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ϰͬϭϭͬϮϬϭϴ 3DFNHW3J *H ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕ŵĞŶĚĞĚWƌĞůŝŵ͘/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ<EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ϲϮ͘ϲϯϬZ/dZ/&KZ/EEd/ss>KWDEd^͗ ^ƵďĚŝǀŝƐŝŽŶϭ͘ dŚĞŽŵŵŝƐƐŝŽŶĂŶĚŽƵŶĐŝůƐŚĂůůĂƉƉƌŽǀĞĂŶŝŶĐĞŶƚŝǀĞĚĞǀĞůŽƉŵĞŶƚƉůĂŶŝĨŝƚŝƐ ĚĞƚĞƌŵŝŶĞĚƚŚĞƉůĂŶǁĂƌƌĂŶƚƐƚŚĞďŽŶƵƐĚĞŶƐŝƚǇĂŶĚĨůŽŽƌĂƌĞĂĂƉƉůŝĞĚĨŽƌ͕ĂƐĚĞƚĞƌŵŝŶĞĚŝŶĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚƐĞĐƚŝŽŶϲϮ͘ϲϰϬ͕ĂŶĚƚŚĞƉůĂŶƐĂƚŝƐĨŝĞƐĂůůƚŚĞWƌĞůŝŵŝŶĂƌǇĞǀĞůŽƉŵĞŶƚWůĂŶĨŝŶĚŝŶŐƐƉƌŽǀŝĚĞĚŝŶ ƐƵďĚŝǀŝƐŝŽŶϮĂŶĚĂůůŽĨƚŚĞ&ŝŶĂůĞǀĞůŽƉŵĞŶƚWůĂŶĨŝŶĚŝŶŐƐƉƌŽǀŝĚĞĚŝŶƐƵďĚŝǀŝƐŝŽŶϯ͗ ^ƵďĚϮ ͘dŚĞĨŝŶĚŝŶŐƐĨŽƌƚŚĞĂƉƉƌŽǀĂůŽĨĂWƌĞůŝŵŝŶĂƌǇ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚWůĂŶĂƌĞĂƐĨŽůůŽǁƐ͗ ͘^ƵŝƚĂďŝůŝƚǇŽĨƚŚĞWůĂŶ͗dŚĞŽŵŵŝƐƐŝŽŶĂŶĚŽƵŶĐŝůƐŚĂůůĨŝŶĚƚŚĂƚƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚƉůĂŶ ŝƐƐƵŝƚĂďůĞĂƐƚŚĞůŽĐĂƚŝŽŶĨŽƌĂŶ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚďĂƐĞĚŽŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞĨŽůůŽǁŝŶŐ ĨĂĐƚŽƌƐ͗ ;ϭͿ dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚƉůĂŶŝƐĐŽŵƉĂƚŝďůĞǁŝƚŚƚŚĞĞǆŝƐƚŝŶŐůĂŶĚƵƐĞƐŝŶƚŚĞĂƌĞĂŽƌƚŚĞƉĂƚƚĞƌŶ ŽĨǌŽŶŝŶŐǁŝƚŚŝŶϭ͕ϬϬϬĨĞĞƚŽĨƚŚĞƉƌŽƉĞƌƚǇďŽƵŶĚĂƌŝĞƐ͖ĂŶĚ Z^WKE^͗ dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝƐůŽĐĂƚĞĚǁŝƚŚŝŶŽŵŵĞƌĐŝĂů>ĂŶĚhƐĞĂŶĚŝƐǁŝƚŚŝŶ ŽŶĞĐŝƚǇďůŽĐŬŽĨDĞĚŝĐĂů>ĂŶĚhƐĞƐĂŶĚƚŚĞĞŶƚƌĂůƵƐŝŶĞƐƐŝƐƚƌŝĐƚŽĨƚŚĞŝƚǇŽĨ ZŽĐŚĞƐƚĞƌ͘dŚĞƌĞŝƐĂƉƌŝŵĂƌǇĞĂƐƚͬǁĞƐƚƚƌĂŶƐŝƚĐŽƌƌŝĚŽƌŽŶƚŚĞŶŽƌƚŚĞƌŶƉƌŽƉĞƌƚǇůŝŶĞŽĨƚŚĞ ƐŝƚĞǁŝƚŚŝǀŝĐĞŶƚĞƌƌŝǀĞEtďĞŝŶŐĂ^ƚƌĂƚĞŐŝĐhƌďĂŶƌƚĞƌŝĂůŽƌƌŝĚŽƌ͘tŝƚŚŝŶŽŶĞďůŽĐŬ ƚŽƚŚĞĞĂƐƚŽĨƚŚĞƐŝƚĞŝƐƌŽĂĚǁĂǇǀĞŶƵĞEǁŚŝĐŚŝƐĂůƐŽĐůĂƐƐŝĨŝĞĚĂƐĂ^ƚƌĂƚĞŐŝĐhƌďĂŶ ƌƚĞƌŝĂůŽƌƌŝĚŽƌ͘dŚĞ>ĂŶĚhƐĞƐǁŝƚŚŝŶϭ͕ϬϬϬĨĞĞƚŽĨƚŚĞƉƌŽƉĞƌƚǇĂƌĞŽŵŵĞƌĐŝĂůĂŶĚ /ŶĚƵƐƚƌŝĂů>ĂŶĚhƐĞƐ͘ dŚĞƉĂƚƚĞƌŶŽĨǌŽŶŝŶŐŝƐƌĞĨůĞĐƚŝǀĞŽĨƚŚĞĞǆŝƐƚŝŶŐ>ĂŶĚhƐĞƐĂŶĚƚŚĞƚƌĂŶƐŝƚŝŽŶĂůĐŚĂŶŐĞƐ ĞǆƉĞĐƚĞĚŝŶƚŚŝƐĂƌĞĂǁŝƚŚƚŚĞŝŶĨůƵĞŶĐĞŽĨƚŚĞĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ;DͿDĂƐƚĞƌ WůĂŶĂŶĚƌĞĐĞŶƚůǇĂƉƉƌŽǀĞĚDŝƐƚƌŝĐƚĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐ͘tĞďĞůŝĞǀĞƚŚĂƚƚŚĞƉƌŽƉŽƐĞĚ ŚŽƐƉŝƚĂůŝƚǇƵƐĞǁŝůůĐŽŵƉůĞŵĞŶƚƐƵƌƌŽƵŶĚŝŶŐůĂŶĚƵƐĞƐĂŶĚƐĞƌǀĞZŽĐŚĞƐƚĞƌƌĞƐŝĚĞŶƚƐǁŝƚŚ ƚŚĞǀŝƐƵĂůĂƉƉĞĂůŽĨƚŚĞ^ŝŐŶĂƚƵƌĞĂƌĐŚŝƚĞĐƚƵƌĞĂŶĚƐĞƌǀĞǀŝƐŝƚŽƌƐƚŽZŽĐŚĞƐƚĞƌǁŚŽĚĞƐŝƌĞ ĐůŽƐĞƉƌŽǆŝŵĂƚĞůǇƚŽƚŚĞŝƚǇŽƌĞ͘ ;ϮͿ dŚĞŶĂƚƵƌĂůĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨƚŚĞƐŝƚĞƵŶĚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ŝŶĐůƵĚŝŶŐƚŽƉŽŐƌĂƉŚǇĂŶĚƐŽŝů ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ͕ŶĞĐĞƐƐŝƚĂƚĞŝŶĐƌĞĂƐĞĚĚĞŶƐŝƚǇƚŽĂůůŽǁĨŽƌĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƐŝƚĞ͘ Z^WKE^͗ dŚĞƐŝƚĞŝƐƚŽďĞůŽĐĂƚĞĚŽŶĂĐŽŶƐŽůŝĚĂƚŝŽŶŽĨƐĞǀĞƌĂůŝƌƌĞŐƵůĂƌůǇƐŚĂƉĞĚůŽƚƐǁŚŝĐŚĂƌĞ ƐƵƌƌŽƵŶĚĞĚďǇƉĞƌŝŵĞƚĞƌƌŽĂĚƐĂŶĚĂŶŝŶƐĞƌǀŝĐĞƌĂŝůƐƉƵƌ͘dŚĞĞǆŝƐƚŝŶŐƐŝƚĞŝƐĨƵůůǇĚĞǀĞůŽƉĞĚǁŝƚŚϵϮ йŽĨƚŚĞƐŝƚĞĐŽŶƚĂŝŶŝŶŐĞŝƚŚĞƌĂŶŝŵƉĞƌǀŝŽƵƐďŝƚƵŵŝŶŽƵƐƐƵƌĨĂĐĞŽƌƚŚĞĞǆŝƐƚŝŶŐďƵŝůĚŝŶŐ͘dŚĞůĂĐŬŽĨ ƚŚĞƉƌŽƉĞƌƚǇ͛ƐŶĂƚƵƌĂůĞŶǀŝƌŽŶŵĞŶƚĂůĨĞĂƚƵƌĞƐĂŶĚƚŚĞƉƌŽǆŝŵŝƚǇŽĨƚŚĞƐŝƚĞůŽĐĂƚĞĚƐŽĐůŽƐĞůǇƚŽƚŚĞ ŽǁŶƚŽǁŶŽƌĞŝŶĂĚĞƐŝŐŶĂƚĞĚDĚĞǀĞůŽƉŵĞŶƚĚŝƐƚƌŝĐƚƉƌŽŵŽƚĞƐĂĚĞŶƐĞĂŶĚŽƉƚŝŵĂůŝŶĨŝůů ĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƉƌŽƉĞƌƚǇ͘ ^ŝƚĞĞƐŝŐŶƌŝƚĞƌŝĂ͗ ͘dŚĞŽŵŵŝƐƐŝŽŶĂŶĚŽƵŶĐŝůƐŚĂůůĨŝŶĚƚŚĂƚƚŚĞƉƌĞůŝŵŝŶĂƌǇĚĞǀĞůŽƉŵĞŶƚƉůĂŶ ĚĞƐŝŐŶŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐŐƵŝĚĞůŝŶĞƐ͗ ϯͮWĂŐĞ ϰͬϭϭͬϮϬϭϴ 3DFNHW3J *H ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕ŵĞŶĚĞĚWƌĞůŝŵ͘/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ<EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ;ϭͿĂƉĂĐŝƚǇŽĨWƵďůŝĐ&ĂĐŝůŝƚŝĞƐ͗ dŚĞĞǆŝƐƚŝŶŐŽƌĨƵƚƵƌĞƉůĂŶŶĞĚƵƚŝůŝƚŝĞƐŝŶƚŚĞĂƌĞĂĂƌĞĂĚĞƋƵĂƚĞƚŽƐĞƌǀĞ ƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͘ Z^WKE^͗ WƵďůŝĐǁĂƚĞƌĂŶĚƐĂŶŝƚĂƌǇƐĞǁĞƌĨĂĐŝůŝƚŝĞƐĂƌĞĂǀĂŝůĂďůĞŝŶϭ ƐƚǀĞEtƚŽƐĞƌǀĞƚŚĞ ƉƌŽũĞĐƚ͘&ŝŶĂůƵƚŝůŝƚǇƐŝǌŝŶŐĂŶĚĐŽŶŶĞĐƚŝŽŶƐǁŝůůďĞĐŽŽƌĚŝŶĂƚĞĚǁŝƚŚWƵďůŝĐtŽƌŬƐƉƌŝŽƌƚŽĚĞǀĞůŽƉŝŶŐ ĨŝŶĂůƉůĂŶƐ͘^ƚŽƌŵƐĞǁĞƌŝƐĂǀĂŝůĂďůĞŝŶϮ ŶĚǀĞEt͘>ŽǁŝŵƉĂĐƚƐƚŽƌŵǁĂƚĞƌĚĞƐŝŐŶƉƌŝŶĐŝƉůĞƐǁŝůůďĞ ŝŵƉůĞŵĞŶƚĞĚƚŽĂƚƚĞŶƵĂƚĞƐƚŽƌŵǁĂƚĞƌĚŝƐĐŚĂƌŐĞƚŽůĞƐƐƚŚĂŶƉƌĞͲĚĞǀĞůŽƉŵĞŶƚƌĂƚĞƐ͘ ;ϮͿ'ĞŽůŽŐŝĐ,ĂǌĂƌĚƐ͗ dŚĞĞǆŝƐƚĞŶĐĞŽĨĂƌĞĂƐŽĨŶĂƚƵƌĂůŽƌŐĞŽůŽŐŝĐŚĂǌĂƌĚ͕ƐƵĐŚĂƐƵŶƐƚĂďůĞƐůŽƉĞƐ͕ ƐŝŶŬŚŽůĞƐ͕ĨůŽŽĚƉůĂŝŶ͕ĞƚĐ͕͘ŚĂƐďĞĞŶŝĚĞŶƚŝĨŝĞĚĂŶĚƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƐĞĂƌĞĂƐŚĂƐďĞĞŶƚĂŬĞŶŝŶƚŽ ĂĐĐŽƵŶƚŽƌǁŝůůďĞĂĚĚƌĞƐƐĞĚŝŶƚŚĞĨŝŶĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶ͘ Z^WKE^͗ dŚĞƌĞĂƌĞŶŽŬŶŽǁŶŐĞŽůŽŐŝĐŚĂǌĂƌĚƐ͕ŶŽŬŶŽǁŶƐŝŶŬŚŽůĞƐ͕ŶŽŚǇĚƌŝĐŽƌĨůŽŽĚƉůĂŝŶƐŽŝůƐ ŽŶƚŚĞƐŝƚĞ͘ĂƐĞĚŽŶĂŶĂůǇƐŝƐŽĨƚŚĞƐŽŝůďŽƌŝŶŐƐĐŽŶĚƵĐƚĞĚŽŶƚŚĞƐŝƚĞ͕ŶŽŐĞŽůŽŐŝĐŚĂǌĂƌĚƐǁĞƌĞ ŝŶĚŝĐĂƚĞĚ͘ ;ϯͿEĂƚƵƌĂů&ĞĂƚƵƌĞƐ͗ &ŽƌĚĞǀĞůŽƉŵĞŶƚƐŝŶǀŽůǀŝŶŐŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶ͕ƚŚĞĂƌƌĂŶŐĞŵĞŶƚŽĨďƵŝůĚŝŶŐƐ͕ ƉĂǀĞĚĂƌĞĂƐĂŶĚŽƉĞŶƐƉĂĐĞŚĂƐ͕ƚŽƚŚĞĞǆƚĞŶƚƉƌĂĐƚŝĐĂů͕ƵƚŝůŝǌĞĚƚŚĞĞǆŝƐƚŝŶŐƚŽƉŽŐƌĂƉŚǇĂŶĚĞǆŝƐƚŝŶŐ ĚĞƐŝƌĂďůĞǀĞŐĞƚĂƚŝŽŶŽĨƚŚĞƐŝƚĞ͘ Z^WKE^͗ dŚĞƉƌŽƉŽƐĞĚƌĞĚĞǀĞůŽƉŵĞŶƚƐŝƚĞŚĂƐŵŝŶŝŵĂůǀĞŐĞƚĂƚŝŽŶ͘dŚĞƉƌŽƉŽƐĞĚŶĞǁ ĐŽŶƐƚƌƵĐƚŝŽŶ͛ƐĨŝŶŝƐŚĞĚĨůŽŽƌƐĂŶĚĞǆƚĞƌŝŽƌƉůĂŶŶĞĚĞůĞŵĞŶƚƐǁŝůůƐĞĂŵůĞƐƐůǇƐĞĞŬƚŽŵĂƚĐŚĞǆŝƐƚŝŶŐ ŐƌĂĚĞƐ͘dŚĞƌĞǁŝůůďĞĂĚĞĚŝĐĂƚŝŽŶƚŽŝŶƚƌŽĚƵĐŝŶŐĚĞƐŝƌĂďůĞǀĞŐĞƚĂƚŝŽŶƚŽƚŚĞƐŝƚĞ͘ ;ϰͿdƌĂĨĨŝĐ'ĞŶĞƌĂƚŝŽŶ/ŵƉĂĐƚ͗ ŶƚŝĐŝƉĂƚĞĚƚƌĂĨĨŝĐŐĞŶĞƌĂƚĞĚďǇƚŚĞĚĞǀĞůŽƉŵĞŶƚǁŝůůŶŽƚĐĂƵƐĞƚŚĞ ĐĂƉĂĐŝƚǇŽĨĂĚũĂĐĞŶƚƐƚƌĞĞƚƐƚŽďĞĞǆĐĞĞĚĞĚ͕ĂŶĚĐŽŶĐĞƉƚƵĂůŝŵƉƌŽǀĞŵĞŶƚƐŽƌƚŚĞŶĞĞĚĨŽƌ ŝŵƉƌŽǀĞŵĞŶƚƐƚŽƌĞĚƵĐĞƚŚĞŝŵƉĂĐƚŽĨĂĐĐĞƐƐƉŽŝŶƚƐŽŶƚŚĞƚƌĂĨĨŝĐĨůŽǁŽĨĂĚũĂĐĞŶƚƐƚƌĞĞƚƐŚĂǀĞďĞĞŶ ŝĚĞŶƚŝĨŝĞĚǁŚĞƌĞŶĞĞĚĞĚ͘ Z^WKE^͗ ƚƌĂĨĨŝĐŝŵƉĂĐƚĂŶĂůǇƐŝƐŚĂƐďĞĞŶƉĞƌĨŽƌŵĞĚĨŽƌƚŚĞƐŝƚĞĨŽƌƚŚĞŽƌŝŐŝŶĂůƉůĂŶƚŽ ĞǀĂůƵĂƚĞƚŚĞŝŵƉĂĐƚƐŽĨƚŚĞƚƌĂĨĨŝĐĂŶƚŝĐŝƉĂƚĞĚƚŽďĞŐĞŶĞƌĂƚĞĚďǇƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘tĞŚĂǀĞ ǁŽƌŬĞĚǁŝƚŚZŽĐŚĞƐƚĞƌŝƚǇŽĨWƵďůŝĐtŽƌŬƐƐƚĂĨĨƚŽƉƌŽƉĞƌůǇƐĐŽƉĞƚŚĞƐƚƵĚǇ͘tĞǁŝůůĐŽŶƚŝŶƵĞƚŽ ǁŽƌŬǁŝƚŚƚŚĞŝƚǇƚŽĞŶƐƵƌĞĂŶǇƚƌĂĨĨŝĐŝŵƉĂĐƚƐĂƌĞƉƌŽƉĞƌůǇŵŝƚŝŐĂƚĞĚ͘dŚĞĚĞǀĞůŽƉŵĞŶƚŝƐ ĂŶƚŝĐŝƉĂƚĞĚƚŽŐĞŶĞƌĂƚĞϴϳt^ƚƌŝƉƐĚƵƌŝŶŐƚŚĞĂŵƉĞĂŬŚŽƵƌ͕ĂŶĚϵϴƚƌŝƉƐĚƵƌŝŶŐƚŚĞƉŵƉĞĂŬ ŚŽƵƌ͘ dŚĞĂƉƉƌŽǀĞĚƐŝƚĞƉůĂŶŚĂƐƚŚĞƐĂŵĞĂƐƚŚĞŐŽĂůŽĨƚŚŝƐƉƌŽƉŽƐĞĚƐŝƚĞƉůĂŶ͖ƚŽĂƚƚƌĂĐƚĂŶĚƐĞƌǀĞ ƉĞĚĞƐƚƌŝĂŶĂŶĚŵƵůƚŝŵŽĚĂůƵƐĞƌƐƚŽĐĂƉƚƵƌĞƚŚĞĂŶƚŝĐŝƉĂƚĞĚŶĞĞĚƐŽĨŚŽƚĞůŐƵĞƐƚƐ͕ĂŶĚĨƵƌƚŚĞƌ ƌĞĚƵĐŝŶŐǀĞŚŝĐƵůĂƌĚĞŵĂŶĚĂŶĚĂůůŽǁƐĨŽƌƚŚĞĞůŝŵŝŶĂƚŝŽŶŽĨĂŶǇĐŽŶĨůŝĐƚǁŝƚŚƉĞĚĞƐƚƌŝĂŶƐ ǁĂůŬŝŶŐĂůŽŶŐŝǀŝĐĞŶƚĞƌƌŝǀĞĂŶĚƌĞĚƵĐĞƐƐŝŐŶŝĨŝĐĂŶƚůǇƚŚŽƐĞƐĂŵĞĐŽŶĨůŝĐƚƐŽŶ&ŝƌƐƚǀĞŶƵĞ Et͘ ;ϱͿ,ĞŝŐŚƚ/ŵƉĂĐƚƐ͗ &ŽƌĚĞǀĞůŽƉŵĞŶƚƐŝŶǀŽůǀŝŶŐŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶ͕ƚŚĞŚĞŝŐŚƚƐĂŶĚƉůĂĐĞŵĞŶƚŽĨ ƉƌŽƉŽƐĞĚƐƚƌƵĐƚƵƌĞƐĂƌĞĐŽŵƉĂƚŝďůĞǁŝƚŚƚŚĞƐƵƌƌŽƵŶĚŝŶŐĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞĨŽůůŽǁŝŶŐŵĂŶŶĞƌ͗ ;ĂͿ dŚĞƐƚƌƵĐƚƵƌĞƐǁŝůůŶŽƚĚĞŶǇĂĚĞƋƵĂƚĞƐƵŶůŝŐŚƚƚŽƐƵƌƌŽƵŶĚŝŶŐƉƌŽƉĞƌƚŝĞƐ͖ĂŶĚ Z^WKE^͗ dŚĞƐŝƚĞŝƐďŽƵŶĚĞĚŽŶƚŚƌĞĞ;ϯͿƐŝĚĞƐďǇƉƵďůŝĐƐƚƌĞĞƚƐ;ŝ͘Ğ͕͘ŝǀŝĐĞŶƚĞƌƌŝǀĞEtƚŽ ƚŚĞŶŽƌƚŚ͕ϭǀĞEtƚŽƚŚĞĞĂƐƚĂŶĚϮǀĞEtƚŽƚŚĞǁĞƐƚͿĂŶĚŝƐďŽƵŶĚĞĚƚŽƚŚĞƐŽƵƚŚďǇĂŶ ƐƚŶĚ ĞǆŝƐƚŝŶŐƌĂŝůƐƉƵƌĂŶĚĞǆŝƐƚŝŶŐƉĂƌŬŝŶŐůŽƚĂŶĚƐŵĂůůďƵŝůĚŝŶŐĨƵƌƚŚĞƌƐŽƵƚŚ͘/ƚŝƐĞǆƉĞĐƚĞĚƚŚĂƚĚƵĞ ϰͮWĂŐĞ ϰͬϭϭͬϮϬϭϴ 3DFNHW3J *H ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕ŵĞŶĚĞĚWƌĞůŝŵ͘/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ<EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ƚŽƚŚĞŚĞŝŐŚƚŽĨƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͕ƚŚĞƌĞǁŝůůďĞƐŚĂĚŽǁƐǁŚĞƌĞƚŚĞǇƉƌĞǀŝŽƵƐůǇĚŝĚŶŽƚ ĞǆŝƐƚ͘,ŽǁĞǀĞƌ͕ĚƵĞƚŽƚŚĞĞǆŝƐƚĞŶĐĞŽĨĂĚũŽŝŶŝŶŐďƵƐŝŶĞƐƐĞƐĂŶĚƚƌĂŶƐŝƚĐŽƌƌŝĚŽƌƐ͕ƚŚŝƐůŝŵŝƚƐƚŚĞ ƉŽƚĞŶƚŝĂůŶĞŐĂƚŝǀĞĞĨĨĞĐƚƚŚĞŶĞǁďƵŝůĚŝŶŐǁŝůůŚĂǀĞƚŽŶĞŝŐŚďŽƌŝŶŐƉƌŽƉĞƌƚŝĞƐ͘dŚĞĞǆƉĞĐƚĞĚ ƐŚĂĚŽǁƉĂƚƚĞƌŶŝƐĂŶƚŝĐŝƉĂƚĞĚƚŽĨĂůůƉƌŝŵĂƌŝůǇŝŶƚŽƚŚĞƉƵďůŝĐZKtĂŶĚǁŝůůŶŽƚŚĂǀĞĂĚƌĂŵĂƚŝĐ ĞĨĨĞĐƚŽŶĂĚũĂĐĞŶƚƉƌŽƉĞƌƚŝĞƐ͘ ;ďͿ dŚĞƐŝƚŝŶŐŽĨƚŚĞƐƚƌƵĐƚƵƌĞƐǁŝůůŶŽƚĚĞƐƚƌŽǇǀŝĞǁƐĨƌŽŵƚŚĞƉƌŝŵĂƌǇĞǆƉŽƐƵƌĞƐŽĨĂĚũĂĐĞŶƚƌĞƐŝĚĞŶƚŝĂů ĚǁĞůůŝŶŐƐ͘ Z^WKE^͗ dŚĞƌĞĂƌĞŶŽƌĞƐŝĚĞŶƚŝĂůĚǁĞůůŝŶŐƐŝŵŵĞĚŝĂƚĞůǇĂĚũŽŝŶŝŶŐƚŚĞƉƌŽũĞĐƚ͘dŚĞƌĞĂƌĞ ƌĞƐŝĚĞŶƚŝĂůĚǁĞůůŝŶŐƐǁŝƚŚŝŶĂďůŽĐŬƐĚŝƐƚĂŶĐĞŽĨƚŚĞƐŝƚĞŝŶĐůƵĚŝŶŐƚŚĞŚĂƌƚĞƌ,ŽƵƐĞ͕ϭǀĞŶƵĞ Ɛƚ &ůĂƚƐ͕ĂŶĚĞŶƚƌĂůdŽǁĞƌƐ͘dŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚĚŽĞƐŶŽƚŝŵƉĞĚĞĂŶǇǀŝĞǁƐƚŽĐŝƚǇƐŬǇůŝŶĞŽƌƚŚĞ ďůƵĨĨƐƐƵƌƌŽƵŶĚŝŶŐZŽĐŚĞƐƚĞƌ͘ ;ϲͿ^ĞƚďĂĐŬƐ͗ &ŽƌĚĞǀĞůŽƉŵĞŶƚƐŝŶǀŽůǀŝŶŐŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶ͕ƉƌŽƉŽƐĞĚƐĞƚďĂĐŬƐĂƌĞƌĞůĂƚĞĚƚŽďƵŝůĚŝŶŐ ŚĞŝŐŚƚĂŶĚďƵůŬŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĂƚƌĞƋƵŝƌĞĚĨŽƌƉĞƌŵŝƚƚĞĚƵƐĞƐŝŶƚŚĞƵŶĚĞƌůǇŝŶŐǌŽŶŝŶŐ ĚŝƐƚƌŝĐƚ͘ Z^WKE^͗ dŚĞƵŶĚĞƌůǇŝŶŐǌŽŶŝŶŐĚŝƐƚƌŝĐƚŽĨƚŚĞƐŝƚĞŝƐDͲϭ>ŝŐŚƚ/ŶĚƵƐƚƌŝĂů͘dŚĞĞǀĂůƵĂƚŝŽŶĨŽƌ ƚŚĞ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚWƌŽĐĞƐƐŽĨƚŚŝƐƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚĂůŝŐŶƐǁŝƚŚƚŚĞĞŶƚƌĂů ƵƐŝŶĞƐƐŝƐƚƌŝĐƚͲ&ƌŝŶŐĞƌĞĂ;Ͳ&ZͿ͘dŚĞƉƌŽƉŽƐĞĚƵƐĞŽĨĂŚŽƚĞů;>DĚĞĨŝŶŝƚŝŽŶŽĨ͞dƌĂŶƐŝĞŶƚ ĐĐŽŵŵŽĚĂƚŝŽŶƐ͟ͿŝƐĂdǇƉĞ/hƐĞ͘dŚĞ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚWƌŽǀŝƐŝŽŶƐŽĨ^ĞĐƚŝŽŶϲϮ͘ϲϬϬ ĚĞĨŝŶĞƐƚŚĞƌĞďĞŝŶŐŶŽƵƉƉĞƌůŝŵŝƚƌĞŐĂƌĚŝŶŐĂůůŽǁĞĚDĂǆŝŵƵŵ&ůŽŽƌƌĞĂZĂƚŝŽ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞ ƉƌŽƉŽƐĞĚďƵŝůĚŝŶŐĨŽŽƚƉƌŝŶƚĂŶĚŽǀĞƌĂůůŚĞŝŐŚƚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƉĞƌŵŝƚƚĞĚƵƐĞƐ͘ ;ϳͿ/ŶƚĞƌŶĂů^ŝƚĞĞƐŝŐŶ͗ &ŽƌĚĞǀĞůŽƉŵĞŶƚƐŝŶǀŽůǀŝŶŐŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶ͕ƚŚĞƉƌĞůŝŵŝŶĂƌǇƐŝƚĞůĂǇŽƵƚ ŝŶĚŝĐĂƚĞƐĂĚĞƋƵĂƚĞďƵŝůĚŝŶŐƐĞƉĂƌĂƚŝŽŶĂŶĚĚĞƐŝƌĂďůĞŽƌŝĞŶƚĂƚŝŽŶŽĨƚŚĞďƵŝůĚŝŶŐƐƚŽŽƉĞŶƐƉĂĐĞƐ͕ƐƚƌĞĞƚ ĨƌŽŶƚĂŐĞƐŽƌŽƚŚĞƌĨŽĐĂůƉŽŝŶƚƐ͘ Z^WKE^͗ dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝŶĐůƵĚĞƐĂƐŝŶŐůĞďƵŝůĚŝŶŐǁŝƚŚĂŚŽƚĞůĂďŽǀĞƚŚĞƉĂƌŬŝŶŐ ŐĂƌĂŐĞ͘dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚĂůƐŽƉƌŽƉŽƐĞƐĂŶŽƉĞŶƐƉĂĐĞĞůĞŵĞŶƚƚŽďĞŝŶĐŽƌƉŽƌĂƚĞĚ ŝŶƚŽƚŚĞĚĞƐŝŐŶǁŚŝĐŚŝŶĐůƵĚĞƐĂŐĂƌĚĞŶŽǀĞƌĂƉŽƌƚŝŽŶŽĨƚŚĞƉĂƌŬŝŶŐŐĂƌĂŐĞƚŚĂƚĐĂŶďĞƵƐĞĚďǇ ŐƵĞƐƚƐ͘ůŽŶŐŝǀŝĐĞŶƚĞƌƌŝǀĞEt͕ƚŚĞƉƌŽũĞĐƚƉƌŽƉŽƐĞƐƚŽƵƉŐƌĂĚĞƚŚĞĞǆŝƐƚŝŶŐŐƌĂƐƐŽƉĞŶ ƐƉĂĐĞƚŽƉƌŽǀŝĚĞƉƵďůŝĐƐĞĂƚŝŶŐĂŶĚĞŶŚĂŶĐĞŵĞŶƚƐƚŽĂĐƚŝǀĂƚĞƚŚĞƉĞĚĞƐƚƌŝĂŶŐƌŽƵŶĚͲůĞǀĞů ĞǆƉĞƌŝĞŶĐĞ͘ dŚĞĂĚŽƉƚŝŽŶŽĨƚŚĞĂůƚĞƌŶĂƚŝǀĞƐŝƚĞƉůĂŶǁŽƵůĚĞŶŚĂŶĐĞƚŚĞƐƚƌĞĞƚƐĐĂƉĞĂůŽŶŐŝǀŝĐĞŶƚĞƌƌŝǀĞ ĂŶĚĐƌĞĂƚĞĂŶĞǆƉĂŶƐŝǀĞƉĂƚŝŽƐƉĂĐĞĚĞƐŝŐŶĞĚƚŽƉƌŽǀŝĚĞĂďƵŶĚĂŶƚŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌƐĞĂƚŝŶŐĂŶĚ ŽƵƚĚŽŽƌŐĂƚŚĞƌŝŶŐŝŶǁĂƌŵĞƌǁĞĂƚŚĞƌ͘dŚĞĂƌĞĂ͕ǁŚŝĐŚǁŽƵůĚŽƚŚĞƌǁŝƐĞďĞĂŶŝŶƚĞƌŶĂů ĐŝƌĐƵůĂƚŝŽŶƌŽĂĚǁŽƵůĚďĞĐŽŵĞĂďƵŶĚĂŶƚůĂŶĚƐĐĂƉĞĂŶĚƐŽĨƚƐĐĂƉĞĂƌĞĂƐǁŝƚŚƚĂďůĞƐĂŶĚƐĞĂƚŝŶŐ ƉůĂĐĞĚĂůŽŶŐƚŚĞƐƚƌĞĞƚƐƐĞƌǀŝŶŐƚŚĞŚŽƚĞůĐŽŵŵŽŶĂƌĞĂƐĂŶĚĂĐĐŽŵŵŽĚĂƚĞŽƵƚĚŽŽƌĚŝŶŝŶŐĨŽƌ ƚŚĞƌĞƐƚĂƵƌĂŶƚĂŶĚďĂƌ͘ ;ϴͿ^ĐƌĞĞŶŝŶŐĂŶĚƵĨĨĞƌŝŶŐ͗ dŚĞĐŽŶĐĞƉƚƵĂůƐĐƌĞĞŶŝŶŐĂŶĚďƵĨĨĞƌǇĂƌĚƐƉƌŽƉŽƐĞĚĂƌĞĂĚĞƋƵĂƚĞƚŽ ƉƌŽƚĞĐƚƚŚĞƉƌŝǀĂĐǇŽĨƌĞƐŝĚĞŶƚƐŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚŽƌƐƵƌƌŽƵŶĚŝŶŐƌĞƐŝĚĞŶƚŝĂůĂƌĞĂƐĨƌŽŵƚŚĞŝŵƉĂĐƚŽĨ ŝŶƚĞƌŝŽƌƚƌĂĨĨŝĐĐŝƌĐƵůĂƚŝŽŶĂŶĚƉĂƌŬŝŶŐĂƌĞĂƐ͕ƵƚŝůŝƚǇĂƌĞĂƐƐƵĐŚĂƐƌĞĨƵƐĞƐƚŽƌĂŐĞ͕ƵŶǁĂŶƚĞĚ ƉĞĚĞƐƚƌŝĂŶͬďŝĐǇĐůĞĂĐĐĞƐƐ͕ŽƌƚŽƐƵďĚƵĞĚŝĨĨĞƌĞŶĐĞƐŝŶĂƌĐŚŝƚĞĐƚƵƌĞĂŶĚďƵůŬďĞƚǁĞĞŶĂĚũĂĐĞŶƚůĂŶĚƵƐĞƐ͘ ϱͮWĂŐĞ ϰͬϭϭͬϮϬϭϴ 3DFNHW3J *H ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕ŵĞŶĚĞĚWƌĞůŝŵ͘/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ<EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ Z^WKE^͗ dŚĞƉƌŽũĞĐƚĂĚĚƌĞƐƐĞƐƚŚĞŝŶƚĞƌĞƐƚƐŽĨƚŚĞĂĚũĂĐĞŶƚƉƌŽƉĞƌƚǇŽǁŶĞƌƐ͘dŚĞďƵŝůĚŝŶŐ ǁŝůůďĞĐŽŶƐƚƌƵĐƚĞĚǁŝƚŚŚŝŐŚͲƋƵĂůŝƚǇĚƵƌĂďůĞŵĂƚĞƌŝĂůƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĐŚĂƌĂĐƚĞƌŽĨƚŚĞ ƐƵƌƌŽƵŶĚŝŶŐƉƌŽƉĞƌƚŝĞƐ͘dŚĞƐĞďƵŝůĚŝŶŐƚǇƉĞƐĂƌĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŵĞƚŚŽĚƐŽĨ ƚŚĞĂƌĞĂ͘dŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚǁŝůůĞŶŚĂŶĐĞƚŚĞƐŝĚĞǁĂůŬƐĂŶĚŽǀĞƌĂůůĐŝƌĐƵůĂƚŝŽŶƐǇƐƚĞŵŽĨ ZŽĐŚĞƐƚĞƌ͘dŚĞĚĞƐŝŐŶŝƐĞĨĨŝĐŝĞŶƚĂŶĚƚŚĞůĂŶĚƵƐĞǁŝůůĂĐƚŝǀĂƚĞƚŚĞƐƚƌĞĞƚƌĞƐƵůƚŝŶŐŝŶĂŵŽƌĞ ƉĞĚĞƐƚƌŝĂŶĨƌŝĞŶĚůǇĞŶǀŝƌŽŶŵĞŶƚ͘ dƌĂƐŚǁŝůůŽĐĐƵƌǁŝƚŚŝŶĞŶĐůŽƐĞĚƐĞƌǀŝĐĞĂƌĞĂƐ͘ ůůƉĂƌŬŝŶŐƐĞƌǀŝŶŐƚŚĞƐŝƚĞǁŝůůďĞƐƚƌƵĐƚƵƌĞĚ͘dŚĞĨŝŶĂůƐĐƌĞĞŶŝŶŐĂŶĚďƵĨĨĞƌǇĂƌĚĚĞƐŝŐŶĐŽŶƚĂŝŶƐ 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ĨƌŽŵƉƵďůŝĐƚƌĂŝůƐ͕ƉƵďůŝĐƐŝĚĞǁĂůŬƐ͕ĂŶĚŽŶŽƌŽĨĨͲƐŝƚĞƉĂƌŬŝŶŐĂƌĞĂƐ͕ŝŶĐŽƌƉŽƌĂƚĞƐĂƉƉƌŽƉƌŝĂƚĞĚ ƉĞĚĞƐƚƌŝĂŶƐĂĨĞƚǇĨĞĂƚƵƌĞƐ͕ƉƌŽǀŝĚĞƐĐŽŶǀĞŶŝĞŶƚƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐĨŽƌƚƌĂŶƐŝƚƉĂƚƌŽŶƐ͕Žƌ͕ŝĨĂƉƉƌŽƉƌŝĂƚĞ͕ ĂĐĐĞƐƐĨŽƌƚƌĂŶƐŝƚǀĞŚŝĐůĞƐ͕ĂŶĚƉƌŽǀŝĚĞƐĂĚĞƋƵĂƚĞďŝĐǇĐůĞĂĐĐĞƐƐ͘ŽŶƐŝĚĞƌĂƚŝŽŶƐŚĂůůĂůƐŽďĞŐŝǀĞŶ͕ƚŽ ƉƌŽǀŝĚŝŶŐĚĞƐŝŐŶĂƚĞĚŵŽƚŽƌŝǌĞĚƐĐŽŽƚĞƌƉĂƌŬŝŶŐŝĨĂƉƉƌŽƉƌŝĂƚĞƚŽƚŚĞĐŽŶƚĞǆƚŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ;ƚŚĞ ƵƐĞ͕ůŽĐĂƚŝŽŶ͕ƚǇƉĞŽĨŝŶĚŝǀŝĚƵĂůƐƐĞƌǀĞĚͿ͘ Z^WKE^͗ dŚĞĂůƚĞƌŶĂƚŝǀĞƐŝƚĞƉůĂŶĨƵƌƚŚĞƌŝŶƚĞŐƌĂƚĞƐƚŚĞĐƵƌƌĞŶƚŝƚǇŽĨZŽĐŚĞƐƚĞƌ͛Ɛ ƐƚƌĞĞƚƐĐĂƉŝŶŐŐƵŝĚĞůŝŶĞƐĂŶĚŝƐůŽŽŬŝŶŐĂŚĞĂĚƚŽĚĞǀĞůŽƉŝǀŝĐĞŶƚĞƌƌŝǀĞĂƐĂŵƵůƚŝŵŽĚĂů ƚƌĂŶƐŝƚĐŽƌƌŝĚŽƌ͘dŚĞŐŽĂůŽĨƚŚĞƐŝƚĞĚĞƐŝŐŶŝƐƚŽĐŽŶǀĞǇĂŶĞŶĞƌŐĞƚŝĐƉĞĚĞƐƚƌŝĂŶĨƌŝĞŶĚůǇ ĞŶǀŝƌŽŶŵĞŶƚĂůŽŶŐĂŚĞĂǀŝůǇƵƚŝůŝǌĞĚǀĞŚŝĐůĞƌŽƵƚĞ͘dŚĞĂůƚĞƌŶĂƚŝǀĞƐŝƚĞƉůĂŶĂůƐŽĞůŝŵŝŶĂƚĞƐĂ ƉŽƚĞŶƚŝĂůĐŽŶĨůŝĐƚďĞƚǁĞĞŶƉĞĚĞƐƚƌŝĂŶƐĂŶĚǀĞŚŝĐůĞƐŽŶŝǀŝĐĞŶƚĞƌƌŝǀĞ͕ŵĂǆŝŵŝǌŝŶŐƉĞĚĞƐƚƌŝĂŶ ĐŽŵĨŽƌƚŝŶƚŚŝƐĂƌĞĂ͘dŚĞĚĞǀĞůŽƉŝŶŐŝŶƚĞŐƌĂƚĞĚƚƌĂŶƐƉŽƌƚĂƚŝŽŶŶĞƚǁŽƌŬĂůŽŶŐŝǀŝĐĞŶƚĞƌƌŝǀĞ ƉƌŽǀŝĚĞƐĐŽŶǀĞŶŝĞŶƚĂĐĐĞƐƐƚŽĞƐƚĂďůŝƐŚĞĚďƵƐƐƚŽƉƐĂŶĚŽƚŚĞƌƉĂǇƉĞƌƵƐĞƚƌĂŶƐŝƚƐƵĐŚĂƐhďĞƌ͕ 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ŶŽŶͲĞǆŝƐƚŝŶŐƐƚŽƌŵǁĂƚĞƌĨĂĐŝůŝƚŝĞƐƵƉŽƌĚŽǁŶƐƚƌĞĂŵĨƌŽŵƚŚĞƚƌĂĐƚŝŶƋƵĞƐƚŝŽŶ͖ŽƌƚŚĞĚĞǀĞůŽƉĞƌ ƉƌŽǀŝĚĞƐŝŵƉƌŽǀĞŵĞŶƚƐƐƵĐŚĂƐŽǀĞƌͲƐŝǌĞĚƌĞƚĞŶƚŝŽŶďĂƐŝŶƐ͕ĐŚĂŶŶĞůŝŵƉƌŽǀĞŵĞŶƚƐ͕ŽƌƌĞĐŚĂƌŐĞ ĨĂĐŝůŝƚŝĞƐǁŚŝĐŚƌĞĚƵĐĞŽƌĞůŝŵŝŶĂƚĞĞǆŝƐƚŝŶŐĨůŽŽĚŝŶŐ͕ĞƌŽƐŝŽŶŽƌƐŝůƚĂƚŝŽŶĐĂƵƐĞĚďǇƵƌďĂŶĚĞǀĞůŽƉŵĞŶƚ ĞŝƚŚĞƌƵƉŽƌĚŽǁŶƐƚƌĞĂŵ͘dŚĞŝƚǇŽƵŶĐŝůƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĂƚƚŚĞĞǆŝƐƚŝŶŐƉƌŽďůĞŵƐĂƌĞƐƵĨĨŝĐŝĞŶƚƚŽ ŐƌĂŶƚƚŚĞďŽŶƵƐ͕ďĂƐĞĚƵƉŽŶƚŚĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶŽĨƚŚĞŝƚǇŶŐŝŶĞĞƌ͘ Z^WKE^͗ dŚĞĞǆŝƐƚŝŶŐƉƌŽũĞĐƚĐƵƌƌĞŶƚůǇĐŽŶƐŝƐƚƐŽĨĂϵϮйŝŵƉĞƌǀŝŽƵƐƐƵƌĨĂĐĞĂƌĞĂ͘dŚĞ ƉƌŽƉŽƐĞĚƉƌŽũĞĐƚǁŝůůƌĞĚƵĐĞƚŚĞĂŵŽƵŶƚŽĨŝŵƉĞƌǀŝŽƵƐƐƵƌĨĂĐĞĂƚŐƌĂĚĞƚŽϴϵй͘ ǆŝƐƚŝŶŐƐƚŽƌŵǁĂƚĞƌƚƌĞĂƚŵĞŶƚĂŶĚƌĂƚĞĐŽŶƚƌŽůǁŝůůďĞŵĞƚŽƌĞǆĐĞĞĚƚŚĞĐƵƌƌĞŶƚĐŽŶĚŝƚŝŽŶƐ͘ ϮͿ dŚĞĚĞǀĞůŽƉŵĞŶƚƉƌŽƉŽƐĞƐƚŽŝŶƚĞŐƌĂƚĞƚŚĞƌĞƵƐĞŽĨĂŶĞǆŝƐƚŝŶŐƐƚƌƵĐƚƵƌĞǁŚŝĐŚŚĂƐďĞĞŶǀĂĐĂŶƚĨŽƌ ϮϰĐŽŶƐĞĐƵƚŝǀĞŵŽŶƚŚƐ͘ Z^WKE^͗ dŚŝƐĐƌŝƚĞƌŝĂĚŽĞƐŶŽƚĂƉƉůǇ͘ ϯͿ ĂƐĞŵĞŶƚƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĨůŽŽĚĐŽŶƚƌŽůƉƌŽũĞĐƚĂƌĞƉƌŽǀŝĚĞĚ͕ŽƌŽƚŚĞƌďĂŶŬƚƌĞĂƚŵĞŶƚŽƌƌŝǀĞƌ ďĞĂƵƚŝĨŝĐĂƚŝŽŶǁŚŝĐŚǁŝůůƌĞƐƵůƚŝŶŝŶĐƌĞĂƐĞĚƵƐĂŐĞŽĨƚŚĞĂƌĞĂĂůŽŶŐĞǆŝƐƚŝŶŐƐƚƌĞĂŵƐĨŽƌǁĂůŬŝŶŐ͕ƐŝƚƚŝŶŐ͕ ŽƌŽƚŚĞƌŵĞĂŶƐŽĨƉĂƐƐŝǀĞƌĞĐƌĞĂƚŝŽŶĂƌĞĚĞǀĞůŽƉĞĚ͘ Z^WKE^͗ dŚŝƐĐƌŝƚĞƌŝĂĚŽĞƐŶŽƚĂƉƉůǇ͘ ϰͿ ^ƚƌĞĞƚŝŵƉƌŽǀĞŵĞŶƚƐŶŽƌŵĂůůǇƉƌŽǀŝĚĞĚďǇƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĂƌĞĐŽŶƐƚƌƵĐƚĞĚ͕ĚĞĚŝĐĂƚĞĚŽƌƉĂŝĚ ĨŽƌďǇƚŚĞĚĞǀĞůŽƉĞƌ͘ǆĂŵƉůĞƐŝŶĐůƵĚĞƚŚĞƉƌŽǀŝƐŝŽŶŽĨƌŝŐŚƚͲŽĨͲǁĂǇĨŽƌĂƌƚĞƌŝĂůƐƚƌĞĞƚƐďĞǇŽŶĚƚŚĂƚ ŶŽƌŵĂůůǇƌĞƋƵŝƌĞĚƚŽďĞĚĞĚŝĐĂƚĞĚ͕ŽƌƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽƌƉĂǇŵĞŶƚĨŽƌƚƵƌŶůĂŶĞƐ͕ƐŝŐŶĂůůŝŐŚƚƐ͕ŝŶĐƌĞĂƐĞĚ ƉĂǀĞŵĞŶƚĚĞƉƚŚƐ͕ĞƚĐ͘ ϳͮWĂŐĞ ϰͬϭϭͬϮϬϭϴ 3DFNHW3J *H ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕ŵĞŶĚĞĚWƌĞůŝŵ͘/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ<EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ Z^WKE^͗ dŚĞĂƉƉůŝĐĂŶƚŝŶƚĞŶĚƐƚŽƉƌŽǀŝĚĞƉƵďůŝĐŝŵƉƌŽǀĞŵĞŶƚƐĂƐĨŽůůŽǁƐ͗ Ă͘^ŝŐŶĂůĞƋƵŝƉŵĞŶƚŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽƚŚĞŶŽƌƚŚĂŶĚƐŽƵƚŚĂƉƉƌŽĂĐŚĞƐƚŽƚŚĞϭƐƚǀĞŶƵĞͬ [[485,395,498,448][11][,I,][Arial]] ŝǀŝĐĞŶƚĞƌƌŝǀĞŝŶƚĞƌƐĞĐƚŝŽŶ͘ ď͘ƐĂƌĞƐƵůƚŽĨƚŚĞĂůƚĞƌŶĂƚŝǀĞƐŝƚĞƉůĂŶ͕ĂĚĚŝƚŝŽŶĂůůĂŶĚƐĐĂƉĞĂŶĚƐƚƌĞĞƚƐĐĂƉĞ [[485,516,498,569][11][,I,][Arial]] ŝŵƉƌŽǀĞŵĞŶƚƐǁŝůůďĞŵĂĚĞĂůŽŶŐŝǀŝĐĞŶƚĞƌƌŝǀĞ͘ ůƚŚŽƵŐŚƚŚĞƐĞƉƵďůŝĐŝŵƉƌŽǀĞŵĞŶƚƐǁŝůůďĞŶĞĨŝƚƚŚĞƉƌŽũĞĐƚ͕ƚŚĞǇǁŝůůĂůƐŽƉƌŽǀŝĚĞĂƉƵďůŝĐ ďĞŶĞĨŝƚǁŚŝĐŚŝƐƵŶƌĞůĂƚĞĚƚŽƚŚĞƉƌŽũĞĐƚ͘ ϱͿhƚŝůŝƚǇ^ĞƌǀŝĐĞ͗ dŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƐŝƚĞǁŝůůůĞĂĚƚŽŝŶĐƌĞĂƐĞĚĞĨĨŝĐŝĞŶĐǇŝŶƚŚĞĞǆŝƐƚŝŶŐƉƵďůŝĐ ƵƚŝůŝƚǇĚĞůŝǀĞƌǇƐǇƐƚĞŵŽƌƚŚĞŵŽƌĞĞĨĨŝĐŝĞŶƚƵƐĞŽĨĂůƌĞĂĚǇĞǆŝƐƚŝŶŐƵƚŝůŝƚŝĞƐ͘dŚŝƐŵĞĂŶƐ͕ĂͿƚŚĂƚƚŚĞ ŶĞĐĞƐƐĂƌǇƵƚŝůŝƚŝĞƐĂůƌĞĂĚǇĞǆŝƐƚŽŶƚŚĞƉƌŽƉĞƌƚǇƚŽďĞƐĞƌǀĞĚ͕ŽƌďͿƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƉƌŽƉĞƌƚǇǁŝůů ƉƌŽǀŝĚĞĂŶĞĐĞƐƐĂƌǇůŝŶŬŽƌĐŽŶŶĞĐƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐǇƐƚĞŵŽƌŝŵƉƌŽǀĞƐĞƌǀŝĐĞ͘ Z^WKE^͗ dŚĞĞǆŝƐƚŝŶŐƉƵďůŝĐƐĂŶŝƚĂƌǇƐĞǁĞƌ͕ǁĂƚĞƌ͕ƐƚŽƌŵǁĂƚĞƌ͕ĞůĞĐƚƌŝĐĂŶĚŐĂƐŚĂǀĞ ĐĂƉĂĐŝƚǇƚŽƐĞƌǀĞƚŚĞƉƌŽũĞĐƚĨƌŽŵ&ŝƌƐƚǀĞŶƵĞEt͘ ϲͿ/ŶƚĞŐƌĂƚĞĚWůĂŶŶŝŶŐ͗ dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝŶǀŽůǀĞƐƚŚĞŝŶƚĞŐƌĂƚĞĚĚĞǀĞůŽƉŵĞŶƚŽĨĂƐŝƚĞǁŚŝĐŚ ŝƐĂŵŝŶŝŵƵŵŽĨŽŶĞĂĐƌĞŝŶƐŝǌĞĂŶĚůŽĐĂƚĞĚŝŶĂŶĞƐƚĂďůŝƐŚĞĚĚŝƐƚƌŝĐƚ͘ Z^WKE^͗ dŚĞƉƌŽũĞĐƚĐĂŶŶŽƚƋƵĂůŝĨǇĨŽƌƚŚŝƐĚĞŶƐŝƚǇďŽŶƵƐĂƐŝƚŝƐůĞƐƐƚŚĂŶŽŶĞĂĐƌĞŝŶƐŝǌĞ͘ ϳͿ ĂĐŚĨŽƵƌ;ϰͿƉĞƌĐĞŶƚŝŶĐƌĞĂƐĞŝŶƚŚĞůĂŶĚƐĐĂƉĞĂƌĞĂƌĂƚŝŽĂďŽǀĞƚŚĞŵŝŶŝŵƵŵƌĞƋƵŝƌĞĚƐŚĂůůďĞ ĐŽŶƐŝĚĞƌĞĚĂƐŵĞĞƚŝŶŐƚŚĞĐƌŝƚĞƌŝĂĨŽƌďŽŶƵƐĚĞŶƐŝƚǇͬĨůŽŽƌĂƌĞĂŽƌĂŶŝŶĐƌĞĂƐĞŝŶƉůĂŶƚŵĂƚĞƌŝĂůƐƐŽĂƐƚŽ ĞǆĐĞĞĚŵŝŶŝŵƵŵƌĞƋƵŝƌĞŵĞŶƚƐ͘ Z^WKE^͗dŽďĞŝŶĐůƵĚĞĚďĂƐĞĚƵƉŽŶĐŚĂŶŐĞŝŶŝŵƉĞƌǀŝŽƵƐĂƌĞĂƐ dŚĞĞǆŝƐƚŝŶŐůĂŶĚƐĐĂƉĞĂƌĞĂ ŝƐĐƵƌƌĞŶƚůǇϴйŽĨƚŚĞƚŽƚĂůƐŝƚĞĂƌĞĂ͘dŚĞƌĞǁŝůůďĞĂŶĂĚĚŝƚŝŽŶŽĨϱйŵŽƌĞŐƌĞĞŶƐƉĂĐĞƚŽƚŚĞ ƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚƚŽƚĂůŝŶŐϭϯйůĂŶĚƐĐĂƉĞĂƚŐƌĂĚĞ͘dŚĞͲ&ZĚŝƐƚƌŝĐƚĚŽĞƐŶŽƚŚĂǀĞĂŶ ƵƉƉĞƌůŝŵŝƚĨŽƌ&ůŽŽƌƌĞĂ͘,ŽǁĞǀĞƌ͕ƚŚĞĂĚĚŝƚŝŽŶŽĨůĂŶĚƐĐĂƉĞĚƐƵƌĨĂĐĞĂƌĞĂŝƐĂŶŝŵƉŽƌƚĂŶƚ ĂĞƐƚŚĞƚŝĐǀŝƐƵĂůĐŽŵƉŽŶĞŶƚŽĨƚŚĞŽǀĞƌĂůůƐŝƚĞĚĞƐŝŐŶ͘ ϴͿ dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŵŝŶŝŵŝǌĞƐĂĐĐĞƐƐƉŽŝŶƚƐďǇƵƚŝůŝǌŝŶŐƐŚĂƌĞĚĂĐĐĞƐƐƉŽŝŶƚƐǁŝƚŚĂĚũĂĐĞŶƚ ĚĞǀĞůŽƉŵĞŶƚƐ͕ƌĞƐƵůƚŝŶŐŝŶĂƌĞĚƵĐƚŝŽŶŝŶƚŚĞŶƵŵďĞƌŽĨĚƌŝǀĞǁĂǇŽƉĞŶŝŶŐƐŽŶĂĐŽůůĞĐƚŽƌŽƌŚŝŐŚĞƌůĞǀĞů ƐƚƌĞĞƚ͘ Z^WKE^͗ dŚĞƉƌŽũĞĐƚƐŝƚĞŝƐŶŽƚĂďůĞƚŽŵĞĞƚƚŚŝƐĚĞŶƐŝƚǇďŽŶƵƐƌĞƋƵŝƌĞŵĞŶƚĂƐƚŚĞƐŝƚĞŝƐ ďŽƵŶĚĞĚƚŽƚŚĞŶŽƌƚŚ͕ĞĂƐƚĂŶĚǁĞƐƚďǇƉƵďůŝĐƐƚƌĞĞƚƐĂŶĚƚŽƚŚĞƐŽƵƚŚďǇĂƌĂŝůƐƉƵƌ͘dŚĞ ĂƉƉůŝĐĂŶƚŚĂƐǁŽƌŬĞĚǁŝƚŚƚŚĞWƵďůŝĐtŽƌŬƐĞƉĂƌƚŵĞŶƚƚŽƌĞĚƵĐĞƚŚĞŶƵŵďĞƌŽĨĂĐĐĞƐƐƉŽŝŶƚƐ ŽŶ&ŝƌƐƚǀĞŶƵĞEt͘ ϵͿ WĂƌŬŝŶŐůŽƚůĂŶĚƐĐĂƉŝŶŐĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨƐĐƌĞĞŶŝŶŐƌĞƐŝĚĞŶƚŝĂůĂƌĞĂƐĂŶĚͬŽƌƌŝŐŚƚŽĨͲǁĂǇĂƌĞĂƐĨƌŽŵ ĐŽŶĐĞŶƚƌĂƚŝŽŶŽĨǀĞŚŝĐůĞƐ͘ Z^WKE^͗ dŚĞĂƉƉůŝĐĂŶƚŚĂƐĂƚƚĞŵƉƚĞĚƚŽŵĞĞƚƚŚŝƐĚĞŶƐŝƚǇďŽŶƵƐďǇƐĐƌĞĞŶŝŶŐƚŚĞƉĂƌŬŝŶŐ ŐĂƌĂŐĞǁŝƚŚĂƌĐŚŝƚĞĐƚƵƌĂůĨĞĂƚƵƌĞƐĂŶĚůĂŶĚƐĐĂƉŝŶŐƚŽŵŝŶŝŵŝǌĞƚŚĞǀŝƐƵĂůŝŵƉĂĐƚŽĨǀĞŚŝĐůĞƐ ŝŶƐŝĚĞƚŚĞŽŶͲƐŝƚĞƉĂƌŬŝŶŐŐĂƌĂŐĞ͘ ϴͮWĂŐĞ ϰͬϭϭͬϮϬϭϴ 3DFNHW3J *H 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ƚŚĞďŝĐǇĐůĞƵƉƌŝŐŚƚďǇŝƚƐĨƌĂŵĞŝŶĂƚůĞĂƐƚƚǁŽƉůĂĐĞƐŽƌƉŽŝŶƚƐŽĨĐŽŶƚĂĐƚ͘ Z^WKE^͗ ϱйǆϴϴсϱ;ϰ͘ϰͿ ϴϯƉĂƌŬŝŶŐƐƚĂůůƐĂƌĞƌĞƋƵŝƌĞĚƉĞƌWKĂůůŽǁĞĚƌĞĚƵĐƚŝŽŶƐ͘ dŚĞƌĞĨŽƌĞ͕ϴϴͲϱс ϵͮWĂŐĞ ϰͬϭϭͬϮϬϭϴ 3DFNHW3J *H ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕ŵĞŶĚĞĚWƌĞůŝŵ͘/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ<EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ZŽĐŚĞƐƚĞƌĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌŝƐƚƌŝĐƚĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐ /ŵƉůĞŵĞŶƚĂƚŝŽŶ͗hƐĞŽĨƚŚĞĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐ x dŽƌĞǀŝĞǁĂŶĚĞǀĂůƵĂƚĞĂŶǇƉƌŽƉŽƐĞĚƉƌŝǀĂƚĞĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚƐƐƵďŵŝƚƚĞĚƚŽƚŚĞŝƚǇ ĂŶĚͬŽƌDͲĨŽƌĂƉƉƌŽǀĂů͘ x dŽŐƵŝĚĞƚŚĞƉůĂŶŶŝŶŐĚĞĐŝƐŝŽŶƐďǇƚŚĞŝƚǇĂŶĚƚŚĞDͲ x dŽƐĞƌǀĞĂƐĂďĂƐŝƐĨŽƌĐŽŶĚƵĐƚŝŶŐĨŽůůŽǁƵƉƌĞƐĞĂƌĐŚŽŶǁŚĞƚŚĞƌƚŚĞŐƵŝĚĞůŝŶĞƐĂƌĞĞĨĨĞĐƚŝǀĞŝŶ ŵĞĞƚŝŶŐŝƚǇĂŶĚDŐŽĂůƐ͘ WƌŽũĞĐƚZĞǀŝĞǁŚĞĐŬůŝƐƚ dŚĞZŽĐŚĞƐƚĞƌDŝƐƚƌŝĐƚĞƐŝŐŶ'ƵŝĚĞůŝŶĞŚĂǀĞƚǁŽĐŽŵƉŽŶĞŶƚƐ͗;ϭͿƉůĂŶŶŝŶŐĂŶĚĚĞƐŝŐŶ WĞƌĨŽƌŵĂŶĐĞ'ƵŝĚĞůŝŶĞƐĨŽƌƚŚĞDŝƐƚƌŝĐƚ͕ƐƚƌĞĞƚ͕ĂŶĚďƵŝůĚŝŶŐ͕ĂŶĚ;ϮͿĞƐŝŐŶĞƚĂŝůƐĨŽƌƐƚƌĞĞƚƐ ĂŶĚďƵŝůĚŝŶŐƐ͘ сĨĨŝƌŵĂƚŝǀĞ 9 сEŽƚƉƉůŝĐĂďůĞŽƌEĞŐĂƚŝǀĞ ϬϮ/ŽǁŶƚŽǁŶŝƐƚƌŝĐƚ ͘ϬϭƌĞĂƚĞĂ^ĂĨĞ͕/ŶǀŝƚŝŶŐĂŶĚŽŶŶĞĐƚĞĚWƵďůŝĐZĞĂůŵ ŽĞƐƚŚĞWůĂŶŽƌƉƌŽũĞĐƚĐŽŶƚƌŝďƵƚĞƚŽĐƌĞĂƚŝŶŐĂƐĂĨĞ͕ŝŶǀŝƚŝŶŐĂŶĚĐŽŶŶĞĐƚĞĚƉƵďůŝĐƌĞĂůŵ͍ 9 x dŚĞWƵďůŝĐĂƌĞĂƐŽĨƚŚĞ^ŝƚĞŝŶĐůƵĚĞƐĂĨĞ͕ŝŶǀŝƚŝŶŐ͕ĂŶĚĂƚƚƌĂĐƚŝǀĞůĂŶĚƐĐĂƉŝŶŐĂŶĚ ƐƵƐƚĂŝŶĂďůĞĨƵƌŶŝƐŚŝŶŐƐǁŚŝĐŚƐŽĨƚĞŶƚŚĞƉůĂŶĞƐŽĨƚŚĞŚĂƌĚƐĐĂƉĞŵĂƚĞƌŝĂůƐƵƐĞĚŝŶ ƉĂǀŝŶŐĂŶĚďƵŝůĚŝŶŐŵĂƚĞƌŝĂůƐ͘ŶĞƌŐǇĞĨĨŝĐŝĞŶƚůŝŐŚƚŝŶŐǁŝůůďĞƵƐĞĚƚŽĂƌƚŝƐƚŝĐĂůůǇ ƉƌŽǀŝĚĞƐĂĨĞǁĂǇĨŝŶĚŝŶŐĂŶĚŝůůƵŵŝŶĂƚĞƐĞĂƚŝŶŐĂƌĞĂƐ͘ ͘ϬϮŶŚĂŶĐĞŽŶŶĞĐƚŝŽŶƚŽEĂƚƵƌĞĂŶĚEĂƚƵƌĂů^ǇƐƚĞŵƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĐŽŶƚƌŝďƵƚĞƚŽĞŶŚĂŶĐŝŶŐĐŽŶŶĞĐƚŝŽŶƐƚŽŶĂƚƵƌĞĂŶĚŶĂƚƵƌĂů 9 ƐǇƐƚĞŵƐ͍ x dŚĞƉƌŽũĞĐƚŝŶĐŽƌƉŽƌĂƚĞƐĂƌŝĐŚůĂŶĚƐĐĂƉĞƉĂůĞƚƚĞŽĨŶĂƚŝǀĞƐƉĞĐŝĞƐ͘ ͘ϬϯƐƚĂďůŝƐŚŝƐƚƌŝĐƚĂŶĚ^ƵďͲŝƐƚƌŝĐƚ/ĚĞŶƚŝƚǇ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĐŽŶƚƌŝďƵƚĞƚŽĞƐƚĂďůŝƐŚŝŶŐĚŝƐƚƌŝĐƚĂŶĚƐƵďͲĚŝƐƚƌŝĐƚŝĚĞŶƚŝƚǇ͍ 9 dŚĞWƌŽũĞĐƚĂƌĐŚŝƚĞĐƚƵƌĞƐĞĞŬƐƚŽďŽƚŚƐĞƚƚŝŶŐƚŚĞƚŽŶĞĨŽƌƚŚĞĞŶƚƌĂů^ƚĂƚŝŽŶ dƌĂŶƐŝƚŝƐƚƌŝĐƚďƵŝůƚĞŶǀŝƌŽŶŵĞŶƚ͘dŚĞƉƌŽƉŽƐĞĚŚŽƚĞůďůĞŶĚƐƚŚĞŵĂƚĞƌŝĂůƉĂůĞƚƚĞŽĨ ƚŚĞƐƵƌƌŽƵŶĚŝŶŐĂƌĐŚŝƚĞĐƚƵƌĞŽĨƚŚĞĂĚũŽŝŶŝŶŐŚŝƐƚŽƌŝĐĂŶĚŶĞǁĞƌĐŽŶƐƚƌƵĐƚĞĚ ďƵŝůĚŝŶŐĂŶĚďƌŝŶŐƐĂƵŶŝƋƵĞĂŶĚĚǇŶĂŵŝĐĨĂĕĂĚĞƚƌĞĂƚŵĞŶƚƚŚĂƚŝƐŶŽƚĨŽƵŶĚŝŶĂŶǇ ŽƚŚĞƌůŽĐĂƚŝŽŶƐǁŝƚŚŝŶƚŚĞDĚŝƐƚƌŝĐƚ͘ ͘Ϭϰ^ƚƌĞŶŐƚŚĞŶ'ĂƚĞǁĂǇƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĐŽŶƚƌŝďƵƚĞƚŽƐƚƌĞŶŐƚŚĞŶŝŶŐŐĂƚĞǁĂǇƐďĞƚǁĞĞŶƐƵďͲĚŝƐƚƌŝĐƚ͍ 9 xŽƚŚƚŚĞƐŝƚĞƉůĂŶĂŶĚƚŚĞƐƚƌƵĐƚƵƌĂůĞůĞŵĞŶƚƐŽĨƚŚĞƉƌŽũĞĐƚĂůŽŶŐǁŝƚŚƚŚĞůŽĐĂƚŝŽŶ ŽĨƚŚĞƐŝƚĞƐƚƌĞŶŐƚŚĞŶƚŚĞŐĂƚĞǁĂǇĐŽŶŶĞĐƚŝŽŶĂŶĚĂƚƚĞŵƉƚƐƚŽǀŝƐƵĂůůǇƐƚƌĞƚĐŚƚŚĞ ƌĞĂĐŚŽĨƚŚĞDĚŝƐƚƌŝĐƚƐŶŽƌƚŚĞƌůǇďĞǇŽŶĚŝǀŝĐĞŶƚĞƌƌŝǀĞ͘ ϭϬͮWĂŐĞ ϰͬϭϭͬϮϬϭϴ 3DFNHW3J *H ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕ŵĞŶĚĞĚWƌĞůŝŵ͘/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ<EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ͘ϬϱƐƚĂďůŝƐŚ^ŝŐŶĂƚƵƌĞKƉĞŶ^ƉĂĐĞƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĐŽŶƚƌŝďƵƚĞƚŽŽƌĞƐƚĂďůŝƐŚ^ŝŐŶĂƚƵƌĞKƉĞŶ^ƉĂĐĞƐ͍ 9 x dŚĞĐŽŶƐƚƌĂŝŶƚƐŽĨƚŚĞƐŝƚĞĂƌĞĂƉƌŽŚŝďŝƚƚŚĞĂďŝůŝƚǇƚŽĐƌĞĂƚĞƐŝŐŶĂƚƵƌĞŽƉĞŶƐƉĂĐĞƐ ǁŚŝĐŚǁŽƵůĚƐĞƌǀĞĂůĂƌŐĞƉŽƉƵůĂƚŝŽŶ͘,ŽǁĞǀĞƌ͕ĞŶƚƌĂůWĂƌŬŝƐůĞƐƐƚŚĂŶЪďůŽĐŬ ĂǁĂǇĨƌŽŵƚŚĞƐŝƚĞĂŶĚŝƐĐŽŵƉůĞƚĞůǇĂĐĐĞƐƐŝďůĞƚŽƚŚĞƉƌŽũĞĐƚ͘ ͘ϬϲZĞƵƐĞĂŶĚZĞƐƚŽƌĞƵŝůĚŝŶŐƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚZĞƵƐĞĂŶĚZĞƐƚŽƌĞƵŝůĚŝŶŐƐ͍ 9 x dŚĞĞǆŝƐƚŝŶŐƐƚƌƵĐƚƵƌĞĚŝĚŶŽƚůĞŶĚŝƚƐĞůĨƚŽƌĞƵƐĞ͘ ͘Ϭϳ/ŶĨƵƐĞƚŚĞŝƚǇǁŝƚŚWƵďůŝĐƌƚ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚ/ŶĨƵƐĞƚŚĞŝƚǇǁŝƚŚWƵďůŝĐƌƚ͍ 9 x dŚĞŚŽƚĞůǁŝůůŝŶĐŽƌƉŽƌĂƚĞĂƌƚǁŝƚŚŝŶƚŚĞƉƵďůŝĐĂƌĞĂƐǁŚĞƌĞƐƵŝƚĂďůĞ͘ xǆƚĞƌŝŽƌƌƚƉůĂĐĞŵĞŶƚŝƐƵŶĚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶ͘ ͘ϬϴĞǀĞůŽƉDŝǆĞĚhƐĞEĞŝŐŚďŽƌŚŽŽĚƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞǀĞůŽƉDŝǆĞĚhƐĞEĞŝŐŚďŽƌŚŽŽĚƐ͍ 9 dŚĞƉƌŽƉŽƐĞĚ,ŽƚĞůĂŶĚĂŵĞŶŝƚŝĞƐŝŶũĞĐƚĂƵƐĞƚŚĂƚŚĂƐŶŽƚƉƌĞǀŝŽƵƐůǇĞǆŝƐƚĞĚŝŶƚŚŝƐ ŐĞŽŐƌĂƉŚŝĐĂƌĞĂ͘dŚĞƉƌŽƉŽƐĞĚƵƐĞƐǁŝƚŚŝŶƚŚĞĐŽŶƚĞǆƚŽĨƚŚĞůĂƌŐĞƌŶĞŝŐŚďŽƌŚŽŽĚ ǁŝƚŚĂĚũŽŝŶŝŶŐƌĞƐƚĂƵƌĂŶƚƐ͕ŽĨĨŝĐĞƐƉĂĐĞ͕ƉĂƌŬƐƉĂĐĞ͕ƐĞŶŝŽƌŚŽƵƐŝŶŐ͕ǁŽƌŬĨŽƌĐĞ ŚŽƵƐŝŶŐ͕ĂŶĚƚŚĞŶĞĂƌďǇƚƌĂŶƐŝƚĐŽƌƌŝĚŽƌĐƌĞĂƚĞĂŵŝǆĞĚͲƵƐĞĐŽŵŵƵŶŝƚǇ͘ ͘ϬϵWƌŽŵŽƚĞhƌďĂŶŐƌŝĐƵůƚƵƌĞ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚWƌŽŵŽƚĞhƌďĂŶŐƌŝĐƵůƚƵƌĞ͍ 9 x dŚĞƌĞĂƌĞĐƵƌƌĞŶƚůǇŶŽƉůĂŶƐƚŽŝŶĐůƵĚĞƵƌďĂŶĂŐƌŝĐƵůƚƵƌĞǁŝƚŚŝŶƚŚĞƉƌŽũĞĐƚ͘ ͘ϭϬƌĞĂƚĞŝƐƚƌŝĐƚWĂƌŬŝŶŐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚƌĞĂƚĞŝƐƚƌŝĐƚWĂƌŬŝŶŐ͍ 9 x dŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚĚŽĞƐŶŽƚŚĂǀĞĂĚĞƋƵĂƚĞƐŝƚĞĂƌĞĂƚŽĐƌĞĂƚĞƉĂƌŬŝŶŐĨŽƌ ĞǆƚĞƌŶĂůƵƐĞƌƐ͘,ŽǁĞǀĞƌ͕ƚŚĞĂŶƚŝĐŝƉĂƚĞĚƵƐĞƌƐŽĨƚŚĞŚŽƚĞůǁŝůůďĞƐĞƌǀĞĚƚŚƌŽƵŐŚ ƚŚĞŝŶƚĞŐƌĂƚŝŽŶŽĨĞĂƐŝůǇĂĐĐĞƐƐŝďůĞĂĐĐĞƐƐƚŽƉĞĚĞƐƚƌŝĂŶǁĂůŬǁĂǇƐ͕ďŝŬĞƉĂƌŬŝŶŐ͕ƉĂǇ ĂƐǇŽƵŐŽƚƌĂŶƐƉŽƌƚĂƚŝŽŶƐƵĐŚĂƐhďĞƌŽƌ>ǇĨƚ͕ĂŶĚƉůĂŶŶĞĚĞĂƐĞŽĨĂĐĐĞƐƐƚŽƉƵďůŝĐ ƚƌĂŶƐŝƚŽƉƉŽƌƚƵŶŝƚŝĞƐŶŽǁĂŶĚŝŶƚŚĞĨƵƚƵƌĞ͘ ͘ϭϭƌĞĂƚĞ^ƵƐƚĂŝŶĂďůĞŽŵŵƵŶŝƚǇŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚƌĞĂƚĞ^ƵƐƚĂŝŶĂďůĞŽŵŵƵŶŝƚǇŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͍ 9 x/ŶƚŚŝƐƉƌĞůŝŵŝŶĂƌǇƉůĂŶŶŝŶŐƉŚĂƐĞŽĨƚŚĞƉƌŽũĞĐƚ͕ĂƐƚƵĚǇŽĨƚŚĞŽƉƉŽƌƚƵŶŝƚŝĞƐ͕ĐŽƐƚƐ ĂŶĚďĞŶĞĨŝƚƐŽĨĂƐƵƐƚĂŝŶĂďůĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞƐǇƐƚĞŵĂŶĚŝŵƉůĞŵĞŶƚĂƚŝŽŶŝƐǇĞƚŶŽƚ ĐŽŵƉůĞƚĞ͘ ϭϭͮWĂŐĞ ϰͬϭϭͬϮϬϭϴ 3DFNHW3J *H ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕ŵĞŶĚĞĚWƌĞůŝŵ͘/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ<EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ͘ϭϮƌĞĂƚĞĂ,ĞĂůƚŚǇŽŵŵƵŶŝƚǇ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚƌĞĂƚĞĂ,ĞĂůƚŚǇŽŵŵƵŶŝƚǇ͍ 9 x dŚĞŝŶƚĞŶƚŝŽŶĂůƉůĂĐĞŵĞŶƚŽĨƚŚĞƉƌŽũĞĐƚĂŶĚƚŚĞĚĞƐŝŐŶŽĨƚŚĞƉůĂŶĂƌĞƚŽĨĂĐŝůŝƚĂƚĞ ŚĞĂůƚŚĂŶĚǁĞůůͲďĞŝŶŐŽĨĂůůŝŶĚŝǀŝĚƵĂůƐ͕ĞŵƉůŽǇĞĞƐ͕ĂŶĚǀŝƐŝƚŽƌƐĂůŝŬĞďǇƉƌŽŵŽƚŝŶŐ ƚŚĞĐŽŶǀĞŶŝĞŶĐĞŽĨǁĂůŬĂďŝůŝƚǇ͕ƚŚĞƉƌŽŵŽƚŝŽŶŽĨƚŚĞƵƐĞŽĨďŝĐǇĐůĞƐ͕ĂŶĚĂůƚĞƌŶĂƚĞ ĨŽƌŵƐŽĨƚƌĂŶƐŝƚ͘ ϬϮ͘^ƚƌĞĞƚƐĂŶĚŽƌƌŝĚŽƌƐ;ĨŽƌĐůĂƌŝƚǇ͕ƚŚĞƵƐĞŽĨƚŚĞǁŽƌĚ͞ƐƚƌĞĞƚ͟ŝƐďƌŽĂĚůǇŝŶƚĞƌƉƌĞƚĞĚďĞůŽǁĂƐ͞Ă ƉĂƚŚǁĂǇ͟Žƌ͞ƌŽƵƚĞ͟ĂŶĚŶŽƚŽŶůǇĂƐĂ͞ƌŽĂĚ͟ǁŚĞƌĞŵŽƚŽƌŝǌĞĚǀĞŚŝĐůĞƐƚƌĂǀĞůͿ ͘ϬϭĞƐŝŐŶ^ƚƌĞĞƚƐƚŽĐĐŽŵŵŽĚĂƚĞWĞĚĞƐƚƌŝĂŶƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶ^ƚƌĞĞƚƐƚŽĐĐŽŵŵŽĚĂƚĞWĞĚĞƐƚƌŝĂŶƐ͍ 9 x zĞƐ͘dŚĞƌĞŝƐƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐŝŶĂůůƉĞƌŝŵĞƚĞƌƐŽĨƚŚĞƐŝƚĞǁŚŝĐŚĂĚũŽŝŶƉƵďůŝĐƌŽĂĚƐ ĂŶĚƚŚƌŽƵŐŚƚŚĞŝŶƚĞƌŝŽƌŽĨƚŚĞƐŝƚĞ͘dŚĞĂůƚĞƌŶĂƚŝǀĞƐŝƚĞƉůĂŶĨƵƌƚŚĞƌĂĐĐŽŵŵŽĚĂƚĞƐ ƉĞĚĞƐƚƌŝĂŶƐďǇĞůŝŵŝŶĂƚŝŶŐĂƉŽƚĞŶƚŝĂůĐŽŶĨůŝĐƚďĞƚǁĞĞŶƉĞĚĞƐƚƌŝĂŶƐĂŶĚǀĞŚŝĐůĞƐĂŶĚ ĂĐƚŝǀĂƚĞƐƚŚĞĂƌĞĂƐĂůŽŶŐŝǀŝĐĞŶƚĞƌƌŝǀĞĂŶĚ&ŝƌƐƚǀĞŶƵĞEtĨŽƌƉĞĚĞƐƚƌŝĂŶƵƐĞ͘ ͘ϬϮĞƐŝŐŶ^ƚƌĞĞƚƐƚŽĐĐŽŵŵŽĚĂƚĞŝĐǇĐůĞƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶ^ƚƌĞĞƚƐƚŽĐĐŽŵŵŽĚĂƚĞŝĐǇĐůĞƐ͍ 9 x zĞƐ͘dŚĞƌĞŝƐďŝŬĞƉĂƌŬŝŶŐĨŽƌƵƐĞďǇƚŚĞƉƵďůŝĐĂŶĚƐƚĂĨĨ͘dŚĞƉĞƌŝŵĞƚĞƌŶŽƌƚŚĞƌůǇ ƐŝĚĞǁĂůŬŝƐĂŶĞǆƉĂŶĚĞĚǁŝĚƚŚƚŽĂĐĐŽŵŵŽĚĂƚĞďŽƚŚƉĞĚĞƐƚƌŝĂŶƐĂŶĚĐǇĐůŝƐƚƐ͘ ͘ϬϯĞƐŝŐŶ^ƚƌĞĞƚƚŽĐĐŽŵŵŽĚĂƚĞDĂƐƐdƌĂŶƐŝƚ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶ^ƚƌĞĞƚƚŽĐĐŽŵŵŽĚĂƚĞDĂƐƐdƌĂŶƐŝƚ͍ 9 x zĞƐ͘dŚĞƌĞĂƌĞƉůĂŶŶĞĚƉŝĐŬƵƉĂŶĚĚƌŽƉŽĨĨůŽĐĂƚŝŽŶƐĨŽƌƉĂǇƉĞƌƵƐĞǀĞŚŝĐůĞƐŶĞĂƌ ƚŚĞŚŽƚĞůŵĂŝŶĞŶƚƌĂŶĐĞ͘dŚĞƐŝƚĞŝƐĂĚũĂĐĞŶƚƚŚĞŝŶƚĞŐƌĂƚĞĚƚƌĂŶƐŝƚĐŽƌƌŝĚŽƌƌŽƵƚĞŽĨ ŝǀŝĐĞŶƚĞƌƌŝǀĞĂŶĚŝƐĐůŽƐĞƚŽďƵƐƐƚŽƉƐƐĞƌǀŝŶŐŵĂŶǇƚƌĂŶƐƉŽƌƚĂƚŝŽŶƌŽƵƚĞƐ͘ ͘ϬϰĞƐŝŐŶ^ĂĨĞĨĨŝĐŝĞŶƚZŽĂĚǁĂǇƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶ^ĂĨĞĨĨŝĐŝĞŶƚZŽĂĚǁĂǇƐ͍ 9 x dŚĞƚƌĂŶƐŝƚƐƚƵĚǇƚŚĂƚĂĐĐŽŵƉĂŶŝĞƐƚŚŝƐƉƌŽƉŽƐĂůĚĞŵŽŶƐƚƌĂƚĞƐƚŚĂƚƚŚĞŝŶĐƌĞĂƐĞŽĨ ƉŽƚĞŶƚŝĂůǀŝƐŝƚŽƌƐĂŶĚƵƐĞƌƐŽĨƚŚĞƉƌŽũĞĐƚǁŝůůŶŽƚŶĞŐĂƚŝǀĞůǇĂĨĨĞĐƚƚŚĞĞǆŝƐƚŝŶŐ ƚƌĂŶƐŝƚƐǇƐƚĞŵĂƐĂůůůĞǀĞůƐŽĨƐĞƌǀŝĐĞŽƉĞƌĂƚĞĂƚƌĞƋƵŝƌĞĚĐŝƚǇƐƚĂŶĚĂƌĚƐ͘ ͘ϬϱĞƐŝŐŶ^ĂĨĞDƵůƚŝŵŽĚĂů/ŶƚĞƌƐĞĐƚŝŽŶƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶ^ĂĨĞDƵůƚŝŵŽĚĂů/ŶƚĞƌƐĞĐƚŝŽŶƐ͍ x dŚĞƉƌŽũĞĐƚĂĚĚƌĞƐƐĞƐƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶŽĨDƵůƚŝŵŽĚĂůƚŚŽƌŽƵŐŚĐĂƌĞĨƵůƉůĂŶŶŝŶŐŽĨ ǀĞŚŝĐƵůĂƌĞŐƌĞƐƐĂŶĚŝŶŐƌĞƐƐƉŽŝŶƚƐ͕ƉƌŽƚĞĐƚĞĚĂŶĚǁĞůůͲŵĂƌŬĞĚƉĞĚĞƐƚƌŝĂŶĨĂĐŝůŝƚŝĞƐ ƐƵĐŚĂƐƐŝĚĞǁĂůŬƐ͕ƉĂǀĞŵĞŶƚƚǇƉĞĂŶĚĚĞůŝŶĞĂƚŝŽŶĂƐǁĞůůĂƐǁĂǇĨŝŶĚŝŶŐƐŝŐŶĂŐĞ͘ dŚĞƉƌŽƉŽƐĞĚĚĞƐŝŐŶĂůƐŽƐƚƌŝǀĞƐƚŽŵŝŶŝŵŝǌĞƚŚĞƐĞŝŶƚĞƌƐĞĐƚŝŽŶƐĨŽƌŽƉƚŝŵƵŵ ŽƉĞƌĂƚŝŽŶ͘ ͘ϬϲƐƚĂďůŝƐŚƚŚĞhƌďĂŶ&ŽƌĞƐƚ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚƐƚĂďůŝƐŚƚŚĞhƌďĂŶ&ŽƌĞƐƚ͍ 9 ϭϮͮWĂŐĞ ϰͬϭϭͬϮϬϭϴ 3DFNHW3J *H ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕ŵĞŶĚĞĚWƌĞůŝŵ͘/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ<EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ x dŚĞŝƐĂŶĂďŝůŝƚǇƚŽŝŶĐƌĞĂƐĞƚŚĞƋƵĂŶƚŝƚǇŽĨĐĂŶŽƉǇĂŶĚŽƌŶĂŵĞŶƚĂůƚƌĞĞƐǁŝƚŚŝŶƚŚĞ ƐŝƚĞĂŶĚǁŝƚŚŝŶƚŚĞďŽƵůĞǀĂƌĚĂƐƉĂƌƚŽĨƚŚŝƐĚĞǀĞůŽƉŵĞŶƚ͘ ͘ϬϳĞǀĞůŽƉ^ƵƐƚĂŝŶĂďůĞtĂƚĞƌDĂŶĂŐĞŵĞŶƚ^ƚƌĂƚĞŐŝĞƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞǀĞůŽƉ^ƵƐƚĂŝŶĂďůĞtĂƚĞƌDĂŶĂŐĞŵĞŶƚ^ƚƌĂƚĞŐŝĞƐ͍ 9 xƚƚŚŝƐƉƌĞůŝŵŝŶĂƌǇƉŚĂƐĞŽĨƐŝƚĞĚĞƐŝŐŶ͕ƐƚƌĂƚĞŐŝĞƐƐƉĞĐŝĨŝĐĂůůǇĨŽƌůĂŶĚƐĐĂƉĞĨĞĂƚƵƌĞƐ ĂƌĞƵŶĚĞƌŐŽŝŶŐƌĞǀŝĞǁĨŽƌŝŵƉůĞŵĞŶƚĂƚŝŽŶŝŶƚŽƚŚĞƐŝƚĞƉůĂŶ͘/ĨƚŚĞƐĞĂƌĞĚĞĞŵĞĚ ƐƵŝƚĂďůĞƚŽƚŚĞƉůĂŶƚŚĞǇǁŝůůďĞŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞĚĞƐŝŐŶĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞĨŝŶĂů ĚĞǀĞůŽƉŵĞŶƚƉůĂŶƐƚĂŐĞ͘ xǆŝƐƚŝŶŐǁĂƚĞƌƋƵĂůŝƚǇĂŶĚĚŝƐĐŚĂƌŐĞƌĂƚĞƐǁŝůůďĞŵĞƚŽƌŝŵƉƌŽǀĞĚ͘ ͘ϬϴĞƐŝŐŶ^ŵĂƌƚ^ƚƌĞĞƚƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶ^ŵĂƌƚ^ƚƌĞĞƚƐ͍ 9 xŽŶƐƵŵĞƌƉƌŝǀĂƚĞŚĂŶĚŚĞůĚĞůĞĐƚƌŽŶŝĐĐŽŵŵƵŶŝĐĂƚŝŽŶĚĞǀŝĐĞƐĐŽŶƚŝŶƵĞƚŽĞǀŽůǀĞ ĂŶĚǁŝůůďĞŐŝŶƚŽŝŶƚĞŐƌĂƚĞƚŽƚŚĞǁŽƌůĚĂƌŽƵŶĚŝƚ͘/ƚŝƐĞǆƉĞĐƚĞĚƚŚĂƚŚŽƚĞůƐĞƌǀŝĐĞƐ ǁŝůůĂůƐŽŶĞĞĚƚŽĂĚĂƉƚƚŽƚĞĐŚŶŽůŽŐǇĂĚǀĂŶĐĞƐƚŽƐĞƌǀĞƚŚĞŶĞĞĚƐŽĨƚŚĞƉĂƚƌŽŶƐ͘ tĂǇĨŝŶĚŝŶŐƐŝŐŶĂŐĞĂŶĚĐŽŵŵƵŶŝĐĂƚŝŽŶƐƚŽŽůƐŽĨĂůůŬŝŶĚƐǁŝůůŶĞĞĚƚŽĐƌŽƐƐĐƵůƚƵƌĂů ůŝŶĞƐĂŶĚĂůƐŽƐĞƌǀĞƚŚŽƐĞŝŶĚŝǀŝĚƵĂůƐǁŝƚŚŚĞĂůƚŚĐŚĂůůĞŶŐĞƐ͘^ŚŽƵůĚĂĚĚŝƚŝŽŶĂůďŝŬĞ ƐŚĂƌŝŶŐŬŝŽƐŬƐďĞĐŽŵĞŵŽƌĞĨƵůůǇŝŶƚĞŐƌĂƚĞĚǁŝƚŚƚŚĞĚŽǁŶƚŽǁŶĐŽƌĞ͕ƚŚŝƐƐŝƚĞ ǁŽƵůĚďĞĂŶŝĚĞĂůůŽĐĂƚŝŽŶĂƐĂĐŽŶĚƵŝƚƚŽƌĞĐƌĞĂƚŝŽŶĂůĂŶĚĐŽŵŵƵƚĞƌĐǇĐůŝŶŐ ĂĚǀŽĐĂƚĞƐƚŽĂŶĚĨƌŽŵƚŚĞĚŽǁŶƚŽǁŶĐŽƌĞ͘ ͘ϬϵĞƐŝŐŶ^ƚƌĞĞƚǁŝƚŚ&ůĞǆŝďŝůŝƚǇĂŶĚĚĂƉƚĂďŝůŝƚǇĨŽƌ&ƵƚƵƌĞhƐĞƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶ^ƚƌĞĞƚǁŝƚŚ&ůĞǆŝďŝůŝƚǇĂŶĚĚĂƉƚĂďŝůŝƚǇĨŽƌ&ƵƚƵƌĞhƐĞƐ͍ 9 x dŚĞƉůĂŶŶĞĚďƵŝůĚŝŶŐŵĂƐƐŝŶŐĂůŽŶŐǁŝƚŚƚŚĞƐŝƚĞƐŝǌĞĐŽŶƐƚƌĂŝŶƚƐůŝŵŝƚƚŚĞĂďŝůŝƚǇĨŽƌ ƚŚĞƐŝƚĞƚŽƚƌĂŶƐŝƚŝŽŶĞĂƐŝůǇƚŽĂŶĞŶƚŝƌĞůǇĚŝĨĨĞƌĞŶƚƵƐĞ͘,ŽǁĞǀĞƌ͕ĚĞƉĞŶĚŝŶŐŽŶƚŚĞ ƐĐĂůĞŽĨƚŚĞƉƌŽƉŽƐĂůĂŶĚƚŚĞĚƵƌĂƚŝŽŶŽĨƚŚĞĞŶĚĞĂǀŽƌ͕ǁŝƚŚĂŐŽŽĚĚĞƐŝŐŶĞƌ͕ ĂŶǇƚŚŝŶŐŝƐƉŽƐƐŝďůĞ͘ ͘ϭϬŽŶŶĞĐƚ^ƚƌĞĞƚ͕^ŬǇǁĂǇ͕^ƵďǁĂǇ>ĞǀĞůƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚŽŶŶĞĐƚ^ƚƌĞĞƚ͕^ŬǇǁĂǇ͕^ƵďǁĂǇ>ĞǀĞůƐ͍ x dŚĞƉƌŽũĞĐƚŝƐďĞǇŽŶĚƚŚĞƌĞĂĐŚŽĨĞǆŝƐƚŝŶŐƐƵďǁĂǇĂŶĚƐŬǇǁĂǇĐŽŶŶĞĐƚŝŽŶƐǁŚŝĐŚ ǁĞƌĞƐŽƵŐŚƚŝŶƚŚĞǀĞƌǇƉƌĞůŝŵŝŶĂƌǇĨĞĂƐŝďŝůŝƚǇƐƚƵĚŝĞƐŽĨƚŚĞĂƌĞĂ͘^ŚŽƵůĚƚŚĞƐĞ ǁĞĂƚŚĞƌͲƉƌŽƚĞĐƚĞĚĐŽƌƌŝĚŽƌƐĞǆƉĂŶĚŝŶƚŚĞĨƵƚƵƌĞƚŽƉƌŽǀŝĚĞĐŽŶŶĞĐƚŝǀŝƚǇ͕ƚŚĞ ƉŽƚĞŶƚŝĂůǁŽƵůĚďĞĐŽŶƐŝĚĞƌĞĚŝŶĂĨƵƚƵƌĞƉŚĂƐĞ͘ ͘/ŶĚŝǀŝĚƵĂů^ŝƚĞƐĂŶĚƵŝůĚŝŶŐƐ ͘ϬϭĞƐŝŐŶƵŝůĚŝŶŐƐƚŽƐƚĂďůŝƐŚ^ĞŶƐĞŽĨhƌďĂŶŶĐůŽƐƵƌĞ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶƵŝůĚŝŶŐƐƚŽƐƚĂďůŝƐŚ^ĞŶƐĞŽĨhƌďĂŶŶĐůŽƐƵƌĞ͍ 9 x dŚĞůŽĐĂƚŝŽŶŽĨƚŚĞƉƌŽũĞĐƚŶĞĂƌƚŚĞŶŽƌƚŚĞƌŶĞĚŐĞŽĨƚŚĞĚŽǁŶƚŽǁŶĐŽƌƌŝĚŽƌͬD ĚŝƐƚƌŝĐƚďŽƵŶĚĂƌŝĞƐĨŽƌŵŽŶĞƐŝĚĞŽĨĂŶƵƌďĂŶĞŶĐůŽƐƵƌĞ͘dŚĞůĂĐŬŽĨĂĚũŽŝŶŝŶŐ ďƵŝůĚŝŶŐƐŽĨĞƋƵĂůŚĞŝŐŚƚŽƌŐƌĞĂƚĞƌƚŽƚŚĞǁĞƐƚ͕ŶŽƌƚŚ͕ŽƌĞĂƐƚƉƌĞǀĞŶƚƚŚĞƐĞŶƐĞŽĨ ĂŶĞŶĐůŽƐĞĚƵƌďĂŶĞŶǀŝƌŽŶŵĞŶƚŝŶƚŚĞĐƵƌƌĞŶƚĞŶǀŝƌŽŶŵĞŶƚ͘dŚŝƐĐĂŶĐŚĂŶŐĞ ĚƌĂŵĂƚŝĐĂůůǇŝŶĨƵƚƵƌĞƉŚĂƐĞƐŽĨĚŽǁŶƚŽǁŶƌĞĚĞǀĞůŽƉŵĞŶƚĂŶĚĂƐDĞǀŽůǀĞƐ͘ ϭϯͮWĂŐĞ ϰͬϭϭͬϮϬϭϴ 3DFNHW3J *H ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕ŵĞŶĚĞĚWƌĞůŝŵ͘/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ<EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ͘ϬϮĞƐŝŐŶdĂůůƵŝůĚŝŶŐƚŽWƌĞƐĞƌǀĞ^ƵŶůŝŐŚƚ͕ŽŵĨŽƌƚĂŶĚsŝĞǁƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶdĂůůƵŝůĚŝŶŐƚŽWƌĞƐĞƌǀĞ^ƵŶůŝŐŚƚ͕ŽŵĨŽƌƚĂŶĚsŝĞǁƐ͍ x dŚĞƉƌŽƉŽƐĞĚŚŽƚĞůƉƌŽǀŝĚĞƐĂŶĂďƵŶĚĂŶĐĞŽĨǁŝŶĚŽǁƐŝŶƚŚĞŚŽƚĞůƌĞƐŝĚĞŶƚŝĂůĨůŽŽƌƐ ŽƉƚŝŵŝǌŝŶŐǀŝĞǁĨƌŽŵƚŚĞƐŝƚĞ͘dŚĞůŽĐĂƚŝŽŶŽĨƚŚŝƐĚĞǀĞůŽƉŵĞŶƚĂĚũĂĐĞŶƚĂƚƌĂŶƐŝƚ ĐŽƌƌŝĚŽƌĂůůŽǁƐƚŚĞŐƌĞĂƚĞƌŚĞŝŐŚƚƚŚĂŶƚŚĞƉƌĞƐĐƌŝďĞĚϳϱ͛ƚŚƌĞƐŚŽůĚĨŽƌďƵŝůĚŝŶŐƐ ǁŝƚŚŝŶƚŚĞƚĂůůďƵŝůĚŝŶŐǌŽŶĞ͘ ͘ϬϯŽŶƚƌŝďƵƚĞƚŽĂsŝďƌĂŶƚ^ƚƌĞĞƚƐĐĂƉĞ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚŽŶƚƌŝďƵƚĞƚŽĂsŝďƌĂŶƚ^ƚƌĞĞƚƐĐĂƉĞ͍ 9 x dŚĞŝŶƚĞƌŝŽƌŚŽƚĞůůŽďďǇƐƉĂĐĞĂůŽŶŐǁŝƚŚƚŚĞůŽƵŶŐĞĂŶĚƌĞƚĂŝůĂŵĞŶŝƚŝĞƐĂƌĞĂ ĚŝƐƚŝŶĐƚŝǀĞĚĞƐƚŝŶĂƚŝŽŶ͘dŚĞĞǆƚĞƌŝŽƌŐĂƚŚĞƌŝŶŐƐƉĂĐĞƐǁŝƚŚŝŶǀŝƚŝŶŐůĂŶĚƐĐĂƉŝŶŐ͕ ƐĞĂƚŝŶŐĂƌĞĂĂŶĚƐŝƚĞĨƵƌŶŝƐŚŝŶŐƐĐƌĞĂƚĞƚŚĞĞŶŚĂŶĐĞŵĞŶƚƐĨŽƵŶĚŝŶĂǀŝďƌĂŶƚ ƐƚƌĞĞƚƐĐĂƉĞ͘ ͘ϬϰWƌŽŵŽƚĞYƵĂůŝƚǇĂŶĚWĞƌŵĂŶĞŶĐĞŝŶĞǀĞůŽƉŵĞŶƚ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚWƌŽŵŽƚĞYƵĂůŝƚǇĂŶĚWĞƌŵĂŶĞŶĐĞŝŶĞǀĞůŽƉŵĞŶƚ͍ 9 x dŚĞƐƵďƐƚĂŶƚŝĂůĂŶĚŚŝŐŚůǇƐƚǇůŝƐƚŝĐƌĐŚŝƚĞĐƚƵƌĞŽĨƚŚĞƉƌŽƉŽƐĞĚŚŽƚĞůŽŶƚŚŝƐ ƌĞĚĞǀĞůŽƉŵĞŶƚƐŝƚĞǁŝůůƐĞƚĂŚŝŐŚďĂƌĨŽƌĨƵƚƵƌĞƉƌŽũĞĐƚƐƚŽĨŽůůŽǁ͘dŚĞƌĞŝƐŶŽĚŽƵďƚ ƚŚŝƐƉƌŽũĞĐƚŝƐĂŚŝŐŚͲƋƵĂůŝƚǇĚĞƐŝŐŶĂŶĚĂƐƚƌƵĐƚƵƌĞƚŚĂƚǁŝůůďĞĂƉĞƌŵĂŶĞŶƚĨŝǆƚƵƌĞ ŝŶZŽĐŚĞƐƚĞƌĨŽƌŐĞŶĞƌĂƚŝŽŶƐƚŽĐŽŵĞ͘ 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