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YƵĞƐƚŝŽŶηϯ͗ƌĞǇŽƵĂƚĂůůĐŽŶĐĞƌŶĞĚǁŝƚŚƚŚĞƚƵƌŶŝŶŐŵŽǀĞŵĞŶƚƐǁŝƚŚƚŚĞůĞĨƚƚƵƌŶƐŝŶƚŽƚŚĞƐŝƚĞĨƌŽŵ ďŽƚŚŚĂƚĞĂƵŝƌĐůĞĂŶĚsŝůůĂZŽĂĚŽŶƚŽƚŚĞƐŝƚĞ͍ ŶƐǁĞƌηϯ͗Dƌ͘DĂŝĞƌƐƚĂƚĞĚƚŚĂƚŝƚŚĂƐďĞĞŶƚŚĞƉƌĞĨĞƌĞŶĐĞŽĨďŽƚŚďƵƐŝŶĞƐƐĞƐƚŚĂƚŚĂǀĞĞǆƉƌĞƐƐĞĚ ŝŶƚĞƌĞƐƚŝŶƉƵƌĐŚĂƐŝŶŐƚŚĞůŽƚŽŶƚŚĞǁĞƐƚĞƌŶƐŝĚĞŽĨŚĂƚĞĂƵZŽĂĚƚŚĂƚƚŚĞƌĞŝƐŐŽŽĚ ĐŽŶŶĞĐƚŝǀŝƚǇƚŽŐĞƚƚŚĞƌĞ͘dŚĞĂĐĐĞƐƐƚŽƚŚĞůŽƚĨƌŽŵŚĂƚĞĂƵZŽĂĚŝƐŶĞĞĚĞĚďĂƐĞĚŽŶƚŚĞ ďƵƐŝŶĞƐƐĚĞŵĂŶĚƐ͘/ƚŝƐŝŵƉŽƌƚĂŶƚŶŽƚŽŶůǇƚŽƚŚĂƚůŽƚďƵƚƚŚƌŽƵŐŚŽƵƚƚŚĞĞŶƚŝƌĞƐƵďĚŝǀŝƐŝŽŶ͘ ƚŚ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚƌĞŐĂƌĚŝŶŐƚŚĞƚƵƌŶŝŶŐŵŽǀĞŵĞŶƚƐŽŶŚĂƚĞĂƵǁŝƚŚĐĂƌƐƚƵƌŶŝŶŐůĞĨƚ;ŶŽƌƚŚͿĨƌŽŵϱϱ^ƚƌĞĞƚ EtĂŶĚƉŽƚĞŶƚŝĂůĐŽŶĨůŝĐƚƐďĞƚǁĞĞŶƚŚŽƐĞƚƌĂǀĞůŝŶŐŶŽƌƚŚŚĂƚĞĂƵƚŽǁĂƌĚƐsŝůůĂĂŶĚŵĂŬŝŶŐĐŽŶĨůŝĐƚŝŶŐƚƌĂĨĨŝĐ ŵŽǀĞŵĞŶƚƐĂŶĚƚŚĞŵĞƌŐŝŶŐŝŶƚŽůĂŶĞƐƚŽƚƵƌŶƌŝŐŚƚŽŶƚŽsŝůůĂZŽĂĚ͕ĞƚĐ͘dƌĂĨĨŝĐƐƚƵĚŝĞƐǁĞƌĞŶŽƚĞĚĂůŽŶŐǁŝƚŚ ƚŚĞƉŽƚĞŶƚŝĂůĨŽƌŚƵŵĂŶĞƌƌŽƌ͘ YƵĞƐƚŝŽŶηϰ͗/ĂŵƐƚŝůůŶŽƚĐůĞĂƌǁŚŽƚĂŬĞƐĐĂƌĞŽĨƚŚĞƐŶŽǁƌĞŵŽǀĂůŽŶƚŚĞďŝŬĞƉĂƚŚ͍ ŶƐǁĞƌηϰ͗dŚĞĂĚũŽŝŶŝŶŐƚĞŶĂŶƚŝƐƌĞƋƵŝƌĞĚƚŽƚĂŬĞŽĨƚŚĞďŝŬĞǁĂǇƐƉĞƌĐŝƚǇŽƌĚŝŶĂŶĐĞ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚƌĞŐĂƌĚŝŶŐƚŚĞŐƌŽǁƚŚĂŶĚŵĂŝŶƚĞŶĂŶĐĞŽĨǀĞŐĞƚĂƚŝŽŶĂŶĚǁŚŽƐĞ ƌĞƐƉŽŶƐŝďŝůŝƚǇŝƚǁĂƐƚŽŵĂŝŶƚĂŝŶƚŚĞƉƌŽƉĞƌƚǇƉĞƌĐŝƚǇƌĞƋƵŝƌĞŵĞŶƚƐ͘dŚĞŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞ ďŝŬĞƉĂƚŚĨŽƌƐŶŽǁƌĞŵŽǀĂůǁĂƐĐůĂƌŝĨŝĞĚĨŽƌƉƌŽƉĞƌƚŝĞƐƚŚĂƚĂƌĞŶŽǁƵŶĚĞƌƐĞƉĂƌĂƚĞŽǁŶĞƌƐŚŝƉ ĂŶĚƚŚŽƐĞƚŚĂƚǁŝůůďĞŝŶƚŚĞĨƵƚƵƌĞ͘ YƵĞƐƚŝŽŶηϱ͗,ŽǁĚŽǁĞĐŽŶƚĂĐƚƚŚĞŽǁŶĞƌƚŽĞŶĐŽƵƌĂŐĞƚŚĞŵƚŽŵŽǁƚŚĞůĂǁŶďĞĨŽƌĞŝƚŐŽĞƐƚŽƐĞĞĚ͍ ŶƐǁĞƌηϱ͗Dƌ͘ĂŵƉŝĂŶ͕ŽƵŶĐŝůŵĂŶĨŽƌƚŚĞtĂƌĚĂŶƐǁĞƌĞĚƚŚĞƋƵĞƐƚŝŽŶƌĞŐĂƌĚŝŶŐĐŝƚǇƉƌŽĐĞĚƵƌĞƚŽ ƌĞƉŽƌƚƚŚĞůĂǁŶŶŽƚďĞŝŶŐŵŽǁĞĚŽƌƐŶŽǁŶŽƚďĞŝŶŐƌĞŵŽǀĞĚŝŶĂƚŝŵĞůǇŵĂŶŶĞƌ͘,Ğ ĞŶĐŽƵƌĂŐĞĚĨŝƌƐƚĂĨƌŝĞŶĚůǇŶĞŝŐŚďŽƌůǇĐŽŶƚĂĐƚƚŽƚŚĞŽǁŶĞƌƉƌŝŽƌƚŽĐŽŶƚĂĐƚŝŶŐƚŚĞĐŝƚǇ ĂŐĞŶĐŝĞƐ͘Dƌ͘ĂŵƉŝŽŶŶŽƚĞĚƐŽŵĞƚŝŵĞƐƚŚĂƚƌĞƉŽƌƚŝŶŐŽŶĞƉƌŽƉĞƌƚǇƌĞƐƵůƚĞĚŝŶĐŽƌƌĞĐƚŝǀĞ ĂĐƚŝŽŶĂŶĚĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞƐĂŵĞĐŽŶĚŝƚŝŽŶƐŽĨŽƚŚĞƌƉƌŽƉĞƌƚŝĞƐŝŶƚŚĞƐĂŵĞǀŝĐŝŶŝƚǇǁŚĞŶĐŝƚǇ ǁŽƌŬĐƌĞǁƐĐŽŵĞƚŽĐŽƌƌĞĐƚƚŚĞǀŝŽůĂƚŝŽŶƐ͘ 3DFNHW3J )L YƵĞƐƚŝŽŶηϲ͗tŚŽŝƐƚŚĞƉƌŽƉĞƌƚǇŽǁŶĞƌŽĨƚŚĞĞĂƐƚĞƌŶůŽƚ͍ ŶƐǁĞƌηϲ͗ůƚƌĂƌĞĚŝƚhŶŝŽŶǁŝůůďĞƚŚĞĚĞǀĞůŽƉĞƌͬŽǁŶĞƌŽĨƚŚĞĞĂƐƚĞƌŶůŽƚ͘ YƵĞƐƚŝŽŶηϳ͗tŚŽŝƐƌĞƐƉŽŶƐŝďůĞƚŽŵŽǁƚŚĞĚŝƚĐŚŶĞǆƚƚŽůŽƚƐ͍ ŶƐǁĞƌηϳ͗dŚĞŽƵŶƚǇŚĂƐƚŚĞũƵƌŝƐĚŝĐƚŝŽŶŽĨŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞĂƌĞĂƐǁŝƚŚŝŶƉƵďůŝĐƚŚĞZKt͘dŚĞƌĞǁŝůů 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YƵĞƐƚŝŽŶηϵ͗/ƐƚŚĞƌĞĂƌĞƐƚƌŝĐƚŝŽŶŽŶƚŚĞŶƵŵďĞƌŽĨĚƌŝǀĞƚŚƌŽƵŐŚƐ͍,ŽǁŵĂŶǇĚƌŝǀĞƚŚƌŽƵŐŚƐǁŝůůŽĐĐƵƌŽŶ ƚŚĞƐŝƚĞŽǀĞƌĂůů͍ ŶƐǁĞƌηϵ͗dŚĞƌĞĂƌĞϰĚƌŝǀĞƚŚƌŽƵŐŚƐŝŶƚŚĞ^ƉĞĐŝĂůŝƐƚƌŝĐƚWůĂŶ͘dŚĞŽƌĚŝŶĂŶĐĞŚĂƐƚŚĞĚĞƐŝŐŶ ƌĞƋƵŝƌĞŵĞŶƚĚĞƚĂŝůƐĨŽƌƉůĂĐĞŵĞŶƚĂŶĚƐĐƌĞĞŶŝŶŐ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚƌĞŐĂƌĚŝŶŐƚŚĞĂďŝůŝƚǇŽĨƚŚĞĞĂƐƚĞƌŶůŽƚĐŽŶƚĂŝŶŝŶŐĂĚƌŝǀĞƚŚƌŽƵŐŚ͘ YƵĞƐƚŝŽŶηϭϬ͗tŝƚŚƚŚĞĨƵƚƵƌĞƚƌĂĨĨŝĐ͕ƚŚĞƌĞŝƐĂĐŽŶĐĞƌŶŽŶďŽƚŚŚĂƚĞĂƵŝƌĐůĞĂŶĚŽŶsŝůůĂZŽĂĚ͘/Ăŵ ĐŽŶĐĞƌŶĞĚǁŝƚŚƚŚĞƚŽƚĂůŶƵŵďĞƌŽĨ;ƚƌŝƉƐͿƚŚĂƚǁŝůůŽĐĐƵƌ͘tŚĂƚŚĂƉƉĞŶƐŝĨǇŽƵƵƐĞƵƉĂůůƚŚĞ ƚƌŝƉŐĞŶĞƌĂƚŝŽŶŽŶŽŶĞůŽƚ͍ ŶƐǁĞƌηϭϬ͗dŚĞdƌĂĨĨŝĐƐƚƵĚǇŝŶĚŝĐĂƚĞĚƚŚĞƚŚƌĞƐŚŽůĚƐĨŽƌƚŚĞŝŶĐƌĞĂƐĞŝŶƚƌĂĨĨŝĐǀŽůƵŵĞ͘dŚĞƌĞǁŝůůŶĞĞĚƚŽ ďĞĂĐŽŶĐĞŶƚƌĂƚĞĚĞĨĨŽƌƚďǇƚŚĞĚĞǀĞůŽƉĞƌƐƚŽĐŚŽŽƐĞďƵƐŝŶĞƐƐƚŚĂƚƐƉƌĞĂĚƚƌŝƉŐĞŶĞƌĂƚŝŽŶŽǀĞƌ ƚŚĞĞŶƚŝƌĞƐŝƚĞ͘/ĨĞǆĐĞƐƐŝǀĞƚƌĂĨĨŝĐŝƐŐĞŶĞƌĂƚĞĚďǇĂƉƌŽƉŽƐĂůŽŶŽŶĞůŽƚ͕ƚŚĞƌĞŵĂŝŶŝŶŐůŽƚƐ ǁŽƵůĚďĞƵŶƐĂůĞĂďůĞ͘ 3DFNHW3J )L YƵĞƐƚŝŽŶηϭϭ͗/ƐƚŚĞŶƵŵďĞƌŽĨƉĂƌŬŝŶŐƐƚĂůůƐŽŶƚŚĞƉƌĞǀŝŽƵƐƉůĂŶŐŽŝŶŐƚŽďĞƚŚĞƐĂŵĞŽŶƚŚĞƉƌŽƉŽƐĞĚ ƉůĂŶ͍ ŶƐǁĞƌηϭϭ͗dŚĞƉĂƌŬŝŶŐƋƵĂŶƚŝƚŝĞƐĂƐƐŚŽǁŶŽŶƚŚĞĐƵƌƌĞŶƚƉůĂŶǁŝůůďĞĂůůŽǁĞĚŝŶĨƵƚƵƌĞƉůĂŶƐ͘ 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ƌĞǇŽƵƵƐŝŶŐƚŚĞDĞĚǆƉƌĞƐƐƚŚĂƚůŽŽŬƐůŝŬĞĂtĂůŐƌĞĞŶƐ YƵĞƐƚŝŽŶηϭϴ͍͗ ŶƐǁĞƌηϭϴ͗dŚĞƐƚǇůĞŽĨďƵŝůĚŝŶŐƚŚĂƚǁĂƐƐŚŽǁŶŽŶƚŚĞƉƌĞƐĞŶƚĂƚŝŽŶŝƐƚŚĞƉƌŽƉŽƐĞĚĨĂĕĂĚĞ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚƌĞŐĂƌĚŝŶŐDĞĚǆƉƌĞƐƐĨĂĕĂĚĞƐǁŚŝĐŚƚŚĞǇŚĂǀĞƵƐĞĚŝŶŽƚŚĞƌĚĞǀĞůŽƉŵĞŶƚƐĂƌŽƵŶĚƚŚĞ ĐŽƵŶƚƌǇĂŶĚƚŚĞƌĞŶĚĞƌŝŶŐƚŚĂƚǁĂƐĚĞƉŝĐƚĞĚŝŶƚŚĞŵĞĞƚŝŶŐ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚƌĞŐĂƌĚŝŶŐďŽƵůĞǀĂƌĚƚƌĞĞƉůĂŶƚŝŶŐĂŶĚĚŝƐƐĂƚŝƐĨĂĐƚŝŽŶǁŝƚŚƚŚĞƚƌĞĞƌĞŵŽǀĂůƚŚĂƚƉƌĞǀŝŽƵƐůǇ ŽĐĐƵƌƌĞĚŽŶƚŚĞƐŝƚĞ͘ ͗tŚŽƐĞƌĞƐƉŽŶƐŝďŝůŝƚǇŝƐŝƚƚŽǁĂƚĞƌƚŚĞďŽƵůĞǀĂƌĚƚƌĞĞƐ YƵĞƐƚŝŽŶηϭϵ͍ ŶƐǁĞƌηϭϵ͗dŚĞǇĂƌĞƵŶĚĞƌĂƚǁŽǇĞĂƌǁĂƌƌĂŶƚǇƐŽƚŚĞƌĞŝƐĂĐŽŶƚƌĂĐƚǁŝƚŚƚŚĞŝŶƐƚĂůůĞƌ͘ YƵĞƐƚŝŽŶηϮϬ͗/ĨƚŚĞǁĂƌƌĂŶƚǇĞǆƉŝƌĞƐĂŶĚƚŚĞƚƌĞĞĚŝĞƐ͕ǁŚŽŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌƌĞƉůĂĐŝŶŐƚŚĞďŽƵůĞǀĂƌĚƚƌĞĞƐ͍ ŶƐǁĞƌηϮϬ͗ŝƚǇƉŽůŝĐǇƌĞŐĂƌĚŝŶŐƚƌĞĞƌĞƉůĂĐĞǁĂƐĚŝƐĐƵƐƐĞĚĂŶĚƐƵŐŐĞƐƚŝŽŶƐĨŽƌĂĚĚƌĞƐƐŝŶŐďŽƵůĞǀĂƌĚ ƚƌĞĞƐ͘WŽůŝĐǇĚŝĐƚĂƚĞƐƚŚĂƚĂĚũŽŝŶŝŶŐƉƌŽƉĞƌƚǇŽǁŶĞƌƐĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞƌĞƉůĂĐĞŵĞŶƚŽĨ ƚƌĞĞƐƐŚŽƵůĚƚŚĞǇĚŝĞ͘ YƵĞƐƚŝŽŶηϮϭ͗ƌĞƚŚĞƌĞĂŶǇůŝƚůĞƚƚĞƌƐŽŶƚŚĞďƵŝůĚŝŶŐ͍tŚĂƚĂďŽƵƚƚŚĞƐŝŐŶĂŐĞƚŚĂƚŝƐůŝƚ͍ ŶƐǁĞƌηϮϭ͗dŚĞƌĞŝƐƚĞǆƚŝŶƚŚĞƐƉĞĐŝĂůĚŝƐƚƌŝĐƚƚŚĂƚĚĞĨŝŶĞƐƚŚĞŝůůƵŵŝŶĂƚŝŽŶŽĨƚŚĞƐŝŐŶĂŐĞƚŚĂƚŝƐŽŶƚŚĞ ďƵŝůĚŝŶŐŽƌŝŶƚŚĞĂĚũŽŝŶŝŶŐƐŝŐŶĂŐĞďĂƐĞĚŽŶƚŚĞͲϭƐƚĂŶĚĂƌĚƐĂůŽŶŐǁŝƚŚŝůůƵŵŝŶĂƚŝŽŶƐ ƐƚĂŶĚĂƌĚƐ͘dŚĞƌĞǁĂƐƚŚĞƌĞŵŽǀĂůŽĨƚŚĞĚŝŐŝƚĂůƐŝŐŶƚŚĂƚǁĂƐƉƌĞǀŝŽƵƐůǇŝŶƚŚĞŽƌĚŝŶĂŶĐĞ͘ dŚĞƌĞĂƌĞƐŝŐŶƐŽŶƚŚĞďƵŝůĚŝŶŐƚŚĂƚĐĂŶďĞůŝƚ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚƌĞŐĂƌĚŝŶŐůŝŐŚƚŝŶŐĂŶĚŚŽǁŝƚĐŽƵůĚƉŽƚĞŶƚŝĂůůǇďĞǀŝĞǁĞĚďǇƚŚĞŶĞŝŐŚďŽƌŚŽŽĚƐƉĞĐŝĨŝĐƚŽ ŵŽŶƵŵĞŶƚƐŝŐŶĂŐĞĂŶĚŚŽǁƐĐƌĞĞŶŝŶŐĐŽƵůĚŚĞůƉƚŽŵŝŶŝŵŝǌĞůŝŐŚƚŝŶŐ͘ DĞĞƚŝŶŐĐŽŶĐůƵĚĞĚĂƚϳ͗ϬϲƉŵǁŝƚŚDƌ͘DĂŝĞƌƚŚĂŶŬŝŶŐĞǀĞƌǇŽŶĞĨŽƌĐŽŵŝŶŐ͘Dƌ͘ĂŵƉŝŽŶƐƚĂƚĞĚƚŚĂƚŝĨƚŚĞƌĞ ĂƌĞƋƵĞƐƚŝŽŶƐŽƌĐŽŵŵĞŶƚƐƚŽƉůĞĂƐĞĐŽŶƚĂĐƚŚŝŵŝĨǇŽƵĚŝĚŶ͛ƚĨĞĞůĐŽŵĨŽƌƚĂďůĞĂƐŬŝŶŐƋƵĞƐƚŝŽŶƐŝŶƚŚŝƐƐĞƐƐŝŽŶ͘ 3DFNHW3J )L 3DFNHW3J )L 3DFNHW3J )M ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗:ĂŶƵĂƌǇϭϭ͕ϮϬϭϳ Dƌ͘ƵŶŶĞǆƉůĂŝŶĞĚƚŚĞƉƌŽĐĞƐƐǁŝƚŚŝŶƚŚĞWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͖ŝŶƚŚĞŝŶƐƚĂŶĐĞŽĨĂƐƚŐĂƚĞWƌŽũĞĐƚƚŚĞ WůĂŶŶŝŶŐ^ƚĂĨĨĨĞĞůƐĐŽŵĨŽƌƚĂďůĞǁŝƚŚƚŚĞŝƌĐŚĂŶŐĞŝŶƌĞĐŽŵŵĞŶĚĂƚŝŽŶ͘ Dƌ͘ƵƌƐƚŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ&ŝŶĂůWůĂŶͲŽŶĚŝƚŝŽŶĂůhƐĞ WĞƌŵŝƚηZϮϬϭϲͲϬϯϬhWǁŝƚŚƚŚĞƌĞǀŝƐĞĚƐƚĂĨĨͲƌĞĐŽŵŵĞŶĚĞĚĐŽŶĚŝƚŝŽŶƐĂŶĚĨŝŶĚŝŶŐƐ͘DƐ͘^ĞĂďƌŽŽŬ ƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘ KE/d/KE^͗ 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dŚĞĂƉƉůŝĐĂŶƚŝƐƉƌŽƉŽƐŝŶŐƚŽĂŵĞŶĚƚŚĞ^ƉĞĐŝĂůŝƐƚƌŝĐƚƚŽŵŽĚŝĨǇƚŚĞ^ƉĞĐŝĂůŝƐƚƌŝĐƚůĂŶŐƵĂŐĞĂŶĚ ƐŝƚĞƉůĂŶ͘dŚĞƉƌŽũĞĐƚŝƐůŽĐĂƚĞĚŶŽƌƚŚŽĨϱϱƚŚ^ƚƌĞĞƚEtĂŶĚ^ŽƵƚŚŽĨsŝůůĂZŽĂĚEt͘ _3DJH 3DFNHW3J )M ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗:ĂŶƵĂƌǇϭϭ͕ϮϬϭϳ Dƌ͘:ŽŚŶƐŽŶƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ:ĂŶƵĂƌǇϭϭ͕ϮϬϭϳ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐ ŽŶĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌͲKůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ Dƌ͘ƵƌƐƚĂƐŬĞĚĂďŽƵƚƚŚĞƉƌŽŐƌĞƐƐŽŶƚŚĞĚĞǀĞůŽƉŵĞŶƚ͖ŝƐƚŚĞƌĞĂŶǇƌĞƐŽůƵƚŝŽŶǁŝƚŚƚŚĞƉƌŽũĞĐƚ͍ Dƌ͘:ŽŚŶƐŽŶƐƚĂƚĞĚǁŝƚŚƚŚĞŝŶƚĞŶƚŽĨƚŚĞ^ƉĞĐŝĂůŝƐƚƌŝĐƚƚĂŬĞƐƚŝŵĞ͖ƐƚĂĨĨǁĂŶƚƚŽŵĂŬĞƐƵƌĞƚŚĞƌƵůĞƐ ĂƌĞĂƉƉƌŽƉƌŝĂƚĞĨŽƌƚŚĞƉƌĞĚŝĐƚĂďůĞŽĨĨƵƚƵƌĞĚĞǀĞůŽƉĞƌƐ͘ Dƌ͘ƵŶŶŶŽƚĞĚWůĂŶŶŝŶŐ^ƚĂĨĨŝƐĂƐŬŝŶŐƚŽůŽŽŬĂƚƚŚĞĚĞǀĞůŽƉŵĞŶƚƚŽƐĞĞŝĨƚŚĞƌĞŝƐŵŽƌĞŽƉƉŽƌƚƵŶŝƚǇ ĨŽƌĨůĞǆŝďŝůŝƚǇǁŝƚŚŝŶƚŚĞƉƌŽũĞĐƚ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶŝŶƌĞŐĂƌĚƐƚŽƚŚĞƉƌŽĐĞĚƵƌĞĨŽƌƚŚĞĨƵƚƵƌĞŽĨƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ͘ DƐ͘tŝůƐŽŶŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘ŝůůdŽŝŶƚŽŶ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚt^ΘƐƐŽĐŝĂƚŝŽŶ͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϰ͕ ĂĚĚƌĞƐƐĞĚƚŚĞĐŽŵŵŝƐƐŝŽŶ͘,ĞƉƌĞƐĞŶƚĞĚďĂĐŬŐƌŽƵŶĚŝŶĨŽƌŵĂƚŝŽŶŽŶƚŚĞƐƉĞĐŝĂůĚŝƐƚƌŝĐƚ͖ŚĞŶŽƚĞĚ ŽƵŶƚǇWƵďůŝĐtŽƌŬƐŚĂƐƌĞƋƵĞƐƚĞĚĂƉĞĚĞƐƚƌŝĂŶǁĂůŬǁĂǇĂůŽŶŐŝƌĐůĞƌŝǀĞ͕ƐŽƚŚŝƐŚĂƐĐĂƵƐĞĚƚŚĞ ĂŵĞŶĚŵĞŶƚƌĞƋƵĞƐƚ͖ŚĞĨĞĞůƐŵŽǀŝŶŐƚŚĞƐƉĞĐŝĂůĚŝƐƚƌŝĐƚĨŽƌǁĂƌĚƚŽĐŝƚǇĐŽƵŶĐŝůŝƐƚŚĞďĞƐƚƉƌŽĐĞĚƵƌĞ͘ Dƌ͘,ŝůůĂƐŬĞĚƐƚĂĨĨŝĨƚŚĞŝƌƌĞĐŽŵŵĞŶĚĂƚŝŽŶǁŽƵůĚŚĂǀĞĐŚĂŶŐĞĚŝĨƚŚĞǇŚĂĚŶŽƚƌĞĐĞŝǀĞĚƚŚĞƌĞĐĞŶƚůǇ ƌĞǀŝƐĞĚĚŽĐƵŵĞŶƚƐ͘ Dƌ͘:ŽŚŶƐŽŶƌĞƐƉŽŶĚĞĚ͘ Dƌ͘ŽďEŽƌĚŵĂŶ͕ƌĞƐŝĚŝŶŐĂƚϱϳϲϭ>ŽŶŐďŽĂƚZŽĂĚEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ĐŽŵŵŝƐƐŝŽŶ͘,ĞĨĞĞůƐƚŚĞĚĞǀĞůŽƉĞƌŝƐƚĂŬŝŶŐŽƵƚĐƌŝƚŝĐĂůƉĂƌƚƐŽĨƚŚĞƐƉĞĐŝĂůĚŝƐƚƌŝĐƚǁŝƚŚƚŚĞ ĂŵĞŶĚŵĞŶƚ͖ƚŚĞǇĂƌĞƚƌǇŝŶŐƚŽďǇƉĂƐƐƚŚĞƉƌŽĐĞƐƐ͖ĂŶĚĨĞĞůƐƚĂĨĨŝƐŽŶƚŚĞƌŝŐŚƚƉĂƚŚĨŽƌƚŚĞĨƵƚƵƌĞŽĨ ƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘ Dƌ͘ĂƌďĂƌĂsŝƌŶŝŐ͕ƌĞƐŝĚŝŶŐĂƚϱϳϮϯ>ŽŶŐďŽĂƚZŽĂĚEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘^ŚĞƐƉŽŬĞŽŶďĞŚĂůĨŽĨƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͖ƚŚĞĚĞƚĂŝůƐŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚǁŚŝĐŚǁĞƌĞƚŽůĚ ƚŽƚŚĞŶĞŝŐŚďŽƌŚŽŽĚǁŽƵůĚďĞĂǀĂŝůĂďůĞŚĂǀĞŶŽƚĐŽŵĞƚŚƌŽƵŐŚ͖ƚŚĞǇĂƌĞĨŝŶĚŝŶŐƐĂĨĞŐƵĂƌĚƐĂƌĞŶŽƚ ďĞŝŶŐƉƌŽǀŝĚĞĚ͖ĂŶĚƚŚĞǇĂƌĞůŽŽŬŝŶŐĨŽƌƌĞĂƐƐƵƌĂŶĐĞƚŚĞƐƚĂŶĚĂƌĚƐǁŝůůďĞƵƉŚĞůĚďǇƚŚĞĚĞǀĞůŽƉĞƌ͘ DƐ͘^ĂŶŶĂDĐ<ŝŶǌŝĞ͕ƌĞƐŝĚŝŶŐĂƚϱϵϰϳŚĂƚĞĂƵZŽĂĚEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘^ŚĞŝƐĂƌĞĐĞŶƚŶĞǁƌĞƐŝĚĞŶƚƚŽƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͖ĂŶĚĂƐŬĞĚƚŚĞĐŽŵŵŝƐƐŝŽŶƚŽŚĞůƉƚŚĞ ŶĞŝŐŚďŽƌŚŽŽĚƚŽƌĞĂĐŚĂƐŽůƵƚŝŽŶƚŚĂƚŝƐĂĐŽŵƉƌŽŵŝƐĞĂŶĚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐƉĞĐŝĂůĚŝƐƚƌŝĐƚĂƌĞ ĨŽůůŽǁĞĚ͘ Dƌ͘WĞƚĞƌŽŶŶĞƌ͕ƌĞƐŝĚŝŶŐĂƚϱϵϰϳŚĂƚĞĂƵZŽĂĚEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞŶŽƚĞĚŚĂǀŝŶŐĂŚĂƌĚƚŝŵĞŬŶŽǁŝŶŐǁŚŝĐŚĚŝƌĞĐƚŝŽŶƚŚĞĚĞǀĞůŽƉĞƌŝƐŵŽǀŝŶŐ͖ĂŶĚǁŝƐŚĞƐƚŚĞ ĚĞǀĞůŽƉĞƌǁŽƵůĚǁŽƌŬďĞƚƚĞƌǁŝƚŚƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘ Dƌ͘ŝůůdŽŝŶƚŽŶ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚt^ΘƐƐŽĐŝĂƚĞƐ͕ůŽĐĂƚĞĚĂƚϭϲϰϴdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌDE ϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞĐŽŵŵŝƐƐŝŽŶ͘,ĞĞǆƉůĂŝŶĞĚƚŚĞdǇƉĞ/ƉƌŽĐĞƐƐďĞŝŶŐĨŽůůŽǁĞĚǁŝƚŚĂƐŝƚĞƉůĂŶŝŶ _3DJH 3DFNHW3J )M ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗:ĂŶƵĂƌǇϭϭ͕ϮϬϭϳ ƚŚĞƐƉĞĐŝĂůĚŝƐƚƌŝĐƚ͖ĂŶĚĂƐŬĞĚƚŚĞĐŽŵŵŝƐƐŝŽŶŝĨƚŚĞǇƌĞĐĞŝǀĞĚƚŚĞƌĞĚůŝŶĞĚĐŽƉǇŽĨƚŚĞƐƉĞĐŝĂůĚŝƐƚƌŝĐƚ ůĂŶŐƵĂŐĞ͘ DƐ͘ŚĞƌǇůZŽǁĞŬĂŵƉ͕ƌĞƐŝĚŝŶŐĂƚϱϳϲϵ>ŽŶŐďŽĂƚZŽĂĚEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ĐŽŵŵŝƐƐŝŽŶ͘^ŚĞƐƚĂƚĞĚƚŚĞƉƌŽĐĞƐƐŝƐĨƌƵƐƚƌĂƚŝŶŐ͖ĂŶĚĨĞĞůƐƚŚĞƌĞŝƐĂŵŝƐůĞĂĚŝŶŐƚŽƚŚĞŶĞŝŐŚďŽƌŚŽŽĚŝŶ ƚŚĞĚĞƚĂŝůƐŶŽƚďĞŝŶŐĨŽůůŽǁĞĚ͘ Dƌ͘ŽďEŽƌĚŵĂŶ͕ƌĞƐŝĚŝŶŐĂƚϱϳϲϭ>ŽŶŐďŽĂƚZŽĂĚEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ĐŽŵŵŝƐƐŝŽŶ͘,ĞĞǆƉůĂŝŶĞĚƚŚĞƐƚĂŐĞƐŽĨƚŚĞƉƌŽĐĞƐƐŝŶĂƐƉĞĐŝĂůĚŝƐƚƌŝĐƚ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕DƐ͘tŝůƐŽŶĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶŝŶƌĞŐĂƌĚƐƚŽŵĞĞƚŝŶŐŽŶƚŚĞƐŝǆĐƌŝƚĞƌŝĂƐƉĞĐŝĨŝĐĂůůǇ/ƚĞŵ͖ ĂƌĐŚŝƚĞĐƚƵƌĞƐƚĂŶĚĂƌĚƐ͖/ƚĞŵƐĂŶĚĨŽƌƉĞĚĞƐƚƌŝĂŶŽƌŝĞŶƚĂƚŝŽŶĂƌĞŶŽƚĂĐĐĞƉƚĂďůĞ͖ƉƌŽďůĞŵƐǁŝƚŚůĂŶĚ ĂůŽŶŐϱϱ ƚŚ ^ƚƌĞĞƚďĞŝŶŐĚĞǀĞůŽƉĞĚƉƌŽƉĞƌůǇƚŽƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͖ Dƌ͘,ŝůůŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĚĞŶŝĂůŽĨ^ƉĞĐŝĂůŝƐƚƌŝĐƚŵĞŶĚŵĞŶƚηZϮϬϭϲͲϬϬϳ^ƚŽƚŚĞŚĂƚĞĂƵ ŝƌĐůĞ^ƉĞĐŝĂůŝƐƚƌŝĐƚďĂƐĞĚŽŶŶŽƚŵĞĞƚŝŶŐƌŝƚĞƌŝĂ͕ĂŶĚŽĨ^ĞĐƚŝŽŶϲϰ͘ϮϭϬ͘Dƌ͘ƵƌƐƚ ƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϲͲϭ͕DƐ͘tŝůƐŽŶǀŽƚŝŶŐŶĂǇ͖DƐ͘^ĞĂďƌŽŽŬĂďƐƚĂŝŶĞĚ͘ WƵďůŝĐ,ĞĂƌŝŶŐƐ͗ ZĞƐƚƌŝĐƚĞĚĞǀĞůŽƉŵĞŶƚWƌĞůŝŵŝŶĂƌǇWůĂŶͲŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚηZϮϬϭϲͲϬϰϮhWďǇDĂƌŬŝĐŬƐŽŶ ĨŽƌĂƐŝǆͲƐƚŽƌǇŵŝǆĞĚƵƐĞďƵŝůĚŝŶŐǁŝƚŚϭϱϬƌĞƐŝĚĞŶƚŝĂůƵŶŝƚƐ͕ϮϬ͕ϬϬϬƐƋƵĂƌĞĨĞĞƚŽĨĐŽŵŵĞƌĐŝĂůƐƉĂĐĞ͕ ĂŶĚƵŶĚĞƌŐƌŽƵŶĚƉĂƌŬŝŶŐƚŽďĞŬŶŽǁŶĂƐZĞƐŝĚĞŶĐĞĂƚŝƐĐŽǀĞƌǇ^ƋƵĂƌĞ͘dŚĞƐŝƚĞŽĐĐƵƉŝĞƐŵŽƐƚŽĨĂ ďůŽĐŬďŽƌĚĞƌĞĚďǇϱƚŚ^ƚƌĞĞƚ^tƚŽƚŚĞŶŽƌƚŚ͕ϯƌĚǀĞŶƵĞ^tƚŽƚŚĞĞĂƐƚ͕ϲƚŚ^ƚƌĞĞƚ^tƚŽƚŚĞƐŽƵƚŚ͕ ĂŶĚϰƚŚǀĞŶƵĞ^tƚŽƚŚĞǁĞƐƚ͘ 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Ͳ͞ƵŝůĚĂďůĞŶǀĞůŽƉĞƐ͟ĂƌĞĂŶĞǁƉƌŽƉŽƐĂůƉƌĞƐĞŶƚĞĚďǇŚĂƚĞĂƵŝƌĐůĞ>>ĂƐĂƐŝŵƉůĞǁĂǇƚŽŚĞůƉƐĞůů ƚŚĞŝŶĚŝǀŝĚƵĂůƉƌŽƉĞƌƚŝĞƐĂŶĚďĞƚƚĞƌĞǆƉůĂŝŶƚŽƚŚĞƉŽƚĞŶƚŝĂůďƵǇĞƌƐǁŚĞƌĞƚŚĞǇĐŽƵůĚŽƌĐŽƵůĚŶŽƚ ƉŽƐŝƚŝŽŶƚŚĞŝƌďƵŝůĚŝŶŐƐ͙͍͍ ΎΎхhŶĨŽƌƚƵŶĂƚĞůǇƚŚĞƵŝůĚĂďůĞŶǀĞůŽƉĞƐĂƌĞũƵƐƚĂĐƌĞĂƚŝǀĞǁĂǇƚŽƐŝŐŶŝĨŝĐĂŶƚůǇƌĞĚƵĐĞƚŚĞ ŝŵƉŽƌƚĂŶƚĚĞƚĂŝůƐƚŚĂƚǁĞƌĞĂƉƉƌŽǀĞĚŝŶƚŚĞ^ƉĞĐŝĂůŝƐƚƌŝĐƚƉůĂŶ͕ĂŶĚƚŚƵƐƌĞĚƵĐŝŶŐƚŚĞŝŶƚĞŐƌŝƚǇŽĨ ƚŚĞ^ƉĞĐŝĂůŝƐƚƌŝĐƚĂŶĚƚŚĞZĞǀŝĞǁWƌŽĐĞƐƐ͘ ΎΎх ƵŝůĚĞŶǀĞůŽƉĞƐŶŽƚŽŶůǇĞĨĨĞĐƚƚŚĞ^ƉĞĐŝĂůŝƐƚƌŝĐƚWůĂŶŝĂŐƌĂŵ͕ďƵƚĂůƐŽĂůůƚŚĞŽƚŚĞƌ>ĂŶĚƐĐĂƉĞ ƉůĂŶƐ͕WĞĚĞƐƚƌŝĂŶĐŝƌĐƵůĂƚŝŽŶƉůĂŶƐ͕ĞƚĐ͘ŝĞ͗ŶǀĞůŽƉĞƐĂƌĞǀĞƌǇĞĨĨĞĐƚŝǀĞĂƚŶĞƵƚĞƌŝŶŐƚŚĞƐƉĞĐŝĂůĚŝƐƚƌŝĐƚ͘ dŚĞZĞǀŝĞǁWƌŽĐĞƐƐŝƐƐŝŵƉůĞďƵƚǀĞƌǇŝŵƉŽƌƚĂŶƚ ΎΎхdŚĞ^ƉĞĐŝĂůŝƐƚƌŝĐƚŽĐƵŵĞŶƚŝŶĐůƵĚĞƐďŽƚŚƚŚĞ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚƚŚĞ^ƉĞĐŝĂůŝƐƚƌŝĐƚ WůĂŶ͘dŚĞƐĞǁĞƌĞďŽƚŚƉƌĞǀŝŽƵƐůǇĂƉƉƌŽǀĞĚ͘^ŝƚĞƉůĂŶƐŚĂǀĞŶŽƚǇĞƚďĞĞŶĞǆĞĐƵƚĞĚ͘ ΎΎхŚĂƚĞĂƵŝƌĐůĞ>>ŝƐŶŽůŽŶŐĞƌďƵŝůĚŝŶŐŽƵƚƚŚĞĞŶƚŝƌĞƐŝƚĞƚŚĞŵƐĞůǀĞƐ͘/ŶƐƚĞĂĚƚŚĞǇĂƌĞŶŽǁƚƌǇŝŶŐ ƚŽƐĞůůŝŶŐƚŚĞƉƌŽƉĞƌƚǇĂƐϱƐĞƉĂƌĂƚĞůŽƚƐ͕ƚŽŵƵůƚŝƉůĞďƵǇĞƌƐ͕ǁŚŽǁŝůůďĞĚĞǀĞůŽƉŝŶŐĂĐƌŽƐƐŵƵůƚŝƉůĞ ǇĞĂƌƐ͘ &,7,=(1&200(176 3DFNHW3J )N 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