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WƌŽƉŽƐĞĚĂůƚĞƌĂƚŝŽŶƐĂŶĚŝŵƉƌŽǀĞŵĞŶƚƉůĂŶĨŽƌƚŚĞďƵŝůĚŝŶŐ͖ x ƉƉƌŽǆŝŵĂƚĞŶƵŵďĞƌŽĨƉĂƌƚŝĐŝƉĂŶƚƐĂŶĚƐƚĂĨĨƵƐŝŶŐƚŚĞĨĂĐŝůŝƚǇ͖ x ĞƐĐƌŝƉƚŝŽŶŽĨƉĂƌŬŝŶŐŶĞĞĚƐŝŶĂĚũĂĐĞŶƚŝƚǇŽǁŶĞĚůŽƚƐ͖ x DĂŝŶƚĞŶĂŶĐĞĂŶĚĐƵƐƚŽĚŝĂůƉůĂŶĨŽƌƚŚĞďƵŝůĚŝŶŐ͘ x ŵŽƵŶƚŽĨĨĞƌĞĚĨŽƌƉƵƌĐŚĂƐĞŽĨƚŚĞďƵŝůĚŝŶŐ͘ x /ĨŶŽƚŽĨĨĞƌŝŶŐƚŽƉƵƌĐŚĂƐĞƚŚĞďƵŝůĚŝŶŐƚŚĞĂŵŽƵŶƚŽĨŝƚǇĨƵŶĚŝŶŐ͕ŝĨ x ĂŶǇ͕ŶĞĞĚĞĚĨŽƌŝŶƚĞŶĚĞĚƵƐĞĂŶĚůĞŶŐƚŚŽĨůĞĂƐĞͬƵƐĞƚĞƌŵƌĞƋƵŝƌĞĚ͘ ͘KƉƚŝŽŶĂů͗ ĚĚŝƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶĚĞƐĐƌŝďŝŶŐďĞŶĞĨŝƚƐƚŽƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ x ĂŶĚŝƚƐĐŝƚŝǌĞŶƐĂƐĂƌĞƐƵůƚŽĨƚŚĞƉƉůŝĐĂŶƚ͛ƐĂĐƋƵŝƐŝƚŝŽŶŽƌƚĞŶĂŶĐǇ͘ /s͘ĞƐĐƌŝƉƚŝŽŶŽĨ/ŶƚĞŶĚĞĚhƐĞĨŽƌƉĂƌŬŝŶŐůŽƚƐ ͘ZĞƋƵŝƌĞĚ͗ƐƉĂƌƚŽĨƚŚĞƐƵďŵŝƚƚĂůĂĚĞƐĐƌŝƉƚŝŽŶŽĨŝŶƚĞŶĚĞĚƵƐĞŽĨƚŚĞ WƌŽƉĞƌƚǇƚŽŝŶĐůƵĚĞ͗ ĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞƉƌŽƉŽƐĞĚƵƐĞƐ͕ x ĐŽŶĐĞƉƚĚĞƐŝŐŶĚĞƚĂŝůƐŝŶĐůƵĚŝŶŐŶƵŵďĞƌŽĨƐƚŽƌŝĞƐ͕ďƵŝůĚŝŶŐĨŝŶŝƐŚĞƐ͕ x ƉŽƉƵůĂƚŝŽŶƐĚĞŶƐŝƚŝĞƐ͕ĨůŽŽƌĂƌĞĂƌĂƚŝŽƐ͕ĞƚĐ͖͘ ĞƐĐƌŝƉƚŝŽŶŽĨƉŽƚĞŶƚŝĂůŽĨĨƐƚƌĞĞƚƉĂƌŬŝŶŐŶĞĞĚƐ͖ x 3DFNHW3J 'D ŵŽƵŶƚŽĨĨĞƌĞĚĨŽƌƉƵƌĐŚĂƐĞŽĨƚŚĞďƵŝůĚŝŶŐ͘ x ŶƚŝĐŝƉĂƚĞĚƚŝŵŝŶŐŽĨĚĞǀĞůŽƉŵĞŶƚ x /s͘^ƚĂƚĞŵĞŶƚŽĨYƵĂůŝĨŝĐĂƚŝŽŶƐ ůůŝŶƚĞƌĞƐƚĞĚWĂƌƚŝĞƐƐŚŽƵůĚƐƵďŵŝƚĂƐƚĂƚĞŵĞŶƚŽĨƋƵĂůŝĨŝĐĂƚŝŽŶƐƚŽŝŶĐůƵĚĞ͗ ͘ZĞƋƵŝƌĞĚ͗ŶƉƉůŝĐĂŶƚďĂĐŬŐƌŽƵŶĚ^ƚĂƚĞŵĞŶƚƚŽŝŶĐůƵĚĞ͗ ϭ͘&ŝƌŵͬKƌŐĂŶŝǌĂƚŝŽŶEĂŵĞ͖ Ϯ͘/ŶĐůƵĚĞĂĚĚƌĞƐƐ͕ĐŽŶƚĂĐƚŶĂŵĞ͕ƉŚŽŶĞŶƵŵďĞƌĂŶĚͲŵĂŝů ĂĚĚƌĞƐƐĞƐĨŽƌƚŚĞƉƉůŝĐĂŶƚ͖ ϯ͘^ƚƌƵĐƚƵƌĞŽĨĨŝƌŵͬŽƌŐĂŶŝǌĂƚŝŽŶ͕Ğ͘Ő͘ŶŽŶƉƌŽĨŝƚ͕ĐŽƌƉŽƌĂƚŝŽŶ͖ ϰ͘zĞĂƌƐƚŚĂƚĨŝƌŵͬŽƌŐĂŶŝǌĂƚŝŽŶŚĂƐďĞĞŶŝŶďƵƐŝŶĞƐƐ͖ ϱ͘EĂŵĞƐŽĨĨŝƌŵͬŽƌŐĂŶŝǌĂƚŝŽŶƉƌŝŶĐŝƉĂůƐͬĚŝƌĞĐƚŽƌƐ͖ ϲ͘/ŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐƚŚĞĞǆƉĞƌŝĞŶĐĞŽĨƚŚĞƉƉůŝĐĂŶƚ͖ ϳ͘&ŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶŝŶƚŚĞĨŽƌŵŽĨĂĐƵƌƌĞŶƚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚ ĂŶĚďĂůĂŶĐĞƐŚĞĞƚ͖ ϴ͘YƵĂůŝĨŝĐĂƚŝŽŶƐĨŽƌŽƉĞƌĂƚŝŽŶŽĨƉƌŽƉŽƐĞĚƵƐĞ͖ ϵ͘>ŝƐƚŽĨŽƚŚĞƌƐŝŵŝůĂƌƉƌŽũĞĐƚƐ͕ĂĐƚŝǀŝƚŝĞƐŵĂŶĂŐĞĚŽƌƉƌŽƉĞƌƚŝĞƐ ŽƉĞƌĂƚĞĚďǇƚŚĞĂƉƉůŝĐĂŶƚ͖ ϭϬ͘>ŝƐƚŝŶŐŽĨĂŶǇĂĐƚŝŽŶƐ;ǁŝƚŚŝŶƚŚĞůĂƐƚϭϬǇĞĂƌƐͿƚĂŬĞŶďǇĂŶǇ ƌĞŐƵůĂƚŽƌǇĂŐĞŶĐǇŝŶǀŽůǀŝŶŐƚŚĞĨŝƌŵͬŽƌŐĂŶŝǌĂƚŝŽŶŽƌŝƚƐĂŐĞŶƚƐŽƌ ĞŵƉůŽǇĞĞƐǁŝƚŚƌĞƐƉĞĐƚƚŽĂŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚ͖ ϭϭ͘>ŝƐƚŝŶŐŽĨĂŶǇůŝƚŝŐĂƚŝŽŶ;ǁŝƚŚŝŶƚŚĞůĂƐƚϭϬǇĞĂƌƐͿŝŶǀŽůǀŝŶŐƚŚĞĨŝƌŵ ŽƌŝƚƐĂŐĞŶƚƐŽƌĞŵƉůŽǇĞĞƐǁŝƚŚƌĞƐƉĞĐƚƚŽĂŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚ͖ ϭϮ͘EĂŵĞƐŽĨƉĞƌƐŽŶƐǁŚŽĐĂŶďĞĐŽŶƚĂĐƚĞĚĂƐƌĞĨĞƌĞŶĐĞƐ͘ƚůĞĂƐƚϯ ƌĞĨĞƌĞŶĐĞƐŵƵƐƚďĞƉƌŽǀŝĚĞĚ͖ ϭϯ͘ĞŵŽŶƐƚƌĂƚŝŽŶŽĨĂďŝůŝƚǇƚŽŽďƚĂŝŶĂůůĂƉƉƌŽƉƌŝĂƚĞĐĂƐƵĂůƚǇͬ ůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƉƉůŝĐĂďůĞƚŽƚŚĞƉƌŽƉŽƐĂů͘ ͘KƉƚŝŽŶĂů͗DŽƌĞĚĞƚĂŝůĞĚĚĞƐĐƌŝƉƚŝŽŶƐ͕ƐƵĐŚĂƐƉŚŽƚŽŐƌĂƉŚƐ͕ǀŝĚĞŽŽƌ ƉƌŽũĞĐƚďƌŽĐŚƵƌĞƐŽĨƐƉĞĐŝĨŝĐĂĐƚŝǀŝƚŝĞƐƌĞĨĞƌĞŶĐĞĚĂƐƌĞůĞǀĂŶƚ ĞǆƉĞƌŝĞŶĐĞƐ͕ŵĂǇĂůƐŽďĞŝŶĐůƵĚĞĚ͘ ͘WƌŽƉŽƐĂůƐƚŽƉƵƌĐŚĂƐĞŽƌƌĞƵƐĞƚŚĞƌŵŽƌǇĂŶĚͬŽƌĂĚũĂĐĞŶƚƐƵƌĨĂĐĞ ƉĂƌŬŝŶŐůŽƚƐǁŝůůďĞĞǀĂůƵĂƚĞĚĂĐĐŽƌĚŝŶŐƚŽƚŚĞĨŽůůŽǁŝŶŐĐƌŝƚĞƌŝĂ͗ 3DFNHW3J 'D dŚĞĞǆƚĞŶƚƚŽǁŚŝĐŚƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚƐĂƚŝƐĨŝĞƐĂĚĞƐŝƌĞĚŽƌ x ƵŶŝƋƵĞŶŝĐŚĞŝŶƚŚĞŵĂƌŬĞƚƉůĂĐĞĂŶĚŚĞůƉƐĚŝǀĞƌƐŝĨǇƚŚĞĞĐŽŶŽŵǇŽĨƚŚĞ ĐŝƚǇ͘ ͻdŚĞůĞǀĞůŽĨŝŶǀĞƐƚŵĞŶƚĂŶĚƌĞĐŽŐŶŝƚŝŽŶŽĨŚŝƐƚŽƌŝĐĂůŽƌĂƌĐŚŝƚĞĐƚƵƌĂůůǇ ƐŝŐŶŝĨŝĐĂŶƚďƵŝůĚŝŶŐƐŽƌƐŝƚĞƐ͘ ͻdŚĞŝŶĐƌĞĂƐĞŝŶƚĂǆͬĨĞĞƌĞǀĞŶƵĞƐƚŚĂƚŵĂǇƌĞƐƵůƚĨƌŽŵƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘ ͻdŚĞĐŽŶƚƌŝďƵƚŝŽŶƚŚĂƚƚŚĞĚĞǀĞůŽƉŵĞŶƚǁŝůůŵĂŬĞƚŽǁĂƌĚŝŶĐƌĞĂƐĞĚ ĞŵƉůŽǇŵĞŶƚĂŶĚĞĂƌŶŝŶŐƐǁŝƚŚŝŶƚŚĞĐŝƚǇ͕ŝŶĐůƵĚŝŶŐƚŚĞŶƵŵďĞƌĂŶĚƋƵĂůŝƚǇ ŽĨũŽďƐĐƌĞĂƚĞĚ͘ ͻdŚĞĚĞŐƌĞĞƚŽǁŚŝĐŚƚŚĞĚĞǀĞůŽƉŵĞŶƚŵĂǇƉŽƚĞŶƚŝĂůůǇƐƚŝŵƵůĂƚĞŽƚŚĞƌ ĚĞƐŝƌĂďůĞĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚĂŶĚͬŽƌƌĞĚĞǀĞůŽƉŵĞŶƚĂĐƚŝǀŝƚǇ;ĐĂƚĂůǇƚŝĐ ĞĨĨĞĐƚͿ͗͘ ͻdŚĞďĞŶĞĨŝĐŝĂůĞĐŽŶŽŵŝĐŝŵƉĂĐƚͬƚƌĂĐŬƌĞĐŽƌĚŽĨĂŶǇƉƌŝŽƌĚĞǀĞůŽƉŵĞŶƚ ĞǆƉĞƌŝĞŶĐĞǁŝƚŚƚŚĞŝƚǇ͘ ͻdŚĞĞǆƚĞŶƚƚŽǁŚŝĐŚĂĚĚŝƚŝŽŶĂůĚŝƌĞĐƚŽƌŝŶĚŝƌĞĐƚƉƵďůŝĐĐŽƐƚƐƚŽƚŚĞĐŝƚǇ ǁŽƵůĚďĞŶĞĐĞƐƐĂƌǇ͕ŝ͘Ğ͘ĞǆƚĞŶĚŝŶŐͬƵƉŐƌĂĚŝŶŐƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞĨĂĐŝůŝƚŝĞƐ ĂŶĚͬŽƌŵƵŶŝĐŝƉĂůƐĞƌǀŝĐĞƐ͘ ͻdŚĞĚĞŵŽŶƐƚƌĂƚĞĚĐĂƉĂĐŝƚǇŽĨƚŚĞĚĞǀĞůŽƉĞƌƚŽĨŝŶĂŶĐĞ͕ŵĂƌŬĞƚ͕ŵĂŶĂŐĞ ĂŶĚƉĂĐŬĂŐĞƚŚŝƐƉƌŽũĞĐƚŝŶĐůƵĚŝŶŐƚŚĞĂďŝůŝƚǇƚŽƐĞĐƵƌĞƚĞŶĂŶƚƐ͘ ͘ǀŝĚĞŶĐĞŽĨ&ŝŶĂŶĐŝĂůďŝůŝƚǇʹ/ŶĨŽƌŵĂƚŝŽŶƚŚĂƚǁŝůůĚĞŵŽŶƐƚƌĂƚĞƚŽƚŚĞŝƚǇ ƚŚĂƚƚŚĞƉƉůŝĐĂŶƚŚĂƐƚŚĞĨŝŶĂŶĐŝĂůĂďŝůŝƚǇƚŽůĞĂƐĞ͕ĂŶĚĨŝŶĂŶĐŝĂůůǇŽƉĞƌĂƚĞ ƚŚĞWƌŽƉĞƌƚǇ͘ůůƉŽƚĞŶƚŝĂůƐŽƵƌĐĞƐŽĨĨƵŶĚƐƚŽĐŽŵƉůĞƚĞƚŚŝƐƉƌŽũĞĐƚŵƵƐƚ ďĞŝĚĞŶƚŝĨŝĞĚĂŶĚĞǆƉůĂŝŶĞĚŝŶĚĞƚĂŝů͕ŝŶĐůƵĚŝŶŐ͕ďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͕ĂŶǇĂŶĚ ĂůůƐƵďƐŝĚŝĞƐ͕ŐƌĂŶƚƐ͕ĞŶĚŽǁŵĞŶƚƐŽƌ^ƚĂƚĞĂŶĚ&ĞĚĞƌĂůĨƵŶĚŝŶŐƚŚĂƚǁŝůů ƉŽƚĞŶƚŝĂůůǇďĞƵƐĞĚ͘ s͘'ĞŶĞƌĂůdĞƌŵƐĂŶĚŽŶĚŝƚŝŽŶƐ dŚĞĨŽůůŽǁŝŶŐĂƌĞƚŚĞdĞƌŵƐĂŶĚŽŶĚŝƚŝŽŶƐŽĨƚŚĞZ&W͗ dŚĞZ&WŝƐďĞŝŶŐŝƐƐƵĞĚďǇƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕ϮϬϭϰ^ƚƌĞĞƚ^͕ x ƚŚ ZŽĐŚĞƐƚĞƌ͕DE͘ϱϱϵϬϰ͘YƵĞƐƚŝŽŶƐŽƌĐŽŵŵĞŶƚƐǁŝůůďĞĂĐĐĞƉƚĞĚǀŝĂĞͲ ŵĂŝůƐĞŶƚƚŽdĞƌƌǇ^ƉĂĞƚŚ͕ZĞĚĞǀĞůŽƉŵĞŶƚŝƌĞĐƚŽƌĂƚ ƚƐƉĂĞƚŚΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ 3DFNHW3J 'D dŚĞŝƚǇĂƐƐƵŵĞƐŶŽůŝĂďŝůŝƚǇĨŽƌĂŶǇĨĞĞƐ͕ĐŽƐƚƐŽƌĞǆƉĞŶƐĞƐŝŶĐƵƌƌĞĚ x 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ůƵĞĐŽůƵŵŶƐŝŶĚŝĐĂƚĞƚŚĞĐŽůƵŵŶƐƚŚĂƚǁŝůůďĞĨŝůůĞĚŝŶďǇKZWtƐƚĂĨĨ͘hƐĞƌƐĞǆƚĞƌŶĂůƚŽƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ;KZͿƐŚŽƵůĚůĞĂǀĞƚŚĞƐĞďůĂŶŬ͘ ĐŽŵƉůĞƚŝŽŶĚĂƚĞŝƐƐĂŵĞ ƌĞŵĂŝŶďůĂŶŬĂŶĚ'/^ ĂƐƐƚĂƌƚĚĂƚĞƚŚŝƐĐĂŶ ĂƚĞ;DDͬͬzzzzͿ ZĞĐŽƌĚĞĚŝŶƚŚĞĨŝĞůĚ ƐƚĂĨĨǁŝůůƉŽƉƵůĂƚĞŝƚ͘ ĂƚĞƚŚĞďŽƌŝŶŐǁĂƐ ΎΎΎŽŽƌĚŝŶĂƚĞƐƐŚŽƵůĚďĞĐŽůůĞĐƚĞĚĞŝƚŚĞƌŝŶůĂƚͬůŽŶŐ;ǁŝƚŚĚĂƚƵŵƐŝĚĞŶƚŝĨŝĞĚͿŽƌKůŵƐƚĞĚŽƵŶƚǇŽŽƌĚŝŶĂƚĞƐ͘'/^ƐƚĂĨĨǁŝůůĐŽŶǀĞƌƚƚŽKůŵƐƚĞĚŽƵŶƚǇĐŽŽƌĚŝŶĂƚĞƐ͕ŝĨŶĞĐĞƐƐĂƌǇ͕ƉƌŝŽƌƚŽƉůĂĐŝŶŐŝŶ ƚŚĞΗŵĂƐƚĞƌΗ'/^ĚĂƚĂƐĞƚ͘ ĐŽŵƉůĞƚĞĚ͘/Ĩ DĂŶĚĂƚŽƌǇ ZĞĐŽƌĚĞĚŝŶƚŚĞ ĂƚĞƚŚĞďŽƌŝŶŐ ;DDͬͬzzzzͿ ǁĂƐƐƚĂƌƚĞĚ͘ DĂŶĚĂƚŽƌǇ ΎdŚĞŽĨĨŝĐŝĂůƉƌŽũĞĐƚŶĂŵĞŝƐƚĂŬĞŶĨƌŽŵƚŚĞKZWtΖƐDĂƐƚĞƌWƌŽũĞĐƚĂƚĂďĂƐĞ͘ǆƚĞƌŶĂůƵƐĞƌƐŽĨƚŚŝƐƚĞŵƉůĂƚĞƐŚŽƵůĚƐƚŝůůƉŽƉƵůĂƚĞƚŚŝƐĨŝĞůĚƐŽƚŚĂƚǁĞĐĂŶƵƐĞƚŚĞŶĂŵĞƚŽĨŝŶĚƚŚĞŽĨĨŝĐŝĂůŶĂŵĞ͘ ĂƚĞ ĨŝĞůĚ ĚĚďǇKZƐƚĂĨĨ EĂŵĞŽĨWƌŽũĞĐƚ ƌĞƋƵĞƐƚĞĚƚŚĞ ŵĂŶĂŐĞƌƚŚĂƚ ĐŽůůĞĐƚŝŽŶŝƐ ĐŽŵƉůĞƚĞ͘ ĂĨƚĞƌĨŝĞůĚ KƉƚŝŽŶĂů ďŽƌŝŶŐƐ dĞǆƚ ƉƌĞǀĞŶƚŐŽŽĚĂĐĐƵƌĂĐǇͿ͘ ĞǆĂŵƉůĞ͕ƚƌĞĞĐŽǀĞƌĂŐĞ ƐƵƌǀĞǇŝŶŐǁŝƚŚ'W^;ĨŽƌ ZĞĐŽƌĚĞĚŝŶƚŚĞĨŝĞůĚ͘ ŝŵƉŽƌƚĂŶƚŝĨƚŚĞƌĞŝƐ ^ŚŽƌƚĚĞƐĐƌŝƉƚŝŽŶŽĨ ŝŶƚĞƌĨĞƌĞŶĐĞǁŚĞŶ dŚŝƐŝƐƉĂƌƚŝĐƵůĂƌůǇ ŽƌďƵŝůĚŝŶŐƐƚŚĂƚ ďŽƌŝŶŐůŽĐĂƚŝŽŶ͘ KƉƚŝŽŶĂů dĞǆƚ ůƵĞĐŽůƵŵŶƐŝŶĚŝĐĂƚĞƚŚĞĐŽůƵŵŶƐƚŚĂƚǁŝůůďĞĨŝůůĞĚŝŶďǇ'/^ƐƚĂĨĨ͘hƐĞƌƐĞǆƚĞƌŶĂůƚŽƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ;KZͿƐŚŽƵůĚůĞĂǀĞƚŚĞƐĞďůĂŶŬ͘ ĂĨƚĞƌĨŝĞůĚĐŽůůĞĐƚŝŽŶ ƚŚĞƉƌŽũĞĐƚƉƵƌƉŽƐĞ͘ ƌŝĞĨĚĞƐĐƌŝƉƚŝŽŶŽĨ WŽƉƵůĂƚĞĚďǇKZ ĚĚďǇ'/^ƐƚĂĨĨ Wt'/^ƐƚĂĨĨ͘ ŝƐĐŽŵƉůĞƚĞ͘ KƉƚŝŽŶĂů dĞǆƚ ZĞĐŽƌĚĞĚŝŶƚŚĞ WƌŽũĞĐƚEĂŵĞΎ ƚŚĞĐŽůůĞĐƚŝŽŶ ďǇĨŝĞůĚƐƚĂĨĨ͘ ĨŝĞůĚŽƌĂĨƚĞƌ DĂŶĚĂƚŽƌǇΎ dĞǆƚ ĨŝĞůĚŽƌĂĨƚĞƌƚŚĞ ZĞĐŽƌĚĞĚŝŶƚŚĞ dĞǆƚ;>ĞĂǀĞΗ:Η ƐƉƉůŝĐĂďůĞ ĐŽůůĞĐƚŝŽŶďǇ ĨŝĞůĚƐƚĂĨĨ͘ :ͲEƵŵďĞƌ ŽĨĨͿ ŐĞŶĞƌĂƚĞĚďǇƚŚĞ'/^ƐƚĂĨĨĚƵƌŝŶŐ :yyyyͲzzͲ^͘ŶĞǆĂŵƉůĞŽĨƚŚŝƐ WŽƉƵůĂƚĞĚďǇKZWt'/^ƐƚĂĨĨ͘ KZƐƚĂĨĨŽƌǁŚĞŶƐŽŝůďŽƌŝŶŐƐĂƌĞĐŽůůĞĐƚĞĚďǇĐŽŶƐƵůƚĂŶƚƐǁŽƌŬŝŶŐĨŽƌƚŚĞKZ͘ ĚĂƚĂƐĞƚ͘dŚŝƐ/ŝƐĐŽŵƉƌŝƐĞĚŽĨ ƚŚĞ:ͲEƵŵďĞƌ͕zĞĂƌ͕ĂŶĚďŽƌŝŶŐ dŚĞĨŝĞůĚƐůŝƐƚĞĚŝŶƚŚĞĐŽůƵŵŶƐĂďŽǀĞŚĂǀĞďĞĞŶŝĚĞŶƚŝĨŝĞĚďǇKZZWtƐƚĂĨĨĂƐ hŶŝƋƵĞŝĚĞŶƚŝĨŝĞƌƚŽƚŚĞďŽƌŝŶŐ ŝƐ:ϳϮϵϳͲϭϱͲϬϭ͘dŚŝƐ/ǁŝůůďĞ ŝŶĨŽƌŵĂƚŝŽŶƚŚĂƚǁŝůůďĞƌĞĐŽƌĚĞĚǁŚĞŶƐŽŝůďŽƌŝŶŐƐĂƌĞĐŽůůĞĐƚĞĚŝŶƚĞƌŶĂůůǇ͕ďǇ ^ŽŵĞŽĨƚŚĞƐĞĨŝĞůĚƐǁŝůůďĞƉŽƉƵůĂƚĞĚŝŶƚŚĞŽĨĨŝĐĞ͕ďǇ'/^ƐƚĂĨĨ͕ĂĨƚĞƌƚŚĞĨŝĞůĚ /͘dŚĞĨŽƌŵĂƚŝƐĂƐĨŽůůŽǁƐ͗ ƚŚĞƉƌŽĐĞƐƐŽĨŝŵƉŽƌƚŝŶŐƚŚĞ ŶĞǁďŽƌŝŶŐƐŝŶƚŽƚŚĞŵĂƐƚĞƌ ĚĚďǇ'/^ƐƚĂĨĨĂĨƚĞƌĨŝĞůĚ ǁŝƚŚŝŶƚŚĞΗŵĂƐƚĞƌΗďŽƌŝŶŐ 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^ŚĞĞǆƉƌĞƐƐĞĚĐŽŶĐĞƌŶĨŽƌƚŚĞůĂĐŬŽĨƉĂƌŬŝŶŐŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘ DƐ͘<ĞůůŝĞDƵĞůůĞƌ͕ƌĞƐŝĚŝŶŐĂƚϳϮϳϭ Ɛƚ ^ƚƌĞĞƚ^t͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞĐŽŵŵŝƐƐŝŽŶ͘^ŚĞ ŶŽƚĞĚƐŚĞĚŝĚŶŽƚƐĞĞƚŚĞƉĂƌŬŝŶŐĂƐĂĨŽƌĞƐĞĞĂďůĞƉƌŽďůĞŵ͘ DƐ͘ŝĂŶĂ͕ƌĞƐŝĚŝŶŐĂƚϴϭϳϰ ƚŚ ǀĞŶƵĞEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞŶŽƚĞĚ ŚĞƌĐŽŶĐĞƌŶǁŝƚŚƚŚĞŝŶĐƌĞĂƐĞƵƐĞŽŶƚŚĞĂůůĞǇ͘ DƐ͘<ĞůůŝĞDƵĞůůĞƌ͕ƌĞƐŝĚŝŶŐĂƚϰϮϱϭ Ɛƚ ^ƚƌĞĞƚ^t͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞĐŽŵŵŝƐƐŝŽŶ͘^ŚĞ ŶŽƚĞĚƚŚĞǇǁŝůůŶĞĞĚƚŽĞŶƚĞƌĂŶĂŐƌĞĞŵĞŶƚǁŝƚŚWƵďůŝĐtŽƌŬƐƚŽƉĂǇĨŽƌŝŵƉƌŽǀĞŵĞŶƚƐĂŶĚŵĂŝŶƚĂŝŶ ƚŚĞĂůůĞǇ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕DƐ͘tŝůƐŽŶĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶŝŶƌĞŐĂƌĚƐƚŽĐƌŝƚĞƌŝĂĨŽƌĐŽŵƉĂƚŝďŝůŝƚǇƚŽƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͕ ƐƉĞĐŝĨŝĐĂůůǇƚŚĞƉĂƌŬŝŶŐůŽƚ͕ĂŶĚĐŽŶĐĞƌŶǁŝƚŚƚŚĞůĂĐŬŽĨƐĞƚďĂĐŬƐ͘ Dƌ͘ƵƌƐƚŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨZĞƐƚƌŝĐƚĞĚĞǀĞůŽƉŵĞŶƚWƌĞůŝŵŝŶĂƌǇWůĂŶηZϮϬϭϲͲ ϬϰϬhWǁŝƚŚƚŚĞƐƚĂĨĨͲƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌƐĞĐŽŶĚĞĚƚŚĞ ŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϴͲϬ͘ KE/d/KE^͗ _3DJH 3DFNHW3J )J ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗:ĂŶƵĂƌǇϭϭ͕ϮϬϭϳ ϭ͘dŚĞĂƉƉůŝĐĂŶƚƐŚĂůůƉƌŽǀŝĚĞĂĐĞƌƚŝĨŝĐĂƚĞŽĨƐƵƌǀĞǇĨŽƌƚŚĞƉƌŽũĞĐƚďŽƵŶĚĂƌǇĂŶĚůŽĐĂƚŝŽŶŽĨ ƚŚĞƌĞƐŝĚĞŶƚŝĂůŚŽŵĞƐŽƵƚŚŽĨƚŚĞƉƌŽũĞĐƚƐŝƚĞ͕ŝŶĐůƵĚĞĚŝŶƚŚĞĨŝŶĂůƉůĂŶƐƵďŵŝƚƚĂů͘ Ϯ͘dŚĞ&ŝŶĂůWůĂŶƐƵďŵŝƚƚĂůƐŚĂůůŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐ͗ Ă͘KŶ^ŚĞĞƚϭ͘ϬƉƌŽǀŝĚĞǁŝĚƚŚĚŝŵĞŶƐŝŽŶŽĨƚŚĞĂůůĞǇ͘ ƚŚ ď͘KŶ^ŚĞĞƚϭ͘ϬĂůŽŶŐƚŚĞZKtŽĨϭϬ^ƚƌĞĞƚEtůĂďĞůĂĚŝŵĞŶƐŝŽŶĨƌŽŵƚŚĞĐůŽƐĞƐƚ ƉŽŝŶƚďĞƚǁĞĞŶƚŚĞZKtĂŶĚƚŚĞƵŝůĚŝŶŐ;ĞƐƚŝŵĂƚĞĚĂƚϲ͘ϮĨĞĞƚͿ͘ Đ͘KŶ^ŚĞĞƚϭ͘ϬĂůŽŶŐϰ ƚŚǀĞ͘EtůĂďĞůĚŝŵĞŶƐŝŽŶƐĨƌŽŵƚŚĞŶĞĂƌĞƐƚƉĂƚŝŽĂŶĚ ƐƚĂŝƌǁĂǇƚŽƚŚĞZKtŽĨϰ ƚŚǀĞŶƵĞEt͘ Ě͘dŚĞ>ĞŐĂůĞƐĐƌŝƉƚŝŽŶƐŚŽǁŶŽŶ^ŚĞĞƚϭ͘ϬŝƐŶŽƚĐŽƌƌĞĐƚ͕ƵƉĚĂƚĞƚŽďĞĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚĂĐĐƵƌĂƚĞĚĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞƉƌŽƉŽƐĞĚƉƌŽƉĞƌƚǇĂƐƉƌŽǀŝĚĞĚŝŶŽƚŚĞƌƐƵďŵŝƚƚĞĚ ŵĂƚĞƌŝĂůƐ͘ Ğ͘ǆƚĞƌŝŽƌ^ƚŽƌĂŐĞƐƚĂŶĚĂƌĚƐĂƌĞƌĞƋƵŝƌĞĚƚŽďĞĂĚĚĞĚƚŽƚŚĞǌŽŶŝŶŐƚĂďůĞƐƉƌŽǀŝĚĞĚ ŝŶƚŚĞƐŝƚĞƉůĂŶ͘ Ĩ͘ǆƚĞƌŝŽƌ>ŝŐŚƚŝŶŐƐƚĂŶĚĂƌĚƐĂƌĞƌĞƋƵŝƌĞĚƚŽďĞĂĚĚĞĚƚŽƚŚĞǌŽŶŝŶŐƚĂďůĞƐƉƌŽǀŝĚĞĚ ŝŶƚŚĞƐŝƚĞƉůĂŶ͘ Ő͘ĚĞƚĂŝůĞĚůŝŐŚƚŝŶŐĂŶĚƉŚŽƚŽŵĞƚƌŝĐƉůĂŶ͘ Ś͘ĚĞƚĂŝůůĂŶĚƐĐĂƉĞƉůĂŶǁŚŝĐŚŝŶĐůƵĚĞƐŝŶĨŽƌŵĂƚŝŽŶŽŶƉƌŽũĞĐƚůĂŶĚƐĐĂƉŝŶŐĂŶĚ ďŽƵůĞǀĂƌĚƚƌĞĞƐ͘ ŝ͘/ĚĞŶƚŝĨǇďƵĨĨĞƌǇĂƌĚƐŽŶƚŚĞƐŝƚĞƉůĂŶ͘ ũ͘WƌŽǀŝĚĞĂŐƌĂƉŚŝĐĚŽĐƵŵĞŶƚŝŶŐƚŚĞůŽĐĂƚŝŽŶƐ͕ƐŝǌĞƐĂŶĚƐƋƵĂƌĞĨŽŽƚĐĂůĐƵůĂƚŝŽŶŽĨ ƚŚĞƌĞĐƌĞĂƚŝŽŶĂƌĞĂƐƉƌŽƉŽƐĞĚďǇƚŚĞƉƌŽũĞĐƚ͘ Ŭ͘ĚĞƚĂŝůŵĂƚĞƌŝĂůƐƉůĂŶĨŽƌƚŚĞĞǆƚĞƌŝŽƌŽĨƚŚĞďƵŝůĚŝŶŐ͕ďŝŬĞƌĂĐŬƐ͕ĂŶĚďĞŶĐŚĞƐŝĨ ƉƌŽƉŽƐĞĚŝŶƚŚĞƉƌŽũĞĐƚ͘ ů͘ƐŚĂĚŽǁƐƚƵĚǇƚŚĂƚĚŽĐƵŵĞŶƚƐŚŽǁƚŚĞƉƌŽũĞĐƚǁŝůůďĞĂĨĨĞĐƚƚŚĞƐƵƌƌŽƵŶĚŝŶŐ ƉƌŽƉĞƌƚŝĞƐ ϯ͘dŚĞƉůĂŶƐŚĂůůďĞŵŽĚŝĨŝĞĚƚŽƐŚŽǁĂďƵŝůĚŝŶŐƐĞƚďĂĐŬĂůŽŶŐƚŚĞƐŽƵƚŚďŽƵŶĚĂƌǇƚŽďĞĂ ŵŝŶŝŵƵŵŽĨϲĨĞĞƚ͘ ϰ͘dŚĞƉůĂŶƐŚĂůůďĞŵŽĚŝĨŝĞĚƚŽůĂďĞůƚŚĞůĞĂƐƚĚŝƐƚĂŶĐĞďĞƚǁĞĞŶƚŚĞƉƌŽƉŽƐĞĚďƵŝůĚŝŶŐĂŶĚ ƚŚĞĞǆŝƐƚŝŶŐďƵŝůĚŝŶŐƚŽƚŚĞƐŽƵƚŚŽĨƚŚĞƉƌŽũĞĐƚďŽƵŶĚĂƌǇ͘ ϱ͘KŶƚŚĞ&ŝŶĂůWůĂŶĂůůĞǆŝƐƚŝŶŐǁĂƚĞƌƐĞƌǀŝĐĞƐƚŽƚŚĞƉƌŽƉĞƌƚǇŵƵƐƚďĞŝĚĞŶƚŝĨŝĞĚĂŶĚůĂďĞůĞĚ ĂƐĂďĂŶĚŽŶĞĚƉĞƌƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨZŽĐŚĞƐƚĞƌWƵďůŝĐhƚŝůŝƚŝĞƐ͘ ϲ͘KŶƚŚĞ&ŝŶĂůWůĂŶĂůůĨƵƚƵƌĞǁĂƚĞƌƐĞƌǀŝĐĞƐƉƌŽƉŽƐĞĚĨŽƌƚŚĞƉƌŽƉĞƌƚǇƐŚĂůůďĞůŽĐĂƚĞĚĂŶĚ ůĂďĞůĞĚƉĞƌƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨZŽĐŚĞƐƚĞƌWƵďůŝĐhƚŝůŝƚŝĞƐ͘ ϳ͘ǆĞĐƵƚŝŽŶŽĨĂŝƚǇͲKǁŶĞƌŽŶƚƌĂĐƚǁŝůůďĞƌĞƋƵŝƌĞĚĨŽƌĂŶǇƉƵďůŝĐŝŵƉƌŽǀĞŵĞŶƚƐ ƌĞƋƵŝƌĞĚĨŽƌƚŚŝƐƉƌŽƉŽƐĞĚƌĞĚĞǀĞůŽƉŵĞŶƚ͘ )J ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗:ĂŶƵĂƌǇϭϭ͕ϮϬϭϳ 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Et͕ĂŶĚǁĞƐƚŽĨEŽƚƚŝŶŐŚĂŵƌŝǀĞEt͘ Dƌ͘:ŽŚŶƐŽŶƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ:ĂŶƵĂƌǇϭϭ͕ϮϬϭϳ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐ ŽŶĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌͲKůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ DƐ͘tŝůƐŽŶŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘ŚƌŝƐŽůďǇ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚZtƌĐŚŝƚĞĐƚƐ͕Ϯϭϭϭϭ ƚŚǀĞŶƵĞ^t͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚ ƚŚĞĐŽŵŵŝƐƐŝŽŶ͘,ĞƉƌĞƐĞŶƚĞĚĂďĂĐŬŐƌŽƵŶĚŝŶĨŽƌŵĂƚŝŽŶĂŶĚĚĞƚĂŝůŽĨƚŚĞƉƌŽũĞĐƚ͖ŶŽƚĞĚDĂĐ,ĂŵŝůƚŽŶ ŝƐĂƉĂƌƚŶĞƌŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚ͕ƚŚĞŽǁŶĞƌŝƐdŚĞWůĂǌĂEŽƌƚŚǁĞƐƚKŶĞ>>͖ƚŚĞǇĂƌĞŝŶĂŐƌĞĞŵĞŶƚǁŝƚŚ ƚŚĞƐĞǀĞŶƐƚĂĨĨĐŽŶĚŝƚŝŽŶƐ͖ĂŶĚƚŚĞƌĞŚĂǀĞďĞĞŶϮŶĞŝŐŚďŽƌŚŽŽĚŵĞĞƚŝŶŐƐŚĞůĚ͘ _3DJH 3DFNHW3J )J ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗:ĂŶƵĂƌǇϭϭ͕ϮϬϭϳ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚŝŶƌĞŐĂƌĚƐƚŽƚƌƵĐŬƚƌĂĨĨŝĐǀŽůƵŵĞƐďĞŝŶŐŝŶĐƌĞĂƐĞĚ͘ Dƌ͘ŽůďǇŶŽƚĞĚƚŚĞĂƌƚĞƌŝĂůƌŽĂĚŝƐĚĞƐŝŐŶĞĚƚŽŚĂŶĚůĞƚŚĞůĂƌŐĞƌǀŽůƵŵĞǀĞŚŝĐůĞƐ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕DƐ͘tŝůƐŽŶĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶŝŶƌĞŐĂƌĚƐƚŽƚŚĞĞŶƚƌĂŶĐĞŝŶͬŽƵƚŽŶDĞŵďĞƌƐWĂƌŬǁĂǇ͖ƚŚĞ ƚƌĂĨĨŝĐŝŶĐƌĞĂƐĞĂŶĚƐĂĨĞƚǇĐŽŶĐĞƌŶƐĨŽƌƚŚĞŶĞŝŐŚďŽƌƐ͘ Dƌ͘:ŽŚŶƐŽŶĞǆƉůĂŝŶĞĚƚŚŝƐŝƐĂŶĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽƌŝŐŝŶĂůƉůĂŶǁŚŝĐŚǁĂƐĂƉƉƌŽǀĞĚĨŽƌĐŽŵŵĞƌĐŝĂů 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