The URL can be used to link to this page

Home My WebLink AboutApril 17, 2017 Agenda Packet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rial]]OHUNDWDKROOLQJVKHDG#URFKHVWHUPQJRY [[1774,1854,1787,1907][11][,I,][Arial]] [[1787,1854,2000,1907][11][,I,][Arial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rial]] [[595,3165,604,3199][7][,I,][Arial]]? [[603,3165,688,3199][7][,I,][Arial]]&255 [[689,3165,698,3199][7][,I,][Arial]]? [[697,3165,756,3199][7][,I,][ Arial]]%LG [[756,3165,765,3199][7][,I,][Arial]]? [[764,3165,820,3199][7][,I,][Arial]]EWDE [[821,3165,830,3199][7][,I,][Arial]]? [[829,3165,895,3199][7][,I,][Arial]]567 [[895,3165,904,3199][7][,I,][ Arial]] [[905,3165,913,3199][7][,I,][Arial]] [[913,3165,1929,3199][7][,I,][Arial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imes New Roman]] [[432,2081,715,2133][11][B,I,][Times New Roman]]&RPSHQVDWLRQ [[716,2081,728,2134][11][,,][Times New Roman]] [[727,2081,2113,2134][11][,,][Ti mes New Roman]]7KH&RQWUDFWRUZLOOEHSDLGIRUDFWXDOHOLJLEOHFRVWVLQFXUUHGQRWWRH[FHHG 6L[+XQGUHG7KLUW\6HYHQ7KRXVDQG6HYHQ+XQGUHG7KLUW\6L[GROODUV7ZR 'E 5HSUHVHQWDWLYHDFFHSWVWKHLQYRLFHGVHUYLFHV:KHQSHUIRUPLQJDQ,QYHVWPHQW*UDGH$XGLWQR LQYRLFHVKDOOEHVXEPLWWHGXQWLOHLWKHU WKH6WDWH,QVWLWXWLRQRSWVWRQRWSURFHHGZLWKDYLDEOHSURMHFW RU ERWKDQDPHQGPHQWRXWOLQLQJWKHSURMHFWZRUNDQGSULFHDQGDSURMHFWILQDQFLQJDJUHHPHQW ZKHUHDSSOLFDEOHKDVEHHQH[HFXWHG7KHQLQYRLFHVPXVWEHVXEPLWWHGWLPHO\DQGQRPRUHIUHTXHQWO\ WKDQPRQWKO\IRUFRPSOHWHGZRUNDFFRUGLQJWRWKHVFKHGXOHRXWOLQHGLQ([KLELW) &RQVWUXFWLRQDQG ,QVWDOODWLRQ6FKHGXOH ZKLFKLVDWWDFKHGKHUHWRDQGLQFRUSRUDWHGLQWRWKLV:RUN2UGHU&RQWUDFW [[462,519,590,571][11][B,I,][Times New Roman]]5HWDLQ [[590,519,656,571][11][B,I,][Times New Roman]]DJH [[656,519,1249,572][11][,,][Times New Roman]]8QGHU0LQQ6WDW&6 [[1249,519,2355,572][11][,,][Times New Roman]]XEG E QRPRUHWKDQSHUFHQWRIWKHDPRXQWGXHXQGHU DQ\:RUN2UGHUPD\EHSDLGXQWLOWKHILQDOSURGXFWRIWKH:RUN2UGHUKDVEHHQUHYLHZHGE\WKH6WDWH ,QVWLWXWLRQ¶VDJHQF\KHDG7KHEDODQFHGXHZLOOEHSDLGZKHQWKH6WDWH¶VDJHQF\KHDGGHWHUPLQHVWKDW WKH&RQWUDFWRUKDVVDWLVIDFWRULO\IXOILOOHGDOOWKHWHUPVRIWKH:RUN2UGHU ([FHSWDVKHUHLQDPHQGHGWKHSURYLVLRQVRIWKH2ULJLQDO0DVWHU&RQWUDFWWKH:RUN2UGHU&RQWUDFWDQGDQ\SUHYLRXV DPHQGPHQWVH[KLELWVDQGDWWDFKPHQWVWKHUHWRUHPDLQLQIXOOIRUFHDQGHIIHFW 7KHUHPDLQGHURIWKLVSDJHLVOHIWLQWHQWLRQDOO\EODQN :2&±&LW\RI5RFKHVWHU0D\R&LYLF&HQWHU±0F.LQVWU\&R//& :2&$PHQGPHQW1R 5HY 3DFNHW3J ' 5(48(67)25&281&,/$&7,21 0((7,1*'$7( 'D :LOORZ&UHHN&RPPRQV =RQH&KDQJH/HJDO'LVFUHSDQF\ : 6 W & Z R O O L : 6W6: 1RUWKGHJUHHV :IW 1RUWKGHJUHHV (IW /HJHQG &RUUHFWHG/HJDO &XUUHQW/HJDO )HHW 3DUFHOV 3DFNHW3J 'E 5 $SDUWRIWKH1RUWKZHVW4XDUWHURI6HFWLRQ7RZQVKLS1RUWK5DQJH:HVW &LW\RI5RFKHVWHU2OPVWHG&RXQW\0LQQHVRWDGHVFULEHGDVIROORZV &RPPHQFLQJDWWKHVRXWKZHVWFRUQHURIVDLGQRUWKZHVWTXDUWHUWKHQFHHDVWHUO\ DORQJWKHVRXWKOLQHRIVDLGQRUWKZHVWTXDUWHU6RXWKGHJUHHVPLQXWHV VHFRQGV(DVWDVVXPHGEHDULQJIHHWWRWKHSRLQWRIEHJLQQLQJWKHQFH1RUWK GHJUHHVPLQXWHVVHFRQGV:HVW ' 5(48(67)25&281&,/$&7,21 0((7,1*'$7( 'D :LOORZ&UHHN&RPPRQV =RQH&KDQJH/HJDO'LVFUHSDQF\ : 6 W & Z R O O L : 6W6: 1RUWKGHJUHHV :IW 1RUWKGHJUHHV (IW /HJHQG &RUUHFWHG/HJDO &XUUHQW/HJDO )HHW 3DUFHOV 3DFNHW3J 'E /83$ $SDUWRIWKH1RUWKZHVW4XDUWHURI6HFWLRQ7RZQVKLS1RUWK5DQJH:HVW &LW\RI5RFKHVWHU2OPVWHG&RXQW\0LQQHVRWDGHVFULEHGDVIROORZV &RPPHQFLQJDWWKHVRXWKZHVWFRUQHURIVDLGQRUWKZHVWTXDUWHUWKHQFHHDVWHUO\ DORQJWKHVRXWKOLQHRIVDLGQRUWKZHVWTXDUWHU6RXWKGHJUHHVPLQXWHV VHFRQGV(DVWDVVXPHGEHDULQJIHHWWRWKHSRLQWRIEHJLQQLQJWKHQFH1RUWK GHJUHHVPLQXWHVVHFRQGV:HVW ' 5(48(67)25&281&,/$&7,21 0((7,1*'$7( 'D ƌĐDĂƉƌĞĨĞƌĞŶĐĞĚƌĂǁŝŶŐƐŚŽǁŝŶŐůŽĐĂƚŝŽŶŽĨ<ǁŝŬdƌŝƉĨŽƌͲKŽŶƚƌĂĐƚ:ϱϰϱϲ ZĞĨĞƌĞŶĐĞĚƌĂǁŝŶŐƐŚŽǁŝŶŐ<ǁŝŬdƌŝƉ:ϱϰϱϲ 3DFNHW3J 'E 52&+(67(5 '(3$570(172)38%/,&:25.6 WK 6WUHHW6(5RRP 5RFKHVWHU01 'E >1RWDU\6HDO@1RWDU\3XEOLF &,7<2)52&+(67(5 %\'DWH $UGHOO)%UHGH0D\RU $QG%\'DWH 9DORUL/DQJVHWK&LW\&OHUN dŚŝƐŝŶƐƚƌƵŵĞŶƚǁĂƐĂĐŬŶŽǁůĞĚŐĞĚďĞĨŽƌĞŵĞƚŚŝƐͺͺͺͺĚĂǇŽĨͺͺͺͺͺͺͺϮϬͺͺ͕ďǇƌĚĞůů&͘ƌĞĚĞĂŶĚsĂůŽƌŝ >ĂŶŐƐĞƚŚ͕ƚŚĞŵĂǇŽƌĂŶĚĐŝƚǇĐůĞƌŬƌĞƐƉĞĐƚŝǀĞůǇŽĨƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕ĂDŝŶŶĞƐŽƚĂŵƵŶŝĐŝƉĂůĐŽƌƉŽƌĂƚŝŽŶ͕ ĨŽƌĂŶĚŽŶďĞŚĂůĨŽĨƚŚĞĐŽƌƉŽƌĂƚŝŽŶ͘ >1RWDU\6HDO@1RWDU\3XEOLF 3DFNHW3J 'E ^W/>KE/d/KE^ dZDK&KEdZd Zd/>ϭ ĨĨĞĐƚŝǀĞĂƚĞ͗ ǆƉŝƌĂƚŝŽŶĂƚĞ͗ ^KWK&tKZ< Zd/>Ϯ ͘ĞƚĂŝůĞĚ^ĐŽƉĞŽĨtŽƌŬ͗ƚƚĂĐŚdĂƐŬͬ^ĐŽƉĞ>ŝƐƚĨƌŽŵE'/EZ͘ ͘ŽŶƐƚƌƵĐƚŝŽŶ^ĐŚĞĚƵůĞ͗ƚƚĂĐŚŽŶƐƚƌƵĐƚŝŽŶƐĐŚĞĚƵůĞďƌĞĂŬŽƵƚĨƌŽŵKEdZdKZ͘ ͘'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͗ƚƚĂĐŚ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐĚŽĐƵŵĞŶƚ͘ KE^/Zd/KEK&WzDEd Zd/>ϯ ŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚďǇE'/EZ͕ĂƐĚĞĨŝŶĞĚďǇƚŚŝƐĐŽŶƚƌĂĐƚ͕ǁŝůůďĞƉĂŝĚďǇ/dzŽŶĂŶ ŚŽƵƌůǇ͕ĨĞĞƐĐŚĞĚƵůĞďĂƐŝƐ͕ĨŽƌƚŚĞĨŽůůŽǁŝŶŐŝƚĞŵƐ͗ ĐƚŝǀŝƚǇ>ĞǀĞůŽĨ/ŶƐƉĞĐƚŝŽŶdŝŵĞ;йͿ ^ŝƚĞůĞĂƌŝŶŐΘ'ƌƵďďŝŶŐWĂƌƚdŝŵĞϮϱй 'ĞŶĞƌĂů^ŝƚĞ'ƌĂĚŝŶŐΘǆĐĂǀĂƚŝŽŶWĂƌƚdŝŵĞϮϱй hŶĚĞƌŐƌŽƵŶĚhƚŝůŝƚǇtŽƌŬĂŶĚdƌĞŶĐŚŽŵƉĂĐƚŝŽŶ&ƵůůdŝŵĞϭϬϬй ^ƚƌĞĞƚ^ƵďŐƌĂĚĞWƌĞƉĂƌĂƚŝŽŶͬŽŵƉĂĐƚŝŽŶ&ƵůůdŝŵĞϭϬϬй ŐŐƌĞŐĂƚĞĂƐĞWůĂĐĞŵĞŶƚWĂƌƚdŝŵĞϱϬй ŐŐƌĞŐĂƚĞĂƐĞĐŽŵƉĂĐƚŝŽŶͬƉƌŽŽĨƌŽůůƚĞƐƚ&ƵůůdŝŵĞϭϬϬй ƵƌďĂŶĚ'ƵƚƚĞƌWƌĞƉĂƌĂƚŝŽŶWĂƌƚdŝŵĞϱϬй ƵƌďΘ'ƵƚƚĞƌƐƚƌŝŶŐůŝŶĞĐŚĞĐŬͬǀĞƌŝĨŝĐĂƚŝŽŶ&ƵůůdŝŵĞϭϬϬй Ƶƌďͬ'ƵƚƚĞƌƉŽƵƌŝŶŐ&ƵůůdŝŵĞϭϬϬй ŝƚƵŵŝŶŽƵƐŶŽŶͲǁĞĂƌ&ƵůůdŝŵĞϭϬϬй ŝƚƵŵŝŶŽƵƐŶŽŶͲǁĞĂƌƉƌŝŽƌƚŽǁĞĂƌ&ƵůůdŝŵĞϭϬϬй ŝƚƵŵŝŶŽƵƐǁĞĂƌƉůĂĐĞŵĞŶƚ&ƵůůdŝŵĞϭϬϬй ŽŶĐƌĞƚĞƐƚƌĞĞƚƉůĂĐĞŵĞŶƚ&ƵůůdŝŵĞϭϬϬй ůůƌĞƋƵŝƌĞĚƐƚĂŐĞƚĞƐƚŝŶŐŽĨƉŝƉŝŶŐ͕ƐƵďŐƌĂĚĞ͕ďĂƐĞ&ƵůůdŝŵĞϭϬϬй ĂŶĚƉĂǀŝŶŐ KƚŚĞƌĐƚŝǀŝƚŝĞƐĂƐĚŝƌĞĐƚĞĚďǇŶŐŝŶĞĞƌŽƌŝƚǇƐZĞƋƵŝƌĞĚƐZĞƋƵŝƌĞĚ dKd>KEdZdΨ DKhEd͗ E'/EZ͛^WZ^KEE> Zd/>ϰ E'/EZ<ĞǇWĞƌƐŽŶŶĞů͗ EĂŵĞ͗dŝƚůĞ͗ ĚĚƌĞƐƐ͗WŚŽŶĞ͗ ŵĂŝů͗ZĞƐƉŽŶƐŝďŝůŝƚǇ͗ E'/EZƐŚĂůůŶŽƚŝĨǇƚŚĞ/dzŝĨĂŶǇĐŚĂŶŐĞŝŶ<ĞǇWĞƌƐŽŶŶĞůŽĐĐƵƌƐĚƵƌŝŶŐƚŚĞĐŽŶƚƌĂĐƚƚĞƌŵ͘ /dz͛^hd,KZ/'EdͬWZK:dDE'Z Zd/>ϱ /dz͛^ƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ŽƌWƌŽũĞĐƚDĂŶĂŐĞƌǁŝůůďĞ͗ EĂŵĞ͗:ŽŚŶtĞůůŶĞƌ dŝƚůĞ͗/ŶĨƌĂƐƚƌƵĐƚƵƌĞDŐƌ͘ ĚĚƌĞƐƐ͗ϮϬϭϰ ƚŚ^ƚƌĞĞƚ^͕͘͘ZŵϭϬϴ͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰ WŚŽŶĞ͗;ϱϬϳͿϯϮϴͲϮϰϮϮ ŵĂŝů͗ũǁĞůůŶĞƌΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ZĞƐƉŽŶƐŝďŝůŝƚǇ͗WƌŽũĞĐƚDŐƌ͘ /dz͛^ƵƚŚŽƌŝǌĞĚŐĞŶƚǁŝůůŚĂǀĞĂƵƚŚŽƌŝƚǇƚŽĂĐĐĞƉƚŽƌƌĞũĞĐƚE'/EZƐƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐ͘/ĨƐƵĐŚ ƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐĂƌĞĂĐĐĞƉƚĂďůĞĂŶĚƐĂƚŝƐĨĂĐƚŽƌǇ͕ƚŚĞ/dz͛^ƵƚŚŽƌŝǌĞĚŐĞŶƚǁŝůůĐĞƌƚŝĨǇĞĂĐŚŝŶǀŽŝĐĞ ƐƵďŵŝƚƚĞĚĨŽƌƉĂǇŵĞŶƚďǇƚŚĞŶŐŝŶĞĞƌ͘ 3DFNHW3J 'F &,7<2:1(5&2175$&7 &LW\RI 7+,6$*5((0(17PDGHWKLVBBBBBBBGD\RIBBBBBBBBBBBBBBBIRUWKH3URMHFW7KH 3URMHFW0DQDJHULVUHVSRQVLEOHIRUDOOFRRUGLQDWLRQRIWKHZRUNHOHPHQWVLQFOXGLQJ3URMHFW FORVHRXW %UDXQ,QWHUWHF E 2ZQHUKDVE\VHSDUDWHGRFXPHQWUHWDLQHGWKHSURIHVVLRQDOVHUYLFHVRI &RUSRUDWLRQ D0LQQHVRWDFRUSRUDWLRQ KHUHLQDIWHU³*HRWHFKQLFDO3URIHVVLRQDO´ WRSUHSDUH D*HRWHFKQLFDO5HSRUW KHUHLQDIWHU³5HSRUW´ IRUWKH3URMHFW2ZQHULVREOLJDWHGWRPDNH WKHUHVXOWVRIVDLG5HSRUWDYDLODEOHWRWKH&LW\DQGLWVGHVLJQHHVIRUWKHSXUSRVHRI HYDOXDWLQJWKHGHVLJQRIWKH3URMHFWHOHPHQWV 3DFNHW3J 'F $XJXVW F 2ZQHUVKDOORYHUVHHWKH&RQWUDFWRU¶VFRPSOHWLRQRIDOO3URMHFWZRUNHOHPHQWVE\ &LW\DUHOHVVWKDQ WKHDPRXQWVSHFLILHGDERYHDQGFROOHFWHGIURP2ZQHU&LW\ZLOOUHLPEXUVH2ZQHUWKHQHW GLIIHUHQFHXSRQ&LW\¶VFRQILUPDWLRQWKDWDOODSSOLFDEOHH[SHQVHVLQFXUUHGE\2EVHUYDWLRQ 2YHUVLJKW(QJLQHHUKDYHEHHQFODLPHGYHULILHGDQGSDLGE\&LW\ H 2ZQHUVKDOOQRWSURYLGHZRUNGLUHFWLRQRULQWHUIHUHZLWK2EVHUYDWLRQ 2YHUVLJKW(QJLQHHU SHUIRUPLQJLWVGXWLHVUHODWHGWRWKH3URMHFW,QWKHHYHQW2ZQHUKDVDQ\FRQFHUQVUHJDUGLQJ 2EVHUYDWLRQ 2YHUVLJKW(QJLQHHU¶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¶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¶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¶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¶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¶V6WDQGDUGVIRU6WUHHWDQG8WLOLW\&RQVWUXFWLRQLQ HIIHFWDWWKHWLPHRIFRQWUDFWH[HFXWLRQDOORIZKLFKDUHLQFRUSRUDWHGKHUHLQE\UHIHUHQFH:RUN VKDOOQRWFRPPHQFHRQWKH3URMHFWXQWLOWKHFLYLOFRQVWUXFWLRQSODQVDQG*UDGLQJ3ODQVKDYH EHHQDSSURYHGDQGWKHDSSURYHGSODQVDQGVSHFLILFDWLRQVIRUWKH3URMHFWDUHRQILOHZLWKWKH &LW\(QJLQHHU$QRQVLWHPHHWLQJEHWZHHQWKH2ZQHU&RQWUDFWRU'HVLJQ(QJLQHHU 2EVHUYDWLRQ 2YHUVLJKW(QJLQHHUDQGWKH&LW\¶VUHSUHVHQWDWLYHVKDOOEHKHOGSULRUWR FRPPHQFLQJZRUNRQWKH3URMHFWWRGLVFXVVSURMHFWVFRSHHURVLRQFRQWURODQGJHQHUDO VFKHGXOH &,7<$&&(37$1&(0$,17(1$1&(2:1(56+,3 9,&LW\DFFHSWVQRUHVSRQVLELOLW\IRUWKH PDLQWHQDQFHRIWKH3URMHFWHOHPHQWVXQWLOVXFKZRUNLVFHUWLILHGE\2EVHUYDWLRQ 2YHUVLJKW (QJLQHHUDQGLVVXEVHTXHQWO\DFFHSWHGE\&LW\:KHQDFFHSWHGE\WKH&LW\WKH3URMHFW HOHPHQWVVKDOOEHFRPHWKHSURSHUW\RIWKH&LW\ZLWKRXWDQ\IXUWKHUDFWVRUGHHGVRIWKH2ZQHU H[FHSWWKDW&RQWUDFWRUJXDUDQWHHVDQGDJUHHVWRPDLQWDLQWKHVWDELOLW\RIDOOZRUNGRQHDQG PDWHULDOVIXUQLVKHGDQGLQVWDOOHGSXUVXDQWWRWKLVFRQWUDFWIRUWKHGXUDWLRQHVWDEOLVKHGE\WKLV &RQWUDFW&LW\¶V$FFHSWDQFHRIWKHZRUNVKDOOEHPHPRULDOL]HGE\WKH&LW$QJLQHHU¶VH[HFXWLRQ RIDVHSDUDWH&LW\$FFHSWDQFH DQH[DPSOH$FFHSWDQFHLVSURYLGHGIRUUHIHUHQFHRQWKH DWWDFKHG([KLELW &LW\(QJLQHHUPD\DFFHSWWKH2ZQHU¶V'HVLJQ(QJLQHHU¶VRU&RQWUDFWRU¶V ZRUNLQGHSHQGHQWRIWKHFRPSOHWLRQRIWKHUHPDLQLQJSDUWLHV¶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¶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¶VIHHV 7KH2ZQHUDQG&RQWUDFWRUDJUHHWRGHIHQGLQGHPQLI\DQGKROGKDUPOHVVWKH&LW\DQGLWV RIILFLDOVRIILFHUVDJHQWVDQGHPSOR\HHVIURPDOOFODLPVEURXJKWE\WKHHPSOR\HHVRU DJHQWVRIWKH2ZQHUDQG&RQWUDFWRURULWVVXEFRQWUDFWRUVDULVLQJRXWRIRUDVDUHVXOWRI DQ\QHJOLJHQWRURWKHUZLVHWRUWLRXVDFWRUIDLOXUHWRDFWLQFRQQHFWLRQZLWKWKHSHUIRUPDQFH RIWKHZRUNWREHSHUIRUPHGSXUVXDQWWRWKLVFRQWUDFWE\WKH2ZQHUDQG&RQWUDFWRULWV HPSOR\HHVDJHQWVDQGVXEFRQWUDFWRUV7KH2ZQHUDQG&RQWUDFWRUDJUHHWRGHIHQGDQG SD\DOOFRVWVLQGHIHQGLQJWKHVHFODLPVLQFOXGLQJDWWRUQH\¶VIHHV 7KH(QJLQHHUDJUHHVWRLQGHPQLI\DQGKROGKDUPOHVVWKH&LW\LWVRIILFLDOVRIILFHUVDJHQWV DQGHPSOR\HHVIURPDOOFODLPVVXLWVRUDFWLRQVUHVXOWLQJIURPRUDULVLQJRXWRIWKHQHJOLJHQW DFWLYLWLHVRI7KH(QJLQHHURULWVVXEFRQWUDFWRUVDJHQWVRUHPSOR\HHVXQGHUWKLV DJUHHPHQW7KH(QJLQHHUDJUHHVWRUHLPEXUVHDOOFRVWV RIWKHVHFODLPVLQFOXGLQJDWWRUQH\¶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¶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¶V&HUWLILFDWLRQRI$FFHSWDQFH 3DFNHW3J ' 5(48(67)25&281&,/$&7,21 0((7,1*'$7( 'D 3DFNHW3J 'D 3DFNHW3J 'D 3DFNHW3J 'D 3DFNHW3J 'E ƌĐDĂƉƌĞĨĞƌĞŶĐĞĚƌĂǁŝŶŐƐŚŽǁŝŶŐůŽĐĂƚŝŽŶŽĨ&ŝĞůĚƐƚŽŶĞϲƚŚĨŽƌͲKŽŶƚƌĂĐƚ:ϱϰϲϱ ZĞĨĞƌĞŶĐĞĚƌĂǁŝŶŐƐŚŽǁŝŶŐ&ŝĞůĚƐƚŽŶĞϲƚŚ:ϱϰϲϱ 3DFNHW3J 'F &,7<2:1(5&2175$&7 &LW\RI 7+,6$*5((0(17PDGHWKLVBBBBBBBGD\RIBBBBBBBBBBBBBBBHUIRUWKH3URMHFW7KH 3URMHFW0DQDJHULVUHVSRQVLEOHIRUDOOFRRUGLQDWLRQRIWKHZRUNHOHPHQWVLQFOXGLQJ3URMHFW FORVHRXW &KRVHQ9DOOH\ E 2ZQHUKDVE\VHSDUDWHGRFXPHQWUHWDLQHGWKHSURIHVVLRQDOVHUYLFHVRI 7HVWLQJ,QF D0LQQHVRWDFRUSRUDWLRQ KHUHLQDIWHU³*HRWHFKQLFDO3URIHVVLRQDO´ WRSUHSDUH D*HRWHFKQLFDO5HSRUW KHUHLQDIWHU³5HSRUW´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¶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¶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¶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¶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¶V6WDQGDUGVIRU6WUHHWDQG 8WLOLW\&RQVWUXFWLRQLQHIIHFWDWWKHWLPHRIFRQWUDFWH[HFXWLRQDOORIZKLFKDUHLQFRUSRUDWHG KHUHLQE\UHIHUHQFH:RUNVKDOOQRWFRPPHQFHRQWKH3URMHFWXQWLOWKHFLYLOFRQVWUXFWLRQ SODQVDQG*UDGLQJ3ODQVKDYHEHHQDSSURYHGDQGWKHDSSURYHGSODQVDQGVSHFLILFDWLRQV IRUWKH3URMHFWDUHRQILOHZLWKWKH&LW\(QJLQHHU$QRQVLWHPHHWLQJEHWZHHQWKH2ZQHU &RQWUDFWRU'HVLJQ(QJLQHHU2EVHUYDWLRQ 2YHUVLJKW(QJLQHHUDQGWKH&LW\¶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¶V$FFHSWDQFHRIWKHZRUNVKDOOEHPHPRULDOL]HGE\WKH &LW$QJLQHHU¶VH[HFXWLRQRIDVHSDUDWH&LW\$FFHSWDQFH DQH[DPSOH$FFHSWDQFHLV SURYLGHGIRUUHIHUHQFHRQWKHDWWDFKHG([KLELW &LW\(QJLQHHUPD\DFFHSWWKH2ZQHU¶V 'HVLJQ(QJLQHHU¶VRU&RQWUDFWRU¶VZRUNLQGHSHQGHQWRIWKHFRPSOHWLRQRIWKHUHPDLQLQJ SDUWLHV¶REOLJDWLRQV 3DFNHW3J 'F 121$&&(37$1&( 9,,2ZQHUDQGRU&RQWUDFWRUZLWKLQGD\VDIWHUUHFHLYLQJQRWLFH IURPWKH&LW\RULWVDJHQWWKDWWKH3URMHFWRUDSRUWLRQWKHUHRIKDVQRWEHHQFRQVWUXFWHGLQ DFFRUGDQFHZLWK&LW\VSHFLILFDWLRQVRUKDVQRWEHHQDFFHSWHGRUWKDWDZDUUDQW\FODLPLV EHLQJPDGHVKDOOSHUIRUPVXFKZRUNLGHQWLILHGDVQHHGLQJFRPSOHWLRQRUFRUUHFWLRQZLWKLQ DVFKHGXOHDSSURYHGE\WKH&LW$DLOXUHWRSHUIRUPWKHZRUNRUSURYLGHDQGDELGHE\D VFKHGXOHPD\EHXVHGDVDEDVLVIRUGHQ\LQJ2ZQHUDQGRU&RQWUDFWRUWKHRSSRUWXQLW\WR FRQVWUXFWRWKHUSXEOLFLPSURYHPHQWSURMHFWVXQGHUWKH&LW\2ZQHU&RQWUDFWIRUPDW ,1'(3(1'(17&2175$&725 9,,,,WLVH[SUHVVO\XQGHUVWRRGDQGDJUHHGE\DOOSDUWLHVWKDW 2ZQHU&RQWUDFWRU'HVLJQ(QJLQHHUDQG2EVHUYDWLRQ 2YHUVLJKW(QJLQHHUDUH LQGHSHQGHQWFRQWUDFWRUVDQGDOOSHUVRQVHPSOR\HGE\VDLGSDUWLHVLQWKHSHUIRUPDQFHRI DQ\ZRUNRUVHUYLFHVUHTXLUHGRUSURYLGHGIRUKHUHLQVKDOOQRWEHFRQVLGHUHGHPSOR\HHVRI WKH&LW\IRUDQ\SXUSRVHZKDWVRHYHULQFOXGLQJEXWQRWOLPLWHGWRZRUNHU VFRPSHQVDWLRQ FRYHUDJHXQHPSOR\PHQWLQVXUDQFHEHQHILWVVRFLDOVHFXULW\FRYHUDJHUHWLUHPHQW PHPEHUVKLSRUFUHGLWDQGDQ\DQGDOOVXFKFODLPVDQGDQ\DFWRURPLVVLRQRQWKHSDUWRI DQ\SDUW\¶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¶V IHHV 7KH2ZQHUDQG&RQWUDFWRUDJUHHWRGHIHQGLQGHPQLI\DQGKROGKDUPOHVVWKH&LW\DQGLWV RIILFLDOVRIILFHUVDJHQWVDQGHPSOR\HHVIURPDOOFODLPVEURXJKWE\WKHHPSOR\HHVRUDJHQWVRI WKH2ZQHUDQG&RQWUDFWRURULWVVXEFRQWUDFWRUVDULVLQJRXWRIRUDVDUHVXOWRIDQ\QHJOLJHQWRU RWKHUZLVHWRUWLRXVDFWRUIDLOXUHWRDFWLQFRQQHFWLRQZLWKWKHSHUIRUPDQFHRIWKHZRUNWREH SHUIRUPHGSXUVXDQWWRWKLVFRQWUDFWE\WKH2ZQHUDQG&RQWUDFWRULWVHPSOR\HHVDJHQWVDQG VXEFRQWUDFWRUV7KH2ZQHUDQG&RQWUDFWRUDJUHHWRGHIHQGDQGSD\DOOFRVWVLQGHIHQGLQJWKHVH FODLPVLQFOXGLQJDWWRUQH\¶VIHHV 7KH(QJLQHHUDJUHHVWRLQGHPQLI\DQGKROGKDUPOHVVWKH&LW\LWVRIILFLDOVRIILFHUVDJHQWVDQG HPSOR\HHVIURPDOOFODLPVVXLWVRUDFWLRQVUHVXOWLQJIURPRUDULVLQJRXWRIWKHQHJOLJHQWDFWLYLWLHV RI7KH(QJLQHHURULWVVXEFRQWUDFWRUVDJHQWVRUHPSOR\HHVXQGHUWKLVDJUHHPHQW7KH (QJLQHHUDJUHHVWRUHLPEXUVHDOOFRVWVRIWKHVHF ODLPVLQFOXGLQJDWWRUQH\¶VIHH 'F :$,9(5 ;,,7KHIDLOXUHRIWKH&LW\WRHQIRUFHDQ\SURYLVLRQVRIWKLVFRQWUDFWVKDOOQRW FRQVWLWXWHDZDLYHUE\WKH&LW\RIWKDWRUDQ\RWKHUSURYLVLRQ 0(5*(5&/$86( ;,,,7KLV&RQWUDFWFRQVWLWXWHVWKHILQDOH[SUHVVLRQRIWKHSDUWLHV DJUHHPHQWDQGWKHFRPSOHWHDQGH[FOXVLYHVWDWHPHQWRIWKHWHUPVDJUHHGXSRQ7KLV LQVWUXPHQWVXSHUVHGHVDOOSULRUQHJRWLDWLRQVXQGHUVWDQGLQJVDJUHHPHQWVDQG UHSUHVHQWDWLRQV7KHUHDUHQRRUDORUZULWWHQXQGHUVWDQGLQJVDJUHHPHQWVRU UHSUHVHQWDWLRQVQRWVSHFLILHGKHUHLQ)XUWKHUPRUHQRZDLYHUFRQVHQWPRGLILFDWLRQRU FKDQJHRIWHUPVRIWKLV&RQWUDFWVKDOOELQGHLWKHUSDUW\XQOHVVLQZULWLQJDQGVLJQHGE\ERWK SDUWLHV6XFKZDLYHUFRQVHQWPRGLILFDWLRQRUFKDQJHVKDOOEHHIIHFWLYHRQO\LQWKHVSHFLILF LQVWDQFHDQGIRUWKHVSHFLILFSXUSRVHJLYHQ &21&855(1&( ;,9%\H[HFXWLQJWKLV&RQWUDFWWKH2ZQHU&RQWUDFWRUDQG'HVLJQ (QJLQHHUDFNQRZOHGJHWKDWKHVKHLW D HQWHUVLQWRDQGH[HFXWHVWKLV&RQWUDFWNQRZLQJO\ YROXQWDULO\DQGZLOOLQJO\RIKLVKHULWVRZQYROLWLRQZLWKVXFKFRQVXOWDWLRQZLWKOHJDOFRXQVHO DVKHVKHLWGHHPVDSSURSULDWH E KDVKDGDVXIILFLHQWDPRXQWRIWLPHWRFRQVLGHUWKLV &RQWUDFW¶VWHUPVDQGFRQGLWLRQVDQGWRFRQVXOWDQDWWRUQH\EHIRUHVLJQLQJWKLV&RQWUDFW F KDVUHDGDQGXQGHUVWDQGVDOORILWVWHUPVDSSUHFLDWHVWKHVLJQLILFDQFHRIWKRVHWHUPVDQG KDVPDGHWKHGHFLVLRQWRDFFHSWWKHPDVVWDWHGKHUHLQDQG G KDVQRWUHOLHGXSRQDQ\ UHSUHVHQWDWLRQRUVWDWHPHQWQRWVHWIRUWKKHUHLQ$OOSDUWLHVZLVKWRDYRLGDQ\GHYHORSPHQW RUDGPLQLVWUDWLYHGHOD\VDVVRFLDWHGZLWKDOHJDOFKDOOHQJHWRDQ\RIWKHWHUPVRIWKLV $JUHHPHQW$VVXFKDOOSDUWLHVDJUHHWKDWWKH\ZLOOQRWFKDOOHQJHWKHOHJDOLW\RIDQ\WHUP RUFRQGLWLRQIRXQGZLWKLQWKLV&RQWUDFWDQGVSHFLILFDOO\ZDLYHVDQ\DQGDOOOHJDOREMHFWLRQV WKH\PD\KDYHWRDQ\VXFKWHUPRUFRQGLWLRQ1RWZLWKVWDQGLQJDQ\SURYLVLRQLQWKLV $JUHHPHQWWRWKHFRQWUDU\WKLVFODXVHZLOOVXUYLYHWKHWHUPLQDWLRQRUH[SLUDWLRQRIWKLV &RQWUDFW 68%67,787,21 ;92ZQHUVKDOOQRWVXEVWLWXWH&RQWUDFWRULGHQWLILHGKHUHLQZLWKRXWWKHSULRU ZULWWHQFRQVHQWRIWKH&LW\(QJLQHHUDQGIRUPDO&RQWUDFWDPHQGPHQWVLJQHGE\DOOSDUWLHV &RQWUDFWRUDFNQRZOHGJHVWKDWLWLVERXQGE\WKHWHUPVRIWKLV&RQWUDFWDQGLVREOLJDWHGWR SHUIRUPWKHUHTXLUHGZRUNLQDSURIHVVLRQDODQGZRUNPDQOLNHPDQQHUWKURXJKWKHXVHRILWV RZQVWDIIDQGRUVXEFRQVXOWDQWV (;(&87,21,1&2817(53$576 ;9,7KLV&RQWUDFWPD\EHH[HFXWHGLQDQ\QXPEHURI FRXQWHUSDUWVE\WKHGLIIHUHQWSDUWLHVKHUHWRRQVHSDUDWHVLJQDWXUHSDJHVDQGDOOVXFK FRXQWHUSDUWVWDNHQWRJHWKHUVKDOOEHGHHPHGWRFRQVWLWXWHRQHDQGWKHVDPH,QVWUXPHQW *29(51,1*/$: ;9,,7KLV$JUHHPHQWZLOOEHJRYHUQHGE\DQGFRQVWUXHGLQDFFRUGDQFH ZLWKWKHODZVRIWKH6WDWHRI0LQQHVRWD &200(1&(0(172):25. ;9,,,:RUNXQGHUWKLVFRQWUDFWVKDOOQRWFRPPHQFHXQWLOVXFK WLPHWKH&RQWUDFWGRFXPHQWVDUHIXOO\H[HFXWHGWKH&RQVWUXFWLRQ3ODQVDQG*UDGLQJ3ODQ DUHDSSURYHGDQGWKH&RQWUDFWRUKDVUHFHLYHGDZULWWHQ1RWLFHWR3URFHHGIURPWKH&LW\ 3DFNHW3J 'F ,1:,71(66:+(5(2)WKHUHVSHFWLYHSDUWLHVKHUHWRKDYHFDXVHGWKLVDJUHHPHQWWREHGXO\H[HFXWHG RQWKHGD\DQG\HDUKHUHLQDERYHVHWIRUWK &,7<2)52&+(67(5 D0LQQHVRWD PXQLFLSDOFRUSRUDWLRQ %<BBBBBBBBBBBBBBBBBBBBBBBBBB ,760$<25 $77(67BBBBBBBBBBBBBBBBBBBBB ,76&/(5. 67$7(2)0,11(627$ 66 &2817<2)2/067(' 7KHIRUHJRLQJLQVWUXPHQWZDVDFNQRZOHGJHGEHIRUHPHWKLVBBBBBBBGD\RIBBBBBBBBBBBBBBB $UGHOO)%UHGH$QLVVD+ROOLQJVKHDG 'F *3'HYHORSPHQW,QF D0LQQHVRWDFRUSRUDWLRQ %\BBBBBBBBBBBBBBBBBBBBBBBBBBB ,WVBBBBBBBBBBBBBBBBBBBBBBBBBBBB 67$7(2)0,11(627$ 66 &2817<2)2/067(' 7KHIRUHJRLQJLQVWUXPHQWZDVDFNQRZOHGJHGEHIRUHPHWKLVBBBGD\RIBBBBBBBBBBBB 'F $&.12:/('*(0(172)&25325$7,21 $87+25,=$7,216,*1$785()252:1(5 67$7(2)BBBBBBBBBBBBBBBBBBBB &2817<2)BBBBBBBBBBBBBBBBBB 2QWKLVBBBBBBBBBBBBBBBBBGD\RIBBBBBBBBBBBBBBBBBBBB 'F (OFRU&RQVWUXFWLRQ,QF D0LQQHVRWDFRUSRUDWLRQ %<BBBBBBBBBBBBBBBBBBBBBBBBBBBB ,76BBBBBBBBBBBBBBBBBBBBBBBBBBB 67$7(2)0,11(627$ 66 &2817<2)2/067(' 7KHIRUHJRLQJLQVWUXPHQWZDVDFNQRZOHGJHGEHIRUHPHWKLVBBBGD\RIBBBBBBBBBBBB 'F $&.12:/('*(0(172)&25325$7,21 $87+25,=$7,216,*1$785()25&2175$&725 67$7(2)BBBBBBBBBBBBBBBBBBBB &2817<2)BBBBBBBBBBBBBBBBBB 2QWKLVBBBBBBBBBBBBBBBBBGD\RIBBBBBBBBBBBBBBBBBBBB 'F *&XEHG,QF D0LQQHVRWDFRUSRUDWLRQ %<BBBBBBBBBBBBBBBBBBBBBBBBBBBB ,76BBBBBBBBBBBBBBBBBBBBBBBBBBB 67$7(2)0,11(627$ 66 &2817<2)2/067(' 7KHIRUHJRLQJLQVWUXPHQWZDVDFNQRZOHGJHGEHIRUHPHWKLVBBBGD\RIBBBBBBBBBBBB 'F $&.12:/('*(0(172)&25325$7,21 $87+25,=$7,216,*1$785()25'(6,*1(1*,1((5 67$7(2)BBBBBBBBBBBBBBBBBBBB &2817<2)BBBBBBBBBBBBBBBBBB 2QWKLVBBBBBBBBBBBBBBBBBGD\RIBBBBBBBBBBBBBBBBBBBB 'F (;+,%,7$ 5HIHUHQFHGUDZLQJRI&RQVWUXFWLRQ3ODQ7LWOH6KHHWIRU- 3DFNHW3J 'F (;+,%,7$ 6FKHGXOHRI3XEOLF,PSURYHPHQWV:RUNIRU- 'F (;+,%,7% %ODQN([DPSOHRI(QJLQHHU¶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¶VDQG&LW\¶VREOLJDWLRQVUHODWHGWRWKHPDWWHUVFRQWDLQHGKHUHLQ 12:7+(5()25(LQFRQVLGHUDWLRQRIWKHPXWXDOEHQHILWVWRWKHSDUWLHVVHWIRUWKKHUHLQDQGRWKHU JRRGDQGYDOXDEOHFRQVLGHUDWLRQWKHDGHTXDF\RIZKLFKLVKHUHE\DFNQRZOHGJHG2ZQHUDQG&LW\DJUHH DVIROORZV ,2:1(5¶62%/,*$7,2165(*$5',1*6$1,17$5<6(:(5 :$7(50$,1,1 676($1'6$&6$&'2:1675($0&20321(17$1':$&$33/,&$%/( 7+ 727+(3523(57< 7KHIROORZLQJREOLJDWLRQVDUHDSSOLFDEOHWRWKH3URSHUW\IRU6DQLWDU\6HZHU :DWHUPDLQ 6$&6$&'RZQVWUHDPDQG:$& D -6$& #ODZ ,,2:1(5¶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¶62%/,*$7,216 81'(567$1',1*65(*$5',1*3('(675,$1 )$&,/,7,(6$/21*7+((17,5(38%/,&52$')5217$*(62)7+( 3523(57< 7KH2ZQHULVREOLJDWHGIRUWKHIROORZLQJSHGHVWULDQIDFLOLWLHVDORQJWKHSXEOLFURDGIURQWDJHVRI WKH3URSHUW\ x $ILYH IRRWZLGHFRQFUHWHVLGHZDONDORQJWKHHQWLUHIURQWDJHRIWKH3URSHUW\DEXWWLQJ WK6W6( x $WHQ IRRWZLGHELWXPLQRXVSHGHVWULDQSDWKDORQJWKHHQWLUHIURQWDJHRIWKH3URSHUW\ DEXWWLQJ0DULRQ5G6( x WK $Q$'$DFFHVVLEOHSHGHVWULDQUDPSFRQQHFWLQJWKH6W6( 0DULRQ5G6( SHGHVWULDQIDFLOLWLHV KHUHLQDIWHUFROOHFWLYHO\UHIHUUHGWRDVWKH³5HTXLUHG3HGHVWULDQ)DFLOLWLHV´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¶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¶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µ$¶ /(*$/'(6&5,37,212)7+(3523(57< $SDUWRI/RWLQ%ORFNLQ287'2257+($75(68%',9,6,21DVVDLG3ODWLV UHFRUGHGLQWKH2OPVWHG&RXQW\5HFRUGHU¶V2IILFHGHV FULEHGDVIROORZV 7KDWSDUWRIVDLG/RWO\LQJZHVWRIWKHIROORZLQJGHVFULEHGOLQH&RPPHQFLQJDWWKH VRXWKZHVWFRUQHURIVDLG/RWWKHQFHHDVWHUO\DORQJWKHVRXWKOLQHRIVDLG/RWIRUD GLVWDQFHRIIHHWWRWKH32,172)%(*,11,1*RIWKHOLQHWREHGHVFULEHGWKHQFH QRUWKHUO\DWULJKWDQJOHV GHJUHHDQJOH IRUDGLVWDQFHRIIHHWWRWKHQRUWKOLQHRI VDLG/RWDQGWKHUHWHUPLQDWLQJ &RQWDLQLQJ 'D (;+,%,7µ$¶ 5()(5(1&(6,7(3/$1)256'35 'D (;+,%,7µ$¶ 5()(5(1&(*5$',1*3/$1)256'35 'D (;+,%,7µ%¶ &216(172)0257*$*(( )RUHVLJKW%DQNORFDWHGDW:HVW%URDGZD\3ODLQYLHZ01LQLWVFDSDFLW\DV/HQGHUXQGHU WKDWFHUWDLQ5HDO(VWDWH0RUWJDJHIRUWKH3URSHUW\GDWHG'HFHPEHUDQGILOHGIRUUHFRUGZLWK WKH2OPVWHG&RXQW\0LQQHVRWD5HFRUGHU¶VRIILFHRQRUDERXW'HFHPEHUDV'RFXPHQW$ $1'LQLWVFDSDFLW\DV/HQGHUXQGHUWKDWFHUWDLQ5HDO(VWDWH0RUWJDJHIRUWKH3URSHUW\GDWHG 0DUFK 'D $&.12:/('*(0(172)&25325$7(6,*1$785( )25)25(6,*+7%$1. 67$7(2)BBBBBBBBBBBBBBBBBBBB &2817<2)BBBBBBBBBBBBBBBBBB 2QWKLVBBBBBBBBBBBBBBBBBGD\RIBBBBBBBBBBBBBBBBBBBB 'E ƌĐŵĂƉƌĞĨĞƌĞŶĐĞĨŽƌDĂƌŝŽŶZŽĂĚ^ĞůĨ^ƚŽƌĂŐĞŐƌĞĞŵĞŶƚ͗ 3DFNHW3J ' 5(48(67)25&281&,/$&7,21 0((7,1*'$7( 'D 3DFNHW3J 'D 3DFNHW3J 'D 3DFNHW3J 'D 3DFNHW3J 'D 3DFNHW3J 'D 3DFNHW3J 'D 3DFNHW3J 'D 3DFNHW3J 'D 3DFNHW3J 'D 3DFNHW3J 'D 3DFNHW3J 'D 3DFNHW3J 'D 3DFNHW3J 'D 3DFNHW3J 'D 3DFNHW3J 'D 3DFNHW3J ' 5(48(67)25&281&,/$&7,21 0((7,1*'$7( 3DFNHW3J 'D 7RWDO3ULFH 3RPSHLL3DLQWLQJ,QF 6RUHQVHQ 6RUHQVHQ3D 8QLW3ULFH 7RWDO3ULFH 8QLW3ULFH 3DFNHW3J 'E 3DFNHW3J 'E 3DFNHW3J 'E 'F &,7<2)52&+(67(5 7+675((76(5220 52&+(67(501 'F 3DFNHW3J 'F &LW\1XPEHU - 0DUFK352326$/ $77$&+0(17$ - 8/< 5&9&2& (63216,%/(2175$&725(5,),&$7,21$1'(57,),&$7,21)203/,$1&( 4 827()250 7DEOHRI&RQWHQWV 3DJHRI 3DFNHW3J 'F 3DFNHW3J 'F &LW\1XPEHU - 0DUFK 'F 3DFNHW3J 'F &LW\1XPEHU - 0DUFK 'F 3DFNHW3J 'F &LW\1XPEHU - 0DUFKUHGWRVKRZWKDWIRUPHUZRUNSHUIRUPHGE\ELGGHU¶VFRPSDQ\KDVEHHQKDQGOHGLQVXFK DPDQQHUWKDWWKHUHDUHQRMXVWRUSURSHUFODLPVSHQGLQJDJDLQVWVXFKZRUN1RELGGHUZLOOEHFRQVLGHUHG UHVSRQVLEOHLILWLVHQJDJHGLQRWKHUZRUNWKDWLPSDLUVLWVDELOLW\WRILQDQFHWKLV&RQWUDFWRUWRSURYLGHDGHTXDWH ODERUDQGHTXLSPHQWIRUWKHSURSHUH[HFXWLRQRIWKHZRUNUHTXLUHG(DFKELGGHUVKDOOGHPRQVWUDWHLWVDELOLW\WR PHHWDOOUHTXLUHPHQWVRIWKH&RQWUDFWE\HYLGHQFHVDWLVIDFWRU\WRWKH&LW\ 6/553& (*$/(/$7,216$1'(63216,%,/,7<728%/, [[300,2460,396,2513][11][,I,][Times New Roman]]6 [[396,2460,409,2513][11][,I,][Arial]] [[540,2460,1431,2513][11][,,][Times New Roman]]3HUPLWV3XEOLF8WLOLWLHVDQG&RGH5HTXLUHPHQWV [[1431,2460,1443,2513][11][,,][Times New Roman]] 7KH&RQWUDFWRUVKDOOPDNHWKHQHFHVVDU\DUUDQJHPHQWVIRUWKHXVHRULQVWDOODWLRQRIDQGVKDOOSD\ IRUDQ\DQGDOOXWLOLW\VHUYLFHWKDWPD\EHQHFHVVDU\LQFRQGXFWLQJLWVZRUN7KH&RQWUDFWRUPXVW REWDLQSHUPLVVLRQIURPWKH&LW\RI5RFKHVWHU:DWHU'HSDUWPHQWLILWLVQHFHVVDU\WRXVH&LW\ ZDWHUDQGVDLGXVHRIZDWHUVKDOOEHXQGHUWKH&LW\¶VGLUHFWLRQDQGVXSHUYLVLRQ7KHXVHRI H[LVWLQJSULYDWHZDWHUVHUYLFHVDGMDFHQWWRWKHZRUNVKDOOEHDUUDQJHGDQGSDLGIRUE\WKH &RQWUDFWRU ,IZRUNLVWREHSHUIRUPHGLQ6WDWHRI0LQQHVRWD5LJKW2I:D\WKH&LW\VKDOODSSO\IRUD 8WLOLWLHVRQ7UXQN+LJKZD\3HUPLWIURPWKH0LQQHVRWD'HSDUWPHQWRI7UDQVSRUWDWLRQ,IZRUN 'LYLVLRQ6 3DJHRI 3DFNHW3J 'F 'HSDUWPHQWRI3XEOLF:RUNV WK6WUHHW6(5RRP 5RFKHVWHU01 3URGXFWV±&RPS2S$JJUHJDWH *HQHUDO$JJUHJDWH ;&8+D]DUGV 6DPHOLPLWVDVDERYH%DVLFH[FOXVLRQVIRUH;SORVLRQV&ROODSVHDQG8QGHUJURXQGKD]DUGVVKDOO EHUHPRYHGIURPWKHSROLF\DQGVRLQGLFDWHGDVFRYHUHGLQWKHGHFODUDWLRQVRQWKHFHUWLILFDWHVRI LQVXUDQFH $XWRPRELOH/LDELOLW\DQG3URSHUW\'DPDJH,QVXUDQFH 7KH&RQWUDFWRUVKDOOWDNHRXWDQGPDLQWDLQGXULQJWKHOLIHRIWKH&RQWUDFW$XWRPRELOH/LDELOLW\ DQG3URSHUW\'DPDJH,QVXUDQFHRQDOOVHOISURSHOOHGYHKLFOHVXVHGLQFRQQHFWLRQZLWKWKH &RQWUDFWZKHWKHURZQHGQRQRZQHGRUKLUHGVLWHDQGWKHDPRXQWVRIVXFKLQVXUDQFHVKDOOEHDV IROORZV ,QMXU\RUGHDWKRIRQHSHUVRQ ,QMXU\WRPRUHWKDQRQHSHUVRQLQDVLQJOHDFFLGHQWRURFFXUUHQFH 3URSHUW\GDPDJH 6DWLVIDFWRU\&RYHUDJH ,QWKHHYHQWWKDWWKHIRUPRIDQ\SROLF\RUFHUWLILFDWHVRUWKHDPRXQWRIWKHLQVXUDQFHLVQRW VDWLVIDFWRU\WRWKH&LW\WKH&RQWUDFWRUVKDOOVHFXUHRWKHUSROLFLHVRUFHUWLILFDWHVLQDIRUPDQG DPRXQWVDWLVIDFWRU\WRWKH&LW\ 'LYLVLRQ6 3DJHRI 3DFNHW3J 'F &LW\1XPEHU - 0DUFKHTXHVWLQJPHGLDWLRQRIDVWDWHGGLVSXWHHDFKSDUW\VKDOOVHOHFWRQH PHGLDWRUDQGWKHVHOHFWHGPHGLDWRUVKDOOVHOHFWDWKLUGPHGLDWRUZKRDORQHVKDOODWWHPSW UHVROXWLRQRIWKHGLVSXWH(LWKHUSDUW\PD\WDNHDFWLRQLQ2OPVWHG'LVWULFW&RXUWVKRXOGPHGLDWLRQ QRWUHVXOWLQDUHVROXWLRQRIWKHGLVSXWH [[300,1692,396,1745][11][,I,][Times New Roman]]6 [[396,1692,409,1745][11][,I,][Arial]] [[540,1692,874,1745][11][,,][Times New Roman]]8VHRI([SORVLYHV [[874,1692,886,1745][11][,,][Times New Roman]] 7KH&RQWUDFWRUVKDOOREWDLQD8VHU3HUPLWIURPWKH&KLHIRI3ROLFHIRUWKH&LW\RI5RFKHVWHUSULRU WRWKHWUDQVSRUWLQJVWRUDJHRUXVHRIH[SORVLYHVDQGVKDOOFRPSO\ZLWKDOOFRQGLWLRQVLPSRVHG WKHUHLQ [[300,1928,396,1981][11][,I,][Times New Roman]]6 [[396,1928,409,1981][11][,I,][Arial]] [[539,1928,809,1981][11][,,][Times New Roman]]1RLVH&RQWURO 7KH&RQWUDFWRUVKDOOFRPSO\ZLWKWKHUHTXLUHPHQWVRI&KDSWHU6HFWLRQRIWKH5RFKHVWHU &RGHRI2UGLQDQFHV ³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imes New Roman]]6 [[396,1700,409,1753][11][,I,][Arial]] 0DWHULDOVWREHXVHGVKDOOEHGHOLYHUHGWRWKHZRUNVLWHVLQRULJLQDOXQRSHQHGFRQWDLQHUVEHDULQJPDQXIDFWXUHU V QDPHDQGFRQWHQWVSHFLILFDWLRQV%UDQGQDPHVVSHFLILHGKHUHLQDIWHUDUHXVHGIRUWKHSXUSRVHRIHVWDEOLVKLQJ TXDOLW\DQGW\SHVRISDLQWWREHXVHGLQWKHZRUN2WKHUW\SHVPXVWEHVKRZQWREH³HTXDO´7KHGHFLVLRQRIWKH FLW\SDLQWHUVKDOOEHILQDO 3ULPHU6KHUZLQ:LOOLDPV0DFURSR[\)DVW&XUH(SR[\ SDLQWVKDOOEHDVPDQXIDFWXUHGE\DWWDFKHGKHUHLQ DQGDSSOLHGDFFRUGLQJWRPDQXIDFWXUHU VZULWWHQGLUHFWLRQV )LQLVKFRDW6KHUZLQ:LOOLDPV$FURORQ+6$FU\OLF3RO\XHWKDQH SDLQWVKDOOEHDVPDQXIDFWXUHGE\ DWWDFKHGKHUHLQDSSOLHGLQDFFRUGDQFHZLWKWKHPDQXIDFWXUHU¶VZULWWHQGLUHFWLRQVDQGVKDOOEHRQH FRDWVRIWKH SDLQWDVIROORZV &RORUVRIPHGLXPFKDUFRDOJUH\DQGJUH\DVLQGLFDWHGRQWKH4XRWH)RUP 9HKLFOHDQGSHGHVWULDQLQGLFDWLRQVJORVVEODFN VKDOOEHSDLQWHGZLWKDQDHURVROFDQLQ 0Q'27DSSURYHGSDLQWVDUHOLVWHGRQWKH2IILFHRI0DWHULDOV:(%VLWHXQGHU$SSURYHG3URGXFWV/LVW KWWSZZZPUUGRWVWDWHPQXVPDWHULDOVPDWHULDOVDVS KWWSZZZGRWVWDWHPQXVSURGXFWVSDLQWWUDIILFVSVKWPO &RQVWUXFWLRQ5HTXLUHPHQWV [[300,2930,396,2983][11][,I,][Times New Roman]]6 [[396,2930,409,2983][11][,I,][Arial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imes New Roman]]6 [[396,2469,409,2522][11][,I,][Arial]] [[1078,2469,1100,2522][11][,,][Times New Roman]] 0HDVXUHPHQWIRUSDLQWLQJWUDIILFVLJQDOV\VWHPZLOOEHPDGHE\WKHHDFKLQFOXGLQJWKHYDULRXVQXPEHUVRISROHV PDVWDUPVDQGFDELQHWVORFDWHGE\LQWHUVHFWLRQ3D\PHQWIRUSDLQWLQJWUDIILFVLJQDOVZLOOEHPDGHDWWKH&RQWUDFW ELGSULFHIRUUHVSHFWLYHLQWHUVHFWLRQVZKLFKVKDOOEHFRPSHQVDWLRQLQIXOOIRUDOOFRVWVRIVXUIDFHSUHSDUDWLRQDQG IXUQLVKLQJDQGDSSO\LQJWKHSDLQWV\VWHPLQDFFRUGDQFHZLWKVSHFLILFDWLRQUHTXLUHPHQWVLQFOXGLQJWUDIILFFRQWURO DQGFOHDQXS 'LYLVLRQ6 3DJH 'F 3DFNHW3J 'F &LW\1XPEHU - 0DUFK 'F 'HSDUWPHQWRI3XEOLF:RUNV WK6WUHHW6(5RRP 5RFKHVWHU01 'F &LW\1XPEHU - 0DUFK 'F 'HSDUWPHQWRI3XEOLF:RUNV WK6WUHHW6(5RRP 5RFKHVWHU01 'F &LW\1XPEHU - 0DUFK 'F 'HSDUWPHQWRI3XEOLF:RUNV WK6WUHHW6(5RRP 5RFKHVWHU01 'F &LW\1XPEHU - 0DUFK 'F 'HSDUWPHQWRI3XEOLF:RUNV WK6WUHHW6(5RRP 5RFKHVWHU01 'F &LW\1XPEHU - 0DUFKGD\VDIWHUUHFHLYLQJZULWWHQQRWLFHRIDZDUGDV SURYLGHGLQ0Q'27 , :H IXUWKHUSURSRVHWRIXUQLVKDSD\PHQWERQGHTXDOWRWKH&RQWUDFWDPRXQWDQGDSHUIRUPDQFHERQGHTXDOWR WKH&RQWUDFWDPRXQWZLWKWKHDJJUHJDWHOLDELOLW\RIWKHERQG V HTXDOWRWZLFHWKHIXOODPRXQWRIWKH&RQWUDFWLI WKHFRQWUDFWLVOHVVWKDQRUHTXDOWRILYHPLOOLRQGROODUV RULIWKHFRQWUDFWLVLQH[FHVVRIILYH PLOOLRQGROODUV WKHDJJUHJDWHOLDELOLW\VKDOOEHHTXDOWRWKHDPRXQWRIWKHFRQWUDFWDVVHFXULW\IRU WKHFRQVWUXFWLRQDQGFRPSOHWLRQRIWKHLPSURYHPHQWDFFRUGLQJWRWKH3ODQV6SHFLILFDWLRQVDQG6SHFLDO3URYLVLRQV DVSURYLGHGLQ0Q'27 , :H IXUWKHUSURSRVHWRGRDOOZRUNDFFRUGLQJWRWKH3ODQV6SHFLILFDWLRQVDQG6SHFLDO3URYLVLRQVDQGWRUHQHZ RUUHSDLUDQ\ZRUNWKDWPD\EHUHMHFWHGGXHWRGHIHFWLYHPDWHULDOVRUZRUNPDQVKLSEHIRUHFRPSOHWLRQDQG DFFHSWDQFHRIWKH3URMHFWE\WKH&LW\RI5RFKHVWHU , :H DJUHHWRDOOSURYLVLRQVRI0LQQHVRWD6WDWXWHV6HFWLRQ , :H IXUWKHUSURSRVHWREHJLQZRUNDQGWRSURVHFXWHDQGFRPSOHWHWKHVDPHDFFRUGLQJWRWKHWLPHVFKHGXOHVHW IRUWKLQWKH6SHFLDO3URYLVLRQVIRUWKHLPSURYHPHQW , :H DVVLJQWRWKH&LW\RI5RFKHVWHUDOOFODLPVIRURYHUFKDUJHVDVWRJRRGVDQGPDWHULDOVSXUFKDVHGLQFRQQHF WLRQZLWKWKLV3URMHFWUHVXOWLQJIURPDQWLWUXVWYLRODWLRQVWKDWDULVHXQGHUWKHDQWLWUXVWODZVRIWKH8QLWHG6WDWHVDQG WKHDQWLWUXVWODZVRIWKH6WDWHRI0LQQHVRWD7KLVFODXVHDOVRDSSOLHVWRVXE&RQWUDFWRUVDQGILUVWWLHUVXSSOLHUV XQGHUWKLV&RQWUDFW )RUPRI3URSRVDO 3DJHRI 3DFNHW3J 'F 'HSDUWPHQWRI3XEOLF:RUNV WK6WUHHW6(5RRP 5RFKHVWHU01UHVXOWLQWHUPLQDWLRQ RIDFRQWUDFWDZDUGHGWRDSULPHFRQWUDFWRUVXEFRQWUDFWRURUPRWRURSHUDWRUWKDWPDNHVDIDOVH VWDWHPHQW$SULPHFRQWUDFWRUVKDOOVXEPLWWRWKHFRQWUDFWLQJDXWKRULW\XSRQUHTXHVWFRSLHVRIWKH VLJQHGYHULILFDWLRQVRIFRPSOLDQFHIURPDOOVXEFRQWUDFWRUVRIDQ\WLHUDQGPRWRUFDUULHUVSXUVXDQWWR VXEGLYLVLRQFODXVH 'F &LW\1XPEHU - 0DUFK ' 5(48(67)25&281&,/$&7,21 0((7,1*'$7( ,/$&7,215(48(67(' $GRSWDUHVROXWLRQDZDUGLQJWKHFRQWUDFW&LW\1R-5HSODFHPHQWDQG5HSDLURISXEOLFVLGHZDON 1RUWK WR 1LHOVHQ%ODFNWRSSLQJ,QF 3DFNHW3J 3DFNHW3J 'D ( 6 7 6 [ Z <:+ 6 [ Z [ Z [ Z U H W V H K F R $ :6(9 [ Z 5 [ Z I ' 5(48(67)25&281&,/$&7,21 0((7,1*'$7( 'E 3DFNHW3J 'E 3DFNHW3J 'E 3DFNHW3J 'E 3DFNHW3J 5(48(67)25&281&,/$&7,21 0((7,1*'$7( ) 5(48(67)25&281&,/$&7,21 0((7,1*'$7( KHFRPPHQWVUHFHLYHGWRWKH$SSRLQWLQJ&RPPLWWHH &281&,/$&7,215(48(67(' 7KH&RXQFLOVKRXOGRSHQWKHSXEOLFKHDULQJFRQFHUQLQJWKHILQDOLVWVIRUDSSRLQWPHQWWRWKH(WKLFDO 3UDFWLFHV%RDUGUHFHLYHSXEOLFFRPPHQWVPDNHFRPPHQWVLIGHVLUHGFORVHWKHSXEOLFKHDULQJDQG GLUHFWWKH&LW\&OHUNWRSURYLGHDVXPPDU\RIWKHFRPPHQWVWRWKH$SSRLQWLQJ&RPPLWWHH 3DFNHW3J ) 5(48(67)25&281&,/$&7,21 0((7,1*'$7( RP$0WR300RQGD\WKURXJK)ULGD\ 3DFNHW3J )D 3DFNHW3J )E 3DFNHW3J )E 3DFNHW3J )E ) 5(48(67)25&281&,/$&7,21 0((7,1*'$7( HUVKLSLQD PD[LPXPDJJUHJDWHDPRXQWRI 3DFNHW3J )D 5(62/87,2112BBBBB &,7<2)52&+(67(5 &2817<2)2/067(' 67$7(2)0,11(627$ 5(62/87,21$87+25,=,1*7+(,668$1&(6$/($1''(/,9(5<2)$ 08/7,)$0,/<+286,1*5(9(18(127(81'(50,11(627$ 67$787(6&+$37(5&$87+25,=,1*7+(/2$12)7+( 352&(('62)7+(5(9(18(127(72)217$,1(72:(56,,/,0,7(' 3$571(56+,3 )217$,1(72:(56352-(&7 $1'$33529,1*7+( )2502)$1'$87+25,=,1*7+((;(&87,21$1''(/,9(5<2)7+( 127($1'5(/$7(''2&80(176 :+(5($6WKH&LW\RI5RFKHVWHU0LQQHVRWD WKH³&LW\´ LVDKRPHUXOHFKDUWHUFLW\GXO\ RUJDQL]HGDQGH[LVWLQJXQGHULWV&KDUWHUDQGWKH&RQVWLWXWLRQDQGODZVRIWKH6WDWHRI0LQQHVRWDDQG :+(5($6SXUVXDQWWR0LQQHVRWD6WDWXWHV&KDSWHU&DVDPHQGHG WKH³$FW´ WKH&LW\LV DXWKRUL]HGWRFDUU\RXWWKHSXEOLFSXUSRVHVGHVFULEHGLQWKH$FWE\LVVXLQJUHYHQXHERQGVWRILQDQFHRU UHILQDQFHPXOWLIDPLO\KRXVLQJGHYHORSPHQWVORFDWHGZLWKLQWKH&LW\DQGDVDFRQGLWLRQWRWKHLVVXDQFHRI VXFKUHYHQXHERQGVDGRSWDKRXVLQJSURJUDPSURYLGLQJWKHLQIRUPDWLRQUHTXLUHGE\6HFWLRQ& VXEGLYLVLRQDRIWKH$FWDQG :+(5($6LQWKHLVVXDQFHRIWKH&LW\¶VUHYHQXHERQGVDQGLQWKHPDNLQJRIDORDQWRILQDQFHD PXOWLIDPLO\KRXVLQJGHYHORSPHQWWKH&LW\PD\H[HUFLVHZLWKLQWKHFRUSRUDWHOLPLWVRIWKH&LW\DQ\RI WKHSRZHUVWKDWWKH0LQQHVRWD+RXVLQJ)LQDQFH$JHQF\PD\H[HUFLVHXQGHU0LQQHVRWD6WDWXWHV&KDSWHU $DVDPHQGHGZLWKRXWOLPLWDWLRQXQGHUWKHSURYLVLRQVRI0LQQHVRWD6WDWXWHV&KDSWHUDOO\UHODWHGIDFLOLWLHVORFDWHGDW6HFRQG6WUHHW6(LQWKH&LW\ WKH³3URMHFW´ DQG :+(5($6WKH&LW\KDVSUHSDUHGDKRXVLQJSURJUDP WKH³+RXVLQJ3URJUDP´RU³3URJUDP´ WR DXWKRUL]HWKHLVVXDQFHE\WKH&LW\RIUHYHQXHERQGVLQWKHPD[LPXPSULQFLSDODPRXQWRIWR ILQDQFHWKHDFTXLVLWLRQUHQRYDWLRQDQGHTXLSSLQJRIWKH3URMHFWDQG :+(5($6DQRWLFHRISXEOLFKHDULQJ WKH³3XEOLF1RWLFH´ ZDVSXEOLVKHGLQDFFRUGDQFHZLWK WKH$FWDQG6HFWLRQ )D :+(5($6RQ6HSWHPEHUWKH&RPPRQ&RXQFLODGRSWHGDSUHOLPLQDU\UHVROXWLRQDV DPHQGHGVXSSOHPHQWHGDQGUHVWDWHGE\DUHVROXWLRQDGRSWHG'HFHPEHU FROOHFWLYHO\WKH ³3UHOLPLQDU\5HVROXWLRQ´ XQGHUWKHWHUPVRIZKLFKWKH&LW\ L JUDQWHGSUHOLPLQDU\DSSURYDOWRWKH LVVXDQFHRIPXOWLIDPLO\KRXVLQJUHYHQXHREOLJDWLRQVXQGHUWKHWHUPVRIWKH$FWWRILQDQFHWKH3URMHFW LL DXWKRUL]HGWKHVXEPLVVLRQRIDQDSSOLFDWLRQWRWKH0LQQHVRWD'HSDUWPHQWRI0DQDJHPHQWDQG%XGJHW ³00%´ IRUDQDOORFDWLRQRIERQGLQJDXWKRULW\XQGHU0LQQHVRWD6WDWXWHV&KDSWHUZLOOORDQWRWKH%RUURZHUWKHSURFHHGVRIWKH1RWHDVVHWIRUWKWKHUHLQDQG WKH%RUURZHUZLOODJUHHWRUHSD\WKH/RDQLQVSHFLILHGDPRXQWVDQGDWVSHFLILHGWLPHVVXIILFLHQWWRSD\LQ IXOOZKHQGXHWKHSULQFLSDORISUHPLXPLIDQ\DQGLQWHUHVWRQWKH1RWH,QDGGLWLRQWKH/RDQ $JUHHPHQWFRQWDLQVSURYLVLRQVUHODWLQJWRWKHUHQRYDWLRQPDLQWHQDQFHDQGRSHUDWLRQRIWKH3URMHFW LQGHPQLILFDWLRQLQVXUDQFHDQGRWKHUDJUHHPHQWVDQGFRYHQDQWVZKLFKDUHUHTXLUHGRUSHUPLWWHGE\WKH $FWDQGZKLFKWKH&LW\DQG%RUURZHUGHHPQHFHVVDU\RUGHVLUDEOHIRUWKHILQDQFLQJRIWKH3URMHFW F 3XUVXDQWWRD3OHGJH$JUHHPHQWEHWZHHQWKH&LW\DQGWKH3XUFKDVHU WKH³3OHGJH $JUHHPHQW´ WKH&LW\ZLOOSOHGJHDQGJUDQWDVHFXULW\LQWHUHVWLQDOORILWVULJKWVWLWOHDQGLQWHUHVWLQWKH /RDQ$JUHHPHQWWRWKH3XUFKDVHU H[FHSWIRUFHUWDLQULJKWVRILQGHPQLILFDWLRQDQGWRUHLPEXUVHPHQWIRU FHUWDLQFRVWVDQGH[SHQVHV G 7KHSURFHHGVRIWKH1RWHZLOOEHGLVEXUVHGSXUVXDQWWRD'LVEXUVLQJ$JUHHPHQW WKH ³'LVEXUVLQJ$JUHHPHQW´ E\DQGEHWZHHQWKH%RUURZHUDQGWKH3XUFKDVHU H &HUWDLQUHQWDODQGRFFXSDQF\UHTXLUHPHQWVRIIHGHUDODQGVWDWHODZDUHVHWIRUWKLQD 5HJXODWRU\$JUHHPHQW WKH³ 5HJXODWRU\$JUHHPHQW´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¶VLQWHUHVWLQWKH/RDQ$JUHHPHQWZKLFKZLOO EHDVVLJQHGWRWKH3XUFKDVHUXQGHUWKH3OHGJH$JUHHPHQWDQG Y VKDOOQRWFRQVWLWXWHDJHQHUDORUPRUDO REOLJDWLRQRIWKH&LW\ J ,WLVGHVLUDEOHIHDVLEOHDQGFRQVLVWHQWZLWKWKHREMHFWVDQGSXUSRVHVRIWKH$FWWRLVVXH WKH1RWHIRUWKHSXUSRVHRIILQDQFLQJWKHFRVWVRIWKH3URMHFW K 7KH3URMHFWFRQVWLWXWHVD³ TXDOLILHGUHVLGHQWLDOUHQWDOSURMHFW´ZLWKLQWKHPHDQLQJRI 6HFWLRQ G RIWKH&RGHDQGD³ PXOWLIDPLO\KRXVLQJGHYHORSPHQW´DXWKRUL]HGE\WKH$FWDQG IXUWKHUVWKHSXUSRVHVRIWKH$FW L 7KHSXUSRVHRIWKH3URMHFWLVDQGWKHHIIHFWWKHUHRIZLOOEHWRSURPRWHWKHSXEOLFZHOIDUH E\WKHDFTXLVLWLRQDQGUHQRYDWLRQRIDIDFLOLW\IRUXVHDVDPXOWLIDPLO\KRXVLQJGHYHORSPHQWGHVLJQHG SULPDULO\IRURFFXSDQF\E\SHUVRQVRIORZDQGPRGHUDWHLQFRPH M 7KH$FWDXWKRUL]HV L WKHDFTXLVLWLRQDQGUHQRYDWLRQRIWKH3URMHFW LL WKHLVVXDQFHDQG VDOHRIWKH1RWH LLL WKHH[HFXWLRQDQGGHOLYHU\E\WKH&LW\RIWKH/RDQ$JUHHPHQW5HJXODWRU\ $JUHHPHQWDQG3OHGJH$JUHHPHQW WKH³&LW\$JUHHPHQWV´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¶VH[HFXWLRQRUGHOLYHU\RIWKH1RWHRUWKH&LW\$JUHHPHQWVRUTXHVWLRQLQJ WKHGXHRUJDQL]DWLRQRIWKH&LW\RUWKHSRZHUVRUDXWKRULW\RIWKH&LW\WRLVVXHWKH1RWHDQGXQGHUWDNH WKHWUDQVDFWLRQVFRQWHPSODWHGKHUHE\ Q 7KHH[HFXWLRQGHOLYHU\DQGSHUIRUPDQFHRIWKH&LW\¶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³$XWKRUL]HG2IILFHUV´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³)LQDQFLQ J 'RFXPHQWV´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¶VDGPLQLVWUDWLYHIHHZLWKUHVSHFW WRDQ\WD[H[HPSWILQDQFLQJLVVXHGWRUHIXQGWKH1RWHRQRUSULRUWRWKHGDWHRILVVXDQFHRIWKH1RWH,WLV XQGHUVWRRGDQGDJUHHGWKDWWKH%RUURZHUVKDOOLQGHPQLI\WKH&LW\DJDLQVWDOOOLDELOLWLHVORVVHVGDPDJHV FRVWVDQGH[SHQVHV LQFOXGLQJDWWRUQH\¶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³&LW\´ LVDKRPHUXOHFKDUWHUFLW\GXO\ RUJDQL]HGDQGH[LVWLQJXQGHULWV&KDUWHUDQGWKH&RQVWLWXWLRQDQGODZVRIWKH6WDWHRI0LQQHVRWDDQG :+(5($6SXUVXDQWWR0LQQHVRWD6WDWXWHV&KDSWHU&DVDPHQGHG WKH³$FW´ WKH&LW\LV DXWKRUL]HGWRFDUU\RXWWKHSXEOLFSXUSRVHVGHVFULEHGLQWKH$FWE\LVVXLQJUHYHQXHERQGVWRILQDQFHRU UHILQDQFHPXOWLIDPLO\KRXVLQJGHYHORSPHQWVORFDWHGZLWKLQWKH&LW\DQGDVDFRQGLWLRQWRWKHLVVXDQFHRI VXFKUHYHQXHERQGVDGRSWDKRXVLQJSURJUDPSURYLGLQJWKHLQIRUPDWLRQUHTXLUHGE\6HFWLRQ& VXEGLYLVLRQDRIWKH$FWDQG :+(5($6LQWKHLVVXDQFHRIWKH&LW\¶VUHYHQXHERQGVDQGLQWKHPDNLQJRIDORDQWRILQDQFHD PXOWLIDPLO\KRXVLQJGHYHORSPHQWWKH&LW\PD\H[HUFLVHZLWKLQWKHFRUSRUDWHOLPLWVRIWKH&LW\DQ\RI WKHSRZHUVWKDWWKH0LQQHVRWD+RXVLQJ)LQDQFH$JHQF\PD\H[HUFLVHXQGHU0LQQHVRWD6WDWXWHV&KDSWHU $DVDPHQGHGZLWKRXWOLPLWDWLRQXQGHUWKHSURYLVLRQVRI0LQQHVRWD6WDWXWHV&KDSWHUORFDWHGDW(DVWJDWH'ULYH6(LQWKH&LW\ WKH³3URMHFW´ DQG :+(5($6WKH&LW\KDVSUHSDUHGDKRXVLQJSURJUDP WKH³+RXVLQJ3URJUDP´RU³3URJUDP´ WR DXWKRUL]HWKHLVVXDQFHE\WKH&LW\RIUHYHQXHERQGVLQWKHPD[LPXPSULQFLSDODPRXQWRIWR ILQDQFHWKHDFTXLVLWLRQFRQVWUXFWLRQDQGHTXLSSLQJRIWKH3URMHFWDQG :+(5($6DQRWLFHRISXEOLFKHDULQJ WKH³3XEOLF1RWLFH´ ZDVSXEOLVKHGLQDFFRUGDQFHZLWK WKH$FWDQG6HFWLRQ )D :+(5($6RQ'HFHPEHUWKH&RPPRQ&RXQFLODGRSWHGDSUHOLPLQDU\UHVROXWLRQDV DPHQGHGVXSSOHPHQWHGDQGUHVWDWHGE\DUHVROXWLRQDGRSWHG'HFHPEHU FROOHFWLYHO\WKH ³3UHOLPLQDU\5HVROXWLRQ´ XQGHUWKHWHUPVRIZKLFKWKH&LW\ L JUDQWHGSUHOLPL QDU\DSSURYDOWRWKH LVVXDQFHRIPXOWLIDPLO\KRXVLQJUHYHQXHREOLJDWLRQVXQGHUWKHWHUPVRIWKH$FWWRILQDQFHWKH3URMHFW LL DXWKRUL]HGWKHVXEPLVVLRQRIDQDSSOLFDWLRQWRWKH0LQQHVRWD'HSDUWPHQWRI0DQDJHPHQWDQG%XGJHW ³00%´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³3OHGJH $JUHHPHQW´ WKH&LW\ZLOOSOHGJHDQGJUDQWDVHFXULW\LQWHUHVWLQDOORILWVULJKWVWLWOHDQGLQWHUHVWLQWKH /RDQ$JUHHPHQWWRWKH3XUFKDVHU H[FHSWIRUFHUWDLQULJKWVRILQGHPQLILFDWLRQDQGWRUHLPEXUVHPHQWIRU FHUWDLQFRVWVDQGH[SHQVHV G 7KHSURFHHGVRIWKH1RWHZLOOEHGLVEXUVHGSXUVXDQWWRD'LVEXUVLQJ$JUHHPHQW WKH ³'LVEXUVLQJ$JUHHPHQW´ E\DQGEHWZHHQWKH%RUURZHUDQGWKH3XUFKDVHU H &HUWDLQUHQWDODQGRFFXSDQF\UHTXLUHPHQWVRIIHGHUDODQGVWDWHODZDUHVHWIRUWKLQD 5HJXODWRU\$JUHHPHQW WKH³ 5HJXODWRU\$JUHHPHQW´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¶VLQWHUHVWLQWKH/RDQ$JUHHPHQWZKLFKZLOO EHDVVLJQHGWRWKH3XUFKDVHUXQGHUWKH3OHGJH$JUHHPHQWDQG Y VKDOOQRWFRQVWLWXWHDJHQHUDORUPRUDO REOLJDWLRQRIWKH&LW\ J ,WLVGHVLUDEOHIHDVLEOHDQGFRQVLVWHQWZLWKWKHREMHFWVDQGSXUSRVHVRIWKH$FWWRLVVXH WKH1RWHIRUWKHSXUSRVHRIILQDQFLQJWKHFRVWVRIWKH3URMHFW K 7KH3URMHFWFRQVWLWXWHVD³ TXDOLILHGUHVLGHQWLDOUHQWDOSURMHFW´ZLWKLQWKHPHDQLQJRI 6HFWLRQ G RIWKH&RGHDQGD³ PXOWLIDPLO\KRXVLQJGHYHORSPHQW´DXWKRUL]HGE\WKH$FWDQG IXUWKHUVWKHSXUSRVHVRIWKH$FW L 7KHSXUSRVHRIWKH3URMHFWLVDQGWKHHIIHFWWKHUHRIZLOOEHWRSURPRWHWKHSXEOLFZHOIDUH E\WKHDFTXLVLWLRQDQGFRQVWUXFWLRQRIDIDFLOLW\IRUXVHDVDPXOWLIDPLO\KRXVLQJGHYHORSPHQWGHVLJQHG SULPDULO\IRURFFXSDQF\E\SHUVRQVRIORZDQGPRGHUDWHLQFRPH M 7KH$FWDXWKRUL]HV L WKHDFTXLVLWLRQDQGFRQVWUXFWLRQRIWKH3URMHFW LL WKHLVVXDQFHDQG VDOHRIWKH1RWH LLL WKHH[HFXWLRQDQGGHOLYHU\E\WKH&LW\RIWKH/RDQ$JUHHPHQW5HJXODWRU\ $JUHHPHQWDQG3OHGJH$JUHHPHQW WKH³&LW\$JUHHPHQWV´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¶VH[HFXWLRQRUGHOLYHU\RIWKH1RWHRUWKH&LW\$JUHHPHQWVRUTXHVWLRQLQJ WKHGXHRUJDQL]DWLRQRIWKH&LW\RUWKHSRZHUVRUDXWKRULW\RIWKH&LW\WRLVVXHWKH1RWHDQGXQGHUWDNH WKHWUDQVDFWLRQVFRQWHPSODWHGKHUHE\ Q 7KHH[HFXWLRQGHOLYHU\DQGSHUIRUPDQFHRIWKH&LW\¶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³$XWKRUL]HG2IILFHUV´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³)LQDQFLQJ 'RFXPHQWV´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¶VDGPLQLVWUDWLYHIHHZLWKUHVSHFW WRDQ\WD[H[HPSWILQDQFLQJLVVXHGWRUHIXQGWKH1RWHRQRUSULRUWRWKHGDWHRILVVXDQFHRIWKH1RWH,WLV XQGHUVWRRGDQGDJUHHGWKDWWKH%RUURZHUVKDOOLQGHPQLI\WKH&LW\DJDLQVWDOOOLDELOLWLHVORVVHVGDPDJHV FRVWVDQGH[SHQVHV LQFOXGLQJDWWRUQH\¶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³&LW\´ LVDKRPHUXOHFKDUWHUFLW\GXO\ RUJDQL]HGDQGH[LVWLQJXQGHULWV&KDUWHUDQGWKH&RQVWLWXWLRQDQGODZVRIWKH6WDWHRI0LQQHVRWDDQG :+(5($6SXUVXDQWWR0LQQHVRWD6WDWXWHV&KDSWHU&DVDPHQGHG WKH³$FW´ WKH&LW\LV DXWKRUL]HGWRFDUU\RXWWKHSXEOLFSXUSRVHVGHVFULEHGLQWKH$FWE\LVVXLQJUHYHQXHERQGVWRILQDQFHRU UHILQDQFHPXOWLIDPLO\KRXVLQJGHYHORSPHQWVORFDWHGZLWKLQWKH&LW\DQGDVDFRQGLWLRQWRWKHLVVXDQFHRI VXFKUHYHQXHERQGVDGRSWDKRXVLQJSURJUDPSURYLGLQJWKHLQIRUPDWLRQUHTXLUHGE\6HFWLRQ& VXEGLYLVLRQDRIWKH$FWDQG :+(5($6LQWKHLVVXDQFHRIWKH&LW\¶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³&RPPRQ&RXQFLO´ DQGRQWKLVVDPHGDWHWKH &RPPRQ&RXQFLOFRQGXFWHGDSXEOLFKHDULQJDWZKLFKDUHDVRQDEOHRSSRUWXQLW\ZDVSURYLGHGIRU LQWHUHVWHGLQGLYLGXDOVWRH[SUHVVWKHLUYLHZVERWKRUDOO\DQGLQZULWLQJDQG :+(5($6RQ-XO\WKH&RPPRQ&RXQFLODGRSWHGDSUHOLPLQDU\UHVROXWLRQ WKH ³3UHOLPLQDU\5HVROXWLRQ´ XQGHUWKHWHUPVRIZKLFKWKH&LW\ L JUDQWHGSUHOLPLQDU\DSSURYDOWRWKH LVVXDQFHRIPXOWLIDPLO\KRXVLQJUHYHQXHREOLJDWLRQVXQGHUWKHWHUPVRIWKH$FWWRILQDQFHWKH3URMHFW LL DXWKRUL]HGWKHVXEPLVVLRQRIDQDSSOLFDWLRQWRWKH0LQQHVRWD'HSDUWPHQWRI0DQDJHPHQWDQG%XGJHW ³00%´ IRUDQDOORFDWLRQRIERQGLQJDXWKRULW\XQGHU0LQQHVRWD6WDWXWHV&KDSWHUDQGVDOHRIWKH1RWHE\WKH&LW\SXUVXDQWWRWKH$FWLVLQWKHEHVWLQWHUHVW RIWKH&LW\DQGWKH&LW\KHUHE\GHWHUPLQHVWRLVVXHWKH1RWHDQGWRVHOOWKH1RWHWR0HUFKDQWV%DQNRI ,QGLDQDRUDQRWKHUEDQNVHOHFWHGE\WKH%RUURZHU WKH³&RQVWUXFWLRQ/HQGHU´ 7KH&LW\ZLOOORDQWKH SURFHHGVRIWKH1RWH WKH³/RDQ´ WRWKH%RUURZHULQRUGHUWRILQDQFHWKH3URMHFW7RSURYLGHSHUPDQHQW ILQDQFLQJIRUWKH3URMHFWWKH%RUURZHUSURSRVHVWRVHOHFWDSHUPDQHQWOHQGHU WKH³3HUPDQHQW/HQGHU´ DQGWRJHWKHUZLWKWKH&RQVWUXFWLRQ/HQGHUWKH³/HQGHUV´ WRSXUFKDVHWKH1RWHIURPWKH&RQVWUXFWLRQ /HQGHUIROORZLQJFRPSOHWLRQRIFRQVWUXFWLRQRIWKH3URMHFWDQGVDWLVIDFWLRQRIFHUWDLQRWKHUFRQGLWLRQV E 3XUVXDQWWRD)LQDQFLQJ$JUHHPHQW WKH³)LQDQFLQJ$JUHHPHQW´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³ 0RUWJDJH´ WREHH[HFXWHGE\WKH%RUURZHULQIDYRURI WKH&LW\DQGDVVLJQHGSXUVXDQWWRDQ$VVLJQPHQWRI0RUWJDJHWREHH[HFXWHGE\WKH&LW\ WKH ³$VVLJQPHQW´ LQIDYRURIWKH&RQVWUXFWLRQ/HQGHUDQG LL XSRQFRQYHUVLRQRIWKH1RWHWRDIL[HGUDWH DQGDVVLJQPHQWWRWKH3HUPDQHQW/HQGHUZLOOEHVHFXUHGDPRUWJDJHEDFNHGVHFXULW\JXDUDQWHHGDVWR WLPHO\SD\PHQWRISULQFLSDODQGLQWHUHVWE\*RYHUQPHQW1DWLRQDO0RUWJDJH$VVRFLDWLRQSXUVXDQWWRWKH 1DWLRQDO+RXVLQJ$FWDQG LLL ZLOOEHIXUWKHUVHFXUHGE\FHUWDLQRWKHUVHFXULW\DJUHHPHQWVDQGJXDUDQW\ DJUHHPHQWVLQIDYRURIWKH/HQGHUV WKH³&ROODWHUDO'RFXPHQWV´ G &HUWDLQUHQWDODQGRFFXSDQF\UHTXLUHPHQWVRIIHGHUDODQGVWDWHODZDUHVHWIRUWKLQD 5HJXODWRU\$JUHHPHQW WKH³ 5HJXODWRU\$JUHHPHQW´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¶VLQWHUHVWLQWKH)LQDQFLQJ$JUHHPHQWZKLFK ZLOOEHDVVLJQHGWRWKH/HQGHUVXQGHUWKH)LQDQFLQJ$JUHHPHQWDQG Y VKDOOQRWFRQVWLWXWHDJHQHUDORU PRUDOREOLJDWLRQRIWKH&LW\ I ,WLVGHVLUDEOHIHDVLEOHDQGFRQVLVWHQWZLWKWKHREMHFWVDQGSXUSRVHVRIWKH$FWWRLVVXH WKH1RWHIRUWKHSXUSRVHRIILQDQFLQJWKHFRVWVRIWKH3URMHFW J 7KH3URMHFWFRQVWLWXWHVD³ TXDOLILHGUHVLGHQWLDOUHQWDOSURMHFW´ZLWKLQWKHPHDQLQJRI 6HFWLRQ G RIWKH&RGHDQGD³ PXOWLIDPLO\KRXVLQJGHYHORSPHQW´DXWKRUL]HGE\WKH$FWDQG IXUWKHUVWKHSXUSRVHVRIWKH$FW K 7KHSXUSRVHRIWKH3URMHFWLVDQGWKHHIIHFWWKHUHRIZLOOEHWRSURPRWHWKHSXEOLFZHOIDUH E\WKHDFTXLVLWLRQDQGFRQVWUXFWLRQRIDIDFLOLW\IRUXVHDVDPXOWLIDPLO\KRXVLQJGHYHORSPHQWGHVLJQHG SULPDULO\IRURFFXSDQF\E\SHUVRQVRIORZDQGPRGHUDWHLQFRPH L 7KH$FWDXWKRUL]HV L WKHDFTXLVLWLRQDQGFRQVWUXFWLRQRIWKH3URMHFW LL WKHLVVXDQFHDQG VDOHRIWKH1RWH LLL WKHH[HFXWLRQDQGGHOLYHU\E\WKH&LW\RIWKH)LQDQFLQJ$JUHHPHQWWKH5HJXODWRU\ $JUHHPHQWDQGWKH$VVLJQPHQW WKH³&LW\$JUHHPHQWV´ LY WKHSHUIRUPDQFHRIDOOFRYHQDQWVDQG DJUHHPHQWVRIWKH&LW\FRQWDLQHGLQWKH&LW\$JUHHPHQWVDQGDQ\RWKHUGRFXPHQWVUHDVRQDEO\QHFHVVDU\ WRHIIHFWXDWHWKHLQWHQWRIWKLVUHVROXWLRQDQG Y WKHSHUIRUPDQFHRIDOORWKHUDFWVDQGWKLQJVUHTXLUHG XQGHUWKHFRQVWLWXWLRQDQGODZVRIWKH6WDWHRI0LQQHVRWDWRPDNHWKH&LW\$JUHHPHQWVDQGWKH1RWH YDOLGDQGELQGLQJVSHFLDOOLPLWHGREOLJDWLRQVRIWKH&LW\LQDFFRUGDQFHZLWKLWVWHUPV M ,WLVGHVLUDEOHWKDWWKH%RUURZHUEHDXWKRUL]HGVXEMHFWWRWKHWHUPVDQGFRQGLWLRQVVHW IRUWKLQWKH)LQDQFLQJ$JUHHPHQWZKLFKWHUPVDQGFRQGLWLRQVWKH&LW\GHWHUPLQHVEDVHGRQ UHSUHVHQWDWLRQVRIWKH%RUURZHUWREHQHFHVVDU\GHVLUDEOHDQGSURSHUWRFRPSOHWHWKHDFTXLVLWLRQ FRQVWUXFWLRQDQGLQVWDOODWLRQRIWKH3URMHFWE\VXFKPHDQVDVVKDOOEHDYDLODEOHWRWKH%RUURZHUDQGLQ WKHPDQQHUGHWHUPLQHGE\WKH%RUURZHUDQGZLWKRUZLWKRXWDGYHUWLVHPHQWIRUELGVDVUHTXLUHGIRUWKH DFTXLVLWLRQDQGLQVWDOODWLRQRIPXQLFLSDOIDFLOLWLHV )D N 7KHSD\PHQWVXQGHUWKH)LQDQFLQJ$JUHHPHQWDUHIL[HGWRSURGXFHUHYHQXHVXIILFLHQWWR SURYLGHIRUWKHSURPSWSD\PHQWRISULQFLSDORISUHPLXPLIDQ\DQGLQWHUHVWRQWKH1RWHZKHQGXHDQG WKH)LQDQFLQJ$JUHHPHQWDOVRSURYLGHVWKDWWKH%RUURZHULVUHTXLUHGWRSD\DOOH[SHQVHVRIWKHRSHUDWLRQ DQGPDLQWHQDQFHRIWKH3URMHFWLQFOXGLQJEXWZLWKRXWOLPLWDWLRQDGHTXDWHLQVXUDQFHWKHUHRQDQG LQVXUDQFHDJDLQVWDOOOLDELOLW\IRULQMXU\WRSHUVRQVRUSURSHUW\DULVLQJIURPWKHRSHUDWLRQWKHUHRIDQGDOO WD[HVDQGVSHFLDODVVHVVPHQWVOHYLHGXSRQRUZLWKUHVSHFWWRWKH3URMHFWDQGSD\DEOHGXULQJWKHWHUPRI WKH)LQDQFLQJ$JUHHPHQW O 7RWKHDFWXDONQRZOHGJHRIWKH&LW\WKHUHLVQROLWLJDWLRQSHQGLQJRUWKUHDWHQHGDJDLQVW WKH&LW\TXHVWLRQLQJWKH&LW\¶VH[HFXWLRQRUGHOLYHU\RIWKH1RWHRUWKH&LW\$JUHHPHQWVRUTXHVWLRQLQJ WKHGXHRUJDQL]DWLRQRIWKH&LW\RUWKHSRZHUVRUDXWKRULW\RIWKH&LW\WRLVVXHWKH1RWHDQGXQGHUWDNH WKHWUDQVDFWLRQVFRQWHPSODWHGKHUHE\ P 7KHH[HFXWLRQGHOLYHU\DQGSHUIRUPDQFHRIWKH&LW\¶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³$XWKRUL]HG2IILFHUV´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³)LQDQFLQJ 'RFXPHQWV´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¶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³&LW\´ LVDKRPHUXOHFKDUWHUFLW\DQGSROLWLFDO VXEGLYLVLRQGXO\RUJDQL]HGDQGH[LVWLQJXQGHULWV&KDUWHUDQGWKH&RQVWLWXWLRQDQGODZVRIWKH6WDWHRI 0LQQHVRWD 3X UVXDQWWR0LQQHVRWD6WDWXWHV&KDSWHU&DVDPHQGHG WKH³$FW´ WKH&LW\LV DXWKRUL]HGWRLVVXHUHYHQXHERQGVWRSURYLGHIXQGVWRILQDQFHPXOWLIDPLO\UHQWDOKRXVLQJGHYHORSPHQWV ORFDWHGZLWKLQWKH&LW\ 5LYHU*OHQ$SDUWPHQWV3KDVH,,/3DQ,QGLDQDOLPLWHGSDUWQHUVKLSWREHIRUPHG RU 9LOODJH&DSLWDO&RUSRUDWLRQDQ,QGLDQDFRUSRUDWLRQRURQHRUPRUHDIILOLDWHGHQWLWLHVFROOHFWLYHO\WKH ³%RUURZHU´ KDVSURSRVHGWKDWWKH&LW\LVVXHLWVUHYHQXHERQGVRURWKHUREOLJDWLRQVLQWKHDSSUR[LPDWH DJJUHJDWHSULQFLSDODPRXQWRIXSWRLQRQHRUPRUHVHULHVEHDULQJLQWHUHVWDWIL[HGDQGRU YDULDEOHUDWHVWREHRIIHUHGSXEOLFO\DQGRUSULYDWHO\SODFHG WKH³%RQGV´ 7KHSURFHHGVRIWKH%RQGVDUHSURSRVHGWREHORDQHGE\WKH&LW\WRWKH%RUURZHUWREH DSSOLHGE\WKH%RUURZHUWR L ILQDQFHWKHDFTXLVLWLRQFRQVWUXFWLRQDQGHTXLSSLQJRIDQDSSUR[LPDWHO\ XQLWPXOWLIDPLO\UHQWDOKRXVLQJGHYHORSPHQWFRQVLVWLQJRIWZRVWRU\JDUGHQVW\OHDSDUWPHQW EXLOGLQJVDQGIXQFWLRQDOO\UHODWHGIDFLOLWLHV LQFOXGLQJZLWKRXWOLPLWDWLRQDFOXEKRXVHZLWKDILWQHVVFHQWHU FRPPXQLW\URRPIXOONLWFKHQOHDVLQJRIILFHVDSOD\JURXQGDQGDSRRO WREHORFDWHGRQDSRUWLRQRIDQ WK DSSUR[LPDWHO\SDUFHORIODQGORFDWHGDWWKHVRXWKZHVWTXDGUDQWRIWKHLQWHUVHFWLRQRI WKH³3URMHFW´ LL IXQGRQHRUPRUHUHVHUYHIXQGVWRVHFXUHWKH WLPHO\SD\PHQWRIWKH%RQGVLIQHFHVVDU\ LLL SD\LQWHUHVWRQWKH%RQGVGXULQJWKHFRQVWUXFWLRQRIWKH 3URMHFWLIQHFHVVDU\DQG LY SD\WKHFRVWVRILVVXLQJWKH%RQGV 2QWKLVVDPHGDWHWKH&RPPRQ&RXQFLODGRSWHGDKRXVLQJSURJUDPSURYLGLQJWKH LQIRUPDWLRQUHTXLUHGE\6HFWLRQ&VXEGLYLVLRQDRIWKH$FW WKH³+RXVLQJ3URJUDP´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³%RQG&RXQVHO´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³5HJXODWLRQV´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³GHPLQLPLV´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³&ULPVRQ5LGJH7KLUG6XEGLYLVLRQ´VKDOOEH FKDQJHGWR³&ULPVRQ5LGJH)RXUWK6XEGLYLVLRQ´ 3DFNHW3J ) &281&,/$&7,215(48(67(' [[150,256,940,313][12][B,I,][Arial]],IWKH&RXQFLOZLVKHVWRSURFHHGL [[937,256,2387,313][12][B,I,][Arial]]WVKRXOGLQVWUXFWWKH&LW\$WWRUQH\WRSUHSDUHDUHVROXWLRQZLWK [[150,313,950,370][12][B,I,][Arial]]ILQGLQJVVXSSRUWLQJWKHLUGHFLVLRQ 3DFNHW3J )D IW1RWLILFDWLRQ$UHDRI )LQDO3ODW5 )F 3DJH 52&+(67(52/067('3/$11,1*'(3$570(17 &DPSXV'ULYH6(6XLWH5RFKHVWHU01 )F 5JH7KLUG6XEGLYLVLRQ´ VKDOOEHFKDQJHGWR³&ULPVRQ5LGJH)RXUWK6XEGLYLVLRQ´ $77$&+0(176 1RWLILFDWLRQ 3ODW 6WDII5HSRUW 5HIHUUDO&RPPHQWV 5RFKHVWHU2OPVWHG3ODQQLQJ'HSDUWPHQW_&DPSXV'ULYH6(6XLWH_5RFKHVWHU01 3DFNHW3J )G 3DFNHW3J )G 3DFNHW3J )G 3DFNHW3J )G 3DFNHW3J )G 3DFNHW3J ) ) ) ) ) ) ) ) ) 5(48(67)25&281&,/$&7,21 0((7,1*'$7( )D IW1RWLILFDWLRQ$UHDRI 9DFDWLRQSHWLWLRQ5 )D (PDLO5HTXHVW7R 1RWLILFDWLRQ/LVW5HTXHVW'LVWULE ORFDWHGLQ3ODQQLQJ&RQWDFWV ĂƚĞ͗ϰͬϰͬϭϳ ZĞƋƵĞƐƚďǇ͗ĞƚŚĂǀŝƐĞƐĐƌŝƉƚŝŽŶŽĨWƌŽƉĞƌƚǇ͗^dd,Z&ZZ> ůƵƌď͗sĂĐĂƚŝŽŶƉĞƚŝƚŝŽŶηZϮϬϭϳ Ͳ ϬϬϭsďǇtĂƚĞƌĨƌŽŶƚƵƐŝŶĞƐƐWĂƌŬ͕>>͕ƚŽǀĂĐĂƚĞĂϯϬΖĚƌĂŝŶĂŐĞ ĞĂƐĞŵĞŶƚůŽĐĂƚĞĚĂƚ>ŽƚϮ͕ůŽĐŬϭ͕tĂƚĞƌĨƌŽŶƚƵƐŝŶĞƐƐWĂƌŬ^ĞĐŽŶĚ͘dŚĞƐŝƚĞŝƐůŽĐĂƚĞĚŽŶƚŚĞǁĞƐƚ ƐŝĚĞŽĨŽŵŵĞƌĐŝĂůƌŝǀĞ^tĂƉƉƌŽǆŝŵĂƚĞůǇĂƋƵĂƌƚĞƌŵŝůĞƐŽƵƚŚŽĨϰϴƚŚ^ƚƌĞĞƚ^t͘ ĂƚĞ>ŝƐƚΘDĂƉEĞĞĚĞĚďǇ͗ϯĚĂǇƐĨƌŽŵĚĂƚĞŽĨƌĞƋƵĞƐƚ ŝƐƚĂŶĐĞĨŽƌEŽƚŝĨŝĐĂƚŝŽŶ͗ ϮϬϬ͛KƚŚĞƌ EĞŝŐŚďŽƌŚŽŽĚƐƐŽĐŝĂƚŝŽŶ͗EŽŶĞ ŽƵŶĐŝůtĂƌĚ͗ϭʹĚ,ƌƵƐŬĂ dZ^YYΘW/E^ ϲϰϯϱϮϭϬϴϮϳϰϱ 3DFNHW3J )D ϰͬϲͬϮϬϭϳ ^ KtEhE/d ϮϬϭϰ^^dZK,^dZDEϱϱϵϬϰϭϬϴη K KtEKtEKtEhE/dE ZhEEtZZK,^dZDEϱϱϵϬϭ ϭϳϳϬϳϱE^dZK,^dZDEϱϱϵϬϲϭϳϳϬϳϱE^dZK,^dZDEϱϱϵϬϲ >>ϯϮϭϭEsD/EEWK>/^DEϱϱϰϬϭϮ^dt/EKEDEϱϱϵϴϳ E KtE^ddzKtEZ/dzKt d KtE^dEDKtEWK^ >> ϭϯϭϱ</E'^ WĂƌŬ ϵϬϮ^d ƵƐŝŶĞƐƐ KtE E tĂƚĞƌĨƌŽŶƚ W/EWZ/KtEZEDϭKtEZEDϮKtEZ ϬϴϮϳϰϱ ďǇ ϬϬϭs W/E^͗ Ͳ ηZϮϬϭϳ WĞƚŝƚŝŽŶ >>>> sĂĐĂƚŝŽŶ ^dKZ'^dKZ' ^Khd,t^d^Khd,t^d ZK,^dZ >> >h ,ƌƵƐŬĂ Yh/d/^ ZK,^dZ> ϬϳϯϬϵϬϲϰϯϱϮϭϬϳϯϬϵϬ<^d>Z͕DZ/>zE 'hE Ě >>>> ϬϴϮϳϰϰϲϰϯϱϮϭϬϴϮϳϰϰ/Eh^dZ/> ϬϴϮϳϰϱϲϰϯϱϮϭϬϴϮϳϰϱZK,^dZ ZĞƉƌĞƐĞŶƚĂƚŝǀĞ ZK,ZK, K& ϬϳϳϰϲϰϲϰϯϱϮϭϬϳϳϰϲϰ/dz ϬϳϳϰϱϵϲϰϯϱϮϭϬϳϳϰϱϵ>^ϬϳϳϰϲϬϲϰϯϱϮϭϬϳϳϰϲϬ>^ tĂƌĚ ŽƵŶĐŝů Ϯ ŵĂŝů͗ ŽĨ ϭ WĂŐĞ Ǉ 3DFNHW3J 3DFNHW3J )F 523' 2&+(67(5/067('/$11,1*(3$570(17 &DPSXV'ULYH6(6XLWH5RFKHVWHU01 )G 3DFNHW3J )G 3DFNHW3J )G 3DFNHW3J ) 5(48(67)25&281&,/$&7,21 0((7,1*'$7( F $UHTXLUHGJDWHYDOYHLVQHDUWKHZDWHUPDLQRQWKHSURSRVHGZDWHUVHUYLFH G $IRRWXWLOLW\HDVHPHQWDORQJDOOULJKWRIZD\ H $GHGLFDWHGVSDFHIRUDSDGPRXQWHGWUDQVIRUPHU ̺ I 5HYLVHGEXLOGLQJHOHYDWLRQVVKRZLQJWKHUHPRYDORI0DJLFSDN+9$&JULOOVIURPWKHEXLOGLQJ H[WHULRU &281&,/$&7,215(48(67(' ,IWKH&RXQFLOZLVKHVWRSURFHHGLWVKRXOGLQVWUXFWWKH&LW\$WWRUQH\WRSUHSDUHDUHVROXWLRQIRU&RXQFLO DSSURYDO 3DFNHW3J )D IW1RWLILFDWLRQ$UHDRI )E 5&833DJH 52&+(67(52/067('3/$11,1*'(3$570(17 &DPSXV'ULYH6(6XLWH5RFKHVWHU01 )E 5&833DJH 7KHVLWHFRQVLVWVRIIRXUSDUFHOVZLWKDWRWDODFUHDJHRIDFUHV(DVW&HQWHU6WUHHWLVWKH ZHVWHUQPRVWSDUFHODQGFRQWDLQVDXQLWUHVLGHQWLDOEXLOGLQJ(DVW&HQWHU6WUHHWFRQWDLQVD GXSOH[DQG(DVW&HQWHU6WUHHWHDFKFRQWDLQDVLQJOHIDPLO\GZHOOLQJ $GMDFHQWODQGXVHV 7KHVXUURXQGLQJDUHDFRQVLVWVRIUHVLGHQWLDOGHYHORSPHQW%XLOGLQJVDUH SULPDULO\VLQJOHIDPLO\UHVLGHQWLDOLQIRUP0DQ\RIWKHUHVLGHQWLDOEXLOGLQJVKDYHEHHQGLYLGHG LQWRPXOWLSOHUHQWDOXQLWV1HZHUPXOWLIDPLO\EXLOGLQJVDUHVFDWWHUHGWRWKHHDVWRIWKHVLWHDORQJ WK (DVW&HQWHU6WUHHW7KHSURMHFWVLWHDQGWKHSURSHUWLHVZLWKLQWKHVDPHEORFNWRWKHZHVWRI $YHQXH6(DUH]RQHG5 0D\R)LHOGLVDGMDFHQWWRWKHSURMHFWVLWHWRWKHQRUWKDQGZHVW$&LW\RI5RFKHVWHU3DUNDQG )RUHVWU\0DLQWHQDQFH&HQWHURFFXSLHVDSRUWLRQRIWKH0D\R)LHOGVLWHWRWKHQRUWKQH[WWRWKH UDLOURDG7KH0D\R)LHOGVLWHLV]RQHG5 2QWKHVRXWKVLGHRIWKHSURSHUW\DUHVLQJOHIDPLO\UHVLGHQWLDOKRPHV7KHDUHDVRXWKRIWKH SURMHFWVLWHLV]RQHG50L[HG6LQJOH)DPLO\'LVWULFW $33/,&$175(48(67 7KHDSSOLFDQWKDVFKRVHQD5HVWULFWHG'HYHORSPHQWSURFHVVXQGHUVHFWLRQSOLFDWLRQUHTXLUHVDWZRVWHSUHYLHZSURFHVVFRQVLVWLQJRIDSUHOLPLQDU\DQGILQDOSODQ 7KHSUHOLPLQDU\SODQSKDVHIROORZVD7\SH,,,3KDVH,,SURFHGXUHZLWKKHDULQJVDWWKH3ODQQLQJ &RPPLVVLRQDQG&LW\&RXQFLO7KHILQDOSODQVWDJHLVD7\SH,,,3KDVH,,,SURFHGXUHZLWKD KHDULQJEHIRUHWKH&LW\&RXQFLO 6800$5<2)352326$/ /DQG8VHV 7KHSURSRVDOLVIRUDVL[VWRU\UHVLGHQWLDOEXLOGLQJZLWKUHVLGHQWLDOXQLWV7KHPL[RI EHGURRPRSWLRQVIRUWKHXQLWVLQFOXGH )E 5&833DJH FODVVLILFDWLRQVTXDUHIRRWDJHDFFHVVDQGVLJQDJHUHTXLUHPHQWV7KHVHFRQGLWLRQVYDU\EDVHGRQ WKHDSSOLFDEOH]RQLQJGLVWULFWVRWKHVWDQGDUGVIRUWKLVEXLOGLQJZRXOGEHGLIIHUHQWLIXQGHU5 RU5]RQLQJ%HFDXVHRIWKHVXUURXQGLQJ5FRQWH[WWKHFRPPHUFLDOXVHLQWHQGHGWRRFFXS\D SRUWLRQRIWKHOREE\VKRXOGIROORZWKHDSSOLFDEOHVTXDUHIRRWDJHXVHDFFHVVDQGVLJQDJH UHTXLUHPHQWVRIWKH5]RQLQJGLVWULFW7KHDSSOLFDQWKDVVXEPLWWHGDOHWWHUUHTXHVWLQJ SHUPLVVLRQIRUDQDFFHVVRU\XVHPHHWLQJWKHVWDQGDUGVRIWKH5]RQLQJGLVWULFWZLWKLQWKHOREE\ RIWKHGHYHORSPHQW %XLOGLQJ'HVLJQ0DWHULDOV 7KHEXLOGLQJLVJHQHUDOO\RUJDQL]HGWRDGGUHVV(DVW&HQWHU6WUHHWZLWKYHKLFXODUDQGSHGHVWULDQ HQWUDQFHVDQGSULPDU\IDoDGHV2QHYHKLFXODUDFFHVVWRWKHVLWHLVSURYLGHGQHDUWKHVRXWKHDVW FRUQHURIWKHVLWH7KLVGULYHZD\FRQQHFWLRQZLOOSURYLGHDFFHVVWRLQWHULRUSDUNLQJDWJUDGHDQG EHORZJUDGH7KHSULPDU\SHGHVWULDQHQWUDQFHDQGOREE\DUHORFDWHGDWWKHVRXWKZHVWFRUQHURI WKHEXLOGLQJ:DONXSORIWUHVLGHQWLDOXQLWVDUHVKRZQDORQJWKHVRXWKDQGZHVWIDoDGHV6HSDUDWH HQWUDQFHVDQGIURQWSRUFKHVDUHSURYLGHGIRUWKHVHXQLWV ([WHULRUFRPPRQVSDFHVDUHGHVLJQHGLQVHYHUDOORFDWLRQVLQFOXGLQJDQRXWGRRUVHDWLQJDUHDWR WKHZHVWRIWKHOREE\DWWKHVRXWKZHVWFRUQHURIWKHEXLOGLQJDVHFRQGIORRUDPHQLW\GHFNRQWKH QRUWKZHVWFRUQHURIWKHEXLOGLQJDQGDURRIGHFNQHDUWKHPLGGOHRIWKHZHVWIDoDGH2WKHU LQWHULRUFRPPRQVSDFHVDUHLGHQWLILHGRQWKHIORRUSODQV 7KHDSSOLFDWLRQOLVWVWKHEXLOGLQJKHLJKWDVVWRULHVDQGWKDQGZHVW IDFDGHV ([WHULRUEXLOGLQJPDWHULDOVDUHJHQHUDOO\GLYLGHGEHWZHHQILUVWIORRUDQGXSSHUIORRUPDWHULDOV %ULFNLVWKHSULPDU\PDWHULDOIRUWKHILUVWIORRUXQLWVZLWKKRUL]RQWDOFDVWVWRQHEDQGVXVHGIRUDV DQDFFHQWPDWHULDODORQJWKHVRXWKDQGZHVWIDoDGHV0HWDOSDQHOVDUHXVHGRQWKHZLQGRZ SURWUXVLRQVRQWKHILUVWIORRU6WRUHIURQWZLQGRZVDUHWKHSULPDU\PDWHULDOIRUWKHOREE\ DUHDSULPDU\HQWUDQFHRQWKHVRXWKZHVWFRUQHURIWKHEXLOGLQJ&RPSRVLWHVLGLQJSDQHOVDUHWKH SULPDU\EXLOGLQJPDWHULDOIRUWKHXSSHUIORRUVZLWKPHWDOSDQHOVDQGEULFNXVHGLQSRUWLRQVRIWKH VRXWKDQGZHVWIDoDGHV([FHSWIRUSRUWLRQVRIWKHQRUWKIDoDGHEDOFRQLHVDUHXVHGFRQVLVWHQWO\ WKURXJKRXWWKHEXLOGLQJH[WHULRU 6LJQDJH 7KHEXLOGLQJHOHYDWLRQVLQFOXGHWZRSURSRVHGZDOOVLJQVDVTXDUHIRRWVLJQRQWKHZHVWVLGH RIWKHEXLOGLQJDQGDVTXDUHIRRWVLJQRQWKHVRXWKVLGHRIWKHEXLOGLQJ%RWKVLJQVDUHORFDWHG LQWKHYLFLQLW\RIWKHOREE\7KHVHSURSRVHGVLJQVFRXOGQRWEHSHUPLWWHGXQGHUVLJQVWDQGDUGV5 RU$ZKLFKDUHWKHUHVLGHQWLDOVLJQVWDQGDUGVRIWKH5EDVH]RQLQJGLVWULFWDQGWKH5GLVWULFW WKDWLVXVHGWRUHYLHZWKHPXOWLIDPLO\XVHWKURXJKWKHUHVWULFWHGGHYHORSPHQWDSSOLFDWLRQ7R SHUPLWWKHSURSRVHGVLJQVDSSURYDORIDPRGLILFDWLRQWKURXJKVHFWLRQ )E 5&833DJH 3DUNLQJ)DFLOLW\ 7KHSDUNLQJIDFLOLW\FRQVLVWVRIOHYHOVRISDUNLQJDERYHJURXQGDQGXQGHUJURXQG 9HKLFXODUDFFHVVWRWKHSDUNLQJIDFLOLW\LVSURSRVHGRQ(DVW&HQWHU6WUHHW7KHDSSOLFDQWKDV LGHQWLILHGIRU5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQFULWHULDGRQRW VSHFLI\]RQLQJUHJXODWLRQVIRUGHYHORSPHQW7KHUHIRUHWKHWDEOHEHORZLOOXVWUDWHVFRPSDULVRQV EHWZHHQWKLVSURSRVDODQGVLPLODUVWDQGDUGVIRUPXOWLIDPLO\GHYHORSPHQWVZLWKLQWKH5+LJK 'HQVLW\5HVLGHQWLDO=RQLQJ'LVWULFW ZͲϰWƌŽũĞĐƚ ^ƚĂŶĚĂƌĚŵĞƚŽƌĞǆĐĞĞĚĞĚ ^ƚĂŶĚĂƌĚ ;ϰͲϲƐƚŽƌǇŵƵůƚŝͲĨĂŵŝůǇͿWƌŽƉŽƐĂů ^ĞƚďĂĐŬƐ͗ &ƌŽŶƚzĂƌĚ;^ŽƵƚŚ^ŝĚĞͿ ^ƚĂŶĚĂƌĚŶŽƚŵĞƚ Ϯϳ͘ϯ͛ϭϬ͘ϯ͛ϭ ϭϬ͛;ůĞƐƐƚŚĂŶϯƐƚŽƌŝĞƐͿϭϬ͘ϭ͛ ^ŝĚĞzĂƌĚ;ĂƐƚ^ŝĚĞͿ ^ƚĂŶĚĂƌĚŵĞƚ ϯϱ͛;ŵŽƌĞƚŚĂŶϯƐƚŽƌŝĞƐͿϯϱ͛ ^ŝĚĞzĂƌĚ;tĞƐƚ^ŝĚĞͿ ^ƚĂŶĚĂƌĚŶŽƚŵĞƚ ϯϱ͛Ϯϰ͘ϯ͛ϭ ZĞĂƌzĂƌĚ;EŽƌƚŚ^ŝĚĞͿ ^ƚĂŶĚĂƌĚŶŽƚŵĞƚ ϭ ϯϬ͘ϯ͛ϭϬ͘ϭ͛ ǆƚĞƌŝŽƌ>ŝŐŚƚŝŶŐ ZZ^ƚĂŶĚĂƌĚŵĞƚ 5RFKHVWHU2OPVWHG3ODQQLQJ'HSDUWPHQW_&DPSXV'ULYH6(6XLWH_5RFKHVWHU01 3DFNHW3J )E 5&833DJH ^ŝŐŶĂŐĞ^ƚĂŶĚĂƌĚ^ƚĂŶĚĂƌĚŶŽƚŵĞƚ Ϯ ƵĨĨĞƌǇĂƌĚ/ŶĚŝĐĂƚŽƌ /s EŽƌƚŚ EŽŶĞEͬEͬ ^ŽƵƚŚ EŽŶĞEͬEͬ ĂƐƚ ^ƚĂŶĚĂƌĚŵĞƚ tĞƐƚ EŽŶĞEͬEͬ ZĞƐƚƌŝĐƚĞĚĞǀĞůŽƉŵĞŶƚĂƉƉƌŽǀĂů ϭϯϮ ĞŶƐŝƚǇ͗ ϱϴ͘ϬϴĚƵͬĂĐ ŶĞĞĚĞĚ ĚƵͬĂĐ ZĞƐƚƌŝĐƚĞĚĞǀĞůŽƉŵĞŶƚĂƉƉƌŽǀĂů &Z͗ ϭ͘ϮϴϮ͘Ϯ ŶĞĞĚĞĚ >ĂŶĚƐĐĂƉĞй^ƚĂŶĚĂƌĚŶŽƚŵĞƚ ϯ ϯϱйϮϯ͘ϵй ZĞĐƌĞĂƚŝŽŶ^ƉĂĐĞ ϴйϭϭй^ƚĂŶĚĂƌĚŵĞƚ DĂǆ,ĞŝŐŚƚ ŶŽŶĞϳϱ͛^ƚĂŶĚĂƌĚŵĞƚ KĨĨͲ^ƚƌĞĞƚWĂƌŬŝŶŐ͗^ƚĂŶĚĂƌĚŶŽƚŵĞƚ ϰ ϭϳϱϭϳϰ ZĞƋƵŝƌĞĚƉĂƌŬŝŶŐ ϭϱϵ͘ϱ ^ƉŝůůŽǀĞƌƉĂƌŬŝŶŐ ϭϱ͘Ϯ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o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imes New Roman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ŝǀĞƌǁĂůŬŽǁŶƚŽǁŶŝƚǇƉĂƌƚŵĞŶƚ ZĞƐƚƌŝĐƚĞĚĞǀĞůŽƉŵĞŶƚ :ĂŶƵĂƌǇϮϬ͕ϮϬϭϳ ZĞƐƉŽŶƐĞƚŽ^ĞĐƚŝŽŶϲϮ͘ϳϬϴ^ƵďĚ͘ϯ&ŝŶĚŝŶŐƐĨŽƌ&ŝŶĂůWůĂŶ WƵďůŝĐ&ĂĐŝůŝƚǇĞƐŝŐŶ͗ ͘dŚĞĚĞƐŝŐŶŽĨƉƌŝǀĂƚĞĂŶĚƉƵďůŝĐƵƚŝůŝƚǇĨĂĐŝůŝƚŝĞƐŵĞĞƚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚƐƉĞĐŝĨŝĐĂƚŝŽŶƐǁŚŝĐŚƚŚĞĂƉƉůŝĐĂďůĞƵƚŝůŝƚǇŚĂƐĂĚŽƉƚĞĚ͘ ŝǀŝůŶŐŝŶĞĞƌŝŶŐƉůĂŶƐĨŽƌƉƵďůŝĐƵƚŝůŝƚŝĞƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ x ƐƚĂŶĚĂƌĚĞŶŐŝŶĞĞƌŝŶŐĐƌŝƚĞƌŝĂĨŽƌƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘ dŚĞƐĂŶŝƚĂƌǇƐĞǁĞƌĐŽŶƐŝƐƚƐŽĨĂϲ͛͛ƐĞƌǀŝĐĞůŝŶĞ͘WƵďůŝĐǁĂƚĞƌŵĂŝŶǁŝůůďĞĞǆƚĞŶĚĞĚĨŽƌ x ĨŝƌĞƉƌŽƚĞĐƚŝŽŶĂŶĚĚŽŵĞƐƚŝĐƵƐĞĨƌŽŵƚŚĞŝŶƉůĂĐĞǁĂƚĞƌŵĂŝŶŝŶĂƐƚĞŶƚĞƌ^ƚƌĞĞƚ͘ dŚĞƐƚŽƌŵƐĞǁĞƌǁŝůůďĞĂƉƌŝǀĂƚĞƵƚŝůŝƚǇďƵƚǁŝůůĐŽŶŶĞĐƚƚŽƚŚĞĞǆŝƐƚŝŶŐƐƚŽƌŵƐǇƐƚĞŵ͘ x 'ĞŽůŽŐŝĐ,ĂǌĂƌĚƐ͗ ͘ĞŶŐŝŶĞĞƌŝŶŐŵĞĂŶƐƚŽĚĞĂůǁŝƚŚĂƌĞĂƐŽĨŐĞŽůŽŐŝĐŚĂǌĂƌĚŚĂǀĞďĞĞŶ ŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚƉůĂŶŽƌƐƵĐŚĂƌĞĂƐŚĂǀĞďĞĞŶƐĞƚĂƐŝĚĞĨƌŽŵĚĞǀĞůŽƉŵĞŶƚ͘ dŚĞƌĞĂƌĞŶŽŬŶŽǁŶŐĞŽůŽŐŝĐĂůŚĂǌĂƌĚƐŽŶƚŚŝƐƐŝƚĞ͘ x ĐĐĞƐƐĨĨĞĐƚ͗ ͘/ŶŐƌĞƐƐĂŶĚĞŐƌĞƐƐƉŽŝŶƚƐŚĂǀĞďĞĞŶĚĞƐŝŐŶĞĚĂŶĚůŽĐĂƚĞĚƐŽĂƐƚŽĂĚĚƌĞƐƐ ĐŽŶĐĞƌŶƐŝĚĞŶƚŝĨŝĞĚŝŶWŚĂƐĞ/ƌĞŐĂƌĚŝŶŐƚŚĞŽƉĞƌĂƚŝŽŶŽĨƐƵĐĐĞƐƐƉŽŝŶƚƐ͕ĂŶĚƉůĂŶƐĨŽƌƉƌŝǀĂƚĞ ŝŵƉƌŽǀĞŵĞŶƚƐŽƌĞǀŝĚĞŶĐĞŽĨƉůĂŶŶĞĚƉƵďůŝĐŝŵƉƌŽǀĞŵĞŶƚƐǁŚŝĐŚǁŝůůĂůůĞǀŝĂƚĞƚŚĞƉƌŽďůĞŵƐ ŚĂǀĞďĞĞŶƉƌŽǀŝĚĞĚ͘ ;ϭͿWƌŽǀŝĚĞĂĚĞƋƵĂƚĞƐĞƉĂƌĂƚŝŽŶĨƌŽŵĞǆŝƐƚŝŶŐƐƚƌĞĞƚŝŶƚĞƌƐĞĐƚŝŽŶƐĂŶĚĂĚũĂĐĞŶƚƉƌŝǀĂƚĞ ĚƌŝǀĞǁĂǇƐƐŽƚŚĂƚƚƌĂĨĨŝĐĐŝƌĐƵůĂƚŝŽŶƉƌŽďůĞŵƐŝŶƉƵďůŝĐƌŝŐŚƚͲŽĨͲǁĂǇƐĂƌĞŵŝŶŝŵŝǌĞĚ͖ĂŶĚ dŚĞƌĞŝƐĂƐŝŶŐůĞĂĐĐĞƐƐĨƌŽŵĂƐƚĞŶƚĞƌ^ƚƌĞĞƚƚŽƚŚĞƉƌŽũĞĐƚ͘dŚĞĂĐĐĞƐƐŝƐůŽĐĂƚĞĚƚŽ x ƉƌŽǀŝĚĞŵĂǆŝŵƵŵƐĞƉĂƌĂƚŝŽŶďĞƚǁĞĞŶƚŚĞŝŶŐƌĞƐƐͬĞŐƌĞƐƐƚŽƚŚĞƉƌŽũĞĐƚĂŶĚƚŚĞ ĚƌŝǀĞǁĂǇƚŽƚŚĞWĂƌŬĞƉĂƌƚŵĞŶƚĂŶĚDĂǇŽ&ŝĞůĚ͘ dƌĂĨĨŝĐ^ƚƵĚǇǁĂƐƉƌĞƉĂƌĞĚĨŽƌƚŚĞƉƌŽũĞĐƚ͘dŚĞƌĞǁĞƌĞŶŽŝƐƐƵĞƐŝĚĞŶƚŝĨŝĞĚƌĞŐĂƌĚŝŶŐ x ĐŝƌĐƵůĂƚŝŽŶŝŶƚŚĞƌŝŐŚƚŽĨǁĂǇ͘ ϭ .??$GPLQ?'RFV?-DQXDU\DFNHW3J )G ;ϮͿEŽƚĂĚǀĞƌƐĞůǇŝŵƉĂĐƚĂĚũĂĐĞŶƚƌĞƐŝĚĞŶƚŝĂůƉƌŽƉĞƌƚŝĞƐǁŝƚŚĨĂĐƚŽƌƐƐƵĐŚĂƐŶŽŝƐĞĨƌŽŵ ĂĐĐĞůĞƌĂƚŝŶŐŝĚůŝŶŐǀĞŚŝĐůĞƐŽƌƚŚĞŐůĂƌĞŽĨŚĞĂĚůŝŐŚƚƐĨƌŽŵǀĞŚŝĐůĞƐĞŶƚĞƌŝŶŐŽƌůĞĂǀŝŶŐƚŚĞ ƐŝƚĞ͘ dŚĞĚƌŝǀĞǁĂǇƚŽƚŚĞƉƌŽũĞĐƚŝƐƐĐƌĞĞŶĞĚĨƌŽŵƚŚĞƌĞƐŝĚĞŶƚŝĂůŶĞŝŐŚďŽƌŚŽŽĚƚŽƚŚĞĞĂƐƚ x ďǇĂƐŝǆĨŽŽƚƚĂůůƐŽůŝĚƐĐƌĞĞŶŝŶŐĨĞŶĐĞǁŝƚŚƉůĂŶƚŝŶŐƐĂůŽŶŐƚŚĞĞĂƐƚƐŝĚĞŽĨƚŚĞ ƐĐƌĞĞŶŝŶŐĨĞŶĐĞ͘dŚĞƉůĂŶƚŝŶŐƐŝŶĐůƵĚĞƵƉƌŝŐŚƚĂƌďŽƌǀŝƚĂĞĂŶĚĐĂŶŽƉǇƚƌĞĞƐ͘dŚĞ ůĂŶĚƐĐĂƉĞƉůĂŶƐŚŽǁƐƚŚĞƉůĂŶƚŝŶŐĚĞƚĂŝůƐ͘ dŚĞƉƌŽƉŽƐĞĚĚƌŝǀĞƚŽƚŚĞƉƌŽũĞĐƚŚĂƐĂůĂŶĚŝŶŐĂƌĞĂƚŽĂĐĐŽŵŵŽĚĂƚĞĂƐŝŶŐůĞǀĞŚŝĐůĞ x ƚŽĞŶƚĞƌŽƌůĞĂǀĞƚŚĞŐĂƌĂŐĞ͕ĂƐƐƵĐŚ͕ƚŚĞǀĞŚŝĐůĞƐǁŝůůŶŽƚďĞĂĐĐĞůĞƌĂƚŝŶŐŽƌŝĚůŝŶŐĂƚ ƚŚĞŐĂƌĂŐĞĞŶƚƌĂŶĐĞ͘ WĞĚĞƐƚƌŝĂŶŝƌĐƵůĂƚŝŽŶ͗ ͘dŚĞƉůĂŶŝŶĐůƵĚĞƐĞůĞŵĞŶƚƐƚŽĂƐƐƵƌĞƚŚĂƚƉĞĚĞƐƚƌŝĂŶƐĐĂŶŵŽǀĞƐĂĨĞůǇ ďŽƚŚǁŝƚŚŝŶƚŚĞƐŝƚĞĂŶĚĂĐƌŽƐƐƚŚĞƐŝƚĞďĞƚǁĞĞŶƉƌŽƉĞƌƚŝĞƐĂŶĚĂĐƚŝǀŝƚŝĞƐǁŝƚŚŝŶƚŚĞ ŶĞŝŐŚďŽƌŚŽŽĚĂƌĞĂ͕ĂŶĚ͕ǁŚĞƌĞĂƉƉƌŽƉƌŝĂƚĞ͕ĂĐĐŽŵŵŽĚĂƚŝŽŶƐĨŽƌƚƌĂŶƐŝƚĂĐĐĞƐƐĂƌĞƉƌŽǀŝĚĞĚ͘ WƵďůŝĐƐŝĚĞǁĂůŬĂůŽŶŐĂƐƚĞŶƚĞƌ^ƚƌĞĞƚƉƌŽǀŝĚĞƐƚĞŶĂŶƚƐǁŝƚŚĂĐĐĞƐƐƚŽĚŽǁŶƚŽǁŶ x ĂŶĚƚŽƚŚĞŶĞŝŐŚďŽƌŚŽŽĚƚŽƚŚĞĞĂƐƚ͘ ^ŝĚĞǁĂůŬǁŝůůďĞŝŶƐƚĂůůĞĚŽŶƚŚĞǁĞƐƚƐŝĚĞƚŽƉƌŽǀŝĚĞĂĐĐĞƐƐƚŽƚŚĞůŽĨƚƵŶŝƚƐĂŶĚDĂǇŽ x &ŝĞůĚ͘ ^ŝĚĞǁĂůŬǁŝůůůŽŽƉĂƌŽƵŶĚƚŚĞŶŽƌƚŚƐŝĚĞŽĨƚŚĞďƵŝůĚŝŶŐƚŽĐŽŶŶĞĐƚƚŽƚŚĞƌĞĂƌĂĐĐĞƐƐ x ŽĨƚŚĞďƵŝůĚŝŶŐ͘dĞŶĂŶƚƐĐĂŶƵƐĞƚŚĞĂƐƚĞŶƚĞƌ^ƚƌĞĞƚƐŝĚĞǁĂůŬĐƌŽƐƐŝŶŐǁŝƚŚƚŚĞ ƉƌŝǀĂƚĞĚƌŝǀĞƚŽDĂǇŽ&ŝĞůĚƚŽŐĞƚƚŽƚŚĞďŝŬĞƚƌĂŝůĂůŽŶŐƚŚĞƌŝǀĞƌ͘ &ŽƵŶĚĂƚŝŽŶĂŶĚ^ŝƚĞWůĂŶƚŝŶŐƐ͗ ͘ůĂŶĚƐĐĂƉĞƉůĂŶĨŽƌƚŚĞƐŝƚĞŚĂƐďĞĞŶƉƌĞƉĂƌĞĚǁŚŝĐŚŝŶĚŝĐĂƚĞƐ ƚŚĞĨŝŶŝƐŚĞĚƐŝƚĞǁŝůůďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞůĂŶĚƐĐĂƉĞĐŚĂƌĂĐƚĞƌŽĨƚŚĞƐƵƌƌŽƵŶĚŝŶŐĂƌĞĂ͘ ůĂŶĚƐĐĂƉĞƉůĂŶĨŽƌƚŚĞƐŝƚĞŚĂƐďĞĞŶƉƌĞƉĂƌĞĚĂŶĚƐƵďŵŝƚƚĞĚŝŶƚŚĞĨŝŶĂůƉůĂŶ x ƉĂĐŬĂŐĞ͘ dŚĞƚƌĞĞƐƐĞůĞĐƚĞĚĂƌĞƉƌŝŵĂƌŝůǇŽĂŬĂŶĚŚƵĐŬůĞďĞƌƌǇǁŚŝĐŚĂƌĞŶĂƚŝǀĞƐƉĞĐŝĞƐƚŚĂƚĂƌĞ x ĨŽƵŶĚŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘ dŚĞůĂŶĚƐĐĂƉĞƉůĂŶŝŶĐůƵĚĞƐƚŚĞĚĞƚĂŝůƐŽĨƚŚĞďƵĨĨĞƌǇĂƌĚĂůŽŶŐƚŚĞĞĂƐƚƐŝĚĞŽĨƚŚĞ x ƉƌŽũĞĐƚ͘ Ϯ .??$GPLQ?'RFV?-DQXDU\ )G ^ŝƚĞ^ƚĂƚƵƐ͗ &͘ĚĞƋƵĂƚĞŵĞĂƐƵƌĞƐŚĂǀĞďĞĞŶƚĂŬĞŶƚŽŝŶƐƵƌĞƚŚĞĨƵƚƵƌĞŵĂŝŶƚĞŶĂŶĐĞĂŶĚ ŽǁŶĞƌƐŚŝƉƉĂƚƚĞƌŶŽĨƚŚĞƉƌŽũĞĐƚ͕ŝŶĐůƵĚŝŶŐĐŽŵŵŽŶĂƌĞĂƐ͕ƚŚĞĐŽŵƉůĞƚŝŽŶŽĨĂŶǇƉůĂƚƚŝŶŐ ĂĐƚŝǀŝƚŝĞƐ͕ĂŶĚƚŚĞƉƌŽǀŝƐŝŽŶŽĨĂĚĞƋƵĂƚĞĂƐƐƵƌĂŶĐĞƚŽŐƵĂƌĂŶƚĞĞƚŚĞŝŶƐƚĂůůĂƚŝŽŶŽĨƌĞƋƵŝƌĞĚ ƉƵďůŝĐŝŵƉƌŽǀĞŵĞŶƚƐ͕ƐĐƌĞĞŶŝŶŐĂŶĚůĂŶĚƐĐĂƉŝŶŐ͘ dŚĞKǁŶĞƌƐŚŝƉŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞŝŶŝƚŝĂůŝŵƉƌŽǀĞŵĞŶƚƐƐŚŽǁŶŽŶƚŚĞĨŝŶĂůƉůĂŶƐ x ĂŶĚƚŚĞůŽŶŐͲƚĞƌŵŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞĐŽŵŵŽŶĂƌĞĂĂŶĚůĂŶĚƐĐĂƉŝŶŐŝƐƚŚĞ ƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨƚŚĞĞŶƚŝƚǇƚŚĂƚǁŝůůŽǁŶĂŶĚŵĂŶĂŐĞƚŚĞƉƌŽũĞĐƚ͘dŚĞZĞƐƚƌŝĐƚĞĚ ĞǀĞůŽƉŵĞŶƚWůĂŶŝƐĂŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚĂŶĚĂƐƐƵĐŚƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨ ƚŚĞŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚĂƌĞƚŝĞĚƚŽƚŚĞƉƌŽƉĞƌƚǇƚŽĞŶƐƵƌĞƚŚĞǇǁŝůůďĞĐŽŶƚŝŶƵĞĚ ǁŝƚŚŶĞǁŽǁŶĞƌƐŚŝƉŽƌĐŚĂŶŐĞŝŶŵĂŶĂŐĞŵĞŶƚ͘ ĨŝŶĂůƉůĂƚǁŝůůďĞƐƵďŵŝƚƚĞĚŝŶDĂƌĐŚƚŽĐŽŶƐŽůŝĚĂƚĞƚŚĞĞǆŝƐƚŝŶŐůŽƚƐŝŶƚŽĂƐŝŶŐůĞůŽƚ͘ x ^ĐƌĞĞŶŝŶŐĂŶĚƵĨĨĞƌǇĂƌĚƐ͗ '͘dŚĞĨŝŶĂůƐĐƌĞĞŶŝŶŐĂŶĚďƵĨĨĞƌǇĂƌĚĚĞƐŝŐŶĐŽŶƚĂŝŶƐĞĂƌƚŚĨŽƌŵƐ͕ ƐƚƌƵĐƚƵƌĞƐĂŶĚƉůĂŶƚŵĂƚĞƌŝĂůƐǁŚŝĐŚĂƌĞĂĚĞƋƵĂƚĞƚŽƐĂƚŝƐĨǇƚŚĞŶĞĞĚƐŝĚĞŶƚŝĨŝĞĚŝŶƉƌĞůŝŵŝŶĂƌǇ ĚĞǀĞůŽƉŵĞŶƚƉůĂŶĨŽƌƚŚĞƉƌŽũĞĐƚ͘ dŚĞĨŝŶĂůůĂŶĚƐĐĂƉĞƉůĂŶƐƵďŵŝƚƚĂůƐƉĞĐŝĨŝĞƐƚŚĞůĂŶĚƐĐĂƉŝŶŐƚŽďĞŝŶƐƚĂůůĞĚŽŶƚŚĞ x ƉƌŝǀĂƚĞĂŶĚƉƵďůŝĐƉŽƌƚŝŽŶƐŽĨƚŚĞƉƌŽũĞĐƚ͘dŚĞƉůĂŶƚĂŶĚůĂŶĚƐĐĂƉĞĚĞƐŝŐŶŽŶƚŚĞĨŝŶĂů ƉůĂŶŵŝƌƌŽƌƐƚŚĞůĂŶĚƐĐĂƉŝŶŐƐƉĞĐŝĨŝĞĚŽŶƚŚĞƉƌĞůŝŵŝŶĂƌǇƉůĂŶ͘ dŚĞĨŝŶĂůƉůĂŶƐƉĞĐŝĨŝĞƐƚŚĞĚĞƚĂŝůƐŽĨƚŚĞďƵĨĨĞƌǇĂƌĚĂůŽŶŐƚŚĞĞĂƐƚƐŝĚĞŽĨƚŚĞƉƌŽũĞĐƚ x ĂŶĚĨŽƌƚŚĞƐĐƌĞĞŶŝŶŐŽĨƚŚĞĂĐĐĞƐƐƚŽƚŚĞďƵŝůĚŝŶŐĨƌŽŵƚŚĞƌĞƐŝĚĞŶƚŝĂůĂƌĞĂƚŽƚŚĞ ĞĂƐƚ͘ &ŝŶĂůƵŝůĚŝŶŐĞƐŝŐŶ͗ ,͘dŚĞĨŝŶĂůďƵŝůĚŝŶŐĚĞƐŝŐŶŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƉƌŝŶĐŝƉůĞƐŝĚĞŶƚŝĨŝĞĚŝŶ ƉƌĞůŝŵŝŶĂƌǇĚĞǀĞůŽƉŵĞŶƚƉůĂŶƌĞůĂƚŝǀĞƚŽ,ĞŝŐŚƚ/ŵƉĂĐƚ͕^ĞƚďĂĐŬƐ͕ĂŶĚ/ŶƚĞƌŶĂů^ŝƚĞĞƐŝŐŶ͘ dŚĞƐŝŶŐůĞƐƚƌƵĐƚƵƌĞŽĨĨŝǀĞĨůŽŽƌƐŽĨƌĞƐŝĚĞŶƚŝĂůŽǀĞƌĂƉĂƌŬŝŶŐŐĂƌĂŐĞŝƐŽƌŝĞŶƚĞĚǁŝƚŚ x ƚŚĞƉŽŽůĂŶĚĂŵĞŶŝƚǇĚĞĐŬĨĂĐŝŶŐƚŽǁĂƌĚƐƚŚĞǁĞƐƚƚŽƉƌŽǀŝĚĞĂǀŝƐƵĂůŽĨĚŽǁŶƚŽǁŶ ZŽĐŚĞƐƚĞƌ^ŬǇůŝŶĞŽǀĞƌƚŚĞƵŵďƌŽZŝǀĞƌĂŶĚŚĂƐĂŶŽďƐĞƌǀĂƚŝŽŶĚĞĐŬŽǀĞƌůŽŽŬŝŶŐ DĂǇŽ&ŝĞůĚ͘ ϯ .??$GPLQ?'RFV?-DQXDU\ )G dŚĞďƵŝůĚŝŶŐĚĞƐŝŐŶŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƉƌŝŶĐŝƉůĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƌĞůŝŵŝŶĂƌǇƉůĂŶ͘ x dŚĞƚŽƚĂůŚĞŝŐŚƚŽĨƚŚĞďƵŝůĚŝŶŐŚĂƐďĞĞŶƐůŝŐŚƚůǇƌĞĚƵĐĞĚŽŶƚŚĞĨŝŶĂůƉůĂŶĨƌŽŵƚŚĞ ƉƌĞůŝŵŝŶĂƌǇƉůĂŶ͘ŵŽƌĞĚĞƚĂŝůĞĚ^ŚĂĚŽǁ^ƚƵĚǇǁĂƐƉƌŽǀŝĚĞĚďĞƚǁĞĞŶƚŚĞWůĂŶŶŝŶŐ ŽŵŵŝƐƐŝŽŶƌĞǀŝĞǁŽĨƚŚĞWƌĞůŝŵŝŶĂƌǇWůĂŶĂŶĚƚŚĞŽƵŶĐŝůĂƉƉƌŽǀĂů͘dŚĞŵŽƌĞ ĚĞƚĂŝůĞĚ^ŚĂĚŽǁWůĂŶŝƐŝŶĐůƵĚĞĚŝŶƚŚĞ&ŝŶĂůWůĂŶƐĞƚ͘ ^ĞƚďĂĐŬƐŽŶƚŚĞĨŝŶĂůƉůĂŶĂƌĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƉƌĞůŝŵŝŶĂƌǇƉůĂŶ͘dŚĞƚŽƚĂůďƵŝůĚŝŶŐƐ x ƐƋƵĂƌĞĨŽŽƚĂŐĞŝƐƚŚĞƐĂŵĞĂƐƚŚĞƉƌĞůŝŵŝŶĂƌǇWůĂŶĂůƚŚŽƵŐŚϯŵŽƌĞƵŶŝƚƐŚĂǀĞďĞĞŶ ĂĚĚĞĚ͘;^ĞĞŵĞŵŽĨƌŽŵĂƌĐŚŝƚĞĐƚĚĞƐĐƌŝďŝŶŐŚŽǁƚŚĞĂĚĚŝƚŝŽŶĂůƵŶŝƚƐǁĞƌĞĐƌĞĂƚĞĚͿ /ŶƚĞƌŶĂůŝƌĐƵůĂƚŝŽŶƌĞĂƐ͗ /͘WůĂŶƐĨŽƌŽĨĨͲƐƚƌĞĞƚƉĂƌŬŝŶŐĂŶĚůŽĂĚŝŶŐĂƌĞĂƐĂŶĚĐŝƌĐƵůĂƚŝŽŶĂŝƐůĞƐƚŽ ƐĞƌǀĞƚŚĞƐĞĂƌĞĂƐŵĞĞƚŽƌĚŝŶĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐŝŶƚĞƌŵƐŽĨĚĞƐŝŐŶ͘ dŚĞƉůĂŶƉƌŽǀŝĚĞƐĨŽƌĂƐƵĨĨŝĐŝĞŶƚŶƵŵďĞƌŽĨƉĂƌŬŝŶŐƐƚĂůůƐǁŝƚŚŝŶƚŚĞŐĂƌĂŐĞ͘dŚĞƌĞĂƌĞ x ŶŽƉůĂŶƐĨŽƌƐƉĞĐŝĨŝĞĚŽĨĨƐƚƌĞĞƚƉĂƌŬŝŶŐ͘dŚĞŽŶůǇůŽĂĚŝŶŐĂƌĞĂŝƐƚŚĞĞŶƚƌĂŶĐĞƚŽƚŚĞ ƉĂƌŬŝŶŐŐĂƌĂŐĞ͘ KƌĚŝŶĂŶĐĞZĞƋƵŝƌĞŵĞŶƚƐ͗ :͘dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨ ƚŚĞƵŶĚĞƌůǇŝŶŐǌŽŶŝŶŐĚŝƐƚƌŝĐƚĨŽƌƐŝŵŝůĂƌƵƐĞƐŝŶƌĞŐĂƌĚƐƚŽƐŝŐŶĂŐĞĂŶĚŽƚŚĞƌĂƉƉĞĂƌĂŶĐĞ ĐŽŶƚƌŽůƐ͕ĂŶĚǁŝƚŚŐĞŶĞƌĂůƐƚĂŶĚĂƌĚƐƐƵĐŚĂƐƚƌĂĨĨŝĐǀŝƐŝďŝůŝƚǇĂŶĚĞŵĞƌŐĞŶĐǇĂĐĐĞƐƐ͘ dŚĞƉƌŽũĞĐƚŝƐĂZĞƐƚƌŝĐƚĞĚĞǀĞůŽƉŵĞŶƚƉƌŽĐĞƐƐƚŚĂƚŝƐĐŽŵƉĂƌĞĚƚŽƚŚĞZͲϰŽŶŝŶŐ x ƐƚĂŶĚĂƌĚƐ͘dŚĞƐŝƚĞĐĂƉĂĐŝƚǇĐĂůĐƵůĂƚŝŽŶƐĂƌĞŐĞŶĞƌĂůůǇĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞZͲϰŽŶŝŶŐ ƐƚĂŶĚĂƌĚƐ͘ ^ŝŐŶĂŐĞĚĞƚĂŝůƐĂŶĚŐƌĂƉŚŝĐƐĂƌĞƉĂƌƚŽĨƚŚĞĂƌĐŚŝƚĞĐƚƵƌĂůĨŝŶĂůƉůĂŶƐƐƵďŵŝƚƚĂů͘ x ^ŝŐŶĂŐĞĚĞƚĂŝůƐĂƌĞƐŝŵŝůĂƌƚŽƚŚĞƉůĂŶƉƌĞƉĂƌĞĚĨŽƌƚŚĞƉƌĞůŝŵŝŶĂƌǇƐƵďŵŝƚƚĂůĂŶĚĂƌĞ ĚĞƐĐƌŝďĞĚŝŶƚŚĞĂƌĐŚŝƚĞĐƚƐŵĞŵŽŝŶĐůƵĚĞĚŝŶƚŚĞ&ŝŶĂůWůĂŶƐƵďŵŝƚƚĂůƐ͘ ϰ .??$GPLQ?'RFV?-DQXDU\ )G EŽŶͲsĞŚŝĐƵůĂƌĂŶĚůƚĞƌŶĂƚĞdƌĂǀĞůDŽĚĞƐ͗ <͘dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝŶĐŽƌƉŽƌĂƚĞƐ ƉĞĚĞƐƚƌŝĂŶŽƌŝĞŶƚĞĚͲƐƉĂĐĞ͕ƉƌŽǀŝĚĞƐĚŝƌĞĐƚĂŶĚĐŽŶǀĞŶŝĞŶƚƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐƚŽƚŚĞďƵŝůĚŝŶŐ ĞŶƚƌĂŶĐĞ;ƐͿĨƌŽŵƉƵďůŝĐƚƌĂŝůƐ͕ƉƵďůŝĐƐŝĚĞǁĂůŬƐ͕ĂŶĚŽŶŽƌŽĨĨͲƐŝƚĞƉĂƌŬŝŶŐĂƌĞĂƐ͕ŝŶĐŽƌƉŽƌĂƚĞƐ ĂƉƉƌŽƉƌŝĂƚĞĚƉĞĚĞƐƚƌŝĂŶƐĂĨĞƚǇĨĞĂƚƵƌĞƐ͕ƉƌŽǀŝĚĞƐĐŽŶǀĞŶŝĞŶƚƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐĨŽƌƚƌĂŶƐŝƚ ƉĂƚƌŽŶƐ͕Žƌ͕ŝĨĂƉƉƌŽƉƌŝĂƚĞ͕ĂĐĐĞƐƐĨŽƌƚƌĂŶƐŝƚǀĞŚŝĐůĞƐ͕ĂŶĚƉƌŽǀŝĚĞƐĂĚĞƋƵĂƚĞďŝĐǇĐůĞĂĐĐĞƐƐ͘ ŽŶƐŝĚĞƌĂƚŝŽŶƐŚĂůůĂůƐŽďĞŐŝǀĞŶ͕ƚŽƉƌŽǀŝĚŝŶŐĚĞƐŝŐŶĂƚĞĚŵŽƚŽƌŝǌĞĚƐĐŽŽƚĞƌƉĂƌŬŝŶŐŝĨ ĂƉƉƌŽƉƌŝĂƚĞƚŽƚŚĞĐŽŶƚĞǆƚŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ;ƚŚĞƵƐĞ͕ůŽĐĂƚŝŽŶ͕ƚǇƉĞŽĨŝŶĚŝǀŝĚƵĂůƐƐĞƌǀĞĚͿ͘ dŚĞƉůĂŶĐƌĞĂƚĞƐƉĞĚĞƐƚƌŝĂŶŽƌŝĞŶƚĞĚƐƉĂĐĞĂůŽŶŐďŽƚŚƐŝĚĞƐŽĨƚŚĞĞŶƚƌĂŶĐĞƚŽDĂǇŽ x &ŝĞůĚĂƐǁĞůůĂƐŽŶƚŚĞǁĞƐƚƐŝĚĞŽĨƚŚĞƉƌŽƉĞƌƚǇ͘ dŚĞƌĞŝƐĂĚĞƋƵĂƚĞƉĞĚĞƐƚƌŝĂŶĂŶĚďŝĐǇĐůĞĐŽŶŶĞĐƚŝǀŝƚǇƚŽƚŚĞƉƵďůŝĐƐŝĚĞǁĂůŬĂŶĚƉƵďůŝĐ x ƚƌĂŝůƐǇƐƚĞŵĂůŽŶŐƚŚĞƵŵďƌŽZŝǀĞƌ͘ ŝĐǇĐůĞƌĂĐŬƐĂƌĞůŽĐĂƚĞĚŝŶƚŚĞůĂŶĚƐĐĂƉĞͬĂŵĞŶŝƚǇĂƌĞĂĂŶĚŝŶƚŚĞƉĂƌŬŝŶŐŐĂƌĂŐĞ͘ x dŚĞƌĞĂƌĞŵƵůƚŝƉůĞƚƌĂŶƐŝƚƐƚŽƉƐĂůŽŶŐĂƐƚĞŶƚĞƌ^ƚƌĞĞƚ͘ x ϱ .??$GPLQ?'RFV?-DQXDU\ )G 7KLUG$YHQXH6RXWKHDVW_5RFKHVWHU01_ ZLQGRZSODFHPHQW LQVXFKDPDQQHUVRDVQRWWRFUHDWHVLJKWOLQHVLQWRQHLJKERULQJXQLWVRUSULYDWHRXWGRRUDUHDV[[2183,2039,2195,2087][10][B,I,][Arial]] [[2195,2039,2207,2087][10][B,I,][Arial]] x [[600,2138,2258,2186][10][B,I,][Arial]]7KHSURMHFWLQFOXGHVDYDULDWLRQLQGHVLJQZLWKWKHXVHRIZDONXSORIWVDORQJ(DVW [[600,2210,2259,2258][10][B,I,][Arial]]&HQWHU6WUHHWDQGDGMDFHQWWRWKHHQWUDQFHWR0D\R)LHOG7KHIORRUSODQVYDU\WR [[600,2282,2258,2330][10][B,I,][Arial]]LQFOXGHRQHEHGURRPRQHEHGURRPZLWKGHQRQHEHGURRPZLWKGHQORIWWZR [[600,2354,1377,2402][10][B,I,][Arial]]EHGURRPVDQGWZREHGURRPVZLWKORIW [[1378,2354,1390,2402][10][B,I,][Arial]] [[375,2498,409,2546][10][,I,][Arial]] [[410,2498,422,2546][10][,I,][Arial]] [[450,2498,935,2546][10][B,I,][Arial]]0LQLPL]H$FFHVV3RLQWV [[937,2498,949,2546][10][B,I,][Arial]] [[450,2569,2235,2617][10][B,I,][Arial]]7KHSURMHFWDVGHVLJQHGZLOOKDYHRQHDFFHVVSRLQWWRWKHSURMHFWIURP(DVW&HQWHU6WUHHW [[450,2641,2146,2689][10][B,I,][Arial]]1RRWKHUDFFHVVSRLQWVDUHQHFHVVDU\7KHWKUHHH[LVWLQJDFFHVVFRQQHFWLRQVWR(DVW [[450,2713,792,2761][10][B,I,][Arial]]&HQWHU6WUHHWZLOO [[790,2713,802,2761][10][B,I,][Arial]] [[802,2713,1046,2761][10][B,I,][Arial]]EHUHPRYHG [[1048,2713,1060,2761][10][,I,][Arial]] %XLOGLQJDOHJDF\±OHJDF\ [[1330,3057,1398,3096][8][,I,][Arial]]\RXU (TXDO2SSRUWXQLW\(PSOR\HU_ZVEHQJFRP .??$GPLQ?'RFV?-DQXDU\ )G 7KLUG$YHQXH6RXWKHDVW_5RFKHVWHU01_ 553,1997][10][B,I,][Arial]] ¾ 3ULRUWR)LQDO5HVWULFWHG'HYHORSPHQWDSSURYDOQHFHVVDU\DSSURYDOVE\WKH3DUN %RDUGIRULQWHQGHGLPSURYHPHQWVWRWKH0D\R)LHOGSURSHUW\VKDOOEHFRPSOHWHG [[468,2153,2046,2201][10][B,I,][Arial]]7KH0D\R)LHOG3ODQVZHUHSUHVHQWHGWRWKH3DUN%RDUGDWWKHLUVFKHGXOHG ¾ [[468,2201,1711,2249][10][B,I,][Arial]]ERDUGPHHWLQJRI'HFHPEHU7KH3DUN%RDUGYRWHG [[1723,2201,1749,2249][10][B,I,][Arial]]X [[1748,2201,1982,2249][10][B,I,][Arial]]QDQLPRXVO\ [[1978,2201,1990,2249][10][B,I,][Arial]] [[1999,2201,2049,2249][10][B,I,][Arial]]WR [[468,2249,542,2297][10][B,I,][Arial]]DSS [[542,2249,640,2297][10][B,I,][Arial]]URYH [[640,2249,1377,2297][10][B,I,][Arial]]WKHSODQVVXEPLWWHGE\WKHDSSOLFDQW [[1378,2249,1390,2297][10][B,I,][Ar ial]] 3ULRUWR)LQDO5HVWULFWHG'HYHORSPHQWVXEPLWWDO*UDGLQJ 'UDLQDJH3ODQDSSURYDOLVUHTXLUHG DVZHOODVSD\PHQWRIDQ\DSSOLFDEOH6WRUP:DWHU0DQDJHPHQW$UHD&KDUJHIRUDQ\LQFUHDVH LQLPSHUYLRXVVXUIDFH([HFXWLRQRID0DLQWHQDQFH$JUHHPHQWLVUHTXLUHGIRUWKHSURSRVHGRQ VLWHIDFLOLWLHVSULRUWR*UDGLQJ3ODQDSSURYDO [[469,2554,577,2602][10][B,I,][Arial]]:6% [[577,2554,589,2602][10][B,I,][Arial]] [[589,2554,933,2602][10][B,I,][Arial]]VXEPLWWHGWKH)LQ [[933,2554,2067,2602][10][B,I,][Arial]]DO*UDGLQJDQG'UDLQ DJH3ODQWR3XEOLF:RUNVRQ-DQXDU\ [[2063,2554,2075,2602][10][B,I,][Arial]] [[2074,2554,2246,2602][10][B,I,][Arial]]4,2856][10][B,I,][Arial]]IRU [[1930,2808,1942,2856][10][B,I,][Arial]] [[1941,2808,2001,2856][10][B,I,][Arial]]DQ [[469,2856,791,2904][10][B,I,][Arial]]2ZQHU&RQWUDFW [[793,2856,805,2904][10][B,I,][Arial]] [[469,2933,481,2981][10][B,I,][Arial]] %XLOGLQJDOHJDF\±OHJDF\ [[1330,3057,1398,3096][8][,I,][Arial]]\RXU (TXDO2SSRUWXQLW\(PSOR\HU_ZVEHQJFRP .??$GPLQ?'RFV?-DQXDU\ )G 3ULRUWREXLOGLQJSHUPLWDSSURYDODQ\SURSRVHGSULYDWHIHDWXUHVZLWKLQ&LW\RZQHGSURSHUW\ DQGZLWKLQH[LVWLQJRUSURSRVHGSXEOLFHDVHPHQWVZLOOUHTXLUHSULRUDSSURYDORID5HYRFDEOH 3HUPLW [[468,474,2113,522][10][B,I,][Arial]]$5HYRFDEOHSHUPLWIRUSULYDWHLPSURYHPHQWVRQ&LW\RZQHGODQGZLOOEHSUHSDUHG ¾ [[469,522,1298,570][10][B,I,][Arial]]DQGVXEPLWWHGIRUDSSURYDOE\WKH&RXQFLO [[1297,522,1309,570][10][B,I,][Arial]] [[1308,522,2020,570][10][B,I,][Arial]]DIWHUDSSURYDORIWKH&83)LQDO3ODQ [[2020,522,2032,570][10][B,I,][Arial]] [[469,600,481,648][10][B,I,][Arial]] )G 3DFNHW3J )G 3DFNHW3J )H 5HIHUUDO$JHQF\&RPPHQWV $SSOLFDWLRQ1R5&835LYHUZDON'RZQWRZQ&LW\$SDUWPHQWV %XLOGLQJ6DIHW\ )H )HEUXDU\ )H [[2036,502,2325,542][8][,I,][Arial Narrow]]7KHKDQGWRUHDFKIRU« [[2324,502,2332,542][8][,I,][Arial Narrow]] '$7()HEUXDU\ )H 52&+(67(53$5.$1'5(&5($7,21 '(3$570(17 5()(55$/&200(176)250 '$7( )HEUXDU\ )H )URP6FKQHOO7UDF\ '27 7R3ODQQLQJ5HIHUUDOV &F6FKQHOO7UDF\ '27 $OOLV5RQGD '27 6XEMHFW&RQGLWLRQDO8VH3HUPLW5HVWULFWHG'HYHORSPHQW)LQDO3ODQ5&83E\*=(DVW&HQWHU6WUHHW 'DWH:HGQHVGD\)HEUXDU\ )H )URP/DZ%U\DQ 7R3ODQQLQJ5HIHUUDOV 6XEMHFW5(5HTXHVWIRU&RPPHQWV5&835LYHUZDONGHYHORSPHQW 'DWH0RQGD\-DQXDU\ )I ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗&ĞďƌƵĂƌǇϮϮ͕ϮϬϭϳ ϭϭ͘WƌŝŽƌƚŽƚŚĞƌĞĐŽƌĚŝŶŐŽĨĂĨŝŶĂůƉůĂƚ͕ĞǆĞĐƵƚŝŽŶŽĨĂŝƚǇKǁŶĞƌŽŶƚƌĂĐƚŝƐƌĞƋƵŝƌĞĚĨŽƌĂŶǇ ŶĞǁƉƵďůŝĐŝŵƉƌŽǀĞŵĞŶƚĨŽƌƚŚŝƐƉƌŽƉŽƐĞĚƌĞĚĞǀĞůŽƉŵĞŶƚ͕ĂƐǁĞůůĂƐ͕ĨŽƌĂŶǇ ƌĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨĞǆŝƚŝŶŐƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ ϭϮ͘ŚĂƌŐĞƐͬĨĞĞƐĂƉƉůŝĐĂďůĞƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚŝƐƉƌŽƉĞƌƚǇŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐĂŶĚ ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƚĂƚĞĚƐŚĂůůďĞƉĂŝĚƉƌŝŽƌƚŽŝƐƐƵĂŶĐĞŽĨƵƚŝůŝƚǇĐŽŶŶĞĐƚŝŽŶƉĞƌŵŝƚ;ƐͿ͕ŽƌĂƚ ƚŚĞŝƚǇ͛ƐĚŝƐĐƌĞƚŝŽŶ͕ǁŝƚŚŝŶϯϬĚĂǇƐĂĨƚĞƌŝŶǀŽŝĐŝŶŐ;ƌĂƚĞƐĂƌĞǀĂůŝĚƚŚƌŽƵŐŚϳͬϯϭͬϭϳĂŶĚ ƐƵďũĞĐƚƚŽĂŶEZĂĚũƵƐƚŵĞŶƚƚŚĞƌĞĂĨƚĞƌͿ͗ x ^ĞǁĞƌǀĂŝůĂďŝůŝƚǇŚĂƌŐĞ;^Ϳ x tĂƚĞƌǀĂŝůĂďŝůŝƚǇŚĂƌŐĞ;^Ϳ x ^ƚŽƌŵtĂƚĞƌDĂŶĂŐĞŵĞŶƚƌĞĂŚĂƌŐĞ x WůĂŶƚ/ŶǀĞƐƚŵĞŶƚ&ĞĞ;W/&Ϳ x dƌĂŶƐƉŽƌƚĂƚŝŽŶ/ŵƉƌŽǀĞŵĞŶƚŽďůŝŐĂƚŝŽŶƐ ŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚͲZĞƐƚƌŝĐƚĞĚĞǀĞůŽƉŵĞŶƚ&ŝŶĂůWůĂŶηZϮϬϭϲ Ͳ ϬϯϰhW͕ďǇ'ĂƐƚĞŶƚĞƌ^ƚƌĞĞƚ ĨŽƌĂϲ Ͳ ƐƚŽƌǇ͕ϭϱϮƵŶŝƚƌĞƐŝĚĞŶƚŝĂůďƵŝůĚŝŶŐ͘dŚĞƉƌŽƉĞƌƚǇŝƐůŽĐĂƚĞĚĂůŽŶŐƚŚĞŶŽƌƚŚƐŝĚĞŽĨĂƐƚĞŶƚĞƌ ^ƚƌĞĞƚĞĂƐƚŽĨƚŚĞƵŵďƌŽZŝǀĞƌĂŶĚƐŽƵƚŚŽĨDĂǇŽ&ŝĞůĚ͘ Dƌ͘:ŽŚŶƐŽŶƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ&ĞďƌƵĂƌǇϮϮ͕ϮϬϭϳ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐ ŽŶĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĂƐŬĞĚĨŽƌƐĞƚďĂĐŬǀĞƌŝĨŝĐĂƚŝŽŶ͘ Dƌ͘:ŽŚŶƐŽŶǀĞƌŝĨŝĞĚ͘ DƐ͘DĞĞŬĂƐŬĞĚĂďŽƵƚƌĞƋƵŝƌĞŵĞŶƚƐďĞŝŶŐŵĞƚŽŶƚŚĞŶŽƌƚŚƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐ͘ Dƌ͘tĂůƚĞƌƐŝŶƋƵŝƌĞĚŝŶƚŽƚŚĞǁĂůůďĞŝŶŐďƵŝůƚƚŽƉƌĞǀĞŶƚůŝŐŚƚƐĨƌŽŵǀĞŚŝĐůĞƐƐŚŝŶŝŶŐŽŶƚŚĞŶĞŝŐŚďŽƌŝŶŐ ƉƌŽƉĞƌƚŝĞƐ͘ Dƌ͘:ŽŚŶƐŽŶƐƚĂƚĞĚƚŚŝƐŝƐƐƵĞŚĂƐďĞĞŶĂĚĚƌĞƐƐĞĚďǇƚŚĞĂƉƉůŝĐĂŶƚ͘ DƐ͘DĞĞŬĂƐŬĞĚĂďŽƵƚƚŚĞƚƌĂƐŚůŽĐĂƚŝŽŶ͘ Dƌ͘:ŽŚŶƐŽŶŶŽƚĞĚƚŚĞůŽĐĂƚŝŽŶŽŶƚŚĞƉůĂŶ͘ Dƌ͘,ŝůůŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚͲZĞƐƚƌŝĐƚĞĚĞǀĞůŽƉŵĞŶƚ&ŝŶĂů WůĂŶηZϮϬϭϲ Ͳ ϬϯϰhWǁŝƚŚƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘Dƌ͘tĂůƚĞƌƐƐĞĐŽŶĚĞĚ ƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘ KE/d/KE^͗ ZĞǀŝƐĞĚĨŝŶĂůƉůĂŶƐƐŚĂůůďĞƐƵďŵŝƚƚĞĚƚŽƐŚŽǁƚŚĞĨŽůůŽǁŝŶŐ͗ ĂͿďĂŶĚŽŶŵĞŶƚŽĨĂůůĞǆŝƐƚŝŶŐǁĂƚĞƌƐĞƌǀŝĐĞƐĂƚƚŚĞŵĂŝŶŝŶƚŚĞƐƚƌĞĞƚĂŶĚƌĞŵŽǀĂůŽĨ ƚŚĞǀĂůǀĞďŽǆĞƐ;ϯĂƌĞƚĂƉƉŝŶŐƐůĞĞǀĞƐƚŚĂƚŵƵƐƚďĞĐƵƚŽƵƚĂŶĚĂŶĞǁƉŝĞĐĞŽĨŵĂŝŶ ŝŶƐƚĂůůĞĚͿƉĞƌZWhtĂƚĞƌƌĞƋƵŝƌĞŵĞŶƚƐ͘ ďͿdŚĞĐŽƌƌĞĐƚƉƌŽƉŽƐĞĚǁĂƚĞƌƐĞƌǀŝĐĞŽŶƚŚĞƐŝƚĞƉůĂŶƐŚĞĞƚ^ϭϬϭ͘ _3DJH 3DFNHW3J )I ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗&ĞďƌƵĂƌǇϮϮ͕ϮϬϭϳ ĐͿƌĞƋƵŝƌĞĚŐĂƚĞǀĂůǀĞŝƐŶĞĂƌƚŚĞǁĂƚĞƌŵĂŝŶŽŶƚŚĞƉƌŽƉŽƐĞĚǁĂƚĞƌƐĞƌǀŝĐĞ͘ ĚͿϭϬĨŽŽƚƵƚŝůŝƚǇĞĂƐĞŵĞŶƚĂůŽŶŐĂůůƌŝŐŚƚ Ͳ ŽĨ Ͳ ǁĂǇ͘ ĞͿĚĞĚŝĐĂƚĞĚƐƉĂĐĞĨŽƌĂƉĂĚ Ͳ ŵŽƵŶƚĞĚƚƌĂŶƐĨŽƌŵĞƌ͘ WƵďůŝĐ,ĞĂƌŝŶŐƐ͗ ŝƚǇŽĨZŽĐŚĞƐƚĞƌŽŶŝŶŐKƌĚŝŶĂŶĐĞĂŶĚ>ĂŶĚĞǀĞůŽƉŵĞŶƚDĂŶƵĂůdĞǆƚŵĞŶĚŵĞŶƚηZϮϬϭϳ Ͳ ϬϬϭd͘ dŚĞĂŵĞŶĚŵĞŶƚĐŽŶƐŝƐƚƐŽĨĂǌŽŶŝŶŐŽƌĚŝŶĂŶĐĞĂŵĞŶĚŵĞŶƚŽĨƉƌŽǀŝƐŝŽŶƐƌĞŐƵůĂƚŝŶŐĨůŽŽĚƉůĂŝŶĂƐ ŵĂƉƉĞĚďǇƚŚĞ&ĞĚĞƌĂůŵĞƌŐĞŶĐǇDĂŶĂŐĞŵĞŶƚŐĞŶĐǇ;&DͿĂŶĚůŽĐĂůĨůŽŽĚƉůĂŝŶƌĞŐƵůĂƚŝŽŶƐ͕ƚŚĞ ĂĚŽƉƚŝŽŶŽĨƚŚĞ&ůŽŽĚ/ŶƐƵƌĂŶĐĞZĂƚĞDĂƉ/ŶĚĞǆĂŶĚĂƐƐŽĐŝĂƚĞĚ&/ZDWĂŶĞůƐĐŽǀĞƌŝŶŐƚŚĞŝƚǇŽĨ ZŽĐŚĞƐƚĞƌĂŶĚƚŚĞĂĚŽƉƚŝŽŶŽĨƚŚĞΗ&ůŽŽĚ/ŶƐƵƌĂŶĐĞ^ƚƵĚǇ͕KůŵƐƚĞĚŽƵŶƚǇDŝŶŶĞƐŽƚĂĂŶĚ /ŶĐŽƌƉŽƌĂƚĞĚƌĞĂƐΗĚĂƚĞĚƉƌŝůϭϵ͕ϮϬϭϳ͘ Dƌ͘,ĂƌĨŽƌĚƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ&ĞďƌƵĂƌǇϳ͕ϮϬϭϳ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐ ŽŶĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ DƐ͘DĞĞŬŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘DĂƌŬtĞůĐŚ͕ǁŝƚŚ'ͲƵďĞĚ͕ůŽĐĂƚĞĚϭϰϬϳϬ,ŝŐŚǁĂǇϱϮ͕ŚĂƚĨŝĞůĚDŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞŶŽƚĞĚƚŚĞŝŶĨŽƌŵĂƚŝŽŶƉƌĞƐĞŶƚĞĚďǇDƌ͘,ĂƌĨŽƌĚǁĂƐĂĐĐƵƌĂƚĞ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕DƐ͘DĞĞŬĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘ƵƌƐƚŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨŝƚǇŽĨZŽĐŚĞƐƚĞƌŽŶŝŶŐKƌĚŝŶĂŶĐĞĂŶĚ>ĂŶĚ ĞǀĞůŽƉŵĞŶƚDĂŶƵĂůdĞǆƚŵĞŶĚŵĞŶƚηZϮϬϭϳ Ͳ ϬϬϭdǁŝƚŚƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĂĚŽƉƚŝŽŶƐ͘Dƌ͘ tĂůƚĞƌƐƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘ ϭ͘ĚŽƉƚŝŽŶŽĨƚŚĞ&ůŽŽĚ/ŶƐƵƌĂŶĐĞ^ƚƵĚǇ͕KůŵƐƚĞĚŽƵŶƚǇDŝŶŶĞƐŽƚĂĂŶĚ/ŶĐŽƌƉŽƌĂƚĞĚƌĞĂƐ ĚĂƚĞĚƉƌŝůϭϵ͕ϮϬϭϳ͘ Ϯ͘ĚŽƉƚŝŽŶŽĨƚŚĞ&ůŽŽĚ/ŶƐƵƌĂŶĐĞZĂƚĞDĂƉ/ŶĚĞǆĂŶĚĂƐƐŽĐŝĂƚĞĚƉĂŶĞůƐƚŚĂƚĐŽǀĞƌZŽĐŚĞƐƚĞƌŝŶ ĂůůŽƌŝŶƉĂƌƚĚĂƚĞĚƉƌŝůϭϵ͕ϮϬϭϳ͘ ϯ͘ĚŽƉƚŝŽŶŽĨ&ůŽŽĚƉƌŽŶĞŝƐƚƌŝĐƚƐĂŶĚĚĞƐŝŐŶĂƚŝŽŶ͘ ϰ͘ĚŽƉƚŝŽŶŽĨƚŚĞŽŶŝŶŐKƌĚŝŶĂŶĐĞĂŶĚ>ĂŶĚĞǀĞůŽƉŵĞŶƚDĂŶƵĂůƚĞǆƚĂŵĞŶĚŵĞŶƚƐĂƐ ƉƌŽƉŽƐĞĚŝŶƚŚĞĂƚƚĂĐŚĞĚĚŽĐƵŵĞŶƚĞŶƚŝƚůĞĚZĞǀŝƐŝŽŶƐƚŽĐŝƚǇŽĨZŽĐŚĞƐƚĞƌ&ůŽŽĚƉůĂŝŶ ƐƚĂŶĚĂƌĚƐ͘ ŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚηZϮϬϭϳ Ͳ ϬϬϭhWďǇWĂƌƚŶĞƌ^ƚŽƌĂŐĞ͕>>͕ĨŽƌĂƐƵďƐƚĂŶƚŝĂůůĂŶĚĂůƚĞƌĂƚŝŽŶĨŽƌ ĂƌĞĂƐŽĨƉŽƚĞŶƚŝĂůĐƵƚŽƌĨŝůůŝŶĞǆĐĞƐƐŽĨϭϬǀĞƌƚŝĐĂůĨĞĞƚ͘dŚĞƐŝƚĞŝƐůŽĐĂƚĞĚƚŽƚŚĞǁĞƐƚŽĨƚŚĞƚĞƌŵŝŶƵƐ ŽĨϱϵƚŚ^ƚƌĞĞƚEtĂƚĂŶĚĞůZŽĂĚEt͕ŶŽƌƚŚŽĨϱϱƚŚ^ƚƌĞĞƚEt͕ĂŶĚĞĂƐƚŽĨ,ŝŐŚǁĂǇϱϮ͘ Dƌ͘ŶŐĞůƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ&ĞďƌƵĂƌǇϮϮ͕ϮϬϭϳ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐŽŶ ĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ DƐ͘DĞĞŬŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ DƐ͘>ĞƐůŝĞDĐ'ŝůůŝǀƌĂǇ͕t^ΘƐƐŽĐŝĂƚĞƐ͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌDE͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘^ŚĞŶŽƚĞĚƐŚĞŝƐƌĞƉƌĞƐĞŶƚŝŶŐƚŚĞĂƉƉůŝĐĂŶƚĂŶĚĂǀĂŝůĂďůĞƚŽĂŶƐǁĞƌĂŶǇƋƵĞƐƚŝŽŶƐďǇƚŚĞ ŽŵŵŝƐƐŝŽŶ͘ _3DJH 3DFNHW3J ) 5(48(67)25&281&,/$&7,21 0((7,1*'$7( )D IW1RWLILFDWLRQ$UHDRI )LQDO3ODW5 )E 3DFNHW3J )F 5 ) 5(48(67)25&281&,/$&7,21 0((7,1*'$7( )D ZK,^dZͲK>D^dW>EE/E'WZdDEd d͗DĂƌĐŚϭϱ͕ϮϬϭϳ &ZKD͗Dŝƚǌŝ͘ĂŬĞƌ͕/W͕WůĂŶŶŝŶŐŝƌĞĐƚŽƌ Z͗dĞǆƚŵĞŶĚŵĞŶƚƚŽϲϭ͘ϭϰϴŚĂŶŐĞƐƚŽŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚƐ ĂĐŬŐƌŽƵŶĚ͗ dŚĞZŽĐŚĞƐƚĞƌŽŶŝŶŐKƌĚŝŶĂŶĐĞĂŶĚ>ĂŶĚĞǀĞůŽƉŵĞŶƚDĂŶƵĂů;>DͿĂĚĚƌĞƐƐĞƐĐŚĂŶŐĞƐƚŽĂƉƉƌŽǀĞĚ ŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚƐ͕ŝŶ^ĞĐƚŝŽŶϲϭ͘ϭϰϴ͘dŚŝƐĂƉƉůŝĞƐƚŽĂůůƚǇƉĞƐŽĨƚǇƉĞƐŽĨŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚƐ͕ ďƵƚŝƐĞƐƉĞĐŝĂůůǇƌĞůĞǀĂŶƚƚŽƚŚŽƐĞƌĞǀŝĞǁĞĚďǇƚŚĞŽŵŵŝƐƐŝŽŶĂŶĚĂƉƉƌŽǀĞĚďǇŽƵŶĐŝů͕ĂŶĚŝŶĐůƵĚĞ ZĞƐƚƌŝĐƚĞĚĂŶĚ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚƉĞƌŵŝƚƐ͘ dŚĞƉŽůŝĐǇǁĂƐǁƌŝƚƚĞŶǁŝƚŚĂĐŬŶŽǁůĞĚŐĞŵĞŶƚƚŚĂƚĚĞǀĞůŽƉŵĞŶƚƌĞƋƵŝƌĞƐŶƵŵĞƌŽƵƐƐƚĞƉƐ͕ĂŶĚƐƚĂŐĞƐ ŽĨŝŶǀĞƐƚŵĞŶƚ͘dŚĞůĞǀĞůŝŶĚĞƚĂŝůŝŶĐƌĞĂƐĞƐĂƐĂƉƌŽũĞĐƚƉƌŽŐƌĞƐƐĞƐƚŽĐŽŶƐƚƌƵĐƚŝŽŶ͕ǁŝƚŚƚŚĞŚŝŐŚĞƐƚ ůĞǀĞůŽĨĚĞƚĂŝů͕ĞŶŐŝŶĞĞƌŝŶŐ͕ŵĂƚĞƌŝĂůƐƐĞůĞĐƚŝŽŶ͕ĞƚĐ͘ŽĨƚĞŶŽĐĐƵƌƌŝŶŐĂĨƚĞƌǀĞƌŝĨǇŝŶŐƉƌŽũĞĐƚĂƉƉƌŽǀĂů͘ KǀĞƌƚŚĞǇĞĂƌƐ͕ƚŚĞƌĞŚĂǀĞďĞĞŶŶƵŵĞƌŽƵƐƉƌŽũĞĐƚƐǁŚŝĐŚŵĞƚƚŚĞƚŚƌĞƐŚŽůĚĨŽƌƐƚĂĨĨůĞǀĞů ƌĞǀŝĞǁͬĂƉƉƌŽǀĂůŽĨĐŚĂŶŐĞƐƚŽƚŚĞhWƵŶĚĞƌϲϭ͘ϭϰϴ͘DĂŶǇǁĞƌĞŝŶĐŝĚĞŶƚĂůĂŶĚŶĞĐĞƐƐĂƌǇƚŽŵĞĞƚ ĐŽĚĞƌĞƋƵŝƌĞŵĞŶƚƐ͕ƌĞƋƵŝƌĞĚůŽĐĂƚŝŽŶƐĨŽƌƵƚŝůŝƚǇĐŽŶŶĞĐƚŝŽŶ͕ŐƌĂĚŝŶŐͬĞŶŐŝŶĞĞƌŝŶŐƐƚĂŶĚĂƌĚƐ͕ŵĂƚĞƌŝĂůƐ ĂǀĂŝůĂďŝůŝƚǇ͕ĂŶĚƚŚĞůŝŬĞ͘^ŽŵĞĐŚĂŶŐĞƐĂƉƉƌŽǀĞĚďǇƐƚĂĨĨƚŚƌŽƵŐŚϲϭ͘ϭϰϴŚĂǀĞĐĂƵƐĞĚĐŽŶĐĞƌŶ͕ĂŶĚ ƌĞĐĞŶƚĐŚĂŶŐĞƐƚŽĂƉƌŽũĞĐƚƌĞƐƵůƚĞĚŝŶƚŚŝƐƐƵďũĞĐƚďĞŝŶŐďƌŽƵŐŚƚƚŽƚŚĞŝƚǇŽƵŶĐŝůĨŽƌĨƵƌƚŚĞƌƌĞǀŝĞǁ ĂŶĚĚŝƐĐƵƐƐŝŽŶ͘ WůĂŶŶŝŶŐĂŶĚĚŵŝŶŝƐƚƌĂƚŝŽŶƐƚĂĨĨĐŽůůĂďŽƌĂƚĞĚƚŽĚĞǀĞůŽƉƉŽƚĞŶƚŝĂůĂŵĞŶĚŵĞŶƚƐƚŽϲϭ͘ϭϰϴƚŽƚƌǇƚŽ ĂĚĚƌĞƐƐƚŚĞĐŽŶĐĞƌŶƐǁŚŝůĞƌĞĐŽŐŶŝǌŝŶŐƚŚĞƌĞĂůŝƚŝĞƐŽĨĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚƐĂŶĚĚĞƚĂŝůĚĞǀĞůŽƉŵĞŶƚ ƉŽƐƚhWĂƉƉƌŽǀĂů͘dŚĞŽƵŶĐŝůĚŝƐĐƵƐƐĞĚƚŚĞĐŚĂŶŐĞƐ͕ĂŶĚŝŶŝƚŝĂƚĞĚƚŚĞƚĞǆƚĂŵĞŶĚŵĞŶƚĂŶĚƉƵďůŝĐ ŚĞĂƌŝŶŐƉƌŽĐĞƐƐƚŽŵŽĚŝĨǇƚŚĞ>DƉƌŽǀŝƐŝŽŶƐƌĞůĂƚĞĚƚŽĐŚĂŶŐĞƐƚŽĂƉƉƌŽǀĞĚĐŽŶĚŝƚŝŽŶĂůƵƐĞƉĞƌŵŝƚƐ͘ ZĞĐŽŵŵĞŶĚĂƚŝŽŶƐ͗ dŚĞĚƌĂĨƚĐŚĂŶŐĞƐŝŶŝƚŝĂƚĞĚďǇƚŚĞŝƚǇŽƵŶĐŝůĂƌĞĂƚƚĂĐŚĞĚĨŽƌƌĞǀŝĞǁĂŶĚ ĐŽŶƐŝĚĞƌĂƚŝŽŶ͘ WƌŽĐĞƐƐĂŶĚĐƚŝŽŶZĞƋƵĞƐƚĞĚ͗ ŵĞŶĚŵĞŶƚƐƚŽƚŚĞZŽĐŚĞƐƚĞƌŽŶŝŶŐKƌĚŝŶĂŶĐĞĂŶĚ^ƵďĚŝǀŝƐŝŽŶ ƌĞŐƵůĂƚŝŽŶƐƌĞƋƵŝƌĞĂƉƵďůŝĐŚĞĂƌŝŶŐǁŝƚŚƚŚĞZŽĐŚĞƐƚĞƌWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶ͘dŚĞ ŽŵŵŝƐƐŝŽŶŵĂŬĞƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƚŽƚŚĞŝƚǇŽƵŶĐŝů͘dŚĞŝƚǇŽƵŶĐŝůŵƵƐƚĂůƐŽŚŽůĚĂƉƵďůŝĐ ŚĞĂƌŝŶŐ͕ƚŚĞŶŵĂŬĞĨŝŶĂůĂĚĞĐŝƐŝŽŶ͘ /d/KE>KE^/Zd/KE^͗ WĞĚĞƐƚƌŝĂŶĞǆƉĞƌŝĞŶĐĞΘƚƌĂŶƐƉĂƌĞŶĐǇŽĨďƵŝůĚŝŶŐƐ͗ ŚĂŶŐĞƐƚŽĚĞƐŝŐŶƚŚĂƚŝŵƉĂĐƚƚŚĞƉĞĚĞƐƚƌŝĂŶ ĞǆƉĞƌŝĞŶĐĞ͕ǁŚĞƌĞƌĞůĞǀĂŶƚ͕ŵĂǇďĞŶĞĨŝƚĨƌŽŵĨƵƌƚŚĞƌĚŝƐĐƵƐƐŝŽŶ͘WƌŽũĞĐƚĐŚĂŶŐĞƐƚŚĂƚŝŵƉĂĐƚ WĂŐĞϭ ZK,^dZͲK>D^dW>EE/E'WZdDEdͮϮϭϮϮDWh^Z͘^͕^h/dϭϬϬͮZK,^dZ͕D/EE^KdϱϱϵϬϰ 3DFNHW3J )D ZK,^dZͲK>D^dW>EE/E'WZdDEd ƚƌĂŶƐƉĂƌĞŶĐǇŽŶĂŶǇƐŝŶŐůĞĨĂĕĂĚĞ͕ŵĂǇďĞŶĞĨŝƚĨƌŽŵďĞŝŶŐůŝŵŝƚĞĚǀ͘ůŝŵŝƚŝŶŐƚŽƚĂůƉƌŽũĞĐƚƌĞĚƵĐƚŝŽŶŽĨ ƚƌĂŶƐƉĂƌĞŶĐǇǁŚĞƌĞŽŶĞĨĂĕĂĚĞĐŽƵůĚƌĞƐƵůƚŝŶŵŽƌĞƐŝŐŶŝĨŝĐĂŶƚĐŚĂŶŐĞǁŚĞŶĂǀĞƌĂŐĞĚŽƵƚŽǀĞƌƚŚĞ ĞŶƚŝƌĞƉƌŽũĞĐƚ͘ ŽŶƐŝĚĞƌĂƚŝŽŶƐĨŽƌƉƌŽĐĞƐƐ͕ƐƚƌĞĂŵůŝŶŝŶŐ͕ĂŶĚďĂůĂŶĐŝŶŐŝŶƚĞƌĞƐƚƐ͗ &ŝŶĂůƐŝƚĞĞŶŐŝŶĞĞƌŝŶŐ͕ĚĞƐŝŐŶ͕ĐŽĚĞ ĐŽŵƉůŝĂŶĐĞ͕ŵĂƚĞƌŝĂůƐƉƌŽĐƵƌĞŵĞŶƚĂŶĚƉƌŝĐŝŶŐĐĂŶĂůůŝŵƉĂĐƚĐŚĂŶŐĞƐƚŽĂƉƌŽũĞĐƚĂĨƚĞƌĨŝŶĂůĂƉƉƌŽǀĂů ďǇƚŚĞĞůĞĐƚĞĚŽƌĂƉƉŽŝŶƚĞĚďŽĚŝĞƐ͘ƉŽůŝĐǇƚŚĂƚĂĐŬŶŽǁůĞĚŐĞƐĂŶĚůĞĂǀĞƐƌŽŽŵĨŽƌƐƵĐŚĐŚĂŶŐĞƚŽďĞ ĂĚŵŝŶŝƐƚĞƌĞĚďǇƐƚĂĨĨŝƐĂĚǀŝƐĞĚ͘WƌŽũĞĐƚƐĚŽƌƵŶŝŶƚŽƵŶĨŽƌĞƐĞĞŶĐŚĂůůĞŶŐĞƐƚŚĂƚĐĂŶƌĞƋƵŝƌĞ ŵŽĚŝĨŝĐĂƚŝŽŶƐ͘ZĞƋƵŝƌŝŶŐĨŽƌŵĂůĂŵĞŶĚŵĞŶƚƐĂŶĚƉƵďůŝĐŚĞĂƌŝŶŐƐĨŽƌƐŽŵĞŽĨƚŚĞƐĞŝƐŽŶĞƌŽƵƐĂŶĚ ƐŚŽƵůĚďĞƌĞƐĞƌǀĞĚĨŽƌŵŽƌĞƐŝŐŶŝĨŝĐĂŶƚĐŚĂŶŐĞƐǁŚĞƌĞĂĨŽƌŵĂůƉƌŽĐĞƐƐŝƐŵŽƌĞůŝŬĞůǇƚŽĂĚĚǀĂůƵĞĂŶĚ ŝŶĨůƵĞŶĐĞŽƵƚĐŽŵĞƐ͘ WĂŐĞϮ ZK,^dZͲK>D^dW>EE/E'WZdDEdͮϮϭϮϮDWh^Z͘^͕^h/dϭϬϬͮZK,^dZ͕D/EE^KdϱϱϵϬϰ 3DFNHW3J )D Z&dϬϰͲϭϱͲϭϳ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ĚĚŝƚŝŽŶĂůĞĚŝƚ ',QDGHTXDWH3RWHQWLDOSUREOHPVLQWKHSURYLVLRQRISXEOLFIDFLOLWLHVDQGXWLOLWLHVRU)RUPDWWHG&HQWHUHG ƌĞĐŽŵŵĞŶĚĞĚďǇ ($UHGXFWLRQLQRIIVWUHHWSDUNLQJDQGORDGLQJVSDFHVXQOHVVDFFRPSDQLHGE\FRQFXUUHQW ƐƚĂĨĨ͘EŽƚƉƌĞǀŝŽƵƐůǇ UHGXFWLRQLQGZHOOLQJXQLWVRU LQWKHFDVHRIQRQUHVLGHQWLDOGHYHORSPHQW IORRUDUHDRUWKH ŝŶĐůƵĚĞĚŝŶǀĞƌƐŝŽŶ UHGXFWLRQLQSDUNLQJGRHVQRWUHVXOWLQQRQFRQIRUPDQFHZLWKWKHUHTXLUHPHQWVRIWKLV ŝŶŝƚŝĂƚĞĚďǇŽƵŶĐŝů͘ 2UGLQDQFHRURU )$FKDQJHLQEXLOGLQJORFDWLRQVZKLFKZRXOGUHVXOWLQGLVWDQFHVHSDUDWLRQVEHWZHHQVWUXFWXUHV LQWKHGHYHORSPHQWRUDQGRQDGMDFHQWORWVWRIDOOEHORZWKHQRUPDOVHSDUDWLRQWKDWZRXOGEH UHTXLUHGXQGHUFRQYHQWLRQDO]RQLQJRU *$VLJQLILFDQWFKDQJHLQWKHHVVHQFHRUFKDUDFWHURIWKHSURMHFWDVDSSURYHG([DPSOHV LQFOXGHEXWDUHQRWOLPLWHGWR x (OLPLQDWLRQRIRQHRIWKHPDMRUDSSURYHGHOHPHQWVRIWKHSURMHFWVXFKDV HOLPLQDWLRQRIWKHUHVLGHQWLDOUHWDLOFRPPHUFLDORUKRWHOHOHPHQW x 5HGXFWLRQRIWUDQVSDUHQF\DWWKHJURXQGOHYHOE\PRUHWKDQHLWKHUWKURXJK HOLPLQDWLRQRIJODVVRUREVWUXFWLRQRIPRUHWKDQRIJODVVLQJ DERYHDVDSSURYHG )RUPDWWHG)RQWSW &83 WKDWUHGXFHVYLVLELOLW\LQDQGRXWRIWKHVWUXFWXUH )RUPDWWHG)RQWSW ZŽĐŚĞƐƚĞƌͲKůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚͮZ&dŵĞŶĚŵĞŶƚƚŽ>DͮϬϮͬϭϰͬϭϳWĂŐĞϭ 3DFNHW3J )D Z&dϬϰͲϭϱͲϭϳ )RUPDWWHG)RQWSW )RUPDWWHG)RQWSW x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ŽĐŚĞƐƚĞƌͲKůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚͮZ&dŵĞŶĚŵĞŶƚƚŽ>DͮϬϮͬϭϰͬϭϳWĂŐĞϮ 3DFNHW3J )E D/Ehd^K&d, /dzK&ZK,^dZW>EE/E'KDD/^^/KE ϮϭϮϮDWh^Z/s^ʹ^h/dϭϬϬ ZK,^dZDEϱϱϵϬϰ DŝŶƵƚĞƐŽĨƚŚĞƌĞŐƵůĂƌůǇƐĐŚĞĚƵůĞĚŵĞĞƚŝŶŐŽĨƚŚĞŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶŚĞůĚŽŶ tĞĚŶĞƐĚĂǇ͕DĂƌĐŚϮϮ͕ϮϬϭϳ͕Ăƚϲ͗ϬϬƉ͘ŵ͘ŝŶƚŚĞŽƵŶĐŝůͬŽĂƌĚŚĂŵďĞƌƐŽĨƚŚĞ'ŽǀĞƌŶŵĞŶƚĞŶƚĞƌ͕ ϭϱϭϰƚŚ^ƚƌĞĞƚ^͕ZŽĐŚĞƐƚĞƌ͕DE͘ DĞŵďĞƌƐWƌĞƐĞŶƚ͗DƐ͘>ŝŶĚƐĞǇDĞĞŬ͕ŚĂŝƌ͖DƐ͘ƌŝƚƚĂŶǇtŝůƐŽŶ͕sŝĐĞŚĂŝƌ͕Dƌ͘WĞƚĞƌĂƐƚƌŽ͕Dƌ͘ dŚŽŵĂƐ,ŝůů͖Dƌ͘<ƌĂŝŐƵƌƐƚ͕Dƌ͘DŝĐŚĂĞůtĂůƚĞƌƐ͕DƐ͘ZĞŐŝŶĂ^ĞĂďƌŽŽŬ͕Dƌ͘^ĂŶŬĞƐŚWƌĂďŚĂŬĂƌ DĞŵďĞƌƐďƐĞŶƚ͗Dƌ͘tĂĚĞ'ŽŽĚĞŶďĞƌŐĞƌ ^ƚĂĨĨWƌĞƐĞŶƚ͗Dƌ͘:ĞĨĨůůĞƌďƵƐĐŚ͕^ƵƉĞƌǀŝƐŽƌŽĨWůĂŶŶŝŶŐĂŶĚŶĂůǇƐŝƐŝǀŝƐŝŽŶ͖Dƌ͘'ƌĞŐ:ŽŚŶƐŽŶ͕ ^ĞŶŝŽƌWůĂŶŶĞƌ͖DƐ͘DŝƚǌŝĂŬĞƌ͕ŝƌĞĐƚŽƌŽĨZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͖DƐ͘^ĂŶĚŝ'ŽƐůĞĞ͕ WƌŝŶĐŝƉĂůWůĂŶŶĞƌ͖DƐ͘ůůŝƐŽŶ^ŽƐĂ͕WůĂŶŶĞƌ͖ĂŶĚDƐ͘ĞƚŚĂǀŝƐ KƚŚĞƌŝƚǇ^ƚĂĨĨWƌĞƐĞŶƚ͗DƐ͘WĂƚůĨƌĞĚƐŽŶ͕ŝƚǇƚƚŽƌŶĞǇ͖DƐ͘<ĂƚŝĞDŽƌƚĞŶƐŽŶ͕,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶ ^ƉĞĐŝĂůŝƐƚ ^ĞƚKƌĚĞƌKĨŐĞŶĚĂ͗ DƐ͘tŝůƐŽŶŵŽǀĞĚƚŽĂƉƉƌŽǀĞƚŚĞĂŐĞŶĚĂ͕ĂƐǁƌŝƚƚĞŶ͘Dƌ͘ƵƌƐƚƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶ ĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘ ŽŶƐĞŶƚŐĞŶĚĂ͗ DƐ͘^ĞĂďƌŽŽŬŵĂĚĞĂŵŽƚŝŽŶƚŽĂƉƉƌŽǀĞƚŚĞĨŽůůŽǁŝŶŐĐŽŶƐĞŶƚŝƚĞŵƐ͘Dƌ͘ĂƐƚƌŽƐĞĐŽŶĚĞĚƚŚĞ ŵŽƚŝŽŶ͘ x DĂƌĐŚϴ͕ϮϬϭϳŵŝŶƵƚĞƐ dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘Dƌ͘,ŝůů͕Dƌ͘ƵƌƐƚ͕DƐ͘tŝůƐŽŶ͕DƐ͘DĞĞŬĂďƐƚĂŝŶĞĚ͘ WƵďůŝĐ,ĞĂƌŝŶŐƐ͗ dĞǆƚŵĞŶĚŵĞŶƚηZϮϬϭϳ Ͳ ϬϬϰdƚŽ^ĞĐƚŝŽŶϲϭ͘ϭϰϴƐƚĂĨĨĂƵƚŚŽƌŝǌĞĚĐŚĂŶŐĞƐƚŽŽŶĚŝƚŝŽŶĂůhƐĞ WĞƌŵŝƚƐ͘ DƐ͘ĂŬĞƌƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚDĂƌĐŚϭϱ͕ϮϬϭϳ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐŽŶ ĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ Dƌ͘tĂůƚĞƌƐĂƐŬĞĚĂďŽƵƚ^ƵďĚŝǀŝƐŝŽŶϮ͘'͘ůŝƐƚŝŶŐŽĨĞǆĂŵƉůĞƐƚŚĂƚǁŽƵůĚĂƉƉůǇƚŽƐŝŐŶŝĨŝĐĂŶƚĐŚĂŶŐĞŝŶ ƚŚĞĞƐƐĞŶĐĞŽƌĐŚĂƌĂĐƚĞƌŽĨƚŚĞƉƌŽũĞĐƚ͖ŚĞĂƐŬĞĚŝĨƚŚĞƌĞǁĂƐĂŶǇĚŝƐĐƵƐƐŝŽŶŽĨĂĚĚŝŶŐĂŶǇŵŽƌĞ ĞǆĂŵƉůĞƐ͘ _3DJH 3DFNHW3J )E ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗DĂƌĐŚϮϮ͕ϮϬϭϳ DƐ͘ĂŬĞƌŶŽƚĞĚƚŚĞŝƚǇĂƚƚŽƌŶĞǇ͛ƐŽĨĨŝĐĞŚĂƐďĞĞŶĐŽŶƐƵůƚĞĚ͖ƚŚĞĐŽŶĐůƵƐŝŽŶǁĂƐǁĞůůĞŶĐŽŵƉĂƐƐŝŶŐŽĨ ƵƉĐŽŵŝŶŐƐŝƚƵĂƚŝŽŶƐ͖ƐŚĞĚŝĚĂƐŬĨŽƌĂŶǇƐƵŐŐĞƐƚŝŽŶƐŽĨƚŚŝŶŐƐůĞĨƚŽƵƚ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶŝŶƌĞŐĂƌĚƐƚŽĂůŝƐƚŽĨĞǆĂŵƉůĞƐƚŚĂƚŵĂǇĐĂƵƐĞůŝŵŝƚĂƚŝŽŶƐƚŽ ĂůůŽǁŝŶŐƉƌŽũĞĐƚĐŚĂŶŐĞƐďĞŝŶŐŚĞĂƌĚďĞĨŽƌĞƚŚĞĐŽŵŵŝƐƐŝŽŶ͖ĚŝƐĐƵƐƐŝŽŶĂůƐŽĞŶƐƵĞĚŝŶƌĞŐĂƌĚƐƚŽ ƌĞĚƵĐƚŝŽŶŝŶůĂŶĚƐĐĂƉŝŶŐĨŽƌƐƚĂĨĨƌĞǀŝĞǁ͘ DƐ͘DĞĞŬŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ EŽŽŶĞĐĂŵĞĨŽƌǁĂƌĚ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕DƐ͘DĞĞŬĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ ŝƐĐƵƐƐŝŽŶĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶĞŶƐƵĞĚŝŶƌĞŐĂƌĚƐƚŽĂŶǇŶĞĞĚĞĚĐŚĂŶŐĞƐŝŶƚŚĞƐƚĂĨĨĐŚĂŶŐĞƐƚŽƚŚĞ ƚĞǆƚƚŽ^ƵďĚŝǀŝƐŝŽŶϮ͕^ĞĐƚŝŽŶ'͕ǆĂŵƉůĞƐŝŶĐůƵĚĞ͕ďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͘ DƐ͘ĂŬĞƌƐƉŽŬĞŽŶƉŽůŝĐǇĐŚĂŶŐĞĂŶĚƚŚĞŶƵŵďĞƌŽĨŝŶƐƚĂŶĐĞƐǁŚĞƌĞƚŚĞƌĞŚĂƐďĞĞŶĂŶŝƐƐƵĞĂŶĚ ƐƉĞĐŝĨŝĐĂůůǇůĂŶĚƐĐĂƉĞƌĞĚƵĐƚŝŽŶ͖ƚŚĞƚŝŵĞƐƚŚĞƐĞĐŚĂŶŐĞƐĐŽŵĞĂďŽƵƚŝƐĨĞǁ͘ DƐ͘ůĨƌĞĚƐŽŶƌĞĐŽŵŵĞŶĚĞĚƚŚĞĐŽŵŵŝƐƐŝŽŶŶŽƚƵƐĞĂƉĞƌĐĞŶƚĂŐĞďĞĐĂƵƐĞŽĨƚŚĞǀĂƌŝĂďůĞƐŝǌĞŽĨ ƉƌŽũĞĐƚƐƚŚĂƚĂƌĞƉƌŽƉŽƐĞĚ͘ Dƌ͘tĂůƚĞƌƐŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨdĞǆƚŵĞŶĚŵĞŶƚηZϮϬϭϳ Ͳ ϬϬϰdǁŝƚŚƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐĂŶĚĂŶĂĚĚŝƚŝŽŶĂůďƵůůĞƚƉŽŝŶƚƚŽ^ƵďƐĞĐƚŝŽŶϮ͘'͘DƐ͘^ĞĂďƌŽŽŬƐĞĐŽŶĚĞĚ ƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘ x ^ŝŐŶŝĨŝĐĂŶƚƌĞĚƵĐƚŝŽŶƚŽůĂŶĚƐĐĂƉĞĂƌĞĂƚŚĂƚǁŽƵůĚƌĞƐƵůƚŝŶĂĐŚĂŶŐĞƚŽƚŚĞĞƐƐĞŶĐĞŽƌ ĐŚĂƌĂĐƚĞƌƚŽƚŚĞƉƌŽũĞĐƚĂƐĂƉƉƌŽǀĞĚ͘ ^ƵďŵŝƚƚĂůŽĨƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ;,DWͿƚŽƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂĂŶĚ ƚŚĞ&ĞĚĞƌĂůŵĞƌŐĞŶĐǇDĂŶĂŐĞŵĞŶƚŐĞŶĐǇ;&DͿ͘&DĂƉƉƌŽǀĞĚůŽĐĂůŵŝƚŝŐĂƚŝŽŶƉůĂŶƐĂƌĞĂ ƉƌĞƌĞƋƵŝƐŝƚĞĨŽƌĨƵŶĚŝŶŐƚŚƌŽƵŐŚ&D͛Ɛ,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶƐƐŝƐƚĂŶĐĞŐƌĂŶƚƉƌŽŐƌĂŵ͘ DƐ͘'ŽƐůĞĞĂŶĚDƐ͘DŽƌƚĞŶƐŽŶƉƌĞƐĞŶƚĞĚƚŚĞůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶƉůĂŶ͕ĚĂƚĞĚDĂƌĐŚϮϮ͕ϮϬϭϳ͕ƚŽƚŚĞ ŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐŽŶĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ DƐ͘^ĞĂďƌŽŽŬĂƉƉƌĞĐŝĂƚĞĚĨŝůůŝŶŐŝŶƚŚĞŐĂƉƐĨŽƌĐŝƚŝǌĞŶƐΖƐĂĨĞƚǇ͖ƚŚĞŶĂƐŬĞĚŝĨƚŚĞŝƚǇŚĂƐĂŶĞǆŝƐƚŝŶŐ ƉůĂŶ͖ŽƌŝƐƚŚĞŝƚǇŐŽǀĞƌŶĞĚƵŶĚĞƌƚŚĞŽƵŶƚǇ͛ƐƉůĂŶ͘ DƐ͘'ŽƐůĞĞƐƚĂƚĞĚƚŚĞŝƚǇŝƐĐŽǀĞƌĞĚƵŶĚĞƌƚŚĞŽƵŶƚǇ͛ƐƉůĂŶƵŶƚŝůƚŚĞŶĞǁƉůĂŶŝƐĂƉƉƌŽǀĞĚ͘ DƐ͘^ĞĂďƌŽŽŬĂƐŬĞĚĂďŽƵƚǁĂƚĞƌƌƵŶŽĨĨĨƌŽŵŽƵƚƐŝĚĞƚŚĞŝƚǇ͘ DƐ͘'ŽƐůĞĞƐƚĂƚĞĚƚŚĞŝƚǇĂŶĚŽƵŶƚǇǁŽƌŬĐůŽƐĞůǇƚŽŐĞƚŚĞƌŽŶĐůĞĂŶǁĂƚĞƌƉůĂŶƐ͖ƚŚŝƐŝƐĂĐŽŶĐĞƌŶĂŶĚ ƚŚĞƌĞĂƌĞŵĞĂƐƵƌĞŵĞŶƚƐŝŶƉůĂĐĞƚŽƉƌĞǀĞŶƚĐŽŶƚĂŵŝŶĂƚŝŽŶƐ͘ DƐ͘ĂŬĞƌĂĚĚĞĚƚŚĞƌĞŝƐĂďĞŶĞĨŝƚƚŽĂũŽŝŶƚƉůĂŶŶŝŶŐĚĞƉĂƌƚŵĞŶƚǁŽƌŬŝŶŐǁŝƚŚďŽƚŚƚŚĞŽƵŶƚǇWƵďůŝĐ tŽƌŬƐĂŶĚŝƚǇĚĞƉĂƌƚŵĞŶƚƐĨŽƌƌƵŶŽĨĨǁĂƚĞƌ͖ƉƌŽƚĞĐƚŝŽŶŽĨǁĂƚĞƌƌĞƐŽƵƌĐĞƐ͘ _3DJH 3DFNHW3J ) 5(48(67)25&281&,/$&7,21 0((7,1*'$7( VHPHUJHQF\ PDQDJHPHQWSODQQLQJDQGRSHUDWLRQVSODQQLQJDOOKD]DUGPLWLJDWLRQSODQ $IWHU6WDWHRI0LQQHVRWDDQG)(0$FRPSOHWHVWKHUHYLHZWKH$OO+D]DUG0LWLJDWLRQ3ODQZLOOEHEURXJKW EDFNWR&RXQFLOIRUUHYLHZDQGDGRSWLRQ &281&,/$&7,215(48(67(' $IWHUWKHKHDULQJ&RXQFLOLVUHTXHVWHGWRDXWKRUL]HWKH'LUHFWRURI(PHUJHQF\0DQDJHPHQWWRVXEPLWWKH $OO+D]DUG0LWLJDWLRQ3ODQWR6WDWHRI0LQQHVRWD)HGHUDO(PHUJHQF\0DQDJHPHQW$JHQF\ )(0$ IRU UHYLHZDQGDSSURYDO 3DFNHW3J )D ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗DĂƌĐŚϮϮ͕ϮϬϭϳ DƐ͘ĂŬĞƌŶŽƚĞĚƚŚĞŝƚǇĂƚƚŽƌŶĞǇ͛ƐŽĨĨŝĐĞŚĂƐďĞĞŶĐŽŶƐƵůƚĞĚ͖ƚŚĞĐŽŶĐůƵƐŝŽŶǁĂƐǁĞůůĞŶĐŽŵƉĂƐƐŝŶŐŽĨ ƵƉĐŽŵŝŶŐƐŝƚƵĂƚŝŽŶƐ͖ƐŚĞĚŝĚĂƐŬĨŽƌĂŶǇƐƵŐŐĞƐƚŝŽŶƐŽĨƚŚŝŶŐƐůĞĨƚŽƵƚ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶŝŶƌĞŐĂƌĚƐƚŽĂůŝƐƚŽĨĞǆĂŵƉůĞƐƚŚĂƚŵĂǇĐĂƵƐĞůŝŵŝƚĂƚŝŽŶƐƚŽ ĂůůŽǁŝŶŐƉƌŽũĞĐƚĐŚĂŶŐĞƐďĞŝŶŐŚĞĂƌĚďĞĨŽƌĞƚŚĞĐŽŵŵŝƐƐŝŽŶ͖ĚŝƐĐƵƐƐŝŽŶĂůƐŽĞŶƐƵĞĚŝŶƌĞŐĂƌĚƐƚŽ ƌĞĚƵĐƚŝŽŶŝŶůĂŶĚƐĐĂƉŝŶŐĨŽƌƐƚĂĨĨƌĞǀŝĞǁ͘ DƐ͘DĞĞŬŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ EŽŽŶĞĐĂŵĞĨŽƌǁĂƌĚ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕DƐ͘DĞĞŬĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ ŝƐĐƵƐƐŝŽŶĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶĞŶƐƵĞĚŝŶƌĞŐĂƌĚƐƚŽĂŶǇŶĞĞĚĞĚĐŚĂŶŐĞƐŝŶƚŚĞƐƚĂĨĨĐŚĂŶŐĞƐƚŽƚŚĞ ƚĞǆƚƚŽ^ƵďĚŝǀŝƐŝŽŶϮ͕^ĞĐƚŝŽŶ'͕ǆĂŵƉůĞƐŝŶĐůƵĚĞ͕ďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͘ DƐ͘ĂŬĞƌƐƉŽŬĞŽŶƉŽůŝĐǇĐŚĂŶŐĞĂŶĚƚŚĞŶƵŵďĞƌŽĨŝŶƐƚĂŶĐĞƐǁŚĞƌĞƚŚĞƌĞŚĂƐďĞĞŶĂŶŝƐƐƵĞĂŶĚ ƐƉĞĐŝĨŝĐĂůůǇůĂŶĚƐĐĂƉĞƌĞĚƵĐƚŝŽŶ͖ƚŚĞƚŝŵĞƐƚŚĞƐĞĐŚĂŶŐĞƐĐŽŵĞĂďŽƵƚŝƐĨĞǁ͘ DƐ͘ůĨƌĞĚƐŽŶƌĞĐŽŵŵĞŶĚĞĚƚŚĞĐŽŵŵŝƐƐŝŽŶŶŽƚƵƐĞĂƉĞƌĐĞŶƚĂŐĞďĞĐĂƵƐĞŽĨƚŚĞǀĂƌŝĂďůĞƐŝǌĞŽĨ ƉƌŽũĞĐƚƐƚŚĂƚĂƌĞƉƌŽƉŽƐĞĚ͘ Dƌ͘tĂůƚĞƌƐŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨdĞǆƚŵĞŶĚŵĞŶƚηZϮϬϭϳ Ͳ ϬϬϰdǁŝƚŚƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐĂŶĚĂŶĂĚĚŝƚŝŽŶĂůďƵůůĞƚƉŽŝŶƚƚŽ^ƵďƐĞĐƚŝŽŶϮ͘'͘DƐ͘^ĞĂďƌŽŽŬƐĞĐŽŶĚĞĚ ƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘ x ^ŝŐŶŝĨŝĐĂŶƚƌĞĚƵĐƚŝŽŶƚŽůĂŶĚƐĐĂƉĞĂƌĞĂƚŚĂƚǁŽƵůĚƌĞƐƵůƚŝŶĂĐŚĂŶŐĞƚŽƚŚĞĞƐƐĞŶĐĞŽƌ ĐŚĂƌĂĐƚĞƌƚŽƚŚĞƉƌŽũĞĐƚĂƐĂƉƉƌŽǀĞĚ͘ ^ƵďŵŝƚƚĂůŽĨƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ;,DWͿƚŽƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂĂŶĚ ƚŚĞ&ĞĚĞƌĂůŵĞƌŐĞŶĐǇDĂŶĂŐĞŵĞŶƚŐĞŶĐǇ;&DͿ͘&DĂƉƉƌŽǀĞĚůŽĐĂůŵŝƚŝŐĂƚŝŽŶƉůĂŶƐĂƌĞĂ ƉƌĞƌĞƋƵŝƐŝƚĞĨŽƌĨƵŶĚŝŶŐƚŚƌŽƵŐŚ&D͛Ɛ,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶƐƐŝƐƚĂŶĐĞŐƌĂŶƚƉƌŽŐƌĂŵ͘ DƐ͘'ŽƐůĞĞĂŶĚDƐ͘DŽƌƚĞŶƐŽŶƉƌĞƐĞŶƚĞĚƚŚĞůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶƉůĂŶ͕ĚĂƚĞĚDĂƌĐŚϮϮ͕ϮϬϭϳ͕ƚŽƚŚĞ ŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐŽŶĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ DƐ͘^ĞĂďƌŽŽŬĂƉƉƌĞĐŝĂƚĞĚĨŝůůŝŶŐŝŶƚŚĞŐĂƉƐĨŽƌĐŝƚŝǌĞŶƐΖƐĂĨĞƚǇ͖ƚŚĞŶĂƐŬĞĚŝĨƚŚĞŝƚǇŚĂƐĂŶĞǆŝƐƚŝŶŐ ƉůĂŶ͖ŽƌŝƐƚŚĞŝƚǇŐŽǀĞƌŶĞĚƵŶĚĞƌƚŚĞŽƵŶƚǇ͛ƐƉůĂŶ͘ DƐ͘'ŽƐůĞĞƐƚĂƚĞĚƚŚĞŝƚǇŝƐĐŽǀĞƌĞĚƵŶĚĞƌƚŚĞŽƵŶƚǇ͛ƐƉůĂŶƵŶƚŝůƚŚĞŶĞǁƉůĂŶŝƐĂƉƉƌŽǀĞĚ͘ DƐ͘^ĞĂďƌŽŽŬĂƐŬĞĚĂďŽƵƚǁĂƚĞƌƌƵŶŽĨĨĨƌŽŵŽƵƚƐŝĚĞƚŚĞŝƚǇ͘ DƐ͘'ŽƐůĞĞƐƚĂƚĞĚƚŚĞŝƚǇĂŶĚŽƵŶƚǇǁŽƌŬĐůŽƐĞůǇƚŽŐĞƚŚĞƌŽŶĐůĞĂŶǁĂƚĞƌƉůĂŶƐ͖ƚŚŝƐŝƐĂĐŽŶĐĞƌŶĂŶĚ ƚŚĞƌĞĂƌĞŵĞĂƐƵƌĞŵĞŶƚƐŝŶƉůĂĐĞƚŽƉƌĞǀĞŶƚĐŽŶƚĂŵŝŶĂƚŝŽŶƐ͘ DƐ͘ĂŬĞƌĂĚĚĞĚƚŚĞƌĞŝƐĂďĞŶĞĨŝƚƚŽĂũŽŝŶƚƉůĂŶŶŝŶŐĚĞƉĂƌƚŵĞŶƚǁŽƌŬŝŶŐǁŝƚŚďŽƚŚƚŚĞŽƵŶƚǇWƵďůŝĐ tŽƌŬƐĂŶĚŝƚǇĚĞƉĂƌƚŵĞŶƚƐĨŽƌƌƵŶŽĨĨǁĂƚĞƌ͖ƉƌŽƚĞĐƚŝŽŶŽĨǁĂƚĞƌƌĞƐŽƵƌĐĞƐ͘ _3DJH 3DFNHW3J )D ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗DĂƌĐŚϮϮ͕ϮϬϭϳ Dƌ͘WƌĂďŚĂŬĂƌĂƐŬĞĚŝĨŵĂƚĐŚŝŶŐĚŽůůĂƌƐĨƌŽŵƚŚĞŝƚǇǁŝůůďĞŶĞĞĚĞĚ͘ DƐ͘'ŽƐůĞĞŶŽƚĞĚƚŚĞƌĞĂƌĞĨĂĐƚŽƌƐƚŚĂƚŶĞĞĚƚŽďĞĞƐƚĂďůŝƐŚĞĚĨŽƌĨƵŶĚŝŶŐƐŽƵƌĐĞƐ͘ Dƌ͘ĂƐƚƌŽĂƐŬĞĚŝĨƚŚĞƉůĂŶǁŝůůƐƵƉĞƌƐĞĚĞĂŶĞǆŝƐƚŝŶŐƉůĂŶ͘ DƐ͘'ŽƐůĞĞŶŽƚĞĚƚŚĞďĂĐŬŐƌŽƵŶĚŽŶŚŽǁƚŚĞƉůĂŶĐĂŵĞŝŶƚŽĞǆŝƐƚĞŶĐĞĨŽƌƚŚĞŝƚǇ͘ Dƌ͘ĂƐƚƌŽĂƐŬĞĚŝĨƚŚĞĚŽĐƵŵĞŶƚŝƐĂ͞ůŝǀŝŶŐ͟ĚŽĐƵŵĞŶƚ͘ DƐ͘'ŽƐůĞĞƐĂŝĚƚŚĞƉůĂŶďŽƵŶĚĂƌǇŝƐƚŚĞƵƌďĂŶƐĞƌǀŝĐĞĂƌĞĂƐŽŶŽĐŚĂŶŐĞƐǁŝůůďĞŶĞĞĚĞĚĂƐůĂŶĚŝƐ ĂŶŶĞǆĞĚ͘ DƐ͘DŽƌƚĞŶƐŽŶŶŽƚĞĚƚŚĞƌĞŝƐĂŶĂŵĞŶĚŵĞŶƚƉƌŽĐĞƐƐǁŚŝĐŚĐĂŶďĞƵƐĞĚŝĨŶĞĞĚĞĚ͘ DƐ͘DĞĞŬŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ EŽŽŶĞĐĂŵĞĨŽƌǁĂƌĚ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕DƐ͘DĞĞŬĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘ƵƌƐƚŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůƚŽŽƵŶĐŝůĨŽƌƐƵďŵŝƐƐŝŽŶŽĨƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌůů ,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ;,DWͿƚŽ&D͘Dƌ͘WƌĂďŚĂŬĂƌƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚ ƵŶĂŶŝŵŽƵƐůǇ͘ ŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌĂĚŽƉƚŝŶŐƚŚĞZŽĐŚĞƐƚĞƌDͲŝƐƚƌŝĐƚĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐĂŶĚƚĞǆƚĂŵĞŶĚŵĞŶƚ ηZϮϬϭϳ Ͳ ϬϬϮdƚŽĂĚŽƉƚĂƉŽƌƚŝŽŶŽĨƚŚĞĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐĂƐƉĂƌƚŽĨƚŚĞ>ĂŶĚĞǀĞůŽƉŵĞŶƚDĂŶƵĂů͘͘ Dƌ͘ůůĞƌďƵƐĐŚƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚDĂƌĐŚϭϰ͕ϮϬϭϳ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐ ŽŶĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ Dƌ͘tĂůƚĞƌƐĂƐŬĞĚĂďŽƵƚƚĂůůďƵŝůĚŝŶŐƐĚĞƐŝŐŶƌŽŽĨĨŽƌƐƵƐƚĂŝŶĂďŝůŝƚǇǁŽƵůĚƚŚĞƐĞĐƚŝŽŶďĞĂĚŽƉƚĞĚǁŝƚŚĂ ĨŽƌĐĞŽĨůĂǁ͘ Dƌ͘ůůĞƌďƵƐĐŚŶŽƚĞĚŶŽƚŚŝŶŐǁŝůůďĞĂĚŽƉƚĞĚĂƚƚŚŝƐŵĞĞƚŝŶŐ͖ƚŚĞĞŶƚŝƌĞĚŽĐƵŵĞŶƚǁŽƵůĚďĞĂĚŽƉƚĞĚĂƐ ĂŐƵŝĚĞůŝŶĞ͕ŽŶůǇƐĞůĞĐƚĞĚƉĂƌƚƐǁŽƵůĚďĞĐŽŵĞǌŽŶŝŶŐůĂǁ͘ Dƌ͘WƌĂďŚĂŬĂƌŶŽƚĞĚƚŚŝƐŐƵŝĚĞůŝŶĞƐĂƌĞĨŽƌĂĚŽƉƚŝŶŐĨƵƚƵƌĞƉƌŽũĞĐƚƐ͘ Dƌ͘ůůĞƌďƵƐĐŚƐƚĂƚĞĚƚŚĞŐƵŝĚĞůŝŶĞƐĂƌĞĨŽƌĂŶǇƚŚŝŶŐƐĞĞŬŝŶŐĂƉƉƌŽǀĂů͘ ŶĚ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚŝŶƌĞŐĂƌĚƐƚŽĂĚĚƌĞƐƐŝŶŐƚŚĞϮ^ƚƌĞĞƚŽƌƌŝĚŽƌƉůĂŶďĞŝŶŐǁŝƚŚŝŶƚŚĞDďŽƵŶĚĂƌǇ͖ ĂůŽŶŐǁŝƚŚĞŶĚŽƌƐŝŶŐŽĨƚŚĞDǁŝůůƚŚĞƌĞĨĞƌĞŶĐĞĨŽƌŽƚŚĞƌƉůĂŶƐďĞŝŶŐĞůŝŵŝŶĂƚĞĚƐƵĐŚĂƐƚŚĞ ĚŽǁŶƚŽǁŶŵĂƐƚĞƌƉůĂŶ͕ĞƚĐ͘ DƐ͘DĞĞŬŶŽƚĞĚƐŚĞŚĂƐϮϳĐŽŵŵĞŶƚƐƐŚĞǁŽƵůĚůŝŬĞƚŽŐŽƚŚƌŽƵŐŚĂŶĚǁŽƵůĚůŝŬĞƚŽƌĞĐĞŝǀĞĨĞĞĚďĂĐŬ ĨƌŽŵĐŝƚǇƐƚĂĨĨ͘^ŚĞƉƌŽĐĞĞĚĞĚƚŽƌĞĂĚƚŚƌŽƵŐŚŚĞƌĐŽŵŵĞŶƚƐ͘Dƌ͘ůůĞƌďƵƐĐŚƌĞƐƉŽŶĚĞĚƚŽƚŚĞďĞƐƚŽĨ ŚŝƐŬŶŽǁůĞĚŐĞ͘ _3DJH 3DFNHW3J * 5(48(67)25&281&,/$&7,21 0((7,1*'$7( *D KhE/>Ͳ/E/d/dd/KE^&KZD ŽƵŶĐŝůDĞŵďĞƌZĞƋƵĞƐƚŝŶŐĐƚŝŽŶ͗DĂƌŬ,ŝĐŬĞǇ ŽƵŶĐŝůDĞŵďĞƌƐƐƵƉƉŽƌƚŝŶŐƚŚĂƚƚŚĞƌĞƋƵĞƐƚďĞƉůĂĐĞĚŽŶƚŚĞŽƵŶĐŝů͛Ɛ ŐĞŶĚĂ͗Ě,ƌƵƐŬĂ ;ŽƵŶĐŝůͲŝŶŝƚŝĂƚĞĚĂĐƚŝŽŶƐŵƵƐƚŚĂǀĞĂƚůĞĂƐƚƚŚĞƐƵƉƉŽƌƚŽĨŽŶĞĐŽƵŶĐŝůŵĞŵďĞƌ͕ŝŶĂĚĚŝƚŝŽŶƚŽƚŚĞŝŶŝƚŝĂƚŽƌ͕ŝŶŽƌĚĞƌ ĨŽƌŝƚƚŽďĞƉůĂĐĞĚŽŶƚŚĞĂŐĞŶĚĂͿ dŝƚůĞ͗ϯϳ^ƚƌĞĞƚE'ƵĂƌĚZĂŝůǆƚĞŶƐŝŽŶ ƚŚ ƌŝĞĨĞƐĐƌŝƉƚŝŽŶŽĨĐƚŝŽŶ͗ /ŶtĂƌĚϱ͕/ŚĂǀĞŚĂĚƐĞǀĞƌĂůĐŽŵƉůĂŝŶƚƐĂďŽƵƚƚŚĞƐĂĨĞƚǇŽĨƚŚĞƵŶƉƌŽƚĞĐƚĞĚƉŽƌƚŝŽŶŽĨƚŚĞƌĞĐƌĞĂƚŝŽŶĂů ƚƌĂŝůƚŚĂƚĞǆŝƚƐĨƌŽŵƚŚĞϯϳ ƚŚ^ƚƌĞĞƚEďƌŝĚŐĞŽǀĞƌƚŚĞƵŵďƌŽZŝǀĞƌ͘ŝĐǇĐůĞƐĂŶĚƉĞĚĞƐƚƌŝĂŶƐƚƌĂǀĞůŝŶŐ ĞĂƐƚŽŶϯϳ^ƚEĂůŽŶŐƚŚĞƌĞĐƌĞĂƚŝŽŶĂůƚƌĂŝůŚĂǀĞĂŶĞǆŝƐƚŝŶŐŐƵĂƌĚƌĂŝůƚŚĂƚƉƌŽƚĞĐƚƐƚŚĞŵŽŶƚŚĞ ƚŚ ĂƉƉƌŽĂĐŚƚŽƚŚĞďƌŝĚŐĞ͘KŶƚŚĞĨĂƌƐŝĚĞŽĨƚŚĞďƌŝĚŐĞ͕ƚŚĞƌĞŝƐŶŽŐƵĂƌĚƌĂŝůƐŽďŝĐǇĐůĞƐĂŶĚƉĞĚĞƐƚƌŝĂŶƐ ĂƌĞĞǆƉŽƐĞĚƚŽŚŝŐŚƐƉĞĞĚƚƌĂĨĨŝĐ͘dŚĞĂƚƚĂĐŚĞĚĚŝĂŐƌĂŵƐŚŽǁƐƚŚĞĞǆŝƐƚŝŶŐŐƵĂƌĚƌĂŝůŝŶǇĞůůŽǁĂŶĚĂ ƉƌŽƉŽƐĞĚĞǆƚĞŶƐŝŽŶƚŽƚŚĞŐƵĂƌĚƌĂŝůŝŶƌĞĚ͘ ŽƵŶĐŝůZĞƋƵĞƐƚĞĚĐƚŝŽŶ͗ ŝƌĞĐƚƐƚĂĨĨƚŽǁŽƌŬǁŝƚŚƚŚĞŽƵŶƚǇƚŽĐŽŵĞƵƉǁŝƚŚĂƉůĂŶƚŽŝŵƉůĞŵĞŶƚ ƚŚĞƉƌŽƉŽƐĞĚŐƵĂƌĚƌĂŝůĞǆƚĞŶƐŝŽŶ͘ZĞĐŽŐŶŝǌŝŶŐƚŚĂƚƚŚŝƐŝƐĂŽƵŶƚǇƌŽĂĚ͕ƚŚĞŝƚǇŵĂǇŚĂǀĞƚŽƉĂǇĨŽƌ ƉĂƌƚŽƌĂůůŽĨƚŚŝƐƉƌŽũĞĐƚ͘ ĂƚĞZĞĐĞŝǀĞĚďǇŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ͗ϰͬϭϮͬϭϳ͕ϭϭ͗ϰϬĂŵ ;&ŽƌŵŵƵƐƚďĞƌĞĐĞŝǀĞĚďǇƚŚĞĂĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨĨŝĐĞďǇŶŽŽŶŽŶƚŚĞtĞĚŶĞƐĚĂǇƉƌŝŽƌƚŽƚŚĞĐŽƵŶĐŝůŵĞĞƚŝŶŐǇŽƵ ǁŝƐŚƚŚĂƚƚŚĞŝƚĞŵďĞďƌŽƵŐŚƚĨŽƌǁĂƌĚͿ ĂƚĞŽĨŝƚǇŽƵŶĐŝůDĞĞƚŝŶŐ͗ϰͬϭϳͬϮϬϭϳ 3DFNHW3J *D 3DFNHW3J * 5(48(67)25&281&,/$&7,21 0((7,1*'$7( *D KhE/>Ͳ/E/d/dd/KE^&KZD ŽƵŶĐŝůDĞŵďĞƌZĞƋƵĞƐƚŝŶŐĐƚŝŽŶ͗DĂƌŬ,ŝĐŬĞǇ ŽƵŶĐŝůDĞŵďĞƌƐƐƵƉƉŽƌƚŝŶŐƚŚĂƚƚŚĞƌĞƋƵĞƐƚďĞƉůĂĐĞĚŽŶƚŚĞŽƵŶĐŝů͛Ɛ ŐĞŶĚĂ͗DĂƌŬŝůĚĞƌďĂĐŬ ;ŽƵŶĐŝůͲŝŶŝƚŝĂƚĞĚĂĐƚŝŽŶƐŵƵƐƚŚĂǀĞĂƚůĞĂƐƚƚŚĞƐƵƉƉŽƌƚŽĨŽŶĞĐŽƵŶĐŝůŵĞŵďĞƌ͕ŝŶĂĚĚŝƚŝŽŶƚŽƚŚĞŝŶŝƚŝĂƚŽƌ͕ŝŶŽƌĚĞƌ ĨŽƌŝƚƚŽďĞƉůĂĐĞĚŽŶƚŚĞĂŐĞŶĚĂͿ dŝƚůĞ͗ZŽĂĚŽŶǀĞƌƐŝŽŶWƌŽũĞĐƚWƌŽĐĞƐƐ ƌŝĞĨĞƐĐƌŝƉƚŝŽŶŽĨĐƚŝŽŶ͗ ZŽĂĚŽŶǀĞƌƐŝŽŶWƌŽũĞĐƚƐŝŶǀŽůǀŝŶŐƚŚĞƌĞĚƵĐƚŝŽŶŽĨĚƌŝǀŝŶŐůĂŶĞƐ͕ůŽƐƐŽĨƉĂƌŬŝŶŐ͕ŽƌŶĂƌƌŽǁŝŶŐŽĨƚƌĂĨĨŝĐ ůĂŶĞƐŚĂǀĞƚŚĞƉŽƚĞŶƚŝĂůƚŽĚŝƐƌƵƉƚĞƐƚĂďůŝƐŚĞĚƚƌĂĨĨŝĐƉĂƚƚĞƌŶƐ͘ƐƚŚĞƌĞŝƐĐƵƌƌĞŶƚůǇŶŽĨŽƌŵĂů ŶŽƚŝĨŝĐĂƚŝŽŶƉƌŽĐĞƐƐ͕ŶĞŝŐŚďŽƌŚŽŽĚƐƚǇƉŝĐĂůůǇĂƌĞƵŶĂǁĂƌĞŽĨƚŚĞƉƌŽũĞĐƚƵŶƚŝůƚŚĞǁŽƌŬŝƐŝŶŝƚŝĂƚĞĚ͘ ŽƵŶĐŝůZĞƋƵĞƐƚĞĚĐƚŝŽŶ͗ ŝƌĞĐƚƐƚĂĨĨƚŽƉƌŽǀŝĚĞŽƵŶĐŝůǁŝƚŚŝŶĨŽƌŵĂƚŝŽŶŽŶĞƐƚĂďůŝƐŚŝŶŐĂZŽĂĚ ŽŶǀĞƌƐŝŽŶWƌŽũĞĐƚWƌŽĐĞƐƐĨŽƌĂŶǇƌŽĂĚĐŽŶǀĞƌƐŝŽŶƚŚĂƚŝŶǀŽůǀĞƐƌĞĚƵĐƚŝŽŶŽĨĚƌŝǀŝŶŐůĂŶĞƐ͕ůŽƐƐŽĨ ƉĂƌŬŝŶŐ͕ŽƌŶĂƌƌŽǁŝŶŐŽĨƚƌĂĨĨŝĐůĂŶĞƐďǇŵŽƌĞƚŚĂŶŽŶĞĨŽŽƚ͘dŚŝƐƉƌŽĐĞƐƐǁŽƵůĚŝŶĐůƵĚĞǁƌŝƚƚĞŶ ŶŽƚŝĨŝĐĂƚŝŽŶƚŽĂĚũĂĐĞŶƚƉƌŽƉĞƌƚǇŽǁŶĞƌƐ͕ĂŶĞŝŐŚďŽƌŚŽŽĚŵĞĞƚŝŶŐ͕ĂŶĚĂƉƵďůŝƐŚĞĚƉƵďůŝĐŵĞĞƚŝŶŐ ďĞĨŽƌĞƚŚĞŝƚǇŽƵŶĐŝůďĞĨŽƌĞĂƌŽĂĚĐŽŶǀĞƌƐŝŽŶĐŽƵůĚƉƌŽĐĞĞĚ͘ ĂƚĞZĞĐĞŝǀĞĚďǇŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ͗ϰͬϭϮͬϭϳ͕ϭϭ͗ϰϬĂŵ ;&ŽƌŵŵƵƐƚďĞƌĞĐĞŝǀĞĚďǇƚŚĞĂĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨĨŝĐĞďǇŶŽŽŶŽŶƚŚĞtĞĚŶĞƐĚĂǇƉƌŝŽƌƚŽƚŚĞĐŽƵŶĐŝůŵĞĞƚŝŶŐǇŽƵ ǁŝƐŚƚŚĂƚƚŚĞŝƚĞŵďĞďƌŽƵŐŚƚĨŽƌǁĂƌĚͿ ĂƚĞŽĨŝƚǇŽƵŶĐŝůDĞĞƚŝŶŐ͗ϰͬϭϳͬϮϬϭϳ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³HPSOR\HHV´7RWKHH[WHQWSRVVLEOH DQGLQOLJKWRIWKHIDFWWKDWPHPEHUVRI&LW\ERDUGVFRPPLVVLRQVDQGFRPPLWWHHVDUHXQSDLGYROXQWHHUVUDWKHUWKDQ HPSOR\HHVLQWKHVWULFWGHILQLWLRQRIWKDWWHUPWKHWHUP³HPSOR\HHV´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³XVHUJHQHUDWHGFRQWHQW´RU³FRQVXPHUJHQHUDWHGPHGLD´ 6RFLDOPHGLDLQFOXGHVEXWLVQRWOLPLWHGWR x $QHYHUHPHUJLQJOLVWRIQHZZHEEDVHGSODWIRUPVJHQHUDOO\UHJDUGHGDVVRFLDOPHGLDRUKDYLQJPDQ\RI WKHVDPHIXQFWLRQVDVWKRVHOLVWHGEHORZ x 6RFLDOQHWZRUNLQJVLWHVVXFKDV)DFHERRN/LQNHG,Q7ZLWWHUDQGRQOLQHGDWLQJVHUYLFHVPRELOHDSSV x %ORJV x 6RFLDOQHZVVLWHVVXFKDV5HGGLWDQG%X]]IHHG x 9LGHRDQGSKRWRVKDULQJVLWHVVXFKDV<RX7XEH,QVWDJUDP6QDS&KDWDQG)OLFNU x :LNLVRUVKDUHGHQF\FORSHGLDVVXFKDV:LNLSHGLD 3ROLF\ (DFKGHSDUWPHQWKHDGLQWKH&LW\RI5RFKHVWHURUKLVKHUDSSRLQWHGGHVLJQHHZLOOGHWHUPLQHKRZLWVZHEEDVHG VRFLDOPHGLDUHVRXUFHVZLOOEHGHVLJQHGLPSOHPHQWHGDQGPDQDJHGDVSDUWRILWVRYHUDOOFRPPXQLFDWLRQDQGLQIRU PDWLRQVKDULQJVWUDWHJ\$Q\&LW\VRFLDOPHGLDVLWHVPD\EHPRGLILHGRUUHPRYHGDWDQ\WLPHDQGZLWKRXWQRWLFHDV GHVFULEHGLQWKLVGRFXPHQW 7KHRUJDQL]DWLRQDOVRFLDOPHGLDDFFRXQWVDUHFRQVLGHUHGD&LW\DVVHWDQGDGPLQLVWUDWRUDFFHVVWRWKHVHDFFRXQWV PXVWEHVHFXUHO\PDQDJHGLQDFFRUGDQFHZLWKWKH&LW\¶VWHFKQRORJ\SROLF\$OOVRFLDOPHGLDZHEVLWHVFUHDWHGDQG XWLOL]HGGXULQJWKHFRXUVHDQGVFRSHRID&LW\5HSUHVHQWDWLYH¶VSHUIRUPDQFHRIKLVKHUMREGXWLHVRUYROXQWHHUUH VSRQVLELOLWLHVZLOOEHLGHQWLILHGDVEHORQJLQJWRWKH&LW\LQFOXGLQJDOLQNWRWKH&LW\¶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¶VVRFLDOPHGLDDFFRXQWVE\DOO&LW\5HSUHVHQWD WLYHV)RUSXUSRVHVRIWKLVSROLF\WKHWHUP³&LW\5HSUHVHQWDWLYHV´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¶VSHUIRU PDQFHRIKLVKHUMRERUYROXQWHHUGXWLHVPD\QRWEHXVHGIRUSULYDWHRUSHUVRQDOSXUSRVHVRUIRUWKHSXUSRVHRI H[SUHVVLQJSULYDWHYLHZVRQSHUVRQDOSROLWLFDORUSROLF\LVVXHVRUWRH[SUHVVSHUVRQDOYLHZVRUFRQFHUQVSHUWDLQLQJ WR&LW\HPSOR\PHQWUHODWLRQVPDWWHUV 1RVRFLDOPHGLDZHEVLWHPD\EHXVHGE\DQ\&LW\5HSUHVHQWDWLYHWRGLVFORVHQRQSXEOLFSULYDWHRUFRQILGHQWLDO LQIRUPDWLRQDVGHILQHGE\WKH0LQQHVRWD*RYHUQPHQW'DWD3UDFWLFHV$FW1RUVKRXOGWKH&LW\¶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x (QVXUHLQIRUPDWLRQLVDFFXUDWHDQGIUHHRIJUDPPDWLFDOHUURUV 3DJH_ 3DFNHW3J ,E &,7<2)52&+(67(5 25*$1,=$7,21$/32/,&< x &RQWHQWPXVWEHDGPLQLVWHUHGLQDPDQQHUWKDWLVFRPSOLDQWZLWKUHOHYDQWUHFRUGVUHWHQWLRQVFKHGXOHVDQG GHSDUWPHQWDOSROLFLHV x $YRLGQHJDWLYHFRPPHQWVUHJDUGLQJFRPPXQLW\SDUWQHUVRUWKHLUVHUYLFHVRUXVLQJVXFKPDWHULDODVSDUWRI DQ\FRQWHQWDGGHGWRDVLWH x $YRLGVKDULQJLQIRUPDWLRQUHODWHGWRSHQGLQJGHFLVLRQVWKDWZRXOGFRPSURPLVHQHJRWLDWLRQV x 0HGLDVLWHVPXVWFRQWDLQDVWDWHPHQWWKDWLQIRUPDWLRQSRVWHGPD\EHVXEMHFWWRRSHQUHFRUGVULJKWWRNQRZ ODZVLQIRUPDWLRQSRVWHGPD\EHFRQVLGHUHGGLVFRYHU\GDWDLQOHJDOFDVHV x :KHUHDSSURSULDWHVRFLDOPHGLDVLWHVVKRXOGVWDWHWKDWWKHRSLQLRQVH[SUHVVHGE\YLVLWRUVPD\QRWUHIOHFW WKHRSLQLRQVRIWKH&LW\ x &RQWDLQDVWDWHPHQWLQGLFDWLQJWKH&LW\PDLQWDLQVWKHULJKWWRUHPRYHREVFHQLWLHVLQDSSURSULDWHFRPPHQWV RUDQ\FRQWHQWWKDWYLRODWHVVWDWHIHGHUDOODZV x &LW\5HSUHVHQWDWLYHVPXVWQHYHUXVHWKHLU&LW\HPDLODFFRXQWRUSDVVZRUGLQFRQMXQFWLRQZLWKDQ\SHUVRQDO VRFLDOPHGLDSODWIRUP x $YRLGVWDWLQJSDUWLVDQSROLWLFDOYLHZV x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x 3RWHQWLDOO\OLEHORXVFRPPHQWV x 2EVFHQHKDUDVVLQJRUUDFLVWFRPPHQWV x 3HUVRQDODWWDFNVLQVXOWVRUWKUHDWHQLQJODQJXDJH x 3ODJLDUL]HGPDWHULDO x 3ULYDWHSHUVRQDOLQIRUPDWLRQSXEOLVKHGZLWKRXWFRQVHQW x &RPPHQWVWRWDOO\XQUHODWHGWRWKHWRSLFRIWKHIRUXP x &RPPHUFLDOSURPRWLRQVRUVSDP x +\SHUOLQNVWRPDWHULDOWKDWLVQRWGLUHFWO\UHODWHGWRWKHGLVFXVVLRQ x &RQWDLQVRIIHQVLYHUHPDUNV x (QGRUVHVVXSSRUWVRURSSRVHVDSURGXFWVHUYLFHFRPSDQ\SROLWLFDOFDPSDLJQFDQGLGDWHRUUHOLJLRXV FDXVH :KHQSXEOLFFRPPHQWVDUHVROLFLWHGXVLQJVRFLDOPHGLDWKHDGPLQLVWUDWRUVKRXOGSURYLGHQRWLFHDVWRZKHQFRP PHQWVZLOORQO\EHPRQLWRUHGIRUUHVSRQVHSXUSRVHV)XUWKHUQRWLFHVKDOOEHSURYLGHGWKDWFRPPHQWVPD\EH VXEMHFWWRGLVFORVXUHDVSXEOLFUHFRUGV 3HUVRQDO6RFLDO0HGLD8VH 7KH&LW\UHVSHFWV&LW\5HSUHVHQWDWLYHVDQGDJHQWV¶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³7KHVHDUHP\RZQRSLQLRQVDQGGRQRWUHSUHVHQWWKRVHRIWKH&LW\´ ,QFLGHQWDODQGRFFDVLRQDOSHUVRQDOXVHRI&LW\HPDLODQGVRFLDOPHGLDZHEVLWHVGXULQJZRUNRUYROXQWHHUKRXUVLV SHUPLWWHGSURYLGLQJWKHFRVWLVQHJOLJLEOHLWGRHVQRWLQWHUIHUHZLWKWKH&LW\5HSUHVHQWDWLYH¶VMRESHUIRUPDQFHRUZLWK WKHZRUNSODFHDQGLWGRHVQRWLQYROYHSURKLELWHGDFWLYLWLHV3HUVRQDOVRFLDOPHGLDXVHGXULQJWKHZRUNRUYROXQWHHU GD\VKDOORQO\RFFXUGXULQJD&LW\5HSUHVHQWDWLYH¶VOXQFKRUEUHDNWLPH&LW\5HSUHVHQWDWLYHVVKRXOGDOVRUHYLHZ WKHRZQHUVKLSVHFWLRQRIWKLVSROLF\ EHORZ &LW\5HSUHVHQWDWLYHVDUHFDXWLRQHGWKDWVSHHFKRQRURIIGXW\PDGHSXUVXDQWWRWKHLURIILFLDOGXWLHV±WKDWLVWKDW RZHVLWVH[LVWHQFHWRWKH&LW\5HSUHVHQWDWLYH¶VSURIHVVLRQDOGXWLHVDQGUHVSRQVLELOLWLHV±PD\QRWEHSURWHFWHG VSHHFKXQGHUWKH)LUVW$PHQGPHQWDQGPD\IRUPWKHEDVLVIRUGLVFLSOLQDU\RUUHPRYDODFWLRQLIGHHPHGGHWULPHQWDO WRWKH&LW\RUWKHGHSDUWPHQW+RZHYHUZKHQD&LW\5HSUHVHQWDWLYHVSHDNVRQDPDWWHURISXEOLFFRQFHUQDVD SULYDWHFLWL]HQDQGWKHVWDWHPHQWGRHVQRWLQWHUIHUHZLWKWKH&LW\5HSUHVHQWDWLYH¶VMRERUYROXQWHHUUHVSRQVLELOLWLHV WKHVSHHFKPD\EHSURWHFWHGXQGHUWKH)LUVW$PHQGPHQW :KHQSHUVRQDOXVHRIVRFLDOPHGLD HYHQLILWLVRIIGXW\RUXVLQJWKH&LW\5HSUHVHQWDWLYH¶VRZQHTXLSPHQW VSLOOV RYHULQWRWKHZRUNSODFHLWPD\EHFRPHWKHEDVLVIRUFRDFKLQJRUGLVFLSOLQH([DPSOHVRIVLWXDWLRQVZKHUHWKLVPLJKW RFFXULQFOXGHWKHIROORZLQJ x 1RQFRPSOLDQFHZLWKDQ\H[LVWLQJ&LW\DQGRUGHSDUWPHQWDOSROLFLHVDQGWKHFRGHRIHWKLFDOEHKDYLRU VHH &RGHRI(PSOR\HH&RQGXFWSROLF\ x &\EHUEXOO\LQJVWDONLQJRUKDUDVVPHQW x 5HOHDVHRIFRQILGHQWLDORUSULYDWHGDWD LIWKHUHDUHTXHVWLRQVDERXWZKDWFRQVWLWXWHFRQILGHQWLDORUSULYDWH GDWDFRQWDFWWKH&LW\&OHUN x 8QODZIXODFWLYLWLHV x 0LVXVHRI&LW\RZQHGVRFLDOPHGLD x ,QDSSURSULDWHXVHRIWKHFLW\¶VQDPHORJRRUWKH&LW\5HSUHVHQWDWLYH¶VSRVLWLRQRUWLWOH x 8VLQJ&LW\RZQHGHTXLSPHQWRUWLPHIRUH[WHQVLYHSHUVRQDOVRFLDOPHGLDXVH x 3RVWLQJLQIRUPDWLRQWKDWLVKDUPIXOWRWKHUHSXWDWLRQRIDQRWKHUSHUVRQJURXSRURUJDQL]DWLRQ x 3RVWLQJLQIRUPDWLRQWKDWFRXOGFRPSURPLVHWKHVDIHW\RUSULYDF\RIRWKHULQGLYLGXDOV x 3RVWLQJWUDQVPLWWLQJRUGLVVHPLQDWLQJDQ\LQIRUPDWLRQWRZKLFKWKH\KDYHDFFHVVDVDUHVXOWRIWKHLUHP SOR\PHQWZLWKRXWZULWWHQSHUPLVVLRQ x 3XEOLVKLQJLQIRUPDWLRQXVLQJDQRWKHUSHUVRQ¶VQDPHZLWKRXWWKDWSHUVRQ¶VSHUPLVVLRQ (DFKVLWXDWLRQZLOOEHHYDOXDWHGRQDFDVHE\FDVHEDVLVEHFDXVHWKHODZVLQWKLVDUHDDUHFRPSOH[,I\RXKDYH DQ\TXHVWLRQVDERXWZKDWW\SHVRIDFWLYLWLHVPLJKWUHVXOWLQGLVFLSOLQHSOHDVHGLVFXVVWKHW\SHRIXVDJHZLWK\RXU VXSHUYLVRUGHSDUWPHQWKHDGRUDKXPDQUHVRXUFHFRQVXOWDQW 3DJH_ 3DFNHW3J ,E &,7<2)52&+(67(5 25*$1,=$7,21$/32/,&< 5RFKHVWHU3ROLFH'HSDUWPHQW$Q\HPSOR\HHRIWKH5RFKHVWHU3ROLFH'HSDUWPHQWKDVQRUHDVRQDEOHH[SHFWDWLRQ RISULYDF\ZKHQVRFLDOQHWZRUNLQJRQOLQHDQGLVVXEMHFWWRDOOSHUWLQHQW&LW\SROLFLHVGHSDUWPHQWUHJXODWLRQVORFDO VWDWHDQGIHGHUDOODZVUHJDUGLQJSXEOLFLQIRUPDWLRQRQDUUHVWVLQYHVWLJDWLRQVDQGSHUVRQQHOGDWD 'DWD2ZQHUVKLSRI&LW\6RFLDO0HGLD:HEVLWHV $OOVRFLDOPHGLDFRPPXQLFDWLRQVRUPHVVDJHVFRPSRVHGVHQWRUUHFHLYHGRQ&LW\HTXLSPHQWLQDQRIILFLDOFDSDFLW\ DUHWKHSURSHUW\RIWKH&LW\DQGZLOOEHVXEMHFWWRWKH0LQQHVRWD*RYHUQPHQW'DWD3UDFWLFHV$FW7KLVODZFODVVLILHV FHUWDLQLQIRUPDWLRQDVDYDLODEOHWRWKHSXEOLFXSRQUHTXHVW7KH&LW\DOVRPDLQWDLQVWKHVROHSURSHUW\ULJKWVWRDQ\ LPDJHYLGHRRUDXGLRFDSWXUHGZKLOHD&LW\5HSUHVHQWDWLYHLVUHSUHVHQWLQJWKH&LW\LQDQ\FDSDFLW\ 7KH&LW\UHWDLQVWKHULJKWWRPRQLWRU&LW\5HSUHVHQWDWLYH¶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dZͲK>D^dW>EE/E'WZdDEd d͗DĂƌĐŚϭϱ͕ϮϬϭϳ &ZKD͗Dŝƚǌŝ͘ĂŬĞƌ͕/W͕WůĂŶŶŝŶŐŝƌĞĐƚŽƌ Z͗dĞǆƚŵĞŶĚŵĞŶƚƚŽϲϭ͘ϭϰϴŚĂŶŐĞƐƚŽŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚƐ ĂĐŬŐƌŽƵŶĚ͗ dŚĞZŽĐŚĞƐƚĞƌŽŶŝŶŐKƌĚŝŶĂŶĐĞĂŶĚ>ĂŶĚĞǀĞůŽƉŵĞŶƚDĂŶƵĂů;>DͿĂĚĚƌĞƐƐĞƐĐŚĂŶŐĞƐƚŽĂƉƉƌŽǀĞĚ ŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚƐ͕ŝŶ^ĞĐƚŝŽŶϲϭ͘ϭϰϴ͘dŚŝƐĂƉƉůŝĞƐƚŽĂůůƚǇƉĞƐŽĨƚǇƉĞƐŽĨŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚƐ͕ ďƵƚŝƐĞƐƉĞĐŝĂůůǇƌĞůĞǀĂŶƚƚŽƚŚŽƐĞƌĞǀŝĞǁĞĚďǇƚŚĞŽŵŵŝƐƐŝŽŶĂŶĚĂƉƉƌŽǀĞĚďǇŽƵŶĐŝů͕ĂŶĚŝŶĐůƵĚĞ ZĞƐƚƌŝĐƚĞĚĂŶĚ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚƉĞƌŵŝƚƐ͘ dŚĞƉŽůŝĐǇǁĂƐǁƌŝƚƚĞŶǁŝƚŚĂĐŬŶŽǁůĞĚŐĞŵĞŶƚƚŚĂƚĚĞǀĞůŽƉŵĞŶƚƌĞƋƵŝƌĞƐŶƵŵĞƌŽƵƐƐƚĞƉƐ͕ĂŶĚƐƚĂŐĞƐ ŽĨŝŶǀĞƐƚŵĞŶƚ͘dŚĞůĞǀĞůŝŶĚĞƚĂŝůŝŶĐƌĞĂƐĞƐĂƐĂƉƌŽũĞĐƚƉƌŽŐƌĞƐƐĞƐƚŽĐŽŶƐƚƌƵĐƚŝŽŶ͕ǁŝƚŚƚŚĞŚŝŐŚĞƐƚ ůĞǀĞůŽĨĚĞƚĂŝů͕ĞŶŐŝŶĞĞƌŝŶŐ͕ŵĂƚĞƌŝĂůƐƐĞůĞĐƚŝŽŶ͕ĞƚĐ͘ŽĨƚĞŶŽĐĐƵƌƌŝŶŐĂĨƚĞƌǀĞƌŝĨǇŝŶŐƉƌŽũĞĐƚĂƉƉƌŽǀĂů͘ KǀĞƌƚŚĞǇĞĂƌƐ͕ƚŚĞƌĞŚĂǀĞďĞĞŶŶƵŵĞƌŽƵƐƉƌŽũĞĐƚƐǁŚŝĐŚŵĞƚƚŚĞƚŚƌĞƐŚŽůĚĨŽƌƐƚĂĨĨůĞǀĞů ƌĞǀŝĞǁͬĂƉƉƌŽǀĂůŽĨĐŚĂŶŐĞƐƚŽƚŚĞhWƵŶĚĞƌϲϭ͘ϭϰϴ͘DĂŶǇǁĞƌĞŝŶĐŝĚĞŶƚĂůĂŶĚŶĞĐĞƐƐĂƌǇƚŽŵĞĞƚ ĐŽĚĞƌĞƋƵŝƌĞŵĞŶƚƐ͕ƌĞƋƵŝƌĞĚůŽĐĂƚŝŽŶƐĨŽƌƵƚŝůŝƚǇĐŽŶŶĞĐƚŝŽŶ͕ŐƌĂĚŝŶŐͬĞŶŐŝŶĞĞƌŝŶŐƐƚĂŶĚĂƌĚƐ͕ŵĂƚĞƌŝĂůƐ ĂǀĂŝůĂďŝůŝƚǇ͕ĂŶĚƚŚĞůŝŬĞ͘^ŽŵĞĐŚĂŶŐĞƐĂƉƉƌŽǀĞĚďǇƐƚĂĨĨƚŚƌŽƵŐŚϲϭ͘ϭϰϴŚĂǀĞĐĂƵƐĞĚĐŽŶĐĞƌŶ͕ĂŶĚ ƌĞĐĞŶƚĐŚĂŶŐĞƐƚŽĂƉƌŽũĞĐƚƌĞƐƵůƚĞĚŝŶƚŚŝƐƐƵďũĞĐƚďĞŝŶŐďƌŽƵŐŚƚƚŽƚŚĞŝƚǇŽƵŶĐŝůĨŽƌĨƵƌƚŚĞƌƌĞǀŝĞǁ ĂŶĚĚŝƐĐƵƐƐŝŽŶ͘ WůĂŶŶŝŶŐĂŶĚĚŵŝŶŝƐƚƌĂƚŝŽŶƐƚĂĨĨĐŽůůĂďŽƌĂƚĞĚƚŽĚĞǀĞůŽƉƉŽƚĞŶƚŝĂůĂŵĞŶĚŵĞŶƚƐƚŽϲϭ͘ϭϰϴƚŽƚƌǇƚŽ ĂĚĚƌĞƐƐƚŚĞĐŽŶĐĞƌŶƐǁŚŝůĞƌĞĐŽŐŶŝǌŝŶŐƚŚĞƌĞĂůŝƚŝĞƐŽĨĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚƐĂŶĚĚĞƚĂŝůĚĞǀĞůŽƉŵĞŶƚ ƉŽƐƚhWĂƉƉƌŽǀĂů͘dŚĞŽƵŶĐŝůĚŝƐĐƵƐƐĞĚƚŚĞĐŚĂŶŐĞƐ͕ĂŶĚŝŶŝƚŝĂƚĞĚƚŚĞƚĞǆƚĂŵĞŶĚŵĞŶƚĂŶĚƉƵďůŝĐ ŚĞĂƌŝŶŐƉƌŽĐĞƐƐƚŽŵŽĚŝĨǇƚŚĞ>DƉƌŽǀŝƐŝŽŶƐƌĞůĂƚĞĚƚŽĐŚĂŶŐĞƐƚŽĂƉƉƌŽǀĞĚĐŽŶĚŝƚŝŽŶĂůƵƐĞƉĞƌŵŝƚƐ͘ ZĞĐŽŵŵĞŶĚĂƚŝŽŶƐ͗ dŚĞĚƌĂĨƚĐŚĂŶŐĞƐŝŶŝƚŝĂƚĞĚďǇƚŚĞŝƚǇŽƵŶĐŝůĂƌĞĂƚƚĂĐŚĞĚĨŽƌƌĞǀŝĞǁĂŶĚ ĐŽŶƐŝĚĞƌĂƚŝŽŶ͘ WƌŽĐĞƐƐĂŶĚĐƚŝŽŶZĞƋƵĞƐƚĞĚ͗ ŵĞŶĚŵĞŶƚƐƚŽƚŚĞZŽĐŚĞƐƚĞƌŽŶŝŶŐKƌĚŝŶĂŶĐĞĂŶĚ^ƵďĚŝǀŝƐŝŽŶ ƌĞŐƵůĂƚŝŽŶƐƌĞƋƵŝƌĞĂƉƵďůŝĐŚĞĂƌŝŶŐǁŝƚŚƚŚĞZŽĐŚĞƐƚĞƌWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶ͘dŚĞ ŽŵŵŝƐƐŝŽŶŵĂŬĞƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƚŽƚŚĞŝƚǇŽƵŶĐŝů͘dŚĞŝƚǇŽƵŶĐŝůŵƵƐƚĂůƐŽŚŽůĚĂƉƵďůŝĐ ŚĞĂƌŝŶŐ͕ƚŚĞŶŵĂŬĞĨŝŶĂůĂĚĞĐŝƐŝŽŶ͘ /d/KE>KE^/Zd/KE^͗ WĞĚĞƐƚƌŝĂŶĞǆƉĞƌŝĞŶĐĞΘƚƌĂŶƐƉĂƌĞŶĐǇŽĨďƵŝůĚŝŶŐƐ͗ ŚĂŶŐĞƐƚŽĚĞƐŝŐŶƚŚĂƚŝŵƉĂĐƚƚŚĞƉĞĚĞƐƚƌŝĂŶ ĞǆƉĞƌŝĞŶĐĞ͕ǁŚĞƌĞƌĞůĞǀĂŶƚ͕ŵĂǇďĞŶĞĨŝƚĨƌŽŵĨƵƌƚŚĞƌĚŝƐĐƵƐƐŝŽŶ͘WƌŽũĞĐƚĐŚĂŶŐĞƐƚŚĂƚŝŵƉĂĐƚ WĂŐĞϭ ZK,^dZͲK>D^dW>EE/E'WZdDEdͮϮϭϮϮDWh^Z͘^͕^h/dϭϬϬͮZK,^dZ͕D/EE^KdϱϱϵϬϰ 3DFNHW3J /D ZK,^dZͲK>D^dW>EE/E'WZdDEd ƚƌĂŶƐƉĂƌĞŶĐǇŽŶĂŶǇƐŝŶŐůĞĨĂĕĂĚĞ͕ŵĂǇďĞŶĞĨŝƚĨƌŽŵďĞŝŶŐůŝŵŝƚĞĚǀ͘ůŝŵŝƚŝŶŐƚŽƚĂůƉƌŽũĞĐƚƌĞĚƵĐƚŝŽŶŽĨ ƚƌĂŶƐƉĂƌĞŶĐǇǁŚĞƌĞŽŶĞĨĂĕĂĚĞĐŽƵůĚƌĞƐƵůƚŝŶŵŽƌĞƐŝŐŶŝĨŝĐĂŶƚĐŚĂŶŐĞǁŚĞŶĂǀĞƌĂŐĞĚŽƵƚŽǀĞƌƚŚĞ ĞŶƚŝƌĞƉƌŽũĞĐƚ͘ ŽŶƐŝĚĞƌĂƚŝŽŶƐĨŽƌƉƌŽĐĞƐƐ͕ƐƚƌĞĂŵůŝŶŝŶŐ͕ĂŶĚďĂůĂŶĐŝŶŐŝŶƚĞƌĞƐƚƐ͗ &ŝŶĂůƐŝƚĞĞŶŐŝŶĞĞƌŝŶŐ͕ĚĞƐŝŐŶ͕ĐŽĚĞ ĐŽŵƉůŝĂŶĐĞ͕ŵĂƚĞƌŝĂůƐƉƌŽĐƵƌĞŵĞŶƚĂŶĚƉƌŝĐŝŶŐĐĂŶĂůůŝŵƉĂĐƚĐŚĂŶŐĞƐƚŽĂƉƌŽũĞĐƚĂĨƚĞƌĨŝŶĂůĂƉƉƌŽǀĂů ďǇƚŚĞĞůĞĐƚĞĚŽƌĂƉƉŽŝŶƚĞĚďŽĚŝĞƐ͘ƉŽůŝĐǇƚŚĂƚĂĐŬŶŽǁůĞĚŐĞƐĂŶĚůĞĂǀĞƐƌŽŽŵĨŽƌƐƵĐŚĐŚĂŶŐĞƚŽďĞ ĂĚŵŝŶŝƐƚĞƌĞĚďǇƐƚĂĨĨŝƐĂĚǀŝƐĞĚ͘WƌŽũĞĐƚƐĚŽƌƵŶŝŶƚŽƵŶĨŽƌĞƐĞĞŶĐŚĂůůĞŶŐĞƐƚŚĂƚĐĂŶƌĞƋƵŝƌĞ ŵŽĚŝĨŝĐĂƚŝŽŶƐ͘ZĞƋƵŝƌŝŶŐĨŽƌŵĂůĂŵĞŶĚŵĞŶƚƐĂŶĚƉƵďůŝĐŚĞĂƌŝŶŐƐĨŽƌƐŽŵĞŽĨƚŚĞƐĞŝƐŽŶĞƌŽƵƐĂŶĚ ƐŚŽƵůĚďĞƌĞƐĞƌǀĞĚĨŽƌŵŽƌĞƐŝŐŶŝĨŝĐĂŶƚĐŚĂŶŐĞƐǁŚĞƌĞĂĨŽƌŵĂůƉƌŽĐĞƐƐŝƐŵŽƌĞůŝŬĞůǇƚŽĂĚĚǀĂůƵĞĂŶĚ ŝŶĨůƵĞŶĐĞŽƵƚĐŽŵĞƐ͘ WĂŐĞϮ ZK,^dZͲK>D^dW>EE/E'WZdDEdͮϮϭϮϮDWh^Z͘^͕^h/dϭϬϬͮZK,^dZ͕D/EE^KdϱϱϵϬϰ 3DFNHW3J /E Z&dϬϰͲϭϱͲϭϳ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ĚĚŝƚŝŽŶĂůĞĚŝƚ ',QDGHTXDWH3RWHQWLDOSUREOHPVLQWKHSURYLVLRQRISXEOLFIDFLOLWLHVDQGXWLOLWLHVRU)RUPDWWHG&HQWHUHG ƌĞĐŽŵŵĞŶĚĞĚďǇ ($UHGXFWLRQLQRIIVWUHHWSDUNLQJDQGORDGLQJVSDFHVXQOHVVDFFRPSDQLHGE\FRQFXUUHQW ƐƚĂĨĨ͘EŽƚƉƌĞǀŝŽƵƐůǇ UHGXFWLRQLQGZHOOLQJXQLWVRU LQWKHFDVHRIQRQUHVLGHQWLDOGHYHORSPHQW IORRUDUHDRUWKH ŝŶĐůƵĚĞĚŝŶǀĞƌƐŝŽŶ UHGXFWLRQLQSDUNLQJGRHVQRWUHVXOWLQQRQFRQIRUPDQFHZLWKWKHUHTXLUHPHQWVRIWKLV ŝŶŝƚŝĂƚĞĚďǇŽƵŶĐŝů͘ 2UGLQDQFHRURU )$FKDQJHLQEXLOGLQJORFDWLRQVZKLFKZRXOGUHVXOWLQGLVWDQFHVHSDUDWLRQVEHWZHHQVWUXFWXUHV LQWKHGHYHORSPHQWRUDQGRQDGMDFHQWORWVWRIDOOEHORZWKHQRUPDOVHSDUDWLRQWKDWZRXOGEH UHTXLUHGXQGHUFRQYHQWLRQDO]RQLQJRU *$VLJQLILFDQWFKDQJHLQWKHHVVHQFHRUFKDUDFWHURIWKHSURMHFWDVDSSURYHG([DPSOHV LQFOXGHEXWDUHQRWOLPLWHGWR x (OLPLQDWLRQRIRQHRIWKHPDMRUDSSURYHGHOHPHQWVRIWKHSURMHFWVXFKDV HOLPLQDWLRQRIWKHUHVLGHQWLDOUHWDLOFRPPHUFLDORUKRWHOHOHPHQW x 5HGXFWLRQRIWUDQVSDUHQF\DWWKHJURXQGOHYHOE\PRUHWKDQHLWKHUWKURXJK HOLPLQDWLRQRIJODVVRUREVWUXFWLRQRIPRUHWKDQRIJODVVLQJ DERYHDVDSSURYHG )RUPDWWHG)RQWSW &83 WKDWUHGXFHVYLVLELOLW\LQDQGRXWRIWKHVWUXFWXUH )RUPDWWHG)RQWSW ZŽĐŚĞƐƚĞƌͲKůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚͮZ&dŵĞŶĚŵĞŶƚƚŽ>DͮϬϮͬϭϰͬϭϳWĂŐĞϭ 3DFNHW3J /E Z&dϬϰͲϭϱͲϭϳ )RUPDWWHG)RQWSW )RUPDWWHG)RQWSW x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ŽĐŚĞƐƚĞƌͲKůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚͮZ&dŵĞŶĚŵĞŶƚƚŽ>DͮϬϮͬϭϰͬϭϳWĂŐĞϮ 3DFNHW3J / 5(48(67)25&281&,/$&7,21 0((7,1*'$7( /D 523' 2&+(67(5/067('/$11,1*(3$570(17 &DPSXV'ULYH6(6XLWH5RFKHVWHU01ŐĞŽůŽŐŝĐŚĂǌĂƌĚƐ͘ dŚŝƐƉƌŽũĞĐƚ͛ƐŽƌĞWůĂŶŶŝŶŐdĞĂŵ͕ŚŽǁĞǀĞƌ͕ǁĂŶƚĞĚƚŽĐƌĞĂƚĞĂƉůĂŶƚŚĂƚĂĚĚƌĞƐƐĞƐƚŚĞŝƚǇ͛Ɛ ŶĞĞĚƐ͕ŶŽƚũƵƐƚĐŚĞĐŬŽĨĨďŽǆĞƐŽŶ&D͛ƐůŝƐƚŽĨƌĞƋƵŝƌĞŵĞŶƚƐ͘dŚŝƐƉůĂŶ͕ƚŚĞƌĞĨŽƌĞ͕ŝŶĐůƵĚĞƐ ƚĞĐŚŶŽůŽŐŝĐĂůŚĂǌĂƌĚƐ;ŝ͘Ğ͘ŝŶĨƌĂƐƚƌƵĐƚƵƌĞĨĂŝůƵƌĞ͕ŚĂǌĂƌĚŽƵƐĐŚĞŵŝĐĂůƌĞůĞĂƐĞƐͿĂŶĚŚƵŵĂŶͲ ĐĂƵƐĞĚŚĂǌĂƌĚƐ;ŝ͘Ğ͘ƚĞƌƌŽƌŝƐƚĂĐƚƐ͕ƐĐŚŽŽůͬǁŽƌŬƉůĂĐĞ /ƚŝƐƚŚĞŝƚǇ͛ƐŝŶƚĞŶƚƚŽĂĚŽƉƚƚŚŝƐĚŽĐƵŵĞŶƚĂƐƉĂƌƚŽĨƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ͘ 'HYHORSPHQW5HYLHZ&RXQW\%XLOGLQJ:HOO6HSWLF3HUPLWWLQJ =RQLQJ x *HRJUDSKLF,QIRUPDWLRQ6\VWHPV$GGUHVVLQJ'DWD 0DSSLQJ/DQG8VH 7UDQVSRUWDWLRQ3ODQQLQJ3ROLF\ $QDO\VLV $1(48$/23325781,7<$)),50$7,9($&7,21(03/2<(5 3DFNHW3J /D WůĂŶŽŵƉŽŶĞŶƚƐ ZŽĐŚĞƐƚĞƌ͛Ɛůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶŝƐĚŝǀŝĚĞĚŝŶƚŽĨŝǀĞĐŚĂƉƚĞƌƐĨŽůůŽǁĞĚďǇĐŽŶƐƵůƚĂŶƚ ƌĞƉŽƌƚƐĂŶĚĂƐĞƌŝĞƐŽĨĂƉƉĞŶĚŝĐĞƐ͘&DŚĂƐƐƉĞĐŝĨŝĐƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƚŚĞƉůĂŶ͛ƐĐŽŵƉŽŶĞŶƚƐ͕ ƐƚƌƵĐƚƵƌĞ͕ĂŶĚĚŽĐƵŵĞŶƚĂƚŝŽŶ͘ /ͮĞƐĐƌŝďĞƐƚŚĞƉƵƌƉŽƐĞ͕ƐĐŽƉĞ͕ĂŶĚƉƌŽĐĞƐƐƵƚŝůŝǌĞĚĨŽƌƚŚĞŵŝƚŝŐĂƚŝŽŶƉůĂŶ EdZKhd/KE ƉƌŽĐĞƐƐ͘ WͮWƌĞƐĞŶƚƐƚŚĞŚŝƐƚŽƌǇ͕ĚĞŵŽŐƌĂƉŚŝĐ͕ĞĐŽŶŽŵŝĐ͕ĂŶĚƉŚǇƐŝĐĂůĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨƚŚĞ /dzZK&/> ĐŝƚǇĂƐĂĨŽƵŶĚĂƚŝŽŶĨŽƌĂƐƐĞƐƐŝŶŐƚŚĞŚĂǌĂƌĚƐƉŽƚĞŶƚŝĂůůǇĨĂĐŝŶŐƚŚĞĐŽŵŵƵŶŝƚǇ͘dŚŝƐƐĞĐƚŝŽŶ ĂůƐŽĐŽŶƚĂŝŶƐĂŶŝŶǀĞŶƚŽƌǇŽĨƚŚĞĐŽŵŵƵŶŝƚǇ͛ƐĐĂƉĂďŝůŝƚŝĞƐĨŽƌƌĞĚƵĐŝŶŐůŽŶŐͲƚĞƌŵŚĂǌĂƌĚ ǀƵůŶĞƌĂďŝůŝƚǇ͘ Z ͮǀĂůƵĂƚĞƐĂŶĚƉƌŝŽƌŝƚŝǌĞƐƚŚĞŚĂǌĂƌĚƐŝĚĞŶƚŝĨŝĞĚĂƐƉŽƚĞŶƚŝĂůƚŚƌĞĂƚƐƚŽŽƵƌ /^<^^^^DEd ĐŽŵŵƵŶŝƚǇ͘ D^ͮƐƚĂďůŝƐŚƉŽůŝĐŝĞƐĂŶĚĂĐƚŝŽŶƐƚŚĂƚŵŝƚŝŐĂƚĞƚŚĞƉŽƚĞŶƚŝĂůŝŵƉĂĐƚŽĨƚŚĞ /d/'d/KEdZd'/^ ŝĚĞŶƚŝĨŝĞĚŚĂǌĂƌĚƐ͘ WͮĞƐĐƌŝďĞƐƐƚƌĂƚĞŐŝĞƐ͕ƉůĂŶƐ͕ĂŶĚƉƌŽŐƌĂŵƐƚŽŝŵƉůĞŵĞŶƚƚŚĞŵŝƚŝŐĂƚŝŽŶ yhd/E'd,>E ƐƚƌĂƚĞŐŝĞƐ͘ ZͮŽĐƵŵĞŶƚƚŚĞĨŽĐƵƐĞĚŽƵƚƌĞĂĐŚĞĨĨŽƌƚƐƵƚŝůŝǌĞĚŝŶƚŚĞƉůĂŶŶŝŶŐƉƌŽĐĞƐƐ͘ KE^h>dEdWKZd^ ͮ/ŶĐůƵĚĞƐƵƌǀĞǇƋƵĞƐƚŝŽŶƐĂŶĚŵĞĞƚŝŶŐƐƵŵŵĂƌŝĞƐ͘dŚŝƐƐĞĐƚŝŽŶǁŝůůďĞĂĚĚĞĚĂĨƚĞƌ WWE/^ ƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐƐŝŶŽƌĚĞƌƚŽĚŽĐƵŵĞŶƚ͕ŝŶĐŽƌƉŽƌĂƚĞ͕ĂŶĚƌĞƐƉŽŶĚƚŽƚĞƐƚŝŵŽŶǇƌĞĐĞŝǀĞĚŝŶ ƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐƐ͘ dŚĞĨŝƌƐƚƚŚƌĞĞĐŚĂƉƚĞƌƐǁĞƌĞĚŝƐĐƵƐƐĞĚĂƚůĂƐƚŵĞĞƚŝŶŐ͛ƐŝŶĨŽƌŵĂƚŝŽŶƐĞƐƐŝŽŶ͘dŚĞĨŽĐƵƐŽĨ ƚŽŶŝŐŚƚ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶǁŝůůďĞƚŚĞŵŝƚŝŐĂƚŝŽŶƐƚƌĂƚĞŐŝĞƐĂŶĚŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘ ĐƚŝŽŶEĞĞĚĞĚ dŚĞƉƵƌƉŽƐĞŽĨƚŚĞĨŝƌƐƚƐƚĂŐĞŽĨƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐƉƌŽĐĞƐƐŝƐƚŽŐĞƚĐŽŶƐĞŶƐƵƐŽŶƚŚĞ ĚŽĐƵŵĞŶƚƚŽďĞƐĞŶƚƚŽƚŚĞ^ƚĂƚĞĂŶĚ͕ƵůƚŝŵĂƚĞůǇ͕&DĨŽƌ&ĞĚĞƌĂůĂƉƉƌŽǀĂů͘WƵďůŝĐĨĞĞĚďĂĐŬ ŽŶƚŚĞĚƌĂĨƚƉůĂŶĚŽĐƵŵĞŶƚͲŝŶƉĂƌƚŝĐƵůĂƌ͕ƚŚĞŵŝƚŝŐĂƚŝŽŶƐƚƌĂƚĞŐŝĞƐͲǁŝůůďĞƌĞĐŽƌĚĞĚĂŶĚ ĂĚĚĞĚƚŽƚŚĞƉůĂŶƐƚƌĂƚĞŐŝĞƐŝĨƚŚĞǇŵĞĞƚƉůĂŶŐŽĂůƐĂŶĚ&DƐƚĂŶĚĂƌĚƐ͘^ƚĂĨĨƌĞƋƵĞƐƚƐƚŚĂƚ ƚŚĞWŵĂŬĞĂƌĞĐŽŵŵĞŶĚĂƚŝŽŶƚŽƚŚĞŝƚǇŽƵŶĐŝůĂƐƚŽƚŚŝƐĚŽĐƵŵĞŶƚ͛ƐĂďŝůŝƚǇƚŽĐŽŶǀĞǇ ƚŚĞŵŝƚŝŐĂƚŝŽŶƉůĂŶƐĨŽƌƚŚĞĐŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘ EĞǆƚ^ƚĞƉƐ KŶĐĞƚŚĞŝƚǇŽƵŶĐŝůĚĞƚĞƌŵŝŶĞƐŝĨƚŚĞĚƌĂĨƚŵŝƚŝŐĂƚŝŽŶƉůĂŶŵĞĞƚƐƚŚĞĐŝƚǇ͛ƐŶĞĞĚƐ͕ƚŚĞĚƌĂĨƚ ƉůĂŶǁŝůůďĞƐĞŶƚƚŽDŝŶŶĞƐŽƚĂ,ŽŵĞůĂŶĚ^ĞĐƵƌŝƚǇĂŶĚŵĞƌŐĞŶĐǇDĂŶĂŐĞŵĞŶƚ;,^DͿĨŽƌ ƌĞǀŝĞǁ͘dŚĞǇǁŝůůŝŶĨŽƌŵƐƚĂĨĨŽĨĂŶǇĞĚŝƚƐƚŚĂƚŶĞĞĚƚŽŵĂĚĞƚŽƚŚĞƉůĂŶƉƌŝŽƌƚŽƐƵďŵŝƐƐŝŽŶƚŽ &D͘&DǁŝůůƚŚĞŶƌĞǀŝĞǁƚŚĞƉůĂŶĂŶĚŶŽƚŝĨǇƚŚĞŝƚǇŽĨ&ĞĚĞƌĂůĂƉƉƌŽǀĂůŽƌĂŶǇĞĚŝƚƐ ŶĞĐĞƐƐĂƌǇƚŽŵĞĞƚ&ĞĚĞƌĂůĂƉƉƌŽǀĂů͘KŶĐĞƚŚŽƐĞĐŽƌƌĞĐƚŝŽŶƐĂƌĞŵĂĚĞ͕ƚŚĞŝƚǇŽƵŶĐŝůǁŝůů ƚĂŬĞĨŝŶĂůĂĐƚŝŽŶƚŽĂĚŽƉƚƚŚĞƉůĂŶĂŶĚƚŚĞĨŝŶĂůĚŽĐƵŵĞŶƚǁŝůůďĞĨŝůĞĚǁŝƚŚ&D͘ 3DFNHW3J /E ŝƚǇŽĨZŽĐŚĞƐƚĞƌ >>,ZD/d/'d/KEW>E ŝƚǇŽĨZŽĐŚĞƐƚĞƌŵĞƌŐĞŶĐǇDĂŶĂŐĞŵĞŶƚ ƉƌŝůϮϬϭϳ ZŽĐŚĞƐƚĞƌͲKůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ 3DFNHW3J /E $ &.12:/('*(0(176 DĂǇŽƌƌĚĞůůƌĞĚĞ ZŽĐŚĞƐƚĞƌŝƚǇŽƵŶĐŝů ZĂŶĚǇ^ƚĂǀĞƌ͕ŽƵŶĐŝůWƌĞƐŝĚĞŶƚ Ě,ƌƵƐŬĂ͕ϭ ƐƚtĂƌĚ ŶĚ DŝĐŚĂĞůtŽũĐŝŬ͕ϮtĂƌĚ ƌĚ EŝĐŬĂŵƉŝŽŶ͕ϯtĂƌĚ ƚŚ DĂƌŬŝůĚĞƌďĂĐŬ͕ϰtĂƌĚ ƚŚ DĂƌŬ,ŝĐŬĞǇ͕ϱtĂƌĚ ŶŶĂůŝƐƐĂ:ŽŚŶƐŽŶ͕ϲ ƚŚtĂƌĚ , 1)250$7,21 ŝƚǇŽĨZŽĐŚĞƐƚĞƌ ŵĞƌŐĞŶĐǇDĂŶĂŐĞŵĞŶƚĞƉĂƌƚŵĞŶƚ ƚŚ ϮϬϭϰ^ƚƌĞĞƚ^͕ZŽŽŵϭϬ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰ ZŽĐŚĞƐƚĞƌͲKůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ ϮϭϮϮĂŵƉƵƐƌŝǀĞ^͕^ƵŝƚĞϭϬϬ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰ 0' $3,6&/$,0(5 dŚĞZŽĐŚĞƐƚĞƌͲKůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚŝƐŶŽƚƌĞƐƉŽŶƐŝďůĞĨŽƌŽŵŝƐƐŝŽŶƐŽƌĞƌƌŽƌƐĐŽŶƚĂŝŶĞĚŝŶƚŚĞŵĂƉƐ ƵƐĞĚŝŶƚŚŝƐƉůĂŶĚŽĐƵŵĞŶƚ͘KůŵƐƚĞĚŽƵŶƚǇ͕ƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĂŶĚƚŚĞZŽĐŚĞƐƚĞƌͲKůŵƐƚĞĚWůĂŶŶŝŶŐ ĞƉĂƌƚŵĞŶƚƐŚĂůůŚĂǀĞŶŽůŝĂďŝůŝƚǇǁŝƚŚƌĞƐƉĞĐƚƚŽĂŶǇůŽƐƐŽƌĚĂŵĂŐĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĂƌŝƐŝŶŐŽƵƚŽĨƚŚĞƵƐĞ ŽĨƚŚŝƐĚĂƚĂ͘ 3DFNHW3J /E 7& $%/(2)217(176 ϭ͘/EdZKhd/KE͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯ ϭ͘ϭ>ĞŐĂůƵƚŚŽƌŝƚǇĂŶĚ'ƵŝĚĂŶĐĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯ ϭ͘Ϯ'ĞŽŐƌĂƉŚŝĐ^ĐŽƉĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯ ϭ͘ϯZĞůĂƚŝŽŶƐŚŝƉƚŽǆŝƐƚŝŶŐWůĂŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰ ϭ͘ϯ͘ϭŵĞƌŐĞŶĐǇKƉĞƌĂƚŝŽŶƐWůĂŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰ ϭ͘ϯ͘ϮZŽĐŚĞƐƚĞƌŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰ ϭ͘ϯ͘ϯZŽĐŚĞƐƚĞƌĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWůĂŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰ ϭ͘ϰWůĂŶŶŝŶŐWƌŽĐĞƐƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰ ϭ͘ϰ͘ϭtŚŽůĞŽŵŵƵŶŝƚǇƉƉƌŽĂĐŚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱ ϭ͘ϰ͘ϮWůĂŶŶŝŶŐdĞĂŵƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱ ϭ͘ϰ͘ϯ&ŽĐƵƐĞĚKƵƚƌĞĂĐŚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳ ϭ͘ϰ͘ϰKƚŚĞƌWƵďůŝĐŶŐĂŐĞŵĞŶƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵ ϭ͘ϰ͘ϱ<ĞǇĐƚŝǀŝƚŝĞƐdŝŵĞůŝŶĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵ Ϯ͘/dzWZK&/>͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮ Ϯ͘ϭ'ĞŶĞƌĂůŝƚǇKǀĞƌǀŝĞǁ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮ Ϯ͘ϮZŽĐŚĞƐƚĞƌ͛Ɛ,ŝƐƚŽƌǇ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮ Ϯ͘ϯdŚĞWĞŽƉůĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϱ Ϯ͘ϯ͘ϭZĞƐŝĚĞŶƚWŽƉƵůĂƚŝŽŶĂŶĚĞŵŽŐƌĂƉŚŝĐƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϱ Ϯ͘ϯ͘ϮsŝƐŝƚŽƌƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϱ Ϯ͘ϰdŚĞĐŽŶŽŵǇ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϲ Ϯ͘ϱdŚĞůŝŵĂƚĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϳ Ϯ͘ϲdŚĞ>ĂŶĚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϳ Ϯ͘ϲ͘ϭ'ĞŽůŽŐǇ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϵ Ϯ͘ϲ͘Ϯ^ŽŝůƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϯ Ϯ͘ϲ͘ϯ>ĂŶĚhƐĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϯ Ϯ͘ϲ͘ϰWĂƌŬƐĂŶĚKƉĞŶ^ƉĂĐĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϯ Ϯ͘ϳdŚĞtĂƚĞƌ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϯ Ϯ͘ϳ͘ϭtĂƚĞƌƐŚĞĚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϯ Ϯ͘ϳ͘Ϯ/ŶƚĞƌĐŽŶŶĞĐƚŝŽŶŽĨ'ƌŽƵŶĚǁĂƚĞƌĂŶĚ^ƵƌĨĂĐĞtĂƚĞƌ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϭ Ϯ͘ϳ͘ϯtĞƚůĂŶĚƐĂŶĚZŝƉĂƌŝĂŶƌĞĂƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϱ Ϯ͘ϳ͘ϰ,ŝƐƚŽƌǇŽĨ&ůŽŽĚŝŶŐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϱ Ϯ͘ϴŽŵŵƵŶŝƚǇĂƉĂďŝůŝƚŝĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϬ Ϯ͘ϴ͘ϭWƵďůŝĐ^ĂĨĞƚǇĂƉĂďŝůŝƚŝĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϰ Ϯ͘ϴ͘ϮDĞĚŝĐĂůĞŶƚĞƌƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϱ Ϯ͘ϴ͘ϯWƵďůŝĐ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϱ ϯZ/^<^^^^DEd͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϰ ϯ͘ϭZŝƐŬĂƐƐĞƐƐŵĞŶƚƚĞƌŵŝŶŽůŽŐǇ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϰ ϯ͘ϮtŚǇĐŽŶĚƵĐƚĂƌŝƐŬĂƐƐĞƐƐŵĞŶƚ͍͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϰ ϯ͘ϯ,ŽǁǁĞĐŽŶĚƵĐƚĞĚŽƵƌƌŝƐŬĂƐƐĞƐƐŵĞŶƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϱ ϯ͘ϯ͘ϭZŝƐŬ/ĚĞŶƚŝĨŝĐĂƚŝŽŶWƌŽĐĞƐƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϱ ϯ͘ϯ͘ϮĂůĐƵůĂƚĞĚWƌŝŽƌŝƚǇZŝƐŬ/ŶĚĞǆ;WZ/ͿƐƐĞƐƐŵĞŶƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϲ 3DFNHW3J /E ϯ͘ϯ͘ϯ'ĞŽŐƌĂƉŚŝĐǆƚĞŶƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϴ ϯ͘ϰEĂƚƵƌĂů,ĂǌĂƌĚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϵ ϯ͘ϰ͘ϭtŝŶĚ^ƚŽƌŵ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϵ ϯ͘ϰ͘ϮdŽƌŶĂĚŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϭ ϯ͘ϰ͘ϯ,Ăŝů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϰ ϯ͘ϱtŝŶƚĞƌ^ƚŽƌŵ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϲ ϯ͘ϱ͘ϭƉŝĚĞŵŝĐĂŶĚŝƐĞĂƐĞKƵƚďƌĞĂŬ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϵ ϯ͘ϱ͘Ϯ&ůŽŽĚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϬ ϯ͘ϱ͘ϯ>ŝŐŚƚŶŝŶŐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϲ ϯ͘ϱ͘ϰǆĐĞƐƐŝǀĞͬWƌŽůŽŶŐĞĚŽůĚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϳ ϯ͘ϱ͘ϱǆĐĞƐƐŝǀĞͬWƌŽůŽŶŐĞĚ,ĞĂƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϵ ϯ͘ϱ͘ϲ>ĂŶĚƐůŝĚĞͬDƵĚƐůŝĚĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϭ ϯ͘ϱ͘ϳ>ĂŶĚ^ƵďƐŝĚĞŶĐĞ;^ŝŶŬŚŽůĞƐΘ<ĂƌƐƚͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϱ ϯ͘ϱ͘ϴƌŽƵŐŚƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϵ ϯ͘ϱ͘ϵtŝůĚĨŝƌĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϭ ϯ͘ϱ͘ϭϬĂƌƚŚƋƵĂŬĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϮ ϯ͘ϲdĞĐŚŶŽůŽŐŝĐĂů,ĂǌĂƌĚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϰ ϯ͘ϲ͘ϭdƌĂŝŶĞƌĂŝůŵĞŶƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϰ ϯ͘ϲ͘Ϯ,ĂǌĂƌĚŽƵƐDĂƚĞƌŝĂůƐZĞůĞĂƐĞʹdƌĂŶƐƉŽƌƚĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϱ ϯ͘ϲ͘ϯƌŝƚŝĐĂů/ŶĨƌĂƐƚƌƵĐƚƵƌĞͬhƚŝůŝƚǇ&ĂŝůƵƌĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϴ ϯ͘ϲ͘ϰ&ŽŽĚŽŶƚĂŵŝŶĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϮ ϯ͘ϲ͘ϱ,ĂǌĂƌĚŽƵƐDĂƚĞƌŝĂůƐZĞůĞĂƐĞʹ&ŝǆĞĚ^ŝƚĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϮ ϯ͘ϲ͘ϲEĂƚƵƌĂů'ĂƐǆƉůŽƐŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϰ ϯ͘ϲ͘ϳ&ŝƌĞƐ;^ƚƌƵĐƚƵƌĞƐĂŶĚsĞŚŝĐůĞƐͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϰ ϯ͘ϲ͘ϴŝƌƉůĂŶĞƌĂƐŚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϱ ϯ͘ϳ,ƵŵĂŶͲĂƵƐĞĚdŚƌĞĂƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϲ ϯ͘ϳ͘ϭ^ĐŚŽŽůͬtŽƌŬWůĂĐĞsŝŽůĞŶĐĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϲ ϯ͘ϳ͘ϮǇďĞƌ/ŶĐŝĚĞŶƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϴ ϯ͘ϳ͘ϯdĞƌƌŽƌŝƐƚĐƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϴ ϯ͘ϳ͘ϰŝǀŝůŝƐƚƵƌďĂŶĐĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϵ ϰD/d/'d/KE^dZd'/^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮϮ ϰ͘ϭDŝƚŝŐĂƚŝŽŶ'ŽĂůƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮϰ ϰ͘ϮDŝƚŝŐĂƚŝŽŶĐƚŝŽŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮϱ ϱyhd/E'd,W>E͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϱϮ ϱ͘ϭ/ŵƉůĞŵĞŶƚĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϱϮ ϱ͘ϮDŽŶŝƚŽƌŝŶŐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϱϰ 3DFNHW3J /E ϭ/ŶƚƌŽĚƵĐƚŝŽŶ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ϭ͘/ŶƚƌŽĚƵĐƚŝŽŶ >ŽĐĂůŐŽǀĞƌŶŵĞŶƚŝƐĐŚĂƌŐĞĚǁŝƚŚƚŚĞƉƌŽƚĞĐƚŝŽŶŽĨƚŚĞŚĞĂůƚŚ͕ƐĂĨĞƚǇ͕ĂŶĚǁĞůĨĂƌĞŽĨƚŚĞŝƌƌĞƐŝĚĞŶƚƐĂŶĚ ǀŝƐŝƚŽƌƐ͘,ĂǌĂƌĚŵŝƚŝŐĂƚŝŽŶƌĞĚƵĐĞƐĚŝƐĂƐƚĞƌĚĂŵĂŐĞƐďǇƉƌŽĂĐƚŝǀĞůǇƌĞĚƵĐŝŶŐŽƌĞůŝŵŝŶĂƚŝŶŐůŽŶŐͲƚĞƌŵ ƌŝƐŬƚŽůŝĨĞĂŶĚƉƌŽƉĞƌƚǇĨƌŽŵǁĞĂƚŚĞƌ͕ŐĞŽůŽŐŝĐ͕ĂŶĚŚƵŵĂŶƚŚƌĞĂƚƐ͘ǀĞŶƚƐƐƵĐŚĂƐƚŽƌŶĂĚŽĞƐ͕ ŚĂǌĂƌĚŽƵƐĐŚĞŵŝĐĂůƐƉŝůůƐ͕ĂŶĚƚĞƌƌŽƌŝƐƚĂƚƚĂĐŬƐŵĂǇƌĞƐƵůƚŝŶƚŚĞůŽƐƐŽĨůŝĨĞ͕ƉƌŽƉĞƌƚǇ͕ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĂŶĚ ŝŶĐŽŵĞ͘dŚĞĂďŝůŝƚǇŽĨĂĐŽŵŵƵŶŝƚǇƚŽƉƌĞƉĂƌĞ͕ƌĞƐƉŽŶĚ͕ŵŝƚŝŐĂƚĞ͕ĂŶĚƌĞĐŽǀĞƌǁŚĞŶĐŽŶĨƌŽŶƚĞĚďǇ ƚŚĞƐĞƚŚƌĞĂƚƐ͕ŚŽǁĞǀĞƌ͕ŵĂǇŵĞĂŶƚŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶůŽŶŐͲƚĞƌŵĚĞǀĂƐƚĂƚŝŽŶĂŶĚƐǇƐƚĞŵŝĐ ƌĞƐŝůŝĞŶĐĞ͘ tŚŝůĞŵŝƚŝŐĂƚŝŽŶƐƚƌĂƚĞŐŝĞƐĂŶĚĞĨĨŽƌƚƐĐĂŶŶŽƚĞůŝŵŝŶĂƚĞĂůůƚŚƌĞĂƚƐĂŶĚŚĂǌĂƌĚƐ͕ƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ ĞŶĚĞĂǀŽƌƐƚŽůŝŵŝƚƚŚĞŝƌƉŽƚĞŶƚŝĂůƉŚǇƐŝĐĂů͕ĞĐŽŶŽŵŝĐ͕ĂŶĚƐŽĐŝĂůŝŵƉĂĐƚƐĂƐŵƵĐŚĂƐƉŽƐƐŝďůĞ͘ WƌĞƉĂƌĂƚŝŽŶŝƐƚŚĞŬĞǇƚŽZŽĐŚĞƐƚĞƌ͛ƐĂďŝůŝƚǇƚŽƌĞƐƉŽŶĚƚŽĂŶĚƌĞďŽƵŶĚĨƌŽŵĂĚǀĞƌƐĞƐŝƚƵĂƚŝŽŶƐ͘tŝƚŚ ƚŚĞĂƐƐŝƐƚĂŶĐĞŽĨƚĞĐŚŶŝĐĂůĞǆƉĞƌƚƐĂŶĚĐŽŵŵƵŶŝƚǇƐƚĂŬĞŚŽůĚĞƌƐ͕ƚŚĞƉƵƌƉŽƐĞŽĨƚŚŝƐƉůĂŶŝƐƚŽŝĚĞŶƚŝĨǇ ĂŶĚĂŶĂůǇǌĞƚŚŽƐĞŚĂǌĂƌĚƐŵŽƐƚůŝŬĞůǇƚŽŝŵƉĂĐƚƚŚĞĐŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕ĂƐƐĞƐƐƚŚĞĐŽŵŵƵŶŝƚǇ͛ƐĂďŝůŝƚǇƚŽ ƌĞƐƉŽŶĚƚŽƚŚĞƐĞĞǀĞŶƚƐ͕ĂŶĚĚĞǀĞůŽƉƐƚƌĂƚĞŐŝĞƐƚŽŵŝƚŝŐĂƚĞƚŚĞŝƌŝŵƉĂĐƚ͘ ϭ͘ϭ>ĞŐĂůƵƚŚŽƌŝƚǇĂŶĚ'ƵŝĚĂŶĐĞ ƚƚŚĞĚŝƌĞĐƚŝŽŶŽĨƚŚĞZŽĐŚĞƐƚĞƌŽŵŵŽŶŽƵŶĐŝů͕ƚŚŝƐůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ;,DWͿǁĂƐƉƌĞƉĂƌĞĚ ŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚ^ĞĐƚŝŽŶϯϮϮŽĨƚŚĞZŽďĞƌƚd͘^ƚĂĨĨŽƌĚŝƐĂƐƚĞƌZĞůŝĞĨĂŶĚŵĞƌŐĞŶĐǇƐƐŝƐƚĂŶĐĞĐƚŽĨ ϭϵϴϴ;^ƚĂĨĨŽƌĚĐƚͿ͕ϰϮh͘^͘͘ϱϭϲϱ͕ĂƐĂŵĞŶĚĞĚďǇ^ĞĐƚŝŽŶϭϬϰŽĨƚŚĞŝƐĂƐƚĞƌDŝƚŝŐĂƚŝŽŶĐƚŽĨϮϬϬϬ ;DϮϬϬϬͿ͘DŝƚŝŐĂƚŝŽŶƉůĂŶŶŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌůŽĐĂůƉůĂŶŶŝŶŐĞĨĨŽƌƚƐĂƌĞĐŽĚŝĨŝĞĚŝŶƚŚĞŽĚĞŽĨ &ĞĚĞƌĂůZĞŐƵůĂƚŝŽŶƐ;&ZͿdŝƚůĞϰϰ͕^ĞĐƚŝŽŶϮϬϭ͘ϲ;ϰϰ&ZΑϮϬϭ͘ϲͿ͘ hŶĚĞƌϰϰ&ZΑϮϬϭ͘ϲ͕ůŽĐĂůŐŽǀĞƌŶŵĞŶƚƐŵƵƐƚŚĂǀĞĂ&DĂƉƉƌŽǀĞĚůŽĐĂůŵŝƚŝŐĂƚŝŽŶƉůĂŶŝŶŽƌĚĞƌƚŽ ĂƉƉůǇĨŽƌĂŶĚͬŽƌƌĞĐĞŝǀĞŚĂǌĂƌĚŵŝƚŝŐĂƚŝŽŶƉƌŽũĞĐƚŐƌĂŶƚƐĨŽƌƚŚĞĨŽůůŽǁŝŶŐƉƌŽŐƌĂŵƐ͗ ,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶ'ƌĂŶƚWƌŽŐƌĂŵ;,D'WͿ WƌĞͲŝƐĂƐƚĞƌDŝƚŝŐĂƚŝŽŶ;WDͿ &ůŽŽĚDŝƚŝŐĂƚŝŽŶƐƐŝƐƚĂŶĐĞ;&DͿ ^ĞǀĞƌĞZĞƉĞƚŝƚŝǀĞ>ŽƐƐ;^Z>Ϳ ϭ͘Ϯ'ĞŽŐƌĂƉŚŝĐ^ĐŽƉĞ ZŽĐŚĞƐƚĞƌ͛ƐĐŝƚǇůŝŵŝƚƐĐŽŶƐƚŝƚƵƚĞƚŚĞũƵƌŝƐĚŝĐƚŝŽŶĂůďŽƵŶĚĂƌǇĨŽƌƚŚŝƐƉůĂŶ͘dŚĞƉŚǇƐŝĐĂůƐŝǌĞŽĨƚŚĞĐŝƚǇ͕ ŚŽǁĞǀĞƌ͕ĐŽŶƚŝŶƵĞƐƚŽŐƌŽǁ͘ZŽĐŚĞƐƚĞƌ͛ƐhƌďĂŶ^ĞƌǀŝĐĞƌĞĂ;h^Ϳ͕ƚŚĞƌĞĨŽƌĞ͕ǁŝůůĐŽŶƐƚŝƚƵƚĞƚŚĞ ƉůĂŶŶŝŶŐĂƌĞĂĨŽƌƚŚŝƐĚŽĐƵŵĞŶƚ͘dŚĞh^ŝŶĐůƵĚĞƐƚŚĞĂƌĞĂĐƵƌƌĞŶƚůǇǁŝƚŚŝŶZŽĐŚĞƐƚĞƌ͛ƐĐŝƚǇůŝŵŝƚƐĂƐ ǁĞůůĂƐƚŚŽƐĞĂƌĞĂƐƉůĂŶŶĞĚĨŽƌŝŶĐŽƌƉŽƌĂƚŝŽŶŝŶƚŽZŽĐŚĞƐƚĞƌǁŝƚŚŝŶƚŚĞŶĞǆƚϮϱǇĞĂƌƐ;ƐĞĞ&ŝŐƵƌĞϭͲϭͿ͘ dĂŬŝŶŐƚŚŝƐĂƉƉƌŽĂĐŚǁŝůůĂůůŽǁƚŚŝƐƉůĂŶƚŽĐŽŶƐŝĚĞƌƉŚǇƐŝĐĂůĂŶĚĚĞŵŽŐƌĂƉŚŝĐĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨĂƌĞĂƐ ƚŚĂƚŵĂǇďĞĂĚĚĞĚƚŽƚŚĞĐŝƚǇ͛ƐũƵƌŝƐĚŝĐƚŝŽŶĂůůŝŵŝƚƐĚƵƌŝŶŐƚŚĞůŝĨĞŽĨƚŚŝƐƉůĂŶ͘ Ϯ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϭͲϭ͗'K'ZW,/^KWK&d,ZK,^dZ,DW ϯ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ϭ͘ϯZĞůĂƚŝŽŶƐŚŝƉƚŽǆŝƐƚŝŶŐWůĂŶƐ dŚĞůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶŝƐŶŽƚĂƐƚĂŶĚͲĂůŽŶĞĚŽĐƵŵĞŶƚ͘/ƚŝƐŵĞĂŶƚƚŽǁŽƌŬŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚ ŶƵŵĞƌŽƵƐŽƚŚĞƌƉůĂŶƐƚŚĂƚŝŵƉĂĐƚZŽĐŚĞƐƚĞƌ͛ƐƉŚǇƐŝĐĂůĂŶĚĨƵŶĐƚŝŽŶĂůůĂŶĚƐĐĂƉĞ͘ ϭ͘ϯ͘ϭŵĞƌŐĞŶĐǇKƉĞƌĂƚŝŽŶƐWůĂŶ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĚĞǀĞůŽƉĞĚƚŚĞŵĞƌŐĞŶĐǇKƉĞƌĂƚŝŽŶƐWůĂŶ;KWͿƚŽĞŶƐƵƌĞƚŚĂƚĂůůŽĨƚŚĞŝƚǇ͛Ɛ ĞŵĞƌŐĞŶĐǇŵĂŶĂŐĞŵĞŶƚĨƵŶĐƚŝŽŶƐĂƌĞĐŽŽƌĚŝŶĂƚĞĚƚŽƚŚĞŵĂǆŝŵƵŵĞǆƚĞŶƚƉƌĂĐƚŝĐĂďůĞǁŝƚŚƚŚĞ ĐŽŵƉĂƌĂďůĞĨƵŶĐƚŝŽŶƐŽĨƚŚĞĨĞĚĞƌĂůŐŽǀĞƌŶŵĞŶƚ͕ƐƚĂƚĞĂŶĚůŽĐĂůŐŽǀĞƌŶŵĞŶƚƐ͕ĂŶĚƉƌŝǀĂƚĞĂŐĞŶĐŝĞƐ͘ dŚĞKWĚĞƐĐƌŝďĞƐƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͛ƐĂƵƚŚŽƌŝƚǇĂŶĚĂƉƉƌŽĂĐŚƚŽĚŝƐĂƐƚĞƌĂŶĚĞŵĞƌŐĞŶĐǇƐŝƚƵĂƚŝŽŶƐ͕ ĞŶĐŽŵƉĂƐƐŝŶŐĞĂƌůǇĚŝƐĂƐƚĞƌƌĞƐƉŽŶƐĞĂĐƚŝǀĂƚŝŽŶĂƐǁĞůůĂƐůŽŶŐͲƚĞƌŵĐŽŵŵƵŶŝƚǇƌĞĐŽǀĞƌǇ͘dĂƐŬƐĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌĞŵĞƌŐĞŶĐǇĂŶĚĚŝƐĂƐƚĞƌĨƵŶĐƚŝŽŶƐĂƌĞĂƐƐŝŐŶĞĚƚŽƚŚĞĂŐĞŶĐŝĞƐďĞƐƚƐƵŝƚĞĚƚŽƉĞƌĨŽƌŵ ƚŚĞŵ͘ ZŽĐŚĞƐƚĞƌ͛Ɛ,DWĐŽŵƉůĞŵĞŶƚƐƚŚĞKWĂŶĚƐƚƌŝǀĞƐƚŽƉƌŽĂĐƚŝǀĞůǇƌĞĚƵĐĞŚĂǌĂƌĚƌŝƐŬƐĂŶĚŝŵƉĂĐƚƐ ƚŚƌŽƵŐŚƐƵĐŚŵĞĂŶƐĂƐƐƚƌƵĐƚƵƌĂůĐŽŶƚƌŽůƐĂŶĚƉƌŽƚĞĐƚŝŽŶŵĞĂƐƵƌĞƐ͕ŵŝƚŝŐĂƚŝŽŶƉƌŽŐƌĂŵƐĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ͕ƉƵďůŝĐĂǁĂƌĞŶĞƐƐĂŶĚĞĚƵĐĂƚŝŽŶ͕ĂŶĚĚĞǀĞůŽƉŵĞŶƚĂŶĚŝŵƉƌŽǀĞŵĞŶƚŽĨǀĂƌŝŽƵƐƚǇƉĞƐŽĨ ǁĂƌŶŝŶŐƐǇƐƚĞŵƐ͘ ϭ͘ϯ͘ϮZŽĐŚĞƐƚĞƌŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ dŚĞZŽĐŚĞƐƚĞƌŽŵŵŽŶŽƵŶĐŝůĂĚŽƉƚĞĚƚŚĞ,DWĂƐƉĂƌƚŽĨƚŚĞĐŝƚǇ͛ƐŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ͘ƐƐƵĐŚ͕ ŽƚŚĞƌĐŽŵƉŽŶĞŶƚƐŽĨƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ͕ƐƵĐŚĂƐƚŚĞůĂŶĚƵƐĞĂŶĚƚƌĂŶƐƉŽƌƚĂƚŝŽŶƉůĂŶƐ͕ŚĂǀĞďĞĞŶ ĐŽŶƐŝĚĞƌĞĚŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞ,DWĂŶĚŝƚƐƐƚƌĂƚĞŐŝĞƐ͘>ŝŬĞǁŝƐĞ͕ƚŚĞ,DWǁŝůůďĞĐŽŶƐŝĚĞƌĞĚ ǁŚĞŶƚŚĞŽƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶĐŽŵƉŽŶĞŶƚƐĂƌĞƵƉĚĂƚĞĚĂŶĚŝŵƉůĞŵĞŶƚĞĚ͘ ϭ͘ϯ͘ϯZŽĐŚĞƐƚĞƌĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWůĂŶ DŝƚŝŐĂƚŝŽŶƐƚƌĂƚĞŐŝĞƐĂĚŽƉƚĞĚďǇƚŚŝƐƉůĂŶ͕ĂƐĂƉƉƌŽƉƌŝĂƚĞ͕ǁŝůůďĞŝŶĐůƵĚĞĚŝŶZŽĐŚĞƐƚĞƌ͛ƐĂƉŝƚĂů /ŵƉƌŽǀĞŵĞŶƚWůĂŶƐŝŶŽƌĚĞƌƚŽĨƵŶĚƚŚĞŝƌŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘dŚĞĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚƐWůĂŶŝƐƵƉĚĂƚĞĚŽŶ ĂŶĂŶŶƵĂůďĂƐŝƐĂŶĚƌĞǀŝĞǁĞĚďǇĂůůŝƚǇĚĞƉĂƌƚŵĞŶƚƐ͘ ϭ͘ϰWůĂŶŶŝŶŐWƌŽĐĞƐƐ &ŽƌƐĞǀĞƌĂůǇĞĂƌƐ͕ďǇŵĞĂŶƐŽĨĂũŽŝŶƚƉŽǁĞƌƐĂŐƌĞĞŵĞŶƚ͕KůŵƐƚĞĚŽƵŶƚǇ,ŽŵĞůĂŶĚ^ĞĐƵƌŝƚǇĂŶĚ ŵĞƌŐĞŶĐǇDĂŶĂŐĞŵĞŶƚǁĂƐƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĐƌĞĂƚŝŽŶŽĨƚŚĞŵĞƌŐĞŶĐǇKƉĞƌĂƚŝŽŶƐWůĂŶĨŽƌƚŚĞŝƚǇ ŽĨZŽĐŚĞƐƚĞƌ͘/ŶĞĐĞŵďĞƌϮϬϬϵ͕ƚŚĞKůŵƐƚĞĚŽƵŶƚǇŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐĂĚŽƉƚĞĚƚŚĞĂƌĞĂ͛ƐĨŝƌƐƚ ůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ͕ǁŝƚŚĂŐĞŽŐƌĂƉŚŝĐƐĐŽƉĞŽĨĂůůƵŶŝŶĐŽƌƉŽƌĂƚĞĚĂƌĞĂƐ͕ƚŽǁŶƐŚŝƉƐ͕ĂŶĚĐŝƚŝĞƐ ǁŝƚŚŝŶƚŚĞĐŽƵŶƚǇ͘ZŽĐŚĞƐƚĞƌ͛ƐŽŵŵŽŶŽƵŶĐŝůĂůƐŽĂĚŽƉƚĞĚƚŚŝƐĚŽĐƵŵĞŶƚ͕ǁŚŝĐŚĐƵƌƌĞŶƚůǇƐĞƌǀĞƐĂƐ ƚŚĞŽĨĨŝĐŝĂůŵŝƚŝŐĂƚŝŽŶƉůĂŶĨŽƌƚŚĞĐŝƚǇ͘ KŶKĐƚŽďĞƌϭ͕ϮϬϭϬ͕ƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĨŽƌŵĂůůǇĞŶĚĞĚƚŚĞ:ŽŝŶƚWŽǁĞƌƐŐƌĞĞŵĞŶƚĨŽƌŵĞƌŐĞŶĐǇ DĂŶĂŐĞŵĞŶƚǁŝƚŚKůŵƐƚĞĚŽƵŶƚǇĂŶĚĂĚŽƉƚĞĚKƌĚŝŶĂŶĐĞϭϰ͕ƚŚĞƌĞďǇĞƐƚĂďůŝƐŚŝŶŐĞŵĞƌŐĞŶĐǇ ŵĂŶĂŐĞŵĞŶƚĨƵŶĐƚŝŽŶƐ͕ŝŶĐůƵĚŝŶŐůĞĂĚĞƌƐŚŝƉĂŶĚƐƚĂĨĨŝŶŐ͘ǇƚŚĞĞŶĚŽĨϮϬϭϭ͕ƚŚĞŽŵŵŽŶŽƵŶĐŝů ĨŽƌŵĂůůǇŽƉƚĞĚŽƵƚŽĨƚŚĞKůŵƐƚĞĚŽƵŶƚǇKWĂŶĚďĞŐĂŶƚŽƐŽůĞůǇĞŶĨŽƌĐĞƚŚĞZŽĐŚĞƐƚĞƌKW͘dŚĞŝƚǇ ϰ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ŽĨZŽĐŚĞƐƚĞƌ͛ƐdŚƌĞĂƚ,ĂǌĂƌĚ/ĚĞŶƚŝĨŝĐĂƚŝŽŶĂŶĚZŝƐŬƐƐĞƐƐŵĞŶƚ;d,/ZͿƌĞĐĞŝǀĞĚ^ƚĂƚĞĂƉƉƌŽǀĂůŽŶ ƉƌŝůϮ͕ϮϬϭϯ͘ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌŝƐĐŽŵŵŝƚƚĞĚƚŽĐƌĞĂƚŝŶŐĂǁĞůůͲƌŽƵŶĚĞĚĞŵĞƌŐĞŶĐǇŵĂŶĂŐĞŵĞŶƚƉƌŽŐƌĂŵ͕ĂŶĚ ƚŚĞ,DWƌĞƉƌĞƐĞŶƚƐĂƐŝŐŶŝĨŝĐĂŶƚƐƚĞƉŝŶƚŚŝƐƉƌŽĐĞƐƐ͘dŚĞŝƚǇĂƉƉůŝĞĚĨŽƌ^ƚĂƚĞ,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶ 'ƌĂŶƚĨƵŶĚŝŶŐŝŶƉƌŝůϮϬϭϯƚŽŚĞůƉǁŝƚŚƚŚĞĞǆƉĞŶƐĞƐŽĨĐƌĞĂƚŝŶŐƚŚĞ,DW͘^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂŐƌĂŶƚ ĐŽŶƚƌĂĐƚǁĂƐƐŝŐŶĞĚďǇďŽƚŚƉĂƌƚŝĞƐŝŶ^ĞƉƚĞŵďĞƌϮϬϭϯ͕ƚŚĞƌĞďǇďĞŐŝŶŶŝŶŐƚŚĞƉƌŽĐĞƐƐŽĨĐƌĞĂƚŝŶŐƚŚĞ ĨŝƌƐƚ,DWĨŽĐƵƐĞĚƐŽůĞůǇŽŶZŽĐŚĞƐƚĞƌ͛ƐƵŶŝƋƵĞŶĞĞĚƐ͘ ϭ͘ϰ͘ϭtŚŽůĞŽŵŵƵŶŝƚǇƉƉƌŽĂĐŚ ůŝŵĂƚŝĐĂŶĚĚĞŵŽŐƌĂƉŚŝĐĐŚĂŶŐĞƐŽĐĐƵƌƌŝŶŐŝŶƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂŶĞĐĞƐƐŝƚĂƚĞĂ͞tŚŽůĞŽŵŵƵŶŝƚǇ͟ ĂƉƉƌŽĂĐŚƚŽŚĂǌĂƌĚƉůĂŶŶŝŶŐŝĨǁĞǁĂŶƚƚŽŝŵƉƌŽǀĞŽƵƌƌĞƐŝůŝĞŶĐǇŝŶƚŚĞĨĂĐĞŽĨĚŝƐĂƐƚĞƌ͘dŚĞĞĨĨŝĐĂĐǇŽĨ ǁŚŽůĞ ĞŵĞƌŐĞŶĐǇŵĂŶĂŐĞŵĞŶƚǁŝůůďĞŚĞŝŐŚƚĞŶĞĚďǇƵŶĚĞƌƐƚĂŶĚŝŶŐĂŶĚŵĞĞƚŝŶŐƚŚĞŶĞĞĚƐŽĨƚŚĞ ĐŽŵŵƵŶŝƚǇ͕ĞŶŐĂŐŝŶŐĂŶĚĞŵƉŽǁĞƌŝŶŐĂůůƌĞƐŝĚĞŶƚƐ͕ĂŶĚƐƚƌĞŶŐƚŚĞŶŝŶŐĞǆŝƐƚŝŶŐƉƌĂĐƚŝĐĞƐƚŚĂƚǁŽƌŬǁĞůů ŽŶĂĚĂŝůǇďĂƐŝƐ͘ dŽŐĞƚƚŚŝƐƉƌŽĐĞƐƐƐƚĂƌƚĞĚ͕ƚŚĞŽƌĞWůĂŶŶŝŶŐdĞĂŵĂƐŬĞĚƚŚĞĨŽůůŽǁŝŶŐƋƵĞƐƚŝŽŶƐ͗ ,ŽǁĐĂŶǁĞďĞƚƚĞƌƵŶĚĞƌƐƚĂŶĚƚŚĞŶĞĞĚƐŽĨŽƵƌĐŽŵŵƵŶŝƚǇ͍ tŚĂƚƉĂƌƚŶĞƌƐŚŝƉƐĚŽǁĞŶĞĞĚƚŽĨŽƌŐĞŝŶŽƌĚĞƌƚŽƵŶĚĞƌƐƚĂŶĚƚŚĞƐĞŶĞĞĚƐ͍ ,ŽǁĐĂŶǁĞŵŽƌĞĞĨĨĞĐƚŝǀĞůǇĞŶŐĂŐĞƚŚŽƐĞŵĞŵďĞƌƐŽĨƚŚĞĐŽŵŵƵŶŝƚǇǁŚŽŚĂǀĞŶŽƚƚǇƉŝĐĂůůǇ ƉĂƌƚŝĐŝƉĂƚĞĚŝŶƉƵďůŝĐŵĞĞƚŝŶŐƐĂŶĚĐŽŵŵŝƚƚĞĞƐ͍ ,ŽǁĚŽǁĞŐĞŶĞƌĂƚĞŝŶƚĞƌĞƐƚŝŶĚŝƐĂƐƚĞƌƉƌĞƉĂƌĞĚŶĞƐƐĂŵŽŶŐƚŚĞƐĞŐƌŽƵƉƐĂŶĚǁŽƌŬǁŝƚŚƚŚĞŵƚŽ ĚĞǀĞůŽƉŵŝƚŝŐĂƚŝŽŶƐƚƌĂƚĞŐŝĞƐƚŚĂƚǁŝůůďƵŝůĚƵƉŽŶǁŚĂƚĂůƌĞĂĚǇǁŽƌŬƐǁŝƚŚŝŶƚŚĞŝƌĐŽŵŵƵŶŝƚŝĞƐƚŽ ďĞƚƚĞƌƐĞƌǀĞƚŚĞŝƌŶĞĞĚƐ͍ ,ŽǁĐĂŶƚŚĞǁŚŽůĞĐŽŵŵƵŶŝƚǇĂŶĚĞŵĞƌŐĞŶĐǇŵĂŶĂŐĞŵĞŶƚƐƵƉƉŽƌƚĞĂĐŚŽƚŚĞƌ͍ ,ŽǁĐĂŶƚŚĞƐĞƉĂƌƚŶĞƌƐŚŝƉƐĂŶĚŶĞƚǁŽƌŬƐďĞŵĂŝŶƚĂŝŶĞĚ͍ ϭ͘ϰ͘ϮWůĂŶŶŝŶŐdĞĂŵƐ dŚĞWůĂŶŶŝŶŐdĞĂŵǁĂƐŽƌŐĂŶŝǌĞĚŝŶƚŽƚŚƌĞĞŐƌŽƵƉƐ͕ďĂƐĞĚŽŶƚŚĞĂŵŽƵŶƚŽĨƉĂƌƚŝĐŝƉĂƚŝŽŶĞǆƉĞĐƚĞĚŽĨ ƚŚĞŵ͘ ŽƌĞWůĂŶŶŝŶŐdĞĂŵ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĐŚĂƌŐĞĚZŽĐŚĞƐƚĞƌ͛ƐŵĞƌŐĞŶĐǇDĂŶĂŐĞŵĞŶƚĞƉĂƌƚŵĞŶƚĂŶĚƚŚĞŶĂůǇƐŝƐ͕ WůĂŶŶŝŶŐ͕ĂŶĚWŽůŝĐǇŝǀŝƐŝŽŶŽĨƚŚĞZŽĐŚĞƐƚĞƌͲKůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ;ZKWͿǁŝƚŚĐŽŽƌĚŝŶĂƚŝŶŐ ƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨZŽĐŚĞƐƚĞƌ͛ƐĨŝƌƐƚ,DW͘dŚĞƐĞƚǁŽĂŐĞŶĐŝĞƐŚĂǀĞĞǆƉĞƌƚŝƐĞŝŶƵŶĚĞƌƐƚĂŶĚŝŶŐƚŚĞ ůŽĐĂůƚŚƌĞĂƚƐ͕ŚĂǌĂƌĚƐ͕ĂŶĚƌŝƐŬƐƚŚĂƚŵĂǇƉŽƚĞŶƚŝĂůůǇŝŵƉĂĐƚƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĂŶĚƉŽƐƐĞƐƐƚŚĞ ƌĞƐŽƵƌĐĞƐĂŶĚƐŬŝůůƐŶĞĐĞƐƐĂƌǇƚŽĚĞǀĞůŽƉĂŶĚĂƐƐĞƐƐƚŚĞƐƚƌĂƚĞŐŝĞƐŶĞĞĚĞĚĨŽƌƚŚĞŝƌŵŝƚŝŐĂƚŝŽŶ͘dŚĞƐĞ ĂŐĞŶĐŝĞƐĂƌĞĂůƐŽƌĞƐƉŽŶƐŝďůĞĨŽƌŵĂŶǇŽĨƚŚĞĂĐƚŝǀŝƚŝĞƐĂŶĚƌĞƐŽƵƌĐĞƐŶĞĞĚĞĚƚŽĐƌĞĂƚĞƚŚŝƐƉůĂŶ͘ ϱ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ WůĂŶĞǀĞůŽƉŵĞŶƚdĞĂŵ dŚĞWůĂŶĞǀĞůŽƉŵĞŶƚdĞĂŵǁĂƐƉƌŝŵĂƌŝůǇĐŽŵƉŽƐĞĚŽĨƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐĨƌŽŵƚŚŽƐĞĂŐĞŶĐŝĞƐƚŚĂƚǁŽƌŬ ŵŽƐƚĐůŽƐĞůǇǁŝƚŚƚŚĞĨƵŶĐƚŝŽŶƐŽĨĞŵĞƌŐĞŶĐǇŵĂŶĂŐĞŵĞŶƚŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘dŚĞƐĞĂŐĞŶĐŝĞƐŝŶĐůƵĚĞĚ͗ ZKWʹ'/^ĂŶĚƵƌƌĞŶƚWůĂŶŶŝŶŐŝǀŝƐŝŽŶƐ ZŽĐŚĞƐƚĞƌƵŝůĚŝŶŐ^ĂĨĞƚǇ KůŵƐƚĞĚŽƵŶƚǇŽŵŵƵŶŝƚǇ^ĞƌǀŝĐĞƐ ZŽĐŚĞƐƚĞƌŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ KůŵƐƚĞĚŽƵŶƚǇŵĞƌŐĞŶĐǇDĂŶĂŐĞŵĞŶƚ ZŽĐŚĞƐƚĞƌ&ŝƌĞĞƉĂƌƚŵĞŶƚ KůŵƐƚĞĚŽƵŶƚǇWƵďůŝĐ,ĞĂůƚŚ^ĞƌǀŝĐĞƐ ZŽĐŚĞƐƚĞƌ/ŶƚĞƌŶĂƚŝŽŶĂůŝƌƉŽƌƚ ZŽĐŚĞƐƚĞƌWĂƌŬĂŶĚZĞĐƌĞĂƚŝŽŶKůŵƐƚĞĚŽƵŶƚǇWƵďůŝĐtŽƌŬƐ ZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚDŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨdƌĂŶƐƉŽƌƚĂƚŝŽŶ ZŽĐŚĞƐƚĞƌWƵďůŝĐhƚŝůŝƚŝĞƐDŝŶŶĞƐŽƚĂ,^D ZŽĐŚĞƐƚĞƌWƵďůŝĐtŽƌŬƐ dŚĞWůĂŶĞǀĞůŽƉŵĞŶƚdĞĂŵǁĂƐĐŚĂƌŐĞĚǁŝƚŚƉƌŽǀŝĚŝŶŐĐŽŵŵƵŶŝƚǇĂƐƐĞƚĂŶĚĐĂƉĂďŝůŝƚŝĞƐĚĂƚĂ͕ĂƐƐĞƐƐŝŶŐƚŚŽƐĞ ŵŝƚŝŐĂƚŝŽŶƐƚƌĂƚĞŐŝĞƐĂŶĚĂĐƚŝŽŶŝƚĞŵƐŝŶǀŽůǀŝŶŐƚŚĞŝƌĚĞƉĂƌƚŵĞŶƚƐ͕ĂŶĚĞǀĂůƵĂƚŝŶŐƚŚĞŝŶƚĞŐƌŝƚǇŽĨƚŚĞƉůĂŶĂƐĂ ǁŚŽůĞ͘ĞĐĂƵƐĞƚŚĞƐĞĂŐĞŶĐŝĞƐŚĂǀĞƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĂŶĚĞǆƉĞƌƚŝƐĞĨŽƌŝŵƉůĞŵĞŶƚŝŶŐŵŝƚŝŐĂƚŝŽŶĂĐƚŝŽŶƐ͕ƚŚĞǇ ǁĞƌĞĂĐƚŝǀĞůǇŝŶǀŽůǀĞĚŝŶƚŚĞƉůĂŶŶŝŶŐƉƌŽĐĞƐƐĂƚĂůůƐƚĂŐĞƐ͘DƵĐŚŽĨƚŚŝƐĐŽŵŵƵŶŝĐĂƚŝŽŶĂŶĚǁŽƌŬǁĂƐ ĐŽŶĚƵĐƚĞĚǀŝĂĞŵĂŝůĂŶĚŽŶĞͲŽŶͲŽŶĞŵĞĞƚŝŶŐƐĚƵĞƚŽƐĐŚĞĚƵůŝŶŐĚŝĨĨŝĐƵůƚŝĞƐŝŶĐŽŶǀĞŶŝŶŐƐƵĐŚĂůĂƌŐĞŐƌŽƵƉ͘ WůĂŶsĂůŝĚĂƚŝŽŶdĞĂŵ dŚĞWůĂŶsĂůŝĚĂƚŝŽŶdĞĂŵĐŽŶƐŝƐƚĞĚŽĨƚŚŽƐĞƐƚĂŬĞŚŽůĚĞƌƐǁŚŽƐĞƌĞƐƉŽŶƐŝďŝůŝƚǇǁĂƐƚŽŝŶĨŽƌŵƚŚĞŽƌĞWůĂŶŶŝŶŐ dĞĂŵŽŶĂƐƉĞĐŝĨŝĐƚŽƉŝĐŽƌƉƌŽǀŝĚĞŝŶƉƵƚĨƌŽŵĂǀĂƌŝĞƚǇŽĨƉŽŝŶƚƐŽĨǀŝĞǁŝŶƚŚĞĐŽŵŵƵŶŝƚǇ͘hŶůŝŬĞƚŚĞWůĂŶ ĞǀĞůŽƉŵĞŶƚdĞĂŵ͕ƚŚĞǇǁĞƌĞŶŽƚŝŶǀŽůǀĞĚŝŶĂůůƐƚĂŐĞƐŽĨƚŚĞƉůĂŶŶŝŶŐƉƌŽĐĞƐƐ͘DŽƐƚĐŽŵŵƵŶŝĐĂƚŝŽŶǁĂƐ ĐŽŶĚƵĐƚĞĚĞůĞĐƚƌŽŶŝĐĂůůǇŝŶŽƌĚĞƌƚŽŵĂǆŝŵŝǌĞƉĂƌƚŝĐŝƉĂƚŝŽŶ͘dŚĞĂŐĞŶĐŝĞƐƉĂƌƚŝĐŝƉĂƚŝŶŐŝŶƚŚĞWůĂŶsĂůŝĚĂƚŝŽŶ dĞĂŵŝŶĐůƵĚĞĚ͗ ŽƵŶĐŝůŽŶůĂĐŬDŝŶŶĞƐŽƚĂŶƐDŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨ,ĞĂůƚŚ DŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨEĂƚƵƌĂůZĞƐŽƵƌĐĞƐDŝŶŶĞƐŽƚĂŶĞƌŐǇZĞƐŽƵƌĐĞƐ ^ŽƵƚŚĞƌŶDŝŶŶĞƐŽƚĂĞĂĨĂŶĚ,ĂƌĚŽĨ,ĞĂƌŝŶŐDŝŶŶĞƐŽƚĂ'ĞŽůŽŐŝĐĂů^ƵƌǀĞǇ ^ĞƌǀŝĐĞƐ DŝŶŶĞƐŽƚĂŽĂƌĚŽĨ^ŽŝůĂŶĚtĂƚĞƌZĞƐŽƵƌĐĞƐ &ĞĚĞƌĂůƵƌĞĂƵŽĨ/ŶǀĞƐƚŝŐĂƚŝŽŶ DŝŶŶĞƐŽƚĂEĂƚŝŽŶĂů'ƵĂƌĚ /D DŝŶŶĞƐŽƚĂWŽůůƵƚŝŽŶŽŶƚƌŽůŐĞŶĐǇ /ŶƚĞƌĨĂŝƚŚ,ŽƐƉŝƚĂůŝƚǇEĞƚǁŽƌŬ ED/^ŽƵƚŚĞĂƐƚDŝŶŶĞƐŽƚĂ DĂǇŽŝǀŝĐĞŶƚĞƌ EĂƚŝŽŶĂů&ĞĚĞƌĂƚŝŽŶŽĨƚŚĞůŝŶĚ DĂǇŽůŝŶŝĐ EKʹ>ĂƌŽƐƐĞ ϲ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ KůŵƐƚĞĚŽƵŶƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶZŽĐŚĞƐƚĞƌ,ƵŵĂŶZĞƐŽƵƌĐĞƐ KůŵƐƚĞĚŽƵŶƚǇŶǀŝƌŽŶŵĞŶƚĂůZĞƐŽƵƌĐĞƐZŽĐŚĞƐƚĞƌ/ŶĨŽƌŵĂƚŝŽŶ^ǇƐƚĞŵƐĞƉĂƌƚŵĞŶƚ KůŵƐƚĞĚŽƵŶƚǇWĂƌŬƐZŽĐŚĞƐƚĞƌŝƚǇƚƚŽƌŶĞǇ͛ƐKĨĨŝĐĞ KůŵƐƚĞĚŽƵŶƚǇWƌŽƉĞƌƚǇZĞĐŽƌĚƐĂŶĚ>ŝĐĞŶƐŝŶŐZŽĐŚĞƐƚĞƌKůŵƐƚĞĚŽƵŶĐŝůŽĨ'ŽǀĞƌŶŵĞŶƚƐ KůŵƐƚĞĚŽƵŶƚǇ^ŚĞƌŝĨĨ͛ƐĞƉĂƌƚŵĞŶƚZŽĐŚĞƐƚĞƌWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶ KůŵƐƚĞĚDĞĚŝĐĂůĞŶƚĞƌZŽĐŚĞƐƚĞƌWƵďůŝĐ>ŝďƌĂƌǇ ZEĞŝŐŚďŽƌƐZŽĐŚĞƐƚĞƌWƵďůŝĐ^ĐŚŽŽůƐ ZŽĐŚĞƐƚĞƌƌĞĂƵŝůĚĞƌƐZŽĐŚĞƐƚĞƌ^ĞŶŝŽƌĞŶƚĞƌ ZŽĐŚĞƐƚĞƌŚĂŵďĞƌŽĨŽŵŵĞƌĐĞ^ĂůǀĂƚŝŽŶƌŵǇ ZŽĐŚĞƐƚĞƌŝƚǇůĞƌŬ^DŝŶŶĞƐŽƚĂŚĂƉƚĞƌŽĨƚŚĞŵĞƌŝĐĂŶZĞĚ ƌŽƐƐ ZŽĐŚĞƐƚĞƌŝƚǇŽƵŶĐŝů ^ŽƵƚŚĂƐƚDŝŶŶĞƐŽƚĂĞŶƚĞƌĨŽƌ/ŶĚĞƉĞŶĚĞŶƚ ZŽĐŚĞƐƚĞƌŝƚǇ&ŝŶĂŶĐĞ >ŝǀŝŶŐ;^D/>Ϳ ZŽĐŚĞƐƚĞƌŽŵŵƵŶŝƚǇĂŶĚdĞĐŚŶŝĐĂůŽůůĞŐĞ dŚĞZ^ŽƵƚŚĞĂƐƚĞƌŶDŝŶŶĞƐŽƚĂ ZŽĐŚĞƐƚĞƌŽŶǀĞŶƚŝŽŶĂŶĚsŝƐŝƚŽƌƐƵƌĞĂƵ hŶŝƚĞĚtĂǇŽĨKůŵƐƚĞĚŽƵŶƚǇ ZŽĐŚĞƐƚĞƌŽǁŶƚŽǁŶůůŝĂŶĐĞ hŶŝǀĞƌƐŝƚǇŽĨDŝŶŶĞƐŽƚĂͲZŽĐŚĞƐƚĞƌ ŽŶƐƵůƚĂŶƚƐ ŽŶƐƵůƚĂŶƚƚĞĂŵƐǁĞƌĞďƌŽƵŐŚƚŽŶďŽĂƌĚƚŽĂƐƐŝƐƚƚŚĞŽƌĞWůĂŶŶŝŶŐdĞĂŵǁŝƚŚƚĞĐŚŶŝĐĂůĂƐƐĞƐƐŵĞŶƚƐĂŶĚ ĐŽŵŵƵŶŝƚǇĞŶŐĂŐĞŵĞŶƚĂƐĨŽůůŽǁƐ͗ Dͮ /ĚĞŶƚŝĨǇŚĂǌĂƌĚƐ͕ĂƐƐĞƐƐǀƵůŶĞƌĂďŝůŝƚŝĞƐ͕ƵŶĚĞƌƐƚĂŶĚƐŝŐŶŝĨŝĐĂŶƚƌŝƐŬƐ͕ĂŶĚĨŽƌŵƵůĂƚĞŵŝƚŝŐĂƚŝŽŶ ƐƚƌĂƚĞŐŝĞƐ /ŶĐůƵƐŝŽŶ^ŽůƵƚŝŽŶƐͮ &ĂĐŝůŝƚĂƚĞŽƵƚƌĞĂĐŚǁŝƚŚZŽĐŚĞƐƚĞƌ͛ƐĐĐĞƐƐĂŶĚ&ƵŶĐƚŝŽŶĂůEĞĞĚƐĐŽŵŵƵŶŝƚǇ ,KDŝŶŶĞƐŽƚĂͮ &ĂĐŝůŝƚĂƚĞŽƵƚƌĞĂĐŚǁŝƚŚZŽĐŚĞƐƚĞƌ͛ƐůĂƌŐĞƐƚ>ŝŵŝƚĞĚŶŐůŝƐŚWƌŽĨŝĐŝĞŶĐǇĐŽŵŵƵŶŝƚŝĞƐ >ŽĐĂů>ĞĂĚĞƌƐŚŝƉ dŚĞZŽĐŚĞƐƚĞƌŝƚǇŽƵŶĐŝůƌĞĐĞŝǀĞĚƉĞƌŝŽĚŝĐƵƉĚĂƚĞƐĚƵƌŝŶŐƚŚĞ,DWĚƌĂĨƚƉƌŽĐĞƐƐ͕ƉƌŝŵĂƌŝůǇĂƚƚŚĞŝƌ ŽŵŵŝƚƚĞĞŽĨƚŚĞtŚŽůĞŵĞĞƚŝŶŐƐ͘dŚĞƐĞƐĞƐƐŝŽŶƐŝŶĐůƵĚĞĚĂŶŝŶƚƌŽĚƵĐƚŝŽŶƚŽŚĂǌĂƌĚŵŝƚŝŐĂƚŝŽŶƉůĂŶŶŝŶŐ͕ ƌĞǀŝĞǁƐŽĨƚŚĞĨŽĐƵƐĞĚŽƵƚƌĞĂĐŚĞĨĨŽƌƚƐĂŶĚĂĚŝƐĐƵƐƐŝŽŶŽĨƚŚĞĚƌĂĨƚƉůĂŶĚŽĐƵŵĞŶƚĂŶĚƐƵďŵŝƚƚĂůƉƌŽĐĞƐƐ͘dŚĞ ŝƚǇŽƵŶĐŝůĂƉƉƌŽǀĞĚƚŚĞƐƵďŵŝƚƚĂůŽĨƚŚĞĚƌĂĨƚƉůĂŶƚŽƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂĂŶĚ&DŽŶƉƌŝůϭϳ͕ϮϬϭϳ͘ ϭ͘ϰ͘ϯ&ŽĐƵƐĞĚKƵƚƌĞĂĐŚ ZŽĐŚĞƐƚĞƌ͛ƐƉŽƉƵůĂƚŝŽŶŝƐŐƌŽǁŝŶŐĂŶĚĚŝǀĞƌƐŝĨǇŝŶŐ͕ĂĚĚŝŶŐƌĞƐŝĚĞŶƚƐĂŶĚǀŝƐŝƚŽƌƐƚŚĂƚŚĂǀĞŶŽƚƚƌĂĚŝƚŝŽŶĂůůǇƐĂƚĂƚ ƚŚĞƉƵďůŝĐƉĂƌƚŝĐŝƉĂƚŝŽŶƚĂďůĞ͘/ŶŽƌĚĞƌƚŽŵĂǆŝŵŝǌĞůŝŵŝƚĞĚƌĞƐŽƵƌĐĞƐ͕ƚŚĞŽƌĞWůĂŶŶŝŶŐdĞĂŵĚĞĐŝĚĞĚƚŽĨŽĐƵƐ ϳ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ŽƵƚƌĞĂĐŚĞĨĨŽƌƚƐŽŶǁŚĂƚŵĂǇďĞŽƵƌƚǁŽŵŽƐƚǀƵůŶĞƌĂďůĞĐŽŵŵƵŶŝƚŝĞƐ͗ƚŚŽƐĞƐƉĞĂŬŝŶŐůŝŵŝƚĞĚƚŽŶŽŶŐůŝƐŚ ĂŶĚƉĞŽƉůĞǁŝƚŚĂĐĐĞƐƐĂŶĚĨƵŶĐƚŝŽŶĂůŶĞĞĚƐ͘ǇƵŶĚĞƌƐƚĂŶĚŝŶŐƚŚĞŶĞĞĚƐŽĨƚŚŽƐĞŵŽƐƚĂƚƌŝƐŬŝŶƚŝŵĞƐŽĨ ĞŵĞƌŐĞŶĐǇ͕ŝƚŝƐŚŽƉĞĚƚŚĂƚƚŚĞǁŚŽůĞĐŽŵŵƵŶŝƚǇĐĂŶďĞďĞƚƚĞƌƐĞƌǀĞĚ͘DĞƚŚŽĚŽůŽŐǇĂŶĚĨŝŶĚŝŶŐƐĨƌŽŵƚŚŝƐ ĨŽĐƵƐĞĚŽƵƚƌĞĂĐŚĂƌĞĨŽƵŶĚŝŶƉƉĞŶĚŝǆϭĂŶĚĂƌĞĂĚĚƌĞƐƐĞĚŝŶƚŚĞƉůĂŶ͛ƐŵŝƚŝŐĂƚŝŽŶƐƚƌĂƚĞŐŝĞƐ͘ >ŝŵŝƚĞĚŶŐůŝƐŚWƌŽĨŝĐŝĞŶĐǇŽŵŵƵŶŝƚǇ ůĞĂƌ͕ĐŽŶĐŝƐĞĐŽŵŵƵŶŝĐĂƚŝŽŶŝƐĐƌŝƚŝĐĂůĚƵƌŝŶŐĂĐƌŝƐŝƐ͕ĂŶĚƚŚĞĂďŝůŝƚǇƚŽĚŝƐƉĂƚĐŚŝŶĨŽƌŵĂƚŝŽŶƚŽƚŚŽƐĞǁŚŽĚŽ ŶŽƚƌĞĂĚŝůǇƵŶĚĞƌƐƚĂŶĚŶŐůŝƐŚƉŽƐĞƐĂŐƌĞĂƚĐŚĂůůĞŶŐĞƚŽĞŵĞƌŐĞŶĐǇŵĂŶĂŐĞŵĞŶƚƐƚĂĨĨ͘EĞĂƌůǇϭϮƉĞƌĐĞŶƚŽĨ ZŽĐŚĞƐƚĞƌ͛ƐϮϬϭϬƉŽƉƵůĂƚŝŽŶǁĂƐďŽƌŶŽƵƚƐŝĚĞŽĨƚŚĞh^͕ĐŽŵƉĂƌĞĚƚŽϳƉĞƌĐĞŶƚŝŶƚŚĞƐƚĂƚĞĂƐĂǁŚŽůĞ͘tŝƚŚŝŶ ŶĞĂƌůǇϳ͕ϬϬϬZŽĐŚĞƐƚĞƌŚŽƵƐĞŚŽůĚƐ͕ĂůĂŶŐƵĂŐĞŽƚŚĞƌƚŚĂŶŶŐůŝƐŚŝƐƐƉŽŬĞŶ͘ZŽĐŚĞƐƚĞƌ͛ƐůĂƌŐĞƐƚŝŵŵŝŐƌĂŶƚ ŐƌŽƵƉƐĂƌĞ,ŝƐƉĂŶŝĐͬ>ĂƚŝŶŽƐ͕^ŽŵĂůŝƐ͕ĂŶĚĂŵďŽĚŝĂŶƐ͖ŵĞŵďĞƌƐŽĨƚŚĞƐĞĐŽŵŵƵŶŝƚŝĞƐĂƐƐŝƐƚĞĚZŽĐŚĞƐƚĞƌƐƚĂĨĨ ŝŶƚŚĞƐĞŽƵƚƌĞĂĐŚĞĨĨŽƌƚƐ͘ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĞŶŐĂŐĞĚƚŚĞĞǆƉĞƌƚŝƐĞŽĨ,KDŝŶŶĞƐŽƚĂƚŽĚĞǀŝƐĞĂƐƚƌĂƚĞŐǇƚŚĂƚǁŽƵůĚ ĞůŝĐŝƚƚŚĞŝŵƉƌĞƐƐŝŽŶƐĨƌŽŵŵĞŵďĞƌƐŽĨƚŚĞůŽĐĂůĐƵůƚƵƌĂůĐŽŵŵƵŶŝƚŝĞƐŽŶĐƵƌƌĞŶƚĞŵĞƌŐĞŶĐǇ ĐŽŵŵƵŶŝĐĂƚŝŽŶ͕ ŝĚĞŶƚŝĨǇŵŝƚŝŐĂƚŝŽŶĂŶĚƉƌĞƉĂƌĞĚŶĞƐƐĐŽŶĐĞƌŶƐƉĂƌƚŝĐƵůĂƌƚŽƚŚĞƐĞĐŽŵŵƵŶŝƚŝĞƐ͕ ĂƐŬƉĂƌƚŝĐŝƉĂŶƚƐĨŽƌŝĚĞĂƐŽŶŚŽǁƚŽŝŵƉƌŽǀĞƉůĂŶŶŝŶŐĂŶĚŵĞƐƐĂŐŝŶŐƚŽůŝŵŝƚĞĚŶŐůŝƐŚƐƉĞĂŬĞƌƐ͕ĂŶĚ ĞƐƚĂďůŝƐŚƚŚĞďĂƐŝƐĨŽƌůŽŶŐͲƚĞƌŵƌĞůĂƚŝŽŶƐŚŝƉƐǁŝƚŚZŽĐŚĞƐƚĞƌ͛ƐĐƵůƚƵƌĂůĐŽŵŵƵŶŝƚŝĞƐƚŚĂƚǁŽƵůĚŝŵƉƌŽǀĞ ĨƵƚƵƌĞƉůĂŶŶŝŶŐĞĨĨŽƌƚƐ͘ ,KĐŽŶĚƵĐƚĞĚŽŶĞͲŽŶͲŽŶĞŬĞǇŝŶĨŽƌŵĂŶƚŝŶƚĞƌǀŝĞǁƐĂŶĚĨĂĐŝůŝƚĂƚĞĚŵĞĞƚŝŶŐƐĂŶĚĨŽĐƵƐŐƌŽƵƉƐǁŝƚŚƚŚĞŽƌĞ WůĂŶŶŝŶŐdĞĂŵĂŶĚŝŵŵŝŐƌĂŶƚĐŽŵŵƵŶŝƚǇŵĞŵďĞƌƐ͘ ĐĐĞƐƐĂŶĚ&ƵŶĐƚŝŽŶĂůEĞĞĚƐŽŵŵƵŶŝƚǇ ĐĐŽƌĚŝŶŐƚŽƚŚĞh^ĞŶƐƵƐƵƌĞĂƵ͕ĂƉƉƌŽǆŝŵĂƚĞůǇϮϬƉĞƌĐĞŶƚŽĨĂƚǇƉŝĐĂůĐŽŵŵƵŶŝƚǇŚĂƐĂĚŝƐĂďŝůŝƚǇ͘ŐĞ͕ ĂďŝůŝƚǇƚŽĐŽŵŵƵŶŝĐĂƚĞ͕ĂŶĚĂĐĐĞƐƐƚŽƚƌĂŶƐƉŽƌƚĂƚŝŽŶŵĂǇĂůƐŽĐƌĞĂƚĞĂŶĞĞĚĨŽƌĂĚĚŝƚŝŽŶĂůƌĞƐƉŽŶƐĞĂƐƐŝƐƚĂŶĐĞ ĚƵƌŝŶŐĂŶĞŵĞƌŐĞŶĐǇ͘/ŶĂĚĚŝƚŝŽŶƚŽƚŚŽƐĞƌĞƐŝĚĞŶƚƐǁŝƚŚĂĐĐĞƐƐĂŶĚĨƵŶĐƚŝŽŶĂůŶĞĞĚƐ͕ZŽĐŚĞƐƚĞƌĂůƐŽŵƵƐƚƐĞƌǀĞ ƚŚĞŵĂŶǇDĂǇŽůŝŶŝĐƉĂƚŝĞŶƚƐƐĞĞŬŝŶŐƚƌĞĂƚŵĞŶƚĨŽƌŝůůŶĞƐƐ͕ŝŶũƵƌǇ͕ĂŶĚĚŝƐĂďŝůŝƚǇ͘ /ŶĐůƵƐŝŽŶ^ŽůƵƚŝŽŶƐǁĂƐĐŽŶƚƌĂĐƚĞĚďǇƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌƚŽ ŝĚĞŶƚŝĨǇƚŚĞ&ƵŶĐƚŝŽŶĂůEĞĞĚƐ^ƵƉƉŽƌƚ^ĞƌǀŝĐĞƐ;&E^^ͿƉŽƉƵůĂƚŝŽŶĂŶĚŬĞǇŽƌŐĂŶŝǌĂƚŝŽŶƐͬƉĞŽƉůĞƚŽŝŶĐůƵĚĞŝŶ ƚŚĞƉůĂŶŶŝŶŐƉƌŽĐĞƐƐ͕ ůĞĂĚĂŶĚĨĂĐŝůŝƚĂƚĞŝŶƚƌŽĚƵĐƚŽƌǇŵĞĞƚŝŶŐƐǁŝƚŚƚŚĞŐŽĂůŽĨƐƵƉƉŽƌƚŝŶŐĐŽŵŵƵŶŝĐĂƚŝŽŶŝŶƉĞƌƉĞƚƵŝƚǇ͕ĂŶĚ ƌĞƉŽƌƚŽŶŬĞǇĨŝŶĚŝŶŐƐĂŶĚƉƌŽĐĞƐƐĞƐĨŽƌƚŚĞ,DW͘ /ŶĐůƵƐŝŽŶ^ŽůƵƚŝŽŶƐĂŶĚƚŚĞŽƌĞWůĂŶŶŝŶŐdĞĂŵŵĞƚǁŝƚŚƐĞǀĞŶĚŝĨĨĞƌĞŶƚĂĐĐĞƐƐĂŶĚĨƵŶĐƚŝŽŶĂůŶĞĞĚƐŐƌŽƵƉƐƚŽ ĚŝƐĐƵƐƐĞŵĞƌŐĞŶĐǇƉƌĞƉĂƌĞĚŶĞƐƐ͕ĂůĞƌƚƐ͕ĂŶĚƌĞƐƉŽŶƐĞ͗ŵĞŶƚĂůŝůůŶĞƐƐͬŵĞŶƚĂůŚĞĂůƚŚ͕ĚĞǀĞůŽƉŵĞŶƚĂůĚŝƐĂďŝůŝƚŝĞƐ͕ ďůŝŶĚ͕ĚĞĂĨĂŶĚŚĂƌĚŽĨŚĞĂƌŝŶŐ͕ƉŚǇƐŝĐĂůĚŝƐĂďŝůŝƚŝĞƐ͕ƐĞŶŝŽƌƐ͕ĂŶĚƚŚĞƌĞĐŽǀĞƌǇĐŽŵŵƵŶŝƚǇ͘ ϴ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ϭ͘ϰ͘ϰKƚŚĞƌWƵďůŝĐŶŐĂŐĞŵĞŶƚ /ŶƉƌŝůϮϬϭϲ͕ŵĞŵďĞƌƐŽĨƚŚĞŽƌĞWůĂŶŶŝŶŐdĞĂŵǁĞƌĞŝŶǀŝƚĞĚƚŽƉĂƌƚŝĐŝƉĂƚĞŝŶĂƉĂŶĞůĚŝƐĐƵƐƐŝŽŶŚŽƐƚĞĚďǇ DŝŶŶĞƐŽƚĂWƵďůŝĐZĂĚŝŽ;DWZͿ͘͞dŚĞ/ŵƉĂĐƚŽĨůŝŵĂƚĞŚĂŶŐĞŽŶWƵďůŝĐ,ĞĂůƚŚ͟ďƌŽƵŐŚƚƚŽŐĞƚŚĞƌĞǆƉĞƌƚƐŽŶ ŚĞĂůƚŚŝŵƉĂĐƚƐ͕ŝŶĨĞĐƚŝŽƵƐĚŝƐĞĂƐĞ͕ĐůŝŵĂƚŽůŽŐǇ͕ĞŵĞƌŐĞŶĐǇŵĂŶĂŐĞŵĞŶƚ͕ĂŶĚƉůĂŶŶŝŶŐƚŽĚŝƐĐƵƐƐƚŚŝƐ ƌĞůĂƚŝŽŶƐŚŝƉĂŶĚƉŽƚĞŶƚŝĂůŚĞĂůƚŚŽƵƚĐŽŵĞƐ͘ZĞĐŽƌĚĞĚĂƚDĂǇŽŝǀŝĐĞŶƚĞƌŝŶĨƌŽŶƚŽĨĂƐŽůĚŽƵƚĐƌŽǁĚ͕ƚŚŝƐ ƉƌŽŐƌĂŵǁĂƐďƌŽĂĚĐĂƐƚƐƚĂƚĞǁŝĚĞĂŶĚŵĂĚĞĂǀĂŝůĂďůĞƚŽƚŚĞƉƵďůŝĐĨŽƌŽŶůŝŶĞƐƚƌĞĂŵŝŶŐ͘ dŚĞĚƌĂĨƚƉůĂŶŶŝŶŐƉƌŽĐĞƐƐĐƵůŵŝŶĂƚĞĚŝŶĂƐĞƌŝĞƐŽĨƉƵďůŝĐŝŶĨŽƌŵĂƚŝŽŶĂůƐĞƐƐŝŽŶƐĂŶĚŚĞĂƌŝŶŐƐĂƚƚŚĞZŽĐŚĞƐƚĞƌ ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶĂŶĚƚŚĞZŽĐŚĞƐƚĞƌŝƚǇŽƵŶĐŝů͘ŽŵŵĞŶƚĂƌǇƐŚĂƌĞĚƚŚƌŽƵŐŚƚŚĞƐĞ ƐĞƐƐŝŽŶƐǁĂƐƌĞĐŽƌĚĞĚĂŶĚŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞƉůĂŶĚŽĐƵŵĞŶƚĂƐĂƉƉƌŽƉƌŝĂƚĞ͘ ϭ͘ϰ͘ϱ<ĞǇĐƚŝǀŝƚŝĞƐdŝŵĞůŝŶĞ KĐƚŽďĞƌϮϬϭϯ WůĂŶŶŝŶŐƉƌŽĐĞƐƐďĞŐŝŶƐ͕ŝŶƚƌŽĚƵĐƚŽƌǇƉƌĞƐĞŶƚĂƚŝŽŶĂƚZŽĐŚĞƐƚĞƌŝƚǇŽƵŶĐŝů ŽŵŵŝƚƚĞĞŽĨƚŚĞtŚŽůĞŵĞĞƚŝŶŐ &ĞďƌƵĂƌǇϮϬϭϰ ĞŐŝŶƉƌĞƉĂƌĂƚŝŽŶƐĨŽƌĨŽĐƵƐĞĚĐŽŵŵƵŶŝƚǇŽƵƚƌĞĂĐŚ DĂƌĐŚϮϬϭϰ WůĂŶŶŝŶŐdĞĂŵƐŝĚĞŶƚŝĨŝĞĚ DĂƌĐŚϮϬϭϰ ĂƉĂďŝůŝƚǇĂƐƐĞƐƐŵĞŶƚĨŽƌŵƐĞŶƚƚŽWůĂŶĞǀĞůŽƉŵĞŶƚdĞĂŵ DĂǇϮϬϭϰ DĞĞƚŝŶŐƐĂŶĚƚŽƵƌƐǁŝƚŚĂĐĐĞƐƐĂŶĚĨƵŶĐƚŝŽŶĂůŶĞĞĚƐŐƌŽƵƉƐ͕ƉƌĞƐĞŶƚĂƚŝŽŶŽĨĨŝŶĚŝŶŐƐ ƚŽŝƚǇŽƵŶĐŝů DĂǇϮϬϭϰ &ŝƌƐƚŵĞĞƚŝŶŐǁŝƚŚĐŽŵŵƵŶŝƚǇĐƵůƚƵƌĂůŐƌŽƵƉƐ :ƵŶĞϮϬϭϰ <ĞǇŝŶĨŽƌŵĂŶƚŝŶƚĞƌǀŝĞǁƐǁŝƚŚŵĞŵďĞƌƐŽĨĐŽŵŵƵŶŝƚǇĐƵůƚƵƌĂůŐƌŽƵƉƐ :ƵůǇĂŶĚƵŐƵƐƚ &ŽĐƵƐŐƌŽƵƉŵĞĞƚŝŶŐƐǁŝƚŚĐŽŵŵƵŶŝƚǇĐƵůƚƵƌĂůŐƌŽƵƉƐ ϮϬϭϰ KĐƚŽďĞƌϮϬϭϰ ZĞƉŽƌƚĨŝŶĚŝŶŐƐďĂĐŬƚŽĐŽŵŵƵŶŝƚǇĐƵůƚƵƌĂůŐƌŽƵƉƐĨŽƌǀĞƌŝĨŝĐĂƚŝŽŶ͕ĐŽƌƌĞĐƚŝŽŶ͕ĂŶĚ ĚŝƐĐƵƐƐŝŽŶ KĐƚŽďĞƌϮϬϭϰͲ ZŝƐŬƐƐĞƐƐŵĞŶƚ^ƵƌǀĞǇƐĚĞǀĞůŽƉĞĚĂŶĚƐĞŶƚƚŽWůĂŶĞǀĞůŽƉŵĞŶƚdĞĂŵĂŶĚWůĂŶ &ĞďƌƵĂƌǇϮϬϭϱ sĂůŝĚĂƚŝŽŶdĞĂŵ &ĞďƌƵĂƌǇϮϬϭϱ ZŝƐŬƐƐĞƐƐŵĞŶƚ^ƵƌǀĞǇƐĂŶĂůǇǌĞĚ &ĞďƌƵĂƌǇϮϬϭϱ ZŝƐŬǀĂůŝĚĂƚŝŽŶŵĞĞƚŝŶŐĂŶĚĐŽŶƐĞŶƐƵƐďƵŝůĚŝŶŐǁŝƚŚWůĂŶŶŝŶŐdĞĂŵƐ :ƵŶĞϮϬϭϱ ŝƚǇŽƵŶĐŝůƉƌĞƐĞŶƚĂƚŝŽŶŽŶƌĞƐƵůƚƐŽĨĨŽĐƵƐĞĚŽƵƚƌĞĂĐŚĞĨĨŽƌƚƐǁŝƚŚƚŚĞ>ŝŵŝƚĞĚ ŶŐůŝƐŚ^ƉĞĂŬŝŶŐĐŽŵŵƵŶŝƚǇ ƉƌŝůϮϬϭϲ ͞dŚĞ/ŵƉĂĐƚŽĨůŝŵĂƚĞŚĂŶŐĞŽŶWƵďůŝĐ,ĞĂůƚŚ͟ʹƉĂƌƚŝĐŝƉĂƚŝŽŶŽŶĂDŝŶŶĞƐŽƚĂWƵďůŝĐ ZĂĚŝŽƉĂŶĞůĚŝƐĐƵƐƐŝŽŶƚŽĚŝƐĐƵƐƐŝŵƉĂĐƚƐŽĨĐůŝŵĂƚĞĐŚĂŶŐĞŽŶĞŵĞƌŐĞŶĐǇ ŵĂŶĂŐĞŵĞŶƚƉůĂŶŶŝŶŐ͘ ϵ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ^ĞƉƚĞŵďĞƌϮϬϭϲʹ DĞĞƚŝŶŐƐǁŝƚŚWůĂŶĞǀĞůŽƉŵĞŶƚdĞĂŵŵĞŵďĞƌƐƚŽĨŽƌŵƵůĂƚĞŵŝƚŝŐĂƚŝŽŶĂĐƚŝŽŶ DĂƌĐŚϮϬϭϳ ƐƚƌĂƚĞŐŝĞƐĂĨĨĞĐƚŝŶŐƚŚĞŝƌĚĞƉĂƌƚŵĞŶƚƐ͘ :ĂŶƵĂƌǇϮϬϭϳʹ DĞĞƚŝŶŐƐǁŝƚŚWůĂŶĞǀĞůŽƉŵĞŶƚdĞĂŵŵĞŵďĞƌƐƚŽƌĞǀŝĞǁĂŶĚĨŝŶĂůŝǌĞĐŽŵŵƵŶŝƚǇ DĂƌĐŚϮϬϭϳ ĐĂƉĂďŝůŝƚŝĞƐƌĞůĂƚĞĚƚŽƚŚĞŝƌĚĞƉĂƌƚŵĞŶƚ͘ :ĂŶƵĂƌǇϮϬϭϳʹ ŽƐƚĞŶĞĨŝƚZĞǀŝĞǁƐƵƌǀĞǇƐĐŽŵƉůĞƚĞĚďǇWůĂŶĞǀĞůŽƉŵĞŶƚdĞĂŵŵĞŵďĞƌƐ DĂƌĐŚϮϬϭϳ DĂƌĐŚϮϬϭϳ WƵďůŝĐŝŶĨŽƌŵĂƚŝŽŶĂůƐĞƐƐŝŽŶƐŽŶƚŚĞĨŝŶĂůƉůĂŶĚƌĂĨƚĂƚƚŚĞŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐ ŽŵŵŝƐƐŝŽŶ;ƚĞůĞǀŝƐĞĚͿ͕ZŽĐŚĞƐƚĞƌŽŵŵŝƚƚĞĞŽŶhƌďĂŶĞƐŝŐŶΘŶǀŝƌŽŶŵĞŶƚ ;hͿ͕ĂŶĚŝƚǇŽƵŶĐŝů͛ƐŽŵŵŝƚƚĞĞŽĨƚŚĞtŚŽůĞŵĞĞƚŝŶŐƐ >ĂƚĞDĂƌĐŚϮϬϭϳ WƵďůŝĐŚĞĂƌŝŶŐĂƚƚŚĞŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶƚŽƌĞǀŝĞǁ,DWĚƌĂĨƚĨŽƌ ƐƵďŵŝƚƚĂůƚŽƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂĂŶĚ&D ƉƌŝůϮϬϭϳ WƵďůŝĐŚĞĂƌŝŶŐĂƚƚŚĞZŽĐŚĞƐƚĞƌŝƚǇŽƵŶĐŝůƚŽĂƉƉƌŽǀĞĚƌĂĨƚ,DWĨŽƌƐƵďŵŝƚƚĂůƚŽ ƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂĂŶĚ&D d ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂƌĞǀŝĞǁƉĞƌŝŽĚ d &DƌĞǀŝĞǁƉĞƌŝŽĚ d &ŝŶĂůĚƌĂĨƚ,DWƵƉĚĂƚĞĚďĂƐĞĚŽŶ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂĂŶĚ&DƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ d &ŝŶĂů,DWĂƉƉƌŽǀĂůďǇZŽĐŚĞƐƚĞƌŝƚǇŽƵŶĐŝů͕ĨŽƌǁĂƌĚĞĚƚŽ&D ϭϬ 3DFNHW3J /E ϮŝƚǇWƌŽĨŝůĞ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ Ϯ͘ŝƚǇWƌŽĨŝůĞ Ϯ͘ϭ'ĞŶĞƌĂůŝƚǇKǀĞƌǀŝĞǁ ZŽĐŚĞƐƚĞƌŝƐůŽĐĂƚĞĚŝŶƚŚĞŚĞĂƌƚŽĨƐŽƵƚŚĞĂƐƚĞƌŶDŝŶŶĞƐŽƚĂ͛ƐKůŵƐƚĞĚŽƵŶƚǇ;&ŝŐƵƌĞϮͲϭͿ͘ZŽĐŚĞƐƚĞƌŝƐ ĂŐƌŽǁŝŶŐĐŽŵŵƵŶŝƚǇ͕ďŽƚŚŝŶƚĞƌŵƐŽĨůĂŶĚĂƌĞĂĂŶĚƉŽƉƵůĂƚŝŽŶ͘ƐƚŚĞƐƚĂƚĞ͛ƐƚŚŝƌĚůĂƌŐĞƐƚĐŝƚǇ͕ ZŽĐŚĞƐƚĞƌ͛Ɛϱϱ͘ϮƐƋƵĂƌĞŵŝůĞŵƵŶŝĐŝƉĂůůŝŵŝƚƐŚŽƵƐĞĂŶĞƐƚŝŵĂƚĞĚϭϭϮ͕ϮϮϱƌĞƐŝĚĞŶƚƐ;h^ĞŶƐƵƐƵƌĞĂƵ͕ ϮϬϭϱͿ͘ƐƚŚĞŚŽŵĞŽĨƚŚĞDĂǇŽůŝŶŝĐ͕ĂƐǁĞůůĂƐĂůĂƌŐĞ/DďƵƐŝŶĞƐƐĐŽŵƉůĞǆ͕ĂƉƉƌŽǆŝŵĂƚĞůǇϱϭ͕ϬϬϬ ǁŽƌŬĞƌƐĐŽŵŵƵƚĞŝŶƚŽƚŚĞĐŝƚǇŽŶĂĚĂŝůǇďĂƐŝƐ͘ &/'hZϮͲϭ͗K>D^dKhEdzDhE//W>/d/^ Ϯ͘ϮZŽĐŚĞƐƚĞƌ͛Ɛ,ŝƐƚŽƌǇ &ŽƌƚŚŽƵƐĂŶĚƐŽĨǇĞĂƌƐ͕ŶĂƚŝǀĞƉĞŽƉůĞƐŝŶŚĂďŝƚĞĚƚŚĞĂƌĞĂƚŚĂƚǁŽƵůĚďĞĐŽŵĞDŝŶŶĞƐŽƚĂ͘/ŶƚŚĞƉĂƐƚ ĨĞǁŚƵŶĚƌĞĚǇĞĂƌƐ͕ƚŚŽƐĞŵŽƐƚĨƌĞƋƵĞŶƚůǇĚǁĞůůŝŶŐŝŶƚŚŝƐĂƌĞĂǁĞƌĞƚŚĞĂŬŽƚĂͬ^ŝŽƵǆ͕KũŝďǁĂǇ͕ĂŶĚ tŝŶŶĞďĂŐŽƉĞŽƉůĞƐ͘&ŽƌĂůŵŽƐƚϮϬϬǇĞĂƌƐĂĨƚĞƌƚŚĞ&ƌĞŶĐŚĞǆƉůŽƌĞƌƐĂƌƌŝǀĞĚŚĞƌĞŝŶϭϲϲϬ͕ŶŽƚĂďůǇ ϭϮ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &ĂƚŚĞƌ>ŽƵŝƐ,ĞŶŶĞƉŝŶĂŶĚWŝĞƌƌĞ>Ğ^ƵĞƵƌ͕ĨĞǁŶŽŶͲŶĂƚŝǀĞƐŚĂĚƐĞĞŶƚŚĞƌŽůůŝŶŐƉůĂŝŶƐĂŶĚĚĞĞƉǀĂůůĞǇƐ ŽĨǁŚĂƚǁŽƵůĚďĞĐŽŵĞƐŽƵƚŚĞĂƐƚĞƌŶDŝŶŶĞƐŽƚĂ͘hŶĚĞƌĂƚƌĞĂƚǇǁŝƚŚƚŚĞh^'ŽǀĞƌŶŵĞŶƚŝŶϭϴϱϯ͕ƚŚĞ ĂŬŽƚĂͬ^ŝŽƵǆƌĞůŝŶƋƵŝƐŚĞĚƚŚĞĂƌĞĂ͕ŝŶĐůƵĚŝŶŐƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͕ƚŽƚŚĞdĞƌƌŝƚŽƌǇŽĨDŝŶŶĞƐŽƚĂ͘ ZŽĐŚĞƐƚĞƌĚĞǀĞůŽƉĞĚĂƐĂƐƚŽƉĂůŽŶŐƚŚĞƵďƵƋƵĞdƌĂŝů͕ĂƐƚĂŐĞĐŽĂĐŚůŝŶĞƐƉĂŶŶŝŶŐƚŚĞĚŝƐƚĂŶĐĞĨƌŽŵ^ƚ͘ WĂƵůƚŽƵďƵƋƵĞ͕/ŽǁĂ͘>ŽĐĂƚĞĚĂƚĂĐƌŽƐƐƌŽĂĚƐŶĞĂƌƚŚĞƵŵďƌŽZŝǀĞƌ͕ƚƌĂǀĞůĞƌƐǁŽƵůĚƐƚŽƉŝŶƚŚŝƐĂƌĞĂ ƚŽĐĂŵƉĂŶĚǁĂƚĞƌƚŚĞŝƌĂŶŝŵĂůƐ͘KŶ:ƵůǇϭϮ͕ϭϴϱϰ͕'ĞŽƌŐĞ,ĞĂĚĂŶĚŚŝƐĨĂŵŝůǇůĂŝĚĐůĂŝŵƚŽůĂŶĚƚŚĂƚŝƐ ŶŽǁƉĂƌƚŽĨZŽĐŚĞƐƚĞƌ͛ƐĐĞŶƚƌĂůďƵƐŝŶĞƐƐĚŝƐƚƌŝĐƚ͘/ƚǁĂƐƚŚĞƌĞƚŚĂƚƚŚĞǇďƵŝůƚĂůŽŐĐĂďŝŶŬŶŽǁŶĂƐ,ĞĂĚ͛Ɛ dĂǀĞƌŶ͘,ĞĂĚŶĂŵĞĚƚŚĞĐŝƚǇĂĨƚĞƌŚŝƐŚŽŵĞƚŽǁŶŽĨZŽĐŚĞƐƚĞƌ͕EĞǁzŽƌŬ͘/Ŷϭϴϱϱ͕ƚŚĞƚĞƌƌŝƚŽƌŝĂů ůĞŐŝƐůĂƚƵƌĞĐƌĞĂƚĞĚKůŵƐƚĞĚŽƵŶƚǇ͕ŶĂŵĞĚĂĨƚĞƌĂǀŝĚKůŵƐƚĞĚ͕ĨŝƌƐƚŵĂǇŽƌŽĨ^ƚ͘WĂƵů͘ZŽĐŚĞƐƚĞƌǁĂƐ ĚĞĐůĂƌĞĚƚŚĞĐŽƵŶƚǇƐĞĂƚĂŶĚŝŶĐŽƌƉŽƌĂƚĞĚĂƐĂĐŝƚǇŽŶƵŐƵƐƚϱ͕ϭϴϱϴ͘ƌĂǁŶƚŽƚŚĞĂƌĞĂďǇŝƚƐĐŚĞĂƉ ĂŶĚĨĞƌƚŝůĞĨĂƌŵůĂŶĚ͕ŽƚŚĞƌƐĞƚƚůĞƌƐŚĞĂĚĞĚƚŽZŽĐŚĞƐƚĞƌĂŶĚ͕ǁŝƚŚŝŶƐŝǆǇĞĂƌƐŽĨ,ĞĂĚ͛ƐĂƌƌŝǀĂů͕ƚŚĞ ƚŽǁŶ͛ƐƉŽƉƵůĂƚŝŽŶŚĂĚŐƌŽǁŶƚŽϭ͕ϰϮϰƌĞƐŝĚĞŶƚƐ͘ /Ŷϭϴϲϯ͕ƌ͘tŝůůŝĂŵtŽƌƌĂůůDĂǇŽĂƌƌŝǀĞĚŝŶZŽĐŚĞƐƚĞƌƚŽďĞĐŽŵĞƚŚĞĞǆĂŵŝŶŝŶŐƐƵƌŐĞŽŶŽĨĨĞĚĞƌĂů ĚƌĂĨƚĞĞƐĚƵƌŝŶŐƚŚĞŝǀŝůtĂƌ͘,ĞƐƚĂǇĞĚŝŶZŽĐŚĞƐƚĞƌĂŶĚƚŽŽŬƵƉůŝĨĞĂƐĂĐŽƵŶƚƌǇĚŽĐƚŽƌ͘KŶƵŐƵƐƚϭϮ͕ ϭϴϴϯ͕ĂƚŽƌŶĂĚŽƌŝƉƉĞĚƚŚƌŽƵŐŚZŽĐŚĞƐƚĞƌ͕ ŬŝůůŝŶŐϮϰƉĞŽƉůĞ͕ŝŶũƵƌŝŶŐϭϬϬ͕ĂŶĚĚĞƐƚƌŽǇŝŶŐ ϭϱϬďƵŝůĚŝŶŐƐ͘dŚĞ^ŝƐƚĞƌƐŽĨ^ĂŝŶƚ&ƌĂŶĐŝƐ͕ƌ͘ DĂǇŽ͕ĂŶĚŚŝƐƐŽŶƐ͕tŝůůŝĂŵĂŶĚŚĂƌůĞƐ͕ĐĂŵĞ ƚŽƚŚĞĂŝĚŽĨƚŚĞŝŶũƵƌĞĚ͘^ŝƐƚĞƌDĂƌǇůĨƌĞĚ DŽĞ͕Ă&ƌĂŶĐŝƐĐĂŶƐŝƐƚĞƌƚĞĂĐŚŝŶŐŝŶZŽĐŚĞƐƚĞƌ͕ ǁĂƐĐŽŶǀŝŶĐĞĚďǇƚŚĞĞǆƉĞƌŝĞŶĐĞƚŚĂƚ ZŽĐŚĞƐƚĞƌŶĞĞĚĞĚĂƉĞƌŵĂŶĞŶƚŵĞĚŝĐĂůĨĂĐŝůŝƚǇ ƚŽƐĞƌǀĞƚŚĞŶĞĞĚƐŽĨĂƌĞĂƌĞƐŝĚĞŶƚƐ͘^ŚĞĂŶĚ ŚĞƌĨĞůůŽǁƐ^ŝƐƚĞƌƐŽĨĨĞƌĞĚƚŽďƵŝůĚƚŚĞŚŽƐƉŝƚĂů ŝĨƌ͘t͘t͘DĂǇŽĂŶĚŚŝƐƐŽŶƐǁŽƵůĚƐƚĂĨĨƚŚĞ ĨĂĐŝůŝƚǇ͘DĂǇŽĂŐƌĞĞĚ͕ĂŶĚŝŶϭϴϴϵ͕^ƚ͘DĂƌǇƐ ,ŽƐƉŝƚĂůŽƉĞŶĞĚǁŝƚŚϮϳďĞĚƐ͘KƚŚĞƌĚŽĐƚŽƌƐĐĂŵĞƚŽƉƌĂĐƚŝĐĞǁŝƚŚƚŚĞDĂǇŽƐ͕ĂŶĚƚŚĞŵĞĚŝĐĂůƚĞĂŵ ĚĞǀĞůŽƉĞĚƐĐŝĞŶƚŝĨŝĐůĂďŽƌĂƚŽƌŝĞƐƚŽƚĞƐƚĂŶĚƌĞĨŝŶĞƚŚĞŝƌŵĞĚŝĐĂůŬŶŽǁůĞĚŐĞ͘dŚĞŝƌĞĨĨŽƌƚƐǁŽƵůĚƐĞƚŝŶ ŵŽƚŝŽŶƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨǁŚĂƚŚĂƐďĞĐŽŵĞŽŶĞŽĨƚŚĞǁŽƌůĚ͛ƐƚŽƉŵĞĚŝĐĂůĐĞŶƚĞƌƐ͘ /Ŷ&ĞďƌƵĂƌǇϭϵϱϲ͕/DĂŶŶŽƵŶĐĞĚƉůĂŶƐƚŽĞƐƚĂďůŝƐŚŶĞǁŵĂŶƵĨĂĐƚƵƌŝŶŐ͕ĞŶŐŝŶĞĞƌŝŶŐ͕ĂŶĚĞĚƵĐĂƚŝŽŶĂů ĨĂĐŝůŝƚŝĞƐŽŶĂϯϵϳͲĂĐƌĞƐŝƚĞŽŶƚŚĞĞĚŐĞŽĨZŽĐŚĞƐƚĞƌ͘/DZŽĐŚĞƐƚĞƌďĞŐĂŶǁŝƚŚϭϳϰĞŵƉůŽǇĞĞƐĂŶĚŚĂĚ ϭ͕ϴϬϬĞŵƉůŽǇĞĞƐďǇƚŚĞϭϵϱϴŽƉĞŶŝŶŐŽĨƚŚĞŵĂŝŶ͞ďůƵĞ͟ďƵŝůĚŝŶŐ͘ǇƚŚĞůĂƚĞϭϵϳϬƐ͕ĂƉƉƌŽǆŝŵĂƚĞůǇ ϲ͕ϬϬϬƉĞŽƉůĞǁŽƌŬĞĚĂƚƚŚĞĨĂĐŝůŝƚǇ͘tŚŝůĞZŽĐŚĞƐƚĞƌ/D͛ƐĞŵƉůŽǇŵĞŶƚĐĂƉĂĐŝƚǇŚĂƐĚĞĐůŝŶĞĚŝŶƌĞĐĞŶƚ ǇĞĂƌƐ͕ŝƚƐĞƐƚĂďůŝƐŚŵĞŶƚďŽůƐƚĞƌĞĚZŽĐŚĞƐƚĞƌ͛ƐƌĞƉƵƚĂƚŝŽŶĂƐĂĐĞŶƚĞƌĨŽƌŝŶŶŽǀĂƚŝŽŶ͘ dŚĞZŽĐŚĞƐƚĞƌĂƌĞĂŚĂƐĐŽŶƚŝŶƵĞĚƚŽŐƌŽǁ͕ďĂƐĞĚŽŶĂƐƚƌŽŶŐĂŐƌŝĐƵůƚƵƌĂů͕ŵĞĚŝĐĂů͕ƚĞĐŚŶŝĐĂů͕ĂŶĚ ŚŽƐƉŝƚĂůŝƚǇĞĐŽŶŽŵǇ;&ŝŐƵƌĞϮͲϮͿ͕ĂŶĚŝƐĞǆƉĞĐƚĞĚƚŽƐĞĞƐŝŐŶŝĨŝĐĂŶƚŐƌŽǁƚŚŽǀĞƌƚŚĞŶĞǆƚϮϱǇĞĂƌƐ͘ ZŽĐŚĞƐƚĞƌŝƐƵŶůŝŬĞĂŶǇŽƚŚĞƌĐŝƚǇŝŶƚŚĞĐŽƵŶƚƌǇ͘tĞĂƌĞĂĐŝƚǇŽĨŽŶůǇϭϭϮ͕ϬϬϬƉĞŽƉůĞ͕ǇĞƚ͕ĂƐŚŽŵĞŽĨ ƚŚĞǁŽƌůĚͲƌĞŶŽǁŶĞĚDĂǇŽůŝŶŝĐ͕ZŽĐŚĞƐƚĞƌŝƐĂŐůŽďĂůĐĞŶƚĞƌŽĨŝŶŶŽǀĂƚŝŽŶĂŶĚƚĞĐŚŶŽůŽŐǇ͘dŚĞĐŝƚǇ ŚŽƐƚƐŽǀĞƌϯŵŝůůŝŽŶǀŝƐŝƚŽƌƐĞǀĞƌǇǇĞĂƌ͕ϮͬϯŽĨǁŚŽŵĂƌĞƐĞĞŬŝŶŐŵĞĚŝĐĂůƚƌĞĂƚŵĞŶƚ͘ZŽĐŚĞƐƚĞƌŚĂƐĂ ŚŝŐŚĞŵƉůŽǇŵĞŶƚƌĂƚĞ͕ǁŝƚŚĂŚŝŐŚĐŽŶĐĞŶƚƌĂƚŝŽŶŽĨũŽďƐŝŶƚŚĞĚŽǁŶƚŽǁŶ͘tĞŵƵƐƚĂĐĐŽƵŶƚĨŽƌƚŚĞƐĞ ƵŶŝƋƵĞĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐǁŚĞŶĂĚĚƌĞƐƐŝŶŐĞŵĞƌŐĞŶĐǇŵĂŶĂŐĞŵĞŶƚƉůĂŶŶŝŶŐĨŽƌŽƵƌĐŽŵŵƵŶŝƚǇ͘ ϭϯ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϮͲϮ͗'ZKtd,WddZE^ ϭϰ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ Ϯ͘ϯdŚĞWĞŽƉůĞ Ϯ͘ϯ͘ϭZĞƐŝĚĞŶƚWŽƉƵůĂƚŝŽŶĂŶĚĞŵŽŐƌĂƉŚŝĐƐ ZŽĐŚĞƐƚĞƌŚĂƐŚĂĚĂůŽŶŐŚŝƐƚŽƌǇŽĨƐƚĞĂĚǇƉŽƉƵůĂƚŝŽŶŐƌŽǁƚŚ͕ĂŶĚƚŚĂƚƚƌĞŶĚŝƐĞǆƉĞĐƚĞĚƚŽĐŽŶƚŝŶƵĞĨŽƌ ĂƚůĞĂƐƚƚŚĞŶĞǆƚϮϱǇĞĂƌƐ;dĂďůĞϮͲϭͿ͘ƐŽĨϮϬϭϱ͕ũƵƐƚŽǀĞƌϭϭϮ͕ϬϬϬƉĞŽƉůĞĐĂůůZŽĐŚĞƐƚĞƌŚŽŵĞ͘dŚŝƐ ŶƵŵďĞƌŝƐĞǆƉĞĐƚĞĚƚŽƌĞĂĐŚƌŽƵŐŚůǇϭϮϲ͕ϬϬϬďǇϮϬϮϬĂŶĚϭϲϱ͕ϬϬϬďǇϮϬϰϬ͘ZŽĐŚĞƐƚĞƌ͛ƐƐŚĂƌĞŽĨ KůŵƐƚĞĚŽƵŶƚǇƌĞƐŝĚĞŶƚƐǁŝůůĐŽŶƚŝŶƵĞƚŽŝŶĐƌĞĂƐĞ͘ d>ϮͲϭ͗,/^dKZ/WKWh>d/KEE&hdhZWZK:d/KE^ ZŽĐŚĞƐƚĞƌйKůŵƐƚĞĚŽƵŶƚǇйZŽĐŚĞƐƚĞƌ^ŚĂƌĞ ŝƚǇŽĨZŽĐŚĞƐƚĞƌŚĂŶŐĞKůŵƐƚĞĚŽƵŶƚǇŚĂŶŐĞŽĨŽƵŶƚǇ ϭϵϬϬϲ͕ϴϰϯͲϮϯ͕ϭϭϵͲϮϵ͘ϲй ϭϵϭϬϳ͕ϴϰϰϭϰ͘ϲйϮϮ͕ϯϵϳͲϯ͘ϭйϯϱ͘Ϭй ϭϵϮϬϭϯ͕ϳϮϮϳϰ͘ϵйϮϵ͕ϬϭϰϮϵ͘ϱйϰϳ͘ϯй ϭϵϯϬϮϬ͕ϲϮϭϱϬ͘ϯйϯϱ͕ϰϮϲϮϮ͘ϭйϱϴ͘Ϯй ϭϵϱϬϮϵ͕ϴϴϱϰϰ͘ϵйϰϴ͕ϮϮϴϯϲ͘ϭйϲϮ͘Ϭй ϭϵϲϬϰϬ͕ϲϲϯϯϲ͘ϭйϲϱ͕ϱϯϮϯϱ͘ϵйϲϮ͘ϭй ϭϵϳϬϱϯ͕ϳϲϲϯϮ͘Ϯйϴϰ͕ϭϬϰϮϴ͘ϯйϲϯ͘ϵй ϭϵϴϬϱϳ͕ϴϵϬϳ͘ϳйϵϮ͕ϬϬϲϵ͘ϰйϲϮ͘ϵй ϭϵϵϬϳϭ͕ϱϵϬϮϯ͘ϳйϭϬϲ͕ϰϳϬϭϱ͘ϳйϲϳ͘Ϯй ϮϬϬϬϴϱ͕ϴϬϲϭϵ͘ϵйϭϮϰ͕Ϯϳϳϭϲ͘ϳйϲϵ͘Ϭй ϮϬϭϬϭϬϲ͕ϳϲϵϮϰ͘ϰйϭϰϰ͕Ϯϰϴϭϲ͘ϭйϳϰ͘Ϭй ϮϬϮϬϭϮϱ͕ϳϳϲϭϳ͘ϴйϭϲϳ͕ϱϬϬϭϲ͘ϭйϳϱ͘ϭй ϮϬϯϬϭϰϴ͕Ϭϰϲϭϳ͘ϳйϭϵϰ͕ϵϬϬϭϲ͘ϰйϳϲ͘Ϭй ϮϬϰϬϭϲϰ͕ϲϯϯϭϭ͘ϮйϮϭϱ͕ϴϳϬϭϬ͘ϴйϳϲ͘ϯй dŚĞƉŽƉƵůĂƚŝŽŶǁŝůůďĞĐŽŵĞŝŶĐƌĞĂƐŝŶŐůǇĚŝǀĞƌƐĞ͕ĂƐĨŽƌĞŝŐŶŝŵŵŝŐƌĂŶƚƐ͕ƉĞŽƉůĞŽĨĐŽůŽƌ͕ůŽǁĞƌŝŶĐŽŵĞ ǁĂŐĞĞĂƌŶĞƌƐ͕ĂŶĚĞůĚĞƌůǇŵĂŬĞƵƉĂŶŝŶĐƌĞĂƐŝŶŐƐŚĂƌĞŽĨƚŚŝƐĐŝƚǇ͛ƐƌĞƐŝĚĞŶƚƐ͘dŚĞŶƵŵďĞƌŽĨZŽĐŚĞƐƚĞƌ ƐĞŶŝŽƌƐ͕ĨŽƌĞǆĂŵƉůĞ͕ŝƐĞǆƉĞĐƚĞĚƚŽĚŽƵďůĞďǇϮϬϰϬ͘ϲϬйŽĨŽƵƌƉŽƉƵůĂƚŝŽŶŐƌŽǁƚŚƐŝŶĐĞϮϬϬϬŚĂƐďĞĞŶ ƉĞƌƐŽŶƐŽĨĐŽůŽƌŽƌ,ŝƐƉĂŶŝĐƐ͘ƉƉƌŽǆŝŵĂƚĞůǇϭϳйŽĨŽƵƌƌĞƐŝĚĞŶƚƐƐƉĞĂŬĂůĂŶŐƵĂŐĞŽƚŚĞƌƚŚĂŶŶŐůŝƐŚ ĂƚŚŽŵĞ͖ZŽĐŚĞƐƚĞƌWƵďůŝĐ^ĐŚŽŽůƐƌĞƉŽƌƚƐƚŚĂƚŽǀĞƌϴϬůĂŶŐƵĂŐĞƐĂƌĞƐƉŽŬĞŶďǇĨĂŵŝůŝĞƐǁŝƚŚŝŶƚŚĞ ƐĐŚŽŽůĚŝƐƚƌŝĐƚ͘KĨƚŚŽƐĞƌĞƐŝĚĞŶƚƐƵŶĚĞƌĂŐĞϲϱ͕ϲ͘ϱйŚĂǀĞĂĚŝƐĂďŝůŝƚǇ͘/ŶƚŝŵĞƐŽĨĐƌŝƐŝƐ͕ĂĐŽŵŵƵŶŝƚǇ͛Ɛ ĂďŝůŝƚǇƚŽĂŝĚŝƚƐŵŽƐƚǀƵůŶĞƌĂďůĞŵĞŵďĞƌƐͲƚŚĞǀĞƌǇǇŽƵŶŐĂŶĚƚŚĞĞůĚĞƌůǇ͕ƚŚŽƐĞǁŝƚŚƉŚǇƐŝĐĂůĂŶĚ ĐŽŐŶŝƚŝǀĞůŝŵŝƚĂƚŝŽŶƐ͕ĂŶĚƚŚŽƐĞǁŝƚŚĂůŽǁƉƌŽĨŝĐŝĞŶĐǇĨŽƌƐƉĞĂŬŝŶŐŶŐůŝƐŚͲƐŚŽƵůĚƐĞƌǀĞĂƐĂŶŝŶĚŝĐĂƚŽƌ ŽĨŝƚƐĂďŝůŝƚǇƚŽƐĞƌǀĞŝƚƐĞŶƚŝƌĞƉŽƉƵůĂƚŝŽŶ͘ Ϯ͘ϯ͘ϮsŝƐŝƚŽƌƐ ƉƉƌŽǆŝŵĂƚĞůǇϱϬ͕ϬϬϬƉĞŽƉůĞǀŝƐŝƚZŽĐŚĞƐƚĞƌĞĂĐŚĚĂǇ͘ŵƉůŽǇĞĞƐ͕ŵĞĚŝĐĂůƉĂƚŝĞŶƚƐ͕ĂŶĚďƵƐŝŶĞƐƐ ƚƌĂǀĞůĞƌƐĐŽŵƉƌŝƐĞƚŚĞǀĂƐƚŵĂũŽƌŝƚǇŽĨƚŚŝƐŐƌŽƵƉ͘ZŽĐŚĞƐƚĞƌĂůƐŽŚŽƐƚƐŵĂŶǇĐŽŶǀĞŶƚŝŽŶƐĂŶĚĂŵĂƚĞƵƌ ƐƉŽƌƚŝŶŐĞǀĞŶƚƐƚŚƌŽƵŐŚŽƵƚƚŚĞǇĞĂƌ͘ƐŝŐŶŝĨŝĐĂŶƚƉŽƌƚŝŽŶŽĨƚŚĞƐĞǀŝƐŝƚŽƌƐƚƌĂǀĞůŚĞƌĞĨƌŽŵŽƵƚƐŝĚĞƚŚĞ ƐƚĂƚĞ͕ƌĞŐŝŽŶ͕ĂŶĚĐŽƵŶƚƌǇ͘^ŽŵĞĂƌĞƵŶĨĂŵŝůŝĂƌǁŝƚŚƚŚĞĐŝƚǇĂŶĚŝƚƐǁĞĂƚŚĞƌ͕ĨĂĐŝůŝƚŝĞƐ͕ĂŶĚůĂŶŐƵĂŐĞ͖ ŵĂŶǇĂƌĞŝůůŽƌĚĞĂůŝŶŐǁŝƚŚƉŚǇƐŝĐĂůůŝŵŝƚĂƚŝŽŶƐ͘ ϭϱ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ Ϯ͘ϰdŚĞĐŽŶŽŵǇ ƐƚŚĞƌĞŐŝŽŶĂůĞŵƉůŽǇŵĞŶƚĐĞŶƚĞƌĨŽƌƐŽƵƚŚĞĂƐƚDŝŶŶĞƐŽƚĂ͕ZŽĐŚĞƐƚĞƌŚĂƐĂŶĞŵƉůŽǇŵĞŶƚďĂƐĞŽĨ ĂƉƉƌŽǆŝŵĂƚĞůǇϭϭϬ͕ϬϬϬũŽďƐ͘ZŽĐŚĞƐƚĞƌŝƐĐŽŶǀĞŶŝĞŶƚůǇůŽĐĂƚĞĚƚŽƚŚĞdǁŝŶŝƚŝĞƐ;ΕϴϬŵŝůĞƐͿ͕ĂŶĚƐĞƌǀĞƐ ĂƐĂŶĞĐŽŶŽŵŝĐ͕ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ͕ĂŶĚĐƵůƚƵƌĂůŚƵďĨŽƌƐŵĂůůĞƌĐŝƚŝĞƐŝŶƐŽƵƚŚĞĂƐƚĞƌŶDŝŶŶĞƐŽƚĂŝŶĐůƵĚŝŶŐ &ĂƌŝďĂƵůƚ͕KǁĂƚŽŶŶĂ͕ůďĞƌƚ>ĞĂ͕ƵƐƚŝŶ͕ĂŶĚtŝŶŽŶĂ;ĂůůůŽĐĂƚĞĚǁŝƚŚŝŶϱϬŵŝůĞƐŽĨZŽĐŚĞƐƚĞƌͿ͘ ZŽĐŚĞƐƚĞƌŝƐǁŝƚŚŝŶƚŚƌĞĞŚŽƵƌƐĚƌŝǀŝŶŐĚŝƐƚĂŶĐĞĨƌŽŵDĂĚŝƐŽŶ͕tŝƐĐŽŶƐŝŶĂŶĚĞƐDŽŝŶĞƐ͕/ŽǁĂ͕ĂŶĚ ŽƚŚĞƌDŝĚǁĞƐƚĞƌŶĐŝƚŝĞƐƐƵĐŚĂƐKŵĂŚĂ͕DŝůǁĂƵŬĞĞ͕ĂŶĚŚŝĐĂŐŽĂƌĞǁŝƚŚŝŶĂŶŚŽƵƌ͛ƐĨůŝŐŚƚƚŽZŽĐŚĞƐƚĞƌ /ŶƚĞƌŶĂƚŝŽŶĂůŝƌƉŽƌƚ͘dŚƵƐ͕ZŽĐŚĞƐƚĞƌŝƐĂĐŽŶǀĞŶŝĞŶƚĚĞƐƚŝŶĂƚŝŽŶŶŽƚŽŶůǇĨŽƌĂƐŝŐŶŝĨŝĐĂŶƚŶƵŵďĞƌŽĨ ĐŽŵŵƵƚĞƌƐĨƌŽŵŽƵƚƐŝĚĞZŽĐŚĞƐƚĞƌ͛ƐŵĞƚƌŽƉŽůŝƚĂŶĂƌĞĂ͕ďƵƚĂůƐŽĨŽƌƉĂƚŝĞŶƚƐ͕ďƵƐŝŶĞƐƐƚƌĂǀĞůĞƌƐ͕ĂŶĚ ŽƚŚĞƌǀŝƐŝƚŽƌƐĨƌŽŵƚŚĞhƉƉĞƌDŝĚǁĞƐƚ͘ dŚĞDĂǇŽůŝŶŝĐĂŶĚƚŚĞŚĞĂůƚŚĐĂƌĞŝŶĚƵƐƚƌǇŚĂǀĞĂƐŝŐŶŝĨŝĐĂŶƚŝŶĨůƵĞŶĐĞŽŶZŽĐŚĞƐƚĞƌ͛ƐĞĐŽŶŽŵǇ͘/Ŷ ϮϬϭϯ͕ƚŚĞŚĞĂůƚŚĐĂƌĞĂŶĚƐŽĐŝĂůĂƐƐŝƐƚĂŶĐĞƐĞĐƚŽƌĞŵƉůŽǇĞĚϰϬйŽĨƚŚĞŝŶĚŝǀŝĚƵĂůƐǁŽƌŬŝŶŐŝŶZŽĐŚĞƐƚĞƌ ĂŶĚϯϴйŽĨĂůůĞŵƉůŽǇĞĚZŽĐŚĞƐƚĞƌƌĞƐŝĚĞŶƚƐ͘dŚĞŚĞĂůƚŚĐĂƌĞĂŶĚƐŽĐŝĂůĂƐƐŝƐƚĂŶĐĞƐĞĐƚŽƌǁŝůůĐŽŶƚŝŶƵĞ ƚŽďĞƚŚĞĚŽŵŝŶĂŶƚĞĐŽŶŽŵŝĐĚƌŝǀĞƌŝŶZŽĐŚĞƐƚĞƌ͕ǁŝƚŚƚŚĞŵŽƐƚƉƌŽŶŽƵŶĐĞĚĞŵƉůŽǇŵĞŶƚŐƌŽǁƚŚ ƉƌŽũĞĐƚĞĚƚŚƌŽƵŐŚϮϬϰϬ͘dŚĞŶƵŵďĞƌŽĨũŽďƐŝŶƚŚĂƚƐĞĐƚŽƌŝƐƉƌŽũĞĐƚĞĚƚŽŝŶĐƌĞĂƐĞĨƌŽŵĂƌŽƵŶĚϯϲ͕ϬϬϬ ŝŶϮϬϭϭƚŽŵŽƌĞƚŚĂŶϲϬ͕ϬϬϬŝŶϮϬϰϬ͕ĂŶŝŶĐƌĞĂƐĞŽĨϲϳй͘KůŵƐƚĞĚDĞĚŝĐĂůĞŶƚĞƌĂŶĚƚŚĞ&ĞĚĞƌĂů DĞĚŝĐĂůĞŶƚĞƌĂƌĞĂůƐŽŵĂũŽƌĞŵƉůŽǇĞƌƐŝŶƚŚĞƐĞƐĞĐƚŽƌƐ͘ tŚŝůĞŚĞĂůƚŚĐĂƌĞŝƐĂƉŽǁĞƌĨƵůĞĐŽŶŽŵŝĐĨŽƌĐĞŝŶZŽĐŚĞƐƚĞƌ͕ŝƚŝƐŶŽƚƚŚĞŽŶůǇďƵƐŝŶĞƐƐŝŶƚŽǁŶ͘ZĞƚĂŝů͕ ŵĂŶƵĨĂĐƚƵƌŝŶŐ͕ŚŽƐƉŝƚĂůŝƚǇ͕ĂŶĚĞĚƵĐĂƚŝŽŶƚŽŐĞƚŚĞƌĂĐĐŽƵŶƚĞĚĨŽƌĂƉƉƌŽǆŝŵĂƚĞůǇϭϵ͕ϬϬϬũŽďƐŝŶϮϬϭϭ͘ dŚĞƌĞƚĂŝůĂŶĚƉƵďůŝĐĂĚŵŝŶŝƐƚƌĂƚŝŽŶĞŵƉůŽǇŵĞŶƚƐĞĐƚŽƌƐĂƌĞƉƌŽũĞĐƚĞĚƚŽĞǆƉĞƌŝĞŶĐĞƐŝŐŶŝĨŝĐĂŶƚŐƌŽǁƚŚ ĂŶĚďĞĐŽŵĞƚŚĞƐĞĐŽŶĚĂŶĚƚŚŝƌĚůĂƌŐĞƐƚďǇϮϬϰϬ͘dŚĞƐĞƚǁŽƐĞĐƚŽƌƐĂĚĚĞĚƚŽŐĞƚŚĞƌǁŝůůĂĐĐŽƵŶƚĨŽƌ ĂƌŽƵŶĚϯϬ͕ϬϬϬũŽďƐͶůĞƐƐƚŚĂŶŚĂůĨƚŚĞŶƵŵďĞƌŽĨŚĞĂůƚŚĐĂƌĞƐĞĐƚŽƌũŽďƐďƵƚƐƚŝůůĂƐŝŐŶŝĨŝĐĂŶƚŶƵŵďĞƌŽĨ ũŽďƐƚŚĂƚǁŝůůŶĞĞĚƚŽďĞĨŝůůĞĚ͘DĂŶƵĨĂĐƚƵƌŝŶŐĂŶĚĂĐĐŽŵŵŽĚĂƚŝŽŶͬĨŽŽĚƐĞƌǀŝĐĞĂƌĞƉƌŽũĞĐƚĞĚƚŽďĞƚŚĞ ĨŽƵƌƚŚĂŶĚĨŝĨƚŚůĂƌŐĞƐƚĞŵƉůŽǇŵĞŶƚƐĞĐƚŽƌƐďǇϮϬϰϬ͘DĂũŽƌĞŵƉůŽǇĞƌƐŝŶƚŚĞƐĞƐĞĐƚŽƌƐŝŶĐůƵĚĞ ZŽĐŚĞƐƚĞƌWƵďůŝĐ^ĐŚŽŽůƐ͕/D͕KůŵƐƚĞĚŽƵŶƚǇ͕ŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕ŚĂƌƚĞƌŽŵŵƵŶŝĐĂƚŝŽŶƐ͕ƌĞŶůŽ͕ĂŶĚ <ĂŚůĞƌ,ŽƚĞůƐ͘ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ;DͿŝƐĂŵĂũŽƌĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚŝŶŝƚŝĂƚŝǀĞƚŚĂƚǁŝůůŝŶĐƌĞĂƐĞĂŶĚ ĂĐĐĞůĞƌĂƚĞƚŚĞĚĞŵĂŶĚĨŽƌƉƌŝǀĂƚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘KǀĞƌƚŚĞŶĞǆƚϮϬǇĞĂƌƐ͕ƚŚĞ ƚĂƌŐĞƚŽĨƚŚĞDŝƐƚŽŐƌŽǁƚŚĞĞŵƉůŽǇŵĞŶƚďĂƐĞďǇƐŽŵĞϯϱ͕ϬϬϬͲϰϱ͕ϬϬϬũŽďƐĂŶĚƚŽŵŽƌĞƚŚĂŶ ĚŽƵďůĞƚŚĞŶƵŵďĞƌŽĨǀŝƐŝƚƐƚŽƚŚĞĐŝƚǇ͕ĂŶĚƉĂƌƚŝĐƵůĂƌůǇƚŚĞĚŽǁŶƚŽǁŶĐŽƌĞ͕ďǇDĂǇŽůŝŶŝĐƉĂƚŝĞŶƚƐĂŶĚ ĐŽŵƉĂŶŝŽŶƐ͕ďƵƐŝŶĞƐƐƚƌĂǀĞůĞƌƐ͕ĂŶĚĐŽŶǀĞŶƚŝŽŶĂŶĚĞǀĞŶƚĂƚƚĞŶĚĞĞƐ͘DĂŶǇŽĨƚŚĞǀŝƐŝƚŽƌƐĂŶĚĨƵƚƵƌĞ ƌĞƐŝĚĞŶƚƐĚƌĂǁŶƚŽƚŚŝƐƉƌĞŵŝĞƌŵĞĚŝĐĂůĐĞŶƚĞƌǁŝůůŚĂǀĞƐƉĞĐŝĂůŶĞĞĚƐĚƵĞƚŽĂŐĞ͕ŝůůŶĞƐƐ͕ĂŶĚ ĚŝƐĂďŝůŝƚŝĞƐ͘ƐZŽĐŚĞƐƚĞƌƉůĂŶƐƚŚĞĨĂĐŝůŝƚŝĞƐĂŶĚƐĞƌǀŝĐĞƐŶĞĞĚĞĚƚŽĂƚƚƌĂĐƚĂŶĚƌĞƚĂŝŶǀŝƐŝƚŽƌƐĂŶĚ ƌĞƐŝĚĞŶƚƐ͕ƚŚĞĐŽŵŵƵŶŝƚǇŵƵƐƚƐƚƌŝǀĞƚŽĞŶƐƵƌĞŝƚƌĞŵĂŝŶƐĂĐĐĞƐƐŝďůĞĂŶĚǁĞůĐŽŵŝŶŐƚŽĂůů͘ ZŽĐŚĞƐƚĞƌŝƐĂŶĂĨĨůƵĞŶƚĐŝƚǇƚŚĂƚĞŶũŽǇƐƌĞůĂƚŝǀĞůǇŚŝŐŚŝŶĐŽŵĞƐĂŶĚĨĞĂƚƵƌĞƐĂƉŽǀĞƌƚǇƌĂƚĞƚŚĂƚŝƐƐƚĂďůĞ ĂŶĚǁĞůůďĞůŽǁƚŚĞŶĂƚŝŽŶĂůƉŽǀĞƌƚǇƌĂƚĞ͘dŚĞƉĞƌĐĞŶƚĂŐĞŽĨĨĂŵŝůŝĞƐĞĂƌŶŝŶŐŵŽƌĞƚŚĂŶΨϳϱ͕ϬϬϬ ĂŶŶƵĂůůǇŐƌĞǁƚŽŽǀĞƌϱϬйŽĨƚŚĞĨĂŵŝůŝĞƐŝŶZŽĐŚĞƐƚĞƌ͕ǁŚŝůĞƚŚĞƉĞƌĐĞŶƚĂŐĞŽĨĨĂŵŝůŝĞƐĞĂƌŶŝŶŐŵŽƌĞ ƚŚĂŶΨϭϬϬ͕ϬϬϬĂŶŶƵĂůůǇŝŶĐƌĞĂƐĞĚƚŽϯϱйŽĨZŽĐŚĞƐƚĞƌŚŽƵƐĞŚŽůĚƐ͕ƚŚĞůĂƌŐĞƐƚƉĞƌĐĞŶƚĂŐĞŽĨĂŶǇ ŝŶĐŽŵĞĐĂƚĞŐŽƌǇŝŶƚŚĞŝƚǇ͘ZŽĐŚĞƐƚĞƌ͛ƐŵĞĚŝĂŶĨĂŵŝůǇŝŶĐŽŵĞŝƐŚŝŐŚĞƌƚŚĂŶƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ ĂǀĞƌĂŐĞ͕ĂŶĚƌĂŶŬƐǁĞůůĂďŽǀĞŽƚŚĞƌĐŝƚŝĞƐŝŶ'ƌĞĂƚĞƌDŝŶŶĞƐŽƚĂ͘/ŶĐŽŵĞŝŶĞƋƵĂůŝƚǇ͕ŚŽǁĞǀĞƌ͕ŝƐĂ ϭϲ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ŐƌŽǁŝŶŐƉƌŽďůĞŵŝŶZŽĐŚĞƐƚĞƌ͘ŵƉůŽǇŵĞŶƚƚƌĞŶĚƐŝŶĚŝĐĂƚĞƚŚĂƚƚŚĞůŽǁĞƌͲƉĂǇŝŶŐƌĞƚĂŝůͬŚŽƐƉŝƚĂůŝƚǇ ĞŵƉůŽǇŵĞŶƚƐĞĐƚŽƌǁŝůůŐƌŽǁ͕ĂůŽŶŐǁŝƚŚƚŚĞŶƵŵďĞƌŽĨƐĞŶŝŽƌŚŽƵƐĞŚŽůĚƐĂŶĚŽƚŚĞƌƐǁŝƚŚĨŝǆĞĚ ŝŶĐŽŵĞƐ͘ Ϯ͘ϱdŚĞůŝŵĂƚĞ dŚĞZŽĐŚĞƐƚĞƌĂƌĞĂŚĂƐĂ͞ĐŽŶƚŝŶĞŶƚĂů͟ĐůŝŵĂƚĞ͖ƚŚĂƚŝƐ͕ĚƵĞƚŽŝƚƐĚŝƐƚĂŶĐĞĨƌŽŵƚŚĞŽĐĞĂŶƐ͛ĐůŝŵĂƚĞ ŵŽĚĞƌĂƚŝŶŐĞĨĨĞĐƚƐ͕ƚŚĞĂƌĞĂ͛ƐƐĞĂƐŽŶĂůƚĞŵƉĞƌĂƚƵƌĞǀĂƌŝĂƚŝŽŶŝƐƋƵŝƚĞůĂƌŐĞ͘tŝŶƚĞƌƐĂƌĞůŽŶŐĂŶĚĐŽůĚ͕ ƐƵŵŵĞƌƐĂƌĞǁĂƌŵĂŶĚŚƵŵŝĚ͘EŽƌŵĂůϯϬͲǇĞĂƌ;ϭϵϴϭͲϮϬϭϬͿĂǀĞƌĂŐĞƚĞŵƉĞƌĂƚƵƌĞƐƌĂŶŐĞĨƌŽŵϭϰ͘ϴ ĚĞŐƌĞĞƐŝŶ:ĂŶƵĂƌǇƚŽϳϬ͘ϱĚĞŐƌĞĞƐŝŶ:ƵůǇ͘tĞĂƚŚĞƌƉĂŐĞƐ͘ĐŽŵƌĂŶŬĞĚZŽĐŚĞƐƚĞƌƚŚŝƌĚŚŝŐŚĞƐƚŝŶ ǁĞĂƚŚĞƌ ǀĂƌŝĂďŝůŝƚǇŽƵƚŽĨ ϮϳϳĐŝƚŝĞƐ͘^ĞǀĞƌĞ ƚŚƵŶĚĞƌƐƚŽƌŵƐ͕ ƉŽƚĞŶƚŝĂů ƚŽƌŶĂĚŽĞƐ͕ ĚĂŵĂŐŝŶŐŚĂŝů͕ ǁŝŶƚĞƌƐƚŽƌŵƐ͕ ĂŶĚĞǆƚƌĞŵĞĐŽůĚ ĂŶĚŚĞĂƚĂƌĞ ƌŽƵƚŝŶĞŝŶƚŚŝƐ ƉĂƌƚŽĨƚŚĞ ĐŽƵŶƚƌǇ͘ dŚĞŝŵƉĂĐƚƐŽĨ ĐůŝŵĂƚĞĐŚĂŶŐĞ ǁŝůůŝŶĐƌĞĂƐĞ ƚŚĞƐĞĞǆƚƌĞŵĞ ǁĞĂƚŚĞƌĞǀĞŶƚƐ͘ DŝŶŶĞƐŽƚĂůŝŵĂƚĞĂŶĚ,ĞĂůƚŚWƌŽĨŝůĞZĞƉŽƌƚ /ŶϮϬϭϱ͕ƚŚĞDŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨ,ĞĂůƚŚƉƵďůŝƐŚĞĚ ϮϬϭϱ͗ŶƐƐĞƐƐŵĞŶƚŽĨůŝŵĂƚĞŚĂŶŐĞ/ŵƉĂĐƚƐŽŶƚŚĞ,ĞĂůƚŚΘtĞůůͲĞŝŶŐŽĨDŝŶŶĞƐŽƚĂŶƐ ͘dŚŝƐƌĞƉŽƌƚ ŶŽƚĞƐƚŚĂƚĐŚĂŶŐĞƐĂƌĞŚĂƉƉĞŶŝŶŐŝŶDŝŶŶĞƐŽƚĂ͛ƐĐůŝŵĂƚĞƚŚĂƚĂƌĞƌĞƐƵůƚŝŶŐŝŶƐĞƌŝŽƵƐŚĞĂůƚŚĂŶĚǁĞůůͲ ďĞŝŶŐĐŽŶƐĞƋƵĞŶĐĞƐ͘ŝƌƉŽůůƵƚŝŽŶ͕ĞǆƚƌĞŵĞŚĞĂƚ͕ĨůŽŽĚŝŶŐ͕ĚƌŽƵŐŚƚ͕ĂŶĚĞĐŽƐǇƐƚĞŵƚŚƌĞĂƚƐǁĞƌĞ ĐŽŶƐŝĚĞƌĞĚƚŽďĞƚŚĞŵŽƐƚƌĞůĞǀĂŶƚŚĂǌĂƌĚƐƚŽDŝŶŶĞƐŽƚĂŶƐ͕ƌĞƐƵůƚŝŶŐŝŶƐƵĐŚĚŝƌĞĐƚŚĞĂůƚŚŝŵƉĂĐƚƐĂƐ ĐĂƌĚŝŽǀĂƐĐƵůĂƌĂŶĚƉƵůŵŽŶĂƌǇĚŝƐĞĂƐĞ͕ĂƐƚŚŵĂ͕ĂůůĞƌŐŝĞƐ͕ǁĂƚĞƌďŽƌŶĞĚŝƐĞĂƐĞ͕ĂŶĚǀĞĐƚŽƌͲďŽƌŶĞĚŝƐĞĂƐĞ͘ /ŶĨƌĂƐƚƌƵĐƚƵƌĞĨĂŝůƵƌĞƐ͕ƐƚƌĂŝŶŽŶĞƐƐĞŶƚŝĂůƐĞƌǀŝĐĞƐ͕ĂŶĚĨŝƐĐĂůƐƚƌĂŝŶƐǁĞƌĞĂůƐŽŝĚĞŶƚŝĨŝĞĚĂƐůŝŬĞůǇƌĞƐƵůƚƐ͘ Ϯ͘ϲdŚĞ>ĂŶĚ dŚĞĐŝƚǇŽĨZŽĐŚĞƐƚĞƌŝƐůŽĐĂƚĞĚŝŶƚŚĞƵŵďƌŽZŝǀĞƌǀĂůůĞǇ͘ĚĞŶĚƌŝƚŝĐĚƌĂŝŶĂŐĞƐǇƐƚĞŵ͕ǀĂƌŝĂďůĞƚĞƌƌĂŝŶ͕ ĂŶĚĂďƐĞŶĐĞŽĨŶĂƚƵƌĂůůĂŬĞƐĐŚĂƌĂĐƚĞƌŝǌĞZŽĐŚĞƐƚĞƌ͛ƐůĂŶĚƐĐĂƉĞ͘ůĞǀĂƚŝŽŶƐŝŶZŽĐŚĞƐƚĞƌ͛ƐhƌďĂŶ^ĞƌǀŝĐĞ ƌĞĂƌĂŶŐĞĨƌŽŵϴϴϭ͛D^>ŝŶƚŚĞƌŝǀĞƌǀĂůůĞǇƐƚŽϭϯϮϰ͛D^>ŝŶƚŚĞĨĂƌƐŽƵƚŚ;&ŝŐƵƌĞϮͲϯͿ͘ ϭϳ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϮͲϯ͗dKWK'ZW,z ϭϴ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ Ϯ͘ϲ͘ϭ'ĞŽůŽŐǇ dŚĞDŝŶŶĞƐŽƚĂ'ĞŽůŽŐŝĐ^ƵƌǀĞǇ;D'^ͿĐƌĞĂƚĞĚĂŐĞŽůŽŐŝĐĂƚůĂƐĨŽƌKůŵƐƚĞĚŽƵŶƚǇŝŶϭϵϴϴŝŶŽƌĚĞƌƚŽ ĚĞƐĐƌŝďĞƚŚĞĂƌĞĂ͛ƐŐĞŽůŽŐǇ͕ŚǇĚƌŽŐĞŽůŽŐǇ͕ĂŶĚƐĞŶƐŝƚŝǀŝƚǇƚŽƉŽůůƵƚĂŶƚƐ͘dŚŝƐĚĂƚĂƐĞƚƉƌŽǀŝĚĞƐĐƌŝƚŝĐĂů ŝŶĨŽƌŵĂƚŝŽŶƚŽƚĞĐŚŶŝĐŝĂŶƐ͕ƉůĂŶŶĞƌƐ͕ĞŵĞƌŐĞŶĐǇƌĞƐƉŽŶĚĞƌƐ͕ĂŶĚĚĞĐŝƐŝŽŶͲŵĂŬĞƌƐŝŶĞǀĂůƵĂƚŝŶŐƚŚĞ ŝŵƉĂĐƚƐŽĨƐƵƌĨĂĐĞĂĐƚŝǀŝƚŝĞƐŽŶƚŚĞŚĞĂůƚŚŽĨƚŚĞĂƌĞĂ͛ƐŚĞĂůƚŚĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂŶĚĂƐƐĞƐƐŝŶŐ ĂƉƉƌŽƉƌŝĂƚĞƌĞƐƉŽŶƐĞƐƚŽŚĂǌĂƌĚŽƵƐĞǀĞŶƚƐ͘sĂƌŝŽƵƐƐƚƵĚŝĞƐďǇƚŚĞD'^ĂŶĚƚŚĞDŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚ ŽĨEĂƚƵƌĂůZĞƐŽƵƌĐĞƐ;DŶEZͿŚĂǀĞƐĞƌǀĞĚƚŽƵƉĚĂƚĞƐŽŵĞŽĨƚŚŝƐĚĂƚĂ͘dŚĞD'^ŚĂƐƌĞĐĞŶƚůǇ ĞŵďĂƌŬĞĚŽŶĂĐŽŵƉƌĞŚĞŶƐŝǀĞƵƉĚĂƚĞŽĨƚŚŝƐǀŝƚĂůƉůĂŶŶŝŶŐƚŽŽů͘ dŚĞďĞĚƌŽĐŬƵŶŝƚƐƚŚĂƚƵŶĚĞƌůĂǇƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ;&ŝŐƵƌĞϮͲϱͿĨŽƌŵĂƐĞƋƵĞŶĐĞŽĨ͞ĂƋƵŝĨĞƌƐ͕͟ŐĞŽůŽŐŝĐ ĨŽƌŵĂƚŝŽŶƐƚŚĂƚĐŽŶƚĂŝŶĂŶĚĐŽŶĚƵĐƚŐƌŽƵŶĚǁĂƚĞƌ͘dŚĞƐĞĂƋƵŝĨĞƌƐĂƌĞŚǇĚƌŽůŽŐŝĐĂůůǇƐĞƉĂƌĂƚĞĚďǇ ĐŽŶĨŝŶŝŶŐůĂǇĞƌƐŽĨůŽǁƉĞƌŵĞĂďŝůŝƚǇƚŚĂƚŬĞĞƉƐƵƌĨĂĐĞƉŽůůƵƚĂŶƚƐĨƌŽŵĐŽŶƚĂŵŝŶĂƚŝŶŐĚĞĞƉĞƌĨŽƌŵĂƚŝŽŶƐ͘ DŝůĚůǇĂĐŝĚŝĐŐƌŽƵŶĚǁĂƚĞƌŝƐƐůŽǁůǇĚŝƐƐŽůǀŝŶŐƚŚĞĐĂƌďŽŶĂƚĞďĞĚƌŽĐŬƚŚĂƚůŝĞƐƵŶĚĞƌŶĞĂƚŚƚŚŝƐƉŽƌƚŝŽŶŽĨ ^ŽƵƚŚĞĂƐƚDŝŶŶĞƐŽƚĂ͕ƉƌŽĚƵĐŝŶŐĚŝƐƚŝŶĐƚŝǀĞŐƌŽƵŶĚǁĂƚĞƌĐŽŶĚŝƚŝŽŶƐĂŶĚůĂŶĚĨŽƌŵƐŬŶŽǁŶĂƐ͞ŬĂƌƐƚ͘͟ dŚĞƐĞĨŽƌŵĂƚŝŽŶƐĂƌĞƚŚĞŵĂũŽƌƌĞƐĞƌǀŽŝƌƐƚŚĂƚŚŽůĚƚŚŝƐƌĞŐŝŽŶ͛ƐǁĂƚĞƌƐƵƉƉůǇ͘<ĂƌƐƚĂƋƵŝĨĞƌƐĂƌĞŚŝŐŚůǇ ƐƵƐĐĞƉƚŝďůĞƚŽŐƌŽƵŶĚǁĂƚĞƌ &/'hZϮͲϰ͗^hZ&E'ZKhEtdZ/EdZd/KE/E<Z^dZ^ ĐŽŶƚĂŵŝŶĂƚŝŽŶďĞĐĂƵƐĞƐŽůƵƚŝŽŶͲ ĞŶůĂƌŐĞĚĨƌĂĐƚƵƌĞƐĂŶĚƐŝŶŬŚŽůĞƐ ĨŽƌŵĐŽŶĚƵŝƚƐƚŚĂƚĨƵŶŶĞůǁĂƚĞƌ ĂŶĚĐŽŶƚĂŵŝŶĂŶƚƐĨƌŽŵƚŚĞ ƐƵƌĨĂĐĞŝŶƚŽƚŚĞŐƌŽƵŶĚǁĂƚĞƌ ƐǇƐƚĞŵ͕ĂŶĚŝŶƚĞƌĐŽŶŶĞĐƚĞĚ ĐĂǀŝƚŝĞƐĂůůŽǁƚŚĞǁĂƚĞƌƚŽ ĚŝƐƉĞƌƐĞƌĂƉŝĚůǇŽǀĞƌ ĐŽŶƐŝĚĞƌĂďůĞĚŝƐƚĂŶĐĞƐ;&ŝŐƵƌĞϮͲ ϰͿ͘ DŽƐƚŽĨƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂŚĂƐ ũƵƐƚĂƚŚŝŶĐŽĂƚŝŶŐŽĨƐŽŝůƐŽǀĞƌ ƚŚĞďĞĚƌŽĐŬƐƵƌĨĂĐĞ͕ƉƌŽǀŝĚŝŶŐ ůŝƚƚůĞĨŝůƚƌĂƚŝŽŶĐĂƉĂĐŝƚǇĂŶĚ ŶĂƚƵƌĂůƉƌŽƚĞĐƚŝŽŶĨƌŽŵƐƵƌĨĂĐĞ ƉŽůůƵƚĂŶƚƐƚŽƚŚĞĂƋƵŝĨĞƌƐďĞůŽǁ ;&ŝŐƵƌĞϮͲϲͿ͘dŚĞĐŽŵďŝŶĂƚŝŽŶŽĨ ŬĂƌƐƚŐĞŽůŽŐǇǁŝƚŚƐŚĂůůŽǁĚĞƉƚŚ ƚŽďĞĚƌŽĐŬĂĨĨĞĐƚƐƚŚĞƌĂƚĞĂƚǁŚŝĐŚǁĂƚĞƌŵŽǀĞƐĚŽǁŶǁĂƌĚĨƌŽŵƚŚĞůĂŶĚƐƵƌĨĂĐĞƚŽƚŚĞŐƌŽƵŶĚǁĂƚĞƌ ƐƵƉƉůŝĞƐ͘'ĞŶĞƌĂůůǇ͕ƚŚĞĐůŽƐĞƌƚŽƚŚĞůĂŶĚƐƵƌĨĂĐĞƚŚĂƚƚŚĞǁĂƚĞƌƚĂďůĞŽĐĐƵƌƐ͕ƚŚĞŐƌĞĂƚĞƌŝƐƚŚĞŐĞŽůŽŐŝĐ ƐĞŶƐŝƚŝǀŝƚǇƚŽĐŽŶƚĂŵŝŶĂƚŝŽŶ͘,ŽǁĞǀĞƌ͕ǁŚĞŶŬĂƌƐƚĞŶƚĞƌƐƚŚĞĞƋƵĂƚŝŽŶ͕ĨůƵŝĚƐĐĂŶĞĂƐŝůǇĐĂƐĐĂĚĞƚŚƌŽƵŐŚ ĐĂǀĞƌŶƐĂŶĚƐŽůƵƚŝŽŶͲĞŶůĂƌŐĞĚĨƌĂĐƚƵƌĞƐ͘ƐĂƌĞƐƵůƚ͕ƐƵƌĨĂĐĞƉŽůůƵƚĂŶƚƐĐĂŶƌĞĂĐŚƚŚĞĨŝƌƐƚĞŶĐŽƵŶƚĞƌĞĚ ďĞĚƌŽĐŬƚŚƌŽƵŐŚŵŽƐƚŽĨZŽĐŚĞƐƚĞƌŝŶĂŵĂƚƚĞƌŽĨŚŽƵƌƐƚŽĂĨĞǁǇĞĂƌƐ;&ŝŐƵƌĞϮͲϳͿ͘ ϭϵ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϮͲϱ͗ZK<'K>K'z ϮϬ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϮͲϲ͗Wd,dKZK< Ϯϭ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϮͲϳ͗'K>K'/^E^/d/s/dz ϮϮ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ Ϯ͘ϲ͘Ϯ^ŽŝůƐ dŚĞh^ĞƉĂƌƚŵĞŶƚŽĨŐƌŝĐƵůƚƵƌĞ͛Ɛ^ŽŝůŽŶƐĞƌǀĂƚŝŽŶ^ĞƌǀŝĐĞ;ŶŽǁŬŶŽǁŶĂƐƚŚĞEĂƚƵƌĂůZĞƐŽƵƌĐĞƐ ^Žŝů^ƵƌǀĞǇŽĨKůŵƐƚĞĚŽƵŶƚǇ͕DŝŶŶĞƐŽƚĂ ŽŶƐĞƌǀĂƚŝŽŶ^ĞƌǀŝĐĞͿŝƐƐƵĞĚƚŚĞŝŶDĂƌĐŚϭϵϴϬ͘ ƐŝŐŶŝĨŝĐĂŶƚƉŽƌƚŝŽŶŽĨƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͛ƐƐŽŝůƐĂƌĞĐůĂƐƐŝĨŝĞĚĂƐ͞ŚŝŐŚůǇĞƌŽĚŝďůĞ͕͟ďĂƐĞĚŽŶƚŚĞŝƌ ƚĞŶĚĞŶĐǇƚŽĞƌŽĚĞĨƌŽŵǁŝŶĚŽƌǁĂƚĞƌŵŽǀĞŵĞŶƚ͘dŚŝƐĞƌŽƐŝŽŶĐĂŶƌĞƐƵůƚŝŶƐůŽƉĞŝŶƐƚĂďŝůŝƚǇ͕ƉĂƌƚŝĐƵůĂƌůǇ ǁŚĞŶĨĂĐŝŶŐƐƚŽƌŵĞǀĞŶƚƐ;&ŝŐƵƌĞϮͲϴͿ͘ ƐĚĞƐĐƌŝďĞĚŝŶƚŚĞ'ĞŽůŽŐǇƐĞĐƚŝŽŶ͕ŵƵĐŚŽĨƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂŚĂƐƐŚĂůůŽǁƐŽŝůƐƚŽƚŚĞǁĂƚĞƌƚĂďůĞ͕ ƉƌŽǀŝĚŝŶŐƉŽƚĞŶƚŝĂůŝŶƚĞƌĨĂĐĞƐĨŽƌĐŽŶƚĂŵŝŶĂŶƚƐƚŽƌĞĂĐŚƚŚĞŐƌŽƵŶĚǁĂƚĞƌĂƐǁĞůůĂƐƚŚĞƉŽƚĞŶƚŝĂůĨŽƌ ůŽĐĂůŝǌĞĚƐƚƌƵĐƚƵƌĞĂŶĚƌŽĂĚĚĂŵĂŐĞ;&ŝŐƵƌĞϮͲϵͿ͘^ŽŵĞŽĨƚŚĞƐĞƐŽŝůƐĂƌĞĂůƐŽĐŽŶƐŝĚĞƌĞĚƚŽďĞ͞ŚǇĚƌŝĐ͕͟ ŝŶĚŝĐĂƚŝŶŐƚŚĞƉŽƚĞŶƚŝĂůƉƌĞƐĞŶĐĞŽĨƐĞŶƐŝƚŝǀĞǁĞƚůĂŶĚƐĂƌĞĂƐ͘ &ůŽŽĚƉůĂŝŶƐŽŝůƐĂƌĞĨŽƵŶĚĂůŽŶŐƚŚĞƉĞƌĞŶŶŝĂůƌŝǀĞƌƐĂŶĚƐƚƌĞĂŵƐ͕ŝŶƚĞƌŵŝƚƚĞŶƚƐƚƌĞĂŵƐ͕ĂŶĚŝŶ ĚĞƉƌĞƐƐŝŽŶĂůĂƌĞĂƐ;&ŝŐƵƌĞϮͲϭϬͿ͘dŚĞŝƌĨůŽŽĚƉƌŽŶĞŶĂƚƵƌĞŵĂǇůĞĂĚƚŽƐĂĨĞƚǇĐŽŶĐĞƌŶƐĂŶĚŚĂǌĂƌĚŽƵƐ ĂŶĚĐŽƐƚůǇĚĂŵĂŐĞƐƚŽĂĚũĂĐĞŶƚƐƚƌƵĐƚƵƌĞƐ͕ƉĂƌƚŝĐƵůĂƌůǇǁŚĞƌĞĨůŽŽĚŝŶŐŝƐƌĞůĂƚŝǀĞůǇĨƌĞƋƵĞŶƚ;&ŝŐƵƌĞϮͲ ϭϭͿ͘ Ϯ͘ϲ͘ϯ>ĂŶĚhƐĞ ^ŝŶŐůĞĨĂŵŝůǇƌĞƐŝĚĞŶƚŝĂůŶĞŝŐŚďŽƌŚŽŽĚƐĂƌĞƚŚĞƉƌŝŵĂƌǇůĂŶĚĂĐƚŝǀŝƚǇĨŽƵŶĚŝŶZŽĐŚĞƐƚĞƌ͘ƌĞĂƐŽĨŚŝŐŚĞƌ ƌĞƐŝĚĞŶƚŝĂůĚĞŶƐŝƚǇĂƌĞĨŽƵŶĚƐĐĂƚƚĞƌĞĚĂĐƌŽƐƐƚŚĞĐŝƚǇ͕ƉƌĞĚŽŵŝŶĂŶƚůǇŝŶƚŚĞĚŽǁŶƚŽǁŶĂƌĞĂĂŶĚĐůŽƐĞ ƚŽŵĂũŽƌƚŚŽƌŽƵŐŚĨĂƌĞƐ͘ŽŵŵĞƌĐŝĂůĂŶĚŽĨĨŝĐĞƵƐĞƐĂƌĞĐŽŶĐĞŶƚƌĂƚĞĚŝŶƚŚĞĚŽǁŶƚŽǁŶĂŶĚĂůŽŶŐŵĂũŽƌ ƌŽĂĚǁĂǇĐŽƌƌŝĚŽƌƐ͘ZŽĐŚĞƐƚĞƌŝƐĐƵƌƌĞŶƚůǇƵƉĚĂƚŝŶŐŝƚƐŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ͖ĂŶĞǁĨƵƚƵƌĞůĂŶĚƵƐĞŵĂƉ ǁŝůůďĞĂĚŽƉƚĞĚĂƐƉĂƌƚŽĨƚŚĂƚĞĨĨŽƌƚĂŶĚǁŝůůƌĞƉůĂĐĞƚŚĞŽŶĞƐŚŽǁŶŝŶ&ŝŐƵƌĞϮͲϭϮ͘ Ϯ͘ϲ͘ϰWĂƌŬƐĂŶĚKƉĞŶ^ƉĂĐĞƐ ZŽĐŚĞƐƚĞƌŚĂƐĂŶĞǆƚĞŶƐŝǀĞƉĂƌŬƐĂŶĚŽƉĞŶƐƉĂĐĞƐǇƐƚĞŵ͕ƉƌŽǀŝĚŝŶŐŝƚƐƌĞƐŝĚĞŶƚƐĂŶĚǀŝƐŝƚŽƌƐǁŝƚŚĂǁŝĚĞ ǀĂƌŝĞƚǇŽĨƌĞĐƌĞĂƚŝŽŶĂůĂĐƚŝǀŝƚŝĞƐ͘DĂŶǇŽĨƚŚĞƐĞĨĂĐŝůŝƚŝĞƐĂƌĞǁŝƚŚŝŶĞĂƐǇǁĂůŬŝŶŐŽƌďŝŬŝŶŐĚŝƐƚĂŶĐĞĨƌŽŵ ŶĞŝŐŚďŽƌŚŽŽĚƐĂŶĚƚŚĞĚŽǁŶƚŽǁŶ͘ZŽĐŚĞƐƚĞƌ͛ƐƉĂƌŬƐǇƐƚĞŵŝŶĐůƵĚĞƐŵŽƌĞƚŚĂŶϰ͕ϮϬϬĂĐƌĞƐŽĨƉĂƌŬůĂŶĚ͕ ϭϮϬƉĂƌŬƐ͕ĂŶĚϴϱŵŝůĞƐŽĨƚƌĂŝůƐ͘dŚĞƐǇƐƚĞŵŝƐĂĐĐĞƐƐŝďůĞ͕ǁĞůůƵƐĞĚ͕ĂŶĚĂŶĞƐƐĞŶƚŝĂůƉĂƌƚŽĨƚŚĞŝƚǇ͘ dŚĞǇĐŽŶƚƌŝďƵƚĞƚŽŶĞŝŐŚďŽƌŚŽŽĚŝĚĞŶƚŝƚǇ͕ĞŶǀŝƌŽŶŵĞŶƚĂůƐƵƐƚĂŝŶĂďŝůŝƚǇ͕ƌĞƐŝĚĞŶƚŚĞĂůƚŚĂŶĚǁĞůůͲďĞŝŶŐ͕ ĂŶĚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ͘ŵĂƉŽĨƚŚĞƉĂƌŬƐƐǇƐƚĞŵŝƐƐŚŽǁŶŝŶ&ŝŐƵƌĞϮͲϭϯ͘ Ϯ͘ϳdŚĞtĂƚĞƌ Ϯ͘ϳ͘ϭtĂƚĞƌƐŚĞĚƐ ůůďƵƚƚŚĞƐŽƵƚŚĞƌŶŵŽƐƚƚŝƉŽĨZŽĐŚĞƐƚĞƌ͛ƐhƌďĂŶ^ĞƌǀŝĐĞƌĞĂĚƌĂŝŶƐŝŶƚŽƚŚĞƵŵďƌŽZŝǀĞƌǁĂƚĞƌƐŚĞĚ ;&ŝŐƵƌĞϮͲϭϰͿ͘dŚĞZŽŽƚZŝǀĞƌǁĂƚĞƌƐŚĞĚĐŽůůĞĐƚƐǁĂƚĞƌŝŶƚŚĞĨĂƌƐŽƵƚŚ͘ŽƚŚŽĨƚŚĞƐĞǁĂƚĞƌƐŚĞĚƐĚƌĂŝŶ ƚŽƚŚĞDŝƐƐŝƐƐŝƉƉŝZŝǀĞƌ͘ Ϯϯ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϮͲϴ͗,/',>zZK/>^K/>^ Ϯϰ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϮͲϵ͗Wd,dKtdZd> Ϯϱ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϮͲϭϬ͗,zZ/E&>KKW>/E^K/>^ Ϯϲ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϮͲϭϭ͗&>KK&ZYhEz^KE^K/>^ Ϯϳ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϮͲϭϮ͗ZK,^dZ>Eh^W>E Ϯϴ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϮͲϭϯ͗WZ<^ΘZZd/KE Ϯϵ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϮͲϭϰ͗^hZ&tdZ^,^ ϯϬ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ Ϯ͘ϳ͘Ϯ/ŶƚĞƌĐŽŶŶĞĐƚŝŽŶŽĨ'ƌŽƵŶĚǁĂƚĞƌĂŶĚ^ƵƌĨĂĐĞtĂƚĞƌ dŚĞŐƌŽƵŶĚǁĂƚĞƌĂŶĚƐƵƌĨĂĐĞǁĂƚĞƌƐǇƐƚĞŵƐŝŶƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂĂƌĞŚŝŐŚůǇŝŶƚĞƌĐŽŶŶĞĐƚĞĚĚƵĞƚŽƚŚĞ ŬĂƌƐƚŐĞŽůŽŐǇƚŚĂƚĐŚĂƌĂĐƚĞƌŝǌĞƐƚŚŝƐƉĂƌƚŽĨƚŚĞƐƚĂƚĞ͘dŚĞůĂƌŐĞĂƌĞĂƐŽĨŐůĂĐŝĂůƚŝůůĚĞƉŽƐŝƚƐĨŽƵŶĚƐŽƵƚŚ ĂŶĚǁĞƐƚŽĨZŽĐŚĞƐƚĞƌŚĞůƉƚŽĐŽŶƚƌŽůŐƌŽƵŶĚǁĂƚĞƌƌĞĐŚĂƌŐĞĂŶĚĚŝƐĐŚĂƌŐĞ͘ sŝƌƚƵĂůůǇĂůůŽĨZŽĐŚĞƐƚĞƌ͛ƐǁĂƚĞƌƐƵƉƉůǇŝƐĚƌĂǁŶĨƌŽŵƚŚĞďĞĚƌŽĐŬĂƋƵŝĨĞƌƐƚŚĂƚƵŶĚĞƌůĂǇƚŚĞĐŝƚǇ͘ůůŽĨ ƚŚŝƐŐƌŽƵŶĚǁĂƚĞƌďĞŐĂŶĂƐƉƌĞĐŝƉŝƚĂƚŝŽŶƚŚĂƚĞŶƚĞƌĞĚƚŚĞƐŽŝůĂŶĚŵŽǀĞĚŝŶƚŽƚŚĞƐĞƌŽĐŬĨŽƌŵĂƚŝŽŶƐ͘ >ŽĐĂƚĞĚϯϬϬͲϳϬϬĨĞĞƚďĞůŽǁƚŚĞƐƵƌĨĂĐĞ͕ƚŚĞ^ƚ͘WĞƚĞƌͲWƌĂŝƌŝĞĚƵŚŝĞŶͲ:ŽƌĚĂŶĂƋƵŝĨĞƌŝƐƚŚĞĐŝƚǇ͛Ɛ ƉƌŝŵĂƌǇĚƌŝŶŬŝŶŐǁĂƚĞƌƐŽƵƌĐĞ͘dŚĞĨůŽǁŽĨƚŚŝƐĐƌŝƚŝĐĂůǁĂƚĞƌƐƵƉƉůǇŝƐƚŽǁĂƌĚƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͘^ŝŶĐĞ ĚƌŝŶŬŝŶŐǁĂƚĞƌǀƵůŶĞƌĂďŝůŝƚǇŝƐůĂƌŐĞůǇĂĨƵŶĐƚŝŽŶŽĨĂŵďŝĞŶƚŚǇĚƌŽŐĞŽůŽŐŝĐĂŶĚůŽĐĂůůĂŶĚƵƐĞĐŽŶĚŝƚŝŽŶƐ͕ ĞǀĞŶĐŽŶƚĂŵŝŶĂŶƚƐĞŶƚĞƌŝŶŐƚŚĞĂƋƵŝĨĞƌĨƌŽŵďĞǇŽŶĚƚŚĞĐŝƚǇůŝŵŝƚƐǁŝůůƵůƚŝŵĂƚĞůǇŝŵƉĂĐƚĐŝƚǇǁĂƚĞƌ ƐƵƉƉůŝĞƐ͘WŽƚĂďůĞǁĂƚĞƌǁĞůůƐĂƌĞŶŽǁƉƌŽŚŝďŝƚĞĚŝŶƚŚĞƵƉƉĞƌĂƋƵŝĨĞƌƐĚƵĞƚŽƐŚĂůůŽǁĚĞƉƚŚƚŽďĞĚƌŽĐŬ ĐŽŵďŝŶĞĚǁŝƚŚŚŝŐŚĞƌůĞǀĞůƐŽĨĚĞƚĞĐƚĞĚĐŽŶƚĂŵŝŶĂŶƚƐƐƵĐŚĂƐŶŝƚƌĂƚĞͲŶŝƚƌŽŐĞŶ͘ dŚĞĞĐŽƌĂŚͲWůĂƚƚĞǀŝůůĞͲ'ůĞŶǁŽŽĚĐŽŶĨŝŶŝŶŐůĂǇĞƌŝƐĂŶϴϬͲĨŽŽƚƚŚŝĐŬƐĞƋƵĞŶĐĞŽĨƌŽĐŬĨŽƌŵĂƚŝŽŶƐƚŚĂƚ ƉƌŽǀŝĚĞƐĂǀĞƌǇůŽǁůĞǀĞůŽĨƉĞƌŵĞĂďŝůŝƚǇďĞƚǁĞĞŶƚŚĞhƉƉĞƌĂƌďŽŶĂƚĞĂƋƵŝĨĞƌĂŶĚƚŚĞ^ƚ͘WĞƚĞƌͲWƌĂŝƌŝĞ ĚƵŚŝĞŶͲ:ŽƌĚĂŶĂƋƵŝĨĞƌ͕ƚŚĞƐŽƵƌĐĞŽĨŵŽƐƚŽĨƚŚĞĐŝƚǇ͛ƐĚƌŝŶŬŝŶŐǁĂƚĞƌ͘dŚŝƐĐŽŶĨŝŶŝŶŐůĂǇĞƌ͕ŚŽǁĞǀĞƌ͕ ŚĂƐĞƌŽĚĞĚĂǁĂǇƚŚƌŽƵŐŚŵƵĐŚŽĨƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͘dŚĞƚĞƌŵŝŶĂůĞĚŐĞŽĨƚŚĞĞĐŽƌĂŚƐŚĂůĞʹƚŚĞ ͞ĞĐŽƌĂŚĚŐĞ͟ʹŝƐƚŚĞůŽĐĂƚŝŽŶŽĨĂƉƉƌŽǆŝŵĂƚĞůǇŚĂůĨŽĨƚŚĞŐƌŽƵŶĚǁĂƚĞƌƌĞĐŚĂƌŐĞĨŽƌZŽĐŚĞƐƚĞƌ͛Ɛ ƉŽƚĂďůĞǁĂƚĞƌƐŽƵƌĐĞ;&ŝŐƵƌĞϮͲϭϱͿ͘ůƚĞƌĂƚŝŽŶŽĨƚŚĞǀĞŐĞƚĂƚŝŽŶ͕ƐŽŝůƐ͕ĂŶĚŚǇĚƌŽůŽŐǇŝƐĐŽŶƐƚƌĂŝŶĞĚŝŶ ƚŚĞƐĞĂƌĞĂƐďǇǌŽŶŝŶŐĂŶĚǁĞƚůĂŶĚŽƌĚŝŶĂŶĐĞƐŝŶŽƌĚĞƌƚŽƉƌĞƐĞƌǀĞƚŚĞĐƌŝƚŝĐĂůďĞŶĞĨŝƚƐƉƌŽǀŝĚĞĚďǇ ŶĂƚƵƌĂůĨŝůƚƌĂƚŝŽŶ͘ZŽĐŚĞƐƚĞƌWƵďůŝĐhƚŝůŝƚŝĞƐ͕ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ^ƚĂƚĞůĂǁ͕ŚĂƐĚĞůŝŶĞĂƚĞĚǁĞůůŚĞĂĚ ƉƌŽƚĞĐƚŝŽŶĂƌĞĂƐƚŽŵĂŶĂŐĞƉŽƚĞŶƚŝĂůƐŽƵƌĐĞƐŽĨĐŽŶƚĂŵŝŶĂƚŝŽŶŝŶĂƌĞĂƐƚŚĂƚƐƵƉƉůǇǁĂƚĞƌƚŽƉƵďůŝĐ ǁĞůůƐ;&ŝŐƵƌĞϮͲϭϲͿ͘ EƵŵĞƌŽƵƐƌĞĂĐŚĞƐŽĨƚŚĞŵĂũŽƌǁĂƚĞƌďŽĚŝĞƐƚŚĂƚƚƌĂǀĞƌƐĞƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂŚĂǀĞďĞĞŶƉůĂĐĞĚŽŶƚŚĞ ƐƚĂƚĞ͛Ɛ/ŵƉĂŝƌĞĚtĂƚĞƌƐ>ŝƐƚ;&ŝŐƵƌĞϮͲϭϳͿ͘ǁĂƚĞƌďŽĚǇŝƐĚĞĞŵĞĚ͞ŝŵƉĂŝƌĞĚ͟ŝĨŝƚĨĂŝůƐƚŽŵĞĞƚŽŶĞŽƌ ŵŽƌĞǁĂƚĞƌƋƵĂůŝƚǇƐƚĂŶĚĂƌĚŽĨƚŚĞĨĞĚĞƌĂůůĞĂŶtĂƚĞƌĐƚ͘dŚĞƐĞŝŵƉĂŝƌŵĞŶƚƐŝŶĐůƵĚĞƚƵƌďŝĚŝƚǇ ŝŵƉĂĐƚƐƵƉŽŶĂƋƵĂƚŝĐůŝĨĞ͕ĨĞĐĂůĐŽůŝĨŽƌŵŝŵƉĂĐƚƐŽŶĂƋƵĂƚŝĐƌĞĐƌĞĂƚŝŽŶ͕ďŝŽůŽŐŝĐĂůŝŶĚŝĐĂƚŽƌŝŵƉĂĐƚƐŽŶ ĂƋƵĂƚŝĐƌĞĐƌĞĂƚŝŽŶ͕ĂŶĚŶŝƚƌĂƚĞŝŵƉĂĐƚƐŽŶĚƌŝŶŬŝŶŐǁĂƚĞƌ͘&ĞĐĂůĐŽůŝĨŽƌŵ͕ƚƵƌďŝĚŝƚǇ͕ĂŶĚŵĞƌĐƵƌǇŝŶĨŝƐŚ ĂƌĞƚŚĞŝŵƉĂŝƌŵĞŶƚƐĨŽƵŶĚŝŶZŽĐŚĞƐƚĞƌǁĂƚĞƌƐƚŽĚĂƚĞ͘ĞƐƚŵĂŶĂŐĞŵĞŶƚƉƌĂĐƚŝĐĞƐŵƵƐƚƚŚĞŶďĞ ŝŶƐƚŝƚƵƚĞĚĂŶĚŵŽŶŝƚŽƌĞĚƚŽƌĞĚƵĐĞƚŚŝƐĐŽŶƚĂŵŝŶĂƚŝŽŶ͘tŚŝůĞƐƵƌĨĂĐĞǁĂƚĞƌŝƐŶŽƚĂĚƌŝŶŬŝŶŐǁĂƚĞƌ ƐŽƵƌĐĞŝŶZŽĐŚĞƐƚĞƌ͕ƌĞĐƌĞĂƚŝŽŶĂůĂĐƚŝǀŝƚŝĞƐŝŶŝŵƉĂŝƌĞĚǁĂƚĞƌƐĐĂŶŝŵƉĂĐƚŚƵŵĂŶĂŶĚĂŶŝŵĂůŚĞĂůƚŚ͘ dŚƵƐ͕ǁŚŝůĞƚŚĞĂƌĞĂ͛ƐŐƌŽƵŶĚǁĂƚĞƌŝƐĐŽŶƐŝĚĞƌĞĚƚŽďĞŽĨĂǀĞƌǇŚŝŐŚƋƵĂůŝƚǇ͕ůŽĐĂůƐƵƌĨĂĐĞĂĐƚŝǀŝƚŝĞƐŝŶ ƐĞŶƐŝƚŝǀĞĂƌĞĂƐ͕ĂƐǁĞůůĂƐŝŵƉƌŽƉĞƌǁĞůůĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚĂďĂŶĚŽŶŵĞŶƚ͕ŚĂǀĞŝŶƚƌŽĚƵĐĞĚĐŽŶƚĂŵŝŶĂŶƚƐ ŝŶƚŽƚŚĞŐƌŽƵŶĚǁĂƚĞƌƐǇƐƚĞŵ͘dŚĞŚŝŐŚůǇŝŶƚĞƌĐŽŶŶĞĐƚĞĚŶĂƚƵƌĞŽĨŽƵƌŐƌŽƵŶĚǁĂƚĞƌĂŶĚƐƵƌĨĂĐĞǁĂƚĞƌ ƐǇƐƚĞŵƐŵĂŬĞŝƚŝŵƉĞƌĂƚŝǀĞƚŚĂƚǁĞĐůŽƐĞůǇŵŽŶŝƚŽƌƚŚĞƋƵĂůŝƚǇŽĨŽƵƌƌŝǀĞƌƐĂŶĚƐƚƌĞĂŵƐĂƐǁĞůů͘ĐŝƚǇ ĐĂŶŶŽƚƐƵƌǀŝǀĞǁŝƚŚŽƵƚĐůĞĂŶĚƌŝŶŬŝŶŐǁĂƚĞƌ͘^ŚŽƵůĚĚŝƐĂƐƚĞƌŽĐĐƵƌ͕ŝƚŝƐĐƌŝƚŝĐĂůƚŚĂƚĞŵĞƌŐĞŶĐǇ ŵĂŶĂŐĞŵĞŶƚƉůĂŶŶĞƌƐƵŶĚĞƌƐƚĂŶĚƚŚĞƐĞŝŵƉůŝĐĂƚŝŽŶƐŝŶŽƌĚĞƌƚŽƉƌŽƉĞƌůǇĚŝƌĞĐƚƌĞƐƉŽŶƐĞƐƚŚĂƚƉƌŽƚĞĐƚ ƚŚŝƐǀĂůƵĂďůĞƌĞƐŽƵƌĐĞ͘ ϯϭ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϮͲϭϱ͗KZ,' ϯϮ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϮͲϭϲt>>,WZKdd/KE ϯϯ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϮͲϭϳ͗/DW/ZtdZ^ ϯϰ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ Ϯ͘ϳ͘ϯtĞƚůĂŶĚƐĂŶĚZŝƉĂƌŝĂŶƌĞĂƐ tĞƚůĂŶĚƐĂŶĚƌŝƉĂƌŝĂŶǌŽŶĞƐĂƌĞŚŝŐŚůǇƐĞŶƐŝƚŝǀĞƐĞƚƚŝŶŐƐƐŝŶĐĞƚŚĞǇĂƌĞĂĚŝƌĞĐƚĐŽŶŶĞĐƚŝŽŶŽĨƚŚĞ ƚĞƌƌĞƐƚƌŝĂůĂŶĚĂƋƵĂƚŝĐƐǇƐƚĞŵƐ͘^ŝŶĐĞǁĞƚůĂŶĚƐŚĞůƉƌĞƚĂŝŶƐƵƌĨĂĐĞǁĂƚĞƌƐŽŶƚŚĞůĂŶĚƐĐĂƉĞ͕ƚŚĞǇĂƌĞĂ ĐƌŝƚŝĐĂůĐŽŵƉŽŶĞŶƚĨŽƌƉƌŽƚĞĐƚŝŶŐƐƵƌĨĂĐĞǁĂƚĞƌƋƵĂůŝƚǇďǇĨŝůƚĞƌŝŶŐƉŽůůƵƚĂŶƚƐĂŶĚƚƌĂƉƉŝŶŐƐĞĚŝŵĞŶƚƐ ƚŚĂƚŽƚŚĞƌǁŝƐĞƉŽůůƵƚĞƐƵƌĨĂĐĞǁĂƚĞƌĂŶĚŐƌŽƵŶĚǁĂƚĞƌƐƵƉƉůŝĞƐ͘dŚĞǇĂƌĞĂǀĂůƵĂďůĞƉĂƌƚŽĨĨůŽŽĚǁĂƚĞƌ ĂŶĚƐƚŽƌŵǁĂƚĞƌƌĞƚĞŶƚŝŽŶ͕ƌĞĚƵĐŝŶŐƚŚĞƉŽƚĞŶƚŝĂůĨŽƌĨůŽŽĚŝŶŐŝŶƚŚĞǁĂƚĞƌƐŚĞĚ͘tĞƚůĂŶĚƐĂŶĚƌŝƉĂƌŝĂŶ ĂƌĞĂƐĂƌĞĂůƐŽŝŵƉŽƌƚĂŶƚĐŽŵƉŽŶĞŶƚƐŽĨĂďƌŽĂĚĞƌƐĞƚŽĨŶĂƚƵƌĂůŚĂďŝƚĂƚĐŽƌƌŝĚŽƌƐ͕ƉĂƌƚŽĨŽƵƌ ͞ĞŶǀŝƌŽŶŵĞŶƚĂůĐĂƉŝƚĂů͟ƚŚĂƚďĞŶĞĨŝƚƐǁŝůĚůŝĨĞ͕ĚƌŽƵŐŚƚŵŝƚŝŐĂƚŝŽŶ͕ŐƌŽƵŶĚǁĂƚĞƌƌĞĐŚĂƌŐĞ͕ĂŶĚĐĂƌďŽŶ ƐĞƋƵĞƐƚƌĂƚŝŽŶ;&ŝŐƵƌĞϮͲϭϴͿ͘WƌĞƐĞƌǀĂƚŝŽŶŽĨƚŚĞƐĞĂƌĞĂƐŝƐĐƌŝƚŝĐĂůƚŽƐƵĐĐĞƐƐĨƵůŚĂǌĂƌĚŵŝƚŝŐĂƚŝŽŶ ƉůĂŶŶŝŶŐ͘ Ϯ͘ϳ͘ϰ,ŝƐƚŽƌǇŽĨ&ůŽŽĚŝŶŐ ZŽĐŚĞƐƚĞƌǁĂƐďƵŝůƚŽŶƚŚĞďĂŶŬƐŽĨƚŚĞ^ŽƵƚŚ&ŽƌŬŽĨƚŚĞƵŵďƌŽZŝǀĞƌƚŽƚĂŬĞĂĚǀĂŶƚĂŐĞŽĨƚŚĞǁĂƚĞƌ ƐƵƉƉůǇ͕ƚŚĞƉŽǁĞƌŽĨŶĂƚƵƌĂůĨĂůůƐ͕ĂŶĚ͕ĞǀĞŶƚƵĂůůǇ͕ƚŚĞŵĂŶŵĂĚĞŵŝůůƌĂĐĞƐ͘dŚĞĐŝƚǇŝƐůĂĐĞĚǁŝƚŚƐŵĂůů ĐƌĞĞŬƐĨĞĞĚŝŶŐƚŚĞƵŵďƌŽ͕ƉƌŝŵĂƌŝůǇĂƐĐĂĚĞƌĞĞŬ͕ĞĂƌƌĞĞŬ͕^ŝůǀĞƌƌĞĞŬ͕ĂŶĚtŝůůŽǁƌĞĞŬ͘dŚŝƐ ůŽĐĂƚŝŽŶŵĂĚĞƚŚĞĐŝƚǇƐƵďũĞĐƚƚŽƉĞƌŝŽĚŝĐĨůĂƐŚĨůŽŽĚŝŶŐĨƌŽŵŚĞĂǀǇƌĂŝŶĨĂůůĞǀĞŶƚƐ͘dŚĞĨŝƌƐƚƌĞĐŽƌĚĞĚ ĨůŽŽĚŝŶZŽĐŚĞƐƚĞƌǁĂƐŝŶϭϴϱϱĂŶĚŚŝƐƚŽƌŝĐĨůŽŽĚƐŽĐĐƵƌƌĞĚŝŶϭϴϲϲ͕ϭϴϴϮ͕ĂŶĚϭϵϬϴ͘dŚĞĐŝƚǇ ĞǆƉĞƌŝĞŶĐĞĚƐĞƌŝŽƵƐĨůŽŽĚŝŶŐŝŶƚŚĞϭϵϱϬƐĂŶĚŝƚƐǁŽƌƐƚƚŽĚĂƚĞŝŶϭϵϲϱ͘ŝƚǇĂŶĚŽƵŶƚǇŽĨĨŝĐŝĂůƐŬŶĞǁ ZŽĐŚĞƐƚĞƌŶĞĞĚĞĚĂĨůŽŽĚĐŽŶƚƌŽůƐǇƐƚĞŵ͕ƐŽŽĨĨŝĐŝĂůƐŵĂĚĞĐŽŶƚŝŶƵĞĚƌĞƋƵĞƐƚƐƚŽƐƚĂƚĞĂŶĚĨĞĚĞƌĂů ĂŐĞŶĐŝĞƐĨŽƌĂƐƐŝƐƚĂŶĐĞ͘tŽƌŬŝŶŐǁŝƚŚƚŚĞĨĞĚĞƌĂůŐŽǀĞƌŶŵĞŶƚ͕ĂĨůŽŽĚĐŽŶƚƌŽůƉůĂŶĨŽƌZŽĐŚĞƐƚĞƌǁĂƐ ĚĞǀĞůŽƉĞĚŝŶϭϵϳϲͲϳϳĂŶĚĨŝƌƐƚƐƵďŵŝƚƚĞĚĨŽƌĨƵŶĚŝŶŐŝŶĂďŝůůƚŽŽŶŐƌĞƐƐŝŶϭϵϳϳ͘ ƚŚ ĨƚĞƌĂƌĞůĂƚŝǀĞůǇǁĞƚĞĂƌůǇƐƵŵŵĞƌŝŶϭϵϳϴ͕ĂŶĞƉŝĐƌĂŝŶƐƚŽƌŵďĞŐĂŶŽŶ:ƵůǇϱ͘ϰͲŝŶĐŚƉůƵƐƌĂŝŶĨĂůů ďĂŶĚŚŝƚƚŚĞĂƌĞĂ͖ƚŚĞďĂŶĚǁĂƐϭϮͲϭϱŵŝůĞƐǁŝĚĞ͕ϳϰŵŝůĞƐůŽŶŐ͕ĂŶĚĐŽǀĞƌĞĚϳϬϬƐƋƵĂƌĞŵŝůĞƐ͘EĞĂƌůǇϱ ŝŶĐŚĞƐŽĨƌĂŝŶŚŝƚƚŚĞZŽĐŚĞƐƚĞƌŝŶƚĞƌŶĂƚŝŽŶĂůŝƌƉŽƌƚŝŶĂϯͲŚŽƵƌƉĞƌŝŽĚ͕ǁŝƚŚĂƚŽƚĂůƌĂŝŶĨĂůůŽĨϲ͘ϳϰ ŝŶĐŚĞƐ͘dŚĞƚƌŝďƵƚĂƌǇĐƌĞĞŬƐďĞŐĂŶƚŽƌŝƐĞĚƵƌŝŶŐƚŚĞŶŝŐŚƚ͕ĐĂƵƐŝŶŐĨůĂƐŚĨůŽŽĚƐƚŚƌŽƵŐŚŶĞŝŐŚďŽƌŚŽŽĚƐ ƚŚ ǁŚŝĐŚǁŽƵůĚůĂƚĞƌďĞŝŶƵŶĚĂƚĞĚĂŐĂŝŶĂƐƚŚĞƵŵďƌŽZŝǀĞƌƌŽƐĞĂŶĚůĞĨƚŝƚƐďĂŶŬƐ͘dŚĞ:ƵůǇϲĐƌĞƐƚ ĞƐƚĂďůŝƐŚĞĚĂŶĂůůͲƚŝŵĞƌĞĐŽƌĚŽĨϮϯ͘ϯϲĨĞĞƚ;ĨůŽŽĚƐƚĂŐĞǁĂƐϭϮĨĞĞƚͿ͕ĞǆĐĞĞĚŝŶŐƚŚĞϭϵϲϱĐƌĞƐƚďǇϰĨĞĞƚ͘ &ŝǀĞĚĞĂƚŚƐǁĞƌĞĂƚƚƌŝďƵƚĞĚƚŽƚŚŝƐĨůŽŽĚĂƐǁĞůůĂƐΨϲϬŵŝůůŝŽŶŝŶĚĂŵĂŐĞƐƚŽŚŽŵĞƐ͕ďƵŝůĚŝŶŐƐ͕ĂŶĚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘KǀĞƌĂƚŚŝƌĚŽĨƚŚĞĐŝƚǇ͛ƐĂƌĞĂǁĂƐĂĨĨĞĐƚĞĚďǇƚŚŝƐĨůŽŽĚ͘ dŚĞϭϵϳϴĨůŽŽĚďĞĐĂŵĞĂĐĂƚĂůǇƐƚĨŽƌƌĞŶĞǁĞĚĞĨĨŽƌƚƐƚŽĐŽŶƐƚƌƵĐƚĂĨůŽŽĚĐŽŶƚƌŽůƉƌŽũĞĐƚƚŽƉƌŽƚĞĐƚ ƉƌŽƉĞƌƚǇĂůŽŶŐƚŚĞƐƚƌĞĂŵƐĂŶĚƌŝǀĞƌ͘&ĞĚĞƌĂůĂƐƐŝƐƚĂŶĐĞǁĂƐƌĞĐĞŝǀĞĚ͕ƚŚĞh͘^͘ŽƌƉŽĨŶŐŝŶĞĞƌƐ ĚĞƐŝŐŶĞĚĂĐŚĂŶŶĞůŝǌĂƚŝŽŶƉƌŽũĞĐƚ͕ĂŶĚƚŚĞEZ^;ĨŽƌŵĞƌůǇƚŚĞ^ŽŝůŽŶƐĞƌǀĂƚŝŽŶ^ĞƌǀŝĐĞͿůĂŝĚŽƵƚĂ ƐĞƌŝĞƐŽĨƐĞǀĞŶĨůŽŽĚĐŽŶƚƌŽůĚĂŵƐƚƌƵĐƚƵƌĞƐŽŶƚŚĞƚƌŝďƵƚĂƌŝĞƐƚŽƚŚĞƵŵďƌŽZŝǀĞƌ͘dŚĞƉƌŽũĞĐƚƌĞƋƵŝƌĞĚ ƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨĂƉƉƌŽǆŝŵĂƚĞůǇϮϬϬϬŚŽŵĞƐ͕ďƵƐŝŶĞƐƐĞƐ͕ŽƌƉŽƌƚŝŽŶƐƚŚĞƌĞŽĨŝŶZŽĐŚĞƐƚĞƌĂŶĚϮϱϬϬ ĂĐƌĞƐŽĨůĂŶĚĨŽƌƚŚĞƌĞƐĞƌǀŽŝƌƐǇƐƚĞŵ͘/ƚǁĂƐĐŽŵƉůĞƚĞĚŝŶϭϵϵϲ͕ĂƚĂĐŽƐƚŽĨΨϵϳŵŝůůŝŽŶĨŽƌƚŚĞŽƌƉƐ ƉƌŽũĞĐƚ͕ΨϭϴŵŝůůŝŽŶĨŽƌƚŚĞƌĞƐĞƌǀŽŝƌƐǇƐƚĞŵ͕ĂŶĚΨϮϱŵŝůůŝŽŶĐŽůůĞĐƚĞĚƚŚƌŽƵŐŚĂĐŝƚǇƐĂůĞƐƚĂǆĨŽƌŝƚƐ ƐŚĂƌĞŽĨƌĞĐƌĞĂƚŝŽŶĂůĂŶĚĂĞƐƚŚĞƚŝĐĐŽƐƚƐ͕ƐĞůĞĐƚƉƌŽƉĞƌƚǇĂĐƋƵŝƐŝƚŝŽŶƐ͕ĂŶĚĐŽŶƚŝŶƵĞĚŵĂŝŶƚĞŶĂŶĐĞ͘dŚĞ ĨůŽŽĚĐŽŶƚƌŽůƉƌŽũĞĐƚƉƌŽƚĞĐƚƐĂůĂƌŐĞƉĂƌƚŽĨƚŚĞĐŝƚǇĂŐĂŝŶƐƚĂϮϬϬͲǇĞĂƌƌĞĐƵƌƌĞŶĐĞŝŶƚĞƌǀĂůĨůŽŽĚĞǀĞŶƚ ;&ŝŐƵƌĞϯͲϭϵͿ͘dŚŝƐŚĂƐƌĞĚƵĐĞĚĨůŽŽĚƌŝƐŬŝŶZŽĐŚĞƐƚĞƌƚŽϬ͘ϱϮйŝŶĂŶǇŐŝǀĞŶǇĞĂƌĂŶĚŚĂƐƌĞĚƵĐĞĚƚŚĞ ŝŵƉĂĐƚƐŽĨĨůŽŽĚŝŶŐĚŽǁŶƐƚƌĞĂŵ͘dŚĞŚŝŐŚĞƐƚƵŵďƌŽZŝǀĞƌůĞǀĞůƌĞĂĐŚĞĚƐŝŶĐĞĐŽŵƉůĞƚŝŽŶŽĨƚŚĞ ƉƌŽũĞĐƚŽĐĐƵƌƌĞĚŝŶ:ƵŶĞϮϬϭϰǁŝƚŚĂůŵŽƐƚŶŽĨůŽŽĚƌĞůĂƚĞĚĞĨĨĞĐƚƐ͘/ƚƐůŽŶŐůĂƐƚŝŶŐ ϯϱ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϮͲϭϴ͗td>E^ ϯϲ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϮͲϭϵ͗ZK,^dZ&>KKKEdZK>WZK:d ϯϳ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ĞĨĨĞĐƚƐ͕ďĞƐŝĚĞƐĨůŽŽĚƉƌŽƚĞĐƚŝŽŶ͕ǁĞƌĞƚŚĞŵĂũŽƌĞǆƉĂŶƐŝŽŶŽĨĂďŝĐǇĐůĞͬƉĞĚĞƐƚƌŝĂŶƚƌĂŝůƐǇƐƚĞŵĂůŽŶŐ ƚŚĞƐƚƌĞĂŵĐŽƌƌŝĚŽƌƐĂŶĚĂƌĞŐŝŽŶĂůƉĂƌŬƐǇƐƚĞŵĂƚƚŚĞƌĞƐĞƌǀŽŝƌƐŝƚĞƐ͘dŚĞĞǆƉĂŶƐŝŽŶŽĨƚŚĞƚƌĂŝůƐǇƐƚĞŵ ĐŽŶƚŝŶƵĞĚĂŶĚƐƚŝůůŐŽĞƐŽŶƚŽĚĂǇ͘ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌŚĂƐƌĞĐĞŶƚůǇƌĞĐĞŝǀĞĚƚŚĞůĂƚĞƐƚƐĞƚŽĨ&DĨůŽŽĚŵĂƉƐĂŶĚŝƐŝŶƚŚĞƉƌŽĐĞƐƐŽĨ ƌĞǀŝĞǁŝŶŐĂŶĚĂĚŽƉƚŝŶŐƚŚĞŵ͘dŚĞƐĞŵĂƉƐ͕ŚŽǁĞǀĞƌ͕ĚŽŶŽƚƚĂŬĞŝŶƚŽĂĐĐŽƵŶƚĨůŽŽĚŝŶŐĐĂůĐƵůĂƚŝŽŶƐ ƵƐŝŶŐƚŚĞƚůĂƐϭϰƚĞĐŚŶŝƋƵĞƐŶŽǁƵƐĞĚƚŽĞƐƚŝŵĂƚĞƉƌĞĐŝƉŝƚĂƚŝŽŶĨƌĞƋƵĞŶĐǇ͘dŚĞŝƚǇ͕ƚŚĞƌĞĨŽƌĞ͕ǁŝůů ŶĞĞĚƚŽĚĞƚĞƌŵŝŶĞŚŽǁďĞƐƚƚŽƌĞǀŝƐĞĨůŽŽĚƉůĂŝŶǌŽŶŝŶŐŝŶŽƌĚĞƌƚŽĂĐĐŽƵŶƚĨŽƌƉŽƚĞŶƚŝĂůůǇŚŝŐŚĞƌ ĨůŽŽĚƉůĂŝŶĞůĞǀĂƚŝŽŶƐƚŚĂŶĚĞůŝŶĞĂƚĞĚŽŶĐƵƌƌĞŶƚŵĂƉƐ͘ŶŐŝŶĞĞƌŝŶŐƐƚƵĚŝĞƐĂƌĞƵŶĚĞƌǁĂǇƚŽĞǀĂůƵĂƚĞ ƚŚĞƉŽƚĞŶƚŝĂůŝŵƉĂĐƚŽĨƚŚĞƐĞĐĂůĐƵůĂƚŝŽŶƐŽŶZŽĐŚĞƐƚĞƌ͛ƐĨůŽŽĚĐŽŶƚƌŽůƐǇƐƚĞŵĂŶĚďƵŝůƚĞŶǀŝƌŽŶŵĞŶƚ͘ &ŝŐƵƌĞϮͲϮϬƐŚŽǁƐƚŚĞĚƌĂĨƚ&DĨůŽŽĚĚĞƐŝŐŶĂƚŝŽŶƐ͘ ϯϴ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϮͲϮϬ͗&D&>KKKE^ ϯϵ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ Ϯ͘ϴŽŵŵƵŶŝƚǇĂƉĂďŝůŝƚŝĞƐ ǀĞƌǇĐŽŵŵƵŶŝƚǇŚĂƐŝƚƐŽǁŶƐĞƚŽĨĂŐĞŶĐŝĞƐ͕ƉŽůŝĐŝĞƐ͕ƉƌŽŐƌĂŵƐ͕ĂŶĚĨƵŶĚŝŶŐʹŶŽƚƚŽŵĞŶƚŝŽŶƚŚĞƐƚĂĨĨ ĂŶĚƌĞƐŽƵƌĐĞƐŶĞĞĚĞĚƚŽĐĂƌƌǇŽƵƚŵŝƚŝŐĂƚŝŽŶǁŽƌŬ͘ZĞǀŝĞǁŽĨƚŚĞƐĞĞǆŝƐƚŝŶŐĐĂƉĂďŝůŝƚŝĞƐŚĞůƉĞĚƚŚĞŽƌĞ WůĂŶŶŝŶŐdĞĂŵŝĚĞŶƚŝĨǇƚŚŽƐĞƚŚĂƚĐƵƌƌĞŶƚůǇŚĞůƉƚŚĞĐŽŵŵƵŶŝƚǇƌĞĚƵĐĞĚŝƐĂƐƚĞƌůŽƐƐĞƐŽƌĚŽƐŽŝŶƚŚĞ ĨƵƚƵƌĞ͘dŚŝƐƉƌŽĐĞƐƐĂůƐŽŚĞůƉĞĚŝƚǇƐƚĂĨĨŝĚĞŶƚŝĨǇŐĂƉƐŝŶƚŚĞƐǇƐƚĞŵ͕ďĞƚŚĞǇŶĞĞĚĨŽƌĂĚĚŝƚŝŽŶĂů ĨĂĐŝůŝƚŝĞƐŽƌĚĂƚĂďĂƐĞƐ͘ dŚĞƉƌŝŵĂƌǇƚǇƉĞƐŽĨĐĂƉĂďŝůŝƚŝĞƐĨŽƌƌĞĚƵĐŝŶŐůŽŶŐƚĞƌŵĐŽŵŵƵŶŝƚǇǀƵůŶĞƌĂďŝůŝƚǇƚŚƌŽƵŐŚŵŝƚŝŐĂƚŝŽŶ ƉůĂŶŶŝŶŐĂƌĞ WůĂŶŶŝŶŐĂŶĚƌĞŐƵůĂƚŽƌǇ ĚŵŝŶŝƐƚƌĂƚŝǀĞĂŶĚƚĞĐŚŶŝĐĂů &ŝŶĂŶĐŝĂů ĚƵĐĂƚŝŽŶĂŶĚŽƵƚƌĞĂĐŚ KŶĞŽŶŽŶĞŝŶƚĞƌǀŝĞǁƐǁĞƌĞĐŽŶĚƵĐƚĞĚǁŝƚŚŝƚǇĚĞƉĂƌƚŵĞŶƚŚĞĂĚƐĂŶĚƐƚĂĨĨƚŽƚĂŬĞƐƚŽĐŬŽĨ ZŽĐŚĞƐƚĞƌ͛ƐĐŽŵŵƵŶŝƚǇĐĂƉĂďŝůŝƚŝĞƐ͘dŚĞǁŽƌŬƐŚĞĞƚƐƵƐĞĚƚŽĐŽŵƉůĞƚĞƚŚŝƐƚĂƐŬĂƌĞĨŽƵŶĚŽŶƚŚĞ ĨŽůůŽǁŝŶŐƉĂŐĞƐ͘dŚĞƐĞǁŽƌŬƐŚĞĞƚƐĂƌĞĨŽůůŽǁĞĚďǇƐŽŵĞĂĚĚŝƚŝŽŶĂůƚĞǆƚƚŚĂƚƉƌŽǀŝĚĞŐƌĞĂƚĞƌĚĞƚĂŝůŽŶ ZŽĐŚĞƐƚĞƌ͛ƐƉƵďůŝĐƐĂĨĞƚǇĐĂƉĂďŝůŝƚŝĞƐ͕ƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĂŶĚĐƌŝƚŝĐĂůĨĂĐŝůŝƚŝĞƐ͘ ϰϬ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ϰϭ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ϰϮ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϮͲϮϭ͗/dzKE/E' ϰϯ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ϰϰ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ϰϱ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ϰϲ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ϰϳ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ϰϴ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ϰϵ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ϱϬ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ϱϭ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ϱϮ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ϱϯ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ Ϯ͘ϴ͘ϭWƵďůŝĐ^ĂĨĞƚǇĂƉĂďŝůŝƚŝĞƐ ZŽĐŚĞƐƚĞƌ&ŝƌĞĞƉĂƌƚŵĞŶƚ dŚĞZŽĐŚĞƐƚĞƌ&ŝƌĞĞƉĂƌƚŵĞŶƚŝƐĐŽŵƉƌŝƐĞĚŽĨϲĨŝƌĞƐƚĂƚŝŽŶƐĂŶĚϭϬϴ͘ϱĞŵƉůŽǇĞĞƐ͘DƵƚƵĂůĂŝĚ ĂŐƌĞĞŵĞŶƚƐĞŶƐƵƌĞĐŽǀĞƌĂŐĞƚŚƌŽƵŐŚŽƵƚƚŚĞĂƌĞĂ͘Z&ŚĂĚĂƉƉƌŽǆŝŵĂƚĞůǇϵ͕ϲϭϴĐĂůůƐĨŽƌƐĞƌǀŝĐĞŝŶϮϬϭϲ ĂŶĚƌĞƐƉŽŶĚĞĚƚŽϵϬйŽĨĐĂůůƐŝŶϰŵŝŶƵƚĞƐŽƌůĞƐƐ͘dŚĞ&ŝƌĞĞƉĂƌƚŵĞŶƚĂůƐŽŚĂƐĂŚĞŵŝĐĂůƐƐĞƐƐŵĞŶƚ dĞĂŵĂŶĚĂůůƌĞƐƉŽŶĚĞƌƐĂƌĞƚƌĂŝŶĞĚƚŽƚŚĞ,DdƚĞĐŚŶŝĐŝĂŶůĞǀĞů͘^ƚĂƚŝŽŶϰŝƐƚƌĂŝŶĞĚƚŽ,Dd ƐƉĞĐŝĂůŝƐƚůĞǀĞů͘;ϮϬϭϲŶŶƵĂůƵĚŐĞƚŽŽŬͿ͘ ZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚ dŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚŚĂƐĂŶĂƵƚŚŽƌŝǌĞĚƐƚƌĞŶŐƚŚŽĨϭϯϳ͘ϱƐǁŽƌŶŽĨĨŝĐĞƌƐ͕ƐƵƉƉŽƌƚĞĚďǇϱϵ ŶŽŶͲƐǁŽƌŶŵĞŵďĞƌƐĂŶĚĂŶĂŶŶƵĂůďƵĚŐĞƚŽĨĂƉƉƌŽǆŝŵĂƚĞůǇΨϭϴ͘ϵŵŝůůŝŽŶ͘dŚĞĚĞƉĂƌƚŵĞŶƚƉƌŽǀŝĚĞƐĂ ĨƵůůͲƌĂŶŐĞŽĨƉĂƚƌŽůĂŶĚŝŶǀĞƐƚŝŐĂƚŝǀĞƐĞƌǀŝĐĞƐ͘dŚĞŽŵŵƵŶŝĐĂƚŝŽŶƐĞŶƚĞƌ͕ƐƚĂĨĨĞĚďǇŶŽŶͲƐǁŽƌŶ ƉĞƌƐŽŶŶĞůƵŶĚĞƌŶŽŶͲƐǁŽƌŶŵĂŶĂŐĞŵĞŶƚ͕ƐĞƌǀĞƐƚŚĞƉŽůŝĐĞĂŶĚƐŚĞƌŝĨĨΖƐŽĨĨŝĐĞĂƐǁĞůůĂƐƚŚĞZŽĐŚĞƐƚĞƌ &ŝƌĞĞƉĂƌƚŵĞŶƚĂŶĚƐĞǀĞƌĂůƐŵĂůůĞƌĨŝƌĞĂŶĚĨŝƌƐƚƌĞƐƉŽŶĚĞƌŽƌŐĂŶŝǌĂƚŝŽŶƐǁŝƚŚŝŶƚŚĞůŽĐĂůĂƌĞĂ͘dŚĞ ƌĞĐŽƌĚƐŵĂŶĂŐĞŵĞŶƚƵŶŝƚĂƐƐŝƐƚƐƚŚĞKůŵƐƚĞĚŽƵŶƚǇ^ŚĞƌŝĨĨΖƐKĨĨŝĐĞĂƐǁĞůů͘dŚĞĞƉĂƌƚŵĞŶƚĂůƐŽ ďĞŶĞĨŝƚƐĨƌŽŵƚŚĞƐƵƉƉŽƌƚŽĨĂŶĂĐƚŝǀĞďŽĚǇŽĨĐŝƚŝǌĞŶǀŽůƵŶƚĞĞƌƐ͘ tŝƚŚƚŚĞƚŽƚĂůĐŽŵŵŝƚŵĞŶƚŽĨĐŝƚǇŽĨĨŝĐŝĂůƐĂŶĚƚŚĞĐŝƚŝǌĞŶƐŽĨƚŚĞĐŝƚǇ͕ƚŚĞĞƉĂƌƚŵĞŶƚŝƐĚĞĞƉůǇ ĞŶŐĂŐĞĚŝŶŽŵŵƵŶŝƚǇͬWƌŽďůĞŵKƌŝĞŶƚĞĚĂŶĚ/ŶƚĞůůŝŐĞŶĐĞͲ>ĞĚWŽůŝĐŝŶŐĂĐƚŝǀŝƚŝĞƐ͘dŚĞĞƉĂƌƚŵĞŶƚ ĐŽŶƚŝŶƵĞƐƚŽǁŽƌŬŝŶĐůŽƐĞĐŽůůĂďŽƌĂƚŝŽŶǁŝƚŚƚŚĞƐĐŚŽŽůĚŝƐƚƌŝĐƚŝŶƉƌŽǀŝĚŝŶŐĂWŽůŝĐĞͬ^ĐŚŽŽů>ŝĂŝƐŽŶ WƌŽŐƌĂŵ͘ ŵĞƌŐĞŶĐǇtĂƌŶŝŶŐ^ǇƐƚĞŵƐ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌŽĨĨĞƌƐĂĨƌĞĞƐĞƌǀŝĐĞĐĂůůĞĚZŽĐŚĞƐƚĞƌůĞƌƚƚŚĂƚĂůůŽǁƐĂŶǇŽŶĞƚŽƐŝŐŶƵƉƚŽƌĞĐĞŝǀĞ ĐƵƐƚŽŵŝǌĞĚĞŵĞƌŐĞŶĐǇĂůĞƌƚƐǀŝĂƚĞǆƚŵĞƐƐĂŐĞ͕ĞŵĂŝů͕ǀŽŝĐĞŵĞƐƐĂŐĞ͕ĂŶĚƐŽĐŝĂůŵĞĚŝĂ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞ ĐŝƚǇŽĨZŽĐŚĞƐƚĞƌĂůƐŽŚĂƐ/Wt^ĐĂƉĂďŝůŝƚǇƚŽŝƐƐƵĞĐƌŝƚŝĐĂůƉƵďůŝĐĂůĞƌƚƐĂŶĚǁĂƌŶŝŶŐƐ͘ ϱϰ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ŵĞƌŐĞŶĐǇKƉĞƌĂƚŝŽŶƐĞŶƚĞƌ ŝƌĞĐƚŝŽŶĂŶĚĐŽŶƚƌŽůŽĨŵĂũŽƌĞŵĞƌŐĞŶĐŝĞƐŽƌĚŝƐĂƐƚĞƌƐǁŝƚŚŝŶƚŚĞĐŝƚǇǁŝůůďĞĐĂƌƌŝĞĚŽƵƚĂƚZŽĐŚĞƐƚĞƌ͛Ɛ ŵĞƌŐĞŶĐǇKƉĞƌĂƚŝŽŶƐĞŶƚĞƌ;KͿ͘ Ϯ͘ϴ͘ϮDĞĚŝĐĂůĞŶƚĞƌƐ dŚĞƌĞĂƌĞƚŚƌĞĞŚŽƐƉŝƚĂůƐŝŶZŽĐŚĞƐƚĞƌ͗ DĂǇŽůŝŶŝĐ,ŽƐƉŝƚĂů͕DĞƚŚŽĚŝƐƚĂŵƉƵƐ ϳϵϰďĞĚƐĂŶĚϰϭŽƉĞƌĂƚŝŶŐƌŽŽŵƐ DĂǇŽůŝŶŝĐ,ŽƐƉŝƚĂů͕^ĂŝŶƚDĂƌǇ͛ƐĂŵƉƵƐ >ĞǀĞůKŶĞdƌĂƵŵĂĞŶƚĞƌǁŝƚŚŵĞƌŐĞŶĐǇĞƉĂƌƚŵĞŶƚĨĂĐŝůŝƚŝĞƐĂŶĚĂŝƌƚƌĂŶƐƉŽƌƚĐĂƉĂďŝůŝƚǇ ϭ͕ϮϲϱďĞĚƐĂŶĚϱϱŽƉĞƌĂƚŝŶŐƌŽŽŵƐ ϭϰϴͲďĞĚDĂǇŽƵŐĞŶŝŽ>ŝƚƚĂŚŝůĚƌĞŶΖƐ,ŽƐƉŝƚĂů KůŵƐƚĞĚDĞĚŝĐĂůĞŶƚĞƌ >ĞǀĞů/sdƌĂƵŵĂĞŶƚĞƌ ϮϰͲŚŽƵƌĞŵĞƌŐĞŶĐǇƌŽŽŵ Ϯ͘ϴ͘ϯWƵďůŝĐ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ tĂƚĞƌZĞĐůĂŵĂƚŝŽŶWůĂŶƚ dŚĞtĂƚĞƌZĞĐůĂŵĂƚŝŽŶWůĂŶƚƚƌĞĂƚƐǁĂƐƚĞǁĂƚĞƌĨŽƌƚŚĞĐŝƚǇ͛ƐƌĞƐŝĚĞŶƚƐ͕ŝŶĚƵƐƚƌŝĞƐ͕ĂŶĚĨƌĞƋƵĞŶƚǀŝƐŝƚŽƌƐ͘ dŚĞŽƌŝŐŝŶĂůĨĂĐŝůŝƚǇǁĂƐďƵŝůƚŝŶϭϵϮϲĂŶĚǁĂƐŽŶĞŽĨƚŚĞĨŝƌƐƚǁĂƐƚĞǁĂƚĞƌƚƌĞĂƚŵĞŶƚƉůĂŶƚƐƚŽŽƉĞƌĂƚĞŝŶ DŝŶŶĞƐŽƚĂ͘dŚĞĨĂĐŝůŝƚǇĐŽŶƚŝŶƵĂůůǇƵŶĚĞƌŐŽĞƐĐŚĂŶŐĞƚŽĐŽŵƉůǇǁŝƚŚĞĨĨůƵĞŶƚƌĞŐƵůĂƚŝŽŶƐĂŶĚŵĞĞƚƚŚĞ ŶĞĞĚƐŽĨƚŚĞŐƌŽǁŝŶŐZŽĐŚĞƐƚĞƌĐŽŵŵƵŶŝƚǇ͘ dŚĞtĂƚĞƌZĞĐůĂŵĂƚŝŽŶWůĂŶƚŝƐƐƚĂĨĨĞĚϮϰŚŽƵƌƐƉĞƌĚĂǇĂŶĚŚĂƐϮϵĨƵůůƚŝŵĞĞŵƉůŽǇĞĞƐ͘dŚĞƐŝƚĞŝƐ ƐŝƚƵĂƚĞĚŽŶϯϮĂĐƌĞƐǁŝƚŚďƵŝůĚŝŶŐƐĐŽǀĞƌŝŶŐϴĂĐƌĞƐ͘dŚĞƌĞĂƌĞƚǁŽƉĂƌĂůůĞůƚƌĞĂƚŵĞŶƚƉƌŽĐĞƐƐĞƐƵƐĞĚ ŽŶƐŝƚĞ͘dŚĞ,ŝŐŚWƵƌŝƚǇKǆǇŐĞŶ;,WKͿƉůĂŶƚǁĂƐƉůĂĐĞĚŝŶƚŽŽƉĞƌĂƚŝŽŶŝŶϭϵϴϯĂŶĚŝƐƌĂƚĞĚĂƚϭϵ͘ϭŵŝůůŝŽŶ ŐĂůůŽŶƐƉĞƌĚĂǇ͘dŚĞĞƌĂƚŝŽŶĂƐŝŶŽŵƉůĞǆ;ͿǁĂƐƉůĂĐĞĚŝŶƚŽŽƉĞƌĂƚŝŽŶŝŶϮϬϬϳĂŶĚŝƐƌĂƚĞĚĂƚ ϰ͘ϳϱŵŝůůŝŽŶŐĂůůŽŶƐƉĞƌĚĂǇ͘dŚĞZŽĐŚĞƐƚĞƌtĂƚĞƌZĞĐůĂŵĂƚŝŽŶWůĂŶƚĐƵƌƌĞŶƚůǇƚƌĞĂƚƐĂŶĂǀĞƌĂŐĞŽĨϭϯ ŵŝůůŝŽŶŐĂůůŽŶƐŽĨǁĂƐƚĞǁĂƚĞƌƉĞƌĚĂǇƵƐŝŶŐĂĐŽŵďŝŶĂƚŝŽŶŽĨƉŚǇƐŝĐĂů͕ĐŚĞŵŝĐĂů͕ĂŶĚďŝŽůŽŐŝĐĂůƐƚĞƉƐƚŽ ϱϱ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϮͲϮϮ͗KhdKKZtZE/E'^/ZE^ ϱϲ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϮͲϮϯ͗DZ'Ez^Zs/^&/>/d/^ ϱϳ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ƚƌĞĂƚƉŽůůƵƚĂŶƚƐ͘dŚĞǁĂƐƚĞǁĂƚĞƌŐŽĞƐƚŚƌŽƵŐŚĂƚůĞĂƐƚƚĞŶĚŝĨĨĞƌĞŶƚƐƚĞƉƐ͕ǁŚŝĐŚƚĂŬĞƐĂƉƉƌŽǆŝŵĂƚĞůǇϮϰ ŚŽƵƌƐƚŽĐŽŵƉůĞƚĞ͕ďĞĨŽƌĞƚŚĞǁĂƚĞƌŝƐĚŝƐĐŚĂƌŐĞĚƚŽƚŚĞ^ŽƵƚŚ&ŽƌŬŽĨƚŚĞƵŵďƌŽZŝǀĞƌ͘ dŚĞǁŚŽůĞƉůĂŶƚŝƐĚĞƐŝŐŶĞĚƚŽďĞĨƵůůǇĨƵŶĐƚŝŽŶĂůĚƵƌŝŶŐĂϭϬϬǇĞĂƌĨůŽŽĚĞǀĞŶƚ͘DĂŶǇŽĨƚŚĞƐƚƌƵĐƚƵƌĞƐ ĐŽƵůĚǁŝƚŚƐƚĂŶĚĂϱϬϬǇĞĂƌĨůŽŽĚĞǀĞŶƚ͘ĨƚĞƌƚŚĞƚƌĞĂƚŵĞŶƚƉůĂŶƚĨůŽŽĚĞĚĚƵƌŝŶŐƚŚĞϭϵϳϴĨůŽŽĚ ĞǀĞƌǇƚŚŝŶŐǁĂƐĞůĞǀĂƚĞĚďǇĂƌŽƵŶĚϭϬĨĞĞƚ͘dŚĞϭϬϬǇĞĂƌĨůŽŽĚŚĞŝŐŚƚŝƐϵϳϮĨĞĞƚ͘ůůŽĨďƵŝůĚŝŶŐƐǁĞƌĞ ƌĂŝƐĞĚƚŽĂƚůĞĂƐƚϭϴϬĨĞĞƚ͘ tĂƚĞƌ ĂĐŚĚĂǇ͕ŶĞĂƌůǇϭϮŵŝůůŝŽŶŐĂůůŽŶƐŽĨǁĂƚĞƌŝƐŶĞĞĚĞĚƚŽŵĞĞƚƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͛ƐƌĞƐŝĚĞŶƚŝĂů͕ ĐŽŵŵĞƌĐŝĂů͕ĂŶĚŝŶĚƵƐƚƌŝĂůŶĞĞĚƐ͘ůůŽĨƚŚĞǁĂƚĞƌƵƐĞĚĨŽƌƚŚĞZŽĐŚĞƐƚĞƌŵƵŶŝĐŝƉĂůǁĂƚĞƌƐƵƉƉůǇŝƐ ŽďƚĂŝŶĞĚĨƌŽŵϯϭŐƌŽƵŶĚǁĂƚĞƌǁĞůůƐƐƉƌĞĂĚƚŚƌŽƵŐŚŽƵƚƚŚĞĐŝƚǇ͘dŚĞƐĞĚŝŵĞŶƚĂƌǇďĞĚƌŽĐŬĂƋƵŝĨĞƌƐƚŚĂƚ ƵŶĚĞƌůŝĞĂŶĚƐĞƌǀĞƚŚĞŝƚǇ͛ƐĐŽŵŵƵŶŝƚǇǁĂƚĞƌƐƵƉƉůǇǁĞůůƐŚĂǀĞŐĞŶĞƌĂůůǇƉƌŽĚƵĐĞĚƐƵĨĨŝĐŝĞŶƚǀŽůƵŵĞƐ ŽĨǁĂƚĞƌǁŝƚŚǀĞƌǇĨĞǁůŝŵŝƚĂƚŝŽŶƐ͘dŚĞƐĞďĞĚƌŽĐŬĂƋƵŝĨĞƌƐĨŽƌŵĂŶǇƚŚŽƵƐĂŶĚƐŽĨǇĞĂƌƐƌĞĐĞŝǀĞĚŐůĂĐŝĂů ŵĞůƚǁĂƚĞƌƐĂŶĚƉƌĞĐŝƉŝƚĂƚŝŽŶ͕ĨŝůůŝŶŐƚŚĞĐƌĞǀŝĐĞƐͬĐƌĂĐŬƐŽĨƚŚĞůŝŵĞƐƚŽŶĞĂŶĚƉŽƌĞƐƉĂĐĞƐŽĨƚŚĞ ƐĂŶĚƐƚŽŶĞ͕ĐƌĞĂƚŝŶŐƐŽŵĞŽĨƚŚĞůĂƌŐĞƐƚŐƌŽƵŶĚǁĂƚĞƌƌĞƐĞƌǀŽŝƌƐŝŶƚŚĞƐƚĂƚĞ͘dŚŝƐůĂƌŐĞǀŽůƵŵĞŽĨ ŐƌŽƵŶĚǁĂƚĞƌĐŽŶƚĂŝŶĞĚďĞŶĞĂƚŚƐŽƵƚŚĞĂƐƚĞƌŶDŝŶŶĞƐŽƚĂƐŚŽƵůĚƉƌŽǀŝĚĞĨŽƌĂŵŽƌĞƚŚĂŶĂĚĞƋƵĂƚĞ ƋƵĂŶƚŝƚǇŽĨǁĂƚĞƌƚŽŵĞĞƚƚŚĞĞǆŝƐƚŝŶŐĂŶĚŶĞĂƌĨƵƚƵƌĞĚĞŵĂŶĚƐŽĨƚŚĞŝƚǇ͘ d>^ƚŽƌĂŐĞĂƉĂĐŝƚǇ dŽƚĂů^ƚŽƌĂŐĞĂƉĂĐŝƚǇǀĞƌĂŐĞĂǇĞŵĂŶĚ ;ĂǀĞƌĂŐĞŽĨůĂƐƚϱǇĞĂƌƐͿ ϭϱ͕ϮϯϬ͕ϬϬϬ'ĂůůŽŶƐϭϯ͕ϯϯϬ͕ϬϬϬ'ĂůůŽŶƐƉĞƌĚĂǇ dǇƉĞŽĨ^ƚƌƵĐƚƵƌĞEƵŵďĞƌŽĨ^ƚƌƵĐƚƵƌĞƐ'ĂůůŽŶƐ ůĞǀĂƚĞĚ^ƚŽƌĂŐĞϭϯϲ͕ϵϬϬ͕ϬϬϬ 'ƌŽƵŶĚ^ƚŽƌĂŐĞϳϴ͕ϯϯϬ͕ϬϬϬ ;ϮϬϭϱEZtĂƚĞƌ^ƵƉƉůǇWůĂŶͿ DŽƐƚŽĨƚŚĞŝƚǇ͛ƐǁĞůůƐĂƌĞϮϰŝŶĐŚĞƐŝŶĚŝĂŵĞƚĞƌĂŶĚĞǆƚĞŶĚϰϬϬͲϭ͕ϬϬϬĨĞĞƚŝŶĚĞƉƚŚ͘ ůĞĐƚƌŝĐWŽǁĞƌ 'ĞŶĞƌĂƚŝŽŶ&ĂĐŝůŝƚŝĞƐʹ^ŝůǀĞƌ>ĂŬĞWůĂŶƚ;^>WͿͮƐŽĨ:ƵŶĞϭ͕ϮϬϭϱ͕^>WŝƐĂƐƚĞĂŵƉƌŽĚƵĐŝŶŐĨĂĐŝůŝƚǇ ƉƌŽǀŝĚŝŶŐĂĐŽŶƚƌĂĐƚĞĚĂŵŽƵŶƚŽĨƐƚĞĂŵƚŽƚŚĞDĂǇŽůŝŶŝĐĐĂŵƉƵƐĨŽƌĐŽŐĞŶĞƌĂƚŝŽŶŶĞĞĚƐ͘dŚĞĨƵĞů ďƵƌŶĞĚĨŽƌƐƚĞĂŵƉƌŽĚƵĐƚŝŽŶŝŶƚŚĞďŽŝůĞƌƐŝƐŶĂƚƵƌĂůŐĂƐ͘WƌŝŽƌƚŽƚŚĞƚƌĂŶƐŝƚŝŽŶĨƌŽŵĂŶĞůĞĐƚƌŝĐ ŐĞŶĞƌĂƚŝŽŶĨĂĐŝůŝƚǇ͕^>WǁĂƐĂϭϬϬͲŵĞŐĂǁĂƚƚ͕ĐŽĂůͲĨŝƌĞĚŐĞŶĞƌĂƚŝŶŐĨĂĐŝůŝƚǇ͘dŚĞĨŽƵƌ ďŽŝůĞƌͬƚƵƌďŝŶĞͬŐĞŶĞƌĂƚŽƌƵŶŝƚƐǀĂƌŝĞĚŝŶĂŐĞĂŶĚƐŝǌĞƌĂŶŐŝŶŐĨƌŽŵhŶŝƚηϭĂƚϳ͘ϱDt;ϭϵϰϳͿƚŽhŶŝƚηϰ ƌĂƚĞĚĂƚϱϱDt;ϭϵϲϵͿ͘WƵůǀĞƌŝǌĞĚďŝƚƵŵŝŶŽƵƐĐŽĂůǁĂƐƚŚĞƉƌŝŵĂƌǇĨƵĞů͕ĂŶĚǁĂƐƐƵƉƉŽƌƚĞĚďǇŶĂƚƵƌĂů ŐĂƐ͘ŽŽƌĚŝŶĂƚŝŽŶĂŶĚĚŝƐƉĂƚĐŚŝŶŐŽĨZWhŽƚŚĞƌŐĞŶĞƌĂƚŝŶŐĨĂĐŝůŝƚŝĞƐƐƚŝůůŝƐŚĂŶĚůĞĚĂƚ^>W͘ ĂƐĐĂĚĞƌĞĞŬŽŵďƵƐƚŝŽŶdƵƌďŝŶĞƐ;dͿͮdŚĞƚǁŽdĐŽŵďƵƐƚŝŽŶƚƵƌďŝŶĞƐŚĂǀĞĂĐŽŵďŝŶĞĚ ƌĂƚŝŶŐŽĨϴϯŵĞŐĂǁĂƚƚƐ͘dŚĞƐĞƵŶŝƚƐƌĞƐĞŵďůĞĂũĞƚĂŝƌĐƌĂĨƚĞŶŐŝŶĞĐŽƵƉůĞĚƚŽĂŐĞŶĞƌĂƚŽƌ͘dŚĞ ĐŽŵďƵƐƚŝŽŶƚƵƌďŝŶĞƐĂƌĞĐĂƉĂďůĞŽĨďŽƚŚůŽĐĂůĂŶĚƌĞŵŽƚĞŽƉĞƌĂƚŝŽŶĂŶĚĐĂŶƉƌŽǀŝĚĞƉŽǁĞƌƚŽƚŚĞ D/^K;DŝĚĐŽŶƚŝŶĞŶƚ/ŶĚĞƉĞŶĚĞŶƚ^ǇƐƚĞŵKƉĞƌĂƚŽƌƐͿŵĂƌŬĞƚǁŝƚŚŝŶũƵƐƚĂĨĞǁŵŝŶƵƚĞƐ͘ ϱϴ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϮͲϮϰ͗tdZ/^dZ/hd/KE^z^dD ϱϵ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϮͲϮϱ͗>dZ/WKtZEdtKZ< ϲϬ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ >ĂŬĞƵŵďƌŽ,ǇĚƌŽĞůĞĐƚƌŝĐWůĂŶƚ;,ǇĚƌŽͿͮƵŝůƚŝŶϭϵϮϬ͕ƚŚĞŚǇĚƌŽŚĂƐĐŽŶƐŝƐƚĞŶƚůǇƉƌŽǀŝĚĞĚƚŚĞŝƚǇŽĨ ZŽĐŚĞƐƚĞƌǁŝƚŚĂƌĞŶĞǁĂďůĞƐƵƉƉůǇŽĨĞŶĞƌŐǇ͘dŚĞĨĂĐŝůŝƚǇĐŽŶƐŝƐƚƐŽĨĂƉŽǁĞƌŚŽƵƐĞĂŶĚĂϰϰϬͲĨŽŽƚ ƐƉŝůůǁĂǇďƵŝůƚĂĐƌŽƐƐƚŚĞƵŵďƌŽZŝǀĞƌ͘dŚĞ'ĞŶĞƌĂůůĞĐƚƌŝĐŐĞŶĞƌĂƚŽƌƐĂƌĞĚƌŝǀĞŶĂƚϮϮϱƌĞǀŽůƵƚŝŽŶƐƉĞƌ ŵŝŶƵƚĞďǇϭϴϬϬͲŚŽƌƐĞƉŽǁĞƌ͕&ƌĂŶĐŝƐͲƚǇƉĞŚǇĚƌĂƵůŝĐƚƵƌďŝŶĞƐ͘dŚŝƐĞƋƵĂƚĞƐƚŽĂƉƉƌŽǆŝŵĂƚĞůǇϭϯϬϬ ŬŝůŽǁĂƚƚƐƉĞƌǁŚĞĞů͕ǁŚŝĐŚƌĂƚĞƐƚŚĞƐƚĂƚŝŽŶĂƚĂŶŽƵƚƉƵƚŽĨϮ͘ϲŵĞŐĂǁĂƚƚƐ͘ dƌĂŶƐƉŽƌƚĂƚŝŽŶ dŚĞZŽĐŚĞƐƚĞƌͲKůŵƐƚĞĚŽƵŶĐŝůŽĨ'ŽǀĞƌŶŵĞŶƚƐ;ZKK'ͿǁĂƐĞƐƚĂďůŝƐŚĞĚŝŶEŽǀĞŵďĞƌϭϵϳϭƚŽƉƌŽǀŝĚĞ ĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶŶŝŶŐƐĞƌǀŝĐĞƐƚŽŵĞŵďĞƌůŽĐĂůŐŽǀĞƌŶŵĞŶƚƵŶŝƚƐ͘/ƚǁĂƐŽƌŐĂŶŝǌĞĚƚŽĐŽŵƉůǇǁŝƚŚ ƚŚĞ&ĞĚĞƌĂůŝĚ,ŝŐŚǁĂǇĐƚ͕ǁŚŝĐŚƌĞƋƵŝƌĞƐƚŚĂƚĂůůƵƌďĂŶŝǌĞĚĂƌĞĂƐǁŝƚŚĂƉŽƉƵůĂƚŝŽŶŽĨŵŽƌĞƚŚĂŶ ϱϬ͕ϬϬϬŚĂǀĞĂŶŽƌŐĂŶŝǌĂƚŝŽŶĚĞƐŝŐŶĂƚĞĚďǇƚŚĞ'ŽǀĞƌŶŽƌŽĨƚŚĞƐƚĂƚĞƚŚĂƚŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌ ŝŵƉůĞŵĞŶƚĂƚŝŽŶĂŶĚŵĂŝŶƚĞŶĂŶĐĞŽĨĂƌĞŐŝŽŶĂůƚƌĂŶƐƉŽƌƚĂƚŝŽŶƉůĂŶŶŝŶŐƉƌŽŐƌĂŵ͘ dŚĂƚƉƌŽŐƌĂŵŝŶĐůƵĚĞƐƉƌĞƉĂƌĂƚŝŽŶŽĨĂ>ŽŶŐZĂŶŐĞdƌĂŶƐƉŽƌƚĂƚŝŽŶWůĂŶ;>ZdWͿĂŶĚĂŶĂŶŶƵĂů dƌĂŶƐƉŽƌƚĂƚŝŽŶ/ŵƉƌŽǀĞŵĞŶƚWƌŽŐƌĂŵ;d/WͿ͕ǁŚŝĐŚŝĚĞŶƚŝĨŝĞƐĂůŝƐƚŽĨƚƌĂŶƐƉŽƌƚĂƚŝŽŶŝŵƉƌŽǀĞŵĞŶƚƐ ƐƵƉƉŽƌƚĞĚďǇĨĞĚĞƌĂůĨƵŶĚŝŶŐ͘ZKK'ŵĂŝŶƚĂŝŶƐĂĐŽŽƉĞƌĂƚŝǀĞƌĞůĂƚŝŽŶƐŚŝƉǁŝƚŚƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕ ƚŚĞZŽĐŚĞƐƚĞƌͲKůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚĂŶĚKůŵƐƚĞĚŽƵŶƚǇ͕ƵƚŝůŝǌŝŶŐƚŚĞŝƌƐƚĂĨĨĂƐŶĞĐĞƐƐĂƌǇƚŽ ĨƵůĨŝůůŝƚƐƚƌĂŶƐƉŽƌƚĂƚŝŽŶƉůĂŶŶŝŶŐƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͘ dŚĞZŽĐŚĞƐƚĞƌͲKůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚĚŽĞƐůŝŵŝƚĞĚƚƌĂŶƐƉŽƌƚĂƚŝŽŶƉůĂŶŶŝŶŐ͕ƉƌŝŵĂƌŝůǇŝŶƚŚĞĂƌĞĂ ŽĨƐƚƵĚŝĞƐĂŶĚŽƚŚĞƌƐƉĞĐŝĂůƌĞƉŽƌƚƐĚŽŶĞǁŝƚŚŽƌĨŽƌƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕KůŵƐƚĞĚŽƵŶƚǇ͕ĂŶĚƚŚĞ DŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨdƌĂŶƐƉŽƌƚĂƚŝŽŶ;DEͬKdͿ͘ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕KůŵƐƚĞĚŽƵŶƚǇ͕ĂŶĚDEͬKdĂůůŚĂǀĞƌŽĂĚǁĂǇĂƵƚŚŽƌŝƚǇǁŝƚŚŝŶƚŚĞZŽĐŚĞƐƚĞƌ ĐŝƚǇůŝŵŝƚƐ͘&ŝŐƵƌĞϮͲϮϲŝůůƵƐƚƌĂƚĞƐƚŚĞĨƵŶĐƚŝŽŶĂůĐĂƉĂďŝůŝƚŝĞƐŽĨƚŚĞŝƚǇ͛ƐƌŽĂĚǁĂǇŶĞƚǁŽƌŬ͘ ϲϭ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϮͲϮϲ͗dZE^WKZdd/KE&/>/d/^ ϲϮ 3DFNHW3J /E ϯZŝƐŬƐƐĞƐƐŵĞŶƚ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ϯZŝƐŬƐƐĞƐƐŵĞŶƚ ZĞƐŝůŝĞŶƚĐŽŵŵƵŶŝƚŝĞƐŵƵƐƚĂƐƐĞƐƐƚŚĞŚĂǌĂƌĚƐĂŶĚƚŚƌĞĂƚƐƚŽƚŚĞŝƌĐŽŵŵƵŶŝƚǇĂƐƐĞƚƐŝŶŽƌĚĞƌƚŽĞƐƚĂďůŝƐŚ ƉŽůŝĐŝĞƐĂŶĚĂĐƚŝŽŶƐƚŚĂƚƐĞƌǀĞƚŽŵŝƚŝŐĂƚĞƚŚĞŝƌƉŽƚĞŶƚŝĂůŝŵƉĂĐƚŽƌƌŝƐŬ͘dŚŝƐƉƌŽĐĞƐƐŽĨƌŝƐŬĂƐƐĞƐƐŵĞŶƚ ƐĞƌǀĞƐƚŽŚĞůƉĂĐŽŵŵƵŶŝƚǇĚĞǀŝƐĞƐƚƌĂƚĞŐŝĞƐƚŽŝŵƉůĞŵĞŶƚŶŽƚŽŶůǇŝŶƚŝŵĞƐŽĨĚŝƐĂƐƚĞƌ͕ďƵƚĂůƐŽŝŶƚŝŵĞƐŽĨ ƉůĂŶŶŝŶŐĂŶĚƉƌĞƉĂƌĞĚŶĞƐƐ͘ ϯ͘ϭZŝƐŬĂƐƐĞƐƐŵĞŶƚƚĞƌŵŝŶŽůŽŐǇ EĂƚƵƌĂůŚĂǌĂƌĚͮƚŚĞƐŽƵƌĐĞŽĨŚĂƌŵŽƌĚŝĨĨŝĐƵůƚǇĐƌĞĂƚĞĚďǇĂŵĞƚĞŽƌŽůŽŐŝĐĂů͕ĞŶǀŝƌŽŶŵĞŶƚĂů͕Žƌ ŐĞŽůŽŐŝĐĂůĞǀĞŶƚ dĞĐŚŶŽůŽŐŝĐĂůŚĂǌĂƌĚͮĂŚĂǌĂƌĚŽƌŝŐŝŶĂƚŝŶŐĨƌŽŵƚĞĐŚŶŽůŽŐŝĐĂůŽƌŝŶĚƵƐƚƌŝĂůĐŽŶĚŝƚŝŽŶƐ͕ŝŶĐůƵĚŝŶŐ ĂĐĐŝĚĞŶƚƐ͕ĚĂŶŐĞƌŽƵƐƉƌŽĐĞĚƵƌĞƐ͕ŝŶĨƌĂƐƚƌƵĐƚƵƌĞĨĂŝůƵƌĞƐŽƌƐƉĞĐŝĨŝĐŚƵŵĂŶĂĐƚŝǀŝƚŝĞƐ͕ƚŚĂƚŵĂǇĐĂƵƐĞ ůŽƐƐŽĨůŝĨĞ͕ŝŶũƵƌǇ͕ŝůůŶĞƐƐŽƌŽƚŚĞƌŚĞĂůƚŚŝŵƉĂĐƚƐ͕ƉƌŽƉĞƌƚǇĚĂŵĂŐĞ͕ůŽƐƐŽĨůŝǀĞůŝŚŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ͕ ƐŽĐŝĂůĂŶĚĞĐŽŶŽŵŝĐĚŝƐƌƵƉƚŝŽŶ͕ŽƌĞŶǀŝƌŽŶŵĞŶƚĂůĚĂŵĂŐĞ ,ƵŵĂŶͲĐĂƵƐĞĚƚŚƌĞĂƚͮŝŶƚĞŶƚŝŽŶĂůŵĂůŝĐŝŽƵƐĂĐƚŝŽŶƐŽĨĂŚƵŵĂŶĂĚǀĞƌƐĂƌǇ sƵůŶĞƌĂďŝůŝƚǇͮĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨĐŽŵŵƵŶŝƚǇĂƐƐĞƚƐƚŚĂƚŵĂŬĞƚŚĞŵƐƵƐĐĞƉƚŝďůĞƚŽĚĂŵĂŐĞĨƌŽŵĂŐŝǀĞŶ ŚĂǌĂƌĚŽƌƚŚƌĞĂƚ ǆƉŽƐƵƌĞͮƉĞŽƉůĞĂŶĚƉƌŽƉĞƌƚǇǁŝƚŚŝŶƚŚĞĂƌĞĂƚŚĞƉŽƚĞŶƚŝĂůŚĂǌĂƌĚĐŽƵůĚĂĨĨĞĐƚ ZŝƐŬͮƚŚĞƉŽƚĞŶƚŝĂůĨŽƌĚĂŵĂŐĞ͕ůŽƐƐ͕ŽƌŽƚŚĞƌŝŵƉĂĐƚƐĐƌĞĂƚĞĚďǇƚŚĞŝŶƚĞƌĂĐƚŝŽŶŽĨŚĂǌĂƌĚƐǁŝƚŚ ĐŽŵŵƵŶŝƚǇĂƐƐĞƚƐ ZŝƐŬĂƐƐĞƐƐŵĞŶƚͮƉƌŽĚƵĐƚŽƌƉƌŽĐĞƐƐƚŚĂƚĐŽůůĞĐƚƐŝŶĨŽƌŵĂƚŝŽŶĂŶĚĂƐƐŝŐŶƐǀĂůƵĞƐƚŽƌŝƐŬƐĨŽƌƚŚĞ ƉƵƌƉŽƐĞŽĨŝŶĨŽƌŵŝŶŐƉƌŝŽƌŝƚŝĞƐ͕ĚĞǀĞůŽƉŝŶŐŽƌĐŽŵƉĂƌŝŶŐĐŽƵƌƐĞƐŽĨĂĐƚŝŽŶ͕ĂŶĚŝŶĨŽƌŵŝŶŐĚĞĐŝƐŝŽŶ ŵĂŬŝŶŐ DŝƚŝŐĂƚŝŽŶͮĂƐǇƐƚĞŵĂƚŝĐƌĞĚƵĐƚŝŽŶŝŶƚŚĞĞǆƉŽƐƵƌĞĂŶĚǀƵůŶĞƌĂďŝůŝƚǇƚŽĂƉŽƚĞŶƚŝĂůŚĂǌĂƌĚ ϯ͘ϮtŚǇĐŽŶĚƵĐƚĂƌŝƐŬĂƐƐĞƐƐŵĞŶƚ͍ ZŝƐŬĂƐƐĞƐƐŵĞŶƚƉƌŽǀŝĚĞƐƚŚĞĨŽƵŶĚĂƚŝŽŶĨŽƌŵŝƚŝŐĂƚŝŽŶƐƚƌĂƚĞŐǇĚĞǀĞůŽƉŵĞŶƚ͘/ƚŝƐĐƌŝƚŝĐĂůƚŽĂĐŽŵŵƵŶŝƚǇ͛Ɛ ƌĞƐŝůŝĞŶĐĞƚŽƵŶĚĞƌƐƚĂŶĚŶŽƚŽŶůǇǁŚĂƚŚĂǌĂƌĚƐĂŶĚƚŚƌĞĂƚƐŵĂǇďĞĨĂĐĞĚ͕ďƵƚĂůƐŽƌĞĐŽŐŶŝǌĞƚŚĞŝƌƉŽƚĞŶƚŝĂů ĨƌĞƋƵĞŶĐǇĂŶĚĞǆƚĞŶƚŽĨƚŚĞŝƌŝŵƉĂĐƚŽŶƉŚǇƐŝĐĂů͕ƐŽĐŝĂů͕ĂŶĚĞĐŽŶŽŵŝĐŚĞĂůƚŚ͘ &ŽƌƚŚĞŝŵŵĞĚŝĂƚĞƉƵƌƉŽƐĞƐŽĨƚŚŝƐŚĂǌĂƌĚŵŝƚŝŐĂƚŝŽŶƉůĂŶ͕ƌŝƐŬĂƐƐĞƐƐŵĞŶƚŚĞůƉƐƐƚĂĨĨĞǆƉĞƌƚƐĂŶĚŽĨĨŝĐŝĂů ĚĞĐŝƐŝŽŶŵĂŬĞƌƐĞƐƚĂďůŝƐŚĞŵĞƌŐĞŶĐǇƉƌĞƉĂƌĞĚŶĞƐƐĂŶĚƌĞƐƉŽŶƐĞƉƌŝŽƌŝƚŝĞƐ͘&ŽƌƚŚŝƐĞǆĞƌĐŝƐĞƚŽďĞƚƌƵůǇ ƐƵĐĐĞƐƐĨƵů͕ŚŽǁĞǀĞƌ͕ƚŚĞƌĞƐƵůƚƐŽĨƚŚŝƐĂŶĂůǇƐŝƐŵƵƐƚĂůƐŽŝŶĨŽƌŵƚŚĞĐŽŵŵƵŶŝƚǇ͛ƐŽƚŚĞƌƉůĂŶŶŝŶŐĞĨĨŽƌƚƐ͕ ƐƵĐŚĂƐůĂŶĚƵƐĞ͕ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ͕ĂŶĚĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶƐ͕ĂƐǁĞůůĂƐďĞŝŶĨŽƌŵĞĚďǇƚŚĞŵ͘ZŽĐŚĞƐƚĞƌ͛Ɛůů ,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶǁŝůůďĞĂĚŽƉƚĞĚĂƐƉĂƌƚŽĨƚŚĞĐŝƚǇ͛ƐĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶ͘dŚŝƐŝŶƚĞŶƚŝŽŶĂůůǇ ƐǇŶĞƌŐŝƐƚŝĐƉůĂŶŶŝŶŐĂƉƉƌŽĂĐŚǁŝůůĨĂĐŝůŝƚĂƚĞŽĨĨŝĐŝĂůĚĞĐŝƐŝŽŶŵĂŬŝŶŐĂƚĂůůůĞǀĞůƐ͘ ϲϰ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ϯ͘ϯ,ŽǁǁĞĐŽŶĚƵĐƚĞĚŽƵƌƌŝƐŬĂƐƐĞƐƐŵĞŶƚ dŚĞĐŝƚǇŽĨZŽĐŚĞƐƚĞƌƌĞƚĂŝŶĞĚƚŚĞƐĞƌǀŝĐĞƐŽĨŽŵƉƌĞŚĞŶƐŝǀĞŵĞƌŐĞŶĐǇDĂŶĂŐĞŵĞŶƚƐƐŽĐŝĂƚĞƐ͕/ŶĐ͘ ;DͿƚŽĂƐƐŝƐƚƚŚĞWůĂŶŶŝŶŐdĞĂŵǁŝƚŚƌŝƐŬĂƐƐĞƐƐŵĞŶƚ͘dŚŝƐĐŽŶƐƵůƚŝŶŐĨŝƌŵŚĂƐǁŽƌŬĞĚǁŝƚŚƚŚĞĐŝƚǇŽŶ ŽƚŚĞƌĞŵĞƌŐĞŶĐǇŵĂŶĂŐĞŵĞŶƚƉƌŽũĞĐƚƐ͘ ϯ͘ϯ͘ϭZŝƐŬ/ĚĞŶƚŝĨŝĐĂƚŝŽŶWƌŽĐĞƐƐ DĂŶĚƚŚĞWůĂŶŶŝŶŐdĞĂŵĚĞǀĞůŽƉĞĚĂƌŝƐŬŝĚĞŶƚŝĨŝĐĂƚŝŽŶƐƵƌǀĞǇƚŽĞǀĂůƵĂƚĞŚĂǌĂƌĚƐĂŶĚƚŚƌĞĂƚƐ ŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞKůŵƐƚĞĚŽƵŶƚǇůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ͕ƚŚĞDŝŶŶĞƐŽƚĂ^ƚĂƚĞ,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ͕ ƚŚĞŝƚǇͬŽƵŶƚǇdŚƌĞĂƚĂŶĚ,ĂǌĂƌĚ/ĚĞŶƚŝĨŝĐĂƚŝŽŶĂŶĚZŝƐŬƐƐĞƐƐŵĞŶƚ;d,/ZͿ͕ĂŶĚĞŵĞƌŐŝŶŐŝƐƐƵĞƐĂƐ ďƌŽƵŐŚƚƵƉďǇƚŚĞWůĂŶŶŝŶŐdĞĂŵ͘^ƵƌǀĞǇDŽŶŬĞǇǁĂƐƵƐĞĚƚŽĂĚŵŝŶŝƐƚĞƌƚŚĞƐƵƌǀĞǇŝŶDĂƌĐŚϮϬϭϰ͘ hƐŝŶŐĂĨŝǀĞͲƉŽŝŶƚƐĐĂůĞ͕ǁŝƚŚϭŵĞĂŶŝŶŐ͞ŶŽƌŝƐŬǁŚĂƚƐŽĞǀĞƌ͟ĂŶĚϱŵĞĂŶŝŶŐ͞ĞǆƚƌĞŵĞůǇŚŝŐŚƌŝƐŬ͕͟ƚŚĞ ƐƵďũĞĐƚĞǆƉĞƌƚƐƚŚĂƚĐŽŵƉƌŝƐĞƚŚĞWůĂŶĞǀĞůŽƉŵĞŶƚdĞĂŵǁĞƌĞĂƐŬĞĚƚŽƌĂƚĞĞĂĐŚŽĨƚŚĞŝĚĞŶƚŝĨŝĞĚ ƉŽƚĞŶƚŝĂůƚŚƌĞĂƚƐĂŶĚŚĂǌĂƌĚƐ͘tŚĞŶƌĂƚŝŶŐĞĂĐŚŽĨƚŚĞƐĞƚŚƌĞĂƚƐͬŚĂǌĂƌĚƐ͕ƚŚĞƌĞƐƉŽŶĚĞŶƚƐǁĞƌĞĂƐŬĞĚƚŽ ĐŽŶƐŝĚĞƌƚŚĞĨŽůůŽǁŝŶŐ͗ ŽǇŽƵĨĞĞůƚŚĞƐƵďũĞĐƚƚŚƌĞĂƚͬŚĂǌĂƌĚƐŚŽƵůĚďĞŽĨĐŽŶĐĞƌŶƚŽƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͍ tŚĂƚŝƐƚŚĞƉƌŽďĂďŝůŝƚǇƚŚĂƚƚŚŝƐƚǇƉĞŽĨŝŶĐŝĚĞŶƚǁŝůůŽĐĐƵƌ͍ tŚĞŶŵŝŐŚƚƚŚŝƐƚŚƌĞĂƚͬŚĂǌĂƌĚŽĐĐƵƌ͍ ,ŽǁŽĨƚĞŶͬĨƌĞƋƵĞŶƚůǇŵŝŐŚƚŝƚŽĐĐƵƌ͍ ,ŽǁƐĞǀĞƌĞǁŽƵůĚƚŚĞŽǀĞƌĂůůŝŵƉĂĐƚůŝŬĞůǇďĞ͍ ,ŽǁŵĂŶǇƉĞƌƐŽŶƐŵŝŐŚƚďĞŝŵƉĂĐƚĞĚ͍ ,ŽǁůĂƌŐĞŽĨĂŶĂƌĞĂŵŝŐŚƚďĞŝŵƉĂĐƚĞĚ͍ ,ŽǁůĂƌŐĞǁŽƵůĚƚŚĞĞĐŽŶŽŵŝĐŝŵƉĂĐƚůŝŬĞůǇďĞ͍ ,ŽǁŝŵƉŽƌƚĂŶƚŝƐŝƚƚŚĂƚǁĞŚĂǀĞĞĂƌůǇͬƌĂƉŝĚŶŽƚŝĨŝĐĂƚŝŽŶƚŚĂƚƚŚŝƐƚǇƉĞŽĨŝŶĐŝĚĞŶƚŝƐůŝŬĞůǇƚŽŽĐĐƵƌ͍ ,ŽǁůŽŶŐŵŝŐŚƚŝƚƚĂŬĞƚŽĨƵůůǇƌĞƐŽůǀĞĂŶĚƌĞĐŽǀĞƌĨƌŽŵƚŚŝƐƚǇƉĞŽĨŝŶĐŝĚĞŶƚ͍ DĐŽŵƉŝůĞĚƚŚĞƌĞƐƵůƚƐĂŶĚƉƌŽǀŝĚĞĚƚŚĞWůĂŶŶŝŶŐdĞĂŵǁŝƚŚĂƐƚĂƚŝƐƚŝĐĂůĂŶĂůǇƐŝƐŽĨƚŚĞƌĞƐƵůƚƐ͘ ZĞƐƉŽŶĚĞŶƚƐĂŐƌĞĞĚŽŶƚŚĞƉŽƚĞŶƚŝĂůŝŵƉĂĐƚƚŚĂƚĂŶƵŵďĞƌŽĨƚŚĞƉƌĞƐĞŶƚĞĚƚŚƌĞĂƚƐͬŚĂǌĂƌĚƐƉŽƐĞƚŽ ZŽĐŚĞƐƚĞƌ͕ŚŽǁĞǀĞƌ͕ƌĞƐƉŽŶƐĞƐǁĞƌĞƌĂƚŚĞƌĚŝƐƉĂƌĂƚĞĨŽƌŽƚŚĞƌŝƚĞŵƐ͘ dŽƚƌǇƚŽƌĞĂĐŚĐŽŶƐĞŶƐƵƐŽŶƌĂŶŬŝŶŐƐĨŽƌƚŚŽƐĞƚŚƌĞĂƚƐͬŚĂǌĂƌĚƐǁŝƚŚƐŝŐŶŝĨŝĐĂŶƚĚŝƐƉĂƌŝƚǇ͕ƚŚĞWůĂŶŶŝŶŐ dĞĂŵŝŶǀŝƚĞĚƚŚĞWůĂŶĞǀĞůŽƉŵĞŶƚdĞĂŵĂŶĚĂŶǇŽƚŚĞƌƐǁŚŽƌĞƐƉŽŶĚĞĚƚŽƚŚĞƐƵƌǀĞǇƚŽƉĂƌƚŝĐŝƉĂƚĞŝŶĂ ƌŝƐŬǀĂůŝĚĂƚŝŽŶŵĞĞƚŝŶŐ͘ƚƚŚĂƚ&ĞďƌƵĂƌǇϮϬϭϱŵĞĞƚŝŶŐ͕ƚŚĞWůĂŶŶŝŶŐdĞĂŵƉƌĞƐĞŶƚĞĚƚŚĞƐƵƌǀĞǇƌĞƐƵůƚƐ͕ ŚĂǌĂƌĚďǇŚĂǌĂƌĚ͘dŚĞŐƌŽƵƉƚŚĞŶĚŝƐĐƵƐƐĞĚƚŚĞƐŝŐŶŝĨŝĐĂŶĐĞŽĨĞĂĐŚŚĂǌĂƌĚ͕ƌĞůǇŝŶŐŽŶƐƵďũĞĐƚĞǆƉĞƌƚƐƚŽ ĐůĂƌŝĨǇĐŽŶĐĞƌŶƐĞǆƉƌĞƐƐĞĚŝŶƚŚĞĚŝƐĐƵƐƐŝŽŶ͘hƐŝŶŐdƵƌŶŝŶŐdĞĐŚŶŽůŽŐŝĞƐ͛dƵƌŶŝŶŐWŽŝŶƚƉŽůůŝŶŐƐŽĨƚǁĂƌĞ͕ ƉĂƌƚŝĐŝƉĂŶƚƐƚŚĞŶĞŵƉůŽǇĞĚ͞ĐůŝĐŬĞƌƐ͟ƚŽƌĂƚĞĞĂĐŚƚŚƌĞĂƚͬŚĂǌĂƌĚ͕ƵƐŝŶŐƚŚĞƐĂŵĞƐĐĂůĞĂƐƚŚĞƐƵƌǀĞǇ͘&Žƌ ƚŚŽƐĞŝƚĞŵƐƐƚŝůůĞǆŚŝďŝƚŝŶŐĚŝƐƉĂƌĂƚĞĂŶƐǁĞƌƐ͕ĂĚĚŝƚŝŽŶĂůĚŝƐĐƵƐƐŝŽŶǁĂƐŚĂĚĂŶĚƚŚĞĐůŝĐŬĞƌƐƵƐĞĚŽŶĐĞ ϲϱ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ŵŽƌĞ͘&ŽƌƚŚŽƐĞŝƚĞŵƐĨĂŝůŝŶŐƚŽƌĞĂĐŚĐŽŶƐĞŶƐƵƐ͕ŝŶĚŝǀŝĚƵĂůƐƵďũĞĐƚĞǆƉĞƌƚƐǁĞƌĞĂƐŬĞĚƚŽƉƌŽǀŝĚĞƚŚĞĨŝŶĂů ƌĂŶŬŝŶŐ͘ ϯ͘ϯ͘ϮĂůĐƵůĂƚĞĚWƌŝŽƌŝƚǇZŝƐŬ/ŶĚĞǆ;WZ/ͿƐƐĞƐƐŵĞŶƚ tŚŝůĞƚŚŝƐƌŝƐŬĂƐƐĞƐƐŵĞŶƚĂƉƉƌŽĂĐŚƉƌŽǀŝĚĞĚŝŶǀĂůƵĂďůĞŝŶƐŝŐŚƚĨƌŽŵƚŚĞWůĂŶĞǀĞůŽƉŵĞŶƚdĞĂŵ͕ ĐŽŶĐĞƌŶƐĂƌŽƐĞƌĞŐĂƌĚŝŶŐƚŚĞƌĞƉůŝĐĂďŝůŝƚǇŽĨƚŚĞƐĞƌĞƐƵůƚƐĂƐǁĞůůĂƐƚŚĞŝƌĂďŝůŝƚǇƚŽďĞĐŽŶƐŝƐƚĞŶƚůǇ ŵĞĂƐƵƌĞĚĂŶĚĐŽŵƉĂƌĞĚŽǀĞƌƚŝŵĞ͘dŚĞWůĂŶŶŝŶŐdĞĂŵ͕ƚŚĞƌĞĨŽƌĞĚĞĐŝĚĞĚƚŽƵƐĞƚŚĞƐĞƌĞƐƵůƚƐƚŽŝŶĨŽƌŵĂ ĂůĐƵůĂƚĞĚWƌŝŽƌŝƚǇZŝƐŬ/ŶĚĞǆ;WZ/ͿĂƐƐĞƐƐŵĞŶƚ͘WZ/ƌĂŶŬŝŶŐƐĐŽŶƐŝĚĞƌĨŽƵƌĞůĞŵĞŶƚƐŽĨƌŝƐŬ͗ WƌŽďĂďŝůŝƚǇͮ,ŽǁůŝŬĞůǇŝƐƚŚĞĞǀĞŶƚƚŽŽĐĐƵƌ͍ DĂŐŶŝƚƵĚĞͬ^ĞǀĞƌŝƚǇͮtŚĂƚŝƐƚŚĞůŝŬĞůǇĞǆƚĞŶƚŽĨŚƵŵĂŶĂŶĚƐƚƌƵĐƚƵƌĂůŝŵƉĂĐƚĂƐĂƌĞƐƵůƚŽĨƚŚĞĞǀĞŶƚ͍ tĂƌŶŝŶŐdŝŵĞͮ,ŽǁŵƵĐŚǁĂƌŶŝŶŐƚŝŵĞĐĂŶďĞĞǆƉĞĐƚĞĚĨŽƌƚŚĞĞǀĞŶƚ͍ ƵƌĂƚŝŽŶŽĨZĞĐŽǀĞƌǇͮ,ŽǁůŽŶŐǁŝůůŝƚƚĂŬĞƚŽƌĞĐŽǀĞƌĨƌŽŵƚŚĞĞǀĞŶƚ͍ dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐŝůůƵƐƚƌĂƚĞƚŚĞƉĂƌĂŵĞƚĞƌƐƵƐĞĚƚŽƌĂŶŬƚŚĞĞůĞŵĞŶƚƐŽĨƌŝƐŬĨŽƌĞĂĐŚŚĂǌĂƌĚ͘ ZĂƚŝŶŐZĂƚŝŶŐƌŝƚĞƌŝĂ ǀĞŶƚŝƐƉƌŽďĂďůĞǁŝƚŚŝŶƚŚĞĐĂůĞŶĚĂƌǇĞĂƌ ϰ ƵƉƚŽ ǀĞŶƚŚĂƐϭŽƵƚŽĨϭĐŚĂŶĐĞŽĨŽĐĐƵƌƌŝŶŐƚŚŝƐǇĞĂƌ ,ŝŐŚůǇ>ŝŬĞůǇ ,ŝƐƚŽƌǇŽĨĞǀĞŶƚƐŝƐŐƌĞĂƚĞƌƚŚĂŶϯϯйůŝŬĞůǇƉĞƌǇĞĂƌ ǀĞŶƚŝƐƉƌŽďĂďůĞǁŝƚŚŝŶƚŚĞŶĞǆƚƚŚƌĞĞǇĞĂƌƐ ϯ ƵƉƚŽ ǀĞŶƚŚĂƐϭŝŶϯǇĞĂƌƐĐŚĂŶĐĞŽĨŽĐĐƵƌƌŝŶŐ WƌŽďĂďŝůŝƚǇ >ŝŬĞůǇ ,ŝƐƚŽƌǇŽĨĞǀĞŶƚƐŝƐŐƌĞĂƚĞƌƚŚĂŶϮϬйďƵƚůĞƐƐƚŚĂŶŽƌĞƋƵĂůƚŽϯϯй ůŝŬĞůǇƉĞƌǇĞĂƌ ǀĞŶƚŝƐƉƌŽďĂďůĞǁŝƚŚŝŶƚŚĞŶĞǆƚĨŝǀĞǇĞĂƌƐ Ϯ ƵƉƚŽ ǀĞŶƚŚĂƐϭŝŶϱǇĞĂƌƐĐŚĂŶĐĞŽĨŽĐĐƵƌƌŝŶŐ /ŶƚĞƌŵŝƚƚĞŶƚ ,ŝƐƚŽƌǇŽĨĞǀĞŶƚƐŝƐŐƌĞĂƚĞƌƚŚĂŶϭϬйďƵƚůĞƐƐƚŚĂŶŽƌĞƋƵĂůƚŽϮϬй ůŝŬĞůǇƉĞƌǇĞĂƌ ǀĞŶƚŝƐƉŽƐƐŝďůĞǁŝƚŚŝŶƚŚĞŶĞǆƚϭϬǇĞĂƌƐ ϭ ǀĞŶƚŚĂƐƵƉƚŽϭŝŶϭϬǇĞĂƌƐĐŚĂŶĐĞŽĨŽĐĐƵƌƌŝŶŐ hŶůŝŬĞůǇ ,ŝƐƚŽƌǇŽĨĞǀĞŶƚƐŝƐůĞƐƐƚŚĂŶŽƌĞƋƵĂůƚŽϭϬйůŝŬĞůǇƉĞƌǇĞĂƌ ϲϲ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ZĂƚŝŶŐZĂƚŝŶŐƌŝƚĞƌŝĂ DƵůƚŝƉůĞĚĞĂƚŚƐ ϰ ŽŵƉůĞƚĞƐŚƵƚĚŽǁŶŽĨĨĂĐŝůŝƚŝĞƐĨŽƌϯϬŽƌŵŽƌĞĚĂǇƐ ĂƚĂƐƚƌŽƉŚŝĐ DŽƌĞƚŚĂŶϱϬƉĞƌĐĞŶƚŽĨƉƌŽƉĞƌƚǇŝƐƐĞǀĞƌĞůǇĚĂŵĂŐĞĚ DĂŐŶŝƚƵĚĞͬ^ĞǀĞƌŝƚǇ /ŶũƵƌŝĞƐĂŶĚͬŽƌŝůůŶĞƐƐĞƐƌĞƐƵůƚŝŶƉĞƌŵĂŶĞŶƚĚŝƐĂďŝůŝƚǇ ϯ ŽŵƉůĞƚĞƐŚƵƚĚŽǁŶŽĨĐƌŝƚŝĐĂůĨĂĐŝůŝƚŝĞƐĨŽƌĂƚůĞĂƐƚƚǁŽǁĞĞŬƐ ƌŝƚŝĐĂů ϮϱʹϱϬƉĞƌĐĞŶƚŽĨƉƌŽƉĞƌƚǇŝƐƐĞǀĞƌĞůǇĚĂŵĂŐĞĚ /ŶũƵƌŝĞƐĂŶĚͬŽƌŝůůŶĞƐƐĞƐĚŽŶŽƚƌĞƐƵůƚŝŶƉĞƌŵĂŶĞŶƚĚŝƐĂďŝůŝƚǇ Ϯ ŽŵƉůĞƚĞƐŚƵƚĚŽǁŶŽĨĐƌŝƚŝĐĂůĨĂĐŝůŝƚŝĞƐĨŽƌŵŽƌĞƚŚĂŶŽŶĞǁĞĞŬ >ŝŵŝƚĞĚ ϭϬʹϮϱƉĞƌĐĞŶƚŽĨƉƌŽƉĞƌƚǇŝƐƐĞǀĞƌĞůǇĚĂŵĂŐĞĚ /ŶũƵƌŝĞƐĂŶĚͬŽƌŝůůŶĞƐƐĞƐĂƌĞƚƌĞĂƚĂďůĞǁŝƚŚĨŝƌƐƚĂŝĚ ϭ DŝŶŽƌƋƵĂůŝƚǇŽĨůŝĨĞůŽƐƚ ^ŚƵƚĚŽǁŶŽĨĐƌŝƚŝĐĂůĨĂĐŝůŝƚŝĞƐĂŶĚƐĞƌǀŝĐĞƐĨŽƌϮϰŚŽƵƌƐŽƌůĞƐƐ EĞŐůŝŐŝďůĞ >ĞƐƐƚŚĂŶϭϬƉĞƌĐĞŶƚŽĨƉƌŽƉĞƌƚǇŝƐƐĞǀĞƌĞůǇĚĂŵĂŐĞĚ ZĂƚŝŶŐZĂƚŝŶŐƌŝƚĞƌŝĂ tĂƌŶŝŶŐdŝŵĞ ϰ >ĞƐƐƚŚĂŶϲŚŽƵƌƐ ϯ ϲͲϭϮŚŽƵƌƐ Ϯ ϭϮͲϮϰŚŽƵƌƐ ϭ ϮϰнŚŽƵƌƐ ZĂƚŝŶŐZĂƚŝŶŐƌŝƚĞƌŝĂ ϰ ƵƌĂƚŝŽŶŽĨ DŽƌĞƚŚĂŶϭǁĞĞŬ ZĞĐŽǀĞƌǇ ϯ >ĞƐƐƚŚĂŶϭǁĞĞŬ Ϯ >ĞƐƐƚŚĂŶϭĚĂǇ ϭ >ĞƐƐƚŚĂŶϲŚŽƵƌƐ ϲϳ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ hƐŝŶŐƚŚĞƌĂŶŬŝŶŐƐĚĞƐĐƌŝďĞĚŝŶƚŚĞƚĂďůĞƐĂďŽǀĞ͕ƚŚĞĨŽůůŽǁŝŶŐǁĞŝŐŚƚĞĚĨŽƌŵƵůĂǁĂƐƵƐĞĚƚŽĚĞƚĞƌŵŝŶĞ ĞĂĐŚŚĂǌĂƌĚ͛ƐWZ/͗ tĂƌŶŝŶŐ WƌŽďĂďŝůŝƚǇƵƌĂƚŝŽŶy DĂŐŶŝƚƵĚĞ dŝŵĞyWZ/ yϬ͘ϰϱϬ͘ϭϬ yϬ͘ϯϬ Ϭ͘ϭϱ dŚĞWZ/ǀĂůƵĞƐƐŚŽƵůĚďĞŐĞŶĞƌĂůŝŶĚŝĐĂƚŽƌƐŽĨƉůĂŶŶŝŶŐƌŝƐŬƐŝŐŶŝĨŝĐĂŶĐĞ͘ dŚƌĞĞůĞǀĞůƐŽĨƌŝƐŬŚĂǀĞďĞĞŶ ŝĚĞŶƚŝĨŝĞĚ͗,ŝŐŚ͕DŽĚĞƌĂƚĞĂŶĚ>Žǁ͘ ,ŝŐŚ ͮ,ŝŐŚƉƌŽďĂďŝůŝƚǇŽĨŽĐĐƵƌƌĞŶĐĞ͖ĂƚůĞĂƐƚϱϬƉĞƌĐĞŶƚŽƌŵŽƌĞŽĨƉŽƉƵůĂƚŝŽŶĂƚƌŝƐŬĨƌŽŵŚĂǌĂƌĚ͖ ƐŝŐŶŝĨŝĐĂŶƚƚŽĐĂƚĂƐƚƌŽƉŚŝĐƉŚǇƐŝĐĂůŝŵƉĂĐƚƐƚŽďƵŝůĚŝŶŐƐĂŶĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͖ŵĂũŽƌůŽƐƐŽƌƉŽƚĞŶƚŝĂůůŽƐƐŽĨ ĨƵŶĐƚŝŽŶĂůŝƚǇƚŽĂůůĞƐƐĞŶƚŝĂůĨĂĐŝůŝƚŝĞƐ;ŚŽƐƉŝƚĂů͕ƉŽůŝĐĞ͕ĨŝƌĞ͕KĂŶĚƐŚĞůƚĞƌƐͿ͘ DŽĚĞƌĂƚĞ ͮ>ĞƐƐƚŚĂŶϱϬƉĞƌĐĞŶƚŽĨƉŽƉƵůĂƚŝŽŶĂƚƌŝƐŬĨƌŽŵŚĂǌĂƌĚ͖ŵŽĚĞƌĂƚĞƉŚǇƐŝĐĂůŝŵƉĂĐƚƐƚŽďƵŝůĚŝŶŐƐ ĂŶĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͖ŵŽĚĞƌĂƚĞƉŽƚĞŶƚŝĂůĨŽƌůŽƐƐŽĨĨƵŶĐƚŝŽŶĂůŝƚǇƚŽĞƐƐĞŶƚŝĂůĨĂĐŝůŝƚŝĞƐ͘ >Žǁ ͮ>ŽǁƉƌŽďĂďŝůŝƚǇŽĨŽĐĐƵƌƌĞŶĐĞŽƌůŽǁƚŚƌĞĂƚƚŽƉŽƉƵůĂƚŝŽŶ͖ŵŝŶŽƌƉŚǇƐŝĐĂůŝŵƉĂĐƚƐ͘ dŚĞĨŽůůŽǁŝŶŐƚĂďůĞĚĞƚĂŝůƐƚŚĞWZ/ƐĐŽƌŝŶŐƌĂŶŐĞƐ͘ WZ/ZE's>h^ W>EE/E'^/'E/&/E>ŽǁWZ/,ŝŐŚWZ/ ,/',, ;Ϳϯ͘Ϭϰ͘Ϭ DKZdD ;ͿϮ͘ϬϮ͘ϵ >Kt> ;Ϳϭ͘Ϭϭ͘ϵ dŚĞŚĂǌĂƌĚƐĚĞƐĐƌŝďĞĚŝŶĞĂĐŚƐĞĐƚŝŽŶŽĨƚŚŝƐĐŚĂƉƚĞƌĂƌĞůŝƐƚĞĚŝŶĚĞƐĐĞŶĚŝŶŐŽƌĚĞƌŽĨƚŚĞŝƌWZ/ƐĐŽƌĞ͘ ϯ͘ϯ͘ϯ'ĞŽŐƌĂƉŚŝĐǆƚĞŶƚ /ŶĂĚĚŝƚŝŽŶƚŽƚŚĞĐŽŵƉŽŶĞŶƚƐŽĨƚŚĞWZ/͕ƚŚĞƉŽƚĞŶƚŝĂůŐĞŽŐƌĂƉŚŝĐĞǆƚĞŶƚƚŚĂƚǁŽƵůĚůŝŬĞůǇďĞĂĨĨĞĐƚĞĚďǇ ĂŶĞǀĞŶƚǁŝůůďĞĐůĂƐƐŝĨŝĞĚ͗ ZĂƚŝŶŐZĂƚŝŶŐƌŝƚĞƌŝĂ 'ĞŽŐƌĂƉŚŝĐ ϭ >ŽĐĂůŝǌĞĚŝŵƉĂĐƚ ǆƚĞŶƚ Ϯ ŽŵŵƵŶŝƚǇͲǁŝĚĞŝŵƉĂĐƚ ϯ ŽƵŶƚǇͲǁŝĚĞŽƌŐƌĞĂƚĞƌŝŵƉĂĐƚ ϲϴ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ϯ͘ϰEĂƚƵƌĂů,ĂǌĂƌĚƐ DŽƚŚĞƌEĂƚƵƌĞĐĂŶƌĞĂƌŚĞƌƵŐůǇŚĞĂĚĂƚĂŶǇƚŝŵĞŽĨǇĞĂƌŝŶƚŚĞZŽĐŚĞƐƚĞƌƉůĂŶĂƌĞĂ͘tŚŝůĞĂƌĞĂŶĂƚŝǀĞƐĂƌĞ ƵƐĞĚƚŽĚĞĂůŝŶŐǁŝƚŚǁŚĂƚƐŚĞƚŚƌŽǁƐĂƚƵƐ͕ZŽĐŚĞƐƚĞƌŚĂƐŵĂŶǇǀƵůŶĞƌĂďůĞƉŽƉƵůĂƚŝŽŶƐƚŚĂƚĂƌĞĞǀĞŶŵŽƌĞ ĂƚƌŝƐŬĚƵƌŝŶŐŶĂƚƵƌĂůŚĂǌĂƌĚĞǀĞŶƚƐ͘DĂŶǇǀŝƐŝƚŽƌƐĂŶĚƌĞƐŝĚĞŶƚƐĂƌĞŚĞƌĞƐĞĞŬŝŶŐŚĞůƉĨƌŽŵDĂǇŽůŝŶŝĐĨŽƌ ŵĞĚŝĐĂůŶĞĞĚƐŽƌƉŚǇƐŝĐĂůĚŝƐĂďŝůŝƚŝĞƐƚŚĂƚƌĞƋƵŝƌĞǀŝƚĂůŵĞĚŝĐĂƚŝŽŶƐĂŶĚƚƌĞĂƚŵĞŶƚ͕ŝŵƉĂŝƌƚŚĞŝƌŵŽǀĞŵĞŶƚ͕ ŽƌŵĂŬĞƚŚĞŵŵŽƌĞƐĞŶƐŝƚŝǀĞƚŽĞǆƚƌĞŵĞǁĞĂƚŚĞƌĐŽŶĚŝƚŝŽŶƐ͘KƚŚĞƌƐĂƌĞĨƌŽŵĂƌĞĂƐŽĨƚŚĞĐŽƵŶƚƌǇŽƌǁŽƌůĚ ƵŶĨĂŵŝůŝĂƌǁŝƚŚƚŚĞƚǇƉĞƐŽĨŶĂƚƵƌĂůŚĂǌĂƌĚƐǁĞĞǆƉĞƌŝĞŶĐĞŚĞƌĞĂŶĚƚŚĞƐƚƌĂƚĞŐŝĞƐŶĞĐĞƐƐĂƌǇƚŽƉƌĞƉĂƌĞĨŽƌ ƚŚĞŵ͘^ƚŝůůŽƚŚĞƌƐ͕ƐƵĐŚĂƐƚŚĞďůŝŶĚ͕ƚŚĞĚĞĂĨ͕ĂŶĚŶŽŶͲŶŐůŝƐŚƐƉĞĂŬĞƌƐĞǆƉĞƌŝĞŶĐĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ďĂƌƌŝĞƌƐƚŚĂƚŬĞĞƉƚŚĞŵĨƌŽŵŐĞƚƚŝŶŐƚŚĞƉƌĞĐĂƵƚŝŽŶĂƌǇŝŶĨŽƌŵĂƚŝŽŶƚŚĞǇŶĞĞĚƚŽƐƚĂǇƐĂĨĞ͘ dĞĐŚŶŽůŽŐŝĐĂůĂĚǀĂŶĐĞƐ͕ŚŽǁĞǀĞƌ͕ĂƌĞŚĞůƉŝŶŐƉĞŽƉůĞ͕ďƵƐŝŶĞƐƐĞƐ͕ĂŶĚĨŝƌƐƚƌĞƐƉŽŶĚĞƌƐďĞƚƚĞƌƉƌĞƉĂƌĞĨŽƌ ŝŵƉĞŶĚŝŶŐĞǀĞŶƚƐ͘tĞĂƚŚĞƌƚƌĂĐŬŝŶŐƚĞĐŚŶŽůŽŐǇŐŝǀĞŵĞƚĞŽƌŽůŽŐŝƐƚƐĂŵƉůĞůĞĂĚƚŝŵĞƚŽĞǀĂůƵĂƚĞ ĚĞǀĞůŽƉŝŶŐƐƚŽƌŵƐǇƐƚĞŵƐ͖ƐŵĂƌƚƉŚŽŶĞǁĞĂƚŚĞƌĂƉƉƐĞŶĂďůĞůĂǇŵĞŶƚŽƐƚĂǇŽŶƚŽƉŽĨƚŚĞƐĞĚĞǀĞůŽƉŵĞŶƚƐ͘ EŽƚŝĨŝĐĂƚŝŽŶƐĞƌǀŝĐĞƐƐƵĐŚĂƐZŽĐŚĞƐƚĞƌůĞƌƚŶŽƚŝĨǇƐƵďƐĐƌŝďĞƌƐŽĨƚŚƌĞĂƚĞŶŝŶŐĐŽŶĚŝƚŝŽŶƐǁŝƚŚĐƵƐƚŽŵŝǌĞĚ ĂůĞƌƚƐǀŝĂƚĞǆƚŵĞƐƐĂŐĞ͕ĞŵĂŝů͕ǀŽŝĐĞŵĞƐƐĂŐĞ͕ĂŶĚŽŶƐŽĐŝĂůŵĞĚŝĂ͘hŶĚĞƌƐƚĂŶĚŝŶŐǁŚĂƚƚŚĞƐĞĞǀĞŶƚƐĂƌĞ ĂŶĚĂƐƐĞƐƐŝŶŐƚŚĞŝƌƉŽƚĞŶƚŝĂůŝŵƉĂĐƚƐǁŝůůŐŽĂůŽŶŐǁĂǇƚŽŵŝƚŝŐĂƚĞŶĞŐĂƚŝǀĞĐŽŶƐĞƋƵĞŶĐĞƐ͘ ϯ͘ϰ͘ϭtŝŶĚ^ƚŽƌŵ ĞƐĐƌŝƉƚŝŽŶĂŶĚ,ŝƐƚŽƌǇ tŝƚŚĂŶĂǀĞƌĂŐĞǁŝŶĚƐƉĞĞĚŽĨϭϮ͘ϲŵƉŚ͕dŚĞtĞĂƚŚĞƌŚĂŶŶĞůŚĂƐƌĂŶŬĞĚZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂƐƚŚĞ ƐĞĐŽŶĚǁŝŶĚŝĞƐƚĐŝƚǇŝŶƚŚĞĐŽƵŶƚƌǇ͖ŽŶůǇŵĂƌŝůůŽ͕dĞǆĂƐĐůŽĐŬƐĂŚŝŐŚĞƌĂǀĞƌĂŐĞǁŝŶĚƐƉĞĞĚ͘:ĂŶƵĂƌǇĂŶĚ ƉƌŝůĂƌĞŐĞŶĞƌĂůůǇZŽĐŚĞƐƚĞƌ͛ƐǁŝŶĚŝĞƐƚŵŽŶƚŚƐ͘ dŚĞEĂƚŝŽŶĂůKĐĞĂŶŝĐΘƚŵŽƐƉŚĞƌŝĐĚŵŝŶŝƐƚƌĂƚŝŽŶ;EKͿĐůĂƐƐŝĨŝĞƐ͞ĚĂŵĂŐŝŶŐǁŝŶĚƐ͟ĂƐƚŚŽƐĞ ĞǆĐĞĞĚŝŶŐϱϬͲϲϬŵƉŚ͘tŝŶĚƐƚŽƌŵƐĐĂŶŽĐĐƵƌĂŶǇƚŝŵĞĚƵƌŝŶŐƚŚĞǇĞĂƌ͕ƚǇƉŝĐĂůůǇĂĐĐŽŵƉĂŶǇŝŶŐĂƐƚƌŽŶŐ ǁĞĂƚŚĞƌĞǀĞŶƚƐƵĐŚĂƐĂƚŚƵŶĚĞƌƐƚŽƌŵŽƌ ƐŶŽǁƐƚŽƌŵ͘DŽƐƚǁŝŶĚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚ ƚŚƵŶĚĞƌƐƚŽƌŵƐ͕ŚŽǁĞǀĞƌ͕ŽĐĐƵƌŝŶ:ƵŶĞĂŶĚ :ƵůǇĂŶĚďĞƚǁĞĞŶƚŚĞŚŽƵƌƐŽĨϰĂŶĚϴƉ͘ŵ͕͘ ƚŚŽƵŐŚƚŚĞǇĐĂŶŽĐĐƵƌĂƚŽƚŚĞƌƚŝŵĞƐ͘ ϲϵ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ,ŝŐŚtŝŶĚǀĞŶƚƐͮKůŵƐƚĞĚŽƵŶƚǇ͕DE ^ŽƵƌĐĞ͗EK^ƚŽƌŵǀĞŶƚƐĂƚĂďĂƐĞ ĞŐŝŶĂƚĞDĂŐŶŝƚƵĚĞ;ŵƉŚͿĞĂƚŚƐ/ŶũƵƌŝĞƐWƌŽƉĞƌƚǇĂŵĂŐĞ;ΨͿ ϮͬϭϬͬϭϵϵϲϱϱϬϬϬ ϭϬͬϯϬͬϭϵϵϲϲϬϬϬϮϱ͕ϬϬϬ ϰͬϲͬϭϵϵϳϲϲϬϬϮϱ͕ϬϬϬ ϭϭͬϭϬͬϭϵϵϴϱϲϬϬϲϬ͕ϬϬϬ ϰͬϱͬϮϬϬϬϱϴϬϬϬ ϰͬϳͬϮϬϬϭϲϮϬϬϰ͕ϱϬϬ ϭϬͬϮϱͬϮϬϬϭϱϱϬϬϬ ϰͬϭϴͬϮϬϬϰϲϬϬϬϴ͕ϬϬϬ ϭϮͬϭϮͬϮϬϬϰϱϴϬϬϬ ϭϬͬϮϲͬϮϬϭϬϲϯϬϬϳ͕ϬϬϬ ϲͬϭϲͬϮϬϭϰϱϵϬϬϬ dKd>ϬϬϭϮϵ͕ϱϬϬ >ŽĐĂƚŝŽŶ tŝŶĚƐƚŽƌŵƐĐĂŶŽĐĐƵƌĂŶǇǁŚĞƌĞŝŶZŽĐŚĞƐƚĞƌ͕ƚŚŽƵŐŚƚŚĞŝƌŝŵƉĂĐƚƐŵĂǇďĞĨĞůƚĚŝĨĨĞƌĞŶƚůǇŝŶƐŚĞůƚĞƌĞĚ ĂƌĞĂƐ͘ ǆƚĞŶƚ ^ĞǀĞƌĞtĞĂƚŚĞƌϭϬϭ ĐĐŽƌĚŝŶŐƚŽEK͛ƐǁĞďƐŝƚĞ͕ƚŚĞƌĞĂƌĞƐŝǆƚǇƉĞƐŽĨĚĂŵĂŐŝŶŐǁŝŶĚƐ͗ ^ƚƌĂŝŐŚƚͲůŝŶĞ ǁŝŶĚƐĂƌĞŐĞŶĞƌĂůůǇĂŶǇƚŚƵŶĚĞƌƐƚŽƌŵǁŝŶĚƚŚĂƚŝƐŶŽƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƌŽƚĂƚŝŽŶ;ŝ͘Ğ͕͘ŝƐŶŽƚ ĂƚŽƌŶĂĚŽͿ͖ƚŚĞƐĞǁŝŶĚƐĐĂŶĞǆĐĞĞĚϭϬϬŵƉŚĂŶĚĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌŵŽƐƚǁŝŶĚĚĂŵĂŐĞƌĞůĂƚĞĚƚŽ ƚŚƵŶĚĞƌƐƚŽƌŵƐ͘ ĚŽǁŶĚƌĂĨƚ ŝƐĂƐŵĂůůͲƐĐĂůĞĐŽůƵŵŶŽĨĂŝƌƚŚĂƚƌĂƉŝĚůǇƐŝŶŬƐƚŽǁĂƌĚƚŚĞŐƌŽƵŶĚ͘ ĚŽǁŶďƵƌƐƚ ŝƐĂƌĞƐƵůƚŽĨĂƐƚƌŽŶŐĚŽǁŶĚƌĂĨƚ͘ĚŽǁŶďƵƌƐƚŝƐĂƐƚƌŽŶŐĚŽǁŶĚƌĂĨƚǁŝƚŚŚŽƌŝǌŽŶƚĂů ĚŝŵĞŶƐŝŽŶƐůĂƌŐĞƌƚŚĂŶϮ͘ϱŵŝůĞƐƌĞƐƵůƚŝŶŐŝŶĂŶŽƵƚǁĂƌĚďƵƌƐƚŽĨĚĂŵĂŐŝŶŐǁŝŶĚƐŽŶŽƌŶĞĂƌƚŚĞ ŐƌŽƵŶĚ͘ŽǁŶďƵƌƐƚƐĂƌĞƵƐƵĂůůǇĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚƵŶĚĞƌƐƚŽƌŵƐ͕ďƵƚƚŚĞǇĐĂŶŽĐĐƵƌǁŝƚŚƐŚŽǁĞƌƐƚŽŽ ǁĞĂŬƚŽƉƌŽĚƵĐĞƚŚƵŶĚĞƌ͘ ŵŝĐƌŽďƵƌƐƚ ŝƐĂƐŵĂůůĐŽŶĐĞŶƚƌĂƚĞĚĚŽǁŶďƵƌƐƚƚŚĂƚƉƌŽĚƵĐĞƐĂŶŽƵƚǁĂƌĚďƵƌƐƚŽĨĚĂŵĂŐŝŶŐǁŝŶĚƐĂƚ ƚŚĞƐƵƌĨĂĐĞ͘DŝĐƌŽďƵƌƐƚƐĂƌĞŐĞŶĞƌĂůůǇƐŵĂůů;ůĞƐƐƚŚĂŶϮ͘ϱŵŝůĞƐĂĐƌŽƐƐͿĂŶĚƐŚŽƌƚͲůŝǀĞĚ͕ůĂƐƚŝŶŐŽŶůǇϱͲ ϳϬ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ϭϬŵŝŶƵƚĞƐ͕ǁŝƚŚŵĂǆŝŵƵŵǁŝŶĚƐƉĞĞĚƐƵƉƚŽϭϲϴŵƉŚ͘DŝĐƌŽďƵƌƐƚƐŵĂǇŽĐĐƵƌŝŶǁĞƚŽƌĚƌǇƐƵƌĨĂĐĞ ĞǀĞŶƚƐ͘ ŐƵƐƚĨƌŽŶƚ ŝƐƚŚĞůĞĂĚŝŶŐĞĚŐĞŽĨƌĂŝŶͲĐŽŽůĞĚĂŝƌƚŚĂƚĐůĂƐŚĞƐǁŝƚŚǁĂƌŵĞƌƚŚƵŶĚĞƌƐƚŽƌŵŝŶĨůŽǁ͘'ƵƐƚ ĨƌŽŶƚƐĂƌĞĐŚĂƌĂĐƚĞƌŝǌĞĚďǇĂǁŝŶĚƐŚŝĨƚ͕ƚĞŵƉĞƌĂƚƵƌĞĚƌŽƉ͕ĂŶĚŐƵƐƚǇǁŝŶĚƐŽƵƚĂŚĞĂĚŽĨĂ ƚŚƵŶĚĞƌƐƚŽƌŵ͘^ŽŵĞƚŝŵĞƐƚŚĞǁŝŶĚƐƉƵƐŚƵƉĂŝƌĂďŽǀĞƚŚĞŵ͕ĨŽƌŵŝŶŐĂƐŚĞůĨĐůŽƵĚŽƌĚĞƚĂĐŚĞĚƌŽůů ĐůŽƵĚ͘ ĚĞƌĞĐŚŽ ŝƐĂǁŝĚĞƐƉƌĞĂĚ͕ůŽŶŐͲůŝǀĞĚǁŝŶĚƐƚŽƌŵƚŚĂƚŝƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚĂďĂŶĚŽĨƌĂƉŝĚůǇŵŽǀŝŶŐ ƐŚŽǁĞƌƐŽƌƚŚƵŶĚĞƌƐƚŽƌŵƐ͘ƚǇƉŝĐĂůĚĞƌĞĐŚŽĐŽŶƐŝƐƚƐŽĨŶƵŵĞƌŽƵƐŵŝĐƌŽďƵƌƐƚƐ͕ĚŽǁŶďƵƌƐƚƐ͕ĂŶĚ ĚŽǁŶďƵƌƐƚĐůƵƐƚĞƌƐ͘ǇĚĞĨŝŶŝƚŝŽŶ͕ŝĨƚŚĞǁŝŶĚĚĂŵĂŐĞƐǁĂƚŚĞǆƚĞŶĚƐŵŽƌĞƚŚĂŶϮϰϬŵŝůĞƐĂŶĚŝŶĐůƵĚĞƐ ǁŝŶĚŐƵƐƚƐŽĨĂƚůĞĂƐƚϱϴŵƉŚĂůŽŶŐŵŽƐƚŽĨŝƚƐůĞŶŐƚŚ͕ƚŚĞŶƚŚĞĞǀĞŶƚŵĂǇďĞĐůĂƐƐŝĨŝĞĚĂƐĂĚĞƌĞĐŚŽ͘ WƌŽďĂďŝůŝƚǇŽĨ&ƵƚƵƌĞǀĞŶƚƐ ĐĐŽƌĚŝŶŐƚŽƚŚĞEĂƚŝŽŶĂůtĞĂƚŚĞƌ^ĞƌǀŝĐĞʹ>ĂƌŽƐƐĞ͕ƚŚĞƌĞǁĞƌĞϭϰϮƌĞƉŽƌƚƐŽĨĚĂŵĂŐŝŶŐǁŝŶĚƐŝŶ KůŵƐƚĞĚŽƵŶƚǇĨƌŽŵϭϵϵϮͲϮϬϭϯ͘/ƚŝƐůŝŬĞůǇƚŚĂƚƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂǁŝůůĞǆƉĞƌŝĞŶĐĞƐƚƌŽŶŐǁŝŶĚĞǀĞŶƚƐŽŶ ĂŶĂŶŶƵĂůďĂƐŝƐ͘ ϰ WƌŽďĂďŝůŝƚǇ /ŵƉĂĐƚĂŶĚsƵůŶĞƌĂďŝůŝƚǇ ^ŝŶĐĞƚŚƵŶĚĞƌƐƚŽƌŵƐĚŽŶŽƚŚĂǀĞŶĂƌƌŽǁƚƌĂĐŬƐůŝŬĞ Ϯ DĂŐŶŝƚƵĚĞ tŝŶĚ^ƚŽƌŵ ƚŽƌŶĂĚŽĞƐ͕ƚŚĞĂƐƐŽĐŝĂƚĞĚǁŝŶĚĚĂŵĂŐĞĐĂŶďĞĞǆƚĞŶƐŝǀĞ ϰ ĂŶĚĂĨĨĞĐƚǀĞƌǇůĂƌŐĞĂƌĞĂƐ͘tŝŶĚƐƚŽƌŵƐĐĂŶĐĂƵƐĞtĂƌŶŝŶŐdŝŵĞ ƐŝŐŶŝĨŝĐĂŶƚƉƌŽƉĞƌƚǇĚĂŵĂŐĞ͕ƚŚƌĞĂƚĞŶƉƵďůŝĐƐĂĨĞƚǇ͕ĂŶĚ ϯ ƵƌĂƚŝŽŶ ĂĨĨĞĐƚƚŚĞĞĐŽŶŽŵǇĚƵĞƚŽďƵƐŝŶĞƐƐĐůŽƐƵƌĞƐ͘KďũĞĐƚƐůŝŬĞ ϯ͘ϯϬ ƚƌĞĞƐĂŶĚƵƚŝůŝƚǇůŝŶĞƐͬƉŽůĞƐĐĂŶďĞƚŽƉƉůĞĚŽƌĚĞƐƚƌŽǇĞĚ WZ/ ƌĞƐƵůƚŝŶŐŝŶƚĞŵƉŽƌĂƌǇůŽƐƐŽĨƉŽǁĞƌĂŶĚƉŚŽŶĞƐĞƌǀŝĐĞ , WůĂŶŶŝŶŐ^ŝŐŶŝĨŝĐĂŶĐĞ ůĂƐƚŝŶŐĨƌŽŵĂĨĞǁŚŽƵƌƐƚŽƐĞǀĞƌĂůĚĂǇƐ͘ZĞƐƵůƚƐŽĨƚŚĞƐĞ ŝŵƉĂĐƚƐĐŽƵůĚĐŽŵƉůŝĐĂƚĞĐŽŵŵƵŶŝĐĂƚŝŽŶǁŝƚŚƐƚĂĨĨ͘ Ϯ 'ĞŽŐƌĂƉŚŝĐǆƚĞŶƚ ĂŵĂŐĞƚŽƌŽŽĨƐĂŶĚǁŝŶĚŽǁƐĂƌĞĐŽŵŵŽŶƌĞƐƵůƚƐŽĨ ƐĞƌŝŽƵƐǁŝŶĚƐƚŽƌŵĞǀĞŶƚƐ͘ WĞŽƉůĞůŝǀŝŶŐŝŶŵŽďŝůĞŚŽŵĞƐĂƌĞĞƐƉĞĐŝĂůůǇĂƚƌŝƐŬĨŽƌŝŶũƵƌǇĂŶĚĞǀĞŶĚĞĂƚŚ͖ĞǀĞŶĂŶĐŚŽƌĞĚŵŽďŝůĞŚŽŵĞƐ ĐĂŶďĞƐĞƌŝŽƵƐůǇĚĂŵĂŐĞĚďǇǁŝŶĚƐĞǆĐĞĞĚŝŶŐϴϬŵƉŚ͘ ϯ͘ϰ͘ϮdŽƌŶĂĚŽ ĞƐĐƌŝƉƚŝŽŶĂŶĚ,ŝƐƚŽƌǇ ƚŽƌŶĂĚŽŝƐĂĚĞƐƚƌƵĐƚŝǀĞǀŽƌƚĞǆŽĨǀŝŽůĞŶƚůǇƌŽƚĂƚŝŶŐǁŝŶĚƐ͕ŝŶĐŽŶƚĂĐƚǁŝƚŚƚŚĞŐƌŽƵŶĚ͕ŽĨƚĞŶŚĂǀŝŶŐƚŚĞ ĂƉƉĞĂƌĂŶĐĞŽĨĂĨƵŶŶĞůͲƐŚĂƉĞĚĐůŽƵĚ͘DĂǇƚŚƌŽƵŐŚ:ƵůǇĂƌĞƚŚĞƉĞĂŬƚŽƌŶĂĚŽŵŽŶƚŚƐĨŽƌZŽĐŚĞƐƚĞƌ͕ďƵƚ ƚŽƌŶĂĚŽĞƐĐĂŶŚĂƉƉĞŶĂŶǇƚŝŵĞŽĨǇĞĂƌŝĨƚŚĞĐŽŶĚŝƚŝŽŶƐĂƌĞƌŝŐŚƚ͘dŚĞǇƵƐƵĂůůǇŽĐĐƵƌďĞƚǁĞĞŶϯ͗ϬϬWDĂŶĚ ϵ͗ϬϬWD͕ďƵƚĐĂŶŚĂƉƉĞŶĂŶǇƚŝŵĞŽĨĚĂǇŽƌŶŝŐŚƚ͘dŚĞǇĂƌĞŶŽƚĂůǁĂǇƐǀŝƐŝďůĞĂŶĚĐĂŶĨŽƌŵǁŝƚŚůŝƚƚůĞ ĂĚǀĂŶĐĞǁĂƌŶŝŶŐ͘ ϳϭ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ dŚĞEt^ʹ>ĂƌŽƐƐĞŝƐƐƵĞƐĂdŽƌŶĂĚŽtĂƚĐŚĨŽƌKůŵƐƚĞĚŽƵŶƚǇ ŝĨĂƚŵŽƐƉŚĞƌŝĐĐŽŶĚŝƚŝŽŶƐĂƌĞĨĂǀŽƌĂďůĞĨŽƌƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨ ƐĞǀĞƌĞƚŚƵŶĚĞƌƐƚŽƌŵƐƚŚĂƚĂƌĞĐĂƉĂďůĞŽĨƉƌŽĚƵĐŝŶŐƚŽƌŶĂĚŽĞƐ͘ dŽƌŶĂĚŽtĂƌŶŝŶŐŝƐŝƐƐƵĞĚǁŚĞŶĂƐĞǀĞƌĞƚŚƵŶĚĞƌƐƚŽƌŵŚĂƐ ĚĞǀĞůŽƉĞĚĂŶĚŚĂƐĞŝƚŚĞƌƉƌŽĚƵĐĞĚĂƚŽƌŶĂĚŽŽƌƌĂĚĂƌŚĂƐ ŝŶĚŝĐĂƚĞĚŝŶƚĞŶƐĞůŽǁůĞǀĞůƌŽƚĂƚŝŽŶŝŶƚŚĞƉƌĞƐĞŶĐĞŽĨ ĂƚŵŽƐƉŚĞƌŝĐĐŽŶĚŝƚŝŽŶƐĐŽŶĚƵĐŝǀĞƚŽƚŽƌŶĂĚŽĚĞǀĞůŽƉŵĞŶƚ͘ ĐĐŽƌĚŝŶŐƚŽƚŚĞEĂƚŝŽŶĂůtĞĂƚŚĞƌ^ĞƌǀŝĐĞ͕ϰϰƚŽƌŶĂĚŽĞƐŚĂǀĞ ŽĐĐƵƌƌĞĚŝŶƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂƐŝŶĐĞϭϴϱϬ͘dŚĞƐƚƌŽŶŐĞƐƚŽĨƚŚĞƐĞ ƚŽƌŶĂĚŽĞƐŝƐĂĐƚƵĂůůǇƚŚĞĐŽƌŶĞƌƐƚŽŶĞŽĨZŽĐŚĞƐƚĞƌ͛ƐŚŝƐƚŽƌǇĂƐĂ ŵĞĚŝĐĂůĐŽŵŵƵŶŝƚǇ͘Ŷ&ϱƚŽƌŶĂĚŽŚŝƚƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂŝŶ ƵŐƵƐƚϭϴϴϯ͘dŚĞůĂƌŐĞŶƵŵďĞƌĂŶĚƐĞǀĞƌŝƚǇŽĨŝŶũƵƌŝĞƐƌĞƐƵůƚŝŶŐ ĨƌŽŵƚŚŝƐƐƚŽƌŵĞǀĞŶƚůĞĚƚŽƚŚĞĐƌĞĂƚŝŽŶŽĨ^ƚ͘DĂƌǇƐ,ŽƐƉŝƚĂůĂŶĚ ^ŽƵƌĐĞ͗DŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨEĂƚƵƌĂů ƚŚĞDĂǇŽůŝŶŝĐ͘EŽƚŽƌŶĂĚŽĚĞĂƚŚƐŚĂǀĞďĞĞŶƌĞƉŽƌƚĞĚŝŶ ZĞƐŽƵƌĐĞƐ KůŵƐƚĞĚŽƵŶƚǇƐŝŶĐĞϭϵϱϯ͕ǁŚĞŶƚǁŽƉĞŽƉůĞĚŝĞĚŝŶƐĞƉĂƌĂƚĞ ƚŽƌŶĂĚŽĞƐŽŶDĂǇϭϬ ƚŚ͘dŚĞůĂƐƚǀŝŽůĞŶƚƚŽƌŶĂĚŽƐƚƌƵĐŬZŽĐŚĞƐƚĞƌŝŶϭϵϲϮ͖ƚŚĞƌĞǁĞƌĞŶŽĚĞĂƚŚƐĂƚƚƌŝďƵƚĞĚ ƚŽƚŚĞƐƚŽƌŵ͕ďƵƚϯϰƉĞŽƉůĞǁĞƌĞŝŶũƵƌĞĚĂĨƚĞƌĂďƌŝĞĨƚŽƵĐŚĚŽǁŶůĞǀĞůĞĚĨŽƵƌŚŽŵĞƐĂŶĚĚĞƐƚƌŽǇĞĚƐĞǀĞŶ ŽƚŚĞƌƐ͘ KůŵƐƚĞĚŽƵŶƚǇdŽƌŶĂĚŽ^ƚĂƚŝƐƚŝĐƐϭϴϱϬͲWƌĞƐĞŶƚ ^ŽƵƌĐĞ͗EĂƚŝŽŶĂůtĞĂƚŚĞƌ^ĞƌǀŝĐĞ &Ϭͬ&Ϭ&ϭͬ&ϭ&Ϯ&ϯ&ϰ&ϱdŽƚĂů ϭϲϴϭϯϭϱϭϰϰ >ŽĐĂƚŝŽŶ dŽƌŶĂĚŽĞƐĐĂŶŽĐĐƵƌĂŶǇǁŚĞƌĞŝŶZŽĐŚĞƐƚĞƌ͘ ǆƚĞŶƚ dŚĞŶŚĂŶĐĞĚ&ƵũŝƚĂ;&Ϳ^ĐĂůĞŝƐƵƐĞĚƚŽĂƐƐŝŐŶĂƚŽƌŶĂĚŽĂ͞ƌĂƚŝŶŐ͟ďĂƐĞĚŽŶĞƐƚŝŵĂƚĞĚǁŝŶĚƐƉĞĞĚƐĂŶĚ ƌĞůĂƚĞĚĚĂŵĂŐĞ͘tŚĞŶƚŽƌŶĂĚŽͲƌĞůĂƚĞĚĚĂŵĂŐĞŝƐĂƐƐĞƐƐĞĚ͕ŝƚŝƐĐŽŵƉĂƌĞĚƚŽĂůŝƐƚŽĨĂŵĂŐĞ/ŶĚŝĐĂƚŽƌƐ ĂŶĚĞŐƌĞĞƐŽĨĂŵĂŐĞǁŚŝĐŚĂŝĚŝŶƚŚĞĞƐƚŝŵĂƚŝŽŶŽĨǁŝŶĚƐƉĞĞĚƐƚŚĞƚŽƌŶĂĚŽůŝŬĞůǇƉƌŽĚƵĐĞĚ͘&ƌŽŵƚŚĂƚ͕ ĂƌĂƚŝŶŐŝƐĂƐƐŝŐŶĞĚ͘ ŶŚĂŶĐĞĚ&ƵũŝƚĂ^ĐĂůĞĨŽƌdŽƌŶĂĚŽĂŵĂŐĞ ^ŽƵƌĐĞ͗EK &ƵũŝƚĂ^ĐĂůĞĞƌŝǀĞĚ&^ĐĂůĞKƉĞƌĂƚŝŽŶĂů&^ĐĂůĞ &EƵŵďĞƌ&ĂƐƚĞƐƚЬͲϯ^ĞĐŽŶĚ&EƵŵďĞƌϯ^ĞĐŽŶĚ&EƵŵďĞƌϯ^ĞĐŽŶĚ ŵŝůĞ;ŵƉŚͿ'ƵƐƚ;ŵƉŚͿ'ƵƐƚ;ŵƉŚͿ'ƵƐƚ;ŵƉŚͿ ϬϰϬͲϳϮϰϱͲϳϴϬϲϱͲϴϱϬϲϱͲϴϱ ϳϮ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ϭϳϯͲϭϭϮϳϵͲϭϭϳϭϴϲͲϭϬϵϭϴϲͲϭϭϬ ϮϭϭϯͲϭϱϳϭϭϴͲϭϲϭϮϭϭϬͲϭϯϳϮϭϭϭͲϭϯϱ ϯϭϱϴͲϮϬϳϭϲϮͲϮϬϵϯϭϯϴͲϭϲϳϯϭϯϲͲϭϲϱ ϰϮϬϴͲϮϲϬϮϭϬͲϮϲϭϰϭϲϴͲϭϵϵϰϭϲϲͲϮϬϬ ϱϮϲϭͲϯϭϴϮϲϮͲϯϭϳϱϮϬϬͲϮϯϰϱKǀĞƌϮϬϬ WƌŽďĂďŝůŝƚǇŽĨ&ƵƚƵƌĞǀĞŶƚƐ ƚŚ ĐĐŽƌĚŝŶŐƚŽƚŚĞEt^^ƚŽƌŵWƌĞĚŝĐƚŝŽŶĞŶƚĞƌ͛ƐƚŽƌŶĂĚŽĚĂƚĂĨŽƌϭϵϴϱͲϮϬϭϰ͕DŝŶŶĞƐŽƚĂƌĂŶŬƐϭϯŝŶƚŚĞ ĂǀĞƌĂŐĞĂŶŶƵĂůŶƵŵďĞƌŽĨƚŽƌŶĂĚŽĞƐƉĞƌƐƚĂƚĞ͘dŚĞƐŽƵƚŚĞƌŶƉĂƌƚŽĨDŝŶŶĞƐŽƚĂƚǇƉŝĐĂůůǇƌĞƉŽƌƚƐϯͲϱ ƚŽƌŶĂĚŽĞƐƉĞƌǇĞĂƌ͖KůŵƐƚĞĚŽƵŶƚǇĂǀĞƌĂŐĞƐŽŶĞƚŽƌŶĂĚŽĞǀĞƌǇϭͲϮǇĞĂƌƐ͘ /ŵƉĂĐƚĂŶĚsƵůŶĞƌĂďŝůŝƚǇ dŽƌŶĂĚŽĞƐĐĂŶďĞĐĂƚĂƐƚƌŽƉŚŝĐƚŽƉĞŽƉůĞ͕ƐƚƌƵĐƚƵƌĞƐ͕ ĂŶĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĐĂƵƐŝŶŐŝŶũƵƌŝĞƐ͕ĨĂƚĂůŝƚŝĞƐ͕ďƵŝůĚŝŶŐ ůŽƐƐĞƐ͕ĂŶĚĚŝƐƌƵƉƚŝŽŶŽĨĐƌŝƚŝĐĂůŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘dŚĞŝƌ ŝŵƉĂĐƚĐĂŶďĞĨĞůƚŝŶĂŵĂƚƚĞƌŽĨƐĞĐŽŶĚƐĂŶĚĐĂŶ ƐĞĞŵƚŽůĂƐƚĂůŝĨĞƚŝŵĞ͘ ZŽĐŚĞƐƚĞƌ͛ƐĚĂǇƚŝŵĞǁĞĞŬĚĂǇƉŽƉƵůĂƚŝŽŶĂǀĞƌĂŐĞƐ ĂƌŽƵŶĚϭϰϬ͕ϬϬϬǁŽƌŬĞƌƐ͕ƌĞƐŝĚĞŶƚƐ͕ƐƚƵĚĞŶƚƐ͕ĂŶĚ ǀŝƐŝƚŽƌƐ͘DĂŶǇŽĨƚŚĞƐĞƉĞŽƉůĞĂƌĞĐŽŶĐĞŶƚƌĂƚĞĚŝŶĂŶĚ ĂƌŽƵŶĚƚŚĞDĂǇŽůŝŶŝĐĐĂŵƉƵƐ͕ƌĞŶĚĞƌŝŶŐƚŚĂƚĂƌĞĂ ƉĂƌƚŝĐƵůĂƌůǇǀƵůŶĞƌĂďůĞƚŽŚƵŵĂŶĐĂƐƵĂůƚŝĞƐĚƵƌŝŶŐĂ ĐĂƚĂƐƚƌŽƉŚŝĐƐƚŽƌŵĞǀĞŶƚ͘DŽƐƚŽĨƚŚĞƐĞƉŽƚĞŶƚŝĂů ŚƵŵĂŶĐĂƐƵĂůƚŝĞƐĐĂŶďĞĂǀŽŝĚĞĚŝĨďƵƐŝŶĞƐƐĞƐĂŶĚŝŶƐƚŝƚƵƚŝŽŶƐŚĂǀĞĞŵĞƌŐĞŶĐǇŽƉĞƌĂƚŝŽŶƐƉůĂŶƐĂŶĚŝĨ ƉĞŽƉůĞŚĞĞĚĞŵĞƌŐĞŶĐǇŶŽƚŝĨŝĐĂƚŝŽŶƐĂŶĚƚĂŬĞƌĞĨƵŐĞŝŶďĂƐĞŵĞŶƚƐĂŶĚƐƚŽƌŵƐŚĞůƚĞƌƐ͘ hŶĨŽƌƚƵŶĂƚĞůǇ͕ŶŽƚĞǀĞƌǇŽŶĞŝŶZŽĐŚĞƐƚĞƌŝƐďĞŶĞĨŝƚƚŝŶŐ ϯ WƌŽďĂďŝůŝƚǇ ĨƌŽŵĂĚǀĂŶĐĞĚĞŵĞƌŐĞŶĐǇƉƌĞƉĂƌĂƚŝŽŶƐĂŶĚĂůĞƌƚƐ͘WƵďůŝĐ ĞŶŐĂŐĞŵĞŶƚƐĞƐƐŝŽŶƐŚĞůĚǁŝƚŚƐŽŵĞŽƵƌŵŽƐƚǀƵůŶĞƌĂďůĞ ϯ DĂŐŶŝƚƵĚĞ ƉŽƉƵůĂƚŝŽŶƐ͕ůŝŵŝƚĞĚŶŐůŝƐŚƐƉĞĂŬĞƌƐĂŶĚƚŚŽƐĞǁŝƚŚĂĐĐĞƐƐ dŽƌŶĂĚŽ ϰ ĂŶĚĨƵŶĐƚŝŽŶĂůŶĞĞĚƐ͕ŝŶĚŝĐĂƚĞƚŚĂƚǁŚŝůĞŵŽƐƚŽĨƚŚĞƐĞ tĂƌŶŝŶŐdŝŵĞ ƉĞŽƉůĞĚŽŚĂǀĞĂĐĐĞƐƐƚŽƚŚĞƚƌĂĚŝƚŝŽŶĂůŵĞĂŶƐŽĨ ϰ ƵƌĂƚŝŽŶ ĞŵĞƌŐĞŶĐǇĐŽŵŵƵŶŝĐĂƚŝŽŶƐ;ds͕ƌĂĚŝŽ͕ĂŶĚƐŽĐŝĂůŵĞĚŝĂͿ͕ ϯ͘Ϯϱ ƚŚĞŵĞƐƐĂŐĞƐĂƌĞŽŶůǇĚĞůŝǀĞƌĞĚŝŶŶŐůŝƐŚĂŶĚŵĂǇŶŽƚďĞ WZ/ ĂĚĂƉƚĞĚĨŽƌƚŚĞďůŝŶĚĂŶĚĚĞĂĨ͘ƐĂƌĞƐƵůƚ͕ƚŚĞǇŵĂǇŬŶŽǁ , WůĂŶŶŝŶŐ^ŝŐŶŝĨŝĐĂŶĐĞ ƐŽŵĞƚŚŝŶŐŝƐŐŽŝŶŐŽŶ͕ďƵƚƚŚĞǇĂƌĞƵŶƐƵƌĞǁŚĂƚŝƚŝƐĂŶĚ ǁŚĂƚƚŚĞǇƐŚŽƵůĚĚŽŝŶƌĞƐƉŽŶƐĞ͘ŶŽƚŚĞƌǀƵůŶĞƌĂďůĞ ϭ 'ĞŽŐƌĂƉŚŝĐǆƚĞŶƚ ƉŽƉƵůĂƚŝŽŶ͕DĂǇŽůŝŶŝĐǀŝƐŝƚŽƌƐ͕ŵĂǇŶŽƚďĞĨĂŵŝůŝĂƌǁŝƚŚ ǁŚĂƚĂƚŽƌŶĂĚŽĞǀĞŶŝƐ͕ůĞƚĂůŽŶĞƚŽƌŶĂĚŽƉƌĞƉĂƌĞĚŶĞƐƐ ƉƌŽĐĞĚƵƌĞƐŽƌǁŚĞƌĞƚŽƐĞĞŬƐŚĞůƚĞƌ͘ ϳϯ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ZĞƐŝĚĞŶƚŝĂůďƵŝůĚŝŶŐĚĂŵĂŐĞ͕ƉĂƌƚŝĐƵůĂƌůǇƚŽŵŽďŝůĞŚŽŵĞƐ͕ƚĞŶĚƚŽĂĐĐŽƵŶƚĨŽƌƚŚĞŵŽƐƚƉƌŽƉĞƌƚǇůŽƐƐĞƐ͘ WŽǁĞƌŽƵƚĂŐĞƐĨƌŽŵĚŽǁŶĞĚƚƌĂŶƐŵŝƐƐŝŽŶůŝŶĞƐĂƌĞĐŽŵŵŽŶĚƵƌŝŶŐƚŚĞƐĞƐƚŽƌŵĞǀĞŶƚƐĂŶĚ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐĚŝƐƌƵƉƚŝŽŶƐĐĂŶŬĞĞƉƉĞŽƉůĞĨƌŽŵĂĐĐĞƐƐŝŶŐǀŝƚĂůǁĂƌŶŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͘/ŶĂĚĚŝƚŝŽŶ͕ůŽƐƐŽĨ ǀŝƚĂůĞƋƵŝƉŵĞŶƚĂŶĚƐƵƉƉůŝĞƐĐŽƵůĚƐŝŐŶŝĨŝĐĂŶƚůǇŚĂŵƉĞƌĞŵĞƌŐĞŶĐǇƌĞƐƉŽŶƐĞĂŶĚƌĞĐŽǀĞƌǇ͘ ϯ͘ϰ͘ϯ,Ăŝů ĞƐĐƌŝƉƚŝŽŶĂŶĚ,ŝƐƚŽƌǇ ^ĞǀĞƌĞtĞĂƚŚĞƌϭϬϭ WĞƌEK͛ƐǁĞďƐŝƚĞ͕ŚĂŝůŝƐĂĨŽƌŵŽĨƉƌĞĐŝƉŝƚĂƚŝŽŶƚŚĂƚŽĐĐƵƌƐǁŚĞŶƵƉĚƌĂĨƚƐŝŶ ƚŚƵŶĚĞƌƐƚŽƌŵƐĐĂƌƌǇƌĂŝŶĚƌŽƉƐƵƉǁĂƌĚŝŶƚŽĞǆƚƌĞŵĞůǇĐŽůĚĂƌĞĂƐŽĨƚŚĞĂƚŵŽƐƉŚĞƌĞǁŚĞƌĞƚŚĞǇĨƌĞĞǌĞŝŶƚŽ ďĂůůƐŽĨŝĐĞ͘,ĂŝůƐƚŽŶĞƐŐƌŽǁďǇĐŽůůŝĚŝŶŐǁŝƚŚƐƵƉĞƌĐŽŽůĞĚǁĂƚĞƌĚƌŽƉƐƚŚĂƚĨƌĞĞǌĞŽŶĐŽŶƚĂĐƚǁŝƚŚŝĐĞ ĐƌǇƐƚĂůƐ͕ĨƌŽǌĞŶƌĂŝŶĚƌŽƉƐ͕ĂŶĚĚƵƐƚ͘dŚƵŶĚĞƌƐƚŽƌŵƐƚŚĂƚŚĂǀĞĂƐƚƌŽŶŐƵƉĚƌĂĨƚŬĞĞƉůŝĨƚŝŶŐƚŚĞŚĂŝůƐƚŽŶĞƐƵƉ ƚŽƚŚĞƚŽƉŽĨƚŚĞĐůŽƵĚǁŚĞƌĞƚŚĞǇĞŶĐŽƵŶƚĞƌŵŽƌĞƐƵƉĞƌĐŽŽůĞĚǁĂƚĞƌĂŶĚĐŽŶƚŝŶƵĞƚŽŐƌŽǁ͘dŚĞƐƚƌŽŶŐĞƌ ƚŚĞƵƉĚƌĂĨƚƚŚĞůĂƌŐĞƌƚŚĞŚĂŝůƐƚŽŶĞĐĂŶŐƌŽǁ͘,ĂŝůƐƚŽŶĞƐĐĂŶďĞŐŝŶƚŽŵĞůƚĂŶĚƚŚĞŶƌĞͲĨƌĞĞǌĞƚŽŐĞƚŚĞƌ͕ ĨŽƌŵŝŶŐůĂƌŐĞĂŶĚǀĞƌǇŝƌƌĞŐƵůĂƌůǇƐŚĂƉĞĚŚĂŝů͘dŚĞŚĂŝůĨĂůůƐǁŚĞŶŝƚďĞĐŽŵĞƐŚĞĂǀǇĞŶŽƵŐŚƚŽŽǀĞƌĐŽŵĞ ƚŚĞƐƚƌĞŶŐƚŚŽĨƚŚĞƵƉĚƌĂĨƚĂŶĚŝƐƉƵůůĞĚďǇŐƌĂǀŝƚǇƚŽǁĂƌĚƐƚŚĞĞĂƌƚŚ͘ dŚĞEK^ƚŽƌŵǀĞŶƚƐĂƚĂďĂƐĞĐŽŶƚĂŝŶƐƌĞĐŽƌĚƐĨŽƌϴϯŚĂŝůĞǀĞŶƚƐŝŶZŽĐŚĞƐƚĞƌĨƌŽŵϭϵϵϰƚŚƌŽƵŐŚϮϬϭϲ͘ tŚŝůĞŶŽŶĞŽĨƚŚĞƐĞĞǀĞŶƚƐƌĞƐƵůƚĞĚŝŶƌĞƉŽƌƚĞĚŝŶũƵƌŝĞƐŽƌĚĞĂƚŚƐ͕ĂůŵŽƐƚΨϲŵŝůůŝŽŶŝŶƉƌŽƉĞƌƚǇĚĂŵĂŐĞƐ ǁĞƌĞƌĞƉŽƌƚĞĚ͘dŚĞƚĂďůĞďĞůŽǁůŝƐƚƐƚŚĞŵŽƐƚƐŝŐŶŝĨŝĐĂŶƚĞǀĞŶƚƐǁŝƚŚƌĞƐƉĞĐƚƚŽƉƌŽƉĞƌƚǇĚĂŵĂŐĞ͘ DŽƐƚ^ŝŐŶŝĨŝĐĂŶƚ,ĂŝůǀĞŶƚƐͮKůŵƐƚĞĚŽƵŶƚǇ͕DE ^ŽƵƌĐĞ͗EK^ƚŽƌŵǀĞŶƚƐĂƚĂďĂƐĞ ĞŐŝŶĂƚĞDĂŐŶŝƚƵĚĞ;ŝŶͿĞĂƚŚƐ/ŶũƵƌŝĞƐWƌŽƉĞƌƚǇĂŵĂŐĞ;ΨͿ ϴͬϵͬϭϵϵϵ͘ϴϴʹϭ͘ϳϱϬϬϱ͕ϬϬϬ͕ϬϬϬ ϯͬϮϵͬϭϵϵϴϭ͘ϱϬϬϯϮϬ͕ϬϬϬ ϲͬϳͬϮϬϬϱ͘ϳϱͲϭϬϬϮϬϮ͕ϬϬϬ ϴͬϭͬϮϬϬϬϭ͘ϳϱϬϬϳϱ͕ϬϬϬ ϱͬϭϴͬϭϵϵϴ͘ϳϱͲϭ͘ϱϬϬϱϴ͕ϬϬϬ ϯͬϮϵͬϭϵϵϴϮϬϬϱϬ͕ϬϬϬ >ŽĐĂƚŝŽŶ ,ĂŝůĐĂŶŽĐĐƵƌĂŶǇǁŚĞƌĞŝŶƚŚĞƉůĂŶĂƌĞĂ͘ ϳϰ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ǆƚĞŶƚ dŚĞdŽƌŶĂĚŽĂŶĚ^ƚŽƌŵZĞƐĞĂƌĐŚ KƌŐĂŶŝƐĂƚŝŽŶ;dKZZKͿŝŶƚŚĞhŶŝƚĞĚ <ŝŶŐĚŽŵŚĂƐĐƌĞĂƚĞĚĂ,ĂŝůƐƚŽƌŵ /ŶƚĞŶƐŝƚǇ^ĐĂůĞƚŽĞƐƚŝŵĂƚĞƚŚĞ ƉŽƚĞŶƚŝĂůŝŵƉĂĐƚŽĨĂŚĂŝůƐƚŽƌŵ͘ tŚŝůĞƚŚĞƐŝǌĞŽĨĂŚĂŝůƐƚŽŶĞĐĞƌƚĂŝŶ ĂĨĨĞĐƚƐƚŚĞĂŵŽƵŶƚŽĨĚĂŵĂŐĞƚŚĂƚ ĐĂŶďĞĞǆƉĞĐƚĞĚ͕ŽƚŚĞƌĨĂĐƚŽƌƐƐƵĐŚ ĂƐŶƵŵďĞƌĂŶĚĚĞŶƐŝƚǇŽĨŚĂŝůƐƚŽŶĞƐ͕ ĨĂůůƐƉĞĞĚ͕ĂŶĚƐƵƌĨĂĐĞǁŝŶĚƐƉĞĞĚ ĂůƐŽŝŵƉĂĐƚƐĞǀĞƌŝƚǇ͘ dKZZK,ĂŝůƐƚŽƌŵ/ŶƚĞŶƐŝƚǇ^ĐĂůĞ ^ŽƵƌĐĞ͗dŚĞdŽƌŶĂĚŽĂŶĚ^ƚŽƌŵZĞƐĞĂƌĐŚKƌŐĂŶŝƐĂƚŝŽŶ /ŶƚĞŶƐŝƚǇŝĂŵĞƚĞƌŝĂŵĞƚĞƌdǇƉŝĐĂůĂŵĂŐĞ/ŵƉĂĐƚƐ ĂƚĞŐŽƌǇ;ŵŵͿ;ŝŶͿ ,Ϭ,ĂƌĚ,ĂŝůϱϬ͘ϮEŽĚĂŵĂŐĞ ,ϭWŽƚĞŶƚŝĂůůǇϱͲϭϱϬ͘ϮͲϬ͘ϲ^ůŝŐŚƚŐĞŶĞƌĂůĚĂŵĂŐĞƚŽƉůĂŶƚƐ͕ĐƌŽƉƐ ĂŵĂŐŝŶŐ ,Ϯ^ŝŐŶŝĨŝĐĂŶƚϭϬͲϮϬϬ͘ϰʹϬ͘ϳϵ^ŝŐŶŝĨŝĐĂŶƚĚĂŵĂŐĞƚŽĨƌƵŝƚ͕ĐƌŽƉƐ͕ǀĞŐĞƚĂƚŝŽŶ ,ϯ^ĞǀĞƌĞϮϬͲϯϬϬ͘ϳϵʹϭ͘Ϯ^ĞǀĞƌĞĚĂŵĂŐĞƚŽĨƌƵŝƚĂŶĚĐƌŽƉƐ͕ĚĂŵĂŐĞƚŽŐůĂƐƐĂŶĚƉůĂƐƚŝĐ ƐƚƌƵĐƚƵƌĞƐ͕ƉĂŝŶƚĂŶĚǁŽŽĚƐĐŽƌĞĚ ,ϰ^ĞǀĞƌĞϮϱͲϰϬϭ͘Ϭʹϭ͘ϲtŝĚĞƐƉƌĞĂĚŐůĂƐƐĚĂŵĂŐĞ͕ǀĞŚŝĐůĞďŽĚǇǁŽƌŬĚĂŵĂŐĞ ,ϱĞƐƚƌƵĐƚŝǀĞϯϬͲϱϬϭ͘ϮʹϮ͘ϬtŚŽůĞƐĂůĞĚĞƐƚƌƵĐƚŝŽŶŽĨŐůĂƐƐ͕ĚĂŵĂŐĞƚŽƚŝůĞĚƌŽŽĨƐ͕ ƐŝŐŶŝĨŝĐĂŶƚƌŝƐŬŽĨŝŶũƵƌŝĞƐ ,ϲĞƐƚƌƵĐƚŝǀĞϰϬͲϲϬϭ͘ϲʹϮ͘ϰŽĚǇǁŽƌŬŽĨŐƌŽƵŶĚĞĚĂŝƌĐƌĂĨƚĚĞŶƚĞĚ͕ďƌŝĐŬǁĂůůƐƉŝƚƚĞĚ ,ϳĞƐƚƌƵĐƚŝǀĞϱϬͲϳϱϮ͘Ϭʹϯ͘Ϭ^ĞǀĞƌĞƌŽŽĨĚĂŵĂŐĞ͕ƌŝƐŬŽĨƐĞƌŝŽƵƐŝŶũƵƌŝĞƐ ,ϴĞƐƚƌƵĐƚŝǀĞϲϬͲϵϬϮ͘ϰʹϯ͘ϱ^ĞǀĞƌĞĚĂŵĂŐĞƚŽĂŝƌĐƌĂĨƚďŽĚǇǁŽƌŬ ,ϵ^ƵƉĞƌ,ĂŝůƐƚŽƌŵƐϳϱͲϭϬϬϯ͘Ϭʹϯ͘ϵǆƚĞŶƐŝǀĞƐƚƌƵĐƚƵƌĂůĚĂŵĂŐĞ͘ZŝƐŬŽĨƐĞǀĞƌĞŽƌĞǀĞŶĨĂƚĂů ŝŶũƵƌŝĞƐƚŽƉĞƌƐŽŶƐĐĂƵŐŚƚŝŶƚŚĞŽƉĞŶ ,ϭϬ^ƵƉĞƌ,ĂŝůƐƚŽƌŵƐхϭϬϬхϯ͘ϵǆƚĞŶƐŝǀĞƐƚƌƵĐƚƵƌĂůĚĂŵĂŐĞ͘ZŝƐŬŽĨƐĞǀĞƌĞŽƌĞǀĞŶĨĂƚĂů ŝŶũƵƌŝĞƐƚŽƉĞƌƐŽŶƐĐĂƵŐŚƚŝŶƚŚĞŽƉĞŶ ϳϱ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ WƌŽďĂďŝůŝƚǇŽĨ&ƵƚƵƌĞǀĞŶƚƐ ,ĂŝůƐƚŽƌŵƐĂƌĞĂŶĂŶŶƵĂůŽĐĐƵƌƌĞŶĐĞŝŶƚŚĞƉůĂŶĂƌĞĂ͘tŚŝůĞDĂǇĂŶĚ:ƵŶĞĂƌĞƚŚĞƉĞĂŬŵŽŶƚŚƐĨŽƌŚĂŝůƚŽĨĂůůŝŶ ZŽĐŚĞƐƚĞƌ͕ŝƚĐĂŶŽĐĐƵƌŝŶŽƚŚĞƌǁĂƌŵƐĞĂƐŽŶŵŽŶƚŚƐ͘dŚĞ ŵŽƐƚĐŽŵŵŽŶƚŝŵĞĨŽƌŚĂŝůƚŽĨĂůůŝƐďĞƚǁĞĞŶϭĂŶĚϵƉ͘ŵ͕͘ ϰ WƌŽďĂďŝůŝƚǇ ĂůƚŚŽƵŐŚŝƚĐĂŶŚĂƉƉĞŶĂƚĂŶǇƚŝŵĞŽĨĚĂǇ͘ ϭ DĂŐŶŝƚƵĚĞ /ŵƉĂĐƚĂŶĚsƵůŶĞƌĂďŝůŝƚǇ ,ĂŝůŝƐƚǇƉŝĐĂůůǇĂĐƌŽƉĚĂŵĂŐŝŶŐŚĂǌĂƌĚ͕ďƵƚŝƚĐĂŶĚĂŵĂŐĞ ϰ tĂƌŶŝŶŐdŝŵĞ ,Ăŝů ƌŽŽĨƐ͕ǁŝŶĚŽǁƐ͕ĂŶĚǀĞŚŝĐůĞƐ͘tŚŝůĞŝŶũƵƌŝĞƐŽƌĨĂƚĂůŝƚŝĞƐĂƌĞ ϰ ƵƌĂƚŝŽŶ ƌĂƌĞĨŽƌŚĂŝů͕ŵŽŶĞƚĂƌǇĞǆƉĞŶƐĞƐƚŽƌĞƉĂŝƌĂŶĚƌĞƉůĂĐĞ ĚĂŵĂŐĞƐĐĂŶďĞŚŝŐŚ͘/ŶƵŐƵƐƚϭϵϵϵ͕ĂƐĞǀĞƌĞƚŚƵŶĚĞƌƐƚŽƌŵ ϯ͘ϭϬ WZ/ ŵŽǀĞĚƚŚƌŽƵŐŚƚŚĞĐŽƵŶƚǇĚƵƌŝŶŐƚŚĞĞĂƌůǇĂĨƚĞƌŶŽŽŶ , ĚƌŽƉƉŝŶŐůĂƌŐĞŚĂŝů͘,ƵŶĚƌĞĚƐŽĨĐĂƌƐŝŶƚŚĞĂƌĞĂǁĞƌĞ WůĂŶŶŝŶŐ^ŝŐŶŝĨŝĐĂŶĐĞ ĚĂŵĂŐĞĚ͕ĞƐƉĞĐŝĂůůǇŝŶZŽĐŚĞƐƚĞƌ͕ĐĂƵƐŝŶŐƐĞǀĞƌĂůŵŝůůŝŽŶ ϭ 'ĞŽŐƌĂƉŚŝĐǆƚĞŶƚ ĚŽůůĂƌƐŝŶĚĂŵĂŐĞ͘ ϯ͘ϱtŝŶƚĞƌ^ƚŽƌŵ ĞƐĐƌŝƉƚŝŽŶĂŶĚ,ŝƐƚŽƌǇ ǀĞƌǇǇĞĂƌ͕ZŽĐŚĞƐƚĞƌĞǆƉĞƌŝĞŶĐĞƐŚĞĂǀǇƐŶŽǁ͕ƐůĞĞƚ͕ĂŶĚƉĞƌŝŽĚƐŽĨďůŽǁŝŶŐͬĚƌŝĨƚŝŶŐƐŶŽǁ͘tŚŝůĞƚŚĞ ŵĂũŽƌŝƚǇŽĨƚŚĞƐĞǁŝŶƚĞƌƐƚŽƌŵĞǀĞŶƚƐŽĐĐƵƌďĞƚǁĞĞŶƚŚĞŵŽŶƚŚƐŽĨĞĐĞŵďĞƌĂŶĚDĂƌĐŚ͕ƚŚŝƐŝƐ DŝŶŶĞƐŽƚĂ͕ƐŽƉĞƌŝŽĚƐŽĨĐŽůĚǁĞĂƚŚĞƌůĞĂĚŝŶŐƚŽƐŶŽǁĂƌĞǀĞƌǇůŝŬĞůǇďŽƚŚďĞĨŽƌĞĂŶĚĂĨƚĞƌƚŚĞƐĞĚĂƚĞƐ͘ dŚĞƌĞĂƌĞƐĞǀĞƌĂůƚƌĂĐŬƐƚŚĂƚǁŝŶƚĞƌƐƚŽƌŵƐƚĞŶĚƚŽƚĂŬĞƚŚƌŽƵŐŚƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͘dŚĞŚĞĂǀŝĞƐƚƐŶŽǁƐ;ϲͲ ϭϬŝŶĐŚĞƐͿƚǇƉŝĐĂůůǇĨĂůůǁŚĞŶůŽǁƉƌĞƐƐƵƌĞƐǇƐƚĞŵƐĚĞǀĞůŽƉŝŶƚŚĞƐŽƵƚŚĞƌŶƉůĂŝŶƐƐƚĂƚĞƐĂŶĚŵŽǀĞ ŶŽƌƚŚĞĂƐƚǁĂƌĚŝŶƚŽŽƵƌĂƌĞĂ͘DŽƌĞĐŽŵŵŽŶĂƌĞƚŚĞĂŶĂĚŝĂŶͲďŽƌŶůŽǁƐĐĂůůĞĚ͞ůďĞƌƚĂůŝƉƉĞƌƐ͟ƚŚĂƚ ďƌŝŶŐůŝŐŚƚĞƌ͕ĚƌŝĞƌƐŶŽǁĨĂůůƐŽĨϭƚŽϰŝŶĐŚĞƐǁŝƚŚǁŝĚĞƐƉƌĞĂĚďůŽǁŝŶŐĂŶĚĚƌŝĨƚŝŶŐ͘ dŚĞϯϬͲǇĞĂƌĂǀĞƌĂŐĞƐĞĂƐŽŶĂůƐŶŽǁĨĂůůĂƚZŽĐŚĞƐƚĞƌŝƐϱϮ͘ϱŝŶĐŚĞƐǁŝƚŚĂƌĞĐŽƌĚŽĨϴϰ͘ϳŝŶĐŚĞƐƐĞƚĚƵƌŝŶŐ ƚŚĞϭϵϵϲͲϭϵϵϳǁŝŶƚĞƌ͘^ŝŶĐĞϭϵϵϲ͕dŚĞEK^ƚŽƌŵǀĞŶƚƐĂƚĂďĂƐĞŚĂƐƌĞĐŽƌĚĞĚϰϯtŝŶƚĞƌ^ƚŽƌŵǀĞŶƚƐ ĨŽƌƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͕ƚǁŽŽĨǁŚŝĐŚĂĐĐŽƵŶƚĞĚĨŽƌĂƚŽƚĂůŽĨ ΨϭϬϱ͕ϬϬϬŝŶƉƌŽƉĞƌƚǇĚĂŵĂŐĞ͘ůĞǀĞŶďůŝǌǌĂƌĚĞǀĞŶƚƐ ĂĐĐŽƵŶƚĞĚĨŽƌĂƚŽƚĂůŽĨΨϲϱ͕ϬϬϬŝŶƉƌŽƉĞƌƚǇĚĂŵĂŐĞĂŶĚ͕ ƵŶĨŽƌƚƵŶĂƚĞůǇ͕ϭĚĞĂƚŚĂŶĚϱŝŶũƵƌŝĞƐ͘^ŝǆŝĐĞƐƚŽƌŵƐŝŶƚŚŝƐƚŝŵĞ ƉĞƌŝŽĚůĞĚƚŽĂƚŽƚĂůĂŽĨΨϮϬ͕ϬϬϬŝŶƉƌŽƉĞƌƚǇĚĂŵĂŐĞĂŶĚϭ ŝŶũƵƌǇ͘ ϳϲ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ,ŝŐŚĞƐƚ^ŶŽǁĨĂůůƐ ^ŽƵƌĐĞ͗EĂƚŝŽŶĂůtĞĂƚŚĞƌ^ĞƌǀŝĐĞ ^ĞĂƐŽŶĂůKŶĞͲĂǇ ϭ͘ϴϰ͘ϳ͟ϭϵϵϲͲϵϳϭ͘ϭϵ͘ϴ͟DĂƌĐŚϭϴ͕ϮϬϬϱ Ϯ͘ϳϳ͘ϱ͟ϭϵϱϬͲϱϭϮ͘ϭϱ͘ϰ͟:ĂŶƵĂƌǇϮϮ͕ϭϵϴϮ ϯ͘ϳϰ͘ϱ͟ϭϵϲϭͲϲϮϯ͘ϭϱ͘Ϭ͟ĞĐĞŵďĞƌϭϭ͕ϮϬϭϬ ϰ͘ϳϰ͘Ϭ͟ϮϬϭϮͲϭϯϰ͘ϭϰ͘Ϭ͟DĂƌĐŚϯϬ͕ϭϵϯϰ ϱ͘ϳϯ͘ϲ͟ϭϵϱϭͲϱϮϱ͘ϭϰ͘Ϭ͟ƉƌŝůϮϬ͕ϭϴϵϯ ϲ͘ϳϯ͘ϯ͟ϭϵϳϴͲϳϵϲ͘ϭϯ͘ϱ͟&ĞďƌƵĂƌǇϮϳ͕ϭϴϵϯ ϳ͘ϳϬ͘ϱ͟ϮϬϭϬͲϭϭϳ͘ϭϯ͘Ϭ͟ƉƌŝůϮϲ͕ϭϵϴϴ ϴ͘ϲϴ͘ϲ͟ϭϵϴϰͲϴϱϴ͘ϭϮ͘Ϭ͟EŽǀĞŵďĞƌϯϬ͕ϭϵϯϰ ϵ͘ϲϴ͘Ϭ͟ϭϴϴϭͲϴϮϵ͘ϭϬ͘ϴ͟DĂƌĐŚϭϬ͕ϭϵϱϲ ϭϬ͘ϲϲ͘ϯ͟ϭϴϴϳͲϴϴϭϬ͘ϭϬ͘ϲ͟EŽǀĞŵďĞƌϮϱ͕ϭϵϱϮ >ŽĐĂƚŝŽŶ dŚĞĞŶƚŝƌĞƉůĂŶŶŝŶŐĂƌĞĂŝƐĂĨĨĞĐƚĞĚďǇǁŝŶƚĞƌƐƚŽƌŵƐ͘dŚĞĨůĂƚƚĞƌ͕ŽƉĞŶƉŽƌƚŝŽŶƐŽĨƚŚĞĐŝƚǇĂƌĞŵŽƌĞůŝŬĞůǇ ƚŽĞǆƉĞƌŝĞŶĐĞďůŝǌǌĂƌĚĐŽŶĚŝƚŝŽŶƐƚŚĂŶƚŚŽƐĞĂƌĞĂƐƐŚĞůƚĞƌĞĚďǇƚƌĞĞƐĂŶĚƚŽƉŽŐƌĂƉŚǇ͘ ǆƚĞŶƚ dŚĞEĂƚŝŽŶĂůtĞĂƚŚĞƌ^ĞƌǀŝĐĞ;Et^ͿŝŶ>ĂƌŽƐƐĞ͕t/͕ŝƐƐƵĞƐtŝŶƚĞƌtĞĂƚŚĞƌĚǀŝƐŽƌŝĞƐĨŽƌƚŚŽƐĞǁŝŶƚĞƌ ǁĞĂƚŚĞƌĞǀĞŶƚƐƚŚĂƚĂƌĞĞǆƉĞĐƚĞĚƚŽďĞĂŶŝŶĐŽŶǀĞŶŝĞŶĐĞ ĂŶĚƐŚŽƵůĚŶŽƚďĞĐŽŵĞůŝĨĞͲƚŚƌĞĂƚĞŶŝŶŐĂƐůŽŶŐĂƐĐĂƵƚŝŽŶ ŝƐĞǆĞƌĐŝƐĞĚ͘dŚĞƐĞĂƌĞŽĨƚĞŶŝƐƐƵĞĚĨŽƌϯƚŽϲŝŶĐŚĞƐŽĨ ƐŶŽǁ͕ďůŽǁŝŶŐĂŶĚĚƌŝĨƚŝŶŐƐŶŽǁ͕ĨƌĞĞǌŝŶŐĚƌŝǌǌůĞ͕ŽƌĂ ĐŽŵďŝŶĂƚŝŽŶŽĨƚŚĞƐĞĞůĞŵĞŶƚƐ͘/ƚŵĂǇďĞŝƐƐƵĞĚĨŽƌůĞƐƐ ƐŶŽǁĨŽƌĞĂƌůǇƐĞĂƐŽŶĞǀĞŶƚƐ͕ǁŚĞŶĚƌŝǀĞƌƐŵĂǇŶŽƚďĞ ĂĐĐƵƐƚŽŵĞĚƚŽƐůŝĐŬƌŽĂĚƐ͘ /ŶƚŚŝƐƉĂƌƚŽĨƚŚĞĐŽƵŶƚƌǇ͕ĐƌŝƚĞƌŝĂĨŽƌǁŚĂƚĐŽŶƐƚŝƚƵƚĞƐĂ ǁŝŶƚĞƌƐƚŽƌŵŝŶĐůƵĚĞƐŶŽǁĨĂůůƐŽĨϲŝŶĐŚĞƐŽƌŵŽƌĞŝŶϭϮ ŚŽƵƌƐ͕ϴŝŶĐŚĞƐŝŶϮϰŚŽƵƌƐ͕ŽƌůŽǁĞƌĂŵŽƵŶƚƐŝĨ ĂĐĐŽŵƉĂŶŝĞĚďǇƐƚƌŽŶŐǁŝŶĚƐŽƌĂĐŽŵďŝŶĂƚŝŽŶŽĨ ĚĂŶŐĞƌŽƵƐǁŝŶƚĞƌĞůĞŵĞŶƚƐ͘dŚĞEt^Ͳ>ĂƌŽƐƐĞŝƐƐƵĞƐĂtŝŶƚĞƌ^ƚŽƌŵtĂƚĐŚǁŚĞŶƚŚĞƌĞŝƐĂƉŽƚĞŶƚŝĂůĨŽƌ ĂǁŝŶƚĞƌƐƚŽƌŵƚŽĂĨĨĞĐƚƚŚĞƌĞŐŝŽŶĚƵƌŝŶŐƚŚĞŶĞǆƚϭƚŽϯĚĂǇƐ͘tŝŶƚĞƌ^ƚŽƌŵtĂƌŶŝŶŐƐĂƌĞƵƐƵĂůůǇŝƐƐƵĞĚ ǁŚĞŶĚĂŶŐĞƌŽƵƐǁŝŶƚĞƌǁĞĂƚŚĞƌŝƐĞǆƉĞĐƚĞĚ͕ŽĐĐƵƌƌŝŶŐ͕ŽƌŝŵŵŝŶĞŶƚ͘hŶŶĞĐĞƐƐĂƌǇƚƌĂǀĞůƐŚŽƵůĚďĞĂǀŽŝĚĞĚ ĚƵƌŝŶŐƚŚĞƐĞĞǀĞŶƚƐ͘ ϳϳ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ůŝǌǌĂƌĚƐĂƌĞŽƵƌŵŽƐƚĚĂŶŐĞƌŽƵƐǁŝŶƚĞƌĞǀĞŶƚ͘dŚĞĂƌĞĂƐŽĨŽƵƌĐŽŵŵƵŶŝƚǇƚŚĂƚĂƌĞƌĞůĂƚŝǀĞůǇĨůĂƚĚŽƐĞĞ ďůŝǌǌĂƌĚŽƌŶĞĂƌͲďůŝǌǌĂƌĚĐŽŶĚŝƚŝŽŶƐŵŽƌĞĨƌĞƋƵĞŶƚůǇƚŚĂŶĂƌĞĂƐƚŽŽƵƌĞĂƐƚ͕ǁŝƚŚϵďůŝǌǌĂƌĚƐĚŽĐƵŵĞŶƚĞĚ ƐŝŶĐĞϭϵϲϭ͘dŚĞEt^Ͳ>ĂƌŽƐƐĞŝƐƐƵĞƐůŝǌǌĂƌĚtĂƌŶŝŶŐƐǁŚĞŶƐŶŽǁŽƌďůŽǁŝŶŐƐŶŽǁůŽǁĞƌƐǀŝƐŝďŝůŝƚŝĞƐƚŽĂ ϭͬϰŵŝůĞŽƌůĞƐƐ͕ǁŝŶĚŐƵƐƚƐŚŝƚϯϱŵƉŚŽƌŚŝŐŚĞƌ͕ĂŶĚƚŚĞƐƚŽƌŵůĂƐƚƐĨŽƌϯŚŽƵƌƐŽƌŵŽƌĞ͘ĞĞƉƐŶŽǁĚƌŝĨƚƐ ĐĂŶĨŽƌŵŽŶƌŽĂĚǁĂǇƐĂŶĚďůŽĐŬďƵŝůĚŝŶŐĞŶƚƌĂŶĐĞƐ͘tŝŶĚĐŚŝůůǀĂůƵĞƐĐĂŶďĞĐŽŵĞůŝĨĞͲƚŚƌĞĂƚĞŶŝŶŐ͘dƌĂǀĞůŝƐ ĚĂŶŐĞƌŽƵƐĚƵƌŝŶŐƚŚĞƐĞƐƚŽƌŵƐĂŶĚƐŚŽƵůĚďĞĂǀŽŝĚĞĚŝĨƉŽƐƐŝďůĞ͘ &ƌĞĞǌŝŶŐŽƌŵŝǆĞĚƉƌĞĐŝƉŝƚĂƚŝŽŶ͕ǁŚŝůĞŶŽƚĂĐŽŵŵŽŶŽĐĐƵƌƌĞŶĐĞ͕ĐĂŶŽĐĐƵƌĂĨĞǁƚŝŵĞƐĂǁŝŶƚĞƌ͕ƚǇƉŝĐĂůůǇ ĂƚƚŚĞďĞŐŝŶŶŝŶŐŽƌĞŶĚŽĨƚŚĞƐĞĂƐŽŶ͘/ĐĞ^ƚŽƌŵtĂƌŶŝŶŐƐĂƌĞŝƐƐƵĞĚǁŚĞŶĨƌĞĞǌŝŶŐƌĂŝŶǁŝůůƌĞƐƵůƚŝŶĂ ĐŽĂƚŝŶŐŽĨŝĐĞŽĨϭͬϰŝŶĐŚƚŚŝĐŬŽƌŵŽƌĞŽŶŽďũĞĐƚƐ͕ŵĂŬŝŶŐƚƌĂǀĞůŶĞĂƌůǇŝŵƉŽƐƐŝďůĞ͘&ŽƌůĞƐƐĞƌĂŵŽƵŶƚƐŽĨ ŝĐĞ͕ĂǁŝŶƚĞƌǁĞĂƚŚĞƌĂĚǀŝƐŽƌǇŝƐƵƐƵĂůůǇƵƐĞĚ͕ďƵƚĞǀĞŶĂƚŚŝŶŐůĂǌĞŽĨŝĐĞĐĂŶŵĂŬĞƚƌĂǀĞůĚŝĨĨŝĐƵůƚ͘ ^ŶŽǁĨĂůůƐŽĨϲŝŶĐŚĞƐŽƌŵŽƌĞŝŶϭϮŚŽƵƌƐ͕ϴŝŶĐŚĞƐŝŶϮϰŚŽƵƌƐ͕ŽƌůŽǁĞƌĂŵŽƵŶƚƐŝĨĂĐĐŽŵƉĂŶŝĞĚďǇƐƚƌŽŶŐ ǁŝŶĚƐ͕ŽƌĂĐŽŵďŝŶĂƚŝŽŶŽĨĚĂŶŐĞƌŽƵƐǁŝŶƚĞƌĞůĞŵĞŶƚƐĐŽŶƐƚŝƚƵƚĞĂǁŝŶƚĞƌƐƚŽƌŵ͘dŚĞƐĞƐŶŽǁĞǀĞŶƚƐ ďĞĐŽŵĞ͞ƚƌƵĞ͟ďůŝǌǌĂƌĚƐǁŚĞŶƐŶŽǁŽƌďůŽǁŝŶŐƐŶŽǁůŽǁĞƌƐǀŝƐŝďŝůŝƚŝĞƐƚŽĂϭͬϰŵŝůĞŽƌůĞƐƐ͕ǁŝŶĚŐƵƐƚƐŚŝƚ ϯϱŵƉŚŽƌŚŝŐŚĞƌ͕ĂŶĚƚŚĞƐƚŽƌŵůĂƐƚƐĨŽƌϯŚŽƵƌƐŽƌŵŽƌĞ͘/ĐĞƐƚŽƌŵƐĂƌĞĐŚĂƌĂĐƚĞƌŝǌĞĚďǇĨƌĞĞǌŝŶŐƌĂŝŶ ƚŚĂƚƌĞƐƵůƚƐŝŶĂĐŽĂƚŝŶŐŽĨŝĐĞŽĨϭͬϰŝŶĐŚƚŚŝĐŬ͘ WƌŽďĂďŝůŝƚǇŽĨ&ƵƚƵƌĞǀĞŶƚƐ KŶĂǀĞƌĂŐĞ͕ŽƵƌĂƌĞĂĞǆƉĞƌŝĞŶĐĞƐϯͲϱǁŝŶƚĞƌƐƚŽƌŵƐĂƐĞĂƐŽŶĂŶĚϭƚƌƵĞďůŝǌǌĂƌĚĞǀĞƌǇϯǇĞĂƌƐ͘/ĐĞƐƚŽƌŵƐ ĐĂŶďĞĞǆƉĞĐƚĞĚĂĨĞǁƚŝŵĞƐĂǇĞĂƌ͕ƉĂƌƚŝĐƵůĂƌůǇĂƚƚŚĞďĞŐŝŶŶŝŶŐĂŶĚĞŶĚŽĨǁŝŶƚĞƌ͘ /ŵƉĂĐƚĂŶĚsƵůŶĞƌĂďŝůŝƚǇ ϰ WƌŽďĂďŝůŝƚǇ ,ĞĂǀǇǁŝŶƚĞƌƐƚŽƌŵƐ͕ĞƐƉĞĐŝĂůůǇǁŚĞŶĐŽŵďŝŶĞĚǁŝƚŚůŽǁ ƚĞŵƉĞƌĂƚƵƌĞƐ͕ĐĂŶďĞĂƐŝŐŶŝĨŝĐĂŶƚĚĂŶŐĞƌƚŽůŝĨĞĂŶĚ tŝŶƚĞƌ^ƚŽƌŵ Ϯ DĂŐŶŝƚƵĚĞ ƉƌŽƉĞƌƚǇ͘ĞĐƌĞĂƐĞĚǀŝƐŝďŝůŝƚŝĞƐĂŶĚƐůŝĐŬƌŽĂĚǁĂǇƐƉƵƚ ϭ tĂƌŶŝŶŐdŝŵĞ ĚƌŝǀĞƌƐĂƚĂŐƌĞĂƚĞƌĐƌĂƐŚƌŝƐŬŽĨĐŽůůŝƐŝŽŶĂŶĚƉĞĚĞƐƚƌŝĂŶƐĂƚ ĂŚŝŐŚĞƌƌŝƐŬŽĨĨĂůůŝŶŐŽƌďĞŝŶŐŚŝƚďǇĂŵŽƚŽƌŝǌĞĚǀĞŚŝĐůĞ͘ ϯ ƵƌĂƚŝŽŶ ƌŝǀĞƌƐŵĂǇŵĂŬĞƵŶŝŶĨŽƌŵĞĚĚĞĐŝƐŝŽŶƐ͕ƐƵĐŚĂƐ Ϯ͘ϴϱ ĂďĂŶĚŽŶŝŶŐƚŚĞŝƌǀĞŚŝĐůĞŽƌĨŽůůŽǁŝŶŐƐŶŽǁƉůŽǁƐƚŽŽ WZ/ ĐůŽƐĞůǇ͕ŝŶĐŽŶĚŝƚŝŽŶƐƚŚĂƚĐĂŶƉƵƚƚŚĞŵĂƚƌŝƐŬ͘WŽǁĞƌ D WůĂŶŶŝŶŐ^ŝŐŶŝĨŝĐĂŶĐĞ ŽƵƚĂŐĞƐ͕ĞǆƚƌĞŵĞĐŽůĚ͕ĂŶĚĐŽŵŵƵŶŝĐĂƚŝŽŶƐĚŝƐƌƵƉƚŝŽŶƐ ŵĂǇŵĂŬĞŝƚĚŝĨĨŝĐƵůƚĨŽƌƌĞƐŝĚĞŶƚƐĂŶĚǀŝƐŝƚŽƌƐƚŽƐƚĂǇǁĂƌŵ͕ϯ 'ĞŽŐƌĂƉŚŝĐǆƚĞŶƚ ŽďƚĂŝŶĨŽŽĚĂŶĚŵĞĚŝĐŝŶĞ͕ŽƌƌĞĂĐŚƚŚĞŝƌĚĞƐƚŝŶĂƚŝŽŶƐ͘ tŝŶƚĞƌƐƚŽƌŵƐĐƌĞĂƚĞĚŝĨĨŝĐƵůƚŝĞƐĨŽƌůŽĐĂůŐŽǀĞƌŶŵĞŶƚƐĂŶĚƚŚĞƐĞƌǀŝĐĞƐƚŚĞǇƉƌŽǀŝĚĞ͘WŽŽƌĚƌŝǀŝŶŐ ĐŽŶĚŝƚŝŽŶƐĚŝƌĞĐƚůǇŝŵƉĂĐƚĞŵĞƌŐĞŶĐǇƌĞƐƉŽŶƐĞƚŝŵĞƐƚŽŵŽƚŽƌǀĞŚŝĐůĞĐƌĂƐŚĞƐ͕ĐƌŝŵŝŶĂůƌĞƉŽƌƚƐ͕ĂŶĚĨŝƌĞ ĂŶĚŵĞĚŝĐĂůĞŵĞƌŐĞŶĐŝĞƐ͘^ŶŽǁƌĞŵŽǀĂůĂŶĚƌŽĂĚĚĞͲŝĐŝŶŐĐĂŶůĞĂĚƚŽƐŝŐŶŝĨŝĐĂŶƚĞƋƵŝƉŵĞŶƚĂŶĚůĂďŽƌ ĐŽƐƚƐ͘dƌĂŶƐŝƚƐǇƐƚĞŵƐŵĂǇďĞĐŽŵƉƌŽŵŝƐĞĚŝŶƚŚĞŝƌĂďŝůŝƚǇƚŽŐĞƚƉĞŽƉůĞƚŽƚŚĞŝƌũŽďƐ͘tŚŝůĞŵŽƐƚŽĨƚŚĞ ŶĞǁĞƌZŽĐŚĞƐƚĞƌŶĞŝŐŚďŽƌŚŽŽĚƐĂƌĞƐĞƌǀĞĚďǇƵŶĚĞƌŐƌŽƵŶĚƉŽǁĞƌůŝŶĞƐ͕ƚŚĞŽůĚĞƌƉĂƌƚƐŽĨƚŽǁŶĂƌĞ ƐĞƌǀĞĚďǇŽǀĞƌŚĞĂĚůŝŶĞƐƚŚĂƚŵĂǇďĞĚĂŵĂŐĞĚďǇƚŚĞǁĞŝŐŚƚŽĨŝĐĞĂŶĚŚĞĂǀǇƐŶŽǁƐ͘ dƌĂŶƐƉŽƌƚĂƚŝŽŶŝŶŶŽǀĂƚŝŽŶƐ͕ŝŶĐůƵĚŝŶŐŝŵƉƌŽǀĞĚǀĞŚŝĐůĞƐĂŶĚďĞƚƚĞƌĐŽŶƐƚƌƵĐƚĞĚĂŶĚŵĂŝŶƚĂŝŶĞĚƌŽĂĚƐ͕ ŚĂǀĞĐŽŶƚƌŝďƵƚĞĚƚŽƚŚĞĚĞĐůŝŶĞŝŶƚƌĂĨĨŝĐĚĞĂƚŚƐƌĞůĂƚĞĚƚŽƐŶŽǁĞǀĞŶƚƐ͘,ĞĞĚŝŶŐǁŝŶƚĞƌƐƚŽƌŵĂůĞƌƚƐĂŶĚ ĂĚĞƋƵĂƚĞƉƌĞƉĂƌĞĚŶĞƐƐĐĂŶƵƐƵĂůůǇůĞƐƐĞŶƚŚĞŝŵƉĂĐƚŽĨǁŝŶƚĞƌƐƚŽƌŵĞǀĞŶƚƐŝŶZŽĐŚĞƐƚĞƌ͘ ϳϴ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ϯ͘ϱ͘ϭƉŝĚĞŵŝĐĂŶĚŝƐĞĂƐĞKƵƚďƌĞĂŬ ĞƐĐƌŝƉƚŝŽŶĂŶĚ,ŝƐƚŽƌǇ ĐĐŽƌĚŝŶŐƚŽƚŚĞĞŶƚĞƌƐĨŽƌŝƐĞĂƐĞŽŶƚƌŽůĂŶĚWƌĞǀĞŶƚŝŽŶ;Ϳ͕ĞƉŝĚĞŵŝĐƌĞĨĞƌƐƚŽĂŶŝŶĐƌĞĂƐĞ͕ŽĨƚĞŶ ƐƵĚĚĞŶ͕ŝŶƚŚĞŶƵŵďĞƌŽĨĐĂƐĞƐŽĨĂĚŝƐĞĂƐĞĂďŽǀĞǁŚĂƚŝƐŶŽƌŵĂůůǇĞǆƉĞĐƚĞĚŝŶƚŚĂƚƉŽƉƵůĂƚŝŽŶŝŶƚŚĂƚ ĂƌĞĂ͘/ƚŵĂǇĂůƐŽƌĞĨĞƌƚŽƚŚĞĂƉƉĞĂƌĂŶĐĞŽĨĂƐŝŐŶŝĨŝĐĂŶƚŶƵŵďĞƌŽĨĐĂƐĞƐŽĨĂŶŝŶĨĞĐƚŝŽƵƐĚŝƐĞĂƐĞŝŶĂ ƌĞŐŝŽŶŽƌƉŽƉƵůĂƚŝŽŶƚŚĂƚŝƐƚǇƉŝĐĂůůǇĨƌĞĞŽĨƚŚĂƚĚŝƐĞĂƐĞ͘ǆĂŵƉůĞƐŽĨĞƉŝĚĞŵŝĐĚŝƐĞĂƐĞƐŝŶĐůƵĚĞŝŶĨůƵĞŶǌĂ͕ ĐŚŽůĞƌĂ͕ŵĞĂƐůĞƐ͕ƉĞƌƚƵƐƐŝƐ͕ĂŶĚƚƵďĞƌĐƵůŽƐŝƐ͘dŚĞƐƚĂƚĞƐƚŚĂƚĞƉŝĚĞŵŝĐƐŽĐĐƵƌǁŚĞŶĂŶĂŐĞŶƚĂŶĚ ƐƵƐĐĞƉƚŝďůĞŚŽƐƚƐĂƌĞƉƌĞƐĞŶƚŝŶƐƵĨĨŝĐŝĞŶƚŶƵŵďĞƌƐ͕ĂŶĚƚŚĞĂŐĞŶƚĐĂŶďĞĞĨĨĞĐƚŝǀĞůǇĐŽŶǀĞǇĞĚĨƌŽŵĂ ƐŽƵƌĐĞƚŽƚŚĞƐƵƐĐĞƉƚŝďůĞŚŽƐƚƐ͘DŽƌĞƐƉĞĐŝĨŝĐĂůůǇ͕ĂŶĞƉŝĚĞŵŝĐŵĂǇƌĞƐƵůƚĨƌŽŵ͗ ƌĞĐĞŶƚŝŶĐƌĞĂƐĞŝŶĂŵŽƵŶƚŽƌǀŝƌƵůĞŶĐĞŽĨƚŚĞĂŐĞŶƚ͕ dŚĞƌĞĐĞŶƚŝŶƚƌŽĚƵĐƚŝŽŶŽĨƚŚĞĂŐĞŶƚŝŶƚŽĂŶĂƌĞĂǁŚĞƌĞŝƚŚĂƐŶŽƚďĞĞŶďĞĨŽƌĞ͕ ŶĞŶŚĂŶĐĞĚŵŽĚĞŽĨƚƌĂŶƐŵŝƐƐŝŽŶƐŽƚŚĂƚŵŽƌĞƐƵƐĐĞƉƚŝďůĞƉĞƌƐŽŶƐĂƌĞĞǆƉŽƐĞĚ͕ ĐŚĂŶŐĞŝŶƚŚĞƐƵƐĐĞƉƚŝďŝůŝƚǇŽĨƚŚĞŚŽƐƚƌĞƐƉŽŶƐĞƚŽƚŚĞĂŐĞŶƚ͕ĂŶĚͬŽƌ &ĂĐƚŽƌƐƚŚĂƚŝŶĐƌĞĂƐĞŚŽƐƚĞǆƉŽƐƵƌĞŽƌŝŶǀŽůǀĞŝŶƚƌŽĚƵĐƚŝŽŶƚŚƌŽƵŐŚŶĞǁƉŽƌƚĂůƐŽĨĞŶƚƌǇ͘ ZŝƐŬŽĨŝůůŶĞƐƐŽƌĚĞĂƚŚĨƌŽŵƚŚĞƐĞĚŝƐĞĂƐĞƐŵĂǇďĞĚƵĞƚŽĂŶƵŵďĞƌŽĨĨĂĐƚŽƌƐ͘dŚĞƌĞƐƵƌŐĞŶĐĞŽĨŽůĚ ĚŝƐĞĂƐĞƐ͕ƐƵĐŚĂƐƚƵďĞƌĐƵůŽƐŝƐ͕ŵĂǇŽĐĐƵƌĂƐŝŵŵŝŐƌĂƚŝŽŶ WĞƌƚƵƐƐŝƐĂƐĞƐϮϬϭϱ ĂŶĚŝŶƚĞƌŶĂƚŝŽŶĂůƚƌĂǀĞůƌĞŝŶƚƌŽĚƵĐĞĂĚŝƐĞĂƐĞƚŽĂ ^ŽƵƌĐĞ͗DŝŶŶĞƐŽƚĂĞƉƚŽĨ,ĞĂůƚŚ ĐŽŵŵƵŶŝƚǇ͘ZĞĚƵĐĞĚŝŵŵƵŶŝǌĂƚŝŽŶƉƌŽƚĞĐƚŝŽŶůĞǀĞůƐĚƵĞƚŽ ĨĞĂƌŽĨĂĚǀĞƌƐĞƐŝĚĞĞĨĨĞĐƚƐĂŶĚǀĂĐĐŝŶĞĂĐĐĞƐƐŚĂǀĞ ƌĞƐƵůƚĞĚŝŶĞƉŝĚĞŵŝĐƐŽĨŵĞĂƐůĞƐĂŶĚǁŚŽŽƉŝŶŐĐŽƵŐŚ ĂŵŽŶŐĂƌĞĂĐŚŝůĚƌĞŶ͘&ĂŝůƵƌĞƚŽŬĞĞƉƵƉƚŽĚĂƚĞŽŶǀĂĐĐŝŶĞƐ ŚĂǀĞƌĞƐƵůƚĞĚŝŶĂĚƵůƚƐŐĞƚƚŝŶŐƚŚĞƐĞĚŝƐĞĂƐĞƐ͘dŚĞ ĞŵĞƌŐĞŶĐĞŽĨŶĞǁĚŝƐĞĂƐĞƐ͕ƚŚƌĞĂƚŽĨďŝŽƚĞƌƌŽƌŝƐŵ͕ĂŶĚ ŝŶĐƌĞĂƐĞĚƌĞƐŝƐƚĂŶĐĞŽĨƐŽŵĞŽĨƚŚĞƐĞĚŝƐĞĂƐĞƐƚŽĂŶƚŝďŝŽƚŝĐƐ ĂƌĞĂĚĚŝƚŝŽŶĂůĐŽŶĐĞƌŶƐŚĞĂůƚŚŽĨĨŝĐŝĂůƐĞŶĐŽƵŶƚĞƌǁŚĞŶ ĚĞĂůŝŶŐǁŝƚŚĞƉŝĚĞŵŝĐƐ͘ dŚĞϭϵϭϴ^ƉĂŶŝƐŚ&ůƵƉĂŶĚĞŵŝĐ;ĂŐůŽďĂůĞƉŝĚĞŵŝĐͿ͕ƉŽůŝŽ ĞƉŝĚĞŵŝĐƐŽĨƚŚĞϭϵϰϬƐĂŶĚϱϬƐ͕/^ĞƉŝĚĞŵŝĐ͕Ă ƌĞƐƵƌŐĞŶĐĞŽĨƚƵďĞƌĐƵůŽƐŝƐĂŵŽŶŐƌĞĐĞŶƚŝŵŵŝŐƌĂŶƚƐ͕ĂŶĚ ƚŚĞ^ǁŝŶĞ&ůƵŽĨϮϬϬϵĂůůŝŵƉĂĐƚĞĚZŽĐŚĞƐƚĞƌ͛ƐƌĞƐŝĚĞŶƚƐ ĂŶĚǀŝƐŝƚŽƌƐ͘WĞƌƚƵƐƐŝƐŽƵƚďƌĞĂŬƐŚĂǀĞŽĐĐƵƌƌĞĚŽŶĂƌĞŐƵůĂƌ ďĂƐŝƐ͕ŝŶĐůƵĚŝŶŐƚŚŝƐǇĞĂƌ͘ >ŽĐĂƚŝŽŶ ƉŝĚĞŵŝĐƐǁŽƵůĚĂĨĨĞĐƚƚŚĞĞŶƚŝƌĞƉŽƉƵůĂƚŝŽŶ͕ƚŚŽƵŐŚƚŚĞǀĞƌǇǇŽƵŶŐ͕ĞůĚĞƌůǇ͕ĂŶĚƚŚŽƐĞǁŝƚŚǁĞĂŬŝŵŵƵŶĞ ƐǇƐƚĞŵƐĂƌĞŽĨƚĞŶŵŽƐƚĂƚƌŝƐŬ͘ ϳϵ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ǆƚĞŶƚ dŚĞƐĞǀĞƌŝƚǇŽĨĂŶĞƉŝĚĞŵŝĐĐĂŶďĞĂŶĂůǇǌĞĚĨƌŽŵƚǁŽƉĞƌƐƉĞĐƚŝǀĞƐ͗ƚŚĂƚŽĨƚŚĞŝŶĨĞĐƚĞĚŝŶĚŝǀŝĚƵĂůĂŶĚƚŚĞ ƉĞƌǀĂƐŝǀĞŶĞƐƐŽĨƚŚĞĚŝƐĞĂƐĞĞǆƉĞĐƚĞĚŝŶƉŽƉƵůĂƚŝŽŶĂƐĂǁŚŽůĞ͘ WƌŽďĂďŝůŝƚǇŽĨ&ƵƚƵƌĞǀĞŶƚƐ ZŽĐŚĞƐƚĞƌŝƐůŝŬĞůǇƚŽĞǆƉĞƌŝĞŶĐĞĨƵƚƵƌĞĞƉŝĚĞŵŝĐƐ͕ƉĞƌŚĂƉƐŵŽƌĞƐŽƚŚĂŶŽƚŚĞƌĐŽŵŵƵŶŝƚŝĞƐŽĨŽƵƌƐŝǌĞ͘ ZŽĐŚĞƐƚĞƌŝƐĂŐůŽďĂůĚĞƐƚŝŶĂƚŝŽŶ͘ZŽƵŐŚůǇϮŵŝůůŝŽŶƉĞŽƉůĞǀŝƐŝƚŽƵƌĐŝƚǇĞĂĐŚǇĞĂƌ͖ƚŚĞŵĂũŽƌŝƚǇŽĨƚŚĞƐĞ ǀŝƐŝƚŽƌƐĂƌĞƐĞĞŬŝŶŐŚĞĂůƚŚĐĂƌĞĨƌŽŵƚŚĞDĂǇŽůŝŶŝĐ͘dŚĞƐĞƉĂƚŝĞŶƚƐĐŽŵĞŚĞƌĞĨƌŽŵĂĐƌŽƐƐƚŚĞĐŽƵŶƚƌǇ ĂŶĚĂƌŽƵŶĚƚŚĞǁŽƌůĚ͕ŵĂŶǇƚŽĨŝŶĚĂŶƐǁĞƌƐƚŽŚĞĂůƚŚĐŽŶĐĞƌŶƐƚŚĂƚƚŚĞŝƌůŽĐĂůƉŚǇƐŝĐŝĂŶƐŚĂǀĞďĞĞŶ ƵŶĂďůĞƚŽŐŝǀĞƚŚĞŵ͘/ŶĂĚĚŝƚŝŽŶ͕ZŽĐŚĞƐƚĞƌŚĂƐƐĞĞŶĂŶŝŶĐƌĞĂƐĞŝŶƚŚĞŶƵŵďĞƌŽĨŝŶƚĞƌŶĂƚŝŽŶĂůŝŵŵŝŐƌĂŶƚƐ ĐŚŽŽƐŝŶŐƚŽƐĞƚƚůĞŚĞƌĞ͘^ŽŵĞŽĨƚŚĞƐĞǀŝƐŝƚŽƌƐ͕ŵĂǇďĞƌĞŝŶƚƌŽĚƵĐŝŶŐĐŽŶƚĂŐŝŽƵƐĚŝƐĞĂƐĞƐƚŚŽƵŐŚƚƚŽďĞ ĞƌĂĚŝĐĂƚĞĚŝŶŽƵƌĐŽƵŶƚƌǇŽƌƵŶǁŝƚƚŝŶŐůǇƐƉƌĞĂĚŝŶŐŶĞǁĂŐĞŶƚƐ͘ /ŵƉĂĐƚĂŶĚsƵůŶĞƌĂďŝůŝƚǇ ϯ WƌŽďĂďŝůŝƚǇ ƐĚĞƐĐƌŝďĞĚĂďŽǀĞ͕ZŽĐŚĞƐƚĞƌ͛ƐŝŶƚĞƌŶĂƚŝŽŶĂůƐƚĂƚƵƐĂƐ ϯ ƉŝĚĞŵŝĐͬŝƐĞĂƐĞ ĂŵĞĚŝĐĂůĚĞƐƚŝŶĂƚŝŽŶŵĂǇŝŶĐƌĞĂƐĞƚŚĞƉŽƚĞŶƚŝĂůŝŵƉĂĐƚ DĂŐŶŝƚƵĚĞ ĂŶĚǀƵůŶĞƌĂďŝůŝƚǇŽĨƚŚĞĐŽŵŵƵŶŝƚǇƚŽĞƉŝĚĞŵŝĐƐ͘EŽƚ ϭ tĂƌŶŝŶŐdŝŵĞ KƵƚďƌĞĂŬ ŽŶůǇĚŽĞƐƚŚĞƐŚĞĞƌŶƵŵďĞƌŽĨŶĂƚŝŽŶĂůĂŶĚ ϰ ŝŶƚĞƌŶĂƚŝŽŶĂůƚƌĂǀĞůĞƌƐŝŶŽƵƌĐŽŵŵƵŶŝƚǇŝŵƉĂĐƚŽƵƌ ƵƌĂƚŝŽŶ ƉŽƚĞŶƚŝĂůĞǆƉŽƐƵƌĞƚŽĐŽŶƚĂŐŝŽŶƐ͕ĞƐƉĞĐŝĂůůǇŝŶ Ϯ͘ϴϬ WZ/ ĐŽŵƉĂƌŝƐŽŶǁŝƚŚŽƚŚĞƌĐŝƚŝĞƐŽƵƌƐŝǌĞ͕ďƵƚŵĂŶǇŽĨƚŚĞ D ĐŝƚǇ͛ƐƌĞƐŝĚĞŶƚƐĂŶĚǀŝƐŝƚŽƌƐĂƌĞŚĞƌĞďĞĐĂƵƐĞƚŚĞŝƌ WůĂŶŶŝŶŐ^ŝŐŶŝĨŝĐĂŶĐĞ ŚĞĂůƚŚŝƐĐŽŵƉƌŽŵŝƐĞĚ͘ ϯ 'ĞŽŐƌĂƉŚŝĐǆƚĞŶƚ KŶƚŚĞŽƚŚĞƌŚĂŶĚ͕ďĞĐĂƵƐĞZŽĐŚĞƐƚĞƌŝƐĂĐĞŶƚĞƌĨŽƌ ŵĞĚŝĐŝŶĞĂŶĚŝŶŶŽǀĂƚŝŽŶ͕ǁĞŚĂǀĞĞǆĐĞůůĞŶƚƉƌŝǀĂƚĞĂŶĚ ƉƵďůŝĐŚĞĂůƚŚĐĂƌĞ͘sĂĐĐŝŶĂƚŝŽŶƌĂƚĞƐĂƌĞŚŝŐŚŝŶŽƵƌĐŽŵŵƵŶŝƚǇ͕ƚŚĞKůŵƐƚĞĚŽƵŶƚǇWƵďůŝĐ,ĞĂůƚŚ^ĞƌǀŝĐĞƐ ;KW,^ͿdƵďĞƌĐƵůŽƐŝƐůŝŶŝĐĂŶĚZĞĨƵŐĞĞ,ĞĂůƚŚWƌŽŐƌĂŵƐĞƌǀĞƚŽĚĞƚĞĐƚĂŶĚƚƌĞĂƚĐŽŵŵƵŶŝĐĂďůĞĚŝƐĞĂƐĞƐ ĂŵŽŶŐŽƵƌĂƌĞĂŝŵŵŝŐƌĂŶƚƐ͕ĂŶĚŽƵƌƌĞƐŝĚĞŶƚƐĂƌĞŚŝŐŚůǇĞĚƵĐĂƚĞĚĂŶĚĂƚƚƵŶĞĚƚŽŚĞĂůƚŚŝƐƐƵĞƐ͘dŚĞ ŝƐĞĂƐĞWƌĞǀĞŶƚŝŽŶĂŶĚŽŶƚƌŽů;WͿĚŝǀŝƐŝŽŶŽĨKW,^ŚĂƐƚŚĞƉƵďůŝĐŚĞĂůƚŚƌĞƐƉŽŶƐŝďŝůŝƚǇƚŽƉƌĞǀĞŶƚƚŚĞ ƐƉƌĞĂĚŽĨŝŶĨĞĐƚŝŽƵƐĚŝƐĞĂƐĞƐĂŶĚŝŶϮϬϬϴĐƌĞĂƚĞĚƚŚĞDĞĚŝĐĂůZĞƐĞƌǀĞŽƌƉƐŽĨKůŵƐƚĞĚŽƵŶƚǇ;DZKͿ͕ ǁŚŽƐĞŵŝƐƐŝŽŶŝƐƚŽĞŶŚĂŶĐĞĞŵĞƌŐĞŶĐǇƌĞƐƉŽŶƐĞĐĂƉĂďŝůŝƚŝĞƐďǇƌĞĐƌƵŝƚŝŶŐĂŶĚƚƌĂŝŶŝŶŐĂĐŽƌƉƐŽĨŵĞĚŝĐĂů͕ ŶŽŶͲŵĞĚŝĐĂůĂŶĚƉƵďůŝĐŚĞĂůƚŚǀŽůƵŶƚĞĞƌƐƚŽĂƐƐŝƐƚŝŶƌĞƐƉŽŶƐĞƚŽĂƉƵďůŝĐŚĞĂůƚŚĞŵĞƌŐĞŶĐǇ͘ŶĚ͕ŽĨ ĐŽƵƌƐĞ͕ƚŚĞDĂǇŽůŝŶŝĐŝƐŽŶĞŽĨƚŚĞƉƌĞŵŝĞƌƌĞƐĞĂƌĐŚĂŶĚŵĞĚŝĐĂůƚƌĞĂƚŵĞŶƚĐĞŶƚĞƌƐŝŶƚŚĞǁŽƌůĚ͘ ϯ͘ϱ͘Ϯ&ůŽŽĚ ĞƐĐƌŝƉƚŝŽŶĂŶĚ,ŝƐƚŽƌǇ &ůŽŽĚŝŶŐŝƐĂŶŽǀĞƌĨůŽǁŽĨǁĂƚĞƌŽŶƚŽůĂŶĚƚŚĂƚŝƐŶŽƌŵĂůůǇĚƌǇ͘dŚĞǇŵĂǇďĞĂƌĞƐƵůƚŽĨŚĞĂǀǇƌĂŝŶƐ͕ƌĂƉŝĚ ƐŶŽǁŵĞůƚ͕ĚĂŵĂŶĚůĞǀĞĞďƌĞĂŬƐ͕ǁĂƚĞƌŵĂŝŶďƌĞĂŬƐ͕ŽƌďĂĐŬĞĚͲƵƉƐƚŽƌŵƐĞǁĞƌƐ͘&ůŽŽĚĚĞƉƚŚƐŵĂǇƌĂŶŐĞ ĨƌŽŵĂĨĞǁŝŶĐŚĞƐƚŽŵĂŶǇĨĞĞƚ͘dŚĞǇĐĂŶŽĐĐƵƌŝŶĂŵĂƚƚĞƌŽĨŵŝŶƵƚĞƐŽƌŽǀĞƌĂůŽŶŐƉĞƌŝŽĚŽĨƚŝŵĞĂŶĚ ŵĂǇůĂƐƚĚĂǇƐ͕ǁĞĞŬƐ͕ŽƌůŽŶŐĞƌ͘ ϴϬ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ZŽĐŚĞƐƚĞƌŝƐŶŽƐƚƌĂŶŐĞƌƚŽĨůŽŽĚŝŶŐ͘dŚĞĐŝƚǇ ǁĂƐďƵŝůƚŽŶƚŚĞďĂŶŬƐŽĨƚŚĞ^ŽƵƚŚ&ŽƌŬŽĨ ƚŚĞƵŵďƌŽZŝǀĞƌƚŽƚĂŬĞĂĚǀĂŶƚĂŐĞŽĨƚŚĞ ǁĂƚĞƌƐƵƉƉůǇ͕ƚŚĞƉŽǁĞƌŽĨŶĂƚƵƌĂůĨĂůůƐ͕ ĂŶĚ͕ĞǀĞŶƚƵĂůůǇ͕ƚŚĞŵĂŶŵĂĚĞŵŝůůƌĂĐĞƐ͘ dŚĞĐŝƚǇŝƐůĂĐĞĚǁŝƚŚƐŵĂůůĐƌĞĞŬƐĨĞĞĚŝŶŐ ƚŚĞƵŵďƌŽ͕ǁŚŝĐŚŚĂƐŵĂĚĞŝƚƐƵďũĞĐƚƚŽ ƉĞƌŝŽĚŝĐƐĞǀĞƌĞĨůĂƐŚĨůŽŽĚŝŶŐĨƌŽŵŚĞĂǀǇ ƌĂŝŶĨĂůůĞǀĞŶƚƐ͘ tŽƌŬŝŶŐǁŝƚŚƚŚĞĨĞĚĞƌĂůŐŽǀĞƌŶŵĞŶƚ͕Ă ĨůŽŽĚĐŽŶƚƌŽůƉůĂŶĨŽƌZŽĐŚĞƐƚĞƌǁĂƐ ĚĞǀĞůŽƉĞĚŝŶϭϵϳϲͲϳϳĂŶĚĨŝƌƐƚƐƵďŵŝƚƚĞĚ ĨŽƌĨƵŶĚŝŶŐŝŶĂďŝůůƚŽŽŶŐƌĞƐƐŝŶϭϵϳϳ͘ ĚĞǀĂƐƚĂƚŝŶŐĨůŽŽĚŝŶϭϵϳϴĨƵƌƚŚĞƌ ĞŵƉŚĂƐŝǌĞĚƚŚĞŶĞĞĚĨŽƌƚŚŝƐƉƌŽũĞĐƚ͖ĨĞĚĞƌĂůĂƐƐŝƐƚĂŶĐĞǁĂƐŐƌĂŶƚĞĚĂŶĚƚŚĞĨůŽŽĚĐŽŶƚƌŽůƉƌŽũĞĐƚǁĂƐ ĐŽŵƉůĞƚĞĚŝŶϭϵϵϲ͘dŚĞŚŝƐƚŽƌŝĐϭϵϳϴĨůŽŽĚǁĂƐƵƐĞĚĂƐĂŵŽĚĞůĚƵƌŝŶŐƚŚĞĚĞƐŝŐŶƉƌŽĐĞƐƐƐŽƚŚĂƚƚŚĞ&ůŽŽĚ ŽŶƚƌŽůWƌŽũĞĐƚĐŽƵůĚŚĂŶĚůĞĂŶǇĨůŽŽĚĞǀĞŶƚƉƌĞǀŝŽƵƐůǇĞǆƉĞƌŝĞŶĐĞĚŝŶƚŚĞĐŽŵŵƵŶŝƚǇ͘dŚĞ&ůŽŽĚŽŶƚƌŽů WƌŽũĞĐƚƵƐĞƐĂŵƵůƚŝͲĨĂĐĞƚĞĚĂƉƉƌŽĂĐŚƚŚĂƚĐŽŵďŝŶĞƐǁĂƚĞƌƐƚŽƌĂŐĞŝŶƌĞƐĞƌǀŽŝƌƐƵƉƐƚƌĞĂŵ͕ƐƚƌĞĂŵďĂŶŬ ƐƚĂďŝůŝǌĂƚŝŽŶ͕ĐŽŶƐƚƌƵĐƚŝŽŶŽĨĂǁŝĚĞƌĂŶĚĚĞĞƉĞƌĐŚĂŶŶĞů͕ĂŶĚůĞǀĞĞƐ͘dŚĞƐƚƌƵĐƚƵƌĞƐĂƌĞĚĞƐŝŐŶĞĚĨŽƌϮϰ ŝŶĐŚĞƐŽĨƌĂŝŶǁŝƚŚŝŶĂϲͲŚŽƵƌƉĞƌŝŽĚǁŝƚŚŽƵƚŽǀĞƌƚŽƉƉŝŶŐ͖ƚŚĂƚŝƐ͕ƚŚĞǇĐĂŶŚĂŶĚůĞĨůŽŽĚŝŶŐĞǀĞŶƚƐŽĨ ŐƌĞĂƚĞƌŵĂŐŶŝƚƵĚĞƚŚĂŶĂϮϬϬǇĞĂƌĨůŽŽĚĞǀĞŶƚ͘ZŽĐŚĞƐƚĞƌ͛Ɛ&ůŽŽĚŽŶƚƌŽůWƌŽũĞĐƚƌĞŵŽǀĞĚϮϬϬϬŚŽŵĞƐ ĂŶĚďƵƐŝŶĞƐƐĞƐĨƌŽŵƚŚĞĨůŽŽĚƉůĂŝŶǁŝƚŚĂŶĞƐƚŝŵĂƚĞĚĚĂŵĂŐĞƌĞĚƵĐƚŝŽŶďĞŶĞĨŝƚŽĨΨϮϱϬŵŝůůŝŽŶƉĞƌϭϬϬͲ ǇĞĂƌĞǀĞŶƚ͘ZĞƐĞƌǀŽŝƌƐƚƌƵĐƚƵƌĞƐĂƌĞŝŶƐƉĞĐƚĞĚďǇZŽĐŚĞƐƚĞƌWƵďůŝĐtŽƌŬƐ͕KůŵƐƚĞĚŽƵŶƚǇWƵďůŝĐtŽƌŬƐ͕ ƚŚĞEĂƚƵƌĂůZĞƐŽƵƌĐĞƐŽŶƐĞƌǀĂƚŝŽŶ^ĞƌǀŝĐĞ;EZ^Ϳ͕ĂŶĚƚŚĞDŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨEĂƚƵƌĂůZĞƐŽƵƌĐĞƐ ;EZͿ͘ &ůŽŽĚƉůĂŝŶŵĂŶĂŐĞŵĞŶƚĐŽŶƚŝŶƵĞƐƚŽƚŚŝƐĚĂǇ͕ǁŝƚŚƚŚĞŝƚǇĐŚŽŽƐŝŶŐƚŽĂĚŽƉƚĚĞǀĞůŽƉŵĞŶƚƐƚĂŶĚĂƌĚƐ ŵŽƌĞƐƚƌŝŶŐĞŶƚƚŚĂŶƚŚŽƐĞĐƵƌƌĞŶƚůǇŵĂŶĚĂƚĞĚďǇƚŚĞ&ĞĚĞƌĂůŵĞƌŐĞŶĐǇDĂŶĂŐĞŵĞŶƚŐĞŶĐǇ;&DͿŝŶ ĂŶĞĨĨŽƌƚƚŽĂĐĐŽƵŶƚĨŽƌƚŚĞŐƌĞĂƚĞƌŶƵŵďĞƌŽĨŝŶƚĞŶƐĞƐƚŽƌŵĞǀĞŶƚƐĞǆƉĞƌŝĞŶĐĞĚŚĞƌĞŝŶƌĞĐĞŶƚǇĞĂƌƐ͘ dŚĞEZĂŶĚƚŚĞDŝŶŶĞƐŽƚĂWŽůůƵƚŝŽŶŽŶƚƌŽůŐĞŶĐǇ;DWͿƉƌŽǀŝĚĞĂĐĐĞƐƐƚŽŶĞĂƌƌĞĂůͲƚŝŵĞĂŶĚ ŚŝƐƚŽƌŝĐĂůƐƚƌĞĂŵĨůŽǁĂŶĚǁĂƚĞƌƋƵĂůŝƚǇĚĂƚĂĂĐƌŽƐƐƚŚĞƐƚĂƚĞŽĨDŝŶŶĞƐŽƚĂǀŝĂƚŚĞŽŽƉĞƌĂƚŝǀĞ^ƚƌĞĂŵ 'ĂŐŝŶŐtĞďƐŝƚĞ͘dŚĞEĂƚŝŽŶĂůtĞĂƚŚĞƌ^ĞƌǀŝĐĞŝŶ>ĂƌŽƐƐĞ͕tŝƐĐŽŶƐŝŶ͕ƉƌŽǀŝĚĞƐŶĞĂƌƌĞĂůͲƚŝŵĞƌĂŝŶĨĂůů ĂŵŽƵŶƚƐĨŽƌƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͘ >ŽĐĂƚŝŽŶ dŚĞĂƌĞĂƐŶĞĂƌZŽĐŚĞƐƚĞƌ͛ƐƌŝǀĞƌƐĂŶĚƐƚƌĞĂŵƐŚĂǀĞƚŚĞŐƌĞĂƚĞƐƚƉŽƚĞŶƚŝĂůĨŽƌĨůŽŽĚŝŶŐ͘&ŝŐƵƌĞϯͲϭĚĞƉŝĐƚƐ ƚŚĞĂƌĞĂ͛ƐĨůŽŽĚƉůĂŝŶďŽƵŶĚĂƌŝĞƐĂŶĚ&ŝŐƵƌĞϯͲϮŝŶĚŝĐĂƚĞƐĂĚĚƌĞƐƐĞƐŵŽƐƚůŝŬĞůǇƚŽďĞŝŵƉĂĐƚĞĚďǇ ŽŶŝŶŐKƌĚŝŶĂŶĐĞĂŶĚ>ĂŶĚĞǀĞůŽƉŵĞŶƚDĂŶƵĂů ĨůŽŽĚǁĂƚĞƌƐ͘dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͛ƐƌĞƐƚƌŝĐƚƐ KůŵƐƚĞĚŽƵŶƚǇŽŶŝŶŐKƌĚŝŶĂŶĐĞ ĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞĨůŽŽĚƉůĂŝŶ͕ǁŚŝůĞƚŚĞƌĞŐƵůĂƚĞƐĨůŽŽĚƉůĂŝŶ ĚĞǀĞůŽƉŵĞŶƚŝŶƚŚŽƐĞƉŽƌƚŝŽŶƐŽĨƚŚĞƉůĂŶĂƌĞĂĐƵƌƌĞŶƚůǇŽƵƚƐŝĚĞŽĨZŽĐŚĞƐƚĞƌ͛ƐĐŝƚǇůŝŵŝƚƐ͘EŽƚĂůů ƐƚƌƵĐƚƵƌĞƐŝŶƚŚĞĨůŽŽĚƉůĂŝŶĂƌĞĂƚƌŝƐŬŽĨĨůŽŽĚŝŶŐ͖ƐƚƌƵĐƚƵƌĞƐďƵŝůƚĂĨƚĞƌƚŚĞĂĚŽƉƚŝŽŶŽĨƚŚĞŝƚǇ͛ƐǌŽŶŝŶŐ ŽƌĚŝŶĂŶĐĞĂƌĞĞůĞǀĂƚĞĚƚŽĂƚůĞĂƐƚŽŶĞĨŽŽƚĂďŽǀĞƚŚĞĨůŽŽĚƉůĂŝŶĞůĞǀĂƚŝŽŶ͘ ϴϭ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ dŚĞƉŽƚĞŶƚŝĂůĨŽƌĨůĂƐŚĨůŽŽĚŝŶŐŝŶĐƌĞĂƐĞƐǁŝƚŚƚŚĞĂŵŽƵŶƚŽĨŝŵƉĞƌŵĞĂďůĞƐƵƌĨĂĐĞŝŶƚŚĞĂƌĞĂ͘ZŽĐŚĞƐƚĞƌ͛Ɛ ƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƐǇƐƚĞŵ͕ǁŚŝĐŚŝŶĐůƵĚĞƐƐƚŽƌŵǁĂƚĞƌĚĞƚĞŶƚŝŽŶƉŽŶĚƐĂŶĚŽƚŚĞƌĨŽƌŵƐŽĨ͞ŐƌĞĞŶ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕͟ŚĞůƉƌĞĚƵĐĞƚŚĞŝŵƉĂĐƚŽĨƚŚŝƐƉŚĞŶŽŵĞŶŽŶ͘ ZĞƉĞƚŝƚŝǀĞůŽƐƐƐƚƌƵĐƚƵƌĞƐĂƌĞƚŚŽƐĞƐƚƌƵĐƚƵƌĞƐǁŚŝĐŚŚĂǀĞƐƵƐƚĂŝŶĞĚĚĂŵĂŐĞƐŽŶƚǁŽŽƌŵŽƌĞƐĞƉĂƌĂƚĞ ŽĐĐĂƐŝŽŶƐǁŝƚŚŝŶĂϭϬͲǇĞĂƌƚŝŵĞƐƉĂŶĨŽƌǁŚŝĐŚƚŚĞĐŽƐƚŽĨƌĞƉĂŝƌƐĂƚƚŚĞƚŝŵĞŽĨƚŚĞĨůŽŽĚŵĞĞƚƐŽƌĞǆĐĞĞĚƐ ϮϱƉĞƌĐĞŶƚŽĨƚŚĞŵĂƌŬĞƚǀĂůƵĞŽĨƚŚĞƐƚƌƵĐƚƵƌĞďĞĨŽƌĞƚŚĞĚĂŵĂŐĞŽĐĐƵƌƌĞĚ͘dŚĞƌĞĂƌĞŶŽƌĞƉĞƚŝƚŝǀĞůŽƐƐ ƐƚƌƵĐƚƵƌĞƐŝŶƚŚĞĐŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘ ZŽĐŚĞƐƚĞƌ͛ƐƌĞĐĞŶƚůǇĂĐƋƵŝƌĞĚĚƌĂĨƚ&D ĨůŽŽĚƉůĂŝŶŵĂƉƐĚŽŶŽƚĂĐĐŽƵŶƚĨŽƌŵŽƌĞ ƌĞĐĞŶƚůǇĂĚŽƉƚĞĚƚůĂƐϭϰƉƌĞĐŝƉŝƚĂƚŝŽŶ ŵĞĂƐƵƌĞƐ͘dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌŝƐĐƵƌƌĞŶƚůǇ ǁŽƌŬŝŶŐǁŝƚŚĂĐŽŶƐƵůƚĂŶƚƚŽĂŶĂůǇǌĞĂŶĚŵĂƉ ƚůĂƐϭϰŝŵƉĂĐƚƐ͘dŚŝƐƐƚƵĚǇŝƐĞǆƉĞĐƚĞĚƚŽďĞ ĐŽŵƉůĞƚĞŝŶϮϬϭϳ͘ ǆƚĞŶƚ dǁŽƚǇƉĞƐŽĨĨůŽŽĚŝŶŐŵĂǇŝŵƉĂĐƚƚŚĞZŽĐŚĞƐƚĞƌ ĂƌĞĂ͘ƌŝǀĞƌĨůŽŽĚ ŽĐĐƵƌƐǁŚĞŶǁĂƚĞƌůĞǀĞůƐ ĞǆĐĞĞĚƚŚĞŝƌďĂŶŬƐĚƵĞƚŽƉĞƌƐŝƐƚĞŶƚƌĂŝŶĞǀĞŶƚƐ ĨŽƌĞǆƚĞŶĚĞĚƉĞƌŝŽĚƐŽĨƚŝŵĞ͕ƌĂƉŝĚƐŶŽǁŵĞůƚ͕ ŽƌĂŶŝĐĞũĂŵ͘ĨůĂƐŚĨůŽŽĚŝƐƚǇƉŝĐĂůůǇĐĂƵƐĞĚďǇ ŚĞĂǀǇƌĂŝŶĨĂůůǁŝƚŚŝŶĂƐŚŽƌƚƚŝŵĞƉĞƌŝŽĚ͕ƚǇƉŝĐĂůůǇůĞƐƐƚŚĂŶƐŝǆŚŽƵƌƐ͕ĂĚĂŵŽƌůĞǀĞĞďƌĞĂŬ͕ŽƌĂĨƚĞƌĂ ƐƵĚĚĞŶƌĞůĞĂƐĞŽĨǁĂƚĞƌĨƌŽŵĂĚĞďƌŝƐŽƌŝĐĞũĂŵ͘ &ůĂƐŚĨůŽŽĚƐĐĂŶŽĐĐƵƌǁŝƚŚůŝƚƚůĞƚŽŶŽǁĂƌŶŝŶŐǁŚŝůĞƌŝǀĞƌĨůŽŽĚƐŵĂǇĂĨĨŽƌĚĂĚǀĂŶĐĞĚǁĂƌŶŝŶŐ͘dŚĞ EĂƚŝŽŶĂůtĞĂƚŚĞƌ^ĞƌǀŝĐĞʹ>ĂƌŽƐƐĞŝƐƐƵĞƐƚŚĞĨŽůůŽǁŝŶŐŶŽƚŝĐĞƐƚŽǁĂƌŶĂďŽƵƚĨůĂƐŚĨůŽŽĚĂŶĚĨůŽŽĚ ƉŽƚĞŶƚŝĂů͘ &ůĂƐŚ&ůŽŽĚŽƌ&ůŽŽĚtĂƚĐŚ͗ &ůĂƐŚĨůŽŽĚŝŶŐŽƌĨůŽŽĚŝŶŐŝƐƉŽƐƐŝďůĞǁŝƚŚŝŶƚŚĞĚĞƐŝŐŶĂƚĞĚǁĂƚĐŚĂƌĞĂ͘ WĞŽƉůĞŝŶƚŚĞĂƌĞĂƐŚŽƵůĚďĞĂůĞƌƚĨŽƌĨƵƚƵƌĞŶŽƚŝĐĞƐ͘ &ůĂƐŚ&ůŽŽĚŽƌ&ůŽŽĚtĂƌŶŝŶŐ͗ &ůĂƐŚĨůŽŽĚŝŶŐŽƌĨůŽŽĚŝŶŐŚĂƐďĞĞŶƌĞƉŽƌƚĞĚŽƌŝƐŝŵŵŝŶĞŶƚ͘WĞŽƉůĞ ǁŝƚŚŝŶƚŚĞǁĂƌŶŝŶŐĂƌĞĂƐŚŽƵůĚƚĂŬĞŶĞĐĞƐƐĂƌǇƉƌĞĐĂƵƚŝŽŶƐĂƚŽŶĐĞĂŶĚŐĞƚƚŽŚŝŐŚĞƌŐƌŽƵŶĚ͘ hƌďĂŶĂŶĚ^ŵĂůů^ƚƌĞĂŵĚǀŝƐŽƌǇ͗ &ůŽŽĚŝŶŐŽĨƐŵĂůůƐƚƌĞĂŵƐ͕ƐƚƌĞĞƚƐ͕ĂŶĚůŽǁͲůǇŝŶŐĂƌĞĂƐƐƵĐŚĂƐ ƌĂŝůƌŽĂĚƵŶĚĞƌƉĂƐƐĞƐĂŶĚƵƌďĂŶƐƚŽƌŵĚƌĂŝŶƐŝƐŽĐĐƵƌƌŝŶŐ͘ &ůĂƐŚ&ůŽŽĚŽƌ&ůŽŽĚ^ƚĂƚĞŵĞŶƚ͗ &ŽůůŽǁͲƵƉŝŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐĂĨůĂƐŚĨůŽŽĚͬĨůŽŽĚĞǀĞŶƚ͘ WƌŽďĂďŝůŝƚǇŽĨ&ƵƚƵƌĞǀĞŶƚƐ &ůŽŽĚŝŶŐŝŶZŽĐŚĞƐƚĞƌƉƌŝŵĂƌŝůǇŽĐĐƵƌƐĂƐĂƌĞƐƵůƚŽĨƐƉƌŝŶŐƌƵŶŽĨĨ͕ƚŚŽƵŐŚƚŚĞĂƌĞĂ͛ƐƚŽƉŽŐƌĂƉŚǇŵĂŬĞƐŝƚ ƉƌŽŶĞƚŽĨůŽŽĚŝŶŐĂŶĚĨůĂƐŚĨůŽŽĚŝŶŐĚƵƌŝŶŐƐŝŐŶŝĨŝĐĂŶƚƌĂŝŶĞǀĞŶƚƐ͘ZŽĐŚĞƐƚĞƌ͛Ɛ&ůŽŽĚŽŶƚƌŽůWƌŽũĞĐƚŚĂƐ ƌĞĚƵĐĞĚĨůŽŽĚƌŝƐŬŝŶZŽĐŚĞƐƚĞƌƚŽϬ͘ϱϮйŝŶĂŶǇŐŝǀĞŶǇĞĂƌĂŶĚŚĂƐƌĞĚƵĐĞĚƚŚĞŝŵƉĂĐƚƐŽĨĨůŽŽĚŝŶŐ ĚŽǁŶƐƚƌĞĂŵ͘ ϴϮ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ /ŵƉĂĐƚĂŶĚsƵůŶĞƌĂďŝůŝƚǇ ϰ WƌŽďĂďŝůŝƚǇ &ůŽŽĚƐŽĨƚĞŶĐĂƵƐĞĚĂŵĂŐĞƚŽŚŽŵĞƐĂŶĚďƵƐŝŶĞƐƐĞƐŝĨƚŚĞǇ ĂƌĞƉůĂĐĞĚŝŶŶĂƚƵƌĂůĨůŽŽĚƉůĂŝŶƐŽĨƌŝǀĞƌƐ͘&ůŽŽĚƐĐĂŶƌĞƐƵůƚ ϭ DĂŐŶŝƚƵĚĞ ŝŶƉĂƌƚŝĂůŽƌĐŽŵƉůĞƚĞůŽƐƐŽĨĨĂĐŝůŝƚŝĞƐ͘&ůŽŽĚŝŶŐĞǀĞŶƚƐ Ϯ ĐŽƵůĚĂůƐŽƌĞƐƵůƚŝŶĂƚĞŵƉŽƌĂƌǇůŽƐƐŽĨƉŽǁĞƌĂŶĚͬŽƌƉŚŽŶĞ &ůŽŽĚ tĂƌŶŝŶŐdŝŵĞ ƐĞƌǀŝĐĞůĂƐƚŝŶŐĨƌŽŵĂĨĞǁŚŽƵƌƐƚŽƐĞǀĞƌĂůĚĂǇƐ͘ZĞƐƵůƚƐŽĨ ϯ ƵƌĂƚŝŽŶ ƚŚĞƐĞŝŵƉĂĐƚƐĐŽƵůĚĐŽŵƉůŝĐĂƚĞĐŽŵŵƵŶŝĐĂƚŝŽŶǁŝƚŚƐƚĂĨĨ͘ Ϯ͘ϳϬ ^ƚĂĨĨĂƚƚĞŶĚĂŶĐĞŵĂǇďĞŝŵƉĂĐƚĞĚ͘^ƚĂĨĨŝŶŐŝƐƐƵĞƐ͕ůŽƐƐŽĨ WZ/ ƉŽǁĞƌ͕ĂŶĚŽƚŚĞƌŝŵƉĂĐƚƐĐŽƵůĚƌĞĚƵĐĞƚŚĞĂďŝůŝƚǇƚŽ D WůĂŶŶŝŶŐ^ŝŐŶŝĨŝĐĂŶĐĞ ĐŽŶƚŝŶƵĞŽƉĞƌĂƚŝŽŶƐĂƚĂĐĐĞƉƚĂďůĞůĞǀĞůƐ͘ ϭ 'ĞŽŐƌĂƉŚŝĐǆƚĞŶƚ ZŽĐŚĞƐƚĞƌ͛Ɛ&ůŽŽĚŽŶƚƌŽůWƌŽũĞĐƚŝƐǁŽƌŬŝŶŐ͘^ŝŐŶŝĨŝĐĂŶƚ ƌĂŝŶĨĂůůĞǀĞŶƚƐŝŶƵŐƵƐƚϮϬϬϳ͕^ĞƉƚĞŵďĞƌϮϬϭϬ͕ĂŶĚ ^ĞƉƚĞŵďĞƌϮϬϭϲǁĞƌĞĐŽŶƚĂŝŶĞĚďǇƚŚĞWƌŽũĞĐƚ͘ŝƚǇƐƚĂĨĨĂƌĞǁŽƌŬŝŶŐŽŶƌŽĂĚǁĂǇĂŶĚƐƚŽƌŵǁĂƚĞƌĚĞƐŝŐŶ ŝƐƐƵĞƐŝŶŽƌĚĞƌƚŽĞůŝŵŝŶĂƚĞƐƚƌĞĞƚĨůŽŽĚŝŶŐƚŚĂƚŽĐĐĂƐŝŽŶĂůůǇŽĐĐƵƌƐĚƵƌŝŶŐŚĞĂǀǇƌĂŝŶĞǀĞŶƚƐ͘ ϴϯ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϯͲϭ͗&D&>KKKE^ ϴϰ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϯͲϮ͗Z^^^t/d,WKdEd/>&>KKZ/^< ϴϱ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ϯ͘ϱ͘ϯ>ŝŐŚƚŶŝŶŐ ĞƐĐƌŝƉƚŝŽŶĂŶĚ,ŝƐƚŽƌǇ >ŝŐŚƚŶŝŶŐŝƐƚŚĞŽĐĐƵƌƌĞŶĐĞŽĨĂŚŝŐŚǀŽůƚĂŐĞĞůĞĐƚƌŝĐĂůĚŝƐĐŚĂƌŐĞŝŶƚŚĞĂƚŵŽƐƉŚĞƌĞďĞƚǁĞĞŶĐůŽƵĚƐ͕ƚŚĞĂŝƌ͕ ^ĞǀĞƌĞtĞĂƚŚĞƌϭϬϭ ŽƌƚŚĞŐƌŽƵŶĚ͕ĂĐĐŽƌĚŝŶŐƚŽEK͛Ɛ͘dŚĞƌĞĂƌĞƚǁŽƚǇƉĞƐŽĨŐƌŽƵŶĚĨůĂƐŚĞƐ͘EĂƚƵƌĂů ůŝŐŚƚŶŝŶŐƚǇƉŝĐĂůůǇŐŽĞƐĨƌŽŵĐůŽƵĚƚŽŐƌŽƵŶĚ͕ƚŚĂƚŝƐ͕Ă ŶŽƌŵĂůĐŚĂŶŶĞůŽĨŶĞŐĂƚŝǀĞĐŚĂƌŐĞŝŶƚŚĞĞŶǀŝƌŽŶŵĞŶƚ ŝƐĂƚƚƌĂĐƚĞĚƚŽĂƉŽƐŝƚŝǀĞĐŚĂƌŐĞŽŶƚŚĞŐƌŽƵŶĚ͕ĨŽůůŽǁĞĚ ďǇĂŶƵƉǁĂƌĚƚƌĂǀĞůůŝŶŐƌĞƚƵƌŶƐƚƌŽŬĞ͘/ƚŝƐƚŚĞƌĞƚƵƌŶ ƐƚƌŽŬĞƚŚĂƚŝƐǀŝƐŝďůĞ͘dƌŝŐŐĞƌĞĚůŝŐŚƚŶŝŶŐ͕ǁŚŝĐŚ ŝŶĐůƵĚĞƐƐƚƌŝŬĞƐƚŽǀĞƌǇƚĂůůƐƚƌƵĐƚƵƌĞƐĂŶĚĂŝƌƉůĂŶĞƐ͕ ŐŽĞƐĨƌŽŵŐƌŽƵŶĚƚŽĐůŽƵĚ͘>ŝŐŚƚŶŝŶŐĐĂŶĂůƐŽĞǆƚĞŶĚ ŝŶƚŽƚŚĞĂŝƌĂƌŽƵŶĚĂƐƚŽƌŵ;ĐůŽƵĚƚŽĂŝƌͿŽƌŝŵďĞĚ ǁŝƚŚŝŶĂĐůŽƵĚ;ŝŶƚƌĂͲĐůŽƵĚͿ͘ dŚŝƌƚĞĞŶƌĞĐŽƌĚƐŽĨůŝŐŚƚŶŝŶŐŚŝƚƚŝŶŐƚŚĞŐƌŽƵŶĚŝŶ ZŽĐŚĞƐƚĞƌŚĂǀĞďĞĞŶƌĞĐŽƌĚĞĚďǇEK͛Ɛ^ƚŽƌŵǀĞŶƚƐ ĂƚĂďĂƐĞƐŝŶĐĞϭϵϵϵ͘dŚĂŶŬĨƵůůǇ͕ŶŽŶĞŽĨƚŚĞƐĞƌĞƐƵůƚĞĚŝŶŝŶũƵƌŝĞƐŽƌĚĞĂƚŚ͘ƚŽƚĂůŽĨΨϭϳϮ͕ϬϬϬŽĨƉƌŽƉĞƌƚǇ ĚĂŵĂŐĞĚƵĞƚŽůŝŐŚƚŶŝŶŐŽĐĐƵƌƌĞĚŝŶZŽĐŚĞƐƚĞƌĚƵƌŝŶŐƚŚŝƐƚŝŵĞƉĞƌŝŽĚ͘ >ŽĐĂƚŝŽŶ dĂůůŽďũĞĐƚƐƐƵĐŚĂƐƚƌĞĞƐĂŶĚƐŬǇƐĐƌĂƉĞƌƐĂƌĞĐŽŵŵŽŶůǇƐƚƌƵĐŬďǇůŝŐŚƚŶŝŶŐ͘ZŽĐŚĞƐƚĞƌ͛ƐŚŝůůƚŽƉƐĂůƐŽŵĂŬĞ ŐŽŽĚƚĂƌŐĞƚƐ͘dŚĞƌĞĂƐŽŶĨŽƌƚŚŝƐŝƐƚŚĞŝƌƚŽƉƐĂƌĞĐůŽƐĞƌƚŽƚŚĞďĂƐĞŽĨƚŚĞƐƚŽƌŵĐůŽƵĚ͘^ŝŶĐĞƚŚĞ ĂƚŵŽƐƉŚĞƌĞŝƐĂŐŽŽĚĞůĞĐƚƌŝĐĂůŝŶƐƵůĂƚŽƌ͕ƚŚĞůĞƐƐŝŶƐƵůĂƚŝŽŶƚŚĞůŝŐŚƚŶŝŶŐŚĂƐƚŽďƵƌŶƚŚƌŽƵŐŚ͕ƚŚĞĞĂƐŝĞƌŝƚ ŝƐĨŽƌŝƚƚŽƐƚƌŝŬĞ͘,ŽǁĞǀĞƌ͕ƚŚŝƐĚŽĞƐŶŽƚĂůǁĂǇƐŵĞĂŶƚĂůůŽďũĞĐƚƐǁŝůůďĞƐƚƌƵĐŬ͘/ƚĂůůĚĞƉĞŶĚƐŽŶǁŚĞƌĞƚŚĞ ĐŚĂƌŐĞƐĂĐĐƵŵƵůĂƚĞ͘>ŝŐŚƚŶŝŶŐĐĂŶƐƚƌŝŬĞƚŚĞŐƌŽƵŶĚŝŶĂŶŽƉĞŶĨŝĞůĚĞǀĞŶŝĨƚŚĞƚƌĞĞůŝŶĞŝƐĐůŽƐĞďǇ͘ ǆƚĞŶƚ ŶĞƌŐǇĨƌŽŵůŝŐŚƚŶŝŶŐŚĞĂƚƐƚŚĞĂŝƌĂŶǇǁŚĞƌĞĨƌŽŵϭϴ͕ϬϬϬĚĞŐƌĞĞƐ&ĂŚƌĞŶŚĞŝƚƚŽƵƉƚŽϲϬ͕ϬϬϬĚĞŐƌĞĞƐ &ĂŚƌĞŶŚĞŝƚ͘>ŝŐŚƚŶŝŶŐĐĂŶŚĂǀĞϭϬϬŵŝůůŝŽŶƚŽϭďŝůůŝŽŶǀŽůƚƐĂŶĚĐŽŶƚĂŝŶƐďŝůůŝŽŶƐŽĨǁĂƚƚƐ͘WŽƐŝƚŝǀĞůŝŐŚƚŶŝŶŐ ŝƐŽĨƚĞŶĐŽŶƐŝĚĞƌĞĚŵŽƌĞĚĂŶŐĞƌŽƵƐƚŚĂŶĂŶĞŐĂƚŝǀĞƐƚƌŝŬĞďĞĐĂƵƐĞŝƚƐĞůĞĐƚƌŝĐĂůĨŝĞůĚŝƐƐƚƌŽŶŐĞƌ;ĨŽƌŵŝŶŐĂƚ ƚŚĞƚŽƉŽĨƚŚĞƐƚŽƌŵͿ͕ƚŚĞ ĨůĂƐŚĚƵƌĂƚŝŽŶŝƐƚǇƉŝĐĂůůǇ ůŽŶŐĞƌ͕ĂŶĚŝƚƐƉĞĂŬĐŚĂƌŐĞ ĐĂŶďĞŵƵĐŚŐƌĞĂƚĞƌ͘ WŽƐŝƚŝǀĞůǇĐŚĂƌŐĞĚůŝŐŚƚŶŝŶŐ ĐĂŶŽĐĐƵƌŶĞĂƌƚŚĞĞĚŐĞŽĨ ĂĐůŽƵĚŽƌƐƚƌŝŬĞŵŽƌĞƚŚĂŶ ϭϬŵŝůĞƐĂǁĂǇ͕ǁŚĞŶƉĞŽƉůĞ ĂƌĞŶΖƚĂǁĂƌĞŽĨƚŚĞ ŝŵƉĞŶĚŝŶŐĚĂŶŐĞƌ͘ ϴϲ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ WƌŽďĂďŝůŝƚǇŽĨ&ƵƚƵƌĞǀĞŶƚƐ >ŝŐŚƚŶŝŶŐƐƚƌŝŬĞƐƚŚĞŐƌŽƵŶĚĂƉƉƌŽǆŝŵĂƚĞůǇϮϱŵŝůůŝŽŶƚŝŵĞƐĞĂĐŚǇĞĂƌŝŶƚŚĞh͘^͘ĐĐŽƌĚŝŶŐƚŽƚŚĞEt^͕ƚŚĞ ĐŚĂŶĐĞŽĨĂŶŝŶĚŝǀŝĚƵĂůŝŶƚŚĞh͘^͘ďĞŝŶŐŬŝůůĞĚŽƌŝŶũƵƌĞĚďǇ ůŝŐŚƚŶŝŶŐĚƵƌŝŶŐĂŐŝǀĞŶǇĞĂƌŝƐŽŶĞŝŶϮϰϬ͕ϬϬϬ͘ƐƐƵŵŝŶŐĂŶ ϰ WƌŽďĂďŝůŝƚǇ ĂǀĞƌĂŐĞůŝĨĞƐƉĂŶŽĨϴϬǇĞĂƌƐ͕ĂƉĞƌƐŽŶ͛ƐŽĚĚƐŽĨďĞŝŶŐƐƚƌƵĐŬ ďǇůŝŐŚƚŶŝŶŐŝƐϭŝŶϯϬϬϬ͘>ŝŐŚƚŶŝŶŐƐƚƌŝŬĞƐŚĂǀĞďĞĞŶ ϭ DĂŐŶŝƚƵĚĞ ĂŶŶƵĂůůǇƌĞƉŽƌƚĞĚŝŶZŽĐŚĞƐƚĞƌƐŝŶĐĞϮϬϭϭ͘ >ŝŐŚƚŶŝŶŐ ϯ tĂƌŶŝŶŐdŝŵĞ /ŵƉĂĐƚĂŶĚsƵůŶĞƌĂďŝůŝƚǇ ϭ ƵƌĂƚŝŽŶ ĐĐŽƌĚŝŶŐƚŽƚŚĞEĂƚŝŽŶĂůtĞĂƚŚĞƌ^ĞƌǀŝĐĞ͕ůŝŐŚƚŶŝŶŐŝƐŽŶĞ ŽĨƚŚĞŵŽƐƚƵŶĚĞƌƌĂƚĞĚƐĞǀĞƌĞǁĞĂƚŚĞƌŚĂǌĂƌĚƐ͘/ƚŝƐƚŚĞ Ϯ͘ϲϱ WZ/ ƐĞĐŽŶĚĚĞĂĚůŝĞƐƚǁĞĂƚŚĞƌŬŝůůĞƌŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ͕ƌĂŶŬŝŶŐ D ŝƚĂďŽǀĞŚƵƌƌŝĐĂŶĞƐĂŶĚƚŽƌŶĂĚŽĞƐǁŝƚŚĂŶĂǀĞƌĂŐĞŽĨϳϯ WůĂŶŶŝŶŐ^ŝŐŶŝĨŝĐĂŶĐĞ ĚĞĂƚŚƐĂŶĚϯϬϬŝŶũƵƌŝĞƐĞĂĐŚǇĞĂƌŝŶƚŚĞh^͘>ŝŐŚƚŶŝŶŐĐĂŶ ϭ 'ĞŽŐƌĂƉŚŝĐǆƚĞŶƚ ĐĂƵƐĞŝŶũƵƌǇĂŶĚͬŽƌĚĞĂƚŚĂŶĚůĂƌŐĞĂŵŽƵŶƚƐŽĨĚĂŵĂŐĞƚŽ ƉƌŽƉĞƌƚǇ͕ŝŶĐůƵĚŝŶŐůŽƐƐŽĨŶĞƚǁŽƌŬĞƋƵŝƉŵĞŶƚ͕ĐŽŵƉƵƚĞƌƐ͕ ĂŶĚĐŽŵŵƵŶŝĐĂƚŝŽŶƐǇƐƚĞŵƐ͘>ŝŐŚƚŶŝŶŐĞǀĞŶƚƐĐŽŵŵŽŶůǇĐĂƵƐĞĞůĞĐƚƌŝĐĂůƉŽǁĞƌŽƵƚĂŐĞƐǁŚŝĐŚĐĂŶůĂƐƚĨŽƌ ƐĞǀĞƌĂůŚŽƵƌƐ͘ ϯ͘ϱ͘ϰǆĐĞƐƐŝǀĞͬWƌŽůŽŶŐĞĚŽůĚ ĞƐĐƌŝƉƚŝŽŶĂŶĚ,ŝƐƚŽƌǇ ƌĐƚŝĐĐŽůĚŽƵƚďƌĞĂŬƐŽĐĐƵƌŝŶƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂǁŚĞŶĂƉĞƌƐŝƐƚĞŶƚƉĞƌŝŽĚŽĨůŽǁǁŝŶƚĞƌƚĞŵƉĞƌĂƚƵƌĞƐ ĐŽŵďŝŶĞǁŝƚŚŵŽĚĞƌĂƚĞƚŽƐƚƌŽŶŐŶŽƌƚŚǁĞƐƚǁŝŶĚƐƚŽƉƌŽĚƵĐĞĚĂŶŐĞƌŽƵƐǁŝŶĚĐŚŝůůƐ͘^ŶŽǁĚĞƉƚŚĐĂŶ ŵŽĚŝĨǇƚŚĞƐĞĐŽůĚƚĞŵƉĞƌĂƚƵƌĞƐ͕ůĞĂĚŝŶŐƚŽƐƵďͲǌĞƌŽƌĞĂĚŝŶŐƐ͘dŚĞĐŽůĚĞƐƚƚĞŵƉĞƌĂƚƵƌĞƐƵƐƵĂůůǇŽĐĐƵƌŝŶ :ĂŶƵĂƌǇĂŶĚ&ĞďƌƵĂƌǇ͕ǁŝƚŚĂǀĞƌĂŐĞůŽǁƐŝŶƚŚĞƐŝŶŐůĞĚŝŐŝƚƐĂŶĚƌĞĐŽƌĚůŽǁƐĐŽůĚĞƌƚŚĂŶͲϯϬΣ&ŵŽƐƚĚĂǇƐ͘ ^ŝŶĐĞϮϬϬϳ͕ϭϬǆƚƌĞŵĞŽůĚͬtŝŶĚŚŝůůĞǀĞŶƚƐǁĞƌĞƌĞĐŽƌĚĞĚŝŶƚŚĞ^ƚŽƌŵǀĞŶƚƐĂƚĂďĂƐĞĨŽƌƚŚĞĂƌĞĂ͘ ZĞĐŽƌĚŽůĚdĞŵƉĞƌĂƚƵƌĞƐŝŶZŽĐŚĞƐƚĞƌ ^ŽƵƌĐĞ͗EĂƚŝŽŶĂůtĞĂƚŚĞƌ^ĞƌǀŝĐĞ ŽůĚĞƐƚDĞĂŶdĞŵƉĞƌĂƚƵƌĞĨŽƌĂDŽŶƚŚ;Σ&ͿŽůĚĞƐƚĂŝůǇdĞŵƉĞƌĂƚƵƌĞ; Σ&Ϳ ϭ͘ͲϮ͘ϯ:ĂŶƵĂƌǇϭϵϭϮϭ͘ͲϰϮ:ĂŶƵĂƌǇϳ͕ϭϴϴϳ Ϯ͘ͲϮ͘Ϭ:ĂŶƵĂƌǇϭϴϴϴϮ͘ͲϰϬ:ĂŶƵĂƌǇϯϬ͕ϭϵϱϭ ϯ͘Ͳϭ͘ϴ:ĂŶƵĂƌǇϭϵϳϳϯ͘Ͳϯϵ&ĞďƌƵĂƌǇϮϬ͕ϭϵϯϬ ϰ͘Ͳϭ͘ϱ:ĂŶƵĂƌǇϭϵϳϵϰ͘Ͳϯϵ:ĂŶƵĂƌǇϭϯ͕ϭϵϭϮ ϱ͘Ϭ͘ϱ&ĞďƌƵĂƌǇϭϵϯϲϱ͘Ͳϯϵ:ĂŶƵĂƌǇϭϮ͕ϭϵϭϮ ϲ͘ϭ͘ϱ:ĂŶƵĂƌǇϭϴϴϳϲ͘Ͳϯϵ:ĂŶƵĂƌǇϮϭ͕ϭϴϴϴ ϳ͘ϭ͘ϵ:ĂŶƵĂƌǇϭϵϭϴϳ͘Ͳϯϳ:ĂŶƵĂƌǇϮϮ͕ϭϴϴϴ ϴϳ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ϴ͘Ϯ͘ϳ:ĂŶƵĂƌǇϭϴϵϯϴ͘Ͳϯϲ:ĂŶƵĂƌǇϭϱ͕ϭϴϴϴ ϵ͘Ϯ͘ϵĞĐĞŵďĞƌϭϵϴϯϵ͘Ͳϯϱ&ĞďƌƵĂƌǇϮ͕ϭϵϵϲ ϭϬ͘ϯ͘Ϭ:ĂŶƵĂƌǇϭϵϴϮ͕:ĂŶƵĂƌǇϭϵϮϵϭϬ͘Ͳϯϰ&ĞďƌƵĂƌǇϮϰ͕ϭϵϯϲ͖:ĂŶƵĂƌǇϮϯͲϮϰ͕ϭϵϯϱ >ŽĐĂƚŝŽŶ ǆĐĞƐƐŝǀĞͬƉƌŽůŽŶŐĞĚĐŽůĚŽĐĐƵƌƐƚŚƌŽƵŐŚŽƵƚƚŚĞƌĞŐŝŽŶ͘ ǆƚĞŶƚ dŚĞ>ĂƌŽƐƐĞ EĂƚŝŽŶĂůtĞĂƚŚĞƌ ^ĞƌǀŝĐĞŝƐƐƵĞƐtŝŶĚ ŚŝůůĚǀŝƐŽƌŝĞƐ ǁŚĞŶǁŝŶĚĐŚŝůů ƌĞĂĚŝŶŐƐŽĨͲϮϬΣ&ƚŽ ͲϯϰΣ&ĂƌĞĞǆƉĞĐƚĞĚ͘ tŝŶĚŚŝůů tĂƌŶŝŶŐƐĂƌĞ ŝƐƐƵĞĚǁŚĞŶǁŝŶĚ ĐŚŝůůǀĂůƵĞƐĂƚŽƌ ďĞůŽǁͲϯϱΣ&ĂƌĞ ĞǆƉĞĐƚĞĚŽƌ ŽĐĐƵƌƌŝŶŐ͘ WƌŽďĂďŝůŝƚǇŽĨ &ƵƚƵƌĞǀĞŶƚƐ ^ƵďͲǌĞƌŽ ƚĞŵƉĞƌĂƚƵƌĞƐĂŶĚ ǁŝŶĚĐŚŝůůƐ ƌŽƵƚŝŶĞůǇŽĐĐƵƌ ĞĂĐŚǁŝŶƚĞƌŝŶ ZŽĐŚĞƐƚĞƌ͘ /ŵƉĂĐƚĂŶĚsƵůŶĞƌĂďŝůŝƚǇ ϰ WƌŽďĂďŝůŝƚǇ >ŽǁƚĞŵƉĞƌĂƚƵƌĞƐ͕ǁŚĞŶĐŽŵďŝŶĞĚǁŝƚŚƐƚƌŽŶŐǁŝŶĚƐ͕ ǆĐĞƐƐŝǀĞͬWƌŽůŽŶŐĞĚ ϭ ĐƌĞĂƚĞǁŝŶĚĐŚŝůůƐƚŚĂƚƉƵƚƉĞŽƉůĞĂŶĚĂŶŝŵĂůƐĂƚƌŝƐŬ͘ DĂŐŶŝƚƵĚĞ &ƌŽƐƚďŝƚĞĐĂŶƐƚƌŝŬĞŝŶĂŵĂƚƚĞƌŽĨŵŝŶƵƚĞƐĂŶĚĚĞĂƚŚ ϭ tĂƌŶŝŶŐdŝŵĞ ĐĂŶŽĐĐƵƌǁŝƚŚƉƌŽůŽŶŐĞĚĞǆƉŽƐƵƌĞƚŽƚŚĞĞůĞŵĞŶƚƐ͘ ŽůĚ ϰ &ƌŽŵϮϬϬϱͲϮϬϭϱ͕ƚŚĞEt^ƌĞĐŽƌĚĞĚϮϭĐŽůĚͲƌĞůĂƚĞĚ ƵƌĂƚŝŽŶ ĨĂƚĂůŝƚŝĞƐ͘tŚŝůĞŶŽŶĞŽĨƚŚĞƐĞŽĐĐƵƌƌĞĚŝŶZŽĐŚĞƐƚĞƌ͕ Ϯ͘ϲϱ WZ/ ƚǇƉŝĐĂůǁŝŶƚĞƌĐŽŶĚŝƚŝŽŶƐĚŽŵĂŬĞƐƵĐŚƚƌĂŐĞĚŝĞƐ D ƉŽƐƐŝďůĞŝŶƚŚŝƐĂƌĞĂ͘ WůĂŶŶŝŶŐ^ŝŐŶŝĨŝĐĂŶĐĞ ϯ 'ĞŽŐƌĂƉŚŝĐǆƚĞŶƚ ϴϴ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ WƌŽƉĞƌƚǇĚĂŵĂŐĞĚƵĞƚŽĐŽůĚĚŽĞƐŶŽƚŚĂƉƉĞŶŽĨƚĞŶ͕ďƵƚƉĞƌŝŽĚƐŽĨĞǆƚƌĞŵĞĐŽůĚĐĂŶƌĞƐƵůƚŝŶďƵƌƐƚǁĂƚĞƌ ƉŝƉĞƐĂŶĚƐĞƉƚŝĐƐǇƐƚĞŵĨĂŝůƵƌĞƐ͘ ϯ͘ϱ͘ϱǆĐĞƐƐŝǀĞͬWƌŽůŽŶŐĞĚ,ĞĂƚ ĞƐĐƌŝƉƚŝŽŶĂŶĚ,ŝƐƚŽƌǇ DŝŶŶĞƐŽƚĂŝƐƚǇƉŝĐĂůůǇƚŚŽƵŐŚƚŽĨĂƐĂĐŽůĚǁĞĂƚŚĞƌƐƚĂƚĞ͘dŚĞĂƌĞĂ͛ƐĐŽŶƚŝŶĞŶƚĂůĐůŝŵĂƚĞ͕ŚŽǁĞǀĞƌ͕ĂůƐŽ ŵĂŬĞƐƐƵŵŵĞƌĐŽŶĚŝƚŝŽŶƐƌŝƉĞĨŽƌŚŽƚ͕ŚƵŵŝĚǁĞĂƚŚĞƌ͘EĂƚŝŽŶǁŝĚĞ͕ŚĞĂƚĞǀĞŶƚƐʹƉƌŽůŽŶŐĞĚƉĞƌŝŽĚƐŽĨŚŽƚ ǁĞĂƚŚĞƌʹĐĂƵƐĞŵŽƌĞĚĞĂƚŚƐƚŚĂŶĂŶǇŽƚŚĞƌŶĂƚƵƌĂůĚŝƐĂƐƚĞƌ͘ĞŚǇĚƌĂƚŝŽŶ͕ŚĞĂƚĞǆŚĂƵƐƚŝŽŶ͕ĂŶĚŚĞĂƚ ƐƚƌŽŬĞĐĂŶŽĐĐƵƌǁŚĞŶƚŚĞďŽĚǇďĞĐŽŵĞƐƚŽŽŚŽƚĂŶĚĐĂŶ͛ƚĐŽŽůĚŽǁŶ͘,ĞĂƚĐĂŶĂůƐŽĞǆĂĐĞƌďĂƚĞĐŚƌŽŶŝĐ ĐŽŶĚŝƚŝŽŶƐƐƵĐŚĂƐĂƐƚŚŵĂ͕ŚĞĂƌƚĚŝƐĞĂƐĞ͕ĂŶĚĚŝĂďĞƚĞƐ͘:ƵůǇĂŶĚƵŐƵƐƚƚĞŶĚƚŽďĞƚŚĞŚŽƚƚĞƐƚŵŽŶƚŚƐ͘ ŝŐŚƚŚĞĂƚĞǀĞŶƚƐŚĂǀĞďĞĞŶƌĞĐŽƌĚĞĚŝŶEK͛Ɛ^ƚŽƌŵǀĞŶƚƐĂƚĂďĂƐĞĨŽƌƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂƐŝŶĐĞϭϵϵϵ͕ ƚƌĂŐŝĐĂůůǇƌĞƐƵůƚŝŶŐŝŶŽŶĞĚĞĂƚŚŝŶϭϵϵϵĂŶĚĂŶŽƚŚĞƌŝŶϮϬϭϯ͘ ZĞĐŽƌĚ,ĞĂƚŝŶZŽĐŚĞƐƚĞƌ ^ŽƵƌĐĞ͗EĂƚŝŽŶĂůtĞĂƚŚĞƌ^ĞƌǀŝĐĞ ,ŽƚƚĞƐƚDĞĂŶdĞŵƉĞƌĂƚƵƌĞĨŽƌĂDŽŶƚŚ;Σ&Ϳ,ŽƚƚĞƐƚĂŝůǇdĞŵƉĞƌĂƚƵƌĞ; Σ&Ϳ ϭ͘ϳϳ͘ϳ:ƵůǇϭϵϯϲϭ͘ϭϬϴ:ƵůǇϭϰ͕ϭϵϯϲ Ϯ͘ϳϳ͘ϯ:ƵůǇϭϵϭϲϮ͘ϭϬϳ:ƵůǇϭϯ͕ϭϵϯϲ ϯ͘ϳϳ͘Ϯ:ƵůǇϭϵϱϱϯ͘ϭϬϳ:ƵůǇϭϮ͕ϭϵϯϲ ϰ͘ϳϳ͘ϭ:ƵůǇϮϬϭϮϰ͘ϭϬϲDĂǇϯϭ͕ϭϵϯϰ ϱ͘ϳϳ͘ϬƵŐƵƐƚϭϵϰϳϱ͘ϭϬϱ:ƵůǇϭϬ͕ϭϵϯϲ ϲ͘ϳϱ͘ϳ:ƵůǇϭϵϯϱϲ͘ϭϬϱ:ƵůǇϲ͕ϭϵϯϲ ϳ͘ϳϱ͘ϯ:ƵůǇϭϵϰϵϳ͘ϭϬϱ:ƵŶĞϮϳ͕ϭϵϯϰ ϴ͘ϳϱ͘ϭ:ƵůǇϮϬϭϭϴ͘ϭϬϰ:ƵůǇϭϭ͕ϭϵϯϲ ϵ͘ϳϱ͘Ϭ:ƵůǇϭϵϱϳϵ͘ϭϬϮ:ƵůǇϯϭ͕ϭϵϴϴ͖:ƵůǇϭϬ͕ϭϵϳϲ͖:ƵůǇϭϵ͕ ϭϵϰϬ͖:ƵůǇϭϳ͕ϭϵϯϲ͖:ƵůǇϳ͕ϭϵϯϲ ϭϬ͘ϳϰ͘ϱ:ƵůǇϭϵϳϰ͕ƵŐƵƐƚϭϵϱϱϭϬ͘ >ŽĐĂƚŝŽŶ ǆĐĞƐƐŝǀĞŚĞĂƚĞǀĞŶƚƐĐĂŶĂĨĨĞĐƚĞǀĞƌǇŽŶĞĂĐƌŽƐƐƚŚĞƌĞŐŝŽŶ͘^ŽŵĞƉĞŽƉůĞ͕ŚŽǁĞǀĞƌ͕ĂƌĞĂƚŐƌĞĂƚĞƌƌŝƐŬĨŽƌ ŚĞĂƚͲƌĞůĂƚĞĚŝůůŶĞƐƐƚŚĂŶŽƚŚĞƌƐ͘dŚĞDŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨ,ĞĂůƚŚ;D,ͿŶŽƚĞƐƚŚĂƚƐŽŵĞŽĨƚŚĞƐĞ ǀƵůŶĞƌĂďůĞƉŽƉƵůĂƚŝŽŶƐĂƌĞďĂƐĞĚŽŶƚŚĞĂŵŽƵŶƚŽĨƚŝŵĞƐƉĞŶƚŝŶƚŚĞŚĞĂƚ͕ǁŚŝůĞŽƚŚĞƌƐĂƌĞĂĨĨĞĐƚĞĚďǇƚŚĞ ĂďŝůŝƚǇŽĨƉĞŽƉůĞƚŽƌĞŐƵůĂƚĞƚŚĞŝƌďŽĚǇƚĞŵƉĞƌĂƚƵƌĞ͘ ǆƚĞŶƚ ,ĞĂƚ/ŶĚĞǆŵĞĂƐƵƌĞƐƚŚĞĞĨĨĞĐƚƚŚĂƚƚŚĞĐŽŵďŝŶĂƚŝŽŶŽĨŚĞĂƚĂŶĚŚƵŵŝĚŝƚǇŚĂǀĞŽŶƚŚĞŚƵŵĂŶďŽĚǇďǇ ƌĞĂůůǇ ĂĐĐƵƌĂƚĞůǇŵĞĂƐƵƌŝŶŐŚŽǁŚŽƚŝƚĨĞĞůƐ͘dŚĞEt^ŝƐƐƵĞƐĂŶǆĐĞƐƐŝǀĞ,ĞĂƚtĂƌŶŝŶŐǁŝƚŚŝŶϭϮŚŽƵƌƐŽĨ ϴϵ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ƚŚĞŽŶƐĞƚŽĨĂŚĞĂƚŝŶĚĞǆŽĨĂƚůĞĂƐƚϭϬϱΣ&ĨŽƌŵŽƌĞƚŚĂŶϯŚŽƵƌƐƉĞƌĚĂǇĨŽƌϮĐŽŶƐĞĐƵƚŝǀĞĚĂǇƐ͕ŽƌŚĞĂƚ ŝŶĚĞǆŵŽƌĞƚŚĂŶϭϭϱΣ&ĨŽƌĂŶǇƉĞƌŝŽĚŽĨƚŝŵĞ͘ŶǆĐĞƐƐŝǀĞ,ĞĂƚtĂƚĐŚŝƐŝƐƐƵĞĚǁŚĞŶŚĞĂƚŝŶĚŝĐĞƐŝŶ ĞǆĐĞƐƐŽĨϭϬϱΣ&ĚƵƌŝŶŐƚŚĞĚĂǇĐŽŵďŝŶĞĚǁŝƚŚŶŝŐŚƚƚŝŵĞůŽǁƚĞŵƉĞƌĂƚƵƌĞƐŽĨϴϬΣ&ŽƌŚŝŐŚĞƌĂƌĞĨŽƌĞĐĂƐƚƚŽ ŽĐĐƵƌĨŽƌƚǁŽĐŽŶƐĞĐƵƚŝǀĞĚĂǇƐ͘ dŚĞEĂƚŝŽŶĂůtĞĂƚŚĞƌ^ĞƌǀŝĐĞ͛Ɛ,ĞĂƚŚĂƌƚ/ŶĚĞǆĚĞƉŝĐƚƐƚŚŝƐƌĞůĂƚŝŽŶƐŚŝƉďĞƚǁĞĞŶŚĞĂƚ͕ŚƵŵŝĚŝƚǇ͕ĂŶĚƚŚĞ ƉŽƚĞŶƚŝĂůĨŽƌŚĞĂƚŝůůŶĞƐƐĞƐĂŶĚŚĞĂůƚŚƌŝƐŬƐ͘ WƌŽďĂďŝůŝƚǇŽĨ&ƵƚƵƌĞǀĞŶƚƐ ǆƚƌĞŵĞŚĞĂƚĞǀĞŶƚƐĂƌĞůŝŬĞůǇƚŽĐŽŶƚŝŶƵĞŽŶĂƌĞŐƵůĂƌďĂƐŝƐŝŶƚŚĞĨƵƚƵƌĞ͕ƉĂƌƚŝĐƵůĂƌůǇĂƐĐůŝŵĂƚĞĐŚĂŶŐĞ ůĞĂĚƐƚŽŵŽƌĞĞǆƚƌĞŵĞǁĞĂƚŚĞƌĞǀĞŶƚƐ͘ /ŵƉĂĐƚĂŶĚsƵůŶĞƌĂďŝůŝƚǇ tŚŝůĞĞǆƚƌĞŵĞŚĞĂƚĞǀĞŶƚƐŝŵƉĂĐƚƚŚĞĞŶƚŝƌĞƌĞŐŝŽŶ͕ƐŽŵĞƉĞŽƉůĞĂƌĞŵŽƌĞƐƵƐĐĞƉƚŝďůĞƚŽŝůůŶĞƐƐĂŶĚĞǀĞŶ ĚĞĂƚŚĂƐĂƌĞƐƵůƚ͘dŚĞƐĞǀƵůŶĞƌĂďůĞƉŽƉƵůĂƚŝŽŶƐŝŶĐůƵĚĞ͗ KůĚĞƌĂĚƵůƚƐ;ĂŐĞϲϱĂŶĚŽůĚĞƌͿ /ŶĨĂŶƚƐĂŶĚǇŽƵŶŐĐŚŝůĚƌĞŶ WĞŽƉůĞǁŝƚŚƵŶĚĞƌůǇŝŶŐŵĞĚŝĐĂůĐŽŶĚŝƚŝŽŶƐƐƵĐŚĂƐĚŝĂďĞƚĞƐ͕ŚŝŐŚďůŽŽĚƉƌĞƐƐƵƌĞ͕ŚĞĂƌƚĚŝƐĞĂƐĞ͕ŵĞŶƚĂů ŝůůŶĞƐƐ͕ƌĞƐƉŝƌĂƚŽƌǇĐŽŶĚŝƚŝŽŶƐ͕ĂƐƚŚŵĂ͕ĂŶĚŽďĞƐŝƚǇ KƵƚĚŽŽƌǁŽƌŬĞƌƐ͕ĂƚŚůĞƚĞƐ͕ĂŶĚŽƚŚĞƌƉĞŽƉůĞǁŚŽĂƌĞŽƵƚĚŽŽƌƐĨŽƌĂůŽŶŐƚŝŵĞ ϵϬ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ WĞŽƉůĞǁŝƚŚŽƵƚĂŝƌĐŽŶĚŝƚŝŽŶŝŶŐ ϰ WƌŽďĂďŝůŝƚǇ WĞŽƉůĞůŝǀŝŶŐĂůŽŶĞĂŶĚǁŚŽĂƌĞƐŽĐŝĂůůǇŝƐŽůĂƚĞĚ ǆĐĞƐƐŝǀĞͬWƌŽůŽŶŐĞĚ ϭ DĂŐŶŝƚƵĚĞ WĞŽƉůĞůŝǀŝŶŐŝŶƚŽƉĨůŽŽƌĂƉĂƌƚŵĞŶƚƐ ϭ tĂƌŶŝŶŐdŝŵĞ WĞŽƉůĞƚĂŬŝŶŐŵĞĚŝĐĂƚŝŽŶƐƚŚĂƚĂĨĨĞĐƚƚŚĞŝƌďŽĚǇΖƐ ,ĞĂƚ ĂďŝůŝƚǇƚŽƐƚĂǇŚǇĚƌĂƚĞĚĂŶĚƌĞƐƉŽŶĚƚŽŚĞĂƚ ϯ ƵƌĂƚŝŽŶ WĞŽƉůĞƚĂŬŝŶŐĚŝƵƌĞƚŝĐƐ Ϯ͘ϱϱ WZ/ D tŚŝůĞŚĞĂƚĚŽĞƐŶŽƚƚĞŶĚƚŽŝŵƉĂĐƚƉƌŽƉĞƌƚǇ͕ WůĂŶŶŝŶŐ^ŝŐŶŝĨŝĐĂŶĐĞ ǁŝĚĞƐƉƌĞĂĚƉŽǁĞƌŽƵƚĂŐĞƐĐĂŶƌĞƐƵůƚĨƌŽŵĂŶŝŶĐƌĞĂƐĞ ϯ 'ĞŽŐƌĂƉŚŝĐǆƚĞŶƚ ŝŶĚĞŵĂŶĚĨŽƌĞůĞĐƚƌŝĐŝƚǇƚŽƉŽǁĞƌĂŝƌĐŽŶĚŝƚŝŽŶŝŶŐ͘ tĂƚĞƌƵƐĂŐĞŵĂǇĂůƐŽŝŶĐƌĞĂƐĞĂƐƉĞŽƉůĞƐĞĂƌĐŚĨŽƌ ǁĂǇƐƚŽĐŽŽůŽĨĨ͘ ϯ͘ϱ͘ϲ>ĂŶĚƐůŝĚĞͬDƵĚƐůŝĚĞ ĞƐĐƌŝƉƚŝŽŶĂŶĚ,ŝƐƚŽƌǇ >ĂŶĚƐůŝĚĞƐĂƌĞƚŚĞŵŽǀĞŵĞŶƚŽĨƌŽĐŬ͕Ěŝƌƚ͕ĂŶĚĚĞďƌŝƐĚŽǁŶĂƐůŽƉĞ͘DĂũŽƌŶĂƚƵƌĂůŚĂǌĂƌĚƐƐƵĐŚĂƐĞǆƚƌĞŵĞ ƐƚŽƌŵĞǀĞŶƚƐ͕ĨůŽŽĚŝŶŐ͕ƐĞŝƐŵŝĐĞǀĞŶƚƐ͕ĂŶĚǁŝůĚĨŝƌĞŵĂǇƚƌŝŐŐĞƌůĂŶĚƐůŝĚĞƐ͖ĚĞďƌŝƐĨůŽǁƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞƐĞ ĞǀĞŶƚƐŵĂǇĂůƐŽĐĂƵƐĞƐƚŚĞŵ͘>ĂŶĚƐůŝĚĞƐŽĐĐƵƌƌĞĚƚŚƌŽƵŐŚŽƵƚƐŽƵƚŚĞĂƐƚĞƌŶDŝŶŶĞƐŽƚĂĚƵƌŝŶŐƚŚĞƌĞĐŽƌĚ ďƌĞĂŬŝŶŐƐƚŽƌŵŝŶƵŐƵƐƚ͕ϮϬϬϳ͘dŚĞƐĞůĂŶĚƐůŝĚĞƐŽĐĐƵƌƌĞĚĂůŽŶŐǁĂƚĞƌǁĂǇƐ͕ƌŽĂĚƐ͕ĂŶĚŝŶĚĞǀĞůŽƉĞĚĂƌĞĂƐ͘ dŚĞďůŽĐŬĂŐĞŽĨƐƚƌĞĂŵĨůŽǁĐŽƵůĚŚĂǀĞƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚŽŶĨůŽŽĚƉŽƚĞŶƚŝĂůŝƐƚŽƉŽŐƌĂƉŚŝĐƐĞƚƚŝŶŐƐƚŚĂƚ ĐŽŶƐƚƌŝĐƚƚŚĞĨůŽǁŽĨĨůŽŽĚǁĂƚĞƌƐĚƵƌŝŶŐŚŝŐŚĨůŽǁĞǀĞŶƚƐ͘>ĂŶĚƐůŝĚĞƐĂůƐŽĐĂŶĂĨĨĞĐƚĂĐĐĞƐƐĂŶĚƚƌĂĨĨŝĐƐĂĨĞƚǇ ĚƵƌŝŶŐƚŚĞƐĞƐĂŵĞƐƚŽƌŵĞǀĞŶƚƐŝŶĂĚĚŝƚŝŽŶƚŽĐŽƐƚƐŽĨƌĞƉĂŝƌŽĨŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘>ĂŶĚƐůŝĚĞƐŝŶĚĞǀĞůŽƉĞĚ ĂƌĞĂƐĐĂŶĐĂƵƐĞƐŝŐŶŝĨŝĐĂŶƚĚĂŵĂŐĞƚŽďƵŝůĚŝŶŐƐĂŶĚƉƌŽƉĞƌƚǇ͘ >ŽĐĂƚŝŽŶ >ĂŶĚƐůŝĚĞƐĐĂŶŽĐĐƵƌŝŶĂƌĞĂƐŽĨƚŽƉŽŐƌĂƉŚŝĐĂůůǇƐƚĞĞƉƐůŽƉĞƐ;&ŝŐƵƌĞϯͲϯͿ͕ĂƌĞĂƐǁŝƚŚŚŝŐŚůǇĞƌŽĚŝďůĞƐŽŝůƐ ;&ŝŐƵƌĞϯͲϰͿ͕ĂŶĚƐůŽƉĞƐĚĞƐƚĂďŝůŝǌĞĚďǇŶĂƚƵƌĂů;ƌĂŝŶĨĂůůĂŶĚĐŚĂŶŶĞůĞƌŽƐŝŽŶͿŽƌŵĂŶŵĂĚĞĂĐƚŝŽŶƐ ;ĐŽŶƐƚƌƵĐƚŝŽŶĂĐƚŝǀŝƚǇŽƌƐŝƚĞŐƌĂĚŝŶŐ͕ŵŝŶŝŶŐ͕ĞƚĐ͘Ϳ͘KǀĞƌƚŝŵĞ͕ƌŝǀĞƌĐŽƌƌŝĚŽƌƐ͕ƌŽĂĚǁĂǇĐƵƚƐ͕ĂŶĚĚĞǀĞůŽƉŝŶŐ ĂƌĞĂƐŐƌĂĚĞĚƚŽƐƚĞĞƉĞƌƐůŽƉĞƐĂƌĞĂƌĞĂƐŵŽƐƚƉƌŽŶĞƚŽůĂŶĚƐůŝĚĞƐ͘ ǆƚĞŶƚ ^ůŽƉĞƐŐƌĞĂƚĞƌƚŚĂŶϭϴйĂƌĞĐŽŶƐŝĚĞƌĞĚƚŽďĞ͞ƐƚĞĞƉ͘͟dŚĞKůŵƐƚĞĚŽƵŶƚǇ^Žŝů^ƵƌǀĞǇƌĂƚĞƐƐŽŝůĞƌŽĚŝďŝůŝƚǇ͘ ϵϭ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ WƌŽďĂďŝůŝƚǇŽĨ&ƵƚƵƌĞǀĞŶƚƐ tŚŝůĞƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͛ƐŽŶŝŶŐKƌĚŝŶĂŶĐĞĂŶĚ>ĂŶĚĞǀĞůŽƉŵĞŶƚDĂŶƵĂůƌĞŐƵůĂƚĞƐĚĞǀĞůŽƉŵĞŶƚŽŶ ƐƚĞĞƉƐůŽƉĞƐĂŶĚĞƐƚĂďůŝƐŚĞƐƐŝƚĞŐƌĂĚŝŶŐƐƚĂŶĚĂƌĚƐ͕ZŽĐŚĞƐƚĞƌ͛ƐƚŽƉŽŐƌĂƉŚǇŝƐĐŚĂƌĂĐƚĞƌŝǌĞĚďǇĂŶĞƚǁŽƌŬ ŽĨƐƚĞĞƉƐůŽƉĞƐĂůŽŶŐŝƚƐŵĂŶǇǁĂƚĞƌǁĂǇƐ͘ƐĐůŝŵĂƚĞĐŚĂŶŐĞůĞĂĚƐƚŽŵŽƌĞĞǆƚƌĞŵĞƌĂŝŶĞǀĞŶƚƐ͕ƚŚĞƐĞ ǀƵůŶĞƌĂďůĞĂƌĞĂƐǁŝůůůŝŬĞůǇĐŽŶƚŝŶƵĞƚŽďĞƉƌŽŶĞƚŽĞƌŽƐŝŽŶ͘ ϯ >ĂŶĚƐůŝĚĞͬDƵĚƐůŝĚĞ /ŵƉĂĐƚĂŶĚsƵůŶĞƌĂďŝůŝƚǇ WƌŽďĂďŝůŝƚǇ >ĂŶĚƐůŝĚĞƐĂŶĚŵƵĚƐůŝĚĞƐĂƌĞĐĂƉĂďůĞŽĨǁŝƉŝŶŐŽƵƚ ϭ DĂŐŶŝƚƵĚĞ ďƵŝůĚŝŶŐƐ͕ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĂŶĚůŝĨĞ͘^ƚƌĞĂŵďĂŶŬĞƌŽƐŝŽŶĐĂŶ ϰ ĚĞŐƌĂĚĞƚŚĞƋƵĂůŝƚǇŽĨŽƵƌƌŝǀĞƌƐĂŶĚƐƚƌĞĂŵƐ͘ŽŶƚŝŶƵĞĚ tĂƌŶŝŶŐdŝŵĞ ĂƚƚĞŶƚŝŽŶƚŽŐƌĂĚŝŶŐƐƚĂŶĚĂƌĚƐ͕ĐŽŶƐƚƌƵĐƚŝŽŶƉƌĂĐƚŝĐĞƐ͕ĂŶĚ ϯ ƵƌĂƚŝŽŶ ĐŚĂŶŶĞůĞƌŽƐŝŽŶǁŝůůŚĞůƉƉƌĞƐĞƌǀĞƚŚĞŚĞĂůƚŚŽĨŽƵƌŶĂƚƵƌĂů͕ ŚƵŵĂŶ͕ĂŶĚďƵŝůƚĞŶǀŝƌŽŶŵĞŶƚƐ͘ Ϯ͘ϱϱ WZ/ D WůĂŶŶŝŶŐ^ŝŐŶŝĨŝĐĂŶĐĞ ϭ 'ĞŽŐƌĂƉŚŝĐǆƚĞŶƚ ϵϮ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϯͲϯ͗dZZ/E^>KW ϵϯ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϯͲϰ͗,/',>zZK/>^K/>^ ϵϰ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ϯ͘ϱ͘ϳ>ĂŶĚ^ƵďƐŝĚĞŶĐĞ;^ŝŶŬŚŽůĞƐΘ<ĂƌƐƚͿ ĞƐĐƌŝƉƚŝŽŶĂŶĚ,ŝƐƚŽƌǇ 'ĞŽůŽŐŝĐƚůĂƐʹKůŵƐƚĞĚŽƵŶƚǇ͕DŝŶŶĞƐŽƚĂ ĐĐŽƌĚŝŶŐƚŽƚŚĞDŝŶŶĞƐŽƚĂ'ĞŽůŽŐŝĐĂů^ƵƌǀĞǇ͛Ɛ͕ƐŽƵƚŚĞĂƐƚ DŝŶŶĞƐŽƚĂ͛ƐŵŝůĚůǇĂĐŝĚ ŐƌŽƵŶĚǁĂƚĞƌŝƐƐůŽǁůǇĚŝƐƐŽůǀŝŶŐ ƚŚĞĐĂƌďŽŶĂƚĞďĞĚƌŽĐŬƚŚĂƚ ƵŶĚĞƌůŝĞƐZŽĐŚĞƐƚĞƌĂŶĚKůŵƐƚĞĚ ŽƵŶƚǇ͕ƉƌŽĚƵĐŝŶŐĚŝƐƚŝŶĐƚŝǀĞ ŐƌŽƵŶĚǁĂƚĞƌĐŽŶĚŝƚŝŽŶƐĂŶĚ ůĂŶĚĨŽƌŵƐĐĂůůĞĚ͞ŬĂƌƐƚ͘͟ ŽŵŵŽŶĨĞĂƚƵƌĞƐŽĨŬĂƌƐƚ ŐĞŽůŽŐǇŝŶĐůƵĚĞĐƌĂĐŬƐ͕ĐƌĞǀŝĐĞƐ͕ ĐĂǀĞƐ͕ƐŝŶŬŚŽůĞƐ͕ĂŶĚƐƉƌŝŶŐƐƚŚĂƚ ƐĞƌǀĞĂƐĚŝƌĞĐƚĐŽŶĚƵŝƚƐĨŽƌ ƐƵƌĨĂĐĞƉŽůůƵƚĂŶƚƐƚŽƚŚĞ ŐƌŽƵŶĚǁĂƚĞƌďĞůŽǁ͘dŚĞƐĞ ŐĞŽůŽŐŝĐĂůůǇƐĞŶƐŝƚŝǀĞĂƌĞĂƐĂƌĞ ŽĨƚĞŶƚŝŵĞƐŽǀĞƌůĂŝŶďǇŽŶůǇƚŚŝŶ ůĂǇĞƌƐŽĨƐŽŝů͘ >ŽĐĂƚŝŽŶ ^ĞĞ&ŝŐƵƌĞϯͲϱĨŽƌƚŚĞůŽĐĂƚŝŽŶŽĨŬĂƌƐƚĨĞĂƚƵƌĞƐŝŶƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͘ ǆƚĞŶƚ &ŝŐƵƌĞϯͲϲŝŶĚŝĐĂƚĞƐƚŚĞŐĞŽůŽŐŝĐƐĞŶƐŝƚŝǀŝƚǇŽĨƚŚĞĂƌĞĂďĂƐĞĚŽŶĂĐŽŵďŝŶĂƚŝŽŶŽĨƚŚĞƐĞŬĂƌƐƚĨĞĂƚƵƌĞƐĂŶĚ ĚĞƉƚŚƚŽďĞĚƌŽĐŬ͘/ŶĂƌĞĂƐĐůĂƐƐŝĨŝĞĚĂƐ͞sĞƌǇ,ŝŐŚ͕͟ ƐƵƌĨĂĐĞĐŽŶƚĂŵŝŶĂŶƚƐǁŝůůůŝŬĞůǇƌĞĂĐŚƚŚĞĨŝƌƐƚ Ϯ WƌŽďĂďŝůŝƚǇ ĞŶĐŽƵŶƚĞƌĞĚďĞĚƌŽĐŬŝŶĂŵĂƚƚĞƌŽĨŚŽƵƌƐƚŽŵŽŶƚŚƐ͕ ;^ŝŶŬŚŽůĞƐΘ<ĂƌƐƚͿ ϭ ǁŚŝůĞĐŽŶƚĂŵŝŶĂŶƚƐŝŶĂƌĞĂƐŽĨ͞>Žǁ͟ƐĞŶƐŝƚŝǀŝƚǇǁŝůů DĂŐŶŝƚƵĚĞ >ĂŶĚ^ƵďƐŝĚĞŶĐĞ ůŝŬĞůǇƚĂŬĞĚĞĐĂĚĞƐƚŽŐĞƚƚŚĞƌĞ͘ ϰ tĂƌŶŝŶŐdŝŵĞ WƌŽďĂďŝůŝƚǇŽĨ&ƵƚƵƌĞǀĞŶƚƐ ϰ ƵƌĂƚŝŽŶ /ŶŐĞŶĞƌĂů͕ůĂŶĚƐƵďƐŝĚĞŶĐĞŝŶĂŬĂƌƐƚƐĞƚƚŝŶŐŝƐĂŶ Ϯ͘ϮϬ ŽŶŐŽŝŶŐ͕ŶĂƚƵƌĂůůǇŽĐĐƵƌƌŝŶŐƉƌŽĐĞƐƐ͘,ƵŵĂŶĂĐƚŝǀŝƚŝĞƐ WZ/ ƌĞƐƵůƚŝŶŐŝŶƚŚĞĐŽůůĂƉƐĞŽĨŵĂƚĞƌŝĂůƐŝŶƚŽƐŝŶŬŚŽůĞƐ͕ D WůĂŶŶŝŶŐ^ŝŐŶŝĨŝĐĂŶĐĞ ŚŽǁĞǀĞƌ͕ŵĂǇĂĐĐĞůĞƌĂƚĞƚŚŝƐƉƌŽĐĞƐƐ͘ ϭ 'ĞŽŐƌĂƉŚŝĐǆƚĞŶƚ /ŵƉĂĐƚĂŶĚsƵůŶĞƌĂďŝůŝƚǇ sŝƌƚƵĂůůǇĂůůŽĨZŽĐŚĞƐƚĞƌ͛ƐǁĂƚĞƌƐƵƉƉůǇŝƐĚƌĂǁŶĨƌŽŵƚŚĞ ďĞĚƌŽĐŬĂƋƵŝĨĞƌƐƚŚĂƚƵŶĚĞƌůĂǇƚŚĞĐŝƚǇ͘ůůŽĨƚŚŝƐŐƌŽƵŶĚǁĂƚĞƌďĞŐĂŶĂƐƉƌĞĐŝƉŝƚĂƚŝŽŶƚŚĂƚĞŶƚĞƌĞĚƚŚĞƐŽŝůĂŶĚ ŵŽǀĞĚŝŶƚŽƚŚĞƐĞƌŽĐŬĨŽƌŵĂƚŝŽŶƐ͘>ŽĐĂƚĞĚϯϬϬͲϳϬϬĨĞĞƚďĞůŽǁƚŚĞƐƵƌĨĂĐĞ͕ƚŚĞ^ƚ͘WĞƚĞƌͲWƌĂŝƌŝĞĚƵŚŝĞŶͲ:ŽƌĚĂŶ ĂƋƵŝĨĞƌŝƐƚŚĞĐŝƚǇ͛ƐƉƌŝŵĂƌǇĚƌŝŶŬŝŶŐǁĂƚĞƌƐŽƵƌĐĞ͘dŚĞĨůŽǁŽĨƚŚŝƐĐƌŝƚŝĐĂůǁĂƚĞƌƐƵƉƉůǇŝƐƚŽǁĂƌĚƚŚĞZŽĐŚĞƐƚĞƌ ϵϱ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ĂƌĞĂ͘^ŝŶĐĞĚƌŝŶŬŝŶŐǁĂƚĞƌǀƵůŶĞƌĂďŝůŝƚǇŝƐůĂƌŐĞůǇĂĨƵŶĐƚŝŽŶŽĨĂŵďŝĞŶƚŚǇĚƌŽŐĞŽůŽŐŝĐĂŶĚůŽĐĂůůĂŶĚƵƐĞ ĐŽŶĚŝƚŝŽŶƐ͕ĞǀĞŶĐŽŶƚĂŵŝŶĂŶƚƐĞŶƚĞƌŝŶŐƚŚĞĂƋƵŝĨĞƌĨƌŽŵďĞǇŽŶĚƚŚĞĐŝƚǇůŝŵŝƚƐǁŝůůƵůƚŝŵĂƚĞůǇŝŵƉĂĐƚĐŝƚǇǁĂƚĞƌ ƐƵƉƉůŝĞƐ͘WŽƚĂďůĞǁĂƚĞƌǁĞůůƐĂƌĞŶŽǁƉƌŽŚŝďŝƚĞĚŝŶƚŚĞƵƉƉĞƌĂƋƵŝĨĞƌƐĚƵĞƚŽƐŚĂůůŽǁĚĞƉƚŚƚŽďĞĚƌŽĐŬ ĐŽŵďŝŶĞĚǁŝƚŚŚŝŐŚĞƌůĞǀĞůƐŽĨĚĞƚĞĐƚĞĚĐŽŶƚĂŵŝŶĂŶƚƐƐƵĐŚĂƐŶŝƚƌĂƚĞͲŶŝƚƌŽŐĞŶ͘ WŚǇƐŝĐĂůƉƌŽďůĞŵƐĂůƐŽĞǆŝƐƚǁŝƚŚŬĂƌƐƚŐĞŽůŽŐǇ͘ƚƚŚĞƐƵƌĨĂĐĞ͕ƚŚĞĐŽůůĂƉƐĞŽĨƵŶĐŽŶƐŽůŝĚĂƚĞĚƌŽĐŬŵĂƚĞƌŝĂů ŝŶƚŽƐŝŶŬŚŽůĞƐĐĂŶĐĂƵƐĞĚĂŵĂŐĞƚŽďƵŝůĚŝŶŐƐ͕ƌŽĂĚƐ͕ƐĞǁĞƌůŝŶĞƐ͕ǁĞůůƐ͕ĂŶĚŽƚŚĞƌƐƚƌƵĐƚƵƌĞƐŝŶĐůƵĚŝŶŐ ǁĂƚĞƌƌĞƚĞŶƚŝŽŶĨĂĐŝůŝƚŝĞƐ͘^ƵĐŚĨĂĐŝůŝƚŝĞƐŵĂǇŚŽůĚĐŽŶƚĂŵŝŶĂŶƚƐƚŚĂƚŝĨƌĞůĞĂƐĞĚƚŚƌŽƵŐŚĂĐŚƌŽŶŝĐŽƌ ĐĂƚĂƐƚƌŽƉŚŝĐĨĂŝůƵƌĞǁŽƵůĚĐĂƵƐĞƉŽůůƵƚŝŽŶŽĨƚŚĞŐƌŽƵŶĚǁĂƚĞƌƐǇƐƚĞŵ͘dŚĞ'ĞŽůŽŐŝĐƚůĂƐƌĞƉŽƌƚĞĚƚŚĂƚƚŚĞ ƌĂƚĞŽĨƐŝŶŬŚŽůĞĨŽƌŵĂƚŝŽŶŚĂĚĂƉƉĞĂƌĞĚƚŽŚĂǀĞŝŶĐƌĞĂƐĞĚŝŶƚŚĞůĂƐƚĨĞǁĚĞĐĂĚĞƐ͘ ϵϲ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϯͲϱ͗<Z^d&dhZ^ ϵϳ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϯͲϲ͗'K>K'/^E^/d/s/dz ϵϴ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ϯ͘ϱ͘ϴƌŽƵŐŚƚ ĞƐĐƌŝƉƚŝŽŶĂŶĚ,ŝƐƚŽƌǇ ƌŽƵŐŚƚŝƐĂŶĞǆƚĞŶĚĞĚƉĞƌŝŽĚŽĨĚĞĨŝĐŝĞŶƚƉƌĞĐŝƉŝƚĂƚŝŽŶ͕ƵƐƵĂůůǇůĂƐƚŝŶŐĂƐĞĂƐŽŶŽƌŵŽƌĞ͕ƌĞƐƵůƚŝŶŐŝŶĂ ǁĂƚĞƌƐŚŽƌƚĂŐĞ͘/ƚŝƐĂŶŽƌŵĂůĨĞĂƚƵƌĞŽĨĂůůĐůŝŵĂƚĞǌŽŶĞƐĂŶĚŚĂƉƉĞŶƐĐƵŵƵůĂƚŝǀĞůǇƌĂƚŚĞƌƚŚĂŶĂďƌƵƉƚůǇ͘ ^ŝŶĐĞŝƚŝƐĂƚĞŵƉŽƌĂƌǇǀĂƌŝĂŶĐĞĨƌŽŵŶŽƌŵĂůƉƌĞĐŝƉŝƚĂƚŝŽŶůĞǀĞůƐ͕ǁŚĂƚĐŽŶƐƚŝƚƵƚĞƐĂĚƌŽƵŐŚƚǀĂƌŝĞƐĨƌŽŵ ůŽĐĂƚŝŽŶƚŽůŽĐĂƚŝŽŶ͘ ƌŽƵŐŚƚWƵďůŝĐ&ĂĐƚ^ŚĞĞƚ dŚĞEĂƚŝŽŶĂůtĞĂƚŚĞƌ^ĞƌǀŝĐĞ͛ƐĚĞĨŝŶĞƐƚŚƌĞĞƚǇƉĞƐŽĨĚƌŽƵŐŚƚ͗ DĞƚĞŽƌŽůŽŐŝĐĂůĚƌŽƵŐŚƚ ŝƐƵƐƵĂůůǇĚĞĨŝŶĞĚďĂƐĞĚŽŶƚŚĞĚĞŐƌĞĞŽĨĚƌǇŶĞƐƐƌĞůĂƚŝǀĞƚŽƐŽŵĞ͞ŶŽƌŵĂů͟ ůĞǀĞůĂŶĚƚŚĞĚƵƌĂƚŝŽŶŽĨƚŚĞĚƌǇƉĞƌŝŽĚ͘ƌŽƵŐŚƚŽŶƐĞƚŐĞŶĞƌĂůůǇŽĐĐƵƌƐǁŝƚŚĂŵĞƚĞŽƌŽůŽŐŝĐĂůĚƌŽƵŐŚƚ͘ ŐƌŝĐƵůƚƵƌĂůĚƌŽƵŐŚƚ ůŝŶŬƐǀĂƌŝŽƵƐĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨŵĞƚĞŽƌŽůŽŐŝĐĂů;ŽƌŚǇĚƌŽůŽŐŝĐĂůͿĚƌŽƵŐŚƚƚŽ ĂŐƌŝĐƵůƚƵƌĂůŝŵƉĂĐƚƐ͕ĨŽĐƵƐŝŶŐŽŶƉƌĞĐŝƉŝƚĂƚŝŽŶƐŚŽƌƚĂŐĞƐ͕ƐŽŝůǁĂƚĞƌĚĞĨŝĐŝƚƐ͕ƌĞĚƵĐĞĚŐƌŽƵŶĚǁĂƚĞƌŽƌ ƌĞƐĞƌǀŽŝƌůĞǀĞůƐŶĞĞĚĞĚĨŽƌŝƌƌŝŐĂƚŝŽŶ͘ ,ǇĚƌŽůŽŐŝĐĂůĚƌŽƵŐŚƚ ƵƐƵĂůůǇŽĐĐƵƌƐĨŽůůŽǁŝŶŐƉĞƌŝŽĚƐŽĨĞǆƚĞŶĚĞĚƉƌĞĐŝƉŝƚĂƚŝŽŶƐŚŽƌƚĨĂůůƐƚŚĂƚŝŵƉĂĐƚ ǁĂƚĞƌƐƵƉƉůǇ;ŝ͘Ğ͕͘ƐƚƌĞĂŵĨůŽǁ͕ƌĞƐĞƌǀŽŝƌĂŶĚůĂŬĞůĞǀĞůƐ͕ŐƌŽƵŶĚǁĂƚĞƌͿ͕ƉŽƚĞŶƚŝĂůůǇƌĞƐƵůƚŝŶŐŝŶ ƐŝŐŶŝĨŝĐĂŶƚƐŽĐŝĞƚĂůŝŵƉĂĐƚƐ͘ĞĐĂƵƐĞƌĞŐŝŽŶƐĂƌĞŝŶƚĞƌĐŽŶŶĞĐƚĞĚďǇŚǇĚƌŽůŽŐŝĐƐǇƐƚĞŵƐ͕ƚŚĞŝŵƉĂĐƚŽĨ ŵĞƚĞŽƌŽůŽŐŝĐĂůĚƌŽƵŐŚƚŵĂǇĞǆƚĞŶĚǁĞůůďĞǇŽŶĚƚŚĞďŽƌĚĞƌƐŽĨƚŚĞƉƌĞĐŝƉŝƚĂƚŝŽŶͲĚĞĨŝĐŝĞŶƚĂƌĞĂ͘ EK͛Ɛ^ƚŽƌŵǀĞŶƚƐĂƚĂďĂƐĞŚĂƐĞŝŐŚƚĚƌŽƵŐŚƚƌĞĐŽƌĚƐŽŶĨŝůĞĨŽƌKůŵƐƚĞĚŽƵŶƚǇƐŝŶĐĞϮϬϭϮ͘dŚĞEt^ ʹ>ĂƌŽƐƐĞůŝƐƚƐƚŚĞĨŽůůŽǁŝŶŐůŽǁƉƌĞĐŝƉŝƚĂƚŝŽŶƌĞĐŽƌĚƐ͗ ZĞĐŽƌĚ>ŽǁWƌĞĐŝƉŝƚĂƚŝŽŶŝŶZŽĐŚĞƐƚĞƌ ^ŽƵƌĐĞ͗EĂƚŝŽŶĂůtĞĂƚŚĞƌ^ĞƌǀŝĐĞ >ŽǁĞƐƚDŽŶƚŚůǇdŽƚĂůƐ;ŝŶĐŚĞƐͿ>ŽǁĞƐƚzĞĂƌůǇdŽƚĂůƐ;ŝŶĐŚĞƐͿ ϭ͘ƚƌĂĐĞĞĐĞŵďĞƌϭϵϰϯϭ͘ϭϭ͘ϲϱϭϵϭϬ Ϯ͘ƚƌĂĐĞ:ƵŶĞϭϵϭϬϮ͘ϭϱ͘ϰϰϭϵϳϲ ϯ͘ƚƌĂĐĞDĂƌĐŚϭϵϭϬϯ͘ϭϵ͘ϵϭϭϵϲϰ ϰ͘Ϭ͘ϬϭKĐƚŽďĞƌϭϵϱϮϰ͘ϮϬ͘Ϯϭϭϵϱϴ ϱ͘Ϭ͘ϬϭEŽǀĞŵďĞƌϭϵϭϳϱ͘ϮϬ͘ϯϮϭϵϱϱ ϲ͘Ϭ͘Ϭϰ&ĞďƌƵĂƌǇϭϵϲϰϲ͘Ϯϭ͘ϭϵϭϵϯϲ ϳ͘Ϭ͘Ϭϱ&ĞďƌƵĂƌǇϭϵϭϬϳ͘Ϯϭ͘ϯϵϭϵϴϴ ϴ͘Ϭ͘ϬϲEŽǀĞŵďĞƌϭϵϲϳϴ͘Ϯϭ͘ϵϮϭϵϯϵ ϵ͘Ϭ͘Ϭϲ&ĞďƌƵĂƌǇϭϵϱϴϵ͘Ϯϭ͘ϵϮϭϵϯϮ ϭϬ͘Ϭ͘Ϭϲ&ĞďƌƵĂƌǇϭϵϮϬϭϬ͘ϮϮ͘ϰϳϭϵϰϰ ϵϵ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ >ŽĐĂƚŝŽŶ ƌŽƵŐŚƚĐĂŶŽĐĐƵƌƚŚƌŽƵŐŚŽƵƚƚŚĞĂƌĞĂĂŶĚŝƐĂŶŽƌŵĂůƉĂƌƚŽĨĂůůĐůŝŵĂƚŝĐƌĞŐŝŽŶƐ͘ ǆƚĞŶƚ dŚĞhŶŝƚĞĚ^ƚĂƚĞƐƌŽƵŐŚƚDŽŶŝƚŽƌŚĂƐĞƐƚĂďůŝƐŚĞĚĂĚƌŽƵŐŚƚƐĞǀĞƌŝƚǇĐůĂƐƐŝĨŝĐĂƚŝŽŶƐǇƐƚĞŵĂŶĚƌĞŐƵůĂƌůǇ ƉŽƐƚƐŵĂƉƐŽŶƚŚĞŝƌǁĞďƐŝƚĞƐŚŽǁŝŶŐĂƌĞĂƐŽĨĐŽŶĐĞƌŶ͘ ƌŽƵŐŚƚ^ĞǀĞƌŝƚǇůĂƐƐŝĨŝĐĂƚŝŽŶ ^ŽƵƌĐĞ͗h^ƌŽƵŐŚƚDŽŶŝƚŽƌ ĂƚĞŐŽƌǇ ĞƐĐƌŝƉƚŝŽŶWŽƐƐŝďůĞ/ŵƉĂĐƚƐ Ϭ ďŶŽƌŵĂůůǇ'ŽŝŶŐŝŶƚŽĚƌŽƵŐŚƚ͗ ƌǇ ƐŚŽƌƚͲƚĞƌŵĚƌǇŶĞƐƐƐůŽǁŝŶŐƉůĂŶƚŝŶŐ͕ŐƌŽǁƚŚŽĨĐƌŽƉƐŽƌƉĂƐƚƵƌĞƐ ŽŵŝŶŐŽƵƚŽĨĚƌŽƵŐŚƚ͗ ƐŽŵĞůŝŶŐĞƌŝŶŐǁĂƚĞƌĚĞĨŝĐŝƚƐ ƉĂƐƚƵƌĞƐŽƌĐƌŽƉƐŶŽƚĨƵůůǇƌĞĐŽǀĞƌĞĚ ϭ DŽĚĞƌĂƚĞ^ŽŵĞĚĂŵĂŐĞƚŽĐƌŽƉƐ͕ƉĂƐƚƵƌĞƐ ƌŽƵŐŚƚ^ƚƌĞĂŵƐ͕ƌĞƐĞƌǀŽŝƌƐ͕ŽƌǁĞůůƐůŽǁ͕ƐŽŵĞǁĂƚĞƌƐŚŽƌƚĂŐĞƐĚĞǀĞůŽƉŝŶŐŽƌŝŵŵŝŶĞŶƚ sŽůƵŶƚĂƌǇǁĂƚĞƌͲƵƐĞƌĞƐƚƌŝĐƚŝŽŶƐƌĞƋƵĞƐƚĞĚ Ϯ ^ĞǀĞƌĞƌŽƉŽƌƉĂƐƚƵƌĞůŽƐƐĞƐůŝŬĞůǇ ƌŽƵŐŚƚtĂƚĞƌƐŚŽƌƚĂŐĞƐĐŽŵŵŽŶ tĂƚĞƌƌĞƐƚƌŝĐƚŝŽŶƐŝŵƉŽƐĞĚ ϯ ǆƚƌĞŵĞDĂũŽƌĐƌŽƉͬƉĂƐƚƵƌĞůŽƐƐĞƐ ƌŽƵŐŚƚtŝĚĞƐƉƌĞĂĚǁĂƚĞƌƐŚŽƌƚĂŐĞƐŽƌƌĞƐƚƌŝĐƚŝŽŶƐ ϰ ǆĐĞƉƚŝŽŶĂůǆĐĞƉƚŝŽŶĂůĂŶĚǁŝĚĞƐƉƌĞĂĚĐƌŽƉͬƉĂƐƚƵƌĞůŽƐƐĞƐ ƌŽƵŐŚƚ^ŚŽƌƚĂŐĞƐŽĨǁĂƚĞƌŝŶƌĞƐĞƌǀŽŝƌƐ͕ƐƚƌĞĂŵƐ͕ĂŶĚǁĞůůƐĐƌĞĂƚŝŶŐǁĂƚĞƌĞŵĞƌŐĞŶĐŝĞƐ WƌŽďĂďŝůŝƚǇŽĨ&ƵƚƵƌĞǀĞŶƚƐ ZŽĐŚĞƐƚĞƌƚǇƉŝĐĂůůǇĞǆƉĞƌŝĞŶĐĞƐƌŽƵƚŝŶĞĚƌǇƐƉĞůůƐ͕ Ϯ WƌŽďĂďŝůŝƚǇ ƚŚŽƵŐŚůŽŶŐƚĞƌŵĚƌŽƵŐŚƚƐŽĐĐƵƌůĞƐƐŽĨƚĞŶ͘ ϭ DĂŐŶŝƚƵĚĞ ƌŽƵŐŚƚͬtĂƚĞƌ /ŵƉĂĐƚĂŶĚsƵůŶĞƌĂďŝůŝƚǇ ϭ tŚĞŶƌĂŝŶĨĂůůŝƐďĞůŽǁŶŽƌŵĂůĨŽƌĂƐŝŐŶŝĨŝĐĂŶƚƉĞƌŝŽĚŽĨ tĂƌŶŝŶŐdŝŵĞ ^ŚŽƌƚĂŐĞ ƚŝŵĞ͕ƐƚƌĞĂŵĂŶĚƌŝǀĞƌĨůŽǁĚĞĐůŝŶĞƐ͕ǁĂƚĞƌůĞǀĞůƐŝŶ ϰ ƵƌĂƚŝŽŶ ůĂŬĞƐĂŶĚƌĞƐĞƌǀŽŝƌƐĨĂůů͕ĂŶĚǁĂƚĞƌƚĂďůĞƐĚƌŽƉ͘ƌĞĂ ϭ͘ϳϱ ĐƌŽƉƐŵĂǇĨĂŝů͕ŝŵƉĂĐƚŝŶŐƚŚĞƉƌŝĐĞĂŶĚĂǀĂŝůĂďŝůŝƚǇŽĨ WZ/ ĨƌĞƐŚĨŽŽĚ͘ > WůĂŶŶŝŶŐ^ŝŐŶŝĨŝĐĂŶĐĞ ůůĚƌŝŶŬŝŶŐǁĂƚĞƌƐƵƉƉůŝĞƐ͕ƉƵďůŝĐĂŶĚƉƌŝǀĂƚĞ͕ĂƌĞ ϯ 'ĞŽŐƌĂƉŚŝĐǆƚĞŶƚ ŽďƚĂŝŶĞĚƚŚƌŽƵŐŚǁĞůůƐĚƌŝůůĞĚŝŶƚŽƚŚĞ^ƚ͘WĞƚĞƌͬWƌĂŝƌŝĞ ϭϬϬ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ĚƵŚŝĞŶ͕:ŽƌĚĂŶ͕ĂŶĚ^ƚ͘>ĂǁƌĞŶĐĞŐĞŽůŽŐŝĐĨŽƌŵĂƚŝŽŶƐͬĂƋƵŝĨĞƌƐ͘dŚĞŐƌŽƵŶĚǁĂƚĞƌƐǇƐƚĞŵŝƐůĞƐƐůŝŬĞůǇƚŽ ďĞĂĨĨĞĐƚĞĚďǇƐŚŽƌƚƚĞƌŵĚƌŽƵŐŚƚƐƵŶůŝŬĞƐƵƌĨĂĐĞǁĂƚĞƌƐǇƐƚĞŵƐ͘tĂƚĞƌŝŶŐďĂŶƐĂƌĞƚǇƉŝĐĂůůǇƉƵƚŝŶƚŽĞĨĨĞĐƚ ĚƵƌŝŶŐĚƌǇƉĞƌŝŽĚƐƚŽƌĞĚƵĐĞůĂǁŶŝƌƌŝŐĂƚŝŽŶĂŶĚƌĞĚƵĐĞƉŽƚĞŶƚŝĂůĚƌĂǁĚŽǁŶŝŵƉĂĐƚƐŽŶŽƵƌŐƌŽƵŶĚǁĂƚĞƌ ĂƋƵŝĨĞƌƐ͘ ϯ͘ϱ͘ϵtŝůĚĨŝƌĞ ĞƐĐƌŝƉƚŝŽŶĂŶĚ,ŝƐƚŽƌǇ ǁŝůĚĨŝƌĞŝƐĂŶǇƵŶĐŽŶƚƌŽůůĞĚĨŝƌĞŝŶĐŽŵďƵƐƚŝďůĞǀĞŐĞƚĂƚŝŽŶƚŚĂƚƚǇƉŝĐĂůůǇŽĐĐƵƌƐŝŶƚŚĞĐŽƵŶƚƌǇƐŝĚĞ͕ŽƉĞŶ ƐƉĂĐĞĂƌĞĂƐ͕ĂŶĚǁŝůĚĞƌŶĞƐƐ͘ǁŝůĚĨŝƌĞĚŝĨĨĞƌƐĨƌŽŵŽƚŚĞƌĨŝƌĞƐďǇŝƚƐĞǆƚĞŶƐŝǀĞƐŝǌĞ͕ƚŚĞƐƉĞĞĚĂƚǁŚŝĐŚŝƚ ĐĂŶƐƉƌĞĂĚŽƵƚĨƌŽŵŝƚƐŽƌŝŐŝŶĂůƐŽƵƌĐĞ͕ŝƚƐƉŽƚĞŶƚŝĂůƚŽĐŚĂŶŐĞĚŝƌĞĐƚŝŽŶƵŶĞǆƉĞĐƚĞĚůǇ͕ĂŶĚŝƚƐĂďŝůŝƚǇƚŽ ũƵŵƉŐĂƉƐƐƵĐŚĂƐƌŽĂĚƐ͕ƌŝǀĞƌƐĂŶĚĨŝƌĞďƌĞĂŬƐ͘ďŽƵƚϳϱƉĞƌĐĞŶƚŽĨǁŝůĚĨŝƌĞƐƐƚĂƌƚĚƵƌŝŶŐƐƉƌŝŶŐĚƵĞƚŽĚƌǇ ǁĞĂƚŚĞƌĐŽŶĚŝƚŝŽŶƐ͘ dŚĞEK^ƚŽƌŵǀĞŶƚƐĂƚĂďĂƐĞŚĂƐƚǁŽƌĞĐŽƌĚƐŽĨǁŝůĚĨŝƌĞŝŶZŽĐŚĞƐƚĞƌ͘/ŶƉƌŝůϮϬϬϵ͕ǀĞƌǇĚƌǇ ĐŽŶĚŝƚŝŽŶƐĂŶĚƐƚƌŽŶŐǁŝŶĚƐĐĂƵƐĞĚĂŐƌĂƐƐĨŝƌĞƚŽŐĞƚŽƵƚŽĨĐŽŶƚƌŽůĂŶĚďƵƌŶƚǁŽĂĐƌĞƐŝŶŶŽƌƚŚĞĂƐƚ ZŽĐŚĞƐƚĞƌ͘>ĂƚĞƌƚŚĂƚŵŽŶƚŚ͕ƚŚĞƐĂŵĞĐŽŶĚŝƚŝŽŶƐůĞĚƚŽƚŚĞďƵƌŶŝŶŐŽĨĨŝǀĞĂĐƌĞƐŝŶƐŽƵƚŚǁĞƐƚZŽĐŚĞƐƚĞƌ͘ >ŽĐĂƚŝŽŶ ǇĚĞĨŝŶŝƚŝŽŶ͕ǁŝůĚĨŝƌĞƐŽĐĐƵƌŝŶŽƉĞŶƐƉĂĐĞĂƌĞĂƐ͘/ŶĂŶƵƌďĂŶĂƌĞĂůŝŬĞZŽĐŚĞƐƚĞƌ͕ĂƌĞĂƐŽŶƚŚĞĨƌŝŶŐĞŽĨƚŚĞ ĐŝƚǇĂƐǁĞůůĂƐƚŚŽƐĞŝŶĂŶĚĂĚũĂĐĞŶƚƚŽƉĂƌŬůĂŶĚ͕ƵƌďĂŶĂŐƌŝĐƵůƚƵƌĂůĂƌĞĂƐ͕ĂŶĚƐĐŚŽŽůĨŝĞůĚƐĂƌĞŵŽƐƚůŝŬĞůǇ ƚŽďĞĞǆƉŽƐĞĚƚŽƉŽƚĞŶƚŝĂůǁŝůĚĨŝƌĞƐ͘ ǆƚĞŶƚ dŚĞh͘^͘&ŽƌĞƐƚ^ĞƌǀŝĐĞŚĂƐĚĞǀŝƐĞĚĂ&ŝƌĞĂŶŐĞƌZĂƚŝŶŐƐǇƐƚĞŵƚŚĂƚƌĂƚĞƐĨŝƌĞƉŽƚĞŶƚŝĂůĂƐĂƉƌŽĚƵĐƚŽĨ ǁĞĂƚŚĞƌƉĂƚƚĞƌŶƐ͕ĨƵĞůƚǇƉĞƐ͕ĂŶĚďŽƚŚůŝǀĞĂŶĚĚĞĂĚĨƵĞůŵŽŝƐƚƵƌĞ͘ &ŝƌĞĂŶŐĞƌZĂƚŝŶŐ ^ŽƵƌĐĞ͗h^&ŽƌĞƐƚ^ĞƌǀŝĐĞ ĂƚĞŐŽƌǇ ĞƐĐƌŝƉƚŝŽŶ >Žǁ &ƵĞůƐĚŽŶŽƚŝŐŶŝƚĞƌĞĂĚŝůǇĨƌŽŵƐŵĂůůĨŝƌĞďƌĂŶĚƐĂůƚŚŽƵŐŚĂŵŽƌĞŝŶƚĞŶƐĞŚĞĂƚƐŽƵƌĐĞ͕ƐƵĐŚĂƐ ůŝŐŚƚŶŝŶŐ͕ŵĂǇƐƚĂƌƚĨŝƌĞƐŝŶĚƵĨĨŽƌƉƵŶŬǇǁŽŽĚ͘&ŝƌĞƐŝŶŽƉĞŶĐƵƌĞĚŐƌĂƐƐůĂŶĚƐŵĂǇďƵŵĨƌĞĞůǇĂĨĞǁ ŚŽƵƌƐĂĨƚĞƌƌĂŝŶ͕ďƵƚǁŽŽĚƐĨŝƌĞƐƐƉƌĞĂĚƐůŽǁůǇďǇĐƌĞĞƉŝŶŐŽƌƐŵŽůĚĞƌŝŶŐ͕ĂŶĚďƵƌŶŝŶŝƌƌĞŐƵůĂƌĨŝŶŐĞƌƐ͘ dŚĞƌĞŝƐůŝƚƚůĞĚĂŶŐĞƌŽĨƐƉŽƚƚŝŶŐ͘ DŽĚĞƌĂƚĞ &ŝƌĞƐĐĂŶƐƚĂƌƚĨƌŽŵŵŽƐƚĂĐĐŝĚĞŶƚĂůĐĂƵƐĞƐ͕ďƵƚǁŝƚŚƚŚĞĞǆĐĞƉƚŝŽŶŽĨůŝŐŚƚŶŝŶŐĨŝƌĞƐŝŶƐŽŵĞĂƌĞĂƐ͕ƚŚĞ ŶƵŵďĞƌŽĨƐƚĂƌƚƐŝƐŐĞŶĞƌĂůůǇůŽǁ͘&ŝƌĞƐŝŶŽƉĞŶĐƵƌĞĚŐƌĂƐƐůĂŶĚƐǁŝůůďƵƌŶďƌŝƐŬůǇĂŶĚƐƉƌĞĂĚƌĂƉŝĚůǇŽŶ ǁŝŶĚǇĚĂǇƐ͘dŝŵďĞƌĨŝƌĞƐƐƉƌĞĂĚƐůŽǁůǇƚŽŵŽĚĞƌĂƚĞůǇĨĂƐƚ͘dŚĞĂǀĞƌĂŐĞĨŝƌĞŝƐŽĨŵŽĚĞƌĂƚĞŝŶƚĞŶƐŝƚǇ͕ ĂůƚŚŽƵŐŚŚĞĂǀǇĐŽŶĐĞŶƚƌĂƚŝŽŶƐŽĨĨƵĞů͕ĞƐƉĞĐŝĂůůǇĚƌĂƉĞĚĨƵĞů͕ŵĂǇďƵƌŶŚŽƚ͘^ŚŽƌƚͲĚŝƐƚĂŶĐĞƐƉŽƚƚŝŶŐ ŵĂǇŽĐĐƵƌ͕ďƵƚŝƐŶŽƚƉĞƌƐŝƐƚĞŶƚ͘&ŝƌĞƐĂƌĞŶŽƚůŝŬĞůǇƚŽďĞĐŽŵĞƐĞƌŝŽƵƐĂŶĚĐŽŶƚƌŽůŝƐƌĞůĂƚŝǀĞůǇĞĂƐǇ͘ ,ŝŐŚ ůůĨŝŶĞĚĞĂĚĨƵĞůƐŝŐŶŝƚĞƌĞĂĚŝůǇĂŶĚĨŝƌĞƐƐƚĂƌƚĞĂƐŝůǇĨƌŽŵŵŽƐƚĐĂƵƐĞƐ͘hŶĂƚƚĞŶĚĞĚďƌƵƐŚĂŶĚ ĐĂŵƉĨŝƌĞƐĂƌĞůŝŬĞůǇƚŽĞƐĐĂƉĞ͘&ŝƌĞƐƐƉƌĞĂĚƌĂƉŝĚůǇĂŶĚƐŚŽƌƚͲĚŝƐƚĂŶĐĞƐƉŽƚƚŝŶŐŝƐĐŽŵŵŽŶ͘,ŝŐŚͲ ŝŶƚĞŶƐŝƚǇďƵƌŶŝŶŐŵĂǇĚĞǀĞůŽƉŽŶƐůŽƉĞƐŽƌŝŶĐŽŶĐĞŶƚƌĂƚŝŽŶƐŽĨĨŝŶĞĨƵĞůƐ͘&ŝƌĞƐŵĂǇďĞĐŽŵĞƐĞƌŝŽƵƐ ĂŶĚƚŚĞŝƌĐŽŶƚƌŽůĚŝĨĨŝĐƵůƚƵŶůĞƐƐƚŚĞǇĂƌĞĂƚƚĂĐŬĞĚƐƵĐĐĞƐƐĨƵůůǇǁŚŝůĞƐŵĂůů͘ ϭϬϭ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ sĞƌǇ,ŝŐŚ &ŝƌĞƐƐƚĂƌƚĞĂƐŝůǇĨƌŽŵĂůůĐĂƵƐĞƐĂŶĚ͕ŝŵŵĞĚŝĂƚĞůǇĂĨƚĞƌŝŐŶŝƚŝŽŶ͕ƐƉƌĞĂĚƌĂƉŝĚůǇĂŶĚŝŶĐƌĞĂƐĞƋƵŝĐŬůǇŝŶ ŝŶƚĞŶƐŝƚǇ͘^ƉŽƚĨŝƌĞƐĂƌĞĂĐŽŶƐƚĂŶƚĚĂŶŐĞƌ͘&ŝƌĞƐďƵƌŶŝŶŐŝŶůŝŐŚƚĨƵĞůƐŵĂǇƋƵŝĐŬůǇĚĞǀĞůŽƉŚŝŐŚ ŝŶƚĞŶƐŝƚǇĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐƐƵĐŚĂƐůŽŶŐĚŝƐƚĂŶĐĞƐƉŽƚƚŝŶŐĂŶĚĨŝƌĞǁŚŝƌůǁŝŶĚƐǁŚĞŶƚŚĞǇďƵƌŶŝŶƚŽŚĞĂǀŝĞƌ ĨƵĞůƐ͘ ǆƚƌĞŵĞ &ŝƌĞƐƐƚĂƌƚƋƵŝĐŬůǇ͕ƐƉƌĞĂĚĨƵƌŝŽƵƐůǇ͕ĂŶĚďƵƌŶŝŶƚĞŶƐĞůǇ͘ůůĨŝƌĞƐĂƌĞƉŽƚĞŶƚŝĂůůǇƐĞƌŝŽƵƐ͘ĞǀĞůŽƉŵĞŶƚ ŝŶƚŽŚŝŐŚŝŶƚĞŶƐŝƚǇďƵƌŶŝŶŐǁŝůůƵƐƵĂůůǇďĞĨĂƐƚĞƌĂŶĚŽĐĐƵƌĨƌŽŵƐŵĂůůĞƌĨŝƌĞƐƚŚĂŶŝŶƚŚĞǀĞƌǇŚŝŐŚĨŝƌĞ ĚĂŶŐĞƌĐůĂƐƐ͘ŝƌĞĐƚĂƚƚĂĐŬŝƐƌĂƌĞůǇƉŽƐƐŝďůĞĂŶĚŵĂǇďĞĚĂŶŐĞƌŽƵƐĞǆĐĞƉƚŝŵŵĞĚŝĂƚĞůǇĂĨƚĞƌŝŐŶŝƚŝŽŶ͘ &ŝƌĞƐƚŚĂƚĚĞǀĞůŽƉŚĞĂĚǁĂǇŝŶŚĞĂǀǇƐůĂƐŚŽƌŝŶĐŽŶŝĨĞƌƐƚĂŶĚƐŵĂǇďĞƵŶŵĂŶĂŐĞĂďůĞǁŚŝůĞƚŚĞ ĞǆƚƌĞŵĞďƵƌŶŝŶŐĐŽŶĚŝƚŝŽŶůĂƐƚƐ͘hŶĚĞƌƚŚĞƐĞĐŽŶĚŝƚŝŽŶƐƚŚĞŽŶůǇĞĨĨĞĐƚŝǀĞĂŶĚƐĂĨĞĐŽŶƚƌŽůĂĐƚŝŽŶŝƐŽŶ ƚŚĞĨůĂŶŬƐƵŶƚŝůƚŚĞǁĞĂƚŚĞƌĐŚĂŶŐĞƐŽƌƚŚĞĨƵĞůƐƵƉƉůǇůĞƐƐĞŶƐ͘ dŚĞDŝŶŶĞƐŽƚĂEZĂůƐŽƉŽƐƚƐƐƚĂƚĞǁŝĚĞĨŝƌĞĚĂŶŐĞƌĂŶĚďƵƌŶŝŶŐƉĞƌŵŝƚƌĞƐƚƌŝĐƚŝŽŶƐŽŶƚŚĞŝƌǁĞďƐŝƚĞĂƚ ŚƚƚƉ͗ͬͬǁǁǁ͘ĚŶƌ͘ƐƚĂƚĞ͘ŵŶ͘ƵƐͬĨŽƌĞƐƚƌǇͬĨŝƌĞͬĨŝƌĞƌĂƚŝŶŐͺƌĞƐƚƌŝĐƚŝŽŶƐ͘Śƚŵů͘ WƌŽďĂďŝůŝƚǇŽĨ&ƵƚƵƌĞǀĞŶƚƐ tŝůĚĨŝƌĞƐĂƌĞŶŽƚĐŽŵŵŽŶŝŶZŽĐŚĞƐƚĞƌ͘ƐƚŚĞĐŝƚǇĨƵƌƚŚĞƌƵƌďĂŶŝǌĞƐ͕ƚŚĞŝƌůŝŬĞůŝŚŽŽĚƐŚŽƵůĚƌĞŵĂŝŶƚŚĞ ƐĂŵĞŽƌĚĞĐƌĞĂƐĞ͘ /ŵƉĂĐƚĂŶĚsƵůŶĞƌĂďŝůŝƚǇ tŝůĚĨŝƌĞƐĐĂŶĐĂƵƐĞĚĂŵĂŐĞƚŽƌĞƐŝĚĞŶĐĞƐ͕ŽƵƚďƵŝůĚŝŶŐƐ͕ĂŶĚ ϭ WƌŽďĂďŝůŝƚǇ ŽƚŚĞƌƉƌŽƉĞƌƚŝĞƐ͘WƵďůŝĐĨĂĐŝůŝƚŝĞƐŵĂǇďĞĐůŽƐĞĚĨŽƌĂŶ ĞǆƚĞŶĚĞĚƉĞƌŝŽĚŽĨƚŝŵĞĚƵĞƚŽƚŚĞƉƌŽǆŝŵŝƚǇŽĨƚŚĞĨŝƌĞ͘ ϭ DĂŐŶŝƚƵĚĞ tŝůĚĨŝƌĞƐƉŽƐĞŚĞĂůƚŚƌŝƐŬƐĂŶĚĞǀĞŶĚĞĂƚŚƚŽƚŚĞ tŝůĚĨŝƌĞ ϰ ƉŽƉƵůĂƚŝŽŶĂŶĚƉĞƌƐŽŶŶĞůĚƵĞƚŽĨůĂŵĞƐ͕ƐŵŽŬĞĂŶĚƉŽŽƌtĂƌŶŝŶŐdŝŵĞ ĂŝƌƋƵĂůŝƚǇ͘ ϰ ƵƌĂƚŝŽŶ dŚĞƉůĂŶŶŝŶŐƚĞĂŵĚĞĐŝĚĞĚŶŽƚƚŽŽƵƚůŝŶĞƐƉĞĐŝĨŝĐŵŝƚŝŐĂƚŝŽŶ ϭ͘ϳϱ WZ/ ĂĐƚŝŽŶƐĨŽƌǁŝůĚĨŝƌĞƐ͘tŚŝůĞƚŚŝƐŚĂǌĂƌĚŝƐƉŽƐƐŝďůĞǁŝƚŚŝŶƚŚĞ > ƉůĂŶŶŝŶŐĂƌĞĂ͕ƚŚĞƉůĂŶŶŝŶŐƚĞĂŵĚĞƚĞƌŵŝŶĞĚƚŚĂƚƚŚĞ WůĂŶŶŝŶŐ^ŝŐŶŝĨŝĐĂŶĐĞ ŝŵƉĂĐƚĂŶĚͬŽƌůŝŬĞůŝŚŽŽĚǁŽƵůĚďĞŵŝŶŝŵĂů͘ ϭ 'ĞŽŐƌĂƉŚŝĐǆƚĞŶƚ ϯ͘ϱ͘ϭϬĂƌƚŚƋƵĂŬĞ ĞƐĐƌŝƉƚŝŽŶĂŶĚ,ŝƐƚŽƌǇ ŶĞĂƌƚŚƋƵĂŬĞŝƐƚŚĞƌĞƐƵůƚŽĨĂƐƵĚĚĞŶƌĞůĞĂƐĞŽĨĞŶĞƌŐǇŝŶƚŚĞĂƌƚŚΖƐĐƌƵƐƚƚŚĂƚĐƌĞĂƚĞƐƐĞŝƐŵŝĐǁĂǀĞƐ͘Ŷ ĞĂƌƚŚƋƵĂŬĞŝƐĐĂƵƐĞĚďǇƚŚĞďƌĞĂŬŝŶŐĂŶĚƐŚŝĨƚŝŶŐŽĨƌŽĐŬďĞŶĞĂƚŚƚŚĞĂƌƚŚΖƐƐƵƌĨĂĐĞ͘DŽƐƚŽĨƚŚĞƐĞŽĐĐƵƌ ǁŚĞŶƐŽůŝĚƌŽĐŬŵĂƐƐĞƐŵŽǀĞƉĂƐƚŽŶĞĂŶŽƚŚĞƌĂůŽŶŐĨƌĂĐƚƵƌĞƉůĂŶĞƐĐĂůůĞĚ͞ĨĂƵůƚƐ͘͟ĂƌƚŚƋƵĂŬĞƐƐƚƌŝŬĞ ƐƵĚĚĞŶůǇ͕ǀŝŽůĞŶƚůǇ͕ĂŶĚǁŝƚŚŽƵƚǁĂƌŶŝŶŐĂƚĂŶǇƚŝŵĞŽĨƚŚĞǇĞĂƌĂŶĚĂƚĂŶǇƚŝŵĞŽĨƚŚĞĚĂǇŽƌŶŝŐŚƚ͘ ^ŵĂůůĞƌĞĂƌƚŚƋƵĂŬĞƐŽĨƚĞŶĨŽůůŽǁƚŚĞŵĂŝŶƐŚŽĐŬŽĨĂůĂƌŐĞƌĞĂƌƚŚƋƵĂŬĞ͘tŚŝůĞDŝŶŶĞƐŽƚĂŝƐĨĂƌĨƌŽŵĂŶǇ ƉůĂƚĞŵĂƌŐŝŶ͕ƚŚĞEĞǁDĂĚƌŝĚƐĞŝƐŵŝĐǌŽŶĞ͕ůŽĐĂƚĞĚďĞƚǁĞĞŶ^ƚ͘>ŽƵŝƐ͕DŝƐƐŽƵƌŝĂŶĚDĞŵƉŚŝƐ͕dĞŶŶĞƐƐĞĞ͕ ŚĂƐƚŚĞƉŽƚĞŶƚŝĂůĨŽƌŐĞŶĞƌĂƚŝŶŐŵĂũŽƌĞĂƌƚŚƋƵĂŬĞƐ͘ ĐĐŽƌĚŝŶŐƚŽƚŚĞD'^ƉƵďůŝĐĂƚŝŽŶ͞ĂƌƚŚƋƵĂŬĞƐŝŶDŝŶŶĞƐŽƚĂ͕͟DŝŶŶĞƐŽƚĂŚĂƐŽŶĞŽĨƚŚĞůŽǁĞƐƚ ŽĐĐƵƌƌĞŶĐĞůĞǀĞůƐŽĨĞĂƌƚŚƋƵĂŬĞƐŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ͕ƚŚŽƵŐŚϭϵƐŵĂůůƚŽŵŽĚĞƌĂƚĞĞĂƌƚŚƋƵĂŬĞƐŚĂǀĞďĞĞŶ ϭϬϮ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ĚŽĐƵŵĞŶƚĞĚƐŝŶĐĞϭϴϲϬ͘dŚĞƐĞĂƌĞĂƚƚƌŝďƵƚĞĚƚŽŵŝŶŽƌƌĞĂĐƚŝǀĂƚŝŽŶŽĨĂŶĐŝĞŶƚĨĂƵůƚƐŝŶƌĞƐƉŽŶƐĞƚŽŵŽĚĞƌŶ ƐƚƌĞƐƐĞƐ͘EŽŶĞŽĨƚŚĞƐĞŚĂǀĞŽĐĐƵƌƌĞĚŝŶ^ŽƵƚŚĞĂƐƚDŝŶŶĞƐŽƚĂ͘ >ŽĐĂƚŝŽŶ ĂƌƚŚƋƵĂŬĞƐĂƌĞƌĂƌĞĞǀĞŶƚƐŝŶDŝŶŶĞƐŽƚĂ͘EŽ ƉĂƌƚŽĨƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂŝƐŵŽƌĞůŝŬĞůǇƚŽ ĞǆƉĞƌŝĞŶĐĞĂŶĞĂƌƚŚƋƵĂŬĞƚŚĂŶĂŶǇŽƚŚĞƌ͕ĂƐ ƐŚŽǁŶŽŶƚŚĞh^'^ŵĂƉƚŽƚŚĞƌŝŐŚƚ͘ ǆƚĞŶƚ dŚĞZŝĐŚƚĞƌ^ĐĂůĞŝƐƚŚĞŵŽƐƚĐŽŵŵŽŶ ƐƚĂŶĚĂƌĚĨŽƌŵĞĂƐƵƌŝŶŐƚŚĞŵĂŐŶŝƚƵĚĞŽĨ ĞĂƌƚŚƋƵĂŬĞƐ͘^D^ͲdƐƵŶĂŵŝtĂƌŶŝŶŐ͘ĐŽŵ ƐŚĂƌĞƐƚŚĞŐƌĂƉŚŝĐďĞůŽǁĚĞƉŝĐƚŝŶŐƚŚĞŝŵƉĂĐƚ ŽĨĞĂƌƚŚƋƵĂŬĞƐ͘ WƌŽďĂďŝůŝƚǇŽĨ&ƵƚƵƌĞǀĞŶƚƐ ǀĞƌĂŐĞƌĞĐƵƌƌĞŶĐĞƌĂƚĞƐĨŽƌDŝŶŶĞƐŽƚĂ ĞĂƌƚŚƋƵĂŬĞƐŚĂǀĞďĞĞŶĞƐƚŝŵĂƚĞĚďǇD'^ĂƐĨŽůůŽǁƐ͗ DĂŐŶŝƚƵĚĞϰ͘ϬͲϭϬǇĞĂƌƐ DĂŐŶŝƚƵĚĞϰ͘ϱͲϯϬǇĞĂƌƐ DĂŐŶŝƚƵĚĞϱ͘ϬͲϴϵǇĞĂƌƐ DĂŐŶŝƚƵĚĞϱ͘ϱͲϮϲϲǇĞĂƌƐ ĂƌƚŚƋƵĂŬĞƐĂƚƚƌŝďƵƚĞĚƚŽĨƌĂĐŬŝŶŐŽƉĞƌĂƚŝŽŶƐ ŚĂǀĞďĞĐŽŵĞŵŽƌĞĐŽŵŵŽŶŝŶƌĞĐĞŶƚǇĞĂƌƐ͘ ^ŚŽƵůĚƚŚĞƐĞƚǇƉĞƐŽĨĂĐƚŝǀŝƚŝĞƐƐƚĂƌƚŽĐĐƵƌƌŝŶŐ ŝŶDŝŶŶĞƐŽƚĂ͕ƚŚŝƐƉŚĞŶŽŵĞŶŽŶƐŚŽƵůĚďĞ ƐƚƵĚŝĞĚŝŶŐƌĞĂƚĞƌĚĞƉƚŚĂƐƚŽƚŚĞƉŽƚĞŶƚŝĂů ŝŵƉĂĐƚŽŶŽƵƌĐŽŵŵƵŶŝƚǇ͘ ϭϬϯ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ /ŵƉĂĐƚĂŶĚsƵůŶĞƌĂďŝůŝƚǇ ĂƌƚŚƋƵĂŬĞƐĐĂŶĐŽůůĂƉƐĞďƵŝůĚŝŶŐƐĂŶĚďƌŝĚŐĞƐ͖ĚŝƐƌƵƉƚŐĂƐ͕ ĞůĞĐƚƌŝĐ͕ĂŶĚƉŚŽŶĞƐĞƌǀŝĐĞ͖ĂŶĚƐŽŵĞƚŝŵĞƐƚƌŝŐŐĞƌ ϭ WƌŽďĂďŝůŝƚǇ ůĂŶĚƐůŝĚĞƐ͕ĨůĂƐŚĨůŽŽĚƐ͕ĂŶĚĨŝƌĞƐ͘ĂƌƚŚƋƵĂŬĞƐĐĂŶƌĞƐƵůƚŝŶ ϭ DĂŐŶŝƚƵĚĞ ŝŶũƵƌŝĞƐĂŶĚͬŽƌůŽƐƐŽĨůŝĨĞ͘ZĞƐƵůƚƐŽĨƚŚĞƐĞŝŵƉĂĐƚƐĐŽƵůĚ ĂƌƚŚƋƵĂŬĞ ĐŽŵƉůŝĐĂƚĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐ͕ƚƌĂǀĞů͕ĂŶĚǁŽƌŬƉůĂĐĞƐƚĂĨĨŝŶŐ ϰ tĂƌŶŝŶŐdŝŵĞ ůĞǀĞůƐ͘ Ϯ ƵƌĂƚŝŽŶ dŚĞƉůĂŶŶŝŶŐƚĞĂŵĚĞĐŝĚĞĚŶŽƚƚŽŽƵƚůŝŶĞƐƉĞĐŝĨŝĐŵŝƚŝŐĂƚŝŽŶ ϭ͘ϱϱ ĂĐƚŝŽŶƐĨŽƌĞĂƌƚŚƋƵĂŬĞƐ͘tŚŝůĞƚŚĞƐĞŚĂǌĂƌĚƐĂƌĞƉŽƐƐŝďůĞ WZ/ ǁŝƚŚŝŶƚŚĞƉůĂŶŶŝŶŐĂƌĞĂ͕ƚŚĞƉůĂŶŶŝŶŐƚĞĂŵĚĞƚĞƌŵŝŶĞĚ > WůĂŶŶŝŶŐ^ŝŐŶŝĨŝĐĂŶĐĞ ƚŚĂƚƚŚĞŝŵƉĂĐƚĂŶĚͬŽƌůŝŬĞůŝŚŽŽĚǁŽƵůĚďĞŵŝŶŝŵĂů͘ ϭ 'ĞŽŐƌĂƉŚŝĐǆƚĞŶƚ ϯ͘ϲdĞĐŚŶŽůŽŐŝĐĂů,ĂǌĂƌĚƐ dĞĐŚŶŽůŽŐŝĐĂůŚĂǌĂƌĚƐĂƌĞƚŚŽƐĞĐĂƵƐĞĚďǇƵŶŝŶƚĞŶƚŝŽŶĂůƐǇƐƚĞŵŝĐŽƌƐƚƌƵĐƚƵƌĂůĨĂŝůƵƌĞƐ͘ ϯ͘ϲ͘ϭdƌĂŝŶĞƌĂŝůŵĞŶƚ ĞƐĐƌŝƉƚŝŽŶĂŶĚ,ŝƐƚŽƌǇ dƌĂŝŶĚĞƌĂŝůŵĞŶƚƐŽĐĐƵƌĂƐĂƌĞƐƵůƚŽĨĂ ŶƵŵďĞƌŽĨĚŝĨĨĞƌĞŶƚĐĂƵƐĞƐ͘ƌŽŬĞŶƌĂŝůƐ͕ ǁŽƌŶǁĞůĚƐ͕ďĞĂƌŝŶŐĨĂŝůƵƌĞƐ͕ĂŶĚďƌŽŬĞŶ ǁŚĞĞůƐĂƌĞĂŵŽŶŐƚŚĞĞƋƵŝƉŵĞŶƚĨĂŝůƵƌĞƐ ƚŚĂƚĐĂŶůĞĂĚĂƚƌĂŝŶƚŽůĞĂǀĞŝƚƐƚƌĂĐŬƐ͘ ,ƵŵĂŶĨĂĐƚŽƌƐ͕ƐƵĐŚĂƐĚƌŝǀŝŶŐĂƚŝŵƉƌŽƉĞƌ ƐƉĞĞĚƐ͕ďƌĂŬŝŶŐŽƉĞƌĂƚŝŽŶƐ͕ĂŶĚǀŝŽůĂƚŝŽŶŽĨ ƐǁŝƚĐŚŝŶŐƌƵůĞƐ͕ŵĂǇĂůƐŽĐĂƵƐĞĚĞƌĂŝůŵĞŶƚƐ͘ EŽƌĞĐŽƌĚŽĨŚŝƐƚŽƌŝĐƚƌĂŝŶĚĞƌĂŝůŵĞŶƚƐǁĂƐ ĨŽƵŶĚĨŽƌZŽĐŚĞƐƚĞƌ͘ >ŽĐĂƚŝŽŶ tŚŝůĞŶŽĚĞƌĂŝůŵĞŶƚƌĞĐŽƌĚƐǁĞƌĞĨŽƵŶĚĨŽƌ ZŽĐŚĞƐƚĞƌ͕ƚŚĞĐŝƚǇĚŽĞƐŚĂǀĞĂŶĂĐƚŝǀĞ ĂŶĂĚŝĂŶWĂĐŝĨŝĐůŝŶĞƚŚĂƚƌƵŶƐƚŚƌŽƵŐŚƚŚĞ ĚŽǁŶƚŽǁŶĂŶĚďŝƐĞĐƚƐŵĂŶǇƌĞƐŝĚĞŶƚŝĂůĂŶĚ ĐŽŵŵĞƌĐŝĂůĂƌĞĂƐ͘/ŶƉĂƌƚŝĐƵůĂƌ͕ƚŚĞƚƌĂĐŬƐƌƵŶ ƚŚƌŽƵŐŚƚŚĞDĂǇŽůŝŶŝĐĐĂŵƉƵƐ͘ dŚĞƌĞĂƌĞĂůƐŽĂŶƵŵďĞƌŽĨƐƉƵƌůŝŶĞƐƚŚĂƚ ĐŽŶŶĞĐƚŝŶĚƵƐƚƌŝĂůĂŶĚŵĂŶƵĨĂĐƚƵƌŝŶŐ ďƵƐŝŶĞƐƐĞƐƚŽƚŚĞŵĂŝŶůŝŶĞ͘ ϭϬϰ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ǆƚĞŶƚ dŚĞƐĞǀĞƌŝƚǇŽĨĂƚƌĂŝŶĚĞƌĂŝůŵĞŶƚĐĂŶďĞŵĞĂƐƵƌĞĚŝŶƚĞƌŵƐŽĨŚƵŵĂŶůŝĨĞͬŝŶũƵƌǇĂŶĚǀĂůƵĞŽĨƉƌŽƉĞƌƚǇ ĚĂŵĂŐĞ͘ WƌŽďĂďŝůŝƚǇŽĨ&ƵƚƵƌĞǀĞŶƚƐ ϯ ĞĐĂƵƐĞƚƌĂŝŶƐĂƌĞĂĐƚŝǀĞůǇƵƐŝŶŐƚŚĞƌĂŝůůŝŶĞƐĨŽƵŶĚŝŶ WƌŽďĂďŝůŝƚǇ dƌĂŝŶĞƌĂŝůŵĞŶƚ ZŽĐŚĞƐƚĞƌ͕ƚŚĞƉƌŽďĂďŝůŝƚǇŽĨĨƵƚƵƌĞĚĞƌĂŝůŵĞŶƚƐŝƐ ϯ DĂŐŶŝƚƵĚĞ ĚĞƉĞŶĚĞŶƚŽŶƚŚĞŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞƌĂŝůƌŽĂĚ ϰ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚƚƌĂŝŶŝŶŐŽĨƌĂŝůƌŽĂĚƉĞƌƐŽŶŶĞů͘ tĂƌŶŝŶŐdŝŵĞ ϰ /ŵƉĂĐƚĂŶĚsƵůŶĞƌĂďŝůŝƚǇ ƵƌĂƚŝŽŶ ZĞƐŝĚĞŶƚŝĂůŶĞŝŐŚďŽƌŚŽŽĚƐ͕ƚŚĞDĂǇŽůŝŶŝĐĐĂŵƉƵƐ͕ ϯ͘Ϯϱ WZ/ ZŽĐŚĞƐƚĞƌ͛Ɛ&ĞĚĞƌĂůDĞĚŝĐĂůĞŶƚĞƌ;ĂĨĞĚĞƌĂůƉƌŝƐŽŶĨŽƌƚŚĞ , ŝŶĨŝƌŵͿ͕ĂŶĚƚŚĞKůŵƐƚĞĚŽƵŶƚǇ,ƵŵĂŶ^ĞƌǀŝĐĞƐĂŵƉƵƐ WůĂŶŶŝŶŐ^ŝŐŶŝĨŝĐĂŶĐĞ ĂƌĞůŽĐĂƚĞĚĚŝƌĞĐƚůǇĂĚũĂĐĞŶƚƚŽƚŚĞĂŶĂĚŝĂŶWĂĐŝĨŝĐƌĂŝů ϭ 'ĞŽŐƌĂƉŚŝĐǆƚĞŶƚ ůŝŶĞ͘^ŚŽƵůĚĂĚĞƌĂŝůŵĞŶƚŽĐĐƵƌ͕ĂƉŽƚĞŶƚŝĂůůǇůĂƌŐĞŶƵŵďĞƌ ŽĨƉĞŽƉůĞĐŽƵůĚďĞŝŵƉĂĐƚĞĚďǇĂůŽĐĂůŝǌĞĚŝŶĐŝĚĞŶƚ͕ŵĂŶǇ ŽĨƚŚĞŵƐŝĐŬ͕ĚŝƐĂďůĞĚ͕ĂŶĚĚŝĨĨŝĐƵůƚƚŽŵŽǀĞƋƵŝĐŬůǇ͘,ŽŵĞƐ͕ǁŽƌŬƉůĂĐĞƐ͕ĂŶĚŵĞĚŝĐĂůĨĂĐŝůŝƚŝĞƐĐŽƵůĚƐƵĨĨĞƌ ŵĂũŽƌƐƚƌƵĐƚƵƌĂůĚĂŵĂŐĞ͘dŚĞKůŵƐƚĞĚŽƵŶƚǇtĂƐƚĞƚŽŶĞƌŐǇĨĂĐŝůŝƚǇ͕ǁŚŝĐŚƉƌŽǀŝĚĞƐƉŽǁĞƌ͕ŚĞĂƚŝŶŐ͕ĂŶĚ ĐŽŽůŝŶŐƚŽŵĂŶǇƉƵďůŝĐďƵŝůĚŝŶŐƐ͕ŝƐĂůƐŽĂĚũĂĐĞŶƚƚŽƚŚĞƌĂŝůƌŽĂĚƚƌĂĐŬƐ͖ĚĂŵĂŐĞƚŽƚŚĂƚĨĂĐŝůŝƚǇĐŽƵůĚƌĞƐƵůƚ ŝŶůĂĐŬŽĨƐĞƌǀŝĐĞƐĨŽƌƚŚŽƵƐĂŶĚƐŽĨǁŽƌŬĞƌƐĂŶĚƉƵďůŝĐƐĞƌǀĂŶƚƐ͘ ϯ͘ϲ͘Ϯ,ĂǌĂƌĚŽƵƐDĂƚĞƌŝĂůƐZĞůĞĂƐĞʹdƌĂŶƐƉŽƌƚĂƚŝŽŶ ĞƐĐƌŝƉƚŝŽŶĂŶĚ,ŝƐƚŽƌǇ ,ĂǌĂƌĚŽƵƐŵĂƚĞƌŝĂůƐĂƌĞƐƵďƐƚĂŶĐĞƐŽƌŵĂƚĞƌŝĂůƐƚŚĂƚĂƌĞĐĂƉĂďůĞŽĨƉŽƐŝŶŐĂŶ͞ƵŶƌĞĂƐŽŶĂďůĞƌŝƐŬ͟ŚĞĂůƚŚ͕ ƐĂĨĞƚǇ͕ĂŶĚƉƌŽƉĞƌƚǇŝĨŝŵƉƌŽƉĞƌůǇŚĂŶĚůĞĚ͘dƌĞĂƚŵĞŶƚ͕ƐƚŽƌĂŐĞ͕ĂŶĚĚŝƐƉŽƐĂůŽĨƚŚĞƐĞŵĂƚĞƌŝĂůƐŝƐƐƚƌŝĐƚůǇ ƌĞŐƵůĂƚĞĚƵŶĚĞƌƚŚĞZĞƐŽƵƌĐĞŽŶƐĞƌǀĂƚŝŽŶĂŶĚZĞĐŽǀĞƌǇĐƚĂŶĚDŝŶŶĞƐŽƚĂ,ĂǌĂƌĚŽƵƐtĂƐƚĞZƵůĞƐ͘ dŚĞŵĞƌŐĞŶĐǇWůĂŶŶŝŶŐĂŶĚŽŵŵƵŶŝƚǇZŝŐŚƚƚŽ<ŶŽǁĐƚ;WZͿŽĨϭϵϴϲĞƐƚĂďůŝƐŚĞƐƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌ ĞŵĞƌŐĞŶĐǇƉůĂŶŶŝŶŐĂŶĚƌĞƉŽƌƚŝŶŐŽŶŚĂǌĂƌĚŽƵƐĂŶĚƚŽǆŝĐĐŚĞŵŝĐĂůƐ͘dŚŝƐƐƚĂƚƵƚĞŝƐĚĞƐŝŐŶĞĚƚŽŚĞůƉ ĐŽŵŵƵŶŝƚŝĞƐƐĂĨĞůǇĂŶĚĞĨĨĞĐƚŝǀĞůǇĚĞĂůǁŝƚŚƚŚĞŵĂŶǇŚĂǌĂƌĚŽƵƐŵĂƚĞƌŝĂůƐƵƐĞĚŝŶŽƵƌƐŽĐŝĞƚǇ͘ dŚĞDŝŶŶĞƐŽƚĂWŽůůƵƚŝŽŶŽŶƚƌŽůŐĞŶĐǇŽĨĨĞƌƐĂĚĂƚĂďĂƐĞĐĂůůĞĚ͞tŚĂƚ͛ƐŝŶDǇEĞŝŐŚďŽƌŚŽŽĚ͟ƚŚĂƚ ƉƌŽǀŝĚĞƐƚĂďƵůĂƌĚĂƚĂĂŶĚůŽĐĂƚŝŽŶƐŵĂƉƐĨŽƌĂůůDŝŶŶĞƐŽƚĂďƵƐŝŶĞƐƐĞƐĂŶĚĨĂĐŝůŝƚŝĞƐƚŚĂƚƐƚŽƌĞŚĂǌĂƌĚŽƵƐ ĐŚĞŵŝĐĂůƐ͘'ĂƐƐƚĂƚŝŽŶƐ͕ĚĞŶƚĂůŽĨĨŝĐĞƐ͕ĚƌǇĐůĞĂŶĞƌƐ͕ĂŶĚĞǀĞŶƐĐŚŽŽůƐĂƌĞĨŽƵŶĚŝŶƚŚŝƐĚĂƚĂďĂƐĞ͖ϭϳϵϴ ĨĂĐŝůŝƚŝĞƐǁŝƚŚŝŶZŽĐŚĞƐƚĞƌƐƚŽƌĞŚĂǌĂƌĚŽƵƐĐŚĞŵŝĐĂůƐ͘ dŚĞƐĞŚĂǌĂƌĚŽƵƐŵĂƚĞƌŝĂůƐŚĂǀĞƚŽďĞƚƌĂŶƐƉŽƌƚĞĚƚŽĂŶĚĨƌŽŵƚŚĞƐĞĨĂĐŝůŝƚŝĞƐ͘DŽǀĞŵĞŶƚŽĨƚŚĞƐĞ ŵĂƚĞƌŝĂůƐƉƌŽǀŝĚĞƐĂŶŽƉƉŽƌƚƵŶŝƚǇĨŽƌƚŚĞŝƌĂĐĐŝĚĞŶƚĂůƌĞůĞĂƐĞ͕ĞŝƚŚĞƌďǇĞƋƵŝƉŵĞŶƚĨĂŝůƵƌĞ͕ǀĞŚŝĐůĞĐƌĂƐŚ͕Žƌ ŚƵŵĂŶĞƌƌŽƌ͘ŶǇŽŶĞǁŚŽƚƌĂŶƐƉŽƌƚƐŚĂǌĂƌĚŽƵƐŵĂƚĞƌŝĂůƐŵƵƐƚŽďƚĂŝŶĂ,ĂǌĂƌĚŽƵƐDĂƚĞƌŝĂůƐ ŶĚŽƌƐĞŵĞŶƚ͘ ϭϬϱ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ >ŽĐĂƚŝŽŶ dŚĞĨĂĐŝůŝƚŝĞƐůŝƐƚĞĚŝŶ͞tŚĂƚ͛ƐŝŶDǇEĞŝŐŚďŽƌŚŽŽĚ͟ĂƌĞůŽĐĂƚĞĚĂůŽŶŐŵŽƐƚŽĨƚŚĞŵĂũŽƌƌŽĂĚǁĂǇƐŝŶƚŚĞ ĂƌĞĂ͘ŶǇŽĨƚŚĞƐĞƚƌĂŶƐƉŽƌƚƌŽƵƚĞƐ͕ĂƐǁĞůůĂƐƚŚĞƌĂŝůƌŽĂĚůŝŶĞƐĚĞƉŝĐƚĞĚŝŶƚŚĞŵĂƉŝŶƚŚĞƉƌĞǀŝŽƵƐƐĞĐƚŝŽŶ͕ ĂƌĞƉŽƚĞŶƚŝĂůƐŝƚĞƐĨŽƌĂƚƌĂŶƐƉŽƌƚĂƚŝŽŶͲŽƌŝĞŶƚĞĚŚĂǌĂƌĚŽƵƐŵĂƚĞƌŝĂůƐƌĞůĞĂƐĞ͕ĂƐƐŚŽǁŶŝŶ&ŝŐƵƌĞϯͲϳ͘ ǆƚĞŶƚ dŚĞƐĞǀĞƌŝƚǇŽĨĂƚƌĂŶƐƉŽƌƚĂƚŝŽŶͲŽƌŝĞŶƚĞĚŚĂǌĂƌĚŽƵƐŵĂƚĞƌŝĂůƌĞůĞĂƐĞĐĂŶďĞŵĞĂƐƵƌĞĚŝŶƚĞƌŵƐŽĨŚƵŵĂŶ ůŝĨĞͬŝŶũƵƌǇĂŶĚǀĂůƵĞŽĨƉƌŽƉĞƌƚǇĚĂŵĂŐĞ͘ WƌŽďĂďŝůŝƚǇŽĨ&ƵƚƵƌĞǀĞŶƚƐ dŚĞƉƌŽďĂďŝůŝƚǇŽĨĨƵƚƵƌĞĞǀĞŶƚƐŝƐůŝŬĞůǇŝŶƚŚĂƚƚŚĞƌĞĂƌĞŵĂŶǇƐŝƚĞƐŚŽƵƐŝŶŐŚĂǌĂƌĚŽƵƐŵĂƚĞƌŝĂůƐƚŚĂƚŵƵƐƚ ŐĞƚƐŚŝƉƉĞĚƚŽƚŚĞŵƐŽŵĞŚŽǁ͘sĞŚŝĐůĞĐƌĂƐŚĞƐ͕ƚƌĂŝŶĚĞƌĂŝůŵĞŶƚƐ͕ĂŶĚƐŚŝƉƉŝŶŐĞƌƌŽƌƐĐŽƵůĚůĞĂĚƚŽĨƵƚƵƌĞ ƌĞůĞĂƐĞƐ͘ /ŵƉĂĐƚĂŶĚsƵůŶĞƌĂďŝůŝƚǇ dŚĞƌĞůĞĂƐĞŽĨŚĂǌĂƌĚŽƵƐŵĂƚĞƌŝĂůƐĚƵĞƚŽĂƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ϯ WƌŽďĂďŝůŝƚǇ ƉƌŽďůĞŵĐŽƵůĚŐƌĞĂƚůǇŝŵƉĂĐƚŚƵŵĂŶŚĞĂůƚŚĂŶĚƉƌŽƉĞƌƚǇ ZĞůĞĂƐĞ Ϯ ,ĂǌĂƌĚŽƵƐDĂƚĞƌŝĂůƐ ǀĂůƵĞƐ͘&ĂĐŝůŝƚŝĞƐƐƚŽƌŝŶŐŽƌƵƐŝŶŐŚĂǌĂƌĚŽƵƐŵĂƚĞƌŝĂůƐĂďŽǀĞ DĂŐŶŝƚƵĚĞ ŵŝŶŝŵĂůĂŵŽƵŶƚƐŵƵƐƚĚĞǀĞůŽƉĂŶĚĨŝůĞĂƌŝƐŬŵĂŶĂŐĞŵĞŶƚ ϰ tĂƌŶŝŶŐdŝŵĞ ƉůĂŶǁŝƚŚƚŚĞ^ƚĂƚĞŵĞƌŐĞŶĐǇZĞƐƉŽŶƐĞŽŵŵŝƐƐŝŽŶĂŶĚ Ͳ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ϯ ƚŚĞŶǀŝƌŽŶŵĞŶƚĂůWƌŽƚĞĐƚŝŽŶŐĞŶĐǇ͘ĂĐŚƉůĂŶŝĚĞŶƚŝĨŝĞƐ ƵƌĂƚŝŽŶ ƚŚĞƐŝŐŶŝĨŝĐĂŶƚŚĂǌĂƌĚƐĨŽƌƚŚĞĨĂĐŝůŝƚǇ͕ůŝŬĞůǇƌĞůĞĂƐĞ Ϯ͘ϴϱ WZ/ ƐĐĞŶĂƌŝŽƐ͕ƚŚĞĞƐƚŝŵĂƚĞĚƉŽƉƵůĂƚŝŽŶŝŵƉĂĐƚĞĚďǇĂŶǇ D ƌĞůĞĂƐĞ͕ĂŶĚƚŚĞƐƉĞĐŝĨŝĐƐƚĞƉƐƚŽƚĂŬĞƚŽƉƌŽƚĞĐƚƚŚĂƚ WůĂŶŶŝŶŐ^ŝŐŶŝĨŝĐĂŶĐĞ ƉŽƉƵůĂƚŝŽŶŝŶƚŚĞĞǀĞŶƚŽĨĂƌĞůĞĂƐĞ͘ŽŵŵƵŶŝƚǇ ϭ 'ĞŽŐƌĂƉŚŝĐǆƚĞŶƚ ǀƵůŶĞƌĂďŝůŝƚǇŝƐĚĞƉĞŶĚĞŶƚŽŶŽƵƌĂďŝůŝƚǇƚŽƌĞĚƵĐĞĂŶĚ ĞůŝŵŝŶĂƚĞƉŽƐƐŝďůĞƐŽƵƌĐĞƐŽĨƌĞůĞĂƐĞ͘ ϭϬϲ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϯͲϳ͗WKdEd/>Es/ZKEDEd>,Z^/d^ ϭϬϳ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ϯ͘ϲ͘ϯƌŝƚŝĐĂů/ŶĨƌĂƐƚƌƵĐƚƵƌĞͬhƚŝůŝƚǇ&ĂŝůƵƌĞ ĞƐĐƌŝƉƚŝŽŶĂŶĚ,ŝƐƚŽƌǇ ZŽĐŚĞƐƚĞƌ͛ƐĐƌŝƚŝĐĂůŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝŶĐůƵĚĞƐƐĞǀĞƌĂůĚŝĨĨĞƌĞŶƚƚǇƉĞƐŽĨĨĂĐŝůŝƚŝĞƐĂŶĚƐǇƐƚĞŵƐ͗ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ŶĞƚǁŽƌŬƐ͕ƉŽǁĞƌĂŶĚŶĂƚƵƌĂůŐĂƐƐǇƐƚĞŵƐ͕ǁĂƚĞƌĂŶĚƐĞǁĞƌŶĞƚǁŽƌŬƐ͕ĂŶĚƚĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐĨĂĐŝůŝƚŝĞƐ͘ ^ŽŵĞŽĨƚŚĞƐĞƐǇƐƚĞŵƐĂƌĞŵƵŶŝĐŝƉĂůůǇŽǁŶĞĚĂŶĚŽƉĞƌĂƚĞĚ͕ŽƚŚĞƌƐĂƌĞďƵŝůƚĂŶĚŵĂŝŶƚĂŝŶĞĚĂƐƉƌŝǀĂƚĞ ǀĞŶƚƵƌĞƐ͘&ĂŝůƵƌĞŽĨŽŶĞŽƌŵŽƌĞŽĨƚŚĞƐĞƐǇƐƚĞŵƐŝƐƉŽƐƐŝďůĞĚƵĞƚŽǁĞĂƚŚĞƌĞǀĞŶƚƐ͕ĂŐĞĂŶĚĚĞƚĞƌŝŽƌĂƚŝŽŶ͕ ŽƌŚƵŵĂŶĨĂĐƚŽƌƐ͘ /ŶŐĞŶĞƌĂů͕ZŽĐŚĞƐƚĞƌ͛ƐŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝƐŝŶƐĞƌǀŝĐĞĂďůĞƚŽŐŽŽĚĐŽŶĚŝƚŝŽŶ͘ZŽĐŚĞƐƚĞƌŝƐĂŐƌŽǁŝŶŐ ĐŽŵŵƵŶŝƚǇ͖ŵƵĐŚŽĨƚŚĞůŽĐĂůŝŶĨƌĂƐƚƌƵĐƚƵƌĞŚĂƐďĞĞŶďƵŝůƚƐŝŶĐĞƚŚĞϭϵϴϬƐĂŶĚŝƐĐŽŶƚŝŶƵŝŶŐƚŽďĞ ĞǆƚĞŶĚĞĚ͘ƵĚŐĞƚƐĂƌĞƚŝŐŚƚ͕ƌĞƋƵŝƌŝŶŐƚŚĞŝƚǇƚŽǁĂůŬĂƚŝŐŚƚƌŽƉĞďĞƚǁĞĞŶĞǆƚĞŶĚŝŶŐĂĐĐĞƐƐĂŶĚƐĞƌǀŝĐĞƐ ƚŽŶĞǁůǇĚĞǀĞůŽƉŝŶŐĂƌĞĂƐŽŶƚŚĞĨƌŝŶŐĞŽĨƚŽǁŶĂŶĚŝŶǀĞƐƚŝŶŐŝŶŶĞĞĚĞĚŵĂŝŶƚĞŶĂŶĐĞĂŶĚƌĞƉůĂĐĞŵĞŶƚŽĨ ĂŐŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚƐĐůŽƐĞƌƚŽƚŚĞĚŽǁŶƚŽǁŶ͘dŚĞ/ͲϯϱtďƌŝĚŐĞĨĂŝůƵƌĞŝŶDŝŶŶĞĂƉŽůŝƐ ŝƐƐƚŝůůĨƌĞƐŚŝŶƚŚĞŵŝŶĚƐŽĨDŝŶŶĞƐŽƚĂŶƐĂŶĚŶŽŽŶĞǁĂŶƚƐƚŽƐĞĞƚŚĂƚƚǇƉĞŽĨƚƌĂŐĞĚǇŽĐĐƵƌĂŐĂŝŶ͘ ŽŵƉŽŶĞŶƚƐŽĨŵĂŶǇŽĨƚŚĞƐĞĨĂĐŝůŝƚŝĞƐĂŶĚƐǇƐƚĞŵƐĂƌĞŽĐĐĂƐŝŽŶĂůůǇŝŶƚĞƌƌƵƉƚĞĚ͕ƉĂƌƚŝĐƵůĂƌůǇƚŚŽƐĞƚŚĂƚĂƌĞ ĞǆƉŽƐĞĚƚŽƚŚĞĞůĞŵĞŶƚƐ͕ƐƵĐŚĂƐŽǀĞƌŚĞĂĚƉŽǁĞƌůŝŶĞƐ͘dŚĞƐĞƐĞƌǀŝĐĞŝƐƐƵĞƐƚǇƉŝĐĂůůǇŽĐĐƵƌŝŶĐŽŶũƵŶĐƚŝŽŶ ǁŝƚŚƐĞǀĞƌĞǁĞĂƚŚĞƌĞǀĞŶƚƐĂŶĚĂƌĞďĂĐŬƵƉĂŶĚƌƵŶŶŝŶŐŝŶĂŵĂƚƚĞƌŽĨŵŝŶƵƚĞƐƚŽŚŽƵƌƐ͘EŽůĂƌŐĞͲƐĐĂůĞŽƌ ůŽŶŐͲƚĞƌŵŽƵƚĂŐĞƐŚĂǀĞŽĐĐƵƌƌĞĚŝŶƌĞĐĞŶƚǇĞĂƌƐ͘ ƐĚĞƐĐƌŝďĞĚŝŶŐƌĞĂƚĞƌĚĞƚĂŝůŝŶƚŚĞƉƌĞǀŝŽƵƐĐŚĂƉƚĞƌ͕ZŽĐŚĞƐƚĞƌĐŽŵƉůĞƚĞĚĂĨůŽŽĚĐŽŶƚƌŽůƉƌŽũĞĐƚŝŶϭϵϵϲ ƚŽƉƌŽƚĞĐƚƚŚĞĐŽŵŵƵŶŝƚǇĨƌŽŵƌĞĐƵƌƌŝŶŐĚĂŵĂŐĞĚƵĞƚŽĨůĂƐŚĨůŽŽĚŝŶŐ͘dŚŝƐƐǇƐƚĞŵŽĨƌĞƐĞƌǀŽŝƌƐŝŶĐůƵĚĞƐ ƐĞǀĞŶŚŝŐŚͲŚĂǌĂƌĚĚĂŵƐĂƐǁĞůůĂƐƌĞůŝĞĨƐƉŝůůǁĂǇƐ͘dŚĞƌĞƐĞƌǀŽŝƌƐƚƌƵĐƚƵƌĞƐĂƌĞŝŶƐƉĞĐƚĞĚďǇZŽĐŚĞƐƚĞƌ WƵďůŝĐtŽƌŬƐ͕KůŵƐƚĞĚŽƵŶƚǇWƵďůŝĐtŽƌŬƐ͕dŚĞEĂƚƵƌĂůZĞƐŽƵƌĐĞŽŶƐĞƌǀĂƚŝŽŶ^ĞƌǀŝĐĞ;EZ^Ϳ͕ĂŶĚƚŚĞ EZ͘EƵŵĞƌŽƵƐĞǆĐĞƐƐŝǀĞƌĂŝŶĞǀĞŶƚƐŚĂǀĞŽĐĐƵƌƌĞĚƐŝŶĐĞƚŚĞƉƌŽũĞĐƚǁĂƐĐŽŵƉůĞƚĞĚĂŶĚĂůůŚĂǀĞďĞĞŶ ĐŽŶƚĂŝŶĞĚďǇƚŚĞƉƌŽũĞĐƚ͘dŚƵƐĨĂƌ͕ŶŽǁĂƚĞƌŚĂƐĨůŽǁĞĚƚŚƌŽƵŐŚƚŚĞƐƉŝůůǁĂǇƐĂŶĚƚŚĞƌĞŚĂƐďĞĞŶŶŽĐĂƵƐĞ ĨŽƌĐŽŶĐĞƌŶŽĨƐǇƐƚĞŵĨĂŝůƵƌĞ͘/ŶƚĞƌŶĂůĞƌŽƐŝŽŶ͕ŝŵƉƌŽƉĞƌŵĂŝŶƚĞŶĂŶĐĞ͕ŽƌƐĂďŽƚĂŐĞĐŽƵůĚĂůƐŽĐŽŶƚƌŝďƵƚĞƚŽ ĚĂŵĨĂŝůƵƌĞ͘ dŚĞĨŽůůŽǁŝŶŐƚĂďůĞŝŶĚŝĐĂƚĞƐǁŚŽŚĂƐƚŚĞƉƌŝŵĂƌǇƌĞƐƉŽŶƐŝďůĞĨŽƌĐŽŶƐƚƌƵĐƚŝŽŶ͕ŵĂŝŶƚĞŶĂŶĐĞ͕ŝŶƐƉĞĐƚŝŽŶ͕ ĂŶĚƌĞƉůĂĐĞŵĞŶƚŽĨZŽĐŚĞƐƚĞƌ͛ƐĐƌŝƚŝĐĂůŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ ZŽĐŚĞƐƚĞƌ͛ƐƌŝƚŝĐĂů/ŶĨƌĂƐƚƌƵĐƚƵƌĞ ŐĞŶĐǇ&ĂĐŝůŝƚŝĞƐΘ^ǇƐƚĞŵƐ ZŽĐŚĞƐƚĞƌWƵďůŝĐtŽƌŬƐ^ƚƌĞĞƚŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚƚƌĂĨĨŝĐĐŽŶƚƌŽů ^ƚƌĞĞƚůŝŐŚƚŝŶŐ ^ĂŶŝƚĂƌǇƐĞǁĞƌĂŶĚǁĂƐƚĞǁĂƚĞƌƚƌĞĂƚŵĞŶƚ ^ƚŽƌŵƐĞǁĞƌ ^ƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚĨĂĐŝůŝƚŝĞƐ ϭϬϴ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ tĂƚĞƌŵĂŝŶƐ ZŽĐŚĞƐƚĞƌWƵďůŝĐhƚŝůŝƚŝĞƐ;ŵƵŶŝĐŝƉĂůůǇŽǁŶĞĚͿůĞĐƚƌŝĐƵƚŝůŝƚŝĞƐ tĂƚĞƌƵƚŝůŝƚŝĞƐ KůŵƐƚĞĚŽƵŶƚǇŽƵŶƚǇƌŽĂĚƐǇƐƚĞŵ tĂƐƚĞƚŽŶĞƌŐǇƉůĂŶƚ DŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨdƌĂŶƐƉŽƌƚĂƚŝŽŶ ,ŝŐŚǁĂǇƐǇƐƚĞŵ DŝŶŶĞƐŽƚĂŶĞƌŐǇEĂƚƵƌĂůŐĂƐ ŚĂƌƚĞƌŽŵŵƵŶŝĐĂƚŝŽŶƐͬ^ƉĞĐƚƌƵŵĂďůĞƚĞůĞǀŝƐŝŽŶ͕ŚŝŐŚƐƉĞĞĚ/ŶƚĞƌŶĞƚ͕ƚĞůĞƉŚŽŶĞ ĞŶƚƵƌǇ>ŝŶŬdĞůĞƉŚŽŶĞ͕/ŶƚĞƌŶĞƚ DƵůƚŝƉůĞƉƌŝǀĂƚĞƉƌŽǀŝĚĞƌƐƐĞƌǀĞƚŚĞZŽĐŚĞƐƚĞƌĐŽŵŵƵŶŝƚǇǁŝƚŚĐĞůůƵůĂƌƚĞůĞƉŚŽŶĞƐĞƌǀŝĐĞ͕ƐĂƚĞůůŝƚĞ ƚĞůĞǀŝƐŝŽŶ͕ĂŶĚŽƚŚĞƌƚĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐĂŶĚ/ŶƚĞƌŶĞƚƐĞƌǀŝĐĞ͘ >ŽĐĂƚŝŽŶ DŽƐƚŽĨƚŚŝƐŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝƐůŽĐĂƚĞĚŝŶƚŚĞƌŝŐŚƚƐŽĨǁĂǇŽĨƚŚĞƌŽĂĚǁĂǇŶĞƚǁŽƌŬ͘dŚĞůŽĐĂƚŝŽŶƐŽĨƚŚĞ ƐƚƌƵĐƚƵƌĞƐĂŶĚďƌĞĂĐŚǌŽŶĞƐĂƌĞĨŽƵŶĚŝŶ&ŝŐƵƌĞϯͲϴ͘&ŝŐƵƌĞϯͲϵŝůůƵƐƚƌĂƚĞƐƚŚĞĐŝƚǇ͛ƐĞůĞĐƚƌŝĐƉŽǁĞƌŶĞƚǁŽƌŬ͘ ǆƚĞŶƚ dŚĞƐĞǀĞƌŝƚǇŽĨĂĐƌŝƚŝĐĂůŝŶĨƌĂƐƚƌƵĐƚƵƌĞĨĂŝůƵƌĞĐĂŶďĞŵĞĂƐƵƌĞĚŝŶƚĞƌŵƐŽĨŚƵŵĂŶůŝĨĞͬŝŶũƵƌǇ͕ǀĂůƵĞŽĨ ƉƌŽƉĞƌƚǇĚĂŵĂŐĞ͕ĂŶĚǀĂůƵĞŽĨǁŽƌŬĨŽƌĐĞƉƌŽĚƵĐƚŝǀŝƚǇ͘ WƌŽďĂďŝůŝƚǇŽĨ&ƵƚƵƌĞǀĞŶƚƐ /ƚŝƐůŝŬĞůǇƚŚĂƚƐƚŽƌŵĞǀĞŶƚƐǁŝůůĐŽŶƚŝŶƵĞƚŽƌĞƐƵůƚŝŶ ϯ WƌŽďĂďŝůŝƚǇ ƌŝƚŝĐĂů ŵŝŶŽƌŽƵƚĂŐĞƐ͘dŚĞƌŝƐŬŽĨĨĂŝůƵƌĞĚƵĞƚŽĂŐŝŶŐ Ϯ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞǁŝůůĐŽŶƚŝŶƵĞƚŽŝŶĐƌĞĂƐĞƵŶƚŝůƚŚŽƐĞ DĂŐŶŝƚƵĚĞ hƚŝůŝƚǇ&ĂŝůƵƌĞ ƉŽƌƚŝŽŶƐŽĨƚŚĞƐǇƐƚĞŵĂƌĞƌĞƉůĂĐĞĚ͘ZŽĐŚĞƐƚĞƌ͛Ɛ&ůŽŽĚ ϯ tĂƌŶŝŶŐdŝŵĞ ŽŶƚƌŽůWƌŽũĞĐƚǁĂƐĚĞƐŝŐŶĞĚƚŽĐŽŶƚĂŝŶĂϮϬϬǇĞĂƌ /ŶĨƌĂƐƚƌƵĐƚƵƌĞͬ ϰ ĨůŽŽĚĞǀĞŶƚ͖ŵŽŶŝƚŽƌŝŶŐƐǇƐƚĞŵƐĂƌĞŝŶƉůĂĐĞƚŽ ƵƌĂƚŝŽŶ ŵĞĂƐƵƌĞǁĂƚĞƌůĞǀĞůƐĂŶĚƐƚƌƵĐƚƵƌĂůŝŶƚĞŐƌŝƚǇ͘ǆƚƌĞŵĞ Ϯ͘ϴϬ WZ/ ƐƚŽƌŵĞǀĞŶƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚĐůŝŵĂƚĞĐŚĂŶŐĞŵĂǇƚĞƐƚ D ƚŚĞĨƵƚƵƌĞĂďŝůŝƚǇŽĨƚŚĞƉƌŽũĞĐƚƚŽĐŽŶƚĂŝŶĂůůŽĨƚŚĞ WůĂŶŶŝŶŐ^ŝŐŶŝĨŝĐĂŶĐĞ ƐƚŽƌŵǁĂƚĞƌ͘/ŶƐƉĞĐƚŝŽŶĂŶĚŵĂŝŶƚĞŶĂŶĐĞĂƌĞĐƌŝƚŝĐĂůƚŽ ϭ 'ĞŽŐƌĂƉŚŝĐǆƚĞŶƚ ƌĞĚƵĐŝŶŐƚŚĞĐŚĂŶĐĞŽĨƐǇƐƚĞŵĨĂŝůƵƌĞ͘ /ŵƉĂĐƚĂŶĚsƵůŶĞƌĂďŝůŝƚǇ &ĂŝůƵƌĞŽĨƵƚŝůŝƚŝĞƐŽƌŽƚŚĞƌĐŽŵƉŽŶĞŶƚƐŽĨƚŚĞĐƌŝƚŝĐĂůŝŶĨƌĂƐƚƌƵĐƚƵƌĞĐĂŶƐĞƌŝŽƵƐůǇŝŵƉĂĐƚƉƵďůŝĐŚĞĂůƚŚ͕ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞŽĨĐƌŝƚŝĐĂůĨƵŶĐƚŝŽŶƐ͕ƚŚĞĨƵŶĐƚŝŽŶŝŶŐŽĨĐŽŵŵƵŶŝƚŝĞƐ͕ǁŽƌŬƉůĂĐĞƉƌŽĚƵĐƚŝǀŝƚǇ͕ĂŶĚƚŚĞŽǀĞƌĂůů ĞĐŽŶŽŵǇ͘dŚĞĂŵŽƵŶƚŽĨǁĂƚĞƌƌĞůĞĂƐĞĚ͕ŶŽƚƚŽŵĞŶƚŝŽŶƚŚĞƚƌĞŵĞŶĚŽƵƐĞŶĞƌŐǇŽĨƚŚĂƚĨůŽǁĂƐƚŚĞƌĞƐƵůƚ ŽĨĂĚĂŵͬůĞǀĞĞĨĂŝůƵƌĞĐĂŶƌĞƐƵůƚŝŶŝŶũƵƌŝĞƐ͕ůŽƐƐŽĨůŝĨĞ͕ĂŶĚĚĂŵĂŐĞƚŽƉƌŽƉĞƌƚǇĂŶĚƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͘ ϭϬϵ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϯͲϴ͗&>KKKEdZK>^dZhdhZ^EZ,KE^ ϭϭϬ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &/'hZϯͲϵ͗>dZ/WKtZEdtKZ< ϭϭϭ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ϯ͘ϲ͘ϰ&ŽŽĚŽŶƚĂŵŝŶĂƚŝŽŶ ĞƐĐƌŝƉƚŝŽŶĂŶĚ,ŝƐƚŽƌǇ EŽƌŽǀŝƌƵƐ͕͘ĐŽůŝ͕ĂŶĚƐĂůŵŽŶĞůůĂĂƌĞĂŵŽŶŐƚŚĞŵĂŶǇĨŽŽĚďŽƌŶĞĚŝƐĞĂƐĞͲĐĂƵƐŝŶŐŽƌŐĂŶŝƐŵƐƚŚĂƚ ĨƌĞƋƵĞŶƚůǇĐĂƵƐĞŝůůŶĞƐƐŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ͘dŚĞƚŚƌĞĂƚƐƚŚĞǇƉŽƐĞĂƌĞŶƵŵĞƌŽƵƐĂŶĚǀĂƌŝĞĚ͕ǁŝƚŚ ƐǇŵƉƚŽŵƐƌĂŶŐŝŶŐĨƌŽŵƌĞůĂƚŝǀĞůǇŵŝůĚĚŝƐĐŽŵĨŽƌƚƚŽǀĞƌǇƐĞƌŝŽƵƐůŝĨĞͲƚŚƌĞĂƚĞŶŝŶŐŝůůŶĞƐƐ͘tŚŝůĞƚŚĞǀĞƌǇ ǇŽƵŶŐ͕ƚŚĞĞůĚĞƌůǇ͕ĂŶĚƉĞƌƐŽŶƐǁŝƚŚǁĞĂŬĞŶĞĚŝŵŵƵŶĞƐǇƐƚĞŵƐĂƌĞĂƚŐƌĞĂƚĞƐƚƌŝƐŬŽĨƐĞƌŝŽƵƐ ĐŽŶƐĞƋƵĞŶĐĞƐĨƌŽŵŵŽƐƚĨŽŽĚďŽƌŶĞŝůůŶĞƐƐĞƐ͕ƐŽŵĞŽĨƚŚĞƐĞŽƌŐĂŶŝƐŵƐƉŽƐĞŐƌĂǀĞƚŚƌĞĂƚƐƚŽ Ăůů ƉĞƌƐŽŶƐ͘ &ŽŽĚŵĂǇďĞĐŽŵĞĐŽŶƚĂŵŝŶĂƚĞĚĂƚĂŶǇƉŽŝŶƚĂůŽŶŐƚŚĞĨŽŽĚƉƌŽĚƵĐƚŝŽŶĐŚĂŝŶ͘DĞĂƚŵĂǇďĞĐŽŶƚĂŵŝŶĂƚĞĚ ĚƵƌŝŶŐƚŚĞƐůĂƵŐŚƚĞƌŝŶŐƉƌŽĐĞƐƐ͖ĨƌƵŝƚƐĂŶĚǀĞŐĞƚĂďůĞƐŵĂǇďĞĐŽŶƚĂŵŝŶĂƚĞĚŝĨƚŚĞǇĂƌĞǁĂƐŚĞĚǁŝƚŚǁĂƚĞƌ ƚŚĂƚŝƐĐŽŶƚĂŵŝŶĂƚĞĚďǇĂŶŝŵĂůŵĂŶƵƌĞŽƌŚƵŵĂŶƐĞǁĂŐĞ͘&ŽŽĚďŽƌŶĞŝůůŶĞƐƐĐĂƵƐĞĚďǇƚŚĞĚŝƐĞĂƐĞͲĐĂƵƐŝŶŐ ŽƌŐĂŶŝƐŵƐŵĂǇďĞƐƉƌĞĂĚďǇƚŚŽƐĞƉƌŽĐĞƐƐŝŶŐ͕ĐŽŽŬŝŶŐ͕ŽƌŚĂŶĚůŝŶŐĨŽŽĚ͘ KůŵƐƚĞĚŽƵŶƚǇ͛ƐWƵďůŝĐ,ĞĂůƚŚ^ĞƌǀŝĐĞƐ;KW,^Ϳ͕ŶǀŝƌŽŶŵĞŶƚĂů,ĞĂůƚŚŝǀŝƐŝŽŶƐĞƌǀĞƐĂƐĂůŽĐĂůĐŽůůĞĐƚŽƌ ŽĨĨŽŽĚďŽƌŶĞŝůůŶĞƐƐĐŽŵƉůĂŝŶƚƐ͘dŚŝƐŝŶĨŽƌŵĂƚŝŽŶŝƐĐŽŶĨŝĚĞŶƚŝĂůĂŶĚĐĂŶŚĞůƉĚĞƚĞƌŵŝŶĞŝĨŽƚŚĞƌŝůůŶĞƐƐĞƐ ĂƌĞůŝŶŬĞĚƚŽĨŽŽĚĐŽŶƚĂŵŝŶĂƚŝŽŶ͘/ŶĂŶĂǀĞƌĂŐĞǇĞĂƌ͕KW,^ƐƚĂĨĨŝŶǀĞƐƚŝŐĂƚĞƚǁŽĨŽŽĚďŽƌŶĞŝůůŶĞƐƐ ŽƵƚďƌĞĂŬƐ͘dŚĞDŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨ,ĞĂůƚŚĂůƐŽĐŽůůĞĐƚƐƚŚŝƐŝŶĨŽƌŵĂƚŝŽŶĂƚƚŚĞŝƌDŝŶŶĞƐŽƚĂ &ŽŽĚďŽƌŶĞ/ůůŶĞƐƐ,ŽƚůŝŶĞ͘ >ŽĐĂƚŝŽŶ &ŽŽĚĐŽŶƚĂŵŝŶĂƚŝŽŶĐĂŶŽĐĐƵƌĂŶǇǁŚĞƌĞŝŶƚŚĞĐŽŵŵƵŶŝƚǇ͘ ǆƚĞŶƚ dŚĞƐĞǀĞƌŝƚǇŽĨĨŽŽĚĐŽŶƚĂŵŝŶĂƚŝŽŶĐĂŶďĞŵĞĂƐƵƌĞĚŝŶƚĞƌŵƐŽĨŚƵŵĂŶůŝĨĞͬŝŶũƵƌǇĂŶĚƚŚĞǀĂůƵĞŽĨůŽƐƚ ǁŽƌŬĨŽƌĐĞƉƌŽĚƵĐƚŝǀŝƚǇ͘ WƌŽďĂďŝůŝƚǇŽĨ&ƵƚƵƌĞǀĞŶƚƐ &ŽŽĚŽŶƚĂŵŝŶĂƚŝŽŶ ϯ WƌŽďĂďŝůŝƚǇ ƐůŽŶŐĂƐŚƵŵĂŶƐĂƌĞǁŽƌŬŝŶŐǁŝƚŚƚŚĞĨŽŽĚƐƵƉƉůǇ͕ƚŚĞƌĞ ǁŝůůĂůǁĂǇƐďĞĂƉŽƚĞŶƚŝĂůĨŽƌĨŽŽĚĐŽŶƚĂŵŝŶĂƚŝŽŶ͘ ϭ DĂŐŶŝƚƵĚĞ /ŵƉĂĐƚĂŶĚsƵůŶĞƌĂďŝůŝƚǇ ϰ tĂƌŶŝŶŐdŝŵĞ tŚŝůĞƚŚĞŵĞƌŝĐĂŶĨŽŽĚƐƵƉƉůǇŝƐĂŵŽŶŐƚŚĞƐĂĨĞƐƚŝŶƚŚĞ ϯ ƵƌĂƚŝŽŶ ǁŽƌůĚ͕ƚŚĞ&ĞĚĞƌĂůŐŽǀĞƌŶŵĞŶƚĞƐƚŝŵĂƚĞƐƚŚĂƚƚŚĞƌĞĂƌĞ ϰϴŵŝůůŝŽŶĐĂƐĞƐŽĨĨŽŽĚďŽƌŶĞŝůůŶĞƐƐĂŶŶƵĂůůǇ ĂďŽƵƚͶƚŚĞ Ϯ͘ϱϱ WZ/ ĞƋƵŝǀĂůĞŶƚŽĨƐŝĐŬĞŶŝŶŐϭŝŶϲŵĞƌŝĐĂŶƐĞĂĐŚǇĞĂƌ͘dŚĞh͘^͘ D WůĂŶŶŝŶŐ^ŝŐŶŝĨŝĐĂŶĐĞ &ŽŽĚΘƌƵŐĚŵŝŶŝƐƚƌĂƚŝŽŶĞƐƚŝŵĂƚĞƐƚŚĂƚĞĂĐŚǇĞĂƌƚŚĞƐĞ ŝůůŶĞƐƐĞƐƌĞƐƵůƚŝŶϭϮϴ͕ϬϬϬŚŽƐƉŝƚĂůŝǌĂƚŝŽŶƐĂŶĚϯ͕ϬϬϬĚĞĂƚŚƐ͘ ϭ 'ĞŽŐƌĂƉŚŝĐǆƚĞŶƚ &ŽŽĚĐŽŶƚĂŵŝŶĂƚŝŽŶĐĂŶĐĂƵƐĞŐƌĞĂƚŵŽŶĞƚĂƌǇĞǆƉĞŶƐĞƚŽ ĂĨĨĞĐƚĞĚĨŽŽĚĐŽŵƉĂŶŝĞƐĂŶĚƌĞƐƚĂƵƌĂŶƚƐ͘ ϯ͘ϲ͘ϱ,ĂǌĂƌĚŽƵƐDĂƚĞƌŝĂůƐZĞůĞĂƐĞʹ&ŝǆĞĚ^ŝƚĞ ĞƐĐƌŝƉƚŝŽŶĂŶĚ,ŝƐƚŽƌǇ ZĞĨĞƌƚŽ^ĞĐƚŝŽŶϰ͘ϲ͘ϮĨŽƌĂŐĞŶĞƌĂůĚĞƐĐƌŝƉƚŝŽŶŽĨŚĂǌĂƌĚŽƵƐĐŚĞŵŝĐĂůƌĞůĞĂƐĞ͘ ϭϭϮ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ dŚĞW͛ƐdŽǆŝĐZĞůĞĂƐĞ /ŶǀĞŶƚŽƌǇ;dZ/ͿƚƌĂĐŬƐƚŚĞ ŵĂŶĂŐĞŵĞŶƚŽĨĐĞƌƚĂŝŶƚŽǆŝĐ ĐŚĞŵŝĐĂůƐƚŚĂƚŵĂǇƉŽƐĞĂ ƚŚƌĞĂƚƚŽŚƵŵĂŶŚĞĂůƚŚĂŶĚ ƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͘ĞƌƚĂŝŶ ŝŶĚƵƐƚƌŝĂůĨĂĐŝůŝƚŝĞƐŝŶƚŚĞh͘^͘ ŵƵƐƚƌĞƉŽƌƚĂŶŶƵĂůůǇŚŽǁ ŵƵĐŚŽĨĞĂĐŚĐŚĞŵŝĐĂůŝƐ ƌĞĐǇĐůĞĚ͕ĐŽŵďƵƐƚĞĚĨŽƌ ĞŶĞƌŐǇƌĞĐŽǀĞƌǇ͕ƚƌĞĂƚĞĚĨŽƌĚĞƐƚƌƵĐƚŝŽŶ͕ĂŶĚĚŝƐƉŽƐĞĚŽĨŽƌŽƚŚĞƌǁŝƐĞƌĞůĞĂƐĞĚŽŶͲĂŶĚŽĨĨͲƐŝƚĞ͘dŚŝƐ ŝŶĨŽƌŵĂƚŝŽŶŝƐĐŽůůĞĐƚŝǀĞůǇƌĞĨĞƌƌĞĚƚŽĂƐƉƌŽĚƵĐƚŝŽŶͲƌĞůĂƚĞĚǁĂƐƚĞŵĂŶĂŐĞĚ͘dŚĞdZ/ůŝƐƚƐĨŽƵƌĨŝǆĞĚƐŝƚĞ ŚĂǌĂƌĚŽƵƐŵĂƚĞƌŝĂůƐƐŝƚĞƐƚŚĂƚŚĂǀĞĨŝůĞĚ ƌĞƉŽƌƚƐŝŶƚŚĞĐŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘ >ŽĐĂƚŝŽŶ dŚĞdZ/ŵĂƉƐƚŚĞůŽĐĂƚŝŽŶŽĨƚŚĞƌĞƉŽƌƚĞĚ ĨŝǆĞĚƐŝƚĞƌĞůĞĂƐĞƐƚŚĂƚŚĂǀĞďĞĞŶƌĞƉŽƌƚĞĚ ŝŶZŽĐŚĞƐƚĞƌ͘ ǆƚĞŶƚ dŚĞƐĞǀĞƌŝƚǇŽĨĂĨŝǆĞĚƐŝƚĞŚĂǌĂƌĚŽƵƐ ŵĂƚĞƌŝĂůƌĞůĞĂƐĞĐĂŶďĞŵĞĂƐƵƌĞĚŝŶƚĞƌŵƐ ŽĨŚƵŵĂŶůŝĨĞͬŝŶũƵƌǇĂŶĚǀĂůƵĞŽĨƉƌŽƉĞƌƚǇ ĚĂŵĂŐĞ͘ WƌŽďĂďŝůŝƚǇŽĨ&ƵƚƵƌĞǀĞŶƚƐ ^ŝŶĐĞĨŝǆĞĚƐŝƚĞŚĂǌĂƌĚŽƵƐŵĂƚĞƌŝĂůƐ ƌĞůĞĂƐĞƐŚĂǀĞŽĐĐƵƌƌĞĚŽŶĂŶĂŶŶƵĂůďĂƐŝƐ͕ ŝƚŝƐůŝŬĞůǇƚŽĐŽŶƚŝŶƵĞŝŶƚŚĞĨƵƚƵƌĞƵŶƚŝůŶĞǁƚĞĐŚŶŽůŽŐŝĞƐĂƌĞĚĞǀĞůŽƉĞĚƚŽĞůŝŵŝŶĂƚĞƚŚĞŵ͘ /ŵƉĂĐƚĂŶĚsƵůŶĞƌĂďŝůŝƚǇ &ŝǆĞĚƐŝƚĞŚĂǌĂƌĚŽƵƐĐŚĞŵŝĐĂůƌĞůĞĂƐĞƐŝŵƉĂĐƚŚƵŵĂŶ ϯ WƌŽďĂďŝůŝƚǇ ĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůŚĞĂůƚŚ͘ŽŵŵƵŶŝƚǇǀƵůŶĞƌĂďŝůŝƚǇŝƐ ϭ ,ĂǌĂƌĚŽƵƐDĂƚĞƌŝĂůƐ ZĞůĞĂƐĞ DĂŐŶŝƚƵĚĞ ĚĞƉĞŶĚĞŶƚŽŶŽƵƌĂďŝůŝƚǇƚŽƌĞĚƵĐĞĂŶĚĞůŝŵŝŶĂƚĞ ƉŽƐƐŝďůĞƐŽƵƌĐĞƐŽĨƌĞůĞĂƐĞŶŽǁĂŶĚŝŶƚŚĞĨƵƚƵƌĞ͘ ϰ tĂƌŶŝŶŐdŝŵĞ Ϯ ʹ ƵƌĂƚŝŽŶ &ŝǆĞĚ^ŝƚĞ Ϯ͘ϰϱ WZ/ D WůĂŶŶŝŶŐ^ŝŐŶŝĨŝĐĂŶĐĞ ϭ 'ĞŽŐƌĂƉŚŝĐǆƚĞŶƚ ϭϭϯ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ϯ͘ϲ͘ϲEĂƚƵƌĂů'ĂƐǆƉůŽƐŝŽŶ ĞƐĐƌŝƉƚŝŽŶĂŶĚ,ŝƐƚŽƌǇ EĂƚƵƌĂůŐĂƐŝƐĂŵĂũŽƌĨƵĞůƐŽƵƌĐĞŝŶƚŚĞƐƚĂƚĞŽĨ DŝŶŶĞƐŽƚĂ͘/ƚŝƐƵƐĞĚƚŽŚĞĂƚŽƵƌŚŽŵĞƐĂŶĚďƵƐŝŶĞƐƐĞƐ͕ ĐŽŽŬŽƵƌĨŽŽĚ͕ĂŶĚŚĞĂƚŽƵƌǁĂƚĞƌ͘EĂƚƵƌĂůŐĂƐĐŽŵĞƐƚŽ DŝŶŶĞƐŽƚĂƚŚƌŽƵŐŚŚŝŐŚͲƉƌĞƐƐƵƌĞƉŝƉĞůŝŶĞƐ͘>ŽĐĂů ĚŝƐƚƌŝďƵƚŝŽŶĐŽŵƉĂŶŝĞƐĐŽŶŶĞĐƚƚŽƚŚĞƐĞƚƌĂŶƐŵŝƐƐŝŽŶ ůŝŶĞƐĂŶĚƉŝƉĞƚŚĞŐĂƐƚŽĐƵƐƚŽŵĞƌƐƚŚƌŽƵŐŚŽƵƚƚŚĞ ĐŽŵŵƵŶŝƚǇ͘ tŚŝůĞŶĂƚƵƌĂůŐĂƐŝƐĐŽŶƐŝĚĞƌĞĚƚŽďĞĂĐůĞĂŶĂŶĚ ƌĞůĂƚŝǀĞůǇƐĂĨĞĨƵĞů͕ĂůĞĂŬŝŶƚŚĞƐǇƐƚĞŵĐĂŶĐĂƵƐĞƚŚĞ ŐĂƐƚŽďƵŝůĚƵƉŝŶĂŶĞŶĐůŽƐĞĚĂƌĞĂ͖ƚŚŝƐďƵŝůĚͲƵƉŝƐǀĞƌǇ ǀŽůĂƚŝůĞ͘ŶǇĞƌƌĂŶƚƐƉĂƌŬŽƌƐƚĂƚŝĐĞůĞĐƚƌŝĐŝƚǇĐĂŶĐĂƵƐĞ ƚŚĂƚďƵŝůĚͲƵƉƚŽĞǆƉůŽĚĞ͘^ƵĐŚĞǀĞŶƚƐŚĂǀĞŽĐĐƵƌƌĞĚŝŶ ZŽĐŚĞƐƚĞƌŝŶƌĞĐĞŶƚǇĞĂƌƐ͘ >ŽĐĂƚŝŽŶ EĂƚƵƌĂůŐĂƐƐĞƌǀŝĐĞůŝŶĞƐĂƌĞůŽĐĂƚĞĚƚŚƌŽƵŐŚŽƵƚƚŚĞĐŝƚǇŽĨ Ϯ EĂƚƵƌĂů'ĂƐǆƉůŽƐŝŽŶ WƌŽďĂďŝůŝƚǇ ZŽĐŚĞƐƚĞƌ͕ƚǇƉŝĐĂůůǇŝŶƌŽĂĚƌŝŐŚƚƐŽĨǁĂǇ͘ǆƉůŽƐŝŽŶƐĐŽƵůĚ ŚĂƉƉĞŶĂůŽŶŐƚŚĞƐĞƌŽƵƚĞƐŽƌƚŚĞƐƚƌƵĐƚƵƌĞƐƚŚĞǇƐĞƌǀĞ͘ Ϯ DĂŐŶŝƚƵĚĞ ǆƚĞŶƚ ϰ tĂƌŶŝŶŐdŝŵĞ dŚĞƐĞǀĞƌŝƚǇŽĨĂŶĂƚƵƌĂůŐĂƐĞǆƉůŽƐŝŽŶĐĂŶďĞŵĞĂƐƵƌĞĚŝŶ ϯ ƚĞƌŵƐŽĨŚƵŵĂŶůŝĨĞͬŝŶũƵƌǇĂŶĚǀĂůƵĞŽĨƉƌŽƉĞƌƚǇĚĂŵĂŐĞ͘ƵƌĂƚŝŽŶ Ϯ͘ϰϬ WZ/ WƌŽďĂďŝůŝƚǇŽĨ&ƵƚƵƌĞǀĞŶƚƐ ^ŝŶĐĞŶĂƚƵƌĂůŐĂƐŝƐĂĐŽŵŵŽŶĨƵĞůƐŽƵƌĐĞŝŶƚŚŝƐĂƌĞĂ͕ƚŚĞ D WůĂŶŶŝŶŐ^ŝŐŶŝĨŝĐĂŶĐĞ ƉŽƚĞŶƚŝĂůĞǆŝƐƚƐĨŽƌĨƵƚƵƌĞĞǆƉůŽƐŝŽŶƐ͘ ϭ 'ĞŽŐƌĂƉŚŝĐǆƚĞŶƚ /ŵƉĂĐƚĂŶĚsƵůŶĞƌĂďŝůŝƚǇ EĂƚƵƌĂůŐĂƐĞǆƉůŽƐŝŽŶƐĐĂŶƌĞƐƵůƚŝŶůŽƐƐŽĨůŝĨĞ͕ŝŶũƵƌǇ͕ĂŶĚ ƐĞǀĞƌĞƉƌŽƉĞƌƚǇĚĂŵĂŐĞ͘ ϯ͘ϲ͘ϳ&ŝƌĞƐ;^ƚƌƵĐƚƵƌĞƐĂŶĚsĞŚŝĐůĞƐͿ ĞƐĐƌŝƉƚŝŽŶĂŶĚ,ŝƐƚŽƌǇ ^ƚƌƵĐƚƵƌĂůĂŶĚǀĞŚŝĐůĞĨŝƌĞƐŝŶĐůƵĚĞĂŶǇŝŶƐƚĂŶĐĞƐŽĨƵŶĐŽŶƚƌŽůůĞĚďƵƌŶŝŶŐƚŚĂƚƌĞƐƵůƚŝŶĚĂŵĂŐĞƚŽ ƌĞƐŝĚĞŶƚŝĂů͕ĐŽŵŵĞƌĐŝĂů͕ŝŶĚƵƐƚƌŝĂů͕ŽƌŽƚŚĞƌƉƌŽƉĞƌƚŝĞƐĂŶĚǀĞŚŝĐůĞƐ͘/ŶϮϬϭϱ͕ƚŚĞDŝŶŶĞƐŽƚĂ^ƚĂƚĞ&ŝƌĞ DĂƐƌƐŚĂůů͛ƐϮϬϭϱ&ŝƌĞŝŶDŝŶŶĞƐŽƚĂƌĞƉŽƌƚƐƚŚĂƚϰϰйŽĨĂůůƐƚƌƵĐƚƵƌĂůĨŝƌĞƐǁĞƌĞĐĂƵƐĞĚďǇĐŽŽŬŝŶŐ͘ ϭϭϰ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ZĞƐŝĚĞŶƚŝĂůĨŝƌĞƐĂĐĐŽƵŶƚĞĚĨŽƌϳϳйŽĨĂůů ƐƚƌƵĐƚƵƌĞĨŝƌĞƐĂŶĚϲϬйŽĨƚŚĞƚŽƚĂůĚŽůůĂƌůŽƐƐ͘ ϳϰйŽĨĂůůĨŝƌĞĚĞĂƚŚƐŝŶϮϬϭϱŽĐĐƵƌƌĞĚŝŶ ƌĞƐŝĚĞŶƚŝĂůĨŝƌĞƐ͘ dŚĞZŽĐŚĞƐƚĞƌ&ŝƌĞĞƉĂƌƚŵĞŶƚŶŽƚĞƐƚŚĂƚ ůŽĐĂůůǇ͕ZŽĐŚĞƐƚĞƌ͛ƐĨŝƌĞĐĂƵƐĞƐƚĞŶĚƚŽƚƌĞŶĚƚŚĞ ƐĂŵĞĂƐƚŚĞƐƚĂƚĞ͘^ŝŶĐĞϭϵϵϬ͕ϮϰĚĞĂƚŚƐŝŶ KůŵƐƚĞĚŽƵŶƚǇǁĞƌĞĂƚƚƌŝďƵƚĞĚƚŽĨŝƌĞ͘ >ŽĐĂƚŝŽŶ &ŝƌĞƐĐĂŶŽĐĐƵƌĂŶǇǁŚĞƌĞŝŶƚŚĞĐŽŵŵƵŶŝƚǇ͘ ǆƚĞŶƚ dŚĞƐĞǀĞƌŝƚǇŽĨƐƚƌƵĐƚƵƌĂůĂŶĚǀĞŚŝĐůĞĨŝƌĞƐĐĂŶďĞŵĞĂƐƵƌĞĚŝŶƚĞƌŵƐŽĨŚƵŵĂŶůŝĨĞͬŝŶũƵƌǇĂŶĚƚŚĞǀĂůƵĞŽĨ ƉƌŽƉĞƌƚǇĚĂŵĂŐĞ͘ WƌŽďĂďŝůŝƚǇŽĨ&ƵƚƵƌĞǀĞŶƚƐ ϭ WƌŽďĂďŝůŝƚǇ /ƚŝƐŚŝŐŚůǇůŝŬĞůǇƚŚĂƚƐƚƌƵĐƚƵƌĂůĂŶĚǀĞŚŝĐůĞĨŝƌĞƐǁŝůů ϯ DĂŐŶŝƚƵĚĞ &ŝƌĞ;^ƚƌƵĐƚƵƌĞΘ ĐŽŶƚŝŶƵĞƚŽŽĐĐƵƌŝŶƚŚĞĨƵƚƵƌĞ͘ ϰ tĂƌŶŝŶŐdŝŵĞ /ŵƉĂĐƚĂŶĚsƵůŶĞƌĂďŝůŝƚǇ sĞŚŝĐůĞͿ DŽƐƚƐƚƌƵĐƚƵƌĂůĂŶĚǀĞŚŝĐůĞĨŝƌĞƐĂƌĞůŝŵŝƚĞĚŝŶƚŚĞ ϰ ƵƌĂƚŝŽŶ ĂŵŽƵŶƚŽĨŚƵŵĂŶŝŶũƵƌǇĂŶĚƉƌŽƉĞƌƚǇĚĂŵĂŐĞƚŚĞǇ Ϯ͘ϯϱ WZ/ ĐĂƵƐĞ͘^ŽŵĞŽĨƚŚĞƐĞĞǀĞŶƚƐ͕ŚŽǁĞǀĞƌ͕ŵĂǇďĞ D ĐĂƚĂƐƚƌŽƉŚŝĐŝŶŶĂƚƵƌĞ͕ƉĂƌƚŝĐƵůĂƌůǇŝĨŚĂǌĂƌĚŽƵƐŽƌ WůĂŶŶŝŶŐ^ŝŐŶŝĨŝĐĂŶĐĞ ĞǆƚƌĞŵĞůǇĐŽŵďƵƐƚŝďůĞŵĂƚĞƌŝĂůƐĂƌĞƉƌĞƐĞŶƚ͘ ϭ 'ĞŽŐƌĂƉŚŝĐǆƚĞŶƚ ^ƚƌƵĐƚƵƌĞƐŵĂǇďĞƌĞŶĚĞƌĞĚĂƚŽƚĂůůŽƐƐĂŶĚ͕ŵŽƌĞ ƚƌĂŐŝĐĂůůǇ͕ŚƵŵĂŶůŝĨĞŵĂǇďĞŝƌƌĞƉĂƌĂďůĞĚĂŵĂŐĞĚŽƌ ĞǆƚŝŶŐƵŝƐŚĞĚ͘ ϯ͘ϲ͘ϴŝƌƉůĂŶĞƌĂƐŚ ĞƐĐƌŝƉƚŝŽŶĂŶĚ,ŝƐƚŽƌǇ dŚĞZŽĐŚĞƐƚĞƌ/ŶƚĞƌŶĂƚŝŽŶĂůŝƌƉŽƌƚŝƐƚŚĞƚŚŝƌĚďƵƐŝĞƐƚĐŽŵŵĞƌĐŝĂůĂŝƌƉŽƌƚŝŶDŝŶŶĞƐŽƚĂ͕ĨŽůůŽǁŝŶŐƚŚĞ DŝŶŶĞĂƉŽůŝƐͲ^ƚ͘WĂƵů/ŶƚĞƌŶĂƚŝŽŶĂůŝƌƉŽƌƚĂŶĚƵůƵƚŚ/ŶƚĞƌŶĂƚŝŽŶĂůŝƌƉŽƌƚ͘Z^dŝƐĂƐŝŐŶŝĨŝĐĂŶƚĐŽŶƚƌŝďƵƚŽƌ ƚŽƚŚĞůŽĐĂůĞĐŽŶŽŵǇ͘ ϭϭϱ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ /ŶϮϬϭϱ͕Z^dƐĞƌǀĞĚĂďŽƵƚϮϮϲ͕ϬϬϬĐŽŵŵĞƌĐŝĂů ĨůŝŐŚƚĐƵƐƚŽŵĞƌƐ͘ƐƚŚĞĐŝƚǇĂŶĚƚŚĞDĂǇŽ ůŝŶŝĐĐŽŶƚŝŶƵĞƚŽŐƌŽǁ͕ƚŚĞĚĞŵĂŶĚĨŽƌZ^d ƐĞƌǀŝĐĞƐǁŝůůĐŽŶƚŝŶƵĞƚŽŝŶĐƌĞĂƐĞ͘ ŝƌƉůĂŶĞĐƌĂƐŚĞƐƚǇƉŝĐĂůůǇŽĐĐƵƌĚƵĞƚŽ ŵĞĐŚĂŶŝĐĂůĨĂŝůƵƌĞ͕ǁĞĂƚŚĞƌĐŽŶĚŝƚŝŽŶƐ͕ŽƌƉŝůŽƚ ĞƌƌŽƌ͘ ŝƌƉůĂŶĞĐƌĂƐŚĞƐ͕ƐŽŵĞŽĨƚŚĞŵĨĂƚĂů͕ŚĂǀĞ ŽĐĐƵƌƌĞĚŝŶĂŶĚĂƌŽƵŶĚƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͘EŽŶĞŽĨƚŚĞƐĞŚĂǀĞŝŶǀŽůǀĞĚůĂƌŐĞĐŽŵŵĞƌĐŝĂůĂŝƌĐƌĂĨƚ͘ >ŽĐĂƚŝŽŶ ŝƌƉůĂŶĞĐƌĂƐŚĞƐĐĂŶŽĐĐƵƌĂŶǇǁŚĞƌĞŝŶƚŚĞĂƌĞĂ͕ƚŚŽƵŐŚƚŚĞǇŵĂǇďĞŵŽƌĞůŝŬĞůǇƚŽŚĂƉƉĞŶŝŶƉƌŽǆŝŵŝƚǇƚŽ ƚŚĞĂŝƌƉŽƌƚƐŝŶĐĞĐƌĂƐŚĞƐĂƌĞŵŽƌĞůŝŬĞůǇƚŽŽĐĐƵƌĚƵƌŝŶŐƚĂŬĞŽĨĨŽƌůĂŶĚŝŶŐ͘ ǆƚĞŶƚ ϭ WƌŽďĂďŝůŝƚǇ dŚĞƐĞǀĞƌŝƚǇŽĨĂŝƌƉůĂŶĞĐƌĂƐŚĞƐĐĂŶďĞŵĞĂƐƵƌĞĚŝŶƚĞƌŵƐ ŝƌƉůĂŶĞƌĂƐŚ ŽĨŚƵŵĂŶůŝĨĞͬŝŶũƵƌǇĂŶĚƚŚĞǀĂůƵĞŽĨƉƌŽƉĞƌƚǇĚĂŵĂŐĞ͘ ϯ DĂŐŶŝƚƵĚĞ WƌŽďĂďŝůŝƚǇŽĨ&ƵƚƵƌĞǀĞŶƚƐ ϰ tĂƌŶŝŶŐdŝŵĞ ůƚŚŽƵŐŚĂŝƌƉůĂŶĞĐƌĂƐŚĞƐƚĞŶĚƚŽŐƌĂďŵĞĚŝĂŚĞĂĚůŝŶĞƐ͕ ϯ ƵƌĂƚŝŽŶ ƚŚĞǇĂƌĞƌĞůĂƚŝǀĞůǇƌĂƌĞĞǀĞŶƚƐ͘^ŝŶĐĞZŽĐŚĞƐƚĞƌĚŽĞƐŚĂǀĞ ĂŶŝŶƚĞƌŶĂƚŝŽŶĂůĂŝƌƉŽƌƚ͕ŝƚŝƐŵŽƌĞůŝŬĞůǇƚŚĂƚĐƌĂƐŚĞƐǁŝůů Ϯ͘Ϯϱ WZ/ ŚĂƉƉĞŶŝŶƚŚŝƐĂƌĞĂƚŚĂŶŝŶƚŚŽƐĞǁŝƚŚŽƵƚĂŝƌƉŽƌƚƐ͘ D WůĂŶŶŝŶŐ^ŝŐŶŝĨŝĐĂŶĐĞ /ŵƉĂĐƚĂŶĚsƵůŶĞƌĂďŝůŝƚǇ ϭ 'ĞŽŐƌĂƉŚŝĐǆƚĞŶƚ tŚŝůĞĂŝƌƉůĂŶĞĐƌĂƐŚĞƐĂƌĞƌĞůĂƚŝǀĞůǇƌĂƌĞŝŶƚŚŝƐĂƌĞĂ͕ƚŚĞǇ ŵĂǇďĞĐĂƚĂƐƚƌŽƉŚŝĐŝŶŶĂƚƵƌĞǁŚĞŶƚŚĞǇĚŽŽĐĐƵƌ͘WƌŽƉĞƌƚǇ ĚĂŵĂŐĞŝŶĐƵƌƌĞĚŵĂǇƐĞĞŵŝƌƌĞůĞǀĂŶƚĐŽŵƉĂƌĞĚƚŽƐĞǀĞƌĞ ŝŶũƵƌǇĂŶĚĚĞĂƚŚ͘ ϯ͘ϳ,ƵŵĂŶͲĂƵƐĞĚdŚƌĞĂƚƐ dŚĞĨŽůůŽǁŝŶŐƐĞĐƚŝŽŶĨŽĐƵƐĞƐŽŶƚŚƌĞĂƚƐƚŚĂƚĂƌĞŝŶƚĞŶƚŝŽŶĂůůǇĐĂƵƐĞĚďǇŚƵŵĂŶƐƚŽĚĂŵĂŐĞƉƌŽƉĞƌƚǇŽƌ ŝŶĨůŝĐƚďŽĚŝůǇŚĂƌŵ͘ ϯ͘ϳ͘ϭ^ĐŚŽŽůͬtŽƌŬWůĂĐĞsŝŽůĞŶĐĞ ĞƐĐƌŝƉƚŝŽŶĂŶĚ,ŝƐƚŽƌǇ ǀĞƌǇǁŽƌŬĚĂǇ͕ƚŚĞƌĞĂƌĞĂŶĞƐƚŝŵĂƚĞĚϭϲ͕ϰϬϬƚŚƌĞĂƚƐ͕ϳϮϯǁŽƌŬĞƌĂƚƚĂĐŬƐĂŶĚϰϴ͕ϯϬϬŚĂƌĂƐƐŵĞŶƚŝŶĐŝĚĞŶƚƐ ĂĐĐŽƌĚŝŶŐƚŽĂ^ƚƵĚǇďǇƚŚĞtŽƌŬƉůĂĐĞsŝŽůĞŶĐĞZĞƐĞĂƌĐŚ/ŶƐƚŝƚƵƚĞ͘/ŶDŝŶŶĞƐŽƚĂ͕ƚŚĞĞƉĂƌƚŵĞŶƚŽĨ>ĂďŽƌ Θ/ŶĚƵƐƚƌǇŶŽƚĞƐƚŚĂƚĂƉƉƌŽǆŝŵĂƚĞůǇϭ͕ϬϬϬǁŽƌŬͲƌĞůĂƚĞĚĂƐƐĂƵůƚƐĂƌĞƌĞƉŽƌƚĞĚĞĂĐŚǇĞĂƌʹŶĞĂƌůǇϮϬƉĞƌ ǁĞĞŬ͘ ϭϭϲ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ^ĐŚŽŽůƐĂƌĞŶŽƚŝŵŵƵŶĞƚŽƚŚĞƐĞƚǇƉĞƐŽĨƚŚƌĞĂƚƐ͘tŚŝůĞŵŽƌĞƚŚĂŶϵϬйŽĨKůŵƐƚĞĚŽƵŶƚǇƐƚƵĚĞŶƚƐĨĞĞů ƐĂĨĞĂƚƐĐŚŽŽů͕ƚŚĞϮϬϭϲDŝŶŶĞƐŽƚĂ^ƚƵĚĞŶƚ^ƵƌǀĞǇŝŶĚŝĐĂƚĞƐƚŚĂƚƚŚĞƌĞƐƚŽĨƚŚĞƐĞƐƚƵĚĞŶƚƐŚĂǀĞďĞĞŶ ƌĞŐƵůĂƌůǇŚĂƌĂƐƐĞĚŽƌďƵůůŝĞĚŽǀĞƌƚŚĂƚƉƌĞĐĞĚŝŶŐϯϬĚĂǇƐ͘ /ŶĞǆƚƌĞŵĞĂĐƚƐŽĨƐĐŚŽŽůͬǁŽƌŬƉůĂĐĞǀŝŽůĞŶĐĞ͕ĂŶ͞ĂĐƚŝǀĞƐŚŽŽƚĞƌ͟ĂĐƚŝǀĞůǇĞŶŐĂŐĞƐŝŶŬŝůůŝŶŐŽƌĂƚƚĞŵƉƚŝŶŐ ƚŽŬŝůůƉĞŽƉůĞŝŶĂĐŽŶĨŝŶĞĚĂŶĚƉŽƉƵůĂƚĞĚĂƌĞĂ͖ŝŶŵŽƐƚĐĂƐĞƐ͕ƚŚĞƌĞŝƐŶŽƉĂƚƚĞƌŶŽƌŵĞƚŚŽĚƚŽƚŚĞŝƌ ƐĞůĞĐƚŝŽŶŽĨǀŝĐƚŝŵƐ͘ZŽĐŚĞƐƚĞƌŚĂƐďĞĞŶĨŽƌƚƵŶĂƚĞŝŶŶŽƚĞǆƉĞƌŝĞŶĐŝŶŐƐƵĐŚǀŝŽůĞŶƚĂĐƚƐ͘ >ŽĐĂƚŝŽŶ ^ĐŚŽŽůĂŶĚǁŽƌŬƉůĂĐĞǀŝŽůĞŶĐĞŵĂǇŽĐĐƵƌŝŶZŽĐŚĞƐƚĞƌ͛ƐĞĚƵĐĂƚŝŽŶĂůĂŶĚĞŵƉůŽǇŵĞŶƚĐĞŶƚĞƌƐ͘ ǆƚĞŶƚ dŚĞƐĞǀĞƌŝƚǇŽĨƐĐŚŽŽůĂŶĚǁŽƌŬƉůĂĐĞǀŝŽůĞŶĐĞĐĂŶďĞŵĞĂƐƵƌĞĚŝŶƚĞƌŵƐŽĨŚƵŵĂŶůŝĨĞͬŝŶũƵƌǇĂŶĚƚŚĞǀĂůƵĞ ŽĨƉƌŽƉĞƌƚǇĚĂŵĂŐĞ͘tŚĂƚŵĂǇďĞŵŽƌĞĚŝĨĨŝĐƵůƚƚŽŵĞĂƐƵƌĞŝƐƚŚĞĞǆƚĞŶƚŽĨĚĂŵĂŐĞƚŽŵĞŶƚĂůŚĞĂůƚŚĂƐĂ ƌĞƐƵůƚŽĨƚŚĞƐĞĞǆƉĞƌŝĞŶĐĞƐ͘ WƌŽďĂďŝůŝƚǇŽĨ&ƵƚƵƌĞǀĞŶƚƐ /ƚŝƐůŝŬĞůǇƚŚĂƚƐĐŚŽŽůĂŶĚǁŽƌŬƉůĂĐĞǀŝŽůĞŶĐĞǁŝůůĐŽŶƚŝŶƵĞƚŽŽĐĐƵƌƚŽƐŽŵĞĚĞŐƌĞĞ͘ /ŵƉĂĐƚĂŶĚsƵůŶĞƌĂďŝůŝƚǇ ϯ WƌŽďĂďŝůŝƚǇ ƚŝƚƐǁŽƌƐƚ͕ƐĐŚŽŽůĂŶĚǁŽƌŬƉůĂĐĞǀŝŽůĞŶĐĞŵĂǇůĞĂĚƚŽ ^ĐŚŽŽůͬtŽƌŬWůĂĐĞ ϯ ƐĞƌŝŽƵƐŝŶũƵƌǇĂŶĚĚĞĂƚŚ͘WĂŶŝĐ͕ĂŶǆŝĞƚǇ͕ĂŶĚĚĞƉƌĞƐƐŝŽŶ DĂŐŶŝƚƵĚĞ ŵĂǇƐƚĞŵĨƌŽŵƚŚĞƐĞĞǀĞŶƚƐ͘&ƌŽŵĂĨŝŶĂŶĐŝĂůǀŝĞǁ͕ ϰ tĂƌŶŝŶŐdŝŵĞ sŝŽůĞŶĐĞ ƐĐŚŽŽůƐĂŶĚďƵƐŝŶĞƐƐĞƐŵĂǇĨĂĐĞůĂǁƐƵŝƚƐ͕ůŽƐƐŽĨ Ϯ ƌĞƉƵƚĂƚŝŽŶ͕ĐƌĞĚŝďŝůŝƚǇ͕ĂŶĚƉŽƚĞŶƚŝĂůƌĞǀĞŶƵĞ͘>ŽŶŐ ƵƌĂƚŝŽŶ ƚĞƌŵ͕ďƵƐŝŶĞƐƐĞƐŵĂǇĞǆƉĞƌŝĞŶĐĞĂŶŝŶĂďŝůŝƚǇƚŽŚŝƌĞĂŶĚ ϯ͘Ϭϱ WZ/ ƌĞƚĂŝŶĞŵƉůŽǇĞĞƐ͘ , WůĂŶŶŝŶŐ^ŝŐŶŝĨŝĐĂŶĐĞ /ŶǁŽƌŬƉůĂĐĞƐĞƚƚŝŶŐƐ͕͞ĂĐƚŝǀĞƐŚŽŽƚĞƌ͟ƚƌĂŝŶŝŶŐŵĂǇ ŚĞůƉƌĞĚƵĐĞĂŶǆŝĞƚǇĂŶĚĞŵƉŽǁĞƌĞŵƉůŽǇĞĞƐǁŝƚŚ ϭ 'ĞŽŐƌĂƉŚŝĐǆƚĞŶƚ ŬŶŽǁůĞĚŐĞŽĨŚŽǁƚŽĂĐƚŝŶĂĐƌŝƐŝƐƐŝƚƵĂƚŝŽŶ͘ ϭϭϳ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ϯ͘ϳ͘ϮǇďĞƌ/ŶĐŝĚĞŶƚƐ ĞƐĐƌŝƉƚŝŽŶĂŶĚ,ŝƐƚŽƌǇ ǇďĞƌŝŶĐŝĚĞŶƚƐĂƌĞŵĂůŝĐŝŽƵƐĂĐƚŝǀŝƚŝĞƐďǇŝŶĚŝǀŝĚƵĂůƐŽƌŽƌŐĂŶŝǌĂƚŝŽŶƐĚĞƐŝŐŶĞĚƚŽƚĂƌŐĞƚĐŽŵƉƵƚĞƌĚĂƚĂ ƐǇƐƚĞŵƐ͕ĐŽŵƉƵƚĞƌƐĞƌǀĞƌƐĂŶĚŶĞƚǁŽƌŬƐ͕ĂŶĚƉĞƌƐŽŶĂůĐŽŵƉƵƚĞƌƐŝŶŽƌĚĞƌƚŽƐƚĞĂů͕ĂůƚĞƌ͕ŽƌĚĞƐƚƌŽǇĚĂƚĂ͘ ^ŽŵĞĂƚƚĂĐŬƐĂƌĞĚĞƐŝŐŶĞĚƐƚƌŝĐƚůǇƚŽǁƌĞĂŬŚĂǀŽĐ͘DĞƚŚŽĚƐĞŵƉůŽǇĞĚŝŶĐůƵĚĞĚĂƚĂďƌĞĂĐŚĞƐ͕ŶĞƚǁŽƌŬ ŝŶƚƌƵƐŝŽŶƐ͕ĂŶĚŝŶƚĞŶƚŝŽŶĂůǀŝƌƵƐĂƚƚĂĐŬƐ͘ǇďĞƌŝŶĐŝĚĞŶƚƐƐĞĞŵƚŽďĞƌĞƉŽƌƚĞĚĚĂŝůǇŝŶŵĞĚŝĂƐŽƵƌĐĞƐ͘ >ŽĐĂƚŝŽŶ EŽĐŽŵƉĂŶǇ͕ŽƌŐĂŶŝǌĂƚŝŽŶ͕ĂŐĞŶĐǇ͕ŽƌŝŶĚŝǀŝĚƵĂůŝƐŝŵŵƵŶĞ ƚŽƚĂƌŐĞƚĞĚĐǇďĞƌĂƚƚĂĐŬƐ͘ ϯ WƌŽďĂďŝůŝƚǇ ǇďĞƌ/ŶĐŝĚĞŶƚƐ ǆƚĞŶƚ Ϯ DĂŐŶŝƚƵĚĞ ǇďĞƌŝŶĐŝĚĞŶƚƐŵĂǇďĞŵĞĂƐƵƌĞĚďǇƚŚĞŝƌĞĐŽŶŽŵŝĐŝŵƉĂĐƚ ϰ ĂŶĚůŽƐƐŽĨƐĞĐƵƌŝƚǇ͘ tĂƌŶŝŶŐdŝŵĞ ϰ WƌŽďĂďŝůŝƚǇŽĨ&ƵƚƵƌĞǀĞŶƚƐ ƵƌĂƚŝŽŶ /ƚŝƐŚŝŐŚůǇůŝŬĞůǇƚŚĂƚĐǇďĞƌŝŶĐŝĚĞŶƚƐǁŝůůŽĐĐƵƌŝŶƚŚĞĨƵƚƵƌĞ͘ Ϯ͘ϵϱ WZ/ /ŵƉĂĐƚĂŶĚsƵůŶĞƌĂďŝůŝƚǇ D WůĂŶŶŝŶŐ^ŝŐŶŝĨŝĐĂŶĐĞ ZŽĐŚĞƐƚĞƌ͛ƐĞĐŽŶŽŵǇŝƐďĂƐĞĚŝŶƚĞĐŚŶŽůŽŐǇĂŶĚ ŝŶŶŽǀĂƚŝŽŶ͖ƉƌĂĐƚŝĐĂůůǇĂůůĂƐƉĞĐƚƐŽĨŽƵƌďƵƐŝŶĞƐƐĞƐĂƌĞϭ 'ĞŽŐƌĂƉŚŝĐǆƚĞŶƚ ĐŽŵƉƵƚĞƌŝǌĞĚƚŽƐŽŵĞĞǆƚĞŶƚ͘/ŶƚƌƵƐŝŽŶƐŝŶƚŽŵĞĚŝĐĂů ƌĞĐŽƌĚƐ͕ƌĞƐĞĂƌĐŚĚĂƚĂďĂƐĞƐ͕ǀŽƚĞƌŝŶĨŽƌŵĂƚŝŽŶ͕ĂŶĚƚŚĞůŝŬĞ ĐŽƵůĚďĞĚĞǀĂƐƚĂƚŝŶŐƚŽƚŚĞůŽĐĂůĞĐŽŶŽŵǇ͘ ϯ͘ϳ͘ϯdĞƌƌŽƌŝƐƚĐƚƐ ĞƐĐƌŝƉƚŝŽŶĂŶĚ,ŝƐƚŽƌǇ dŚĞ&ĞĚĞƌĂůƵƌĞĂƵŽĨ/ŶǀĞƐƚŝŐĂƚŝŽŶĚĞĨŝŶĞƐƚĞƌƌŽƌŝƐŵĂƐ͕ΗƚŚĞƵŶůĂǁĨƵůƵƐĞŽĨĨŽƌĐĞŽƌǀŝŽůĞŶĐĞĂŐĂŝŶƐƚ ƉĞƌƐŽŶƐŽƌƉƌŽƉĞƌƚǇƚŽŝŶƚŝŵŝĚĂƚĞŽƌĐŽĞƌĐĞĂŐŽǀĞƌŶŵĞŶƚ͕ƚŚĞĐŝǀŝůŝĂŶƉŽƉƵůĂƚŝŽŶ͕ŽƌĂŶǇƐĞŐŵĞŶƚƚŚĞƌĞŽĨ͕ ŝŶĨƵƌƚŚĞƌĂŶĐĞŽĨƉŽůŝƚŝĐĂůŽƌƐŽĐŝĂůŽďũĞĐƚŝǀĞƐ͘ΗdŚĞƚŚƌĞĂƚŽĨƚĞƌƌŽƌŝƐŵ͕ďŽƚŚŝŶƚĞƌŶĂƚŝŽŶĂůĂŶĚĚŽŵĞƐƚŝĐ͕ŝƐ ĞǀĞƌƉƌĞƐĞŶƚ͕ĂŶĚĂŶĂƚƚĂĐŬŝƐůŝŬĞůǇƚŽŽĐĐƵƌǁŚĞŶůĞĂƐƚĞǆƉĞĐƚĞĚ͘dĞƌƌŽƌŝƐƚƐƚǇƉŝĐĂůůǇƵƐĞƚŚƌĞĂƚƐƚŽ ŐĞŶĞƌĂƚĞƉƵďůŝĐĨĞĂƌŽƌŐĂŝŶŝŵŵĞĚŝĂƚĞƉƵďůŝĐŝƚǇĨŽƌƚŚĞŝƌĐĂƵƐĞ͘ĐƚƐŽĨƚĞƌƌŽƌŝƐŵŝŶĐůƵĚĞƚŚƌĞĂƚƐ͕ŬŝůůŝŶŐƐ͕ ďŽŵďŝŶŐƐ͕ĂŶĚƚŚĞƵƐĞŽĨĐŚĞŵŝĐĂůĂŶĚďŝŽůŽŐŝĐĂůǁĞĂƉŽŶƐ͘dŚƌĞĂƚĂƐƐĞƐƐŵĞŶƚ͕ŵŝƚŝŐĂƚŝŽŶ͕ĂŶĚƌĞƐƉŽŶƐĞƚŽ ƚĞƌƌŽƌŝƐŵĂƌĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞĚŝƌĞĐƚŝǀĞƐ͖ƚŚĞƐĞĂŐĞŶĐŝĞƐǁŽƌŬƉƌŝŵĂƌŝůǇǁŝƚŚůŽĐĂůůĂǁĞŶĨŽƌĐĞŵĞŶƚ͘ dŚĞƌĞĂƌĞŶŽŚŝƐƚŽƌŝĐƌĞĐŽƌĚƐŽĨƐĞƌŝŽƵƐƚĞƌƌŽƌŝƐƚĂĐƚƐŝŶZŽĐŚĞƐƚĞƌ͘ >ŽĐĂƚŝŽŶ dĞƌƌŽƌŝƐƚŝĐĂĐƚƐĐŽƵůĚŚĂƉƉĞŶĂŶǇǁŚĞƌĞŝŶƚŚĞĐŽŵŵƵŶŝƚǇ͕ďƵƚŚŝŐŚͲƉƌŽĨŝůĞŽƌĚĞŶƐĞůǇƉŽƉƵůĂƚĞĚƚĂƌŐĞƚƐ ƐƵĐŚĂƐĞŵƉůŽǇŵĞŶƚĐĞŶƚĞƌƐ͕ƉƵďůŝĐŐĂƚŚĞƌŝŶŐƐ͕ŽƌƚŚĞĂŝƌƉŽƌƚŵĂǇďĞŵŽƌĞƉƌŽďĂďůĞƚĂƌŐĞƚƐ͘&ŽŽĚĂŶĚ ǁĂƚĞƌƐƵƉƉůŝĞƐ͕ƵƚŝůŝƚŝĞƐ͕ĂŶĚĐƌŝƚŝĐĂůŝŶĨƌĂƐƚƌƵĐƚƵƌĞŵĂǇĂůƐŽďĞƚĂƌŐĞƚĞĚ͘ ϭϭϴ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ǆƚĞŶƚ dĞƌƌŽƌŝƐƚĂĐƚƐŵĂǇďĞŵĞĂƐƵƌĞĚŝŶƚĞƌŵƐŽĨŚƵŵĂŶ Ϯ WƌŽďĂďŝůŝƚǇ ůŝĨĞͬŝŶũƵƌǇ͕ŝŵƉĂĐƚŽŶŵĞŶƚĂůŚĞĂůƚŚ͕ĂŶĚƚŚĞĞǆƚĞŶƚŽĨ ƉƌŽƉĞƌƚǇĚĂŵĂŐĞ͘ dĞƌƌŽƌŝƐƚĐƚƐ Ϯ DĂŐŶŝƚƵĚĞ WƌŽďĂďŝůŝƚǇŽĨ&ƵƚƵƌĞǀĞŶƚƐ ϰ tĂƌŶŝŶŐdŝŵĞ tŚŝůĞZŽĐŚĞƐƚĞƌŝƐŶŽƚĂŚŝŐŚƉƌŽĨŝůĞĐŝƚǇ͕ƚĞƌƌŽƌŝƐƚĂƚƚĂĐŬƐ ϯ ƵƌĂƚŝŽŶ ŵĂǇŽĐĐƵƌǁŚĞŶĂŶĚǁŚĞƌĞƚŚĞǇĂƌĞůĞĂƐƚĞǆƉĞĐƚĞĚŝŶŽƌĚĞƌ ƚŽŚĞŝŐŚƚĞŶƚŚĞƐĞŶƐĞŽĨĨĞĂƌ͘dĞƌƌŽƌŝƐƚĂĐƚƐŵĂǇďĞŝŶ Ϯ͘ϰϬ WZ/ ZŽĐŚĞƐƚĞƌ͛ƐĨƵƚƵƌĞ͘ D WůĂŶŶŝŶŐ^ŝŐŶŝĨŝĐĂŶĐĞ /ŵƉĂĐƚĂŶĚsƵůŶĞƌĂďŝůŝƚǇ ϭ 'ĞŽŐƌĂƉŚŝĐǆƚĞŶƚ dĞƌƌŽƌŝƐƚĂĐƚƐŵĂǇďĞĐĂƚĂƐƚƌŽƉŚŝĐŝŶƚĞƌŵƐŽĨŝŶũƵƌǇ͕ ĨĂƚĂůŝƚǇ͕ůŽƐƐŽĨƉƌŽƉĞƌƚǇ͕ĂŶĚĞĐŽŶŽŵŝĐĐƌŝƐŝƐ͘ ϯ͘ϳ͘ϰŝǀŝůŝƐƚƵƌďĂŶĐĞ ĞƐĐƌŝƉƚŝŽŶĂŶĚ,ŝƐƚŽƌǇ ŝǀŝůĚŝƐŽƌĚĞƌ͕ĂůƐŽŬŶŽǁŶĂƐĐŝǀŝůƵŶƌĞƐƚŽƌĐŝǀŝůƐƚƌŝĨĞ͕ŝƐĂďƌŽĂĚƚĞƌŵƚŚĂƚŝƐƚǇƉŝĐĂůůǇƵƐĞĚďǇůĂǁ ĞŶĨŽƌĐĞŵĞŶƚƚŽĚĞƐĐƌŝďĞŽŶĞŽƌŵŽƌĞĨŽƌŵƐŽĨƵŶƌĞƐƚĐĂƵƐĞĚďǇĂŐƌŽƵƉŽĨƉĞŽƉůĞ͘ŝǀŝůĚŝƐƚƵƌďĂŶĐĞŝƐ ƚǇƉŝĐĂůůǇĂƐǇŵƉƚŽŵŽĨ͕ĂŶĚĂĨŽƌŵŽĨƉƌŽƚĞƐƚĂŐĂŝŶƐƚ͕ŵĂũŽƌƐŽĐŝŽͲƉŽůŝƚŝĐĂůƉƌŽďůĞŵƐ͖ƚŚĞƐĞǀĞƌŝƚǇŽĨƚŚĞ ĂĐƚŝŽŶĐŽŝŶĐŝĚĞƐǁŝƚŚƉƵďůŝĐĞǆƉƌĞƐƐŝŽŶ;ƐͿŽĨĚŝƐƉůĞĂƐƵƌĞ͘ǆĂŵƉůĞƐŽĨĐŝǀŝůĚŝƐŽƌĚĞƌŝŶĐůƵĚĞ͕ďƵƚĂƌĞŶŽƚ ŶĞĐĞƐƐĂƌŝůǇůŝŵŝƚĞĚƚŽ͗ŝůůĞŐĂůƉĂƌĂĚĞƐ͖ƐŝƚͲŝŶƐĂŶĚŽƚŚĞƌĨŽƌŵƐŽĨŽďƐƚƌƵĐƚŝŽŶƐ͖ƌŝŽƚƐ͖ƐĂďŽƚĂŐĞ͖ĂŶĚŽƚŚĞƌ ĨŽƌŵƐŽĨĐƌŝŵĞ͘/ƚŝƐŝŶƚĞŶĚĞĚƚŽďĞĂĚĞŵŽŶƐƚƌĂƚŝŽŶƚŽƚŚĞƉƵďůŝĐĂŶĚƚŚĞŐŽǀĞƌŶŵĞŶƚ͕ďƵƚĐĂŶĞƐĐĂůĂƚĞ ŝŶƚŽŐĞŶĞƌĂůĐŚĂŽƐ͘ tŚŝůĞŵĂŶǇƉƵďůŝĐĚĞŵŽŶƐƚƌĂƚŝŽŶƐŚĂǀĞŽĐĐƵƌƌĞĚŝŶZŽĐŚĞƐƚĞƌŝŶƌĞĐĞŶƚǇĞĂƌƐ͕ƚŚĞǇŚĂǀĞůĂƌŐĞůǇƌĞŵĂŝŶĞĚ ƉĞĂĐĞĨƵůŝŶŶĂƚƵƌĞ͘ >ŽĐĂƚŝŽŶ ŝǀŝůĚŝƐƚƵƌďĂŶĐĞƐĐŽƵůĚŚĂƉƉĞŶĂŶǇǁŚĞƌĞŝŶƚŚĞĐŽŵŵƵŶŝƚǇ͕ďƵƚ͕ĚĞƉĞŶĚŝŶŐŽŶƚŚĞŝƐƐƵĞ͕ƚŚĞǇŵĂǇďĞ ŵŽƐƚůŝŬĞůǇƚŽŽĐĐƵƌŝŶůĂƌŐĞŽƌŚŝŐŚůǇǀŝƐŝďůĞƉƵďůŝĐƐƉĂĐĞƐƐƵĐŚĂƐƚŚĞĚŽǁŶƚŽǁŶ͘ ǆƚĞŶƚ dŚĞŝŵƉĂĐƚƐŽĨĐŝǀŝůĚŝƐƚƵƌďĂŶĐĞŵĂǇďĞŵĞĂƐƵƌĞĚŝŶƚĞƌŵƐŽĨƉƌŽƉĞƌƚǇĚĂŵĂŐĞ͕ĞĐŽŶŽŵŝĐůŽƐƐ͕ĂŶĚŚƵŵĂŶ ŝŶũƵƌǇͬĚĞĂƚŚ͘ WƌŽďĂďŝůŝƚǇŽĨ&ƵƚƵƌĞǀĞŶƚƐ tŚŝůĞŝƚŝƐŶŽƚůŝŬĞůǇƚŚĂƚĐŝǀŝůĚŝƐƚƵƌďĂŶĐĞǁŝůůŚĂƉƉĞŶŝŶZŽĐŚĞƐƚĞƌ͛ƐĨƵƚƵƌĞ͕ƚŚĞƉŽƐƐŝďůĞĐĞƌƚĂŝŶůǇĞǆŝƐƚƐ͕ ƉĂƌƚŝĐƵůĂƌůǇŝĨĞŵŽƚŝŽŶĂůƐŽĐŝĂůŽƌĞĐŽŶŽŵŝĐǀĂůƵĞƐĂƌĞĂƚƐƚĂŬĞ͘ ϭϭϵ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ /ŵƉĂĐƚĂŶĚsƵůŶĞƌĂďŝůŝƚǇ Ϯ WƌŽďĂďŝůŝƚǇ ŝƚŝǌĞŶƐŶŽƚĚŝƌĞĐƚůǇŝŶǀŽůǀĞĚŝŶĂĐŝǀŝůĚŝƐŽƌĚĞƌŵĂǇŚĂǀĞ ŝǀŝůŝƐƚƵƌďĂŶĐĞ ƚŚĞŝƌůŝǀĞƐƐŝŐŶŝĨŝĐĂŶƚůǇĚŝƐƌƵƉƚĞĚ͘dŚĞŝƌĂďŝůŝƚǇƚŽǁŽƌŬ͕ĞŶũŽǇ ϭ DĂŐŶŝƚƵĚĞ ƌĞĐƌĞĂƚŝŽŶĂŶĚŝŶƐŽŵĞĐĂƐĞƐ͕ŽďƚĂŝŶŶĞĐĞƐƐŝƚŝĞƐŵĂǇďĞ ϰ tĂƌŶŝŶŐdŝŵĞ ũĞŽƉĂƌĚŝǌĞĚ͘ŝƐƌƵƉƚŝŽŶŵĂǇŽĐĐƵƌĚƵƌŝŶŐǀĞƌǇƐĞǀĞƌĞ ĞǀĞŶƚƐ͘WƵďůŝĐƵƚŝůŝƚŝĞƐƐƵĐŚĂƐǁĂƚĞƌ͕ĨƵĞůĂŶĚĞůĞĐƚƌŝĐŝƚǇ ϯ ƵƌĂƚŝŽŶ ŵĂǇďĞƚĞŵƉŽƌĂƌŝůǇƵŶĂǀĂŝůĂďůĞ͕ĂƐǁĞůůĂƐƉƵďůŝĐ Ϯ͘ϭϬ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞĨŽƌĐŽŵŵƵŶŝĐĂƚŝŽŶ͘ĐŽŶŽŵŝĐƐƚĂŐŶĂƚŝŽŶ͕ WZ/ ƐĞǀĞƌĞŝŶĨůĂƚŝŽŶ͕ŽƉƉƌĞƐƐŝŽŶ͕ƉŽůŝƚŝĐĂůƐĐĂŶĚĂů͕ŽƌŚƵŵĂŶ D WůĂŶŶŝŶŐ^ŝŐŶŝĨŝĐĂŶĐĞ ƌŝŐŚƚƐŝƐƐƵĞƐŵĂǇƚƌŝŐŐĞƌƵŶƌĞƐƚ͘ŝǀŝůĚŝƐŽƌĚĞƌĐĂŶŽĐĐƵƌŝŶ ĂŶǇĐŽƵŶƚƌǇĂŶĚĞŶǀŝƌŽŶŵĞŶƚ͘ϭ 'ĞŽŐƌĂƉŚŝĐǆƚĞŶƚ ϭϮϬ 3DFNHW3J /E ϰDŝƚŝŐĂƚŝŽŶ^ƚƌĂƚĞŐŝĞƐ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ϰDŝƚŝŐĂƚŝŽŶ^ƚƌĂƚĞŐŝĞƐ dŚĞŵŝƚŝŐĂƚŝŽŶĂĐƚŝŽŶƐŝŶƚŚŝƐƉůĂŶĂƌĞƐƵŵŵĂƌŝǌĞĚŝŶƚŽĨŽƵƌƐƚƌĂƚĞŐǇƚǇƉĞƐ͕ĂƐĚĞƐĐƌŝďĞĚŝŶƚŚĞ DŝƚŝŐĂƚŝŽŶ/ĚĞĂƐ͗ZĞƐŽƵƌĐĞĨŽƌZĞĚƵĐŝŶŐZŝƐŬƚŽEĂƚƵƌĂů,ĂǌĂƌĚƐ;ϮϬϭϯ &DƉƵďůŝĐĂƚŝŽŶͿ͘ůƐŽ ŝŶĐůƵĚĞĚĂƌĞƚŚĞŶĞǁ&DůŝŵĂƚĞZĞƐŝůŝĞŶƚDŝƚŝŐĂƚŝŽŶĐƚŝŽŶƐ;ZDͿƌĞůĞĂƐĞĚŝŶϮϬϭϲ͘dŚĞǇĂƌĞ ůŝƐƚĞĚĂƐĨŽůůŽǁƐ͗ >ŽĐĂůWůĂŶŶŝŶŐĂŶĚZĞŐƵůĂƚŝŽŶƐ ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞWƌŽũĞĐƚƐ EĂƚƵƌĂů^ǇƐƚĞŵƐWƌŽƚĞĐƚŝŽŶ ĚƵĐĂƚŝŽŶĂŶĚǁĂƌĞŶĞƐƐWƌŽŐƌĂŵƐ DŝƚŝŐĂƚŝŽŶWƌĞƉĂƌĞĚŶĞƐƐĂŶĚZĞƐƉŽŶƐĞ^ƵƉƉŽƌƚ >ŽĐĂůWůĂŶŶŝŶŐĂŶĚZĞŐƵůĂƚŝŽŶƐ ͮ'ŽǀĞƌŶŵĞŶƚ͕ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ͕ŽƌƌĞŐƵůĂƚŽƌǇĂĐƚŝŽŶƐŽƌƉƌŽĐĞƐƐĞƐ ƚŚĂƚŝŶĨůƵĞŶĐĞƚŚĞǁĂǇůĂŶĚĂŶĚďƵŝůĚŝŶŐƐĂƌĞĚĞǀĞůŽƉĞĚĂŶĚďƵŝůƚ͘dŚĞƐĞĂĐƚŝŽŶƐĂůƐŽŝŶĐůƵĚĞƉƵďůŝĐ ĂĐƚŝǀŝƚŝĞƐƚŽƌĞĚƵĐĞŚĂǌĂƌĚůŽƐƐĞƐ͘ǆĂŵƉůĞƐŝŶĐůƵĚĞƉůĂŶŶŝŶŐĂŶĚǌŽŶŝŶŐ͕ďƵŝůĚŝŶŐĐŽĚĞƐ͕ĐĂƉŝƚĂů ŝŵƉƌŽǀĞŵĞŶƚƉƌŽŐƌĂŵƐ͕ŽƉĞŶƐƉĂĐĞƉƌĞƐĞƌǀĂƚŝŽŶ͕ĂŶĚƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƌĞŐƵůĂƚŝŽŶƐ͘ ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞWƌŽũĞĐƚƐ ͮĐƚŝŽŶƐƚŚĂƚŝŶǀŽůǀĞƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƐƚƌƵĐƚƵƌĞƐƚŽƌĞĚƵĐĞ ƚŚĞŝŵƉĂĐƚŽĨĂŚĂǌĂƌĚ͕ƐƵĐŚĂƐĚĂŵƐ͕ůĞǀĞĞƐ͕ĨůŽŽĚǁĂůůƐ͕ƐĞĂǁĂůůƐ͕ƌĞƚĂŝŶŝŶŐǁĂůůƐ͕ĂŶĚƐĂĨĞƌŽŽŵƐ͖ ĂŶĚĂĐƚŝŽŶƐƚŚĂƚŝŶǀŽůǀĞƚŚĞŵŽĚŝĨŝĐĂƚŝŽŶŽĨĞǆŝƐƚŝŶŐďƵŝůĚŝŶŐƐŽƌƐƚƌƵĐƚƵƌĞƐƚŽƉƌŽƚĞĐƚƚŚĞŵĨƌŽŵĂ ŚĂǌĂƌĚŽƌƌĞŵŽǀĞƚŚĞŵĨƌŽŵƚŚĞŚĂǌĂƌĚĂƌĞĂ͘ǆĂŵƉůĞƐŝŶĐůƵĚĞĂĐƋƵŝƐŝƚŝŽŶ͕ĞůĞǀĂƚŝŽŶ͕ƐƚƌƵĐƚƵƌĂů ƌĞƚƌŽĨŝƚƐ͕ƐƚŽƌŵƐŚƵƚƚĞƌƐ͕ĂŶĚƐŚĂƚƚĞƌͲƌĞƐŝƐƚĂŶƚŐůĂƐƐ͘ZDŝŶĐůƵĚĞĨůŽŽĚĚŝǀĞƌƐŝŽŶĂŶĚƐƚŽƌĂŐĞ ;&^ͿĂŶĚŐƌĞĞŶŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ EĂƚƵƌĂů^ǇƐƚĞŵƐWƌŽƚĞĐƚŝŽŶͮ ĐƚŝŽŶƐƚŚĂƚ͕ŝŶĂĚĚŝƚŝŽŶƚŽŵŝŶŝŵŝǌŝŶŐŚĂǌĂƌĚůŽƐƐĞƐ͕ƉƌĞƐĞƌǀĞŽƌ ƌĞƐƚŽƌĞƚŚĞĨƵŶĐƚŝŽŶƐŽĨŶĂƚƵƌĂůƐǇƐƚĞŵƐ͘dŚĞƐĞĂĐƚŝŽŶƐŝŶĐůƵĚĞƐĞĚŝŵĞŶƚĂŶĚĞƌŽƐŝŽŶĐŽŶƚƌŽů͕ ƐƚƌĞĂŵĐŽƌƌŝĚŽƌƌĞƐƚŽƌĂƚŝŽŶ͕ǁĂƚĞƌƐŚĞĚŵĂŶĂŐĞŵĞŶƚ͕ĨŽƌĞƐƚĂŶĚǀĞŐĞƚĂƚŝŽŶŵĂŶĂŐĞŵĞŶƚ͕ĂŶĚ ǁĞƚůĂŶĚƌĞƐƚŽƌĂƚŝŽŶĂŶĚƉƌĞƐĞƌǀĂƚŝŽŶ͘ƋƵŝĨĞƌƐƚŽƌĂŐĞĂŶĚƌĞĐŽǀĞƌǇ;^ZͿĂŶĚĨůŽŽĚƉůĂŝŶĂŶĚ ƐƚƌĞĂŵƌĞƐƚŽƌĂƚŝŽŶ;&^ZͿ͘ ĚƵĐĂƚŝŽŶĂŶĚǁĂƌĞŶĞƐƐWƌŽŐƌĂŵƐͮ ĐƚŝŽŶƐƚŽŝŶĨŽƌŵĂŶĚĞĚƵĐĂƚĞĐŝƚŝǌĞŶƐ͕ĞůĞĐƚĞĚŽĨĨŝĐŝĂůƐ͕ĂŶĚ ƉƌŽƉĞƌƚǇŽǁŶĞƌƐĂďŽƵƚƚŚĞŚĂǌĂƌĚƐĂŶĚƉŽƚĞŶƚŝĂůǁĂǇƐƚŽŵŝƚŝŐĂƚĞƚŚĞŵ͘^ƵĐŚĂĐƚŝŽŶƐŝŶĐůƵĚĞ ŽƵƚƌĞĂĐŚƉƌŽũĞĐƚƐ͕ƌĞĂůĞƐƚĂƚĞĚŝƐĐůŽƐƵƌĞ͕ŚĂǌĂƌĚŝŶĨŽƌŵĂƚŝŽŶĐĞŶƚĞƌƐ͕ĂŶĚƐĐŚŽŽůͲĂŐĞĂŶĚĂĚƵůƚ ĞĚƵĐĂƚŝŽŶƉƌŽŐƌĂŵƐ͘ DŝƚŝŐĂƚŝŽŶWƌĞƉĂƌĞĚŶĞƐƐĂŶĚZĞƐƉŽŶƐĞ^ƵƉƉŽƌƚͮ ĐƚŝŽŶƐƚŚĂƚƉƌŽƚĞĐƚƉĞŽƉůĞĂŶĚƉƌŽƉĞƌƚǇƉƌŝŽƌ ƚŽ͕ĚƵƌŝŶŐĂŶĚŝŵŵĞĚŝĂƚĞůǇĂĨƚĞƌĂĚŝƐĂƐƚĞƌŽƌŚĂǌĂƌĚĞǀĞŶƚ͘^ĞƌǀŝĐĞƐŝŶĐůƵĚĞǁĂƌŶŝŶŐƐǇƐƚĞŵƐĂŶĚ ĞŵĞƌŐĞŶĐǇƌĞƐƉŽŶƐĞƐĞƌǀŝĐĞƐ͘dŚĞƐĞĂĐƚŝǀŝƚŝĞƐĂƌĞƚǇƉŝĐĂůůǇŶŽƚĐŽŶƐŝĚĞƌĞĚŵŝƚŝŐĂƚŝŽŶ͕ďƵƚƐƵƉƉŽƌƚ ƌĞĚƵĐƚŝŽŶŽĨƚŚĞĞĨĨĞĐƚƐŽĨĚĂŵĂŐŝŶŐĞǀĞŶƚƐ͘ DŝƚŝŐĂƚŝŽŶĐƚŝŽŶƐĂƌĞĂƌƌĂŶŐĞĚŝŶƚĂďůĞĨŽƌŵĂƚŐƌŽƵƉĞĚďǇŚĂǌĂƌĚƚǇƉĞ͘ĂĐŚƌŽǁŽĨƚŚĞƚĂďůĞ ĐŽŶƚĂŝŶƐƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗ ^ƚƌĂƚĞŐǇdǇƉĞ ĐƚŝŽŶ/ƚĞŵ WŽƚĞŶƚŝĂů&ƵŶĚŝŶŐ^ŽƵƌĐĞ ƉƉƌŽǆŝŵĂƚĞŽƐƚ;EͬƵƐĞĚŝĨƚŚĞĂĐƚŝŽŶŝƐƐƚĂĨĨƐƵƉƉŽƌƚĞĚŽƌŝŶƚĞƌŶĂůůǇĨƵŶĚĞĚͿ ϭϮϮ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ >ĞĂĚŐĞŶĐǇ dŝŵĞĨƌĂŵĞĨŽƌŽŵƉůĞƚŝŽŶ KŶŐŽŝŶŐ ^ŚŽƌƚdĞƌŵ;фϯǇĞĂƌƐͿ >ŽŶŐdĞƌŵ;хϯǇĞĂƌƐͿ /ŵƉůĞŵĞŶƚĂƚŝŽŶWƌŝŽƌŝƚǇ;>Žǁ͕DĞĚŝƵŵ͕Žƌ,ŝŐŚͿ ŽŵŵĞŶƚƐĨƌŽŵĂƐƵďũĞĐƚŵĂƚƚĞƌĞǆƉĞƌƚ ĐŽƐƚďĞŶĞĨŝƚƌĞǀŝĞǁǁĂƐĐŽŶĚƵĐƚĞĚƚŽƉƌŝŽƌŝƚŝǌĞƚŚĞŵŝƚŝŐĂƚŝŽŶĂĐƚŝŽŶƐĂŶĚĞůŝŵŝŶĂƚĞƚŚĞŽŶĞƐƚŚĂƚ ǁĞƌĞŶŽƚĐŽƐƚĞĨĨĞĐƚŝǀĞ͘&ŽƌƚŚŝƐĐŽƐƚďĞŶĞĨŝƚƌĞǀŝĞǁ͕ĂŵŽĚŝĨŝĞĚǀĞƌƐŝŽŶŽĨ^dW>ǁĂƐƵƐĞĚ͘dŚĞ ĂĐƚŝŽŶƐƚƌĂƚĞŐŝĞƐƚŚĂƚŚĂǀĞďĞĞŶŝŶĐůƵĚĞĚŝŶƚŚŝƐƉůĂŶĂƌĞƉƌŝŽƌŝƚŝǌĞĚĂƐŚŝŐŚ͕ŵĞĚŝƵŵ͕ŽƌůŽǁďĂƐĞĚ ŽŶƚŚĞĐŽƐƚďĞŶĞĨŝƚƌĞǀŝĞǁĐŽŵƉůĞƚĞĚďǇƐƵďũĞĐƚŵĂƚƚĞƌĞǆƉĞƌƚƐ͘ŶĞǆĂŵƉůĞŽĨŽƵƌƐƵƌǀĞǇ ƋƵĞƐƚŝŽŶƐĐĂŶďĞĨŽƵŶĚŝŶƚŚĞĂƉƉĞŶĚŝĐĞƐ͘ ZĞƐƉŽŶĚĞŶƚƐǁĞƌĞĂƐŬĞĚĂďŽƵƚƚŚĞĨŽůůŽǁŝŶŐ͗ >ŝĨĞ^ĂĨĞƚǇ WƌŽƉĞƌƚǇWƌŽƚĞĐƚŝŽŶ dĞĐŚŶŝĐĂů&ĞĂƐŝďŝůŝƚǇ WŽůŝƚŝĐĂůtŝůů >ĞŐĂůĂƵƚŚŽƌŝƚǇ ŶǀŝƌŽŶŵĞŶƚĂůŽŵƉůŝĂŶĐĞ ^ŽĐŝĂů/ŵƉĂĐƚƐ ĚŵŝŶŝƐƚƌĂƚŝǀĞĂƉĂďŝůŝƚŝĞƐ >ŽĐĂůŚĂŵƉŝŽŶ ĐŽŶŽŵŝĐŽƐƚƐǀƐ͘ĞŶĞĨŝƚƐ /ĨƚŚĞƉƌŽƉŽƐĞĚĂĐƚŝŽŶƉŽƐŝƚŝǀĞůǇŝŵƉĂĐƚĞĚƚŚĞƐƉĞĐŝĨŝĐĐĂƚĞŐŽƌǇ͕ŝƚǁĂƐŐŝǀĞŶĂнϭĨŽƌƚŚĂƚĐĂƚĞŐŽƌǇ͘ /ĨƚŚĞĂĐƚŝŽŶŶĞŐĂƚŝǀĞůǇŝŵƉĂĐƚĞĚŽŶĞŽĨƚŚĞƐƉĞĐŝĨŝĐĐĂƚĞŐŽƌŝĞƐŝƚǁĂƐŐŝǀĞŶĂͲϭĨŽƌƚŚĂƚĐĂƚĞŐŽƌǇ͘ EĞƵƚƌĂůƌĞƐƉŽŶƐĞƐǁĞƌĞŐŝǀĞŶĂϬ͘ƵĞƚŽƚŚĞŝŵƉŽƌƚĂŶĐĞƉůĂĐĞĚŽŶůŝĨĞƐĂĨĞƚǇ͕ƉŽƐŝƚŝǀĞŝŵƉĂĐƚƐŝŶ ƚŚĂƚĐŽůƵŵŶǁĞƌĞŐŝǀĞŶĂнϮĂŶĚŶĞŐĂƚŝǀĞŝŵƉĂĐƚƐǁĞƌĞŐŝǀĞŶĂͲϮ͘KŶĐĞƚŚĞŶƵŵďĞƌƐǁĞƌĞƚŽƚĂůĞĚ ĨŽƌĞĂĐŚĂĐƚŝŽŶ͕ƚŚĞǇǁĞƌĞĂƐƐŝŐŶĞĚĂƉƌŝŽƌŝƚǇďĂƐĞĚŽŶƚŚĞŝƌƚŽƚĂůƐĐŽƌĞ͘ŶǇĂĐƚŝŽŶƐƚƌĂƚĞŐǇƚŚĂƚ ƐĐŽƌĞĚďĞůŽǁǌĞƌŽǁĂƐƌĞŵŽǀĞĚ͘ DŽĚŝĨŝĞĚ^dW>^ĐŽƌŝŶŐ͗ ϬͲϰс>ŽǁWƌŝŽƌŝƚǇ ϱͲϴсDĞĚŝƵŵWƌŝŽƌŝƚǇ ϵͲϭϮс,ŝŐŚWƌŝŽƌŝƚǇ KĨƚŚĞϭϯϰĂĐƚŝŽŶƐĚŽĐƵŵĞŶƚĞĚďĞůŽǁ͕ϲϮĂƌĞƌĂŶŬĞĚĂƐĂŚŝŐŚƉƌŝŽƌŝƚǇ͕ϰϴĂƌĞƌĂŶŬĞĚĂƐĂŵĞĚŝƵŵ ƉƌŝŽƌŝƚǇ͕ĂŶĚϮϰĂƌĞƌĂŶŬĞĚĂƐĂůŽǁƉƌŝŽƌŝƚǇ͘ ϭϮϯ 3DFNHW3J 3DFNHW3J /E Z&d ŐĞŵĞŶƚ͕>ŝŵŝƚĞĚŶŐůŝƐŚWƌŽĨŝĐŝĞŶĐǇĐŽŵŵƵŶŝƚŝĞƐ͕ĂŶĚƚŚĞ ͘ ^ƚƌĞŶŐƚŚĞŶĐŽŵŵƵŶŝƚǇƉĂƌƚŶĞƌƐŚŝƉƐĂŶĚĐŽŶĨŝĚĞŶĐĞŝŶƚŚĞĂďŝůŝƚǇŽĨůŽĐĂůŐŽǀĞƌŶŵĞŶƚƚŽŵŝƚŝŐĂƚĞĂŶĚƌĞƐƉŽŶĚƚŽŚĂǌĂƌĚĞǀĞŶƚƐ ͘ WƌŽǀŝĚĞŵĞƚŚŽĚƐŽĨƉƌĞĚŝĐƚŝŽŶ͕ĨŽƌĞĐĂƐƚ͕ĂŶĚǁĂƌŶŝŶŐĨŽƌƌĞƐŝĚĞŶƚƐĂŶĚƚƌĂǀĞůĞƌƐŝŶZŽĐŚĞƐƚĞƌ ͘ ƵŝůĚĂŶĚƐƚƌĞŶŐƚŚĞŶĐŽŵŵƵŶŝƚǇƉĂƌƚŶĞƌƐŚŝƉƐĂŝŵĞĚƚŽǁĂƌĚŵŝƚŝŐĂƚŝŶŐŚĂǌĂƌĚŝŵƉĂĐƚƐ ŚĂǌĂƌĚƐ͘ DĂŝŶƚĂŝŶĂŶĚĞǆƉĂŶĚƌĞůĂƚŝŽŶƐŚŝƉƐďĞƚǁĞĞŶZŽĐŚĞƐƚĞƌKĨĨŝĐĞŽĨŵĞƌŐĞŶĐǇDĂŶĂ ĞǀĞůŽƉ͕ŵĂŝŶƚĂŝŶ͕ĂŶĚͬŽƌŵŽĚŝĨǇďƵŝůĚŝŶŐĐŽĚĞƐĂŶĚƐƚĂŶĚĂƌĚƐƚŽŵŝƚŝŐĂƚĞ ͘ ŝƐĂƐƚĞƌƉƌĞƉĂƌĞĚŶĞƐƐ ͘ WƌŽŵŽƚĞƌŝƐŬƌĞĚƵĐƚŝŽŶƚŽƐƚƌƵĐƚƵƌĞƐĂŶĚƉƌŽƉĞƌƚǇǀƵůŶĞƌĂďůĞƚŽŚĂǌĂƌĚƐ ͘ ůĂŶĚƵƐĞƉůĂŶŶŝŶŐĂŶĚŵĂŶĂŐĞŵĞŶƚƚŽŵŝƚŝŐĂƚĞŚĂǌĂƌĚƐ WƌŽŵŽƚĞƉƵďůŝĐĂǁĂƌĞŶĞƐƐŽĨŚĂǌĂƌĚŵŝƚŝŐĂƚŝŽŶĂŶĚĚ ͘ ĞǀĞůŽƉĞŶŐŝŶĞĞƌŝŶŐĐŽŶƚƌŽůƐƚŽŵŝƚŝŐĂƚĞƌŝƐŬ ĐŽŵŵƵŶŝƚŝĞƐ͘ Ɛ ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ĐĐĞƐƐĂŶĚ&ƵŶĐƚŝŽŶĂůEĞĞĚ DŝƚŝŐĂƚŝŽŶ'ŽĂůƐ hƚŝůŝǌĞ ͮͮͮͮͮͮͮͮͮ 'ŽĂůϭ'ŽĂůϱϲ'ŽĂůϴ 'ŽĂůϰ 'ŽĂůϮ'ŽĂůϯ'ŽĂůϳ'ŽĂůϵ ϰ͘ϭ 'ŽĂů ϭϮϰ ϭϮϱ dŚŝƐƋƵĞƐƚŝŽŶŝƐĂĨĨĞĐƚĞĚďǇƚŚĞƵŝůĚŝŶŐŽĚĞĂŶĚ 3DFNHW3J dŚĞŝĚĞĂŽĨƐƚŽƌŵƐŚĞůƚĞƌƐŚĂƐŚĂĚĂƚƌŽƵďůĞĚƉĂƐƚ 3DFNHW3J ZŽĐŚĞƐƚĞƌŐƌŽǁƚŚĂŶĚĞǆƉĂŶƐŝŽŶƌĞƋƵŝƌĞƐĂĚĚŝŶŐ /E Z&d ^ƵďũĞĐƚDĂƚƚĞƌǆƉĞƌƚŽŵŵĞŶƚƐ ŶĞǁƐŝƌĞŶƐƚŽŵĂŝŶƚĂŝŶĐŽǀĞƌĂŐĞ͘ ƉŽůŝƚŝĐĂůůǇ͘ DĞĚŝƵŵ WƌŝŽƌŝƚǇ ,ŝŐŚ,ŝŐŚ,ŝŐŚ,ŝŐŚ >Žǁ dŝŵĞĨƌĂŵĞ^ŚŽƌƚdĞƌŵ ƐĨƵŶĚŝŶŐ >ŽŶŐdĞƌŵ>ŽŶŐdĞƌŵ ďĞĐŽŵĞƐ KŶŐŽŝŶŐ͕ ĂǀĂŝůĂďůĞ KŶŐŽŝŶŐKŶŐŽŝŶŐ ŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇ ZĞĐƌĞĂƚŝŽŶ ZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌ WĂƌŬƐĂŶĚ W/K͕Et^ ŐĞŶĐǇ DŐŵƚ͕͘ DŐŵƚ͘DŐŵƚ͘ DŐŵƚ͘ ZKW >ĞĂĚ ΨϱϬϬ͕ϬϬϬ ΨϱϬϬ͕ϬϬϬ ƉƉƌŽǆ͘ ƉĞƌƐĂĨĞ ΨϮϱ͕ϬϬϬ ƌŽŽŵ ŽƐƚ EͬEͬEͬ ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ ,D͕/W͕ ʹ WŽƚĞŶƚŝĂů ͲͲ &ƵŶĚŝŶŐʹ /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů /ŶƚĞƌŶĂů ^ŽƵƌĐĞ >ĞŐĂĐǇ ,D'W ŐƌĂŶƚƐ ,D ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ ϱй͕ ĨĂĐŝůŝƚŝĞƐĂƌĞŶĞĞĚĞĚ͘ŽŶƐƚƌƵĐƚƐƚŽƌŵƐŚĞůƚĞƌƐ ϭ͘ϱŶĐŽƵƌĂŐĞƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƐĂĨĞƌŽŽŵƐŝŶŶĞǁƐĐŚŽŽůƐ͕ĚĂǇĐĂƌĞƐ͕ĂŶĚŶƵƌƐŝŶŐŚŽŵĞƐ͘ ϭ͘ϭŽŶƐƚƌƵĐƚƐĂĨĞƌŽŽŵƐĂƚZŽĐŚĞƐƚĞƌ͛ƐŵŽƐƚ ϭ͘ϯŽŶĚƵĐƚĂŶŝŶǀĞŶƚŽƌǇŽĨƐƚŽƌŵƐŚĞůƚĞƌƐŝŶ ϭ͘ϮŽŶĚƵĐƚŽƵƚƌĞĂĐŚĂĐƚŝǀŝƚŝĞƐƚŽŝŶĨŽƌŵƚŚĞ ƉůĂĐĞŵĞŶƚŽĨŶĞǁƚŽƌŶĂĚŽƐŝƌĞŶƐĂƐƚŚĞĐŝƚǇ ŚŽǁƚŽƚĂŬĞĂƉƉƌŽƉƌŝĂƚĞƉƌŽƚĞĐƚŝǀĞĂĐƚŝŽŶƐ͘ ƚŽƌŶĂĚŽǁĂƌŶŝŶŐĂŶĚ ϭ͘ϲŽŶƚŝŶƵĞĞǀĂůƵĂƚŝŶŐƚŚĞŶĞĞĚĨŽƌĂŶĚWƵƌĐŚĂƐĞŶĞǁƐŝƌĞŶƐĂƐŶĞĞĚĞĚ͘ ƚŚĞĐŝƚǇĂŶĚĚĞƚĞƌŵŝŶĞǁŚĞƌĞĂĚĚŝƚŝŽŶĂů ƉŽƉƵůĂƚŝŽŶŽĨƚŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶĂ ϭ͘ϰŶĐŽƵƌĂŐĞĐŽŵŵƵŶŝƚǇŵĞŵďĞƌƐƚŽ ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ŚĞĂǀŝůǇƵƐĞĚƉĂƌŬĨĂĐŝůŝƚŝĞƐ͘ ďĞĐŽŵĞƐƚŽƌŵƐƉŽƚƚĞƌƐ͘ ƚŽƌŶĂĚŽǁĂƚĐŚĂŶĚĂ ŝŶŝĚĞŶƚŝĨŝĞĚĂƌĞĂƐ͘ dŽƌŶĂĚŽ;WZ/͗ϯ͘ϮϱͿ ĐƚŝŽŶ/ƚĞŵ ĞǆƉĂŶĚƐ͘ ĂŶĚZĞƐƉŽŶƐĞ ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ WƌĞƉĂƌĞĚŶĞƐƐ WůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚ ZĞŐƵůĂƚŝŽŶƐͬ ZĞŐƵůĂƚŝŽŶƐ ǁĂƌĞŶĞƐƐǁĂƌĞŶĞƐƐ DŝƚŝŐĂƚŝŽŶ ĚƵĐĂƚŝŽŶĚƵĐĂƚŝŽŶ WƌŽŐƌĂŵƐWƌŽŐƌĂŵƐ ^ƚƌĂƚĞŐǇ ^ƵƉƉŽƌƚ >ŽĐĂů>ŽĐĂů ĂŶĚĂŶĚ ϭϮϲ ϭϮϳ 3DFNHW3J ĞŵĐĂŶŶŽƚ /E ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ƐƵƌǀĞŝůůĂŶĐĞƐǇƐƚĞŵƐĐĂŶĚŽƉŽƌƚŝŽŶƐŽĨƚŚŝƐ͘ ĂĐĐŽŵƉůŝƐŚĂůůŽĨƚŚŝƐ͘,ŽǁĞǀĞƌŵĂŶǇĞǆŝƐƚŝŶŐ KŶĞΗĂĐƚŝǀĞĚŝƐĞĂƐĞƐƵƌǀĞŝůůĂŶĐĞΗƐǇƐƚ ^ƵďũĞĐƚDĂƚƚĞƌǆƉĞƌƚŽŵŵĞŶƚƐ^ƵďũĞĐƚDĂƚƚĞƌǆƉĞƌƚŽŵŵĞŶƚƐDĂƚƚĞƌǆƉĞƌƚŽŵŵĞŶƚƐ ^ƵďũĞĐƚ DĞĚŝƵŵ WƌŝŽƌŝƚǇWƌŝŽƌŝƚǇWƌŝŽƌŝƚǇ ,ŝŐŚ,ŝŐŚ,ŝŐŚ dŝŵĞĨƌĂŵĞdŝŵĞĨƌĂŵĞdŝŵĞĨƌĂŵĞ KŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐ ŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇ ZĞĐƌĞĂƚŝŽŶ ZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌ WĂƌŬƐĂŶĚ KůŵƐƚĞĚ ŐĞŶĐǇŐĞŶĐǇŐĞŶĐǇ DŐŵƚ͕͘ ŽƵŶƚǇ DŐŵƚ͘DŐŵƚ͘ ŵĞƌ >ĞĂĚ>ĞĂĚ>ĞĂĚ ƉƉƌŽǆ͘ƉƉƌŽǆ͘ƉƉƌŽǆ͘ ΨϱϬƉĞƌ ŽƐƚŽƐƚŽƐƚ EͬEͬEͬ ƐŝŐŶ ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ WŽƚĞŶƚŝĂůWŽƚĞŶƚŝĂůWŽƚĞŶƚŝĂů ͲͲ /ŶƚĞƌŶĂů͕ &ƵŶĚŝŶŐʹ&ƵŶĚŝŶŐ&ƵŶĚŝŶŐ /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů ^ŽƵƌĐĞ^ŽƵƌĐĞ^ŽƵƌĐĞ ,D'W ^ƚĂĨĨ^ƚĂĨĨ ϱй Ͳ ĐĂŵƉĂŝŐŶĂďŽƵƚƚŚĞĚĂŶŐĞƌƐŽĨŚĂŝůĂŶĚŚŽǁ ĂǁĂƌĞŶĞƐƐŽĨǁŝŶƚĞƌƐƚŽƌŵƌŝƐŬĂŶĚƉƌŽŵŽƚĞ ŝŶ ϭ͘ϮWŽƐƚŚĂŝůǁĂƌŶŝŶŐƐŝŐŶĂŐĞĂƚůŽĐĂůƉĂƌŬƐ͕ ƚŝŵĞƚƌĂŝŶŝŶŐĂŶĚůŽŐŝƐƚŝĐĂůƐƵƉƉŽƌƚƚŽĚĂŝůǇ ϭ͘ϭŽŶĚƵĐƚŽƵƚƌĞĂĐŚĂĐƚŝǀŝƚŝĞƐƚŽŝŶĐƌĞĂƐĞ Ͳ ƉůĂŶƚŚĂƚŝŶĐůƵĚĞƐƚŚĞŶĞĐĞƐƐĂƌǇƐƚĂĨĨ͕ũƵƐƚ ϭ͘ϭĞǀĞůŽƉĂŶĂĐƚŝǀĞĚŝƐĞĂƐĞƐƵƌǀĞŝůůĂŶĐĞ ƉŝĚĞŵŝĐŽƌŝƐĞĂƐĞKƵƚďƌĞĂŬ;WZ/͗Ϯ͘ϴͿ ϭ͘ϭŽŶĚƵĐƚĂŶĞĚƵĐĂƚŝŽŶĂŶĚĂǁĂƌĞŶĞƐƐ ĐŽƵŶƚǇĨĂŝƌƐ͕ĂŶĚŽƚŚĞƌŽƵƚĚŽŽƌǀĞŶƵĞƐ͘ ŵŝƚŝŐĂƚŝŽŶĂŶĚƉƌĞƉĂƌĞĚŶĞƐƐŵĞĂƐƵƌĞƐ͘ ;WZ/͗Ϯ͘ϴϱͿ ĂƐƐĞƐƐŶĞǁĐĂƐĞƐ͕ŚŽƐƉŝƚĂůŝǌĂƚŝŽŶƐ͕ ƚŽƚĂŬĞƐĂĨĞƚǇƉƌĞĐĂƵƚŝŽŶƐ͘ tŝŶƚĞƌ^ƚŽƌŵ ĐƚŝŽŶ/ƚĞŵĐƚŝŽŶ/ƚĞŵĐƚŝŽŶ/ƚĞŵ ,Ăŝů;WZ/͗ϯ͘ϭͿ ʹ Z&d WƌĞƉĂƌĞĚŶĞƐƐ tĞĂƚŚĞƌ ǁĂƌĞŶĞƐƐǁĂƌĞŶĞƐƐǁĂƌĞŶĞƐƐ DŝƚŝŐĂƚŝŽŶ ĚƵĐĂƚŝŽŶĚƵĐĂƚŝŽŶĚƵĐĂƚŝŽŶ WƌŽŐƌĂŵƐWƌŽŐƌĂŵƐWƌŽŐƌĂŵƐ ^ƚƌĂƚĞŐǇ^ƚƌĂƚĞŐǇ^ƚƌĂƚĞŐǇ ĂŶĚĂŶĚĂŶĚ 3DFNHW3J /E Z&d DĞĚŝƵŵDĞĚŝƵŵDĞĚŝƵŵ >Žǁ>Žǁ ^ŚŽƌƚdĞƌŵ KŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐ KůŵƐƚĞĚKůŵƐƚĞĚKůŵƐƚĞĚKůŵƐƚĞĚKůŵƐƚĞĚ ƚǇŽƵŶƚǇŽƵŶƚǇŽƵŶƚǇŽƵŶƚǇ ,ĞĂůƚŚ,ĞĂůƚŚ,ĞĂůƚŚ,ĞĂůƚŚ,ĞĂůƚŚ,ĞĂůƚŚ WƵďůŝĐWƵďůŝĐWƵďůŝĐWƵďůŝĐWƵďůŝĐWƵďůŝĐ ŽƵŶ Ψϱ͕ϬϬϬƉĞƌ ĨƌĞĞǌĞƌ Ψϯ͕ϬϬϬ EͬEͬEͬ ƐƵƉƉŽƌƚĞĚ ʹ /ŶƚĞƌŶĂů͕/ŶƚĞƌŶĂů͕ ʹʹʹʹ /ŶƚĞƌŶĂů /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů ,D'W,D'W,D'W,D'W ƐƚĂĨĨ ϱй͕ ϱйϱйϱй ϭ͘ϯDĂŝŶƚĂŝŶĂŶĚĞŶŚĂŶĐĞƚŚĞĞǆŝƐƚŝŶŐƐǇƐƚĞŵ ƉĞŽƉůĞǁŚŽŶĞĞĚƚŽďĞƋƵĂƌĂŶƚŝŶĞĚĨŽůůŽǁŝŶŐ ƚŚƌĞĂƚĞŶZŽĐŚĞƐƚĞƌƌĞƐŝĚĞŶƚƐĚƵĞƚŽŝůůŶĞƐƐŽƌ ĂŶĚďĞƉƌĞƉĂƌĞĚƚŽŝŵƉůĞŵĞŶƚǁŚĞŶŶĞĞĚĞĚ͘ ϭ͘ϱĐƋƵŝƌĞŶĞǁĨƌĞĞǌĞƌƐĨŽƌǀĂĐĐŝŶĞƐƚŽƌĂŐĞ͘ ĨŽƌƐŵĂůůŐƌŽƵƉƐŽƌƉŽƐƐŝďůǇůĂƌŐĞŶƵŵďĞƌƐŽĨ ŵĞĚŝĐĂƚŝŽŶƐͿĨŽƌŝŶĚŝǀŝĚƵĂůƐͬĨĂŵŝůŝĞƐƚŚĂƚĂƌĞ ŚŽƚĞůƐ͕ĚŽƌŵŝƚŽƌŝĞƐŽƌŽƚŚĞƌƐƵŝƚĂďůĞŚŽƵƐŝŶŐ ĚĂƚĂŶĞĐĞƐƐĂƌǇĚƵƌŝŶŐĂŶŽŶŐŽŝŶŐĞƉŝĚĞŵŝĐ͕ďŽƌŶĞĂŶĚŽƚŚĞƌǌŽŽŶŽƚŝĐĚŝƐĞĂƐĞƐƚŚĂƚŵĂǇ ĞǆƉŽƐƵƌĞƚŽĂĚĂŶŐĞƌŽƵƐŝŶĨĞĐƚŝŽƵƐĚŝƐĞĂƐĞ͘ ŚĂǀĞƚŚĞĂďŝůŝƚǇĂŶĚƌĞƐŽƵƌĐĞƐŶĞĐĞƐƐĂƌǇƚŽ ϭ͘ϰŶƐƵƌĞƚŚĂƚůŽĐĂůŐŽǀĞƌŶŵĞŶƚĂŐĞŶĐŝĞƐ ŝŵƉĂĐƚ͕ŵŽƌƚĂůŝƚǇĂŶĚŽƚŚĞƌĞƉŝĚĞŵŝŽůŽŐǇ Ͳϭ͘ϲŽŶƚŝŶƵĞƉƌŽŐƌĂŵƐƚŽĞĚƵĐĂƚĞƉƵďůŝĐ ŐŽŝŶŐƐƵƌǀĞŝůůĂŶĐĞĨŽƌǀĞĐƚŽƌ ϭ͘ϮĞǀĞůŽƉĂŐƌĞĞŵĞŶƚƐͬĐŽŶƚƌĂĐƚƐǁŝƚŚ ƉůĂĐĞĚŝŶŝƐŽůĂƚŝŽŶŽƌƋƵĂƌĂŶƚŝŶĞ͕ŽƌĂƌĞ ĂďŽƵƚƉƌŽƉĞƌŚĂŶĚǁĂƐŚŝŶŐƚĞĐŚŶŝƋƵĞƐ͘ ŝŵƉĂĐƚ͕ŵĞĚŝĐĂůƐƵƉƉůǇ Ͳ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐƚŽƐĞůĨ ƚŽƐƵƉƉŽƌƚďĂƐŝĐŶĞĞĚƐ;Ğ͘Ő͘ĨŽŽĚ͕ ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ĞĐŽŶŽŵŝĐƌĞƉĞƌĐƵƐƐŝŽŶƐ͘ ŝƐŽůĂƚĞͬƋƵĂƌĂŶƚŝŶĞ͘ ƉŚĂƌŵĂĐĞƵƚŝĐĂů Ͳ ŽŶ ĨŽůůŽǁŝŶŐ ĐŽŶĚƵĐƚ ĂŶĚZĞƐƉŽŶƐĞĂŶĚZĞƐƉŽŶƐĞĂŶĚZĞƐƉŽŶƐĞĂŶĚZĞƐƉŽŶƐĞĂŶĚZĞƐƉŽŶƐĞ WƌĞƉĂƌĞĚŶĞƐƐWƌĞƉĂƌĞĚŶĞƐƐWƌĞƉĂƌĞĚŶĞƐƐWƌĞƉĂƌĞĚŶĞƐƐ ǁĂƌĞŶĞƐƐ DŝƚŝŐĂƚŝŽŶDŝƚŝŐĂƚŝŽŶDŝƚŝŐĂƚŝŽŶDŝƚŝŐĂƚŝŽŶ ĚƵĐĂƚŝŽŶ WƌŽŐƌĂŵƐ ^ƵƉƉŽƌƚ^ƵƉƉŽƌƚ^ƵƉƉŽƌƚ^ƵƉƉŽƌƚ^ƵƉƉŽƌƚ ĂŶĚ ϭϮϴ ϭϮϵ ĂŶĚĂƉƉƌŽǀĂůďǇĂŶƵŵďĞƌŽĨĚŝĨĨĞƌĞŶƚƌĞŐƵůĂƚŽƌǇ 3DFNHW3J dŚŝƐƉƌŽũĞĐƚǁŽƵůĚƌĞƋƵŝƌĞĞŶǀŝƌŽŶŵĞŶƚĂůƌĞǀŝĞǁ dŚĞĐŽŵŵĞŶƚƐĨŽƌƚŚŝƐŝŵƉůĞŵĞŶƚĂƚŝŽŶĂƐƐƵŵĞƐ ƐŽŶƉƵďůŝĐůĂŶĚƐĂŶĚŶŽƚƉƌŝǀĂƚĞ /E ŝŵŵĞĚŝĂƚĞƐĂĨĞƚǇĨĂĐƚŽƌ͕ĂůƚŚŽƵŐŚŝƚĐŽƵůĚŚĞůƉ ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ dŚŝƐƉƌŽũĞĐƚƉƌŽǀŝĚĞƐƋƵĂůŝƚǇŽĨůŝĨĞĂŶĚǁĂƚĞƌ ƚŚĂŶŚĂǀŝŶŐĂŶ ƉƌŽƉĞƌƚŝĞƐŽƌƉƌŽƉĞƌƚŝĞƐƚŽďĞĂĐƋƵŝƌĞĚ͘ ^ƵďũĞĐƚDĂƚƚĞƌǆƉĞƌƚŽŵŵĞŶƚƐ ƋƵĂůŝƚǇĞŶŚĂŶĐĞŵĞŶƚƐƌĂƚŚĞƌ ŵŝŶŝŵŝǌĞƉŽƚĞŶƚŝĂůĨůŽŽĚŝŶŐ ƚŚŝƐǁŽƌŬŽĐĐƵƌ ĂŐĞŶĐŝĞƐ͘ DĞĚŝƵŵDĞĚŝƵŵ WƌŝŽƌŝƚǇ ,ŝŐŚ,ŝŐŚ,ŝŐŚ >Žǁ dŝŵĞĨƌĂŵĞ >ŽŶŐdĞƌŵ >ŽŶŐdĞƌŵ KŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐ ŵĞƌŐĞŶĐǇ ,ĞĂůƚŚĂŶĚ ZĞĐƌĞĂƚŝŽŶZĞĐƌĞĂƚŝŽŶZĞĐƌĞĂƚŝŽŶZĞĐƌĞĂƚŝŽŶ ZŽĐŚĞƐƚĞƌ WĂƌŬƐĂŶĚWĂƌŬƐĂŶĚWĂƌŬƐĂŶĚ WĂƌŬĂŶĚ KůŵƐƚĞĚKůŵƐƚĞĚ ŐĞŶĐǇ ŽƵŶƚǇŽƵŶƚǇ tŽƌŬƐ͕ ,ĞĂůƚŚ DŐŵƚ͘ WƵďůŝĐWƵďůŝĐWƵďůŝĐ >ĞĂĚ ƉƉƌŽǆ͘ ΨϯϬ͕ϬϬϬΨϭϬ͕ϬϬϬ ŽƐƚ Eͬ ddd ^ƵƉƉŽƌƚĞĚ ʹ WŽƚĞŶƚŝĂů,D͕/W,D͕/W,D͕/W ʹʹ&ƵŶĚŝŶŐ /ŶƚĞƌŶĂů ^ŽƵƌĐĞ ,D'W,D'W ^ƚĂĨĨ ϱйϱй ϭ͘ϳŽŶƚŝŶƵĞƉƌŽǀŝĚŝŶŐŚĂŶĚǁĂƐŚŝŶŐƐƚĂƚŝŽŶƐ ǁĂƚĞƌƌĞƚĞŶƚŝŽŶ͕ĂŶĚƉĞƌŵĞĂďůĞƉĂǀŝŶŐǁŚĞŶ ϭ͘ϴƌĞĂƚĞĂŶĚĞǆĞƌĐŝƐĞĂƉůĂŶĨŽƌǀŝƌƚƵĂůK ϭ͘ϯZĞĚƵĐĞŝŵƉĞƌǀŝŽƵƐƐƵƌĨĂĐĞƐŝŶƚŚĞĚĞƐŝŐŶ ĐŽŽƌĚŝŶĂƚŝŽŶͬ:ŽŝŶƚŽŵŵĂŶĚŝŶƚŚĞĞǀĞŶƚŽĨ ĂƚůĂƌŐĞƉƵďůŝĐŐĂƚŚĞƌŝŶŐƐ;Ğ͘Ő͘ƚŚĞKůŵƐƚĞĚ ĂƌŽƵŶĚǁĞƚůĂŶĚƐ͕ƌŝǀĞƌƐ͕ƉŽŶĚƐ͕ƌĞƐĞƌǀŽŝƌƐ͕ ƐƚƌĞĂŵďĂŶŬͬǁĂƚĞƌďŽĚǇƐŚŽƌĞůŝŶĞĞƌŽƐŝŽŶ ĂŶĚůĂŬĞƐŽŶĂƉƉƌŽƉƌŝĂƚĞƉƵďůŝĐůĂŶĚĂŶĚ ƐǁĂůĞƐ͕ ĨŽŽƚǀĞŐĞƚĂƚŝŽŶďƵĨĨĞƌƐ Ͳ ϭ͘ϭhƉĚĂƚĞŝŶǀĞŶƚŽƌǇŽĨŚŝŐŚƌŝƐŬ ϭ͘Ϯ/ŶĐŽƌƉŽƌĂƚĞƌĂŝŶŐĂƌĚĞŶƐ͕ďŝŽ ŽĨƉĂƌŬƐĂŶĚĨĂĐŝůŝƚŝĞƐ͘ Ͳ ϭ͘ϰƐƚĂďůŝƐŚϱϬ ŽƵŶƚǇ&ĂŝƌͿ͘ ĂƉĂŶĚĞŵŝĐ͘ ĐƚŝŽŶ/ƚĞŵ ĨĞĂƐŝďůĞ͘ &ůŽŽĚ;WZ/͗Ϯ͘ϳͿ ĂƌĞĂƐ͘ ƉĂƌŬƐ͘ Z&d ĂŶĚZĞƐƉŽŶƐĞĂŶĚZĞƐƉŽŶƐĞ WƌĞƉĂƌĞĚŶĞƐƐWƌĞƉĂƌĞĚŶĞƐƐ WůĂŶŶŝŶŐĂŶĚ ZĞŐƵůĂƚŝŽŶƐ DŝƚŝŐĂƚŝŽŶDŝƚŝŐĂƚŝŽŶ WƌŽƚĞĐƚŝŽŶWƌŽƚĞĐƚŝŽŶWƌŽƚĞĐƚŝŽŶ ^ƚƌĂƚĞŐǇ ^ǇƐƚĞŵƐ^ǇƐƚĞŵƐ^ǇƐƚĞŵƐ ^ƵƉƉŽƌƚ^ƵƉƉŽƌƚ EĂƚƵƌĂůEĂƚƵƌĂůEĂƚƵƌĂů >ŽĐĂů ǁŝƚŚƐĞĚŝŵĞŶƚ͕ĂŶĚĐĂŶŚĞůƉǁŝƚŚǁĂƚĞƌƋƵĂůŝƚǇĂƐǁŝƚŚƐĞĚŝŵĞŶƚ͕ĂŶĚĐĂŶŚĞůƉǁŝƚŚǁĂƚĞƌƋƵĂůŝƚǇĂƐ ƐĞĚŝŵĞŶƚĂƚŽŶĞƚŝŵĞ͘dŚĞƉƌŽĐĞƐƐǁŽƵůĚŶĞĞĚƚŽƐĞĚŝŵĞŶƚĂƚŽŶĞƚŝŵĞ͘dŚĞƉƌŽĐĞƐƐǁŽƵůĚŶĞĞĚƚŽ 3DFNHW3J ƉƌŽũĞĐƚŝƐďĂƐĞĚŽŶĂǀĂŝůĂďůĞĨƵŶĚŝŶŐĂŶĚŝŵƉĂĐƚ ĞƐ͕ƉƌŽƚĞĐƚƐƚƌƵĐƚƵƌĞƐĨƌŽŵďĞĐŽŵŝŶŐĐůŽŐǀŽůƵŵĞƐ͕ƉƌŽƚĞĐƚƐƚƌƵĐƚƵƌĞƐĨƌŽŵďĞĐŽŵŝŶŐĐůŽŐ ^ĞĚŝŵĞŶƚƌĞŵŽǀĂůǁŝůůŝŵƉƌŽǀĞĨůŽŽĚƉƌŽƚĞĐƚŝŽŶ^ĞĚŝŵĞŶƚƌĞŵŽǀĂůǁŝůůŝŵƉƌŽǀĞĨůŽŽĚƉƌŽƚĞĐƚŝŽŶ /E ŵĞƚŚŽĚŵĂǇŶŽƚŵŝƚŝŐĂƚĞƚŚĞĞƌŽƐŝŽŶĂƐǁĞůůĂƐ ŵŽƌĞƐĞĚŝŵĞŶƚƐƚŽƌĂŐĞǁŝůůĂŐĂŝŶďĞĂǀĂŝůĂďůĞ͘ dŚŝƐŵĞƚŚŽĚŝƐƚŚĞĐƵƌƌĞŶƚůǇĚĞƐŝƌĞĚŵŝƚŝŐĂƚŝŽŶĞĂǀĂŝůĂďůĞ͘ Z&d ŵĞĂƐƵƌĞ͘dŚĞƌĞĂƌĞƐŽŵĞƚŚŽƵŐŚƚƐƚŚĂƚƚŚŝƐ dŚĞƉŽůŝƚŝĐĂůǁŝůůƚŽĐŽŵƉůĞƚĞůǇƉĞƌĨŽƌŵƚŚŝƐ ŽƚŚĞƌƉƌŽǀĞŶ͕ďƵƚŶŽƚƐŽΖŐƌĞĞŶΖŵĞƚŚŽĚƐ͘ EŽƚĂůůůĂŬĞƐͬƌĞƐĞƌǀŽŝƌƐĐĂŶďĞĐůĞĂŶĞĚŽĨEŽƚĂůůůĂŬĞƐͬƌĞƐĞƌǀŽŝƌƐĐĂŶďĞĐůĞĂŶĞĚŽĨ ŵŽƌĞƐĞĚŝŵĞŶƚƐƚŽƌĂŐĞǁŝůůĂŐĂŝŶď ďĞƐƚĂŐĞĚŽǀĞƌŵĂŶǇǇĞĂƌƐ͘ ͘ ďĞƐƚĂŐĞĚŽǀĞƌŵĂŶǇǇĞĂƌƐ ƚŽƉƌŝǀĂƚĞƉƌŽƉĞƌƚŝĞƐ͘ ǀŽůƵŵ DĞĚŝƵŵDĞĚŝƵŵDĞĚŝƵŵ ,ŝŐŚ,ŝŐŚ ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ >ŽŶŐdĞƌŵ>ŽŶŐdĞƌŵ KŶŐŽŝŶŐ KŶŐŽŝŶŐ ZĞĐƌĞĂƚŝŽŶ͕ ZĞĐƌĞĂƚŝŽŶZĞĐƌĞĂƚŝŽŶ WĂƌŬƐĂŶĚWĂƌŬƐĂŶĚWĂƌŬƐĂŶĚ tŽƌŬƐ͕tŽƌŬƐ͕ tŽƌŬƐtŽƌŬƐtŽƌŬƐ WƵďůŝĐWƵďůŝĐWƵďůŝĐWƵďůŝĐWƵďůŝĐ Ψϴ͕ϬϬϬ͕ϬϬϬΨϰ͕ϲϬϬ͕ϬϬϬ ΨϮϱϬ͕ϬϬϬ ΨϰϱϬ͕ϬϬϬ d &ůŽŽĚ ZĞƐĞƌǀĞƐ EZ͕/W /W;ƌĞͿ ,D͕ Ͳ /W/W/W ŽƵƚůŝŶĞĚŝŶƚŚĞ&ůŽŽĚŽŶƚƌŽůĂŶĚ^ƚŽƌŵǁĂƚĞƌ ĞƌŽƐŝŽŶĐŽŶƚƌŽůƚĞĐŚŶŝƋƵĞƐ;Ğ͘Ő͘ƌŽŽƚďĂůůƐ͕ ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚ ϭ͘ϵŽŵƉůĞƚĞĚƌĞĚŐŝŶŐĂƐŽƵƚůŝŶĞĚŝŶƚŚĞ ϭ͘ϴŽŵƉůĞƚĞĂůůĐŽŶǀĞǇĂŶĐĞƉƌŽũĞĐƚƐĂƐ ϭ͘ϱǆƉůŽƌĞƵƐĞŽĨŶĂƚƵƌĂůƐƚƌĞĂŵďĂŶŬ ƐĞĐƚŝŽŶƐŽĨƚŚĞĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚƐ ϭ͘ϳƌĂĨƚƚŚĞŽǁŶƚŽǁŶ^ƚŽƌŵǁĂƚĞƌ &ůŽŽĚŽŶƚƌŽů^ĞĐƚŝŽŶŽĨƚŚĞĂƉŝƚĂů ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ DĂŶĂŐĞŵĞŶƚDĂƐƚĞƌWůĂŶ /ŵƉƌŽǀĞŵĞŶƚƐWƌŽŐƌĂŵ͘ ďƌƵƐŚŵĂƚƚƌĞƐƐ͕ĞƚĐ͘Ϳ ϭ͘ϲhƉĚĂƚĞƚŚĞ WƌŽŐƌĂŵ͘ WůĂŶ͘ ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ WůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚ ZĞŐƵůĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐ WƌŽƚĞĐƚŝŽŶWƌŽƚĞĐƚŝŽŶ ^ǇƐƚĞŵƐ^ǇƐƚĞŵƐ EĂƚƵƌĂůEĂƚƵƌĂů >ŽĐĂů>ŽĐĂů ϭϯϬ ϭϯϭ ƉƌŽƉĞƌƚǇ͕ďƵƚƚŚĞƌĞƐƵůƚƐŽĨƚŚĞĂŶĂůǇƐŝƐĐŽƵůĚůĞĂĚ ĚĞĐƌĞĂƐĞƚŚĞŵĂŝŶƚĞŶĂŶĐĞĐŽƐƚƐĨŽƌƚŚĞƌĞƐĞƌǀŽŝƌ͘ ƚĞĐƚŝŽŶŝŶ ĐŽƐƚŵĂǇŝŵƉĂĐƚƚŚĞƉŽůŝƚŝĐĂůǁŝůůĂŶĚƚŚĞĨƵŶĚŝŶŐ 3DFNHW3J ŝƚǇ/ŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚƉƌŽƉĞƌƚǇĂůŽŶŐƚŚĞĐƌĞĞŬ͘dŚŝƐŝƐƐĐŚĞĚƵůĞĚŝŶƚŚĞƐŚŽƌƚƚĞƌŵ͘,ŽǁĞǀĞƌƚŚĞ ĐŚĂŶŶĞůĨƌŽŵĨƵƌƚŚĞƌĞƌŽƐŝŽŶǁŚŝĐŚĐŽƵůĚŝŵƉĂĐƚ ƐĞĚŝŵĞŶƚůŽƐƐƚŚĂƚŝƐŽĐĐƵƌƌŝŶŐĚƵƌŝŶŐŚŝŐŚǁĂƚĞƌ ƐŽŝŶĐƌĞĂƐĞŝŶĨŝůƚƌĂƚŝŽŶ͕ǁŚŝĐŚ /E ĚĂŵƐĂŶĚƌĞƐĞƌǀŽŝƌƐĂƌĞƉƌŽƉĞƌůǇŝŶƐƉĞĐƚĞĚĂŶĚ ǁŝůůĂůƐŽŚĞůƉƌĞĚƵĐĞƌƵŶŽĨĨĨƌŽŵŵĂũŽƌƐƚŽƌŵƐ͘ ƌĞĚƵĐĞƐĞĚŝŵĞŶƚĂƚŝŽŶŝŶƚŚĞƌĞƐĞƌǀŽŝƌ͘dŚŝƐǁŝůů dŚĞǁĞƚůĂŶĚĐƌĞĂƚŝŽŶǁŝůůƉƌŽǀŝĚĞǁĂƚĞƌƋƵĂůŝƚǇ dŚĞĂƐĐĂĚĞƌĞĞŬƐƚĂďŝůŝǌĂƚŝŽŶǁŝůůƉƌŽƚĞĐƚƚŚĞ ƉƌŽǀŝĚĞǁĂƚĞƌƋƵĂůŝƚǇ ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ƚƌĞĂƚŵĞŶƚŽĨƚŚĞƵƉůĂŶĚǁĂƚĞƌƐŚĞĚǁŚŝĐŚǁŝůů ŵĂŝŶƚĂŝŶĞĚĚƵƌŝŶŐĨůŽŽĚĞǀĞŶƚƐĂŶĚŚĞůƉƐƚĂĨĨ ƚŽƉƌŽũĞĐƚƐƚŚĂƚǁŽƵůĚŝŶĐƌĞĂƐĞĨůŽŽĚƐƚŽƌĂŐĞ͕ ƚŚĞ ŝŵƉƌŽǀĞŵĞŶƚƐĂƐŝƚǁŝůůƉƌĞǀĞŶƚƚŚĞŽŶŐŽŝŶŐ ƵŶĚĞƌƐƚĂŶĚƚŚĞŝƌƌĞƐƉŽŶƐŝďŝůŝƚǇĚƵƌŝŶŐĨůŽŽĚ ƚŚĞĨƵƚƵƌĞĂŶĚƌĞĚƵĐĞƚŚĞĐŽƐƚƐĨƌŽŵĨůŽŽĚ ŵĞƌŐĞŶĐǇĐƚŝŽŶWůĂŶƐǁŽƵůĚŵĂŬĞƐƵƌĞ dŚĞĂŶĂůǇƐŝƐǁŽƵůĚŶŽƚŝƚƐĞůĨƐĂĨĞůŝǀĞƐŽƌ ǁŚŝĐŚǁŽƵůĚŐŝǀĞZŽĐŚĞƐƚĞƌŐƌĞĂƚĞƌƉƌŽ ĞĐƚ͘ ĂǀĂŝůĂďůĞƚŽĐŽŵƉůĞƚĞƚŚĞƉƌŽũ dŚĞƐƚĂďŝůŝǌĂƚŝŽŶǁŝůůĂůƐŽ dŚĞǁĞƚůĂŶĚǁŝůůĂů ĚĂŵĂŐĞ͘ ĞǀĞŶƚƐ͘ĞǀĞŶƚƐ͘ DĞĚŝƵŵ ,ŝŐŚ,ŝŐŚ,ŝŐŚ ^ŚŽƌƚdĞƌŵ >ŽŶŐdĞƌŵ>ŽŶŐdĞƌŵ KŶŐŽŝŶŐ ŵĞƌŐĞŶĐǇ ZĞĐƌĞĂƚŝŽŶZĞĐƌĞĂƚŝŽŶ ZŽĐŚĞƐƚĞƌ WĂƌŬƐĂŶĚWĂƌŬƐĂŶĚ WŽǁĞƌƐ DŐŵƚ͕͘ tŽƌŬƐ͕tŽƌŬƐ͕tŽƌŬƐ͕tŽƌŬƐ͕ WƵďůŝĐWƵďůŝĐWƵďůŝĐ WƵďůŝĐ ŽĂƌĚ ZKW :ŽŝŶƚ Ψϭ͕ϮϬϬ͕ϬϬϬ ΨϯϱϬ͕ϬϬϬΨϰϬϬ͕ϬϬϬ ΨϳϬ͕ϬϬϬ /W͕,D͕ ZĞƐĞƌǀĞƐ͕ZĞƐĞƌǀĞƐ͕ /W͕,D &ůŽŽĚ&ůŽŽĚ ,D͕ ,D EZEZ ͲͲ /W/W ĂůůƌĞĂĐŚĞƐŽĨĂƐĐĂĚĞƌĞĞŬĂƐůĂŝĚŽƵƚŝŶƚŚĞ Ϯ͘ϭ/ŵƉůĞŵĞŶƚƌĞĐŽŵŵĞŶĚĞĚƐƚĂďŝůŝǌĂƚŝŽŶŽĨ Ϯ͘Ϭ^ƚƵĚǇĂŶĚĂŶĂůǇǌĞƚŚĞƉŽƚĞŶƚŝĂůĨŽƌĨůŽŽĚ ĂĐƚŝŽŶƉůĂŶƐĨŽƌĞĂĐŚĨůŽŽĚĐŽŶƚƌŽůƌĞƐĞƌǀŽŝƌ Ϯ͘ϮhƉĚĂƚĞĂŶĚŵĂŝŶƚĂŝŶƚŚĞĞŵĞƌŐĞŶĐǇ ϰ ĐŽŶƚƌŽůƐǇƐƚĞŵĐĂƉĂĐŝƚǇŝŵƉƌŽǀĞŵĞŶƚƐ͘ Ͳ Ϯ͘ϯƌĞĂƚĞϵϬĂĐƌĞƐŽĨǁĞƚůĂŶĚƐĂƚtZ ĂƐĐĂĚĞƌĞĞŬ^ƚĂďŝůŝǌĂƚŝŽŶZĞƉŽƌƚ͘ ĂŶĚĚĂŵƐŝƚĞ͘ ZĞƐĞƌǀŽŝƌ͘ Z&d ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ WůĂŶŶŝŶŐĂŶĚ ZĞŐƵůĂƚŝŽŶƐ WƌŽƚĞĐƚŝŽŶƐ WƌŽƚĞĐƚŝŽŶ͕ ^ǇƐƚĞŵƐ^ǇƐƚĞŵƐ EĂƚƵƌĂůEĂƚƵƌĂů >ŽĐĂů ZŽĐŚĞƐƚĞƌŚĂƐĂǀĞƌǇůŝŵŝƚĞĚŶƵŵďĞƌŽĨƐƚƌƵĐƚƵƌĞƐ 3DFNHW3J ^ŽŵĞƉƌŽũĞĐƚƐĂƌĞŵŽƌĞǁĂƚĞƌƋƵĂůŝƚǇƉƌŽƚĞĐƚŝŽŶ dŚŝƐŽƉƚŝŽŶĂůŝƚĞŵƉĞƌDEEZŝƐŝŶĐůƵĚĞĚŝŶƚŚĞ /E ďƌŽƵŐŚƚŝŶƚŽĚĞǀĞůŽƉŝŶƚĞƌĂĐƚŝǀĞŵĂƉƐƐŚŽǁŝŶŐ ƉĂƌƚŝĐŝƉĂƚŝŽŶŝŶƚŚĞZ^ŵŝŐŚƚŶŽƚďĞǁŽƌƚŚƚŚĞ ƚůĂƐϭϰĚĂƚĂ͘ĐŽŶƐƵůƚŝŶŐĨŝƌŵǁŝůůŶĞĞĚƚŽďĞ ͘ ŶĞĞĚƚŽďĞƵƉĚĂƚĞĚƚŽŝŶĐůƵĚĞ Z&d dŚĞĐŝƚǇŚĂƐĂůƌĞĂĚǇŚŝƌĞĚĂĐŽŶƐƵůƚĂŶƚƚŽŚĞůƉ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚƉƌŽƉĞƌƚǇŵŽƌĞƚŚĂŶŽƚŚĞƌƐ dŚŝƐƉƌŽũĞĐƚŝƐƐĐŚĞĚƵůĞĚĂŶĚŚĂƐďĞŶĞĨŝƚƐĂƐ ƉĂƌĐĞůůŽĐĂƚŝŽŶƐĂŶĚŝŵƉĂĐƚǁŚĞŶĂŶǇŐŝǀĞŶ ƉŽƐƐŝďůĞƉĂƌŬůĂŶĚƵƐĞƐŝŶĂĚĚŝƚŝŽŶƚŽƐƚŽƌŵ ŝŶƚŚĞĨůŽŽĚƉůĂŝŶƚŚĞƌĞĨŽƌĞƚŚĞďĞŶĞĨŝƚƐŽĨ ƉƌŽƉŽƐĞĚǌŽŶŝŶŐŽƌĚŝŶĂŶĐĞƵƉĚĂƚĞƚŽďĞ ƉƌĞƉĂƌĞŵĂƉƐĂŶĚŽƚŚĞƌĚĂƚĂĨŽƌĐŽƵŶĐŝů ^ŽŵĞƐƚĂďŝůŝǌĂƚŝŽŶƉƌŽũĞĐƚƐǁŝůůƉƌŽƚĞĐƚ ĞĂŶĚŵŽŶĞǇ͘ ǁĂƚĞƌͬĨůŽŽĚĐŽŶƚƌŽůŵŝƚŝŐĂƚŝŽŶ͘ ŝŶƚŚĞƌĞĚƵĐƚŝŽŶŽĨĞƌŽƐŝŽŶ͘ ĐŽŶƐŝĚĞƌĞĚďǇƚŚĞĐŽƵŶĐŝů͘ ĐŽƐƚŝŶƚĞƌŵƐŽĨƐƚĂĨĨƚŝŵ ĨůŽŽĚĞůĞǀĂƚŝŽŶŝƐŝŶƉƵƚ͘ &ůŽŽĚŵĂƉƐǁŝůů ĐŽŶƐŝĚĞƌĂƚŝŽŶ͘ DĞĚŝƵŵDĞĚŝƵŵ ,ŝŐŚ,ŝŐŚ,ŝŐŚ,ŝŐŚ >Žǁ ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ >ŽŶŐdĞƌŵ>ŽŶŐdĞƌŵ>ŽŶŐdĞƌŵ>ŽŶŐdĞƌŵ KŶŐŽŝŶŐ ŵĞƌŐĞŶĐǇ DŐŵƚ͕͘'/^ ZŽĐŚĞƐƚĞƌ tŽƌŬƐtŽƌŬƐ WƵďůŝĐWƵďůŝĐ ZKWZKWZKWZKW ΨϮ͕ϱϬϬ͕ϬϬϬ ΨϭϱϬ͕ϬϬϬ EͬEͬEͬEͬEͬ ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ ƐƵƉƉŽƌƚĞĚƐƵƉƉŽƌƚĞĚƐƵƉƉŽƌƚĞĚ ʹʹʹʹʹ /W͕,D ʹ /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů /ŶƚĞƌŶĂů ,D'W ^ƚĂĨĨ^ƚĂĨĨ ƐƚĂĨĨƐƚĂĨĨƐƚĂĨĨ ϱй Ϯ͘ϵŽŶƐŝĚĞƌƐƚƌĞĂŵďĂŶŬĞƌŽƐŝŽŶƉŽƚĞŶƚŝĂůŝŶŵĂŶĂŐĞƐƚŽƌŵǁĂƚĞƌƌƵŶŽĨĨĚƵƌŝŶŐŚĞĂǀǇƌĂŝŶ ĂĐĐĞƐƐŝďůĞƌĞƉŽƐŝƚŽƌǇĨŽƌŝŶƋƵŝƌĞƌƐƚŽ Ϯ͘ϲŽŶƐŝĚĞƌƉĂƌƚŝĐŝƉĂƚŝŶŐŝŶƚŚĞŽŵŵƵŶŝƚǇ tĂƚĞƌƐĞĐƚŝŽŶƐŽĨƚŚĞĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚƐϮ͘ϱĞǀĞůŽƉƉŽůŝĐŝĞƐĨŽƌŝŶĐŽƌƉŽƌĂƚŝŶŐEK ĐƌŝƚŝĐĂůĨĂĐŝůŝƚŝĞƐƚŽ ŝŶƚŽĞǆŝƐƚŝŶŐƉůĂŶƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚŽƌĚŝŶĂŶĐĞƐ͘ ƚůĂƐϭϰWƌĞĐŝƉŝƚĂƚŝŽŶ&ƌĞƋƵĞŶĐǇĞƐƚŝŵĂƚĞƐ ĞǀĞůŽƉŵĞŶƚ;>/ͿƚĞĐŚŶŝƋƵĞƐŝŶƌŽĂĚĂŶĚ ĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚƐƚŽŵŽƌĞĞĨĨĞĐƚŝǀĞůǇ ǇĞĂƌĨůŽŽĚ ŽƵƚůŝŶĞĚŝŶƚŚĞ&ůŽŽĚŽŶƚƌŽůĂŶĚ^ƚŽƌŵ ĨƌŝĞŶĚůǇ͕ ƐƚĂďŝůŝǌĂƚŝŽŶƉƌŽũĞĐƚƐĂƐ ϯ͘ϬŶĐŽƵƌĂŐĞƚŚĞƵƐĞŽĨ>Žǁ/ŵƉĂĐƚ ĨůŽŽĚ ŽďƚĂŝŶ&ůŽŽĚ/ŶƐƵƌĂŶĐĞZĂƚĞDĂƉƐ͘ ĂůůůĂŶĚƐƵŝƚĂďŝůŝƚǇĂŶĂůǇƐĞƐ;>^Ϳ͘ Ͳ Ϯ͘ϳƌĞĂƚĞĂŶĚƉƵďůŝĐŝǌĞĂƵƐĞƌ ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ZĂƚŝŶŐ^ǇƐƚĞŵ;Z^ͿƚŽƌĞĚƵĐĞ Ͳ ďĞďƵŝůƚϭĨŽŽƚĂďŽǀĞƚŚĞϱϬϬ ŝŶƐƵƌĂŶĐĞƌĂƚĞƐĨŽƌĐŝƚŝǌĞŶƐ͘ Ϯ͘ϴŽŶƐŝĚĞƌƌĞƋƵŝƌŝŶŐĂůů Ϯ͘ϰŽŵƉůĞƚĞ ĞůĞǀĂƚŝŽŶ͘ Ͳ ƉƵďůŝĐůǇ ĞǀĞŶƚƐ͘ WůĂŶ͘ ĂŶĚ WůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚ ZĞŐƵůĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐ WƌŽƚĞĐƚŝŽŶƐ ǁĂƌĞŶĞƐƐ ĚƵĐĂƚŝŽŶ WƌŽŐƌĂŵƐ WůĂŶŶŝŶŐ ^ǇƐƚĞŵƐ EĂƚƵƌĂů >ŽĐĂů>ŽĐĂů>ŽĐĂů>ŽĐĂů>ŽĐĂů ĂŶĚ ϭϯϮ ϭϯϯ 3DFNHW3J /E ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ DĞĚŝƵŵDĞĚŝƵŵDĞĚŝƵŵDĞĚŝƵŵ ,ŝŐŚ,ŝŐŚ,ŝŐŚ >Žǁ ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ >ŽŶŐdĞƌŵ>ŽŶŐdĞƌŵ>ŽŶŐdĞƌŵ>ŽŶŐdĞƌŵ tŽƌŬƐtŽƌŬƐtŽƌŬƐtŽƌŬƐtŽƌŬƐtŽƌŬƐtŽƌŬƐtŽƌŬƐ WƵďůŝĐWƵďůŝĐWƵďůŝĐWƵďůŝĐWƵďůŝĐWƵďůŝĐWƵďůŝĐWƵďůŝĐ Ψϯ͕ϯϱϬ͕ϬϬϬΨϭ͕Ϯϳϱ͕ϬϬϬΨϭ͕ϯϬϬ͕ϬϬϬ ΨϴϬϬ͕ϬϬϬΨϱϬϲ͕ϬϬϬΨϭϬϬ͕ϬϬϬΨϱϬϬ͕ϬϬϬΨϳϬϬ͕ϬϬϬ /W͕,D/W͕,D/W͕,D/W͕,D/W͕,D/W͕,D/W͕,D/W͕,D ĨƌŽŵϮŶĚ^ƚ^tƚŽĂƐĐĂĚĞƌĞĞŬ;ĐŽŵƉĂŶŝŽŶ ϯ͘ϳhƉƐŝǌĞƐƚŽƌŵƐĞǁĞƌƐǇƐƚĞŵŝŶϳƚŚǀĞ^t ϯ͘ϲŽŶƐƚƌƵĐƚƌĞŐŝŽŶĂůƐƚŽƌŵǁĂƚĞƌĚĞƚĞŶƚŝŽŶ ϳƚŚǀĞŶƵĞ^ďǇŝŶƐƚĂůůŝŶŐƐĞǁĞƌĂůŽŶŐϭϬƚŚ ϯ͘ϴŽŶǀĞǇĂŶĐĞWƌŽũĞĐƚ͗ĚĚƌĞƐƐĨůŽŽĚŝŶŐŽŶ ϯ͘ϰZĞŐŝŽŶĂů^ƚŽƌŵǁĂƚĞƌĞƚĞŶƚŝŽŶ&ĂĐŝůŝƚǇ͗ ϯ͘ϯZĞŐŝŽŶĂů^ƚŽƌŵǁĂƚĞƌĞƚĞŶƚŝŽŶ&ĂĐŝůŝƚǇ͗ƉƌŽũĞĐƚƚŽϳƚŚǀĞ^tƐƚƌĞĞƚƌĞĐŽŶƐƚƌƵĐƚŝŽŶ ĨĂĐŝůŝƚǇŝŶŶŽƌƚŚĞĂƐƚƋƵĂĚƌĂŶƚŽĨsĂůůĞǇ,ŝŐŚ ĞƚĞŶƚŝŽŶ&ĂĐŝůŝƚǇ ŽŶƚƌŽů&ĂĐŝůŝƚǇWƌŽũĞĐƚ͗ŽŶƐƚƌƵĐƚƌĞŐŝŽŶĂů ϭϬƚŚ^ƚƌĞĞƚ^ďĞƚǁĞĞŶϰƚŚǀĞŶƵĞ^ĂŶĚ ĚĞƚĞŶƚŝŽŶĨĂĐŝůŝƚǇĂƚ ϯ͘ϭZĞŐŝŽŶĂů^ƚŽƌŵǁĂƚĞƌĞƚĞŶƚŝŽŶͬ&ůŽŽĚĞƚĞŶƚŝŽŶͬ&ůŽŽĚ ĚĞƚĞŶƚŝŽŶ ŽŶƚƌŽů&ĂĐŝůŝƚǇWƌŽũĞĐƚ͗WŚĂƐĞϮƌĞŐŝŽŶĂů ϳϱƚŚ^ƚƌĞĞƚEtĞĂƐƚŽĨd,ϱϮ;ƉŽŶĚEt WƌŽũĞĐƚ͗ŽŶƐƚƌƵĐƚƌĞŐŝŽŶĂůƐƚŽƌŵǁĂƚĞƌ ƉŽŶĚĨŽƌŬƌƉϭ͘ϴĐ;ĂƐĐĂĚĞ^ĞĐƚŝŽŶϭϴͿ͘ ƌŝǀĞĂŶĚϱϬƚŚǀĞEtǁŝƚŚŝŶĐĐĂϯ͘ϭ͘ ^ƚ^ĨƌŽŵϲƚŚǀĞ^ƚŽĞĂƌƌĞĞŬ͘ ĨĂĐŝůŝƚŝĞƐƚŽƐĞƌǀĞ,ĂĚůĞǇsĂůůĞǇ͘ ŽŶƐƚƌƵĐƚƌĞŐŝŽŶĂůƐƚŽƌŵǁĂƚĞƌ Wϭ͘Ϯ Ɖ͘ϭ ϯ͘ϮZĞŐŝŽŶĂů^ƚŽƌŵǁĂƚĞƌϯ͘ϱZĞŐŝŽŶĂů^ƚŽƌŵǁĂƚĞƌ Ͳ ŽŶƐƚƌƵĐƚƐƚŽƌŵǁĂƚĞƌ ƐƚŽƌŵǁĂƚĞƌĨĂĐŝůŝƚǇŬƌ Ͳ ĚĞƚĞŶƚŝŽŶĨĂĐŝůŝƚǇ<Z ƉƌŽũĞĐƚͿ͘ Ɖϯ͘ϯͿ͘ Z&d ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ^ƚƌ ƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ 3DFNHW3J ƐƚĞĐŚŶŽůŽŐǇĐŚĂŶŐĞƐƚŚĞĨůŽŽĚǁĂƌŶŝŶŐƐǇƐƚĞŵ ǁŽƵůĚďĞŝŵƉĂĐƚĞĚďǇĂƉŽƚĞŶƚŝĂůďƌĞĂĐŚŽĨŽŶĞ /E ŶĞĞĚƐƚŽĐŚĂŶŐĞǁŝƚŚŝƚƚŽŵĂŬĞƐƵƌĞǁĞŚĂǀĞĂ Z&d ƐǇƐƚĞŵƚŚĂƚǁŽƌŬƐǁŝƚŚƉƌŽƉĞƌƚǇŽǁŶĞƌƐƚŚĂƚ DĂƚƚĞƌǆƉĞƌƚŽŵŵĞŶƚƐ^ƵďũĞĐƚDĂƚƚĞƌǆƉĞƌƚŽŵŵĞŶƚƐ ŽĨƚŚĞƌĞƐĞƌǀŽŝƌƐ͘ ^ƵďũĞĐƚ DĞĚŝƵŵ WƌŝŽƌŝƚǇWƌŝŽƌŝƚǇ ,ŝŐŚ,ŝŐŚ,ŝŐŚ,ŝŐŚ dŝŵĞĨƌĂŵĞdŝŵĞĨƌĂŵĞ >ŽŶŐdĞƌŵ KŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐ ŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇ ZĞĐƌĞĂƚŝŽŶ ZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌ WĂƌŬƐĂŶĚ ŐĞŶĐǇŐĞŶĐǇ DŐŵƚ͕͘ DŐŵƚ͘ tŽƌŬƐDŐŵƚ͘ WƵďůŝĐ >ĞĂĚ>ĞĂĚ ZWh ƉƉƌŽǆ͘ƉƉƌŽǆ͘ Ψϯ͕ϬϬϬ ŽƐƚŽƐƚ EͬEͬEͬEͬ ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ ƐƵƉƉŽƌƚĞĚƐƵƉƉŽƌƚĞĚ ϱй ʹʹʹʹ WŽƚĞŶƚŝĂůWŽƚĞŶƚŝĂů &ƵŶĚŝŶŐ&ƵŶĚŝŶŐ /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů Ͳ ^ŽƵƌĐĞ^ŽƵƌĐĞ ,D'W ^ƚĂĨĨ^ƚĂĨĨ ƐƚĂĨĨƐƚĂĨĨ ϭ͘ϭ/ŶƐƚĂůůĂůŝŐŚƚŶŝŶŐĚĞƚĞĐƚŝŽŶƐǇƐƚĞŵŝŶŚŝŐŚ ĐĂŵƉĂŝŐŶĂďŽƵƚƚŚĞƌŝƐŬƐŽĨĨƌŽǌĞŶƉŝƉĞƐĂŶĚ ĐĂŵƉĂŝŐŶĂďŽƵƚƚŚĞĚĂŶŐĞƌƐŽĨůŝŐŚƚŶŝŶŐĂŶĚ ϰ͘ϬŽŶĚƵĐƚƉĞƌŝŽĚŝĐKĞǆĞƌĐŝƐĞƐŝŶǀŽůǀŝŶŐ ϯ͘ϵ^ƚƵĚǇĂŶĚĐŽŶƐŝĚĞƌŝŵƉƌŽǀĞŵĞŶƚƐƚŽƚŚĞ ƐƚĞƉƐŚŽŵĞŽǁŶĞƌƐĐĂŶƚĂŬĞƚŽŵŝƚŝŐĂƚĞƚŚĂƚ ϭ͘ϮŽŶĚƵĐƚĂŶĞĚƵĐĂƚŝŽŶĂŶĚĂǁĂƌĞŶĞƐƐϭ͘ϭŽŶĚƵĐƚĂŶĞĚƵĐĂƚŝŽŶĂŶĚĂǁĂƌĞŶĞƐƐ ǆĐĞƐƐŝǀĞͬWƌŽůŽŶŐĞĚŽůĚ;WZ/͗Ϯ͘ϲϱͿ ŚŽǁƚŽƚĂŬĞƐĂĨĞƚǇƉƌĞĐĂƵƚŝŽŶƐ͘ ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ĨůŽŽĚǁĂƌŶŝŶŐƐǇƐƚĞŵ͘ ƵƐĞƐƉŽƌƚƐĂƌĞĂƐ͘ ĂĨůŽŽĚĞǀĞŶƚ͘ >ŝŐŚƚŶŝŶŐ;WZ/͗Ϯ͘ϲϱͿ ĐƚŝŽŶ/ƚĞŵĐƚŝŽŶ/ƚĞŵ ƌŝƐŬ͘ ĂŶĚZĞƐƉŽŶƐĞĂŶĚZĞƐƉŽŶƐĞĂŶĚZĞƐƉŽŶƐĞ WƌĞƉĂƌĞĚŶĞƐƐWƌĞƉĂƌĞĚŶĞƐƐWƌĞƉĂƌĞĚŶĞƐƐ ǁĂƌĞŶĞƐƐǁĂƌĞŶĞƐƐ DŝƚŝŐĂƚŝŽŶDŝƚŝŐĂƚŝŽŶDŝƚŝŐĂƚŝŽŶ ĚƵĐĂƚŝŽŶĚƵĐĂƚŝŽŶ WƌŽŐƌĂŵƐWƌŽŐƌĂŵƐ ^ƚƌĂƚĞŐǇ^ƚƌĂƚĞŐǇ ^ƵƉƉŽƌƚ^ƵƉƉŽƌƚ^ƵƉƉŽƌƚ ĂŶĚĂŶĚ ϭϯϰ ϭϯϱ ŵĂƐƐƐŚĞůƚĞƌŝŶŐƉůĂŶĨŽƌƉƌŽůŽŶŐĞĚƉŽǁĞƌŽƵƚĂŐĞƐ ŽƐƚƐĂƌĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚĐŽŶƐƵůƚĂŶƚĂƐƐŝƐƚĂŶĐĞƚŽ 3DFNHW3JĚƵƌŝŶŐĞǆƚƌĞŵĞŚĞĂƚĞǀĞŶƚƐ͘ ŝŶĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚƐ͕ĞƐƉĞĐŝĂůůǇ ůĂŶĚĂƐƚŚĞĐŝƚǇĞǆƉĂŶĚƐ͘ ƉĞƌŝŽĚƐŽĨĞǆƚƌĞŵĞĐŽůĚ͘ ĞǆĐĞƐƐŝǀĞĐŽůĚ͘ ĐƚŝŽŶ/ƚĞŵ ĚŽǁŶƚŽǁŶ͘ ŵĞƚŚŽĚƐ͘ Ͳ ϭ͘ϯWƌĞ Z&d ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ WƌĞƉĂƌĞĚŶĞƐƐ WůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚ ZĞŐƵůĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐ ǁĂƌĞŶĞƐƐ DŝƚŝŐĂƚŝŽŶ ĚƵĐĂƚŝŽŶ WƌŽŐƌĂŵƐ ^ƚƌĂƚĞŐǇ >ŽĐĂů>ŽĐĂů>ŽĐĂů ĂŶĚ 3DFNHW3J ƉƌŽŐƌĂŵ͘ĚƵĐĂƚŝŶŐƐĐŚŽŽůĂŐĞĐŚŝůĚƌĞŶŚĂƐĂůƐŽ /E ƌĞĐĞŝǀŝŶŐĨƵŶĚŝŶŐƚŽƐƵƉƉŽƌƚĂ ƉŽƐŝƚŝŽŶƚŽŵĂŶĂŐĞŵĞŶƚƚŚŝƐƚǇƉĞŽĨƉƌŽĂĐƚŝǀĞ Z&d ŝŶĐŽŵĞĂŶĚƐĞŶŝŽƌ ŝŶĨŽƌŵĂƚŝŽŶŚŽŵĞƚŽƚŚĞŝƌƉĂƌĞŶƚƐĂƐǁĞůů͘ ƉƌŽǀĞŶƚŽďĞĂŶĞĨĨĞĐƚŝǀĞǁĂǇƚŽŐĞƚƚŚĞ ^ƵďũĞĐƚDĂƚƚĞƌǆƉĞƌƚŽŵŵĞŶƚƐ^ƵďũĞĐƚDĂƚƚĞƌǆƉĞƌƚŽŵŵĞŶƚƐ Ͳ ŚĂǌĂƌĚƐ͕ĞƐƉĞĐŝĂůůǇĨŽƌůŽǁ dŚĞĐŚĂůůĞŶŐĞŝƐ ƉŽƉƵůĂƚŝŽŶƐ͘ DĞĚŝƵŵDĞĚŝƵŵ WƌŝŽƌŝƚǇWƌŝŽƌŝƚǇ ,ŝŐŚ,ŝŐŚ dŝŵĞĨƌĂŵĞdŝŵĞĨƌĂŵĞ >ŽŶŐdĞƌŵ>ŽŶŐdĞƌŵ KŶŐŽŝŶŐKŶŐŽŝŶŐ DĂŶĂŐĞŵĞ ŵĞƌŐĞŶĐǇ ZŽĐŚĞƐƚĞƌ KůŵƐƚĞĚ ŐĞŶĐǇŐĞŶĐǇ DŐŵƚ͕͘ ŽƵŶƚǇ Ŷƚ͕ZWd ,ĞĂůƚŚ ZKW͕tŽƌŬƐZKW͕tŽƌŬƐ WƵďůŝĐWƵďůŝĐWƵďůŝĐ >ĞĂĚ>ĞĂĚ Z& ƉƉƌŽǆ͘ƉƉƌŽǆ͘ ΨϱϬ͕ϬϬϬ ŽƐƚŽƐƚ EͬEͬEͬ ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ ƐƵƉƉŽƌƚĞĚ ʹʹʹʹ WŽƚĞŶƚŝĂůWŽƚĞŶƚŝĂů &ƵŶĚŝŶŐ&ƵŶĚŝŶŐ /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů ^ŽƵƌĐĞ^ŽƵƌĐĞ ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ ƐƚĂĨĨ ϭ͘ϭŽŶƚŝŶƵĞĞĚƵĐĂƚŝŽŶĂůƉƌŽŐƌĂŵƐĨŽƌƐĐŚŽŽů ǀƵůŶĞƌĂďůĞƉŽƉƵůĂƚŝŽŶƐŝŶƚŚĞĐŽŵŵƵŶŝƚǇ;ŝ͘Ğ͘ ƵŶƐƚĂďůĞƐůŽƉĞƐƉĂƌƚŝĐƵůĂƌůǇŶĞĂƌƉƵďůŝĐƌŽĂĚƐ ƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƵƐĞ ƐůŽƉĞƐŝŶ ĂŐĞĚĐŚŝůĚƌĞŶƌĞůĂƚŝŶŐƚŽĨŝƌĞƉƌĞǀĞŶƚŝŽŶ͘ ƉĞƌƐŽŶĂůƐĂĨĞƚǇŵĞĂƐƵƌĞƐƚŽƚĂŬĞĚƵƌŝŶŐ ůĂƌŐĞƐĞƚďĂĐŬƐǁŚĞŶďƵŝůĚŝŶŐƌŽĂĚƐŶĞĂƌ &ŝƌĞ;^ƚƌƵĐƚƵƌĞĂŶĚsĞŚŝĐůĞͿ;WZ/͗Ϯ͘ϱϱͿ ϭ͘ϱWƌŽǀŝĚĞŽƵƚƌĞĂĐŚĂŶĚĞĚƵĐĂƚŝŽŶƚŽ ƐĞŶŝŽƌĐŝƚŝǌĞŶƐ͕ǇŽƵŶŐĂĚƵůƚƐ͕ĞƚĐ͘ͿŽŶZŽĐŚĞƐƚĞƌ͘ĞǀĞůŽƉĂƉůĂŶƚŽĂĚĚƌĞƐƐ ϭ͘ϭŽŶĚƵĐƚĂƐƚƵĚǇŽĨƵŶƐƚĂďůĞ ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ >ĂŶĚƐůŝĚĞͬDƵĚƐůŝĚĞ;WZ/͗Ϯ͘ϱϱͿ ƐůŽƉĞƐŽĨŵĂƌŐŝŶĂůƐƚĂďŝůŝƚǇ͘ ĂŶĚŽƚŚĞƌĐƌŝƚŝĐĂůĨĂĐŝůŝƚŝĞƐ͘ ƉĞƌŝŽĚƐŽĨĞǆƚƌĞŵĞŚĞĂƚ͘ ϭ͘ϮƐƚĂďůŝƐŚƐĞƚďĂĐŬ ĐƚŝŽŶ/ƚĞŵĐƚŝŽŶ/ƚĞŵ ĂŶĚZĞƐƉŽŶƐĞ WůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚ ZĞŐƵůĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐ ǁĂƌĞŶĞƐƐǁĂƌĞŶĞƐƐ ĚƵĐĂƚŝŽŶĚƵĐĂƚŝŽŶ WƌŽŐƌĂŵƐWƌŽŐƌĂŵƐ ^ƚƌĂƚĞŐǇ^ƚƌĂƚĞŐǇ ƐƵƉƉŽƌƚ >ŽĐĂů>ŽĐĂů ĂŶĚĂŶĚ ϭϯϲ ϭϯϳ ĂƉƌŽĂĐƚŝǀĞƉƌŽŐƌĂŵĂĚĚƌĞƐƐŝŶŐĐŽŽŬŝŶŐĨŝƌĞƐǁŝƚŚ 3DFNHW3J dŚĞZŽĐŚĞƐƚĞƌ&ŝƌĞĞƉĂƌƚŵĞŶƚĐŽƵůĚŝŵƉůĞŵĞŶƚ ĂĐŽůůĂďŽƌĂƚŝǀĞĞĨĨŽƌƚďĞƚǁĞĞŶƚŚĞ&ŝƌĞDĂƌƐŚĂůΖƐ ĚĞǀĞůŽƉŵĞŶƚƚŚĂƚƌĞƋƵŝƌĞƐĂ'ƌĂĚŝŶŐWůĂŶǁŽƵůĚ /E ĂůƐŽďĞƌĞƋƵŝƌĞĚƚŽƚŚŝŶŬĂďŽƵƚƚŚĞƐŝƚĞƉŚĂƐŝŶŐ dŚĞƉƌŽƉŽƐĞĚůĂŶŐƵĂŐĞĐŽƵůĚďĞŝŶĐŽƌƉŽƌĂƚĞĚ ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ǁŽƵůĚ ŝŶƚŽƚŚĞ'ƌĂĚŝŶŐWůĂŶĐŚĞĐŬůŝƐƚ͕ƐŽĞĂĐŚŶĞǁ ĂŶĚƚŚĞŝŵƉĂĐƚƚŚĞƵŶĚĞƌůǇŝŶŐŐĞŽůŽŐǇ ^ƵďũĞĐƚDĂƚƚĞƌǆƉĞƌƚŽŵŵĞŶƚƐ KĨĨŝĐĞĂŶĚKƉĞƌĂƚŝŽŶƐ͘ ŚĂǀĞŽŶƚŚĞĂƌĞĂ͘ DĞĚŝƵŵDĞĚŝƵŵDĞĚŝƵŵ WƌŝŽƌŝƚǇ ,ŝŐŚ,ŝŐŚ >Žǁ dŝŵĞĨƌĂŵĞ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ >ŽŶŐdĞƌŵ KŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐ ŐĞŶĐǇ tŽƌŬƐ͕ tŽƌŬƐ͕ ZKW͕tŽƌŬƐ WƵďůŝĐŝĐWƵďůŝĐ ZKWZKW >ĞĂĚ WƵďů Z&Z&Z& ƉƉƌŽǆ͘ ΨϱϬ͕ϬϬϬ ŽƐƚ EͬEͬEͬEͬEͬ ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ ƐƵƉƉŽƌƚĞĚƐƵƉƉŽƌƚĞĚ ʹʹʹʹʹʹ WŽƚĞŶƚŝĂů &ƵŶĚŝŶŐ /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů ^ŽƵƌĐĞ ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ >ĂŶĚ^ƵďƐŝĚĞŶĐĞ;^ŝŶŬŚŽůĞƐΘ<ĂƌƐƚͿ;WZ/͗Ϯ͘ϮͿ ĨĞĚĞƌĂůŐƌĂŶƚĂŶĚƉƌŝǀĂƚĞ ĚĞǀĞůŽƉŵĞŶƚƐƚŚĂƚŽĐĐƵƌŝŶĞůĞǀĂƚŝŽŶƐĂďŽǀĞ ϭ͘ϭŽŶĚƵĐƚƐƚƵĚŝĞƐĂŶĚŵĂƉĂƌĞĂƐƚŚĂƚĂƌĞ ƌĞƋƵŝƌĞƐĂƐŝŶŬŚŽůĞĞǀĂůƵĂƚŝŽŶĨŽƌƉƌŽƉŽƐĞĚƌĞƋƵŝƌĞƐĂƐŝŶŬŚŽůĞĞǀĂůƵĂƚŝŽŶĨŽƌƉƌŽƉŽƐĞĚ ƌĞĂĐŚŝŶŐŽƵƚƚŽ^>ŐƌŽƵƉƐƚŽ ϭϮϬϬĨĞĞƚ;ƚŚŝƐŽĐĐƵƌƐŽŶƚŽƉŽĨƵŶĚĞƌůǇŝŶŐ ĚĞǀĞůŽƉŵĞŶƚƐƚŚĂƚŽĐĐƵƌŶĞĂƌŬŶŽǁŶƐŽŝů ϭ͘ϮŽŶƐŝĚĞƌĂĚŽƉƚŝŶŐĂŶŽƌĚŝŶĂŶĐĞƚŚĂƚϭ͘ϯŽŶƐŝĚĞƌĂĚŽƉƚŝŶŐĂŶŽƌĚŝŶĂŶĐĞƚŚĂƚ ĐĂŵƉĂŝŐŶĂďŽƵƚĐŽŽŬŝŶŐĨŝƌĞƉƌĞǀĞŶƚŝŽŶ͘ ŝŶƐƚŝƚƵƚŝŽŶĨƵŶĚŝŶŐĨŽƌƐŵŽŬĞĚĞƚĞĐƚŽƌ ϭ͘ϯŽŶƐŝĚĞƌůĂƵŶĐŚŝŶŐĂŶĂǁĂƌĞŶĞƐƐ ĞĚƵĐĂƚŝŽŶĂŶĚŐŝǀĞĂǁĂǇƉƌŽŐƌĂŵƐ͘ ŬĂƌƐƚǁŝƚŚǀĞƌǇůŝƚƚůĞƐŽŝůĐŽǀĞƌͿ͘ ƉƌŽǀŝĚĞĨŝƌĞƉƌĞǀĞŶƚŝŽŶĐůĂƐƐĞƐ͘ ƐƵďƐŝĚĞŶĐĞŽƌƐŝŶŬŚŽůĞĂƌĞĂƐ͘ ƐƵƐĐĞƉƚŝďůĞƚŽƐƵďƐŝĚĞŶĐĞ͘ ϭ͘ϰŽŶƚŝŶƵĞƚŽƐĞĞŬ ϭ͘ϮŽŶƚŝŶƵĞ ĐƚŝŽŶ/ƚĞŵ Z&d ĂŶĚZĞƐƉŽŶƐĞ WƌĞƉĂƌĞĚŶĞƐƐ WůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚ ZĞŐƵůĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐ ǁĂƌĞŶĞƐƐǁĂƌĞŶĞƐƐ DŝƚŝŐĂƚŝŽŶ ĚƵĐĂƚŝŽŶĚƵĐĂƚŝŽŶ WƌŽŐƌĂŵƐWƌŽŐƌĂŵƐ ^ƚƌĂƚĞŐǇ ^ƵƉƉŽƌƚ >ŽĐĂů>ŽĐĂů>ŽĐĂů ĂŶĚĂŶĚ 3DFNHW3J ĐŽŵŵĂŶĚĞƌƐǁŚŽƌĞƐƉŽŶĚƚŽƐƉĞĐŝĨŝĐŝŶĐŝĚĞŶƚƐ͘ĐŽŵŵĂŶĚĞƌƐǁŚŽƌĞƐƉŽŶĚƚŽƐƉĞĐŝĨŝĐŝŶĐŝĚĞŶƚƐ͘ /E Z&d ƌĞƐƉŽŶƐĞƚŽĂŶƵŶŬŶŽǁŶŝŶĐŝĚĞŶƚŝƐĞƐƉĞĐŝĂůůǇƌĞƐƉŽŶƐĞƚŽĂŶƵŶŬŶŽǁŶŝŶĐŝĚĞŶƚŝƐĞƐƉĞĐŝĂůůǇ ƉůĂĐĞǀĞƌƐƵƐƉůĂĐĞǀĞƌƐƵƐ WůĂŶŶŝŶŐĨŽƌƵŶŬŶŽǁŶŝŶĐŝĚĞŶƚƐŝƐĚŝĨĨŝĐƵůƚ͘WůĂŶŶŝŶŐĨŽƌƵŶŬŶŽǁŶŝŶĐŝĚĞŶƚƐŝƐĚŝĨĨŝĐƵůƚ͘ ĚƵĐĂƚŝŶŐƉŽƉƵůĂƚŝŽŶƐĂďŽƵƚŽŶĞƉŽƐƐŝďůĞĚƵĐĂƚŝŶŐƉŽƉƵůĂƚŝŽŶƐĂďŽƵƚŽŶĞƉŽƐƐŝďůĞ ĞǀĂĐƵĂƚŝŽŶŝƐĚĞƚĞƌŵŝŶĞĚďǇŝŶĐŝĚĞŶƚĐƵĂƚŝŽŶŝƐĚĞƚĞƌŵŝŶĞĚďǇŝŶĐŝĚĞŶƚ ^ƵďũĞĐƚDĂƚƚĞƌǆƉĞƌƚŽŵŵĞŶƚƐ ͲͲ ŝŶŝŶ ͲͲ &ŽƌĐŚĞŵŝĐĂůŚĂǌĂƌĚƐ͕ƐŚĞůƚĞƌ&ŽƌĐŚĞŵŝĐĂůŚĂǌĂƌĚƐ͕ƐŚĞůƚĞƌ ĚŝĨĨŝĐƵůƚ͘ĚŝĨĨŝĐƵůƚ͘ ĞǀĂ WƌŝŽƌŝƚǇ ,ŝŐŚ,ŝŐŚ >Žǁ>Žǁ dŝŵĞĨƌĂŵĞ^ŚŽƌƚdĞƌŵ >ŽŶŐdĞƌŵ>ŽŶŐdĞƌŵ KŶŐŽŝŶŐ dĞĐŚŶŽůŽŐŝĐĂů,ĂǌĂƌĚƐ ŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇ ZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌ ŐĞŶĐǇ DŐŵƚ͕͘DŐŵƚ͕͘ DŐŵƚ͘ >ĞĂĚ Z&Z&Z& Ψϴ͕ϬϬϬƚŽ ƉƉƌŽǆ͘ Ψϭϱ͕ϬϬϬ ƉĞƌƵŶŝƚ ŽƐƚ EͬEͬEͬ ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ ʹʹʹ WŽƚĞŶƚŝĂů &ƵŶĚŝŶŐʹ /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů ^ŽƵƌĐĞ ,D'W ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ ϱй ĐĂŵƉĂŝŐŶĨŽƌŝŶĚŝǀŝĚƵĂůƐĂŶĚŚŽƵƐĞŚŽůĚƐǁŚŽĐĂŵƉĂŝŐŶĨŽƌŝŶĚŝǀŝĚƵĂůƐĂŶĚŚŽƵƐĞŚŽůĚƐǁŚŽ ϭ͘ϯĐƋƵŝƌĞĂĚĚŝƚŝŽŶĂůƌĞĂZŐĂƐŵŽŶŝƚŽƌƐ ϭ͘ϭ/ŵƉůĞŵĞŶƚĂ^ŚĞůƚĞƌŝŶWůĂĐĞĞĚƵĐĂƚŝŽŶĂů ŚĂǌĂƌĚŽƵƐĐŚĞŵŝĐĂůƐƚŚĂƚƉŽƐĞĂƚŚƌĞĂƚƚŽ ϭ͘Ϯ/ŵƉůĞŵĞŶƚĂŶĞǀĂĐƵĂƚŝŽŶĞĚƵĐĂƚŝŽŶĂů ƌĂŝůŝŶĐŝĚĞŶƚƐŝŶǀŽůǀŝŶŐ ĐŽƵůĚďĞĂĨĨĞĐƚĞĚďǇĂƚƌĂŝŶĚĞƌĂŝůŵĞŶƚ͘ ĐŽƵůĚďĞĂĨĨĞĐƚĞĚďǇĂƚƌĂŝŶĚĞƌĂŝůŵĞŶƚ͘ ϭ͘ϰDĂŝŶƚĂŝŶĂŶĚŝŵƉƌŽǀĞŵĞƚŚŽĚƐŽĨ ĨŽƌƵƐĞĚƵƌŝŶŐ,DdŝŶĐŝĚĞŶƚƐ͘ ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ dƌĂŝŶĞƌĂŝůŵĞŶƚ;WZ/͗ϯ͘ϮϱͿ ǁĂƌŶŝŶŐƉƵďůŝĐĨŽƌ ĐƚŝŽŶ/ƚĞŵ ůŝĨĞ͘ ĂŶĚZĞƐƉŽŶƐĞ ZĞƐƉŽŶƐĞ WƌĞƉĂƌĞĚŶĞƐƐWƌĞƉĂƌĞĚŶĞƐƐ ǁĂƌĞŶĞƐƐǁĂƌĞŶĞƐƐ DŝƚŝŐĂƚŝŽŶDŝƚŝŐĂƚŝŽŶ ĚƵĐĂƚŝŽŶĚƵĐĂƚŝŽŶ WƌŽŐƌĂŵƐŐƌĂŵƐ ^ƚƌĂƚĞŐǇ ^ƵƉƉŽƌƚ^ƵƉƉŽƌƚ ĂŶĚĂŶĚĂŶĚ WƌŽ ϭϯϴ ϭϯϵ 3DFNHW3J &ƵŶĚƐĨŽƌĐŽŶƐƵůƚĂŶƚǁŝůůĐŽǀĞƌĚĞǀĞůŽƉŵĞŶƚĂŶĚ dŚĞůĂƐƚŚĂǌĂƌĚŽƵƐŵĂƚĞƌŝĂůƐĞǆĞƌĐŝƐĞǁĂƐϮϬϭϭ͘ ŝŶƚŽƚŚĞĨƵƚƵƌĞƚŽĞŶƐƵƌĞĂƌĞůŝĂďůĞǁĂƚĞƌƐŽƵƌĐĞ /E ZWhΖƐǁĞůůŚĞĂĚƉƌŽƚĞĐƚŝŽŶĂƌĞĂƐǁŝůůŚĂǀĞƐŽŵĞ ďĞŶĞĨŝƚZWhĂŶĚŽƵƌtĂƚĞƌƵƐƚŽŵĞƌƐŵŽǀŝŶŐ ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ŽŶĚƵĐƚŝŶŐŽŶŐŽŝŶŐŐƌŽƵŶĚǁĂƚĞƌƐƚƵĚŝĞƐǁŝůů ƌĞƐƚƌŝĐƚŝŽŶƐƚŽŚĞůƉƉƌŽƚĞĐƚƚŚĞŐƌŽƵŶĚǁĂƚĞƌ͘ dŚŝƐĂĐƚŝŽŶƐƚƌĂƚĞŐǇŝƐƌĞƋƵŝƌĞĚďǇ^ƚĂƚĞŽĨ ƚŚĂƚĞǆĐĞĞĚƐĚƌŝŶŬŝŶŐǁĂƚĞƌƐƚĂŶĚĂƌĚƐ͘ ^ƵďũĞĐƚDĂƚƚĞƌǆƉĞƌƚŽŵŵĞŶƚƐ^ƵďũĞĐƚDĂƚƚĞƌǆƉĞƌƚŽŵŵĞŶƚƐ DŝŶŶĞƐŽƚĂƉůĂŶŶŝŶŐŐƵŝĚĞůŝŶĞƐ͘ ĚĞůŝǀĞƌǇŽĨĂŶĞǆĞƌĐŝƐĞ͘ DĞĚŝƵŵDĞĚŝƵŵ WƌŝŽƌŝƚǇWƌŝŽƌŝƚǇ ,ŝŐŚ,ŝŐŚ,ŝŐŚ dŝŵĞĨƌĂŵĞ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ dŝŵĞĨƌĂŵĞ KŶŐŽŝŶŐKŶŐŽŝŶŐ ŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇ ZWh ZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌ Z&͕ZW͕ ŐĞŶĐǇŐĞŶĐǇ tŽƌŬƐ͕ DŐŵƚ͘ DŐŵƚ͘ ZKW͕ WƵďůŝĐ ZKW >ĞĂĚ>ĞĂĚ ZWh ΨϭϬϬ͕ϬϬϬ ƉƉƌŽǆ͘ƉƉƌŽǆ͘ ΨϮϱ͕ϬϬϬ dƌĂŶƐƉŽƌƚĂƚŝŽŶ;WZ/͗Ϯ͘ϴϱͿ ŽƐƚŽƐƚ EͬEͬEͬ ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ ϱй͕,DW ʹʹʹ WŽƚĞŶƚŝĂůWŽƚĞŶƚŝĂů &ƵŶĚŝŶŐʹ&ƵŶĚŝŶŐ /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů ^ŽƵƌĐĞ^ŽƵƌĐĞ ,D'W ,D͕ D'^͕ h^'^ EZ͕ ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ ƌŝƚŝĐĂů/ŶĨƌĂƐƚƌƵĐƚƵƌĞͬhƚŝůŝƚǇ&ĂŝůƵƌĞ;WZ/͗Ϯ͘ϴͿ ,DdƌĞůĞĂƐĞŶĞĐĞƐƐŝƚĂƚŝŶŐĂŶĞǀĂĐƵĂƚŝŽŶ͘ ůŽĐĂůŽƌĚŝŶĂŶĐĞƉƌŽǀŝƐŝŽŶƐƚŚĂƚǁŽƵůĚĂĚĚƌĞƐƐ ĂĚĚŝƚŝŽŶĂůƉŽůŝĐŝĞƐŽŶĚĞǀĞůŽƉŵĞŶƚͬůĂŶĚƵƐĞƐ ϭ͘ϮhƉĚĂƚĞƚŚĞĐŝƚǇůĂŶĚƵƐĞƉůĂŶƐƚŽƉƌŽǀŝĚĞ ŵĂƚĞƌŝĂůƐ ϭ͘Ϯ/ŶǀĞƐƚŝŐĂƚĞƚŚĞĐŽŶĐĞƉƚĂŶĚůĂŶŐƵĂŐĞŽĨ ĞǀĂĐƵĂƚŝŽŶ͘ĞƚĞƌŵŝŶĞďĂƐŝĐ^KWƐĨŽƌŵĂƐƐ ϭ͘ϯŽŶĚƵĐƚĂĨƵůůƐĐĂůĞĞǆĞƌĐŝƐĞŝŶǀŽůǀŝŶŐĂ ŐƌŽƵŶĚǁĂƚĞƌƉŽůůƵƚŝŽŶ͘&ŽůůŽǁƵƉǁŝƚŚĂŶǇ ϭ͘ϭŽŶƚŝŶƵĞƚŽĐŽŶĚƵĐƚƐƚƵĚŝĞƐƌĞůĂƚĞĚƚŽ ϭ͘ϭ/ĚĞŶƚŝĨǇŵĂũŽƌƌŽƵƚĞƐŽĨƚƌĂǀĞůĨŽƌ ƚŚĞƚƌĂŶƐƉŽƌƚƌŽƵƚĞƐĨŽƌŚĂǌĂƌĚŽƵƐ ǁŝƚŚŝŶƚŚĞŚŝŐŚůǇƐĞŶƐŝƚŝǀĞĂƌĞĂƐƚŽ ʹ ǁŝƚŚŝŶƉŽƉƵůĂƚŝŽŶĐĞŶƚĞƌƐ͘ ,ĂǌĂƌĚŽƵƐDĂƚĞƌŝĂůƐZĞůĞĂƐĞŐƌŽƵŶĚǁĂƚĞƌŵŽǀĞŵĞŶƚ͘ ĐƚŝŽŶ/ƚĞŵĐƚŝŽŶ/ƚĞŵ ĞǀĂĐƵĂƚŝŽŶ͘ Z&d ĂŶĚZĞƐƉŽŶƐĞ WƌĞƉĂƌĞĚŶĞƐƐ WůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚ ZĞŐƵůĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐ ZĞŐƵůĂƚŝŽŶZĞŐƵůĂƚŝŽŶ DŝƚŝŐĂƚŝŽŶ ^ƚƌĂƚĞŐǇ^ƚƌĂƚĞŐǇ ^ƵƉƉŽƌƚ >ŽĐĂů>ŽĐĂů>ŽĐĂů>ŽĐĂů 3DFNHW3J /E Z&d dŚĞƐĞĂĐƚŝŽŶƐǁŝůůĂůůŽǁĨŽƌŚŝŐŚĞƌůĞǀĞůƐŽĨ ĞůĞĐƚƌŝĐƌĞůŝĂďŝůŝƚǇ͘ DĞĚŝƵŵ ,ŝŐŚ >Žǁ>Žǁ>Žǁ ǁ >Ž >ŽŶŐdĞƌŵ>ŽŶŐdĞƌŵ ĂƐĨƵŶĚŝŶŐĂƐĨƵŶĚŝŶŐ >ŽŶŐdĞƌŵ>ŽŶŐdĞƌŵ ďĞĐŽŵĞƐďĞĐŽŵĞƐ ĂǀĂŝůĂďůĞ ǀĂŝůĂďůĞ KŶŐŽŝŶŐKŶŐŽŝŶŐ Ă tŽƌŬƐ͕ tŽƌŬƐ WƵďůŝĐWƵďůŝĐ ZWhZWhZWhZWhZWh ĚŝƐƚƌŝďƵƚŝŽŶ ΨϰDͬŵŝůĞ ΨϮϬϬ͕ϬϬϬ ϲDŝůůŝŽŶ ƚŽďƵƌǇ ůŝŶĞƐ Eͬ dd ƐƵƉƉŽƌƚĞĚ ʹ /W͕DE /ŶƚĞƌŶĂů /W;ƌĞͿ,D'W͕ ^ƚĂƚĞ ,D,D &ƵŶĚ WD ƐƚĂĨĨ ϭ͘ϳǆƉĂŶĚŽƌĐŽŶƐƚƌƵĐƚĂĚĚŝƚŝŽŶĂůƐƵďƐƚĂƚŝŽŶ ƚƌĂŶƐĨŽƌŵĞƌƐĂŶĚĂĚĚŵŽƌĞĞůĞĐƚƌŝĐĂůĨĞĞĚĞƌƐ ǀƵůŶĞƌĂďůĞƚŽĨĂŝůƵƌĞĚƵƌŝŶŐƐĞǀĞƌĞŝĐĞƐƚŽƌŵƐ ĨƵŶĐƚŝŽŶĂůĚĞĨŝĐŝĞŶƚ͕ŽƌƌĞƐƚƌŝĐƚĞĚŝŶƵƐĞ͘ŝƚǇ ŝŶϮϬϭϴĂŶĚĞǆƉĞĐƚƚŽƌĞƉůĂĐĞĂďƌŝĚŐĞĞǀĞƌǇ YƵĂůŝƚǇdƌĞĂƚŵĞŶƚĂŶĚWŽůůƵƚĂŶƚ'ĞŶĞƌĂƚŝŽŶ ǁŝůůƉƌŽŐƌĂŵďƌŝĚŐĞƌĞƉůĂĐĞŵĞŶƚƐďĞŐŝŶŶŝŶŐƐƵďƐƚĂƚŝŽŶǁĞƌĞůŽƐƚĚƵƌŝŶŐĂƉĞĂŬĞůĞĐƚƌŝĐĂů ϭ͘ϰƌŝĚŐĞZĞƉůĂĐĞŵĞŶƚWƌŽŐƌĂŵ͘^ĞǀĞƌĂůƚŽďĂĐŬƵƉŶĞŝŐŚďŽƌŝŶŐĨĞĞĚĞƌƐŝĨĂŶĞŶƚŝƌĞ ĐŽŶƚŝŶŐĞŶĐŝĞƐƚŽƚŚĞĞůĞĐƚƌŝĐĂůĚŝƐƚƌŝďƵƚŝŽŶ ďƌŝĚŐĞƐĂƌĞŶĞĂƌŝŶŐƚŚĞŝƌůŝĨĞĞǆƉĞĐƚĂŶĐǇ͕ ŽƌǁŝŶĚĞǀĞŶƚƐĂŶĚĞǀĂůƵĂƚĞͬŝŵƉůĞŵĞŶƚŵŝƚŝŐĂƚŝŽŶƉƌŽũĞĐƚƐƐƵĐŚĂƐŚĂƌĚĞŶŝŶŐŽƌĐŽŵŵƵŶŝĐĂƚŝŽŶƚĞĐŚŶŝƋƵĞƐƵƐĞĚďǇZWh ϭ͘ϯ^ƚŽƌŵtĂƚĞƌηϯϰ͗ŽŶĚƵĐƚĂtĂƚĞƌ ŶĞĐĞƐƐĂƌǇĐŚĂŶŐĞƐƚŽƚŚĞůŽĐĂůǌŽŶŝŶŐŐƌŽƵŶĚƉŽǁĞƌůŝŶĞƐ ϭ͘ϲĚĚĂĚĚŝƚŝŽŶĂůůĂǇĞƌƐŽĨďĂĐŬƵƉ ϭ͘ϴ/ŶĐƌĞĂƐĞƉƵďůŝĐĂǁĂƌĞŶĞƐƐŽĨ ďƵƌǇŝŶŐƉŽǁĞƌůŝŶĞƐĂƐŶĞĞĚĞĚ͘ ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ĚƵƌŝŶŐƵƚŝůŝƚǇĨĂŝůƵƌĞƐ͘ ƚǁŽŽƌƚŚƌĞĞǇĞĂƌƐ͘ Ͳ ϭ͘ϱ/ĚĞŶƚŝĨǇĂďŽǀĞ ƵƐĂŐĞƉĞƌŝŽĚ͘ ƐƐĞƐƐŵĞŶƚ͘ ŽƌĚŝŶĂŶĐĞƐ͘ ƐǇƐƚĞŵ͘ ĂŶĚ ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ WůĂŶŶŝŶŐĂŶĚ ZĞŐƵůĂƚŝŽŶƐ ǁĂƌĞŶĞƐƐ ĚƵĐĂƚŝŽŶ ^ƚƌƵĐƚƵƌĞWƌŽŐƌĂŵƐ >ŽĐĂů ĂŶĚ ϭϰϬ ϭϰϭ ĐŚǌŽŶĞƐŝƐŝŵƉŽƌƚĂŶƚƚŽŚĞůƉƐĂǀĞůŝǀĞƐ ĂŶĂůǇƐŝƐǁŽƵůĚŚĞůƉƚŽŵĂŬĞƐƵƌĞǁĞŬŶŽǁǁŚŽŝƐ WƌŝǀĂƚĞĂŶĚƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞĐĂŶďĞŝŵƉĂĐƚĞĚ 3DFNHW3J ĞŝŶŐĂďůĞƚŽĐŽŶƚĂĐƚƌĞƐŝĚĞŶƚƐͬƉƌŽƉĞƌƚǇŽǁŶĞƌƐ ŝŵƉĂĐƚƐ͘&ƵŶĚŝŶŐƐƵƉƉŽƌƚǁŝůůƉĂǇĨŽƌĂĚĚŝƚŝŽŶĂůƌĞƐĞƌǀŽŝƌŝƐĂďŽǀĞǀĂƌǇŝŶŐůĞǀĞůƐŽĨĚĞǀĞůŽƉŵĞŶƚ ŶĞĨĨĞĐƚŝǀĞǁĂƌŶŝŶŐƐƚƌĂƚĞŐǇďĞŐŝŶƐǁŝƚŚƉƵďůŝĐ /E ŽƵůĚďĞĐŽŵĞ ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ŝŶĂĚĂŵďƌĞĂĐŚ͘hƉĚĂƚĞƐƚŽƚŚĞďƌĞĂĐŚǌŽŶĞ ŝŶŐĂŶĚƉƌĞƉĂƌŝŶŐƉƌŝǀĂƚĞ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞǁŝůůƌĞƋƵŝƌĞĨƵŶĚŝŶŐĂƐƐŝƐƚĂŶĐĞ͘ ĚĂŵĨĂŝůƵƌĞĐŽƵůĚďĞĐĂƚĂƐƚƌŽƉŚŝĐďƵƚĞĂĐŚ ƚƚŽĂŶƐǁĞƌĨŽƌĂůůƌĞƐĞƌǀŽŝƌƐ͘ ƐƚĂĨĨŽƌĐŽŶƐƵůƚĂŶƚƐƚŽĚĞǀĞůŽƉĂŶĞĨĨĞĐƚŝǀĞ ĂǁĂƌĞŽĨƚŚƌĞĂƚƐ͕ĂŶĚĂĐƚŝŽŶƐƚŽƚĂŬĞĨƌŽŵ ^ƵďũĞĐƚDĂƚƚĞƌǆƉĞƌƚŽŵŵĞŶƚƐ ĞĚƵĐĂƚŝŽŶ͘/ŵƉĂĐƚĞĚƌĞƐŝĚĞŶƚƐƐŚ ŝŵƉĂĐƚĞĚďǇĂďƌĞĂĐŚ͘ ĞĚƵĐĂƚŝŽŶĐĂŵƉĂŝŐŶ͘ ďǇŚĂǌĂƌĚƐ͘/ĚĞŶƚŝĨǇ ƐŽŝƚŝƐĚŝĨĨŝĐƵů ŝŶƚŚĞďƌĞĂ DĞĚŝƵŵDĞĚŝƵŵDĞĚŝƵŵ WƌŝŽƌŝƚǇ ,ŝŐŚ,ŝŐŚ ^ŚŽƌƚdĞƌŵ dŝŵĞĨƌĂŵĞ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ >ŽŶŐdĞƌŵ KŶŐŽŝŶŐ ŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇ ZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌ ŐĞŶĐǇ DŐŵƚ͕͘ tŽƌŬƐ͕ DŐŵƚ͘DŐŵƚ͘ tŽƌŬƐDŐŵƚ͘ WƵďůŝĐWƵďůŝĐ ZKW >ĞĂĚ ƉƉƌŽǆ͘ Ψϭϱ͕ϬϬϬΨϮϬ͕ϬϬϬΨϮϬ͕ϬϬϬ ŽƐƚ EͬEͬ ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ ʹʹʹ WŽƚĞŶƚŝĂů ʹ&ƵŶĚŝŶŐʹ /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů /ŶƚĞƌŶĂů ^ŽƵƌĐĞ ,D'W,D'W ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ ϱй͕ ϱй ϭ͘ϯŽŶƐŝĚĞƌƌĞŐƵůĂƚŝŶŐůĂŶĚƵƐĞŝŶƚŚĞďƌĞĂĐŚ ŐĞŶĞƌĂƚŽƌƐŽƌƌĞůĂƚĞĚ ƵƉƉŽǁĞƌŝŶƚŚĞĞǀĞŶƚ ĐƌŝƚŝĐĂůĨĂĐŝůŝƚŝĞƐŽƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞ Ͳ ŝĚĞŶƚŝĨŝĞĚĐƌŝƚŝĐĂůĨĂĐŝůŝƚŝĞƐƚŚĂƚƌĞƋƵŝƌĞďĂĐŬ ǌŽŶĞƐ͕ƌĞǀĞƌƐĞϵϭϭŶƵŵďĞƌƐ͕ĂŶĚƌĞƐƉŽŶƐĞ ǌŽŶĞƐĂƌŽƵŶĚƚŚĞĨůŽŽĚĐŽŶƚƌŽůƌĞƐĞƌǀŽŝƌƐ͘ ƵƉƐͿĨŽƌ ϭ͘ϮhƉĚĂƚĞĂŶĚŵĂŝŶƚĂŝŶĚĂƚĂŽŶďƌĞĂĐŚ ϭ͘ϭŽŶĚƵĐƚĂŶĂǁĂƌĞŶĞƐƐĐĂŵƉĂŝŐŶĨŽƌ ƌĞƐŝĚĞŶƚƐŝŶƚŚĞĚĂŵďƌĞĂĐŚǌŽŶĞƐ͘ ƚĞĂŵƐĨŽƌĂůůĚĂŵƐŝƚĞƐĂƐŶĞĞĚĞĚ͘ Ͳ ĞƋƵŝƉŵĞŶƚ;Ğ͘Ő͕͘ŐĞŶĞƌĂƚŽƌŚŽŽŬ Ăŵͬ>ĞǀĞĞ&ĂŝůƵƌĞ;WZ/͗Ϯ͘ϲϱͿ ŽĨĂŵĂũŽƌƉŽǁĞƌŽƵƚĂŐĞ͘ Ϯ͘ϬWƵƌĐŚĂƐĞĂŶĚŝŶƐƚĂůů Ͳ ƚŚĂƚĚŽŶŽƚŚĂǀĞďĂĐŬ ĐƚŝŽŶ/ƚĞŵ ϭ͘ϵ/ĚĞŶƚŝĨǇ ƵƉƉŽǁĞƌ͘ Z&d ĂŶĚZĞƐƉŽŶƐĞĂŶĚZĞƐƉŽŶƐĞĂŶĚZĞƐƉŽŶƐĞ WƌĞƉĂƌĞĚŶĞƐƐWƌĞƉĂƌĞĚŶĞƐƐWƌĞƉĂƌĞĚŶĞƐƐ WůĂŶŶŝŶŐĂŶĚ ZĞŐƵůĂƚŝŽŶƐ ǁĂƌĞŶĞƐƐ DŝƚŝŐĂƚŝŽŶDŝƚŝŐĂƚŝŽŶDŝƚŝŐĂƚŝŽŶ ĚƵĐĂƚŝŽŶ WƌŽŐƌĂŵƐ ^ƚƌĂƚĞŐǇ ^ƵƉƉŽƌƚ^ƵƉƉŽƌƚ^ƵƉƉŽƌƚ >ŽĐĂů ĂŶĚ 3DFNHW3J /E ŶŐĂŽŵŵƵŶŝƚǇKƌŐĂŶŝǌĂƚŝŽŶĐƚŝǀĞŝŶŝƐĂƐƚĞƌƐ;KͿŝƐĐŚĂůůĞŶŐŝŶŐ͕ĂŶĚǁŝůůƌĞƋƵŝƌĞ Z&d ĐŽŶƐƵůƚĂŶƚĂƐƐŝƐƚĂŶĐĞƚŽŝŵƉůĞŵĞŶƚ͘ ^ƵďũĞĐƚDĂƚƚĞƌǆƉĞƌƚŽŵŵĞŶƚƐ^ƵďũĞĐƚDĂƚƚĞƌǆƉĞƌƚŽŵŵĞŶƚƐ ĞǀĞůŽƉŝ DĞĚŝƵŵDĞĚŝƵŵDĞĚŝƵŵDĞĚŝƵŵ WƌŝŽƌŝƚǇWƌŝŽƌŝƚǇ dŝŵĞĨƌĂŵĞdŝŵĞĨƌĂŵĞ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ KŶŐŽŝŶŐKŶŐŽŝŶŐ ZKW͕Z&͕ DĂŶĂŐĞŵĞ ŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇ ZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌ KůŵƐƚĞĚKůŵƐƚĞĚ ŐĞŶĐǇŐĞŶĐǇ ŽƵŶƚǇŽƵŶƚǇ DŐŵƚ͘ ,ĞĂůƚŚ,ĞĂůƚŚ WƵďůŝĐWƵďůŝĐ >ĞĂĚ>ĞĂĚ Ŷƚ ƉƉƌŽǆ͘ƉƉƌŽǆ͘ ΨϱϬ͕ϬϬϬ Ψϯ͕ϬϬϬΨϯ͕ϬϬϬ ŽƐƚŽƐƚ Eͬ ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ &ŝǆĞĚ^ŝƚĞ;WZ/͗Ϯ͘ϰϱͿ ʹʹʹ WŽƚĞŶƚŝĂůWŽƚĞŶƚŝĂů &ƵŶĚŝŶŐ&ƵŶĚŝŶŐ /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů ^ŽƵƌĐĞ^ŽƵƌĐĞ ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ ϭ͘ϭĞǀĞůŽƉĂ'/^ŵĂƉĚĞƚĂŝůŝŶŐĨŝǆĞĚĨĂĐŝůŝƚŝĞƐ ϭ͘Ϯ&ŽƌŵĂKŝŶǀŽůǀŝŶŐĨĂĐŝůŝƚǇĚŝƌĞĐƚŽƌƐŽĨ dŝĞƌ//ƐŝƚĞƐĂŶĚůŽĐĂůƌĞƐƉŽŶĚĞƌƐ͘,ŽůĚƌĞŐƵůĂƌ ƐŚĂƌŝŶŐ͕ƌĞĂĚŝŶĞƐƐ͕ĂŶĚƌĞƐƉŽŶƐĞƚĞĐŚŶŝƋƵĞƐ͘ ĞĚƵĐĂƚĞƌĞƐŝĚĞŶƚƐĂďŽƵƚƐĂĨĞĨŽŽĚŚĂŶĚůŝŶŐ ƐƚŽƌŝŶŐͬŐĞŶĞƌĂƚŝŶŐͬĚŝƐƉŽƐŝŶŐŽĨŚĂǌĂƌĚŽƵƐ ƌĞƐŝĚĞŶƚƐƐŽƚŚĞǇŬŶŽǁƚŽŶŽƚŝĨǇKůŵƐƚĞĚ ƉƌĂĐƚŝĐĞƐĂŶĚŚŽǁƚŽƉƌĞǀĞŶƚĨŽŽĚďŽƌŶĞ ϭ͘ϭŽŶĚƵĐƚĂŶĂǁĂƌĞŶĞƐƐĐĂŵƉĂŝŐŶĨŽƌ ϭ͘ϮŽŶĚƵĐƚĂŶĂǁĂƌĞŶĞƐƐĐĂŵƉĂŝŐŶƚŽ ŽƵŶƚǇWƵďůŝĐ,ĞĂůƚŚŝĨƚŚĞǇƚŚŝŶŬƚŚĞǇ ŵĞĞƚŝŶŐƐƚŽĞǆƉůŽƌĞƉŽƐƐŝďůĞƌĞƐŽƵƌĐĞ ĐŽŶƚƌĂĐƚĞĚĂĨŽŽĚďŽƌŶĞŝůůŶĞƐƐ͘ ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ &ŽŽĚŽŶƚĂŵŝŶĂƚŝŽŶ;WZ/͗Ϯ͘ϱϱͿ ʹ ,ĂǌĂƌĚŽƵƐDĂƚĞƌŝĂůƐZĞůĞĂƐĞ ǁĂƐƚĞŽƌŵĂƚĞƌŝĂůƐ͘ ĐƚŝŽŶ/ƚĞŵĐƚŝŽŶ/ƚĞŵ ŝůůŶĞƐƐĞƐ͘ ĂŶĚZĞƐƉŽŶƐĞ WƌĞƉĂƌĞĚŶĞƐƐ WůĂŶŶŝŶŐĂŶĚ ZĞŐƵůĂƚŝŽŶƐ ǁĂƌĞŶĞƐƐ ǁĂƌĞŶĞƐƐ DŝƚŝŐĂƚŝŽŶ ĚƵĐĂƚŝŽŶĚƵĐĂƚŝŽŶ WƌŽŐƌĂŵƐWƌŽŐƌĂŵƐ ^ƚƌĂƚĞŐǇ^ƚƌĂƚĞŐǇ ^ƵƉƉŽƌƚ >ŽĐĂů ĂŶĚĂŶĚ ϭϰϮ ϭϰϯ 3DFNHW3J /E DEKW^ŚĂƐƚŚĞĂƵƚŚŽƌŝƚǇƚŽĞŶĨŽƌĐĞĂůůĞĨŽƌĞ ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ^ƵďũĞĐƚDĂƚƚĞƌǆƉĞƌƚŽŵŵĞŶƚƐ zŽƵŝŐ͘ WƌŝŽƌŝƚǇ ,ŝŐŚ,ŝŐŚ,ŝŐŚ,ŝŐŚ,ŝŐŚ dŝŵĞĨƌĂŵĞ KŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐ DEŶĞƌŐǇ͕ DĂŶĂŐĞŵĞ ŵĞƌŐĞŶĐǇ DEŶĞƌŐǇ ZŽĐŚĞƐƚĞƌ Z&͕DEZ&͕DE ŐĞŶĐǇ ŶĞƌŐǇ ŶĞƌŐǇ >ĞĂĚ Z& Ŷƚ ƉƉƌŽǆ͘ ŽƐƚ EͬEͬEͬEͬEͬ ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ ʹʹʹʹʹ WŽƚĞŶƚŝĂů &ƵŶĚŝŶŐ /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů ^ŽƵƌĐĞ ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ ϭ͘ϭŽŶĚƵĐƚĂŶĂǁĂƌĞŶĞƐƐĐĂŵƉĂŝŐŶĚĞƐŝŐŶĞĚϭ͘ϮŽŶĚƵĐƚĂŶĂǁĂƌĞŶĞƐƐĐĂŵƉĂŝŐŶĚĞƐŝŐŶĞĚ ϭ͘ϱŽŶƚŝŶƵĞƚŽƐĞĞŬĨĞĚĞƌĂůŐƌĂŶƚĂŶĚƉƌŝǀĂƚĞ ŵĞƚĞƌƐŽƵƚƐŝĚĞĚƵƌŝŶŐǁŝŶƚĞƌƚŽďĞƐƵƌĞƚŚĞǇ ŐŝǀĞĂǁĂǇƉƌŽŐƌĂŵƐ͘ ůĂƵŶĚƌǇĞƋƵŝƉŵĞŶƚĨƌĞĞŽĨĐůŽƚŚŝŶŐŽƌŽƚŚĞƌ ƐŶŽǁƚŚĂƚĐĂŶďůŽĐŬƚŚĞ ƌĞŐƵůĂƚŽƌǀĞŶƚĂŶĚĐĂƵƐĞŝƚƚŽŵĂůĨƵŶĐƚŝŽŶ͘ƉƌŽǀŝĚĞĚďǇDŝŶŶĞƐŽƚĂ ƚŽƌĞŵŝŶĚƉĞŽƉůĞƚŽ͞<ŶŽǁtŚĂƚ͛ƐĞůŽǁ͖ ϭ͘ϯŶĐŽƵƌĂŐĞƌĞƐŝĚĞŶƚƐƚŽĐŚĞĐŬƚŚĞŝƌŐĂƐ ǀĞŶƚĨŝƌĞŝŶƚŚĞ ƚŽĞŶĐŽƵƌĂŐĞƌĞƐŝĚĞŶƚƐƚŽŬĞĞƉƚŚĞĂƌĞĂ ŝŶƐƚŝƚƵƚŝŽŶĨƵŶĚŝŶŐĨŽƌĐĂƌďŽŶŵŽŶŽǆŝĚĞ ĂƌŽƵŶĚƚŚĞĨƵƌŶĂĐĞ͕ǁĂƚĞƌŚĞĂƚĞƌ͕ĂŶĚ ϭ͘ϰŽŶƚŝŶƵĞƵƐĞŽĨĨƌĞĞĞŵĞƌŐĞŶĐǇ ŝƌƉůĂŶĞƌĂƐŚ;WZ/͗Ϯ͘ϮϱͿ EĂƚƵƌĂů'ĂƐǆƉůŽƐŝŽŶ;WZ/͗Ϯ͘ϰͿ ĐĂƐĞŽĨŝŵƉƌŽƉĞƌĐŽŵďƵƐƚŝŽŶ͘ ĨůĂŵŵĂďůĞŵĂƚĞƌŝĂůƐƚŽƉƌĞ ĂůůϴϭϭĞĨŽƌĞzŽƵŝŐ͘͟ ĚĞƚĞĐƚŽƌĞĚƵĐĂƚŝŽŶĂŶĚ ƐƚĂǇĨƌĞĞŽĨŝĐĞĂŶĚ ƌĞƐƉŽŶĚĞƌƚƌĂŝŶŝŶŐ ŶĞƌŐǇZĞƐŽƵƌĐĞƐ͘ ĐƚŝŽŶ/ƚĞŵ Z&d ĂŶĚZĞƐƉŽŶƐĞĂŶĚZĞƐƉŽŶƐĞ WƌĞƉĂƌĞĚŶĞƐƐWƌĞƉĂƌĞĚŶĞƐƐ ϭ͘ ǁĂƌĞŶĞƐƐǁĂƌĞŶĞƐƐǁĂƌĞŶĞƐƐ DŝƚŝŐĂƚŝŽŶDŝƚŝŐĂƚŝŽŶ ĚƵĐĂƚŝŽŶĚƵĐĂƚŝŽŶĚƵĐĂƚŝŽŶ WƌŽŐƌĂŵƐWƌŽŐƌĂŵƐWƌŽŐƌĂŵƐ ^ƚƌĂƚĞŐǇ ^ƵƉƉŽƌƚ^ƵƉƉŽƌƚ ĂŶĚĂŶĚĂŶĚ 3DFNHW3J /E ƐĐĂůĞŽƌĨƵŶĐƚŝŽŶĂů Z&d /ŶƚĞƌŶĂƚŝŽŶĂůŝƌƉŽƌƚ;Z^dͿĐŽŶĚƵĐƚƐƉůĂŶŶŝŶŐ DĞĚŝƵŵ WƌŝŽƌŝƚǇWƌŝŽƌŝƚǇ ĞĨĨŽƌƚƐƐĞƉĂƌĂƚĞĨƌŽŵĐŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘ ƐƚĞƌ >Žǁ>Žǁ ^ƵďũĞĐƚDĂƚƚĞƌǆƉĞƌƚŽŵŵĞŶƚƐ ĞǆĞƌĐŝƐĞĞǀĞƌǇƚŚƌĞĞǇĞĂƌƐ͘ZŽĐŚĞ dŝŵĞĨƌĂŵĞ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ dŝŵĞĨƌĂŵĞ Ͳ ŝƌƉŽƌƚƐŵƵƐƚĐŽŶĚƵĐƚĂĨƵůů KŶŐŽŝŶŐ ŶƚĞƌƉƌŝƐĞ/d^ĞĐƵƌŝƚǇΘ ZŽĐŚĞƐƚĞƌŵĞƌŐĞŶĐǇZŽĐŚĞƐƚĞƌŵĞƌŐĞŶĐǇ dĞĐŚŶŽůŽŐǇ^ƚĞĞƌŝŶŐ DŐŵƚ͕͘ZŽĐŚĞƐƚĞƌ WƵďůŝĐ^ĐŚŽŽůƐ >ĞĂĚŐĞŶĐǇ>ĞĂĚŐĞŶĐǇ ŽŵŵŝƚƚĞĞ DŐŵƚ͘ WƌŝŽƌŝƚǇ >Žǁ ƉƉƌŽǆ͘ŽƐƚƉƉƌŽǆ͘ŽƐƚ dŝŵĞĨƌĂŵĞ KŶŐŽŝŶŐ ĂƵƐĞĚdŚƌĞĂƚƐ EͬEͬEͬ &ƵŶĚŝŶŐ^ŽƵƌĐĞ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ƐƚĂĨĨƐƚĂĨĨ DĂŶĂŐĞŵĞ ŵĞƌŐĞŶĐǇ ZŽĐŚĞƐƚĞƌ ƐƚĂĨĨ ŐĞŶĐǇ Ŷƚ͕Z& ƐƵƉƉŽƌƚĞĚƐƵƉƉŽƌƚĞĚƐƵƉƉŽƌƚĞĚ ʹʹ WŽƚĞŶƚŝĂůWŽƚĞŶƚŝĂů Ͳ >ĞĂĚ /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů /ŶƚĞƌŶĂů ƉƉƌŽǆ͘ Ͳ ϭ͘ϭǀĂůƵĂƚĞƉĂƌĞŶƚŶŽƚŝĨŝĐĂƚŝŽŶƉƌŽĐĞƐƐĞƐĂƚƐĐŚŽŽůƐƚŽ ƐǇƐƚĞŵĂƚŝĐĂůůǇĚĞƚĞƌŵŝŶĞĂŶĚĞǀĂůƵĂƚĞƚŚĞĞĨĨĞĐƚƐŽĨĂ ŽƐƚ ,ƵŵĂŶ Eͬ ^ĐŚŽŽů^ĂĨĞƚǇĞŶƚĞƌĂŶĚƚŚĞZŽĐŚĞƐƚĞƌWƵďůŝĐ^ĐŚŽŽů ƚŶĞƌƐŚŝƉďĞƚǁĞĞŶƚŚĞDŝŶŶĞƐŽƚĂ ϭ͘ϭ^ƚĂƌƚĐŽŶĚƵĐƚŝŶŐƵƐŝŶĞƐƐ/ŵƉĂĐƚŶĂůǇƐĞƐƚŽ WŽƚĞŶƚŝĂů &ƵŶĚŝŶŐ /ŶƚĞƌŶĂů ^ŽƵƌĐĞ ƉŽƚĞŶƚŝĂůŝŶƚĞƌƌƵƉƚŝŽŶƚŽĐƌŝƚŝĐĂůƐǇƐƚĞŵƐ͘ ŝƐƚƌŝĐƚƚŽĨĂĐŝůŝƚĂƚĞĞŵĞƌŐĞŶĐǇƉůĂŶŶŝŶŐ͘ Z^d ^ĐŚŽŽůͬtŽƌŬWůĂĐĞsŝŽůĞŶĐĞ;WZ/͗ϯ͘ϬϱͿ ŝŶǀŽůǀŝŶŐƚŚĞZŽĐŚĞƐƚĞƌ/ŶƚĞƌŶĂƚŝŽŶĂůŝƌƉŽƌƚ͘ ϭ͘ϭŽŶƚŝŶƵĞĐŽŶĚƵĐƚŝŶŐƉĞƌŝŽĚŝĐĞǆĞƌĐŝƐĞƐ ŝŶĐůƵĚĞůĂŶŐƵĂŐĞĞǀĂůƵĂƚŝŽŶ͘ ϭ͘ϮŶĐŽƵƌĂŐĞĂƉĂƌ ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ Ϯ͘ϵϱͿ ĐƚŝŽŶ/ƚĞŵĐƚŝŽŶ/ƚĞŵ ǇďĞƌ/ŶĐŝĚĞŶƚƐ;WZ/͗ ĐƚŝŽŶ/ƚĞŵ ǁĂƌĞŶĞƐƐWƌŽŐƌĂŵƐ >ŽĐĂůWůĂŶŶŝŶŐĂŶĚ ZĞƐƉŽŶƐĞ^ƵƉƉŽƌƚ WƌĞƉĂƌĞĚŶĞƐƐĂŶĚ ĚƵĐĂƚŝŽŶĂŶĚ ZĞŐƵůĂƚŝŽŶƐ DŝƚŝŐĂƚŝŽŶ ZĞƐƉŽŶƐĞ WƌĞƉĂƌĞĚŶĞƐƐ ^ƚƌĂƚĞŐǇ^ƚƌĂƚĞŐǇ DŝƚŝŐĂƚŝŽŶ ^ƚƌĂƚĞŐǇ ^ƵƉƉŽƌƚ ĂŶĚ ϭϰϰ ϭϰϱ 3DFNHW3JĞŐƵůĂƚŝŽŶƐ ǁĂƌĞŶĞƐƐ Z&d DŝƚŝŐĂƚŝŽŶ ZĞƐƉŽŶƐĞ ^ƚƌĂƚĞŐǇ 3DFNHW3J /E Z&d DĞĚŝƵŵ WƌŝŽƌŝƚǇ ,ŝŐŚ ^ƵďũĞĐƚDĂƚƚĞƌǆƉĞƌƚŽŵŵĞŶƚƐ dŝŵĞĨƌĂŵĞ^ŚŽƌƚdĞƌŵ >ŽŶŐdĞƌŵ >ĞĂĚŐĞŶĐǇ ZW ZW WƌŝŽƌŝƚǇ ,ŝŐŚ >Žǁ ƉƉƌŽǆ͘ŽƐƚ ůů,ĂǌĂƌĚƐĐƚŝŽŶ^ƚƌĂƚĞŐŝĞƐ dŝŵĞĨƌĂŵĞ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ EͬEͬ &ƵŶĚŝŶŐ^ŽƵƌĐĞ ^ƚĂĨĨ^ƚĂĨĨ ZĞĐƌĞĂƚŝŽŶ͕ DŐŵƚ͕͘W/K ŵĞƌŐĞŶĐǇ ŵĞƌŐĞŶĐǇ ZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌ WĂƌŬƐĂŶĚ ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ ʹʹ WŽƚĞŶƚŝĂů ŐĞŶĐǇ DŐŵƚ͕͘ tŽƌŬƐ͕ /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů WƵďůŝĐ >ĞĂĚ ZWh ƉƉƌŽǆ͘ Ψϱ͕ϬϬϬ ϭ͘ϱŶĐŽƵƌĂŐĞĐƌŝƚŝĐĂůĨĂĐŝůŝƚŝĞƐƚŽĐƌĞĂƚĞƐƚĂŶĚŽĨĨĚŝƐƚĂŶĐĞ ϭ͘ϭĞǀĞůŽƉĂĨŽƌŵĂůƐǇƐƚĞŵŽĨŝŶƚĞůůŝŐĞŶĐĞŐĂƚŚĞƌŝŶŐĂŶĚ ĂƉƌŽĐĞƐƐƚŽĐŽŵŵƵŶŝĐĂƚĞǁŝƚŚĞǆƚĞƌŶĂůƉĂƌƚŶĞƌƐďĞĨŽƌĞ͕ ŝŶĐůƵĚĞƉƌŽǀŝƐŝŽŶƐĨŽƌĐƌĞĂƚŝŶŐĂƉĞƌŝŵĞƚĞƌ͕ĐŚĞĐŬƉŽŝŶƚƐ͕ ĨŽƌƵƐĞĚƵƌŝŶŐĂĐƌĞĚŝďůĞƚŚƌĞĂƚ͘WůĂŶƐƐŚŽƵůĚ ĂŶĚŽƉƚŝŽŶƐƚŽƉƌĞƉŽƐŝƚŝŽŶƌĞƐŽƵƌĐĞƐƚŽŚĂƌĚĞŶĨĂĐŝůŝƚŝĞƐ͘ ŽƐƚ Eͬ ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ ʹʹ WŽƚĞŶƚŝĂů &ƵŶĚŝŶŐʹ /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů ^ŽƵƌĐĞ ,D'W ^ƚĂĨĨ^ƚĂĨĨ ϱй͕ ĐŝǀŝůĚŝƐƚƵƌďĂŶĐĞĞǀĞŶƚƐ͘ ĐŽƵůĚĂĨĨĞĐƚZŽĐŚĞƐƚĞƌĨŽƌǀŝƐŝƚŽƌƐĂŶĚŶĞǁ ϭ͘ϭĞǀĞůŽƉĂĞďƌŝƐDĂŶĂŐĞŵĞŶƚWůĂŶƚŽ ƌĞƐŝĚĞŶƚƐ͘DĂŬĞƚŚŝƐďƌŽĐŚƵƌĞĂǀĂŝůĂďůĞĂƚ ŝĚĞŶƚŝĨǇŚĂŶĚůŝŶŐŽĨŚĂǌĂƌĚŽƵƐĚĞďƌŝƐĂŶĚ ƐƚƌĞĂŵůŝŶĞƐŚŽƌƚƚĞƌŵƌĞĐŽǀĞƌǇĂĐƚŝǀŝƚŝĞƐ͘ ϭ͘ϮƌĞĂƚĞĂďƌŽĐŚƵƌĞĂďŽƵƚŚĂǌĂƌĚƐƚŚĂƚ ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ĚƵƌŝŶŐ͕ĂŶĚĂĨƚĞƌ ǀŝƐŝƚŽƌ͛ƐĐĞŶƚĞƌƐĂŶĚŚŽƚĞůƐ͘ ŝǀŝůŝƐƚƵƌďĂŶĐĞ;WZ/͗Ϯ͘ϭͿ ĐƚŝŽŶ/ƚĞŵ ƉƌŽĐĞĚƵƌĞƐ ĐƚŝŽŶ/ƚĞŵ >ŽĐĂůWůĂŶŶŝŶŐĂŶĚ ZĞƐƉŽŶƐĞ^ƵƉƉŽƌƚ WƌĞƉĂƌĞĚŶĞƐƐĂŶĚ ZĞŐƵůĂƚŝŽŶƐ DŝƚŝŐĂƚŝŽŶ WůĂŶŶŝŶŐĂŶĚ ^ƚƌĂƚĞŐǇ ǁĂƌĞŶĞƐƐ ZĞŐƵůĂƚŝŽŶ ĚƵĐĂƚŝŽŶ WƌŽŐƌĂŵƐ ^ƚƌĂƚĞŐǇ >ŽĐĂů ĂŶĚ ϭϰϲ ϭϰϳ 3DFNHW3J /E ĚĞůŝǀĞƌĞĨĨĞĐƚŝǀĞŵĞƐƐĂŐĞƐ͘ŶĞĨĨĞĐƚŝǀĞŵĞƐƐĂŐĞ ŝŶƚĞƌƉƌĞƚĞƌƐƚŽƚƌĂŶƐůĂƚĞĂŶĚ ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ :ŽŝŶƚŝŶŝƚŝĂƚŝǀĞǁŝƚŚZŽĐŚĞƐƚĞƌKůŵƐƚĞĚWůĂŶŶŝŶŐ ŚĞĂƌŝŶŐ ŵĂǇŽƌŵĂǇŶŽƚďĞǁƌŝƚƚĞŶŵĂƚĞƌŝĂůƐ͕ĂŶĚŵŽƐƚ ůŝŬĞůǇǁŝůůŝŶĐůƵĚĞǀŝĚĞŽƉƌŽĚƵĐƚŝŽŶƐŽƌƉƵďůŝĐ ŶĞĞĚĞĚĨŽƌƐƵĐĐĞƐƐ͘ ƐƉĞĂŬŝŶŐĞǀĞŶƚƐƚŽĚĞůŝǀĞƌŵĞƐƐĂŐĞƐǁŝƚŚ ŝŶƚĞƌƉƌĞƚĞƌƐ͘&ƵŶĚƐĨŽƌĞƋƵŝƉŵĞŶƚ;Ğ͘Ő͘ ĂƐƐŝƐƚͿŵĂǇďĞŶĞĞĚĞĚ͘ ĞƉĂƌƚŵĞŶƚ;ZKWͿŝƐ &ƵŶĚŝŶŐŶĞĞĚĞĚĨŽƌ DĞĚŝƵŵ ,ŝŐŚ,ŝŐŚ,ŝŐŚ,ŝŐŚ,ŝŐŚ,ŝŐŚ ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ >ŽŶŐdĞƌŵ KŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐ DŐŵƚ͕͘'/^ ŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇ ĞƌŐĞŶĐǇ ZĞĐƌĞĂƚŝŽŶ ZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌ WĂƌŬƐĂŶĚ DŐŵƚ͕͘DŐŵƚ͕͘ DŐŵƚ͘DŐŵƚ͘ DŐŵƚ͘DŐŵƚ͘ ZKW ŵ Ψϳϱ͕ϬϬϬΨϱϬ͕ϬϬϬ EͬEͬEͬEͬEͬ ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ ƐƵƉƉŽƌƚĞĚ ʹʹʹʹʹʹ /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů ,D ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ ϭ͘ϴŽŶĚƵĐƚŵĞĞƚŝŶŐƐǁŝƚŚƚŚĞĞĂĨĂŶĚ,ĂƌĚ ϭ͘ϱĞǀĞůŽƉĂĐŽŵŵƵŶŝĐĂƚŝŽŶƐƉůĂŶƚŽŶŽƚŝĨǇ ŽĨ,ĞĂƌŝŶŐĐŽŵŵƵŶŝƚǇƚŽŝŶĨŽƌŵƚŚĞŵŽĨƚŚĞ ĂǀĂŝůĂďŝůŝƚǇŽĨ^ƉĞĐŝĂůEĞĞĚƐtĞĂƚŚĞƌZĂĚŝŽƐ͘ ǀƵůŶĞƌĂďůĞƉŽƉƵůĂƚŝŽŶƐŽĨƉŽƚĞŶƚŝĂůŚĂǌĂƌĚƐ͘ŶŽŶƉƌŽĨŝƚƐƚŽĚĞƚĞƌŵŝŶĞĞǆŝƐƚŝŶŐDKh͛ƐĂŶĚ ƉůĂŶƐŝŶƉůĂĐĞŝŶƚŚĞĞǀĞŶƚŽĨƐĞǀĞƌĞƐƚŽƌŵƐ͕ ĞǆƚƌĞŵĞƚĞŵƉĞƌĂƚƵƌĞƐ͕ŽƌŽƚŚĞƌĞǀĞŶƚƐƚŚĂƚ ϭ͘ϳŽŶĚƵĐƚĂŶŽƵƚƌĞĂĐŚŵĞĞƚŝŶŐǁŝƚŚĂƌĞĂ ϭ͘ϰĞǀĞůŽƉĂǀƵůŶĞƌĂďŝůŝƚǇŵĂƉůĂǇĞƌƵƐŝŶŐ ĞŵĞƌŐĞŶĐǇƐŚĞůƚĞƌƐĂŶĚĚƌĂĨƚDKhƐƚŽƵƐĞ ǀƵůŶĞƌĂďůĞƉŽƉƵůĂƚŝŽŶƐƚŽŚĂǀĞĞŵĞƌŐĞŶĐǇ ƌĞƋƵŝƌĞĞŵĞƌŐĞŶĐǇŵĞĂƐƵƌĞƐƚŽƐĂǀĞůŝǀĞƐ͘ ƐĐŚŽŽůƐ͕ĞƚĐ͘ '/^͘/ŶĐůƵĚĞƐŝƚĞƐƐƵĐŚĂƐŶƵƌƐŝŶŐŚŽŵĞƐ͕ ϭ͘ϯĞǀĞůŽƉĂƐŚŽƌƚƚĞƌŵƐŚĞůƚĞƌŝŶŐƉůĂŶ ƵƐŝŶŐWĂƌŬƐĂŶĚZĞĐƌĞĂƚŝŽŶĨĂĐŝůŝƚŝĞƐĂƐ ϭ͘ϰĂŶĐŽƵƌĂŐĞĨĂĐŝůŝƚŝĞƐƚŚĂƚĐĂƌĞĨŽƌ ϭ͘ϲĞǀĞůŽƉĂŽŵŵƵŶŝƚǇ>ŽŶŐdĞƌŵ ĐŝƚǇĨĂĐŝůŝƚŝĞƐĂƐƐŚĞůƚĞƌƐ͘ Ͳ ZĞĐŽǀĞƌǇWůĂŶĨŽƌZŽĐŚĞƐƚĞƌ͘ ŐƌŽƵƉŚŽŵĞƐ͕ĚĂǇĐĂƌĞƐ͕ƉƌĞ DK͛ƐŝŶƚŚĞĐŽŵŵƵŶŝƚǇ͘ Ͳ ŶŽŶ ĂŶĚZĞƐƉŽŶƐĞĂŶĚZĞƐƉŽŶƐĞ Z&d WƌĞƉĂƌĞĚŶĞƐƐWƌĞƉĂƌĞĚŶĞƐƐ WůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚ ZĞŐƵůĂƚŝŽŶZĞŐƵůĂƚŝŽŶZĞŐƵůĂƚŝŽŶZĞŐƵůĂƚŝŽŶ DŝƚŝŐĂƚŝŽŶDŝƚŝŐĂƚŝŽŶ ĚƵĐĂƚŝŽŶ ^ƵƉƉŽƌƚ^ƵƉƉŽƌƚ >ŽĐĂů>ŽĐĂů>ŽĐĂů>ŽĐĂů ĂŶĚ 3DFNHW3J /E Z&d tƌŝƚƚĞŶŵĂƚĞƌŝĂůƐĂƌĞůĞƐƐĞĨĨĞĐƚŝǀĞƚŚĂŶŽƌĂůŽƌ ĂƐƐŝƐƚĂŶĐĞŶĞĞĚĞĚĨŽƌƐƵĐĐĞƐƐ͘ ĞĚƵĐĂƚŝŽŶŵĂƚĞƌŝĂůƐ͘ EĞĞĚƐƵƉƉŽƌƚďǇ/^ϱϯϱ͘ ǀŝĚĞŽĚĞůŝǀĞƌǇŽĨ ŽŶƐƵůƚĂŶƚ DĞĚŝƵŵDĞĚŝƵŵ ,ŝŐŚ,ŝŐŚ,ŝŐŚ >Žǁ ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ KŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐ 'ŽůĚƌŽƐƐ͕ ŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇ ZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌ ZW͕Z&͕ ƵŝůĚŝŶŐ DŐŵƚ͘DŐŵƚ͘ DŐŵƚ͘DŐŵƚ͘ ^ĂĨĞƚǇ W^W ΨϱϬ͕ϬϬϬ Ψϱ͕ϬϬϬΨϭ͕ϬϬϬ EͬEͬEͬ ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ ʹʹʹ ʹʹʹ /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů ,D'W,D'W,D'W ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ ϱй͕ϱй͕ ϱй ƌĞƐƉŽŶĚĞƌƐŽŶŚŽǁƚŽƵƐĞƚŚĞƚƌĂŶƐůĂƚŝŽŶůŝŶĞ s͛Ɛ͕ĚĞǀĞůŽƉĞĚďǇ,K͕ƚŽůŝŵŝƚĞĚŶŐůŝƐŚ ŵĞĞƚŝŶŐƐƚŽŝŶĨŽƌŵĂƌĞĂĐŽŶƚƌĂĐƚŽƌƐŽĨĐŽĚĞ ǁŝƚŚ>ŝŵŝƚĞĚŶŐůŝƐŚWƌŽĨŝĐŝĞŶĐǇŝŶĚŝǀŝĚƵĂůƐ͘ĐŚĂŶŐĞƐĂŶĚĐŽŵŵŽŶŵŝƐƚĂŬĞƐƐĞĞŶĚƵƌŝŶŐ ůĂŶŐƵĂŐĞWƌĞƉĂƌĞĚŶĞƐƐ ŐŽǀĞƌŶŵĞŶƚŽŶƚŝŶƵŝƚǇŽĨKƉĞƌĂƚŝŽŶƐWůĂŶƐ ŵĂƚĞƌŝĂůƐƚŽďĞĚŝƐƚƌŝďƵƚĞĚĂƚĐŚƵƌĐŚĞƐĂŶĚ Ϯ͘ϰWƌŽǀŝĚĞEKtĞĂƚŚĞƌZĂĚŝŽƐĨŽƌĂƌĞĂ ĂǀĂŝůĂďůĞƚŽƚŚĞŵƚŽĨĂĐŝůŝƚĂƚĞŝŶƚĞƌĂĐƚŝŽŶƐ Ϯ͘ϭĞǀĞůŽƉŵƵůƚŝůŝŶŐƵĂůƉƌĞƉĂƌĞĚŶĞƐƐ ϭ͘ϵWƌŽǀŝĚĞƌĞĨƌĞƐŚĞƌƚƌĂŝŶŝŶŐĨŽƌĨŝƌƐƚ ůƵŵďĞƌǇĂƌĚ Ϯ͘ϯǀĂůƵĂƚĞ͕ƵƉĚĂƚĞ͕ĂŶĚĞǆĞƌĐŝƐĞ ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ƉůĂŶƌĞǀŝĞǁĂŶĚŝŶƐƉĞĐƚŝŽŶ͘ Ϯ͘ϱŽŶƚŝŶƵĞĐŽŶĚƵĐƚŝŶŐ ƉƌŽĨŝĐŝĞŶĐǇŚŽƵƐĞŚŽůĚƐ͘ Ͳ Ϯ͘ϮŝƐƚƌŝďƵƚĞŵƵůƚŝ ƐĐŚŽŽůƐ͘ ƐĐŚŽŽůƐ͘ ;KKWͿ͘ ĂŶĚZĞƐƉŽŶƐĞĂŶĚZĞƐƉŽŶƐĞ WƌĞƉĂƌĞĚŶĞƐƐWƌĞƉĂƌĞĚŶĞƐƐ WůĂŶŶŝŶŐĂŶĚ ZĞŐƵůĂƚŝŽŶ͕ ǁĂƌĞŶĞƐƐǁĂƌĞŶĞƐƐǁĂƌĞŶĞƐƐǁĂƌĞŶĞƐƐ ǁĂƌĞŶĞƐƐ DŝƚŝŐĂƚŝŽŶDŝƚŝŐĂƚŝŽŶ ĚƵĐĂƚŝŽŶĚƵĐĂƚŝŽŶĚƵĐĂƚŝŽŶĚƵĐĂƚŝŽŶ WƌŽŐƌĂŵƐWƌŽŐƌĂŵƐWƌŽŐƌĂŵƐWƌŽŐƌĂŵƐWƌŽŐƌĂŵƐ ^ƵƉƉŽƌƚ^ƵƉƉŽƌƚ >ŽĐĂů ĂŶĚĂŶĚĂŶĚĂŶĚ ϭϰϴ ϭϰϵ ƚŚĂƚĂůůŽĨƚŚŝƐĚĂƚĂŝƐĐƵƌƌĞŶƚůǇŬĞƉƚŽŶƉĂƉĞƌĐŽƉŝĞƐ͘ ƉƌŽƉĞƌƚǇŽǁŶĞƌƐǁŝƚŚƐƚƌƵĐƚƵƌĞƐŝŶƚŚĞĨůŽŽĚƉůĂŝŶŝŶ ƌĂŶƚĨƵŶĚŝŶŐ͘ 3DFNHW3J ǆĂŵƉůĞƐĂƌĞ^ŽŵĂůŝƉŽƉƵůĂƚŝŽŶƐĂŶĚĚĞĂĨŐƌŽƵƉƐ͘ /E ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ DĞƐƐĂŐĞƚƌĂŶƐůĂƚŝŽŶƐǁŝůůďĞƚǁŽŬŝŶĚƐ͗tƌŝƚƚĞŶ ŵĞƐƐĂŐĞƐ͕ĂŶĚǀŝĚĞŽŵĞƐƐĂŐĞƐ͘^ŽŵĞŐƌŽƵƉƐ ƚŚĞ ƌĞƋƵŝƌĞŽƌĂůͬǀŝĚĞŽŵĞƐƐĂŐĞƐƚŽďĞĞĨĨĞĐƚŝǀĞ͘ ƌĞĂƚŝŶŐĂĚĂƚĂďĂƐĞǁŽƵůĚŵĞƌĞůǇƐĞƌǀĞƚŽ dŚĞƌĞƌĞĂůůǇƐŚŽƵůĚďĞŶŽŶĞǁŝŵƉĂĐƚƐƚŽ WƵƌĐŚĂƐĞŽĨĞƋƵŝƉŵĞŶƚŶĞĞĚĞĚƵƐŝŶŐŐ ƐƚƌĞĂŵůŝŶĞĚĂƚĂĂĐĐĞƐƐĂŶĚĂŶĂůǇƐŝƐ͘ DĞĚŝƵŵ ,ŝŐŚ,ŝŐŚ,ŝŐŚ,ŝŐŚ >Žǁ ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ KŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐ ŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇ ZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌ DŐŵƚ͕͘ DŐŵƚ͘ DŐŵƚ͘DŐŵƚ͘DŐŵƚ͘ ZKW Z& Ψϭϱ͕ϬϬϬΨϭϱ͕ϬϬϬ EͬEͬEͬEͬ ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ ʹʹʹʹʹ ʹ /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů ,D'W ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ ϱй ƐƐĞŵďůĞĂůŝƐƚŽĨŝŶƚĞƌƉƌĞƚĞƌƐǁŝůůŝŶŐƚŽďĞŽŶ ĂŶĚĐƌĞĂƚĞĂŶ ƚŵŽƐƉŚĞƌŝĐĚŵŝŶŝƐƚƌĂƚŝŽŶ;EKͿǁĞĂƚŚĞƌ ƌĂĚŝŽƐƚŽŝĚĞŶƚŝĨŝĞĚƐƉĞĐŝĂůŶĞĞĚƐĐŝƚŝǌĞŶƐ;ĨŽƌ ůŝŶŐƵĂůŵĞƐƐĂŐĞƚĞŵƉůĂƚĞƐ ǁŚŝĐŚƐƚƌƵĐƚƵƌĞƐŚĂǀĞďĞĞŶƌĂŝƐĞĚĂďŽǀĞƚŚĞ ƐƚƌƵĐƚƵƌĞƐ ƌŽƵƚĞƐĂŶĚĚĞƚĞƌŵŝŶĞƚŚĞŝƌǀƵůŶĞƌĂďŝůŝƚǇƚŽ ůŽĐĂƚĞĚŝŶƚŚĞĨůŽŽĚƉůĂŝŶ͕ŝŶĚŝĐĂƚŝŶŐǁŚŝĐŚ ϯ͘ϬdŽĂƐƐŝƐƚŝŶĨůŽŽĚƉůĂŝŶǌŽŶŝŶŐ͕ĐƌĞĂƚĞĂ Ϯ͘ϴ/ĚĞŶƚŝĨǇĐŝƚǇĂƌĞĂƐǁŝƚŚůŝŵŝƚĞĚĞŐƌĞƐƐƐƚƌƵĐƚƵƌĞƐĂƌĞďƵŝůƚŝŶƚŚĞĨůŽŽĚƉůĂŝŶĂŶĚ ĞǀĂĐƵĂƚŝŽŶƉůĂŶĨŽƌƚŚĞĚŽǁŶƚŽǁŶĂƌĞĂ͘ ͗ ŚĂǌĂƌĚƐƚŚĂƚǁŽƵůĚƌĞƋƵŝƌĞĞǀĂĐƵĂƚŝŽŶ͘ /ŶƚĞƌƉƌĞƚĞƌͬ>ŝĂŝƐŽŶ>ŝƐƚ ĨŽƌZŽĐŚĞƐƚĞƌůĞƌƚĞŵĞƌŐĞŶĐǇĂůĞƌƚƐ͘ ĞǆĂŵƉůĞ͕ĞůĚĞƌůǇ͕ƌƵƌĂů͕ůŽǁŝŶĐŽŵĞͿ͘ Ϯ͘ϳWƌŽǀŝĚĞEĂƚŝŽŶĂůKĐĞĂŶŝĐĂŶĚ ĐŽŵƉƌĞŚĞŶƐŝǀĞ'/^ĚĂƚĂďĂƐĞĨŽƌ ϯ͘ϭWƌĞĚĞƚĞƌŵŝŶĞĞŐƌĞƐƐƌŽƵƚĞƐ ĐĂůůĚƵƌŝŶŐĐƌŝƐŝƐƌĞƐƉŽŶƐĞ͘ ďĂƐĞĨůŽŽĚĞůĞǀĂƚŝŽŶ͘ Ͳ Ϯ͘ϵĞǀĞůŽƉŵƵůƚŝ Ϯ͘ϲĞǀĞůŽƉĂŶ ĂŶĚZĞƐƉŽŶƐĞĂŶĚZĞƐƉŽŶƐĞĂŶĚZĞƐƉŽŶƐĞĂŶĚZĞƐƉŽŶƐĞ Z&d WƌĞƉĂƌĞĚŶĞƐƐWƌĞƉĂƌĞĚŶĞƐƐWƌĞƉĂƌĞĚŶĞƐƐWƌĞƉĂƌĞĚŶĞƐƐ WůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚ ZĞŐƵůĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐ DŝƚŝŐĂƚŝŽŶDŝƚŝŐĂƚŝŽŶDŝƚŝŐĂƚŝŽŶDŝƚŝŐĂƚŝŽŶ ^ƵƉƉŽƌƚ^ƵƉƉŽƌƚ^ƵƉƉŽƌƚ^ƵƉƉŽƌƚ >ŽĐĂů>ŽĐĂů /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ϭϱϬ 3DFNHW3J /E ϱǆĞĐƵƚŝŶŐƚŚĞWůĂŶ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ϱǆĞĐƵƚŝŶŐƚŚĞWůĂŶ ϱ͘ϭ/ŵƉůĞŵĞŶƚĂƚŝŽŶ ZŽĐŚĞƐƚĞƌ͛ƐKĨĨŝĐĞŽĨŵĞƌŐĞŶĐǇDĂŶĂŐĞŵĞŶƚǁŝůůůĞĂĚŝŵƉůĞŵĞŶƚĂƚŝŽŶĞĨĨŽƌƚƐ͘ŝƚǇĞƉĂƌƚŵĞŶƚƐ ŝĚĞŶƚŝĨŝĞĚĂƐ>ĞĂĚŐĞŶĐŝĞƐŝŶƚŚĞƉůĂŶǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐƵďŵŝƚƚŝŶŐĨŽƌŝĚĞŶƚŝĨŝĞĚƉƌŽũĞĐƚƐ͘tŽƌŬŽŶ ƚŚĞŝŶĚŝǀŝĚƵĂůƐƚƌĂƚĞŐŝĞƐǁŝůůƉƌŽĐĞĞĚĂĐĐŽƌĚŝŶŐƚŽƉƌŝŽƌŝƚǇƌĂŶŬŝŶŐĂŶĚĂǀĂŝůĂďůĞĨƵŶĚŝŶŐ͘ tŚŝůĞƐŽŵĞŽĨƚŚĞĂĐƚŝŽŶƐŝĚĞŶƚŝĨŝĞĚĂƌĞůŝŬĞůǇƚŽƌĞĐĞŝǀĞŐƌĂŶƚĨƵŶĚŝŶŐĂƐƐŝƐƚĂŶĐĞ͕ŵĂŶǇĂƌĞŶŽƚ͘ZŽĐŚĞƐƚĞƌ ƵŶĚĞƌƐƚĂŶĚƐƚŚĂƚŵĂŶǇŽĨƚŚĞƐĞĂĐƚŝŽŶƐǁŝůůďĞĐĂƌƌŝĞĚŽƵƚƐŽůĞůǇďǇƚŚĞĚĞĚŝĐĂƚŝŽŶŽĨƚŚĞŵĞŶĂŶĚǁŽŵĞŶ ǁŽƌŬŝŶŐŝŶƚŚĞƐĞĚĞƉĂƌƚŵĞŶƚƐ͘dŚŝƐůŝƐƚŽĨĂĐƚŝŽŶƐŝƐĚĞƐŝŐŶĞĚƚŽŶŽƚŽŶůǇŝĚĞŶƚŝĨǇĨƵƚƵƌĞƉƌŽũĞĐƚƐƚŚĂƚǁŽƵůĚ ďĞďĞŶĞĨŝĐŝĂůďƵƚĂůƐŽƚŽƌĞĐŽŐŶŝǌĞƚŚĞŽŶŐŽŝŶŐŵŝƚŝŐĂƚŝŽŶĂĐƚŝŽŶƐďĞŝŶŐĐĂƌƌŝĞĚŽƵƚŝŶƚŚĞĚĂǇƚŽĚĂǇĞĨĨŽƌƚƐ ŽĨŵĂŶǇĐŝƚǇĚĞƉĂƌƚŵĞŶƚƐ͘ tŚĞŶĐƌĂĨƚŝŶŐƚŚĞƐĞŵŝƚŝŐĂƚŝŽŶĂĐƚŝŽŶƐƚƌĂƚĞŐŝĞƐ͕ĂŶĞĨĨŽƌƚǁĂƐŵĂĚĞƚŽŝŶƚĞŐƌĂƚĞĞǆŝƐƚŝŶŐƉůĂŶƐĂŶĚ ƉŽůŝĐŝĞƐ͘tŝƚŚƚŚĂƚŝŶŵŝŶĚ͕ŵĂŶǇŽĨƚŚĞĂĐƚŝŽŶƐĂƌĞĂůƌĞĂĚǇŝŶĐůƵĚĞĚŝŶZŽĐŚĞƐƚĞƌ͛ƐĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚƐ WƌŽŐƌĂŵ͘/ŶƚŚĞĨƵƚƵƌĞ͕ŝƚŝƐŚŽƉĞĚƚŚĂƚĞǀĞŶŵŽƌĞŽĨƚŚĞŝĚĞŶƚŝĨŝĞĚŵŝƚŝŐĂƚŝŽŶĂĐƚŝŽŶƐƚƌĂƚĞŐŝĞƐĐĂŶďĞ ŝŶĐŽƌƉŽƌĂƚĞĚ͘ĚĚŝƚŝŽŶĂůůǇ͕ZŽĐŚĞƐƚĞƌ͛Ɛůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶǁŝůůďĞĂĚŽƉƚĞĚďǇƚŚĞŝƚǇŽƵŶĐŝůĂƐĂ ƉĂƌƚŽĨƚŚĞĐŝƚǇ͛ƐůĂƌŐĞƌŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ͘dŚŝƐǁŝůůĨƵƌƚŚĞƌƵŶĚĞƌƐĐŽƌĞƚŚĞŝŵƉŽƌƚĂŶĐĞŽĨƚŚĞƐĞ ŵŝƚŝŐĂƚŝŽŶĂĐƚŝŽŶƐĂŶĚĞŶƐƵƌĞƚŚĂƚƚŚĞǇǁŝůůƌĞŵĂŝŶŽŶƚŚĞŵŝŶĚƐŽĨƚŚŽƐĞǁŝƚŚƚŚĞƉŽǁĞƌƚŽŝŵƉůĞŵĞŶƚ ƚŚĞŵ͘ dŚĞƚĂďůĞďĞůŽǁŽƵƚůŝŶĞƐƐŽŵĞŽĨƚŚĞĞǆŝƐƚŝŶŐƉůĂŶƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌŽŐƌĂŵƐƚŚĂƚĐĂŶďĞƵƐĞĚƚŽŝŵƉůĞŵĞŶƚ ƚŚĞŵŝƚŝŐĂƚŝŽŶĂĐƚŝŽŶƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉůĂŶ͘ ,ĂǌĂƌĚĚĚƌĞƐƐĞĚ ǆŝƐƚŝŶŐWůĂŶƐ͕WŽůŝĐŝĞƐ͕ĂŶĚWƌŽŐƌĂŵƐ ^ĞǀĞƌĞ^ƵŵŵĞƌ^ĞǀĞƌĞtĞĂƚŚĞƌtĂƌŶŝŶŐ^ǇƐƚĞŵ ^ƚŽƌŵƐ;tŝŶĚƐƚŽƌŵ͕ZŽĐŚĞƐƚĞƌůĞƌƚĂŶĚ/Wt^ dŽƌŶĂĚŽ͕,Ăŝů͕tĞĂƚŚĞƌZĞĂĚǇŵďĂƐƐĂĚŽƌWƌŽŐƌĂŵ >ŝŐŚƚŶŝŶŐͿ^ƚŽƌŵtĂƚĞƌDĂŶĂŐĞŵĞŶƚWůĂŶ KůŵƐƚĞĚŽƵŶƚǇtĂƚĞƌDĂŶĂŐĞŵĞŶƚWůĂŶ ƉŝĚĞŵŝĐŽƌŝƐĞĂƐĞŝƐĞĂƐĞ^ƵƌǀĞŝůůĂŶĐĞĂŶĚƉŝĚĞŵŝŽůŽŐŝĐĂů/ŶǀĞƐƚŝŐĂƚŝŽŶŶŶĞǆ KƵƚďƌĞĂŬ&ŽŽĚďŽƌŶĞ/ůůŶĞƐƐKƵƚďƌĞĂŬ/ŶǀĞƐƚŝŐĂƚŝŽŶWůĂŶ /ƐŽůĂƚŝŽŶĂŶĚYƵĂƌĂŶƚŝŶĞWůĂŶ WĂŶĚĞŵŝĐ/ŶĨůƵĞŶǌĂŶŶĞǆ ŝƌƉŽƌƚŽŵŵƵŶŝĐĂďůĞŝƐĞĂƐĞWůĂŶ ,ĞůĞŐĂƚŝŽŶŐƌĞĞŵĞŶƚ ŝƐĞĂƐĞWƌĞǀĞŶƚŝŽŶĂŶĚŽŶƚƌŽů;WͿŽŵŵŽŶĐƚŝǀŝƚŝĞƐ&ƌĂŵĞǁŽƌŬ ǀŝĂŶ/ŶĨůƵĞŶǌĂWůĂŶ &ůƵĞŶƚĞƌWůĂŶ ůƚĞƌŶĂƚĞĂƌĞ^ŝƚĞWůĂŶ ϭϱϮ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ ,ĞĂůƚŚůĞƌƚEĞƚǁŽƌŬWƌŽƚŽĐŽů DĞĚŝĐĂůŽƵŶƚĞƌŵĞĂƐƵƌĞƐŝƐƚƌŝďƵƚŝŽŶŶŶĞǆ /ŶĨĞĐƚŝŽƵƐŝƐĞĂƐĞZĞƉŽƌƚŝŶŐƐǇƐƚĞŵƐ sĂĐĐŝŶĂƚŝŽŶWƌŽŐƌĂŵ &ůŽŽĚKƌĚŝŶĂŶĐĞϲϰ͘ϯϱϬ͗tĞƚůĂŶĚƐ >ĂŶĚhƐĞDĂƉ͗&ůŽŽĚWůĂŝŶ ZŽĐŚĞƐƚĞƌ>ĂŶĚĞǀĞůŽƉŵĞŶƚDĂŶƵĂů^ĞĐƚŝŽŶϲϮ͘ϴϬϬʹ&ůŽŽĚŝƐƚƌŝĐƚƐ ĂŶĚ/ŶƚĞŶƚ &/ZDDĂƉƐ &ůŽŽĚǁĂǇ͕&ůŽŽĚƉƌŽŶĞ͕&ůŽŽĚ&ƌŝŶŐĞƌĞƋƵŝƌĞŵĞŶƚƐ ĂƐĐĂĚĞƌĞĞŬ^ƚĂďŝůŝǌĂƚŝŽŶZĞƉŽƌƚ ZŽĐŚĞƐƚĞƌ>ĂŶĚĞǀĞůŽƉŵĞŶƚDĂŶƵĂů^ĞĐƚŝŽŶϲϮ͘ϭϬϬϬʹ^ŚŽƌĞůĂŶĚ ŝƐƚƌŝĐƚ KůŵƐƚĞĚŽƵŶƚǇtĂƚĞƌDĂŶĂŐĞŵĞŶƚWůĂŶ ǆĐĞƐƐŝǀĞͬWƌŽůŽŶŐĞĚDKhďĞƚǁĞĞŶZŽĐŚĞƐƚĞƌŵĞƌŐĞŶĐǇDĂŶĂŐĞŵĞŶƚĂŶĚZŽĐŚĞƐƚĞƌ ,ĞĂƚŽƌŽůĚWƵďůŝĐdƌĂŶƐŝƚ ͞ŽŽůWůĂĐĞƚŽďĞ͟WƌŽŐƌĂŵ ŽŵŵƵŶŝƚǇǆƚƌĞŵĞdĞŵƉĞƌĂƚƵƌĞWůĂŶ;KůŵƐƚĞĚŽƵŶƚǇ͕WƵďůŝĐ,ĞĂůƚŚ͕ ZŽĐŚĞƐƚĞƌͿ &ŝƌĞ;^ƚƌƵĐƚƵƌĞĂŶĚ&ŝƌĞĞƉĂƌƚŵĞŶƚŶŶƵĂůdƌĂŝŶŝŶŐWůĂŶ sĞŚŝĐůĞͿŶŐůŝƐŚ^ĞĐŽŶĚ>ĂŶŐƵĂŐĞůĂƐƐĞƐʹ&ŝƌĞ,ŽŵĞ^ĂĨĞƚǇWƌŽŐƌĂŵ &ŝƌĞWƌĞǀĞŶƚŝŽŶtĞĞŬ ƌŽƐŝŽŶʹ>ĂŶĚƐůŝĚĞƐ͕'ƌĂĚŝŶŐWůĂŶƐ ^ƵďƐŝĚĞŶĐĞ͕^ŝŶŬŚŽůĞ͕ƌŽƐŝŽŶŽŶƚƌŽůKƌĚŝŶĂŶĐĞϲϰ͘ϯϮϬ ĂŶĚ<ĂƌƐƚ,ŝůůƐŝĚĞĞǀĞůŽƉŵĞŶƚKƌĚŝŶĂŶĐĞϲϰ͘ϯϰϬ ĞĐŽƌĂŚĚŐĞKƌĚŝŶĂŶĐĞʹŚĂƉƚĞƌϱϵ ZŽĐŚĞƐƚĞƌ>ĂŶĚĞǀĞůŽƉŵĞŶƚDĂŶƵĂů^ĞĐƚŝŽŶϲϮ͘ϭϭϬϬʹǆĐĂǀĂƚŝŽŶ ĐƚŝǀŝƚŝĞƐĂŶĚ^ƵďƐƚĂŶƚŝĂů>ĂŶĚůƚĞƌĂƚŝŽŶ ,Dd/ŶĐŝĚĞŶƚƐΘ&ŝƌĞĞƉĂƌƚŵĞŶƚŶŶƵĂůdƌĂŝŶŝŶŐWůĂŶ dƌĂŝŶĞƌĂŝůŵĞŶƚdŝĞƌ//ZĞƉŽƌƚƐ ŚĞŵŝĐĂůƐƐĞƐƐŵĞŶƚdĞĂŵ ƌŝƚŝĐĂůtĞůůŚĞĂĚWƌŽƚĞĐƚŝŽŶWůĂŶͲϮϬϭϴ /ŶĨƌĂƐƚƌƵĐƚƵƌĞͬhƚŝůŝƚǇEZtĂƚĞƌ^ƵƉƉůǇWůĂŶͲϮϬϭϴ &ĂŝůƵƌĞ Ăŵͬ>ĞǀĞĞ&ĂŝůƵƌĞĂŵŝŶƵŶĚĂƚŝŽŶǌŽŶĞďƌĞĂĐŚŵĂƉƐ ZͲϭ;ŚĞƐƚĞƌtŽŽĚƐͿŵĞƌŐĞŶĐǇĐƚŝŽŶWůĂŶ <ZͲϯ;>ĂŶĚĨŝůůͿŵĞƌŐĞŶĐǇĐƚŝŽŶWůĂŶ <ZͲϲ;ϱϬsEtͿŵĞƌŐĞŶĐǇĐƚŝŽŶWůĂŶ <ZͲϳ;ϭϵ^dEtͿŵĞƌŐĞŶĐǇĐƚŝŽŶWůĂŶ ^ZͲϮ;^ŝůǀĞƌƌĞĞŬͿŵĞƌŐĞŶĐǇĐƚŝŽŶWůĂŶ ϭϱϯ 3DFNHW3J /E Z&d ZŽĐŚĞƐƚĞƌůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶ tZͲϰ;'ĂŵĞŚĂǀĞŶͿŵĞƌŐĞŶĐǇĐƚŝŽŶWůĂŶ tZͲϲ;tŝůůŽǁƌĞĞŬͿŵĞƌŐĞŶĐǇĐƚŝŽŶWůĂŶ &ŽŽĚŽŶƚĂŵŝŶĂƚŝŽŶ^Ğƌǀ^ĂĨĞWƌŽŐƌĂŵ &ŽŽĚďŽƌŶĞ/ůůŶĞƐƐKƵƚďƌĞĂŬ/ŶǀĞƐƚŝŐĂƚŝŽŶWůĂŶ ŝƌƉůĂŶĞƌĂƐŚŝƌƉŽƌƚǆĞƌĐŝƐĞ;ĞǀĞƌǇƚŚƌĞĞǇĞĂƌƐͿ ǇďĞƌ/ŶĐŝĚĞŶƚƐŶƚĞƌƉƌŝƐĞ/d^ĞĐƵƌŝƚǇΘdĞĐŚŶŽůŽŐǇ^ƚĞĞƌŝŶŐŽŵŵŝƚƚĞĞ dĞƌƌŽƌŝƐƚĐƚƐͬŝǀŝůZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚDĂŶƵĂůZĞǀŝƐŝŽŶϮϴͲϭ ŝƐƚƵƌďĂŶĐĞ ůů,ĂǌĂƌĚƐZŽĐŚĞƐƚĞƌ͛ƐŵĞƌŐĞŶĐǇKƉĞƌĂƚŝŽŶƐWůĂŶʹ/ŶĐůƵĚĞƐƚƌĂŝŶŝŶŐƉůĂŶ ŽŶƚŝŶƵŝƚǇŽĨKƉĞƌĂƚŝŽŶƐWůĂŶ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚƐWƌŽŐƌĂŵ ŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ;WϮ^Ϳ W^ʹWƵďůŝĐ^ĂĨĞƚǇŽŵŵƵŶŝĐĂƚŝŽŶĞŶƚĞƌ KW,^ŵĞƌŐĞŶĐǇWƵďůŝĐ/ŶĨŽƌŵĂƚŝŽŶŶŶĞǆ KW,^ůůͲ,ĂǌĂƌĚƐĂƐĞWůĂŶ;KWͿ KW,^KKW KW,^sŽůƵŶƚĞĞƌDĂŶĂŐĞŵĞŶƚ;DĞĚŝĐĂůZĞƐĞƌǀĞŽƌƉƐͿ KW,^ZĞƐƉŽŶĚĞƌ^ĂĨĞƚǇĂŶĚ,ĞĂůƚŚ ŽϭdŚŝŶŐ ^ƚĂƚĞŽĨDE,^DʹWƵďůŝĐĨĨĂŝƌƐ /ŶƚĞƌŶĞƚʹs/^/KEtĞďƐŝƚĞ WƵďůŝĐƉƌĞƐĞŶƚĂƚŝŽŶƐʹƐĞƌǀŝĐĞŐƌŽƵƉƐ͕ƌĞƐŝĚĞŶƚŝĂůŚŽŵĞƐ ŶŶƵĂůƵĚŐĞƚWƌŽĐĞƐƐ ϱ͘ϮDŽŶŝƚŽƌŝŶŐ ZŽĐŚĞƐƚĞƌ͛ƐĨŝƌƐƚůů,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶWůĂŶĨŽĐƵƐĞƐƉƌŝŵĂƌŝůǇŽŶŝƚǇĚĞƉĂƌƚŵĞŶƚƐ͘&ŽƌƚŚĞĨŝǀĞͲǇĞĂƌƉůĂŶ ƵƉĚĂƚĞ͕ǁĞŚŽƉĞƚŽĞǆƉĂŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐƉůĂŶƚŽŝŶĐůƵĚĞĂĚĞĞƉĞƌƉĂƌƚŶĞƌƐŚŝƉǁŝƚŚZŽĐŚĞƐƚĞƌWƵďůŝĐ ^ĐŚŽŽůƐ͕ƚŚĞDĂǇŽůŝŶŝĐ͕KůŵƐƚĞĚDĞĚŝĐĂůĞŶƚĞƌ͕dŝĞƌ//ƐŝƚĞƐ͕ĂŶĚŽƚŚĞƌďƵƐŝŶĞƐƐĞƐĂŶĚŶŽŶͲƉƌŽĨŝƚƐǁŝƚŚŝŶ ƚŚĞĂƌĞĂ͘ KƚŚĞƌŐŽĂůƐĨŽƌƚŚĞƉůĂŶƵƉĚĂƚĞĐǇĐůĞŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐ͗ ZĞǀĂůŝĚĂƚĞZŝƐŬƐƐĞƐƐŵĞŶƚŚĂůĨǁĂǇƚŚƌŽƵŐŚĨŝǀĞǇĞĂƌƵƉĚĂƚĞĐǇĐůĞ DĞĞƚǁŝƚŚĂůůĚĞƐŝŐŶĂƚĞĚ>ĞĂĚŐĞŶĐŝĞƐĞǀĞƌǇǇĞĂƌƚŽĂƐƐĞƐƐƉƌŽŐƌĞƐƐŽŶŵŝƚŝŐĂƚŝŽŶĂĐƚŝŽŶƐ ϭϱϰ 3DFNHW3J /E ϲŽŶƐƵůƚĂŶƚZĞƉŽƌƚƐ 3DFNHW3J /E 3DFNHW3J /E 3DFNHW3J /E 3DFNHW3J /E 3DFNHW3J /E x x x 3DFNHW3J /E 3DFNHW3J /E 3DFNHW3J /E x x 3DFNHW3J /E x x x x x 3DFNHW3J /E x x x x 3DFNHW3J /E x x x x x x x x x 3DFNHW3J /E x x x x x x 3DFNHW3J /E x x x x x x x x x x x x x x 3DFNHW3J /E x x x x x 3DFNHW3J /E x x x x x x x x x x 3DFNHW3J /E x x x x x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ϳƉƉĞŶĚŝĐĞƐ 3DFNHW3J /E ϳƉƉĞŶĚŝĐĞƐ dŚŝƐƐĞĐƚŝŽŶǁŝůůŝŶĐůƵĚĞƐƵƌǀĞǇƋƵĞƐƚŝŽŶƐĂŶĚŵĞĞƚŝŶŐƐƵŵŵĂƌŝĞƐ͘dŚŝƐŝŶĨŽƌŵĂƚŝŽŶǁŝůůďĞĂĚĚĞĚĂĨƚĞƌƚŚĞ ƉƵďůŝĐŚĞĂƌŝŶŐƐŝŶŽƌĚĞƌƚŽĚŽĐƵŵĞŶƚ͕ŝŶĐŽƌƉŽƌĂƚĞ͕ĂŶĚƌĞƐƉŽŶĚƚŽƚĞƐƚŝŵŽŶǇƌĞĐĞŝǀĞĚŝŶƚŚĞƉƵďůŝĐ ŚĞĂƌŝŶŐƐ͘ 3DFNHW3J /F 7+,63$*( ,17(17,21$//< /()7%/$1. 3DFNHW3J / 5(48(67)25&281&,/$&7,21 0((7,1*'$7( LVVLRQRIDZDLYHURI0LQQ6WDWRUIRUWKHDSSOLFDQWWREHSUHVHQWWR KDYHWKHPDWWHUKHDUGDWWKDWPHHWLQJ 3ODQQLQJVWDIIUHFRPPHQGDWLRQ 3ODQQLQJVWDIIUHFRPPHQGVFRQWLQXDQFHWRWKH$SULO /D IW1RWLILFDWLRQ$UHDRI )LQDO3ODW5 /E 3DFNHW3J /F 3DJH 52&+(67(52/067('3/$11,1*'(3$570(17 &DPSXV'ULYH6(6XLWH5RFKHVWHU01