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dKd>/DW>DEdd/KE^Zs/^ Ψϯϳ͕ϯϮϬ dKd>KEd/DK^dΨϵϲ͕ϲϴϬ ͘D/EdEEE^hWWKZd&^ /dD^Z/Wd/KE/Es^dDEd ϯ͘ZK^/dd/KED/EdEE zĞĂƌϭDĂŝŶƚĞŶĂŶĐĞ͗EŽŚĂƌŐĞ zĞĂƌϮDĂŝŶƚĞŶĂŶĐĞ͗Ψϭϲ͕ϲϮϭ WZ//E's>/d,ZKh',DZϮϵ͕ϮϬϭϳ͘ (D ŵĞŶĚŵĞŶƚǆŚŝďŝƚϮ ĚĚŝƚŝŽŶĂůdĞƌŵƐĨŽƌƌĂǌŽƐŽŵƉŽŶĞŶƚƐ tĞǁŝůůƉƌŽǀŝĚĞǇŽƵǁŝƚŚƚŚĞƌĂǌŽƐĐŽŵƉŽŶĞŶƚƐŽĨdǇůĞƌ^ŽĨƚǁĂƌĞŝŶĚŝĐĂƚĞĚŝŶƚŚĞ/ŶǀĞƐƚŵĞŶƚ^ƵŵŵĂƌǇŽĨǇŽƵƌ>ŝĐĞŶƐĞ ĂŶĚ^ĞƌǀŝĐĞƐŐƌĞĞŵĞŶƚ͘dŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐĚŽĐƵŵĞŶƚŽŶůǇĂƉƉůǇƚŽŽƵƌƉƌŽǀŝƐŝŽŶŽĨƚŚŽƐĞ ĂƉƉůŝĐĂƚŝŽŶƐ͘ĂƉŝƚĂůŝǌĞĚƚĞƌŵƐŶŽƚŽƚŚĞƌǁŝƐĞĚĞĨŝŶĞĚǁŝůůŚĂǀĞƚŚĞŵĞĂŶŝŶŐĂƐƐŝŐŶĞĚƚŽƐƵĐŚƚĞƌŵƐŝŶǇŽƵƌ>ŝĐĞŶƐĞĂŶĚ ^ĞƌǀŝĐĞƐŐƌĞĞŵĞŶƚ͘ ϭ͘ĚĚŝƚŝŽŶĂůĞĨŝŶŝƚŝŽŶƐ͘dŚĞĨŽůůŽǁŝŶŐĚĞĨŝŶŝƚŝŽŶƐƐŚĂůůĂƉƉůǇƚŽƚŚŝƐǆŚŝďŝƚ͗ ͞ƌĂǌŽƐŽŵƉŽŶĞŶƚƐ͟ ϭ͘ϭ͘ŵĞĂŶƐƚŚĞƌĂǌŽƐƐŽĨƚǁĂƌĞĐŽŵƉŽŶĞŶƚƐŽĨdǇůĞƌ^ŽĨƚǁĂƌĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ/ŶǀĞƐƚŵĞŶƚ ^ƵŵŵĂƌǇ͘ ͞,ŽƐƚŝŶŐ^ĞƌǀŝĐĞƐ͟ ϭ͘Ϯ͘ŵĞĂŶƐƚŚĞŚŽƐƚŝŶŐƐĞƌǀŝĐĞƐdǇůĞƌǁŝůůƉƌŽǀŝĚĞĨŽƌƚŚĞƌĂǌŽƐŽŵƉŽŶĞŶƚƐĨŽƌƚŚĞĨĞĞƐƐĞƚĨŽƌƚŚŝŶ ƚŚĞ/ŶǀĞƐƚŵĞŶƚ^ƵŵŵĂƌǇ͘dĞƌŵƐĂŶĚŽŶĚŝƚŝŽŶƐĨŽƌƚŚĞ,ŽƐƚŝŶŐ^ĞƌǀŝĐĞƐĂƌĞƐĞƚĨŽƌƚŚŝŶƚŚŝƐĞǆŚŝďŝƚ͘ ͞^>͟ ϭ͘ϯ͘ŵĞĂŶƐƚŚĞƐĞƌǀŝĐĞůĞǀĞůĂŐƌĞĞŵĞŶƚĂƉƉůŝĐĂďůĞƚŽƚŚĞ,ŽƐƚŝŶŐ^ĞƌǀŝĐĞƐĨŽƌƚŚĞƌĂǌŽƐŽŵƉŽŶĞŶƚƐ͘ĐŽƉǇŽĨ dǇůĞƌ͛ƐĐƵƌƌĞŶƚ^>ŝƐĂƚƚĂĐŚĞĚŚĞƌĞƚŽĂƐ^ĐŚĞĚƵůĞϭƚŽƚŚŝƐĞǆŚŝďŝƚ͘ ͞dŚŝƌĚWĂƌƚǇ^ĞƌǀŝĐĞƐ͟ ϭ͘ϰ͘ŵĞĂŶƐƚŚĞƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚďǇƚŚŝƌĚƉĂƌƚŝĞƐ͕ŝĨĂŶǇ͕ŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ/ŶǀĞƐƚŵĞŶƚ^ƵŵŵĂƌǇ͘ Ϯ͘,ŽƐƚŝŶŐdĞƌŵƐĨŽƌƌĂǌŽƐŽŵƉŽŶĞŶƚƐ͘ Ϯ͘ϭ͘tĞǁŝůůĞŝƚŚĞƌŚŽƐƚŽƌĞŶŐĂŐĞdŚŝƌĚWĂƌƚǇ^ĞƌǀŝĐĞƐŝŶŽƌĚĞƌƚŽŚŽƐƚƚŚĞƌĂǌŽƐŽŵƉŽŶĞŶƚƐƐĞƚĨŽƌƚŚŝŶƚŚĞ /ŶǀĞƐƚŵĞŶƚ^ƵŵŵĂƌǇĨŽƌƚŚĞĨĞĞƐƐĞƚĨŽƌƚŚƚŚĞƌĞŝŶ͘zŽƵĂŐƌĞĞƚŽƉĂǇƚŚŽƐĞĨĞĞƐĂĐĐŽƌĚŝŶŐƚŽƚŚĞƚĞƌŵƐŽĨƚŚĞ /ŶǀŽŝĐŝŶŐĂŶĚWĂǇŵĞŶƚWŽůŝĐǇ͘/ŶĞǆĐŚĂŶŐĞĨŽƌƚŚŽƐĞĨĞĞƐ͕ǁĞĂŐƌĞĞƚŽƉƌŽǀŝĚĞƚŚĞ,ŽƐƚŝŶŐ^ĞƌǀŝĐĞƐĂĐĐŽƌĚŝŶŐƚŽƚŚĞ ƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐǆŚŝďŝƚ͕ĂŶĚƚŚĞŽƚŚĞƌĂƉƉůŝĐĂďůĞƚĞƌŵƐŽĨƚŚĞŐƌĞĞŵĞŶƚ͘/ĨǇŽƵĨĂŝůƚŽƉĂǇ ƚŚŽƐĞĨĞĞƐ͕ǁĞƌĞƐĞƌǀĞƚŚĞƌŝŐŚƚƚŽƐƵƐƉĞŶĚĚĞůŝǀĞƌǇŽĨƚŚĞĂƉƉůŝĐĂďůĞ,ŽƐƚŝŶŐ^ĞƌǀŝĐĞƐĂĨƚĞƌĂĚǀĂŶĐĞǁƌŝƚƚĞŶŶŽƚŝĐĞ ƚŽǇŽƵŽĨŽƵƌŝŶƚĞŶƚŝŽŶƚŽĚŽƐŽ͘ Ϯ͘Ϯ͘/ŶŽƵƌƐŽůĞĚŝƐĐƌĞƚŝŽŶ͕ǁĞŵĂǇĞůĞĐƚƚŽŵŝŐƌĂƚĞƚŚĞ,ŽƐƚŝŶŐ^ĞƌǀŝĐĞƐƚŽĂƌĞƉůĂĐĞŵĞŶƚƐǇƐƚĞŵ;ŝŶĐůƵĚŝŶŐŽƵƌŽǁŶͿ ĂŶĚǁŝůůƵŶĚĞƌƚĂŬĞƌĞĂƐŽŶĂďůĞĞĨĨŽƌƚƐƚŽĐŽŵƉůĞƚĞƐƵĐŚƚƌĂŶƐĨĞƌĚƵƌŝŶŐŵĂŝŶƚĞŶĂŶĐĞǁŝŶĚŽǁƐĂƐƐĞƚĨŽƌƚŚŝŶƚŚĞ ^>͘tĞǁŝůůƵŶĚĞƌƚĂŬĞƌĞĂƐŽŶĂďůĞĞĨĨŽƌƚƐƚŽƉƌŽǀŝĚĞǇŽƵǁŝƚŚĂĚǀĂŶĐĞǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĂŶǇƐƵĐŚƚƌĂŶƐĨĞƌ͘zŽƵ 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,ŽƐƚŝŶŐ^ĞƌǀŝĐĞƐƚŚĂƚǇŽƵŚĂǀĞƌĞƋƵĞƐƚĞĚƵƐƚŽƉƌŽǀŝĚĞ͘ůůŽƚŚĞƌƐƵƉƉŽƌƚƐĞƌǀŝĐĞƐĂƌĞĚŽĐƵŵĞŶƚĞĚŝŶƚŚĞĂƉƉůŝĐĂďůĞ ^ƵƉƉŽƌƚĂůůWƌŽĐĞƐƐ͘ůůĚĞĨŝŶĞĚƚĞƌŵƐŶŽƚĚĞĨŝŶĞĚďĞůŽǁŚĂǀĞƚŚĞŵĞĂŶŝŶŐƐĞƚĨŽƌƚŚŝŶƚŚĞŐƌĞĞŵĞŶƚ͘ ĞĨŝŶŝƚŝŽŶƐ ƚƚĂŝŶŵĞŶƚ͗dŚĞƉĞƌĐĞŶƚĂŐĞŽĨƚŝŵĞĂƐĞƌǀŝĐĞŝƐĂǀĂŝůĂďůĞĚƵƌŝŶŐĂďŝůůŝŶŐĐǇĐůĞ͕ǁŝƚŚƉĞƌĐĞŶƚĂŐĞƐƌŽƵŶĚĞĚƚŽƚŚĞŶĞĂƌĞƐƚ ǁŚŽůĞŶƵŵďĞƌ͘ ůŝĞŶƚƌƌŽƌ/ŶĐŝĚĞŶƚ͗ŶǇƐĞƌǀŝĐĞƵŶĂǀĂŝůĂďŝůŝƚǇƌĞƐƵůƚŝŶŐĨƌŽŵǇŽƵƌĂƉƉůŝĐĂƚŝŽŶƐ͕ĐŽŶƚĞŶƚŽƌĞƋƵŝƉŵĞŶƚ͕ŽƌƚŚĞĂĐƚƐŽƌ ŽŵŝƐƐŝŽŶƐŽĨĂŶǇŽĨǇŽƵƌƐĞƌǀŝĐĞƵƐĞƌƐŽƌƚŚŝƌĚͲƉĂƌƚǇƉƌŽǀŝĚĞƌƐŽǀĞƌǁŚŽŵǁĞĞǆĞƌĐŝƐĞŶŽĐŽŶƚƌŽů͘ ŽǁŶƚŝŵĞ͗dŚŽƐĞŵŝŶƵƚĞƐĚƵƌŝŶŐǁŚŝĐŚƚŚĞĂƉƉůŝĐĂďůĞƐŽĨƚǁĂƌĞƉƌŽĚƵĐƚƐĂƌĞŵĂƚĞƌŝĂůůǇƵŶĂǀĂŝůĂďůĞĨŽƌǇŽƵƌƵƐĞ͘ ŽǁŶƚŝŵĞĚŽĞƐŶŽƚŝŶĐůƵĚĞƚŚŽƐĞŝŶƐƚĂŶĐĞƐŝŶǁŚŝĐŚŽŶůǇĂĞĨĞĐƚŝƐƉƌĞƐĞŶƚ͘ ^ĞƌǀŝĐĞǀĂŝůĂďŝůŝƚǇ͗dŚĞƚŽƚĂůŶƵŵďĞƌŽĨŵŝŶƵƚĞƐŝŶĂďŝůůŝŶŐĐǇĐůĞƚŚĂƚĂŐŝǀĞŶƐĞƌǀŝĐĞŝƐĐĂƉĂďůĞŽĨƌĞĐĞŝǀŝŶŐ͕ƉƌŽĐĞƐƐŝŶŐ͕ ĂŶĚƌĞƐƉŽŶĚŝŶŐƚŽƌĞƋƵĞƐƚƐ͕ĞǆĐůƵĚŝŶŐŵĂŝŶƚĞŶĂŶĐĞǁŝŶĚŽǁƐ͕ůŝĞŶƚƌƌŽƌ/ŶĐŝĚĞŶƚƐĂŶĚ&ŽƌĐĞDĂũĞƵƌĞ͘ ^ĞƌǀŝĐĞǀĂŝůĂďŝůŝƚǇ dŚĞ^ĞƌǀŝĐĞǀĂŝůĂďŝůŝƚǇŽĨƚŚĞĂƉƉůŝĐĂďůĞƐŽĨƚǁĂƌĞƉƌŽĚƵĐƚƐŝƐŝŶƚĞŶĚĞĚƚŽďĞϮϰͬϳͬϯϲϱ͘tĞƐĞƚ^ĞƌǀŝĐĞǀĂŝůĂďŝůŝƚǇŐŽĂůƐ ĂŶĚŵĞĂƐƵƌĞƐǁŚĞƚŚĞƌǁĞŚĂǀĞŵĞƚƚŚŽƐĞŐŽĂůƐďǇƚƌĂĐŬŝŶŐƚƚĂŝŶŵĞŶƚ͘ ůŝĞŶƚZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ tŚĞŶĞǀĞƌǇŽƵĞǆƉĞƌŝĞŶĐĞŽǁŶƚŝŵĞ͕ǇŽƵŵƵƐƚŵĂŬĞĂƐƵƉƉŽƌƚĐĂůůĂĐĐŽƌĚŝŶŐƚŽƚŚĞƉƌŽĐĞĚƵƌĞƐŽƵƚůŝŶĞĚŝŶƚŚĞ ĂƉƉůŝĐĂďůĞ^ƵƉƉŽƌƚĂůůWƌŽĐĞƐƐĞǆŚŝďŝƚ͘zŽƵŵĂǇĞƐĐĂůĂƚĞƚŚƌŽƵŐŚƚŚĞŚŽƐƚŝŶŐŚŽƚůŝŶĞ͘zŽƵǁŝůůƌĞĐĞŝǀĞĂƐƵƉƉŽƌƚŝŶĐŝĚĞŶƚ ŶƵŵďĞƌ͘ŶǇŽǁŶƚŝŵĞŝƐŵĞĂƐƵƌĞĚĨƌŽŵƚŚĞƚŝŵĞǁĞŝŶƚĂŬĞǇŽƵƌƐƵƉƉŽƌƚŝŶĐŝĚĞŶƚ͘ dŽƚƌĂĐŬĂƚƚĂŝŶŵĞŶƚ͕ǇŽƵŵƵƐƚĚŽĐƵŵĞŶƚ͕ŝŶǁƌŝƚŝŶŐ͕ĂůůŽǁŶƚŝŵĞƚŚĂƚǇŽƵŚĂǀĞĞǆƉĞƌŝĞŶĐĞĚĚƵƌŝŶŐĂďŝůůŝŶŐĐǇĐůĞ͘&Žƌ ƉƵƌƉŽƐĞƐŽĨƚŚŝƐ^ĞƌǀŝĐĞ>ĞǀĞůŐƌĞĞŵĞŶƚ͕ďŝůůŝŶŐĐǇĐůĞƐŚĂůůďĞďĂƐĞĚŽŶĞĂĐŚĐĂůĞŶĚĂƌƋƵĂƌƚĞƌ͘zŽƵŵƵƐƚĚĞůŝǀĞƌƐƵĐŚ ĚŽĐƵŵĞŶƚĂƚŝŽŶƚŽdǇůĞƌǁŝƚŚŝŶƚŚŝƌƚǇ;ϯϬͿĚĂǇƐŽĨĂďŝůůŝŶŐĐǇĐůĞ͛ƐĞŶĚ͘ dŚĞĚŽĐƵŵĞŶƚĂƚŝŽŶǇŽƵƉƌŽǀŝĚĞŵƵƐƚƐƵďƐƚĂŶƚŝĂƚĞƚŚĞŽǁŶƚŝŵĞ͘/ƚŵƵƐƚŝŶĐůƵĚĞ͕ĨŽƌĞǆĂŵƉůĞ͕ƚŚĞƐƵƉƉŽƌƚŝŶĐŝĚĞŶƚ ŶƵŵďĞƌ;ƐͿĂŶĚƚŚĞĚĂƚĞ͕ƚŝŵĞĂŶĚĚƵƌĂƚŝŽŶŽĨƚŚĞŽǁŶƚŝŵĞ;ƐͿ͘ dǇůĞƌZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ (D tŚĞŶŽƵƌƐƵƉƉŽƌƚƚĞĂŵƌĞĐĞŝǀĞƐĂĐĂůůĨƌŽŵǇŽƵƚŚĂƚĂŽǁŶƚŝŵĞŚĂƐŽĐĐƵƌƌĞĚŽƌŝƐŽĐĐƵƌƌŝŶŐ͕ǁĞǁŝůůǁŽƌŬǁŝƚŚǇŽƵƚŽ ŝĚĞŶƚŝĨǇƚŚĞĐĂƵƐĞŽĨƚŚĞŽǁŶƚŝŵĞ;ŝŶĐůƵĚŝŶŐǁŚĞƚŚĞƌŝƚŵĂǇďĞƚŚĞƌĞƐƵůƚŽĨĂůŝĞŶƚƌƌŽƌ/ŶĐŝĚĞŶƚŽƌ&ŽƌĐĞDĂũĞƵƌĞͿ͘ tĞǁŝůůĂůƐŽǁŽƌŬǁŝƚŚǇŽƵƚŽƌĞƐƵŵĞŶŽƌŵĂůŽƉĞƌĂƚŝŽŶƐ͘ hƉŽŶƚŝŵĞůǇƌĞĐĞŝƉƚŽĨǇŽƵƌŽǁŶƚŝŵĞƌĞƉŽƌƚ͕ŽƵƚůŝŶĞĚĂďŽǀĞ͕ǁĞǁŝůůĐŽŵƉĂƌĞƚŚĂƚƌĞƉŽƌƚƚŽŽƵƌŽǁŶŽƵƚĂŐĞůŽŐƐĂŶĚ ƐƵƉƉŽƌƚƚŝĐŬĞƚƐƚŽĐŽŶĨŝƌŵƚŚĂƚĂŽǁŶƚŝŵĞĨŽƌǁŚŝĐŚdǇůĞƌǁĂƐƌĞƐƉŽŶƐŝďůĞŝŶĚĞĞĚŽĐĐƵƌƌĞĚ͘ tĞǁŝůůƌĞƐƉŽŶĚƚŽǇŽƵƌŽǁŶƚŝŵĞƌĞƉŽƌƚǁŝƚŚŝŶƚŚŝƌƚǇ;ϯϬͿĚĂǇƐŽĨƌĞĐĞŝƉƚ͘dŽƚŚĞĞǆƚĞŶƚǁĞŚĂǀĞĐŽŶĨŝƌŵĞĚ ŽǁŶƚŝŵĞĨŽƌǁŚŝĐŚǁĞĂƌĞƌĞƐƉŽŶƐŝďůĞ͕ǁĞǁŝůůƉƌŽǀŝĚĞǇŽƵǁŝƚŚƚŚĞƌĞůŝĞĨƐĞƚĨŽƌƚŚďĞůŽǁ͘ ůŝĞŶƚZĞůŝĞĨ tŚĞŶĂ^ĞƌǀŝĐĞǀĂŝůĂďŝůŝƚǇŐŽĂůŝƐŶŽƚŵĞƚĚƵĞƚŽǇŽƵƌĐŽŶĨŝƌŵĞĚŽǁŶƚŝŵĞ͕ǁĞǁŝůůƉƌŽǀŝĚĞǇŽƵǁŝƚŚƌĞůŝĞĨƚŚĂƚ ĐŽƌƌĞƐƉŽŶĚƐƚŽƚŚĞƉĞƌĐĞŶƚĂŐĞĂŵŽƵŶƚďǇǁŚŝĐŚƚŚĂƚŐŽĂůǁĂƐŶŽƚĂĐŚŝĞǀĞĚ͕ĂƐƐĞƚĨŽƌƚŚŝŶƚŚĞůŝĞŶƚZĞůŝĞĨ^ĐŚĞĚƵůĞ ďĞůŽǁ͘ EŽƚǁŝƚŚƐƚĂŶĚŝŶŐƚŚĞĂďŽǀĞ͕ƚŚĞƚŽƚĂůĂŵŽƵŶƚŽĨĂůůƌĞůŝĞĨƚŚĂƚǁŽƵůĚďĞĚƵĞƵŶĚĞƌƚŚŝƐ^>ǁŝůůŶŽƚĞǆĐĞĞĚϱйŽĨƚŚĞĨĞĞ ĨŽƌĂŶǇŽŶĞďŝůůŝŶŐĐǇĐůĞ͘/ƐƐƵŝŶŐŽĨƐƵĐŚĐƌĞĚŝƚĚŽĞƐŶŽƚƌĞůŝĞǀĞƵƐŽĨŽƵƌŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚĞŐƌĞĞŵĞŶƚƚŽĐŽƌƌĞĐƚƚŚĞ ƉƌŽďůĞŵǁŚŝĐŚĐƌĞĂƚĞĚƚŚĞƐĞƌǀŝĐĞŝŶƚĞƌƌƵƉƚŝŽŶ͘ĐŽƌƌĞĐƚŝŽŶŵĂǇŽĐĐƵƌŝŶƚŚĞďŝůůŝŶŐĐǇĐůĞĨŽůůŽǁŝŶŐƚŚĞƐĞƌǀŝĐĞ ŝŶƚĞƌƌƵƉƚŝŽŶ͘/ŶƚŚĂƚĐŝƌĐƵŵƐƚĂŶĐĞ͕ŝĨƐĞƌǀŝĐĞůĞǀĞůƐĚŽŶŽƚŵĞĞƚƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐŐŽĂůĨŽƌƚŚĂƚůĂƚĞƌďŝůůŝŶŐĐǇĐůĞ͕ǇŽƵƌ ƚŽƚĂůĐƌĞĚŝƚƐǁŝůůďĞĚŽƵďůĞĚ͕ǁŝƚŚĞƋƵĂůƌĞůŝĞĨďĞŝŶŐƉƌŽǀŝĚĞĚŝŶƚŚĂƚůĂƚĞƌďŝůůŝŶŐĐǇĐůĞ͘ ůŝĞŶƚZĞůŝĞĨ^ĐŚĞĚƵůĞ dĂƌŐĞƚĞĚƚƚĂŝŶŵĞŶƚĐƚƵĂůƚƚĂŝŶŵĞŶƚůŝĞŶƚZĞůŝĞĨ ϭϬϬйϵϴͲϵϵйZĞŵĞĚŝĂůĂĐƚŝŽŶǁŝůůďĞƚĂŬĞŶĂƚŶŽ ĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽǇŽƵ͘ ϭϬϬйϵϱͲϵϳйZĞŵĞĚŝĂůĂĐƚŝŽŶǁŝůůďĞƚĂŬĞŶĂƚŶŽ ĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽǇŽƵ͘ϰйĐƌĞĚŝƚŽĨ ĨĞĞĨŽƌĂĨĨĞĐƚĞĚďŝůůŝŶŐĐǇĐůĞǁŝůůďĞ ƉŽƐƚĞĚƚŽŶĞǆƚďŝůůŝŶŐĐǇĐůĞ ϭϬϬйфϵϱйZĞŵĞĚŝĂůĂĐƚŝŽŶǁŝůůďĞƚĂŬĞŶĂƚŶŽ ĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽǇŽƵ͘ϱйĐƌĞĚŝƚŽĨ ĨĞĞĨŽƌĂĨĨĞĐƚĞĚďŝůůŝŶŐĐǇĐůĞǁŝůůďĞ ƉŽƐƚĞĚƚŽŶĞǆƚďŝůůŝŶŐĐǇĐůĞ zŽƵŵĂǇƌĞƋƵĞƐƚĂƌĞƉŽƌƚĨƌŽŵƵƐƚŚĂƚĚŽĐƵŵĞŶƚƐƚŚĞƉƌĞĐĞĚŝŶŐďŝůůŝŶŐĐǇĐůĞ͛Ɛ^ĞƌǀŝĐĞǀĂŝůĂďŝůŝƚǇ͕ŽǁŶƚŝŵĞ͕ĂŶǇ ƌĞŵĞĚŝĂůĂĐƚŝŽŶƐƚŚĂƚŚĂǀĞďĞĞŶͬǁŝůůďĞƚĂŬĞŶ͕ĂŶĚĂŶǇĐƌĞĚŝƚƐƚŚĂƚŵĂǇďĞŝƐƐƵĞĚ͘dŚĂƚƌĞƉŽƌƚŝƐĂǀĂŝůĂďůĞďǇĐŽŶƚĂĐƚŝŶŐ ƚŚĞŚŽƐƚŝŶŐŚŽƚůŝŶĞƚŚƌŽƵŐŚƚŚĞƐƵƉƉŽƌƚƉŽƌƚĂů;ƐͿ͘ ƉƉůŝĐĂďŝůŝƚǇ dŚĞĐŽŵŵŝƚŵĞŶƚƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐ^>ĚŽŶŽƚĂƉƉůǇĚƵƌŝŶŐŵĂŝŶƚĞŶĂŶĐĞǁŝŶĚŽǁƐ͕ůŝĞŶƚƌƌŽƌ/ŶĐŝĚĞŶƚƐ͕ĂŶĚ&ŽƌĐĞ DĂũĞƵƌĞ͘ tĞƉĞƌĨŽƌŵŵĂŝŶƚĞŶĂŶĐĞĚƵƌŝŶŐůŝŵŝƚĞĚǁŝŶĚŽǁƐƚŚĂƚĂƌĞŚŝƐƚŽƌŝĐĂůůǇŬŶŽǁŶƚŽďĞƌĞůŝĂďůǇůŽǁͲƚƌĂĨĨŝĐƚŝŵĞƐ͘/ĨĂŶĚǁŚĞŶ ŵĂŝŶƚĞŶĂŶĐĞŝƐƉƌĞĚŝĐƚĞĚƚŽŽĐĐƵƌĚƵƌŝŶŐƉĞƌŝŽĚƐŽĨŚŝŐŚĞƌƚƌĂĨĨŝĐ͕ǁĞǁŝůůƉƌŽǀŝĚĞĂĚǀĂŶĐĞŶŽƚŝĐĞŽĨƚŚŽƐĞǁŝŶĚŽǁƐĂŶĚ ǁŝůůĐŽŽƌĚŝŶĂƚĞƚŽƚŚĞŐƌĞĂƚĞƐƚĞǆƚĞŶƚƉŽƐƐŝďůĞǁŝƚŚǇŽƵ͘tŚĞŶŵĂŝŶƚĞŶĂŶĐĞŝƐƐĐŚĞĚƵůĞĚƚŽŽĐĐƵƌ͕ǁĞǁŝůůƉƌŽǀŝĚĞ (D ĂƉƉƌŽǆŝŵĂƚĞůǇƚǁŽ;ϮͿǁĞĞŬƐ͛ĂĚǀĂŶĐĞǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞĐŽŶƚĂĐƚŝŶĨŽƌŵĂƚŝŽŶƚŚĂƚǇŽƵƐƵƉƉůǇŽŶǇŽƵƌŶŽƚŝĨŝĐĂƚŝŽŶ ĨŽƌŵ͘tŚĞŶĞŵĞƌŐĞŶĐǇŵĂŝŶƚĞŶĂŶĐĞŝƐƐĐŚĞĚƵůĞĚ͕ǇŽƵǁŝůůƌĞĐĞŝǀĞĂŶĞŵĂŝůĂƚƚŚĂƚƐĂŵĞĐŽŶƚĂĐƚƉŽŝŶƚ͘ &ŽƌĐĞDĂũĞƵƌĞ zŽƵǁŝůůŶŽƚŚŽůĚƵƐƌĞƐƉŽŶƐŝďůĞĨŽƌŵĞĞƚŝŶŐƐĞƌǀŝĐĞůĞǀĞůƐŽƵƚůŝŶĞĚŝŶƚŚŝƐ^>ƚŽƚŚĞĞǆƚĞŶƚĂŶǇĨĂŝůƵƌĞƚŽĚŽƐŽŝƐĐĂƵƐĞĚďǇ &ŽƌĐĞDĂũĞƵƌĞ͘/ŶƚŚĞĞǀĞŶƚŽĨ&ŽƌĐĞDĂũĞƵƌĞ͕ǁĞǁŝůůĨŝůĞǁŝƚŚǇŽƵĂƐŝŐŶĞĚƌĞƋƵĞƐƚƚŚĂƚƐĂŝĚĨĂŝůƵƌĞďĞĞǆĐƵƐĞĚ͘dŚĂƚǁƌŝƚŝŶŐ ǁŝůůŝŶĐůƵĚĞƚŚĞĚĞƚĂŝůƐĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐƐƵƉƉŽƌƚŝŶŐŽƵƌƌĞƋƵĞƐƚĨŽƌƌĞůŝĞĨǁŝƚŚĐůĞĂƌĂŶĚĐŽŶǀŝŶĐŝŶŐĞǀŝĚĞŶĐĞƉƵƌƐƵĂŶƚƚŽƚŚŝƐ ƉƌŽǀŝƐŝŽŶ͘zŽƵǁŝůůŶŽƚƵŶƌĞĂƐŽŶĂďůǇǁŝƚŚŚŽůĚǇŽƵƌĂĐĐĞƉƚĂŶĐĞŽĨƐƵĐŚĂƌĞƋƵĞƐƚ͘ (D ŵĞŶĚŵĞŶƚǆŚŝďŝƚϯ ƵƐŝŶĞƐƐdƌĂǀĞůWŽůŝĐǇ ϭ͘ŝƌdƌĂǀĞů ͘ZĞƐĞƌǀĂƚŝŽŶƐΘdŝĐŬĞƚƐ dǇůĞƌ͛ƐdƌĂǀĞůDĂŶĂŐĞŵĞŶƚŽŵƉĂŶǇ;dDͿǁŝůůƉƌŽǀŝĚĞĂŶĞŵƉůŽǇĞĞǁŝƚŚĂĚŝƌĞĐƚĨůŝŐŚƚǁŝƚŚŝŶƚǁŽŚŽƵƌƐ ďĞĨŽƌĞŽƌĂĨƚĞƌƚŚĞƌĞƋƵĞƐƚĞĚĚĞƉĂƌƚƵƌĞƚŝŵĞ͕ĂƐƐƵŵŝŶŐƚŚĂƚĨůŝŐŚƚĚŽĞƐŶŽƚĂĚĚŵŽƌĞƚŚĂŶƚŚƌĞĞŚŽƵƌƐƚŽ ƚŚĞĞŵƉůŽǇĞĞ͛ƐƚŽƚĂůƚƌŝƉĚƵƌĂƚŝŽŶĂŶĚƚŚĞĨĂƌĞŝƐǁŝƚŚŝŶΨϭϬϬ;ĞĂĐŚǁĂǇͿŽĨƚŚĞůŽǁĞƐƚůŽŐŝĐĂůĨĂƌĞ͘/ĨĂŶĞƚ ƐĂǀŝŶŐƐŽĨΨϮϬϬŽƌŵŽƌĞ;ĞĂĐŚǁĂǇͿŝƐƉŽƐƐŝďůĞƚŚƌŽƵŐŚĂĐŽŶŶĞĐƚŝŶŐĨůŝŐŚƚƚŚĂƚŝƐǁŝƚŚŝŶƚǁŽŚŽƵƌƐďĞĨŽƌĞŽƌ ĂĨƚĞƌƚŚĞƌĞƋƵĞƐƚĞĚĚĞƉĂƌƚƵƌĞƚŝŵĞĂŶĚƚŚĂƚĚŽĞƐŶŽƚĂĚĚŵŽƌĞƚŚĂŶƚŚƌĞĞŚŽƵƌƐƚŽƚŚĞĞŵƉůŽǇĞĞ͛ƐƚŽƚĂů ƚƌŝƉĚƵƌĂƚŝŽŶ͕ƚŚĞĐŽŶŶĞĐƚŝŶŐĨůŝŐŚƚƐŚŽƵůĚďĞĂĐĐĞƉƚĞĚ͘ ŵƉůŽǇĞĞƐĂƌĞĞŶĐŽƵƌĂŐĞĚƚŽŵĂŬĞĂĚǀĂŶĐĞĚƌĞƐĞƌǀĂƚŝŽŶƐƚŽƚĂŬĞĨƵůůĂĚǀĂŶƚĂŐĞŽĨĚŝƐĐŽƵŶƚŽƉƉŽƌƚƵŶŝƚŝĞƐ͘ ŵƉůŽǇĞĞƐƐŚŽƵůĚƵƐĞĂůůƌĞĂƐŽŶĂďůĞĞĨĨŽƌƚƐƚŽŵĂŬĞƚƌĂǀĞůĂƌƌĂŶŐĞŵĞŶƚƐĂƚůĞĂƐƚƚǁŽ;ϮͿǁĞĞŬƐŝŶĂĚǀĂŶĐĞ ŽĨĐŽŵŵŝƚŵĞŶƚƐ͘ƐĞǀĞŶ;ϳͿĚĂǇĂĚǀĂŶĐĞďŽŽŬŝŶŐƌĞƋƵŝƌĞŵĞŶƚŝƐŵĂŶĚĂƚŽƌǇ͘tŚĞŶďŽŽŬŝŶŐůĞƐƐƚŚĂŶ ƐĞǀĞŶ;ϳͿĚĂǇƐŝŶĂĚǀĂŶĐĞ͕ŵĂŶĂŐĞŵĞŶƚĂƉƉƌŽǀĂůǁŝůůďĞƌĞƋƵŝƌĞĚ͘ ǆĐĞƉƚŝŶƚŚĞĐĂƐĞŽĨŝŶƚĞƌŶĂƚŝŽŶĂůƚƌĂǀĞůǁŚĞƌĞĂƐĞŐŵĞŶƚŽĨĐŽŶƚŝŶƵŽƵƐĂŝƌƚƌĂǀĞůŝƐƐŝǆ;ϲͿŽƌŵŽƌĞ ĐŽŶƐĞĐƵƚŝǀĞŚŽƵƌƐŝŶůĞŶŐƚŚ͕ŽŶůǇĞĐŽŶŽŵǇŽƌĐŽĂĐŚĐůĂƐƐƐĞĂƚŝŶŐŝƐƌĞŝŵďƵƌƐĂďůĞ͘ŵƉůŽǇĞĞƐƐŚĂůůŶŽƚďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌ͞ĂƐŝĐĐŽŶŽŵǇ&ĂƌĞƐ͟ďĞĐĂƵƐĞƚŚĞƐĞĨĂƌĞƐĂƌĞŶŽŶ ͲƌĞĨƵŶĚĂďůĞĂŶĚŚĂǀĞŵĂŶǇƌĞƐƚƌŝĐƚŝŽŶƐ ƚŚĂƚŽƵƚǁĞŝŐŚƚŚĞĐŽƐƚͲƐĂǀŝŶŐƐ͘ ͘ĂŐŐĂŐĞ&ĞĞƐ ZĞŝŵďƵƌƐĞŵĞŶƚŽĨƉĞƌƐŽŶĂůďĂŐŐĂŐĞĐŚĂƌŐĞƐĂƌĞďĂƐĞĚŽŶƚƌŝƉĚƵƌĂƚŝŽŶĂƐĨŽůůŽǁƐ͗ hƉƚŽĨŝǀĞ;ϱͿĚĂǇƐсŽŶĞ;ϭͿĐŚĞĐŬĞĚďĂŐ ^ŝǆ;ϲͿŽƌŵŽƌĞĚĂǇƐсƚǁŽ;ϮͿĐŚĞĐŬĞĚďĂŐƐ ĂŐŐĂŐĞĨĞĞƐĨŽƌƐƉŽƌƚƐĞƋƵŝƉŵĞŶƚĂƌĞŶŽƚƌĞŝŵďƵƌƐĂďůĞ͘ Ϯ͘'ƌŽƵŶĚdƌĂŶƐƉŽƌƚĂƚŝŽŶ ͘WƌŝǀĂƚĞƵƚŽŵŽďŝůĞ DŝůĞĂŐĞůůŽǁĂŶĐĞʹƵƐŝŶĞƐƐƵƐĞŽĨĂŶĞ ŵƉůŽǇĞĞ͛ƐƉƌŝǀĂƚĞĂƵƚŽŵŽďŝůĞǁŝůůďĞƌĞŝŵďƵƌƐĞĚĂƚƚŚĞĐƵƌƌĞŶƚ/Z^ ĂůůŽǁĂďůĞƌĂƚĞ͕ƉůƵƐŽƵƚŽĨƉŽĐŬĞƚĐŽƐƚƐĨŽƌƚŽůůƐĂŶĚƉĂƌŬŝŶŐ͘DŝůĞĂŐĞǁŝůůďĞĐĂůĐƵůĂƚĞĚďǇƵƐŝŶŐƚŚĞ ĞŵƉůŽǇĞĞΖƐŽĨĨŝĐĞĂƐƚŚĞƐƚĂƌƚŝŶŐĂŶĚĞŶĚŝŶŐƉŽŝŶƚ͕ŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚ/Z^ƌĞŐƵůĂƚŝŽŶƐ͘ŵƉůŽǇĞĞƐǁŚŽŚĂǀĞ ďĞĞŶĚĞƐŝŐŶĂƚĞĚĂŚŽŵĞŽĨĨŝĐĞƐŚŽƵůĚĐĂůĐƵůĂƚĞŵŝůĞƐĨƌŽŵƚŚĞŝƌŚŽŵĞ͘ ͘ZĞŶƚĂůĂƌ ŵƉůŽǇĞĞƐĂƌĞĂƵƚŚŽƌŝǌĞĚƚŽƌĞŶƚĐĂƌƐŽŶůǇŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚĂŝƌƚƌĂǀĞůǁŚĞŶĐŽƐƚ͕ĐŽŶǀĞŶŝĞŶĐĞ͕ĂŶĚƚŚĞ (D ƐƉĞĐŝĨŝĐƐŝƚƵĂƚŝŽŶƌĞĂƐŽŶĂďůǇƌĞƋƵŝƌĞƚŚĞŝƌƵƐĞ͘tŚĞŶƌĞŶƚŝŶŐĂĐĂƌĨŽƌdǇůĞƌďƵƐŝŶĞƐƐ͕ĞŵƉůŽǇĞĞƐƐŚŽƵůĚ ƐĞůĞĐƚĂ͞ŵŝĚ Ͳ ƐŝǌĞ͟Žƌ͞ŝŶƚĞƌŵĞĚŝĂƚĞ͟ĐĂƌ͘͞&Ƶůů͟ƐŝǌĞĐĂƌƐŵĂǇďĞƌĞŶƚĞĚǁŚĞŶƚŚƌĞĞŽƌŵŽƌĞĞŵƉůŽǇĞĞƐĂƌĞ ƚƌĂǀĞůŝŶŐƚŽŐĞƚŚĞƌ͘dǇůĞƌĐĂƌƌŝĞƐůĞĂƐĞĚǀĞŚŝĐůĞĐŽǀĞƌĂŐĞĨŽƌďƵƐŝŶĞƐƐĐĂƌƌĞŶƚĂůƐ͖ĞǆĐĞƉƚĨŽƌĞŵƉůŽǇĞĞƐ 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ůĂŶŐƵĂŐĞŝŶƚŚĞĐŽŵƉƉůĂŶƉĞƌƚĂŝŶŝŶŐƚŽƚŚĞĚĞƐŝŐŶŽĨŐƌŽǁƚŚĂƌĞĂƐ͖ƐƵƉƉŽƌƚƐƚŚĞƉƌŝŵĂƌǇƚƌĂŶƐŝƚ ŶĞƚǁŽƌŬƐ͕ĂĐŬŶŽǁůĞĚŐĞĚƚŚĞůŽĐĂƚŝŽŶƐŽĨƚŚĞŶĞƚǁŽƌŬƐĂŶĚǁŽƵůĚůŝŬĞƚŽƐĞĞĂĚĚŝƚŝŽŶĂůůŽĐĂƚŝŽŶƐďĞ ĂĚĚĞĚƚŽƚŚĞŶĞƚǁŽƌŬ͖ƚŚĞĚĞƐŝŐŶŽĨĂĚĚŝƚŝŽŶĂůĞĚŐĞŐƌŽǁƚŚŶĞĞĚƐƚŽďĞůŽŽŬĞĚĂƚĂŶĚŵĂƉƚŚĞĂƌĞĂƐŽĨ ŶŽŶ Ͳ ĚĞǀĞůŽƉĂďůĞĂƌĞĂƐƐŽƚŚĞǇĐĂŶďĞƉƌĞƐĞƌǀĞĚ͘ Dƌ͘tĂůƚĞƌƐƐƚĂƚĞĚŚĞůŽŽŬĞĚĂƚƚŚĞƐĂŵĞŝƐƐƵĞƐĂŶĚƌĞĐĞŝǀĞĚĂƌĞƐƉŽŶƐĞĨƌŽŵDƐ͘'ŽƐůĞĞ͘ Dƌ͘DĂƐƚĞƌƉŽůĞĐŽŶƚŝŶƵĞĚ͕ĂƐŬŝŶŐŝĨƚŚĞĐŽƌĞŶĞŝŐŚďŽƌŚŽŽĚƐůĂŶĚƵƐĞǁŽƵůĚďĞƵƉĚĂƚĞĚ͖ƚŚĞƌĞĂƌĞ ŝŶƐƚĂŶĐĞƐǁŚĞƌĞƚŚĞůĂŶĚƵƐĞĚŽĞƐŶŽƚŵĂƚĐŚƚŚĞŶĞŝŐŚďŽƌŚŽŽĚƐ͖ƚŚĞ/ŵĂŐŝŶĞ<ƵƚǌŬǇƉůĂŶƐƚŝůůŝŶĞĨĨĞĐƚ͕ ǁŝůůƚŚĞƌĞďĞĂƌĞƉůĂĐĞŵĞŶƚŽƌǀŽŝĚĞĚ͘ Dƌ͘tĂůƚĞƌƐĂƐŬĞĚĂďŽƵƚǁŚĞŶƚŚĞƐŵĂůůĂƌĞĂƉůĂŶƐǁŽƵůĚďĞĚĞǀĞůŽƉĞĚ͘ DƐ͘ĂŬĞƌƌĞƐƉŽŶĚĞĚǁŝƚŚĂƉŽƐƐŝďůĞƚŝŵĞůŝŶĞĨŽƌĂƐŵĂůůĂƌĞĂƉůĂŶ͘ Dƌ͘'ĂƌǇDĞůŝŶĞ͕ƌĞƐŝĚŝŶŐŝŶZŽĐŚĞƐƚĞƌ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞĐŽŵŵĞŶƚĞĚĂďŽƵƚƚŚĞůĂĐŬ ŽĨǁŚĂƚĂƌĞƚŚĞĐŽƐƚƐŽĨŝŵƉůĞŵĞŶƚŝŶŐƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶ͕ƚŚĞƌĞĂƌĞŵĂŶǇŵŽĚĞƐŽĨƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ďĞŝŶŐƌĞǀŝĞǁĞĚ͕ŚĞƐƚĂƚĞĚŝĨƚŚĞĚĞĞƉƉŽĐŬĞƚƐĂƌĞĐŽŵŝŶŐĨƌŽŵĚŽǁŶƚŽǁŶďƵƐŝŶĞƐƐĞƐǁŚǇǁŽƵůĚƚŚĞƌĞ ďĞĞůŝŵŝŶĂƚŝŽŶŽĨƐŽŵĂŶǇƉĂƌŬŝŶŐĂƌĞĂƐŶĞĞĚĞĚĨŽƌƚŚĞĞŵƉůŽǇŵĞŶƚĚŽǁŶƚŽǁŶ͘ _3DJH 3DFNHW3J *G ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗EŽǀĞŵďĞƌϮϵ͕ϮϬϭϴ Dƌ͘:ĂŶdŚƌŽŶĚƐŽŶ͕ƌĞƐŝĚŝŶŐĂƚϵϮϱEŽƌƚŚǁĂǇ>ĂŶĞE͕ZŽĐŚĞƐƚĞƌ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ ĂƐŬĞĚĂďŽƵƚƚŚĞĐŽƐƚƐŽĨƚŚĞƉůĂŶ͕ĐŽƐƚƐŽĨůŝǀŝŶŐŝŶZŽĐŚĞƐƚĞƌĐŽŶƚŝŶƵĞƚŽŐŽƵƉ͖ƚŚĞŵŽĚĞƐŽĨ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶĂƌĞůŝŵŝƚĞĚďĞĐĂƵƐĞŽĨƚŚĞǁŝŶƚĞƌŵŽŶƚŚƐ͖ŶĂƌƌŽǁŝŶŐŽĨƐƚƌĞĞƚƐĂƌĞŐŽŝŶŐƚŽďĞĂĚĚŝƚŝŽŶĂů ĐŽƐƚĨŽƌŵĂŝŶƚĂŝŶŝŶŐŽĨƚŚŽƐĞƌŽĂĚƐ͘,ĞĂƐŬĞĚŝƐƚŚŝƐǁŚĂƚƚŚĞƉƵďůŝĐǁĂŶƚƐ͖ƉƌŝǀĂƚĞŵŽŶĞǇƐŚŽƵůĚďĞ ĐŽŵŝŶŐĨŽƌǁĂƌĚ͖ƚĂǆƉĂǇĞƌƐĐĂŶ͛ƚƚĂŬĞŽŶŵŽƌĞŝŶĐƌĞĂƐĞƐŝŶƚŚĞƚĂǆĞƐƉĂŝĚ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕DƐ͘DĞĞŬĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘tĂůƚĞƌƐƐƚĂƚĞĚƚŚĞƉůĂŶŝƐŐŽŽĚ͖ŚĂƉƉǇǁŝƚŚƌĞƐƉŽŶƐĞƐĨƌŽŵƚŚĞWůĂŶŶŝŶŐ^ƚĂĨĨ͖ƐŵĂůůĂƌĞĂƉůĂŶƐĂƌĞ ŐŽŝŶŐƚŽďĞŶĞĞĚĞĚĨŽƌƚŚĞƚƌĂŶƐŝƚŽƌŝĞŶƚĞĚĂƌĞĂƐ͕ƐƉĞĐŝĨŝĐĂůůǇĂƌĞĂƐůŝŬĞƚŚĞĂƌĞĂďĞƚǁĞĞŶYƵĂƌƌǇ,ŝůů ĂŶĚƚŚĞŽůůĞŐĞ͖ŚŽƉŝŶŐƚŚĞƌĞƐŽƵƌĐĞƐĐĂŶďĞĨŽƵŶĚƚŽǁŽƌŬǁŝƚŚƚŚĞĂƌĞĂƐŽĨĐŽŶĐĞƌŶ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĂĚĚƌĞƐƐĞĚƚŚĞƐƉĞĐŝĨŝĐĂĐĐĞƐƐŝďŝůŝƚǇĐŽŶĐĞƌŶƐďĞŝŶŐŝŶĐůƵĚĞĚŝŶƚŚĞŽŶŝŶŐKƌĚŝŶĂŶĐĞ Žƌ>ĂŶĚĞǀĞůŽƉŵĞŶƚ>ĂŶĚDĂŶƵĂůǀĞƌƐƵƐƚŚĞŽŵƉWůĂŶ͘,ĞĂƐŬĞĚWůĂŶŶŝŶŐ^ƚĂĨĨŝĨƚŚĞǇǁŽƵůĚĐŽŶƐŝĚĞƌ ƐŽŵĞŽĨƚŚĞĂĚŽƉƚĞĚŶĞŝŐŚďŽƌŚŽŽĚǀŝƐŝŽŶƉůĂŶƐƚŽďĞ^ŵĂůůƌĞĂƉůĂŶƐƚŚĂƚǁŽƵůĚĐŽŶƚŝŶƵĞĂůŽŶŐŝĨƚŚŝƐ ƉůĂŶŝƐƵƉĚĂƚĞĚ͘ DƐ͘ĂŬĞƌŶŽƚĞĚƚŚĞƐŚĞƵŶĚĞƌƐƚĂŶĚƐƚŚĞŶĞŝŐŚďŽƌŚŽŽĚƉůĂŶƐǁĞƌĞĂĚŽƉƚĞĚĂůŽŶŐǁŝƚŚƚŚĞZŽĐŚĞƐƚĞƌ hƌďĂŶ^ĞƌǀŝĐĞƌĞĂ>ĂŶĚhƐĞWůĂŶ͕ƚŚĞǇǁŽƵůĚŐŽĂǁĂǇƵŶůĞƐƐĂƐĞƉĂƌĂƚĞĂĐƚŝŽŶǁĂƐƚĂŬĞŶ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĐŽŵŵĞŶƚĞĚƚŚĞƉůĂŶŝƐŵŽǀŝŶŐŝŶƚŚĞƌŝŐŚƚĚŝƌĞĐƚŝŽŶ͖ďŝŐŐĞƐƚŝƐƐƵĞŽĨŝŵƉŽƌƚĂŶĐĞŝƐ ĨŽƌƚŚĞŽŵŵŝƐƐŝŽŶƚŽƌĞǀŝĞǁƚŚĞƉůĂŶĞǀĞƌǇϱ Ͳ ǇĞĂƌƐ͕ǁŚŝĐŚŚĂƐŶŽƚďĞĞŶŚĂƉƉĞŶŝŶŐĐƵƌƌĞŶƚůǇ͖ĂŶĚƚŚĞ WůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚŚĂǀŝŶŐƚŚĞĨƵŶĚƐĂǀĂŝůĂďůĞƚŽƌĞǀŝĞǁ͘ DƐ͘tŝůƐŽŶĐŽŵŵĞŶƚĞĚŝŶĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞƌĞǀŝĞǁŽĨƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶďĞŝŶŐĚŽŶĞ͖ĂŶĚ ǁŽƵůĚůŝŬĞƚŽƐĞĞƚŚĞƉůĂŶŵŽǀĞĨŽƌǁĂƌĚ͘ Dƌ͘ƵƌƐƚĐŽŵŵĞŶƚĞĚŽŶƚŚĞůĞŶŐƚŚŽĨƚŚĞƚŝŵĞŝƚŚĂƐƚĂŬĞŶƚŽŐĞƚƚŽǁŚĞƌĞƚŚĞǇĂƌĞĐƵƌƌĞŶƚůǇ͖Ă ĐŽŶĐĞƌŶŽĨĐŽƐƚǁĂƐĞǆƉƌĞƐƐĞĚ͕ĂŶĚŵŝŶĚĨƵůƚŽŶŽƚŽǀĞƌ Ͳ ƉƌŝĐĞƚŚĞĐŽŵŵƵŶŝƚǇǁŝƚŚƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨƚŚĞƉůĂŶ͘ Dƌ͘,ŝůůŶŽƚĞĚƚŚĞƉůĂŶŝƐĂŐƌĞĂƚǀŝƐŝŽŶĨŽƌƚŚĞĐŽŵŵƵŶŝƚǇ͖ŶŽƚĞĚĐŽŶĐĞƌŶĨŽƌƚŚĞŶĞĞĚŽĨĂĨĨŽƌĚĂďůĞ ŚŽƵƐŝŶŐĂŶĚƚŚĞĐŽƐƚŝƚŝƐŐŽŝŶŐƚŽƚĂŬĞƚŽďƌŝŶŐƚŚĞǀŝƐŝŽŶƚŽƌĞĂůŝƚǇ͘ DƐ͘DĞĞŬĂƐŬĞĚĂďŽƵƚƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶŵĞŶƚŝŽŶŝŶŐƚŚĞŽƵŶƚǇ,ŽƵƐŝŶŐƉůĂŶĂŶĚƚŚĞƌĞůĂƚŝŽŶ ďĞƚǁĞĞŶƚŚĞƚǁŽƉůĂŶƐ͘ DƐ͘ĂŬĞƌƉƌŽǀŝĚĞĚĂĐŽŵŵĞŶƚǁŝƚŚĂďƌŽĂĚĞƌƉƌŽƐƉĞĐƚŝǀĞŽĨƚŽƚĂůĐŽƐƚŽĨůŝǀŝŶŐĂŶĚƚŚĞĐŚĂůůĞŶŐĞŽĨĂ ƐƚƵĚǇǁŝƚŚĐŽŵŵƵŶŝƚǇĞŶŐĂŐĞŵĞŶƚƐƉĂŶŶŝŶŐŽǀĞƌƚŚƌĞĞǇĞĂƌƐ͖ĞĂƌůǇĚĞƚĂŝůƐŵĂǇďĞĨŽƌŐŽƚƚĞŶŽǀĞƌƚŚĂƚ ƚŝŵĞ͘ĂƌůǇŝŶƚŚĞƉůĂŶŶŝŶŐƉƌŽĐĞƐƐ͕ĂƐĐĞŶĂƌŝŽƉůĂŶŶŝŶŐĞĨĨŽƌƚǁĂƐĐŽŶĚƵĐƚĞĚ͖ĂƚƌĞŶĚƐŐƌŽǁƚŚƉĂƚƚĞƌŶ ĂŶĚĂŵŽƌĞĐŽŵƉĂĐƚŐƌŽǁƚŚƉĂƚƚĞƌŶǁĞƌĞĂĚĚƌĞƐƐĞĚ͘tŚŝůĞƚŚĞƉůĂŶǁŝůůŶŽƚďĞĂďůĞƚŽĞůŝŵŝŶĂƚĞĐŽƐƚ͕ ƚŚĞƐĐĞŶĂƌŝŽƐƐŚŽǁĞĚƚŚĂƚĂŵŽƌĞĐŽŵƉĂĐƚŐƌŽǁƚŚƉĂƚƚĞƌŶǁŝůůĐŽƐƚůĞƐƐƚŚĂŶĐŽŶƚŝŶƵŝŶŐƚŚĞŐƌŽǁƚŚ ƉĂƚƚĞƌŶƐǁĞ͛ǀĞĞǆƉĞƌŝĞŶĐĞĚƵƉƚŽŶŽǁ͘ Dƌ͘ĂƐƚƌŽƐƵŐŐĞƐƚĞĚƚŚĞĐŚĂŶŐĞƵŶĚĞƌƐĞĐƚŝŽŶ'ŽĂůƐĂŶĚWŽůŝĐŝĞƐϮ͘ϭǁŚĞƌĞŝƚƐƚĂƚĞƐ͞ŶƐƵƌĞĂůůƉĞŽƉůĞ ŚĂǀĞĂĨĂŝƌĂŶĚĞƋƵĂůĂĐĐĞƐƐ͟ĐŚĂŶŐĞƚŚĞǁŽƌĚ͞ĞƋƵĂů͟ƚŽ͞ĞƋƵŝƚĂďůĞ͖͟ďǇĐŚĂŶŐŝŶŐƚŚĞǀĞƌďĂŐĞŝƚŵĂǇ ŽƉĞŶƵƉƚŚĞŝĚĞĂŽĨĚŽǁĞŝŶǀĞƐƚŵŽƌĞƚŚĂŶůĂŶĚƚƌƵƐƚƌĂƚŚĞƌƚŚĂŶƚŚĞƉĞŽƉůĞ͖ĞƋƵŝƚĂďůĞŝŵƉůŝĞƐŽƉĞŶŝŶŐ ƵƉƚŚĞŝĚĞĂŽĨŚĞůƉŝŶŐŽƵƚĞǀĞƌǇŽŶĞ͕ŚĞůƉŝŶŐƉĞŽƉůĞǁŝƚŚĚŝƐĂďŝůŝƚŝĞƐ͕ŽƉĞŶŝŶŐƵƉŵŽƌĞŚŽƵƐŝŶŐŽƉƚŝŽŶƐ͖ _3DJH 3DFNHW3J *G ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗EŽǀĞŵďĞƌϮϵ͕ϮϬϭϴ 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