶƉůĂĐĞ EŽ^ƚĂŶĚĂƌĚKƉĞƌĂƚŝŶŐWƌŽĐĞĚƵƌĞ EŽƐĞƚĨƵŶĚŝŶŐƐŽƵƌĐĞ ^ƵďĚƌĂŝŶŝƐŶŽƚĐŽŶƐŝĚĞƌĞĚƉĂƌƚŽĨƚŚĞ^ƚŽƌŵtĂƚĞƌ^ǇƐƚĞŵ ^ĞǁĞƌĐƌĞǁŚĂƐƉĞƌĨŽƌŵĞĚǀŝƐƵĂůŵĂŶŚŽůĞƌĞǀŝĞǁƐƐŝŶĐĞϮϬϭϯ ^ĞůĞĐƚĞĚŵĂŝŶƚĞŶĂŶĐĞƚŚƌƵƉƌŽƉĞƌƚǇŽǁŶĞƌŶŽƚŝĨŝĐĂƚŝŽŶŽĨĂƉƌŽďůĞŵ >ŽĐĂƚĞĚƚŚƌƵ'KW,ZϭĂůů EŽƉƌŝŽƌĨŽƌŵĂůǁƌŝƚƚĞŶƉŽůŝĐǇ ^ƚĂŶĚĂƌĚKƉĞƌĂƚŝŶŐWƌŽĐĞĚƵƌĞĞǀĞůŽƉĞĚŝŶϮϬϭϲ /ŶƐƉĞĐƚŝŽŶWƌŽĐĞĚƵƌĞƐĨŽƌDĂŶŚŽůĞƐ /ŶƐƉĞĐƚŝŽŶWƌŽĐĞĚƵƌĞƐĨŽƌWŝƉĞǁŝƚŚŝŶƐƉĞĐƚŝŽŶƌĞƉŽƌƚ &ƌĞƋƵĞŶĐǇŽĨĐůĞĂŶŝŶŐ DĂƉƉŝŶŐŽĨƐƵďĚƌĂŝŶƐǇƐƚĞŵ /ĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨ&ƵŶĚŝŶŐEĞĞĚƐďǇĐĂƚĞŐŽƌǇ ^KWƚŽďĞƉƌĞƐĞŶƚĞĚƚŽŽƵŶĐŝůĨŽƌ&ŽƌŵĂůĚŽƉƚŝŽŶ ϮϬϭϳƵĚŐĞƚ>ŝŶĞ/ƚĞŵ ^ƚŽƌŵtĂƚĞƌhƚŝůŝƚǇĂƐĨƵŶĚŝŶŐƐŽƵƌĐĞ 3DFNHW3Jϭϯ ϱͬϭϲͬϮϬϭϲ 'F ϮϬϭϱϭ;ŽŶĞͿ^ƚƌĞĞƚKƉĞŶŝŶŐďǇŽŶƚƌĂĐƚΨϭϬ< ϮϬϭϱϭϬƐƵďĚŝǀŝƐŝŽŶƐũĞƚƚĞĚ͕ĐůĞĂŶĞĚ͕ĚĞďƌŝƐƌĞŵŽǀĂůƚŚƌŽƵŐŚϭ͕ϬϬϬ͛ƐŽĨ ĨĞĞƚŽĨůŝŶĞ͕ďǇĐŽŶƚƌĂĐƚĂƚΨϴϬ< /Ŷ Ͳ,ŽƵƐĞDĂŝŶƚĞŶĂŶĐĞĂŶĚŶŐŝŶĞĞƌŝŶŐDĂŶĂŐĞŵĞŶƚΨϮϱ< DĂŝŶƚĞŶĂŶĐĞĐŽƐƚŝƐŚŝŐŚ ZĞƋƵŝƌĞƐĞǆƚƌĂŽƌĚŝŶĂƌǇŵĂŝŶƚĞŶĂŶĐĞƐĐŚĞĚƵůĞĂŶĚŶĞĞĚƐ͕ƐƉĞĐŝĂůŝǌĞĚ ĞƋƵŝƉŵĞŶƚĂŶĚŵƵůƚŝƉůĞŽƉĞƌĂƚŽƌƐ ϭϵϵϬƚŽϮϬϬϲʹdŚĞŝƚǇŚĂĚƌĞĐŽƌĚĞĚϬĐůĂŝŵƐƌĞƐƵůƚŝŶŐŝŶƉĂǇŵĞŶƚ ŽĨĚĂŵĂŐĞƐ ϮϬϬϳ&ůŽŽĚǀĞŶƚʹDƵůƚŝƉůĞƉĂǇŵĞŶƚƐŽƵƚŽĨŝƚǇ^ĞǁĞƌhƚŝůŝƚǇ &ƵŶĚƐ͙͘͘͟ϮϬϬϳEŽ&ĂƵůƚWƌŽŐƌĂŵ͟ dŚĞŝƚǇ͛ƐEŽ&ĂƵůƚ^ĞǁĞƌĂĐŬhƉZĞŝŵďƵƌƐĞŵĞŶƚWƌŽŐƌĂŵƉĂŝĚŽƵƚ ΨϳϬ͕Ϭϳϵ͘ϮϬĨŽƌƚŚĞϮϬϬϳƐƵďĚƌĂŝŶďĂĐŬƵƉƐ͘ ϮϬϭϱƚŽWƌĞƐĞŶƚ>D/d/ŶƐƵƌĂŶĐĞŽǀĞƌĂŐĞƉĂŝĚΨϱ<ĚƵĞƚŽǁĂƚĞƌ ĞŶƚĞƌŝŶŐŚŽŵĞĚƵƌŝŶŐƐƵďĚƌĂŝŶĐůĞĂŶŝŶŐĂŶĚǁŽƌŬ͘ ŽƐƚŽĨĐůĂŝŵƐŝƐůŽǁĐŽŵƉĂƌĞĚƚŽƌŝƐŬ ϰ͕ϬϬϬƉŽƐƐŝďůĞƐĞƌǀŝĐĞƐ͖ŚŝƐƚŽƌŝĐĂůůǇŚĂǀĞŚĂĚǀĞƌǇĨĞǁ͕ŝĨĂŶǇ͕ ĐůĂŝŵƐƉĞƌǇĞĂƌ 3DFNHW3Jϭϰ ϱͬϭϲͬϮϬϭϲ 'F ŽƐƚŝƐŚŝŐŚ ^ƵďĚƌĂŝŶŝƐƵƐƵĂůůǇĚĞĞƉ ďĞŶĞĂƚŚŽƚŚĞƌƵƚŝůŝƚŝĞƐ ^ƚƌĞĞƚŝƐĐůŽƐĞĚĨŽƌƌĞƉĂŝƌ WŽƐƐŝďůĞƵŶŝŶƚĞŶĚĞĚ ĚĂŵĂŐĞƚŽŽƚŚĞƌƵƚŝůŝƚŝĞƐ ŽŶĨŝŶĞĚƐƉĂĐĞĞŶƚƌǇ dƌĞŶĐŚďŽǆǁŽƌŬ ZĞƋƵŝƌĞƐƐƚƌĞĞƚ ƌĞĐŽŶƐƚƌƵĐƚŝŽŶ 3DFNHW3J ϱͬϭϲͬϮϬϭϲ 'F ZĞƋƵĞƐƚĨŽƌWƌŽƉŽƐĂůƐǁĂƐƐĞŶƚƚŽϰŽŶƚƌĂĐƚŽƌƐŝŶDĂƌĐŚϮϬϭϲ WƌŽƉŽƐĞĚϱzĞĂƌ^ƵďĚƌĂŝŶDĂŝŶƚĞŶĂŶĐĞĐŽŶƚƌĂĐƚ;ϮϬϭϲͲ ϮϬϮϬͿ YƵŽƚĞƐƌĞĐĞŝǀĞĚĨƌŽŵƚǁŽůŽĐĂůĐŽŶƚƌĂĐƚŽƌƐ͘ >ŽǁŝĚŽŶƚƌĂĐƚŽƌŝƐZŽĐŚĞƐƚĞƌWůƵŵďŝŶŐͬZŽƚŽZŽŽƚĞƌ ^ƚŽƌŵtĂƚĞƌhƚŝůŝƚǇǁŝůůĐŽǀĞƌƚŚĞĐŽƐƚŽĨƚŚĞϮϬϭϲ^ƵďĚƌĂŝŶ ĐůĞĂŶŝŶŐƐŝŶĐĞƚŚĞƌĞŝƐĐƵƌƌĞŶƚůǇŶŽĨƵŶĚŝŶŐŵĞĐŚĂŶŝƐŵŝŶƉůĂĐĞ ĨŽƌƚŚŝƐ͘ ,ŽǁƐŚŽƵůĚƐƵďĚƌĂŝŶŵĂŝŶƚĞŶĂŶĐĞďĞĨƵŶĚĞĚĂĨƚĞƌϮϬϭϲ͍ KǀĞƌĂůůƚŚĞ^ƵďĚƌĂŝŶƐǇƐƚĞŵŚĂƐŚĂĚŵŝŶŝŵĂůŵĂŝŶƚĞŶĂŶĐĞ ƉĞƌĨŽƌŵĞĚ ĂĐŚĚĞĞƉƐƵďĚƌĂŝŶůŝŶĞŚĂƐŵŝŶĞƌĂůĚĞƉŽƐŝƚďƵŝůĚƵƉ͕ƚŚŝƐǀĂƌŝĞƐ ĨŽƌĞĂĐŚĂƌĞĂ͖ƚŚĞďƵŝůĚƵƉƌĂŶŐĞƐĨƌŽŵϬйƚŽϴϬйŽĨƚŚĞ ĚŝĂŵĞƚĞƌŽĨƚŚĞůŝŶĞďĞŝŶŐƌĞƐƚƌŝĐƚĞĚ͘ >ĂƚĞƐƚŝŶƐƉĞĐƚŝŽŶƐƐŚŽǁĂůůƐƵďĚƌĂŝŶƐĂƌĞĚƌĂŝŶŝŶŐĂŶĚƚŚĂƚ ĐƵƌƌĞŶƚůǇƚŚĞƌĞĂƌĞŶŽƐƵƌĐŚĂƌŐĞĚĐŽŶĚŝƚŝŽŶƐŝŶƚŚĞŵĂŶŚŽůĞƐ͘ EŽĨŽƌŵĂůƌĞǀŝĞǁĨŽƌĐŽŶĚŝƚŝŽŶŽĨĞĚŐĞĚƌĂŝŶƐŚĂƐŽĐĐƵƌƌĞĚ͘ 3DFNHW3Jϭϲ ϱͬϭϲͬϮϬϭϲ 'F DĂƐƐDĂŝůŝŶŐƚŽĂƉƉƌŽǆŝŵĂƚĞůǇϰ͕ϬϬϬƉƌŽƉĞƌƚǇŽǁŶĞƌƐ /ŶĨƌĂƐƚƌƵĐƚƵƌĞŝǀŝƐŝŽŶǁŝůůƌĞǀŝĞǁĂŶĚĂƐƐĞŵďůĞĂůůĐŽŶŶĞĐƚŝŽŶƉĞƌŵŝƚƐŽƌ ĂĞƌŝĂůƉŚŽƚŽƐǁŝƚŚ'W^ƉŽŝŶƚƐ dŚĞůĞƚƚĞƌǁŝůůŶŽƚŝĨǇƚŚĞWƌŽƉĞƌƚǇKǁŶĞƌƚŚĂƚƚŚĞǇĐŽƵůĚďĞĐŽŶŶĞĐƚĞĚƚŽ ƚŚĞ^ƵďĚƌĂŝŶŽƌĚŐĞĚƌĂŝŶĂŶĚƚŚĞƉŽƚĞŶƚŝĂůĚĂŵĂŐĞƚŽƉƌŽƉĞƌƚǇƌŝƐŬƚŚĂƚ ƉŽƐĞƐ >ĞƚƚĞƌƚŽŽŵŵĞƌĐŝĂůWƌŽƉĞƌƚŝĞƐǁŚĞƌĞĐŽŶŶĞĐƚŝŽŶƐĐŽƵůĚďĞƉƌĞƐĞŶƚ ŽƵŶĐŝůĚŽƉƚŝŽŶŽĨĂ^ƵďĚƌĂŝŶ^ƚĂŶĚĂƌĚKƉĞƌĂƚŝŶŐWƌŽĐĞĚƵƌĞ ŝƐĐƵƐƐ&ƵŶĚŝŶŐ^ŽƵƌĐĞ;ƐͿ &ƵƌƚŚĞƌZĞǀŝĞǁŽĨƚŚĞ^ƵďĚƌĂŝŶĂŶĚĚŐĞĚƌĂŝŶ^ǇƐƚĞŵ^KW &ƵƌƚŚĞƌZĞǀŝĞǁŽĨƚŚĞ^ƵďĚƌĂŝŶĂŶĚĚŐĞĚƌĂŝŶ^ǇƐƚĞŵ DĂŝŶƚĞŶĂŶĐĞŽŶĚŝƚŝŽŶĂŶĚŽƐƚƐ ĞƚĞƌŵŝŶĞŝƚǇ͛ƐZŽůĞĂŶĚZĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌ^ƵďĚƌĂŝŶƐ ĚŽƉƚĂ&ŝŶĂŶĐŝŶŐ^ƚƌĂƚĞŐǇĨŽƌ^ƵďĚƌĂŝŶDĂŝŶƚĞŶĂŶĐĞĂŶĚ ZĞƉůĂĐĞŵĞŶƚ ^ĞƌǀŝĐĞƐƐƵƌĞĚWƌŽŐƌĂŵĨŽƌ^ƵďĚƌĂŝŶ͍ ^ƵďĚƌĂŝŶhƚŝůŝƚǇ&ĞĞĨŽƌKǁŶĞƌƐ^ĞƌǀĞĚďǇ^ƵďĚƌĂŝŶƐ͍ KƚŚĞƌ͍ 3DFNHW3Jϭϳ 'G :ƵŶĞϲ͕ϮϬϭϲ ĞĂƌWƌŽƉĞƌƚǇKǁŶĞƌ Z͗WƵďůŝĐEŽƚŝĨŝĐĂƚŝŽŶ>ĞƚƚĞƌ^ƵďĚƌĂŝŶŝŶzŽƵƌ^ƵďĚŝǀŝƐŝŽŶ WƵďůŝĐtŽƌŬƐ^ƚĂĨĨŚĂǀĞƌĞǀŝĞǁĞĚĂŶĚĞǀĂůƵĂƚĞĚƐƵďĚƌĂŝŶƐůŽĐĂƚĞĚƚŚƌŽƵŐŚŽƵƚƚŚĞŝƚǇ ŽĨZŽĐŚĞƐƚĞƌ͘ƵƌŝŶŐƚŚĞƌĞǀŝĞǁĂŶĚĞǀĂůƵĂƚŝŽŶƉĞƌŝŽĚŝƚǁĂƐĨŽƵŶĚƚŚĂƚŵĂŶǇ ƐƵďĚƌĂŝŶƐƚŚƌŽƵŐŚŽƵƚZŽĐŚĞƐƚĞƌĂƌĞƐƵďũĞĐƚƚŽŵŝŶĞƌĂůďƵŝůĚƵƉŝŶƉŝƉĞƐ͕ƐƵƌĐŚĂƌŐŝŶŐŝŶ ŵĂŶŚŽůĞƐĂŶĚŽƚŚĞƌŝƐƐƵĞƐĚĞƐƉŝƚĞŵĂŝŶƚĞŶĂŶĐĞĂĐƚŝǀŝƚŝĞƐ͘dŚŝƐůĞƚƚĞƌŝƐƚŽŝŶĨŽƌŵǇŽƵ ĂƐƚŚĞƉƌŽƉĞƌƚǇŽǁŶĞƌƚŚĂƚǇŽƵƌŚŽƵƐĞ͕ŵĂǇďĞĐŽŶŶĞĐƚĞĚƚŽƚŚĞƐĞŐƌĂǀŝƚǇƐƵďĚƌĂŝŶƐ ƚŚƌƵĂƐĞƌǀŝĐĞĐŽŶŶĞĐƚŝŽŶ͘ tŚĂƚŝƐƚŚĞƐƵďĚƌĂŝŶƐǇƐƚĞŵ͍ dŚĞƉƵďůŝĐƐƵďĚƌĂŝŶŝƐĂƉĞƌĨŽƌĂƚĞĚWsƉŝƉĞƚŚĂƚŝƐ ďƵƌŝĞĚŝŶƚŚĞƐƚƌĞĞƚƌŝŐŚƚͲŽĨͲǁĂǇĂŶĚĚƌĂŝŶƐǁĂƚĞƌĨƌŽŵƐŽŝůƐĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͘/ƚŝƐ 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3DFNHW3J )I 3DFNHW3J )I 3DFNHW3J )I 3DFNHW3J )I 3DFNHW3J )I 3DFNHW3J )I 3DFNHW3J )J ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗ƵŐƵƐƚϮϰ͕ϮϬϭϲ ŽŶĞŚĂŶŐĞηZϮϬϭϲ Ͳ ϬϬϱĨŽƌϱ͘ϲϰĂĐƌĞƐŽĨǀĂĐĂŶƚƉƌŽƉĞƌƚǇůŽĐĂƚĞĚĂƚƚŚĞ^tƋƵĂĚƌĂŶƚŽĨƚŚĞ ŝŶƚĞƌƐĞĐƚŝŽŶŽĨsŝŽůĂZĚE;^,ϮͿĂŶĚĂƐƚŝƌĐůĞZE;^,ϮϮͿŽŶĞŝƚŚĞƌƐŝĚĞŽĨtŚĞĞůŽĐŬZE ĂƐĞǆŝƐƚŝŶŐĂŶĚƚŽďĞĞǆƚĞŶĚĞĚ͘dŚĞƉƌŽƉĞƌƚǇŝƐƉƌŽƉŽƐĞĚƚŽďĞƌĞǌŽŶĞĚƚŽƚŚĞͲ ϰ'ĞŶĞƌĂů ŽŵŵĞƌĐŝĂůŝƐƚƌŝĐƚĨƌŽŵƚŚĞͲ ϭZĞƐƚƌŝĐƚĞĚŽŵŵĞƌĐŝĂůŝƐƚƌŝĐƚ;ϱ͘ϱϱĂĐƌĞƐͿĂŶĚĂĚũĂĐĞŶƚůĂŶĚƐƚŽďĞ ĂŶŶĞǆĞĚƚŽƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĨƌŽŵ,ĂǀĞƌŚŝůůdǁƉ͘;Ϭ͘ϬϵĂĐƌĞƐͿ͘dŚĞƉůĂƚƚĞĚƉƌŽƉĞƌƚǇŝŶĐůƵĚĞĚŝŶ ƚŚĞƉĞƚŝƚŝŽŶ;ϱ͘ϱϱĂĐƌĞƐͿŝƐůĞŐĂůůǇĚĞƐĐƌŝďĞĚĂƐ>Žƚϭ͕ůŽĐŬϮĂŶĚ>ŽƚϮ͕ůŽĐŬϭ͕sŝŽůĂ,ĞŝŐŚƚƐ ;ƐƵďĚŝǀŝƐŝŽŶͿ͘ ŵĞŶĚŵĞŶƚƚŽZϬϬϯϬϲ'WͲ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶŬŶŽǁŶĂƐsŝŽůĂ,ĞŝŐŚƚƐůŽĐĂƚĞĚĂƚƚŚĞ^t YƵĂĚƌĂŶƚŽĨƚŚĞ/ŶƚĞƌƐĞĐƚŝŽŶŽĨsŝŽůĂZE;^,ϮͿĂŶĚĂƐƚŝƌĐůĞZE;^,ϮϮͿ͘dŚĞƉƌŽƉŽƐĞĚ ĐŚĂŶŐĞƚŽƚŚŝƐ'WĂƉƉůŝĞƐƉƌĞĚŽŵŝŶĂŶƚůǇƚŽƚǁŽǀĂĐĂŶƚƉůĂƚƚĞĚůŽƚƐĚĞƐĐƌŝďĞĚĂƐ>Žƚϭ͕ůŽĐŬϮĂŶĚ >ŽƚϮ͕ůŽĐŬϭŽĨ͞sŝŽůĂ,ĞŝŐŚƚƐ͟;ƐƵďĚŝǀŝƐŝŽŶͿ͕ĂŶĚϬ͘ϬϵĂĐƌĞƐŽĨĂĚũĂĐĞŶƚǀĂĐĂŶƚůĂŶĚ͘dŚĞƐĞůĂŶĚƐĂƌĞ ŶŽǁƉƌŽƉŽƐĞĚƚŽďĞƌĞǌŽŶĞĚĨƌŽŵͲ ϭͲZĞƐƚƌŝĐƚĞĚŽŵŵĞƌĐŝĂůŝƐƚƌŝĐƚƚŽƚŚĞͲ ϰʹ'ĞŶĞƌĂů ŽŵŵĞƌĐŝĂůŝƐƚƌŝĐƚ͘ Dƌ͘:ŽŚŶƐŽŶƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚƵŐƵƐƚϮϰ͕ϮϬϭϲ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐ ŽŶĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ Dƌ͘tĂůƚĞƌƐŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘tĂĚĞƵŵŽŶĚ͕ƌĞƉƌĞƐĞŶƚŝŶŐ<ǁŝŬdƌŝƉ͕/ŶĐ͕͘ůŽĐĂƚĞĚĂƚϭϲϮϲKĂŬ^ƚƌĞĞƚ͕>ĂĐƌŽƐƐĞtŝƐĐŽŶƐŝŶ͕ ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞĂĚĚƌĞƐƐĞĚƚŚĞƉƌŽũĞĐƚŝŶƌĞŐĂƌĚƐsŝŽůĂZŽĂĚ͕ƚŚĞŽǁŶĞƌƐŚŝƉŽĨsŝŽůĂ ZŽĂĚǁŝůůďĞƚƌĂŶƐĨĞƌƌŝŶŐƚŽƚŚĞŝƚǇĨƌŽŵŽƵŶƚǇ͖ƚŚĞƚƌĂĨĨŝĐůŝŐŚƚĐĂŶ͛ƚŚĂƉƉĞŶƵŶƚŝůƚŚĞƚƌĂŶƐĨĞƌŚĂƐ ƚĂŬĞŶƉůĂĐĞ͖ŽƵŶƚǇŚĂƐƐƚĂƚĞĚƚŚĞǇǁŝůůŶŽƚƉƵƚŝŶĂůŝŐŚƚ͖ĂϮϰŚŽƵƌŽƉĞƌĂƚŝŽŶĂƚƚŚĞƉƌŽƉŽƐĞĚ ĐŽŵŵĞƌĐŝĂůďƵƐŝŶĞƐƐůŽĐĂƚŝŽŶŝƐŶĞĐĞƐƐĂƌǇ͖ŶĞŝŐŚďŽƌƐĂƌĞŶŽƚŝŶĨĂǀŽƌ͖ƉĞĚĞƐƚƌŝĂŶĐŽŶŶĞĐƚŝŽŶƐǁĞƌĞ ĚŝƐĐƵƐƐĞĚ͖ƐƚĂĨĨĐŽŶĚŝƚŝŽŶƐǁĞƌĞĚŝƐĐƵƐƐĞĚ͘ DƐ͘ŝĂŶĞtŝůĂďǇ͕ƌĞƐŝĚŝŶŐĂƚϭϵϮϲsŝŽůĂ,ĞŝŐŚƚƐ>ĂŶĞE͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘^ŚĞŝƐĂŚŽŵĞŽǁŶĞƌŝŶƚŚĞĂƌĞĂ͖ĞǆƉƌĞƐƐĞĚĐŽŶĐĞƌŶƐǁŝƚŚƚƌĂĨĨŝĐƐĂĨĞƚǇĂŶĚŚĂǀĞ ĐŽŶƐŝƐƚĞŶƚůǇĞǆƉƌĞƐƐĞĚƚŚĞŝƌĐŽŶĐĞƌŶƐƐŝŶĐĞƚŚĞĚĞǀĞůŽƉŵĞŶƚŚĂƐƐƚĂƌƚĞĚŽŶƚŚŝƐƉƌŽƉĞƌƚǇ͘ Dƌ͘:ŝŵĂŝŶďƌŝĚŐĞ͕ƌĞƐŝĚŝŶŐĂƚϭϵϮϬsŝŽůĂ,ĞŝŐŚƚƐ>ĂŶĞE͕ZŽĐŚĞƐƚĞƌDŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞƐŚĂƌĞĚƚŚĞƐĂŵĞĐŽŶĐĞƌŶƐĂƐŚŝƐŶĞŝŐŚďŽƌ͖ĂŶĚƚƌĂĨĨŝĐŝŶĐƌĞĂƐĞĂŶĚĐƵƌƌĞŶƚĨůŽǁŝƐĂ ƉƌŽďůĞŵ͘ DƐ͘ĂƌŽůǇŶŽŶŽǀĂŶ͕ƌĞƐŝĚŝŶŐĂƚϭϵϬϬsŝŽůĂ,ĞŝŐŚƚƐ>ĂŶĞE͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘^ŚĞƐƚĂƚĞĚŚĞƌŶŽŶƐƵƉƉŽƌƚĨŽƌƚŚĞƉƌŽũĞĐƚ͕ĐŽŵŵĞƌĐŝĂůĚŽĞƐŶŽƚďĞůŽŶŐŝŶƚŚĞƌĞƐŝĚĞŶƚŝĂů ĂƌĞĂ͖ĂŶĚƚƌĂĨĨŝĐƐƉĞĞĚƐĂƌĞƚŽŽŚŝŐŚ͘ DƐ͘ĞĂŶŶ^ƉĞŶĐĞƌ͕ƌĞƐŝĚŝŶŐĂƚϭϵϭϰsŝŽůĂ,ĞŝŐŚƚƐ>ĂŶĞE͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘^ŚĞƐƚĂƚĞĚŚĞƌĐŽŶĐĞƌŶĨŽƌƚƌĂĨĨŝĐŝŶĐƌĞĂƐĞ͖ƐĂĨĞƚǇĨŽƌƐƚƵĚĞŶƚƐĂƚĞŶƚƵƌǇĐƌŽƐƐŝŶŐŽǀĞƌ sŝŽůĂZŽĂĚ͖ĂŶĚƚŚĞŽƉĞƌĂƚŝŽŶŚŽƵƌƐŽĨ<ǁŝŬdƌŝƉĂƌĞĂĐŽŶĐĞƌŶ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘tĂůƚĞƌƐĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌŶŽƚĞĚŚŝƐĚŝƐĂŐƌĞĞŵĞŶƚǁŝƚŚƐƚĂĨĨŝŶƚŚĂƚŚĞĨĞůƚƚŚŝƐǌŽŶĞĐŚĂŶŐĞŝƐƐƉŽƚǌŽŶŝŶŐĂŶĚ ĚŽĞƐŶŽƚƐƵƉƉŽƌƚƚŚĞǌŽŶĞĐŚĂŶŐĞ͘ _3DJH 3DFNHW3J )J ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗ƵŐƵƐƚϮϰ͕ϮϬϭϲ Dƌ͘tĂůƚĞƌƐĞǆƉƌĞƐƐĞĚĐŽŶĐĞƌŶǁŝƚŚƚŚĞƉůĂƚƐŽĨůĂŶĚďĞŝŶŐƵƐĞĚŝŶƚǁŽĚŝĨĨĞƌĞŶƚŵĂŶŶĞƌƐďƵƚĂƌĞ ĐŽŶŶĞĐƚĞĚďĞƚǁĞĞŶƚǁŽďƵƐǇƌŽĂĚǁĂǇƐ͖ĂŶĚĨĞĞůƚŚĞĐƵƌƌĞŶƚǌŽŶŝŶŐŝƐƚŚĞĐŽƌƌĞĐƚǌŽŶŝŶŐĨŽƌƚŚŝƐĂƌĞĂ͘ 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Dƌ͘:ŽŚŶƐŽŶƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚƵŐƵƐƚƐϮϰ͕ϮϬϭϲ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐ ŽŶĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ )J ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗ƵŐƵƐƚϮϰ͕ϮϬϭϲ Dƌ͘tĂůƚĞƌƐŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ ƚŚ Dƌ͘dŽĚĚtŝĐŬƌĞ͕ƌĞƐŝĚŝŶŐĂƚϯϬϯϭϬ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌDŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ ƉƌĞƐĞŶƚĞĚĂďĂĐŬŐƌŽƵŶĚĂŶĚƚŝŵĞůŝŶĞĨŽƌƚŚĞƉƌŽũĞĐƚ͖ĂŶĚĞǆƉůĂŝŶĞĚĂŶĞǁƉƌŽĚƵĐƚƚŚĂƚŝƐƵƐĞĚǁŝƚŚ> ůŝŐŚƚĞĚƐŝŐŶƐĐĂůůĞĚĂůƵĨĨĞƌĂŶĚǁŚĞŶƚŚĞƐŝŐŶŝƐǀŝĞǁĞĚĂƚĂŶĂŶŐůĞƚŚĞůŝŐŚƚĚŝŵƐ͘ Dƌ͘DĂƚƚƌĂŝŶ͕ƌĞƐŝĚŝŶŐĂƚϯϭϮϰKǆĨŽƌĚ>ĂŶĞEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ ĂĚĚƌĞƐƐĞĚĐŽŶĐĞƌŶƐǁŝƚŚƚŚĞůŝŐŚƚŝŶŐďĞŝŶŐĂŶŝŵƉĂĐƚĨĂĐƚŽƌƚŽƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘ ƚŚ Dƌ͘dŽĚĚtŝĐŬƌĞ͕ƌĞƐŝĚŝŶŐĂƚϯϬϯϭϬ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞĂĚĚƌĞƐƐĞĚ ƚŚĞĚĞƐŝŐŶŽĨĂƐŝŐŶďĞŝŶŐŽŶĞƐŝŐŶǀĞƌƐƵƐƚǁŽƐŝŐŶƐŝŶĂs Ͳ ƐŚĂƉĞ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘tĂůƚĞƌƐĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶŝŶƌĞŐĂƌĚƐƚŽƚŚĞĨŝŶĚŝŶŐƐǁŚŝĐŚŶĞĞĚƚŽďĞŵĂĚĞďǇƚŚĞ ĐŽŵŵŝƐƐŝŽŶŝŶĨĂǀŽƌŽƌŶŽƚŝŶĨĂǀŽƌŽĨƚŚĞĂƉƉůŝĐĂƚŝŽŶ͖ƐƚĂŶĚĂƌĚƐŽĨƚŚĞǌŽŶŝŶŐĚŝƐƚƌŝĐƚǁŚĞƌĞƌĞǀŝĞǁĞĚ͖ ůŽĐĂƚŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐǁŽƵůĚďĞĂƉĞƌŵŝƚƚĞĚƵƐĞĨŽƌĂƐŝŐŶ͘ DƐ͘DĞĞŬŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĚĞŶŝĂůŽĨ^ƉĞĐŝĂůŽŶŝŶŐŝƐƚƌŝĐƚŵĞŶĚŵĞŶƚηZϮϬϭϲ Ͳ ϬϬϯ^ƚŽƚŚĞ ƌďŽƌĞƚƵŵ^ƉĞĐŝĂůŝƐƚƌŝĐƚǁŝƚŚƚŚĞĨŝŶĚŝŶŐƚŚĞĨƌĞĞƐƚĂŶĚŝŶŐŝƐŶŽƚŝŶŚĂƌŵŽŶǇǁŝƚŚƚŚĞŝŶƚĞŶƚŽĨ ƚŚĞ^ƉĞĐŝĂůŝƐƚƌŝĐƚ͘Dƌ͘^ŝŵƐƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĨĂŝůĞĚϯ Ͳ ϯ͘DƐ͘^ĞĂďƌŽŽŬ͕Dƌ͘ ƵƌƐƚ͕ĂŶĚDƌ͘tĂůƚĞƌƐǀŽƚŝŶŐŶĂǇ͘ ŝƐĐƵƐƐŝŽŶĐŽŶƚŝŶƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶŽŶŚŽǁƚŽŵŽǀĞĨŽƌǁĂƌĚǁŝƚŚƚŚĞĂƐƉĞĐƚƐĂŶĚůŽĐĂƚŝŽŶŽĨ ƚŚĞƉƌŽũĞĐƚǁŚĞŶŚĂǀŝŶŐĂƐƉůŝƚǀŽƚĞ͘ DƐ͘DĞĞŬŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĚĞŶŝĂůŽĨ^ƉĞĐŝĂůŽŶŝŶŐŝƐƚƌŝĐƚŵĞŶĚŵĞŶƚηZϮϬϭϲ Ͳ ϬϬϯ^ƚŽƚŚĞ ƌďŽƌĞƚƵŵ^ƉĞĐŝĂůŝƐƚƌŝĐƚƚŚĞĨƌĞĞƐƚĂŶĚŝŶŐŝƐŶŽƚŝŶŚĂƌŵŽŶǇǁŝƚŚƚŚĞ^ƉĞĐŝĂůŝƐƚƌŝĐƚ͘Dƌ͘^ŝŵƐ ƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĨĂŝůĞĚϯ Ͳ ϯ͘DƐ͘^ĞĂďƌŽŽŬ͕Dƌ͘ƵƌƐƚ͕ĂŶĚDƌ͘tĂůƚĞƌƐǀŽƚŝŶŐŶĂǇ͘ Dƌ͘ƵƌƐƚŵĂĚĞĂŵŽƚŝŽŶƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨ^ƉĞĐŝĂůŽŶŝŶŐŝƐƚƌŝĐƚŵĞŶĚŵĞŶƚηZϮϬϭϲ Ͳ ϬϬϯ^ǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚŽĨĨŝůƚĞƌƐƚŽďĞƵƐĞĚŽŶƐŝŐŶƐĂŶĚĨŝŶĚŝŶŐƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨůĂŶŐƵĂŐĞ ŝŶĂƐƉĞĐŝĂůĚŝƐƚƌŝĐƚŝƐƵŶĚĞĨŝŶĞĚ͘Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌƐĞĐŽŶĚĞĚ͘ 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