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ŽŶŝŶŐŝƐƚƌŝĐƚƚŽĂůůŽǁĨŽƌĂŶĂƚƚĂĐŚĞĚŐĂƌĂŐĞĂĚĚŝƚŝŽŶ͘dŚĞƉƌŽƉĞƌƚǇŝƐůŽĐĂƚĞĚĂƚϵϯϴϭϭϭͬϰ^ƚƌĞĞƚ ^t͘ DƐ͘ĂŵƉďĞůůƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ^ĞƉƚĞŵďĞƌϲ͕ϮϬϭϳ͕ƚŽƚŚĞŽĂƌĚ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐŽŶ ĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ Dƌ͘>ŽĐŚƌŝĚŐĞĂƐŬĞĚWůĂŶŶŝŶŐ^ƚĂĨĨƚŽĞǆƉůĂŝŶŝŶŵŽƌĞĚĞƚĂŝůƌŝƚĞƌŝĂ͘ DƐ͘ĂŵƉďĞůůŶŽƚĞĚƚŚĞƐŝŵŝůĂƌŝƚǇďĞƚǁĞĞŶƚŚĞĞǆŝƐƚŝŶŐƌĞƐŝĚĞŶƚŝĂůŚŽŵĞƐďƵŝůĚŝŶŐŝŶƚŚĞϭϵϱϬ͛ƐͬϭϵϲϬ͛Ɛ͖ ĂĐƌŽƐƐƚŚĞƐƚƌĞĞƚƚŚĞƌĞĂƌĞƐŽŵĞϮ Ͳ ƐƚŽƌǇŚŽŵĞƐ͘^ŚĞĂůƐŽŶŽƚĞĚďǇƚŚĞĚƌŝǀĞǁĂǇŵŽƐƚŐĂƌĂŐĞƐĂƌĞĨŽƌ ŽŶĞǀĞŚŝĐůĞ͖ĂŶĚƚŚŝƐƌĞŵŽĚĞůǁŝůůůĞĂǀĞůŝƚƚůĞƌŽŽŵďĞƚǁĞĞŶĂĚũĂĐĞŶƚŚŽŵĞƐ͘ Dƌ͘>ŽĐŚƌŝĚŐĞĂƐŬĞĚĨŽƌWůĂŶŶŝŶŐƐƚĂĨĨƚŽƌĞĂĚƌŝƚĞƌŝĂĂŶĚ͘ _3DJH 3DFNHW3J ,F ŝƚǇŽĨZŽĐŚĞƐƚĞƌŽŶŝŶŐŽĂƌĚŽĨƉƉĞĂůƐDĞĞƚŝŶŐĂƚĞ͗^ĞƉƚĞŵďĞƌϲ͕ϮϬϭϳ WůĂŶŶŝŶŐ^ƚĂĨĨƌĞĂĚƌŝƚĞƌŝĂĂŶĚ͘ Dƌ͘tĂůƚĞƌƐŶŽƚĞĚWůĂŶŶŝŶŐ^ƚĂĨĨĨĞĞůƐƚŚĞƌĞŵŽĚĞůƉƌŽũĞĐƚǁŝůůŶŽƚŶĞĐĞƐƐĂƌŝůǇďĞĚĞƚƌŝŵĞŶƚĂůƚŽƚŚĞ ƉƵďůŝĐǁĞůĨĂƌĞ͕ŵŽƌĞƚŚĞĞƐƐĞŶƚŝĂůĐŚĂƌĂĐƚĞƌŽĨƚŚĞůŽĐĂůŝƚǇ͘ Dƌ͘<ĞĂŶĞĂƐŬĞĚĂďŽƵƚƚŚĞƐƚƌƵĐƚƵƌĞďĞŝŶŐƐŝŵŝůĂƌŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͕ŝƐƚŚŝƐĂƌĞƋƵŝƌĞŵĞŶƚŽĨƚŚĞ ǌŽŶŝŶŐŽƌĚŝŶĂŶĐĞ͘ WůĂŶŶŝŶŐ^ƚĂĨĨƌĞƐƉŽŶĚĞĚ͘ Dƌ͘dŚƌŽŶĚƐŽŶŶŽƚĞĚƚŚĞĞǆŝƐƚŝŶŐĐŽŶĐƌĞƚĞŶĞĂƌƚŚĞƐƚƌƵĐƚƵƌĞ͕ĂŶĚŝƚŝƐĐƵƌƌĞŶƚůǇĚŝĨĨĞƌĞŶƚƚŚĂŶŽƚŚĞƌ ƌĞƐŝĚĞŶƚŝĂůƐƚƌƵĐƚƵƌĞƐĂŶĚĚƌŝǀĞǁĂǇƐŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘ WůĂŶŶŝŶŐƐƚĂĨĨƌĞƐƉŽŶĚĞĚ͘ DƐ͘DĂũĞƌƵƐŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ dŚĞĂƉƉůŝĐĂŶƚ͕Dƌ͘DŝŬĞ,ĂǇĚŽŶ͕ƌĞƐŝĚŝŶŐĂƚϲϭϱϳ ƚŚǀĞŶƵĞ^t͕ZŽĐŚĞƐƚĞƌ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞƐƚĂƚĞĚŚĞŝƐƚŚĞďƵŝůĚĞƌĂŶĚŶĞŝŐŚďŽƌŽĨƚŚĞƌĞƐŝĚĞŶƚƐ͕ŚĞŶŽƚĞĚƚŚĞŽǁŶĞƌǁŽƵůĚůŝŬĞ ƚŽƐƚĂǇŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚĂŶĚŶĞĞĚƚŽĂĚĚůŝǀŝŶŐƐƉĂĐĞƚŽƚŚĞŝƌĞǆŝƐƚŝŶŐŚŽŵĞĨŽƌĂŐƌŽǁŝŶŐĨĂŵŝůǇ͘,Ğ ĞǆƉůĂŝŶĞĚƚŚĞŝŶƚĞŶƚŽĨƚŚĞƉƌŽũĞĐƚďǇĂĚĚŝŶŐƐƉĂĐĞƚŽƚŚĞŝŶƚĞƌŝŽƌŽĨƚŚĞŚŽŵĞ͘ DƐ͘DĂũĞƌƵƐĂƐŬĞĚŝĨƚŚĞĂƉƉůŝĐĂŶƚǁŽƵůĚůŝŬĞƚŽĂĚĚƌĞƐƐŽŶĂŶǇŽĨƚŚĞĐƌŝƚĞƌŝĂ͘ Dƌ͘,ĂǇĚŽŶŶŽƚĞĚƚŚĞƌĞŝƐĂŚŽŵĞŝŶƚŚĞĂƌĞĂǁŚŝĐŚůŽŽŬƐůŝŬĞŝƚǁĂƐŽƌŝŐŝŶĂůůǇĂƐŝŶŐůĞ Ͳ ƐƚŽƌǇŚŽŵĞĂŶĚĂ ƐĞĐŽŶĚĨůŽŽƌǁĂƐĂĚĚĞĚŽŶ͕ƚŚŝƐǁŽƵůĚďĞƐŝŵŝůĂƌƚŽƚŚĞƉƌŽƉĞƌƚǇƚŚĞǇĂƌĞĂƉƉůǇŝŶŐĨŽƌ͘ Dƌ͘tĂůƚĞƌƐĂƐŬĞĚĂďŽƵƚƚŚĞŽŶĞƐƚŽƌǇǀĞƌƐƵƐƚǁŽƐƚŽƌǇĂƌĞĂĐĐĞƉƚĂďůĞ͕ƚŚĞĐŽŶĐĞƌŶŝƐďĞŝŶŐĐůŽƐĞƚŽƚŚĞ ƉƌŽƉĞƌƚǇůŝŶĞƐ͘ Dƌ͘,ĂǇĚŽŶŶŽƚĞĚƚŚĞĂƉƉůŝĐĂŶƚǁŽƵůĚůŝŬĞƚŚĞƚǁŽ Ͳ ĐĂƌŐĂƌĂŐĞƐŝŶĐĞƚŚĞĐŽŶĐƌĞƚĞŝƐĂůƌĞĂĚǇŝŶƉůĂĐĞ͖ ĂůŽŶŐǁŝƚŚƚŚĞĂĚĚĞĚƐƚŽƌǇ͘ Dƌ͘WĂƚƌŝĐŬDƵƌƉŚǇ͕ƌĞƐŝĚŝŶŐĂƚϵϯϳϭϭЬ^ƚƌĞĞƚ͕ZŽĐŚĞƐƚĞƌ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞŶŽƚĞĚ ƐƵƉƉŽƌƚĨŽƌƚŚĞǀĂƌŝĂŶĐĞƌĞƋƵĞƐƚ͕ĂŶĚŚĞŶŽƚĞĚďĞŝŶŐĂƌĞƐŝĚĞŶƚŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘ Dƌ͘:ŽŶZǇĂŶ͕ƌĞƐŝĚŝŶŐĂƚϵϯϴϭϭЬ^ƚƌĞĞƚ͕ZŽĐŚĞƐƚĞƌ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞŝƐƚŚĞŽǁŶĞƌ ŽĨƚŚĞƉƌŽƉĞƌƚǇ͕ŚĞĞǆƉůĂŝŶĞĚƚŚĞŶĞĞĚĨŽƌƚŚĞƚǁŽŐĂƌĂŐĞĞůŝŵŝŶĂƚĞƐƉĂƌŬŝŶŐŽŶƚŚĞƐƚƌĞĞƚ͖ŶŽƚĞƐƚŚĞǇ ůŝŬĞůŝǀŝŶŐŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͖ĂŶĚƐƚĂƚĞĚƚŚĞǇƐƉŽŬĞǁŝƚŚŶĞŝŐŚďŽƌƐĂŶĚŚĂǀĞƌĞĐĞŝǀĞĚƐƵƉƉŽƌƚ͘ Dƌ͘dŚƌŽŶĚƐŽŶĂƐŬĞĚŚŽǁůŽŶŐƚŚĞĂƉƉůŝĐĂŶƚŚĂĚďĞĞŶŝŶƚŚĞŚŽŵĞ͘ Dƌ͘ZǇĂŶŶŽƚĞĚƚŚĞǇŚĂǀĞůŝǀĞĚŝŶƚŚĞŚŽŵĞĨŽƌĨŽƵƌǇĞĂƌƐ͘ ƚŚ Dƌ͘ŽĚǇtĂůŬĞƌ͕ƌĞƐŝĚŝŶŐĂƚϭϬϭϵϭϭ^ƚƌĞĞƚ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞƐƚĂƚĞĚƐƵƉƉŽƌƚŽĨƚŚĞ ǀĂƌŝĂŶĐĞƌĞƋƵĞƐƚ͕ůŝŬĞƐƚŽƐĞĞŝŵƉƌŽǀĞŵĞŶƚƐƚŽƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘ _3DJH 3DFNHW3J ,F ŝƚǇŽĨZŽĐŚĞƐƚĞƌŽŶŝŶŐŽĂƌĚŽĨƉƉĞĂůƐDĞĞƚŝŶŐĂƚĞ͗^ĞƉƚĞŵďĞƌϲ͕ϮϬϭϳ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕DƐ͘DĂũĞƌƵƐĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘>ŽĐŚƌŝĚŐĞŵŽǀĞĚƚŽĚĞŶǇsĂƌŝĂŶĐĞηZϮϬϭϳ Ͳ ϬϬϲsZďǇDŝŬĞ,ĂǇĚŽŶǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐƐƚĂĨĨ ĨŝŶĚŝŶŐƐ͘Dƌ͘tĂůƚĞƌƐƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘ Dƌ͘>ŽĐŚƌŝĚŐĞŶŽƚĞĚŚŝƐƌĞĂƐŽŶĨŽƌĚĞŶǇŝŶŐƚŚĞĂƉƉůŝĐĂƚŝŽŶŝƐŶŽƚďĞĐĂƵƐĞŽĨƚŚĞƚǁŽƐƚŽƌǇŝƚŝƐďĞĐĂƵƐĞ ŽĨƚŚĞŽǀĞƌŚĂŶŐǁŚŝĐŚǁŝůůĞǆŝƐƚŽǀĞƌƚŚĞƵƚŝůŝƚǇĂƌĞĂĂŶĚƚŚĞĐůŽƐĞŶĞƐƐŽĨƚŚĞĂĚũĂĐĞŶƚƉƌŽƉĞƌƚǇ͖ŝƚŝƐƉƌĞ Ͳ ĐŽĚĞŶŽŶ Ͳ ĐŽŶĨŽƌŵŝŶŐƵƐĞƌĞƋƵĞƐƚ͘,ĞĨĞĞůƐďŽƵŶĚďǇƚŚĞĐƌŝƚĞƌŝĂĞƐƚĂďůŝƐŚĞĚƚŽƵƐĞĂƐĂŐƵŝĚĞĨŽƌ ŵĂŬŝŶŐĂĚĞĐŝƐŝŽŶ͘ Dƌ͘tĂůƚĞƌƐŶŽƚĞĚŚĞƐĞĐŽŶĚĞĚďĞĐĂƵƐĞǁŚĞŶůŽŽŬŝŶŐĂƚƚŚĞĐƌŝƚĞƌŝĂƚŚĞƌĞŝƐŶŽƚĂŶǇƵŶŝƋƵĞŶĞƐƐŽĨƚŚĞ ƉƌŽƉĞƌƚǇĐŽŵƉĂƌĞĚƚŽŽƚŚĞƌƉƌŽƉĞƌƚǇŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͖ĂůƚŚŽƵŐŚƐƵƉƉŽƌƚŝŶŐƚŚĞŝĚĞĂŽĨƚŚĞƉƌŽũĞĐƚ ĨŽƌƚŚĞĂƉƉůŝĐĂŶƚ͖ŶŽƚŝŶŐƚŚĞƐƚƌŝĐƚŶĞƐƐŽĨƐŝĚĞůŽƚůŝŶĞƐŶĞĞĚƐƚŽďĞĐŽƌƌĞĐƚĞĚďǇƚŚĞŝƚǇ͘ Dƌ͘dŚƌŽŶĚƐŽŶĞǆƉƌĞƐƐĞĚƵŶĚĞƌƐƚĂŶĚŝŶŐĨŽƌƚŚĞĂƉƉůŝĐĂŶƚ͖ŚĞĨĞĞůƐƌƵůĞƐĂŶĚƌĞŐƵůĂƚŝŽŶƐĂƌĞƐĞƚŝŶƉůĂĐĞ ĨŽƌĂƌĞĂƐŽŶĂŶĚŶĞĞĚƚŽďĞĨŽůůŽǁĞĚ͘ Dƌ͘<ĞĂŶĞŶŽƚĞĚƐƵƉƉŽƌƚĨŽƌƚŚĞŵŽƚŝŽŶĨŽƌĚĞŶŝĂů͘ Dƌ͘WƌƵƐƐĂĐŬƐƉŽŬĞŝŶĂŐƌĞĞŵĞŶƚǁŝƚŚŽƚŚĞƌŵĞŵďĞƌƐŝŶƐƵƉƉŽƌƚŝŶŐĚĞŶŝĂů͘ dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϲ Ͳ Ϭ͘ &/E/E'^͗ ƌŝƚĞƌŝŽŶ͘dŚĞƌĞĂƌĞĞǆƚƌĂŽƌĚŝŶĂƌǇĐŽŶĚŝƚŝŽŶƐŽƌĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ƐƵĐŚĂƐŝƌƌĞŐƵůĂƌŝƚǇ͕ŶĂƌƌŽǁŶĞƐƐ͕ ŽƌƐŚĂůůŽǁŶĞƐƐŽĨƚŚĞůŽƚŽƌĞǆĐĞƉƚŝŽŶĂůƚŽƉŽŐƌĂƉŚŝĐĂůŽƌƉŚǇƐŝĐĂůĐŽŶĚŝƚŝŽŶƐǁŚŝĐŚĂƌĞƉĞĐƵůŝĂƌƚŽ ƚŚĞƉƌŽƉĞƌƚǇĂŶĚĚŽŶŽƚĂƉƉůǇƚŽŽƚŚĞƌůĂŶĚƐǁŝƚŚŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚŽƌƚŚĞƐĂŵĞĐůĂƐƐŽĨǌŽŶŝŶŐ ĚŝƐƚƌŝĐƚ͘ 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ƉƵďůŝĐǁĞůĨĂƌĞ͕ŵŽƌĞƚŚĞĞƐƐĞŶƚŝĂůĐŚĂƌĂĐƚĞƌŽĨƚŚĞůŽĐĂůŝƚǇ͘ Dƌ͘<ĞĂŶĞĂƐŬĞĚĂďŽƵƚƚŚĞƐƚƌƵĐƚƵƌĞďĞŝŶŐƐŝŵŝůĂƌŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͕ŝƐƚŚŝƐĂƌĞƋƵŝƌĞŵĞŶƚŽĨƚŚĞ ǌŽŶŝŶŐŽƌĚŝŶĂŶĐĞ͘ WůĂŶŶŝŶŐ^ƚĂĨĨƌĞƐƉŽŶĚĞĚ͘ Dƌ͘dŚƌŽŶĚƐŽŶŶŽƚĞĚƚŚĞĞǆŝƐƚŝŶŐĐŽŶĐƌĞƚĞŶĞĂƌƚŚĞƐƚƌƵĐƚƵƌĞ͕ĂŶĚŝƚŝƐĐƵƌƌĞŶƚůǇĚŝĨĨĞƌĞŶƚƚŚĂŶŽƚŚĞƌ ƌĞƐŝĚĞŶƚŝĂůƐƚƌƵĐƚƵƌĞƐĂŶĚĚƌŝǀĞǁĂǇƐŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘ WůĂŶŶŝŶŐƐƚĂĨĨƌĞƐƉŽŶĚĞĚ͘ DƐ͘DĂũĞƌƵƐŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ dŚĞĂƉƉůŝĐĂŶƚ͕Dƌ͘DŝŬĞ,ĂǇĚŽŶ͕ƌĞƐŝĚŝŶŐĂƚϲϭϱϳ ƚŚǀĞŶƵĞ^t͕ZŽĐŚĞƐƚĞƌ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞƐƚĂƚĞĚŚĞŝƐƚŚĞďƵŝůĚĞƌĂŶĚŶĞŝŐŚďŽƌŽĨƚŚĞƌĞƐŝĚĞŶƚƐ͕ŚĞŶŽƚĞĚƚŚĞŽǁŶĞƌǁŽƵůĚůŝŬĞ ƚŽƐƚĂǇŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚĂŶĚŶĞĞĚƚŽĂĚĚůŝǀŝŶŐƐƉĂĐĞƚŽƚŚĞŝƌĞǆŝƐƚŝŶŐŚŽŵĞĨŽƌĂŐƌŽǁŝŶŐĨĂŵŝůǇ͘,Ğ ĞǆƉůĂŝŶĞĚƚŚĞŝŶƚĞŶƚŽĨƚŚĞƉƌŽũĞĐƚďǇĂĚĚŝŶŐƐƉĂĐĞƚŽƚŚĞŝŶƚĞƌŝŽƌŽĨƚŚĞŚŽŵĞ͘ DƐ͘DĂũĞƌƵƐĂƐŬĞĚŝĨƚŚĞĂƉƉůŝĐĂŶƚǁŽƵůĚůŝŬĞƚŽĂĚĚƌĞƐƐŽŶĂŶǇŽĨƚŚĞĐƌŝƚĞƌŝĂ͘ Dƌ͘,ĂǇĚŽŶŶŽƚĞĚƚŚĞƌĞŝƐĂŚŽŵĞŝŶƚŚĞĂƌĞĂǁŚŝĐŚůŽŽŬƐůŝŬĞŝƚǁĂƐŽƌŝŐŝŶĂůůǇĂƐŝŶŐůĞ Ͳ ƐƚŽƌǇŚŽŵĞĂŶĚĂ ƐĞĐŽŶĚĨůŽŽƌǁĂƐĂĚĚĞĚŽŶ͕ƚŚŝƐǁŽƵůĚďĞƐŝŵŝůĂƌƚŽƚŚĞƉƌŽƉĞƌƚǇƚŚĞǇĂƌĞĂƉƉůǇŝŶŐĨŽƌ͘ Dƌ͘tĂůƚĞƌƐĂƐŬĞĚĂďŽƵƚƚŚĞŽŶĞƐƚŽƌǇǀĞƌƐƵƐƚǁŽƐƚŽƌǇĂƌĞĂĐĐĞƉƚĂďůĞ͕ƚŚĞĐŽŶĐĞƌŶŝƐďĞŝŶŐĐůŽƐĞƚŽƚŚĞ ƉƌŽƉĞƌƚǇůŝŶĞƐ͘ Dƌ͘,ĂǇĚŽŶŶŽƚĞĚƚŚĞĂƉƉůŝĐĂŶƚǁŽƵůĚůŝŬĞƚŚĞƚǁŽ Ͳ ĐĂƌŐĂƌĂŐĞƐŝŶĐĞƚŚĞĐŽŶĐƌĞƚĞŝƐĂůƌĞĂĚǇŝŶƉůĂĐĞ͖ ĂůŽŶŐǁŝƚŚƚŚĞĂĚĚĞĚƐƚŽƌǇ͘ Dƌ͘WĂƚƌŝĐŬDƵƌƉŚǇ͕ƌĞƐŝĚŝŶŐĂƚϵϯϳϭϭЬ^ƚƌĞĞƚ͕ZŽĐŚĞƐƚĞƌ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞŶŽƚĞĚ ƐƵƉƉŽƌƚĨŽƌƚŚĞǀĂƌŝĂŶĐĞƌĞƋƵĞƐƚ͕ĂŶĚŚĞŶŽƚĞĚďĞŝŶŐĂƌĞƐŝĚĞŶƚŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘ Dƌ͘:ŽŶZǇĂŶ͕ƌĞƐŝĚŝŶŐĂƚϵϯϴϭϭЬ^ƚƌĞĞƚ͕ZŽĐŚĞƐƚĞƌ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞŝƐƚŚĞŽǁŶĞƌ ŽĨƚŚĞƉƌŽƉĞƌƚǇ͕ŚĞĞǆƉůĂŝŶĞĚƚŚĞŶĞĞĚĨŽƌƚŚĞƚǁŽŐĂƌĂŐĞĞůŝŵŝŶĂƚĞƐƉĂƌŬŝŶŐŽŶƚŚĞƐƚƌĞĞƚ͖ŶŽƚĞƐƚŚĞǇ ůŝŬĞůŝǀŝŶŐŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͖ĂŶĚƐƚĂƚĞĚƚŚĞǇƐƉŽŬĞǁŝƚŚŶĞŝŐŚďŽƌƐĂŶĚŚĂǀĞƌĞĐĞŝǀĞĚƐƵƉƉŽƌƚ͘ Dƌ͘dŚƌŽŶĚƐŽŶĂƐŬĞĚŚŽǁůŽŶŐƚŚĞĂƉƉůŝĐĂŶƚŚĂĚďĞĞŶŝŶƚŚĞŚŽŵĞ͘ Dƌ͘ZǇĂŶŶŽƚĞĚƚŚĞǇŚĂǀĞůŝǀĞĚŝŶƚŚĞŚŽŵĞĨŽƌĨŽƵƌǇĞĂƌƐ͘ ƚŚ Dƌ͘ŽĚǇtĂůŬĞƌ͕ƌĞƐŝĚŝŶŐĂƚϭϬϭϵϭϭ^ƚƌĞĞƚ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞƐƚĂƚĞĚƐƵƉƉŽƌƚŽĨƚŚĞ ǀĂƌŝĂŶĐĞƌĞƋƵĞƐƚ͕ůŝŬĞƐƚŽƐĞĞŝŵƉƌŽǀĞŵĞŶƚƐƚŽƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘ _3DJH 3DFNHW3J /F ŝƚǇŽĨZŽĐŚĞƐƚĞƌŽŶŝŶŐŽĂƌĚŽĨƉƉĞĂůƐDĞĞƚŝŶŐĂƚĞ͗^ĞƉƚĞŵďĞƌϲ͕ϮϬϭϳ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕DƐ͘DĂũĞƌƵƐĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘>ŽĐŚƌŝĚŐĞŵŽǀĞĚƚŽĚĞŶǇsĂƌŝĂŶĐĞηZϮϬϭϳ Ͳ ϬϬϲsZďǇDŝŬĞ,ĂǇĚŽŶǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐƐƚĂĨĨ ĨŝŶĚŝŶŐƐ͘Dƌ͘tĂůƚĞƌƐƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘ Dƌ͘>ŽĐŚƌŝĚŐĞŶŽƚĞĚŚŝƐƌĞĂƐŽŶĨŽƌĚĞŶǇŝŶŐƚŚĞĂƉƉůŝĐĂƚŝŽŶŝƐŶŽƚďĞĐĂƵƐĞŽĨƚŚĞƚǁŽƐƚŽƌǇŝƚŝƐďĞĐĂƵƐĞ ŽĨƚŚĞŽǀĞƌŚĂŶŐǁŚŝĐŚǁŝůůĞǆŝƐƚŽǀĞƌƚŚĞƵƚŝůŝƚǇĂƌĞĂĂŶĚƚŚĞĐůŽƐĞŶĞƐƐŽĨƚŚĞĂĚũĂĐĞŶƚƉƌŽƉĞƌƚǇ͖ŝƚŝƐƉƌĞ Ͳ ĐŽĚĞŶŽŶ Ͳ ĐŽŶĨŽƌŵŝŶŐƵƐĞƌĞƋƵĞƐƚ͘,ĞĨĞĞůƐďŽƵŶĚďǇƚŚĞĐƌŝƚĞƌŝĂĞƐƚĂďůŝƐŚĞĚƚŽƵƐĞĂƐĂŐƵŝĚĞĨŽƌ ŵĂŬŝŶŐĂĚĞĐŝƐŝŽŶ͘ Dƌ͘tĂůƚĞƌƐŶŽƚĞĚŚĞƐĞĐŽŶĚĞĚďĞĐĂƵƐĞǁŚĞŶůŽŽŬŝŶŐĂƚƚŚĞĐƌŝƚĞƌŝĂƚŚĞƌĞŝƐŶŽƚĂŶǇƵŶŝƋƵĞŶĞƐƐŽĨƚŚĞ ƉƌŽƉĞƌƚǇĐŽŵƉĂƌĞĚƚŽŽƚŚĞƌƉƌŽƉĞƌƚǇŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͖ĂůƚŚŽƵŐŚƐƵƉƉŽƌƚŝŶŐƚŚĞŝĚĞĂŽĨƚŚĞƉƌŽũĞĐƚ ĨŽƌƚŚĞĂƉƉůŝĐĂŶƚ͖ŶŽƚŝŶŐƚŚĞƐƚƌŝĐƚŶĞƐƐŽĨƐŝĚĞůŽƚůŝŶĞƐŶĞĞĚƐƚŽďĞĐŽƌƌĞĐƚĞĚďǇƚŚĞŝƚǇ͘ Dƌ͘dŚƌŽŶĚƐŽŶĞǆƉƌĞƐƐĞĚƵŶĚĞƌƐƚĂŶĚŝŶŐĨŽƌƚŚĞĂƉƉůŝĐĂŶƚ͖ŚĞĨĞĞůƐƌƵůĞƐĂŶĚƌĞŐƵůĂƚŝŽŶƐĂƌĞƐĞƚŝŶƉůĂĐĞ ĨŽƌĂƌĞĂƐŽŶĂŶĚŶĞĞĚƚŽďĞĨŽůůŽǁĞĚ͘ Dƌ͘<ĞĂŶĞŶŽƚĞĚƐƵƉƉŽƌƚĨŽƌƚŚĞŵŽƚŝŽŶĨŽƌĚĞŶŝĂů͘ Dƌ͘WƌƵƐƐĂĐŬƐƉŽŬĞŝŶĂŐƌĞĞŵĞŶƚǁŝƚŚŽƚŚĞƌŵĞŵďĞƌƐŝŶƐƵƉƉŽƌƚŝŶŐĚĞŶŝĂů͘ dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϲ Ͳ Ϭ͘ &/E/E'^͗ ƌŝƚĞƌŝŽŶ͘dŚĞƌĞĂƌĞĞǆƚƌĂŽƌĚŝŶĂƌǇĐŽŶĚŝƚŝŽŶƐŽƌĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ƐƵĐŚĂƐŝƌƌĞŐƵůĂƌŝƚǇ͕ŶĂƌƌŽǁŶĞƐƐ͕ ŽƌƐŚĂůůŽǁŶĞƐƐŽĨƚŚĞůŽƚŽƌĞǆĐĞƉƚŝŽŶĂůƚŽƉŽŐƌĂƉŚŝĐĂůŽƌƉŚǇƐŝĐĂůĐŽŶĚŝƚŝŽŶƐǁŚŝĐŚĂƌĞƉĞĐƵůŝĂƌƚŽ ƚŚĞƉƌŽƉĞƌƚǇĂŶĚĚŽŶŽƚĂƉƉůǇƚŽŽƚŚĞƌůĂŶĚƐǁŝƚŚŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚŽƌƚŚĞƐĂŵĞĐůĂƐƐŽĨǌŽŶŝŶŐ ĚŝƐƚƌŝĐƚ͘ ^ƚĂĨĨ&ŝŶĚŝŶŐƐ͗dŚĞƌĞĚŽĞƐŶŽƚĂƉƉĞĂƌƚŽďĞĂŶĞǆĐĞƉƚŝŽŶĂůĐŝƌĐƵŵƐƚĂŶĐĞŽƌĐŽŶĚŝƚŝŽŶƚŚĂƚĂƉƉůŝĞƐƚŽ ƚŚĞĂƉƉůŝĐĂŶƚ͛ƐƉƌŽƉĞƌƚǇƚŚĂƚŵĂǇŶŽƚĂƉƉůǇŐĞŶĞƌĂůůǇƚŽŽƚŚĞƌƉƌŽƉĞƌƚŝĞƐŝŶƚŚĞƐĂŵĞŶĞŝŐŚďŽƌŚŽŽĚ ŽƌǌŽŶŝŶŐĚŝƐƚƌŝĐƚ͘dŚĞĂƉƉůŝĐĂŶƚ͛ƐƉƌŽƉĞƌƚǇŝƐƐŝŵŝůĂƌŝŶƐŝǌĞƚŽƚŚĞĂĚũĂĐĞŶƚƉƌŽƉĞƌƚŝĞƐ͘DŽƐƚŽĨƚŚĞ ĞǆŝƐƚŝŶŐŚŽŵĞƐŝŶƚŚŝƐŶĞŝŐŚďŽƌŚŽŽĚǁĞƌĞĐŽŶƐƚƌƵĐƚĞĚƉƌŝŽƌƚŽƚŚĞĐƵƌƌĞŶƚƐĞƚďĂĐŬƌĞƋƵŝƌĞŵĞŶƚƐŝŶ ƚŚĞZŽĐŚĞƐƚĞƌŽŶŝŶŐKƌĚŝŶĂŶĐĞ͕ĂŶĚĂƐƐƵĐŚŵŽƐƚŚŽŵĞƐĚŽŶŽƚŵĞĞƚƚŚĞƐĞƚďĂĐŬƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚĂƌĞĐŽŶƐŝĚĞƌĞĚůĞŐĂů͕ŶŽŶ Ͳ ĐŽŶĨŽƌŵŝŶŐ͘ ƌŝƚĞƌŝŽŶ͘dŚĞĞǆƚƌĂŽƌĚŝŶĂƌǇĐŽŶĚŝƚŝŽŶƐŽƌĐŝƌĐƵŵƐƚĂŶĐĞƐĂƌĞĚƵĞƚŽĐŝƌĐƵŵƐƚĂŶĐĞƐƵŶŝƋƵĞƚŽƚŚĞ ƉƌŽƉĞƌƚǇŶŽƚĐƌĞĂƚĞĚďǇƚŚĞůĂŶĚŽǁŶĞƌ͘ ^ƚĂĨĨ&ŝŶĚŝŶŐƐ͗dŚĞĞǆƚƌĂŽƌĚŝŶĂƌǇĐŽŶĚŝƚŝŽŶƐŽƌĐŝƌĐƵŵƐƚĂŶĐĞƐĂƌĞĚƵĞƚŽĐŝƌĐƵŵƐƚĂŶĐĞƐƵŶŝƋƵĞƚŽ ƚŚĞƉƌŽƉĞƌƚǇĂŶĚǁĞƌĞŶŽƚĐƌĞĂƚĞĚďǇƚŚĞĐƵƌƌĞŶƚůĂŶĚŽǁŶĞƌ͘dŚĞĞǆŝƐƚŝŶŐŚŽŵĞĂŶĚƐĞƚďĂĐŬƐƉƌĞ Ͳ ĚĂƚĞƚŚĞŽŶŝŶŐKƌĚŝŶĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐ͘ ƌŝƚĞƌŝŽŶ͘dŚĞǀĂƌŝĂŶĐĞŝƐŶĞĐĞƐƐĂƌǇƚŽŽǀĞƌĐŽŵĞƉƌĂĐƚŝĐĂůĚŝĨĨŝĐƵůƚŝĞƐŝŶĐŽŵƉůǇŝŶŐǁŝƚŚƚŚĞǌŽŶŝŶŐ ŽƌĚŝŶĂŶĐĞƐŽƚŚĂƚƚŚĞƉƌŽƉĞƌƚǇĐĂŶďĞƵƐĞĚŝŶĂƌĞĂƐŽŶĂďůĞŵĂŶŶĞƌŶŽƚƉĞƌŵŝƚƚĞĚďǇƚŚĞŽƌĚŝŶĂŶĐĞ͘ ^ƚĂĨĨ&ŝŶĚŝŶŐƐ͗dŚĞŐƌĂŶƚŝŶŐŽĨƚŚŝƐǀĂƌŝĂŶĐĞƌĞƋƵĞƐƚĚŽĞƐŶŽƚĂƉƉĞĂƌƚŽďĞŶĞĐĞƐƐĂƌǇƚŽĂůůŽǁĨŽƌ ƚŚĞƌĞĂƐŽŶĂďůĞƵƐĞŽĨƚŚĞĂƉƉůŝĐĂŶƚ͛ƐƉƌŽƉĞƌƚǇĂŶĚĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞǌŽŶŝŶŐŽƌĚŝŶĂŶĐĞ͘DŽƐƚŽĨ _3DJH 3DFNHW3J /F ŝƚǇŽĨZŽĐŚĞƐƚĞƌŽŶŝŶŐŽĂƌĚŽĨƉƉĞĂůƐDĞĞƚŝŶŐĂƚĞ͗^ĞƉƚĞŵďĞƌϲ͕ϮϬϭϳ ƚŚĞĞǆŝƐƚŝŶŐƐŝŶŐůĞƐƚŽƌǇŚŽŵĞƐĐŽŶƐƚƌƵĐƚĞĚŝŶƚŚĞϭϵϱϬƐĂŶĚϭϵϲϬƐŝŶƚŚŝƐŶĞŝŐŚďŽƌŚŽŽĚĂƌĞƐŝŵŝůĂƌ ŝŶƐŝǌĞĂŶĚŚĂǀĞĂŽŶĞ Ͳ ĐĂƌĂƚƚĂĐŚĞĚŐĂƌĂŐĞ͘ ƌŝƚĞƌŝŽŶ͘dŚĞǀĂƌŝĂŶĐĞǁŝůůŶŽƚďĞŵĂƚĞƌŝĂůůǇĚĞƚƌŝŵĞŶƚĂůƚŽƚŚĞƉƵďůŝĐǁĞůĨĂƌĞŽƌŵĂƚĞƌŝĂůůǇ ŝŶũƵƌŝŽƵƐƚŽŽƚŚĞƌƉƌŽƉĞƌƚǇŝŶƚŚĞĂƌĞĂ͕ĂŶĚǁŝůůŶŽƚĂůƚĞƌƚŚĞĞƐƐĞŶƚŝĂůĐŚĂƌĂĐƚĞƌŽĨƚŚĞůŽĐĂůŝƚǇ͘ ^ƚĂĨĨ&ŝŶĚŝŶŐƐ͗dŚĞŐƌĂŶƚŝŶŐŽĨƚŚŝƐǀĂƌŝĂŶĐĞƌĞƋƵĞƐƚĚŽĞƐĂƉƉĞĂƌƚŽďĞŵĂƚĞƌŝĂůůǇĚĞƚƌŝŵĞŶƚĂůƚŽƚŚĞ ƉƵďůŝĐǁĞůĨĂƌĞĂŶĚǁŝůůĂůƚĞƌƚŚĞĞƐƐĞŶƚŝĂůĐŚĂƌĂĐƚĞƌŽĨƚŚĞůŽĐĂůŝƚǇ͘DŽƐƚŽĨƚŚĞĞǆŝƐƚŝŶŐŚŽŵĞƐŝŶ ƚŚŝƐŶĞŝŐŚďŽƌŚŽŽĚŚĂǀĞĂŽŶĞ Ͳ ĐĂƌĂƚƚĂĐŚĞĚŐĂƌĂŐĞĂŶĚĂƌĞĂƐŝŶŐůĞƐƚŽƌǇ͘dŚĞĂƉƉůŝĐĂŶƚ͛ƐƉƌŽƉŽƐĞĚ ĂĚĚŝƚŝŽŶǁŽƵůĚŵĂŬĞƚŚŝƐŚŽŵĞŽŶĞŽĨƚŚĞŽŶůǇƚǁŽ Ͳ ƐƚŽƌǇŚŽŵĞƐŽŶƚŚĂƚďůŽĐŬ͘dŚĞĂƉƉůŝĐĂŶƚ͛Ɛ ƌĞƋƵĞƐƚĨŽƌƌĞĚƵĐĞĚƐĞƚďĂĐŬƐƚŽĂůůŽǁĂƐĞĐŽŶĚƐƚŽƌǇĂĚĚŝƚŝŽŶǁŽƵůĚĂŵƉůŝĨǇĂŶǇŝŵƉĂĐƚƐƚŽƚŚĞ ĂĚũĂĐĞŶƚƉƌŽƉĞƌƚŝĞƐ͘ ƌŝƚĞƌŝŽŶ͘dŚĞǀĂƌŝĂŶĐĞŝƐŝŶŚĂƌŵŽŶǇǁŝƚŚƚŚĞŐĞŶĞƌĂůƉƵƌƉŽƐĞĂŶĚŝŶƚĞŶƚŽĨƚŚŝƐŽƌĚŝŶĂŶĐĞ͘ ^ƚĂĨĨ&ŝŶĚŝŶŐƐ͗dŚĞǀĂƌŝĂŶĐĞŝƐŶŽƚŝŶŚĂƌŵŽŶǇǁŝƚŚƚŚĞŐĞŶĞƌĂůƉƵƌƉŽƐĞĂŶĚŝŶƚĞŶƚŽĨƚŚĞŽƌĚŝŶĂŶĐĞ͘ dŚĞƉƵƌƉŽƐĞĂŶĚŝŶƚĞŶƚŽĨƐĞƚďĂĐŬƌĞƋƵŝƌĞŵĞŶƚƐŝƐƚŽĂůůŽǁƌŽŽŵĨŽƌůĂǁŶƐ͕ůĂŶĚƐĐĂƉŝŶŐ͕ůŝŐŚƚŝŶƚŽ ƚŚĞŚŽŵĞ͕ĂŶĚĂƐĨŝůƚƌĂƚŝŽŶĂƌĞĂƐĨŽƌƐƚŽƌŵǁĂƚĞƌƌƵŶ Ͳ ŽĨĨ͘dŚĞĂƉƉůŝĐĂŶƚ͛ƐƚǁŽ Ͳ ƐƚŽƌǇĂĚĚŝƚŝŽŶǁŽƵůĚ ůĞĂǀĞĂƉƉƌŽǆŝŵĂƚĞůǇϭϴĨĞĞƚƚŽƚŚĞŶĞŝŐŚďŽƌ͛ƐŚŽƵƐĞƚŽƚŚĞƐŽƵƚŚ͘dŚĞďĞŶĞĨŝƚƐŽĨƐĞƚďĂĐŬƐĂƌĞ ĞƐƐĞŶƚŝĂůůǇůŽƐƚǁŚĞŶƐŝĚĞƐĞƚďĂĐŬƌĞƋƵŝƌĞŵĞŶƚƐĂƌĞƌĞĚƵĐĞĚƚŽƚŚĞĞǆƚĞŶƚƚŚĂƚĂƉƉƌŽǆŝŵĂƚĞůǇϲ͛Ͳ ϲ͟ ŝƐůĞĨƚďĞƚǁĞĞŶƐƚƌƵĐƚƵƌĞƐƚŽƚŚĞǁĞƐƚ͘ ƌŝƚĞƌŝŽŶ&͘dŚĞƚĞƌŵƐŽĨƚŚĞǀĂƌŝĂŶĐĞĂƌĞŐĞŶĞƌĂůůǇĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŝƚǇ͛ƐĐƵƌƌĞŶƚ ŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ͘ ^ƚĂĨĨ&ŝŶĚŝŶŐƐ͗dŚĞĐƵƌƌĞŶƚŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶĚŽĞƐŶŽƚĂĚĚƌĞƐƐŵŝŶŝŵƵŵƐĞƚďĂĐŬƌĞƋƵŝƌĞŵĞŶƚƐŝŶ ƚŚĞZ Ͳ ϭǌŽŶŝŶŐĚŝƐƚƌŝĐƚ͘ Dƌ͘>ŽĐŚƌŝĚŐĞƐƉŽŬĞƚŽƚŚĞĂƉƉůŝĐĂŶƚŝŶƌĞŐĂƌĚƐƚŽĨƵƌƚŚĞƌĂǀĞŶƵĞƐĨŽƌĂƉƉĞĂůŝŶŐƚŚĞĚĞĐŝƐŝŽŶďǇƚŚĞ ŽŵŵŝƐƐŝŽŶ͘ Kd,Zh^/E^^͗ 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