Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
March 19, 2018 Agenda Packet
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±WK$YHQXH1( - &LW\&RXQFLO$JHQGD 0RQGD\0DUFK 3DJHRI *)LQDO6LWH3ODQ56'E\&KULV0F*XLUHIRUDIDVWIRRGUHVWDXUDQW DGGLWLRQ *)LQDO3ODW53/$7E\1RUWKZHVW,QYHVWPHQWVRI/D&URVVHWREHNQRZQ DV:HVW&LUFOH&RPPHUFLDO6HFRQG7KHSODWLQFOXGHVDVXEGLYLVLRQRI DFUHVLQWRFRPPHUFLDOORWV * $ 5(48(67)25&281&,/$&7,21 0((7,1*'$7( $*(1'$6(&7,21 25,*,1$7,1*'(37 2SHQ&RPPHQW3HULRG&LW\$GPLQLVWUDWLRQ ,7(0'(6&5,37,21 35(3$5('%< 2SHQ&RPPHQW3HULRG /LVD0XOOHQEDFK 7KLVDJHQGDVHFWLRQLVSULPDULO\IRUWKHSXUSRVHRIDOORZLQJFLWL]HQVWRDGGUHVVWKH&LW\&RXQFLORQDWRSLFRI WKHLUFKRLFH7KHIROORZLQJJXLGHOLQHVDSSO\ x 7KLVVHFWLRQRIWKHDJHQGDPD\QRWEHXVHGDVDIRUXPWRFRQWLQXHGLVFXVVLRQRQDQDJHQGD LWHPZKLFKKDVDOUHDG\EHHQKHOGDVDSXEOLFKHDULQJ x 7KLVDJHQGDVHFWLRQLVOLPLWHGWRPLQXWHVDQGHDFKVSHDNHULVOLPLWHGWRPLQXWHV x $WLPHUZLOOEHXVHGWRPDQDJHVSHDNHUWLPHV2QFHVWDUWHGWKHWLPHUZLOOGLVSOD\DJUHHQ OLJKWDQGPLQXWHV7KHWLPHUZLOOEHJLQFRXQWLQJGRZQRQFHWKHVSHDNHUEHJLQVKLVRUKHU FRPPHQWV7KHWLPHUZLOOFKDQJHWR\HOORZZKHQRQHPLQXWHUHPDLQV7KHWLPHUZLOOFKDQJH WRUHGZKHQWLPHKDVH[SLUHG x $Q\VSHDNHUVQRWKDYLQJWKHRSSRUWXQLW\WREHKHDUGZLOOEHILUVWWRSUHVHQWDWWKHQH[W&RXQFLO PHHWLQJ x 7KHQDPHRIWKHVSHDNHUPXVWEHSURYLGHG x &LWL]HQVPD\RQO\XVHWKLVIRUXPWRDGGUHVVWKH&RXQFLORQDPD[LPXPRIRQHWLPHSHUPRQWK x 0DWWHUVFXUUHQWO\XQGHUQHJRWLDWLRQOLWLJDWLRQRUUHODWHGWRSHUVRQQHOZLOOQRWEHGLVFXVVHGLQ WKLVIRUXP x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¶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rial]] [[555,1339,2144,1392][11][,I,][Arial]]5HFRPPHQGHG$FWLRQ $SSURYHJUDQWLQJWKHIROORZLQJ0DVWHU,QVWDOOHU/LFHQVH [[2145,1339,2170,1392][11][,I,][Arial]] [[555,1392,2202,1445][11][,I,][Arial]]VXEMHFWWRDOOWHUPVDQGFRQGLWLRQVRI5RFKHVWHU&RGHRI2UGLQDQFHV&KDSWHU [[555,1444,1270,1497][11][,I,][Arial]]IRUDSHULRGH[SLULQJ'HF [[1271,1444,1284,1496][11][,,][Arial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¶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x -RXUQH\WR*URZWK x 7KH'LYHUVLW\&RXQFLO x &XOWXUH%URNHUV//& 5HVRXUFH5HTXHVW 7KHSURMHFWPDQDJHU-RXUQH\WR*URZWKLVORRNLQJIRUDDQQXDOLQYHVWPHQWIRUILYH\HDUV7KH&LW\ WHDPZRXOGDOVRKHOSLQWKHDFTXLVLWLRQRIGDWDIRUWKHREWDLQLQJWKH,&,GHVLJQDWLRQ,WLVHVWLPDWHGWKDW DSSUR[LPDWHO\KRXUVSHUPRQWKGXULQJWKHFROOHFWLRQSHULRG PRQWKV ZRXOGEHQHHGHGRIWKHWHDP¶V WLPH &281&,/$&7,215(48(67(' $SSURYHWKH&LW\¶VSDUWLFLSDWLRQLQWKHFRPPXQLW\¶V,&,HIIRUWV7KHIXQGLQJIRUFDQEHORFDWHGZLWKLQWKH EXGJHW)XQGLQJIRU\HDUVWKURXJKZLOOEHGHWHUPLQHGGXULQJWKHXSFRPLQJEXGJHWSURFHVV 3DFNHW3J (D 3DFNHW3J (E $ERXWWKH,QWHUFXOWXUDO&LW\,QLWLDWLYH ZZZLQWHUFXOWXUDOFLW\PQRUJ 7KH,QWHUFXOWXUDO&LW\,QLWLDWLYHLVDEROGHIIRUWRQWKHSDUWRIDZLGHYDULHW\RIRUJDQL]DWLRQVDQG LQGLYLGXDOVWRDOLJQWKHFROOHFWLYHSRZHUFUHDWLYLW\H[SHUWLVHDQGHQHUJ\RIRXUFLWLHVWRZDUGDIXWXUHRI LQFOXVLYHJURZWK,QVSLUHGE\WKHFRPSUHKHQVLYHDQGFRRUGLQDWHGDSSURDFKRIWKH&RXQFLORI(XURSH ,QWHUFXOWXUDO&LW\SURJUDP$PHULFD¶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³PLQRULWLHV´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¶VYLVLW ,Q0LQQHVRWDFLWLHVLQRUGHUWRHOLPLQDWHUDFLDOHWKQLFJHRJUDSKLFJHQGHUDQGLQFRPHGLVSDULWLHVYDULRXV SROLFLHVDUHEHLQJFDUULHGRXWZLWKWKHLGHDRI³HTXLW\´6RPHRIWKHVHSROLFLHVSUHVHQWVWURQJSDUDOOHOFDVHV ZLWKWKRVHLQWKH&RXQFLORI(XURSH¶VLQWHUFXOWXUDOFLWLHV+RZHYHUWKHVHLQLWLDWLYHVWRZDUGVLQFOXVLYHQHVV DWUHJLRQDODQGFRPPXQLW\OHYHOVLQ0LQQHVRWDDQG(XURSHKDYHQRWEHHQIXOO\LQWURGXFHGWRHDFKRWKHU OHWDORQHH[DPLQHGFRPSDUDWLYHO\7KHUHLVPXFKWKDWFDQEHOHDUQHG 7KH,QWHUFXOWXUDO&LW\,QLWLDWLYHDQG&XOWXUH%URNHUV//&LQYLWHGWKH'LUHFWRURIWKH,QWHUFXOWXUDO&LW\ SURJUDP,UHQD*XLGLNRYDWR0LQQHVRWD0D\DFURVVWKHHQWLUHFLW\WKDWUHVXOWLQGLVSDULW\DUHFROOHFWLYHO\DQGWKRURXJKO\H[DPLQHG x DQGDGGUHVVHG /HDGHUVIRFXVFROOHFWLYHO\RQKLJKOHYHUDJHDFWLRQVDQGWKHXVHRISURYHQLQIOXHQFHVWUDWHJLHV x /HDGHUVDUHFOHDUDERXWWKHUROHWKHLUSDUWRIWKHV\VWHPSOD\VLQWKHLQWHUFXOWXUDOVXFFHVVRIWKH x FLW\7KH\WDNHIXOOUHVSRQVLELOLW\IRURXWFRPHVRFFXUULQJXQGHUWKHLUOHDGHUVKLS /HDGHUVHQHUJHWLFDOO\SDUWLFLSDWHLQEHLQJSHUVRQDOO\DQGSXEOLFO\DFFRXQWDEOHIRUWKHLUUROHLQFLW\ x ZLGHFXOWXUDOLQFOXVLRQ WKH\QHWZRUNZLGHO\ZLWKRWKHUOHDGHUVDQGSUDFWLWLRQHUVRILQWHUFXOWXUDOLVP 3DFNHW3J (F 1RYHPEHU %\WKHHQGRI5RFKHVWHU¶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xxxxx DQDO\VLVDV\RXUJRYHUQPHQWDV\HDUVWUDWHJLF6WDWHPHQW ,QWHUFXOWXUDO FLW\¶VEDVHOLQHOHDGDJHQF\SODQ &LW\,QGH[ %HJLQZRUNSODQ x ([SORUH5HFUXLWDQG'HYHORSDQDFWLRQV xxx $QDO\]HWKH x VWUHQJWKVDQGFRPPLWDEURDGDQQXDOZRUNSODQ UHVXOWV /DXQFKSXEOLF ZHDNQHVVHVUDQJHRISDUWQHUVx QHHGHGWR(VWDEOLVKGDVKERDUG x 4XDQWLI\JDSVDFFRXQWDELOLW\ x DFKLHYH 5HFRJQL]H DQGUHSRUWLQJx PHDVXUDEOH 6HWVXFFHVV x JRDOVPHFKDQLVPV GHYHORSPHQWDO JRDOV5DLVHIXQGVWR+HOSZKHUHWKHUH ,GHQWLI\DQGxx x DUHSUREOHPV VXSSRUW FRPPLW (VWDEOLVKTXDOLW\ x FKDPSLRQVFRRUGLQDWLRQ (YDOXDWHDQG TXLGHOLQHVDGPLQLVWUDWLRQx DGMXVW DQGFDSDFLW\ EXLOGLQJ 1HWZRUNZLWK x RWKHUV ,&&,QGH[DQDO\VLVFDQEHFRQGXFWHGXVLQJ\RXURZQH[SHUWVRUE\WKH&RXQFLORI(XURSH &2( ,ISXUVXLQJLQWHUQDWLRQDO UHFRJQLWLRQRUPHPEHUVKLSLQWKHLQWHUQDWLRQDO,QWHUFXOWXUDO&LW\SURJUDPPH\RXZLOOQHHGWRVXEPLWWKH,QGH[WRWKH&2( $OOGLDJUDPVDQGFKDUWV&XOWXUH%URNHUV//& 3DFNHW3J (F 7KH,QGH[UHVXOWVFDQKHOS\RXGHOLYHUDPRUHWKRXJKWIXOFRQVLGHUDWHDQGDFFXUDWHDJHQGDIRU x GHYHORSLQJDWUXO\LQFOXVLYHFLW\ 7KH,QGH[LVLQWHUQDWLRQDOO\UHFRJQL]HGDVDYDOLGDQGXVHIXODVVHVVPHQWWRRO7KH,QGH[LVXVHGE\ x PRUHWKDQFLWLHVDURXQGWKHZRUOGWRJDWKHUEDVHOLQHGDWDDGGUHVVJDSVDQGPHDVXUHVXFFHVV 7KDWQXPEHULVJURZLQJ &RPSOHWLQJWKH,QGH[LVWKHILUVWVWHSWR x EHFRPLQJDQDWLRQDOPRGHOIRUFRPSUHKHQVLYH FXOWXUDOLQFOXVLRQDQG SRWHQWLDOO\ EHFRPLQJ WKHILUVW$PHULFDQ&LW\UHFRJQL]HGE\SHHUVRQ WKHZRUOGVWDJHIRUDFRPPLWPHQWWROHYHUDJH LWVGLYHUVLW\DGYDQWDJH 7KH,QGH[WRROLVDYDLODEOHWRXVHIUHHRI x FKDUJH,QDGGLWLRQIRUDOLPLWHGWLPH &XOWXUH%URNHUV)RXQGDWLRQKDVEHHQDEOHWR OHYHUDJHRXUUHODWLRQVKLSZLWKWKH,&& SURJUDPPHWRVHFXUHDFRPSOLPHQWDU\ DQDO\VLVIURPWKH&RXQFLORI(XURSH7KLV RSSRUWXQLW\LVVXEMHFWWRWKHDYDLODELOLW\RI &2(UHVRXUFHV 7KH,QGH[LVFXUUHQWO\WKHRQO\ZLGHO\ x DYDLODEOHDVVHVVPHQWWRROWKDWDOORZVWKHFLW\ WRFRPSDUHLWVLQWHUFXOWXUDOFKDUDFWHULVWLFV )LJXUH,&,'LPHQVLRQV)UDPHZRUN(DFKGLPHQVLRQ KDVDUROHLQWKHFLW\HFRV\VWHPDQGSOD\VDSDUWLQWKH ZLWKWKRVHRIRWKHUFLWLHV FLW\¶VLQWHUFXOWXUDOFKDUDFWHULVWLFV(DFKGLPHQVLRQVKDV DVSHFWVWKDWLQWHUDFWZLWKDQGKDYHLQIOXHQFHRQWKH 7KH,QGH[LVFRPSUHKHQVLYHDGGUHVVLQJHLJKW x RWKHUV GLPHQVLRQVRIFLW\OLIH,WUHFRJQL]HVWKH FRPSOH[LQWHUFRQQHFWHGQHVVRISROLFLHV SUDFWLFHVDQGVLWXDWLRQVLQPDQ\GLIIHUHQW IXQFWLRQVRIFLW\OLIHRQWKHFLW\¶VRYHUDOO LQWHUFXOWXUDOFKDUDFWHU )LJXUHVDQG -XVWWKHSURFHVVRIFRPSOHWLQJWKH,QGH[FDQ x SURYLGHDQRSSRUWXQLW\IRUWKHFLW\WRSUDFWLFH LQWHUFXOWXUDOLVPE\DPRQJRWKHUWKLQJV LQFOXGLQJZLGHO\GLYHUVHPHPEHUVLQ FRPSOHWLQJWKDWDVVHVVPHQWDQGSXEOLFO\ SRVLWLRQLQJFXOWXUDOGLYHUVLW\DVDFOHDUDVVHW WRWKHZRUN 7KHWRROKDVDQRUPDWLYHEDVLV7KXV x HIIHFWLYHSUDFWLFHLPSURYHVFRQVLVWHQWGHOLYHU\ RIFLYLOULJKWVDQGLQFUHDVHVWKHOLNHOLKRRGRI HTXLWDEOHRXWFRPHV )LJXUH6RPHNH\DWWULEXWHVRIWKH&LW\¶V+XPDQ 'LPHQVLRQ $OOGLDJUDPVDQGFKDUWV&XOWXUH%URNHUV//& ,QWHUFXOWXUDO&LW\5RDGPDS±5RFKHVWHU01 3DFNHW3J 3DFNHW3J (G FRPEDWLQJSUHMXGLFHDQG WKHUXOHRIODZ7KHUHLVYLVLWRUVKLSDQGEXVLQHVV DGDSWLQJLWVJRYHUQDQFHHIIHFWLYHQHVVLQFUHDVHG b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³LQIOXHQWLDOV´ZRUNLQJ VHUYDQWVEXVLQHVVDQG SURXGDQGVWURQJ FUHDWLQJDQLQFOXVLYH UHODWLRQVKLSVDPRQJ SURIHVVLRQDOSHRSOH ZLWKLWVGLYHUVLW\E\&RPSOHWH,&&,QGH[ 9LVLRQ PXWXDO &200,70(17 FRPPLWPHQWWRWKH ([SORUDWLRQDQG 6WUDWHJLF 35(3$5$7,21 7KHUHDUHHQRXJK1HWZRUN DJUHHPHQWVWKDWV FRPPRQJRDORI SROLWLFLDQVFLYLO ,[cZOJbU[Z/ZM DQGHYHQPHGLDWRJHWKHUWROHQG FLWL]HQJURXSV DQGDOLJQHGG ,&, SDUWLFLSDQWVHUVKLSV 9,6,21 )RUPDWLRQ WKHIXWXUH D FUHGLELOLW\ <($5 ,&& QV 'HYHORS &RQGXFW VHVVLR DUWQ Q FLW\ RL 3 - W\ YLVLRQDULHV ELOLW\ I LQ VXSSRUWFLW\EXLOGLQJDFWLYLWLHV DFFHOHUDWH :HDUHWKH ZRUNZLWKWKH&RXQFLO WR HIIHFWLYHDSSOLFDWLRQR SLYRWDO LYHUVL LQ$PHULFD DGYDQFH LQWHUFXOWXUDOFLW\HU HTXLW\ 'cXbc`P&`[WP`a WKHLQWHUFXOWXUDOOHQV LOO WKH ZLOO UJDQL]DWLRQV RWK D KH &XOWXUH%URNHUVZ WHUFXOWXUDOFLW\ FLW\¶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¶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³´ LVPDGHDQG &,7<2)52&+(67(5DPXQLFLSDO HQWHUHGLQWRDVRIWKLVBBBBGD\RIBBBBBBBBBBE\DQGEHWZHHQ FRUSRUDWLRQ*UDQWRU2386'(9(/230(17&203$1<//&D'HODZDUHOLPLWHGOLDELOLW\ ³´ DQG FRPSDQ\*UDQWHH WRJHWKHUZLWKLWVVXFFHVVRUVDQGDVVLJQV³´ 5(&,7$/6$1'35(/,0,1$5<67$7(0(172))$&76 *UDQWHHKDVHQWHUHGLQWRDSXUFKDVHDJUHHPHQWWRDFTXLUHWLWOHWRWKDWFHUWDLQUHDOSURSHUW\ORFDWHG *UDQWHH3DUFHO LQWKH&LW\RI5RFKHVWHU0LQQHVRWDOHJDOO\GHVFULEHGRQWKHDWWDFKHG([KLELW$ ³´ $IWHU *UDQWHHDFTXLUHVWKH*UDQWHH3DUFHO*UDQWHHSODQVWRFRQVWUXFWDPL[HGXVHUHWDLODQGUHVLGHQWLDOIDFLOLW\DQG ,PSURYHPHQWV UHODWHGLPSURYHPHQWV FROOHFWLYHO\WKH³´ RQWKH*UDQWHH3DUFHO 6RXWK%URDGZD\5RFKHVWHU01 *UDQWRULVWKHRZQHURIWKDWFHUWDLQODQGORFDWHGDW *UDQWRU3DUFHO LQWKH&LW\RI5RFKHVWHU0LQQHVRWDOHJDOO\GHVFULEHGRQWKHDWWDFKHG([KLELW% ³´ &UDQH 7RFRQVWUXFWWKH,PSURYHPHQWV*UDQWHHZLOOQHHGWRLQVWDOODFRQVWUXFWLRQFUDQH WKH³´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³)LUH6WDWLRQ/D\EDFN(DVHPHQW 6RG5HVWRUDWLRQ(DVHPHQW´RQWKHVLWHSODQDWWDFKHGKHUHWRDV([KLELW& ([FDYDWLRQ(DVHPHQW$UHD WKH³´ *UDQWHHDQG*UDQWRUGHVLUHWRHQWHULQWRWKLV$JUHHPHQWZKHUHE\*UDQWRUZLOOJUDQW*UDQWHHD WHPSRUDU\DLUVSDFHHQFURDFKPHQWHDVHPHQWRYHUDSRUWLRQRIWKH*UDQWRU3DUFHOVROHO\IRUWKHSXUSRVHRIRSHUDWLQJ WKH&UDQHGXULQJWKHFRQVWUXFWLRQRIWKH,PSURYHPHQWVDWHPSRUDU\DFFHVVHDVHPHQWDQGDWHPSRUDU\H[FDYDWLRQ HDVHPHQWRYHUWKH*UDQWRU3DUFHOIRUWKHSXUSRVHVGHVFULEHGLQ6HFWLRQVDQGEHORZ ,QFRQVLGHUDWLRQRIWKHIRUHJRLQJ5HFLWDOV*UDQWRUDQG*UDQWHHDJUHHDVIROORZV 86 (D &29(1$176 $LU5LJKWV3DUFHO$LU5LJKWV3DUFHO 7KHWHUP³´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³&UDQH(DVHPHQW´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¶VSURSRVHGGHYHORSPHQWRQWKH*UDQWHH ([FDYDWLRQ(DVHPHQW 3DUFHO WKH³´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³´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³´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³´ EURXJKWE\RURQEHKDOIRIDQ\SHUVRQRUHQWLW\ZKLFKDULVHVRXWRI *UDQWHH¶VXVHRIWKLV$JUHHPHQWDQGRURSHUDWLRQPDLQWHQDQFHFRQVWUXFWLRQRUPRYHPHQWRIWKH&UDQHZLWKLQWKH $LU5LJKWV3DUFHOLQFOXGLQJDOOFRVWVUHDVRQDEOHDWWRUQH\¶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x DVWDQGDUGFRORUIHQFHPDQXIDFWXUHGE\%XIIWHFKLQWKH&KHVWHUILHOG6PRRWKPRGHORUDVXEVWDQWLDOO\ VLPLODUIHQFH x VWDQGDUGIWZLGHVZLQJJDWHV x DSSUR[LPDWHO\OLQHDUIWLQOHQJWKIHHWLQKHLJKWIWRQFHQWHUVSDFLQJ x LQ[LQSRVWVVHWLQFRQFUHWHIRRWLQJV 5HSODFHPHQW7UHHV x WUXQNLQFKHVLQGLDPHWHU x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³7HQDQW´ QG :+(5($6RQ)HEUXDU\WKHSDUWLHVHQWHUHGLQWRD/HDVHIRUVSDFHRQWKH IORRURI/DQGORUG¶V0LQQHVRWD%LR%XVLQHVV&HQWHU ³/HDVH´ DQG :+(5($6RQ'HFHPEHUWKHSDUWLHVHQWHUHGLQWRDQ$PHQGPHQWWR/HDVHIRU QG VSDFHRQWKHIORRURI/DQGORUG¶V0LQQHVRWD%LR%XVLQHVV&HQWHU ³/HDVH´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rial]] [[1314,1099,1368,1143][9][,I,][Arial]]IRU [[1368,1099,1817,1143][9][,I,][Arial]]SRVLWLRQGHVFULSWLRQGHWDLOV [[1818,1099,1829,1143][9][,I,][Arial]] VFRSHGSRVLWLRQGHVFULSWLRQ [[296,1167,1959,1211][9][,I,][Arial]]/DVW\HDUWKH&LW\RI5RFKHVWHUDQGWKH'HVWLQDWLRQ0HGLFDO&HQWHU(FRQRPLF'HYHORSPHQW$JHQF\ [[1960,1167,2225,1211][9][,I,][Arial]]KDYHKLUHGDIXOO [[2225,1167,2238,1211][9][,I,][Arial]] [[2237,1167,2318,1211][9][,I,][Arial]]WLPH [[296,1210,2353,1254][9][,I,][Arial]](QHUJ\DQG6XVWDLQDELOLW\'LUHFWRU7KLVSRVLWLRQZLOOKHOSVXSSRUWWKHHIIRUWVDQGIRUPDFRPPXQLFDWLRQVWUDWHJ\IRUDQXPEH [[2356,1210,2379,1254][9][,I,][Arial ]]U [[296,1253,1511,1297][9][,I,][Arial]]RIWKHHQHUJ\DQGVXVWDLQDELOLW\FDPSDLJQVWKDWDUHVWDUWLQJWRWDNHVKDSH [[1512,1253,1523,1297][9][,I,][Arial]] [[1523,1253,1949,1297][9][,I,][Arial]]DFURVVER WKRUJDQL]DWLRQV [[1950,1253,2028,1297][9][,I,][Arial]],QU [[2025,1253,2249,1297][9][,I,][Arial]]HODWLRQWRWKH [[296,1296,2327,1340][9][,I,][Arial]]SUHVFRSHGSRVLWLRQVWKH*UHHQ&RUSVPHPEHUZLOOIRFXVRQFRPPXQLFDWLQJDLUSROOXWDQWUHGXFWLRQRSSRUWXQLWLHVDQGZDVWH [[296,1339,1158,1383][9][,I,][Arial]]UHGXFWLRQUHF\FOLQJDQGRUJDQLFVPDQDJHPHQW7KH [[1160,1339,1171,1383][9][,I,][Arial]] [[1170,1339,2286,1383][9][,I,][Arial]]&LW\LVIRUPLQJDQHQHUJ\PDQDJHPH QWVWUDWHJ\IRULWVSRUWIROLRDQG [[296,1382,356,1426][9][,I,][Arial]]ILQD [[357,1382,1936,1426][9][,I,][Arial]]OL]LQJLWVFRPSUHKHQVLYHSODQDQGWUDQVSRUWDWLRQSODQIRUWKH&LW\(DFKRIWKHVHHIIRUWVGRYHWDLO [[1937,1382,2353,1426 ][9][,I,][Arial]]RUDUHFRPSOHPHQWDU\WR [[296,1425,307,1469][9][,I,][Arial]]W [[307,1425,328,1469][9][,I,][Arial]]K [[328,1425,349,1469][9][,I,][Arial]]H [[349,1425,360,1469][9][,I,][Arial]] [[359,1425,576,1469][9][,I,][Arial]]VXVWDLQDELO LW\ [[574,1425,585,1469][9][,I,][Arial]] [[584,1425,941,1469][9][,I,][Arial]]SURJUDPVRIWKH'0& [[942,1425,953,1469][9][,I,][Arial]] [[952,1425,2119,1469][9][,I,][Arial]]DQGKLJKOLJKWLQJWKHVHIRU WKHFRPPXQLW\ZRXOGEHH[WUHPHO\YDOXDEOH [[2121,1425,2132,1469][9][,I,][Arial]] [[2131,1425,2142,1469][9][,I,][Arial]] :KDWDUHWKHHVWLPDWHGRYHUDOOUHVXOWVRIWKHPHPEHU¶VVHUYLFHDFWLYLWLHV" [[296,1537,2305,1581][9][,I,][Arial]]&RPPXQLFDWHWKHHPHUJLQJVXVWDLQDELOLW\SURJUDPVRIWKH'0&SURMHFWDQGWKH&LW\RI5RFKHVWHU&UHDWHDVXVWDLQDELOLW\ [[296,1580,1390,1624][9][,I,][Arial]]ZHEVLWHWKDWKLJKOLJKWVWKHSURJUDPVDQGSROLFLHVFUHDWHGE\WKH& [[1391,1580,2259,1624][9][,I,][Arial]]LW\RI5RFKHVWHUUHODWLQJWRVXVWDLQDELOLW\DQGHQHUJ\ [[296,1623,2322,1667][9][,I,][Arial]]SURJUDPV$VVLVWZLWKWKHFRPPXQLFDWLRQDQGRXWUHDFKFDPSDLJQVWRHQJDJHDODUJHUSRUWLRQRIWKH&LW\ VSRSXODWLRQLQLWV [[296,1666,1590,1710][9][,I,][Arial]]JURZLQJVXVWDLQDELOLW\DQGHQHUJ\SURJUDPVLQFOXGLQJEXWQRWOLPLWHGWRHQHUJ [[1591,1666,2337,1710][9][,I,][Arial]]\FRQVHUYDWLRQVXVWDLQDEOHEXLOGLQJSROLFLH V [[296,1709,1247,1753][9][,I,][Arial]]EHQFKPDUNLQJHIIRUWVVRODUL]HFDPSDLJQVDPRQJRWKHUV [[1249,1709,1260,1753][9][,I,][Arial]] :KDWPHWKRGVDQGWRROVZLOOEHXVHGWRPHDVXUHSURMHFWHIIHFWLYHQHVV" [[296,1820,1394,1864][9][,I,][Arial]]&RPSOHWLRQRIWKHJRDOVRXWOLQHGDERYH$VPDQ\RIWKHSURJUDPV [[1395,1820,2272,1864][9][,I,][Arial]]DUHLQWKHLULQIDQF\WKHSULPDU\PHWKRGVWRPHDVXUH [[296,1864,2169,1908][9][,I,][Arial]]HIIHFWLYHQHVVZLOOEHWKURXJKDWWHQGDQFHLQFRPPXQLW\HQJDJHPHQWDFWLYLWLHVHQJDJHPHQWRQWKH&LW\ VZHEVLWH [[2172,1864,2244,1908][9][,I,][Arial]]DQG [[2245,1864,2365,1908][9][,I,][Arial]]RYHUDOO [[296,1907,1678,1951][9][,I,][Arial]]HQHUJ\DQGVXVWDLQDELOLW\UHVRXUFHUHGXFWLRQVDVPHDVXUHGE\WKH'0&DQG&LW\RI [[1674,1907,1685,1951][9][,I,][Arial]] [[1685,1907,1866,1951][9][,I,][Arial]]5RF KHVWHU [[1866,1907,1877,1951][9][,I,][Arial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ŽŵŵƵŶŝƚLJŶĞĞĚͬŝŶǀŽůǀĞŵĞŶƚ 'HVFULEHKRZWKHSURSRVHGSURMHFWZLOOKDYHDSRVLWLYHHQYLURQPHQWDOLPSDFWRQWKHFRPPXQLW\RUFRPPXQLWLHVWKDW\RXU RUJDQL]DWLRQVHUYHV3OHDVHLQGLFDWHLIWKHSURMHFWZLOOVHUYHXQGHUUHSUHVHQWHGHFRQRPLFDOO\GLVDGYDQWDJHGRUUXUDO SRSXODWLRQV [[296,2525,2352,2569][9][,I,][Arial]]7KH&LW\RI5RFKHVWHULVDWDQLQWHUVHFWLRQEHWZHHQSODQQLQJDQGH[HFXWLRQ,WLVWKHKRSHWKDWWKLV*UHHQ&RUSVPHPEHUZLOO [[296,2568,706,2612][9][,I,][Arial]]EHDEOHWRDVVLVWZLWKWKH [[707,2568,718,2612][9][,I,][Arial]] [[713,2568,1054,2612][9][,I,][Arial]]MXPSVWDUWRIWKH&LW\ [[1051,2568,1062,2612][9][,I,][Arial]] [[1062,2568,1245,2612][9][,I,][Arial]]DQG'0& V [[1245,2568,1256,2612][9][,I,][Arial]] [[1256,2568,1481,2612][9][,I,][Arial]]VXVWDLQDELOLW\ [[1482,2568,1640,2612][9][,I,][Arial]]SURJUDPV [[1640,2568,1651,2612][9][,I,][Arial]] [[1651,2568,1664,2612][9][,I,][Arial]] [[1663,2568,1674,2612][9][,I,][Arial]] [[1673,2568,2301,2612][9][,I,][Arial]]LQFOXGLQJEXWQRWOLPLWHGWRWKH&LW\ V [[296,2611,2304,2655][9][,I,][Arial]]HQHUJ\PDQDJHPHQWHIIRUWVDQGSURJUDPVIRFXVHGRQEXLOGLQJDVXVWDLQDELOLW\FXOWXUHLQWKH&LW\:LWKWKHVXSSRUWRIWKH [[296,2654,363,2698][9][,I,][Arial]]&LW\ [[361,2654,372,2698][9][,I,][Arial]] [[372,2654,615,2698][9][,I,][Arial]]DQG'0& VIXOO [[614,2654,627,2698][9][,I,][Arial]] [[627,2654,709,2698][9][,I,][Arial]]WLPH [[708,2654,853,2698][9][,I,][Arial]]6XVWDLQD [[854,2654,939,2698][9][,I,][Arial]]ELOLW\ [[940,2654,1075,2698][9 ][,I,][Arial]]'LUHFWRU [[1071,2654,2373,2698][9][,I,][Arial]]WKH*UHHQ&RUSVPHPEHULVFULWLFDOWRVWDUWWKHVHHIIRUWVWKDWZLOOEHFRQWLQXHG [[296,2697,409,2741][9][,I,][Arial]]E\WKH [[409,2697,527,2741][9][,I,][Arial]]'LUHFWR [[528,2697,544,2741][9][,I,][Arial]]U [[541,2697,552,2741][9][,I,][Arial]] [[551,2697,1455,2741][9][,I,][Arial ]]DIWHUWKH*UHHQ&RUSVPHPEHUFRPSOHWHVWKHLUVHUYLFH [[1455,2697,1466,2741][9][,I,][Arial]] :KDWRSSRUWXQLWLHVGR\RXVHHIRU\RXUSURSRVHG01*UHHQ&RUSVPHPEHUSRVLWLRQLQYROYLQJEURDGHUFRPPXQLW\PHPEHUV DQGPRELOL]LQJYROXQWHHUV [[296,2851,1300,2895][9][,I,][Arial]]7KLVSURMHFWDQGSRVLWLRQILWVLQWRWKH&LW\RI5RFKHVWHU VORQJ [[1300,2851,1313,2895][9][,I,][Arial]] [[1312,2851,2359,2895][9][,I,][Arial]]WHUPJRDOVLQDIHZGLIIHUHQWZD\V)LUVWWKH&LW\LVXSGDWLQJLWV [[296,2895,1231,2939][9][,I,][Arial]]&RPSUHKHQVLYH3ODQWRJXLGHWKHJURZWKRIWKHFRPPXQ [[1233,2895,2351,2939][9][,I,][Arial]]LW\WKURXJKZKHUHVXVWDLQDELOLW\DQGHQHUJ\PDQDJHPHQWDUH [[296,2938,2254,2982][9][,I,][Arial]]FULWLFDOSLHFHVRIWKHSODQ)XUWKHUWKH'HVWLQDWLRQ0HGLFDO&HQWHU '0& SURMHFWLVXQGHUZD\LQ5RFKHVWHUDVZHOO DQ [[296,2981,1505,3025][9][,I,][Arial]]HFRQRPLFGHYHORSPHQWSURMHFWZKHUHWKH&LW\ VSRSXODWLRQLVH[SHFWHGWR [[1507,2981,1518,3025][9][,I,][Arial]] [[1517,2981,2363,3025][9][,I,][Arial]]JURZE\UHVLGHQWDQGPRUHKRXVLQJ [[296,3024,2305,3068][9][,I,][Arial]]XQLWVE\6XVWDLQDELOLW\KHDOWKFRPPXQLW\ZHOOQHVVDQGHQHUJ\PDQDJHPHQWDUHNH\SLHFHVWRWKH'0&SODQ:LWK [[296,3067,925,3111][9][,I,][Arial]]VXVWDLQDELOLW\DWWKHLUFRUHWKHVHODUJH [[926,3067,939,3111][9][,I,][Arial]] [[938,3067,1742,3111][9][,I,][Arial]]VFDOHSODQQLQJHIIRUWVDQGGHYHORSPHQWSURMHFW V [[1743,3067,2340,3111][9][,I,][Arial]]DUHVKDSLQJKRZWKHFLW\JURZVDQG ǁǁǁ͘ƉĐĂ͘ƐƚĂƚĞ͘ŵŶ͘ƵƐͻϲϱϭͲϮϵϲͲϲϯϬϬͻϴϬϬͲϲϱϳͲϯϴϲϰͻhƐĞLJŽƵƌƉƌĞĨĞƌƌĞĚƌĞůĂLJƐĞƌǀŝĐĞͻǀĂŝůĂďůĞŝŶĂůƚĞƌŶĂƚŝǀĞĨŽƌŵĂƚƐ 3DFNHW3J ƉͲŵŐĐϮͲ ϬϮͻϮͬϲͬϭϴWĂŐĞϯŽĨϲ (VFULSWLRQRIWKHFRPPXQLW\\RXURUJDQL]DWLRQVHUYHV TXDOLILFDWLRQVRI\RXUVWDIIWKHQXPEHURISDLGVWDIIDQGH[SHULHQFH LIDQ\ ZLWKKRVWLQJ$PHUL&RUSVPHPEHUV [[296,1137,813,1181][9][,I,][Arial]]ZZZURFKHVWHUPQJRYDERXW [[813,1137,826,1181][9][,I,][Arial]] [[826,1137,878,1181][9][,I,][Arial]]WKH [[878,1137,891,1181][9][,I,][Arial]] [[891,1137,1016,11 81][9][,I,][Arial]]FLW\FLW\ [[1014,1137,1027,1181][9][,I,][Arial]] [[1026,1137,1062,1181][9][,I,][Arial]]RI [[1057,1137,1070,1181][9][,I,][Arial]] [[1070,1137,1229,1181][9][,I,][Arial]]URFKHVWHU [[1226,1137,1239,1181][9][,I,][Arial]] [[1239,1137,1311,1181][9][,I,][Arial]]FRUH [[1311,1137,1324,1181][9][,I,][Arial]] [[1324,1137,1432,1181][9][,I,][Arial]]YDOXHV [[1432,1137,1443,1181][9][,I,] [Arial]] [[296,1193,337,1237][9][,I,][Arial]] [[338,1193,624,1237][9][,I,][Arial]]KWWSV GPFPQSO [[624,1193,665,1237][9][,I,][Arial]]DQ [[666,1193,679,1237][9][,I,][Arial]] [[678,1193,835,1237][9][,I,] [Arial]]SULRULWLHV [[830,1193,841,1237][9][,I,][Arial]] 'HVFULEHKRZ\RXURUJDQL]DWLRQ¶VFXUUHQWHIIRUWVDQGDFWLYLWLHVUHIOHFWWKHFRPPLWPHQWDQGH[SHUWLVH\RXFDQSURYLGHWR VXSSRUWLQJD01*UHHQ&RUSVPHPEHU,QFOXGHH[DPSOHVDVDSSURSULDWH [[296,1386,869,1430][9][,I,][Arial]]7KHUHLVDODUJHHFRQRPLFGHYHORS [[870,1386,2315,1430][9][,I,][Arial]]PHQWSODQFDOOHGWKH'HVWLQDWLRQ0HGLFDO&HQWHUSURMHFWRFFXUULQJZLWKLQ5RFKHVWHU$V [[296,1429,2203,1473][9][,I,][Arial]]SDUWRIWKDWLQLWLDWLYHDQGLQFROODERUDWLRQZLWKWKH&LW\WKHUHDUHDQXPEHURIHIIRUWVDQGDFWLYLWLHVWKDWUHIOHFWERWKWK [[2206,1429,2237,1473][9][,I,][Arial ]]H [[296,1472,995,1516][9][,I,][Arial]]SURMHFW VDQGWKH&LW\ VFRPPLWPHQWWRVXV [[997,1472,2347,1516][9][,I,][Arial]]WDLQDELOLW\DQGVXSSRUWLQJWKH01*UHHQ&RUSVPHPEHU7KHVHSURJUDPVLQFOXGH [[296,1515,2339,1559][9][,I,][Arial]]WKHYROXQWDU\HQHUJ\EHQFKPDUNLQJSURJUDPWKDWLVLQLWVLQIDQF\VWDJHVDVXVWDLQDEOHEXLOGLQJSROLF\RQJRLQJVXSSRUWDQG [[296,1558,1202,1602][9][,I,][Arial]]LPSOHPHQWDWLRQRIWKH&LW\ V(QHUJ\$FWLRQ3ODQWKHFU [[1200,1558,2353,1602][9][,I,][Arial]]HDWLRQRIDVXVWDLQDELOLW\FXOWXUHZLWKLQWKHFRPPXQLW\DPRQJRWKHUV [[296,1602,2269,1646][9][,I,][Arial]]6LQFHVWDUWLQJWKH'LUHFWRUKDVXWLOLWL]HGWKHDVVLVWDQFHRIFRPPXQLW\YROXQWHHUVDQGWZR(QYLURQPHQWDO'HIHQVH)XQG [[296,1645,1464,1689][9][,I,][Arial]] (') LQWHUQVWRVXSSRUWWKHHQYLURQPHQWDOJRDOVRI'0&DQG5RFKHVW [[1464,1645,2319,1689][9][,I,][Arial]]HU7KLVH[SHULHQFHZLOOEHGLUHFWO\DSSOLFDEOHWRWKH [[296,1688,1930,1732][9][,I,][Arial]]VXSSRUWRI01*UHHQ&RUSVPHPEHU0RUHLPSRUWDQWO\WKHSUHPLVHRIKDYLQJWKHVXSSRUWRID\HDU [[1929,1688,1942,1732][9][,I,][Arial]] [[1941,1688,2355,1732][9][, I,][Arial]]ORQJLQWHUQLVSDUWLFXODUO\ [[296,1731,1541,1775][9][,I,][Arial]]LQWHUHVWLQJDQGZLOOLQYDOXDEOHWRWKHFRPPXQLW\LQRUGHUWRVXSSRUWLWVVXVWD [[1543,1731,2107,1775][9][,I,][Arial]]LQDELOLW\DQGHQYLURQPHQWDOJRDOV [[2107,1731,2118,1775][9][,I,][Arial]] [[296,1786,307,1830][9][,I,][Arial]] $PHUL&RUSVPHPEHUVFDQQRWGLVSODFHRUUHSODFHSUHYLRXVO\HPSOR\HGVWULNLQJRUODLGRIIZRUNHUV3OHDVHFODULI\KRZWKLV [[935,1873,1002,1917][9][,I,][Arial]]1RQ [[1003,1873,1016,1917][9][,I,][Arial]] [[1016,1873,1353,1917][9][,I,][Arial]]GLVSODFHPHQWSROLF\ [[1739,1873,1786,1917][9][,I,][Arial]]+R [[1787,1873,2194,1 917][9][,I,][Arial]]VW6LWH$SSOLFDWLRQ*XLGH SRVLWLRQLVQRWDVWDIISRVLWLRQ VHHWKHXQGHUVHFWLRQ9,RIWKH [[296,1928,1875,1972][9][,I,][Arial]]7KLVSRVLWLRQGRHVQRWGLVSODFHRUUHSODFHDQ\SUHYLRXVO\HPSOR\HGVWULNLQJRUODLGRIIZRUNHUV [[1876,1928,1887,1972][9][,I,][Arial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rial]]3OHDVH UHVSRQVLEOHIRUGD\WRGD\VXSHUYLVLRQRIWKH01*UHHQ&RUSVPHPEHUIURP6HSWHPEHUWKURXJK$XJXVW [[296,2577,1068,2621][9][,I,][Arial]]QRWHWKHVXSHUYLVRULVUHTXLUHGWRDWWHQGDQDOO [[1068,2577,1081,2621][9][,I,][Arial]] [[1080,2577,1336,2621][9][,I,][Arial]]GD\RULHQWDWLRQ [[1337,2577,1364,2621][9][,I,][Arial]]WU [[1360,2577,1703,2621][9][,I,][Arial]]DLQLQJLQ6HSWHPEHU [[1704,2577,1797,2621][9][,I,][Arial]] .HYLQ%ULJKW HPDLO NHYLQEULJKW#GPFHGDRUJ 3KRQH (HPZLWKWDVNVWKDWZLOOKHOSWKHPJURZWKHLUMREVNLOOV [[2237,848,2248,892][9][,I,][Arial]] [[296,916,307,960][9][,I,][Arial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¶VFRPPLWPHQWWRKRVW01*UHHQ&RUSVPHPEHUDQGZLOOLQJQHVVWRHQWHUDQDJUHHPHQWZLWKWKH03&$VKRXOG\RXUVLWH [[720,1854,782,1898][9][,I,][Arial]] [[783,1854,805,1898][9][,I,][Arial]] [[804,1854,817,1898][9][,I,][Arial]] [[816,1854,837,1898][9][,I,][Arial]] [[837,1854,858,1898][9][,I,][Arial]] [[858,1854,869,1898][9][,I,][Arial]] [[869,1854,1052,1898][9][,I,][Arial]]0LQQHVRWD [[1052,1854,1183,1898][9][,I,][Arial]]*UHHQ& [[1183,1854,1696,1898][9][,I,][Arial]]RUSVKRVWVLWHDSSOLFDWLRQJX LGH EHVHOHFWHG VHHH[DPSOHLQWKH ,IWKH%RDUGUHVROXWLRQFDQQRWEH SURYLGHGE\WKHDSSOLFDWLRQGHDGOLQHSOHDVHSURYLGHDQH[SODQDWLRQEHORZDQGWKHGDWHZKHQLWZLOOEHVXEPLWWHG [[296,1978,1242,2022][9][,I,][Arial]]3OHDVHILQGDWWDFKHGDOHWWHURIVXSSRUWIURPWKH'HVWLQDWL [[1243,1978,2344,2022][9][,I,][Arial]]RQ0HGLFDO&HQWHU(FRQRPLF'HYHORSPHQW$JHQF\%RDUGDQGWKH [[296,2021,1425,2065][9][,I,][Arial]]&LW\&RXQFLORI5RFKHVWHUIRUWKLVMRLQWSRVLWLRQDFURVVRUJDQL]DWLRQV [[1426,2021,1437,2065][9][,I,][Arial]] 1RWH $%RDUGUHVROXWLRQ[[729,2128,820,2171][9][B,I,][Arial]]PXVW [[818,2128,829,2171][9][,,][Arial]] [[829,2128,1193,2171][9][,,][Arial]]EHREWDLQHGEHIRUHDQ [[1194,2128,1205,2171][9][,,][Arial]] [[1204,2128,1583,2171][9][,,][Arial]]DJUHHPHQWLVH[HFXWHG [[1584,2128,1813,2171][9][,,][Arial]]LIDSSOLFDEOH [[1813,2128,1824,2171][9][,,][Arial]] 3OHDVHSURYLGHUHOHYDQWOHWWHUVRIVXSSRUWIURPSDUWQHURUJDQL]DWLRQVRULQWHUQDOGHSDUWPHQWV ǁǁǁ͘ƉĐĂ͘ƐƚĂƚĞ͘ŵŶ͘ƵƐͻϲϱϭͲϮϵϲͲϲϯϬϬͻϴϬϬͲϲϱϳͲϯϴϲϰͻhƐĞLJŽƵƌƉƌĞĨĞƌƌĞĚƌĞůĂLJƐĞƌǀŝĐĞͻǀĂŝůĂďůĞŝŶĂůƚĞƌŶĂƚŝǀĞĨŽƌŵĂƚƐ 3DFNHW3J ƉͲŵŐĐϮͲ ϬϮͻϮͬϲͬϭϴWĂŐĞϲŽĨϲ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´ $FFHSWHGE\ &,7<2)52&+(67(50,11(627$$SSURYHGE\ 0($' +817,1& %\ %\ 1DPH 1DPH 3DXO6WUHJH 7LWOH 7LWOH 9LFH3UHVLGHQW [[417,2729,1233,2773][9][,I,][Arial]]7KHDERYHSHUVRQLVDXWKRUL]HGWRVLJQIRU&OLHQW [[1541,2729,1552,2773][9][,I,][Arial]] [[417,2785,1065,2829][9][,I,][Arial]]DQGELQGWKH&OLHQWWRWKHWHUPVKHUHRI [[1065,2785,1076,2829][9][,I,][Arial]] [[1541,2785,1552,2829][9][,I,][Arial]] [[1541,2842,1552,2886][9][,I,][Arial]] 'DWH )HEUXDU\ 'DWH [[299,3064,714,3098][7][,I,][Arial]]$PHQGWR7DVN2UGHUGRF[ [[713,3064,736,3098][7][,I,][Arial]] [[738,3064,746,3098][7][,I,][Arial]] [[1200,3064,1208,3098][7][,I,][Arial]] [[2101,3064,2109,3098][7][,I,][Arial]] [[300,3108,308,3142][7][,I,][Arial]] [[1200,3108,1208,3142][7][,I,][Arial]] [[1958,3108,2025,3142][7][,I,][Arial]]5HY [[2026,3108,2057,3142][7][,I,][Arial]] [[2058,3108,2067,3142][7][,I,][Arial ]] [[2068,3108,2100,3142][7][,I,][Arial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¶VDFWLYLWLHVTXDOLW\FRQWURODQGFKHFNLQJRI RISURMHFWSURJUHVVZLWK&OLHQW GRFXPHQWVRUJDQL]LQJSURMHFWLQIRUPDWLRQDQGGRFXPHQWLQJDQGGLVVHPLQDWLQJNH\LVVXHV2WKHUSURMHFW PDQDJHPHQWUHVSRQVLELOLWLHVLQFOXGHSURMHFWDFFRXQWLQJDQGPDQDJHPHQWRIWKHSURMHFWEXGJHWZRUN SODQQLQJDQGVFKHGXOLQJDQGLQWHUQDOSURMHFWPHHWLQJV &RQVWUXFWLRQ'RFXPHQWV%LGGLQJ3KDVH 8SRQDXWKRUL]DWLRQWRSURFHHGWKLVWDVNZLOOLQFOXGHWKHIROORZLQJ x 5HYLHZDQGHGLW DVQHFHVVDU\ SUHYLRXVO\GHYHORSHG7HUPLQDO&RPPXQLFDWLRQV8SJUDGHELG GRFXPHQWVZLWK$LUSRUW x 'LVWULEXWHELGGRFXPHQWVWRDPD[LPXPRIWKUHHFRQWUDFWRUVIRUWKHSXUSRVHRIVROLFLWLQJELGV x¶ $QVZHUELGGHUVTXHVWLRQV x (YDOXDWHDQGUHYLHZELGVZLWKWKH$LUSRUW x 0DNHUHFRPPHQGDWLRQIRUDZDUG &RQVWUXFWLRQ$GPLQLVWUDWLRQ3KDVH 7KHIROORZLQJVFRSHRIVHUYLFHVZLOOEHSURYLGHGGXULQJWKHFRQVWUXFWLRQSKDVHRIWKHSURMHFW x &RRUGLQDWHDQGFRPPXQLFDWHZLWKWKH&OLHQWDQGFRQWUDFWRU x 5HYLHZFRQWUDFWRU¶V SURGXFWVXEPLWWDOVDVUHTXLUHGE\WKHFRQWUDFWGRFXPHQWV x 5HVSRQGWR5HTXHVWV)RU,QIRUPDWLRQ 5),¶V 0HDG +XQW,QF3DJHRI ; ? (D x ,VVXHVXSSOHPHQWDOLQVWUXFWLRQVDVUHTXLUHG x 0RQLWRUFRQVWUXFWLRQSURJUHVVWRLQFOXGHRQH VLWHYLVLWDWFRPSOHWLRQRILQVWDOODWLRQWRUHYLHZ RSHUDWLRQRIHTXLSPHQW x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x $GHVLJQDWHGUHSUHVHQWDWLYHZLWKFRPSOHWHDXWKRULW\WRWUDQVPLWLQVWUXFWLRQVDQGLQIRUPDWLRQ UHFHLYHLQIRUPDWLRQLQWHUSUHWSROLF\DQGGHILQHGHFLVLRQV &OLHQW x $FFHVVWRWKHSURMHFWVLWH x $YDLODEOHGDWDDVEXLOWGUDZLQJVDQGLQIRUPDWLRQUHODWHGWRWKHSURMHFWLQFOXGLQJVLWHVXUYH\ LQIRUPDWLRQ x 3URWHFWLRQRI0HDG +XQWVXSSOLHGGLJLWDOLQIRUPDWLRQRUGDWDLIDQ\IURPFRQWDPLQDWLRQ PLVXVHRUFKDQJHV x 3D\IRUDOOUHJXODWRU\UHYLHZIHHVDVVRFLDWHGZLWKWKLVSURMHFW :RUN1RW,QFOXGHG 7KHIROORZLQJLWHPVDUHQRWFRQVLGHUHGEDVLFVHUYLFHVDQGZLOOEHSHUIRUPHGDVDQDGGLWLRQDOVHUYLFHIRU DGGLWLRQDOFRPSHQVDWLRQDVUHTXHVWHGE\WKH&OLHQWDQGRU2ZQHU x &KDQJHLQVFRSHRIWKHSURMHFWWKDWZRXOGUHTXLUHWKHUHGHVLJQUHGUDZLQJRUUHHQJLQHHULQJRI DQ\FRPSRQHQWRIWKHSURMHFW x 3UHSDUDWLRQRI&$'UHFRUGGUDZLQJV x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rial]]; [[328,3108,337,3142][7][,I,][Arial]]? [[336,3108,448,3142][7][,I,][Arial]] ( D ([KLELW$WR7DVN2UGHU 5RFKHVWHU,QWHUQDWLRQDO$LUSRUW 1HZ3DVVHQJHU)DFLOLW\&KDUJH 3)& $SSOLFDWLRQ 6FRSHRI:RUN )HEUXDU\ 3URMHFW'HVFULSWLRQ 7KLVVFRSHRIVHUYLFHVLVEDVHGRQRXUUHFHQWGLVFXVVLRQZLWKWKH5RFKHVWHU,QWHUQDWLRQDO$LUSRUW $LUSRUW UHJDUGLQJWKH$LUSRUW¶VSDUWLFLSDWLRQLQWKH3DVVHQJHU)DFLOLW\&KDUJH 3)& SURJUDPDQGUHYLHZRI3)& FROOHFWLRQGDWDSURYLGHGE\WKH$LUSRUW,WLVXQGHUVWRRGWKDW3)&1R&567DXWKRUL]HVWKH $LUSRUWWRLPSRVHD3)&RIXQWLOHLWKHUWKHOHJDOH[SLUDWLRQGDWH DVDPHQGHG RI2FWREHU LV UHDFKHGRUWKHDXWKRUL]HG3)&RISRUWLQJGRFXPHQWDWLRQUHTXLUHGIRU3)&DSSOLFDWLRQWR)$$ x 'HYHORSPHQWRIDGUDIWDSSOLFDWLRQWRLPSRVHDQGXVHDQHZ3)&LQFOXGLQJDSSOLFDEOH DWWDFKPHQWV x 6XEPLWGUDIWDSSOLFDWLRQWRWKH$LUSRUWIRUUHYLHZDQGFRPPHQW x 6XEPLVVLRQRIGUDIWDSSOLFDWLRQWRWKH)$$IRUUHYLHZDQGFRPPHQW x 5HYLVLRQRIWKHGUDIWDSSOLFDWLRQDVUHTXHVWHGE\)$$ x 6XEPLVVLRQRIDILQDODSSOLFDWLRQWRLPSRVHDQGXVHDQHZ3)&LQFOXGLQJDWWDFKPHQWV x $VVLVWDQFHWRWKH$LUSRUWLQSURYLGLQJDLUFDUULHUQRWLILFDWLRQRI3)&DSSURYDO ,WLVXQGHUVWRRGWKDWDOOILQDOFRUUHVSRQGHQFHVHQWWR)$$$LU&DUULHUVDQGSXEOLFQRWLFHZLOOEHSUHSDUHG DQGVHQWE\$LUSRUWRQ$LUSRUWOHWWHUKHDG'UDIWVRIWKHVHGRFXPHQWVZLOOEHSURGXFHGDQGSURYLGHGE\ WKH&RQVXOWDQW [[299,3109,322,3138][6][,I,][Arial]]; [[324,3109,331,3138][6][,I,][Arial]]? [[331,3109,429,3138][6][,I,][Arial]] ( D 6FKHGXOH &RQVXOWDQWVKDOOSHUIRUPWKH6HUYLFHVDQGGHOLYHUWKHUHODWHGGRFXPHQWVDFFRUGLQJWRWKHIROORZLQJ VFKHGXOH x± ,QLWLDWHFRQVXOWDWLRQZLWK)$$WDUJHWGDWH0DUFK x± 1RWLFHWR$LU&DUULHUVWDUJHWGDWH0D\ x± $SSOLFDWLRQIRU1HZ3)&WDUJHWGDWH$XJXVW 2ZQHU¶V5HVSRQVLELOLWLHV 2ZQHUVKDOOSHUIRUPDQGRUSURYLGHWKHIROORZLQJLQDWLPHO\PDQQHUVRDVQRWWRGHOD\WKH6HUYLFHVRI &RQVXOWDQW,WLVXQGHUVWRRGWKH2ZQHUZLOODVVLVWWKH&RQVXOWDQWLQREWDLQLQJWKHQHFHVVDU\ZRUNLWHPVWR FRPSOHWHWKLVSURMHFW6RPHRIWKHQHFHVVDU\ZRUNLWHPVLQFOXGH x $GHVLJQDWHGUHSUHVHQWDWLYHZLWKFRPSOHWHDXWKRULW\WRWUDQVPLWLQVWUXFWLRQVDQGLQIRUPDWLRQ UHFHLYHLQIRUPDWLRQLQWHUSUHWSROLF\DQGGHILQHGHFLVLRQV x $VVLVWLQFRRUGLQDWLQJDFFHVVWRWKHSURMHFWVLWH IRULQIRUPDWLRQJDWKHULQJ x $VVLVWLQREWDLQLQJGDWDGUDZLQJVILQDQFLDODQGRWKHUSHUWLQHQWLQIRUPDWLRQUHODWHGWRWKH3)& SURJUDP x 5HYLHZRIGUDIWGRFXPHQWVZLWKLQWZRZHHNVRIUHFHLSW7KHGUDIWGRFXPHQWVZLOODOVREHVHQWWR WKH$LUSRUWIRUUHYLHZDQGLWLVDVVXPHGWKH\ZLOOUHWXUQFRPPHQWVZLWKLQWZRZHHNVRIUHFHLSW x $VVLVWLQREWDLQLQJDOLVWRIDLUFDUULHUVIRU567DVZHOODVGDWDIURPWKH$LU&DUULHU$FWLYLW\ ,QIRUPDWLRQ6\VWHP $&$,6 x 3URWHFWLRQRI0HDG +XQWVXSSOLHGGLJLWDOLQIRUPDWLRQRUGDWDLIDQ\IURPFRQWDPLQDWLRQ PLVXVHRUFKDQJHV x 3DUWLFLSDWHLQFRQVXOWDWLRQPHHWLQJZLWKDLUFDUULHUV x SRVWLQJRIWKH$LUSRUW¶VQRWLFHWRILOHDQHZ3)&DSSOLFDWLRQ WREHSUHSDUHGE\0HDG &RRUGLQDWH +XQW RQWKHZHEVLWHRI5RFKHVWHU,QWHUQDWLRQDO$LUSRUWRUE\RWKHU)$$DSSURYHGPHDQVDV UHTXLUHGE\IHGHUDOUHJXODWLRQV x $VVLVWLQREWDLQLQJVXSSRUWLQJGRFXPHQWDWLRQRIDLUSRUWLPSURYHPHQWSURMHFWVLQFOXGLQJSURMHFW FRVWDQGIXQGLQJLQIRUPDWLRQFDSLWDOLPSURYHPHQWSURJUDPDQGGRFXPHQWDWLRQRIHQYLURQPHQWDO FOHDUDQFHVIRU3)&SURMHFWV 7KH2ZQHUVKDOOEHDUDOOFRVWVLQFLGHQWWRFRPSOHWLQJWKHDIRUHPHQWLRQHGLWHPV 'HOLYHUDEOHV 7KHGHOLYHUDEOHVIRUWKLVSURMHFWZLOOFRQVLVWRIWKHIROORZLQJ x (OHFWURQLFFRSLHVIRUUHYLHZRIWKH1RWLFHWR$LU&DUULHUV x (OHFWURQLFFRSLHVIRUUHYLHZRIWKH3XEOLF1RWLFHRI,QWHQWWRLPSRVHD3)& x (OHFWURQLFFRSLHVIRUUHYLHZRIWKHQHZ3)&$SSOLFDWLRQ 7KH&RQVXOWDQWZLOOWUDQVPLWWKHVHGRFXPHQWVYLDHPDLO+DUGFRSLHVZLOORQO\EHVHQWLIUHTXHVWHG)LQDO GLJLWDOFRSLHVRIWKHDIRUHPHQWLRQHGGRFXPHQWVZLOOEHSURYLGHGWRWKH$LUSRUWRQFHWKHSURMHFWLV FRPSOHWH [[299,3109,322,3138][6][,I,][Arial]]; [[324,3109,331,3138][6][,I,][Arial]]? [[331,3109,429,3138][6][,I,][Arial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¶VZHEVLWHDW KWWS ZZZURFKHVWHUPQJRYGHSDUWPHQWVFLW\FOHUNOLFHQVHVDQGSHUPLWVEXVLQHVVOLFHQVHORRNXS &+,&.(13(50,7 [[150,1264,2330,1317][11][,I,][Arial]]5HFRPPHQGHG$FWLRQ $SSURYHJUDQWLQJWKHIROORZLQJDSSOLFDWLRQVIRU&KLFNHQ3HUPLWVVXEMHFWWRDOOWHUPV [[150,1317,1042,1370][11][,I,][Arial]]DQGFRQGLWLRQVRI5RFKHVWHU&RGHRI2UGLQD [[1043,1317,2170,1370][11][,I,][Arial]]QFHV&KDSWHUEIRUDSHULRGH[SLULQJ'HF [[2171,1317,2184,1370][ 11][,I,][Arial]] [[150,1370,163,1423][11][,I,][Arial]] (ULF6SDXOGLQJ 3HDUO&W6( &KULVWLQD.LOOLRQ9DOGH] WK$YH1( -RVHSK5\DQ WK$YH1: ),5(:25.66$/(63(50,7 [[150,1950,1184,2003][11][,I,][Arial]]5HFRPPHQGHG$FWLRQ $SSURYHJUDQWLQJWKHIROORZ [[1183,1950,2399,2003][11][,I,][Arial]]LQJDSSOLFDWLRQVIRU)LUHZRUNV'LVSOD\3HUPLWVVXEMHFWWRDOO [[150,2001,2303,2054][11][,I,][Arial]]WHUPVDQGFRQGLWLRQVRI5RFKHVWHU&RGHRI2UGLQDQFHV&KDSWHU[Arial]]UHQHZDO [[960,2108,973,2160][11][,,][Arial]] 0DLQH$YH6( 0HQDUGV ( 3DWULFN+DZNLQVIRU+DOH\ 5HHG2JURVNHIRU'HFNOHYHU0HFKDQLFDO,QF [[150,362,163,415][11][,I,][Arial]] ,&(&5($09(1',1*9(+,&/(/,&(16( [[150,467,413,520][11][,I,][Arial]]5HFRPPHQG [[411,467,2356,520][11][,I,][Arial]]HG$FWLRQ $SSURYHWKHIROORZLQJDSSOLFDWLRQIRUDQLFHFUHDPYHKLFOHYHQGLQJOLFHQVHVXEMHFWWR [[150,520,2364,573][11][,I,][Arial]]DOOWHUPVDQGFRQGLWLRQVRI5RFKHVWHU&RGHRI2UGLQDQFHV&KDSWHUIRUDSHULRGH[SLULQJ0DUFK [[2365,520,2378,573][11][,I,][Arial]] 9DOKDOOD0DQDJHPHQW$VVRFLDWLRQ (OWRQ+LOOV'U1: 0$66$*(7+(5$3<%86,1(66/,&(16( [[150,836,2355,889][11][,I,][Arial]]5HFRPPHQGHG$FWLRQ $SSURYHWKHIROORZLQJDSSOLFDWLRQVIRUPDVVDJHWKHUDS\EXVLQHVVOLFHQVHVVXEMHFWWR [[150,889,2339,942][11][,I,][Arial]]DOOWHUPVDQGFRQGLWLRQVRI5RFKHVWHU&RGHRI2UGLQDQFHV&KDSWHU$IRUDSHULRGH[SLULQJ'HFHPEHU [[2340,889,2365,942][11][,I,][Arial]] [[150,941,264,994][11][,I,][Arial]] [[265,941,278,994][11][,I,][Arial]] 0HWDPRUSKRVLV0DVVDJH 3LODWHV,QF IRUDSHULRGH[SLULQJ'HF [[150,1945,264,1998][11][,I,][Arial]] [[265,1945,278,1997][11][,,][Arial]] '0&3OXPELQJ +HDWLQJ &RXQW\5G1:3LQH,VODQG01 *ULIILQ&RQVWUXFWLRQ&R,QF ( 3KHDVDQWV)RUHYHU7UL&RXQW\&KDSWHU 5RFKHVWHU,QWHUQDWLRQDO(YHQW&HQWHU (D3DFNHW3J ĐĐŽƵŶƚŝŶĂĐƚŝǀĞƐŝŶĐĞ ŶĞĞĚƐƵŝůĚŝŶŐ^ĂĨĞƚLJ ƉƉƌŽǀĞĚďLJƵŝůĚŝŶŐƉƉƌŽǀĞĚďLJƵŝůĚŝŶŐ ϮϬϭϲƌĞĂĐƚŝǀĂƚĞĚ ^ĂĨĞƚLJϯͬϭϰ^ĂĨĞƚLJϯͬϭϰ ĂƉƉƌŽǀĂů EŽƚĞƐEŽƚĞƐEŽƚĞƐEŽƚĞƐ ϮͬϮϮͬϮϬϭϴϯͬϭϰͬϮϬϭϴ /ƐƐƵĞĚ/ƐƐƵĞĚ/ƐƐƵĞĚ/ƐƐƵĞĚ ĂƚĞĂƚĞĂƚĞĂƚĞ ϮͬϮϭͬϮϬϭϴ ϮͬϱͬϮϬϭϴϮͬϱͬϮϬϭϴ ƉƉƌŽǀĞĚƉƉƌŽǀĞĚƉƉƌŽǀĞĚƉƉƌŽǀĞĚ ĂƚĞĂƚĞĂƚĞĂƚĞ ϭϭͬϮϴͬϮϬϭϳϭͬϯϬͬϮϬϭϴϮͬϭϲͬϮϬϭϴϯͬϮͬϮϬϭϴ ϮͬϴͬϮϬϭϴϭͬϯϬͬϮϬϭϴϮͬϮϭͬϮϬϭϴϮͬϮϮͬϮϬϭϴϭϮͬϮϲͬϮϬϭϳϮͬϭϰͬϮϬϭϴ ^ƵďŵŝƚƚĞĚ^ƵďŵŝƚƚĞĚ^ƵďŵŝƚƚĞĚ^ƵďŵŝƚƚĞĚ ĂƚĞĂƚĞĂƚĞĂƚĞ DĂŝůŝŶŐ ^ƚĂƚĞ^ƚĂƚĞ ^ƚĂƚĞ DEDEDEDEDE hd EĞǁƉƉůŝĐĂƚŝŽŶƐ ^Ăůƚ>ĂŬĞŝƚLJ ĐĐŽƵŶƚŝƚLJĐĐŽƵŶƚŝƚLJ W/E /^>E DĂŝůŝŶŐŝƚLJ ZK, ^d Z ,d&/ > WƌŝŽƌ>ĂŬĞ džĐĞůƐŝŽƌ ϮϭϮϬϱDŝŶŶĞƚŽŶŬĂůǀĚ ϮϬϭKhEdzZϭϭEt ϭϲϴϱϳtĞůĐŽŵĞǀĞ^ ϭϭϬϳ, ^d Zs ^ ĐĐŽƵŶƚĂĚĚƌĞƐƐ ϭϰϬϳϬ,tzϱϮ^ DĂŝůŝŶŐĂĚĚƌĞƐƐDĂŝůŝŶŐĂĚĚƌĞƐƐ WKŽdžϳϭϰϴϳ ϰϳϵϴϬϰϳϵϵϲ ϰϳϵϯϲϰϳϵϴϲϰϳϵϵϵϰϯϵϱϯ ϰϳϵϵϮϰϯϴϭϯϰϴϬϬϯϰϲϴϵϯ ĐĐŽƵŶƚĐĐŽƵŶƚĐĐŽƵŶƚĐĐŽƵŶƚ ŶƵŵďĞƌŶƵŵďĞƌŶƵŵďĞƌŶƵŵďĞƌ K'ZK^< Z &KZ <> s ZD ,E/> > z>ZZz&KZ'ZdE ZZ &Z/' Zd/KE DΘDKE^dZhd/KEE> E/E'/E͘ ,t</E^WdZ/<&KZ,> zΖ^KD&KZd zE'< s/E&KZdZEts , d/E'Θ EZK, ^d ZW>hD/E'Θ, d/E' YƵĂůŝƚLJ^LJƐƚĞŵƐΘZĞĨƌŝŐĞƌĂƚŝŽŶ/ŶĐ͘ 'Z/&&/EKE^dZhd/KEK͘/E͘ dƌĂŶǁĂǀĞ,ĞĂƚŝŶŐΘŽŽůŝŶŐ>> , ^^ >dKEKE^dZhd/KE>> DW>hD/E'Θ, d/E' DΘDKE^dZhd/KE ,sD^d Z/E^d>> Z^ &ƌŽŶƚŝĞƌDĞĐŚĂŶŝĐĂů>> ^/ t><^Ͳ^W,>d ,sKEdZdKZ ĐĐŽƵŶƚŶĂŵĞĐĐŽƵŶƚŶĂŵĞĐĐŽƵŶƚŶĂŵĞĐĐŽƵŶƚŶĂŵĞ KK>/E'>> ^z^d D ^ t Z /E͘ (D3DFNHW3J E ^WWWZKs>E ^WWWZKs>E ^WWWZKs> EŽƚĞƐEŽƚĞƐ /ƐƐƵĞĚ/ƐƐƵĞĚ/ƐƐƵĞĚ ĂƚĞĂƚĞĂƚĞ WWZKs> ƉƉƌŽǀĞĚƉƉƌŽǀĞĚƉƉƌŽǀĞĚE ^W EŽƚĞƐEŽƚĞƐ ĂƚĞĂƚĞĂƚĞ ϮͬϭϮͬϮϬϭϴϮͬϮϯͬϮϬϭϴϭͬϭϴͬϮϬϭϴϭͬϯϬͬϮϬϭϴ /ƐƐƵĞĚĂƚĞ/ƐƐƵĞĚĂƚĞ ^ƵďŵŝƚƚĞĚ^ƵďŵŝƚƚĞĚ^ƵďŵŝƚƚĞĚ ĂƚĞĂƚĞĂƚĞ ŽƵŶĐŝůŽƵŶĐŝů /ƐƐƵĞĚ ^ƚĂƚĞ^ƚĂƚĞ ĂƚĞ DEDEDE ϯͬϭϯͬϮϬϭϴ ϯͬϱͬϮϬϭϴϯͬϲͬϮϬϭϴϯͬϳͬϮϬϭϴ ^ƵďŵŝƚƚĞĚĂƚĞ^ƵďŵŝƚƚĞĚĂƚĞ EĞǁƉƉůŝĐĂƚŝŽŶƐ ƉƉƌŽǀĞĚĂƚĞ ĐĐŽƵŶƚŝƚLJĐĐŽƵŶƚŝƚLJ ZK, ^d ZZK, ^d ZZK, ^d Z ϭͬϯϬͬϮϬϭϴϯͬϳͬϮϬϭϴϯͬϭϯͬϮϬϭϴϯͬϭϯͬϮϬϭϴϯͬϭϰͬϮϬϭϴ ϯϰϮ >dKE,/>>^ZEt ϲϮϭϰ^KD Z^zdEt ϯϱϭϬϴd,^dEtηϭϬϬ ϭϮϬϭ^ZKtz ϭϱϬϰϭϯd,s E ϮϰϭϬϰd,s Et ϮϲϭϱW Z>d^ ĐĐŽƵŶƚĂĚĚƌĞƐƐĐĐŽƵŶƚĂĚĚƌĞƐƐĐĐŽƵŶƚĂĚĚƌĞƐƐĐĐŽƵŶƚĂĚĚƌĞƐƐ ^ƵďŵŝƚƚĞĚĂƚĞ ^h/d Ϯϰ ĐĐŽƵŶƚEŽĐĐŽƵŶƚEŽ ϰϴϬϬϱϰϴϬϯϰϰϳϵϲϲϰϴϬϭϰϰϴϬϮϬϰϴϬϮϴ ϰϳϵϵϱϰϴϬϮϳϰϴϬϮϵϰϳϵϴϮ ϰϳϵϴϭϰϴϬϮϯϰϴϬϮϮ ĐĐŽƵŶƚĐĐŽƵŶƚĐĐŽƵŶƚĐĐŽƵŶƚ ŶƵŵďĞƌŶƵŵďĞƌŶƵŵďĞƌŶƵŵďĞƌ D dDKZW,K^/^D^^' ΘW/>d ^/E s>,>>DE' D Ed^^K/d/KE : DD^^' E ^d, d/^>> D^^' d, ZWzh^/E ^^ / Z Ds ,/> s E/E' &ZE<>/E͕E/ >Zh^^ >> ,Z/^d/E</>>/KEs> d,E/E' >/KZd/ /d>zEEE Z/<^KE D^^' d, ZW/^d^ <Z E> /',ZKZ/ Z/^Wh>/E' y/Kz/E'^hE ĐĐŽƵŶƚŶĂŵĞĐĐŽƵŶƚŶĂŵĞĐĐŽƵŶƚŶĂŵĞĐĐŽƵŶƚŶĂŵĞĐĐŽƵŶƚŶĂŵĞĐĐŽƵŶƚŶĂŵĞ dy/Z/s Z^ :K^ W,ZzE ,Z/^tK>& ,/< E^ >/zEE h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rial]]3URMHFW [[307,258,596,294][8][B,I,][Arial]]3URMHFW'HVFULSWLRQ [[2292,258,2412,294][8][B,I,][Arial]]$PRXQW $LUSRUW ( D 12:7+(5()25(%(,75(62/9('E\WKH&RPPRQ&RXQFLORIWKH&LW\RI5RFKHVWHU0LQQHVRWDLQFRPSOLDQFHZLWKWKH&KDUWHURIWKH&LW\RI5RFKHVWHU0LQQHVRWD 6HFWLRQWKDW 7KHDERYHQDPHGSURMHFWVVKDOOEHGLVFRQWLQXHGDQGWKHWRWDOXQH[SHQGHGEDODQFHVLQVDLGSURMHFWVVKDOOEHWUDQVIHUUHGWRWKHIROORZLQJORFDOLPSURYHPHQWSURMHFWV [[74,288,209,324][8][B,I,][Arial]]3URMHFW [[307,288,596,324][8][B,I,][Arial]]3URMHFW'HVFULSWLRQ [[2239,288,2359,324][8][B,I,][Arial]]$PRXQW $LUSRUW $LUSRUW)XWXUH&RQVWUXFWLRQIU- [[74,2332,209,2368][8][B,I,][Arial]]3URMHFW [[307,2332,596,2368][8][B,I,][Arial]]3URMHFW'HVFULSWLRQ [[2239,2332,2359,2368][8][B,I,][Arial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¶V'D\ -DQXDU\ 0DUWLQ/XWKHU.LQJ¶V%LUWKGD\ 7KLUG0RQGD\LQ-DQXDU\ 3UHVLGHQW¶V'D\ 7KLUG0RQGD\LQ)HEUXDU\ 0HPRULDO'D\ /DVW0RQGD\LQ0D\ ,QGHSHQGHQFH'D\ -XO\WK /DERU'D\ )LUVW0RQGD\LQ6HSWHPEHU 9HWHUDQ¶V'D\ 1RYHPEHUWK 7KDQNVJLYLQJ'D\ )RXUWK7KXUVGD\LQ1RYHPEHU 'D\$IWHU7KDQNVJLYLQJ WK &KULVWPDV(YH'D\ 'D\'HFHPEHU &KULVWPDV'D\ 'HFHPEHUWK VW 1HZ<HDU¶V(YH'D\ 'D\'HFHPEHU %7KH&LW\¶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¶VGD\RUVKLIWRIIWKHHPSOR\HHVKDOOEH UHTXLUHGWRZRUNWKHUHJXODUVFKHGXOHGZHHN,QOLHXRIWKHKROLGD\DQDGGLWLRQDOGD\ RUVKLIWRIIZLOOEHVFKHGXOHGRUDGGHGWRDFFUXHGWLPH ':KHQDKROLGD\IDOOVRQD6DWXUGD\WKHSUHFHGLQJ)ULGD\ZLOOEHREVHUYHGDVDKROLGD\ :KHQDKROLGD\IDOOVRQD6XQGD\WKHIROORZLQJ0RQGD\ZLOOEHREVHUYHGDVWKHKROLGD\ ZLWKWKHH[FHSWLRQRI&KULVWPDV(YHGD\DQG1HZ<HDU¶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³ILUVWFODVV´KLULQJ H[SHULHQFH:LWKWKDWLQPLQGWKLVSROLF\LVLQWHQGHGWRKHOSSURYLGHJXLGDQFHDQGFRQVLVWHQF\WRWKH&LW\¶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¶V3UHIHUHQFH7KH'HSDUWPHQW+HDGRUGHVLJQHHUHWDLQVWKHDXWKRULW\WRVHOHFWWKHFDQGLGDWHEHVW VXLWHGWRILOOWKHYDFDQF\ H[FHSWLQWKRVHFDVHVZKHUHILQDODSSURYDORIWKHDSSRLQWLQJDXWKRULW\LVUHTXLUHG ,QWHUYLHZ±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±6WDUWLQJ3D\5DWH6DODU\ 7KHFDQGLGDWHVHOHFWHGIRUDMRERSHQLQJZLOOEHRIIHUHGDVWDUWLQJZDJHZLWKLQWKHHVWDEOLVKHGSD\JULGIRUWKHMRE DQGLQDFFRUGDQFHZLWK&LW\SROLFLHVDQGRUFROOHFWLYHEDUJDLQLQJDJUHHPHQWSURYLVLRQV 7KHDSSOLFDEOH'HSDUWPHQW+HDGRUGHVLJQHHLQFROODERUDWLRQZLWKWKH'LUHFWRURI+XPDQ5HVRXUFHVRUGHVLJQHH PXVWDSSURYHDQRIIHUDERYHWKHVWDUWLQJSD\UDWHRIWKHDSSOLFDEOHSD\JULG8QGHUQRFLUFXPVWDQFHVZLOODFDQGL GDWHEHRIIHUHGDSD\UDWHVDODU\DERYHWKHPD[LPXPUDWHRIWKHMRE¶VSD\JULG 3DFNHW3J (F &,7<2)52&+(67(5 25*$1,=$7,21$/32/,&< (03/2<0(17352&('85(6 (PSOR\PHQW3URFHVV $,QLWLDWLRQRI(PSOR\PHQW3URFHVV :KHQMRERSHQLQJVRFFXURUZKHQWKH\DUHDQWLFLSDWHGLQDQ\GHSDUWPHQWRIWKH &LW\WKHVXSHUYLVRUDQGGHSDUWPHQWKHDGZLOOLVVXHWRWKH+XPDQ5HVRXUFHV 'HSDUWPHQWDFRPSOHWHG³3HU VRQQHO$FWLRQ)RUP´7KHFRPSOHWHGDQGDSSURYHG ³3HUVRQQHO$FWLRQ)RUP´ZLOOSURYLGHDXWKRUL]DWLRQIRUWKH+XPDQ5HVRXUFHV 'HSDUWPHQWWRUHFUXLWLQWHUYLHZWHVWVFUHHQDQGUHIHUTXDOLILHGDSSOLFDQWVIRU FRQVLGHUDWLRQRIHPSOR\PHQW :KHQDQDXWKRUL]HGMRERSHQLQJRFFXUVWKHSRVLWLRQVKDOOEHILOOHGHPSOR\PHQW SURFHVVVWDUWHGZLWKLQVL[ PRQWKVIURPWKHGDWHWKHYDFDQF\RFFXUUHG,IWKH YDFDQF\LVQRWILOOHGZLWKLQWKHWLPHOLPLWWKHSRVLWLRQVKDOOEHUHYLHZHGIRUDSSURYDO E\WKH3$&&RPPRQ&RXQFLO ,IDVGHWHUPLQHGE\WKHGHSDUWPHQWKHDGWKHSRVLWLRQFDQQRWEHILOOHGZLWKLQWKH WLPHIUDPHRI³E´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´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¶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| | 5$3.$2 1/. '.$2 671( ( $9(1 RQV 7 QV 7R OV JD . 5 $ * :/$ 1/<$ (1 <5871(& (11/:(,9 ( 11 / $9<5871(& (1'5<(// VODJ 1( 5<9$//(</1 &(178 VQR7 * , + ( 11 / & 15'6//,+<5871( ( J VOD VODJ (R7 1 VQ 1 / . & 2 5 0 ,5 VQR7 &(1785<&71( J OD V R7 VQ ( & | | ( 1 5 ' ( / & 5 , & ( ( 1 5 ' ( / & 5 , & ( | | (11/2(0$& &5(36$- (17 ( 1 1 / 1 ( 9 $ + 5 ( ( ' 671( V OD J V Q R 7 VOD J V QR7 /'5,$% (11 (1 | | | | 71(' :1'5 1'57$2%*12/ : 25 &(0 :15, 7J VOD R Q V JVQR7 D O V :1'58$(7$+& - :11/1$+7$12 :1(9$ VODJ 0$+ 73 12 1/ :1 VQR7 :1(9$+&1$5% ,+ 6// 2% 25 1/ :1 52%6//,+ :15'2 5(026 :17&<%6 ( 5(48(67)25&281&,/$&7,21 0((7,1*'$7( $*(1'$6(&7,21 25,*,1$7,1*'(37 &RQVHQW$JHQGD2UJDQL]DWLRQDO%XVLQHVV3XEOLF:RUNV ,7(0'(6&5,37,21 35(3$5('%< $ZDUGRI&RQWUDFW -&KLS6HDO6WUHHW5HKDELOLWDWLRQ 5XVV.HOP 0DUFK %LGVZHUHUHFHLYHGDQGRSHQHGDIWHU DPIRU-&KLS6HDO6WUHHW 5HKDELOLWDWLRQ %DFNJURXQG )RUPDQ\\HDUVWKH&LW\¶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| | 676: 76: & 3 2 ,1 7( &7 6 : 6: /1 5,2 (1$ 6& 7 < 5 2 / / 1 6 ( $87801 :22'6&,56: 7 < 5 2 / ' 5 6 ( IRJJDOV JDOV:22'%,1(676( 7RQV :22'%,1(&76( : 6 5 ' . $ 2 & 1, ( & 6 J OD V 7 QR V 6: / 3 ,1(&6 ':(,9& :65 DJ VO R7 VQ :61/ 2+&( ( 6 / ( . (&+25,'*(3/6: :67&(,//,/ : 6 ( 9 $ ( 1 2 7 6 < ( 5 * 6<(5* : 6 1 / ' 2 2 : 1 2 5 , :6(9$ : 6 1 ' 1 2 & $ & 0 / ( VOD J VQR 7 ./,1(/16: V V O Q D R J 7 ( 6 7 6 / :,/ 2' *2 (66 && $ +78266'5$1(066(& &$ &&$ 2.66( 2766/+ (5 6 (9$< $:' $25% 7 1 2 5 ) ( (9$ < $: '$ 2 5% [ Z 6 <: + [ Z 6 <: + ' 5 ( * $ 7 1 2 5) : (6(9$ ( 6 ( 9 $ ( 6 ( 9 $ &28175<:22''56( :2'$+6 (65' (6(9$ ',5 (67&'22:(* V Q R 7 D V J V O Q D R J 7 7 RQV JD OV &2//(*(3.:<6( 6( < : . 3 *( ( / 2/ & 7 RQ V J DOV 676( 7R QV JD OV 676( Z [ ,//$*('56( 69 676( ( 6 $& &(66*29(510( 17&(17(513$5. ,1*/27 676( 676( ( 676 676( 1 252 $': $< 1$0 ( V V O Q D R J 7 676: 6: 676: )2/:(//5,'*(676: $9(6: )2/:(//5,'*(/16: *$7 (6'56 : QV R 7 V DO J +,//3/6: J D VO 7 R VQ /8- (77(, (9$ :6 J D VO 7 QR V 9$ :1( :1(9$ J OD V :1(9$ R7 VQ :17& :1( 9$ V ODJ VQR 7 [ Z || || : 1 5 ' ( / & 5 , & : : 1 5 ' ( / & 5 , & : &$6&$'(&5((.5'1: :15 '52,5(38 6 VOD J VOD J VQ R7 :1 (9$ :1(9$ (1(9$ 671( / 2 2 (1(9$ + & 6 ( / ' ' , 0 * * 2 / / ( . 6 6 ( & & $ V O D J JDOV 7RQV V Q R 7 (9$ (1 J D VO V 7 R Q V V O Q D R J 7 9$ (1( 9$ :1( V ODJ VQR7 : 1(9$ (9$ (9$ :1 (9$ 7RQV JDOV : 1 5 ' 7 ( / $ + & V Q R 7 V O D J V Q R 7 V O D J :1(9$ : 1(9$ :1(9 $ | | : 11//2 5$& : 11/5(76 82/* :11/ <5$0 :1(9 $ :1(9$ :1(9$ :1(9$ V: 1(9$ Q R 7 671( V O V D V O DJ Q J R J 7 R VODJ VQR7 (11/<'$/* | | */(19,(:/11( | | + & / 1 ( 9 $ + 5 ( ( ' ( 1 V Q R 7 V DO J //,+5(9$+ (1'5 V Q R 7 V O D J ( 9'1 / % $:/$* (11/< 71(& (11/:(,9<58 ( 1 1 $9<5871(& (1'5<(// V Q R 7 V O D J 9$//(</11( &(1785< * , + ( 1 1 / 5871(& (15'6//,+< & | | ( 1 1 / . & 2 5 0 ,5 &(1785<&71( ( 1 5 ' . 5 $ 3 ( 1 2 7 6 (11/71,23<5871(& ( 1 7 & 1 2 5, 78 1 &( ( & | | ( 1 5 ' ( / & 5 , & ( ( 1 5 ' ( / & 5 , & ( (1(9$ V OD J V QR 7 &(1276 /76(5 (11 ( 1 5 ' 7 6 ( 5 & ( 1 2 7 6 ( 1 ' 5 ' 2 2 : 5 $ ' ( & | |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t t M M t M t M &RQWLQXHG t )URP$ t 0 M M t 0 0 0 t M M t 0 t M 0 0 M t 0 0 M 0 t 0 0 t M 0 M t M t 0 M t 0 0 t M M t 0 t M M t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t M t t M M t &RQWLQXHG t M M t t M M t &RQWLQXHG t 6287+(519 t M M t t M 6287+(515,'*('56: M &RQWLQXHG )URP0 t M M t t M t M &RQWLQXHG )URP0 t M M t t M M t t &RQWLQXHG M )URP0 M t M t t M 676: &RQWLQXHG 2Q0 &RQWLQXHG )URP0 &RQWLQXHG &RQWLQXHG )URP0 &RQWLQXHG )URP0 : 6 ( 9 $ &RQWLQXHG )URP0 : '56 /& ([WHQ 6: /&'5 : '6 <5 817 &2 ( 5(48(67)25&281&,/$&7,21 0((7,1*'$7( $*(1'$6(&7,21 25,*,1$7,1*'(37 &RQVHQW$JHQGD2UJDQL]DWLRQDO%XVLQHVV3XEOLF:RUNV ,7(0'(6&5,37,21 35(3$5('%< &LW\2ZQHUDQG&RQVWUXFWLRQ2EVHUYDWLRQ&RQWUDFWV±3XEOLF,PSURYHPHQWVWR +HDWKHU3HWHUVRQ 6HUYH'LVFRYHU\6TXDUH 3KDVH±- (D 52&+(67(5 '(3$570(172)38%/,&:25.6 WK 6WUHHW6(5RRP 5RFKHVWHU01 (D >1RWDU\6HDO@1RWDU\3XEOLF &,7<2)52&+(67(5 %\ 'DWH $UGHOO)%UHGH0D\RU $QG%\ 'DWH $QLVVD1+RO O LQJVKHDG &LW\&OHUN 3DFNHW3J (D ^W />KE/d/KE^ d ZDK&KEdZd Zd/> ϭ ĨĨĞĐƚŝǀĞĂƚĞ͗ džƉŝƌĂƚŝŽŶĂƚĞ͗ ^KW K&tKZ< Zd/> Ϯ ͘ĞƚĂŝůĞĚ^ĐŽƉĞŽĨtŽƌŬ͗ƚƚĂĐŚdĂƐŬͬ^ĐŽƉĞ>ŝƐƚĨƌŽŵ E'/E Z͘ ͘ŽŶƐƚƌƵĐƚŝŽŶ^ĐŚĞĚƵůĞ͗ƚƚĂĐŚŽŶƐƚƌƵĐƚŝŽŶƐĐŚĞĚƵůĞďƌĞĂŬŽƵƚĨƌŽŵKEdZdKZ͘ ͘'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͗ƚƚĂĐŚ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐĚŽĐƵŵĞŶƚ͘ KE^/ Zd/KEK&WzD Ed Zd/> ϯ ŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚďLJ E'/E Z͕ĂƐĚĞĨŝŶĞĚďLJƚŚŝƐĐŽŶƚƌĂĐƚ͕ǁŝůůďĞƉĂŝĚďLJ/dzŽŶĂŶ ŚŽƵƌůLJ͕ĨĞĞƐĐŚĞĚƵůĞďĂƐŝƐ͕ĨŽƌƚŚĞĨŽůůŽǁŝŶŐŝƚĞŵƐ͗ ĐƚŝǀŝƚLJ>ĞǀĞůŽĨ/ŶƐƉĞĐƚŝŽŶdŝŵĞ;йͿ ^ŝƚĞůĞĂƌŝŶŐΘ'ƌƵďďŝŶŐWĂƌƚdŝŵĞϮϱй 'ĞŶĞƌĂů^ŝƚĞ'ƌĂĚŝŶŐΘ džĐĂǀĂƚŝŽŶWĂƌƚdŝŵĞϮϱй hŶĚĞƌŐƌŽƵŶĚhƚŝůŝƚLJtŽƌŬĂŶĚdƌĞŶĐŚŽŵƉĂĐƚŝŽŶ&ƵůůdŝŵĞϭϬϬй ^ƚƌĞĞƚ^ƵďŐƌĂĚĞWƌĞƉĂƌĂƚŝŽŶͬŽŵƉĂĐƚŝŽŶ&ƵůůdŝŵĞϭϬϬй ŐŐƌĞŐĂƚĞĂƐĞWůĂĐĞŵĞŶƚWĂƌƚdŝŵĞϱϬй ŐŐƌĞŐĂƚĞĂƐĞĐŽŵƉĂĐƚŝŽŶͬƉƌŽŽĨƌŽůůƚĞƐƚ&ƵůůdŝŵĞϭϬϬй ƵƌďĂŶĚ'ƵƚƚĞƌWƌĞƉĂƌĂƚŝŽŶWĂƌƚdŝŵĞϱϬй ƵƌďΘ'ƵƚƚĞƌƐƚƌŝŶŐůŝŶĞĐŚĞĐŬͬǀĞƌŝĨŝĐĂƚŝŽŶ&ƵůůdŝŵĞϭϬϬй Ƶƌďͬ'ƵƚƚĞƌƉŽƵƌŝŶŐ&ƵůůdŝŵĞϭϬϬй ŝƚƵŵŝŶŽƵƐŶŽŶͲǁĞĂƌ&ƵůůdŝŵĞϭϬϬй ŝƚƵŵŝŶŽƵƐŶŽŶͲǁĞĂƌƉƌŝŽƌƚŽǁĞĂƌ&ƵůůdŝŵĞϭϬϬй ŝƚƵŵŝŶŽƵƐǁĞĂƌƉůĂĐĞŵĞŶƚ&ƵůůdŝŵĞϭϬϬй ŽŶĐƌĞƚĞƐƚƌĞĞƚƉůĂĐĞŵĞŶƚ&ƵůůdŝŵĞϭϬϬй ůůƌĞƋƵŝƌĞĚƐƚĂŐĞƚĞƐƚŝŶŐŽĨƉŝƉŝŶŐ͕ƐƵďŐƌĂĚĞ͕ďĂƐĞ &ƵůůdŝŵĞϭϬϬй ĂŶĚƉĂǀŝŶŐ ^ŝƚĞ ƌŽƐŝŽŶĂŶĚ^ĞĚŝŵĞŶƚŽŶƚƌŽů; ^ͿͲWĂƌƚdŝŵĞϮϱй ^ŝƚĞDĂŶĂŐĞŵĞŶƚ ^ƚŽƌŵǁĂƚĞƌ&ĂĐŝůŝƚŝĞƐʹWƵďůŝĐWŽŶĚƐĂŶĚ^ƚŽƌŵǁĂƚĞƌ&ƵůůdŝŵĞϭϬϬй ŽŶǀĞLJĂŶĐĞƐ KƚŚĞƌĐƚŝǀŝƚŝĞƐĂƐĚŝƌĞĐƚĞĚďLJ ŶŐŝŶĞĞƌŽƌŝƚLJƐZĞƋƵŝƌĞĚƐZĞƋƵŝƌĞĚ dKd>KEdZdΨ DKhEd͗ E'/E Z͛^W Z^KEE > Zd/> ϰ E'/E Z<ĞLJWĞƌƐŽŶŶĞů͗ EĂŵĞ͗dŝƚůĞ͗ ĚĚƌĞƐƐ͗WŚŽŶĞ͗ ŵĂŝů͗ZĞƐƉŽŶƐŝďŝůŝƚLJ͗ E'/E ZƐŚĂůůŶŽƚŝĨLJƚŚĞ/dzŝĨĂŶLJĐŚĂŶŐĞŝŶ<ĞLJWĞƌƐŽŶŶĞůŽĐĐƵƌƐĚƵƌŝŶŐƚŚĞĐŽŶƚƌĂĐƚƚĞƌŵ͘ /dz͛^hd,KZ/ ' EdͬWZK: dDE' Z Zd/> ϱ /dz͛^ƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ŽƌWƌŽũĞĐƚDĂŶĂŐĞƌǁŝůůďĞ͗ EĂŵĞ͗ŽƵŐEĞůƐŽŶdŝƚůĞ͗DĂŶĂŐĞƌŽĨ ŶŐŝŶĞĞƌŝŶŐ WŚŽŶĞ͗;ϱϬϳͿͲϯϮϴͲϮϰϮϯ ĚĚƌĞƐƐ͗ϮϬϭϰ ƚŚ^ƚƌĞĞƚ^͘ ͕͘ZŵϭϬϴ͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰ ŵĂŝů͗ĚŶĞůƐŽŶΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀZĞƐƉŽŶƐŝďŝůŝƚLJ͗WƌŽũĞĐƚDĂŶĂŐĞƌ /dz͛^ƵƚŚŽƌŝnjĞĚŐĞŶƚǁŝůůŚĂǀĞĂƵƚŚŽƌŝƚLJƚŽĂĐĐĞƉƚŽƌƌĞũĞĐƚ E'/E ZƐƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐ͘/ĨƐƵĐŚ ƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐĂƌĞĂĐĐĞƉƚĂďůĞĂŶĚƐĂƚŝƐĨĂĐƚŽƌLJ͕ƚŚĞ/dz͛^ƵƚŚŽƌŝnjĞĚŐĞŶƚǁŝůůĐĞƌƚŝĨLJĞĂĐŚŝŶǀŽŝĐĞ ƐƵďŵŝƚƚĞĚĨŽƌƉĂLJŵĞŶƚďLJƚŚĞ ŶŐŝŶĞĞƌ͘ 3DFNHW3J (E ƌĐDĂƉƌĞĨĞƌĞŶĐĞĚƌĂǁŝŶŐƐŚŽǁŝŶŐůŽĐĂƚŝŽŶŽĨŝƐĐŽǀĞƌLJ^ƋƵĂƌĞWŚĂƐĞϭ:ϱϰϴϳ ZĞĨĞƌĞŶĐĞĚƌĂǁŝŶŐƐŚŽǁŝŶŐŝƐĐŽǀĞƌLJ^ƋƵĂƌĞ;WŚĂƐĞϭͿ:ϱϰϴϳ 3DFNHW3J (F &,7<2:1(5&2175$&7 &LW\RI 7+,6&2175$&7PDGHWKLVBBBBBBBGD\RIBBBBBBBBBBBBBBBEHWZHHQWKH 5RFKHVWHU6LOYHU/DNH D0LQQHVRWDPXQLFLSDOFRUSRUDWLRQ KHUHLQDIWHUUHIHUUHGWRDV&LW\ DQG ,QYHVWRUV//&)UDVHU D0LQQHVRWDOLPLWHGOLDELOLW\FRPSDQ\ KHUHLQDIWHUUHIHUUHGWRDV³ 2ZQHU´ DQG &RQVWUXFWLRQ&R.LPOH\+RUQ D0LQQHVRWDFRUSRUDWLRQ KHUHLQDIWHUUHIHUUHGWRDV³&RQWUDFWRU´ DQG DQG$VVRFLDWHV,QF D1RUWK&DUROLQDFRUSRUDWLRQ KHUHLQDIWHUUHIHUUHGWRDV³'HVLJQ(QJLQHHU´ DQG WRJHWKHU2ZQHU&RQWUDFWRUDQG'HVLJQ(QJLQHHUVKDOOKHUHLQDIWHUFROOHFWLYHO\EHUHIHUUHGWRDVWKH3DUWLHV XQGHUWKHJHQHUDOWHUPVDQGFRQGLWLRQVRIWKLV&RQWUDFW :,71(66(7+7+$7:+(5($6 2ZQHULVGHYHORSLQJUHDOSURSHUW\LQWKH&LW\RI5RFKHVWHUFRPPRQO\UHIHUUHGWRDV3KDVHRI WKH'LVFRYHU\6TXDUHGHYHORSPHQWKHUHLQDIWHUUHIHUUHGWRDVWKH³3URSHUW\´ 2ZQHUKDVUHTXHVWHGSHUPLVVLRQWRDWLWVRZQH[SHQVHFRQVWUXFWSXEOLFLQIUDVWUXFWXUHRU SHUIRUPRWKHUSULYDWHZRUNZLWKLQWKHSXEOLFULJKWRIZD\RUSXEOLFHDVHPHQWVO\LQJZLWKLQRU DEXWWLQJWKH3URSHUW\FRQVLVWHQWZLWKWKHDSSURYHGSODQVDQGVSHFLILFDWLRQVWKHUHRISUHSDUHG ³ 3XEOLF,PSURYHPHQWVWR6HUYH'LVFRYHU\ E\'HVLJQ(QJLQHHUJHQHUDOO\UHIHUUHGWRDV 6TXDUH 3KDVH ±- 2ZQHUKDVGHVLJQDWHGDVWKH3URMHFW0DQDJHUIRUWKH3URMHFW7KH 3URMHFW0DQDJHULVUHVSRQVLEOHIRUDOOFRRUGLQDWLRQRIWKHZRUNHOHPHQWVLQFOXGLQJ3URMHFW FORVHRXW $PHULFDQ E 2ZQHUKDVE\VHSDUDWHGRFXPHQWUHWDLQHGWKHSURIHVVLRQDOVHUYLFHVRI (QJLQHHULQJ7HVWLQJ,QF D0LQQHVRWDFRUSRUDWLRQ KHUHLQDIWHU³*HRWHFKQLFDO 3URIHVVLRQDO´ WRSUHSDUHD*HRWHFKQLFDO5HSRUW KHUHLQDIWHU³5HSRUW´ IRUWKH3URMHFW 2ZQHULVREOLJDWHGWRPDNHWKHUHVXOWVRIVDLG5HSRUWDYDLODEOHWRWKH&LW\DQGLWVGHVLJQHHV IRUWKHSXUSRVHRIHYDOXDWLQJWKHGHVLJQRIWKH3URMHFWHOHPHQWV 3DFNHW3J (F -XQH F 2ZQHUVKDOORYHUVHHWKH&RQWUDFWRU¶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³2EVHUYDWLRQ 2YHUVLJKW(QJLQHHU´ KDVEHHQUHWDLQHGE\&LW\WKURXJKDVHSDUDWH DUUDQJHPHQWWRSHUIRUPFRQVWUXFWLRQREVHUYDWLRQDQGRYHUVLJKWIRUWKH3URMHFW&RQFXUUHQW ZLWK2ZQHU¶VH[HFXWLRQRIWKLV&RQWUDFW2ZQHUVKDOOSD\WR&LW\WKHDPRXQWRI UHSUHVHQWLQJ2ZQHU¶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¶VFRQILUPDWLRQWKDWDOODSSOLFDEOHH[SHQVHVLQFXUUHGE\2EVHUYDWLRQ 2YHUVLJKW (QJLQHHUKDYHEHHQFODLPHGYHULILHGDQGSDLGE\&LW\ H 2ZQHUVKDOOQRWSURYLGHZRUNGLUHFWLRQRULQWHUIHUHZLWK2EVHUYDWLRQ 2YHUVLJKW(QJLQHHU SHUIRUPLQJLWVGXWLHVUHODWHGWRWKH3URMHFW,QWKHHYHQW2ZQHUKDVDQ\FRQFHUQVUHJDUGLQJ 2EVHUYDWLRQ 2YHUVLJKW(QJLQHHU¶VGXWLHV2ZQHUVKDOOFRPPXQLFDWHGLUHFWO\ZLWKWKH&LW\ (QJLQHHURUKLVKHUGHVLJQHHWRUHVROYHDQ\FRQFHUQV I &HUWDLQ'HYHORSPHQW&KDUJH2EOLJDWLRQV2ZQHUVKDOOSD\WKHIROORZLQJGHYHORSPHQW FKDUJHVDSSOLFDEOHWRWKH3URMHFWZLWKLQGD\VDIWHULQYRLFLQJE\WKH&LW\ 6HZHU$YDLODELOLW\&KDUJH 6$& # SHUDFUH[DFUHV :DWHU$YDLODELOLW\&KDUJH :$& # SHUDFUH[DFUHV J $OOGHYHORSPHQWUHODWHGFKDUJHVDSSOLFDEOHWRWKH3URSHUW\VKDOOEHFRQVLVWHQWZLWK&LW\ SROLFLHV K )DLOXUHWRGRHYHU\WKLQJUHTXLUHGE\WKLVDJUHHPHQWPD\EHXVHGDVDEDVLVIRUGHQ\LQJ 2ZQHUWKHRSSRUWXQLW\WRSHUIRUPRWKHUSURMHFWVZLWKLQWKH&LW\ &2175$&725¶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¶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¶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¶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¶V6WDQGDUGVIRU6WUHHWDQG 8WLOLW\&RQVWUXFWLRQLQHIIHFWDWWKHWLPHRIFRQWUDFWH[HFXWLRQDOORIZKLFKDUHLQFRUSRUDWHG KHUHLQE\UHIHUHQFH:RUNVKDOOQRWFRPPHQFHRQWKH3URMHFWXQWLOWKHFLYLOFRQVWUXFWLRQ SODQVDQG*UDGLQJ3ODQVKDYHEHHQDSSURYHGDQGWKHDSSURYHGSODQVDQGVSHFLILFDWLRQV IRUWKH3URMHFWDUHRQILOHZLWKWKH&LW\(QJLQHHU$QRQVLWHPHHWLQJEHWZHHQWKH2ZQHU &RQWUDFWRU'HVLJQ(QJLQHHU2EVHUYDWLRQ 2YHUVLJKW(QJLQHHUDQGWKH&LW\¶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¶V$FFHSWDQFHRIWKHZRUNVKDOOEHPHPRULDOL]HGE\WKH &LW\(QJLQHHU¶VH[HFXWLRQRIDVHSDUDWH&LW\$FFHSWDQFH DQH[DPSOH$FFHSWDQFHLV SURYLGHGIRUUHIHUHQFHRQWKHDWWDFKHG([KLELW &LW\(QJLQHHUPD\DFFHSWWKH2ZQHU¶V 'HVLJQ(QJLQHHU¶VRU&RQWUDFWRU¶VZRUNLQGHSHQGHQWRIWKHFRPSOHWLRQRIWKHUHPDLQLQJ SDUWLHV¶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¶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¶VIHHV 7KH&RQWUDFWRUDJUHHVWRGHIHQGLQGHPQLI\DQGKROGKDUPOHVVWKH&LW\DQGLWVRIILFLDOV RIILFHUVDJHQWVDQGHPSOR\HHVIURPDOOFODLPVEURXJKWE\WKHHPSOR\HHVRUDJHQWVRIWKH &RQWUDFWRURULWVVXEFRQWUDFWRUVDULVLQJRXWRIRUDVDUHVXOWRIDQ\QHJOLJHQWRURWKHUZLVH WRUWLRXVDFWRUIDLOXUHWRDFWLQFRQQHFWLRQZLWKWKHSHUIRUPDQFHRIWKHZRUNWREHSHUIRUPHG SXUVXDQWWRWKLV&RQWUDFWE\WKH&RQWUDFWRULWVHPSOR\HHVDJHQWVDQG VXEFRQWUDFWRUV7KH&RQWUDFWRUDJUHHVWRGHIHQGDQGSD\DOOFRVWVLQGHIHQGLQJWKHVH FODLPVLQFOXGLQJDWWRUQH\¶VIHHV 7KH'HVLJQ(QJLQHHUDJUHHVWRLQGHPQLI\DQGKROGKDUPOHVVWKH&LW\LWVRIILFLDOVRIILFHUV DJHQWVDQGHPSOR\HHVIURPDOOFODLPVVXLWVRUDFWLRQVUHVXOWLQJIURPRUDULVLQJRXWRIWKH QHJOLJHQWDFWLYLWLHVRI7KH'HVLJQ(QJLQHHURULWVVXEFRQWUDFWRUVDJHQWVRUHPSOR\HHV XQGHUWKLVDJUHHPHQW7KH'HVLJQ(QJLQHHUDJUHHVWRUHLPEXUVHDOOFRVWVRIWKHVHFODLPV LQFOXGLQJDWWRUQH\¶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¶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¶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³3URSHUW\´ :+(5($6WKH&LW\RI5RFKHVWHUGHVLUHVWKHLPPHGLDWHDQQH[DWLRQRIWKH3URSHUW\WRWKH &LW\RI5RFKHVWHU DQG :+(5($6WKH&LW\RI5RFKHVWHUDQGWKH7RZQRI&DVFDGHIRUWKHSXUSRVHRIDYRLGLQJD GLVSXWHRYHUWKHDQQH[DWLRQRIWKH3URSHUW\GHVFULEHGLQWKLVSHWLWLRQGHVLUHWRHQWHULQWRDMRLQW UHVROXWLRQDSSURYLQJWKHLPPHGLDWHDQQH[DWLRQRIWKH3URSHUW\ 12:7+(5()25(%(,75(62/9('E\WKH&LW\RI5RFKHVWHUDQGWKH7RZQRI &DVFDGH 7KH3URSHUW\ZKLFKLVVLWXDWHGLQWKH7RZQRI&DVFDGH&RXQW\RI2OPVWHG 6WDWHRI0LQQHVRWDLVGHVLJQDWHGDVLQQHHGRIRUGHUO\DQQH[DWLRQSXUVXDQWWR 0LQQHVRWD6WDWXWHVDVLWPD\EHDPHQGHGIURPWLPHWRWLPH %RWKWKH7RZQRI&DVFDGHDQGWKH&LW\RI5RFKHVWHUDJUHHWKDWXSRQUHFHLSW RIWKLVUHVROXWLRQWKH0LQQHVRWD3ODQQLQJ$JHQF\RUDQRWKHUVXFFHVVRUWRWKH 0LQQHVRWD0XQLFLSDO%RDUGPD\UHYLHZDQGFRPPHQWEXWVKDOOZLWKLQGD\V RUGHUWKHDQQH[DWLRQRIWKH3URSHUW\%RWKWKH7RZQRI&DVFDGHDQGWKH&LW\ RI5RFKHVWHUDOVRDJUHHWKDWQRDOWHUDWLRQRIWKHVWDWHGERXQGDULHVRIWKLV-RLQW 5HVROXWLRQLVDSSURSULDWH)XUWKHUPRUHERWKSDUWLHVDJUHHWKDWQR UHFRQVLGHUDWLRQE\WKH$JHQF\LVQHFHVVDU\ 3DFNHW3J (D 3$66('$1'$'37('%<7+(&20021&281&,/2)7+(&,7<2)52&+(67(5 0,11(627$7+,6BBBBB'$<2)BBBBBBBBBBBBBBBBB 35(6,'(172)6$,'&20021&281&,/ $77(67 &,7<&/(5. $33529('7+,6BBBBB'$<2)BBBBBBBBBBBBBBBBB 0$<252)6$,'&,7< 3$66('$1'$'237('%<7+(72:12)&$6&$'(0,11(627$7+,6BBBBB '$<2)BBBBBBBBBBBBBBBBB &+$,50$1'2)72:1%2$5' $77(67 72:1&/(5. 3DFNHW3J (D (;+,%,7$ ĂƐƚZŝǀĞƌZŽĂĚE ʹŶŶĞdžĂƚŝŽŶ dŚĞ ĂƐƚϯϯĨĞĞƚŽĨƚŚĞ^ŽƵƚŚĞĂƐƚYƵĂƌƚĞƌŽĨƚŚĞ^ŽƵƚŚĞĂƐƚYƵĂƌƚĞƌŽĨ^ĞĐƚŝŽŶϭϰ͕dŽǁŶƐŚŝƉϭϬϳ EŽƌƚŚ͕ZĂŶŐĞϭϰtĞƐƚ͕KůŵƐƚĞĚŽƵŶƚLJ͕DŝŶŶĞƐŽƚĂ͕ůĞƐƐƚŚĂƚƉŽƌƚŝŽŶƚŚĞƌĞŽĨƉƌĞǀŝŽƵƐůLJĂŶŶĞdžĞĚ ƚŽƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌďLJKƌĚŝŶĂŶĐĞEŽ͘Ϯϯϲϯ͕ZĞĐŽƌĚĞĚŝŶŽŽŬZͲϰŽĨDŝƐĐ͕͘WĂŐĞϮϯϲ͘ ŶĚ dŚĞ ĂƐƚϯϯĨĞĞƚŽĨƚŚĞEŽƌƚŚĞĂƐƚYƵĂƌƚĞƌŽĨƚŚĞ^ŽƵƚŚĞĂƐƚYƵĂƌƚĞƌŽĨƐĂŝĚ^ĞĐƚŝŽŶϭϰ͘ ŶĚ dŚĂƚƉŽƌƚŝŽŶŽĨƚŚĞďĞůŽǁĚĞƐĐƌŝďĞĚŚŝŐŚǁĂLJĞĂƐĞŵĞŶƚǁŚŝĐŚůŝĞƐǁĞƐƚĞƌůLJŽĨƚŚĞĂďŽǀĞ ĚĞƐĐƌŝďĞĚϯϯĨŽŽƚǁŝĚĞƐƚƌŝƉĂŶĚďĞŝŶŐǁŝƚŚŝŶƚŚĞEŽƌƚŚĞĂƐƚYƵĂƌƚĞƌŽĨƚŚĞ^ŽƵƚŚĞĂƐƚ YƵĂƌƚĞƌŽĨ^ĞĐƚŝŽŶϭϰ͕dŽǁŶƐŚŝƉϭϬϳEŽƌƚŚ͕ZĂŶŐĞϭϰtĞƐƚ͕KůŵƐƚĞĚŽƵŶƚLJ͕DŝŶŶĞƐŽƚĂ͖ ŽŵŵĞŶĐŝŶŐĂƚƚŚĞŶŽƌƚŚĞĂƐƚĐŽƌŶĞƌŽĨƐĂŝĚEŽƌƚŚĞĂƐƚYƵĂƌƚĞƌŽĨƚŚĞ ^ŽƵƚŚĞĂƐƚYƵĂƌƚĞƌ͖ƚŚĞŶĐĞŽŶĂŶĂƐƐƵŵĞĚďĞĂƌŝŶŐŽĨ^ŽƵƚŚϬϬĚĞŐƌĞĞƐϮϮ ŵŝŶƵƚĞƐϬϯƐĞĐŽŶĚƐ ĂƐƚĂůŽŶŐƚŚĞĞĂƐƚůŝŶĞŽĨƐĂŝĚEŽƌƚŚĞĂƐƚYƵĂƌƚĞƌŽĨ ƚŚĞ^ŽƵƚŚĞĂƐƚYƵĂƌƚĞƌ͕ϰϯϱ͘ϮϴĨĞĞƚƚŽƚŚĞƉŽŝŶƚŽĨďĞŐŝŶŶŝŶŐ͖ƚŚĞŶĐĞ ĐŽŶƚŝŶƵĞ^ŽƵƚŚϬϬĚĞŐƌĞĞƐϮϮŵŝŶƵƚĞƐϬϯƐĞĐŽŶĚƐ ĂƐƚĂůŽŶŐƐĂŝĚĞĂƐƚůŝŶĞ͕ ϭϬϱ͘ϯϲĨĞĞƚ͖ƚŚĞŶĐĞ^ŽƵƚŚϴϵĚĞŐƌĞĞƐϯϳŵŝŶƵƚĞƐϱϳƐĞĐŽŶĚƐtĞƐƚ͕ϭϮϰ͘ϬϬ ĨĞĞƚ͖ƚŚĞŶĐĞEŽƌƚŚϬϬĚĞŐƌĞĞƐϮϮŵŝŶƵƚĞƐϬϯƐĞĐŽŶĚƐtĞƐƚ͕ϭϬϱ͘ϯϲĨĞĞƚ͖ ƚŚĞŶĐĞEŽƌƚŚϴϵĚĞŐƌĞĞƐϯϳŵŝŶƵƚĞƐϱϳƐĞĐŽŶĚƐ ĂƐƚ͕ϭϮϰ͘ϬϬĨĞĞƚƚŽƐĂŝĚ ĞĂƐƚůŝŶĞĂŶĚƚŚĞƉŽŝŶƚŽĨďĞŐŝŶŶŝŶŐ͘ ŶĚ dŚĞ ĂƐƚϯϯĨĞĞƚŽĨƚŚĞ^ŽƵƚŚϴϮϭĨĞĞƚŽĨƚŚĞ^ŽƵƚŚĞĂƐƚYƵĂƌƚĞƌŽĨƚŚĞEŽƌƚŚĞĂƐƚYƵĂƌƚĞƌŽĨƐĂŝĚ ^ĞĐƚŝŽŶϭϰ͘ ŶĚ dŚĞtĞƐƚϲϬĨĞĞƚŽĨƚŚĞEŽƌƚŚǁĞƐƚYƵĂƌƚĞƌŽĨƚŚĞ^ŽƵƚŚǁĞƐƚYƵĂƌƚĞƌŽĨ^ĞĐƚŝŽŶϭϯ͕dŽǁŶƐŚŝƉ ϭϬϳEŽƌƚŚ͕ZĂŶŐĞϭϰtĞƐƚ͕KůŵƐƚĞĚŽƵŶƚLJ͕DŝŶŶĞƐŽƚĂ͘ 3DFNHW3J (D (;+,%,7$ ŶĚ dŚĂƚƉĂƌƚŽĨƚŚĞ^ŽƵƚŚǁĞƐƚYƵĂƌƚĞƌŽĨƚŚĞEŽƌƚŚǁĞƐƚYƵĂƌƚĞƌŽĨ^ĞĐƚŝŽŶϭϯ͕dŽǁŶƐŚŝƉϭϬϳEŽƌƚŚ͕ ZĂŶŐĞϭϰtĞƐƚ͕KůŵƐƚĞĚŽƵŶƚLJ͕DŝŶŶĞƐŽƚĂ͕ĂŶĚůLJŝŶŐǁŝƚŚŝŶKůŵƐƚĞĚŽƵŶƚLJ,ŝŐŚǁĂLJZŝŐŚƚŽĨ tĂLJWůĂƚEŽ͘ϭϵϵ͕ĐŽŶƚĂŝŶŝŶŐĂƉŽƌƚŝŽŶŽĨWĂƌĐĞůƐϭĂŶĚϮŽĨƐĂŝĚZŝŐŚƚŽĨtĂLJWůĂƚEŽ͘ϭϵϵ͕ ĚĞƐĐƌŝďĞĚĂƐĨŽůůŽǁƐ͗ ĞŐŝŶŶŝŶŐĂƚƚŚĞƐŽƵƚŚǁĞƐƚĐŽƌŶĞƌŽĨƐĂŝĚ^ŽƵƚŚǁĞƐƚYƵĂƌƚĞƌŽĨƚŚĞEŽƌƚŚǁĞƐƚ YƵĂƌƚĞƌ͖ƚŚĞŶĐĞŽŶĂŶĂƐƐƵŵĞĚďĞĂƌŝŶŐŽĨEŽƌƚŚϬϬĚĞŐƌĞĞƐϬϯŵŝŶƵƚĞƐϱϰ ƐĞĐŽŶĚƐ ĂƐƚϴϮϭ͘ϬϮĨĞĞƚ͖ƚŚĞŶĐĞ^ŽƵƚŚϴϵĚĞŐƌĞĞƐϮϴŵŝŶƵƚĞƐϬϰƐĞĐŽŶĚƐ ĂƐƚ ϭϲϵ͘ϭϲĨĞĞƚƚŽƌŝŐŚƚŽĨǁĂLJĐŽƌŶĞƌϮϬ͕ĂƐƐŚŽǁŶŽŶKůŵƐƚĞĚŽƵŶƚLJ,ŝŐŚǁĂLJ ZŝŐŚƚŽĨtĂLJWůĂƚEŽ͘ϭϵϵ͖ƚŚĞŶĐĞƐŽƵƚŚĞƌůLJϮϱϲ͘ϭϱĨĞĞƚĂůŽŶŐĂƌŝŐŚƚŽĨǁĂLJůŝŶĞ ĂƐƐŚŽǁŶŽŶƐĂŝĚZŝŐŚƚŽĨtĂLJWůĂƚEŽ͘ϭϵϵ͕ƐĂŝĚƌŝŐŚƚŽĨǁĂLJůŝŶĞďĞŝŶŐĂ ŶŽŶƚĂŶŐĞŶƚŝĂůĐƵƌǀĞ͕ĐŽŶĐĂǀĞĞĂƐƚĞƌůLJ͕ŚĂǀŝŶŐĂƌĂĚŝƵƐŽĨϰϰϵ͘ϯϬ͕ĂĐĞŶƚƌĂůĂŶŐůĞ ŽĨϯϮĚĞŐƌĞĞƐϯϵŵŝŶƵƚĞƐϱϯƐĞĐŽŶĚƐĂŶĚĂĐŚŽƌĚďĞĂƌŝŶŐŽĨ^ŽƵƚŚϭϲĚĞŐƌĞĞƐϯϮ ŵŝŶƵƚĞƐϰϮƐĞĐŽŶĚƐtĞƐƚ͖ƚŚĞŶĐĞ^ŽƵƚŚϬϮĚĞŐƌĞĞƐϮϳŵŝŶƵƚĞƐϮϴƐĞĐŽŶĚƐ͕ĂůŽŶŐ ƐĂŝĚƌŝŐŚƚŽĨǁĂLJůŝŶĞ͕ŶŽƚƚĂŶŐĞŶƚƚŽƚŚĞƉƌĞǀŝŽƵƐĐƵƌǀĞ͕Ϯϱϯ͘ϱϯĨĞĞƚ͖ƚŚĞŶĐĞ^ŽƵƚŚ ϬϬĚĞŐƌĞĞƐϯϬŵŝŶƵƚĞƐϱϰƐĞĐŽŶĚƐtĞƐƚϯϮϰ͘ϳϰĨĞĞƚƚŽƚŚĞƐŽƵƚŚůŝŶĞŽĨƐĂŝĚ ^ŽƵƚŚǁĞƐƚYƵĂƌƚĞƌŽĨƚŚĞEŽƌƚŚǁĞƐƚYƵĂƌƚĞƌ͖ƚŚĞŶĐĞEŽƌƚŚϴϵĚĞŐƌĞĞƐϮϴ ŵŝŶƵƚĞƐϬϰƐĞĐŽŶĚƐtĞƐƚĂůŽŶŐƐĂŝĚƐŽƵƚŚůŝŶĞϲϬ͘ϬϬĨĞĞƚƚŽƚŚĞƉŽŝŶƚŽĨ ďĞŐŝŶŶŝŶŐ͘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¶VSURSHUW\ 'RFXPHQW1XPEHU$ (D 5(/($6(2)($6(0(17 &LW\RI5RFKHVWHU 7KHD0LQQHVRWDPXQLFLSDOFRUSRUDWLRQLQFRQVLGHUDWLRQRIWKHVXPRI 6WHUOLQJ6WDWH%DQN RQHGROODUDQGIRURWKHUYDOXDEOHFRQVLGHUDWLRQGRHVUHOHDVHDQGTXLWFODLPWR WKH&LW\¶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±WK$YHQXH1( - (D 385&+$6($*5((0(17 7KLV³$JUHHPHQW´PDGHWKLVBBBBBGD\RIBBBBBBBBBBBBBBBBBEHWZHHQWKH&LW\RI 5RFKHVWHUD0LQQHVRWDPXQLFLSDOFRUSRUDWLRQ KHUHLQDIWHU%X\HU DQG(OHDQRU50RRUHDQ XQPDUULHGSHUVRQ KHUHLQDIWHUUHIHUUHGWRDV6HOOHU :,71(66(7+ 6HOOHUDJUHHVWRJUDQWDQGFRQYH\WRWKH%X\HUE\ZDUUDQW\GHHGWKHUHDOSURSHUW\ORFDWHGLQ WKH&LW\RI5RFKHVWHU2OPVWHG&RXQW\0LQQHVRWDGHVFULEHGDVIROORZV /RW%ORFN+LOOVLGH$GGLWLRQ 6HOOHUDJUHHVWRVHOODQG%X\HUDJUHHVWRSXUFKDVHWKHSURSHUW\IRU6HOOHU¶VDVNLQJSULFHRI (D 6HOOHUVKDOOUHPRYHDOOIXUQLVKLQJVSHUVRQDOSURSHUW\DQGGHEULVIURPWKHSURSHUW\SULRUWR FORVLQJLQFOXGLQJDOOVXEVWDQFHVZKLFKXQGHUVWDWHRUIHGHUDOODZPXVWEHGLVSRVHGRIDWDQ DSSURYHGGLVSRVDOIDFLOLW\7KLVLQFOXGHVEXWLVQRWOLPLWHGWRXVHGRLOVSDLQWVVROYHQW IHUWLOL]HUVSRLVRQVDQGWKHOLNH 6HOOHUPD\UHPRYHWKHIROORZLQJLWHPVIURPWKHSURSHUW\SULRUWRWKHFORVLQJGDWH UHIULJHUDWRU ZDVKHUDQGGU\HU 6HOOHUVKDOONHHSWKHSURSHUW\LQJRRGUHSDLULQDPDQQHUFRQVLVWHQWZLWKWKHFRQGLWLRQDWWKH WLPHRIH[HFXWLRQRIWKLV$JUHHPHQWDQGSURYLGHQHFHVVDU\PDLQWHQDQFHRIWKHIDFLOLW\GXULQJ RZQHUVKLSRIWKH6HOOHU6HOOHUVKDOOPDLQWDLQLQVXUDQFHHTXDOWRWKDWZKLFKH[LVWHGSULRUWR WKHVDOHRIWKHKRPHWKURXJKWKHGDWHRIYDFDWLRQRIWKHSURSHUW\ 6HOOHULVUHVSRQVLEOHIRUWKHSD\PHQWDQGUHOHDVHRIDOOWD[HVDQGVSHFLDODVVHVVPHQWVLIDQ\ ZKLFKDUHRXWVWDQGLQJRQWKHSURSHUW\ZLWKFXUUHQW\HDUSURSHUW\WD[HVLIDQ\SURUDWHGWRWKH GDWHRIFORVLQJH[FHSWDVSURYLGHGKHUHLQ2XWVWDQGLQJXWLOLW\REOLJDWLRQVVKDOODOVREH SURUDWHGWRWKHGDWHRIFORVLQJ 6HOOHUVKDOOIXUQLVKWKH%X\HUZLWKHLWKHUDFRPPLWPHQWIRUDQRZQHU¶VSROLF\RIWLWOHLQVXUDQFH RUDQXSGDWHG$EVWUDFWRI7LWOHZKLFKFRPPLWPHQWRUDEVWUDFW WKH³7LWOH(YLGHQFH´ VKDOOEH DYDLODEOHIRU%X\HUDQGLWV$WWRUQH\WRH[DPLQHLQRUGHUWRGHWHUPLQHPDUNHWDEOHWLWOHWRWKH 5HDO3URSHUW\:LWKLQWHQ GD\VDIWHUUHFHLYLQJWKH7LWOH(YLGHQFH%X\HUZLOOPDNHZULWWHQ REMHFWLRQV ³2EMHFWLRQV´ WRWKHIRUPDQGRUFRQWHQWVRIWKH7LWOH(YLGHQFH%X\HU¶VIDLOXUHWR PDNH2EMHFWLRQVZLWKLQVXFKDWLPHSHULRGZLOOFRQVWLWXWHZDLYHURI2EMHFWLRQV$Q\PDWWHU VKRZQRQVXFK7LWOH(YLGHQFHDQGQRWREMHFWHGWRE\%X\HUVKDOOEHD³3HUPLWWHG (QFXPEUDQFH´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¶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¶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±3XEOLF,PSURYHPHQWVWR +HDWKHU3HWHUVRQ 6HUYH*ROGHQ+LOO5HGHYHORSPHQW±- 6WDIIRIIHUVWKHIROORZLQJ&LW\2ZQHUDQG&RQVWUXFWLRQ2EVHUYDWLRQ&RQWUDFWVIRUFRQVLGHUDWLRQE\WKH&RXQFLO IRU- ³ 3XEOLF,PSURYHPHQWVWR6HUYH*ROGHQ+LOO5HGHYHORSPHQW´ 5HTXHVWLQJD&LW\2ZQHU&RQWUDFW 5\DQ&RPSDQLHV DV2ZQHU )UDVHU&RQVWUXFWLRQ&R DV&RQWUDFWRU DQG.LPOH\+RUQDQG$VVRFLDWHV,QF DV'HVLJQ(QJLQHHU DUHUHTXHVWLQJD&LW\2ZQHU&RQWUDFW- 5HTXHVWLQJ&RQVWUXFWLRQ2EVHUYDWLRQ&RQWUDFW &RQVXOWLQJ(QJLQHHU .LPOH\+RUQDQG$VVRFLDWHV,QF &RQWUDFW)RU3URIHVVLRQDO7HFKQLFDO6HUYLFHV$PRXQW 3DLGE\2ZQHU5\DQ&RPSDQLHV &281&,/$&7,215(48(67(' $GRSWD5HVROXWLRQDXWKRUL]LQJWKH0D\RUDQG&LW\&OHUNWRH[HFXWHWKH&LW\2ZQHU&RQWUDFWIRU- IRU ³ 3XEOLF,PSURYHPHQWVWR6HUYH*ROGHQ+LOO5HGHYHORSPHQW´FRQGLWLRQHGRQIXOOH[HFXWLRQRIWKHFRQWUDFWVE\WKH 2ZQHU&RQWUDFWRUDQG(QJLQHHUDVZHOODV&RQWUDFWRUVXSSO\LQJDSSURYHG%RQGDQG,QVXUDQFH 'RFXPHQWDWLRQDQG&RQVWUXFWLRQDQG*UDGLQJ3ODQVEHLQJDSSURYHGSULRUWRFRPPHQFHPHQWRISXEOLF LPSURYHPHQWVZRUNLQFOXGHGLQWKH&RQWUDFWV $GRSWD5HVROXWLRQDXWKRUL]LQJWKH0D\RUDQG&LW\&OHUNWRH[HFXWHWKH&RQWUDFW)RU3URIHVVLRQDO7HFKQLFDO 6HUYLFHVZLWK.LPOH\+RUQDQG$VVRFLDWHV,QFIRUWKHDPRXQWRIIRUZRUNUHODWHGWR- ³ 3XEOLF ,PSURYHPHQWVWR6HUYH*ROGHQ+LOO5HGHYHORSPHQW´&RQGLWLRQHGRQIXOOH[HFXWLRQRIWKHFRQWUDFWE\WKH &RQVXOWLQJ(QJLQHHU 3DFNHW3J (D &,7<2:1(5&2175$&7 &LW\RI 7+,6$*5((0(17PDGHWKLVBBBBBBBGD\RIBBBBBBBBBBBBBBBEHWZHHQWKH 5RFKHVWHU5\DQ&RPSDQLHV D0LQQHVRWDPXQLFLSDOFRUSRUDWLRQ KHUHLQDIWHUUHIHUUHGWRDV&LW\ DQG )UDVHU&RQVWUXFWLRQ&R D0LQQHVRWDFRUSRUDWLRQ KHUHLQDIWHUUHIHUUHGWRDV³ 2ZQHU´ DQGD0LQQHVRWD .LPOH\+RUQDQG$VVRFLDWHV,QF FRUSRUDWLRQ KHUHLQDIWHUUHIHUUHGWRDV³&RQWUDFWRU´ DQGD1RUWK &DUROLQDFRUSRUDWLRQ KHUHLQDIWHUUHIHUUHGWRDV³'HVLJQ(QJLQHHU´ DQGWRJHWKHU2ZQHU&RQWUDFWRUDQG 'HVLJQ(QJLQHHUVKDOOKHUHLQDIWHUFROOHFWLYHO\EHUHIHUUHGWRDVWKH3DUWLHVXQGHUWKHJHQHUDOWHUPVDQG FRQGLWLRQVRIWKLVDJUHHPHQW :,71(66(7+7+$7:+(5($6 2ZQHULVGHYHORSLQJUHDOSURSHUW\LQWKH&LW\RI5RFKHVWHUFRPPRQO\UHIHUUHGWRDVWKH*ROGHQ +LOOV6KRSV5HGHYHORSPHQW3URMHFWKHUHLQDIWHUUHIHUUHGWRDVWKH³3URSHUW\´ 2ZQHUKDVUHTXHVWHGSHUPLVVLRQWRDWLWVRZQH[SHQVHFRQVWUXFWSXEOLFLQIUDVWUXFWXUHRU SHUIRUPRWKHUSULYDWHZRUNZLWKLQWKHSXEOLFULJKWRIZD\RUSXEOLFHDVHPHQWVO\LQJZLWKLQRU DEXWWLQJWKH3URSHUW\FRQVLVWHQWZLWKWKHDSSURYHGSODQVDQGVSHFLILFDWLRQVWKHUHRISUHSDUHG ³ 3XEOLF,PSURYHPHQWVWR6HUYH*ROGHQ+LOO E\'HVLJQ(QJLQHHUJHQHUDOO\UHIHUUHGWRDV 5HGHYHORSPHQW±- ´ WKHFRYHUVKHHWGHSLFWHGIRUUHIHUHQFHDVDWWDFKHG([KLELWµ$¶ DQGKHUHLQDIWHUUHIHUUHGWRDVWKH3URMHFW &LW\LVZLOOLQJWRJUDQW2ZQHUSHUPLVVLRQWRSHUIRUPWKHSXEOLFLPSURYHPHQWVZRUNIRUWKH 3URMHFWXWLOL]LQJ&RQWUDFWRUDWLWVRZQFRVWDQGH[SHQVH XQOHVVRWKHUZLVHVSHFLILFDOO\QRWHG KHUHLQ DQGVXEMHFWWRWKHWHUPVDQGFRQGLWLRQVKHUHLQLQFOXGLQJIXOOFRPSOLDQFHZLWKWKH DSSURYHG&LYLO&RQVWUXFWLRQ3ODQVIRUWKH3URMHFW KHUHLQDIWHU3URMHFW3ODQV DQGDGKHUHQFHWR WKH&LW\¶V6WDQGDUG'HVLJQ6SHFLILFDWLRQV 12:7+(5()25(LWLVKHUHE\PXWXDOO\DJUHHGEHWZHHQ&LW\DQG3DUWLHVDVIROORZV 2:1(5¶663(&,),&2%/,*$7,216 , 6HDQ5\DQ D 2ZQHUKDVGHVLJQDWHGDVWKH3URMHFW0DQDJHUIRUWKH3URMHFW7KH3URMHFW 0DQDJHULVUHVSRQVLEOHIRUDOOFRRUGLQDWLRQRIWKHZRUNHOHPHQWVLQFOXGLQJ3URMHFWFORVHRXW $XJXVW E 2ZQHUVKDOORYHUVHHWKH&RQWUDFWRU¶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³2EVHUYDWLRQ 2YHUVLJKW(QJLQHHU´ KDVEHHQUHWDLQHGE\&LW\WKURXJKDVHSDUDWH DUUDQJHPHQWWRSHUIRUPFRQVWUXFWLRQREVHUYDWLRQDQGRYHUVLJKWIRUWKH3URMHFW&RQFXUUHQW ZLWK2ZQHU¶VH[HFXWLRQRIWKLV&RQWUDFW2ZQHU¶VUHSUHVHQWDWLYHVKDOOSD\WR&LW\WKH DPRXQWRIUHSUHVHQWLQJ2ZQHU¶VILQDQFLDOREOLJDWLRQUHODWHGWRREVHUYDWLRQDQG RYHUVLJKWVHUYLFHVIRUWKH3URMHFWWKDWDUHWREHSHUIRUPHGE\2EVHUYDWLRQ 2YHUVLJKW (QJLQHHU2ZQHUVKDOOKDYHQRRWKHUILQDQFLDOREOLJDWLRQUHODWHGWRFRQVWUXFWLRQREVHUYDWLRQ DQGRYHUVLJKWIRUWKH3URMHFWVXEMHFWWRWKHZRUNHOHPHQWVIRUWKH3URMHFWEHLQJFRPSOHWHG $XJXVW E\,QWKHHYHQWWKHREVHUYDWLRQDQGRYHUVLJKWH[SHQVHVIRUWKH3URMHFW DVGRFXPHQWHGE\2EVHUYDWLRQDQG2YHUVLJKW(QJLQHHUDQGDSSURYHGE\&LW\DUHOHVV WKDQWKHDPRXQWVSHFLILHGDERYHDQGFROOHFWHGIURP2ZQHU&LW\ZLOOUHLPEXUVH2ZQHU¶V UHSUHVHQWDWLYHZKRPDGHLQLWLDOSD\PHQWWKHQHWGLIIHUHQFHXSRQ&LW\¶VFRQILUPDWLRQWKDW DOODSSOLFDEOHH[SHQVHVLQFXUUHGE\2EVHUYDWLRQ 2YHUVLJKW(QJLQHHUKDYHEHHQFODLPHG YHULILHGDQGSDLGE\&LW\ G 2ZQHUVKDOOQRWSURYLGHZRUNGLUHFWLRQRULQWHUIHUHZLWK2EVHUYDWLRQ 2YHUVLJKW(QJLQHHU SHUIRUPLQJLWVGXWLHVUHODWHGWRWKH3URMHFW,QWKHHYHQW2ZQHUKDVDQ\FRQFHUQVUHJDUGLQJ 2EVHUYDWLRQ 2YHUVLJKW(QJLQHHU¶VGXWLHV2ZQHUVKDOOFRPPXQLFDWHGLUHFWO\ZLWKWKH&LW\ (QJLQHHURUKLVKHUGHVLJQHHWRUHVROYHDQ\FRQFHUQV H 'HYHORSPHQW&KDUJH2EOLJDWLRQV7KHUHIROORZLQJDUHGHYHORSPHQWUHODWHGREOLJDWLRQVIRU 6HZHU$YDLODELOLW\&KDUJH 6$& DQG:DWHU$YDLODELOLW\&KDUJH :$& WKDWDUHDSSOLFDEOH WRWKH3URSHUW\DQGZLOOEHLQYRLFHGE\WKH&LW\DVVSHFLILHGLQWKHUHIHUUDOFRPPHQWVIRU6LWH 'HYHORSPHQW3ODQ6'35 (D &2175$&725¶65(35(6(17$7,216 ,, D &RQWUDFWRUVWDWHVLWKDVH[DPLQHGDQGFDUHIXOO\VWXGLHGWKH&RQWUDFWFLYLOFRQVWUXFWLRQ SODQV&LW\GHVLJQVSHFLILFDWLRQVDQGDOORWKHUGDWDDQGUHIHUHQFHLWHPVUHODWHGWRWKH 3URMHFW E &RQWUDFWRUVWDWHVLWKDVYLVLWHGWKH3URSHUW\FRQGXFWHGDWKRURXJKDQGDOHUWYLVXDO H[DPLQDWLRQRIWKH3URSHUW\DQGWKHDGMDFHQWDUHDVKDVEHFRPHIDPLOLDUZLWKDQGLV VDWLVILHGDVWRWKHJHQHUDOORFDODQG3URSHUW\FRQGLWLRQVWKDWPD\DIIHFWFRVWSURJUHVV DQGSHUIRUPDQFHRILWVZRUNHOHPHQWVLQFOXGHGLQWKH3URMHFW F &RQWUDFWRUVWDWHVLWLVIDPLOLDUZLWKDQGLVVDWLVILHGDVWRDOOODZVDQGUHJXODWLRQVWKDWPD\ DIIHFWFRVWSURJUHVVDQGSHUIRUPDQFHRILWVZRUNHOHPHQWVLQFOXGHGLQWKH3URMHFW G &RQWUDFWRUVWDWHVLWKDVFDUHIXOO\VWXGLHGDOO UHSRUWVRIH[SORUDWLRQVDQGWHVWVRI VXEVXUIDFHFRQGLWLRQVDWRUDGMDFHQWWRWKH3URSHUW\DQGDOOGUDZLQJVRISK\VLFDOFRQGLWLRQV UHODWHGWRH[LVWLQJVXUIDFHRUVXEVXUIDFHVWUXFWXUHVDWWKH3URSHUW\WKDWKDYHEHHQLGHQWLILHG LQWKHWHFKQLFDOGDWDLQVXFKUHSRUWVDQGGUDZLQJVDQG UHSRUWVDQGGUDZLQJVUHODWHGWR KD]DUGRXVHQYLURQPHQWDOFRQGLWLRQVLIDQ\DWRUDGMDFHQWWRWKH3URSHUW\WKDWKDYHEHHQ LGHQWLILHGLQWKHWHFKQLFDOGDWDLQVXFKUHSRUWVDQGGUDZLQJV &2175$&72563(&,),&2%/,*$7,216 ,,, D &RQWUDFWRUKHUHE\FRYHQDQWVDQGDJUHHVWRIXUQLVKDOOPDWHULDOVDOOQHFHVVDU\WRROVDQG HTXLSPHQWDQGWRGRDQGSHUIRUPDOOWKHZRUNDQGODERUQHFHVVDU\LQWKHFRQVWUXFWLRQRI WKH3URMHFWGHVFULEHGKHUHLQLQDFFRUGDQFHZLWKSODQVDSSURYHGE\WKH&LW\(QJLQHHUDQG LQFRPSOLDQFHZLWKFXUUHQW\HDU&LW\RI5RFKHVWHUHQJLQHHULQJVWDQGDUGVDQGVSHFLILFDWLRQV DQGWRGRHYHU\WKLQJUHTXLUHGE\WKHFRQWUDFWGRFXPHQWV&RQWUDFWRUVKDOOSHUIRUPWKHZRUN HOHPHQWVRXWOLQHGLQWKHVWDWHPHQWRIHVWLPDWHRITXDQWLWLHVSURYLGHGE\WKH(QJLQHHUDQG EDVHGRQWKHDSSURYHGFRQVWUXFWLRQSODQVDQGVSHFLILFDWLRQVDQGDVWKRVHPD\EH DPHQGHGEDVHGRQDQ\VXEVHTXHQWO\&LW\DSSURYHGRZQHUFRQWUDFWDGGHQGXP V E 6DIHW\&RQWUDFWRUDJUHHVWRWDNHDOOSUHFDXWLRQVQHFHVVDU\WRSURWHFWWKHSXEOLFDJDLQVW LQMXULHVDQGNHHSGDQJHUVLJQDOVDWDOOSODFHVDQGDWVXFKWLPHVDVWKHSXEOLFVDIHW\PD\ UHTXLUH F &RPSOHWLRQ'DWH7KH&RQWUDFWRUVKDOOFRPSOHWHDOORILWV3URMHFWZRUNHOHPHQWVH[FHSWIRU ZDUUDQW\LWHPVWKDWDUHVXEMHFWWRWKLVFRQWUDFWWRWKHVDWLVIDFWLRQRIWKH&LW\RQRUEHIRUH $XJXVW E\8SRQFRPPHQFLQJVSHFLILFZRUNHOHPHQWV&RQWUDFWRUVKDOO FRPSOHWH DOOSXEOLFLPSURYHPHQWVZLWKLQWKHDSSURYHG&RQVWUXFWLRQ3ODQVIRUWKH3URMHFW ZLWKLQZRUNLQJGD\V ,QWKHHYHQW&RQWUDFWRU¶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¶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¶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¶V6WDQGDUGVIRU6WUHHWDQG 8WLOLW\&RQVWUXFWLRQLQHIIHFWDWWKHWLPHRIFRQWUDFWH[HFXWLRQDOORIZKLFKDUHLQFRUSRUDWHG KHUHLQE\UHIHUHQFH:RUNVKDOOQRWFRPPHQFHRQWKH3URMHFWXQWLOWKHFLYLOFRQVWUXFWLRQ SODQVDQG*UDGLQJ3ODQVKDYHEHHQDSSURYHGDQGWKHDSSURYHGSODQVDQGVSHFLILFDWLRQV IRUWKH3URMHFWDUHRQILOHZLWKWKH&LW\(QJLQHHU$QRQVLWHPHHWLQJEHWZHHQWKH2ZQHU &RQWUDFWRU'HVLJQ(QJLQHHU2EVHUYDWLRQ 2YHUVLJKW(QJLQHHUDQGWKH&LW\¶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¶V$FFHSWDQFHRIWKHZRUNVKDOOEHPHPRULDOL]HGE\WKH &LW\(QJLQHHU¶VH[HFXWLRQRIDVHSDUDWH&LW\$FFHSWDQFH DQH[DPSOH$FFHSWDQFHLV SURYLGHGIRUUHIHUHQFHRQWKHDWWDFKHG([KLELW% &LW\(QJLQHHUPD\DFFHSWWKH2ZQHU¶V 'HVLJQ(QJLQHHU¶VRU&RQWUDFWRU¶VZRUNLQGHSHQGHQWRIWKHFRPSOHWLRQRIWKHUHPDLQLQJ SDUWLHV¶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¶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¶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¶VIHHV 7KH'HVLJQ(QJLQHHUDJUHHVWRLQGHPQLI\DQGKROGKDUPOHVVWKH&LW\LWVRIILFLDOVRIILFHUV DJHQWVDQGHPSOR\HHVIURPDOOFODLPVVXLWVRUDFWLRQVUHVXOWLQJIURPRUDULVLQJRXWRIWKH QHJOLJHQWDFWLYLWLHVRI7KH'HVLJQ(QJLQHHURULWVVXEFRQWUDFWRUVDJHQWVRUHPSOR\HHV XQGHUWKLVDJUHHPHQW7KH'HVLJQ(QJLQHHUDJUHHVWRUHLPEXUVHDOOFRVWVRIWKHVHFODLPV LQFOXGLQJDWWRUQH\¶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¶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¶V&HUWLILFDWLRQRI$FFHSWDQFH 3DFNHW3J (E ƌĐDĂƉƌĞĨĞƌĞŶĐĞĚƌĂǁŝŶŐƐŚŽǁŝŶŐůŽĐĂƚŝŽŶŽĨ'ŽůĚĞŶ,ŝůůZĞĚĞǀĞůŽƉŵĞŶƚ:ϱϰϵϭ ZĞĨĞƌĞŶĐĞĚƌĂǁŝŶŐƐŚŽǁŝŶŐ'ŽůĚĞŶ,ŝůůZĞĚĞǀĞůŽƉŵĞŶƚ:ϱϰϵϭ 3DFNHW3J (F 52&+(67(5 '(3$570(172)38%/,&:25.6 WK 6WUHHW6(5RRP 5RFKHVWHU01 (F >1RWDU\6HDO@1RWDU\3XEOLF &,7<2)52&+(67(5 %\ 'DWH $UGHOO)%UHGH0D\RU $QG%\ 'DWH $QLVVD1+RO O LQJVKHDG &LW\&OHUN 3DFNHW3J (F ^W />KE/d/KE^ d ZDK&KEdZd Zd/> ϭ ĨĨĞĐƚŝǀĞĂƚĞ͗ džƉŝƌĂƚŝŽŶĂƚĞ͗ ^KW K&tKZ< Zd/> Ϯ ͘ĞƚĂŝůĞĚ^ĐŽƉĞŽĨtŽƌŬ͗ƚƚĂĐŚdĂƐŬͬ^ĐŽƉĞ>ŝƐƚĨƌŽŵ E'/E Z͘ ͘ŽŶƐƚƌƵĐƚŝŽŶ^ĐŚĞĚƵůĞ͗ƚƚĂĐŚŽŶƐƚƌƵĐƚŝŽŶƐĐŚĞĚƵůĞďƌĞĂŬŽƵƚĨƌŽŵKEdZdKZ͘ ͘'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͗ƚƚĂĐŚ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐĚŽĐƵŵĞŶƚ͘ KE^/ Zd/KEK&WzD Ed Zd/> ϯ ŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚďLJ E'/E Z͕ĂƐĚĞĨŝŶĞĚďLJƚŚŝƐĐŽŶƚƌĂĐƚ͕ǁŝůůďĞƉĂŝĚďLJ/dzŽŶĂŶ ŚŽƵƌůLJ͕ĨĞĞƐĐŚĞĚƵůĞďĂƐŝƐ͕ĨŽƌƚŚĞĨŽůůŽǁŝŶŐŝƚĞŵƐ͗ ĐƚŝǀŝƚLJ>ĞǀĞůŽĨ/ŶƐƉĞĐƚŝŽŶdŝŵĞ;йͿ ^ŝƚĞůĞĂƌŝŶŐΘ'ƌƵďďŝŶŐWĂƌƚdŝŵĞϮϱй 'ĞŶĞƌĂů^ŝƚĞ'ƌĂĚŝŶŐΘ džĐĂǀĂƚŝŽŶWĂƌƚdŝŵĞϮϱй hŶĚĞƌŐƌŽƵŶĚhƚŝůŝƚLJtŽƌŬĂŶĚdƌĞŶĐŚŽŵƉĂĐƚŝŽŶ&ƵůůdŝŵĞϭϬϬй ^ƚƌĞĞƚ^ƵďŐƌĂĚĞWƌĞƉĂƌĂƚŝŽŶͬŽŵƉĂĐƚŝŽŶ&ƵůůdŝŵĞϭϬϬй ŐŐƌĞŐĂƚĞĂƐĞWůĂĐĞŵĞŶƚWĂƌƚdŝŵĞϱϬй ŐŐƌĞŐĂƚĞĂƐĞĐŽŵƉĂĐƚŝŽŶͬƉƌŽŽĨƌŽůůƚĞƐƚ&ƵůůdŝŵĞϭϬϬй ƵƌďĂŶĚ'ƵƚƚĞƌWƌĞƉĂƌĂƚŝŽŶWĂƌƚdŝŵĞϱϬй ƵƌďΘ'ƵƚƚĞƌƐƚƌŝŶŐůŝŶĞĐŚĞĐŬͬǀĞƌŝĨŝĐĂƚŝŽŶ&ƵůůdŝŵĞϭϬϬй Ƶƌďͬ'ƵƚƚĞƌƉŽƵƌŝŶŐ&ƵůůdŝŵĞϭϬϬй ŝƚƵŵŝŶŽƵƐŶŽŶͲǁĞĂƌ&ƵůůdŝŵĞϭϬϬй ŝƚƵŵŝŶŽƵƐŶŽŶͲǁĞĂƌƉƌŝŽƌƚŽǁĞĂƌ&ƵůůdŝŵĞϭϬϬй ŝƚƵŵŝŶŽƵƐǁĞĂƌƉůĂĐĞŵĞŶƚ&ƵůůdŝŵĞϭϬϬй ŽŶĐƌĞƚĞƐƚƌĞĞƚƉůĂĐĞŵĞŶƚ&ƵůůdŝŵĞϭϬϬй ůůƌĞƋƵŝƌĞĚƐƚĂŐĞƚĞƐƚŝŶŐŽĨƉŝƉŝŶŐ͕ƐƵďŐƌĂĚĞ͕ďĂƐĞ &ƵůůdŝŵĞϭϬϬй ĂŶĚƉĂǀŝŶŐ ^ŝƚĞ ƌŽƐŝŽŶĂŶĚ^ĞĚŝŵĞŶƚŽŶƚƌŽů; ^ͿͲWĂƌƚdŝŵĞϮϱй ^ŝƚĞDĂŶĂŐĞŵĞŶƚ ^ƚŽƌŵǁĂƚĞƌ&ĂĐŝůŝƚŝĞƐʹWƵďůŝĐWŽŶĚƐĂŶĚ^ƚŽƌŵǁĂƚĞƌ&ƵůůdŝŵĞϭϬϬй ŽŶǀĞLJĂŶĐĞƐ KƚŚĞƌĐƚŝǀŝƚŝĞƐĂƐĚŝƌĞĐƚĞĚďLJ ŶŐŝŶĞĞƌŽƌŝƚLJƐZĞƋƵŝƌĞĚƐZĞƋƵŝƌĞĚ dKd>KEdZdΨ DKhEd͗ E'/E Z͛^W Z^KEE > Zd/> ϰ E'/E Z<ĞLJWĞƌƐŽŶŶĞů͗ EĂŵĞ͗dŝƚůĞ͗ ĚĚƌĞƐƐ͗WŚŽŶĞ͗ ŵĂŝů͗ZĞƐƉŽŶƐŝďŝůŝƚLJ͗ E'/E ZƐŚĂůůŶŽƚŝĨLJƚŚĞ/dzŝĨĂŶLJĐŚĂŶŐĞŝŶ<ĞLJWĞƌƐŽŶŶĞůŽĐĐƵƌƐĚƵƌŝŶŐƚŚĞĐŽŶƚƌĂĐƚƚĞƌŵ͘ /dz͛^hd,KZ/ ' EdͬWZK: dDE' Z Zd/> ϱ /dz͛^ƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ŽƌWƌŽũĞĐƚDĂŶĂŐĞƌǁŝůůďĞ͗ EĂŵĞ͗ŽƵŐEĞůƐŽŶdŝƚůĞ͗DĂŶĂŐĞƌŽĨ ŶŐŝŶĞĞƌŝŶŐ WŚŽŶĞ͗;ϱϬϳͿͲϯϮϴͲϮϰϮϯ ĚĚƌĞƐƐ͗ϮϬϭϰ ƚŚ^ƚƌĞĞƚ^͘ ͕͘ZŵϭϬϴ͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰ ŵĂŝů͗ĚŶĞůƐŽŶΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀZĞƐƉŽŶƐŝďŝůŝƚLJ͗WƌŽũĞĐƚDĂŶĂŐĞƌ /dz͛^ƵƚŚŽƌŝnjĞĚŐĞŶƚǁŝůůŚĂǀĞĂƵƚŚŽƌŝƚLJƚŽĂĐĐĞƉƚŽƌƌĞũĞĐƚ E'/E ZƐƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐ͘/ĨƐƵĐŚ ƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐĂƌĞĂĐĐĞƉƚĂďůĞĂŶĚƐĂƚŝƐĨĂĐƚŽƌLJ͕ƚŚĞ/dz͛^ƵƚŚŽƌŝnjĞĚŐĞŶƚǁŝůůĐĞƌƚŝĨLJĞĂĐŚŝŶǀŽŝĐĞ ƐƵďŵŝƚƚĞĚĨŽƌƉĂLJŵĞŶƚďLJƚŚĞ ŶŐŝŶĞĞƌ͘ 3DFNHW3J ( 5(48(67)25&281&,/$&7,21 0((7,1*'$7( $*(1'$6(&7,21 25,*,1$7,1*'(37 &RQVHQW$JHQGD2UJDQL]DWLRQDO%XVLQHVV3XEOLF:RUNV ,7(0'(6&5,37,21 35(3$5('%< 3URIHVVLRQDO'HVLJQ6HUYLFHV 5HFRQVWUXFWWK6W6:- ( D (;+,%,7$ 6&23(2)6(59,&(6 $0(1'0(17±),1$/'(6,*1$1'&216758&7,21'2&80(176 7+677+ 675((76:5(&216758&7,21±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x 7LWOH6KHHW x 6WDWHPHQWRI(VWLPDWHG4XDQWLWLHV x 7\SLFDO6HFWLRQVDQG3DYHPHQW,QVHWV x &RQVWUXFWLRQ1RWHV0Q'276WDQGDUG3ODWHVDQG8WLOLW\&RQWDFWV6KHHW V x &RQVWUXFWLRQ'HWDLO6KHHW V x 8WLOLW\7DEXODWLRQV6KHHW V x $OLJQPHQW3ODQDQG7DEXODWLRQ6KHHWV x 6WDJLQJDQG7UDIILF&RQWURO3ODQV x ([LVWLQJ&RQGLWLRQV5HPRYDOVDQG(URVLRQ&RQWURO3ODQV x 5RDGZD\ 6WRUP6HZHU3ODQ3URILOH6KHHWV x 6DQLWDU\DQG:DWHU3ODQ3URILOH6KHHWV x ,QWHUVHFWLRQ*UDGLQJ3ODQV x 6WRUP6HZHU/DWHUDO6KHHWV x 'UDLQDJH7DEXODWLRQ x 6LJQDJHDQG6WULSLQJ3ODQV x 7UDIILF6LJQDODQG,QWHUFRQQHFW3ODQV x /DQGVFDSH3ODQDQG'HWDLOV x ,UULJDWLRQ3ODQ x (OHFWULFDO6\VWHP3ODQDQG/LJKWLQJ'HWDLOV x 5RDGZD\&URVVVHFWLRQVDQG(DUWKZRUN6XPPDU\6KHHW V .+$ZLOOSUHSDUHWKHSODQVDQGVSHFLILFDWLRQVLQDFFRUGDQFHZLWK6WDWH$LGVWDQGDUGV.+$ZLOOVXEPLWWKH ILQDOSODQVWR&LW\VWDIIIRUILQDOUHYLHZSULRUWRVXEPLWWLQJWKHSODQVIRU6WDWH$LGUHYLHZDQGDSSURYDO.+$ ZLOOSUHSDUHDGUDLQDJHUHSRUWDQGDSDYHPHQWGHVLJQUHSRUWIRUVXEPLWWDOWR6WDWH$LG.+$ZLOOSUHSDUHD SURMHFWPDQXDOLQFOXGLQJELGGLQJGRFXPHQWVJHQHUDOFRQWUDFWFRQGLWLRQVDQGWHFKQLFDOVSHFLILFDWLRQV 8SRQWKHFRPSOHWLRQRIWKHILQDOSODQVDQGSURMHFWPDQXDOZHZLOOSUHSDUHDQHQJLQHHU¶VRSLQLRQRI SUREDEOHFRQVWUXFWLRQFRVW .+$ZLOOSUHSDUHDQGFRRUGLQDWHWKHVXEPLWWDORIWKHSHUPLWVUHTXLUHGIRUWKHSURMHFW:HKDYHDVVXPHG WKDWWKHIROORZLQJSHUPLWDSSOLFDWLRQVZLOOEHUHTXLUHG x 03&$6DQLWDU\6HZHU3HUPLW x 03&$13'(63HUPLWDQG6WRUP:DWHU3ROOXWLRQ3UHYHQWLRQ3ODQ x 0'+:DWHU3HUPLW :HKDYHDVVXPHGWKDWWKH&RQWUDFWRUZLOOVXEPLWDQGSD\WKHDSSOLFDWLRQIHHIRUWKH13'(6SHUPLW :HZLOOSUHSDUHWKH1RWLFHWR%LGGHUVDQGDUUDQJHIRUDGYHUWLVHPHQWRIWKHSURMHFWLQWKHORFDOQHZVSDSHU DQGRQH*UDP(OHFWURQLFELGGLQJGRFXPHQWVZLOOEHSODFHGRQWKH3XEOLF:RUNVH*UDPVLWH:HZLOO DVVLVWZLWKFRQWUDFWRUTXHVWLRQVDQGDGGHQGDGXULQJWKHELGGLQJSURFHVV:HZLOODVVLVWWKH&LW\RSHQLQJ ELGVDQGZLOOWDEXODWHELGVDQGSUHSDUHELGVXPPDU\OHWWHU UHY ( D $VVXPSWLRQV x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±),1$/'(6,*1$1'&216758&7,21'2&80(176 7+677+ 675((76:5(&216758&7,21±$9(6:72$9(6: &,7<352-(&7- ( D (;+,%,7& 6&+('8/( $0(1'0(17±),1$/'(6,*1$1'&216758&7,21'2&80(176 7+677+ 675((76:5(&216758&7,21±$9(6:72$9(6: &,7<352-(&7- ( 5(48(67)25&281&,/$&7,21 0((7,1*'$7( $*(1'$6(&7,21 25,*,1$7,1*'(37 &RQVHQW$JHQGD2UJDQL]DWLRQDO%XVLQHVV3XEOLF:RUNV ,7(0'(6&5,37,21 35(3$5('%< 5HTXHVW+HDULQJIRU- (D 5(3257217+()($6,%,/,7<2)$352326(' /2&$/,03529(0(17352-(&7)25 675((75(&216758&7,212)$9(1:$1'RQ RIWKHIRXQGDWLRQDJJUHJDWHV :HUHFRPPHQGWKDWWKHSURMHFWEHFRQVWUXFWHGDQGIXQGHGLQDFFRUGDQFHZLWKWKH&LW\¶V &RPSUHKHQVLYH3DYHPHQW0DQDJHPHQW6WUDWHJ\ &306 7KH&306LVDQREMHFWLYHFRVW HIIHFWLYHSURJUDPIRUWKHSUHVHUYDWLRQUHKDELOLWDWLRQDQGUHFRQVWUXFWLRQRIWKH&LW\¶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²²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²²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²²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²²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²² $5&+ 6WUHHW5HFRQVWUXFWLRQ5DWHV5DWH\U 8QLW7RWDO IWIHHW&RVW 5HVLGHQWLDO=RQHV556) SHUHDFK &RPPHUFLDO,QGXVWULDO=RQHV5550 (D (D 0 ²² $5&+ 6WUHHW5HFRQVWUXFWLRQRI (D 0 ²² $5&+ & ?8VHUV?%VYHQE\?$SS'DWD?5RDPLQJ?,40?0LQXWH7UDT?5RFKHVWHUFLW\PQ#5RFKHVWHUFLW\PQ,40FRP?:RUN?$WWDFKPHQWV? (D 0 ²² $5&+ & ?8VHUV?%VYHQE\?$SS'DWD?5RDPLQJ?,40?0LQXWH7UDT?5RFKHVWHUFLW\PQ#5RFKHVWHUFLW\PQ,40FRP?:RUN?$WWDFKPHQWV? WƌĞǀŝŽƵƐ:ϳϯϭϵWƌŽũĞĐƚƌĞĂ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³&UHDWHDWKULYLQJHQYLURQPHQWIRUEXVLQHVV DQGFRPPXQLW\E\EXLOGLQJSDUWQHUVKLSVGHOLYHULQJWDUJHWHGWUDQVSRUWDWLRQSURJUDPVDQGIRVWHULQJHFRQRPLF YLWDOLW\´ '0&'HYHORSPHQW3ODQ6HFWLRQZLOODOVRWUDFNWKHQXPEHURIGRZQWRZQHPSOR\HUVRUJDQL]DWLRQV ZKREHFRPHPHPEHUVRIWKH70$² VLQFHWKHVRIWZDUHZLOOEHDNH\EHQHILWWRSDUWLFLSDWLRQ$QGILQDOO\ZHZLOO DWWHPSWWRJDXJHWKH70$¶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¶VFDSDELOLWLHVDQGHDVHRIXVHWKHFRPPLWWHHVHOHFWHGWKH ILUP1X5LGHE\XQDQLPRXVYRWH 1X5LGH¶VVRIWZDUHDVDVHUYLFH 6DD6 PRGHOSURYLGHVDOORIWKHUHTXLUHGIHDWXUHVVXFKDVULGHPDWFKLQJWULS SODQQLQJWULSWUDFNLQJDQGPXOWLOHYHODGPLQLVWUDWLRQ7KHLUSURSRVDOVWRRGRXWIRULWVLQWHJUDWLRQRILQFHQWLYH DZDUGVWKHDYDLODELOLW\RIQDWLYHPRELOHDSSDQGLWVHDV\WRXVHLQWHUIDFH &LW\VWDIIKDVQHJRWLDWHGDWKUHH\HDUDJUHHPHQWZKLFKLQFOXGHVDGGLQJDGGLWLRQDOIHDWXUHVLQ\HDUWZRRIWKH DJUHHPHQWDQGUHVHUYLQJWKHRSWLRQWRFRQWLQXHWKRVHIHDWXUHVRUUHYHUWLQ\HDUWKUHH<HDUFRVWVDUH 3DFNHW3J ( PRQWKV <HDUDQGLQ\HDUHLWKHUPRQWKRUPRQWKDWWKH&LW\¶VRSWLRQ )XQGLQJIRUWKLV&RQWUDFWZLOOFRPHIURPWKH3DUNLQJ8WLOLW\DQGIURPWKH7UDQVLW8WLOLW\ &281&,/$&7,215(48(67(' ƵƚŚŽƌŝnjĞƚŚĞDĂLJŽƌĂŶĚŝƚLJůĞƌŬƚŽĞŶƚĞƌŝŶƚŽĂĐŽŶƚƌĂĐƚǁŝƚŚEƵZŝĚĞ͕/ŶĐ͘ƚŽůŝĐĞŶƐĞƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ŵĂŶĂŐĞŵĞŶƚƐŽĨƚǁĂƌĞĨŽƌĂƚĞƌŵŽĨƚŚƌĞĞ;ϯͿLJĞĂƌƐ͘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͞dŚĞƵŵďƌŽZŝǀĞƌ^ƚĂƌƚƐ,ĞƌĞ͟ (D WƌŽũĞĐƚĂĐŬŐƌŽƵŶĚ dŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌǁĂƐĂǁĂƌĚĞĚĂŶ ŶǀŝƌŽŶŵĞŶƚĂůWƌŽƚĞĐƚŝŽŶŐĞŶĐLJ; WͿ^ĞĐƚŝŽŶϯϭϵ'ƌĂŶƚŝŶ:ĂŶƵĂƌLJŽĨϮϬϭϱƚŽŝŵƉƌŽǀĞ ƚŚĞǁĂƚĞƌƋƵĂůŝƚLJŽĨƚŚĞƵŵďƌŽZŝǀĞƌďLJŝĚĞŶƚŝĨLJŝŶŐĨĞĂƐŝďůĞĚĞŵŽŶƐƚƌĂƚŝŽŶƐŝƚĞƐŝŶƚŚĞĚŽǁŶƚŽǁŶĂƌĞĂĨŽƌĚĞŵŽŶƐƚƌĂƚŝŶŐƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨŐƌĞĞŶŝŶĨƌĂƐƚƌƵĐƚƵƌĞĚĞƐŝŐŶƐ͕ďĞŶĞĨŝƚƐ͕ĂŶĚŵĂŝŶƚĞŶĂŶĐĞƉƌĂĐƚŝĐĞƐ;ŝ͘Ğ͕͘ƌĂŝŶŐĂƌĚĞŶƐ͕ĐŝƐƚĞƌŶƐ͕ŐƌĞĞŶƌŽŽĨƐ͕ ĞƚĐ͘ͿŝŶĂŶƵůƚƌĂ Ͳ ƵƌďĂŶĞŶǀŝƌŽŶŵĞŶƚ͘'ƌĞĞŶŝŶĨƌĂƐƚƌƵĐƚƵƌĞƉƌĂĐƚŝĐĞƐŶĞĞĚƚŽďĞŝŵƉůĞŵĞŶƚĞĚǁŚĞŶ;ƌĞͿĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚƐ ĞdžĐĞĞĚƚŚƌĞƐŚŽůĚƐĚĞƚĞƌŵŝŶĞĚďLJƚŚĞDŝŶŶĞƐŽƚĂWŽůůƵƚŝŽŶŽŶƚƌŽůŐĞŶĐLJ͘'ƌĂŶƚĨƵŶĚƐǁŝůůďĞƵƐĞĚƚŽĐŽŶƐƚƌƵĐƚŐƌĞĞŶ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞƉƌĂĐƚŝĐĞƐƚŽĚĞŵŽŶƐƚƌĂƚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ĞĨĨĞĐƚŝǀĞŶĞƐƐ͕ĂƚƚƌĂĐƚŝǀĞŶĞƐƐĂŶĚƚŽĐůĂƌŝĨLJŵĂŝŶƚĞŶĂŶĐĞŶĞĞĚƐ͘dŚĞ ŝƚLJ͛ƐǀŝƐŝŽŶŝƐƚŽƉƌŽǀŝĚĞ͞ƌĞůŝĂďůĞĂŶĚƐƵƐƚĂŝŶĂďůĞƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞƚŽƐƵƉƉŽƌƚĂǀŝďƌĂŶƚĐŽŵŵƵŶŝƚLJ͘͟ ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚĞŵŽŶƐƚƌĂƚŝŽŶ^ŝƚĞ ƐƚŽƌŵǁĂƚĞƌďĞƐƚŵĂŶĂŐĞŵĞŶƚƉƌĂĐƚŝĐĞ;DWͿĚĞŵŽŶƐƚƌĂƚŝŽŶƐŝƚĞŝƐďĞŝŶŐĐƌĞĂƚĞĚ ƌĚ ĂůŽŶŐƚŚĞĞĂƐƚĞƌŶƐŝĚĞŽĨƚŚĞŝƚLJ͛Ɛϯ^ƚƌĞĞƚWĂƌŬŝŶŐZĂŵƉ͘dŚŝƐƐŝƚĞǁĂƐĐŚŽƐĞŶĨŽƌ ƚŚĞĚĞŵŽŶƐƚƌĂƚŝŽŶƉƌŽũĞĐƚ͕ĐŽŵƉůĞƚĞǁŝƚŚĂƉƵďůŝĐĂƌƚĐŽŵƉŽŶĞŶƚ͕ĚƵĞƚŽŝƚƐ ĂĐĐĞƐƐŝďŝůŝƚLJƚŽƚŚĞƉƵďůŝĐĂŶĚŚŝŐŚůLJǀŝƐŝďůĞůŽĐĂƚŝŽŶƚŚĂƚǁŝůůŝŶƐƉŝƌĞĂŶĚĞĚƵĐĂƚĞ ĚĞǀĞůŽƉĞƌƐĂŶĚĐŝƚŝnjĞŶƐŽŶƚŚĞƵƐĞŽĨŝŶŶŽǀĂƚŝǀĞƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚDWƐŝŶ ĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚĂŶĚƌĞĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚƐ͘^ƚŽƌŵǁĂƚĞƌƌƵŶŽĨĨĨƌŽŵ ĂƉƉƌŽdžŝŵĂƚĞůLJϮϱ͕ϬϬϬƐƋƵĂƌĞĨĞĞƚŽĨƚŚĞƵƉƉĞƌůĞǀĞůƌĂŵƉƐƵƌĨĂĐĞ͕ĂƐǁĞůůĂƐƌƵŶŽĨĨ Ɛƚ ĨƌŽŵϭǀĞŶƵĞ^t͕ǁŝůůďĞŝŶƚĞƌĐĞƉƚĞĚĂƚŐƌŽƵŶĚůĞǀĞůƚŽĚĞŵŽŶƐƚƌĂƚĞƉƌĂĐƚŝĐĂů͕ ŝŶŶŽǀĂƚŝǀĞƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƐƚƌĂƚĞŐŝĞƐ͘ ĞŵŽŶƐƚƌĂƚŝŽŶ^ŝƚĞ>ŽĐĂƚŝŽŶ Ɛƚ dŚĞĚĞŵŽŶƐƚƌĂƚŝŽŶƐŝƚĞǁŝůůƌĞƉƵƌƉŽƐĞƚŚĞĂƌĞĂĂĚũĂĐĞŶƚƚŽƚŚĞƉĂƌŬŝŶŐƌĂŵƉ͕ŝŶĐůƵĚŝŶŐƉĂƌŬŝŶŐƐƉĂĐĞƐŽŶƚŚĞǁĞƐƚƐŝĚĞŽĨϭ ǀĞŶƵĞ^t͕ƚŽŵĂŬĞĂƉŽĐŬĞƚƉĂƌŬƚŚĂƚĚĞŵŽŶƐƚƌĂƚĞƐƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƉƌĂĐƚŝĐĞƐŝŶĐůƵĚŝŶŐ͗ xx ZĂŝŶǁĂƚĞƌŚĂƌǀĞƐƚŝŶŐĨƌŽŵƚŚĞƉĂƌŬŝŶŐŐĂƌĂŐĞ&ŝůƚƌĂƚŝŽŶŽĨƐƚŽƌŵǁĂƚĞƌ xx ƵƌďĐƵƚƐƚŽĂĐĐĞƉƚƌƵŶŽĨĨĨƌŽŵƚŚĞƐƚƌĞĞƚZƵŶŶĞůƐƚŽƚƌĂŶƐƉŽƌƚƐƚŽƌŵǁĂƚĞƌĂĐƌŽƐƐƚŚĞƐŝƚĞ xx ZĂŝŶŐĂƌĚĞŶƐƚŽŝŶĨŝůƚƌĂƚĞƐƚŽƌŵǁĂƚĞƌ ĚƵĐĂƚŝŽŶĂůƐŝŐŶĂŐĞ ŽŶƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚ x ĨŽƵŶƚĂŝŶƚŽĨŝůƚĞƌĂŶĚƌĞĐŝƌĐƵůĂƚĞ x ŽĨƌĂŝŶǁĂƚĞƌƚŽƐƵƉƉůLJŝƌƌŝŐĂƚŝŽŶĂŶĚ ^ƚĂĐŬĞĚ>ŝŵĞƐƚŽŶĞhŶĚĞƌŐƌŽƵŶĚƐƚŽƌĂŐĞ ƐƚŽƌŵǁĂƚĞƌƚŚĞǁĂƚĞƌĨĞĂƚƵƌĞ ĞƐŝŐŶŽŶĐĞƉƚϭ͗dŚĞϱŶŽƌƚŚĞƌŶ Ͳ ŵŽƐƚƉĂƌŬŝŶŐƐƉĂĐĞƐĂůŽŶŐϭ ƐƚǀĞŶƵĞ^tĂƌĞƌĞƚĂŝŶĞĚ͘WĞƌǀŝŽƵƐƉĂǀĞƌƐĂƌĞƵƐĞĚŝŶƚŚĞ ƉĂƌŬŝŶŐƐƉĂĐĞƐƚŽĚĞŵŽŶƐƚƌĂƚĞĂŶĂĚĚŝƚŝŽŶĂůƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƉƌĂĐƚŝĐĞ͘ ĞƐŝŐŶŽŶĐĞƉƚϮ͗ůůƉĂƌŬŝŶŐƐƉĂĐĞƐĂƌĞƵƐĞĚĨŽƌƐĞĂƚŝŶŐĂŶĚǀĞŐĞƚĂƚŝŽŶǁŝƚŚŝŶƚŚĞĚĞŵŽŶƐƚƌĂƚŝŽŶƐŝƚĞ͘ 3DFNHW3J WƵďůŝĐƌƚŽŶĐĞƉƚ (D ĨŽĐƵƐŽŶŶĂƚŝǀĞƉůĂŶƚƐĂŶĚŶĂƚŝǀĞƐƚŽŶĞǁŝůůŚŝŐŚůŝŐŚƚƚŚĞŝĚĞĂƚŚĂƚ ŶĂƚƵƌĞŝƐĂůƌĞĂĚLJĞƋƵŝƉƉĞĚƚŽĂďƐŽƌďĂŶĚĨŝůƚĞƌƐƚŽƌŵǁĂƚĞƌƌƵŶŽĨĨ͘dŚĞ ĚĞŵŽŶƐƚƌĂƚŝŽŶƐŝƚĞǁŝůůƉƌĞƐĞŶƚĂŶĞdžƉůŽĚĞĚǀŝĞǁŽĨƚŚĞŐĞŽůŽŐŝĐĂůĂŶĚ ĞĐŽůŽŐŝĐĂůƐLJƐƚĞŵƐĂƚǁŽƌŬƌŝŐŚƚĂƚŽƵƌĨĞĞƚ͘ ƌĚ ĂƉƚƵƌĞĚƐƚŽƌŵǁĂƚĞƌĨƌŽŵďŽƚŚƚŚĞƌŽŽĨƚŽƉŽĨƚŚĞϯ^ƚƌĞĞƚWĂƌŬŝŶŐ ZĂŵƉĂŶĚϭƐƚǀĞŶƵĞǁŝůůďĞĨŝůƚĞƌĞĚĨŝƌƐƚďLJĂƐĞƌŝĞƐŽĨǀĞŐĞƚĂƚĞĚ ƐǁĂůĞƐŝŶƚŚĞŐĂƌĚĞŶ͘dŚĞǁĂƚĞƌǁŝůůƚŚĞŶďĞŚĞůĚŝŶĂƐƵďƚĞƌƌĂŶĞĂŶƚĂŶŬ ǁŚĞƌĞŝƚǁŝůůďĞĨƵƌƚŚĞƌĨŝůƚĞƌĞĚďLJŵĞĐŚĂŶŝĐĂůĨŝůƚĞƌƐďĞĨŽƌĞĨůŽǁŝŶŐƵƉ ƚŚƌŽƵŐŚƚŚĞƐƚŽŶĞƐƚĂĐŬĂŶĚƐƉŝůůŝŶŐĚŽǁŶŽǀĞƌƚŚĞƐůĂďƐ͕ƚŚĞƌĞďLJ ŵŝŵŝĐŬŝŶŐƚŚĞƉƌŽĐĞƐƐŝŶǁŚŝĐŚǁĂƚĞƌŽŶƚŚĞůĂŶĚƐĐĂƉĞĨŝůƚĞƌƐĚŽǁŶ ƚŚƌŽƵŐŚůĂLJĞƌƐŽĨůŝŵĞƐƚŽŶĞŽŶŝƚƐǁĂLJƚŽƚŚĞĂƋƵŝĨĞƌďĞůŽǁŽƵƌĨĞĞƚ͘ dŚĞϭϱ Ͳ ĨŽŽƚƚĂůů͕ϭϮ Ͳ ĨŽŽƚǁŝĚĞƐƚĂĐŬĞĚƐƚŽŶĞǁĂƚĞƌĨĞĂƚƵƌĞďĞŝŶŐ ĐƌĞĂƚĞĚďLJĂƌƚŝƐƚ:ĞŶŶĂŝĚŝĞƌĨĞĂƚƵƌĞƐŶĂƚŝǀĞ<ĂƐŽƚĂůŝŵĞƐƚŽŶĞƌŽĐŬƐ ĚŝƌĞĐƚĨƌŽŵĂůŽĐĂůƋƵĂƌƌLJ͘ sŝƐŝƚŽƌƐƚŽƚŚĞĚĞŵŽŶƐƚƌĂƚŝŽŶƐŝƚĞǁŝůůůĞĂƌŶĨƌŽŵŝŶƚĞƌƉƌĞƚŝǀĞƐŝŐŶĂŐĞ ĂďŽƵƚǁŚLJŝƚŵĂƚƚĞƌƐƚŚĂƚǁĞŚĞůƉĐĂƉƚƵƌĞ͕ƉƵƌŝĨLJĂŶĚƌĞƵƐĞƐƚŽƌŵǁĂƚĞƌ ĂŶĚŚŽǁƚŚĞƐƚŽƌŵǁĂƚĞƌďĞƐƚŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵƐŝŶƉůĂĐĞĚŽƚŚŝƐ͘ sŝƐŝƚŽƌƐǁŝůůĂůƐŽƚƌŝŐŐĞƌǁĂƚĞƌĞĨĨĞĐƚƐĂƐƚŚĞLJƉĂƐƐƚŚƌŽƵŐŚƚŚĞŐĂƌĚĞŶͲ ƌƚŝƐƚZĞŶĚĞƌŝŶŐŽĨƚŚĞ<ĂƐŽƚĂ ĚĞŵŽŶƐƚƌĂƚŝŶŐŝŶƌĞĂůƚŝŵĞŚŽǁƚŚĞǀĂƌŝŽƵƐƐLJƐƚĞŵƐǁŽƌŬ͘ >ŝŵĞƐƚŽŶĞ^ƚĂĐŬĞĚ^ƚŽŶĞtĂƚĞƌ&ĞĂƚƵƌĞ ZĞŵĂŝŶŝŶŐWƵďůŝĐƌƚΘĞŵŽŶƐƚƌĂƚŝŽŶ^ŝƚĞDŝůĞƐƚŽŶĞƐ x WƌĞƉĂƌĂƚŝŽŶŽĨ^ĐŚĞŵĂƚŝĐĞƐŝŐŶΘŽŶƐƚƌƵĐƚŝŽŶŽĐƵŵĞŶƚƐ͗>ĂƚĞϮϬϭϳƚŚƌŽƵŐŚ&ĞďƌƵĂƌLJϮϬϭϴ x WƵďůŝĐ ŶŐĂŐĞŵĞŶƚĂŶĚKƵƚƌĞĂĐŚ^ĞƐƐŝŽŶηϮ͗&ĞďƌƵĂƌLJϮϬϭϴ x /ŶƐƚĂůůĂƚŝŽŶŽĨƚŚĞWƌŽũĞĐƚ͗ƉƌŝůƚŚƌŽƵŐŚ:ƵůLJϮϬϭϴ x WƵďůŝĐ ŶŐĂŐĞŵĞŶƚĂŶĚKƵƚƌĞĂĐŚ^ĞƐƐŝŽŶηϯ͗^ƵŵŵĞƌϮϬϭϴ dŚĞƌƚŝƐƚ :ĞŶŶĂŝĚŝĞƌŐƌĞǁƵƉŝŶZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂǁŚĞƌĞƐŚĞƐƉĞŶƚĂůŽƚŽĨƚŝŵĞǁĂŶĚĞƌŝŶŐƚŚĞĨŝĞůĚƐĂŶĚĨŽƌĞƐƚƐĂůŽŶŐƚŚĞƵŵďƌŽ ZŝǀĞƌ͘,ĞƌǁŽƌŬĨŽĐƵƐĞƐŽŶǁĂƚĞƌǁŚĞŶĞǀĞƌƉŽƐƐŝďůĞ͕ĂŝŵŝŶŐĨŽƌƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶďĞƚǁĞĞŶĞŶǀŝƌŽŶŵĞŶƚĂůĂŶĚďĞƐƚ ŵĂŶĂŐĞŵĞŶƚƉƌĂĐƚŝĐĞƐĂŶĚĂĚĂƉƚŝǀĞƉƵďůŝĐĂƌƚǁŽƌŬƐ͘DĂŶLJŽĨŚĞƌƉƌŽũĞĐƚƐĚŝƐĐŽǀĞƌƚŚĞŝŶǀŝƐŝďůĞďƵƚƉŽǁĞƌĨƵůĨŽƌĐĞƐ ŝŶĨůƵĞŶĐŝŶŐĂƐŝƚĞĂŶĚĚƌĂŵĂƚŝnjĞƚŚĞŵƚŚƌŽƵŐŚĞŵďĞĚĚŝŶŐŝŶƚĞƌĂĐƚŝǀĞůŝŐŚƚŝŶŐ͕ĨŽŐ͕ǁĂƚĞƌ͕ŽƌŵĞĐŚĂŶŝĐĂůĞĨĨĞĐƚƐ͘:ĞŶŶĂůŝǀĞƐ ĂŶĚǁŽƌŬƐŝŶ>ŽƐŶŐĞůĞƐ͕ĂůŝĨŽƌŶŝĂǁŚĞƌĞƐŚĞĨŽƵŶĚĞĚƚŚĞDĂƚĞƌŝĂůƐΘƉƉůŝĐĂƚŝŽŶƐ;DΘͿŶŽŶ Ͳ ƉƌŽĨŝƚŽƌŐĂŶŝnjĂƚŝŽŶƚŚĂƚ ĚĞǀĞůŽƉƐŝŵŵĞƌƐŝǀĞƉƵďůŝĐĞŶǀŝƌŽŶŵĞŶƚƐĂŶĚĞdžƉĞƌŝŵĞŶƚƐǁŝƚŚŵĂƚĞƌŝĂůƐĂŶĚƚĞĐŚŶŝƋƵĞƐƚŚƌŽƵŐŚƐŽĐŝĂůůLJʹĞŶŐĂŐĞĚƉƌŽŐƌĂŵƐ͘ WƌŽũĞĐƚ&ƵŶĚŝŶŐ dŚĞƚŽƚĂůƉƌŽũĞĐƚĐŽƐƚŝƐďƵĚŐĞƚĞĚĂƚΨϱϱϱ͕ϬϬϬ͘'ƌĂŶƚĨƵŶĚŝŶŐŝƐďĂƐĞĚŽŶĂϰϱйĐĂƐŚͬŝŶ Ͳ ŬŝŶĚŵĂƚĐŚďLJƚŚĞůŽĐĂůŐƌĂŶƚƌĞĐŝƉŝĞŶƚ͘ dŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌƌĞĐĞŝǀĞĚĂϯϭϵ'ƌĂŶƚĂǁĂƌĚŽĨΨϯϬϬ͕ϬϬϬƚŚĂƚďĞĐĂŵĞĂǀĂŝůĂďůĞŝŶ:ĂŶƵĂƌLJϮϬϭϱĂŶĚŝƐďĞŝŶŐĂůůŽĐĂƚĞĚ ĐŽŵƉůĞƚĞůLJĨŽƌĐŽŶƐƚƌƵĐƚŝŽŶ͘dŚĞŝƚLJ͛ƐŵĂƚĐŚƉŽƌƚŝŽŶŝƐΨϮϱϱ͕ϬϬϬ͘ ϯϭϵ'ƌĂŶƚWƌŽŐƌĂŵ dŚĞϭϵϴϳĂŵĞŶĚŵĞŶƚƐƚŽƚŚĞůĞĂŶtĂƚĞƌĐƚ;tͿĞƐƚĂďůŝƐŚĞĚƚŚĞ^ĞĐƚŝŽŶϯϭϵEŽŶƉŽŝŶƚ^ŽƵƌĐĞDĂŶĂŐĞŵĞŶƚ WƌŽŐƌĂŵ^ĞĐƚŝŽŶϯϭϵĂĚĚƌĞƐƐĞƐƚŚĞŶĞĞĚĨŽƌŐƌĞĂƚĞƌĨĞĚĞƌĂůůĞĂĚĞƌƐŚŝƉƚŽŚĞůƉĨŽĐƵƐƐƚĂƚĞĂŶĚůŽĐĂůŶŽŶƉŽŝŶƚƐŽƵƌĐĞĞĨĨŽƌƚƐ͘ hŶĚĞƌ^ĞĐƚŝŽŶϯϭϵ͕ƐƚĂƚĞƐ͕ƚĞƌƌŝƚŽƌŝĞƐĂŶĚƚƌŝďĞƐƌĞĐĞŝǀĞŐƌĂŶƚŵŽŶĞLJƚŚĂƚƐƵƉƉŽƌƚƐĂǁŝĚĞǀĂƌŝĞƚLJŽĨĂĐƚŝǀŝƚŝĞƐŝŶĐůƵĚŝŶŐ ƚĞĐŚŶŝĐĂůĂƐƐŝƐƚĂŶĐĞ͕ĨŝŶĂŶĐŝĂůĂƐƐŝƐƚĂŶĐĞ͕ĞĚƵĐĂƚŝŽŶ͕ƚƌĂŝŶŝŶŐ͕ƚĞĐŚŶŽůŽŐLJƚƌĂŶƐĨĞƌ͕ĚĞŵŽŶƐƚƌĂƚŝŽŶƉƌŽũĞĐƚƐĂŶĚŵŽŶŝƚŽƌŝŶŐƚŽ ĂƐƐĞƐƐƚŚĞƐƵĐĐĞƐƐŽĨƐƉĞĐŝĨŝĐŶŽŶƉŽŝŶƚƐŽƵƌĐĞŝŵƉůĞŵĞŶƚĂƚŝŽŶƉƌŽũĞĐƚƐ͘dŚĞDŝŶŶĞƐŽƚĂWŽůůƵƚŝŽŶŽŶƚƌŽůŐĞŶĐLJ;DWͿ ĂĚŵŝŶŝƐƚĞƌƐƚŚĞƉƌŽŐƌĂŵŝŶDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƚŚĞ ŶǀŝƌŽŶŵĞŶƚĂůWƌŽƚĞĐƚŝŽŶŐĞŶĐLJ; WͿ͘ ŽŶƚĂĐƚƐ͗DĞŐĂŶDŽĞůůĞƌ^ƚĞƉŚĂŶŝĞ,ĂƚnjĞŶďŝŚůĞƌ WƵďůŝĐtŽƌŬƐŽŵŵƵŶŝĐĂƚŝŽŶƐŽŽƌĚŝŶĂƚŽƌWƵďůŝĐtŽƌŬƐ ŶǀŝƌŽŶŵĞŶƚĂů ĚƵĐĂƚŽƌ ϱϬϳ Ͳ ϯϮϴ Ͳ ϮϰϯϲϱϬϳ Ͳ ϯϮϴ Ͳ ϮϰϰϬ ŵŵŽĞůůĞƌΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀƐŚĂƚnjĞŶďŝŚůĞƌΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ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¶VDXGLWRIWKH&LW\¶V063HUPLW 6WRUPZDWHU 3URJUDPWKDWRFFXUUHGLQ2FWREHU OO\3DUW ,,,'D E RIWKH03&$¶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¶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¶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ŝƚLJŽĨZŽĐŚĞƐƚĞƌ WZK& ^^/KE>d ,E/>;EKE/dz DW>Kz Ϳ^ Zs/ ^ WƌŽũĞĐƚ/ĚĞŶƚŝĨŝĐĂƚŝŽŶ͗ 6DQLWDU\6HZHU:DVWHZDWHU0DVWHU3ODQ ĐĐŽƵŶƚŝŶŐ/ŶĨŽƌŵĂƚŝŽŶ͗ &ŝƐĐĂůzĞĂƌ͗ϮϬϭϴ&ƵŶĚ͗WƌŽũĞĐƚEŽ͗͘ dŽƚĂůŽŶƚƌĂĐƚŵƚ͗ΨϭϵϮ͕ϱϭϬ^ƚĂƚĞŝĚWƌŽũĞĐƚEŽ͗͘:ŽďEŽ͗͘:ͲϰϯϰϬ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ dŚŝƐŽŶƚƌĂĐƚďĞƚǁĞĞŶƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ͕DE;/dzͿĂŶĚt,<^ΘŽ͘;͞ E'/E Z͟Ϳ͖ ĚĚƌĞƐƐ͗t,<^ΘŽ͘ ϮϵϬϱ^ŽƵƚŚƌŽĂĚǁĂLJ͕ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰͲϱϱϭϱ t, Z ^͕ /dzĚŽĞƐŶŽƚŚĂǀĞĂǀĂŝůĂďůĞŶĞĐĞƐƐĂƌLJĂŶĚͬŽƌƋƵĂůŝĨŝĞĚƉĞƌƐŽŶŶĞůƚŽĐŽŶĚƵĐƚƚŚĞƐĞƌǀŝĐĞƐĂƐĚĞƐĐƌŝďĞĚ ŚĞƌĞŝŶ͖ĂŶĚ t, Z ^͕ E'/E ZƌĞƉƌĞƐĞŶƚƐƚŚĂƚŝƚŝƐůŝĐĞŶƐĞĚĂŶĚĂŐƌĞĞƐƚŽƉĞƌĨŽƌŵĂůůƐĞƌǀŝĐĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ EKt͕d, Z &KZ ŝƚŝƐĂŐƌĞĞĚƚŚĂƚ E'/E Z͕ǁŚŽŝƐŶŽƚĂĐŝƚLJĞŵƉůŽLJĞĞ͕ǁŝůůƉĞƌĨŽƌŵƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͕ŝŶĐůƵĚŝŶŐƚŚĞ^ƉĞĐŝĂůĂŶĚ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐĂŶĚĂŶLJĞdžŚŝďŝƚƐŽƌŽƚŚĞƌĐŽŶĚŝƚŝŽŶƐǁŚŝĐŚĂƌĞĂƚƚĂĐŚĞĚĂŶĚ ŝŶĐŽƌƉŽƌĂƚĞĚ͘ DĂƌĐŚϭϵ͕ϮϬϭϴͺͺͺͺͺͺͺͺͺͺͺĞĐĞŵďĞƌϯϭ͕ϮϬϭϴͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ĨĨĞĐƚŝǀĞĂƚĞ͗ͺ džƉŝƌĂƚŝŽŶĂƚĞ͗ /Et/dE ^^t, Z K&͕ ƚŚĞƉĂƌƚŝĞƐŚĂǀĞĞdžĞĐƵƚĞĚƚŚŝƐĐŽŶƚƌĂĐƚŝŶƚĞŶĚŝŶŐƚŽďĞďŽƵŶĚ͘ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ E'/E Z LJ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ dŝƚůĞ͗ͺͺͺͺͺͺ džĞĐƵƚŝǀĞsŝĐĞWƌĞƐŝĚĞŶƚ͕KKͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ /dzK&ZK, ^d Z LJ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺŶĚLJ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ƌĚĞůů&͘ƌĞĚĞ͕DĂLJŽƌŶŝƐƐĂE͘,ŽůůŝŶŐƐŚĞĂĚ͕ůĞƌŬ ƉƉƌŽǀĞĚĂƐƚŽ&ŽƌŵΘ džĞĐƵƚŝŽŶ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ĂǀĞ'ŽƐůĞĞ͕ĞƉƵƚLJŝƚLJƚƚŽƌŶĞLJ 3DFNHW3J (D ^W />KE/d/KE^ Zd/> ϭd ZDK&KEdZd ĨĨĞĐƚŝǀĞĂƚĞ͗DĂƌĐŚϭϵ͕ϮϬϭϴ tŽƌŬŽŵƉůĞƚŝŽŶĂƚĞ͗:ƵůLJϭ͕ϮϬϭϴ džƉŝƌĂƚŝŽŶĂƚĞ͗ĞĐĞŵďĞƌϯϭ͕ϮϬϭϴ Zd/> Ϯ^KW K&tKZ< ͘ĞƚĂŝůĞĚ^ĐŽƉĞŽĨtŽƌŬ͗ƚƚĂĐŚŵĞŶƚ ͘'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͗^ĞĞƚƚĂĐŚĞĚ ͘^ƵƌǀĞLJĂŶĚ^ƚĂŶĚĂƌĚƐ͗^ĞĞƚƚĂĐŚĞĚ Zd/> ϯKE^/ Zd/KEK&WzD Ed ŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚďLJ E'/E Z͕ĂƐĚĞĨŝŶĞĚďLJƚŚŝƐĐŽŶƚƌĂĐƚ͕ǁŝůůďĞƉĂŝĚďLJ/dzŽŶĂŶŚŽƵƌůLJ͕ĨĞĞ ƐĐŚĞĚƵůĞďĂƐŝƐ͕ŶŽƚƚŽĞdžĐĞĞĚĨŽƌƚŚĞĨŽůůŽǁŝŶŐŝƚĞŵƐ͗ E'/E Z ^ĞƌǀŝĐĞƐŽƐƚ WƌŽũĞĐƚDĂŶĂŐĞŵĞŶƚ͕ĂŶĚĐƚƵĂůĐŽƐƚĂŶĚĞdžƉĞŶƐĞďĂƐĞĚŽŶƚŚĞΨϭϵϮ͕ϱϭϬ /ŶǀĞƐƚŝŐĂƚŝŽŶΘŶĂůLJƐŝƐĂƚƚĂĐŚĞĚĞƐƚŝŵĂƚĞŽĨĐŽƐƚƐĂŶĚĨĞĞ ƐƚƌƵĐƚƵƌĞ͕ƚƚĂĐŚŵĞŶƚ dKd>KEdZdDKhEd͗ΨϭϵϮ͕ϱϭϬ Zd/> ϰ E'/E Z͛^W Z^KEE > E'/E Z͛^ƵƚŚŽƌŝnjĞĚŐĞŶƚ͕Žƌ<ĞLJWĞƌƐŽŶŶĞů͗ EĂŵĞ͗ͺtŝůůŝĂŵ<ŶŐĞƌŵĂŶ͕W͘ ͘͘ dŝƚůĞ͗ͺ džĞĐƵƚŝǀĞsŝĐĞWƌĞƐŝĚĞŶƚ͕KK ĚĚƌĞƐƐ͗ͺϮϵϬϱ^ŽƵƚŚƌŽĂĚǁĂLJ͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰͲϱϱϭϱ WŚŽŶĞ͗ͺ;ϱϬϳͿϮϴϴͲϯϵϮϯ ŵĂŝů͗ͺďĂŶŐĞƌŵĂŶΛǁŚŬƐ͘ĐŽŵͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ZĞƐƉŽŶƐŝďŝůŝƚLJͺWƌŽũĞĐƚWƌŝŶĐŝƉĂůͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ /Ĩ E'/E Z͛^ƵƚŚŽƌŝnjĞĚŐĞŶƚĐŚĂŶŐĞƐĂƚĂŶLJƚŝŵĞĚƵƌŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͕ E'/E ZŵƵƐƚŝŵŵĞĚŝĂƚĞůLJŶŽƚŝĨLJ/dz͘ Zd/> ϱ/dz͛^hd,KZ/ ' EdͬWZK: dDE' Z /dz͛^ƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ŽƌWƌŽũĞĐƚDĂŶĂŐĞƌǁŝůůďĞ͗ EĂŵĞ͗ͺͺ DĂƚƚƌĂǁĨŽƌĚ͕W͘ ͘ dŝƚůĞ͗ͺͺ WƌŽũĞĐƚĞǀĞůŽƉŵĞŶƚDĂŶĂŐĞƌ ͺͺͺͺͺͺͺͺͺͺͺͺ ĚĚƌĞƐƐ͗ͺͺ ϮϬϭϰ^ƚƌĞĞƚ^͘ ͕͘ZŵϭϬϴ͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰ ͺͺ ƚŚ WŚŽŶĞ͗ͺͺ;ϱϬϳͿϯϮϴͲϮϰϭϭ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ŵĂŝů͗ͺͺ ŵĐƌĂǁĨŽƌĚΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ͺͺͺͺͺͺͺͺͺͺͺͺͺ ZĞƐƉŽŶƐŝďŝůŝƚLJ͗ͺͺ WƌŽũĞĐƚDĂŶĂŐĞƌ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ /dz͛^ƵƚŚŽƌŝnjĞĚŐĞŶƚǁŝůůŚĂǀĞĂƵƚŚŽƌŝƚLJƚŽĂĐĐĞƉƚŽƌƌĞũĞĐƚ E'/E Z͛^ƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐ͘/ĨƐƵĐŚƐĞƌǀŝĐĞƐĂŶĚ ĚĞůŝǀĞƌĂďůĞƐĂƌĞĂĐĐĞƉƚĂďůĞĂŶĚƐĂƚŝƐĨĂĐƚŽƌLJ͕ƚŚĞ/dz͛^ƵƚŚŽƌŝnjĞĚŐ ĞŶƚǁŝůůĐĞƌƚŝĨLJĞĂĐŚŝŶǀŽŝĐĞƐƵďŵŝƚƚĞĚĨŽƌƉĂLJŵĞŶƚďLJƚŚĞ E'/E Z͘ 3DFNHW3J (D $WWDFKPHQW$ 6FRSHRI6HUYLFHV 6DQLWDU\6HZHU:DVWHZDWHU0DVWHU3ODQ 2YHUYLHZ 7KH&LW\RI5RFKHVWHUODVWFRPSOHWHGDVDQLWDU\VHZHUPDVWHUSODQLQ 7KLVGRFXPHQWVHUYHGDV DEDVLVIRUWKHPDMRUWUXQNOLQHSURMHFWVFRPSOHWHGLQWKHSDVWWZRGHFDGHV7KH&LW\RI5RFKHVWHU¶V JURZWKKDVQRZH[FHHGHGWKHSODQQLQJKRUL]RQIRUWKH GRFXPHQW7KH&LW\GHVLUHVWRXSGDWHD QHZ0DVWHU3ODQZLOODVVLVWWKH&LW\LQPDNLQJGHFLVLRQVIRULQYHVWPHQWLQWKHWUXQNVHZHUV\VWHPWR WKH\HDU 7KHRYHUDOOJRDORIWKLVSURMHFWLVWKHGHYHORSPHQWRIDQHZ6DQLWDU\6HZHU:DVWHZDWHU0DVWHU3ODQ 7KH0DVWHU3ODQZLOOXWLOL]HWKHH[LVWLQJV\VWHPFDSDFLW\UHVWULFWLRQVFRQGLWLRQGHIHFWVDQGWKH&LW\¶V IXWXUHJURZWKSRWHQWLDOWRSURYLGHDGRFXPHQWWKDWZLOODVVLVWWKH&LW\LQPDNLQJGHFLVLRQVIRU LQYHVWPHQWLQWKHWUXQNVHZHUV\VWHP 7KH&LW\KDVFRPSOHWHGVHYHUDOFULWLFDOSLHFHVRIDQDO\VLVLQUHFHQW\HDUVWKDWVXSSRUWWKH GHYHORSPHQWRIDQHZ0DVWHU3ODQLQFOXGLQJ x &RPSUHKHQVLYH3ODQIRU6DQLWDU\6HZHU&DSDFLW\DKLJKOHYHOVWUDWHJLFSODQQLQJ GRFXPHQWWRVXSSRUWWKH&L W\¶VRYHUDOO&RPSUHKHQVLYH3ODQ x :53)DFLOLWLHV3ODQ x \HDU&DSLWDO,PSURYHPHQW3ODQLQFOXGLQJXWLOLW\DQGQRQXWLOLW\SURMHFWVWKDWZLOO LPSDFWWLPLQJRIVHZHUXSJUDGHV x FWDQGSURYLGHGWKHEDVLVIRUUHFHQWLPSURYHPHQWVLQWKH6ROGLHUV )LHOGDQG'RZQWRZQDUHDV x .XW]N\6ODWWHUO\3LORW,,6WXG\ZKLFKSURYLGHGGHWDLOHGDQDO\VLVRISXEOLFDQG SULYDWHLQIUDVWUXFWXUHSURYLGHGWKHVL]LQJIRUWUXQNLPSURYHPHQWVLQWKHVHQHLJKERUKRRGV DQGSURYLGHGDWHPSODWHIRUFLW\ZLGH,,UHGXFWLRQLPSOHPHQWDWLRQ x 'HYHORSPHQWRI6HZDJH3XPSLQJ6WDWLRQVWR6HUYH.LQJV5XQ+DGOH\9DOOH\DQG 1:7HUULWRU\$UHDVZKLFKSURYLGHGDGHWDLOHGDQDO\VLVRIVHZHUVHUYLFHDELOLW\LQWKHVHVXSHU 3DFNHW3J (D VHZHUGLVWULFWVDQGIRUPHGWKHEDVLVIRUWUXQNLPSURYHPHQWVLQ.LQJV5XQDQG+DGOH\ 9DOOH\ x <HDUO\6DQLWDU\6HZHU,QVSHFWLRQVSHUIRUPHGE\&LW\VWDIIDQGFRQWUDFWRUVWKDWLGHQWLI\ QHHGHGUHSDLUVDQGLPSURYHPHQWVQHHGHGWRSURYLGHWKH&LW\¶VGHVLUHGOHYHORIVHUYLFHWRLWV FLWL]HQVDQGYLVLWRUV 7KH6DQLWDU\6HZHU:DVWHZDWHU0DVWHU3ODQLQWHQGVWRSURGXFHWKHIROORZLQJRXWFRPHV x 3URWRFROIRU3ULRULWL]LQJ,QYHVWPHQWLQWKH6DQLWDU\6HZHUPDUU\LQJWKHLQWHUHVWVRIIXWXUH JURZWKH[LVWLQJFDSDFLW\QHHGVPDLQWHQDQFHQHHGVDQGRSSRUWXQLW\SURMHFWV x 0DSVVKRZLQJDOLJQPHQWVFRVWVDQGGHVLJQGDWDIRUIXWXUHLPSURYHPHQWVLQWKHVHZHU V\VWHPWRWKH\HDU x &RVW0DWUL[IRUHDFKLPSURYHPHQWLQFOXGLQJQHZDFUHVVHUYHGH[LVWLQJFDSDFLW\PDLQWDLQHG RSSRUWXQLW\SURMHFWVHWF x 5HILQHPHQWRI&RPSUHKHQVLYHSODQ6XSHU6HZHU'LVWULFWSODQQLQJUDWHV x \HDU&DSLWDO,PSURYHPHQW3ODQ &,3 UHFRPPHQGHGVHZHUSURMHFWV x )XWXUH&,3RIUHFRPPHQGHGSURMHFWVIURP\HDUWR x 3UHSDUDWLRQRID0DVWHU3ODQIRU6DQLWDU\6HZHUUHSRUW x 0DVWHU6HZHU0DSVKRZLQJ7UXQN6HZHU$OLJQPHQWIRUEXLOGRXWWRWKH\HDU VL]LQJRI IXWXUHWUXQNVZRXOGDFFRXQWIRUWRWDOEXLOGRXWRIV\VWHPRIWKHXOWLPDWHJUDYLW\VHUYLFH ERXQGDULHV x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±3URMHFW0DQDJHPHQWDQG*HQHUDO0HHWLQJV 3URMHFW0DQDJHPHQW 3HUIRUPJHQHUDOSURMHFWDGPLQLVWUDWLYHGXWLHVLQFOXGLQJVXSHUYLVLRQDQG FRRUGLQDWLRQRIWKHSURMHFWWHDPUHYLHZRISURMHFWFRVWVDQGELOOLQJVSUHSDUHLQYRLFHVXVLQJ &RQVXOWDQW VVWDQGDUGIRUPVSUHSDUDWLRQRIPRQWKO\VWDWXVUHSRUWVDQGJHQHUDODGPLQLVWUDWLYH DFWLYLWLHV 6FRSLQJ0HHWLQJV 0HHWZLWK&LW\3XEOLF:RUNVDQG:53VWDIIWRUHYLHZDQGGLVFXVVWKH VFRSHRIVHUYLFHV PHHWLQJVDVVXPHG ([WHUQDO0HHWLQJV 0HHWZLWK&LW\&RXQW\SODQQLQJVWDIIDQGRWKHUFRQVXOWDQWVWRREWDLQ XSGDWHGSODQQLQJGDWDDQGGLVFXVVLPSDFWVRIWKHVHZHUSODQQLQJZRUN PHHWLQJVDVVXPHG 5HJXODU6WDWXV0HHWLQJV 0HHWZLWK&LW\3XEOLF:RUNVDQG:53VWDIIWRSURYLGHSURMHFW XSGDWHVIRU&LW\UHYLHZDQGGLVFXVVLRQ PHHWLQJVDVVXPHG 'HOLYHUDEOH 'HWDLOHGPHHWLQJQRWHVGHFLVLRQORJDQGDFWLRQLWHPOLVWIRUHDFKPHHWLQJ 7DVN±3URWRFROIRU3ULRULWL]LQJ,QYHVWPHQWLQWKH6DQLWDU\6HZHU 'UDIW3URWRFRO 3URYLGHGUDIWSURWRFROIRU&LW\3XEOLF:RUNVDQG:53VWDIIWRUHYLHZDQG FRPPHQWRQ3URWRFROZLOOLQFOXGHH[LVWLQJFDSDFLW\QHHGVH[LVWLQJPDLQWHQDQFHQHHGVIXWXUHJURZWK FDSDFLW\H[SDQVLRQVRSSRUWXQLW\SURMHFWVDFUHVJDLQHGQXPEHURISHRSOHVHUYHGFRVWHWF 5HILQH3URWRFRO 5HILQHSURWRFROEDVHGRQ6WDIIFRPPHQWV 'HOLYHUDEOH 3URWRFROIRU3ULRULWL]LQJ,QYHVWPHQWLQWKH6DQLWDU\6HZHU)RUPDWLVDQWLFLSDWHGWREHD PDWUL[ZLWKVFRUHVDQGZHLJKWIDFWRUVDVUHILQHGZLWK6WDII 7DVN±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±5HYLHZ/HYHO0DSRI2QH6XSHU6HZHU'LVWULFWWR<HDU 5HYLHZ/HYHO0DSSLQJ 7KLVWDVNZLOODJJUHJDWHWKHDQDO\VHVSHUIRUPHGXQGHUWKHRWKHUWDVNV GHVFULEHGKHUHLQDQGSRUWUD\WKHUHYLHZOHYHOUHFRPPHQGDWLRQVLQRQHVXSHUVHZHUGLVWULFWLQPDSV 6XSHUVHZHUGLVWULFWVHOHFWHGWREHDW&LW\¶VGLVFUHWLRQ0DSIRUPDWZLOOFORVHO\IROORZSUHYLRXV 0DVWHU3ODQIRUPDW 'HOLYHUDEOH *,6PDSDQGVKDSHILOHWRLOOXVWUDWHWKHVHZHUVHUYLFHVXSHUGLVWULFWVXEGLVWULFWVVHUYLFH DUHDVUHFRPPHQGHGUHYLHZOHYHOVL]LQJDQGDOLJQPHQWRILPSURYHPHQWV*,6GDWDZLOOEHSURYLGHG ZLWKIXOO\DQQRWDWHGPHWDGDWDFRQIRUPLQJWR&LW\RI5RFKHVWHUUHTXLUHPHQWV 7DVN±3UHOLPLQDU\&RVW0DWUL[RI2QH6XSHU6HZHU'LVWULFWWR<HDU )HDVLELOLW\5HSRUWVDQG0DSV 5HYLHZ&LW\SURYLGHG)HDVLELOLW\5HSRUWVDQG6WXGLHVLQFOXGLQJ VHZHUVHUYLFHDUHDPDSVDQGVHZHUPRGHOLQJK\GUDXOLFFDOFXODWLRQV,QIRUPDWLRQFRQWDLQHGLQWKH 5HSRUWVDQG6WXGLHVZLOOEHLQFRUSRUDWHGLQWRWKHGHOLYHUDEOHV 3UHSDUHDQ2SLQLRQRI6HUYLFH%RXQGDULHVEHIRUHD&DSDFLW\8SJUDGHLV1HFHVVDU\ $QRSLQLRQZLOOEHPDGHRIKRZPDQ\DFUHVFDQEHVHUYHGEHIRUHDWUXQNVHZHUFDSDFLW\XSJUDGHLV QHFHVVDU\ 5HILQH6L]LQJRI3URSRVHG&DSDFLW\,PSURYHPHQWV 7KH&LW\RI5RFKHVWHU¶VVDQLWDU\VHZHUPRGHOUHVXOWVZLOOEHXWLOL]HGLQLGHQWLI\LQJH[LVWLQJDQGIXWXUH FDSDFLW\UHVWULFWLRQV$GGLWLRQDOPRGHOVFHQDULRVZLOODLGLQUHILQLQJWKHVL]LQJDQGFRQQHFWLYLW\RI SURSRVHGFDSDFLW\LPSURYHPHQWVVXIILFLHQWIRUWKHGHVLUHGOHYHORIGHWDLOLQWKHVHOHFWHG6XSHU6HZHU 'LVWULFW:+.6ZLOOSURYLGHPRGHOVFHQDULRVWKURXJKLWVVXEFRQVXOWDQW+'5(QJLQHHULQJ7KH&LW\¶V VDQLWDU\VHZHUPRGHODQGORDGLQJPHWKRGRORJLHVXVHGE\WKLVWHDPLQGHYH ORSLQJWKH&LW\¶VVDQLWDU\ VHZHUPRGHOZLOOEHXWLOL]HGLQWKHSURSRVHGZRUNIRUFRQVLVWHQF\LQUHVXOWV 3UREDEOH&RVW2SLQLRQV 3UHSDUHSUREDEOHFRVWRSLQLRQVIRUWUXQNVHZHUFDSDFLW\XSJUDGHV DQGFRQGLWLRQXSJUDGHV&RVWRSLQLRQVZLOOLQFOXGHVXUIDFHUHVWRUDWLRQFRVWVLQDFFRUGDQFHZLWK&LW\RI 5RFKHVWHUVWDQGDUGV 'HOLYHUDEOH 3UHOLPLQDU\&RVW%HQHILWDQDO\VLVRIHDFKUHFRPPHQGHGLPSURYHPHQW$QDO\VLVZLOOEH SURYLGHGLQ([FHODQG*,6IRUPDW 3DFNHW3J (D 7DVN±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d/KE^ d ZDK&KEdZd $57,&/( dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĞĨĨĞĐƚŝǀĞƵƉŽŶƚŚĞĚĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ŽƌƵƉŽŶĞdžĞĐƵƚŝŽŶĂŶĚĂƉƉƌŽǀĂůďLJƚŚĞ $ ĂƉƉƌŽƉƌŝĂƚĞ/dzŽĨĨŝĐŝĂůƐ͕ƉƵƌƐƵĂŶƚƚŽŝƚLJŽĨZŽĐŚĞƐƚĞƌ,ŽŵĞZƵůĞŚĂƌƚĞƌ͕ĂŶĚƚŚĞĂƉƉƌŽƉƌŝĂƚĞ E'/E ZŽĨĨŝĐŝĂůƐ͕ ǁŚŝĐŚĞǀĞƌĞǀĞŶƚŽĐĐƵƌƐůĂƚĞƌ͘dŚŝƐŽŶƚƌĂĐƚǁŝůůƌĞŵĂŝŶŝŶĞĨĨĞĐƚƵŶƚŝůƚŚĞ džƉŝƌĂƚŝŽŶĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ ŽƌƵŶƚŝůĂůůŽďůŝŐĂƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĨƵůĨŝůůĞĚ͕ǁŚŝĐŚĞǀĞƌĞǀĞŶƚŽĐĐƵƌƐĨŝƌƐƚ͘ &ŽƌĚĞůĂLJƐĞŶĐŽƵŶƚĞƌĞĚƚŚĂƚĂƌĞďĞLJŽŶĚ E'/E Z͛ƐĐŽŶƚƌŽů͕ĂŶĚƵƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚĨƌŽŵ E'/E Z͕ƚŚĞ/dzΖƐ % ƵƚŚŽƌŝnjĞĚŐĞŶƚŵĂLJĞdžƚĞŶĚƚŚĞtŽƌŬŽŵƉůĞƚŝŽŶĂƚĞ͕ĂƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞůĞŶŐƚŚŽĨƐƵĐŚƚŝŵĞĞdžƚĞŶƐŝŽŶǁŝůůďĞĚ ĞƚĞƌŵŝŶĞĚďLJƚŚĞ/dz͛ƐŐĞŶƚ͘ /ƚǁŝůůďĞ E'/E Z͛ƐƌĞƐƉŽŶƐŝďŝůŝƚLJƚŽƌĞĂƐŽŶĂďůLJŶŽƚŝĨLJ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ŝŶǁƌŝƚŝŶŐ͕ŝĨ E'/E ZŚĂƐƌĞĂƐŽŶƚŽ & ďĞůŝĞǀĞƚŚĞƉƌŽũĞĐƚǁŝůůŶŽƚďĞĐŽŵƉůĞƚĞĚĂƐƐĐŚĞĚƵůĞĚ͘/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚLJƚŽĂĚũƵƐƚƚŚĞ ƐĐŚĞĚƵůĞĂŶĚĨŝŶĂůĐŽƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐƵĐŚĚĞůĂLJƐ͕ŝŶǁƌŝƚŝŶŐ͕ǁŝƚŚŝŶƚŚĞƚĞƌŵƐŽĨƚŚĞŽŶƚƌĂĐƚ͘ 'Ks ZE/E'>t͕:hZ/^/d/KE͕Es Eh $57,&/( dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞŝŶƚĞƌƉƌĞƚĞĚƉƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ>Ăǁ͘ŶLJĐŝƚĂƚŝŽŶƚŽĨĞĚĞƌĂůŽƌƐƚĂƚĞůĂǁŝŶĐŽƌƉŽƌĂƚĞƐƚŚĞ $ ůĂŶŐƵĂŐĞŽĨƚŚĂƚůĂǁŝŶƚŽƚŚŝƐŽŶƚƌĂĐƚĂƐŝĨĨƵůůLJƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͘sĞŶƵĞĨŽƌĂůůůĞŐĂůƉƌŽĐĞĞĚŝŶŐƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŽƌďƌĞĂĐŚ͕ǁŝůůďĞŝŶƚŚĞĂƉƉůŝĐĂďůĞƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶKůŵƐƚĞĚŽƵŶƚLJ͕ DŝŶŶĞƐŽƚĂ͘ d ZD^K&' E Z>KE/d/KE^ $57,&/( ŶLJĂŶĚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨŽƌĐĞƵŶůĞƐƐƚŚĞLJĂƌĞƐƉĞĐŝĨŝĐĂůůLJĂŶĚĚĞůŝďĞƌĂƚĞůLJ $ ĐĂŶĐĞůĞĚŽƌŵŽĚŝĨŝĞĚ͕ŝŶǁƌŝƚŝŶŐ͕ďLJƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŽƚŚĞĞdžƚĞŶƚŽĨĂŶLJŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ % ǁŝůůĐŽŶƚƌŽů͘DŝŶŶĞƐŽƚĂ>ĂǁƐƵƉĞƌƐĞĚĞƐĂŶLJŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ d ZD^K&WzD Ed $57,&/( ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůĂŶĚ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůLJ $ ƐƵƉƉůŝĞĚďLJ E'/E ZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďLJ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͕Zd/> ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂLJŵĞŶƚ͘͟ /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶLJƚŝŵĞƚŚĂƚ E'/E ZǁŝůůĞdžĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ % ŽŶƚƌĂĐƚ͕ E'/E ZŵƵƐƚŶŽƚŝĨLJ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůLJŵĂŶŶĞƌ͘ E'/E ZŵĂLJŶŽƚďĞ ĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞdžĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůLJĞdžĞĐƵƚĞĚ͕ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶLJǁŽƌŬƉĞƌĨŽƌŵĞĚďĞLJŽŶĚƚŚĂƚ͕ǁŚŝĐŚŝƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌ ǁƌŝƚƚĞŶĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďLJ/dz͕ŵĂLJďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌLJĂŶĚ E'/E ZŵĂLJŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌ ƚŚĞĞdžƚƌĂǁŽƌŬ͘ /Ĩ E'/E ZĐůĂŝŵƐĂŶLJŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌĐŽŶĚŝƚŝŽŶƐĞdžŝƐƚƚŚĂƚĐĂƵƐĞĞdžƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ & E'/E ZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶLJĞdžƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐϮϬĂůĞŶĚĂƌĚĂLJƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶŽƌŽďƐĞƌǀĂŶĐĞ ŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďLJƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ŶLJĐůĂŝŵŵĂĚĞ ĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂLJďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶLJǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶĂŵĞŶĚŵĞŶƚƚŽ ƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůLJĂƉƉƌŽǀĞĚĂŶĚĞdžĞĐƵƚĞĚďLJƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚ E'/E ZΖƐŽǁŶƌŝƐŬ͘ ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞdžƉĞŶƐĞƐĂĐƚƵĂůůLJĂŶĚŶĞĐĞƐƐĂƌŝůLJŝŶĐƵƌƌĞĚďLJ E'/E ZĂƐĂƌĞƐƵůƚŽĨ ' ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞdžĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ E'/E ZǁŝůůďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞdžƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͘ *& 3DFNHW3J (D WZK hZ &KZWzD Ed $57,&/( WĂLJŵĞŶƚƐǁŝůůďĞŵĂĚĞďLJ/dzǁŝƚŚŝŶϯϬĚĂLJƐŽĨ E'/E Z͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐ͕ƉƌŽƉĞƌůLJ $ ƉƌĞƉĂƌĞĚ͕ĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐĐŽŶƚƌĂĐƚ͘/dzƐŚĂůůŶŽƚŝĨLJ E'/E ZŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂLJƐ ŽĨ E'/E Z͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞLJďĞůŝĞǀĞƚŚĞƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůLJƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐ ǁĞƌĞŶŽƚƉƌŽƉĞƌůLJƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĐŽŶƚƌĂĐƚ͘ /ŶǀŽŝĐĞƐĨŽƌƉĂLJŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďLJ E'/E ZŵŽŶƚŚůLJƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚŝŶƚŚĞĨŽƌŵƉƌĞƐĐƌŝďĞĚďLJ % /dz͘ƐĂŵƉůĞŝŶǀŽŝĐĞĨŽƌŵĂƚŝƐĂƚƚĂĐŚĞĚƚŽƚŚŝƐ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͘/ŶǀŽŝĐĞƐŵƵƐƚŝĚĞŶƚŝĨLJƚŚĞĐŽƐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚĂŶĚŵƵƐƚƐĂƚŝƐĨLJƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ &ŽƌůƵŵƉƐƵŵĂŶĚŽƚŚĞƌĐŽŶƚƌĂĐƚƐ͗ ϭ͘ ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůLJŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐ ĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚ E'/E ZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚ ĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶLJƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚƉĂLJŵĞŶƚ͘ &ŽƌŽƚŚĞƌĐŽŶƚƌĂĐƚƐŽŶůLJ͗ ϯ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌLJĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝnjĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐĂƌĞƉƌŽƉĞƌůLJ ĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌLJĐŽƐƚƐĂƌĞĂŶLJĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐĚŝƌĞĐƚůLJƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬ ŽĨƚŚĞ E'/E Z͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ ϰ͘ E'/E ZŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ ŝƌĞĐƚƐĂůĂƌLJĐŽƐƚƐŽĨĞŵƉůŽLJĞĞƐΖƚŝŵĞĚŝƌĞĐƚůLJĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ D dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂLJƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨLJŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽLJĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂLJ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂLJŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂLJƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽLJĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ E ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽLJĞĞΖƐŶĂŵĞ͕ŚŽƵƌůLJ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂLJƉĞƌŝŽĚ͘ /Ĩ E'/E ZŝƐĂƵƚŚŽƌŝnjĞĚďLJ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶLJƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ E'/E ZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ & ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶLJƐƵďĐŽŶƐƵůƚĂŶƚΖƐŽŶƚƌĂĐƚ͕ĂŶĚ E'/E ZŵƵƐƚĐŽŵƉůLJǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůLJƉĂLJŵĞŶƚďLJ E'/E ZŽĨƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂLJŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞ ƐƵďĐŽŶƚƌĂĐƚŽƌŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ E'/E ZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƚƌĂĐƚŽƌƐΖŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ' ĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzD Ed $57,&/( ůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďLJ E'/E ZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĞƌĨŽƌŵĞĚŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚ $ ƚŚĂƚĚĞŐƌĞĞŽĨĐĂƌĞĂŶĚƐŬŝůůŽƌĚŝŶĂƌŝůLJĞdžĞƌĐŝƐĞĚďLJŵĞŵďĞƌƐŽĨƚŚĞƐĂŵĞƉƌŽĨĞƐƐŝŽŶĐƵƌƌĞŶƚůLJƉƌĂĐƚŝĐŝŶŐƵŶĚĞƌƐŝŵŝůĂƌ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͘ E'/E ZŵĂŬĞƐŶŽǁĂƌƌĂŶƚŝĞƐ͕ĞdžƉƌĞƐƐĞĚŽƌŝŵƉůŝĞĚ͕ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŽƌŽƚŚĞƌǁŝƐĞ͕ŝŶĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚ E'/E Z͛ƐƐĞƌǀŝĐĞƐdŚĞ E'/E ZĞŶĚĞĂǀŽƌƐƚŽĐŽŵƉůLJǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďLJĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵ E'/E Z͛ƐƐĞƌǀŝĐĞƐ͘ E'/E ZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂLJŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ % ƌĞŐƵůĂƚŝŽŶƐ͘ ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďLJƉƌŽŐƌĞƐƐƉĂLJŵĞŶƚƐŵĂĚĞďLJ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚLJŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ & ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐ E'/E ZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂLJŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶLJĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞ E'/E Z͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞLJŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ *& 3DFNHW3J (D ƐŚĂůůŝŶĚĞŵŶŝĨLJ E'/E ZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐ E'/E ZĂŶŽŶͲĞdžĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞ ĞdžƚĞŶƚŽĨƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/E ZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶLJǁĂLJƚŽƌĞůŝĞǀĞ E'/E ZĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐĞƌǀŝĐĞƐ ' ĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞdžĐĞĞĚƚŚĂƚŝƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ ^^/'ED Ed $57,&/(ĞůĂLJĞĚŝŶĂŶLJǁĂLJĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂLJďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ % ŽĨ E'/E Z͘ŶLJĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůLJĂŶĚĨƵůůLJĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďLJďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ŚĂŶŐĞƐŝŶƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚŽƌƚŚĞŽŶƚƌĂĐƚ džƉŝƌĂƚŝŽŶĂƚĞĂƌĞŶŽƚƉĞƌŵŝƚƚĞĚŝŶĂĐŚĂŶŐĞŽƌĚĞƌ͘ dŚŝƐĐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ & ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚLJƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďLJďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůLJŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘ E'/E Z͕ ďLJƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝnjĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďLJĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞ E'/E ZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďLJŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚŵĂLJďĞĞdžĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ' ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞĐŽŶƚƌĂĐƚ͘ KDW>/E t/d,>/ E^ ^͕W ZD/d^͕EKd, ZZ 'h>d/KE^ $57,&/( E'/E ZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌLJƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶ $ ĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/ ^E/Ed >> dh>WZKW Zdz $57,&/( E'/E ZŵƵƐƚĐŽŵƉůLJǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂ $ ƉƌŽǀŝĚĞĚďLJ/dzŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚĂŶĚĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚ ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ *& 3DFNHW3J (D ŶLJƌĞƉŽƌƚƐ͕ƐƚƵĚŝĞƐ͕ƉŚŽƚŽŐƌĂƉŚƐ͕ŶĞŐĂƚŝǀĞƐ͕ŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐĐƌĞĂƚĞĚĂŶĚƉĂŝĚĨŽƌďLJ E'/E ZŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ % ŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂƌĞŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞŝŶƌĞƐƉĞĐƚƚŽ E'/E Z͛ƐƐĞƌǀŝĐĞƐĂŶĚĂƌĞƚŚĞĞdžĐůƵƐŝǀĞ ƉƌŽƉĞƌƚLJŽĨ/dz͘ E'/E ZŵƵƐƚƌĞŵŝƚĂůůƐƵĐŚŵĂƚĞƌŝĂůƐƚŽ/dzƵƉŽŶĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞ /dzǁŝůůŝŶĚĞŵŶŝĨLJ E'/E ZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵĂŶLJƌĞƵƐĞŽĨƐƵĐŚŵĂƚĞƌŝĂůƐďĞLJŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞŝƚLJƐŚĂůůŐƌĂŶƚƚŚĞ E'/E ZĂŶŽŶͲĞdžĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞĞdžƚĞŶƚŽĨƚŚĞ/dzΖƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/E ZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ E'/E ZǁĂŝǀĞƐĂůůĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞ/dzƌĞƐƵůƚŝŶŐŝŶĂŶLJǁĂLJĨƌŽŵĂŶLJƌĞƵƐĞŽĨ ƚŚĞ E'/E Z͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŝƌĞĐƚĞĚďLJ/dz͕ƚŚĞŽƌŝŐŝŶĂůƐŽĨƌĞƉŽƌƚƐ͕ĚƌĂǁŝŶŐƐĂŶĚƉůĂŶƐ͖ĂŶĚůĞŐŝďůLJƌĞƉƌŽĚƵĐŝďůĞĐŽƉŝĞƐŽĨǁŽƌŬ & ƐŚĞĞƚƐ͕ĨŝĞůĚŶŽƚĞƐ͕ĐŽŵƉƵƚĂƚŝŽŶƐ͕ĂŶĚŽƚŚĞƌƉƌŽũĞĐƚĚĂƚĂŵƵƐƚďĞƌĞůŝŶƋƵŝƐŚĞĚƚŽ/dz͗ ϭ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ Ϯ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĨŝĐĂƚŝŽŶďLJ/dz͘ ϯ͘WƌŝŽƌƚŽĨŝŶĂůƉĂLJŵĞŶƚďLJ/dzƚŽ E'/E ZĨŽƌƚŚŝƐŽŶƚƌĂĐƚ͘ '1RWZLWKVWDQGLQJWKHDERYHSDUDJUDSKVZRUNSDSHUVSURSULHWDU\LQIRUPDWLRQSURFHVVHVPHWKRGRORJLHVNQRZKRZDQGVRIWZDUH ³(QJLQHHULQJ'DWD´ SUHYLRXVO\EHORQJLQJRUOLFHQVHGWR(QJLQHHUDQGXVHGWRSHUIRUP(1*,1((5¶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¶VVROHULVNDQGZLWKRXWOLDELOLW\WR(1*,1((5 >//>/dz $57,&/( 'ĞŶĞƌĂůͲ,ĂǀŝŶŐĐŽŶƐŝĚĞƌĞĚƚŚĞƉŽƚĞŶƚŝĂůůŝĂďŝůŝƚŝĞƐƚŚĂƚŵĂLJĞdžŝƐƚĚƵƌŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ^ĞƌǀŝĐĞƐ͕ƚŚĞďĞŶĞĨŝƚƐ $ ŽĨƚŚĞƉƌŽũĞĐƚ͕ĂŶĚƚŚĞ E'/E Z͛ƐĨĞĞĨŽƌƚŚĞ^ĞƌǀŝĐĞƐ͕ĂŶĚŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞƉƌŽŵŝƐĞƐĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ /dzĂŶĚ E'/E ZĂŐƌĞĞƚŽĂůůŽĐĂƚĞĂŶĚůŝŵŝƚƐƵĐŚůŝĂďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐƌƚŝĐůĞ͘ /ŶĚĞŵŶŝĨŝĐĂƚŝŽŶͲ E'/E ZĂŶĚ/dz;ƚŚĞ͞/ŶĚĞŵŶŝĨLJŝŶŐWĂƌƚLJ͟ͿƐŚĂůůďĞůŝĂďůĞĨŽƌŝƚƐŽǁŶŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐĂŶĚ % ŽŵŝƐƐŝŽŶƐƚŽƚŚĞĞdžƚĞŶƚƉƌŽǀŝĚĞĚďLJůĂǁĂŶĚƐƵďũĞĐƚƚŽƚŚĞ/dz͛ƐĐĂƉŽŶŵƵŶŝĐŝƉĂůƚŽƌƚůŝĂďŝůŝƚLJƵŶĚĞƌDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ ^ĞĐƚŝŽŶϰϲϲ͘Ϭϰ͕ĂŶĚŚĞƌĞďLJĂŐƌĞĞƐƚŽĚĞĨĞŶĚ͕ŝŶĚĞŵŶŝĨLJ͕ĂŶĚŚŽůĚŚĂƌŵůĞƐƐƚŚĞŽƚŚĞƌ;͞ƚŚĞ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚLJ͟Ϳ͕ĨƌŽŵ ĂŶLJůŝĂďŝůŝƚLJ͕ĚĂŵĂŐĞƐ͕ĂŶĚĐŽƐƚƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞŶĞŐůŝŐĞŶƚĂĐƚƐŽĨ E'/E ZĂŶĚ/dzĂŶĚĂŶLJŽŶĞĨŽƌǁŚŽƐĞŶĞŐůŝŐĞŶƚ ĂĐƚƐƚŚĞLJŵĂLJďĞůŝĂďůĞĨŽƌŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚŝĐŚƚŚĞ/ŶĚĞŵŶŝĨŝĞĚ WĂƌƚLJ͕ŝƚƐŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽLJĞĞƐŵĂLJŚĞƌĞĂĨƚĞƌƐƵƐƚĂŝŶ͕ŝŶĐƵƌŽƌďĞƌĞƋƵŝƌĞĚƚŽƉĂLJƚŽƚŚĞĨƵůůĞĨĨĞĐƚƉƌŽǀŝĚĞĚďLJ DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϯϯϳ͕ƚŽƚŚĞĞdžƚĞŶƚƚŚĞ E'/E ZĂŶĚ/dzĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐƵĐŚůŝĂďŝůŝƚLJ͕ĐŽƐƚƐ͕ĚĂŵĂŐĞƐ͕ ͕ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞLJƐ͛ĨĞĞƐ͕/ŶƚŚĞĞǀĞŶƚĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌĞdžƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďLJƚŚĞũŽŝŶƚŽƌ ĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨ E'/E ZĂŶĚ/dz͕ƚŚĞLJƐŚĂůůďĞďŽƌŶĞďLJĞĂĐŚƉĂƌƚLJŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ ^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚŝƐŽŶƚƌĂĐƚŝƐ & ƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶLJƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ tKZ< Z^ΖKDW E^d/KE $57,&/( ŶLJĂŶĚĂůůĞŵƉůŽLJĞĞƐŽĨ E'/E Z͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ $ ĂŶLJǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďLJ E'/E ZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽLJĞĞƐŽĨ/dz͘ŶLJĂŶĚĂůů ĐůĂŝŵƐƚŚĂƚŵĂLJĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽLJĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐ ǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶLJĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďLJĂŶLJƚŚŝƌĚƉĂƌƚLJĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶLJĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨ E'/E ZΖƐĞŵƉůŽLJĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽĞŶŐĂŐĞĚŽŶĂŶLJŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶŶŽǁĂLJ ďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨ/dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞ ǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂLJĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚ E'/E Z͘ *& 3DFNHW3J (D KE^ $57,&/( dŚŝƐƌƚŝĐůĞŝƐŚĞƌĞďLJĚĞůĞƚĞĚ͘ /E^hZE $57,&/( ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞĨŽƌĞĂĐŚƚLJƉĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĨŝůĞĚǁŝƚŚƚŚĞ/dz͛ƐƵƚŚŽƌŝnjĞĚ $ ŐĞŶƚǁŝƚŚŝŶϯϬĚĂLJƐŽĨĞdžĞĐƵƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽĐŽŵŵĞŶĐĞŵĞŶƚŽĨĂŶLJǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ ĂĐŚ ƉŽůŝĐLJŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ/dzĂϯϬͲĚĂLJŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ E'/E ZŵƵƐƚŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌLJĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗ % ϭ͘ E'/E ZƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƐŝƐƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌLJ ĨŽƌƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐďLJ E'/E ZĂŶĚŝƚƐĞŵƉůŽLJĞĞƐ͘ Ϯ͘dŚĞ E'/E ZƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐƐĞƉĂƌĂƚĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĞŶĚŽƌƐĞŵĞŶƚƐĨŽƌĞĂĐŚƐƵďĐŽŶƐƵůƚĂŶƚ͘ E'/E ZƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐĨƌŽŵŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ tŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͗ ϯ͘ E'/E ZǁŝůůƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌĂůů E'/E Z ĞŵƉůŽLJĞĞƐĂŶĚ͕ŝŶĐĂƐĞĂŶLJǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕ E'/E ZǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌLJƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/dzŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ ͕ ŵƉůŽLJĞƌ͛Ɛ>ŝĂďŝůŝƚLJ͕ĂƚůŝŵŝƚƐŶŽƚůĞƐƐƚŚĂŶΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůLJŝŶũƵƌLJďLJĚŝƐĞĂƐĞƉĞƌĞŵƉůŽLJĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůLJ ŝŶũƵƌLJďLJĚŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϭϬϬ͕ϬϬ Ϭ͘ϬϬďŽĚŝůLJŝŶũƵƌLJďLJĂĐĐŝĚĞŶƚ͘ ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƚƌĂĐƚŽƌ͛ƐŝŶƐƵƌĂŶĐĞƐŚĂůů ďĞĨŝůĞĚǁŝƚŚƚŚĞ E'/E Z͘ ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚLJ͗ ϰ͘ E'/E ZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐ E'/E ZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌ ďŽĚŝůLJŝŶũƵƌLJ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚLJ ĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂLJĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďLJ E'/E ZŽƌďLJĂƐƵďĐŽŶƚƌĂĐƚŽƌŽƌďLJĂŶLJŽŶĞĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJĞŵƉůŽLJĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ E'/E Z͛Ɛ ůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞƐŚĂůůďĞƉƌŝŵĂƌLJƚŽĂŶLJůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďLJƚŚĞŝƚLJ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶ ƚŚŝƐŽŶƚƌĂĐƚ͕ E'/E Z͛ƐŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ D Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ E /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ ŽĚŝůLJ/ŶũƵƌLJĂŶĚWƌŽƉĞƌƚLJĂŵĂŐĞ D WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚLJ E ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚLJ F EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ G ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚLJ͗ ϱ͘ E'/E ZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐ E'/E ZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐ ĨŽƌďŽĚŝůLJŝŶũƵƌLJ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌ ƉƌŽƉĞƌƚLJĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂLJĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďLJ E'/E ZŽƌďLJƐƵďĐŽŶƚƌĂĐƚŽƌŽƌďLJĂŶLJŽŶĞĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJĞŵƉůŽLJĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞ E'/E ZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞůŝŵŝƚĨŽƌŽĚŝůLJ/ŶũƵƌLJĂŶĚWƌŽƉĞƌƚLJĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞ͗ ϲ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ E'/E ZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ *& 3DFNHW3J (D Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌĐůĂŝŵ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ dŚŝƐƉŽůŝĐLJǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐ E'/E ZǁŝůůďĞĐŽŵĞůĞŐĂůůLJŽďůŝŐĂƚĞĚƚŽƉĂLJƌĞƐƵůƚŝŶŐĨƌŽŵĂŶLJ ĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽ E'/E ZΖƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͘ ϳ͘&ŽƌǁŽƌŬŽŶƌĂŝůƌŽĂĚƉƌŽƉĞƌƚLJ͕ E'/E ZŵƵƐƚŽďƚĂŝŶZĂŝůƌŽĂĚWƌŽƚĞĐƚŝǀĞ>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ DŶͬKd^ƉĞĐŝĨŝĐĂƚŝŽŶϭϳϬϴ͘Ϯ;ϭϵϵϱ ĚŝƚŝŽŶͿŽƌĂŶLJƐƵďƐĞƋƵĞŶƚĐŚĂŶŐĞƐŽƌŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽƚŚŝƐƐƉĞĐŝĨŝĐĂƚŝŽŶ͘ E'/E ZŵƵƐƚ͗ & ϭ͘/ŶĐůƵĚĞůĞŐĂůĚĞĨĞŶƐĞĨĞĞƐŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐůŝĂďŝůŝƚLJƉŽůŝĐLJůŝŵŝƚƐ͕ǁŝƚŚƚŚĞĞdžĐĞƉƚŝŽŶŽĨWƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞ ĂďŽǀĞ͖ĂŶĚ Ϯ͘KďƚĂŝŶŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨƌŽŵĂŶŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶLJŚĂǀŝŶŐĂŶΗD ^dΗƌĂƚŝŶŐŽĨͲs///ŽƌďĞƚƚĞƌ͘ /dzƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůLJƌĞƐĐŝŶĚƚŚŝƐŽŶƚƌĂĐƚŝĨ E'/E ZŝƐŶŽƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŝŶƐƵƌĂŶĐĞ ' ƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶLJůĞŐĂůƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚ E'/E Z͘hƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚďLJƚŚĞ/dzΖƐ ƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůůďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵĂLJďĞƌĞƋƵĞƐƚĞĚ͘ >/s Z> ^dEZ^ $57,&/( /dzǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚLJƚŽĚŝƐĂƉƉƌŽǀĞŽƌƌĞũĞĐƚƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƚŚĂƚĂƌĞĚĞĨĞĐƚŝǀĞ͘ E'/E ZǁŝůůďĞ $ ƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐLJŽĨŝƚƐǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂŶĚŵƵƐƚŵĂŬĞƚŝŵĞůLJƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐǁŝƚŚŽƵƚ ĐŽŵƉĞŶƐĂƚŝŽŶƌĞƐƵůƚŝŶŐĨƌŽŵĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽŶƚŚĞƉĂƌƚŽĨ E'/E Z͘dŚĞƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚƚŽ/dz ďLJ E'/E ZŵƵƐƚďĞŽĨƐƵĐŚƋƵĂůŝƚLJƚŚĂƚƚŚĞLJĂƌĞƐƵŝƚĂďůĞĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ͘ E'/E Z͛ƐƐĞƌǀŝĐĞƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĂŐƌĞĞĚƚŽŝŶĂŶƚŝĐŝƉĂƚŝŽŶŽĨƚŚĞŽƌĚĞƌůLJĂŶĚ % ĐŽŶƚŝŶƵŽƵƐƉƌŽŐƌĞƐƐŽĨƚŚĞWƌŽũĞĐƚƚŚŽƵŐŚĐŽŵƉůĞƚŝŽŶ͘hŶůĞƐƐƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐĨŽƌƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐĂƌĞƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ E'/E Z͛ƐŽďůŝŐĂƚŝŽŶƚŽƌĞŶ ĚĞƌƐĞƌǀŝĐĞƐŚĞƌĞƵŶĚĞƌǁŝůůďĞĨŽƌĂƉĞƌŝŽĚǁŚŝĐŚŵĂLJ ƌĞĂƐŽŶĂďůLJďĞƌĞƋƵŝƌĞĨŽƌƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƐĂŝĚƐĞƌǀŝĐĞƐ͘ /ĨŝŶƚŚŝƐŽŶƚƌĂĐƚƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞĨŽƌƌĞŶĚĞƌŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐĞƚĨŽƌƚŚŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐďLJǁŚŝĐŚƐĞƌǀŝĐĞƐĂƌĞƚŽďĞ & ĐŽŵƉůĞƚĞĚĂƌĞƉƌŽǀŝĚĞĚ͕ĂŶĚŝĨƐƵĐŚƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌĚĂƚĞƐĂƌĞĐŚĂŶŐĞĚƚŚƌŽƵŐŚŶŽĨĂƵůƚŽĨ E'/E Z͕ƚŚĞƌĂƚĞƐĂŶĚ ĂŵŽƵŶƚƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽǀŝĚĞĚĨŽƌŚĞƌĞŝŶƐŚĂůůďĞƐƵďũĞĐƚƚŽĞƋƵŝƚĂďůĞĂĚũƵƐƚŵĞŶƚ͘/Ĩ/dzŚĂƐƌĞƋƵĞƐƚĞĚĐŚĂŶŐĞƐŝŶ ƚŚĞƐĐŽƉĞ͕ĞdžƚĞŶƚ͕ŽƌĐŚĂƌĂĐƚĞƌŽĨƚŚĞWƌŽũĞĐƚ͖ƚŚĞƚŝŵĞŽĨƉĞƌĨŽƌŵĂŶĐĞŽĨ E'/E Z͛ƐƐĞƌǀŝĐĞƐƐŚĂůůďĞĂĚũƵƐƚĞĚĞƋƵŝƚĂďůLJ͘ EĞŝƚŚĞƌƉĂƌƚLJǁŝůůďĞŚĞůĚƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞůĂLJŽƌĨĂŝůƵƌĞƚŽƉĞƌĨŽƌŵǁŚĞŶƐƵĐŚĚĞůĂLJŽƌĨĂŝůƵƌĞŝƐĚƵĞƚŽĂŶLJŽĨƚŚĞ ' ĨŽůůŽǁŝŶŐ͕ƵŶůĞƐƐƚŚĞĂĐƚŽƌŽĐĐƵƌƌĞŶĐĞĐŽƵůĚŚĂǀĞďĞĞŶƌĞĂƐŽŶĂďůLJĨŽƌĞƐĞĞŶĂŶĚƌĞĂƐŽŶĂďůĞĂĐƚŝŽŶĐŽƵůĚŚĂǀĞďĞĞŶ ƚĂŬĞŶƚŽƉƌĞǀĞŶƚƚŚĞĚĞůĂLJŽƌĨĂŝůƵƌĞ͗ĨŝƌĞ͕ĨůŽŽĚ͕ĞƉŝĚĞŵŝĐ͕ƐƚƌŝŬĞƐ͕ǁĂƌƐ͕ĂĐƚƐŽĨ'ŽĚ͕ƵŶƵƐƵĂůůLJƐĞǀĞƌĞǁĞĂƚŚĞƌ͕ŽƌĚĞůĂLJƐ ŽƌĚĞĨĂƵůƚƐĐĂƵƐĞĚďLJƉƵďůŝĐĐĂƌƌŝĞƌƐ͕ƉƌŽǀŝĚĞĚƚŚĞĚĞĨĂƵůƚŝŶŐƉĂƌƚLJŐŝǀĞƐǁƌŝƚƚĞŶŶŽƚŝĐĞĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞƚŽƚŚĞŽƚŚĞƌ ƉĂƌƚLJŽĨŝƚƐŝŶĂďŝůŝƚLJƚŽƉĞƌĨŽƌŵ͘ &ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐŽŶƚƌĂĐƚƚŚĞƚĞƌŵ͞ĚĂLJ͟ŵĞĂŶƐĂĐĂůĞŶĚĂƌĚĂLJŽĨϮϰŚŽƵƌƐ͘ ( Ed/dZh^d $57,&/( (D K&&//>^EKddK E &/d $57,&/( tŝƚŚŽƵƚƉƌŝŽƌǁƌŝƚƚĞŶĐŽŶƐĞŶƚŽĨ/dz͕ E'/E ZŵƵƐƚŶŽƚĞŵƉůŽLJĂŶLJƉƌŽĨĞƐƐŝŽŶĂůŽƌƚĞĐŚŶŝĐĂůƉĞƌƐŽŶŶĞůǁŚŽĂƌĞŽƌ $ ŚĂǀĞďĞĞŶĂƚĂŶLJƚŝŵĞĚƵƌŝŶŐƚŚĞƚŝŵĞƉĞƌŝŽĚŽĨƚŚŝƐŽŶƚƌĂĐƚŝŶƚŚĞĞŵƉůŽLJŽĨ/dz͕ĞdžĐĞƉƚƌĞƚŝƌĞĚ/dzĞŵƉůŽLJĞĞƐ͕ ǁŝƚŚŽƵƚǁƌŝƚƚĞŶĐŽŶƐĞŶƚĨƌŽŵ/dz͘ E'/E ZǁĂƌƌĂŶƚƐƚŚĂƚŝƚŚĂƐŶŽƚĞŵƉůŽLJĞĚŽƌƌĞƚĂŝŶĞĚĂŶLJĐŽŵƉĂŶLJŽƌƉĞƌƐŽŶ͕ŽƚŚĞƌƚŚĂŶĂďŽŶĂĨŝĚĞĞŵƉůŽLJĞĞ % ǁŽƌŬŝŶŐƐŽůĞůLJĨŽƌ E'/E Z͕ƚŽƐŽůŝĐŝƚŽƌƐĞĐƵƌĞƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚƚŚĂƚ E'/E ZŚĂƐŶŽƚƉĂŝĚŽƌĂŐƌĞĞĚƚŽƉĂLJĂŶLJ ĐŽŵƉĂŶLJŽƌƉĞƌƐŽŶ͕ŽƚŚĞƌƚŚĂŶĂďŽŶĂĨŝĚĞĞŵƉůŽLJĞĞǁŽƌŬŝŶŐĨŽƌ E'/E Z͕ĂŶLJĨĞĞ͕ĐŽŵŵŝƐƐŝŽŶƐ͕ƉĞƌĐĞŶƚĂŐĞ͕ ďƌŽŬĞƌĂŐĞĨĞĞ͕ŐŝĨƚƐ͕ŽƌĂŶLJŽƚŚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ĐŽŶƚŝŶŐĞŶƚƵƉŽŶŽƌƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞĂǁĂƌĚŽĨŵĂŬŝŶŐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ E >>d/KE $57,&/( dŚŝƐŽŶƚƌĂĐƚŵĂLJďĞĐĂŶĐĞůĞĚďLJ/dzǁŝƚŚŝŶϯϬĚĂLJƐ͕ĂƚĂŶLJƚŝŵĞ͕ǁŝƚŚŽƌǁŝƚŚŽƵƚĐĂƵƐĞ͕ƵƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞ $ E'/E Z͘/ŶƚŚĞĞǀĞŶƚŽĨƐƵĐŚĐĂŶĐĞůůĂƚŝŽŶ E'/E ZǁŝůůďĞĞŶƚŝƚůĞĚƚŽƉĂLJŵĞŶƚ͕ĚĞƚĞƌŵŝŶĞĚŽŶƉƌŽƌĂƚĂďĂƐŝƐ͕ĨŽƌ ƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉĞƌĨŽƌŵĞĚŽƌĚĞůŝǀĞƌĞĚ͘ /ŶƚŚĞĞǀĞŶƚ/dzĐĂŶŶŽƚŽƌĚŽĞƐŶŽƚŽďƚĂŝŶĨƵŶĚŝŶŐ͕ŽƌĨƵŶĚŝŶŐĐĂŶŶŽƚďĞĐŽŶƚŝŶƵĞĚĂƚĂůĞǀĞůƐƵĨĨŝĐŝĞŶƚƚŽĂůůŽǁĨŽƌƚŚĞ % ƉƵƌĐŚĂƐŝŶŐŽĨƚŚĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐĐŽŶƚĂŝŶĞĚŚĞƌĞŝŶ͕ƚŚŝƐŽŶƚƌĂĐƚŵĂLJďĞĐĂŶĐĞůĞĚǁŝƚŚŝŶϯϬĚĂLJƐ͕Ăƚ/dzΖƐ ŽƉƚŝŽŶ͕ďLJǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶĚĞůŝǀĞƌĞĚŝŶƉĞƌƐŽŶ͕ďLJŵĂŝů͕ŽƌĨĂĐƐŝŵŝůĞƚŽ E'/E ZĂƚƚŚĞĂĚĚƌĞƐƐƐƉĞĐŝĨŝĞĚ ŝŶƚŚŝƐŽŶƚƌĂĐƚ͘/dzǁŝůůŶŽƚďĞŽďůŝŐĂƚĞĚƚŽƉĂLJĨŽƌĂŶLJƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďLJ E'/E ZĂĨƚĞƌƐƵĐŚ ŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ &,I&LW\IDLOVWRPDNHDQ\SD\PHQWGXHWR(1*,1((5IRUVHUYLFHVVDWLVIDFWRULO\SHUIRUPHGDQGH[SHQVHVZLWKLQWKLUW\GD\VDIWHUWKHGDWH RI(1*,1((5¶VLQYRLFH(1*,1((5PD\DIWHUJLYLQJVHYHQGD\VZULWWHQQRWLFHWR&,7<DQGZLWKR XWZDLYLQJDQ\FODLPRUULJKWDJDLQVW &,7<DQGZLWKRXWLQFXUULQJOLDELOLW\ZKDWVRHYHUWR&,7<VXVSHQGVHUYLFHVDQGZLWKKROGSURMHFWGHOLYHUDEOHVGXHXQGHUWKLV&RQWUDFWXQWLO (1*,1((5KDVEHHQSDLGLQIXOODOODPRXQWVGXHIRUVHUYLFHVH[SHQVHVDQGFKDUJHV ZZKZ^KZKD/^^/KE^ $57,&/( E'/E ZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐLJŽĨŝƚƐǁŽƌŬĂŶĚŵƵƐƚƉƌŽŵƉƚůLJŵĂŬĞŶĞĐĞƐƐĂƌLJƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐ $ ƌĞƐƵůƚŝŶŐĨƌŽŵ E'/E ZΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬ ďLJ/dzǁŝůůŶŽƚƌĞůŝĞǀĞ E'/E ZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶLJĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌ ĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶLJĂŵďŝŐƵŝƚŝĞƐ͘ ƚĂŶLJƚŝŵĞĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶŽƌĂŶLJƉŚĂƐĞŽĨǁŽƌŬƉĞƌĨŽƌŵĞĚďLJŽƚŚĞƌƐďĂƐĞĚŽŶĚĂƚĂƉƌŽǀŝĚĞĚďLJ E'/E Z͕ % E'/E ZŵƵƐƚĐŽŶĨĞƌǁŝƚŚ/dzǁŚĞŶŶĞĐĞƐƐĂƌLJĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨŝŶƚĞƌƉƌĞƚŝŶŐƚŚĞŝŶĨŽƌŵĂƚŝŽŶƐĞĐƵƌĞĚĂŶĚͬŽƌƚŽ ĐŽƌƌĞĐƚĂŶLJĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞďLJ E'/E Z͘ E'/E ZŵƵƐƚƉƌĞƉĂƌĞĂŶLJĂŶĚĂůůƉůĂŶƐŽƌĚĂƚĂŶĞĞĚĞĚƚŽ ĐŽƌƌĞĐƚƚŚĞĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚĞĚĐŽŵƉĞŶƐĂƚŝŽŶ͕ĞǀĞŶƚŚŽƵŐŚĨŝŶĂůƉĂLJŵĞŶƚŵĂLJĂůƌĞĂĚLJŚĂǀĞďĞĞŶ ƌĞĐĞŝǀĞĚďLJ E'/E Z͘ E'/E ZŵƵƐƚŐŝǀĞŝŵŵĞĚŝĂƚĞĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŚĂŶŐĞƐƐŽƚŚĞƌĞǁŝůůďĞŵŝŶŝŵĂůĚĞůĂLJƚŽƚŚĞ ƉƌŽũĞĐƚ͘ /ĨŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂƌĞŵĂĚĞďLJ E'/E ZŝŶĂŶLJƉŚĂƐĞŽĨƚŚĞǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨǁŚŝĐŚŵĂLJ & ƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕ E'/E ZǁŝůůďĞƉƌŽŵƉƚůLJŶŽƚŝĨŝĞĚďLJ/dzĂŶĚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƐƵĐŚ ĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂLJďĞŶĞĐĞƐƐĂƌLJƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂLJĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘/ĨƚŚĞ E'/E ZŝƐĂǁĂƌĞŽĨĂŶLJŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞŝŶĂŶLJƉŚĂƐĞ ŽĨŝƚƐǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶƐŽĨǁŚŝĐŚŵĂLJƌĞƋƵŝƌĞĂŶLJĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕ E'/E ZŵƵƐƚƉƌŽŵƉƚůLJƉĞƌĨŽƌŵ ƐƵĐŚĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂLJďĞŶĞĐĞƐƐĂƌLJƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂLJĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘ E'/E ZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶLJĚĂŵĂŐĞƐŝŶĐƵƌƌĞĚĂƐĂƌĞƐƵůƚŽĨŝƚƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂŶĚĨŽƌĂŶLJ ' ůŽƐƐŽƌĐŽƐƚƚŽƌĞƉĂŝƌŽƌƌĞŵĞĚLJ E'/E ZΖƐĞƌƌŽƌƐ͕ŽŵŝƐƐŝŽŶƐŽƌŶĞŐůŝŐĞŶƚĂĐƚƐ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬďLJ/dzǁŝůůŶŽƚ ƌĞůŝĞǀĞ E'/E ZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶLJƐƵĐŚŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐ͕ŽƌŽĨ ůŝĂďŝůŝƚLJĨŽƌůŽƐƐŽƌĚĂŵĂŐĞƌĞƐƵůƚŝŶŐƚŚĞƌĞĨƌŽŵ͘ E'/E ZŵƵƐƚƌĞƐƉŽŶĚƚŽ/dzΖƐŶŽƚŝĐĞŽĨĂŶLJĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŝŶƌĞĂƐŽŶĂďůĞƚŝŵĞĂŶĚŐŝǀĞŝŵŵĞĚŝĂƚĞ ( ĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŽƌƌĞĐƚŝŽŶƐƚŽŵŝŶŝŵŝnjĞĂŶLJĚĞůĂLJƐƚŽƚŚĞ E'/E Z͘ *& 3DFNHW3J (D /^Whd Z ^K>hd/KE $57,&/( DĞĚŝĂƚŝŽŶ͘ŶLJĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐLJŽƌĚŝƐƉƵƚĞĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞƐƵďũĞĐƚƚŽŶŽŶͲďŝŶĚŝŶŐŵĞĚŝĂƚŝŽŶĂƐ $ ĂĐŽŶĚŝƚŝŽŶƉƌĞĐĞĚĞŶƚƚŽƚŚĞŝŶƐƚŝƚƵƚŝŽŶŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐďLJĞŝƚŚĞƌƉĂƌƚLJ͘dŚĞŵĞĚŝĂƚŝŽŶƐŚĂůůďĞ ĐŽŶĚƵĐƚĞĚŝŶKůŵƐƚĞĚŽƵŶƚLJ͕DŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂŝǀŝůDĞĚŝĂƚŝŽŶĐƚ͕DŝŶŶ͘^ƚĂƚ͘ϱϳϮ͘ϯϭ͕ Ğƚ͕͘ƐĞƋ͘ŶLJĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐLJŽƌĚŝƐƉƵƚĞŶŽƚƌĞƐŽůǀĞĚďLJŵĞĚŝĂƚŝŽŶŵĂLJďĞƚŚĞƐƵďũĞĐƚŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐ ĨŝůĞĚďLJĞŝƚŚĞƌƉĂƌƚLJ͘dŚĞůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐŵƵƐƚďĞǀĞŶƵĞĚŝŶKůŵƐƚĞĚŽƵŶƚLJ͕DŝŶŶĞƐŽƚĂ͘dŚĞƉĂƌƚŝĞƐ ǁĂŝǀĞĂůůƌŝŐŚƚƐƚŽĂŶĚĐůĂŝŵƐĨŽƌŵŽŶĞƚĂƌLJĂǁĂƌĚƐŽƚŚĞƌƚŚĂŶĐŽŵƉĞŶƐĂƚŽƌLJĚĂŵĂŐĞƐ͘ & Z>>h^ ^ $57,&/( /Ĩ&ĞĚĞƌĂů&ƵŶĚƐĂƌĞŝŶǀŽůǀĞĚǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞĨŽůůŽǁŝŶŐĂĚĚŝƚŝŽŶĂůĐŽŶĚŝƚŝŽŶƐĂƉƉůLJ͗ ŽŵƉůŝĂŶĐĞǁŝƚŚZĞŐƵůĂƚŝŽŶƐ͘dŚĞƐƵďĐŽŶƐƵůƚĂŶƚƐŚĂůůĐŽŵƉůLJǁŝƚŚZĞŐƵůĂƚŝŽŶƐƌĞůĂƚŝǀĞƚŽŶŽŶͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶŝŶ&ĞĚĞƌĂůůLJ $ ĂƐƐŝƐƚĞĚƉƌŽŐƌĂŵƐŽĨƚŚĞĞƉĂƌƚŵĞŶƚŽĨdƌĂŶƐƉŽƌƚĂƚŝŽŶ͕ŚĞƌĞŝŶĂĨƚĞƌƌĞĨĞƌƌ ĞĚƚŽĂƐ͞Kd͕͟dŝƚůĞϰϵ͕ŽĚĞŽĨ&ĞĚĞƌĂů ZĞŐƵůĂƚŝŽŶƐ͕WĂƌƚϮ͕ĂƐƚŚĞLJŵĂLJďĞĂŵĞŶĚĞĚĨƌŽŵƚŝŵĞƚŽƚŝŵĞŚĞƌĞŝŶĂĨƚĞƌƌĞĨĞƌƌĞĚƚŽĂƐƚŚĞ͞ZĞŐƵůĂƚŝŽŶƐ͕͟ǁŚŝĐŚĂƌĞ ŚĞƌĞŝŶŝŶĐŽƌƉŽƌĂƚĞĚďLJƌĞĨĞƌĞŶĐĞĂŶĚŵĂĚĞƉĂƌƚŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͘ EŽŶͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶ͘dŚĞƐƵďĐŽŶƐƵůƚĂŶƚ͕ǁŝƚŚƌĞŐĂƌĚƚŽƚŚĞǁŽƌŬƉĞƌĨŽƌŵĞĚďLJŝƚĚƵƌŝŶŐƚŚŝƐĐŽŶƚƌĂĐƚ͕ƐŚĂůůŶŽƚ % ĚŝƐĐƌŝŵŝŶĂƚĞŽŶƚŚĞŐƌŽƵŶĚƐŽĨƌĂĐĞ͕ĐŽůŽƌ͕ŶĂƚŝŽŶĂůŽƌŝŐŝŶ͕ƐĞdž͕ĚŝƐĂďŝůŝƚŝĞƐ͕ŽƌǀĞƚĞƌĂŶ͛ƐƐƚĂƚƵƐŝŶƚŚĞƐĞůĞĐƚŝŽŶĂŶĚ ƌĞƚĞŶƚŝŽŶŽĨƐƵďĐŽŶƐƵůƚĂŶƚƐ͕ƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ŝŶĐůƵĚŝŶŐƉƌŽĐƵƌĞŵĞŶƚŽĨŵĂƚĞƌŝĂůƐĂŶĚůĞĂƐĞƐŽĨĞƋƵŝƉŵĞŶƚ͘dŚĞ ƐƵďĐŽŶƐƵůƚĂŶƚƐŚĂůůŶŽƚƉĂƌƚŝĐŝƉĂƚĞĞŝƚŚĞƌĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJŝŶƚŚĞĚŝƐĐƌŝŵŝŶĂƚŝŽŶƉƌŽŚŝďŝƚĞĚďLJ^ĞĐƚŝŽŶϮϭ͘ϱŽĨƚŚĞ ZĞŐƵůĂƚŝŽŶƐ͕ŝŶĐůƵĚŝŶŐĞŵƉůŽLJŵĞŶƚƉƌĂĐƚŝĐĞƐǁŚĞŶƚŚĞĐŽŶƚƌĂĐƚĐŽǀĞƌƐĂƉƌŽŐƌĂŵƐĞƚĨŽƌƚŚŝŶƉƉĞŶĚŝdžŽĨƚŚĞ ZĞŐƵůĂƚŝŽŶƐ͘ ^ŽůŝĐŝƚĂƚŝŽŶƐĨŽƌ^ƵďĐŽŶƚƌĂĐƚƐ͕ŝŶĐůƵĚŝŶŐƉƌŽĐƵƌĞŵĞŶƚŽĨŵĂƚĞƌŝĂůƐĂŶĚĞƋƵŝƉŵĞŶƚ͘/ŶĂůůƐŽůŝĐŝƚĂƚŝŽŶƐĞŝƚŚĞƌďLJ & ĐŽŵƉĞƚŝƚŝǀĞďŝĚĚŝŶŐŽƌŶĞŐŽƚŝĂƚŝŽŶŵĂĚĞďLJƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚĨŽƌǁŽƌŬƚŽďĞƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂƐƵďĐŽŶƚƌĂĐƚ͕ŝŶĐůƵĚŝŶŐ ƉƌŽĐƵƌĞŵĞŶƚŽĨŵĂƚĞƌŝĂůƐŽƌůĞĂƐĞƐŽĨĞƋƵŝƉŵĞŶƚ͕ĞĂĐŚƉŽƚĞŶƚŝĂůƐƵďĐŽŶƚƌĂĐƚŽƌŽƌƐƵƉƉůŝĞƌƐŚĂůůďĞŶŽƚŝĨŝĞĚďLJƚŚĞ E'/E ZŽĨƚŚĞĐŽŶƚƌĂĐƚŽƌ͛ƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐĐŽŶƚƌĂĐƚĂŶĚƚŚĞZĞŐƵůĂƚŝŽŶƐƌĞůĂƚŝǀĞƚŽŶŽŶ ͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶŽŶƚŚĞ Őƌ ŽƵŶĚƐŽĨƌĂĐĞ͕ĐŽůŽƌ͕ŶĂƚŝŽŶĂůŽƌŝŐŝŶ͕ƐĞdž͕ĚŝƐĂďŝůŝƚŝĞƐŽƌǀĞƚĞƌĂŶ͛ƐƐƚĂƚƵƐ͘ /ŶĨŽƌŵĂƚŝŽŶĂŶĚZĞƉŽƌƚƐ͘dŚĞƐƵďĐŽŶƐƵůƚĂŶƚƐŚĂůůƉƌŽǀŝĚĞĂůůŝŶĨŽƌŵĂƚŝŽŶĂŶĚƌĞƉŽƌƚƐƌĞƋƵŝƌĞĚďLJƚŚĞZĞŐƵůĂƚŝŽŶƐŽƌ ' ĚŝƌĞĐƚŝǀĞƐŝƐƐƵĞĚƉƵƌƐƵĂŶƚƚŚĞƌĞƚŽĂŶĚƐŚĂůůƉĞƌŵŝƚĂĐĐĞƐƐƚŽŝƚƐŬƐ͕ƌĞĐŽƌĚƐ͕ĂĐĐŽƵŶƚƐ͕ŽƚŚĞƌƐŽƵƌĐĞƐŽĨŝŶĨŽƌŵĂƚŝŽŶ͕ ĂŶĚŝƚƐĨĂĐŝůŝƚŝĞƐĂƐŵĂLJďĞĚĞƚĞƌŵŝŶĞĚďLJƚŚĞ E'/E Z͕ƐƉŽŶƐŽƌ͕ŽƌƚŚĞ&ĞĚĞƌĂůǀŝĂƚŝŽŶĚŵŝŶŝƐƚƌĂƚŝŽŶ;&ͿƚŽďĞ ƉĞƌƚŝŶĞŶƚƚŽĂƐĐĞƌƚĂŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƐƵĐŚƌĞŐƵůĂƚŝŽŶƐ͕ŽƌĚĞƌƐ͕ĂŶĚŝŶƐƚƌƵĐƚŝŽŶƐ͘tŚĞƌĞĂŶLJŝŶĨŽƌŵĂƚŝŽŶƌĞƋƵŝƌĞĚŽĨ ƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚŝƐŝŶƚŚĞĞdžĐůƵƐŝǀĞƉŽƐƐĞƐƐŝŽŶŽĨĂŶŽƚŚĞƌǁŚŽĨĂŝůƐŽƌƌĞĨƵƐĞƐƚŽĨƵƌŶŝƐŚƚŚŝƐŝŶĨŽƌŵĂƚŝŽŶ͕ƚŚĞ ƐƵďĐŽŶƐƵůƚĂŶƚƐŚĂůůƐŽĐĞƌƚŝĨLJƚŽƚŚĞ E'/E Z͕ƐƉŽŶƐŽƌ͕ŽƌƚŚĞ&͕ĂƐĂƉƉƌŽƉƌŝĂƚĞ͕ĂŶĚƐŚĂůůƐĞƚĨŽƌƚŚǁŚĂƚĞĨĨŽƌƚƐŝƚŚĂƐ ŵĂĚĞƚŽŽďƚĂŝŶƚŚĞŝŶĨŽƌŵĂƚŝŽŶ͘ ^ĂŶĐƚŝŽŶƐĨŽƌEŽŶĐŽŵƉůŝĂŶĐĞ͘/ŶƚŚĞĞǀĞŶƚŽĨƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŶŽŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŶŽŶ ͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶƉƌŽǀŝƐŝŽŶƐ ( ŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ƚŚĞ/dzƐŚĂůůŝŵƉŽƐĞƐƵĐŚĐŽŶƚƌĂĐƚƐĂŶĐƚŝŽŶƐĂƐŝƚŵĂLJĚĞƚĞƌŵŝŶĞƚŽďĞĂƉƉƌŽƉƌŝĂƚĞ͕ŝŶĐůƵĚŝŶŐ͕ďƵƚŶŽƚ ůŝŵŝƚĞĚƚŽ͗ ϭ͘tŝƚŚŚŽůĚŝŶŐŽĨƉĂLJŵĞŶƚƐƚŽƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƵŶĚĞƌƚŚĞĐŽŶƚƌĂĐƚƵŶƚŝůƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚĐŽŵƉůŝĞƐ͕ĂŶĚͬŽƌ͕ Ϯ͘ĂŶĐĞůůĂƚŝŽŶ͕ƚĞƌŵŝŶĂƚŝŽŶŽƌƐƵƐƉĞŶƐŝŽŶŽĨƚŚĞĐŽŶƚƌĂĐƚ͕ŝŶǁŚŽůĞŽƌŝŶƉĂƌƚ͘ WŽůŝĐLJ͘/ƚŝƐƚŚĞƉŽůŝĐLJŽĨƚŚĞKdƚŚĂƚŵŝŶŽƌŝƚLJďƵƐŝŶĞƐƐĞŶƚĞƌƉƌŝƐĞƐĂƐĚĞĨŝŶĞĚŝŶϰϵ&ZWĂƌƚϮϯƐŚĂůůŚĂǀĞƚŚĞŵĂdžŝŵƵŵ ) ŽƉƉŽƌƚƵŶŝƚLJƚŽƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨĐŽŶƚƌĂĐƚƐĨŝŶĂŶĐĞĚŝŶǁŚŽůĞŽƌŝŶƉĂƌƚǁŝƚŚ&ĞĚĞƌĂůĨƵŶĚƐƵŶĚĞƌƚŚŝƐ ĐŽŶƚƌĂĐƚ͘;ŽŶƐĞƋƵĞŶƚůLJ͕ƚŚĞD ƌĞƋƵŝƌĞŵĞŶƚƐŽĨϰϵ&ZWĂƌƚϮϯĂƉƉůLJƚŽƚŚŝƐĐŽŶƚƌĂĐƚĂŶĚƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚŚĞƌĞďLJ ĂŐƌĞĞƐƚŽĂďŝĚĞďLJƚŚĞƐĞƌĞƋƵŝƌĞŵĞŶƚƐ͘Ϳ KďůŝŐĂƚŝŽŶ͘dŚĞƐƵďĐŽŶƐƵůƚĂŶƚĂŐƌĞĞƐƚŽĞŶƐƵƌĞƚŚĂƚŵŝŶŽƌŝƚLJďƵƐŝŶĞƐƐĞŶƚĞƌƉƌŝƐĞƐĂƐĚĞĨŝŶĞĚŝŶϰϵ&ZWĂƌƚϮϯŚĂǀĞ * ƚŚĞŵĂdžŝŵƵŵŽƉƉŽƌƚƵŶŝƚLJƚŽƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨĐŽŶƚƌĂĐƚƐĂŶĚƐƵďĐŽŶƚƌĂĐƚƐĨŝŶĂŶĐĞĚŝŶǁŚŽůĞŽƌŝŶƉĂƌƚ ǁŝƚŚ&ĞĚĞƌĂůĨƵŶĚƐƉƌŽǀŝĚĞĚƵŶĚĞƌƚŚŝƐĐŽŶƚƌĂĐƚ͘/ŶƚŚŝƐƌĞŐĂƌĚ͕ĂůůĐŽŶƚƌĂĐƚŽƌƐƐŚĂůůƚĂŬĞĂůůŶĞĐĞƐƐĂƌLJĂŶĚƌĞƐƉŽŶƐŝďůĞ ƐƚĞƉƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚϰϵ&ZWĂƌƚϮϯƚŽĐŽŵƉĞƚĞĨŽƌĂŶĚƉĞƌĨŽƌŵĐŽŶƚƌĂĐƚƐ͘ŽŶƚƌĂĐƚŽƌƐƐŚĂůůŶŽƚĚŝƐĐƌŝŵŝŶĂƚĞŽŶƚŚĞ *& 3DFNHW3J (D ďĂƐŝƐŽĨƌĂĐĞ͕ĐŽůŽƌ͕ŶĂƚŝŽŶĂůŽƌŝŐŝŶ͕ƐĞdž͕ĚŝƐĂďŝůŝƚLJ͕ŽƌǀĞƚĞƌĂŶ͛ƐƐƚĂƚƵƐŝŶƚŚĞĂǁĂƌĚĂŶĚƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐKdĂƐƐŝƐƚĞĚ ĐŽŶƚƌĂĐƚ͘ *& 3DFNHW3J (D / EsK/ ŝƚLJWƌŽũĞĐƚEƵŵďĞƌ;:yyyyͿ ^ƚĂƚĞŝĚWƌŽũĞĐƚEŽ͘ dŽ͗ŽƵŐEĞůƐŽŶ ƐƚŝŵĂƚĞĚŽŵƉůĞƚŝŽŶ͗й ĞƉĂƌƚŵĞŶƚŽĨWƵďůŝĐtŽƌŬƐ ϮϬϭϰƚŚ^ƚƌĞĞƚ^ ͕ZŽŽŵϭϬϴ ZŽĐŚĞƐƚĞƌ͕DEϱϵϬϮWĞƌŝŽĚ ŶĚŝŶŐ͗ /ŶǀŽŝĐĞĂƚĞ͗ /EsK/ EK͘ͺͺͺͺͺͺͺ WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ ZĞ͗/dzŽŶƚƌĂĐƚEŽ͘ ŽŶƚƌĂĐƚ džƉŝƌĂƚŝŽŶĂƚĞ͗ĞĐϭ͕ϮϬϭdž dKd>dKd>DKhEd/>> KEdZd/>>/E'd,/^ WZ s/Kh^>z DKhEddKd /EsK/ />> ϭ͘/Z dK^d^ĨŽƌWƌŽĨĞƐƐŝŽŶĂů^ĞƌǀŝĐĞƐ͗ Ϯ͘Kd, Z/Z dK^d^͗ ;ƚƚĂĐŚƐƵƉƉŽƌƚĚŽĐƵŵĞŶƚĂƚŝŽŶͿ ϯ͘^hKEdZdKZ^ ͗ ;ƚƚĂĐŚƐƵƉƉŽƌƚĚŽĐƵŵĞŶƚĂƚŝŽŶͿ E d ZE/E'^dKd>^͗ dKd>DKhEdh d,/^/EsK/ ͗ 3DFNHW3J (D ZŽĐŚĞƐƚĞƌWƵďůŝĐtŽƌŬƐ^ƵƌǀĞLJĂŶĚͰŝǀŝůϯ ĞƐŝŐŶ^ƚĂŶĚĂƌĚĂŶĚĞůŝǀĞƌĂďůĞƐ dĞŵƉůĂƚĞƌĂǁŝŶŐƐ dŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌŚĂǀĞƚĞŵƉůĂƚĞĚƌĂǁŝŶŐƐƚŚĂƚƌĞƉƌĞƐĞŶƚƐŚĞĞƚĐƌĞĂƚŝŽŶĨŽƌŝŶŝǀŝůϯĂŶĚĚƌĂǁŝŶŐƐ͘dŚĞƐĞ ƚĞŵƉůĂƚĞƐĐŽŶƚĂŝŶƐƚĂŶĚĂƌĚůĂLJĞƌƐ͕ƐƚLJůĞƐ;ŝǀŝůϯĚ͕ƚĞdžƚ͕ĚŝŵĞŶƐŝŽŶͿ͕ĂŶĚďůŽĐŬƐ͘dŚĞƐĞƚĞŵƉůĂƚĞƐĂƌĞƉƌĞĨŝdžĞĚǁŝƚŚZWt ;ZŽĐŚĞƐƚĞƌWƵďůŝĐtŽƌŬƐͿƚŽĚŝĨĨĞƌĞŶƚŝĂƚĞƚŚĞƐĞĨƌŽŵĐŽŶƐƵůƚĂŶƚƐƚĂŶĚĂƌĚĚƌĂǁŝŶŐƐ͘ ZWtͲ/dzͺW>E͘tddŚĞŝƚLJƐŚĞĞƚďŽƌĚĞƌĂŶĚƚŝƚůĞďůŽĐŬ͘ ZWtͲd/d> ͺ^,dͺ/dz͘tdŝƚLJƉƌŽũĞĐƚƚŝƚůĞƐŚĞĞƚǁŝƚŚƐŝŐŶĂƚƵƌĞďůŽĐŬƐ͘ ZWtͲd/d> ͺ^,dͺ^dd ͘td^ƚĂƚĞĂŶĚƐƚĂƚĞͲĂŝĚƉƌŽũĞĐƚƚŝƚůĞƐŚĞĞƚǁŝƚŚƐŝŐŶĂƚƵƌĞďůŽĐŬƐ͘ ZWtͲd/d> ͺ^,dͺ& Z>&ĞĚĞƌĂůƉƌŽũĞĐƚƚŝůĞƐŚĞĞƚǁŝƚŚƐŝŐŶĂƚƵƌĞďůŽĐŬƐ͘ ZWtͲD^d ZͺϯϮϬϭϲ͘tdDĂƐƚĞƌŝǀŝůϯƉƌŽũĞĐƚƚĞŵƉůĂƚĞǁŝƚŚZWtƐƚĂŶĚĂƌĚŝǀůϯƐƚLJůĞƐ͘ ZWtͲW ͺZDW^͘td^ƚĂŶĚĂƌĚƉůĂŶƐŚĞĞƚůĂLJŽƵƚĨŽƌƉĞĚĞƐƚƌŝĂŶƌĂŵƉůŽĐĂƚŝŽŶĚĞƚĂŝůƐ͘ dŚŝƐƉůĂŶŵƵƐƚŝŶĐůƵĚĞĂůůŐƌĂĚĞďƌĞĂŬĞůĞǀĂƚŝŽŶƉŽŝŶƚƐŽŶƚŚĞƌĂŵƉƐǁŝƚŚĂŶĂƐƐŽĐŝĂƚĞĚ ůŽĐĂƚŝŽŶĂŶĚĞůĞǀĂƚŝŽŶƉŽŝŶƚƚĂďůĞĨŽƌĐŽŶƐƚƌƵĐƚŝŽŶ͘ W ZDWͺ yDW> ͘t'^ĂŵƉůĞƉůĂŶĨŽƌƚŚĞWĞĚĞƐƚƌŝĂŶƌĂŵƉĚĞƚĂŝůƉůĂŶƐŚŽǁŝŶŐƚŚĞůŽĐĂƚŝŽŶĚĞƚĂŝůƐĂŶĚ ĂƐƐŽĐŝĂƚĞĚƚĂďůĞƐǁŝƚŚĂůĞŐĞŶĚ͘ ^ƚĂŶĚĂƌĚZWt>ĂLJĞƌƐ dŚĞƐƚĂŶĚĂƌĚůĂLJĞƌŶĂŵĞƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞĂŶĚŝǀŝůϯĚƌĂǁŝŶŐĞůĞŵĞŶƚƐĐŽŶƚĂŝŶƉƌĞĨŝdžĞƐƚŚĂƚƌĞƉƌĞƐĞŶƚƚŚĞ ŝŶƚĞŶĚĞĚĚŝƐĐŝƉůŝŶĞĨŽƌƉůĂŶĐƌĞĂƚŝŽŶĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶ͘dŚĞƐĞůĂLJĞƌƉƌĞĨŝdžĞƐĂƌĞĂůƐŽƵƐĞĚƚŽĐĂƚĞŐŽƌŝnjĞƚŚĞŵǁŝƚŚƚŚĞ ůĂLJĞƌĨŝůƚĞƌŝŶƚŚĞůĂLJĞƌƉƌŽƉĞƌƚŝĞƐ͘ WƌĞĨŝdžĞƐĐƌŝƉƚŝŽŶ ƌŽƐŝŽŶŽŶƚƌŽů;^ŝůƚĨĞŶĐĞ͕ĚŝƚĐŚĐŚĞĐŬƐ͕ĞƌŽƐŝŽŶŵĂƚƐ͕ĞƚĐ͘Ϳ͘ 'Z'ƌĂĚŝŶŐ;ZŽĂĚǁĂLJ͕ƵƌďΘ'ƵƚƚĞƌ͕ƉĞĚĞƐƚƌŝĂŶĂŶĚĚƌŝǀĞǁĂLJĨĞĂƚƵƌĞƐͿ͘ >^>ĂŶĚƐĐĂƉŝŶŐ;ĞĐŽƌĂƚŝǀĞůĂŶĚƐĐĂƉĞĨĞĂƚƵƌĞƐͿ͘ Z ZĞŵŽǀĂůƐ W>WůĂŶůĂLJŽƵƚĞůĞŵĞŶƚƐ;WĂƌĐĞůůŝŶĞƐ͕ƉĂƌĐĞůƚĞdžƚ͕ZKt͕ĞĂƐĞŵĞŶƚƐͿ͘ WZWƌŽĨŝůĞŝŶĨŽƌŵĂƚŝŽŶ;'ƌĂĚŝŶŐĂŶĚƵŶĚĞƌŐƌŽƵŶĚůĂďĞůƐĂŶĚůŝŶĞǁŽƌŬͿ͘ YhYƵĂŶƚŝƚLJůĂLJĞƌƐĨŽƌŚĞůƉŝŶŐĚĞĨŝŶĞƋƵĂŶƚŝƚLJĂƌĞĂƐĂŶĚůĞŶŐƚŚƐ;ƚŚĞƐĞĂƌĞŶŽƉůŽƚůĂLJĞƌƐͿ͘ Z ůůƉƌŽũĞĐƚƌĞŵŽǀĂůƐ͘ ^h^ƵƌǀĞLJƌĞůĂƚĞĚůĂLJĞƌƐ;ŽŶƚŽƵƌƐ͕ƐƵƌǀĞLJƉŽŝŶƚƐ͕ƚŽƉŽŐƌĂƉŚLJͿ dZdƌĂĨĨŝĐůĂLJĞƌƐ;^ŝŐŶĂůƐ͕ƐƚƌŝƉŝŶŐ͕ƉĂƌŬŝŶŐͿ d dƵƌĨĞƐƚĂďůŝƐŚŵĞŶƚ;^ŽĚĚŝŶŐ͕ƐĞĞĚŝŶŐͿ h'ŝƚLJƵŶĚĞƌŐƌŽƵŶĚ;^ĂŶŝƚĂƌLJ͕ƐƚŽƌŵĂŶĚǁĂƚĞƌŵĂŝŶͿ hdhƚŝůŝƚLJĐŽŵƉĂŶLJƵƚŝůŝƚŝĞƐ;ŚĂƌƚĞƌ͕ĞŶƚƵƌLJ>ŝŶŬ͕ZWhͿ y^ƌŽƐƐƐĞĐƚŝŽŶƐ 3DFNHW3J (D ^ WƌĞĨŝdžͲͲĞƐĐƌŝƉƚŝŽŶWƌŽƉŽƐĞĚĐŽŶƐƚƌƵĐƚŝŽŶǁŝƚŚŝŶƚŚĞƉƌŽũĞĐƚ͘ y WƌĞĨŝdžͲͲĞƐĐƌŝƉƚŝŽŶ džŝƐƚŝŶŐĨƌŽŵĂƉƌĞǀŝŽƵƐŝŶƐƚĂůůĂƚŝŽŶ͘ >ĂLJĞƌDĂŶĂŐĞŵĞŶƚ dŚĞƚĞŵƉůĂƚĞĚƌĂǁŝŶŐƐŝŶĐůƵĚĞĚĞĨŝŶĞĚůĂLJĞƌĨŝůƚĞƌƐƚŚĂƚŚĞůƉŵĂŶĂŐĞƚŚĞůĂLJĞƌƐǁŝƚŚŝŶƚŚĞĚƌĂǁŝŶŐ͘ůĂLJĞƌĨŝůƚĞƌĨŝůĞ ŝǀŝůϯ͘ůĨƚ ŶĂŵĞĚǁŝůůĐƌĞĂƚĞƚŚŝƐĨŝůƚĞƌůŝƐƚŝĨŽŶĞŝƐŶŽƚĚĞĨŝŶĞĚŽƌŶĞĞĚƐƚŽďĞĐƌĞĂƚĞĚŝŶĂĐƵƐƚŽŵĚƌĂǁŝŶŐ͘ &ŝůĞƐĂƌĞĂǀĂŝůĂďůĞƚŚĂƚǁŚĞŶŝŵƉŽƌƚĞĚŝŶƚŽĂĚƌĂǁŝŶŐǁŝůůƐĞƚĂůĂLJĞƌƐƚĂƚĞĚĞĨŝŶŝŶŐƚŚĞůĂLJĞƌƉƌŽƉĞƌƚŝĞƐŶĞĞĚĞĚƚŽ ĚŝƐƉůĂLJƚŚĞƐƚĂŶĚĂƌĚZWtůĂLJĞƌƐĨŽƌĞĂĐŚƚLJƉĞŽĨƉůĂŶƚŚĂƚŝƐĐƌĞĂƚĞĚ͘ ͘>^>ĂLJĞƌ^ƚĂƚĞƐDĂŶĂŐĞƌ ^ĞƉĂƌĂƚĞĨŝůĞƐŚĂǀĞďĞĞŶĐƌĞĂƚĞĚƚŚĂƚǁŚĞŶŝŵƉŽƌƚĞĚĂŶĚƐĞƚĐƵƌƌĞŶƚǁŝƚŚƚŚĞ͕ǁŝůůƐĞƚƚŚĞ ƉƌŽƉĞƌƚŝĞƐĂŶĚƚŚĞĚŝƐƉůĂLJŽĨƚŚĞŐƌĂƉŚŝĐƐŶĞĞĚĞĚĨŽƌĞĂĐŚƉƌŽũĞĐƚĚŝƐĐŝƉůŝŶĞ͘ ZK^/KEKEdZK>͘>^ 'Z/E'͘>^ >E^W ͘>^ W ZDW d/>^͘>^ Z DKs>^͘>^ ^dZ/W/E'͘>^ dZ&&/KEdZK>͘>^ dhZ& ^d>/^,D Ed͘>^ hE Z'ZKhE͘>^ ZŽĐŚĞƐƚĞƌWƵďůŝĐtŽƌŬƐƉůĂŶƐĞƚĚĞůŝǀĞƌĂďůĞƐ tŚĞŶƐƵďŵŝƚƚŝŶŐƚŚĞďŝĚƉůĂŶƐĞƚĂƚĐŽŵƉůĞƚŝŽŶƚŽZŽĐŚĞƐƚĞƌWƵďůŝĐǁŽƌŬƐƚŚĞƐĞŝƚĞŵƐǁŝůůŶĞĞĚƚŽďĞŝŶĐůƵĚĞĚ͗ x ůĞĐƚƌŽŶŝĐĚƌĂǁŝŶŐƐŝŶƵƚŽͬŝǀŝůϯǀĞƌƐŝŽŶϮϬϭϲĐŽŵƉĂƚŝďůĞ͘ x dZE^D/d ůůĂƐƐŽĐŝĂƚĞĚƐƵƉƉŽƌƚĨŝůĞƐĂŶĚĚƌĂǁŝŶŐƐƚŚĂƚĐŽŵƉůĞƚĞƚŚĞƉůĂŶƐŚĞĞƚƐ͘hƐĞƚŚĞƵƚŽ ĐŽŵŵĂŶĚƚŽƉĂĐŬĂŐĞĂŶĚĐĂƉƚƵƌĞƚŚĞƐĞŶĞĐĞƐƐĂƌLJƐƵƉƉŽƌƚĨŝůĞƐ͘dŚĞĚƌĂǁŝŶŐƐƐŚĞĞƚƐǁŚĞŶŝŶŝƚŝĂůůLJ ƐƵďŵŝƚƚĞĚƐŚŽƵůĚĚŝƐƉůĂLJƚŚĞůĂLJĞƌƐĂƐƚŚĞLJĂƌĞƉƌŝŶƚĞĚĨŽƌƚŚĞďŝĚƉůĂŶƐĞƚ͘ x dŚĞĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶĂŶĚƉƌŽĨŝůĞƐŚĞĞƚƐƐŚŽƵůĚŝŶĐůƵĚĞĂůůƚŚĞŐƌĂĚĞĞůĞǀĂƚŝŽŶƐĂƚϮϱ͛ŝŶƚĞƌǀĂůƐĨŽƌĞĚŐĞŽĨ ƌŽĂĚǁĂLJ͕ĐƵƌďƐ͕ĐƵƌďĂŶĚƌŽĂĚǁĂLJƌĂĚŝƵƐ͛Ɛ͕ůĂŶĞƐ͕ƉĞĚĞƐƚƌŝĂŶĨĂĐŝůŝƚŝĞƐĂŶĚŝŶƚĞƌƐĞĐƚŝŽŶƐ͘ ƚƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶƐ͕ŐƌĂĚĞƉŽŝŶƚƐĂƚůĂŶĞŝŶƚĞƌƐĞĐƚƐƐŚĂůůƐŚŽǁůŽĐĂƚŝŽŶĂŶĚĞůĞǀĂƚŝŽŶƐĞŝƚŚĞƌŽŶƚŚĞƉůĂŶ R ǀŝĞǁǁŝƚŚĂƚĞdžƚůĂďĞůŽƌŝŶĂƚĂďůĞĨŽƌŵ͘ dŚĞĐŽŶƚƌŽůƉƌŽĨŝůĞƐŐƌĂƉŚŝĐŝŶƚŚĞƉƌŽĨŝůĞǀŝĞǁƐŚĂůůƐŚŽǁŐƌĂĚĞďƌĞĂŬĂŶĚƐĞŐŵĞŶƚƐůŽƉĞƐůĂďĞůĞĚŽŶ R ƚŚĞƉƌŽĨŝůĞĂůŽŶŐǁŝƚŚƚŚĞƉƌŽĨŝůĞŐƌĂĚĞƐĂƚϮϱ͛ŝŶƚĞƌǀĂůƐŝŶƚŚĞƉƌŽĨŝůĞǀŝĞǁ͘ ůůŽƚŚĞƌƉƌŽĨŝůĞŐƌĂĚĞƐƚŚĂƚĚŽŶŽƚĨŝƚŽŶƚŚĞƉƌŽĨŝůĞǀŝĞǁǁŝůůďĞƐƵďŵŝƚƚĞĚŝŶĂ͘ĐƐǀĨŝůĞĨŽƌŵĂƚƚŚĂƚŚĂƐ R ůŽĐĂƚŝŽŶĂŶĚĞůĞǀĂƚŝŽŶĚĞĨŝŶĞĚǁŝƚŚŝŶŝƚ͘ x WĞĚĞƐƚƌŝĂŶƌĂŵƉĚĞƚĂŝůƐƐŚŽǁŝŶŐŐƌĂĚĞƉŽŝŶƚůŽĐĂƚŝŽŶƐĂŶĚĞůĞǀĂƚŝŽŶƐƐŚĂůůďĞƉƌŽǀŝĚĞĚƵƐŝŶŐƚŚĞ ZWtͲW ͺZDW^͘tdƚĞŵƉůĂƚĞ͘ x dLJƉŝĐĂůƐĞĐƚŝŽŶƐ x ^ŚĞĞƚ^ĞƚDĂŶĂŐĞƌWƵďůŝĐtŽƌŬƐ͘Ɛƚ ƌĞĂƚĞĂƐŚĞĞƚƐĞƚŝŶƚŚĞƵƐŝŶŐƚŚĞĨŝůĞ͘ 3DFNHW3J (D dŚĞZWtƐƚĂŶĚĂƌĚƐŚĞĞƚƐĞƚƚĞŵƉůĂƚĞĨŝůĞƐŚŽƵůĚďĞƵƐĞĚŝĨƚŚĞĨŝĞůĚƐĚĞĨŝŶĞĚŝŶƚŚĞƉůĂŶƐŚĞĞƚƚŝƚůĞ R ďůŽĐŬƐŝƐƚŽďĞĨŝůůĞĚǁŝƚŚƚŚĞĂƉƉƌŽƉƌŝĂƚĞƉůĂŶŝŶĨŽƌŵĂƚŝŽŶĂƐĚĞĨŝŶĞĚŝŶƚŚĞƐŚĞĞƚƐĞƚĐƌĞĂƚĞĚ͘ x >ĂŶĚyD>ĨŝůĞƐ >ĂŶĚyD>ĨŝůĞƐǁŝůůďĞƌĞƋƵŝƌĞĚĨŽƌĐŽŶƐƚƌƵĐƚŝŽŶƐƚĂŬŝŶŐĂŶĚ'W^ƵƉůŽĂĚƐĨŽƌƚŚĞĐŽŶƚƌĂĐƚŽƌ͘ R dŚĞƐĞĨŝůĞƐĂƌĞƚŽŝŶĐůƵĚĞ͗ R ůŝŐŶŵĞŶƚƐ WƌŽĨŝůĞƐ &ŝŶĂůƐƵƌĨĂĐĞ WŝƉĞŶĞƚǁŽƌŬƐ ^ƵƌǀĞLJĞůŝǀĞƌĂďůĞƐ ŽŶƐƚƌƵĐƚŝŽŶƉůĂŶƌĞƋƵŝƌĞŵĞŶƚƐ ϭ͘ůŝŐŶŵĞŶƚĚĂƚĂĐŚĂƌƚƐŝŶĐůƵĚĞĚŝŶĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶ͘ Ϯ͘ůŝŐŶŵĞŶƚĚĂƚĂƉůĂŶǀŝĞǁƐŚĞĞƚƐǁŝƚŚƉƌŽƉĞƌůĂďĞůŝŶŐŽĨĚŝĨĨĞƌĞŶƚĂůŝŐŶŵĞŶƚƐ͘ ϯ͘ŽŶƚƌŽůƉŽŝŶƚĐŚĂƌƚƐƐŚŽǁŝŶŐŶŽƌƚŚŝŶŐ͕ĞĂƐƚŝŶŐĂŶĚĞůĞǀĂƚŝŽŶƐĨŽƌƉƌŽũĞĐƚĐŽŶƚƌŽů͘ ϰ͘/Ĩ'W^ŝƐƵƐĞĚĨŽƌƐĞƚƚŝŶŐŚŽƌŝnjŽŶƚĂůĐŽŶƚƌŽůƚŚĞŐĞŽŝĚŵŽĚĞůƵƐĞĚŵƵƐƚďĞŶŽƚĞĚŽŶƚŚĞƉůĂŶ͘ ϱ͘,ŽƌŝnjŽŶƚĂůĐŽŶƚƌŽůƉƌŽǀŝĚĞĚƐŚĂůůďĞKůŵƐƚĞĚŽƵŶƚLJĐŽŽƌĚŝŶĂƚĞƐLJƐƚĞŵǁŝƚŚĚĂƚƵŵďĞŝŶŐƐƉĞĐŝĨŝĞĚ͘ ϲ͘sĞƌƚŝĐĂůĐŽŶƚƌŽůŶĞĞĚƐƚŽďĞĞŝƚŚĞƌE'sϭϵϮϵŽƌEϭϵϴϴĂŶĚůĂďĞůĞĚŽŶƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶƐĂĐĐŽƌĚŝŶŐůLJ͘ ϳ͘ĞŶĐŚŵĂƌŬƐĂŶĚĐŽŶƚƌŽůƉŽŝŶƚƐƐŚĂůůďĞƐŚŽǁŶĂŶĚůĂďĞůĞĚŽŶĂůůƉůĂŶĂŶĚƉƌŽĨŝůĞƐŚĞĞƚƐ͘ ϴ͘WƌŽƉŽƐĞĚĐĞŶƚĞƌůŝŶĞĂŶĚĞdžŝƐƚŝŶŐŐƌŽƵŶĚƉƌŽĨŝůĞƐƐŚĂůůďĞƐŚŽǁŶŽŶƉůĂŶĂŶĚƉƌŽĨŝůĞƐŚĞĞƚƐ͘ ϵ͘dŽƉƵƌďĞůĞǀĂƚŝŽŶƐƐŚĂůůďĞƉƌŽǀŝĚĞĚŝŶƉƌŽĨŝůĞǀŝĞǁĂƚϮϱ͛ŝŶƚĞƌǀĂůƐĂŶĚĂƚƌĞƚƵƌŶƐ͕ƚĂƉĞƌƐ͕ŚŝŐŚͬůŽǁƉŽŝŶƚƐĂŶĚ ŽƚŚĞƌĐƌŝƚŝĐĂůůŽĐĂƚŝŽŶƐ͘WůƵƐ;нͿƐƚĂƚŝŽŶŝŶŐƐŚĂůůďĞŐŝǀĞŶĂƚƚŚĞƐĞŽƚŚĞƌůŽĐĂƚŝŽŶƐ͘ &ŝĞůĚƌĞƋƵŝƌĞŵĞŶƚƐ ϭ͘ŽŶƚƌŽůƉŽŝŶƚƐƐĞƚĨŽƌƉƌŽũĞĐƚƐƐŚĂůůďĞĂĨĞƌƌŽƵƐŵĞƚĂůƉŝƉĞŽƌƌĞďĂƌǁŝƚŚĂŵŝŶŝŵƵŵůĞŶŐƚŚŽĨϭϴ͟ĂŶĚĂ ŵŝŶŝŵƵŵĚŝĂŵĞƚĞƌŽĨЪ͘͟ Ϯ͘/ŶĚĞŶƐĞƵƌďĂŶĂƌĞĂƐǁŚĞƌĞŵĞƚĂůƉŝƉĞƐĐĂŶ͛ƚďĞƵƐĞĚĨŽƌĐŽŶƚƌŽůͲŵĂŐŶĂŝůƐ͕W<ŶĂŝůƐŽƌĐŚŝƐĞůĞĚĐƌŽƐƐĞƐĐĂŶďĞ ƵƐĞĚǁŝƚŚĂŵŝŶŝŵƵŵŽĨϮƌĞĨĞƌĞŶĐĞƚŝĞƐƐƵƉƉůŝĞĚ͘ ϯ͘ŽŶƚƌŽůƉŽŝŶƚƐŶĞĞĚƚŽďĞƐƉƌĞĂĚŽƵƚŽǀĞƌĞŶƚŝƌĞůĞŶŐƚŚŽĨƚŚĞƉƌŽũĞĐƚǁŝƚŚĂŵĂdžŝŵƵŵĚŝƐƚĂŶĐĞďĞƚǁĞĞŶƉŽŝŶƚƐ ŽĨϱϬϬ͛ĂŶĚĂŵŝŶŝŵƵŵŽĨƚŚƌĞĞĐŽŶƚƌŽůƉŽŝŶƚƐƉĞƌƉƌŽũĞĐƚůŽĐĂƚŝŽŶ͘ ϰ͘ŽŶƚƌŽůƉŽŝŶƚƐŶĞĞĚƚŽďĞůŽĐĂƚĞĚŝŶĂŵĂŶŶĞƌƐŽƚŚĂƚůŝŶĞŽĨƐŝŐŚƚŝƐĂǀĂŝůĂďůĞƚŽĂƚůĞĂƐƚƚǁŽŽƚŚĞƌĐŽŶƚƌŽů ƉŽŝŶƚƐ͘ ϱ͘ŽŶƚƌŽůƉŽŝŶƚƐƐŚĂůůďĞŵĂƌŬĞĚǁŝƚŚĂƐƚĞĞůĨĞŶĐĞƉŽƐƚǁŚĞŶĨĞĂƐŝďůĞŝĨŶŽƚƚŚĞŶĂǁŽŽĚůĂƚŚĞƐŚŽƵůĚďĞƵƐĞĚ͘ ϲ͘ůůŚLJĚƌĂŶƚƐǁŝƚŚŝŶƉƌŽƉŽƐĞĚĐŽŶƐƚƌƵĐƚŝŽŶůŝŵŝƚƐƐŚĂůůŚĂǀĞǀĞƌƚŝĐĂůĐŽŶƚƌŽůĞƐƚĂďůŝƐŚĞĚŽŶƚŚĞŵ;dŽƉEƵƚ ,LJĚƌĂŶƚͿ͘/ŶƚŚĞĂďƐĞŶĐĞŽĨŚLJĚƌĂŶƚƐ͕ƉĞƌŵĂŶĞŶƚǀĞƌƚŝĐĂůĐŽŶƚƌŽůƐŚĂůůďĞĞƐƚĂďůŝƐŚĞĚǁŝƚŚĂŵĂdžŝŵƵŵĚŝƐƚĂŶĐĞ ŽĨϱϬϬ͛ďĞƚǁĞĞŶůŽĐĂƚŝŽŶƐĂůŽŶŐĞŶƚŝƌĞƉƌŽũĞĐƚ͘ ϳ͘ĨŝůĞƐƐŚĂůůďĞĂƵĚŝƚĞĚʹyƌĞĨƐĂƚƚĂĐŚĞĚ͖ŶŽnjĞƌŽĞůĞǀĂƚŝŽŶ;Ϭ͘ϬϬͿƉŽŝŶƚƐ͖ƉƵƌŐĞƵŶƵƐĞĚůĂLJĞƌƐ͘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¶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x WRWDORIPLQXWHVWRVWDUWWKHKHDULQJDQGSURYLGHGPLQXWHVIRUUHEXWWDODWWKH HQGRIWKHKHDULQJ $OORWKHUVSHDNHUVZLOOEHOLPLWHGWRPLQXWHVHDFK x 6SHDNHUVPD\RQO\VSHDNRQFHGXULQJDJLYHQSXEOLFKHDULQJ x &RXQFLOPHPEHUVPD\DVNTXHVWLRQVRIDSHUVRQZKRKDVDOUHDG\VSRNHQ x *URXSVZKRKDYHDVLPLODUYLHZRQWKHPDWWHUEHLQJKHDUGDUHHQFRXUDJHGWR x GHVLJQDWHDVSRNHVSHUVRQ :KHQDSSURSULDWHSULRULW\ZLOOEHJLYHQWRWKRVHVSHDNHUVZKRPD\EHLPPHGLDWHO\ x LPSDFWHGE\WKH&RXQFLO·VGHFLVLRQHJQHLJKERUKRRGUHVLGHQWV $WLPHUZLOOEHXVHGWRPDQDJHVSHDNHUWLPHV2QFHVWDUWHGWKHWLPHUZLOOGLVSOD\ x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dd K&D/EE ^Kd 'ZEdKEdZd WZdD EdK& DW>KzD EdE KEKD/ s >KWD Ed KEKD/ s >KWD Ed/s/^/KE DŝŶŶĞƐŽƚĂ/ŶǀĞƐƚŵĞŶƚ&ƵŶĚ'ƌĂŶƚŽŶƚƌĂĐƚ 'ƌĂŶƚEƵŵďĞƌ͗WͲϭϳͲϬϬϬϳͲ,Ͳ&zϭϳ 'ƌĂŶƚŵŽƵŶƚ͗ΨϮϳϬ͕ϬϬϬ 'ƌĂŶƚĞĞ͗ŝƚLJŽĨZŽĐŚĞƐƚĞƌ ŽƌƌŽǁĞƌ͗sLJƌŝĂĚ͕/ŶĐ͘ dŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚŝƐďĞƚǁĞĞŶƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͕ĂĐƚŝŶŐƚŚƌŽƵŐŚƚŚĞĞƉĂƌƚŵĞŶƚŽĨ ŵƉůŽLJŵĞŶƚ ĂŶĚ ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ͕ ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚŝǀŝƐŝŽŶ͕ϯϯϮDŝŶŶĞƐŽƚĂ^ƚ͕͘^ƵŝƚĞ ϮϬϬ͕^ƚ͘WĂƵů͕ ƚŚ DEϱϱϭϬϭ;͞^dd ͟ͿĂŶĚŝƚLJŽĨZŽĐŚĞƐƚĞƌϮϬϭϰ^ƚƌĞĞƚ^ ͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰ;͞'ZEd ͟Ϳ͘ ZĞĐŝƚĂůƐ ϭ͘hŶĚĞƌDŝŶŶ͘^ƚĂƚ͘Αϭϭϲ:͘ϵϵϯĂŶĚϭϭϲ:͘ϵϵϰǁŚŝĐŚĞƐƚĂďůŝƐŚĞĚƚŚĞŐƵŝĚĞůŝŶĞƐĨŽƌƉƌŽǀŝĚŝŶŐďƵƐŝŶĞƐƐ ƐƵďƐŝĚŝĞƐ͕ĂŶĚϭϭϲ:͘ϴϳϯϭ͕ǁŚŝĐŚĞƐƚĂďůŝƐŚĞĚƚŚĞDŝŶŶĞƐŽƚĂ/ŶǀĞƐƚŵĞŶƚ&ƵŶĚ͕ƚŚĞ^ƚĂƚĞŝƐ ĞŵƉŽǁĞƌĞĚƚŽĞŶƚĞƌŝŶƚŽƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚ͘ Ϯ͘dŚĞ^ƚĂƚĞŝƐŝŶŶĞĞĚŽĨůŽĐĂůŐŽǀĞƌŶŵĞŶƚƚŽĂĚŵŝŶŝƐƚĞƌĨŝŶĂŶĐŝĂůĂƐƐŝƐƚĂŶĐĞƚŽĞůŝŐŝďůĞƉƌŽũĞĐƚƐŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚDŝŶŶ͘^ƚĂƚ͘Αϭϭϲ:͘ϴϳϯϭDŝŶŶĞƐŽƚĂ/ŶǀĞƐƚŵĞŶƚ&ƵŶĚ͖DŝŶŶĞƐŽƚĂZƵůĞƐŚĂƉƚĞƌ ϰϯϬϬ͖ĂŶĚƉŽůŝĐŝĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐĚĞǀĞůŽƉĞĚďLJƚŚĞ^ƚĂƚĞ͘ ϯ͘dŚĞ'ƌĂŶƚĞĞƌĞƉƌĞƐĞŶƚƐƚŚĂƚŝƚŝƐĚƵůLJƋƵĂůŝĨŝĞĚĂŶĚĂŐƌĞĞƐƚŽƉĞƌĨŽƌŵĂůůƐĞƌǀŝĐĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐ 'ƌĂŶƚŽŶƚƌĂĐƚƚŽƚŚĞƐĂƚŝƐĨĂĐƚŝŽŶŽĨƚŚĞ^ƚĂƚĞ͘ ϰ͘dŚĞ'ƌĂŶƚĞĞĂŶĚ^ƚĂƚĞĂƌĞĞŶƚĞƌŝŶŐŝŶƚŽƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚĨŽƌƉƵďůŝĐƉƵƌƉŽƐĞƐƚŚĂƚŝŶĐůƵĚĞƚŚĞ ĐƌĞĂƚŝŽŶŽƌƌĞƚĞŶƚŝŽŶŽĨũŽďƐƚŚĂƚƉĂLJƋƵĂůŝƚLJǁĂŐĞƐ͕ƚŚĞĞŶŚĂŶĐĞŵĞŶƚŽĨĞĐŽŶŽŵŝĐŐƌŽǁƚŚŝŶƚŚĞ ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂĂŶĚƚŚĞĞdžƉĂŶƐŝŽŶŽĨƚŚĞƚĂdžďĂƐĞŽĨƚŚĞůŽĐĂůĐŽŵŵƵŶŝƚLJǁŚĞƌĞƚŚĞďƵƐŝŶĞƐƐ ǁŝůůůŽĐĂƚĞŽƌĞdžƉĂŶĚ͘ ĞĨŝŶĞĚdĞƌŵƐ ĞĨŝŶĞĚƚĞƌŵƐ͘ƐƵƐĞĚŝŶƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚ͕ƚŚĞĨŽůůŽǁŝŶŐƚĞƌŵƐƐŚĂůůŚĂǀĞƚŚĞŵĞĂŶŝŶŐƐƐĞƚ ŽƵƚƌĞƐƉĞĐƚŝǀĞůLJĂĨƚĞƌƐƵĐŚƚĞƌŵ;ƚŚĞŵĞĂŶŝŶŐƐƚŽďĞĞƋƵĂůůLJĂƉƉůŝĐĂďůĞƚŽďŽƚŚƚŚĞƐŝŶŐƵůĂƌĂŶĚ ƉůƵƌĂůĨŽƌŵƐŽĨƚŚĞƚĞƌŵƐĚĞĨŝŶĞĚͿ͕ƵŶůĞƐƐƚŚĞĐŽŶƚĞdžƚƐƉĞĐŝĨŝĐĂůůLJŝŶĚŝĐĂƚĞƐŽƚŚĞƌǁŝƐĞ͗ ͞ƉƉůŝĐĂƚŝŽŶ͟ŵĞĂŶƐƚŚĞ'ƌĂŶƚĞĞ͛ƐĂƉƉůŝĐĂƚŝŽŶƚŽƚŚĞ^ƚĂƚĞĨŽƌĂDŝŶŶĞƐŽƚĂ/ŶǀĞƐƚŵĞŶƚ&ƵŶĚ ĂǁĂƌĚĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨƉƌŽǀŝĚŝŶŐĂůŽĂŶƚŽsLJƌŝĂĚ͕/ŶĐ͘;͞KZZKt Z͟Ϳ͘ ͞ĞŶĞĨŝƚĂƚĞ͟ŵĞĂŶƐƚŚĞĚĂƚĞĞƋƵŝƉŵĞŶƚĨŝŶĂŶĐĞĚƚŚƌŽƵŐŚĂDŝŶŶĞƐŽƚĂ/ŶǀĞƐƚŵĞŶƚ&ƵŶĚůŽĂŶŝƐ ĨƵůůLJŽƉĞƌĂƚŝŽŶĂůŽƌƚŚĞĚĂƚĞĂďƵŝůĚŝŶŐĐĞƌƚŝĨŝĐĂƚĞŽĨŽĐĐƵƉĂŶĐLJŝƐŝƐƐƵĞĚĨŽƌƌĞĂůƉƌŽƉĞƌƚLJ dĞƌŵŽĨ ĨŝŶĂŶĐĞĚƚŚƌŽƵŐŚĂDŝŶŶĞƐŽƚĂ/ŶǀĞƐƚŵĞŶƚ&ƵŶĚůŽĂŶĂƐĚĞĨŝŶĞĚŝŶ^ĞĐƚŝŽŶϭ͘ϮŽĨƚŚĞ ŐƌĞĞŵĞŶƚ ŽŶƉĂŐĞƚǁŽŽĨƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚ͘ ZĞǀ͘&Ğď͘ϮϬϭϳ ϭ 3DFNHW3J *D ͞ŽŵƉůŝĂŶĐĞĂƚĞ͟ŝƐƚŚĞĚĂƚĞƚǁŽLJĞĂƌƐĨƌŽŵƚŚĞĞŶĞĨŝƚĂƚĞĂƚǁŚŝĐŚũŽďĐƌĞĂƚŝŽŶĂŶĚǁĂŐĞ ŐŽĂůƐďLJƚŚĞŽƌƌŽǁĞƌŵƵƐƚďĞĐŽŵƉůĞƚĞĚ͘ ͞&Ƶůů Ͳ dŝŵĞ ƋƵŝǀĂůĞŶƚ;&d Ϳ͟ŝƐŽŶĞŽƌŵŽƌĞƉĞŽƉůĞǁŽƌŬŝŶŐĂƐƵŵŽĨϮ͕ϬϴϬŚŽƵƌƐŝŶĂĐĂůĞŶĚĂƌ LJĞĂƌ͘ ͞>ŽĂŶŐƌĞĞŵĞŶƚ͟ŝƐĂĚŽĐƵŵĞŶƚďĞƚǁĞĞŶƚŚĞ'ƌĂŶƚĞĞĂŶĚŽƌƌŽǁĞƌĚĞĨŝŶŝŶŐƚŚĞƚĞƌŵƐĂŶĚ ĐŽŶĚŝƚŝŽŶƐŽĨƚŚĞ>ŽĂŶ͘ dĞƌŵŽĨŐƌĞĞŵĞŶƚ ϭ͘ ϭ͘ϭ ĨĨĞĐƚŝǀĞĂƚĞ͗:ƵŶĞϭϱ͕ϮϬϭϳ WĞƌDŝŶŶ͘^ƚĂƚ͘Αϭϲ͘ϵϴƐƵďĚ͘ϱĂŶĚDŝŶŶ͘^ƚĂƚ͘Αϭϲ͘ϵϴƐƵďĚ͘ϳ͕ŶŽƉĂLJŵĞŶƚƐǁŝůůďĞŵĂĚĞ ƚŽƚŚĞ'ƌĂŶƚĞĞƵŶƚŝůƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚŝƐĨƵůůLJĞdžĞĐƵƚĞĚ͘ ͗ ϭ͘ϮĞŶĞĨŝƚĂƚĞ KĐƚŽďĞƌϯϭ͕ϮϬϭϴ ϭ͘ϯŽŵƉůŝĂŶĐĞĂƚĞ͗KĐƚŽďĞƌϯϭ͕ϮϬϮϬ ϭ͘ϰ džƉŝƌĂƚŝŽŶĂƚĞ͗:ĂŶƵĂƌLJϯϭ͕ϮϬϮϭ ϭ͘ϱ^ƵƌǀŝǀĂůŽĨdĞƌŵƐ͘dŚĞĨŽůůŽǁŝŶŐĐůĂƵƐĞƐƐƵƌǀŝǀĞƚŚĞĞdžƉŝƌĂƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐ'ƌĂŶƚ ŽŶƚƌĂĐƚ͗ϴ͘>ŝĂďŝůŝƚLJ͖ϵ͘^ƚĂƚĞƵĚŝƚƐ͖ϭϬ͘'ŽǀĞƌŶŵĞŶƚĂƚĂWƌĂĐƚŝĐĞƐ͖ϭϮ͘WƵďůŝĐŝƚLJĂŶĚ ŶĚŽƌƐĞŵĞŶƚ͖ϭϯ͘'ŽǀĞƌŶŝŶŐ>Ăǁ͕:ƵƌŝƐĚŝĐƚŝŽŶĂŶĚsĞŶƵĞ͖ϭϱ͘ĂƚĂŝƐĐůŽƐƵƌĞ͖ĂŶĚ džŚŝďŝƚ ϰ͘ZĞƉĂLJŵĞŶƚƐ͘ 'ƌĂŶƚĞĞ͛ƐƵƚŝĞƐ Ϯ͘ dŚĞ'ƌĂŶƚĞĞ͕ǁŚŽŝƐŶŽƚĂ^ƚĂƚĞĞŵƉůŽLJĞĞ͕ǁŝůů͗ Ϯ͘ϭWĞƌĨŽƌŵƚŚĞĚƵƚŝĞƐƐƉĞĐŝĨŝĞĚŝŶ džŚŝďŝƚǁŚŝĐŚŝƐĂƚƚĂĐŚĞĚĂŶĚŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚŝƐ'ƌĂŶƚ ŽŶƚƌĂĐƚ͘ Ϯ͘Ϯ/ŶĐůƵĚĞŝŶĂŶLJĐŽŶƚƌĂĐƚĂŶĚƐƵďͲŐƌĂŶƚ͕ŝŶĐůƵĚŝŶŐƚŚĞ>ŽĂŶŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞŽƌƌŽǁĞƌ͕ŝŶ ĂĚĚŝƚŝŽŶƚŽƉƌŽǀŝƐŝŽŶƐƚŚĂƚĚĞĨŝŶĞĂƐŽƵŶĚĂŶĚĐŽŵƉůĞƚĞĂŐƌĞĞŵĞŶƚ͕ƐƵĐŚƉƌŽǀŝƐŝŽŶƐƚŚĂƚ ƌĞƋƵŝƌĞĐŽŶƚƌĂĐƚŽƌƐ͕ƐƵďͲŐƌĂŶƚĞĞƐĂŶĚƚŚĞŽƌƌŽǁĞƌƚŽĐŽŵƉůLJǁŝƚŚĂƉƉůŝĐĂďůĞƐƚĂƚĞĂŶĚ ĨĞĚĞƌĂůůĂǁƐ͘ Ϯ͘ϯ ŶƐƵƌĞƚŚĂƚĂůůĐŽŶƚƌĂĐƚŽƌƐĂŶĚƐƵďĐŽŶƚƌĂĐƚŽƌƐƉĞƌĨŽƌŵŝŶŐǁŽƌŬĐŽǀĞƌĞĚďLJƚŚŝƐ'ƌĂŶƚĂƌĞƉĂŝĚ ĨŽƌƚŚĞŝƌǁŽƌŬƚŚĂƚŝƐƐĂƚŝƐĨĂĐƚŽƌŝůLJĐŽŵƉůĞƚĞĚ͘ Ϯ͘ϰ'ƌĂŶƚĞĞƐŚĂůůŵĂŬĞĂůůƌĞĂƐŽŶĂďůĞĞĨĨŽƌƚƐƚŽĐŽůůĞĐƚĂŶĚƐŚĂůůďĞĂƌĂůůĐŽƐƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚ ŵŽŶŝƚŽƌŝŶŐ͕ƐĞƌǀŝĐŝŶŐ͕ƌĞƉŽƌƚŝŶŐ͕ĂŶĚĞŶĨŽƌĐŝŶŐƚŚĞƚĞƌŵƐŽĨƚŚĞ>ŽĂŶŐƌĞĞŵĞŶƚ͘ dŝŵĞ ϯ͘ dŚĞ'ƌĂŶƚĞĞŵƵƐƚĐŽŵƉůLJǁŝƚŚĂůůŽĨƚŚĞƚŝŵĞƌĞƋƵŝƌĞŵĞŶƚƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚ͘/Ŷ ƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐ'ƌĂŶƚ͕ƚŝŵĞŝƐŽĨƚŚĞĞƐƐĞŶĐĞ͘ ŽŶƐŝĚĞƌĂƚŝŽŶŽĨƉĂLJŵĞŶƚ ϰ͘ ϰ͘ϭŽŶƐŝĚĞƌĂƚŝŽŶ͘dŚĞ^ƚĂƚĞǁŝůůƉĂLJƚŚĞ'ƌĂŶƚĞĞƵŶĚĞƌƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚĂƐĨŽůůŽǁƐ͗ ĂͿŽŵƉĞŶƐĂƚŝŽŶ͘dŚĞ'ƌĂŶƚĞĞǁŝůůďĞƌĞŝŵďƵƌƐĞĚĂĐĐŽƌĚŝŶŐƚŽƚŚĞĂƉƉƌŽǀĞĚƵĚŐĞƚ ĐŽŶƚĂŝŶĞĚŝŶ džŚŝďŝƚ͕ǁŚŝĐŚŝƐĂƚƚĂĐŚĞĚĂŶĚŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚ͘ ďͿdŽƚĂůKďůŝŐĂƚŝŽŶ͘dŚĞƚŽƚĂůŽďůŝŐĂƚŝŽŶŽĨƚŚĞ^ƚĂƚĞĨŽƌĂůůĐŽŵƉĞŶƐĂƚŝŽŶĂŶĚ ƌĞŝŵďƵƌƐĞŵĞŶƚƚŽƚŚĞ'ƌĂŶƚĞĞƵŶĚĞƌƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚǁŝůůŶŽƚĞdžĐĞĞĚΨϮϳϬ͕ϬϬϬ͘ ZĞǀ͘&Ğď͘ϮϬϭϳ Ϯ 3DFNHW3J *D ϰ͘Ϯ WĂLJŵĞŶƚZĞƋƵĞƐƚ͘dŚĞ^ƚĂƚĞǁŝůůĚŝƐďƵƌƐĞĨƵŶĚƐƚŽƚŚĞ'ƌĂŶƚĞĞƉƵƌƐƵĂŶƚƚŽƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚ͕ ďĂƐĞĚƵƉŽŶƉĂLJŵĞŶƚƌĞƋƵĞƐƚƐƐƵďŵŝƚƚĞĚďLJƚŚĞ'ƌĂŶƚĞĞĂŶĚƌĞǀŝĞǁĞĚĂŶĚĂƉƉƌŽǀĞĚďLJƚŚĞ ^ƚĂƚĞ͘ůůĨƵŶĚƐŵƵƐƚďĞĚŝƐďƵƌƐĞĚǁŝƚŚŝŶĂƚǁĞůǀĞͲŵŽŶƚŚƉĞƌŝŽĚŽĨƚŚĞ/ŶŝƚŝĂůŝƐďƵƌƐĞŵĞŶƚ ĂƚĞǁŝƚŚĂŵĂdžŝŵƵŵŽĨƚŚƌĞĞĚŝƐďƵƌƐĞŵĞŶƚƐ͘WĂLJŵĞŶƚƌĞƋƵĞƐƚƐŵƵƐƚďĞĂĐĐŽŵƉĂŶŝĞĚďLJ ƐƵƉƉŽƌƚŝŶŐŝŶǀŽŝĐĞƐƚŚĂƚƌĞůĂƚĞƚŽƚŚĞĂĐƚŝǀŝƚŝĞƐŝŶƚŚĞĂƉƉƌŽǀĞĚďƵĚŐĞƚĂŶĚƚŚĞĚŽĐƵŵĞŶƚĂƚŝŽŶ ĚĞƚĂŝůĞĚŝŶ^ĞĐƚŝŽŶϰ͘ϯŽĨƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚ͘dŚĞ^ƚĂƚĞǁŝůůƉƌŽǀŝĚĞƉĂLJŵĞŶƚƌĞƋƵĞƐƚĨŽƌŵƐ͘ /ĨƚŚĞ'ƌĂŶƚĞĞŚĂƐƌĞĐĞŝǀĞĚŝŶǀŽŝĐĞƐĨƌŽŵƚŚĞŽƌƌŽǁĞƌĨŽƌĞdžƉĞŶĚŝƚƵƌĞƐŵĂĚĞĂĨƚĞƌ ĨĨĞĐƚŝǀĞ ĂƚĞŽĨƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚďƵƚďĞĨŽƌĞƚŚĞ'ƌĂŶƚŝƐĐůŽƐĞĚŽƌƵŶƚŝůĂůůĨƵŶĚƐĂƌĞĚŝƐďƵƌƐĞĚ͕ ǁŚŝĐŚĞǀĞƌŝƐĞĂƌůŝĞƌ͕ƚŚĞ'ƌĂŶƚĞĞƐŚĂůůƐƵďŵŝƚƚŚŽƐĞŝŶǀŽŝĐĞƐƚŽƚŚĞ^ƚĂƚĞĨŽƌƌĞǀŝĞǁĂŶĚ ƚŚ ĂƉƉƌŽǀĂůŶŽůĂƚĞƌƚŚĂŶϮϱĚĂLJƐĂĨƚĞƌƚŚĞĞŶĚĚĂƚĞŽĨƚŚĞƐƚĂƚĞĨŝƐĐĂůLJĞĂƌŽĨ:ƵŶĞϯϬ͘dŽĞŶƐƵƌĞ ƚŚĂƚĂůůĨƵŶĚƐĂƌĞĚƌĂǁŶĚŽǁŶďLJƚŚĞĞdžƉŝƌĂƚŝŽŶĚĂƚĞŽĨƚŚĞ'ƌĂŶƚŽŶƚƌĂĐƚ͕Ăůů'ƌĂŶƚĞĞ ƉĂLJŵĞŶƚƌĞƋƵĞƐƚƐŵƵƐƚďĞƌĞĐĞŝǀĞĚďLJƚŚĞ^ƚĂƚĞĂƚůĞĂƐƚϯϬĚĂLJƐƉƌŝŽƌƚŽƚŚĞ džƉŝƌĂƚŝŽŶĂƚĞ͘ ϰ͘ϯŽĐƵŵĞŶƚĂƚŝŽŶ͘dŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶŵƵƐƚďĞƐƵďŵŝƚƚĞĚĂŶĚĂƉƉƌŽǀĞĚďLJƚŚĞ^ƚĂƚĞ ďĞĨŽƌĞĨƵŶĚƐǁŝůůďĞƌĞůĞĂƐĞĚ͗ ĂͿ>ŽĂŶŽĐƵŵĞŶƚƐ͘DŝŶŶĞƐŽƚĂ/ŶǀĞƐƚŵĞŶƚ&ƵŶĚ>ŽĂŶŐƌĞĞŵĞŶƚ͕ƉƌŽŵŝƐƐŽƌLJŶŽƚĞ͕ ĞǀŝĚĞŶĐĞŽĨƐĞĐƵƌŝƚLJĨŝůŝŶŐƐ;ƐĞĐƵƌŝƚLJĂŐƌĞĞŵĞŶƚǁŝƚŚhĨŝůŝŶŐͿ͘ ͘ ďͿ>ĞŶĚĞƌŽĐƵŵĞŶƚƐŽĐƵŵĞŶƚĂƚŝŽŶƚŚĂƚƉĂƌƚŝĐŝƉĂƚŝŶŐůĞŶĚĞƌƐĂŶĚŽƌĞƋƵŝƚLJŝŶũĞĐƚŝŽŶƐ ŚĂǀĞĐůŽƐĞĚŽŶƚŚĞŝƌĨŝŶĂŶĐŝŶŐ͗ ϭͿ ǀŝĚĞŶĐĞŽĨĚĞďƚĂŶĚĞƋƵŝƚLJŝŶũĞĐƚŝŽŶŝŶƚŚĞĂŵŽƵŶƚŽĨΨϱ͕ϳϬϬ͕ϬϬϬ͘ ϮͿŝƚLJŽĨZŽĐŚĞƐƚĞƌůŽĂŶŝŶƚŚĞĂŵŽƵŶƚŽĨΨϭϬϬ͕ϬϬϬ͘ ͘ ĐͿ/ŶǀŽŝĐĞƐ/ŶǀŽŝĐĞƐŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚĂƚŝŽŶĂƐĂƉƉƌŽǀĞĚďLJ >ŽĂŶKĨĨŝĐĞƌĨŽƌ ΨϮϳϬ͕ϬϬϬD/&ƌĞŝŵďƵƌƐĞŵĞŶƚĐŽƐƚƐĂŶĚΨϰ͕ϳϬϬ͕ϬϬϬŝŶůĞǀĞƌĂŐĞĐŽƐƚƐ͘ ϱ͘ ůŝŐŝďůĞŽƐƚƐ͘ ůŝŐŝďůĞĐŽƐƚƐŝŶĐůƵĚĞƚŚĞĐŽƐƚƐŝĚĞŶƚŝĨŝĞĚŝŶ džŚŝďŝƚŽĨƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚƚŚĂƚĂƌĞ [[410,1613,423,1666][11][,I,][Arial]] ŝŶĐƵƌƌĞĚĚƵƌŝŶŐƚŚĞĐŽŶƚƌĂĐƚƉĞƌŝŽĚĨŽƌĞƋƵŝƉŵĞŶƚ͘ ϲ͘ ŽŶĚŝƚŝŽŶƐŽĨWĂLJŵĞŶƚ͘ [[410,1725,423,1778][11][,I,][Arial]] ůůƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚďLJƚŚĞ'ƌĂŶƚĞĞƵŶĚĞƌƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚŵƵƐƚďĞƉĞƌĨŽƌŵĞĚƚŽƚŚĞ ^ƚĂƚ Ğ͛ƐƐĂƚŝƐĨĂĐƚŝŽŶ͕ĂƐĚĞƚĞƌŵŝŶĞĚĂƚƚŚĞƐŽůĞĚŝƐĐƌĞƚŝŽŶŽĨƚŚĞ^ƚĂƚĞ͛ƐƵƚŚŽƌŝnjĞĚ ZĞƉƌĞƐĞŶƚĂƚŝǀĞĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘dŚĞ'ƌĂŶƚĞĞǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂLJŵĞŶƚĨŽƌǁŽƌŬĨŽƵŶĚďLJƚŚĞ^ƚĂƚĞƚŽ ďĞƵŶƐĂƚŝƐĨĂĐƚŽƌLJŽƌƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞŽƌůŽĐĂůůĂǁ͘ dŚĞ^ƚĂƚĞǁŝůůŶŽƚĂƵƚŚŽƌŝnjĞĚŝƐďƵƌƐĞŵĞŶƚŽĨĨƵŶĚƐŝĨƚŚĞƌĞŚĂƐďĞĞŶĂŶLJĂĚǀĞƌƐĞĐŚĂŶŐĞŝŶƚŚĞ ŽƌƌŽǁĞƌ͛ƐĨŝŶĂŶĐŝĂůĐŽŶĚŝƚŝŽŶ͕ŽƌŐĂŶŝnjĂƚŝŽŶ͕ŽƉĞƌĂƚŝŽŶƐ͕ŽƌƚŚĞŝƌĂďŝů ŝƚLJƚŽƌĞƉĂLJƚŚĞƉƌŽũĞĐƚ ĨŝŶĂŶĐŝŶŐ͘&ƵŶĚƐŵƵƐƚďĞĚŝƐďƵƌƐĞĚƚŽƚŚĞŽƌƌŽǁĞƌǁŝƚŚŝŶϮϭĚĂLJƐŽĨƌĞĐĞŝƉƚŽĨD/&ŵŽŶĞLJ͘ ƵƚŚŽƌŝnjĞĚZĞƉƌĞƐĞŶƚĂƚŝǀĞ͘ ϳ͘ dŚĞ^ƚĂƚĞ͛ƐƵƚŚŽƌŝnjĞĚZĞƉƌĞƐĞŶƚĂƚŝǀĞŝƐďĚƵůůĂŚŝDŽŚĂŵĞĚ͕^ĞŶŝŽƌ>ŽĂŶKĨĨŝĐĞƌ͕ϭ ƐƚEĂƚŝŽŶĂů ĂŶŬƵŝůĚŝŶŐ͕ϯϯϮDŝŶŶĞƐŽƚĂ^ƚƌĞĞƚ͕^ƵŝƚĞ ϮϬϬ͕^ƚ͘WĂƵů͕DEϱϱϭϬϭ͕ϲϱϭͲϮϱϵͲϳϰϱϲ͕ ďĚƵůůĂŚŝ͘ŵŽŚĂŵĞĚΛƐƚĂƚĞ͘ŵŶ͘ƵƐ͕ŽƌŚŝƐͬŚĞƌƐƵĐĐĞƐƐŽƌ͕ĂŶĚŚĂƐƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJƚŽŵŽŶŝƚŽƌƚŚĞ 'ƌĂŶƚĞĞ͛ƐƉĞƌĨŽƌŵĂŶĐĞĂŶĚƚŚĞĂƵƚŚŽƌŝƚLJƚŽĂĐĐĞƉƚƚŚĞƐĞƌǀŝĐĞƐƉƌŽǀŝ ĚĞĚƵŶĚĞƌƚŚŝƐ'ƌĂŶƚ ŽŶƚƌĂĐƚ͘/ĨƚŚĞƐĞƌǀŝĐĞƐĂƌĞƐĂƚŝƐĨĂĐƚŽƌLJ͕ƚŚĞ^ƚĂƚĞ͛ƐƵƚŚŽƌŝnjĞĚZĞƉƌĞƐĞŶƚĂƚŝǀĞǁŝůůĐĞƌƚŝĨLJ ĂĐĐĞƉƚĂŶĐĞŽŶĞĂĐŚƉĂLJŵĞŶƚƌĞƋƵĞƐƚĨŽƌŵƐƵďŵŝƚƚĞĚĨŽƌƉĂLJŵĞŶƚ͘ dŚĞ'ƌĂŶƚĞĞ͛ƐƵƚŚŽƌŝnjĞĚZĞƉƌĞƐĞŶƚĂƚŝǀĞ;^ƚĂĨĨŽŶƚĂĐƚͿŝƐƌĞŶƚ^ǀĞŶďLJ͕^ĞŶŝŽƌĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ŶĂůLJƐƚ͕ϮϬϭϰ ƚŚ^ƚƌĞĞƚ^ ͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰ͕ϱϬϳͲϯϮϴͲϮϬϬϯ͕^ǀĞŶďLJΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ͕Žƌ ŚŝƐͬŚĞƌƐƵĐĐĞƐƐŽƌ͘/ĨƚŚĞ'ƌĂŶƚĞĞ͛ƐƵƚŚŽƌŝnjĞĚZĞƉƌĞƐĞŶƚĂƚŝǀĞĐŚĂŶŐĞƐĂƚĂŶLJƚŝŵĞĚƵƌŝŶŐƚŚŝƐ 'ƌĂŶƚŽŶƚƌĂĐƚ͕ƚŚĞ'ƌĂŶƚĞĞŵƵƐƚŝŵŵĞĚŝĂƚĞůLJŶŽƚŝĨLJƚŚĞ^ƚĂƚĞ͘ ZĞǀ͘&Ğď͘ϮϬϭϳ ϯ 3DFNHW3J *D ƐƐŝŐŶŵĞŶƚ͕ŵĞŶĚŵĞŶƚƐ͕tĂŝǀĞƌ͕ĂŶĚ'ƌĂŶƚŽŶƚƌĂĐƚŽŵƉůĞƚĞ ϴ͘ ϳ͘ϭƐƐŝŐŶŵĞŶƚ͘dŚĞ'ƌĂŶƚĞĞƐŚĂůůŶĞŝƚŚĞƌĂƐƐŝŐŶŶŽƌƚƌĂŶƐĨĞƌĂŶLJƌŝŐŚƚƐŽƌŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐ 'ƌĂŶƚŽŶƚƌĂĐƚǁŝƚŚŽƵƚƚŚĞƉƌŝŽƌǁƌŝƚƚĞŶĐŽŶƐĞŶƚŽĨƚŚĞ^ƚĂƚĞ͕ĂƉƉƌŽǀĞĚďLJƚŚĞƐĂŵĞƉĂƌƚŝĞƐǁŚŽ ĞdžĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚ͕ŽƌƚŚĞŝƌƐƵĐĐĞƐƐŽƌƐŝŶŽĨĨŝĐĞ͘ ϳ͘ϮŵĞŶĚŵĞŶƚƐ͘ŶLJĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚŵƵƐƚďĞŝŶǁƌŝƚŝŶŐĂŶĚǁŝůůŶŽƚďĞ ĞĨĨĞĐƚŝǀĞƵŶƚŝůŝƚŚĂƐďĞĞŶĞdžĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚďLJƚŚĞƐĂŵĞƉĂƌƚŝĞƐǁŚŽĞdžĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚ ƚŚĞŽƌŝŐŝŶĂů'ƌĂŶƚŽŶƚƌĂĐƚ͕ŽƌƚŚĞŝƌƐƵĐĐĞƐƐŽƌƐŝŶŽĨĨŝĐĞ͘ ϳ͘ϯtĂŝǀĞƌ͘/ĨƚŚĞ^ƚĂƚĞĨĂŝůƐƚŽĞŶĨŽƌĐĞĂŶLJƉƌŽǀŝƐŝŽŶŽĨƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚ͕ƚŚĂƚĨĂŝůƵƌĞĚŽĞƐŶŽƚ ǁĂŝǀĞƚŚĞƉƌŽǀŝƐŝŽŶŽƌƚŚĞ^ƚĂƚĞ͛ƐƌŝŐŚƚƚŽĞŶĨŽƌĐĞŝƚ͘ ϳ͘ϰ'ƌĂŶƚŽŶƚƌĂĐƚŽŵƉůĞƚĞ͘dŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚĐŽŶƚĂŝŶƐĂůůŶĞŐŽƚŝĂƚŝŽŶƐĂŶĚĂŐƌĞĞŵĞŶƚƐ ďĞƚǁĞĞŶƚŚĞ^ƚĂƚĞĂŶĚƚŚĞ'ƌĂŶƚĞĞ͘EŽŽƚŚĞƌƵŶĚĞƌƐƚĂŶĚŝŶŐƌĞŐĂƌĚŝŶŐƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚ͕ ǁŚĞƚŚĞƌǁƌŝƚƚĞŶŽƌŽƌĂů͕ŵĂLJďĞƵƐĞĚƚŽďŝŶĚĞŝƚŚĞƌƉĂƌƚLJ͘tŚĞƌĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƉƉůŝĐĂƚŝŽŶĂƌĞ ŝŶĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŽƚŚĞƌƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚ͕ƚŚĞŽƚŚĞƌƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐ'ƌĂŶƚ ŽŶƚƌĂĐƚǁŝůůƚĂŬĞƉƌĞĐĞĚĞŶĐĞŽǀĞƌƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƉƉůŝĐĂƚŝŽŶ͘ >ŝĂďŝůŝƚLJ ϴ͘ ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐĂŶĚůŝŵŝƚĂƚŝŽŶƐŽĨDŝŶŶ͘^ƚĂƚ͘Αϰϲϲ͕ƚŚĞ'ƌĂŶƚĞĞŵƵƐƚŝŶĚĞŵŶŝĨLJ͕ƐĂǀĞ͕ ĂŶĚŚŽůĚƚŚĞ^ƚĂƚĞ͕ŝƚƐĂŐĞŶƚƐ͕ĂŶĚĞŵƉůŽLJĞĞƐŚĂƌŵůĞƐƐĨƌŽŵĂŶLJĐůĂŝŵƐŽƌĐĂƵƐĞƐŽĨĂĐƚŝŽŶ͕ ŝŶĐůƵĚŝŶŐĂƚƚŽƌŶĞLJ͛ƐĨĞĞƐŝŶĐƵƌƌĞĚďLJƚŚĞ^ƚĂƚĞ͕ĂƌŝƐŝŶŐĨƌŽŵƚŚĞƉĞƌĨŽƌŵ ĂŶĐĞŽĨƚŚŝƐ'ƌĂŶƚ ŽŶƚƌĂĐƚďLJƚŚĞ'ƌĂŶƚĞĞŽƌƚŚĞ'ƌĂŶƚĞĞ͛ƐĂŐĞŶƚƐŽƌĞŵƉůŽLJĞĞƐ͘dŚŝƐůĂƵƐĞǁŝůůŶŽƚďĞĐŽŶƐƚƌƵĞĚ ƚŽďĂƌĂŶLJůĞŐĂůƌĞŵĞĚŝĞƐƚŚĞ'ƌĂŶƚĞĞŵĂLJŚĂǀĞĨŽƌƚŚĞ^ƚĂƚĞ͛ƐĨĂŝůƵƌĞƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂ ƚŝŽŶƐ ƵŶĚĞƌƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚ͘ ^ƚĂƚĞƵĚŝƚ ϵ͘ hŶĚ ĞƌDŝŶŶ͘^ƚĂƚ͘Αϭϲ͘ϵϴ͕^ƵďĚ͘ϴ͕ƚŚĞ'ƌĂŶƚĞĞ͛ƐŬƐ͕ƌĞĐŽƌĚƐ͕ĚŽĐƵŵĞŶƚƐ͕ĂŶĚĂĐĐŽƵŶƚŝŶŐ ƉƌŽĐĞĚƵƌĞƐĂŶĚƉƌĂĐƚŝĐĞƐŽĨƚŚĞ'ƌĂŶƚĞĞŽƌŽƚŚĞƌƉĂƌƚLJƌĞůĞǀĂŶƚƚŽƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚŽƌ ƚƌĂŶƐĂĐƚŝŽŶĂƌĞƐƵďũĞĐƚƚŽĞdžĂŵŝŶĂƚŝŽŶďLJƚŚĞ^ƚĂƚĞĂŶĚͬŽƌƚŚĞ^ƚĂƚĞƵĚŝƚŽƌŽƌ>ĞŐŝƐůĂƚŝǀĞƵĚŝƚŽƌ͕ ĂƐĂƉƉƌŽƉƌŝĂƚĞ͕ĨŽƌĂŵŝŶŝŵƵŵŽĨƐĞǀĞŶ;ϳͿLJĞĂƌƐĨƌŽŵƚŚĞĞŶĚŽĨƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚ͕ƌĞĐĞŝƉƚĂŶĚ ĂƉƉƌŽǀĂůŽĨĂůůĨŝŶĂůƌĞƉŽƌƚƐ͕ŽƌƚŚĞƌĞƋƵŝƌĞĚƉĞƌŝŽĚŽĨƚŝŵĞƚŽƐĂƚŝƐĨLJĂůůƐƚĂƚĞĂŶĚƉƌŽŐƌĂŵƌĞƚĞŶƚŝŽŶ ƌĞƋƵŝƌĞŵĞŶƚƐ͕ǁŚŝĐŚĞǀĞƌŝƐůĂƚĞƌ͘ 'ŽǀĞƌŶŵĞŶƚĂƚĂWƌĂĐƚŝĐĞƐ ϭϬ͘ ϭϬ͘ϭ'ŽǀĞƌŶŵĞŶƚĂƚĂWƌĂĐƚŝĐĞƐ͘dŚĞ'ƌĂŶƚĞĞĂŶĚ^ƚĂƚĞŵƵƐƚĐŽŵƉůLJǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂ 'ŽǀĞƌŶŵĞŶƚĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶ͘^ƚĂƚ͘ΑŚ͘ϭϯ͕ĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂƉƌŽǀŝĚĞĚďLJƚŚĞ^ƚĂƚĞ ƵŶĚĞƌƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚ͕ĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ĐŽůůĞĐƚĞĚ͕ƌĞĐĞŝǀĞĚ͕ƐƚŽƌĞĚ͕ƵƐĞĚ͕ ŵĂŝŶƚĂŝŶĞĚ͕ŽƌĚŝƐƐĞŵŝŶĂƚĞĚďLJƚŚĞ'ƌĂŶƚĞĞƵŶĚĞƌƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚ͘dŚĞĐŝǀŝůƌĞŵĞĚŝĞƐŽĨDŝŶŶ͘ ^ƚĂƚ͘Αϭϯ͘ϬϴĂƉƉůLJƚŽƚŚĞƌĞůĞĂƐĞŽĨĚĂƚĂƌĞĨĞƌƌĞĚƚŽŝŶƚŚŝƐůĂƵƐĞďLJĞŝƚŚĞƌƚŚĞ'ƌĂŶƚĞĞŽƌƚŚĞ ^ƚĂƚĞ͘ /ĨƚŚĞ'ƌĂŶƚĞĞƌĞĐĞŝǀĞƐĂƌĞƋƵĞƐƚƚŽƌĞůĞĂƐĞƚŚĞĚĂƚĂƌĞĨĞƌƌĞĚƚŽŝŶƚŚŝƐůĂƵƐĞ͕ƚŚĞ'ƌĂŶƚĞĞŵƵƐƚ ŝŵŵĞĚŝĂƚĞůLJŶŽƚŝĨLJƚŚĞ^ƚĂƚĞ͘dŚĞ^ƚĂƚĞǁŝůůŐŝǀĞƚŚĞ'ƌĂŶƚĞĞŝŶƐƚƌƵĐƚŝŽŶƐĐŽŶĐĞƌŶŝŶŐƚŚĞƌĞůĞĂƐĞ ŽĨƚŚĞĚĂƚĂƚŽƚŚĞƌĞƋƵĞƐƚŝŶŐƉĂƌƚLJďĞĨŽƌĞƚŚĞĚĂƚĂŝƐƌĞůĞĂƐĞĚ͘dŚĞ'ƌĂŶƚĞĞ͛ƐƌĞƐƉŽŶƐĞƚŽƚŚĞ ƌĞƋƵĞƐƚƐŚĂůůĐŽŵƉůLJǁŝƚŚĂůůĂƉƉůŝĐĂďůĞůĂǁ͘ tŽƌŬĞƌ Ɛ͛ŽŵƉĞŶƐĂƚŝŽŶ ϭϭ͘ dŚĞ'ƌĂŶƚĞĞĐĞƌƚŝĨŝĞƐƚŚĂƚŝƚŝƐŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚDŝŶŶ͘^ƚĂƚ͘Αϭϳϲ͘ϭϴϭ͕ƐƵďĚ͘Ϯ͕ƉĞƌƚĂŝŶŝŶŐƚŽ ǁŽƌŬĞƌƐ͛ĐŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞ͘dŚĞ'ƌĂŶƚĞĞ͛ƐĞŵƉůŽLJĞĞƐĂŶĚĂŐĞŶƚƐǁŝůůŶŽƚďĞ ĐŽŶƐŝĚĞƌĞĚ^ƚĂƚĞĞŵƉůŽLJĞĞƐ͘ŶLJĐůĂŝŵƐƚŚĂƚŵĂLJĂƌŝƐĞƵŶĚĞƌƚŚĞDŝŶŶĞƐŽƚĂtŽƌŬĞƌƐ͛ ZĞǀ͘&Ğď͘ϮϬϭϳ ϰ 3DFNHW3J *D ŽŵƉĞŶƐĂƚŝŽŶĐƚŽŶďĞŚĂůĨŽĨƚŚĞƐĞĞŵƉůŽLJĞĞƐĂŶĚĂŶLJĐůĂŝŵƐŵĂĚĞďLJĂŶLJƚŚŝƌĚƉĂƌƚLJĂƐĂ ĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶLJĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨƚŚĞƐĞĞŵƉůŽLJĞĞƐĂƌĞŝŶŶŽǁĂLJƚŚĞ^ƚĂƚĞ͛Ɛ ŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚLJ͘ WƵďůŝĐŝƚLJĂŶĚ ŶĚŽƌƐĞŵĞŶƚ ϭϮ͘ ϭϮ͘ϭWƵďůŝĐŝƚLJ͘ŶLJƉƵďůŝĐŝƚLJƌĞŐĂƌĚŝŶŐƚŚĞƐƵďũĞĐƚŵĂƚƚĞƌŽĨƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚŵƵƐƚŝĚĞŶƚŝĨLJƚŚĞ ^ƚĂƚĞĂƐƚŚĞƐƉŽŶƐŽƌŝŶŐĂŐĞŶĐLJ͘&ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐƉƌŽǀŝƐŝŽŶ͕ƉƵďůŝĐŝƚLJŝŶĐůƵĚĞƐŶŽƚŝĐĞƐ͕ ŝŶĨŽƌŵĂƚŝŽŶĂůƉĂŵƉŚůĞƚƐ͕ƉƌĞƐƐƌĞůĞĂƐĞƐ͕ƌĞƐĞĂƌĐŚ͕ƌĞƉŽƌƚƐ͕ƐŝŐŶƐ͕ĂŶĚƐŝŵŝůĂƌƉƵďůŝĐŶŽƚŝĐĞƐ ƉƌĞƉĂƌĞĚďLJŽƌĨŽƌƚŚĞ'ƌĂŶƚĞĞŝŶĚŝǀŝĚƵĂůůLJŽƌũŽŝŶƚůLJǁŝƚŚŽƚŚĞƌƐ͕ŽƌĂŶLJƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ǁŝƚŚ ƌĞƐƉĞĐƚƚŽƚŚĞƉƌŽŐƌĂŵ͕ƉƵďůŝĐĂƚŝŽŶƐ͕ŽƌƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚ͘ ϭϮ͘Ϯ ŶĚŽƌƐĞŵĞŶƚ͘dŚĞ'ƌĂŶƚĞĞĂŶĚƚŚĞŽƌƌŽǁĞƌŵƵƐƚŶŽƚĐůĂŝŵƚŚĂƚƚŚĞ^ƚĂƚĞĞŶĚŽƌƐĞƐŝƚƐ ƉƌŽĚƵĐƚƐŽƌƐĞƌǀŝĐĞƐ͘ 'ŽǀĞƌŶŝŶŐ>Ăǁ͕:ƵƌŝƐĚŝĐƚŝŽŶ͕ĂŶĚsĞŶƵĞ ϭϯ͘ DŝŶŶĞƐŽƚĂůĂǁ͕ǁŝƚŚŽƵƚƌĞŐĂƌĚƚŽŝƚƐĐŚŽŝĐĞͲŽĨͲůĂǁƉƌŽǀŝƐŝŽŶƐ͕ŐŽǀĞƌŶƐƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚ͘sĞŶƵĞ ĨŽƌĂůůůĞŐĂůƉƌŽĐĞĞĚŝŶŐƐŽƵƚŽĨƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚ͕ŽƌŝƚƐďƌĞĂĐŚ͕ŵƵƐƚďĞŝŶƚŚĞĂƉƉƌŽƉƌŝĂƚĞƐƚĂƚĞ ĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶZĂŵƐĞLJŽƵŶƚLJ͕DŝŶŶĞƐŽƚĂ͘ dĞƌŵŝŶĂƚŝŽŶ ϭϰ͘ ϭϰ͘ϭdĞƌŵŝŶĂƚŝŽŶďLJƚŚĞ^ƚĂƚĞ͘dŚĞ^ƚĂƚĞŵĂLJŝŵŵĞĚŝĂƚĞůLJƚĞƌŵŝŶĂƚĞƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚǁŝƚŚ ŽƌǁŝƚŚŽƵƚĐĂƵƐĞ͕ƵƉŽŶϯϬĚĂLJƐ͛ǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞ'ƌĂŶƚĞĞ͘hƉŽŶƚĞƌŵŝŶĂƚŝŽŶ͕ƚŚĞ'ƌĂŶƚĞĞ ǁŝůůďĞĞŶƚŝƚůĞĚƚŽƉĂLJŵĞŶƚ͕ĚĞƚĞƌŵŝŶĞĚŽŶĂƉƌŽͲƌĂƚĂďĂƐŝƐĨŽƌĂƉƉƌŽǀĞĚĐŽƐƚƐŝŶĐƵƌƌĞĚ͘ ϭϰ͘ϮdĞƌŵŝŶĂƚŝŽŶĨŽƌĂƵƐĞ͘dŚĞ^ƚĂƚĞŵĂLJŝŵŵĞĚŝĂƚĞůLJƚĞƌŵŝŶĂƚĞƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚŝĨƚŚĞ ^ƚĂƚĞĨŝŶĚƐƚŚĂƚƚŚĞƌĞŚĂƐďĞĞŶĂĨĂŝůƵƌĞƚŽĐŽŵƉůLJǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ'ƌĂŶƚŽŶƚƌĂĐƚ͕ůĞŐĂů ĚŽĐƵŵĞŶƚƐƌĞƋƵŝƌĞĚĨŽƌĚŝƐďƵƌƐĞŵĞŶƚŚĂǀĞŶŽƚďĞĞŶĞdžĞĐƵƚĞĚǁŝƚŚŝŶϵϬĚĂLJƐŽĨĞdžĞĐƵƚŝŽŶŽĨƚŚŝƐ 'ƌĂŶƚŽŶƚƌĂĐƚ͕ƚŚĂƚƌĞĂƐŽŶĂďůĞƉƌŽŐƌĞƐƐŚĂƐŶŽƚďĞĞŶŵĂĚĞŽƌƚŚĂƚƚŚĞƉƵƌƉŽƐĞƐĨŽƌǁŚŝĐŚƚŚĞ ĨƵŶĚƐǁĞƌĞŐƌĂŶƚĞĚŚĂǀĞŶŽƚďĞĞŶŽƌǁŝůůŶŽƚďĞĨƵůĨŝůůĞĚ͘dŚĞ^ƚĂƚĞŵĂLJƚĂŬĞĂĐƚŝŽŶƚŽƉƌŽƚĞĐƚ ƚŚĞŝŶƚĞƌĞƐƚƐŽĨƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͕ŝŶĐůƵĚŝŶŐƚŚĞƌĞĨƵƐĂůƚŽĚŝƐƚƌŝďƵƚĞĂĚĚŝƚŝŽŶĂůĨƵŶĚƐĂŶĚ ƌĞƋƵŝƌŝŶŐƚŚĞƌĞƚƵƌŶŽĨĂůůŽƌƉĂƌƚŽĨƚŚĞĨƵŶĚƐĂůƌĞĂĚLJĚŝƐďƵƌƐĞĚ͘ ϭϰ͘ϯdĞƌŵŝŶĂƚŝŽŶĨŽƌ/ŶƐƵĨĨŝĐŝĞŶƚ&ƵŶĚŝŶŐ͘dŚĞ^ƚĂƚĞŵĂLJŝŵŵĞĚŝĂƚĞůLJƚĞƌŵŝŶĂƚĞƚŚŝƐ'ƌĂŶƚ ŽŶƚƌĂĐƚŝĨ͗ ĂͿ/ƚĚŽĞƐŶŽƚŽďƚĂŝŶĨƵŶĚŝŶŐĨƌŽŵƚŚĞDŝŶŶĞƐŽƚĂ>ĞŐŝƐůĂƚƵƌĞ͖ ďͿKƌ͕ŝĨĨƵŶĚŝŶŐĐĂŶŶŽƚďĞĐŽŶƚŝŶƵĞĚĂƚĂůĞǀĞůƐƵĨĨŝĐŝĞŶƚƚŽĂůůŽǁĨŽƌƚŚĞƉĂLJŵĞŶƚŽĨƚŚĞ ƐĞƌǀŝĐĞƐĐŽǀĞƌĞĚŚĞƌĞ͘dĞƌŵŝŶĂƚŝŽŶŵƵƐƚďĞďLJǁƌŝƚƚĞŶŽƌĞůĞĐƚƌŽŶŝĐŶŽƚŝĐĞƚŽƚŚĞ'ƌĂŶƚĞĞ͘ dŚĞ^ƚĂƚĞŝƐŶŽƚŽďůŝŐĂƚĞĚƚŽƉĂLJĨŽƌĂŶLJƐĞƌǀŝĐĞƐƚŚĂƚĂƌĞƉƌŽǀŝĚĞĚĂĨƚĞƌŶŽƚŝĐĞĂŶĚĞĨĨĞĐƚŝǀĞ ĚĂƚĞŽĨƚĞƌŵŝŶĂƚŝŽŶ͘,ŽǁĞǀĞƌ͕ƚŚĞ'ƌĂŶƚĞĞǁŝůůďĞĞŶƚŝƚůĞĚƚŽƉĂLJŵĞŶƚĚĞƚĞƌŵŝŶĞĚŽŶĂƉƌŽͲ ƌĂƚĂďĂƐŝƐ͕ĨŽƌƐĞƌǀŝĐĞƐƐĂƚŝƐĨĂĐƚŽƌŝůLJƉĞƌĨŽƌŵĞĚƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚĨƵŶĚƐĂƌĞĂǀĂŝůĂďůĞ͘dŚĞ ^ƚĂƚĞǁŝůůŶŽƚďĞĂƐƐĞƐƐĞĚĂŶLJƉĞŶĂůƚLJŝĨƚŚĞĐŽŶƚƌĂĐƚŝƐƚĞƌŵŝŶĂƚĞĚďĞĐĂƵƐĞŽĨƚŚĞĚĞĐŝƐŝŽŶŽĨ ƚŚĞDŝŶŶĞƐŽƚĂ>ĞŐŝƐůĂƚƵƌĞ͕ŽƌŽƚŚĞƌĨƵŶĚŝŶŐƐŽƵƌĐĞ͕ŶŽƚƚŽĂƉƉƌŽƉƌŝĂƚĞĨƵŶĚƐ͘dŚĞ^ƚĂƚĞŵƵƐƚ ƉƌŽǀŝĚĞƚŚĞ'ƌĂŶƚĞĞŶŽƚŝĐĞŽĨůĂĐŬŽĨĨƵŶĚŝŶŐǁŝƚŚŝŶĂƌĞĂƐŽŶĂďůĞƚŝŵĞŽĨƚŚĞ^ƚĂƚĞ͛ƐƌĞĐĞŝǀŝŶŐ ƚŚĂƚŶŽƚŝĐĞ͘ ĂƚĂŝƐĐůŽƐƵƌĞ ϭϱ͘ hŶĚĞƌDŝŶŶ͘^ƚĂƚ͘ΑϮϳϬ͘ϲϱ͕ƐƵďĚ͘ϯ͕ĂŶĚŽƚŚĞƌĂƉƉůŝĐĂďůĞůĂǁ͕ƚŚĞ'ƌĂŶƚĞĞĐŽŶƐĞŶƚƐƚŽ ĚŝƐĐůŽƐƵƌĞŽĨŝƚƐƐŽĐŝĂůƐĞĐƵƌŝƚLJŶƵŵďĞƌ͕ĨĞĚĞƌĂůĞŵƉůŽLJĞƌƚĂdžŝĚĞŶƚŝĨŝĐĂƚŝŽŶŶƵŵďĞƌ͕ĂŶĚͬŽƌ DŝŶŶĞƐŽƚĂƚĂdžŝĚĞŶƚŝĨŝĐĂƚŝŽŶŶƵŵďĞƌ͕ĂůƌĞĂĚLJƉƌŽǀŝĚĞĚƚŽƚŚĞ^ƚĂƚĞ͕ƚŽĨĞĚĞƌĂůĂŶĚƐƚĂƚĞ ZĞǀ͘&Ğď͘ϮϬϭϳ ϱ 3DFNHW3J *D ĂŐĞŶĐŝĞƐĂŶĚƐƚĂƚĞƉĞƌƐŽŶŶĞůŝŶǀŽůǀĞĚǁŝƚŚƚŚĞƉĂLJŵĞŶƚŽĨƐƚĂƚĞŽďůŝŐĂƚŝŽŶƐ͘dŚĞƐĞ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶŶƵŵďĞƌƐŵĂLJďĞƵƐĞĚŝŶƚŚĞĞŶĨŽƌĐĞŵĞŶƚŽĨĨĞĚĞƌĂůĂŶĚƐƚĂƚĞƚĂdžůĂǁƐǁŚŝĐŚ ĐŽƵůĚƌĞƐƵůƚŝŶĂĐƚŝŽŶƌĞƋƵŝƌŝŶŐƚŚĞ'ƌĂŶƚĞĞƚŽĨŝůĞƐƚĂƚĞƚĂdžƌĞƚƵƌŶƐĂŶĚƉĂLJĚĞůŝŶƋƵĞŶƚƐƚĂƚĞ ƚĂdžůŝĂďŝůŝƚŝĞƐ͕ŝĨĂŶLJ͘ KƚŚĞƌWƌŽǀŝƐŝŽŶƐ ŽŶĨůŝĐƚŽĨ/ŶƚĞƌĞƐƚ ϭϲ͘ dŚĞ^dd ǁŝůůƚĂŬĞƐƚĞƉƐƚŽƉƌĞǀĞŶƚŝŶĚŝǀŝĚƵĂůĂŶĚŽƌŐĂŶŝnjĂƚŝŽŶĂůĐŽŶĨůŝĐƚƐŽĨŝŶƚĞƌĞƐƚŝŶ ƌĞĨĞƌĞŶĐĞƚŽ'ƌĂŶƚĞĞƐƉĞƌDŝŶŶ͘^ƚĂƚ͘Αϭϲ͘ϵϴĂŶĚĞƉĂƌƚŵĞŶƚŽĨĚŵŝŶŝƐƚƌĂƚŝŽŶ͕KĨĨŝĐĞŽĨ 'ƌĂŶƚƐDĂŶĂŐĞŵĞŶƚ͕WŽůŝĐLJEƵŵďĞƌϬϴͲϬϭŽŶĨůŝĐƚŽĨ/ŶƚĞƌĞƐƚWŽůŝĐLJĨŽƌ^ƚĂƚĞ'ƌĂŶƚͲDĂŬŝŶŐ͘ tŚĞŶĂĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚĐŽŶĐĞƌŶŝŶŐ^ƚĂƚĞŐƌĂŶƚͲŵĂŬŝŶŐŝƐƐƵƐƉĞĐƚĞĚ͕ĚŝƐĐůŽƐĞĚ͕Žƌ ĚŝƐĐŽǀĞƌĞĚ͕ƚƌĂŶƐƉĂƌĞŶĐLJƐŚĂůůďĞƚŚĞŐƵŝĚŝŶŐƉƌŝŶĐŝƉůĞŝŶĂĚĚƌĞƐƐŝŶŐŝƚ͘ KƌŐĂŶŝnjĂƚŝŽŶĂůĐŽŶĨůŝĐƚƐŽĨŝŶƚĞƌĞƐƚŽĐĐƵƌǁŚĞŶ͗ ͻĂ'ƌĂŶƚĞĞŝƐƵŶĂďůĞŽƌƉŽƚĞŶƚŝĂůůLJƵŶĂďůĞƚŽƌĞŶĚĞƌŝŵƉĂƌƚŝĂůĂƐƐŝƐƚĂŶĐĞŽƌĂĚǀŝĐĞƚŽƚŚĞ ^ƚĂƚĞĚƵĞƚŽĐŽŵƉĞƚŝŶŐĚƵƚŝĞƐŽƌůŽLJĂůƚŝĞƐ͘ ͻĂ'ƌĂŶƚĞĞ͛ƐŽďũĞĐƚŝǀŝƚLJŝŶĐĂƌƌLJŝŶŐŽƵƚƚŚĞŐƌĂŶƚŝƐŽƌŵŝŐŚƚďĞŽƚŚĞƌǁŝƐĞŝŵƉĂŝƌĞĚĚƵĞƚŽ ĐŽŵƉĞƚŝŶŐĚƵƚŝĞƐŽƌůŽLJĂůƚŝĞƐ͘ ͻĂ'ƌĂŶƚĞĞŚĂƐĂŶƵŶĨĂŝƌĐŽŵƉĞƚŝƚŝǀĞĂĚǀĂŶƚĂŐĞƚŚƌŽƵŐŚďĞŝŶŐĨƵƌŶŝƐŚĞĚƵŶĂƵƚŚŽƌŝnjĞĚ ƉƌŽƉƌŝĞƚĂƌLJŝŶĨŽƌŵĂƚŝŽŶŽƌƐŽƵƌĐĞƐĞůĞĐƚŝŽŶŝŶĨŽƌŵĂƚŝŽŶƚŚĂƚŝƐŶŽƚĂǀĂŝůĂďůĞƚŽĂůůĐŽŵƉĞƚŝƚŽƌƐ͘ KƌŐĂŶŝnjĂƚŝŽŶĂůĐŽŶĨůŝĐƚƐŝŶĐůƵĚĞĂŶLJŝŶĚŝǀŝĚƵĂůƉĂƌƚŽĨƚŚĞ'ƌĂŶƚĞĞ͘ /ŶĚŝǀŝĚƵĂůĐŽŶĨůŝĐƚƐŽĨŝŶƚĞƌĞƐƚŽĐĐƵƌǁŚĞŶ͗ ͻĂ'ƌĂŶƚĞĞƵƐĞƐŚŝƐͬŚĞƌƐƚĂƚƵƐŽƌƉŽƐŝƚŝŽŶƚŽŽďƚĂŝŶƐƉĞĐŝĂůĂĚǀĂŶƚĂŐĞ͕ďĞŶĞĨŝƚ͕ŽƌĂĐĐĞƐƐ ƚŽƚŚĞ'ƌĂŶƚĞĞ͛ƐƚŝŵĞ͕ƐĞƌǀŝĐĞƐ͕ĨĂĐŝůŝƚŝĞƐ͕ĞƋƵŝƉŵĞŶƚ͕ƐƵƉƉůŝĞƐ͕ďĂĚŐĞ͕ƵŶŝĨŽƌŵ͕ƉƌĞƐƚŝŐĞ͕Žƌ ŝŶĨůƵĞŶĐĞ͘ ͻĂ^ƚĂƚĞĞŵƉůŽLJĞĞŝƐĂŶĞŵƉůŽLJĞĞŽƌďŽĂƌĚŵĞŵďĞƌŽĨĂ'ƌĂŶƚĞĞƚŚĂƚŝƐĂŶŝŵŵĞĚŝĂƚĞ ĨĂŵŝůLJŵĞŵďĞƌŽĨĂŶŽǁŶĞƌ͕ĞŵƉůŽLJĞĞŽƌďŽĂƌĚŵĞŵďĞƌŽĨƚŚĞ'ƌĂŶƚĞĞ͘ dŚĞ^ƚĂƚĞĂŶĚƚŚĞ'ƌĂŶƚĞĞŵƵƐƚĂĐƚŝŵŵĞĚŝĂƚĞůLJƵƉŽŶĂŶLJƐƵŐŐĞƐƚŝŽŶ͕ŝŶƋƵŝƌLJ͕ŽƌŝŶƚŝŵĂƚŝŽŶ ƚŚĂƚĂŶŝŶĚŝǀŝĚƵĂůŽƌŽƌŐĂŶŝnjĂƚŝŽŶĂůĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚĞdžŝƐƚƐĂƚĂŶLJƉŽŝŶƚŝŶƚŚĞŐƌĂŶƚƉƌŽĐĞƐƐ͘ ^ƚĞƉƐŵƵƐƚďĞƚĂŬĞŶƚŽŝĚĞŶƚŝĨLJĂŶĚĂǀŽŝĚŽƌŵŝƚŝŐĂƚĞĂŶLJƉŽƚĞŶƚŝĂůĐŽŶĨůŝĐƚƐ͘dŚĞĐŽŶĨůŝĐƚŽĨ ŝŶƚĞƌĞƐƚŐƵŝĚĞůŝŶĞƐĐŽŶƚŝŶƵĞƚŚƌŽƵŐŚŽƵƚƚŚĞůŝĨĞŽĨƚŚĞŐƌĂŶƚĂŐƌĞĞŵĞŶƚ͘ dŚĞ'ZEd ŵƵƐƚĐŽŵƉůĞƚĞĂŶĚƐƵďŵŝƚĂŽŶĨůŝĐƚŽĨ/ŶƚĞƌĞƐƚŝƐĐůŽƐƵƌĞ&ŽƌŵŝŶĚŝĐĂƚŝŶŐ ǁŚĞƚŚĞƌŽƌŶŽƚĂƉĞƌĐĞŝǀĞĚ͕ƉŽƚĞŶƚŝĂů͕ŽƌĂĐƚƵĂůĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚĞdžŝƐƚƐ͘/ĨƚŚĞ'ZEd ŝĚĞŶƚŝĨŝĞƐĂŶĂĐƚƵĂů͕ƉŽƚĞŶƚŝĂůŽƌƉĞƌĐĞŝǀĞĚĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚŽŶƚŚĞĨŽƌŵ͕ƚŚĞ'ZEd ŵƵƐƚ ŝĚĞŶƚŝĨLJĂŶĚƐƵďŵŝƚŝƚƐĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚĂǀŽŝĚĂŶĐĞŽƌŵŝƚŝŐĂƚŝŽŶƉůĂŶ͘dŚĞ^dd ǁŝůůƌĞǀŝĞǁ ƚŚĞĨŽƌŵĂŶĚƚŚĞ'ZEd ͛ƐŝŶĚŝǀŝĚƵĂůŽƌŽƌŐĂŶŝnjĂƚŝŽŶĂůĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚĂǀŽŝĚĂŶĐĞŽƌ ŵŝƚŝŐĂƚŝŽŶƉůĂŶĂŶĚŽƚŚĞƌƌĞůĞǀĂŶƚĨĂĐƚƐ͕ŝĨŶĞĞĚĞĚ͕ƚŽĚĞƚĞƌŵŝŶĞŝĨĂŶĂĐƚƵĂů͕ƉŽƚĞŶƚŝĂůŽƌ ƉĞƌĐĞŝǀĞĚĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚĞdžŝƐƚƐ͕ĂƐĚĞĨŝŶĞĚďLJƉŽůŝĐLJŽƌŽƚŚĞƌƌĞůĞǀĂŶƚůĂǁ͘/ĨŝƚĚŽĞƐ͕ƚŚĞ ^dd ǁŝůůƉƵƌƐƵĞĂƉƉƌŽƉƌŝĂƚĞĂĐƚŝŽŶƐƚŽŵŝƚŝŐĂƚĞ͕ŶĞƵƚƌĂůŝnjĞ͕ŽƌĂǀŽŝĚƚŚĞƉŽƚĞŶƚŝĂů͕ƉĞƌĐĞŝǀĞĚ ŽƌĂĐƚƵĂůŝŶĚŝǀŝĚƵĂůŽƌŽƌŐĂŶŝnjĂƚŝŽŶĂůĐŽŶĨůŝĐƚƐŽĨŝŶƚĞƌĞƐƚ͘dŚĞƐĞŵĂLJŝŶĐůƵĚĞ͕ďƵƚŶŽƚďĞůŝŵŝƚĞĚ ƚŽ͕ƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞŐƌĂŶƚĂŐƌĞĞŵĞŶƚ͖ĚŝƐƋƵĂůŝĨŝĐĂƚŝŽŶĨƌŽŵĨƵƚƵƌĞ^ƚĂƚĞŐƌĂŶƚĂǁĂƌĚƐ͕ŝĨŝƚŝƐ ZĞǀ͘&Ğď͘ϮϬϭϳ ϲ 3DFNHW3J *D ĚĞƚĞƌŵŝŶĞĚƚŚĂƚŝƚŝŵƉƌŽƉĞƌůLJĨĂŝůĞĚƚŽĚŝƐĐůŽƐĞĂŬŶŽǁŶŝŶĚŝǀŝĚƵĂůŽƌŽƌŐĂŶŝnjĂƚŝŽŶĂůĐŽŶĨůŝĐƚ ŽĨŝŶƚĞƌĞƐƚŽƌŵŝƐƌĞƉƌĞƐĞŶƚĞĚŝŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐƐƵĐŚĐŽŶĨůŝĐƚ͖ƌĞǀŝ ƐŝŶŐƚŚĞ'ZEd ͛Ɛ ĚƵƚŝĞƐƐŽƚŚĂƚƚŚĞĐŽŶĨůŝĐƚŝƐŵŝƚŝŐĂƚĞĚ͖ĂůůŽǁŝŶŐƚŚĞ'ZEd ƚŽƉƌŽƉŽƐĞƚŚĞĞdžĐůƵƐŝŽŶŽĨƚĂƐŬ ĂƌĞĂƐƚŚĂƚĐƌĞĂƚĞĂĐŽŶĨůŝĐƚ͕ŝĨĂƉƉƌŽƉƌŝĂƚĞ͖ĂůůŽǁŝŶŐƚŚĞŝŶĚŝǀŝĚƵĂůǁŝƚŚƚŚĞĐŽŶĨůŝĐƚƚŽďĞ ƌĞŵŽǀĞĚĨƌŽŵƚĂŬŝŶŐĂŶLJĂĐƚŝŽŶƐŝŶƌĞůĂƚŝŽŶƚŽƚŚĞŐƌĂŶƚĂŐƌĞĞŵĞŶƚ͘ /ŶĐĂƐĞƐǁŚĞƌĞĂƉĞƌĐĞŝǀĞĚ͕ƉŽƚĞŶƚŝĂů͕ŽƌĂĐƚƵĂůŝŶĚŝǀŝĚƵĂůŽƌŽƌŐĂŶŝnjĂƚŝŽŶĂůĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚ ŝƐƐƵƐƉĞĐƚĞĚ͕ĚŝƐĐůŽƐĞĚ͕ŽƌĚŝƐĐŽǀĞƌĞĚďLJƚŚĞ'ZEd ƚŚƌŽƵŐŚŽƵƚƚŚĞůŝĨĞŽĨƚŚĞŐƌĂŶƚ ĂŐƌĞĞŵĞŶƚ͕ƚŚĞLJŵƵƐƚŝŵŵĞĚŝĂƚĞůLJŶŽƚŝĨLJ^dd ĨŽƌĂƉƉƌŽƉƌŝĂƚĞĂĐƚŝŽŶƐƚĞƉƐƚŽďĞƚĂŬĞŶ͕ĂƐ ĚĞĨŝŶĞĚĂďŽǀĞ͘ 'ƌĂŶƚĞĞŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌĞŶĨŽƌĐĞŵĞŶƚŽĨƚŚŝƐĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚƉƌŽǀŝƐŝŽŶĨŽƌĂŶLJĂŶĚĂůůƐƵďͲ ŐƌĂŶƚĞĞƐͬƐƵďͲƌĞĐŝƉŝĞŶƚƐŽĨĨƵŶĚŝŶŐƵŶĚĞƌƚŚŝƐŐƌĂŶƚĂŐƌĞĞŵĞŶƚ͘tŚĞŶĂŐƌĂŶƚĞĞŐŝǀĞƐĨƵŶĚƐ ƚŽĂŶLJƐƵďͲŐƌĂŶƚĞĞƐŽƌƐƵďͲƌĞĐŝƉŝĞŶƚƐ͕ ΖƐĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞ ŝŶĐůƵĚĞĚŝŶƚŚĞŐƌĂŶƚĂŐƌĞĞŵĞŶƚƐǁŝƚŚĂŶLJĂŶĚĂůůƐƵďͲŐƌĂŶƚĞĞƐŽƌƐƵďͲƌĞĐŝƉŝĞŶƚƐĂŶĚǁŝƚŚĂůů ĂĚĚŝƚŝŽŶĂůƚŝĞƌƐŽĨƐƵďͲŐƌĂŶƚĞĞƐŽƌƐƵďͲƌĞĐŝƉŝĞŶƚƐ͘ůůŽĨƚŚĞĂďŽǀĞƉƌŽǀŝƐŝŽŶƐĂƉƉůLJƚŽĂŶLJƐƵďͲ ŐƌĂŶƚĞĞƐĂŶĚĂƉƉůŝĐĂďůĞůĂŶŐƵĂŐĞŵƵƐƚďĞŝŶĐůƵĚĞĚŝŶƚŚĞŐƌĂŶƚĞĞͬƐƵďͲŐƌĂŶƚĞĞĂŐƌĞĞŵĞŶƚƐ͘ ^ƵĐĐĞƐƐŽƌƐĂŶĚƐƐŝŐŶĞĞƐ ϭϳ͘ dŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚƐŚĂůůďĞďŝŶĚŝŶŐƵƉŽŶĂŶLJƐƵĐĐĞƐƐŽƌƐŽƌĂƐƐŝŐŶĞĞƐŽĨƚŚĞƉĂƌƚŝĞƐ͘ DŝŶŶĞƐŽƚĂƵƐŝŶĞƐƐ^ƵďƐŝĚLJ>Ăǁ ϭϴ͘ dŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚŵƵƐƚĐŽŵƉůLJǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂƵƐŝŶĞƐƐ^ƵďƐŝĚLJ>Ăǁ͕DŝŶŶ͘^ƚĂƚΑΑ ϭϭϲ:͘ϵϵϯͲϭϭϲ:͘ϵϵϱĂƐĂƉƉůŝĐĂďůĞ͘ ĨĨŝƌŵĂƚŝǀĞĐƚŝŽŶ ϭϵ͘ dŚĞ'ƌĂŶƚĞĞŝƐĞŶĐŽƵƌĂŐĞĚƚŽƉƌĞƉĂƌĞĂŶĚŝŵƉůĞŵĞŶƚĂŶĂĨĨŝƌŵĂƚŝǀĞĂĐƚŝŽŶƉůĂŶĨŽƌƚŚĞ ĞŵƉůŽLJŵĞŶƚŽĨŵŝŶŽƌŝƚLJƉĞƌƐŽŶƐ͕ǁŽŵĞŶ͕ĂŶĚƚŚĞƋƵĂůŝĨŝĞĚĚŝƐĂďůĞĚ͘ ŝƐĐƌŝŵŝŶĂƚŝŽŶŽŶĐĐŽƵŶƚŽĨZĂĐĞ͕ƌĞĞĚ͕ŽƌŽůŽƌ ϮϬ͘ dŚĞƉƌŽǀŝƐŝŽŶƐŽĨDŝŶŶ͘^ƚĂƚ͘Αϭϴϭ͘ϱϵĂŶĚĂŶLJƐƵĐĐĞƐƐŽƌƐƚĂƚƵƚĞƐ͕ǁŚŝĐŚƌĞůĂƚĞƚŽĐŝǀŝůƌŝŐŚƚƐ ĂŶĚĚŝƐĐƌŝŵŝŶĂƚŝŽŶ͕ƐŚĂůůďĞĐŽŶƐŝĚĞƌĞĚĂƉĂƌƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚĂƐƚŚŽƵŐŚǁŚŽůůLJƐĞƚĨŽƌƚŚ ŚĞƌĞŝŶĂŶĚƚŚĞŽƌƌŽǁĞƌƐŚĂůůĐŽŵƉůLJǁŝƚŚĞĂĐŚƐƵĐŚƉƌŽǀŝƐŝŽŶƚŚƌŽƵŐŚŽƵƚƚŚĞƚĞƌŵŽĨƚŚŝƐ ŐƌĞĞŵĞŶƚ͘ ZĞǀ͘&Ğď͘ϮϬϭϳ ϳ 3DFNHW3J *D ϭ͘^dd EhDZE s Z/&/d/KEϯ͘^dd ' Ez /ŶĚŝǀŝĚƵĂůĐĞƌƚŝĨŝĞƐƚŚĂƚĨƵŶĚƐŚĂǀĞďĞĞŶĞŶĐƵŵďĞƌĞĚ ĂƐƌĞƋƵŝƌĞĚďLJDŝŶŶ͘^ƚĂƚ͘ΑΑϭϲ͘ϭϱĂŶĚ ϭϲ͘Ϭϱ͘ ^ŝŐŶĞĚ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺLJ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ;ǁŝƚŚĚĞůĞŐĂƚĞĚĂƵƚŚŽƌŝƚLJͿ ĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺdŝƚůĞ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ^t/&dŽŶƚƌĂĐƚͬWKEŽ;ƐͿ Ϯ͘'ZEd dŚĞ'ƌĂŶƚĞĞĐĞƌƚŝĨŝĞƐƚŚĂƚƚŚĞĂƉƉƌŽƉƌŝĂƚĞƉĞƌƐŽŶ;ƐͿŚĂǀĞ ĞdžĞĐƵƚĞĚƚŚĞŐƌĂŶƚĐŽŶƚƌĂĐƚŽŶďĞŚĂůĨŽĨƚŚĞ'ƌĂŶƚĞĞĂƐ ƌĞƋƵŝƌĞĚďLJĂƉƉůŝĐĂďůĞĂƌƚŝĐůĞƐ͕ďLJůĂǁƐ͕ƌĞƐŽůƵƚŝŽŶƐ͕Žƌ ŽƌĚŝŶĂŶĐĞƐ͘ LJ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ dŝƚůĞ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ LJ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ dŝƚůĞ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ŝƐƚƌŝďƵƚŝŽŶ͗ ŐĞŶĐLJ 'ƌĂŶƚĞĞ ^ƚĂƚĞ͛ƐƵƚŚŽƌŝnjĞĚZĞƉƌĞƐĞŶƚĂƚŝǀĞʹWŚŽƚŽŽƉLJ ZĞǀ͘&Ğď͘ϮϬϭϳ ϴ 3DFNHW3J *D y,//d 'ZEd hd/ ^ dŚĞ'ƌĂŶƚĞĞ͕ǁŚŽŝƐŶŽƚĂ^ƚĂƚĞĞŵƉůŽLJĞĞ͕ǁŝůů͕ ϭ͘ĚŵŝŶŝƐƚĞƌƚŚĞƉƌŽũĞĐƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞDŝŶŶĞƐŽƚĂ/ŶǀĞƐƚŵĞŶƚ&ƵŶĚ WƌŽŐƌĂŵ͕DŝŶŶ͘^ƚĂƚ͘Αϭϭϲ:͘ϴϳϯϭ͖DŝŶŶ͘ZƵůĞƐ͕ŚĂƉƚĞƌϰϯϬϬ͖ĂŶĚƉŽůŝĐŝĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐ ĚĞǀĞůŽƉĞĚďLJƚŚĞ^ƚĂƚĞ͘ Ϯ͘ ŶƚĞƌŝŶƚŽĂ>ŽĂŶŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞŽƌƌŽǁĞƌĨŽƌΨϮϳϬ͕ϬϬϬ͕;͞>KE͟ͿĂŶĚĂƐƐƵƌĞƚŚĞĨŽůůŽǁŝŶŐ ĐŽŶĚŝƚŝŽŶƐĂƌĞŝŶĐůƵĚĞĚŝŶƐƵĐŚ>ŽĂŶŐƌĞĞŵĞŶƚ͗ Ϯ͘ϭŽŶĚŝƚŝŽŶƐ ĂͿ>ŽĂŶdĞƌŵ͗ϱLJĞĂƌƐ ďͿ/ŶƚĞƌĞƐƚZĂƚĞ͗ϯй ĐͿŽůůĂƚĞƌĂů͗ ƋƵŝƉŵĞŶƚǁŽƌƚŚΨϭ͕ϬϬϬ͕ϬϬϬ Ϯ͘Ϯ:ŽďƌĞĂƚŝŽŶĂŶĚtĂŐĞƐ ĂͿdŚĞŽƌƌŽǁĞƌŝĚĞŶƚŝĨŝĞĚϮĨƵůůƚŝŵĞĞƋƵŝǀĂůĞŶƚ;&d ͿďĂƐĞũŽďƐƚŚĂƚŵƵƐƚďĞŵĂŝŶƚĂŝŶĞĚ ƚŚƌŽƵŐŚƚŚĞŽŵƉůŝĂŶĐĞĂƚĞ͘ ďͿdŚĞŽƌƌŽǁĞƌǁŝůůĐƌĞĂƚĞϮϬŶĞǁƉĞƌŵĂŶĞŶƚŶŽŶͲĐŽŶƚƌĂĐƚ&d ũŽďƐ͕ĂůůƉĂLJŝŶŐĂƚůĞĂƐƚ Ψϭϳ͘ϬϬƉĞƌŚŽƵƌŽƌŵŽƌĞŝŶĐĂƐŚǁĂŐĞƐ͕ĞdžĐůƵƐŝǀĞŽĨĞŶĞĨŝƚƐ͕ĂŶĚΨϮϯ͘ϬϬƉĞƌŚŽƵƌ ŝŶĐůƵĚŝŶŐĞŶĞĨŝƚƐŽŶƚŚĞŽŵƉůŝĂŶĐĞĂƚĞ͘ĞŶĞĨŝƚƐĂƌĞĚĞĨŝŶĞĚĂƐŽŶĞŽƌŵŽƌĞŽĨƚŚĞ ĨŽůůŽǁŝŶŐ͗ŚĞĂůƚŚ͕ĚĞŶƚĂů͕ůŝĨĞĂŶĚĚŝƐĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞ͕ƌĞƚŝƌĞŵĞŶƚƉƌŽŐƌĂŵĂŶĚƉƌŽĨŝƚ ƐŚĂƌŝŶŐƉĂŝĚďLJƚŚĞŽƌƌŽǁĞƌ͘ ĐͿ/ĨƚŚĞŽƌƌŽǁĞƌĨĂŝůƐƚŽŵĞĞƚƚŚĞũŽďĐƌĞĂƚŝŽŶĂŶĚǁĂŐĞŐŽĂůůĞǀĞůĐŽŵŵŝƚŵĞŶƚƐŽŶƚŚĞ ŽŵƉůŝĂŶĐĞĂƚĞ͕ƚŚĞ'ƌĂŶƚĞĞŵĂLJ͕ĂĨƚĞƌŚŽůĚŝŶŐĂƉƵďůŝĐŚĞĂƌŝŶŐ͕ĞdžƚĞŶĚƚŚĞŐƌĂŶƚ ƉĞƌŝŽĚĨŽƌŽŶĞLJĞĂƌĨƌŽŵƚŚĞŽŵƉůŝĂŶĐĞĂƚĞ͕ĂĨƚĞƌĂƉƉƌŽǀĂůďLJƚŚĞ^ƚĂƚĞ͘/Ĩ͕ĂĨƚĞƌƚŚĞ ĞdžƚĞŶƐŝŽŶ͕ƚŚĞŽƌƌŽǁĞƌĨĂŝůƐƚŽŵĞĞƚƚŚĞũŽďĐƌĞĂƚŝŽŶŐŽĂůĂŶĚǁĂŐĞůĞǀĞůĐŽŵŵŝƚŵĞŶƚ͕ ƚŚĞŽƌƌŽǁĞƌǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƌĞƉĂLJƚŚĞ'ƌĂŶƚĞĞĂůůŽƌĂƉƌŽƉŽƌƚŝŽŶĂůƐŚĂƌĞŽĨƚŚĞ >ŽĂŶĨƵŶĚƐŽŶĂŶĂĐĐĞůĞƌĂƚĞĚƚĞƌŵ͘dŚĞ'ƌĂŶƚĞĞǁŝůůƚŚĞŶĂůƐŽďĞƌĞƋƵŝƌĞĚƚŽƌĞƚƵƌŶƚŽ ƚŚĞ^ƚĂƚĞĂůůŽƌĂƉƌŽƉŽƌƚŝŽŶĂůƐŚĂƌĞŽĨƚŚĞ>ŽĂŶĨƵŶĚƐ͘dŚĞŝŶƚĞƌĞƐƚƌĂƚĞŽŶƚŚĞ ͞ĂĐĐĞůĞƌĂƚĞĚ͟ƉŽƌƚŝŽŶŽĨƚŚĞůŽĂŶƐŚĂůůŝŶĐƌĞĂƐĞƚŽĨŝǀĞƉĞƌĐĞŶƚ;ϱ͘ϬйͿĂƐĚĞĨŝŶĞĚŝŶƚŚĞ WƌŽŵŝƐƐŽƌLJEŽƚĞ͘ ĚͿ/ŶƚŚĞĞǀĞŶƚƚŚĂƚŶŽũŽďƐĂƌĞĐƌĞĂƚĞĚďLJƚŚĞŽƌƌŽǁĞƌŽŶƚŚĞŽŵƉůŝĂŶĐĞĂƚĞ͕ƚŚĞ 'ƌĂŶƚĞĞǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƌĞƚƵƌŶĂůůůŽĂŶĨƵŶĚƐƚŽƚŚĞ^ƚĂƚĞ͘ Ϯ͘ϯWĂLJŵĞŶƚŽĨWƌĞǀĂŝůŝŶŐtĂŐĞƐƚŽŽŶƚƌĂĐƚŽƌƐ DŝŶŶ͘^ƚĂƚ͘Αϭϭϲ:͘ϴϳϭĂƉƉůŝĞƐŝĨĂďƵƐŝŶĞƐƐƌĞĐĞŝǀĞƐΨϱϬϬ͕ϬϬϬŽƌŵŽƌĞŝŶ^ƚĂƚĞůŽĂŶĨƵŶĚƐ ĂŶĚƚŚĞ^ƚĂƚĞĨƵŶĚƐĂƌĞƵƐĞĚĨŽƌĐŽŶƐƚƌƵĐƚŝŽŶ͕ŝŶƐƚĂůůĂƚŝŽŶ;ŝŶĐůƵĚŝŶŐĞƋƵŝƉŵĞŶƚͿ͕ƌĞŵŽĚĞůŝŶŐ ĂŶĚƌĞƉĂŝƌƐ͘ Ϯ͘ϰ^ƵƌĞƚLJĞƉŽƐŝƚƐZĞƋƵŝƌĞĚĨŽƌŽŶƐƚƌƵĐƚŝŽŶŽŶƚƌĂĐƚƐ DŝŶŶ͘^ƚĂƚ͘ΑϮϵϬ͘ϵϳϬϱ͕ƉĞƌƚĂŝŶƐƚŽĨŽƌĞŝŐŶĐŽƌƉŽƌĂƚŝŽŶƐƚŚĂƚƉĞƌĨŽƌŵĐŽŶƐƚƌƵĐƚŝŽŶǁŽƌŬŝŶ DŝŶŶĞƐŽƚĂĂŶĚĂƉƉůŝĞƐŝĨƐƚĂƚĞĨƵŶĚƐĂƌĞƵƐĞĚĨŽƌĐŽŶƐƚƌƵĐƚŝŽŶ͘ Ϯ͘ϱ:Žď>ŝƐƚŝŶŐŐƌĞĞŵĞŶƚ ZĞǀ͘&Ğď͘ϮϬϭϳ ϵ 3DFNHW3J *D DŝŶŶ͘^ƚĂƚ͘Αϭϭϲϭ>͘ϲϲ͕ƐƵďĚ͘ϭ͕ĂƉƉůŝĞƐǁŚĞŶĂďƵƐŝŶĞƐƐŽƌƉƌŝǀĂƚĞĞŶƚĞƌƉƌŝƐĞƌĞĐĞŝǀĞƐ ΨϮϬϬ͕ϬϬϬŽƌŵŽƌĞƉĞƌLJĞĂƌŝŶĨƵŶĚƐĨƌŽŵƚŚĞ^ƚĂƚĞ͘tŚĞŶĂƉƉůŝĐĂďůĞ͕ƚŚĞďƵƐŝŶĞƐƐŽƌƉƌŝǀĂƚĞ ĞŶƚĞƌƉƌŝƐĞƐŚĂůůĂŐƌĞĞƚŽĞŶƚĞƌŝŶƚŽĂ:Žď>ŝƐƚŝŶŐŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞDEĞƉĂƌƚŵĞŶƚŽĨ ŵƉůŽLJŵĞŶƚĂŶĚ ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ͘ ϯ͘ZĞƋƵŝƌĞƚŚĞ'ƌĂŶƚĞĞ͛ƐĂƚƚŽƌŶĞLJƚŽƌĞǀŝĞǁƚŚĞůŽĂŶĂŐƌĞĞŵĞŶƚ͕ƉƌŽŵŝƐƐŽƌLJŶŽƚĞ͕ƐĞĐƵƌŝƚLJ ĂŐƌĞĞŵĞŶƚ͕ŵŽƌƚŐĂŐĞ͕ŐƵĂƌĂŶƚLJĂŶĚͬŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐ͕ŝĨĂŶLJ͕ĐŽŶƐŝĚĞƌĞĚŶĞĐĞƐƐĂƌLJƚŽƐĞĐƵƌĞ ƚŚĞůŽĂŶƚŽĞŶƐƵƌĞƚŚĞLJĂƌĞǀĂůŝĚ͕ďŝŶĚŝŶŐĂŶĚĞŶĨŽƌĐĞĂďůĞ͘ ϰ͘/ĨĂƉƉůŝĐĂďůĞ͕ƌĞƚĂŝŶϰϬйŽĨĞĂĐŚƉƌŝŶĐŝƉĂůĂŶĚŝŶƚĞƌĞƐƚƉĂLJŵĞŶƚŵĂĚĞďLJƚŚĞŽƌƌŽǁĞƌ͕ƵƉƚŽ ΨϭϬϬ͕ϬϬϬ͘ZĞƉĂLJƚŽƚŚĞ^ƚĂƚĞϲϬйŽĨĞĂĐŚƉƌŝŶĐŝƉĂůĂŶĚŝŶƚĞƌĞƐƚƉĂLJŵĞŶƚŵĂĚĞďLJƚŚĞŽƌƌŽǁĞƌ ƵŶƚŝůƚŚĞ'ƌĂŶƚĞĞŚĂƐƌĞĐĞŝǀĞĚΨϭϬϬ͕ϬϬϬŝŶƌĞƉĂLJŵĞŶƚƐ͘KŶĐĞƚŚĞ'ƌĂŶƚĞĞŚĂƐƌĞĐĞŝǀĞĚΨϭϬϬ͕ϬϬϬ ŝŶƌĞƉĂLJŵĞŶƚƐ͕ƚŚĞ'ƌĂŶƚĞĞǁŝůůƌĞƉĂLJƚŚĞ^ƚĂƚĞϭϬϬйŽĨĞǀĞƌLJƉĂLJŵĞŶƚŽŶƚŚĞůŽĂŶƵŶƚŝůƉĂŝĚŝŶ ĨƵůů͘/ŶƚŚĞĞǀĞŶƚƚŚĞůŽĂŶŝƐŶŽƚƉĂŝĚŝŶĨƵůů͕ƉƌŝŶĐŝƉĂůĂŶĚŝŶƚĞƌĞƐƚƚŚĞ'ƌĂŶƚĞĞƌĞƚĂŝŶƐǁŝůůďĞ ƌĞĚƵĐĞĚƉƌŽƉŽƌƚŝŽŶĂůůLJĂŶĚƌĞƚƵƌŶĞĚƚŽƚŚĞ^ƚĂƚĞ͘ ϱ͘dŚĞ'ƌĂŶƚĞĞǁŝůůĞƐƚĂďůŝƐŚĂŶĚŵĂŝŶƚĂŝŶĂƌĞǀŽůǀŝŶŐůŽĂŶĨƵŶĚ;Z>&ͿĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐϮ͘ŝŶƚŚĞZĞĐŝƚĂůƐƐĞĐƚŝŽŶŽĨƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚĂŶĚ^ƚĂƚĞZ>&'ƵŝĚĞůŝŶĞƐƉƵďůŝƐŚĞĚ ďLJ ͘dŚĞ'ƌĂŶƚĞĞŵƵƐƚƌĞƚĂŝŶĨŝŶĂŶĐŝĂůĐŽŶƚƌŽůĂŶĚĚĞĐŝƐŝŽŶŵĂŬŝŶŐĂƵƚŚŽƌŝƚLJƌĞŐĂƌĚŝŶŐƚŚĞ ƵƐĞŽĨƌĞƉĂLJŵĞŶƚƐĨƌŽŵƚŚĞůŽĂŶ͘hƉŽŶĂƉƉƌŽǀĂůďLJƚŚĞ^ƚĂƚĞ͕ƚŚĞ'ƌĂŶƚĞĞŵĂLJůŽĂŶŽƌŐƌĂŶƚ ŵŽŶĞLJĨƌŽŵŝƚƐZ>&ƚŽĂƌĞŐŝŽŶĂůĚĞǀĞůŽƉŵĞŶƚĐŽŵŵŝƐƐŝŽŶ͕ŽƌŽƚŚĞƌƌĞŐŝŽŶĂůĞŶƚŝƚLJ͕ŽƌƐƚĂƚĞǁŝĚĞ ĐŽŵŵƵŶŝƚLJĐĂƉŝƚĂůĨƵŶĚƚŽĐĂƉŝƚĂůŝnjĞŽƌƚŽƉƌŽǀŝĚĞƚŚĞůŽĐĂůŵĂƚĐŚƌĞƋƵŝƌĞĚĨŽƌĐĂƉŝƚĂůŝnjĂƚŝŽŶŽĨĂ ƌĞŐŝŽŶĂůŽƌƐƚĂƚĞǁŝĚĞZ>&͘ ϲ͘ZĞƉŽƌƚŝŶŐ ĂͿDŝŶŶĞƐŽƚĂ/ŶǀĞƐƚŵĞŶƚ&ƵŶĚŶŶƵĂůWƌŽŐƌĞƐƐZĞƉŽƌƚƐ ϭͿ^ƵďŵŝƚƚŽƚŚĞ^ƚĂƚĞĂŶŶƵĂůƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐŽŶĨŽƌŵƐƉƌŽǀŝĚĞĚďLJƚŚĞ^ƚĂƚĞƵŶƚŝůƚŚĞ ƉƌŽũĞĐƚŐŽĂůƐŚĂǀĞďĞĞŶŵĞƚŽƌƵŶƚŝůƚŚĞŽŵƉůŝĂŶĐĞĂƚĞ͕ǁŚŝĐŚĞǀĞƌŝƐůĂƚĞƌ͘dŚĞƐĞ ƌĞƉŽƌƚƐŵƵƐƚďĞƐƵďŵŝƚƚĞĚ:ĂŶƵĂƌLJϮϱ ƚŚŽĨĞĂĐŚLJĞĂƌĨŽƌƚŚĞƉĞƌŝŽĚĞŶĚŝŶŐĞĐĞŵďĞƌ ϯϭ͕ĨŽƌĂƐůŽŶŐĂƐƚŚĞƉƌŽũĞĐƚƌĞŵĂŝŶƐŽƉĞŶ͘ĨŝŶĂůWƌŽŐƌĞƐƐZĞƉŽƌƚŝƐƌĞƋƵŝƌĞĚǁŝƚŚŝŶ ϮϱĚĂLJƐŽĨƚŚĞŽŵƉůŝĂŶĐĞĂƚĞ͘ ϮͿ&ƵŶĚƐǁŝůůŶŽƚďĞĚŝƐďƵƌƐĞĚŽŶĂŶLJ'ƌĂŶƚǁŝƚŚƉĂƐƚĚƵĞƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐƉĞƌK'D WŽůŝĐLJϬϴͲϬϵ͘ ϯͿdŚĞĨŝŶĂůƌĞƉŽƌƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚŶŽůĂƚĞƌƚŚĂŶϮϱĚĂLJƐĂĨƚĞƌƚŚĞŽŵƉůŝĂŶĐĞĂƚĞ͘ ϰͿdŚĞ^ƚĂƚĞ͕ĂƚŝƚƐĚŝƐĐƌĞƚŝŽŶ͕ŵĂLJƌĞƋƵŝƌĞƚŚĞƐƵďŵŝƚƚĂůŽĨĂĚĚŝƚŝŽŶĂůƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐ͘ ϱͿ/ŶĨŽƌŵĂƚŝŽŶƌĞƋƵŝƌĞĚŝŶƚŚĞƐĞƌĞƉŽƌƚƐŵĂLJŝŶĐůƵĚĞ͕ďƵƚŝƐŶŽƚůŝŵŝƚĞĚƚŽƚŚĞĨŽůůŽǁŝŶŐ͗ භWĞƌŵĂŶĞŶƚũŽďƐĐƌĞĂƚĞĚභ,ŽƵƌůLJďĂƐĞǁĂŐĞභĂƚĞŽĨŚŝƌĞ භ:ŽďƚŝƚůĞƐභ,ŽƵƌůLJǀĂůƵĞŽĨďĞŶĞĨŝƚƐභĞŶĞĨŝƚƐƉƌŽǀŝĚĞĚ භWƌŽũĞĐƚĞdžƉĞŶĚŝƚƵƌĞƐභ^ƚĂƚƵƐŽĨƉƌŽũĞĐƚභ^ƚĂƚƵƐŽĨƉĂLJŵĞŶƚƐ භWĂLJƌŽůůZĞƉŽƌƚ ďͿDŝŶŶĞƐŽƚĂƵƐŝŶĞƐƐƐƐŝƐƚĂŶĐĞ&Žƌŵ;D&ͿZĞƉŽƌƚƐ ϭͿ^ƵďŵŝƚƚŽƚŚĞDEĞƉĂƌƚŵĞŶƚŽĨ ŵƉůŽLJŵĞŶƚĂŶĚ ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ͕KĨĨŝĐĞŽĨ ĐŽŶŽŵŝĐŶĂůLJƐŝƐ͕ŶŽůĂƚĞƌƚŚĂŶƉƌŝůϭ ƐƚŽĨĞĂĐŚLJĞĂƌƵŶƚŝůƚŚĞƉƌŽũĞĐƚŐŽĂůƐŚĂǀĞ ďĞĞŶŵĞƚ͘ ZĞǀ͘&Ğď͘ϮϬϭϳ ϭϬ 3DFNHW3J *D ϳ͘<ĞĞƉĨŝŶĂŶĐŝĂůƌĞĐŽƌĚƐ͕ŝŶĐůƵĚŝŶŐƉƌŽƉĞƌůLJĞdžĞĐƵƚĞĚĐŽŶƚƌĂĐƚƐ͕ŝŶǀŽŝĐĞƐ͕ƌĞĐĞŝƉƚƐ͕ǀŽƵĐŚĞƌƐ͕ĂŶĚ ŽƚŚĞƌĚŽĐƵŵĞŶƚƐƐƵĨĨŝĐŝĞŶƚƚŽĞǀŝĚĞŶĐĞŝŶƉƌŽƉĞƌĚĞƚĂŝůƚŚĞŶĂƚƵƌĞĂŶĚƉƌŽƉƌŝĞƚLJŽĨƚŚĞ ĞdžƉĞŶĚŝƚƵƌĞƐŵĂĚĞƉƵƌƐƵĂŶƚƚŽƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚ͘ĐĐŽƵŶƚŝŶŐŵĞƚŚŽĚƐŵƵƐƚďĞŝŶĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚŐĞŶĞƌĂůůLJĂĐĐĞƉƚĞĚĂĐĐŽƵŶƚŝŶŐƉƌŝŶĐŝƉůĞƐ͘ ϴ͘ŽŵƉůĞƚĞƚŚĞƉƌŽũĞĐƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĂƉƉƌŽǀĞĚďƵĚŐĞƚǁŝƚŚŝŶƚŚĞƚŝŵĞĨƌĂŵĞƐƐƉĞĐŝĨŝĞĚŝŶ ƚŚŝƐ'ƌĂŶƚŽŶƚƌĂĐƚ͘ ϵ͘WƌŽŵƉƚůLJŶŽƚŝĨLJƚŚĞ^ƚĂƚĞŽĨĂŶLJƉƌŽƉŽƐĞĚŵĂƚĞƌŝĂůĐŚĂŶŐĞŝŶƚŚĞƐĐŽƉĞŽĨƚŚĞƉƌŽũĞĐƚ͕ďƵĚŐĞƚŽƌ ĐŽŵƉůĞƚŝŽŶĚĂƚĞ͕ǁŚŝĐŚŵƵƐƚďĞĂƉƉƌŽǀĞĚďLJƚŚĞ^ƚĂƚĞ͕ƉƌŝŽƌƚŽŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘ ϭϬ͘,ĂǀĞŽŶĨŝůĞƚŚĞŶĞĐĞƐƐĂƌLJĚŽĐƵŵĞŶƚĂƚŝŽŶƐƚŽƐŚŽǁƚŚĂƚĂůůƉƌŽũĞĐƚĨƵŶĚƐŚĂǀĞďĞĞŶƵƐĞĚĨŽƌƚŚĞ ŝƚĞŵƐƐƚĂƚĞĚŝŶƚŚĞĂƉƉůŝĐĂƚŝŽŶ͘ ZĞǀ͘&Ğď͘ϮϬϭϳ ϭϭ 3DFNHW3J *D džŚŝďŝƚ ƉƉƌŽǀĞĚƵĚŐĞƚ ZĞǀ͘&Ğď͘ϮϬϭϳ ϭϮ 3DFNHW3J *E >KE'Z D Ed D/EE ^Kd/Es ^dD Ed&hE d,/^'Z D Ed ŝƐŵĂĚĞĂŶĚĞŶƚĞƌĞĚŝŶƚŽĂƐƚŚĞͺͺͺĚĂLJŽĨͺͺͺͺͺͺͺͺͺͺͺͺ͕ϮϬͺͺďLJ ĂŶĚďĞƚǁĞĞŶƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ;ƚŚĞΗ>ĞŶĚĞƌΗͿĂŶĚsLJƌŝĂĚ͕/ŶĐ͘ƚŚĞΗŽƌƌŽǁĞƌΗͿ͖ ZĞĐŝƚĂůƐ ϭ͘dŚĞ>ĞŶĚĞƌŚĂƐĂƉƉůŝĞĚƚŽƚŚĞDŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨ ŵƉůŽLJŵĞŶƚĂŶĚ ĐŽŶŽŵŝĐ ĞǀĞůŽƉŵĞŶƚĨŽƌĂDŝŶŶĞƐŽƚĂ/ŶǀĞƐƚŵĞŶƚ&ƵŶĚ'ƌĂŶƚ;ƚŚĞΗD/&'ƌĂŶƚΗͿƉƵƌƐƵĂŶƚƚŽĂŶ ĂƉƉůŝĐĂƚŝŽŶ;ƚŚĞΗ'ƌĂŶƚƉƉůŝĐĂƚŝŽŶΗͿĂŶĚƌĞĐĞŝǀĞĚĂƉƉƌŽǀĂůĨŽƌƚŚĞŐƌĂŶƚ͖ĂŶĚ Ϯ͘'ƌĂŶƚŽŶƚƌĂĐƚEƵŵďĞƌWͲϭϳͲϬϬϬϳͲ,Ͳ&zϭϳ;ƚŚĞΗ'ƌĂŶƚŽŶƚƌĂĐƚΗͿďĞƚǁĞĞŶƚŚĞ DŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨ ŵƉůŽLJŵĞŶƚĂŶĚ ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ;ƚŚĞ͞^ƚĂƚĞ͟ͿĂŶĚ ƚŚĞ>ĞŶĚĞƌŚĂƐďĞĞŶĞdžĞĐƵƚĞĚĂŶĚƌĞƋƵŝƌĞƐƚŚĂƚƚŚĞŽƌƌŽǁĞƌƉƌŽǀŝĚĞƐƵĨĨŝĐŝĞŶƚĨƵŶĚƐ ƚŽĐŽŵƉůĞƚĞĨŝŶĂŶĐŝŶŐĂŶĚĂŐƌĞĞƚŽůŽĂŶƚĞƌŵƐǁŝƚŚƚŚĞ>ĞŶĚĞƌƌĞŐĂƌĚŝŶŐƚŚĞD/&'ƌĂŶƚ͖ ĂŶĚ ϯ͘dŚĞƉĂƌƚŝĞƐŚĞƌĞƚŽĂŐƌĞĞƚŽŝŶĐŽƌƉŽƌĂƚĞŝŶƚŽƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚďLJƌĞĨĞƌĞŶĐĞƚŚĞ 'ƌĂŶƚƉƉůŝĐĂƚŝŽŶĂŶĚ'ƌĂŶƚŽŶƚƌĂĐƚ͖ĂŶĚ ϰ͘ŽƌƌŽǁĞƌĂŶĚ>ĞŶĚĞƌǁŝƐŚƚŽƐĞƚĨŽƌƚŚƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐƵƉŽŶǁŚŝĐŚ>ĞŶĚĞƌǁŝůů ŵĂŬĞƚŚĞ>ŽĂŶƚŽŽƌƌŽǁĞƌĂŶĚĨŽƌƚŚĞƌĞƉĂLJŵĞŶƚƚŚĞƌĞŽĨ͘ EKtd, Z &KZ ͕ŝƚŝƐĂŐƌĞĞĚďLJĂŶĚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐŚĞƌĞƚŽĂƐĨŽůůŽǁƐ͗ Zd/> ϭ ĞĨŝŶŝƚŝŽŶƐ ͘ĞĨŝŶŝƚŝŽŶƐ ^ĞĐƚŝŽŶϭ͘ϭ͘/ŶƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚ͕ƵŶůĞƐƐĂĚŝĨĨĞƌĞŶƚŵĞĂŶŝŶŐĐůĞĂƌůLJĂƉƉĞĂƌƐĨƌŽŵ ƚŚĞĐŽŶƚĞdžƚ͗ ͞ĞŶĞĨŝƚĂƚĞ͟ ŵĞĂŶƐKĐƚŽďĞƌϯϭ͕ϮϬϭϴ ͞ĞŶĞĨŝƚ͟ ŝƐĚĞĨŝŶĞĚĂƐŽŶĞŽƌŵŽƌĞŽĨƚŚĞĨŽůůŽǁŝŶŐŶŽŶͲŵĂŶĚĂƚĞĚĐŽŵƉĞŶƐĂƚŝŽŶŝƚĞŵƐƉĂŝĚďLJ ƚŚĞŽƌƌŽǁĞƌŽŶďĞŚĂůĨŽĨĞŵƉůŽLJĞĞƐ͗ŚĞĂůƚŚ͕ĚĞŶƚĂů͕ůŝĨĞĂŶĚĚŝƐĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞ͕ƌĞƚŝƌĞŵĞŶƚ ƉƌŽŐƌĂŵŽƌƉƌŽĨŝƚͲƐŚĂƌŝŶŐ͘ ͞ŝƚLJ͟ ŵĞĂŶƐZŽĐŚĞƐƚĞƌ͕DE͘ ͞ŽƵŶƚLJ͟ ŵĞĂŶƐKůŵƐƚĞĚŽƵŶƚLJ͘ ͞ŽŵƉůŝĂŶĐĞĂƚĞ͟ ŵĞĂŶƐKĐƚŽďĞƌϯϭ͕ϮϬϮϬ͘ 5HY)HEUXDU\ *E ͞ĞǀĞůŽƉŵĞŶƚWƌŽƉĞƌƚLJ͟ ŵĞĂŶƐƚŚĞƌĞĂůƉƌŽƉĞƌƚLJĚĞƐĐƌŝďĞĚŝŶ džŚŝďŝƚĂƚƚĂĐŚĞĚ;D/&ĨƵŶĚƐ ƵƐĞĚƚŽƉƵƌĐŚĂƐĞƌĞĂůĞƐƚĂƚĞŽƌƉƌŽƉĞƌƚLJŝŵƉƌŽǀĞŵĞŶƚƐ͕ĞƋƵŝƉŵĞŶƚͿ͘ ͞ džƉŝƌĂƚŝŽŶĂƚĞ͟ ŵĞĂŶƐ:ĂŶƵĂƌLJϯϭ͕ϮϬϮϭ͘ Η ƋƵŝƉŵĞŶƚΗ ŵĞĂŶƐƚŚĞĞƋƵŝƉŵĞŶƚƉƵƌĐŚĂƐĞĚďLJƚŚĞŽƌƌŽǁĞƌǁŝƚŚƚŚĞ>ŽĂŶWƌŽĐĞĞĚƐĂŶĚ ĚĞƐĐƌŝďĞĚŝŶ džŚŝďŝƚĂƚƚĂĐŚĞĚ͘ ͞&Ƶůů Ͳ dŝŵĞ ƋƵŝǀĂůĞŶƚ;&d Ϳ͟ ŝƐŽŶĞŽƌŵŽƌĞƉĞŽƉůĞǁŽƌŬŝŶŐĂƐƵŵŽĨϮ͕ϬϴϬŚŽƵƌƐŝŶĂĐĂůĞŶĚĂƌ LJĞĂƌ͘ Η'ƌĂŶƚŽŶƚƌĂĐƚΗ ŵĞĂŶƐDŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨ ŵƉůŽLJŵĞŶƚĂŶĚ ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ 'ƌĂŶƚŽŶƚƌĂĐƚηWͲϭϳͲϬϬϬϳͲ,Ͳ&zϭϳĂŶĚĂƚƚĂĐŚĞĚĂƐ džŚŝďŝƚ͘ Η/ŶŝƚŝĂůŝƐďƵƌƐĞŵĞŶƚĂƚĞΗ ŵĞĂŶƐƚŚĞĚĂƚĞŽĨƚŚĞĨŝƌƐƚĚŝƐďƵƌƐĞŵĞŶƚŽĨĂŶLJůŽĂŶƉƌŽĐĞĞĚƐďLJ ƚŚĞ>ĞŶĚĞƌƚŽƚŚĞŽƌƌŽǁĞƌ͘ ͞:ƵƌŝƐĚŝĐƚŝŽŶ͟ ŵĞĂŶƐǁŝƚŚŝŶƚŚĞĐŽƌƉŽƌĂƚĞďŽƵŶĚĂƌŝĞƐŽĨƚŚĞ>ĞŶĚĞƌ͘ Η>ŽĂŶΗ ŵĞĂŶƐƚŚĞĨƵŶĚƐůŽĂŶĞĚďLJƚŚĞ>ĞŶĚĞƌƚŽƚŚĞŽƌƌŽǁĞƌƉƵƌƐƵĂŶƚƚŽƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚ͘ ͞>ŽĂŶŽĐƵŵĞŶƚƐ͟ ŵĞĂŶƐƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚ͕ƚŚĞWƌŽŵŝƐƐŽƌLJEŽƚĞ͕^ĞĐƵƌŝƚLJŐƌĞĞŵĞŶƚĂŶĚ ƚŚĞ'ƵĂƌĂŶƚLJ͘ Η>ŽĂŶWƌŽĐĞĞĚƐΗ ŵĞĂŶƐƚŚĞĨƵŶĚƐĚŝƐďƵƌƐĞĚƚŽƚŚĞŽƌƌŽǁĞƌƉƵƌƐƵĂŶƚƚŽƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚ ĂŶĚĂŶLJƉƌŽĐĞĞĚƐƚŚĞƌĞŽĨ͘ ΗD/&Η ŵĞĂŶƐƚŚĞDŝŶŶĞƐŽƚĂ/ŶǀĞƐƚŵĞŶƚ&ƵŶĚ͕DŝŶŶ͘^ƚĂƚ͘Αϭϭϲ:͘ϴϳϯϭĂŶĚDŝŶŶ͘ZƵůĞƐŚĂƉƚĞƌ ϰϯϬϬ͘ ΗD/&'ƌĂŶƚΗ ŵĞĂŶƐƚŚĞĂǁĂƌĚŽĨĨƵŶĚƐďLJƚŚĞ^ƚĂƚĞƚŽƚŚĞ>ĞŶĚĞƌƉƵƌƐƵĂŶƚƚŽƚŚĞ'ƌĂŶƚŽŶƚƌĂĐƚ͘ ͞EĞǁ:ŽďƐ͟ ŵĞĂŶƐƚŚĞŶĞǁƉĞƌŵĂŶĞŶƚ͕&ƵůůͲdŝŵĞ ƋƵŝǀĂůĞŶƚ͕ŶŽŶͲĐŽŶƚƌĂĐƚ͕ŶŽŶͲƐĞĂƐŽŶĂůũŽďƐ ƚŽďĞĐƌĞĂƚĞĚďLJƚŚĞŽƌƌŽǁĞƌ͘ ΗWƌŽũĞĐƚΗ ŵĞĂŶƐƚŚĞŽƌƌŽǁĞƌ͛ƐŚĂƐůĞĂƐĞĚϮϱ͕ϬϬϬƐƋ͘Ĩƚ͘ŝŶƵŝůĚŝŶŐϭϭϬĂƚƚŚĞ/DĨĂĐŝůŝƚLJ ůŽĐĂƚĞĚĂƚϯϲϬϱh^ϱϮ͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϭ͘ZĞŶŽǀĂƚŝŽŶƐǁŝůůŝŶĐůƵĚĞƐŽŵĞĚĞŵŽůŝƚŝŽŶĂŶĚ ĞdžƚĞŶƐŝǀĞŝŵƉƌŽǀĞŵĞŶƚƐĂĚĚŝŶŐƵƉƚŽĂƉƉƌŽdžŝŵĂƚĞůLJΨϯ͘ϱŵŝůůŝŽŶ͘ϭϱ͕ϬϬϬͲϮϬ͕ϬϬϬƐƋ͘Ĩƚ͘ǁŝůůďĞ ĚĞǀĞůŽƉĞĚĨŽƌǀŝƌƵƐƌĞƐĞĂƌĐŚ͕ĚĞǀĞůŽƉŵĞŶƚĂŶĚĐ'DWŵĂŶƵĨĂĐƚƵƌĞŽĨĂƉŽƚĞŶƚŝĂůĐĂŶĐĞƌĐƵƌĞ͘ dŚĞƌĞƋƵŝƌĞĚĞƋƵŝƉŵĞŶƚ͕ŵŽŶŝƚŽƌŝŶŐ͕ǀĂůŝĚĂƚŝŽŶ͕ĂŶĚŽĨĨŝĐĞƐƉĂĐĞǁŝůůĂĚĚĂŶĂĚĚŝƚŝŽŶĂůΨϮ͘ϳ ŵŝůůŝŽŶŽŶƚŽƚŚĞƚŽƚĂůĐŽƐƚ͕ĨŽƌĂŐƌĂŶĚƚŽƚĂůŽĨΨϲ͘ϮŵŝůůŝŽŶ͘ Η^ƚĂƚĞΗ ŵĞĂŶƐƚŚĞDŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨ ŵƉůŽLJŵĞŶƚĂŶĚ ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ͘ 5HY)HEUXDU\ *E dĞƌŵŝŶĂƚŝŽŶĂƚĞΗ ΗŵĞĂŶƐƚŚĞĚĂƚĞŽĨƚŚĞĨŝŶĂůƉĂLJŵĞŶƚŵĂĚĞďLJƚŚĞŽƌƌŽǁĞƌƚŽƚŚĞ>ĞŶĚĞƌ͘ Zd/> Ϯ >ŽĂŶ͕hƐĞŽĨWƌŽĐĞĞĚƐĂŶĚŽŶĚŝƚŝŽŶƐŽĨZĞƉĂLJŵĞŶƚ D/&>ŽĂŶͬ&ƵŶĚƐ ^ĞĐƚŝŽŶϮ͘ϭ͘͘dŚĞ>ĞŶĚĞƌĂŐƌĞĞƐ͕ŽŶƚŚĞƚĞƌŵƐĂŶĚƐƵďũĞĐƚƚŽƚŚĞĐŽŶĚŝƚŝŽŶƐ ŚĞƌĞŝŶĂĨƚĞƌƐĞƚĨŽƌƚŚ͕ƚŽŵĂŬĞĂůŽĂŶƚŽƚŚĞŽƌƌŽǁĞƌŝŶĂŶĂŐŐƌĞŐĂƚĞƉƌŝŶĐŝƉĂůĂŵŽƵŶƚŶŽƚƚŽ ĞdžĐĞĞĚΨϮϳϬ͕ϬϬϬĨŽƌŵĂĐŚŝŶĞƌLJĂŶĚĞƋƵŝƉŵĞŶƚ͘dŚĞŽďůŝŐĂƚŝŽŶŽĨƚŚĞŽƌƌŽǁĞƌƚŽƌĞƉĂLJƚŚĞ>ŽĂŶ ƐŚĂůůďĞĞǀŝĚĞŶĐĞĚďLJƚŚĞWƌŽŵŝƐƐŽƌLJEŽƚĞ͘dŚĞŽƌƌŽǁĞƌ͛ƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐ>ŽĂŶ ŐƌĞĞŵĞŶƚĂƌĞĞdžƉƌĞƐƐůLJĐŽŶƚŝŶŐĞŶƚŽŶƚŚĞ>ĞŶĚĞƌ͛ƐƌĞĐĞŝƉƚŽĨĨƵŶĚƐĨƌŽŵƚŚĞ^ƚĂƚĞŝŶĂŶĂŵŽƵŶƚ ĂĚĞƋƵĂƚĞƚŽŵĂŬĞƚŚĞ>ŽĂŶ͘ ͘EŽŶͲD/&;KƚŚĞƌͿWƌŽũĞĐƚ&ƵŶĚƐ͘ ^ĞĐƚŝŽŶϮ͘ϮdŚĞŽƌƌŽǁĞƌŚĂƐƐĞĐƵƌĞĚĂĐŽŵŵŝƚŵĞŶƚĨŽƌƚŚĞ ƉƌŝǀĂƚĞĨŝŶĂŶĐŝŶŐŶĞĐĞƐƐĂƌLJƚŽĐŽŵƉůĞƚĞƚŚĞWƌŽũĞĐƚ͕ŝŶĂĨŽƌŵĂŶĚƵŶĚĞƌĐŽŶĚŝƚŝŽŶƐƐĂƚŝƐĨĂĐƚŽƌLJ ƚŽƚŚĞĂŶŬ͕ŽƌƌŽǁĞƌĂŶĚ>ĞŶĚĞƌ͘ ;ĂͿdŚĞŽƌƌŽǁĞƌƐŚĂůůĐŽŵŵŝƚŶŽƚůĞƐƐƚŚĂŶΨϱ͕ϳϬϬ͕ϬϬϬŽĨĚĞďƚĂŶĚĞƋƵŝƚLJ͘ ;ďͿKƚŚĞƌWƌŽũĞĐƚ&ƵŶĚƐĚĞƐĐƌŝďĞĚŝŶƚŚĞ'ƌĂŶƚƉƉůŝĐĂƚŝŽŶŵƵƐƚďĞƵƐĞĚĂƚƚŚĞƐĂŵĞ ĂŵŽƵŶƚ͕ĨŽƌƚŚĞƐĂŵĞƉƵƌƉŽƐĞƐĂŶĚƵŶĚĞƌƚŚĞƐĂŵĞƚĞƌŵƐ͕ƌĂƚĞƐĂŶĚĐŽŶĚŝƚŝŽŶƐĂƐƐƉĞĐŝĨŝĞĚ ƵŶůĞƐƐǁƌŝƚƚĞŶĐŽŶƐĞŶƚŝƐƌĞĐĞŝǀĞĚĨƌŽŵƚŚĞ^ƚĂƚĞƉƌŝŽƌƚŽĞdžƉĞŶĚŝƚƵƌĞ͘ >ŽĂŶdĞƌŵƐ͘ ^ĞĐƚŝŽŶϮ͘ϯ͘>KEǁŝƚŚZ WzD Ed͗dŚĞ>ŽĂŶƐŚĂůůďĞĂƌŝŶƚĞƌĞƐƚĂƚĂƌĂƚĞŽĨƚŚƌĞĞ ƉĞƌĐĞŶƚ;ϯ͘ϬϬйͿƉĞƌĂŶŶƵŵĂŶĚƐŚĂůůĐŽŵŵĞŶĐĞƚŽĂĐĐƌƵĞĂƐŽĨƚŚĞ/ŶŝƚŝĂůŝƐďƵƌƐĞŵĞŶƚĂƚĞ͘ dŚĞƚĞƌŵŽĨƚŚĞ>ŽĂŶƐŚĂůůďĞĨŝǀĞ;ϱͿLJĞĂƌƐĐŽŵŵĞŶĐŝŶŐĂƐŽĨƚŚĞ/ŶŝƚŝĂůŝƐďƵƌƐĞŵĞŶƚĂƚĞ͘dŚĞ >ŽĂŶƚĞƌŵƐŵĂLJŶŽƚďĞŵŽĚŝĨŝĞĚǁŝƚŚŽƵƚƉƌŝŽƌǁƌŝƚƚĞŶĂƉƉƌŽǀĂůĨƌŽŵƚŚĞ^ƚĂƚĞ͘ ͘ ĂƌůLJZĞƉĂLJŵĞŶƚ͘ ^ĞĐƚŝŽŶϮ͘ϰdŚĞWƌŽŵŝƐƐŽƌLJEŽƚĞŵĂLJďĞƉƌĞƉĂŝĚŝŶǁŚŽůĞŽƌŝŶƉĂƌƚĂƚĂŶLJ ƚŝŵĞǁŝƚŚŽƵƚƉĞŶĂůƚLJ͘ƉƌĞƉĂLJŵĞŶƚƐŚĂůůĨŝƌƐƚďĞĂƉƉůŝĞĚĂŐĂŝŶƐƚĂŶLJĂĐĐƌƵĞĚŝŶƚĞƌĞƐƚ͕ĂŶĚƚŚĞŶ ĂŐĂŝŶƐƚĂŶLJŽƵƚƐƚĂŶĚŝŶŐĂŶĚƉĂƐƚĚƵĞƉĂLJŵĞŶƚƐǁŚŝĐŚĂƌĞĚƵĞĂŶĚŽǁŝŶŐŚĞƌĞƵŶĚĞƌŽƌƵŶĚĞƌ ƚŚĞ>ŽĂŶŐƌĞĞŵĞŶƚ͕ĂŶĚƚŚĞŶƚŚĞƌĞŵĂŝŶŝŶŐƉŽƌƚŝŽŶŽĨƐƵĐŚƉƌĞƉĂLJŵĞŶƚƐŚĂůůďĞĂƉƉůŝĞĚĂŐĂŝŶƐƚ ƚŚĞƌĞŵĂŝŶŝŶŐŽƵƚƐƚĂŶĚŝŶŐĂŶĚƵŶƉĂŝĚƉƌŝŶĐŝƉĂůďĂůĂŶĐĞ͘ DĂŝŶƚĞŶĂŶĐĞĂŶĚKƉĞƌĂƚŝŽŶŽĨƚŚĞWƌŽũĞĐƚ͘ ^ĞĐƚŝŽŶϮ͘ϱ͘ƐůŽŶŐĂƐĂŶLJƉŽƌƚŝŽŶŽĨƚŚĞ>ŽĂŶŝƐ ƐƚŝůůŽƵƚƐƚĂŶĚŝŶŐ͕ŽƌƌŽǁĞƌƐŚĂůůŵĂŝŶƚĂŝŶĂŶĚŽƉĞƌĂƚĞƚŚĞWƌŽũĞĐƚĂŶĚƵƐĞƚŚĞ>ŽĂŶWƌŽĐĞĞĚƐŝŶ ĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞƚĞƌŵƐŽĨƚŚĞDŝŶŶĞƐŽƚĂ/ŶǀĞƐƚŵĞŶƚ&ƵŶĚĐƚ;D/&Ϳ͕ƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚ͕ ĂŶĚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞĂŶĚůŽĐĂůůĂǁƐ͕ƌĞŐƵůĂƚŝŽŶƐĂŶĚŽƌĚŝŶĂŶĐĞƐ͕ŝŶĐůƵĚŝŶŐďƵƚŶŽƚ ůŝŵŝƚĞĚƚŽĂůůĞŶǀŝƌŽŶŵĞŶƚĂůůĂǁƐĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ ƌƚŝĐůĞϯ ŽŶĚŝƚŝŽŶƐŽĨ>ĞŶĚŝŶŐ 5HY)HEUXDU\ *E ŽŶĚŝƚŝŽŶWƌĞĐĞĚĞŶƚƚŽŶLJĚǀĂŶĐĞ͘ ^ĞĐƚŝŽŶϯ͘ϭ͘dŚĞŽďůŝŐĂƚŝŽŶŽĨƚŚĞ>ĞŶĚĞƌƚŽĐůŽƐĞƚŚĞ>ŽĂŶ ĂŶĚĚŝƐďƵƌƐĞƚŚĞƉƌŽĐĞĞĚƐƚŚĞƌĞŽĨƚŽŽƌƌŽǁĞƌƐŚĂůů͕ƐƵďũĞĐƚƚŽǁĂŝǀĞƌďLJƚŚĞ^ƚĂƚĞ͕ďĞƐƵďũĞĐƚ ƚŽƚŚĞĐŽŶĚŝƚŝŽŶƉƌĞĐĞĚĞŶƚƚŚĂƚƚŚĞ>ĞŶĚĞƌƐŚĂůůŚĂǀĞƌĞĐĞŝǀĞĚŽŶŽƌďĞĨŽƌĞƚŚĞĚĂƚĞŽĨƐƵĐŚ ĐůŽƐŝŶŐƚŚĞWƌŽŵŝƐƐŽƌLJEŽƚĞĚƵůLJĞdžĞĐƵƚĞĚďLJƚŚĞŽƌƌŽǁĞƌ͘ &ƵƌƚŚĞƌŽŶĚŝƚŝŽŶƐWƌĞĐĞĚĞŶƚƚŽŝƐďƵƌƐĞŵĞŶƚ͘ ^ĞĐƚŝŽŶϯ͘Ϯ͘dŚĞŽďůŝŐĂƚŝŽŶŽĨƚŚĞ>ĞŶĚĞƌƚŽ ĚŝƐďƵƌƐĞƚŚĞ>ŽĂŶWƌŽĐĞĞĚƐƐŚĂůůĂůƐŽďĞƐƵďũĞĐƚƚŽƚŚĞĨŽůůŽǁŝŶŐĐŽŶĚŝƚŝŽŶƐƉƌĞĐĞĚĞŶƚ͗ ;ĂͿdŚĞ>ŽĂŶǁŚŝĐŚŝƐďĞŝŶŐŵĂĚĞƚŽƚŚĞŽƌƌŽǁĞƌƐŚĂůůďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞ ƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞD/&WƌŽŐƌĂŵ͘ ;ďͿEŽ ǀĞŶƚŽĨĞĨĂƵůƚŚĞƌĞƵŶĚĞƌŽƌĞǀĞŶƚǁŚŝĐŚǁŽƵůĚĐŽŶƐƚŝƚƵƚĞƐƵĐŚĂŶ ǀĞŶƚŽĨ ĞĨĂƵůƚďƵƚĨŽƌƚŚĞƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚŶŽƚŝĐĞďĞŐŝǀĞŶŽƌƚŚĂƚĂƉĞƌŝŽĚŽĨŐƌĂĐĞŽƌƚŝŵĞĞůĂƉƐĞ͕ ƐŚĂůůŚĂǀĞŽĐĐƵƌƌĞĚĂŶĚďĞĐŽŶƚŝŶƵŝŶŐ͘ ŝƐďƵƌƐĞŵĞŶƚĂŶĚĞƉŽƐŝƚŽĨ>ŽĂŶWƌŽĐĞĞĚƐ͘ ^ĞĐƚŝŽŶϯ͘ϯ͘hƉŽŶƚŚĞĞdžĞĐƵƚŝŽŶŽĨƚŚŝƐ>ŽĂŶ ŐƌĞĞŵĞŶƚĂŶĚƚŚĞƐĂƚŝƐĨĂĐƚŝŽŶŽĨĂůůŽĨƚŚĞĐŽŶĚŝƚŝŽŶƐƐƉĞĐŝĨŝĞĚŝŶƌƚŝĐůĞϲ͕ƚŚĞ>ĞŶĚĞƌƐŚĂůů ĚŝƐďƵƌƐĞƚŚĞĨƵůů>ŽĂŶWƌŽĐĞĞĚƐƚŽƚŚĞŽƌƌŽǁĞƌ͘ dĞƌŵŝŶĂƚŝŽŶ ^ĞĐƚŝŽŶϯ͘ϰ͘͘dŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚƐŚĂůůĂƵƚŽŵĂƚŝĐĂůůLJƚĞƌŵŝŶĂƚĞǁŝƚŚŽƵƚĂŶLJŶŽƚŝĐĞ ƚŽŽƌƌŽǁĞƌ͗ ;ĂͿ/ĨŶŽůŽĂŶƉƌŽĐĞĞĚƐŚĂǀĞďĞĞŶĚŝƐďƵƌƐĞĚƚŽƚŚĞŽƌƌŽǁĞƌƉƌŝŽƌƚŽƚŚĞŽŵƉůŝĂŶĐĞ ĂƚĞ͖Žƌ ;ďͿ/ĨƚŚĞŽƌƌŽǁĞƌĨĂŝůƐƚŽƉĂLJŝƚƐĚĞďƚƐĂƐƚŚĞLJďĞĐŽŵĞĚƵĞ͕ŵĂŬĞƐĂŶĂƐƐŝŐŶŵĞŶƚ ĨŽƌƚŚĞďĞŶĞĨŝƚŽĨŝƚƐĐƌĞĚŝƚŽƌƐ͕ĂĚŵŝƚƐŝŶǁƌŝƚŝŶŐŝƚƐŝŶĂďŝůŝƚLJƚŽƉĂLJŝƚƐĚĞďƚƐĂƐƚŚĞLJďĞĐŽŵĞĚƵĞ͕ ĨŝůĞƐĂƉĞƚŝƚŝŽŶƵŶĚĞƌĂŶLJĐŚĂƉƚĞƌŽĨƚŚĞ&ĞĚĞƌĂůĂŶŬƌƵƉƚĐLJŽĚĞŽƌĂŶLJƐŝŵŝůĂƌůĂǁ͕ƐƚĂƚĞŽƌ ĨĞĚĞƌĂů͕ŶŽǁŽƌŚĞƌĞĂĨƚĞƌĞdžŝƐƚŝŶŐ͕ďĞĐŽŵĞƐΗŝŶƐŽůǀĞŶƚΗĂƐƚŚĂƚƚĞƌŵŝƐŐĞŶĞƌĂůůLJĚĞĨŝŶĞĚƵŶĚĞƌ ƚŚĞ&ĞĚĞƌĂůĂŶŬƌƵƉƚĐLJŽĚĞ͕ĨŝůĞƐĂŶĂŶƐǁĞƌĂĚŵŝƚƚŝŶŐŝŶƐŽůǀĞŶĐLJŽƌŝŶĂďŝůŝƚLJƚŽƉĂLJŝƚƐĚĞďƚƐĂƐ ƚŚĞLJďĞĐŽŵĞĚƵĞŝŶĂŶLJŝŶǀŽůƵŶƚĂƌLJďĂŶŬƌƵƉƚĐLJĐĂƐĞĐŽŵŵĞŶĐĞĚĂŐĂŝŶƐƚŝƚ͕ŽƌĨĂŝůƐƚŽŽďƚĂŝŶĂ ĚŝƐŵŝƐƐĂůŽĨƐƵĐŚĐĂƐĞǁŝƚŚŝŶƐŝdžƚLJ;ϲϬͿĚĂLJƐĂĨƚĞƌŝƚƐĐŽŵŵĞŶĐĞŵĞŶƚŽƌĐŽŶǀĞƌƚƚŚĞĐĂƐĞĨƌŽŵ ŽŶĞĐŚĂƉƚĞƌŽĨƚŚĞ&ĞĚĞƌĂůĂŶŬƌƵƉƚĐLJŽĚĞƚŽĂŶŽƚŚĞƌĐŚĂƉƚĞƌ͕ŽƌŝƐƚŚĞƐƵďũĞĐƚŽĨĂŶŽƌĚĞƌĨŽƌ ƌĞůŝĞĨŝŶƐƵĐŚďĂŶŬƌƵƉƚĐLJĐĂƐĞ͕ŽƌŝƐĂĚũƵĚŐĞĚĂďĂŶŬƌƵƉƚŽƌŝŶƐŽůǀĞŶƚ͕ŽƌŚĂƐĂĐƵƐƚŽĚŝĂŶ͕ƚƌƵƐƚĞĞ͕ ŽƌƌĞĐĞŝǀĞƌĂƉƉŽŝŶƚĞĚĨŽƌŝƚ͕ŽƌŚĂƐĂŶLJĐŽƵƌƚƚĂŬĞũƵƌŝƐĚŝĐƚŝŽŶŽĨŝƚƐƉƌŽƉĞƌƚLJ͕ŽƌĂŶLJƉĂƌƚƚŚĞƌĞŽĨ͕ ŝŶĂŶLJƉƌŽĐĞĞĚŝŶŐĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨƌĞŽƌŐĂŶŝnjĂƚŝŽŶ͕ĂƌƌĂŶŐĞŵĞŶƚ͕ĚŝƐƐŽůƵƚŝŽŶ͕ŽƌůŝƋƵŝĚĂƚŝŽŶ͕ ĂŶĚƐƵĐŚĐƵƐƚŽĚŝĂŶ͕ƚƌƵƐƚĞĞ͕ŽƌƌĞĐĞŝǀĞƌŝƐŶŽƚĚŝƐĐŚĂƌŐĞĚ͕ŽƌƐƵĐŚũƵƌŝƐĚŝĐƚŝŽŶŝƐŶŽƚƌĞůŝŶƋƵŝƐŚĞĚ͕ ǀĂĐĂƚĞĚ͕ŽƌƐƚĂLJĞĚǁŝƚŚŝŶƐŝdžƚLJ;ϲϬͿĚĂLJƐŽĨƚŚĞĂƉƉŽŝŶƚŵĞŶƚ͘ Zd/> ϰ ĐŬŶŽǁůĞĚŐŵĞŶƚƐ͕ZĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ĂŶĚtĂƌƌĂŶƚŝĞƐ ĐŬŶŽǁůĞĚŐŵĞŶƚƐ͘ ^ĞĐƚŝŽŶϰ͘ϭ͘ 5HY)HEUXDU\ *E ;ĂͿdŚĞŽƌƌŽǁĞƌĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞ>ĞŶĚĞƌ͕ŝŶŽƌĚĞƌƚŽŽďƚĂŝŶĨƵŶĚƐĨŽƌƉĂƌƚŽĨƚŚĞ ŽƌƌŽǁĞƌΖƐĂĐƚŝǀŝƚŝĞƐŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞWƌŽũĞĐƚ͕ŚĂƐĂƉƉůŝĞĚĨŽƌƚŚĞD/&'ƌĂŶƚƚŽƚŚĞ^ƚĂƚĞ ƵŶĚĞƌƚŚĞDŝŶŶĞƐŽƚĂ/ŶǀĞƐƚŵĞŶƚ&ƵŶĚWƌŽŐƌĂŵ͕ ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚŝǀŝƐŝŽŶ͕ĂŶĚƚŚĂƚƚŚĞ >ĞŶĚĞƌŚĂƐĞŶƚĞƌĞĚŝŶƚŽƚŚĞ'ƌĂŶƚŽŶƚƌĂĐƚǁŝƚŚƚŚĞ^ƚĂƚĞ͕ƐĞƚƚŝŶŐĨŽƌƚŚƚŚĞƚĞƌŵƐ͕ĐŽŶĚŝƚŝŽŶƐ͕ ĂŶĚƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞD/&'ƌĂŶƚ͘dŚĞŽƌƌŽǁĞƌĨƵƌƚŚĞƌĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚŝƚŚĂƐŵĂĚĞ ĐĞƌƚĂŝŶƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐĂŶĚƐƚĂƚĞŵĞŶƚƐŝŶƚŚĞ'ƌĂŶƚƉƉůŝĐĂƚŝŽŶĐŽŶĐĞƌŶŝŶŐŝƚƐĂĐƚŝǀŝƚŝĞƐ ƌĞůĂƚŝŶŐƚŽƚŚĞWƌŽũĞĐƚ͕ĂŶĚƚŚĂƚƚŚĞŽƌƌŽǁĞƌŝƐĚĞƐŝŐŶĂƚĞĚĂŶĚŝĚĞŶƚŝĨŝĞĚƵŶĚĞƌƚŚĞ'ƌĂŶƚ ŽŶƚƌĂĐƚ͘ ;ďͿĐŽƉLJŽĨƚŚĞ'ƌĂŶƚŽŶƚƌĂĐƚĂŶĚƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚƐŚĂůůďĞŽŶĨŝůĞŝŶƚŚĞ ŽĨĨŝĐĞƐŽĨƚŚĞ>ĞŶĚĞƌ͘/ŶƚŚĞĞǀĞŶƚĂŶLJƉƌŽǀŝƐŝŽŶŽĨƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚƌĞůĂƚŝŶŐƚŽƚŚĞ ŽƌƌŽǁĞƌΖƐŽďůŝŐĂƚŝŽŶƐŚĞƌĞƵŶĚĞƌŝƐŝŶĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ'ƌĂŶƚŽŶƚƌĂĐƚ ƌĞůĂƚŝŶŐƚŽƚŚĞŽƌƌŽǁĞƌΖƐĂĐƚŝǀŝƚŝĞƐƚŚĞƌĞƵŶĚĞƌ͕ƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ'ƌĂŶƚŽŶƚƌĂĐƚƐŚĂůů ƉƌĞǀĂŝů͘ ;ĐͿdŚĞŽƌƌŽǁĞƌĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚŶŽƚŚŝŶŐĐŽŶƚĂŝŶĞĚŝŶƚŚĞ'ƌĂŶƚŽŶƚƌĂĐƚŽƌƚŚŝƐ >ŽĂŶŐƌĞĞŵĞŶƚ͕ŶŽƌĂŶLJĂĐƚŽĨƚŚĞ^ƚĂƚĞŽƌƚŚĞ>ĞŶĚĞƌ͕ƐŚĂůůďĞĚĞĞŵĞĚŽƌĐŽŶƐƚƌƵĞĚƚŽĐƌĞĂƚĞ ďĞƚǁĞĞŶƚŚĞ^ƚĂƚĞĂŶĚƚŚĞŽƌƌŽǁĞƌ;Žƌ͕ĞdžĐĞƉƚĂƐŽƌƌŽǁĞƌĂŶĚ>ĞŶĚĞƌďĞƚǁĞĞŶƚŚĞ>ĞŶĚĞƌ ĂŶĚƚŚĞŽƌƌŽǁĞƌͿĂŶLJƌĞůĂƚŝŽŶƐŚŝƉ͕ŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽƚŚĂƚŽĨƚŚŝƌĚƉĂƌƚLJďĞŶĞĨŝĐŝĂƌLJ͕ ƉƌŝŶĐŝƉĂůĂŶĚĂŐĞŶƚ͕ůŝŵŝƚĞĚŽƌŐĞŶĞƌĂůƉĂƌƚŶĞƌƐŚŝƉ͕ŽƌũŽŝŶƚǀĞŶƚƵƌĞ͘ƐƐƵĐŚ͕ƚŚĞŽƌƌŽǁĞƌ ĂŐƌĞĞƐƚŽŚŽůĚƚŚĞƐƚĂƚĞŚĂƌŵůĞƐƐĨƌŽŵĂŶLJĐůĂŝŵ͕ĚĞŵĂŶĚ͕ƐƵŝƚ͕ĂĐƚŝŽŶ͕ŽƌŽƚŚĞƌƉƌŽĐĞĞĚŝŶŐ ǁŚĂƚƐŽĞǀĞƌďLJĂŶLJƉĞƌƐŽŶŽƌĞŶƚŝƚLJǁŚĂƚƐŽĞǀĞƌĂƌŝƐŝŶŐŽƌƉƵƌƉŽƌƚĞĚůLJĂƌŝƐŝŶŐĨƌŽŵƚŚŝƐ>ŽĂŶ ŐƌĞĞŵĞŶƚ͕ĂŶLJĞǀĞŶƚƐƌĞůĂƚĞĚƚŽƚŚĞWƌŽũĞĐƚŽƌƚŚĞŽƌƌŽǁĞƌ͛ƐƉĂƌƚŝĐŝƉĂƚŝŽŶŝŶƚŚŝƐ>ŽĂŶ͕Žƌ ŽƌƌŽǁĞƌ͛ƐĂĐƚŝǀŝƚŝĞƐŽŶƚŚĞĞǀĞůŽƉŵ ĞŶƚWƌŽƉĞƌƚLJ͘ ZĞƉƌĞƐĞŶƚĂƚŝŽŶƐĂŶĚtĂƌƌĂŶƚŝĞƐ ^ĞĐƚŝŽŶϰ͘Ϯ͘͘dŚĞŽƌƌŽǁĞƌǁĂƌƌĂŶƚƐĂŶĚƌĞƉƌĞƐĞŶƚƐ͕ŝŶ ĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞ>ŽĂŶĂŶĚĨŽƌƚŚĞďĞŶĞĨŝƚŽĨƚŚĞ^ƚĂƚĞĂŶĚƚŚĞ>ĞŶĚĞƌ͕ƚŚĂƚ͗ ;ĂͿ/ƚŝƐĂDŝŶŶĞƐŽƚĂďƵƐŝŶĞƐƐĞŶƚŝƚLJŽƌŐĂŶŝnjĂƚŝŽŶ͕ƌĞŐŝƐƚĞƌĞĚĂŶĚŝŶŐŽŽĚƐƚĂŶĚŝŶŐ ƵŶĚĞƌƚŚĞůĂǁƐŽĨƚŚĞ^ƚĂƚĞŽĨĞůĂǁĂƌĞ͕ĂŶĚŝƐĂƵƚŚŽƌŝnjĞĚƚŽĞŶƚĞƌŝŶƚŽƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚ ĂŶĚƉĞƌĨŽƌŵĂŶLJŽĨƚŚĞĂĐƚƐƌĞƋƵŝƌĞĚŚĞƌĞŝŶ͘ ;ďͿ/ƚŚĂƐƚŚĞůĞŐĂůĂƵƚŚŽƌŝƚLJĂŶĚŝƐĚƵůLJĂƵƚŚŽƌŝnjĞĚƚŽŽƉĞƌĂƚĞƚŚĞWƌŽũĞĐƚ͕ƚŽĞŶƐƵƌĞ ƚŚĞŝŶĚĞďƚĞĚŶĞƐƐŽĨƚŚĞWƌŽŵŝƐƐŽƌLJEŽƚĞĂŶĚƚŚĞŽďůŝŐĂƚŝŽŶƐŽĨƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚ͕ƚŽ ĞdžĞĐƵƚĞĂŶĚĚĞůŝǀĞƌƚŚĞ>ŽĂŶŽĐƵŵĞŶƚƐƚŽǁŚŝĐŚŝƚŝƐĂƉĂƌƚLJĂŶĚŝƚŚĂƐƚĂŬĞŶĂůůĂĐƚŝŽŶƐ ŶĞĐĞƐƐĂƌLJĂŶĚŝŶĐŝĚĞŶƚƚŽŝƚƐĞdžĞĐƵƚŝŽŶĂŶĚĚĞůŝǀĞƌLJŽĨƚŚĞ>ŽĂŶŽĐƵŵĞŶƚƐ͘ ;ĐͿ/ƚƐĞdžĞĐƵƚŝŽŶĂŶĚĚĞůŝǀĞƌLJŽĨƚŚĞ>ŽĂŶŽĐƵŵĞŶƚƐƚŽǁŚŝĐŚŝƚŝƐĂƉĂƌƚLJ͕ĂŶĚŝƚƐ ŝŶĐƵƌƌĞŶĐĞŽĨƚŚĞ>ŽĂŶŽĐƵŵĞŶƚƐĚŽĞƐŶŽƚǀŝŽůĂƚĞĂŶLJƉƌŽǀŝƐŝŽŶŽĨůĂǁŽƌŽƌƌŽǁĞƌΖƐ ĐŽƌƉŽƌĂƚĞĚŽĐƵŵĞŶƚƐ͘ ;ĚͿdŚĞWƌŽŵŝƐƐŽƌLJEŽƚĞǁĂƐĚƵůLJĂŶĚǀĂůŝĚůLJĂƵƚŚŽƌŝnjĞĚ͕ĞdžĞĐƵƚĞĚĂŶĚĚĞůŝǀĞƌĞĚ͕ ĂŶĚŝƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞůĞŐĂů͕ǀĂůŝĚĂŶĚďŝŶĚŝŶŐŽďůŝŐĂƚŝŽŶŽĨƚŚĞŽƌƌŽǁĞƌĞŶĨŽƌĐĞĂďůĞŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚŝƚƐƚĞƌŵƐ͘dŚĞ>ŽĂŶŽĐƵŵĞŶƚƐƚŽǁŚŝĐŚŝƚŝƐĂƉĂƌƚLJ͕ŚĂǀĞďĞĞŶĚƵůLJĂŶĚ 5HY)HEUXDU\ *E ǀĂůŝĚůLJĂƵƚŚŽƌŝnjĞĚ͕ĞdžĞĐƵƚĞĚĂŶĚĚĞůŝǀĞƌĞĚ͕ĂŶĚĂƌĞƚŚĞůĞŐĂů͕ǀĂůŝĚĂŶĚďŝŶĚŝŶŐŽďůŝŐĂƚŝŽŶƐŽĨ ƚŚĞŽƌƌŽǁĞƌĞŶĨŽƌĐĞĂďůĞĂŐĂŝŶƐƚƚŚĞŽƌƌŽǁĞƌŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŝƌƌĞƐƉĞĐƚŝǀĞƚĞƌŵƐ͕ ĞdžĐĞƉƚƚŽƚŚĞĞdžƚĞŶƚƚŚĞĞŶĨŽƌĐĞĂďŝůŝƚLJƚŚĞƌĞŽĨŵĂLJďĞůŝŵŝƚĞĚďLJďĂŶŬƌƵƉƚĐLJ͕ŝŶƐŽůǀĞŶĐLJŽƌ ŽƚŚĞƌůĂǁĂĨĨĞĐƚŝŶŐĐƌĞĚŝƚŽƌΖƐƌŝŐŚƚƐ͕ŽƌƚŚĞĂƉƉůŝĐĂƚŝŽŶŽĨĞƋƵŝƚĂďůĞƉƌŝŶĐŝƉůĞƐŐĞŶĞƌĂůůLJ͘ ;ĞͿ/ƚŝƐŶŽƚŝŶǀŝŽůĂƚŝŽŶŽĨĂŶLJƉƌŽǀŝƐŝŽŶƐŽĨŝƚƐŽƌŐĂŶŝnjĂƚŝŽŶĂůĚŽĐƵŵĞŶƚƐŽƌŽĨƚŚĞ ůĂǁƐŽĨůŽĐĂůŐŽǀĞƌŶŵĞŶƚƐ͕^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂŽƌh͘^͘'ŽǀĞƌŶŵĞŶƚ͕ĂŶĚƚŚĞƌĞĂƌĞŶŽĂĐƚŝŽŶƐ͕ ƐƵŝƚƐŽƌƉƌŽĐĞĞĚŝŶŐƐƉĞŶĚŝŶŐ͕ŽƌƚŽŝƚƐŬŶŽǁůĞĚŐĞƚŚƌĞĂƚĞŶĞĚ͕ďĞĨŽƌĞŽƌďLJĂŶLJũƵĚŝĐŝĂůďŽĚLJŽƌ ŐŽǀĞƌŶŵĞŶƚĂůĂƵƚŚŽƌŝƚLJ͕ĂŐĂŝŶƐƚŽƌĞĨĨĞĐƚŝŶŐŝƚ͕ĂŶĚŝƚŝƐŶŽƚŝŶĚĞĨĂƵůƚǁŝƚŚƌĞƐƉĞĐƚƚŽĂŶLJŽƌĚĞƌ͕ ǁƌŝƚ͕ŝŶũƵŶĐƚŝŽŶ͕ĚĞĐƌĞĞ͕ŽƌĚĞŵĂŶĚŽĨĂŶLJĐŽƵƌƚŽƌĂŶLJŐŽǀĞƌŶŵĞŶƚĂůĂƵƚŚŽƌŝƚLJǁŚŝĐŚǁŽƵůĚ ŝŵƉĂŝƌŝƚƐĂďŝůŝƚLJƚŽĞŶƚĞƌŝŶƚŽƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚŽƌƚŽƉĞƌĨŽƌŵĂŶLJŽĨƚŚĞĂĐƚƐƌĞƋƵŝƌĞĚŽĨŝƚ ŝŶƚŚĞ>ŽĂŶŽĐƵŵĞŶƚƐƚŽǁŚŝĐŚŝƚŝƐĂƉĂƌƚLJ͘ ;ĨͿEĞŝƚŚĞƌƚŚĞĞdžĞĐƵƚŝŽŶĂŶĚĚĞůŝǀĞƌLJŽĨƚŚĞ>ŽĂŶŽĐƵŵĞŶƚƐƚŽǁŚŝĐŚŝƚŝƐĂƉĂƌƚLJ͕ ŶŽƌĐŽŵƉůŝĂŶĐĞǁŝƚŚĂŶLJŽĨƚŚĞƚĞƌŵƐ͕ĐŽŶĚŝƚŝŽŶƐ͕ƌĞƋƵŝƌĞŵĞŶƚƐŽƌƉƌŽǀŝƐŝŽŶƐĐŽŶƚĂŝŶĞĚŚĞƌĞŝŶ ŽƌŝŶƐƵĐŚƌĞĨĞƌĞŶĐĞĚĚŽĐƵŵĞŶƚƐ͕ŝƐƉƌĞǀĞŶƚĞĚďLJ͕ŝƐĂďƌĞĂĐŚŽĨ͕ŽƌǁŝůůƌĞƐƵůƚŝŶĂďƌĞĂĐŚŽĨ ĂŶLJƚĞƌŵ͕ĐŽŶĚŝƚŝŽŶŽƌƉƌŽǀŝƐŝŽŶŽĨĂŶLJĂŐƌĞĞŵĞŶƚŽƌĚŽĐƵŵĞŶƚƚŽǁŚŝĐŚŝƚŝƐŶŽǁĂƉĂƌƚLJŽƌďLJ ǁŚŝĐŚŝƚŝƐďŽƵŶĚ͘ ;ŐͿ/ƚǁŝůůŵĂŝŶƚĂŝŶĂĚĞƋƵĂƚĞĐĂƉŝƚĂůĨŽƌƚŚĞƉƌŽƉĞƌŽƉĞƌĂƚŝŽŶĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨ ŝƚƐĚƵƚŝĞƐƵŶĚĞƌƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚ͘ ;ŚͿ/ƚǁŝůůĐŽŵƉůLJǁŝƚŚDŝŶŶ͘^ƚĂƚ͘Αϭϭϲ:͘ϴϳϯϭĂŶĚDŝŶŶ͘ZƵůĞƐŚĂƉƚĞƌϰϯϬϬĂŶĚĂůů ŽĨƚŚĞƚĞƌŵƐ͕ĐŽŶĚŝƚŝŽŶƐ͕ƉƌŽǀŝƐŝŽŶƐĂŶĚƌĞƋƵŝƌĞŵĞŶƚƐ͕ĐŽŶƚĂŝŶĞĚŝŶƚŚĞ>ŽĂŶŽĐƵŵĞŶƚƐƚŽ ǁŚŝĐŚŝƚŝƐĂƉĂƌƚLJ͘ ;ŝͿZĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ƐƚĂƚĞŵĞŶƚƐ͕ĂŶĚŽƚŚĞƌŵĂƚƚĞƌƐƉƌŽǀŝĚĞĚďLJƚŚĞŽƌƌŽǁĞƌ ƌĞůĂƚŝŶŐƚŽƚŚŽƐĞĂĐƚŝǀŝƚŝĞƐŽĨƚŚĞWƌŽũĞĐƚƚŽďĞĐŽŵƉůĞƚĞĚďLJƚŚĞŽƌƌŽǁĞƌ͕ǁŚŝĐŚǁĞƌĞ ĐŽŶƚĂŝŶĞĚŝŶƚŚĞ'ƌĂŶƚƉƉůŝĐĂƚŝŽŶ͕ǁĞƌĞƚƌƵĞĂŶĚĐŽŵƉůĞƚĞŝŶĂůůŵĂƚĞƌŝĂůƌĞƐƉĞĐƚƐĂƐŽĨƚŚĞ ĚĂƚĞŽĨƐƵďŵŝƐƐŝŽŶƚŽƚŚĞ>ĞŶĚĞƌĂŶĚƐƵĐŚƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ƐƚĂƚĞŵĞŶƚƐ͕ĂŶĚŽƚŚĞƌŵĂƚƚĞƌƐĂƌĞ ƚƌƵĞĂƐŽĨƚŚĞĚĂƚĞŽĨƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚĂŶĚƚŚĞƌĞĂƌĞŶŽĂĚǀĞƌƐĞŵĂƚĞƌŝĂůĐŚĂŶŐĞƐŝŶƚŚĞ ĨŝŶĂŶĐŝĂůĐŽŶĚŝƚŝŽŶŽĨƚŚĞŽƌƌŽǁĞƌΖƐďƵƐŝŶĞƐƐ͘ ;ũͿdŚĞŽƌƌŽǁĞƌĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞ^ƚĂƚĞ͕ŝŶƐĞůĞĐƚŝŶŐƚŚĞ>ĞŶĚĞƌĂƐƌĞĐŝƉŝĞŶƚ ŽĨƚŚĞ'ƌĂŶƚ͕ƌĞůŝĞĚŝŶŵĂƚĞƌŝĂůƉĂƌƚƵƉŽŶƚŚĞĂƐƐƵƌĞĚĐŽŵƉůĞƚŝŽŶŽĨƚŚĞWƌŽũĞĐƚƚŽďĞĐĂƌƌŝĞĚ ŽƵƚďLJƚŚĞŽƌƌŽǁĞƌ͕ĂŶĚƚŚĞŽƌƌŽǁĞƌǁĂƌƌĂŶƚƐƚŚĂƚƐĂŝĚWƌŽũĞĐƚǁŝůůďĞĐĂƌƌŝĞĚŽƵƚĂƐ ƉƌŽŵŝƐĞĚ͘ ;ŬͿdŚĞŽƌƌŽǁĞƌǁĂƌƌĂŶƚƐƚŚĂƚƚŽƚŚĞďĞƐƚŽĨŝƚƐŬŶŽǁůĞĚŐĞ͕ŝƚŚĂƐŽďƚĂŝŶĞĚĂůů ĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůŐŽǀĞƌŶŵĞŶƚĂůĂƉƉƌŽǀĂůƐ͕ƌĞǀŝĞǁƐ͕ĂŶĚƉĞƌŵŝƚƐƌĞƋƵŝƌĞĚďLJůĂǁƚŽďĞ ŽďƚĂŝŶĞĚŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞWƌŽũĞĐƚĂŶĚŚĂƐƵŶĚĞƌƚĂŬĞŶĂŶĚĐŽŵƉůĞƚĞĚĂůůĂĐƚŝŽŶƐ ŶĞĐĞƐƐĂƌLJĨŽƌŝƚƚŽůĂǁĨƵůůLJĞdžĞĐƵƚĞƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚĂƐďŝŶĚŝŶŐƵƉŽŶŝƚ͘ ;ůͿdŚĞŽƌƌŽǁĞƌǁĂƌƌĂŶƚƐƚŚĂƚŝƚƐŚĂůůŬĞĞƉĂŶĚŵĂŝŶƚĂŝŶŬƐ͕ƌĞĐŽƌĚƐ͕ĂŶĚŽƚŚĞƌ 5HY)HEUXDU\ *E ĚŽĐƵŵĞŶƚƐƌĞůĂƚŝŶŐĚŝƌĞĐƚůLJƚŽƚŚĞKƚŚĞƌWƌŽũĞĐƚ&ƵŶĚƐ͕ĂŶĚƚŚĂƚĂŶLJĚƵůLJĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞŽĨƚŚĞ^ƚĂƚĞƐŚĂůů͕ĂƚĂůůƌĞĂƐŽŶĂďůĞƚŝŵĞƐ͕ŚĂǀĞĂĐĐĞƐƐƚŽĂŶĚƚŚĞƌŝŐŚƚƚŽŝŶƐƉĞĐƚ͕ ĐŽƉLJ͕ĂƵĚŝƚ͕ĂŶĚĞdžĂŵŝŶĞĂůůƐƵЌŬƐ͕ƌĞĐŽƌĚƐ͕ĂŶĚŽƚŚĞƌĚŽĐƵŵĞŶƚƐŽĨƚŚĞŽƌƌŽǁĞƌĨŽƌƐŝdž LJĞĂƌƐĂĨƚĞƌƚŚĞĞdžƉŝƌĂƚŝŽŶŽĨƚŚĞ>ŽĂŶŐƌĞĞŵĞŶƚŽƌƵŶƚŝůƐƵĐŚƚŝŵĞƚŚĂƚƚŚĞ>ĞŶĚĞƌĂŶĚƚŚĞ ^ƚĂƚĞŚĂǀĞďŽƚŚĚĞƚĞƌŵŝŶĞĚƚŚĂƚĂůůŝƐƐƵĞƐ͕ƌĞƋƵŝƌĞŵĞŶƚƐ͕ĂŶĚĐůŽƐĞͲŽƵƚƉƌŽĐĞĚƵƌĞƐƌĞůĂƚŝŶŐƚŽ ŽƌĂƌŝƐŝŶŐŽƵƚŽĨƚŚĞ>ŽĂŶŚĂǀĞďĞĞŶƐĞƚƚůĞĚĂŶĚĐŽŵƉůĞƚĞĚ͕ǁŚŝĐŚĞǀĞƌŝƐůĂƚĞƌ͘ ;ŵͿdŚĞŽƌƌŽǁĞƌǁĂƌƌĂŶƚƐƚŚĂƚŶŽƚƌĂŶƐĨĞƌŽĨĂŶLJŽƌĂůůŽĨƚŚĞ>ŽĂŶWƌŽĐĞĞĚƐďLJƚŚĞ >ĞŶĚĞƌƚŽƚŚĞŽƌƌŽǁĞƌƐŚĂůůďĞŽƌďĞĚĞĞŵĞĚĂŶĂƐƐŝŐŶŵĞŶƚŽĨůŽĂŶƉƌŽĐĞĞĚƐ͕ĂŶĚƚŚĞ ŽƌƌŽǁĞƌƐŚĂůůŶĞŝƚŚĞƌƐƵĐĐĞĞĚƚŽĂŶLJƌŝŐŚƚƐ͕ďĞŶĞĨŝƚƐ͕ŽƌĂĚǀĂŶƚĂŐĞƐŽĨƚŚĞ>ĞŶĚĞƌƵŶĚĞƌƚŚĞ 'ƌĂŶƚŽŶƚƌĂĐƚ͕ŶŽƌĂƚƚĂŝŶĂŶLJƌŝŐŚƚ͕ƉƌŝǀŝůĞŐĞƐ͕ĂƵƚŚŽƌŝƚŝĞƐ͕ŽƌŝŶƚĞƌĞƐƚŝŶŽƌƵŶĚĞƌƚŚĞ'ƌĂŶƚ ŽŶƚƌĂĐƚ͘ ĨĨŝƌŵĂƚŝǀĞŽǀĞŶĂŶƚƐ ^ĞĐƚŝŽŶϰ͘ϯ͘͘ŽƌƌŽǁĞƌĨƵƌƚŚĞƌǁĂƌƌĂŶƚƐĂŶĚĂŐƌĞĞƐƚŚĂƚ͗ ;ĂͿ/ƚŚĂƐƐƵĨĨŝĐŝĞŶƚĨƵŶĚƐƚŽĐŽŵƉůĞƚĞƚŚĞƉƵƌƉŽƐĞƐŽĨƚŚĞWƌŽũĞĐƚĂŶĚƐƵĨĨŝĐŝĞŶƚ ĐĂƉĂĐŝƚLJƚŽĂĚŵŝŶŝƐƚĞƌƚŚĞWƌŽũĞĐƚ͘ ;ďͿdŚĞWƌŽũĞĐƚǁŝůůďĞƉĞƌĨŽƌŵĞĚŝŶĨƵůůĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ ĂŶĚůŽĐĂůůĂǁƐ͕ƌĞŐƵůĂƚŝŽŶƐ͕ƌƵůĞƐĂŶĚŽƌĚŝŶĂŶĐĞƐ͕ǁŚŝĐŚŝŶĐůƵĚĞďƵƚĂƌĞŶŽƚůŝŵŝƚĞĚƚŽĂůů ĂƉƉůŝĐĂďůĞĞŶǀŝƌŽŶŵĞŶƚĂůůĂǁƐ͕ƌĞŐƵůĂƚŝŽŶƐĂŶĚƌƵůĞƐ͘ ;ĐͿŽƌƌŽǁĞƌĂŐƌĞĞƐƚŽƐƵďŵŝƚƌĞƉŽƌƚƐƌĞƋƵŝƌĞĚŝŶƌƚŝĐůĞϳĂŶĚƌƚŝĐůĞϴ͘ Zd/> ϱ ǀĞŶƚƐŽĨĞĨĂƵůƚĂŶĚZŝŐŚƚƐĂŶĚZĞŵĞĚŝĞƐ ͘ ǀĞŶƚƐŽĨĞĨĂƵůƚ͘ ^ĞĐƚŝŽŶϱ͘ϭŶLJŽŶĞŽƌŵŽƌĞŽĨƚŚĞĨŽůůŽǁŝŶŐĞǀĞŶƚƐƐŚĂůůďĞĚĞĞŵĞĚĂŶĚ ƐŚĂůůĐŽŶƐƚŝƚƵƚĞĂŶ͞ ǀĞŶƚŽĨĞĨĂƵůƚ͗͟ ;ĂͿdŚĞŝŶƚĞƌĞƐƚŽƌƉƌŝŶĐŝƉĂůĚƵĞƵŶĚĞƌƚŚĞWƌŽŵŝƐƐŽƌLJEŽƚĞ͕ŽƌĂŶLJŽƚŚĞƌƉĂLJŵĞŶƚƐ ĚƵĞĂŶĚƉĂLJĂďůĞƵŶĚĞƌƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚŽƌĂŶLJŽƚŚĞƌĚŽĐƵŵĞŶƚƌĞĨĞƌƌĞĚƚŽŚĞƌĞŝŶ͕ĂƌĞŶŽƚ ƉĂŝĚǁŚĞŶĚƵĞĂŶĚƐƵĐŚŶŽŶƉĂLJŵĞŶƚŝƐŶŽƚƌĞŵĞĚŝĞĚǁŝƚŚŝŶƚĞŶ;ϭϬͿďƵƐŝŶĞƐƐĚĂLJƐĂĨƚĞƌ ǁƌŝƚƚĞŶŶŽƚŝĐĞƚŚĞƌĞŽĨƚŽƚŚĞŽƌƌŽǁĞƌďLJƚŚĞ>ĞŶĚĞƌ͖ ;ďͿdŚĞŽƌƌŽǁĞƌŝƐŝŶďƌĞĂĐŚŽĨĂŶLJŽĨƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐ͕ƚĞƌŵƐ͕ĐŽŶĚŝƚŝŽŶƐ͕ ĐŽǀĞŶĂŶƚƐŽƌŽƚŚĞƌĂŐƌĞĞŵĞŶƚƐŝŶƚŚĞ>ŽĂŶŽĐƵŵĞŶƚƐĂŶĚƌĞŵĂŝŶƐŝŶďƌĞĂĐŚŝŶĂŶLJŵĂƚĞƌŝĂů ƌĞƐƉĞĐƚĨŽƌƚŚŝƌƚLJ;ϯϬͿďƵƐŝŶĞƐƐĚĂLJƐĂĨƚĞƌǁƌŝƚƚĞŶŶŽƚŝĐĞƚŚĞƌĞŽĨƚŽƚŚĞŽƌƌŽǁĞƌďLJƚŚĞ>ĞŶĚĞƌ͖ ƉƌŽǀŝĚĞĚ͕ŚŽǁĞǀĞƌ͕ƚŚĂƚŝĨƐƵĐŚďƌĞĂĐŚƐŚĂůůƌĞĂƐŽŶĂďůLJďĞŝŶĐĂƉĂďůĞŽĨďĞŝŶŐĐƵƌĞĚǁŝƚŚŝŶƐƵĐŚ ƚŚŝƌƚLJ;ϯϬͿďƵƐŝŶĞƐƐĚĂLJƐĂĨƚĞƌŶŽƚŝĐĞ͕ĂŶĚŝĨƚŚĞŽƌƌŽǁĞƌĐŽŵŵĞŶĐĞƐĂŶĚĚŝůŝŐĞŶƚůLJƉƌŽƐĞĐƵƚĞƐ ƚŚĞĂƉƉƌŽƉƌŝĂƚĞƐƚĞƉƐƚŽĐƵƌĞƐƵĐŚďƌĞĂĐŚ͕ŶŽĚĞĨĂƵůƚƐŚĂůůĞdžŝƐƚƐŽůŽŶŐĂƐƚŚĞŽƌƌŽǁĞƌŝƐ ƉƌŽĐĞĞĚŝŶŐƚŽĐƵƌĞƐƵĐŚďƌĞĂĐŚŝŶƌĞĂƐŽŶĂďůĞƉĞƌŝŽĚŽĨƚŝŵĞ͖ *E ;ĐͿŶLJƌĞƉƌĞƐĞŶƚĂƚŝŽŶŽƌǁĂƌƌĂŶƚLJŵĂĚĞďLJƚŚĞŽƌƌŽǁĞƌŝŶƚŚĞ>ŽĂŶŽĐƵŵĞŶƚƐ͕ ĂŶLJŽƚŚĞƌĚŽĐƵŵĞŶƚƌĞĨĞƌƌĞĚƚŽŝŶƐƵĐŚĚŽĐƵŵĞŶƚƐ͕ŽƌĂŶLJĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚ͕ĐĞƌƚŝĨŝĐĂƚĞ͕Žƌ ƌĞƉŽƌƚĨƵƌŶŝƐŚĞĚƉƵƌƐƵĂŶƚƚŽƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚ͕ŽƌĂŶLJƌĞƉƌĞƐĞŶƚĂƚŝŽŶŽƌǁĂƌƌĂŶƚLJŵĂĚĞ ŽƌĚĞƌƚŽŝŶĚƵĐĞƚŚĞ>ĞŶĚĞƌƚŽĐůŽƐĞƚŚĞ>ŽĂŶŽƌĚŝƐďƵƌƐĞƚŚĞ>ŽĂŶWƌŽĐĞĞĚƐ͕ǁŚŝĐŚƉƌŽǀĞƐƚŽ ŚĂǀĞďĞĞŶƵŶƚƌƵĞŝŶĂŶLJŵĂƚĞƌŝĂůƌĞƐƉĞĐƚŽƌŵĂƚĞƌŝĂůůLJŵŝƐůĞĂĚŝŶŐĂƐŽĨƚŚĞƚŝŵĞƐƵĐŚ ƌĞƉƌĞƐĞŶƚĂƚŝŽŶŽƌǁĂƌƌĂŶƚLJǁĂƐŵĂĚĞ͘ ;ĚͿŽƌƌŽǁĞƌƐŚĂůůŵĂŬĞĂŶĂƐƐŝŐŶŵĞŶƚĨŽƌƚŚĞďĞŶĞĨŝƚŽĨŝƚƐĐƌĞĚŝƚŽƌƐ͕ŽƌƐŚĂůůďĞ ĚŝƐƐŽůǀĞĚ͕ŽƌƐŚĂůůĐŽŵŵŝƚĂŶĂĐƚŽĨďĂŶŬƌƵƉƚĐLJƵŶĚĞƌƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐĂŶŬƌƵƉƚĐLJĐƚ;ĂƐŶŽǁ ŽƌŚĞƌĞĂĨƚĞƌĂŵĞŶĚĞĚͿ͕ŽƌƐŚĂůůĂĚŵŝƚŝŶǁƌŝƚŝŶŐŝƚƐŝŶĂďŝůŝƚLJƚŽƉĂLJŝƚƐĚĞďƚƐĂƐƚŚĞLJďĞĐŽŵĞ ĚƵĞ͕ŽƌƐŚĂůůĨŝůĞĂƉĞƚŝƚŝŽŶŝŶďĂŶŬƌƵƉƚĐLJ͕ŽƌƐŚĂůůďĞĐŽŵĞŽƌďĞĂĚũƵĚŝĐĂƚĞĚĂƐďĂŶŬƌƵƉƚŽƌ ŝŶƐŽůǀĞŶƚ͕ŚŽǁĞǀĞƌĚĞĨŝŶĞĚ͕ŽƌƐŚĂůůĨŝůĞĂƉĞƚŝƚŝŽŶƐĞĞŬŝŶŐĂŶLJƌĞŽƌŐĂŶŝnjĂƚŝŽŶ͕ĚŝƐƐŽůƵƚŝŽŶ͕ ůŝƋƵŝĚĂƚŝŽŶ͕ĂƌƌĂŶŐĞŵĞŶƚ͕ĐŽŵƉŽƐŝƚŝŽŶ͕ƌĞĂĚũƵƐƚŵĞŶƚŽƌƐŝŵŝůĂƌƌĞůŝĞĨƵŶĚĞƌĂŶLJƉƌĞƐĞŶƚŽƌ ĨƵƚƵƌĞďĂŶŬƌƵƉƚĐLJŽƌŝŶƐŽůǀĞŶĐLJƐƚĂƚƵƚĞ͕ůĂǁŽƌƌĞŐƵůĂƚŝŽŶ͕ŽƌƐŚĂůůĨŝůĞĂŶĂŶƐǁĞƌĂĚŵŝƚƚŝŶŐƚŽ ŽƌŶŽƚĐŽŶƚĞƐƚŝŶŐƚŚĞŵĂƚĞƌŝĂůĂůůĞŐĂƚŝŽŶƐŽĨĂƉĞƚŝƚŝŽŶĨŝůĞĚĂŐĂŝŶƐƚŝƚŝŶƐƵĐŚƉƌŽĐĞĞĚŝŶŐƐ͕Žƌ ƐŚĂůůŶŽƚ͕ǁŝƚŚŝŶϲϬĚĂLJƐĂĨƚĞƌƚŚĞĨŝůŝŶŐŽĨƐƵĐŚĂƉĞƚŝƚŝŽŶĂŐĂŝŶƐƚŝƚ͕ŚĂǀĞƚŚĞƐĂŵĞĚŝƐŵŝƐƐĞĚŽƌ ǀĂĐĂƚĞĚ͕ŽƌƐŚĂůůƐĞĞŬŽƌĐŽŶƐĞŶƚƚŽŽƌĂĐƋƵŝĞƐĐĞŝŶƚŚĞĂƉƉŽŝŶƚŵĞŶƚŽĨĂŶLJƚƌƵƐƚĞĞ͕ƌĞĐĞŝǀĞƌŽƌ ůŝƋƵŝĚĂƚŽƌŽĨĂŵĂƚĞƌŝĂůƉĂƌƚŽĨŝƚƐƉƌŽƉĞƌƚŝĞƐ͕ŽƌƐŚĂůůŶŽƚ͕ǁŝƚŚŝŶϲϬĚĂLJƐĂĨƚĞƌƚŚĞĂƉƉŽŝŶƚŵĞŶƚ ;ǁŝƚŚŽƵƚŝƚƐĐŽŶƐĞŶƚŽƌĂĐƋƵŝĞƐĐĞŶĐĞͿŽĨĂƚƌƵƐƚĞĞ͕ƌĞĐĞŝǀĞƌŽƌůŝƋƵŝĚĂƚŽƌŽĨĂŶLJŵĂƚĞƌŝĂůƉĂƌƚŽĨ ŝƚƐƉƌŽƉĞƌƚŝĞƐ͕ŚĂǀĞƐƵĐŚĂƉƉŽŝŶƚŵĞŶƚǀĂĐĂƚĞĚ͘ ;ĞͿĐŽƵƌƚŽĨĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶƐŚĂůůĞŶƚĞƌĂŶŽƌĚĞƌ͕ũƵĚŐŵĞŶƚŽƌĚĞĐƌĞĞ ĂƉƉƌŽǀŝŶŐĂƉĞƚŝƚŝŽŶĨŝůĞĚĂŐĂŝŶƐƚŽƌƌŽǁĞƌƐĞĞŬŝŶŐĂŶLJƌĞŽƌŐĂŶŝnjĂƚŝŽŶ͕ĚŝƐƐŽůƵƚŝŽŶŽƌƐŝŵŝůĂƌ ƌĞůŝĞĨƵŶĚĞƌĂŶLJƉƌĞƐĞŶƚŽƌĨƵƚƵƌĞĨĞĚĞƌĂů͕ƐƚĂƚĞŽƌŽƚŚĞƌƐƚĂƚƵƚĞ͕ůĂǁŽƌƌĞŐƵůĂƚŝŽŶƌĞůĂƚŝŶŐƚŽ ďĂŶŬƌƵƉƚĐLJ͕ŝŶƐŽůǀĞŶĐLJŽƌŽƚŚĞƌƌĞůŝĞĨĨŽƌĚĞďƚŽƌƐ͕ŽƌĂŶLJƚƌƵƐƚĞĞ͕ƌĞĐĞŝǀĞƌŽƌůŝƋƵŝĚĂƚŽƌŽĨƐƵĐŚ ĞŶƚŝƚLJ͕ƐŚĂůůďĞĂƉƉŽŝŶƚĞĚǁŝƚŚŽƵƚƚŚĞĐŽŶƐĞŶƚŽƌĂĐƋƵŝĞƐĐĞŶĐĞŽĨ^ƚĂƚĞ͘ ;ĨͿŽƌƌŽǁĞƌƐŚĂůůƌĞĨƵƐĞƚŽĂůůŽǁ ͕ĂƚĂŶLJƌĞĂƐŽŶĂďůĞƚŝŵĞĂŶĚƵƉŽŶƉƌŝŽƌ ǁƌŝƚƚĞŶŶŽƚŝĐĞ͕ƚŽŝŶƐƉĞĐƚ͕ĂƵĚŝƚ͕ĐŽƉLJŽƌĂďƐƚƌĂĐƚ͕ĂŶLJĂŶĚĂůůŽĨŝƚƐŬƐ͕ƌĞĐŽƌĚƐ͕ƉĂƉĞƌƐŽƌ ŽƚŚĞƌĚŽĐƵŵĞŶƚƐƌĞůĞǀĂŶƚƚŽƚŚĞŽƌƌŽǁĞƌΖƐƵƐĞŽĨƚŚĞ>ŽĂŶWƌŽĐĞĞĚƐ͘ ;ŐͿŽƌƌŽǁĞƌƐŚĂůůƌĞĨƵƐĞƚŽĂůůŽǁƚŚĞDŝŶŶĞƐŽƚĂ>ĞŐŝƐůĂƚŝǀĞƵĚŝƚŽƌŽƌƚŚĞ^ƚĂƚĞ ƵĚŝƚŽƌĨŽƌƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͕ĂƚĂŶLJƌĞĂƐŽŶĂďůĞƚŝŵĞĂŶĚƵƉŽŶƉƌŝŽƌǁƌŝƚƚĞŶŶŽƚŝĐĞ͕ƚŽ ŝŶƐƉĞĐƚ͕ĂƵĚŝƚ͕ĐŽƉLJŽƌĂďƐƚƌĂĐƚ͕ĂŶLJĂŶĚĂůůŬƐƌĞĨĞƌƌĞĚƚŽŝŶ^ĞĐƚŝŽŶϱ͘ϭ;ĨͿ͘ ;ŚͿŽƌƌŽǁĞƌƐŚĂůůĨĂŝůƚŽƉƌŽǀŝĚĞĂŶŶƵĂůƌĞƉŽƌƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶĂƐĚĞƐĐƌŝďĞĚŚĞƌĞŝŶ͘ ;ŝͿdŚĞŽƌƌŽǁĞƌƐĞůůƐ͕ĐŽŶǀĞLJƐ͕ƚƌĂŶƐĨĞƌƐ͕ĞŶĐƵŵďĞƌƐ͕ŽƌŽƚŚĞƌǁŝƐĞĚŝƐƉŽƐĞƐŽĨĂůů ŽƌĂŶLJƉĂƌƚŽĨƚŚĞĞǀĞůŽƉŵĞŶƚWƌŽƉĞƌƚLJŽƌƚŚĞ ƋƵŝƉŵĞŶƚǁŝƚŚŽƵƚƚŚĞƉƌŝŽƌǁƌŝƚƚĞŶĂƉƉƌŽǀĂů ŽĨƚŚĞ^ƚĂƚĞĂŶĚ>ĞŶĚĞƌ͖ ;ũͿdŚĞŽƌƌŽǁĞƌŵĞƌŐĞƐŽƌĐŽŶƐŽůŝĚĂƚĞƐǁŝƚŚĂŶLJŽƚŚĞƌĞŶƚŝƚLJǁŝƚŚŽƵƚƚŚĞƉƌŝŽƌ ǁƌŝƚƚĞŶĂƉƉƌŽǀĂůŽĨƚŚĞ>ĞŶĚĞƌ͖ 5HY)HEUXDU\ *E ;ŬͿdŚĞƌĞŝƐĂůŽƐƐ͕ƚŚĞĨƚ͕ƐƵďƐƚĂŶƚŝĂůĚĂŵĂŐĞ͕ŽƌĚĞƐƚƌƵĐƚŝŽŶŽĨĂůůŽƌĂŶLJƉĂƌƚŽĨƚŚĞ ĞǀĞůŽƉŵĞŶƚWƌŽƉĞƌƚLJŽƌƚŚĞ ƋƵŝƉŵĞŶƚƚŚĂƚŝƐŶŽƚƌĞŵĞĚŝĞĚƚŽƚŚĞ>ĞŶĚĞƌΖƐƐĂƚŝƐĨĂĐƚŝŽŶ ǁŝƚŚŝŶƐŝdžƚLJ;ϲϬͿďƵƐŝŶĞƐƐĚĂLJƐĂĨƚĞƌǁƌŝƚƚĞŶŶŽƚŝĐĞƚŚĞƌĞŽĨďLJƚŚĞ>ĞŶĚĞƌƚŽƚŚĞŽƌƌŽǁĞƌ͖Žƌ ;ůͿdŚĞŽƌƌŽǁĞƌŝƐŝŶďƌĞĂĐŚŽĨƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƌƚŝĐůĞϳĂŶĚƌƚŝĐůĞϴ͕ƚŚĞ ƵƐŝŶĞƐƐ^ƵďƐŝĚLJŐƌĞĞŵĞŶƚĂŶĚWƌŽŐƌĞƐƐZĞƉŽƌƚŝŶŐ͘ ;ŵͿdŚĞŽĐĐƵƌƌĞŶĐĞŽĨĂŶLJŽƚŚĞƌĂĐƚŽƌĞǀĞŶƚƚŚĂƚŝƐŶŽŶĐŽŵƉůŝĂŶƚƵŶĚĞƌƚŚĞD/& WƌŽŐƌĂŵ͘ ZŝŐŚƚƐĂŶĚZĞŵĞĚŝĞƐ ^ĞĐƚŝŽŶϱ͘Ϯ͘͘hƉŽŶƚŚĞŽĐĐƵƌƌĞŶĐĞŽĨĂŶ ǀĞŶƚŽĨĞĨĂƵůƚĂŶĚĂƚĂŶLJƚŝŵĞ ƚŚĞƌĞĂĨƚĞƌƵŶƚŝůƐƵĐŚ ǀĞŶƚŽĨĞĨĂƵůƚŝƐĐƵƌĞĚƚŽƚŚĞƐĂƚŝƐĨĂĐƚŝŽŶŽĨƚŚĞ>ĞŶĚĞƌ͕ƚŚĞ>ĞŶĚĞƌŵĂLJ͕ ĂƚŝƚƐŽƉƚŝŽŶ͕ĞdžĞƌĐŝƐĞĂŶLJĂŶĚĂůůŽĨƚŚĞĨŽůůŽǁŝŶŐƌŝŐŚƚƐĂŶĚƌĞŵĞĚŝĞƐ;ĂƐǁĞůůĂƐĂŶLJŽƚŚĞƌƌŝŐŚƚƐ ĂŶĚƌĞŵĞĚŝĞƐĂǀĂŝůĂďůĞƚŽŝƚͿ͗ ;ĂͿdŚĞ>ĞŶĚĞƌŵĂLJ͕ďLJŶŽƚŝĐĞŝŶǁƌŝƚŝŶŐƚŽƚŚĞŽƌƌŽǁĞƌ͕ƌĞĨƌĂŝŶĨƌŽŵĚŝƐďƵƌƐŝŶŐ ĂŶLJŽĨƚŚĞ>ŽĂŶWƌŽĐĞĞĚƐ͖ƉƌŽǀŝĚĞĚ͕ŚŽǁĞǀĞƌ͕ƚŚĞ>ĞŶĚĞƌŵĂLJŵĂŬĞƐƵĐŚĚŝƐďƵƌƐĞŵĞŶƚƐĂĨƚĞƌ ƚŚĞŽĐĐƵƌƌĞŶĐĞŽĨĂŶ ǀĞŶƚŽĨĞĨĂƵůƚǁŝƚŚŽƵƚƚŚĞƌĞďLJǁĂŝǀŝŶŐŝƚƐƌŝŐŚƚƐĂŶĚƌĞŵĞĚŝĞƐ ŚĞƌĞƵŶĚĞƌ͕ŽƌǁĂŝǀŝŶŐŝƚƐƌŝŐŚƚƚŽŵĂŬĞĂŶLJĂĚĚŝƚŝŽŶĂůĚŝƐďƵƌƐĞŵĞŶƚƐ͘ ;ďͿdŚĞ>ĞŶĚĞƌŵĂLJ͕ďLJǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞŽƌƌŽǁĞƌ͕ĚĞĐůĂƌĞŝŵŵĞĚŝĂƚĞůLJĚƵĞĂŶĚ ƉĂLJĂďůĞĂůůƉƌŝŶĐŝƉĂůĂŶĚŝŶƚĞƌĞƐƚĚƵĞƵŶĚĞƌƚŚĞWƌŽŵŝƐƐŽƌLJEŽƚĞ͕ƚŽŐĞƚŚĞƌǁŝƚŚĂůůŽƚŚĞƌƐƵŵƐ ƉĂLJĂďůĞƵŶĚĞƌƚŚĞ>ŽĂŶŽĐƵŵĞŶƚƐĂŶĚƚŚĞƐĂŵĞƐŚĂůůƚŚĞƌĞƵƉŽŶďĞŝŵŵĞĚŝĂƚĞůLJĚƵĞĂŶĚ ƉĂLJĂďůĞǁŝƚŚŽƵƚƉƌĞƐĞŶƚŵĞŶƚŽƌŽƚŚĞƌĚĞŵĂŶĚ͕ƉƌŽƚĞƐƚ͕ŶŽƚŝĐĞŽĨĚŝƐŚŽŶŽƌŽƌĂŶLJŽƚŚĞƌŶŽƚŝĐĞ ŽĨĂŶLJŬŝŶĚ͕ĂůůŽĨǁŚŝĐŚĂƌĞŚĞƌĞďLJĞdžƉƌĞƐƐůLJǁĂŝǀĞĚ͘ ;ĐͿdŚĞ>ĞŶĚĞƌƐŚĂůůŚĂǀĞƚŚĞƌŝŐŚƚ͕ŝŶĂĚĚŝƚŝŽŶƚŽĂŶLJŽƚŚĞƌƌŝŐŚƚƐƉƌŽǀŝĚĞĚďLJůĂǁŽƌ ĞƋƵŝƚLJ͕ƚŽĞŶĨŽƌĐĞŝƚƐƌŝŐŚƚƐĂŶĚƌĞŵĞĚŝĞƐƵŶĚĞƌƚŚĞ>ŽĂŶŽĐƵŵĞŶƚƐ͘ ;ĚͿdŚĞ>ĞŶĚĞƌƐŚĂůůŚĂǀĞƚŚĞƌŝŐŚƚ͕ŝŶĂĚĚŝƚŝŽŶƚŽĂŶLJŽƚŚĞƌƌŝŐŚƚƐƉƌŽǀŝĚĞĚďLJůĂǁŽƌ ĞƋƵŝƚLJ͕ƚŽŝŶŝƚŝĂƚĞůŝƚŝŐĂƚŝŽŶĨŽƌƚŚĞďƌĞĂĐŚŽĨĂŶLJƚĞƌŵ͕ĐŽŶĚŝƚŝŽŶ͕ĐŽǀĞŶĂŶƚ͕ƌĞƋƵŝƌĞŵĞŶƚŽƌ ƉƌŽǀŝƐŝŽŶĐŽŶƚĂŝŶĞĚŝŶƚŚĞ>ŽĂŶŽĐƵŵĞŶƚƐ͕ĂŶĚƚŽƌĞĐŽǀĞƌĚĂŵĂŐĞƐĨŽƌƐƵĐŚďƌĞĂĐŚ͘ ;ĞͿdŚĞ>ĞŶĚĞƌƐŚĂůůŚĂǀĞƚŚĞƌŝŐŚƚ͕ŝŶĂĚĚŝƚŝŽŶƚŽĂŶLJŽƚŚĞƌƌŝŐŚƚƐƉƌŽǀŝĚĞĚďLJůĂǁŽƌ ĞƋƵŝƚLJ͕ƚŽĂƉƉůLJƚŽĂŶLJĐŽƵƌƚ͕ƐƚĂƚĞŽƌĨĞĚĞƌĂů͕ĨŽƌƐƉĞĐŝĨŝĐƉĞƌĨŽƌŵĂŶĐĞŽĨĂŶLJƚĞƌŵ͕ĐŽŶĚŝƚŝŽŶ͕ ĐŽǀĞŶĂŶƚ͕ƌĞƋƵŝƌĞŵĞŶƚŽƌƉƌŽǀŝƐŝŽŶĐŽŶƚĂŝŶĞĚŝŶƚŚĞ>ŽĂŶŽĐƵŵĞŶƚƐ͖ĨŽƌĂŶŝŶũƵŶĐƚŝŽŶĂŐĂŝŶƐƚ ĂŶLJǀŝŽůĂƚŝŽŶŽĨĂŶLJƐƵĐŚƚĞƌŵ͕ĐŽŶĚŝƚŝŽŶ͕ĐŽǀĞŶĂŶƚ͕ƌĞƋƵŝƌĞŵĞŶƚĂŶĚͬŽƌƉƌŽǀŝƐŝŽŶ͖ŽƌĨŽƌƐƵĐŚ ŽƚŚĞƌƌĞůŝĞĨĂƐŵĂLJďĞĂƉƉƌŽƉƌŝĂƚĞ͕ƐŝŶĐĞƚŚĞŝŶũƵƌLJƚŽƚŚĞ>ĞŶĚĞƌĂƌŝƐŝŶŐĨƌŽŵĂĚĞĨĂƵůƚƵŶĚĞƌ ĂŶLJŽĨƚŚĞƚĞƌŵƐ͕ĐŽŶĚŝƚŝŽŶƐ͕ĐŽǀĞŶĂŶƚƐƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚͬŽƌƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ>ŽĂŶ ŽĐƵŵĞŶƚƐ͕ǁŽƵůĚďĞŝƌƌĞƉĂƌĂďůĞĂŶĚƚŚĞĂŵŽƵŶƚŽĨĚĂŵĂŐĞǁŽƵůĚďĞĚŝĨĨŝĐƵůƚƚŽĂƐĐĞƌƚĂŝŶ͘ ZŝŐŚƚƐĂŶĚZĞŵĞĚŝĞƐƵŵƵůĂƚŝǀĞ͘ ^ĞĐƚŝŽŶϱ͘ϯ͘dŚĞƌŝŐŚƚƐĂŶĚƌĞŵĞĚŝĞƐŽĨƚŚĞƉĂƌƚŝĞƐƚŽƚŚŝƐ >ŽĂŶŐƌĞĞŵĞŶƚ͕ǁŚĞƚŚĞƌƉƌŽǀŝĚĞĚďLJŽƉĞƌĂƚŝŽŶŽĨůĂǁŽƌďLJƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚ͕ƐŚĂůůďĞ 5HY)HEUXDU\ *E ĐƵŵƵůĂƚŝǀĞ͕ĂŶĚƚŚĞĞdžĞƌĐŝƐĞďLJĞŝƚŚĞƌƉĂƌƚLJŽĨĂŶLJŽŶĞŽƌŵŽƌĞŽĨƐƵĐŚƌĞŵĞĚŝĞƐƐŚĂůůŶŽƚďĞ ĐŽŶƐƚƌƵĞĚƚŽƉƌĞĐůƵĚĞŽƌǁĂŝǀĞŝƚƐƌŝŐŚƚƚŽĞdžĞƌĐŝƐĞ͕ĂƚƚŚĞƐĂŵĞŽƌĚŝĨĨĞƌĞŶƚƚŝŵĞƐ͕ĂŶLJŽĨƚŚĞ ŽƚŚĞƌƐƵĐŚƌĞŵĞĚŝĞƐĨŽƌƚŚĞƐĂŵĞĚĞĨĂƵůƚŽƌďƌĞĂĐŚ͕ŽƌŽĨĂŶLJŽĨŝƚƐƌĞŵĞĚŝĞƐĨŽƌĂŶLJŽƚŚĞƌ ĚĞĨĂƵůƚŽƌďƌĞĂĐŚďLJƚŚĞŽƚŚĞƌƉĂƌƚLJ͘ EŽǁĂŝǀĞƌŵĂĚĞďLJĞŝƚŚĞƌƐƵĐŚƉĂƌƚLJǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞƉĞƌĨŽƌŵĂŶĐĞ͕ŵĂŶŶĞƌŽƌƚŝŵĞƚŚĞƌĞŽĨ͕ ŽĨĂŶLJŽďůŝŐĂƚŝŽŶŽĨƚŚĞŽƚŚĞƌƉĂƌƚLJŽƌĂŶLJĐŽŶĚŝƚŝŽŶƚŽŝƚƐŽǁŶŽďůŝŐĂƚŝŽŶƵŶĚĞƌƚŚŝƐ>ŽĂŶ ŐƌĞĞŵĞŶƚŽƌĂŶLJĚŽĐƵŵĞŶƚƌĞĨĞƌƌĞĚƚŽŚĞƌĞŝŶ͕ƐŚĂůůďĞĐŽŶƐŝĚĞƌĞĚĂǁĂŝǀĞƌŽĨĂŶLJƌŝŐŚƚƐŽĨƚŚĞ ƉĂƌƚLJŵĂŬŝŶŐƚŚĞǁĂŝǀĞƌǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞƉĂƌƚŝĐƵůĂƌŽďůŝŐĂƚŝŽŶŽĨƚŚĞŽƚŚĞƌƉĂƌƚLJŽƌĐŽŶĚŝƚŝŽŶ ƚŽŝƚƐŽǁŶŽďůŝŐĂƚŝŽŶďĞLJŽŶĚƚŚŽƐĞĞdžƉƌĞƐƐůLJǁĂŝǀĞĚŝŶǁƌŝƚŝŶŐĂŶĚƚŽƚŚĞĞdžƚĞŶƚƚŚĞƌĞŽĨ͕ŽƌĂ ǁĂŝǀĞƌŝŶĂŶLJƌĞƐƉĞĐƚŝŶƌĞŐĂƌĚƚŽĂŶLJŽƚŚĞƌƌŝŐŚƚƐŽĨƚŚĞƉĂƌƚLJŵĂŬŝŶŐƚŚĞǁĂŝǀĞƌŽƌĂŶLJŽƚŚĞƌ ŽďůŝŐĂƚŝŽŶƐŽĨƚŚĞŽƚŚĞƌƉĂƌƚLJ͘EŽĚĞůĂLJŽƌĨĂŝůƵƌĞďLJĞŝƚŚĞƌƉĂƌƚLJƚŽĞdžĞƌĐŝƐĞĂŶLJƌŝŐŚƚŽƌƌĞŵĞĚLJ ƐŚĂůůďĞĂǁĂŝǀĞƌŽĨƐƵĐŚƌŝŐŚƚŽƌƌĞŵĞĚLJ͕ĂŶĚŶŽƐŝŶŐůĞŽƌƉĂƌƚŝĂůĞdžĞƌĐŝƐĞďLJĞŝƚŚĞƌƉĂƌƚLJŽĨĂŶLJ ƌŝŐŚƚŽƌƌĞŵĞĚLJƐŚĂůůƉƌĞĐůƵĚĞŽƚŚĞƌŽƌĨƵƌƚŚĞƌĞdžĞƌĐŝƐĞƚŚĞƌĞŽĨĨŽƌƚŚĞĞdžĞƌĐŝƐĞŽĨĂŶLJŽƚŚĞƌƌŝŐŚƚ ŽƌƌĞŵĞĚLJĂƚĂŶLJŽƚŚĞƌƚŝŵĞ͘ ŽůůĞĐƚŝŽŶ͘ ^ĞĐƚŝŽŶϱ͘ϰ͘hƉŽŶƚŚĞŽĐĐƵƌƌĞŶĐĞŽĨĂŶ ǀĞŶƚŽĨĞĨĂƵůƚĂŶĚĂƚĂŶLJƚŝŵĞƚŚĞƌĞĂĨƚĞƌ ƵŶƚŝůƐƵĐŚ ǀĞŶƚŽĨĞĨĂƵůƚŝƐĐƵƌĞĚƚŽƚŚĞƐĂƚŝƐĨĂĐƚŝŽŶŽĨƚŚĞ>ĞŶĚĞƌĂŶĚ^ƚĂƚĞ͕ŽƌƌŽǁĞƌĂŐƌĞĞƐ ƚŽƉĂLJĂůůĐŽƐƚƐĂŶĚĞdžƉĞŶƐĞƐŽĨƚŚĞ>ĞŶĚĞƌ͕ŝŶĐůƵĚŝŶŐ͕ďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͕ƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞLJΖƐ ĨĞĞƐ͕ŝŶƚŚĞĐŽůůĞĐƚŝŽŶŽĨĂŶLJŽĨƚŚĞŽďůŝŐĂƚŝŽŶƐŽƌƚŚĞĞŶĨŽƌĐĞŵĞŶƚŽĨĂŶLJŽĨƚŚĞ>ĞŶĚĞƌΖƐƌŝŐŚƚƐ͘ /ĨĂŶLJŶŽƚŝĐĞŽĨƐĂůĞ͕ĚŝƐƉŽƐŝƚŝŽŶŽƌŽƚŚĞƌŝŶƚĞŶĚĞĚĂĐƚŝŽŶďLJƚŚĞ>ĞŶĚĞƌŝƐƌĞƋƵŝƌĞĚďLJůĂǁƚŽďĞ ŐŝǀĞŶƚŽŽƌƌŽǁĞƌ͕ƐƵĐŚŶŽƚŝĐĞƐŚĂůůďĞĚĞĞŵĞĚƌĞĂƐŽŶĂďůLJĂŶĚƉƌŽƉĞƌůLJŐŝǀĞŶŝĨŵĂŝůĞĚƚŽ ŽƌƌŽǁĞƌĂƚƚŚĞĂĚĚƌĞƐƐƐƉĞĐŝĨŝĞĚŝŶ^ĞĐƚŝŽŶϵ͘ϭϰ͕ŽƌĂƚƐƵĐŚŽƚŚĞƌĂĚĚƌĞƐƐŽĨŽƌƌŽǁĞƌĂƐŵĂLJ ďĞƐŚŽǁŶŽŶƚŚĞ>ĞŶĚĞƌΖƐƌĞĐŽƌĚƐ͕ĂƚůĞĂƐƚϭϱĚĂLJƐďĞĨŽƌĞƐƵĐŚƐĂůĞ͕ĚŝƐƉŽƐŝƚŝŽŶŽƌŽƚŚĞƌŝŶƚĞŶĚĞĚ ĂĐƚŝŽŶ͘ dŚĞ>ĞŶĚĞƌƐŚĂůůŚĂǀĞƚŚĞƌŝŐŚƚĂƐŝƚƐŽƉƚŝŽŶĂŶĚǁŝƚŚŽƵƚĚĞŵĂŶĚŽƌŶŽƚŝĐĞ͕ƚŽĚĞĐůĂƌĞĂůůŽƌĂŶLJ ƉĂƌƚŽĨƚŚĞ>ŽĂŶŝŵŵĞĚŝĂƚĞůLJĚƵĞĂŶĚƉĂLJĂďůĞ͕ĂŶĚŝŶĂĚĚŝƚŝŽŶƚŽƚŚĞƌŝŐŚƚƐĂŶĚƌĞŵĞĚŝĞƐ ŐƌĂŶƚĞĚŚĞƌĞďLJ͕ƚŚĞ>ĞŶĚĞƌƐŚĂůůŚĂǀĞĂůůŽĨƚŚĞƌŝŐŚƚƐĂŶĚƌĞŵĞĚŝĞƐĂǀĂŝůĂďůĞƵŶĚĞƌƚŚĞ hŶŝĨŽƌŵŽŵŵĞƌĐŝĂůŽĚĞĂŶĚĂŶLJŽƚŚĞƌĂƉƉůŝĐĂďůĞůĂǁ͘ ƐƐŝŐŶŵĞŶƚ͘ ^ĞĐƚŝŽŶϱ͘ϱ͘/Ĩ͕ƉƌŝŽƌƚŽƚŚĞdĞƌŵŝŶĂƚŝŽŶĂƚĞ͕ƚŚĞŽƌƌŽǁĞƌƐĞůůƐ͕ĐŽŶǀĞLJƐ͕ƚƌĂŶƐĨĞƌƐ͕ ĨƵƌƚŚĞƌŵŽƌƚŐĂŐĞƐŽƌĞŶĐƵŵďĞƌƐ͕ŽƌĚŝƐƉŽƐĞƐŽĨƚŚĞĞǀĞůŽƉŵĞŶƚWƌŽƉĞƌƚLJ͕ŽƌĂŶLJƉĂƌƚƚŚĞƌĞŽĨ ŽƌŝŶƚĞƌĞƐƚƚŚĞƌĞŝŶ͕ŽƌĞŶƚĞƌƐŝŶƚŽĂŶĂŐƌĞĞŵĞŶƚƚŽĚŽĂŶLJŽĨƚŚĞĨŽƌĞŐŽŝŶŐ͕ƚŚĞŽƌƌŽǁĞƌƐŚĂůů ŝŵŵĞĚŝĂƚĞůLJƌĞƉĂLJĂůůĂŵŽƵŶƚƐƚŚĞŶŽƵƚƐƚĂŶĚŝŶŐŽŶƚŚĞ>ŽĂŶ͘dŚŝƐƐŚĂůůďĞŝŶĂĚĚŝƚŝŽŶƚŽĂŶLJ ŽƚŚĞƌƌĞŵĞĚŝĞƐĂƚůĂǁŽƌĞƋƵŝƚLJĂǀĂŝůĂďůĞƚŽƚŚĞ>ĞŶĚĞƌ͘ ƉƉŽŝŶƚŵĞŶƚĨŽƌ&ŽƌĞĐůŽƐƵƌĞ͘ ^ĞĐƚŝŽŶϱ͘ϲ͘hƉŽŶƚŚĞŽĐĐƵƌƌĞŶĐĞŽĨĂŶ ǀĞŶƚŽĨĞĨĂƵůƚĂŶĚĂƚ ĂŶLJƚŝŵĞƚŚĞƌĞĂĨƚĞƌƵŶƚŝůƐƵĐŚ ǀĞŶƚŽĨĞĨĂƵůƚŝƐĐƵƌĞĚƚŽƚŚĞƐĂƚŝƐĨĂĐƚŝŽŶŽĨƚŚĞ>ĞŶĚĞƌĂŶĚ ^ƚĂƚĞ͕ŽƌƌŽǁĞƌĂŐƌĞĞƐƚŚĂƚƚŚĞ>ĞŶĚĞƌŵĂLJĂƉƉŽŝŶƚĂŶŝŶĚŝǀŝĚƵĂůŽƌĞŶƚŝƚLJƚŽŚĂŶĚůĞƚŚĞ ĚĞĨĂƵůƚƉƌŽĐĞĞĚŝŶŐƐ͘ 5HY)HEUXDU\ *E Zd/> ϲ ŝƐďƵƌƐĞŵĞŶƚWƌŽǀŝƐŝŽŶƐ ͘WĂLJŵĞŶƚZĞƋƵŝƐŝƚŝŽŶŽĐƵŵĞŶƚĂƚŝŽŶ ^ĞĐƚŝŽŶϲ͘ϭ͘dŚĞ>ĞŶĚĞƌǁŝůůĚŝƐďƵƌƐĞƚŚĞůŽĂŶĨƵŶĚƐƵƉŽŶ ƌĞĐĞŝƉƚĂŶĚĂƉƉƌŽǀĂůďLJƚŚĞ>ĞŶĚĞƌĂŶĚƚŚĞ^ƚĂƚĞŽĨƚŚĞĨŽůůŽǁŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ ;ĂͿdŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚ͕ĨƵůůLJĞdžĞĐƵƚĞĚ͖ ;ďͿWƌŽŵŝƐƐŽƌLJŶŽƚĞ͖ ;ĐͿ ǀŝĚĞŶĐĞŽĨĚĞďƚĂŶĚĞƋƵŝƚLJŝŶũĞĐƚŝŽŶŝŶƚŚĞĂŵŽƵŶƚŽĨΨϱ͕ϳϬϬ͕ϬϬϬ͖ ;ĚͿ^ĞĐƵƌŝƚLJŐƌĞĞŵĞŶƚ͖hĨŝůůŝŶŐ͘ ;ĞͿWƌŽŵŝƐƐŽƌLJEŽƚĞƐĨƌŽŵƚŚĞĨŽůůŽǁŝŶŐ>ĞŶĚĞƌƐ͗ ϭͿŝƚLJŽĨZŽĐŚĞƐƚĞƌŝŶƚŚĞĂŵŽƵŶƚŽĨΨϭϬϬ͕ϬϬϬ͘ ;ĨͿ/ŶǀŽŝĐĞƐĨŽƌŝƚĞŵƐĨƵŶĚĞĚďLJƚŚĞ>ŽĂŶĂŶĚŵĂƚĐŚŝŶŐĨƵŶĚƐ͘ ;ŐͿŽĐƵŵĞŶƚĂƚŝŽŶŽĨƚŽƚĂůƉƌŽũĞĐƚĞdžƉĞŶĚŝƚƵƌĞƐǁŝůůďĞƌĞƋƵŝƌĞĚƉƌŝŽƌƚŽĨŝŶĂů ĚŝƐďƵƌƐĞŵĞŶƚŽĨD/&ĨƵŶĚƐ͘ ;ũͿdŚĞŽƌƌŽǁĞƌƐŚĂůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞŝŶĂĚĞƋƵĂƚĞĂŵŽƵŶƚƐĐŽǀĞƌŝŶŐůŽƐƐŽƌ ĚĂŵĂŐĞƚŽƚŚĞĐŽůůĂƚĞƌĂů͘dŚĞ>ĞŶĚĞƌŵƵƐƚďĞůŝƐƚĞĚĂƐůŽƐƐƉĂLJĞĞ͘ ;ŬͿ ǀŝĚĞŶĐĞƚŚĂƚĞƋƵŝƉŵĞŶƚŽƌŽƚŚĞƌŝƚĞŵƐƉƵƌĐŚĂƐĞĚǁŝƚŚƚŚĞ>ŽĂŶĂƌĞŝŶƚŚĞ :ƵƌŝƐĚŝĐƚŝŽŶ͘ hƉŽŶƌĞĐĞŝƉƚŽĨƐƵĐŚŝŶĨŽƌŵĂƚŝŽŶ͕ƚŚĞ>ŽĂŶĨƵŶĚƐǁŝůůďĞĚŝƐďƵƌƐĞĚƵƉŽŶĂƉƉƌŽǀĂůŽĨƚŚĞůĞŶĚĞƌ ĂŶĚ ŝŶĂůƵŵƉƐƵŵ͕ƵƉƚŽĂƚŽƚĂůĚŝƐďƵƌƐĞŵĞŶƚĂŵŽƵŶƚŽĨΨϮϳϬ͕ϬϬϬ͘ ZĞǀŝĞǁŽĨŽĐƵŵĞŶƚƐ͘ ^ĞĐƚŝŽŶϲ͘Ϯ͘dŚĞŽƌƌŽǁĞƌƐŚĂůůŶŽƚďĞĞŶƚŝƚůĞĚƚŽĂŶLJĚŝƐďƵƌƐĞŵĞŶƚŽĨ ůŽĂŶƉƌŽĐĞĞĚƐƵŶƚŝůƚŚĞ>ĞŶĚĞƌΖƐůĞŐĂůĐŽƵŶƐĞůĂŶĚƚŚĞ^ƚĂƚĞŚĂǀĞƌĞǀŝĞǁĞĚĂŶĚĂƉƉƌŽǀĞĚƚŚŝƐ >ŽĂŶŐƌĞĞŵĞŶƚĂŶĚƚŚĞĞdžŚŝďŝƚƐĂƚƚĂĐŚĞĚŚĞƌĞƚŽ͘ ͘ĚǀĞƌƐĞŚĂŶŐĞƐ ^ĞĐƚŝŽŶϲ͘ϯ͘dŚĞ>ĞŶĚĞƌĂŶĚƚŚĞ^ƚĂƚĞǁŝůůŶŽƚĂƵƚŚŽƌŝnjĞĚŝƐďƵƌƐĞŵĞŶƚŽĨĨƵŶĚƐ ŝĨƚŚĞƌĞŚĂƐďĞĞŶĂŶLJĂĚǀĞƌƐĞĐŚĂŶŐĞŝŶƚŚĞŽƌƌŽǁĞƌ͛ƐĨŝŶĂŶĐŝĂůĐŽŶĚŝƚŝŽŶ͕ŽƌŐĂŶŝnjĂƚŝŽŶ͕ ŽƉĞƌĂƚŝŽŶƐŽƌƚŚĞŝƌĂďŝůŝƚLJƚŽƌĞƉĂLJƚŚĞƉƌŽũĞĐƚĨŝŶĂŶĐŝŶŐ͘ Zd/> ϳ WƌŽŐƌĞƐƐZĞƉŽƌƚŝŶŐ ͘WƌŽŐƌĞƐƐ/ŶĨŽƌŵĂƚŝŽŶ͘ ^ĞĐƚŝŽŶϳ͘ϭdŚĞŽƌƌŽǁĞƌƐŚĂůůƉƌŽǀŝĚĞƚŽƚŚĞ>ĞŶĚĞƌŝŶĨŽƌŵĂƚŝŽŶĨŽƌ ŝŶĐŽƌƉŽƌĂƚŝŽŶŝŶƚŽƚŚĞDŝŶŶĞƐŽƚĂ/ŶǀĞƐƚŵĞŶƚ&ƵŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐ͕ĂƐƌĞƋƵŝƌĞĚďLJƚŚĞ^ƚĂƚĞĂŶĚ ĂƐŶĞĞĚĞĚďLJƚŚĞ>ĞŶĚĞƌ͕ƚŽŵŽŶŝƚŽƌƚŚĞWƌŽũĞĐƚĨŽƌĐŽŵƉůŝĂŶĐĞǁŝƚŚ^ƚĂƚĞĂŶĚ>ĞŶĚĞƌŐƵŝĚĞůŝŶĞƐ͘ dŚŝƐŝŶĨŽƌŵĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚƵŶƚŝůƚŚĞƉƌŽũĞĐƚŐŽĂůƐŚĂǀĞďĞĞŶŵĞƚŽƌƵŶƚŝůƚŚĞŽŵƉůŝĂŶĐĞ ĂƚĞ͕ǁŚŝĐŚĞǀĞƌŝƐůĂƚĞƌ͘ƚƚŚĞĚŝƐĐƌĞƚŝŽŶŽĨƚŚĞ^ƚĂƚĞŽƌ>ĞŶĚĞƌĂĚĚŝƚŝŽŶĂůƌĞƉŽƌƚŝŶŐŵĂLJďĞ ƌĞƋƵŝƌĞĚ͘dŚŝƐŝŶĨŽƌŵĂƚŝŽŶŵƵƐƚďĞƐƵďŵŝƚƚĞĚƚŽƚŚĞ>ĞŶĚĞƌŶŽůĂƚĞƌƚŚĂŶ͗ ;ĂͿ:ĂŶƵĂƌLJϭϱ͕ϮϬϭϴͺĨŽƌƚŚĞƉĞƌŝŽĚĞŶĚŝŶŐĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ͖ ;ďͿ:ĂŶƵĂƌLJϭϱ͕ϮϬϭϵĨŽƌƚŚĞƉĞƌŝŽĚĞŶĚŝŶŐĞĐĞŵďĞƌϯϭ͕ϮϬϭϴ͖ 5HY)HEUXDU\ *E ;ĐͿ:ĂŶƵĂƌLJϭϱ͕ϮϬϮϬĨŽƌƚŚĞƉĞƌŝŽĚĞŶĚŝŶŐĞĐĞŵďĞƌϯϭ͕ϮϬϭϵ ;ĐͿ&ŝĨƚĞĞŶĚĂLJƐĂĨƚĞƌƚŚĞŽŵƉůŝĂŶĐĞĂƚĞ͘ ŽĐƵŵĞŶƚĂƚŝŽŶƚŽďĞƉƌŽǀŝĚĞĚƚŽƚŚĞ>ĞŶĚĞƌ͗ ^ĞĐƚŝŽŶϳ͘Ϯ WƌŽũĞĐƚƐƚĂƚƵƐĂŶĚƚŚĞƐƚĂƚƵƐŽĨƉĂLJŵĞŶƚƐ͘ ;ĂͿ ĚĚŝƚŝŽŶĂů>ĞǀĞƌĂŐĞ͘ ;ďͿdŚĞŽƌƌŽǁĞƌŵƵƐƚƉƌŽǀŝĚĞƚŽƚŚĞ>ĞŶĚĞƌŝŶǀŽŝĐĞƐ͕ƐǁŽƌŶ ĐŽŶƐƚƌƵĐƚŝŽŶƐƚĂƚĞŵĞŶƚƐ͕ĂŶĚŽƌĂŶLJŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶ͕ǁŝƚŚĞĂĐŚƉƌŽŐƌĞƐƐƌĞƉŽƌƚ͕ƚŽĚŽĐƵŵĞŶƚ KƚŚĞƌWƌŽũĞĐƚ&ƵŶĚƐŝŶĂĚĚŝƚŝŽŶƚŽƚŚĞŽƌŝŐŝŶĂůůLJŝŶĐůƵĚĞĚƉƌŽũĞĐƚĐŽƐƚƐ͘ :ŽďƌĞĂƚŝŽŶŽĐƵŵĞŶƚĂƚŝŽŶ ;ĐͿ͘dŚĞŽƌƌŽǁĞƌƐŚĂůůƉƌŽǀŝĚĞƚŽƚŚĞ>ĞŶĚĞƌ ŝŶĨŽƌŵĂƚŝŽŶŽŶƚŚĞŚŝƌŝŶŐŽĨĞĂĐŚEĞǁ:ŽďŽŶĨŽƌŵƐƉƌŽǀŝĚĞĚďLJƚŚĞ>ĞŶĚĞƌ͘dŚŝƐŝŶĨŽƌŵĂƚŝŽŶ ŵƵƐƚŝŶĐůƵĚĞ͗ WĞƌŵĂŶĞŶƚũŽďƐĐƌĞĂƚĞĚ͖ :ŽďƚŝƚůĞŽĨĞĂĐŚEĞǁ:Žď͖ ĂƚĞŽĨŚŝƌĞŽĨĞĂĐŚŶĞǁĞŵƉůŽLJĞĞ͖ ,ŽƵƌůLJďĂƐĞǁĂŐĞƉĂŝĚ͖ >ŝƐƚŽĨĞŶĞĨŝƚƐƉƌŽǀŝĚĞĚ͖ĂŶĚ ,ŽƵƌůLJǀĂůƵĞŽĨĞŶĞĨŝƚƐƉĂŝĚ͘ WĂLJƌŽůůZĞƉŽƌƚ ;ĚͿ͘ĨŽƌŵĂůƉĂLJƌŽůůƌĞƉŽƌƚǀĞƌŝĨLJŝŶŐũŽďŝŶĨŽƌŵĂƚŝŽŶǁŝůůďĞĚƵĞĂƚ ƚŚĞŽŵƉůŝĂŶĐĞĂƚĞ͘ Zd/> ϴ ƵƐŝŶĞƐƐ^ƵďƐŝĚLJŐƌĞĞŵĞŶƚĂŶĚZĞƉŽƌƚŝŶŐ ƵƐŝŶĞƐƐ^ƵďƐŝĚLJŐƌĞĞŵĞŶƚ͘ ^ĞĐƚŝŽŶϴ͘ϭ͘dŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐ^ĞĐƚŝŽŶĐŽŶƐƚŝƚƵƚĞƚŚĞ͞ƵƐŝŶĞƐƐ ^ƵďƐŝĚLJŐƌĞĞŵĞŶƚ͟ĨŽƌƉƵƌƉŽƐĞƐŽĨƚŚĞDŝŶŶĞƐŽƚĂƵƐŝŶĞƐƐ^ƵďƐŝĚLJĐƚ;DŝŶŶ͘^ƚĂƚ͘Αϭϭϲ:͘ϵϵϯ ʹΑϭϭϲ:͘ϵϵϱĂŶĚŝƚƐƐƵĐĐĞƐƐŽƌƐƚĂƚƵƚĞ͘Ϳ ;ĂͿdŚĞŽƌƌŽǁĞƌĂĐŬŶŽǁůĞĚŐĞƐĂŶĚĂŐƌĞĞƐƚŚĂƚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨDŝŶŶĞƐŽƚĂ͛Ɛ ƵƐŝŶĞƐƐ^ƵďƐŝĚLJĐƚĂƉƉůLJƚŽƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚ͕ĂƐŽƌƌŽǁĞƌŝƐƌĞĐĞŝǀŝŶŐŐŽǀĞƌŶŵĞŶƚ ĂƐƐŝƐƚĂŶĐĞƵŶĚĞƌƚŚĞƚĞƌŵƐŽĨƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚ͘ ;ϭͿdŚĞƐƵďƐŝĚLJƉƌŽǀŝĚĞĚƚŽƚŚĞŽƌƌŽǁĞƌŝŶĐůƵĚĞƐƚŚĞΨϮϳϬ͕ϬϬϬůŽĂŶŵĂĚĞ ŚĞƌĞƵŶĚĞƌǁŚŝĐŚǁŝůůďĞƵƐĞĚĨŽƌŵĂĐŚŝŶĞƌLJĂŶĚĞƋƵŝƉŵĞŶƚ͘ ;ϮͿdŚĞƉƵďůŝĐƉƵƌƉŽƐĞƐĂŶĚŐŽĂůƐŽĨƚŚĞƐƵďƐŝĚLJĂƌĞƚŽŝŶĐƌĞĂƐĞŶĞƚũŽďƐŝŶƚŚĞ ŝƚLJ͘ ;ϯͿdŚĞŐŽĂůƐĨŽƌƚŚĞƐƵďƐŝĚLJĂƌĞƚŽĐƌĞĂƚĞũŽďƐƚŚĂƚƉĂLJĂůŝǀĂďůĞǁĂŐĞ͕ƉĞƌ ^ĞĐƚŝŽŶϴ͘ϭ;ďͿŽĨƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚ͘ 5HY)HEUXDU\ *E ;ϰͿ/ĨƚŚĞŐŽĂůƐĂƌĞŶŽƚƐĂƚŝƐĨŝĞĚ͕ƚŚĞŽƌƌŽǁĞƌƐŚĂůůŵĂŬĞƉĂLJŵĞŶƚƚŽƚŚĞ >ĞŶĚĞƌĂƐƌĞƋƵŝƌĞĚŝŶ^ĞĐƚŝŽŶϴ͘ϮŽĨƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚ͘ ;ϱͿdŚĞƐƵďƐŝĚLJŝƐŶĞĞĚĞĚďĞĐĂƵƐĞƚŚĞĐŽƐƚŽĨĞƋƵŝƉŵĞŶƚŵĂŬĞƚŚĞWƌŽũĞĐƚ ĞĐŽŶŽŵŝĐĂůůLJŝŶĨĞĂƐŝďůĞǁŝƚŚŽƵƚƚŚĞ>ŽĂŶ͘ ;ϲͿdŚĞŽƌƌŽǁĞƌŵƵƐƚĐŽŶƚŝŶƵĞŽƉĞƌĂƚŝŽŶƐŝŶƚŚĞ:ƵƌŝƐĚŝĐƚŝŽŶĨŽƌĂƚůĞĂƐƚĨŝǀĞ LJĞĂƌƐĨŽůůŽǁŝŶŐƚŚĞĞŶĞĨŝƚĂƚĞ͘ ;ϳͿdŚĞŽƌƌŽǁĞƌĚŽĞƐŶŽƚŚĂǀĞĂƉĂƌĞŶƚĐŽƌƉŽƌĂƚŝŽŶ͘ EĂŵĞŽĨWĂƌĞŶƚ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ĚĚƌĞƐƐŽĨƉĂƌĞŶƚ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ;ϴͿ/ŶĂĚĚŝƚŝŽŶƚŽƚŚĞĂƐƐŝƐƚĂŶĐĞƉƌŽǀŝĚĞĚƵŶĚĞƌƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚ͕ƚŚĞ ŽƌƌŽǁĞƌŚĂƐƌĞĐĞŝǀĞĚŽƌĞdžƉĞĐƚƐƚŽƌĞĐĞŝǀĞĂƐƉĂƌƚŽĨƚŚŝƐƉƌŽũĞĐƚ͕ƚŚĞĨŽůůŽǁŝŶŐ ĨŝŶĂŶĐŝĂůĂƐƐŝƐƚĂŶĐĞĨƌŽŵŽƚŚĞƌ͞ŐƌĂŶƚŽƌƐ͟ĂƐĚĞĨŝŶĞĚŝŶƚŚĞƵƐŝŶĞƐƐ^ƵďƐŝĚLJĐƚ͗ ΨϭϬϬ͕ϬϬϬĨƌŽŵƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ͘ ;ďͿKŶƚŚĞŽŵƉůŝĂŶĐĞĂƚĞ͕ƚŚĞŽƌƌŽǁĞƌƐŚĂůůŚĂǀĞ͗ ;ϭͿDĂŝŶƚĂŝŶĞĚƚǁŽ;ϮͿƉĞƌŵĂŶĞŶƚ͕ŶŽŶͲĐŽŶƚƌĂĐƚ͕ŶŽŶͲƐĞĂƐŽŶĂů&d ũŽďƐ͖ĂŶĚ ;ϮͿƌĞĂƚĞĚĂƚůĞĂƐƚƚǁĞŶƚLJ;ϮϬͿEĞǁ:ŽďƐĂƚƚŚĞĞǀĞůŽƉŵĞŶƚWƌŽƉĞƌƚLJ͘dŚĞ EĞǁ:ŽďƐŵƵƐƚƉĂLJĂďĂƐĞĐĂƐŚǁĂŐĞŽĨĂƚůĞĂƐƚΨϭϳƉĞƌŚŽƵƌ;ĞdžĐůƵƐŝǀĞŽĨ ĞŶĞĨŝƚƐͿƉůƵƐĂĞŶĞĨŝƚƉĂĐŬĂŐĞƐƵĨĨŝĐŝĞŶƚĨŽƌƚŚĞƐĞEĞǁ:ŽďƐĂƚĂǀĂůƵĞŽĨĂƚůĞĂƐƚ Ψϲ͘ϬϬƉĞƌŚŽƵƌ͘,ŽǁĞǀĞƌ͕ǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞǁĂŐĞƐŝŶĐůƵĚĞĞŶĞĨŝƚƐ͕ƚŚĞƚŽƚĂů ŽŵƉĞŶƐĂƚŝŽŶWĂĐŬĂŐĞƐŚĂůůďĞĂƚůĞĂƐƚΨϮϯ͘ϬϬƉĞƌŚŽƵƌ͘EĞǁ:ŽďƐĐƌĞĂƚĞĚĂĨƚĞƌ ƚŚĞ:ƵŶĞϭϱ͕ϮϬϭϳǁŝůůĐŽƵŶƚƚŽǁĂƌĚƚŚĞŽƌƌŽǁĞƌ͛ƐũŽďĐƌĞĂƚŝŽŶŐŽĂů͘ ĞĨĂƵůƚŽŶƵƐŝŶĞƐƐ^ƵďƐŝĚLJĐƚZĞƋƵŝƌĞŵĞŶƚƐ͘ ^ĞĐƚŝŽŶϴ͘Ϯ͘ ;ĂͿ/ĨƚŚĞŽƌƌŽǁĞƌĨĂŝůƐƚŽŵĞĞƚƚŚĞũŽďĐƌĞĂƚŝŽŶŐŽĂůĂŶĚǁĂŐĞůĞǀĞůĐŽŵŵŝƚŵĞŶƚŽŶ ƚŚĞŽŵƉůŝĂŶĐĞĂƚĞ͕ƚŚĞ>ĞŶĚĞƌŵĂLJ͕ĂĨƚĞƌŚŽůĚŝŶŐĂƉƵďůŝĐŚĞĂƌŝŶŐ͕ĞdžƚĞŶĚƚŚĞŽŵƉůŝĂŶĐĞĂƚĞ ĨŽƌŽŶĞLJĞĂƌ͕ĂĨƚĞƌĂƉƉƌŽǀĂůĨƌŽŵƚŚĞ^ƚĂƚĞ͘/ĨĂĨƚĞƌƚŚĞĞdžƚĞŶƐŝŽŶ͕ƚŚĞŽƌƌŽǁĞƌĨĂŝůƐƚŽŵĞĞƚƚŚĞ ũŽďĐƌĞĂƚŝŽŶŐŽĂůĂŶĚǁĂŐĞĐŽŵŵŝƚŵĞŶƚ͕ƚŚĞŽƌƌŽǁĞƌǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƌĞƉĂLJƚŽƚŚĞ>ĞŶĚĞƌĂ ƉƌŽƌĂƚĂƐŚĂƌĞŽĨƚŚĞ>ŽĂŶƉƌŝŶĐŝƉĂůĂƚΨϭϯ͕ϱϬϬƉĞƌ&d ũŽďŶŽƚĐƌĞĂƚĞĚ͕ƉůƵƐŝŶƚĞƌĞƐƚĂƐĚĞĨŝŶĞĚ ŝŶ^ĞĐƚŝŽŶϴ͘Ϯ;ďͿĂƚĂŶĂĐĐĞůĞƌĂƚĞĚƌĂƚĞ͘ ;ďͿ/ŶĂŶ ǀĞŶƚŽĨĞĨĂƵůƚĂƌŝƐŝŶŐĨƌŽŵĂďƌĞĂĐŚďLJƚŚĞŽƌƌŽǁĞƌŽĨĂŶLJƉƌŽǀŝƐŝŽŶŽĨ ^ĞĐƚŝŽŶϴ͘ϭŽĨƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚ͕ŝĨƚŚĞŝŵƉůŝĐŝƚƉƌŝĐĞĚĞĨůĂƚŽƌĨŽƌŐŽǀĞƌŶŵĞŶƚĐŽŶƐƵŵƉƚŝŽŶ ĞdžƉĞŶĚŝƚƵƌĞƐĂŶĚŐƌŽƐƐŝŶǀĞƐƚŵĞŶƚĨŽƌƐƚĂƚĞĂŶĚůŽĐĂůŐŽǀĞƌŶŵĞŶƚƐƉƌĞƉĂƌĞĚďLJƚŚĞƵƌĞĂƵŽĨ ĐŽŶŽŵŝĐŶĂůLJƐŝƐŽĨƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐĞƉĂƌƚŵĞŶƚŽĨŽŵŵĞƌĐĞĨŽƌƚŚĞϭϮͲŵŽŶƚŚƉĞƌŝŽĚ ĞŶĚŝŶŐDĂƌĐŚϯϭ ƐƚŽĨƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌ͕ĞdžĐĞĞĚƐĨŝǀĞƉĞƌĐĞŶƚ;ϱͿйŽŶƚŚĞĚĂƚĞŽĨƚŚĞĞĂƌůŝĞƐƚƐƵĐŚ ǀĞŶƚŽĨĞĨĂƵůƚ͕ƚŚĞŽƌƌŽǁĞƌƐŚĂůů͕ŝŶĂĚĚŝƚŝŽŶƚŽĂŶLJŽƚŚĞƌƉĂLJŵĞŶƚƌĞƋƵŝƌĞĚŚĞƌĞƵŶĚĞƌ͕ƉĂLJ ƚŽƚŚĞ>ĞŶĚĞƌƚŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞŝŶƚĞƌĞƐƚĂĐƚƵĂůůLJƉĂŝĚĂŶĚĂĐĐƌƵĞĚ ŽŶƚŚĞ>ŽĂŶĂƐŽĨƚŚĞĚĂƚĞŽĨƚŚĞƉĂLJŵĞŶƚƌĞƋƵŝƌĞĚďLJƚŚŝƐ^ĞĐƚŝŽŶϴ͘ϮĂŶĚƚŚĞĂŵŽƵŶƚŽĨŝŶƚĞƌĞƐƚ ƚŚĂƚǁŽƵůĚŚĂǀĞďĞĞŶƉĂŝĚĂŶĚĂĐĐƌƵĞĚŽŶƚŚĞ>ŽĂŶŝĨƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞŽĨƚŚĞ>ŽĂŶĂƚĂůůƚŝŵĞƐ ŚĂĚďĞĞŶĞƋƵĂůƚŽƚŚĞŝŵƉůŝĐŝƚƉƌŝĐĞĚĞĨůĂƚŽƌŽŶƚŚĞĚĂƚĞŽĨƚŚĞĞĂƌůŝĞƐƚ ǀĞŶƚŽĨĞĨĂƵůƚ͖ 5HY)HEUXDU\ *E ;ĐͿ/ŶƚĞƌĞƐƚƌĞƋƵŝƌĞĚŝŶ^ĞĐƚŝŽŶϴ͘Ϯ;ďͿƐŚĂůůĐŽŵŵĞŶĐĞƚŽĂĐĐƌƵĞĂƐŽĨƚŚĞ/ŶŝƚŝĂů ŝƐďƵƌƐĞŵĞŶƚĂƚĞ͖ ;ĚͿEŽƚŚŝŶŐŝŶƚŚŝƐ^ĞĐƚŝŽŶϴ͘ϮƐŚĂůůďĞĐŽŶƐƚƌƵĞĚƚŽůŝŵŝƚƚŚĞ>ĞŶĚĞƌ͛ƐƌŝŐŚƚƐŽƌ ƌĞŵĞĚŝĞƐƵŶĚĞƌĂŶLJŽƚŚĞƌƉƌŽǀŝƐŝŽŶŽĨƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚ͕ĂŶĚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨ^ĞĐƚŝŽŶϴ͘Ϯ ĂƌĞŝŶĂĚĚŝƚŝŽŶƚŽĂŶLJŽƚŚĞƌƐƵĐŚƌŝŐŚƚŽƌƌĞŵĞĚLJƚŚĞ>ĞŶĚĞƌŵĂLJŚĂǀĞĂǀĂŝůĂďůĞ͘ ;ĞͿdŚĞŽƌƌŽǁĞƌƐŚĂůůƉƌŽǀŝĚĞƚŽƚŚĞ>ĞŶĚĞƌŝŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐũŽďĂŶĚǁĂŐĞ ŐŽĂůƐĂŶĚƌĞƐƵůƚƐĨŽƌƚǁŽLJĞĂƌƐĂĨƚĞƌƚŚĞĞŶĞĨŝƚĂƚĞŽƌƵŶƚŝůƚŚĞŐŽĂůƐĂƌĞŵĞƚ͕ǁŚŝĐŚĞǀĞƌŝƐ ůĂƚĞƌ͘dŚŝƐƌĞƉŽƌƚŝŶŐƌĞƋƵŝƌĞŵĞŶƚǁŝůůĞdžƉŝƌĞŝĨƚŚĞŐŽĂůƐĂƌĞŵĞƚŽŶƚŚĞŽŵƉůŝĂŶĐĞĂƚĞ͘/ĨƚŚĞ ŐŽĂůƐĂƌĞŶŽƚŵĞƚ͕ƚŚĞŽƌƌŽǁĞƌŵƵƐƚĐŽŶƚŝŶƵĞƚŽƉƌŽǀŝĚĞŝŶĨŽƌŵĂƚŝŽŶŽŶƚŚĞ>ŽĂŶƵŶƚŝůƚŚĞ>ŽĂŶ ŝƐƌĞƉĂŝĚ͘dŚĞŝŶĨŽƌŵĂƚŝŽŶŵƵƐƚďĞĨŝůĞĚŽŶƚŚĞEŽŶͲ:KDŝŶŶĞƐŽƚĂƵƐŝŶĞƐƐƐƐŝƐƚĂŶĐĞĨŽƌŵĂƐ ĨŽƵŶĚŽŶƚŚĞDEĞƉĂƌƚŵĞŶƚŽĨ ŵƉůŽLJŵĞŶƚĂŶĚ ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚǁĞďƐŝƚĞĂŶĚƐŚĂůů ŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐ͗ ;ϭͿƚŚĞƚLJƉĞ͕ƉƵďůŝĐƉƵƌƉŽƐĞ͕ĂŶĚĂŵŽƵŶƚŽĨƐƵďƐŝĚŝĞƐĂŶĚƚLJƉĞŽĨĚŝƐƚƌŝĐƚ͕ŝĨƚŚĞ ƐƵďƐŝĚLJŝƐƚĂdžŝŶĐƌĞŵĞŶƚĨŝŶĂŶĐŝŶŐ͖ ;ϮͿƚŚĞŚŽƵƌůLJǁĂŐĞŽĨĞĂĐŚũŽďĐƌĞĂƚĞĚǁŝƚŚƐĞƉĂƌĂƚĞďĂŶĚƐŽĨǁĂŐĞƐ͖ ;ϯͿƚŚĞƐƵŵŽĨƚŚĞŚŽƵƌůLJǁĂŐĞƐĂŶĚĐŽƐƚŽĨŚĞĂůƚŚŝŶƐƵƌĂŶĐĞƉƌŽǀŝĚĞĚďLJƚŚĞ ĞŵƉůŽLJĞƌǁŝƚŚƐĞƉĂƌĂƚĞďĂŶĚƐŽĨǁĂŐĞƐ͖ ;ϰͿƚŚĞĚĂƚĞƚŚĞũŽďĂŶĚǁĂŐĞŐŽĂůƐǁŝůůďĞƌĞĂĐŚĞĚ͖ ;ϱͿĂƐƚĂƚĞŵĞŶƚŽĨŐŽĂůƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƐƵďƐŝĚLJĂŐƌĞĞŵĞŶƚĂŶĚĂŶƵƉĚĂƚĞŽŶ ĂĐŚŝĞǀĞŵĞŶƚŽĨƚŚŽƐĞŐŽĂůƐ͖ ;ϲͿƚŚĞůŽĐĂƚŝŽŶŽĨƚŚĞƌĞĐŝƉŝĞŶƚƉƌŝŽƌƚŽƌĞĐĞŝǀŝŶŐƚŚĞďƵƐŝŶĞƐƐƐƵďƐŝĚLJ͖ ;ϳͿƚŚĞŶƵŵďĞƌŽĨĞŵƉůŽLJĞĞƐǁŚŽĐĞĂƐĞĚƚŽďĞĞŵƉůŽLJĞĚďLJƚŚĞƌĞĐŝƉŝĞŶƚǁŚĞŶ ƚŚĞƌĞĐŝƉŝĞŶƚƌĞůŽĐĂƚĞĚƚŽďĞĐŽŵĞĞůŝŐŝďůĞĨŽƌƚŚĞďƵƐŝŶĞƐƐƐƵďƐŝĚLJ͖ ;ϴͿǁŚLJƚŚĞƌĞĐŝƉŝĞŶƚĚŝĚŶŽƚĐŽŵƉůĞƚĞƚŚĞƉƌŽũĞĐƚŽƵƚůŝŶĞĚŝŶƚŚĞƐƵďƐŝĚLJ ĂŐƌĞĞŵĞŶƚĂƚƚŚĞŝƌƉƌĞǀŝŽƵƐůŽĐĂƚŝŽŶ͕ŝĨƚŚĞƌĞĐŝƉŝĞŶƚǁĂƐƉƌĞǀŝŽƵƐůLJůŽĐĂƚĞĚĂƚ ĂŶŽƚŚĞƌƐŝƚĞŝŶDŝŶŶĞƐŽƚĂ͖ ;ϵͿƚŚĞŶĂŵĞĂŶĚĂĚĚƌĞƐƐŽĨƚŚĞƉĂƌĞŶƚĐŽƌƉŽƌĂƚŝŽŶŽĨƚŚĞƌĞĐŝƉŝĞŶƚ͕ŝĨĂŶLJ͖ ;ϭϬͿĂůŝƐƚŽĨĂůůĨŝŶĂŶĐŝĂůĂƐƐŝƐƚĂŶĐĞďLJĂůůŐƌĂŶƚŽƌƐĨŽƌƚŚĞƉƌŽũĞĐƚ͖ĂŶĚ ;ϭϭͿŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶƚŚĞĐŽŵŵŝƐƐŝŽŶĞƌŵĂLJƌĞƋƵĞƐƚ͘ ;ĨͿdŚŝƐŝŶĨŽƌŵĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚƚŽƚŚĞ>ĞŶĚĞƌŶŽůĂƚĞƌƚŚĂŶDĂƌĐŚϭŽĨĞĂĐŚ LJĞĂƌĨŽƌƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌ͘/ĨƚŚĞŽƌƌŽǁĞƌĚŽĞƐŶŽƚƐƵďŵŝƚƚŚĞƌĞƉŽƌƚ͕ƚŚĞ>ĞŶĚĞƌƐŚĂůůŵĂŝůƚŚĞ ŽƌƌŽǁĞƌĂǁĂƌŶŝŶŐǁŝƚŚŝŶŽŶĞǁĞĞŬŽĨƚŚĞƌĞƋƵŝƌĞĚĨŝůŝŶŐĚĂƚĞ͘/Ĩ͕ĂĨƚĞƌϭϰĚĂLJƐŽĨƚŚĞ ƉŽƐƚŵĂƌŬĞĚĚĂƚĞŽĨƚŚĞǁĂƌŶŝŶŐ͕ƚŚĞŽƌƌŽǁĞƌĨĂŝůƐƚŽƉƌŽǀŝĚĞĂƌĞƉŽƌƚ͕ƚŚĞŽƌƌŽǁĞƌŵƵƐƚƉĂLJ ƚŽƚŚĞ>ĞŶĚĞƌĂƉĞŶĂůƚLJŽĨΨϭϬϬĨŽƌĞĂĐŚƐƵďƐĞƋƵĞŶƚĚĂLJƵŶƚŝůƚŚĞƌĞƉŽƌƚŝƐĨŝůĞĚ͘dŚĞŵĂdžŝŵƵŵ ƉĞŶĂůƚLJƐŚĂůůŶŽƚĞdžĐĞĞĚΨϭ͕ϬϬϬ͘ 5HY)HEUXDU\ *E Zd/> ϵ KƚŚĞƌŽŶĚŝƚŝŽŶƐ WƌŽũĞĐƚdŝŵĞ&ƌĂŵĞ ^ĞĐƚŝŽŶϵ͘ϭ͘͘dŚĞƚŝŵĞĨƌĂŵĞŽƵƚůŝŶĞĚŝŶƚŚĞ'ƌĂŶƚƉƉůŝĐĂƚŝŽŶĂŶĚ'ƌĂŶƚ ŽŶƚƌĂĐƚƉĞƌƚĂŝŶŝŶŐƚŽƚŚĞWƌŽũĞĐƚƐŚĂůůďĞŵĞƚďLJƚŚĞŽƌƌŽǁĞƌ͘ ͘WƌŽŵŝƐƐŽƌLJEŽƚĞ ^ĞĐƚŝŽŶϵ͘Ϯ͘dŚĞŽƌƌŽǁĞƌƐŚĂůůĞdžĞĐƵƚĞĂƉƌŽŵŝƐƐŽƌLJŶŽƚĞŝŶƐƵďƐƚĂŶƚŝĂůůLJ ƚŚĞĨŽƌŵƐĞƚĨŽƌƚŚďLJƚŚĞ^ƚĂƚĞ͘ ͘ŽůůĂƚĞƌĂů͘ ^ĞĐƚŝŽŶϵ͘ϯdŚĞŽƌƌŽǁĞƌƐŚĂůůĨƵƌŶŝƐŚƚŚĞ>ĞŶĚĞƌĞƐĐƌŝƉƚŝŽŶŽĨĐŽůůĂƚĞƌĂů͘ ͘ŶŶƵĂů&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͘ ^ĞĐƚŝŽŶϵ͘ϰ&ŽƌƚŚĞƚĞƌŵŽĨƚŚĞ>ŽĂŶ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ>ĞŶĚĞƌ͕ ƚŚĞŽƌƌŽǁĞƌƐŚĂůůƐƵďŵŝƚƚŚĞŵŽƐƚƌĞĐĞŶƚĂŶŶƵĂůĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚŐĞŶĞƌĂůůLJĂĐĐĞƉƚĞĚĂĐĐŽƵŶƚŝŶŐƉƌŝŶĐŝƉůĞƐ͘dŚĞĂŶŶƵĂůĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƐŚĂůůŝŶĐůƵĚĞĂ ƉƌŽĨŝƚĂŶĚůŽƐƐƐƚĂƚĞŵĞŶƚ͕ďĂůĂŶĐĞƐŚĞĞƚ͕ĂŶĚƐƚĂƚĞŵĞŶƚŽĨĐĂƐŚĨůŽǁ͕ŶŽƚĞƐĂŶĚĂŶŽƉŝŶŝŽŶĨƌŽŵ ƚŚĞĂĐĐŽƵŶƚĂŶƚƐŽĨƐƵĐŚƐƚĂƚĞŵĞŶƚƐĂĐĐĞƉƚĂďůĞƚŽƚŚĞ>ĞŶĚĞƌ͘ ŝƐĐƌŝŵŝŶĂƚŝŽŶŽŶĐĐŽƵŶƚŽĨZĂĐĞ͕ƌĞĞĚ͕ŽƌŽůŽƌ͘ ^ĞĐƚŝŽŶϵ͘ϱ͘dŚĞƉƌŽǀŝƐŝŽŶƐŽĨDŝŶŶ͘^ƚĂƚ͘ Αϭϴϭ͘ϱϵĂŶĚĂŶLJƐƵĐĐĞƐƐŽƌƐƚĂƚƵƚĞƐ͕ǁŚŝĐŚƌĞůĂƚĞƚŽĐŝǀŝůƌŝŐŚƚƐĂŶĚĚŝƐĐƌŝŵŝŶĂƚŝŽŶ͕ƐŚĂůůďĞ ĐŽŶƐŝĚĞƌĞĚĂƉĂƌƚŽĨƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚĂƐƚŚŽƵŐŚǁŚŽůůLJƐĞƚĨŽƌƚŚŚĞƌĞŝŶĂŶĚƚŚĞŽƌƌŽǁĞƌ ƐŚĂůůĐŽŵƉůLJǁŝƚŚĞĂĐŚƐƵĐŚƉƌŽǀŝƐŝŽŶƚŚƌŽƵŐŚŽƵƚƚŚĞƚĞƌŵŽĨƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚ͘ ĨĨŝƌŵĂƚŝǀĞĐƚŝŽŶ͘ ^ĞĐƚŝŽŶϵ͘ϲdŚĞ'ƌĂŶƚĞĞŝƐĞŶĐŽƵƌĂŐĞĚƚŽƉƌĞƉĂƌĞĂŶĚŝŵƉůĞŵĞŶƚĂŶ ĂĨĨŝƌŵĂƚŝǀĞĂĐƚŝŽŶƉůĂŶĨŽƌƚŚĞĞŵƉůŽLJŵĞŶƚŽĨŵŝŶŽƌŝƚLJƉĞƌƐŽŶƐ͕ǁŽŵĞŶ͕ĂŶĚƚŚĞƋƵĂůŝĨŝĞĚ ĚŝƐĂďůĞĚ͘ :Žď>ŝƐƚŝŶŐŐƌĞĞŵĞŶƚ ^ĞĐƚŝŽŶϵ͘ϳ͘͘;DŝŶŶ͘^ƚĂƚ͘Α^ĞĐƚŝŽŶϭϭϲ>͘ϲϲĂŶĚĂŶLJƐƵĐĐĞƐƐŽƌƐƚĂƚƵƚĞƐͿ͘ tŚĞŶƚŚĞ>ŽĂŶŝƐĨŽƌΨϮϬϬ͕ϬϬϬŽƌŵŽƌĞ͕ƚŚĞŽƌƌŽǁĞƌƐŚĂůůĞŶƚĞƌŝŶƚŽĂ:Žď>ŝƐƚŝŶŐŐƌĞĞŵĞŶƚ ǁŝƚŚƚŚĞůŽĐĂůtŽƌŬĨŽƌĐĞĞǀĞůŽƉŵĞŶƚĞŶƚĞƌ͕DEĞƉĂƌƚŵĞŶƚŽĨ ŵƉůŽLJŵĞŶƚĂŶĚ ĐŽŶŽŵŝĐ ĞǀĞůŽƉŵĞŶƚ͘ ͘WƌĞǀĂŝůŝŶŐtĂŐĞ ^ĞĐƚŝŽŶϵ͘ϴ͘/ĨƚŚĞŽƌƌŽǁĞƌŝƐĂǁĂƌĚĞĚΨϱϬϬ͕ϬϬϬŽƌŵŽƌĞŽĨůŽĂŶƉƌŽĐĞĞĚƐĂŶĚ ƚŚĞ>ŽĂŶŝƐƵƐĞĚĨŽƌĐŽŶƐƚƌƵĐƚŝŽŶ͕ŝŶƐƚĂůůĂƚŝŽŶ;ŝŶĐůƵĚŝŶŐĞƋƵŝƉŵĞŶƚͿ͕ƌĞŵŽĚĞůŝŶŐĂŶĚŽƌƌĞƉĂŝƌƐ͕ ƚŚĞŽƌƌŽǁĞƌƐŚĂůůĨƵůůLJĂŶĚĐŽŵƉůĞƚĞůLJĐŽŵƉůLJǁŝƚŚĂůůĂƉƉůŝĐĂďůĞƉƌĞǀĂŝůŝŶŐǁĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐ ĐŽŶƚĂŝŶĞĚŝŶDŝŶŶ͘^ƚĂƚ͘Αϭϭϲ:͘ϴϳϭĂŶĚΑϭϳϳ͘ϰϮ͕ƐƵďĚ͘ϲ͘ ŽĐƵŵĞŶƚĂƚŝŽŶ ;ĂͿ͘dŚĞŽƌƌŽǁĞƌƐŚĂůůŵĂŝŶƚĂŝŶŽƌĞŶƐƵƌĞĂĐĐĞƐƐƚŽĂůůĚŽĐƵŵĞŶƚĂƚŝŽŶ ŶĞĐĞƐƐĂƌLJƚŽĞƐƚĂďůŝƐŚƚŚĂƚƚŚĞƌĞƋƵŝƌĞĚƉƌĞǀĂŝůŝŶŐǁĂŐĞǁĂƐƉĂŝĚĂŶĚƐŚĂůůĂůůŽǁƚŚĞ >ĞŶĚĞƌ͕ƚŚĞŽŵŵŝƐƐŝŽŶĞƌŽĨƚŚĞĞƉĂƌƚŵĞŶƚŽĨ>ĂďŽƌĂŶĚ/ŶĚƵƐƚƌLJĂŶĚƚŚĞ^ƚĂƚĞ ƌĞĂƐŽŶĂďůĞĂĐĐĞƐƐƚŽƐƵĐŚĚĂƚĂ͘ WĞŶĂůƚLJ͘ ;ďͿ/ƚŝƐĂŵŝƐĚĞŵĞĂŶŽƌĨŽƌƚŚĞŽƌƌŽǁĞƌ͕ǁŚŽŚĂƐĐĞƌƚŝĨŝĞĚƚŚĂƚƉƌĞǀĂŝůŝŶŐ ǁĂŐĞƐǁŝůůďĞƉĂŝĚƚŽůĂďŽƌĞƌƐĂŶĚŵĞĐŚĂŶŝĐƐƚŽƐƵďƐĞƋƵĞŶƚůLJĨĂŝůƚŽƉĂLJƚŚĞƉƌĞǀĂŝůŝŶŐǁĂŐĞ͘ ĂĐŚĚĂLJĂǀŝŽůĂƚŝŽŶŽĨƚŚŝƐƐƵďĚŝǀŝƐŝŽŶĐŽŶƚŝŶƵĞƐŝƐĂƐĞƉĂƌĂƚĞŽĨĨĞŶƐĞ͘ 5HY)HEUXDU\ *E ͘^ƵƌĞƚLJĞƉŽƐŝƚƐZĞƋƵŝƌĞĚĨŽƌŽŶƐƚƌƵĐƚŝŽŶŽŶƚƌĂĐƚƐ ^ĞĐƚŝŽŶϵ͘ϵ͘/ĨƚŚĞ>ŽĂŶŝƐƵƐĞĚĨŽƌ ĐŽŶƐƚƌƵĐƚŝŽŶ͕ĂŶĚƚŚĞŽƌƌŽǁĞƌŝƐŚŝƌŝŶŐ͕ĐŽŶƚƌĂĐƚŝŶŐ͕ŽƌŚĂǀŝŶŐĂĐŽŶƚƌĂĐƚǁŝƚŚĂŶŽŶƌĞƐŝĚĞŶƚŝĂů ƉĞƌƐŽŶŽƌĨŽƌĞŝŐŶĐŽƌƉŽƌĂƚŝŽŶƚŽƉĞƌĨŽƌŵĐŽŶƐƚƌƵĐƚŝŽŶǁŽƌŬ͕ƚŚĞŽƌƌŽǁĞƌŵƵƐƚĐŽŵƉůLJǁŝƚŚ DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϮϵϬ͘ϵϳϬϱ͕ĂƐĂŵĞŶĚĞĚ͕ďLJĚĞĚƵĐƚŝŶŐĂŶĚǁŝƚŚŽůĚŝŶŐĞŝŐŚƚƉĞƌĐĞŶƚŽĨ ĐƵŵƵůĂƚŝǀĞĐĂůĞŶĚĂƌLJĞĂƌƉĂLJŵĞŶƚƐƚŽƚŚĞĐŽŶƚƌĂĐƚŽƌǁŚŝĐŚĞdžĐĞĞĚƐΨϱϬ͕ϬϬϬ͘ dŚŝƐĐŽŶĚŝƚŝŽŶŵĂLJďĞǁĂŝǀĞĚŝĨ;ϭͿƚŚĞĐŽŶƚƌĂĐƚŽƌŐŝǀĞƐƚŚĞĐŽŵŵŝƐƐŝŽŶĞƌĂĐĂƐŚƐƵƌĞƚLJŽƌĂ ďŽŶĚ͕ƐĞĐƵƌĞĚďLJĂŶŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶLJůŝĐĞŶƐĞĚďLJDŝŶŶĞƐŽƚĂ͕ĐŽŶĚŝƚŝŽŶĞĚƚŚĂƚƚŚĞĐŽŶƚƌĂĐƚŽƌ ǁŝůůĐŽŵƉůLJǁŝƚŚĂůůĂƉƉůŝĐĂďůĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐĐŚĂƉƚĞƌĂŶĚĐŚĂƉƚĞƌϮϵϳ͕Žƌ;ϮͿƚŚĞĐŽŶƚƌĂĐƚŽƌ ŚĂƐĚŽŶĞĐŽŶƐƚƌƵĐƚŝŽŶǁŽƌŬŝŶDŝŶŶĞƐŽƚĂĂƚĂŶLJƚŝŵĞĚƵƌŝŶŐƚŚĞƚŚƌĞĞĐĂůĞŶĚĂƌLJĞĂƌƐƉƌŝŽƌƚŽ ĞŶƚĞƌŝŶŐƚŚĞĐŽŶƚƌĂĐƚĂŶĚŚĂƐĨƵůůLJĐŽŵƉůŝĞĚǁŝƚŚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐĐŚĂƉƚĞƌĂŶĚĐŚĂƉƚĞƌϮϵϳ ĨŽƌƚŚĞƚŚƌĞĞƉƌŝŽƌLJĞĂƌƐ͘ ͘WƵďůŝĐŝƚLJĂŶĚ ŶĚŽƌƐĞŵĞŶƚ ^ĞĐƚŝŽŶϵ͘ϭϬ WƵďůŝĐŝƚLJ͘ ;ĂͿŶLJƉƵďůŝĐŝƚLJƌĞŐĂƌĚŝŶŐƚŚĞƐƵďũĞĐƚŵĂƚƚĞƌŽĨƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚŵƵƐƚ ŝĚĞŶƚŝĨLJƚŚĞ^ƚĂƚĞĂƐƚŚĞƐƉŽŶƐŽƌŝŶŐĂŐĞŶĐLJ͘&ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐƉƌŽǀŝƐŝŽŶ͕ƉƵďůŝĐŝƚLJŝŶĐůƵĚĞƐ ŶŽƚŝĐĞƐ͕ŝŶĨŽƌŵĂƚŝŽŶĂůƉĂŵƉŚůĞƚƐ͕ƉƌĞƐƐƌĞůĞĂƐĞƐ͕ƌĞƐĞĂƌĐŚ͕ƌĞƉŽƌƚƐ͕ƐŝŐŶƐ͕ĂŶĚƐŝŵŝůĂƌƉƵďůŝĐ ŶŽƚŝĐĞƐƉƌĞƉĂƌĞĚďLJŽƌĨŽƌƚŚĞŽƌƌŽǁĞƌŝŶĚŝǀŝĚƵĂůůLJŽƌũŽŝŶƚůLJǁŝƚŚŽƚŚĞƌƐ͕ŽƌĂŶLJƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ ǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞD/&WƌŽŐƌĂŵ͕ƉƵďůŝĐĂƚŝŽŶƐ͕ŽƌƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐ'ƌĂŶƚ ŽŶƚƌĂĐƚ͘ ŶĚŽƌƐĞŵĞŶƚ ;ďͿ͘dŚĞ>ĞŶĚĞƌĂŶĚƚŚĞŽƌƌŽǁĞƌŵƵƐƚŶŽƚĐůĂŝŵƚŚĂƚƚŚĞ^ƚĂƚĞĞŶĚŽƌƐĞƐ ŝƚƐƉƌŽĚƵĐƚƐŽƌƐĞƌǀŝĐĞƐ͘ ͘tŽƌŬĞƌƐŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͘ ^ĞĐƚŝŽŶϵ͘ϭϭdŚĞŽƌƌŽǁĞƌŚĂƐŽďƚĂŝŶĞĚǁŽƌŬĞƌƐ ĐŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĂƐƌĞƋƵŝƌĞĚďLJDŝŶŶ͘^ƚĂƚ͘Α^ĞĐƚŝŽŶϭϳϲ͘ϭϴϭ͕ƐƵďĚ͘Ϯ͘dŚĞŽƌƌŽǁĞƌΖƐ ǁŽƌŬĞƌƐĐŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĨŽƌŵĂƚŝŽŶŝƐĂƐĨŽůůŽǁƐ͗ ;ĂͿŽŵƉĂŶLJEĂŵĞ͗ͺ^&Dͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ;ďͿWŽůŝĐLJEƵŵďĞƌ͗ͺͺͺͺϲϵϭϯϵ͘ϮϬϭͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ;ĐͿ>ŽĐĂůŐĞŶƚ͗ͺͺͺͺͺͺͺDĂƌŬŚŵĂŶŶͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ͘ ĨĨĞĐƚŽŶKƚŚĞƌŐƌĞĞŵĞŶƚƐ͘ ^ĞĐƚŝŽŶϵ͘ϭϮEŽƚŚŝŶŐŝŶƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚƐŚĂůůďĞĐŽŶƐƚƌƵĞĚ ƚŽŵŽĚŝĨLJĂŶLJƚĞƌŵŽĨĂŶLJŽƚŚĞƌĂŐƌĞĞŵĞŶƚƚŽǁŚŝĐŚƚŚĞ>ĞŶĚĞƌĂŶĚƚŚĞŽƌƌŽǁĞƌĂƌĞƉĂƌƚŝĞƐ͘ ͘ZĞůĞĂƐĞĂŶĚ/ŶĚĞŵŶŝĨŝĐĂƚŝŽŶŽǀĞŶĂŶƚƐ ^ĞĐƚŝŽŶϵ͘ϭϯ͘ džĐĞƉƚĨŽƌĂŶLJďƌĞĂĐŚŽĨƚŚĞ ƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐĂŶĚǁĂƌƌĂŶƚŝĞƐŽĨƚŚĞ>ĞŶĚĞƌŽƌƚŚĞŶĞŐůŝŐĞŶĐĞŽƌŽƚŚĞƌǁƌŽŶŐĨƵůĂĐƚŽƌŽŵŝƐƐŝŽŶ ŽĨƚŚĞĨŽůůŽǁŝŶŐŶĂŵĞĚƉĂƌƚŝĞƐ͕ƚŚĞŽƌƌŽǁĞƌĂŐƌĞĞƐƚŽƉƌŽƚĞĐƚĂŶĚĚĞĨĞŶĚƚŚĞ>ĞŶĚĞƌĂŶĚƚŚĞ ŐŽǀĞƌŶŝŶŐďŽĚLJŵĞŵďĞƌƐ͕ŽĨĨŝĐĞƌƐ͕ĂŐĞŶƚƐ͕ƐĞƌǀĂŶƚƐ͕ĂŶĚĞŵƉůŽLJĞĞƐƚŚĞƌĞŽĨ͕ŶŽǁĂŶĚĨŽƌĞǀĞƌ͕ ĂŶĚĨƵƌƚŚĞƌĂŐƌĞĞƐƚŽŚŽůĚƚŚĞĂĨŽƌĞƐĂŝĚŚĂƌŵůĞƐƐĨƌŽŵĂŶLJĐůĂŝŵ͕ĚĞŵĂŶĚ͕ƐƵŝƚ͕ĂĐƚŝŽŶ͕ŽƌŽƚŚĞƌ 5HY)HEUXDU\ *E ƉƌŽĐĞĞĚŝŶŐǁŚĂƚƐŽĞǀĞƌďLJĂŶLJƉĞƌƐŽŶŽƌĞŶƚŝƚLJǁŚĂƚƐŽĞǀĞƌĂƌŝƐŝŶŐŽƌƉƵƌƉŽƌƚĞĚůLJĂƌŝƐŝŶŐĨƌŽŵ ƚŚĞĂĐƋƵŝƐŝƚŝŽŶ͕ĐŽŶƐƚƌƵĐƚŝŽŶ͕ŝŶƐƚĂůůĂƚŝŽŶ͕ŽǁŶĞƌƐŚŝƉ͕ŵĂŝŶƚĞŶĂŶĐĞ͕ĂŶĚŽƉĞƌĂƚŝŽŶŽĨƚŚĞWƌŽũĞĐƚ ĂŶĚƚŚĞŽƌƌŽǁĞƌΖƐĂĐƚŝǀŝƚŝĞƐŽŶƚŚĞĞǀĞůŽƉŵĞŶƚWƌŽƉĞƌƚLJ͘ ͘DŽĚŝĨŝĐĂƚŝŽŶƐ ^ĞĐƚŝŽŶϵ͘ϭϰ͘dŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚŵĂLJďĞŵŽĚŝĨŝĞĚƐŽůĞůLJƚŚƌŽƵŐŚǁƌŝƚƚĞŶ ĂŵĞŶĚŵĞŶƚƐŚĞƌĞƚŽĞdžĞĐƵƚĞĚďLJƚŚĞŽƌƌŽǁĞƌĂŶĚƚŚĞůĞŶĚĞƌĂŶĚĂƉƉƌŽǀĞĚďLJƚŚĞ^ƚĂƚĞ͘ ͘EŽƚŝĐĞƐĂŶĚĞŵĂŶĚƐ ^ĞĐƚŝŽŶϵ͘ϭϱ͘ŶLJŶŽƚŝĐĞ͕ĚĞŵĂŶĚ͕ŽƌŽƚŚĞƌĐŽŵŵƵŶŝĐĂƚŝŽŶƵŶĚĞƌƚŚŝƐ >ŽĂŶŐƌĞĞŵĞŶƚďLJĞŝƚŚĞƌƉĂƌƚLJƚŽƚŚĞŽƚŚĞƌƐŚĂůůďĞƐƵĨĨŝĐŝĞŶƚůLJŐŝǀĞŶŽƌĚĞůŝǀĞƌĞĚŽŶůLJŝĨŝƚŝƐ ĚŝƐƉĂƚĐŚĞĚďLJƌĞŐŝƐƚĞƌĞĚŽƌĐĞƌƚŝĨŝĞĚŵĂŝů͕ƉŽƐƚĂŐĞƉƌĞƉĂŝĚ͕ƌĞƚƵƌŶƌĞĐĞŝƉƚƌĞƋƵĞƐƚĞĚ͕ŽƌĚĞůŝǀĞƌĞĚ ƉĞƌƐŽŶĂůůLJ͗ ;ĂͿĂƐƚŽƚŚĞ>ĞŶĚĞƌ͗ŝƚLJŽĨZŽĐŚĞƐƚĞƌ ddE͗ĚŵŝŶŝƐƚƌĂƚŝŽŶ ϮϬϭϰƚŚ^ƚƌĞĞƚ^ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰ ;ďͿĂƐƚŽƚŚĞŽƌƌŽǁĞƌ͗sLJƌĂŝĚ͕/ŶĐ͘ ddE͗ĂƌďƵĐŬĞƚƚ ϮϮϭϭƐƚǀĞŶƵĞ^t͕^ƵŝƚĞϭϬϮZŽĐŚĞƐƚĞƌ͕DE ϱϱϵϬϮ ŽƌĂƚƐƵĐŚŽƚŚĞƌĂĚĚƌĞƐƐǁŝƚŚƌĞƐƉĞĐƚƚŽĂŶLJƉĂƌƚLJĂƐƚŚĂƚƉĂƌƚLJŵĂLJ͕ĨƌŽŵƚŝŵĞƚŽƚŝŵĞ͕ĚĞƐŝŐŶĂƚĞ ŝŶǁƌŝƚŝŶŐĂŶĚĨŽƌǁĂƌĚƚŽƚŚĞŽƚŚĞƌƐĂƐƉƌŽǀŝĚĞĚŝŶƚŚŝƐ^ĞĐƚŝŽŶϵ͘ϭϰ͘ ŽŶĨůŝĐƚŽĨ/ŶƚĞƌĞƐƚƐ͖ZĞƉƌĞƐĞŶƚĂƚŝǀĞƐEŽƚ/ŶĚŝǀŝĚƵĂůůLJ>ŝĂďůĞ͘ ^ĞĐƚŝŽŶϵ͘ϭϲ ;ĂͿEŽĞŵƉůŽLJĞĞ͕ŽĨĨŝĐĞƌŽƌĂŐĞŶƚŽĨƚŚĞ>ĞŶĚĞƌƐŚĂůůƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨĂĐŽŶƚƌĂĐƚƐƵƉƉŽƌƚĞĚďLJƚŚŝƐůŽĂŶŝĨĂĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚ͕ƌĞĂůŽƌĂƉƉĂƌĞŶƚ͕ ǁŽƵůĚďĞŝŶǀŽůǀĞĚ͘EŽĞŵƉůŽLJĞĞ͕ŽĨĨŝĐĞƌŽƌĂŐĞŶƚŽĨƚŚĞ>ĞŶĚĞƌŵĂLJŽďƚĂŝŶĂĨŝŶĂŶĐŝĂůŝŶƚĞƌĞƐƚ ŝŶĂŶLJĂŐƌĞĞŵĞŶƚǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞ>ŽĂŶ͘EŽĞŵƉůŽLJĞĞ͕ŽĨĨŝĐĞƌ͕ŽƌĂŐĞŶƚŽĨƚŚĞ>ĞŶĚĞƌƐŚĂůů ďĞƉĞƌƐŽŶĂůůLJůŝĂďůĞƚŽƚŚĞŽƌƌŽǁĞƌŽƌĂŶLJƐƵĐĐĞƐƐŽƌŝŶŝŶƚĞƌĞƐƚŝŶƚŚĞĞǀĞŶƚŽĨĂŶLJĚĞĨĂƵůƚŽƌ ďƌĞĂĐŚďLJƚŚĞ>ĞŶĚĞƌŽƌĨŽƌĂŶLJĂŵŽƵŶƚƚŚĂƚŵĂLJďĞĐŽŵĞĚƵĞƚŽƚŚĞŽƌƌŽǁĞƌŽƌŽŶĂŶLJ ŽďůŝŐĂƚŝŽŶŽƌƚĞƌŵŽĨƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚ͘ ;ďͿdŽƚŚĞďĞƐƚŽĨƚŚĞŽƌƌŽǁĞƌΖƐŬŶŽǁůĞĚŐĞ͕ŶŽŵĞŵďĞƌ͕ŽĨĨŝĐĞƌ͕ŽƌĞŵƉůŽLJĞĞŽĨƚŚĞ >ĞŶĚĞƌ͕ŽƌŝƚƐŽĨĨŝĐĞƌƐ͕ĞŵƉůŽLJĞĞƐ͕ĚĞƐŝŐŶĞĞƐ͕ŽƌĂŐĞŶƚƐ͕ŶŽĐŽŶƐƵůƚĂŶƚ͕ŵĞŵďĞƌŽĨƚŚĞŐŽǀĞƌŶŝŶŐ ďŽĚLJŽĨƚŚĞ>ĞŶĚĞƌ͕ĂŶĚŶŽŽƚŚĞƌƉƵďůŝĐŽĨĨŝĐŝĂůŽĨƚŚĞ>ĞŶĚĞƌ͕ǁŚŽĞdžĞƌĐŝƐĞƐŽƌŚĂƐĞdžĞƌĐŝƐĞĚĂŶLJ ĨƵŶĐƚŝŽŶƐŽƌƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞWƌŽũĞĐƚĚƵƌŝŶŐŚŝƐŽƌŚĞƌƚĞŶƵƌĞƐŚĂůůŚĂǀĞĂŶLJ ŝŶƚĞƌĞƐƚ͕ĚŝƌĞĐƚŽƌŝŶĚŝƌĞĐƚ͕ŝŶĂŶLJĐŽŶƚƌĂĐƚŽƌƐƵďĐŽŶƚƌĂĐƚ͕ŽƌƚŚĞƉƌŽĐĞĞĚƐƚŚĞƌĞŽĨ͕ĨŽƌǁŽƌŬƚŽ ďĞƉĞƌĨŽƌŵĞĚŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞWƌŽũĞĐƚŽƌŝŶĂŶLJĂĐƚŝǀŝƚLJ͕ŽƌďĞŶĞĨŝƚƚŚĞƌĞĨƌŽŵ͕ǁŚŝĐŚŝƐ ƉĂƌƚŽĨƚŚĞWƌŽũĞĐƚ͘ ͘ŝŶĚŝŶŐ ĨĨĞĐƚ ^ĞĐƚŝŽŶϵ͘ϭϳ͘dŚĞĐŽǀĞŶĂŶƚƐĂŶĚĂŐƌĞĞŵĞŶƚƐŝŶƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚƐŚĂůůďŝŶĚ ĂŶĚďĞŶĞĨŝƚƚŚĞŚĞŝƌƐ͕ĞdžĞĐƵƚŽƌƐ͕ĂĚŵŝŶŝƐƚƌĂƚŽƌƐ͕ƐƵĐĐĞƐƐŽƌƐ͕ĂŶĚĂƐƐŝŐŶƐŽĨƚŚĞƉĂƌƚŝĞƐƚŽƚŚŝƐ *E >ŽĂŶŐƌĞĞŵĞŶƚ͘ WƌŽǀŝƐŝŽŶƐEŽƚDĞƌŐĞĚtŝƚŚĞĞĚ ^ĞĐƚŝŽŶϵ͘ϭϴ͘͘EŽŶĞŽĨƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚ ĂƌĞŝŶƚĞŶĚĞĚƚŽŽƌƐŚĂůůďĞŵĞƌŐĞĚďLJƌĞĂƐŽŶŽĨĂŶLJĚĞĞĚƚƌĂŶƐĨĞƌƌŝŶŐĂŶLJŝŶƚĞƌĞƐƚŝŶƚŚĞ ĞǀĞůŽƉŵĞŶƚWƌŽƉĞƌƚLJĂŶĚĂŶLJƐƵĐŚĚĞĞĚƐŚĂůůŶŽƚďĞĚĞĞŵĞĚƚŽĂĨĨĞĐƚŽƌŝŵƉĂŝƌƚŚĞƉƌŽǀŝƐŝŽŶƐ ĂŶĚĐŽǀĞŶĂŶƚƐŽĨƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚ͘ ͘dŝƚůĞƐŽĨƌƚŝĐůĞƐĂŶĚ^ĞĐƚŝŽŶƐ͘ ^ĞĐƚŝŽŶϵ͘ϭϵŶLJƚŝƚůĞƐŽĨƚŚĞƐĞǀĞƌĂůƉĂƌƚƐ͕ƌƚŝĐůĞƐ͕ĂŶĚ^ĞĐƚŝŽŶƐ ŽĨƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚĂƌĞŝŶƐĞƌƚĞĚŽŶůLJĨŽƌĐŽŶǀĞŶŝĞŶĐĞŽĨƌĞĨĞƌĞŶĐĞĂŶĚƐŚĂůůďĞĚŝƐƌĞŐĂƌĚĞĚ ŝŶĐŽŶƐƚƌƵŝŶŐŽƌŝŶƚĞƌƉƌĞƚŝŶŐĂŶLJŽĨŝƚƐƉƌŽǀŝƐŝŽŶƐ͘ ͘ŽƵŶƚĞƌƉĂƌƚƐ ^ĞĐƚŝŽŶϵ͘ϮϬ͘dŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚŵĂLJďĞĞdžĞĐƵƚĞĚŝŶĂŶLJŶƵŵďĞƌŽĨ ĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůĐŽŶƐƚŝƚƵƚĞŽŶĞĂŶĚƚŚĞƐĂŵĞŝŶƐƚƌƵŵĞŶƚ͘ ͘ŚŽŝĐĞŽĨ>ĂǁĂŶĚsĞŶƵĞ ^ĞĐƚŝŽŶϵ͘Ϯϭ͘dŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚƐŚĂůůďĞŐŽǀĞƌŶĞĚďLJĂŶĚ ĐŽŶƐƚƌƵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞůĂǁƐŽĨƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂǁŝƚŚŽƵƚƌĞŐĂƌĚƚŽŝƚƐĐŽŶĨůŝĐƚŽĨ ůĂǁƐƉƌŽǀŝƐŝŽŶƐ͘ŶLJĚŝƐƉƵƚĞƐ͕ĐŽŶƚƌŽǀĞƌƐŝĞƐ͕ŽƌĐůĂŝŵƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚƐŚĂůů ďĞŚĞĂƌĚŝŶƚŚĞƐƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚĂůůƉĂƌƚŝĞƐƚŽƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚǁĂŝǀĞĂŶLJŽďũĞĐƚŝŽŶ ƚŽƚŚĞũƵƌŝƐĚŝĐƚŝŽŶŽĨƚŚĞƐĞĐŽƵƌƚƐ͕ǁŚĞƚŚĞƌďĂƐĞĚŽŶĐŽŶǀĞŶŝĞŶĐĞŽƌŽƚŚĞƌǁŝƐĞ͘ ͘tĂŝǀĞƌ ^ĞĐƚŝŽŶϵ͘ϮϮ͘dŚĞĨĂŝůƵƌĞŽƌĚĞůĂLJŽĨĂŶLJƉĂƌƚLJƚŽƚĂŬĞĂŶLJĂĐƚŝŽŶŽƌĂƐƐĞƌƚĂŶLJƌŝŐŚƚŽƌ ƌĞŵĞĚLJ͕ŽƌƚŚĞƉĂƌƚŝĂůĞdžĞƌĐŝƐĞďLJĂŶLJƉĂƌƚLJŽĨĂŶLJƌŝŐŚƚŽƌƌĞŵĞĚLJƐŚĂůůŶŽƚďĞĚĞĞŵĞĚƚŽďĞĂ ǁĂŝǀĞƌŽĨƐƵĐŚĂĐƚŝŽŶ͕ƌŝŐŚƚ͕ŽƌƌĞŵĞĚLJŝĨƚŚĞĐŝƌĐƵŵƐƚĂŶĐĞƐĐƌĞĂƚŝŶŐƐƵĐŚĂĐƚŝŽŶ͕ƌŝŐŚƚ͕ŽƌƌĞŵĞĚLJ ĐŽŶƚŝŶƵĞŽƌƌĞƉĞĂƚ͘ ͘ ŶƚŝƌĞŐƌĞĞŵĞŶƚ ^ĞĐƚŝŽŶϵ͘Ϯϯ͘dŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚ͕ǁŝƚŚƚŚĞĞdžŚŝďŝƚƐŚĞƌĞƚŽ͕ĐŽŶƐƚŝƚƵƚĞƐƚŚĞ ĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐƉĞƌƚĂŝŶŝŶŐƚŽŝƚƐƐƵďũĞĐƚŵĂƚƚĞƌĂŶĚŝƚƐƵƉĞƌƐĞĚĞƐĂůůƉƌŝŽƌ ĐŽŶƚĞŵƉŽƌĂŶĞŽƵƐĂŐƌĞĞŵĞŶƚƐ͕ƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ĂŶĚƵŶĚĞƌƐƚĂŶĚŝŶŐƐŽĨƚŚĞƉĂƌƚŝĞƐƉĞƌƚĂŝŶŝŶŐƚŽ ƚŚĞƐƵďũĞĐƚŵĂƚƚĞƌŽĨƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚ͘ ^ĞƉĂƌĂďŝůŝƚLJ͘ ^ĞĐƚŝŽŶϵ͘Ϯϰ͘tŚĞƌĞǀĞƌƉŽƐƐŝďůĞ͕ĞĂĐŚƉƌŽǀŝƐŝŽŶŽĨƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚĂŶĚĞĂĐŚ ƌĞůĂƚĞĚĚŽĐƵŵĞŶƚƐŚĂůůďĞŝŶƚĞƌƉƌĞƚĞĚƐŽƚŚĂƚŝƚŝƐǀĂůŝĚƵŶĚĞƌĂƉƉůŝĐĂďůĞůĂǁ͘/ĨĂŶLJƉƌŽǀŝƐŝŽŶŽĨ ƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚŽƌĂŶLJƌĞůĂƚĞĚĚŽĐƵŵĞŶƚŝƐƚŽĂŶLJĞdžƚĞŶƚĨŽƵŶĚŝŶǀĂůŝĚďLJĂĐŽƵƌƚŽƌŽƚŚĞƌ ŐŽǀĞƌŶŵĞŶƚĂůĞŶƚŝƚLJŽĨĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶ͕ƚŚĂƚƉƌŽǀŝƐŝŽŶƐŚĂůůďĞŝŶĞĨĨĞĐƚŝǀĞŽŶůLJƚŽƚŚĞ ĞdžƚĞŶƚŽĨƐƵĐŚŝŶǀĂůŝĚŝƚLJ͕ǁŝƚŚŽƵƚŝŶǀĂůŝĚĂƚŝŶŐƚŚĞƌĞŵĂŝŶĚĞƌŽĨƐƵĐŚƉƌŽǀŝƐŝŽŶŽƌƚŚĞƌĞŵĂŝŶŝŶŐ ƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚŽƌĂŶLJŽƚŚĞƌƌĞůĂƚĞĚĚŽĐƵŵĞŶƚ͘ ͘/ŵŵƵŶŝƚLJ͘ ^ĞĐƚŝŽŶϵ͘ϮϱEŽƚŚŝŶŐŝŶƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚƐŚĂůůďĞĐŽŶƐƚƌƵĞĚĂƐĂǁĂŝǀĞƌďLJƚŚĞ >ĞŶĚĞƌŽĨĂŶLJŝŵŵƵŶŝƚŝĞƐ͕ĚĞĨĞŶƐĞƐ͕ŽƌŽƚŚĞƌůŝŵŝƚĂƚŝŽŶƐŽŶůŝĂďŝůŝƚLJƚŽǁŚŝĐŚƚŚĞ>ĞŶĚĞƌŝƐĞŶƚŝƚůĞĚ ďLJůĂǁ͕ŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽƚŚĞŵĂdžŝŵƵŵŵŽŶĞƚĂƌLJůŝŵŝƚƐŽŶůŝĂďŝůŝƚLJĞƐƚĂďůŝƐŚĞĚďLJDŝŶŶ͘ ^ƚĂƚ͘ΑŚĂƉƚĞƌϰϲϲ͘ 5HY)HEUXDU\ *E /Et/dE ^^t, Z K&͕ ƚŚĞ>ĞŶĚĞƌŚĂƐĐĂƵƐĞĚƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚƚŽďĞĚƵůLJĞdžĞĐƵƚĞĚ ŝŶŝƚƐŶĂŵĞĂŶĚďĞŚĂůĨĂŶĚƚŚĞŽƌƌŽǁĞƌŚĂƐĐĂƵƐĞĚƚŚŝƐ>ŽĂŶŐƌĞĞŵĞŶƚƚŽďĞĚƵůLJĞdžĞĐƵƚĞĚ ŝŶŝƚƐŶĂŵĞĂŶĚďĞŚĂůĨĂƐŽĨƚŚĞĚĂƚĞĨŝƌƐƚĂďŽǀĞǁƌŝƚƚĞŶ͘ /dzK&ZK, ^d Z͕D/EE ^Kd LJͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ /ƚƐͺͺDĂLJŽƌͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ LJͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ /ƚƐͺŝƚLJůĞƌŬͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ szZ/͕/ŶĐ͘ LJͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ /ƚƐͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ LJͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ /ƚƐͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ 5HY)HEUXDU\ *E y,//d >ĞŐĂůĞƐĐƌŝƉƚŝŽŶŽĨĞǀĞůŽƉŵĞŶƚWƌŽƉĞƌƚLJ 5HY)HEUXDU\ *E 5HY)HEUXDU\ *E 5HY)HEUXDU\ *E y,//d ƋƵŝƉŵĞŶƚ>ŝƐƚ 5HY)HEUXDU\ *E 5HY)HEUXDU\ *E 5HY)HEUXDU\ *E 5HY)HEUXDU\ *E *E 5HY)HEUXDU\ *E y,//d 'ƌĂŶƚŽŶƚƌĂĐƚ 5HY)HEUXDU\ *F ^ hZ/dz'Z D Ed dŚŝƐƐĞĐƵƌŝƚLJĂŐƌĞĞŵĞŶƚ;ƚŚĞΗ^ĞĐƵƌŝƚLJŐƌĞĞŵĞŶƚΗͿŝƐŵĂĚĞĂŶĚŐŝǀĞŶĂƐŽĨƚŚŝƐĚĂLJŽĨ ͕ϮϬϭϴ͕ďLJsLJƌŝĂĚ͕/ŶĐ͘ǁŝƚŚŝƚƐƉƌŝŶĐŝƉĂůƉůĂĐĞŽĨďƵƐŝŶĞƐƐĂƚϮϮϭϭ ƐƚǀĞŶƵĞ^t͕^ƵŝƚĞ ƚŚ ϮϬϭϰ ϭϬϮ͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϮ;ƚŚĞΗŽƌƌŽǁĞƌΗͿŝŶĨĂǀŽƌŽĨƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ͕ǁŝƚŚŝƚƐŽĨĨŝĐĞƐĂƚ ^ƚƌĞĞƚ^ ͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰ ĂŶĚŝƚƐĞŶĚŽƌƐĞĞƐ͕ƐƵĐĐĞƐƐŽƌƐĂŶĚĂƐƐŝŐŶƐ;ƚŚĞΗ>ĞŶĚĞƌΗͿ͘ Z /d>^ ͘>ĞŶĚĞƌĂŶĚŽƌƌŽǁĞƌŚĂǀĞĞŶƚĞƌĞĚŝŶƚŽĂĐĞƌƚĂŝŶ>ŽĂŶŐƌĞĞŵĞŶƚ͕ĚĂƚĞĚĂƐŽĨƚŚĞĚĂƚĞ ŚĞƌĞŽĨ;ƚŚĞΗ>ŽĂŶŐƌĞĞŵĞŶƚΗͿ͕ƉƵƌƐƵĂŶƚƚŽǁŚŝĐŚ>ĞŶĚĞƌǁŝůůůŽĂŶƚŽŽƌƌŽǁĞƌŶŽŵŽƌĞƚŚĂŶ ΨϮϳϬ͕ϬϬϬ;ƚŚĞΗ>ŽĂŶΗͿƚŽĂƐƐŝƐƚǁŝƚŚƚŚĞƉƵƌĐŚĂƐĞŽĨŵĂĐŚŝŶĞƌLJĂŶĚĞƋƵŝƉŵĞŶƚŽŶƚŚĞ ĞǀĞůŽƉŵĞŶƚWƌŽƉĞƌƚLJ͘dŚĞŽƌƌŽǁĞƌŚĂƐĂŐƌĞĞĚƚŽŐƌĂŶƚƚŽƚŚĞ>ĞŶĚĞƌĂƐĞĐƵƌŝƚLJŝŶƚĞƌĞƐƚŝŶ ĐĞƌƚĂŝŶƉŝĞĐĞƐŽĨĞƋƵŝƉŵĞŶƚ;ƚŚĞ͞ ƋƵŝƉŵĞŶƚͿĚĞƐĐƌŝďĞĚŽŶƚŚĞ džŚŝďŝƚĂƚƚĂĐŚĞĚŚĞƌĞƚŽ͕ƐƵĐŚ ƋƵŝƉŵĞŶƚƚŽďĞůŽĐĂƚĞĚĂƚƚŚĞĞǀĞůŽƉŵĞŶƚWƌŽƉĞƌƚLJƐŝƚĞĚĞƐĐƌŝďĞĚŽŶƚŚĞ džŚŝďŝƚĂƚƚĂĐŚĞĚ ŚĞƌĞƚŽ;ƚŚĞΗĞǀĞůŽƉŵĞŶƚWƌŽƉĞƌƚLJΗͿ͘ŽƌƌŽǁĞƌΖƐƉĂLJŵĞŶƚŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚĞ>ŽĂŶ ŐƌĞĞŵĞŶƚǁŝůůďĞĞǀŝĚĞŶĐĞĚďLJĂƉƌŽŵŝƐƐŽƌLJŶŽƚĞ;ƚŚĞΗEŽƚĞΗͿĚĂƚĞĚĂƐŽĨƚŚĞĚĂƚĞŚĞƌĞŽĨ͘ ͘ƐƐĞĐƵƌŝƚLJĨŽƌƚŚĞƌĞƉĂLJŵĞŶƚŽĨƚŚĞ>ŽĂŶ͕>ĞŶĚĞƌŚĂƐƌĞƋƵŝƌĞĚƚŚĂƚŽƌƌŽǁĞƌĞdžĞĐƵƚĞĂŶĚĚĞůŝǀĞƌ ƚŽ>ĞŶĚĞƌƚŚŝƐ^ĞĐƵƌŝƚLJŐƌĞĞŵĞŶƚŐƌĂŶƚŝŶŐĂƐĞĐƵƌŝƚLJŝŶƚĞƌĞƐƚƚŽ>ĞŶĚĞƌŝŶƚŚĞ ƋƵŝƉŵĞŶƚ͘ ͘dŚĞEŽƚĞ͕ƚŚŝƐ^ĞĐƵƌŝƚLJŐƌĞĞŵĞŶƚ͕ĂŶĚĂŶLJŽƚŚĞƌŝŶƐƚƌƵŵĞŶƚƐŽƌĚŽĐƵŵĞŶƚƐŐŝǀĞŶĂƐƐĞĐƵƌŝƚLJĨŽƌ ƚŚĞ>ŽĂŶĂƌĞŚĞƌĞŝŶƌĞĨĞƌƌĞĚƚŽĂƐƚŚĞΗ>ŽĂŶŽĐƵŵĞŶƚƐΗ͘ EKt͕d, Z &KZ ͕ĨŽƌŐŽŽĚĂŶĚǀĂůƵĂďůĞĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ƚŚĞƌĞĐĞŝƉƚĂŶĚĂĚĞƋƵĂĐLJŽĨǁŚŝĐŚĂƌĞ ŚĞƌĞďLJĂĐŬŶŽǁůĞĚŐĞĚďLJŽƌƌŽǁĞƌ͕ŝƚŝƐĂŐƌĞĞĚĂƐĨŽůůŽǁƐ͗ ϭ͘'ƌĂŶƚŽĨ^ĞĐƵƌŝƚLJ/ŶƚĞƌĞƐƚ͘ƐƐĞĐƵƌŝƚLJĨŽƌƚŚĞƉĂLJŵĞŶƚĂŶĚƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞEŽƚĞĂŶĚ ĂůůŽƚŚĞƌůŝĂďŝůŝƚŝĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚŝŶĚĞďƚĞĚŶĞƐƐŽĨŽƌƌŽǁĞƌƚŽ>ĞŶĚĞƌĚƵĞŽƌƚŽďĞĐŽŵĞĚƵĞ͕ ĚŝƌĞĐƚŽƌŝŶĚŝƌĞĐƚ͕ĂďƐŽůƵƚĞŽƌĐŽŶƚŝŶŐĞŶƚ͕ũŽŝŶƚŽƌƐĞǀĞƌĂů͕ŚŽǁƐŽĞǀĞƌĐƌĞĂƚĞĚ͕ŶŽǁŽƌŚĞƌĞĂĨƚĞƌ ĂƚĂŶLJƚŝŵĞĐƌĞĂƚĞĚ͕ĂƌŝƐŝŶŐ͕ŽƌĞǀŝĚĞŶĐĞĚƵŶĚĞƌŽƌƉƵƌƐƵĂŶƚƚŽƚŚĞEŽƚĞŽƌƚŚŝƐŐƌĞĞŵĞŶƚŽƌĂŶLJ ŽƚŚĞƌĚŽĐƵŵĞŶƚŽƌŝŶƐƚƌƵŵĞŶƚĞǀŝĚĞŶĐŝŶŐŽƌƐĞĐƵƌŝŶŐƚŚĞEŽƚĞ͕ŽƌƌŽǁĞƌĚŽĞƐŚĞƌĞďLJƚƌĂŶƐĨĞƌ͕ ĂƐƐŝŐŶ͕ĂŶĚŐƌĂŶƚƚŽ>ĞŶĚĞƌĂƐĞĐƵƌŝƚLJŝŶƚĞƌĞƐƚŝŶĂůůŽĨŽƌƌŽǁĞƌΖƐƌŝŐŚƚ͕ƚŝƚůĞ͕ĂŶĚŝŶƚĞƌĞƐƚŝŶĂŶĚ ƚŽƚŚĞĨŽůůŽǁŝŶŐ;ŚĞƌĞŝŶĂĨƚĞƌĐŽůůĞĐƚŝǀĞůLJƌĞĨĞƌƌĞĚƚŽĂƐƚŚĞΗŽůůĂƚĞƌĂůΗͿ͕ǁŚĞƚŚĞƌŶŽǁŽǁŶĞĚŽƌ ŚĞƌĞĂĨƚĞƌĂĐƋƵŝƌĞĚŽƌĂƌŝƐŝŶŐ͗ ;ĂͿƚŚĞ ƋƵŝƉŵĞŶƚ͖ĂŶĚ ;ďͿĂŶLJĂŶĚĂůůƉƌŽĐĞĞĚƐŽĨƚŚĞĨŽƌĞŐŽŝŶŐ͘ Ϯ͘ŽƌƌŽǁĞƌΖƐZĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕tĂƌƌĂŶƚŝĞƐĂŶĚŽǀĞŶĂŶƚƐ͘ŽƌƌŽǁĞƌƌĞƉƌĞƐĞŶƚƐ͕ ǁĂƌƌĂŶƚƐ͕ĐŽǀĞŶĂŶƚƐ͕ĂŶĚĂŐƌĞĞƐ͗ ;ĂͿKƌŐĂŶŝnjĂƚŝŽŶ͘ŽƌƌŽǁĞƌŝƐĂĐŽƌƉŽƌĂƚŝŽŶǀĂůŝĚůLJĞdžŝƐƚŝŶŐĂŶĚŝŶŐŽŽĚƐƚĂŶĚŝŶŐ ƵŶĚĞƌƚŚĞůĂǁƐŽĨƚŚĞƐƚĂƚĞŽĨĞůĂǁĂƌĞ͕ĂŶĚŽƌƌŽǁĞƌŚĂƐĨƵůůƉŽǁĞƌĂŶĚĂƵƚŚŽƌŝƚLJƚŽ ĞdžĞĐƵƚĞ͕ĚĞůŝǀĞƌ͕ĂŶĚƉĞƌĨŽƌŵƚŚĞ>ŽĂŶŽĐƵŵĞŶƚƐ͕ĂŶĚƚŽŽǁŶŝƚƐƉƌŽƉĞƌƚLJĂŶĚĐŽŶĚƵĐƚ ŝƚƐďƵƐŝŶĞƐƐĂƐƉƌĞƐĞŶƚůLJĐŽŶĚƵĐƚĞĚĂŶĚĂƐƉƌŽƉŽƐĞĚƚŽďĞĐŽŶĚƵĐƚĞĚ͘ ;ďͿƵƚŚŽƌŝnjĂƚŝŽŶ͘dŚĞĞdžĞĐƵƚŝŽŶ͕ĚĞůŝǀĞƌLJ͕ĂŶĚƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐ^ĞĐƵƌŝƚLJ ŐƌĞĞŵĞŶƚŚĂǀĞďĞĞŶĚƵůLJĂƵƚŚŽƌŝnjĞĚďLJĂůůŶĞĐĞƐƐĂƌLJĂĐƚŝŽŶĂŶĚǁŝůůŶŽƚ͗ ;ŝͿƌĞƋƵŝƌĞĂŶLJĐŽŶƐĞŶƚŽƌĂƉƉƌŽǀĂůŽĨĂŶLJĞŶƚŝƚLJƚŚĂƚŚĂƐŶŽƚďĞĞŶŽďƚĂŝŶĞĚ͖Žƌ 3DFNHW3J *F ;ŝŝͿǀŝŽůĂƚĞĂŶLJƉƌŽǀŝƐŝŽŶŽĨĂŶLJŝŶĚĞŶƚƵƌĞ͕ĐŽŶƚƌĂĐƚ͕ĂŐƌĞĞŵĞŶƚ͕ŽƌŝŶƐƚƌƵŵĞŶƚ ƚŽǁŚŝĐŚŽƌƌŽǁĞƌŝƐĂƉĂƌƚLJŽƌďLJǁŚŝĐŚŝƚŝƐďŽƵŶĚ͘ ;ĐͿWĞƌĨŽƌŵĂŶĐĞďLJŽƌƌŽǁĞƌ͘hŶůĞƐƐŽƌƌŽǁĞƌŽďƚĂŝŶƐ>ĞŶĚĞƌΖƐƉƌŝŽƌǁƌŝƚƚĞŶ ĐŽŶƐĞŶƚ͕ŽƌƌŽǁĞƌƐŚĂůůŶŽƚ͗ ;ŝͿƚĞƌŵŝŶĂƚĞŝƚƐŝŶƚĞƌĞƐƚŝŶĂŶLJŽĨƚŚĞŽůůĂƚĞƌĂů͖Žƌ ;ŝŝͿƐĞůů͕ƚƌĂŶƐĨĞƌ͕ŽƌĂƐƐŝŐŶ͕ŽƌŽĨĨĞƌƚŽƐĞůů͕ƚƌĂŶƐĨĞƌŽƌĂƐƐŝŐŶĂůůŽƌĂŶLJƉĂƌƚŽĨ ƚŚĞŽůůĂƚĞƌĂůŽƌƉĞƌŵŝƚĂůůŽƌĂŶLJƉĂƌƚŽĨƚŚĞŽůůĂƚĞƌĂůƚŽďĞƐŽůĚ͕ ƚƌĂŶƐĨĞƌƌĞĚ͕ŽƌĂƐƐŝŐŶĞĚ͖Žƌ ;ŝŝŝͿƌĞŵŽǀĞŽƌĐŽŶƐĞŶƚƚŽƚŚĞƌĞŵŽǀĂůŽĨĂŶLJŽĨƚŚĞ ƋƵŝƉŵĞŶƚĨƌŽŵƚŚĞ ĞǀĞůŽƉŵĞŶƚWƌŽƉĞƌƚLJ͘ ;ĚͿdŝƚůĞƚŽŽůůĂƚĞƌĂů͘ŽƌƌŽǁĞƌƐŚĂůůŬĞĞƉŐŽŽĚŵĂƌŬĞƚĂďůĞƚŝƚůĞƚŽĂůůŽĨƚŚĞ ŽůůĂƚĞƌĂů͕ĂŶĚŶŽŶĞŽĨƚŚĞŽůůĂƚĞƌĂůŝƐƐƵďũĞĐƚƚŽĂŶLJůŝĞŶŽƌƐĞĐƵƌŝƚLJŝŶƚĞƌĞƐƚĞdžĐĞƉƚĨŽƌ ƚŚĞƐĞĐƵƌŝƚLJŝŶƚĞƌĞƐƚĐƌĞĂƚĞĚďLJƚŚŝƐ^ĞĐƵƌŝƚLJŐƌĞĞŵĞŶƚĂŶĚŽƚŚĞƌƐĞĐƵƌŝƚLJŝŶƚĞƌĞƐƚƐ ĐŽŶƐĞŶƚĞĚƚŽŝŶǁƌŝƚŝŶŐďLJ>ĞŶĚĞƌ͘ŽƌƌŽǁĞƌŚĂƐŶŽƚŐƌĂŶƚĞĚ͕ĂŶĚǁŝůůŶŽƚŐƌĂŶƚŽƌ ƉĞƌŵŝƚƚŽĞdžŝƐƚ͕ĂŶLJůŝĞŶŽƌƐĞĐƵƌŝƚLJŝŶƚĞƌĞƐƚƐŝŶĂůůŽƌĂƉŽƌƚŝŽŶŽĨƚŚĞŽůůĂƚĞƌĂůŽƚŚĞƌ ƚŚĂŶƚŚĞůŝĞŶƐŝŶĨĂǀŽƌŽĨ>ĞŶĚĞƌĂŶĚŽƚŚĞƌůŝĞŶƐĐŽŶƐĞŶƚĞĚƚŽŝŶǁƌŝƚŝŶŐďLJ>ĞŶĚĞƌ͘ ŽƌƌŽǁĞƌƐŚĂůůĚĞĨĞŶĚƚŚĞŽůůĂƚĞƌĂůĂŐĂŝŶƐƚĂůůĐůĂŝŵƐĂŶĚĚĞŵĂŶĚƐŽĨĂůůĂŶĚĂŶLJŽƚŚĞƌ ƉĞƌƐŽŶƐĂƚĂŶLJƚŝŵĞĐůĂŝŵŝŶŐĂŶLJŝŶƚĞƌĞƐƚƚŚĞƌĞŝŶĂĚǀĞƌƐĞƚŽ>ĞŶĚĞƌ͘ ;ĞͿĐƚŝŽŶƐĂŶĚWƌŽĐĞĞĚŝŶŐƐ͘dŚĞƌĞĂƌĞŶŽĂĐƚŝŽŶƐĂƚůĂǁ͕ƐƵŝƚƐŝŶĞƋƵŝƚLJ͕ŽƌŽƚŚĞƌ ƉƌŽĐĞĞĚŝŶŐƐƉĞŶĚŝŶŐďĞĨŽƌĞŽƌĞdžƉĞĐƚĞĚƚŽďĞĨŝůĞĚǁŝƚŚĂŶLJĐŽƵƌƚ͕ŐŽǀĞƌŶŵĞŶƚĂůĂŐĞŶĐLJ͕ ĐŽŵŵŝƐƐŝŽŶ͕ďƵƌĞĂƵ͕ƚƌŝďƵŶĂů͕ŽƌŽƚŚĞƌĂƌďŝƚƌĂƚŝŽŶƉƌŽĐĞĞĚŝŶŐƐĂŐĂŝŶƐƚŽƌĂĨĨĞĐƚŝŶŐ ŽƌƌŽǁĞƌƚŚĂƚŝĨĂĚǀĞƌƐĞůLJĚĞƚĞƌŵŝŶĞĚǁŽƵůĚĂĚǀĞƌƐĞůLJĂĨĨĞĐƚŽƌƌŽǁĞƌΖƐŝŶƚĞƌĞƐƚŝŶƚŚĞ ŽůůĂƚĞƌĂůŽƌǁŽƵůĚĂĚǀĞƌƐĞůLJĂĨĨĞĐƚƚŚĞƌŝŐŚƚƐŽĨŽƌƌŽǁĞƌƚŽƉůĞĚŐĞĂŶĚĂƐƐŝŐŶĂůůŽƌĂ ƉĂƌƚŽĨƚŚĞŽůůĂƚĞƌĂůŽƌƚŚĞƌŝŐŚƚƐĂŶĚƐĞĐƵƌŝƚLJĂĨĨŽƌĚĞĚ>ĞŶĚĞƌŚĞƌĞƵŶĚĞƌ͘ ;ĨͿ/ŶƐƵƌĂŶĐĞ͘ŽƌƌŽǁĞƌĂŐƌĞĞƐŝƚǁŝůůŬĞĞƉƚŚĞ ƋƵŝƉŵĞŶƚŝŶƐƵƌĞĚĂƚĂůůƚŝŵĞƐĂŐĂŝŶƐƚ ůŽƐƐďLJĨŝƌĞĂŶĚŽƚŚĞƌŚĂnjĂƌĚƐĐŽŶĐĞƌŶŝŶŐǁŚŝĐŚ͕ŝŶƚŚĞũƵĚŐŵĞŶƚŽĨ>ĞŶĚĞƌ͕ŝŶƐƵƌĂŶĐĞ ƉƌŽƚĞĐƚŝŽŶŝƐƌĞĂƐŽŶĂďůLJŶĞĐĞƐƐĂƌLJĂŶĚŝŶĂŵŽƵŶƚƐƐƵĨĨŝĐŝĞŶƚƚŽƉƌŽƚĞĐƚĂŐĂŝŶƐƚůŽƐƐŽƌ ĚĂŵĂŐĞŽĨƚŚĞ ƋƵŝƉŵĞŶƚ͘^ƵĐŚƉŽůŝĐLJŽƌƉŽůŝĐŝĞƐǁŝůůĐŽŶƚĂŝŶĂůŽƐƐƉĂLJĂďůĞĐůĂƵƐĞŝŶ ĨĂǀŽƌŽĨ>ĞŶĚĞƌŽƌŝƚƐƐƵĐĐĞƐƐŽƌƐŽƌĂƐƐŝŐŶƐ͕ŝŶĨŽƌŵƐĂƚŝƐĨĂĐƚŽƌLJƚŽ>ĞŶĚĞƌ͕ƉƌŽǀŝĚĞĚ͕ ŚŽǁĞǀĞƌ͕ƚŚĂƚŽƌƌŽǁĞƌŵĂLJ͕ĂƚŝƚƐƌĞĂƐŽŶĂďůĞĚŝƐĐƌĞƚŝŽŶ͕ƐĞůĨͲŝŶƐƵƌĞƚŚĞ ƋƵŝƉŵĞŶƚ͘ ;ŐͿEŽ&ŝdžƚƵƌĞ͘/ĨĂŶLJŽĨƚŚĞŽůůĂƚĞƌĂůŝƐŽƌďĞĐŽŵĞƐĂĨŝdžƚƵƌĞ͕ŽƌƌŽǁĞƌĂŐƌĞĞƐƚŽ ĨƵƌŶŝƐŚ>ĞŶĚĞƌ͕Ăƚ>ĞŶĚĞƌΖƐƌĞƋƵĞƐƚ͕ǁŝƚŚĂƐƚĂƚĞŵĞŶƚŽƌƐƚĂƚĞŵĞŶƚƐƐŝŐŶĞĚďLJĂůůƉĞƌƐŽŶƐ ǁŚŽŚĂǀĞŽƌĐůĂŝŵĂŶŝŶƚĞƌĞƐƚŝŶƚŚĞƌĞĂůĞƐƚĂƚĞĐŽŶĐĞƌŶĞĚ͕ǁŚŝĐŚƐƚĂƚĞŵĞŶƚƐƐŚĂůů ƉƌŽǀŝĚĞƚŚĂƚƚŚĞƐŝŐŶĞƌĐŽŶƐĞŶƚƐƚŽƚŚĞƐĞĐƵƌŝƚLJŝŶƚĞƌĞƐƚĐƌĞĂƚĞĚŚĞƌĞďLJĂŶĚĚŝƐĐůĂŝŵƐĂŶLJ ŝŶƚĞƌĞƐƚŝŶƚŚĞŽůůĂƚĞƌĂůĂƐĨŝdžƚƵƌĞƐ͘ ;ŚͿhŶĚĞƌƐƚĂŶĚŝŶŐƐZĞŐĂƌĚŝŶŐŽůůĂƚĞƌĂů͘ŽƌƌŽǁĞƌĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞŽůůĂƚĞƌĂů ŝƐŽĨƚŚĞĚĞƐŝŐŶ͕ĐĂƉĂĐŝƚLJ͕ĂŶĚŵĂŶƵĨĂĐƚƵƌĞƐƉĞĐŝĨŝĞĚĨŽƌĂŶĚďLJŽƌƌŽǁĞƌ͕ĂŶĚƚŚĂƚ ŽƌƌŽǁĞƌŝƐƐĂƚŝƐĨŝĞĚƚŚĂƚƚŚĞƐĂŵĞŝƐƐƵŝƚĂďůĞĨŽƌŝƚƐŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞƐ͘ŽƌƌŽǁĞƌĨƵƌƚŚĞƌ ĂĐŬŶŽǁůĞĚŐĞƐĂŶĚĂŐƌĞĞƐƚŚĂƚ>ĞŶĚĞƌŚĂƐŶŽƚŵĂĚĞ͕ĂŶĚĚŽĞƐŶŽƚŵĂŬĞ͕ĂŶLJ ƌĞƉƌĞƐĞŶƚĂƚŝŽŶ͕ǁĂƌƌĂŶƚLJ͕ŽƌĐŽǀĞŶĂŶƚǁŝƚŚƌĞƐƉĞĐƚƚŽŵĞƌĐŚĂŶƚĂďŝůŝƚLJ͕ĨŝƚŶĞƐƐĨŽƌĂŶLJ ƉƵƌƉŽƐĞ͕ĚƵƌĂďŝůŝƚLJ͕ƉĂƚĞŶƚ͕ĐŽƉLJƌŝŐŚƚŽƌ ĐŽŶŽŵŝĐŵĂƌŬŝŶĨƌŝŶŐĞŵĞŶƚ͕ƐƵŝƚĂďŝůŝƚLJ͕Žƌ ƉƵƌƉŽƐĞ ĐĂƉĂďŝůŝƚLJŽĨĂŶLJŝƚĞŵŽĨŽůůĂƚĞƌĂůŝŶĂŶLJƌĞƐƉĞĐƚŽƌŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚĂŶLJŽƚŚĞƌ 3DFNHW3J *F ŽƌƵƐĞŽĨŽƌƌŽǁĞƌ͕ŽƌĂŶLJŽƚŚĞƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶ͕ǁĂƌƌĂŶƚLJ͕ŽƌĐŽǀĞŶĂŶƚŽĨĂŶLJŬŝŶĚŽƌ ĐŚĂƌĂĐƚĞƌĞdžƉƌĞƐƐĞĚŽƌŝŵƉůŝĞĚǁŝƚŚƌĞƐƉĞĐƚƚŚĞƌĞƚŽ͘ŽƌƌŽǁĞƌĂĐĐŽƌĚŝŶŐůLJĂŐƌĞĞƐŶŽƚƚŽ ĂƐƐĞƌƚĂŶLJĐůĂŝŵǁŚĂƚƐŽĞǀĞƌĂŐĂŝŶƐƚ>ĞŶĚĞƌďĂƐĞĚƚŚĞƌĞŽŶ͘ŽƌƌŽǁĞƌĨƵƌƚŚĞƌĂŐƌĞĞƐ͕ ƌĞŐĂƌĚůĞƐƐŽĨĐĂƵƐĞ͕ŶŽƚƚŽĂƐƐĞƌƚĂŶLJĐůĂŝŵǁŚĂƚƐŽĞǀĞƌĂŐĂŝŶƐƚ>ĞŶĚĞƌĨŽƌůŽƐƐŽĨ ĂŶƚŝĐŝƉĂƚŽƌLJƉƌŽĨŝƚƐŽƌĐŽŶƐĞƋƵĞŶƚŝĂůĚĂŵĂŐĞƐ͘ ;ŝͿhƐĞŽĨŽůůĂƚĞƌĂů͘dŚĞŽůůĂƚĞƌĂůǁŝůůďĞƵƐĞĚĨŽƌŝƚƐŝŶƚĞŶĚĞĚďƵƐŝŶĞƐƐƉƵƌƉŽƐĞ ĂŶĚǁŝůůĂƚĂůůƚŝŵĞƐďĞůŽĐĂƚĞĚĂƚƚŚĞĞǀĞůŽƉŵĞŶƚWƌŽƉĞƌƚLJ͘ ;ũͿŽŶĚŝƚŝŽŶŽĨŽůůĂƚĞƌĂů͘ŽƌƌŽǁĞƌǁŝůůŬĞĞƉƚŚĞŽůůĂƚĞƌĂůŝŶŐŽŽĚĐŽŶĚŝƚŝŽŶĂŶĚ ƌĞƉĂŝƌ͕ƌĞĂƐŽŶĂďůĞǁĞĂƌĂŶĚƚĞĂƌĞdžĐĞƉƚĞĚ͕ǁŝůůƉĞƌŵŝƚ>ĞŶĚĞƌƚŽĞŶƚĞƌƵƉŽŶƚŚĞ ĞǀĞůŽƉŵĞŶƚWƌŽƉĞƌƚLJĂƚƌĞĂƐŽŶĂďůĞƚŝŵĞƐĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨĞdžĂŵŝŶŝŶŐƚŚĞŽůůĂƚĞƌĂů͘ ;ŬͿŽƐƚƐŽĨŽůůĞĐƚŝŽŶ͘/ŶƚŚĞĞǀĞŶƚŽĨĂŶLJĂĐƚŝŽŶŽƌƉƌŽĐĞĞĚŝŶŐƚŽĐŽůůĞĐƚŽƌƌĞĂůŝnjĞ ƵƉŽŶƚŚĞŽůůĂƚĞƌĂůŽƌƚŽĞŶĨŽƌĐĞĂŶLJŽĨ>ĞŶĚĞƌΖƐƌŝŐŚƚƐŚĞƌĞƵŶĚĞƌ͕ŽƌƌŽǁĞƌƐŚĂůůƉĂLJ͗ ;ŝͿĂůůŽĨ>ĞŶĚĞƌΖƐĂƚƚŽƌŶĞLJƐĨĞĞƐĂŶĚŽƚŚĞƌůĞŐĂůĞdžƉĞŶƐĞƐ͕ǁŝƚŚŝŶƚĞƌĞƐƚ ƚŚĞƌĞŽŶ͕ŝŶĐƵƌƌĞĚďLJ>ĞŶĚĞƌ͖ ;ŝŝͿĂůůƚĂdžĞƐ͕ůĞǀŝĞƐ͕ŝŶƐƵƌĂŶĐĞĞdžƉĞŶƐĞƐ͕ĂŶĚĐŽƐƚƐŽĨƌĞƉĂŝƌƐƚŽ͕Žƌ ŵĂŝŶƚĞŶĂŶĐĞŽĨ͕ƚŚĞŽůůĂƚĞƌĂů͖ĂŶĚ ;ŝŝŝͿĂůůĐŽƐƚƐŽĨ>ĞŶĚĞƌŝŶĐƵƌƌĞĚŝŶƚĂŬŝŶŐƉŽƐƐĞƐƐŝŽŶŽĨ͕ĚŝƐƉŽƐŝŶŐŽĨŽƌ ƉƌĞƐĞƌǀŝŶŐƚŚĞŽůůĂƚĞƌĂůĂĨƚĞƌĂŶLJ ǀĞŶƚŽĨĞĨĂƵůƚ;ĚĞĨŝŶĞĚďĞůŽǁͿ͘ ϯ͘ ǀĞŶƚŽĨĞĨĂƵůƚ͘hƉŽŶƚŚĞĞǀĞŶƚŽĨĂĚĞĨĂƵůƚƵŶĚĞƌƚŚĞ>ŽĂŶŐƌĞĞŵĞŶƚ͕>ĞŶĚĞƌŵĂLJ ĞdžĞƌĐŝƐĞĂŶLJƌĞŵĞĚLJĂǀĂŝůĂďůĞƚŽŝƚƵŶĚĞƌƚŚĞƚĞƌŵƐŽĨƚŚĞ>ŽĂŶŐƌĞĞŵĞŶƚ͘ ϰ͘&ƵƌƚŚĞƌƐƐƵƌĂŶĐĞƐ͘ŽƌƌŽǁĞƌƐŚĂůůĞdžĞĐƵƚĞĂŶĚĚĞůŝǀĞƌƚŽ>ĞŶĚĞƌ͕ƉƌŽŵƉƚůLJĂŶĚĂƚ ŽƌƌŽǁĞƌΖƐĞdžƉĞŶƐĞ͕hŶŝĨŽƌŵŽŵŵĞƌĐŝĂůŽĚĞ;ΗŽĚĞΗͿĨŝŶĂŶĐŝŶŐƐƚĂƚĞŵĞŶƚƐĂŶĚĞǀŝĚĞŶĐĞŽĨ ƚĂdžĨŝůŝŶŐƐĂŶĚƉĂLJŵĞŶƚƐ͕ŝŶĐůƵĚŝŶŐǁŝƚŚŽƵƚůŝŵŝƚĂƚŝŽŶĂhͲϭ&ŝŶĂŶĐŝŶŐ^ƚĂƚĞŵĞŶƚŝŶƐƵďƐƚĂŶƚŝĂůůLJ ƚŚĞĨŽƌŵƐĞƚĨŽƌƚŚďLJƚŚĞDŝŶŶĞƐŽƚĂ^ĞĐƌĞƚĂƌLJŽĨ^ƚĂƚĞ͛ƐKĨĨŝĐĞ͘ŽƌƌŽǁĞƌĂŐƌĞĞƐƚŚĂƚ͗;ŝͿ>ĞŶĚĞƌ ŝƐĂƵƚŚŽƌŝnjĞĚ͕ĂƚŝƚƐŽƉƚŝŽŶ͕ƚŽĨŝůĞĂĐĂƌďŽŶ͕ƉŚŽƚŽŐƌĂƉŚŝĐ͕ŽƌŽƚŚĞƌƌĞƉƌŽĚƵĐƚŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚ ĂƐĂĨŝŶĂŶĐŝŶŐƐƚĂƚĞŵĞŶƚĂŶĚƚŚĂƚƐƵĐŚƐƚĂƚĞŵĞŶƚƐŚĂůůďĞƐƵĨĨŝĐŝĞŶƚĂƐĂĨŝŶĂŶĐŝŶŐƐƚĂƚĞŵĞŶƚ ƵŶĚĞƌƚŚĞŽĚĞ͖ĂŶĚ;ŝŝͿ>ĞŶĚĞƌŝƐĂƵƚŚŽƌŝnjĞĚƚŽĨŝůĞĨŝŶĂŶĐŝŶŐƐƚĂƚĞŵĞŶƚƐŽƌĂŵĞŶĚŵĞŶƚƐƚŚĞƌĞƚŽ ǁŝƚŚŽƵƚƚŚĞƐŝŐŶĂƚƵƌĞŽĨŽƌƌŽǁĞƌ͕ƉƌŽǀŝĚĞĚƚŚĂƚŝĨĂƐŝŐŶĂƚƵƌĞŝƐƌĞƋƵŝƌĞĚďLJůĂǁ͕ƚŚĞŶŽƌƌŽǁĞƌ ĂƉƉŽŝŶƚƐ>ĞŶĚĞƌĂƐŽƌƌŽǁĞƌΖƐĂƚƚŽƌŶĞLJͲŝŶͲĨĂĐƚƚŽĞdžĞĐƵƚĞĂŶLJƐƵĐŚĨŝŶĂŶĐŝŶŐƐƚĂƚĞŵĞŶƚƐ͘ ϱ͘ƵŵƵůĂƚŝǀĞZĞŵĞĚŝĞƐ͘ůůŽĨ>ĞŶĚĞƌΖƐƌŝŐŚƚƐĂŶĚƌĞŵĞĚŝĞƐŚĞƌĞŝŶĂƌĞĐƵŵƵůĂƚŝǀĞĂŶĚŝŶ ĂĚĚŝƚŝŽŶƚŽĂŶLJƌŝŐŚƚƐŽƌƌĞŵĞĚŝĞƐĂǀĂŝůĂďůĞĂƚůĂǁŽƌŝŶĞƋƵŝƚLJŝŶĐůƵĚŝŶŐƚŚĞŽĚĞ͕ĂŶĚŵĂLJďĞ ĞdžĞƌĐŝƐĞĚĐŽŶĐƵƌƌĞŶƚůLJŽƌƐĞƉĂƌĂƚĞůLJ͘ŽƌƌŽǁĞƌƐŚĂůůƉĂLJĂůůĐŽƐƚƐ͕ĞdžƉĞŶƐĞƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐĂŶĚ ůĞŐĂůĐŽƐƚƐ;ŝŶĐůƵĚŝŶŐĂƚƚŽƌŶĞLJƐĨĞĞƐͿŝŶĐƵƌƌĞĚďLJ>ĞŶĚĞƌĂƐĂƌĞƐƵůƚŽĨĞŶĨŽƌĐŝŶŐĂŶLJƚĞƌŵƐŽƌ ĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘ ϲ͘EŽ>ŝĂďŝůŝƚLJ/ŵƉŽƐĞĚŽŶ>ĞŶĚĞƌ͘>ĞŶĚĞƌƐŚĂůůŶŽƚďĞŽďůŝŐĂƚĞĚƚŽƉĞƌĨŽƌŵŽƌĚŝƐĐŚĂƌŐĞ͕ ŶŽƌĚŽĞƐŝƚŚĞƌĞďLJƵŶĚĞƌƚĂŬĞƚŽƉĞƌĨŽƌŵŽƌĚŝƐĐŚĂƌŐĞĂŶLJŽďůŝŐĂƚŝŽŶ͕ĚƵƚLJ͕ŽƌůŝĂďŝůŝƚLJ͕ŶŽƌƐŚĂůů ƚŚŝƐŐƌĞĞŵĞŶƚŽƉĞƌĂƚĞƚŽƉůĂĐĞƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƚŚĞĐŽŶƚƌŽů͕ĐĂƌĞ͕ŽƌŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞ ƋƵŝƉŵĞŶƚƵƉŽŶ>ĞŶĚĞƌ͘ ϳ͘/ŶĚĞŵŶŝĨŝĐĂƚŝŽŶ͘ŽƌƌŽǁĞƌĂŐƌĞĞƐƚŽĚĞĨĞŶĚ͕ƉƌŽƚĞĐƚ͕ŝŶĚĞŵŶŝĨLJĂŶĚŚŽůĚ>ĞŶĚĞƌ ŚĂƌŵůĞƐƐŽĨĂŶĚĨƌŽŵĂŶLJĂŶĚĂůůůŝĂďŝůŝƚLJ͕ůŽƐƐ͕ĂŶĚĚĂŵĂŐĞƚŚĂƚ>ĞŶĚĞƌĚŽĞƐ͕ŵĂLJ͕ŽƌŵŝŐŚƚŝŶĐƵƌ ƵŶĚĞƌŽƌďLJƌĞĂƐŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͕ĂŶĚŽĨĂŶĚĨƌŽŵĂŶLJĂŶĚĂůůĐůĂŝŵƐĂŶĚĚĞŵĂŶĚƐ 3DFNHW3J *F ǁŚĂƚƐŽĞǀĞƌǁŚŝĐŚŵĂLJďĞĂƐƐĞƌƚĞĚĂŐĂŝŶƐƚ>ĞŶĚĞƌďLJƌĞĂƐŽŶŽĨĂŶLJĂůůĞŐĞĚŽďůŝŐĂƚŝŽŶƐŽƌ ƵŶĚĞƌƚĂŬŝŶŐƐƚŽƉĞƌĨŽƌŵŽƌĚŝƐĐŚĂƌŐĞĂŶLJŽĨƚŚĞƚĞƌŵƐ͕ĐŽǀĞŶĂŶƚƐ͕ŽƌĂŐƌĞĞŵĞŶƚƐĐŽŶƚĂŝŶĞĚ ŚĞƌĞŝŶ͘^ŚŽƵůĚ>ĞŶĚĞƌŝŶĐƵƌĂŶLJƐƵĐŚůŝĂďŝůŝƚLJŽƌďĞƌĞƋƵŝƌĞĚƚŽĚĞĨĞŶĚĂŐĂŝŶƐƚĂŶLJƐƵĐŚĐůĂŝŵƐŽƌ ĚĞŵĂŶĚƐ͕ŽƌƐŚŽƵůĚĂũƵĚŐŵĞŶƚďĞĞŶƚĞƌĞĚĂŐĂŝŶƐƚ>ĞŶĚĞƌ͕ƚŚĞĂŵŽƵŶƚƚŚĞƌĞŽĨ͕ŝŶĐůƵĚŝŶŐĐŽƐƚƐ͕ ĞdžƉĞŶƐĞƐ͕ĂŶĚƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞLJ͛ƐĨĞĞƐ͕ƐŚĂůůďĞĂƌŝŶƚĞƌĞƐƚƚŚĞƌĞŽŶĂƚƚŚĞƌĂƚĞƚŚĞŶŝŶĞĨĨĞĐƚŽŶ ƚŚĞEŽƚĞ͕ƐŚĂůůďĞƐĞĐƵƌĞĚŚĞƌĞďLJ͕ƐŚĂůůďĞĂĚĚĞĚƚŽƚŚĞ>ŽĂŶ͕ĂŶĚŽƌƌŽǁĞƌƐŚĂůůƌĞŝŵďƵƌƐĞ >ĞŶĚĞƌĨŽƌƚŚĞƐĂŵĞŝŵŵĞĚŝĂƚĞůLJƵƉŽŶĚĞŵĂŶĚ͕ĂŶĚƵƉŽŶƚŚĞĨĂŝůƵƌĞŽĨŽƌƌŽǁĞƌƐŽƚŽĚŽ͕>ĞŶĚĞƌ ŵĂLJĚĞĐůĂƌĞƚŚĞ>ŽĂŶŝŵŵĞĚŝĂƚĞůLJĚƵĞĂŶĚƉĂLJĂďůĞ͘ ϴ͘ džƉĞŶƐĞƐŽĨŽƌƌŽǁĞƌ͘ůůĞdžƉĞŶƐĞƐŝŶƉƌŽƚĞĐƚŝŶŐ͕ƐƚŽƌŝŶŐ͕ǁĂƌĞŚŽƵƐŝŶŐ͕ŝŶƐƵƌŝŶŐ͕ ŚĂŶĚůŝŶŐ͕ĂŶĚƐŚŝƉƉŝŶŐŽĨƚŚĞŽůůĂƚĞƌĂů͕ĂůůĐŽƐƚƐŽĨŬĞĞƉŝŶŐƚŚĞŽůůĂƚĞƌĂůĨƌĞĞŽĨůŝĞŶƐ͕ ĞŶĐƵŵďƌĂŶĐĞƐĂŶĚƐĞĐƵƌŝƚLJŝŶƚĞƌĞƐƚƐ;ŽƚŚĞƌƚŚĂŶƚŚĞƐĞĐƵƌŝƚLJŝŶƚĞƌĞƐƚĐƌĞĂƚĞĚďLJƚŚŝƐŐƌĞĞŵĞŶƚͿ ĂŶĚƚŚĞƌĞŵŽǀŝŶŐŽĨƚŚĞƐĂŵĞĂŶĚĂůůĞdžĐŝƐĞ͕ƉƌŽƉĞƌƚLJ͕ƐĂůĞƐ͕ĂŶĚƵƐĞƚĂdžĞƐŝŵƉŽƐĞĚďLJƐƚĂƚĞ͕ ĨĞĚĞƌĂů͕ŽƌůŽĐĂůĂƵƚŚŽƌŝƚLJŽŶĂŶLJŽĨƚŚĞŽůůĂƚĞƌĂůŽƌǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞƐĂůĞƚŚĞƌĞŽĨ͕ƐŚĂůůďĞ ďŽƌŶĞĂŶĚƉĂŝĚĨŽƌďLJŽƌƌŽǁĞƌĂŶĚŝĨŽƌƌŽǁĞƌĨĂŝůƐƚŽƉƌŽŵƉƚůLJƉĂLJĂŶLJĂŵŽƵŶƚƐƚŚĞƌĞŽĨǁŚĞŶ ĚƵĞ͕>ĞŶĚĞƌŵĂLJ͕ĂƚŝƚƐŽƉƚŝŽŶ͕ďƵƚƐŚĂůůŶŽƚďĞƌĞƋƵŝƌĞĚƚŽ͕ƉĂLJƚŚĞƐĂŵĞ͕ĂŶĚƵƉŽŶƐƵĐŚƉĂLJŵĞŶƚ ƚŚĞƐĂŵĞƐŚĂůůĐŽŶƐƚŝƚƵƚĞŽďůŝŐĂƚŝŽŶƐĂŶĚƐŚĂůůďĞĂƌŝŶƚĞƌĞƐƚĂƚƚŚĞƌĂƚĞƐƉĞĐŝĨŝĞĚŝŶƚŚĞEŽƚĞĂŶĚ ƐŚĂůůďĞƐĞĐƵƌĞĚďLJƚŚĞƐĞĐƵƌŝƚLJŝŶƚĞƌĞƐƚƐŐƌĂŶƚĞĚŚĞƌĞƵŶĚĞƌ͘ ϵ͘ŽŶƚŝŶƵŝŶŐZŝŐŚƚƐ͘dŚĞƌŝŐŚƚƐĂŶĚƉŽǁĞƌƐŽĨ>ĞŶĚĞƌŚĞƌĞƵŶĚĞƌƐŚĂůůĐŽŶƚŝŶƵĞĂŶĚƌĞŵĂŝŶ ŝŶĨƵůůĨŽƌĐĞĞĨĨĞĐƚƵŶƚŝůƚŚĞ>ŽĂŶŝƐƉĂŝĚŝŶĨƵůů͘ ϭϬ͘ŽŽŬƐĂŶĚZĞĐŽƌĚƐ͘ŽƌƌŽǁĞƌǁŝůůƉĞƌŵŝƚ>ĞŶĚĞƌĂŶĚŝƚƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐƚŽĞdžĂŵŝŶĞ ŽƌƌŽǁĞƌΖƐŬƐĂŶĚƌĞĐŽƌĚƐ;ŝŶĐůƵĚŝŶŐĚĂƚĂƉƌŽĐĞƐƐŝŶŐƌĞĐŽƌĚƐĂŶĚƐLJƐƚĞŵƐͿǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞ ŽůůĂƚĞƌĂůĂŶĚŵĂŬĞĐŽƉŝĞƐƚŚĞƌĞŽĨĂƚĂŶLJƚŝŵĞĂŶĚĨƌŽŵƚŝŵĞƚŽƚŝŵĞ͕ĂŶĚŽƌƌŽǁĞƌǁŝůůĨƵƌŶŝƐŚ ƐƵĐŚŝŶĨŽƌŵĂƚŝŽŶƌĞƉŽƌƚƐƚŽ>ĞŶĚĞƌĂŶĚŝƚƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐƌĞŐĂƌĚŝŶŐƚŚĞŽůůĂƚĞƌĂůĂƐ>ĞŶĚĞƌĂŶĚ ŝƚƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐŵĂLJĨƌŽŵƚŝŵĞƚŽƚŝŵĞƌĞƋƵĞƐƚ͘>ĞŶĚĞƌƐŚĂůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚLJ͕ĂƚĂŶLJƚŝŵĞ͕ ƚŽƌĞƋƵŝƌĞŽƌƌŽǁĞƌƚŽƉůĂĐĞƵƉŽŶŽƌƌŽǁĞƌΖƐŬƐĂŶĚƌĞĐŽƌĚƐƌĞůĂƚŝŶŐƚŽƚŚĞŽůůĂƚĞƌĂůĂŶĚ ŽƚŚĞƌƌŝŐŚƚƐƚŽƉĂLJŵĞŶƚĐŽǀĞƌĞĚďLJƚŚĞƐĞĐƵƌŝƚLJŝŶƚĞƌĞƐƚĐƌĞĂƚĞĚŝŶƚŚŝƐŐƌĞĞŵĞŶƚĂŶŽƚĂƚŝŽŶ ƐƚĂƚŝŶŐƚŚĂƚĂŶLJƐƵĐŚŽůůĂƚĞƌĂůĂŶĚŽƚŚĞƌƌŝŐŚƚƐŽĨƉĂLJŵĞŶƚĂƌĞƐƵďũĞĐƚƚŽĂƐĞĐƵƌŝƚLJŝŶƚĞƌĞƐƚŝŶ ĨĂǀŽƌŽĨ>ĞŶĚĞƌ͘ ϭϭ͘ ĨĨĞĐƚŽŶKƚŚĞƌŐƌĞĞŵĞŶƚƐ͘EŽƚŚŝŶŐŝŶƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞĐŽŶƐƚƌƵĞĚƚŽŵŽĚŝĨLJĂŶLJ ƚĞƌŵŽĨĂŶLJŽƚŚĞƌĂŐƌĞĞŵĞŶƚƚŽǁŚŝĐŚ>ĞŶĚĞƌĂŶĚŽƌƌŽǁĞƌĂƌĞƉĂƌƚŝĞƐ͘ ϭϮ͘ZĞůĞĂƐĞĂŶĚ/ŶĚĞŵŶŝĨŝĐĂƚŝŽŶŽǀĞŶĂŶƚƐ͘ džĐĞƉƚĨŽƌĂŶLJďƌĞĂĐŚŽĨƚŚĞƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐĂŶĚ ǁĂƌƌĂŶƚŝĞƐŽĨ>ĞŶĚĞƌŽƌƚŚĞŶĞŐůŝŐĞŶĐĞŽƌŽƚŚĞƌǁƌŽŶŐĨƵůĂĐƚŽƌŽŵŝƐƐŝŽŶŽĨƚŚĞĨŽůůŽǁŝŶŐŶĂŵĞĚ ƉĂƌƚŝĞƐ͕ŽƌƌŽǁĞƌĂŐƌĞĞƐƚŽƉƌŽƚĞĐƚĂŶĚĚĞĨĞŶĚ>ĞŶĚĞƌĂŶĚƚŚĞŐŽǀĞƌŶŝŶŐďŽĚLJŵĞŵďĞƌƐ͕ŽĨĨŝĐĞƌƐ͕ ĂŐĞŶƚƐ͕ƐĞƌǀĂŶƚƐĂŶĚĞŵƉůŽLJĞĞƐƚŚĞƌĞŽĨ͕ŶŽǁĂŶĚĨŽƌĞǀĞƌ͕ĂŶĚĨƵƌƚŚĞƌĂŐƌĞĞƐƚŽŚŽůĚƚŚĞ ĂĨŽƌĞƐĂŝĚŚĂƌŵůĞƐƐĨƌŽŵĂŶLJĐůĂŝŵ͕ĚĞŵĂŶĚ͕ƐƵŝƚ͕ĂĐƚŝŽŶŽƌŽƚŚĞƌƉƌŽĐĞĞĚŝŶŐǁŚĂƚƐŽĞǀĞƌďLJĂŶLJ ƉĞƌƐŽŶŽƌĞŶƚŝƚLJǁŚĂƚƐŽĞǀĞƌĂƌŝƐŝŶŐŽƌƉƵƌƉŽƌƚĞĚůLJĂƌŝƐŝŶŐĨƌŽŵƚŚĞĂĐƋƵŝƐŝƚŝŽŶ͕ĐŽŶƐƚƌƵĐƚŝŽŶ͕ ŝŶƐƚĂůůĂƚŝŽŶ͕ŽǁŶĞƌƐŚŝƉ͕ŵĂŝŶƚĞŶĂŶĐĞ͕ĂŶĚŽƉĞƌĂƚŝŽŶŽĨƚŚĞ ƋƵŝƉŵĞŶƚ͘ ϭϯ͘DŽĚŝĨŝĐĂƚŝŽŶƐ͘dŚŝƐŐƌĞĞŵĞŶƚŵĂLJďĞŵŽĚŝĨŝĞĚƐŽůĞůLJƚŚƌŽƵŐŚǁƌŝƚƚĞŶĂŵĞŶĚŵĞŶƚƐ ŚĞƌĞƚŽĞdžĞĐƵƚĞĚďLJ>ĞŶĚĞƌĂŶĚŽƌƌŽǁĞƌĂŶĚĂƉƉƌŽǀĞĚďLJƚŚĞ^ƚĂƚĞ͘ ϭϰ͘EŽƚŝĐĞƐĂŶĚĞŵĂŶĚƐ͘ŶLJŶŽƚŝĐĞ͕ĚĞŵĂŶĚ͕ŽƌŽƚŚĞƌĐŽŵŵƵŶŝĐĂƚŝŽŶƵŶĚĞƌƚŚŝƐ ŐƌĞĞŵĞŶƚďLJĞŝƚŚĞƌƉĂƌƚLJƚŽƚŚĞŽƚŚĞƌƐŚĂůůďĞƐƵĨĨŝĐŝĞŶƚůLJŐŝǀĞŶŽƌĚĞůŝǀĞƌĞĚŽŶůLJŝĨŝƚŝƐ ĚŝƐƉĂƚĐŚĞĚďLJƌĞŐŝƐƚĞƌĞĚŽƌĐĞƌƚŝĨŝĞĚŵĂŝů͕ƉŽƐƚĂŐĞƉƌĞƉĂŝĚ͕ƌĞƚƵƌŶƌĞĐĞŝƉƚƌĞƋƵĞƐƚĞĚ͕ŽƌĚĞůŝǀĞƌĞĚ ƉĞƌƐŽŶĂůůLJ͗ 3DFNHW3J *F ;ĂͿĂƐƚŽƚŚĞ>ĞŶĚĞƌ͗ŝƚLJŽĨZŽĐŚĞƐƚĞƌ ddE͗ĚŵŝŶŝƐƚƌĂƚŝŽŶ ϮϬϭϰ ƚŚ^ƚƌĞĞƚ^ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰ ;ďͿĂƐƚŽƚŚĞŽƌƌŽǁĞƌ͗sLJƌŝĂĚ͕/ŶĐ͘ ddE͗ĂƌďƵĐŬĞƚƚ ϮϮϭϭ ƐƚǀĞŶƵĞ^t͕^ƵŝƚĞϭϬϮ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϮ ŽƌĂƚƐƵĐŚŽƚŚĞƌĂĚĚƌĞƐƐǁŝƚŚƌĞƐƉĞĐƚƚŽĂŶLJƉĂƌƚLJĂƐƚŚĂƚƉĂƌƚLJŵĂLJ͕ĨƌŽŵƚŝŵĞƚŽƚŝŵĞ͕ĚĞƐŝŐŶĂƚĞ ŝŶǁƌŝƚŝŶŐĂŶĚĨŽƌǁĂƌĚƚŽƚŚĞŽƚŚĞƌƐĂƐƉƌŽǀŝĚĞĚŝŶƚŚŝƐ^ĞĐƚŝŽŶϭϰ͘ ϭϱ͘ŽŶĨůŝĐƚŽĨ/ŶƚĞƌĞƐƚƐ͖ZĞƉƌĞƐĞŶƚĂƚŝǀĞƐEŽƚ/ŶĚŝǀŝĚƵĂůůLJ>ŝĂďůĞ͘EŽŽĨĨŝĐĞƌŽƌĞŵƉůŽLJĞĞŽĨ >ĞŶĚĞƌŵĂLJĂĐƋƵŝƌĞĂŶLJĨŝŶĂŶĐŝĂůŝŶƚĞƌĞƐƚ͕ĚŝƌĞĐƚŽƌŝŶĚŝƌĞĐƚ͕ŝŶƚŚŝƐŐƌĞĞŵĞŶƚ͕ƚŚĞ ƋƵŝƉŵĞŶƚ͕Žƌ ŝŶĂŶLJĐŽŶƚƌĂĐƚƌĞůĂƚĞĚƚŽƚŚĞ ƋƵŝƉŵĞŶƚ͘EŽŽĨĨŝĐĞƌ͕ĂŐĞŶƚ͕ŽƌĞŵƉůŽLJĞĞŽĨ>ĞŶĚĞƌƐŚĂůůďĞ ƉĞƌƐŽŶĂůůLJůŝĂďůĞƚŽŽƌƌŽǁĞƌ͕ŽƌĂŶLJƐƵĐĐĞƐƐŽƌŝŶŝŶƚĞƌĞƐƚ͕ŝŶƚŚĞĞǀĞŶƚŽĨĂŶLJĚĞĨĂƵůƚŽƌďƌĞĂĐŚ ďLJ>ĞŶĚĞƌŽƌĨŽƌĂŶLJĂŵŽƵŶƚǁŚŝĐŚŵĂLJďĞĐŽŵĞĚƵĞƚŽŽƌƌŽǁĞƌŽƌŽŶĂŶLJŽďůŝŐĂƚŝŽŶŽƌƚĞƌŵŽĨ ƚŚŝƐŐƌĞĞŵĞŶƚ͘ ϭϲ͘ŝŶĚŝŶŐ ĨĨĞĐƚ͘dŚĞĐŽǀĞŶĂŶƚƐĂŶĚĂŐƌĞĞŵĞŶƚƐŝŶƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďŝŶĚĂŶĚďĞŶĞĨŝƚ ƚŚĞŚĞŝƌƐ͕ĞdžĞĐƵƚŽƌƐ͕ĂĚŵŝŶŝƐƚƌĂƚŽƌƐ͕ƐƵĐĐĞƐƐŽƌƐ͕ĂŶĚĂƐƐŝŐŶƐŽĨƚŚĞƉĂƌƚŝĞƐƚŽƚŚŝƐŐƌĞĞŵĞŶƚ͘ ϭϳ͘DĞƌŐĞƌ͘EŽŶĞŽĨƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚĂƌĞŝŶƚĞŶĚĞĚƚŽŽƌƐŚĂůůďĞŵĞƌŐĞĚďLJ ƌĞĂƐŽŶŽĨĂŶLJĚĞĞĚƚƌĂŶƐĨĞƌƌŝŶŐĂŶLJŝŶƚĞƌĞƐƚŝŶƚŚĞĞǀĞůŽƉŵĞŶƚWƌŽƉĞƌƚLJĂŶĚĂŶLJƐƵĐŚĚĞĞĚƐŚĂůů ŶŽƚďĞĚĞĞŵĞĚƚŽĂĨĨĞĐƚŽƌŝŵƉĂŝƌƚŚĞƉƌŽǀŝƐŝŽŶƐĂŶĚĐŽǀĞŶĂŶƚƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘ ϭϴ͘dŝƚůĞƐŽĨƌƚŝĐůĞƐĂŶĚ^ĞĐƚŝŽŶƐ͘ŶLJƚŝƚůĞƐŽĨƚŚĞƐĞǀĞƌĂůƉĂƌƚƐ͕ƌƚŝĐůĞƐ͕ĂŶĚ^ĞĐƚŝŽŶƐŽĨƚŚŝƐ ŐƌĞĞŵĞŶƚĂƌĞŝŶƐĞƌƚĞĚĨŽƌĐŽŶǀĞŶŝĞŶĐĞŽĨƌĞĨĞƌĞŶĐĞŽŶůLJĂŶĚƐŚĂůůďĞĚŝƐƌĞŐĂƌĚĞĚŝŶĐŽŶƐƚƌƵŝŶŐ ŽƌŝŶƚĞƌƉƌĞƚŝŶŐĂŶLJŽĨŝƚƐƉƌŽǀŝƐŝŽŶƐ͘ ϭϵ͘ŽƵŶƚĞƌƉĂƌƚƐ͘dŚŝƐŐƌĞĞŵĞŶƚŵĂLJďĞĞdžĞĐƵƚĞĚŝŶĂŶLJŶƵŵďĞƌŽĨĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨ ǁŚŽŵƐŚĂůůĐŽŶƐƚŝƚƵƚĞŽŶĞĂŶĚƚŚĞƐĂŵĞŝŶƐƚƌƵŵĞŶƚ͘ ϮϬ͘ŚŽŝĐĞŽĨ>ĂǁĂŶĚsĞŶƵĞ͘dŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞŐŽǀĞƌŶĞĚďLJĂŶĚĐŽŶƐƚƌƵĞĚŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞůĂǁƐŽĨƚŚĞƐƚĂƚĞŽĨDŝŶŶĞƐŽƚĂǁŝƚŚŽƵƚƌĞŐĂƌĚƚŽŝƚƐĐŽŶĨůŝĐƚŽĨůĂǁƐ ƉƌŽǀŝƐŝŽŶƐ͘ŶLJĚŝƐƉƵƚĞƐ͕ĐŽŶƚƌŽǀĞƌƐŝĞƐ͕ŽƌĐůĂŝŵƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞŚĞĂƌĚŝŶ ƚŚĞƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚƐŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚĂůůƉĂƌƚŝĞƐƚŽƚŚŝƐŐƌĞĞŵĞŶƚǁĂŝǀĞĂŶLJŽďũĞĐƚŝŽŶƚŽ ƚŚĞũƵƌŝƐĚŝĐƚŝŽŶŽĨƚŚĞƐĞĐŽƵƌƚƐ͕ǁŚĞƚŚĞƌďĂƐĞĚŽŶĐŽŶǀĞŶŝĞŶĐĞŽƌŽƚŚĞƌǁŝƐĞ͘ Ϯϭ͘tĂŝǀĞƌ͘dŚĞĨĂŝůƵƌĞŽĨĂŶLJƉĂƌƚLJƚŽƚĂŬĞĂŶLJĂĐƚŝŽŶŽƌĂƐƐĞƌƚĂŶLJƌŝŐŚƚŽƌƌĞŵĞĚLJ͕ŽƌƚŚĞ ƉĂƌƚŝĂůĞdžĞƌĐŝƐĞďLJĂŶLJƉĂƌƚLJŽĨĂŶLJƌŝŐŚƚŽƌƌĞŵĞĚLJ͕ƐŚĂůůŶŽƚďĞĚĞĞŵĞĚƚŽďĞĂǁĂŝǀĞƌŽĨƐƵĐŚ ĂĐƚŝŽŶ͕ƌŝŐŚƚ͕ŽƌƌĞŵĞĚLJŝĨƚŚĞĐŝƌĐƵŵƐƚĂŶĐĞƐĐƌĞĂƚŝŶŐƐƵĐŚĂĐƚŝŽŶ͕ƌŝŐŚƚ͕ŽƌƌĞŵĞĚLJĐŽŶƚŝŶƵĞŽƌ ƌĞƉĞĂƚ͘ ϮϮ͘ ŶƚŝƌĞŐƌĞĞŵĞŶƚ͘dŚŝƐŐƌĞĞŵĞŶƚ͕ǁŝƚŚƚŚĞŽƚŚĞƌ>ŽĂŶŽĐƵŵĞŶƚƐĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞ ĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐƉĞƌƚĂŝŶŝŶŐƚŽŝƚƐƐƵďũĞĐƚŵĂƚƚĞƌĂŶĚŝƚƐƵƉĞƌƐĞĚĞƐĂůůƉƌŝŽƌ ĐŽŶƚĞŵƉŽƌĂŶĞŽƵƐĂŐƌĞĞŵĞŶƚƐ͕ƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ĂŶĚƵŶĚĞƌƐƚĂŶĚŝŶŐƐŽĨƚŚĞƉĂƌƚŝĞƐƉĞƌƚĂŝŶŝŶŐƚŽ ƚŚĞƐƵďũĞĐƚŵĂƚƚĞƌŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘ Ϯϯ͘^ĞƉĂƌĂďŝůŝƚLJ͘tŚĞƌĞǀĞƌƉŽƐƐŝďůĞ͕ĞĂĐŚƉƌŽǀŝƐŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚĂŶĚĞĂĐŚƌĞůĂƚĞĚ ĚŽĐƵŵĞŶƚƐŚĂůůďĞŝŶƚĞƌƉƌĞƚĞĚƐŽƚŚĂƚŝƚŝƐǀĂůŝĚƵŶĚĞƌĂƉƉůŝĐĂďůĞůĂǁ͘/ĨĂŶLJƉƌŽǀŝƐŝŽŶŽĨƚŚŝƐ 3DFNHW3J *F ŐƌĞĞŵĞŶƚŽƌĂŶLJƌĞůĂƚĞĚĚŽĐƵŵĞŶƚŝƐƚŽĂŶLJĞdžƚĞŶƚĨŽƵŶĚŝŶǀĂůŝĚďLJĂĐŽƵƌƚŽƌŽƚŚĞƌ ŐŽǀĞƌŶŵĞŶƚĂůĞŶƚŝƚLJŽĨĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶ͕ƚŚĂƚƉƌŽǀŝƐŝŽŶƐŚĂůůďĞŝŶĞĨĨĞĐƚŝǀĞŽŶůLJƚŽƚŚĞ ĞdžƚĞŶƚŽĨƐƵĐŚŝŶǀĂůŝĚŝƚLJ͕ǁŝƚŚŽƵƚŝŶǀĂůŝĚĂƚŝŶŐƚŚĞƌĞŵĂŝŶĚĞƌŽĨƐƵĐŚƉƌŽǀŝƐŝŽŶŽƌƚŚĞƌĞŵĂŝŶŝŶŐ ƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚŽƌĂŶLJŽƚŚĞƌƌĞůĂƚĞĚĚŽĐƵŵĞŶƚ͘ Ϯϰ͘/ŵŵƵŶŝƚLJ͘EŽƚŚŝŶŐŝŶƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞĐŽŶƐƚƌƵĞĚĂƐĂǁĂŝǀĞƌďLJƚŚĞ>ĞŶĚĞƌŽĨĂŶLJ ŝŵŵƵŶŝƚŝĞƐ͕ĚĞĨĞŶƐĞƐ͕ŽƌŽƚŚĞƌůŝŵŝƚĂƚŝŽŶƐŽŶůŝĂďŝůŝƚLJƚŽǁŚŝĐŚƚŚĞ>ĞŶĚĞƌŝƐĞŶƚŝƚůĞĚďLJůĂǁ͕ ŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽƚŚĞŵĂdžŝŵƵŵŵŽŶĞƚĂƌLJůŝŵŝƚƐŽŶůŝĂďŝůŝƚLJĞƐƚĂďůŝƐŚĞĚďLJDŝŶŶĞƐŽƚĂ ^ƚĂƚƵƚĞƐ͕ŚĂƉƚĞƌϰϲϲ͘ Ϯϱ͘KƚŚĞƌDĂƚƚĞƌƐ͘ůůƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐĂŶĚǁĂƌƌĂŶƚŝĞƐĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐŐƌĞĞŵĞŶƚŽƌŝŶĂŶLJ ŽƚŚĞƌĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶŽƌƌŽǁĞƌĂŶĚ>ĞŶĚĞƌƐŚĂůůƐƵƌǀŝǀĞƚŚĞĞdžĞĐƵƚŝŽŶ͕ĚĞůŝǀĞƌLJĂŶĚ ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚĂŶĚƚŚĞĐƌĞĂƚŝŽŶĂŶĚƉĂLJŵĞŶƚŽĨĂŶLJŝŶĚĞďƚĞĚŶĞƐƐƚŽ>ĞŶĚĞƌ͘ ŽƌƌŽǁĞƌǁĂŝǀĞƐŶŽƚŝĐĞŽĨƚŚĞĂĐĐĞƉƚĂŶĐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚďLJ>ĞŶĚĞƌ͘ /Et/dE ^^t, Z K&͕ >ĞŶĚĞƌŚĂƐĐĂƵƐĞĚƚŚŝƐŐƌĞĞŵĞŶƚƚŽďĞĚƵůLJĞdžĞĐƵƚĞĚŝŶŝƚƐŶĂŵĞĂŶĚ ďĞŚĂůĨĂŶĚŽƌƌŽǁĞƌŚĂƐĐĂƵƐĞĚƚŚŝƐŐƌĞĞŵĞŶƚƚŽďĞĚƵůLJĞdžĞĐƵƚĞĚŝŶŝƚƐŶĂŵĞĂŶĚďĞŚĂůĨĂƐŽĨƚŚĞĚĂƚĞ ĨŝƌƐƚĂďŽǀĞǁƌŝƚƚĞŶ͘ /dzK&ZK, ^d Z͕D/EE ^Kd LJͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ /ƚƐͺDĂLJŽƌͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ LJͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ /ƚƐͺͺŝƚLJůĞƌŬͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ szZ/͕/ŶĐ͘ LJͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ /ƚƐͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ LJͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ 3DFNHW3J *F /ƚƐͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ y,//d s >KWD EdWZKW Zdz > '> ^Z/Wd/KE > '> ^Z/Wd/KE, Z *F y,//ddK^ hZ/dz'Z D Ed ^Z/Wd/KEK& Yh/WD Ed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³(FRQRPLF'HYHORSPHQW5HYROYLQJ/RDQ)XQGV´ (5)/ PHDQVWKH&LW\¶VHFRQRPLF GHYHORSPHQWUHYROYLQJORDQIXQG (TXLSPHQWPHDQVWKHVSHFLILFHTXLSPHQWDQGVRIWZDUHWREHDFTXLUHGE\WKH&RPSDQ\ DQGLQVWDOOHGLQWKH3ODQWLGHQWLILHGRQ([KLELW$ (YHQWRI'HIDXOWPHDQVDQ\HYHQWRIGHIDXOWGHILQHGLQ6HFWLRQRIWKLV$JUHHPHQW -RE*RDOVPHDQVWKHJRDORIWKH&RPSDQ\WRFUHDWHMREVDVGHVFULEHGLQ6HFWLRQ KHUHRI /RDQPHDQVWKHORDQRIXSWRRIWKH&LW\¶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¶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dŚŝƐŝƐĂŶƐƐĞƐƐŵĞŶƚ,ĞĂƌŝŶŐƚŽĐŽŶƐŝĚĞƌƚŚĞůĞǀLJŝŶŐŽĨƐƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚƐĨŽƌƚŚĞĨŽůůŽǁŝŶŐůŽĐĂůŝŵƉƌŽǀĞŵĞŶƚ ƉƌŽũĞĐƚ͗ WƌŽũĞĐƚ͗ ŝƚLJWƌŽũĞĐƚEŽ͘;:ϰϲϵϭͿ ƚŚ ͞ŽŶƐƚƌƵĐƚ^ŝĚĞǁĂůŬĂůŽŶŐŶŽƌƚŚƐŝĚĞŽĨϰϴ^ƚƌĞĞƚEt͟ WƌŽũĞĐƚĂĐŬŐƌŽƵŶĚ͗ ŝƚLJŚĂƐƌĞĐĞŝǀĞĚƐĞǀĞƌĂůĐŝƚŝnjĞŶƌĞƋƵĞƐƚƐƚŽĐŽŵƉůĞƚĞƚŚĞƐŝĚĞǁĂůŬĂůŽŶŐϰϴƚŚ^ƚƌĞĞƚEtďĞƚǁĞĞŶϯϭƐƚǀĞŶƵĞEtĂŶĚ d,ϱϮtĞƐƚ&ƌŽŶƚĂŐĞZŽĂĚ͘dŚŝƐƐĞŐŵĞŶƚŽĨƐŝĚĞǁĂůŬǁŝůůĨŝůůĂŐĂƉŝŶƚŚĞƐŝĚĞǁĂůŬƐLJƐƚĞŵ͖ĂůůŽǁŝŶŐŵŽƌĞĚŝƌĞĐƚ ƉĞĚĞƐƚƌŝĂŶĐŽŶŶĞĐƚŝŽŶƚŚĂŶĞdžŝƐƚƐ͘dŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞƐŝĚĞǁĂůŬƌĞƋƵŝƌĞƐƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƐƚŽƌŵǁĂƚĞƌƉŝƉŝŶŐĂŶĚ ĨŝůůŝŶŐƚŚĞƌŽĂĚǁĂLJĚŝƚĐŚŶŽǁƉƌĞƐĞŶƚĂƚƚŚĞƐŝƚĞ͘ ƚƚŚĞ&ĞďƌƵĂƌLJϮϭ͕ϮϬϭϴŽƵŶĐŝůŵĞĞƚŝŶŐ͕ƚŚĞŝƚLJŽƵŶĐŝůĂƉƉƌŽǀĞĚƚŚĞKƌĚĞƌŝŶŐŽĨƚŚĞWƌŽũĞĐƚƐƐĞƐƐŵĞŶƚ,ĞĂƌŝŶŐƚŽ ďĞĐŽŶĚƵĐƚĞĚ͘ WƌŽũĞĐƚŽƐƚƐƚŽďĞĂƐƐĞƐƐĞĚ͗ ĂƐĞŵĞŶƚŽƐƚƐͲͲϯϬϬϱϰϴƚŚ^ƚ;ΨϬͿ͖ϮϵϱϱϰϴƚŚ^ƚ;ΨϴϳϬϬͿ͖ϰϴϮϱ,ǁLJϱϮ;ΨϭϬ͕ϯϱϳͿ ^ŝĚĞǁĂůŬϰΗΨϭϮ͕ϯϰϳ͘ϴϱ ^ŝĚĞǁĂůŬϱΗΨϰϴ͕ϵϰϭ͘ϰϲ dŽƚĂůƐƐĞƐƐĞĚŽƐƚсΨϴϬ͕ϯϰϲ͘ϯϭ EKd ͗/ĨƚŚĞŝƚLJ ŶŐŝŶĞĞƌƐƵďƐĞƋƵĞŶƚůLJĚĞƚĞƌŵŝŶĞƐƚŚĂƚĂƐƐĞƐƐŵĞŶƚƐƚŽďĞĐŽůůĞĐƚĞĚĨŽƌƚŚĞƉƌŽũĞĐƚĞdžĐĞĞĚƐƚŚĞĂĐƚƵĂů ĐŽƐƚƐ͕ŚĞŵĂLJĚŝƌĞĐƚƚŚĞŝƚLJůĞƌŬƚŽŵŽĚŝĨLJƚŚĞĂƐƐĞƐƐŵĞŶƚƌŽůůƐĂƉƉƌŽƉƌŝĂƚĞůLJ͕ƚŚĞƌĞďLJƌĞĚƵĐŝŶŐƚŚĞĂŵŽƵŶƚƐŽŶĞĂĐŚ ƉĂƌĐĞůĨŽƌǁŚŝĐŚĂƐƐĞƐƐŵĞŶƚƐĂƌĞƚŽďĞĐŽůůĞĐƚĞĚ͘ WƌŽũĞĐƚŽƐƚŝƐƚƌŝďƵƚŝŽŶ͗ dŚĞƚŽƚĂůƉƌŽũĞĐƚĐŽƐƚŝƐΨϯϱϯ͕ϲϬϬ͘^ƚĂĨĨĨŝŶĚƐƚŚĂƚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞŐƌĂĚŝŶŐĂŶĚĚƌĂŝŶĂŐĞŝŵƉƌŽǀĞŵĞŶƚƐĂƌĞ ŶĞĞĚĞĚĨŽƌƚŚĞĨƵƚƵƌĞƵƌďĂŶŝnjŝŶŐŽĨƚŚĞƐƚƌĞĞƚĂŶĚƚŚĞƐĞƌĞƐƉĞĐƚŝǀĞĐŽƐƚƐƐŚŽƵůĚďĞĨƵŶĚĞĚĨƌŽŵƚŚĞĨƵƚƵƌĞƐƚƌĞĞƚ ŝŵƉƌŽǀĞŵĞŶƚďƵĚŐĞƚĐŽƐƚƐ;:ϮϬϬϬͿ͘dŚĞĐŽƐƚŽĨŝŶƐƚĂůůĂƚŝŽŶŽĨƚŚĞƉƵďůŝĐƐŝĚĞǁĂůŬĂŶĚƚŚĞƚĞŵƉŽƌĂƌLJĐŽŶƐƚƌƵĐƚŝŽŶ ĞĂƐĞŵĞŶƚŶĞĞĚĞĚĨŽƌƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶƐŚŽƵůĚďĞĂƐƐĞƐƐĞĚƚŽƚŚĞĂďƵƚƚŝŶŐƉƌŽƉĞƌƚLJŽǁŶĞƌƐ͘^ƚĂĨĨŝƐŝŶƚŚĞƉƌŽĐĞƐƐŽĨ ƐĞĐƵƌŝŶŐĞĂƐĞŵĞŶƚƐ͘ ƐƐĞƐƐŵĞŶƚWĞƌŝŽĚ͗ ůůΨϴϬ͕ϯϰϲ͘ϯϭŝŶĂƐƐĞƐƐŵĞŶƚƐĂƌĞƉƌŽƉŽƐĞĚĨŽƌƉĂLJŵĞŶƚŽǀĞƌĂĨŝǀĞ;ϱͿLJĞĂƌƉĞƌŝŽĚǁŝƚŚŝŶƚĞƌĞƐƚĐŚĂƌŐĞĚĂƚĂƌĂƚĞŽĨ ϰ͘ϬйĂŶŶƵĂůůLJŽŶƚŚĞƵŶƉĂŝĚďĂůĂŶĐĞ͘ ^ƚĂĨĨƌĞĐŽŵŵĞŶĚƐŽƵŶĐŝůĂƉƉƌŽǀĞƚŚĞƐƐĞƐƐŵĞŶƚƐĨŽƌƚŚŝƐWƌŽũĞĐƚ͘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imes New Roman]] [[1025,177,1073,234][12][,,][Times New Roman]]$ [[1074,177,2019,234][12][,,][Times New Roman]]JDWHYDOYHRQWKHHDVWILUHK\GUDQWWKDWPXVWEH LGHQWLILHGRQWKH)LQDO6LWH3ODQ$OOJDWHYDOYHER[HV PXVWEHDGMXVWHGWRILQLVKHGJUDGH /LJKWLQJ $3KRWRPHWULF3ODQKDVEHHQVXEPLWWHGDQGWKHSURSRVHG DGGLWLRQPHHWV([WHULRU/LJKWLQJ6WDQGDUG³&´ ,IWKHHDVWHUO\SDUNLQJORWOLJKWLVPRYHGLWPXVWEHDW OHDVWIHHWIURPWKHSXEOLFZDWHUPDLQ /DQGVFDSH$UHD 7KH)LQDO6LWH3ODQVSURYLGHVDQDGHTXDWHDPRXQWRI ODQGVFDSHDUHD7KHSURSRVHGDGGLWLRQZLOODOWHUDQ H[LVWLQJRXWGRRUVHDWLQJDQGODQGVFDSHGVSDFH$ /DQGVFDSH3ODQLVUHTXLUHGWRGRFXPHQWWKHQHZ ODQGVFDSLQJSURSRVHGLQWKHDUHDGLUHFWO\WRWKHHDVWRIWKH EXLOGLQJ 6SHFLDO'LVWULFW6XPPDU\ ,Q WKH&LW\DGRSWHGD6SHFLDO=RQLQJ'LVWULFWIRU 7KH$UERUHWXP RUHWXP6SHFLDO'LVWULFWUHTXLUHVDWZRVWHSDSSURYDOSURFHVV DSSURYDORID3URMHFW'HYHORSPHQW3ODQIROORZHGE\DSSURYDORID)LQDO6LWH3ODQ7KH3URMHFW 'HYHORSPHQW3ODQIRU1RUWKZHVW3OD]D6KRSSLQJ&HQWHU ³3URMHFW'HYHORSPHQW3ODQ´ ZDV DSSURYHGLQ 7KH3URMHFW'HYHORSPHQW3ODQLGHQWLILHGDVKRSSLQJFHQWHUZLWK VHYHQRQHDFUHRXWORWVDEXWWLQJ:HVW&LUFOH'ULYH7KH&XOYHU¶VVLWHLV2XWORW³*´RQWKH DSSURYHG3URMHFW'HYHORSPHQW3ODQ7KH3URMHFW'HYHORSPHQW3ODQGLGQRWSURYLGHVSHFLILF EXLOGLQJSODQVIRUWKHRXWORWVVRDQ\SURSRVHGGHYHORSPHQWZLWKLQDQRXWORWLVUHTXLUHGWRJR WKURXJKWKH)LQDO6LWH3ODQUHYLHZSURFHVV$Q\XVHSHUPLWWHGLQWKH%*HQHUDO&RPPHUFLDO ]RQLQJGLVWULFWLVSHUPLWWHGRQDQRXWORWVXEMHFWWRPHHWLQJWKH%]RQLQJVWDQGDUGV $)LQDO6LWH3ODQIRUWKHRULJLQDO&XOYHU¶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¶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¶V)DVW)RRG 5HVWDXUDQWDGGLWLRQVXEMHFWWRWKHIROORZLQJFRQGLWLRQV 7KH)LQDO6LWH3ODQPXVWEHUHYLVHGWRLGHQWLI\ D$JDWHYDOYHRQWKHHDVWILUHK\GUDQWWRWKHVDWLVIDFWLRQRI538:DWHU E7KHWRWDOQXPEHURISDUNLQJVSDFHVSURSRVHGRQVLWH $QXSGDWHG)ORRU3ODQLGHQWLI\LQJWKHQXPEHURILQGRRUDQGRXWGRRUVHDWVLVUHTXLUHG SULRUWRLVVXDQFHRIEXLOGLQJSHUPLWV 3ULRUWRWKHLVVXDQFHRIEXLOGLQJSHUPLWVD/DQGVFDSH3ODQZKLFKLGHQWLILHVWKHQXPEHU DQGW\SHRISODQWLQJVSURSRVHGLQWKHGLVWULEXWHGDUHDRIWKHVLWHPXVWEHDSSURYHG $77$&+0(176 6LWH/RFDWLRQ0DS 6WDII5HSRUW 6LWH3ODQ 5HIHUUDO&RPPHQWV /0'6HFWLRQ 5RFKHVWHU2OPVWHG3ODQQLQJ'HSDUWPHQW_&DPSXV'ULYH6(6XLWH_5RFKHVWHU01 3DFNHW3J *G 5HIHUUDO$JHQF\&RPPHQWV $SSOLFDWLRQ1R 56' &RXQW\3XEOLF:RUNV 7KHUHDUHQRFRPPHQWVIURPWKLVDJHQF\DWWKLVWLPH )LUH'HSDUWPHQW 6HHDWWDFKHGFRPPHQWLQ$FFHODVRIWZDUH *,6( 7KHUHDUHQRFRPPHQWVDWWKLVWLPHIURPWKH( $GGUHVVLQJ'LYLVLRQ6WDII /*8 1RK\GULFVRLOVH[LVWRQWKHVLWHEDVHGRQWKH6RLO6XUYH\ 3DUNDQG5HFUHDWLRQ 7KHUHDUHQRFRPPHQWVIURPWKLVDJHQF\DWWKLVWLPH 5RFKHVWHU3XEOLF:RUNV 7KHUHDUHQRFRPPHQWVIURPWKLVDJHQF\DWWKLVWLPH 5382SHUDWLRQV'LYLVLRQ 7KHUHDUHQRFRPPHQWVIURPWKLVDJHQF\DWWKLVWLPH 538:DWHU'LYLVLRQ 7KHUHLVDJDWHYDOYHIRUWKHHDVWK\GUDQWWKDWLVQRWVKRZQ$OOJDWHYDOYHER[HVPXVWEHDGMXVWHGWRILQLVKHG JUDGH,IWKHHDVWHUO\SDUNLQJORWOLJKWLVPRYHGWKHQNHHSLWDWOHDVW 3DFNHW3J 303DJHRI *G )HEUXDU\ [[2061,657,2350,697][8][,I,][Arial Narrow]]7KHKDQGWRUHDFKIRU« [[2349,657,2357,697][8][,I,][Arial Narrow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hd ^K&d, /dzK&ZK, ^d ZW>EE/E'KDD/^^/KE ϮϭϮϮDWh^Z/s ^ ʹ^h/d ϭϬϬ ZK, ^d ZDEϱϱϵϬϰ DŝŶƵƚĞƐŽĨƚŚĞƌĞŐƵůĂƌůLJƐĐŚĞĚƵůĞĚŵĞĞƚŝŶŐŽĨƚŚĞŝƚLJWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶŚĞůĚŽŶ tĞĚŶĞƐĚĂLJ͕&ĞďƌƵĂƌLJϮϴ͕ϮϬϭϴ͕Ăƚϲ͗ϬϬƉ͘ŵ͘ŝŶƚŚĞŽƵŶĐŝůͬŽĂƌĚŚĂŵďĞƌƐŽĨƚŚĞ'ŽǀĞƌŶŵĞŶƚĞŶƚĞƌ͕ ϭϱϭϰƚŚ^ƚƌĞĞƚ^ ͕ZŽĐŚĞƐƚĞƌ͕DE͘ DĞŵďĞƌƐWƌĞƐĞŶƚ͗DƐ͘ƌŝƚƚĂŶLJtŝůƐŽŶ͕ŚĂŝƌ͕DƐ͘>ŝŶĚƐĞLJDĞĞŬ͕Dƌ͘WĞƚĞƌĂƐƚƌŽ͕Dƌ͘dLJůĞƌĞƐƉŝŶƐ͕ Dƌ͘DŝĐŚĂĞůtĂůƚĞƌƐ͕Dƌ͘dLJůĞƌDŽŚƐ͕ĂŶĚDƌ͘tĂĚĞ'ŽŽĚĞŶďĞƌŐĞƌ DĞŵďĞƌƐďƐĞŶƚ͗Dƌ͘<ƌĂŝŐƵƌƐƚ͖Dƌ͘dŽŵ,ŝůů ^ƚĂĨĨWƌĞƐĞŶƚ͗DƐ͘ůůŝƐŽŶ^ŽƐĂ͕WůĂŶŶĞƌ͖Dƌ͘'ƌĞŐ:ŽŚŶƐŽŶ͕^ĞŶŝŽƌWůĂŶŶĞƌ͖Dƌ͘DĂƌŬ ŶŐĞů͕^ƵƉĞƌǀŝƐŽƌ ŽĨƵƌƌĞŶƚWůĂŶŶŝŶŐŝǀŝƐŝŽŶĂŶĚDƐ͘ĞƚŚĂǀŝƐ͕ƐĞĐƌĞƚĂƌLJ KƚŚĞƌŝƚLJ^ƚĂĨĨWƌĞƐĞŶƚ͗DƐ͘WĂƚůĨƌĞĚƐŽŶ͕ŝƚLJƚƚŽƌŶĞLJ ^ĞƚKƌĚĞƌKĨŐĞŶĚĂ͗ Dƌ͘ĂƐƚƌŽŵŽǀĞĚƚŽĂƉƉƌŽǀĞƚŚĞĂŐĞŶĚĂ͕ĂƐǁƌŝƚƚĞŶ͘Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞ ŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůLJ͘ ŽŶƐĞŶƚŐĞŶĚĂ͗ Dƌ͘tĂůƚĞƌƐŵĂĚĞĂŵŽƚŝŽŶƚŽĂƉƉƌŽǀĞƚŚĞĨŽůůŽǁŝŶŐĐŽŶƐĞŶƚŝƚĞŵǁŝƚŚĐŽƌƌĞĐƚŝŽŶƚŽƚŚĞƐƉĞůůŝŶŐŽĨ Dƌ͘tĂůƚĞƌƐŶĂŵĞŽŶƉĂŐĞϱ͖ĂŶĚƚŚĞůĂŶŐƵĂŐĞĂĚĚĞĚƚŽĐŽŶĚŝƚŝŽŶŶŽ͘ϵƚŽƐĂLJ͕͞ŚŽǁǁŚĞĞůĐŚĂŝƌƐ͕ ĞƚĐ͘͟ĨŽƌƉƉůŝĐĂƚŝŽŶZϮϬϭϴͲϬϬϭhW͘DƐ͘DĞĞŬƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘ x &ĞďƌƵĂƌLJϭϰ͕ϮϬϭϴŵŝŶƵƚĞƐ dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůLJ͘Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĂďƐƚĂŝŶĞĚ͘ WƵďůŝĐ,ĞĂƌŝŶŐƐ͗ &ŝŶĂů^ŝƚĞWůĂŶηZϮϬϭϴͲϬϬϭ^͕ďLJŚƌŝƐDĐ'ƵŝƌĞ͕ĨŽƌĂĨĂƐƚĨŽŽĚƌĞƐƚĂƵƌĂŶƚĂĚĚŝƚŝŽŶ͘dŚĞƐŝƚĞŝƐůŽĐĂƚĞĚ ŝŶƚŚĞƌďŽƌĞƚƵŵ^ƉĞĐŝĂůŝƐƚƌŝĐƚ͕ĂƚϯϯϴϬϱϱƚŚ^ƚƌĞĞƚEt͘ DƐ͘^ŽƐĂƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ&ĞďƌƵĂƌLJϮϴ͕ϮϬϭϴ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐŽŶ ĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌͲKůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ DƐ͘^ŽƐĂŶŽƚĞĚƚŚĞĂƉƉůŝĐĂŶƚŚĂƐƐĂƚŝƐĨŝĞĚĐŽŶĚŝƚŝŽŶƐŶŽ͘ϮĂŶĚϯůŝƐƚĞĚŝŶƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͘ DƐ͘DĞĞŬĂƐŬĞĚŝĨĂŶĞŝŐŚďŽƌŚŽŽĚŵĞĞƚŝŶŐǁĂƐƌĞƋƵŝƌĞĚ͘ DƐ͘^ŽƐĂƐƚĂƚĞĚĂŶĞŝŐŚďŽƌŚŽŽĚŵĞĞƚŝŶŐǁĂƐŶŽƚƌĞƋƵŝƌĞĚ͘ _3DJH 3DFNHW3J *I ŝƚLJWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗&ĞďƌƵĂƌLJϮϴ͕ϮϬϭϴ ŝƐĐƵƐƐŝŽŶƐĞŶƐƵĞĚĂŵŽŶŐƚŚĞŽŵŵŝƐƐŝŽŶǁŝƚŚƐƚĂĨĨƌĞŐĂƌĚŝŶŐƚŚĞĐĂůĐƵůĂƚŝŽŶĂŶĚƐŝnjĞŽĨĞdžŝƐƚŝŶŐĂŶĚ ŶĞǁƉĂƌŬŝŶŐƐƚĂůůƐ͘ DƐ͘tŝůƐŽŶŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘:ĞƌĞŵLJ^ĐŚĞĞů͕ŽǁŶĞƌͬŽƉĞƌĂƚŽƌŽĨƚŚĞƵůǀĞƌƐ͕ƌĞƐŝĚŝŶŐĂƚϮϱϵϱϯŽƵŶƚLJZŽĂĚϭϳ͕WƌĞƐƚŽŶ͕ DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞƐƚĂƚĞĚŚĞŝƐƚŚĞŽǁŶĞƌŽƉĞƌĂƚŽƌŽĨƚŚĞƚǁŽƵůǀĞƌƐŝŶ ZŽĐŚĞƐƚĞƌĂŶĚƚŚĂŶŬĞĚƚŚĞĐŽŵŵŝƐƐŝŽŶĨŽƌŚĂǀŝŶŐƚŚĞŽƉƉŽƌƚƵŶŝƚLJƚŽƐƉĞĂŬ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕DƐ͘tŝůƐŽŶĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨ&ŝŶĂů^ŝƚĞWůĂŶηZϮϬϭϴͲϬϬϭ^ǁŝƚŚƚŚĞƐƚĂĨĨͲ ƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐĂŶĚĐŽŶĚŝƚŝŽŶŶŽ͘ϭĂĂŶĚϭď͘Dƌ͘DŽŚƐƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶ ĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůLJ͘ KE/d/KE^͗ ϭ͘dŚĞ&ŝŶĂů^ŝƚĞWůĂŶŵƵƐƚďĞƌĞǀŝƐĞĚƚŽŝĚĞŶƚŝĨLJ͗ Ă͘ŐĂƚĞǀĂůǀĞŽŶƚŚĞĞĂƐƚĨŝƌĞŚLJĚƌĂŶƚ͕ƚŽƚŚĞƐĂƚŝƐĨĂĐƚŝŽŶŽĨZWhͲtĂƚĞƌ͘ ď͘dŚĞƚŽƚĂůŶƵŵďĞƌŽĨƉĂƌŬŝŶŐƐƉĂĐĞƐƉƌŽƉŽƐĞĚŽŶƐŝƚĞ͘ DƐ͘tŝůƐŽŶƌĞƋƵĞƐƚĞĚĂĐŬŶŽǁůĞĚŐĞŵĞŶƚĨƌŽŵƚŚĞŽŵŵŝƐƐŝŽŶŽŶƌĞĐĞŝƉƚŽĨĐŽŵŵĞŶƚƐŝŶƌĞŐĂƌĚƚŽƚŚĞ ŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚͲ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚWƌĞůŝŵŝŶĂƌLJWůĂŶηϮϬϭϴͲϬϬϯhWƉƌŽũĞĐƚ͘ ŽŵŵŝƐƐŝŽŶŵĞŵďĞƌƐĂĐŬŶŽǁůĞĚŐĞĚ͘ ŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚͲ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚWƌĞůŝŵŝŶĂƌLJWůĂŶηϮϬϭϴͲϬϬϯhWďLJdŚĞĞƐŝŐŶ ŽŶŶĞĐƚŝŽŶ͕ĨŽƌĂĨŽƵƌĨĂŵŝůLJŵƵůƚŝͲƵŶŝƚďƵŝůĚŝŶŐ͘dŚĞƉƌŽƉĞƌƚLJŝƐůŽĐĂƚĞĚĂƚϭϮϳϭϮƚŚ^ƚƌĞĞƚEt͘ DƐ͘^ŽƐĂƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ&ĞďƌƵĂƌLJϮϴ͕ϮϬϭϴ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐŽŶ ĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌͲKůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ Dƌ͘tĂůƚĞƌƐĂƐŬĞĚŝĨĂŶLJǁŚĞƌĞŝŶƚŚĞKƌĚŝŶĂŶĐĞƚŚĞƌĞŝƐĂĚĞĨŝŶŝƚŝŽŶĨŽƌĂďƵƐƐŚĞůƚĞƌ͘ DƐ͘^ŽƐĂŶŽƚĞĚƚŚĞƌĞŝƐŶŽƚ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĂƐŬĞĚ^ƚĂĨĨŝĨƚŚĞĂƉƉůŝĐĂŶƚŚĂƐďĞĞŶŵĂĚĞĂǁĂƌĞŽĨƚŚĞK^,ƐĞƚďĂĐŬƌĞƋƵŝƌĞŵĞŶƚƐ͘ DƐ͘^ŽƐĂƐƚĂƚĞĚƚŚĞLJŚĂǀĞďĞĞŶŵĂĚĞĂǁĂƌĞ͘ DƐ͘tŝůƐŽŶŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘WĂƚ ĐŬĞƌƚ͕ƌĞƐŝĚŝŶŐĂƚϭϬϬϭ'ŽůĨĞƌƐŽƵƌƚ^ ͕ZŽĐŚĞƐƚĞƌ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞƐƚĂƚĞĚ ŚĞŝƐƚŚĞŽǁŶĞƌŽĨƚŚĞƉƌŽũĞĐƚ͕ĂŶĚĂƉƉƌĞĐŝĂƚĞƐƚŚĞŽŵŵŝƐƐŝŽŶƌĞǀŝĞǁŝŶŐƚŚĞƉƌŽũĞĐƚ͘ Dƌ͘DĂƌŬ^ĐŚŽĞŶĨĞůĚĞƌ͕ƌĞƐŝĚŝŶŐĂƚϯϬϲϵϮ,ŝŐŚǁĂLJϱϴůǀĚ͕͘ZĞĚtŝŶŐ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞŝƐƚŚĞĐŝǀŝůĞŶŐŝŶĞĞƌĨŽƌƚŚĞƉƌŽũĞĐƚĂŶĚŝƐĂǀĂŝůĂďůĞĨŽƌƋƵĞƐƚŝŽŶƐ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĂƐŬĞĚĂďŽƵƚƚŚĞƐĞƚďĂĐŬƌĞƋƵŝƌĞŵĞŶƚďLJK^,͘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³&RPPHUFLDO´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¶V36,WRORZ ¶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ŝƵƐDŝĐŚĂĞůфŵĞůŝƵƐ͘ŵŝĐŚĂĞůΛK͘K>D^d ͘DE͘h^х͖DŝĐŚĂĞůũŽƌĂŬĞƌ фŵďũŽƌĂŬĞƌΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖DŝĐŚĂĞůEŝŐďƵƌфŵŶŝŐďƵƌΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖EŝĐŽůĞ>ĞŚŵĂŶͲ ƌĞĂ,LJĚƌŽůŽŐŝƐƚфŶŝĐŽůĞ͘ůĞŚŵĂŶΛƐƚĂƚĞ͘ŵŶ͘ƵƐх͖ZĂŶĚLJ:ŽŚŶƐŽŶфƌũŽŚŶƐŽŶΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖ ZĞŝƚĞƌŚĂƌůŝĞфƌĞŝƚĞƌ͘ĐŚĂƌůŝĞΛK͘K>D^d ͘DE͘h^х͖ZŝĐŚĂƌĚ&ƌĞĞƐĞфƌĨƌĞĞƐĞΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖ ZEZфƌĞŶĞΛƌŶĞŝŐŚďŽƌƐ͘ŽƌŐх͖ZŽŶDƵůůĞƌфƌŽŶ͘ŵƵůůĞƌΛĐŚĂƌƚĞƌĐŽŵ͘ĐŽŵх͖ZŽŶĚĂůůŝƐͲDEKd 3DFNHW3J * * %/2&. /27 * *ŵŝĐŚĂĞůΛK͘K>D^d ͘DE͘h^х͖DŝĐŚĂĞůũŽƌĂŬĞƌ фŵďũŽƌĂŬĞƌΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖DŝĐŚĂĞůEŝŐďƵƌфŵŶŝŐďƵƌΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖EŝĐŽůĞ>ĞŚŵĂŶͲ ƌĞĂ,LJĚƌŽůŽŐŝƐƚфŶŝĐŽůĞ͘ůĞŚŵĂŶΛƐƚĂƚĞ͘ŵŶ͘ƵƐх͖ZĂŶĚLJ:ŽŚŶƐŽŶфƌũŽŚŶƐŽŶΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖ ZĞŝƚĞƌŚĂƌůŝĞфƌĞŝƚĞƌ͘ĐŚĂƌůŝĞΛK͘K>D^d ͘DE͘h^х͖ZŝĐŚĂƌĚ&ƌĞĞƐĞфƌĨƌĞĞƐĞΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖ ZEZфƌĞŶĞΛƌŶĞŝŐŚďŽƌƐ͘ŽƌŐх͖ZŽŶDƵůůĞƌфƌŽŶ͘ŵƵůůĞƌΛĐŚĂƌƚĞƌĐŽŵ͘ĐŽŵх͖ZŽŶĚĂůůŝƐͲDEKd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¶VDQGWKH&LW\¶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¶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q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±&HQWUDO %XVLQHVV'LVWULFWDQG'0&32=±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³VHQLRUOLYLQJ´³LQGHSHQGHQWOLYLQJ´ 5RFKHVWHU2OPVWHG3ODQQLQJ'HSDUWPHQW_&DPSXV'ULYH6(6XLWH_5RFKHVWHU01 3DFNHW3J *F 5&833DJH ³DVVLVWHGOLYLQJ´DQG³PHPRU\FDUH´XVHV7KHVHXVHVDUHQRWGHILQHGZLWKLQWKH=RQLQJ 2UGLQDQFH3ULRUWRWKHDSSURYDORIWKHILQDOLQFHQWLYHGHYHORSPHQWSODQWKHVHXVHVZLOOQHHGWR EHGHILQHGZLWKLQWKHFRQWH[WRIWKHXVHVGHILQHGE\WKH=RQLQJ2UGLQDQFH7KHDVVLVWHGOLYLQJ DQGPHPRU\FDUHXVHVDUHOLNHO\WRIDOOZLWKLQRQHRIWKHIROORZLQJFDWHJRULHV [[375,463,794,520][12][,I,][Times New Roman]]&RQJUHJDWH+RXVLQJ [[793,463,805,520][12][,,][Times New Roman]] [[822,463,834,520][12][,,][Times New Roman]] [[835,463,2223,520][12][,,][Times New Roman]]$GZHOOLQJSURYLGLQJVKHOWHUDQGVHUYLFHVIRUWKHHOGHUO\ZKLFKPD\ LQFOXGHPHDOVKRXVHNHHSLQJSHUVRQDOFDUHDVVLVWDQFHDQGPLQRUPHGLFDOVHUYLFHVEXWQRW LQWHUPHGLDWHORQJWHUPRUH[WHQGHGQXUVLQJFDUHIRUUHVLGHQWV [[375,693,867,750][12][,I,][Times New Roman]]*URXS5HVLGHQWLDO&DUH [[867,693,893,750][12][,I,][Times New Roman]]± [[893,693,905,750][12][,I,][Times New Roman]] [[904,693,1298,750][12][,I,][Times New Roman]]5HVLGHQWLDO)DFLOLW\ [[1340,693,2257,750][12][,,][Times New Roman]]$SXEOLFRUSULYDWHHVWDEOLVKPHQWOLFHQVHGE\ WKH6WDWHRI0LQQHVRWD&RPPLVVLRQHURI+XPDQ6HUYLFHVRU&RPPLVVLRQHURI+HDOWKZKLFK IRUJDLQRURWKHUZLVHUHJXODUO\SURYLGHVRQHRUPRUHFKLOGUHQRURQHRUPRUHDGXOWVPHHWLQJ WKHGHILQLWLRQRI³DGXOW´LQ0LQQ6WDW$6XEGZLWKKRXUDGD\FDUHIRRG ORGJLQJWUDLQLQJHGXFDWLRQVXSHUYLVLRQUHKDELOLWDWLRQRUWUHDWPHQW [[373,1038,1129,1095][12][,I,][Times New Roman]]1XUVLQJDQG3HUVRQDO&DUH)DFLOLWLHV [[1172,1038,1904,1095][12][,,][Times New Roman]](VWDEOLVKPHQWVSULPDULO\HQJDJHGLQ [[1904,1038,1916,1095][12][,,] [Times New Roman]] [[1917,1038,2123,1095][12][,,][Times New Roman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ŽŵƉůŝĞƐŽƌ ^ƚĂŶĚĂƌĚͲWƌŽũĞĐƚWƌŽƉŽƐĂůDŽĚŝĨŝĐĂƚŝŽŶ ZĞƋƵŝƌĞĚ ^ĞƚďĂĐŬƐ;ĂůůƐŝĚĞƐͿϬĨĞĞƚϬƚŽϭϬ͘ϵĨĞĞƚŽŵƉůŝĞƐ ĞƚĂŝůƐŶĞĞĚĞĚǁŝƚŚ džƚĞƌŝŽƌ>ŝŐŚƚŝŶŐ ĨŝŶĂůhWĂƉƉůŝĐĂƚŝŽŶ džƚĞƌŝŽƌ^ƚŽƌĂŐĞ͕d͕dŽŵƉůŝĞƐ ZĞƐŝĚĞŶƚŝĂůƵƐĞƐ͗ĞƚĂŝůƐŶĞĞĚĞĚǁŝƚŚ ^ŝŐŶĂŐĞ ůůŽƚŚĞƌƵƐĞƐ͗ĨŝŶĂůhWĂƉƉůŝĐĂƚŝŽŶ ƵĨĨĞƌLJĂƌĚƐŽƵůĞǀĂƌĚƚƌĞĞƐŽŶůLJŽƵůĞǀĂƌĚƚƌĞĞƐŽŶůLJŽŵƉůŝĞƐ ĞŶƐŝƚLJ͗ϴϳ͘ϭϮϲϭ͘ϵϬŽŵƉůŝĞƐ &Z͗ dLJƉĞ////ŶĐĞŶƚŝǀĞ [[324,959,435,1015][11][,I,][Calibri]]dLJƉĞ/ [[434,959,445,1015][11][,I,][Calibri]] [[1028,959,1109,1015][11][,,][Calibri]]ϲ͘ϬϬ [[1110,959,1121,1015][11][,,][Calibri]] ϴ͘ϬĞǀĞůŽƉŵĞŶƚ [[324,1043,458,1099][11][,I,][Calibri]]dLJƉĞ/// [[457,1043,468,1099][11][,I,][Calibri]] [[932,1043,1206,1099][11][,,][Calibri]]EŽhƉƉĞƌůŝŵŝƚ [[1206,1043,1217,1099][11][,,][Calibri]] ĂƉƉůŝĐĂƚŝŽŶƌĞƋƵŝƌĞĚ >ĂŶĚƐĐĂƉĞйϬйхϭйŽŵƉůŝĞƐ ϭ͕ϵϯϲƐƋƵĂƌĞĨĞĞƚ;Ϯϱй ZĞĐƌĞĂƚŝŽŶƌĞĂϲϬ͕ϬϬϬƐƋƵĂƌĞĨĞĞƚŽŵƉůŝĞƐ ŽĨZͲϰƌĞƋƵŝƌĞŵĞŶƚͿ DĂdž,ĞŝŐŚƚEŽůŝŵŝƚϯϴϬĨĞĞƚ;ŶŽƌƚŚƚŽǁĞƌͿŽŵƉůŝĞƐ KĨĨͲ^ƚƌĞĞƚWĂƌŬŝŶŐ;ďĂƐĞϱϲϱƐƉĂĐĞƐ;ŵŝŶŝŵƵŵ ϰϵϴƐƉĂĐĞƐ ƌĞƋƵŝƌĞŵĞŶƚͿƌĞƋƵŝƌĞĚďLJDͲWKͿ ^ŚĂƌĞĚWĂƌŬŝŶŐ ϭƐƉĂĐĞ ZĞĚƵĐƚŝŽŶ WƵďůŝĐWĂƌŬŝŶŐ&ĂĐŝůŝƚLJ ;ϭϬйŽĨŶŽŶͲϰϯƐƉĂĐĞƐ ƌĞƐŝĚĞŶƚŝĂůͿ ĂƉƚŝǀĞDĂƌŬĞƚ ZĞĚƵĐƚŝŽŶ;ϭϬйŽĨŶŽŶͲϭϰƐƉĂĐĞƐ ƌĞƐŝĚĞŶƚŝĂůͿ dƌĂŶƐŝƚǀĂŝůĂďŝůŝƚLJ ZĞĚƵĐƚŝŽŶ;ϭϬйŽĨϭϯƐƉĂĐĞƐ ƌĞƐŝĚĞŶƚŝĂůͿ ^ŬLJǁĂLJƌĞĚƵĐƚŝŽŶ;ϭϬй ϭϯƐƉĂĐĞƐ ŽĨƌĞƐŝĚĞŶƚŝĂůͿ dŽƚĂůǁŝƚŚƌĞĚƵĐƚŝŽŶƐϰϴϭƐƉĂĐĞƐϰϵϴƐƉĂĐĞƐŽŵƉůŝĞƐ ϭ Ϯ ŝĐLJĐůĞWĂƌŬŝŶŐϰϬƐƉĂĐĞƐϰϬƐƉĂĐĞƐŽŵƉůŝĞƐ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¶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oDGHVFORVHWR VWUHHWIURQWDJHVZKLOHSURPRWLQJEXLOGLQJVWHSEDFNVLQXSSHUIORRUVWRDOORZ UHGXFHEORFNDJHRIQDWXUDOOLJKWWRWKHVWUHHWDQGVLGHZDONV 7KHSURSRVHGGHYHORSPHQWIRRWSULQWRFFXSLHVDOPRVWDOORIWKHVLWHDQGJHQHUDOO\ LQFOXGHVEXLOGLQJSODFHPHQWDGMDFHQWWRVWUHHWIURQWDJHV7KH'0&'HVLJQ *XLGHOLQHVVSHFLILFDOO\UHFRPPHQGD³]HURVHWEDFN´DWJURXQGOHYHODQGVHFRQG IORRUZKLFKZRXOGLGHDOO\SODFHH[WHULRUZDOOVDEXWWLQJWKHVWUHHWULJKWVRIZD\ 6HWEDFNVDUHFRQVLGHUHGSHUPLVVLEOHIRUIDoDGHDUWLFXODWLRQDQGWRDFFRPPRGDWH QG RXWGRRUGLQLQJRUVHDWLQJDUHDV7KHJURXQGIORRUVHWEDFNDORQJ6WUHHW6(LV DSSUR[LPDWHO\IHHWLQIURQWRIWKHKRWHOOREE\WRDFFRPPRGDWHDQHQWUDQFH GULYHZD\7KH'0&'HVLJQ*XLGHOLQHVGRQRWUHFRPPHQGVHWEDFNVWR QG DFFRPPRGDWHFDUPRYHPHQWVZLWKLQDVLWH7KLVIRRWVHWEDFNVDORQJWKH 6WUHHW6(IURQWDJHVLVLQFRQVLVWHQWZLWKWKH[[1469,1153,2074,1210][12][,I,][Times New Roman]],QGLYLGXDO6LWHVDQG%XLOGLQJV [[2076,1153,2088,1210][12][,,][Times New Roman]] [[2088,1153,2241,1210][1 2][,,][Times New Roman]]VHFWLRQ RIWKH'HVLJQ*XLGHOLQHV 7KH'0&'HVLJQ*XLGHOLQHVUHFRPPHQGDIDoDGHVWHSEDFNIRUSRUWLRQVRIWKH IDo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o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³7DOO%XLOGLQJ=RQH´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imes New Roman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¶VDQGWKH&LW\¶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¶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rial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rial]] 7KHSURSRVHGGHYHORSPHQWSODQLVFRPSDWLEOHZLWKWKHH[LVWLQJODQGXVHVLQWKHDUHDRUWKH [[450,1723,1661,1771][10][,I,][Arial]]SDWWHUQRI]RQLQJZLWKLQIHHWRIWKHSURSHUW\ERXQGDULHV DQG 7KHH[LVWLQJODQGXVHVLQWKHVXUURXQGLQJDUHDDUHKLJKGHQVLW\XUEDQFRUHVWUXFWXUHV 5RFKHVWHU]RQLQJLGHQWLILHVWKLVVLWHDVSDUWRIWKH&'&&%'ZKLFKLVLQWHQGHGIRUWKH KLJKHVWGHQVLW\DQGWDOOHVWVWUXFWXUHVLQWKH&LW\7KLVLVFRQVLVWHQWZLWKERWKWKH5RFKHVWHU 0DVWHUSODQLQDQGWKH'0&0DVWHUSODQ:LWKLQIWRIWKHVLWHWKHRYHUDOOPDVVLQJRI WKHDGMDFHQWEXLOGLQJVLVYHU\VLPLODUWRWKHSURSRVHGGHYHORSPHQW [[375,2058,2068,2106][10][,I,][Arial]] 7KHQDWXUDOFKDUDFWHULVWLFVRIWKHVLWHXQGHUFRQVLGHUDWLRQLQFOXGLQJWRSRJUDSK\DQGVRLO [[450,2106,2137,2154][10][,I,][Arial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¶GHVLUHWRHPEUDFHWKHULYHUIURQW % 6LWH'HVLJQ&ULWHULD [[375,2537,2088,2585][10][,I,][Arial]] &DSDFLW\RI3XEOLF)DFLOLWLHV 7KHH[LVWLQJRUIXWXUHSODQQHGSXEOLFIDFLOLWLHVLQWKHDUHDDUH [[450,2585,1293,2633][10][,I,][Arial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rial]] *HRORJLF+D]DUGV 7KHH[LVWHQFHRIDUHDVRIQDWXUDORUJHRORJLFKD]DUGVXFKDVXQVWDEOH [[450,683,2184,731][10][,I,][Arial]]VORSHVVLQNKROHVIORRGSODLQHWFKDVEHHQLGHQWLILHGDQGWKHGHYHORSPHQWRIWKHVHDUHDVKDV [[450,731,1824,779][10][,I,][Arial]]EHHQWDNHQLQWRDFFRXQWRUZLOOEHDGGUHVVHGLQWKHILQDOGHYHORSPHQWSODQ 7KHUHDUHQRJHRORJLFKD]DUGVRUVHQVLWLYHHQYLURQPHQWDOZHWODQGVNQRZQWRFXUUHQWO\H[LVW RQVLWH7KHSURMHFWLVDGMDFHQWWRWKH=XPEUR5LYHUKRZHYHUWKHLPSURYHPHQWVDUHORFDWHG RXWVLGHRIWKH\UIORRGSODLQDQGWKHSURMHFWGRHVQRWSURSRVHDQ\PRGLILFDWLRQVWRWKH 86$&(IORRGZD\LPSURYHPHQWV [[375,1019,2171,1067][10][,I,][Arial]] 1DWXUDO)HDWXUHV )RUGHYHORSPHQWVLQYROYLQJQHZFRQVWUXFWLRQWKHDUUDQJHPHQWRIEXLOGLQJV [[450,1067,2159,1115][10][,I,][Arial]]SDYHGDUHDVDQGRSHQVSDFHKDVWRWKHH[WHQWSUDFWLFDOXWLOL]HGWKHH[LVWLQJWRSRJUDSK\DQG [[450,1114,1171,1162][10][,I,][Arial]]H[LVWLQJGHVLUDEOHYHJHWDWLRQRIWKHVLWH 7KHVLWHKDVDVLJQLILFDQWQDWXUDOIHDWXUHWKH=XPEUR5LYHUDORQJWKHHDVWHUQSURSHUW\OLQH QGWK 7KHSURMHFWZLOOFUHDWHDQLQYLWLQJFRQQHFWLRQEHWZHHQDQG6WUHHWZLWKDJHQHURXVO\ VL]HGERDUGZDONUHSOHWHZLWKQXPHURXVUHWDLODQG) %RXWSRVWVDQGVSLOORXWVSDFH$QHZO\ LQYLJRUDWHGSHGHVWULDQDQGELNLQJH[SHULHQFHZLOOWDNHVKDSHWRDFWLYDWHDSUHYLRXVO\ UG PXQGDQHVWUHWFKRISURSHUW\7KH6WUHHW3OD]DZLWKDODUJHGU\IRXQWDLQSRSMHWVDQG FDVFDGLQJZDWHUIHDWXUHZLOOEHDVWULNLQJDWWUDFWLRQDORQJWKH=XPEUR5LYHUVHUYLQJDVD FRQYHQLHQWPHHWLQJSRLQWDWUDQTXLOSODFHWRUHOD[DQGDQDWWUDFWLYHDGGLWLRQWRWKHSXEOLF UHDOPRI5RFKHVWHU7KHQRUWKEORFNRIWKHGHYHORSPHQWZLOORIIHUDSXEOLFO\DFFHVVLEOHURRI WHUUDFHWKH3RGLXP7HUUDFHVHWDERYHWKHSDUNLQJJDUDJHZLWKDPSOHJUHHQVSDFHDQG YDULRXVSURJUDPPDWLFRIIHULQJVIRUWKHSXEOLFGXULQJWKHGD\DQGQLJKW$WWKHJURXQGOHYHO WKHUHZLOOEHDQDFWLYHLQWHULRU:LQWHU*DUGHQDQGSURPHQDGHIRUWKHSXEOLFDORQJVLGH DGGLWLRQDO) %HVWDEOLVKPHQWV7KHSURJUDPPHGDQGYHJHWDWHGURRIWHUUDFHRQWRSRIWKH SRGLXPZLOOKHOSWKHGHYHORSPHQWVLJQLILFDQWO\PLWLJDWHUDLQZDWHUUXQRIIPLQLPL]HWKHKHDW LVODQGHIIHFWDQGSURYLGHDQRXWGRRUVDQFWXDU\IRULWVXVHUV,QFUHDVLQJWKHZDWHUHIILFLHQF\ RIWKHLQGRRUEXLOWHQYLURQPHQWWKURXJKVHYHUDOTXDQWLILDEOHPHDVXUHVZLOODOVREHDKLJK SULRULW\DQGFULWLFDOWRWKHVXVWDLQDELOLW\LPSDFWRIWKHGHYHORSPHQW7KHSURMHFWHPEUDFHVWKH H[LVWLQJWRSRJUDSK\DQGWKHKLJKO\DPHQLWL]HGSXEOLFVSDFHVSURYLGHVLJQLILFDQWO\PRUHJUHHQ VSDFHWKDQWKHH[LVWLQJSDUNLQJUDPSDQGVXUIDFHORW [[375,2073,2164,2121][10][,I,][Arial]] 7UDIILF*HQHUDWLRQ,PSDFW $QWLFLSDWHGWUDIILFJHQHUDWHGE\WKHGHYHORSPHQWZLOOQRWFDXVHWKH [[450,2121,2110,2169][10][,I,][Arial]]FDSDFLW\RIDGMDFHQWVWUHHWVWREHH[FHHGHGDQGFRQFHSWXDOLPSURYHPHQWVRUWKHQHHGIRU [[450,2169,2187,2217][10][,I,][Arial]]LPSURYHPHQWVWRUHGXFHWKHLPSDFWRIDFFHVVSRLQWVRQWKHWUDIILFIORZRIDGMDFHQWVWUHHWVKDYH [[450,2216,1000,2264][10][,I,][Arial]]EHHQLGHQWLILHGZKHUHQHHGHG 5HIHUWRWKHLQFOXGHG7UDIILF,PSDFW$QDO\VLVIRUWKHDQWLFLSDWHGWUDIILFJHQHUDWHGE\WKH GHYHORSPHQW%DVHGRQWKHUHSRUWWKHHLJKWWUDIILFVHUYLFHVWDQGDUGVLGHQWLILHGLQWKH/'0 DUHPHWZLWKRXWDQ\LPSURYHPHQWVWRWKHH[LVWLQJURDGZD\QHWZRUN7KHSURMHFWLVQRW DQWLFLSDWHGWRKDYHDGYHUVHLPSDFWVWRWKHH[LVWLQJOHYHORIVHUYLFHDQGDGGLWLRQDOURDGZD\ LPSURYHPHQWVDUHQRWQHFHVVDU\ [[375,2552,2142,2600][10][,I,][Arial]] +HLJKW,PSDFWV )RUGHYHORSPHQWVLQYROYLQJQHZFRQVWUXFWLRQWKHKHLJKWVDQGSODFHPHQWRI [[450,2600,2185,2648][10][,I,][Arial]]SURSRVHGVWUXFWXUHVDUHFRPSDWLEOHZLWKWKHVXUURXQGLQJGHYHORSPHQWLQWKHIROORZLQJPDQQHU $VVWDWHGHDUOLHUWKH&'&&%']RQLQJGLVWULFWGRHVQRWKDYHDKHLJKWOLPLW7KH&LW\¶V LQWHQWLRQLVWRKDYHWKHWDOOHVWVWUXFWXUHVORFDWHGZLWKLQWKLVVPDOOERXQGDU\7KH%ORRP 5LYHUIURQW7RZHUVPHHWVWKHUHTXLUHPHQWVRIWKLVFRGHDQGWKHUHFRPPHQGDWLRQVRIWKH '0&PDVWHUSODQ [[450,2887,1938,2935][10][,I,][Arial]]D 7KHVWUXFWXUHVZLOOQRWGHQ\DGHTXDWHVXQOLJKWWRVXUURXQGLQJSURSHUWLHV DQG 3DFNHW3J *G $(HKLFXODUGURSRIIVORFDWHGDWWKHFHQWUDODQGHDVWSRUWLRQVRIWKHVLWHYHKLFXODU DFFHVVZLOOEHDGHTXDWHO\FRQWUROOHGDQGLQWHJUDWHGZLWKQHZSHGHVWULDQFRQQHFWLRQV 7KHHQWLUHJURXQGIORRUIDoDGHZLOOEHDFWLYDWHGZLWKUHWDLODQGUHVWDXUDQWHVWDEOLVKPHQWV [[450,1771,2183,1819][10][,I,][Arial]]6FUHHQLQJDQG%XIIHULQJ 7KHFRQFHSWXDOVFUHHQLQJDQGEXIIHU\DUGVSURSRVHGDUHDGHTXDWHWR [[450,1819,2138,1867][10][,I,][Arial]]SURWHFWWKHSULYDF\RIUHVLGHQWVLQWKHGHYHORSPHQWRUVXUURXQGLQJUHVLGHQWLDODUHDVIURPWKH [[450,1866,2087,1914][10][,I,][Arial]]LPSDFWRILQWHULRUWUDIILFFLUFXODWLRQDQGSDUNLQJDUHDVXWLOLW\DUHDVVXFKDVUHIXVHVWRUDJH [[450,1914,2194,1962][10][,I,][Arial]]XQZDQWHGSHGHVWULDQELF\FOHDFFHVVRUWRVXEGXHGLIIHUHQFHVLQDUFKLWHFWXUHDQGEXONEHWZHHQ [[450,1962,794,2010][10][,I,][Arial]]DGMDFHQWODQGXVHV $OOLQWHULRUDFFHVVLVZLWKLQWKHSURSRVHGEXLOGLQJV$OOUHIXVHVWRUDJHDQGYHKLFOHXQORDGLQJ ZLOOEHVHUYLFHGIURPWKHH[LVWLQJDOOH\7KLVLVWRNHHSWKHQRLVHDQGWUXFNWUDIILFDZD\IURP WKHPDLQSHGHVWULDQFRUULGRUVDQGFRQVLVWHQWZLWKRSHUDWLRQVWRGD\(DFKUHIXVHDQGORDGLQJ GRFNZLOOEHHQFORVHGZLWKDUROOGRZQJDUDJHGRRUWKDWZLOOKLGHWKHGRFNZKHQQRWLQXVH 7KHEXLOGLQJIDoDGHZLOOEHFRQVWUXFWHGZLWKKLJKTXDOLW\GXUDEOHPDWHULDOVWKDWPHHWWKH H[SHFWDWLRQRIDOX[XU\GHYHORSPHQW7KHJURXQGIORRUUHWDLOXVHVDQGUHVWDXUDQWVZLOODFWLYDWH WKHVWUHHWUHVXOWLQJLQDPRUHSHGHVWULDQIULHQGO\HQYLURQPHQW [[375,2393,2185,2441][10][,I,][Arial]] 2UGLQDQFH5HTXLUHPHQWV 7KHSURSRVHGGHYHORSPHQWLQFOXGHVDGHTXDWHDPRXQWVRIRIIVWUHHW [[450,2441,2173,2489][10][,I,][Arial]]SDUNLQJDQGORDGLQJDUHDVDQGLQWKHFDVHRIQHZFRQVWUXFWLRQWKHUHLVDGHTXDWHODQGVFDSHG [[450,2489,1142,2537][10][,I,][Arial]]DUHDWRPHHWRUGLQDQFHUHTXLUHPHQWV 7KHGHYHORSPHQWPHHWVWKHSDUNLQJGHPDQGRQVLWHZLWKDVWUXFWXUHGSDUNLQJUDPSLQWKH SRGLXP$GGLWLRQDOSXEOLFVSDFHVPDQDJHGE\WKH&LW\RI5RFKHVWHUZLOODOVREHLQFOXGHGLQ WKHSURMHFW7KH'0&3DUNLQJ2YHUOD\'LVWULFWJXLGHOLQHVVKRZDPD[LPXPGHPDQGRIWKH SURMHFWDVVSDFHVDQGDPLQLPXPRIVSDFHV:HFXUUHQWO\KDYH SDUNLQJVSDFHV LQFOXGHGLQERWKSKDVHV [[450,2825,1578,2873][10][,I,][Arial]]1RQ9HKLFXODUDQG$OWHUQDWH0RGHVRI7UDYHO 7KHSURSRVHG [[1589,2825,2068,2873][10][,I,][Arial]]GHYHORSPHQWLQFRUSRUDWHV [[450,2873,2136,2921][10][,I,][Arial]]SHGHVWULDQRULHQWHGVSDFHSURYLGHVGLUHFWDQGFRQYHQLHQWSHGHVWULDQDFFHVVWRWKHEXLOGLQJ [[450,2921,2149,2969][10][,I,][Arial]]HQWUDQFH V IURPSXEOLFWUDLOVSXEOLFVLGHZDONVDQGRQRURIIVLWHSDUNLQJDUHDVLQFRUSRUDWHV 3DFNHW3J *G [[450,300,2100,348][10][,I,][Arial]]DSSURSULDWHGSHGHVWULDQVDIHW\IHDWXUHVSURYLGHVFRQYHQLHQWSHGHVWULDQDFFHVVIRUWUDQVLW [[450,348,2149,396][10][,I,][Arial]]SDWURQVRULIDSSURSULDWHDFFHVVIRUWUDQVLWYHKLFOHVDQGSURYLGHVDGHTXDWHELF\FOHDFFHVV [[450,396,2036,444][10][,I,][Arial]]&RQVLGHUDWLRQVKDOODOVREHJLYHQWRSURYLGLQJGHVLJQDWHGPRWRUL]HGVFRRWHUSDUNLQJLI [[450,444,2120,492][10][,I,][Arial]]DSSURSULDWHWRWKHFRQWH[WRIWKHGHYHORSPHQW WKHXVHORFDWLRQW\SHRILQGLYLGXDOVVHUYHG 7KHGHYHORSPHQWZLOOHQKDQFHDOWHUQDWLYHWUDQVSRUWDWLRQPHWKRGVLQGRZQWRZQ5RFKHVWHUE\ SURPRWLQJWKHXVHRIDQGDFFHVVLELOLW\WRPXOWLSOHPRGHVRISXEOLFWUDQVSRUW:LWKDRQHWR WZREORFNSUR[LPLW\WR LQDFRUULGRURUSODQQLQJDUHDIRUZKLFKDGHWDLOHG0DVWHU3ODQKDV [[450,1417,2095,1465][10][,I,][Arial]]EHHQDGRSWHGE\WKH&RXQFLODVDQHOHPHQWRIWKH&RPSUHKHQVLYH3ODQ LQFOXGLQJEXWQRW [[450,1465,2073,1513][10][,I,][Arial]]OLPLWHGWRWKH6HFRQG6WUHHW&RUULGRU3ODQ WKHSURSRVHGGHYHORSPHQWLVFRQVLVWHQWZLWK [[450,1513,2123,1561][10][,I,][Arial]]WKHPDWWHUVGHWDLOHGLQWKHSODQVXFKDVWKHGHVLJQIUDPHZRUNODQGXVHSDWWHUQFLUFXODWLRQ [[450,1561,1567,1609][10][,I,][Arial]]SDWWHUQVWUHHWVFDSHLPSURYHPHQWVDQGRWKHUSODQHOHPHQWV 7KH5LYHUIURQW7RZHUVHPEUDFHVWKHJXLGHOLQHVDQGUHFRPPHQGDWLRQVRIERWKWKH 'RZQWRZQ5RFKHVWHU0DVWHU3ODQDQG0DVWHUSODQRIWKH'0&'HYHORSPHQW3ODQ 7KHSURMHFWIDOOVZLWKLQWKH5LYHUIURQWDQG$UWV'LVWULFWRIWKH'RZQWRZQ5RFKHVWHU 0DVWHU3ODQ7KHSODQVHHNVIRUWKLVGLVWULFWWRUHYLWDOL]HWKH=XPEUR5LYHUDQGXWLOL]H FDUHIXOUHGHVLJQRIWKHSXEOLFUHDOPWRWDNHDGYDQWDJHRINH\ORFDWLRQVDORQJWKHULYHU¶V HGJH&RQVLVWHQWZLWKWKHSODQWKHSURMHFWSURSRVHVUHWDLODQG) %XVHVRULHQWHG DORQJWKH5LYHUZDONDWJURXQGIORRUDQGWUXO\VHHNVWRDFWLYDWHWKHULYHUIURQW$V GHVFULEHGLQWKHSODQWKHSURMHFWSURSRVHVDQRSHQVSDFHZLWKDGU\IRXQWDLQDQG UG ZDWHUIHDWXUHDWWKHULYHU¶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³*DUGHQV´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rial]]$UFKLWHFWXUDOWUHDWPHQWWKDWLQYROYHVWKHUHVWRUDWLRQRUHQKDQFHPHQWRIVLJQLILFDQWKLVWRULFDO [[375,1812,2189,1860][10][,I,][Arial]]DUFKLWHFWXUDORUFXOWXUDOIHDWXUHVRIH[LVWLQJEXLOGLQJVRUQHZFRQVWUXFWLRQZKLFKLVKDUPRQLRXVZLWK [[375,1860,2140,1908][10][,I,][Arial]]H[LVWLQJGHYHORSPHQWLQWKDW D LWDYRLGVDEUXSWFKDQJHVLQVFDOHRUE LWLQFRUSRUDWHVLQFUHDVHG [[375,1908,1152,1956][10][,I,][Arial]]VHWEDFNVDWIORRUVDERYHWKHVHFRQGVWRU\ 7KH5LYHUIURQWWRZHUVLQFRUSRUDWHLQFUHDVHGVHWEDFNVRQIORRUVDERYHWKHORZHUµSDUNLQJSRGLXP¶ 7KHKRWHODQGVHQLRUOLYLQJWRZHUVVWDUWDW/HYHOWLRQWRSHGHVWULDQWUDIILF [[375,2834,1401,2882][10][,I,][Arial]]IURPDGYHUVHFOLPDWLFFRQGLWLRQV6XFKIHDWXUHVLQFOXGH D[[600,2882,1942,2930][10][,I,][Arial]]6N\ZD\RUVXEZD\FRQQHFWLRQVWRDGMDFHQWEXLOGLQJVDFURVVULJKWRIZD\ 3DFNHW3J *G 7KHVN\ZD\ZLOOEHH[WHQGHGWRFRQQHFWWRWKHSURSRVHGGHYHORSPHQWDQGEHPDLQWDLQHG WKURXJKRXWFRQVWUXFWLRQ E[[600,437,1566,485][10][,I,][Arial]]&DQRSLHVRURWKHUH[WHULRUFRYHULQJVRYHUVLGHZDONV &DQRSLHVDQGEXLOGLQJRYHUKDQJVZLOOEHVWUDWHJLFDOO\GHVLJQHGWRSURYLGHFRYHUIRU FULWLFDOSHGHVWULDQDQGRSHQVSDFHDUHDV F[[600,621,937,669][10][,I,][Arial]]+HDWHGVLGHZDONV %ORRPLVFRQVLGHULQJKHDWHGVLGHZDONVRQWKHPDMRUSHGHVWULDQWKRURXJKIDUHV7KLV ZRXOGEHWKHKRWHOHQWUDQFHRQQG6WWKHSOD]DDQGHQWULHVRQUG6WDQGWKHSDUNLQJ UDPSHQWU\RQWK6W G[[600,858,1541,906][10][,I,][Arial]](QFORVHGFRQQHFWLRQVWRSXEOLFSDUNLQJUDPSVDQG 7KHSURMHFWSURSRVHVSXEOLFSDUNLQJWKDWZLOOEHFRQQHFWHGGLUHFWO\WRWKHWRZHUV,Q DGGLWLRQDQHQFORVHGFRQQHFWLRQWRWKHUHPDLQLQJFLW\UDPSVZLOOEHSURYLGHGYLDWKH VN\ZD\V\VWHP H[[600,1094,1711,1142][10][,I,][Arial]]3URYLVLRQRIRIIVWUHHWRUSURWHFWHGSDVVHQJHUORDGLQJ]RQHV 2IIVWUHHWSDVVHQJHUGURSRIIDQGORDGLQJ]RQHVDUHSURYLGHGDWWKHEDVHRIERWKWRZHUV UG 2QHLVDWWKHWHUPLQXVRI6W6(DGMDFHQWWRWKHVHQLRUKRXVLQJWRZHUDQGWKHRWKHULV QG DWWKHHQWUDQFHWRWKHKRWHOWRZHURQ6W6(%RWKZLOOEHWKRXJKWIXOO\GHVLJQHGWR SURWHFWSHGHVWULDQVDQGSURPRWHSHGHVWULDQFLUFXODWLRQ [[375,1382,2226,1430][10][,I,][Arial]]3URYLVLRQRIVWUHHWVFDSHLPSURYHPHQWVZKLFKHQKDQFHWKHYLVXDODSSHDUDQFHDQGFUHDWHDIHHOLQJRI [[375,1430,2194,1478][10][,I,][Arial]]RSHQQHVVRQWKHVLWHDVSHUFHLYHGDWVWUHHWOHYHO6XFKDPHQLWLHVVKDOOLQFOXGHERXOHYDUGSODQWLQJV [[375,1478,2135,1526][10][,I,][Arial]]VWUHHWOLJKWLQJVLWWLQJDUHDVHTXLSSHGZLWKEHQFKHVRURWKHURSHQVSDFHVXFKDVSOD]DVRUYHVW [[375,1526,622,1574][10][,I,][Arial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rial]]0DNLQJDYDLODEOHVSDFHIRUVPDOOUHWDLORUEXVLQHVVXVHVWKDWKDYHEHHQGLVSODFHGDVDUHVXOWRI [[375,2326,1666,2374][10][,I,][Arial]]UHGHYHORSPHQWRFFXUULQJZLWKLQWKH&HQWUDO'HYHORSPHQW&RUHGLVWULFW QG 7KHVLWHLVFXUUHQWO\RFFXSLHGSULPDULO\EHVXUIDFHSDUNLQJDQGWKH&LW\¶V6WUHHW5DPS(YHQ VRWKHSURSRVHGGHYHORSPHQWSURYLGHVVHYHUDOUHWDLODQG) %RSSRUWXQLWLHVWKURXJKRXWWKH SRGLXPDQGWHUUDFHOHYHOVGHVLJQHGWRDFWLYDWHWKHZDWHUIURQWDQGHPEUDFHWKHRSHQVSDFH DUHDV[[553,2529,565,2577][10][,I,][Arial]] [[375,2614,2232,2662][10][,I,][Arial]]:KHQWKHGHYHORSPHQWGRHVQRWDEXWDQDOOH\WKHSURYLVLRQRIRWKHUPHDQVIRURIIVWUHHWORDGLQJDQG [[375,2662,560,2710][10][,I,][Arial]]GHOLYHULHV 7KHSURMHFWLVDEXWWHGE\DQH[LVWLQJDOOH\DORQJWKHZHVWHUO\VLGH$FFHVVWRWKHDOOH\ZLOOEH PDLQWDLQHGWKURXJKRXWFRQVWUXFWLRQWRDFFRPPRGDWHORDGLQJDQGGHOLYHULHVWRWKHH[LVWLQJ EXLOGLQJVDORQJ6%URDGZD\2QFHWKHSURMHFWLVFRPSOHWHGWKHDOOH\ZLOOUHPDLQWRSURYLGHD PHDQVIRUORDGLQJDQGGHOLYHULHVIRUWKHHQWLUHGHYHORSPHQW 3DFNHW3J *G $'',7,21$/38%/,&%(1(),76 ,QDGGLWLRQWRPHHWLQJWKH&ULWHULDIRU,QFHQWLYH'HYHORSPHQWVVDWLVI\LQJWKHUHTXLUHPHQWVRIWKH%RQXV 'HQVLW\RU)ORRU$UHDSURYLVLRQVFRPSO\LQJZLWKWKHJXLGDQFHRIWKH5RFKHVWHU'RZQWRZQDQG'0& 0DVWHUSODQDQGEHLQJGHVLJQHGLQDFFRUGDQFHZLWKWKHDGRSWHG'0&'HVLJQ*XLGHOLQHV WKHSURMHFW SURYLGHVDPXOWLWXGHRIDGGLWLRQDOSXEOLFEHQHILW$QXPEHURIWKHVHDGGLWLRQDOEHQHILWVDUHVXPPDUL]HG EHORZ 3XEOLF6DIHW\ QGWK D7KHDFFHVVDQGHQYLURQPHQWRIWKHDOOH\FRQQHFWLRQEHWZHHQDQG6WUHHWVZLOOEH LPSURYHG E6LGHZDONFRQGLWLRQVDQGSXEOLFDFFHVVWRWKHULYHUZDONZLOODOVREHYDVWO\LPSURYHGDFURVV WKHVLWH F:LWKQHZYHKLFXODUGURSRIIVORFDWHGDWWKHFHQWUDODQGHDVWSRUWLRQVRIWKHVLWHYHKLFXODU DFFHVVZLOOEHDGHTXDWHO\FRQWUROOHGDQGLQWHJUDWHGZLWKQHZSHGHVWULDQFRQQHFWLRQV 3UR[LPLW\WR%LNH3HGHVWULDQ7UDLOV D,QWHJUDWLRQRIDQHZERDUGZDONDWVWUHHWOHYHOZLOOVHDPOHVVO\FRQQHFWWRWKHH[LVWLQJ QGUGWK SHGHVWULDQURXWHVDWDQG6WUHHWV E7KHUHZLOOEHLPSURYHGGLUHFWDFFHVVWRWKHH[LVWLQJQHWZRUNRIULYHUIURQWWUDLOVRQERWKVLGHV RIWKH=XPEUR5LYHUIURPWKHQHZSOD]DDQGERDUGZDON 3DUNV 2SHQ6SDFH D7KHGHYHORSPHQWZLOOFUHDWHDQHZSOD]DDQGERDUGZDONDGMDFHQWWRWKH=XPEUR5LYHUDQGD SXEOLFURRIWHUUDFH7KHWHUUDFHZLOOKDYHDGU\IRXQWDLQSRSMHWVDQGFDVFDGLQJZDWHUIHDWXUH GXULQJZDUPPRQWKVDQGLFHVNDWLQJULQNLQWKHFROGPRQWKVWKHSOD]DLVVHWWREHDQHZ DWWUDFWLRQDQGJDWKHULQJSODFHIRUDOOGRZQWRZQUHVLGHQWVZRUNHUVDQGYLVLWRUV ) %5HWDLO D:LWKDSSUR[LPDWHO\6)RI) %DQG5HWDLOVSDFHRYHUOHYHOVDGMDFHQWWRWKH %RDUGZDONDQG3OD]D%ORRPKDVDGHGLFDWHGLQWHUHVWWRSURYLGHWKHFRPPXQLW\XQLTXH KHDOWK\DQGIDPLO\RULHQWHGYHQXHVIRUVRFLDOL]LQJDQGVKRSSLQJ)ODQNHGE\DPSOHVSLOORXW VSDFHDQGSHGHVWULDQDFFHVVWKHVHSODFHVDUHSRLVHGWREHDGHVWLQDWLRQIRUJUHDW LQGRRURXWGRRUGLQLQJDQGVKRSSLQJH[SHULHQFHV 6FKRROV D7KHGHYHORSPHQWVLWHLVORFDWHGZLWKLQWKH0D\R+LJK6FKRROERXQGDU\ZKLFKLVDVKRUW FRPPXWHIURP5LYHUVLGH&HQWUDO(OHPHQWDU\6FKRRODQG)ULHGHOO0LGGOH6FKRRO E7KH+DZWKRUQH(GXFDWLRQ&HQWHUSULPDULO\VHUYLQJDGXOWHGXFDWLRQLVDOVRDVKRUWFRPPXWH $FFHVVWR3XEOLF7UDQVSRUWDWLRQ QGWK D7KHUHDUHFXUUHQWO\ *G YLLL 1XPHURXVSXEOLFELNHFRUUDOVZLOOEHORFDWHGDURXQGWKHGHYHORSPHQWVLWHDV ZHOODVHQFORVHGELNHUDFNVIRUWKHUHVLGHQWVDQGJXHVWVRIWKHGHYHORSPHQWDW JUDGHDQGLQWKHJDUDJH &(175$/'(9(/230(17&25(&(175$/%86,1(66',675,&7 6 ( %8))(5<$5',1',&$725,; %8))(5<$5'&/$661$ 6 : 38%/,&$//(< (;,67,1* $,6/(6(;&((' 7$5*(7 ,1$//',5(&7,2166,'(:$/.$&&(6672(;7(51$/3$9,1*12&2175$&725&+$1*(25'(56:,//%($&&(37(')25$'$&203/,$1&( &$6(6+$//$&&(66,%/(5$036/23(6(;&(('9(57,&$/72+25,=217$/,112 &$6(6+$//6,'(:$/.&52666/23(6(;&((',112&$6(6+$///21*,78',1$/ (1*,1((5,00(',$7(/<,)$'$&5,7(5,$&$1127%(0(7,1$1</2&$7,2135,2572 %8,/',1*'2256$1'*$7(66+$//%($'$&203/,$17&2175$&7256+$//127,)< '5,9(:$<66+$//&21)25072&855(17$'$67$7(1$7,21$/67$1'$5'6,112 6,'(:$/.6/23(6(;&((',112&$6(6+$//$&&(66,%/(3$5.,1*67$//625 &2175$&725723529,'(,168/$7,21%< :,'(&(17(5('21672503,3(,) /(667+$1 2)&29(5,13$9(0(17$5($6$1'/(667+$1 2)&29(5,1 0$,17$,1$0,1,0802)*877(56/23(72:$5'6/2:32,176 8*( 8*( 8*7 *$6 8*( 8*( 8*7 *$6 ( 8*7 8*( 8*( *$6 8*7 8*( 8*( *$6 /$1'6&$3($5($6 8*7 8*( 8*( *$6 8*( 8*7 ) ,668(6 8*7 8*( *$6 8*( 8*7 8*(*$6 8*( 8*7 *$6 8*( 8*( 8*7 ( *$6 8*7 7 * 7 8*7 *$6 8*(8*( *$6 8*7 8*(8*( 8*& *$6 8*7 & )2& *$6 8*7 8*(8*( 8*& 6.<:$/. )2& 8*7 )2& *$6 67500+ )2& )2& 7 5,0 287'2257(55$&( ),71(665220 6) 0(&+$1,&$/ /(9(//(9(//(9(/ /(9(//(9(/ 0$5&+ SP UG675((76( WK675((76( 6%52$':$< *I 0'&3URMHFW5HYLHZ²²3DJH %ORRP3URMHFW5HYLHZEDVHGRQ'0&'LVWULFW*XLGHOLQHV -RKQ&DUPRG\DQG%RE&ORVH0HWURSROLWDQ'HVLJQ&HQWHU 7KLVUHYLHZLVEDVHGRQWKH'0&'LVWULFW*XLGHOLQHV DGRSWHGHOHPHQWDQGQRZIHHOVOHVV VXERUGLQDWHWRWKHDXWRFLUFXODWLRQ,QNHHSLQJZLWKWKHJXLGHOLQHV¶LQWHQWWRSURPRWH ³SHGHVWULDQVILUVW´DQG³SHGHVWULDQVDIHW\´ZHVWLOOVXJJHVWWKDWWKHGURSRIIWXUQDURXQGFRXOG EHGHVLJQHGDVDFXUEOHVV³VKDUHGFRXUW´ZKHUHFDUVDQGSHGHVWULDQVFDQPL[DQGZKHUH GULYHUVDUHDOHUWWRWKHIDFWWKDWWKHVSDFHLVVKDUHGZLWKSHGHVWULDQV$WDPLQLPXPWKH GURSRIIDUHDVKRXOGEHUHFRQILJXUHGWRSURYLGHDZHOOPDUNHGSHGHVWULDQRQO\ZDONZD\ UG WKURXJKWKLVDUHDDQGZHOOPDUNHGFURVVLQJVDWWKHLQWHUVHFWLRQRI 6WUHHWDQGWKHDOOH\ x ,WLVDOVRFULWLFDOWKDWWKHSXEOLFUHDOPIHHOVSXEOLFDWWKHWHUPLQXVRI7KLUG6WUHHW DV GHVLJQHGWKHGURSRIIIHDWXUHDSSHDUVWRSULYDWL]HWKHVSDFH(IIRUWVVKRXOGEHPDGHWR LQYLWHSHGHVWULDQVFRPLQJWRWKHULYHUIURPGRZQWRZQWRSDVVWKURXJKWKLVLPSRUWDQWVSDFH 6WUHHWVDQG&RUULGRUV [[375,2303,536,2356][11][,I,][Arial]]3RVLWLYH [[535,2303,548,2356][11][,I,][Arial]] [[549,2303,737,2356][11][,I,][Arial]]DWWULEXWHV [[737,2303,750,2356][11][,I,][Arial]] 'HYHORSPHQWRIQHZ5LYHUZDONVHJPHQWFUHDWHVDG\QDPLFDQGVDIHSHGHVWULDQUHDOPDORQJ WKH=XPEUR5LYHUIURQW 7KHH[WHQVLYHURRIWRSSODQWLQJVKRZQLQWKHUHQGHULQJVLVDSRVLWLYHIHDWXUH:KLOH DSSDUHQWO\QRWSXEOLFVSDFHJUHHQURRIVZLOOKHOSUHGXFHKHDWLVODQGHIIHFWVDQGLPSURYHDLU TXDOLW\ [[376,2625,572,2678][11][,I,][Arial]]&RQFHUQV [[572,2625,585,2678][11][,I,][Arial]] 5HFRPPHQGUHILQLQJWKHGHVLJQRIWKHUG6WWHUPLQXVWREHFRPHDQµDXWRFRXUW¶WKDWDF FRPPRGDWHVFDUVDQGSHGHVWULDQVLQDVKDUHGVSDFHEXWZLWKFOHDUSHGHVWULDQURXWHVLGHQWL ILHG$OVRUHFRPPHQGGHYHORSLQJWKHUG6WDOOH\FURVVLQJWRFOHDUO\LGHQWLI\SHGHVWULDQ URXWHVWKURXJKWKHXVHRIDFKDQJHLQPDWHULDOVVLJQDJHOLJKWLQJHWF (QFRXUDJHDGGLWLRQDOFDQRS\WUHHSODQWLQJDORQJSXEOLFVLGHZDONVDQG5LYHUZDON 3DFNHW3J *I 0'&3URMHFW5HYLHZ²²3DJH (QFRXUDJHXVHRIVWDWHRIWKHDUWVWUDWHJLHVWRLQVXUHRSWLPXPFRQGLWLRQVIRUWUHHV WUHH WUHQFKHVRUH[SDQGHGWUHHYDXOWV 6LOYDV\VWHPGULSLUULJDWLRQDQGVXEGUDLQDJHHWF [[375,334,530,387][11][,I,][Arial]]0LVVLQJ [[530,334,543,387][11][,I,][Arial]] [[543,334,588,387][11][,I,][Arial]]RU [[584,334,597,387][11][,I,][Arial]] [[597,334,752,387][11][,I,][Arial]]XQFOHDU [[747,334,760,387][11][,I,][Arial]] [[760,334,987,387][11][,I,][Arial]]LQIRUPDWLRQ [[987,334,1000,387][11][,I,][Arial]] x %LNHIDFLOLWLHVDUHQRWQRWHGLQWKHSODQVDOWKRXJKWKH\DUHVKRZQLQSUHFHGHQWLPDJHV ELNH VKDULQJDQGDELNHVHUYLFHNLRVN 'HYHORSHUVKDOOSURYLGHVHFXUHUDFNVDQGSRVVLEO\ORFNHUV IRUSULYDWHELF\FOHVDQGDVWDWLRQIRU1LFH5LGH5RFKHVWHUWRSURPRWHELF\FOHXVHDVD VHULRXVWUDQVSRUWDWLRQDOWHUQDWLYH ,QGLYLGXDO6LWHDQG%XLOGLQJ [[376,706,537,759][11][,I,][Arial]]3RVLWLYH [[536,706,549,759][11][,I,][Arial]] [[549,706,737,759][11][,I,][Arial]]DWWULEXWHV [[737,706,750,759][11][,I,][Arial]] x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oDGHDORQJWKHULYHUIURQW *XLGHOLQHVUHFRPPHQGPHHWLQJDQHVWDEOLVKHGVXVWDLQDEOHDQGKHDOWK\EXLOGLQJUDWLQJ V\VWHP7KHSURMHFWDSSHDUVWRXVHVXVWDLQDELOLW\EHVWSUDFWLFHVVXFKDVJUHHQURRIVRQ /HYHO7KHGUDZLQJVLQGLFDWHWKDWWKHEXLOGLQJZLOOEHGHVLJQHGWRFRPSO\ZLWKWKH/((' UDWLQJV\VWHP0RUHLQIRUPDWLRQLVQHHGHGIRUFRPSOLDQFHZLWKWKLVJXLGHOLQH 6WUXFWXUHGSDUNLQJLVVFUHHQHGFRQFHDOHGDQGLVSDUWLDOO\DGDSWDEOHWRIXWXUHXVHV [[376,1568,572,1621][11][,I,][Arial]]&RQFHUQV [[572,1568,585,1621][11][,I,][Arial]] x 7KHJXLGHOLQHDOVRUHFRPPHQGVGHVLJQLQJWRSUHYHQWPDMRUZLQGHIIHFWVFRQWULEXWLQJWR SHGHVWULDQGLVFRPIRUW(QWUDQFHVRQWKHQRUWKDQGVRXWKDSSHDUWRKDYHFDQRSLHVWKDWZLOO UG KHOSDOOHYLDWHWKLVFRQFHUQ7KHRSHQVSDFHEHWZHHQWKHEXLOGLQJVDOLJQLQJZLWK6WUHHW PD\KDYHZLQGWXQQHOHIIHFWVDQGUHTXLUHPLWLJDWLRQ x [[375,1891,530,1944][11][,I,][Arial]]0LVVLQJ [[530,1891,543,1944][11][,I,][Arial]] [[543,1891,770,1944][11][,I,][Arial]]LQIRUPDWLRQ [[770,1891,783,1944][11][,I,][Arial]] x *OD]LQJRQVWUHHWOHYHOPXVWKDYH97QROHVVWKDQ7KLVQHHGVWREHYHULILHG x *XLGHOLQHVUHFRPPHQGIRRWPLQLPXPIORRUWRIORRUKHLJKWRQWKHILUVWOHYHODQGIRRW PLQLPXPIORRUWRIORRUKHLJKWRQDOOOHYHOV1HHGWRYHULI\ x *XLGHOLQHVUHFRPPHQGIHHWPLQLPXPFROXPQVSDFLQJ3URMHFWDSSHDUVWRKDYHIHHW FROXPQVSDFLQJLQPDQ\SODFHV1HHGWRYHULI\ x *XLGHOLQHVUHFRPPHQGIORRUWRIORRUKHLJKWVRIIHHWDWVWUHHWOHYHODQGIHHWRQDOORWKHU SDUNLQJOHYHOV0RUHLQIRUPDWLRQLVQHHGHGRQIORRUWRIORRUKHLJKWVLQWKHSDUNLQJOHYHOV$ KLJKHUIORRUWRIORRUKHLJKWZRXOGPDNHWKHVHOHYHOVPRUHDGDSWDEOHWRIXWXUHXVHV 3DFNHW3J *I 0'&3URMHFW5HYLHZ²²3DJH '0&',675,&7'(6,*1*8,'(/,1(6 &203/,$1&(6800$5<²%/220352-(&7 $SSOLFDELOLW\&RPSOLDQFH $'RZQWRZQ'LVWULFW $&UHDWHD6DIH,QYLWLQJDQG&RQQHFWHG3XEOLF5HDOP<HV<HV $(QKDQFH&RQQHFWLRQVWR1DWXUHDQG1DWXUDO6\VWHPV<HV<HV $(VWDEOLVK'LVWULFWDQG6XEGLVWULFW,GHQWLW\<HV1HHGPRUHLQIR $6WUHQJWKHQ*DWHZD\V<HV1HHGPRUHLQIR $(VWDEOLVK6LJQDWXUH2SHQ6SDFHV<HV<HV $5HXVHDQG5HVWRUH%XLOGLQJV1R² $ &'HVLJQ5RRIVIRU9LVXDO,PSDFWDQG6XVWDLQDELOLW\<HV<HV &'HVLJQ3DUNLQJ6WUXFWXUHVWR(QKDQFH3HGHVWULDQ5HDOP<HV<HV &0DNH3DUNLQJ6WUXFWXUHV$GDSWDEOHWR)XWXUH8VHV<HV3DUWLDO VHHQRWHV %ORRP3URMHFW5HYLHZEDVHGRQ'0&'LVWULFW*XLGHOLQHV 3DFNHW3J *I 0'&3URMHFW5HYLHZ²²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¶LQWHQWWRSURPRWH³SHGHVWULDQVILUVW´DQG ³SHGHVWULDQVDIHW\´ZHVWLOOVXJJHVWWKDWWKHGURSRIIWXUQDURXQGFRXOGEHGHVLJQHGDVD FXUEOHVV³VKDUHGFRXUW´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¶VSXEOLFUHDOP7KHUHYLVHGSODQ LVDPDUNHGLPSURYHPHQWRYHUWKHSUHYLRXVLWHUDWLRQE\UHPRYLQJWKHSDUNLQJWKDWVSDQQHGWKH VSDFHDQGUHSODFLQJLWZLWKDJODVV\VN\EULGJHRSHQWRYLHZVRIWKHULYHUDQGEH\RQG 7KHUHQRZWKUHHVN\EULGJHVLQWKHSODQ7ZRDUHH[LVWLQJFRQQHFWLRQDFURVVQG6WUHHWDQGWR WKH*RYHUQPHQWFRPSOH[7KHWKLUGUHSODFHVWKHSDUNLQJWKDWVSDQQHGUG6W7KHJXLGHOLQHV GLVFRXUDJHDGGLWLRQDOVN\EULGJHVLQWKLVSDUWRIGRZQWRZQ KRZHYHUZHEHOLHYHUHWDLQLQJWKHH[ LVWLQJWZRVN\EULGJHVPDNHVVHQVHDQGDSSUHFLDWHWKDWWKHQHZRQH²UHSODFLQJWKHSDUNLQJ WKDWVSDQQHGUG6W²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²²3DJH $SSOLFDELOLW\ <HV &RPSOLDQFH 1HHGPRUHLQIRUPDWLRQ 7KHSURSRVHGGHYHORSPHQWLVORFDWHGDWWKHVHDPEHWZHHQWKHFLW\¶VFLYLFGLVWULFWWRWKHHDVW DQGGRZQWRZQWRWKHZHVW7KLVNH\VLWHRIIHUVWKHSRVVLEOHRSSRUWXQLW\WRVWUHQJWKHQWKHLGHQWLW\ RIWKHHDVWHGJHRIWKHGRZQWRZQGLVWULFWRQERWK6HFRQGDQG)RXUWK6WUHHWVWKURXJKWKHXVHRI OLJKWLQJJUDSKLFVVLJQDJHODQGVFDSHHWF $6WUHQJWKHQ*DWHZD\V $SSOLFDELOLW\ <HV &RPSOLDQFH 1HHGPRUHLQIRUPDWLRQ 7KHSURSRVHGGHYHORSPHQWLVORFDWHGDWDNH\VLWHRQWKHZHVWHUQHGJHRIGRZQWRZQDQGWKH HDVWHUQHGJHRIWKH&LW\¶VFLYLFGLVWULFW7KHVLWHRIIHUVWKHSRVVLEOHRSSRUWXQLW\WRSURYLGHD JDWHZD\WRERWKGLVWULFWVWKURXJKWKHXVHRIOLJKWLQJJUDSKLFVVLJQDJHODQGVFDSLQJHWF $(VWDEOLVK6LJQDWXUH2SHQ6SDFH $SSOLFDELOLW\ <HV &RPSOLDQFH <HV 7KHSURSRVHGGHYHORSPHQWGRHVDQH[FHOOHQWMRERIDFWLYDWLQJWKHULYHU¶VHGJHZLWKWKHXSSHU ERDUGZDONDQGFRQQHFWLRQVWRWKHH[LVWLQJ5LYHUZDON7KLVKDVWKHSRWHQWLDOWREHFRPHD GHVWLQDWLRQRSHQVSDFHLQWKHFLW\ 7KH]HURGHSWKSRROLFHULQNLVDOVRDSRVLWLYHDOOVHDVRQDGGLWLRQWRWKHSXEOLFUHDOP,WLVYLWDOO\ LPSRUWDQWWKDWWKLVIHDWXUHLV²DQGIHHOVOLNH²DSXEOLFIDFLOLW\WKDWZHOFRPHVHYHU\RQH7KH ORFDWLRQRIWKHIHDWXUHFRXOGPDNHLWIHHOOLNHDSULYDWHHOHPHQW 7KHSUHYLRXVSODQLGHQWLILHGDµSXEOLFSDUN¶DWOHYHODOOJRRGORFDWLRQVDQGFDQSURYLGHDQRSSRUWXQLW\WRFHOHEUDWHORFDOUHJLRQDOQDWLRQDO DQGLQWHUQDWLRQDODUWLVWV 3DFNHW3J *I 0'&3URMHFW5HYLHZ²²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²VHHFRPPHQWEHORZ :KLOHLQGLYLGXDOEXLOGLQJVDUHQRWUHVSRQVLEOHIRUGHYHORSPHQWRIFRPPXQLW\LQIUDVWUXFWXUH VWUDWHJLHVLWLVHQFRXUDJHGWKDWEXLOGLQJGHVLJQFDQEHDGDSWHGWRGLVWULFWV\VWHPVZKHQWKH\ FRPHRQOLQH6HHWKH*XLGHOLQH& IRUVSHFLILFVUHODWLQJWRGLVWULFWV\VWHPV $&UHDWHD+HDOWK\&RPPXQLW\ $SSOLFDELOLW\ <HV &RPSOLDQFH <HV²VHHFRPPHQWEHORZ %XLOGLQJVFDQFRQWULEXWHWRDKHDOWK\FRPPXQLW\E\HQKDQFLQJVRFLDOFRQQHFWHGQHVVLQDQG DURXQGWKHLUGHYHORSPHQWVWKURXJKWKHGHYHORSPHQWRIWKHSXEOLFUHDOPDQGODQGXVHV FRQWDLQHGLQWKHGHYHORSPHQW7KHSURSRVHGGHYHORSPHQWPHHWVWKRVHH[SHFWDWLRQV $VHFRQGFRQWULEXWLQJIDFWRUWRZDUGFUHDWLQJDKHDOWK\FRPPXQLW\LVZHOOGHVLJQHGSXEOLFVSDFH WKDWFDOPVWUDIILFDQGLVVDIHIRUSHGHVWULDQVDQGELF\FOHV7KHSURMHFWVKRXOGSURPRWHWUDIILF FDOPLQJWHFKQLTXHVDORQJLWV6HFRQGDQG)RXUWK6WUHHWIURQWDJHV %6WUHHWVDQG&RUULGRUV %'HVLJQ0XOWLPRGDO6WUHHWVIRU3HGHVWULDQV $SSOLFDELOLW\ <HV²7KHGHYHORSHULVUHVSRQVLEOHIRUVLGHZDON]RQHVDURXQGWKHEXLOGLQJ &RPSOLDQFH 3DUWLDO²VHHFRPPHQWVEHORZ 5HIHUWRWKH[[629,2774,858,2827][11][,I,][Arial]]'HVWLQDWLRQ [[858,2774,871,2827][11][,I,][Arial]] [[871,2774,1031,2827][11][,I,][Arial]]0HGLFDO [[1028,2774,1041,2827][11][,I,][Arial]] [[1041,2774,1183,2827][11][,I,][Arial]]&HQWHU [[1179,2774,1192,2827][11][,I,][Arial]] [[1192,2774,1334,2827][11][,I,][Arial]]'LVWULFW [[1332,2774,1345,2827][11][,I,][Arial]] [[1345,2774,1488,2827] [11][,I,][Arial]]'HVLJQ [[1487,2774,1500,2827][11][,I,][Arial]] [[1500,2774,1717,2827][11][,I,][Arial]]*XLGHOLQHV [[1717,2774,1730,2827][11][,I,][Arial]] [[1730,2774,1966,2826][11][,,][Arial]] '0&''* [[1967,2774,1980,2827][11][,I,][Arial]] [[1979,2774,2033,2826][11][,,][Arial]]IRU [[2033,2774,2046,2826][11][,,][Arial]] UHFRPPHQGHGGLPHQVLRQVDQGFKDUDFWHULVWLFVRIVLGHZDONVDQGDOOH\VLQWKHGRZQWRZQDUHD QGDQGWK6WUHHWVDUHPLQLPDOO\LPSDFWHGE\WKHGHYHORSPHQWDOWKRXJKGHVLJQWUHDWPHQWRI FXUEFXWVVKRXOGEHFDUHIXOO\FRQVLGHUHGWRUHLQIRUFHVDIHSHGHVWULDQPRYHPHQW 3DFNHW3J *I 0'&3URMHFW5HYLHZ²²3DJHODQWLQJVKRZQLQWKHUHQGHULQJVLVDSRVLWLYHIHDWXUH:KLOHDSSDUHQWO\ QRWSXEOLFVSDFHJUHHQURRIVZLOOKHOSUHGXFHKHDWLVODQGHIIHFWVDQGLPSURYHDLUTXDOLW\ (QFRXUDJHDGGLWLRQDOFDQRS\WUHHSODQWLQJDORQJSXEOLFVLGHZDONVDQG5LYHUZDON (QFRXUDJHXVHRIVWDWHRIWKHDUWVWUDWHJLHVWRLQVXUHRSWLPXPFRQGLWLRQVIRUWUHHV WUHH WUHQFKHVRUH[SDQGHGWUHHYDXOWV 6LOYDV\VWHPGULSLUULJDWLRQDQGVXEGUDLQDJHHWF &RRUGLQDWHWUHHVSHFLHVVHOHFWLRQZLWK&LW\)RUHVWHU % *I 0'&3URMHFW5HYLHZ²²3DJH $SSOLFDELOLW\ <HV²3ULYDWHGHYHORSPHQWSURMHFWVDUHUHVSRQVLEOHIRUPHHWLQJRUH[FHHGLQJ VXVWDLQDEOHZDWHUPDQDJHPHQWVWUDWHJLHV &RPSOLDQFH 1HHGPRUHLQIRUPDWLRQ 5HIHUWRWKH'0&''*IRUUHFRPPHQGHGVWRUPZDWHUPDQDJHPHQWVWUDWHJLHV ,QFRQMXQFWLRQZLWK3XEOLF:RUNVGHYHORSWKHEHVWV\VWHPIRUWKHSURMHFW (QFRXUDJHXVHRIVWRUPZDWHUSODQWHUV FRYHUHGSODQWHUVRUWUHHWUHQFKHVUHFRPPHQGHGLQWKLV DSSOLFDWLRQ RUDFRQWLQXRXVFRYHUHGWUHHWUHQFKWRSURPRWHLQILOWUDWLRQFOHDQLQJDQGSRWHQWLDO XVHRIVWRUPZDWHUIRULUULJDWLRQ %'HVLJQ6PDUW6WUHHWV $SSOLFDELOLW\ <HV²3ULYDWHGHYHORSPHQWSURMHFWVDUHUHVSRQVLEOHIRUGHVLJQLQJWRDFFRPPRGDWH HPHUJLQJWHFKQRORJLHVLQWKH'0&'LVWULFW &RPSOLDQFH 1HHGPRUHLQIRUPDWLRQ 'HVLJQVWUHHWVFDSHWRDQWLFLSDWH³LQWHOOLJHQWV\VWHPV´²LQVWDOOQHFHVVDU\FRQGXLWFDEOHHWFWR DFFRPPRGDWHQHZWHFKQRORJLHVZLWKRXWUHEXLOGLQJWKHVLGHZDON 3URYLGHGHVLJQDWHG³JUHHQSDUNLQJ´VSDFHVIRUFKDUJLQJHOHFWULFFDUVHWF LQSDUNLQJGHFN (QFRXUDJH³VPDUW´ZD\ILQGLQJVWUDWHJLHVHJOLQNHGWRVPDUWSKRQHV $OOVLGHZDONGHVLJQVKRXOGSURYLGHXQLYHUVDODFFHVV &RQVLGHUGHYHORSLQJD³VPDUWPRELOLW\KXE´LQDQWLFLSDWLRQRIOHVVSHUVRQDOFDUXVHLQGRZQWRZQ DQGLQFUHDVLQJDYDLODEOHWHFKQRORJLHV % 'HVLJQ6WUHHWVZLWK)OH[LELOLW\DQG$GDSWDELOLW\IRU)XWXUH8VHV $SSOLFDELOLW\ <HV²3ULYDWHGHYHORSPHQWSURMHFWVVKRXOGSURPRWHZDONDELOLW\DQGDQWLFLSDWHDIXWXUH ZLWKIHZHUSULYDWHFDUVDQGPRUHRSSRUWXQLW\WRUHLPDJLQHRXWGRRUXVHV &RPSOLDQFH 1HHGPRUHLQIRUPDWLRQ 2SWLPL]HVLGHZDONZLGWKLQDQWLFLSDWLRQRILQFUHDVHGSHGHVWULDQXVH 'HVLJQWKHVLGHZDONWRDOORZIRURXWGRRUXVHVWRDFWLYDWHWKHVWUHHWVFDSHLQFOXGLQJVHDWLQJDQG RXWGRRUHDWLQJ %&RQQHFW6WUHHW6N\ZD\6XEZD\/HYHOV $SSOLFDELOLW\ <HV²3ULYDWHGHYHORSPHQWSURMHFWVVKRXOGH[WHUQDOL]HVN\ZD\VDQGYHUWLFDOFRQQHFWLRQ IURPVN\ZD\VWRWKHJURXQG &RPSOLDQFH <HV 6N\ZD\FRQQHFWLRQVDQGYLVLELOLW\KDYHLPSURYHGIURPHDUOLHUSODQV7KHQHZVN\EULGJHDWWKH UG6WWHUPLQXVEHFRPHVDJDWHZD\WRWKHSOD]DDQGDFFHVVSRLQWVDUHHDVLO\VHHQ 7KHQHZSODQVDSSHDUWRPDNHYHUWLFDOFLUFXODWLRQWRDQGIURPVN\ZD\VYLVLEOHDQGHDVLO\ DFFHVVLEOHE\ORFDWLQJHOHYDWRUVDQGVWDLUZHOOVRQWKHSHULPHWHURIEXLOGLQJV RULQYLVLEOHSXEOLF OREE\VSDFHV DQGPDNLQJWKHPDVWUDQVSDUHQWDVSRVVLEOH 3DFNHW3J *I 0'&3URMHFW5HYLHZ²²3DJH &,QGLYLGXDO6LWHVDQG%XLOGLQJV &'HVLJQ%XLOGLQJVWR(VWDEOLVK6HQVHRI8UEDQ(QFORVXUH $SSOLFDELOLW\ <HV &RPSOLDQFH <HV²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²²3DJH 6HUYLFHHQWUDQFHVXWLOLW\WUDVKDQGPHFKDQLFDOHTXLSPHQWPXVWEHVFUHHQHG/RDGLQJGRFNV DQGWUDVKSLFNXSLQWKHDOOH\DSSHDUWRFRPSO\6FUHHQLQJRIURRIWRSPHFKDQLFDOHTXLSPHQW DSSHDUVWRFRPSO\DOVR(QVXUHWKDWDQ\RWKHUHOHPHQWVDUHSURSHUO\VFUHHQHGWRFRPSO\ &&RQWULEXWHWRD9LEUDQW6WUHHWVFDSH $SSOLFDELOLW\ <HV &RPSOLDQFH <HV²6HHFRPPHQWVEHORZ QG *XLGHOLQHVUHTXLUHSHUFHQWJOD]LQJRQVWUHHWOHYHO7KHSURMHFWDSSHDUVWRFRPSO\RQ DQG WK 6WUHHWVDVZHOODVWKHHDVWHUQIDoDGHDORQJWKHULYHUIURQW *XLGHOLQHVUHTXLUHDFWLYHXVHVDQGPXOWLSOHHQWUDQFHVDWVWUHHWOHYHO3URMHFWFRPSOLHVE\ QGWK SODFLQJOREELHVUHVWDXUDQWVWKHZLQWHUJDUGHQDQGRWKHUFRPPHUFLDOXVHVRQ DQG6WUHHWV DVZHOODVWKHHDVWHUQIDo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²²3DJH $SSOLFDELOLW\ <HV &RPSOLDQFH <HV *XLGHOLQHVUHFRPPHQGXVHRIJUHHQURRIVVRODUFROOHFWRUVDQGRWKHUDWWUDFWLYHURRIWRSXVHV 7KHSURMHFWKDVJUHHQURRIVRQ/HYHODQGDWWUDFWLYHXVHVLQWKHVZLPPLQJDUHDDQGRWKHU DPHQLW\GHFNV7KHURRIVRQWRSRIWKHWRZHUVURRIDUHFRQYHQWLRQDO&RQVLGHUGHVLJQLQJWKH WRZHUURRIVWRVXSSRUWVRODUFROOHFWRUV *XLGHOLQHVUHFRPPHQGVFUHHQLQJPHFKDQLFDOHTXLSPHQWRQWKHURRI7KHSURMHFWDSSHDUVWR FRPSO\ZLWKWKLVJXLGHOLQH &'HVLJQ3DUNLQJ6WUXFWXUHVWR(QKDQFH3HGHVWULDQ5HDOP $SSOLFDELOLW\ <HV &RPSOLDQFH <HV²6HHFRPPHQWVEHORZ *XLGHOLQHVUHFRPPHQGPLQLPL]LQJGULYHZD\VXVLQJVFUHHQLQJDQGODQGVFDSLQJWRDYRLGEODQN ZDOOVDQGSODFLQJSDUNLQJLQWKHFHQWHURIEORFNV7KHSURMHFWFRPSOLHVE\SODFLQJSDUNLQJRQ XSSHUOHYHOVZLWKSHGHVWULDQRULHQWHGXVHVRQWKHJURXQGOHYHO7KHSDUNLQJIORRUVDUHVFUHHQHG UG ZLWKDGHFRUDWLYHIDoDGH(QWUDQFHVWRSDUNLQJRFFXUIURP6WUHHWRQWKHZHVWVLGHIRUWKH QG VRXWKHUQWRZHUDQGIURP6WUHHWIRUWKHQRUWKHUQWRZHU6HHRWKHUFRPPHQWVDERXWGHVLJQLQJ WKHVHHQWUDQFHVWRDFFRPPRGDWHSHGHVWULDQV &0DNH3DUNLQJ6WUXFWXUHV$GDSWDEOHWR)XWXUH8VHV $SSOLFDELOLW\ <HV &RPSOLDQFH 3DUWLDO²6HHFRPPHQWVEHORZ *XLGHOLQHVUHFRPPHQGSDUNLQJVWUXFWXUHVZLWKIODWIORRUVIRUDGDSWDELOLW\WRRWKHUXVHV,QWKH VRXWKWRZHUEXLOGLQJSDUNLQJGHFNVDUHOHYHOVHUYHGE\VSHHGUDPSV,QWKHQRUWKWRZHU EXLOGLQJKDOIWKHSDUNLQJGHFNVDUHOHYHODQGKDOIDUHVORSHG7KLVSDUWLDOO\FRPSOLHVZLWKWKH JXLGHOLQHV¶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«««««««««««««««««««DFUHV 1XPEHURIGZHOOLQJXQLWV««««««««««««««XQLWV 'HQVLW\IDFWRU«««««««««««««««««««« 'HGLFDWLRQ«««««««««««««««««««««DFUHV )DLUPDUNHWYDOXHRIODQG«««««««««««««««7%' 3$5.'(',&$7,215(48,5(0(176 [[1094,1419,1107,1472][11][,I,][Arial]] x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rial Narrow]]7KHKDQGWRUHDFKIRU« [[2324,502,2332,542][8][,I,][Arial Narrow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rial]],QWHUQDWLRQDO%XLOGLQJ&RGH [[1848,1457,2170,1504][10][,,][Arial]]DILUHFRPPDQG FHQWHUIRUILUHGHSDUWPHQWRSHUDWLRQVVKDOOEHSURYLGHGDQGVKDOOFRPSO\ZLWK6HFWLRQV WKURXJKRIWKH06)& $OOVWUHHWGLUHFWLRQDODQGILUHODQHVLJQVPXVWEHLQSODFHSULRUWRRFFXSDQF\RIDQ\EXLOGLQJV $OOEXLOGLQJVDUHUHTXLUHGWRGLVSOD\WKHSURSHUVWUHHWDGGUHVVQXPEHURQWKHEXLOGLQJIURQWZKLFKLV SODLQO\YLVLEOHDQGOHJLEOHIURPWKHVWUHHWIURQWLQJWKHSURSHUW\1XPEHUVL]HPXVWEHDPLQLPXP´ KLJKRQFRQWUDVWLQJEDFNJURXQGZKHQORFDWHGRQWKHEXLOGLQJ5HIOHFWLYHQXPEHUVDUH UHFRPPHQGHG )LUH)ORZ5HTXLUHPHQWVIRUD7\SHO$KLJKULVHEXLOGLQJZLWKDQDXWRPDWLFVSULQNOHUV\VWHP 7KHUHTXLUHGILUHIORZLVFDOFXODWHGEDVHGRQWKHWRWDODUHDRIWKHODUJHVWVXFFHVVLYHIORRUV 3DFNHW3J *J )URP .UXFNHQEHUJ6WHSKDQLH 7R -RKQVRQ*UHJRU\ 6XEMHFW ): 5HTXHVWIRU&RPPHQW5&83'15&RPPHQWV 'DWH 0RQGD\-DQXDU\ 30 $WWDFKPHQWV LPDJHSQJ LPDJHSQJ LPDJHSQJ LPDJHSQJ 5HIHUUDO6KRUW5&833') WůĞĂƐĞƐĞĞEZĐŽŵŵĞŶƚƐďĞůŽǁŽŶZϮϬϭϴͲϬϬϭhW͘ dŚĂŶŬƐ͊ ^ƚĞƉŚĂŶŝĞ<ƌƵĐŬĞŶďĞƌŐ ůĞƌŬ^ƉĞĐŝĂůŝƐƚ//ͮZŽĐŚĞƐƚĞƌͲKůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚͮϮϭϮϮĂŵƉƵƐƌŝǀĞ^ ͕^ƵŝƚĞϭϬϬͮZŽĐŚĞƐƚĞƌ͕ DEϱϱϵϬϰͮWŚŽŶĞ͗ϱϬϳ͘ϯϮϴ͘ϳϭϭϰͮ&Ădž͗ϱϬϳ͘ϯϮϴ͘ϳϵϱϴͮ ͲŵĂŝů͗ŬƌƵĐŬĞŶďĞƌŐ͘ƐƚĞƉŚĂŶŝĞΛĐŽ͘ŽůŵƐƚĞĚ͘ŵŶ͘ƵƐ &ƌŽŵ͗ >ĞŚŵĂŶ͕EŝĐŽůĞ;EZͿŵĂŝůƚŽ͗ŶŝĐŽůĞ͘ůĞŚŵĂŶΛƐƚĂƚĞ͘ŵŶ͘ƵƐ ^ĞŶƚ͗ DŽŶĚĂLJ͕:ĂŶƵĂƌLJϮϮ͕ϮϬϭϴϭϮ͗ϯϭWD dŽ͗ <ƌƵĐŬĞŶďĞƌŐ^ƚĞƉŚĂŶŝĞфŬƌƵĐŬĞŶďĞƌŐ͘ƐƚĞƉŚĂŶŝĞΛK͘K>D^d ͘DE͘h^х Đ͗ ŵĚŝĐŬƐŽŶΛŽdžĨŽƌĚƐĨ͘ĐŽŵ͖:ŽŶĂƚŚĂŶ͘ŐŽůůŝΛĂĞϳ͘ĐŽŵ͖ZŝĐŚƚĞƌ͕:ŽĞ';EZͿ фũŽĞ͘ƌŝĐŚƚĞƌΛƐƚĂƚĞ͘ŵŶ͘ƵƐх͖^ƚƌĂƵƐƐ͕Ğŝů;EZͿфĐĞŝů͘ƐƚƌĂƵƐƐΛƐƚĂƚĞ͘ŵŶ͘ƵƐх͖^ƚĂƵĨĨĞƌ͕<ĞǀŝŶt ;EZͿфŬĞǀŝŶ͘ƐƚĂƵĨĨĞƌΛƐƚĂƚĞ͘ŵŶ͘ƵƐх͖^ĐŽůůĂŶ͕ĂŶŝĞů;EZͿфĚĂŶŝĞů͘ƐĐŽůůĂŶΛƐƚĂƚĞ͘ŵŶ͘ƵƐх ^ƵďũĞĐƚ͗ Z ͗ZĞƋƵĞƐƚĨŽƌŽŵŵĞŶƚZϮϬϭϴͲϬϬϭhWͲEZŽŵŵĞŶƚƐ 'ŽŽĚĂĨƚĞƌŶŽŽŶ͕ dŚĞEZŚĂƐƌĞǀŝĞǁƚŚĞZϮϬϭϴͲϬϬϭhWƌĞĨĞƌƌĂůĨŽƌ͗ ŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚͲ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚWƌĞůŝŵŝŶĂƌLJWůĂŶηϮϬϭϴͲϬϬϭhWďLJůŽŽŵ ,ŽůĚŝŶŐĐͬŽKdžĨŽƌĚDĂŶĂŐĞŵĞŶƚ͕ĨŽƌĂŵŝdžĞĚͲƵƐĞĚĞǀĞůŽƉŵĞŶƚĐŽŶƐŝƐƚŝŶŐŽĨƌĞƐŝĚĞŶƚŝĂů͕ ƚƌĂŶƐŝĞŶƚĂĐĐŽŵŵŽĚĂƚŝŽŶƐ͕ƌĞƚĂŝů͕ĂŶĚƌĞƐƚĂƵƌĂŶƚƵƐĞƐ͘dŚĞƉƌŽƉĞƌƚLJŝƐůŽĐĂƚĞĚďĞƚǁĞĞŶϮŶĚ ^ƚƌĞĞƚĂŶĚϰƚŚ^ƚƌĞĞƚ^ ͕ƚŽƚŚĞǁĞƐƚŽĨƚŚĞƵŵďƌŽZŝǀĞƌ͘ WůĞĂƐĞĐŽŶƐŝĚĞƌƚŚĞĨŽůůŽǁŝŶŐĐŽŵŵĞŶƚƐ͗ EZtĂƚĞƌƉƉƌŽƉƌŝĂƚŝŽŶWĞƌŵŝƚǁŝůůďĞƌĞƋƵŝƌĞĚĨŽƌƚŚĞƚĂŬŝŶŐŽĨǁĂƚĞƌĨŽƌƚĞŵƉŽƌĂƌLJ ĐŽŶƐƚƌƵĐƚŝŽŶĚĞǁĂƚĞƌŝŶŐŶŽƚƚŽĞdžĐĞĞĚϱϬŵŝůůŝŽŶŐĂůůŽŶƐ͕ŽƌĨŽƌŽŶŐŽŝŶŐĚĞǁĂƚĞƌŝŶŐǁŚĞŶ ǀŽůƵŵĞƐĞdžĐĞĞĚϭϬ͕ϬϬϬŐĂůůŽŶƐƉĞƌĚĂLJŽƌŽŶĞŵŝůůŝŽŶŐĂůůŽŶƐŽĨǁĂƚĞƌƉĞƌLJĞĂƌ͘WůĞĂƐĞĂƉƉůLJ ŽŶůŝŶĞƚŚƌŽƵŐŚƚŚĞDEWĞƌŵŝƚƚŝŶŐĂŶĚZĞƉŽƌƚŝŶŐ^LJƐƚĞŵ;DWZ^ͿŚĞƌĞ͗ ŚƚƚƉ͗ͬͬǁǁǁ͘ĚŶƌ͘ƐƚĂƚĞ͘ŵŶ͘ƵƐͬŵƉĂƌƐͬŝŶĚĞdž͘Śƚŵů͘ŽŶƚĂĐƚ:ŽĞZŝĐŚƚĞƌĂƚ;ϲϱϭͿϮϱϵͲϱϴϳϳǁŝƚŚ ĂŶLJƋƵĞƐƚŝŽŶƐ͘ dŚĂŶŬLJŽƵ EŝĐŽůĞ>ĞŚŵĂŶ ƌĞĂ,LJĚƌŽůŽŐŝƐƚͮŝǀŝƐŝŽŶŽĨ ĐŽůŽŐŝĐĂůΘtĂƚĞƌZĞƐŽƵƌĐĞƐ 3DFNHW3J *J DŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨEĂƚƵƌĂůZĞƐŽƵƌĐĞƐ ƚŚ ϯϱϱϱϵ^ƚE ͕^ƵŝƚĞϯϱϬ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϭ WŚŽŶĞ͗ϱϬϳͲϮϬϲͲϮϴϱϰ &Ădž͗ϱϬϳͲϮϴϱͲϳϭϰϰ ŵĂŝů͗ŶŝĐŽůĞ͘ůĞŚŵĂŶΛƐƚĂƚĞ͘ŵŶ͘ƵƐ ŵŶĚŶƌ͘ŐŽǀ &ƌŽŵ͗ <ƌƵĐŬĞŶďĞƌŐ^ƚĞƉŚĂŶŝĞŵĂŝůƚŽ͗ŬƌƵĐŬĞŶďĞƌŐ͘ƐƚĞƉŚĂŶŝĞΛK͘K>D^d ͘DE͘h^ ^ĞŶƚ͗ dƵĞƐĚĂLJ͕:ĂŶƵĂƌLJϭϲ͕ϮϬϭϴϮ͗ϭϯWD dŽ͗ ŵLJ^ƚŽƌŵͲWŽƐƚKĨĨŝĐĞфĂŵLJ͘ũ͘ƐƚŽƌŵΛƵƐƉƐ͘ŐŽǀх͖ŶĚƌĞǁŽŚƌŵĂŶŶ ф ŽŚƌŵĂŶŶΛŵŝŶŶĞƐŽƚĂĞŶĞƌŐLJƌĞƐŽƵƌĐĞƐ͘ĐŽŵх͖ƌĂĚLJĂŝƚůŝŶфďƌĂĚLJ͘ĐĂŝƚůŝŶΛĐŽ͘ŽůŵƐƚĞĚ͘ŵŶ͘ƵƐх͖ ƌĞŶƚ^ǀĞŶďLJфďƐǀĞŶďLJΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖ďũĞŶŬŝŶƐŽŶΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ͖ƌLJĂŶ>Ăǁ фďůĂǁΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖Wt^ĞƌǀŝĐĞфƉǁƐĞƌǀŝĐĞΛK͘K>D^d ͘DE͘h^х͖'ŽƐůĞĞĂǀĞ фĚŐŽƐůĞĞΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖ĞůĂŶŽĂŶфĚĞůĂŶŽ͘ĚĂŶΛK͘K>D^d ͘DE͘h^х͖ĞƉƵƚLJ D^ ŝƌĞĐƚŽƌ<ĞŶ:ŽŶĞƐфŬũŽŶĞƐΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖sĂŶŬĞƵůĞŶŽŶ фǀĂŶŬĞƵůĞŶ͘ĚŽŶΛK͘K>D^d ͘DE͘h^х͖ŽƵŐůĂƐ<ůĂŵĞƌƵƐфĚŬůĂŵĞƌƵƐΛƌƉƵ͘ŽƌŐх͖ŽŶŶZŝĐŚĂƌĚƐŽŶ фĚƌŝĐŚĂƌĚƐŽŶΛƌƉƵ͘ŽƌŐх͖'ƌŽǁĚĞŶZĂŶĚLJфŐƌŽǁĚĞŶ͘ƌĂŶĚLJΛK͘K>D^d ͘DE͘h^х͖DĞůŝƵƐDŝĐŚĂĞů фŵĞůŝƵƐ͘ŵŝĐŚĂĞůΛK͘K>D^d ͘DE͘h^х͖,ĞĂƚŚĞƌWĞƚĞƌƐŽŶͲWƵďůŝĐtŽƌŬƐĞƉƚ͘ фŚƉĞƚĞƌƐŽŶΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖:ĞĨĨ,ĂďĞƌŵĂŶͲ&ŽƌĞƐƚƌLJŝǀŝƐŝŽŶфũŚĂďĞƌŵĂŶΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖ :ĞĨĨDŽƌƚŽŶфũŵŽƌƚŽŶΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖ũĞŬĂƉƉĞƌƐΛƌŽĐŚĞƐƚĞƌ͘ŬϭϮ͘ŵŶ͘ƵƐ͖:ŝŵDŽƐƐĞƌ фũũŵŽƐƐĞƌΛĐŚĂƌƚĞƌ͘ŶĞƚх͖,ĞůŵĞƌƐ͕:ŽŚŶ;D,tͿфŚĞůŵĞƌƐ͘ũŽŚŶΛĐŽ͘ŽůŵƐƚĞĚ͘ŵŶ͘ƵƐх͖tĂƚŬŝŶƐ͕ :ƵƐƚŝŶ;DWͿфũƵƐƚŝŶ͘ǁĂƚŬŝŶƐΛƐƚĂƚĞ͘ŵŶ͘ƵƐх͖<ŚĂŶDƵŚĂŵŵĂĚ фŬŚĂŶ͘ŵƵŚĂŵŵĂĚΛK͘K>D^d ͘DE͘h^х͖DĂƌŬĂŬĞƌфŵďĂŬĞƌΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖DŝĐŚĂĞů ũŽƌĂŬĞƌфŵďũŽƌĂŬĞƌΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖ƌŽŵďĞƌŐDŝŬĞфďƌŽŵďĞƌŐ͘ŵŝŬĞΛK͘K>D^d ͘DE͘h^х͖ DŝĐŚĂĞůEŝŐďƵƌфŵŶŝŐďƵƌΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖>ĞŚŵĂŶ͕EŝĐŽůĞ;EZͿфŶŝĐŽůĞ͘ůĞŚŵĂŶΛƐƚĂƚĞ͘ŵŶ͘ƵƐх͖ ZĂŶĚLJ:ŽŚŶƐŽŶфƌũŽŚŶƐŽŶΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖ZĞŝƚĞƌŚĂƌůŝĞфƌĞŝƚĞƌ͘ĐŚĂƌůŝĞΛK͘K>D^d ͘DE͘h^х͖ ZŝĐŚĂƌĚ&ƌĞĞƐĞфƌĨƌĞĞƐĞΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖ZEZфƌĞŶĞΛƌŶĞŝŐŚďŽƌƐ͘ŽƌŐх͖ZŽŶDƵůůĞƌ фƌŽŶ͘ŵƵůůĞƌΛĐŚĂƌƚĞƌĐŽŵ͘ĐŽŵх͖ůůŝƐ͕ZŽŶĚĂ;KdͿфƌŽŶĚĂ͘ĂůůŝƐΛƐƚĂƚĞ͘ŵŶ͘ƵƐх͖ZŽƌLJ>ĞŶƚŽŶ ;ƌĚůĞŶƚŽŶΛŵŝŶŶĞƐŽƚĂĞŶĞƌŐLJƌĞƐŽƵƌĐĞƐ͘ĐŽŵͿфƌĚůĞŶƚŽŶΛŵŝŶŶĞƐŽƚĂĞŶĞƌŐLJƌĞƐŽƵƌĐĞƐ͘ĐŽŵх͖ZWh KƉĞƌĂƚŝŽŶƐŝǀŝƐŝŽŶфƌƉƵĞůĞĐĚŝƐƚƌŝďΛƌƉƵ͘ŽƌŐх͖ŝĐŬ͕^ĂůůLJ;EZͿфƐĂůůLJ͘ĚŝĐŬΛƐƚĂƚĞ͘ŵŶ͘ƵƐх͖ĞŶŶĞƚƚ ^ĐŽƚƚфďĞŶŶĞƚƚ͘ƐĐŽƚƚΛK͘K>D^d ͘DE͘h^х͖>ĂŶŐĞƌ^ŬŝƉф>ĂŶŐĞƌ͘ƐŬŝƉΛK͘K>D^d ͘DE͘h^х͖ ^ƚĞǀĞ,ĂƵŐĞфƐƚĞǀĞ͘ŚĂƵŐĞΛĐĞŶƚƵƌLJůŝŶŬ͘ĐŽŵх͖dĞƌƌLJ^ƉĂĞƚŚфƚƐƉĂĞƚŚΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖dŽĚĚ KƐǁĞŝůĞƌфdŽƐǁĞŝůĞƌΛƌƉƵ͘ŽƌŐх͖dŽŶLJ<ŶĂƵĞƌͲŝƚLJWƵďůŝĐtŽƌŬƐфƚŬŶĂƵĞƌΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖ ^ĐŚŶĞůů͕dƌĂĐLJ;KdͿфƚƌĂĐLJ͘ƐĐŚŶĞůůΛƐƚĂƚĞ͘ŵŶ͘ƵƐх͖dƵƌŬ:ŽŶфũƚƵƌŬΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖sŽŶtĂůĚ tĞŶĚLJфǀŽŶǁĂůĚ͘ǁĞŶĚLJΛK͘K>D^d ͘DE͘h^х ^ƵďũĞĐƚ͗ ZĞƋƵĞƐƚĨŽƌŽŵŵĞŶƚZϮϬϭϴͲϬϬϭhW 'ŽŽĚĂĨƚĞƌŶŽŽŶ͕ 3DFNHW3J *J )URP /DZ%U\DQ 7R 3ODQQLQJ5HIHUUDOV 6XEMHFW 5( 5HTXHVWIRU&RPPHQW5&83 'DWH :HGQHVGD\-DQXDU\ *J 5RFKHVWHU2OPVWHG3ODQQLQJ'HSDUWPHQW3KRQH *J )URP 6FKQHOO7UDF\ '27 7R 3ODQQLQJ5HIHUUDOV &F 7UDF\6FKQHOO $OOLV5RQGD '27 6XEMHFW &RQGLWLRQDO8VH3HUPLW,QFHQWLYH'HYHORSPHQW3UHOLPLQDU\3ODQ&83E\%ORRP+ROGLQJ 'DWH 7KXUVGD\)HEUXDU\ $0 $WWDFKPHQWV LPDJHSQJ dŚŝƐƉƌŽƉŽƐĂůĂƉƉĞĂƌƐƚŽŚĂǀĞŶŽƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚŽŶDŶKdƌŽĂĚǁĂLJƐĂŶĚŝƐĂĐĐĞƉƚĂďůĞƚŽ DŶKd͘ ŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚͲ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚWƌĞůŝŵŝŶĂƌLJWůĂŶηϮϬϭϴͲϬϬϭhWďLJůŽŽŵ,ŽůĚŝŶŐ ĐͬŽKdžĨŽƌĚDĂŶĂŐĞŵĞŶƚĨŽƌĂŵŝnjĞĚƵƐĞĚĞǀĞůŽƉŵĞŶƚĐŽŶƐŝƐƚŝŶŐŽĨƌĞƐŝĚĞŶƚŝĂů͕ƚƌĂŶƐŝĞŶƚ ŶĚƚŚ ĂĐĐŽŵŵŽĚĂƚŝŽŶƐ͕ƌĞƚĂŝů͕ĂŶĚƌĞƐƚĂƵƌĂŶƚƵƐĞƐ͘dŚĞƉƌŽƉĞƌƚLJŝƐůŽĐĂƚĞĚďĞƚǁĞĞŶϮ^ƚƌĞĞƚĂŶĚϰ ^ƚƌĞĞƚ^ ƚŽƚŚĞǁĞƐƚŽĨƚŚĞƵŵďƌŽZŝǀĞƌ͘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ŽŽĚĂĨƚĞƌŶŽŽŶDĂƌŬĂŶĚƚŚĂŶŬƐĨŽƌƚŚĞŝŶƚƌŽĚƵĐƚŝŽŶŚƌŝƐƚŝŶĞ͊ ƐŚƌŝƐƚŝŶĞŵĞŶƚŝŽŶĞĚ͕ŵLJǁŝĨĞĂŶĚ/ŽǁŶƚŚĞ&ĂŐĂŶ^ƚƵĚŝŽƐďƵŝůĚŝŶŐĂƚϯϮϰ^ŽƵƚŚ ƌŽĂĚǁĂLJ͘/ŚĂǀĞĐĐ͛ĚŚĞƌĞDŝĐŚĂĞůĂŶĚ'ŝůůŝĂŶĞůŬŶĂƉ͕ŽƵƌĚŽǁŶƚŽǁŶŶĞŝŐŚďŽƌƐĂŶĚ ďƵŝůĚŝŶŐŽǁŶĞƌƐĂƚϯϮϴ^ŽƵƚŚƌŽĂĚǁĂLJ͘hŶĨŽƌƚƵŶĂƚĞůLJ͕ŵLJǁŝĨĞĂŶĚ/ĂƌĞƵŶĂďůĞƚŽ ĂƚƚĞŶĚƚŽŶŝŐŚƚ͛ƐŵĞĞƚŝŶŐĂŶĚƚŚĞĞůŬŶĂƉƐĂƌĞŽƵƚŽĨƚŽǁŶ͘WůĞĂƐĞŝŶĐůƵĚĞƚŚŝƐĞŵĂŝůŝŶ ƚŽŶŝŐŚƚ͛ƐŝŶĐůƵƐŝŽŶŝŶƉƵďůŝĐƌĞĐŽƌĚ͕ĂůŽŶŐǁŝƚŚĚŝƐƚƌŝďƵƚŝŶŐŽƵƌŶŽƚĞĂůŽŶŐƚŽƚŚĞWΘ ŽŵŵŝƐƐŝŽŶĞƌƐ͘dŚĂŶŬLJŽƵ͘ /ƚ͛ƐďĞĞŶĨĂƐĐŝŶĂƚŝŶŐŚĞĂƌŝŶŐ:ŽŶĂƚŚĂŶ'ŽůůŝĨƌŽŵ ϳƉƌĞƐĞŶƚĂďŽƵƚƚŚĞůŽŽŵƉƌŽũĞĐƚ͕ ŝƚ͛ƐƋƵŝƚĞƚŚĞƉƌŽũĞĐƚ͘/ƚǁŝůůďĞƋƵŝƚĞƚŚĞĐŚĂŶŐĞĨŽƌƵƐŚĂǀŝŶŐŽǁŶĞĚŽƵƌďƵŝůĚŝŶŐĂŶĚ ŽƉĞƌĂƚĞĚŽƵƌďƵƐŝŶĞƐƐĞƐŽƵƚŽĨƚŚŝƐůŽĐĂƚŝŽŶĨŽƌŶĞĂƌůLJϭϭLJĞĂƌƐ͕ĂŶĚƉůĂŶƚŽĚŽƐŽĨŽƌ ŵĂŶLJŵŽƌĞŝŶƚŚĞĨƵƚƵƌĞŚŽƉĞĨƵůůLJ͊dŚĞĞůŬŶĂƉƐƉƵƌĐŚĂƐĞĚĂŶĚƌĞĨƵƌďŝƐŚĞĚƚŚĞŝƌ ďƵŝůĚŝŶŐϮϲLJĞĂƌƐĂŐŽʹĨƌĂŶŬůLJ͕ƐĂǀŝŶŐƚŚŝƐĞŶƚŝƌĞďĞĂƵƚŝĨƵůƐĞĐƚŝŽŶŽĨĚŽǁŶƚŽǁŶ ZŽĐŚĞƐƚĞƌ͘tĞĂůůŚĂǀĞƐŽŵĞĐŽŶĐĞƌŶƐĂŶĚĐŽŵŵĞŶƚƐƌĞŐĂƌĚŝŶŐƚŚĞůŽŽŵƉƌŽũĞĐƚ͘ ůĂƌŐĞƉŽƌƚŝŽŶŽĨŽƵƌĐŽŶĐĞƌŶƐƉĞƌƚĂŝŶƚŽƚŚĞĂůůĞLJƚŚĂƚƌƵŶƐďĞŚŝŶĚ;ƚŽƚŚĞĞĂƐƚͿŽĨŽƵƌ ďƵŝůĚŝŶŐƐ͕ƚŚĞĂůůĞLJďĞƚǁĞĞŶŽƵƌďƵŝůĚŝŶŐƐĂŶĚƚŚĞƉƌŽƉŽƐĞĚůŽŽŵƉƌŽũĞĐƚ͘dŚĞĂůůĞLJ ĨƵŶĐƚŝŽŶƐĂƐĂŵĂũŽƌƚŚŽƌŽƵŐŚĨĂƌĞĨŽƌƚŚĞƉĞŽƉůĞǁŚŽůŝǀĞŝŶƚŚĞďƵŝůĚŝŶŐƐĂůŽŶŐǁŝƚŚ ƚŚŽƐĞǁŚŽǁŽƌŬĂŶĚƉĂƚƌŽŶŝnjĞƚŚĞďƵƐŝŶĞƐƐĞƐŽŶŽƵƌďůŽĐŬ͘dŚĞ͞ďĂĐŬĚŽŽƌƐ͟ůŽĐĂƚĞĚ ĂůŽŶŐƚŚĞĂůůĞLJ͕ĨƵŶĐƚŝŽŶĂƐĂŵĂũŽƌĞŶƚƌLJͬĞdžŝƚƉŽŝŶƚĨŽƌϭϬďƵƐŝŶĞƐƐĞƐĂŶĚϮƌĞƐŝĚĞŶĐŝĞƐ ůŽĐĂƚĞĚŝŶƚŚĞϭϬϬнLJĞĂƌͲŽůĚďƵŝůĚŝŶŐƐ͘ /ŶĂǁŚŽůĞ͕ŚŽǁǁŝůůƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚĞdžŝƐƚĞŶĐĞŽĨƚŚĞůŽŽŵďƵŝůĚŝŶŐĐŽŝŶĐŝĚĞǁŝƚŚ ƚŚĞƐĞĞƐƚĂďůŝƐŚĞĚďƵƐŝŶĞƐƐĞƐĂŶĚƌĞƐŝĚĞŶĐŝĞƐ͍ KƌŝŐŝŶĂůůLJ͕ƚŚĞƉůĂŶƐƐƵďŵŝƚƚĞĚƚŽƚŚĞĐŝƚLJŽŶ:ĂŶ͘ϭϭ͕ϮϬϭϴĐĂůůĞĚĨŽƌƚŚĞĂůůĞLJƚŽďĞϭϴ͛ 3DFNHW3J *L ǁŝĚĞ͘ƵĞƚŽƚŚĞǁĂLJƚŚĞĂůůĞLJŝƐƵƐĞĚ͕ǁĞĚŽŶ͛ƚƐĞĞŚŽǁƚŚŝƐǁŽƵůĚďĞƉŽƐƐŝďůĞ͘dŚĞ ĂůůĞLJŐĞƚƐƵƐĞĚĂůůĚĂLJĨŽƌĚĞůŝǀĞƌŝĞƐĂŶĚĚƌŽƉƉŝŶŐŽĨŐƵĞƐƚƐĂŶĚĐƵƐƚŽŵĞƌƐƚŽƚŚĞ ďƵƐŝŶĞƐƐĞƐĂůŽŶŐŽƵƌďůŽĐŬ͘dŚĞĞůŬŶĂƉƐĂůƐŽŚĂǀĞĂƌĞĐĞƐƐĞĚĐĂƌƉŽƌƚŽĨĨƚŚĞĂůůĞLJ͘/Ŷ ŽƌĚĞƌƚŽƉĂƐƐǀĞŚŝĐůĞƐƚŚĂƚĂƌĞƚĞŵƉŽƌĂƌŝůLJƉĂƌŬĞĚ͕ƚŚĞĂůůĞLJŶĞĞĚƐĂƚůĞĂƐƚƚŚĞĨƵůů ĐƵƌƌĞŶƚǁŝĚƚŚ͕ǁŚŝĐŚŝƐϮϭ͛͘&ƌŽŵǁŚĂƚDƌ͘'ŽůůŝƉƌĞƐĞŶƚĞĚĂƚůĂƐƚŶŝŐŚƚ͛ƐEŵĞĞƚŝŶŐ͕ ƚŚĞǁŝĚĞƌǁŝĚƚŚǁŽƵůĚŝŶĚĞĞĚďĞĂŶĞǁƉĂƌƚŽĨƚŚĞŝƌƉůĂŶƐ͘ tŝůůƚŚĞĂůůĞLJďĞďůŽĐŬĞĚĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͍/ĨƐŽ͕ƚŚŝƐǁŽƵůĚĐĂƵƐĞĂŚĂƐƐůĞĨŽƌŽƵƌ ďůŽĐŬ͛ƐƌĞƐŝĚĞŶƚƐ͕ĞŵƉůŽLJĞĞƐĂŶĚĐƵƐƚŽŵĞƌƐ͘/ĨƚŚĞĂůůĞLJŝƐŶĞĞĚĞĚĨŽƌĐŽŶƐƚƌƵĐƚŝŽŶ͕ŝƐŝƚ ƉŽƐƐŝďůĞƚŽŚĂǀĞĂƐĂĨĞĐŽƌƌŝĚŽƌƚŚƌŽƵŐŚŽƵƚƚŚĞĞŶƚŝƌĞĂůůĞLJ͕ƚŚĞǁŝĚƚŚŽĨĂƐŝĚĞǁĂůŬ ƉĞƌŚĂƉƐ͕ƚŽĂůůŽǁƉĞŽƉůĞƚŽǁĂůŬƚŚĞĂůůĞLJ͍tŝůůƚŚĞĐŝƚLJĐƌĞĂƚĞƉƌŽƉĞƌ ƐŝŐŶĂŐĞͬǁĂLJĨŝŶĚŝŶŐƚŽŚĞůƉĚŝƌĞĐƚĐƵƐƚŽŵĞƌƐŽŶŚŽǁƚŽďĞƐƚͬƐĂĨĞƐƚǀŝƐŝƚďƵƐŝŶĞƐƐĞƐ͍/Ĩ ƚŚĞĂůůĞLJŝƐďůŽĐŬĞĚ͕ŚŽǁǁŝůůƚƌĂƐŚƉŝĐŬƵƉďĞĨĂĐŝůŝƚĂƚĞĚ͍ ĂĐŚďƵŝůĚŝŶŐĐƵƌƌĞŶƚůLJŚĂƐ ƚŚĞŝƌŽǁŶƌĞĐĞƉƚĂĐůĞƐĂůŽŶŐƚŚĞŝƌďƵŝůĚŝŶŐŝŶƚŚĞĂůůĞLJ͘ tŝƚŚƚŚĞĂůůĞLJĨƵŶĐƚŝŽŶŝŶŐĂƐĂŵĂŝŶƚŚŽƌŽƵŐŚĨĂƌĞĨŽƌƚŚĞďƵŝůĚŝŶŐƐ͛ŽǁŶĞƌƐ͕ŽĐĐƵƉĂŶƚƐ ĂŶĚŐƵĞƐƚƐ͕ǁŚĂƚƉůĂŶƐĂƌĞƚŚĞƌĞƚŽĨƵƌƚŚĞƌŚĞůƉŵĂŬĞƚŚĞĂůůĞLJĂŶĂƚƚƌĂĐƚŝǀĞ͕ƐĂĨĞĂŶĚ ŝŶǀŝƚŝŶŐǁĂůŬǁĂLJĨŽƌĐƵƐƚŽŵĞƌƐĂŶĚƉĞĚĞƐƚƌŝĂŶƐ͍&ŽƌǁĂLJĨŝŶĚŝŶŐĂŶĚƐĂĨĞƚLJĂƚŶŝŐŚƚ͕ ŚŽǁǁŝůůƚŚĞĂůůĞLJďĞůŝƚ͍ ĂƐĞĚŽĨĨŽĨƚŚĞƉůĂŶƐ͕ŽƵƌŐŽƌŐĞŽƵƐĞĂƐƚĨĂĐŝŶŐǀŝĞǁƐĂƌĞŐŽŝŶŐĂǁĂLJ͘/ŶƐƚĞĂĚŽĨƐŬLJ͕ ǁĞ͛ůůďĞůŽŽŬŝŶŐƐƚƌĂŝŐŚƚŝŶƚŽĂƉĂƌŬŝŶŐŐĂƌĂŐĞ͘Dƌ͘'ŽůůŝŚĂƐŵĞŶƚŝŽŶĞĚƚŚĂƚƚŚĞǀŝƐŝďůĞ ƐƚƌƵĐƚƵƌĞǁŽƵůĚďĞŵŽƌĞƚŚĂŶĐŽŶĐƌĞƚĞ͘tŚĂƚŵĂƚĞƌŝĂůƐǁŝůůŝŶĚĞĞĚďĞƵƐĞĚ͍tĞŚĞĂƌĚ ĂƚůĂƐƚŶŝŐŚƚ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶƚŚĂƚŵĂŝŶƉƵďůŝĐĨĂĐŝŶŐƐĞĐƚŝŽŶƐŽĨƚŚĞŐĂƌĂŐĞǁŝůůŵŽƐƚ ůŝŬĞůLJŚĂǀĞĂďĞĂƵƚŝĨƵůŵĂƚĞƌŝĂůĂƐƚŽŶŽƚůŽŽŬƌŝŐŚƚŝŶƚŽĂŐĂƌĂŐĞ͘tĞĂƐŬƚŚĂƚƐŝŵŝůĂƌ ĐĂƌĞĂŶĚĚĞƐŝŐŶŝƐĂƉƉůŝĞĚƚŽĂůůĂůůĞLJĨĂĐŝŶŐƐĞĐƚŝŽŶƐŽĨƚŚĞƉƌŽũĞĐƚĂƐǁĞůů͘ KŶƚŚĞŐƌŽƵŶĚůĞǀĞů͕ǀŝĞǁƐǁŝůůďĞĐŽŵĞĞŶĐůŽƐĞĚŐĂƌďĂŐĞďĂLJƐ͘tŚĂƚĚĞƐŝŐŶĞĨĨŽƌƚŝƐ ďĞŝŶŐŵĂĚĞƚŽŝŶƐƵƌĞƚŚĞůŽĂĚŝŶŐĚŽĐŬƐ͕ŐĂƌďĂŐĞďĂLJƐ͕ĞƚĐ͙ǁŝůůďĞǀŝƐƵĂůůLJĂƚƚƌĂĐƚŝǀĞƚŽ ďƵŝůĚŝŶŐŽǁŶĞƌƐ͕ƚĞŶĂŶƚƐĂŶĚĐƵƐƚŽŵĞƌƐ͍ tŝƚŚƚŚĞdǁŝŶĚƐƚƵĚLJ͕ǁŝůůĞĨĨĞĐƚƐŽŶůŝĨĞŝŶƚŚĞĂůůĞLJďĞĂĐĐŽƵŶƚĞĚĨŽƌ͍ tŝƚŚƚŚĞƉƵďůŝĐƐƉĂĐĞƐĚĞƐŝŐŶĞĚŝŶƚŽƚŚĞƉůĂŶƐ;ƌŽŽĨƚŽƉƉĂƌŬ͕ƐƉůĂƐŚƉĂĚ͕ďŽĂƌĚǁĂůŬ͙Ϳ ǁŚĂƚĂƌĞƚŚĞƉůĂŶƐĨŽƌƉƵďůŝĐƌĞƐƚƌŽŽŵƐŝŶƚŚĞĂƌĞĂ͍ tŝƚŚƚŚŝƐďĞŝŶŐƚŚĞĨĂŶĐLJŶĞǁƐŚŝŶLJďƵŝůĚŝŶŐŝŶƚŽǁŶ͕ĂŶĚŝƚŝƐƋƵŝƚĞƚŚĞŝŶĐƌĞĚŝďůĞ ƉƌŽũĞĐƚ͕ǁĞĂƐŬƚŚĂƚƚŚĞŝƚLJƚĂŬĞƐŝŶƚŽĐĂƌĞĂŶĚĐŽŶƐŝĚĞƌĂƚŝŽŶƚŚĞďƵŝůĚŝŶŐƐ͕ďƵƐŝŶĞƐƐĞƐ ĂŶĚƌĞƐŝĚĞŶƚƐƚŚĂƚĂƌĞĂůƌĞĂĚLJĞƐƚĂďůŝƐŚĞĚŝŶƚŚĞĂƌĞĂ͘/ďĞůŝĞǀĞƚŚĂƚďŽƚŚƚŚĞŶĞǁĂŶĚ ƚŚĞŽůĚĐĂŶƚŚƌŝǀĞ͕ǁĞĂƌĞůŽŽŬŝŶŐĨŽƌƐƵƉƉŽƌƚŝŶŵĂŝŶƚĂŝŶŝŶŐ͕ĞŶŚĂŶĐŝŶŐĂŶĚĂĐƚŝǀĂƚŝŶŐ ƚŽŐƌĞĂƚĞƌĞdžƚĞŶƚƚŚĞƐƉĂĐĞƐĂŶĚƚŽƵĐŚƉŽŝŶƚƐ;ŝŶůĂƌŐĞƉĂƌƚ͕ŽƵƌĂůůĞLJͿƚŚĂƚŽĐĐƵƉĂŶƚƐ ĂŶĚŐƵĞƐƚƐĂůŝŬĞĞdžƉĞƌŝĞŶĐĞŝŶŽƵƌƉŝĞĐĞŽĨĚŽǁŶƚŽǁŶZŽĐŚĞƐƚĞƌ͘WůĞĂƐĞƌĞŵĞŵďĞƌ ƚŚĂƚƚŚĞϯϬϬďůŽĐŬĂůůĞLJŝƐĂŵĂŝŶƚŚŽƌŽƵŐŚĨĂƌĞ͕ǁĞ͛ĚůŝŬĞƚŽƐĞĞŝƚƌĞŵĂŝŶŽŶĞ͕ĂŶĚ ŚŽƉĞĨƵůůLJďĞĐŽŵĞĞǀĞŶďĞƚƚĞƌ͘ 3DFNHW3J *L tŝƚŚǁĂƌŵƌĞŐĂƌĚƐ͕^ŚĂǁŶнDŝĐŚĞůůĞ&ĂŐĂŶ͕ĂůŽŶŐǁŝƚŚDŝĐŚĂĞůн'ŝůůŝĂŶĞůŬŶĂƉ &ƌŽŵ͗ ŚƌŝƐƚŝŶĞ^ĐŚƵůƚnjĞфĞĐƐĐŚƵůƚnjĞΛŐŵĂŝů͘ĐŽŵх ĂƚĞ͗ dƵĞƐĚĂLJ͕&ĞďƌƵĂƌLJϭϯ͕ϮϬϭϴĂƚϴ͗ϯϲWD dŽ͗ DĂƌŬt ŶŐĞůфĞŶŐĞů͘ŵĂƌŬΛK͘K>D^d ͘DE͘h^х Đ͗ DŝĐŚĞůůĞ&ĂŐĂŶфŵŝĐŚĞůůĞΛĨĂŐĂŶƐƚƵĚŝŽƐ͘ĐŽŵх͕^ŚĂǁŶ&ĂŐĂŶ фƐŚĂǁŶΛĨĂŐĂŶƐƚƵĚŝŽƐ͘ĐŽŵх ^ƵďũĞĐƚ͗ >KKD͗EŶĞŝŐŚďŽƌŚŽŽĚŵĞĞƚŝŶŐϬϮ͘ϭϯ͘ϭϴ +HOOR0DUN 0LFKHOOHDQG6KDZQ)DJDQRZQRQHRIWKHEXLOGLQJVLQEORFN6RXWK %URDGZD\RSHQLQJRQDOOH\DOVRDQGIURQWLQJSURSRVHG%ORRPSURMHFWDOOH\WR ULYHUWKWRQG6WUHHWV6: 7KH\DWWHQGHGWRQLJKW¶VPHHWLQJFDQQRWDWWHQGWRPRUURZQLJKW¶V3 =SXEOLF KHDULQJDQGDUHFRQVLGHULQJVXEPLWWLQJFRPPHQWVLQZULWLQJIRUGLVWULEXWLRQWR 3 =&RPPLVVLRQHUVDQGLQFOXVLRQLQSXEOLFUHFRUG 7KLVLVQHZWRWKHP2QHWKLQJWKH\EURXJKWXSZDVWKHLPSRUWDQFHRIDQGXVHRI WKHDOOH\DVDSXEOLFVWUHHWLQYLWLQJWRSHGHVWULDQVDQGFXVWRPHUVXVHDQGYLWDOWR WKHLUSURSHUW\,¶OOOHWWKHPVKDUHIXUWKHUSRLQWVWKH\ZLVKFRQVLGHUHGLQ FRQGLWLRQV 7KDQNVPXFKIRU\RXUUHYLHZ &KULVWLQH H&KULVWLQH6FKXOW]H$,$$UFKLWHFW 0RVDLF%XLOGLQJ,QFUHPHQWDO'HOLJKWIXO:HOOEHLQJ0XWXDO 07/LF *M D/Ehd ^K&d, /dzK&ZK, ^d ZW>EE/E'KDD/^^/KE ϮϭϮϮDWh^Z/s ^ ʹ^h/d ϭϬϬ ZK, ^d ZDEϱϱϵϬϰ DŝŶƵƚĞƐŽĨƚŚĞƌĞŐƵůĂƌůLJƐĐŚĞĚƵůĞĚŵĞĞƚŝŶŐŽĨƚŚĞŝƚLJWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶŚĞůĚŽŶ tĞĚŶĞƐĚĂLJ͕&ĞďƌƵĂƌLJϭϰ͕ϮϬϭϴ͕Ăƚϲ͗ϬϬƉ͘ŵ͘ŝŶƚŚĞŽƵŶĐŝůͬŽĂƌĚŚĂŵďĞƌƐŽĨƚŚĞ'ŽǀĞƌŶŵĞŶƚĞŶƚĞƌ͕ ϭϱϭϰƚŚ^ƚƌĞĞƚ^ ͕ZŽĐŚĞƐƚĞƌ͕DE͘ DĞŵďĞƌƐWƌĞƐĞŶƚ͗DƐ͘ƌŝƚƚĂŶLJtŝůƐŽŶ͕ŚĂŝƌ͕Dƌ͘dŚŽŵĂƐ,ŝůů͕sŝĐĞͲŚĂŝƌ͕DƐ͘>ŝŶĚƐĞLJDĞĞŬ͕Dƌ͘WĞƚĞƌ ĂƐƚƌŽ͕Dƌ͘DŝĐŚĂĞůtĂůƚĞƌƐ͕ĂŶĚDƌ͘dLJůĞƌDŽŚƐ DĞŵďĞƌƐďƐĞŶƚ͗Dƌ͘<ƌĂŝŐƵƌƐƚ͕Dƌ͘dLJůĞƌĞƐƉŝŶƐ͖Dƌ͘tĂĚĞ'ŽŽĚĞŶďĞƌŐĞƌ ^ƚĂĨĨWƌĞƐĞŶƚ͗Dƌ͘'ƌĞŐ:ŽŚŶƐŽŶ͕^ĞŶŝŽƌWůĂŶŶĞƌ͖Dƌ͘ĞŶ'ƌŝĨĨŝƚŚ͕ƐƐŝƐƚĂŶƚWůĂŶŶŝŶŐŝƌĞĐƚŽƌ͖Dƌ͘DĂƌŬ ŶŐĞů͕^ƵƉĞƌǀŝƐŽƌŽĨƵƌƌĞŶƚWůĂŶŶŝŶŐŝǀŝƐŝŽŶ͖ĂŶĚDƐ͘ĞƚŚĂǀŝƐ͕ƐĞĐƌĞƚĂƌLJ KƚŚĞƌŝƚLJ^ƚĂĨĨWƌĞƐĞŶƚ͗DƐ͘WĂƚůĨƌĞĚƐŽŶ͕ŝƚLJƚƚŽƌŶĞLJ͖Dƌ͘dĞƌƌLJ^ƉĂĞƚŚ͕ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ͖Dƌ͘ ĂƌŽŶWĂƌƌŝƐŚ͕ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ^ĞƚKƌĚĞƌKĨŐĞŶĚĂ͗ Dƌ͘DŽŚƐŵŽǀĞĚƚŽĂƉƉƌŽǀĞƚŚĞĂŐĞŶĚĂ͕ĂƐǁƌŝƚƚĞŶ͘Dƌ͘,ŝůůƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶ ĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůLJ͘ ŽŶƐĞŶƚŐĞŶĚĂ͗ Dƌ͘tĂůƚĞƌƐŵĂĚĞĂŵŽƚŝŽŶƚŽĂƉƉƌŽǀĞƚŚĞĨŽůůŽǁŝŶŐĐŽŶƐĞŶƚŝƚĞŵƐ͘Dƌ͘ĂƐƚƌŽƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘ x :ĂŶƵĂƌLJϮϰ͕ϮϬϭϴŵŝŶƵƚĞƐ dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůLJ͘DƐ͘DĞĞŬĂďƐƚĂŝŶĞĚ͘ WƵďůŝĐ,ĞĂƌŝŶŐƐ͗ ŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚͲ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚWƌĞůŝŵŝŶĂƌLJWůĂŶηϮϬϭϴͲϬϬϭhWďLJůŽŽŵ,ŽůĚŝŶŐ ĐͬŽKdžĨŽƌĚDĂŶĂŐĞŵĞŶƚ͕ĨŽƌĂŵŝdžĞĚͲƵƐĞĚĞǀĞůŽƉŵĞŶƚĐŽŶƐŝƐƚŝŶŐŽĨƌĞƐŝĚĞŶƚŝĂů͕ƚƌĂŶƐŝĞŶƚ ĂĐĐŽŵŵŽĚĂƚŝŽŶƐ͕ƌĞƚĂŝů͕ĂŶĚƌĞƐƚĂƵƌĂŶƚƵƐĞƐ͘dŚĞƉƌŽƉĞƌƚLJŝƐůŽĐĂƚĞĚďĞƚǁĞĞŶϮŶĚ^ƚƌĞĞƚĂŶĚϰƚŚ ^ƚƌĞĞƚ^ ͕ƚŽƚŚĞǁĞƐƚŽĨƚŚĞƵŵďƌŽZŝǀĞƌ͘ Dƌ͘:ŽŚŶƐŽŶƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ&ĞďƌƵĂƌLJϭϰ͕ϮϬϭϴ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐ ŽŶĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌͲKůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ Dƌ͘DŽŚƐĂƐŬĞĚƐƚĂĨĨĂďŽƵƚƚŚĞŽĨĨůŽŽƌĂƌĞĂƌĂƚŝŽĐĂůĐƵůĂƚŝŽŶŝŶĐůƵĚŝŶŐƚŚĞƉŽĚŝƵŵ͕ŶŽƚũƵƐƚƚŚĞƚŽǁĞƌƐ͘ Dƌ͘:ŽŚŶƐŽŶŶŽƚĞĚƚŚĞ&ZǁĂƐĐĂůĐƵůĂƚĞĚŽŶƚŚĞƚŽǁĞƌƐ͕ĚŽĞƐŶŽƚŝŶĐůƵĚĞƉĂƌŬŝŶŐ͘ _3DJH 3DFNHW3J *M ŝƚLJWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗&ĞďƌƵĂƌLJϭϰ͕ϮϬϭϴ ŝƐĐƵƐƐŝŽŶĐŽŶƚŝŶƵĞĚƚŚĞĐĂůĐƵůĂƚŝŽŶĨŽƌƚŚĞ&Z͘ DƐ͘DĞĞŬĂƐŬĞĚŝĨƚŚĞdƌĂĨĨŝĐ/ŵƉĂĐƚZĞƉŽƌƚ;d/ZͿĚĞƚĂŝůƐƚĂŬĞŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶƚŚĞƵƐĞƐŽĨƚŚĞ ďƵŝůĚŝŶŐƐ͕ƉĂƌŬŝŶŐůŽƚƵƐĞƌƐ͕ƚLJƉĞƐŽĨƵƐĞƌƐĂŶĚŚŽǁŵĂŶLJƚƌŝƉƐǁŝůůďĞƚĂŬĞŶ͘ Dƌ͘:ŽŚŶƐŽŶŶŽƚĞĚŚĞĚŝĚŶŽƚŬŶŽǁĂƚǁŚĂƚůĞǀĞůŽĨĚĞƚĂŝůƐĂƌĞƚĂŬĞŶŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶ͘ Dƌ͘ ŶŐĞůŶŽƚĞĚƚŚĞĂƉƉůŝĐĂŶƚ͛ƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞŵĂLJŚĂǀĞƚŚĂƚŝŶĨŽƌŵĂƚŝŽŶ͘ DƐ͘DĞĞŬĂƐŬĞĚĂďŽƵƚƚŚĞŵŝŶŝŵƵŵƉĂƌŬŝŶŐƌĞƋƵŝƌĞŵĞŶƚĐĂůĐƵůĂƚŝŽŶĂůůŽǁŝŶŐĨŽƌƵƐĞƐĂŶĚƚŚĞĂŵŽƵŶƚ ŽĨƉĂƌŬŝŶŐƐƉŽƚƐďĞŝŶŐƚĂŬĞŶƵƉďLJƚŚĞŝƚLJ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚŝŶƌĞŐĂƌĚƚŽƚŚĞƚƌĂĨĨŝĐŝŵƉĂĐƚƐƚƵĚLJƌĞƉŽƌƚ͘ Dƌ͘ ŶŐĞůŶŽƚĞĚƚŚĞĐĂůĐƵůĂƚŝŽŶĨŽƌƉĂƌŬŝŶŐŝƐďĂƐĞĚŽŶƚŚĞƵƐĞƐŽĨƚŚĞďƵŝůĚŝŶŐ͖ŝĨƚŚĞƵƐĞƐĂƌĞĐŚĂŶŐĞĚ ƚŚĞĐĂůĐƵůĂƚŝŽŶƐĐŽƵůĚďĞƌĞǀŝƐĞĚ͖ƚŚĞŝƚLJ͛ƐĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞŶƵŵďĞƌŽĨƉĂƌŬŝŶŐƐƚĂůůƐĚŽĞƐŶŽƚŚĂǀĞ ĂŶĞĨĨĞĐƚŽŶWůĂŶŶŝŶŐƐƚĂĨĨ͛ƐƌĞǀŝĞǁ͘ DƐ͘DĞĞŬƐƚĂƚĞĚƐŚĞŚĂĚƌĞǀŝĞǁĞĚƚŚĞĐŽŵŵĞŶƚƐĨƌŽŵWĂƌŬĂŶĚZĞĐƌĞĂƚŝŽŶŝŶƌĞŐĂƌĚƐƚŽƚŚĞĚĞĚŝĐĂƚŝŽŶ ŽĨƉĂƌŬůĂŶĚ͘^ŚĞĂƐŬĞĚ͞ǁŚĂƚŝƐƚŚĞĚĞĚŝĐĂƚŝŽŶWĂƌŬĂŶĚZĞĐŝƐƌĞĨĞƌƌŝŶŐƚŽŝŶƚŚĞŝƌĐŽŵŵĞŶƚ͘͟ Dƌ͘ ŶŐĞůŶŽƚĞĚƚŚĞƉĂƌŬůĂŶĚĚĞĚŝĐĂƚŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐĂƌĞƐƵďũĞĐƚƚŽƚŚĞĐŚŽŝĐĞƐŵĂĚĞďLJƚŚĞĂƉƉůŝĐĂŶƚ͕ ƐƵĐŚĂƐŝĨƚŚĞůĂŶĚŝƐƐƵďĚŝǀŝĚĞĚ͘,ĞŶŽƚĞĚƚŚŝƐŝƐƐŽŵĞƚŚŝŶŐƚŚĂƚǁŝůůďĞĂĚĚƌĞƐƐĞĚŝŶƚŚĞĨƵƚƵƌĞ ĂƉƉůŝĐĂƚŝŽŶƐŵĂĚĞďLJƚŚĞĂƉƉůŝĐĂŶƚ͘ Dƌ͘tĂůƚĞƌƐŶŽƚĞĚŚŝƐĚŝƐĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞWĂƌŬĂŶĚZĞĐƌĞĂƚŝŽŶĐŽŵŵĞŶƚ͘ Dƌ͘ ŶŐĞůŶŽƚĞĚƚŚĞƌĞĨĞƌƌĂůĐŽŵŵĞŶƚĨƌŽŵWĂƌŬĂŶĚZĞĐƌĞĂƚŝŽŶǁŝůůďĞůŽŽŬĞĚĂƚůĂƚĞƌŝŶƚŚĞƉƌŽĐĞƐƐ͘ DƐ͘DĞĞŬĂƐŬĞĚĨŽƌƚŚĞƌĞĂƐŽŶŝŶŐŽĨĐŚĂŶŐŝŶŐƚŚĞĂůůĞLJƚŽƚǁŽǁĂLJƐ͘ Dƌ͘:ŽŚŶƐŽŶƐƚĂƚĞĚŚĞǁĂƐŶŽƚĂǁĂƌĞŽĨƚŚĞƌĞĂƐŽŶŝŶŐ͖ĂŶĚĚŝĚŶŽƚƌĞĐĂůůĂŶLJĐŽŵŵĞŶƚƐĨƌŽŵWƵďůŝĐ tŽƌŬƐ͘ Dƌ͘ ŶŐĞůŶŽƚĞĚďŽƚŚĂůůĞLJƐĂƌĞŽŶĞǁĂLJƐĐƵƌƌĞŶƚůLJ͘ DƐ͘tŝůƐŽŶŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘:ŽŶĂƚŚĂŶ'Žůůŝ͕ϴϳϳKůĚ,ŝĐŬŽƌLJZŽĂĚ͕WŝƚƚƐďƵƌŐŚ͕W͕ϭϱϮϰϯ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ ƌĞǀŝĞǁĞĚƚŚĞŐŽĂůŽĨĐƌĞĂƚŝŶŐĂĚĞƐƚŝŶĂƚŝŽŶĚĞǀĞůŽƉŵĞŶƚŽŶƚŚĞƌŝǀĞƌ͕ĚĞƚĂŝůƐŽĨƚŚĞƉƌŽũĞĐƚůĂLJŽƵƚ͕ ĚĞǀĞůŽƉŵĞŶƚƚŽŝŶĐůƵĚĞŚŽƚĞůƐƉĂĐĞ͕ĐŽŶĚŽŵŝŶŝƵŵƐ͕ƌĞƐƚĂƵƌĂŶƚƐ͕ƐĞŶŝŽƌůŝǀŝŶŐ͕ĂŚƵďĨŽƌƉĞĚĞƐƚƌŝĂŶ ĂĐĐĞƐƐ͕ĂŵĞŶŝƚŝĞƐ͕ƚŚĞƚŝŵĞůŝŶĞĂŶĚƉŚĂƐŝŶŐŽĨƚŚĞƉƌŽũĞĐƚ͖ƚŚĞĚĞƐŝŐŶĂŶĚƵƐĞƐŽĨƚŚĞĂůůĞLJ͘,ĞŶŽƚĞĚƚŚĞ ŝŶƚĞŶƚŝŽŶŝƐƚŽŬĞĞƉƚŚĞĂůůĞLJǁĂLJƐĂƐŽŶĞǁĂLJƐ͘ Dƌ͘tĂůƚĞƌƐĂƐŬĞĚĂďŽƵƚƚŚĞĚĞƚĂŝůƐŽĨƚŚĞƉůĂnjĂĂƌĞĂ͘ Dƌ͘'ŽůůŝĞdžƉůĂŝŶĞĚŝŶĚĞƚĂŝůƚŚĞĂŵĞŶŝƚŝĞƐĂŶĚŚŽǁƉĞĚĞƐƚƌŝĂŶƐǁŝůůďĞĂďůĞƚŽŵĂŶĞƵǀĞƌƚŚƌŽƵŐŚƚŚĞ ƉůĂnjĂĂƌĞĂ͘ _3DJH 3DFNHW3J *M ŝƚLJWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗&ĞďƌƵĂƌLJϭϰ͕ϮϬϭϴ DƐ͘DĞĞŬĂƐŬĞĚĂďŽƵƚŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞƐŬLJǁĂLJ͘ Dƌ͘^ƉĂĞƚŚƐƉŽŬĞŝŶƌĞŐĂƌĚƚŽƚŚĞƐŬLJǁĂLJĂĐĐĞƐƐͬŵĂŝŶƚĞŶĂŶĐĞĂŶĚŶŽƚĞĚƚŚĞŝƚLJŝƐǁŽƌŬŝŶŐǁŝƚŚƚŚĞ ĚĞǀĞůŽƉŵĞŶƚƚĞĂŵƚŽĐŽŵĞƚŽĂŶĂŐƌĞĞŵĞŶƚĚƵƌŝŶŐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶƉĞƌŝŽĚ͘ DƐ͘DĞĞŬĂƐŬĞĚĂďŽƵƚŬĞĞƉŝŶŐƚŚĞƐŬLJǁĂLJĂĐĐĞƐƐŽƉĞŶĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͘ Dƌ͘'ŽůůŝŶŽƚĞĚŚĞĐŽƵůĚŶ͛ƚĐŽŵŵŝƚƚŽŬĞĞƉŝŶŐŝƚŽƉĞŶĂƚƚŚŝƐƚŝŵĞĂŶĚŵŽƌĞĚĞƚĂŝůƐǁŝůůĨŽůůŽǁŝŶƚŚĞ ĨŝŶĂůƉůĂŶ͘ Dƌ͘ĂƐƚƌŽĂƐŬĞĚŝĨĂƐƐŝƐƚĞĚƐĞŶŝŽƌůŝǀŝŶŐǁŝůůďĞŵŝdžĞĚĂĨĨŽƌĚĂďŝůŝƚLJ͘ Dƌ͘'ŽůůŝƐƚĂƚĞĚƚŚĞƌĞŝƐŶŽĐƌŝƚĞƌŝĂĐƵƌƌĞŶƚůLJƐĞƚĨŽƌŝŶĐŽŵĞĨŽƌƚŚĞƐĞŶŝŽƌůŝǀŝŶŐ͘ DƐ͘^ĞĂŶ<ĞƚƚĞůŬĂŵƉ͕ƌĞƐŝĚŝŶŐĂƚϮϯϮϳ ƚŚ ǀĞŶƵĞ^ ͕ZŽĐŚĞƐƚĞƌDE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘;ĐŽƉŝĞƐ ŽĨŚĂŶĚŽƵƚŽŶĨŝůĞĂƚZŽĐŚĞƐƚĞƌͲKůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͕ϮϭϮϮĂŵƉƵƐƌŝǀĞ^ ͕ZŽĐŚĞƐƚĞƌ͕DEͿ͘ ^ŚĞƉƌĞƐĞŶƚĞĚĂŚĂŶĚŽƵƚŝŶĐůƵĚŝŶŐŚŝƐƚŽƌLJĂŶĚƚŝŵĞůŝŶĞŽĨƚŚĞƉƌŽƉŽƐĞĚƉƌŽƉĞƌƚLJůŽĐĂƚŝŽŶƐƚĂƌƚŝŶŐǁŝƚŚ ƚŚĞŽƌŝŐŝŶĂƚŝŽŶŽĨƚŚĞŝƚLJ͖ĂŶĚƐŚĞƉƌŽƉŽƐĞĚĂŶĂůƚĞƌŶĂƚĞůŽĐĂƚŝŽŶĨŽƌƚŚĞůŽŽŵƉƌŽũĞĐƚƚŽďĞĂƚƚŚĞ &ƵůůĞƌƚŽŶůŽƚ͘ Dƌ͘:ŽŚŶ<ƌƵĞƐĞů͕ƌĞƐŝĚŝŶŐĂƚϮϮdŚŝƌĚ^ƚƌĞĞƚ^t͕ZŽĐŚĞƐƚĞƌ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞĂƐŬĞĚŝĨ d/&ŵŽŶĞLJǁĂƐŐŽŝŶŐƚŽďĞŝŶǀŽůǀĞĚŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚ͖ŝĨƚŚŝƐŝƐƚƌƵĞŚĞŝƐƌĞƋƵĞƐƚŝŶŐƚŚĞŽŵŵŝƐƐŝŽŶ ĂƐŬƚŚĞĚĞǀĞůŽƉŵĞŶƚƚĞĂŵĨŽƌĂǁŝŶĚƐƚƵĚLJĐŽŵƉůĞƚŝŽŶďĞĨŽƌĞŐƌŽƵŶĚŝƐďƌŽŬĞŶ͘ Dƌ͘WĂƚĞĂŶ͕ƌĞƐŝĚŝŶŐĂƚϮϮϬ^ŽƵƚŚƌŽĂĚǁĂLJ͕^ƵŝƚĞϭϲϬϱ͕ZŽĐŚĞƐƚĞƌDE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞĐŽŵŵĞŶƚĞĚŽŶƚŚĞůĂĐŬŽĨƉĂƌŬŝŶŐƐƉŽƚƐĂǀĂŝůĂďůĞĨŽƌƚĞŶĂŶƚƐŽĨƚŚĞ,ŽůŝĚĂLJ/ŶŶ͘,ĞŝƐĐŽŶĐĞƌŶĞĚ ǁŝƚŚƚŚĞƉŽƚĞŶƚŝĂůĨŽƌůŝŵŝƚĂƚŝŽŶŽĨƉĂƌŬŝŶŐĨŽƌƌĞƐŝĚĞŶƚƐĚŽǁŶƚŽǁŶ͘ Dƌ͘ĂƌƌLJ^ŬŽůŶŝĐŬ͕ƌĞƐŝĚŝŶŐĂƚϮϭϭϮ ŶĚ^ƚƌĞĞƚ^t͕ZŽĐŚĞƐƚĞƌ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞŚĂĚ ƌĞƋƵĞƐƚƐĨŽƌƚǁŽĐŽŶĚŝƚŝŽŶƐŽĨŵĂŝŶƚĂŝŶŝŶŐĂĐĐĞƐƐŽĨƚŚĞƐŬLJǁĂLJĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͖ĂŶĚƚŚĞǁŝŶĚƐƚƵĚLJ ŝƐŶĞĐĞƐƐĂƌLJĂŶĚĐĂŶĂĨĨĞĐƚƚŚĞĚĞƐŝŐŶŽĨƚŚĞƉƌŽũĞĐƚ͘ DƐ͘EĂŶĐLJ^ůŽĐƵŵď͕ƌĞƐŝĚŝŶŐĂƚϲϮϭϱ ƚŚǀĞŶƵĞ^t͕ZŽĐŚĞƐƚĞƌ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞ ĂƐŬĞĚĂďŽƵƚƚŚĞŚĞŝŐŚƚƐŽĨƚŚĞƚǁŽƚŽǁĞƌƐ͖ŶŽƚĞĚĐŽŶĐĞƌŶĨŽƌƚŚĞƚĂůůďƵŝůĚŝŶŐnjŽŶĞ͖ĂŶĚŝŶƚŚĞD ŐƵŝĚĞůŝŶĞƐŶŽƚĞĚĂĚŝƐƚĂŶĐĞŽĨƐĞƚďĂĐŬĨƌŽŵĞdžŝƐƚŝŶŐŚŝƐƚŽƌŝĐďƵŝůĚŝŶŐƐĂŶĚǁĂŶƚƐƚŽŵĂŬĞƐƵƌĞƚŚĞ ƉƌŽũĞĐƚŝƐŝŶĐŽŵƉůŝĂŶĐĞ͘ DƐ͘:ŽĂŶ'ĂƌĚŶĞƌ͕ƌĞƐŝĚŝŶŐĂƚϮϮϬ^ŽƵƚŚƌŽĂĚǁĂLJ͕ZŽĐŚĞƐƚĞƌ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞ ŶŽƚĞĚĐŽŶĐĞƌŶĨŽƌƚŚĞĐůŽƐĞŶĞƐƐŽĨƚŚĞƚƌĂŝŶƚƌĂĨĨŝĐ͖ĂŶĚƉŽƚĞŶƚŝĂůƐĂĨĞƚLJĐŽŶĐĞƌŶƐ͘ Dƌ͘:ŽŶĂƚŚĂŶ'Žůůŝ͕ϴϳϳKůĚ,ŝĐŬŽƌLJZŽĂĚ͕WŝƚƚƐďƵƌŐŚ͕W͕ϭϱϮϰϯ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞŶŽƚĞĚ ƚŚĞƌĞǁŝůůďĞĂǁŝŶĚƐƚƵĚLJĐŽŵƉůĞƚĞĚďĞĨŽƌĞWŚĂƐĞ/ĐŽŶƐƚƌƵĐƚŝŽŶ͖ŚŽůŝĚĂLJƉĂƌŬŝŶŐŝƐůĞĂƐĞĚƚŚƌŽƵŐŚƚŚĞ ŝƚLJĂŶĚŚĞŶŽƚĞĚŚĞĐŽƵůĚŶŽƚĂĚĚƌĞƐƐǁŚĂƚƚŚĞŝƚLJĚŽĞƐǁŝƚŚƚŚĞŝƌůĞĂƐĞĚƐƉĂĐĞƐ͖ŚĞŶŽƚĞĚŚĞǁĂŶƚƐ ƚŽƚŚĞŬĞĞƉƚŚĞƐŬLJǁĂLJŽƉĞŶďƵƚĐĂŶŶŽƚĐŽŵŵŝƚĂƚƚŚŝƐƐƚĂŐĞŝŶĚĞǀĞůŽƉŵĞŶƚ͖ĂŶĚŚĞĚŝĚŶŽƚŬŶŽǁƚŚĞ ŵĞĂƐƵƌĞŵĞŶƚŽŶƚŚĞŚŝƐƚŽƌŝĐďƵŝůĚŝŶŐ͖ĂŶĚƚŚĞƌĞǁŝůůďĞƐĂĨĞƚLJŝŵƉƌŽǀĞŵĞŶƚƚŽƚŚĞǁĂůůďĞƚǁĞĞŶƚŚĞ ďŽĂƌĚǁĂůŬ͕ƌŝǀĞƌĂŶĚƚƌĂŝŶƚƌĂĐŬƐ͘ Dƌ͘tĂůƚĞƌƐĂƐŬĞĚŝĨƚŚĞƉƌŽƉĞƌƚLJŝƐŽǁŶĞĚďLJůŽŽŵ͘ _3DJH 3DFNHW3J *M ŝƚLJWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗&ĞďƌƵĂƌLJϭϰ͕ϮϬϭϴ Dƌ͘'ŽůůŝŶŽƚĞĚƚŚĞƉƌŽƉĞƌƚLJŝƐŶŽƚŽǁŶĞĚďLJŚŝƐĐůŝĞŶƚLJĞƚ͘ Dƌ͘tĂůƚĞƌƐĂƐŬĞĚƚŚĞĂƉƉůŝĐĂŶƚŝĨƚŚĞLJĂƌĞŝŶĂŐƌĞĞŵĞŶƚƚŽĂĚĚŝƚŝŽŶĂůĐŽŶĚŝƚŝŽŶ͘ Dƌ͘'ŽůůŝŶŽƚĞĚƚŚĞLJǁŽƵůĚĂŐƌĞĞƚŽƚŚĞĐŽŶĚŝƚŝŽŶ͘ Dƌ͘^ƉĂĞƚŚĐůĂƌŝĨŝĞĚƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨƚŚĞƉƌŽƉĞƌƚLJŝƐůŽŽŵǁŝůůĂĐƋƵŝƌĞƚŚĞƉƌŽƉĞƌƚLJĂŶĚĂƌĞ ƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞŵŽůŝƚŝŽŶŽĨƚŚĞďƵŝůĚŝŶŐŽŶƚŚĞƉƌŽƉĞƌƚLJ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕DƐ͘tŝůƐŽŶĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘,ŝůůŶŽƚĞĚŚŝƐƐƵƉƉŽƌƚĨŽƌƚŚĞƉƌŽũĞĐƚ͕ŚĞĨŝŶĚƐŵĂŶLJƐŝƚĞƵƐĞƐĂƌĞŝŶŶĞĞĚĂŶĚƉƌŽũĞĐƚĨŝůůƐƚŚŽƐĞ ŶĞĞĚƐ͖ĐŚĂŶŐĞƐĐĂŶďĞŵĂĚĞǁŝƚŚƚƌĞŶĚƐ͖ƚŚĞƚƌĞŶĚŝƐŵŽǀŝŶŐƚŽǁĂƌĚůĞƐƐĐĂƌƐďĞŝŶŐŶĞĞĚĞĚĂŶĚ ƉĞĚĞƐƚƌŝĂŶƐĂŶĚĂůƚĞƌŶĂƚĞŵŽĚĞƐŽĨƚƌĂŶƐƉŽƌƚĂƚŝŽŶĂƌĞďĞŝŶŐƵƐĞĚ͘ Dƌ͘DŽŚƐĐŽŵŵĞŶƚĞĚŽŶƚŚĞƐŬLJǁĂLJĂĐĐĞƐƐĂǀĂŝůĂďŝůŝƚLJĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶĐŽŶĚŝƚŝŽŶŝƐŶŽƚƚŚĞƌŝŐŚƚ ǁĂLJƚŽŐŽ͘ Dƌ͘tĂůƚĞƌƐĐŽŵŵĞŶƚĞĚŽŶƚŚĞƐŬLJǁĂLJĂĐĐĞƐƐĐŽŶĚŝƚŝŽŶĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͖ŚĞŶŽƚĞĚĐŽŶĐĞƌŶĨŽƌƚŚĞ ŚŝƐƚŽƌŝĐĂƐƉĞĐƚŽĨƚŚĞƉƌŽũĞĐƚůŽĐĂƚŝŽŶ͕ĂůƚŚŽƵŐŚƚŚĞŝƌĐƌŝƚĞƌŝĂŝƐĨŽƌŝŶĐĞŶƚŝǀĞĚĞǀĞůŽƉŵĞŶƚŶŽƚŚŝƐƚŽƌŝĐ ǀĂůƵĞ͘ DƐ͘DĞĞŬƐƚĂƚĞĚƚŚĞĞdžĐŝƚĞŵĞŶƚŽĨƚŚĞƉƌŽũĞĐƚƚŽďĞĚŽǁŶƚŽǁŶ͖ŚŽǁĞǀĞƌ͕ƐŚĞŶŽƚĞĚĐŽŶĐĞƌŶĨŽƌƚŚĞ ƉĂƌŬŝŶŐŝŶĐƌĞĂƐĞ͘ Dƌ͘^ƉĂĞƚŚƐƉŽŬĞŝŶƌĞŐĂƌĚƐƚŽƚŚĞƉĂƌŬŝŶŐĂŶĚƚŚĞƌĞǁŝůůďĞŶŽŶĞƚŐĂŝŶŝŶƉĂƌŬŝŶŐǁŝƚŚƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ͖ĂŶĚƚŚĞƌĞǁŝůůďĞĂŶĞƚůŽƐƐĨŽƌƵƐĞƐŽĨƚĞŶĂŶƚƐŽĨ,ŽůŝĚĂLJ/ŶŶĂŶĚ&ŽŶƚĂŝŶĞ͘,ĞŶŽƚĞĚ ƚŚĞƌĞŵĂLJďĞĂĐŽŶƚƌĂĐƚǁŝƚŚ&ŽŶƚĂŝŶĞŽŶƉĂƌŬŝŶŐ͕ďƵƚƚŚĞŽŶĞǁŝƚŚ,ŽůŝĚĂLJŚĂƐĞdžƉŝƌĞĚ͘,ĞĞdžƉůĂŝŶĞĚ ƚŚĞŝƚLJĐƵƌƌĞŶƚůLJĞdžƉůŽƌŝŶŐǁŚĂƚĐŽŶƚƌĂĐƚƐĂƌĞĐƵƌƌĞŶƚůLJŝŶƉůĂĐĞŝŶƚŚĞĚŽǁŶƚŽǁŶ͘ DƐ͘DĞĞŬĞdžƉůĂŝŶĞĚŚŽǁƐŚĞĨĞĞůƐƚŚĞĚĞƐŝƌĞŽĨƚŚĞŝƚLJƚŽŽĨĨĞƌƌĞƉůĂĐĞŵĞŶƚƉĂƌŬŝŶŐƚŽĐƵƌƌĞŶƚƚĞŶĂŶƚƐ͖ ĂŶĚŝƐĐŽŶĐĞƌŶĞĚǁŝƚŚƉĂƌŬŝŶŐŽŶƐĞĐŽŶĚĂŶĚƚŚŝƌĚĨůŽŽƌƐŽĨĚĞǀĞůŽƉŵĞŶƚŝŶƐƚĞĂĚŽĨĂĐƚŝǀĞƵƐĞƐ͘ Dƌ͘^ƉĂĞƚŚŵĂĚĞƚŚĞƉŽŝŶƚŚĞƵŶĚĞƌƐƚĂŶĚƐDƐ͘DĞĞŬ͛ƐĐŽŵŵĞŶƚďƵƚƚŚĞƌĞŝƐĂďĂůĂŶĐŝŶŐďĞƚǁĞĞŶƚŚĞ ďƵƐŝŶĞƐƐĚŽǁŶƚŽǁŶƉĂƌŬŝŶŐĂŶĚƉŚLJƐŝĐĂůĐŽŶƐƚƌĂŝŶƚƐŽĨƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚ͘ DƐ͘DĞĞŬĐŽŵŵĞŶƚĞĚƐŚĞĐŽƵůĚŶŽƚƐƵƉƉŽƌƚƚŚĞƉƌŽũĞĐƚĨŽƌƚŚĞƌĞĂƐŽŶŽĨƚŚĞĞdžĐĞƐƐƉĂƌŬŝŶŐ͖ďƵƚƚŚĞ ƉƵďůŝĐƐƉĂĐĞĂŶĚĂĞƐƚŚĞƚŝĐƐĂƌĞĞdžĐŝƚŝŶŐ͘ Dƌ͘ ŶŐĞůĚŝƌĞĐƚĞĚƚŚĞŽŵŵŝƐƐŝŽŶƚŽƌĞǀŝĞǁƚŚĞƚĂďůĞŽŶƉĂŐĞϭϰŽĨƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͘,ĞĨƵƌƚŚĞƌ ĞdžƉůĂŝŶĞĚƚŚĞƉĂƌŬŝŶŐĐĂůĐƵůĂƚŝŽŶƐƌĞƋƵŝƌĞĚďLJƚŚĞKƌĚŝŶĂŶĐĞ͕ŶŽƚŝŶŐƚŚĞƌĞŝƐŶŽƚĞdžĐĞƐƐƉĂƌŬŝŶŐƚŚĞ ĂƉƉůŝĐĂƚŝŽŶŝƐŵĞĞƚŝŶŐƚŚĞƌĞƋƵŝƌĞŵĞŶƚŝŶƉůĂĐĞďLJƚŚĞKƌĚŝŶĂŶĐĞ͘ DƐ͘DĞĞŬŵĂĚĞĂŵŽƚŝŽŶƚŽƚĂďůĞŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚͲ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚWƌĞůŝŵŝŶĂƌLJWůĂŶ ηϮϬϭϴͲϬϬϭhWƵŶƚŝůƉĞŶĚŝŶŐĐŽůůĞĐƚŝŽŶŽĨĨƵƌƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶŽŶĞdžĂĐƚƉĂƌŬŝŶŐĂůůŽĐĂƚŝŽŶƐ͘dŚĞ ŵŽƚŝŽŶĨĂŝůĞĚĚƵĞƚŽůĂĐŬŽĨƐĞĐŽŶĚ͘ DƐ͘tŝůƐŽŶƌĞǀŝĞǁĞĚƚŚĞĂƐƉĞĐƚƐŽĨƚŚĞƉƌŽũĞĐƚƚŚĂƚǁĞƌĞŝŶƋƵĞƐƚŝŽŶ͖ƚŚĞǁŝŶĚƐƚƵĚLJ͕ĂĐĐĞƐƐŝďŝůŝƚLJĨŽƌ ƚŚĞƐŬLJǁĂLJĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͖ĂůůĞLJǁĂLJĂĐĐĞƐƐ͕ĂŶĚĚĞƚĂŝůƐƚŽďĞŝŶĐůƵĚĞĚŝŶƚŚĞĨŝŶĂůƉůĂŶ͘ _3DJH 3DFNHW3J *M ŝƚLJWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗&ĞďƌƵĂƌLJϭϰ͕ϮϬϭϴ DƐ͘DĞĞŬŶŽƚĞĚƚŚĞĂĐĐĞƐƐƉŽŝŶƚƐĚŽŶŽƚŵĞĞƚƚŚĞDŐƵŝĚĞůŝŶĞƐĂŶĚǁŽƵůĚůŝŬĞƚŽƐĞĞĞdžŝƐƚŝŶŐ ĨĞĂƚƵƌĞƐďĞƵƐĞĚŝŶƚŚĞĨŝŶĂůƉůĂŶ͘ ŝƐĐƵƐƐŝŽŶĐŽŶƚŝŶƵĞĚĂŵŽŶŐƚŚĞŽŵŵŝƐƐŝŽŶŽŶƚŚĞĂůůĞLJǁĂLJĂĐĐĞƐƐĨƌŽŵƚŚĞƉĂƌŬŝŶŐƌĂŵƉ͘ Dƌ͘tĂůƚĞƌŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚͲ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ WƌĞůŝŵŝŶĂƌLJWůĂŶηϮϬϭϴͲϬϬϭhWǁŝƚŚƚŚĞƐƚĂĨĨͲƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐĂŶĚĐŽŶĚŝƚŝŽŶƐǁŝƚŚƚŚĞ ƌĞǀŝƐŝŽŶƐƚŽĐŽŶĚŝƚŝŽŶϭ͘ŬĂŶĚĂĚĚŝƚŝŽŶĂůĐŽŶĚŝƚŝŽŶŶŽ͘ϵ͘Dƌ͘,ŝůůƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘ KE/d/KE^͗ ϭ͘^ƵďŵŝƐƐŝŽŶŽĨĨŝŶĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶƐƐŚĂůůŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗ Ă͘/ĚĞĂůǁŝĚƚŚƐĨŽƌƐŝĚĞǁĂůŬnjŽŶĞƐĨƌŽŵ^ĞĐƚŝŽŶ͘ϬϭŝŶƚŚĞDĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐ ƐŚĂůůďĞƐŚŽǁŶŽŶƚŚĞďƵŝůĚŝŶŐƉůĂŶƐ͘/ĨƚŚĞƐĞǁŝĚƚŚƐĐĂŶŶŽƚďĞĂĐŚŝĞǀĞĚ͕ĂŶ ĞdžƉůĂŶĂƚŝŽŶƐŚĂůůďĞƉƌŽǀŝĚĞĚ͘ ď͘ĚĞƚĂŝůĞĚůŝƐƚŽĨďƵŝůĚŝŶŐŵĂƚĞƌŝĂůƐƐŚĂůůďĞƉƌŽǀŝĚĞĚ Đ͘ĚĞƚĂŝůĞĚůŝƐƚŽĨŐƌŽƵŶĚƐƵƌĨĂĐĞŵĂƚĞƌŝĂůƐƐŚĂůůďĞƉƌŽǀŝĚĞĚ͘ Ě͘^ƚƌĞĞƚĨƵƌŶŝƚƵƌĞĂŶĚŽƚŚĞƌƉĞĚĞƐƚƌŝĂŶĞůĞŵĞŶƚƐƐŚĂůůďĞŝĚĞŶƚŝĨŝĞĚ͘ Ğ͘dŚĞĨŝŶĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶƐƐŚĂůůĚĞŵŽŶƐƚƌĂƚĞĐŽŵƉůŝĂŶĐĞǁŝƚŚǀĞŚŝĐůĞĂŶĚďŝĐLJĐůĞ ƉĂƌŬŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐ͕ŽƌƐŚĂůůŝŶĐůƵĚĞĂƌĞƋƵĞƐƚĨŽƌĂŵŽĚŝĨŝĐĂƚŝŽŶƚŽƚŚĞƐĞ ƐƚĂŶĚĂƌĚƐ͘ Ĩ͘ZĞĐƌĞĂƚŝŽŶĂƌĞĂĂŶĚůĂŶĚƐĐĂƉĞĂƌĞĂĐĂůĐƵůĂƚŝŽŶƐƐŚĂůůďĞƉƌŽǀŝĚĞĚďĂƐĞĚŽŶƚŚĞ ĂƉƉůŝĐĂďůĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞŽŶŝŶŐKƌĚŝŶĂŶĐĞ͘ Ő͘ĞƚĂŝůĞĚĚĞƐĐƌŝƉƚŝŽŶƐŽĨƚŚĞŝŶĚĞƉĞŶĚĞŶƚůŝǀŝŶŐ͕ĂƐƐŝƐƚĞĚůŝǀŝŶŐ͕ĂŶĚŵĞŵŽƌLJĐĂƌĞ ƵƐĞƐƐŚĂůůďĞƉƌŽǀŝĚĞĚ͕ĂůŽŶŐǁŝƚŚƚŚĞŶĞĐĞƐƐĂƌLJůŝĐĞŶƐĞƐĨƌŽŵƚŚĞ^ƚĂƚĞŽĨ DŝŶŶĞƐŽƚĂƚŚĂƚĞĂĐŚǁŝůůƌĞƋƵŝƌĞ͘ Ś͘>ŽĐĂƚŝŽŶƐĂŶĚƐĐƌĞĞŶŝŶŐŽĨŵĞĐŚĂŶŝĐĂůĞƋƵŝƉŵĞŶƚƐŚĂůůďĞŝĚĞŶƚŝĨŝĞĚ͘ ŝ͘dŚĞĂĚĚŝƚŝŽŶŽĨĂƚŚŝƌĚďŽƵůĞǀĂƌĚƚƌĞĞĂůŽŶŐƚŚĞϰ ƚŚ^ƚƌĞĞƚ^ ĨƌŽŶƚĂŐĞ͘ ũ͘ZĞǀŝƐŝŽŶƐƚŽƚŚĞϮ ŶĚ^ƚƌĞĞƚ^ ĨƌŽŶƚĂŐĞĚĞƐŝŐŶƚŽƐŚŽƌƚĞŶĚƌŝǀĞǁĂLJĐƌŽƐƐŝŶŐƐ͕ ƌĞĚƵĐĞƚŚĞĂŵŽƵŶƚŽĨƉƌŝǀĂƚĞƐƉĂĐĞĂůŽŶŐƚŚĞĨƌŽŶƚĂŐĞĚĞǀŽƚĞĚƚŽǀĞŚŝĐůĞ ŵŽǀĞŵĞŶƚƐ͕ĂŶĚŝŶĐƌĞĂƐĞƐŝĚĞǁĂůŬǁŝĚƚŚƐƚŽďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƐƚĂŶĚĂƌĚƐŽĨ ƚŚĞDĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐ͘ ƌĚ Ŭ͘ZĞǀŝƐŝŽŶƐƚŽƚŚĞϯ^ƚƌĞĞƚ^ ĨƌŽŶƚĂŐĞƚŽƐƚƌĞŶŐƚŚĞŶƚŚĞƉĞĚĞƐƚƌŝĂŶĐŽŶŶĞĐƚŝŽŶ ƚŚƌŽƵŐŚƚŚĞĚƌŝǀĞǁĂLJĂŶĚǀĞŚŝĐůĞƚƵƌŶͲĂƌŽƵŶĚĂƌĞĂďLJĐŽŶƐŝĚĞƌŝŶŐĂŶĂůůĞLJǁĂLJ ĐŽŶŶĞĐƚŝŽŶĂůƚĞƌĂƚŝǀĞ͘ ů͘ĚĚŝƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶĨŽƌŝŶƚĞŶĚĞĚƐŝŐŶĂŐĞĨŽƌƚŚĞǀĂƌŝŽƵƐƵƐĞƐƉƌŽƉŽƐĞĚǁŝƚŚŝŶ ƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘ ŵ͘ĚĞƚĂŝůĞĚƉĂƌŬŝŶŐĂŶĂůLJƐŝƐƚŚĂƚŝĚĞŶƚŝĨŝĞƐƚŚĞƉĂƌŬŝŶŐƌĞƋƵŝƌĞŵĞŶƚǁŝƚŚŝŶƚŚĞDͲ WKĨŽƌĞĂĐŚƵƐĞĂŶĚĂŶLJƉĂƌŬŝŶŐƌĞĚƵĐƚŝŽŶƐƚŚĂƚĂƌĞƵƚŝůŝnjĞĚ͘ Ϯ͘dŚŝƐƉƌŽƉŽƐĞĚƉƌŽũĞĐƚǁŝůůŝŶĐůƵĚĞŝŵƉƌŽǀĞŵĞŶƚƐƚŽĞdžŝƐƚŝŶŐƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĂƐǁĞůů ĂƐ͕ƉƌŽƉŽƐĞĚƉƌŝǀĂƚĞŝŵƉƌŽǀĞŵĞŶƚƐǁŝƚŚŝŶĐĞƌƚĂŝŶĞdžŝƐƚŝŶŐƉƵďůŝĐƌŝŐŚƚͲŽĨͲǁĂLJͬ ĞĂƐĞŵĞŶƚƐ͘dŚĞĞǀĞůŽƉĞƌ͛Ɛ͕ĂŶĚƚŚĞŝƚLJ͛ƐƌĞƐƉĞĐƚŝǀĞŽďůŝŐĂƚŝŽŶƐĨŽƌĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ;ŝŶĐůƵĚŝŶŐƐŶŽǁƌĞŵŽǀĂůͿŽĨŝŵƉƌŽǀĞŵĞŶƚƐǁŝƚŚŝŶƚŚĞƉƵďůŝĐƌŝŐŚƚŽĨǁĂLJͬ _3DJH 3DFNHW3J *M ŝƚLJWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗&ĞďƌƵĂƌLJϭϰ͕ϮϬϭϴ ĞĂƐĞŵĞŶƚƐŶĞĞĚƐƚŽďĞĨŽƌŵĂůůLJĂĚĚƌĞƐƐĞĚďLJĂŐƌĞĞŵĞŶƚ͕ƉƌŝŽƌƚŽĨŝŶĂůƉĞƌŵŝƚĂƉƉƌŽǀĂů ĨŽƌƚŚŝƐƉƌŽũĞĐƚ͘ƐĨŝŶĂůƉƌŽũĞĐƚĚĞƐŝŐŶĨĞĂƚƵƌĞƐĂƌĞĨŽƌŵƵůĂƚĞĚ͕ƚŚĞĞǀĞůŽƉĞƌƐŚŽƵůĚďĞ ĐŽŽƌĚŝŶĂƚŝŶŐǁŝƚŚŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶĂŶĚWƵďůŝĐtŽƌŬƐƐƚĂĨĨĚƵƌŝŶŐƚŚĞĚĞǀĞůŽƉŵĞŶƚ ƌĞǀŝĞǁƉƌŽĐĞƐƐƚŽŚĂǀĞƚŚĞŝƚLJƌĞǀŝĞǁƚŚĞĚĞƐŝŐŶĨĞĂƚƵƌĞƐĂŶĚƉƌĞƉĂƌĞĂŶĂƉƉƌŽƉƌŝĂƚĞ ĂŐƌĞĞŵĞŶƚ;ĞǀĞůŽƉŵĞŶƚŐƌĞĞŵĞŶƚ͕ZĞǀŽĐĂďůĞWĞƌŵŝƚŐƌĞĞŵĞŶƚ͕ŽŶƚƌŝďƵƚŝŽŶ ŐƌĞĞŵĞŶƚ͘ĞƚĐͿƚŽďĞƐƚŵĞŵŽƌŝĂůŝnjĞƚŚĞƉĂƌƚŝĞƐ͛ŽďůŝŐĂƚŝŽŶƐĂŶĚƚŽĨĂĐŝůŝƚĂƚĞƚŚĞ ƌĞĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚ͘ ϯ͘WƌŝŽƌƚŽĨŝŶĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶĂƉƉƌŽǀĂů͕'ƌĂĚŝŶŐΘƌĂŝŶĂŐĞWůĂŶĂƉƉƌŽǀĂůŝƐƌĞƋƵŝƌĞĚ ĨŽƌƚŚŝƐƉƌŽũĞĐƚ͘ ϰ͘WƌŝŽƌƚŽĨŝŶĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶĂƉƉƌŽǀĂů͕ƚŚĞĞǀĞůŽƉĞƌǁŝůůŶĞĞĚƚŽƐĞĞŬĂŶĚŽďƚĂŝŶ ĂƉƉƌŽǀĂůĨƌŽŵƚŚĞŝƚLJ ŶŐŝŶĞĞƌĨŽƌĂ^ƵďƐƚĂŶĚĂƌĚĐĐĞƐƐĂƐƉƌŽǀŝĚĞĚĨŽƌŝŶ>Dϲϰ͘ϭϰϲ ĨŽƌƚŚĞƉƌŽƉŽƐĞĚƌĂŵƉĞŶƚƌĂŶĐĞͬĞdžŝƚŽĨĨŽĨϮŶĚ^ƚ^ ͕ǁŚŝĐŚĚŽĞƐŶŽƚŵĞĞƚĂĐĐĞƐƐ ƐƉĂĐŝŶŐƐƚĂŶĚĂƌĚƐŝŶ>Dϲϰ͘ϭϰϯĨƌŽŵƚŚĞĂďƵƚƚŝŶŐWƵďůŝĐůůĞLJ͘ ϱ͘ džĞĐƵƚŝŽŶŽĨĂŝƚLJͲKǁŶĞƌŽŶƚƌĂĐƚǁŝůůďĞƌĞƋƵŝƌĞĚĨŽƌĂŶLJŶĞǁƉƵďůŝĐŝŵƉƌŽǀĞŵĞŶƚƐ ĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚŝƐƉƌŽũĞĐƚ͕ĐŽŶĐƵƌƌĞŶƚǁŝƚŚƚŚĞŝŶƐƚĂůůĂƚŝŽŶŽĨƚŚĞŝŵƉƌŽǀĞŵĞŶƚƐ͘ ϲ͘ džĞĐƵƚŝŽŶŽĨĂƐĞƉĂƌĂƚĞZĞǀŽĐĂďůĞWĞƌŵŝƚŐƌĞĞŵĞŶƚǁŝůůďĞƌĞƋƵŝƌĞĚĨŽƌĂŶLJƉƌŝǀĂƚĞ ŝŵƉƌŽǀĞŵĞŶƚƐǁŝƚŚŝŶƚŚĞƉƵďůŝĐƌŝŐŚƚͲŽĨͲǁĂLJĂŶĚŽƚŚĞƌƉƵďůŝĐĞĂƐĞŵĞŶƚƐ͕ƵŶůĞƐƐ͕ƐĂŝĚ ĞŶĐƌŽĂĐŚŵĞŶƚƐĂƌĞŶŽƚŽƚŚĞƌǁŝƐĞĂĚĚƌĞƐƐĞĚǁŝƚŚŝŶƐŽŵĞŽƚŚĞƌŝƚLJƉƌĞƉĂƌĞĚŐƌĞĞŵĞŶƚ͘ ϳ͘ĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƉƌŽƉĞƌƚLJŝƐƐƵďũĞĐƚƚŽĂ^ĞǁĞƌǀĂŝůĂďŝůŝƚLJŚĂƌŐĞ;^ͿĂŶĚĂtĂƚĞƌ ǀĂŝůĂďŝůŝƚLJŚĂƌŐĞ;tͿǁŚŝĐŚĂƌĞĚƵĞĐŽŶĐƵƌƌĞŶƚǁŝƚŚŝƐƐƵĂŶĐĞŽĨĂhƚŝůŝƚLJŽŶŶĞĐƚŝŽŶ WĞƌŵŝƚ͘dŚĞĚĞǀĞůŽƉŵĞŶƚŝƐĂůƐŽƐƵďũĞĐƚƚŽĂWůĂŶƚ/ŶǀĞƐƚŵĞŶƚ&ĞĞ;W/&ͿǁŚŝĐŚǁŝůůďĞ ĐĂůĐƵůĂƚĞĚĂŶĚĐŽůůĞĐƚĞĚĂƐƉĂƌƚŽĨƚŚĞƵŝůĚŝŶŐWĞƌŵŝƚƌĞǀŝĞǁĂŶĚĂƉƉƌŽǀĂůƉƌŽĐĞƐƐ͘ ϴ͘EZtĂƚĞƌƉƉƌŽƉƌŝĂƚŝŽŶWĞƌŵŝƚǁŝůůďĞƌĞƋƵŝƌĞĚĨŽƌƚŚĞƚĂŬŝŶŐŽĨǁĂƚĞƌĨŽƌƚĞŵƉŽƌĂƌLJ ĐŽŶƐƚƌƵĐƚŝŽŶĚĞǁĂƚĞƌŝŶŐŶŽƚƚŽĞdžĐĞĞĚϱϬŵŝůůŝŽŶŐĂůůŽŶƐ͕ŽƌĨŽƌŽŶŐŽŝŶŐĚĞǁĂƚĞƌŝŶŐ ǁŚĞŶǀŽůƵŵĞƐĞdžĐĞĞĚϭϬ͕ϬϬϬŐĂůůŽŶƐƉĞƌĚĂLJŽƌŽŶĞŵŝůůŝŽŶŐĂůůŽŶƐŽĨǁĂƚĞƌƉĞƌLJĞĂƌ͘ dŚĞĨŝŶĂůƉůĂŶƐŚĂůůŝĚĞŶƚŝĨLJǁŝƚŚŝŶƚŚĞWƵďůŝĐƌŝŐŚƚͲŽĨͲǁĂLJŚŽǁďŝĐLJĐůĞƐ͕ǁŚĞĞůĐŚĂŝƌƐĂŶĚ ϵ͘ ƌĚ ƉĞĚĞƐƚƌŝĂŶƐǁŝůůŵŽǀĞƐĂĨĞƚLJĂŶĚĚŝƌĞĐƚůLJĂŶĚĐŽŶǀĞŶŝĞŶƚůLJďĞƚǁĞĞŶϯ^ƚƌĞĞƚĂŶĚƚŚĞ ƌŝǀĞƌƚƌĂŝů͘ DƐ͘DĞĞŬĞdžƉƌĞƐƐĞĚŚĞƌƐƚƌƵŐŐůĞǁŝƚŚƐƵƉƉŽƌƚŝŶŐƚŚĞƉƌŽũĞĐƚĨŽƌĐŽŶĐĞƌŶƐǁŝƚŚƉĂƌŬŝŶŐĂŶĚƚŚĞ ŝƚLJĂƐŬŝŶŐĨŽƌƌĞƉůĂĐĞŵĞŶƚƐƚĂůůƐ͖ĂŶĚŶŽƚǁŽƌƚŚLJŽĨŚĞƌǀŽƚĞ͘^ŚĞǁŝůůŶŽƚƐƵƉƉŽƌƚĨŽƌƚŚĞ ƉƌŽũĞĐƚƚŚŝƐƌĞĂƐŽŶ͘ dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϱͲϭ͘DƐ͘DĞĞŬǀŽƚŝŶŐŶĂLJ͘ _3DJH 3DFNHW3J *N WĂŐĞͮϭ D DKZEhD &ƌŽŵ͗ZŽĐŚĞƐƚĞƌʹKůŵƐƚĞĚWůĂŶŶŝŶŐĞƉƚͬdƌĂŶƐƉŽƌƚĂƚŝŽŶŝǀŝƐŝŽŶ ĂƚĞ͗&ĞďƌƵĂƌLJϱ͕ϮϬϭϴ Z ͗ZĞǀŝĞǁŽĨůŽŽŵWƌŽũĞĐƚdƌĂĨĨŝĐ/ŵƉĂĐƚ^ƚƵĚLJ dƌĂĨĨŝĐ/ŵƉĂĐƚ^ƚƵĚLJǁĂƐƐƵďŵŝƚƚĞĚĨŽƌƚŚĞƉƌŽƉŽƐĞĚůŽŽŵĚĞǀĞůŽƉŵĞŶƚŽŶ:ĂŶƵĂƌLJϭϲ͕ϮϬϭϴ͘dŚŝƐƐƚƵĚLJ ǁĂƐĂŶƵƉĚĂƚĞƚŽĂŶŽƌŝŐŝŶĂůd/ZĨŝůĞĚŝŶEŽǀĞŵďĞƌŽĨϮϬϭϲĂŶĚƌĞĨůĞĐƚƐƌĞǀŝƐĞĚĂƐƐƵŵƉƚŝŽŶƐƌĞŐĂƌĚŝŶŐƚŚĞ ƵƐĞƐƉƌŽƉŽƐĞĚŽŶƚŚĞƐŝƚĞĂŶĚĂůƐŽŝŶĐůƵĚĞƐĂƉƌŽƉŽƐĞĚdƌĂǀĞůĞŵĂŶĚDĂŶĂŐĞŵĞŶƚWůĂŶ;dDWͿĨŽƌƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ͕ĂƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚĞƌĞǀŝƐĞĚŽǁŶƚŽǁŶWĂƌŬŝŶŐŽŶŝŶŐKǀĞƌůĂLJĂĚŽƉƚĞĚŝŶϮϬϭϳ͘dŚŝƐŵĞŵŽ ƉƌŽǀŝĚĞƐĂƌĞǀŝĞǁŽĨƚŚĞĂŶƚŝĐŝƉĂƚĞĚƚƌĂĨĨŝĐŝŵƉĂĐƚďĂƐĞĚŽŶƚŚĞĞŝŐŚƚĨĂĐƚŽƌƐůŝƐƚĞĚŝŶƚŚĞ>ĂŶĚĞǀĞůŽƉŵĞŶƚ DĂŶƵĂů͕ĂŶĚƉƌŽǀŝĚĞƐĂŶĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞƉƌŽƉŽƐĞĚdDW͘ ZĞǀŝĞǁŽĨWƌŽƉŽƐĞĚdƌĂĨĨŝĐŶĂůLJƐŝƐ&ŝŶĚŝŶŐƐ dŚĞƐƚƵĚLJƌĞƐƉŽŶĚƐƚŽƚŚĞĞŝŐŚƚĨĂĐƚŽƌƐůŝƐƚĞĚŝŶϲϭ͘ϱϮϯŽĨƚŚĞ>ĂŶĚĞǀĞůŽƉŵĞŶƚƌĞůĂƚĞĚƚŽƉŽƚĞŶƚŝĂůƚƌĂĨĨŝĐ ŝŵƉĂĐƚƐŽĨƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚƐ͘dŚĞĞŝŐŚƚĨĂĐƚŽƌƐĂƌĞ͗ dƌĂĨĨŝĐ&ůŽǁĂŶĚWƌŽŐƌĞƐƐŝŽŶ ZŽĂĚǁĂLJĂƉĂĐŝƚLJ ZŽĂĚǁĂLJKƉĞƌĂƚŝŽŶƐ;>ĞǀĞůŽĨ^ĞƌǀŝĐĞsĞŚŝĐůĞ^ƚŽƌĂŐĞ;YƵĞƵŝŶŐͿ EƵŵďĞƌŽĨĐĐĞƐƐWŽŝŶƚƐ/ŶƚĞƌŶĂů^ŝƚĞŝƌĐƵůĂƚŝŽŶ ZĞƐŝĚĞŶƚŝĂů^ƚƌĞĞƚ/ŵƉĂĐƚ^ĂĨĞƚLJ tĞĨŝŶĚƚŚĞƌĞƐƵůƚƐĚŽĐƵŵĞŶƚĞĚŝŶƚŚĞƐƚƵĚLJƌĞƉŽƌƚƐƵƉƉŽƌƚĂĨŝŶĚŝŶŐƚŚĂƚƚŚĞĞdžƉĞĐƚĞĚĐŽŶĚŝƚŝŽŶƐŵĞĞƚƚŚĞ ƚŚƌĞƐŚŽůĚƐĞƐƚĂďůŝƐŚĞĚŝŶƚŚĞŽƌĚŝŶĂŶĐĞĨŽƌƚƌĂĨĨŝĐŽƉĞƌĂƚŝŽŶƐ͘dŚĞƐƚƵĚLJĚŽĞƐĨŝŶĚƚŚĂƚƚŚĞƌĞǁŝůůďĞƐŽŵĞ ůĞŶŐƚŚĞŶŝŶŐŽǀĞƌƚŝŵĞŝŶƚĞƌŵƐŽĨůĞĨƚĂŶĚƌŝŐŚƚƚƵƌŶƋƵĞƵĞůĞŶŐƚŚƐĂƚĐĞƌƚĂŝŶŝŶƚĞƌƐĞĐƚŝŽŶƐŝŶƚŚĞǀŝĐŝŶŝƚLJŽĨ ƚŚĞƐŝƚĞ͕ƉƌŝŵĂƌŝůLJĂƚƌŽĂĚǁĂLJǀĞĂŶĚϰ ƚŚ ^ƚ^ŽƵƚŚ͘DŽƐƚŽĨƚŚŝƐŝŵƉĂĐƚŝƐĚƵĞƚŽŐĞŶĞƌĂůŐƌŽǁƚŚŝŶ ďĂĐŬŐƌŽƵŶĚƚƌĂĨĨŝĐŽǀĞƌƚŝŵĞ͕ŚŽǁĞǀĞƌ͕ĂŶĚŶŽƚĂĚŝƌĞĐƚƌĞƐƵůƚŽĨƉƌŽũĞĐƚĞĚƚƌĂĨĨŝĐŝŶĐƌĞĂƐĞƐƌĞƐƵůƚŝŶŐĨƌŽŵ ƚŚŝƐĚĞǀĞůŽƉŵĞŶƚ͘/ŶŵŽƐƚŝŶƐƚĂŶĐĞƐƚŚĞƉƌŽũĞĐƚĞĚůĞŶŐƚŚĞŶŝŶŐŽĨŵĂdžŝŵƵŵƉĞĂŬŚŽƵƌƋƵĞƵĞůĞŶŐƚŚƐŝƐŝŶ ƚŚĞƌĂŶŐĞŽĨŽŶĞƚŽƚǁŽĐĂƌůĞŶŐƚŚƐ͕ǁŚŝĐŚŝƐĂŵŝŶŽƌŝŵƉĂĐƚǁŚĞŶĐŽŶƐŝĚĞƌĞĚŽǀĞƌĂϭϬͲϭϱLJĞĂƌƉůĂŶŶŝŶŐ ŚŽƌŝnjŽŶ͘ KŶĞĂĚĚŝƚŝŽŶĂůĐŽŵŵĞŶƚŝŶƌĞŐĂƌĚƐƚŽƚŚĞƚƌĂĨĨŝĐĂŶĂůLJƐŝƐƐƚĂĨĨǁŽƵůĚŽĨĨĞƌŝƐƚŚĂƚƚŚĞƚƌĂĨĨŝĐŝŵƉĂĐƚĚƵĞƚŽ ƚŚĞĚĞǀĞůŽƉŵĞŶƚŵĂLJďĞŽǀĞƌƐƚĂƚĞĚ͘dŚĞƌĞĂƐŽŶĨŽƌƚŚŝƐĂƌĞƚǁŽĨŽůĚ͗ ϭͿŝŶĐĂůĐƵůĂƚŝŶŐƚŚĞĞdžƉĞĐƚĞĚƚƌŝƉŐĞŶĞƌĂƚŝŽŶŽĨĂĚĞǀĞůŽƉŵĞŶƚƚŚĞŝŶĚƵƐƚƌLJƐƚĂŶĚĂƌĚĨŽƌŝĚĞŶƚŝĨLJŝŶŐ ƚƌĂĨĨŝĐůĞǀĞůƐĨŽƌĚŝĨĨĞƌĞŶƚůĂŶĚƵƐĞƐŝƐƚŚĞ/ŶƐƚŝƚƵƚĞŽĨdƌĂŶƐƉŽƌƚĂƚŝŽŶ ŶŐŝŶĞĞƌƐ;/d ͿdƌŝƉ'ĞŶĞƌĂƚŝŽŶ DĂŶƵĂů͘dŚĞƌĞƐĞĂƌĐŚŽŶǁŚŝĐŚƉƵďůŝƐŚĞĚƚƌŝƉŐĞŶĞƌĂƚŝŽŶƌĂƚĞƐĂƌĞĐƵƌƌĞŶƚůLJďĂƐĞĚƌĞůLJůĂƌŐĞůLJŽŶ ƐƚƵĚŝĞƐƚŚĂƚŚĂǀĞďĞĞŶĐŽŶĚƵĐƚĞĚŝŶƉƌŝŵĂƌŝůLJĂƵƚŽͲŽƌŝĞŶƚĞĚĞŶǀŝƌŽŶŵĞŶƚƐǁŝƚŚůŝŵŝƚĞĚƚƌĂŶƐŝƚ ƐĞƌǀŝĐĞŽƌƉĞĚĞƐƚƌŝĂŶƚƌŝƉƐďĞƚǁĞĞŶĚĞǀĞůŽƉŵĞŶƚƐ͘/ŶĂŶĞŶǀŝƌŽŶŵĞŶƚƐƵĐŚĂƐĚŽǁŶƚŽǁŶZŽĐŚĞƐƚĞƌ ŽŶĞǁŽƵůĚĞdžƉĞĐƚƚŽƐĞĞĂŚŝŐŚĞƌƐŚĂƌĞŽĨƚƌŝƉƐďĞƚǁĞĞŶƵƐĞƐ;[[1616,2814,1655,2870][11][,I,][Calibri]]Žƚ [[1654,2814,2286,2870][11][,I,][Calibri]]ŚĞƌƚŚĂŶƚƌŝƉƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞ [[450,2874,896,2930][11][,I,][Calibri]]ƉƌŽƉŽƐĞĚƉƵďůŝĐƉĂƌŬŝŶŐ [[896,2874,2248,2930][11][,,][Calibri]]ͿƐƵĐŚĂƐƚŚĞƉƌŽƉŽƐĞĚƌĞƐƚĂƵƌĂŶƚƐŽƌƌĞƚĂŝůƐŚŽƉƉŝŶŐĂƌĞĂƐŝŶƚŚĞůŽŽŵ ƉƌŽũĞĐƚƚŽďĞŐĞŶĞƌĂƚĞĚďLJƉĞŽƉůĞǁĂůŬŝŶŐĨƌŽŵŽƚŚĞƌůŽĐĂƚŝŽŶƐŝŶĚŽǁŶƚŽǁŶ͘tŚŝůĞƚŚĞƐƚƵĚLJ ϭͮWĂŐĞ 3DFNHW3J *N WĂŐĞͮϮ ĂƐƐƵŵĞĚĂϯϬйƐŚĂƌĞĨŽƌǁĂůŬŝŶŐĂŶĚƚƌĂŶƐŝƚ͕ƉƌĞůŝŵŝŶĂƌLJƌĞƐĞĂƌĐŚďĞŝŶŐŐĂƚŚĞƌĞĚďLJ/d ĂŶĚŽƚŚĞƌ ƌĞƐĞĂƌĐŚĞƌƐŚĂǀĞƐŚŽǁŶƚŚĂƚǀĞŚŝĐůĞƐƚƌŝƉƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƌĞƐŝĚĞŶƚŝĂůƵƐĞƐŝŶĂĚĞŶƐĞĚŽǁŶƚŽǁŶ ŵĂLJďĞƵƉƚŽϱϬйůŽǁĞƌƚŚĂŶƚLJƉŝĐĂůƐƵďƵƌďĂŶƌĂƚĞƐ͕ĂŶĚǀĞŚŝĐůĞƚƌŝƉŵĂŬŝŶŐĂƐƐŽĐŝĂƚĞĚǁŝƚŚ ƌĞƐƚĂƵƌĂŶƚĂŶĚƌĞƚĂŝůƵƐĞƐŵĂLJďĞϰϬйůŽǁĞƌ͘ ϮͿ/ŶƚŚĞĂŶĂůLJƐŝƐƚŚĞĐŽŶƐƵůƚĂŶƚƵƐĞĚƚŚĞƌĞƉŽƌƚĞĚƉĞĂŬƚƌŝƉƌĂƚĞƐĨŽƌĞĂĐŚƵƐĞĨŽƌĐŽŶƐŝƐƚĞŶĐLJ ƉƵƌƉŽƐĞƐ͘,ĞƌĞĂŐĂŝŶ͕ŶĞǁƌĞƐĞĂƌĐŚŝŶĐůƵĚĞĚŝŶƚŚĞdƌŝƉ'ĞŶĞƌĂƚŝŽŶDĂŶƵĂůƐƵŐŐĞƐƚƐƚŚĞDƉĞĂŬ ŚŽƵƌĨŽƌƵƐĞƐƐƵĐŚĂƐƐĞŶŝŽƌŚŽƵƐŝŶŐ͕ƌĞƐƚĂƵƌĂŶƚƐŽƌƌĞƚĂŝůŝƐŶŽƚŽĐĐƵƌƌŝŶŐĚƵƌŝŶŐƚŚĞƚLJƉŝĐĂůϳͲϴD ƉĞƌŝŽĚ͕ƉƵƚĐůŽƐĞƌƚŽϭϮ͗ϬϬ͘ ŽŶƐŝĚĞƌŝŶŐƚŚĞƐĞĨĂĐƚŽƌƐ͕ǁĞĨŝŶĚƚŚĞŚĞƌĞƐƵůƚƐŽĨƚŚĞůŽŽŵƚƌĂĨĨŝĐƐƚƵĚLJůŝŬĞůLJƉƌĞƐĞŶƚƐĂĐŽŶƐĞƌǀĂƚŝǀĞ ;ŝĞ͕ǁŽƌƐƚĐĂƐĞͿƐĐĞŶĂƌŝŽďƵƚůŝŬĞůLJŽǀĞƌƐƚĂƚĞƐƚŚĞƚLJƉŝĐĂůƚƌĂĨĨŝĐŝŵƉĂĐƚŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚƚŽĂĚĞŐƌĞĞ͘ dƌĂĨĨŝĐ&ŝŶĚŝŶŐƐ͗ ZĞǀŝĞǁŝŶŐƚŚĞƌĞƐƵůƚƐŽĨƚŚĞƐƚƵĚLJƌĞůĂƚŝǀĞƚŽƚŚĞĨĂĐƚŽƌƐůŝƐƚĞĚŝŶƚŚĞ>DǁĞĨŝŶĚ͗ ZŽĂĚǁĂLJĂƉĂĐŝƚLJ͗dŚĞsŽůƵŵĞƚŽĂƉĂĐŝƚLJZĂƚŝŽ;sͬͿŝƐĂŚŝŐŚůĞǀĞůŵĞĂƐƵƌĞƚŚĂƚƉƌŽǀŝĚĞƐĂŶŝŶĚŝĐĂƚŝŽŶŽĨ ǁŚĞƚŚĞƌƚŚĞŶƵŵďĞƌŽĨůĂŶĞƐƉƌŽǀŝĚĞĚŝŶĐŽƌƌŝĚŽƌƐĂŶĚĂƚŝŶƚĞƌƐĞĐƚŝŽŶƐǁŝůůďĞƐƵĨĨŝĐŝĞŶƚƚŽŚĂŶĚůĞ ĂŶƚŝĐŝƉĂƚĞĚƚƌĂĨĨŝĐĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨƋƵŝĐŬůLJĂƐƐĞƐƐŝŶŐƚŚĞŶĞĞĚĨŽƌĐĂƉĂĐŝƚLJŝŵƉƌŽǀĞŵĞŶƚƐ͘dŚĞ>D ƚŚƌĞƐŚŽůĚĨŽƌĂĐĐĞƉƚĂďŝůŝƚLJŝƐĨŽƌƚŚĞsͬƚŽŶŽƚĐŽŶƐŝƐƚĞŶƚůLJĞdžĐĞĞĚϬ͘ϵŽŶĂŶĂƌƚĞƌŝĂůƐƚƌĞĞƚ͘dŚĞƐƚƵĚLJĨŽƵŶĚ ƚŚĂƚŶŽƐƚƌĞĞƚƐŝŶƚŚĞǀŝĐŝŶŝƚLJŽĨƚŚĞƐŝƚĞĂƌĞĞdžƉĞĐƚĞĚƚŽĞdžĐĞĞĚƚŚŝƐƐƚĂŶĚĂƌĚ ZŽĂĚǁĂLJKƉĞƌĂƚŝŽŶƐ͗ZŽĂĚǁĂLJKƉĞƌĂƚŝŽŶƐĂƌĞĂƐƐĞƐƐĞĚǁŝƚŚĂŵĞĂƐƵƌĞŬŶŽǁŶĂƐ>ĞǀĞůŽĨ^ĞƌǀŝĐĞ;>K^Ϳ ǁŚŝĐŚƉƌŽǀŝĚĞƐĂŶŝŶĚŝĐĂƚŝŽŶŽĨĚĞůĂLJĂŶĚĐŽŶŐĞƐƚŝŽŶĂůŽŶŐƐƚƌĞĞƚĐŽƌƌŝĚŽƌƐĚƵĞƚŽŝŶƚĞƌƐĞĐƚŝŽŶŽƌĂĐĐĞƐƐ ƉŽŝŶƚŽƉĞƌĂƚŝŽŶƐ͘dŚĞĂŶĂůLJƐŝƐĨŽƵŶĚƚŚĂƚƚŚĂƚŝŶĂůůƚŚƌĞĞƚŝŵĞĨƌĂŵĞƐĂŶĂůLJnjĞĚ;ĞdžŝƐƚŝŶŐĐŽŶĚŝƚŝŽŶƐ͕ŽŶĞLJĞĂƌ ĂĨƚĞƌĐŽŵƉůĞƚŝŽŶ;ϮϬϮϮͿĂŶĚƚĞŶLJĞĂƌƐĂĨƚĞƌĐŽŵƉůĞƚŝŽŶ;ϮϬϯϮͿĂůůŝŶƚĞƌƐĞĐƚŝŽŶƐŝŶƚŚĞǀŝĐŝŶŝƚLJŽĨƚŚĞƐŝƚĞ ǁŽƵůĚŵĞĞƚƚŚĞƐƚĂŶĚĂƌĚƐŽĨƚŚĞ>D ŶĚ EƵŵďĞƌŽĨĐĐĞƐƐWŽŝŶƚƐ͗dŚĞĚĞǀĞůŽƉŵĞŶƚƌĞůŝĞƐŽŶƚǁŽƉĂƌŬŝŶŐĨĂĐŝůŝƚLJĂĐĐĞƐƐƉŽŝŶƚƐ͕ŽŶĞŽŶϮ^ƚ^ ĂŶĚ ŽŶĞŽŶϯ ƌĚ^ƚ^ ͘ĂƐĞĚŽŶƚŚĞĂŶĂůLJƐŝƐŽĨŽƉĞƌĂƚŝŽŶƐĂƚƚŚĞƐĞĂĐĐĞƐƐƉŽŝŶƚƐ͕ƚŚĞŶƵŵďĞƌĂŶĚůŽĐĂƚŝŽŶŽĨ ĂĐĐĞƐƐƉŽŝŶƚƐůŽŽŬƚŽƉƌŽǀŝĚĞƌĞĂƐŽŶĂďůĞĂĐĐĞƐƐƚŽƚŚĞƐŝƚĞ ZĞƐŝĚĞŶƚŝĂů^ƚƌĞĞƚ/ŵƉĂĐƚ͗dŚĞƌĞĂƌĞŶŽƌĞƐŝĚĞŶƚŝĂůƐƚƌĞĞƚƐŝŶƚŚĞǀŝĐŝŶŝƚLJŽĨƚŚĞƐŝƚĞĂŶĚƚŚƵƐŶŽƚŝŵƉĂĐƚŝƐ ĂŶƚŝĐŝƉĂƚĞĚ͘ dƌĂĨĨŝĐ&ůŽǁĂŶĚWƌŽŐƌĞƐƐŝŽŶ͗dŚĞƐƚƵĚLJĚŝĚŶŽƚĨŝŶĚĂŶĞĞĚĨŽƌĂŶLJŵŝƚŝŐĂƚŝŽŶŝŶƚĞƌŵƐŽĨĂĚũƵƐƚŵĞŶƚƐƚŽ ƚƌĂĨĨŝĐƐŝŐŶĂůƚŝŵŝŶŐƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚƚŚƵƐŶŽŝŵƉĂĐƚƚŽĞdžŝƐƚŝŶŐƚƌĂĨĨŝĐĨůŽǁĂŶĚ ƉƌŽŐƌĞƐƐŝŽŶŽŶƌŽĂĚǁĂLJǀĞĂƌĞĂŶƚŝĐŝƉĂƚĞĚ͘dŚĞĐŝƚLJŚĂƐĐŽŶĚƵĐƚĞĚƉĞƌŝŽĚŝĐƐŝŐŶĂůƚŝŵŝŶŐƐƚƵĚŝĞƐĂůŽŶŐ ƌŽĂĚǁĂLJŝŶƚŚĞƉĂƐƚƚŽŝĚĞŶƚŝĨLJƉŽƐƐŝďůĞŝŵƉƌŽǀĞŵĞŶƚƐĂŶĚǁĞǁŽƵůĚĞdžƉĞĐƚƚŚĂƚƚŽĐŽŶƚŝŶƵĞƉĞƌŝŽĚŝĐĂůůLJ ŝŶƚŚĞĨƵƚƵƌĞ͘ sĞŚŝĐůĞ^ƚŽƌĂŐĞ;YƵĞƵŝŶŐͿ͗dŚĞƋƵĞƵŝŶŐƌĞƐƵůƚƐƉƌŽǀŝĚĞĚŝŶƚŚĞƐƚƵĚLJůŽŽŬĂƚĞdžƉĞĐƚĞĚǁŽƌƐƚĐĂƐĞƉƌŽďůĞŵƐ ǁŚŝĐŚĐĂŶďĞĞdžƉĞĐƚĞĚƚŽŽĐĐƵƌƉĞƌŝŽĚŝĐĂůůLJďƵƚŶŽƚĐŽŶƚŝŶƵŽƵƐůLJƚŚƌŽƵŐŚŽƵƚƚŚĞƉĞĂŬŚŽƵƌ͘YƵĞƵŝŶŐ ƉƌŽďůĞŵƐĐĂŶƚĂŬĞŽŶĞŽĨƚǁŽĨŽƌŵƐ͕ĞŝƚŚĞƌƚƌĂĨĨŝĐŝŶƚƵƌŶůĂŶĞƐďƵŝůĚŝŶŐƵƉĂŶĚƐƉŝůůŝŶŐďĂĐŬŝŶƚŽƚŚĞ ĂĚũĂĐĞŶƚƚŚƌŽƵŐŚůĂŶĞ͕ŽƌƋƵĞƵŝŶŐƚŚĂƚĐĂƵƐĞƐƚƌĂĨĨŝĐƚŽďĂĐŬƵƉŝŶƚŽƚŚĞŶĞdžƚƵƉƐƚƌĞĂŵŝŶƚĞƌƐĞĐƚŝŽŶ͘dŽ ƐŽŵĞĞdžƚĞŶƚƚŚĞƉƌŽďůĞŵŽĨƉĞĂŬŚŽƵƌƚƌĂĨĨŝĐƋƵĞƵĞƐĞdžĐĞĞĚŝŶŐƚŚĞƐƚŽƌĂŐĞĐĂƉĂĐŝƚLJŽĨůĞĨƚĂŶĚƌŝŐŚƚƚƵƌŶ ůĂŶĞƐĞdžŝƐƚƐĐƵƌƌĞŶƚůLJŝŶƚŚĞǀŝĐŝŶŝƚLJŽĨƚŚĞƐŝƚĞ͘ƐŶŽƚĞĚĂďŽǀĞ͕ƚŚĞƌĞǁŝůůďĞƐŽŵĞŝŶĐƌĞŵĞŶƚĂůŝŶĐƌĞĂƐĞŝŶ ƚŚŝƐĞdžƉĞĐƚĞĚŽǀĞƌƚŝŵĞ͕ďƵƚƚŚĞĂŶĂůLJƐŝƐĨŝŶĚƐƚŚŝƐŝŶĐƌĞĂƐĞǁŝůůďĞŵŝŶŽƌ;ůĞƐƐƚŚĂŶϭϬйŝŵƉĂĐƚͿĂŶĚůĂƌŐĞůLJ ƚŚĞƌĞƐƵůƚŽĨďĂĐŬŐƌŽƵŶĚƚƌĂĨĨŝĐŐƌŽǁƚŚĐƌĞĂƚĞĚďLJŽƚŚĞƌĚĞǀĞůŽƉŵĞŶƚĂŶĚŶŽƚĚŝƌĞĐƚůLJƌĞůĂƚĞĚƚŽƚŚŝƐ ĚĞǀĞůŽƉŵĞŶƚ͘dŚĞŵŽƐƚƐŝŐŶŝĨŝĐĂŶƚŝŶƚĞƌƐĞĐƚŝŽŶƉƌŽďůĞŵƐŚŽǁƐƵƉĂƚϰ ƚŚ ^ƚ^ ĂŶĚƌŽĂĚǁĂLJ͕ǁŚĞƌĞǀĂƌŝŽƵƐ ϮͮWĂŐĞ 3DFNHW3J *N WĂŐĞͮϯ ĞĂƐƚďŽƵŶĚĂŶĚǁĞƐƚďŽƵŶĚƋƵĞƵĞƉƌŽďůĞŵƐĂůƌĞĂĚLJĞdžŝƐƚ͘ŵŽƌĞĐŽŵƉƌĞŚĞŶƐŝǀĞĂƐƐĞƐƐŵĞŶƚŽĨƚŚŝƐ ŝŶƚĞƌƐĞĐƚŝŽŶƚŚĂƚĂĐĐŽƵŶƚƐĨŽƌŵŽƌĞƚŚĂŶũƵƐƚƚŚĞŝŵƉĂĐƚŽĨƚŚŝƐĚĞǀĞůŽƉŵĞŶƚŝƐǁĂƌƌĂŶƚĞĚĂƚƚŚŝƐůŽĐĂƚŝŽŶ͘ /ŶƚĞƌŶĂů^ŝƚĞŝƌĐƵůĂƚŝŽŶ͗^ƚĂĨĨĚŽĞƐŶŽƚĨŝŶĚĂŶLJĐŽŶĐĞƌŶƐǁŝƚŚŝŶƚĞƌŶĂůƐŝƚĞĐŝƌĐƵůĂƚŝŽŶ ^ĂĨĞƚLJ͗dŚĞ>DĐĂůůƐĨŽƌĞǀĂůƵĂƚŝŽŶŽĨĂŶLJŝŶƚĞƌƐĞĐƚŝŽŶƐƚŚĂƚŚĂǀĞĂŚŝƐƚŽƌLJŽĨĐƌĂƐŚŝŶĐŝĚĞŶƚƚŚĂƚĨĂůůƐǁŝƚŚŝŶ ŽŶĞŽĨƚŚĞƚŽƉϭϬĐƌĂƐŚůŽĐĂƚŝŽŶƐŝŶƚŚĞĐŽŵŵƵŶŝƚLJ͕ĂŶĚƚŽĂƐƐĞƐƐƐŝƚĞĚŝƐƚĂŶĐĞĂŶĚĂĚĞƋƵĂĐLJŽĨĨĂĐŝůŝƚŝĞƐƚŽ ŵĂŶĂŐĞĐŽŶĨůŝĐƚĂƚĂĐĐĞƐƐƉŽŝŶƚƐ͘ĂƐĞĚŽŶƚŚĞŝŶĨŽƌŵĂƚŝŽŶƉƌŽǀŝĚĞĚƚŚĞĚĞǀĞůŽƉŵĞŶƚŝƐŶŽƚĞdžƉĞĐƚĞĚƚŽ ĐƌĞĂƚĞĂŶLJŝƐƐƵĞƐƚŚĂƚĂƌĞŝŶĐŽŶƐŝƐƚĞŶƚǁŝƚŚƐĂĨĞƚLJŽƉĞƌĂƚŝŽŶƐ͘ dZs > DEDE' D EdWZK'ZD;dDWͿ ƐŶŽƚĞĚŝŶƚŚĞŝŶƚƌŽĚƵĐƚŝŽŶƚŚĞůŽŽŵƉƌŽũĞĐƚŝƐƚŚĞĨŝƌƐƚƉƌŽũĞĐƚƵŶĚĞƌƚŚĞƌĞǀŝƐĞĚĚŽǁŶƚŽǁŶƉĂƌŬŝŶŐ ŽǀĞƌůĂLJnjŽŶŝŶŐĚŝƐƚƌŝĐƚƌĞŐƵůĂƚŝŽŶƐĂĚŽƉƚĞĚŝŶϮϬϭϳƚŽďĞƌĞƋƵŝƌĞĚƚŽƉƌĞƉĂƌĞĂdƌĂǀĞůĞŵĂŶĚDĂŶĂŐĞŵĞŶƚ WůĂŶ;dDWͿ͘ĂƐĞĚŽŶ^ĞĐƚŝŽŶϲϯ͘ϰϮϵŽĨƚŚĞ>ĂŶĚĞǀĞůŽƉŵĞŶƚDĂŶƵĂůĂŶĚKƌĚŝŶĂŶĐĞƐ͗ [[300,1120,2231,1168][10][,I,][Arial]]³$Q\GHYHORSPHQWORFDWHGZLWKLQWKHERXQGDU\RIWKH'HVWLQDWLRQ0HGLFDO&HQWHU'LVWULFW3DUNLQJ2YHUOD\ [[2230,1120,2242,1168][10][,I,][Arial]] [[300,1175,2224,1223][10][,I,][Arial]]=RQHFRQWDLQLQJPRUHWKDQILIWHHQWKRXVDQG VTXDUHIHHWRIQHZRUDGGLWLRQDOFRPPHUFLDOJURVV [[2225,1175,2237,1223][10][,I,][Arial]] [[300,1230,475,1278][10][,I,][Arial]]IORRUDUHD [[475,1230,487,1278][10][,I,][Arial]] [[488,1230,2265,1278][10][,I,][Arial]]RUPRUHWKDWILIW\ UHVLGHQWLDOXQLWVVKDOOSUHSDUHD7UDYHO'HPDQG0DQDJHPHQW3ODQ 7'03 [[2266,1230,2278,1278][10][,I,][Arial]] [[300,1285,2232,1333][10][,I,][Arial]]WKDWDGGUHVVHVPHDVXUHVWRPLQLPL]HWKHYHKLFXODUWUDQVSRUWDWLRQLPSDFWVRIWKHGHYHORSPHQWRQSDUNLQJ [[2232,1285,2244,1333][10][,I,][Arial]] [[300,1340,1181,1388][10][,I,][Arial]]DQGURDGZD\LQIUDVWUXFWXUHLQWKH'0&'LVWULFW´ [[1178,1340,1190,1388][10][,I,][Arial]] dŚĞŐŽĂůŽĨƚŚĞdDWŝƐƚŽƉƌŽŵŽƚĞŵŽƌĞĞĨĨŝĐŝĞŶƚƵƚŝůŝnjĂƚŝŽŶŽĨĞdžŝƐƚŝŶŐƚƌĂŶƐƉŽƌƚĂƚŝŽŶĨĂĐŝůŝƚŝĞƐ͕ƌĞĚƵĐĞ ƚŚĞĂŵŽƵŶƚŽĨƉĂƌŬŝŶŐĚĞŵĂŶĚĂƐƐŽĐŝĂƚĞĚǁŝƚŚĂƉƌŽũĞĐƚ͕ƌĞĚƵĐĞƚƌĂĨĨŝĐĐŽŶŐĞƐƚŝŽŶŝŶƚŚĞǀŝĐŝŶŝƚLJŽĨ ƚŚĞƉƌŽũĞĐƚ͕ĂŶĚĞŶƐƵƌĞƚŚĂƚŶĞǁĚĞǀĞůŽƉŵĞŶƚƐĂƌĞĚĞƐŝŐŶĞĚŝŶǁĂLJƐƚŽŵĂdžŝŵŝnjĞƚŚĞƉŽƚĞŶƚŝĂůĨŽƌ ĨƵƚƵƌĞĂůƚĞƌŶĂƚŝǀĞƚƌĂŶƐƉŽƌƚĂƚŝŽŶƵƐĂŐĞ͘;[[1065,1621,2257,1677][11][,I,][Calibri]]WĂŐĞϱŽĨƚŚŝƐŵĞŵŽƉƌŽǀŝĚĞƐĂďƌŝĞĨŽŶĞƉĂŐĞĨĂĐƚƐŚĞĞƚŽŶƚŚĞ [[300,1684,1050,1740][11][,I,][Calibri]]ĐŽŶĐĞƉƚŽĨdƌĂǀĞůĞŵĂŶĚDĂŶĂŐĞŵĞŶƚ [[1049,1684,1064,1740][11][,I,][Calibri]]Ϳ [[1063,1684,1074,1740][11][,,][Calibri]] [[1073,1684,1352,1740][11][,,][Calibri ]]hŶĚĞƌƚŚĞŶĞǁ [[1352,1684,1383,1740][11][,,][Calibri]]ůLJ [[1383,1684,1394,1740][11][,,][Calibri]] [[1394,1684,2284,1740][11][,,][Calibri]]ƌĞǀŝƐĞĚŽƌĚŝŶĂŶĐĞƚŚĞĨŽůůŽǁŝŶŐdDƐƚƌĂƚĞŐŝĞƐ ĂƌĞĂƌĞƋƵŝƌĞŵĞŶƚŽĨĂůůĚĞǀĞůŽƉŵĞŶƚǁŝƚŚŝŶƚŚĞƉĂƌŬŝŶŐŽǀĞƌůĂLJĚŝƐƚƌŝĐƚĂƌĞĂ͗ [[300,1813,311,1869][11][,I,][Calibri]] x [[375,1872,2095,1928][11][,I,][Calibri]]^ŝƚĞŽǁŶĞƌǁŝůůŽĨĨĞƌĂdƌĂŶƐŝƚWĂƐƐWƌŽŐƌĂŵƚŽŽŶƐŝƚĞƌĞƐŝĚĞŶƚƐĂŶĚͬŽƌĞŵƉůŽLJĞĞƐ͕ƐƵďũĞĐƚƚŽ [[375,1928,1088,1984][11][,I,][Calibri]]ŝŶĚĞƉĞŶĚĞŶƚĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞŝƚLJ͘ [[1088,1928,1099,1984][11][,I,][Calibri]] x [[374,1986,1357,2042][11][,I,][Calibri]]^ŚĂƌĞĚŽƌĐŽŵŵƵŶŝƚLJǀĞŚŝĐůĞŵĂĚĞĂǀĂŝůĂďůĞĨŽƌƵƐ [[1358,1986,2263,2042][11][,I,][Calibri]]ĞďLJƌĞƐŝĚĞŶƚƐŽĨĂŶĞǁƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚ͘ [[375,2042,1475,2098][11][,I,][Calibri]]KŶĞŽƌŵŽƌĞƉĂƐƐĞŶŐĞƌǀĞŚŝĐůĞƐŵƵƐƚďĞŵĂĚĞĂǀĂŝůĂďůĞŽŶ [[1475,2042,1489,2098][11][,I,][Calibri]]Ͳ [[1489,2042,2198,2098][11][,I,][Calibri]]ƐŝƚĞǁŝƚŚĂŶĞƐƚĂď ůŝƐŚĞĚƉƌŽĐĞĚƵƌĞĨŽƌ [[375,2098,2264,2154][11][,I,][Calibri]]ƉƌŝǀĂƚĞƵƐĞďLJƌĞƐŝĚĞŶƚƐ͘ŵŝŶŝŵƵŵŽĨŽŶĞǀĞŚŝĐůĞƉĞƌϱϬƌĞƐŝĚĞŶƚŝĂůĚǁĞůůŝŶŐƵŶŝƚƐƐŚĂůůďĞƉƌŽǀŝĚĞĚ͘ [[2263,2098,2274,2154][11][,I,][Calibri]] x [[375,2156,405,2212][11][,I,][Calibri]]K [[405,2156,429,2212][11][,I,][Calibri]]Ŷ [[429,2156,443,2212][11][,I,][Calibri]]Ͳ [[442,2156,486,2212][11][,I,][Calibri]]Ɛŝƚ [[487,2156,806,2212][11][,I,][Cal ibri]]ĞďŝĐLJĐůĞƉĂƌŬŝŶŐ [[806,2156,1493,2212][11][,I,][Calibri]]ƐŚĂůůďĞƉƌŽǀŝĚĞĚĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞ [[1494,2156,1739,2212][11][,I,][Calibri]]ƉƌŽǀŝƐŝŽŶƐŽĨ [[1739,2156,2146,2212][11][,I,][Calibri ]]ƚŚĞƉĂƌŬŝŶŐŽƌĚŝŶĂŶĐĞ [[2147,2156,2158,2212][11][,I,][Calibri]] [[300,2212,311,2268][11][,I,][Calibri]] dŚĞd/ZƐƚĂƚĞƐƚŚĞĂƉƉůŝĐĂŶƚŝƐĐŽŵŵŝƚƚĞĚƚŽǁŽƌŬŝŶŐǁŝƚŚƚŚĞĐŝƚLJŽŶĚĞǀĞůŽƉŝŶŐĂƚƌĂŶƐŝƚƉĂƐƐƉƌŽŐƌĂŵ͕ǁŝůů ƉƌŽǀŝĚĞƚŚƌĞĞ;ϯͿƐŚĂƌĞĚͬĐŽŵŵƵŶŝƚLJǀĞŚŝĐůĞƐ͕ĂŶĚĂŵŝŶŝŵƵŵŽĨϰϬďŝĐLJĐůĞƉĂƌŬŝŶŐƐƉĂĐĞƐŽŶƐŝƚĞ͘/Ŷ ĂĚĚŝƚŝŽŶ͕ƚŚĞŽǁŶĞƌĂůƐŽƉƌŽƉŽƐĞĚƚŽŝŶĐŽƌƉŽƌĂƚĞƚŚĞĨŽůůŽǁŝŶŐƐƚƌĂƚĞŐŝĞƐŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚ͗ x WƌŽǀŝĚĞĂƐƉĂĐĞŝŶĂƉƵďůŝĐůŽďďLJĂƌĞĂƚŽŝŶƐƚĂůůĂdƌĂŶƐƉŽƌƚĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶĞŶƚĞƌŝƐƉůĂLJŬŝŽƐŬ͘ x WƌŽǀŝĚĞĞůĞĐƚƌŝĐǀĞŚŝĐůĞƉĂƌŬŝŶŐĂŶĚĐŚĂƌŐŝŶŐƐƚĂƚŝŽŶƐ͘ŵŝŶŝŵƵŵŽĨϭϬƐƉĂĐĞƐǁŝůůďĞƉƌŽǀŝĚĞĚ͘ x WƌŽŵŽƚĞďŝŬŝŶŐĂƐĂŵŽĚĞŽĨƚƌĂŶƐƉŽƌƚĂƚŝŽŶƚŽͬĨƌŽŵƚŚĞƐŝƚĞďLJƉƌŽǀŝĚŝŶŐƐĞĐƵƌĞĚĂŶĚƐŚĞůƚĞƌĞĚďŝĐLJĐůĞ ƐƚŽƌĂŐĞĨĂĐŝůŝƚLJĨŽƌĞŵƉůŽLJĞĞƐĂŶĚͬŽƌĐƵƐƚŽŵĞƌƵƐĞ;ŝŶĂĚĚŝƚŝŽŶƚŽďŝĐLJĐůĞƉĂƌŬŝŶŐƌĞƋƵŝƌĞĚďLJ^ĞĐƚŝŽŶ ϲϯ͘ϰϮϳͿ͘ x WƌŽǀŝĚĞĂŶŽŶͲƐŝƚĞďŝĐLJĐůĞĂŝƌͬƌĞƉĂŝƌƐƚĂƚŝŽŶ͘ x WƌŽǀŝĚĞƐŚŽǁĞƌĨĂĐŝůŝƚŝĞƐĨŽƌĞŵƉůŽLJĞĞƐƚŚĂƚĐŚŽŽƐĞƚŽďŝĐLJĐůĞƚŽͬĨƌŽŵǁŽƌŬ͘ x WƌŽǀŝĚĞĨƵŶĚŝŶŐƐƵƉƉŽƌƚĨŽƌĂŶŽŶͲƐŝƚĞďŝŬĞƐŚĂƌĞƉƌŽŐƌĂŵ͘ x hŶďƵŶĚůĞƉĂƌŬŝŶŐĐŽƐƚƐĨƌŽŵŚŽƚĞůƌĞƐĞƌǀĂƚŝŽŶƐ͘ ϯͮWĂŐĞ 3DFNHW3J *N WĂŐĞͮϰ x ƚƚŚĞĞdžƚĞŶƚƉŽƐƐŝďůĞ͕ƉƌŽǀŝĚĞƚƌĂŶƐŝƚŝŶĨŽƌŵĂƚŝŽŶŽŶƚŚĞŚŽƚĞů͛ƐǁĞďƐŝƚĞ͘ x ĞǀĞůŽƉĂŶĚŵĂŝŶƚĂŝŶĂƉŽůŝĐLJƚŚĂƚƉƌŽǀŝĚĞƐĨŽƌƚƌƵĐŬĂŶĚƐĞƌǀŝĐĞĚĞůŝǀĞƌŝĞƐŽƵƚƐŝĚĞŽĨƉĞĂŬƚƌĂĨĨŝĐ ƉĞƌŝŽĚƐ;ĞdžĐůƵĚŝŶŐƉĂĐŬĂŐĞĚĞůŝǀĞƌLJƐĞƌǀŝĐĞƐƐƵĐŚĂƐhW^ĂŶĚ&ĞĚ džͿ͘ ƐƉĂƌƚŽĨƚŚĞƌĞǀŝĞǁŽĨƚŚŝƐdƌĂĨĨŝĐ/ŵƉĂĐƚ^ƚƵĚLJƚŚĞŝƚLJ͛ƐĐŽŶƐƵůƚĂŶƚĨŽƌdƌĂǀĞůĞŵĂŶĚDĂŶĂŐĞŵĞŶƚĂŶĚ ƚŚĞŝƚLJƚƌĂŶƐŝƚƐƚĂĨĨǁĞƌĞĂƐŬĞĚƚŽƌĞǀŝĞǁƚŚĞƉƌŽƉŽƐĞĚdDW͘dŚĞLJďŽƚŚĨĞůƚƚŚĞƉƌŽŐƌĂŵĂƐƉƌŽƉŽƐĞĚĚŽĞƐ ĂŐŽŽĚũŽďŽĨŵĞĞƚŝŶŐƚŚĞŝŶƚĞŶƚŽĨƚŚĞŽƌĚŝŶĂŶĐĞĂŶĚƚŚĞŐŽĂůƐŽĨƚŚĞĐŝƚLJ͛ƐĨůĞĚŐůŝŶŐdƌĂǀĞůDĂŶĂŐĞŵĞŶƚ ƐƐŽĐŝĂƚŝŽŶ;dDͿǁŚŝĐŚŝƐĞdžƉĞĐƚĞĚƚŽůĂƵŶĐŚŝŶƚŚĞŶĞdžƚϮͲϯŵŽŶƚŚƐ͘dŚƌĞĞĂĚĚŝƚŝŽŶĂůƌĞĨŝŶĞŵĞŶƚƐƚŽƚŚĞ ŵĞĂƐƵƌĞƐŽĨĨĞƌĞĚďLJƚŚĞĚĞǀĞůŽƉĞƌǁĞƌĞƐƵŐŐĞƐƚĞĚ͗ x dŚĂƚĂƉĞƌƐŽŶĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞƉƌŽƉĞƌƚLJďĞŝĚĞŶƚŝĨŝĞĚĂƐĂĐŽŶƚĂĐƚƉĞƌƐŽŶƚŽ ǁŽƌŬǁŝƚŚƚŚĞŝƚLJdDŵĂŶĂŐĞƌƚŽŝŶƐƵƌĞĂŵĞĂŶƐŽĨƵƉĚĂƚŝŶŐŵĂƚĞƌŝĂůƐƉƌŽǀŝĚĞĚĂƚƚŚĞŽŶͲƐŝƚĞ ŬŝŽƐŬ x ĐŽŵŵŝƚŵĞŶƚƚŽƉĂƌƚŝĐŝƉĂƚĞŽƌƉƌŽǀŝĚĞĂĐĐĞƐƐƚŽĞŵƉůŽLJĞĞƐͬƌĞƐŝĚĞŶƚƐͬŐƵĞƐƚƐĨŽƌĂŶLJdD ƐƵƌǀĞLJƐŽƌŽƚŚĞƌŵŽŶŝƚŽƌŝŶŐͬĞǀĂůƵĂƚŝŽŶĞĨĨŽƌƚƐƚŽŚĞůƉŐĂƵŐĞƚŚĞĞĨĨĞĐƚŝǀĞŶĞƐƐŽĨƚŚĞdDƉƌŽŐƌĂŵ ŽĨĨĞƌŝŶŐƐ x &ƵƚƵƌĞĐŽŶƐŝĚĞƌĂƚŝŽŶďĞŐŝǀĞŶƚŽŵĞŵďĞƌƐŚŝƉŝŶƚŚĞdDŽŶĐĞƚŚĞŽƌŐĂŶŝnjĂƚŝŽŶŝƐĨƵůůLJƵƉĂŶĚ ƌƵŶŶŝŶŐ͘ ϰͮWĂŐĞ 3DFNHW3J *N WĂŐĞͮϱ tŚĂƚŝƐdD͍ ͞dƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞŵĂŶĚ ŵĂŶĂŐĞŵĞŶƚ͟ŝƐƚŚĞĨůŝƉƐŝĚĞŽĨ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘/ƚĨŽĐƵƐĞƐŽŶ ƵŶĚĞƌƐƚĂŶĚŝŶŐŚŽǁƉĞŽƉůĞŵĂŬĞ ƚŚĞŝƌƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞĐŝƐŝŽŶƐ ĂŶĚ[[381,707,727,763][11][,I,][Calibri]]ŚĞůƉŝŶŐƉĞŽƉůĞƵƐĞ [[727,707,738,763][11][,,][Calibri]] [[738,707,810,763][11][,,][Calibri]]ƚŚĞ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝŶƉůĂĐĞĨŽƌƚƌĂŶƐŝƚ͕ ƌŝĚĞƐŚĂƌŝŶŐ͕ǁĂůŬŝŶŐ͕ďŝŬŝŶŐ͕ĂŶĚ ƚĞůĞǁŽƌŬ͘/ƚŝƐĐŽƐƚͲĞĨĨĞĐƚŝǀĞŝŶ ŐƵŝĚŝŶŐƚŚĞĚĞƐŝŐŶŽĨŽƵƌ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶĂŶĚƉŚLJƐŝĐĂů ŝŶĨƌĂƐƚƌƵĐƚƵƌĞƐŽƚŚĂƚĂůƚĞƌŶĂƚŝǀĞƐ ƚŽĚƌŝǀŝŶŐĂƌĞŶĂƚƵƌĂůůLJ ĞŶĐŽƵƌĂŐĞĚĂŶĚŽƵƌƐLJƐƚĞŵƐĂƌĞ ďĞƚƚĞƌďĂůĂŶĐĞĚ͘ dD͕ĨŽĐƵƐĞĚŽŶƉĞŽƉůĞ ĨŝƌƐƚ͕ĨƵŶĐƚŝŽŶƐŽŶƚǁŽůĞǀĞůƐ͘ ƚŝƚƐŵŽƐƚďĂƐŝĐůĞǀĞů͕dDŝƐĂ ƉƌŽŐƌĂŵŽĨŝŶĨŽƌŵĂƚŝŽŶ͕ ĞŶĐŽƵƌĂŐĞŵĞŶƚĂŶĚŝŶĐĞŶƚŝǀĞƐ ƉƌŽǀŝĚĞĚďLJůŽĐĂůŽƌƌĞŐŝŽŶĂů ŽƌŐĂŶŝnjĂƚŝŽŶƐƚŽŚĞůƉƉĞŽƉůĞ ŬŶŽǁĂďŽƵƚĂŶĚƵƐĞĂůůƚŚĞŝƌƚƌĂŶƐƉŽƌƚĂƚŝŽŶŽƉƚŝŽŶƐƚŽŽƉƚŝŵŝnjĞĂůůŵŽĚĞƐŝŶƚŚĞƐLJƐƚĞŵʹĂŶĚƚŽ ĐŽƵŶƚĞƌďĂůĂŶĐĞƚŚĞŝŶĐĞŶƚŝǀĞƐƚŽĚƌŝǀĞƚŚĂƚĂƌĞƐŽƉƌĞǀĂůĞŶƚŝŶƐƵďƐŝĚŝĞƐŽĨƉĂƌŬŝŶŐĂŶĚƌŽĂĚƐ͘dŚĞƐĞĂƌĞ ďŽƚŚƚƌĂĚŝƚŝŽŶĂůĂŶĚŝŶŶŽǀĂƚŝǀĞƚĞĐŚŶŽůŽŐLJͲďĂƐĞĚƐĞƌǀŝĐĞƐƚŽŚĞůƉƉĞŽƉůĞƵƐĞƚƌĂŶƐŝƚ͕ƌŝĚĞƐŚĂƌŝŶŐ͕ǁĂůŬŝŶŐ͕ ďŝŬŝŶŐ͕ĂŶĚƚĞůĞǁŽƌŬ͘ dŚĞƌĞŝƐĂůƐŽĂĚĞĞƉĞƌĚŝŵĞŶƐŝŽŶŽĨdDƚŚĂƚŝƐĞƋƵĂůůLJŝŵƉŽƌƚĂŶƚ͘dDŝƐĂƉƌŝŶĐŝƉůĞƚŚĂƚƐŚŽƵůĚŐƵŝĚĞ ǁŚĂƚǁĞĚŽŝŶĚĞƐŝŐŶŝŶŐŽƵƌƚƌĂŶƐƉŽƌƚĂƚŝŽŶĂŶĚƉŚLJƐŝĐĂůŝŶĨƌĂƐƚƌƵĐƚƵƌĞƐŽƚŚĂƚĂůƚĞƌŶĂƚŝǀĞƐƚŽĚƌŝǀŝŶŐĂƌĞ ŶĂƚƵƌĂůůLJĞŶĐŽƵƌĂŐĞĚĂŶĚŽƵƌƐLJƐƚĞŵƐĂƌĞďĞƚƚĞƌďĂůĂŶĐĞĚ͘dDƚŚƵƐƵŶĚĞƌůŝĞƐŵŽƐƚŽĨƚŚĞŝŵƉŽƌƚĂŶƚŶĞǁ ŝŶŝƚŝĂƚŝǀĞƐŽĨƚŽĚĂLJ͗ƚƌĂŶƐŝƚͲŽƌŝĞŶƚĞĚĚĞǀĞůŽƉŵĞŶƚ͕ĐŽŵƉůĞƚĞƐƚƌĞĞƚƐ͕ǁĂůŬĂďůĞĂĐƚŝǀŝƚLJĐĞŶƚĞƌƐ͕ůŝǀĂďŝůŝƚLJĂŶĚ ƐƵƐƚĂŝŶĂďŝůŝƚLJŝŶŝƚŝĂƚŝǀĞƐ͕ĂŶĚŝŶƚĞŐƌĂƚĞĚĐŽƌƌŝĚŽƌŵĂŶĂŐĞŵĞŶƚ͕ƚŽŶĂŵĞĂĨĞǁĞdžĂŵƉůĞƐ͘ dŚĞďĂƐŝĐƉĂƌƚƐŽĨĂƌŽďƵƐƚdDƐƚƌĂƚĞŐLJƚŚĂƚŚĂǀĞƚŚĞƉŽǁĞƌƚŽƐŚŝĨƚƚƌŝƉƐ͕ƌĂŶŬĞĚŚĞƌĞĨƌŽŵůĞĂƐƚƉŽǁĞƌĨƵů ƚŽŵŽƐƚŝŵƉĂĐƚĨƵů͗ /ŶĨŽƌŵĂƚŝŽŶ/ŶĐĞŶƚŝǀĞƐĨŽƌƚƌĂŶƐŝƚĂŶĚĂůƚĞƌŶĂƚĞŵŽĚĞƐ DĂƌŬĞƚŝŶŐďƵƐŝŶĞƐƐďĞŶĞĨŝƚƐƚŽĞŵƉůŽLJĞƌƐŝƐŝŶĐĞŶƚŝǀĞƐĨŽƌĚƌŝǀŝŶŐ͕ǁŚŝĐŚŝƐǁŚĞƌĞƉĂƌŬŝŶŐ ƐƵƉƉůLJĂŶĚƉƌŝĐŝŶŐ͕ƚŽůůƐ͕ĂŶĚĐŽŶŐĞƐƚŝŽŶƉƌŝĐŝŶŐ ŽŵƉƌĞŚĞŶƐŝǀĞƉƌŽŐƌĂŵƐǁŝƚŚŵƵƚƵĂůůLJ ĐŽŵĞŝŶ ƌĞŝŶĨŽƌĐŝŶŐƐĞƌǀŝĐĞƐ͕ƐƵĐŚĂƐƚƌĂŶƐŝƚ͕ ĐĂƌƉŽŽůͬǀĂŶƉŽŽů͕ďŝŬĞ͕ǁĂůŬ͕ƚƌĂŶƐŝƚƐƚŽƌĞƐ͕ĂŶĚKƌĚŝŶĂŶĐĞƐĂŶĚĚĞǀĞůŽƉŵĞŶƚĐŽŶĚŝƚŝŽŶƐ ŽƚŚĞƌ ϱͮWĂŐĞ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¶V=RQLQJ 6WDQGDUGVDQG/DQG'HYHORSPHQW&RGH)ROORZLQJLVDVXPPDU\RIHDFKWUDIILFVHUYLFHVWDQGDUG DQGWKHSURSRVHGGHYHORSPHQW¶VFRPSOLDQFHZLWKWKRVHVWDQGDUGV x QG 5RDGZD\&DSDFLW\ ±7KHIRUHFDVWHGYROXPHVRQ6WUHHW6(DQG6RXWK%URDGZD\DUH DQWLFLSDWHGWRKDYHDYROXPHWRFDSDFLW\UDWLRRIOHVVWKDQ WKURXJKWKH+RUL]RQ \HDU x ,QWHUVHFWLRQ/HYHORI6HUYLFH ±7KHVWXG\LQWHUVHFWLRQVDUHDQWLFLSDWHGWRRSHUDWHDWDQ DFFHSWDEOHOHYHORIVHUYLFH /26&RUEHWWHU GXULQJWKH$0DQG30SHDNKRXUVIRU%XLOG2XW 7RWDO DQG+RUL]RQ7RWDO FRQGLWLRQV x QG 1XPEHURI$FFHVV3RLQWV ±7KHORFDWLRQRIWKHSDUNLQJJDUDJHDFFHVVRQ6WUHHW6(GRHV QRWPHHWWKHPLQLPXPDFFHVVPDQDJHPHQWUHTXLUHPHQWVRXWOLQHVLQWKH&LW\¶V=RQLQJ 6WDQGDUGVDQG/DQG'HYHORSPHQW&RGH KRZHYHUWKHDFFHVVLVSURSRVHGWREHLQWKHVDPH QG ORFDWLRQDVWKHFXUUHQWDFFHVVWRWKH6WUHHWJDUDJH x 5HVLGHQWLDO6WUHHW,PSDFW ±1RLPSDFWHGUHVLGHQWLDOURDGZD\VZLWKLQWKHVWXG\DUHD x QG 7UDIILF)ORZDQG3URJUHVVLRQ ±%DVHGRQ6LP7UDIILFDQDO\VLVERWK6WUHHW6(DQG6RXWK %URDGZD\ZLOOFRQWLQXHWRRSHUDWHZLWKHIILFLHQWWUDIILFIORZDQGSURJUHVVLRQ7KHUHDUHQR DGGLWLRQDOVLJQDOVEHLQJDGGHGDVSDUWRIWKLVSURMHFWDQGH[LVWLQJWUDIILFSURJUHVVLRQZLOOEH PDLQWDLQHGWKURXJKERWKWKH%XLOG2XW \HDUDQGWKH+RUL]RQ \HDU x 9HKLFOH6WRUDJH ±7KHSURSRVHGGHYHORSPHQWGRHVQRWVLJQLILFDQWO\LPSDFWWKHYHKLFOH QG TXHXHLQJDORQJ6WUHHW6(RU6RXWK%URDGZD\DVWKHTXHXHLQJLVVXHVDUHSUHVHQWLQ H[LVWLQJFRQGLWLRQVDQGDUHH[SHFWHGWRFRQWLQXH7KHDELOLW\WRH[WHQGDQ\WXUQODQHVLVOLPLWHG GXHWRXSVWUHDPLQWHUVHFWLRQVSUHVHQFHRIRQVWUHHWSDUNLQJDQGSRWHQWLDOULJKWRIZD\ FRQVWUDLQWV %ORRP5LYHUIURQW7RZHUV 5RFKHVWHU01 3DJH -DQXDU\ 3DFNHW3J *O x ,QWHUQDO&LUFXODWLRQ ±7KHLQWHUQDOFLUFXODWLRQRIWKHSDUNLQJJDUDJHZLOOQRWLPSDFWWKH RSHUDWLRQVRIWKHSXEOLFURDGZD\QHWZRUN x 6DIHW\ ±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¶V=RQLQJ2UGLQDQFHDQG/DQG'HYHORSPHQW 0DQXDODQGGLVFXVVLRQZLWK&LW\DQG52&2*VWDII 7KHWUDIILFHYDOXDWLRQZDVFRPSULVHGRIWKHIROORZLQJWLPHSHULRGVLQZKLFKZHHNGD\PRUQLQJDQG HYHQLQJSHDNKRXUOHYHORIVHUYLFHDQDO\VLVZDVSHUIRUPHG ([LVWLQJ<HDU HORSPHQW )XOO3URMHFW7UDIILF ([LVWLQJ\HDUVRI +RUL]RQ7RWDOZLWK0LWLJDWLRQ([LVWLQJ0LWLJDWLRQ([LVWLQJ)XOO %DFNJURXQG*URZWK ,I1HFHVVDU\ ,PSURYHPHQWV'HYHORSPHQW )XOO3URMHFW7UDIILF %ORRP5LYHUIURQW7RZHUV 5RFKHVWHU01 3DJH -DQXDU\ 3DFNHW3J *O 6%URDGZD\ QG6WUHHW6( WK6WUHHW6( 6LWH/RFDWLRQ 6WXG\,QWHUVHFWLRQ ([KLELW 3URMHFW/RFDWLRQ0DS %ORRP5LYHUIURQW7RZHUV5RFKHVWHU01 3DFNHW3J *O (;,67,1*&21',7,216 .LPOH\+RUQFRQGXFWHGDILHOGYLVLWWRFROOHFWUHOHYDQWLQIRUPDWLRQSHUWDLQLQJWRH[LVWLQJODQGXVHVLQ WKHVXUURXQGLQJDUHDWKHDGMDFHQWVWUHHWV\VWHPFXUUHQWWUDIILFYROXPHVDQGRSHUDWLQJFRQGLWLRQV ODQHFRQILJXUDWLRQVDQGWUDIILFFRQWUROVDWQHDUE\LQWHUVHFWLRQVDQGRWKHUNH\URDGZD\FKDUDFWHULVWLFV $UHD/DQG8VHV 7KHVLWHLVORFDWHGLQ'RZQWRZQ5RFKHVWHUDQGGLUHFWO\ZHVWRIWKH6RXWK)RUNRIWKH=XPEUR5LYHU 7KHVXUURXQGLQJDUHDLVSULPDULO\RIILFHDQGUHWDLOODQGXVHVZLWKVRPHPXOWLIDPLO\UHVLGHQFHVDQGD KRWHODGMDFHQWWRWKHVLWH 7KHVXEMHFWVLWHLVFXUUHQWO\RFFXSLHGE\DSDUNLQJJDUDJHZLWKSXEOLFFRQWUDFWVSDFHVDVXUIDFH WK ORWZLWKSXEOLFFRQWUDFWVSDFHVDQGDVTXDUHIRRWUHWDLORIILFHEXLOGLQJDORQJ6WUHHW 6(7KHH[LVWLQJXVHVZLOOEHUHPRYHGDVSDUWRIWKHSURSRVHGGHYHORSPHQW 6WXG\$UHD %DVHGRQGLVFXVVLRQZLWK&LW\DQG52&2*VWDIIWKHIROORZLQJLQWHUVHFWLRQVZHUHLQFOXGHGLQWKH VWXG\DUHD x 6RXWK%URDGZD\ QG6WUHHW6( x 6RXWK%URDGZD\ UG6WUHHW6( x 6RXWK%URDGZD\ WK6WUHHW6( xQG6WUHHW6( VW$YHQXH6( x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¶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x QG 6WUHHW6(7KHDFFHVVSRLQWWRWKHSURSRVHGSDUNLQJJDUDJHZLOOEHORFDWHGLQWKHVDPH QGQG ORFDWLRQDVWKHFXUUHQW6WUHHW*DUDJHDFFHVVORFDWLRQRQ6WUHHW6(%RWKHQWHULQJDQG H[LVWLQJPRYHPHQWVZLOOEHSHUPLWWHG x UG 6WUHHW6(±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rial Narrow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rial Narrow]]7DEOH6LWH*HQHUDWHG7UDIILF3URMHFWLRQV 6RXWK%XLOGLQJ dZ/W' E Zd/KE>h>d/KE >KKD s >KWD Ed͕ZK, ^d Z͕DE '(9(/230(17*(1(5$7('75,366RXWK%XLOGLQJ DWĞĂŬ,ŽƵƌWDWĞĂŬ,ŽƵƌ >ĂŶĚhƐĞĞƐĐƌŝƉƚŝŽŶ/d /ŶƚĞŶƐŝƚLJͬhŶŝƚƐ /ŶKƵƚdŽƚĂů/ŶKƵƚdŽƚĂů ^ĞŶŝŽƌĚƵůƚ,ŽƵƐŝŶŐͲƚƚĂĐŚĞĚϮϱϮϮϭϱǁĞůůŝŶŐhŶŝƚƐϯϯϯϴϳϭϯϲϯϭϲϳ ^ŚŽƉƉŝŶŐĞŶƚĞƌϴϮϬϯ͕ϵϬϬ^Ƌ͘&ƚ͘ϲϲϭϮϴϴϭϲ ,ŝŐŚdƵƌŶŽǀĞƌZĞƐƚĂƵƌĂŶƚϵϯϮϱ͕ϱϬϬ^Ƌ͘&ƚ͘ϰϰϯϯϳϳϱϬϰϲϵϲ dKd>^/d ' E Zd dZ/W^ϴϯϳϳϭϲϬϵϰϴϱϭϳϵ [[666,1219,1072,1262][8][,I,][Calibri]]DŽĚĞ^Ɖůŝƚ;ϯϬйZĞĚƵĐƚŝŽŶͿ [[1491,1219,1538,1262][8][,I,][Calibri]]ͲϮϱ [[1638,1219,1684,1262][8][,I,][Calibri]]ͲϮϯ [[1784,1219,1831,1262][8][,I,][Calibri]]Ͳϰϴ [[1931,1219,1978,1262][8][,I,][Calibri]]ͲϮϴ [[2077,1219,2125,1262][8][,I,][Calibri]]ͲϮϲ [[2224,1219,2271,1262][8][,I,][Calibri]]Ͳϱϰ dKd>E dE t s >KWD EdͲ' E Zd s ,/> dZ/W^Ͳ^ŽƵƚŚƵŝůĚŝŶŐϱϴϱϰϭϭϮϲϲϱϵϭϮϱ 3$5.,1**(1(5$7('75,36 DWĞĂŬ,ŽƵƌWDWĞĂŬ,ŽƵƌ ϭ ^ƉĂĐĞƐ ZĂƚĞ; ŶƚĞƌйͬ džŝƚйͿ /ŶKƵƚdŽƚĂů/ŶKƵƚdŽƚĂů DͲϬ͘Ϯϲ;ϴϲйͬϭϰйͿ WƵďůŝĐWĂƌŬŝŶŐϭϲϬϯϲϲϰϮϮϰϯϮϱϲ WDͲϬ͘ϯϱ;ϰϯйͬϱϳйͿ dŽƚĂůWĂƌŬŝŶŐϯϲϲϰϮϮϰϯϮϱϲ 727$/1(71(:6,7(*(1(5$7('75,366RXWK%XLOGLQJ dKd>E dE tWZK: d' E Zd dZ/W^ϵϰϲϬϭϱϰϵϬϵϭϭϴϭ [[308,1932,1752,1972][8][,I,][Calibri]]EŽƚĞϭ͗WĞĂŬŚŽƵƌƚƌŝƉƌĂƚĞĂŶĚĚŝƌĞĐƚŝŽŶĂůĚŝƐƚƌŝďƵƚŝŽŶďĂƐĞĚŽŶĚĂƚĂĨƌŽŵƚŚĞϮŶĚ^ƚƌĞĞƚƌĂŵƉŝŶƉƌŝůϮϬϭϲ͘ %ORRP5LYHUIURQW7RZHUV 5RFKHVWHU01 3DJH -DQXDU\ 3DFNHW3J *O [[785,397,1837,452][11][B,I,][Arial Narrow]]7DEOH 6LWH*HQHUDWHG7UDIILF3URMHFWLRQV 1RUWK%XLOGLQJ dZ/W' E Zd/KE>h>d/KE >KKD s >KWD Ed͕ZK, ^d Z͕DE '(9(/230(17*(1(5$7('75,361RUWK%XLOGLQJ DWĞĂŬ,ŽƵƌWDWĞĂŬ,ŽƵƌ >ĂŶĚhƐĞĞƐĐƌŝƉƚŝŽŶ/d /ŶƚĞŶƐŝƚLJͬhŶŝƚƐ /ŶKƵƚdŽƚĂů/ŶKƵƚdŽƚĂů DƵůƚŝĨĂŵŝůLJ,ŽƵƐŝŶŐ;DŝĚͲZŝƐĞͿϮϮϭϭϯϮǁĞůůŝŶŐhŶŝƚƐϭϭϯϭϰϮϯϮϮϮϱϰ ,ŽƚĞůϯϭϬϭϴϭǁĞůůŝŶŐhŶŝƚƐϱϯϰϱϵϴϲϰϰϲϭϭϬ ^ŚŽƉƉŝŶŐĞŶƚĞƌϴϮϬϯ͕ϭϬϱ^Ƌ͘&ƚ͘ϱϰϵϳϲϭϯ YƵĂůŝƚLJZĞƐƚĂƵƌĂŶƚϵϯϭϭϰ͕ϱϬϬ^Ƌ͘&ƚ͘ϱϮϭϯϲϱϳϯϰϳϭϮϬ ,ŝŐŚdƵƌŶŽǀĞƌZĞƐƚĂƵƌĂŶƚϵϯϮϭϰ͕ϱϬϬ^Ƌ͘&ƚ͘ϭϭϲϴϴϮϬϰϭϯϭϭϮϭϮϱϮ dKd>^/d ' E Zd dZ/W^ϮϯϳϭϴϭϰϭϴϯϬϳϮϰϮϱϰϵ [[666,1347,1072,1390][8][,I,][Calibri]]DŽĚĞ^Ɖůŝƚ;ϯϬйZĞĚƵĐƚŝŽŶͿ [[1491,1347,1538,1390][8][,I,][Calibri]]Ͳϳϭ [[1638,1347,1684,1390][8][,I,][Calibri]]Ͳϱϰ [[1773,1347,1839,1390][8][,I,][Calibri]]ͲϭϮϱ [[1931,1347,1978,1390][8][,I,][Calibri]]ͲϵϮ [[2077,1347,2124,1390][8][,I,][Calibri]]Ͳϳϯ [[2213,1347,2279,1390][8][,I,][Calibri]]Ͳϭϲϱ dKd>E dE t s >KWD EdͲ' E Zd s ,/> dZ/W^ϭϲϲϭϮϳϮϵϯϮϭϱϭϲϵϯϴϰ 3$5.,1**(1(5$7('75,36 DWĞĂŬ,ŽƵƌWDWĞĂŬ,ŽƵƌ ϭ ^ƉĂĐĞƐ ZĂƚĞ; ŶƚĞƌйͬ džŝƚйͿ /ŶKƵƚdŽƚĂů/ŶKƵƚdŽƚĂů DͲϬ͘Ϯϲ;ϴϲйͬϭϰйͿ WƵďůŝĐWĂƌŬŝŶŐϲϴϭϱϯϭϴϭϬϭϰϮϰ WDͲϬ͘ϯϱ;ϰϯйͬϱϳйͿ dŽƚĂůWĂƌŬŝŶŐϭϱϯϭϴϭϬϭϰϮϰ 727$/6,7(*(1(5$7('75,361RUWK%XLOGLQJ dKd>^/d WZK: d' E Zd dZ/W^ϭϴϭϭϯϬϯϭϭϮϮϱϭϴϯϰϬϴ 5('8&7,212)(;,67,1*'(9(/230(17 DWĞĂŬ,ŽƵƌWDWĞĂŬ,ŽƵƌ ϭ ^ƉĂĐĞƐ ZĂƚĞ; ŶƚĞƌйͬ džŝƚйͿ /ŶKƵƚdŽƚĂů/ŶKƵƚdŽƚĂů DͲϬ͘Ϯϲ;ϴϲйͬϭϰйͿ Ϯ ϮϯϱϱϮϵϲϭϯϱϰϳϴϮ džŝƐƚŝŶŐWƵďůŝĐWĂƌŬŝŶŐ WDͲϬ͘ϯϱ;ϰϯйͬϱϳйͿ DͲϬ͘ϰϭ;ϵϳйͬϯйͿ ϯ ϮϱϭϭϬϬϯϭϬϯϰϴϲϵϬ džŝƐƚŝŶŐŽŶƚƌĂĐƚWĂƌŬŝŶŐ WDͲϬ͘ϯϲ;ϰйͬϵϲйͿ dŽƚĂůWĂƌŬŝŶŐƚŽďĞϭϱϮϭϮϭϲϰϯϵϭϯϯϭϳϮ 727$/1(71(:6,7(*(1(5$7('75,361RUWK%XLOGLQJ dKd>E dE tWZK: d' E Zd dZ/W^ϮϵϭϭϴϭϰϳϭϴϲϱϬϮϯϲ [[308,2766,1752,2806][8][,I,][Calibri]]EŽƚĞϭ͗WĞĂŬŚŽƵƌƚƌŝƉƌĂƚĞĂŶĚĚŝƌĞĐƚŝŽŶĂůĚŝƐƚƌŝďƵƚŝŽŶďĂƐĞĚŽŶĚĂƚĂĨƌŽŵƚŚĞϮŶĚ^ƚƌĞĞƚƌĂŵƉŝŶƉƌŝůϮϬϭϲ͘ [[308,2812,1809,2852][8][,I,][Calibri]]EŽƚĞϮ͗/ŶĐůƵĚĞƐϭϵϱƉƵďůŝĐƉĂƌŬŝŶŐƐƉĂĐĞƐŝŶƚŚĞϮŶĚ^ƚƌĞĞƚƌĂŵƉĂŶĚϰϬƉƵďůŝĐƐƉĂĐĞƐŝŶƚŚĞƵŵďƌŽƐƵƌĨĂĐĞůŽƚ͘ [[308,2858,1869,2898][8][,I,][Calibri]]EŽƚĞϯ͗/ŶĐůƵĚĞƐϮϮϱĐŽŶƚƌĂĐƚƉĂƌŬŝŶŐƐƉĂĐĞƐŝŶƚŚĞϮŶĚ^ƚƌĞĞƚƌĂŵƉĂŶĚϮϲĐŽŶƚƌĂĐƚƐƉĂĐĞƐŝŶƚŚĞƵŵďƌŽƐƵƌĨĂĐĞůŽƚ͘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t K K J K >@ t J JK J t >@ >@ >@ K K J K t J QG6WUHHW6: K J K J J t J t >@ K >@ >@ K K >@ >@ t J K J WK6WUHHW6( WK6WUHHW6: JK J t K K J K t J 6LWH/RFDWLRQ *OREDO7ULS'LVWULEXWLRQ 'LUHFWLRQDO'LVWULEXWLRQ ;;LQ><<@RXW ([KLELW 3RUMHFW7ULS'LVWULEXWLRQ %ORRP5RFKHVWHU01 5LYHUIURQW7RZHUV 3DFNHW3J *O &LYLF&HQWHU'ULYH 6RXWK%URDGZD\ t >@ > *O &LYLF&HQWHU'ULYH 6RXWK%URDGZD\ K J J t >@ >@ >@ K JK K J K > *O &LYLF&HQWHU'ULYH 6RXWK%URDGZD\ K J >@> *O 75$)),&6(59,&(67$1'$5'6$1$/<6,6 7KH&LW\RI5RFKHVWHU¶V=RQLQJ2UGLQDQFHDQG/DQG'HYHORSPHQW0DQXDOLGHQWLILHVFHUWDLQWUDIILF VHUYLFHVWDQGDUGVWKDWVKRXOGEHUHYLHZHGDQGDQDO\]HGWRHYDOXDWHWKHILQGLQJVRIWKHWUDIILFLPSDFW VWXG\7KHVWDQGDUGVLQFOXGHWKHIROORZLQJ &DSDFLW\/HYHORI6HUYLFH1XPEHURI$FFHVV3RLQWV 5HVLGHQWLDO6WUHHW,PSDFW7UDIILF)ORZDQG3URJUHVVLRQ9HKLFOH6WRUDJH,QWHUQDO&LUFXODWLRQDQG 6DIHW\ 7KHIROORZLQJVHFWLRQVZLOOEUHDNGRZQHDFKRIWKH&LW\¶V6HUYLFH6WDQGDUGV 6HUYLFH6WDQGDUG 5RDGZD\&DSDFLW\ 6HFWLRQRIWKH&LW\¶V=RQLQJ2UGLQDQFHDQG/DQG'HYHORSPHQW0DQXDOSURYLGHVWKHIROORZLQJ GHVFULSWLRQRIWKH[[663,1060,845,1113][11][,I,][Arial]]&DSDFLW\ [[841,1060,1051,1112][11][,,][Arial]]6WDQGDUG [[450,1163,2329,1216][11][,I,][Arial]]³$YROXPHWRFDSDFLW\ 9& UDWLRRIVKDOOQRWEHFRQVLVWHQWO\H[FHHGHGRQDQ\IUHHZD\ [[450,1224,2325,1277][11][,I,][Arial]]RUH[SUHVVZD\DVGHVLJQDWHGRQWKH7KRURXJKIDUH3ODQDQGD9&UDWLRRI VKDOOQRWEH [[450,1284,2326,1337][11][,I,][Arial]]FRQVLVWHQWO\H[FHHGHGRQDQ\DUWHULDORUFROOHFWRUVWUHHWDV8SGDWHG)HEUXDU\3DJH [[450,1345,2325,1398][11][,I,][Arial]]GHVLJQDWHGRQWKH7KRURXJKIDUH3ODQ&RQVLVWHQWO\PHDQVWKDWWKH9&UDWLRVDUH [[450,1405,2167,1458][11][,I,][Arial]]H[FHHGHGEDVHGRQDYHUDJHGDLO\SHDNKRXUWUDIILFFRXQWVSURMHFWLRQVRUHVWLPDWHV´ 7RFDOFXODWHWKHFDSDFLW\RIWKH&LW\¶VDUWHULDODQGFROOHFWRUURDGZD\VDGMDFHQWWRWKHGHYHORSPHQW WKHYROXPHWRFDSDFLW\UDWLRZDVDQDO\]HGIRUDOOWKUXODQHVLQDOOWKHDQDO\VLVVFHQDULRV%DVHGRQ WKHYROXPHWRFDSDFLW\UDWLRVDOOWKUXPRYHPHQWVDUHDQWLFLSDWHGWRKDYHDYROXPHWRFDSDFLW\OHVV WKDQ %DVHGRQWKHLQIRUPDWLRQSURYLGHGDERYHWKHSURSRVHGGHYHORSPHQWPHHWVWKHUHTXLUHPHQWV RIWKHFDSDFLW\VHUYLFHVWDQGDUGIRUDOOFRQGLWLRQV %ORRP5LYHUIURQW7RZHUV 5RFKHVWHU01 3DJH -DQXDU\ 3DFNHW3J *O 6HUYLFH6WDQGDUG /HYHORI6HUYLFH 6HFWLRQRIWKH&LW\¶V=RQLQJ2UGLQDQFHDQG/DQG'HYHORSPHQW0DQXDOSURYLGHVWKHIROORZLQJ GHVFULSWLRQRIWKH[[662,568,989,621][11][,I,][Arial]]/HYHORI6HUYLFH [[989,568,1200,620][11][,,][Arial]]6WDQGDUG [[450,671,2326,724][11][,I,][Arial]]³)RUFRUULGRUVLQFOXGLQJPDLQOLQHPHUJLQJDUHDVDQGUDPSMXQFWLRQVD/HYHORI6HUYLFH& [[450,732,2328,785][11][,I,][Arial]]VKDOOEHPDLQWDLQHGRQDQ\H[SUHVVZD\IUHHZD\RUDUWHULDODQGD/HYHORI6HUYLFH'RQDQ\ [[450,792,2331,845][11][,I,][Arial]]RWKHUGHVLJQDWHGQRQORFDOVWUHHWRQWKH7KRURXJKIDUH3ODQ$WDOOLQWHUVHFWLRQVD/HYHORI [[450,853,2326,906][11][,I,][Arial]]6HUYLFH&VKDOOEHPDLQWDLQHGRQDQ\DUWHULDORUKLJKHURUGHUVWUHHWDQGD/HYHORI6HUYLFH' [[450,914,2326,967][11][,I,][Arial]]RQDQ\RWKHUQRQUHVLGHQWLDOVWUHHW,QGLYLGXDOPRYHPHQWVZLWKLQDQ\LQWHUVHFWLRQVKDOOEH [[450,974,2328,1027][11][,I,][Arial]]PDLQWDLQHGDWRUDERYHD/HYHORI6HUYLFH(:KHUHWKHH[LVWLQJ/HYHORI6HUYLFHLVEHORZ [[450,1035,2326,1088][11][,I,][Arial]]WKHVHVWDQGDUGVDWUDIILFLPSDFWVWXG\VKDOOLGHQWLI\WKRVHLPSURYHPHQWVQHHGHGWRPDLQWDLQ [[450,1095,2326,1148][11][,I,][Arial]]WKHH[LVWLQJOHYHORIVHUYLFHDQGZKDWDGGLWLRQDOLPSURYHPHQWVZRXOGEHQHHGHGWRUDLVHWKH [[450,1155,1323,1208][11][,I,][Arial]]OHYHORIVHUYLFHWRWKHVWDQGDUGVLQGLFDWHG´ 7KHOHYHORIVHUYLFHDQDO\VLVZDVFRPSOHWHGIRUDOOVFHQDULRVRIWKHWKUHHDQDO\VLV\HDUV%DVHGRQ GLVFXVVLRQZLWK&LW\DQG52&2*VWDIILWLVUHFRJQL]HGWKDW/26&VWDQGDUGLVGLIILFXOWWRDFKLHYHLQ FHUWDLQXUEDQDUHDVDQGFRQVLGHUDWLRQZLOOEHJLYHQWRDOORZLQJIRULQWHUVHFWLRQVWRRSHUDWHDW/26' LQWKHIXWXUH7RIXUWKHUVXSSRUWWKLVWKH/RQJ5DQJH7UDQVSRUWDWLRQSODQGRHVDOORZIRU/26 'RSHUDWLRQVIRUWKHXUEDQFRUHGXULQJWKHSHDNSHULRG 7KH/26JUDGHVVKRZQEHORZZKLFKDUHSURYLGHGLQWKH7UDQVSRUWDWLRQ5HVHDUFK%RDUG¶V+LJKZD\ &DSDFLW\0DQXDO +&0 TXDQWLI\DQGFDWHJRUL]HWKHGULYHU¶VGLVFRPIRUWIUXVWUDWLRQIXHO FRQVXPSWLRQDQGWUDYHOWLPHVH[SHULHQFHGDVDUHVXOWRILQWHUVHFWLRQFRQWURODQGWKHUHVXOWLQJWUDIILF 7DEOH TXHXLQJ$GHWDLOHGGHVFULSWLRQRIHDFK/26UDWLQJFDQEHIRXQGLQ7KHUDQJHRIFRQWURO 7DEOH GHOD\IRUHDFKUDWLQJ DVGHWDLOHGLQWKH+&0 LVVKRZQLQ%HFDXVHVLJQDOL]HGLQWHUVHFWLRQV DUHH[SHFWHGWRFDUU\DODUJHUYROXPHRIYHKLFOHVDQGVWRSSLQJLVUHTXLUHGGXULQJUHGWLPHKLJKHU GHOD\VDUHWROHUDWHGIRUWKHFRUUHVSRQGLQJ/26UDWLQJV [[898,2090,1726,2145][11][B,I,][Arial Narrow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rial Narrow]]7DEOH/HYHORI6HUYLFH*UDGLQJ&ULWHULD $YHUDJH&RQWURO'HOD\ VYHK DW /HYHORI6HUYLFH 8QVLJQDOL]HG,QWHUVHFWLRQV6LJQDOL]HG,QWHUVHFWLRQV $±± %!±!± &!±!± '!±!± (!±!± )!! ([LVWLQJ /HYHORI6HUYLFH6XPPDU\ 7DEOH *O [[737,397,1891,452][11][B,I,][Arial Narrow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rial Narrow]]7DEOH +RUL]RQ%DFNJURXQG /HYHORI6HUYLFH6XPPDU\ $03HDN+RXU303HDN+RXU ,QWHUVHFWLRQ&RQWURO 'HOD\'HOD\ /26/26 6HF9HK 6HF9HK %URDGZD\$YHDQGQG6WUHHW6LJQDOL]HG %MHFW %ORRP5LYHUIURQW7RZHUV 5RFKHVWHU01 3DJH -DQXDU\ 3DFNHW3J *O 6HUYLFH6WDQGDUG 1XPEHURI$FFHVV3RLQWV 6HFWLRQRIWKH&LW\¶V=RQLQJ2UGLQDQFHDQG/DQG'HYHORSPHQW0DQXDOSURYLGHVWKHIROORZLQJ GHVFULSWLRQRIWKH[[663,568,1177,621][11][,I,][Arial]]1XPEHURI$FFHVV3RLQWV [[1177,568,1389,620][11][,,][Arial]]6WDQGDUG [[450,671,2326,724][11][,I,][Arial]]³7KHQXPEHURIDFFHVVSRLQWVSURYLGHGVKDOOEHWKHPLQLPXPQHHGHGWRSURYLGHDGHTXDWH [[450,732,2326,785][11][,I,][Arial]]DFFHVVFDSDFLW\IRUWKHVLWH(YLGHQFHRI/HYHORI6HUYLFH)RSHUDWLRQVIRULQGLYLGXDOSXEOLF [[450,792,2326,845][11][,I,][Arial]]VWUHHWPRYHPHQWVDWDFFHVVORFDWLRQVLVDSULPDU\LQGLFDWLRQRIWKHQHHGIRUDGGLWLRQDODFFHVV [[450,853,2326,906][11][,I,][Arial]]SRLQWV+RZHYHUWKHVSDFLQJDQGJHRPHWULFGHVLJQRIDOODFFHVVSRLQWVVKDOOEHFRQVLVWHQW [[450,913,1595,966][11][,I,][Arial]]ZLWKWKHDFFHVVPDQDJHPHQWFULWHULDRI6HFWLRQ´ 6HFWLRQSURYLGHVJXLGDQFHRQGHVLUHGVSDFLQJEHWZHHQDGMDFHQWDFFHVVORFDWLRQVRUD QG SURSRVHGDFFHVVORFDWLRQDQGDQDGMDFHQWVWUHHWLQWHUVHFWLRQ)RU6WUHHW6( 8UEDQ$UWHULDOZLWK DSURMHFWHG$'7 WKHGHVLUHGDFFHVVVSDFLQJLVIHHWEHWZHHQDGULYHZD\DQGDQ QG LQWHUVHFWLRQ7KHORFDWLRQRIWKH6WUHHW6(JDUDJHDFFHVVGRHVQRWPHHWWKHPLQLPXP QG UHTXLUHPHQW KRZHYHUWKHORFDWLRQLVSURSRVHGWREHORFDWHGQHDUWKHH[LVWLQJ6WUHHWJDUDJH DFFHVVDQGJHQHUDOO\SURYLGHWKHVDPHDFFHVVVSDFLQJ QGUG 3URSRVHGDFFHVVWRWKHGHYHORSPHQWLVSODQQHGDORQJ6WUHHW6(DQG6WUHHW6( x QG 6WUHHW6(±7KHDFFHVVSRLQWWRWKHSDUNLQJJDUDJHZLOOEHORFDWHGDSSUR[LPDWHO\IHHW VW HDVWRI6RXWK%URDGZD\DQGIHHWZHVWRI$YHQXH6(7KLVDFFHVVSRLQWZLOODOORZ QG HQWU\H[LWIURPERWKGLUHFWLRQVDORQJ6WUHHW6( x UGUG 6WUHHW6(±7KHDFFHVVSRLQWWRWKHSDUNLQJJDUDJHZLOOEHORFDWHGDWWKHHQGRI6WUHHW UG 6($IWHUWKHFRQVWUXFWLRQRIWKHGHYHORSPHQW6WUHHW6(ZLOOEHDGHDGHQGURDGLQWRWKH SDUNLQJJDUDJH QG %DVHGRQWKH&LW\¶VDFFHVVVSDFLQJVWDQGDUGVWKHORFDWLRQRIWKHJDUDJHDFFHVVRQ6WUHHW 6(GRHVQRWPHHWWKHPLQLPXPVSDFLQJUHTXLUHPHQWV+RZHYHUWKHSURSRVHGDFFHVVZLOOEH QG FRQVWUXFWHGLQWKHVDPHORFDWLRQDVWKHFXUUHQWDFFHVVWRWKH6WUHHWJDUDJH %ORRP5LYHUIURQW7RZHUV 5RFKHVWHU01 3DJH -DQXDU\ 3DFNHW3J *O 6HUYLFH6WDQGDUG 5HVLGHQWLDO6WUHHW,PSDFW 6HFWLRQRIWKH&LW\¶V=RQLQJ2UGLQDQFHDQG/DQG'HYHORSPHQW0DQXDOSURYLGHVWKHIROORZLQJ GHVFULSWLRQRIWKH[[663,568,1177,621][11][,I,][Arial]]5HVLGHQWLDO6WUHHW,PSDFW [[1174,568,1386,620][11][,,][Arial]]6WDQGDUG [[449,671,2326,724][11][,I,][Arial]]$YHUDJH'DLO\7UDIILF $'7 RQUHVLGHQWLDOVWUHHWVVKDOOEHZLWKLQWKHUDQJHVVSHOOHGRXWLQWKH [[450,732,2327,785][11][,I,][Arial]]7KRURXJKIDUH3ODQIRUWKHFODVVRIVWUHHWLQYROYHG1RQRQUHVLGHQWLDOGHYHORSPHQWVKDOO [[450,792,2325,845][11][,I,][Arial]]LQFUHDVHWKHWUDIILFRQDUHVLGHQWLDOVWUHHWZLWKDWOHDVWDYHUDJHGDLO\WULSVE\PRUHWKDQ [[450,853,2326,906][11][,I,][Arial]]DQGVKDOOFRQWULEXWHQRPRUHWKDQRIWKHWUDIILFRQDQ\VWUHHWVHJPHQWSURYLGLQJ [[450,913,827,966][11][,I,][Arial]]UHVLGHQWLDODFFHVV 7KHSURSRVHGGHYHORSPHQWLVQRWDQWLFLSDWHGWRKDYHVLJQLILFDQWLPSDFWRQDQ\VXUURXQGLQJ UHVLGHQWLDOVWUHHW7KHUHIRUH6HUYLFH6WDQGDUG 5HVLGHQWLDO6WUHHW,PSDFWLVQRWDSSOLFDEOH WRWKLVGHYHORSPHQW %ORRP5LYHUIURQW7RZHUV 5RFKHVWHU01 3DJH *O 6HUYLFH6WDQGDUG 7UDIILF)ORZDQG3URJUHVVLRQ 6HFWLRQRIWKH&LW\¶V=RQLQJ2UGLQDQFHDQG/DQG'HYHORSPHQW0DQXDOSURYLGHVWKHIROORZLQJ GHVFULSWLRQRIWKH[[663,568,1245,621][11][,I,][Arial]]7UDIILF)ORZDQG3URJUHVVLRQ [[1246,568,1457,620][11][,,][Arial]]6WDQGDUG [[450,671,2331,724][11][,I,][Arial]]7KHORFDWLRQRIQHZWUDIILFVLJQDOVRUSURSRVHGFKDQJHVWRF\FOHOHQJWKVRUWLPLQJSDWWHUQVRI [[450,724,2325,777][11][,I,][Arial]]H[LVWLQJVLJQDOVWRPHHW/HYHORI6HUYLFHVWDQGDUGVVKDOOQRWLQWHUIHUHZLWKWKHJRDORIDFKLHYLQJ [[450,776,2182,829][11][,I,][Arial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¶V=RQLQJ2UGLQDQFHDQG/DQG'HYHORSPHQW0DQXDOSURYLGHVWKHIROORZLQJ GHVFULSWLRQRIWKH[[662,568,986,621][11][,I,][Arial]]9HKLFOH6WRUDJH [[999,568,1197,620][11][,,][Arial]]6WDQGDUG [[450,671,2326,724][11][,I,][Arial]]7KHFDSDFLW\RIVWRUDJHED\VDQGDX[LOLDU\ODQHVIRUWXUQLQJWUDIILFVKDOOEHDGHTXDWHWRLQVXUH [[450,731,1975,784][11][,I,][Arial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x QG 6RXWK%URDGZD\DQG6WUHHW6( YHK $03HDN±(DVWERXQGOHIWWXUQODQH IRRWTXHXHYVIRRWVWRUDJH R $03HDN±(DVWERXQGULJKWWXUQODQH IRRWTXHXHYVIRRWVWRUDJH R IW 303HDN±:HVWERXQGOHIWWXUQODQH IRRWTXHXHYVIRRWVWRUDJH R x WK 6RXWK%URDGZD\DQG6WUHHW6( VKRUWHU $03HDN±(DVWERXQGULJKWWXUQODQH ODQH IRRWTXHXHYV *O +RUL]RQ%DFNJURXQG 4XHXH$QDO\VLV WK %RWK SHUFHQWLOHTXHXHVDQGPD[LPXPTXHXHVDUHUHSRUWHG%DVHGRQWKHUHVXOWVRIWKH+RUL]RQ %DFNJURXQG DQDO\VLVWKHIROORZLQJGHGLFDWHGWXUQODQHVKDYHDTXHXHOHQJWK JUHDWHURIWKH WK SHUFHQWLOHTXHXHDQGWKHPD[LPXPTXHXH WKDWH[FHHGVWKHSURYLGHGVWRUDJH x QG 6RXWK%URDGZD\DQG6WUHHW6( $03HDN±(DVWERXQGULJKWWXUQODQH IRRWTXHXHYVIRRWVWRUDJH R 303HDN±(DVWERXQGOHIWWXUQODQH IRRWTXHXHYVIRRWVWRUDJH R 303HDN±:HVWERXQGOHIWWXUQODQH IRRWTXHXHYVIRRWVWRUDJH R 303HDN±(DVWERXQGULJKWWXUQODQH IRRWTXHXHYVIRRWVWRUDJH R x WK 6RXWK%URDGZD\DQG6WUHHW6( $03HDN±(DVWERXQGULJKWWXUQODQH IRRWTXHXHYVIRRWVWRUDJH R $03HDN±:HVWERXQGULJKWWXUQODQH IRRWTXHXHYVIRRWVWRUDJH R 303HDN±(DVWERXQGULJKWWXUQODQH IRRWTXHXHYVIRRWVWRUDJH R 303HDN±(DVWERXQGULJKWWXUQODQH IRRWTXHXHYVIRRWVWRUDJH R 303HDN±:HVWERXQGULJKWWXUQODQH IRRWTXHXHYVIRRWVWRUDJH R 303HDN±6RXWKERXQGOHIWWXUQODQH IRRWTXHXHYVIRRWVWRUDJH R 7KHDELOLW\WRH[WHQGWKHWXUQODQHVOLVWHGDERYHWRSURYLGHPRUHVWRUDJHLVOLPLWHGGXHWRXSVWUHDP LQWHUVHFWLRQVSUHVHQFHRIRQVWUHHWSDUNLQJDQGSRWHQWLDOULJKWRIZD\LPSDFWV +RUL]RQ7RWDO 4XHXH$QDO\VLV WK %RWK SHUFHQWLOHTXHXHVDQGPD[LPXPTXHXHVDUHUHSRUWHG%DVHGRQWKHUHVXOWVRIWKH+RUL]RQ WK 7RWDO DQDO\VLVWKHIROORZLQJGHGLFDWHGWXUQODQHVKDYHDTXHXHOHQJWK JUHDWHURIWKH SHUFHQWLOHTXHXHDQGWKHPD[LPXPTXHXH WKDWH[FHHGVWKHSURYLGHGVWRUDJH x QG 6RXWK%URDGZD\DQG6WUHHW6( $03HDN±(DVWERXQGOHIWWXUQODQH IRRWTXHXHYVIRRWVWRUDJH R $03HDN±(DVWERXQGULJKWWXUQODQH IRRWTXHXHYVIRRWVWRUDJH R 303HDN±(DVWERXQGOHIWWXUQODQH IRRWTXHXHYVIRRWVWRUDJH R 303HDN±(DVWERXQGULJKWWXUQODQH WXUQODQH IRRWTXHXHYVIRRWVWRUDJH R 303HDN±1RUWKERXQGOHIWWXUQODQH IRRWTXHXHYVIRRWVWRUDJH R x UG 6RXWK%URDGZD\DQG6WUHHW6( $03HDN±6RXWKERXQGOHIWWXUQODQH IRRWTXHXHYV *O 303HDN±6RXWKERXQGOHIWWXUQODQH IRRWTXHXHYVIRRWVWRUDJH R 7KHDELOLW\WRH[WHQGWKHWXUQODQHVOLVWHGDERYHWRSURYLGHPRUHVWRUDJHLVOLPLWHGGXHWRXSVWUHDP LQWHUVHFWLRQVSUHVHQFHRIRQVWUHHWSDUNLQJDQGSRWHQWLDOULJKWRIZD\LPSDFWV %DVHGRQWKHLQIRUPDWLRQSURYLGHGDERYHWKHSURSRVHGGHYHORSPHQWPHHWVWKHUHTXLUHPHQWV RIWKHYHKLFOHVWRUDJHVHUYLFHVWDQGDUGIRU2SHQLQJ<HDUFRQGLWLRQVDQG+RUL]RQ<HDU FRQGLWLRQV %ORRP5LYHUIURQW7RZHUV 5RFKHVWHU01 3DJH -DQXDU\ 3DFNHW3J *O 6HUYLFH6WDQGDUG *O 6HUYLFH6WDQGDUG 6DIHW\ 6HFWLRQRIWKH&LW\¶V=RQLQJ2UGLQDQFHDQG/DQG'HYHORSPHQW0DQXDOSURYLGHVWKHIROORZLQJ GHVFULSWLRQRIWKH[[662,559,796,612][11][,I,][Arial]]6DIHW\ [[805,559,1003,611][11][,,][Arial]]6WDQGDUG [[449,663,2326,716][11][,I,][Arial]]$FFHVVSRLQWVVKDOOEHGHVLJQHGWRSURYLGHIRUDGHTXDWHVLJKWGLVWDQFHDQGDSSURSULDWH [[450,723,2326,776][11][,I,][Arial]]IDFLOLWLHVWRDFFRPPRGDWHDFFHOHUDWLRQDQGGHFHOHUDWLRQRIVLWHWUDIILF:KHUHWUDIILFIURPWKH [[450,784,2326,837][11][,I,][Arial]]SURSRVHGGHYHORSPHQWZLOOLPSDFWDQ\ORFDWLRQZLWKDQLQFLGHQFHRIKLJKDFFLGHQWIUHTXHQF\ [[450,844,2327,897][11][,I,][Arial]]GHILQHGDVRQHRIWKHWRKLJKHVWDFFLGHQWORFDWLRQVLQWKHDUHDWKHDFFLGHQWKLVWRU\VKRXOG [[450,905,2326,958][11][,I,][Arial]]EHHYDOXDWHGDQGDGHWHUPLQDWLRQPDGHWKDWWKHSURSRVHGVLWHDFFHVVRUDGGLWLRQDOVLWHWUDIILF [[450,966,2325,1019][11][,I,][Arial]]ZLOOQRWIXUWKHUDJJUDYDWHWKHVLWXDWLRQ,WLVXQGHUVWRRGWKDWWKHFRUUHFWLRQRIDQH[LVWLQJRII [[450,1025,1880,1078][11][,I,][Arial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¶V/DQG'HYHORSPHQW0DQXDODQG2UGLQDQFHVWKHSURSRVHG GHYHORSPHQWLVUHTXLUHGWRLQFOXGHD7UDYHO'HPDQG0DQDJHPHQW3ODQ 7'03 DVSDUWRIWKH7,5 %HORZLVDQH[FHUSWIURP6HFWLRQ [[375,709,2327,757][10][,I,][Arial]]³$Q\GHYHORSPHQWORFDWHGZLWKLQWKHERXQGDU\RIWKH'HVWLQDWLRQ0HGLFDO&HQWHU'LVWULFW3DUNLQJ2YHUOD\ [[375,765,2325,813][10][,I,][Arial]]=RQHFRQWDLQLQJPRUHWKDQILIWHHQWKRXVDQG VTXDUHIHHWRIQHZRUDGGLWLRQDOFRPPHUFLDOJURVV [[375,820,2324,868][10][,I,][Arial]]IORRUDUHDRUPRUHWKDWILIW\ UHVLGHQWLDOXQLWVVKDOOSUHSDUHD7UDYHO'HPDQG0DQDJHPHQW3ODQ 7'03 [[375,875,2326,923][10][,I,][Arial]]WKDWDGGUHVVHVPHDVXUHVWRPLQLPL]HWKHYHKLFXODUWUDQVSRUWDWLRQLPSDFWVRIWKHGHYHORSPHQWRQSDUNLQJ [[375,930,1256,978][10][,I,][Arial]]DQGURDGZD\LQIUDVWUXFWXUHLQWKH'0&'LVWULFW´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¶V[[622,2042,940,2095][11][,I,][Arial]]7ULS*HQHUDWLRQ [[940,2042,1003,2094][11][,,][Arial]] [[1027,2042,2327,2094][11][,,][Arial]](GLWLRQWKHGHYHORSPHQWLVDQWLFLSDWHGWRJHQHUDWH QHWQHZ WULSVGXULQJWKHZHHNGD\$0SHDNKRXUDQG *O 7DEOH SURYLGHVDVXPPDU\RIPLQLPXPDQGPD[LPXPSDUNLQJGHPDQGUDWHVIRUWKHSURSRVHG 7DEOH ODQGXVHVSURYLGHVWKHFDOFXODWLRQIRUWKHPLQLPXPDQGPD[LPXPSDUNLQJVSDFHVUHTXLUHG DVZHOODVWKHQXPEHURIVSDFHVSURSRVHGE\WKHSURMHFWIRUHDFKODQGXVH [[808,621,1817,676][11][B,I,][Arial Narrow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rial Narrow]]7DEOH 6KDUHG3DUNLQJ3HUFHQWDJHV :HHNGD\:HHNHQG /DQG8VH $0 *O 7UDYHO'HPDQG0DQDJHPHQW6WUDWHJLHV %DVHGRQ6HFWLRQ RIWKH&LW\¶V/DQG'HYHORSPHQW0DQXDOWKHIROORZLQJ7'03VWUDWHJLHVDUH DUHTXLUHPHQWRIGHYHORSPHQWVZLWKLQWKH'RZQWRZQ3DUNLQJ2YHUOD\=RQH Ͳ 6LWHRZQHUZLOORIIHUD7UDQVLW3DVV3URJUDPWRRQVLWHUHVLGHQWVDQGRUHPSOR\HHVVXEMHFWWR LQGHSHQGHQWDJUHHPHQWZLWKWKH&LW\ Ͳ 6KDUHGRUFRPPXQLW\YHKLFOHPDGHDYDLODEOHIRUXVHE\UHVLGHQWVRIDQHZUHVLGHQWLDO GHYHORSPHQW2QHRUPRUHSDVVHQJHUYHKLFOHVPXVWEHPDGHDYDLODEOHRQVLWHZLWKDQ HVWDEOLVKHGSURFHGXUHIRUSULYDWHXVHE\UHVLGHQWV$PLQLPXPRIRQHYHKLFOHSHU UHVLGHQWLDOGZHOOLQJXQLWVVKDOOEHSURYLGHG Ͳ 7KHRQVLWHELF\FOHSDUNLQJSURYLVLRQVRI6HFWLRQ$WWKHH[WHQWSRVVLEOHSURYLGHWUDQVLWLQIRUPDWLRQRQWKHKRWHO¶VZHEVLWH Ͳ 'HYHORSDQGPDLQWDLQDSROLF\WKDWSURYLGHVIRUWUXFNDQGVHUYLFHGHOLYHULHVRXWVLGHRISHDN WUDIILFSHULRGV H[FOXGLQJSDFNDJHGHOLYHU\VHUYLFHVVXFKDV836DQG)HG([ %ORRP5LYHUIURQW7RZHUV 5RFKHVWHU01 3DJH -DQXDU\ 3DFNHW3J *O &21&/86,21 5(&200(1'$7,216 7KHWUDIILFDQDO\VLVIRFXVHGRQWKHHLJKW WUDIILFVHUYLFHVWDQGDUGVRXWOLQHGLQWKH&LW\¶V=RQLQJ 6WDQGDUGVDQG/DQG'HYHORSPHQW&RGH)ROORZLQJLVDVXPPDU\RIHDFKWUDIILFVHUYLFHVWDQGDUG DQGWKHSURSRVHGGHYHORSPHQW¶VFRPSOLDQFHZLWKWKRVHVWDQGDUGV x QG 5RDGZD\&DSDFLW\ ±7KHIRUHFDVWHGYROXPHVRQ6WUHHW6(DQG6RXWK%URDGZD\DUH DQWLFLSDWHGWRKDYHDYROXPHWRFDSDFLW\UDWLRRIOHVVWKDQ WKURXJKWKH+RUL]RQ \HDU x ,QWHUVHFWLRQ/HYHORI6HUYLFH ±7KHVWXG\LQWHUVHFWLRQVDUHDQWLFLSDWHGWRRSHUDWHDWDQ DFFHSWDEOHOHYHORIVHUYLFH /26&RUEHWWHU GXULQJWKH$0DQG30SHDNKRXUVIRU%XLOG2XW 7RWDO DQG+RUL]RQ7RWDO FRQGLWLRQV x QG 1XPEHURI$FFHVV3RLQWV ±7KHORFDWLRQRIWKHSDUNLQJJDUDJHDFFHVVRQ6WUHHW6(GRHV QRWPHHWWKHPLQLPXPDFFHVVPDQDJHPHQWUHTXLUHPHQWVRXWOLQHVLQWKH&LW\¶V=RQLQJ 6WDQGDUGVDQG/DQG'HYHORSPHQW&RGH KRZHYHUWKHDFFHVVLVSURSRVHGWREHLQWKHVDPH QG ORFDWLRQDVWKHFXUUHQWDFFHVVWRWKH6WUHHWJDUDJH x 5HVLGHQWLDO6WUHHW,PSDFW ±1RLPSDFWHGUHVLGHQWLDOURDGZD\VZLWKLQWKHVWXG\DUHD x QG 7UDIILF)ORZDQG3URJUHVVLRQ ±%DVHGRQ6LP7UDIILFDQDO\VLVERWK6WUHHW6(DQG6RXWK %URDGZD\ZLOOFRQWLQXHWRRSHUDWHZLWKHIILFLHQWWUDIILFIORZDQGSURJUHVVLRQ7KHUHDUHQR DGGLWLRQDOVLJQDOVEHLQJDGGHGDVSDUWRIWKLVSURMHFWDQGH[LVWLQJWUDIILFSURJUHVVLRQZLOOEH PDLQWDLQHGWKURXJKERWKWKH%XLOG2XW \HDUDQGWKH+RUL]RQ \HDU x 9HKLFOH6WRUDJH ±7KHSURSRVHGGHYHORSPHQWGRHVQRWVLJQLILFDQWO\LPSDFWWKHYHKLFOH QG TXHXHLQJDORQJ6WUHHW6(RU6RXWK%URDGZD\DVWKHTXHXHLQJLVVXHVDUHSUHVHQWLQ H[LVWLQJFRQGLWLRQVDQGDUHH[SHFWHGWRFRQWLQXH7KHDELOLW\WRH[WHQGDQ\WXUQODQHVLVOLPLWHG GXHWRXSVWUHDPLQWHUVHFWLRQVSUHVHQFHRIRQVWUHHWSDUNLQJDQGSRWHQWLDOULJKWRIZD\ FRQVWUDLQWV x ,QWHUQDO&LUFXODWLRQ ±7KHLQWHUQDOFLUFXODWLRQRIWKHSDUNLQJJDUDJHZLOOQRWLPSDFWWKH RSHUDWLRQVRIWKHSXEOLFURDGZD\QHWZRUN x 6DIHW\ ±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rial]]WKDWWKH [[150,1113,2304,1166][11][,I,][Arial]]SURSHUW\LVVRHVVHQWLDOWRWKHKLVWRULFIDEULFRIWKH&LW\DQGKDVDGHPRQVWUDWHGTXDOLW\RIVLJQLILFDQFHWKDW [[150,1168,797,1221][11][,I,][Arial]]SUHVHUYDWLRQPXVWEHPDQGDWHG [[795,1168,808,1220][11][,,][Arial]] [[808,1168,999,1220][11][,,][Arial]]UHJDUGOHV [[999,1168,2359,1220][11][,,][FEFF584A7B1]]VRI DSURSHUW\RZQHU¶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³GHVLJQDWLRQGHFLVLRQVPDGHE\WKH&RPPLVVLRQPD\EHDSSHDOHGWRWKH&RXQFLO´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¶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¶VPHPRDQG .=4?0=4, :1,>429414.,9?34>?:=4.,70A09?49?30,D> 99 :?07,=7?:9&303:?07 '94?0/%?,?0>0;,=?809?:1?30 9?0=4:="114.0:1 9/4,911,4=>>?,?0/?3,?3:?07 ±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¶V /0>429,?4:9>?@/D491:=8,?4:9.:9?,490/49 391¶V1RYHPEHU * D "$$ &30 #:1?304?D:1$:.30>?0=;@=>@,9??:$"F /:0>30=0-D=0.:8809/ ?:?30:88:9:@9.47?3,??30,D> 99,=7?:9 :?07-0/0>429,?0/,> ,9/8,=6#=:;0=?D ,?0/,?$:.30>?0= 4990>:?,?34>+++++/,D:1 ,=.3 ++++++++++++++++++++++++++++++++++++ 3=4>?490%.3@7?E0 3,4=:1?30 0=4?,20#=0>0=A,?4:9:884>>4:9 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * E 3DFNHW3J * F &,7<2)52&+(67(5 +HULWDJH3UHVHUYDWLRQ&RPPLVVLRQ0LQXWHV &RXQFLO%RDUG&KDPEHUV WK6WUHHW6( 5HJXODU0HHWLQJ-DQXDU\ 30 &$//7225'(5 $WWHQGHH1DPH7LWOH6WDWXV$UULYHG 'DQLHO*URWHERHU$EVHQW 9DOHULH*XLPDUDHV3UHVHQW %DUU\6NROQLFN3UHVHQW (&KULVWLQH6FKXOW]H3UHVHQW -DPLH0DKOEHUJ3UHVHQW 0DUN&DUOVRQ3UHVHQW %UHQW%XFKDQ3UHVHQW 7KRPDV0HLODQGHU3UHVHQW 7UHQW+RPDUG3UHVHQW *DLO(DGLH3UHVHQW 7DVRV3VRPDV3UHVHQW 7HUHVD0F&RUPDFN$EVHQW 6(7$*(1'$ $XGLRRIWKHPHHWLQJFDQEHIRXQGKHUH KWWS URFKHVWHUFLW\PQLTPFRP&LWL]HQV6SOLW9LHZDVS["0RGH 9LGHR 0HHWLQJ,' )RUP DW 1RQH 6FKXOW]HFRPPHQWHGWKDWXQGHU1HZ%XVLQHVVWKDWWKH&RPPLVVLRQDOVRQHHGVWRDGRSW PDMRULW\YRWHDQGTXRUXPUHTXLUHPHQWVWLPHDQGGDWHVIRUPHHWLQJVDQGDOVRQHHGWR KROGHOHFWLRQRIRIILFHUVIRU 0RWLRQE\%XFKDQ6HFRQGHGE\&DUOVRQWRDSSURYHWKHDJHQGDDVDPHQGHG 0RWLRQFDUULHGXQDQLPRXVO\ 23(1)2580 -RKQ.UXHVHOVSRNH 1DQF\6ORFXPEVSRNH 0LNH&RRNVSRNH &RPPLVVLRQHU0HLODQGHUDUULYHG 3DFNHW3J * F +HULWDJH3UHVHUYDWLRQ&RPPLVVLRQ0LQXWHV 7XHVGD\-DQXDU\ 3DJHRI &216(17$*(1'$ 5(68/7 $33529('>81$1,0286@ 029(5 %UHQW%XFKDQ 6(&21'(5 7DVRV3VRPDV $<(6 *XLPDUDHV6NROQLFN6FKXOW]H0DKOEHUJ&DUOVRQ%XFKDQ0HLODQGHU(DGLH 3VRPDV $%6(17 *URWHERHU+RPDUG $SSURYDORIWKH+3&0HHWLQJ0LQXWHVIURP'HFHPEHU * F +HULWDJH3UHVHUYDWLRQ&RPPLVVLRQ0LQXWHV 7XHVGD\-DQXDU\ 3DJHRI 7KH&RPPLVVLRQGHWHUPLQHGWRKROGWKHLUPHHWLQJVLQWKH&RXQFLO%RDUG&KDPEHUVRQWKH WK7XHVGD\RIWKHPRQWKDW 30ZLWKWKHH[FHSWLRQRIWKH'HFHPEHUPHHWLQJZKLFKZLOO EHKHOGRQ7XHVGD\'HFHPEHUWK 0RWLRQE\&DUOVRQVHFRQGHGE\%XFKDQWRDSSURYHWKHPHHWLQJVFKHGXOHIRU 0RWLRQFDUULHGXQDQLPRXVO\ 0RWLRQE\6NROQLFNVHFRQGHGE\0HLODQGHUWRFRQWLQXHZLWKWKHFXUUHQWFKDLU 6FKXOW]H DQG YLFHFKDLU &DUOVRQ 0RWLRQFDUULHGXQDQLPRXVO\ +3&,QYHQWRU\:RUNVKHHW &DUOVRQPHQWLRQHGWKDWKHKDVFUHDWHGD*RRJOHZRUNVKHHWRIDOORIWKHSURSHUWLHVRQ WKHLQYHQWRU\OLVW,WZDVGHWHUPLQHGWKDWWKH*RRJOHZRUNVKHHWZRXOGEHGLVFXVVHGDW WKHWUDLQLQJVHVVLRQ VLJQLILFDQFHWKDWSUHVHUYDWLRQPXVWEHPDQGDWHG7KLVLVWKH XOWLPDWHILQGLQJLWLVQRWZKHWKHUDQ\RIWKHFULWHULDDUHVDWLVILHG 3DFNHW3J * F +HULWDJH3UHVHUYDWLRQ&RPPLVVLRQ0LQXWHV 7XHVGD\-DQXDU\ 3DJHRI -HII$OOPDQFDPHIRUZDUGWRFRPPHQWLQVXSSRUWWKDWWKHSURSHUW\GRHVQ WPHHWWKH FULWHULDIRUODQGPDUNGHVLJQDWLRQ /DXUD*LOOLODQGFDPHIRUZDUGWRFRPPHQWWKDW6+32LVWKH6WDWH+LVWRULF 3UHVHUYDWLRQ2IILFH -RKQ.UXHVHOFDPHIRUZDUGWRTXHVWLRQWKHUHFXVDOTXHVWLRQ 5LFN'ROGFDPHIRUZDUGWRDGGUHVVWKHSURFHVVXVHGDQGWKDWRQFHGHVLJQDWHGWKHUH LVQRPRQH\3URSHUWLHVVKRXOGQRWEHGHVLJQDWHGXQWLOIXQGLQJLVLQSODFH 1DQF\6ORFXPEFDPHIRUZDUGDQGEHOLHYHVWKDWWKLVLVRQHRIWKHEXLOGLQJVWKDW VKRXOGVWD\LQ5RFKHVWHU -DQH%LVHOFDPHIRUZDUGWRFRPPHQWLQVXSSRUWWKDWWKHSURSHUW\GRHVPHHWWKH FULWHULDIRUODQGPDUNGHVLJQDWLRQ &RG\.XQNHOFDPHIRUZDUGWRSUHVHQWDOHWWHUIURP*LQJHU&DUUROO+HLVD FRQFHUQHGFLWL]HQDQGWKDWWKLVGHFLVLRQVKRXOGQ 7KH&RPPLVVLRQWRRNDPLQXWHVWRUHDGWKHOHWWHUIURP*LQJHU&DUUROO 'HQQLV'DYH\FDPHIRUZDUGWRFRPPHQWLQVXSSRUWWKDWWKHSURSHUW\GRHVQ WPHHW WKHFULWHULDIRUODQGPDUNGHVLJQDWLRQ'RHVQRWEHOLHYHWKDWWKHEXLOGLQJVPHHWVWKH FULWHULD 'DOH+LPULFNFDPHIRUZDUGWRDVNZKDWKDSSHQVLILWLVQRWGHVLJQDWHGDVDODQGPDUN SURSHUW\ %HQ.DOOFDPHIRUZDUGWRFRPPHQWLQVXSSRUWWKDWWKHSURSHUW\GRHVQ WPHHWWKH FULWHULDIRUODQGPDUNGHVLJQDWLRQ -RQQ:HOOKDYHQFDPHIRUZDUGDVKHRZQVWKHSURSHUW\WRWKHHDVWDFURVVWKHDOOH\ +RWHOGRHVQ %ULDQ0F&RRODGGUHVVHGWKH&RPPLVVLRQDJDLQWRUHVSRQGWRTXHVWLRQVUDLVHG 7KH&RPPLVVLRQGLVFXVVHGWKHFULWHULDDQGZKHWKHURUQRWWKHSURSHUW\LVKLVWRULF 0RWLRQE\*XLPDUDHVVHFRQGE\+RPDUGWRUHFRPPHQGDVODQGPDUNSURSHUW\DVLW PHHWVFULWHULD$ +ZLWKWKHILQGLQJVIRU$ +DVIRXQGLQWKHUHSRUW 7KH&RPPLVVLRQGLVFXVVHGWKHPRWLRQDQGJDYHWKHLUUHDVRQLQJVRQZKHWKHURUQRW WKHSURSHUW\PHWWKHFULWHULDIRUGHVLJQDWLRQ 3DFNHW3J * F +HULWDJH3UHVHUYDWLRQ&RPPLVVLRQ0LQXWHV 7XHVGD\-DQXDU\ 3DJHRI 0RWLRQE\6NROQLFNVHFRQGHGE\+RPDUGWRDPHQGWKHPRWLRQWRLQFOXGHWKH6+32 OHWWHUDQGWKHIDFWWKDWWKH+3&DGRSWHGWKHSHULRGRIVLJQLILFDQFHDWWKH-XQH * G 3DFNHW3J * G 3DFNHW3J * G 3DFNHW3J * G 3DFNHW3J * G 3DFNHW3J * G 3DFNHW3J * G 3DFNHW3J * G 3DFNHW3J * G 3DFNHW3J * G 3DFNHW3J * G 3DFNHW3J * G 3DFNHW3J * G 3DFNHW3J * G 3DFNHW3J * G 3DFNHW3J * G 3DFNHW3J * G 3DFNHW3J * G 3DFNHW3J * G 3DFNHW3J * G 3DFNHW3J * G 3DFNHW3J * G 3DFNHW3J * G 3DFNHW3J * G 3DFNHW3J * G 3DFNHW3J * G 3DFNHW3J * G 3DFNHW3J * G 3DFNHW3J * G 3DFNHW3J * G 3DFNHW3J * H 3DFNHW3J * H 3DFNHW3J * H 3DFNHW3J * H 3DFNHW3J * I DĂƌĐŚϳ͕ϮϬϭϴ ZŽĐŚĞƐƚĞƌŝƚLJŽƵŶĐŝůDĞŵďĞƌƐ ŝƚLJŽĨZŽĐŚĞƐƚĞƌ ƚŚ ϮϬϭϰ^ƚƌĞĞƚ^ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰ /ǁƌŝƚĞLJŽƵĂƐĂŵĞŵďĞƌŽĨƚŚĞ,ŝƐƚŽƌŝĐĂůWƌĞƐĞƌǀĂƚŝŽŶŽŵŵŝƐƐŝŽŶ;,WͿƚŽƉƌŽǀŝĚĞŵLJƌĞĂƐŽŶƐĨŽƌ ǀŽƚŝŶŐĂŐĂŝŶƐƚƚŚĞϲͲϰǀŽƚĞƌĞĐŽŵŵĞŶĚŝŶŐƚŚĞĂLJƐ/ŶŶͬ,ŽƚĞůĂƌůƚŽŶƉƌŽƉĞƌƚLJĂƐĂ>ĂŶĚŵĂƌŬWƌŽƉĞƌƚLJ͘ tŚŝůĞƚŚĞ&ĂĐƚƐŽĨ&ŝŶĚŝŶŐƐĨƌŽŵƚŚĞ,WĂƌĞĂĐĐƵƌĂƚĞ͕ƚŚĞLJƉĂŝŶƚĂŽŶĞƐŝĚĞĚǀŝĞǁŽĨƚŚĞ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶ͕ĂŶĚ/ƚŚŝŶŬĂŶŽƉƉŽƐŝŶŐǀŝĞǁŝƐŶĞĞĚĞĚĨŽƌƚŚĞŝƚLJŽƵŶĐŝůŵĞŵďĞƌƐƚŽŵĂŬĞƚŚĞďĞƐƚ ĚĞĐŝƐŝŽŶ͘ EŽƚŚŝŶŐ/ǁƌŝƚĞŚĞƌĞŝƐĂƚƚŚĞƌĞƋƵĞƐƚŽƌƌĞĐŽŵŵĞŶĚĂƚŝŽŶŽĨĂŶLJŽŶĞĞůƐĞĂŶĚ/ŚĂǀĞŶĞǀĞƌƐƉŽŬĞŶǁŝƚŚ ƚŚĞƉƌŽƉĞƌƚLJŽǁŶĞƌŽƌƚŚĞŝƌƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐĂďŽƵƚƚŚĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶŽŶƚŚŝƐƉƌŽƉĞƌƚLJ͘ DŽĚĞůŽĨŝǀŝůŝƚLJĂŶĚZĞƐƉĞĐƚ /ĂŵǀĞƌLJƉůĞĂƐĞĚƚŽƐĂLJƚŚĂƚĚƵƌŝŶŐďŽƚŚŽƵƌ:ĂŶƵĂƌLJϮϯ͕ϮϬϭϴŵĞĞƚŝŶŐǁŚŝĐŚůĞĚƚŽƚŚĞϲͲϰǀŽƚĞĂŶĚ ƚŚĞ&ĞďƌƵĂƌLJϮϳ͕ϮϬϭϴŵĞĞƚŝŶŐǁŚĞƌĞǁĞƌĞǀŝĞǁĞĚƚŚĞ&ŝŶĚŝŶŐƐŽĨ&ĂĐƚǁŚŝĐŚǁĞƌĞĂƉƉƌŽǀĞĚďLJϳͲϯ͕ ƚŚĞ,WŵĞŵďĞƌƐǁĞƌĞĐŝǀŝůĂŶĚƌĞƐƉĞĐƚĨƵůƚŽŽŶĞĂŶŽƚŚĞƌ͘ŚĂŝƌŚƌŝƐƚŝŶĞ^ĐŚƵůƚnjĚŝĚĂŶĂĚŵŝƌĂďůĞũŽď ƌƵŶŶŝŶŐďŽƚŚŵĞĞƚŝŶŐƐĂŶĚŵĂŬŝŶŐƐƵƌĞďŽƚŚƐŝĚĞƐ͛ŽƉŝŶŝŽŶƐǁĞƌĞŚĞĂƌĚ͘ ŶhŶĨŽƌƚƵŶĂƚĞ&ŝƌƐƚdĞƐƚĂƐĞ /ŚĂǀĞƌĞƉĞĂƚĞĚůLJƐƚĂƚĞĚƚŽĨĞůůŽǁŽŵŵŝƐƐŝŽŶĞƌƐƚŚĂƚ/ǁŽƵůĚƉƌĞĨĞƌƚŽƐƚĂƌƚǁŝƚŚǁŝůůŝŶŐƉĂƌƚŝĐŝƉĂŶƚƐ͕ŽĨ ǁŚŝĐŚƚŚĞƌĞĂƌĞŵĂŶLJ͕ǁŚŽĂƌĞĂĐƚŝǀĞůLJŝŶƚĞƌĞƐƚĞĚŝŶĚĞƐŝŐŶĂƚŝŽŶĂƐĂ>ĂŶĚŵĂƌŬWƌŽƉĞƌƚLJ͘/ĨĞĞůǁĞ ĐŽƵůĚďƵŝůĚƉŽƐŝƚŝǀĞŵŽŵĞŶƚƵŵǁŝƚŚƐŽŵĞĞĂƐŝĞƌ͞ǁŝŶƐ͟ĂƐǁĞƌĂŝƐĞĂǁĂƌĞŶĞƐƐŽĨZŽĐŚĞƐƚĞƌ͛ƐŚŝƐƚŽƌŝĐĂů ƉƌŽƉĞƌƚŝĞƐĂŶĚĞŶĐŽƵƌĂŐĞŵŽƌĞƉƌŽƉĞƌƚLJŽǁŶĞƌƐƚŽĐŽŵĞĨŽƌǁĂƌĚ͕ǁŚŝůĞƐĞƚƚŝŶŐĂƉŽƐŝƚŝǀĞƚŽŶĞĂƌŽƵŶĚ ŚŝƐƚŽƌŝĐĂůƉƌĞƐĞƌǀĂƚŝŽŶ͘ /ŶƐƚĞĂĚ͕ƚŚĞ,WǁĂƐĂƐŬĞĚƚŽƌĞǀŝĞǁƚŚĞĂLJƐ/ŶŶͬ,ŽƚĞůĂƌůƚŽŶĂƐĂƉƌŝŽƌŝƚLJĨƌŽŵƚŚĞŝƚLJŽƵŶĐŝů ďĞĐĂƵƐĞŽĨƚŚĞƉƌĞǀŝŽƵƐŚŝƐƚŽƌLJŽŶƚŚĞƉƌŽƉĞƌƚLJƵŶĚĞƌƚŚĞŽůĚĂŶĚŶĞǁŽƌĚŝŶĂŶĐĞƐ͘dŚĞŽǁŶĞƌŚĂƐ ĞdžƉƌĞƐƐĞĚĐŽŶĐĞƌŶƐŽŶŵƵůƚŝƉůĞŽĐĐĂƐŝŽŶƐƚŚĂƚŚĞĚŝĚŶŽƚǁĂŶƚƚŚĞƉƌŽƉĞƌƚLJĚĞƐŝŐŶĂƚĞĚĂ>ĂŶĚŵĂƌŬ WƌŽƉĞƌƚLJ͘dŽƐƚĂƌƚŽĨĨǁŝƚŚĂĐŽŶƚĞƐƚĞĚƉƌŽƉĞƌƚLJǁŚŝĐŚŝƐĂǁĞĂŬĞdžĂŵƉůĞŽĨĂŚŝƐƚŽƌŝĐƉƌŽƉĞƌƚLJŝƐĂŶ ƵŶĨŽƌƚƵŶĂƚĞƚĞƐƚŽĨƚŚĞŶĞǁ,W͘ ĂƐĞ,ŝƚ͕EŽƚĂ,ŽŵĞZƵŶ /ĂŵĐŽŶĐĞƌŶĞĚƚŚŝƐƉƌŽƉĞƌƚLJĂŶĚƚŚĞ,W͛ƐĚĞĐŝƐŝŽŶƐĞƚĂƉƌĞĐĞĚĞŶƚƚŚĂƚĂŶLJƉƌŽƉĞƌƚLJƚŚĂƚĞǀĞŶǁĞĂŬůLJ ƚŽƵĐŚĞƐĐƌŝƚĞƌŝĂŝŶƚŚĞKƌĚŝŶĂŶĐĞ͕ǁŝůůďĞƌĞĐŽŵŵĞŶĚĞĚĂƐĂ>ĂŶĚŵĂƌŬWƌŽƉĞƌƚLJĂŶĚŵĂŬĞƚŚĞ,WĂŶĚ ƚŚĞŝƚLJƐĞĞŶĂƐĂĚǀĞƌƐĂƌŝĂůƚŽŽǁŶĞƌ͛ƐǁŝƐŚĞƐ͘ dŚĞKƌĚŝŶĂŶĐĞƚŽƵĐŚĞƐƵƉŽŶƚŚĞŽǁŶĞƌ͛ƐĐŽŶƐĞŶƚŝŶƚǁŽƉůĂĐĞƐ͗ 3DFNHW3J * I ϭϵ͘Ϭϭ͕ƐƵďĚϮ͗ ͙ƚŚĞŝƚLJŝŶƚĞŶĚƐƚŽĚƌĂǁĂƌĞĂƐŽŶĂďůĞďĂůĂŶĐĞďĞƚǁĞĞŶƉƌŝǀĂƚĞƉƌŽƉĞƌƚLJƌŝŐŚƚƐĂŶĚƚŚĞ ƉƵďůŝĐŝŶƚĞƌĞƐƚŝŶƉƌĞƐĞƌǀŝŶŐƚŚĞŝƚLJ͛ƐĐƵůƚƵƌĂů͕ƐŽĐŝĂů͕ĞĐŽŶŽŵŝĐ͕ƌĞůŝŐŝŽƵƐ͕ƉŽůŝƚŝĐĂů͕ ĂƌĐŚŝƚĞĐƚƵƌĂůĂŶĚĂĞƐƚŚĞƚŝĐŚŝƐƚŽƌLJ͘ ŶĚŝŶϭϵ͘Ϭϴ͗ ͙ƚŚĂƚƚŚĞƉƌŽƉĞƌƚLJŝƐƐŽĞƐƐĞŶƚŝĂůƚŽƚŚĞŚŝƐƚŽƌŝĐĨĂďƌŝĐŽĨƚŚĞŝƚLJĂŶĚŚĂƐĂ ĚĞŵŽŶƐƚƌĂƚĞĚƋƵĂůŝƚLJŽĨƐŝŐŶŝĨŝĐĂŶĐĞƚŚĂƚƉƌĞƐĞƌǀĂƚŝŽŶŵƵƐƚďĞŵĂŶĚĂƚĞĚƌĞŐĂƌĚůĞƐƐŽĨ ĂƉƌŽƉĞƌƚLJŽǁŶĞƌ͛ƐĐŽŶƐĞŶƚƐŚĂůůďĞĚĞƐŝŐŶĂƚĞĚĂƐĂ>ĂŶĚŵĂƌŬWƌŽƉĞƌƚLJŽƌ>ĂŶĚŵĂƌŬ ŝƐƚƌŝĐƚ͙ tŚŝůĞƚŚĞĂLJƐ/ŶŶͬ,ŽƚĞůĂƌůƚŽŶƉƌŽƉĞƌƚLJĚŽĞƐŵĞĞƚƚǁŽŽĨƚŚĞĐƌŝƚĞƌŝĂƚŚĂƚƚŚĞ,WŵƵƐƚĐŽŶƐŝĚĞƌ͕ŝŶ ŵLJŽƉŝŶŝŽŶŝƚĚŽĞƐŶŽƚŵĞĞƚƚŚĞŵƐƚƌŽŶŐůLJĞŶŽƵŐŚƚŽŽǀĞƌƌƵůĞƚŚĞĐŽŶƐĞŶƚŽĨƚŚĞŽǁŶĞƌ͘ ĐĐŽƌĚŝŶŐƚŽƚŚĞĐŝƚLJĨƵŶĚĞĚϭϬϲ'ƌŽƵƉƌĞƉŽƌƚŽŶƚŚĞƉƌŽƉĞƌƚLJ͕ŝƚŵĞƚƚŚĞĨŽůůŽǁŝŶŐĐƌŝƚĞƌŝĂ͗ ͘/ƚƐĐŚĂƌĂĐƚĞƌ͕ŝŶƚĞƌĞƐƚ͕ŽƌǀĂůƵĞĂƐƉĂƌƚŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ͕ŚĞƌŝƚĂŐĞ͕ŽƌĐƵůƚƵƌĂů ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨƚŚĞŝƚLJ͕^ƚĂƚĞŽƌhŶŝƚĞĚ^ƚĂƚĞƐ͖ ,͘/ƚƐůŽĐĂƚŝŽŶ͕ƐĐĂůĞ͕ŽƌŽƚŚĞƌƉŚLJƐŝĐĂůĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐƌĞƉƌĞƐĞŶƚŝŶŐĂŶĞƐƚĂďůŝƐŚĞĚĂŶĚĨĂŵŝůŝĂƌ ǀŝƐƵĂůĨĞĂƚƵƌĞŽƌĂŶĞŝŐŚďŽƌŚŽŽĚ͕ĂĚŝƐƚƌŝĐƚ͕ƚŚĞĐŽŵŵƵŶŝƚLJ͕ŽƌƚŚĞŝƚLJ͘ tŚŝůĞƚŚĞϭϬϲ'ƌŽƵƉƌĞƉŽƌƚǁĂƐƚŚŽƌŽƵŐŚĂŶĚǁĞůůƌĞƐĞĂƌĐŚĞĚ͕ƚŚĞŝŶĨŽƌŵĂƚŝŽŶƉƌŽǀŝĚĞĚƚŽƐƵƉƉŽƌƚ ĐƌŝƚĞƌŝĂĂŶĚ,ǁĂƐŶŽƚĐŽŵƉĞůůŝŶŐƚŽŵĞĂŶĚĐĞƌƚĂŝŶůLJŶŽƚĐŽŵƉĞůůŝŶŐĞŶŽƵŐŚƚŽŽǀĞƌƌŝĚĞƚŚĞŽǁŶĞƌ͛Ɛ ĐŽŶƐĞŶƚ͘ dŚĞŽǁŶĞƌƉƌŽǀŝĚĞĚĂŶŽƉŝŶŝŽŶĨƌŽŵĂĐŽŶƐƵůƚĂŶƚ͕^ƚƌĞĂŵůŝŶĞƐƐŽĐŝĂƚĞƐ͕ǁŚŽƌĞĨƵƚĞĚƚŚĞ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨƌŽŵƚŚĞϭϬϲ'ƌŽƵƉƌĞƉŽƌƚ͘^ƚƌĞĂŵůŝŶĞƐƐŽĐŝĂƚĞƐŝƐůŝƐƚĞĚĂƐĂ͞WƌĞƐĞƌǀĂƚŝŽŶ ^ƉĞĐŝĂůŝƐƚ͟ŽŶƚŚĞDŝŶŶĞƐŽƚĂ,ŝƐƚŽƌŝĐĂů^ŽĐŝĞƚLJǁĞďƐŝƚĞ͘/ƐƚƌŽŶŐůLJƌĞĐŽŵŵĞŶĚŝƚLJŽƵŶĐŝůŵĞŵďĞƌƐ ƌĞĂĚƚŚŝƐƌĞƉŽƌƚďĞĨŽƌĞĚĞĐŝĚŝŶŐŽŶƚŚŝƐƉƌŽƉĞƌƚLJ͘ EŽƌŽĂĚWƵďůŝĐ/ŶƚĞƌĞƐƚ tŚŝůĞƚŚĞƌĞǁĂƐĂůĂƌŐĞĂŵŽƵŶƚŽĨƉƵďůŝĐŶĞǁƐĂŶĚŝŶƚĞƌĞƐƚĂďŽƵƚƚŚŝƐƉƌŽƉĞƌƚLJ͕ŝƚŚĂƐĂůǁĂLJƐďĞĞŶ ĂďŽƵƚƚŚĞKƌĚŝŶĂŶĐĞĂŶĚƚŚĞĐŽŶƚƌŽǀĞƌƐLJƐƵƌƌŽƵŶĚŝŶŐƚŚĞƉƌŽƉĞƌƚLJʹŝƚǁĂƐŶŽƚĂďŽƵƚƚŚĞŵĞƌŝƚƐŽĨŽƌ ŝŶƚĞƌĞƐƚŝŶƚŚĞƉƌŽƉĞƌƚLJŝƚƐĞůĨ͘ KŶƚŚĞ͞ĨŽƌ͟ƐŝĚĞ͕ƚŚĞƌĞǁĂƐŶŽƚĂƐŝŶŐůĞůĞƚƚĞƌĨƌŽŵĂůŽĐĂůƉĞƌƐŽŶŽƌŝŶƚĞƌĞƐƚŐƌŽƵƉƐƵƉƉŽƌƚŝŶŐƚŚŝƐ ƉƌŽƉĞƌƚLJďĞŝŶŐƌĞĐŽŵŵĞŶĚĞĚ͘tĞŚĞĂƌĚĨƌŽŵƐĞǀĞƌĂůƉĞŽƉůĞŝŶĐůƵĚŝŶŐĂůŽĐĂůĞdžƉĞƌƚǁŚŽǁĂƐ ƚŚŽƵŐŚƚĨƵůĂŶĚĂƌƚŝĐƵůĂƚĞĂŶĚǁĞĚŝĚŚĞĂƌĨƌŽŵƐŽŵĞŽĨƚŚĞƐĂŵĞƌĞŐƵůĂƌĂĚǀŽĐĂƚĞƐǁĞŚĞĂƌĨƌŽŵĂƚ ŵŽƐƚ,WŵĞĞƚŝŶŐƐ͘ KŶƚŚĞ͞ĂŐĂŝŶƐƚ͟ƐŝĚĞǁĞǁĞƌĞƉƌĞƐĞŶƚĞĚϯϰůĞƚƚĞƌƐĂŶĚƐĞǀĞƌĂůƐƉĞĂŬĞƌƐ͘tŚŝůĞŵĂŶLJůĞƚƚĞƌƐǁĞƌĞĨŽƌŵ ůĞƚƚĞƌƐ͕ƚŚĞLJĐĂŵĞĨƌŽŵĂďƌŽĂĚĐƌŽƐƐƐĞĐƚŝŽŶŽĨƉĞŽƉůĞ͕ŝŶĐůƵĚŝŶŐƚŚĞƉƌĞǀŝŽƵƐ,WĐŚĂŝƌ͘ 3DFNHW3J * I dŚĞĐŽŶĐůƵƐŝŽŶŽĨƚŚŝƐŝŶƉƵƚǁĂƐƚŚĞƌĞŝƐŶŽďƌŽĂĚƉƵďůŝĐŝŶƚĞƌĞƐƚŽƌƐƵƉƉŽƌƚĨŽƌƚŚŝƐƉƌŽƉĞƌƚLJ͕ďƵƚƚŚĞƌĞ ŝƐĐŽŶƐŝĚĞƌĂďůĞĐŽŶĐĞƌŶŽŶƚŚĞƉƌĞĐĞĚĞŶƚƚŚŝƐƉƌŽƉĞƌƚLJǁŽƵůĚƐĞƚŝĨŝƚŐĞƚƐĚĞƐŝŐŶĂƚĞĚĂ>ĂŶĚŵĂƌŬ WƌŽƉĞƌƚLJĂŐĂŝŶƐƚƚŚĞŽǁŶĞƌ͛ƐŝŶƚĞƌĞƐƚƐ͘ hŶƌĞƐŽůǀĞĚ>ĞŐĂůĂŶĚ ƚŚŝĐĂůŽŶĐĞƌŶƐ /ƚŝƐĐůĞĂƌĨƌŽŵĐŽŶĐĞƌŶƐƌĂŝƐĞĚďLJƚŚĞŽǁŶĞƌ͛ƐůĞŐĂůƌĞƉƌĞƐĞŶƚĂƚŝǀĞƚŚĂƚƚŚĞƌĞĂƌĞƐĞƌŝŽƵƐůĞŐĂůĂŶĚ ƉŽƚĞŶƚŝĂůĞƚŚŝĐĂůŝƐƐƵĞƐƚŽƌĞƐŽůǀĞ͘dŚĞŝƚLJǁŝůůŝŶǀĂƌŝĂďůLJďĞĨŽƌĐĞĚƚŽƐƉĞŶĚƚŝŵĞĂŶĚŵŽŶĞLJƌĞƐŽůǀŝŶŐ ƚŚĞƐĞŝƐƐƵĞƐĂŶĚƉƌŽůŽŶŐƚŚĞŶĞŐĂƚŝǀĞƉƵďůŝĐŝƚLJĂƌŽƵŶĚƚŚŝƐƉƌŽƉĞƌƚLJ͘ /ŶĐŽŶĐůƵƐŝŽŶ͕ƚŚĞĂLJƐ/ŶŶͬ,ŽƚĞůĂƌůƚŽŶŝƐĂǁĞĂŬĐĂŶĚŝĚĂƚĞĨŽƌĂ>ĂŶĚŵĂƌŬĚĞƐŝŐŶĂƚŝŽŶ͕ŚĂƐůŝŵŝƚĞĚ ƉƵďůŝĐƐƵƉƉŽƌƚ͕ĂŶĚĐŽŵĞƐǁŝƚŚĂĐůŽƵĚLJůĞŐĂůĂŶĚĞƚŚŝĐĂůĐŽŶĐĞƌŶƐ͘/ƚŝƐĂƉŽŽƌƚĞƐƚŽĨƚŚĞKƌĚŝŶĂŶĐĞ ĂŶĚǁŝůůůŝŬĞůLJĐƌĞĂƚĞĂŚŽƐƚŝůĞǀŝĞǁŽĨĨƵƚƵƌĞ,WĂĐƚŝǀŝƚŝĞƐ͘ /ŚŽƉĞLJŽƵĨŝŶĚƚŚŝƐůĞƚƚĞƌŚĞůƉĨƵůĂƐLJŽƵŵĂŬĞLJŽƵƌĚĞĐŝƐŝŽŶ͘ ZĞƐƉĞĐƚĨƵůůLJƐƵďŵŝƚƚĞĚ͕ DĂƌŬĂƌůƐŽŶ sŝĐĞŚĂŝƌŽĨƚŚĞ,ŝƐƚŽƌŝĐĂůWƌĞƐĞƌǀĂƚŝŽŶŽŵŵŝƐƐŝŽŶ 3DFNHW3J * J 3DFNHW3J * J 3DFNHW3J * J 3DFNHW3J * J 3DFNHW3J * J 3DFNHW3J * J 3DFNHW3J * K 3DFNHW3J * L 3DFNHW3J * L 3DFNHW3J + 5(48(67)25&281&,/$&7,21 0((7,1*'$7( $*(1'$6(&7,21 25,*,1$7,1*'(37 &RXQFLO,QLWLDWHG$FWLRQV&LW\$GPLQLVWUDWLRQ ,7(0'(6&5,37,21 35(3$5('%< 9HUWLFDO6XEGLYLVLRQV %UHQW6YHQE\ 3OHDVHVHHDWWDFKHGFRXQFLOLQLWLDWHGIRUP &281&,/$&7,215(48(67(' 5HYLHZUHTXHVWHGDFWLRQDQGGHWHUPLQHDSSURSULDWHPRWLRQLIDQ\ 3DFNHW3J +D KhE/>Ͳ/E/d/d d/KE^&KZD ŽƵŶĐŝůDĞŵďĞƌZĞƋƵĞƐƚŝŶŐĐƚŝŽŶ͗ ŽƵŶĐŝůDĞŵďĞƌƐƐƵƉƉŽƌƚŝŶŐƚŚĂƚƚŚĞƌĞƋƵĞƐƚďĞƉůĂĐĞĚŽŶƚŚĞŽƵŶĐŝů͛Ɛ ŐĞŶĚĂ͗ ;ŽƵŶĐŝůͲŝŶŝƚŝĂƚĞĚĂĐƚŝŽŶƐŵƵƐƚŚĂǀĞĂƚůĞĂƐƚƚŚĞƐƵƉƉŽƌƚŽĨŽŶĞĐŽƵŶĐŝůŵĞŵďĞƌ͕ŝŶĂĚĚŝƚŝŽŶƚŽƚŚĞŝŶŝƚŝĂƚŽƌ͕ŝŶŽƌĚĞƌ ĨŽƌŝƚƚŽďĞƉůĂĐĞĚŽŶƚŚĞĂŐĞŶĚĂͿ dŝƚůĞ͗ ƌŝĞĨĞƐĐƌŝƉƚŝŽŶŽĨĐƚŝŽŶ͗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