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ZĞŶĞǁĂů>ĂƚĞ&ĞĞΨϮϬϬ͘ϬϬ >ŝƋƵŽƌKŶͲ^ĂůĞůƵďͲϮϬϬŵĞŵďĞƌƐŽƌůĞƐƐΨϯϬϬ͘ϬϬ ZĞŶĞǁĂů>ĂƚĞ&ĞĞΨϭϱϬ͘ϬϬ >ŝƋƵŽƌKŶͲ^ĂůĞůƵďͲϮϬϭͲϱϬϬŵĞŵďĞƌƐΨϱϬϬ͘ϬϬ ZĞŶĞǁĂů>ĂƚĞ&ĞĞΨϮϱϬ͘ϬϬ >ŝƋƵŽƌKŶͲ^ĂůĞůƵďͲϱϬϭͲϭϬϬϬŵĞŵďĞƌƐΨϲϱϬ͘ϬϬ ZĞŶĞǁĂů>ĂƚĞ&ĞĞΨϯϬϬ͘ϬϬ >ŝƋƵŽƌKŶͲ^ĂůĞůƵďͲϭϬϬϭͲϮϬϬϬŵĞŵďĞƌƐΨϴϬϬ͘ϬϬ ZĞŶĞǁĂů>ĂƚĞ&ĞĞΨϯϬϬ͘ϬϬ >ŝƋƵŽƌKŶͲ^ĂůĞůƵďͲϮϬϬϭͲϰϬϬϬŵĞŵďĞƌƐΨϭ͕ϬϬϬ͘ϬϬ ZĞŶĞǁĂů>ĂƚĞ&ĞĞΨϯϬϬ͘ϬϬ >ŝƋƵŽƌKŶͲ^ĂůĞůƵďͲϰϬϬϭͲϲϬϬϬŵĞŵďĞƌƐΨϮ͕ϬϬϬ͘ϬϬ 3DFNHW3J (D ZĞŶĞǁĂů>ĂƚĞ&ĞĞΨϯϬϬ͘ϬϬ >ŝƋƵŽƌKŶͲ^ĂůĞΨϯ͕ϮϬϬ͘ϬϬ ZĞŶĞǁĂů>ĂƚĞ&ĞĞΨϯϬϬ͘ϬϬ >ŝƋƵŽƌKŶͲ^ĂůĞͲĚĚŝƚŝŽŶĂůZŽŽŵͬ>ŽƵŶŐĞ&ĞĞΨϭ͕ϲϬϬ͘ϬϬ ZĞŶĞǁĂů>ĂƚĞ&ĞĞΨϯϬϬ͘ϬϬ >ŝƋƵŽƌKŶͲ^ĂůĞ^ƵŶĚĂǇΨϮϬϬ͘ϬϬ ZĞŶĞǁĂů>ĂƚĞ&ĞĞΨϭϬϬ͘ϬϬ KĨĨͲ^ĂůĞĞĞƌ;ϯ͘ϮƉĞƌĐĞŶƚŵĂůƚůŝƋƵŽƌͿΨϯϲ͘ϬϬ ZĞŶĞǁĂů>ĂƚĞ&ĞĞΨϭϴ͘ϬϬ KŶͲ^ĂůĞĞĞƌ;ϯ͘ϮйŵĂůƚůŝƋƵŽƌͿΨϯϬϬ͘ϬϬ ZĞŶĞǁĂů>ĂƚĞ&ĞĞΨϭϱϬ͘ϬϬ ^ŵĂůůƌĞǁĞƌͲKĨĨ^ĂůĞŽƌƌĞǁWƵďKĨĨͲ^ĂůĞΨϯϲ͘ϬϬ ZĞŶĞǁĂů>ĂƚĞ&ĞĞΨϭϴ͘ϬϬ dĞŵƉŽƌĂƌǇŽŶƐƵŵƉƚŝŽŶΘŝƐƉůĂǇΨϮϱ͘ϬϬ dĞŵƉŽƌĂƌǇKŶͲ^ĂůĞĞĞƌΨϯϬ͘ϬϬ dĞŵƉŽƌĂƌǇͲKŶͲ^ĂůĞ>ŝƋƵŽƌΨϱϬ͘ϬϬ tŝŶĞΨϰϬϬ͘ϬϬ >ŝƋƵŽƌ>ŝĐĞŶƐĞdƌĂŶƐĨĞƌΨϱϬ͘ϬϬ ƵƐŝŶĞƐƐ>ŝĐĞŶƐĞ ƐĐŽƌƚ>ŝĐĞŶƐĞͲ/ŶĚŝǀŝĚƵĂůΨϮϬϬ͘ϬϬ ƐĐŽƌƚ^ĞƌǀŝĐĞΨϳϳϱ͘ϬϬ /ĐĞƌĞĂŵsĞŶĚŝŶŐsĞŚŝĐůĞΨϭϱϬ͘ϬϬ DĂƐƐĂŐĞdŚĞƌĂƉŝƐƚΨϱϬ͘ϬϬ DĂƐƐĂŐĞdŚĞƌĂƉǇƵƐŝŶĞƐƐΨϭϬϬ͘ϬϬ DŽďŝůĞ&ŽŽĚhŶŝƚ&ƌĂŶĐŚŝƐĞΨϳϱϬ͘ϬϬ DŽďŝůĞ&ŽŽĚhŶŝƚ>ŝĐĞŶƐĞΨϭϱϬ͘ϬϬ KƵƚĚŽŽƌŽŐWĞƌŵŝƚ;zĂƉƉǇ,ŽƵƌͿΨϭϱ͘ϬϬ WĂǁŶďŽŬĞƌƐΨϱϬϬ͘ϬϬ ^ŝĚĞǁĂůŬĂĨĞƐΨϱϬ͘ϬϬ sĞŶĚŝŶŐĂƌƚ;&ŽŽĚĂƌƚsĞŶĚŝŶŐͿΨϯϬϬ͘ϬϬ ŽŶƚƌĂĐƚŽƌ>ŝĐĞŶƐĞƐ ,ĞĂƚŝŶŐŽŶƚƌĂĐƚŽƌƐΨϳϱ͘ϬϬ ZĞŶĞǁĂů>ĂƚĞ&ĞĞΨϭϱ͘ϬϬ DĂƐƚĞƌ/ŶƐƚĂůůĞƌƐΨϯϲ͘ϬϬ ZĞŶĞǁĂů>ĂƚĞ&ĞĞΨϭϮ͘ϬϬ ^ĞǁĞƌƐΘƌĂŝŶƐΨϱϱ͘ϬϬ ZĞŶĞǁĂů>ĂƚĞ&ĞĞΨϭϱ͘ϬϬ ^ŝĚĞǁĂůŬƐͲĞŵĞŶƚΨϱϱ͘ϬϬ ZĞŶĞǁĂů>ĂƚĞ&ĞĞΨϭϱ͘ϬϬ ^ŝĚĞǁĂůŬƐͲƐƉŚĂůƚΨϱϱ͘ϬϬ ZĞŶĞǁĂů>ĂƚĞ&ĞĞΨϭϱ͘ϬϬ ^ŝŐŶƐͲƌĞĐƚΘDĂŝŶƚĂŝŶΨϱϱ͘ϬϬ ZĞŶĞǁĂů>ĂƚĞ&ĞĞΨϭϱ͘ϬϬ dƌĞĞdƌŝŵŵĞƌΨϱϱ͘ϬϬ ZĞŶĞǁĂů>ĂƚĞ&ĞĞΨϭϱ͘ϬϬ ŶƚĞƌƚĂŝŶŵĞŶƚ>ŝĐĞŶƐĞ ĂŶĐĞŶŶƵĂůΨϮϬϬ͘ϬϬ ŽǁůŝŶŐĞŶƚĞƌƐΨϰϮ͘ϬϬ ŝƌĐƵƐ ŝƌĐƵƐůĂƐƐΨϲϬ͘ϬϬ ŝƌĐƵƐůĂƐƐΨϯϬ͘ϬϬ ŝƌĐƵƐůĂƐƐΨϮϬ͘ϬϬ ŝƌĐƵƐůĂƐƐΨϭϮϬ͘ϬϬ DŽƚŝŽŶWŝĐƚƵƌĞ^ŚŽǁƐΨϱϬ͘ϬϬ WƌŝǀĂƚĞĚƵůƚĂŶĐĞƌΨϮ͕ϰϬϬ͘ϬϬ ZŽůůĞƌ^ŬĂƚŝŶŐZŝŶŬͲEtΨϲϬ͘ϬϬ ZŽůůĞƌ^ŬĂƚŝŶŐZŝŶŬͲZEt>ΨϲϬ͘ϬϬ ZŽůůĞƌ^ŬĂƚŝŶŐZŝŶŬͲ>dZEt>Ψϳϴ͘ϬϬ ĂŶĐĞ^ŝŶŐůĞΨϭϱ͘ϬϬ 'ĂŵďůŝŶŐ 'ĂŵďůŝŶŐŶŶƵĂůΨϮϱϬ͘ϬϬ 3DFNHW3J (D ŝŶŐŽ^ŝŶŐůĞΨϭϱ͘ϬϬ 'ĂŵďůŝŶŐWƌĞŵŝƐĞWĞƌŵŝƚΨϬ͘ϬϬ 'ĂŵďůŝŶŐ^ŝŶŐůĞΨϭϱ͘ϬϬ WĂƌŬŝŶŐdŝĐŬĞƚƐ ϭƐƚ>ĂƚĞ&ĞĞΨϱ͘ϬϬ ϮŶĚ>ĂƚĞ&ĞĞΨϱ͘ϬϬ &ŝŶĂů>ĂƚĞ&ĞĞΨϭϱ͘ϬϬ WĂƌŬŝŶŐdŝĐŬĞƚͲDĞƚĞƌƐΘϭϮŚŽƵƌǀŝŽůĂƚŝŽŶƐΨϭϳ͘ϬϬ WĂƌŬŝŶŐdŝĐŬĞƚͲEŽWĂƌŬŝŶŐŽŶĞΨϮϮ͘ϬϬ WĂƌŬŝŶŐdŝĐŬĞƚͲ&ŝƌĞ,ǇĚƌĂŶƚƐΨϮϳ͘ϬϬ WĂƌŬŝŶŐdŝĐŬĞƚͲǆƉŝƌĞĚdĂďƐΨϯϳ͘ϬϬ WĂƌŬŝŶŐdŝĐŬĞƚͲ,ĂŶĚŝĐĂƉΨϭϱϮ͘ϬϬ ZĞƐŝĚĞŶƚĂůŽƌƵƐŝŶĞƐƐWĂƌŬŝŶŐWĞƌŵŝƚͲWW>/d/KEΨϱ͘ϬϬ ZĞƐŝĚĞŶƚĂůŽƌƵƐŝŶĞƐƐWĂƌŬŝŶŐWĞƌŵŝƚΨϮϬ͘ϬϬ dĞŵƉŽƌĂƌǇWĞƌŵŝƚΨϭϬ͘ϬϬ dƌĂŶƐƉŽƌƚĂƚŝŽŶ>ŝĐĞŶƐĞƐ ƵƐΨϭϴ͘ϬϬ WĞĚĂůĂƌƵƐŝŶĞƐƐ&ƌĂŶĐŚŝƐĞΨϬ͘ϬϬ WĞĚĂůĂƌƌŝǀĞƌΖƐ>ŝĐĞŶƐĞΨϮϬ͘ϬϬ WĞĚĂůĂƌƵƐŝŶĞƐƐ>ŝĐĞŶƐĞΨϱϬ͘ϬϬ WƵďůŝĐdƌĂŶƐƉŽƌƚĂƚŝŽŶ>ŝĐĞŶƐĞΨϭϮϬ͘ϬϬ WƵďůŝĐdƌĂŶƐƉŽƌƚĂƚŝŽŶ&ƌĂŶĐŚŝƐĞΨϬ͘ϬϬ dĂǆŝĐĂď&ƌĂŶĐŚŝƐĞΨϬ͘ϬϬ dĂǆŝĐĂď>ŝĐĞŶƐĞΨϭϴ͘ϬϬ dĂǆŝĐĂďƌŝǀĞƌƐΨϱϬ͘ϬϬ dĂǆŝƌŝǀĞƌƐ/ŶǀĞƐƚŝŐĂƚŝŽŶ&ĞĞΨϭϬϬ͘ϬϬ dƌĂŶƐƉŽƌƚĂƚŝŽŶEĞƚǁŽƌŬŽŵƉĂŶǇΨϭ͕ϱϬϬ͘ϬϬ KƚŚĞƌWĞƌŵŝƚƐ ĂŶŶĞƌƐͲZĞǀŽĐĂďůĞWĞƌŵŝƚΨϭϬ͘ϬϬ &ŝƌĞǁŽƌŬƐŝƐƉůĂǇΨϮϱ͘ϬϬ &ŝƌĞǁŽƌŬƐ^ĂůĞƐΨϮϱ͘ϬϬ 'ŽůĨĂƌƚƐΨϮϬ͘ϬϬ DŽǀŝŶŐWĞƌŵŝƚƐͲ'ĂƌĂŐĞΨϮϱ͘ϬϬ DŽǀŝŶŐWĞƌŵŝƚƐͲ,ŽƵƐĞΨϭϬϬ͘ϬϬ WĞĚĚůĞƌƐΨϱϬ͘ϬϬ WĞĚĚůĞƌƐͲǆĞŵƉƚ&ƌŽŵ>ŝĐĞŶƐĞΨϬ͘ϬϬ WĞĚĚůĞƌƐͲZĞůΘŚĂƌKƌŐĂŶŝǌĂƚŝŽŶƐΨϬ͘ϬϬ ZĞǀŽĐĂďůĞ^ŝŐŶ;ĚŝƐĂďůĞĚĐŚŝůĚͿΨϱϬ͘ϬϬ ^ƉĞĐŝĂůǀĞŶƚͬ^ŽƵŶĚŵƉůŝĨŝĐĂƚŝŽŶΨϱϬ͘ϬϬ EŽŶZĞŐƵůĂƚĞĚĐƚŝǀŝƚŝĞƐΨϬ͘ϬϬ DŝƐĐĞůůĂŶĞŽƵƐ ůĞĐƚŝŽŶ&ŝůŝŶŐ&ĞĞƐΨϱϬ͘ϬϬ tĂƌĚDĂƉƐsĂƌŝĂďůĞ ZĞƉŽƌƚƐ͕DĂƉƐ͕ŽĚĞďŽŽŬƐsĂƌŝĂďůĞ WŚŽƚŽŽƉŝĞƐΨϬ͘Ϯϱ EŽƚĂƌǇΨϱ͘ϬϬ EŽƚĂƌǇtŝƚŶĞƐƐ&ĞĞƐΨϭ͘ϬϬ ŽŵĞƐƚŝĐƉĂƌƚŶĞƌƐŚŝƉΨϱϬ͘ϬϬ ĂƚĂWƌĂĐƚŝĐĞƐŚĂƌŐĞƐͲůĞĐƚƌŽŶŝĐZĞĐŽƌĚƐ ĂƚĂWƌĂĐƚŝĐĞƐŚĂƌŐĞƐͲWĂƉĞƌZĞĐŽƌĚƐƵƉƚŽϭϬϬƉĂŐĞƐΨϬ͘Ϯϱ ĂƚĂWƌĂĐƚŝĐĞƐŚĂƌŐĞƐͲWĂƉĞƌZĞĐŽƌĚƐŽǀĞƌϭϬϬƉĂŐĞƐ WƵďůŝĐtŽƌŬƐ ^ĞƌǀŝĐĞ&ĞĞ ^ĂŶŝƚĂƌǇ^ĞǁĞƌĂŶĚtĂƚĞƌŵĂŝŶŽŶŶĞĐƚŝŽŶŚĂƌŐĞΨϭϯϰ͘Ϯϵ ^ĂŶŝƚĂƌǇ^ĞǁĞƌKŶůǇ Ψϳϲ͘ϰϱ tĂƚĞƌŵĂŝŶKŶůǇΨϲϴ͘ϭϳ ^ĞǁĞƌŽƌtĂƚĞƌƉĞƌĞŶƚĞƌůŝŶĞ&ŽŽƚ;ƚŚƌŽƵŐŚƵŶĚĞǀĞůŽƉĞĚƉƌŽƉĞƌƚǇͿ Ψϵϴ͘ϰϲ ^ĞǁĞƌĂŶĚtĂƚĞƌŽŶŶĞĐƚŝŽŶ&ĞĞΨϭϲ͕ϱϯϭ͘Ϭϵ ^ĞǁĞƌĂŶĚtĂƚĞƌŽŶŶĞĐƚŝŽŶ&ĞĞΨϭϲ͕ϱϯϭ͘Ϭϵ ^ĞǁĞƌĂŶĚtĂƚĞƌŽŶŶĞĐƚŝŽŶ&ĞĞΨϯϯ͕ϬϲϮ͘ϮϬ ^ĞǁĞƌĂŶĚtĂƚĞƌŽŶŶĞĐƚŝŽŶ&ĞĞΨϭϬ͕ϳϰϯ͘Ϯϳ 3DFNHW3J (D ^ĞǁĞƌdĂƉƐϰ͟ƉŝƉĞ Ψϭϴϯ͘ϲϯ ^ĞǁĞƌdĂƉƐϲ͟ƉŝƉĞ ΨϮϱϳ͘Ϭϴ ^ĞƌǀŝĐĞ>ŝŶĞZĞƉůĂĐĞŵĞŶƚŚĂƌŐĞƐtĂƚĞƌϱͬϴ͟Ͳϭ͟ Ψϭ͕ϲϭϵ͘Ϭϳ ^ĞƌǀŝĐĞ>ŝŶĞZĞƉůĂĐĞŵĞŶƚŚĂƌŐĞƐtĂƚĞƌϭͲϭͬϮ͟Ͳϯ͟ΨϮ͕ϬϮϱ͘ϳϯ ^ĞƌǀŝĐĞ>ŝŶĞZĞƉůĂĐĞŵĞŶƚŚĂƌŐĞƐtĂƚĞƌϰ͟Ͳϲ͟ ΨϮ͕ϯϳϵ͘ϰϯ ^ĞƌǀŝĐĞ>ŝŶĞZĞƉůĂĐĞŵĞŶƚŚĂƌŐĞƐtĂƚĞƌϴ͟ͲϭϮ͟Ψϯ͕ϮϰϬ͘Ϭϯ ^ĞƌǀŝĐĞ>ŝŶĞZĞƉůĂĐĞŵĞŶƚŚĂƌŐĞƐtĂƚĞƌхϭϮ͟ Ψϰ͕Ϭϱϭ͘ϰϰ ^ĞƌǀŝĐĞ>ŝŶĞZĞƉůĂĐĞŵĞŶƚŚĂƌŐĞƐ^ĞǁĞƌϰ͟Ͳϲ͟Ψϭ͕ϲϭϵ͘Ϭϳ ^ĞƌǀŝĐĞ>ŝŶĞZĞƉůĂĐĞŵĞŶƚŚĂƌŐĞƐ^ĞǁĞƌϴ͟ͲϭϮ͟ ΨϮ͕ϯϳϵ͘ϰϯ ^ĞƌǀŝĐĞ>ŝŶĞZĞƉůĂĐĞŵĞŶƚŚĂƌŐĞƐ^ĞǁĞƌхϭϮ͟Ψϯ͕ϮϰϬ͘Ϭϯ ǀĂŝůĂďŝůŝƚǇŚĂƌŐĞƐtĂƚĞƌ;ƉĞƌĚĞǀĞůŽƉĂďůĞĂĐƌĞͿ Ψϯ͕Ϭϯϲ͘ϲϴ ǀĂŝůĂďŝůŝƚǇŚĂƌŐĞƐ^ĞǁĞƌ;ƉĞƌĚĞǀĞůŽƉĂďůĞĂĐƌĞͿΨϯ͕Ϭϯϲ͘ϲϴ ǀĂŝůĂďŝůŝƚǇŚĂƌŐĞƐ^ĞǁĞƌ;ϭϴƚŚǀĞŶƵĞ^tƐĞǁĞƌŝƐƚͿ;WŚĂƐĞ/Ϳ;ƉĞƌĚĞǀĞůŽƉĂďůĞ ĂĐƌĞͿΨϱ͕Ϭϲϰ͘ϯϯ ǀĂŝůĂďŝůŝƚǇŚĂƌŐĞƐ^ĞǁĞƌ;ϭϴƚŚǀĞŶƵĞ^tƐĞǁĞƌŝƐƚͿ;WŚĂƐĞ//Ϳ;ƉĞƌĚĞǀĞůŽƉĂďůĞ ĂĐƌĞͿΨϰ͕ϳϮϴ͘ϱϴ ǀĂŝůĂďŝůŝƚǇŚĂƌŐĞƐ^ĞǁĞƌ;<ŝŶŐƐZƵŶĂƐƚŽĨϲϬƚŚǀĞŶƵĞͿ;ƉĞƌĚĞǀĞůŽƉĂďůĞĂĐƌĞͿΨϯ͕ϭϯϳ͘ϬϮ ǀĂŝůĂďŝůŝƚǇŚĂƌŐĞƐ^ĞǁĞƌ;<ŝŶŐƐZƵŶtĞƐƚŽĨϲϬƚŚǀĞͿ;ƉĞƌĚĞǀĞůŽƉĂďůĞĂĐƌĞͿΨϰ͕ϯϮϵ͘ϭϮ ǀĂŝůĂďŝůŝƚǇŚĂƌŐĞƐ^ĞǁĞƌ;<ŝŶŐZƵŶϮϴ&E,'ŽůĨŽƵƌƐĞͿ;ƉĞƌĚĞǀĞůŽƉĂďůĞĂĐƌĞͿΨϲ͕ϲϭϵ͘ϰϬ ǀĂŝůĂďŝůŝƚǇŚĂƌŐĞƐ^ĞǁĞƌ;DĂŝŶ^ƚƌĞĞƚƌĞĂͿ;ƉĞƌĚĞǀĞůŽƉĂďůĞĂĐƌĞͿ Ψϰ͕ϯϱϴ͘ϱϴ ǀĂŝůĂďŝůŝƚǇŚĂƌŐĞƐ^ĞǁĞƌ;^dƌƵŶŬ^ĞǁĞƌʹϮϬƚŚ^ƚƌĞĞƚͬsĂůůĞǇƐŝĚĞͿ;ƉĞƌ ĚĞǀĞůŽƉĂďůĞĂĐƌĞͿ Ψϰ͕Ϯϱϭ͘ϯϱ ǀĂŝůĂďŝůŝƚǇŚĂƌŐĞƐ^ĞǁĞƌ;,ĂĚůĞǇsĂůůĞǇͿ;ƉĞƌĚĞǀĞůŽƉĂďůĞĂĐƌĞͿΨϲ͕ϲϳϴ͘ϭϱ ǀĂŝůĂďŝůŝƚǇŚĂƌŐĞƐ^ĞǁĞƌ;ZͲd,ϭϰdƌƵŶŬůŝŶĞͿ;ƉĞƌĚĞǀĞůŽƉĂďůĞĂĐƌĞͿͲĞƐƚ͘Ψϲ͕Ϭϱϴ͘ϵϰ ǀĂŝůĂďŝůŝƚǇŚĂƌŐĞƐ^ĞǁĞƌ;<ZϲͬϭϵƚŚ^ƚƌĞĞƚďĞůŽǁZĞƐĞƌǀŽŝƌͿ;ƉĞƌĚĞǀĞůŽƉĂďůĞ ĂĐƌĞͿΨϱ͕ϬϯϬ͘ϲϴ ǀĂŝůĂďŝůŝƚǇŚĂƌŐĞƐ^ĞǁĞƌ;EtdĞƌƌŝƚŽƌŝĞƐͿ;ƉĞƌĚĞǀĞůŽƉĂďůĞĂĐƌĞͿ Ψϭϴ͕Ϯϴϲ͘ϱϭ ǀĂŝůĂďŝůŝƚǇŚĂƌŐĞƐŽǁŶƐƚƌĞĂŵĂƉĂĐŝƚǇ/ŵƉƌŽǀĞŵĞŶƚƐ;ƉĞƌĚĞǀĞůŽƉĂďůĞĂĐƌĞͿ Ψϭ͕Ϯϭϰ͘ϲϳ ^ƚŽƌŵtĂƚĞƌDĂŶĂŐĞŵĞŶƚWůĂŶƌĞĂŚĂƌŐĞƐ;^tDWͿ;ƉĞƌĚĞǀĞůŽƉĂďůĞĂĐƌĞͿ Ψϯ͕ϳϱϭ͘ϲϲ ^ĞĐƚŝŽŶϳ^tDWΨϭ͕ϴϯϲ͘ϯϰ EtdĞƌƌŝƚŽƌŝĞƐ^tDW ΨϮ͕ϱϰϰ͘ϯϱ ^ƚƌĞĞƚZĞĐŽŶƐƚƌƵĐƚŝŽŶZĞƐŝĚĞŶƚŝĂůŽŶĞƐΨϭϭϯ͘ϲϭ ^ƚƌĞĞƚZĞĐŽŶƐƚƌƵĐƚŝŽŶŽŵŵĞƌĐŝĂůͬ/ŶĚƵƐƚƌŝĂůŽŶĞƐ Ψϭϴϭ͘ϳϳ ^ƚƌĞĞƚZĞĐŽŶƐƚƌƵĐƚŝŽŶͬŽŶĞƐΨϮϭϮ͘Ϭϲ ^ƚƌĞĞƚZĞĐŽŶƐƚƌƵĐƚŝŽŶZĞƐŝĚĞŶƚŝĂůŽŶĞƐ ΨϵϬ͘ϴϴ ^ƚƌĞĞƚZĞĐŽŶƐƚƌƵĐƚŝŽŶŽŵŵĞƌĐŝĂůͬ/ŶĚƵƐƚƌŝĂůŽŶĞƐΨϭϰϳ͘ϲϵ ^ƚƌĞĞƚZĞĐŽŶƐƚƌƵĐƚŝŽŶͬŽŶĞƐ ΨϭϳϬ͘ϰϭ ^ƚƌĞĞƚZĞĐŽŶƐƚƌƵĐƚŝŽŶZĞƐŝĚĞŶƚŝĂůŽŶĞƐΨϯϬ͘Ϯϵ ^ƚƌĞĞƚZĞĐŽŶƐƚƌƵĐƚŝŽŶŽŵŵĞƌĐŝĂůͬ/ŶĚƵƐƚƌŝĂůŽŶĞƐ Ψϰϱ͘ϰϰ ^ƚƌĞĞƚZĞĐŽŶƐƚƌƵĐƚŝŽŶͬŽŶĞƐΨϰϱ͘ϰϰ ^ƚƌĞĞƚZĞŚĂďŝůŝƚĂƚŝŽŶZĞƐŝĚĞŶƚŝĂůŽŶĞƐ ΨϲϬ͘ϱϵ ^ƚƌĞĞƚZĞŚĂďŝůŝƚĂƚŝŽŶŽŵŵĞƌĐŝĂůͬ/ŶĚƵƐƚƌŝĂůŽŶĞƐΨϵϴ͘ϰϲ ^ƚƌĞĞƚZĞŚĂďŝůŝƚĂƚŝŽŶͬŽŶĞƐ Ψϭϭϯ͘ϲϭ ^ƚƌĞĞƚZĞŚĂďŝůŝƚĂƚŝŽŶZĞƐŝĚĞŶƚŝĂůŽŶĞƐΨϯϬ͘Ϯϵ ^ƚƌĞĞƚZĞŚĂďŝůŝƚĂƚŝŽŶŽŵŵĞƌĐŝĂůͬ/ŶĚƵƐƚƌŝĂůŽŶĞƐΨϰϱ͘ϰϰ ^ƚƌĞĞƚZĞŚĂďŝůŝƚĂƚŝŽŶͬŽŶĞƐΨϰϱ͘ϰϰ ^ŝĚĞǁĂůŬͬƉƉƌŽĂĐŚ;ƉĞƌƐƋƵĂƌĞĨŽŽƚͿϰ͟ŽŶĐƌĞƚĞtĂůŬ Ψϭϯ͘ϱϴ ^ŝĚĞǁĂůŬͬƉƉƌŽĂĐŚ;ƉĞƌƐƋƵĂƌĞĨŽŽƚͿϱ͟ŽŶĐƌĞƚĞtĂůŬΨϭϰ͘ϵϵ ^ŝĚĞǁĂůŬͬƉƉƌŽĂĐŚ;ƉĞƌƐƋƵĂƌĞĨŽŽƚͿϲ͟ŽŶĐƌĞƚĞtĂůŬ Ψϭϳ͘ϴϭ ^ŝĚĞǁĂůŬͬƉƉƌŽĂĐŚ;ƉĞƌƐƋƵĂƌĞĨŽŽƚͿϳ͟ŽŶĐƌĞƚĞtĂůŬ ΨϮϮ͘Ϭϰ ^ŝĚĞǁĂůŬͬƉƉƌŽĂĐŚ;ƉĞƌƐƋƵĂƌĞĨŽŽƚͿϯ͟ŝƚƵŵŝŶŽƵƐƌŝǀĞƉƉƌŽĂĐŚ;ƉĞƌƐƋǇĚͿ Ψϯϳ͘ϭϴ ^ŝĚĞǁĂůŬͬƉƉƌŽĂĐŚ;ƉĞƌƐƋƵĂƌĞĨŽŽƚͿϲ͟ŽŶĐƌĞƚĞƌŝǀĞƉƉƌŽĂĐŚ;ƉĞƌƐƋǇĚͿ Ψϱϲ͘ϳϰ 3DFNHW3J (D ^ŝĚĞǁĂůŬͬƉƉƌŽĂĐŚ;ƉĞƌƐƋƵĂƌĞĨŽŽƚͿϳ͟ŽŶĐƌĞƚĞƌŝǀĞƉƉƌŽĂĐŚ;ƉĞƌƐƋǇĚͿΨϲϮ͘ϰϮ ^ƵďƐƚĂŶĚĂƌĚZŽĂĚǁĂǇŚĂƌŐĞƐ;ƉĞƌĨŽŽƚŽĨĨƌŽŶƚĂŐĞͿZĞƐŝĚĞŶƚŝĂůŽŶĞƐ ΨϭϮϭ͘ϭϴ ^ƵďƐƚĂŶĚĂƌĚZŽĂĚǁĂǇŚĂƌŐĞƐ;ƉĞƌĨŽŽƚŽĨĨƌŽŶƚĂŐĞͿŽŵŵĞƌĐŝĂůŽŶĞƐΨϭϱϭ͘ϰϳ ^ƵďƐƚĂŶĚĂƌĚZŽĂĚǁĂǇŚĂƌŐĞƐ;ƉĞƌĨŽŽƚŽĨĨƌŽŶƚĂŐĞͿ/ŶĚƵƐƚƌŝĂůŽŶĞƐ Ψϭϴϭ͘ϳϳ ^ƵďƐƚĂŶĚĂƌĚZŽĂĚǁĂǇŚĂƌŐĞƐ;ƉĞƌĨŽŽƚŽĨĨƌŽŶƚĂŐĞͿtĂůŬǁĂǇͬWĂƚŚǁĂǇ;ŝĨƉĂƚŚŝƐ ŐƌĂĚĞĚͿ Ψϯϳ͘ϴϳ ^ƵďƐƚĂŶĚĂƌĚZŽĂĚǁĂǇŚĂƌŐĞƐ;ƉĞƌĨŽŽƚŽĨĨƌŽŶƚĂŐĞͿtĂůŬǁĂǇͬWĂƚŚǁĂǇ;ŝĨƉĂƚŚŝƐ ŶŽƚŐƌĂĚĞĚͿ Ψϲϴ͘ϭϲ ůůĞǇZĞĐŽŶƐƚƌƵĐƚŝŽŶ;ƉĞƌĨŽŽƚŽĨĨƌŽŶƚĂŐĞͿZĞƐŝĚĞŶƚŝĂůŽŶĞƐ;ŝƚƵŵŝŶŽƵƐͿΨϯϰ͘ϯϱ ůůĞǇZĞĐŽŶƐƚƌƵĐƚŝŽŶ;ƉĞƌĨŽŽƚŽĨĨƌŽŶƚĂŐĞͿŽǁŶƚŽǁŶŽŵŵĞƌĐŝĂůŽŶĞƐ ;ŽŶĐƌĞƚĞͿΨϭϬϭ͘ϳϳ ^ĞĂůŽĂƚŝŶŐĨŽƌEĞǁĞǀĞůŽƉŵĞŶƚEĞǁĞǀĞůŽƉŵĞŶƚ;ƐƋǇĚͿΨϭ͘ϱϴ WĞĚĞƐƚƌŝĂŶZĂŵƉ;ƐƚĂŶĚĂƌĚŝŶƚĞƌƐĞĐƚŝŽŶͿ Ψϯ͕Ϯϯϭ͘Ϭϯ WĞĚĞƐƚƌŝĂŶZĂŵƉ;ŶŽŶƚƌĂĚŝƚŝŽŶĂůŝŶƚĞƌƐĞĐƚŝŽŶͿĐƚƵĂůŽƐƚ WĞĚĞƐƚƌŝĂŶZĂŵƉDŝĚůŽĐŬZĂŵƉΨϭ͕ϮϵϮ͘ϰϭ ^ƚƌĞĞƚ^ŝŐŶ&ĞĞƐ;ƉĞƌƐƋƵĂƌĞĨŽŽƚͿΨϴϬ͘ϬϬ 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tĂƐƚĞƌǁĂƚĞƌ&ĞĞWŽƌƚĂďůĞdŽŝůĞĚtĂƐƚĞΨϭϯϯ͘ϬϬ tĂƐƚĞǁĂƚĞƌ&ĞĞ&ĂƚƐ͕KŝůƐĂŶĚ'ƌĞĂƐĞΨϯϯ͘ϬϬ tĂƐƚĞǁĂƚĞƌ&ĞĞZĞƐŝĚĞŶƚŝĂůW/&Ψϯ͕ϰϬϬ͘ϬϬ tĂƐƚĞǁĂƚĞƌ&ĞĞDƵůƚŝƉůĞǁĞůůŝŶŐhŶŝƚW/&ΨϮ͕ϳϮϬ͘ϬϬ tĂƐƚĞǁĂƚĞƌ&ĞĞDĞƚĞƌ^ŝǌĞW/&ϱͬϴΗyϯͬϰΗΨϮϬϰ͘ϬϬ tĂƐƚĞǁĂƚĞƌ&ĞĞDĞƚĞƌ^ŝǌĞW/&ϱͬϴΗyϯͬϰΗΨϱ͕ϭϬϬ͘ϬϬ tĂƐƚĞǁĂƚĞƌ&ĞĞDĞƚĞƌ^ŝǌĞW/&ϯͬϰΗΨϭϰ͕ϯϬϬ͘ϬϬ tĂƐƚĞǁĂƚĞƌ&ĞĞDĞƚĞƌ^ŝǌĞW/&ϭΗΨϮϬ͕ϭϬϬ͘ϬϬ tĂƐƚĞǁĂƚĞƌ&ĞĞDĞƚĞƌ^ŝǌĞW/&ϭͲϭͬϮΗΨϰϱ͕ϲϬϬ͘ϬϬ tĂƐƚĞǁĂƚĞƌ&ĞĞDĞƚĞƌ^ŝǌĞW/&ϮΗΨϭϬϬ͕ϬϬϬ͘ϬϬ tĂƐƚĞǁĂƚĞƌ&ĞĞ/ŶĚƵƐƚƌŝĂůŝƐĐŚĂƌŐĞWĞƌŵŝƚW/&&ůŽǁΨϰϳϭ͘ϬϬ tĂƐƚĞǁĂƚĞƌ&ĞĞ/ŶĚƵƐƚƌŝĂůŝƐĐŚĂƌŐĞWĞƌŵŝƚW/&KΨϭϱϮ͘ϬϬ tĂƐƚĞǁĂƚĞƌ&ĞĞ/ŶĚƵƐƚƌŝĂůŝƐĐŚĂƌŐĞWĞƌŵŝƚW/&d^^ΨϳϮ͘ϬϬ tĂƐƚĞǁĂƚĞƌ&ĞĞ/ŶĚƵƐƚƌŝĂůŝƐĐŚĂƌŐĞWĞƌŵŝƚW/&dWΨϭ͕ϳϭϱ͘ϬϬ tĂƐƚĞǁĂƚĞƌ&ĞĞ/ŶĚƵƐƚƌŝĂůŝƐĐŚĂƌŐĞWĞƌŵŝƚW/&E,ϯͲEΨϴϳϳ͘ϬϬ ŝƉƐdŝĐŬĞƚƐ͗ ^ŝŶŐĞZŝĚĞ&ĂƌĞΨϯ͘ϬϬ ϱZŝĚĞdŝĐŬĞƚΨϭϱ͘ϬϬ ϭϬZŝĚĞdŝĐŬĞƚΨϯϬ͘ϬϬ ƵƐWĂƐƐĞƐ͗ ^ŝŶŐůĞZŝĚĞ͗ ĚƵůƚΨϮ͘ϬϬ zŽƵƚŚΨϭ͘ϬϬ ZĞĚƵĐĞĚ&ĂƌĞƐΨϭ͘ϬϬ ϱĂŶĚhŶĚĞƌ&ƌĞĞ ϭϬZŝĚĞdŝĐŬĞƚ͗ ĚƵůƚΨϭϲ͘ϬϬ zŽƵƚŚΨϴ͘ϬϬ ZĞĚƵĐĞĚ&ĂƌĞƐΨϴ͘ϬϬ ϮϬZŝĚĞdŝĐŬĞƚ;ĚƵůƚͿΨϮϲ͘ϬϬ ^ƚƵĚĞŶƚƐ͗ ϵϬĂǇΨϲϬ͘ϬϬ ϭϮϬĂǇΨϴϬ͘ϬϬ ϭϱϬĂǇΨϭϬϬ͘ϬϬ KƚŚĞƌ&ĂƌĞƐ͗ ϯϭĂǇhŶůŝŵŝƚĞĚΨϰϮ͘ϬϬ ŶŶƵĂůhŶůŝŵŝƚĞĚΨϰϴϬ͘ϬϬ ŶŶƵĂůͬϭϬйŵƉůŽǇĞĞWƌŽŐƌĂŵΨϰϯϮ͘ϬϬ ^ŚŽƉΘZŝĚĞΨϭ͘ϰϬ WĂƌŬΘZŝĚĞϯϭĂǇΨϰϮ͘ϬϬ dƌĂŶƐĨĞƌƐ&ƌĞĞͲKŶĞƉĞƌƚƌŝƉ sĞƚĞƌĂŶΖƐ&ĂƌĞƐ&ƌĞĞĨŽƌĚŝƐĂďůĞĚǀĞƚĞƌĂŶƐ ƵŝůĚŝŶŐ^ĂĨĞƚǇ ^ĞƌǀŝĐĞ&ĞĞ ŽŶƐƚƌƵĐƚŝŽŶZĞůĂƚĞĚ&ĞĞƐ ƵŝůĚŝŶŐWĞƌŵŝƚ&ĞĞƐ dŽƚĂůsĂůƵĂƚŝŽŶ͗Ψϭ͘ϬϬƚŽΨϱϬϬ͘ϬϬΨϮϱ͘ϬϬ dŽƚĂůsĂůƵĂƚŝŽŶ͗ΨϱϬϭ͘ϬϬƚŽΨϮ͕ϬϬϬ͘ϬϬ &ŝƌƐƚΨϱϬϬΨϮϱ͘ϬϬ WĞƌĞĂĐŚĂĚĚŝƚŝŽŶĂůΨϭ͕ϬϬϬΨϮ͘ϬϬ dŽƚĂůsĂůƵĂƚŝŽŶ͗ΨϮ͕ϬϬϭ͘ϬϬƚŽΨϮϱ͕ϬϬϬ͘ϬϬ &ŝƌƐƚΨϮ͕ϬϬϬΨϱϱ͘ϬϬ WĞƌĞĂĐŚĂĚĚŝƚŝŽŶĂůΨϭ͕ϬϬϬΨϵ͘ϬϬ dŽƚĂůsĂůƵĂƚŝŽŶ͗ΨϮϱ͕ϬϬϭ͘ϬϬƚŽΨϱϬ͕ϬϬϬ͘ϬϬ &ŝƌƐƚΨϮϱ͕ϬϬϬΨϮϲϮ͘ϬϬ WĞƌĞĂĐŚĂĚĚŝƚŝŽŶĂůΨϭ͕ϬϬϬΨϲ͘ϱϬ dŽƚĂůsĂůƵĂƚŝŽŶ͗ΨϱϬ͕ϬϬϭ͘ϬϬƚŽΨϭϬϬ͕ϬϬϬ͘ϬϬ &ŝƌƐƚΨϱϬ͕ϬϬϬΨϰϮϰ͘ϱϬ WĞƌĞĂĐŚĂĚĚŝƚŝŽŶĂůΨϭ͕ϬϬϬΨϰ͘ϱϬ 3DFNHW3J (D dŽƚĂůsĂůƵĂƚŝŽŶ͗ΨϭϬϬ͕ϬϬϭ͘ϬϬƚŽΨϱϬϬ͕ϬϬϬ͘ϬϬ &ŝƌƐƚΨϭϬϬ͕ϬϬϬΨϲϰϵ͘ϱϬ WĞƌĞĂĐŚĂĚĚŝƚŝŽŶĂůΨϭ͕ϬϬϬΨϯ͘ϱϬ dŽƚĂůsĂůƵĂƚŝŽŶ͗Ψϭ͕ϬϬϬ͕ϬϬϭ͘ϬϬĂŶĚƵƉ &ŝƌƐƚΨϭ͕ϬϬϬ͕ϬϬϬΨϯ͕ϱϰϵ͘ϱϬ WĞƌĞĂĐŚĂĚĚŝƚŝŽŶĂůΨϭ͕ϬϬϬΨϮ͘ϬϬ ƵŝůĚŝŶŐWůĂŶZĞǀŝĞǁ&ĞĞƐ;ƉĞƌĐĞŶƚŽĨďƵŝůĚŝŶŐƉĞƌŵŝƚĨĞĞͿ &ŽƌƐƚƌƵĐƚƵƌĞƐƉĞƌŵŝƚƚĞĚƵŶĚĞƌƚŚĞ/ŶƚĞƌŶĂƚŝŽŶĂůZĞƐŝĚĞŶƚŝĂůŽĚĞ;/ZͿϯϱй &ŽƌĂůůŽƚŚĞƌƐƚƌƵĐƚƵƌĞƐϲϱй ƵŝůĚŝŶŐWůĂŶZĞǀŝĞǁ&ĞĞƐͲDĂƐƚĞƌWůĂŶ;ƉĞƌĐĞŶƚŽĨďƵŝůĚŝŶŐƉĞƌŵŝƚĨĞĞͿ &ŽƌƐŝŵŝůĂƌƉůĂŶƐďĂƐĞĚŽŶĂŶĂƉƉƌŽǀĞĚŵĂƐƚĞƌƉůĂŶϭϱй &ŽƌĂůůŽƚŚĞƌƐƚƌƵĐƚƵƌĞƐϮϱй dƌĂĚĞWĞƌŵŝƚƐ ƉƉůŝĐĂƚŝŽŶ&ĞĞΨϮϱ͘ϬϬ WĞƌŵŝƚ&ĞĞ sĂůƵĂƚŝŽŶŽĨǁŽƌŬ͗Ψϭ͘ϬϬƚŽΨϱϬϬ͘ϬϬΨϬ͘ϬϬ sĂůƵĂƚŝŽŶŽĨǁŽƌŬ͗ΨϱϬϭ͘ϬϬƚŽΨϭ͕ϬϬϬΨϭϬ͘ϬϬ sĂůƵĂƚŝŽŶŽĨǁŽƌŬ͗Ψϭ͕ϬϬϭĂŶĚƵƉ;ƉĞƌĞĂĐŚĂĚĚŝƚŝŽŶĂůΨϭ͕ϬϬϬͿΨϭϬ͘ϬϬ /ŶƐƉĞĐƚŝŽŶƐŽƵƚƐŝĚĞŶŽƌŵĂůďƵƐŝŶĞƐƐŚŽƵƌƐ;ƉĞƌŚŽƵƌͿΨϰϱ͘ϬϬ ZĞͲ/ŶƐƉĞĐƚŝŽŶƐ;ƉĞƌŚŽƵƌͿΨϰϱ͘ϬϬ /ŶƐƉĞĐƚŝŽŶƐĨŽƌǁŚŝĐŚŶŽĨĞĞŝƐƐƉĞĐŝĨŝĐĂůůǇŝŶĚŝĐĂƚĞĚ;ƉĞƌŚŽƵƌͿΨϰϱ͘ϬϬ ĚĚŝƚŝŽŶĂůWůĂŶZĞǀŝĞǁ;ƉĞƌŚŽƵƌͿΨϰϱ͘ϬϬ ZĞƐŝĚĞŶƚŝĂů&ŽŽƚŝŶŐͬ&ŽƵŶĚĂƚŝŽŶWĞƌŵŝƚΨϭϬϬ͘ϬϬ ZĞŶƚĂůWƌŽƉĞƌƚǇZĞůĂƚĞĚ&ĞĞƐ ZĞŶƚĂůWƌŽƉĞƌƚǇZĞŐŝƐƚƌĂƚŝŽŶĞƌƚŝĨŝĐĂƚĞ&ĞĞƐ;ĞĂĐŚďƵŝůĚŝŶŐͿΨϵϬ͘ϬϬ ZĞŶƚĂůWƌŽƉĞƌƚǇZĞŐŝƐƚƌĂƚŝŽŶĞƌƚŝĨŝĐĂƚĞ&ĞĞƐ;ƉĞƌƵŶŝƚͿΨϯϬ͘ϬϬ ZĞŶƚĂůĞƌƚŝĨŝĐĂƚĞdƌĂŶƐĨĞƌ&ĞĞΨϮϬ͘ϬϬ ŶĂĚĚŝƚŝŽŶĂůϭϬйŽĨƚŚĞƌĞŶĞǁĂůĨĞĞĚƵĞ͕ƵƉƚŽĂŵĂǆŝŵƵŵ ZĞŐŝƐƚƌĂƚŝŽŶĞƌƚŝĨŝĐĂƚĞ>ĂƚĞ&ĞĞƐ;ƵƉƚŽϯϬĚĂǇƐƉĂƐƚĚƵĞͿŽĨΨϯϬĨŽƌŽŶĞƚŽϯϬĚĂǇƐƉĂƐƚĚƵĞ͘ ŶĂĚĚŝƚŝŽŶĂůϮϱйŽĨƚŚĞƌĞŶĞǁĂůĨĞĞĚƵĞ͕ƵƉƚŽĂŵĂǆŝŵƵŵ ZĞŐŝƐƚƌĂƚŝŽŶĞƌƚŝĨŝĐĂƚĞ>ĂƚĞ&ĞĞƐ;ďĞǇŽŶĚϯϬĚĂǇƐƉĂƐƚĚƵĞͿŽĨΨϱϬĂĨƚĞƌϯϬĚĂǇƐƉĂƐƚĚƵĞ͘ DŝƐƐĞĚƉƉŽŝŶƚŵĞŶƚ&ĞĞΨϰϱ͘ϬϬ ZĞͲ/ŶƐƉĞĐƚŝŽŶ&ĞĞΨϰϱ͘ϬϬ ĚŵŝŶŝƐƚƌĂƚŝǀĞ&ĞĞΨϵϬ͘ϬϬ ZĞͲŝŶƐƚĂƚĞŵĞŶƚ&ĞĞ;&ŝƌƐƚhŶŝƚͿΨϭϬϬ͘ϬϬ ZĞͲŝŶƐƚĂƚĞŵĞŶƚ&ĞĞ;ĂĐŚĚĚŝƚŝŽŶĂůhŶŝƚͿΨϮϬ͘ϬϬ 'ƌĂĚŝŶŐWůĂŶWĞƌŵŝƚƐ ϱϬĐƵďŝĐǇĂƌĚƐŽƌůĞƐƐΨϬ͘ϬϬ ϱϭƚŽϭϬϬĐƵďŝĐǇĂƌĚƐΨϮϱ͘ϬϬ ϭϬϭƚŽϭ͕ϬϬϬĐƵďŝĐǇĂƌĚƐΨϰϬ͘ϬϬ ϭ͕ϬϬϭƚŽϭϬ͕ϬϬϬĐƵďŝĐǇĂƌĚƐΨϱϬ͘ϬϬ ϭϬ͕ϬϬϭƚŽϭϬϬ͕ϬϬϬĐƵďŝĐǇĂƌĚƐ &ŝƌƐƚϭϬ͕ϬϬϬĐƵďŝĐǇĂƌĚƐΨϱϬ͘ϬϬ WĞƌĞĂĐŚĂĚĚŝƚŝŽŶĂůϭϬ͕ϬϬϬĐƵďŝĐǇĂƌĚƐΨϮϱ͘ϬϬ ϭϬϬ͕ϬϬϭƚŽϮϬϬ͕ϬϬϬĐƵďŝĐǇĂƌĚƐ &ŝƌƐƚϭϬϬ͕ϬϬϬĐƵďŝĐǇĂƌĚƐΨϮϳϱ͘ϬϬ WĞƌĞĂĐŚĂĚĚŝƚŝŽŶĂůϭϬ͕ϬϬϬĐƵďŝĐǇĂƌĚƐΨϭϱ͘ϬϬ ϮϬϬ͕ϬϬϭĐƵďŝĐǇĂƌĚƐŽƌŵŽƌĞ &ŝƌƐƚϮϬϬ͕ϬϬϬĐƵďŝĐǇĂƌĚƐΨϰϭϬ͘ϬϬ WĞƌĞĂĐŚĂĚĚŝƚŝŽŶĂůϭϬ͕ϬϬϬĐƵďŝĐǇĂƌĚƐΨϭϬ͘ϬϬ ŽŶŝŶŐWĞƌŵŝƚ&ĞĞΨϮϰϬ͘ϬϬ 'ƌĂĚŝŶŐWůĂŶZĞǀŝĞǁƐ ϱϬĐƵďŝĐǇĂƌĚƐŽƌůĞƐƐΨϮϱ͘ϬϬ ϱϭƚŽϭϬϬĐƵďŝĐǇĂƌĚƐΨϰϬ͘ϬϬ ϭϬϭƚŽϭ͕ϬϬϬĐƵďŝĐǇĂƌĚƐ &ŝƌƐƚϭϬϬĐƵďŝĐǇĂƌĚƐΨϰϬ͘ϬϬ WĞƌĞĂĐŚĂĚĚŝƚŝŽŶĂůϭϬϬĐƵďŝĐǇĂƌĚƐΨϭϴ͘ϬϬ ϭ͕ϬϬϭƚŽϭϬ͕ϬϬϬĐƵďŝĐǇĂƌĚƐ 3DFNHW3J (D &ŝƌƐƚϭ͕ϬϬϬĐƵďŝĐǇĂƌĚƐΨϮϬϮ͘ϬϬ WĞƌĞĂĐŚĂĚĚŝƚŝŽŶĂůϭ͕ϬϬϬĐƵďŝĐǇĂƌĚƐΨϭϱ͘ϬϬ ϭϬ͕ϬϬϭƚŽϭϬϬ͕ϬϬϬĐƵďŝĐǇĂƌĚƐ &ŝƌƐƚϭϬ͕ϬϬϬĐƵďŝĐǇĂƌĚƐΨϯϯϳ͘ϬϬ WĞƌĞĂĐŚĂĚĚŝƚŝŽŶĂůϭϬ͕ϬϬϬĐƵďŝĐǇĂƌĚƐΨϳϬ͘ϬϬ ϭϬϬ͕ϬϬϭĐƵďŝĐǇĂƌĚƐŽƌŵŽƌĞ &ŝƌƐƚϭϬϬ͕ϬϬϬĐƵďŝĐǇĂƌĚƐΨϵϲϳ͘ϬϬ WĞƌĞĂĐŚĂĚĚŝƚŝŽŶĂůϭϬ͕ϬϬϬĐƵďŝĐǇĂƌĚƐΨϰϬ͘ϬϬ WůĂŶŶŝŶŐĂŶĚŽŶŝŶŐ ^ĞƌǀŝĐĞ&ĞĞ ŽŶŝŶŐĞƌƚŝĨŝĐĂƚĞ&ĞĞƐ ͘ZĞƐŝĚĞŶƚĂůhƐĞƐ;sĂůƵĞƐŽĨŝŵƉƌŽǀĞŵĞŶƚďƵŝůĚŝŶŐ͕ŐƌĂĚŝŶŐ͕ĞƚĐ͕͘ĂĐĐŽƌĚŝŶŐƚŽ ƚŚĞĨŽůůŽǁŝŶŐƐĐŚĞĚƵůĞͿ ΨϭƚŽΨϱϬϬ;ƉĞƌƉĞƌŵŝƚͿΨϯϬ͘ϬϬ ΨϱϬϭƚŽΨϮ͕ϬϬϬ &ŝƌƐƚΨϱϬϬΨϯϬ͘ϬϬ WĞƌĞĂĐŚĂĚĚŝƚŝŽŶĂůΨϭϬϬΨϭ͘ϴϬ ΨϮϬϬϭƚŽΨϮϱ͕ϬϬϬ Ψϱϳ͘ϬϬ &ŝƌƐƚΨϮϬϬϬ WĞƌĞĂĐŚĂĚĚŝƚŝŽŶĂůΨϭ͕ϬϬϬΨϯ͘ϰϬ ΨϮϱ͕ϬϬϭƚŽΨϱϬ͕ϬϬϬ &ŝƌƐƚΨϮϱ͕ϬϬϬΨϭϯϱ͘ϮϬ ΨϮ͘ϰϬ WĞƌĞĂĐŚĂĚĚŝƚŝŽŶĂůΨϭ͕ϬϬϬ ΨϱϬ͕ϬϬϭƚŽΨϭϬϬ͕ϬϬϬ Ψϭϵϱ͘ϮϬ &ŝƌƐƚΨϮϬϬϬ WĞƌĞĂĐŚĂĚĚŝƚŝŽŶĂůΨϭ͕ϬϬϬΨϬ͘ϴϬ ΨϭϬϬ͕ϬϬϭĂŶĚƵƉ &ŝƌƐƚΨϭϬϬ͕ϬϬϬΨϮϯϱ͘ϮϬ ΨϬ͘Ϯϱ WĞƌĞĂĐŚĂĚĚŝƚŝŽŶĂůΨϭ͕ϬϬϬ ͘DƵůƚŝƉůĞ&ĂŵŝůǇĂŶĚEŽŶͲZĞƐŝĚĞŶƚŝĂůhƐĞƐ͗;sĂůƵĞƐŽĨŝŵƉƌŽǀĞŵĞŶƚďƵŝůĚŝŶŐ͕ ŐƌĂĚŝŶŐ͕ĞƚĐ͕͘ĂĐĐŽƌĚŝŶŐƚŽƚŚĞĨŽůůŽǁŝŶŐƐĐŚĞĚƵůĞͿ ΨϭƚŽΨϱϬϬ;ƉĞƌƉĞƌŵŝƚͿΨϯϬ͘ϬϬ ΨϱϬϭƚŽΨϮ͕ϬϬϬ &ŝƌƐƚΨϱϬϬΨϯϬ͘ϬϬ WĞƌĞĂĐŚĂĚĚŝƚŝŽŶĂůΨϭϬϬΨϮ͘ϯϬ ΨϮϬϬϭƚŽΨϮϱ͕ϬϬϬ Ψϲϰ͘ϱϬ &ŝƌƐƚΨϮϬϬϬ WĞƌĞĂĐŚĂĚĚŝƚŝŽŶĂůΨϭ͕ϬϬϬΨϰ͘ϴϬ ΨϮϱ͕ϬϬϭƚŽΨϱϬ͕ϬϬϬ &ŝƌƐƚΨϮϱ͕ϬϬϬΨϭϳϰ͘ϵϬ ΨϮ͘ϭϬ WĞƌĞĂĐŚĂĚĚŝƚŝŽŶĂůΨϭ͕ϬϬϬ ΨϱϬ͕ϬϬϭƚŽΨϭϬϬ͕ϬϬϬ ΨϮϮϳ͘ϰϬ &ŝƌƐƚΨϮϬϬϬ WĞƌĞĂĐŚĂĚĚŝƚŝŽŶĂůΨϭ͕ϬϬϬΨϭ͘ϰϬ ΨϭϬϬ͕ϬϬϭĂŶĚƵƉ &ŝƌƐƚΨϭϬϬ͕ϬϬϬΨϮϵϳ͘ϰϬ ΨϬ͘Ϯϱ WĞƌĞĂĐŚĂĚĚŝƚŝŽŶĂůΨϭ͕ϬϬϬ tŚĞŶƚŚĞďƵŝůĚŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶŽƌƌĞŵŽĚĞůŝŶŐŚĂƐŽĐĐƵƌƌĞĚ ƉƌŝŽƌƚŽŝƐƐƵŝŶŐŽĨƚŚĞǌŽŶŝŶŐĐĞƌƚŝĨŝĐĂƚĞ͕ĂĚŽƵďůĞĨĞĞŵĂǇďĞ ͘ŽƵďůĞ&ĞĞ͗ŝŵƉŽƐĞĚ͘ ͘KƚŚĞƌŽŶŝŶŐWĞƌŵŝƚƐ͗ ^ƚĂĨĨƵƚŚŽƌŝǌĞĚŽŶŝŶŐĞƌƚŝĨŝĐĂƚĞΨϯϬ͘ϬϬ DŽďŝůĞ,ŽŵĞ/ŶƐƚĂůůĂƚŝŽŶΨϰϬ͘ϬϬ ^ŝŐŶhƐĞEŽŶͲZĞƐŝĚĞŶƚŝĂůŽŶŝŶŐĞƌƚŝĨŝĐĂƚĞĨĞĞ ĚǀĞƌƚŝƐŝŶŐ^ŝŐŶ EĞǁ^ŝŐŶΨϮϰϬ͘ϬϬ ^ŝŐŶƌĞĚŝƚΨϭϴϬ͘ϬϬ DŽǀŝŶŐWĞƌŵŝƚΨϭϯϬ͘ϬϬ ΨϮϰϬ͘ϬϬ 'ƌĂĚŝŶŐͬƌŽƐŝŽŶWĞƌŵŝƚ ĞŵŽůŝƚŝŽŶWĞƌŵŝƚhƐĞEŽŶͲZĞƐŝĚĞŶƚŝĂůŽŶŝŶŐĞƌƚŝĨŝĐĂƚĞĨĞĞ ΨϰϬ͘ϬϬ ,ŽƵƐŝŶŐĞƌƚŝĨŝĐĂƚĞ 3DFNHW3J (D ŽŵƉůŝĂŶĐĞ>ĞƚƚĞƌ ^ŝŶŐůĞ&ĂŵŝůǇΨϭϯϬ͘ϬϬ ΨϮϮϬ͘ϬϬ KƚŚĞƌ dĞŵƉŽƌĂƌǇhƐĞWĞƌŵŝƚΨϭϭϱ͘ϬϬ tĞƚůĂŶĚ&ĞĞƐ ǆĞŵƉƚŝŽŶĞƚĞƌŵŝŶĂƚŝŽŶΨϯϬϬ͘ϬϬ ΨϮϲϬ͘ϬϬ EŽͲ>ŽƐƐĞƚĞƌŵŝŶĂƚŝŽŶ ĞůŝŶĞĂƚŝŽŶZĞǀŝĞǁ ΨϰϭϬ͘ϬϬ ϭĂĐƌĞŽƌůĞƐƐ ϭͲϭϬĂĐƌĞƐΨϵϬϬ͘ϬϬ Ψϭ͕ϮϵϬ͘ϬϬ ϭϭнĂĐƌĞƐ ZĞƉůĂĐĞŵĞŶƚWůĂŶ ΨϳϴϬ͘ϬϬ ϭĂĐƌĞŽƌůĞƐƐ ϭͲϭϬĂĐƌĞƐΨϭ͕ϲϳϬ͘ϬϬ ΨϮ͕ϰϳϬ͘ϬϬ ϭϭнĂĐƌĞƐ ^ĞƋƵĞŶĐŝŶŐWůĂŶΨϳϲϬ͘ϬϬ ΨϰϲϬ͘ϬϬ ƉƉĞĂů ĂŶŬŝŶŐWůĂŶ ΨϳϴϬ͘ϬϬ ϭĂĐƌĞŽƌůĞƐƐ ϭͲϭϬĂĐƌĞƐΨϭ͕ϲϳϬ͘ϬϬ ΨϮ͕ϰϳϬ͘ϬϬ ϭϭнĂĐƌĞƐ ŶŶƵĂůDŽŶŝƚŽƌŝŶŐZĞƉŽƌƚΨϭϯϮ͘ϬϬ ĞǀĞůŽƉŵĞŶƚƉƉůŝĐĂƚŝŽŶ&ĞĞƐ ZŽĐŚĞƐƚĞƌhƌďĂŶ^ĞƌǀŝĐĞƌĞĂ>ĂŶĚhƐĞWůĂŶŵĞŶĚŵĞŶƚΨϮ͕ϮϮϬ͘ϬϬ ΨϮ͕ϬϱϬ͘ϬϬ 'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶ dǇƉĞϭ ΨϮϲϬ͘ϬϬ ,ŽŵĞKĐĐƵƉĂƚŝŽŶ ^ŝƚĞĞǀĞůŽƉŵĞŶƚΨϲϮϬ͘ϬϬ ΨϮϭϬ͘ϬϬ ĞƐŝŐŶDŽĚŝĨŝĐĂƚŝŽŶ >ĂŶĚ^ƵďĚŝǀŝƐŝŽŶWĞƌŵŝƚΨϳϬϬ͘ϬϬ ΨϴϬϬ͘ϬϬ WhŵĞŶĚŵĞŶƚƐ WĞƌĨŽƌŵĂŶĐĞZĞƐŝĚĞŶƚŝĂůΨϴϬϬ͘ϬϬ ΨϴϬϬ͘ϬϬ ŽŶĚŝƚŝŽŶĂůhƐĞŚĂŶŐĞƐ ŵĞŶĚŵĞŶƚƚŽ'WΨϴϬϬ͘ϬϬ dǇƉĞϮ Ψϭ͕ϰϮϬ͘ϬϬ /ĨWƵďůŝĐ,ĞĂƌŝŶŐŝƐƌĞƋƵĞƐƚĞĚΨϭϰϬ͘ϬϬ Ψϭ͕ϵϬϬ͘ϬϬ dǇƉĞ///ͲWŚĂƐĞ/ dǇƉĞ///ͲWŚĂƐĞ//ΨϮ͕ϮϭϬ͘ϬϬ Ψϭ͕ϵϬϬ͘ϬϬ dǇƉĞ///ͲWŚĂƐĞ/// dǇƉĞϯͲWŚĂƐĞ/ͲsĂƌŝĂŶĐĞ ΨϳϮϬ͘ϬϬ ZĞƐŝĚĞŶƚŝĂůhƐĞ ZĞƐŝĚĞŶƚŝĂůhƐĞǁŝƚŚDƵůƚŝƉůĞ>ŽƚƐ;ƉĞƌĂƉƉůŝĐĂƚŝŽŶͿΨϳϭϲ͘ϬϬ ΨϮϱϬ͘ϬϬ ZĞƐŝĚĞŶƚŝĂůhƐĞǁŝƚŚDƵůƚŝƉůĞ>ŽƚƐ;ƉĞƌĂĚĚŝƚŝŽŶĂůůŽƚͿ EŽŶͲZĞƐŝĚĞŶƚŝĂůhƐĞΨϭ͕ϰϰϬ͘ϬϬ ΨϯϲϬ͘ϬϬ ƉƉĞĂůƐ dǇƉĞ//>ĂŶĚ^ƵďĚŝǀŝƐŝŽŶWĞƌŵŝƚ;ƉĞƌĂƉƉůŝĐĂƚŝŽŶͿΨϭ͕ϲϴϬ͘ϬϬ ΨϯϬ͘ϬϬ dǇƉĞ//>ĂŶĚ^ƵďĚŝǀŝƐŝŽŶWĞƌŵŝƚ;ƉĞƌůŽƚͿ dǇƉĞ///>ĂŶĚ^ƵďĚŝǀŝƐŝŽŶWĞƌŵŝƚ;ƉĞƌĂƉƉůŝĐĂƚŝŽŶͿΨϮ͕ϬϭϬ͘ϬϬ ΨϯϬ͘ϬϬ dǇƉĞ///>ĂŶĚ^ƵďĚŝǀŝƐŝŽŶWĞƌŵŝƚ;ƉĞƌůŽƚͿ dǇƉĞ///&ŝŶĂůWůĂƚ;ƉĞƌĂƉƉůŝĐĂƚŝŽŶͿΨϭ͕ϰϰϬ͘ϬϬ ΨϯϬ͘ϬϬ dǇƉĞ///&ŝŶĂůWůĂƚ;ƉĞƌůŽƚͿ EĞǁ^ƉĞĐŝĂůŝƐƚƌŝĐƚ ΨϮ͕ϲϲϬ͘ϬϬ ϭĂĐƌĞŽƌůĞƐƐ;ƉĞƌĂƉƉůŝĐĂƚŝŽŶͿ ϭͲϭϬĂĐƌĞƐ ΨϮ͕ϲϲϬ͘ϬϬ &ŝƌƐƚϭĂĐƌĞ WĞƌĂĐŚĂĚĚŝƚŝŽŶĂůĂĐƌĞΨϳϲ͘ϬϬ ϭϭͲϵϵĂĐƌĞƐ Ψϯ͕ϰϮϬ͘ϬϬ &ŝƌƐƚϭϭĂĐƌĞƐ WĞƌĂĐŚĂĚĚŝƚŝŽŶĂůĂĐƌĞΨϮϰ͘ϬϬ ϭϬϬнĂĐƌĞƐ &ŝƌƐƚϭϬϬĂĐƌĞƐΨϱ͕ϱϱϲ͘ϬϬ 3DFNHW3J (D Ψϭ͘ϬϬ WĞƌĂĐŚĂĚĚŝƚŝŽŶĂůĂĐƌĞ ^ƉĞĐŝĂůŝƐƚƌŝĐƚWƌŽũĞĐƚĞǀĞůŽƉŵĞŶƚWůĂŶ͕ŵĞŶĚŵĞŶƚƐ͕Žƌ&ŝŶĂů^ŝƚĞWůĂŶ ϭĂĐƌĞŽƌůĞƐƐ;ƉĞƌĂƉƉůŝĐĂƚŝŽŶͿΨϮ͕ϮϭϬ͘ϬϬ ϭͲϭϬĂĐƌĞƐ &ŝƌƐƚϭĂĐƌĞΨϮ͕ϮϭϬ͘ϬϬ ΨϭϬϱ͘ϬϬ WĞƌĂĐŚĂĚĚŝƚŝŽŶĂůĂĐƌĞ ϭϭͲϵϵĂĐƌĞƐ Ψϯ͕ϮϲϬ͘ϬϬ &ŝƌƐƚϭϭĂĐƌĞƐ WĞƌĂĐŚĂĚĚŝƚŝŽŶĂůĂĐƌĞΨϮϰ͘ϬϬ ϭϬϬнĂĐƌĞƐ &ŝƌƐƚϭϬϬĂĐƌĞƐΨϱ͕ϯϵϲ͘ϬϬ Ψϭ͘ϬϬ WĞƌĂĐŚĂĚĚŝƚŝŽŶĂůĂĐƌĞ ŶŶĞǆĂƚŝŽŶΨϭ͕ϰϰϬ͘ϬϬ Ψϭ͕ϮϬϬ͘ϬϬ KƌĚĞƌůǇŶŶĞǆĂƚŝŽŶsĂĐĂƚŝŽŶƐ hƚŝůŝƚǇĂƐĞŵĞŶƚΨϳϮϬ͘ϬϬ Ψϭ͕ϰϲϬ͘ϬϬ ZŝŐŚƚŽĨtĂǇ͕ůůĞǇΘKƚŚĞƌ dƌĂĨĨŝĐ/ŵƉĂĐƚ^ƚƵĚǇ ΨϯϮϬ͘ϬϬ dƌĂĨĨŝĐŶĂůǇƐŝƐŽƌdƌĂĨĨŝĐ/ŵƉĂĐƚZĞƉŽƌƚ dŚŽƌŽƵŐŚĨĂƌĞWůĂŶŵĞŶĚ͘Ψϭ͕ϰϰϬ͘ϬϬ ΨϮ͕ϯϭϬ͘ϬϬ ŶǀŝƌŽŶŵĞŶƚtŽƌŬƐŚĞĞƚ ŶǀŝƌŽŶŵĞŶƚ/ŵƉĂĐƚ^ƚĂƚĞŵĞŶƚdŽďĞĚĞƚĞƌŵŝŶĞĚŽŶĂĐŽŶƚƌĂĐƚƵĂůďĂƐŝƐ DĂŶƵĨĂĐƚƵƌĞĚ,ŽŵĞWĂƌŬ ϭͲϭϬŚŽŵĞΨϮ͕ϮϭϬ͘ϬϬ ϭϭͲϵϵŚŽŵĞƐ &ŝƌƐƚϭϭŚŽŵĞƐΨϮ͕ϮϭϬ͘ϬϬ WĞƌĞĂĐŚĂĚĚŝƚŝŽŶĂůŚŽŵĞΨϮϴ͘ϬϬ ϭϬϬнŚŽŵĞƐ &ŝƌƐƚϭϬϬŚŽŵĞƐΨϰ͕ϳϯϬ͘ϬϬ WĞƌĞĂĐŚĂĚĚŝƚŝŽŶĂůŚŽŵĞΨϵ͘ϬϬ Ψϭ͕ϰϮϬ͘ϬϬ DĂŶƵĨĂĐƚƵƌĞĚ,ŽŵĞWĂƌŬŵĞŶĚŵĞŶƚKƌWĂƌŬůŽƐƵƌĞ &ŝƌĞ ^ĞƌǀŝĐĞ&ĞĞ &ŝƌĞŽĚĞ^ƉĞĐŝĨŝĞĚKƉĞƌĂƚŝŽŶĂůWĞƌŵŝƚΨϱϱ͘ϬϬ &ŝƌĞWƌŽƚĞĐƚŝŽŶ^ǇƐƚĞŵŽŶƐƚƌƵĐƚŝŽŶͬDŽĚŝĨŝĐĂƚŝŽŶWĞƌŵŝƚϭ͘ϱйŽĨƚŚĞƐǇƐƚĞŵƉƌŽũĞĐƚĐŽƐƚǁŝƚŚĂŵŝŶŝŵƵŵŽĨΨϭϬϬ tŽƌŬǁŝƚŚŽƵƚĂWĞƌŵŝƚ^ƉĞĐŝĂů/ŶƐƉĞĐƚŝŽŶΨϮϱϬ͘ϬϬ sŝŽůĂƚŝŽŶEŽƚŝĐĞZĞͲ/ŶƐƉĞĐƚŝŽŶΨϭϬϬ͘ϬϬ &ŝƌĞWƌŽƚĞĐƚŝŽŶƋƵŝƉŵĞŶƚDĂŝŶƚĞŶĂŶĐĞĚŵŝŶŝƐƚƌĂƚŝǀĞ&ĞĞΨϭϬ͘ϬϬ WŽůŝĐĞ ^ĞƌǀŝĐĞ&ĞĞ WĂǁŶ^ŚŽƉdƌĂŶƐĂĐƚŝŽŶ&ĞĞƐ;ƉĞƌƚƌĂŶƐĂĐƚŝŽŶͿΨϭ͘ϱϬ dŚĞƌĞŝƐŶŽŵĂǆŝŵƵŵŵŽŶĞƚĂƌǇůŝŵŝƚŽŶƚŚĞĂŵŽƵŶƚŽĨƚŚĞ ĂƐƐĞƐƐŵĞŶƚ͘dŚĞĂƐƐĞƐƐŵĞŶƚŝƐĐŽŵƉƵƚĞĚŽŶĂĐŽŶƐĞĐƵƚŝǀĞ &ĂůƐĞůĂƌŵ&ŝŶĞƐ ϯϲϱĚĂǇďĂƐŝƐ͘ ĂůůƐϭͲϯΨϬ͘ϬϬ ĂůůϰΨϱϬ͘ϬϬ ŶǇƐƵďƐĞƋƵĞŶƚĂůůƐΨϮϱ͘ϬϬ ŶŝŵĂůŽŶƚƌŽůĚŽƉƚŝŽŶ&ĞĞƐΨϭϱ͘ϬϬ ŶŝŵĂůŽŶƚƌŽů/ŵƉŽƵŶĚ&ĞĞƐΨϮϱ͘ϬϬ ŶŝŵĂůŽŶƚƌŽůĂƌĚŝŶŐ&ĞĞ;ƉĞƌĚĂǇͿΨϱ͘ϬϬ ŶŝŵĂůŽŶƚƌŽůKƚŚĞƌ&ĞĞƐ KǁŶĞƌZĞůĞĂƐĞǁŝƚŚĐƵƌƌĞŶƚƐŚŽƚƐΨϯϱ͘ϬϬ KǁŶĞƌZĞůĞĂƐĞǁŝƚŚŽƵƚĐƵƌƌĞŶƚƐŚŽƚƐΨϲϬ͘ϬϬ ŶŝŵĂůŽŶƚƌŽů&ĞĞƐĨŽƌdŽǁŶƐŚŝƉƐ ĂŶŐĞƌŽƵƐŽŐĂůůŽƵƚ;ƉĞƌŚŽƵƌ͕ϮŚƌŵŝŶŝŵƵŵͿΨϮϱ͘ϬϬ sĞŚŝĐůĞhƐĂŐĞ&ĞĞΨϭϬ͘ϬϬ /ŵƉŽƵŶĚ&ĞĞΨϮϱ͘ϬϬ ZŽŽŵΘŽĂƌĚ;ƉĞƌĚĂǇͿΨϱ͘ϬϬ KǁŶĞƌZĞůĞĂƐĞ&ĞĞΨϲϬ͘ϬϬ WŚŽƚŽƐƚĂƚŝĐŽƉŝĞƐ dƌĂĨĨŝĐĐĐŝĚĞŶƚZĞƉŽƌƚƐĂŶĚWƵďůŝĐZĞƉŽƌƚƐ;ůĞƐƐƚŚĂŶϰƉĂŐĞƐͿΨϬ͘ϬϬ 3DFNHW3J (D dƌĂĨĨŝĐĐĐŝĚĞŶƚZĞƉŽƌƚƐĂŶĚWƵďůŝĐZĞƉŽƌƚƐ;ϰͲϭϬϬƉĂŐĞƐ͕ƉĞƌƉĂŐĞͿΨϬ͘Ϯϱ dƌĂĨĨŝĐĐĐŝĚĞŶƚZĞƉŽƌƚƐĂŶĚWƵďůŝĐZĞƉŽƌƚƐ;ŽǀĞƌϭϬϬƉĂŐĞƐͿĐƚƵĂůŽƐƚ WŚŽƚŽŐƌĂƉŚƐ;ƉĞƌƉŚŽƚŽͿΨϬ͘ϱϱ ŽĨĚŝŐŝƚĂůƉŚŽƚŽƐ;ƉĞƌͿΨϭ͘ϱϬ ƵĚŝŽĂƐƐĞƚƚĞ;ƉĞƌĐĂƐƐĞƚƚĞͿΨϭ͘ϱϬ ŽĨĚŝŐŝƚĂůĂƵĚŝŽ;ƉĞƌͿΨϭ͘ϱϬ KƚŚĞƌŚĂƌŐĞƐĨŽƌ^ĞƌǀŝĐĞƐ ĂĐŬŐƌŽƵŶĚŚĞĐŬƐ;ƉĞƌŶĂŵĞĐŚĞĐŬĞĚͿΨϰ͘ϬϬ ĂůůƐĨŽƌ^ĞƌǀŝĐĞ^ƵŵŵĂƌŝĞƐ;ƉĞƌƐŝǆŵŽŶƚŚƐͿΨϰ͘ϬϬ WĂƌŬƐĂŶĚZĞĐƌĞĂƚŝŽŶ ^ĞƌǀŝĐĞ&ĞĞ 'ŽůĨŝǀŝƐŝŽŶ ^ĞĂƐŽŶWĂƐƐ&ĞĞƐ;ƚĂǆEKdŝŶĐůƵĚĞĚͿ ĚƵůƚZĞŐƵůĂƌ^ĞĂƐŽŶΨϳϮϱ͘ϬϬ Ψϲϴϱ͘ϬϬ ĚƵůƚ&ĂůůĂƌůǇŝƌĚ ^ĞŶŝŽƌZĞŐƵůĂƌ^ĞĂƐŽŶΨϲϯϬ͘ϬϬ Ψϱϵϱ͘ϬϬ ^ĞŶŝŽƌ&ĂůůĂƌůǇŝƌĚ ĚƵůƚŽƵƉůĞZĞŐƵůĂƌ^ĞĂƐŽŶΨϵϵϱ͘ϬϬ ΨϵϱϬ͘ϬϬ ĚƵůƚŽƵƉůĞ&ĂůůĂƌůǇŝƌĚ &ĂŵŝůǇZĞŐƵůĂƌ^ĞĂƐŽŶ;ůůŵĞŵďĞƌƐŽĨƐĂŵĞĨĂŵŝůǇŝŶƐĂŵĞŚŽƵƐĞŚŽůĚ͕ũƵŶŝŽƌƐ ϮϬĂŶĚƵŶĚĞƌͿΨϭ͕Ϭϳϱ͘ϬϬ &ĂŵŝůǇ&ĂůůĂƌůǇŝƌĚ;ůůŵĞŵďĞƌƐŽĨƐĂŵĞĨĂŵŝůǇŝŶƐĂŵĞŚŽƵƐĞŚŽůĚ͕ũƵŶŝŽƌƐϮϬ ĂŶĚƵŶĚĞƌͿΨϭ͕ϬϮϱ͘ϬϬ ^ĞŶŝŽƌŽƵƉůĞZĞŐƵůĂƌ^ĞĂƐŽŶ;EŽŐƌĂŶĚĐŚŝůĚƌĞŶͿΨϵϭϱ͘ϬϬ Ψϴϲϱ͘ϬϬ ^ĞŶŝŽƌŽƵƉůĞ&ĂůůĂƌůǇŝƌĚ;EŽŐƌĂŶĚĐŚŝůĚƌĞŶͿ &ƵƚƵƌĞƐZĞŐƵůĂƌ^ĞĂƐŽŶ;ϭϵƚŽϮϱͿΨϯϮϬ͘ϬϬ ΨϯϬϱ͘ϬϬ &ƵƚƵƌĞƐ&ĂůůĂƌůǇŝƌĚ;ϭϵƚŽϮϱͿ zŽƵŶŐĚƵůƚZĞŐƵůĂƌ^ĞĂƐŽŶ;ϮϲƚŽϯϬͿΨϰϵϬ͘ϬϬ Ψϰϲϱ͘ϬϬ zŽƵŶŐĚƵůƚ&ĂůůĂƌůǇŝƌĚ;ϮϲƚŽϯϬͿ zŽƵŶŐĚƵůƚŽƵƉůĞZĞŐƵůĂƌ^ĞĂƐŽŶ;ŽƚŚŵƵƐƚďĞƵŶĚĞƌĂŐĞϯϬͿΨϲϳϱ͘ϬϬ ΨϲϱϬ͘ϬϬ zŽƵŶŐĚƵůƚŽƵƉůĞ&ĂůůĂƌůǇŝƌĚ;ŽƚŚŵƵƐƚďĞƵŶĚĞƌĂŐĞϯϬͿ :ƵŶŝŽƌZĞŐƵůĂƌ^ĞĂƐŽŶ;ƚŽϭϴ͕ĂůůϰŐŽůĨĐŽƵƌƐĞƐͿΨϭϲϱ͘ϬϬ Ψϭϱϱ͘ϬϬ :ƵŶŝŽƌ&ĂůůĂƌůǇŝƌĚ;ƚŽϭϴ͕ĂůůϰŐŽůĨĐŽƵƌƐĞƐͿ WĂƚƌŽŶĂƌĚ;ϭͬϮƉƌŝĐĞŐƌĞĞŶĨĞĞƐͿΨϱϬ͘ϬϬ ΨϯϱϬ͘ϬϬ ,ĂĚůĞǇƌĞĞŬĚƵůƚZĞŐƵůĂƌ^ĞĂƐŽŶ ,ĂĚůĞǇƌĞĞŬĚƵůƚ&ĂůůĂƌůǇŝƌĚΨϯϯϱ͘ϬϬ ΨϲϮϲ͘ϬϬ ,ĂĚůĞǇƌĞĞŬ&ĂŵŝůǇZĞŐƵůĂƌ^ĞĂƐŽŶ ,ĂĚůĞǇƌĞĞŬ&ĂŵŝůǇ&ĂůůĂƌůǇŝƌĚΨϱϵϱ͘ϬϬ ΨϮϳϱ͘ϬϬ WƌŝǀĂƚĞ'ŽůĨĂƌ&ĞĞ ĂŝůǇ&ĞĞƐ;ƚĂǆŝŶĐůƵĚĞĚͿ Ψϭϴ͘ϬϬ ϵ,ŽůĞ'ƌĞĞŶ&ĞĞ ϵ,ŽůĞ^ĞŶŝŽƌ'ƌĞĞŶ&ĞĞΨϭϲ͘ϬϬ Ψϭϯ͘ϱϬ ϵ,ŽůĞWĂƚƌŽŶ'ƌĞĞŶ&ĞĞ :ƵŶŝŽƌ'ƌĞĞŶ&ĞĞ;ƚŽĂŐĞϭϴͿΨϵ͘ϬϬ ΨϭϮ͘ϬϬ ϵ,ŽůĞ^ĞŶŝŽƌWĂƚƌŽŶ'ƌĞĞŶ&ĞĞ ϭϴ,ŽůĞ'ƌĞĞŶ&ĞĞΨϮϵ͘ϱϬ ΨϮϲ͘ϬϬ ϭϴ,ŽůĞ^ĞŶŝŽƌ'ƌĞĞŶ&ĞĞ ϭϴ,ŽůĞWĂƚƌŽŶ'ƌĞĞŶ&ĞĞΨϮϮ͘ϬϬ Ψϭϵ͘ϱϬ ϭϴ,ŽůĞ^ĞŶŝŽƌWĂƚƌŽŶ'ƌĞĞŶ&ĞĞ ϮŶĚϵ,ŽůĞ'ƌĞĞŶ&ĞĞΨϭϭ͘ϱϬ ΨϭϬ͘ϬϬ ϮŶĚϵ,ŽůĞ^ĞŶŝŽƌ'ƌĞĞŶ&ĞĞ ϮŶĚϵ,ŽůĞWĂƚƌŽŶ'ƌĞĞŶ&ĞĞΨϴ͘ϱϬ Ψϳ͘ϱϬ ϮŶĚϵ,ŽůĞ^ĞŶŝŽƌWĂƚƌŽŶ'ƌĞĞŶ&ĞĞ ĂŝůǇ^ƉĞĐŝĂůŽŵďŽ;'ƌĞĞŶ&ĞĞнĂƌƚĨŽƌϮƉĞŽƉůĞͿΨϱϱ͘ϬϬ Ϯ͘Ϯϱй ƌĞĚŝƚĂƌĚŽŶǀĞŶŝĞŶĐĞ&ĞĞͲϮ͘Ϯϱй ƌŽƐƐŽƵŶƚƌǇ&ĞĞΨϭ͕ϬϬϬ͘ϬϬ Ăƌƚ&ĞĞƐ;ƚĂǆŝŶĐůƵĚĞĚͿ ΨϮϴ͘ϬϬ ϭϴ,ŽůĞtĞĞŬĞŶĚ;ϮƌŝĚĞƌƐͿ ϵ,ŽůĞtĞĞŬĞŶĚ;ϮƌŝĚĞƌƐͿΨϮϬ͘ϬϬ Ψϭϰ͘ϬϬ ϭϴ,ŽůĞtĞĞŬĞŶĚ;^ŝŶŐůĞƌŝĚĞƌͿ ϵ,ŽůĞtĞĞŬĞŶĚ;^ŝŶŐůĞƌŝĚĞƌͿΨϭϬ͘ϬϬ 3DFNHW3J (D ΨϮϰ͘ϬϬ ϭϴ,ŽůĞtĞĞŬĚĂǇͬ^ĞŶŝŽƌŶǇĂǇ;ϮƌŝĚĞƌƐͿ ϭϴ,ŽůĞtĞĞŬĚĂǇͬ^ĞŶŝŽƌŶǇĂǇ;ϭƌŝĚĞƌͿΨϭϮ͘ϬϬ Ψϭϴ͘ϬϬ ϵ,ŽůĞtĞĞŬĚĂǇͬ^ĞŶŝŽƌŶǇĂǇ;ϮƌŝĚĞƌƐͿ ϵ,ŽůĞtĞĞŬĚĂǇͬ^ĞŶŝŽƌŶǇĂǇ;ϭƌŝĚĞƌͿΨϵ͘ϬϬ ΨϭϬ͘ϬϬ ĂƌůǇŝƌĚϵŽƌϭϴ,ŽůĞ;ďĞĨŽƌĞϭϭ͗ϬϬǁĞĞŬĚĂǇƐ͕ϭƌŝĚĞƌͿ ,ĂĚŬĞǇƌĞĞŬ'ŽůĨ>ĞĂƌŶŝŶŐĞŶƚĞƌ ^ĞĂƐŽŶDĞŵďĞƌƐŚŝƉ;ƚĂǆEKdŝŶĐůƵĚĞĚͿ ĚƵůƚZĞŐƵůĂƌ^ĞĂƐŽŶ;ƉůƵƐƚĂǆͿΨϮϱϬ͘ϬϬ ΨϮϯϱ͘ϬϬ ĚƵůƚ&ĂůůĂƌůǇŝƌĚ;ƉůƵƐƚĂǆͿ &ĂŵŝůǇZĞŐƵůĂƌ^ĞĂƐŽŶ;ƉůƵƐƚĂǆͿ;^ĂŵĞĨĂŵŝůǇŝŶƐĂŵĞŚŽƵƐĞŚŽůĚͿΨϱϰϱ͘ϬϬ &ĂŵŝůǇ&ĂůůĂƌůǇŝƌĚ;ƉůƵƐƚĂǆͿ;^ĂŵĞĨĂŵŝůǇŝŶƐĂŵĞŚŽƵƐĞŚŽůĚͿΨϱϮϬ͘ϬϬ ĂŝůǇ&ĞĞƐ;ƚĂǆŝŶĐůƵĚĞĚͿ Ψϯ͘ϬϬ ƵĐŬĞƚŽĨĂůůƐͲ^ŵĂůů DĞĚŝƵŵΨϲ͘ϬϬ ΨϱϬ͘ϬϬ WƵŶĐŚĂƌĚϱϬ WƵŶĐŚĂƌĚϭϬϬΨϭϬϬ͘ϬϬ Ψϴ͘ϬϬ ĂƌůǇŝƌĚ'ƌĞĞŶ&ĞĞ;ĞĨŽƌĞϭϭ͗ϬϬͿ ϵ,ŽůĞ'ƌĞĞŶ&ĞĞΨϭϮ͘ϬϬ Ψϵ͘ϬϬ ϵ,ŽůĞWĂƚƌŽŶ'ƌĞĞŶ&ĞĞ ϵ,ŽůĞ:ƵŶŝŽƌ'ƌĞĞŶ&ĞĞΨϴ͘ϬϬ Ψϭϯ͘ϬϬ ĂƌůǇŝƌĚǁͬĂƌƚ;ĞĨŽƌĞϭϭ͗ϬϬͿ ůůĂǇ'ŽůĨ'ƌĞĞŶ&ĞĞΨϮϮ͘ϬϬ ΨϰϬ͘ϬϬ ůůĂǇǁͬĂƌƚ &ŝƌƐƚdĞĞWůĂǇĞƌΨϯ͘ϬϬ Ψϴ͘ϬϬ ϮŶĚϵ,ŽůĞ'ƌĞĞŶ&ĞĞ ϮŶĚϵ,ŽůĞWĂƚƌŽŶ'ƌĞĞŶ&ĞĞΨϳ͘ϬϬ Ψϲ͘ϬϬ ^ŝŶŐůĞϵĂƌƚ ϵĂƌƚΨϭϮ͘ϬϬ ΨϭϬ͘ϬϬ ^ŝŶŐůĞϭϴĂƌƚ ĂƌůǇŝƌĚĂƌƚ;ĞĨŽƌĞϭϭ͗ϬϬͿΨϱ͘ϬϬ Ψϯ͘ϬϬ WƵůůĂƌƚ ZĞŶƚĂůůƵďƐΨϱ͘ϬϬ KƚŚĞƌ;ůů&ĂĐŝůŝƚŝĞƐͿ 'ŽůĨ>ĞƐƐŽŶƐ;ƉĞƌŚĂůĨŚŽƵƌ͕ƚĂǆŝŶĐůƵĚĞĚͿΨϰϬ͘ϬϬ ΨϯϮ͘ϬϬ ,ĂŶĚŝĐĂƉ^ĞƌǀŝĐĞƐ;^ŽůĚŝĞƌƐ&ŝĞůĚ'ŽůĨŽƵƌƐĞ͕ŶŽŶͲƚĂǆĂďůĞͿ ,ĂŶĚŝĐĂƉ^ĞƌǀŝĐĞƐ;,ĂĚůĞǇƌĞĞŬ͕ŶŽŶͲƚĂǆĂďůĞͿΨϮϱ͘ϬϬ &ŽƌĞƐƚƌǇŝǀŝƐŝŽŶ ŽŵŵĞƌĐŝĂůdƌĞĞ>ŝĐĞŶƐĞΨϱϱ͘ϬϬ ΨϱϬ͘ϬϬ WĂƌŬŝƐƚƵƌďĂŶĐĞWĞƌŵŝƚ ŽƵůĞǀĂƌĚdƌĞĞWůĂŶƚŝŶŐ&ĞĞ;ƉĞƌƚƌĞĞͿΨϱϬ͘ϬϬ ΨϯϬ͘ϬϬ 'ĂƌĚĞŶWůŽƚƐ WĂƌŬŝǀŝƐŝŽŶ WŝĐŶŝĐ^ŚĞůƚĞƌZĞƐĞƌǀĂƚŝŽŶƐ;ƚĂǆEKdŝŶĐůƵĚĞĚͿ >ĞǀĞů/ͲĞĂƌƌĞĞŬWĂƌŬ;ϯϬϬƉĞƌƐŽŶƐͿΨϯϬϬ͘ϬϬ ΨϯϬϬ͘ϬϬ ƐƐĞǆWĂƌŬ;ϯϬϬƉĞƌƐŽŶƐͿ tĞƐƚ^ŝůǀĞƌ>ĂŬĞ;ϭϬϬƉĞƌƐŽŶƐͿΨϯϬϬ͘ϬϬ ΨϮϬϬ͘ϬϬ ^ŝůǀĞƌ>ĂŬĞdŚƌĞĞ>ŝŶŬƐ;ϭϬϬƉĞƌƐŽŶƐ͕ƉĞƌϰŚŽƵƌƐͿ >ĞǀĞů//ͲŽŽŬĞ͕^ůĂƚƚĞƌůǇ͕ĂƐƚ^ŝůǀĞƌ>ĂŬĞ͕^ŽůĚŝĞƌƐ&ŝĞůĚ͕YƵĂƌƌǇ,ŝůůWĂƌŬƐ;ϭϮϱ ƉĞƌƐŽŶƐͿΨϮϬϬ͘ϬϬ >ĞǀĞů///ͲĞŶƚƌĂů͕ĂƐƚ͕ĂƐƚǁŽŽĚ͕&ŽƐƚĞƌͲƌĞŶĚ͕<ƵƚǌŬǇ͕tĂƚƐŽŶWĂƌŬƐ;ϱϬWĞƌƐŽŶƐͿΨϭϬϬ͘ϬϬ KƉĞŶ^ƉĂĐĞ&ŝĞůĚZĞƐĞƌǀĂƚŝŽŶ;ƉĞƌϮ͘ϱŚŽƵƌƐ͕ĂƉƉƌŽǆ͘ϮϬϬǆϯϬϬͿΨϰϬ͘ϬϬ ΨϯϬ͘ϬϬ ĚŵŝŶŝƐƚƌĂƚŝǀĞ&ĞĞ WĂƌŬŝƐƚƵƌďĂŶĐĞ&ĞĞΨϱϬ͘ϬϬ ΎzŽƵƚŚƚĞĂŵƐƉĂǇŝŶŐƚŚĞĨŝĞůĚŵĂŝŶƚĞŶĂŶĐĞĨĞĞǁŝůůŶŽƚďĞ &ŝĞůĚZĞƐĞƌǀĂƚŝŽŶƐ;ƚĂǆEKdŝŶĐůƵĚĞĚͿĐŚĂƌŐĞĚĂƌĞŶƚĂůĨĞĞĞǆĐĞƉƚŽŶƐĞůĞĐƚĨŝĞůĚƐ͘ WůĂǇĞƌDĂŝŶƚĞŶĂŶĐĞ&ĞĞͲzŽƵƚŚ;ƉĞƌƉůĂǇĞƌͿΨϭϮ͘ϬϬ DĂǇŽ&ŝĞůĚͲĚƵůƚƐ;ƉĞƌŐĂŵĞͿΨϭϱϬ͘ϬϬ Ψϳϱ͘ϬϬ DĂǇŽ&ŝĞůĚͲzŽƵƚŚ;ƉĞƌŐĂŵĞͿ ,ƵĚƐŽŶ&ŝĞůĚͲĚƵůƚƐ;ƉĞƌŐĂŵĞͿΨϭϯϬ͘ϬϬ Ψϲϱ͘ϬϬ ,ƵĚƐŽŶ&ŝĞůĚͲzŽƵƚŚ;ƉĞƌŐĂŵĞͿ 3DFNHW3J (D Ψϰϱ͘ϬϬ DĐYƵŝůůĂŶͲĚƵůƚƐ;ƉĞƌŐĂŵĞ͕ƉĞƌĨŝĞůĚͿ DĐYƵŝůůĂŶͲzŽƵƚŚ;ƉĞƌŐĂŵĞΎͿΨϮϱ͘ϬϬ ΨϱϬϬ͘ϬϬ DĐYƵŝůůĂŶŽŵƉůĞǆ;ƉĞƌĚĂǇ͕ĂůůĨŝĞůĚƐͿ ŚƵƌĐŚ>ĞĂŐƵĞ;ƉĞƌŐĂŵĞͿΨϯϬ͘ϬϬ ΨϯϬ͘ϬϬ ^ŽůĚŝĞƌƐ&ŝĞůĚĂƐƚͬtĞƐƚͲĚƵůƚƐ;ƉĞƌŐĂŵĞͿ ^ŽůĚŝĞƌƐ&ŝĞůĚĂƐƚͬtĞƐƚͲzŽƵƚŚ;ƉĞƌŐĂŵĞΎͿΨϯϬ͘ϬϬ ΨϯϱϬ͘ϬϬ zŽƵƚŚ&ĂƐƚƉŝƚĐŚŽŵƉůĞǆ;ƉĞƌĚĂǇ͕ϱĨŝĞůĚƐĨŽƌƚŽƵƌŶĂŵĞŶƚƐͿ ZĂƐĞďĂůů&ŝĞůĚƐηϭͲηϰͲĚƵůƚƐ;ƉĞƌŐĂŵĞͿΨϭϯϬ͘ϬϬ Ψϲϱ͘ϬϬ ZĂƐĞďĂůů&ŝĞůĚƐηϭͲηϰͲzŽƵƚŚ;ƉĞƌŐĂŵĞΎͿ ZĂƐĞďĂůů&ŝĞůĚƐηϱΘηϲͲĚƵůƚƐ;ƉĞƌŐĂŵĞͿΨϱϬ͘ϬϬ ΨϮϱ͘ϬϬ ZĂƐĞďĂůů&ŝĞůĚƐηϱΘηϲͲzŽƵƚŚ;ƉĞƌŐĂŵĞΎͿ tĂƚƐŽŶ&ŝĞůĚƐ;ƉĞƌŐĂŵĞͿΨϯϬ͘ϬϬ ΨϯϱϬ͘ϬϬ tĂƚƐŽŶŽŵƉůĞǆ;ƉĞƌĚĂǇ͕ϰĨŝĞůĚƐĨŽƌƚŽƵƌŶĂŵĞŶƚƐͿ 'ĞŶĞƌĂůĂůůŝĂŵŽŶĚƐΘ^ƉŽƌƚƐ&ŝĞůĚƐ;ƉĞƌŐĂŵĞͿΨϯϬ͘ϬϬ ΨϳϬ͘ϬϬ &ŝĞůĚWƌĞƉͲƌĂŐ&ŝĞůĚ &ŝĞůĚWƌĞƉͲ>ŝŶĞ&ŝĞůĚ;&ĞĞƐŝŶĐůƵĚĞĨŝĞůĚĚƌĂŐŐŝŶŐDŽŶĚĂǇͲ&ƌŝĚĂǇͿΨϰϱ͘ϬϬ &ŝĞůĚWƌĞƉͲDŽǀĞĂƐĞƐ;&ĞĞƐŝŶĐůƵĚĞĨŝĞůĚĚƌĂŐŐŝŶŐDŽŶĚĂǇͲ&ƌŝĚĂǇͿΨϲϬ͘ϬϬ &ŝĞůĚWƌĞƉͲůĞĂŶ'ƌĂŶĚƐƚĂŶĚΘZĞƐƚƌŽŽŵƐĂƚDĂǇŽ&ŝĞůĚ;&ĞĞƐŝŶĐůƵĚĞĨŝĞůĚ ĚƌĂŐŐŝŶŐDŽŶĚĂǇͲ&ƌŝĚĂǇͿΨϯϱϬ͘ϬϬ ^ĂŶĚsŽůůĞǇďĂůů;ƉĞƌŐĂŵĞ͕ƉĞƌĐŽƵƌƚͿΨϯϬ͘ϬϬ Ψϯϱ͘ϬϬ ŽƵƌƚWƌĞƉͲƌĂŐ&ŝĞůĚ ^ŽůĚŝĞƌƐ&ŝĞůĚ^ŽĐĐĞƌͬ&ŽŽƚďĂůůͲĚƵůƚƐ;ƉĞƌŐĂŵĞ͕ϮŚŽƵƌĞǀĞŶƚƐͿΨϲϬ͘ϬϬ ΨϯϬ͘ϬϬ ^ŽůĚŝĞƌƐ&ŝĞůĚ^ŽĐĐĞƌͬ&ŽŽƚďĂůůͲzŽƵƚŚ;ƉĞƌŐĂŵĞΎͿ &ƵĂĚDĂŶƐŽƵƌ^ŽĐĐĞƌͲĚƵůƚƐ;ƉĞƌŐĂŵĞͿΨϲϬ͘ϬϬ ΨϲϬ͘ϬϬ tĂƚƐŽŶ^ŽĐĐĞƌ;ƉĞƌŐĂŵĞͿ tŝƚŚĞƌƐ^ŽĐĐĞƌ;ƉĞƌŐĂŵĞͿΨϲϬ͘ϬϬ ΨϰϬ͘ϬϬ ^ŝůǀĞƌ>ĂŬĞ^ŽĐĐĞƌ;ƉĞƌŐĂŵĞ͕ϮŚŽƵƌĞǀĞŶƚƐͿ ^ŽƵƚŚĞƌŶtŽŽĚƐ^ŽĐĐĞƌ;ƉĞƌŐĂŵĞ͕ůŝŶŝŶŐĞǆƚƌĂͿΨϰϬ͘ϬϬ ΨϰϬ͘ϬϬ ĂƐƚWĂƌŬ^ŽĐĐĞƌ;ƉĞƌŐĂŵĞ͕ůŝŶŝŶŐĞǆƚƌĂͿ &ƵĂĚDĂŶƐŽƵƌ^ŽĐĐĞƌͲ^ĐŚŽŽůƐ;ƉĞƌŐĂŵĞΎͿΨϯϬ͘ϬϬ ΨϭϱϬ͘ϬϬ &ŝĞůĚWƌĞƉͲWĂŝŶƚ&ŝĞůĚ hZ&ŽŽƚďĂůů&ŝĞůĚƐͲĚƵůƚ;ƉĞƌŐĂŵĞͿΨϲϬ͘ϬϬ ΨϯϬ͘ϬϬ hZ&ŽŽƚďĂůů&ŝĞůĚƐͲ^ĐŚŽŽůƐ;ƉĞƌŐĂŵĞΎͿ &ŝĞůĚWƌĞƉͲWĂŝŶƚ&ŝĞůĚΨϮϬϬ͘ϬϬ ΨϰϱϬ͘ϬϬ &ƵĂĚDĂŶƐŽƵƌ^ŽĐĐĞƌŽŵƉůĞǆ;ƉĞƌĚĂǇ͕ϳĨŝĞůĚƐͿ tĂƚƐŽŶ^ŽĐĐĞƌŽŵƉůĞǆ;ƉĞƌĚĂǇ͕ϲĨŝĞůĚƐͿΨϰϱϬ͘ϬϬ ΨϯϬϬ͘ϬϬ tŝƚŚĞƌƐ^ŽĐĐĞƌŽŵƉůĞǆ;ƉĞƌĚĂǇ͕ϯĨŝĞůĚƐͿ WĂƌŬ>ĂďŽƌZĂƚĞƐ Ψϯϱ͘ϬϬ ZĞŐƵůĂƌ,ŽƵƌƐDŽŶĚĂǇͲ&ƌŝĚĂǇ;ƉĞƌŚŽƵƌͿ KǀĞƌƚŝŵĞ;ƉĞƌŚŽƵƌͿΨϱϱ͘ϬϬ WŽƌƚĂďůĞZĞƐƚƌŽŽŵƐ;ƚĂǆEKdŝŶĐůƵĚĞĚͿ ZĞŐƵůĂƌ;ƉĞƌĞǀĞŶƚͿΨϵϬ͘ϬϬ ΨϮϳϱ͘ϬϬ ,ĂŶĚŝĐĂƉ;ƉĞƌĞǀĞŶƚͿ &ŽƌhƐĞŝŶWĂƌŬƐͬ^ĐŚŽŽůŝƐƚƌŝĐƚͬŽƵŶƚǇ&ĂĐŝůŝƚŝĞƐŽƌŝƚǇ^ƉŽŶƐŽƌĞĚǀĞŶƚƐ WĂƌŬ&ƵƌŶŝƚƵƌĞΘDŝƐĐĞůůĂŶĞŽƵƐ;ƚĂǆEKdŝŶĐůƵĚĞĚͿ WŝĐŶŝĐdĂďůĞƐ;ϴƚĂďůĞƐ͕ƉĞƌĞǀĞŶƚͿΨϭϮϱ͘ϬϬ ΨϯϱϬ͘ϬϬ ,ŝŐŚǁĂǇůĞĂĐŚĞƌ;ƉĞƌďůĞĂĐŚĞƌ͕ƉĞƌĞǀĞŶƚͿ ^ƉĞĞĚǇůĞĂĐŚĞƌ;ƉĞƌĞǀĞŶƚͿΨϯϱϬ͘ϬϬ ΨϭϬϬ͘ϬϬ WŽƌƚĂďůĞůĞĂĐŚĞƌ;ƉĞƌďůĞĂĐŚĞƌ͕ƉĞƌĞǀĞŶƚͿ ^ŚŽǁŵŽďŝůĞ;ƉĞƌĚĂǇ͕/ŶĐůƵĚĞƐƐĞƚƵƉ͕ƌĞŵŽǀĂůΘϴŶŽŶͲKdŚŽƵƌƐŽĨWΘZƐƚĂĨĨ ĐŽǀĞƌĂŐĞͿΨϭ͕ϯϬϬ͘ϬϬ ǆƚĞŶĚĞĚ^ƚĂŐĞ;ƉĞƌĚĂǇͿΨϯϱϬ͘ϬϬ Ψϭϰ͘ϬϬ ŝĂŵŽŶĚƌǇ;ƉĞƌďĂŐͿ WŽǁĚĞƌĞĚDĂƌďůĞ;ƉĞƌďĂŐͿΨϭϬ͘ϬϬ ΨϭϬ͘ϬϬ WĂŝŶƚ;ƉĞƌďĂŐͿ EĂƚŝŽŶĂůsŽůůĞǇďĂůůĞŶƚĞƌ ΨϮϵ͘ϬϬ ŽƵƌƚZĞŶƚĂůsŽůůĞǇďĂůů,ŽƵƌůǇ;ƉůƵƐƚĂǆͿ ΨϮϱϬ͘ϬϬ ŽƵƌƚZĞŶƚĂůsŽůůĞǇďĂůůĂŝůǇ;ƉůƵƐƚĂǆͿ ŽƵƌƚZĞŶƚĂůĂƐŬĞƚďĂůů,ŽƵƌůǇ;ƉůƵƐƚĂǆͿΨϱϰ͘ϬϬ KƉĞŶsŽůůĞǇďĂůů ĚƵůƚĂŝůǇ&ĞĞΨϱ͘ϬϬ 3DFNHW3J (D Ψϰ͘ϬϬ ^ƚƵĚĞŶƚĂŝůǇ&ĞĞ ĚƵůƚWƵŶĐŚĂƌĚΨϱϬ͘ϬϬ ΨϰϬ͘ϬϬ ^ƚƵĚĞŶƚWƵŶĐŚĂƌĚ WƌŽŐƌĂŵƐ ΨϴϬ͘ϬϬ EsWůĂǇĚĂǇ EsdŽƵƌŶĂŵĞŶƚΨϭϬϱ͘ϬϬ ΨϮϬϬ͘ϬϬ Es^ƵŵŵĞƌ,^>ĞĂŐƵĞ 'ƌĂŚĂŵƌĞŶĂŽŵƉůĞǆ Ψϰ͘ϬϬ KƉĞŶ,ŽĐŬĞǇͲzŽƵƚŚ KƉĞŶ,ŽĐŬĞǇͲĚƵůƚΨϱ͘ϬϬ /ĐĞZĞŶƚĂů ,ŽĐŬĞǇŽƌWƌŝǀĂƚĞ^ŬĂƚŝŶŐ;ƉůƵƐƚĂǆͿϭϴϬ ƵŝůĚŝŶŐZĞŶƚĂůͲ^ŚŽǁZĞŶƚĂů tĞƐƚƌĞŶĂΨϭ͕ϳϱϬ͘ϬϬ Ψϭ͕ϲϬϬ͘ϬϬ ĂƐƚƌĞŶĂ EŽƌƚŚƌĞŶĂΨϭ͕ϲϬϬ͘ϬϬ ϭϬйŝƐĐŽƵŶƚ ZĞŶƚĂůŽĨϮďƵŝůĚŝŶŐƐ ZĞŶƚĂůŽĨϯďƵŝůĚŝŶŐƐϭϱйŝƐĐŽƵŶƚ ZĞĐƌĞĂƚŝŽŶŝǀŝƐŝŽŶ WŽŽůƐ KƵƚĚŽŽƌWŽŽůƐ ĚƵůƚĂŝůǇ&ĞĞΨϱ͘ϬϬ Ψϰ͘ϬϬ zŽƵƚŚĂŝůǇ&ĞĞ &ŽƐƚĞƌͲƌĞŶĚĞĂĐŚ&Z Ψϯ͘ϮϬ ŝƐĐŽƵŶƚdŝĐŬĞƚƐ;ĞĂĐŚͿ ^ǁŝŵŵŝŶŐWŽŽůZĞŶƚĂů;ƉĞƌŚŽƵƌͿΨϭϭϬ͘ϬϬ ΨϭϳϬ͘ϬϬ >ŝĨĞƚŝŵĞ^ƉŽƌƚƐĂŵƉ&ĞĞ WŝƉƐƋƵĞĂŬƐ/ŶĚŽŽƌWůĂǇŐƌŽƵŶĚ ΨϮ͘ϬϬ zŽƵƚŚĂŝůǇ&ĞĞ WĂƌƚǇ;ƉůƵƐƚĂǆ͕ϯͲŚŽƵƌďůŽĐŬͿΨϵϬ͘ϬϬ ĚƵůƚdĞĂŵ^ƉŽƌƚƐ&ĞĞƐ ^ƵŵŵĞƌ^ŽĨƚďĂůůΨϰϭϬ͘ϬϬ Ψϭϵϱ͘ϬϬ &Ăůů^ŽĨƚďĂůů ^ƵŵŵĞƌ^ĂŶĚsŽůůĞǇďĂůůΨϮϮϬ͘ϬϬ ΨϯϮϱ͘ϬϬ &ĂůůsŽůůĞǇďĂůů tŝŶƚĞƌsŽůůĞǇďĂůůΨϯϮϱ͘ϬϬ ΨϯϮϱ͘ϬϬ ^ƉƌŝŶŐsŽůůĞǇďĂůů dŽƵĐŚ&ŽŽƚďĂůůΨϮϳϬ͘ϬϬ Ψϰϳϱ͘ϬϬ ĂƐŬĞƚďĂůů ƌŽŽŵďĂůůΨϯϬϱ͘ϬϬ Ψϭϱϱ͘ϬϬ <ŝĐŬďĂůů ŽĚŐĞďĂůůΨϮϬϬ͘ϬϬ ĚĂƉĂƚŝǀĞZĞĐƌĞĂƚŝŽŶ ĚƵůƚWƌŽŐƌĂŵƐŐĞƐϭϴн;ƉĞƌĚĂǇͿΨϭϬ͘ϬϬͲΨϮϬ͘ϬϬ Ψϭϱ͘ϬϬͲΨϯϬ͘ϬϬ zŽƵƚŚWƌŽŐƌĂŵƐŐĞƐϯͲϭϳ;ĚĞƉĞŶĚĞŶƚŽŶƐƚĂĨĨŝŶŐŶĞĞĚƐͿ ZĞĐƌĞĂƚŝŽŶĞŶƚĞƌ WĞƌ^ĞƐƐŝŽŶ&ĞĞƐ ĚƵůƚWŽŽůΨϱ͘ϬϬ Ψϰ͘ϬϬ zŽƵƚŚWŽŽů ĚƵůƚ'ǇŵΨϱ͘ϬϬ Ψϰ͘ϬϬ zŽƵƚŚ'Ǉŵ ĚƵůƚ^ŬĂƚĞΨϱ͘ϬϬ Ψϰ͘ϬϬ zŽƵƚŚ^ŬĂƚĞ zĞĂƌůǇͬϲDŽŶƚŚDĞŵďĞƌƐŚŝƉƐ ΨϯϮϱ͘ϬϬ &ĂŵŝůǇzĞĂƌůǇ &ĂŵŝůǇϲDŽŶƚŚƐΨϭϵϱ͘ϬϬ ΨϭϱϬ͘ϬϬ ĚƵůƚzĞĂƌůǇ Ψϵϱ͘ϬϬ ĚƵůƚϲDŽŶƚŚƐ ^ĞŶŝŽƌŝƚŝǌĞŶzĞĂƌůǇΨϭϯϱ͘ϬϬ ΨϵϬ͘ϬϬ ^ĞŶŝŽƌŝƚŝǌĞŶϲDŽŶƚŚƐ zŽƵƚŚzĞĂƌůǇ;ϭϴΘƵŶĚĞƌͿΨϵϱ͘ϬϬ 3DFNHW3J (D ΨϳϬ͘ϬϬ zŽƵƚŚϲDŽŶƚŚƐ;ϭϴΘƵŶĚĞƌͿ WƵŶĐŚĂƌĚƐ ΨϱϬ͘ϬϬ ĚƵůƚϭϮWƵŶĐŚ ĚƵůƚϮϱWƵŶĐŚΨϭϬϬ͘ϬϬ ΨϰϬ͘ϬϬ zŽƵƚŚϭϮWƵŶĐŚ zŽƵƚŚϮϱWƵŶĐŚΨϴϬ͘ϬϬ WŝĐŬůĞďĂůůWƵŶĐŚĂƌĚƐ ϭϱWƵŶĐŚΨϱϬ͘ϬϬ &ĂĐŝůŝƚǇZĞŶƚĂů ϱϬDWŽŽů;ƉĞƌŚŽƵƌ͕ƉůƵƐƚĂǆ͕>ŝĨĞŐƵĂƌĚĞǆƚƌĂͿΨϭϱϬ͘ϬϬ ϱϬDWŽŽů&ƵůůĂǇDĞĞƚZĂƚĞ;'ǇŵŝŶĐůƵĚĞĚŝŶĨƵůůĚĂǇƌĂƚĞͿΨϭ͕ϳϬϬ͘ϬϬ ϱϬDWŽŽů,ĂůĨĂǇDĞĞƚZĂƚĞ;'ǇŵĞǆƚƌĂŝŶŚĂůĨĚĂǇƌĂƚĞͿΨϭ͕ϬϬϬ͘ϬϬ ΨϭϱϬ͘ϬϬ ϱϬDWŽŽů,ŽƵƌůǇ dĞĂĐŚŝŶŐͬtĂƌŵhƉWŽŽů;ƉĞƌŚŽƵƌ͕ƉůƵƐƚĂǆͿΨϭϬϬ͘ϬϬ ΨϯϬϬ͘ϬϬ dĞĂĐŚŝŶŐͬtĂƌŵhƉWŽŽů,ĂůĨĂǇ dĞĂĐŚŝŶŐͬtĂƌŵhƉWŽŽů&ƵůůĂǇΨϱϬϬ͘ϬϬ Ψϳ͘ϬϬ WŽŽů>ĂŶĞŚĂƌŐĞ^ŚŽƌƚŽƵƌƐĞ;ƉůƵƐƚĂǆͿ WŽŽů>ĂŶĞŚĂƌŐĞ>ŽŶŐŽƵƌƐĞ;ƉůƵƐƚĂǆͿΨϭϰ͘ϬϬ ΨϭϱϬ͘ϬϬ WŽŽůWĂƌƚŝĞƐdĞĂĐŚŝŶŐͬtĂƌŵhƉWŽŽů;ƉĞƌϭ͘ϱŚŽƵƌƐͿ 'ǇŵŶĂƐŝƵŵ;ƉĞƌŚŽƵƌ͕ƉůƵƐƚĂǆͿΨϱϬ͘ϬϬ ΨϭϴϬ͘ϬϬ /ĐĞ;ƉĞƌŚŽƵƌ͕ƉůƵƐƚĂǆͿ /ĐĞ,ĂǁŬƐWƌĂĐƚŝĐĞ;ƉĞƌŚŽƵƌͿΨϭϬϬ͘ϬϬ ΨϴϬϬ͘ϬϬ /ĐĞ,ĂǁŬ'ĂŵĞ KůŵƐƚĞĚŽƵŶƚǇ/ĐĞ&ĞĞ;ƉĞƌŚŽƵƌͿΨϱϬ͘ϬϬ ΨϭϬϬ͘ϬϬ Z&^dĞƐƚŝŶŐ;ƉĞƌŚŽƵƌͿ DĂũŽƌhƐĞƌƐŝƐĐŽƵŶƚĞĚ/ĐĞ ΨϭϲϮ͘ϱϬ Z&^;ƉĞƌŚŽƵƌ͕ƉůƵƐƚĂǆͿ >ĞƐƐŽŶƐ ^ǁŝŵŵŝŶŐ/ŶƐƚƌƵĐƚŝŽŶƐͲĚƵůƚΨϱϬ͘ϬϬ ^ǁŝŵŵŝŶŐ/ŶƐƚƌƵĐƚŝŽŶƐͲzŽƵƚŚΨϱϬ͘ϬϬ ΨϮϱϬ͘ϬϬ >ŝĨĞŐƵĂƌĚdƌĂŝŶŝŶŐ t^/dƌĂŝŶŝŶŐΨϮϱϬ͘ϬϬ DĞĞƚŝŶŐZŽŽŵZĞŶƚĂů Žď&ŝĐŬ;ƉĞƌŚŽƵƌ͕ƉůƵƐƚĂǆͿΨϭϬ͘ϬϬ ΨϭϬ͘ϬϬ ĐƚŝǀŝƚǇZŽŽŵϮ;ƉĞƌŚŽƵƌ͕ƉůƵƐƚĂǆͿ ĐƚŝǀŝƚǇZŽŽŵϯ;ƉĞƌŚŽƵƌ͕ƉůƵƐƚĂǆͿΨϭϬ͘ϬϬ ΨϱϬ͘ϬϬ ŝƌƚŚĚĂǇWĂƌƚǇZŽŽŵZĞŶƚĂůWĂĐŬĂŐĞ;ƉůƵƐƚĂǆͿ ŝƌƚŚĚĂǇWĂƌƚǇZŽŽŵZĞŶƚĂů;ƉĞƌϮŚŽƵƌƐͿΨϮϬ͘ϬϬ KĨĨŝĐĞZĞŶƚĂů Z&^;ƉĞƌŵŽŶƚŚͿΨϭϱϬ͘ϬϬ ΨϮϱϬ͘ϬϬ 'ƌŝǌǌůŝĞƐ;ƉĞƌŵŽŶƚŚͿ ZŽĐŚĞƐƚĞƌ^ǁŝŵůƵď;ƉĞƌŵŽŶƚŚͿΨϮϱϬ͘ϬϬ >ŽĐŬĞƌZŽŽŵZĞŶƚĂů Z&^;ƉĞƌŵŽŶƚŚͿΨϮϱϬ͘ϬϬ ΨϮϱϬ͘ϬϬ 'ƌŝǌǌůŝĞƐ;ƉĞƌŵŽŶƚŚͿ ^ŬĂƚĞZĞŶƚĂů;ƉĞƌƉĂŝƌͿΨϮ͘ϬϬ ,ŽĐŬĞǇ'ĂŵĞDĂŝŶƚĞŶĂŶĐĞ &ƵůůĂǇΨϭϬϬ͘ϬϬ ΨϱϬ͘ϬϬ ,ĂůĨĂǇ WůƵŵŵĞƌ,ŽƵƐĞ ΨϵϬϬ͘ϬϬ ,ŽƵƐĞZĞŶƚ;ƉůƵƐƚĂǆ͕&ƌŝĚĂǇͲ^ƵŶĚĂǇͿ ,ŽƵƐĞΘ'ƌŽƵŶĚƐZĞŶƚ;ƉůƵƐƚĂǆ͕&ƌŝĚĂǇͲ^ƵŶĚĂǇͿΨϭ͕ϭϱϬ͘ϬϬ ΨϲϱϬ͘ϬϬ ,ŽƵƐĞZĞŶƚ;ƉůƵƐƚĂǆ͕DŽŶĚĂǇͲdŚƵƌƐĚĂǇͿ ,ŽƵƐĞΘ'ƌŽƵŶĚƐZĞŶƚ;ƉůƵƐƚĂǆ͕DŽŶĚĂǇͲdŚƵƌƐĚĂǇͿΨϵϬϬ͘ϬϬ dŽƵƌƐ;KƉĞŶ,ŽƵƐĞͿ ĚƵůƚΨϭϬ͘ϬϬ Ψϱ͘ϬϬ zŽƵƚŚ ΨϭϬ͘ϬϬ dŽƵƌƐ;WƌŝǀĂƚĞͿ ĂŶĐĞůůĂƚŝŽŶ&ĞĞΨϭϬϬ͘ϬϬ KƵƚĚŽŽƌdĞŶŶŝƐĞŶƚĞƌ &ĂŵŝůǇ^ĞĂƐŽŶDĞŵďĞƌƐŚŝƉ;ƉůƵƐƚĂǆͿΨϭϵϬ͘ϬϬ 3DFNHW3J (D Ψϭϭϱ͘ϬϬ ĚƵůƚ^ĞĂƐŽŶDĞŵďĞƌƐŚŝƉ;ƉůƵƐƚĂǆͿ ^ĞŶŝŽƌŝƚŝǌĞŶ^ĞĂƐŽŶDĞŵďĞƌƐŚŝƉ;ƉůƵƐƚĂǆͿΨϭϬϱ͘ϬϬ ΨϭϬϱ͘ϬϬ zŽƵƚŚ^ĞĂƐŽŶDĞŵďĞƌƐŚŝƉ;ƉůƵƐƚĂǆͿ ĂŝůǇŽƵƌƚ&ĞĞƐ;ƉĞƌƉĞƌƐŽŶͿΨϭϬ͘ϬϬ >ŝďƌĂƌǇ;ĚŽƉƚĞĚďǇ>ŝďƌĂƌǇŽĂƌĚĂŶĚ/ŶĐŽƌƉŽƌĂƚĞĚďǇZĞĨĞƌĞŶĐĞͿ ^ĞƌǀŝĐĞ&ĞĞ ŽƉŝĞƐͬWƌŝŶƚƐ ŽůŽƌƉĞƌƉĂŐĞΨϬ͘Ϯϱ ůĂĐŬΘtŚŝƚĞƉĞƌƉĂŐĞΨϬ͘ϭϬ KǀĞƌĚƵĞ&ŝŶĞƐ;ƉĞƌĚĂǇͿ ĚƵůƚŽŽŬƐͬŽŽŬƐŽŶͬDƵƐŝĐƐͬs,^ͬ/ŶƚĞƌůŝďƌĂƌǇ>ŽĂŶDĂƚĞƌŝĂůƐΨϬ͘Ϯϱ ŚŝůĚƌĞŶΖƐŽŽŬƐͬŚŝůĚƌĞŶΖƐŽŽŬƐŽŶͬŚŝůĚƌĞŶΖƐDƵƐŝĐƐͬŚŝůĚƌĞŶΖƐͲ ZKDΨϬ͘ϭϬ ͲZKDͬsƐΨϬ͘ϱϬ YƵŝĐŬWŝĐŬƐΨϭ͘ϬϬ <ŝƚƐĨŽƌ<ŝĚƐͬ^ĐŝĞŶĐĞ<ŝƚƐΨϭ͘ϬϬ ŽŽŬ'ƌŽƵƉĂŐƐͬ,ŽƚƐƉŽƚƐΨϱ͘ϬϬ ŽůůĞĐƚŝŽŶŐĞŶĐǇZĞĨĞƌƌĂů&ĞĞ ΨϮϱ͘ϬϬ ZŽŽŵZĞŶƚĂůƐ;ƉĞƌŚŽƵƌͿ DĞĞƚŝŶŐZŽŽŵ EŽŶͲƉƌŽĨŝƚͬŽŵŵƵŶŝƚǇŐƌŽƵƉƐΨϱ͘ϬϬ ƵƐŝŶĞƐƐĞƐͬ/ŶĚŝǀŝĚƵĂůƐΨϭϬ͘ϬϬ DĞĞƚŝŶŐZŽŽŵ EŽŶͲƉƌŽĨŝƚͬŽŵŵƵŶŝƚǇŐƌŽƵƉƐΨϳ͘ϱϬ ƵƐŝŶĞƐƐĞƐͬ/ŶĚŝǀŝĚƵĂůƐΨϭϱ͘ϬϬ &ĂǆͲh^ͬE;ƉĞƌƉĂŐĞͿΨϭ͘ϬϬ KƵƚͲŽĨͲ^ƚĂƚĞsŝƐŝƚŽƌĂƌĚƐ;ƉĞƌǁĞĞŬͿΨϭ͘ϬϬ ^ƵƉƉůŝĞƐͲĂƌďƵĚƐΨϮ͘ϬϬ ^ƵƉƉůŝĞƐͲϭϲ'&ůĂƐŚƌŝǀĞƐΨϭϬ͘ϬϬ WŽƉsĞŶĚŝŶŐDĂĐŚŝŶĞŽŵŵŝƐƐŝŽŶϭϱй ŽĨĨĞĞsĞŶĚŝŶŐDĂĐŚŝŶĞŽŵŵŝƐƐŝŽŶϮϬй DĂǇŽŝǀŝĐĞŶƚĞƌ ^ĞƌǀŝĐĞ&ĞĞ ŽŶǀĞŶƚŝŽŶĞŶƚĞƌ;ƉĞƌĞĂĐŚŽƌƉĞƌĞǀĞŶƚͿ ΨϬ͘ϮϮ ůĂĐŬΘtŚŝƚĞŽƉŝĞƐ ŽůŽƌŽƉŝĞƐΨϬ͘ϲϬ Ψϭϱ͘ϬϬ ǀĞŶƚ^ŝŐŶ;ϮϰΗyϮϴΗͿ ϭϮϬsŽůƚͲϮϬŵƉůĞĐƚƌŝĐĂů^ĞƌǀŝĐĞΨϴϭ͘ϬϬ Ψϳϰ͘ϬϬ ϭϮϬsŽůƚͲϮϬŵƉůĞĐƚƌŝĐĂů^ĞƌǀŝĐĞ;WƌĞKƌĚĞƌͿ ϮϬϴsŽůƚͲϯϬŵƉůĞĐƚƌŝĐĂů^ĞƌǀŝĐĞΨϵϴ͘ϬϬ ůĞĐƚƌŝĐĂůΘtĂƚĞƌ;ƉĞƌĞǀĞŶƚͿ ϮϬϴsŽůƚͲϯϬŵƉůĞĐƚƌŝĐĂů^ĞƌǀŝĐĞ;WƌĞKƌĚĞƌͿΨϵϭ͘ϬϬ tĂƚĞƌ^ĞƌǀŝĐĞŽŶŶĞĐƚŝŽŶΨϴϴ͘ϬϬ tĂƚĞƌ^ĞƌǀŝĐĞŽŶŶĞĐƚŝŽŶ;WƌĞKƌĚĞƌͿΨϴϬ͘ϬϬ ƋƵŝƉŵĞŶƚZĞŶƚĂů ^ƚĂŐĞĂƌƌŝĐĂĚĞ;ƉĞƌĞǀĞŶƚͿΨϱϬϬ͘ϬϬ ŚĂŝƌͲůƵĞ^ƚĂĐŬŝŶŐ;ƉĞƌĞǀĞŶƚͿΨϰ͘ϱϬ ŚĂŝƌͲǆŚŝďŝƚ,Ăůů^ƚĂĐŬŝŶŐ;ƉĞƌĞǀĞŶƚͿΨϰ͘ϱϬ ŚĂŝƌͲƌĞŶĂͬƵĚ&ŽůĚŝŶŐ;ƉĞƌĞǀĞŶƚͿΨϰ͘ϳϱ ŚĂŝƌͲDĞĞƚŝŶŐZŽŽŵ^ƚĂĐŬŝŶŐ;ƉĞƌĞǀĞŶƚͿΨϰ͘ϳϱ ŚĂůŬďŽĂƌĚΨϭϱ͘ϬϬ ŚŽŝƌ^ŚĞůůΨϵϬ͘ϬϬ ŽĂƚZĂĐŬ;ƉĞƌĞǀĞŶƚͿΨϭϱ͘ϬϬ ĂŶĐĞ&ůŽŽƌ;ƉĞƌĞǀĞŶƚͿΨϰϮϱ͘ϬϬ ĂƐĞůΨϭϮ͘ϱϬ &ůŝƉŚĂƌƚΨϮϮ͘ϬϬ &ŽƌŬůŝĨƚΨϭϴϬ͘ϬϬ ,ŝŐŚůŝĨƚΨϮϰϬ͘ϬϬ >ĞĐƚĞƌŶͲ^ƚĂŶĚŝŶŐ;ƉĞƌĞǀĞŶƚͿΨϮϬ͘ϬϬ >ĞĐƚĞƌŶͲdĂďůĞdŽƉ;ƉĞƌĞǀĞŶƚͿΨϮϬ͘ϬϬ DĂƌŬĞƌ;ƉĞƌĞǀĞŶƚͿΨϮ͘ϳϱ 3DFNHW3J (D DĂƌůĞǇĂŶĐĞ&ůŽŽƌŝŶŐΨϭϬϱ͘ϬϬ WŝĂŶŽͲĂůĚǁŝŶĂďǇ'ƌĂŶĚΨϭϴϱ͘ϬϬ WŝĂŶŽͲĂůĚǁŝŶhƉƌŝŐŚƚΨϭϯϱ͘ϬϬ WŝĂŶŽͲ^ƚĞŝŶǁĂǇŽŶĐĞƌƚ'ƌĂŶĚΨϮϯϱ͘ϬϬ WŝƉĞΘƌĂƉĞͲϯϬΗůĂĐŬΨϮ͘ϳϱ WŝƉĞΘƌĂƉĞͲϴΖůĂĐŬΨϯ͘ϱϬ dǁŽͲǁĂǇZĂĚŝŽΨϯϬ͘ϬϬ ^ƚĂŐŝŶŐϲΖǆϴΖǆϴΗΨϰϮ͘ϬϬ ^ƚĂŐŝŶŐϲΖǆϴΖǆϭϲΗΨϰϮ͘ϬϬ ^ƚĂŐŝŶŐϲΖǆϴΖǆϮϰΗΨϰϮ͘ϬϬ ^ƚĂŐŝŶŐϲΖǆϴΖǆϯϮΗΨϰϮ͘ϬϬ ^ƚĂŐŝŶŐϲΖǆϴΖǆϰϬΗΨϰϮ͘ϬϬ ^ƚĂŐŝŶŐϲΖǆϴΖǆϰϴΗΨϰϮ͘ϬϬ ^ƚĂŐŝŶŐϰΖǆϴΖĚũƵƐƚĂďůĞΨϰϮ͘ϬϬ dĂďůĞͲϴΖǆϯϬΗ;ůĂŵŝŶĂƚĞͿ;ƉĞƌĞǀĞŶƚͿΨϭϯ͘ϬϬ dĂďůĞͲϴΖǆϯϬΗ;ǁŽŽĚͿ;ƉĞƌĞǀĞŶƚͿΨϭϯ͘ϬϬ dĂďůĞͲϴΖǆϭϴΗ;ůĂŵŝŶĂƚĞͿ;ƉĞƌĞǀĞŶƚͿΨϭϯ͘ϬϬ dĂďůĞͲϲΖZŽƵŶĚ;ǁŽŽĚͿ;ƉĞƌĞǀĞŶƚͿΨϭϰ͘ϬϬ dĂďůĞͲϱΖKǀĂů;ůĂŵŝŶĂƚĞͿ;ƉĞƌĞǀĞŶƚͿΨϭϰ͘ϬϬ dĂďůĞͲϰΖ^ƋƵĂƌĞ;ƉĞƌĞǀĞŶƚͿΨϵ͘ϬϬ dĂďůĞͲϯϬΗZŽƵŶĚ;ƉĞƌĞǀĞŶƚͿΨϭϬ͘ϬϬ sĂĐƵƵŵΨϰϱ͘ϬϬ tŚŝƚĞŽĂƌĚͲϰΖǆϴΖZŽůůŝŶŐǁͬDĂƌŬĞƌƐΨϰϱ͘ϬϬ tŚŝƚĞŽĂƌĚͲϯΖǆϰΖĂƐĞůǁͬDĂƌŬĞƌƐΨϭϳ͘ϱϬ dĂďůĞ>ŝŶĞŶ;ƉĞƌĞǀĞŶƚͿΨϴ͘ϬϬ dĂďůĞͲ^ŬŝƌƚĞĚǁͬůĂĐŬ;ƉĞƌĞǀĞŶƚͿΨϮϮ͘ϬϬ dĂďůĞͲ^ŬŝƌƚĞĚǁͬtŚŝƚĞ;ƉĞƌĞǀĞŶƚͿΨϮϮ͘ϬϬ ǆƚĞŶƐŝŽŶŽƌĚ;ƉĞƌĞǀĞŶƚͿΨϯ͘ϱϬ ǆƚĞŶƐŝŽŶŽƌĚͲYƵĂĚŽǆ;ƉĞƌĞǀĞŶƚͿΨϰ͘ϱϬ WŽƌƚĂďůĞZĞƐƚƌŽŽŵƐͲ^ƚĂŶĚĂƌĚΨϭϬϬ͘ϬϬ WŽƌƚĂďůĞZĞƐƚƌŽŽŵƐͲΨϭϱϬ͘ϬϬ ƌŽǁĚŽŶƚƌŽůͲŝŬĞZĂĐŬĂƌƌŝĐĂĚĞΨϭ͘ϭϬ DŝƐĐĞůůĂŶĞŽƵƐ;ƉĞƌĞĂĐŚͿ ƵůůŝŐĂŶtĂƚĞƌ^ĞƌǀŝĐĞΨϭϳ͘ϬϬ WŝĂŶŽdƵŶŝŶŐZĞŝŵďƵƌƐĞŵĞŶƚΨϴϱ͘ϬϬ dĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐ;ƉĞƌĞǀĞŶƚͿ ĂďůĞdĞůĞǀŝƐŝŽŶŽŶŶĞĐƚŝŽŶΨϱϱ͘ϬϬ dĞůĞƉŚŽŶĞ>ŝŶĞ;ƉĞƌĞǀĞŶƚͿ dĞůĞƉŚŽŶĞ>ŽŶŐŝƐƚĂŶĐĞŚĂƌŐĞƐΨϭϬϬ͘ϬϬ dĞůĞƉŚŽŶĞ>ŝŶĞΨϭϱϱ͘ϬϬ ƵĚŝŽͲsŝƐƵĂů;ƉĞƌĚĂǇͿ WƌŽũĞĐƚŝŽŶ^ǇƐƚĞŵĂůůƌŽŽŵͬWĞƌ^ĐƌĞĞŶΨϵϱϬ͘ϬϬ WƌŽũĞĐƚŝŽŶ^ǇƐƚĞŵĂůůƌŽŽŵͬWĞƌ^ĐƌĞĞŶ;ĂǇϮнͿΨϳϭϱ͘ϬϬ ͲsĂƌƚǁͬ^ŬŝƌƚΨϭϱ͘ϬϬ ƵĚŝŽĂƐƐĞƚƚĞWůĂǇĞƌͬZĞĐŽƌĚĞƌΨϭϬ͘ϬϬ WůĂǇĞƌΨϭϬ͘ϬϬ ŚĂŝŶDŽƚŽƌͲϭͬϮdŽŶ;ĂǇϮнͿΨϴϬ͘ϬϬ ŚĂŝŶDŽƚŽƌͲϭͬϮdŽŶΨϭϭϬ͘ϬϬ ŚĂŝŶDŽƚŽƌͲϭdŽŶΨϭϯϬ͘ϬϬ ŚĂŝŶDŽƚŽƌͲϭdŽŶ;ĂǇϮнͿΨϵϬ͘ϬϬ ŽŵƉƵƚĞƌͲ>ĂƉƚŽƉΨϭϯϱ͘ϬϬ ŽŶĨĞƌĞŶĐĞWŚŽŶĞΨϳϱ͘ϬϬ sWůĂǇĞƌͲDƵůƚŝŝƐŬΨϯϱ͘ϬϬ &ŽůůŽǁ^ƉŽƚůŝŐŚƚΨϭϱϱ͘ϬϬ >ĂƐĞƌWŽŝŶƚĞƌΨϭϱ͘ϬϬ >ŝŐŚƚŝŶŐͲDƵůƚŝͲŽůŽƌ>ΨϱϬ͘ϬϬ >ŽďďǇŝƐƉůĂǇͲEŽŶǆĐůƵƐŝǀĞΨϱϬ͘ϬϬ >ŽďďǇŝƐƉůĂǇͲǆĐůƵƐŝǀĞΨϭϱϬ͘ϬϬ DŝĐƌŽƉŚŽŶĞͲtŝƌĞĚΨϭϱ͘ϬϬ DŝĐƌŽƉŚŽŶĞͲtŝƌĞůĞƐƐ,ĂŶĚ,ĞůĚΨϳϰ͘ϬϬ DŝĐƌŽƉŚŽŶĞͲtŝƌĞůĞƐƐ,ĞĂĚƐĞƚΨϳϰ͘ϬϬ 3DFNHW3J (D DŝĐƌŽƉŚŽŶĞͲtŝƌĞůĞƐƐ>ĂǀĂůŝĞƌĞΨϳϰ͘ϬϬ DŝǆĞƌͲϰŚĂŶŶĞůDŽŶŽΨϯϬ͘ϬϬ DŽŶŝƚŽƌͲϮϬΗ&ůĂƚ^ĐƌĞĞŶΨϯϬ͘ϬϬ DŽŶŝƚŽƌͲϮϳΗ&ůĂƚ^ĐƌĞĞŶΨϲϬ͘ϬϬ DŽŶŝƚŽƌͲϱϬΗ&ůĂƚ^ĐƌĞĞŶΨϮϱϬ͘ϬϬ DŽŶŝƚŽƌͲϯϮΗ&ůĂƚ^ĐƌĞĞŶΨϳϱ͘ϬϬ DŽŶŝƚŽƌͲϰϮΗ&ůĂƚ^ĐƌĞĞŶΨϭϱϬ͘ϬϬ DŽŶŝƚŽƌͲϲϬΗ&ůĂƚ^ĐƌĞĞŶΨϰϬϬ͘ϬϬ DŽŶŝƚŽƌͲϳϬΗ&ůĂƚ^ĐƌĞĞŶǁͬ^ƚĂŶĚΨϲϱϬ͘ϬϬ DŽŶŝƚŽƌͲϴϬΗ&ůĂƚ^ĐƌĞĞŶǁͬ^ƚĂŶĚΨϳϱϬ͘ϬϬ KǀĞƌŚĞĂĚWƌŽũĞĐƚŽƌΨϯϱ͘ϬϬ WŽǁĞƌWŽŝŶƚZĞŵŽƚĞŽŶƚƌŽůΨϮϱ͘ϬϬ WƌŽũĞĐƚŽƌͲ>ϮϱϬϬͬϯϬϬϬ>ƵŵĞŶƐΨϭϬϬ͘ϬϬ WƌŽũĞĐƚŽƌͲ>ϭϮϬϬϬ>ƵŵĞŶƐΨϭ͕ϮϬϬ͘ϬϬ WƌŽũĞĐƚŽƌͲ>ϭϱϬϬϬ>ƵŵĞŶƐ,ŝŐŚĞĨŝŶŝƚŝŽŶΨϭ͕ϱϬϬ͘ϬϬ WƌŽũĞĐƚŽƌͲ>ϰϬϬϬ>ƵŵĞŶƐΨϮϱϬ͘ϬϬ WƌŽũĞĐƚŽƌͲ>ϱϬϬϬ>ƵŵĞŶƐΨϰϬϬ͘ϬϬ WƌŽũĞĐƚŽƌͲ>ϳϬϬϬ>ƵŵĞŶƐΨϲϬϬ͘ϬϬ WƌŽũĞĐƚŽƌͲ>ϳϬϬϬ>ƵŵĞŶƐ,ŝŐŚĞĨŝŶŝƚŝŽŶΨϴϬϬ͘ϬϬ WƌŽũĞĐƚŝŽŶ^ĐƌĞĞŶͲϭϬΖǆϭϬΖΨϭϭϬ͘ϬϬ WƌŽũĞĐƚŝŽŶ^ĐƌĞĞŶͲϭϬ͘ϱΖǆϭϰΖΨϭϱϬ͘ϬϬ WƌŽũĞĐƚŝŽŶ^ĐƌĞĞŶͲϭϮΖǆϭϲΖΨϯϱϬ͘ϬϬ WƌŽũĞĐƚŝŽŶ^ĐƌĞĞŶͲϭϱΖǆϮϬΖΨϯϱϬ͘ϬϬ WƌŽũĞĐƚŝŽŶ^ĐƌĞĞŶͲϭϲΖǆϵΖΨϯϱϬ͘ϬϬ WƌŽũĞĐƚŝŽŶ^ĐƌĞĞŶͲϮϬΖǆϮϬΖΨϯϮϱ͘ϬϬ WƌŽũĞĐƚŝŽŶ^ĐƌĞĞŶͲϮϭΖǆϮϴΖΨϰϱϬ͘ϬϬ WƌŽũĞĐƚŝŽŶ^ĐƌĞĞŶͲϴΖǆϴΖdƌŝƉŽĚΨϯϱ͘ϬϬ WƌŽũĞĐƚŝŽŶ^ĐƌĞĞŶͲϵΖǆϭϮΖΨϭϭϬ͘ϬϬ WƌŽũĞĐƚŝŽŶ^ĐƌĞĞŶͲĂůůƌŽŽŵΨϭϴϬ͘ϬϬ WƌŽũĞĐƚŝŽŶ^ĐƌĞĞŶͲWƌĞƐĞŶƚĂƚŝŽŶ,ĂůůΨϯϱϬ͘ϬϬ WƌŽũĞĐƚŝŽŶ^ĐƌĞĞŶͲZŝǀĞƌǀŝĞǁΨϭϲϱ͘ϬϬ ^ůŝĚĞWƌŽũĞĐƚŽƌͲϯϱŵŵΨϯϱ͘ϬϬ ^ƉĞĂŬĞƌWŚŽŶĞΨϮϱ͘ϬϬ dƌƵƐƐͲŽǆϭϮΗǆϭϮΖΨϯϳ͘ϬϬ dƌƵƐƐͲŽǆϮϬΗǆϮϬΖΨϰϬ͘ϬϬ dƌƵƐƐͲdƌŝĂŶŐůĞϭϬΗΨϯϳ͘ϬϬ ϭͬϮΗs,^sZΨϭϬ͘ϬϬ s'^ƉůŝƚƚĞƌǁͬĂďůĞƐΨϱϬ͘ϬϬ tŝƌĞůĞƐƐ^ůŝĚĞWƌŽũĞĐƚŽƌZĞŵŽƚĞŽŶƚƌŽůΨϭϱ͘ϬϬ WƌŽĚƵĐƚŝŽŶ^ŽƵŶĚWĂĐŬĂŐĞηϭΨϲϬϬ͘ϬϬ WƌŽĚƵĐƚŝŽŶ^ŽƵŶĚWĂĐŬĂŐĞηϭ;ĂǇϮнͿΨϰϱϬ͘ϬϬ WƌŽĚƵĐƚŝŽŶ^ŽƵŶĚWĂĐŬĂŐĞηϮΨϴϬϬ͘ϬϬ WƌŽĚƵĐƚŝŽŶ^ŽƵŶĚWĂĐŬĂŐĞηϮ;ĂǇϮнͿΨϲϬϬ͘ϬϬ WƌŽĚƵĐƚŝŽŶ^ŽƵŶĚWĂĐŬĂŐĞηϯΨϭ͕ϬϬϬ͘ϬϬ WƌŽĚƵĐƚŝŽŶ^ŽƵŶĚWĂĐŬĂŐĞηϯ;ĂǇϮнͿΨϳϱϬ͘ϬϬ ^ŽƵŶĚ^ǇƐƚĞŵͲĂůůƌŽŽŵΨϲϬϬ͘ϬϬ ^ŽƵŶĚ^ǇƐƚĞŵͲĂůůƌŽŽŵ;ĂǇϮнͿΨϰϱϬ͘ϬϬ ^ŽƵŶĚ^ǇƐƚĞŵͲĂůůƌŽŽŵϭΨϯϬϬ͘ϬϬ ^ŽƵŶĚ^ǇƐƚĞŵͲĂůůƌŽŽŵϭ;ĂǇϮнͿΨϮϮϱ͘ϬϬ ^ŽƵŶĚ^ǇƐƚĞŵͲĂůůƌŽŽŵϮΨϮϮϱ͘ϬϬ ^ŽƵŶĚ^ǇƐƚĞŵͲĂůůƌŽŽŵϯΨϮϮϱ͘ϬϬ ^ŽƵŶĚ^ǇƐƚĞŵͲĂůůƌŽŽŵϮΘϯΨϯϬϬ͘ϬϬ ^ŽƵŶĚ^ǇƐƚĞŵͲĂůůƌŽŽŵϮΘϯ;ĂǇϮнͿΨϮϮϱ͘ϬϬ ^ŽƵŶĚ^ǇƐƚĞŵͲƌĞŶĂΨϮϮϱ͘ϬϬ ^ŽƵŶĚ^ǇƐƚĞŵͲƵĚŝƚŽƌŝƵŵΨϮϮϱ͘ϬϬ ^ŽƵŶĚ^ǇƐƚĞŵͲǆŚŝďŝƚ,ĂůůΨϮϮϱ͘ϬϬ ^ŽƵŶĚ^ǇƐƚĞŵͲWƌĞƐĞŶƚĂƚŝŽŶ,ĂůůΨϲϬϬ͘ϬϬ ^ŽƵŶĚ^ǇƐƚĞŵͲWƌĞƐĞŶƚĂƚŝŽŶ,Ăůů;ĂǇϮнͿΨϰϱϬ͘ϬϬ ^ŽƵŶĚ^ǇƐƚĞŵͲ>ŽďďǇΨϭϱϬ͘ϬϬ ^ŽƵŶĚ^ǇƐƚĞŵͲWƌĞƐĞŶƚĂƚŝŽŶ,ĂůůdŝĞͲŝŶΨϯϬϬ͘ϬϬ ǆĞĐƵƚŝǀĞŽĂƌĚZŽŽŵͲ^ŵĂƌƚŽĂƌĚΨϵϬ͘ϬϬ 3DFNHW3J (D ǆĞĐƵƚŝǀĞŽĂƌĚZŽŽŵͲ^ŵĂƌƚŽĂƌĚ;ĂǇϮнͿΨϲϱ͘ϬϬ ǆĞĐƵƚŝǀĞŽĂƌĚZŽŽŵͲŽŶĨĞƌĞŶĐĞ^ĞƌǀŝĐĞůŝĞŶƚĐĐŽƵŶƚ;,ŽƵƌůǇͿΨϭϮϱ͘ϬϬ ǆĞĐƵƚŝǀĞŽĂƌĚZŽŽŵͲŽŶĨĞƌĞŶĐĞ^ĞƌǀŝĐĞ&ĂĐŝůŝƚǇĐĐŽƵŶƚ;,ŽƵƌůǇͿΨϮϱϬ͘ϬϬ ǆĞĐƵƚŝǀĞŽĂƌĚZŽŽŵͲŽŶĨĞƌĞŶĐĞ^ĞƌǀŝĐĞůŝĞŶƚĐĐŽƵŶƚ;ĂŝůǇͿΨϯϬϬ͘ϬϬ ǆĞĐƵƚŝǀĞŽĂƌĚZŽŽŵͲŽŶĨĞƌĞŶĐĞ^ĞƌǀŝĐĞ&ĂĐŝůŝƚǇĐĐŽƵŶƚ;ĂŝůǇͿΨϱϬϬ͘ϬϬ 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3DFNHW3J (ƌƚŚŝƐŽŶƚƌĂĐƚ͘ D dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨǇŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽǇĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂǇ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂǇŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽǇĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ E ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽǇĞĞΖƐŶĂŵĞ͕ŚŽƵƌůǇ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂǇƉĞƌŝŽĚ͘ /ĨE'/EZŝƐĂƵƚŚŽƌŝǌĞĚďǇ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶǇƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕E'/EZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ & ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚΖƐŽŶƚƌĂĐƚ͕ĂŶĚE'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůǇƉĂǇŵĞŶƚďǇE'/EZŽĨƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂǇŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞ ƐƵďĐŽŶƚƌĂĐƚŽƌŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ E'/EZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƚƌĂĐƚŽƌƐΖŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ' ĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzDEd $57,&/( ůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĞƌĨŽƌŵĞĚŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚ $ ƚŚĂƚĚĞŐƌĞĞŽĨĐĂƌĞĂŶĚƐŬŝůůŽƌĚŝŶĂƌŝůǇĞǆĞƌĐŝƐĞĚďǇŵĞŵďĞƌƐŽĨƚŚĞƐĂŵĞƉƌŽĨĞƐƐŝŽŶĐƵƌƌĞŶƚůǇƉƌĂĐƚŝĐŝŶŐƵŶĚĞƌƐŝŵŝůĂƌ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͘E'/EZŵĂŬĞƐŶŽǁĂƌƌĂŶƚŝĞƐ͕ĞǆƉƌĞƐƐĞĚŽƌŝŵƉůŝĞĚ͕ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŽƌŽƚŚĞƌǁŝƐĞ͕ŝŶĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚE'/EZ͛ƐƐĞƌǀŝĐĞƐdŚĞE'/EZĞŶĚĞĂǀŽƌƐƚŽĐŽŵƉůǇǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďǇĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐ͘ E'/EZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂǇŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ % ƌĞŐƵůĂƚŝŽŶƐ͘ ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďǇƉƌŽŐƌĞƐƐƉĂǇŵĞŶƚƐŵĂĚĞďǇ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚǇŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ & ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐE'/EZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂǇŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶǇĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞE'/EZ͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ *& 3DFNHW3J (ĂǇĞĚŝŶĂŶǇǁĂǇĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ % ŽĨE'/EZ͘ŶǇĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůǇĂŶĚĨƵůůǇĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ŚĂŶŐĞƐŝŶƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚŽƌƚŚĞŽŶƚƌĂĐƚǆƉŝƌĂƚŝŽŶĂƚĞĂƌĞŶŽƚƉĞƌŵŝƚƚĞĚŝŶĂĐŚĂŶŐĞŽƌĚĞƌ͘ dŚŝƐĐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ & ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚǇƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůǇŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͕ ďǇƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝǌĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďǇĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞE'/EZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďǇŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĞǆĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ' ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞĐŽŶƚƌĂĐƚ͘ KDW>/Et/d,>/E^^͕WZD/d^͕EKd,ZZ'h>d/KE^ $57,&/( E'/EZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌǇƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶ $ ĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/^E/Ed>>dh>WZKWZdz $57,&/( E'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂ $ ƉƌŽǀŝĚĞĚďǇ/dzŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚĂŶĚĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚ ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ *& 3DFNHW3J (RWKHUSURMHFWZLWKRXWZULWWHQYHULILFDWLRQRU DGDSWDWLRQE\(1*,1((5DQGDQ\VXFKUHXVHRUPRGLILFDWLRQRIWKH(QJLQHHULQJ'DWDZLWKRXWWKHZULWWHQYHULILFDWLRQRUDGDSWDWLRQE\ (1*,1((5VKDOOEHGRQHDW&,7<¶VVROHULVNDQGZLWKRXWOLDELOLW\WR(1*,1((5 >//>/dz $57,&/( 'ĞŶĞƌĂůͲ,ĂǀŝŶŐĐŽŶƐŝĚĞƌĞĚƚŚĞƉŽƚĞŶƚŝĂůůŝĂďŝůŝƚŝĞƐƚŚĂƚŵĂǇĞǆŝƐƚĚƵƌŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ^ĞƌǀŝĐĞƐ͕ƚŚĞďĞŶĞĨŝƚƐ $ ŽĨƚŚĞƉƌŽũĞĐƚ͕ĂŶĚƚŚĞE'/EZ͛ƐĨĞĞĨŽƌƚŚĞ^ĞƌǀŝĐĞƐ͕ĂŶĚŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞƉƌŽŵŝƐĞƐĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ /dzĂŶĚE'/EZĂŐƌĞĞƚŽĂůůŽĐĂƚĞĂŶĚůŝŵŝƚƐƵĐŚůŝĂďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐƌƚŝĐůĞ͘ /ŶĚĞŵŶŝĨŝĐĂƚŝŽŶͲE'/EZĂŶĚ/dz;ƚŚĞ͞/ŶĚĞŵŶŝĨǇŝŶŐWĂƌƚǇ͟ͿƐŚĂůůďĞůŝĂďůĞĨŽƌŝƚƐŽǁŶŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐĂŶĚ % ŽŵŝƐƐŝŽŶƐƚŽƚŚĞĞǆƚĞŶƚƉƌŽǀŝĚĞĚďǇůĂǁĂŶĚƐƵďũĞĐƚƚŽƚŚĞ/dz͛ƐĐĂƉŽŶŵƵŶŝĐŝƉĂůƚŽƌƚůŝĂďŝůŝƚǇƵŶĚĞƌDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ ^ĞĐƚŝŽŶϰϲϲ͘Ϭϰ͕ĂŶĚŚĞƌĞďǇĂŐƌĞĞƐƚŽĚĞĨĞŶĚ͕ŝŶĚĞŵŶŝĨǇ͕ĂŶĚŚŽůĚŚĂƌŵůĞƐƐƚŚĞŽƚŚĞƌ;͞ƚŚĞ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚǇ͟Ϳ͕ĨƌŽŵ ĂŶǇůŝĂďŝůŝƚǇ͕ĚĂŵĂŐĞƐ͕ĂŶĚĐŽƐƚƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞŶĞŐůŝŐĞŶƚĂĐƚƐŽĨE'/EZĂŶĚ/dzĂŶĚĂŶǇŽŶĞĨŽƌǁŚŽƐĞŶĞŐůŝŐĞŶƚ ĂĐƚƐƚŚĞǇŵĂǇďĞůŝĂďůĞĨŽƌŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚŝĐŚƚŚĞ/ŶĚĞŵŶŝĨŝĞĚ WĂƌƚǇ͕ŝƚƐŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽǇĞĞƐŵĂǇŚĞƌĞĂĨƚĞƌƐƵƐƚĂŝŶ͕ŝŶĐƵƌŽƌďĞƌĞƋƵŝƌĞĚƚŽƉĂǇƚŽƚŚĞĨƵůůĞĨĨĞĐƚƉƌŽǀŝĚĞĚďǇ DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϯϯϳ͕ƚŽƚŚĞĞǆƚĞŶƚƚŚĞE'/EZĂŶĚ/dzĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐƵĐŚůŝĂďŝůŝƚǇ͕ĐŽƐƚƐ͕ĚĂŵĂŐĞƐ͕ ͕ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞǇƐ͛ĨĞĞƐ͕/ŶƚŚĞĞǀĞŶƚĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌĞǆƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďǇƚŚĞũŽŝŶƚŽƌ ĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨE'/EZĂŶĚ/dz͕ƚŚĞǇƐŚĂůůďĞďŽƌŶĞďǇĞĂĐŚƉĂƌƚǇŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ ^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚŝƐŽŶƚƌĂĐƚŝƐ & ƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶǇƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ tKZ<Z^ΖKDWE^d/KE $57,&/( ŶǇĂŶĚĂůůĞŵƉůŽǇĞĞƐŽĨE'/EZ͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ $ ĂŶǇǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽǇĞĞƐŽĨ/dz͘ŶǇĂŶĚĂůů ĐůĂŝŵƐƚŚĂƚŵĂǇĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐ ǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶǇĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďǇĂŶǇƚŚŝƌĚƉĂƌƚǇĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶǇĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨ E'/EZΖƐĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽĞŶŐĂŐĞĚŽŶĂŶǇŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶŶŽǁĂǇ ďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨ/dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞ ǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂǇĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚE'/EZ͘ *& 3DFNHW3J (ŶĐĞƐŚĂůůďĞƉƌŝŵĂƌǇƚŽĂŶǇůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďǇƚŚĞŝƚǇ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶ ƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ D Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ E /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ ŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ D WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚǇ E ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚǇ F EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ G ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚǇ͗ ϱ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐ ĨŽƌďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌ ƉƌŽƉĞƌƚǇĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďǇE'/EZŽƌďǇƐƵďĐŽŶƚƌĂĐƚŽƌŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞE'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞůŝŵŝƚĨŽƌŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ͗ ϲ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ *& 3DFNHW3J (ƌĞƋƵŝƌĞĨŽƌƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƐĂŝĚƐĞƌǀŝĐĞƐ͘ /ĨŝŶƚŚŝƐŽŶƚƌĂĐƚƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞĨŽƌƌĞŶĚĞƌŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐĞƚĨŽƌƚŚŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐďǇǁŚŝĐŚƐĞƌǀŝĐĞƐĂƌĞƚŽďĞ & ĐŽŵƉůĞƚĞĚĂƌĞƉƌŽǀŝĚĞĚ͕ĂŶĚŝĨƐƵĐŚƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌĚĂƚĞƐĂƌĞĐŚĂŶŐĞĚƚŚƌŽƵŐŚŶŽĨĂƵůƚŽĨE'/EZ͕ƚŚĞƌĂƚĞƐĂŶĚ ĂŵŽƵŶƚƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽǀŝĚĞĚĨŽƌŚĞƌĞŝŶƐŚĂůůďĞƐƵďũĞĐƚƚŽĞƋƵŝƚĂďůĞĂĚũƵƐƚŵĞŶƚ͘/Ĩ/dzŚĂƐƌĞƋƵĞƐƚĞĚĐŚĂŶŐĞƐŝŶ ƚŚĞƐĐŽƉĞ͕ĞǆƚĞŶƚ͕ŽƌĐŚĂƌĂĐƚĞƌŽĨƚŚĞWƌŽũĞĐƚ͖ƚŚĞƚŝŵĞŽĨƉĞƌĨŽƌŵĂŶĐĞŽĨE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůůďĞĂĚũƵƐƚĞĚĞƋƵŝƚĂďůǇ͘ EĞŝƚŚĞƌƉĂƌƚǇǁŝůůďĞŚĞůĚƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞůĂǇŽƌĨĂŝůƵƌĞƚŽƉĞƌĨŽƌŵǁŚĞŶƐƵĐŚĚĞůĂǇŽƌĨĂŝůƵƌĞŝƐĚƵĞƚŽĂŶǇŽĨƚŚĞ ' ĨŽůůŽǁŝŶŐ͕ƵŶůĞƐƐƚŚĞĂĐƚŽƌŽĐĐƵƌƌĞŶĐĞĐŽƵůĚŚĂǀĞďĞĞŶƌĞĂƐŽŶĂďůǇĨŽƌĞƐĞĞŶĂŶĚƌĞĂƐŽŶĂďůĞĂĐƚŝŽŶĐŽƵůĚŚĂǀĞďĞĞŶ ƚĂŬĞŶƚŽƉƌĞǀĞŶƚƚŚĞĚĞůĂǇŽƌĨĂŝůƵƌĞ͗ĨŝƌĞ͕ĨůŽŽĚ͕ĞƉŝĚĞŵŝĐ͕ƐƚƌŝŬĞƐ͕ǁĂƌƐ͕ĂĐƚƐŽĨ'ŽĚ͕ƵŶƵƐƵĂůůǇƐĞǀĞƌĞǁĞĂƚŚĞƌ͕ŽƌĚĞůĂǇƐ ŽƌĚĞĨĂƵůƚƐĐĂƵƐĞĚďǇƉƵďůŝĐĐĂƌƌŝĞƌƐ͕ƉƌŽǀŝĚĞĚƚŚĞĚĞĨĂƵůƚŝŶŐƉĂƌƚǇŐŝǀĞƐǁƌŝƚƚĞŶŶŽƚŝĐĞĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞƚŽƚŚĞŽƚŚĞƌ ƉĂƌƚǇŽĨŝƚƐŝŶĂďŝůŝƚǇƚŽƉĞƌĨŽƌŵ͘ &ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐŽŶƚƌĂĐƚƚŚĞƚĞƌŵ͞ĚĂǇ͟ŵĞĂŶƐĂĐĂůĞŶĚĂƌĚĂǇŽĨϮϰŚŽƵƌƐ͘ ( Ed/dZh^d $57,&/( (DFWXQWLO (1*,1((5KDVEHHQSDLGLQIXOODOODPRXQWVGXHIRUVHUYLFHVH[SHQVHVDQGFKDUJHV ZZKZ^KZKD/^^/KE^ $57,&/( E'/EZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐǇŽĨŝƚƐǁŽƌŬĂŶĚŵƵƐƚƉƌŽŵƉƚůǇŵĂŬĞŶĞĐĞƐƐĂƌǇƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐ $ ƌĞƐƵůƚŝŶŐĨƌŽŵE'/EZΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬ ďǇ/dzǁŝůůŶŽƚƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌ ĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶǇĂŵďŝŐƵŝƚŝĞƐ͘ ƚĂŶǇƚŝŵĞĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶŽƌĂŶǇƉŚĂƐĞŽĨǁŽƌŬƉĞƌĨŽƌŵĞĚďǇŽƚŚĞƌƐďĂƐĞĚŽŶĚĂƚĂƉƌŽǀŝĚĞĚďǇE'/EZ͕ % E'/EZŵƵƐƚĐŽŶĨĞƌǁŝƚŚ/dzǁŚĞŶŶĞĐĞƐƐĂƌǇĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨŝŶƚĞƌƉƌĞƚŝŶŐƚŚĞŝŶĨŽƌŵĂƚŝŽŶƐĞĐƵƌĞĚĂŶĚͬŽƌƚŽ ĐŽƌƌĞĐƚĂŶǇĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞďǇE'/EZ͘E'/EZŵƵƐƚƉƌĞƉĂƌĞĂŶǇĂŶĚĂůůƉůĂŶƐŽƌĚĂƚĂŶĞĞĚĞĚƚŽ ĐŽƌƌĞĐƚƚŚĞĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚĞĚĐŽŵƉĞŶƐĂƚŝŽŶ͕ĞǀĞŶƚŚŽƵŐŚĨŝŶĂůƉĂǇŵĞŶƚŵĂǇĂůƌĞĂĚǇŚĂǀĞďĞĞŶ ƌĞĐĞŝǀĞĚďǇE'/EZ͘E'/EZŵƵƐƚŐŝǀĞŝŵŵĞĚŝĂƚĞĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŚĂŶŐĞƐƐŽƚŚĞƌĞǁŝůůďĞŵŝŶŝŵĂůĚĞůĂǇƚŽƚŚĞ ƉƌŽũĞĐƚ͘ /ĨŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂƌĞŵĂĚĞďǇE'/EZŝŶĂŶǇƉŚĂƐĞŽĨƚŚĞǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨǁŚŝĐŚŵĂǇ & ƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZǁŝůůďĞƉƌŽŵƉƚůǇŶŽƚŝĨŝĞĚďǇ/dzĂŶĚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƐƵĐŚ ĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘/ĨƚŚĞE'/EZŝƐĂǁĂƌĞŽĨĂŶǇŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞŝŶĂŶǇƉŚĂƐĞ ŽĨŝƚƐǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶƐŽĨǁŚŝĐŚŵĂǇƌĞƋƵŝƌĞĂŶǇĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZŵƵƐƚƉƌŽŵƉƚůǇƉĞƌĨŽƌŵ ƐƵĐŚĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘ E'/EZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶǇĚĂŵĂŐĞƐŝŶĐƵƌƌĞĚĂƐĂƌĞƐƵůƚŽĨŝƚƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂŶĚĨŽƌĂŶǇ ' 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ƐĐŚĞĚƵůĞĂŶĚĨŝŶĂůĐŽƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐƵĐŚĚĞůĂǇƐ͕ŝŶǁƌŝƚŝŶŐ͕ǁŝƚŚŝŶƚŚĞƚĞƌŵƐŽĨƚŚĞŽŶƚƌĂĐƚ͘ 'KsZE/E'>t͕:hZ/^/d/KE͕EsEh $57,&/( dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞŝŶƚĞƌƉƌĞƚĞĚƉƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ>Ăǁ͘ŶǇĐŝƚĂƚŝŽŶƚŽĨĞĚĞƌĂůŽƌƐƚĂƚĞůĂǁŝŶĐŽƌƉŽƌĂƚĞƐƚŚĞ $ ůĂŶŐƵĂŐĞŽĨƚŚĂƚůĂǁŝŶƚŽƚŚŝƐŽŶƚƌĂĐƚĂƐŝĨĨƵůůǇƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͘sĞŶƵĞĨŽƌĂůůůĞŐĂůƉƌŽĐĞĞĚŝŶŐƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŽƌďƌĞĂĐŚ͕ǁŝůůďĞŝŶƚŚĞĂƉƉůŝĐĂďůĞƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶKůŵƐƚĞĚŽƵŶƚǇ͕ DŝŶŶĞƐŽƚĂ͘ dZD^K&'EZ>KE/d/KE^ $57,&/( ŶǇĂŶĚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨŽƌĐĞƵŶůĞƐƐƚŚĞǇĂƌĞƐƉĞĐŝĨŝĐĂůůǇĂŶĚĚĞůŝďĞƌĂƚĞůǇ $ ĐĂŶĐĞůĞĚŽƌŵŽĚŝĨŝĞĚ͕ŝŶǁƌŝƚŝŶŐ͕ďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŽƚŚĞĞǆƚĞŶƚŽĨĂŶǇŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ % ǁŝůůĐŽŶƚƌŽů͘DŝŶŶĞƐŽƚĂ>ĂǁƐƵƉĞƌƐĞĚĞƐĂŶǇŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ dZD^K&WzDEd $57,&/( ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůĂŶĚ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůǇ $ ƐƵƉƉůŝĞĚďǇE'/EZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďǇ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͕Zd/>ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂǇŵĞŶƚ͘͟ /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶǇƚŝŵĞƚŚĂƚE'/EZǁŝůůĞǆĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ % ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůǇŵĂŶŶĞƌ͘E'/EZŵĂǇŶŽƚďĞ ĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞǆĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůǇĞǆĞĐƵƚĞĚ͕ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚďĞǇŽŶĚƚŚĂƚ͕ǁŚŝĐŚŝƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌ ǁƌŝƚƚĞŶĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďǇ/dz͕ŵĂǇďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌǇĂŶĚE'/EZŵĂǇŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌ ƚŚĞĞǆƚƌĂǁŽƌŬ͘ /ĨE'/EZĐůĂŝŵƐĂŶǇŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌĐŽŶĚŝƚŝŽŶƐĞǆŝƐƚƚŚĂƚĐĂƵƐĞĞǆƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ & E'/EZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶǇĞǆƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐϮϬĂůĞŶĚĂƌĚĂǇƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶŽƌŽďƐĞƌǀĂŶĐĞ ŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ŶǇĐůĂŝŵŵĂĚĞ ĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂǇďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶĂŵĞŶĚŵĞŶƚƚŽ ƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůǇĂƉƉƌŽǀĞĚĂŶĚĞǆĞĐƵƚĞĚďǇƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚE'/EZΖƐŽǁŶƌŝƐŬ͘ ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐĂĐƚƵĂůůǇĂŶĚŶĞĐĞƐƐĂƌŝůǇŝŶĐƵƌƌĞĚďǇE'/EZĂƐĂƌĞƐƵůƚŽĨ ' ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞǆĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘E'/EZǁŝůůďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͘ *& 3DFNHW3J (G WZKhZ&KZWzDEd $57,&/( WĂǇŵĞŶƚƐǁŝůůďĞŵĂĚĞďǇ/dzǁŝƚŚŝŶϯϬĚĂǇƐŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐ͕ƉƌŽƉĞƌůǇ $ ƉƌĞƉĂƌĞĚ͕ĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐĐŽŶƚƌĂĐƚ͘/dzƐŚĂůůŶŽƚŝĨǇE'/EZŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂǇƐ ŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞǇďĞůŝĞǀĞƚŚĞƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐ ǁĞƌĞŶŽƚƉƌŽƉĞƌůǇƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĐŽŶƚƌĂĐƚ͘ /ŶǀŽŝĐĞƐĨŽƌƉĂǇŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďǇE'/EZŵŽŶƚŚůǇƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶƚŚĞĨŽƌŵƉƌĞƐĐƌŝďĞĚďǇ % /dz͘ƐĂŵƉůĞŝŶǀŽŝĐĞĨŽƌŵĂƚŝƐĂƚƚĂĐŚĞĚƚŽƚŚŝƐ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͘/ŶǀŽŝĐĞƐŵƵƐƚŝĚĞŶƚŝĨǇƚŚĞĐŽƐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚĂŶĚŵƵƐƚƐĂƚŝƐĨǇƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ &ŽƌůƵŵƉƐƵŵĂŶĚŽƚŚĞƌĐŽŶƚƌĂĐƚƐ͗ ϭ͘ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůǇŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐ ĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚE'/EZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚ ĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶǇƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚƉĂǇŵĞŶƚ͘ &ŽƌŽƚŚĞƌĐŽŶƚƌĂĐƚƐŽŶůǇ͗ ϯ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝǌĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐĂƌĞƉƌŽƉĞƌůǇ ĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂƌĞĂŶǇĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐĚŝƌĞĐƚůǇƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬ ŽĨƚŚĞE'/EZ͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ ϰ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ ŝƌĞĐƚƐĂůĂƌǇĐŽƐƚƐŽĨĞŵƉůŽǇĞĞƐΖƚŝŵĞĚŝƌĞĐƚůǇĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ D dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨǇŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽǇĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂǇ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂǇŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽǇĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ E ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽǇĞĞΖƐŶĂŵĞ͕ŚŽƵƌůǇ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂǇƉĞƌŝŽĚ͘ /ĨE'/EZŝƐĂƵƚŚŽƌŝǌĞĚďǇ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶǇƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕E'/EZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ & ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚΖƐŽŶƚƌĂĐƚ͕ĂŶĚE'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůǇƉĂǇŵĞŶƚďǇE'/EZŽĨƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂǇŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞ ƐƵďĐŽŶƚƌĂĐƚŽƌŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ E'/EZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƚƌĂĐƚŽƌƐΖŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ' ĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzDEd $57,&/( ůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĞƌĨŽƌŵĞĚŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚ $ ƚŚĂƚĚĞŐƌĞĞŽĨĐĂƌĞĂŶĚƐŬŝůůŽƌĚŝŶĂƌŝůǇĞǆĞƌĐŝƐĞĚďǇŵĞŵďĞƌƐŽĨƚŚĞƐĂŵĞƉƌŽĨĞƐƐŝŽŶĐƵƌƌĞŶƚůǇƉƌĂĐƚŝĐŝŶŐƵŶĚĞƌƐŝŵŝůĂƌ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͘E'/EZŵĂŬĞƐŶŽǁĂƌƌĂŶƚŝĞƐ͕ĞǆƉƌĞƐƐĞĚŽƌŝŵƉůŝĞĚ͕ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŽƌŽƚŚĞƌǁŝƐĞ͕ŝŶĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚE'/EZ͛ƐƐĞƌǀŝĐĞƐdŚĞE'/EZĞŶĚĞĂǀŽƌƐƚŽĐŽŵƉůǇǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďǇĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐ͘ E'/EZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂǇŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ % ƌĞŐƵůĂƚŝŽŶƐ͘ ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďǇƉƌŽŐƌĞƐƐƉĂǇŵĞŶƚƐŵĂĚĞďǇ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚǇŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ & ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐE'/EZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂǇŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶǇĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞE'/EZ͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ *& 3DFNHW3J (G ƐŚĂůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞ ĞǆƚĞŶƚŽĨƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞE'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶǇǁĂǇƚŽƌĞůŝĞǀĞE'/EZĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐĞƌǀŝĐĞƐ ' ĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞǆĐĞĞĚƚŚĂƚŝƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ ^^/'EDEd $57,&/(ĂǇĞĚŝŶĂŶǇǁĂǇĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ % ŽĨE'/EZ͘ŶǇĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůǇĂŶĚĨƵůůǇĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ŚĂŶŐĞƐŝŶƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚŽƌƚŚĞŽŶƚƌĂĐƚǆƉŝƌĂƚŝŽŶĂƚĞĂƌĞŶŽƚƉĞƌŵŝƚƚĞĚŝŶĂĐŚĂŶŐĞŽƌĚĞƌ͘ dŚŝƐĐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ & ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚǇƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůǇŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͕ ďǇƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝǌĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďǇĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞE'/EZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďǇŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĞǆĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ' ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞĐŽŶƚƌĂĐƚ͘ KDW>/Et/d,>/E^^͕WZD/d^͕EKd,ZZ'h>d/KE^ $57,&/( E'/EZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌǇƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶ $ ĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/^E/Ed>>dh>WZKWZdz $57,&/( E'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂ $ ƉƌŽǀŝĚĞĚďǇ/dzŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚĂŶĚĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚ ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ *& 3DFNHW3J (G ŶǇƌĞƉŽƌƚƐ͕ƐƚƵĚŝĞƐ͕ƉŚŽƚŽŐƌĂƉŚƐ͕ŶĞŐĂƚŝǀĞƐ͕ŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐĐƌĞĂƚĞĚĂŶĚƉĂŝĚĨŽƌďǇE'/EZŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ % ŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂƌĞŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞŝŶƌĞƐƉĞĐƚƚŽE'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĂƌĞƚŚĞĞǆĐůƵƐŝǀĞ ƉƌŽƉĞƌƚǇŽĨ/dz͘E'/EZŵƵƐƚƌĞŵŝƚĂůůƐƵĐŚŵĂƚĞƌŝĂůƐƚŽ/dzƵƉŽŶĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞ /dzǁŝůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇƌĞƵƐĞŽĨƐƵĐŚŵĂƚĞƌŝĂůƐďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞŝƚǇƐŚĂůůŐƌĂŶƚƚŚĞE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞĞǆƚĞŶƚŽĨƚŚĞ/dzΖƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘E'/EZǁĂŝǀĞƐĂůůĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞ/dzƌĞƐƵůƚŝŶŐŝŶĂŶǇǁĂǇĨƌŽŵĂŶǇƌĞƵƐĞŽĨ ƚŚĞE'/EZ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŝƌĞĐƚĞĚďǇ/dz͕ƚŚĞŽƌŝŐŝŶĂůƐŽĨƌĞƉŽƌƚƐ͕ĚƌĂǁŝŶŐƐĂŶĚƉůĂŶƐ͖ĂŶĚůĞŐŝďůǇƌĞƉƌŽĚƵĐŝďůĞĐŽƉŝĞƐŽĨǁŽƌŬ & 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WĂƌƚǇ͕ŝƚƐŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽǇĞĞƐŵĂǇŚĞƌĞĂĨƚĞƌƐƵƐƚĂŝŶ͕ŝŶĐƵƌŽƌďĞƌĞƋƵŝƌĞĚƚŽƉĂǇƚŽƚŚĞĨƵůůĞĨĨĞĐƚƉƌŽǀŝĚĞĚďǇ DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϯϯϳ͕ƚŽƚŚĞĞǆƚĞŶƚƚŚĞE'/EZĂŶĚ/dzĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐƵĐŚůŝĂďŝůŝƚǇ͕ĐŽƐƚƐ͕ĚĂŵĂŐĞƐ͕ ͕ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞǇƐ͛ĨĞĞƐ͕/ŶƚŚĞĞǀĞŶƚĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌĞǆƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďǇƚŚĞũŽŝŶƚŽƌ ĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨE'/EZĂŶĚ/dz͕ƚŚĞǇƐŚĂůůďĞďŽƌŶĞďǇĞĂĐŚƉĂƌƚǇŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ ^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚŝƐŽŶƚƌĂĐƚŝƐ & ƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶǇƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ tKZ<Z^ΖKDWE^d/KE $57,&/( ŶǇĂŶĚĂůůĞŵƉůŽǇĞĞƐŽĨE'/EZ͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ $ ĂŶǇǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽǇĞĞƐŽĨ/dz͘ŶǇĂŶĚĂůů ĐůĂŝŵƐƚŚĂƚŵĂǇĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐ ǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶǇĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďǇĂŶǇƚŚŝƌĚƉĂƌƚǇĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶǇĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨ E'/EZΖƐĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽĞŶŐĂŐĞĚŽŶĂŶǇŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶŶŽǁĂǇ ďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨ/dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞ ǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂǇĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚE'/EZ͘ *& 3DFNHW3J (G KE^ $57,&/( dŚŝƐƌƚŝĐůĞŝƐŚĞƌĞďǇĚĞůĞƚĞĚ͘ /E^hZE $57,&/( ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞĨŽƌĞĂĐŚƚǇƉĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĨŝůĞĚǁŝƚŚƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚ $ ŐĞŶƚǁŝƚŚŝŶϯϬĚĂǇƐŽĨĞǆĞĐƵƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽĐŽŵŵĞŶĐĞŵĞŶƚŽĨĂŶǇǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ĂĐŚ ƉŽůŝĐǇŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ/dzĂϯϬͲĚĂǇŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ E'/EZŵƵƐƚŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌǇĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗ % ϭ͘E'/EZƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƐŝƐƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌǇ ĨŽƌƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐďǇE'/EZĂŶĚŝƚƐĞŵƉůŽǇĞĞƐ͘ Ϯ͘dŚĞE'/EZƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐƐĞƉĂƌĂƚĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĞŶĚŽƌƐĞŵĞŶƚƐĨŽƌĞĂĐŚƐƵďĐŽŶƐƵůƚĂŶƚ͘ E'/EZƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐĨƌŽŵŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ tŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͗ ϯ͘E'/EZǁŝůůƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌĂůůE'/EZ ĞŵƉůŽǇĞĞƐĂŶĚ͕ŝŶĐĂƐĞĂŶǇǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕E'/EZǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌǇƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/dzŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ ͕ŵƉůŽǇĞƌ͛Ɛ>ŝĂďŝůŝƚǇ͕ĂƚůŝŵŝƚƐŶŽƚůĞƐƐƚŚĂŶΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĚŝƐĞĂƐĞƉĞƌĞŵƉůŽǇĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇ ŝŶũƵƌǇďǇĚŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĂĐĐŝĚĞŶƚ͘ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƚƌĂĐƚŽƌ͛ƐŝŶƐƵƌĂŶĐĞƐŚĂůů ďĞĨŝůĞĚǁŝƚŚƚŚĞE'/EZ͘ ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚǇ͗ ϰ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌ ďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚǇ ĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďǇ E'/EZŽƌďǇĂƐƵďĐŽŶƚƌĂĐƚŽƌŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͛Ɛ ůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞƐŚĂůůďĞƉƌŝŵĂƌǇƚŽĂŶǇůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďǇƚŚĞŝƚǇ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶ ƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ D Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ E /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ ŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ D WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚǇ E ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚǇ F EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ G ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚǇ͗ ϱ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐ ĨŽƌďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌ ƉƌŽƉĞƌƚǇĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďǇE'/EZŽƌďǇƐƵďĐŽŶƚƌĂĐƚŽƌŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞE'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞůŝŵŝƚĨŽƌŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ͗ ϲ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ *& 3DFNHW3J (G Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌĐůĂŝŵ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ dŚŝƐƉŽůŝĐǇǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐE'/EZǁŝůůďĞĐŽŵĞůĞŐĂůůǇŽďůŝŐĂƚĞĚƚŽƉĂǇƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇ ĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽE'/EZΖƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͘ ϳ͘&ŽƌǁŽƌŬŽŶƌĂŝůƌŽĂĚƉƌŽƉĞƌƚǇ͕E'/EZŵƵƐƚŽďƚĂŝŶZĂŝůƌŽĂĚWƌŽƚĞĐƚŝǀĞ>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ DŶͬKd^ƉĞĐŝĨŝĐĂƚŝŽŶϭϳϬϴ͘Ϯ;ϭϵϵϱĚŝƚŝŽŶͿŽƌĂŶǇƐƵďƐĞƋƵĞŶƚĐŚĂŶŐĞƐŽƌŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽƚŚŝƐƐƉĞĐŝĨŝĐĂƚŝŽŶ͘ E'/EZŵƵƐƚ͗ & ϭ͘/ŶĐůƵĚĞůĞŐĂůĚĞĨĞŶƐĞĨĞĞƐŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐůŝĂďŝůŝƚǇƉŽůŝĐǇůŝŵŝƚƐ͕ǁŝƚŚƚŚĞĞǆĐĞƉƚŝŽŶŽĨWƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ ĂďŽǀĞ͖ĂŶĚ Ϯ͘KďƚĂŝŶŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨƌŽŵĂŶŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶǇŚĂǀŝŶŐĂŶΗD^dΗƌĂƚŝŶŐŽĨͲs///ŽƌďĞƚƚĞƌ͘ /dzƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůǇƌĞƐĐŝŶĚƚŚŝƐŽŶƚƌĂĐƚŝĨE'/EZŝƐŶŽƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŝŶƐƵƌĂŶĐĞ ' ƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶǇůĞŐĂůƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚE'/EZ͘hƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚďǇƚŚĞ/dzΖƐ ƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůůďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵĂǇďĞƌĞƋƵĞƐƚĞĚ͘ >/sZ>^dEZ^ $57,&/( /dzǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĚŝƐĂƉƉƌŽǀĞŽƌƌĞũĞĐƚƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƚŚĂƚĂƌĞĚĞĨĞĐƚŝǀĞ͘E'/EZǁŝůůďĞ $ ƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐǇŽĨŝƚƐǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂŶĚŵƵƐƚŵĂŬĞƚŝŵĞůǇƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐǁŝƚŚŽƵƚ ĐŽŵƉĞŶƐĂƚŝŽŶƌĞƐƵůƚŝŶŐĨƌŽŵĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽŶƚŚĞƉĂƌƚŽĨE'/EZ͘dŚĞƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚƚŽ/dz ďǇE'/EZŵƵƐƚďĞŽĨƐƵĐŚƋƵĂůŝƚǇƚŚĂƚƚŚĞǇĂƌĞƐƵŝƚĂďůĞĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ͘ E'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĂŐƌĞĞĚƚŽŝŶĂŶƚŝĐŝƉĂƚŝŽŶŽĨƚŚĞŽƌĚĞƌůǇĂŶĚ % ĐŽŶƚŝŶƵŽƵƐƉƌŽŐƌĞƐƐŽĨƚŚĞWƌŽũĞĐƚƚŚŽƵŐŚĐŽŵƉůĞƚŝŽŶ͘hŶůĞƐƐƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐĨŽƌƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐĂƌĞƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŽďůŝŐĂƚŝŽŶƚŽƌĞŶĚĞƌƐĞƌǀŝĐĞƐŚĞƌĞƵŶĚĞƌǁŝůůďĞĨŽƌĂƉĞƌŝŽĚǁŚŝĐŚŵĂǇ ƌĞĂƐŽŶĂďůǇďĞƌĞƋƵŝƌĞĨŽƌƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƐĂŝĚƐĞƌǀŝĐĞƐ͘ /ĨŝŶƚŚŝƐŽŶƚƌĂĐƚƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞĨŽƌƌĞŶĚĞƌŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐĞƚĨŽƌƚŚŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐďǇǁŚŝĐŚƐĞƌǀŝĐĞƐĂƌĞƚŽďĞ & ĐŽŵƉůĞƚĞĚĂƌĞƉƌŽǀŝĚĞĚ͕ĂŶĚŝĨƐƵĐŚƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌĚĂƚĞƐĂƌĞĐŚĂŶŐĞĚƚŚƌŽƵŐŚŶŽĨĂƵůƚŽĨE'/EZ͕ƚŚĞƌĂƚĞƐĂŶĚ ĂŵŽƵŶƚƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽǀŝĚĞĚĨŽƌŚĞƌĞŝŶƐŚĂůůďĞƐƵďũĞĐƚƚŽĞƋƵŝƚĂďůĞĂĚũƵƐƚŵĞŶƚ͘/Ĩ/dzŚĂƐƌĞƋƵĞƐƚĞĚĐŚĂŶŐĞƐŝŶ ƚŚĞƐĐŽƉĞ͕ĞǆƚĞŶƚ͕ŽƌĐŚĂƌĂĐƚĞƌŽĨƚŚĞWƌŽũĞĐƚ͖ƚŚĞƚŝŵĞŽĨƉĞƌĨŽƌŵĂŶĐĞŽĨE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůůďĞĂĚũƵƐƚĞĚĞƋƵŝƚĂďůǇ͘ EĞŝƚŚĞƌƉĂƌƚǇǁŝůůďĞŚĞůĚƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞůĂǇŽƌĨĂŝůƵƌĞƚŽƉĞƌĨŽƌŵǁŚĞŶƐƵĐŚĚĞůĂǇŽƌĨĂŝůƵƌĞŝƐĚƵĞƚŽĂŶǇŽĨƚŚĞ ' ĨŽůůŽǁŝŶŐ͕ƵŶůĞƐƐƚŚĞĂĐƚŽƌŽĐĐƵƌƌĞŶĐĞĐŽƵůĚŚĂǀĞďĞĞŶƌĞĂƐŽŶĂďůǇĨŽƌĞƐĞĞŶĂŶĚƌĞĂƐŽŶĂďůĞĂĐƚŝŽŶĐŽƵůĚŚĂǀĞďĞĞŶ ƚĂŬĞŶƚŽƉƌĞǀĞŶƚƚŚĞĚĞůĂǇŽƌĨĂŝůƵƌĞ͗ĨŝƌĞ͕ĨůŽŽĚ͕ĞƉŝĚĞŵŝĐ͕ƐƚƌŝŬĞƐ͕ǁĂƌƐ͕ĂĐƚƐŽĨ'ŽĚ͕ƵŶƵƐƵĂůůǇƐĞǀĞƌĞǁĞĂƚŚĞƌ͕ŽƌĚĞůĂǇƐ ŽƌĚĞĨĂƵůƚƐĐĂƵƐĞĚďǇƉƵďůŝĐĐĂƌƌŝĞƌƐ͕ƉƌŽǀŝĚĞĚƚŚĞĚĞĨĂƵůƚŝŶŐƉĂƌƚǇŐŝǀĞƐǁƌŝƚƚĞŶŶŽƚŝĐĞĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞƚŽƚŚĞŽƚŚĞƌ ƉĂƌƚǇŽĨŝƚƐŝŶĂďŝůŝƚǇƚŽƉĞƌĨŽƌŵ͘ &ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐŽŶƚƌĂĐƚƚŚĞƚĞƌŵ͞ĚĂǇ͟ŵĞĂŶƐĂĐĂůĞŶĚĂƌĚĂǇŽĨϮϰŚŽƵƌƐ͘ ( Ed/dZh^d $57,&/( (G K&&//>^EKddKE&/d $57,&/( tŝƚŚŽƵƚƉƌŝŽƌǁƌŝƚƚĞŶĐŽŶƐĞŶƚŽĨ/dz͕E'/EZŵƵƐƚŶŽƚĞŵƉůŽǇĂŶǇƉƌŽĨĞƐƐŝŽŶĂůŽƌƚĞĐŚŶŝĐĂůƉĞƌƐŽŶŶĞůǁŚŽĂƌĞŽƌ $ ŚĂǀĞďĞĞŶĂƚĂŶǇƚŝŵĞĚƵƌŝŶŐƚŚĞƚŝŵĞƉĞƌŝŽĚŽĨƚŚŝƐŽŶƚƌĂĐƚŝŶƚŚĞĞŵƉůŽǇŽĨ/dz͕ĞǆĐĞƉƚƌĞƚŝƌĞĚ/dzĞŵƉůŽǇĞĞƐ͕ ǁŝƚŚŽƵƚǁƌŝƚƚĞŶĐŽŶƐĞŶƚĨƌŽŵ/dz͘ E'/EZǁĂƌƌĂŶƚƐƚŚĂƚŝƚŚĂƐŶŽƚĞŵƉůŽǇĞĚŽƌƌĞƚĂŝŶĞĚĂŶǇĐŽŵƉĂŶǇŽƌƉĞƌƐŽŶ͕ŽƚŚĞƌƚŚĂŶĂďŽŶĂĨŝĚĞĞŵƉůŽǇĞĞ % ǁŽƌŬŝŶŐƐŽůĞůǇĨŽƌE'/EZ͕ƚŽƐŽůŝĐŝƚŽƌƐĞĐƵƌĞƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚƚŚĂƚE'/EZŚĂƐŶŽƚƉĂŝĚŽƌĂŐƌĞĞĚƚŽƉĂǇĂŶǇ ĐŽŵƉĂŶǇŽƌƉĞƌƐŽŶ͕ŽƚŚĞƌƚŚĂŶĂďŽŶĂĨŝĚĞĞŵƉůŽǇĞĞǁŽƌŬŝŶŐĨŽƌE'/EZ͕ĂŶǇĨĞĞ͕ĐŽŵŵŝƐƐŝŽŶƐ͕ƉĞƌĐĞŶƚĂŐĞ͕ ďƌŽŬĞƌĂŐĞĨĞĞ͕ŐŝĨƚƐ͕ŽƌĂŶǇŽƚŚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ĐŽŶƚŝŶŐĞŶƚƵƉŽŶŽƌƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞĂǁĂƌĚŽĨŵĂŬŝŶŐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ E>>d/KE $57,&/( dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐĂŶĐĞůĞĚďǇ/dzǁŝƚŚŝŶϯϬĚĂǇƐ͕ĂƚĂŶǇƚŝŵĞ͕ǁŝƚŚŽƌǁŝƚŚŽƵƚĐĂƵƐĞ͕ƵƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞ $ E'/EZ͘/ŶƚŚĞĞǀĞŶƚŽĨƐƵĐŚĐĂŶĐĞůůĂƚŝŽŶE'/EZǁŝůůďĞĞŶƚŝƚůĞĚƚŽƉĂǇŵĞŶƚ͕ĚĞƚĞƌŵŝŶĞĚŽŶƉƌŽƌĂƚĂďĂƐŝƐ͕ĨŽƌ ƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉĞƌĨŽƌŵĞĚŽƌĚĞůŝǀĞƌĞĚ͘ /ŶƚŚĞĞǀĞŶƚ/dzĐĂŶŶŽƚŽƌĚŽĞƐŶŽƚŽďƚĂŝŶĨƵŶĚŝŶŐ͕ŽƌĨƵŶĚŝŶŐĐĂŶŶŽƚďĞĐŽŶƚŝŶƵĞĚĂƚĂůĞǀĞůƐƵĨĨŝĐŝĞŶƚƚŽĂůůŽǁĨŽƌƚŚĞ % ƉƵƌĐŚĂƐŝŶŐŽĨƚŚĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐĐŽŶƚĂŝŶĞĚŚĞƌĞŝŶ͕ƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐĂŶĐĞůĞĚǁŝƚŚŝŶϯϬĚĂǇƐ͕Ăƚ/dzΖƐ ŽƉƚŝŽŶ͕ďǇǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶĚĞůŝǀĞƌĞĚŝŶƉĞƌƐŽŶ͕ďǇŵĂŝů͕ŽƌĨĂĐƐŝŵŝůĞƚŽE'/EZĂƚƚŚĞĂĚĚƌĞƐƐƐƉĞĐŝĨŝĞĚ ŝŶƚŚŝƐŽŶƚƌĂĐƚ͘/dzǁŝůůŶŽƚďĞŽďůŝŐĂƚĞĚƚŽƉĂǇĨŽƌĂŶǇƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇE'/EZĂĨƚĞƌƐƵĐŚ ŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ &,I&LW\IDLOVWRPDNHDQ\SD\PHQWGXHWR(1*,1((5IRUVHUYLFHVVDWLVIDFWRULO\SHUIRUPHGDQGH[SHQVHVZLWKLQWKLUW\GD\VDIWHUWKHGDWH RI(1*,1((5¶VLQYRLFH(1*,1((5PD\DIWHUJLYLQJVHYHQGD\VZULWWHQQRWLFHWR&,7<DQGZLWKRXWZDLYLQJDQ\FODLPRUULJKWDJDLQVW &,7<DQGZLWKRXWLQFXUULQJOLDELOLW\ZKDWVRHYHUWR&,7<VXVSHQGVHUYLFHVDQGZLWKKROGSURMHFWGHOLYHUDEOHVGXHXQGHUWKLV&RQWUDFWXQWLO (1*,1((5KDVEHHQSDLGLQIXOODOODPRXQWVGXHIRUVHUYLFHVH[SHQVHVDQGFKDUJHV ZZKZ^KZKD/^^/KE^ $57,&/( E'/EZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐǇŽĨŝƚƐǁŽƌŬĂŶĚŵƵƐƚƉƌŽŵƉƚůǇŵĂŬĞŶĞĐĞƐƐĂƌǇƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐ $ ƌĞƐƵůƚŝŶŐĨƌŽŵE'/EZΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬ ďǇ/dzǁŝůůŶŽƚƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌ ĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶǇĂŵďŝŐƵŝƚŝĞƐ͘ ƚĂŶǇƚŝŵĞĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶŽƌĂŶǇƉŚĂƐĞŽĨǁŽƌŬƉĞƌĨŽƌŵĞĚďǇŽƚŚĞƌƐďĂƐĞĚŽŶĚĂƚĂƉƌŽǀŝĚĞĚďǇE'/EZ͕ % E'/EZŵƵƐƚĐŽŶĨĞƌǁŝƚŚ/dzǁŚĞŶŶĞĐĞƐƐĂƌǇĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨŝŶƚĞƌƉƌĞƚŝŶŐƚŚĞŝŶĨŽƌŵĂƚŝŽŶƐĞĐƵƌĞĚĂŶĚͬŽƌƚŽ ĐŽƌƌĞĐƚĂŶǇĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞďǇE'/EZ͘E'/EZŵƵƐƚƉƌĞƉĂƌĞĂŶǇĂŶĚĂůůƉůĂŶƐŽƌĚĂƚĂŶĞĞĚĞĚƚŽ ĐŽƌƌĞĐƚƚŚĞĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚĞĚĐŽŵƉĞŶƐĂƚŝŽŶ͕ĞǀĞŶƚŚŽƵŐŚĨŝŶĂůƉĂǇŵĞŶƚŵĂǇĂůƌĞĂĚǇŚĂǀĞďĞĞŶ ƌĞĐĞŝǀĞĚďǇE'/EZ͘E'/EZŵƵƐƚŐŝǀĞŝŵŵĞĚŝĂƚĞĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŚĂŶŐĞƐƐŽƚŚĞƌĞǁŝůůďĞŵŝŶŝŵĂůĚĞůĂǇƚŽƚŚĞ ƉƌŽũĞĐƚ͘ /ĨŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂƌĞŵĂĚĞďǇE'/EZŝŶĂŶǇƉŚĂƐĞŽĨƚŚĞǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨǁŚŝĐŚŵĂǇ & ƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZǁŝůůďĞƉƌŽŵƉƚůǇŶŽƚŝĨŝĞĚďǇ/dzĂŶĚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƐƵĐŚ ĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘/ĨƚŚĞE'/EZŝƐĂǁĂƌĞŽĨĂŶǇŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞŝŶĂŶǇƉŚĂƐĞ ŽĨŝƚƐǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶƐŽĨǁŚŝĐŚŵĂǇƌĞƋƵŝƌĞĂŶǇĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZŵƵƐƚƉƌŽŵƉƚůǇƉĞƌĨŽƌŵ ƐƵĐŚĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘ E'/EZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶǇĚĂŵĂŐĞƐŝŶĐƵƌƌĞĚĂƐĂƌĞƐƵůƚŽĨŝƚƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂŶĚĨŽƌĂŶǇ ' ůŽƐƐŽƌĐŽƐƚƚŽƌĞƉĂŝƌŽƌƌĞŵĞĚǇE'/EZΖƐĞƌƌŽƌƐ͕ŽŵŝƐƐŝŽŶƐŽƌŶĞŐůŝŐĞŶƚĂĐƚƐ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬďǇ/dzǁŝůůŶŽƚ ƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇƐƵĐŚŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐ͕ŽƌŽĨ ůŝĂďŝůŝƚǇĨŽƌůŽƐƐŽƌĚĂŵĂŐĞƌĞƐƵůƚŝŶŐƚŚĞƌĞĨƌŽŵ͘ E'/EZŵƵƐƚƌĞƐƉŽŶĚƚŽ/dzΖƐŶŽƚŝĐĞŽĨĂŶǇĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŝŶƌĞĂƐŽŶĂďůĞƚŝŵĞĂŶĚŐŝǀĞŝŵŵĞĚŝĂƚĞ ( ĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŽƌƌĞĐƚŝŽŶƐƚŽŵŝŶŝŵŝǌĞĂŶǇĚĞůĂǇƐƚŽƚŚĞE'/EZ͘ *& 3DFNHW3J (G /^WhdZ^K>hd/KE $57,&/( DĞĚŝĂƚŝŽŶ͘ŶǇĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐǇŽƌĚŝƐƉƵƚĞĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞƐƵďũĞĐƚƚŽŶŽŶͲďŝŶĚŝŶŐŵĞĚŝĂƚŝŽŶĂƐ $ ĂĐŽŶĚŝƚŝŽŶƉƌĞĐĞĚĞŶƚƚŽƚŚĞŝŶƐƚŝƚƵƚŝŽŶŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐďǇĞŝƚŚĞƌƉĂƌƚǇ͘dŚĞŵĞĚŝĂƚŝŽŶƐŚĂůůďĞ ĐŽŶĚƵĐƚĞĚŝŶKůŵƐƚĞĚŽƵŶƚǇ͕DŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂŝǀŝůDĞĚŝĂƚŝŽŶĐƚ͕DŝŶŶ͘^ƚĂƚ͘ϱϳϮ͘ϯϭ͕ Ğƚ͕͘ƐĞƋ͘ŶǇĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐǇŽƌĚŝƐƉƵƚĞŶŽƚƌĞƐŽůǀĞĚďǇŵĞĚŝĂƚŝŽŶŵĂǇďĞƚŚĞƐƵďũĞĐƚŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐ ĨŝůĞĚďǇĞŝƚŚĞƌƉĂƌƚǇ͘dŚĞůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐŵƵƐƚďĞǀĞŶƵĞĚŝŶKůŵƐƚĞĚŽƵŶƚǇ͕DŝŶŶĞƐŽƚĂ͘dŚĞƉĂƌƚŝĞƐ ǁĂŝǀĞĂůůƌŝŐŚƚƐƚŽĂŶĚĐůĂŝŵƐĨŽƌŵŽŶĞƚĂƌǇĂǁĂƌĚƐŽƚŚĞƌƚŚĂŶĐŽŵƉĞŶƐĂƚŽƌǇĚĂŵĂŐĞƐ͘ &Z>>h^^ $57,&/( /Ĩ&ĞĚĞƌĂů&ƵŶĚƐĂƌĞŝŶǀŽůǀĞĚǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞĨŽůůŽǁŝŶŐĂĚĚŝƚŝŽŶĂůĐŽŶĚŝƚŝŽŶƐĂƉƉůǇ͗ ŽŵƉůŝĂŶĐĞǁŝƚŚZĞŐƵůĂƚŝŽŶƐ͘dŚĞƐƵďĐŽŶƐƵůƚĂŶƚƐŚĂůůĐŽŵƉůǇǁŝƚŚZĞŐƵůĂƚŝŽŶƐƌĞůĂƚŝǀĞƚŽŶŽŶͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶŝŶ&ĞĚĞƌĂůůǇ $ ĂƐƐŝƐƚĞĚƉƌŽŐƌĂŵƐŽĨƚŚĞĞƉĂƌƚŵĞŶƚŽĨdƌĂŶƐƉŽƌƚĂƚŝŽŶ͕ŚĞƌĞŝŶĂĨƚĞƌƌĞĨĞƌƌĞĚƚŽĂƐ͞Kd͕͟dŝƚůĞϰϵ͕ŽĚĞŽĨ&ĞĚĞƌĂů ZĞŐƵůĂƚŝŽŶƐ͕WĂƌƚϮ͕ĂƐƚŚĞǇŵĂǇďĞĂŵĞŶĚĞĚĨƌŽŵƚŝŵĞƚŽƚŝŵĞŚĞƌĞŝŶĂĨƚĞƌƌĞĨĞƌƌĞĚƚŽĂƐƚŚĞ͞ZĞŐƵůĂƚŝŽŶƐ͕͟ǁŚŝĐŚĂƌĞ ŚĞƌĞŝŶŝŶĐŽƌƉŽƌĂƚĞĚďǇƌĞĨĞƌĞŶĐĞĂŶĚŵĂĚĞƉĂƌƚŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͘ EŽŶͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶ͘dŚĞƐƵďĐŽŶƐƵůƚĂŶƚ͕ǁŝƚŚƌĞŐĂƌĚƚŽƚŚĞǁŽƌŬƉĞƌĨŽƌŵĞĚďǇŝƚĚƵƌŝŶŐƚŚŝƐĐŽŶƚƌĂĐƚ͕ƐŚĂůůŶŽƚ % ĚŝƐĐƌŝŵŝŶĂƚĞŽŶƚŚĞŐƌŽƵŶĚƐŽĨƌĂĐĞ͕ĐŽůŽƌ͕ŶĂƚŝŽŶĂůŽƌŝŐŝŶ͕ƐĞǆ͕ĚŝƐĂďŝůŝƚŝĞƐ͕ŽƌǀĞƚĞƌĂŶ͛ƐƐƚĂƚƵƐŝŶƚŚĞƐĞůĞĐƚŝŽŶĂŶĚ ƌĞƚĞŶƚŝŽŶŽĨƐƵďĐŽŶƐƵůƚĂŶƚƐ͕ƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ŝŶĐůƵĚŝŶŐƉƌŽĐƵƌĞŵĞŶƚŽĨŵĂƚĞƌŝĂůƐĂŶĚůĞĂƐĞƐŽĨĞƋƵŝƉŵĞŶƚ͘dŚĞ ƐƵďĐŽŶƐƵůƚĂŶƚƐŚĂůůŶŽƚƉĂƌƚŝĐŝƉĂƚĞĞŝƚŚĞƌĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇŝŶƚŚĞĚŝƐĐƌŝŵŝŶĂƚŝŽŶƉƌŽŚŝďŝƚĞĚďǇ^ĞĐƚŝŽŶϮϭ͘ϱŽĨƚŚĞ ZĞŐƵůĂƚŝŽŶƐ͕ŝŶĐůƵĚŝŶŐĞŵƉůŽǇŵĞŶƚƉƌĂĐƚŝĐĞƐǁŚĞŶƚŚĞĐŽŶƚƌĂĐƚĐŽǀĞƌƐĂƉƌŽŐƌĂŵƐĞƚĨŽƌƚŚŝŶƉƉĞŶĚŝǆŽĨƚŚĞ ZĞŐƵůĂƚŝŽŶƐ͘ ^ŽůŝĐŝƚĂƚŝŽŶƐĨŽƌ^ƵďĐŽŶƚƌĂĐƚƐ͕ŝŶĐůƵĚŝŶŐƉƌŽĐƵƌĞŵĞŶƚŽĨŵĂƚĞƌŝĂůƐĂŶĚĞƋƵŝƉŵĞŶƚ͘/ŶĂůůƐŽůŝĐŝƚĂƚŝŽŶƐĞŝƚŚĞƌďǇ & ĐŽŵƉĞƚŝƚŝǀĞďŝĚĚŝŶŐŽƌŶĞŐŽƚŝĂƚŝŽŶŵĂĚĞďǇƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚĨŽƌǁŽƌŬƚŽďĞƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂƐƵďĐŽŶƚƌĂĐƚ͕ŝŶĐůƵĚŝŶŐ ƉƌŽĐƵƌĞŵĞŶƚŽĨŵĂƚĞƌŝĂůƐŽƌůĞĂƐĞƐŽĨĞƋƵŝƉŵĞŶƚ͕ĞĂĐŚƉŽƚĞŶƚŝĂůƐƵďĐŽŶƚƌĂĐƚŽƌŽƌƐƵƉƉůŝĞƌƐŚĂůůďĞŶŽƚŝĨŝĞĚďǇƚŚĞ E'/EZŽĨƚŚĞĐŽŶƚƌĂĐƚŽƌ͛ƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐĐŽŶƚƌĂĐƚĂŶĚƚŚĞZĞŐƵůĂƚŝŽŶƐƌĞůĂƚŝǀĞƚŽŶŽŶͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶŽŶƚŚĞ ŐƌŽƵŶĚƐŽĨƌĂĐĞ͕ĐŽůŽƌ͕ŶĂƚŝŽŶĂůŽƌŝŐŝŶ͕ƐĞǆ͕ĚŝƐĂďŝůŝƚŝĞƐŽƌǀĞƚĞƌĂŶ͛ƐƐƚĂƚƵƐ͘ /ŶĨŽƌŵĂƚŝŽŶĂŶĚZĞƉŽƌƚƐ͘dŚĞƐƵďĐŽŶƐƵůƚĂŶƚƐŚĂůůƉƌŽǀŝĚĞĂůůŝŶĨŽƌŵĂƚŝŽŶĂŶĚƌĞƉŽƌƚƐƌĞƋƵŝƌĞĚďǇƚŚĞZĞŐƵůĂƚŝŽŶƐŽƌ ' 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ŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚďǇE'/EZ͕ĂƐĚĞĨŝŶĞĚďǇƚŚŝƐĐŽŶƚƌĂĐƚ͕ǁŝůůďĞƉĂŝĚďǇ/dzŽŶĂŶŚŽƵƌůǇ͕ĨĞĞ ƐĐŚĞĚƵůĞďĂƐŝƐ͕ŶŽƚƚŽĞǆĐĞĞĚĨŽƌƚŚĞĨŽůůŽǁŝŶŐŝƚĞŵƐ͗ ŶŐŝŶĞĞƌŝŶŐ^ĞƌǀŝĐĞƐŽƐƚ dĂƐŬϭ/ŶĐŽƌƉŽƌĂƚĞEĞǁĞǀĞůŽƉŵĞŶƚƐŝŶƚŽǆŝƐƚŝŶŐŽŶĚŝƚŝŽŶƐΨϳ͕ϬϬϬ ;ĂƐĞͿ/ŶĨŽ^tDDDŽĚĞů dĂƐŬϮǆƚĞŶĚĂƐĞ/ŶĨŽ^tDDDŽĚĞůƚŽtĞƐƚŝƌĐůĞƌŝǀĞΨϯϬ͕ϬϬϬ dĂƐŬϯ/ŶĐŽƌƉŽƌĂƚĞWĞďďůĞƌĞĞŬ&ƵůůƵŝůĚŽŶĚŝƚŝŽŶŝŶƚŽΨϯ͕ϬϬϬ /ŶĨŽ^tDDDŽĚĞů dĂƐŬϰƐƐĞƐƐǆŝƐƚŝŶŐŽŶĚŝƚŝŽŶƐtĂƚĞƌYƵĂůŝƚǇΨϮϱ͕ϬϬϬ dĂƐŬϱ/ŶĐŽƌƉŽƌĂƚĞWĞďďůĞƌĞĞŬ&ƵůůƵŝůĚŽŶĚŝƚŝŽŶŝŶƚŽtĂƚĞƌΨϯ͕ϬϬϬ YƵĂůŝƚǇDŽĚĞů dĂƐŬϲ/ĚĞŶƚŝĨǇĂŶĚǀĂůƵĂƚĞZĞŐŝŽŶĂů^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚΨϮϬ͕ϬϬϬ &ĂĐŝůŝƚŝĞƐ dĂƐŬϳƐƐĞƐƐtĂƚĞƌYƵĂůŝƚǇ/ŵƉƌŽǀĞŵĞŶƚĂŶĚĚĚŝƚŝŽŶĂůΨϭϱ͕ϱϬϬ dƌĞĂƚŵĞŶƚEĞĞĚƐ dĂƐŬϴWƌĞƉĂƌĞĂŶĚ^Ƶďŵŝƚ&ŝŶĂůZĞƉŽƌƚĂŶĚůĞĐƚƌŽŶŝĐΨϭϮ͕ϱϬϬ ĞůŝǀĞƌĂďůĞƐ dKd>KEdZdDKhEd͗Ψϭϭϲ͕ϬϬϬ Zd/>ϰKE^h>dEd͛^WZ^KEE> KE^h>dEd͛^ƵƚŚŽƌŝǌĞĚŐĞŶƚ͕Žƌ<ĞǇWĞƌƐŽŶŶĞů͗ EĂŵĞ͗Ăƌƚ^ĐŚƵůƚǌ͕WͬEĂŶĐǇ^ƚŽǁĞ͕W dŝƚůĞ͗KĨĨŝĐĞDĂŶĂŐĞƌͬWƌŽũĞĐƚDĂŶĂŐĞƌ ĚĚƌĞƐƐ͗ϲϵϬϭĂƐƚ&ŝƐŚ>ĂŬĞZŽĂĚ͕^ƵŝƚĞϭϰϬ͕DĂƉůĞ'ƌŽǀĞ͕DŝŶŶĞƐŽƚĂϱϱϯϲϵ WŚŽŶĞ͗;ϳϲϯͿϰϵϯͲϲϲϲϮͬ;ϳϲϯͿϰϵϯͲϲϲϴϭ ŵĂŝů͗ďƐĐŚƵůƚǌΛŚŽƵƐƚŽŶĞŶŐ͘ĐŽŵͬŶƐƚŽǁĞΛŚŽƵƐƚŽŶĞŶŐ͘ĐŽŵ ZĞƐƉŽŶƐŝďŝůŝƚǇ͗ŽŶƚƌĂĐƚĚŵŝŶŝƐƚƌĂƚŝŽŶͬWƌŽũĞĐƚDĂŶĂŐĞƌ /ĨE'/EZ͛^ƵƚŚŽƌŝǌĞĚŐĞŶƚĐŚĂŶŐĞƐĂƚĂŶǇƚŝŵĞĚƵƌŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŝŵŵĞĚŝĂƚĞůǇŶŽƚŝĨǇ/dz͘ Zd/>ϱ/dz͛^hd,KZ/'EdͬWZK:dDE'Z /dz͛^ƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ŽƌWƌŽũĞĐƚDĂŶĂŐĞƌǁŝůůďĞ͗ EĂŵĞ͗dƌŽǇƌŝĐŬƐŽŶ͕W dŝƚůĞ͗tĂƚĞƌZĞƐŽƵƌĐĞƐDĂŶĂŐĞƌ ĚĚƌĞƐƐ͗ϮϬϭϰ ƚŚ^ƚƌĞĞƚ^͕͘͘ZŵϭϬϴ͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰ WŚŽŶĞ͗;ϱϬϳͿϯϮϴͲϮϰϭϵ ŵĂŝů͗ƚĞƌŝĐŬƐŽŶΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ZĞƐƉŽŶƐŝďŝůŝƚǇ͗WƌŽũĞĐƚDĂŶĂŐĞƌ /dz͛^ƵƚŚŽƌŝǌĞĚŐĞŶƚǁŝůůŚĂǀĞĂƵƚŚŽƌŝƚǇƚŽĂĐĐĞƉƚŽƌƌĞũĞĐƚE'/EZ͛^ƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐ͘/ĨƐƵĐŚƐĞƌǀŝĐĞƐ ĂŶĚĚĞůŝǀĞƌĂďůĞƐĂƌĞĂĐĐĞƉƚĂďůĞĂŶĚƐĂƚŝƐĨĂĐƚŽƌǇ͕ƚŚĞ/dz͛^ƵƚŚŽƌŝǌĞĚŐĞŶƚǁŝůůĐĞƌƚŝĨǇĞĂĐŚŝŶǀŽŝĐĞƐƵďŵŝƚƚĞĚĨŽƌ ƉĂǇŵĞŶƚďǇƚŚĞE'/EZ͘ 3DFNHW3J (E ' EZ>KE/d/KE^ dZDK&KEdZd $57,&/( dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĞĨĨĞĐƚŝǀĞƵƉŽŶƚŚĞĚĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ŽƌƵƉŽŶĞǆĞĐƵƚŝŽŶĂŶĚĂƉƉƌŽǀĂůďǇƚŚĞ $ ĂƉƉƌŽƉƌŝĂƚĞ/dzŽĨĨŝĐŝĂůƐ͕ƉƵƌƐƵĂŶƚƚŽŝƚǇŽĨZŽĐŚĞƐƚĞƌ,ŽŵĞZƵůĞŚĂƌƚĞƌ͕ĂŶĚƚŚĞĂƉƉƌŽƉƌŝĂƚĞE'/EZŽĨĨŝĐŝĂůƐ͕ ǁŚŝĐŚĞǀĞƌĞǀĞŶƚŽĐĐƵƌƐůĂƚĞƌ͘dŚŝƐŽŶƚƌĂĐƚǁŝůůƌĞŵĂŝŶŝŶĞĨĨĞĐƚƵŶƚŝůƚŚĞǆƉŝƌĂƚŝŽŶĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ ŽƌƵŶƚŝůĂůůŽďůŝŐĂƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĨƵůĨŝůůĞĚ͕ǁŚŝĐŚĞǀĞƌĞǀĞŶƚŽĐĐƵƌƐĨŝƌƐƚ͘ &ŽƌĚĞůĂǇƐĞŶĐŽƵŶƚĞƌĞĚƚŚĂƚĂƌĞďĞǇŽŶĚE'/EZ͛ƐĐŽŶƚƌŽů͕ĂŶĚƵƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚĨƌŽŵE'/EZ͕ƚŚĞ/dzΖƐ % ƵƚŚŽƌŝǌĞĚŐĞŶƚŵĂǇĞǆƚĞŶĚƚŚĞtŽƌŬŽŵƉůĞƚŝŽŶĂƚĞ͕ĂƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞůĞŶŐƚŚŽĨƐƵĐŚƚŝŵĞĞǆƚĞŶƐŝŽŶǁŝůůďĞĚĞƚĞƌŵŝŶĞĚďǇƚŚĞ/dz͛ƐŐĞŶƚ͘ /ƚǁŝůůďĞE'/EZ͛ƐƌĞƐƉŽŶƐŝďŝůŝƚǇƚŽƌĞĂƐŽŶĂďůǇŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ŝŶǁƌŝƚŝŶŐ͕ŝĨE'/EZŚĂƐƌĞĂƐŽŶƚŽ & ďĞůŝĞǀĞƚŚĞƉƌŽũĞĐƚǁŝůůŶŽƚďĞĐŽŵƉůĞƚĞĚĂƐƐĐŚĞĚƵůĞĚ͘/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĂĚũƵƐƚƚŚĞ ƐĐŚĞĚƵůĞĂŶĚĨŝŶĂůĐŽƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐƵĐŚĚĞůĂǇƐ͕ŝŶǁƌŝƚŝŶŐ͕ǁŝƚŚŝŶƚŚĞƚĞƌŵƐŽĨƚŚĞŽŶƚƌĂĐƚ͘ 'KsZE/E'>t͕:hZ/^/d/KE͕EsEh $57,&/( dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞŝŶƚĞƌƉƌĞƚĞĚƉƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ>Ăǁ͘ŶǇĐŝƚĂƚŝŽŶƚŽĨĞĚĞƌĂůŽƌƐƚĂƚĞůĂǁŝŶĐŽƌƉŽƌĂƚĞƐƚŚĞ $ ůĂŶŐƵĂŐĞŽĨƚŚĂƚůĂǁŝŶƚŽƚŚŝƐŽŶƚƌĂĐƚĂƐŝĨĨƵůůǇƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͘sĞŶƵĞĨŽƌĂůůůĞŐĂůƉƌŽĐĞĞĚŝŶŐƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŽƌďƌĞĂĐŚ͕ǁŝůůďĞŝŶƚŚĞĂƉƉůŝĐĂďůĞƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶKůŵƐƚĞĚŽƵŶƚǇ͕ DŝŶŶĞƐŽƚĂ͘ dZD^K&'EZ>KE/d/KE^ $57,&/( ŶǇĂŶĚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨŽƌĐĞƵŶůĞƐƐƚŚĞǇĂƌĞƐƉĞĐŝĨŝĐĂůůǇĂŶĚĚĞůŝďĞƌĂƚĞůǇ $ ĐĂŶĐĞůĞĚŽƌŵŽĚŝĨŝĞĚ͕ŝŶǁƌŝƚŝŶŐ͕ďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŽƚŚĞĞǆƚĞŶƚŽĨĂŶǇŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ % ǁŝůůĐŽŶƚƌŽů͘DŝŶŶĞƐŽƚĂ>ĂǁƐƵƉĞƌƐĞĚĞƐĂŶǇŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ dZD^K&WzDEd $57,&/( ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůĂŶĚ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůǇ $ ƐƵƉƉůŝĞĚďǇE'/EZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďǇ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͕Zd/>ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂǇŵĞŶƚ͘͟ /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶǇƚŝŵĞƚŚĂƚE'/EZǁŝůůĞǆĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ % ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůǇŵĂŶŶĞƌ͘E'/EZŵĂǇŶŽƚďĞ ĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞǆĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůǇĞǆĞĐƵƚĞĚ͕ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚďĞǇŽŶĚƚŚĂƚ͕ǁŚŝĐŚŝƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌ ǁƌŝƚƚĞŶĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďǇ/dz͕ŵĂǇďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌǇĂŶĚE'/EZŵĂǇŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌ ƚŚĞĞǆƚƌĂǁŽƌŬ͘ /ĨE'/EZĐůĂŝŵƐĂŶǇŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌĐŽŶĚŝƚŝŽŶƐĞǆŝƐƚƚŚĂƚĐĂƵƐĞĞǆƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ & E'/EZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶǇĞǆƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐϮϬĂůĞŶĚĂƌĚĂǇƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶŽƌŽďƐĞƌǀĂŶĐĞ ŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ŶǇĐůĂŝŵŵĂĚĞ ĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂǇďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶĂŵĞŶĚŵĞŶƚƚŽ ƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůǇĂƉƉƌŽǀĞĚĂŶĚĞǆĞĐƵƚĞĚďǇƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚE'/EZΖƐŽǁŶƌŝƐŬ͘ ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐĂĐƚƵĂůůǇĂŶĚŶĞĐĞƐƐĂƌŝůǇŝŶĐƵƌƌĞĚďǇE'/EZĂƐĂƌĞƐƵůƚŽĨ ' ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞǆĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘E'/EZǁŝůůďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͘ *& 3DFNHW3J (E WZKhZ&KZWzDEd $57,&/( WĂǇŵĞŶƚƐǁŝůůďĞŵĂĚĞďǇ/dzǁŝƚŚŝŶϯϬĚĂǇƐŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐ͕ƉƌŽƉĞƌůǇ $ ƉƌĞƉĂƌĞĚ͕ĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐĐŽŶƚƌĂĐƚ͘/dzƐŚĂůůŶŽƚŝĨǇE'/EZŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂǇƐ ŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞǇďĞůŝĞǀĞƚŚĞƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐ ǁĞƌĞŶŽƚƉƌŽƉĞƌůǇƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĐŽŶƚƌĂĐƚ͘ /ŶǀŽŝĐĞƐĨŽƌƉĂǇŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďǇE'/EZŵŽŶƚŚůǇƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶƚŚĞĨŽƌŵƉƌĞƐĐƌŝďĞĚďǇ % /dz͘ƐĂŵƉůĞŝŶǀŽŝĐĞĨŽƌŵĂƚŝƐĂƚƚĂĐŚĞĚƚŽƚŚŝƐ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͘/ŶǀŽŝĐĞƐŵƵƐƚŝĚĞŶƚŝĨǇƚŚĞĐŽƐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚĂŶĚŵƵƐƚƐĂƚŝƐĨǇƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ &ŽƌůƵŵƉƐƵŵĂŶĚŽƚŚĞƌĐŽŶƚƌĂĐƚƐ͗ ϭ͘ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůǇŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐ ĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚE'/EZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚ ĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶǇƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚƉĂǇŵĞŶƚ͘ &ŽƌŽƚŚĞƌĐŽŶƚƌĂĐƚƐŽŶůǇ͗ ϯ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝǌĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐĂƌĞƉƌŽƉĞƌůǇ ĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂƌĞĂŶǇĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐĚŝƌĞĐƚůǇƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬ ŽĨƚŚĞE'/EZ͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ ϰ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ ŝƌĞĐƚƐĂůĂƌǇĐŽƐƚƐŽĨĞŵƉůŽǇĞĞƐΖƚŝŵĞĚŝƌĞĐƚůǇĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ D dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨǇŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽǇĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂǇ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂǇŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽǇĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ E ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽǇĞĞΖƐŶĂŵĞ͕ŚŽƵƌůǇ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂǇƉĞƌŝŽĚ͘ /ĨE'/EZŝƐĂƵƚŚŽƌŝǌĞĚďǇ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶǇƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕E'/EZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ & ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚΖƐŽŶƚƌĂĐƚ͕ĂŶĚE'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůǇƉĂǇŵĞŶƚďǇE'/EZŽĨƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂǇŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞ ƐƵďĐŽŶƚƌĂĐƚŽƌŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ E'/EZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƚƌĂĐƚŽƌƐΖŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ' ĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzDEd $57,&/( ůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĞƌĨŽƌŵĞĚŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚ $ ƚŚĂƚĚĞŐƌĞĞŽĨĐĂƌĞĂŶĚƐŬŝůůŽƌĚŝŶĂƌŝůǇĞǆĞƌĐŝƐĞĚďǇŵĞŵďĞƌƐŽĨƚŚĞƐĂŵĞƉƌŽĨĞƐƐŝŽŶĐƵƌƌĞŶƚůǇƉƌĂĐƚŝĐŝŶŐƵŶĚĞƌƐŝŵŝůĂƌ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͘E'/EZŵĂŬĞƐŶŽǁĂƌƌĂŶƚŝĞƐ͕ĞǆƉƌĞƐƐĞĚŽƌŝŵƉůŝĞĚ͕ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŽƌŽƚŚĞƌǁŝƐĞ͕ŝŶĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚE'/EZ͛ƐƐĞƌǀŝĐĞƐdŚĞE'/EZĞŶĚĞĂǀŽƌƐƚŽĐŽŵƉůǇǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďǇĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐ͘ E'/EZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂǇŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ % ƌĞŐƵůĂƚŝŽŶƐ͘ ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďǇƉƌŽŐƌĞƐƐƉĂǇŵĞŶƚƐŵĂĚĞďǇ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚǇŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ & ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐE'/EZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂǇŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶǇĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞE'/EZ͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ *& 3DFNHW3J (E ƐŚĂůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞ ĞǆƚĞŶƚŽĨƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞE'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶǇǁĂǇƚŽƌĞůŝĞǀĞE'/EZĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐĞƌǀŝĐĞƐ ' ĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞǆĐĞĞĚƚŚĂƚŝƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ ^^/'EDEd $57,&/(ĂǇĞĚŝŶĂŶǇǁĂǇĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ % ŽĨE'/EZ͘ŶǇĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůǇĂŶĚĨƵůůǇĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ŚĂŶŐĞƐŝŶƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚŽƌƚŚĞŽŶƚƌĂĐƚǆƉŝƌĂƚŝŽŶĂƚĞĂƌĞŶŽƚƉĞƌŵŝƚƚĞĚŝŶĂĐŚĂŶŐĞŽƌĚĞƌ͘ dŚŝƐĐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ & ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚǇƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůǇŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͕ ďǇƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝǌĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďǇĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞE'/EZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďǇŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĞǆĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ' ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞĐŽŶƚƌĂĐƚ͘ KDW>/Et/d,>/E^^͕WZD/d^͕EKd,ZZ'h>d/KE^ $57,&/( E'/EZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌǇƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶ $ ĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/^E/Ed>>dh>WZKWZdz $57,&/( E'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂ $ ƉƌŽǀŝĚĞĚďǇ/dzŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚĂŶĚĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚ ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ *& 3DFNHW3J (E ŶǇƌĞƉŽƌƚƐ͕ƐƚƵĚŝĞƐ͕ƉŚŽƚŽŐƌĂƉŚƐ͕ŶĞŐĂƚŝǀĞƐ͕ŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐĐƌĞĂƚĞĚĂŶĚƉĂŝĚĨŽƌďǇE'/EZŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ % 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ĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨE'/EZĂŶĚ/dz͕ƚŚĞǇƐŚĂůůďĞďŽƌŶĞďǇĞĂĐŚƉĂƌƚǇŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ ^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚŝƐŽŶƚƌĂĐƚŝƐ & ƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶǇƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ tKZ<Z^ΖKDWE^d/KE $57,&/( ŶǇĂŶĚĂůůĞŵƉůŽǇĞĞƐŽĨE'/EZ͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ $ ĂŶǇǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽǇĞĞƐŽĨ/dz͘ŶǇĂŶĚĂůů ĐůĂŝŵƐƚŚĂƚŵĂǇĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐ ǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶǇĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďǇĂŶǇƚŚŝƌĚƉĂƌƚǇĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶǇĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨ E'/EZΖƐĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽĞŶŐĂŐĞĚŽŶĂŶǇŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶŶŽǁĂǇ ďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨ/dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞ ǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂǇĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚE'/EZ͘ *& 3DFNHW3J (E KE^ $57,&/( dŚŝƐƌƚŝĐůĞŝƐŚĞƌĞďǇĚĞůĞƚĞĚ͘ /E^hZE $57,&/( ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞĨŽƌĞĂĐŚƚǇƉĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĨŝůĞĚǁŝƚŚƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚ $ ŐĞŶƚǁŝƚŚŝŶϯϬĚĂǇƐŽĨĞǆĞĐƵƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽĐŽŵŵĞŶĐĞŵĞŶƚŽĨĂŶǇǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ĂĐŚ ƉŽůŝĐǇŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ/dzĂϯϬͲĚĂǇŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ E'/EZŵƵƐƚŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌǇĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗ % ϭ͘E'/EZƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƐŝƐƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌǇ ĨŽƌƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐďǇE'/EZĂŶĚŝƚƐĞŵƉůŽǇĞĞƐ͘ Ϯ͘dŚĞE'/EZƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐƐĞƉĂƌĂƚĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĞŶĚŽƌƐĞŵĞŶƚƐĨŽƌĞĂĐŚƐƵďĐŽŶƐƵůƚĂŶƚ͘ E'/EZƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐĨƌŽŵŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ tŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͗ ϯ͘E'/EZǁŝůůƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌĂůůE'/EZ ĞŵƉůŽǇĞĞƐĂŶĚ͕ŝŶĐĂƐĞĂŶǇǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕E'/EZǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌǇƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/dzŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ ͕ŵƉůŽǇĞƌ͛Ɛ>ŝĂďŝůŝƚǇ͕ĂƚůŝŵŝƚƐŶŽƚůĞƐƐƚŚĂŶΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĚŝƐĞĂƐĞƉĞƌĞŵƉůŽǇĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇ ŝŶũƵƌǇďǇĚŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĂĐĐŝĚĞŶƚ͘ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƚƌĂĐƚŽƌ͛ƐŝŶƐƵƌĂŶĐĞƐŚĂůů ďĞĨŝůĞĚǁŝƚŚƚŚĞE'/EZ͘ ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚǇ͗ ϰ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌ ďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚǇ ĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďǇ E'/EZŽƌďǇĂƐƵďĐŽŶƚƌĂĐƚŽƌŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͛Ɛ ůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞƐŚĂůůďĞƉƌŝŵĂƌǇƚŽĂŶǇůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďǇƚŚĞŝƚǇ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶ ƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ D Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ E /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ ŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ D WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚǇ E ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚǇ F EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ G ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚǇ͗ ϱ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐ ĨŽƌďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌ ƉƌŽƉĞƌƚǇĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďǇE'/EZŽƌďǇƐƵďĐŽŶƚƌĂĐƚŽƌŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞE'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞůŝŵŝƚĨŽƌŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ͗ ϲ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ *& 3DFNHW3J (E Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌĐůĂŝŵ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ dŚŝƐƉŽůŝĐǇǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐE'/EZǁŝůůďĞĐŽŵĞůĞŐĂůůǇŽďůŝŐĂƚĞĚƚŽƉĂǇƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇ ĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽE'/EZΖƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͘ ϳ͘&ŽƌǁŽƌŬŽŶƌĂŝůƌŽĂĚƉƌŽƉĞƌƚǇ͕E'/EZŵƵƐƚŽďƚĂŝŶZĂŝůƌŽĂĚWƌŽƚĞĐƚŝǀĞ>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ DŶͬKd^ƉĞĐŝĨŝĐĂƚŝŽŶϭϳϬϴ͘Ϯ;ϭϵϵϱĚŝƚŝŽŶͿŽƌĂŶǇƐƵďƐĞƋƵĞŶƚĐŚĂŶŐĞƐŽƌŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽƚŚŝƐƐƉĞĐŝĨŝĐĂƚŝŽŶ͘ E'/EZŵƵƐƚ͗ & ϭ͘/ŶĐůƵĚĞůĞŐĂůĚĞĨĞŶƐĞĨĞĞƐŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐůŝĂďŝůŝƚǇƉŽůŝĐǇůŝŵŝƚƐ͕ǁŝƚŚƚŚĞĞǆĐĞƉƚŝŽŶŽĨWƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ ĂďŽǀĞ͖ĂŶĚ Ϯ͘KďƚĂŝŶŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨƌŽŵĂŶŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶǇŚĂǀŝŶŐĂŶΗD^dΗƌĂƚŝŶŐŽĨͲs///ŽƌďĞƚƚĞƌ͘ /dzƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůǇƌĞƐĐŝŶĚƚŚŝƐŽŶƚƌĂĐƚŝĨE'/EZŝƐŶŽƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŝŶƐƵƌĂŶĐĞ ' ƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶǇůĞŐĂůƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚE'/EZ͘hƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚďǇƚŚĞ/dzΖƐ ƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůůďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵĂǇďĞƌĞƋƵĞƐƚĞĚ͘ >/sZ>^dEZ^ $57,&/( /dzǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĚŝƐĂƉƉƌŽǀĞŽƌƌĞũĞĐƚƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƚŚĂƚĂƌĞĚĞĨĞĐƚŝǀĞ͘E'/EZǁŝůůďĞ $ ƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐǇŽĨŝƚƐǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂŶĚŵƵƐƚŵĂŬĞƚŝŵĞůǇƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐǁŝƚŚŽƵƚ ĐŽŵƉĞŶƐĂƚŝŽŶƌĞƐƵůƚŝŶŐĨƌŽŵĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽŶƚŚĞƉĂƌƚŽĨE'/EZ͘dŚĞƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚƚŽ/dz ďǇE'/EZŵƵƐƚďĞŽĨƐƵĐŚƋƵĂůŝƚǇƚŚĂƚƚŚĞǇĂƌĞƐƵŝƚĂďůĞĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ͘ E'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĂŐƌĞĞĚƚŽŝŶĂŶƚŝĐŝƉĂƚŝŽŶŽĨƚŚĞŽƌĚĞƌůǇĂŶĚ % ĐŽŶƚŝŶƵŽƵƐƉƌŽŐƌĞƐƐŽĨƚŚĞWƌŽũĞĐƚƚŚŽƵŐŚĐŽŵƉůĞƚŝŽŶ͘hŶůĞƐƐƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐĨŽƌƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐĂƌĞƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŽďůŝŐĂƚŝŽŶƚŽƌĞŶĚĞƌƐĞƌǀŝĐĞƐŚĞƌĞƵŶĚĞƌǁŝůůďĞĨŽƌĂƉĞƌŝŽĚǁŚŝĐŚŵĂǇ ƌĞĂƐŽŶĂďůǇďĞƌĞƋƵŝƌĞĨŽƌƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƐĂŝĚƐĞƌǀŝĐĞƐ͘ /ĨŝŶƚŚŝƐŽŶƚƌĂĐƚƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞĨŽƌƌĞŶĚĞƌŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐĞƚĨŽƌƚŚŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐďǇǁŚŝĐŚƐĞƌǀŝĐĞƐĂƌĞƚŽďĞ & ĐŽŵƉůĞƚĞĚĂƌĞƉƌŽǀŝĚĞĚ͕ĂŶĚŝĨƐƵĐŚƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌĚĂƚĞƐĂƌĞĐŚĂŶŐĞĚƚŚƌŽƵŐŚŶŽĨĂƵůƚŽĨE'/EZ͕ƚŚĞƌĂƚĞƐĂŶĚ ĂŵŽƵŶƚƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽǀŝĚĞĚĨŽƌŚĞƌĞŝŶƐŚĂůůďĞƐƵďũĞĐƚƚŽĞƋƵŝƚĂďůĞĂĚũƵƐƚŵĞŶƚ͘/Ĩ/dzŚĂƐƌĞƋƵĞƐƚĞĚĐŚĂŶŐĞƐŝŶ ƚŚĞƐĐŽƉĞ͕ĞǆƚĞŶƚ͕ŽƌĐŚĂƌĂĐƚĞƌŽĨƚŚĞWƌŽũĞĐƚ͖ƚŚĞƚŝŵĞŽĨƉĞƌĨŽƌŵĂŶĐĞŽĨE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůůďĞĂĚũƵƐƚĞĚĞƋƵŝƚĂďůǇ͘ EĞŝƚŚĞƌƉĂƌƚǇǁŝůůďĞŚĞůĚƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞůĂǇŽƌĨĂŝůƵƌĞƚŽƉĞƌĨŽƌŵǁŚĞŶƐƵĐŚĚĞůĂǇŽƌĨĂŝůƵƌĞŝƐĚƵĞƚŽĂŶǇŽĨƚŚĞ ' ĨŽůůŽǁŝŶŐ͕ƵŶůĞƐƐƚŚĞĂĐƚŽƌŽĐĐƵƌƌĞŶĐĞĐŽƵůĚŚĂǀĞďĞĞŶƌĞĂƐŽŶĂďůǇĨŽƌĞƐĞĞŶĂŶĚƌĞĂƐŽŶĂďůĞĂĐƚŝŽŶĐŽƵůĚŚĂǀĞďĞĞŶ ƚĂŬĞŶƚŽƉƌĞǀĞŶƚƚŚĞĚĞůĂǇŽƌĨĂŝůƵƌĞ͗ĨŝƌĞ͕ĨůŽŽĚ͕ĞƉŝĚĞŵŝĐ͕ƐƚƌŝŬĞƐ͕ǁĂƌƐ͕ĂĐƚƐŽĨ'ŽĚ͕ƵŶƵƐƵĂůůǇƐĞǀĞƌĞǁĞĂƚŚĞƌ͕ŽƌĚĞůĂǇƐ ŽƌĚĞĨĂƵůƚƐĐĂƵƐĞĚďǇƉƵďůŝĐĐĂƌƌŝĞƌƐ͕ƉƌŽǀŝĚĞĚƚŚĞĚĞĨĂƵůƚŝŶŐƉĂƌƚǇŐŝǀĞƐǁƌŝƚƚĞŶŶŽƚŝĐĞĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞƚŽƚŚĞŽƚŚĞƌ ƉĂƌƚǇŽĨŝƚƐŝŶĂďŝůŝƚǇƚŽƉĞƌĨŽƌŵ͘ &ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐŽŶƚƌĂĐƚƚŚĞƚĞƌŵ͞ĚĂǇ͟ŵĞĂŶƐĂĐĂůĞŶĚĂƌĚĂǇŽĨϮϰŚŽƵƌƐ͘ ( Ed/dZh^d $57,&/( (E K&&//>^EKddKE&/d $57,&/( tŝƚŚŽƵƚƉƌŝŽƌǁƌŝƚƚĞŶĐŽŶƐĞŶƚŽĨ/dz͕E'/EZŵƵƐƚŶŽƚĞŵƉůŽǇĂŶǇƉƌŽĨĞƐƐŝŽŶĂůŽƌƚĞĐŚŶŝĐĂůƉĞƌƐŽŶŶĞůǁŚŽĂƌĞŽƌ $ ŚĂǀĞďĞĞŶĂƚĂŶǇƚŝŵĞĚƵƌŝŶŐƚŚĞƚŝŵĞƉĞƌŝŽĚŽĨƚŚŝƐŽŶƚƌĂĐƚŝŶƚŚĞĞŵƉůŽǇŽĨ/dz͕ĞǆĐĞƉƚƌĞƚŝƌĞĚ/dzĞŵƉůŽǇĞĞƐ͕ ǁŝƚŚŽƵƚǁƌŝƚƚĞŶĐŽŶƐĞŶƚĨƌŽŵ/dz͘ E'/EZǁĂƌƌĂŶƚƐƚŚĂƚŝƚŚĂƐŶŽƚĞŵƉůŽǇĞĚŽƌƌĞƚĂŝŶĞĚĂŶǇĐŽŵƉĂŶǇŽƌƉĞƌƐŽŶ͕ŽƚŚĞƌƚŚĂŶĂďŽŶĂĨŝĚĞĞŵƉůŽǇĞĞ % ǁŽƌŬŝŶŐƐŽůĞůǇĨŽƌE'/EZ͕ƚŽƐŽůŝĐŝƚŽƌƐĞĐƵƌĞƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚƚŚĂƚE'/EZŚĂƐŶŽƚƉĂŝĚŽƌĂŐƌĞĞĚƚŽƉĂǇĂŶǇ ĐŽŵƉĂŶǇŽƌƉĞƌƐŽŶ͕ŽƚŚĞƌƚŚĂŶĂďŽŶĂĨŝĚĞĞŵƉůŽǇĞĞǁŽƌŬŝŶŐĨŽƌE'/EZ͕ĂŶǇĨĞĞ͕ĐŽŵŵŝƐƐŝŽŶƐ͕ƉĞƌĐĞŶƚĂŐĞ͕ ďƌŽŬĞƌĂŐĞĨĞĞ͕ŐŝĨƚƐ͕ŽƌĂŶǇŽƚŚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ĐŽŶƚŝŶŐĞŶƚƵƉŽŶŽƌƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞĂǁĂƌĚŽĨŵĂŬŝŶŐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ E>>d/KE $57,&/( dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐĂŶĐĞůĞĚďǇ/dzǁŝƚŚŝŶϯϬĚĂǇƐ͕ĂƚĂŶǇƚŝŵĞ͕ǁŝƚŚŽƌǁŝƚŚŽƵƚĐĂƵƐĞ͕ƵƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞ $ E'/EZ͘/ŶƚŚĞĞǀĞŶƚŽĨƐƵĐŚĐĂŶĐĞůůĂƚŝŽŶE'/EZǁŝůůďĞĞŶƚŝƚůĞĚƚŽƉĂǇŵĞŶƚ͕ĚĞƚĞƌŵŝŶĞĚŽŶƉƌŽƌĂƚĂďĂƐŝƐ͕ĨŽƌ ƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉĞƌĨŽƌŵĞĚŽƌĚĞůŝǀĞƌĞĚ͘ /ŶƚŚĞĞǀĞŶƚ/dzĐĂŶŶŽƚŽƌĚŽĞƐŶŽƚŽďƚĂŝŶĨƵŶĚŝŶŐ͕ŽƌĨƵŶĚŝŶŐĐĂŶŶŽƚďĞĐŽŶƚŝŶƵĞĚĂƚĂůĞǀĞůƐƵĨĨŝĐŝĞŶƚƚŽĂůůŽǁĨŽƌƚŚĞ % ƉƵƌĐŚĂƐŝŶŐŽĨƚŚĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐĐŽŶƚĂŝŶĞĚŚĞƌĞŝŶ͕ƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐĂŶĐĞůĞĚǁŝƚŚŝŶϯϬĚĂǇƐ͕Ăƚ/dzΖƐ ŽƉƚŝŽŶ͕ďǇǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶĚĞůŝǀĞƌĞĚŝŶƉĞƌƐŽŶ͕ďǇŵĂŝů͕ŽƌĨĂĐƐŝŵŝůĞƚŽE'/EZĂƚƚŚĞĂĚĚƌĞƐƐƐƉĞĐŝĨŝĞĚ ŝŶƚŚŝƐŽŶƚƌĂĐƚ͘/dzǁŝůůŶŽƚďĞŽďůŝŐĂƚĞĚƚŽƉĂǇĨŽƌĂŶǇƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇE'/EZĂĨƚĞƌƐƵĐŚ ŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ &,I&LW\IDLOVWRPDNHDQ\SD\PHQWGXHWR(1*,1((5IRUVHUYLFHVVDWLVIDFWRULO\SHUIRUPHGDQGH[SHQVHVZLWKLQWKLUW\GD\VDIWHUWKHGDWH RI(1*,1((5¶VLQYRLFH(1*,1((5PD\DIWHUJLYLQJVHYHQGD\VZULWWHQQRWLFHWR&,7<DQGZLWKRXWZDLYLQJDQ\FODLPRUULJKWDJDLQVW &,7<DQGZLWKRXWLQFXUULQJOLDELOLW\ZKDWVRHYHUWR&,7<VXVSHQGVHUYLFHVDQGZLWKKROGSURMHFWGHOLYHUDEOHVGXHXQGHUWKLV&RQWUDFWXQWLO (1*,1((5KDVEHHQSDLGLQIXOODOODPRXQWVGXHIRUVHUYLFHVH[SHQVHVDQGFKDUJHV ZZKZ^KZKD/^^/KE^ $57,&/( E'/EZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐǇŽĨŝƚƐǁŽƌŬĂŶĚŵƵƐƚƉƌŽŵƉƚůǇŵĂŬĞŶĞĐĞƐƐĂƌǇƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐ $ ƌĞƐƵůƚŝŶŐĨƌŽŵE'/EZΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬ ďǇ/dzǁŝůůŶŽƚƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌ ĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶǇĂŵďŝŐƵŝƚŝĞƐ͘ ƚĂŶǇƚŝŵĞĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶŽƌĂŶǇƉŚĂƐĞŽĨǁŽƌŬƉĞƌĨŽƌŵĞĚďǇŽƚŚĞƌƐďĂƐĞĚŽŶĚĂƚĂƉƌŽǀŝĚĞĚďǇE'/EZ͕ % E'/EZŵƵƐƚĐŽŶĨĞƌǁŝƚŚ/dzǁŚĞŶŶĞĐĞƐƐĂƌǇĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨŝŶƚĞƌƉƌĞƚŝŶŐƚŚĞŝŶĨŽƌŵĂƚŝŽŶƐĞĐƵƌĞĚĂŶĚͬŽƌƚŽ ĐŽƌƌĞĐƚĂŶǇĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞďǇE'/EZ͘E'/EZŵƵƐƚƉƌĞƉĂƌĞĂŶǇĂŶĚĂůůƉůĂŶƐŽƌĚĂƚĂŶĞĞĚĞĚƚŽ ĐŽƌƌĞĐƚƚŚĞĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚĞĚĐŽŵƉĞŶƐĂƚŝŽŶ͕ĞǀĞŶƚŚŽƵŐŚĨŝŶĂůƉĂǇŵĞŶƚŵĂǇĂůƌĞĂĚǇŚĂǀĞďĞĞŶ ƌĞĐĞŝǀĞĚďǇE'/EZ͘E'/EZŵƵƐƚŐŝǀĞŝŵŵĞĚŝĂƚĞĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŚĂŶŐĞƐƐŽƚŚĞƌĞǁŝůůďĞŵŝŶŝŵĂůĚĞůĂǇƚŽƚŚĞ ƉƌŽũĞĐƚ͘ /ĨŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂƌĞŵĂĚĞďǇE'/EZŝŶĂŶǇƉŚĂƐĞŽĨƚŚĞǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨǁŚŝĐŚŵĂǇ & ƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZǁŝůůďĞƉƌŽŵƉƚůǇŶŽƚŝĨŝĞĚďǇ/dzĂŶĚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƐƵĐŚ ĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘/ĨƚŚĞE'/EZŝƐĂǁĂƌĞŽĨĂŶǇŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞŝŶĂŶǇƉŚĂƐĞ ŽĨŝƚƐǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶƐŽĨǁŚŝĐŚŵĂǇƌĞƋƵŝƌĞĂŶǇĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZŵƵƐƚƉƌŽŵƉƚůǇƉĞƌĨŽƌŵ ƐƵĐŚĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘ E'/EZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶǇĚĂŵĂŐĞƐŝŶĐƵƌƌĞĚĂƐĂƌĞƐƵůƚŽĨŝƚƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂŶĚĨŽƌĂŶǇ ' ůŽƐƐŽƌĐŽƐƚƚŽƌĞƉĂŝƌŽƌƌĞŵĞĚǇE'/EZΖƐĞƌƌŽƌƐ͕ŽŵŝƐƐŝŽŶƐŽƌŶĞŐůŝŐĞŶƚĂĐƚƐ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬďǇ/dzǁŝůůŶŽƚ ƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇƐƵĐŚŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐ͕ŽƌŽĨ ůŝĂďŝůŝƚǇĨŽƌůŽƐƐŽƌĚĂŵĂŐĞƌĞƐƵůƚŝŶŐƚŚĞƌĞĨƌŽŵ͘ E'/EZŵƵƐƚƌĞƐƉŽŶĚƚŽ/dzΖƐŶŽƚŝĐĞŽĨĂŶǇĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŝŶƌĞĂƐŽŶĂďůĞƚŝŵĞĂŶĚŐŝǀĞŝŵŵĞĚŝĂƚĞ ( ĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŽƌƌĞĐƚŝŽŶƐƚŽŵŝŶŝŵŝǌĞĂŶǇĚĞůĂǇƐƚŽƚŚĞE'/EZ͘ *& 3DFNHW3J (E /^WhdZ^K>hd/KE $57,&/( DĞĚŝĂƚŝŽŶ͘ŶǇĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐǇŽƌĚŝƐƉƵƚĞĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞƐƵďũĞĐƚƚŽŶŽŶͲďŝŶĚŝŶŐŵĞĚŝĂƚŝŽŶĂƐ $ ĂĐŽŶĚŝƚŝŽŶƉƌĞĐĞĚĞŶƚƚŽƚŚĞŝŶƐƚŝƚƵƚŝŽŶŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐďǇĞŝƚŚĞƌƉĂƌƚǇ͘dŚĞŵĞĚŝĂƚŝŽŶƐŚĂůůďĞ ĐŽŶĚƵĐƚĞĚŝŶKůŵƐƚĞĚŽƵŶƚǇ͕DŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂŝǀŝůDĞĚŝĂƚŝŽŶĐƚ͕DŝŶŶ͘^ƚĂƚ͘ϱϳϮ͘ϯϭ͕ Ğƚ͕͘ƐĞƋ͘ŶǇĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐǇŽƌĚŝƐƉƵƚĞŶŽƚƌĞƐŽůǀĞĚďǇŵĞĚŝĂƚŝŽŶŵĂǇďĞƚŚĞƐƵďũĞĐƚŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐ 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