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ƚŚĞ^ŝŐŶĂƚƵƌĞĂƌĐŚŝƚĞĐƚƵƌĞĂŶĚƐĞƌǀĞǀŝƐŝƚŽƌƐƚŽZŽĐŚĞƐƚĞƌǁŚŽĚĞƐŝƌĞĐůŽƐĞƉƌŽǆŝŵĂƚĞůǇƚŽƚŚĞ ŝƚǇŽƌĞ͘ ;ϮͿ dŚĞŶĂƚƵƌĂůĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨƚŚĞƐŝƚĞƵŶĚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ŝŶĐůƵĚŝŶŐƚŽƉŽŐƌĂƉŚǇĂŶĚƐŽŝů ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ͕ŶĞĐĞƐƐŝƚĂƚĞŝŶĐƌĞĂƐĞĚĚĞŶƐŝƚǇƚŽĂůůŽǁĨŽƌĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƐŝƚĞ͘ Z^WKE^͗ dŚĞƐŝƚĞŝƐƚŽďĞůŽĐĂƚĞĚŽŶĂĐŽŶƐŽůŝĚĂƚŝŽŶŽĨƐĞǀĞƌĂůŝƌƌĞŐƵůĂƌůǇƐŚĂƉĞĚůŽƚƐǁŚŝĐŚ ĂƌĞƐƵƌƌŽƵŶĚĞĚďǇƉĞƌŝŵĞƚĞƌƌŽĂĚƐĂŶĚĂŶŝŶƐĞƌǀŝĐĞƌĂŝůƐƉƵƌ͘dŚĞĞǆŝƐƚŝŶŐƐŝƚĞŝƐĨƵůůǇĚĞǀĞůŽƉĞĚ ǁŝƚŚϵϮйŽĨƚŚĞƐŝƚĞĐŽŶƚĂŝŶŝŶŐĞŝƚŚĞƌĂŶŝŵƉĞƌǀŝŽƵƐďŝƚƵŵŝŶŽƵƐƐƵƌĨĂĐĞŽƌƚŚĞĞǆŝƐƚŝŶŐďƵŝůĚŝŶŐ͘ dŚĞůĂĐŬŽĨƚŚĞƉƌŽƉĞƌƚǇ͛ƐŶĂƚƵƌĂůĞŶǀŝƌŽŶŵĞŶƚĂůĨĞĂƚƵƌĞƐĂŶĚƚŚĞƉƌŽǆŝŵŝƚǇŽĨƚŚĞƐŝƚĞůŽĐĂƚĞĚƐŽ ĐůŽƐĞůǇƚŽƚŚĞŽǁŶƚŽǁŶŽƌĞŝŶĂĚĞƐŝŐŶĂƚĞĚDĚĞǀĞůŽƉŵĞŶƚĚŝƐƚƌŝĐƚƉƌŽŵŽƚĞƐĂĚĞŶƐĞĂŶĚ ŽƉƚŝŵĂůŝŶĨŝůůĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƉƌŽƉĞƌƚǇ͘ ͘^ŝƚĞĞƐŝŐŶƌŝƚĞƌŝĂ͗ dŚĞŽŵŵŝƐƐŝŽŶĂŶĚŽƵŶĐŝůƐŚĂůůĨŝŶĚƚŚĂƚƚŚĞƉƌĞůŝŵŝŶĂƌǇĚĞǀĞůŽƉŵĞŶƚƉůĂŶ ĚĞƐŝŐŶŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐŐƵŝĚĞůŝŶĞƐ͗ ;ϭͿĂƉĂĐŝƚǇŽĨWƵďůŝĐ&ĂĐŝůŝƚŝĞƐ͗ dŚĞĞǆŝƐƚŝŶŐŽƌĨƵƚƵƌĞƉůĂŶŶĞĚƵƚŝůŝƚŝĞƐŝŶƚŚĞĂƌĞĂĂƌĞĂĚĞƋƵĂƚĞƚŽƐĞƌǀĞ ƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͘ Z^WKE^͗ WƵďůŝĐǁĂƚĞƌĂŶĚƐĂŶŝƚĂƌǇƐĞǁĞƌĨĂĐŝůŝƚŝĞƐĂƌĞĂǀĂŝůĂďůĞŝŶϭǀĞEtƚŽƐĞƌǀĞƚŚĞ Ɛƚ ƉƌŽũĞĐƚ͘&ŝŶĂůƵƚŝůŝƚǇƐŝǌŝŶŐĂŶĚĐŽŶŶĞĐƚŝŽŶƐǁŝůůďĞĐŽŽƌĚŝŶĂƚĞĚǁŝƚŚWƵďůŝĐtŽƌŬƐƉƌŝŽƌƚŽ ĚĞǀĞůŽƉŝŶŐĨŝŶĂůƉůĂŶƐ͘^ƚŽƌŵƐĞǁĞƌŝƐĂǀĂŝůĂďůĞŝŶϮǀĞEt͘>ŽǁŝŵƉĂĐƚƐƚŽƌŵǁĂƚĞƌĚĞƐŝŐŶ ŶĚ ƉƌŝŶĐŝƉůĞƐǁŝůůďĞŝŵƉůĞŵĞŶƚĞĚƚŽĂƚƚĞŶƵĂƚĞƐƚŽƌŵǁĂƚĞƌĚŝƐĐŚĂƌŐĞƚŽůĞƐƐƚŚĂŶƉƌĞͲĚĞǀĞůŽƉŵĞŶƚ ƌĂƚĞƐ͘ Zs/^^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϳϰͮWĂŐĞ 3DFNHW3J *G ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕WƌĞůŝŵŝŶĂƌǇ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ<EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ;ϮͿ'ĞŽůŽŐŝĐ,ĂǌĂƌĚƐ͗ dŚĞĞǆŝƐƚĞŶĐĞŽĨĂƌĞĂƐŽĨŶĂƚƵƌĂůŽƌŐĞŽůŽŐŝĐŚĂǌĂƌĚ͕ƐƵĐŚĂƐƵŶƐƚĂďůĞƐůŽƉĞƐ͕ ƐŝŶŬŚŽůĞƐ͕ĨůŽŽĚƉůĂŝŶ͕ĞƚĐ͕͘ŚĂƐďĞĞŶŝĚĞŶƚŝĨŝĞĚĂŶĚƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƐĞĂƌĞĂƐŚĂƐďĞĞŶƚĂŬĞŶŝŶƚŽ ĂĐĐŽƵŶƚŽƌǁŝůůďĞĂĚĚƌĞƐƐĞĚŝŶƚŚĞĨŝŶĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶ͘ Z^WKE^͗ dŚĞƌĞĂƌĞŶŽŬŶŽǁŶŐĞŽůŽŐŝĐŚĂǌĂƌĚƐ͕ŶŽŬŶŽǁŶƐŝŶŬŚŽůĞƐ͕ŶŽŚǇĚƌŝĐŽƌĨůŽŽĚƉůĂŝŶ ƐŽŝůƐŽŶƚŚĞƐŝƚĞ͘ĂƐĞĚŽŶĂŶĂůǇƐŝƐŽĨƚŚĞƐŽŝůďŽƌŝŶŐƐĐŽŶĚƵĐƚĞĚŽŶƚŚĞƐŝƚĞ͕ŶŽŐĞŽůŽŐŝĐŚĂǌĂƌĚƐ ǁĞƌĞŝŶĚŝĐĂƚĞĚ͘ ;ϯͿEĂƚƵƌĂů&ĞĂƚƵƌĞƐ͗ &ŽƌĚĞǀĞůŽƉŵĞŶƚƐŝŶǀŽůǀŝŶŐŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶ͕ƚŚĞĂƌƌĂŶŐĞŵĞŶƚŽĨďƵŝůĚŝŶŐƐ͕ ƉĂǀĞĚĂƌĞĂƐĂŶĚŽƉĞŶƐƉĂĐĞŚĂƐ͕ƚŽƚŚĞĞǆƚĞŶƚƉƌĂĐƚŝĐĂů͕ƵƚŝůŝǌĞĚƚŚĞĞǆŝƐƚŝŶŐƚŽƉŽŐƌĂƉŚǇĂŶĚĞǆŝƐƚŝŶŐ ĚĞƐŝƌĂďůĞǀĞŐĞƚĂƚŝŽŶŽĨƚŚĞƐŝƚĞ͘ Z^WKE^͗ dŚĞƉƌŽƉŽƐĞĚƌĞĚĞǀĞůŽƉŵĞŶƚƐŝƚĞŚĂƐŵŝŶŝŵĂůǀĞŐĞƚĂƚŝŽŶ͘dŚĞƉƌŽƉŽƐĞĚŶĞǁ ĐŽŶƐƚƌƵĐƚŝŽŶ͛ƐĨŝŶŝƐŚĞĚĨůŽŽƌƐĂŶĚĞǆƚĞƌŝŽƌƉůĂŶŶĞĚĞůĞŵĞŶƚƐǁŝůůƐĞĂŵůĞƐƐůǇƐĞĞŬƚŽŵĂƚĐŚ ĞǆŝƐƚŝŶŐŐƌĂĚĞƐ͘dŚĞƌĞǁŝůůďĞĂĚĞĚŝĐĂƚŝŽŶƚŽŝŶƚƌŽĚƵĐŝŶŐĚĞƐŝƌĂďůĞǀĞŐĞƚĂƚŝŽŶƚŽƚŚĞƐŝƚĞ͘ ;ϰͿdƌĂĨĨŝĐ'ĞŶĞƌĂƚŝŽŶ/ŵƉĂĐƚ͗ ŶƚŝĐŝƉĂƚĞĚƚƌĂĨĨŝĐŐĞŶĞƌĂƚĞĚďǇƚŚĞĚĞǀĞůŽƉŵĞŶƚǁŝůůŶŽƚĐĂƵƐĞƚŚĞ ĐĂƉĂĐŝƚǇŽĨĂĚũĂĐĞŶƚƐƚƌĞĞƚƐƚŽďĞĞǆĐĞĞĚĞĚ͕ĂŶĚĐŽŶĐĞƉƚƵĂůŝŵƉƌŽǀĞŵĞŶƚƐŽƌƚŚĞŶĞĞĚĨŽƌ ŝŵƉƌŽǀĞŵĞŶƚƐƚŽƌĞĚƵĐĞƚŚĞŝŵƉĂĐƚŽĨĂĐĐĞƐƐƉŽŝŶƚƐŽŶƚŚĞƚƌĂĨĨŝĐĨůŽǁŽĨĂĚũĂĐĞŶƚƐƚƌĞĞƚƐŚĂǀĞďĞĞŶ ŝĚĞŶƚŝĨŝĞĚǁŚĞƌĞŶĞĞĚĞĚ͘ Z^WKE^͗ ƚƌĂĨĨŝĐŝŵƉĂĐƚĂŶĂůǇƐŝƐŚĂƐďĞĞŶƉĞƌĨŽƌŵĞĚĨŽƌƚŚĞƐŝƚĞƚŽĞǀĂůƵĂƚĞƚŚĞŝŵƉĂĐƚƐŽĨ ƚŚĞƚƌĂĨĨŝĐĂŶƚŝĐŝƉĂƚĞĚƚŽďĞŐĞŶĞƌĂƚĞĚďǇƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘tĞŚĂǀĞǁŽƌŬĞĚǁŝƚŚZŽĐŚĞƐƚĞƌŝƚǇ ŽĨWƵďůŝĐtŽƌŬƐƐƚĂĨĨƚŽƉƌŽƉĞƌůǇƐĐŽƉĞƚŚĞƐƚƵĚǇ͘tĞǁŝůůĐŽŶƚŝŶƵĞƚŽǁŽƌŬǁŝƚŚƚŚĞŝƚǇƚŽ ĞŶƐƵƌĞĂŶǇƚƌĂĨĨŝĐŝŵƉĂĐƚƐĂƌĞƉƌŽƉĞƌůǇŵŝƚŝŐĂƚĞĚ͘dŚĞĚĞǀĞůŽƉŵĞŶƚŝƐĂŶƚŝĐŝƉĂƚĞĚƚŽŐĞŶĞƌĂƚĞ ϴϳt^ƚƌŝƉƐĚƵƌŝŶŐƚŚĞĂŵƉĞĂŬŚŽƵƌ͕ĂŶĚϵϴƚƌŝƉƐĚƵƌŝŶŐƚŚĞƉŵƉĞĂŬŚŽƵƌ͘ dŚĞƐŝƚĞƉůĂŶĂĐĐŽŵƉĂŶǇŝŶŐƚŚĞĂƉƉůŝĐĂƚŝŽŶŚĂƐďĞĞŶĚĞƐŝŐŶĞĚƚŽŵŝŶŝŵŝǌĞŝŵƉĂĐƚƐƚŽŝǀŝĐ ĞŶƚĞƌƌŝǀĞEtĂŶĚϭǀĞEtďǇƉƌŽǀŝĚŝŶŐŽŶͲƐŝƚĞĐŝƌĐƵůĂƚŝŽŶ͘dƌĂĨĨŝĐŝƐƉƌŽƉŽƐĞĚƚŽďĞ Ɛƚ ůŝŵŝƚĞĚƚŽĂŶĞŶƚƌǇŽŶůǇĂĐĐĞƐƐŽŶŝǀŝĐĞŶƚĞƌƌŝǀĞEtǀŝĂĂƌŝŐŚƚͲŝŶŽŶůǇĂŶĚǁŝůůĞǆŝƚƚŚĞƐŝƚĞ ǀŝĂ&ŝƌƐƚǀĞEt͘ůůƚƌƵĐŬƚƌĂĨĨŝĐǁŝůůďĞůŝŵŝƚĞĚƚŽĞŶƚĞƌŝŶŐƚŚĞƐŝƚĞĨƌŽŵϮ ŶĚǀĞEtƚŚĞƌĞďǇ ůŝŵŝƚŝŶŐĐŽŶĨůŝĐƚƐďĞƚǁĞĞŶƚŚĞƉƵďůŝĐĞŶƚĞƌŝŶŐƚŚĞƐŝƚĞĂŶĚƐĞƌǀŝĐĞǀĞŚŝĐůĞƐĂŶĚƚƌƵĐŬƚƌĂĨĨŝĐ͘ ;ϱͿ,ĞŝŐŚƚ/ŵƉĂĐƚƐ͗ &ŽƌĚĞǀĞůŽƉŵĞŶƚƐŝŶǀŽůǀŝŶŐŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶ͕ƚŚĞŚĞŝŐŚƚƐĂŶĚƉůĂĐĞŵĞŶƚŽĨ ƉƌŽƉŽƐĞĚƐƚƌƵĐƚƵƌĞƐĂƌĞĐŽŵƉĂƚŝďůĞǁŝƚŚƚŚĞƐƵƌƌŽƵŶĚŝŶŐĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞĨŽůůŽǁŝŶŐŵĂŶŶĞƌ͗ ;ĂͿ dŚĞƐƚƌƵĐƚƵƌĞƐǁŝůůŶŽƚĚĞŶǇĂĚĞƋƵĂƚĞƐƵŶůŝŐŚƚƚŽƐƵƌƌŽƵŶĚŝŶŐƉƌŽƉĞƌƚŝĞƐ͖ĂŶĚ Z^WKE^͗ dŚĞƐŝƚĞŝƐďŽƵŶĚĞĚŽŶƚŚƌĞĞ;ϯͿƐŝĚĞƐďǇƉƵďůŝĐƐƚƌĞĞƚƐ;ŝ͘Ğ͕͘ŝǀŝĐĞŶƚĞƌƌŝǀĞEtƚŽ ƚŚĞŶŽƌƚŚ͕ϭǀĞEtƚŽƚŚĞĞĂƐƚĂŶĚϮǀĞEtƚŽƚŚĞǁĞƐƚͿĂŶĚŝƐďŽƵŶĚĞĚƚŽƚŚĞƐŽƵƚŚďǇĂŶ ƐƚŶĚ ĞǆŝƐƚŝŶŐƌĂŝůƐƉƵƌĂŶĚĞǆŝƐƚŝŶŐƉĂƌŬŝŶŐůŽƚĂŶĚƐŵĂůůďƵŝůĚŝŶŐĨƵƌƚŚĞƌƐŽƵƚŚ͘/ƚŝƐĞǆƉĞĐƚĞĚƚŚĂƚĚƵĞ ƚŽƚŚĞŚĞŝŐŚƚŽĨƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͕ƚŚĞƌĞǁŝůůďĞƐŚĂĚŽǁƐǁŚĞƌĞƚŚĞǇƉƌĞǀŝŽƵƐůǇĚŝĚŶŽƚ ĞǆŝƐƚ͘,ŽǁĞǀĞƌ͕ĚƵĞƚŽƚŚĞĞǆŝƐƚĞŶĐĞŽĨĂĚũŽŝŶŝŶŐďƵƐŝŶĞƐƐĞƐĂŶĚƚƌĂŶƐŝƚĐŽƌƌŝĚŽƌƐ͕ƚŚŝƐůŝŵŝƚƐƚŚĞ ƉŽƚĞŶƚŝĂůŶĞŐĂƚŝǀĞĞĨĨĞĐƚƚŚĞŶĞǁďƵŝůĚŝŶŐǁŝůůŚĂǀĞƚŽŶĞŝŐŚďŽƌŝŶŐƉƌŽƉĞƌƚŝĞƐ͘dŚĞĞǆƉĞĐƚĞĚ ƐŚĂĚŽǁƉĂƚƚĞƌŶŝƐĂŶƚŝĐŝƉĂƚĞĚƚŽĨĂůůƉƌŝŵĂƌŝůǇŝŶƚŽƚŚĞƉƵďůŝĐZKtĂŶĚǁŝůůŶŽƚŚĂǀĞĂĚƌĂŵĂƚŝĐ ĞĨĨĞĐƚŽŶĂĚũĂĐĞŶƚƉƌŽƉĞƌƚŝĞƐ͘ Zs/^^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϳϱͮWĂŐĞ 3DFNHW3J *G ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕WƌĞůŝŵŝŶĂƌǇ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ<EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ;ďͿ dŚĞƐŝƚŝŶŐŽĨƚŚĞƐƚƌƵĐƚƵƌĞƐǁŝůůŶŽƚĚĞƐƚƌŽǇǀŝĞǁƐĨƌŽŵƚŚĞƉƌŝŵĂƌǇĞǆƉŽƐƵƌĞƐŽĨĂĚũĂĐĞŶƚƌĞƐŝĚĞŶƚŝĂů ĚǁĞůůŝŶŐƐ͘ Z^WKE^͗ dŚĞƌĞĂƌĞŶŽƌĞƐŝĚĞŶƚŝĂůĚǁĞůůŝŶŐƐŝŵŵĞĚŝĂƚĞůǇĂĚũŽŝŶŝŶŐƚŚĞƉƌŽũĞĐƚ͘dŚĞƌĞĂƌĞ ƌĞƐŝĚĞŶƚŝĂůĚǁĞůůŝŶŐƐǁŝƚŚŝŶĂďůŽĐŬƐĚŝƐƚĂŶĐĞŽĨƚŚĞƐŝƚĞŝŶĐůƵĚŝŶŐƚŚĞŚĂƌƚĞƌ,ŽƵƐĞ͕ϭǀĞŶƵĞ Ɛƚ &ůĂƚƐ͕ĂŶĚĞŶƚƌĂůdŽǁĞƌƐ͘dŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚĚŽĞƐŶŽƚŝŵƉĞĚĞĂŶǇǀŝĞǁƐƚŽĐŝƚǇƐŬǇůŝŶĞŽƌƚŚĞ ďůƵĨĨƐƐƵƌƌŽƵŶĚŝŶŐZŽĐŚĞƐƚĞƌ͘ ;ϲͿ^ĞƚďĂĐŬƐ͗ &ŽƌĚĞǀĞůŽƉŵĞŶƚƐŝŶǀŽůǀŝŶŐŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶ͕ƉƌŽƉŽƐĞĚƐĞƚďĂĐŬƐĂƌĞƌĞůĂƚĞĚƚŽďƵŝůĚŝŶŐ ŚĞŝŐŚƚĂŶĚďƵůŬŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĂƚƌĞƋƵŝƌĞĚĨŽƌƉĞƌŵŝƚƚĞĚƵƐĞƐŝŶƚŚĞƵŶĚĞƌůǇŝŶŐǌŽŶŝŶŐ ĚŝƐƚƌŝĐƚ͘ Z^WKE^͗ dŚĞƵŶĚĞƌůǇŝŶŐǌŽŶŝŶŐĚŝƐƚƌŝĐƚŽĨƚŚĞƐŝƚĞŝƐDͲϭ>ŝŐŚƚ/ŶĚƵƐƚƌŝĂů͘dŚĞĞǀĂůƵĂƚŝŽŶĨŽƌ ƚŚĞ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚWƌŽĐĞƐƐŽĨƚŚŝƐƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚĂůŝŐŶƐǁŝƚŚƚŚĞĞŶƚƌĂů ƵƐŝŶĞƐƐŝƐƚƌŝĐƚͲ&ƌŝŶŐĞƌĞĂ;Ͳ&ZͿ͘dŚĞƉƌŽƉŽƐĞĚƵƐĞŽĨĂŚŽƚĞů;>DĚĞĨŝŶŝƚŝŽŶŽĨ͞dƌĂŶƐŝĞŶƚ ĐĐŽŵŵŽĚĂƚŝŽŶƐ͟ͿŝƐĂdǇƉĞ/hƐĞ͘dŚĞ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚWƌŽǀŝƐŝŽŶƐŽĨ^ĞĐƚŝŽŶϲϮ͘ϲϬϬ ĚĞĨŝŶĞƐƚŚĞƌĞďĞŝŶŐŶŽƵƉƉĞƌůŝŵŝƚƌĞŐĂƌĚŝŶŐĂůůŽǁĞĚDĂǆŝŵƵŵ&ůŽŽƌƌĞĂZĂƚŝŽ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞ ƉƌŽƉŽƐĞĚďƵŝůĚŝŶŐĨŽŽƚƉƌŝŶƚĂŶĚŽǀĞƌĂůůŚĞŝŐŚƚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƉĞƌŵŝƚƚĞĚƵƐĞƐ͘ ;ϳͿ/ŶƚĞƌŶĂů^ŝƚĞĞƐŝŐŶ͗ &ŽƌĚĞǀĞůŽƉŵĞŶƚƐŝŶǀŽůǀŝŶŐŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶ͕ƚŚĞƉƌĞůŝŵŝŶĂƌǇƐŝƚĞůĂǇŽƵƚ ŝŶĚŝĐĂƚĞƐĂĚĞƋƵĂƚĞďƵŝůĚŝŶŐƐĞƉĂƌĂƚŝŽŶĂŶĚĚĞƐŝƌĂďůĞŽƌŝĞŶƚĂƚŝŽŶŽĨƚŚĞďƵŝůĚŝŶŐƐƚŽŽƉĞŶƐƉĂĐĞƐ͕ƐƚƌĞĞƚ ĨƌŽŶƚĂŐĞƐŽƌŽƚŚĞƌĨŽĐĂůƉŽŝŶƚƐ͘ Z^WKE^͗ dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝŶĐůƵĚĞƐĂƐŝŶŐůĞďƵŝůĚŝŶŐǁŝƚŚĂŚŽƚĞůĂďŽǀĞƚŚĞƉĂƌŬŝŶŐ ŐĂƌĂŐĞ͘dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚĂůƐŽƉƌŽƉŽƐĞƐĂŶŽƉĞŶƐƉĂĐĞĞůĞŵĞŶƚƚŽďĞŝŶĐŽƌƉŽƌĂƚĞĚ ŝŶƚŽƚŚĞĚĞƐŝŐŶǁŚŝĐŚŝŶĐůƵĚĞƐĂŐĂƌĚĞŶŽǀĞƌĂƉŽƌƚŝŽŶŽĨƚŚĞƉĂƌŬŝŶŐŐĂƌĂŐĞƚŚĂƚĐĂŶďĞƵƐĞĚďǇ ŐƵĞƐƚƐ͘ůŽŶŐŝǀŝĐĞŶƚĞƌƌŝǀĞEt͕ƚŚĞƉƌŽũĞĐƚƉƌŽƉŽƐĞƐƚŽƵƉŐƌĂĚĞƚŚĞĞǆŝƐƚŝŶŐŐƌĂƐƐŽƉĞŶ ƐƉĂĐĞƚŽƉƌŽǀŝĚĞƉƵďůŝĐƐĞĂƚŝŶŐĂŶĚĞŶŚĂŶĐĞŵĞŶƚƐƚŽĂĐƚŝǀĂƚĞƚŚĞƉĞĚĞƐƚƌŝĂŶŐƌŽƵŶĚͲůĞǀĞů ĞǆƉĞƌŝĞŶĐĞ͘ ;ϴͿ^ĐƌĞĞŶŝŶŐĂŶĚƵĨĨĞƌŝŶŐ͗ dŚĞĐŽŶĐĞƉƚƵĂůƐĐƌĞĞŶŝŶŐĂŶĚďƵĨĨĞƌǇĂƌĚƐƉƌŽƉŽƐĞĚĂƌĞĂĚĞƋƵĂƚĞƚŽ ƉƌŽƚĞĐƚƚŚĞƉƌŝǀĂĐǇŽĨƌĞƐŝĚĞŶƚƐŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚŽƌƐƵƌƌŽƵŶĚŝŶŐƌĞƐŝĚĞŶƚŝĂůĂƌĞĂƐĨƌŽŵƚŚĞŝŵƉĂĐƚŽĨ ŝŶƚĞƌŝŽƌƚƌĂĨĨŝĐĐŝƌĐƵůĂƚŝŽŶĂŶĚƉĂƌŬŝŶŐĂƌĞĂƐ͕ƵƚŝůŝƚǇĂƌĞĂƐƐƵĐŚĂƐƌĞĨƵƐĞƐƚŽƌĂŐĞ͕ƵŶǁĂŶƚĞĚ ƉĞĚĞƐƚƌŝĂŶͬďŝĐǇĐůĞĂĐĐĞƐƐ͕ŽƌƚŽƐƵďĚƵĞĚŝĨĨĞƌĞŶĐĞƐŝŶĂƌĐŚŝƚĞĐƚƵƌĞĂŶĚďƵůŬďĞƚǁĞĞŶĂĚũĂĐĞŶƚůĂŶĚƵƐĞƐ͘ Z^WKE^͗ dŚĞƉƌŽũĞĐƚĂĚĚƌĞƐƐĞƐƚŚĞŝŶƚĞƌĞƐƚƐŽĨƚŚĞĂĚũĂĐĞŶƚƉƌŽƉĞƌƚǇŽǁŶĞƌƐ͘dŚĞďƵŝůĚŝŶŐ ǁŝůůďĞĐŽŶƐƚƌƵĐƚĞĚǁŝƚŚŚŝŐŚͲƋƵĂůŝƚǇĚƵƌĂďůĞŵĂƚĞƌŝĂůƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĐŚĂƌĂĐƚĞƌŽĨƚŚĞ ƐƵƌƌŽƵŶĚŝŶŐƉƌŽƉĞƌƚŝĞƐ͘dŚĞƐĞďƵŝůĚŝŶŐƚǇƉĞƐĂƌĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŵĞƚŚŽĚƐŽĨ ƚŚĞĂƌĞĂ͘dŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚǁŝůůĞŶŚĂŶĐĞƚŚĞƐŝĚĞǁĂůŬƐĂŶĚŽǀĞƌĂůůĐŝƌĐƵůĂƚŝŽŶƐǇƐƚĞŵŽĨ ZŽĐŚĞƐƚĞƌ͘dŚĞĚĞƐŝŐŶŝƐĞĨĨŝĐŝĞŶƚĂŶĚƚŚĞůĂŶĚƵƐĞǁŝůůĂĐƚŝǀĂƚĞƚŚĞƐƚƌĞĞƚƌĞƐƵůƚŝŶŐŝŶĂŵŽƌĞ ƉĞĚĞƐƚƌŝĂŶĨƌŝĞŶĚůǇĞŶǀŝƌŽŶŵĞŶƚ͘ ůůƐĞƌǀŝĐĞĂŶĚůŽĂĚŝŶŐǁŝůůŽĐĐƵƌǁŝƚŚŝŶƚŚĞƐƚƌƵĐƚƵƌĞ͘dƌĂƐŚǁŝůůŽĐĐƵƌǁŝƚŚŝŶƚŚĞƐĞĞŶĐůŽƐĞĚ ƐĞƌǀŝĐĞĂƌĞĂƐ͘ ůůƉĂƌŬŝŶŐƐĞƌǀŝŶŐƚŚĞƐŝƚĞǁŝůůďĞƐƚƌƵĐƚƵƌĞĚ͘dŚĞĨŝŶĂůƐĐƌĞĞŶŝŶŐĂŶĚďƵĨĨĞƌǇĂƌĚĚĞƐŝŐŶĐŽŶƚĂŝŶƐ ĞĂƌƚŚĨŽƌŵƐ͕ƐƚƌƵĐƚƵƌĞƐĂŶĚƉůĂŶƚŵĂƚĞƌŝĂůƐƚŚĂƚĂƌĞĂĚĞƋƵĂƚĞƚŽƉƌŽǀŝĚĞƐƵĨĨŝĐŝĞŶƚƐĐƌĞĞŶŝŶŐŽĨ ƚŚĞƉĂƌŬŝŶŐĂƌĞĂ͘ Zs/^^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϳϲͮWĂŐĞ 3DFNHW3J *G ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕WƌĞůŝŵŝŶĂƌǇ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ<EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ;ϵͿKƌĚŝŶĂŶĐĞZĞƋƵŝƌĞŵĞŶƚƐ͗ dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝŶĐůƵĚĞƐĂĚĞƋƵĂƚĞĂŵŽƵŶƚƐŽĨŽĨĨͲƐƚƌĞĞƚ ƉĂƌŬŝŶŐĂŶĚůŽĂĚŝŶŐĂƌĞĂƐĂŶĚ͕ŝŶƚŚĞĐĂƐĞŽĨŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶ͕ƚŚĞƌĞŝƐĂĚĞƋƵĂƚĞůĂŶĚƐĐĂƉĞĚĂƌĞĂƚŽ ŵĞĞƚŽƌĚŝŶĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐ͘ Z^WKE^͗ ůůƉĂƌŬŝŶŐǁŝůůďĞĞŶĐůŽƐĞĚǁŝƚŚŝŶƚŚĞĂďŽǀĞŐƌŽƵŶĚƉĂƌŬŝŶŐŐĂƌĂŐĞ͘ĚĞƋƵĂƚĞ ƉĂƌŬŝŶŐŝƐƉƌŽǀŝĚĞĚĨŽƌƚŚĞƵƐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŝƚǇ͛ƐƉĂƌŬŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐ͘dŚĞƌĞŝƐĂ ƌĞƋƵŝƌĞŵĞŶƚĨŽƌϱйůĂŶĚƐĐĂƉĞĂƌĞĂƚŽŵĞĞƚƚŚĞŵŝŶŝŵƵŵƐƚĂŶĚĂƌĚ͘dŚĞƐŝƚĞĚĞƐŝŐŶǁŝůů ŝŶĐŽƌƉŽƌĂƚĞĂŶŝŶĐƌĞĂƐĞƐƵƌĨĂĐĞĨƌŽŵƚŚĞĞǆŝƐƚŝŶŐƐŝƚĞĐŽŶĚŝƚŝŽŶƐŽĨŚĂǀŝŶŐϮ͕Ϯϳϰ^&;ϴйͿƚŽĂŶ ŝŶĐƌĞĂƐĞĚĂƌĞĂŽĨϯ͕ϮϰϮ^&;ϭϭйͿ͘EŽƚŵĞĂƐƵƌĞĚŝƐƚŚĞǀĞƌƚŝĐĂůůĂŶĚƐĐĂƉĞĐŽŵƉŽŶĞŶƚƐƐƵĐŚĂƐ ŽƵůĞǀĂƌĚĂŶĚŽƌŶĂŵĞŶƚĂůƚƌĞĞƐƉĞĐŝĞƐĂŶĚĂƚƚƌĂĐƚŝǀĞŚĞƌďĂĐĞŽƵƐĂŶĚǁŽŽĚǇƉůĂŶƚŵĂƚĞƌŝĂů 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ŐƌŽǁƚŚŝŶĂŚŝŐŚĚĞŶƐŝƚǇĚŝƐƚƌŝĐƚ͕ǁŝƚŚƚƌĂŶƐŝƚŝŽŶĂů͕ƐƵƉƉŽƌƚŝŶŐƵƐĞƐƚŽƚŚĞŶŽƌƚŚǁĞƐƚ͘dŚĞ ƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚƉƌŽǀŝĚĞƐƐƵƉƉŽƌƚĨŽƌƚŚĞDĂǇŽůŝŶŝĐĂŶĚƉƌŽǀŝĚĞƐĂĐƚŝǀĞƵƐĞƐĂƚƚŚĞ ŐƌŽƵŶĚůĞǀĞů͘ dŚĞDĞƐŝŐŶŝƐƚƌŝĐƚ'ƵŝĚĞůŝŶĞƐĨŽƵƌŬĞǇĞůĞŵĞŶƚƐǁŚŝĐŚŝŶĨůƵĞŶĐĞƚŚĞƉĂƚƚĞƌŶŽĨƉƌŽƉŽƐĞĚ ĚĞǀĞůŽƉŵĞŶƚŶŽƚĞƚŚĂƚƚŚĞĂƐƉŝƌĂƚŝŽŶĂůŐŽĂůƐƚŽĨĂĐŝůŝƚĂƚĞĂdŚƌŝǀŝŶŐĐŽŶŽŵǇ͕Ă,ĞĂůƚŚǇŝƚǇ͕Ă ^ƵƐƚĂŝŶĂďůĞŝƚǇĂŶĚsŝďƌĂŶƚWƵďůŝĐZĞĂůŵ͘dŚĞƉƌŽƉŽƐĞĚƵƐĞƐŚŽǁƐƚŚĂƚƚŚĞƌĞŝŶŝŶƚĞŶƚƚŽ ŽƉƚŝŵŝǌĞĂĐŚĂůůĞŶŐŝŶŐƐŝƚĞƚŽƉƌŽǀŝĚĞůŽĚŐŝŶŐĨŽƌƚŚŽƐĞǁŚŽŵĂǇďĞŝŶZŽĐŚĞƐƚĞƌĨŽƌŚĞĂůƚŚͲ Zs/^^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϳϳͮWĂŐĞ 3DFNHW3J *G ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕WƌĞůŝŵŝŶĂƌǇ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ<EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ƌĞůĂƚĞĚĐĂƌĞ͕ĨŽƌĐŽŶĚƵĐƚŝŶŐďƵƐŝŶĞƐƐ͕ƐĞĞŬŝŶŐĞĚƵĐĂƚŝŽŶŽƉƉŽƌƚƵŶŝƚŝĞƐ͕ŽƌĨŽƌƌĞĐƌĞĂƚŝŽŶĂů͕ ĐƵůƚƵƌĂůŽƌĐŽŵƉĞƚŝƚŝǀĞƐƉŽƌƚŝŶŐĞǀĞŶƚƐ͘dŚĞĂƌĐŚŝƚĞĐƚƵƌĂůĚĞƐŝŐŶŽĨƚŚĞƉƌŽƉŽƐĞĚŚŽƚĞůŝƐ ƐŽƉŚŝƐƚŝĐĂƚĞĚĂŶĚƐƚǇůŝƐƚŝĐĂůůǇĂƉƉĞĂůŝŶŐǁŝƚŚĂŶĂƚƚƌĂĐƚŝǀĞŵŝǆŽĨƐƵƐƚĂŝŶĂďůĞďƵŝůĚŝŶŐŵĂƚĞƌŝĂůƐ͘ ϲϮ͘ϲϱϴůůĞǀĞůŽƉŵĞŶƚ͗ dŚĞĐƌŝƚĞƌŝĂŝŶƚŚŝƐƉĂƌĂŐƌĂƉŚŵĂǇďĞĐŽŶƐŝĚĞƌĞĚĨŽƌŐƌĂŶƚŝŶŐďŽŶƵƐĚĞŶƐŝƚǇŝŶ ĂůůĚĞǀĞůŽƉŵĞŶƚƐ͗ ϭͿ^ƚŽƌŵtĂƚĞƌDĂŶĂŐĞŵĞŶƚ͗ dŚĞĚĞǀĞůŽƉĞƌƉƌŽǀŝĚĞƐŽŶͲƐŝƚĞŽƌŽĨĨͲƐŝƚĞŝŵƉƌŽǀĞŵĞŶƚƐƚŽƐƚŽƌŵǁĂƚĞƌ ĨĂĐŝůŝƚŝĞƐƚŚĂƚǁŝůůŵŝŶŝŵŝǌĞĞǆŝƐƚŝŶŐĨůŽŽĚŝŶŐ͕ĞƌŽƐŝŽŶŽƌƐŝůƚĂƚŝŽŶƉƌŽďůĞŵƐƌĞƐƵůƚŝŶŐĨƌŽŵŽďƐŽůĞƚĞŽƌ ŶŽŶͲĞǆŝƐƚŝŶŐƐƚŽƌŵǁĂƚĞƌĨĂĐŝůŝƚŝĞƐƵƉŽƌĚŽǁŶƐƚƌĞĂŵĨƌŽŵƚŚĞƚƌĂĐƚŝŶƋƵĞƐƚŝŽŶ͖ŽƌƚŚĞĚĞǀĞůŽƉĞƌ ƉƌŽǀŝĚĞƐŝŵƉƌŽǀĞŵĞŶƚƐƐƵĐŚĂƐŽǀĞƌͲƐŝǌĞĚƌĞƚĞŶƚŝŽŶďĂƐŝŶƐ͕ĐŚĂŶŶĞůŝŵƉƌŽǀĞŵĞŶƚƐ͕ŽƌƌĞĐŚĂƌŐĞ ĨĂĐŝůŝƚŝĞƐǁŚŝĐŚƌĞĚƵĐĞŽƌĞůŝŵŝŶĂƚĞĞǆŝƐƚŝŶŐĨůŽŽĚŝŶŐ͕ĞƌŽƐŝŽŶŽƌƐŝůƚĂƚŝŽŶĐĂƵƐĞĚďǇƵƌďĂŶĚĞǀĞůŽƉŵĞŶƚ ĞŝƚŚĞƌƵƉŽƌĚŽǁŶƐƚƌĞĂŵ͘dŚĞŝƚǇŽƵŶĐŝůƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĂƚƚŚĞĞǆŝƐƚŝŶŐƉƌŽďůĞŵƐĂƌĞƐƵĨĨŝĐŝĞŶƚƚŽ ŐƌĂŶƚƚŚĞďŽŶƵƐ͕ďĂƐĞĚƵƉŽŶƚŚĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶŽĨƚŚĞŝƚǇŶŐŝŶĞĞƌ͘ Z^WKE^͗ dŚĞĞǆŝƐƚŝŶŐƉƌŽũĞĐƚĐƵƌƌĞŶƚůǇĐŽŶƐŝƐƚƐŽĨĂϵϮйŝŵƉĞƌǀŝŽƵƐƐƵƌĨĂĐĞĂƌĞĂ͘dŚĞ ƉƌŽƉŽƐĞĚƉƌŽũĞĐƚǁŝůůƌĞĚƵĐĞƚŚĞĂŵŽƵŶƚŽĨŝŵƉĞƌǀŝŽƵƐƐƵƌĨĂĐĞĂƚŐƌĂĚĞƚŽϴϵй͘ ǆŝƐƚŝŶŐƐƚŽƌŵǁĂƚĞƌƚƌĞĂƚŵĞŶƚĂŶĚƌĂƚĞĐŽŶƚƌŽůǁŝůůďĞŵĞƚŽƌĞǆĐĞĞĚƚŚĞĐƵƌƌĞŶƚĐŽŶĚŝƚŝŽŶƐ͘ ϮͿ dŚĞĚĞǀĞůŽƉŵĞŶƚƉƌŽƉŽƐĞƐƚŽŝŶƚĞŐƌĂƚĞƚŚĞƌĞƵƐĞŽĨĂŶĞǆŝƐƚŝŶŐƐƚƌƵĐƚƵƌĞǁŚŝĐŚŚĂƐďĞĞŶǀĂĐĂŶƚĨŽƌ ϮϰĐŽŶƐĞĐƵƚŝǀĞŵŽŶƚŚƐ͘ Z^WKE^͗ dŚŝƐĐƌŝƚĞƌŝĂĚŽĞƐŶŽƚĂƉƉůǇ͘ ϯͿ ĂƐĞŵĞŶƚƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĨůŽŽĚĐŽŶƚƌŽůƉƌŽũĞĐƚĂƌĞƉƌŽǀŝĚĞĚ͕ŽƌŽƚŚĞƌďĂŶŬƚƌĞĂƚŵĞŶƚŽƌƌŝǀĞƌ ďĞĂƵƚŝĨŝĐĂƚŝŽŶǁŚŝĐŚǁŝůůƌĞƐƵůƚŝŶŝŶĐƌĞĂƐĞĚƵƐĂŐĞŽĨƚŚĞĂƌĞĂĂůŽŶŐĞǆŝƐƚŝŶŐƐƚƌĞĂŵƐĨŽƌǁĂůŬŝŶŐ͕ƐŝƚƚŝŶŐ͕ ŽƌŽƚŚĞƌŵĞĂŶƐŽĨƉĂƐƐŝǀĞƌĞĐƌĞĂƚŝŽŶĂƌĞĚĞǀĞůŽƉĞĚ͘ Z^WKE^͗ dŚŝƐĐƌŝƚĞƌŝĂĚŽĞƐŶŽƚĂƉƉůǇ͘ ϰͿ ^ƚƌĞĞƚŝŵƉƌŽǀĞŵĞŶƚƐŶŽƌŵĂůůǇƉƌŽǀŝĚĞĚďǇƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĂƌĞĐŽŶƐƚƌƵĐƚĞĚ͕ĚĞĚŝĐĂƚĞĚŽƌƉĂŝĚ ĨŽƌďǇƚŚĞĚĞǀĞůŽƉĞƌ͘ǆĂŵƉůĞƐŝŶĐůƵĚĞƚŚĞƉƌŽǀŝƐŝŽŶŽĨƌŝŐŚƚͲŽĨͲǁĂǇĨŽƌĂƌƚĞƌŝĂůƐƚƌĞĞƚƐďĞǇŽŶĚƚŚĂƚ ŶŽƌŵĂůůǇƌĞƋƵŝƌĞĚƚŽďĞĚĞĚŝĐĂƚĞĚ͕ŽƌƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽƌƉĂǇŵĞŶƚĨŽƌƚƵƌŶůĂŶĞƐ͕ƐŝŐŶĂůůŝŐŚƚƐ͕ŝŶĐƌĞĂƐĞĚ ƉĂǀĞŵĞŶƚĚĞƉƚŚƐ͕ĞƚĐ͘ Z^WKE^͗ dŚĞĂƉƉůŝĐĂŶƚŝŶƚĞŶĚƐƚŽƉƌŽǀŝĚĞƉƵďůŝĐŝŵƉƌŽǀĞŵĞŶƚƐĂƐĨŽůůŽǁƐ͗ Ă͘ŽŶƐƚƌƵĐƚĂŶĞĂƐƚďŽƵŶĚƌŝŐŚƚƚƵƌŶůĂŶĞŽŶŝǀŝĐĞŶƚĞƌƌŝǀĞƚŽĂĐĐĞƐƐƚŚĞƉƌŽƉĞƌƚǇ͖ [[485,2298,498,2351][11][,I,][Arial]] ď͘WƌŽǀŝĚĞƐŝŐŶĂůĞƋƵŝƉŵĞŶƚŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽƚŚĞŶŽƌƚŚĂŶĚƐŽƵƚŚĂƉƉƌŽĂĐŚĞƐƚŽƚŚĞϭƐƚ [[485,2359,498,2412][11][,I,][Arial]] ǀĞŶƵĞͬŝǀŝĐĞŶƚĞƌƌŝǀĞŝŶƚĞƌƐĞĐƚŝŽŶ͘ ůƚŚŽƵŐŚƚŚĞƐĞƉƵďůŝĐŝŵƉƌŽǀĞŵĞŶƚƐǁŝůůďĞŶĞĨŝƚƚŚĞƉƌŽũĞĐƚ͕ƚŚĞǇǁŝůůĂůƐŽƉƌŽǀŝĚĞĂƉƵďůŝĐ ďĞŶĞĨŝƚǁŚŝĐŚŝƐƵŶƌĞůĂƚĞĚƚŽƚŚĞƉƌŽũĞĐƚ͘ ϱͿhƚŝůŝƚǇ^ĞƌǀŝĐĞ͗ dŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƐŝƚĞǁŝůůůĞĂĚƚŽŝŶĐƌĞĂƐĞĚĞĨĨŝĐŝĞŶĐǇŝŶƚŚĞĞǆŝƐƚŝŶŐƉƵďůŝĐ ƵƚŝůŝƚǇĚĞůŝǀĞƌǇƐǇƐƚĞŵŽƌƚŚĞŵŽƌĞĞĨĨŝĐŝĞŶƚƵƐĞŽĨĂůƌĞĂĚǇĞǆŝƐƚŝŶŐƵƚŝůŝƚŝĞƐ͘dŚŝƐŵĞĂŶƐ͕ĂͿƚŚĂƚƚŚĞ ŶĞĐĞƐƐĂƌǇƵƚŝůŝƚŝĞƐĂůƌĞĂĚǇĞǆŝƐƚŽŶƚŚĞƉƌŽƉĞƌƚǇƚŽďĞƐĞƌǀĞĚ͕ŽƌďͿƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƉƌŽƉĞƌƚǇǁŝůů ƉƌŽǀŝĚĞĂŶĞĐĞƐƐĂƌǇůŝŶŬŽƌĐŽŶŶĞĐƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐǇƐƚĞŵŽƌŝŵƉƌŽǀĞƐĞƌǀŝĐĞ͘ Zs/^^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϳϴͮWĂŐĞ 3DFNHW3J *G ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕WƌĞůŝŵŝŶĂƌǇ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ<EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ Z^WKE^͗ dŚĞĞǆŝƐƚŝŶŐƉƵďůŝĐƐĂŶŝƚĂƌǇƐĞǁĞƌ͕ǁĂƚĞƌ͕ƐƚŽƌŵǁĂƚĞƌ͕ĞůĞĐƚƌŝĐĂŶĚŐĂƐŚĂǀĞ ĐĂƉĂĐŝƚǇƚŽƐĞƌǀĞƚŚĞƉƌŽũĞĐƚĨƌŽŵ&ŝƌƐƚǀĞŶƵĞEt͘ ϲͿ/ŶƚĞŐƌĂƚĞĚWůĂŶŶŝŶŐ͗ dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝŶǀŽůǀĞƐƚŚĞŝŶƚĞŐƌĂƚĞĚĚĞǀĞůŽƉŵĞŶƚŽĨĂƐŝƚĞǁŚŝĐŚ ŝƐĂŵŝŶŝŵƵŵŽĨŽŶĞĂĐƌĞŝŶƐŝǌĞĂŶĚůŽĐĂƚĞĚŝŶĂŶĞƐƚĂďůŝƐŚĞĚĚŝƐƚƌŝĐƚ͘ Z^WKE^͗ dŚĞƉƌŽũĞĐƚĐĂŶŶŽƚƋƵĂůŝĨǇĨŽƌƚŚŝƐĚĞŶƐŝƚǇďŽŶƵƐĂƐŝƚŝƐůĞƐƐƚŚĂŶŽŶĞĂĐƌĞŝŶƐŝǌĞ͘ ϳͿ ĂĐŚĨŽƵƌ;ϰͿƉĞƌĐĞŶƚŝŶĐƌĞĂƐĞŝŶƚŚĞůĂŶĚƐĐĂƉĞĂƌĞĂƌĂƚŝŽĂďŽǀĞƚŚĞŵŝŶŝŵƵŵƌĞƋƵŝƌĞĚƐŚĂůůďĞ ĐŽŶƐŝĚĞƌĞĚĂƐŵĞĞƚŝŶŐƚŚĞĐƌŝƚĞƌŝĂĨŽƌďŽŶƵƐĚĞŶƐŝƚǇͬĨůŽŽƌĂƌĞĂŽƌĂŶŝŶĐƌĞĂƐĞŝŶƉůĂŶƚŵĂƚĞƌŝĂůƐƐŽĂƐƚŽ ĞǆĐĞĞĚŵŝŶŝŵƵŵƌĞƋƵŝƌĞŵĞŶƚƐ͘ Z^WKE^͗ dŚĞĞǆŝƐƚŝŶŐůĂŶĚƐĐĂƉĞĂƌĞĂŝƐĐƵƌƌĞŶƚůǇϴйŽĨƚŚĞƚŽƚĂůƐŝƚĞĂƌĞĂ͘dŚĞƌĞǁŝůůďĞĂŶ ĂĚĚŝƚŝŽŶŽĨϯйŵŽƌĞŐƌĞĞŶƐƉĂĐĞƚŽƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚƚŽƚĂůŝŶŐϭϭйůĂŶĚƐĐĂƉĞĂƚŐƌĂĚĞ͘ dŚĞͲ&ZĚŝƐƚƌŝĐƚĚŽĞƐŶŽƚŚĂǀĞĂŶƵƉƉĞƌůŝŵŝƚĨŽƌ&ůŽŽƌƌĞĂ͘,ŽǁĞǀĞƌ͕ƚŚĞĂĚĚŝƚŝŽŶŽĨ ůĂŶĚƐĐĂƉĞĚƐƵƌĨĂĐĞĂƌĞĂŝƐĂŶŝŵƉŽƌƚĂŶƚĂĞƐƚŚĞƚŝĐǀŝƐƵĂůĐŽŵƉŽŶĞŶƚŽĨƚŚĞŽǀĞƌĂůůƐŝƚĞĚĞƐŝŐŶ͘ ϴͿ dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŵŝŶŝŵŝǌĞƐĂĐĐĞƐƐƉŽŝŶƚƐďǇƵƚŝůŝǌŝŶŐƐŚĂƌĞĚĂĐĐĞƐƐƉŽŝŶƚƐǁŝƚŚĂĚũĂĐĞŶƚ ĚĞǀĞůŽƉŵĞŶƚƐ͕ƌĞƐƵůƚŝŶŐŝŶĂƌĞĚƵĐƚŝŽŶŝŶƚŚĞŶƵŵďĞƌŽĨĚƌŝǀĞǁĂǇŽƉĞŶŝŶŐƐŽŶĂĐŽůůĞĐƚŽƌŽƌŚŝŐŚĞƌůĞǀĞů ƐƚƌĞĞƚ͘ Z^WKE^͗ dŚĞƉƌŽũĞĐƚƐŝƚĞŝƐŶŽƚĂďůĞƚŽŵĞĞƚƚŚŝƐĚĞŶƐŝƚǇďŽŶƵƐƌĞƋƵŝƌĞŵĞŶƚĂƐƚŚĞƐŝƚĞŝƐ ďŽƵŶĚĞĚƚŽƚŚĞŶŽƌƚŚ͕ĞĂƐƚĂŶĚǁĞƐƚďǇƉƵďůŝĐƐƚƌĞĞƚƐĂŶĚƚŽƚŚĞƐŽƵƚŚďǇĂƌĂŝůƐƉƵƌ͘dŚĞ ĂƉƉůŝĐĂŶƚŚĂƐǁŽƌŬĞĚǁŝƚŚƚŚĞWƵďůŝĐtŽƌŬƐĞƉĂƌƚŵĞŶƚƚŽƌĞĚƵĐĞƚŚĞŶƵŵďĞƌŽĨĂĐĐĞƐƐƉŽŝŶƚƐ ŽŶ&ŝƌƐƚǀĞŶƵĞEt͘ ϵͿ WĂƌŬŝŶŐůŽƚůĂŶĚƐĐĂƉŝŶŐĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨƐĐƌĞĞŶŝŶŐƌĞƐŝĚĞŶƚŝĂůĂƌĞĂƐĂŶĚͬŽƌƌŝŐŚƚŽĨͲǁĂǇĂƌĞĂƐĨƌŽŵ ĐŽŶĐĞŶƚƌĂƚŝŽŶŽĨǀĞŚŝĐůĞƐ͘ Z^WKE^͗ dŚĞĂƉƉůŝĐĂŶƚŚĂƐĂƚƚĞŵƉƚĞĚƚŽŵĞĞƚƚŚŝƐĚĞŶƐŝƚǇďŽŶƵƐďǇƐĐƌĞĞŶŝŶŐƚŚĞƉĂƌŬŝŶŐ ŐĂƌĂŐĞǁŝƚŚĂƌĐŚŝƚĞĐƚƵƌĂůĨĞĂƚƵƌĞƐĂŶĚůĂŶĚƐĐĂƉŝŶŐƚŽŵŝŶŝŵŝǌĞƚŚĞǀŝƐƵĂůŝŵƉĂĐƚŽĨǀĞŚŝĐůĞƐ ŝŶƐŝĚĞƚŚĞŽŶͲƐŝƚĞƉĂƌŬŝŶŐŐĂƌĂŐĞ͘ Zs/^^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϳϵͮWĂŐĞ 3DFNHW3J *G ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕WƌĞůŝŵŝŶĂƌǇ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ<EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ϲϯ͘ϰϮϳŽǁŶƚŽǁŶWĂƌŬŝŶŐKǀĞƌůĂǇŽŶĞ;WKͿ ^ƵďĚ͘Ϯ͘ƐƚĂďůŝƐŚĞĚŽƵŶĚĂƌŝĞƐĂŶĚĨĨĞĐƚ͗ ͘ >ĂŶĚƐůǇŝŶŐǁŝƚŚŝŶƚŚĞďŽƵŶĚĂƌŝĞƐŽĨƚŚĞŽǁŶƚŽǁŶWĂƌŬŝŶŐKǀĞƌůĂǇŽŶĞ;WKͿƐŚĂůůďĞƚŚĞ ĂƌĞĂƐƐŚŽǁŶŽŶƚŚĞŽĨĨŝĐŝĂůǌŽŶŝŶŐŵĂƉ͘ƐŝŶŝƚŝĂůůǇĞƐƚĂďůŝƐŚĞĚƚŚĞWKĨŽůůŽǁƚŚĞƉůĂŶ ďŽƵŶĚĂƌǇŽĨƚŚĞ͞ŽǁŶƚŽǁŶZŽĐŚĞƐƚĞƌDĂƐƚĞƌWůĂŶZĞƉŽƌƚ͘͟ ^ƵďĚ͘ϯ͘ /ŶŝƚŝĂůWĂƌŬŝŶŐZĞĚƵĐƚŝŽŶƐĨŽƌǆŝƐƚŝŶŐĂŶĚEĞǁEŽŶͲZĞƐŝĚĞŶƚŝĂů>ĂŶĚhƐĞƐĂŶĚZĞƋƵŝƌĞĚWĂƌŬŝŶŐ DĂǆŝŵƵŵƐƚŽƚŚĞEƵŵďĞƌŽĨĐĐĞƐƐŽƌǇKĨĨͲƐƚƌĞĞƚWĂƌŬŝŶŐ^ƉĂĐĞƐĨŽƌEŽŶͲƌĞƐŝĚĞŶƚŝĂů>ĂŶĚhƐĞƐĂŶĚ ZĞƐƚƌŝĐƚŝŽŶƐŽŶƚŚĞŽŶǀĞƌƐŝŽŶŽĨǆĐĞƐƐWĂƌŬŝŶŐ^ƉĂĐĞƐ͗ ͘ tŝƚŚŝŶƚŚĞďŽƵŶĚĂƌŝĞƐŽĨƚŚĞWK͕ƚŚĞŵŝŶŝŵƵŵƌĞƋƵŝƌĞĚŶƵŵďĞƌŽĨĂĐĐĞƐƐŽƌǇŽĨĨͲƐƚƌĞĞƚ ƉĂƌŬŝŶŐƐƉĂĐĞƐĨŽƌĂŶĞǆŝƐƚŝŶŐŽƌĂŶĞǁŶŽŶͲƌĞƐŝĚĞŶƚŝĂůƵƐĞƌĞƋƵŝƌĞĚďǇƚŚĞƵŶĚĞƌůǇŝŶŐ͕ ĞƐƚĂďůŝƐŚĞĚǌŽŶŝŶŐĚŝƐƚƌŝĐƚ͕ĂƌĞƌĞĚƵĐĞĚďǇϱϬƉĞƌĐĞŶƚ͘ Z^WKE^͗ dŚĞƉƌŽƉŽƐĞĚϭϳϱƌŽŽŵŚŽƚĞůƌĞƋƵŝƌĞƐϭƐƚĂůůƉĞƌƵŶŝƚ͘ϱϬйƌĞĚƵĐƚŝŽŶĞƋƵĂůƐϴϴ ;ϴϳ͘ϱͿƐƚĂůůƐƌĞƋƵŝƌĞĚ͘ ^ƵďĚ͘ϰ͘ ĚĚŝƚŝŽŶĂůZĞĚƵĐƚŝŽŶƐ͕ĚũƵƐƚŵĞŶƚƐ͕ǆĞŵƉƚŝŽŶƐŽƌ^ƵďƐƚŝƚƵƚŝŽŶƐ͕ƚŽƚŚĞDŽĚŝĨŝĞĚEƵŵďĞƌŽĨ ĐĐĞƐƐŽƌǇKĨĨͲ^ƚƌĞĞƚWĂƌŬŝŶŐ^ƉĂĐĞƐĨŽƌEĞǁEŽŶͲZĞƐŝĚĞŶƚŝĂůhƐĞƐ͗ ;ϱͿĚũĂĐĞŶƚ͕DĞƚĞƌĞĚ͕KŶͲ^ƚƌĞĞƚWƵďůŝĐWĂƌŬŝŶŐ^ƉĂĐĞƐĚũƵƐƚŵĞŶƚ͗WƵďůŝĐ͕ŵĞƚĞƌĞĚŽŶͲ ƐƚƌĞĞƚƐƉĂĐĞƐůǇŝŶŐĂĚũĂĐĞŶƚ͕ŝŶǁŚŽůĞŽƌŝŶƉĂƌƚ͕ƚŽƚŚĞƉƌŽƉĞƌƚǇůŝŶĞŽĨƚŚĞǌŽŶŝŶŐůŽƚĨŽƌƚŚĞ ŶĞǁĚĞǀĞůŽƉŵĞŶƚǁŝƚŚĂŶŽŶͲƌĞƐŝĚĞŶƚŝĂůůĂŶĚƵƐĞƚŚĂƚŵƵƐƚƉƌŽǀŝĚĞĂĐĐĞƐƐŽƌǇŽĨĨͲƐƚƌĞĞƚ ƉĂƌŬŝŶŐŵĂǇĐŽƵŶƚƚŚĞĂĚũĂĐĞŶƚŵĞƚĞƌĞĚŽŶͲƐƚƌĞĞƚƐƉĂĐĞƐĂƐĂůůŽƌƉĂƌƚŽĨƚŚĞƌĞƋƵŝƌĞĚ͕ŶŽŶͲ ƌĞƐŝĚĞŶƚŝĂů͕ĂĐĐĞƐƐŽƌǇ͕ŽĨĨƐƚƌĞĞƚƉĂƌŬŝŶŐƐƉĂĐĞƐ͘ Z^WKE^͗ dŚĞƌĞĂƌĞĐƵƌƌĞŶƚůǇϮŵĞƚĞƌĞĚƉĂƌŬŝŶŐƐƉĂĐĞƐŽŶϭ ƐƚǀĞŶƵĞEtĂĚũĂĐĞŶƚƚŚĞ ƐŝƚĞ͘tŝƚŚƚŚĞƉƌŽƉŽƐĞĚƌĞŵŽǀĂůŽĨŽŶĞŽĨƚŚĞĚƌŝǀĞǁĂǇĂĐĐĞƐƐĞƐ͕ŝƚŝƐĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚƚŚĞƌĞ ĐŽƵůĚďĞƵƉƚŽϮĂĚĚŝƚŝŽŶĂůŵĞƚĞƌĞĚƐƉĂĐĞƐŶĞĂƌƚŚĞĞǆŝƐƚŝŶŐϮ͘&ŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƚŚŝƐ ĐĂůĐƵůĂƚŝŽŶŽŶůǇƚŚĞƚǁŽĞǆŝƐƚŝŶŐƐƉĂĐĞƐĂƌĞƵƚŝůŝǌĞĚ͘ ϴϴƐƚĂůůƐʹϮсϴϲƉĂƌŬŝŶŐƐƚĂůůƐƌĞƋƵŝƌĞĚ͘ ;ϲͿŝŬĞWĂƌŬŝŶŐ^ƵďƐƚŝƚƵƚŝŽŶ͗KĨĨͲƐƚƌĞĞƚďŝĐǇĐůĞƉĂƌŬŝŶŐƉƌŽǀŝƐŝŽŶƐůŽĐĂƚĞĚŝŶĂƉƵďůŝĐƐƉĂĐĞ ŽŶƚŚĞƐƚƌĞĞƚůĞǀĞůŵĂǇďĞƐƵďƐƚŝƚƵƚĞĚĨŽƌƵƉƚŽϱйŽĨƚŚĞĨŝŶĂůŵŽĚŝĨŝĞĚŶƵŵďĞƌŽĨŽĨĨ ƐƚƌĞĞƚĂĐĐĞƐƐŽƌǇƉĂƌŬŝŶŐƐƉĂĐĞƐ͙ǁŝƚŚ;ĐͿƐŝǆhͲůŽĐŬĨƌŝĞŶĚůǇďŝĐǇĐůĞƌĂĐŬƐƉĂĐĞƐƚŚĂƚƐƵƉƉŽƌƚ ƚŚĞďŝĐǇĐůĞƵƉƌŝŐŚƚďǇŝƚƐĨƌĂŵĞŝŶĂƚůĞĂƐƚƚǁŽƉůĂĐĞƐŽƌƉŽŝŶƚƐŽĨĐŽŶƚĂĐƚ͘ Z^WKE^͗ ϱйǆϴϴсϱ;ϰ͘ϰͿ ϴϯƉĂƌŬŝŶŐƐƚĂůůƐĂƌĞƌĞƋƵŝƌĞĚƉĞƌWKĂůůŽǁĞĚƌĞĚƵĐƚŝŽŶƐ͘ dŚĞƌĞĨŽƌĞ͕ϴϴͲϱс Zs/^^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϳϭϬͮWĂŐĞ 3DFNHW3J *G ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕WƌĞůŝŵŝŶĂƌǇ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ<EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ZŽĐŚĞƐƚĞƌĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌŝƐƚƌŝĐƚĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐ /ŵƉůĞŵĞŶƚĂƚŝŽŶ͗hƐĞŽĨƚŚĞĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐ dŽƌĞǀŝĞǁĂŶĚĞǀĂůƵĂƚĞĂŶǇƉƌŽƉŽƐĞĚƉƌŝǀĂƚĞĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚƐƐƵďŵŝƚƚĞĚƚŽƚŚĞŝƚǇ x ĂŶĚͬŽƌDͲĨŽƌĂƉƉƌŽǀĂů͘ dŽŐƵŝĚĞƚŚĞƉůĂŶŶŝŶŐĚĞĐŝƐŝŽŶƐďǇƚŚĞŝƚǇĂŶĚƚŚĞDͲ x dŽƐĞƌǀĞĂƐĂďĂƐŝƐĨŽƌĐŽŶĚƵĐƚŝŶŐĨŽůůŽǁƵƉƌĞƐĞĂƌĐŚŽŶǁŚĞƚŚĞƌƚŚĞŐƵŝĚĞůŝŶĞƐĂƌĞĞĨĨĞĐƚŝǀĞŝŶ x ŵĞĞƚŝŶŐŝƚǇĂŶĚDŐŽĂůƐ͘ WƌŽũĞĐƚZĞǀŝĞǁŚĞĐŬůŝƐƚ dŚĞZŽĐŚĞƐƚĞƌDŝƐƚƌŝĐƚĞƐŝŐŶ'ƵŝĚĞůŝŶĞŚĂǀĞƚǁŽĐŽŵƉŽŶĞŶƚƐ͗;ϭͿƉůĂŶŶŝŶŐĂŶĚĚĞƐŝŐŶ WĞƌĨŽƌŵĂŶĐĞ'ƵŝĚĞůŝŶĞƐĨŽƌƚŚĞDŝƐƚƌŝĐƚ͕ƐƚƌĞĞƚ͕ĂŶĚďƵŝůĚŝŶŐ͕ĂŶĚ;ϮͿĞƐŝŐŶĞƚĂŝůƐĨŽƌƐƚƌĞĞƚƐ ĂŶĚďƵŝůĚŝŶŐƐ͘ сĨĨŝƌŵĂƚŝǀĞ 9 сEŽƚƉƉůŝĐĂďůĞŽƌEĞŐĂƚŝǀĞ ϬϮ/ŽǁŶƚŽǁŶŝƐƚƌŝĐƚ ͘ϬϭƌĞĂƚĞĂ^ĂĨĞ͕/ŶǀŝƚŝŶŐĂŶĚŽŶŶĞĐƚĞĚWƵďůŝĐZĞĂůŵ ŽĞƐƚŚĞWůĂŶŽƌƉƌŽũĞĐƚĐŽŶƚƌŝďƵƚĞƚŽĐƌĞĂƚŝŶŐĂƐĂĨĞ͕ŝŶǀŝƚŝŶŐĂŶĚĐŽŶŶĞĐƚĞĚƉƵďůŝĐƌĞĂůŵ͍ 9 dŚĞWƵďůŝĐĂƌĞĂƐŽĨƚŚĞ^ŝƚĞŝŶĐůƵĚĞƐĂĨĞ͕ŝŶǀŝƚŝŶŐ͕ĂŶĚĂƚƚƌĂĐƚŝǀĞůĂŶĚƐĐĂƉŝŶŐĂŶĚ x ƐƵƐƚĂŝŶĂďůĞĨƵƌŶŝƐŚŝŶŐƐǁŚŝĐŚƐŽĨƚĞŶƚŚĞƉůĂŶĞƐŽĨƚŚĞŚĂƌĚƐĐĂƉĞŵĂƚĞƌŝĂůƐƵƐĞĚŝŶ ƉĂǀŝŶŐĂŶĚďƵŝůĚŝŶŐŵĂƚĞƌŝĂůƐ͘ŶĞƌŐǇĞĨĨŝĐŝĞŶƚůŝŐŚƚŝŶŐǁŝůůďĞƵƐĞĚƚŽĂƌƚŝƐƚŝĐĂůůǇ ƉƌŽǀŝĚĞƐĂĨĞǁĂǇĨŝŶĚŝŶŐĂŶĚŝůůƵŵŝŶĂƚĞƐĞĂƚŝŶŐĂƌĞĂƐ͘ ƌĞƚŚĞĞǆŝƐƚŝŶŐǀŝĞǁƐĂŶĚǀŝĞǁĐŽƌƌŝĚŽƌƐĞŶŚĂŶĐĞĚ͍ 9 dŚĞůŽĐĂƚŝŽŶŽĨƚŚŝƐƐŝƚĞǁŝƚŚŝŶƚŚĞĐŽŶƚĞǆƚŽĨƚŚĞŝƚǇĂƐƐƵƌĞƐƚŚĂƚĂƉĂƚƌŽŶǁŝƚŚŝŶ ƚŚĞŚŽƚĞůŝƐĂůůŽǁĞĚĂǀŝĞǁƚŽůŽŽŬŝŶƚŽĂŶĚŽǀĞƌ,ŝƐƚŽƌŝĐĞŶƚƌĂůWĂƌŬĂŶĚĚŝƌĞĐƚůǇ ƚŽǁĂƌĚƚŚĞŐƌŽǁŝŶŐŽǁŶƚŽǁŶ^ŬǇůŝŶĞ͘dŚĞƌĞĂƌĞŶŽĂĚũŽŝŶŝŶŐƐƚƌƵĐƚƵƌĞƐƚŽƚŚĞ ĞĂƐƚ͕ŶŽƌƚŚ͕ŽƌǁĞƐƚǁŚŝĐŚŝŵƉĞĚĞǀŝĞǁƐƚŽƚŚĞŽƵƚůǇŝŶŐƉŽƌƚŝŽŶƐŽĨZŽĐŚĞƐƚĞƌĂŶĚ ƚŚĞďůƵĨĨƐďĞǇŽŶĚ͘ ͘ϬϮŶŚĂŶĐĞŽŶŶĞĐƚŝŽŶƚŽEĂƚƵƌĞĂŶĚEĂƚƵƌĂů^ǇƐƚĞŵƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĐŽŶƚƌŝďƵƚĞƚŽĞŶŚĂŶĐŝŶŐĐŽŶŶĞĐƚŝŽŶƐƚŽŶĂƚƵƌĞĂŶĚŶĂƚƵƌĂů 9 ƐǇƐƚĞŵƐ͍ dŚĞƉƌŽũĞĐƚŝŶĐŽƌƉŽƌĂƚĞƐĂƌŝĐŚůĂŶĚƐĐĂƉĞƉĂůĞƚƚĞŽĨŶĂƚŝǀĞƐƉĞĐŝĞƐ͘ x ͘ϬϯƐƚĂďůŝƐŚŝƐƚƌŝĐƚĂŶĚ^ƵďͲŝƐƚƌŝĐƚ/ĚĞŶƚŝƚǇ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĐŽŶƚƌŝďƵƚĞƚŽĞƐƚĂďůŝƐŚŝŶŐĚŝƐƚƌŝĐƚĂŶĚƐƵďͲĚŝƐƚƌŝĐƚŝĚĞŶƚŝƚǇ͍ 9 dŚĞWƌŽũĞĐƚĂƌĐŚŝƚĞĐƚƵƌĞƐĞĞŬƐƚŽďŽƚŚƐĞƚƚŝŶŐƚŚĞƚŽŶĞĨŽƌƚŚĞĞŶƚƌĂů^ƚĂƚŝŽŶ dƌĂŶƐŝƚŝƐƚƌŝĐƚďƵŝůƚĞŶǀŝƌŽŶŵĞŶƚ͘dŚĞƉƌŽƉŽƐĞĚŚŽƚĞůďůĞŶĚƐƚŚĞŵĂƚĞƌŝĂůƉĂůĞƚƚĞŽĨ ƚŚĞƐƵƌƌŽƵŶĚŝŶŐĂƌĐŚŝƚĞĐƚƵƌĞŽĨƚŚĞĂĚũŽŝŶŝŶŐŚŝƐƚŽƌŝĐĂŶĚŶĞǁĞƌĐŽŶƐƚƌƵĐƚĞĚ ďƵŝůĚŝŶŐĂŶĚďƌŝŶŐƐĂƵŶŝƋƵĞĂŶĚĚǇŶĂŵŝĐĨĂĕĂĚĞƚƌĞĂƚŵĞŶƚƚŚĂƚŝƐŶŽƚĨŽƵŶĚŝŶĂŶǇ ŽƚŚĞƌůŽĐĂƚŝŽŶƐǁŝƚŚŝŶƚŚĞDĚŝƐƚƌŝĐƚ͘ Zs/^^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϳϭϭͮWĂŐĞ 3DFNHW3J *G ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕WƌĞůŝŵŝŶĂƌǇ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ<EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ͘Ϭϰ^ƚƌĞŶŐƚŚĞŶ'ĂƚĞǁĂǇƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĐŽŶƚƌŝďƵƚĞƚŽƐƚƌĞŶŐƚŚĞŶŝŶŐŐĂƚĞǁĂǇƐďĞƚǁĞĞŶƐƵďͲĚŝƐƚƌŝĐƚ͍ 9 ŽƚŚƚŚĞƐŝƚĞƉůĂŶĂŶĚƚŚĞƐƚƌƵĐƚƵƌĂůĞůĞŵĞŶƚƐŽĨƚŚĞƉƌŽũĞĐƚĂůŽŶŐǁŝƚŚƚŚĞůŽĐĂƚŝŽŶ x ŽĨƚŚĞƐŝƚĞƐƚƌĞŶŐƚŚĞŶƚŚĞŐĂƚĞǁĂǇĐŽŶŶĞĐƚŝŽŶĂŶĚĂƚƚĞŵƉƚƐƚŽǀŝƐƵĂůůǇƐƚƌĞƚĐŚƚŚĞ ƌĞĂĐŚŽĨƚŚĞDĚŝƐƚƌŝĐƚƐŶŽƌƚŚĞƌůǇďĞǇŽŶĚŝǀŝĐĞŶƚĞƌƌŝǀĞ͘ ͘ϬϱƐƚĂďůŝƐŚ^ŝŐŶĂƚƵƌĞKƉĞŶ^ƉĂĐĞƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĐŽŶƚƌŝďƵƚĞƚŽŽƌĞƐƚĂďůŝƐŚ^ŝŐŶĂƚƵƌĞKƉĞŶ^ƉĂĐĞƐ͍ 9 dŚĞĐŽŶƐƚƌĂŝŶƚƐŽĨƚŚĞƐŝƚĞĂƌĞĂƉƌŽŚŝďŝƚƚŚĞĂďŝůŝƚǇƚŽĐƌĞĂƚĞƐŝŐŶĂƚƵƌĞŽƉĞŶƐƉĂĐĞƐ x ǁŚŝĐŚǁŽƵůĚƐĞƌǀĞĂůĂƌŐĞƉŽƉƵůĂƚŝŽŶ͘,ŽǁĞǀĞƌ͕ĞŶƚƌĂůWĂƌŬŝƐůĞƐƐƚŚĂŶЪďůŽĐŬ ĂǁĂǇĨƌŽŵƚŚĞƐŝƚĞĂŶĚŝƐĐŽŵƉůĞƚĞůǇĂĐĐĞƐƐŝďůĞƚŽƚŚĞƉƌŽũĞĐƚ͘ ͘ϬϲZĞƵƐĞĂŶĚZĞƐƚŽƌĞƵŝůĚŝŶŐƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚZĞƵƐĞĂŶĚZĞƐƚŽƌĞƵŝůĚŝŶŐƐ͍ 9 dŚĞĞǆŝƐƚŝŶŐƐƚƌƵĐƚƵƌĞĚŝĚŶŽƚůĞŶĚŝƚƐĞůĨƚŽƌĞƵƐĞ͘ x ͘Ϭϳ/ŶĨƵƐĞƚŚĞŝƚǇǁŝƚŚWƵďůŝĐƌƚ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚ/ŶĨƵƐĞƚŚĞŝƚǇǁŝƚŚWƵďůŝĐƌƚ͍ 9 dŚĞŚŽƚĞůǁŝůůŝŶĐŽƌƉŽƌĂƚĞĂƌƚǁŝƚŚŝŶƚŚĞƉƵďůŝĐĂƌĞĂƐǁŚĞƌĞƐƵŝƚĂďůĞ͘ x ǆƚĞƌŝŽƌƌƚƉůĂĐĞŵĞŶƚŝƐƵŶĚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶ͘ x ͘ϬϴĞǀĞůŽƉDŝǆĞĚhƐĞEĞŝŐŚďŽƌŚŽŽĚƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞǀĞůŽƉDŝǆĞĚhƐĞEĞŝŐŚďŽƌŚŽŽĚƐ͍ 9 dŚĞƉƌŽƉŽƐĞĚ,ŽƚĞůĂŶĚĂŵĞŶŝƚŝĞƐŝŶũĞĐƚĂƵƐĞƚŚĂƚŚĂƐŶŽƚƉƌĞǀŝŽƵƐůǇĞǆŝƐƚĞĚŝŶƚŚŝƐ ŐĞŽŐƌĂƉŚŝĐĂƌĞĂ͘dŚĞƉƌŽƉŽƐĞĚƵƐĞƐǁŝƚŚŝŶƚŚĞĐŽŶƚĞǆƚŽĨƚŚĞůĂƌŐĞƌŶĞŝŐŚďŽƌŚŽŽĚ ǁŝƚŚĂĚũŽŝŶŝŶŐƌĞƐƚĂƵƌĂŶƚƐ͕ŽĨĨŝĐĞƐƉĂĐĞ͕ƉĂƌŬƐƉĂĐĞ͕ƐĞŶŝŽƌŚŽƵƐŝŶŐ͕ǁŽƌŬĨŽƌĐĞ ŚŽƵƐŝŶŐ͕ĂŶĚƚŚĞŶĞĂƌďǇƚƌĂŶƐŝƚĐŽƌƌŝĚŽƌĐƌĞĂƚĞĂŵŝǆĞĚͲƵƐĞĐŽŵŵƵŶŝƚǇ͘ ͘ϬϵWƌŽŵŽƚĞhƌďĂŶŐƌŝĐƵůƚƵƌĞ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚWƌŽŵŽƚĞhƌďĂŶŐƌŝĐƵůƚƵƌĞ͍ 9 dŚĞƌĞĂƌĞĐƵƌƌĞŶƚůǇŶŽƉůĂŶƐƚŽŝŶĐůƵĚĞƵƌďĂŶĂŐƌŝĐƵůƚƵƌĞǁŝƚŚŝŶƚŚĞƉƌŽũĞĐƚ͘ x ͘ϭϬƌĞĂƚĞŝƐƚƌŝĐƚWĂƌŬŝŶŐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚƌĞĂƚĞŝƐƚƌŝĐƚWĂƌŬŝŶŐ͍ 9 dŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚĚŽĞƐŶŽƚŚĂǀĞĂĚĞƋƵĂƚĞƐŝƚĞĂƌĞĂƚŽĐƌĞĂƚĞƉĂƌŬŝŶŐĨŽƌ x ĞǆƚĞƌŶĂůƵƐĞƌƐ͘,ŽǁĞǀĞƌ͕ƚŚĞĂŶƚŝĐŝƉĂƚĞĚƵƐĞƌƐŽĨƚŚĞŚŽƚĞůǁŝůůďĞƐĞƌǀĞĚƚŚƌŽƵŐŚ ƚŚĞŝŶƚĞŐƌĂƚŝŽŶŽĨĞĂƐŝůǇĂĐĐĞƐƐŝďůĞĂĐĐĞƐƐƚŽƉĞĚĞƐƚƌŝĂŶǁĂůŬǁĂǇƐ͕ďŝŬĞƉĂƌŬŝŶŐ͕ƉĂǇ ĂƐǇŽƵŐŽƚƌĂŶƐƉŽƌƚĂƚŝŽŶƐƵĐŚĂƐhďĞƌŽƌ>ǇĨƚ͕ĂŶĚƉůĂŶŶĞĚĞĂƐĞŽĨĂĐĐĞƐƐƚŽƉƵďůŝĐ ƚƌĂŶƐŝƚŽƉƉŽƌƚƵŶŝƚŝĞƐŶŽǁĂŶĚŝŶƚŚĞĨƵƚƵƌĞ͘ Zs/^^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϳϭϮͮWĂŐĞ 3DFNHW3J *G ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕WƌĞůŝŵŝŶĂƌǇ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ<EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ͘ϭϭƌĞĂƚĞ^ƵƐƚĂŝŶĂďůĞŽŵŵƵŶŝƚǇŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚƌĞĂƚĞ^ƵƐƚĂŝŶĂďůĞŽŵŵƵŶŝƚǇŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͍ 9 /ŶƚŚŝƐƉƌĞůŝŵŝŶĂƌǇƉůĂŶŶŝŶŐƉŚĂƐĞŽĨƚŚĞƉƌŽũĞĐƚ͕ĂƐƚƵĚǇŽĨƚŚĞŽƉƉŽƌƚƵŶŝƚŝĞƐ͕ĐŽƐƚƐ x ĂŶĚďĞŶĞĨŝƚƐŽĨĂƐƵƐƚĂŝŶĂďůĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞƐǇƐƚĞŵĂŶĚŝŵƉůĞŵĞŶƚĂƚŝŽŶŝƐǇĞƚŶŽƚ ĐŽŵƉůĞƚĞ͘ ͘ϭϮƌĞĂƚĞĂ,ĞĂůƚŚǇŽŵŵƵŶŝƚǇ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚƌĞĂƚĞĂ,ĞĂůƚŚǇŽŵŵƵŶŝƚǇ͍ 9 dŚĞŝŶƚĞŶƚŝŽŶĂůƉůĂĐĞŵĞŶƚŽĨƚŚĞƉƌŽũĞĐƚĂŶĚƚŚĞĚĞƐŝŐŶŽĨƚŚĞƉůĂŶĂƌĞƚŽĨĂĐŝůŝƚĂƚĞ x ŚĞĂůƚŚĂŶĚǁĞůůͲďĞŝŶŐŽĨĂůůŝŶĚŝǀŝĚƵĂůƐ͕ĞŵƉůŽǇĞĞƐ͕ĂŶĚǀŝƐŝƚŽƌƐĂůŝŬĞďǇƉƌŽŵŽƚŝŶŐ ƚŚĞĐŽŶǀĞŶŝĞŶĐĞŽĨǁĂůŬĂďŝůŝƚǇ͕ƚŚĞƉƌŽŵŽƚŝŽŶŽĨƚŚĞƵƐĞŽĨďŝĐǇĐůĞƐ͕ĂŶĚĂůƚĞƌŶĂƚĞ ĨŽƌŵƐŽĨƚƌĂŶƐŝƚ͘ ͘^ƚƌĞĞƚƐĂŶĚŽƌƌŝĚŽƌƐ;ĨŽƌĐůĂƌŝƚǇ͕ƚŚĞƵƐĞŽĨƚŚĞǁŽƌĚ͞ƐƚƌĞĞƚ͟ŝƐďƌŽĂĚůǇŝŶƚĞƌƉƌĞƚĞĚďĞůŽǁĂƐ͞Ă ƉĂƚŚǁĂǇ͟Žƌ͞ƌŽƵƚĞ͟ĂŶĚŶŽƚŽŶůǇĂƐĂ͞ƌŽĂĚ͟ǁŚĞƌĞŵŽƚŽƌŝǌĞĚǀĞŚŝĐůĞƐƚƌĂǀĞůͿ ͘ϬϭĞƐŝŐŶ^ƚƌĞĞƚƐƚŽĐĐŽŵŵŽĚĂƚĞWĞĚĞƐƚƌŝĂŶƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶ^ƚƌĞĞƚƐƚŽĐĐŽŵŵŽĚĂƚĞWĞĚĞƐƚƌŝĂŶƐ͍ 9 zĞƐ͘dŚĞƌĞŝƐƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐŝŶĂůůƉĞƌŝŵĞƚĞƌƐŽĨƚŚĞƐŝƚĞǁŚŝĐŚĂĚũŽŝŶƉƵďůŝĐƌŽĂĚƐ x ĂŶĚƚŚƌŽƵŐŚƚŚĞŝŶƚĞƌŝŽƌŽĨƚŚĞƐŝƚĞ͘ ͘ϬϮĞƐŝŐŶ^ƚƌĞĞƚƐƚŽĐĐŽŵŵŽĚĂƚĞŝĐǇĐůĞƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶ^ƚƌĞĞƚƐƚŽĐĐŽŵŵŽĚĂƚĞŝĐǇĐůĞƐ͍ 9 zĞƐ͘dŚĞƌĞŝƐďŝŬĞƉĂƌŬŝŶŐĨŽƌƵƐĞďǇƚŚĞƉƵďůŝĐĂŶĚƐƚĂĨĨ͘dŚĞƉĞƌŝŵĞƚĞƌŶŽƌƚŚĞƌůǇ x ƐŝĚĞǁĂůŬŝƐĂŶĞǆƉĂŶĚĞĚǁŝĚƚŚƚŽĂĐĐŽŵŵŽĚĂƚĞďŽƚŚƉĞĚĞƐƚƌŝĂŶƐĂŶĚĐǇĐůŝƐƚƐ͘ ͘ϬϯĞƐŝŐŶ^ƚƌĞĞƚƚŽĐĐŽŵŵŽĚĂƚĞDĂƐƐdƌĂŶƐŝƚ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶ^ƚƌĞĞƚƚŽĐĐŽŵŵŽĚĂƚĞDĂƐƐdƌĂŶƐŝƚ͍ 9 zĞƐ͘dŚĞƌĞĂƌĞƉůĂŶŶĞĚƉŝĐŬƵƉĂŶĚĚƌŽƉŽĨĨůŽĐĂƚŝŽŶƐĨŽƌƉĂǇƉĞƌƵƐĞǀĞŚŝĐůĞƐŶĞĂƌ x ƚŚĞŚŽƚĞůŵĂŝŶĞŶƚƌĂŶĐĞ͘dŚĞƐŝƚĞŝƐĂĚũĂĐĞŶƚƚŚĞŝŶƚĞŐƌĂƚĞĚƚƌĂŶƐŝƚĐŽƌƌŝĚŽƌƌŽƵƚĞŽĨ ŝǀŝĐĞŶƚĞƌƌŝǀĞĂŶĚŝƐĐůŽƐĞƚŽďƵƐƐƚŽƉƐƐĞƌǀŝŶŐŵĂŶǇƚƌĂŶƐƉŽƌƚĂƚŝŽŶƌŽƵƚĞƐ͘ ͘ϬϰĞƐŝŐŶ^ĂĨĞĨĨŝĐŝĞŶƚZŽĂĚǁĂǇƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶ^ĂĨĞĨĨŝĐŝĞŶƚZŽĂĚǁĂǇƐ͍ 9 dŚĞƚƌĂŶƐŝƚƐƚƵĚǇƚŚĂƚĂĐĐŽŵƉĂŶŝĞƐƚŚŝƐƉƌŽƉŽƐĂůĚĞŵŽŶƐƚƌĂƚĞƐƚŚĂƚƚŚĞŝŶĐƌĞĂƐĞŽĨ x ƉŽƚĞŶƚŝĂůǀŝƐŝƚŽƌƐĂŶĚƵƐĞƌƐŽĨƚŚĞƉƌŽũĞĐƚǁŝůůŶŽƚŶĞŐĂƚŝǀĞůǇĂĨĨĞĐƚƚŚĞĞǆŝƐƚŝŶŐ ƚƌĂŶƐŝƚƐǇƐƚĞŵĂƐĂůůůĞǀĞůƐŽĨƐĞƌǀŝĐĞŽƉĞƌĂƚĞĂƚƌĞƋƵŝƌĞĚĐŝƚǇƐƚĂŶĚĂƌĚƐ͘ ͘ϬϱĞƐŝŐŶ^ĂĨĞDƵůƚŝŵŽĚĂů/ŶƚĞƌƐĞĐƚŝŽŶƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶ^ĂĨĞDƵůƚŝŵŽĚĂů/ŶƚĞƌƐĞĐƚŝŽŶƐ͍ dŚĞƉƌŽũĞĐƚĂĚĚƌĞƐƐĞƐƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶŽĨDƵůƚŝŵŽĚĂůƚŚŽƌŽƵŐŚĐĂƌĞĨƵůƉůĂŶŶŝŶŐŽĨ x ǀĞŚŝĐƵůĂƌĞŐƌĞƐƐĂŶĚŝŶŐƌĞƐƐƉŽŝŶƚƐ͕ƉƌŽƚĞĐƚĞĚĂŶĚǁĞůůͲŵĂƌŬĞĚƉĞĚĞƐƚƌŝĂŶĨĂĐŝůŝƚŝĞƐ ƐƵĐŚĂƐƐŝĚĞǁĂůŬƐ͕ƉĂǀĞŵĞŶƚƚǇƉĞĂŶĚĚĞůŝŶĞĂƚŝŽŶĂƐǁĞůůĂƐǁĂǇĨŝŶĚŝŶŐƐŝŐŶĂŐĞ͘ dŚĞƉƌŽƉŽƐĞĚĚĞƐŝŐŶĂůƐŽƐƚƌŝǀĞƐƚŽŵŝŶŝŵŝǌĞƚŚĞƐĞŝŶƚĞƌƐĞĐƚŝŽŶƐĨŽƌŽƉƚŝŵƵŵ ŽƉĞƌĂƚŝŽŶ͘ Zs/^^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϳϭϯͮWĂŐĞ 3DFNHW3J *G ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕WƌĞůŝŵŝŶĂƌǇ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ<EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ͘ϬϲƐƚĂďůŝƐŚƚŚĞhƌďĂŶ&ŽƌĞƐƚ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚƐƚĂďůŝƐŚƚŚĞhƌďĂŶ&ŽƌĞƐƚ͍ 9 dŚĞŝƐĂŶĂďŝůŝƚǇƚŽŝŶĐƌĞĂƐĞƚŚĞƋƵĂŶƚŝƚǇŽĨĐĂŶŽƉǇĂŶĚŽƌŶĂŵĞŶƚĂůƚƌĞĞƐǁŝƚŚŝŶƚŚĞ x ƐŝƚĞĂŶĚǁŝƚŚŝŶƚŚĞďŽƵůĞǀĂƌĚĂƐƉĂƌƚŽĨƚŚŝƐĚĞǀĞůŽƉŵĞŶƚ͘ ͘ϬϳĞǀĞůŽƉ^ƵƐƚĂŝŶĂďůĞtĂƚĞƌDĂŶĂŐĞŵĞŶƚ^ƚƌĂƚĞŐŝĞƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞǀĞůŽƉ^ƵƐƚĂŝŶĂďůĞtĂƚĞƌDĂŶĂŐĞŵĞŶƚ^ƚƌĂƚĞŐŝĞƐ͍ 9 ƚƚŚŝƐƉƌĞůŝŵŝŶĂƌǇƉŚĂƐĞŽĨƐŝƚĞĚĞƐŝŐŶ͕ƐƚƌĂƚĞŐŝĞƐƐƉĞĐŝĨŝĐĂůůǇĨŽƌůĂŶĚƐĐĂƉĞĨĞĂƚƵƌĞƐ x ĂƌĞƵŶĚĞƌŐŽŝŶŐƌĞǀŝĞǁĨŽƌŝŵƉůĞŵĞŶƚĂƚŝŽŶŝŶƚŽƚŚĞƐŝƚĞƉůĂŶ͘/ĨƚŚĞƐĞĂƌĞĚĞĞŵĞĚ ƐƵŝƚĂďůĞƚŽƚŚĞƉůĂŶƚŚĞǇǁŝůůďĞŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞĚĞƐŝŐŶĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞĨŝŶĂů ĚĞǀĞůŽƉŵĞŶƚƉůĂŶƐƚĂŐĞ͘ ǆŝƐƚŝŶŐǁĂƚĞƌƋƵĂůŝƚǇĂŶĚĚŝƐĐŚĂƌŐĞƌĂƚĞƐǁŝůůďĞŵĞƚŽƌŝŵƉƌŽǀĞĚ͘ x ͘ϬϴĞƐŝŐŶ^ŵĂƌƚ^ƚƌĞĞƚƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶ^ŵĂƌƚ^ƚƌĞĞƚƐ͍ 9 ŽŶƐƵŵĞƌƉƌŝǀĂƚĞŚĂŶĚŚĞůĚĞůĞĐƚƌŽŶŝĐĐŽŵŵƵŶŝĐĂƚŝŽŶĚĞǀŝĐĞƐĐŽŶƚŝŶƵĞƚŽĞǀŽůǀĞ x ĂŶĚǁŝůůďĞŐŝŶƚŽŝŶƚĞŐƌĂƚĞƚŽƚŚĞǁŽƌůĚĂƌŽƵŶĚŝƚ͘/ƚŝƐĞǆƉĞĐƚĞĚƚŚĂƚŚŽƚĞůƐĞƌǀŝĐĞƐ ǁŝůůĂůƐŽŶĞĞĚƚŽĂĚĂƉƚƚŽƚĞĐŚŶŽůŽŐǇĂĚǀĂŶĐĞƐƚŽƐĞƌǀĞƚŚĞŶĞĞĚƐŽĨƚŚĞƉĂƚƌŽŶƐ͘ tĂǇĨŝŶĚŝŶŐƐŝŐŶĂŐĞĂŶĚĐŽŵŵƵŶŝĐĂƚŝŽŶƐƚŽŽůƐŽĨĂůůŬŝŶĚƐǁŝůůŶĞĞĚƚŽĐƌŽƐƐĐƵůƚƵƌĂů ůŝŶĞƐĂŶĚĂůƐŽƐĞƌǀĞƚŚŽƐĞŝŶĚŝǀŝĚƵĂůƐǁŝƚŚŚĞĂůƚŚĐŚĂůůĞŶŐĞƐ͘^ŚŽƵůĚĂĚĚŝƚŝŽŶĂůďŝŬĞ ƐŚĂƌŝŶŐŬŝŽƐŬƐďĞĐŽŵĞŵŽƌĞĨƵůůǇŝŶƚĞŐƌĂƚĞĚǁŝƚŚƚŚĞĚŽǁŶƚŽǁŶĐŽƌĞ͕ƚŚŝƐƐŝƚĞ ǁŽƵůĚďĞĂŶŝĚĞĂůůŽĐĂƚŝŽŶĂƐĂĐŽŶĚƵŝƚƚŽƌĞĐƌĞĂƚŝŽŶĂůĂŶĚĐŽŵŵƵƚĞƌĐǇĐůŝŶŐ ĂĚǀŽĐĂƚĞƐƚŽĂŶĚĨƌŽŵƚŚĞĚŽǁŶƚŽǁŶĐŽƌĞ͘ ͘ϬϵĞƐŝŐŶ^ƚƌĞĞƚǁŝƚŚ&ůĞǆŝďŝůŝƚǇĂŶĚĚĂƉƚĂďŝůŝƚǇĨŽƌ&ƵƚƵƌĞhƐĞƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶ^ƚƌĞĞƚǁŝƚŚ&ůĞǆŝďŝůŝƚǇĂŶĚĚĂƉƚĂďŝůŝƚǇĨŽƌ&ƵƚƵƌĞhƐĞƐ͍ 9 dŚĞƉůĂŶŶĞĚďƵŝůĚŝŶŐŵĂƐƐŝŶŐĂůŽŶŐǁŝƚŚƚŚĞƐŝƚĞƐŝǌĞĐŽŶƐƚƌĂŝŶƚƐůŝŵŝƚƚŚĞĂďŝůŝƚǇĨŽƌ x ƚŚĞƐŝƚĞƚŽƚƌĂŶƐŝƚŝŽŶĞĂƐŝůǇƚŽĂŶĞŶƚŝƌĞůǇĚŝĨĨĞƌĞŶƚƵƐĞ͘,ŽǁĞǀĞƌ͕ĚĞƉĞŶĚŝŶŐŽŶƚŚĞ ƐĐĂůĞŽĨƚŚĞƉƌŽƉŽƐĂůĂŶĚƚŚĞĚƵƌĂƚŝŽŶŽĨƚŚĞĞŶĚĞĂǀŽƌ͕ǁŝƚŚĂŐŽŽĚĚĞƐŝŐŶĞƌ͕ ĂŶǇƚŚŝŶŐŝƐƉŽƐƐŝďůĞ͘ ͘ϭϬŽŶŶĞĐƚ^ƚƌĞĞƚ͕^ŬǇǁĂǇ͕^ƵďǁĂǇ>ĞǀĞůƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚŽŶŶĞĐƚ^ƚƌĞĞƚ͕^ŬǇǁĂǇ͕^ƵďǁĂǇ>ĞǀĞůƐ͍ dŚĞƉƌŽũĞĐƚŝƐďĞǇŽŶĚƚŚĞƌĞĂĐŚŽĨĞǆŝƐƚŝŶŐƐƵďǁĂǇĂŶĚƐŬǇǁĂǇĐŽŶŶĞĐƚŝŽŶƐǁŚŝĐŚ x ǁĞƌĞƐŽƵŐŚƚŝŶƚŚĞǀĞƌǇƉƌĞůŝŵŝŶĂƌǇĨĞĂƐŝďŝůŝƚǇƐƚƵĚŝĞƐŽĨƚŚĞĂƌĞĂ͘^ŚŽƵůĚƚŚĞƐĞ ǁĞĂƚŚĞƌͲƉƌŽƚĞĐƚĞĚĐŽƌƌŝĚŽƌƐĞǆƉĂŶĚŝŶƚŚĞĨƵƚƵƌĞƚŽƉƌŽǀŝĚĞĐŽŶŶĞĐƚŝǀŝƚǇ͕ƚŚĞ ƉŽƚĞŶƚŝĂůǁŽƵůĚďĞĐŽŶƐŝĚĞƌĞĚŝŶĂĨƵƚƵƌĞƉŚĂƐĞ͘ ͘/ŶĚŝǀŝĚƵĂů^ŝƚĞƐĂŶĚƵŝůĚŝŶŐƐ ͘ϬϭĞƐŝŐŶƵŝůĚŝŶŐƐƚŽƐƚĂďůŝƐŚ^ĞŶƐĞŽĨhƌďĂŶŶĐůŽƐƵƌĞ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶƵŝůĚŝŶŐƐƚŽƐƚĂďůŝƐŚ^ĞŶƐĞŽĨhƌďĂŶŶĐůŽƐƵƌĞ͍ 9 dŚĞůŽĐĂƚŝŽŶŽĨƚŚĞƉƌŽũĞĐƚŶĞĂƌƚŚĞŶŽƌƚŚĞƌŶĞĚŐĞŽĨƚŚĞĚŽǁŶƚŽǁŶĐŽƌƌŝĚŽƌͬD x ĚŝƐƚƌŝĐƚďŽƵŶĚĂƌŝĞƐĨŽƌŵŽŶĞƐŝĚĞŽĨĂŶƵƌďĂŶĞŶĐůŽƐƵƌĞ͘dŚĞůĂĐŬŽĨĂĚũŽŝŶŝŶŐ ďƵŝůĚŝŶŐƐŽĨĞƋƵĂůŚĞŝŐŚƚŽƌŐƌĞĂƚĞƌƚŽƚŚĞǁĞƐƚ͕ŶŽƌƚŚ͕ŽƌĞĂƐƚƉƌĞǀĞŶƚƚŚĞƐĞŶƐĞŽĨ Zs/^^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϳϭϰͮWĂŐĞ 3DFNHW3J *G ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕WƌĞůŝŵŝŶĂƌǇ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ<EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ĂŶĞŶĐůŽƐĞĚƵƌďĂŶĞŶǀŝƌŽŶŵĞŶƚŝŶƚŚĞĐƵƌƌĞŶƚĞŶǀŝƌŽŶŵĞŶƚ͘dŚŝƐĐĂŶĐŚĂŶŐĞ ĚƌĂŵĂƚŝĐĂůůǇŝŶĨƵƚƵƌĞƉŚĂƐĞƐŽĨĚŽǁŶƚŽǁŶƌĞĚĞǀĞůŽƉŵĞŶƚĂŶĚĂƐDĞǀŽůǀĞƐ͘ ͘ϬϮĞƐŝŐŶdĂůůƵŝůĚŝŶŐƚŽWƌĞƐĞƌǀĞ^ƵŶůŝŐŚƚ͕ŽŵĨŽƌƚĂŶĚsŝĞǁƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶdĂůůƵŝůĚŝŶŐƚŽWƌĞƐĞƌǀĞ^ƵŶůŝŐŚƚ͕ŽŵĨŽƌƚĂŶĚsŝĞǁƐ͍ dŚĞƉƌŽƉŽƐĞĚŚŽƚĞůƉƌŽǀŝĚĞƐĂŶĂďƵŶĚĂŶĐĞŽĨǁŝŶĚŽǁƐŝŶƚŚĞŚŽƚĞůƌĞƐŝĚĞŶƚŝĂůĨůŽŽƌƐ x ŽƉƚŝŵŝǌŝŶŐǀŝĞǁĨƌŽŵƚŚĞƐŝƚĞ͘dŚĞůŽĐĂƚŝŽŶŽĨƚŚŝƐĚĞǀĞůŽƉŵĞŶƚĂĚũĂĐĞŶƚĂƚƌĂŶƐŝƚ ĐŽƌƌŝĚŽƌĂůůŽǁƐƚŚĞŐƌĞĂƚĞƌŚĞŝŐŚƚƚŚĂŶƚŚĞƉƌĞƐĐƌŝďĞĚϳϱ͛ƚŚƌĞƐŚŽůĚĨŽƌďƵŝůĚŝŶŐƐ ǁŝƚŚŝŶƚŚĞƚĂůůďƵŝůĚŝŶŐǌŽŶĞ͘ ͘ϬϯŽŶƚƌŝďƵƚĞƚŽĂsŝďƌĂŶƚ^ƚƌĞĞƚƐĐĂƉĞ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚŽŶƚƌŝďƵƚĞƚŽĂsŝďƌĂŶƚ^ƚƌĞĞƚƐĐĂƉĞ͍ 9 dŚĞŝŶƚĞƌŝŽƌŚŽƚĞůůŽďďǇƐƉĂĐĞĂůŽŶŐǁŝƚŚƚŚĞůŽƵŶŐĞĂŶĚƌĞƚĂŝůĂŵĞŶŝƚŝĞƐĂƌĞĂ x ĚŝƐƚŝŶĐƚŝǀĞĚĞƐƚŝŶĂƚŝŽŶ͘dŚĞĞǆƚĞƌŝŽƌŐĂƚŚĞƌŝŶŐƐƉĂĐĞƐǁŝƚŚŝŶǀŝƚŝŶŐůĂŶĚƐĐĂƉŝŶŐ͕ ƐĞĂƚŝŶŐĂƌĞĂĂŶĚƐŝƚĞĨƵƌŶŝƐŚŝŶŐƐĐƌĞĂƚĞƚŚĞĞŶŚĂŶĐĞŵĞŶƚƐĨŽƵŶĚŝŶĂǀŝďƌĂŶƚ ƐƚƌĞĞƚƐĐĂƉĞ͘ ͘ϬϰWƌŽŵŽƚĞYƵĂůŝƚǇĂŶĚWĞƌŵĂŶĞŶĐĞŝŶĞǀĞůŽƉŵĞŶƚ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚWƌŽŵŽƚĞYƵĂůŝƚǇĂŶĚWĞƌŵĂŶĞŶĐĞŝŶĞǀĞůŽƉŵĞŶƚ͍ 9 dŚĞƐƵďƐƚĂŶƚŝĂůĂŶĚŚŝŐŚůǇƐƚǇůŝƐƚŝĐƌĐŚŝƚĞĐƚƵƌĞŽĨƚŚĞƉƌŽƉŽƐĞĚŚŽƚĞůŽŶƚŚŝƐ x ƌĞĚĞǀĞůŽƉŵĞŶƚƐŝƚĞǁŝůůƐĞƚĂŚŝŐŚďĂƌĨŽƌĨƵƚƵƌĞƉƌŽũĞĐƚƐƚŽĨŽůůŽǁ͘dŚĞƌĞŝƐŶŽĚŽƵďƚ ƚŚŝƐƉƌŽũĞĐƚŝƐĂŚŝŐŚͲƋƵĂůŝƚǇĚĞƐŝŐŶĂŶĚĂƐƚƌƵĐƚƵƌĞƚŚĂƚǁŝůůďĞĂƉĞƌŵĂŶĞŶƚĨŝǆƚƵƌĞ ŝŶZŽĐŚĞƐƚĞƌĨŽƌŐĞŶĞƌĂƚŝŽŶƐƚŽĐŽŵĞ͘ ͘ϬϱĞƐŝŐŶĨŽƌ&ůĞǆŝďŝůŝƚǇĂŶĚĚĂƉƚĂďŝůŝƚǇĨŽƌ&ƵƚƵƌĞhƐĞ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶĨŽƌŽŚĞƌĞŶĐǇ͍ 9 dŚĞƐŝƚĞǁŝůůďĞĨƵůůǇŝŶƚĞŐƌĂƚĞĚǁŝƚŚƚŚĞĚĞƐŝŐŶĞůĞŵĞŶƚƐŶŽƚĞĚŝŶƉƌĞǀŝŽƵƐƐĞĐƚŝŽŶƐ͘ x dŚĞƐĞĞůĞŵĞŶƚƐǁŝůůďĞĨƵƌƚŚĞƌĐŽŽƌĚŝŶĂƚĞĚǁŝƚŚĂĐŽŵƉůŝŵĞŶƚĂƌǇƐĞůĞĐƚŝŽŶŽĨ ŵĂƚĞƌŝĂůƐĨŽƌƐŝŐŶĂŐĞ͕ůŝŐŚƚŝŶŐ͕ĂŶĚƐĐƌĞĞŶŝŶŐĨƌŽŵƐĞƌǀŝĐĞĂƌĞĂƐ͘ ͘ϬϲĞƐŝŐŶĨŽƌ&ůĞǆŝďŝůŝƚǇĂŶĚĚĂƉƚĂďŝůŝƚǇĨŽƌ&ƵƚƵƌĞhƐĞ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶĨŽƌ&ůĞǆŝďŝůŝƚǇĂŶĚĚĂƉƚĂďŝůŝƚǇĨŽƌ&ƵƚƵƌĞhƐĞ͍ 9 dŚĞĐƵƌƌĞŶƚďƵŝůĚŝŶŐƉůĂŶƐĨŽƌƚŚĞŚŽƚĞůĂƌĞůŝŵŝƚĞĚŝŶĂĚĂƉƚĂďŝůŝƚǇĨŽƌĂĨƵƚƵƌĞƵƐĞƚŽ x ĞŝƚŚĞƌĂƉŽƚĞŶƚŝĂůƌĞƐŝĚĞŶƚŝĂůďƵŝůĚŝŶŐŽƌŽĨĨŝĐĞƐƉĂĐĞ͘dŚĞƉƌŽƉŽƐĞĚĐĞŝůŝŶŐŚĞŝŐŚƚƐŽĨ ϵ͘ϱ͛ǁŝůůĂůůŽǁĨŽƌĚĞƐŝƌĂďůĞĚǁĞůůŝŶŐĐĞŝůŝŶŐŚĞŝŐŚƚƐ͘ ͘ϬϳƌĞĂƚĞ^ƉĂĐĞƐĨŽƌŽůůĂďŽƌĂƚŝŽŶ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚƌĞĂƚĞ^ƉĂĐĞƐĨŽƌŽůůĂďŽƌĂƚŝŽŶ͍ 9 dŚĞŚŽƚĞůǁŝůůĂĐĐŽŵŵŽĚĂƚĞŵĞĞƚŝŶŐƐŽĨǀĂƌŝĞĚŶƵŵďĞƌŽĨƉĂƌƚŝĐŝƉĂŶƚƐŝŶďŽƚŚ x ŝŶƚĞƌŝŽƌĂŶĚĂŶĞǆƚĞƌŝŽƌƐĞƚƚŝŶŐŽŶƚŚĞƌŽŽĨƚŽƉŐĂƌĚĞŶĂŶĚůŽƵŶŐĞĐĂŶĂĚĂƉƚƚŽ ŐƌŽƵƉƐƚŽĞŶŐĂŐĞŝŶĐŽůůĂďŽƌĂƚŝǀĞƉƌŽũĞĐƚƐĂŶĚĚŝĂůŽŐƵĞƐ͘ Zs/^^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϳϭϱͮWĂŐĞ 3DFNHW3J *G ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕WƌĞůŝŵŝŶĂƌǇ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ<EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ͘ϬϴDĞĞƚ^ƵƐƚĂŝŶĂďůĞĂŶĚ,ĞĂůƚŚǇƵŝůĚŝŶŐĞƐŝŐŶ^ƚĂŶĚĂƌĚƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚDĞĞƚ^ƵƐƚĂŝŶĂďůĞĂŶĚ,ĞĂůƚŚǇƵŝůĚŝŶŐĞƐŝŐŶ^ƚĂŶĚĂƌĚƐ͍ dŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚŚĂƐŶŽƚǇĞƚĚĞƚĞƌŵŝŶĞĚƚŚĞůĞǀĞůŽĨƐƚĂŝŶĂďůĞƐƚĂŶĚĂƌĚƐƚŽ x ĂƐĐĞƌƚĂŝŶ͘ĨŝŶĂůĚĞƚĞƌŵŝŶĂƚŝŽŶǁŝůůŽĐĐƵƌƉƌŝŽƌƚŽƚŚĞ&ŝŶĂů/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ WůĂŶƐƵďŵŝƚƚĂů͘ ͘ϬϵŽŶŶĞĐƚƚŽŝƐƚƌŝĐƚ^ǇƐƚĞŵƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚŽŶŶĞĐƚƚŽŝƐƚƌŝĐƚ^ǇƐƚĞŵƐ͍ 9 dŚĞĂďŝůŝƚǇƚŽƉƵƌƐƵĞƚŚŝƐĐŽŽƉĞƌĂƚŝǀĞƐǇƐƚĞŵǁŝůůďĞƚŚŝƐǁŝůůďĞĞǆƉůŽƌĞĚ͘,ŽǁĞǀĞƌ͕ x ƌĞŐĂƌĚůĞƐƐŽĨƚŚĂƚŝŶǀĞƐƚŝŐĂƚŝŽŶ͕ƚŚĞƉƌŽũĞĐƚŝƐĐƵƌƌĞŶƚůǇƉůĂŶŶĞĚƚŽƉƌŽĐĞĞĚǁŝƚŚ ŝŶĚĞƉĞŶĚĞŶƚŚĞĂƚŝŶŐĂŶĚĐŽŽůŝŶŐƐǇƐƚĞŵƐǁŝƚŚŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘ ͘ϭϬĞƐŝŐŶZŽŽĨĨŽƌsŝƐƵĂů/ŵƉĂĐƚĂŶĚ^ƵƐƚĂŝŶĂďŝůŝƚǇ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶZŽŽĨĨŽƌsŝƐƵĂů/ŵƉĂĐƚĂŶĚ^ƵƐƚĂŝŶĂďŝůŝƚǇ͍ 9 dŚĞƉƌŽƉŽƐĞĚĚĞƐŝŐŶĚŽĞƐŶŽƚƐƉĞĐŝĨŝĐĂůůǇĂĚĚƌĞƐƐĂŐƌĞĞŶƌŽŽĨƐǇƐƚĞŵŶŽƌƐŽůĂƌ x ĐŽůůĞĐƚŽƌƐĂŶĚĚŽĞƐƚŚĞƉƌŽũĞĐƚĐŽŶƚĂŝŶĂĨĞĂƚƵƌĞǁŚŝĐŚŵĂŬĞƐƚŚĞƌŽŽĨĐŽŶƚĂŝŶĂŶǇ ŐƌĞĂƚĞƌǀŝƐƵĂůŝŵƉĂĐƚƚŚĂŶƚŚĞŽǀĞƌĂůůŵĂƐƐŝŶŐŽĨƚŚĞƉƌŽũĞĐƚ͘dŚĞŵĞĐŚĂŶŝĐĂů ĐŽŵƉŽŶĞŶƚƐĂƌĞƐĐƌĞĞŶĞĚŚŽƌŝǌŽŶƚĂůůǇĂŶĚĨƌŽŵƚŚĞŐƌŽƵŶĚůĞǀĞů͘ZŽŽĨƚŽƉƚĞƌƌĂĐĞƐ ǁŝůůŝŶĐŽƌƉŽƌĂƚĞůĂŶĚƐĐĂƉĞĚĂƌĞĂƐŝŶƚŽƚŚĞŽƵƚĚŽŽƌƉĂƚŝŽĂƌĞĂŽŶƚŚĞƌŽŽĨ͘ ͘ϭϭĞƐŝŐŶWĂƌŬŝŶŐ^ƚƌƵĐƚƵƌĞƐƚŽŶŚĂŶĐĞWĞĚĞƐƚƌŝĂŶZĞĂůŵ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶWĂƌŬŝŶŐ^ƚƌƵĐƚƵƌĞƐƚŽŶŚĂŶĐĞWĞĚĞƐƚƌŝĂŶZĞĂůŵ͍ 9 dŚĞůŽĐĂƚŝŽŶŽĨƚŚĞƉƌŽƉŽƐĞĚƚǁŽĨůŽŽƌƐŽĨƉĂƌŬŝŶŐĂƚƚŚĞϮĂŶĚϯůĞǀĞůƐĂďŽǀĞƚŚĞ x ŶĚƌĚ ŐƌĂĚĞůĞǀĞůǁŝůůďĞŶĞĨŝƚƚŚĞĂĨŽƌĞŵĞŶƚŝŽŶĞĚƐƚƌĞĞƚůĞǀĞůĚĞƐŝŐŶĞůĞŵĞŶƚƐĂŶĚƚŚĞ ƌĞŵŽǀĂůŽĨĂƚͲŐƌĂĚĞƉĂƌŬŝŶŐǁŝůůĞŶŚĂŶĐĞƚŚĞƉĞĚĞƐƚƌŝĂŶƌĞĂůŵ͘ ͘ϭϮDĂŬĞWĂƌŬŝŶŐ^ƚƌƵĐƚƵƌĞƐĚĂƉƚĂďůĞƚŽ&ƵƚƵƌĞhƐĞƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚDĂŬĞWĂƌŬŝŶŐ^ƚƌƵĐƚƵƌĞƐĚĂƉƚĂďůĞƚŽ&ƵƚƵƌĞhƐĞƐ͍ dŚĞƉƌŽƉŽƐĞĚƉĂƌŬŝŶŐĨůŽŽƌƐĐŽƵůĚƚƌĂŶƐŝƚŝŽŶƚŽŽĐĐƵƉŝĞĚŽĨĨŝĐĞƐƉĂĐĞƐŚŽƵůĚ ĂůƚĞƌŶĂƚĞƉĂƌŬŝŶŐƐƚƌƵĐƚƵƌĞƐďĞĚĞǀĞůŽƉĞĚǁŝƚŚŝŶĐůŽƐĞƉƌŽǆŝŵŝƚǇĨŽƌƵƐĞďǇ ĞŵƉůŽǇĞĞƐĂŶĚŐƵĞƐƚƐ͘ 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ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕ůƚĞƌŶĂƚĞWƌĞůŝŵ͘/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ<EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ϲϮ͘ϲϯϬZ/dZ/&KZ/EEd/ss>KWDEd^͗ ^ƵďĚŝǀŝƐŝŽŶϭ͘ dŚĞŽŵŵŝƐƐŝŽŶĂŶĚŽƵŶĐŝůƐŚĂůůĂƉƉƌŽǀĞĂŶŝŶĐĞŶƚŝǀĞĚĞǀĞůŽƉŵĞŶƚƉůĂŶŝĨŝƚŝƐ ĚĞƚĞƌŵŝŶĞĚƚŚĞƉůĂŶǁĂƌƌĂŶƚƐƚŚĞďŽŶƵƐĚĞŶƐŝƚǇĂŶĚĨůŽŽƌĂƌĞĂĂƉƉůŝĞĚĨŽƌ͕ĂƐĚĞƚĞƌŵŝŶĞĚŝŶĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚƐĞĐƚŝŽŶϲϮ͘ϲϰϬ͕ĂŶĚƚŚĞƉůĂŶƐĂƚŝƐĨŝĞƐĂůůƚŚĞWƌĞůŝŵŝŶĂƌǇĞǀĞůŽƉŵĞŶƚWůĂŶĨŝŶĚŝŶŐƐƉƌŽǀŝĚĞĚŝŶ ƐƵďĚŝǀŝƐŝŽŶϮĂŶĚĂůůŽĨƚŚĞ&ŝŶĂůĞǀĞůŽƉŵĞŶƚWůĂŶĨŝŶĚŝŶŐƐƉƌŽǀŝĚĞĚŝŶƐƵďĚŝǀŝƐŝŽŶϯ͗ ^ƵďĚϮ ͘dŚĞĨŝŶĚŝŶŐƐĨŽƌƚŚĞĂƉƉƌŽǀĂůŽĨĂWƌĞůŝŵŝŶĂƌǇ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚWůĂŶĂƌĞĂƐĨŽůůŽǁƐ͗ ͘^ƵŝƚĂďŝůŝƚǇŽĨƚŚĞWůĂŶ͗dŚĞŽŵŵŝƐƐŝŽŶĂŶĚŽƵŶĐŝůƐŚĂůůĨŝŶĚƚŚĂƚƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚƉůĂŶŝƐ ƐƵŝƚĂďůĞĂƐƚŚĞůŽĐĂƚŝŽŶĨŽƌĂŶ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚďĂƐĞĚŽŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞĨŽůůŽǁŝŶŐĨĂĐƚŽƌƐ͗ ;ϰͿdƌĂĨĨŝĐ'ĞŶĞƌĂƚŝŽŶ/ŵƉĂĐƚ͗ ŶƚŝĐŝƉĂƚĞĚƚƌĂĨĨŝĐŐĞŶĞƌĂƚĞĚďǇƚŚĞĚĞǀĞůŽƉŵĞŶƚǁŝůůŶŽƚĐĂƵƐĞƚŚĞ ĐĂƉĂĐŝƚǇŽĨĂĚũĂĐĞŶƚƐƚƌĞĞƚƐƚŽďĞĞǆĐĞĞĚĞĚ͕ĂŶĚĐŽŶĐĞƉƚƵĂůŝŵƉƌŽǀĞŵĞŶƚƐŽƌƚŚĞŶĞĞĚĨŽƌ ŝŵƉƌŽǀĞŵĞŶƚƐƚŽƌĞĚƵĐĞƚŚĞŝŵƉĂĐƚŽĨĂĐĐĞƐƐƉŽŝŶƚƐŽŶƚŚĞƚƌĂĨĨŝĐĨůŽǁŽĨĂĚũĂĐĞŶƚƐƚƌĞĞƚƐŚĂǀĞďĞĞŶ ŝĚĞŶƚŝĨŝĞĚǁŚĞƌĞŶĞĞĚĞĚ͘ Z^WKE^͗ ƚƌĂĨĨŝĐŝŵƉĂĐƚĂŶĂůǇƐŝƐŚĂƐďĞĞŶƉĞƌĨŽƌŵĞĚĨŽƌƚŚĞƐŝƚĞĨŽƌƚŚĞŽƌŝŐŝŶĂůƉůĂŶƚŽ ĞǀĂůƵĂƚĞƚŚĞŝŵƉĂĐƚƐŽĨƚŚĞƚƌĂĨĨŝĐĂŶƚŝĐŝƉĂƚĞĚƚŽďĞŐĞŶĞƌĂƚĞĚďǇƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘tĞŚĂǀĞ ǁŽƌŬĞĚǁŝƚŚZŽĐŚĞƐƚĞƌŝƚǇŽĨWƵďůŝĐtŽƌŬƐƐƚĂĨĨƚŽƉƌŽƉĞƌůǇƐĐŽƉĞƚŚĞƐƚƵĚǇ͘tĞǁŝůůĐŽŶƚŝŶƵĞƚŽ ǁŽƌŬǁŝƚŚƚŚĞŝƚǇƚŽĞŶƐƵƌĞĂŶǇƚƌĂĨĨŝĐŝŵƉĂĐƚƐĂƌĞƉƌŽƉĞƌůǇŵŝƚŝŐĂƚĞĚ͘dŚĞĚĞǀĞůŽƉŵĞŶƚŝƐ ĂŶƚŝĐŝƉĂƚĞĚƚŽŐĞŶĞƌĂƚĞϴϳt^ƚƌŝƉƐĚƵƌŝŶŐƚŚĞĂŵƉĞĂŬŚŽƵƌ͕ĂŶĚϵϴƚƌŝƉƐĚƵƌŝŶŐƚŚĞƉŵƉĞĂŬ ŚŽƵƌ͘ dŚĞĂůƚĞƌŶĂƚŝǀĞƐŝƚĞƉůĂŶŚĂƐƚŚĞƐĂŵĞĂƐƚŚĞŐŽĂůŽĨƚŚĞŽƌŝŐŝŶĂůƐŝƚĞƉůĂŶ͖ƚŽĂƚƚƌĂĐƚĂŶĚƐĞƌǀĞ ƉĞĚĞƐƚƌŝĂŶĂŶĚŵƵůƚŝŵŽĚĂůƵƐĞƌƐƚŽĐĂƉƚƵƌĞƚŚĞĂŶƚŝĐŝƉĂƚĞĚŶĞĞĚƐŽĨŚŽƚĞůŐƵĞƐƚƐ͕ĂŶĚĨƵƌƚŚĞƌ ƌĞĚƵĐŝŶŐǀĞŚŝĐƵůĂƌĚĞŵĂŶĚ͘dŚĞĞůŝŵŝŶĂƚŝŽŶŽĨƚŚĞĚƌŝǀĞǁĂǇŽŶŝǀŝĐĞŶƚĞƌƌŝǀĞĂŶĚƚŚĞ ƌĞŵŽǀĂůŽĨƚŚĞŝŶƚĞƌŶĂůĚƌŝǀĞǁĂǇĂůůŽǁƐĨŽƌƚŚĞĞůŝŵŝŶĂƚŝŽŶŽĨĂŶǇĐŽŶĨůŝĐƚǁŝƚŚƉĞĚĞƐƚƌŝĂŶƐ ǁĂůŬŝŶŐĂůŽŶŐŝǀŝĐĞŶƚĞƌƌŝǀĞĂŶĚƌĞĚƵĐĞƐƐŝŐŶŝĨŝĐĂŶƚůǇƚŚŽƐĞƐĂŵĞĐŽŶĨůŝĐƚƐŽŶ&ŝƌƐƚǀĞŶƵĞ Et͘ ;ϳͿ/ŶƚĞƌŶĂů^ŝƚĞĞƐŝŐŶ͗ &ŽƌĚĞǀĞůŽƉŵĞŶƚƐŝŶǀŽůǀŝŶŐŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶ͕ƚŚĞƉƌĞůŝŵŝŶĂƌǇƐŝƚĞůĂǇŽƵƚ ŝŶĚŝĐĂƚĞƐĂĚĞƋƵĂƚĞďƵŝůĚŝŶŐƐĞƉĂƌĂƚŝŽŶĂŶĚĚĞƐŝƌĂďůĞŽƌŝĞŶƚĂƚŝŽŶŽĨƚŚĞďƵŝůĚŝŶŐƐƚŽŽƉĞŶƐƉĂĐĞƐ͕ƐƚƌĞĞƚ ĨƌŽŶƚĂŐĞƐŽƌŽƚŚĞƌĨŽĐĂůƉŽŝŶƚƐ͘ Z^WKE^͗ dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝŶĐůƵĚĞƐĂƐŝŶŐůĞďƵŝůĚŝŶŐǁŝƚŚĂŚŽƚĞůĂďŽǀĞƚŚĞƉĂƌŬŝŶŐ ŐĂƌĂŐĞ͘dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚĂůƐŽƉƌŽƉŽƐĞƐĂŶŽƉĞŶƐƉĂĐĞĞůĞŵĞŶƚƚŽďĞŝŶĐŽƌƉŽƌĂƚĞĚ ŝŶƚŽƚŚĞĚĞƐŝŐŶǁŚŝĐŚŝŶĐůƵĚĞƐĂŐĂƌĚĞŶŽǀĞƌĂƉŽƌƚŝŽŶŽĨƚŚĞƉĂƌŬŝŶŐŐĂƌĂŐĞƚŚĂƚĐĂŶďĞƵƐĞĚďǇ ŐƵĞƐƚƐ͘ůŽŶŐŝǀŝĐĞŶƚĞƌƌŝǀĞEt͕ƚŚĞƉƌŽũĞĐƚƉƌŽƉŽƐĞƐƚŽƵƉŐƌĂĚĞƚŚĞĞǆŝƐƚŝŶŐŐƌĂƐƐŽƉĞŶ ƐƉĂĐĞƚŽƉƌŽǀŝĚĞƉƵďůŝĐƐĞĂƚŝŶŐĂŶĚĞŶŚĂŶĐĞŵĞŶƚƐƚŽĂĐƚŝǀĂƚĞƚŚĞƉĞĚĞƐƚƌŝĂŶŐƌŽƵŶĚͲůĞǀĞů ĞǆƉĞƌŝĞŶĐĞ͘ dŚĞĂĚŽƉƚŝŽŶŽĨƚŚĞĂůƚĞƌŶĂƚŝǀĞƐŝƚĞƉůĂŶǁŽƵůĚĞŶŚĂŶĐĞƚŚĞƐƚƌĞĞƚƐĐĂƉĞĂůŽŶŐŝǀŝĐĞŶƚĞƌƌŝǀĞ ĂŶĚĐƌĞĂƚĞĂŶĞǆƉĂŶƐŝǀĞƉĂƚŝŽƐƉĂĐĞĚĞƐŝŐŶĞĚƚŽƉƌŽǀŝĚĞĂďƵŶĚĂŶƚŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌƐĞĂƚŝŶŐĂŶĚ ŽƵƚĚŽŽƌŐĂƚŚĞƌŝŶŐŝŶǁĂƌŵĞƌǁĞĂƚŚĞƌ͘dŚĞĂƌĞĂ͕ǁŚŝĐŚǁŽƵůĚŽƚŚĞƌǁŝƐĞďĞĂŶŝŶƚĞƌŶĂů ĐŝƌĐƵůĂƚŝŽŶƌŽĂĚǁŽƵůĚďĞĐŽŵĞĂďƵŶĚĂŶƚůĂŶĚƐĐĂƉĞĂŶĚƐŽĨƚƐĐĂƉĞĂƌĞĂƐǁŝƚŚƚĂďůĞƐĂŶĚƐĞĂƚŝŶŐ ƉůĂĐĞĚĂůŽŶŐƚŚĞƐƚƌĞĞƚƐƐĞƌǀŝŶŐƚŚĞŚŽƚĞůĐŽŵŵŽŶĂƌĞĂƐĂŶĚĂĐĐŽŵŵŽĚĂƚĞŽƵƚĚŽŽƌĚŝŶŝŶŐĨŽƌ ƚŚĞƌĞƐƚĂƵƌĂŶƚĂŶĚďĂƌ͘ ^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϳϯͮWĂŐĞ 3DFNHW3J *G ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕ůƚĞƌŶĂƚĞWƌĞůŝŵ͘/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ<EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ;ϭϬͿEŽŶͲsĞŚŝĐƵůĂƌĂŶĚůƚĞƌŶĂƚĞDŽĚĞƐŽĨdƌĂǀĞů͗ dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝŶĐŽƌƉŽƌĂƚĞƐ ƉĞĚĞƐƚƌŝĂŶŽƌŝĞŶƚĞĚͲƐƉĂĐĞ͕ƉƌŽǀŝĚĞƐĚŝƌĞĐƚĂŶĚĐŽŶǀĞŶŝĞŶƚƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐƚŽƚŚĞďƵŝůĚŝŶŐĞŶƚƌĂŶĐĞ;ƐͿ ĨƌŽŵƉƵďůŝĐƚƌĂŝůƐ͕ƉƵďůŝĐƐŝĚĞǁĂůŬƐ͕ĂŶĚŽŶŽƌŽĨĨͲƐŝƚĞƉĂƌŬŝŶŐĂƌĞĂƐ͕ŝŶĐŽƌƉŽƌĂƚĞƐĂƉƉƌŽƉƌŝĂƚĞĚ ƉĞĚĞƐƚƌŝĂŶƐĂĨĞƚǇĨĞĂƚƵƌĞƐ͕ƉƌŽǀŝĚĞƐĐŽŶǀĞŶŝĞŶƚƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐĨŽƌƚƌĂŶƐŝƚƉĂƚƌŽŶƐ͕Žƌ͕ŝĨĂƉƉƌŽƉƌŝĂƚĞ͕ ĂĐĐĞƐƐĨŽƌƚƌĂŶƐŝƚǀĞŚŝĐůĞƐ͕ĂŶĚƉƌŽǀŝĚĞƐĂĚĞƋƵĂƚĞďŝĐǇĐůĞĂĐĐĞƐƐ͘ŽŶƐŝĚĞƌĂƚŝŽŶƐŚĂůůĂůƐŽďĞŐŝǀĞŶ͕ƚŽ ƉƌŽǀŝĚŝŶŐĚĞƐŝŐŶĂƚĞĚŵŽƚŽƌŝǌĞĚƐĐŽŽƚĞƌƉĂƌŬŝŶŐŝĨĂƉƉƌŽƉƌŝĂƚĞƚŽƚŚĞĐŽŶƚĞǆƚŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ;ƚŚĞ ƵƐĞ͕ůŽĐĂƚŝŽŶ͕ƚǇƉĞŽĨŝŶĚŝǀŝĚƵĂůƐƐĞƌǀĞĚͿ͘ Z^WKE^͗ dŚĞĂůƚĞƌŶĂƚŝǀĞƐŝƚĞƉůĂŶĨƵƌƚŚĞƌŝŶƚĞŐƌĂƚĞƐƚŚĞĐƵƌƌĞŶƚŝƚǇŽĨZŽĐŚĞƐƚĞƌ͛Ɛ ƐƚƌĞĞƚƐĐĂƉŝŶŐŐƵŝĚĞůŝŶĞƐĂŶĚŝƐůŽŽŬŝŶŐĂŚĞĂĚƚŽĚĞǀĞůŽƉŝǀŝĐĞŶƚĞƌƌŝǀĞĂƐĂŵƵůƚŝŵŽĚĂů ƚƌĂŶƐŝƚĐŽƌƌŝĚŽƌ͘dŚĞŐŽĂůŽĨƚŚĞƐŝƚĞĚĞƐŝŐŶŝƐƚŽĐŽŶǀĞǇĂŶĞŶĞƌŐĞƚŝĐƉĞĚĞƐƚƌŝĂŶĨƌŝĞŶĚůǇ ĞŶǀŝƌŽŶŵĞŶƚĂůŽŶŐĂŚĞĂǀŝůǇƵƚŝůŝǌĞĚǀĞŚŝĐůĞƌŽƵƚĞ͘dŚĞĂůƚĞƌŶĂƚŝǀĞƐŝƚĞƉůĂŶĂůƐŽĞůŝŵŝŶĂƚĞƐĂ ƉŽƚĞŶƚŝĂůĐŽŶĨůŝĐƚďĞƚǁĞĞŶƉĞĚĞƐƚƌŝĂŶƐĂŶĚǀĞŚŝĐůĞƐŽŶŝǀŝĐĞŶƚĞƌƌŝǀĞ͕ŵĂǆŝŵŝǌŝŶŐƉĞĚĞƐƚƌŝĂŶ ĐŽŵĨŽƌƚŝŶƚŚŝƐĂƌĞĂ͘dŚĞĚĞǀĞůŽƉŝŶŐŝŶƚĞŐƌĂƚĞĚƚƌĂŶƐƉŽƌƚĂƚŝŽŶŶĞƚǁŽƌŬĂůŽŶŐŝǀŝĐĞŶƚĞƌƌŝǀĞ ƉƌŽǀŝĚĞƐĐŽŶǀĞŶŝĞŶƚĂĐĐĞƐƐƚŽĞƐƚĂďůŝƐŚĞĚďƵƐƐƚŽƉƐĂŶĚŽƚŚĞƌƉĂǇƉĞƌƵƐĞƚƌĂŶƐŝƚƐƵĐŚĂƐhďĞƌ͕ >ǇĨƚĂŶĚƚĂǆŝ͛Ɛ͘ŝŬĞƌĂĐŬƐǁŝůůďĞƉƌŽǀŝĚĞĚŝŶƚŚĞƐƚƌĞĞƚƐĐĂƉĞƚŽƉƌŽŵŽƚĞďŝĐǇĐůĞƵƐĞďǇŐƵĞƐƚƐ ĂŶĚĐŽŵŵƵŶŝƚǇƌĞƐŝĚĞŶƚƐ͘ ϲϮ͘ϲϱϴůůĞǀĞůŽƉŵĞŶƚ͗ dŚĞĐƌŝƚĞƌŝĂŝŶƚŚŝƐƉĂƌĂŐƌĂƉŚŵĂǇďĞĐŽŶƐŝĚĞƌĞĚĨŽƌŐƌĂŶƚŝŶŐďŽŶƵƐĚĞŶƐŝƚǇŝŶ ĂůůĚĞǀĞůŽƉŵĞŶƚƐ͗ ϰͿ^ƚƌĞĞƚŝŵƉƌŽǀĞŵĞŶƚƐŶŽƌŵĂůůǇƉƌŽǀŝĚĞĚďǇƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĂƌĞĐŽŶƐƚƌƵĐƚĞĚ͕ĚĞĚŝĐĂƚĞĚŽƌƉĂŝĚ ĨŽƌďǇƚŚĞĚĞǀĞůŽƉĞƌ͘ǆĂŵƉůĞƐŝŶĐůƵĚĞƚŚĞƉƌŽǀŝƐŝŽŶŽĨƌŝŐŚƚͲŽĨͲǁĂǇĨŽƌĂƌƚĞƌŝĂůƐƚƌĞĞƚƐďĞǇŽŶĚƚŚĂƚ ŶŽƌŵĂůůǇƌĞƋƵŝƌĞĚƚŽďĞĚĞĚŝĐĂƚĞĚ͕ŽƌƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽƌƉĂǇŵĞŶƚĨŽƌƚƵƌŶůĂŶĞƐ͕ƐŝŐŶĂůůŝŐŚƚƐ͕ŝŶĐƌĞĂƐĞĚ ƉĂǀĞŵĞŶƚĚĞƉƚŚƐ͕ĞƚĐ͘ Z^WKE^͗ dŚĞĂƉƉůŝĐĂŶƚŝŶƚĞŶĚƐƚŽƉƌŽǀŝĚĞƉƵďůŝĐŝŵƉƌŽǀĞŵĞŶƚƐĂƐĨŽůůŽǁƐ͗ Ă͘^ŝŐŶĂůĞƋƵŝƉŵĞŶƚŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽƚŚĞŶŽƌƚŚĂŶĚƐŽƵƚŚĂƉƉƌŽĂĐŚĞƐƚŽƚŚĞϭƐƚǀĞŶƵĞͬ [[485,1857,498,1910][11][,I,][Arial]] ŝǀŝĐĞŶƚĞƌƌŝǀĞŝŶƚĞƌƐĞĐƚŝŽŶ͘ ď͘ƐĂƌĞƐƵůƚŽĨƚŚĞĂůƚĞƌŶĂƚŝǀĞƐŝƚĞƉůĂŶ͕ĂĚĚŝƚŝŽŶĂůůĂŶĚƐĐĂƉĞĂŶĚƐƚƌĞĞƚƐĐĂƉĞ [[485,1977,498,2030][11][,I,][Arial]] ŝŵƉƌŽǀĞŵĞŶƚƐǁŝůůďĞŵĂĚĞĂůŽŶŐŝǀŝĐĞŶƚĞƌƌŝǀĞ͘ ůƚŚŽƵŐŚƚŚĞƐĞƉƵďůŝĐŝŵƉƌŽǀĞŵĞŶƚƐǁŝůůďĞŶĞĨŝƚƚŚĞƉƌŽũĞĐƚ͕ƚŚĞǇǁŝůůĂůƐŽƉƌŽǀŝĚĞĂƉƵďůŝĐ ďĞŶĞĨŝƚǁŚŝĐŚŝƐƵŶƌĞůĂƚĞĚƚŽƚŚĞƉƌŽũĞĐƚ͘ ϳͿĂĐŚĨŽƵƌ;ϰͿƉĞƌĐĞŶƚŝŶĐƌĞĂƐĞŝŶƚŚĞůĂŶĚƐĐĂƉĞĂƌĞĂƌĂƚŝŽĂďŽǀĞƚŚĞŵŝŶŝŵƵŵƌĞƋƵŝƌĞĚƐŚĂůůďĞ ĐŽŶƐŝĚĞƌĞĚĂƐŵĞĞƚŝŶŐƚŚĞĐƌŝƚĞƌŝĂĨŽƌďŽŶƵƐĚĞŶƐŝƚǇͬĨůŽŽƌĂƌĞĂŽƌĂŶŝŶĐƌĞĂƐĞŝŶƉůĂŶƚŵĂƚĞƌŝĂůƐƐŽĂƐƚŽ ĞǆĐĞĞĚŵŝŶŝŵƵŵƌĞƋƵŝƌĞŵĞŶƚƐ͘ Z^WKE^͗dŽďĞŝŶĐůƵĚĞĚďĂƐĞĚƵƉŽŶĐŚĂŶŐĞŝŶŝŵƉĞƌǀŝŽƵƐĂƌĞĂƐ dŚĞĞǆŝƐƚŝŶŐůĂŶĚƐĐĂƉĞĂƌĞĂ ŝƐĐƵƌƌĞŶƚůǇϴйŽĨƚŚĞƚŽƚĂůƐŝƚĞĂƌĞĂ͘dŚĞƌĞǁŝůůďĞĂŶĂĚĚŝƚŝŽŶŽĨϲйŵŽƌĞŐƌĞĞŶƐƉĂĐĞƚŽƚŚĞ ƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚƚŽƚĂůŝŶŐϭϰйůĂŶĚƐĐĂƉĞĂƚŐƌĂĚĞ͘ĚĚŝƚŝŽŶĂůůĂŶĚƐĐĂƉĞŝŶĐŽƌƉŽƌĂƚĞĚŝŶ ƚŚĞϰ ƚŚĨůŽŽƌƚĞƌƌĂĐĞůĞǀĞůŝŶĐƌĞĂƐĞƐƚŚĞŽǀĞƌĂůůůĂŶĚƐĐĂƉĞĂƌĞĂŽĨƚŚĞƉƌŽũĞĐƚƚŽϭϵй͘dŚĞͲ&Z ĚŝƐƚƌŝĐƚĚŽĞƐŶŽƚŚĂǀĞĂŶƵƉƉĞƌůŝŵŝƚĨŽƌ&ůŽŽƌƌĞĂ͘,ŽǁĞǀĞƌ͕ƚŚĞĂĚĚŝƚŝŽŶŽĨůĂŶĚƐĐĂƉĞĚƐƵƌĨĂĐĞ ĂƌĞĂŝƐĂŶŝŵƉŽƌƚĂŶƚĂĞƐƚŚĞƚŝĐǀŝƐƵĂůĐŽŵƉŽŶĞŶƚŽĨƚŚĞŽǀĞƌĂůůƐŝƚĞĚĞƐŝŐŶ͘ ^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϳϰͮWĂŐĞ 3DFNHW3J *G ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕ůƚĞƌŶĂƚĞWƌĞůŝŵ͘/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ<EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ZŽĐŚĞƐƚĞƌĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌŝƐƚƌŝĐƚĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐ /ŵƉůĞŵĞŶƚĂƚŝŽŶ͗hƐĞŽĨƚŚĞĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐ 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ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗KĐƚŽďĞƌϭϭ͕ϮϬϭϳ ŽŶĚŝƚŝŽŶĂůhƐĞηZϮϬϭϳ Ͳ ϬϮϴhWďǇZ Ͳ^ƋƵĂƌĞĚŶƚĞƌƉƌŝƐĞƐ͕>>͕ƚŽƉĞƌŵŝƚĂΗƚƌĂĚĞƐŚŽƉΗƵƐĞŝŶƚŚĞͲ ϭ ZĞƐƚƌŝĐƚĞĚŽŵŵĞƌĐŝĂůŝƐƚƌŝĐƚ͘dŚĞƐŝƚĞŝƐůŽĐĂƚĞĚĂƚϮϮϱϴĂŶĚϮϮϲϬDĂƌŝŽŶZŽĂĚ^͕ŽŶƚŚĞŶŽƌƚŚƐŝĚĞ ŽĨDĂƌŝŽŶZŽĂĚ^͕ǁĞƐƚŽĨĞĚĂƌWĂƌŬ&ŝƌƐƚ^ƵďĚŝǀŝƐŝŽŶ͕ĂŶĚĂƉƉƌŽǆŝŵĂƚĞůǇĂƋƵĂƌƚĞƌŵŝůĞƚŽƚŚĞ ƐŽƵƚŚĞĂƐƚŽĨƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶŽĨDĂƌŝŽŶZŽĂĚĂŶĚϯϬƚŚǀĞŶƵĞ^͘ Dƌ͘ƵƌƐƚŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĐŽŶƚŝŶƵĂŶĐĞƚŽƚŚĞKĐƚŽďĞƌϮϱ͕ϮϬϭϳWŵĞĞƚŝŶŐŽĨŽŶĚŝƚŝŽŶĂů hƐĞηZϮϬϭϳ Ͳ ϬϮϴhWďǇZ Ͳ^ƋƵĂƌĞĚŶƚĞƌƉƌŝƐĞƐ͕>>͘Dƌ͘tĂůƚĞƌƐƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶ ĐĂƌƌŝĞĚϳ Ͳ Ϭ͘ WƵďůŝĐ,ĞĂƌŝŶŐƐ͗ ŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚͲ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚWƌĞůŝŵŝŶĂƌǇWůĂŶηϮϬϭϳ Ͳ ϬϮϵhWďǇ<EĞǀĞůŽƉŵĞŶƚ 'ƌŽƵƉĨŽƌĂϵ Ͳ ƐƚŽƌǇƚƌĂŶƐŝĞŶƚĂĐĐŽŵŵŽĚĂƚŝŽŶƐƵƐĞ;ŚŽƚĞůͿ͘dŚĞƐŝƚĞŝƐďŽƵŶĚďǇŝǀŝĐĞŶƚĞƌƌŝǀĞEt ƚŽƚŚĞŶŽƌƚŚ͕ϭƐƚǀĞŶƵĞEtƚŽƚŚĞĞĂƐƚ͕ĂƌĂŝůƌŽĂĚƌŝŐŚƚ Ͳ ŽĨ Ͳ ǁĂǇƚŽƚŚĞƐŽƵƚŚ͕ĂŶĚϮŶĚǀĞŶƵĞEtƚŽ ƚŚĞǁĞƐƚ͘ Dƌ͘:ŽŚŶƐŽŶƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚKĐƚŽďĞƌϭϭ͕ϮϬϭϳ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐ ŽŶĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ Dƌ͘tĂůƚĞƌƐĂƐŬĞĚĂďŽƵƚƚŚĞŽƉƚŝŽŶŽĨƌĞǌŽŶŝŶŐĞǀĞƌďĞŝŶŐĚŝƐĐƵƐƐĞĚǁŝƚŚĂƉƉůŝĐĂŶƚ͘ WůĂŶŶŝŶŐƐƚĂĨĨƌĞƐƉŽŶĚĞĚ͘ Dƌ͘tĂůƚĞƌƐĂƐŬĞĚĂďŽƵƚĂŶǇĂĚĚŝƚŝŽŶĂůWƵďůŝĐtŽƌŬƐĐŽŵŵĞŶƚƐŽŶŶŽƚĂůůŽǁŝŶŐƚŚĞĚƌŽƉŽĨĨĨƌŽŵŝǀŝĐ ĞŶƚĞƌƌŝǀĞ͘ WůĂŶŶŝŶŐ^ƚĂĨĨƌĞƐƉŽŶĚĞĚƚŚĞǇŚĂǀĞŶŽƚƌĞĐĞŝǀĞĚĂŶǇŽƚŚĞƌĐŽŵŵĞŶƚƐ͘ DƐ͘DĞĞŬŶŽƚĞĚŚĞƌĐŽŶǀĞƌƐĂƚŝŽŶǁŝƚŚDƌ͘&ƌĞĞƐĞ͘^ŚĞƐƚĂƚĞĚŝŶŚĞƌĐŽŶǀĞƌƐĂƚŝŽŶǁŝƚŚDƌ͘&ƌĞĞƐĞ͕ŚĞ ĐŽƵůĚŶŽƚĐŽŵŵŝƚƚŽĂĚƌŽƉŽĨĨĨƌŽŵŝǀŝĐĞŶƚĞƌƌŝǀĞǁŝƚŚƚŚĞĨƵƚƵƌĞƉŽƐƐŝďŝůŝƚǇŽĨĂƚƌĂŶƐŝƚĐŽƌƌŝĚŽƌ ďĞŝŶŐůŽĐĂƚĞĚŝŶƚŚĞŝǀŝĐĞŶƚĞƌƌŝǀĞĂƌĞĂ͘ DƐ͘DĞĞŬŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘ďďŝĞEĂŬŚũĂǀĂŶŝ͕<EĞǀĞůŽƉŵĞŶƚ͕ϮϮϬEĞǁƉŽƌƚĞŶƚĞƌƌŝǀĞ͕EĞǁƉŽƌƚĞĂĐŚ͕ĂůŝĨŽƌŶŝĂ͕ ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞĞǆƉůĂŝŶĞĚƚŚĞƌĞĂƐŽŶŝŶŐďĞŚŝŶĚƚŚĞŚŽƚĞůĚĞǀĞůŽƉŵĞŶƚďĞŝŶŐďƌŽƵŐŚƚ ĨŽƌǁĂƌĚ͖ĞǆĐŝƚĞĚƚŽďĞĚĞǀĞůŽƉŝŶŐŝŶƚŚĞŝƚǇƚŚĂƚǁŝůůďĞŐƌŽǁŝŶŐŝŶƚŚĞĨƵƚƵƌĞ͖ĂŶĚƐĞůĞĐƚĞĚĂŶ ĂƌĐŚŝƚĞĐƚƵƌĞƚŚĂƚĐĞůĞďƌĂƚĞƐƚŚĞŝƚǇĂŶĚŝǀŝĐĞŶƚĞƌƌŝǀĞĂƐĂ͞'ĂƚĞǁĂǇƚŽƚŚĞŝƚǇ͘͟ Dƌ͘ŶŐĞůŶŽƚĞĚ^ŽƵƚŚƌŽĂĚǁĂǇŝƐĂƐĞĐŽŶĚĂƌǇƵƌďĂŶĂĞƌŝĂůĂŶĚŝǀŝĐĞŶƚĞƌƌŝǀĞŝƐĂƉƌŝŵĂƌǇƵƌďĂŶ ĐŽůůĞĐƚŽƌ͖ďŽƚŚĂƌĞŚŝŐŚĞƌŽƌĚĞƌƐƚƌĞĞƚƐ͖ĂŶĚƚŚĞƌĞŝƐƉĂƌŬŝŶŐĂŶĚƉƵůůŽƵƚŽŶƌŽĂĚǁĂǇ͖ƚŚŝƐŝƐŶŽƚĂ ĨĞĂƚƵƌĞŽĨŝǀŝĐĞŶƚĞƌƌŝǀĞ͘ Dƌ͘dŽŵ^ƉƌŝŶŬůĞ͕,<^ƌĐŚŝƚĞĐƚ͕ϱϯϵƌǇĂŶƚ^ƚƌĞĞƚ͕^ĂŶ&ƌĂŶĐŝƐĐŽ͕ĂůŝĨŽƌŶŝĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞƉƌĞƐĞŶƚĞĚĂƌĞǀŝĞǁŽĨƚŚĞŝŶƚĞƌŝŽƌĂŶĚĞǆƚĞƌŝŽƌĚĞƚĂŝůƐŽĨƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚ͖ƐƉŽŬĞ ŽŶƚŚĞĂŵĞŶŝƚŝĞƐŽĨƚŚĞŚŽƚĞůĚĞǀĞůŽƉŵĞŶƚ͖ĞǆƉůĂŝŶĞĚŚŽƚĞůĂĐĐĞƐƐĨŽƌŐƵĞƐƚƐƚŽƌŽŽŵĂŶĚĂŵĞŶŝƚŝĞƐ͖ ĂŶĚƉĂƌŬŝŶŐ͘ DƐ͘DĞĞŬĂƐŬĞĚĂďŽƵƚďĂůĐŽŶŝĞƐ͘ _3DJH 3DFNHW3J *M ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗KĐƚŽďĞƌϭϭ͕ϮϬϭϳ Dƌ͘^ƉƌŝŶŬůĞƌĞƐƉŽŶĚĞĚǁŝƚŚĚĞƚĂŝůƐŽĨďĂůĐŽŶŝĞƐŽŶƚŚĞĚŝĨĨĞƌĞŶƚůĞǀĞůƐ͘,ĞĞǆƉůĂŝŶĞĚƚŚĞůĂǇŽƵƚŽĨƚŚĞ ŐƵĞƐƚƌŽŽŵƐĂŶĚǀŝĞǁƐ͖ĂŶĚŽƉƉŽƌƚƵŶŝƚǇĨŽƌǁĂůůĂƌƚĂůŽŶŐƚŚĞƐŽƵƚŚƐŝĚĞŽĨƚŚĞďƵŝůĚŝŶŐ͘,ĞĚĞƐĐƌŝďĞĚ ƚŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞďĂƐĞƉůĂŶĂŶĚƚŚĞĂůƚĞƌŶĂƚĞƉůĂŶ͘ Dƌ͘ďďŝĞEĂŬŚũĂǀĂŶŝ͕<EĞǀĞůŽƉŵĞŶƚ͕ϮϮϬEĞǁƉŽƌƚĞŶƚĞƌ͕ƌŝǀĞ͕EĞǁƉŽƌƚĞĂĐŚĂůŝĨŽƌŶŝĂ͕ ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞĂŶƐǁĞƌĞĚƋƵĞƐƚŝŽŶƐŽŶƚŚĞŽƉĞŶĂƌĞĂĂďŽǀĞƚŚĞŐĂƌĂŐĞ͖ĂŶĚƚŚĞĂƌĞĂŽĨ ĨŽĐƵƐŶĞĂƌƚŚĞƉŽŽůĂƌĞĂĂŶĚƚŚĞŽƵƚƐŝĚĞƉĂƚŝŽĂƌĞĂ͖ƐƚĂƚŝŶŐƚŚĞǇǁĂŶƚƚŽĐƌĞĂƚĞĂŶĞǆƉĞƌŝĞŶĐĞĨŽƌŐƵĞƐƚƐ ƐŽƚŚĞǇǁĂŶƚƚŽƌĞƚƵƌŶ͘ ŶĚ Dƌ͘ĂƌƌǇ^ŬŽůŶŝĐŬ͕ůŽĐĂƚŝŽŶϮϭϭϮ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌDE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞĞǆƉƌĞƐƐĞĚ ĐŽŶĐĞƌŶǁŝƚŚĂĚĚŝŶŐĂŶŽƚŚĞƌŚŽƚĞů͖ƚŚĞůĂĐŬŽĨĐŽŵŵƵŶŝƚǇĂŵĞŶŝƚŝĞƐŽĨĨĞƌĞĚ͖ĂŶĚůĂĐŬŽĨĂŐŽŽĚ ƉĞĚĞƐƚƌŝĂŶĞǆƉĞƌŝĞŶĐĞ͘ Ɛƚ Dƌ͘WĂƵů^ŝŵƐ͕ůŽĐĂƚĞĚϱϭϱϭǀĞŶƵĞ^t͕ZŽĐŚĞƐƚĞƌ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞƐƚĂƚĞĚ ƌĞƉƌĞƐĞŶƚŝŶŐƚŚĞŽǁŶƚŽǁŶEĞŝŐŚďŽƌŚŽŽĚƐƐŽĐŝĂƚŝŽŶĂŶĚƚŚĞŝƌƐƵƉƉŽƌƚĨŽƌƚŚĞĂůƚĞƌŶĂƚĞƉůĂŶĂƐ ƐƵďŵŝƚƚĞĚĨŽƌƚŚĞƌĞĂƐŽŶŽĨƚŚĞĂĐĐĞƐƐĨŽƌƉĂƌŬŝŶŐĂŶĚĚƌŽƉŽĨĨĂůŽŶŐŝǀŝĐĞŶƚĞƌƌŝǀĞ͖ĂŶĚ Ɛƚ ĂĐŬŶŽǁůĞĚŐĞĐŽŶĐĞƌŶĨŽƌĂĐƚŝǀĞƐƉĂĐĞĂůŽŶŐϭǀĞŶƵĞ͖ĂŶĚƚŚĞĂĚĚŝƚŝŽŶŽĨƚŚĞƌĞƐƚĂƵƌĂŶƚŽŶƚŚĞĨĂĕĂĚĞ ƐŚŽƵůĚďĞĚŽŶĞŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚDĚĞƐŝŐŶŐƵŝĚĞůŝŶĞƐ͖ĂŶĚƚŚĞƉƵďůŝĐĂƌƚďĞŝŶŐĂĚĚĞĚŽŶƚŚĞƐŽƵƚŚ ĨĂĕĂĚĞ͘ ŶĚ Dƌ͘ĂƌƌǇ^ŬŽůŶŝĐŬ͕ůŽĐĂƚŝŽŶϮϭϭϮ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ ŵĞŶƚŝŽŶĞĚŚĞŝƐŽŶƚŚĞŽǁŶƚŽǁŶEĞŝŐŚďŽƌŚŽŽĚƐƐŽĐŝĂƚŝŽŶĂŶĚǁĂƐŶŽƚĂǁĂƌĞŽĨƚŚĞƐĞĐŽŶĚŵĞĞƚŝŶŐ ǁŚŝĐŚǁĂƐŚĞůĚ͖ĂŶĚŚĞĨĞůƚŝƚǁĂƐŶŽƚŶĞĐĞƐƐĂƌŝůǇĂƵŶĂŶŝŵŽƵƐƐƵƉƉŽƌƚŽĨƚŚĞƉƌŽũĞĐƚďǇƚŚĞŽǁŶƚŽǁŶ EĞŝŐŚďŽƌŚŽŽĚƐƐŽĐŝĂƚŝŽŶ͘ Dƌ͘:ŽŚŶ<ƌƵĞƐĞů͕ϮϮϯ ƌĚ^ƚƌĞĞƚ^t͕ZŽĐŚĞƐƚĞƌ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞƐƉŽŬĞŝŶƌĞŐĂƌĚƐƚŽ ƚŚĞŐƌĞĞŶƚŚŝŶŬŝŶŐĚĞƐŝŐŶŝŶĐĞŶƚŝǀĞƐŽĨƚŚĞƉƌŽũĞĐƚďĞĞŶĂĚĚƌĞƐƐĞĚ͖ĂŶĚŝĨĂŶǇƐŚĂĚŽǁƐƚƵĚŝĞƐŚĂǀĞďĞĞŶ ĐŽŵƉůĞƚĞĚ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌŶŽƚĞĚƚŚĞƐŚĂĚŽǁƐƚƵĚǇǁŽƵůĚŶĞĞĚƚŽďĞĐŽŵƉůĞƚĞĚĂƚƚŚĞĨŝŶĂůƐƚĂŐĞ͖ĂŶĚƚŚŝƐ ƉƌŽũĞĐƚŝƐŽƵƚƐŝĚĞƚŚĞƚĂůůďƵŝůĚŝŶŐǌŽŶĞ͘ Dƌ͘tĂůƚĞƌƐĂƐŬĞĚWůĂŶŶŝŶŐ^ƚĂĨĨĨŽƌƚŚĞŝŶĐĞŶƚŝǀĞƐďĞŝŶŐŽĨĨĞƌĞĚĨŽƌƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘ Dƌ͘:ŽŚŶƐŽŶƌĞĨĞƌƌĞĚƚŽĂƐůŝĚĞŶŽƚĞĚƚŚĞŝŶĐĞŶƚŝǀĞƐĨŽƌƚŚĞƉƌŽũĞĐƚĂƐĚĞƚĂŝůĞĚŝŶƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͘ Dƌ͘ŶŐĞůĐŽŵŵĞŶƚĞĚŽŶƚŚĞŝŶĐĞŶƚŝǀĞƐĨŽƌƚŚĞƉƌŽũĞĐƚĂŶĚĨůŽŽƌĂƌĞĂƌĂƚŝŽŶŽĨƚŚĞďƵŝůĚŝŶŐ͖ŝŶƚŚĞD Ͳ ϭ ƚŚĞƌĞŝƐŶŽŚĞŝŐŚƚůŝŵŝƚƐŽŶŽŝŶĐĞŶƚŝǀĞŝƐŽĨĨĞƌĞĚ͖ƚŚĞŚĞŝŐŚƚŽĨƚŚĞďƵŝůĚŝŶŐŝƐďǇŽƌĚŝŶĂŶĐĞ͖ĂŶĚ ĞǆƉůĂŝŶĞĚƚŚĞ&ZĂǀĂŝůĂďŝůŝƚǇďǇKƌĚŝŶĂŶĐĞ͘ DƐ͘>ĞƐůŝĞZŝǀĂƐ Ͳ DĐ'ŝůůŝǀƌĂǇ͕t^ΘƐƐŽĐŝĂƚĞƐ͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌDE͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘^ŚĞŚĂŶĚĞĚŽƵƚĂůŝƐƚŽĨƌĞƐƉŽŶƐĞƐƚŽƚŚĞƐƚĂĨĨĐŽŶĚŝƚŝŽŶƐǁŝƚŚĐŚĂŶŐĞƐŝŶůĂŶŐƵĂŐĞ;ĐŽƉǇŝƐ ĂǀĂŝůĂďůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚͿ͘ dŚĞŽŵŵŝƐƐŝŽŶǁĂƐĂůůŽǁĞĚƚŝŵĞƚŽƌĞǀŝĞǁƚŚĞŚĂŶĚŽƵƚ͘ _3DJH 3DFNHW3J *M ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗KĐƚŽďĞƌϭϭ͕ϮϬϭϳ Dƌ͘ŶŐĞůĐŽŵŵĞŶƚĞĚŽŶƚŚĞĐĂŶŽƉǇĞǆƚĞŶĚŝŶŐŽƵƚŝŶƚŽƚŚĞƌŝŐŚƚŽĨǁĂǇŝŶƚŚĞĂůƚĞƌŶĂƚĞƉůĂŶ͖WƵďůŝĐ tŽƌŬƐŵĂǇŶŽƚŚĂǀĞĞǀĂůƵĂƚĞĚƚŚŝƐĨĞĂƚƵƌĞŽĨƚŚĞĂůƚĞƌŶĂƚĞƉůĂŶ͖ĂŶĚĂƌĞǀŽĐĂďůĞƉĞƌŵŝƚǁŝůůŶĞĞĚƚŽďĞ ƌĞǀŝĞǁĞĚ͘ Dƌ͘ƵƌƐƚĂƐŬĞĚŚŽǁƚŚĞŽŵŵŝƐƐŝŽŶƐŚŽƵůĚĂĚĚƌĞƐƐDƌ͘&ƌĞĞƐĞ͛ƐĐŽŵŵĞŶƚƐŶŽƚĂůůŽǁŝŶŐƚŚĞĚƌŽƉŽĨĨ ŽŶŝǀŝĐĞŶƚĞƌƌŝǀĞ͘ Dƌ͘ŶŐĞůŶŽƚĞĚƚŚĞŽŵŵŝƐƐŝŽŶŝƐŵĂŬŝŶŐĂƌĞĐŽŵŵĞŶĚĂƚŝŽŶƚŽƚŚĞŽƵŶĐŝů͖ƚŚĞǇŚĂǀĞƚŚĞĨŝŶĂůƐĂǇŽŶ ǁŚŝĐŚƉůĂŶŝƐĂƉƉƌŽǀĞĚ͘ Dƌ͘tĂůƚĞƌƐĂƐŬĞĚƚŚĞĚĞǀĞůŽƉŵĞŶƚƚĞĂŵĂƐƚŽǁŚĞƚŚĞƌĂƌĞǌŽŶĞǁĂƐĐŽŶƐŝĚĞƌĞĚ͖ĂŶĚǁŚǇĂƌĞƚŚĞ ƐƵĨĨŝĐŝĞŶƚŝŶĐĞŶƚŝǀĞƐƚŽĂůůŽǁŝƚƚŽŐŽŽǀĞƌƚŚĞ&Z͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞŽŵŵŝƐƐŝŽŶŝŶƌĞŐĂƌĚƐƚŽƚŚĞĂĚũŽŝŶŝŶŐǌŽŶŝŶŐĚŝƐƚƌŝĐƚƐƚŽƚŚĞƐŝƚĞ͘ Dƌ͘ŶŐĞůŶŽƚĞĚWůĂŶŶŝŶŐ^ƚĂĨĨŝƐƌĞǀŝĞǁŝŶŐƚŚĞŚĂŶĚŽƵƚĨŽƌƐƵŐŐĞƐƚĞĚĐŚĂŶŐĞƐƚŽƚŚĞĨŝŶĚŝŶŐƐĂƐƚŚŝƐŝƐ ƚŚĞĨŝƌƐƚƚŚĞǇŚĂǀĞƐĞĞŶŝƚ͘,ĞƉƌŽĐĞĞĚĞĚƚŽĞǆƉůĂŝŶŵŽǀŝŶŐĐŽŶĚŝƚŝŽŶŶŽ͘ϲƚŽĂĨŝŶĂůƐƚĂŐĞĐĂŶĐĂƵƐĞĨŽƌ ĞƌƌŽƌƐƚŽŽĐĐƵƌďǇŶŽƚĂůůŽǁŝŶŐĂĐŚĞĐŬĂŶĚďĂůĂŶĐĞ͘ DƐ͘>ĞƐůŝĞZŝǀĂƐ Ͳ DĐ'ŝůůŝǀƌĂǇ͕t^ΘƐƐŽĐŝĂƚĞƐ͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘^ŚĞĞǆƉůĂŝŶĞĚƚŚĞƉƌŽƉĞƌƚǇůŝŶĞŝƐƐƚŝůůƵŶĚĞƌĚŝƐĐƵƐƐŝŽŶĂŶĚƚŚĞƌĞĂƐŽŶŝŶŐĨŽƌĂƐŬŝŶŐ ďƵŝůĚŝŶŐĂƉƉƌŽǀĂůĂƚƚŚĞĨŝŶĂůƐƚĂŐĞŝƐůŽŐŝĐĂůĨŽƌƚŚĞŶĞĞĚŽĨƚŚĞůĂŶĚƐǁĂƉĂŐƌĞĞŵĞŶƚ͘ Dƌ͘ŶŐĞůŶŽƚĞĚĂŶĂŐƌĞĞŵĞŶƚŵĂǇďĞŶĞĞĚĞĚĂƚƚŚĞĨŝŶĂůƉůĂŶƐƚĂŐĞƐŚŽǁŝŶŐƚŚĞůĂŶĚƐǁĂƉĂŐƌĞĞŵĞŶƚ͘ Dƌ͘ŝůůdŽŝŶƚŽŶ͕t^ΘƐƐŽĐŝĂƚĞƐ͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞĞǆƉůĂŝŶĞĚƚŚĞƉƌŽĐĞƐƐŽĨƌĞĂƐŽŶŝŶŐĨŽƌĂƐŬŝŶŐĨŽƌƚŚĞůĂŶĚƐǁĂƉƚŽĐŽŵƉůĞƚĞĚǁŝƚŚĂĐŽŶĚŝƚŝŽŶĚƵƌŝŶŐ ƚŚĞĨŝŶĂůƉůĂŶƐƚĂŐĞ͘ ZĞƉƌĞƐĞŶƚĂƚŝŽŶĨƌŽŵƚŚĞ,ŽůŝĚĂǇ/ŶŶŽǁŶƚŽǁŶ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞŶŽƚĞĚƐƵƉƉŽƌƚĨŽƌƚŚĞ ƉƌŽũĞĐƚ͘,ĞŶŽƚĞĚŝƚĂƐĂŐƌĞĂƚƉƌŽũĞĐƚĨŽƌƚŚĞĂƌĞĂ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕DƐ͘DĞĞŬĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘,ŝůůŶŽƚĞĚŚĞŝƐŝŶĨĂǀŽƌŽĨƚŚĞŝŶĐĞŶƚŝǀĞŽĨƚŚĞĨůŽŽƌĂƌĞĂƌĂƚŝŽŝŶĐƌĞĂƐĞ͖ƉƌŽũĞĐƚŵĂŬĞƐƐĞŶƐĞŝŶƚŚĞ ĂƌĞĂƉůĂŶŶĞĚ͖ƚŚĞƉĞĚĞƐƚƌŝĂŶĞǆƉĞƌŝĞŶĐĞŝƐŝŶĐŽƌƌĞůĂƚŝŽŶǁŝƚŚƚŚĞDŐƵŝĚĞůŝŶĞƐ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌŶŽƚĞĚƐƵƉƉŽƌƚĨŽƌƚŚĞĂůƚĞƌŶĂƚŝǀĞƉůĂŶǁŝƚŚŵŽƌĞƉĞĚĞƐƚƌŝĂŶĞǆƉĞƌŝĞŶĐĞ͖ĂŶĚƚŚĞ ŐƵĞƐƚĚƌŽƉŽĨĨǁŽƵůĚĐƌĞĂƚĞĂŶŝŶĐƌĞĂƐĞŝŶƐĂĨĞƚǇĨĂĐƚŽƌĨŽƌƉĞĚĞƐƚƌŝĂŶĨƌŽŵǀĞŚŝĐůĞƐ͘ Dƌ͘ƵƌƐƚƐƵƉƉŽƌƚĞĚƚŚĞĂůƚĞƌŶĂƚĞƉůĂŶǁŝƚŚƚŚĞŝĚĞĂŽĨƐůŽǁŝŶŐĚŽǁŶƚƌĂĨĨŝĐŽŶŝǀŝĐĞŶƚĞƌƌŝǀĞ͖ĂŶĚŝƐ ĞŶŐĂŐŝŶŐĨŽƌƉĞĚĞƐƚƌŝĂŶƚƌĂĨĨŝĐ͘ Dƌ͘DŽŚƐŶŽƚĞĚƐƵƉƉŽƌƚĨŽƌƚŚĞĂůƚĞƌŶĂƚĞƉůĂŶǁŚŝĐŚŐŝǀĞƐĂǁĞůĐŽŵŝŶŐĞǆƉĞƌŝĞŶĐĞƚŽƚŚĞŐƵĞƐƚƐĂŶĚ ƉƵďůŝĐƐƉĂĐĞŝƐŝŶǀŝƚŝŶŐƚŽƉĞĚĞƐƚƌŝĂŶƐ͘ Dƌ͘tĂůƚĞƌƐŶŽƚĞĚŚĞĂŐƌĞĞƐǁŝƚŚĨĞůůŽǁĐŽŵŵŝƐƐŝŽŶĞƌƐ͖ĂŶĚĂĚĚƌĞƐƐĞĚƐŽŵĞŽĨƚŚĞĐŽŶĐĞƌŶƐŽǀĞƌƚŚĞ ŝŶĐĞŶƚŝǀĞƐŽĨƚŚĞƉƌŽũĞĐƚƐ͘ _3DJH 3DFNHW3J *M ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗KĐƚŽďĞƌϭϭ͕ϮϬϭϳ Ɛƚ ŝƐĐƵƐƐŝŽŶĂŵŽŶŐƚŚĞŽŵŵŝƐƐŝŽŶŝŶƌĞŐĂƌĚƐƚŽƚŚĞDWĂƌŬŝŶŐ>ŽƚKǀĞƌůĂǇŽŶĞĚĞƐŝŐŶĂƚĞƐϭ ǀĞŶƵĞĂƐĂƉĞĚĞƐƚƌŝĂŶŽƌŝĞŶƚĞĚƐƚƌĞĞƚĂŶĚƐŚŽƵůĚďĞŶŽƚďĞĐƌŽƐƐĞĚďǇŶĞǁĚƌŝǀĞǁĂǇƐƚŽƉĂƌŬŝŶŐ ĨĂĐŝůŝƚŝĞƐ͕ĂƐǁĞůůĂƐŝǀŝĐĞŶƚĞƌƌŝǀĞ͖ƉĞĚĞƐƚƌŝĂŶŽƌŝĞŶƚĞĚƐƉĂĐĞƐŚŽƵůĚďĞĂĚĚĞĚǁŝƚŚŝŶƚŚĞďƵŝůĚŝŶŐ ĂŶĚĚƌŝǀĞǁĂǇ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚͲ/ŶĐĞŶƚŝǀĞ ĞǀĞůŽƉŵĞŶƚWƌĞůŝŵŝŶĂƌǇWůĂŶηϮϬϭϳ Ͳ ϬϮϵhWǁŝƚŚƚŚĞĂůƚĞƌŶĂƚĞƐƵďŵŝƚƚĞĚƉůĂŶŝŶĐůƵĚŝŶŐƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐĂŶĚĐŽŶĚŝƚŝŽŶƐĂƐĂŵĞŶĚĞĚ͘Dƌ͘tĂůƚĞƌƐƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘ KE/d/KE^͗ ϭ͘^ƵďŵŝƐƐŝŽŶŽĨĨŝŶĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶƐƐŚĂůůŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗ Ă͘/ĚĞĂůǁŝĚƚŚƐĨŽƌƐŝĚĞǁĂůŬǌŽŶĞƐĨƌŽŵ^ĞĐƚŝŽŶ͘ϬϭŝŶƚŚĞDĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐƐŚĂůů ďĞƐŚŽǁŶŽŶƚŚĞďƵŝůĚŝŶŐƉůĂŶƐ͘/ĨƚŚĞƐĞǁŝĚƚŚƐĐĂŶŶŽƚďĞĂĐŚŝĞǀĞĚ͕ĂŶĞǆƉůĂŶĂƚŝŽŶ ƐŚĂůůďĞƉƌŽǀŝĚĞĚ͘ ď͘ĚĞƚĂŝůĞĚůŝƐƚŽĨďƵŝůĚŝŶŐŵĂƚĞƌŝĂůƐƐŚĂůůďĞƉƌŽǀŝĚĞĚ 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