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ƵŝůĚŝŶŐ^ĂĨĞƚLJŝƌĞĐƚŽƌ:ŽŚŶƐŽŶƐƚĂƚĞĚƚŚĂƚƚŚĞƉĞƌŵŝƚƐĂƌĞĨŽƌĚĞŵŽůŝƚŝŽŶŽƌŵŽǀŝŶŐƐƉĞĐŝĨŝĐĂůůLJ͘ŝƚLJ 3DFNHW3J (E ƚƚŽƌŶĞLJĚŬŝŶƐƐƚĂƚĞĚƚŚĂƚƚŚĞŽƵŶĐŝůĐĂŶƉƌŽǀŝĚĞĚŝƌĞĐƚŝŽŶŽŶĂŶLJĐŽŶĚŝƚŝŽŶƐƚŚĂƚǁŝůůďĞĂƚƚĂĐŚĞĚƚŽ ŝƐƐƵŝŶŐŽĨĞŝƚŚĞƌĂĚĞŵŽůŝƚŝŽŶŽƌŵŽǀŝŶŐƉĞƌŵŝƚ͘ ŽƵŶĐŝůWƌĞƐŝĚĞŶƚ^ƚĂǀĞƌƐƚĂƚĞĚƚŚĂƚƚŚĞŽƵŶĐŝůŚĂƐƚŽŬĞĞƉŝŶŵŝŶĚƚŚĂƚƚŚĞϭϬϲ'ƌŽƵƉǁĂƐŚŝƌĞĚĂƐĂŶ ĞdžƉĞƌƚƚŽĚĞƚĞƌŵŝŶĞƚŚĞŚŝƐƚŽƌŝĐŶĂƚƵƌĞŽĨƚŚĞƐĞŚŽŵĞƐ͘ ŽƵŶĐŝůŵĞŵďĞƌ,ŝĐŬĞLJƐƚĂƚĞĚƚŚĂƚƚŚĞŝƚLJŝƐƉĂLJŝŶŐƚŚĞϭϬϲ'ƌŽƵƉƚŽĂƐƐŝƐƚŝŶƚŚŝƐƉƌŽĐĞƐƐĂŶĚũƵƐƚ ďĞĐĂƵƐĞƚŚĞŝƌƌĞƐƵůƚƐĂƌĞŶŽƚǁŚĂƚĞǀĞƌLJŽŶĞǁĂŶƚƐƚŚĞLJƐŚŽƵůĚďĞŝŐŶŽƌĞĚ͘ ŽƵŶĐŝůŵĞŵďĞƌtŽũĐŝŬĐŽŵŵĞŶƚĞĚƚŚĂƚŚĞĚŝĚŶŽƚĂŐƌĞĞǁŝƚŚƚŚĞϭϬϲ'ƌŽƵƉƌĞƉŽƌƚ͘,ĞĨĞůƚƚŚĂƚƚŚĞƌĞ ǁĂƐŶŽƚĞŶŽƵŐŚƌĞƐĞĂƌĐŚĚŽŶĞĂŶĚƚŚĂƚƚŚĞƐĞĂƌĞŽŶůLJƉƌĞůŝŵŝŶĂƌLJƌĞƉŽƌƚƐ͘ ŽƵŶĐŝůŵĞŵďĞƌŝůĚĞƌďĂĐŬĐŽŵŵĞŶƚĞĚƚŚĂƚŚĞĂůƐŽŚĂƐĐŽŶĐĞƌŶƐŝĨƚŚĞƌĞƉŽƌƚƐĂƌĞĂĐĐƵƌĂƚĞďĞĐĂƵƐĞŽĨ ƚŚĞŝƌƉŽƚĞŶƚŝĂůůLJƉƌĞůŝŵŝŶĂƌLJŶĂƚƵƌĞ͘,ĞƐƚĂƚĞĚƚŚĂƚƚŚĞŽƵŶĐŝůŝƐƐƚƌƵŐŐůŝŶŐǁŝƚŚǁŚĂƚŝƐŚŝƐƚŽƌŝĐ͘dŚĞ ,ŝƐƚŽƌŝĐWƌĞƐĞƌǀĂƚŝŽŶŽŵŵŝƐƐŝŽŶŝƐƐƚƌƵŐŐůŝŶŐďĞĐĂƵƐĞƚŚĞƌĞŝƐŶŽƚĐůĞĂƌĚŝƌĞĐƚŝŽŶƚŽƚŚĞŵŽŶŚŽǁƚŽ ĚĞĂůǁŝƚŚƚŚĞƐĞƐŽƌƚŽĨƌĞƋƵĞƐƚƐ͘,ĞŝƐǀĞƌLJĨƌƵƐƚƌĂƚĞĚǁŝƚŚƚŚĞǁŚŽůĞƉƌŽĐĞƐƐ͘,ĞŶŽůŽŶŐĞƌǁĂŶƚƐƚŽ ŚĂǀĞƚŽĨĞĞůůŝŬĞƚŚĞŽƵŶĐŝůŚĂƐƚŽƌƵƐŚƚŽũƵĚŐŵĞŶƚƐ͘ ŽƵŶĐŝůŵĞŵďĞƌ,ƌƵƐŬĂƋƵĞƐƚŝŽŶĞĚDƌ͘ĚŵŽŶƐŽŶŝĨƚŚĞŵŽǀĞƐŽĐĐƵƌǁŝůůƚŚĞŚŽŵĞƐďĞĨŝŶĂŶĐŝĂůůLJ ǀŝĂďůĞ͘Dƌ͘ĚŵŽŶƐŽŶƐƚĂƚĞĚƚŚĂƚďĞƚǁĞĞŶƚŚĞƚǁŽŚŽŵĞƐŚĞŝƐǁŝůůŝŶŐƚŽĐŽŵŵŝƚΨϲϬϬ͕ϬϬϬĨŽƌƚŚĞŵ ĂŶĚĨĞĞůƐŚĞĐĂŶŵĂŬĞŵŽŶĞLJĨƌŽŵƚŚĞŵŝŶƚŚĞĨƵƚƵƌĞ͘ ŽƵŶĐŝůŵĞŵďĞƌtŽũĐŝŬĐŽŵŵĞŶƚĞĚƚŚĂƚƚŚĞŚŽŵĞƐĂƐŝƐĂƌĞĨŝŶĂŶĐŝĂůůLJĨĞĂƐŝďůĞ͘,ĞĂůƐŽƐƚĂƚĞĚƚŚĂƚŚĞ ĨĞĞůƐƚŚĂƚďŽƚŚŚŽŵĞƐĂƌĞŚŝƐƚŽƌŝĐĂŶĚƚŚĂƚƚŚĞŽƵŶĐŝůƐŚŽƵůĚĨŝŶĚƚŚĂƚďŽƚŚĂƌĞ͘ ŽƵŶĐŝůŵĞŵďĞƌ^ŶLJĚĞƌƐƚĂƚĞĚƚŚĂƚŚĞŚĂƐŐŽŶĞďĂĐŬĂŶĚĨŽƌƚŚŽŶƚŚŝƐ͘dŚĞŝƚLJďƌŽƵŐŚƚŝŶĂŶŽƵƚƐŝĚĞ ŐƌŽƵƉƚŽƌĞǀŝĞǁƚŚĞƐĞŚŽŵĞƐǁŚŽĐĂŶŐŝǀĞĂŶƵŶďŝĂƐĞĚŽƉŝŶŝŽŶŽŶƚŚĞƉƌŽƉĞƌƚŝĞƐ͘tŚŝůĞƚŚĞŚŽŵĞƐ ŵĂLJďĞďĞĂƵƚŝĨƵůŝƚĚŽĞƐŶΖƚŵĞĂŶƚŚĞLJĂƌĞŚŝƐƚŽƌŝĐ͘/ŶĂĚĚŝƚŝŽŶŝƚŝƐĚŝĨĨŝĐƵůƚŶŽƚďĞŝŶŐƚŚĞŽǁŶĞƌƐƚŽ ĚĞƚĞƌŵŝŶĞŝĨƚŚĞƉƌŽƉĞƌƚŝĞƐĂƌĞĞĐŽŶŽŵŝĐĂůůLJĨĞĂƐŝďůĞŝŶƚŚĞŝƌĐƵƌƌĞŶƚůŽĐĂƚŝŽŶƐ͘ DĂLJŽƌƌĞĚĞƐƚĂƚĞĚƚŚĂƚŝƚŝƐĂǀĞƌLJĚŝĨĨŝĐƵůƚĚĞĐŝƐŝŽŶĨŽƌƚŚĞŽƵŶĐŝůĂŶĚƚŚĂƚŚĞŝƐŶŽƚƐƵƌĞǁŚĂƚƚŚĞ ƌŝŐŚƚĂŶƐǁĞƌŝƐ͘ ŽƵŶĐŝůŵĞŵďĞƌ,ƌƵƐŬĂĐŽŵŵĞŶƚĞĚƚŚĂƚŚĞĂŐƌĞĞƐƚŚĂƚƚŚĞϭϬϲ'ƌŽƵƉǁĂƐďƌŽƵŐŚƚŝŶƚŽŐŝǀĞƚŚĞŝƌ ƉƌŽĨĞƐƐŝŽŶĂůŽƉŝŶŝŽŶĂŶĚŝƚƐŚŽƵůĚďĞƚĂŬĞŶŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶ͘dŚĞƌĞŚĂǀĞďĞĞŶĂůŽƚŽĨƌĞƉůĂĐĞŵĞŶƚ ƉĂƌƚƐƉƵƚŝŶƚŽƚŚĞϴϭϬt͘ĞŶƚĞƌ^ƚƌĞĞƚŚŽŵĞĂƐǁĞůůĂƐƚŚĞŝƐƐƵĞŽĨĚĞƚĞƌŵŝŶŝŶŐǁŚŽůŝǀĞĚƚŚĞƌĞŽƌŶŽƚ ƐŽŚĞŝƐŶŽƚƐƵƌĞŚĞĐĂŶƐƵƉƉŽƌƚŝƚƐĚĞƐŝŐŶĂƚŝŽŶ͘ ŽƵŶĐŝůŵĞŵďĞƌDĞĂŶƐƐƚĂƚĞĚƚŚĂƚƚŚĞϭϬϲ'ƌŽƵƉŚĂƐďĞĞŶďƌŽƵŐŚƚŝŶĂƐƵŶďŝĂƐĞĚƉƌŽĨĞƐƐŝŽŶĂůƐĂŶĚ ƚŚĞŝƌŽƉŝŶŝŽŶƐŚŽƵůĚďĞƌĞƐƉĞĐƚĞĚ͘ ŽƵŶĐŝůWƌĞƐŝĚĞŶƚ^ƚĂǀĞƌƋƵĞƐƚŝŽŶĞĚƚŚĞŝƚLJƚƚŽƌŶĞLJŝĨƚŚĞŽƵŶĐŝůĚĞƚĞƌŵŝŶĞĚƚŚĂƚďŽƚŚŚŽŵĞƐĂƌĞ ŶŽƚŚŝƐƚŽƌŝĐĐĂŶƚŚĞŽƵŶĐŝůƐƚŝůůƉƌŽǀŝĚĞĚŝƌĞĐƚŝŽŶƚŽŵŽǀĞƚŚĞϳϭϴt͘ĞŶƚĞƌ^ƚƌĞĞƚŚŽƵƐĞ͘ŝƚLJƚƚŽƌŶĞLJ ĚŬŝŶƐĐŽŵŵĞŶƚĞĚƚŚĂƚƚŚĞƉĞƌŵŝƚĨŽƌƚŚĞŚŽƵƐĞŝƐĂŵŽǀŝŶŐƉĞƌŵŝƚŶŽƚĂĚĞŵŽůŝƚŝŽŶƉĞƌŵŝƚ͘ WůĂŶŶĞƌ,ĂƌĨŽƌĚƐƚĂƚĞĚƚŚĂƚƚŚĞƉƌŽƉŽƐĞĚWŚĂƐĞ//ŽĨƚŚĞEŝĐŚŽůĂƐƉĂƌƚŵĞŶƚĞǀĞůŽƉŵĞŶƚǁŽƵůĚŶŽƚ ƌĞƋƵŝƌĞŽƵŶĐŝůĂĐƚŝŽŶďĂƐĞĚŽŶƚŚĞĐƵƌƌĞŶƚƉůĂŶƐŵĞĞƚŝŶŐŝƚLJŽĚĞƐ͘ 3DFNHW3J (E ŽƵŶĐŝůŵĞŵďĞƌtŽũĐŝŬƐƚĂƚĞĚƚŚĂƚďŽƚŚƉƌŽƉĞƌƚŝĞƐŵĞĞƚƚŚĞϭϵ͘Ϭϰ͕^ƵďĚ͘ϮĨŝŶĂŶĐŝĂůĨĞĂƐŝďŝůŝƚLJ ƌĞƋƵŝƌĞŵĞŶƚǁŝƚŚŽƵƚĂĚŽƵďƚ͘,ĞĨƵƌƚŚĞƌĚŝƐĐƵƐƐĞĚƚŚĞŽƚŚĞƌŚŝƐƚŽƌŝĐĐƌŝƚĞƌŝĂƌĞƋƵŝƌĞŵĞŶƚƐĂƐƌĞůĂƚĞĚƚŽ ďŽƚŚŚŽŵĞƐ͘ ŽƵŶĐŝůŵĞŵďĞƌ^ŶLJĚĞƌŵŽǀĞĚ͕ƐĞĐŽŶĚĞĚďLJŽƵŶĐŝůŵĞŵďĞƌ,ŝĐŬĞLJƚŽĚĞƐŝŐŶĂƚĞƚŚĞϳϭϴtĞƐƚĞŶƚĞƌ 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ĨƌĂŵŝŶŐ͘dŚĞƐĞǁĂůůƐĚŽŶŽƚĂůŝŐŶǁŝƚŚƚŚĞďĞĂƌŝŶŐǁĂůůƐďĞůŽǁĨƌŽŵϭ ƐƚƚŽϮ ŶĚĨůŽŽƌ͘dŚƵƐƚŚĞ ϮĨůŽŽƌũŽŝƐƚƐĂƌĞĐĂƌƌLJŝŶŐƚŚĞďĞĂƌŝŶŐǁĂůůƐĂďŽǀĞ͘ƵĞƚŽƚŚĞĂĚĚĞĚůŽĂĚŝŶŐƚŚĞϮŶĚĨůŽŽƌ ŶĚ ũŽŝƐƚƐĂƌĞƵŶĚĞƌĚĞƐŝŐŶĞĚĨŽƌƚŚĞůŽĂĚƐƚŚĞLJĐĂƌƌLJ͘  ϰ͘&ŝŶĂůůLJ͕ƚŚĞĞdžƚĞƌŝŽƌǁĂůůƐĂƌĞďĂůůŽŽŶĞĚĨƌĂŵĞĚϮdžϰƐƚƵĚƐ͘ĞĐĂƵƐĞƚŚĞƌŽŽĨŚĂƐƉƵƐŚĞĚŽƵƚƚŚĞ  ƵƉƉĞƌǁĂůůƐŽƵƚĂƉƉƌŽdžŝŵĂƚĞůLJϭЪƚŽϮ͟ƚŚĞůŽĂĚŽŶƚŚĞǁĂůůƐƚƵĚƐŝƐŶŽůŽŶŐĞƌĐŽŶĐĞŶƚƌŝĐ;ůŽĂĚ ŝƐŶŽƚĐĞŶƚĞƌĞĚŽŶƚŚĞƐƚƵĚƐͿƚŚĞůŽĂĚŝƐĞĐĐĞŶƚƌŝĐĂŶĚŝƐĐĂƵƐŝŶŐĂĚĚŝƚŝŽŶĂůĚĞƐŝŐŶďĞŶĚŝŶŐŝŶƚŚĞ ƐƚƵĚƐ͘tŚĞŶĂŶĂůLJnjŝŶŐƚŚĞǁĂůůƐƚƵĚƐƚŚĞLJĂƌĞƵŶĚĞƌĚĞƐŝŐŶĞĚ͘  ^ƵŶŬŽƐƚƐ  ĞůŽǁŝƐĂƐƵŵŵĂƌLJƉƌŽǀŝĚĞĚďLJƚŚĞŐĞŶĞƌĂůĐŽŶƚƌĂĐƚŽƌŽĨƚŚĞƉƌŽũĞĐƚĐŽƐƚƐŝŶĐƵƌƌĞĚƚŽĚĂƚĞ͗  dŚĞĐŽƐƚƚŽŵŽǀĞƚŚĞďƵŝůĚŝŶŐ͕ƐŝƚĞǁŽƌŬ͕ĂŶĚŶĞǁĨŽƵŶĚĂƚŝŽŶĨŽƌƚŚĞďƵŝůĚŝŶŐŝŶϮϬϭϰǁĂƐ x  ΨϮϮϰ͕Ϯϯϵ͘  dŚĞĐŽƐƚƐŝŶĐƵƌƌĞĚĨŽƌƚŚĞƌĞŶŽǀĂƚŝŽŶƐͬĚĞŵŽůŝƚŝŽŶƚŽĚĂƚĞƚŽƚĂůΨϰϯ͕ϰϯϱ͘ϬϬ͘ x   dŚĞƚŽƚĂůĐŽƐƚŽĨΨϮϲϳ͕ϲϳϰĚŽĞƐŶŽƚŝŶĐůƵĚĞƚŚĞůĂŶĚƉƵƌĐŚĂƐĞĚĨŽƌƚŚĞƌĞůŽĐĂƚŝŽŶŽĨŚŽƵƐĞ͕ x  ĞŶŐŝŶĞĞƌŝŶŐŽƌĂƌĐŚŝƚĞĐƚƵƌĂůĨĞĞƐ͘  ĚĚŝƚŝŽŶĂůŽƐƚƐ  /ŶŽƌĚĞƌĨŽƌƚŚĞƚŚƌĞĞͲƵŶŝƚĂƉĂƌƚŵĞŶƚďƵŝůĚŝŶŐƚŽďĞƐĂĨĞůLJŝŶŚĂďŝƚĞĚ͕ĂůůŽĨƚŚĞƐĞĚĞĨŝĐŝĞŶĐŝĞƐǁŽƵůĚ ŶĞĞĚƚŽďĞƌĞƐŽůǀĞĚ͘dŚĞƉƌŽũĞĐƚ͛ƐƐƚƌƵĐƚƵƌĂůĞŶŐŝŶĞĞƌŚĂƐƐƵŐŐĞƐƚĞĚƚŚĂƚƚŚĞĨŽůůŽǁŝŶŐĚĞƐŝŐŶĐŚĂŶŐĞƐ ĂŶĚĂĚĚŝƚŝŽŶĂůǁŽƌŬǁŽƵůĚŶĞĞĚƚŽŚĂƉƉĞŶďĞĨŽƌĞŚĞĐŽƵůĚĐĞƌƚŝĨLJƚŚĞƐƚƌƵĐƚƵƌĂůďƵŝůĚŝŶŐĚĞƐŝŐŶ͗  ϭ͘dŚĞϯ ƌĚĨůŽŽƌǁŽƵůĚŶŽƚďĞĂďůĞƚŽďĞƵƐĞĚ͘dŚĞƌŽŽĨǁŽƵůĚƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůďĞĂƌŝŶŐǁĂůůƐĂŶĚ  ǁŽŽĚƉŽƐƚƐĨŽƌƐƵƉƉŽƌƚ͘dŚĞŶĞǁǁĂůůƐĂŶĚƉŽƐƚƐǁŽƵůĚŶĞĞĚƚŽƐĞƚŽŶƚŚĞϯ ƌĚĨůŽŽƌĨƌĂŵŝŶŐ͘ ĚĚŝƚŝŽŶĂůůLJ͕ƚŚĞŽǁŶĞƌǁŽƵůĚŶĞĞĚƚŽƉƵƚƚŝĞĐĂďůĞƐĂĐƌŽƐƐƚŚĞĨůŽŽƌĂƚƚŚĞƚŽƉŽĨƚŚĞƐƚĞŵǁĂůů ƚŽŬĞĞƉƚŚĞƌŽŽĨĨƌŽŵƉƵƐŚŝŶŐŽƵƚĨƵƌƚŚĞƌ͕ĞƐƐĞŶƚŝĂůůLJŵĂŬŝŶŐƚŚĞƚŚŝƌĚĨůŽŽƌƵŶŝŶŚĂďŝƚĂďůĞ͘ WKDYHQZURFKHVWHUPQ (F  Ϯ͘dŚĞĐƵƌƌĞŶƚϯ ƌĚĨůŽŽƌŝƚƐĞůĨǁŽƵůĚŶĞĞĚƚŽďĞƌĞďƵŝůƚĂŶĚƌĞŝŶĨŽƌĐĞĚ͘dŚĞϮdžϲĨƌĂŵŝŶŐǁŽƵůĚŶĞĞĚ  ƚŽďĞƌĞŝŶĨŽƌĐĞĚǁŝƚŚ>s>ďĞĂŵƐĂƚƚŚĞŶĞǁĐŽůƵŵŶƐƐƵƉƉŽƌƚŝŶŐƚŚĞƌŽŽĨĂŶĚŶĞǁϮdžϭϬŽƌϮdžϭϮ ũŽŝƐƚƐŽƌǁŽŽĚĞŶ͞/͟ũŽŝƐƚƐ͘  ϯ͘dŚĞŝŶƚĞƌŝŽƌďĞĂƌŝŶŐǁĂůůƐǁŽƵůĚŶĞĞĚĂĚĚŝƚŝŽŶĂůƐƵƉƉŽƌƚĂƚƚŚĞ>s>ďĞĂŵƐ;ĞdžƚƌĂǁŽŽĚƐƚƵĚƐͿ͘   ϰ͘ĞĐĂƵƐĞƚŚĞĞdžƚĞƌŝŽƌǁĂůůƐĂƌĞďĂůůŽŽŶĨƌĂŵĞĚ͕ƚŚĞŽǁŶĞƌǁŽƵůĚŶŽƚďĞĂďůĞƚŽĂĚĚƐƚƵĚƐŝŶƚŚĞ  ĐƵƌƌĞŶƚƐƚƵĚƐƉĂĐĞƵŶůĞƐƐǁĞƌĞŵŽǀĞĚƚŚĞďƌŝĐŬĂŶĚĞdžƚĞƌŝŽƌƐŚĞĂƚŚŝŶŐĂŶĚĂĚĚĞĚƐƚƵĚƐĨƌŽŵ ƚŚĞĞdžƚĞƌŝŽƌ͘/ĨǁŽƌŬǁĂƐĚŽŶĞŽŶƚŚĞŝŶƐŝĚĞŽĨƚŚĞǁĂůůƐ͕ƚŚĞŽǁŶĞƌǁŽƵůĚŶĞĞĚƚŽďƵŝůĚŶĞǁ ďĞĂƌŝŶŐǁĂůůƐũƵƐƚŝŶƐŝĚĞƚŚĞĞdžŝƐƚŝŶŐǁĂůůƐƚƵĚƐʹƚŚƵƐLJŽƵǁŽƵůĚŚĂǀĞĂĚŽƵďůĞǁĂůůǀŝƌƚƵĂůůLJƚŚĞ ĞŶƚŝƌĞŚĞŝŐŚƚŽĨƚŚĞďƵŝůĚŝŶŐ͘  ϱ͘dŚĞϮŶĚĨůŽŽƌũŽŝƐƚƐǁŽƵůĚĂůƐŽŶĞĞĚƚŽďĞƌĞŝŶĨŽƌĐĞĚĚƵĞƚŽƚŚĞŝŶƚĞƌŝŽƌďĞĂƌŝŶŐǁĂůůƐŶŽƚ  ĂůŝŐŶŝŶŐǁŝƚŚƚŚĞϭĨůŽŽƌďĞĂƌŝŶŐǁĂůůƐĂŶĚƚŚĞůŽĂĚƚƌĂŶƐĨĞƌĨƌŽŵƚŚĞƌŽŽĨĂďŽǀĞ͘ Ɛƚ  dŚĞƐĞƐƚƌƵĐƚƵƌĂůƌĞƉĂŝƌƐǁŽƵůĚŐƌĞĂƚůLJƌĞĚƵĐĞƚŚĞĨƵŶĐƚŝŽŶĂůŝƚLJĂŶĚƌĞŶƚĂďůĞƐƋƵĂƌĞĨŽŽƚĂŐĞŽĨƚŚĞ ďƵŝůĚŝŶŐĂůŽŶŐǁŝƚŚƐŝŐŶŝĨŝĐĂŶƚůLJŝŶĐƌĞĂƐŝŶŐƚŚĞŽǀĞƌĂůůƉƌŽũĞĐƚĐŽƐƚ͘dŚĞŝŶŝƚŝĂůĞƐƚŝŵĂƚĞŽĨƚŚĞƉƌŽũĞĐƚ ĂŶĂƉƉƌŽdžŝŵĂƚĞůLJΨϭϰϬ͕ϬϬϬŝŶĐƌĞĂƐĞ ĐŽŶƐƚƌƵĐƚŝŽŶĐŽƐƚǁĂƐΨϰϲϲ͕ϯϭϬ͖ƚŚĞƌĞǀŝƐĞĚĐŽƐƚŝƐΨϲϬϰ͕ϵϰϭʹ ;ĞdžĐůƵĚŝŶŐĂĚĚŝƚŝŽŶĂůĚĞƐŝŐŶĐŽƐƚƐƚŚĂƚǁŽƵůĚŶĞĞĚƚŽďĞŝŶĐƵƌƌĞĚͿdŚŝƐĞƐƚŝŵĂƚĞĚŽĞƐŶŽƚŝŶĐůƵĚĞƚŚĞ ͘ ΨϮϲϳ͕ϲϳϰŽĨĐŽƐƚƐĂůƌĞĂĚLJƐƵŶŬŝŶƚŚĞďƵŝůĚŝŶŐĂŶĚŶĞǁůŽĐĂƚŝŽŶ͘  ƚƚĂĐŚĞĚŝƐĂƐƵŵŵĂƌLJƉƌŽǀŝĚĞĚďLJƚŚĞŐĞŶĞƌĂůĐŽŶƚƌĂĐƚŽƌŽĨƚŚĞƉƌŽũĞĐƚĞĚĐŽƐƚƐŽĨĂĚĚŝƚŝŽŶĂů ƌĞŶŽǀĂƚŝŽŶŶŽǁŶĞĐĞƐƐĂƌLJƚŽŵĂŬĞƚŚĞďƵŝůĚŝŶŐŝŶŚĂďŝƚĂďůĞ;ƐĞĞƚƚĂĐŚŵĞŶƚϰͿ͗  ,ŝƐƚŽƌŝĐWƌĞƐĞƌǀĂƚŝŽŶ   ƚƚŚĞƚŝŵĞƚŚĞŚŽƵƐĞǁĂƐŵŽǀĞĚŝƚǁĂƐĚĞƐŝŐŶĂƚĞĚĂƐĂƉŽƚĞŶƚŝĂůŚŝƐƚŽƌŝĐƉƌŽƉĞƌƚLJƵŶĚĞƌƚŚĞ ŝƚLJ͛Ɛ,ĞƌŝƚĂŐĞWƌĞƐĞƌǀĂƚŝŽŶKƌĚŝŶĂŶĐĞ;ƚŚĞ͞KůĚKƌĚŝŶĂŶĐĞ͟Ϳ͘dŚĂƚKƌĚŝŶĂŶĐĞŚĂƐƐŝŶĐĞďĞĞŶƌĞƉůĂĐĞĚ ŝŶŝƚƐĞŶƚŝƌĞƚLJ;ƚŚĞ͞EĞǁKƌĚŝŶĂŶĐĞ͟Ϳ͘,ŽǁĞǀĞƌ͕ďŽƚŚŽƌĚŝŶĂŶĐĞƐŚĂǀĞƉƌŽǀŝƐŝŽŶƐƚŚĂƚĂƌĞĐůĞĂƌůLJ ĂƉƉůŝĐĂďůĞƚŽƚŚĞĐƵƌƌĞŶƚƐŝƚƵĂƚŝŽŶ͘hŶĚĞƌƚŚĞKůĚKƌĚŝŶĂŶĐĞ͕ƚŚĞ,ĞƌŝƚĂŐĞWƌĞƐĞƌǀĂƚŝŽŶŽŵŵŝƐƐŝŽŶ ŚĂĚϮĚƵƚŝĞƐ͗  ϭ͘ƐƚĂďůŝƐŚĂůŝƐƚŽĨƉŽƚĞŶƚŝĂůůLJŚŝƐƚŽƌŝĐƐŝƚĞƐ͖ĂŶĚ  Ϯ͘ZĞǀŝĞǁƚŚĞĂǀĂŝůĂďŝůŝƚLJŽĨĨŝŶĂŶĐŝĂůŝŶĐĞŶƚŝǀĞƐƐŽĂƐƚŽĞŶĐŽƵƌĂŐĞŚĞƌŝƚĂŐĞ  ƉƌĞƐĞƌǀĂƚŝŽŶ͘  ^ĞĞKůĚKƌĚŝŶĂŶĐĞ͕^ĞĐƚŝŽŶϭϵ͘Ϭϯ͘  dŚĞKůĚKƌĚŝŶĂŶĐĞĂůƐŽƉƌŽǀŝĚĞƐƚŚĂƚ͞΀ƚ΁ŚĞƐƚĂƚĞŽĨƌĞƉĂŝƌ͕ĐŽŶĚŝƚŝŽŶ͕ĂŶĚƋƵĂůŝƚLJŽĨĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨĂƐƚƌƵĐƚƵƌĞƌĞĐŽŵŵĞŶĚĞĚĨŽƌĚĞƐŝŐŶĂƚŝŽŶĂƐĂ,ĞƌŝƚĂŐĞWƌĞƐĞƌǀĂƚŝŽŶ^ŝƚĞŵƵƐƚďĞƐƵĐŚƚŚĂƚ WKDYHQZURFKHVWHUPQ (F ŵĂŝŶƚĂŝŶŝŶŐŝƚƐĐƵƌƌĞŶƚƵƐĞŽƌĞƐƚĂďůŝƐŚŝŶŐĂŶĂĚĂƉƚŝǀĞƌĞƵƐĞŽĨƚŚĞƐƚƌƵĐƚƵƌĞŝƐĞĐŽŶŽŵŝĐĂůůLJĨĞĂƐŝďůĞ͘ ^ĞĞKůĚKƌĚŝŶĂŶĐĞ͕^ĞĐƚŝŽŶϭϵ͘Ϭϰ͕^ƵďĚ͘Ϯ͘  tŚŝůĞŶŽƚĂƉƉůŝĐĂďůĞƚŽƚŚŝƐƉƌŽƉĞƌƚLJ͕ƚŚĞEĞǁKƌĚŝŶĂŶĐĞƉƌŽǀŝĚĞƐƚŚĂƚ͞΀ŝ΁ [[1844,495,2248,552][12][,I,][Times New Roman]]WLVWKHSROLF\RIWKH [[300,562,1086,619][12][,I,][Times New Roman]]&LW\WRUHVSHFWSULYDWHSURSHUW\ULJKWV´ [[1088,562,1184,619][12][,,][Times New Roman]]DQG [[1185,562,2084,619][12][,I,][Times New Roman]]³WKH&LW\UHF RJQL]HVWKDWWKHUHPD\EHVRPH [[300,628,2243,685][12][,I,][Times New Roman]]FLUFXPVWDQFHVLQZKLFKWKHRSHUDWLRQRIWKLVFKDSWHUFRXOGFUHDWHDQXQGXHHFRQRPLFKDUGVKLS´ [[2244,628,2256,685][12][,,][Times New Roman]] ^ĞĞEĞǁKƌĚŝŶĂŶĐĞ͕^ĞĐƚŝŽŶϭϵ͘ϭϯ͕^ƵďĚ͘ϭ͘   ,ĂǀŝŶŐĂůƌĞĂĚLJƐƉĞŶƚΨϮϲϳ͕ϲϳϰƚŽǁĂƌĚƐĂŶĂƚƚĞŵƉƚĞĚĂĚĂƉƚŝǀĞƌĞƵƐĞ͕ƚŚĞŽǁŶĞƌŚĂƐĂůƌĞĂĚLJƐŚŽǁŶ ƚƌĞŵĞŶĚŽƵƐĞĨĨŽƌƚƚŽǁĂƌĚƐƉƌĞƐĞƌǀĂƚŝŽŶ͘ƵƚŝŶĐƵƌƌŝŶŐŚƵŶĚƌĞĚƐŽĨƚŚŽƵƐĂŶĚƐŽĨĚŽůůĂƌƐŝŶĞdžƚƌĂ͕ ƵŶĨŽƌĞƐĞĞŶĞdžƉĞŶƐĞ͕ĐŽƵƉůĞĚǁŝƚŚƚŚĞůŽƐƐŽĨƌĞŶƚĂďůĞƐƉĂĐĞŽŶƚŚĞƚŚŝƌĚĨůŽŽƌ͕ƉƌŽũĞĐƚĞĚƌĞǀĞŶƵĞĨŽƌĂ ƚŚƌĞĞͲƵŶŝƚĂƉĂƌƚŵĞŶƚŝƐƵŶƚĞŶĂďůĞ͘  ^ƵŵŵĂƌLJĂŶĚŽŶĐůƵƐŝŽŶ  ĂƐĞĚŽŶƐƚƌƵĐƚƵƌĂůĨĂŝůŝŶŐƐŽĨƚŚĞďƵŝůĚŝŶŐĂŶĚƚŚĞƐŝŐŶŝĨŝĐĂŶƚĐŽƐƚŽĨƚŚĞƌĞƉĂŝƌƐĂŶĚůŽƐƚƌĞǀĞŶƵĞ͕ƚŚĞ ŽǁŶĞƌŚĂƐƌĞŐƌĞƚĨƵůůLJĚĞƚĞƌŵŝŶĞĚƚŚĂƚƚŚŝƐƉƌŽũĞĐƚŝƐŶŽůŽŶŐĞƌĞĐŽŶŽŵŝĐĂůůLJĨĞĂƐŝďůĞ͘&ƵƌƚŚĞƌŵŽƌĞ͕ƚŚĞ ŽǁŶĞƌŝƐĂǁĂƌĞŽĨŶŽĂůƚĞƌŶĂƚŝǀĞƚŽĚĞŵŽůŝƚŝŽŶƚŚĂƚǁŽƵůĚĞŶĂďůĞƚŚĞŽǁŶĞƌƚŽƌĞĐŽŵŵĞŶĐĞƚŚĞ ƌĞŶŽǀĂƚŝŽŶ͘/ŶŽƚŚĞƌǁŽƌĚƐ͕ƚŚĞƌĞĂƌĞŶŽŝƚLJƐƵďƐŝĚŝĞƐĂǀĂŝůĂďůĞƚŽŽĨĨƐĞƚƚŚĞĞdžƚƌĂŽƌĚŝŶĂƌLJĂĚĚŝƚŝŽŶĂů ĞdžƉĞŶƐĞƐĂŶĚůŽƐƚƌĞǀĞŶƵĞ͘  ůƚĞƌŶĂƚŝǀĞůLJ͕ƚŚĞŽǁŶĞƌǁŽƵůĚďĞǁŝůůŝŶŐƚŽĐŽŶǀĞLJƚŚĞƐƚƌƵĐƚƵƌĞ͞ĂƐŝƐ͟ƚŽƚŚĞŝƚLJĨŽƌĨƌĞĞ͕ǁŝƚŚŽƵƚ ĂƐŬŝŶŐĨŽƌĂŶLJƌĞĐŽŵƉĞŶƐĞĨŽƌƐƵŶŬĐŽƐƚƐŝĨƚŚĞŝƚLJǁĞƌĞƚŽĨŝŶĚĂŶŽƚŚĞƌƉƌŽƉĞƌƚLJƚŽƉƵƚƚŚĞŚŽƵƐĞ͘  /ƚƐŚŽƵůĚďĞŶŽƚĞĚƚŚĂƚĚĞŵŽůŝƚŝŽŶǁĂƐŶĞǀĞƌŝŶƚĞŶĚĞĚƚŽďĞƚŚĞĨŝŶĂůƐƚĂŐĞŽĨƚŚŝƐƉƌŽũĞĐƚ͖ƚŚĞŽǁŶĞƌ ŚĂƐŝŶǀĞƐƚĞĚĂǀĞƌLJƐŝŐŶŝĨŝĐĂŶƚĂŵŽƵŶƚŽĨŵŽŶĞLJŝŶƚŚŝƐŚŽƵƐĞĂŶĚǁĂƐĐŽŵŵŝƚƚĞĚƚŽƚŚĞŝŶŝƚŝĂůĂĚĂƉƚŝǀĞ ƌĞƵƐĞƉůĂŶƉƌŝŽƌƚŽĚŝƐĐŽǀĞƌŝŶŐƚŚĞƐƚƌƵĐƚƵƌĂůĚĞĨŝĐŝĞŶĐŝĞƐ͘  /ĨLJŽƵŚĂǀĞĂŶLJĨƵƌƚŚĞƌƋƵĞƐƚŝŽŶƐ͕ƉůĞĂƐĞĨĞĞůĨƌĞĞƚŽĐŽŶƚĂĐƚĂŶLJŽŶĞŽŶƚŚĞĚĞǀĞůŽƉŵĞŶƚƚĞĂŵ͘  7KDQN\RX    :DGH*RRGHQEHUJHU$,$ 3DUWQHU &5:DUFKLWHFWXUHGHVLJQJURXS  (QFORVXUHV   WKDYHQZURFKHVWHUPQ 3DFNHW3J 3/$15(9,(:/(77(5 (F $77$&+0(17 3DFNHW3J (F 3DFNHW3J (F 3DFNHW3J (F 3DFNHW3J 3DFNHW3J (F 3DFNHW3J (F  3DFNHW3J (F .1((:$// $77$&+0(17 %$//221 )5$0,1* (F $77$&+0(17 :DGH*RRGHQEHUJHU )URP:DGH*RRGHQEHUJHU 6HQW:HGQHVGD\0D\ĚĞƌĚĞƐŝŐŶĞĚ͘   dŚĞƋƵĞƐƚŝŽŶŝƐĐĂŶƚŚŝƐďĞƌĞŝŶĨŽƌĐĞĚĂŶĚƌĞƉĂŝƌĞĚ͍/͛ůůůĞƚƐŽŵĞŽŶĞĞůƐĞĂŶƐǁĞƌƚŚĂƚ͘  ,ĞƌĞŝƐǁŚĂƚƚŚĞƌĞŝŶĨŽƌĐŝŶŐǁŽƵůĚůŽŽŬůŝŬĞ   ϭ͘dŚĞϯ ƌĚĨůŽŽƌŽƌůŽĨƚƐƉĂĐĞǁŽƵůĚŶŽƚďĞĂďůĞƚŽďĞƵƐĞĚ͘dŚĞƌŽŽĨǁŽƵůĚƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůďĞĂƌŝŶŐǁĂůůƐĂŶĚ ǁŽŽĚƉŽƐƚƐĨŽƌƐƵƉƉŽƌƚ͘dŚĞŶĞǁǁĂůůƐĂŶĚƉŽƐƚƐǁŽƵůĚŶĞĞĚƚŽƐĞƚŽŶƚŚĞϯ ƌĚĨůŽŽƌĨƌĂŵŝŶŐ͘ĚĚŝƚŝŽŶĂůůLJ͕ǁĞ  3DFNHW3J (F ǁŽƵůĚŶĞĞĚƚŽƉƵƚƚŝĞĐĂďůĞƐĂĐƌŽƐƐƚŚĞĨůŽŽƌĂƚƚŚĞƚŽƉŽĨƚŚĞƐƚĞŵǁĂůůƚŽŬĞĞƉƚŚĞƌŽŽĨĨƌŽŵƉƵƐŚŝŶŐŽƵƚ ĨƵƌƚŚĞƌ͘  Ϯ͘dŚĞĐƵƌƌĞŶƚϯ ƌĚĨůŽŽƌǁŽƵůĚŶĞĞĚƚŽďĞƌĞďƵŝůƚĂŶĚƌĞŝŶĨŽƌĐĞĚ͘dŚĞϮdžϲĨƌĂŵŝŶŐǁŽƵůĚŶĞĞĚƚŽďĞƌĞŝŶĨŽƌĐĞǁŝƚŚ >s>ďĞĂŵƐĂƚƚŚĞŶĞǁĐŽůƵŵŶƐƐƵƉƉŽƌƚŝŶŐƚŚĞƌŽŽĨĂŶĚŶĞǁϮdžϭϬŽƌϮdžϭϮũŽŝƐƚƐŽƌǁŽŽĚ/ũŽŝƐƚƐ͘  ϯ͘dŚĞŝŶƚĞƌŝŽƌďĞĂƌŝŶŐǁĂůůƐǁŽƵůĚŶĞĞĚĂĚĚŝƚŝŽŶĂůƐƵƉƉŽƌƚĂƚƚŚĞ>s>ďĞĂŵƐ;ĞdžƚƌĂǁŽŽĚƐƚƵĚƐͿ  ϰ͘dŚĞĞdžƚĞƌŝŽƌďĞĂƌŝŶŐǁĂůůƐǁŽƵůĚďĞĂƉƌŽďůĞŵʹďĞĐĂƵƐĞŝƚŝƐďĂůůŽŽŶĞĚĨƌĂŵĞĚǁĞǁŽƵůĚŶŽƚďĞĂďůĞƚŽĂĚĚ ƐƚƵĚƐŝŶƚŚĞĐƵƌƌĞŶƚƐƚƵĚƐƉĂĐĞƵŶůĞƐƐǁĞƌĞŵŽǀĞĚƚŚĞďƌŝĐŬĂŶĚĞdžƚĞƌŝŽƌƐŚĞĂƚŚŝŶŐĂŶĚĂĚĚĞĚƐƚƵĚƐĨƌŽŵƚŚĞ ĞdžƚĞƌŝŽƌ͘tĞǁŽƵůĚŶĞĞĚƚŽďƵŝůĚŶĞǁďĞĂƌŝŶŐǁĂůůƐũƵƐƚŝŶƐŝĚĞƚŚĞĞdžŝƐƚŝŶŐǁĂůůƐƚƵĚƐʹƚŚƵƐLJŽƵǁŽƵůĚŚĂǀĞĂ ĚŽƵďůĞǁĂůů͘  ϱ͘dŚĞϮŶĚƐĨůŽŽƌũŽŝƐƚƐǁŽƵůĚŶĞĞĚƚŽďĞƌĞŝŶĨŽƌĐĞĚƵĞƚŽƚŚĞŝŶƚĞƌŝŽƌďĞĂƌŝŶŐǁĂůůƐŶŽƚĂůŝŐŶŝŶŐǁŝƚŚƚŚĞϭ ƐƚĨůŽŽƌ ďĞĂƌŝŶŐǁĂůůƐĂŶĚƚŚĞůŽĂĚƚƌĂŶƐĨĞƌĨƌŽŵƚŚĞƌŽŽĨĂďŽǀĞ͘   /ŚĂǀĞĞŶĐůŽƐĞĚĂŐĞŶĞƌŝĐďƵŝůĚŝŶŐƐĞĐƚŝŽŶƐŚŽǁŝŶŐƚŚĞƉƌĞůŝŵŝŶĂƌLJĨŝŶĚŝŶŐƐĂŶĚƌĞŝŶĨŽƌĐŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĚŝƐĐƵƐƐŝŽŶ ǁŝƚŚƚŚĞŽǁŶĞƌĂŶĚĐŽŶƚƌĂĐƚŽƌ͘  >ĞƚŵĞŬŶŽǁŝĨƚŚĞƌĞĂƌĞĂŶLJŽƚŚĞƌƋƵĞƐƚŝŽŶƐŽƌŚŽǁĞůƐĞ/ĐĂŶŚĞůƉ͘  dŚĂŶŬƐ :ĞĨĨ         :ĞĨĨƌĞLJ'ŝƐŝ͕W͘͘  ^ƚƌƵĐƚƵƌĂů^ĞƌǀŝĐĞĂŶĚĞƐŝŐŶ͕/ŶĐ͘  ϭϭϮϱZŝǀĞƌǁŽŽĚƌ͘^t KƌŽŶŽĐŽ͕DEϱϱϵϲϬ ƐƐĚŝΛďĞǀĐŽŵŵ͘ŶĞƚ ;ϱϬϳͿϯϲϳͲϮϲϱϯǁŽƌŬ   )URP -HUHP\/DZVRQ>PDLOWRMHUHP\#NH\EXLOGHUVLQFFRP@ 6HQW 7XHVGD\$SULO$0 7R :DGH*RRGHQEHUJHUEUDGFOHPHQVVVGL#EHYFRPPQHW 6XEMHFW )ZG&DUROLQHVWUXFWXUDOPHHWLQJ    ^ĞŶƚĨƌŽŵŵLJŝWŚŽŶĞ  ĞŐŝŶĨŽƌǁĂƌĚĞĚŵĞƐƐĂŐĞ͗  3DFNHW3J (F &ƌŽŵ͗ ΗƵƚƚŽŶ͕'ĂƌLJΗф'ƵƚƚŽŶΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх ĂƚĞ͗ Ɖƌŝůϭϴ͕ϮϬϭϲĂƚϭϬ͗ϱϯ͗ϬϰWDd dŽ͗ Η&ƌĂŚŵ͕:ĂLJŶĞΗфũĨƌĂŚŵΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх Đ͗ ΗũĞƌĞŵLJΛŬĞLJďƵŝůĚĞƌƐŝŶĐ͘ĐŽŵΗфũĞƌĞŵLJΛŬĞLJďƵŝůĚĞƌƐŝŶĐ͘ĐŽŵх͕ΗŚĂŶĚƌĂŵŽŚĂŶ͕:LJŽƚŚƐĂŶĂΗ ф:ŚĂŶĚƌĂŵŽŚĂŶΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͕Η&ŝŶƐĞƚŚ͕ƌĂĚΗф&ŝŶƐĞƚŚΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх ^ƵďũĞĐƚ͗Z͗ĂƌŽůŝŶĞͲƐƚƌƵĐƚƵƌĂůŵĞĞƚŝŶŐ  :ĂLJŶĞ͕  /ĚŽŶ͛ƚŚĂǀĞƚŚĞŬŶŽǁůĞĚŐĞŽƌŝŶĨŽƌŵĂƚŝŽŶƚŽĐĂůĐƵůĂƚĞŝĨƚŚĞŬŶĞĞǁĂůůƐďĞŝŶŐϮ͟ŽƵƚŽĨƉůƵŵďĂƌĞĂ ƐƚƌƵĐƚƵƌĂůĐŽŶĐĞƌŶ͘dŚĞƉƌŽũĞĐƚƐƚƌƵĐƚƵƌĂůĞŶŐŝŶĞĞƌǁŚŽĐĂŶĐĂůĐƵůĂƚĞƚŚĞůŽĂĚƐďĞŝŶŐƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞ ŬŶĞĞǁĂůůƐĂŶĚĂŶĂůLJnjĞŚŽǁƚŚĞŬŶĞĞǁĂůůǁŝůůƌĞĂĐƚŝƐƚŚĞƉĞƌƐŽŶǁŚŽǁŝůůĚĞƚĞƌŵŝŶĞŝĨŝƚĐĂŶďĞŵĂĚĞ ƐƚƌƵĐƚƵƌĂůůLJƐŽƵŶĚĂŶĚƉƵƚƚŽŐĞƚŚĞƌĂĚĞƐŝŐŶŝĨƚŚĞLJĚĞƚĞƌŵŝŶĞŝƚŝƐŶĞĞĚĞĚ͘  dŚĂŶŬƐ͕ 'ĂƌLJ  &ƌŽŵ͗ &ƌĂŚŵ͕:ĂLJŶĞ ^ĞŶƚ͗ DŽŶĚĂLJ͕Ɖƌŝůϭϴ͕ϮϬϭϲϮ͗ϮϮWD dŽ͗ ƵƚƚŽŶ͕'ĂƌLJф'ƵƚƚŽŶΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖ŚĂŶĚƌĂŵŽŚĂŶ͕:LJŽƚŚƐĂŶĂ ф:ŚĂŶĚƌĂŵŽŚĂŶΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖&ŝŶƐĞƚŚ͕ƌĂĚф&ŝŶƐĞƚŚΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх ^ƵďũĞĐƚ͗ Z͗ĂƌŽůŝŶĞͲƐƚƌƵĐƚƵƌĂůŵĞĞƚŝŶŐ  'ĂƌLJ͕  :ĞƌĞŵLJǁŝƚŚ<ĞLJƵŝůĚĞƌƐŚĂƐĐĂůůĞĚŵĞƚǁŝĐĞ͘,ĞǁĂŶƚƐĂŶĂŶƐǁĞƌƚŽŚŝƐƋƵĞƐƚŝŽŶĂďŽƵƚƚŚĞŬŶĞĞǁĂůů ďĞŝŶŐŽƵƚŽĨƉůƵŵď͘ĂŶLJŽƵƉůĞĂƐĞƌĞƐƉŽŶĚƚŽ:ĞƌĞŵLJŽŶLJŽƵƌŽƉŝŶŝŽŶŽĨƐƚƌƵĐƚƵƌĂůĂŶĂůLJƐŝƐĨŽƌƚŚĞŽƵƚ ŽĨƉůƵŵďǁĂůůƐ͘  dŚĂŶŬLJŽƵ͕  :ĂLJŶĞ  &ƌŽŵ͗ ƵƚƚŽŶ͕'ĂƌLJ ^ĞŶƚ͗ dŚƵƌƐĚĂLJ͕Ɖƌŝůϭϰ͕ϮϬϭϲϭϬ͗ϰϳD dŽ͗ ŚĂŶĚƌĂŵŽŚĂŶ͕:LJŽƚŚƐĂŶĂф:ŚĂŶĚƌĂŵŽŚĂŶΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖&ƌĂŚŵ͕:ĂLJŶĞ фũĨƌĂŚŵΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх ^ƵďũĞĐƚ͗ Z͗ĂƌŽůŝŶĞͲƐƚƌƵĐƚƵƌĂůŵĞĞƚŝŶŐ  /ƚǁŝůůďĞƵƉƚŽĂƐƚƌƵĐƚƵƌĂůĂŶĂůLJƐŝƐŝĨƚŚĞǁĂůůĐĂŶŵĂĚĞĂďůĞƚŽƐƵƉƉŽƌƚĂůůůŽĂĚƐĂŶĚďĞƐƚĂďŝůŝnjĞĚŝŶĂŶ ŽƵƚŽĨƉůƵŵďĐŽŶĚŝƚŝŽŶŽĨϮ͘͟  &ƌŽŵ͗ ŚĂŶĚƌĂŵŽŚĂŶ͕:LJŽƚŚƐĂŶĂ ^ĞŶƚ͗ tĞĚŶĞƐĚĂLJ͕Ɖƌŝůϭϯ͕ϮϬϭϲϭ͗ϯϯWD dŽ͗ &ŝŶƐĞƚŚ͕ƌĂĚф&ŝŶƐĞƚŚΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖ƵƚƚŽŶ͕'ĂƌLJф'ƵƚƚŽŶΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх ^ƵďũĞĐƚ͗ &t͗ĂƌŽůŝŶĞͲƐƚƌƵĐƚƵƌĂůŵĞĞƚŝŶŐ  &z/  &ƌŽŵ͗ &ƌĂŚŵ͕:ĂLJŶĞ ^ĞŶƚ͗ dƵĞƐĚĂLJ͕ƉƌŝůϭϮ͕ϮϬϭϲϭϮ͗ϯϭWD  3DFNHW3J (F dŽ͗ ΖtĂĚĞ'ŽŽĚĞŶďĞƌŐĞƌΖфǁŐŽŽĚĞŶďĞƌŐĞƌΛĐƌǁĂƌĐŚŝƚĞĐƚƵƌĞ͘ĐŽŵх͖ŚĂŶĚƌĂŵŽŚĂŶ͕:LJŽƚŚƐĂŶĂ ф:ŚĂŶĚƌĂŵŽŚĂŶΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖ƐƐĚŝΛďĞǀĐŽŵŵ͘ŶĞƚ͖Ζ:ĞƌĞŵLJ>ĂǁƐŽŶΖ ;ũĞƌĞŵLJΛŬĞLJďƵŝůĚĞƌƐŝŶĐ͘ĐŽŵͿфũĞƌĞŵLJΛŬĞLJďƵŝůĚĞƌƐŝŶĐ͘ĐŽŵх ^ƵďũĞĐƚ͗ Z͗ĂƌŽůŝŶĞͲƐƚƌƵĐƚƵƌĂůŵĞĞƚŝŶŐ  ǀĞƌLJŽŶĞ͕  'ĂƌLJƵƚƚŽŶŝƐŽƵƚŽĨƚŚĞŽĨĨŝĐĞƵŶƚŝůƚŽŵŽƌƌŽǁ͘tĞǁŝůůƚĂůŬǁŝƚŚƌĂĚĂŶĚ'ĂƌLJƚŽƐĞĞǁŚĂƚƚŚĞŝƌ ƚŚŽƵŐŚƚƐĂƌĞ͘tĞǁŝůůďĞŝŶƚŽƵĐŚ͘  dŚĂŶŬLJŽƵ͕  :ĂLJŶĞ  &ƌŽŵ͗ tĂĚĞ'ŽŽĚĞŶďĞƌŐĞƌ΀ŵĂŝůƚŽ͗ǁŐŽŽĚĞŶďĞƌŐĞƌΛĐƌǁĂƌĐŚŝƚĞĐƚƵƌĞ͘ĐŽŵ΁ ^ĞŶƚ͗ DŽŶĚĂLJ͕Ɖƌŝůϭϭ͕ϮϬϭϲϯ͗ϯϵWD dŽ͗ &ƌĂŚŵ͕:ĂLJŶĞфũĨƌĂŚŵΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖ŚĂŶĚƌĂŵŽŚĂŶ͕:LJŽƚŚƐĂŶĂ ф:ŚĂŶĚƌĂŵŽŚĂŶΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖ƐƐĚŝΛďĞǀĐŽŵŵ͘ŶĞƚ͖Ζ:ĞƌĞŵLJ>ĂǁƐŽŶΖ ;ũĞƌĞŵLJΛŬĞLJďƵŝůĚĞƌƐŝŶĐ͘ĐŽŵͿфũĞƌĞŵLJΛŬĞLJďƵŝůĚĞƌƐŝŶĐ͘ĐŽŵх ^ƵďũĞĐƚ͗ ĂƌŽůŝŶĞͲƐƚƌƵĐƚƵƌĂůŵĞĞƚŝŶŐ  :ŽĂŶĚ:ĂLJŶĞ͕  dŽƐƵŵƵƉŽƵƌŵĞĞƚŝŶŐ͕ǁĞĂƌĞůŽŽŬŝŶŐĨŽƌŐƵŝĚĂŶĐĞŽŶǁŚĂƚǁŝůůďĞĂůůŽǁĞĚǁŚĞŶŝƚĐŽŵĞƐƚŽƌĞƉĂŝƌƐ ŽŶƚŚĞƌŽŽĨŽĨƚŚĞĂƌŽůŝŶĞ͘^ƉĞĐŝĨŝĐĂůůLJ͕ŝĨƚŚĞǁĂůůďĞŝŶŐƵƉƚŽϮŝŶĐŚĞƐŽĨĨŽĨǀĞƌƚŝĐĂůǁŝůůďĞĨůĂŐŐĞĚ ĚƵƌŝŶŐŝŶƐƉĞĐƚŝŽŶ͘/ĨǁĞƐŚŽǁƚŚĂƚǁĞĐĂŶƐƚĂďŝůŝnjĞƚŚĂƚƌŽŽĨǀŝĂƚĞŶƐŝŽŶĐĂďůĞƐĂŶĚŶĞǁǀĞƌƚŝĐĂů ƐƵƉƉŽƌƚƐ͕ǁŝůůƚŚĂƚďĞŐŽŽĚĞŶŽƵŐŚ͍WůĞĂƐĞŵĞĞƚǁŝƚŚƌĂĚĂŶĚ'ĂƌLJĂƐƐŽŽŶĂƐLJŽƵĐĂŶƚŽĚĞƚĞƌŵŝŶĞ ƚŚŝƐ͘:ĞĨĨĂŶĚ:ĞƌĞŵLJ͕ĨĞĞůĨƌĞĞƚŽĐŽŵŵĞŶƚŝĨ/͛ǀĞůĞĨƚĂŶLJƚŚŝŶŐŽƵƚ͘  dŚĂŶŬƐ͕  :DGH*RRGHQEHUJHU$,$   [[538,1961,669,1999][8][,I,][Arial]]$UFKLWHFW  S 3DFNHW3J &267$1$/<6,6 (F )520*(1(5$/ &2175$&725 $77$&+0(17 &267$1$/<6,6)520*(1(5$/&2175$&725 3DFNHW3J &267$1$/<6,6)520*(1(5$/&2175$&725 3DFNHW3J (F &267$1$/<6,6)520 3DFNHW3J (F *(1(5$/&2175$&725 &267$1$/<6,6)520 3DFNHW3J (F *(1(5$/&2175$&725 3DFNHW3J (G  ,ŽƵƐĞ   ϳϭϴtĞƐƚĞŶƚĞƌ ĚŵŽŶƐŽŶ  :ƵŶĞϮϮ͕ϮϬϭϳ  <ƵƚnjŬLJ͛Ɛ ƵŐƵƐƚ 3DFNHW3J (G dŽŐĞƚŚĞƌǁŝƚŚϳϮϰĂŶĚϳϮϴŝƚĞŶĂďůĞĚƚŚĞϱůŽƚƐƚŽ  /ŵƉŽƌƚĂŶĐĞƚŽEŝĐŚŽůĂƐĞǀĞůŽƉŵĞŶƚ  ͘ ďĞхϱϬйZϰ͖ƚŚŝƐũƵƐƚŝĨŝĞĚƚŚĞŶĞǁnjŽŶŝŶŐďLJƚŚĞ ƐƋ͘Ĩƚ ƉůĞdžĂŶĚ ĞǀĞůŽƉĞƌƐƉƌŽŵŝƐĞĚƚŽŵŽǀĞĂŶĚƐĂǀĞƚŚĞ ϲϯ͛džϭϲϵ͛сϭϬ͕ϲϰϳ ĞǀĞůŽƉĞƌƐďŽƵŐŚƚƚŚŝƐƉƌŽƉĞƌƚLJĨƌŽŵƚŚĞ  Ͳ ƉůĂĐĞŝƚŽŶƚŚĞůŽƚƐǁĞƐƚŽĨhŶŝƚĞĚtĂLJ͘ /ŶŝƚŝĂůŽĨĨĞƌŝŶŐǁĂƐƚŽƌĞŵŽĚĞůŝƚĂƐĂϰ  ZŽĐŚĞƐƚĞƌƌĞĂ&ŽƵŶĚĂƚŝŽŶ͘  WůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘  Ͳ >ĂƌŐĞůŽƚnjŽŶĞĚZϰ  ŚŽŵĞ͖ ±±±  ‡‡ 3DFNHW3J 3DFNHW3J (G ƉĂƌƚŶĞƌĞĚĂƐĂƐƵďĐŽŶƚƌĂĐƚŽƌǁŝƚŚĂdǁŝŶŝƚŝĞƐŵŽǀĞƌĚƵĞ ĐŽŽƌĚŝŶĂƚŝŽŶǁŽƵůĚďĞŶĞĞĚĞĚ͘dŚĞĞǀĞůŽƉĞƌƐǁŽƵůĚŶŽƚ ĞǀĞůŽƉĞƌƐďĞůŝĞǀĞĚƚŚĞLJŶĞĞĚĞĚƚŽƐƚĂƌƚĐŽŶƐƚƌƵĐƚŝŽŶ dŚĞŚŽƵƐĞƐǁĞƌĞƚŽŽǁŝĚĞĂŶĚƚĂůůƚŽŵŽǀĞĚŽǁŶĞŶƚĞƌ ^ƚƌĞĞƚǁŝƚŚŽƵƚŵĂũŽƌƚƌĞĞƚƌŝŵŵŝŶŐĂŶĚƚŝƉƉŝŶŐŽĨƵƚŝůŝƚLJ ĞƚĂŝůƐŽĨƚŚĞŵŽǀĞŽĨƚŚĞŚŽŵĞƐǁĞƌĞĂůŽǁƉƌŝŽƌŝƚLJ ƉĂƌƚŝĐŝƉĂƚĞŝŶŵŽǀŝŶŐƚŚŝƐĨŽƌǁĂƌĚ͘dŚĞLJŚĂƐƚŝůLJƉƵƌƐƵĞĚ ůŽĐĂůŚŽƵƐĞŵŽǀĞƌǁĂƐŶŽƚĞŶŐĂŐĞĚĞĂƌůLJĞŶŽƵŐŚ;/ ƐƉŽŬĞǁŝƚŚŚŝŵƐĞǀĞƌĂůƚŝŵĞƐŽŶƚŚŝƐͿ͕ƵůƚŝŵĂƚĞůLJŚĞ ƉŽůĞƐ͘ŽƐƚƐǁĞƌĞĞdžƉĞĐƚĞĚƚŽďĞŚŝŐŚĞƌĂŶĚůŽƚƐŽĨ ǁŝƚŚƚŚĞŵĂŶĚǁĞƌĞŶŽƚĂƚƚĞŶĚĞĚƚŽǁŝƚŚĂŶLJ  ĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞŝŶƚŚĞƐƵŵŵĞƌŽĨϮϬϭϰ͘  dŝŵĞůŝŶĞ/ƐƐƵĞƐ  ƚŽƚŚĞǁĞŝŐŚƚŽĨƚŚĞďƌŝĐŬƐƚƌƵĐƚƵƌĞ͘  ĂŶŽƚŚĞƌŽƉƚŝŽŶ͘  ĚŝůŝŐĞŶĐĞ͘ ±± ‡‡ 3DFNHW3J (G ŚŽƵƐĞǁŽƵůĚďĞŵŽǀĞĚĚŝĂŐŽŶĂůůLJĂĐƌŽƐƐ ^ƚ^tƚŽďĞƵƐĞĚĨŽƌƚŚĞdŚĞĚƵƉůĞdžƚŚĞƌĞǁŽƵůĚďĞĚĞŵŽůŝƐŚĞĚĂƐƐŝƚĞǁĂƐ ĞǀĞůŽƉĞƌƐƉƵƌĐŚĂƐĞĚĂŶĂĚũŽŝŶŝŶŐƉƌŽƉĞƌƚLJ  'ůĞŶŶ&ĂŝƚŚƐƵĞĚƚŚĞĚĂŵƐŽŶ͛ƐŽǀĞƌƚŚŝƐĚĞĐŝƐŝŽŶ͘  dŚĞŽŶŶĞůůLJŚŽƵƐĞǁŽƵůĚďĞĚĞŵŽůŝƐŚĞĚ͘  WůĂŶ  ŚŽƵƐĞ͘  Ɛƚ  DƵĐŚŝůůǁŝůůƌĞƐƵůƚĞĚ͘ ͿĂƚϴϭϭϭ  <ƵƚnjŬLJ  ƚŚĞŝƌŚŽůĚŝŶŐƐ͘  <ƵƚnjŬLJ ƐŝƚĞĨŽƌƚŚĞ <LJĞŬ  ĐůĞĂƌĞĚ͘ dŚĞ ;ĨƌŽŵ ‡‡ ±±± ‡ 3DFNHW3J (G dŚĞĚƌŝǀĞǁĂLJĂŶĚƉĂƌŬŝŶŐǁŽƵůĚďĞƐŚĂƌĞĚǁŝƚŚƉŚĂƐĞϮŽĨ ďĞĐŽŵŝŶŐĂǀĞƌLJŚŝŐŚƌŝƐŬŝŶǀĞƐƚŵĞŶƚƉƌŽƉŽƐŝƚŝŽŶŐŝǀĞŶĂůů ϲϬϬϬƌĞƋƵŝƌĞĚďLJŶŽƌŵĂůZϭnjŽŶŝŶŐĂŶĚĂůŵŽƐƚŚĂůĨŽĨƚŚĞ tĞĂƐŬĞĚĨŽƌĂŶĂƉƉƌĂŝƐĂůĂŶĚĂŶŝŶƐƉĞĐƚŝŽŶĂŶĚǁĞƌĞ dŚĞŚŽƵƐĞǁŽƵůĚďĞƐƚŝůůďĞŽĨĨĞƌĞĚĨŽƌƐĂůĞƵŶĚĞƌƚŚĞ dŚĞƐĂůĞƉƌŝĐĞƚŚĂƚǁĂƐŽĨĨĞƌĞĚǁĂƐĐŽŶƐŝĚĞƌĂďůLJŚŝŐŚĞƌ͖ ͖͘ůĞƐƐƚŚĂŶƚŚĞ  ƚŽůĚƚŚĞƌĞŝƐŶŽŶĞŐŽƚŝĂƚŝŽŶ͘tĞĚĞĐůŝŶĞĚƚŚĞŽĨĨĞƌ͘ tĞĚĞĐŝĚĞĚΨϰϬϬ͕ϬϬϬ;ĞƐƚŝŵĂƚĞĚͿĂƚĐŽŵƉůĞƚŝŽŶǁĂƐ ĞǀĞŶǁŝƚŚƚŚĞŝŶĐĞŶƚŝǀĞŝƚǁŽƵůĚŚĂǀĞďĞĞŶĂďŽƵƚ  ΨϮϬϬ͕ϬϬϬ͖ǁŚĞƌĞŝƐͬĂƐŝƐŽŶĂĨŽƵŶĚĂƚŝŽŶ͘ ƐƋ͘Ĩƚ  ƚŚĞĚĞǀĞůŽƉŵĞŶƚ;KůŝǀĞƌƉĂƌƚŵĞŶƚƐͿ͘  hŶƌĂǀĞůůŝŶŐ dŚĞůŽƚǁĂƐƚŝŶLJĂƚϰϯ͛džϭϯϬ͛сϱϱϵϬ  ƐĂŵĞƚĞƌŵƐ͕ŚŽǁĞǀĞƌ͗  ŽĨƚŚĞŶĞŐĂƚŝǀĞƐ͘  ŽƌŝŐŝŶĂůƐŝƚĞ͘ ±±±± ‡‡ 3DFNHW3J (G ĚĞƚĂŝůĞĚĞdžƉůĂŶĂƚŝŽŶŽĨĐŽƐƚƐŝƚĞŵŝnjĞĚ Ψϭϯϱ͕ϬϬϬ͘ϬϬŽĨĨƵƚƵƌĞ ĂĨƚĞƌ/ŐŽƚLJŽƵƌƌĞƉůLJ/ĂƐŬĞĚŽƵƌŬŬĞĞƉĞƌƚŽŐŝǀĞ ^ŚŽƵůĚĂůůŽĨƚŚĞĐŽŶƚŝŶŐĞŶĐLJŵŽŶĞLJŶŽƚďĞƌĞƋƵŝƌĞĚ͕ ŚŽŵĞŽŶĂŶĞǁ Ϳ͖ ŵďŝůĚĞƌďĂĐŬΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ƚŚĞ ƚŽďĞŽŶůLJΨϰϬ͕ϬϬϬ͘ϬϬŝŶĐůƵĚŝŶŐĂƐŵĂůů LJŽƵŬŶŽǁĐŽƵůĚďƵLJƚŚĞƉƌŽƉĞƌƚLJƚŽ ƌĞƐƵůƚŽĨLJŽƵƌƋƵĞƐƚŝŽŶŝŶŐƚŚĞĐŽƐƚƐ/ĐĂůůĞĚĨŽƌ LJŽƵƌ  'ŽŽĚĞŶďĞƌŐĞƌ WůĞĂƐĞƵƐĞƚŚĞΨϭϵϱ͕ϬϬϬ͘ϬϬƉƌŝĐĞŝŶ  <ƵƚnjŬLJ ĂĚĚŝƚŝŽŶĂů  tŽũĐŝŬ :/D:h/^, ŝƐůŝƚƚůĞŵŽƌĞƚŚĂŶǁĞƉĂŝĚĨŽƌƚŚĞůŽƚ͕ďƵƚǁŝƚŚƚŚĞ   ŚƌŝƐŽůďLJ͖tĂĚĞ ŚŽŵĞ͘ ͖DŝĐŚĂĞů  /ĂŵƉůĞĂƐĞĚƚŽƌĞƉŽƌƚƚŚĂƚƚŚĞ KĨĨĞƌ>ĞƚƚĞƌĨƌŽŵDĂĐ,ĂŵŝůƚŽŶ  <ƵƚnjŬLJ ͕DĂƌŬ; Ϳ͖ ƉĂĚĂŵƐŽŶΛĂĚĂŵƐŽŶŵŽƚŽƌƐ͘ĐŽŵ ƚŚĞ ƐŵĞĂŶƐΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ  LJŽƵŚĂǀĞŝŶƚĞƌĞƐƚŝŶƉƵƌĐŚĂƐŝŶŐƚŚĞ WůĞĂƐĞƐĞĞ ŝůĚĞƌďĂĐŬ ĞŶƚŝƚLJ Ϳ͖ ƉƌŽǀĞĚ ĂŵĂƐƚĞƌƉŽůĞΛƐĞŚŝŶĐ͘ĐŽŵ   ůĞĚƚŽďĞůŝĞǀĞ͘ ŶƵŵďĞƌĂƚǁŚŝĐŚLJŽƵ͕ƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͕ŽƌƐŽŵĞŽƚŚĞƌ  ƐŽ  ďƌŝŶŐŝŶŐƚŚĞƚŽƚĂůĐŽƐƚƚŽΨϰϯϱ͕ϬϬϬ͘ϬϬ͘ ͖ ƚŽůĚƵƐďLJŽƵƌďƵŝůĚŝŶŐĐŽŶƚƌĂĐƚŽƌǁĂƐŝŶĐŽƌƌĞĐƚĂŶĚ  ŵŚŝĐŬĞLJΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ  ĐŽŶƚƌŝďƵƚĞ͘ ďĞůŝĞǀĞĚƚŚĞĐŽƐƚƐ/ǁĂƐƚŽůĚǁĞƌĞĂǁĨƵůůLJŚŝŐŚĂůƐŽ͕ Ă ĐŽŵŵƵŶŝĐĂƚŝŽŶǁĂƐŶŽƚĐŽƌƌĞĐƚĂŶĚĂƉƉƌĞĐŝĂƚĞƚŚĂƚĂƐ   ŵŽǀĞ͘  ͖х ďĞĞŶ ǁŽƵůĚ ĞŚƌƵƐŬĂΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ  WĂƚĚĂŵƐŽŶ;  ŚŽŵĞ ƚŚĂŶ/ŚĂĚ ; ƐƵďƚƌĂĐƚŝŶŐƚŚĞΨϮϰϬ͕ϬϬϬ͘ϬϬǁŚŝĐŚǁĞƐĂŝĚǁĞ  DĂƐƚĞƌƉŽůĞ dŚŝƐ ŝĨ  <ƵƚnjŬLJ ĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƉƵƌĐŚĂƐĞĂŶĚƌĞƐƉŽŶĚďLJKĐƚŽďĞƌϭϱ͕ϮϬϭϰ ǁŝůůƌĞĚƵĐĞƚŚĞΨϭϵϱ͕ϬϬϬ͘ϬϬƉƵƌĐŚĂƐĞƉƌŝĐĞĂĐĐŽƌĚŝŶŐůLJ͘ ƌĞĂƐŽŶĂďůĞ  ͖ ZĂŶĚLJ  ΁ ŵĂĐΛŚĂŵŝůƚŽŶŵŶƌĞ͘ĐŽŵŝƚĞŵŝnjĞĚĂĐĐŽƵŶƚŝŶŐŽĨƚŚĞĐŽƐƚƐŝŶǀŽůǀĞĚŝŶƚŚĞ Ϳ͖ ͕^ƚĞǀĞ͖ŶĚLJ ƉĂĚĂŵƐŽŶΛĂĚĂŵƐŽŶŵŽƚŽƌƐ͘ĐŽŵ ͕ ^ƚĂǀĞƌ   ďĞůŽǁ ŝƚĞŵŝnjĂƚŝŽŶĂƚƚĂĐŚĞĚĂŶĚůĞĂƌŶĞĚƚŚŝƐŝƐŵŽƌĞ  ͗tĞĚŶĞƐĚĂLJ͕KĐƚŽďĞƌϬϭ͕ϮϬϭϰϵ͗ϭϬD   Ϳ͖  ĐŽĚĞ͘ ďƐŶLJĚĞƌΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ Ζ͖ ũĂŵŝĞΛũƵĚŝƐĐŚ͘ĐŽŵ  Ϳ  ƉŽŝŶƚĞĚŽƵƚŝŶƚŚĞĞŵĂŝů <ǀĞŶǀŽůĚǁŐŽŽĚĞŶďĞƌŐĞƌΛĐƌǁĂƌĐŚŝƚĞĐƚƵƌĞ͘ĐŽŵ ƚŽ ĨŽƵŶĚĂƚŝŽŶƌĞĂĚLJƚŽďĞďƌŽƵŐŚƚƵƉ ŝŶŝƚŝĂůůLJ   ͕^/KZ͕WD / ƚŚĞ Ϳ͖   dŚĂŶŬLJŽƵĨŽƌLJŽƵƌĞŵĂŝů͘ ͗DĂĐ,ĂŵŝůƚŽŶ΀ŵĂŝůƚŽ͗ ŵǁŽũĐŝŬΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ  dŚŝƐĚƌŽƉƐŽƵƌĐŽƐƚƐĂŶĚ  ,ŽƵƐĞ ĞĂƌůŝĞƌ ĐŽƐƚƐƌĞůĂƚĞĚƚŽƚŚĞŵŽǀĞ   /ŶĐ   ͕DEϱϱϵϬϭ ͕  Et Ζ ZĞĂůƐƚĂƚĞ ŵŽƌŶŝŶŐĂǀĞ͗ ͗ĚŵŽŶƐŽŶ͕ĂǀĞ   <ƵƚnjŬLJDĂĐ,ĂŵŝůƚŽŶ/D  Ϳ͖ ƌĞŐƌĞƚƚŚĂƚŽƵƌ ũŝŵΛũƵĚŝƐĐŚ͘ĐŽŵĂĨƚĞƌ ͗WĂƚĚĂŵƐŽŶ; ^ƚƌĞĞƚ ^ŶLJĚĞƌ͕ƌƵĐĞ; ĂƐ ͗&t͗Ψϭϵϱ͕ϬϬϬ͘ϬϬ ĐŽŶƚŝŶŐĞŶĐLJ ϮϴƚŚ  ZŽĐŚĞƐƚĞƌ  WƌĞƐŝĚĞŶƚ ,ĂŵŝůƚŽŶ  ^ƵďũĞĐƚ  ĂďŽǀĞ͘ ĂŶ 'ŽŽĚ ϰϬϱϳ &ƌŽŵ ^ĞŶƚ / ŵĞ ǁĞ  dŽ Đ  ;;;  3DFNHW3J (G LJŽƵ ĂŵĂƐƚĞƌƉŽůĞΛLJĂŐŐ <ĞůůŝĞΛŵŝĚǁĞƐƚůĂŶĚŝŶŐĂƉƉƌĂŝƐĂůďĞĚŽŶĞŽŶƚŚĞƉƌŽƉĞƌƚLJĂĨƚĞƌŝƚ ŐƌĂŶƚƐƵƐƵĂůůLJĂǀĂŝůĂďůĞ ŝŶǀĞƐƚŵĞŶƚŝŶƚŚĞ  <ƵƚnjŬLJ ĂƌĞĐŽƐƚƐƚŚĂƚEŝĐŚŽůĂƐŵƵƐƚĂďƐŽƌď͘zŽƵ >>ĐŚŽƐĞƚŚĞĐƵƌƌĞŶƚƉĂƚŚǁŚŝĐŚďĞƐƚƐĞƌǀĞĚƚŚĞŝƌ ƐŝŶĐĞ ŶŽůĞƐƐ͘dŚĞ   ĐŽƐƚƐƚŚĂƚǁŽƵůĚĞŶƚĂŝů͘ ŝŶǀĞƐƚŽƌĂŐƌĞĞĂďůĞƚŽƚŚĞ ŐĞƌŵĂŶĞ ĐŽŶĚŝƚŝŽŶǁŚŝĐŚǁĂƐƚŽƉůĂĐĞƚŚĞ Ŷ  ǁŐŽŽĚĞŶďĞƌŐĞƌΛŐŵĂŝů͘ĐŽŵ ďĞ͘dŚĞƌĞĂƌĞƚŽŽŵĂŶLJƵŶŬŶŽǁŶƐĂƚƚŚŝƐũƵŶĐƚƵƌĞ͘  ŽĨ  LJŽƵƌ LJŽƵƐŚŽƵůĚƌĞĐŽŐŶŝnjĞƚŚĂƚƚŚŝƐĂŵŽƵŶƚŝƐŶŽůŽŶŐĞƌ  ͖  ũĂůůŵĂŶΛĂůůŵĂŶĂƐƐŽĐ͘ĐŽŵ ǁŽƵůĚĂĚǀŝƐĞĂŶLJĐůŝĞŶƚ  ƉƌŝĐĞ͘  ͖ ŚŽŵĞ͘dŚĞƐĞĐŽƐƚƐĂƌĞƉĂƌƚŽĨ ĂŶĚƌĞǁƐ͘ŬΛĐŚĂƌƚĞƌ͘ŶĞƚ ŵŽƐƚ  ƚŚŝƐĚŝƐĐƵƐƐŝŽŶŶŽǁĂƌĞ͗ ĂƉƉƌĂŝƐĞĚ Ăůů ƐƚƌƵĐƚƵƌĂůĞůĞŵĞŶƚƐĂŶĚŝƚŝƐŶŽůŽŶŐĞƌĞůŝŐŝďůĞĨŽƌ ŐƌĞĂƚĞdžƚĞŶƚƚŚĂƚŝƚĐŚŽƐĞŝŵƉůŝĐŝƚůLJƚŽĂďƐŽƌďĂŶLJĂŶĚ ƉƌŝǀĂƚĞ ĞƐƐĞŶƚŝĂůĐŚĂƌĂĐƚĞƌ͘tĞŽŶůLJĂƐŬĨŽƌĂĨĂŝƌ͕  ͖ ǀŝƌŐŝŶŝĂ͘ǁ͘ŵĞƌƌŝƚƚΛŐŵĂŝů͘ĐŽŵ ĨƵƌƚŚĞƌƚŚĂƚŝƚǁŽƵůĚďĞŽĨĨĞƌĞĚĨŽƌƐĂůĞƚŽĂ ĨĂŝƌ   ďĞĞŶĂƉƉƌĂŝƐĞĚĂƚĨŽƌƚĂdžƉƵƌƉŽƐĞƐ͘  ƚŚŝƐ dŚĞƐĞ  LJŽƵ ĚŵŽŶƐŽŶZĞƐƉŽŶƐĞ ŝŶƚĞƌĞƐƚĞĚƉĂƌƚŝĞƐŝƐƚŚĂƚǁĞǁŽƵůĚƌĞƋƵĞƐƚƚŚĂƚĂ  ͖ ƚŚĞŝŶƚĞŶƚŽĨ ŵŝŬĞ͘ƐƚŝĐŚΛŝĞĞĞ͘ŽƌŐ ƉƵƌĐŚĂƐĞŽĨĨĞƌ͘ƐĂƌĞĂůĞƐƚĂƚĞƉƌŽĨĞƐƐŝŽŶĂů/͛ŵƐƵƌĞ  ͖ ƚŽ ŐůĞŶŶ͘ĨĂŝƚŚΛĐŚĂƌƚĞƌ͘ŶĞƚ ^ƚ^tůŽƚŚĂƐƌĞƐƵůƚĞĚŝŶLJŽƵƌĂĐĐƌƵŝŶŐŽƚŚĞƌĐŽƐƚƐ͘ dŚĞĨĂĐƚƐƚŚĂƚ/ĨŝŶĚƉĞƌƚŝŶĞŶƚ   <ƵƚnjŬLJ  EŝĐŚŽůĂƐ ĚĞŵŽůŝƐŚĞĚ͘ ƚŽ ƚŚĞǀĂůƵĞŽĨƚŚĞ ƚŚĂƚĂƌĞůŝŬĞůLJǀĞƌLJũƵƐƚŝĨŝĂďůĞ͘tĞĂƐŬƚŚĂƚLJŽƵďĞƚƌƵĞ ŝƚƚŽďĞǀĞƌLJŐĞŶĞƌŽƵƐ͕ďƵƚŝƚŵƵƐƚďĞŶŽƚĞĚƚŚĂƚ ŶŽƚ ďĞ ďƌŽƵŐŚƚƚŽŝƚ͘Ψϭϵϱ͕ϬϬϬŵĂLJďĞĨĂŝƌŽƌŝƚŵĂLJ ͖ ƌƐƚĂǀĞƌΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ  ŽƵŶĐŝůŚĂǀĞƌƵůĞĚƚŚŝƐĂŶŚŝƐƚŽƌŝĐŚŽŵĞƚŚĂƚĐĂŶŶŽƚ  ďƵƚ  ͖ ƚĐĂŵƉďĞůůŽĨĨŝĐĞΛĂŽů͘ĐŽŵ  ͖ ŶŽƚĨĂƵůƚLJŽƵĨŽƌƚŚŝƐ ŐĐŚĞďŝŐΛŚŽƚŵĂŝů͘ĐŽŵ ƚŽ ŚĂĚ ŝƚƐ ŝƚƐ LJŽƵƌŽǁŶƉůĂŶďƵƚƚŚĞLJĐĂŶŶŽƚĂŶĚƐŚŽƵůĚŶŽƚďĞĂƚƚĂĐŚĞĚ  ŵŽƌĞƐƵŝƚĂďůĞůŽĐĂƚŝŽŶ͘ ŽĨƐŽŵĞŽŶĞǁŚŽǁŝůůƌĞƐƚŽƌĞŝƚŝŶĂǁĂLJƚŚĂƚƉƌĞƐĞƌǀĞƐ ŚŽƵƐĞĐĂƵƐĞĚŐƌĞĂƚĚĂŵĂŐĞƚŽŝƚƐŚŝƐƚŽƌŝĐĂůƉĞĚŝŐƌĞĞĂŶĚ ƉƌŽƉĞƌƚLJǁĂƐƉƵƌĐŚĂƐĞĚĨŽƌΕΨϭϳϬ͕ϬϬϬĂŶĚƚŚĂƚŝƐǁŚĂƚŝƚ ĂŶĚ Ă >>ǀĂůƵĞĚƚŚĞůĂŶĚƚŚĂƚƚŚŝƐŚŽŵĞǁĂƐďƵŝůƚŽŶƚŽƐƵĐŚ ĐŽŶĚŝƚŝŽŶǁĞŶĞŐŽƚŝĂƚĞĚǁĂƐƚŚĂƚƚŚĞŚŽŵĞǁŽƵůĚďĞƐĂǀĞĚ ƚŚĞ ĚŽ  ͖ ŵǁŽũĐŝŬΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ  ͖  ĞĚŵŽŶƐŽŶͺĚĂǀĞΛLJĂŚŽŽ͘ĐŽŵ ͖ ŽǀĞƌĂůůŝŶƚĞƌĞƐƚƐ͕ĨŝŶĂŶĐŝĂůĂŶĚŽƚŚĞƌǁŝƐĞ͘tĞĐĞƌƚĂŝŶůLJ ƚŽĚnjƐŵϭϳΛŐŵĂŝů͘ĐŽŵ ĚŝƐĐƵƐƐŝŽŶƐĂďŽƵƚƚŚŝƐƚŚĞĐŽŶƐĞŶƐƵƐĂŵŽŶŐ ĂŶLJ ϭƐƚ  ƉĂĚĂŵƐŽŶΛĂĚĂŵƐŽŶŵŽƚŽƌƐ͘ĐŽŵ ĐŚŽŝĐĞƚŽůŽĐĂƚĞƚŚĞŚŽŵĞŽŶĂŵƵĐŚƐŵĂůůĞƌ ŝŶĚĞƉĞŶĚĞŶƚĂƉƉƌĂŝƐĂůŵƵƐƚďĞƚŚĞƐƚĂƌƚŝŶŐƉŽŝŶƚĨŽƌ Ă ĐŚŽƐĞŶŽƚƚŽƉƵƌƐƵĞƚŚĞƉůĂŶƚŽŵŽǀĞƚŚĞŚŽŵĞƚŽ  ^ĞŶƚ͗tĞĚŶĞƐĚĂLJ͕KĐƚŽďĞƌϭϱ͕ϮϬϭϰϵ͗ϰϵD ŽĨ ƵƚŝůŝƚŝĞƐ ĚĂŵƐŽŶ͛ƐĐŽŶƚƌŝďƵƚŝŽŶƐĞĞŵƐŽŶƚŚĞĨĂĐĞ ͕ ŽǀĞƌĂůůĚĞǀĞůŽƉŵĞŶƚ͖ĐŽƐƚƐ͕/ŵŝŐŚƚĂĚĚ   х ĂǀĞ͘ĚŵŽŶƐŽŶΛďĞŶĐŚ͘ĐŽŵ  ƚŚĞ ͖ ŵĐŬŝŶƐĞLJŐŽŽĚΛŚŽƚŵĂŝů͘ĐŽŵ ŝƚLJ  ͖ ĨŽƵŶĚĂƚŝŽŶĂŶĚ <ĞůůŝĞΛŵŝĚǁĞƐƚůĂŶĚŝŶŐ͘ĐŽŵ ,WĂŶĚƚŚĞ  ͖ ĂŶŶŝĞΛĐǁĂƌŽĐŚ͘ĐŽŵ    ƌĞƐƚŽƌĂƚŝŽŶ͘  ,ŽƵƐĞ ŚĂŶĚƐ   <ƵƚnjŬLJ dŽ͗DĂĐ,ĂŵŝůƚŽŶ͖  DŽǀŝŶŐƚŚĞ  ĨƵƌƚŚĞƌ ZŽĐŚĞƐƚĞƌ͛Ɛ  <ƵƚnjŬLJ Ă   ŝƐƐĞƚĚŽǁŶŽŶŶĞŝŐŚďŽƌŚŽŽĚ͘ EŝĐŚŽůĂƐ ŽĨŚŽŵĞŝŶƚŽƚŚĞ ĨƚĞƌƐŽŵĞ ͗Z͗ ĨŽƌƚŚŝƐƐŽƌƚ   DĂĐ͗ ĚŝĚƚŚŝƐƚŽ dŚĞ zŽƵƌ ^ƵďũĞĐƚ   &ƌŽŵ͖͗ LJ͘ĐŽŵ  ͖   ĂǀĞ ĞĂƌ ͘ĐŽŵ ŽǁŶ  ͗ Đ  ϭ͘Ϯ͘ϯ͘ϱ͘ ͘ ϰ     3DFNHW3J (G ĨŽƌŵĞƌ WĂƌŬŶĞŝŐŚďŽƌŚŽŽĚĂŶĚƚŚĞŶŽĨĨĞƌƚŽƐĞůůƚŚĞ zŽƵ ǁĞǁŝůů EŝĐŚŽůĂƐ͕>>͕ƚŚĞŽĨĨĞƌŝŶŐƉƌŝĐĞƚŽLJŽƵŝƐΨϭϵϱ͕ϬϬϬ͘ϬϬ͘ ŚŽƵƐĞŽŶĂŶĞǁĨŽƵŶĚĂƚŝŽŶŽŶƚŚĞ ΖΗ ͿΗtĞŚĂǀĞ х͕ Η Η ŵďŝůĚĞƌďĂĐŬΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ W,Ě ŐůĞŶŶ͘ĨĂŝƚŚΛĐŚĂƌƚĞƌ͘ŶĞƚ <ĞůůŝĞΛŵŝĚǁĞƐƚůĂŶĚŝŶŐ͘ĐŽŵ ƚĐĂŵƉďĞůůŽĨĨŝĐĞΛĂŽů͘ĐŽŵ  ͿΗ х ƉĂĚĂŵƐŽŶΛĂĚĂŵƐŽŶŵŽƚŽƌƐ͘ĐŽŵ ďƐŶLJĚĞƌΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ  ͕ ͕ KĐƚŽďĞƌϭϲ͕ϮϬϭϰ :ƵĚŝƐĐŚ х͕ ͿΗ  Η ΨϮϰϬ͕ϬϬϬ͘ϬϬ͘ ũĂůůŵĂŶΛĂůůŵĂŶĂƐƐŽĐ͘ĐŽŵ ĂŶŶŝĞΛĐǁĂƌŽĐŚ͘ĐŽŵ ĂďƌĞĚĞΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ х͕ΗΖ:ĂŵĞƐDĂŶŶ х͕ Η ŵǁŽũĐŝŬΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ǁŐŽŽĚĞŶďĞƌŐĞƌΛŐŵĂŝů͘ĐŽŵ ůĞƐƐ ͕ LJŽƵƚŚĂƚLJŽƵǁŝƐŚƚŽƉƵƌĐŚĂƐĞƚŚĞƉƌŽƉĞƌƚLJďLJϵDdŚƵƌƐĚĂLJ х͕Η ĂŶĞǁĨŽƵŶĚĂƚŝŽŶƉƌŝŽƌƚŽƌĞŶŽǀĂƚŝŽŶĂƚŽƵƌĐŽƐƚ х͕Η ŐĐŚĞďŝŐΛŚŽƚŵĂŝů͘ĐŽŵ Ηф Ɖ͘ƚ͘Ă͘ƉƌŽƉĞƌƚŝĞƐ͘ůůĐΛŐŵĂŝů͘ĐŽŵ ƚŽĚnjƐŵϭϳΛŐŵĂŝů͘ĐŽŵ х͕Η^ŶLJĚĞƌ͕ƌƵĐĞ; Ηф ͕DĂƌŬ; <ĞůůŝĞΛŵŝĚǁĞƐƚůĂŶĚŝŶŐ͘ĐŽŵ  <ƵƚnjŬLJ ĂŶŶŝĞΛĐǁĂƌŽĐŚ͘ĐŽŵ х͕Η ; Ηф  ƌĚĞůů  <ƵƚnjŬLJ  ƉĂĚĂŵƐŽŶΛĂĚĂŵƐŽŶŵŽƚŽƌƐ͘ĐŽŵ ŵĂŝů ŵŝŬĞ͘ƐƚŝĐŚΛŝĞĞĞ͘ŽƌŐ ŝůĚĞƌďĂĐŬ ƉƵƌĐŚĂƐĞƚŚĞ х͕ΗƌĞĚĞ͕ Ηф ŚŽŵĞǁŝƚŚŝŶƚŚĞ х͕Η ŵǁŽũĐŝŬΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ŵŚŝĐŬĞLJΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ǀŝƌŐŝŶŝĂ͘ǁ͘ŵĞƌƌŝƚƚΛŐŵĂŝů͘ĐŽŵ х͕Η Ͳ Ηф Ηф &ŝŶĂů,ĂŵŝůƚŽŶĞ ĨƌŽŵ ŐĐŚĞďŝŐΛŚŽƚŵĂŝů͘ĐŽŵƐŵĞĂŶƐΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ƚŽ ĞŚƌƵƐŬĂΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ х͕Η ƚŽĚnjƐŵϭϳΛŐŵĂŝů͘ĐŽŵ ŽLJŽƵǁŝƐŚ ĨƚĞƌƐƵďƚƌĂĐƚŝŶŐƚŚĞΨϮϰϬ͕ϬϬϬƐƵďƐŝĚLJ ĂŵĂƐƚĞƌƉŽůĞΛLJĂŐŐLJ͘ĐŽŵ Ηф ͿΗф х͕Η  <ƵƚnjŬLJ ŵŝŬĞ͘ƐƚŝĐŚΛŝĞĞĞ͘ŽƌŐ ĂŶĚƌĞǁƐ͘ŬΛĐŚĂƌƚĞƌ͘ŶĞƚ Ɖ͘ƚ͘Ă͘ƉƌŽƉĞƌƚŝĞƐ͘ůůĐΛŐŵĂŝů͘ĐŽŵ  ǁĂƐƚŚĂƚǁĞǁŽƵůĚƌĞůŽĐĂƚĞƚŚĞ  ĂŶĚƚŚĞƚŝŵĞĨŽƌŶĞŐŽƚŝĂƚŝŽŶŝƐďĞŚŝŶĚƵƐ͘ х͕Η  х͕Η  ŽŶ х͕Η ĂǀĞ͘ĚŵŽŶƐŽŶΛďĞŶĐŚ͘ĐŽŵ Ηф х х͕Η ũĂŵŝĞΛũƵĚŝƐĐŚ͘ĐŽŵ <ĞůůŝĞΛŵŝĚǁĞƐƚůĂŶĚŝŶŐ͘ĐŽŵ ŽƌĂŶLJŝŶƚĞƌĞƐƚĞĚƉĂƌƚLJ͕ƚŚĞŽƉƉŽƌƚƵŶŝƚLJƚŽďƵLJŝƚ ŵŚŝĐŬĞLJΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ĞĚŵŽŶƐŽŶͺĚĂǀĞΛLJĂŚŽŽ͘ĐŽŵ Ηф Ηф ŵĐŬŝŶƐĞLJŐŽŽĚΛŚŽƚŵĂŝů͘ĐŽŵ Ηф ǀŝƌŐŝŶŝĂ͘ǁ͘ŵĞƌƌŝƚƚΛŐŵĂŝů͘ĐŽŵ ƐŵĞĂŶƐΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ х͕Η Ηф ĞŚƌƵƐŬĂΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ĨƌŽŵ ĂŵĂƐƚĞƌƉŽůĞΛLJĂŐŐLJ͘ĐŽŵ ƌƐƚĂǀĞƌΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ Ηф ĂŶĚƌĞǁƐ͘ŬΛĐŚĂƌƚĞƌ͘ŶĞƚ /ĨǁĞĚŽŶŽƚŚĞĂƌ  х х͕ΗdƌŝƐŚĂĚĂŵƐŽŶ; ŵĂĐΛŚĂŵŝůƚŽŶŵŶƌĞ͘ĐŽŵ  ͗tĞĚŶĞƐĚĂLJ͕KĐƚŽďĞƌϭϱ͕ϮϬϭϰ͕ϰ͗ϰϭWD  ΖΗф  ŽƵƌĐŽƐƚ͘ ũĂŵŝĞΛũƵĚŝƐĐŚ͘ĐŽŵ ŶĞŝŐŚďŽƌŚŽŽĚ Ηф х͕Η Ηф ŽĨ  ĂǀĞ͘ĚŵŽŶƐŽŶΛďĞŶĐŚ͘ĐŽŵ  Ηф <z<ƐŝƚĞĨŽƌΨϭϵϱ͕ϬϬϬ͘ϬϬ͕ŽƌŶŽƚ͘ ƉƌŽǀŝĚĞĚLJŽƵǁŝƚŚĂŶŝƚĞŵŝnjĂƚŝŽŶ  <ĞůůŝĞΛŵŝĚǁĞƐƚůĂŶĚŝŶŐ͘ĐŽŵŵďŝůĚĞƌďĂĐŬΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ х͕Η  Ηф   /D͕^/KZ͕WD х͕Η  ĐŽŵŵĞŶĐĞŵĂŬŝŶŐŽƚŚĞƌƉůĂŶƐ͘ х͕Η ĞĚŵŽŶƐŽŶͺĚĂǀĞΛLJĂŚŽŽ͘ĐŽŵ ͕ х͕Η ŚĂǀĞŚĂĚƚŝŵĞƚŽĐŽŶƐŝĚĞƌƚŚŝƐ ŵĐŬŝŶƐĞLJŐŽŽĚΛŚŽƚŵĂŝů͘ĐŽŵ Ηф ǁŐŽŽĚĞŶďĞƌŐĞƌΛŐŵĂŝů͘ĐŽŵ х͕Η ďƐŶLJĚĞƌΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ũĂůůŵĂŶΛĂůůŵĂŶĂƐƐŽĐ͘ĐŽŵ ĂďƌĞĚĞΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ƌƐƚĂǀĞƌΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ƚĐĂŵƉďĞůůŽĨĨŝĐĞΛĂŽů͘ĐŽŵ ĐŽŵŵŝƚŵĞŶƚƚŽƚŚĞ  ,ŽƵƐĞ  ŐůĞŶŶ͘ĨĂŝƚŚΛĐŚĂƌƚĞƌ͘ŶĞƚ  /ŶĐ  х͕ΗΖ ͗DĂĐ,ĂŵŝůƚŽŶф   ͕DEϱϱϵϬϭ ͕  ^ƚƌĞĞƚEt ZĞĂůƐƚĂƚĞ  <ƵƚnjŬLJ ũŝŵΛũƵĚŝƐĐŚ͘ĐŽŵ ͕  DĂĐ,ĂŵŝůƚŽŶ ŶĞŝŐŚďŽƌŚŽŽĚ ^ƵďũĞĐƚ͗Z͗ ϮϴƚŚ ZŽĐŚĞƐƚĞƌ  WƌĞƐŝĚĞŶƚ ,ĂŵŝůƚŽŶ KƵƌ   ͗ &ƌŽŵ ϰϬϱϳ ĂǀĞ ĂƚĞ ͗Η ͗Η dŽ  Đ фффффффф ΗΗΗ  3DFNHW3J (G EŽǁŽƌŬǁĂƐĚŽŶĞŽŶƚŚĞƉƌŽƉĞƌƚLJĞdžĐĞƉƚƚŽ ĞǀĞůŽƉĞƌƐĂƌĞŝŶďƌĞĂĐŚŽĨƚŚĞŝƌƉƌŽŵŝƐĞƚŽ ƌĞŵŽǀĞƚŚĞƌŽŽĨĐŽǀĞƌŝŶŐĂŶĚĂůůŽǁƚŚĞ  ƚŚĞĐŝƚLJĂŶĚƚŽƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘   ,ŽƵƐĞůĞĨƚƚŽƌƵŝŶ EĞŝŐŚďŽƌŚŽŽĚŝƐŐĞƚƚŝŶŐŶŽƚŚŝŶŐ͘  ĞǀĞůŽƉĞƌƐŐŽƚĂůůƚŚĞLJǁĂŶƚĞĚ͘  ĞůĞŵĞŶƚƐƚŽǁƌĂĐŬƌƵŝŶ͘  tŚĂƚƚŽĚŽ͍ ‡‡‡‡‡ 3DFNHW3J (G ŽƵůĚƚŚĞĐŝƚLJŽƌĚĞƌƚŚĞƚĞĂƌĚŽǁŶŽƌƚŚĞƌĞŵŽĚĞůŝŶŐŽĨ tŚĂƚǁŝůůŚĂƉƉĞŶƚŽƚŚĞůŽƚĂƚϴϭϭ͍tŝůůƚŚĞĞǀĞůŽƉĞƌ tŚĂƚĨŝŶĞƐĐĂŶďĞůĞǀŝĞĚďLJƚŚĞĐŝƚLJ͍ĂŶƚŚĞƉƌŽƉĞƌƚLJ ĚĞŶƐŝƚLJĂƉĂƌƚŵĞŶƚƐŽŶ /ƐŝƚŝůůĞŐĂůƚŽĂůůŽǁLJŽƵƌŽǁŶƉƌŽƉĞƌƚLJƚŽĚĞƚĞƌŝŽƌĂƚĞ͍ ďĞƐĞŝnjĞĚ͍/ĨƐŽ͕ŝƐƚŚŝƐƉƌŽƉĞƌƚLJƐĂůǀĂŐĞĂďůĞĂƚĂŶLJ /ƚĞdžĐĞĞĚĞĚĂůůnjŽŶŝŶŐƌƵůĞƐĂŶĚƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ   ŵĂŝŶƚĂŝŶƐƚŚĞĚĞŶƐŝƚLJŝŶĐƌĞĂƐĞǁĂƐƵŶũƵƐƚŝĨŝĞĚ͘ ŽĞƐŝƚŵĂƚƚĞƌŝĨLJŽƵĂĐĐĞůĞƌĂƚĞƚŚĞƉƌŽĐĞƐƐ͍  tŚĂƚĐĂŶďĞĚŽŶĞ͍  ƚŚĞKůŝǀĞƌĂƉĂƌƚŵĞŶƚƐŽǀĞƌƚŚŝƐďƌĞĂĐŚ͍  ĐŽƐƚ͍tŚŽǁŽƵůĚƐƚĞƉĨŽƌǁĂƌĚ͍ Ͳ ǁŝŶĂŐĂŝŶĂŶĚďƵŝůĚŵŽƌĞŚŝŐŚ  ŝƚ͍ ± ‡‡‡‡ 3DFNHW3J (G  ĂĨŝƌĞĚŽŽƌŚĂĚďĞĞŶĂĚĚĞĚďƵƚǁŝƚŚŽƵƚ ;ŽƵůĚŚĂǀĞďĞĞŶͿǀĞƌLJƌĞƐƚŽƌĂďůĞŚŽŵĞ͙͘͘ &ƌŽŶƚƉŽƌĐŚŝŶĐůƵĚĞĚďĞǀĞůĞĚĂŶĚůĞĂĚĞĚŐůĂƐƐǁŝŶĚŽǁƐĂŶĚĚŽŽƌƐĂŶĚƚŚĞƉŽƌĐŚǁĂƐĨůŽŽƌĞĚ dŚĞďƌŝĐŬĞdžƚĞƌŝŽƌŶĞĞĚĞĚƉŽŝŶƚŝŶŐŝŶƉůĂĐĞƐďƵƚǁĂƐŝŶŐŽŽĚĐŽŶĚŝƚŝŽŶ͘>ŝŶƚĞůƐǁĞƌĞĐŽŶĐƌĞƚĞ ƚŚĞƐĞ   ďĞĚƌŽŽŵͿĂŶĚƐŚĂƌĞĚƚŚĞŽƌŝŐŝŶĂůďĂƚŚ͖ ^ůŝĚŝŶŐĚŽŽƌƐďĞƚǁĞĞŶƚŚĞ>ZĂŶĚĚŝŶŝŶŐƌŽŽŵǁĞƌĞŽƉĞƌĂƚŝŽŶĂů;ĂŶĚŝŵƉƌĞƐƐŝǀĞůLJŵĂƐƐŝǀĞͿ͘ /ŶƚŚĞƐƉƌŝŶŐŽĨϮϬϭϰǁĞƚŽƵƌĞĚĂǀĞƌLJƐŽůŝĚďƵŝůĚŝŶŐǁŝƚŚŶŽĂƉƉĂƌĞŶƚƐƚƌƵĐƚƵƌĂů  ŽŶĞůĂƌŐĞƵŶŝƚƚŚĂƚŽĐĐƵƉŝĞĚƚŚĞŽƌŝŐŝŶĂůůŝǀŝŶŐƌŽŽŵ͕ĚŝŶŝŶŐƌŽŽŵ͕ĂŶĚŬŝƚĐŚĞŶƉůƵƐĂƌĞĂƌĂĚĚŝƚŝŽŶ ϰ;ƚŚĞĂƚƚŝĐĂŶĚϯďĂƐĞŵĞŶƚͿǁŚŝĐŚĐŽƵůĚďĞĞůŝŵŝŶĂƚĞĚǁŝƚŚŶŽŝŵƉĂĐƚďĞƐŝĚĞƐƌĞƉĂŝƌŝŶŐƚŚĞƌŽŽĨ͖ dŚĞŵĂŝŶĞŶƚƌLJŝŶƚŽƚŚĞůŝǀŝŶŐƌŽŽŵǁĂƐďŽdžĞĚŝŶďƵƚƐƚŝůůĞdžŝƐƚĞĚĂƐďƵŝůƚ͘/ƌĞŵŽǀĞĚƚŚĞ ŵĂŝŶĨůŽŽƌŝŶƚŚĞŽƌŝŐŝŶĂůƐƚƵĚLJ͕ dŚĞƉŝĐƚƵƌĞƐŽŶƚŚĞŶĞdžƚĨĞǁƐůŝĚĞƐŝůůƵƐƚƌĂƚĞƚŚĂƚƚŚŝƐŚŽŵĞǁĂƐŶŽƚ͞ĐƵƚƵƉ͘͟ ůůŽĨƚŚĞǁŽŽĚǁŽƌŬƌĞŵĂŝŶĞĚƵŶƉĂŝŶƚĞĚ͘/ƚǁĂƐĚŽŶĞŝŶĂŶƵŶƵƐƵĂůůŝŐŚƚůLJƐƚĂŝŶĞĚŽĂŬ͘  sŝƌƚƵĂůůLJĂůůŽĨŝƚƐŵĂũŽƌŽƌŝŐŝŶĂůĂƌĐŚŝƚĞĐƚƵƌĂůĨĞĂƚƵƌĞƐǁĞƌĞůĞĨƚŝŶƚĂĐƚ͘  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ͼ^ĞǁĞƌǀĂŝůĂďŝůŝƚLJŚĂƌŐĞƐ;^Ϳ ͼtĂƚĞƌǀĂŝůĂďŝůŝƚLJŚĂƌŐĞ;tͿ ͼWůĂŶƚ/ŶǀĞƐƚŵĞŶƚ&ĞĞ;W/&Ϳ   ^ƵďƐƚĂŶƚŝĂů>ĂŶĚůƚĞƌĂƚŝŽŶ͕ηZϮϬϭϳ Ͳ ϬϭϲhW͕ďLJZLJĂŶŽŵƉĂŶŝĞƐh^/ŶĐ͕͘ĨŽƌĐƵƚŽƌĨŝůůŝŶĞdžĐĞƐƐŽĨϭϬ ĨĞĞƚŝŶŚĞŝŐŚƚ͘dŚĞƉƌŽƉĞƌƚLJϲ͘ϴϵĂĐƌĞƐ͕ĂŶĚŝƐůŽĐĂƚĞĚĂƚƚŚĞƐŽƵƚŚĞĂƐƚĐŽƌŶĞƌŽĨƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶŽĨ ƌŽĂĚǁĂLJǀĞŶƵĞ^ŽƵƚŚĂŶĚϯƌĚǀĞŶƵĞ^͘  DƐ͘^ŽƐĂƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ:ƵŶĞϭϰ͕ϮϬϭϳ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐŽŶĨŝůĞ ĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘  DƐ͘DĞĞŬŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘  ƌĚ Dƌ͘ŚƌŝƐƌŝŶŬ͕ǁŝƚŚZLJĂŶŽŵƉĂŶŝĞƐ͕ůŽĐĂƚĞĚϱϯϯ^ŽƵƚŚϯ^ƚƌĞĞƚ͕DŝŶŶĞĂƉŽůŝƐ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞŶŽƚĞĚŚĞŝƐĂǀĂŝůĂďůĞĨŽƌƋƵĞƐƚŝŽŶƐ͕ĚŝƐƉůĂLJĞĚĂĚƌĂǁŝŶŐĞdžƉůĂŝŶĞĚƌĞŵŽǀĂůŽĨƚŚĞŚŝůů͖ ƌĞĂƐŽŶŝŶŐƚŽĂůůŽǁĨŽƌŵŽƌĞĚĞǀĞůŽƉĂďůĞƐƉĂĐĞŽŶƚŚĞƉƌŽƉĞƌƚLJ͖ƚŚĞǀŝĞǁǁŝůůďĞŵŽƌĞƉůĞĂƐŝŶŐ͖ƚŚĞƌĞ ǁŝůůďĞĂďƵĨĨĞƌďĞƚǁĞĞŶƚŚĞŝƌƉĂƌŬŝŶŐůŽƚĂŶĚƚŚĞtĂů Ͳ DĂƌƚůŽƚ͖ĂŶĚĂƌĞŝŶĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞƐƚĂĨĨ ĐŽŶĚŝƚŝŽŶƐ͘  Ɛƚ DƐ͘^ŚĞƌƌLJ,ƵďĞƌ͕ƌĞƐŝĚŝŶŐĂƚϮϮϬϰϭǀĞŶƵĞ^t͕ZŽĐŚĞƐƚĞƌDE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞ ǁŽƵůĚůŝŬĞƚŽƐĞĞĂƐŵĂŶLJĂƐƚŚĞŵĂƚƵƌĞƚƌĞĞƐƐĂǀĞĚĚƵƌŝŶŐƚŚĞĚĞǀĞůŽƉŵĞŶƚ͖ĐŽŶĐĞƌŶǁŝƚŚƚŚĞŝŶĐƌĞĂƐĞ 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[[2324,502,2332,542][8][,I,][Arial Narrow]]   '$7(0D\ 3DFNHW3J )H )H 'DYLV%HWK )URP/DZ%U\DQ%/DZ#URFKHVWHUPQJRY! 6HQW7XHVGD\0D\ 3DFNHW3J )H )H 'DYLV%HWK )URP6FKQHOO7UDF\ '27 WUDF\VFKQHOO#VWDWHPQXV! 6HQW:HGQHVGD\0D\ )I ŝƚLJWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗:ƵŶĞϭϰ͕ϮϬϭϳ  ŝƐĐƵƐƐŝŽŶĐŽŶƚŝŶƵĞĚŽŶƚŚĞƉŽƐƐŝďůĞƚŽĐŽŶĚŝƚŝŽŶƐǁŚŝĐŚĐŽƵůĚďĞĂĚĚĞĚĨŽƌ͞ŶŽŝƐĞŐĞŶĞƌĂƚŝŶŐ ƐƚƌƵĐƚƵƌĞƐ͟ĨŽƌƚŚĞĂĨĨĞĐƚĞĚŶĞŝŐŚďŽƌƐ͖ŽƌŵŽĚŝĨLJŝŶŐƚŚĞĐŽŶĚŝƚŝŽŶƌĞĐŽŵŵĞŶĚĞĚŝŶƚŚĞ^ƚĂĨĨZĞƉŽƌƚ͘  Dƌ͘tĂůƚĞƌƐŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨZĞƐƚƌŝĐƚĞĚĞǀĞůŽƉŵĞŶƚ&ŝŶĂůWůĂŶͲŽŶĚŝƚŝŽŶĂůhƐĞ WĞƌŵŝƚηZϮϬϭϲ Ͳ ϬϰϬhWǁŝƚŚƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘DƐ͘tŝůƐŽŶƐĞĐŽŶĚĞĚ ƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϲ Ͳ Ϭ͘  KE/d/KE^͗ ϭ͘WƌŝŽƌƚŽďƵŝůĚŝŶŐƉĞƌŵŝƚĂƉƉƌŽǀĂů͕ĂĐĞƌƚŝĨŝĐĂƚĞŽĨƐƵƌǀĞLJĨŽƌƚŚĞƉƌŽũĞĐƚďŽƵŶĚĂƌLJĂŶĚůŽĐĂƚŝŽŶŽĨƚŚĞ  ƌĞƐŝĚĞŶƚŝĂůŚŽŵĞƐŽƵƚŚŽĨƚŚĞƉƌŽũĞĐƚƐŝƚĞƐŚĂůůďĞƉƌŽǀŝĚĞĚ͘  Ϯ͘dŚĞ&ŝŶĂůWůĂŶƐŚĂůůďĞƌĞǀŝƐĞĚƚŽŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐ͗  Ă͘ĞƚĂŝůƐĨŽƌďŝĐLJĐůĞƉĂƌŬŝŶŐĂŶĚĨĞŶĐĞƐƉƌŽƉŽƐĞĚĨŽƌƚŚĞƐŝƚĞ  ď͘dŚĞŶĞǁǁĂƚĞƌƐĞƌǀŝĐĞƚŽďĞƚĂƉƉĞĚĂƚůĞĂƐƚϮΖĨƌŽŵƚŚĞĞdžŝƐƚŝŶŐƐĞƌǀŝĐĞĐŽŶŶĞĐƚŝŽŶ͘  Đ͘ZĞůŽĐĂƚŝŽŶŽĨĂŝƌĐŽŶĚŝƚŝŽŶĞƌƐƚŽůŽĐĂƚŝŽŶƐŽŶƚŚĞƐŝƚĞƚŚĂƚĐŽŵƉůLJǁŝƚŚϲϯ͘ϭϮϳŽĨƚŚĞŽŶŝŶŐ  KƌĚŝŶĂŶĐĞĨŽƌƚŚĞƉůĂĐĞŵĞŶƚŽĨĂƉƉƵƌƚĞŶĂŶƚƐƚƌƵĐƚƵƌĞƐƚŚĂƚŵĂLJŐĞŶĞƌĂƚĞŶŽŝƐĞ͘  ϯ͘/ŶůŝĞƵŽĨƌĞĐŽŶƐƚƌƵĐƚŝŶŐƚŚĞĂůůĞLJĂůŽŶŐƚŚĞĨƌŽŶƚĂŐĞŽĨƚŚĞWƌŽƉĞƌƚLJ͕ƚŚĞKǁŶĞƌŵĂLJƌĞƋƵĞƐƚĂŶĚ  ĞdžĞĐƵƚĞĂŽŶƚƌŝďƵƚŝŽŶŐƌĞĞŵĞŶƚƚŽŵĞŵŽƌŝĂůŝnjĞŝƚƐĨŝŶĂŶĐŝĂůŽďůŝŐĂƚŝŽŶƐĨŽƌĨƵƚƵƌĞƌĞĐŽŶƐƚƌƵĐƚŝŽŶ͘  ϰ͘'ƌĂĚŝŶŐĂŶĚƌĂŝŶĂŐĞWůĂŶĂƉƉƌŽǀĂůŝƐƌĞƋƵŝƌĞĚ͕ĂƐǁĞůůĂƐ͕ƉĂLJŵĞŶƚŽĨĂŶLJĂƉƉůŝĐĂďůĞ^ƚŽƌŵtĂƚĞƌ  DĂŶĂŐĞŵĞŶƚƌĞĂŚĂƌŐĞĨŽƌĂŶLJŝŶĐƌĞĂƐĞŝŶŝŵƉĞƌǀŝŽƵƐƐƵƌĨĂĐĞƐƉƌŝŽƌƚŽƚŚĞŝƐƐƵĂŶĐĞŽĨĂďƵŝůĚŝŶŐ ƉĞƌŵŝƚĨŽƌƚŚĞƉƌŽũĞĐƚ͘džĞĐƵƚŝŽŶŽĨĂDĂŝŶƚĞŶĂŶĐĞŐƌĞĞŵĞŶƚŝƐŶĞĐĞƐƐĂƌLJƉƌŝŽƌƚŽ'ƌĂĚŝŶŐWůĂŶ ĂƉƉƌŽǀĂůĨŽƌĂŶLJƌĞƋƵŝƌĞĚŽŶ Ͳ ƐŝƚĞĨĂĐŝůŝƚŝĞƐ͘  ϱ͘ƉƉƌŽǀĂůŽĨĂƌĞǀŽĐĂďůĞƉĞƌŵŝƚŝƐƌĞƋƵŝƌĞĚĨŽƌĂŶLJƉƌŝǀĂƚĞĨĞĂƚƵƌĞƐƉƌŽƉŽƐĞĚǁŝƚŚŝŶƚŚĞƉƵďůŝĐZKt  ŽƌŽƚŚĞƌƉƵďůŝĐĞĂƐĞŵĞŶƚƐ͘  ϲ͘džĞĐƵƚŝŽŶŽĨĂŝƚLJ Ͳ KǁŶĞƌŽŶƚƌĂĐƚǁŝůůďĞŶĞĞĚĞĚĨŽƌĂŶLJƉƵďůŝĐŝŵƉƌŽǀĞŵĞŶƚƐƌĞƋƵŝƌĞĚĨŽƌƚŚŝƐ  ƉƌŽƉŽƐĞĚƌĞĚĞǀĞůŽƉŵĞŶƚ͘  ϳ͘ŚĂƌŐĞƐͬĨĞĞƐĂƉƉůŝĐĂďůĞƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƉƌŽƉĞƌƚLJŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐ  x ^ĞǁĞƌǀĂŝůĂďŝůŝƚLJŚĂƌŐĞƐ;^Ϳ  x tĂƚĞƌǀĂŝůĂďŝůŝƚLJŚĂƌŐĞ;tͿ  x ^ƚŽƌŵtĂƚĞƌDĂŶĂŐĞŵĞŶƚƌĞĂŚĂƌŐĞ;^tDͿ  x WůĂŶƚ/ŶǀĞƐƚŵĞŶƚ&ĞĞ;W/&Ϳ    ŽŶƚŝŶƵĞĚ/ƚĞŵƐ͗  ZĞƐƚƌŝĐƚĞĚĞǀĞůŽƉŵĞŶƚ&ŝŶĂůWůĂŶͲŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚηZϮϬϭϲ Ͳ ϬϰϮhWďLJDĂƌŬŝĐŬƐŽŶĨŽƌĂ Ɛŝdž Ͳ ƐƚŽƌLJŵŝdžĞĚƵƐĞďƵŝůĚŝŶŐǁŝƚŚϭϰϯƌĞƐŝĚĞŶƚŝĂůƵŶŝƚƐ͕ϮϬ͕ϬϬϬƐƋƵĂƌĞĨĞĞƚŽĨĐŽŵŵĞƌĐŝĂůƐƉĂĐĞ͕ĂŶĚ ƵŶĚĞƌŐƌŽƵŶĚƉĂƌŬŝŶŐƚŽďĞŬŶŽǁŶĂƐZĞƐŝĚĞŶĐĞĂƚŝƐĐŽǀĞƌLJ^ƋƵĂƌĞ͘dŚĞƐŝƚĞŽĐĐƵƉŝĞƐŵŽƐƚŽĨĂďůŽĐŬ ďŽƌĚĞƌĞĚďLJϱƚŚ^ƚƌĞĞƚ^tƚŽƚŚĞŶŽƌƚŚ͕ϯƌĚǀĞŶƵĞ^tƚŽƚŚĞĞĂƐƚ͕ϲƚŚ^ƚƌĞĞƚ^tƚŽƚŚĞƐŽƵƚŚ͕ĂŶĚ ϰƚŚǀĞŶƵĞ^tƚŽƚŚĞǁĞƐƚ͘   _3DJH 3DFNHW3J )I ŝƚLJWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗:ƵŶĞϭϰ͕ϮϬϭϳ Dƌ͘:ŽŚŶƐŽŶƉƌĞƐĞŶƚĞĚƚŚĞƌĞǀŝƐĞĚƉůĂŶƐǁŚŝĐŚǁĞƌĞƌĞĐĞŝǀĞĚďLJƚŚĞWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚůĂƚĞŝŶƚŚĞ ĂĨƚĞƌŶŽŽŶŽĨ:ƵŶĞϭϰ͕ϮϬϭϳ͖ƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ:ƵŶĞϭϰ͕ϮϬϭϳ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐŽŶ ĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘  WůĂŶŶŝŶŐ^ƚĂĨĨĚŝƐƉůĂLJĞĚƚŽƚŚĞĐŽŵŵŝƐƐŝŽŶƚŚĞƌĞĐĞŶƚůLJƐƵďŵŝƚƚĞĚƌĞŶĚĞƌŝŶŐƐŽĨƚŚĞƐŝƚĞ͖ĂŶĚƌĞǀŝĞǁĞĚ ƚŚĞĐŚĂŶŐĞƐŝŶĚĞƚĂŝů͘  ŝƐĐƵƐƐŝŽŶĐŽŶƚŝŶƵĞĚƚŚĞŝŶƚĞƌŝŽƌĂŶĚĞdžƚĞƌŝŽƌĨĞĂƚƵƌĞƐŽĨƚŚĞƐŝƚĞŝŶĐůƵĚŝŶŐƐŝŐŶĂŐĞŝůůƵŵŝŶĂƚŝŽŶ͘   Dƌ͘ƵƌƐƚŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨZĞƐƚƌŝĐƚĞĚĞǀĞůŽƉŵĞŶƚ&ŝŶĂůWůĂŶͲŽŶĚŝƚŝŽŶĂůhƐĞ WĞƌŵŝƚηZϮϬϭϲ Ͳ ϬϰϮhWǁŝƚŚƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘Dƌ͘,ŝůůƐĞĐŽŶĚĞĚ ƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϲ Ͳ Ϭ͘  KE/d/KE^͗ ϭ͘WƌŝŽƌƚŽĂƉƉƌŽǀĂůŽĨďƵŝůĚŝŶŐƉĞƌŵŝƚƐ͕ĚŽĐƵŵĞŶƚĂƚŝŽŶƐŚŽǁŝŶŐƚŚĂƚƚŚĞZŽĐŚĞƐƚĞƌWƵďůŝĐtŽƌŬƐ  ĞƉĂƌƚŵĞŶƚǁŝůůĂŐƌĞĞƚŽĚĞƐŝŐŶĂƚĞĂŶĚƉŽƐƚƚŚĞůŽĂĚŝŶŐĂƌĞĂƐŚĂůůďĞƐƵďŵŝƚƚĞĚƚŚĞWůĂŶŶŝŶŐ ĞƉĂƌƚŵĞŶƚ͘  Ϯ͘WƌŝŽƌƚŽĂƉƉƌŽǀĂůŽĨďƵŝůĚŝŶŐƉĞƌŵŝƚƐ͕ƚŚĞĨŝŶĂůƐŝƚĞƉůĂŶƐŚĂůůďĞƌĞǀŝƐĞĚƚŽƐŚŽǁƚŚĞĨŽůůŽǁŝŶŐ͗  ĂͿ^ŝŐŶĂƌĞĂůĂďĞůƐĨŽƌĐŽŵŵĞƌĐŝĂůƚĞŶĂŶƚďƵƐŝŶĞƐƐƐŝŐŶƐƐŚĂůůďĞƌĞǀŝƐĞĚƚŽƐƚĂƚĞ͗͞ƚŽƚĂůďƵƐŝŶĞƐƐ  ǁĂůůƐŝŐŶĂƌĞĂŽŶĞĂƐƚĂŶĚǁĞƐƚĞůĞǀĂƚŝŽŶƐŶŽƚƚŽĞdžĐĞĞĚϯϱϬƐƋƵĂƌĞĨĞĞƚƚŽƚĂů͘^ŝŐŶƐŵƵƐƚďĞ ůŽĐĂƚĞĚǁŝƚŚŝŶƐŝŐŶĂƌĞĂ͘͟ ďͿdžŝƐƚŝŶŐĨŝƌĞŚLJĚƌĂŶƚƐƐŚĂůůďĞƐŚŽǁŶŽŶƚŚĞƵƚŝůŝƚLJƉůĂŶ͘  ĐͿZĞůŽĐĂƚŝŽŶŽĨƚŚĞďŝĐLJĐůĞƌĂĐŬĂůŽŶŐƚŚĞϰ ƚŚǀĞŶƵĞĨƌŽŶƚĂŐĞƚŽĂůŽĐĂƚŝŽŶĂǁĂLJĨƌŽŵƚŚĞ  ƚƌĂŶƐĨŽƌŵĞƌƉĂĚ͘ ĚͿdŚĞƐůŽƉĞŽĨƚŚĞƐŝĚĞǁĂůŬƐƚŽĨŽůůŽǁƚŚĞƐƚĂŶĚĂƌĚŽĨŵĂƚĐŚŝŶŐƚŚĞƐůŽƉĞŽĨƚŚĞĂďƵƚƚŝŶŐƐƚƌĞĞƚ͘  ĞƌƚĂŝŶƉůĂŶƐŚĞĞƚƐϯ͘ϬĨŽƌĞdžĂŵƉůĞ͕ĂƉƉĞĂƌƚŽƐŚŽǁƚŚĞƐŝĚĞǁĂůŬƐůŽƉĞƐŶŽƚĨŽůůŽǁŝŶŐƚŚŝƐ ƐƚĂŶĚĂƌĚ͘ ĞͿWŽƐŝƚŝǀĞĚƌĂŝŶĂŐĞĂǁĂLJĨƌŽŵƚŚĞďƵŝůĚŝŶŐ͘  ĨͿWĂƌŬŝŶŐŵĂŶĂŐĞŵĞŶƚƉůĂŶŶĂƌƌĂƚŝǀĞƐŚĂůůďĞƌĞǀŝƐĞĚƚŽƌĞĨůĞĐƚĐŚĂŶŐĞƐƚŽƚŚĞƉĂƌŬŝŶŐůĂLJŽƵƚ͘   ϯ͘dŚĞĂƉƉůŝĐĂŶƚŝƐƌĞƋƵŝƌĞĚƚŽƌĞ Ͳ ƉůĂƚƚŚĞƉƌŽƉĞƌƚLJĂŶĚƌĞĐŽƌĚƚŚĞĨŝŶĂůƉůĂƚ͕ƉƌŝŽƌƚŽƚŚĞŝƐƐƵĂŶĐĞŽĨ  ƚŚĞďƵŝůĚŝŶŐƉĞƌŵŝƚĨŽƌƚŚĞƉƌŽũĞĐƚ͘  ϰ͘dŚĞĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶĂŶĚƉƌŽĨŝůĞŵƵƐƚŵĞĞƚŝƚLJ^ƚĂŶĚĂƌĚƐĨŽƌƉƵďůŝĐǁĂƚĞƌŵĂŝŶĐŽŶƐƚƌƵĐƚŝŽŶ  ƚŚƌŽƵŐŚĞŝƚŚĞƌƚŚĞƌĞǀŝƐŝŽŶŽĨƚŚĞƵƚŝůŝƚLJƉůĂŶ;ƐŚĞĞƚϱ͘ϬͿĂŶĚƚŚĞĂĚĚŝƚŝŽŶŽĨĂƉƌŽĨŝůĞƚŽŵĞĞƚ ƚŚĞƐĞƐƚĂŶĚĂƌĚƐƐŚĂůůďĞƌĞǀŝƐĞĚ͕ŽƌƚŚĞƐĞƉĂƌĂƚĞƐƵďŵŝƚƚĂůŽĨĂŶŽƚŚĞƌƉůĂŶĨŽƌĂƉƉƌŽǀĂůďLJZWh tĂƚĞƌ͘  ϱ͘WƌŝŽƌƚŽĐŽŶƐƚƌƵĐƚŝŽŶŽĨƉƵďůŝĐŝŵƉƌŽǀĞŵĞŶƚƐ͕ĂŝƚLJ Ͳ KǁŶĞƌŽŶƚƌĂĐƚŝƐƌĞƋƵŝƌĞĚĨŽƌǁĂƚĞƌŵĂŝŶ  ĐŽŶƐƚƌƵĐƚŝŽŶǁŝƚŚŝŶƚŚĞƉƵďůŝĐƌŝŐŚƚ Ͳ ŽĨ Ͳ ǁĂLJ͘  ϲ͘WƌŝŽƌƚŽŝƐƐƵĂŶĐĞŽĨƚŚĞďƵŝůĚŝŶŐƉĞƌŵŝƚĨŽƌƚŚĞƉƌŽũĞĐƚ͕ƚŚĞĂƉƉůŝĐĂŶƚǁŝůůŶĞĞĚƚŽĐŽŽƌĚŝŶĂƚĞƚŚĞ  ƵƐĞƚLJƉĞƐƉƌŽƉŽƐĞĚďLJƚŚĞůŝǀĞǁŽƌŬƐƉĂĐĞƐǁŝƚŚƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌƵŝůĚŝŶŐ^ĂĨĞƚLJĞƉĂƌƚŵĞŶƚ ƚŽĐŽŶĨŝƌŵĐŽŶĨŽƌŵĂŶĐĞǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂ^ƚĂŐĞƵŝůĚŝŶŐŽĚĞ͘  ϳ͘dŚĞĂƉƉůŝĐĂŶƚĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞŽŶĂŶĚŽĨĨƐŝƚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐĚĞƐŝŐŶĂŶĚŽƉĞƌĂƚŝŽŶƐǁŝůů  ƌĞƋƵŝƌĞĨƵƌƚŚĞƌƚĞĐŚŶŝĐĂůĞǀĂůƵĂƚŝŽŶĂŶĚƚŚĞĨŝŶĂůĚĞƐŝŐŶƐŚĂůůĐŽŶĨŽƌŵƚŽƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌ  _3DJH 3DFNHW3J )I ŝƚLJWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗:ƵŶĞϭϰ͕ϮϬϭϳ ĨĂĐŝůŝƚŝĞƐĂƐĚĞƚĞƌŵŝŶĞĚďLJƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌĞƉĂƌƚŵĞŶƚƐŽĨWƵďůŝĐtŽƌŬƐ͕WĂƌŬƐͬZĞĐƌĞĂƚŝŽŶ͕ ĂŶĚͬŽƌWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘  ϴ͘dŚĞƉĂƌŬŝŶŐĂƌĞĂǁŝůůŶŽƚĐŽŶƚĂŝŶĂŶLJĐŽŶƚƌĂĐƚƉĂƌŬŝŶŐĨŽƌƵƐĞƌƐŶŽƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞƵƐĞƐŝŶ  ƚŚĞďƵŝůĚŝŶŐ͘  ϵ͘dŚĞĞdžŝƐƚŝŶŐĂĚĚƌĞƐƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞƐŝƚĞǁŝůůďĞƌĞƚŝƌĞĚĂƐƚŚĞďƵŝůĚŝŶŐƐĂƌĞĚĞŵŽůŝƐŚĞĚ͘dŚĞ  ƉƌŽƉŽƐĞĚďƵŝůĚŝŶŐŽŶƚŚĞƐŝƚĞǁŝůůŶĞĞĚƚŽĂƉƉůLJĨŽƌŶĞǁĂĚĚƌĞƐƐŝŶŐǁŚŝĐŚĐĂŶďĞĐŽŽƌĚŝŶĂƚĞǁŝƚŚ ƚŚĞWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚĂĚĚƌĞƐƐŝŶŐĚŝǀŝƐŝŽŶĚƵƌŝŶŐƚŚĞďƵŝůĚŝŶŐƉĞƌŵŝƚƉƌŽĐĞƐƐ͘  ϭϬ͘'ƌĂĚŝŶŐĂŶĚƌĂŝŶĂŐĞWůĂŶĂƉƉƌŽǀĂůŝƐƌĞƋƵŝƌĞĚƉƌŝŽƌƚŽƚŚĞŝƐƐƵĂŶĐĞŽĨĂďƵŝůĚŝŶŐƉĞƌŵŝƚĨŽƌƚŚĞ  ƉƌŽũĞĐƚ͘  ϭϭ͘džĞĐƵƚŝŽŶŽĨĂƌĞǀŽĐĂďůĞƉĞƌŵŝƚĂŐƌĞĞŵĞŶƚŝƐƌĞƋƵŝƌĞĚĨŽƌĂŶLJƉƌŝǀĂƚĞĨĞĂƚƵƌĞƐƉƌŽƉŽƐĞĚǁŝƚŚŝŶ  ƚŚĞƉƵďůŝĐZKtŽƌŽƚŚĞƌƉƵďůŝĐĞĂƐĞŵĞŶƚƐ͘  ϭϮ͘dŚĞĞdžŝƐƚŝŶŐĚƌŝǀĞǁĂLJƐƚŚĂƚǁŝůůŶŽƚďĞƵƚŝůŝnjĞĚĂƐƉĂƌƚŽĨƚŚŝƐƌĞĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚƐŚĂůůďĞ  ƌĞŵŽǀĞĚĂŶĚƚŚĞĂƌĞĂƐƌĞƐƚŽƌĞĚǁŝƚŚďŽƵůĞǀĂƌĚĂŶĚĐƵƌďΘŐƵƚƚĞƌĂƐƌĞƋƵŝƌĞĚďLJƚŚĞŝƚLJŽĨ 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