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dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĞĨĨĞĐƚŝǀĞƵƉŽŶƚŚĞůĂƚĞƌŽĨƚŚĞĚĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌƵƉŽŶĞǆĞĐƵƚŝŽŶĂŶĚĂƉƉƌŽǀĂůďǇ $ ďŽƚŚƉĂƌƚŝĞƐ͘dŚŝƐŽŶƚƌĂĐƚǁŝůůƌĞŵĂŝŶŝŶĞĨĨĞĐƚƵŶƚŝůƚŚĞǆƉŝƌĂƚŝŽŶĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌƵŶƚŝůĂůů ŽďůŝŐĂƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĨƵůĨŝůůĞĚ͘ &ŽƌĚĞůĂǇƐĞŶĐŽƵŶƚĞƌĞĚƚŚĂƚĂƌĞďĞǇŽŶĚE'/EZ͛ƐĐŽŶƚƌŽů͕ĂŶĚƵƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚĨƌŽŵE'/EZ͕ƚŚĞ/dzΖƐ % ƵƚŚŽƌŝǌĞĚŐĞŶƚŵĂǇĞǆƚĞŶĚƚŚĞtŽƌŬŽŵƉůĞƚŝŽŶĂƚĞĞƐƚĂďůŝƐŚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞůĞŶŐƚŚ ŽĨƐƵĐŚƚŝŵĞĞǆƚĞŶƐŝŽŶǁŝůůďĞĚĞƚĞƌŵŝŶĞĚďǇƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͘ /ƚǁŝůůďĞE'/EZ͛ƐƌĞƐƉŽŶƐŝďŝůŝƚǇƚŽƌĞĂƐŽŶĂďůǇŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ŝŶǁƌŝƚŝŶŐ͕ŝĨE'/EZŚĂƐƌĞĂƐŽŶƚŽ & ďĞůŝĞǀĞƚŚĞƉƌŽũĞĐƚǁŝůůŶŽƚďĞĐŽŵƉůĞƚĞĚĂƐƐĐŚĞĚƵůĞĚ͘/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĂĚũƵƐƚƚŚĞ ƐĐŚĞĚƵůĞĂŶĚĨŝŶĂůĐŽƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐƵĐŚĚĞůĂǇƐ͕ĂƐƉƌŽǀŝĚĞĚŝŶƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͘ ŶŐŝŶĞĞƌƐŚĂůůĨƵƌŶŝƐŚĂůůŵĂƚĞƌŝĂůƐ͕ĂůůŶĞĐĞƐƐĂƌǇƚŽŽůƐĂŶĚĞƋƵŝƉŵĞŶƚ͕ĂŶĚƉĞƌĨŽƌŵĂůůǁŽƌŬĂŶĚůĂďŽƌŶĞĐĞƐƐĂƌǇƚŽ ' ĚĞƚĞƌŵŝŶĞŽŶƚƌĂĐƚŽƌ͛ƐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞWƌŽũĞĐƚĐŽŶƐŝƐƚĞŶƚǁŝƚŚŝƚǇĚĞƐŝŐŶƐƉĞĐŝĨŝĐĂƚŝŽŶƐĂŶĚ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂƉƉƌŽǀĞĚĐŝǀŝůĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶƐĨŽƌƚŚĞWƌŽũĞĐƚ͘ /dzƌĞĐŽŐŶŝǌĞƐƚŚĂƚE'/EZƉƌŽǀŝĚĞĚƐĞƌǀŝĐĞƐƚŽƚŚĞKǁŶĞƌƵŶĚĞƌĂŝƚǇͲKǁŶĞƌĐŽŶƚƌĂĐƚĂƵƚŚŽƌŝǌŝŶŐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶ ( ŽĨƚŚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐĨŽƌǁŚŝĐŚĐŽŶƐƚƌƵĐƚŝŽŶŝŶƐƉĞĐƚŝŽŶĂŶĚŽďƐĞƌǀĂƚŝŽŶƐĞƌǀŝĐĞƐĂƌĞďĞŝŶŐƌĞƋƵĞƐƚĞĚ͘/dzǁĂŝǀĞƐĂŶǇ ĂŶĚĂůůĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚƌŝŐŚƚƐĂŐĂŝŶƐƚE'/EZƌĞůĂƚŝǀĞƚŽƚŚŝƐĂƌƌĂŶŐĞŵĞŶƚ͘ 'KsZE/E'>t͕:hZ/^/d/KE͕EsEh $57,&/( dŚŝƐŽŶƚƌĂĐƚƐŚĂůůďĞŐŽǀĞƌŶĞĚďǇĂŶĚĐŽŶƐƚƌƵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞůĂǁƐŽĨƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͘sĞŶƵĞĨŽƌĂůůůĞŐĂů $ ƉƌŽĐĞĞĚŝŶŐƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞŝŶƚŚĞĂƉƉůŝĐĂďůĞƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶ KůŵƐƚĞĚŽƵŶƚǇĂŶĚDŝŶŶĞƐŽƚĂƌĞƐƉĞĐƚŝǀĞůǇ͘ dZD^K&'EZ>KE/d/KE^ $57,&/( ŶǇĂŶĚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨŽƌĐĞƵŶůĞƐƐƚŚĞǇĂƌĞƐƉĞĐŝĨŝĐĂůůǇĂŶĚĚĞůŝďĞƌĂƚĞůǇ $ ĐĂŶĐĞůĞĚŽƌŵŽĚŝĨŝĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŽƚŚĞĞǆƚĞŶƚŽĨĂŶǇŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ % ǁŝůůĐŽŶƚƌŽů͘DŝŶŶĞƐŽƚĂ>ĂǁƐƵƉĞƌƐĞĚĞƐĂŶǇŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ dZD^K&WzDEd $57,&/( ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůǇƐƵƉƉůŝĞĚďǇ $ E'/EZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďǇ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ Zd/>ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂǇŵĞŶƚ͘͟ /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶǇƚŝŵĞƚŚĂƚE'/EZǁŝůůĞǆĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ % ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůǇŵĂŶŶĞƌ͘E'/EZŵĂǇŶŽƚďĞ ĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞǆĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůǇĞǆĞĐƵƚĞĚ͕ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚďĞǇŽŶĚƚŚĂƚŝĚĞŶƚŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌǁƌŝƚƚĞŶ ĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďǇ/dzŵĂǇďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌǇĂŶĚE'/EZŵĂǇŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌƚŚĞĞǆƚƌĂ ǁŽƌŬ͘ /ĨE'/EZĐůĂŝŵƐĂŶǇŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌŽƚŚĞƌĐŽŶĚŝƚŝŽŶƐĞǆŝƐƚƚŚĂƚƌĞƋƵŝƌĞĞǆƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐ & ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶǇĞǆƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϮϬĂůĞŶĚĂƌĚĂǇƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶ ŽƌŽďƐĞƌǀĂŶĐĞŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ ŶǇĐůĂŝŵŵĂĚĞĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂǇďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶ 3DFNHW3J (F ĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůǇĂƉƉƌŽǀĞĚĂŶĚĞǆĞĐƵƚĞĚďǇƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚ E'/EZΖƐŽǁŶƌŝƐŬ͘ ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐĂĐƚƵĂůůǇĂŶĚŶĞĐĞƐƐĂƌŝůǇŝŶĐƵƌƌĞĚďǇE'/EZĂƐĂƌĞƐƵůƚŽĨ ' ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞǆĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘E'/EZŵĂǇďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͕ĂŶĚŝĚĞŶƚŝĨŝĞĚŝŶ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ƌƚŝĐůĞϯ͘ WZKhZ&KZWzDEd $57,&/( WĂǇŵĞŶƚƐǁŝůůďĞŵĂĚĞďǇ/dzǁŝƚŚŝŶϯϬĚĂǇƐŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐ $ ƌĞƉŽƌƚƐĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘/dzƐŚĂůůŶŽƚŝĨǇE'/EZŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂǇƐŽĨ E'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞǇďĞůŝĞǀĞƚŚĞƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐǁĞƌĞ ŶŽƚƉƌŽƉĞƌůǇƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽŶƚƌĂĐƚ͘ /ŶǀŽŝĐĞƐĨŽƌƉĂǇŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďǇE'/EZŵŽŶƚŚůǇƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶƚŚĞĨŽƌŵƉƌĞƐĐƌŝďĞĚďǇ % /dz͘/ŶǀŽŝĐĞƐƐŚŽƵůĚŝĚĞŶƚŝĨǇƚŚĞƉƌŽũĞĐƚĂŶĚƚŚĞĐŽƐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚĂŶĚ ŵƵƐƚƐĂƚŝƐĨǇƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ ϭ͘ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůǇŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐ ĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚE'/EZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚ ĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶǇƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚƉĂǇŵĞŶƚ͘ ϯ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝǌĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐĂƌĞƉƌŽƉĞƌůǇ ĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂƌĞĂŶǇĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐĚŝƌĞĐƚůǇƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬ ŽĨƚŚĞE'/EZ͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ ϰ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ ŝƌĞĐƚƐĂůĂƌǇĐŽƐƚƐŽĨĞŵƉůŽǇĞĞƐΖƚŝŵĞĚŝƌĞĐƚůǇĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ D dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨǇŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽǇĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂǇ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂǇŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽǇĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ E ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽǇĞĞΖƐŶĂŵĞ͕ŚŽƵƌůǇ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂǇƉĞƌŝŽĚ͘ ϱ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞĂĐŽƉǇŽĨƚŚĞŝŶǀŽŝĐĞƚŚĞǇĨŽƌǁĂƌĚĞĚƚŽƚŚĞĐŝƚǇƚŽƚŚĞĚĞǀĞůŽƉĞƌĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐ͘ dŚŝƐĚŽĐƵŵĞŶƚƐŚŽƵůĚďĞĐůĞĂƌĞĚƐƚĂƚĞĚƚŚĂƚŝƚ͛ƐĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐŽŶůǇ͘ /ĨE'/EZŝƐĂƵƚŚŽƌŝǌĞĚďǇ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚƐ͕E'/EZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ & ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŽŶƚƌĂĐƚ͕ĂŶĚE'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůǇƉĂǇŵĞŶƚďǇE'/EZŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͛Ɛ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂǇŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞƐƵď ĐŽŶƐƵůƚĂŶƚŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ E'/EZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ' ĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzDEd $57,&/( &ŽƌĂůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞŶŐŝŶĞĞƌƐŚĂůůŵĂŝŶƚĂŝŶŝƚƐĞƚŚŝĐĂůĂŶĚ $ ůĞŐĂůĚƵƚǇŽĨĂƉƌŽĨĞƐƐŝŽŶĂůƚŽĞǆĞƌĐŝƐĞƚŚĞůĞǀĞůŽĨĐĂƌĞ͕ĚŝůŝŐĞŶĐĞ͕ĂŶĚƐŬŝůůƉƌĞƐĐƌŝďĞĚŝŶƚŚĞĐŽĚĞŽĨƉƌĂĐƚŝĐĞŽĨŚŝƐŽƌŚĞƌ ƉƌŽĨĞƐƐŝŽŶ͕ŽƌĂƐŽƚŚĞƌƉƌŽĨĞƐƐŝŽŶĂůƐŝŶƚŚĞƐĂŵĞĚŝƐĐŝƉůŝŶĞǁŽƵůĚŝŶƚŚĞƐĂŵĞŽƌƐŝŵŝůĂƌĐŝƌĐƵŵƐƚĂŶĐĞƐ͘dŚĞE'/EZ ƐŚĂůůĐŽŵƉůǇǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďǇĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐ͘ 3DFNHW3J (F E'/EZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂǇŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ % ƌĞŐƵůĂƚŝŽŶƐ͘ ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďǇƉƌŽŐƌĞƐƐƉĂǇŵĞŶƚƐŵĂĚĞďǇ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚǇŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ & ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐE'/EZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂǇŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶǇĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞE'/EZ͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ ƐŚĂůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞ ĞǆƚĞŶƚŽĨƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞE'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶǇǁĂǇƚŽƌĞůŝĞǀĞE'/EZĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐĞƌǀŝĐĞƐ ' ĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞǆĐĞĞĚƚŚĂƚŝƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ E'/EZŝƐŶŽƚĂƵƚŚŽƌŝǌĞĚƚŽĚŝƌĞĐƚƚŚĞǁŽƌŬŽĨŽŶƚƌĂĐƚŽƌ͕ƵŶůĞƐƐŝƚǇŝƐŐŝǀĞŶƐƵĐŚĂƵƚŚŽƌŝƚǇ͕ŝŶǁƌŝƚŝŶŐ͕ďǇKǁŶĞƌ͘ ( E'/EZĐŽŵŵƵŶŝĐĂƚŝŽŶƐŚĂůůďĞĚŝƌĞĐƚůǇǁŝƚŚKǁŶĞƌ͛ƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞ;ŽŶƐƚƌƵĐƚŝŽŶĨŽƌĞŵĞŶŽƌƐƵƉĞƌŝŶƚĞŶĚĞŶƚŽƌ ŽƚŚĞƌŵĞŵďĞƌŝĚĞŶƚŝĨŝĞĚĂƐWƌŽũĞĐƚDĂŶĂŐĞƌͿ͕ĂŶĚƚŽŝƚǇŶŐŝŶĞĞƌŽƌŚŝƐĚĞƐŝŐŶĞĞ͘ ^^/'EDEd $57,&/(ĞĚŝŶƚŚŝƐ ŽŶƚƌĂĐƚ͘ ĐŽƉǇŽĨĂŶǇĂŶĚĂůůƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚƐŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚĂĨƚĞƌĞǆĞĐƵƚŝŽŶŽĨƚŚĞƐƵď % ĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽǁŽƌŬƐƚĂƌƚŝŶŐƵŶĚĞƌƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚ͘ DEDEd^͕,E'KZZ^͕DZ'Z͕KhEdZWZd^͕Et/sZ $57,&/( ŵĞŶĚŵĞŶƚƐƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĐŽŶƐŝĚĞƌĞĚŽŶůǇĨŽƌƵŶĨŽƌĞƐĞĞŶǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŚĂƚǁĞƌĞĞǆĐůƵĚĞĚŝŶƚŚĞ^ĐŽƉĞŽĨ $ tŽƌŬ͕ĞŶƚŝƚůĞĚ͞ĞƚĂŝůĞĚ^ĐŽƉĞŽĨtŽƌŬ͕͟ĂŶĚƚŚĂƚĂƌĞĐŽŶƐŝĚĞƌĞĚĞƐƐĞŶƚŝĂůƚŽƚŚĞǁŽƌŬ͘ŶǇǁƌŝƚƚĞŶĐůĂŝŵŵĂĚĞďǇ E'/EZĨŽƌĞǆƚƌĂǁŽƌŬŽƌĐŽƐƚƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐďĞĞŶĂƉƉƌŽǀĞĚďǇƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŵƵƐƚďĞ ĞǀŝĚĞŶĐĞĚďǇĂŶĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚ͘ŵĞŶĚŵĞŶƚƐŵƵƐƚďĞŝŶǁƌŝƚŝŶŐĂŶĚĞǆĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚďǇƚŚĞƐĂŵĞ ƉĂƌƚŝĞƐĂŶĚŽĨĨŝĐŝĂůƐǁŚŽĞǆĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚƚŚĞŽƌŝŐŝŶĂůŽŶƚƌĂĐƚ͕ŽƌƚŚĞŝƌƐƵĐĐĞƐƐŽƌƐŝŶŽĨĨŝĐĞ͘E'/EZŵƵƐƚŶŽƚŝĨǇ /dz͛ƐWƌŽũĞĐƚDĂŶĂŐĞƌŝŶǁƌŝƚŝŶŐŝĨE'/EZǁŝůůďĞĚĞůĂǇĞĚŝŶĂŶǇǁĂǇĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ % ŽĨE'/EZ͘ŶǇĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůǇĂŶĚĨƵůůǇĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ & ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚǇƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůǇŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͕ ďǇƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝǌĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďǇĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞE'/EZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďǇŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĞǆĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ' ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞŽŶƚƌĂĐƚ͘ 3DFNHW3J (F KDW>/Et/d,>/E^^͕WZD/d^͕EKd,ZZ'h>d/KE^ $57,&/( E'/EZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ĐĞƌƚŝĨŝĐĂƚŝŽŶƐ͕ĞĚƵĐĂƚŝŽŶ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌǇƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐ $ ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/^E/Ed>>dh>WZKWZdz $57,&/( dŚĞDŝŶŶĞƐŽƚĂ'ŽǀĞƌŶŵĞŶƚĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ $ ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ ŶǇƌĞƉŽƌƚƐ͕ƐƚƵĚŝĞƐ͕ƉŚŽƚŽŐƌĂƉŚƐ͕ŶĞŐĂƚŝǀĞƐ͕ŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐĐƌĞĂƚĞĚĂŶĚƉĂŝĚĨŽƌďǇE'/EZŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ % ŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂƌĞŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞŝŶƌĞƐƉĞĐƚƚŽE'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĂƌĞƚŚĞĞǆĐůƵƐŝǀĞ ƉƌŽƉĞƌƚǇŽĨ/dz͘E'/EZŵƵƐƚƌĞŵŝƚĂůůƐƵĐŚŵĂƚĞƌŝĂůƐƚŽ/dzƵƉŽŶĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞ /dzǁŝůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇƌĞƵƐĞŽĨƐƵĐŚŵĂƚĞƌŝĂůƐďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞŝƚǇƐŚĂůůŐƌĂŶƚƚŚĞE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞĞǆƚĞŶƚŽĨƚŚĞ/dzΖƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘E'/EZǁĂŝǀĞƐĂůůĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞ/dzƌĞƐƵůƚŝŶŐŝŶĂŶǇǁĂǇĨƌŽŵĂŶǇƌĞƵƐĞŽĨ ƚŚĞE'/EZ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŝƌĞĐƚĞĚďǇ/dz͕ƚŚĞŽƌŝŐŝŶĂůƐŽĨƌĞƉŽƌƚƐ͕ƚĞƐƚƐ͕ĚƌĂǁŝŶŐƐĂŶĚƉůĂŶƐ͖ĂŶĚůĞŐŝďůǇƌĞƉƌŽĚƵĐŝďůĞĐŽƉŝĞƐŽĨ & ǁŽƌŬƐŚĞĞƚƐ͕ĨŝĞůĚŶŽƚĞƐ͕ĐŽŵƉƵƚĂƚŝŽŶƐ͕ƉŚŽƚŽƐ͕ƚĞƐƚƌĞƐƵůƚƐ͕ĂŶĚŽƚŚĞƌƉƌŽũĞĐƚĚĂƚĂŵƵƐƚďĞƌĞůŝŶƋƵŝƐŚĞĚƚŽ/dz͗ ϭ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ Ϯ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĨŝĐĂƚŝŽŶďǇ/dz͘ ϯ͘WƌŝŽƌƚŽĨŝŶĂůƉĂǇŵĞŶƚďǇ/dzƚŽE'/EZĨŽƌƚŚŝƐŽŶƚƌĂĐƚ͘ ͘EŽƚǁŝƚŚƐƚĂŶĚŝŶŐƚŚĞĂďŽǀĞƉĂƌĂŐƌĂƉŚƐ͕ǁŽƌŬƉĂƉĞƌƐ͕ƉƌŽƉƌŝĞƚĂƌǇŝŶĨŽƌŵĂƚŝŽŶ͕ƉƌŽĐĞƐƐĞƐ͕ŵĞƚŚŽĚŽůŽŐŝĞƐ͕ŬŶŽǁͲŚŽǁĂŶĚ ƐŽĨƚǁĂƌĞ;͞E'/EZĂƚĂ͟ͿƉƌĞǀŝŽƵƐůǇďĞůŽŶŐŝŶŐŽƌůŝĐĞŶƐĞĚƚŽE'/EZĂŶĚƵƐĞĚƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůů ƌĞŵĂŝŶƚŚĞƉƌŽƉĞƌƚǇŽĨE'/EZ͘E'/EZƐŚĂůůƌĞƚĂŝŶĂŶŽǁŶĞƌƐŚŝƉĂŶĚƉƌŽƉĞƌƚǇŝŶƚĞƌĞƐƚƚŚĞƌĞŝŶ;ŝŶĐůƵĚŝŶŐƚŚĞĐŽƉǇƌŝŐŚƚ ĂŶĚƚŚĞƌŝŐŚƚŽĨƌĞƵƐĞĂƚƚŚĞĚŝƐĐƌĞƚŝŽŶŽĨƚŚĞE'/EZͿ͕ǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞWƌŽũĞĐƚŝƐĐŽŵƉůĞƚĞĚ͘dŽƚŚĞĞǆƚĞŶƚƚŚĞƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚďǇE'/EZĐŽŶƚĂŝŶE'/EZĂƚĂ͕E'/EZŚĞƌĞďǇŐƌĂŶƚƐƚŽ/dzĂŶŽŶͲĞǆĐůƵƐŝǀĞ͕ŶŽŶͲĂƐƐŝŐŶĂďůĞ͕ƌŽǇĂůƚǇͲ ĨƌĞĞ͕ŝƌƌĞǀŽĐĂďůĞůŝĐĞŶƐĞƚŽƵƐĞƐƵĐŚE'/EZĂƚĂĨŽƌƚŚĞƉƵƌƉŽƐĞƐƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͕ƐƵďũĞĐƚƚŽƚŚĞĨŽůůŽǁŝŶŐůŝŵŝƚĂƚŝŽŶƐ͗ ƐƵĐŚE'/EZĂƚĂĂƌĞŶŽƚŝŶƚĞŶĚĞĚŽƌƌĞƉƌĞƐĞŶƚĞĚƚŽďĞƐƵŝƚĂďůĞĨŽƌƵƐĞŽƌƌĞƵƐĞďǇ/dzŽŶĞǆƚĞŶƐŝŽŶŽĨƚŚĞWƌŽũĞĐƚŽƌ ŽŶĂŶǇŽƚŚĞƌƉƌŽũĞĐƚǁŝƚŚŽƵƚǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďǇE'/EZĂŶĚĂŶǇƐƵĐŚƌĞƵƐĞŽƌŵŽĚŝĨŝĐĂƚŝŽŶŽĨƚŚĞ E'/EZĂƚĂǁŝƚŚŽƵƚƚŚĞǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďǇE'/EZƐŚĂůůďĞĚŽŶĞĂƚ/dz͛ƐƐŽůĞƌŝƐŬĂŶĚǁŝƚŚŽƵƚ ůŝĂďŝůŝƚǇƚŽE'/EZ͘ >//>/dz $57,&/( 'ĞŶĞƌĂůͲ,ĂǀŝŶŐĐŽŶƐŝĚĞƌĞĚƚŚĞƉŽƚĞŶƚŝĂůůŝĂďŝůŝƚŝĞƐƚŚĂƚŵĂǇĞǆŝƐƚĚƵƌŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ^ĞƌǀŝĐĞƐ͕ƚŚĞďĞŶĞĨŝƚƐ $ ŽĨƚŚĞƉƌŽũĞĐƚ͕ĂŶĚƚŚĞE'/EZ͛ƐĨĞĞĨŽƌƚŚĞ^ĞƌǀŝĐĞƐ͕ĂŶĚŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞƉƌŽŵŝƐĞƐĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ /dzĂŶĚE'/EZĂŐƌĞĞƚŽĂůůŽĐĂƚĞĂŶĚůŝŵŝƚƐƵĐŚůŝĂďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐƌƚŝĐůĞ͘ /ŶĚĞŵŶŝĨŝĐĂƚŝŽŶͲE'/EZĂŶĚ/dz;ƚŚĞ͞/ŶĚĞŵŶŝĨǇŝŶŐWĂƌƚǇ͟ͿƐŚĂůůďĞůŝĂďůĞĨŽƌŝƚƐŽǁŶŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐĂŶĚ % ŽŵŝƐƐŝŽŶƐƚŽƚŚĞĞǆƚĞŶƚƉƌŽǀŝĚĞĚďǇůĂǁĂŶĚƐƵďũĞĐƚƚŽƚŚĞ/dz͛ƐĐĂƉŽŶŵƵŶŝĐŝƉĂůƚŽƌƚůŝĂďŝůŝƚǇƵŶĚĞƌDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ ^ĞĐƚŝŽŶϰϲϲ͘Ϭϰ͕ĂŶĚŚĞƌĞďǇĂŐƌĞĞƐƚŽĚĞĨĞŶĚ͕ŝŶĚĞŵŶŝĨǇ͕ĂŶĚŚŽůĚŚĂƌŵůĞƐƐƚŚĞŽƚŚĞƌ;͞ƚŚĞ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚǇ͟Ϳ͕ĨƌŽŵ ĂŶǇůŝĂďŝůŝƚǇ͕ĚĂŵĂŐĞƐ͕ĂŶĚĐŽƐƚƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞŶĞŐůŝŐĞŶƚĂĐƚƐŽĨE'/EZĂŶĚ/dzĂŶĚĂŶǇŽŶĞĨŽƌǁŚŽƐĞŶĞŐůŝŐĞŶƚ ĂĐƚƐƚŚĞǇŵĂǇďĞůŝĂďůĞĨŽƌŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚŝĐŚƚŚĞ/ŶĚĞŵŶŝĨŝĞĚ WĂƌƚǇ͕ŝƚƐŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽǇĞĞƐŵĂǇŚĞƌĞĂĨƚĞƌƐƵƐƚĂŝŶ͕ŝŶĐƵƌŽƌďĞƌĞƋƵŝƌĞĚƚŽƉĂǇƚŽƚŚĞĨƵůůĞĨĨĞĐƚƉƌŽǀŝĚĞĚďǇ DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϯϯϳ͕ƚŽƚŚĞĞǆƚĞŶƚƚŚĞE'/EZĂŶĚ/dzĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐƵĐŚůŝĂďŝůŝƚǇ͕ĐŽƐƚƐ͕ĚĂŵĂŐĞƐ͕ ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞǇƐ͛ĨĞĞƐ͘/ŶƚŚĞĞǀĞŶƚĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌĞǆƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďǇƚŚĞũŽŝŶƚŽƌ ĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨE'/EZĂŶĚ/dz͕ƚŚĞǇƐŚĂůůďĞďŽƌŶĞďǇĞĂĐŚƉĂƌƚǇŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ ^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚŝƐŽŶƚƌĂĐƚŝƐ & ƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶǇƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ 3DFNHW3J (F tKZ<Z^ΖKDWE^d/KE $57,&/( ŶǇĂŶĚĂůůĞŵƉůŽǇĞĞƐŽĨE'/EZ͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ $ ĂŶǇǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽǇĞĞƐŽĨ/dz͘ŶǇĂŶĚĂůů ĐůĂŝŵƐƚŚĂƚŵĂǇĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐ ǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶǇĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďǇĂŶǇƚŚŝƌĚƉĂƌƚǇĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶǇĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨ E'/EZΖƐĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽĞŶŐĂŐĞĚŽŶĂŶǇŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶŶŽǁĂǇ ďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨ/dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞ ǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂǇĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚE'/EZ͘ KE^ $57,&/( dŚŝƐƌƚŝĐůĞŝƐŚĞƌĞďǇĚĞůĞƚĞĚ͘ /E^hZE $57,&/( ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞĨŽƌĞĂĐŚƚǇƉĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĨŝůĞĚǁŝƚŚƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚ $ ŐĞŶƚƉƌŝŽƌƚŽĞǆĞĐƵƚŝŽŶŽĨƚŚĞŽŶƚƌĂĐƚďǇŝƚǇ͘ĂĐŚƉŽůŝĐǇŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ /dzĂϯϬͲĚĂǇŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ E'/EZŵƵƐƚŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌǇĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗ % ϭ͘E'/EZƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƐŝƐƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌǇ ĨŽƌƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐďǇE'/EZĂŶĚŝƚƐĞŵƉůŽǇĞĞƐ͘ Ϯ͘dŚĞE'/EZƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐƐĞƉĂƌĂƚĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĞŶĚŽƌƐĞŵĞŶƚƐĨŽƌĞĂĐŚƐƵďĐŽŶƐƵůƚĂŶƚ͘ E'/EZƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐĨƌŽŵŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ tŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͗ ϯ͘E'/EZǁŝůůƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌĂůůE'/EZ ĞŵƉůŽǇĞĞƐĂŶĚ͕ŝŶĐĂƐĞĂŶǇǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕E'/EZǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌǇƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/dzŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ ͕ŵƉůŽǇĞƌ͛Ɛ>ŝĂďŝůŝƚǇ͕ĂƚůŝŵŝƚƐŶŽƚůĞƐƐƚŚĂŶΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĚŝƐĞĂƐĞƉĞƌĞŵƉůŽǇĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇ ŝŶũƵƌǇďǇĚŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĂĐĐŝĚĞŶƚ͘ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͚ƐŝŶƐƵƌĂŶĐĞƐŚĂůů ďĞĨŝůĞĚǁŝƚŚƚŚĞE'/EZ͘ ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚǇ͗ ϰ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌ ďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚǇ ĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďǇ E'/EZŽƌďǇĂƐƵďĐŽŶƐƵůƚĂŶƚŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͛Ɛ ůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞƐŚĂůůďĞƉƌŝŵĂƌǇƚŽĂŶǇůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďǇƚŚĞŝƚǇ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶ ƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ D Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ E /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ ŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ D WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚǇ E ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚǇ F EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ G ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚǇ͗ ϱ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐ ĨŽƌďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌ 3DFNHW3J (F ƉƌŽƉĞƌƚǇĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďǇE'/EZŽƌďǇƐƵďĐŽŶƐƵůƚĂŶƚŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞE'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞůŝŵŝƚĨŽƌŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ͗ ϲ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌĐůĂŝŵ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ dŚŝƐƉŽůŝĐǇǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐE'/EZǁŝůůďĞĐŽŵĞůĞŐĂůůǇŽďůŝŐĂƚĞĚƚŽƉĂǇƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇ ĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽE'/EZΖƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͘ E'/EZŵƵƐƚ͗ & ϭ͘/ŶĐůƵĚĞůĞŐĂůĚĞĨĞŶƐĞĨĞĞƐŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐůŝĂďŝůŝƚǇƉŽůŝĐǇůŝŵŝƚƐ͕ǁŝƚŚƚŚĞĞǆĐĞƉƚŝŽŶŽĨWƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ ĂďŽǀĞ͖ĂŶĚ Ϯ͘KďƚĂŝŶŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨƌŽŵĂŶŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶǇŚĂǀŝŶŐĂŶΗD^dΗƌĂƚŝŶŐŽĨͲs///ŽƌďĞƚƚĞƌ͘ /dzƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůǇƌĞƐĐŝŶĚƚŚŝƐŽŶƚƌĂĐƚŝĨE'/EZŝƐŶŽƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŝŶƐƵƌĂŶĐĞ ' ƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶǇůĞŐĂůƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚE'/EZ͘hƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚďǇƚŚĞ/dzΖƐ ƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůůďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵĂǇďĞƌĞƋƵĞƐƚĞĚ͘ >/sZ>^dEZ^ $57,&/( /dzǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĚŝƐĂƉƉƌŽǀĞŽƌƌĞũĞĐƚƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƚŚĂƚĂƌĞĚĞĨĞĐƚŝǀĞ͘E'/EZǁŝůůďĞ $ ƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐǇŽĨŝƚƐǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂŶĚŵƵƐƚŵĂŬĞƚŝŵĞůǇƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐǁŝƚŚŽƵƚ ĐŽŵƉĞŶƐĂƚŝŽŶƌĞƐƵůƚŝŶŐĨƌŽŵĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽŶƚŚĞƉĂƌƚŽĨE'/EZ͘dŚĞƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚƚŽ/dz ďǇE'/EZŵƵƐƚďĞŽĨƐƵĐŚƋƵĂůŝƚǇƚŚĂƚƚŚĞǇĂƌĞƐƵŝƚĂďůĞĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ͘ E'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĂŐƌĞĞĚƚŽŝŶĂŶƚŝĐŝƉĂƚŝŽŶŽĨƚŚĞŽƌĚĞƌůǇĂŶĚ % ĐŽŶƚŝŶƵŽƵƐƉƌŽŐƌĞƐƐŽĨƚŚĞWƌŽũĞĐƚƚŚŽƵŐŚĐŽŵƉůĞƚŝŽŶ͘hŶůĞƐƐƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐĨŽƌƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐĂƌĞƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŽďůŝŐĂƚŝŽŶƚŽƌĞŶĚĞƌƐĞƌǀŝĐĞƐŚĞƌĞƵŶĚĞƌǁŝůůďĞĨŽƌĂƉĞƌŝŽĚǁŚŝĐŚŵĂǇ ƌĞĂƐŽŶĂďůǇďĞƌĞƋƵŝƌĞĨŽƌƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƐĂŝĚƐĞƌǀŝĐĞƐ͘ /ĨŝŶƚŚŝƐŽŶƚƌĂĐƚƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞĨŽƌƌĞŶĚĞƌŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐĞƚĨŽƌƚŚŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐďǇǁŚŝĐŚƐĞƌǀŝĐĞƐĂƌĞƚŽďĞ & ĐŽŵƉůĞƚĞĚĂƌĞƉƌŽǀŝĚĞĚ͕ĂŶĚŝĨƐƵĐŚƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌĚĂƚĞƐĂƌĞĐŚĂŶŐĞĚƚŚƌŽƵŐŚŶŽĨĂƵůƚŽĨE'/EZ͕ƚŚĞƌĂƚĞƐĂŶĚ ĂŵŽƵŶƚƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽǀŝĚĞĚĨŽƌŚĞƌĞŝŶƐŚĂůůďĞƐƵďũĞĐƚƚŽĞƋƵŝƚĂďůĞĂĚũƵƐƚŵĞŶƚ͘/Ĩ/dzŚĂƐƌĞƋƵĞƐƚĞĚĐŚĂŶŐĞƐŝŶ ƚŚĞƐĐŽƉĞ͕ĞǆƚĞŶƚ͕ŽƌĐŚĂƌĂĐƚĞƌŽĨƚŚĞWƌŽũĞĐƚ͖ƚŚĞƚŝŵĞŽĨƉĞƌĨŽƌŵĂŶĐĞŽĨE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůůďĞĂĚũƵƐƚĞĚĞƋƵŝƚĂďůǇ͘ EĞŝƚŚĞƌƉĂƌƚǇǁŝůůďĞŚĞůĚƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞůĂǇŽƌĨĂŝůƵƌĞƚŽƉĞƌĨŽƌŵǁŚĞŶƐƵĐŚĚĞůĂǇŽƌĨĂŝůƵƌĞŝƐĚƵĞƚŽĂŶǇŽĨƚŚĞ ' ĨŽůůŽǁŝŶŐ͕ƵŶůĞƐƐƚŚĞĂĐƚŽƌŽĐĐƵƌƌĞŶĐĞĐŽƵůĚŚĂǀĞďĞĞŶƌĞĂƐŽŶĂďůǇĨŽƌĞƐĞĞŶĂŶĚƌĞĂƐŽŶĂďůĞĂĐƚŝŽŶĐŽƵůĚŚĂǀĞďĞĞŶ ƚĂŬĞŶƚŽƉƌĞǀĞŶƚƚŚĞĚĞůĂǇŽƌĨĂŝůƵƌĞ͗ĨŝƌĞ͕ĨůŽŽĚ͕ĞƉŝĚĞŵŝĐ͕ƐƚƌŝŬĞƐ͕ǁĂƌƐ͕ĂĐƚƐŽĨ'ŽĚ͕ƵŶƵƐƵĂůůǇƐĞǀĞƌĞǁĞĂƚŚĞƌ͕ŽƌĚĞůĂǇƐ ŽƌĚĞĨĂƵůƚƐĐĂƵƐĞĚďǇƉƵďůŝĐĐĂƌƌŝĞƌƐ͕ƉƌŽǀŝĚĞĚƚŚĞĚĞĨĂƵůƚŝŶŐƉĂƌƚǇŐŝǀĞƐǁƌŝƚƚĞŶŶŽƚŝĐĞĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞƚŽƚŚĞŽƚŚĞƌ ƉĂƌƚǇŽĨŝƚƐŝŶĂďŝůŝƚǇƚŽƉĞƌĨŽƌŵ͘ &ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐŽŶƚƌĂĐƚƚŚĞƚĞƌŵ͞ĚĂǇ͟ŵĞĂŶƐĂĐĂůĞŶĚĂƌĚĂǇŽĨϮϰŚŽƵƌƐ͘ ( 3DFNHW3J (F Ed/dZh^d $57,&/(ƌĞĐƚŝŽŶƐ $ ƌĞƐƵůƚŝŶŐĨƌŽŵE'/EZΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬ ďǇ/dzǁŝůůŶŽƚƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌ ĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶǇĂŵďŝŐƵŝƚŝĞƐ͘ /ĨŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂƌĞŵĂĚĞďǇE'/EZŝŶĂŶǇƉŚĂƐĞŽĨƚŚĞǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨǁŚŝĐŚŵĂǇ % ƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZǁŝůůďĞƉƌŽŵƉƚůǇŶŽƚŝĨŝĞĚďǇ/dzĂŶĚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƐƵĐŚ ĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘/ĨƚŚĞE'/EZŝƐĂǁĂƌĞŽĨĂŶǇŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞŝŶĂŶǇƉŚĂƐĞ ŽĨŝƚƐǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶƐŽĨǁŚŝĐŚŵĂǇƌĞƋƵŝƌĞĂŶǇĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZŵƵƐƚƉƌŽŵƉƚůǇƉĞƌĨŽƌŵ ƐƵĐŚĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘ E'/EZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶǇĚĂŵĂŐĞƐŝŶĐƵƌƌĞĚĂƐĂƌĞƐƵůƚŽĨŝƚƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂŶĚĨŽƌĂŶǇ & ůŽƐƐŽƌĐŽƐƚƚŽƌĞƉĂŝƌŽƌƌĞŵĞĚǇE'/EZΖƐĞƌƌŽƌƐ͕ŽŵŝƐƐŝŽŶƐŽƌŶĞŐůŝŐĞŶƚĂĐƚƐ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬďǇ/dzǁŝůůŶŽƚ ƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇƐƵĐŚŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐ͕ŽƌŽĨ ůŝĂďŝůŝƚǇĨŽƌůŽƐƐŽƌĚĂŵĂŐĞƌĞƐƵůƚŝŶŐƚŚĞƌĞĨƌŽŵ͘ E'/EZŵƵƐƚƌĞƐƉŽŶĚƚŽ/dzΖƐŶŽƚŝĐĞŽĨĂŶǇĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŝŶƌĞĂƐŽŶĂďůĞƚŝŵĞĂŶĚŐŝǀĞŝŵŵĞĚŝĂƚĞ ' ĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŽƌƌĞĐƚŝŽŶƐƚŽŵŝŶŝŵŝǌĞĂŶǇĚĞůĂǇƐƚŽƚŚĞE'/EZ͘ /^WhdZ^K>hd/KE $57,&/( DĞĚŝĂƚŝŽŶ͘ŶǇĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐǇŽƌĚŝƐƉƵƚĞĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞƐƵďũĞĐƚƚŽŶŽŶͲďŝŶĚŝŶŐŵĞĚŝĂƚŝŽŶĂƐ $ ĂĐŽŶĚŝƚŝŽŶƉƌĞĐĞĚĞŶƚƚŽƚŚĞŝŶƐƚŝƚƵƚŝŽŶŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐďǇĞŝƚŚĞƌƉĂƌƚǇ͘dŚĞŵĞĚŝĂƚŝŽŶƐŚĂůůďĞ 3DFNHW3J (F ĐŽŶĚƵĐƚĞĚŝŶKůŵƐƚĞĚŽƵŶƚǇ͕DŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂŝǀŝůDĞĚŝĂƚŝŽŶĐƚ͕DŝŶŶ͘^ƚĂƚ͘ϱϳϮ͘ϯϭ͕ Ğƚ͕͘ƐĞƋ͘ŶǇĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐǇŽƌĚŝƐƉƵƚĞŶŽƚƌĞƐŽůǀĞĚďǇŵĞĚŝĂƚŝŽŶŵĂǇďĞƚŚĞƐƵďũĞĐƚŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐ ĨŝůĞĚďǇĞŝƚŚĞƌƉĂƌƚǇ͘dŚĞůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐŵƵƐƚďĞǀĞŶƵĞĚŝŶKůŵƐƚĞĚŽƵŶƚǇ͕DŝŶŶĞƐŽƚĂ͘dŚĞƉĂƌƚŝĞƐ ǁĂŝǀĞĂůůƌŝŐŚƚƐƚŽĂŶĚĐůĂŝŵƐĨŽƌŵŽŶĞƚĂƌǇĂǁĂƌĚƐŽƚŚĞƌƚŚĂŶĐŽŵƉĞŶƐĂƚŽƌǇĚĂŵĂŐĞƐ͘ 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ďĞĚŝƐƚƌŝďƵƚĞĚĚŝƌĞĐƚŝŽŶĂůůǇ͕ƚŚĞĞƐƚŝŵĂƚĞĚŐƌŽǁƚŚŝŶŶŽŶͲƐŝƚĞƚƌĂĨĨŝĐŝŶƚŚĞǀŝĐŝŶŝƚǇŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ͕ ĂŶĚĨƵƚƵƌĞĨĞĂƚƵƌĞƐŽĨƚŚĞƐƵƌƌŽƵŶĚŝŶŐƐƚƌĞĞƚƐǇƐƚĞŵ;ŶƵŵďĞƌŽĨůĂŶĞƐ͕ŝŶƚĞƌƐĞĐƚŝŽŶĐŽŶƚƌŽů͕ĞƚĐ͘ͿĂƐǁĞůů ĂƐƉůĂŶŶĞĚĂĐĐĞƐƐƚŽƚŚĞƐŝƚĞ͘&ŽůůŽǁŝŶŐĂƌĞƐƚĂĨĨĐŽŵŵĞŶƚƐƌĞůĂƚĞĚƚŽƚŚĞƐƚƵĚǇĂƐƐƵŵƉƚŝŽŶƐ͗ [[300,761,781,817][11][,I,][Calibri Light]]ƐƚŝŵĂƚĞĚdƌŝƉ'ĞŶĞƌĂƚŝŽŶ [[781,761,792,817][11][,I,][Calibri Light]] WĂŐĞϯŽĨƚŚĞƚƌĂĨĨŝĐƐƚƵĚǇŝŶĐůƵĚĞƐƚŚĞƉƌŽƉŽƐĞĚƚƌŝƉŐĞŶĞƌĂƚŝŽŶƐĐĞŶĂƌŝŽƚŚĂƚǁĂƐƵƐĞĚĨŽƌƚŚĞ ƐƚƵĚǇĂŶĂůǇƐŝƐƚŽĞǀĂůƵĂƚĞǁŚĞƚŚĞƌƚŚĞƉƌŽƉŽƐĞĚůŝŵŝƚƐŽĨϰϮϬƚƌŝƉƐŝŶƚŚĞDĂŶĚWDƉĞĂŬ ŚŽƵƌƐǁŽƵůĚŵĞĞƚ>DŐƵŝĚĞůŝŶĞƐ͘ƚŽƚĂůŽĨƚĞŶƵƐĞƐǁĞƌĞĂƐƐƵŵĞĚ͖ƚŚĞƵƐĞƐĐŚŽƐĞŶƉƌŽǀŝĚĞĂ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞŵŝǆŽĨŚŝŐŚĞƌƚƌĂĨĨŝĐŐĞŶĞƌĂƚŝŶŐƵƐĞƐĨƌŽŵƚŚĞůŝƐƚŽĨĂůůŽǁĂďůĞƵƐĞƐŝŶĐůƵĚĞĚŝŶ ƉƌŽƉŽƐĞĚƚŚĞ^ƉĞĐŝĂůŝƐƚƌŝĐƚŽƌĚŝŶĂŶĐĞůĂŶŐƵĂŐĞ͘dŚĞĞƐƚŝŵĂƚĞĚƚƌŝƉŐĞŶĞƌĂƚŝŽŶƌĂƚĞƐƌĞĨůĞĐƚ ƚǇƉŝĐĂůĐŽŶĚŝƚŝŽŶƐĨŽƌƚŚĞDΘWDƉĞĂŬŚŽƵƌŽĨƚƌĂĨĨŝĐŽŶƚŚĞĂĚũĂĐĞŶƚƐƚƌĞĞƚƐ͕ƐŝŶĐĞƚŚĞƐĞĂƌĞ ƚŚĞƉĞƌŝŽĚƐŝŶǁŚŝĐŚĚĞŵŽŶƐƚƌĂƚŝŽŶŽĨĂĐĐĞƉƚĂďůĞƚƌĂĨĨŝĐŽƉĞƌĂƚŝŽŶƐŝƐŵŽƐƚĐƌŝƚŝĐĂů͘ [[300,1371,773,1427][11][,I,][Calibri Light]]ǆŝƐƚŝŶŐdƌĂĨĨŝĐŽŶĚŝƚŝŽŶƐ [[772,1371,783,1427][11][,I,][Calibri Light]] &ŝŐƵƌĞϮƌĞƉŽƌƚƐƚŚĞĞǆŝƐƚŝŶŐƉĞĂŬŚŽƵƌůĞǀĞůƐŽĨƚƌĂĨĨŝĐĂƚĞǆŝƐƚŝŶŐŝŶƚĞƌƐĞĐƚŝŽŶƐŝŶƚŚĞƐƚƵĚǇĂƌĞĂ ĂůŽŶŐǁŝƚŚĂǀĞƌĂŐĞĚĂŝůǇƚƌĂĨĨŝĐǀŽůƵŵĞƐŽŶƐƚƌĞĞƚƐŝŶƚŚĞĂƌĞĂ͘dŚŝƐĚĂƚĂǁĂƐĐŽůůĞĐƚĞĚƚŚĞůĂƐƚ ǁĞĞŬŽĨKĐƚŽďĞƌϮϬϭϳĨŽůůŽǁŝŶŐĐŽŵƉůĞƚŝŽŶŽĨƚŚĞƌĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨϱϱ ƚŚ ^ƚEtĂŶĚ ĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞŶĞǁϰϭ ƐƚǀĞĐŽŶŶĞĐƚŝŽŶďĞƚǁĞĞŶŝƌĐůĞƌŝǀĞĂŶĚϱϱ ƚŚ^ƚ͘ ŽŵƉĂƌŝŶŐƚŚĞƐĞƌĞĐĞŶƚƚƌĂĨĨŝĐĐŽƵŶƚƐǁŝƚŚŝŶĨŽƌŵĂƚŝŽŶĨƌŽŵƚŚĞƚƌĂĨĨŝĐƐƚƵĚǇĐŽŵƉůĞƚĞĚĨŽƌƚŚĞ ŝŶŝƚŝĂů^ƉĞĐŝĂůŝƐƚƌŝĐƚKƌĚŝŶĂŶĐĞŝŶϮϬϭϰŝŶĚŝĐĂƚĞƐƚŚĞƌĞŚĂǀĞďĞĞŶŶŽƚŝĐĞĂďůĞĐŚĂŶŐĞƐŝŶƚƌĂĨĨŝĐ ůĞǀĞůƐŝŶƚŚĞƐƚƵĚǇĂƌĞĂ͘ŵŽŶŐƚŚĞŵŽƌĞƐƚƌŝŬŝŶŐĐŚĂŶŐĞƐŝŶĐůƵĚĞ͗ ĂͿ/ŶƚŚĞDƉĞĂŬŚŽƵƌ͕ƚŚĞƌĞŚĂƐďĞĞŶĂŶŽƚŝĐĞĂďůĞĚĞĐůŝŶĞŝŶƚƌĂĨĨŝĐĂůŽŶŐtĞƐƚŝƌĐůĞƌŝǀĞ͕ ŵŽƌĞƉƌŽŶŽƵŶĐĞĚŝŶƚŚĞĞĂƐƚďŽƵŶĚĚŝƌĞĐƚŝŽŶƚŚĂŶǁĞƐƚďŽƵŶĚ͘'ĞŶĞƌĂůůǇ͕ƚŚĞƐĞĐŚĂŶŐĞƐ ƌĞĨůĞĐƚ Ă͘ĚĞĐůŝŶĞŝŶĞĂƐƚďŽƵŶĚƚƌĂĨĨŝĐŽŶƚŚĞŽƌĚĞƌŽĨϭϴϬƚŽϮϰϬǀĞŚŝĐůĞƐ͕ƌĞĨůĞĐƚŝŶŐĂϮϬƚŽ ϯϬйƌĞĚƵĐƚŝŽŶĨƌŽŵϮϬϭϰƚƌĂĨĨŝĐĨůŽǁƐ ď͘ĚĞĐůŝŶĞŝŶǁĞƐƚďŽƵŶĚƚƌĂĨĨŝĐŽŶƚŚĞŽƌĚĞƌŽĨϰϬƚŽϲϬǀĞŚŝĐůĞƐ͕ƌĞĨůĞĐƚŝŶŐĂϱƚŽ ϭϬйƌĞĚƵĐƚŝŽŶĨƌŽŵϮϬϭϰƚƌĂĨĨŝĐĨůŽǁƐ Đ͘ƐŝŐŶŝĨŝĐĂŶƚϰϱйĚĞĐůŝŶĞŝŶƚƌĂĨĨŝĐĨƌŽŵϱϱ ƚŚƐƚ ^ƚͬϰϭǀĞƚƵƌŶŝŶŐĞĂƐƚŽŶƚŽŝƌĐůĞ ƌŝǀĞ͕ƌĞĨůĞĐƚŝŶŐĂƌĞĚƵĐƚŝŽŶŽĨŽǀĞƌϮϬϬǀĞŚŝĐůĞƐ Ě͘ƐŝŐŶĨŝĐĂŶƚϰϱйĚĞĐůŝŶĞŝŶƚƌĂĨĨŝĐƚƵƌŶŝŶŐŝŶƚŽĂŶĚŽƵƚŽĨEŽƌƚŚǁĞƐƚWůĂǌĂƚŽĂŶĚ ĨƌŽŵƚŚĞĞĂƐƚ;ŝĞ͕ƚŽǁĂƌĚƐd,ϱϮͿĂƚƚŚĞŵĂŝŶĞŶƚƌĂŶĐĞ͕ƌĞĨůĞĐƚŝŶŐĂƌĞĚƵĐƚŝŽŶŽĨϲϬ ƚŽϴϬǀĞŚŝĐůĞƐ͘dŚŝƐĐŚĂŶŐĞǁĂƐĞǆƉĞĐƚĞĚŐŝǀĞŶƚŚĞĐůŽƐƵƌĞŽĨƚŚĞEtWůĂǌĂWĂƌŬĂŶĚ ZŝĚĞŽƉĞƌĂƚŝŽŶ ďͿdŚĞŵŽƐƚŶŽƚŝĐĞĂďůĞŝŶĐƌĞĂƐĞŝŶƚƌĂĨĨŝĐŝŶƚŚĞDWĞĂŬ,ŽƵƌǁĂƐƚƌĂĨĨŝĐƚŽĂŶĚĨƌŽŵsŝůůĂZĚ ĂƚƚŚĞŚĂƚĞĂƵZĚĞŶƚƌĂŶĐĞƚŽϱϱ ƚŚ ^ƚƐƚĂƚĞƐ͘dŚĞǀŽůƵŵĞŽƵƚŽĨƚŚĞŶĞŝŐŚďŽƌŚŽŽĚŚĂƐƌŝƐĞŶ ƌĚ ďǇĂďŽƵƚϯϬƚŽϰϬǀĞŚŝĐůĞƐŝŶƚŚĞŵŽƌŶŝŶŐƉĞĂŬ͕ƌĞĨůĞĐƚŝŶŐĂďŽƵƚĂϭͬϯŝŶĐƌĞĂƐĞŝŶƚƌĂĨĨŝĐ dƌĂŶƐƉŽƌƚĂƚŝŽŶ^ƚĂĨĨZĞǀŝĞǁϮͮWĂŐĞ 3DFNHW3J *H ĐͿ/ŶƚŚĞWDƉĞĂŬŚŽƵƌƚŚĞƌĞŚĂƐĂůƐŽďĞĞŶĂŶŽƚŝĐĞĂďůĞĚĞĐůŝŶĞŝŶƚƌĂĨĨŝĐĂůŽŶŐtĞƐƚŝƌĐůĞ ƌŝǀĞ͕ǁŝƚŚƚŚĞĚĞĐůŝŶĞďĞŝŶŐƐŽŵĞŚǁŚĂƚůĂƌŐĞƌŝŶƚŚĞǁĞƐƚďŽƵŶĚĚŝƌĞĐƚŝŽŶ͘'ĞŶĞƌĂůůǇ͕ƚŚĞƐĞ ĐŚĂŶŐĞƐƌĞĨůĞĐƚ Ă͘ĚĞĐůŝŶĞŝŶĞĂƐƚďŽƵŶĚƚƌĂĨĨŝĐŽŶƚŚĞŽƌĚĞƌŽĨϭϮϬƚŽϭϰϬǀĞŚŝĐůĞƐ͕ƌĞĨůĞĐƚŝŶŐĂϭϬƚŽ ϭϱйƌĞĚƵĐƚŝŽŶĨƌŽŵϮϬϭϰƚƌĂĨĨŝĐĨůŽǁƐ ď͘ĚĞĐůŝŶĞŝŶǁĞƐƚďŽƵŶĚƚƌĂĨĨŝĐŽŶƚŚĞŽƌĚĞƌŽĨϭϰϬƚŽϭϵϬǀĞŚŝĐůĞƐ͕ƌĞĨůĞĐƚŝŶŐĂϭϱƚŽ ϮϬйƌĞĚƵĐƚŝŽŶĨƌŽŵϮϬϭϰƚƌĂĨĨŝĐĨůŽǁƐ Đ͘^ŝŵŝůĂƌƚŽƚŚĞDWĞĂŬ,ŽƵƌ͕ƚŚĞŵŽƐƚƐŝŐŶĨŝĐĂŶƚƐƉĞĐŝĨŝĐŚĂŶŐĞƐŽĐĐƵƌĂƚƚŚĞϱϱ ƚŚ ^ƚ ͬϰϭ ƐƚǀĞŝŶƚĞƌƐĞĐƚŝŽŶǁŝƚŚŝƌĐůĞƌŝǀĞ͕ĂůŽŶŐǁŝƚŚĂƌĞĚƵĐƚŝŽŶŝŶƚƌĂĨĨŝĐŝŶƚŽĂŶĚŽƵƚ ŽĨEŽƌƚŚǁĞƐƚWůĂǌĂƚŽĂŶĚĨƌŽŵƚŚĞĞĂƐƚ;ŝĞ͕ƚŽǁĂƌĚƐd,ϱϮͿĂƚƚŚĞŵĂŝŶĞŶƚƌĂŶĐĞ͘ ĚͿdŚĞŵŽƐƚŶŽƚŝĐĞĂďůĞŝŶĐƌĞĂƐĞŝŶƚƌĂĨĨŝĐŝŶƚŚĞWDWĞĂŬ,ŽƵƌǁĂƐǁĞƐƚďŽƵŶĚƚƌĂĨĨŝĐƚƵƌŶŝŶŐ ƌŝŐŚƚĂƚƚŚĞŚĂƚĞĂƵZĚĞŶƚƌĂŶĐĞƚŽϱϱ ƚŚ^ƚƐƚĂƚĞƐ͖ƚŚŝƐǀŽůƵŵĞƌŽƐĞďǇϰϬǀĞŚŝĐůĞƐ͕ ƌĞĨůĞĐƚŝŶŐĂďŽƵƚĂϰϬйŝŶĐƌĞĂƐĞŝŶƚƌĂĨĨŝĐ͘dŚĞƌĞǁĂƐĂůƐŽĂŶŝŶĐƌĞĂƐĞŝŶŶŽƌƚŚͲƐŽƵƚŚƚŚƌƵ ƚƌĂĨĨŝĐĂƚƚŚŝƐŝŶƚĞƌƐĞĐƚŝŽŶ͕ƚŚŽƵŐŚƚŚĞĂďƐŽůƵƚĞǀŽůƵŵĞŶƵŵďĞƌƐĂƌĞǀĞƌǇůŽǁ;ŐƌŽǁƚŚĨƌŽŵ ϭϱƚŽϯϲǀĞŚŝĐůĞƐͿ dŚĞŽǀĞƌĂůůĚĞĐůŝŶĞŝŶƚƌĂĨĨŝĐŽďƐĞƌǀĞĚŽŶtĞƐƚŝƌĐůĞƌŝǀĞďĞƚǁĞĞŶDĞŵďĞƌƐWĂƌŬǁĂǇĂŶĚd, ϱϮŝƐŶŽƚƵŶĞǆƉĞĐƚĞĚ͕ŐŝǀĞŶƚŚĞĐůŽƐƵƌĞŽĨƚŚĞtĂůͲDĂƌƚWĂƌŬĂŶĚZŝĚĞĂůŽŶŐǁŝƚŚĐŽŵƉůĞƚŝŽŶŽĨ ŝŵƉƌŽǀĞŵĞŶƚƐƚŽƚŚĞĂƌƚĞƌŝĂůƐƚƌĞĞƚŶĞƚǁŽƌŬƚŚĂƚŚĂǀĞŽĐĐƵƌƌĞĚŝŶƚŚĞůĂƐƚϯͲϱǇĞĂƌƐ͕ŝŶĐůƵĚŝŶŐ ƚŚĞϲϱ ƚŚ^ƚ/ŶƚĞƌĐŚĂŶŐĞĂŶĚĐŽŵƉůĞƚŝŽŶŽĨĂĚŐĞƌ,ŝůůƐƌŝǀĞĂŶĚƚŚĞsĂůůĞǇŚŝŐŚƌŝǀĞ ƌĞĐŽŶƐƚƌƵĐƚŝŽŶ͕ǁŚŝĐŚƉƌŽǀŝĚĞƉƌŽǀŝĚŝŶŐĂŶŽƚŚĞƌŽƉƚŝŽŶƚŽĂŶĚĨƌŽŵd,ϱϮĂŶĚtĞƐƚŝƌĐůĞƌ ĨƌŽŵƚŚĞϱϬ ƚŚǀĞƚƌĂǀĞůƐŚĞĚ͘ [[300,1634,470,1690][11][,I,][Calibri Light]]ZĞŐŝŽŶĂů [[470,1634,647,1690][11][,I,][Calibri Light]]dƌŝƉŝƐƚƌŝ [[648,1634,765,1690][11][,I,][Calibri Light]]ďƵƚŝŽŶ [[765,1634,776,1690][11][,I,][Calib ri Light]] &ŝŐƵƌĞϯƌĞƉŽƌƚƐŽŶƚŚĞĂŶƚŝĐŝƉĂƚĞĚ ĚŝƐƚƌŝďƵƚŝŽŶŽĨŶĞǁƚƌĂĨĨŝĐƚŽĂŶĚ ĨƌŽŵƚŚĞƐŝƚĞ͘dŚŝƐŝŶĨŽƌŵĂƚŝŽŶǁĂƐ ĚĞǀĞůŽƉĞĚďĂƐĞĚŽŶƚŚĞ ĚŝƐƚƌŝďƵƚŝŽŶŽĨĞǆŝƐƚŝŶŐƚƌĂĨĨŝĐ ǀŽůƵŵĞƐĂƐǁĞůůĂƐƉƌŽũĞĐƚĞĚĨƵƚƵƌĞ ƚƌĂĨĨŝĐǀŽůƵŵĞƐŝŶƚŚĞƐƚƵĚǇĂƌĞĂ͘ dŚĞĚŝƐƚƌŝďƵƚŝŽŶƉĂƚƚĞƌŶďĂƐĞĚŽŶ ϮϬϭϳĐŽƵŶƚĚĂƚĂŝƐĞƐƐĞŶƚŝĂůůǇƚŚĞ ƐĂŵĞĂƐƚŚĞƉĂƚƚĞƌŶŽďƐĞƌǀĞĚŝŶ ƚŚĞϮϬϭϰĐŽƵŶƚƐ͘ [[300,2447,311,2503][11][,I,][Calibri Light]] [[300,2516,797,2572][11][,I,][Calibri Light]]>ŽĐĂůƌĞĂdƌŝƉŝƐƚƌŝďƵƚŝŽŶ [[798,2516,809,2572][11][,I,][Calibri Light]] KŶĞŽĨƚŚĞƚƌĂĨĨŝĐƐĞƌǀŝĐĞƐƚĂŶĚĂƌĚƐŝŶƚŚĞ>DĨŽĐƵƐĞƐŽŶƚŚĞŝƐƐƵĞŽĨƌĞƐŝĚĞŶƚŝĂůƐƚƌĞĞƚŝŵƉĂĐƚ͘ dŚŝƐŝŵƉĂĐƚŝƐŽĨĐŽŶĐĞƌŶƌĞůĂƚŝǀĞƚŽsŝůůĂZŽĂĚǁŚŝĐŚŝƐĂƌĞƐŝĚĞŶƚŝĂůĐŽůůĞĐƚŽƌƐƚƌĞĞƚƚŚĂƚ ƉƌŽǀŝĚĞƐƚŚĞŵŽƐƚĚŝƌĞĐƚĐŽŶŶĞĐƚŝŽŶĨŽƌĂƐŝŐŶŝĨŝĐĂŶƚŶƵŵďĞƌŽĨŚŽŵĞƐǁĞƐƚŽĨƚŚĞƉƌŽƉŽƐĞĚ ĚĞǀĞůŽƉŵĞŶƚƚŽƚŚĞƐŝƚĞ͘dŽĂƐƐĞƐƐƚŚĞƉŽƚĞŶƚŝĂůŝŵƉĂĐƚŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚƚŽsŝůůĂZĚ͕ĂŶ ĂŶĂůǇƐŝƐǁĂƐĚŽŶĞƚŽĞƐƚŝŵĂƚĞǁŚĂƚƐŚĂƌĞŽĨƚƌĂĨĨŝĐƚŽͬĨƌŽŵƚŚĞƐŝƚĞǁŽƵůĚůŝŬĞůǇďĞĚĞůŝǀĞƌĞĚďǇ sŝůůĂZĚ͘ dƌĂŶƐƉŽƌƚĂƚŝŽŶ^ƚĂĨĨZĞǀŝĞǁϯͮWĂŐĞ 3DFNHW3J *H dŽĞƐƚŝŵĂƚĞƚŚĞƉŽƚĞŶƚŝĂůƐŚĂƌĞ DWĞĂŬ,ŽƵƌWDWĞĂŬ,ŽƵƌ dŽƚĂůWĞĂŬй^ŚĂƌĞŽĨdŽƚĂůWĞĂŬй^ŚĂƌĞŽĨ ŽĨƐŝƚĞƌĞůĂƚĞĚƚƌĂĨĨŝĐ͕ƐƚĂĨĨ ǀĞƌĂŐĞŽĨ ,ŽƵƌ^ŝƚĞ,ŽƵƌ^ŝƚĞ DнWD ĐŽŵƉůĞƚĞĚĂŶĂŶĂůǇƐŝƐůŽŽŬŝŶŐĂƚ ƉƉƌŽĂĐŚƉƉƌŽĂĐŚƉƉƌŽĂĐŚƉƉƌŽĂĐŚ WĞĂŬ dƌĂĨĨŝĐƉƉƌŽĂĐŚ dƌĂĨĨŝĐdƌĂĨĨŝĐdƌĂĨĨŝĐdƌĂĨĨŝĐ ƚŚĞĞŝŐŚƚƉƌŝŵĂƌǇƐŽƵƌĐĞƐŽĨ d,ϱϮͬϱϱƚŚ^ƚĂƐƚϭϰϲϰϰϲйϭϱϱϵϰϵй ƚƌĂĨĨŝĐƚŽƚŚĞŚĂƚĞĂƵͬ ,ĂƌďŽƌĂŐĞϭϵϭйϮϬϭй tĞƐƚ&ƌŽŶƚĂŐĞZĚ;ƐŽƵƚŚͿϱϮϮйϲϰϮй EŽƌƚŚǁĞƐƚWůĂǌĂĂƌĞĂ͕ĂƐƐŚŽǁŶ EŽƌƚŚǁĞƐƚWůĂǌĂϭϮϲϰйϱϬϮй ŝŶƚŚĞƚĂďůĞďĞůŽǁ͘ĂƐĞĚŽŶƚŚŝƐ EŽƌƚŚWĂƌŬ;sŝůůĂZĚͿϯϬϬϵйϮϮϳϳйϴй ĂŶĂůǇƐŝƐ͕ŝƚŝƐĞƐƚŝŵĂƚĞĚƚŚĂƚ ϱϱƚŚ^ƚ;ǁĞƐƚͿϰϵϱϭϱйϰϱϳϭϰй tĞƐƚŝƌĐůĞƌ;ƐŽƵƚŚͿϲϳϰϮϭйϳϬϬϮϮй ĂƉƉƌŽǆŝŵĂƚĞůǇϴйŽĨƚŚĞƚƌĂĨĨŝĐ DĞŵďĞƌƐWĂƌŬǁĂǇϴϱϯйϭϬϮϯй ƚŽƚŚĞƐŝƚĞǁŽƵůĚďĞĂƐƐŽĐŝĂƚĞĚ dŽƚĂůϯϮϭϱϭϬϬйϯϭϳϵϭϬϬй ǁŝƚŚsŝůůĂZĚƚŽĂŶĚĨƌŽŵƚŚĞ ǁĞƐƚ͘ [[300,1153,695,1209][11][,I,][Calibri Light]]&ƵƚƵƌĞdƌĂĨĨŝĐ'ƌŽǁƚŚ [[695,1153,706,1209][11][,I,][Calibri Light]] dŽĞƐƚŝŵĂƚĞƚŚĞŐƌŽǁƚŚŝŶďĂĐŬŐƌŽƵŶĚƚƌĂĨĨŝĐŶŽƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞŚĂƚĞĂƵŝƌĐůĞ ĚĞǀĞůŽƉŵĞŶƚĐŝƚǇƐƚĂĨĨƉƌŽǀŝĚĞĚƚŚĞĐŽŶƐƵůƚĂŶƚǁŝƚŚĂŶŶƵĂůŐƌŽǁƚŚƌĂƚĞĞƐƚŝŵĂƚĞƐĨƌŽŵƚŚƌƵ ƚƌĂĨĨŝĐŽŶtĞƐƚŝƌĐůĞƌĂůŽŶŐǁŝƚŚŽƚŚĞƌƉƵďůŝĐƐƚƌĞĞƚƐŝŶƚŚĞĂƌĞĂ͘/ŶƚŚĞŽƌŝŐŝŶĂůϮϬϭϰƐƚƵĚǇĂ ƌĂƚĞŽĨϯйĂŶŶƵĂůŐƌŽǁƚŚŽŶŝƌĐůĞƌŝǀĞǁĂƐƵƐĞĚ͕ďƵƚƚŚŝƐŚĂƐďĞĞŶĂĚũƵƐƚĞĚƚŽϭ͘ϱйďĂƐĞĚŽŶ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶŽĨƐƚĂĨĨ͘dŚĞϯйƌĂƚĞǁĂƐďĂƐĞĚŽŶǁŽƌŬĚŽŶĞŝŶƚŚĞϮϬϬϵͲϮϬϭϬƉĞƌŝŽĚĨŽƌƚŚĞ EŽƌƚŚZŽĐŚĞƐƚĞƌdƌĂŶƐƉŽƌƚĂƚŝŽŶ^ƚƵĚǇ;EZd^Ϳ͕ǁŚŝĐŚƉƌĞĚĂƚĞĚĂŐƌĞĞŵĞŶƚǁŝƚŚDEKd ƌĞŐĂƌĚŝŶŐƚŚĞϲϱ ƚŚ^ƚŝŶƚĞƌĐŚĂŶŐĞĂŶĚĂƐƐƵŵĞĚƐŝŐŶŝĨŝĐĂŶƚŐƌŽǁƚŚŶŽƌƚŚŽĨϲϱ ƚŚ^ƚǁĞƐƚŽĨd,ϱϮ ĂŶĚǁĞƐƚŽĨŝƌĐůĞƌŝǀĞ ďĞƚǁĞĞŶsĂůůĞǇŚŝŐŚƌĂŶĚ ŽŵƉĂƌŝƐŽŶŽĨƵƌƌĞŶƚdƌĂĨĨŝĐĂŶĚ&ƵƚƵƌĞ&ŽƌĞĐĂƐƚƐ >'E ǆŝƐƚŝŶŐdƌĂĨĨŝĐ;ϮϬϭϰĞƐƚŝŵĂƚĞͿ ƚŚ ϭϵ^ƚEtŽƵƚƚŽZϭϬϰͬ EZd^&ŽƌĞĐĂƐƚ;ϮϬϯϱͿ ƵƌƌĞŶƚZKK'&ŽƌĞĐĂƐƚ;ϮϬϰϬͿ ƚŚ ϲϬǀĞtĞƐƚ͘ƉƉƌŽǀĂůŽĨ ƚŚĞϲϱ ƚŚ^ƚŝŶƚĞƌĐŚĂŶŐĞĂŶĚ ƵƉĚĂƚĞĚůĂŶĚƵƐĞ ĂƐƐƵŵƉƚŝŽŶƐĨƌŽŵƚŚĞŝƚǇ Ϯϯ͕ϬϬϬ ϭϳ͕ϬϬϬϮϳ͕ϱϬϬ ϰϱ͕ϬϬϬ ϯϳ͕ϬϬϬϰϴ͕ϬϬϬ ŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ ϯϰ͕ϱϬϬ Ϯϵ͕ϳϬϬϯϴ͕ϮϱϬ ƵƉĚĂƚĞŚĂǀĞƌĞĚƵĐĞĚ ϭϴ͕ϱϬϬ ĨƵƚƵƌĞƚƌĂĨĨŝĐƉƌŽũĞĐƚŝŽŶƐ Ϯϴ͕ϬϬϬ ϮϮ͕ϱϬϬ ƚŚƌŽƵŐŚƚŚĞtĞƐƚŝƌĐůĞ ƌŝǀĞĐŽƌƌŝĚŽƌ͘dŚĞ ĨŽůůŽǁŝŶŐŐƌĂƉŚŝĐ ĐŽŵƉĂƌĞƐĞƐƚŝŵĂƚĞĚϮϬϭϰ ƚƌĂĨĨŝĐůĞǀĞůƐǁŝƚŚ ƉƌŽũĞĐƚĞĚϮϱǇĞĂƌƚƌĂĨĨŝĐ ĂƐƐƵŵĞĚŝŶƚŚĞEZd^ĂŶĚ ĐƵƌƌĞŶƚZKK'ϮϬϰϬ ƉƌŽũĞĐƚŝŽŶƐ͘ dŚĞĨƵƚƵƌĞƚƌĂĨĨŝĐŐƌŽǁƚŚĂƐƐƵŵƉƚŝŽŶƐĂůƐŽĂƐƐƵŵĞƚŚĞƌĞǁŝůůďĞƵƉƚŽĂŶĂĚĚŝƚŝŽŶĂůϱϬ͕ϬϬϬƐƋĨƚ ŽĨĚĞǀĞůŽƉŵĞŶƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞEŽƌƚŚǁĞƐƚWůĂǌĂƐŚŽƉƉŝŶŐĐĞŶƚĞƌ͕ĂŶĚƚŚĂƚĂƐƉĞƌƚŚĞ dƌĂŶƐƉŽƌƚĂƚŝŽŶ^ƚĂĨĨZĞǀŝĞǁϰͮWĂŐĞ 3DFNHW3J *H ĂƉƉƌŽǀĞĚdŚŝŶŬĂŶŬWůĂǌĂ^ƉĞĐŝĂůŝƐƚƌŝĐƚWůĂŶĂŶĂƉƉƌŽǆŝŵĂƚĞϭϬϬ͕ϬϬϬƐƋĨƚŽĨƐŵĂůůŽĨĨŝĐĞ͕ ƌĞƚĂŝůĂŶĚƌĞƐƚĂƵƌĂŶƚƵƐĞƐǁŝůůďĞĚĞǀĞůŽƉĞĚŽǀĞƌƚŝŵĞ͘ [[300,453,540,509][11][,I,][Calibri Light]]^ƚƌĞĞƚEĞƚǁŽ [[541,453,820,509][11][,I,][Calibri Light]]ƌŬƐƐƵŵƉƚŝŽŶƐ [[820,453,831,509][11][,I,][Calibri Light]] WƌĞǀŝŽƵƐŝƚĞƌĂƚŝŽŶƐŽĨƚŚĞdƌĂĨĨŝĐ^ƚƵĚǇĨŽƌŚĂƚĞĂƵŝƌĐůĞĂƐƐƵŵĞĚŝŶƚŚĞϮϬǇĞĂƌŚŽƌŝǌŽŶƚŚĂƚ tĞƐƚŝƌĐůĞƌŝǀĞǁŽƵůĚďĞĞǆƉĂŶĚĞĚƚŽŝŶĐůƵĚĞƐŝǆƚŚƌŽƵŐŚůĂŶĞƐŽĨƚƌĂĨĨŝĐ͘'ŝǀĞŶƚŚĞůŽŶŐƚĞƌŵ ĂŶĚƵŶĐĞƌƚĂŝŶŶĂƚƵƌĞŽĨƚŚŝƐŝŵƉƌŽǀĞŵĞŶƚŽĐĐƵƌƌŝŶŐ͕ƉĂƌƚŝĐƵůĂƌůǇŐŝǀĞŶƚŚĞƌĞǀŝƐĞĚƚƌĂĨĨŝĐ ĨŽƌĞĐĂƐƚƐŝŶĚŝĐĂƚŝŶŐůŽǁĞƌůĞǀĞůƐŽĨƚƌĂĨĨŝĐŐƌŽǁƚŚ͕ƚŚĞĐŽŶƐƵůƚĂŶƚƐĨŽƌƚŚĞĂƉƉůŝĐĂŶƚǁĞƌĞ ĚŝƌĞĐƚĞĚƚŽŶŽƚĂƐƐƵŵĞĂŶǇĂĚĚŝƚŝŽŶĂůƚŚƌƵůĂŶĞĐĂƉĂĐŝƚǇŽŶtĞƐƚŝƌĐůĞƌŝǀĞ͘ dŚĞŽŶĞƐƚƌĞĞƚŶĞƚǁŽƌŬŝŵƉƌŽǀĞŵĞŶƚƚŚĂƚŝƐĂƐƐƵŵĞĚƚŽŽĐĐƵƌǁŝƚŚƌĞĂƐŽŶĂďůĞĐĞƌƚĂŝŶƚǇŝƐƚŚĞ ĞǆƚĞŶƐŝŽŶŽĨDĞŵďĞƌƐWĂƌŬǁĂǇĨƌŽŵƚŚĞdŚŝŶŬĂŶŬĂƌĞĂŝŶƚŽƚŚĞǁĞƐƚƐŝĚĞŽĨƚŚĞEŽƌƚŚǁĞƐƚ WůĂǌĂ^ŚŽƉƉŝŶŐĞŶƚĞƌ͕ĐŽŶŶĞĐƚŝŶŐƚŽŝƌĐůĞƌŝǀĞĂŶĚƚŚĞĞǆŝƐƚŝŶŐǁĞƐƚƐŚŽƉƉŝŶŐĐĞŶƚĞƌĂĐĐĞƐƐ͘ dŚŝƐƉƌŽũĞĐƚŚĂƐďĞĞŶƐĞůĞĐƚĞĚƚŽƌĞĐĞŝǀĞĨĞĚĞƌĂůĨƵŶĚŝŶŐƐƵƉƉŽƌƚĂŶĚƚŚĞĐŝƚǇĂŶĚĐŽƵŶƚǇŚĂǀĞ ƌĞĂĐŚĞĚĂƚĞŶƚĂƚŝǀĞĂŐƌĞĞŵĞŶƚŽŶĐŽƐƚƐŚĂƌŝŶŐĨŽƌƚŚĞƌĞŵĂŝŶĚĞƌŽĨƚŚĞƉƌŽũĞĐƚĨŽƌĐŽŶƐƚƌƵĐƚŝŽŶ ŝŶĂϮϬϮϭͲϮϬϮϮƚŝŵĞĨƌĂŵĞ͘tŚŝůĞƚŚŝƐĐŽŶŶĞĐƚŝŽŶŝƐŶŽƚĞǆƉĞĐƚĞĚƚŽĐĂƌƌǇĂŚŝŐŚǀŽůƵŵĞŽĨ ƚƌĂĨĨŝĐ͕ŝƚŝƐĞǆƉĞĐƚĞĚƚŽĂƚƚƌĂĐƚƚƌĂǀĞůďĞƚǁĞĞŶƚŚĞdŚŝŶŬĂŶŬĂƌĞĂĂŶĚƚŚĞƐŚŽƉƉŝŶŐĐĞŶƚĞƌĂƐ ǁĞůůĂƐƚƌĂĨĨŝĐƚŽĂŶĚĨƌŽŵƚŚĞƌďŽƌĞƚƵŵĂƌĞĂĂůŽŶŐEŽƚƚŝŶŐŚĂŵƌŝǀĞĂǁĂǇĨƌŽŵƚŚĞŝƌĐůĞƌ͘ ZĞǀŝĞǁŽĨdƌĂĨĨŝĐZĞƉŽƌƚ&ŝŶĚŝŶŐƐ dŚĞĨŽůůŽǁŝŶŐƐĞĐƚŝŽŶƐƐƵŵŵĂƌŝǌĞƚŚĞĨŝŶĚŝŶŐƐŽĨƚŚĞ^ƵƉƉůĞŵĞŶƚĂůdƌĂĨĨŝĐZĞƉŽƌƚŝŶůŝŐŚƚŽĨƚŚĞƚƌĂĨĨŝĐ ƐĞƌǀŝĐĞƐƚĂŶĚĂƌĚƐŝŶ^ĞĐƚŝŽŶϲϭ͘ϱϮϲƚŚĞ>D͘&ŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƚŚĞƚƌĂĨĨŝĐƐƚƵĚǇ͕ĞǆŝƐƚŝŶŐĐŽŶĚŝƚŝŽŶƐ ǁĞƌĞĂŶĂůǇǌĞĚĂƐǁĞůůĂƐƚǁŽĨƵƚƵƌĞƐĐĞŶĂƌŝŽǇĞĂƌƐ;ϮϬϮϴĂŶĚϮϬϯϴͿ͘&ŽƌĞĂĐŚĨƵƚƵƌĞƚŝŵĞŚŽƌŝǌŽŶƚŚĞ ƐƚƵĚǇůŽŽŬĞĚĂƚDƉĞĂŬŚŽƵƌĂŶĚWDƉĞĂŬŚŽƵƌĐŽŶĚŝƚŝŽŶƐƵŶĚĞƌĐŽŶĚŝƚŝŽŶƐǁŝƚŚŽƵƚƚŚĞƉƌŽƉŽƐĞĚ ĚĞǀĞůŽƉŵĞŶƚĂŶĚǁŝƚŚƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘dŚĞƐƚƌĞĞƚŶĞƚǁŽƌŬĂŶĚŝŶƚĞƌƐĞĐƚŝŽŶƐƚŚĂƚǁĞƌĞĞǀĂůƵĂƚĞĚĂƌĞ ŝůůƵƐƚƌĂƚĞĚŝŶƚŚĞĨŽůůŽǁŝŶŐŐƌĂƉŚŝĐ͗ dƌĂŶƐƉŽƌƚĂƚŝŽŶ^ƚĂĨĨZĞǀŝĞǁϱͮWĂŐĞ 3DFNHW3J *H ϲϭ͘ϱϮϲ;ϭͿĂƉĂĐŝƚǇ dŚĞsŽůƵŵĞƚŽĂƉĂĐŝƚǇZĂƚŝŽ;sͬͿŝƐĂŚŝŐŚůĞǀĞůŵĞĂƐƵƌĞƚŚĂƚƉƌŽǀŝĚĞƐĂŶŝŶĚŝĐĂƚŝŽŶŽĨƚŚĞŽǀĞƌĂůů ƐƵĨĨŝĐŝĞŶĐǇŽĨĂŶŝŶƚĞƌƐĞĐƚŝŽŶĚĞƐŝŐŶƚŽŚĂŶĚůĞƚƌĂĨĨŝĐǀŽůƵŵĞƐ͕ĂŶĚĐĂŶďĞƵƐĞĚƚŽƋƵŝĐŬůǇĂƐƐĞƐƐƚŚĞ ŶĞĞĚĨŽƌĐĂƉĂĐŝƚǇŝŵƉƌŽǀĞŵĞŶƚƐƚŽŚĂŶĚůĞƉƌŽũĞĐƚĞĚŝŶĐƌĞĂƐĞƐŝŶƚƌĂĨĨŝĐ͘dŚĞ>DƚŚƌĞƐŚŽůĚĨŽƌ ĂĐĐĞƉƚĂďŝůŝƚǇŝƐĨŽƌƚŚĞsͬƌĂƚŝŽƚŽŶŽƚĐŽŶƐŝƐƚĞŶƚůǇĞǆĐĞĞĚϬ͘ϵŽŶĂŶĂƌƚĞƌŝĂůƐƚƌĞĞƚ͘ &/E/E'͗dŚĞĂŶĂůǇƐŝƐĚŝĚŶŽƚĨŝŶĚĂŶǇƐĐĞŶĂƌŝŽƐǁŚĞƌĞƚŚĞsͬƌĂƚŝŽĞƋƵĂůĞĚŽƌĞǆĐĞĞĚĞĚϬ͘ϵ͕ ŝŶĚŝĐĂƚŝŶŐƚŚĂƚƚŚĞĐƵƌƌĞŶƚŝŶƚĞƌƐĞĐƚŝŽŶƐĐŽƵůĚƌĞĂƐŽŶĂďůǇŚĂŶĚůĞƚŚĞǀŽůƵŵĞŽĨƉƌŽũĞĐƚĞĚƚƌĂĨĨŝĐǁŝƚŚŽƵƚ ƚŚĞŶĞĞĚĨŽƌĞǆƚƌĂůŽŶŐƚƌĂĨĨŝĐƐŝŐŶĂůĐǇĐůĞůĞŶŐƚŚƐŐŝǀĞŶƚŚĞƚŚƌƵĂŶĚƚƵƌŶůĂŶĞƐĂǀĂŝůĂďůĞ͘ ϲϭ͘ϱϮϲ;ϮͿ>ĞǀĞůŽĨ^ĞƌǀŝĐĞ >ĞǀĞůŽĨ^ĞƌǀŝĐĞ;>K^ͿŝƐĂŵĞĂƐƵƌĞƵƐĞĚƚŽĂŶĂůǇǌĞŚŝŐŚǁĂǇ ŽƉĞƌĂƚŝŽŶƐďĂƐĞĚŽŶĂŶĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞƋƵĂůŝƚĂƚŝǀĞĂƐƐĞƐƐŵĞŶƚ ŽĨƐĞƌǀŝĐĞĂƐŵĞĂƐƵƌĞĚďǇĂǀĞƌĂŐĞǀĞŚŝĐůĞĚĞůĂǇĂƚĂŶŝŶƚĞƌƐĞĐƚŝŽŶ͘ >K^ŝƐŐƌĂĚĞĚŽŶĂƐĐĂůĞŽĨƚŽ&͕ǁŝƚŚƌĞƉƌĞƐĞŶƚŝŶŐĨƌĞĞĨůŽǁŝŶŐ ƚƌĂĨĨŝĐǁŝƚŚůŝŵŝƚĞĚĚĞůĂǇĂŶĚ&ƌĞƉƌĞƐĞŶƚŝŶŐŚŝŐŚůǇĐŽŶŐĞƐƚĞĚƐƚŽƉ ĂŶĚŐŽĐŽŶĚŝƚŝŽŶƐ͘dŚĞƚŚƌĞƐŚŽůĚͬĐƵƚŽĨĨƐĨŽƌĚĞůĂǇĂƚĚŝĨĨĞƌĞŶƚ>K^ ǀĂůƵĞƐŝƐƐŚŽǁŶŝŶƚŚĞŐƌĂƉŚŝĐƚŽƚŚĞƌŝŐŚƚĨŽƌďŽƚŚƐŝŐŶĂůŝǌĞĚĂŶĚ ƵŶƐŝŐŶĂůŝǌĞĚŝŶƚĞƌƐĞĐƚŝŽŶƐ͘dŚĞ>DĞƐƚĂďůŝƐŚĞƐ>K^ĂƐĂŐŽĂůĨŽƌ ŽǀĞƌĂůůŝŶƚĞƌƐĞĐƚŝŽŶŽƉĞƌĂƚŝŽŶĂůŽŶŐŵĂũŽƌƐƚƌĞĞƚƐƐƵĐŚĂƐŝƌĐůĞ ƌŝǀĞĂŶĚ>K^ĨŽƌƐĞĐŽŶĚĂƌǇƚŚƌƵƐƚƌĞĞƚƐ͕ǁŝƚŚŝŶĚŝǀŝĚƵĂů ŵŽǀĞŵĞŶƚƐĂƚĂŶŝŶƚĞƌƐĞĐƚŝŽŶĞǆƉĞĐƚĞĚƚŽŽƉĞƌĂƚĞĂƚ>K^Žƌ ďĞƚƚĞƌ͘ &/E/E'͗dŚĞĂŶĂůǇƐŝƐĨŽƵŶĚŽŶůǇŽŶĞŝŶƐƚĂŶĐĞǁŚĞƌĞƚŚĞ>D ƐƚĂŶĚĂƌĚǁŽƵůĚďĞĞǆĐĞĞĚĞĚ͘dŚŝƐŽĐĐƵƌƌĞĚĂƚƚŚĞDĞŵďĞƌƐ Ɛƚ WĂƌŬǁĂǇͬϰϭǀĞŝŶƚĞƌƐĞĐƚŝŽŶǁŝƚŚŝƌĐůĞƌŝǀĞĨŽƌƚŚĞƐŽƵƚŚďŽƵŶĚůĞĨƚƚƵƌŶŝŶƚŚĞϮϬϯϴWDWĞĂŬ,ŽƵƌ ǁŝƚŚƚŚĞĚĞǀĞůŽƉŵĞŶƚŝŶƉůĂĐĞ͘dŚĞĐŽŶƐƵůƚĂŶƚĚĞŵŽŶƐƚƌĂƚĞĚƚŚĂƚƚŚƌŽƵŐŚĂŵŝŶŽƌŵŽĚŝĨŝĐĂƚŝŽŶŽĨƚŚĞ ĐƵƌƌĞŶƚƐŝŐŶĂůƚŝŵŝŶŐƚŽƉƌŽǀŝĚĞƚŚŝƐůĞĨƚƚƵƌŶŵŽǀĞŵĞŶƚĂŶĂĚĚŝƚŝŽŶĂůϯͲϱƐĞĐŽŶĚƐŽĨŐƌĞĞŶƚŝŵĞ;ǁŚŝůĞ ƌĞĚƵĐŝŶŐƚŚĞƚŝŵĞĂůůŽĐĂƚĞĚƚŽƚŚĞEͲ^ƚŚƌƵŵŽǀĞŵĞŶƚďĞƚǁĞĞŶDĞŵďĞƌƐWĂƌŬǁĂǇĂŶĚϰϭ Ɛƚ ǀĞͿƚŚĂƚ ƚŚĞ>K^ƐƚĂŶĚĂƌĚĐŽƵůĚďĞŵĞƚ͘dŚŝƐĐŚĂŶŐĞĐŽƵůĚďĞĚŽŶĞǁŝƚŚŽƵƚĐŽŵƉƌŽŵŝƐŝŶŐƚŚĞŐƌĞĞŶƚŝŵĞ ĂůůŽĐĂƚĞĚƚŽƚŚĞƚŚƌƵŵŽǀĞŵĞŶƚŽŶtĞƐƚŝƌĐůĞƌ͕ǁŚŝĐŚŝƐƚŚĞƉƌŝŵĂƌǇƚƌĂĨĨŝĐŽƉĞƌĂƚŝŽŶŽďũĞĐƚŝǀĞĨŽƌ ƚŚĞĐŽƌƌŝĚŽƌ͘ ŶŽƚŚĞƌŝŵƉŽƌƚĂŶƚĐŚĞĐŬŝŶƚŚĞĐŽƌƌŝĚŽƌƐƚƵĚǇĂƌĞĂŝƐƚŚĞŝŵƉĂĐƚŽĨĨƵƚƵƌĞƚƌĂĨĨŝĐǀŽůƵŵĞƐŽŶƚŚĞ ŝŶƚĞƌƐĞĐƚŝŽŶŽĨůĞĂƌǁĂƚĞƌZĚĂŶĚtĞƐƚŝƌĐůĞƌ͘hŶĚĞƌĂŶĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞŝƚǇĂŶĚŽƵŶƚǇ ƐŝŐŶĞĚŝŶϮϬϭϰƚƌĂĨĨŝĐĐŽŶƚƌŽůĂƚƚŚĂƚŝŶƚĞƌƐĞĐƚŝŽŶǁŝůůďĞŵĂŶĂŐĞĚƚŽŵĂŝŶƚĂŝŶĂŵŝŶŝŵƵŵ>K^ĨŽƌƚŚĞ ǁĞƐƚďŽƵŶĚƚŚƌƵŵŽǀĞŵĞŶƚĂŶĚǁĞƐƚďŽƵŶĚůĞĨƚƚƵƌŶŵŽǀĞŵĞŶƚ͘dŚĞƚŚƌĞƐŚŽůĚĐƌŝƚĞƌŝĂĂƌĞĂ>K^ĨŽƌ ƚŚĞƚŚƌƵŵŽǀĞŵĞŶƚĂŶĚĂ>K^ĨŽƌƚŚĞůĞĨƚƚƵƌŶŵŽǀĞŵĞŶƚ͘dŽĚĂǇƚŚŽƐĞŵŽǀĞŵĞŶƚƐŽƉĞƌĂƚĞĂƚĂ>K^ ;ƚŚƌƵͿĂŶĚ>K^;ůĞĨƚƚƵƌŶͿ͘dŚĞĂŶĂůǇƐŝƐŝŶĚŝĐĂƚĞĚƚŚĞƚŚƌĞƐŚŽůĚ>K^ĐƌŝƚĞƌŝĂĐŽƵůĚďĞŵĞƚƚŚƌŽƵŐŚϮϬϯϴ ŐŝǀĞŶƚŚĞƚƌĂĨĨŝĐĨŽƌĞĐĂƐƚƐĨŽƌƚŚĞĐŽƌƌŝĚŽƌ͘tŝƚŚƚŚŝƐ͕ƚŚĞĐƵƌƌĞŶƚŝŶƚĞƌƐĞĐƚŝŽŶĐŽŶĨŝŐƵƌĂƚŝŽŶǁŝƚŚĂĨƵůů ŵĞĚŝĂŶŽƉĞŶŝŶŐĂŶĚƐŝŐŶĂůŝǌĂƚŝŽŶĐŽƵůĚďĞŵĂŝŶƚĂŝŶĞĚ͘ dƌĂŶƐƉŽƌƚĂƚŝŽŶ^ƚĂĨĨZĞǀŝĞǁϲͮWĂŐĞ 3DFNHW3J *H ϲϭ͘ϱϮϲ;ϯͿEƵŵďĞƌŽĨĐĐĞƐƐWŽŝŶƚƐ dŚĞƉƌŽƉŽƐĞĚƐŝƚĞĚĞǀĞůŽƉŵĞŶƚƉůĂŶŝŶĐůƵĚĞƐƚǁŽĂĐĐĞƐƐƉŽŝŶƚƐƚŽůŽĐŬϭ͕ŽŶĞŽĨĨŚĂƚĞĂƵZĚĂŶĚŽŶĞ ŽĨĨsŝůůĂƌ͕ĂŶĚŽŶĞĂĐĐĞƐƐƉŽŝŶƚŽĨĨsŝůůĂZĚƚŽůŽĐŬϮ͘dŚĞŶƵŵďĞƌŽĨĂĐĐĞƐƐƉŽŝŶƚƐƚŽůŽĐŬϭŚĂƐďĞĞŶ ƌĞĚƵĐĞĚĨƌŽŵƚŚƌĞĞĐƵƌƌĞŶƚůǇŝŶĐůƵĚĞĚŝŶƚŚĞĂƉƉƌŽǀĞĚ^ƉĞĐŝĂůŝƐƚƌŝĐƚWůĂŶ͘ &/E/E'͗dŚĞĂŶĂůǇƐŝƐĨŽƵŶĚƚŚĂƚƚŚĞ>ĞǀĞůŽĨ^ĞƌǀŝĐĞĨŽƌŽƉĞƌĂƚŝŽŶƐĂƚĂůůƚŚĞĂĐĐĞƐƐƉŽŝŶƚƐĨŽƌĂůůĨƵƚƵƌĞ ƐĐĞŶĂƌŝŽƐǁĂƐĂƚĂ>K^͕ŝŶĚŝĐĂƚŝŶŐůŝŵŝƚĞĚĐŽŶŐĞƐƚŝŽŶĂŶĚĚĞůĂǇǁŽƵůĚďĞĞǆƉĞƌŝĞŶĐĞĚĂƚƚŚĞƐĞĂĐĐĞƐƐ ƉŽŝŶƚƐ͘dŚĞĂŶĂůǇƐŝƐĂůƐŽĨŽƵŶĚƚŚĂƚƋƵĞƵŝŶŐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚƌĂĨĨŝĐŵŽǀĞŵĞŶƚƐĂƚƚŚĞǀĂƌŝŽƵƐĂĐĐĞƐƐ ƉŽŝŶƚƐǁŽƵůĚďĞĐŽŶƚĂŝŶĞĚǁŝƚŚŝŶƚŚĞƐƚŽƌĂŐĞƐƉĂĐĞĂǀĂŝůĂďůĞĂŶĚŶŽƚďĂĐŬƵƉŝŶƚŽĂĚũĂĐĞŶƚ ŝŶƚĞƌƐĞĐƚŝŽŶƐŽƌĚƌŝǀĞǁĂǇƐ͘ ϲϭ͘ϱϮϯ;ϰͿZĞƐŝĚĞŶƚŝĂůƐƚƌĞĞƚŝŵƉĂĐƚ dŚĞ>ĂŶĚĞǀĞůŽƉŵĞŶƚDĂŶƵĂůƐƚĂƚĞƐ͞EŽŶŽŶͲƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚƐŚĂůůŝŶĐƌĞĂƐĞƚŚĞƚƌĂĨĨŝĐŽŶĂ ƌĞƐŝĚĞŶƚŝĂůƐƚƌĞĞƚǁŝƚŚĂƚůĞĂƐƚϯϬϬĂǀĞƌĂŐĞĚĂŝůǇƚƌŝƉƐďǇŵŽƌĞƚŚĂŶϮϱй͕ĂŶĚƐŚĂůůĐŽŶƚƌŝďƵƚĞŶŽŵŽƌĞ ƚŚĂŶϮϬйŽĨƚŚĞƚƌĂĨĨŝĐŽŶĂŶǇƐƚƌĞĞƚƐĞŐŵĞŶƚƉƌŽǀŝĚŝŶŐƌĞƐŝĚĞŶƚŝĂůĂĐĐĞƐƐ͘͟&ŽƌƚŚŝƐĚĞǀĞůŽƉŵĞŶƚƚŚĞ ĐŽƌƌŝĚŽƌŝŵƉĂĐƚŽĨŝŶƚĞƌĞƐƚǁŽƵůĚďĞsŝůůĂZĚǁĞƐƚŽĨŚĂƚĞĂƵZĚĂƐǁĞůůĂƐsŝůůĂZĚĞĂƐƚŚĂƚĞĂƵZĚ &/E/E'͗WĂŐĞϭϳŽĨƚŚĞƚƌĂĨĨŝĐƐƚƵĚǇƉƌŽǀŝĚĞƐĂŶĂŶĂůǇƐŝƐŽĨƚŚĞĂŶƚŝĐŝƉĂƚĞĚŝŵƉĂĐƚŽĨƚŚĞƉƌŽƉŽƐĞĚ ĚĞǀĞůŽƉŵĞŶƚŝŶƚĞƌŵƐŽĨĂĚĚŝŶŐŶĞǁƚƌĂĨĨŝĐƚŽsŝůůĂZĚǁĞƐƚŽĨŚĂƚĞĂƵZĚ͘^ƚĂĨĨĐŽŶĐƵƌƐǁŝƚŚƚŚĞĨŝŶĚŝŶŐ ŽĨĂŶĞƐƚŝŵĂƚĞĚϮϱϬŶĞǁƚƌŝƉƐďĞŝŶŐĂĚĚĞĚƚŽsŝůůĂZĚĂŶĚƚŚĂƚƚŚŝƐŵĞĞƚƐƚŚĞĐƌŝƚĞƌŝĂŽĨƚŚĞ>D͘ dŚĞƐƚƵĚǇĚŝĚŶŽƚĞƐƚŝŵĂƚĞƚŚĞŝŵƉĂĐƚŽŶsŝůůĂZĚĞĂƐƚŽĨŚĂƚĞĂƵZĚǁŚŝĐŚƉƌŽǀŝĚĞƐĂĐŽŶŶĞĐƚŝŽŶƚŽƚŚĞ ,ĂƌďŽƌĂŐĞ^ƵďĚŝǀŝƐŝŽŶ͘hƐŝŶŐƚŚĞƐĂŵĞŵĞƚŚŽĚŽůŽŐǇ͕ǁŝƚŚĂϭйƐŚĂƌĞŽĨƚƌĂĨĨŝĐĂƐƐŚŽǁŶŝŶƚŚĞdƌŝƉ ŝƐƚƌŝďƵƚŝŽŶĂƐƐƵŵƉƚŝŽŶƐ;ĨŝŐƵƌĞŽŶƉĂŐĞϯŽĨƚŚŝƐŵĞŵŽͿ͕ĂŶĞƐƚŝŵĂƚĞĚϯϬŶĞǁƚƌŝƉƐǁŽƵůĚďĞĂĚĚĞĚƚŽ sŝůůĂZĚĞĂƐƚŽĨŚĂƚĞĂƵZĚ͘dŚŝƐǁŽƵůĚƌĞƉƌĞƐĞŶƚĂŶŝŶĐƌĞĂƐĞŽĨϭϲйĨƌŽŵƚŚĞĞǆŝƐƚŝŶŐƚƌĂĨĨŝĐǀŽůƵŵĞ ;ƐĞĞĨŝŐƵƌĞϮŝŶƚŚĞƌĞƉŽƌƚͿĂŶĚǁŽƵůĚƌĞƉƌĞƐĞŶƚϭϰйŽĨƚŚĞƚŽƚĂůƚƌĂĨĨŝĐŽŶƚŚĞƐƚƌĞĞƚ͘dŚŝƐǁŽƵůĚŵĞĞƚ ƚŚĞĐƌŝƚĞƌŝĂŽĨƚŚĞ>D ϲϭ͘ϱϮϯ;ϱͿdƌĂĨĨŝĐ&ůŽǁĂŶĚWƌŽŐƌĞƐƐŝŽŶ dŚĞ>DƐƚĂƚĞƐƚŚĂƚ͙͘͞ƉƌŽƉŽƐĞĚĐŚĂŶŐĞƐƚŽĐǇĐůĞůĞŶŐƚŚƐŽƌƚŝŵŝŶŐƉĂƚƚĞƌŶƐŽĨĞǆŝƐƚŝŶŐƐŝŐŶĂůƐƚŽŵĞĞƚ >ĞǀĞůŽĨ^ĞƌǀŝĐĞƐƚĂŶĚĂƌĚƐƐŚĂůůŶŽƚŝŶƚĞƌĨĞƌĞǁŝƚŚƚŚĞŐŽĂůŽĨĂĐŚŝĞǀŝŶŐĂĚĞƋƵĂƚĞƚƌĂĨĨŝĐƉƌŽŐƌĞƐƐŝŽŶŽŶ ŵĂũŽƌƉƵďůŝĐƐƚƌĞĞƚƐŝŶƚŚĞǀŝĐŝŶŝƚǇŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ͟ &/E/E'͗dŚĞƉƌŝŵĂƌǇƚƌĂĨĨŝĐĨůŽǁŐŽĂůŝŶƚŚĞƐƚƵĚǇĂƌĞĂŝƐƚŽŵĂŝŶƚĂŝŶƉƌŽŐƌĞƐƐŝǀĞƚƌĂĨĨŝĐĨůŽǁĨŽƌĞĂƐƚʹ ǁĞƐƚƚŚƌŽƵŐŚƚƌĂĨĨŝĐĂůŽŶŐtĞƐƚŝƌĐůĞƌŝǀĞ͘ŚĂŶŐĞƐŝŶƚŚĞĂůůŽĐĂƚŝŽŶŽĨŐƌĞĞŶƚŝŵĞƚŽƐŝĚĞƐƚƌĞĞƚ ĂƉƉƌŽĂĐŚĞƐĂƚŝŶƚĞƌƐĞĐƚŝŽŶƐĂůŽŶŐƚŚĞĐŽƌƌŝĚŽƌǁŝůůďĞůŝŵŝƚĞĚŝŶŽƌĚĞƌƚŽĂĐŚŝĞǀĞƚŚŝƐŐŽĂů͘dŚĞƐƚƵĚǇ ĚĞŵŽŶƐƚƌĂƚĞƐƚŚĂƚ>ĞǀĞůŽĨ^ĞƌǀŝĐĞƐƚĂŶĚĂƌĚƐĐĂŶďĞŵĞƚǁŝƚŚŽƵƚƚŚĞŶĞĞĚƚŽĐŚĂŶŐĞƚŚĞůĞǀĞůŽĨŐƌĞĞŶ ƚŝŵĞĐƵƌƌĞŶƚůǇĂůůŽĐĂƚĞĚƚŽƚŚĞĞĂƐƚʹǁĞƐƚƚŚƌŽƵŐŚŵŽǀĞŵĞŶƚŽŶŝƌĐůĞƌ͕ǁŚŝĐŚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚŝƐ ĐƌŝƚĞƌŝĂ͘/ƚƐŚŽƵůĚďĞŶŽƚĞĚƚŚĂƚŽǀĞƌƚŚĞǇĞĂƌƐĂƐƚƌĂĨĨŝĐǀŽůƵŵĞƐĐŽŶƚŝŶƵĞƚŽŐƌŽǁŽŶŝƌĐůĞƌŝǀĞƚŚĞƌĞ ǁŝůůďĞĚĞĐůŝŶĞŝŶƋƵĂůŝƚǇŽĨƚƌĂĨĨŝĐĨůŽǁĂƐƚŚĞĂďŝůŝƚǇƚŽƐĞƌǀĞŝŶĐƌĞĂƐŝŶŐůĞǀĞůƐŽĨĞĂƐƚͲǁĞƐƚƚƌĂĨĨŝĐĨůŽǁ ǁŝƚŚĐƵƌƌĞŶƚĂƐƐŝŐŶĞĚŐƌĞĞŶƚŝŵĞǁŝůůĚŝŵŝŶŝƐŚ͘ ϲϭ͘ϱϮϲ;ϲͿYƵĞƵŝŶŐ dŚĞ>DƐƚĂƚĞƐ͞dŚĞĐĂƉĂĐŝƚǇŽĨƐƚŽƌĂŐĞďĂǇƐĂŶĚĂƵǆŝůŝĂƌǇůĂŶĞƐĨŽƌƚƵƌŶŝŶŐƚƌĂĨĨŝĐƐŚĂůůďĞĂĚĞƋƵĂƚĞƚŽ ŝŶƐƵƌĞƚƵƌŶŝŶŐƚƌĂĨĨŝĐǁŝůůŶŽƚŝŶƚĞƌĨĞƌĞǁŝƚŚƚŚƌŽƵŐŚƚƌĂĨĨŝĐĨůŽǁƐŽŶĂŶǇƉƵďůŝĐƐƚƌĞĞƚ͟ dƌĂŶƐƉŽƌƚĂƚŝŽŶ^ƚĂĨĨZĞǀŝĞǁϳͮWĂŐĞ 3DFNHW3J *H &/E/E'͗dŚĞĂŶĂůǇƐŝƐĨŝŶĚƐĨŝǀĞƉŽƚĞŶƚŝĂůůǇƉƌŽďůĞŵĂƚŝĐƋƵĞƵŝŶŐŝƐƐƵĞƐƚŚĂƚĞŝƚŚĞƌĞǆŝƐƚŽƌĐŽƵůĚ ŵĂƚĞƌŝĂůŝǌĞŝŶƚŚĞĨƵƚƵƌĞ͘dŚĞƐĞĂƌĞ ŝ͘ƚƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶŽĨDĞŵďĞƌƐWĂƌŬǁĂǇͬϰϭ ƐƚǀĞĂŶĚtĞƐƚŝƌĐůĞƌŝǀĞ͕ƚŚĞƐŽƵƚŚďŽƵŶĚůĞĨƚ ƚƵƌŶŝŶƚŚĞϮϬϯϴWDƐĐĞŶĂƌŝŽĞǆĐĞĞĚƐƐƚŽƌĂŐĞĐĂƉĂĐŝƚǇŽĨƚŚĞƚƵƌŶůĂŶĞ͘dŚĞƐƚƵĚǇĚĞŵŽŶƐƚƌĂƚĞƐ ƚŚĂƚƚŚŝƐƋƵĞƵĞǁŽƵůĚďĞĂĚĚƌĞƐƐĞĚƚŚƌŽƵŐŚƐŝŐŶĂůƚŝŵŝŶŐĐŚĂŶŐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ>ĞǀĞůŽĨ ^ĞƌǀŝĐĞĐƌŝƚĞƌŝĂĚŝƐĐƵƐƐŝŽŶĂďŽǀĞ ŝŝ͘ƚƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶŽĨůĞĂƌǁĂƚĞƌZĚͬtĞƐƚ&ƌŽŶƚĂŐĞZĚĂŶĚtĞƐƚŝƌĐůĞƌŝǀĞ͕ƚŚĞǁĞƐƚďŽƵŶĚ ůĞĨƚƚƵƌŶĂŶĚŶŽƌƚŚďŽƵŶĚƌŝŐŚƚƚƵƌŶƋƵĞƵĞƐĞǆĐĞĞĚƚŚĞƐƚŽƌĂŐĞĐĂƉĂĐŝƚǇŝŶƚŚĞWDWĞĂŬŚŽƵƌƐ͘ dŚĞǁĞƐƚďŽƵŶĚůĞĨƚƚƵƌŶƉƌŽďůĞŵďĞŐŝŶƐƚŽĞŵĞƌŐĞŝŶƚŚĞϮϬϮϴEŽƵŝůĚ;[[1819,871,2194,927][11][,I,][Calibri]]ŝĞ͕ǁŝƚŚŽƵƚŚĂƚĞĂƵ [[450,931,693,987][11][,I,][Calibri]]ĚĞǀĞůŽƉŵĞŶƚ [[693,931,1998,987][11][,,][Calibri]]ͿĂŶĚďĞĐŽŵĞƐƐŽŵĞǁŚĂƚŵŽƌĞƉƌŽŶŽƵŶĐĞĚŝŶƚŚĞϮϬϯϴEŽƵŝůĚ͘dŚĞ [[1999,931,2010,987][11][,,][Calibri]] [[2009,931,2196,987][11][,,][Calibri]]ŝŵƉĂĐƚŽĨ ĂĚĚŝŶŐƚŚĞƚƌĂĨĨŝĐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞŚĂƚĞĂƵĚĞǀĞůŽƉŵĞŶƚŽŶůǇŚĂƐĂƐůŝŐŚƚŝŵƉĂĐƚŽŶƚŚŝƐ ƋƵĞƵĞůĞŶŐƚŚ͕ĂĚĚŝŶŐĂƉƉƌŽǆŝŵĂƚĞůǇϭͬϯ ƌĚ ŽĨĂĐĂƌůĞŶŐƚŚŽŶĂǀĞƌĂŐĞƚŽƚŚĞŵĂǆŝŵƵŵƋƵĞƵĞĂŶĚ ŶŽŵĞĂƐƵƌĂďůĞŝŶůĞŶŐƚŚƚŽƚŚĞĂǀĞƌĂŐĞƋƵĞƵĞ͘ƐƌĞĨĞƌĞŶĐĞĚŝŶƚŚĞ>ĞǀĞůŽĨ^ĞƌǀŝĐĞĚŝƐĐƵƐƐŝŽŶ͕ ƚŚĞŝƚǇĂŶĚŽƵŶƚǇŚĂǀĞĂŶĂŐƌĞĞŵĞŶƚŝŶƉůĂĐĞƚŽŵŽŶŝƚŽƌĂŶĚ͕ŝĨŶĞĞĚĞĚ͕ƚƌŝŐŐĞƌƵƉŐƌĂĚĞƐƚŽ ƚŚŝƐŝŶƚĞƌƐĞĐƚŝŽŶƚŽƌĞƐƉŽŶĚƚŽƋƵĞƵĞůĞŶŐƚŚĐŽŶĐĞƌŶƐ͘ dŚĞŶŽƌƚŚďŽƵŶĚƌŝŐŚƚƚƵƌŶƋƵĞƵĞŝƐƐƵĞŵĂƚĞƌŝĂůŝǌĞƐŝŶƚŚĞϮϬϯϴƐĐĞŶĂƌŝŽĂŶĚĐĂŶďĞĂĚĚƌĞƐƐĞĚ ƚŚƌŽƵŐŚůĞŶŐƚŚĞŶŝŶŐŽĨƚŚĞƚƵƌŶůĂŶĞƐŽƚŚĂƚƌŝŐŚƚƚƵƌŶƚƌĂĨĨŝĐĚŽĞƐŶŽƚŝŶƚĞƌĨĞƌĞǁŝƚŚ ŶŽƌƚŚďŽƵŶĚƚŚƌƵŽƌůĞĨƚƚƵƌŶƚƌĂĨĨŝĐ ŝŝŝ͘ƚƚŚĞŚĂƚĞĂƵZĚͬtĞƐƚŝƌĐůĞƌŝŶƚĞƌƐĞĐƚŝŽŶĂŶƵŵďĞƌŽĨƋƵĞƵŝŶŐŝƐƐƵĞƐǁĞƌĞŝĚĞŶƚŝĨŝĞĚ͘ dŚĞƐĞŝƐƐƵĞƐǁĞƌĞƌĞůĂƚĞĚƚŽƚŚĞĨůŽǁŽĨƚƌĂĨĨŝĐŝŶĂŶĚŽƵƚŽĨEŽƌƚŚǁĞƐƚWůĂǌĂĚƵƌŝŶŐƚŚĞWD WĞĂŬ,ŽƵƌ͘dŚĞƐĞŝŶĐůƵĚĞĚ Ă͘dŚĞǁĞƐƚďŽƵŶĚůĞĨƚƚƵƌŶŝŶƚŽEtWůĂǌĂ͘tŚŝůĞƚŚĞĂǀĞƌĂŐĞƋƵĞƵĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚŝƐ ŵŽǀĞŵĞŶƚĚŽĞƐŶŽƚĞǆĐĞĞĚƐƚŽƌĂŐĞĐĂƉĂĐŝƚǇ͕ƚŚĞĂŶĂůǇƐŝƐĚŝĚĐŽŶĨŝƌŵŵĂǆŝŵƵŵƋƵĞƵĞ ůĞŶŐƚŚƐƚŚĂƚĐƵƌƌĞŶƚůǇĞǆĐĞĞĚƐƚŽƌĂŐĞĐĂƉĂĐŝƚǇĂŶĚǁŝůůůĞŶŐƚŚĞŶŝŶƚŚĞĨƵƚƵƌĞĚƵĞƚŽƚŚĞ ĐŽŵďŝŶĞĚĞĨĨĞĐƚŽĨĚĞǀĞůŽƉŵĞŶƚŽŶƚŚĞŚĂƚĞĂƵŝƌĐůĞƐŝƚĞĂŶĚŝŶEŽƌƚŚǁĞƐƚWůĂǌĂ͘dŚĞ ŵĂǆŝŵƵŵƋƵĞƵĞŝƐĂĐŽŶĚŝƚŝŽŶƚŚĂƚǁŽƵůĚďĞĞǆƉĞĐƚĞĚƚŽďĞŽďƐĞƌǀĞĚŽŶĞŽƌƚǁŽƚŝŵĞƐ ŝŶƚŚĞƉĞĂŬŚŽƵƌĚƵƌŝŶŐƚŚĞĐŽƵƌƐĞŽĨĂĚĂǇ͘ƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƐƚƵĚǇ͕ƚŚŝƐĐŽŶĚŝƚŝŽŶ ĐŽƵůĚďĞŵŝƚŝŐĂƚĞĚďǇĞǆƚĞŶĚŝŶŐƚŚĞůĞŶŐƚŚŽĨƚŚĞĚƵĂůůĞĨƚƚƵƌŶůĂŶĞ͘dŚĞƌĞĂƉƉĞĂƌƐƚŽ ďĞƐƵĨĨŝĐŝĞŶƚƐƉĂĐĞĂǀĂŝůĂďůĞƚŽůĞŶŐƚŚĞŶƚŚŝƐƚƵƌŶůĂŶĞďǇĂƉƉƌŽǆŝŵĂƚĞůǇϭϱϬĨĞĞƚ͕ǁŚŝĐŚ ǁŽƵůĚďĞƐƵĨĨŝĐŝĞŶƚĨŽƌƚŚĞƉƌŽũĞĐƚĞĚŵĂǆŝŵƵŵƋƵĞƵĞƐŝŶϮϬϮϴͬϮϬϯϴĐŽŶĚŝƚŝŽŶƐ ď͘dŚĞĞĂƐƚďŽƵŶĚƌŝŐŚƚƚƵƌŶůĂŶĞŝŶƚŽEtWůĂǌĂ͘dŚŝƐĨĂĐŝůŝƚǇŝƐĂĚĞƋƵĂƚĞƚŽĚĂǇĂŶĚŝƐ ĞǆƉĞĐƚĞĚƚŽƌĞŵĂŝŶĂĚĞƋƵĂƚĞƚŚƌŽƵŐŚϮϬϮϴ͘dŚĞĂŶĂůǇƐŝƐĨŝŶĚƐƚŚĂƚďǇϮϬϯϴƚŚĞ ŝŶĨƌĞƋƵĞŶƚŵĂǆŝŵƵŵƋƵĞƵĞŵĂǇĞǆĐĞĞĚĐƵƌƌĞŶƚƐƚŽƌĂŐĞƉƌŽǀŝĚĞĚ͕ďƵƚƚŚĞƐƚƵĚǇ ĚĞŵŽŶƐƚƌĂƚĞĚƚŚĂƚǁŝƚŚŵŝŶŽƌƐŝŐŶĂůƚŝŵŝŶŐĂĚũƵƐƚŵĞŶƚƐƚŚŝƐĐŽŶĚŝƚŝŽŶĐŽƵůĚďĞ ŵŝƚŝŐĂƚĞĚ Đ͘EŽƌƚŚďŽƵŶĚƌŝŐŚƚƚƵƌŶĨƌŽŵEtWůĂǌĂƚŽĞĂƐƚďŽƵŶĚŝƌĐůĞƌŝǀĞ͘dŚĞĂŶĂůǇƐŝƐŝŶĚŝĐĂƚĞĚ ƚŚĂƚŝŶĨƌĞƋƵĞŶƚŵĂǆŝŵƵŵƋƵĞƵĞƐĨŽƌƚŚŝƐŵŽǀĞŵĞŶƚĐƵƌƌĞŶƚůǇĞǆĐĞĞĚƚŚĞƐƚŽƌĂŐĞƐƉĂĐĞ ƚŚĂƚŝƐĂǀĂŝůĂďůĞďĂĐŬƚŽƚŚĞŝŶƚĞƌŶĂůƐŚŽƉƉŝŶŐĐĞŶƚĞƌƌŝŶŐƌŽĂĚĂŶĚƚŚĂƚƚŚĞƋƵĞƵŝŶŐ ůĞŶŐƚŚǁŝůůŝŶĐƌĞĂƐĞŝŶƚŚĞĨƵƚƵƌĞĞǀĞŶŝŶEŽƵŝůĚƐĐĞŶĂƌŝŽƐ͘dŚĞĂĚĚŝƚŝŽŶĂůŝŵƉĂĐƚŽĨ ƚŚĞŚĂƚĞĂƵŝƌĐůĞĚĞǀĞůŽƉŵĞŶƚŽŶƚŚŝƐŝŶĐƌĞĂƐĞŝƐŵŝŶŽƌ;ůĞƐƐƚŚĂŶĂĐĂƌůĞŶŐƚŚͿ͘ŶǇ ŵŝƚŝŐĂƚŝŽŶŽĨƚŚŝƐĐŽŶĚŝƚŝŽŶƐŚŽƵůĚďĞƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨƚŚĞƐŚŽƉƉŝŶŐĐĞŶƚĞƌ͘ dƌĂŶƐƉŽƌƚĂƚŝŽŶ^ƚĂĨĨZĞǀŝĞǁϴͮWĂŐĞ 3DFNHW3J *H dŚĞƐƚƵĚǇĂůƐŽŝĚĞŶƚŝĨŝĞĚŽŶĞƋƵĞƵŝŶŐĐŽŶĚŝƚŝŽŶĚŝƌĞĐƚůǇĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞƉƌŽƉŽƐĞĚŚĂƚĞĂƵ ĚĞǀĞůŽƉŵĞŶƚƚŚĂƚƐŚŽƵůĚďĞŶŽƚĞĚ͘dŚĞƐŽƵƚŚďŽƵŶĚůĞĨƚƚƵƌŶĨƌŽŵŚĂƚĞĂƵZĚŽŶƚŽŝƌĐůĞƌŝŶ ƚŚĞϮϬϮϴĂŶĚϮϬϯϴƐĐĞŶĂƌŝŽƐǁŝƚŚƚŚĞĚĞǀĞůŽƉŵĞŶƚǁĂƐŝĚĞŶƚŝĨŝĞĚƚŽŐĞŶĞƌĂƚĞŝŶĨƌĞƋƵĞŶƚ ŵĂǆŝŵƵŵƋƵĞƵĞƐŝŶƚŚĞDƉĞĂŬŚŽƵƌƚŚĂƚǁŽƵůĚďĂĐŬƵƉƚŽƚŚĞĞĂƐƚĂĐĐĞƐƐŽĨůŽĐŬϭ͘dŚĞƐĞ ƋƵĞƵĞƐǁĞƌĞŶŽƚŝĚĞŶƚŝĨŝĞĚĂƐĞǆƚĞŶĚŝŶŐƚŚƌŽƵŐŚƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶĂƌĞĂĂŶĚƚŚƵƐĂƌĞŶŽƚ ĂŶƚŝĐŝƉĂƚĞĚƚŽŝŵƉĂĐƚƚƌĂĨĨŝĐƐĂĨĞƚǇ͘ ϲϭ͘ϱϮϲ;ϳͿ/ŶƚĞƌŶĂůŝƌĐƵůĂƚŝŽŶ dŚĞ>DƐƚĂƚĞƐ͞KŶͲƐŝƚĞǀĞŚŝĐůĞĐŝƌĐƵůĂƚŝŽŶĂŶĚƉĂƌŬŝŶŐƉĂƚƚĞƌŶƐƐŚĂůůďĞĚĞƐŝŐŶĞĚƐŽĂƐŶŽƚƚŽŝŶƚĞƌĨĞƌĞ ǁŝƚŚƚŚĞĨůŽǁŽĨƚƌĂĨĨŝĐŽŶĂŶǇƉƵďůŝĐƐƚƌĞĞƚ͙͘͟ &/E/E'͗^ƚĂĨĨĨŝŶĚƐƚŚĂƚƚŽŝŶƐƵƌĞŽŶͲƐŝƚĞƚƌĂĨĨŝĐĨůŽǁĚŽĞƐŶŽƚŝŶƚĞƌĨĞƌĞǁŝƚŚƚƌĂĨĨŝĐŽŶĞŝƚŚĞƌsŝůůĂZĚŽƌ ŚĂƚĞĂƵZĚƚŚĂƚĐĞƌƚĂŝŶƚƌĂĨĨŝĐƐŝŐŶŝŶŐŵĞĂƐƵƌĞƐŽŶͲƐŝƚĞƐŚŽƵůĚďĞƵƚŝůŝǌĞĚƚŚĂƚĂůůŽǁƐĨŽƌƚŚĞƵŶŝŵƉĞĚĞĚ ĨůŽǁŽĨǀĞŚŝĐůĞƐŝŶƚŽƚŚĞƐŝƚĞĂƚƚŚĞĞĂƐƚĂŶĚŶŽƌƚŚĂĐĐĞƐƐƉŽŝŶƚƐƚŽůŽĐŬϭ͘dŚĞĨŽůůŽǁŝŶŐŐƌĂƉŚŝĐ ŝůůƵƐƚƌĂƚĞƐƚŚĞƉůĂĐĞŵĞŶƚŽĨŽŶͲƐŝƚĞƐƚŽƉƐŝŐŶƐƚŚĂƚƐŚŽƵůĚďĞĐŽŶƐŝĚĞƌĞĚƚŽĂĐŚŝĞǀĞƚŚŝƐ͘ dŚĞƐĞŝŶďŽƵŶĚŵŽǀĞŵĞŶƚƐƐŚŽƵůĚ ďĞĨƌĞĞĨůŽǁƚŽŝŶƐƵƌĞŶŽďĂĐŬƵƉ ŽŶƚŽƉƵďůŝĐƐƚƌĞĞƚƐŽĐĐƵƌ ϲϭ͘ϱϮϲ;ϴͿ^ĂĨĞƚǇ ^ƚĂĨĨŚĂƐŶŽĐŽŵŵĞŶƚƐŽŶƉŽƚĞŶƚŝĂůƐĂĨĞƚǇŝƐƐƵĞƐďĞǇŽŶĚǁŚĂƚǁŽƵůĚŶŽƌŵĂůůǇďĞĞǆƉĞĐƚĞĚƚŽďĞ ŽďƐĞƌǀĞĚƵŶĚĞƌƉŽƚĞŶƚŝĂůůǇĐŽŶŐĞƐƚĞĚƚƌĂĨĨŝĐĐŽŶĚŝƚŝŽŶƐ͘dŚĞŚĂƚĞĂƵZĚŝŶƚĞƌƐĞĐƚŝŽŶĚŽĞƐŶŽƚĞǆŚŝďŝƚĂŶ ƵŶƵƐƵĂůůǇŚŝŐŚĐƌĂƐŚƌĂƚĞǁŚĞŶĐŽŵƉĂƌĞĚƚŽŽƚŚĞƌůŽĐĂƚŝŽŶƐĂƌŽƵŶĚƚŚĞĐŝƚǇ͘ dƌĂŶƐƉŽƌƚĂƚŝŽŶ^ƚĂĨĨZĞǀŝĞǁϵͮWĂŐĞ 3DFNHW3J *H ŽŶĐůƵƐŝŽŶƐ [[300,379,311,435][11][,I,][Calibri Light]] [[300,448,1023,504][11][,I,][Calibri Light]]dƌĂĨĨŝĐ^ƚƵĚǇ^ƵƉƉůĞŵĞŶƚŽŵƉůĞƚĞŶĞƐƐ [[1023,448,1034,504][11][,I,][Calibri Light]] ^ƚĂĨĨĨŝŶĚƐƚŚĞďĂĐŬŐƌŽƵŶĚĂƐƐƵŵƉƚŝŽŶƐŝŶƚŚĞƚƌĂĨĨŝĐƐƚƵĚǇĂƌĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚĐƵƌƌĞŶƚƉůĂŶƐĂŶĚ ĐŽŶĚŝƚŝŽŶƐ͘dŚĞĂŶĂůǇƐŝƐĐŽŶĚƵĐƚĞĚĂĚĚƌĞƐƐĞĚƚŚĞƌĞůĞǀĂŶƚĨĂĐƚŽƌƐŝŶƚŚĞ>ĂŶĚĞǀĞůŽƉŵĞŶƚDĂŶƵĂů͘ [[300,718,1409,774][11][,I,][Calibri Light]]ŽŶƐŝƐƚĞŶĐǇŽĨdƌĂĨĨŝĐ^ƚƵĚǇ&ŝŶĚŝŶŐƐǁŝƚŚ>ĂŶĚĞǀĞůŽƉŵĞŶƚ [[1409,718,1420,774][11][,I,][Calibri Light]] [[1419,718,1753,774][11][,I,][Calibri Light]]DĂŶƵĂůƐƚĂŶĚĂƌĚƐ [[1753,718,1764,774][11][,I,][Calibri Light]] dŚĞĨŝŶĚŝŶŐƐŽĨƚŚĞƚƌĂĨĨŝĐƐƚƵĚǇĂƌĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƚƌĂĨĨŝĐƐĞƌǀŝĐĞƐƚĂŶĚĂƌĚƐĨŽƵŶĚŝŶƚŚĞ>ĂŶĚ ĞǀĞůŽƉŵĞŶƚDĂŶƵĂůƌĞĐŽŐŶŝǌŝŶŐƚŚĞĨŽůůŽǁŝŶŐŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐŵĂǇďĞŶĞĞĚĞĚŝŶƚŚĞĨƵƚƵƌĞ͗ ϭͿdŽŵĂŝŶƚĂŝŶĐŽŶƐŝƐƚĞŶĐǇǁŝƚŚ>ĞǀĞůŽĨ^ĞƌǀŝĐĞƐƚĂŶĚĂƌĚƐŵŝŶŽƌĂĚũƵƐƚŵĞŶƚƐŝŶƐŝŐŶĂůƚŝŵŝŶŐ ƉĂƚƚĞƌŶƐŵĂǇďĞŶĞĞĚĞĚ͘dŚĞƐĞĂĚũƵƐƚŵĞŶƚƐƐŚŽƵůĚŶŽƚĂĨĨĞĐƚƚŚĞƉƌŝŵĂƌǇƚƌĂĨĨŝĐŽƉĞƌĂƚŝŽŶƐ ŽďũĞĐƚŝǀĞǁŚŝĐŚŝƐƚŽŵĂŝŶƚĂŝŶƉƌŽŐƌĞƐƐŝǀĞƚƌĂĨĨŝĐĨůŽǁĨŽƌƚŚƌŽƵŐŚƚƌĂĨĨŝĐŽŶtĞƐƚŝƌĐůĞƌŝǀĞ ϮͿdŚĞƐƚƵĚǇŝĚĞŶƚŝĨŝĞĚĂǀĞƌĂŐĞƋƵĞƵŝŶŐĐŽŶĚŝƚŝŽŶƐƚŚƌŽƵŐŚŽƵƚƚŚĞƐƚƵĚǇĂƌĞĂƵŶĚĞƌĂůůƐĐĞŶĂƌŝŽƐ ;ĐƵƌƌĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ϮϬϮϴĂŶĚϮϬϯϴĐŽŶĚŝƚŝŽŶƐǁŝƚŚĂŶĚǁŝƚŚŽƵƚĚĞǀĞůŽƉŵĞŶƚͿƚŚĂƚŵĞƚƚŚĞ ƐƚĂŶĚĂƌĚƐŽĨƚŚĞ>ĂŶĚĞǀĞůŽƉŵĞŶƚDĂŶƵĂů͘dŚĞĂŶĂůǇƐŝƐĚŝĚŝĚĞŶƚŝĨǇĐĞƌƚĂŝŶŝŶĨƌĞƋƵĞŶƚ ŵĂǆŝŵƵŵƋƵĞƵŝŶŐĐŽŶĚŝƚŝŽŶƐƚŚĂƚǁŽƵůĚƉŽƚĞŶƚŝĂůůǇĞǆĐĞĞĚƚŚĞƐƚŽƌĂŐĞĐĂƉĂĐŝƚǇŽĨƚƵƌŶŝŶŐ ďĂǇƐ͘dŚĞƐĞĐŽŶĚŝƚŝŽŶƐĐŽƵůĚďĞŵŝƚŝŐĂƚĞĚƚŚƌŽƵŐŚĞŝƚŚĞƌƐŝŐŶĂůƚŝŵŝŶŐĂĚũƵƐƚŵĞŶƚƐŽƌĨĞĂƐŝďůĞ ůĞŶŐƚŚĞŶŝŶŐŽĨƚƵƌŶďĂǇƐ͘/ŶĂůůŽĨƚŚĞƐĞŝŶƐƚĂŶĐĞƐƚŚĞĐŽŶƚƌŝďƵƚŝŽŶŽĨƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ ƚŽƚŚĞƋƵĞƵĞƐƚŽƌĂŐĞŝƐƐƵĞŝƐŵŝŶŽƌĂŶĚƚŚĞƉƌŝŵĂƌǇƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌŝŵƉƌŽǀĞŵĞŶƚƐĂƌĞ ĂƐƐŽĐŝĂƚĞĚǁŝƚŚEŽƌƚŚǁĞƐƚWůĂǌĂ;ĂƚŚĂƚĞĂƵZĚͿŽƌǁŝƚŚƚŚĞƉƵďůŝĐ;Ăƚϰϭ Ɛƚ ǀĞĂŶĚƚŚĞ ǁĞƐƚďŽƵŶĚĂƉƉƌŽĂĐŚƚŽůĞĂƌǁĂƚĞƌZĚͿ͘ƐŶŽƚĞĚŝŶƚŚŝƐŵĞŵŽƚŚĞĐŝƚǇĂŶĚĐŽƵŶƚǇŚĂǀĞĂŶ ĂŐƌĞĞŵĞŶƚŝŶƉůĂĐĞƌĞŐĂƌĚŝŶŐŵŽŶŝƚŽƌŝŶŐĂŶĚƚŝŵŝŶŐŽĨĨƵƚƵƌĞŝŵƉƌŽǀĞŵĞŶƚƐĂƚƚŚĞd,ϱϮ ŝŶƚĞƌĐŚĂŶŐĞƚŚĂƚǁŽƵůĚĂĚĚƌĞƐƐŝƐƐƵĞƐĂƚůĞĂƌǁĂƚĞƌZĚ͘ [[300,1849,550,1905][11][,I,][Calibri Light]]ZĞĐŽŵŵĞŶĚĞ [[550,1849,574,1905][11][,I,][Calibri Light]]Ě [[574,1849,585,1905][11][,I,][Calibri Light]] [[584,1849,762,1905][11][,I,][Calibri Light]]DĞĂƐƵƌĞƐ [[763,1849,774,1905][11][,I,][Calibri Light]] ^ƚĂĨĨǁŽƵůĚƌĞĐŽŵŵĞŶĚƚŚĂƚƚŚĞĚĞǀĞůŽƉĞƌǁŽƌŬǁŝƚŚƚŚĞWƵďůŝĐtŽƌŬƐĞƉĂƌƚŵĞŶƚƚŽŝĚĞŶƚŝĨǇŶĞĞĚĞĚ ŽŶʹƐŝƚĞƚƌĂĨĨŝĐĐŽŶƚƌŽůƐŝŐŶĂŐĞƚŽŝŶƐƵƌĞƚŚĂƚƚƌĂĨĨŝĐĨůŽǁŝŶŐŝŶƚŽƚŚĞƐŝƚĞĨƌŽŵŚĂƚĞĂƵZĚŽƌsŝůůĂZĚŝƐ ŶŽƚŝŵƉĞĚĞĚďǇŽŶͲƐŝƚĞƚƌĂĨĨŝĐŝŶƚĞƌĨĞƌŝŶŐǁŝƚŚƚŚĞƐĞƐŝƚĞĞŶƚƌǇŵŽǀĞŵĞŶƚƐ͘ĐŽŵďŝŶĂƚŝŽŶŽĨƐƚŽƉƐŝŐŶƐ ĂŶĚŽƚŚĞƌǁĂƌŶŝŶŐƐŝŐŶĂŐĞŝƐƌĞĐŽŵŵĞŶĚĞĚ͘ dƌĂŶƐƉŽƌƚĂƚŝŽŶ^ƚĂĨĨZĞǀŝĞǁϭϬͮWĂŐĞ 3DFNHW3J *I ǡǡ ǡ ǣ ǡǡǡ Ȁ Ǥ ǡ Ǥ Ǥ ǡ Ǧ ͷͷ *I ͓ʹȋȌǡ ȋȌǡ ȋ Ȍǡ Ǥ Ǥ ǡ ͵ͷͲ Ǥ ʹͲͳͶǤ ǡ ǡ ʹͲͳͷǤ ʹͲͳ͹ Ǧ Ǥ ͵ͲǡʹͲͳ͹ǡ ͓͵Ǥ Ǥ Ǥ ͓Ͷ ͷ Ǥ Ǥ ʹͲͳͶǤ ǡǢ ǡ Ǥ ͵ͲǡʹͲͳ͹Ǥ Ǥ ʹͲͳ͹ǤʹͲͳ͹ ͸Ǥ ʹͲͳ͸Ǥ ǡͷͷ ȀͶͳ ʹͲͳ͹ ǣ ͷͷ ȋ ʹʹȌȀǡ ǢͷͷȀͶͳ ȋ ʹʹȌ Ǥ ʹͲͳ͹ǡʹͲʹͺʹͲ͵ͺ Ǥ Ǥ ǣ ŚĂƚĞĂƵŝƌĐůĞĞǀĞůŽƉŵĞŶƚ ^ƵƉƉůĞŵĞŶƚĂůdƌĂĨĨŝĐŶĂůǇƐŝƐηϰ ϮͮWĂŐĞ 3DFNHW3J *I ͳǦͳǡʹǡ͵Ͷǣ αͷǡͳͲͲ x αͳǡͻͲͲ R αͷǡ͹ͲͲȋȌ R α͹ǡͲͲͲ RαͳͳǡͲͲͲȋȌ R αʹǡͲͲͲ R αͶǡͲͲͲ R R ʹǦͳǣ ȋȌα͵ǡͲͲͲʹ x R ͷ Ǥ ͷǣ ͺͶ͵͹ǤͲͶ͵͵ͳ͸ͳͲ͸Ͷʹʹͳʹͳ 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