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ĞǀĞůŽƉŵĞŶƚ>>͘dŚĞĂƉƉůŝĐĂŶƚƉƌŽƉŽƐĞƐƚŽĚĞǀĞůŽƉĂϭϳƐƚŽƌǇŵŝǆĞĚƵƐĞĚĞǀĞůŽƉŵĞŶƚǁŚŝĐŚ ŝŶĐůƵĚĞƐĂŚŽƚĞů͕ĂƉĂƌƚŵĞŶƚƐ͕ƌĞƚĂŝůƐƐƉĂĐĞƐĂŶĚƉĂƌŬŝŶŐ͘dŚĞƉƌŽƉĞƌƚǇŝƐůŽĐĂƚĞĚĞĂƐƚŽĨϭƐƚǀĞŶƵĞ Et͕ƐŽƵƚŚŽĨϭƐƚ^ƚƌĞĞƚEtĂŶĚŶŽƌƚŚŽĨtĞƐƚĞŶƚĞƌ^ƚƌĞĞƚ͘ Dƌ͘ŶŐĞůƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚĞĐĞŵďĞƌϭϰ͕ϮϬϭϲ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐ ŽŶĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ Dƌ͘tĂůƚĞƌƐŶŽƚĞĚƚŚĞĚŝƐĐƵƐƐŝŽŶŽĨƚŚĞŚŝƐƚŽƌŝĐĚĞƐƚŝŶĂƚŝŽŶŽĨƚŚĞďƵŝůĚŝŶŐƐŚŽƵůĚďĞĚŝƌĞĐƚĞĚĂƐƉĂƌƚŽĨ ƚŚĞĚĞĐŝƐŝŽŶŵĂĚĞďǇƚŚĞĐŽŵŵŝƐƐŝŽŶ͘ Dƌ͘tĂůƚĞƌƐŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘^ƚƵĂƌƚĂĚƌĂ͕,ĂŵŵĞƐŽŵƉĂŶǇ͕ůŽĐĂƚĞĚĂƚϭϬϮϬZĞŐĞŶƚƐ^ƚƌĞĞƚ͕DĂĚŝƐŽŶtŝƐĐŽŶƐŝŶ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞƉƌĞƐĞŶƚĞĚĂĚĞƚĂŝůĞĚĞǆƉůĂŶĂƚŝŽŶŽĨƚŚĞďƵŝůĚŝŶŐůĂǇŽƵƚŝŶƚĞƌŝŽƌĂŶĚĞǆƚĞƌŝŽƌƵƐĞƐ͖ ƉĂƌŬŝŶŐƵƐĞǁĂƐĚŝƐĐƵƐƐĞĚŝŶƌĞŐĂƌĚƐƚŽĐŽŶƚƌĂĐƚǀĞƌƐƵƐƉƵďůŝĐƉĂƌŬŝŶŐ͘ DƐ͘DĞĞŬĂƐŬĞĚĂďŽƵƚƐŬǇǁĂǇĐŽŶŶĞĐƚŝŽŶŽƉƚŝŽŶ͖ŶŽƚĂƐƵďǁĂǇ͍͘ _3DJH 3DFNHW3J )F ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗ĞĐĞŵďĞƌϭϰ͕ϮϬϭϲ Dƌ͘ĂĚƌĂƐƚĂƚĞĚƚŚĞǇŚĂǀĞůŽŽŬĞĚĂƚďŽƚŚĨĞĂƚƵƌĞƐ͕ďƵƚŚĂǀĞŶŽƚĞǆĞĐƵƚĞĚĂŶǇƉůĂŶƐ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚŝŶƌĞŐĂƌĚƐƚŽƚŚĞĐŽŶƚƌĂĐƚƉĂƌŬŝŶŐǀĞƌƐƵƐƚŽĂůůŽǁŝŶŐƉƵďůŝĐƉĂƌŬŝŶŐ͘ Dƌ͘ŶĚǇDĂƐƚĞƌƉŽůĞ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚ^,͕ϵϭϯ ƚŚǀĞŶƵĞ͕ZŽĐŚĞƐƚĞƌDE͕ĂĚĚƌĞƐƐĞĚƚŚĞĐŽŵŵŝƐƐŝŽŶ͘ ,ĞŶŽƚĞĚƚŚĞĚĞǀĞůŽƉŵĞŶƚŵĞĞƚƐƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞǀĂƌŝŽƵƐŐƵŝĚĞůŝŶĞƐ͕ƐƚƌĞĞƚƐĐĂƉĞĚĞƐŝŐŶ͖ ůĂŶĚƐĐĂƉĞĚĞƐŝŐŶ͖ĂŶĚƐŝƚĞƌĞƉƌĞƐĞŶƚŝŶŐĂ'ĂƚĞǁĂǇƚŽƚŚĞĞŶƚƌĂů^ƚĂƚŝŽŶĂƐĂƵŶŝƋƵĞŝĚĞŶƚŝĨǇďǇƚŚĞ DŐƵŝĚĞůŝŶĞƐ͘ ƚŚ Dƌ͘ĂƌƌǇ^ŬŽůŶŝĐŬ͕ƌĞƐŝĚŝŶŐĂƚϯϭϳϲǀĞŶƵĞ͕ZŽĐŚĞƐƚĞƌDE͕ĂĚĚƌĞƐƐĞĚƚŚĞĐŽŵŵŝƐƐŝŽŶ͘,ĞŝƐ ĐŽŶĐĞƌŶĞĚĂďŽƵƚƚŚĞƵŶĐůĞĂƌĚŝƌĞĐƚŝǀĞŽĨƚŚĞƉƌŽũĞĐƚ͖ĨĞĞůƐƚŚĞƉƌŽũĞĐƚƐŚŽƵůĚďĞƚĂďůĞĚƵŶƚŝůĂĨƚĞƌƚŚĞ ƚŚ :ĂŶƵĂƌǇϭϳŚŝƐƚŽƌǇƉƌĞƐĞƌǀĂƚŝŽŶŵĞĞƚŝŶŐ͘ Dƌ͘WĂƚƌŝĐŬ^ĞĞď͕ůŽĐĂƚĞĚĂƚϭϵϱ^ŽƵƚŚƌŽĂĚǁĂǇ͕ZŽĐŚĞƐƚĞƌ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞŶŽƚĞĚ ƚŚĞǇŚĂǀĞďĞĞŶŝŶĐŽŶƚĂĐƚǁŝƚŚƚŚĞĚĞǀĞůŽƉĞƌ͖ƚŚĞǇŚĂǀĞŶŽƚĨŝŶŝƐŚĞĚƚŚĞŝƌƌĞǀŝĞǁĂĐĐŽƌĚŝŶŐƚŽƚŚĞŝƌ ĐƌŝƚĞƌŝĂ͖ĂŶĚĂƌĞŝŶƚĞƌĞƐƚĞĚŝŶƚŚĞ,WƌĞǀŝĞǁ͘ ƚŚ DƐ͘ŚƌŝƐƚŝŶĞ^ĐŚƵůǌĞ͕ƌĞƐŝĚŝŶŐĂƚϳϯϬϱǀĞŶƵĞ^t͕ZŽĐŚĞƐƚĞƌ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞ ƉƌĞƐĞŶƚĞĚďĂĐŬŐƌŽƵŶĚŝŶĨŽƌŵĂƚŝŽŶĨŽƌƚŚĞĂǇƐ/ŶŶ;ŚĂŶĚŽƵƚŽŶĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐ ĞƉĂƌƚŵĞŶƚͿ͖ŚŝƐƚŽƌŝĐĐƌŝƚĞƌŝĂĨŽƌƚŚĞƐŝƚĞ͖ƌĞĂĚĨƌŽŵƚŚĞϭϬϲ'ƌŽƵƉĚŽĐƵŵĞŶƚƉƌĞƐĞŶƚĞĚƚŽƚŚĞŝƚǇ͘ Dƌ͘:ĂŵĞƐ^ĂĚůĞƌ͕ƌĞƐŝĚŝŶŐĂƚϭϵϲϰtĞƐƚĨŝĞůĚŽƵƌƚ^t͕ZŽĐŚĞƐƚĞƌDE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ ƐƚĂƚĞĚŚĞŽƉĞƌĂƚĞĚƚŚĞĂƌůƚŽŶ,ŽƚĞůĨŽƌϯϬǇĞĂƌƐ͖ĂŶĚŚĞƐƚĂƚĞĚƚŚĞĐƵƌƌĞŶƚĚĂǇĐŽƵůĚŶŽƚƐƵƉƉŽƌƚƚŚĞ ƚǇƉĞŽĨƉĞŽƉůĞĐŽŵŝŶŐƚŽƚŚĞŝƚǇ͘ Dƌ͘:ĞĨĨůůŵĂŶ͕ƌĞƐŝĚŝŶŐĂƚϮϮϰϭ ƐƚǀĞŶƵĞ^t͕ZŽĐŚĞƐƚĞƌ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞŝƐƚŚĞ ĐŚĂŝƌŽĨƚŚĞ,W͕ĂŶĚďĞůŝĞǀĞƐƚŚĞĐŽŵŵŝƐƐŝŽŶŝƐŽŶƚŚĞƌŝŐŚƚƚƌĂĐŬƚŽŵĂŬŝŶŐĂĚĞĐŝƐŝŽŶ͘ Dƌ͘ĂƌƌǇ^ŬŽůŶŝĐŬ͕ƌĞƐŝĚŝŶŐĂƚϯϭϳϲƚǇǀĞŶƵĞ͕ZŽĐŚĞƐƚĞƌ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ ĐŽŵŵĞŶƚĞĚŽŶƚŚĞƌĞ Ͳ ƵƐĞŽĨƚŚĞĞǆŝƐƚŝŶŐďƵŝůĚŝŶŐ͖ŶĞĞĚŝŶŐŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶŽŶƚŚĞďƵŝůĚŝŶŐďĞĨŽƌĞ ŵĂŬŝŶŐĂĚĞĐŝƐŝŽŶ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘tĂůƚĞƌƐĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶŝŶƌĞŐĂƌĚƐƚŽƚŚĞůĂĐŬŽĨĐůĂƌŝƚǇͬĚĞƚĂŝůƐŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚ ƐƵďŵŝƚƚĂů͖ŵŽǀŝŶŐƚŚĞƉƌŽũĞĐƚĨŽƌǁĂƌĚǁŝƚŚƚŚĞĐŽŶĚŝƚŝŽŶƐůŝƐƚĞĚŝŶƚŚĞƐƚĂĨĨƌĞƉŽƌƚďĞĐĂƵƐĞƚŚŝƐŝƐƚŚĞ ƉƌĞůŝŵŝŶĂƌǇƐƚĂŐĞŽĨƚŚĞƉƌŽũĞĐƚ͘ Dƌ͘ƵŶŶĐŽŵŵĞŶƚĞĚƚŚĞWůĂŶŶŝŶŐƐƚĂĨĨŝƐĂĚĚŝŶŐŵŽƌĞĐŽŶĚŝƚŝŽŶƐĨŽƌĐůĞĂŶĞĚƵƉŝŶƚŚĞĨŝŶĂů ĚĞǀĞůŽƉŵĞŶƚƐƚĂŐĞ͖ďƵƚŝĨĂĚĚŝŶŐŵŽƌĞĐůĂƌŝƚǇĂƚƚŚĞƉƌĞůŝŵŝŶĂƌǇƐƚĂŐĞĂƐƐŝƐƚƐŝŶŵĂŬŝŶŐĂĚĞĐŝƐŝŽŶƐƚŚĞŶ ĨŽůůŽǁƚŚƌŽƵŐŚƐŚŽƵůĚďĞĚŽŶĞĂƚƉƌĞƐĞŶƚ͘ ŝƐĐƵƐƐŝŽŶĐŽŶƚŝŶƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶŚŽǁƚŽŵŽǀĞĨŽƌǁĂƌĚǁŝƚŚƚŚĞĚĞĐŝƐŝŽŶƚŽďĞŵĂĚĞŽŶƚŚĞ ƉƌŽũĞĐƚ͘ DƐ͘DĞĞŬŵĂĚĞĂŵŽƚŝŽŶƚŽƌĞ Ͳ ŽƉĞŶƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘Dƌ͘^ŝŵƐĞĐŽŶĚĞĚ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϲ Ͳ ϭ͘ Dƌ͘,ŝůůǀŽƚŝŶŐŶĂǇ͘ _3DJH 3DFNHW3J )F ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗ĞĐĞŵďĞƌϭϰ͕ϮϬϭϲ Dƌ͘^ƚƵĂƌƚĂĚƌĂ͕,ĂŵŵĞƐŽŵƉĂŶǇ͕ůŽĐĂƚĞĚĂƚϭϬϮϬZĞŐĞŶƚƐ^ƚƌĞĞƚ͕DĂĚŝƐŽŶtŝƐĐŽŶƐŝŶ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞĞǆƉůĂŝŶĞĚƚŚĞƐĞƚďĂĐŬŽĨƚŚĞĨůŽŽƌƐŽĨƚŚĞďƵŝůĚŝŶŐ͖ƉĂƌŬŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐ͖ĂŶĚĂŶƐǁĞƌĞĚ ƋƵĞƐƚŝŽŶƐĚŝƌĞĐƚĞĚďǇƚŚĞŽŵŵŝƐƐŝŽŶ͘ Dƌ͘^ŝŵƐŵĂĚĞƚŚĞŵŽƚŝŽŶƚŽĐŽŶƚŝŶƵĞηZϮϬϭϲ Ͳ ϬϯϵhWƚŽƚŚĞ:ĂŶƵĂƌǇϭϭ͕ϮϬϭϲWŵĞĞƚŝŶŐ͘ DŽƚŝŽŶĨĂŝůĞĚĨŽƌůĂĐŬŽĨƐĞĐŽŶĚ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘tĂůƚĞƌƐĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘ƵƌƐƚŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚWƌĞůŝŵŝŶĂƌǇWůĂŶηZϮϬϭϲ Ͳ ϬϯϵhWǁŝƚŚƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐĂŶĚĐŽŶĚŝƚŝŽŶƐǁŝƚŚĂŵĞŶĚŵĞŶƚƚŽĐŽŶĚŝƚŝŽŶŶŽ͘ϲ͘ Dƌ͘^ŚĞƌǁŽŽĚƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĨĂŝůĞĚϯ Ͳ ϰ͘DƐ͘DĞĞŬ͕Dƌ͘^ŝŵƐ͕Dƌ͘ 'ŽŽĚĞŶďĞƌŐĞƌĂŶĚDƌ͘tĂůƚĞƌƐǀŽƚŝŶŐŶĂǇ͘ KE/d/KE^͗ ϭ͘WƌŝŽƌƚŽƐƵďŵŝƚƚĂůŽĨƚŚĞ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ&ŝŶĂůWůĂŶ͕ƚŚĞĂƉƉůŝĐĂŶƚƐŚĂůůƌĞĐĞŝǀĞŝƚǇ ĐŽƵŶĐŝůĂƉƉƌŽǀĂůŽĨĂĚĞŵŽůŝƚŝŽŶƉĞƌŵŝƚĨŽƌƚŚĞĞǆŝƐƚŝŶŐďƵŝůĚŝŶŐǁŝƚŚŝŶƚŚĞƉƌŽƉĞƌƚǇ ďŽƵŶĚĂƌǇ͘ Ϯ͘dŚĞ&ŝŶĂůWůĂŶĂƉƉůŝĐĂƚŝŽŶƐŚĂůůƉƌŽǀŝĚĞƚŚĞĨŽůůŽǁŝŶŐŵŽĚŝĨŝĐĂƚŝŽŶƐŽƌĐůĂƌŝĨŝĐĂƚŝŽŶŝŶĐůƵĚĞĚ ŝŶƚŚĞƐƵďŵŝƚƚĂů͗ Ă͘ƵŝůĚŝŶŐƉůĂŶƐƚŚĂƚĐŽƌƌĞƐƉŽŶĚĂŶĚĂƌĞůĂďĞůĞĚǁŝƚŚƚŚĞĐŽƌƌĞĐƚŶƵŵďĞƌŽĨĨůŽŽƌƐĂŶĚ ĐŽŽƌĚŝŶĂƚĞǁŝƚŚƚŚĞƚĂďƵůĂƚŝŽŶƐƉƌŽǀŝĚĞĚ ď͘ƵŝůĚŝŶŐƉůĂŶƐƐŚĂůůƉƌŽǀŝĚĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞĂŵŽƵŶƚŽĨĚĞƚĂŝůƚŽƐŚŽǁƚŚĞĂĐƚƵĂů ĂŵŽƵŶƚŽĨƉĂƌŬŝŶŐďĞŝŶŐƉƌŽƉŽƐĞĚŽŶƚŚĞƉƌŽũĞĐƚ͘ Đ͘ůĞǀĂƚŝŽŶƌĂǁŝŶŐƐŶĞĞĚƚŽƉƌŽƉĞƌůǇĚŽĐƵŵĞŶƚƚŚĞŶƵŵďĞƌŽĨĨůŽŽƌƐĂŶĚƚŚĞ ĐŽƌƌĞƐƉŽŶĚŝŶŐŚĞŝŐŚƚŽĨƚŚĞďƵŝůĚŝŶŐƚŽƚŚĞƚŽƉŽĨƚŚĞƉĞŶƚŚŽƵƐĞůĞǀĞů͘ Ě͘^ŝƚĞWůĂŶϭ͘ϬƐŚĂůůďĞƵƉĚĂƚĞĚƚŽƉƌŽǀŝĚĞĚŝŵĞŶƐŝŽŶƐĚŽĐƵŵĞŶƚŝŶŐƚŚĞƉƌŽƉŽƐĞĚ ƉƵďůŝĐƌĞĂůŵƐƉĂĐĞƐ;ƐŝĚĞǁĂůŬǁŝĚƚŚƐ͕ďƵĨĨĞƌĂƌĞĂƐ͕ĂŵĞŶŝƚŝĞƐǌŽŶĞƐůĂŶĚƐĐĂƉĞĂƌĞĂƐͿ ĂůŽŶŐƚŚĞƉƵďůŝĐƌŽĂĚǁĂǇĨƌŽŶƚĂŐĞƐ Ğ͘^ŝƚĞWůĂŶϭ͘ϬƐŚĂůůďĞƵƉĚĂƚĞĚƚŽƉƌŽǀŝĚĞĂĚĚŝƚŝŽŶĂůĚĞƚĂŝůŽŶŚŽǁƚŚĞůŽĂĚŝŶŐ ĚŽĐŬƐͬĚĞůŝǀĞƌǇĂƌĞĂǁŝůůĨƵŶĐƚŝŽŶ͘ Ĩ͘^ŝƚĞWůĂŶϭ͘ϬƐŚĂůůďĞƵƉĚĂƚĞĚƚŽƉƌŽǀŝĚĞĂĚĚŝƚŝŽŶĂůĚĞƚĂŝůŽŶƚŚĞƐĞƚďĂĐŬĚŝŵĞŶƐŝŽŶ͕ ĨƵŶĐƚŝŽŶ͕ŵĂƚĞƌŝĂůƐĂŶĚƵƐĞŽĨƚŚĞĂƌĞĂďĞƚǁĞĞŶƚŚĞƉƌŽƉŽƐĞĚďƵŝůĚŝŶŐĂŶĚƉƵďůŝĐ ĂůůĞǇ͘ Ő͘^ŝƚĞWůĂŶϭ͘ϬƐŚĂůůďĞƵƉĚĂƚĞĚƚŽƉƌŽǀŝĚĞĚŝŵĞŶƐŝŽŶƐŽĨƚŚĞƉƵďůŝĐƐƉĂĐĞƐŝĚĞŶƚŝĨŝĞĚ ǁŝƚŚŝŶƚŚĞƉƌŽũĞĐƚďŽƵŶĚĂƌǇ͕ŝĚĞŶƚŝĨŝĞĚĂƐƉĂǀĞƌƐŽŶƚŚĞƐŝƚĞƉůĂŶ͘ Ś͘^ŝƚĞWůĂŶϭ͘ϬƐŚĂůůďĞƵƉĚĂƚĞĚƚŽĚŽĐƵŵĞŶƚĐŽŵƉůŝĂŶĐĞĨŽƌƚŚĞĚƌŽƉŽĨĨĂƌĞĂ Ɛƚ ŝĚĞŶƚŝĨŝĞĚĂůŽŶŐϭǀĞŶƵĞEt ŝ͘^ƚƌĞĞƚƐĐĂƉĞWůĂŶϮ͘ϬƐŚĂůůďĞƵƉĚĂƚĞĚƚŽŝĚĞŶƚŝĨǇƚŚĞƋƵĂŶƚŝƚǇŽĨďŝŬĞƌĂĐŬƐ͕ďĞŶĐŚĞƐ͕ ƌĞĐǇĐůŝŶŐĐŽŶƚĂŝŶĞƌƐ͕ƚƌĂƐŚĐŽŶƚĂŝŶĞƌƐŝĚĞŶƚŝĨŝĞĚĂƚĞĂĐŚůŽĐĂƚŝŽŶ͘ ũ͘^ƚƌĞĞƚƐĐĂƉĞWůĂŶϮ͘ϬƐŚĂůůƉƌŽǀŝĚĞĂĚĚŝƚŝŽŶĂůĚĞƚĂŝůƐƌĞŐĂƌĚŝŶŐĨĞŶĐĞΘĐƵƌďďĞŝŶŐ ƉƌŽƉŽƐĞĚĂƌŽƵŶĚďŽƵůĞǀĂƌĚƚƌĞĞƐ͘ ϯ͘dŚĞ&ŝŶĂůWůĂŶƐƵďŵŝƚƚĂůƐŚĂůůŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐ͗ Ă͘ĚĞƚĂŝůĞĚůŝŐŚƚŝŶŐĂŶĚƉŚŽƚŽŵĞƚƌŝĐƉůĂŶǁŚŝĐŚĐŽŵƉůŝĞƐǁŝƚŚƚŚĞƉƌŽƉŽƐĞĚƐƚĂŶĚĂƌĚƐ͘ _3DJH 3DFNHW3J )F ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗ĞĐĞŵďĞƌϭϰ͕ϮϬϭϲ ď͘ĚĞƚĂŝůĞĚůĂŶĚƐĐĂƉĞƉůĂŶǁŚŝĐŚŝŶĐůƵĚĞƐŝŶĨŽƌŵĂƚŝŽŶŽŶƉƌŽũĞĐƚůĂŶĚƐĐĂƉŝŶŐ͕ƉůĂŶƚŝŶŐ ĚĞƚĂŝůƐĂŶĚďŽƵůĞǀĂƌĚƚƌĞĞƐ͘ Đ͘ĚĞƚĂŝůĞĚŵĂƚĞƌŝĂůƐƉůĂŶĨŽƌƚŚĞĞǆƚĞƌŝŽƌŽĨƚŚĞďƵŝůĚŝŶŐ͕ 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ƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚǁŝůůƌĞƐƵůƚŝŶŽǀĞƌŽŶĞĂĐƌĞŽĨĚŝƐƚƵƌďĞĚĂƌĞĂĂŶĚ ƚŚĞƌĞĨŽƌĞƐƚŽƌŵǁĂƚĞƌƋƵĂůŝƚǇǁŝůůŶĞĞĚƚŽďĞĂĚĚƌĞƐƐĞĚ͘/ŶĐŽŵƉĂƌŝƐŽŶƚŽƚŚĞ ĞǆŝƐƚŝŶŐĐŽŶĚŝƚŝŽŶƐ͕ƚŚĞƉƌŽƉŽƐĞĚŐƌĞĞŶƌŽŽĨĂŶĚĂĚĚŝƚŝŽŶĂůůĂŶĚƐĐĂƉŝŶŐ ƐƵƌƌŽƵŶĚŝŶŐƚŚĞďƵŝůĚŝŶŐǁŝůůƉƌŽǀŝĚĞƚŚĞƌĞƋƵŝƌĞĚƋƵĂůŝƚǇĐŽŶƚƌŽů ƌĞƋƵŝƌĞŵĞŶƚƐ͘ŶŽŶͲĞŐƌĂĚĂƚŝŽŶĂŶĂůǇƐŝƐǁŝůůďĞƉĞƌĨŽƌŵĞĚƚŽĞŶƐƵƌĞƚŚĂƚ ƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŚĂƐŶŽŶĞŐĂƚŝǀĞŝŵƉĂĐƚƚŽƐƚŽƌŵǁĂƚĞƌƋƵĂůŝƚǇ͘ Ϯ 3DFNHW3J )G /ŶĂĚĚŝƚŝŽŶƚŽƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĚĞƐŝŐŶƌĞƋƵŝƌĞŵĞŶƚƐ͕ĂŶĚĚƵĞƚŽƚŚĞ x ĚŝƐƚƵƌďĂŶĐĞŽĨŵŽƌĞƚŚĂŶŽŶĞĂĐƌĞŽŶƚŚĞƐŝƚĞ͕ĂEĂƚŝŽŶĂůWŽůůƵƚĂŶƚŝƐĐŚĂƌŐĞ ůŝŵŝŶĂƚŝŽŶ^ǇƐƚĞŵ;EW^ͿƉĞƌŵŝƚǁŝůůďĞƌĞƋƵŝƌĞĚƚŚƌŽƵŐŚƚŚĞDŝŶŶĞƐŽƚĂ WŽůůƵƚŝŽŶŽŶƚƌŽů;DWͿŐĞŶĐǇ͘^ƚŽƌŵtĂƚĞƌWŽůůƵƚŝŽŶWƌĞǀĞŶƚŝŽŶWůĂŶ ;^tWWWͿŵĞĞƚŝŶŐƚŚĞDWƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƉƌŽǀŝĚŝŶŐƚŚĞƌĞƋƵŝƌĞĚĞƌŽƐŝŽŶ ĂŶĚƐĞĚŝŵĞŶƚĂƚŝŽŶĐŽŶƚƌŽůŵĞĂƐƵƌĞƐǁŝůůďĞƉĂƌƚŽĨƚŚĞ^tWWW͘ ^ƚŽƌŵǁĂƚĞƌYƵĂŶƚŝƚǇĂŶĚZĞůĞĂƐĞZĂƚĞ ZĂƚĞĐŽŶƚƌŽůŝƐƌĞƋƵŝƌĞĚŽŶƚŚŝƐĚĞǀĞůŽƉŵĞŶƚĂŶĚǁŝůůŚĂǀĞƚŽďĞůĞƐƐƚŚĂŶŽƌ x ŵĞĞƚƚŚĞĞǆŝƐƚŝŶŐĐŽŶĚŝƚŝŽŶƐ͘dŚĞĞǆŝƐƚŝŶŐƐŝƚĞƐŚĞĞƚĨůŽǁƐŽǀĞƌŝŵƉĞƌǀŝŽƵƐ ƉĂƌŬŝŶŐůŽƚĂƚϮ͘ϳйƚŽƌŽĂĚǁĂǇǀĞŶƵĞ͘dŚĞƌĞŝƐŽŶĞĞǆŝƐƚŝŶŐĐĂƚĐŚďĂƐŝŶŽŶ ƌŽĂĚǁĂǇǀĞŶƵĞƚŚĂƚŚĂŶĚůĞƐƚŚĞĞǆŝƐƚŝŶŐĨůŽǁ͘ƐƉƌĞĂĚĂŶĂůǇƐŝƐǁŝůůďĞ ĐŽŶĚƵĐƚĞĚĨŽƌĞǆŝƐƚŝŶŐĂŶĚƉƌŽƉŽƐĞĚĐŽŶĚŝƚŝŽŶƐĂůŽŶŐƌŽĂĚǁĂǇǀĞŶƵĞƚŽ ĞŶƐƵƌĞĐŽŵƉůŝĂŶĐĞǁŝƚŚŝƚǇƐƚĂŶĚĂƌĚƐ͘ůŽŶŐǁŝƚŚƚŚĞƐƉƌĞĂĚĂŶĂůǇƐŝƐ͕ĂǁŝŶĚ ďůŽǁŶĂŶĂůǇƐŝƐǁŝůůďĞĐŽŶĚƵĐƚĞĚĨŽƌƚŚĞďƵŝůĚŝŶŐƚŽĂĐĐŽƵŶƚĨŽƌƌĂŝŶĨĂůů ĐŽŵŝŶŐŽĨĨƚŚĞĨĂĐĞŽĨƚŚĞďƵŝůĚŝŶŐĂůŽŶŐƌŽĂĚǁĂǇǀĞŶƵĞ͘ /ĨŝƚŝƐĚĞƚĞƌŵŝŶĞĚƚŚĂƚƉƵďůŝĐƵƚŝůŝƚŝĞƐŶĞĞĚƚŽďĞĞǆƚĞŶĚĞĚ͕ĂŝƚǇͬKǁŶĞƌ x ĐŽŶƚƌĂĐƚǁŝůůďĞƌĞƋƵŝƌĞĚ͘ŝƚǇWƵďůŝĐtŽƌŬƐǁŝůůƌĞǀŝĞǁĂŶĚĂƉƉƌŽǀĞƚŚĞƉůĂŶƐ͘ 'ĞŽůŽŐŝĐ,ĂǌĂƌĚƐ͗ ;ϮͿdŚĞĞǆŝƐƚĞŶĐĞŽĨĂƌĞĂƐŽĨŶĂƚƵƌĂůŽĨŐĞŽůŽŐŝĐŚĂǌĂƌĚ͕ƐƵĐŚĂƐƵŶƐƚĂďůĞ ƐůŽƉĞƐ͕ƐŝŶŬŚŽůĞƐ͕ĨůŽŽĚƉůĂŝŶ͕ĞƚĐ͕͘ŚĂǀĞďĞĞŶŝĚĞŶƚŝĨŝĞĚĂŶĚƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƐĞ ĂƌĞĂƐŚĂƐďĞĞŶƚĂŬĞŶŝŶƚŽĂĐĐŽƵŶƚŽƌǁŝůůďĞĂĚĚƌĞƐƐĞĚŝŶƚŚĞWŚĂƐĞ//WůĂŶƐ͘ WƌĞůŝŵŝŶĂƌǇďŽƌŝŶŐƐƐƵŐŐĞƐƚƚŚĞƉŽƚĞŶƚŝĂůŽĨĞǆŝƐƚŝŶŐĂŶĚĂďĂŶĚŽŶĞĚďƵŝůĚŝŶŐ x ĨŽƵŶĚĂƚŝŽŶƐ͘EŽŽƚŚĞƌŐĞŽůŽŐŝĐĂůŚĂǌĂƌĚƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚ͘ EĂƚƵƌĂů&ĞĂƚƵƌĞƐ͗ ;ϯͿ&ŽƌĚĞǀĞůŽƉŵĞŶƚƐŝŶǀŽůǀŝŶŐŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶ͕ƚŚĞĂƌƌĂŶŐĞŵĞŶƚŽĨ ďƵŝůĚŝŶŐƐ͕ƉĂǀĞĚĂƌĞĂƐĂŶĚŽƉĞŶƐƉĂĐĞŚĂƐ͕ƚŽƚŚĞĞǆƚĞŶƚƉƌĂĐƚŝĐĂů͕ƵƚŝůŝǌĞĚƚŚĞĞǆŝƐƚŝŶŐ ƚŽƉŽŐƌĂƉŚǇĂŶĚĞǆŝƐƚŝŶŐĚĞƐŝƌĂďůĞǀĞŐĞƚĂƚŝŽŶŽĨƚŚĞƐŝƚĞ͘ dŚĞŶĂƚƵƌĂůĨĞĂƚƵƌĞƐŽĨƚŚĞƐŝƚĞǁŽƌŬǁĞůůĂƐĞǆŝƐƚŝŶŐƚŽƉŽŐƌĂƉŚǇŝƐĂŶĂĚǀĂŶƚĂŐĞ x ƚĂŬĞŶĂƐƉĂƌƚŽĨƚŚĞĚĞƐŝŐŶƐŽůƵƚŝŽŶƉƌŽǀŝĚŝŶŐĂĐĐĞƐƐƚŽĂŵƵůƚŝͲƐƚŽƌǇŐĂƌĂŐĞƚŚĂƚŝƐ Ɛƚ ĐŽŶĐĞĂůĞĚďǇĂĐƚŝǀĞƵƐĞƐĂƚϭǀĞŶƵĞĂŶĚƌŽĂĚǁĂǇ͘ dƌĂĨĨŝĐ'ĞŶĞƌĂƚŝŽŶ/ŵƉĂĐƚ͗ ;ϰͿŶƚŝĐŝƉĂƚĞĚƚƌĂĨĨŝĐŐĞŶĞƌĂƚĞĚďǇƚŚĞĚĞǀĞůŽƉŵĞŶƚǁŝůůŶŽƚ ĐĂƵƐĞƚŚĞĐĂƉĂĐŝƚǇŽĨĂĚũĂĐĞŶƚƐƚƌĞĞƚƐƚŽďĞĞǆĐĞĞĚĞĚĂŶĚĐŽŶĐĞƉƚƵĂůŝŵƉƌŽǀĞŵĞŶƚƐƚŽ ƌĞĚƵĐĞƚŚĞŝŵƉĂĐƚŽĨĂĐĐĞƐƐƉŽŝŶƚƐŽŶƚŚĞƚƌĂĨĨŝĐĨůŽǁŽĨĂĚũĂĐĞŶƚƐƚƌĞĞƚƐŚĂǀĞďĞĞŶ ŝĚĞŶƚŝĨŝĞĚǁŚĞƌĞŶĞĞĚĞĚ͘ tĞĚŽŶŽƚĂŶƚŝĐŝƉĂƚĞƚŚĞƚƌĂĨĨŝĐŐĞŶĞƌĂƚĞĚďǇƚŚĞƉƌŽũĞĐƚƚŽĐĂƵƐĞƚŚĞĐĂƉĂĐŝƚǇŽĨƚŚĞ x ĂĚũŽŝŶŝŶŐƐƚƌĞĞƚƐƚŽĞǆĐĞĞĚĐĂƉĂĐŝƚǇ͘ ,ĞŝŐŚƚ/ŵƉĂĐƚƐ͗ ;ϱͿ&ŽƌĚĞǀĞůŽƉŵĞŶƚƐŝŶǀŽůǀŝŶŐŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶ͕ƚŚĞŚĞŝŐŚƚƐĂŶĚ ƉůĂĐĞŵĞŶƚŽĨƉƌŽƉŽƐĞĚƐƚƌƵĐƚƵƌĞƐĂƌĞĐŽŵƉĂƚŝďůĞǁŝƚŚƚŚĞƐƵƌƌŽƵŶĚŝŶŐĚĞǀĞůŽƉŵĞŶƚ͘ &ĂĐƚŽƌƐƚŽĐŽŶƐŝĚĞƌŝŶĐůƵĚĞ͗ ĂͿdŚĞƐƚƌƵĐƚƵƌĞƐǁŝůůŶŽƚĚĞŶǇĂĚĞƋƵĂƚĞƐƵŶůŝŐŚƚƚŽƐƵƌƌŽƵŶĚŝŶŐƉƌŽƉĞƌƚŝĞƐ͘ ϯ 3DFNHW3J )G Ɛƚ dŚĞƉƌŽũĞĐƚŝƐďŽƵŶĚĞĚďǇĂƉƵďůŝĐƌŽĂĚŽŶƚǁŽƐŝĚĞƐ͕ϭǀĞŶƵĞĂŶĚƌŽĂĚǁĂǇĂŶĚ x ĂŶĂůůĞǇŽŶƚŚĞŶŽƌƚŚ͘tŝƚŚƉƵďůŝĐƌŝŐŚƚƐŽĨǁĂǇŽŶƚŚĞĞĂƐƚĂŶĚǁĞƐƚĂŶĚĂůĂƌŐĞ ĂůůĞǇŽŶƚŚĞŶŽƌƚŚƚŚĞďƵŝůĚŝŶŐŚĂƐŵŝŶŝŵĂůŝŵƉĂĐƚƚŽĂĚũŽŝŶŝŶŐƉƌŽƉĞƌƚŝĞƐ͕ĞƐƉĞĐŝĂůůǇ ǁŚĞŶƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƵƌďĂŶƉůĂŶŶŝŶŐĐŽŶƚĞǆƚ͘dŚĞƌĞŝƐĂƐŵĂůůƌĞƚĂŝůďƵŝůĚŝŶŐƚŽ ƚŚĞEŽƌƚŚĞĂƐƚĂŶĚĂƐƵƌĨĂĐĞƉĂƌŬŝŶŐůŽƚĨŽƌƚŚĞďĂŶŬƚŽƚŚĞEŽƌƚŚǁĞƐƚǁŚŝĐŚǁŝůů ƌĞĐĞŝǀĞƐŚĂĚŽǁƐŽĨǀĂƌǇŝŶŐĚĞŐƌĞĞƐĨƌŽŵ^ĞƉƚĞŵďĞƌƚŽDĂƌĐŚ͘ƐŚĂĚŽǁƐƚƵĚǇ ĚƌĂǁŝŶŐŚĂƐďĞĞŶƉƌŽǀŝĚĞĚĂĐĐŽŵƉĂŶǇŝŶŐƚŚŝƐƐƵďŵŝƚƚĂůĨŽƌƌĞĨĞƌĞŶĐĞ͘ ďͿdŚĞƐŝƚƚŝŶŐŽĨƚŚĞƐƚƌƵĐƚƵƌĞƐǁŝůůŶŽƚĚĞƐƚƌŽǇǀŝĞǁƐĨƌŽŵƚŚĞƉƌŝŵĂƌǇĞǆƉŽƐƵƌĞƐŽĨ ĂĚũĂĐĞŶƚƌĞƐŝĚĞŶƚŝĂůĚǁĞůůŝŶŐƐ͘ EŽ͘ x ^ĞƚďĂĐŬƐ ;ϲͿ͗&ŽƌĚĞǀĞůŽƉŵĞŶƚƐŝŶǀŽůǀŝŶŐŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶ͕ƉƌŽƉŽƐĞĚƐĞƚďĂĐŬƐĂƌĞƌĞůĂƚĞĚ ƚŽďƵŝůĚŝŶŐŚĞŝŐŚƚĂŶĚďƵůŬŝŶŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĂƚƌĞƋƵŝƌĞĚĨŽƌƉĞƌŵŝƚƚĞĚƵƐĞƐ ŝŶƚŚĞƵŶĚĞƌůǇŝŶŐǌŽŶŝŶŐĚŝƐƚƌŝĐƚ͘ dŚĞƐĞƚďĂĐŬƐƚŽƚŚĞƐƚƌƵĐƚƵƌĞŵĞĞƚŽƌĞǆĐĞĞĚƚŚĞŵŝŶŝŵƵŵƐĞƚďĂĐŬƌĞƋƵŝƌĞŵĞŶƚƐŽĨ x ƚŚĞͲ&ZǌŽŶĞĚĚŝƐƚƌŝĐƚ͘ /ŶƚĞƌŶĂů^ŝƚĞĞƐŝŐŶ͗ ;ϳͿ&ŽƌĚĞǀĞůŽƉŵĞŶƚƐŝŶǀŽůǀŝŶŐŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶ͕ƚŚĞƉƌĞůŝŵŝŶĂƌǇƐŝƚĞ [[576,1392,589,1445][11][,I,][Arial]] ůĂǇŽƵƚŝŶĚŝĐĂƚĞƐĂĚĞƋƵĂƚĞďƵŝůĚŝŶŐƐĞƉĂƌĂƚŝŽŶĂŶĚĚĞƐŝƌĂďůĞŽƌŝĞŶƚĂƚŝŽŶŽĨƚŚĞďƵŝůĚŝŶŐƐ ƚŽŽƉĞŶƐƉĂĐĞƐ͕ƐƚƌĞĞƚĨƌŽŶƚĂŐĞƐŽƌŽƚŚĞƌĨŽĐĂůƉŽŝŶƚƐ͘ dŚĞƐŝŶŐůĞƐƚƌƵĐƚƵƌĞŽĨĨŝǀĞĨůŽŽƌƐŽĨƌĞƐŝĚĞŶƚŝĂůŽǀĞƌĂƉĂƌŬŝŶŐŐĂƌĂŐĞŝƐŽƌŝĞŶƚĞĚǁŝƚŚ x ƚŚĞƉŽŽůĚĞĐŬƚŽǁĂƌĚƐƚŚĞǁĞƐƚƚŽƉƌŽǀŝĚĞĂǀŝƐŝƚŽƌŽĨĚŽǁŶƚŽǁŶZŽĐŚĞƐƚĞƌƐŬǇůŝŶĞĂƐ ǁĞůůĂƐĂŶŽǀĞƌǀŝĞǁƉĂƚŝŽ͘/ŶĂĚĚŝƚŝŽŶĂƐĞĐŽŶĚĐŽƵƌƚǇĂƌĚŚĂƐďĞĞŶƉƌŽǀŝĚĞĚŽŶƚŚĞ ƐŽƵƚŚĨŽƌƐƵŶůŝŐŚƚĂŶĚǀŝĞǁƐŽǀĞƌůŽŽŬŝŶŐƚŚĞƵŵďƌŽZŝǀĞƌ͘ ^ĐƌĞĞŶŝŶŐĂŶĚƵĨĨĞƌŝŶŐ͗ ;ϴͿdŚĞĐŽŶĐĞƉƚƵĂůƐĐƌĞĞŶŝŶŐĂŶĚďƵĨĨĞƌǇĂƌĚƐƉƌŽƉŽƐĞĚĂƌĞ [[576,1889,589,1942][11][,I,][Arial]] ĂĚĞƋƵĂƚĞƚŽƉƌŽƚĞĐƚƚŚĞƉƌŝǀĂĐǇŽĨƌĞƐŝĚĞŶƚƐŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚŽƌƐƵƌƌŽƵŶĚŝŶŐ ƌĞƐŝĚĞŶƚŝĂůĂƌĞĂƐĨƌŽŵƚŚĞŝŵƉĂĐƚŽĨŝŶƚĞƌŝŽƌƚƌĂĨĨŝĐĐŝƌĐƵůĂƚŝŽŶĂŶĚƉĂƌŬŝŶŐĂƌĞĂƐ͕ƵƚŝůŝƚǇ ĂƌĞĂƐƐƵĐŚĂƐƌĞĨƵƐĞƐƚŽƌĂŐĞ͕ŶŽŝƐĞŽƌŐůĂƌĞĞǆĐĞĞĚŝŶŐƉĞƌŵŝƐƐŝďůĞƐƚĂŶĚĂƌĚƐ͕ƉŽƚĞŶƚŝĂů ƐĂĨĞƚǇŚĂǌĂƌĚƐ͕ƵŶǁĂŶƚĞĚƉĞĚĞƐƚƌŝĂŶͬďŝĐǇĐůĞĂĐĐĞƐƐ͕ŽƌƚŽƐƵďĚƵĞĚŝĨĨĞƌĞŶĐĞƐŝŶ ĂƌĐŚŝƚĞĐƚƵƌĞĂŶĚďƵůŬďĞƚǁĞĞŶĂĚũĂĐĞŶƚůĂŶĚƵƐĞƐ͘ ůůŽĨƚŚĞƉĂƌŬŝŶŐĨŽƌƚŚĞƉƌŽũĞĐƚŝƐĞŶĐůŽƐĞĚĂƐĂŶƵŶĚĞƌŐƌŽƵŶĚƉĂƌŬŝŶŐŐĂƌĂŐĞ͘dŚĞ x ƐƚƌƵĐƚƵƌĞŝƐƐĐƌĞĞŶĞĚďǇĂůůĞǇǁĂǇŽŶƚŚĞŶŽƌƚŚ͕ƌĞƚĂŝůŽŶƚŚĞǁĞƐƚĂŶĚĂĐƚŝǀĞƌĞƐŝĚĞŶƚ ƵƐĞƐŽŶƚŚĞĞĂƐƚ͘ ůĂŶĚƐĐĂƉĞĚͬŽƉĞŶƐƉĂĐĞĂƌĞĂŝƐƉůĂŶŶĞĚĂůŽŶŐƚŚĞƐŽƵƚŚƐŝĚĞŽĨƚŚĞďƵŝůĚŝŶŐĂĚũĂĐĞŶƚ x ƚŽƚŚĞĨŝƌĞƐƚĂƚŝŽŶ͘ Ɛƚ ůĂŶĚƐĐĂƉĞĚƉĞĚĞƐƚƌŝĂŶůŝŶŬďĞƚǁĞĞŶϭǀĞŶƵĞĂŶĚƌŽĂĚǁĂǇŝƐƉůĂŶŶĞĚĨŽƌƚŚĞ x EŽƌƚŚƐŝĚĞŽĨƚŚĞƐƚƌƵĐƚƵƌĞǁŝƚŚƵƉŐƌĂĚĞĚŵĂƐŽŶƌǇŵĂƚĞƌŝĂůƐ͘ ůůƚƌĂƐŚĞŶĐůŽƐƵƌĞƐǁŝůůďĞůŽĐĂƚĞĚŝŶƐŝĚĞƚŚĞďƵŝůĚŝŶŐ͘ x dŚĞĞǆƚĞƌŝŽƌĨŝŶŝƐŚĞƐŽĨƚŚĞƐƚƌƵĐƚƵƌĞǁŝůůĐŽŶƐŝƐƚŽĨŚŝŐŚŽĨƵƚŝůŝƚǇĚƵƌĂďůĞŵĂƚĞƌŝĂůƐ x ƐƵĐŚďƌŝĐŬŽŶƚŚĞŶŽƌƚŚĂŶĚƉĂŝŶƚĞĚƉƌĞĐĂƐƚĐŽŶĐƌĞƚĞƉĂŶĞůƐǁŝƚŚƌĞǀĞĂůƐŽŶƚŚĞƐŽƵƚŚ ƚŽďƌĞĂŬĚŽǁŶƚŚĞŵĂƐƐŝŶŐ͘ ϰ 3DFNHW3J )G KƌĚŝŶĂŶĐĞZĞƋƵŝƌĞŵĞŶƚƐ͗ ;ϵͿdŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝŶĐůƵĚĞƐĂĚĞƋƵĂƚĞĂŵŽƵŶƚƐŽĨ [[576,362,589,415][11][,I,][Arial]] ŽĨĨͲƐƚƌĞĞƚƉĂƌŬŝŶŐĂŶĚůŽĂĚŝŶŐĂƌĞĂƐĂŶĚ͕ŝŶƚŚĞĐĂƐĞŽĨŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶ͕ƚŚĞƌĞŝƐ ĂĚĞƋƵĂƚĞůĂŶĚƐĐĂƉĞĚĂƌĞĂƚŽŵĞĞƚŽƌĚŝŶĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐ͘ dŚĞƚŽƚĂůƉĂƌŬŝŶŐƐƚĂůůƐƉƌŽǀŝĚĞĚŝŶƚŚĞŐĂƌĂŐĞŝƐŽŶĞƐƚĂůůƉĞƌƵŶŝƚ͘/ŶĂŶĂĚĚŝƚŝŽŶĂůϳ x Ɛƚ ƐƚĂůůƐ͕ŚĂǀĞďĞĞŶƉůĂŶŶĞĚĨŽƌǀŝƐŝƚŽƌͬƌĞƚĂŝůƉĂƌŬŝŶŐŽŶϭǀĞŶƵĞ͘>ĂŶĚƐĐĂƉŝŶŐ ŝŶĐůƵĚĞƐďƵĨĨĞƌǇĂƌĚůĂŶĚƐĐĂƉŝŶŐŽŶƚŚĞŶŽƌƚŚĂŶĚƐŽƵƚŚ͕ǁŝƚŚƚŚĞĂĚĚŝƚŝŽŶŽĨƉƌŽƉŽƐĞĚ ŶĞǁůĂŶĚƐĐĂƉŝŶŐŽŶƌŽĂĚǁĂǇŶĞĂƌƚŚĞůŽďďǇĞŶƚƌĂŶĐĞ͘ EŽŶͲsĞŚŝĐƵůĂƌĂŶĚůƚĞƌŶĂƚĞDŽĚĞƐŽĨdƌĂǀĞů͗ ;ϭϬͿdŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝŶĐŽƌƉŽƌĂƚĞƐ ƉĞĚĞƐƚƌŝĂŶŽƌŝĞŶƚĞĚͲƐƉĂĐĞ͕ƉƌŽǀŝĚĞƐĚŝƌĞĐƚĂŶĚĐŽŶǀĞŶŝĞŶƚƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐƚŽƚŚĞ ďƵŝůĚŝŶŐĞŶƚƌĂŶĐĞ;ƐͿĨƌŽŵƉƵďůŝĐƚƌĂŝůƐ͕ƉƵďůŝĐƐŝĚĞǁĂůŬƐ͕ĂŶĚŽŶŽƌŽĨĨͲƐŝƚĞƉĂƌŬŝŶŐĂƌĞĂƐ͕ ŝŶĐŽƌƉŽƌĂƚĞƐĂƉƉƌŽƉƌŝĂƚĞĚƉĞĚĞƐƚƌŝĂŶƐĂĨĞƚǇĨĞĂƚƵƌĞƐ͕ƉƌŽǀŝĚĞƐĐŽŶǀĞŶŝĞŶƚƉĞĚĞƐƚƌŝĂŶ ĂĐĐĞƐƐĨŽƌƚƌĂŶƐŝƚƉĂƚƌŽŶƐ͕Žƌ͕ŝĨĂƉƉƌŽƉƌŝĂƚĞ͕ĂĐĐĞƐƐĨŽƌƚƌĂŶƐŝƚǀĞŚŝĐůĞƐ͕ĂŶĚƉƌŽǀŝĚĞƐ ĂĚĞƋƵĂƚĞďŝĐǇĐůĞĂĐĐĞƐƐ͘ŽŶƐŝĚĞƌĂƚŝŽŶƐŚĂůůĂůƐŽďĞŐŝǀĞŶƚŽƚŚĞĐŽŶƚĞǆƚŽĨƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ;ƚŚĞƵƐĞ͕ůŽĐĂƚŝŽŶ͕ƚǇƉĞŽĨŝŶĚŝǀŝĚƵĂůƐƐĞƌǀĞĚͿ͘ dŚĞƉƌŽũĞĐƚŝƐůŽĐĂƚĞĚĂůŽŶŐϰĚŝƐƚŝŶĐƚĞǆŝƐƚŝŶŐƚƌĂŶƐŝƚƌŽƵƚĞƐ͘ x ĚĞƋƵĂƚĞďŝĐǇĐůĞĐŽŶŶĞĐƚŝǀŝƚǇŝƐƉƌŽǀŝĚĞĚƚŽĂŶĚĂĚũĂĐĞŶƚƚŽƚŚĞƐŝƚĞ͘ŝŬĞƌĂĐŬƐĂƌĞ x ƉƌŽǀŝĚĞĚĂůŽŶŐƚŚĞĂůůĞǇŽŶƚŚĞŶŽƌƚŚĂƐǁĞůůĂƐƐĞĐƵƌĞĚďŝŬĞƌĞƉĂŝƚĂŶĚƐƚŽƌĂŐĞĨŽƌ ƌĞƐŝĚĞŶƚƐǁŝƚŚŝŶƚŚĞďƵŝůĚŝŶŐ͘ƉůƵŐͲŝŶŚǇďƌŝĚĐĂƌƉĂƌŬŝŶŐƐƚĂůůǁŝůůĂůƐŽďĞƉƌŽǀŝĚĞĚ ǁŝƚŚŝŶƚŚĞŐĂƌĂŐĞ͘ ;ϭϭͿ&ŽƌƉƌŽƉĞƌƚŝĞƐůŽĐĂƚĞĚŝŶĂĐŽƌƌŝĚŽƌŽƌƉůĂŶŶŝŶŐĂƌĞĂĨŽƌǁŚŝĐŚĂĚĞƚĂŝůĞĚDĂƐƚĞƌWůĂŶ ŚĂƐďĞĞŶĂĚŽƉƚĞĚďǇƚŚĞŽƵŶĐŝůĂƐĂŶĞůĞŵĞŶƚŽĨƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶ;ŝŶĐůƵĚŝŶŐ ďƵƚŶŽƚůŝŵŝƚĞĚƚŽƚŚĞ^ĞĐŽŶĚ^ƚƌĞĞƚŽƌƌŝĚŽƌWůĂŶͿ͕ƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝƐ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŵĂƚƚĞƌƐĚĞƚĂŝůĞĚŝŶƚŚĞƉůĂŶ͕ƐƵĐŚĂƐƚŚĞĚĞƐŝŐŶĨƌĂŵĞǁŽƌŬ͕ůĂŶĚƵƐĞ 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dŚĞƉƌŽũĞĐƚƉƌŽƉŽƐĞƐƚŽĂĚĚůĂŶĚƐĐĂƉŝŶŐĂůŽŶŐƚŚĞƉĞĚĞƐƚƌŝĂŶůŝŶŬďĞƚǁĞĞŶϭǀĞŶƵĞ x ĂŶĚƌŽĂĚǁĂǇ͘dŚŝƐůĂŶĚƐĐĂƉĞĂŶĚǁĂůŬŝŶŐƉĂƚŚǁŝůůŚĂǀĞƌĞƐĞƌǀĞĚƐƉĂĐĞƐĨŽƌƉƵďůŝĐ ĂƌƚĚŝƐƉůĂǇĂŶĚƐŽĨƚĞŶƚŚĞĐŚĂƌĂĐƚĞƌŽĨŚĞĂǀŝůǇƉĂǀĞĚĂůůĞǇƐŝŶƚŚĞŝŵŵĞĚŝĂƚĞǀŝĐŝŶŝƚǇ͘ ϲ 3DFNHW3J )G tĞĂƌĞƉƌŽƉŽƐŝŶŐƚŽĞůŝŵŝŶĂƚĞƐŽŵĞĞǆŝƐƚŝŶŐƉĂƌĂůůĞůƐƚĂůůƐŽŶƌŽĂĚǁĂǇǁŚŝĐŚĂƌĞŶŽƚ x ŵĞƚĞƌĞĚĂŶĚƉƌŽǀŝĚĞďƵůďŽƵƚĐƵƌďƐŝŶƚŚĞŝƌƉůĂĐĞĂĚũĂĐĞŶƚƚŚĞƌĞƐŝĚĞŶƚůŽďďǇĂŶĚ ĂůůĞǇͬŐĂƌĂŐĞĂĐĐĞƐƐƉŽŝŶƚƐ͘dŚĞƌĞĂƐŽŶĨŽƌƚŚŝƐƐƵŐŐĞƐƚĞĚŝŵƉƌŽǀĞŵĞŶƚƐƵƐƚŽĐƌĞĂƚĞĂ ďĞƚƚĞƌƉĞĚĞƐƚƌŝĂŶĞǆƉĞƌŝĞŶĐĞĂŶĚŵŽƌĞĐŽŵĨŽƌƚĂďůĞƐĞƉĂƌĂƚŝŽŶŽĨƉĞĚĞƐƚƌŝĂŶƐĨƌŽŵ ƚƌĂĨĨŝĐŽŶƌŽĂĚǁĂǇ͘ ϱ͘^ĞĐƵƌŝƚǇŽŶƐĐŝŽƵƐĞƐŝŐŶŝŶĐŽƌƉŽƌĂƚŝŶŐĨĞĂƚƵƌĞƐƐƵĐŚĂƐĞůĞǀĂƚŽƌƐƚŚĂƚĂƌĞǀŝƐŝďůĞĨƌŽŵĂĚũĂĐĞŶƚ ƉƵďůŝĐƐƉĂĐĞƐ͕ŽƵƚĚŽŽƌƐƉĂĐĞƐƚŚĂƚĂƌĞǀŝƐŝďůĞĨƌŽŵƚŚĞůŽďďǇŽƌƚŚĞĚǁĞůůŝŶŐƵŶŝƚƐ͕ĂŶĚƚŚĞ ůŝŐŚƚŝŶŐŽĨƉĂƌŬŝŶŐĂƌĞĂƐ͘ dŚĞůŽďďǇǁŝůůďĞůŽĐĂƚĞĚĂƚƚŚĞŶŽƌƚŚĞĂƐƚĐŽƌŶĞƌŽĨƚŚĞƐŝƚĞŽǀĞƌůŽŽŬŝŶŐƚŚĞƌŽĂĚǁĂǇ x ƐƚƌĞĞƚƐĐĂƉĞǁŚŝůĞƚŚĞƌĞƚĂŝůĂŶĚĐŽŶǀĞŶŝĞŶĐĞƌĞƐŝĚĞŶƚůŽďďǇǁŝůůĐŽŶŶĞĐƚĂŶĚůŽŽŬŽŶƚŽ Ɛƚ ϭǀĞŶƵĞ͘hŶŝƚƐŽŶƚŚĞŶŽƌƚŚǁŝůůůŽŽŬĚŽǁŶĂŶĚŽǀĞƌƚŚĞŶŽƌƚŚĂůůĞǇĂůŽŶŐǁŝƚŚ Ɛƚ ŝŵƉƌŽǀĞĚůŝŐŚƚŝŶŐĂůŽŶŐƚŚĞƉĞĚĞƐƚƌŝĂŶůŝŶŬďĞƚǁĞĞŶϭĂŶĚƌŽĂĚǁĂǇ͘ ϲϮ͘ϲϱϳKEh^^/E>>Z^/Ed/>s>KWDEd͗ WƌŽǆŝŵŝƚǇƚŽEĞŝŐŚďŽƌŚŽŽĚ&ĂĐŝůŝƚŝĞƐ͗EŽƚƉƉůŝĐĂďůĞ ϭ͘ Ϯ͘ĞĚŝĐĂƚŝŽŶŽĨůĂŶĚĨŽƌƉƵďůŝĐƌĞĐƌĞĂƚŝŽŶƵƐĞǁŚŝĐŚŝƐŝŶĞǆĐĞƐƐŽĨĂŶǇŽƌĚŝŶĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚĨŽƌ ƵƐĂďůĞƌĞĐƌĞĂƚŝŽŶƐƉĂĐĞ͘&ĂĐŝůŝƚŝĞƐƚŽďĞĐŽŶƐŝĚĞƌĞĚŝŶĐůƵĚĞƉůĂǇůŽƚƐ͕ŶĞŝŐŚďŽƌŚŽŽĚƉĂƌŬƐ͕ ĐŽŵŵƵŶŝƚǇƉĂƌŬƐ͕ƐƉĞĐŝĂůƵƐĞƉĂƌŬƐ͕ĐŝƚǇƐƋƵĂƌĞƐŽƌƚƌŝĂŶŐůĞƐ͕ƉĂƌŬǁĂǇƐŽƌƚƌĂŝůƐǇƐƚĞŵƐ ƉƌŽǀŝĚŝŶŐĂĐĐĞƐƐƚŽŵĂũŽƌƉƵďůŝĐĨĂĐŝůŝƚŝĞƐŽƌĂůŽŶŐĞŶǀŝƌŽŶŵĞŶƚĂůĐŽƌƌŝĚŽƌƐ͘ Ɛƚ dŚĞƉƌŽũĞĐƚŝƐĚĞƐŝŐŶĞĚƚŽŝŶĐůƵĚĞĂŶĞǁƉĞĚĞƐƚƌŝĂŶĨƌŝĞŶĚůǇůŝŶŬďĞƚǁĞĞŶϭǀĞŶƵĞ x ĂŶĚƌŽĂĚǁĂǇ͘ůŽŶŐƚŚŝƐůŝŶŬĂƌĞĂŝƐƉůĂŶŶĞĚƚŽďĞƌĞƐĞƌǀĞĚĨŽƌĚŝƐƉůĂǇŽĨƉƵďůŝĐĂƌƚ͘ ^ŝƚĞWůĂŶŶŝŶŐ͗ ϱ͘/ŶƚĞŐƌĂƚĞĚĚĞƐŝŐŶŽĨƚŚĞƐŝƚĞ͕ŝŶĚŝǀŝĚƵĂůůŽƚƐĂŶĚĨůŽŽƌƉůĂŶƐƐŽĂƐƚŽƉƌŽǀŝĚĞϭͿĂ ǀĂƌŝĞĚƐƚƌĞĞƚƐĐĂƉĞ;ƚŚƌŽƵŐŚǀĂƌǇŝŶŐŐĂƌĂŐĞĂŶĚĚǁĞůůŝŶŐƵŶŝƚĞŶƚƌĂŶĐĞůŽĐĂƚŝŽŶ͕ůĂŶĚƐĐĂƉĞĚ ĨƌŽŶƚǇĂƌĚƐĚĞƐŝŐŶĞĚĂƐƉĂƌƚŽĨŝŶŝƚŝĂůƉƌŽũĞĐƚ͕ŽƌďƵŝůĚŝŶŐǀĂƌŝĂƚŝŽŶƚŚĂƚĐƌĞĂƚĞŝĚĞŶƚŝƚǇƚŚƌŽƵŐŚ ƚŚĞƵƐĞŽĨĨĞĂƚƵƌĞƐƐƵĐŚĂƐƐĞƚďĂĐŬǀĂƌŝĂƚŝŽŶ͕ĂƌĐŚǁĂǇƐ͕ĐŚŝŵŶĞǇƐŽƌƌĞĐĞƐƐĞĚĂƌĞĂƐͿĂŶĚϮͿ ŝŶĚŝǀŝĚƵĂůƵŶŝƚƉƌŝǀĂĐǇ;ƚŚƌŽƵŐŚŽƌŝĞŶƚĂƚŝŽŶŽĨŵĂũŽƌŝŶĚŽŽƌĂƌĞĂƐƚŽƉƌŝǀĂƚĞŽƵƚĚŽŽƌƐƉĂĐĞƐŽƌ ǁŝŶĚŽǁƉůĂĐĞŵĞŶƚŝŶƐƵĐŚĂŵĂŶŶĞƌƐŽĂƐŶŽƚƚŽĐƌĞĂƚĞƐŝŐŚƚůŝŶĞƐŝŶƚŽŶĞŝŐŚďŽƌŝŶŐƵŶŝƚƐŽƌ ƉƌŝǀĂƚĞŽƵƚĚŽŽƌĂƌĞĂƐ͘ Ɛƚ dŚŝƐƉƌŽũĞĐƚŝƐƉƌŝŵĂƌŝůǇĨƌŽŶƚĞĚďǇƌĞƚĂŝůƵƐĞƐĂůŽŶŐϭǀĞŶƵĞǁŝƚŚŵƵůƚŝƉůĞĞŶƚƌĂŶĐĞƐ x ƉƌŽǀŝĚŝŶŐƐŽŵĞƌĞůŝĞĨƚŽƚŚĞƐƚŽƌĞĨƌŽŶƚ͘'ĂƌĂŐĞĂĐĐĞƐƐĂŶĚĐƵƌďĐƵƚƐŚĂǀĞďĞĞŶ Ɛƚ ĞůŝŵŝŶĂƚĞĨƌŽŵϭĂǀĞŶƵĞŽƚŚĞƌƚŚĂŶǁŚĞƌĞĂŶĞǆŝƐƚŝŶŐƐŚĂƌĞĚĚƌŝǀĞŵƵƐƚƌĞŵĂŝŶ͘ ĚĚŝƚŝŽŶĂůŽŶͲƐƚƌĞĞƚƉĂƌŬŝŶŐƐƚĂůůƐŚĂǀĞďĞĞŶƉůĂŶŶĞĚĨŽƌƉƵďůŝĐƵƐĞƉƌŽǀŝĚŝŶŐ ĐŽŶǀĞŶŝĞŶƚĂĐĐĞƐƐƚŽĨƵƚƵƌĞƌĞƚĂŝůĞƌƐŽĨƚŚĞƐŝƚĞ͘ ϳ 3DFNHW3J )G ϲϮ͘ϲϱϴ>>s>KWDEd͗ >ĂŶĚƐĐĂƉĞŽŶƵƐ͗ ϳ͘ĂĐŚϰйŝŶĐƌĞĂƐĞŝŶƚŚĞůĂŶĚƐĐĂƉĞĂƌĞĂƌĂƚŝŽĂďŽǀĞƚŚĞŵŝŶŝŵƵŵƌĞƋƵŝƌĞ ƐŚĂůůďĞĐŽŶƐŝĚĞƌĞĚĂƐŵĞĞƚŝŶŐƚŚĞĐƌŝƚĞƌŝĂĨŽƌďŽŶƵƐĚĞŶƐŝƚǇͬĨůŽŽƌĂƌĞĂŽƌĂŶŝŶĐƌĞĂƐĞŝŶƉůĂŶƚ ŵĂƚĞƌŝĂůƐƐŽĂƐƚŽĞǆĐĞĞĚŵŝŶŝŵƵŵƌĞƋƵŝƌĞŵĞŶƚƐ͘ dŚĞƉƌŽũĞĐƚƐŚĂůůĞǆŝƐƚŝŶŐƌĞƋƵŝƌĞĚůĂŶĚƐĐĂƉŝŶŐƋƵĂŶƚŝƚŝĞƐǁŚĞŶƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚ͕ x ŝŵƉƌŽǀĞĚůĂŶĚƐĐĂƉŝŶŐĂůŽŶŐƉĞĚĞƐƚƌŝĂŶůŝŶŬ͕ĂŶĚƉƌŽƉŽƐĞĚŶĞǁůĂŶĚƐĐĂƉŝŶŐ ďŽƵůĞǀĂƌĚƐŽŶƌŽĂĚǁĂǇĂŶĚƚŚĞŐƌĞĞŶƌŽŽĚŽŶůĞǀĞůϮ͘ůůůĂŶĚƐĐĂƉŝŶŐĂŶĚƉůĂŶƚŝŶŐ 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ϲϭ͘ϭϰϲ^ƚĂŶĚĂƌĚĨŽƌŽŶĚŝƚŝŽŶĂůhƐĞƐ͗ ^ƵďĚ͘ϮWƌŽǀŝƐŝŽŶƐĨŽƌǀĞŚŝĐƵůĂƌůŽĂĚŝŶŐ͕ƵŶůŽĂĚŝŶŐ͕ƉĂƌŬŝŶŐĂŶĚĨŽƌǀĞŚŝĐƵůĂƌĂŶĚƉĞĚĞƐƚƌŝĂŶĐŝƌĐƵůĂƚŝŽŶ ŽŶƚŚĞƐŝƚĞĂŶĚŽŶƚŽĂĚũĂĐĞŶƚƉƵďůŝĐƐƚƌĞĞƚƐĂŶĚǁĂǇƐǁŝůůĐƌĞĂƚĞŚĂǌĂƌĚƐƚŽƐĂĨĞƚǇ͕ŽƌǁŝůůŝŵƉŽƐĞĂ ƐŝŐŶŝĨŝĐĂŶƚďƵƌĚĞŶƵƉŽŶƉƵďůŝĐĨĂĐŝůŝƚŝĞƐ͘ Ɛƚ KŶĞĞǆŝƐƚŝŶŐĐƵƌďĐƵƚŚĂƐďĞĞŶƌĞŵŽǀĞĚĨƌŽŵϭǀĞŶƵĞ͘ƐŚĂƌĞĚĚƌŝǀĞĐŽŶĚŝƚŝŽŶǁŝůů x ƉƌŽǀŝĚĞĂĐĐĞƐƐƚŽƚŚĞĂĚũĂĐĞŶƚďĂŶŬĂƚŶŽƌƚŚǁĞƐƚĐŽƌŶĞƌĂŶĚƵƉƉĞƌƉĂƌŬŝŶŐŐĂƌĂŐĞ ůĞǀĞů͘ dŚĞĞǆŝƐƚŝŶŐƚǁŽĂůůĞǇƐŽŶƌŽĂĚǁĂǇǁŝůůďĞƌĞĐŽŶĨŝŐƵƌĞĚŝŶƚŽŽŶĞĂůůĞǇĨŽƌƐŚĂƌĞĚƵƐĞ x ďǇƉƌŽƉŽƐĞĚƉƌŽũĞĐƚĨŽƌůŽĂĚŝŶŐĂŶĚƵƚŝůŝƚǇƐĞƌǀŝĐĞƐǁŚŝůĞĂůƐŽƐĞƌǀŝŶŐůŽĐĂůƌĞƚĂŝůĂŶĚ ĐŽŵŵĞƌĐŝĂůƵƐĞƌƐƚŽƚŚĞEŽƌƚŚ͘ KŶŐĂƌĂŐĞĐƵƌďĐƵƚŝƐůŽĐĂƚĞĚŽŶƌŽĂĚǁĂǇƉƌŽǀŝĚŝŶŐĂĐĐĞƐƐƚŽƚŚĞůŽǁĞƌŐĂƌĂŐĞůĞǀĞů x ĂƚƚŚĞůŽǁĞƐƚƉŽŝŶƚŽĨƚŚĞƐŝƚĞƚĂŬŝŶŐĂĚǀĂŶƚĂŐĞŽĨĞǆŝƐƚŝŶŐƚŽƉŽŐƌĂƉŚǇ͘ tĞĚŽŶŽƚďĞůŝĞǀĞĂŶǇƚƌĂĨĨŝĐĂŶĚƐĂĨĞƚǇŚĂǌĂƌĚƐǁŝůůďĞĐƌĞĂƚĞĚďǇƚŚĞƉƌŽƉŽƐĞĚ x ƉƌŽũĞĐƚ͘ ϴ 3DFNHW3J )G ^ƵďĚ͘ϯdŚĞƐŝƚĞƉůĂŶĨĂŝůƐƚŽƉƌŽǀŝĚĞƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐƚŽĂŶǇĐƵƐƚŽŵĞƌͬƚĞŶĂŶƚŝŶŐƌĞƐƐͬĞŐƌĞƐƐŽĨƚŚĞ ďƵŝůĚŝŶŐ͕ŝŶĐůƵĚŝŶŐĨƌŽŵĂƉƵďůŝĐƌŝŐŚƚŽĨǁĂǇĂŶĚŽĨĨͲƐƚƌĞĞƚƉĂƌŬŝŶŐĂƌĞĂƚŚĂƚƐĞƌǀĞƐƚŚĞƵƐĞŝŶĂŵĂŶŶĞƌ 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ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗ĞĐĞŵďĞƌϭϰ͕ϮϬϭϲ Dƌ͘^ĞĞďŶŽƚĞĚŚĞƚŚŝƐŚĂƐŶŽƚďĞĞŶƵŶĚĞƌƚĂŬĞŶĂƐŽĨǇĞƚ͖ƚŚĞĚĞƐŝŐŶŐƵŝĚĞůŝŶĞƐĂƌĞŝŶĚƌĂĨƚĨŽƌŵĂŶĚ ĂƌĞĐŽŶƚŝŶƵŝŶŐƚŽǁŽƌŬƚŚƌŽƵŐŚĐŽŵŵƵŶŝƚǇƌĞǀŝĞǁ͘ Dƌ͘tĂůƚĞƌƐĂĚĚƌĞƐƐĞĚƐƚĂĨĨĨŽƌƚŚĞƐĞƚďĂĐŬĨŽƌƚŚĞƐŝĚĞǁĂůŬ͘ Dƌ͘:ŽŚŶƐŽŶŶŽƚĞĚƚŚŝƐŝƐĐŽƌƌĞĐƚ͕ƐŝĚĞǇĂƌĚƐĂŶĚĨƌŽŶƚǇĂƌĚĂƌĞǌĞƌŽ͘ Dƌ͘,ŝůůĐŽŵŵĞŶƚĞĚŽŶĂĐŽƵƉůĞĐƌŝƚĞƌŝĂŝƚĞŵƐŶŽƚďĞŝŶŐŵĞƚ͕ĂƐŬŝŶŐĨŽƌĂƌĞƐƉŽŶƐĞĨƌŽŵƐƚĂĨĨ͘ Dƌ͘:ŽŚŶƐŽŶŶŽƚĞĚƚŚĞƉƌŽũĞĐƚŵĞĞƚƐĂůůŽĨƚŚĞĐƌŝƚĞƌŝĂĨŽƌƚŚĞďĂƐŝĐƌĞƋƵŝƌĞŵĞŶƚƐ͖ĂŶĚŵĞĞƚƐĂĚĚŝƚŝŽŶĂů ŝŶĐĞŶƚŝǀĞĐƌŝƚĞƌŝĂĨŽƌďŽŶƵƐ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘tĂůƚĞƌƐĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶŝŶĐƌĞĂƚŝŶŐĂƉĞĚĞƐƚƌŝĂŶĨƌŝĞŶĚůǇƵƐĞŽŶƚŚĞƌŽĂĚǁĂǇƐŝĚĞŽĨ ƚŚĞďƵŝůĚŝŶŐ͖ŽŶƚŚĞĨŝŶĂůƉůĂŶŶŽƚĂůůŽǁŝŶŐǁŝŶĚŽǁĐůŝŶŐƐ͕ŶŽƚĂůůŽǁŝŶŐĐŽŶƚƌĂĐƚƉĂƌŬŝŶŐ͖ŐĂƐŵĞƚĞƌ Ɛƚ ůŽĐĂƚŝŽŶŽŶƚŚĞďƵŝůĚŝŶŐ͖ƌĞƉůĂĐĞŵĞŶƚŽĨŵĂƚĞƌŝĂůŽŶƚŚĞƐƚƌĞĞƚƐĐĂƉĞŽĨϭǀĞŶƵĞ͖ĨƵƌƚŚĞƌĚĞĨŝŶĞ ǁŝĚĞŶŝŶŐƐŝĚĞǁĂůŬŽŶƌŽĂĚǁĂǇ͖ĂŶĚǁŝĚĞŶŝŶŐƚŚĞĂůůĞǇĂŶĚĚƌŝǀĞǁĂǇǁŝĚƚŚ͘ Dƌ͘ƵƌƐƚŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚWƌĞůŝŵŝŶĂƌǇWůĂŶηZϮϬϭϲ Ͳ ϬϯϴhWǁŝƚŚƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĐŽŶĚŝƚŝŽŶƐǁŝƚŚƚŚĞĂĚĚŝƚŝŽŶŽĨƚǁŽĐŽŶĚŝƚŝŽŶƐ;ϭϲĂŶĚϭϳͿ͘ DƐ͘DĞĞŬƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϳ Ͳ Ϭ͘ KE/d/KE^͗ ϭ͘WƌŝŽƌƚŽďƵŝůĚŝŶŐƉĞƌŵŝƚĂƉƉƌŽǀĂů͕ƚŚĞĂƉƉůŝĐĂŶƚƐŚĂůůƌĞ Ͳ ƉůĂƚƚŚĞƉƌŽƉĞƌƚŝĞƐŝŶƚŽŽŶĞŶĞǁ ůŽƚƉƌŝŽƌƚŽ&ŝŶĂůWůĂŶĂƉƉƌŽǀĂů͘ Ϯ͘KŶƚŚĞ&ŝŶĂůWůĂŶƐŝƚĞƉůĂŶƐƵďŵŝƚƚĂů͕ƚŚĞĨŽůůŽǁŝŶŐƐŚĂůůďĞƉƌŽǀŝĚĞĚ͗ Ă͘ĚĞƚĂŝůĞĚůŝŐŚƚŝŶŐƉůĂŶƚŚĂƚŝŶĐůƵĚĞƐůŝŐŚƚŝŶŐĚĞƚĂŝůƐĂŶĚƉŚŽƚŽŵĞƚƌŝĐƉůĂŶƐŚŽǁŝŶŐ ĐŽŵƉůŝĂŶĐĞǁŝƚŚůŝŐŚƚŝŶŐƐƚĂŶĚĂƌĚ͘ ď͘/ŶĨŽƌŵĂƚŝŽŶƐŚŽǁŝŶŐƚŚĞŝŶƚĞŶƚĨŽƌƐŝŐŶĂŐĞŽŶƚŚĞƐŝƚĞ͕ŝŶĐůƵĚŝŶŐƐŝŐŶĂŐĞƐŝǌĞ͕ ůŝŐŚƚŝŶŐ͕ĂŶĚůŽĐĂƚŝŽŶƐ͘ Đ͘dŚĞŶƵŵďĞƌŽĨďŝĐǇĐůĞƉĂƌŬŝŶŐƐƉĂĐĞƐƉƌŽƉŽƐĞĚĨŽƌƚŚĞďŝĐǇĐůĞǀĂůĞƚĂƌĞĂǁŝƚŚŝŶƚŚĞ ďƵŝůĚŝŶŐ͘ Ě͘dŚĞŝŶƚĞŶĚĞĚŶƵŵďĞƌŽĨƚĞŶĂŶƚƐƉĂĐĞƐǁŝƚŚŝŶƚŚĞƌĞƚĂŝůĂƌĞĂ͘ Ğ͘dŚĞŝŶƚĞŶĚĞĚůŽĐĂƚŝŽŶŽĨďŽƵůĞǀĂƌĚƚƌĞĞƐŵĞĞƚŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞŽŶŝŶŐ KƌĚŝŶĂŶĐĞŽƌĂŶĂƌƌĂƚŝǀĞĞǆƉůĂŝŶŝŶŐƚŚĞƉƌŽƉŽƐĞĚůŽĐĂƚŝŽŶŽĨďŽƵůĞǀĂƌĚƚƌĞĞƐŝĨƚŚĞ ŽŶŝŶŐKƌĚŝŶĂŶĐĞƐƚĂŶĚĂƌĚƐĐĂŶŶŽƚďĞŵĞƚ͘ ϯ͘dŚĞĂƉƉůŝĐĂŶƚĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞŽŶĂŶĚŽĨĨƐŝƚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐĚĞƐŝŐŶĂŶĚŽƉĞƌĂƚŝŽŶƐ ǁŝůůƌĞƋƵŝƌĞĨƵƌƚŚĞƌƚĞĐŚŶŝĐĂůĞǀĂůƵĂƚŝŽŶĂŶĚƚŚĞĨŝŶĂůĚĞƐŝŐŶƐŚĂůůĐŽŶĨŽƌŵƚŽƚŚĞ 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