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dǁĞŶƚLJLJĞĂƌŐŽĂůƐŝŶĐůƵĚĞ͗ ƌĞĂƚĞĂĐŽŵƉƌĞŚĞŶƐŝǀĞƐƚƌĂƚĞŐŝĐƉůĂŶ R >ĞǀĞƌĂŐĞƚŚĞƉƵďůŝĐŝŶǀĞƐƚŵĞŶƚŽĨΨϱϴϱŵŝůůŝŽŶ R ƌĞĂƚĞĂƉƉƌŽdžŝŵĂƚĞůLJϯϱ͕ϬϬϬŶĞǁũŽďƐ R 'ĞŶĞƌĂƚĞĂƉƉƌŽdžŝŵĂƚĞůLJΨϳ͘ϱͲΨϴ͘ϬďŝůůŝŽŶŝŶŶĞǁŶĞƚƚĂdžƌĞǀĞŶƵĞ R ĐŚŝĞǀĞƚŚĞŚŝŐŚĞƐƚƋƵĂůŝƚLJƉĂƚŝĞŶƚ͕ĐŽŵƉĂŶŝŽŶ͕ǀŝƐŝƚŽƌ͕ĞŵƉůŽLJĞĞ͕ĂŶĚƌĞƐŝĚĞŶƚĞdžƉĞƌŝĞŶĐĞ R dŽĚĂƚĞ͕ƚŚĞDŽƌƉŽƌĂƚŝŽŶďŽĂƌĚŽĨĚŝƌĞĐƚŽƌƐŚĂƐŵĂĚĞƐƚƌĂƚĞŐŝĐŝŶǀĞƐƚŵĞŶƚƐŝŶƉƵďůŝĐƌĞĂůŵƉůĂŶŶŝŶŐĂŶĚĚĞƐŝŐŶ͕ ŝŶĐůƵĚŝŶŐ,ĞĂƌƚŽĨƚŚĞŝƚLJĂŶĚŚĂƚĞĂƵdŚĞĂƚƌĞ͕^ĂŝŶƚDĂƌLJƐWůĂĐĞ͕ĂŶĚŝƐĐŽǀĞƌLJtĂůŬ͖ƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨ ŝƐĐŽǀĞƌLJ^ƋƵĂƌĞ͖ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ͖ĞŶĞƌŐLJĂŶĚƐƵƐƚĂŝŶĂďŝůŝƚLJ͖ƚĂƌŐĞƚĞĚŵĂƌŬĞƚŝŶŐ͖ŵĞĂŶŝŶŐĨƵůƉƵďůŝĐĞŶŐĂŐĞŵĞŶƚ͖ĂŶĚ ƐŝŐŶŝĨŝĐĂŶƚƉƌŝǀĂƚĞĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚƐ͘dŚĞƐĞŝŶǀĞƐƚŵĞŶƚƐĂƌĞĚŝƌĞĐƚĞdžĂŵƉůĞƐŽĨƚŚĞƐƵĐĐĞƐƐĨƵůŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨ ƚŚĞDĞǀĞůŽƉŵĞŶƚWůĂŶ͘ dŚŝƐǁŽƌŬƉůĂŶŽƵƚůŝŶĞƐƚŚĞŽďũĞĐƚŝǀĞƐĂŶĚĂůůŽĐĂƚĞƐƚŚĞƌĞƐŽƵƌĐĞƐŶĞĐĞƐƐĂƌLJƚŽĐĂƉŝƚĂůŝnjĞŽŶƚŚĞƐĞƉƵďůŝĐ ŝŶǀĞƐƚŵĞŶƚƐ͖ĐŽŶƚŝŶƵĞƚŽƉƵƌƐƵĞƉƌŝǀĂƚĞŝŶǀĞƐƚŵĞŶƚĂŶĚĚĞǀĞůŽƉŵĞŶƚŽƉƉŽƌƚƵŶŝƚŝĞƐ͖ŝŵƉůĞŵĞŶƚďƵƐŝŶĞƐƐĂŶĚ ǁŽƌŬĨŽƌĐĞƌĞĐƌƵŝƚŵĞŶƚĂŶĚƌĞƚĞŶƚŝŽŶĂĐƚŝǀŝƚŝĞƐ͖ĂŶĚĞdžĐĞĞĚƉĂƚŝĞŶƚ͕ǀŝƐŝƚŽƌĂŶĚƌĞƐŝĚĞŶƚĞdžƉĞƌŝĞŶĐĞĞdžƉĞĐƚĂƚŝŽŶƐŝŶ ŽƌĚĞƌƚŽĂĐŚŝĞǀĞD͛ƐƚǁĞŶƚLJ ͲLJĞĂƌŐŽĂůƐ͘dŽƚŚŝƐĞŶĚ͕ƐĞǀĞƌĂůƐŝŐŶŝĨŝĐĂŶƚŽŶĞͲƚŝŵĞĂĐƚŝǀŝƚŝĞƐĂŶĚƚĂƌŐĞƚĞĚŶĞǁ ŝŶǀĞƐƚŵĞŶƚƐŚĂǀĞďĞĞŶŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞǁŽƌŬƉůĂŶ͕ŝŶĐůƵĚŝŶŐ͗ ĚǀĂŶĐŝŶŐ,ĞĂƌƚŽĨƚŚĞŝƚLJƉƵďůŝĐƐƉĂĐĞĨŽƌĐŽŶƐƚƌƵĐƚŝŽŶ R WƌŽŐƌĂŵŵŝŶŐŝƐĐŽǀĞƌLJ^ƋƵĂƌĞŝŶƐƵƉƉŽƌƚŽĨŶĞǁďƵƐŝŶĞƐƐĚĞǀĞůŽƉŵĞŶƚ R ĐƚŝǀĂƚŝŶŐŚĂƚĞĂƵdŚĞĂƚƌĞƌĞƵƐĞ R 3DFNHW3J (D D^ƚĂƚƵƚŽƌLJZŽůĞĂŶĚZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ dŚĞDĂƐƐŝƐƚƐƚŚĞĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌŽƌƉŽƌĂƚŝŽŶ;͞D͟ͿĂŶĚƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ;͞ŝƚLJ͟ͿŝŶ ŝŵƉůĞŵĞŶƚŝŶŐƚŚĞĚĞǀĞůŽƉŵĞŶƚƉůĂŶŶŝŶŐĂŶĚƉƌŽŵŽƚŝŽŶ͕ĚĞǀĞůŽƉŵĞŶƚƐĞƌǀŝĐĞƐ͕ĂŶĚŵĂƌŬĞƚŝŶŐ͕ŽƵƚƌĞĂĐŚĂŶĚ ĐŽŵŵƵŶŝĐĂƚŝŽŶĂĐƚŝǀŝƚŝĞƐƌĞƋƵŝƌĞĚƚŽĂĐŚŝĞǀĞƚŚĞŐŽĂůƐŽĨƚŚĞDĚĞǀĞůŽƉŵĞŶƚƉůĂŶ͘ dŚĞDůĞŐŝƐůĂƚŝŽŶŝĚĞŶƚŝĨŝĞĚƐĞǀĞƌĂůŬĞLJƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŽĨƚŚĞDŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐƌŽůĞĂƐĂŶĂĚǀŝƐŽƌLJ ĂŐĞŶĐLJƚŽƚŚĞDĂŶĚŝƚLJ͘dŚĞϮϬϭϵDǁŽƌŬƉůĂŶƐĞƌǀĞƐƚŚĞƐĞƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͕ǁŚŝĐŚŚĂǀĞďĞĞŶ ŽƌŐĂŶŝnjĞĚĂƐĨŽůůŽǁƐ͗;ͿĚĞǀĞůŽƉŵĞŶƚƉůĂŶŶŝŶŐĂŶĚƉƌŽŵŽƚŝŽŶ͕;ͿĚĞǀĞůŽƉŵĞŶƚƐĞƌǀŝĐĞƐ͕ĂŶĚ;ͿŵĂƌŬĞƚŝŶŐ͕ ŽƵƚƌĞĂĐŚĂŶĚĐŽŵŵƵŶŝĐĂƚŝŽŶƐ͘dŚĞƐƉĞĐŝĨŝĐƐƚĂƚƵƚŽƌLJƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĂƌĞůŝƐƚĞĚďĞůŽǁ͗ ĞǀĞůŽƉŵĞŶƚWůĂŶŶŝŶŐĂŶĚWƌŽŵŽƚŝŽŶ͕ŝŶĐůƵĚŝŶŐ͗ ͘ ƌĂĨƚŝŶŐĂŶĚŝŵƉůĞŵĞŶƚŝŶŐƚŚĞĚĞǀĞůŽƉŵĞŶƚƉůĂŶ͕ŝŶĐůƵĚŝŶŐƐŽůŝĐŝƚŝŶŐĂŶĚĞǀĂůƵĂƚŝŶŐƉƌŽƉŽƐĂůƐĨŽƌ R ĚĞǀĞůŽƉŵĞŶƚĂŶĚĞǀĂůƵĂƚŝŶŐĂŶĚŵĂŬŝŶŐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐƚŽƚŚĞDĂŶĚƚŚĞŝƚLJƌĞŐĂƌĚŝŶŐƚŚŽƐĞ ƉƌŽƉŽƐĂůƐ ^ĞĞŬŝŶŐĨŝŶĂŶĐŝĂůƐƵƉƉŽƌƚĨŽƌƚŚĞD͕ƚŚĞŝƚLJ͕ĂŶĚƉƌŽũĞĐƚƐ R WĂƌƚŶĞƌŝŶŐǁŝƚŚŽƚŚĞƌĚĞǀĞůŽƉŵĞŶƚĂŐĞŶĐŝĞƐĂŶĚŽƌŐĂŶŝnjĂƚŝŽŶƐ͕ƚŚĞĐŝƚLJ͕ĂŶĚƚŚĞĐŽƵŶƚLJŝŶũŽŝŶƚĞĨĨŽƌƚƐ R ƚŽƉƌŽŵŽƚĞĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚĂŶĚĞƐƚĂďůŝƐŚĂĚĞƐƚŝŶĂƚŝŽŶŵĞĚŝĐĂůĐĞŶƚĞƌ ^ƵƉƉŽƌƚŝŶŐĂŶĚĂĚŵŝŶŝƐƚĞƌŝŶŐƚŚĞƉůĂŶŶŝŶŐĂŶĚĚĞǀĞůŽƉŵĞŶƚĂĐƚŝǀŝƚŝĞƐƌĞƋƵŝƌĞĚƚŽŝŵƉůĞŵĞŶƚƚŚĞ R ĚĞǀĞůŽƉŵĞŶƚƉůĂŶ ĞǀĞůŽƉŵĞŶƚ^ĞƌǀŝĐĞƐ͕ŝŶĐůƵĚŝŶŐ͗ ͘ ĞǀĞůŽƉŝŶŐĂŶĚƵƉĚĂƚŝŶŐƚŚĞĐƌŝƚĞƌŝĂĨŽƌĞǀĂůƵĂƚŝŶŐĂŶĚƵŶĚĞƌǁƌŝƚŝŶŐĚĞǀĞůŽƉŵĞŶƚƉƌŽƉŽƐĂůƐ R WƌŽǀŝĚŝŶŐƚƌĂŶƐĂĐƚŝŽŶĂůƐĞƌǀŝĐĞƐŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚĂƉƉƌŽǀĞĚƉƌŽũĞĐƚƐ R tŽƌŬŝŶŐǁŝƚŚƚŚĞĐŽƌƉŽƌĂƚŝŽŶƚŽĂĐƋƵŝƌĞĂŶĚĨĂĐŝůŝƚĂƚĞƚŚĞƐĂůĞ͕ůĞĂƐĞ͕ŽƌŽƚŚĞƌƚƌĂŶƐĂĐƚŝŽŶƐŝŶǀŽůǀŝŶŐ R ůĂŶĚĂŶĚƌĞĂůƉƌŽƉĞƌƚLJ ƐƐŝƐƚŝŶŐƚŚĞDŽƌŝƚLJĂŶĚŽƚŚĞƌƐŝŶĂƉƉůŝĐĂƚŝŽŶƐĨŽƌĨĞĚĞƌĂůŐƌĂŶƚƐ͕ƚĂdžĐƌĞĚŝƚƐ͕ĂŶĚŽƚŚĞƌƐŽƵƌĐĞƐŽĨ R ĨƵŶĚŝŶŐƚŽĂŝĚďŽƚŚƉƌŝǀĂƚĞĂŶĚƉƵďůŝĐĚĞǀĞůŽƉŵĞŶƚ DĂƌŬĞƚŝŶŐ͕KƵƚƌĞĂĐŚ͕ĂŶĚŽŵŵƵŶŝĐĂƚŝŽŶƐ͕ŝŶĐůƵĚŝŶŐ͗ ͘ &ĂĐŝůŝƚĂƚŝŶŐƉƌŝǀĂƚĞŝŶǀĞƐƚŵĞŶƚƚŚƌŽƵŐŚĚĞǀĞůŽƉŵĞŶƚŽĨĂĐŽŵƉƌĞŚĞŶƐŝǀĞŵĂƌŬĞƚŝŶŐƉƌŽŐƌĂŵƚŽŐůŽďĂů R ŝŶƚĞƌĞƐƚƐ ĞǀĞůŽƉŝŶŐƉĂƚŝĞŶƚ͕ǀŝƐŝƚŽƌ͕ĂŶĚĐŽŵŵƵŶŝƚLJŽƵƚƌĞĂĐŚƉƌŽŐƌĂŵƐ R WƌĞƉĂƌŝŶŐĂŶĚƐƵƉƉŽƌƚŝŶŐƚŚĞŵĂƌŬĞƚŝŶŐĂŶĚƉƌŽŵŽƚŝŽŶŽĨD R WƌĞƉĂƌŝŶŐĂŶĚŝŵƉůĞŵĞŶƚŝŶŐĂƉƌŽŐƌĂŵĨŽƌĐŽŵŵƵŶŝƚLJĂŶĚƉƵďůŝĐƌĞůĂƚŝŽŶƐ R ůůŽďũĞĐƚŝǀĞƐĐŽŶƚĂŝŶĞĚǁŝƚŚŝŶƚŚŝƐǁŽƌŬƉůĂŶĂĚĚƌĞƐƐŽŶĞŽƌŵŽƌĞŽĨƚŚĞƐĞƐƚĂƚƵƚŽƌLJƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͕ĚĞŵŽŶƐƚƌĂƚŝŶŐ ƚŚĞĐŽŵŵŝƚŵĞŶƚŽĨƚŚĞDŽƌƉŽƌĂƚŝŽŶ͕ŝƚLJŽĨZŽĐŚĞƐƚĞƌ͕ĂŶĚDƚŽƚŚĞDĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚƚŽƚŚĞ ŝŶƚĞŶƚŽĨƚŚĞ^ƚĂƚĞ>ĞŐŝƐůĂƚƵƌĞĂŶĚ'ŽǀĞƌŶŽƌŝŶĚŝĐĂƚĞĚďLJƚŚĞƐƵƉƉŽƌƚĂŶĚĞŶĂĐƚŵĞŶƚŽĨƚŚĞDůĞŐŝƐůĂƚŝŽŶ͘ 3DFNHW3J (D DĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚŐĞŶĐLJϮϬϭϵtŽƌŬWůĂŶhƉĚĂƚĞĚ͗ƵŐƵƐƚϮϰ͕ϮϬϭϴ DWƌŝŽƌŝƚLJ͗,ĞĂƌƚŽĨƚŚĞŝƚLJ KďũĞĐƚŝǀĞ͗WƌŽũĞĐƚĞǀĞůŽƉŵĞŶƚͲ/ŶĐůƵĚĞƐĚĞƐŝŐŶ͕ĚĞǀĞůŽƉŵĞŶƚĂŶĚͬŽƌŽƉĞƌĂƚŝŽŶĂůĂĐƚŝǀŝƚŝĞƐ ƚŚĂƚƌĞƐƵůƚŝŶŶĞǁďƵŝůĚŝŶŐƐŽƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞǁŝƚŚŝŶƚŚĞDŝƐƚƌŝĐƚ͘ KƵƚĐŽŵĞ dŝŵĞůŝŶĞ^ƚĂƚƵƐ>ĞĂĚŽƌWĂƌƚŝĐŝƉĂƚĞ ƵŝůĚĂƐƚƌŽŶŐďƵƐŝŶĞƐƐƌĞůĂƚŝŽŶƐŚŝƉďĞƚǁĞĞŶƚŚĞtĞůůƐ&ĂƌŐŽ ϭYϭͲYϰ>ĞĂĚ ƉƌŽũĞĐƚĂŶĚƉƵďůŝĐƌĞĂůŵ EĞǁƉƌŝǀĂƚĞĚĞǀĞůŽƉŵĞŶƚŐƌŽǁƚŚƵŶĚĞƌǁĂLJ;ĞdžĞĐƵƚĞ ϮĚĞǀĞůŽƉŵĞŶƚƌĞĐƌƵŝƚŵĞŶƚƐƚƌĂƚĞŐLJƵƐŝŶŐƵƉĚĂƚĞĚŵĂƌŬĞƚYϭͲYϰ>ĞĂĚ ƌĞƐĞĂƌĐŚͿ ƵŝůĚŝŶŐƌĞŶŽǀĂƚŝŽŶĐŽŵƉůĞƚĞĨŽƌŚĂƚĞĂƵǁŝƚŚŽƉĞƌĂƚŽƌ ϯYϭͲYϮWĂƌƚŝĐŝƉĂƚĞ ŝĚĞŶƚŝĨŝĞĚ KďũĞĐƚŝǀĞ͗WƵďůŝĐZĞĂůŵͲ/ŶĐůƵĚĞƐĚĞƐŝŐŶ͕ĚĞǀĞůŽƉŵĞŶƚĂŶĚͬŽƌŽƉĞƌĂƚŝŽŶĂůĂĐƚŝǀŝƚŝĞƐƚŚĂƚ ƌĞƐƵůƚŝŶĂĐƚŝǀĞƵƐĞŽĨƉƵďůŝĐƐƉĂĐĞƐǁŝƚŚŝŶƚŚĞDŝƐƚƌŝĐƚ͘ KƵƚĐŽŵĞ dŝŵĞůŝŶĞ^ƚĂƚƵƐ>ĞĂĚŽƌWĂƌƚŝĐŝƉĂƚĞ ŽŵŵƵŶŝƚLJĞŵďƌĂĐĞĚ,ĞĂƌƚŽĨƚŚĞŝƚLJĚĞƐŝŐŶ;ŵĂŶĂŐĞ ϭƐƚĂŬĞŚŽůĚĞƌŐƌŽƵƉ͕ŵĂŶĂŐĞĚĞƐŝŐŶƚĞĂŵ͕ĞdžĞĐƵƚĞĐŽŵŵƵŶŝƚLJYϭͲYϰ>ĞĂĚ ĞŶŐĂŐĞŵĞŶƚƐƚƌĂƚĞŐLJͿ KďũĞĐƚŝǀĞ͗džƉĞƌŝĞŶĐĞͬWƌŽŐƌĂŵŵŝŶŐͲ/ŶĐůƵĚĞƐĚĞƐŝŐŶĂŶĚŽƉĞƌĂƚŝŽŶĂůĂĐƚŝǀŝƚŝĞƐƚŚĂƚƌĞƐƵůƚŝŶ ŝŶĐƌĞĂƐĞĚƵƐĞŽĨƉƵďůŝĐĂŵĞŶŝƚŝĞƐĂŶĚƉƌŝǀĂƚĞĚĞǀĞůŽƉŵĞŶƚŽƉƉŽƌƚƵŶŝƚŝĞƐ͘ KƵƚĐŽŵĞ dŝŵĞůŝŶĞ^ƚĂƚƵƐ>ĞĂĚŽƌWĂƌƚŝĐŝƉĂƚĞ ŽŵŵƵŶŝƚLJĞŵďƌĂĐĞĚŚĂƚĞĂƵdŚĞĂƚƌĞǀŝƐŝŽŶ;ŐƌĂŶĚŽƉĞŶŝŶŐ ϭYϭͲYϰ>ĞĂĚ ĂŶĚĂĐƚŝǀĂƚĞƚŚĞŚĂƚĞĂƵĂŶĚdŚĞĂƚƌĞ^ƋƵĂƌĞͿ ǀĂůƵĂƚĞŝĚĞĂƐĂŶĚĐŽŶĐĞƉƚƐƚŚĂƚƐƵƉƉŽƌƚ,ŽƉƵďůŝĐƐƉĂĐĞ;Ϯ ϮYϭͲYϰ>ĞĂĚ ƉƌŽƚŽƚLJƉĞƐƚŽƚĞƐƚĂŶĚĞǀĂůƵĂƚĞŝĚĞĂƐͿ EĞǁƌĞƚĂŝůƐƚƌĂƚĞŐŝĞƐƚĞƐƚĞĚ;ŝŶƚƌŽĚƵĐĞƉŽƉƵƉƌĞƚĂŝů ϯYϭͲYϰ>ĞĂĚ ŽƉƉŽƌƚƵŶŝƚŝĞƐͿ 3DFNHW3J (D DĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚŐĞŶĐLJϮϬϭϵtŽƌŬWůĂŶhƉĚĂƚĞĚ͗ƵŐƵƐƚϮϰ͕ϮϬϭϴ DWƌŝŽƌŝƚLJ͗ 'LVFRYHU\6TXDUH KďũĞĐƚŝǀĞ͗WƌŽũĞĐƚĞǀĞůŽƉŵĞŶƚ Ͳ/ŶĐůƵĚĞƐĚĞƐŝŐŶ͕ĚĞǀĞůŽƉŵĞŶƚĂŶĚͬŽƌŽƉĞƌĂƚŝŽŶĂů ĂĐƚŝǀŝƚŝĞƐƚŚĂƚƌĞƐƵůƚŝŶŶĞǁďƵŝůĚŝŶŐƐŽƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞǁŝƚŚŝŶƚŚĞDŝƐƚƌŝĐƚ͘ >ĞĂĚŽƌ KƵƚĐŽŵĞ dŝŵĞůŝŶĞ^ƚĂƚƵƐ WĂƌƚŝĐŝƉĂƚĞ KŶĞŝƐĐŽǀĞƌLJ^ƋƵĂƌĞ͗ƉůĂŶĚĞǀĞůŽƉĞĚƚŽŚĂǀĞŵĂƌŬĞƚƌĂƚĞ ϭƐŚĂƌĞĚŽĨĨŝĐĞƐƉĂĐĞ͕ŵĂŬĞƌƐƉĂĐĞ͕ǁĞƚůĂďƐƉĂĐĞĂǀĂŝůĂďůĞƉůƵƐYϭ Ͳ Yϯ>ĞĂĚ ďĞůŽǁ Ͳ ŵĂƌŬĞƚƐƚĂƌƚƵƉƐƉĂĐĞĂǀĂŝůĂďůĞ dǁŽŝƐĐŽǀĞƌLJ^ƋƵĂƌĞ͗ĚĞƐŝŐŶĐŽŵƉůĞƚĞĚĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶ ϮYϭ Ͳ YϰWĂƌƚŝĐŝƉĂƚĞ ƵŶĚĞƌǁĂLJ KďũĞĐƚŝǀĞ͗WƵďůŝĐZĞĂůŵ Ͳ/ŶĐůƵĚĞƐĚĞƐŝŐŶ͕ĚĞǀĞůŽƉŵĞŶƚĂŶĚͬŽƌŽƉĞƌĂƚŝŽŶĂůĂĐƚŝǀŝƚŝĞƐƚŚĂƚ ƌĞƐƵůƚŝŶĂĐƚŝǀĞƵƐĞŽĨƉƵďůŝĐƐƉĂĐĞƐǁŝƚŚŝŶƚŚĞDŝƐƚƌŝĐƚ͘ >ĞĂĚŽƌ KƵƚĐŽŵĞ dŝŵĞůŝŶĞ^ƚĂƚƵƐ WĂƌƚŝĐŝƉĂƚĞ ϭŝƐĐŽǀĞƌLJtĂůŬ͗ŝŶƚĞƌŝŵƉƌŽƚŽƚLJƉŝŶŐĚĞƉůŽLJĞĚYϭ Ͳ Yϰ>ĞĂĚ KďũĞĐƚŝǀĞ͗ƵƐŝŶĞƐƐĞǀĞůŽƉŵĞŶƚ Ͳ/ŶĐůƵĚĞƐĂĐƚŝǀŝƚŝĞƐƌĞůĂƚĞĚƚŽĨŽƌŵĂƚŝŽŶ͕ƌĞĐƌƵŝƚŵĞŶƚ͕ ŐƌŽǁƚŚĂŶĚͬŽƌƌĞƚĞŶƚŝŽŶŽĨďƵƐŝŶĞƐƐĞƐĂŶĚƚŚĞĞĐŽƐLJƐƚĞŵŶĞĞĚĞĚƚŽƐƵƉƉŽƌƚƚŚŽƐĞ ďƵƐŝŶĞƐƐĞƐ͘ >ĞĂĚŽƌ KƵƚĐŽŵĞ dŝŵĞůŝŶĞ^ƚĂƚƵƐ WĂƌƚŝĐŝƉĂƚĞ ŽŵŵƵŶŝƚLJĚĞǀĞůŽƉŵĞŶƚ͗ĞŶĂďůĞƐƵĐĐĞƐƐŽĨŶĞǁďƵƐŝŶĞƐƐĞƐ ϭƚŚƌŽƵŐŚŝŶƚĞŶƚŝŽŶĂůĂƐƐŝŵŝůĂƚŝŽŶŝŶƚŽƚŚĞďƵƐŝŶĞƐƐĂŶĚƐĐŝĞŶƚŝĨŝĐYϭ Ͳ Yϰ>ĞĂĚ ĐŽŵŵƵŶŝƚLJĂŶĚŝŶƚƌŽĚƵĐƚŝŽŶƐƚŽŬĞLJƌĞƐŽƵƌĐĞƐ WƌŽŐƌĂŵŵŝŶŐ͗ŝŵƉůĞŵĞŶƚƐŽĐŝĂů͕ƐĐŝĞŶƚŝĨŝĐĂŶĚďƵƐŝŶĞƐƐ ϮƉƌŽŐƌĂŵŵŝŶŐƚŚĂƚĞŶƐƵƌĞƐƐƵĐĐĞƐƐŝŶďƵŝůĚŝŶŐĐŽŵŵƵŶŝƚLJ͕Yϭ Ͳ Yϰ>ĞĂĚĂŶĚWĂƌƚŝĐŝƉĂƚĞ ĞŶĐŽƵƌĂŐŝŶŐƐƚĂƌƚƵƉƐ͕ĂŶĚĞƋƵŝƉƉŝŶŐďƵƐŝŶĞƐƐůĞĂĚĞƌƐ dĞŶĂŶƚƐ͗ϭͿKŶĞŝƐĐŽǀĞƌLJ^ƋƵĂƌĞŚŝŐŚůLJŽĐĐƵƉŝĞĚ͖ĂŶĚϮͿ ϯƵƐŝŶĞƐƐƌĞĐƌƵŝƚŵĞŶƚƵŶĚĞƌǁĂLJĨŽƌĂůůĂǀĂŝůĂďůĞƐƉĂĐĞƐŝŶƚŚĞYϭ Ͳ Yϰ>ĞĂĚ ƐƵď Ͳ ĚŝƐƚƌŝĐƚ͘ tŽƌŬĨŽƌĐĞ͗ƵŶĚĞƌŐƌĂĚĂŶĚŐƌĂĚƐĐŚŽŽůƐƚƵĚĞŶƚƐĂƌĞƉůĂĐĞĚŝŶƚŽ ϰŝŶƚĞƌŶƐŚŝƉƐǁŝƚŚ^ďƵƐŝŶĞƐƐĞƐǀŝĂDǁŽƌŬĨŽƌĐĞĚĞǀĞůŽƉŵĞŶƚYϮ Ͳ Yϰ>ĞĂĚ ƐƚƌĂƚĞŐLJ &ƵƌƚŚĞƌĚĞǀĞůŽƉƚŚĞŝĚĞŶƚŝƚLJĂŶĚĞŶƐƵƌĞƚŚĞĐŽŶƐŝƐƚĞŶƚĂŶĚ ϱĂƉƉƌŽƉƌŝĂƚĞƵƐĞŽĨ͚ŝƐĐŽǀĞƌLJ^ƋƵĂƌĞ͛ďLJůŝĐĞŶƐŝŶŐĂŶĚŵĂŶĂŐŝŶŐYϭ Ͳ Yϰ>ĞĂĚ ƚŚĞƚƌĂĚĞŵĂƌŬŽŶďĞŚĂůĨŽĨƚŚĞDŽƌƉŽƌĂƚŝŽŶ 3DFNHW3J (D DĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚŐĞŶĐLJϮϬϭϵtŽƌŬWůĂŶhƉĚĂƚĞĚ͗ƵŐƵƐƚϮϰ͕ϮϬϭϴ DWƌŝŽƌŝƚLJ͗dƌĂŶƐƉŽƌƚĂƚŝŽŶ KďũĞĐƚŝǀĞ͗WƌŽũĞĐƚĞǀĞůŽƉŵĞŶƚͲ/ŶĐůƵĚĞƐĚĞƐŝŐŶ͕ĚĞǀĞůŽƉŵĞŶƚĂŶĚͬŽƌŽƉĞƌĂƚŝŽŶĂů ĂĐƚŝǀŝƚŝĞƐƚŚĂƚƌĞƐƵůƚŝŶŶĞǁďƵŝůĚŝŶŐƐŽƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞǁŝƚŚŝŶƚŚĞDŝƐƚƌŝĐƚ͘ >ĞĂĚŽƌ KƵƚĐŽŵĞ dŝŵĞůŝŶĞ^ƚĂƚƵƐ WĂƌƚŝĐŝƉĂƚĞ ŽŵƉůĞƚĞWŚĂƐĞϭĚĞƐŝŐŶĂŶĚƉůĂŶŶŝŶŐĞdžĞƌĐŝƐĞƐĨŽƌƚƌĂŶƐŝƚĂŶĚ ϭYϭͲYϰWĂƌƚŝĐŝƉĂƚĞ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞƉƌŽũĞĐƚƐ ŽŵƉůĞƚĞWŚĂƐĞϭĚĞƐŝŐŶĂŶĚƉůĂŶŶŝŶŐĞdžĞƌĐŝƐĞƐĨŽƌƉĞĚĞƐƚƌŝĂŶ ϮYϭͲYϰWĂƌƚŝĐŝƉĂƚĞ ĂŶĚďŝĐLJĐůĞƐLJƐƚĞŵ ǀĂůƵĂƚĞĂůŝĚĐŽŶĐĞƉƚĨŽƌƚŚĞŶŽƌƚŚǁĞƐƚŵŽďŝůŝƚLJŚƵďŝĚĞŶƚŝĨŝĞĚŝŶ ϯYϭͲYϰWĂƌƚŝĐŝƉĂƚĞ ƚŚĞdƌĂŶƐŝƚ^ƚƵĚŝĞƐ KďũĞĐƚŝǀĞ͗WƵďůŝĐZĞĂůŵͲ/ŶĐůƵĚĞƐĚĞƐŝŐŶ͕ĚĞǀĞůŽƉŵĞŶƚĂŶĚͬŽƌŽƉĞƌĂƚŝŽŶĂůĂĐƚŝǀŝƚŝĞƐƚŚĂƚ ƌĞƐƵůƚŝŶĂĐƚŝǀĞƵƐĞŽĨƉƵďůŝĐƐƉĂĐĞƐǁŝƚŚŝŶƚŚĞDŝƐƚƌŝĐƚ͘ >ĞĂĚŽƌ KƵƚĐŽŵĞ dŝŵĞůŝŶĞ^ƚĂƚƵƐ WĂƌƚŝĐŝƉĂƚĞ ϭ/ŶƚĞŐƌĂƚĞƉƵďůŝĐƌĞĂůŵĂŶĚƚƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞƐŝŐŶŽŶϮŶĚ^ƚƌĞĞƚYϭͲYϰWĂƌƚŝĐŝƉĂƚĞ KďũĞĐƚŝǀĞ͗džƉĞƌŝĞŶĐĞͬWƌŽŐƌĂŵŵŝŶŐͲ/ŶĐůƵĚĞƐĚĞƐŝŐŶĂŶĚŽƉĞƌĂƚŝŽŶĂůĂĐƚŝǀŝƚŝĞƐƚŚĂƚƌĞƐƵůƚ ŝŶŝŶĐƌĞĂƐĞĚƵƐĞŽĨƉƵďůŝĐĂŵĞŶŝƚŝĞƐĂŶĚƉƌŝǀĂƚĞĚĞǀĞůŽƉŵĞŶƚŽƉƉŽƌƚƵŶŝƚŝĞƐ͘ >ĞĂĚŽƌ KƵƚĐŽŵĞ dŝŵĞůŝŶĞ^ƚĂƚƵƐ WĂƌƚŝĐŝƉĂƚĞ ĞǀĞůŽƉĂŵĞĂƐƵƌĞŵĞŶƚĂŶĚŵŽŶŝƚŽƌŝŶŐƐLJƐƚĞŵĨŽƌ ϭYϭͲYϰWĂƌƚŝĐŝƉĂƚĞ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶƉůĂŶ ŽŵŵƵŶŝĐĂƚĞĐŚĂŶŐĞƐĞĨĨĞĐƚŝǀĞůLJĂŶĚĐĞůĞďƌĂƚĞƐƵĐĐĞƐƐĞƐĂŶĚ ϮYϭͲYϰ>ĞĂĚ ƐŚĂƌĞǁŝƚŚƚŚĞĐŽŵŵƵŶŝƚLJ ϯ/ĚĞŶƚŝĨLJƚŚĞŶĞdžƚďŝŬĞƐŚĂƌĞƐLJƐƚĞŵĨŽƌZŽĐŚĞƐƚĞƌYϭͲYϰ>ĞĂĚ ŽŶƚŝŶƵĞƚŽŝŶƚƌŽĚƵĐĞŶĞǁǁĂLJƐŽĨƚŚŝŶŬŝŶŐĂŶĚƚĞĐŚŶŽůŽŐLJ ϰYϭͲYϰ>ĞĂĚ ƚŚƌŽƵŐŚƉĂƌƚŝĐŝƉĂƚŝŽŶŝŶƐƚĂƚĞͲǁŝĚĞĂƵƚŽŶŽŵŽƵƐǀĞŚŝĐůĞƌĞƐĞĂƌĐŚ ŶŐĂŐĞƚŚĞĚĞǀĞůŽƉĞƌĐŽŵŵƵŶŝƚLJŝŶƚƌĂŶƐŝƚͲŽƌŝĞŶƚĞĚ ϱYϭͲYϰ>ĞĂĚ ĚĞǀĞůŽƉŵĞŶƚƉŽůŝĐLJ /ĚĞŶƚŝĨLJƐƚƌĂƚĞŐŝĞƐƚŽĞŶĐŽƵƌĂŐĞĂůƚĞƌŶĂƚŝǀĞĐŽŵŵƵƚŝŶŐŚĂďŝƚƐ ϲƚŚƌŽƵŐŚƉĂƌƚŝĐŝƉĂƚŝŽŶŝŶƚŚĞdƌĂŶƐƉŽƌƚĂƚŝŽŶDĂŶĂŐĞŵĞŶƚYϭͲYϰWĂƌƚŝĐŝƉĂƚĞ ƐƐŽĐŝĂƚŝŽŶ;dDͿ 3DFNHW3J (D DĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚŐĞŶĐLJϮϬϭϵtŽƌŬWůĂŶhƉĚĂƚĞĚ͗ƵŐƵƐƚϮϰ͕ϮϬϭϴ DWƌŝŽƌŝƚLJ͗ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ KďũĞĐƚŝǀĞ͗WƌŽũĞĐƚĞǀĞůŽƉŵĞŶƚͲ/ŶĐůƵĚĞƐĚĞƐŝŐŶ͕ĚĞǀĞůŽƉŵĞŶƚĂŶĚͬŽƌŽƉĞƌĂƚŝŽŶĂůĂĐƚŝǀŝƚŝĞƐ ƚŚĂƚƌĞƐƵůƚŝŶŶĞǁďƵŝůĚŝŶŐƐŽƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞǁŝƚŚŝŶƚŚĞDŝƐƚƌŝĐƚ͘ KƵƚĐŽŵĞ dŝŵĞůŝŶĞ^ƚĂƚƵƐ>ĞĂĚŽƌWĂƌƚŝĐŝƉĂƚĞ ϭŽŵƉůĞƚĞƌĞǀŝĞǁŽĨĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚƐĂƐƉƌŽƉŽƐĞĚYϭͲYϰ>ĞĂĚ KďũĞĐƚŝǀĞ͗ƵƐŝŶĞƐƐĞǀĞůŽƉŵĞŶƚͲ/ŶĐůƵĚĞƐĂĐƚŝǀŝƚŝĞƐƌĞůĂƚĞĚƚŽĨŽƌŵĂƚŝŽŶ͕ƌĞĐƌƵŝƚŵĞŶƚ͕ŐƌŽǁƚŚ ĂŶĚͬŽƌƌĞƚĞŶƚŝŽŶŽĨďƵƐŝŶĞƐƐĞƐĂŶĚƚŚĞĞĐŽƐLJƐƚĞŵŶĞĞĚĞĚƚŽƐƵƉƉŽƌƚƚŚŽƐĞďƵƐŝŶĞƐƐĞƐ͘ KƵƚĐŽŵĞ dŝŵĞůŝŶĞ^ƚĂƚƵƐ>ĞĂĚŽƌWĂƌƚŝĐŝƉĂƚĞ ^ƚƌŽŶŐĚĞǀĞůŽƉĞƌƌĞůĂƚŝŽŶƐŚŝƉƐďƵŝůƚ;ƐƵƉƉŽƌƚĂŶĚĂƚƚĞŶĚ͗ ϭZŽĐŚĞƐƚĞƌZĞĂůƐƚĂƚĞ^Ƶŵŵŝƚ͖h>/͖/>s͖ZKE͖/^͖W͖YϭͲYϰ>ĞĂĚ d/Z&Ϳ KƉƉŽƌƚƵŶŝƚŝĞƐŝĚĞŶƚŝĨŝĞĚƚŽĐƌĞĂƚĞŶĞǁƌĞǀĞŶƵĞƐƚƌĞĂŵƐĨŽƌ ϮYϭͲYϰ>ĞĂĚ ƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚŽƉĞƌĂƚŝŽŶƐ ϯEĞǁƌĞƚĂŝůƐƚƌĂƚĞŐLJĚĞǀĞůŽƉĞĚĨŽƌDŝƐƚƌŝĐƚYϭͲYϰ>ĞĂĚ KďũĞĐƚŝǀĞ͗džƉĞƌŝĞŶĐĞͬWƌŽŐƌĂŵŵŝŶŐͲ/ŶĐůƵĚĞƐĚĞƐŝŐŶĂŶĚŽƉĞƌĂƚŝŽŶĂůĂĐƚŝǀŝƚŝĞƐƚŚĂƚƌĞƐƵůƚŝŶ ŝŶĐƌĞĂƐĞĚƵƐĞŽĨƉƵďůŝĐĂŵĞŶŝƚŝĞƐĂŶĚƉƌŝǀĂƚĞĚĞǀĞůŽƉŵĞŶƚŽƉƉŽƌƚƵŶŝƚŝĞƐ͘ KƵƚĐŽŵĞ dŝŵĞůŝŶĞ^ƚĂƚƵƐ>ĞĂĚŽƌWĂƌƚŝĐŝƉĂƚĞ ĚƵĐĂƚĞƐƚĂŬĞŚŽůĚĞƌƐĂŶĚŐĂŝŶĂĚǀŽĐĂĐLJƐƵƉƉŽƌƚ;ďĞƐƚƉƌĂĐƚŝĐĞ ϭƌĞƐĞĂƌĐŚĂŶĚƐŝƚĞǀŝƐŝƚƌĞ͘͘,ĞĂƌƚŽĨƚŚĞŝƚLJĂŶĚŝƐĐŽǀĞƌLJtĂůŬYϭͲYϰ>ĞĂĚ ĚĞƐŝŐŶĞůĞŵĞŶƚƐ͕ƚƌĂŶƐƉŽƌƚĂƚŝŽŶĂŶĚƌĞƚĂŝůͿ DWƌŝŽƌŝƚLJ͗ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ͗ŽŵŵƵŶŝƚLJŶŐĂŐĞŵĞŶƚ KďũĞĐƚŝǀĞ͗ŽŵŵƵŶŝƚLJŶŐĂŐĞŵĞŶƚͲ/ŶĐůƵĚĞƐĞƐƚĂďůŝƐŚŵĞŶƚŽĨĂĐŽŵŵƵŶŝƚLJĞŶŐĂŐĞŵĞŶƚ ƐƚƌĂƚĞŐLJƚŚĂƚďƵŝůĚƐĂĐŽŵŵƵŶŝƚLJŽĨƐƚĂŬĞŚŽůĚĞƌƐƚŚĂƚƚƌƵƐƚƚŚĞDǀŝƐŝŽŶ͘ KƵƚĐŽŵĞ dŝŵĞůŝŶĞ^ƚĂƚƵƐ>ĞĂĚŽƌWĂƌƚŝĐŝƉĂƚĞ ŽŶƚŝŶƵĞƚŽŝĚĞŶƚŝĨLJĂŶĚƐƵƉƉŽƌƚĐŽŵŵƵŶŝƚLJĂŶĚƌĞŐŝŽŶĂů ϭƉĂƌƚŶĞƌƐŚŝƉƐƚŚĂƚŚĞůƉƚŽƌĞĂůŝnjĞƚŚĞǀŝƐŝŽŶŽĨƚŚĞDŝŶŝƚŝĂƚŝǀĞYϭͲYϰ>ĞĂĚ ;ŚĂŵďĞƌ͕Z/͕^D/&͕͕'ƌĞĂƚĞƌD^WĞĐƚ͘Ϳ ŽŶƚŝŶƵĞƚŽŵŽŶŝƚŽƌĂŶĚĂĐŬŶŽǁůĞĚŐĞŶĞǁďƵƐŝŶĞƐƐĂĐƚŝǀŝƚLJĂŶĚ ϮƉŽƐŝƚŝǀĞĐŚĂŶŐĞŝŶƚŚĞDĚŝƐƚƌŝĐƚƚŚŽƵŐŚĚŝƌĞĐƚďƵƐŝŶĞƐƐĂŶĚYϭͲYϰ>ĞĂĚ ĐŽŵŵƵŶŝƚLJĞŶŐĂŐĞŵĞŶƚĂĐƚŝǀŝƚŝĞƐ ƵŝůĚĐŽŵŵƵŶŝƚLJĂǁĂƌĞŶĞƐƐĂŶĚŽǁŶĞƌƐŚŝƉďLJŚŽƐƚŝŶŐĞǀĞŶƚƐ ƚŚĂƚĐƌĞĂƚĞŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌĐŽŵŵƵŶŝĐĂƚŝŶŐƉƌŽŐƌĞƐƐ͕ ϯYϭͲYϰ>ĞĂĚ ƉĂƌƚŶĞƌƐŚŝƉƐĂŶĚĨƵƚƵƌĞƉůĂŶŶŝŶŐ;ϰWĞĂĐĞWůĂnjĂĞǀĞŶƚƐ͕ϭĂŶŶƵĂů ŵĞĞƚŝŶŐ͕DůŽďďLJƚĂůŬƐͿ ĞǀĞůŽƉǀŝƐƵĂůĂĐŬŶŽǁůĞĚŐŵĞŶƚŽĨDƉƌŝǀĂƚĞƉƌŽũĞĐƚƐĂŶĚƚŚĞ ϰYϭͲYϰ>ĞĂĚ DƉƌĞƐĞŶĐĞŝŶƚŚĞƉƵďůŝĐƌĞĂůŵƐƉĂĐĞ 3DFNHW3J (D DĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚŐĞŶĐLJϮϬϭϵtŽƌŬWůĂŶhƉĚĂƚĞĚ͗ƵŐƵƐƚϮϰ͕ϮϬϭϴ DWƌŝŽƌŝƚLJ͗ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ͗džƉĞƌŝĞŶĐĞ KďũĞĐƚŝǀĞ͗džƉĞƌŝĞŶĐĞ Ͳ/ŶĐůƵĚĞƐŝŵƉůĞŵĞŶƚŝŶŐDƉĂƚŝĞŶƚ͕ǀŝƐŝƚŽƌ͕ĂŶĚĐŽŵŵƵŶŝƚLJ ĞdžƉĞƌŝĞŶĐĞƐƚƌĂƚĞŐLJƚŚĂƚŝĚĞŶƚŝĨŝĞƐƚŚĞŶĞĞĚƐŽĨƚŚĞĐŽŵŵƵŶŝƚLJǁŚŝůĞďĞĐŽŵŝŶŐƚŚĞĐĂƚĂůLJƐƚĨŽƌ ĐŚĂŶŐĞĂŶĚĨƵĞůŝŶŐƉƌŝǀĂƚĞƐĞĐƚŽƌĂŶĚŐƌŽǁƚŚ KƵƚĐŽŵĞ dŝŵĞůŝŶĞ^ƚĂƚƵƐ>ĞĂĚŽƌWĂƌƚŝĐŝƉĂƚĞ /ŵƉůĞŵĞŶƚDĞdžƉĞƌŝĞŶĐĞƐƚƌĂƚĞŐLJƚŚĂƚŝŶĐůƵĚĞƐĞdžƉĞƌŝĞŶĐĞ ϭĨƌĂŵĞǁŽƌŬ͕ƐĐŽƌĞĐĂƌĚĂŶĚŵŽŶŝƚŽƌŝŶŐŵĞƚƌŝĐƐĐŽůůĂďŽƌĂƚŝǀĞůLJYϭ Ͳ Yϰ>ĞĂĚ ǁŝƚŚĞdžƉĞƌŝĞŶĐĞƉĂƌƚŶĞƌƐ ĞƚĞƌŵŝŶĞĂŶĚŝŵƉůĞŵĞŶƚďĞƐƚƉƌĂĐƚŝĐĞƐŝŶĞdžƉĞƌŝĞŶĐĞ ϮYϯ>ĞĂĚ ŵĞƚŚŽĚŽůŽŐLJ ŽŶƚŝŶƵĞƚŽŝŵƉůĞŵĞŶƚŶĞǁĞdžƉĞƌŝĞŶĐĞŝŵƉƌŽǀĞŵĞŶƚƉƌŽũĞĐƚƐ ϯŝŶƉĂƌƚŶĞƌƐŚŝƉǁŝƚŚDĂLJŽůŝŶŝĐ͕džƉĞƌŝĞŶĐĞZŽĐŚĞƐƚĞƌĂŶĚYϭ Ͳ Yϰ>ĞĂĚ ZŽĐŚĞƐƚĞƌŽǁŶƚŽǁŶůůŝĂŶĐĞ DWƌŝŽƌŝƚLJ͗ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ͗DĂƌŬĞƚŝŶŐΘŽŵŵƵŶŝĐĂƚŝŽŶƐ KďũĞĐƚŝǀĞ͗DĂƌŬĞƚŝŶŐΘŽŵŵƵŶŝĐĂƚŝŽŶƐ Ͳ/ŶĐůƵĚĞƐĞdžĞĐƵƚŝŶŐƚŚĞƐƚĂƚĞ͕ŶĂƚŝŽŶĂůĂŶĚ ŝŶƚĞƌŶĂƚŝŽŶĂůŵĂƌŬĞƚŝŶŐĂŶĚĐŽŵŵƵŶŝĐĂƚŝŽŶƐƐƚƌĂƚĞŐLJƚŽĂƚƚƌĂĐƚŝĚĞŶƚŝĨŝĞĚƚĂƌŐĞƚĂƵĚŝĞŶĐĞƐ ;ŝŶǀĞƐƚŽƌƐ͕ĚĞǀĞůŽƉĞƌƐ͕ďŝŽƐĐŝĞŶĐĞĐŽŵƉĂŶŝĞƐĂŶĚĞŶƚƌĞƉƌĞŶĞƵƌƐͿƚŽZŽĐŚĞƐƚĞƌ͕DEĂŶĚĞůĞǀĂƚĞ ƚŚĞDďƌĂŶĚ͘ KƵƚĐŽŵĞ dŝŵĞůŝŶĞ^ƚĂƚƵƐ>ĞĂĚŽƌWĂƌƚŝĐŝƉĂƚĞ /ŶĐƌĞĂƐĞďƌĂŶĚĂǁĂƌĞŶĞƐƐĂŶĚƚĂƌŐĞƚĞĚůĞĂĚŐĞŶĞƌĂƚŝŽŶǀŝĂ ϭŵƵůƚŝ Ͳ ĐŚĂŶŶĞůŵĂƌŬĞƚŝŶŐĐĂŵƉĂŝŐŶ͗ůŽĐĂů͕ƌĞŐŝŽŶĂůĂŶĚŶĂƚŝŽŶĂůYϭ Ͳ Yϰ>ĞĂĚ ŝŶƚĞƌŶĂƚŝŽŶĂůĂƵĚŝĞŶĐĞƐ /ŵƉůĞŵĞŶƚƐƵďĚŝƐƚƌŝĐƚďƌĂŶĚŝŶƚĞŐƌĂƚŝŽŶƉƌŽŐƌĂŵƐƚĂƌƚŝŶŐǁŝƚŚ ,ĞĂƌƚŽĨƚŚĞŝƚLJΘŝƐĐŽǀĞƌLJ^ƋƵĂƌĞ;ŶƐƵƌĞƚŚĞĐŽŶƐŝƐƚĞŶƚĂŶĚ ϮYϭ Ͳ Yϰ>ĞĂĚ ĂƉƉƌŽƉƌŝĂƚĞƵƐĞŽĨƚŚĞŝƐĐŽǀĞƌLJ^ƋƵĂƌĞďƌĂŶĚďLJůŝĐĞŶƐŝŶŐĂŶĚ ŵĂŶĂŐŝŶŐƚŚĞƚƌĂĚĞŵĂƌŬŽŶďĞŚĂůĨŽĨƚŚĞDŽƌƉŽƌĂƚŝŽŶͿ WƌŽǀŝĚĞůĞĂĚĞƌƐŚŝƉƚŽDĂƌŬĞƚZŽĐŚĞƐƚĞƌŽůůĂďŽƌĂƚŝǀĞ ϯYϭ Ͳ Yϰ>ĞĂĚ ;ĐŽŵŵƵŶŝƚLJŵĂƌŬĞƚŝŶŐĐŽůůĂďŽƌĂƚŝǀĞŐƌŽƵƉͿ ŽŶƚĞŶƚĚĞǀĞůŽƉŵĞŶƚ͕ƐŽĐŝĂůŵĞĚŝĂ͕ǁĞďƐŝƚĞĂŶĂůLJƚŝĐƐ͕ ϰYϭ Ͳ Yϰ>ĞĂĚ ƉŽĚĐĂƐƚƐ͕ĞǀĞŶƚĂĐƚŝǀĂƚŝŽŶ ϱZĞŐŝŽŶĂůĂŶĚŶĂƚŝŽŶĂůŵĞĚŝĂƉůĂĐĞŵĞŶƚĂŶĚŵĞĚŝĂƚƌĂĐŬŝŶŐYϭ Ͳ Yϰ>ĞĂĚ DĂŝŶƚĂŝŶƌĞŐŝŽŶĂůĂŶĚƐƚĂƚĞǁŝĚĞĐŽŵŵƵŶŝĐĂƚŝŽŶ͕ĞŶŐĂŐĞŵĞŶƚ ϲYϭ Ͳ Yϰ>ĞĂĚ ĂŶĚĂĚǀŽĐĂĐLJ ĞǀĞůŽƉŵĂƌŬĞƚŝŶŐĂƐƐĞƚŝŶǀĞŶƚŽƌLJĂŶĚŵĞĚŝĂƉŚŽƚŽůŝďƌĂƌLJ ϳYϭ Ͳ Yϰ >ĞĂĚ ĚĞǀĞůŽƉŵĞŶƚ ϴhƉŐƌĂĚĞǁĞďƐŝƚĞYϭ Ͳ Yϰ>ĞĂĚ 3DFNHW3J (D DĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚŐĞŶĐLJϮϬϭϵtŽƌŬWůĂŶhƉĚĂƚĞĚ͗ƵŐƵƐƚϮϰ͕ϮϬϭϴ DWƌŝŽƌŝƚLJ͗ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ͗^ƵƐƚĂŝŶĂďŝůŝƚLJ KďũĞĐƚŝǀĞ͗WƌŽũĞĐƚĞǀĞůŽƉŵĞŶƚͲ/ŶĐůƵĚĞƐĚĞƐŝŐŶ͕ĚĞǀĞůŽƉŵĞŶƚĂŶĚͬŽƌŽƉĞƌĂƚŝŽŶĂů >ĞĂĚŽƌ KƵƚĐŽŵĞ dŝŵĞůŝŶĞ^ƚĂƚƵƐ WĂƌƚŝĐŝƉĂƚĞ ƐƐŝƐƚǁŝƚŚƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨŚŽƵƐŝŶŐŝŶǀĞŶƚŽƌLJĂŶĚƉƌŽŵŽƚŝŽŶŽĨ ϭYϭͲYϰWĂƌƚŝĐŝƉĂƚĞ ĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐƉƌŽũĞĐƚƐ ĐĐĞůĞƌĂƚĞĞŶǀŝƌŽŶŵĞŶƚĂůƉƌŽŐƌĂŵƉƌŽŐƌĞƐƐ ϮYϭͲYϰ>ĞĂĚ ϯŶƐƵƌĞĚĞǀĞůŽƉŵĞŶƚŵĞĞƚƐDĞŶǀŝƌŽŶŵĞŶƚĂůŐŽĂůƐYϭͲYϰ>ĞĂĚ DĞĞƚDDͬtƉĂƌƚŝĐŝƉĂƚŝŽŶƚĂƌŐĞƚƐ ϰYϭͲYϰWĂƌƚŝĐŝƉĂƚĞ KďũĞĐƚŝǀĞ͗džƉĞƌŝĞŶĐĞͬWƌŽŐƌĂŵŵŝŶŐͲ/ŶĐůƵĚĞƐĚĞƐŝŐŶĂŶĚŽƉĞƌĂƚŝŽŶĂůĂĐƚŝǀŝƚŝĞƐƚŚĂƚ >ĞĂĚŽƌ KƵƚĐŽŵĞ dŝŵĞůŝŶĞ^ƚĂƚƵƐ WĂƌƚŝĐŝƉĂƚĞ &ŝŶĂůŝnjĞƐƚƌĂƚĞŐLJĂŶĚƉƌŽĐĞƐƐƚŽƌĞĂůŝnjĞDǀŝƐŝŽŶŽĨΗĐƌĞĂƚŝŶŐ ϭYϭͲYϰWĂƌƚŝĐŝƉĂƚĞ ŵĞƌŝĐĂΖƐŝƚLJĨŽƌ,ĞĂůƚŚΗ 'ƌŽǁǀŽůƵŶƚĂƌLJĞŶĞƌŐLJďĞŶĐŚŵĂƌŬŝŶŐƉƌŽŐƌĂŵ ϮYϭͲYϰ>ĞĂĚ ĞǀĞůŽƉ','ƌĞĚƵĐƚŝŽŶĂĐƚŝŽŶƉůĂŶƚŽŵĞĞƚDĂŶĚŝƚLJ',''ŽĂůƐ ϯYϭͲYϰ>ĞĂĚ ϰŽŶƚŝŶƵĞƚŽŝŶƚƌŽĚƵĐĞŶĞǁǁĂLJƐŽĨƚŚŝŶŬŝŶŐĂŶĚƚĞĐŚŶŽůŽŐLJYϭͲYϰ>ĞĂĚ /ĚĞŶƚŝĨLJĂƌĂƚŝŶŐƐLJƐƚĞŵƚŽŵĞĂƐƵƌĞĂŶĚďĞŶĐŚŵĂƌŬƐƵƐƚĂŝŶĂďŝůŝƚLJ ϱYϭͲYϰ>ĞĂĚ ƐƵĐĐĞƐƐ 3DFNHW3J 3DFNHW3J (D ŚĂŶŐĞ ϮϬϭϴ ƵĚŐĞƚ  ϭϳ͕ ϭϬϬй ϮϭйϭϳйϳϬйϭϯйϭϬйϮϱйϭϯйϮϯйϲϯйϱϭйϭϲйϰϭйϮϮйϭϵйϭϵй ϭϰйϯϮйϭϯйϭϰйϴϰйϰϭйϭϬй ϰйϳйϭй ;йͿ ϬйϬйϬйϬйϮй ^ĞƉƚĞŵďĞƌ   ͲͲͲ ͲͲͲͲͲͲ ͲͲͲͲͲͲͲͲͲ Ͳ dŽƚĂů zKz ĂŶĚ ŽŶƚƌŝďƵƚŝŽŶ dĂdž ^ĂůĞƐ Ψϭ͕ϴϵϲ͕ϯϳϯΨϭ͕Ϭϱϰ͕ϯϯϰ Ψϭ͕ϴϲϳ͕ϲϭϯ Ψϯ͕ϴϰϴ͕Ϭϯϴ Ψϭϭϵ͕ϰϬϳ Ψϭϲϰ͕ϲϲϳ ΨϭϱϬ͕ϯϬϬΨϳϴϮ͕ϳϴϰΨϰϬϬ͕ϬϬϬ ΨϲϴϬ͕ϭϲϰ Ψϭϭϱ͕ϬϬϬ ΨϮϵ͕ϱϬϬ Ψϭϰ͕ϬϬϬΨϭϱ͕ϬϬϬΨϮϲ͕ϯϬϬΨϰϲ͕ϬϬϬΨϳϮ͕ϱϬϬΨϳϬ͕ϬϬϬΨϱϮ͕ϱϬϬ ΨϱϮ͕ϱϬϬ ΨϰϬ͕ϮϯϮΨϮϱ͕ϰϯϮ Ψϲ͕ϲϬϬΨϭ͕ϱϬϬΨϮ͕ϰϲϬΨϮ͕ϳϱϬ Ψϴ͕ϭϲϬ ΨϬΨϬΨϬΨϬ D ůŝŶŝĐ ϮϬϭϵ 'Ez DĂLJŽ dŽƚĂů s>KWDEd ůŝŶŝĐ ŽŶƚƌŝďƵƚŝŽŶ ϰϬϲΨϭ͕Ϯϳϲ͕ϲϯϮ Ψϵϲϱ͕ϬϬϬ Ψϵϲϱ͕ϬϬϬ Ψϭϭϴ͕Ϭϴϳ Ψϭϭϴ͕ϬϴϳΨϭϵϯ͕ϱϰϱ Ψϭϵϯ͕ϱϰϱ DĂLJŽ ΨϬΨϬΨϬΨϬΨϬΨϬΨϬΨϬΨϬΨϬΨϬΨϬΨϬΨϬΨϬΨϬΨϬΨϬΨϬΨϬ ΨϬ ΨϬΨϬ ΨϬ ϮϬϭϵ h'd KEKD/ dĂdž ŽŶƚƌŝďƵƚŝŽŶ ^ĂůĞƐ Ψϭϯϲ͕Ϭϰϳ Ψϵϯϭ͕ϯϳϯ ΨϭϱϬ͕ϯϬϬ ΨϴϲϬ͕ϳϴϵ ΨϰϬϬ͕ϬϬϬ ΨϲϴϬ͕ϭϲϰ Ψϳϲϲ͕ϱϲϲΨϱϴϵ͕ϮϯϵΨϭϭϱ͕ϬϬϬ KWZd/E'Ψϭϰ͕ϬϬϬΨϮϵ͕ϱϬϬ Ψϭϱ͕ϬϬϬΨϮϲ͕ϯϬϬ Ψϰϲ͕ϱϴϬ Ψϰϲ͕ϬϬϬΨϳϮ͕ϱϬϬΨϳϬ͕ϬϬϬΨϱϮ͕ϱϬϬ ΨϱϮ͕ϱϬϬ ΨϰϬ͕ϮϯϮΨϮϱ͕ϰϯϮ Ψϲ͕ϲϬϬΨϴ͕ϭϲϬΨϭ͕ϯϮϬΨϭ͕ϱϬϬΨϮ͕ϰϲϬΨϮ͕ϳϱϬ ΨϮ͕ϱϳϭ͕ ΨϬ ΨϬΨϬΨϬ D EdZ ϮϬϭϵ ϮϬϭϵ ĂŶĚ ŽŶƚƌŝďƵƚŝŽŶ D/> 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hƉŽŶĞůŝǀĞƌLJ͕ƵƐƚŽŵĞƌƐŚĂůůŚĂǀĞĨŝĨƚĞĞŶ;ϭϱͿĚĂLJƐǁŝƚŚŝŶǁŚŝĐŚƚŽŝŶƐƉĞĐƚƚŚĞWƌŽĚƵĐƚĨŽƌƐƵďƐƚĂŶƚŝĂů ĐŽŶĨŽƌŵĂŶĐĞƚŽƚŚĞŵĂƚĞƌŝĂů^ƉĞĐŝĨŝĐĂƚŝŽŶƐ͕ĂŶĚŝŶƚŚĞĞǀĞŶƚŽĨƐƵďƐƚĂŶƚŝĂůŶŽŶͲĐŽŶĨŽƌŵĂŶĐĞƚŽƚŚĞŵĂƚĞƌŝĂů ^ƉĞĐŝĨŝĐĂƚŝŽŶƐƚŽĨƵƌŶŝƐŚDĂĐYƵĞĞŶǁŝƚŚǁƌŝƚƚĞŶŶŽƚŝĐĞƐƵĨĨŝĐŝĞŶƚƚŽƉĞƌŵŝƚDĂĐYƵĞĞŶƚŽĞǀĂůƵĂƚĞƐƵĐŚŶŽŶͲ ĐŽŶĨŽƌŵĂŶĐĞ;͞EŽƚŝĐĞŽĨĞĨĞĐƚ͟Ϳ͘ŶLJWƌŽĚƵĐƚŶŽƚŝŶƐƵďƐƚĂŶƚŝĂůĐŽŶĨŽƌŵĂŶĐĞƚŽŵĂƚĞƌŝĂů^ƉĞĐ ŝĨŝĐĂƚŝŽŶƐƐŚĂůůďĞ ƌĞŵĞĚŝĞĚďLJDĂĐYƵĞĞŶǁŝƚŚŝŶƚŚŝƌƚLJ;ϯϬͿĚĂLJƐĨƌŽŵƚŚĞEŽƚŝĐĞŽĨĞĨĞĐƚ͘/ŶƚŚĞĞǀĞŶƚDĂĐYƵĞĞŶĚŽĞƐŶŽƚƌĞĐĞŝǀĞĂ EŽƚŝĐĞŽĨĞĨĞĐƚǁŝƚŚŝŶĨŝĨƚĞĞŶ;ϭϱͿĚĂLJƐŽĨĞůŝǀĞƌLJ͕WƌŽĚƵĐƚǁŝůůďĞĚĞĞŵĞĚƚŽďĞŝŶĐŽŶĨŽƌŵĂŶĐĞǁŝƚŚ ^ƉĞĐŝĨŝĐĂƚŝŽŶƐĂŶĚĐĐĞƉƚĞĚďLJƵƐƚŽŵĞƌ͘   ϴ͘EŽƚŝĐĞ  ŶLJƌĞƋƵŝƌĞĚŽƌƉĞƌŵŝƚƚĞĚŶŽƚŝĐĞƐŚĞƌĞƵŶĚĞƌŵƵƐƚďĞŐŝǀĞŶŝŶǁƌŝƚŝŶŐĂƚƚŚĞĂĚĚƌĞƐƐŽĨĞĂĐŚƉĂƌƚLJƐĞƚĨŽƌƚŚďĞůŽǁ͕ŽƌƚŽ ƐƵĐŚŽƚŚĞƌĂĚĚƌĞƐƐĂƐĞŝƚŚĞƌƉĂƌƚLJŵĂLJƐƵďƐƚŝƚƵƚĞďLJǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞŽƚŚĞƌŝŶƚŚĞŵĂŶŶĞƌĐŽŶƚĞŵƉůĂƚĞĚŚĞƌĞŝŶ͕ďLJ ŽŶĞŽĨƚŚĞĨŽůůŽǁŝŶŐŵĞƚŚŽĚƐ͗ŚĂŶĚĚĞůŝǀĞƌLJ͖ƌĞŐŝƐƚĞƌĞĚ͕ĞdžƉƌĞƐƐ͕ŽƌĐĞƌƚŝĨŝĞĚŵĂŝů͕ƌĞƚƵƌŶƌĞĐĞŝƉƚƌĞƋƵĞƐƚĞĚ͕ƉŽƐƚĂŐĞ ƉƌĞƉĂŝĚ͖ŽƌŶĂƚŝŽŶĂůůLJͲƌĞĐŽŐŶŝnjĞĚƉƌŝǀĂƚĞĞdžƉƌĞƐƐĐŽƵƌŝĞƌ͗  DĂĐYƵĞĞŶƋƵŝƉŵĞŶƚ͕/ŶĐ͘dŚĞŝƚLJKĨZŽĐŚĞƐƚĞƌ ƚŚ ϭϭϮϱϳƚŚ^ƚƌĞĞƚĂƐƚϮϬϭϰ^ƚ͕^ ^ƚ͘WĂƵů͕DEϱϱϭϬϲZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰ        3DFNHW3J (E     ϵ͘^ƚĂŶĚĂƌĚtĂƌƌĂŶƚLJ  dŚĞĞƋƵŝƉŵĞŶƚƐŽůĚŚĞƌĞŝŶǁŝůůďĞŵĂŶƵĨĂĐƚƵƌĞĚďLJWŝĞƌĐĞDĂŶƵĨĂĐƚƵƌŝŶŐ͕/ŶĐ͘ĂŶĚĂŶLJǁĂƌƌĂŶƚŝĞƐĂƌĞĂƚƚĂĐŚĞĚŚĞƌĞƚŽĂƐ džŚŝďŝƚĂŶĚŵĂĚĞĂƉĂƌƚŚĞƌĞŽĨ͘ŶLJĂĚĚŝƚŝŽŶĂůǁĂƌƌĂŶƚŝĞƐŵƵƐƚďĞĞdžƉƌĞƐƐůLJĂƉƉƌŽǀĞĚŝŶǁƌŝƚŝŶŐďLJWŝĞƌĐĞ͛ƐĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞĂŶĚDĂĐYƵĞĞŶ͘  Ă͘ŝƐĐůĂŝŵĞƌ  KƚŚĞƌƚŚĂŶĂƐĞdžƉƌĞƐƐůLJƐĞƚĨŽƌƚŚŝŶƚŚŝƐĂŐƌĞĞŵĞŶƚ͕ŶĞŝƚŚĞƌWŝĞƌĐĞ͕ŝƚƐWĂƌĞŶƚŽŵƉĂŶLJ͕ĨĨŝůŝĂƚĞƐ͕^ƵďƐŝĚŝĂƌŝĞƐ͕ >ŝĐĞŶƐŽƌƐ͕ƐƵƉƉůŝĞƌƐ͕ĚŝƐƚƌŝďƵƚŽƌƐ͕ĚĞĂůĞƌƐ͕ŝŶĐůƵĚŝŶŐǁŝƚŚŽƵƚůŝŵŝƚĂƚŝŽŶ͕DĂĐYƵĞĞŶƋƵŝƉŵĞŶƚ͕/ŶĐ͕ŽƌŽƚŚĞƌ ƌĞƐƉĞĐƚŝǀĞŽĨĨŝĐĞƌƐ͕ĚŝƌĞĐƚŽƌƐ͕ĞŵƉůŽLJĞĞƐ͕ƐŚĂƌĞŚŽůĚĞƌƐ͕ĂŐĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͕ŵĂŬĞĂŶLJĞdžƉƌĞƐƐŽƌŝŵƉůŝĞĚ ǁĂƌƌĂŶƚŝĞƐǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞƉƌŽĚƵĐƚƐƉƌŽǀŝĚĞĚŚĞƌĞƵŶĚĞƌŽƌŽƚŚĞƌǁŝƐĞƌĞŐĂƌĚŝŶŐƚŚŝƐĂŐƌĞĞŵĞŶƚ͕ǁŚĞƚŚĞƌŽƌĂůŽƌ ǁƌŝƚƚĞŶ͕ĞdžƉƌĞƐƐ͕ŝŵƉůŝĞĚŽƌƐƚĂƚƵƚŽƌLJ͘tŝƚŚŽƵƚůŝŵŝƚŝŶŐƚŚĞĨŽƌĞŐŽŝŶŐ͕ĂŶLJŝŵƉůŝĞĚǁĂƌƌĂŶƚLJĂŐĂŝŶƐƚŝŶĨƌŝŶŐĞŵĞŶƚ͕ ĂŶĚƚŚĞŝŵƉůŝĞĚǁĂƌƌĂŶƚLJŽĨĐŽŶĚŝƚŝŽŶŽĨĨŝƚŶĞƐƐĨŽƌĂƉĂƌƚŝĐƵůĂƌƉƵƌƉŽƐĞĂƌĞĞdžƉƌĞƐƐůLJĞdžĐůƵĚĞĚĂŶĚĚŝƐĐůĂŝŵĞĚ͘ ^ƚĂƚĞŵĞŶƚƐŵĂĚĞďLJƐĂůĞƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐŽƌŝŶƉƌŽŵŽƚŝŽŶĂůŵĂƚĞƌŝĂůƐĚŽŶŽƚĐŽŶƐƚŝƚƵƚĞǁĂƌƌĂŶƚŝĞƐ͘  ď͘džĐůƵƐŝŽŶƐŽĨ/ŶĐŝĚĞŶƚĂůĂŶĚŽŶƐĞƋƵĞŶƚŝĂůĂŵĂŐĞƐ  /ŶŶŽĞǀĞŶƚƐŚĂůůDĂĐYƵĞĞŶďĞůŝĂďůĞĨŽƌĐŽŶƐĞƋƵĞŶƚŝĂů͕ŝŶĐŝĚĞŶƚĂůŽƌƉƵŶŝƚŝǀĞĚĂŵĂŐĞƐŝŶĐƵƌƌĞĚďLJƵƐƚŽŵĞƌŽƌĂŶLJ ƚŚŝƌĚƉĂƌƚLJŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚĂŶLJŵĂƚƚĞƌĂƌŝƐŝŶŐŽƵƚŽĨŽƌƌĞůĂƚŝŶŐƚŽƚŚŝƐŐƌĞĞŵĞŶƚ͕ŽƌƚŚĞďƌĞĂĐŚƚŚĞƌĞŽĨ͕ ƌĞŐĂƌĚůĞƐƐŽĨǁŚĞƚŚĞƌƐƵĐŚĚĂŵĂŐĞƐĂƌŝƐĞŽƵƚŽĨďƌĞĂĐŚŽĨǁĂƌƌĂŶƚLJ͕ƚŽƌƚ͕ĐŽŶƚƌĂĐƚ͕ƐƚƌŝĐƚůŝĂďŝůŝƚLJ͕ƐƚĂƚƵƚŽƌLJůŝĂďŝůŝƚLJ͕ ŝŶĚĞŵŶŝƚLJ͕ǁŚĞƚŚĞƌƌĞƐƵůƚŝŶŐĨƌŽŵŶŽŶͲ ĚĞůŝǀĞƌLJŽƌĨƌŽŵDĂĐYƵĞĞŶ͛ƐŽǁŶŶĞŐůŝŐĞŶĐĞ͕ŽƌŽƚŚĞƌǁŝƐĞ͘  ϭϬ͘/ŶƐƵƌĂŶĐĞ  DĂĐYƵĞĞŶŵĂŝŶƚĂŝŶƐƚŚĞĨŽůůŽǁŝŶŐůŝŵŝƚƐŽĨŝŶƐƵƌĂŶĐĞǁŝƚŚĂĐĂƌƌŝĞƌ;ƐͿƌĂƚĞĚͲŽƌďĞƚƚĞƌďLJ͘D͘ĞƐƚ͗  ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞ͗ WƌŽĚƵĐƚƐͬŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐŐŐƌĞŐĂƚĞ͗ΨϮ͕ϬϬϬ͕ϬϬϬ ĂĐŚKĐĐƵƌƌĞŶĐĞ͗ΨϮ͕ϬϬϬ͕ϬϬϬ  hŵďƌĞůůĂͬdžĐĞƐƐ>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞ͗ ŐŐƌĞŐĂƚĞ͗Ψϱ͕ϬϬϬ͕ϬϬϬ ĂĐŚKĐĐƵƌƌĞŶĐĞ͗Ψϱ͕ϬϬϬ͕ϬϬϬ dŚĞƵƐƚŽŵĞƌŵĂLJƌĞƋƵĞƐƚDĂĐYƵĞĞŶƚŽƉƌŽǀŝĚĞƚŚĞƵƐƚŽŵĞƌǁŝƚŚĂĐŽƉLJŽĨĂĐƵƌƌĞŶƚĞƌƚŝĨŝĐĂƚĞŽĨ/ŶƐƵƌĂŶĐĞ ǁŝƚŚƚŚĞĐŽǀĞƌĂŐĞƐůŝƐƚĞĚĂďŽǀĞ͘   ϭϭ͘/ŶĚĞŵŶŝƚLJ  dŚĞƵƐƚŽŵĞƌƐŚĂůůŝŶĚĞŵŶŝĨLJ͕ĚĞĨĞŶĚĂŶĚŚŽůĚŚĂƌŵůĞƐƐDĂĐYƵĞĞŶ͕ŝƚƐŽĨĨŝĐĞƌƐ͕ĞŵƉůŽLJĞĞƐ͕ĚĞĂůĞƌƐ͕ĂŐĞŶƚƐŽƌ ƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ĨƌŽŵĂŶLJĂŶĚĂůůĐůĂŝŵƐ͕ĐŽƐƚƐ͕ũƵĚŐŵĞŶƚƐ͕ůŝĂďŝůŝƚLJ͕ůŽƐƐ͕ĚĂŵĂŐĞ͕ĂƚƚŽƌŶĞLJƐ͛ĨĞĞƐŽƌĞdžƉĞŶƐĞƐŽĨĂŶLJŬŝŶĚ ŽƌŶĂƚƵƌĞǁŚĂƚƐŽĞǀĞƌ;ŝŶĐůƵĚŝŶŐ͕ďƵƚǁŝƚŚŽƵƚůŝŵŝƚĂƚŝŽŶ͕ƉĞƌƐŽŶĂůŝŶũƵƌLJĂŶĚĚĞĂƚŚͿƚŽĂůůƉƌŽƉĞƌƚLJĂŶĚƉĞƌƐŽŶƐĐĂƵƐĞĚďLJ͕ ƌĞƐƵůƚŝŶŐĨƌŽŵ͕ĂƌŝƐŝŶŐŽƵƚŽĨŽƌŽĐĐƵƌƌŝŶŐŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞƵƐƚŽŵĞƌΖƐƉƵƌĐŚĂƐĞ͕ŝŶƐƚĂůůĂƚŝŽŶŽƌƵƐĞŽĨŐŽŽĚƐƐŽůĚŽƌ ƐƵƉƉůŝĞĚďLJDĂĐYƵĞĞŶǁŚŝĐŚĂƌĞŶŽƚĐĂƵƐĞĚďLJƚŚĞƐŽůĞŶĞŐůŝŐĞŶĐĞŽĨDĂĐYƵĞĞŶŽƌWŝĞƌĐĞ͘    3DFNHW3J (E       ϭϮ͘&ŽƌĐĞDĂũĞƵƌĞ  DĂĐYƵĞĞŶƐŚĂůůŶŽƚďĞƌĞƐƉŽŶƐŝďůĞŶŽƌĚĞĞŵĞĚƚŽďĞŝŶĚĞĨĂƵůƚŽŶĂĐĐŽƵŶƚŽĨĚĞůĂLJƐŝŶƉĞƌĨŽƌŵĂŶĐĞĚƵĞƚŽĐĂƵƐĞƐ ǁŚŝĐŚĂƌĞďĞLJŽŶĚDĂĐYƵĞĞŶ͛ƐĐŽŶƚƌŽůǁŚŝĐŚŵĂŬĞDĂĐYƵĞĞŶ͛ƐƉĞƌĨŽƌŵĂŶĐĞŝŵƉƌĂĐƚŝĐĂďůĞ͕ŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽ ĐŝǀŝůǁĂƌƐ͕ŝŶƐƵƌƌĞĐƚŝŽŶƐ͕ƐƚƌŝŬĞƐ͕ƌŝŽƚƐ͕ĨŝƌĞƐ͕ƐƚŽƌŵƐ͕ĨůŽŽĚƐ͕ŽƚŚĞƌĂĐƚƐŽĨŶĂƚƵƌĞ͕ĞdžƉůŽƐŝŽŶƐ͕ĞĂƌƚŚƋƵĂŬĞƐ͕ĂĐĐŝĚĞŶƚƐ͕ĂŶLJ  ĂĐƚŽĨŐŽǀĞƌŶŵĞŶƚ͕ĂĐƚƐŽĨ'ŽĚŽƌƚŚĞƉƵďůŝĐĞŶĞŵLJŽƌƚĞƌƌŽƌŝƐŵ͘  ϭϯ͘ĞĨĂƵůƚ  dŚĞŽĐĐƵƌƌĞŶĐĞŽĨŽŶĞŽƌŵŽƌĞŽĨƚŚĞĨŽůůŽǁŝŶŐƐŚĂůůĐŽŶƐƚŝƚƵƚĞĂĚĞĨĂƵůƚƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͗  ;ĂͿƚŚĞƵƐƚŽŵĞƌĨĂŝůƐƚŽƉĂLJǁŚĞŶĚƵĞĂŶLJĂŵŽƵŶƚƐƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚŽƌƚŽƉĞƌĨŽƌŵĂŶLJŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐ ƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͖;ďͿDĂĐYƵĞĞŶĨĂŝůƐƚŽƉĞƌĨŽƌŵĂŶLJŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͖;ĐͿĞŝƚŚĞƌƉĂƌƚLJ ďĞĐŽŵĞƐŝŶƐŽůǀĞŶƚŽƌďĞĐŽŵĞƐƵďũĞĐƚƚŽĂďĂŶŬƌƵƉƚĐLJŽƌŝŶƐŽůǀĞŶĐLJƉƌŽĐĞĞĚŝŶŐƐ͖;ĚͿĂŶLJƌĞƉƌĞƐĞŶƚĂƚŝŽŶŵĂĚĞďLJ ĞŝƚŚĞƌƉĂƌƚLJƚŽŝŶĚƵĐĞƚŚĞŽƚŚĞƌƚŽĞŶƚĞƌŝŶƚŽƚŚŝƐŐƌĞĞŵĞŶƚŝƐĨĂůƐĞŝŶĂŶLJŵĂƚĞƌŝĂůƌĞƐƉĞĐƚ͖;ĞͿƚŚĞƵƐƚŽŵĞƌ ĚŝƐƐŽůǀĞƐ͕ŵĞƌŐĞƐ͕ĐŽŶƐŽůŝĚĂƚĞƐŽƌƚƌĂŶƐĨĞƌƐĂƐƵďƐƚĂŶƚŝĂůƉŽƌƚŝŽŶŽĨŝƚƐƉƌŽƉĞƌƚLJƚŽĂŶŽƚŚĞƌĞŶƚŝƚLJ͖Žƌ;ĨͿƚŚĞ ƵƐƚŽŵĞƌŝƐŝŶĚĞĨĂƵůƚŽƌŚĂƐďƌĞĂĐŚĞĚĂŶLJŽƚŚĞƌĐŽŶƚƌĂĐƚŽƌĂŐƌĞĞŵĞŶƚǁŝƚŚDĂĐYƵĞĞŶ͘   ϭϰ͘ZĞůĂƚŝŽŶƐŚŝƉŽĨWĂƌƚŝĞƐ  EĞŝƚŚĞƌƉĂƌƚLJŝƐĂƉĂƌƚŶĞƌ͕ĞŵƉůŽLJĞĞ͕ĂŐĞŶƚ͕ŽƌũŽŝŶƚǀĞŶƚƵƌĞŽĨŽƌǁŝƚŚƚŚĞŽƚŚĞƌ͘   ϭϱ͘ƐƐŝŐŶŵĞŶƚ  EĞŝƚŚĞƌƉĂƌƚLJŵĂLJĂƐƐŝŐŶŝƚƐƌŝŐŚƚƐĂŶĚŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚƵŶůĞƐƐŝƚŚĂƐŽďƚĂŝŶĞĚƚŚĞƉƌŝŽƌǁƌŝƚƚĞŶĂƉƉƌŽǀĂů ŽĨƚŚĞŽƚŚĞƌƉĂƌƚLJ͘   ϭϲ͘'ŽǀĞƌŶŝŶŐ>Ăǁ͖:ƵƌŝƐĚŝĐƚŝŽŶ  tŝƚŚŽƵƚƌĞŐĂƌĚƚŽĂŶLJĐŽŶĨůŝĐƚŽĨůĂǁ͛ƐƉƌŽǀŝƐŝŽŶƐ͕ƚŚŝƐŐƌĞĞŵĞŶƚŝƐƚŽďĞŐŽǀĞƌŶĞĚďLJĂŶĚƵŶĚĞƌƚŚĞůĂǁƐŽĨƚŚĞƐƚĂƚĞŽĨ DŝŶŶĞƐŽƚĂ͘   ϭϳ͘&ĂĐƐŝŵŝůĞ^ŝŐŶĂƚƵƌĞƐ  dŚĞĚĞůŝǀĞƌLJŽĨƐŝŐŶĂƚƵƌĞƐƚŽƚŚŝƐŐƌĞĞŵĞŶƚďLJĨĂĐƐŝŵŝůĞƚƌĂŶƐŵŝƐƐŝŽŶƐŚĂůůďĞďŝŶĚŝŶŐĂƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞƐ͘   ϭϴ͘ŶƚŝƌĞŐƌĞĞŵĞŶƚ  dŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞƚŚĞĞdžĐůƵƐŝǀĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐĨŽƌƚŚĞWƌŽĚƵĐƚ͘ĚĚŝƚŝŽŶĂůŽƌĚŝĨĨĞƌĞŶƚƚĞƌŵƐ ƉƌŽƉŽƐĞĚďLJƚŚĞƵƐƚŽŵĞƌƐŚĂůůŶŽƚďĞĂƉƉůŝĐĂďůĞ͕ƵŶůĞƐƐĂĐĐĞƉƚĞĚŝŶǁƌŝƚŝŶŐďLJDĂĐYƵĞĞŶ͛ƐĂƵƚŚŽƌŝnjĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͘ EŽĐŚĂŶŐĞŝŶ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽĨ͕ŽƌƌĞǀŝƐŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞǀĂůŝĚƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďLJDĂĐYƵĞĞŶ͛Ɛ ĂƵƚŚŽƌŝnjĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͘   ϭϵ͘ŽŶĨůŝĐƚ  /ŶƚŚĞĞǀĞŶƚŽĨĂĐŽŶĨůŝĐƚďĞƚǁĞĞŶƚŚĞƵƐƚŽŵĞƌ^ƉĞĐŝĨŝĐĂƚŝŽŶƐĂŶĚƚŚĞDĂĐYƵĞĞŶWƌŽƉŽƐĂů͕ƚŚĞDĂĐYƵĞĞŶWƌŽƉŽƐĂů ƐŚĂůůĐŽŶƚƌŽů͘/ŶƚŚĞĞǀĞŶƚƚŚĞƌĞŝƐĂĐŽŶĨůŝĐƚďĞƚǁĞĞŶƚŚĞDĂĐYƵĞĞŶWƌŽƉŽƐĂůĂŶĚƚŚŝƐŐƌĞĞŵĞŶƚ͕ƚŚĞDĂĐYƵĞĞŶ WƌŽƉŽƐĂůƐŚĂůůĐŽŶƚƌŽů͘ 3DFNHW3J (E    ϮϬ͘^ŝŐŶĂƚƵƌĞƐ  dŚŝƐŐƌĞĞŵĞŶƚŝƐŶŽƚĞĨĨĞĐƚŝǀĞƵŶůĞƐƐĂŶĚƵŶƚŝůŝƚŝƐĂƉƉƌŽǀĞĚ͕ƐŝŐŶĞĚĂŶĚĚĂƚĞĚďLJDĂĐYƵĞĞŶ͛ƐĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͘  ĐĐĞƉƚĞĚĂŶĚŐƌĞĞĚƚŽ͗ DYhEYh/WDEd͕/E͘d,/dzK&ZK,^dZ 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^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůLJƐƵƉƉůŝĞĚďLJ $ E'/EZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďLJ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ Zd/>ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂLJŵĞŶƚ͘͟ /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶLJƚŝŵĞƚŚĂƚE'/EZǁŝůůĞdžĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ % ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŶŽƚŝĨLJ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůLJŵĂŶŶĞƌ͘E'/EZŵĂLJŶŽƚďĞ ĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞdžĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůLJĞdžĞĐƵƚĞĚ͕ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶLJǁŽƌŬƉĞƌĨŽƌŵĞĚďĞLJŽŶĚƚŚĂƚŝĚĞŶƚŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌǁƌŝƚƚĞŶ ĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďLJ/dzŵĂLJďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌLJĂŶĚE'/EZŵĂLJŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌƚŚĞĞdžƚƌĂ ǁŽƌŬ͘ /ĨE'/EZĐůĂŝŵƐĂŶLJŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌŽƚŚĞƌĐŽŶĚŝƚŝŽŶƐĞdžŝƐƚƚŚĂƚƌĞƋƵŝƌĞĞdžƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐ & ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶLJĞdžƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϮϬĂůĞŶĚĂƌĚĂLJƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶ ŽƌŽďƐĞƌǀĂŶĐĞŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďLJƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ ŶLJĐůĂŝŵŵĂĚĞĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂLJďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶLJǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶ  3DFNHW3J (F ĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůLJĂƉƉƌŽǀĞĚĂŶĚĞdžĞĐƵƚĞĚďLJƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚ E'/EZΖƐŽǁŶƌŝƐŬ͘ ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞdžƉĞŶƐĞƐĂĐƚƵĂůůLJĂŶĚŶĞĐĞƐƐĂƌŝůLJŝŶĐƵƌƌĞĚďLJE'/EZĂƐĂƌĞƐƵůƚŽĨ ' ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞdžĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘E'/EZŵĂLJďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞdžƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͕ĂŶĚŝĚĞŶƚŝĨŝĞĚŝŶ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ƌƚŝĐůĞϯ͘ WZKhZ&KZWzDEd $57,&/( WĂLJŵĞŶƚƐǁŝůůďĞŵĂĚĞďLJ/dzǁŝƚŚŝŶϯϬĚĂLJƐŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨƉƌŽƉĞƌůLJƉƌĞƉĂƌĞĚŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐ $ ƌĞƉŽƌƚƐĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘/dzƐŚĂůůŶŽƚŝĨLJE'/EZŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂLJƐŽĨ E'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞLJďĞůŝĞǀĞƚŚĞƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůLJƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐǁĞƌĞ ŶŽƚƉƌŽƉĞƌůLJƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽŶƚƌĂĐƚ͘ /ŶǀŽŝĐĞƐĨŽƌƉĂLJŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďLJE'/EZŵŽŶƚŚůLJƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚŝŶƚŚĞĨŽƌŵƉƌĞƐĐƌŝďĞĚďLJ % /dz͘/ŶǀŽŝĐĞƐƐŚŽƵůĚŝĚĞŶƚŝĨLJƚŚĞƉƌŽũĞĐƚĂŶĚƚŚĞĐŽƐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚĂŶĚ ŵƵƐƚƐĂƚŝƐĨLJƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ ϭ͘ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůLJŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐ  ĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚE'/EZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚ ĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶLJƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚƉĂLJŵĞŶƚ͘  ϯ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌLJĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ  ŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝnjĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐĂƌĞƉƌŽƉĞƌůLJ ĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌLJĐŽƐƚƐĂƌĞĂŶLJĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐĚŝƌĞĐƚůLJƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬ ŽĨƚŚĞE'/EZ͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ ϰ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͗  ŝƌĞĐƚƐĂůĂƌLJĐŽƐƚƐŽĨĞŵƉůŽLJĞĞƐΖƚŝŵĞĚŝƌĞĐƚůLJĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ D dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂLJƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨLJŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽLJĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂLJ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂLJŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂLJƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽLJĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ E ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽLJĞĞΖƐŶĂŵĞ͕ŚŽƵƌůLJ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂLJƉĞƌŝŽĚ͘ ϱ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞĂĐŽƉLJŽĨƚŚĞŝŶǀŽŝĐĞƚŚĞLJĨŽƌǁĂƌĚĞĚƚŽƚŚĞĐŝƚLJƚŽƚŚĞĚĞǀĞůŽƉĞƌĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐ͘  dŚŝƐĚŽĐƵŵĞŶƚƐŚŽƵůĚďĞĐůĞĂƌĞĚƐƚĂƚĞĚƚŚĂƚŝƚ͛ƐĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐŽŶůLJ͘ /ĨE'/EZŝƐĂƵƚŚŽƌŝnjĞĚďLJ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶLJƐƵďĐŽŶƐƵůƚĂŶƚƐ͕E'/EZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ & ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶLJƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŽŶƚƌĂĐƚ͕ĂŶĚE'/EZŵƵƐƚĐŽŵƉůLJǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůLJƉĂLJŵĞŶƚďLJE'/EZŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͛Ɛ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂLJŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞƐƵď ĐŽŶƐƵůƚĂŶƚŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ E'/EZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ' ĨŽƌƚŚĂďŽǀĞ͘  KE/d/KE^K&WzDEd $57,&/( &ŽƌĂůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďLJE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞŶŐŝŶĞĞƌƐŚĂůůŵĂŝŶƚĂŝŶŝƚƐĞƚŚŝĐĂůĂŶĚ $ ůĞŐĂůĚƵƚLJŽĨĂƉƌŽĨĞƐƐŝŽŶĂůƚŽĞdžĞƌĐŝƐĞƚŚĞůĞǀĞůŽĨĐĂƌĞ͕ĚŝůŝŐĞŶĐĞ͕ĂŶĚƐŬŝůůƉƌĞƐĐƌŝďĞĚŝŶƚŚĞĐŽĚĞŽĨƉƌĂĐƚŝĐĞŽĨŚŝƐŽƌŚĞƌ ƉƌŽĨĞƐƐŝŽŶ͕ŽƌĂƐŽƚŚĞƌƉƌŽĨĞƐƐŝŽŶĂůƐŝŶƚŚĞƐĂŵĞĚŝƐĐŝƉůŝŶĞǁŽƵůĚŝŶƚŚĞƐĂŵĞŽƌƐŝŵŝůĂƌĐŝƌĐƵŵƐƚĂŶĐĞƐ͘dŚĞE'/EZ ƐŚĂůůĐŽŵƉůLJǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘  Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďLJĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐ͘  3DFNHW3J (F E'/EZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂLJŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ % ƌĞŐƵůĂƚŝŽŶƐ͘ ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďLJƉƌŽŐƌĞƐƐƉĂLJŵĞŶƚƐŵĂĚĞďLJ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚLJŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ & ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐE'/EZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂLJŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶLJĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞE'/EZ͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞLJŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ ƐŚĂůůŝŶĚĞŵŶŝĨLJE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐE'/EZĂŶŽŶͲĞdžĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞ ĞdžƚĞŶƚŽĨƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞE'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶLJǁĂLJƚŽƌĞůŝĞǀĞE'/EZĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐĞƌǀŝĐĞƐ ' ĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞdžĐĞĞĚƚŚĂƚŝƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘  E'/EZŝƐŶŽƚĂƵƚŚŽƌŝnjĞĚƚŽĚŝƌĞĐƚƚŚĞǁŽƌŬŽĨŽŶƚƌĂĐƚŽƌ͕ƵŶůĞƐƐŝƚLJŝƐŐŝǀĞŶƐƵĐŚĂƵƚŚŽƌŝƚLJ͕ŝŶǁƌŝƚŝŶŐ͕ďLJKǁŶĞƌ͘ ( E'/EZĐŽŵŵƵŶŝĐĂƚŝŽŶƐŚĂůůďĞĚŝƌĞĐƚůLJǁŝƚŚKǁŶĞƌ͛ƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞ;ŽŶƐƚƌƵĐƚŝŽŶĨŽƌĞŵĞŶŽƌƐƵƉĞƌŝŶƚĞŶĚĞŶƚŽƌ ŽƚŚĞƌŵĞŵďĞƌŝĚĞŶƚŝĨŝĞĚĂƐWƌŽũĞĐƚDĂŶĂŐĞƌͿ͕ĂŶĚƚŽŝƚLJŶŐŝŶĞĞƌŽƌŚŝƐĚĞƐŝŐŶĞĞ͘  ^^/'EDEd $57,&/(ĞĚŝŶƚŚŝƐ ŽŶƚƌĂĐƚ͘  ĐŽƉLJŽĨĂŶLJĂŶĚĂůůƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚƐŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚĂĨƚĞƌĞdžĞĐƵƚŝŽŶŽĨƚŚĞƐƵď % ĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽǁŽƌŬƐƚĂƌƚŝŶŐƵŶĚĞƌƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚ͘  DEDEd^͕,E'KZZ^͕DZ'Z͕KhEdZWZd^͕Et/sZ $57,&/( ŵĞŶĚŵĞŶƚƐƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĐŽŶƐŝĚĞƌĞĚŽŶůLJĨŽƌƵŶĨŽƌĞƐĞĞŶǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŚĂƚǁĞƌĞĞdžĐůƵĚĞĚŝŶƚŚĞ^ĐŽƉĞŽĨ $ tŽƌŬ͕ĞŶƚŝƚůĞĚ͞ĞƚĂŝůĞĚ^ĐŽƉĞŽĨtŽƌŬ͕͟ĂŶĚƚŚĂƚĂƌĞĐŽŶƐŝĚĞƌĞĚĞƐƐĞŶƚŝĂůƚŽƚŚĞǁŽƌŬ͘ŶLJǁƌŝƚƚĞŶĐůĂŝŵŵĂĚĞďLJ E'/EZĨŽƌĞdžƚƌĂǁŽƌŬŽƌĐŽƐƚƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐďĞĞŶĂƉƉƌŽǀĞĚďLJƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚŵƵƐƚďĞ ĞǀŝĚĞŶĐĞĚďLJĂŶĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚ͘ŵĞŶĚŵĞŶƚƐŵƵƐƚďĞŝŶǁƌŝƚŝŶŐĂŶĚĞdžĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚďLJƚŚĞƐĂŵĞ ƉĂƌƚŝĞƐĂŶĚŽĨĨŝĐŝĂůƐǁŚŽĞdžĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚƚŚĞŽƌŝŐŝŶĂůŽŶƚƌĂĐƚ͕ŽƌƚŚĞŝƌƐƵĐĐĞƐƐŽƌƐŝŶŽĨĨŝĐĞ͘E'/EZŵƵƐƚŶŽƚŝĨLJ /dz͛ƐWƌŽũĞĐƚDĂŶĂŐĞƌŝŶǁƌŝƚŝŶŐŝĨE'/EZǁŝůůďĞĚĞůĂLJĞĚŝŶĂŶLJǁĂLJĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂLJďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ % ŽĨE'/EZ͘ŶLJĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůLJĂŶĚĨƵůůLJĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďLJďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ & ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚLJƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďLJďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůLJŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͕ ďLJƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝnjĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďLJĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞE'/EZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďLJŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚŵĂLJďĞĞdžĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ' ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞŽŶƚƌĂĐƚ͘ 3DFNHW3J (F  KDW>/Et/d,>/E^^͕WZD/d^͕EKd,ZZ'h>d/KE^ $57,&/( E'/EZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ĐĞƌƚŝĨŝĐĂƚŝŽŶƐ͕ĞĚƵĐĂƚŝŽŶ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌLJƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐ $ ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘  dWZd/^E/Ed>>dh>WZKWZdz $57,&/( dŚĞDŝŶŶĞƐŽƚĂ'ŽǀĞƌŶŵĞŶƚĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ $ ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ ŶLJƌĞƉŽƌƚƐ͕ƐƚƵĚŝĞƐ͕ƉŚŽƚŽŐƌĂƉŚƐ͕ŶĞŐĂƚŝǀĞƐ͕ŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐĐƌĞĂƚĞĚĂŶĚƉĂŝĚĨŽƌďLJE'/EZŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ % ŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂƌĞŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞŝŶƌĞƐƉĞĐƚƚŽE'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĂƌĞƚŚĞĞdžĐůƵƐŝǀĞ ƉƌŽƉĞƌƚLJŽĨ/dz͘E'/EZŵƵƐƚƌĞŵŝƚĂůůƐƵĐŚŵĂƚĞƌŝĂůƐƚŽ/dzƵƉŽŶĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞ /dzǁŝůůŝŶĚĞŵŶŝĨLJE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵĂŶLJƌĞƵƐĞŽĨƐƵĐŚŵĂƚĞƌŝĂůƐďĞLJŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞŝƚLJƐŚĂůůŐƌĂŶƚƚŚĞE'/EZĂŶŽŶͲĞdžĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞĞdžƚĞŶƚŽĨƚŚĞ/dzΖƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘E'/EZǁĂŝǀĞƐĂůůĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞ/dzƌĞƐƵůƚŝŶŐŝŶĂŶLJǁĂLJĨƌŽŵĂŶLJƌĞƵƐĞŽĨ ƚŚĞE'/EZ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŝƌĞĐƚĞĚďLJ/dz͕ƚŚĞŽƌŝŐŝŶĂůƐŽĨƌĞƉŽƌƚƐ͕ƚĞƐƚƐ͕ĚƌĂǁŝŶŐƐĂŶĚƉůĂŶƐ͖ĂŶĚůĞŐŝďůLJƌĞƉƌŽĚƵĐŝďůĞĐŽƉŝĞƐŽĨ & ǁŽƌŬƐŚĞĞƚƐ͕ĨŝĞůĚŶŽƚĞƐ͕ĐŽŵƉƵƚĂƚŝŽŶƐ͕ƉŚŽƚŽƐ͕ƚĞƐƚƌĞƐƵůƚƐ͕ĂŶĚŽƚŚĞƌƉƌŽũĞĐƚĚĂƚĂŵƵƐƚďĞƌĞůŝŶƋƵŝƐŚĞĚƚŽ/dz͗ ϭ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘  Ϯ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĨŝĐĂƚŝŽŶďLJ/dz͘  ϯ͘WƌŝŽƌƚŽĨŝŶĂůƉĂLJŵĞŶƚďLJ/dzƚŽE'/EZĨŽƌƚŚŝƐŽŶƚƌĂĐƚ͘  ͘EŽƚǁŝƚŚƐƚĂŶĚŝŶŐƚŚĞĂďŽǀĞƉĂƌĂŐƌĂƉŚƐ͕ǁŽƌŬƉĂƉĞƌƐ͕ƉƌŽƉƌŝĞƚĂƌLJŝŶĨŽƌŵĂƚŝŽŶ͕ƉƌŽĐĞƐƐĞƐ͕ŵĞƚŚŽĚŽůŽŐŝĞƐ͕ŬŶŽǁͲŚŽǁĂŶĚ ƐŽĨƚǁĂƌĞ;͞E'/EZĂƚĂ͟ͿƉƌĞǀŝŽƵƐůLJďĞůŽŶŐŝŶŐŽƌůŝĐĞŶƐĞĚƚŽE'/EZĂŶĚƵƐĞĚƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůů ƌĞŵĂŝŶƚŚĞƉƌŽƉĞƌƚLJŽĨE'/EZ͘E'/EZƐŚĂůůƌĞƚĂŝŶĂŶŽǁŶĞƌƐŚŝƉĂŶĚƉƌŽƉĞƌƚLJŝŶƚĞƌĞƐƚƚŚĞƌĞŝŶ;ŝŶĐůƵĚŝŶŐƚŚĞĐŽƉLJƌŝŐŚƚ ĂŶĚƚŚĞƌŝŐŚƚŽĨƌĞƵƐĞĂƚƚŚĞĚŝƐĐƌĞƚŝŽŶŽĨƚŚĞE'/EZͿ͕ǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞWƌŽũĞĐƚŝƐĐŽŵƉůĞƚĞĚ͘dŽƚŚĞĞdžƚĞŶƚƚŚĞƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚďLJE'/EZĐŽŶƚĂŝŶE'/EZĂƚĂ͕E'/EZŚĞƌĞďLJŐƌĂŶƚƐƚŽ/dzĂŶŽŶͲĞdžĐůƵƐŝǀĞ͕ŶŽŶͲĂƐƐŝŐŶĂďůĞ͕ƌŽLJĂůƚLJͲ ĨƌĞĞ͕ŝƌƌĞǀŽĐĂďůĞůŝĐĞŶƐĞƚŽƵƐĞƐƵĐŚE'/EZĂƚĂĨŽƌƚŚĞƉƵƌƉŽƐĞƐƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͕ƐƵďũĞĐƚƚŽƚŚĞĨŽůůŽǁŝŶŐůŝŵŝƚĂƚŝŽŶƐ͗ ƐƵĐŚE'/EZĂƚĂĂƌĞŶŽƚŝŶƚĞŶĚĞĚŽƌƌĞƉƌĞƐĞŶƚĞĚƚŽďĞƐƵŝƚĂďůĞĨŽƌƵƐĞŽƌƌĞƵƐĞďLJ/dzŽŶĞdžƚĞŶƐŝŽŶŽĨƚŚĞWƌŽũĞĐƚŽƌ ŽŶĂŶLJŽƚŚĞƌƉƌŽũĞĐƚǁŝƚŚŽƵƚǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďLJE'/EZĂŶĚĂŶLJƐƵĐŚƌĞƵƐĞŽƌŵŽĚŝĨŝĐĂƚŝŽŶŽĨƚŚĞ E'/EZĂƚĂǁŝƚŚŽƵƚƚŚĞǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďLJE'/EZƐŚĂůůďĞĚŽŶĞĂƚ/dz͛ƐƐŽůĞƌŝƐŬĂŶĚǁŝƚŚŽƵƚ ůŝĂďŝůŝƚLJƚŽE'/EZ͘  >//>/dz $57,&/( 'ĞŶĞƌĂůͲ,ĂǀŝŶŐĐŽŶƐŝĚĞƌĞĚƚŚĞƉŽƚĞŶƚŝĂůůŝĂďŝůŝƚŝĞƐƚŚĂƚŵĂLJĞdžŝƐƚĚƵƌŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ^ĞƌǀŝĐĞƐ͕ƚŚĞďĞŶĞĨŝƚƐ $ ŽĨƚŚĞƉƌŽũĞĐƚ͕ĂŶĚƚŚĞE'/EZ͛ƐĨĞĞĨŽƌƚŚĞ^ĞƌǀŝĐĞƐ͕ĂŶĚŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞƉƌŽŵŝƐĞƐĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ /dzĂŶĚE'/EZĂŐƌĞĞƚŽĂůůŽĐĂƚĞĂŶĚůŝŵŝƚƐƵĐŚůŝĂďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐƌƚŝĐůĞ͘ /ŶĚĞŵŶŝĨŝĐĂƚŝŽŶͲE'/EZĂŶĚ/dz;ƚŚĞ͞/ŶĚĞŵŶŝĨLJŝŶŐWĂƌƚLJ͟ͿƐŚĂůůďĞůŝĂďůĞĨŽƌŝƚƐŽǁŶŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐĂŶĚ % ŽŵŝƐƐŝŽŶƐƚŽƚŚĞĞdžƚĞŶƚƉƌŽǀŝĚĞĚďLJůĂǁĂŶĚƐƵďũĞĐƚƚŽƚŚĞ/dz͛ƐĐĂƉŽŶŵƵŶŝĐŝƉĂůƚŽƌƚůŝĂďŝůŝƚLJƵŶĚĞƌDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ ^ĞĐƚŝŽŶϰϲϲ͘Ϭϰ͕ĂŶĚŚĞƌĞďLJĂŐƌĞĞƐƚŽĚĞĨĞŶĚ͕ŝŶĚĞŵŶŝĨLJ͕ĂŶĚŚŽůĚŚĂƌŵůĞƐƐƚŚĞŽƚŚĞƌ;͞ƚŚĞ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚLJ͟Ϳ͕ĨƌŽŵ ĂŶLJůŝĂďŝůŝƚLJ͕ĚĂŵĂŐĞƐ͕ĂŶĚĐŽƐƚƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞŶĞŐůŝŐĞŶƚĂĐƚƐŽĨE'/EZĂŶĚ/dzĂŶĚĂŶLJŽŶĞĨŽƌǁŚŽƐĞŶĞŐůŝŐĞŶƚ ĂĐƚƐƚŚĞLJŵĂLJďĞůŝĂďůĞĨŽƌŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚŝĐŚƚŚĞ/ŶĚĞŵŶŝĨŝĞĚ WĂƌƚLJ͕ŝƚƐŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽLJĞĞƐŵĂLJŚĞƌĞĂĨƚĞƌƐƵƐƚĂŝŶ͕ŝŶĐƵƌŽƌďĞƌĞƋƵŝƌĞĚƚŽƉĂLJƚŽƚŚĞĨƵůůĞĨĨĞĐƚƉƌŽǀŝĚĞĚďLJ DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϯϯϳ͕ƚŽƚŚĞĞdžƚĞŶƚƚŚĞE'/EZĂŶĚ/dzĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐƵĐŚůŝĂďŝůŝƚLJ͕ĐŽƐƚƐ͕ĚĂŵĂŐĞƐ͕ ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞLJƐ͛ĨĞĞƐ͘/ŶƚŚĞĞǀĞŶƚĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌĞdžƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďLJƚŚĞũŽŝŶƚŽƌ ĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨE'/EZĂŶĚ/dz͕ƚŚĞLJƐŚĂůůďĞďŽƌŶĞďLJĞĂĐŚƉĂƌƚLJŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ ^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚŝƐŽŶƚƌĂĐƚŝƐ & ƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶLJƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ 3DFNHW3J (F  tKZ<Z^ΖKDWE^d/KE $57,&/( ŶLJĂŶĚĂůůĞŵƉůŽLJĞĞƐŽĨE'/EZ͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ $ ĂŶLJǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďLJE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽLJĞĞƐŽĨ/dz͘ŶLJĂŶĚĂůů ĐůĂŝŵƐƚŚĂƚŵĂLJĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽLJĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐ ǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶLJĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďLJĂŶLJƚŚŝƌĚƉĂƌƚLJĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶLJĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨ E'/EZΖƐĞŵƉůŽLJĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽĞŶŐĂŐĞĚŽŶĂŶLJŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶŶŽǁĂLJ ďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨ/dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞ ǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂLJĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚE'/EZ͘  KE^ $57,&/( dŚŝƐƌƚŝĐůĞŝƐŚĞƌĞďLJĚĞůĞƚĞĚ͘ /E^hZE $57,&/( ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞĨŽƌĞĂĐŚƚLJƉĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĨŝůĞĚǁŝƚŚƚŚĞ/dz͛ƐƵƚŚŽƌŝnjĞĚ $ ŐĞŶƚƉƌŝŽƌƚŽĞdžĞĐƵƚŝŽŶŽĨƚŚĞŽŶƚƌĂĐƚďLJŝƚLJ͘ĂĐŚƉŽůŝĐLJŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ /dzĂϯϬͲĚĂLJŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ E'/EZŵƵƐƚŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌLJĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗ % ϭ͘E'/EZƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƐŝƐƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌLJ  ĨŽƌƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐďLJE'/EZĂŶĚŝƚƐĞŵƉůŽLJĞĞƐ͘ Ϯ͘dŚĞE'/EZƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐƐĞƉĂƌĂƚĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĞŶĚŽƌƐĞŵĞŶƚƐĨŽƌĞĂĐŚƐƵďĐŽŶƐƵůƚĂŶƚ͘  E'/EZƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐĨƌŽŵŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ tŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͗ ϯ͘E'/EZǁŝůůƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌĂůůE'/EZ  ĞŵƉůŽLJĞĞƐĂŶĚ͕ŝŶĐĂƐĞĂŶLJǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕E'/EZǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌLJƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/dzŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ ͕ŵƉůŽLJĞƌ͛Ɛ>ŝĂďŝůŝƚLJ͕ĂƚůŝŵŝƚƐŶŽƚůĞƐƐƚŚĂŶΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůLJŝŶũƵƌLJďLJĚŝƐĞĂƐĞƉĞƌĞŵƉůŽLJĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůLJ ŝŶũƵƌLJďLJĚŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůLJŝŶũƵƌLJďLJĂĐĐŝĚĞŶƚ͘ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͚ƐŝŶƐƵƌĂŶĐĞƐŚĂůů ďĞĨŝůĞĚǁŝƚŚƚŚĞE'/EZ͘ ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚLJ͗ ϰ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌ  ďŽĚŝůLJŝŶũƵƌLJ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚLJ ĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂLJĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďLJ E'/EZŽƌďLJĂƐƵďĐŽŶƐƵůƚĂŶƚŽƌďLJĂŶLJŽŶĞĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJĞŵƉůŽLJĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͛Ɛ ůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞƐŚĂůůďĞƉƌŝŵĂƌLJƚŽĂŶLJůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďLJƚŚĞŝƚLJ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶ ƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ D Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ E  /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ ŽĚŝůLJ/ŶũƵƌLJĂŶĚWƌŽƉĞƌƚLJĂŵĂŐĞ D WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚLJ E ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚLJ F EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ G ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚLJ͗ ϱ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐ  ĨŽƌďŽĚŝůLJŝŶũƵƌLJ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌ 3DFNHW3J (F ƉƌŽƉĞƌƚLJĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂLJĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďLJE'/EZŽƌďLJƐƵďĐŽŶƐƵůƚĂŶƚŽƌďLJĂŶLJŽŶĞĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJĞŵƉůŽLJĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞE'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞůŝŵŝƚĨŽƌŽĚŝůLJ/ŶũƵƌLJĂŶĚWƌŽƉĞƌƚLJĂŵĂŐĞ  /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞ͗ ϲ͘  hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌĐůĂŝŵ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ  dŚŝƐƉŽůŝĐLJǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐE'/EZǁŝůůďĞĐŽŵĞůĞŐĂůůLJŽďůŝŐĂƚĞĚƚŽƉĂLJƌĞƐƵůƚŝŶŐĨƌŽŵĂŶLJ ĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽE'/EZΖƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͘ E'/EZŵƵƐƚ͗ & ϭ͘/ŶĐůƵĚĞůĞŐĂůĚĞĨĞŶƐĞĨĞĞƐŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐůŝĂďŝůŝƚLJƉŽůŝĐLJůŝŵŝƚƐ͕ǁŝƚŚƚŚĞĞdžĐĞƉƚŝŽŶŽĨWƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞ  ĂďŽǀĞ͖ĂŶĚ Ϯ͘KďƚĂŝŶŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨƌŽŵĂŶŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶLJŚĂǀŝŶŐĂŶΗD^dΗƌĂƚŝŶŐŽĨͲs///ŽƌďĞƚƚĞƌ͘  /dzƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůLJƌĞƐĐŝŶĚƚŚŝƐŽŶƚƌĂĐƚŝĨE'/EZŝƐŶŽƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŝŶƐƵƌĂŶĐĞ ' ƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶLJůĞŐĂůƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚE'/EZ͘hƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚďLJƚŚĞ/dzΖƐ ƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůůďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵĂLJďĞƌĞƋƵĞƐƚĞĚ͘  >/sZ>^dEZ^ $57,&/( /dzǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚLJƚŽĚŝƐĂƉƉƌŽǀĞŽƌƌĞũĞĐƚƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƚŚĂƚĂƌĞĚĞĨĞĐƚŝǀĞ͘E'/EZǁŝůůďĞ $ ƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐLJŽĨŝƚƐǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂŶĚŵƵƐƚŵĂŬĞƚŝŵĞůLJƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐǁŝƚŚŽƵƚ ĐŽŵƉĞŶƐĂƚŝŽŶƌĞƐƵůƚŝŶŐĨƌŽŵĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽŶƚŚĞƉĂƌƚŽĨE'/EZ͘dŚĞƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚƚŽ/dz ďLJE'/EZŵƵƐƚďĞŽĨƐƵĐŚƋƵĂůŝƚLJƚŚĂƚƚŚĞLJĂƌĞƐƵŝƚĂďůĞĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ͘ E'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĂŐƌĞĞĚƚŽŝŶĂŶƚŝĐŝƉĂƚŝŽŶŽĨƚŚĞŽƌĚĞƌůLJĂŶĚ % ĐŽŶƚŝŶƵŽƵƐƉƌŽŐƌĞƐƐŽĨƚŚĞWƌŽũĞĐƚƚŚŽƵŐŚĐŽŵƉůĞƚŝŽŶ͘hŶůĞƐƐƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐĨŽƌƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐĂƌĞƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŽďůŝŐĂƚŝŽŶƚŽƌĞŶĚĞƌƐĞƌǀŝĐĞƐŚĞƌĞƵŶĚĞƌǁŝůůďĞĨŽƌĂƉĞƌŝŽĚǁŚŝĐŚŵĂLJ ƌĞĂƐŽŶĂďůLJďĞƌĞƋƵŝƌĞĨŽƌƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƐĂŝĚƐĞƌǀŝĐĞƐ͘ /ĨŝŶƚŚŝƐŽŶƚƌĂĐƚƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞĨŽƌƌĞŶĚĞƌŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐĞƚĨŽƌƚŚŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐďLJǁŚŝĐŚƐĞƌǀŝĐĞƐĂƌĞƚŽďĞ & ĐŽŵƉůĞƚĞĚĂƌĞƉƌŽǀŝĚĞĚ͕ĂŶĚŝĨƐƵĐŚƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌĚĂƚĞƐĂƌĞĐŚĂŶŐĞĚƚŚƌŽƵŐŚŶŽĨĂƵůƚŽĨE'/EZ͕ƚŚĞƌĂƚĞƐĂŶĚ ĂŵŽƵŶƚƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽǀŝĚĞĚĨŽƌŚĞƌĞŝŶƐŚĂůůďĞƐƵďũĞĐƚƚŽĞƋƵŝƚĂďůĞĂĚũƵƐƚŵĞŶƚ͘/Ĩ/dzŚĂƐƌĞƋƵĞƐƚĞĚĐŚĂŶŐĞƐŝŶ ƚŚĞƐĐŽƉĞ͕ĞdžƚĞŶƚ͕ŽƌĐŚĂƌĂĐƚĞƌŽĨƚŚĞWƌŽũĞĐƚ͖ƚŚĞƚŝŵĞŽĨƉĞƌĨŽƌŵĂŶĐĞŽĨE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůůďĞĂĚũƵƐƚĞĚĞƋƵŝƚĂďůLJ͘ 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dŚĞ>ŝŵŝƚĞĚWŚĂƐĞ/^ƌĞƉŽƌƚƌĞĐŽŵŵĞŶĚƐĐŽŵƉůĞƚŝŽŶŽĨĂŶĞŶǀŝƌŽŶŵĞŶƚĂůĚƌŝůůŝŶŐ/ŶǀĞƐƚŝŐĂƚŝŽŶ͕ ŝŶĐůƵĚŝŶŐƚŚĞĐŽůůĞĐƚŝŽŶĂŶĚĂŶĂůLJƐŝƐŽĨƐŽŝůĂŶĚŐƌŽƵŶĚǁĂƚĞƌƐĂŵƉůĞƐĨŽƌƐĞůĞĐƚƐŝƚĞƐǁŝƚŚŝŶƚŚĞĐŽƌƌŝĚŽƌ͘ dŚĞĚƌŝůůŝŶŐŝŶǀĞƐƚŝŐĂƚŝŽŶĨŽĐƵƐĞƐŽŶůŽĐĂƚŝŽŶƐǁŚĞƌĞĂŵĞĚŝƵŵŽƌŚŝŐŚƉŽƚĞŶƚŝĂůĨŽƌĐŽŶƚĂŵŝŶĂƚŝŽŶŝƐ ďŽƚŚĂĚũĂĐĞŶƚƚŽŽƌŝŶĐůŽƐĞƉƌŽdžŝŵŝƚLJƚŽƚŚĞƉƌŽƉŽƐĞĚĐŽŶƐƚƌƵĐƚŝŽŶ͕ǁŚĞƌĞƐŝŐŶŝĨŝĐĂŶƚĂŵŽƵŶƚƐŽĨĨŝůů ŵĂƚĞƌŝĂůƐǁŝůůďĞĞdžĐĂǀĂƚĞĚĚƵƌŝŶŐĨƵƚƵƌĞĐŽŶƐƚƌƵĐƚŝŽŶ͕ŽƌŶĞĂƌǁŚĞƌĞƉŽƌƚŝŽŶƐŽĨƉŽƚĞŶƚŝĂůůLJ ĐŽŶƚĂŵŝŶĂƚĞĚƉƌŽƉĞƌƚŝĞƐŵĂLJďĞĂĐƋƵŝƌĞĚĨŽƌƌŝŐŚƚͲŽĨͲǁĂLJ͘  dŚĞĨŽůůŽǁŝŶŐĚĞƐĐƌŝďĞƐŽƵƌƌĞǀŝƐĞĚƐĐŽƉĞƐŽĨƐĞƌǀŝĐĞĨŽƌƚŚĞWŚĂƐĞ//ŶǀŝƌŽŶŵĞŶƚĂůƌŝůůŝŶŐ/ŶǀĞƐƚŝŐĂƚŝŽŶ͘ dŚŝƐƐĐŽƉĞƌĞĨůĞĐƚƐŝŶĐƌĞĂƐĞƐĨƌŽŵƚŚĞŽƌŝŐŝŶĂůůLJĞƐƚŝŵĂƚĞĚƋƵĂŶƚŝƚŝĞƐĚƵĞƚŽƚŚĞŝŶĐƌĞĂƐĞĚŶƵŵďĞƌŽĨ ĞŶǀŝƌŽŶŵĞŶƚĂůƐŝƚĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞWŚĂƐĞ/^ĂŶĚƚŚĞĞdžƉĂŶĚĞĚƐĐŽƉĞŽĨƚŚĞƌĞǀŝƐĞĚƌŽĂĚǁĂLJ ƌĞĐŽŶƐƚƌƵĐƚŝŽŶƉƌŽũĞĐƚ͘ƐĂƌĞƐƵůƚ͕ĂŶĂĚĚŝƚŝŽŶĂůϭϰĞŶǀŝƌŽŶŵĞŶƚĂůďŽƌŝŶŐƐĂƌĞƌĞĐŽŵŵĞŶĚĞĚƚŽŝĚĞŶƚŝĨLJ ƚŚĞƉƌĞƐĞŶĐĞŽĨĐŽŶƚĂŵŝŶĂƚŝŽŶŝŶƚŚĞEŽƌƚŚƌŽĂĚǁĂLJĐŽƌƌŝĚŽƌ͕ĐƌŽƐƐͲƐƚƌĞĞƚƐ͕ĂŶĚĂůůĞLJƐ͘  WůĞĂƐĞŶŽƚĞ͕ƚŚĞĞŶǀŝƌŽŶŵĞŶƚĂůƐĐŽƉĞĚŽĞƐŶŽƚŝŶĐůƵĚĞĂŶLJĚƌŝůůŝŶŐͲƌĞůĂƚĞĚĞĨĨŽƌƚ͕ĂůůŽĨǁŚŝĐŚŚĂƐďĞĞŶ ĐŽŶƐŽůŝĚĂƚĞĚƵŶĚĞƌƚŚĞŐĞŽƚĞĐŚŶŝĐĂůƐĞƌǀŝĐĞƐƐĐŽƉĞ͕ĚĞƚĂŝůĞĚŝŶƚŚĞĨŽůůŽǁŝŶŐƐĞĐƚŝŽŶ͘  dŚĞĨŽůůŽǁŝŶŐƚĂƐŬƐĂƌĞƉƌŽƉŽƐĞĚƚŽŚĞůƉĂĐŚŝĞǀĞƚŚĞƐƚĂƚĞĚƉƵƌƉŽƐĞ͘/ĨƵŶĨĂǀŽƌĂďůĞŽƌƵŶĨŽƌĞƐĞĞŶ ĐŽŶĚŝƚŝŽŶƐĂƌĞĞŶĐŽƵŶƚĞƌĞĚĂƚĂŶLJƉŽŝŶƚĚƵƌŝŶŐƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƚŚĞƚĂƐŬƐƚŚĂƚůĞĂĚƵƐƚŽƌĞĐŽŵŵĞŶĚ ĂŶĞdžƉĂŶĚĞĚƐĐŽƉĞŽĨƐĞƌǀŝĐĞƐ͕ǁĞǁŝůůĐŽŶƚĂĐƚLJŽƵƚŽĚŝƐĐƵƐƐƚŚĞĐŽŶĚŝƚŝŽŶƐďĞĨŽƌĞƌĞƐƵŵŝŶŐǁŽƌŬ͘  WŚĂƐĞ//ŶǀŝƌŽŶŵĞŶƚĂůƌŝůůŝŶŐ/ŶǀĞƐƚŝŐĂƚŝŽŶ ƐƉĂƌƚŽĨŽƵƌƐĐŽƉĞ͕ǁĞŚĂǀĞƉƌĞƉĂƌĞĚĂŶŶǀŝƌŽŶŵĞŶƚĂů^ĂŵƉůŝŶŐtŽƌŬƉůĂŶ;ĂƚƚĂĐŚĞĚͿƐƵŵŵĂƌŝnjŝŶŐ ƚŚĞƉƌŽƉŽƐĞĚĞŶǀŝƌŽŶŵĞŶƚĂůďŽƌŝŶŐůŽĐĂƚŝŽŶƐ͕ƐĂŵƉůŝŶŐƉůĂŶ͕ĂŶĚƌĂƚŝŽŶĂůĞ͘&ŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƚŚŝƐ ƉƌŽƉŽƐĂů͕ǁĞĂƐƐƵŵĞĞŶǀŝƌŽŶŵĞŶƚĂůͬƐĐƌĞĞŶŝŶŐĂŶĚƐĂŵƉůŝŶŐǁŝůůďĞĐŽŶĚƵĐƚĞĚĂƚĂƉƉƌŽdžŝŵĂƚĞůLJϮϬ ŵĞĚŝƵŵĂŶĚŚŝŐŚƉŽƚĞŶƚŝĂůĨŽƌĐŽŶƚĂŵŝŶĂƚŝŽŶƐŝƚĞƐǁŝƚŚŝŶƚŚĞƉƌŽũĞĐƚĐŽƌƌŝĚŽƌ͘EŽƚĞ͕ĨŝǀĞŵĞĚŝƵŵĂŶĚ ŚŝŐŚƉŽƚĞŶƚŝĂůĨŽƌĐŽŶƚĂŵŝŶĂƚŝŽŶƐŝƚĞƐǁĞƌĞƌĞŵŽǀĞĚĨƌŽŵƚŚĞƉƌŽƉŽƐĞĚŝŶǀĞƐƚŝŐĂƚŝŽŶůŝƐƚĚƵĞƚŽĐŚĂŶŐĞƐ ƚŽƚŚĞƐŽƵƚŚƉƌŽũĞĐƚďŽƵŶĚĂƌLJ͕ĂŶĚŝŶĨŽƌŵĂƚŝŽŶŐĂƚŚĞƌĞĚĨƌŽŵƐŝƚĞĂŶĚͬŽƌĨŝůĞƌĞǀŝĞǁƐ͘  ƚŽƚĂůŽĨϯϬƐŽŝůďŽƌŝŶŐƐĂƌĞƉƌŽƉŽƐĞĚĨŽƌƚŚĞϮϬƐŝƚĞƐ͕ĂƐƐƵŵŝŶŐƚŚĞĐŽůůĞĐƚŝŽŶŽĨŽŶĞƐŽŝůƐĂŵƉůĞƉĞƌ ďŽƌŝŶŐ͕ĂŶĚĂƚŽƚĂůŽĨƵƉƚŽϭϮǁĂƚĞƌƐĂŵƉůĞƐĨƌŽŵƐĞůĞĐƚĞĚďŽƌŝŶŐƐ͘/ŶĂĚĚŝƚŝŽŶ͕ƵƉƚŽϯĂůƚĞƌŶĂƚĞ ďŽƌŝŶŐƐůŽĐĂƚŝŽŶƐŵĂLJďĞĐŽŶĚƵĐƚĞĚĂƚĂĚĚŝƚŝŽŶĂůůŽĐĂƚŝŽŶƐƚŽĨƵƌƚŚĞƌƌĞĨŝŶĞƚŚĞĞdžƚĞŶƚŽĨĐŽŶƚĂŵŝŶĂƚŝŽŶ ĞŶĐŽƵŶƚĞƌĞĚĚƵƌŝŶŐƚŚĞŝŶǀĞƐƚŝŐĂƚŝŽŶ͘hƉƚŽϯĂĚĚŝƚŝŽŶĂůƐŽŝůƐĂŵƉůĞƐĂŶĚϭĂĚĚŝƚŝŽŶĂůǁĂƚĞƌƐĂŵƉůĞƐ ŵĂLJďĞĐŽůůĞĐƚĞĚ͘  dŚĞĐŽƐƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞĞŶǀŝƌŽŶŵĞŶƚĂůďŽƌŝŶŐƐĨŝĞůĚƐĐƌĞĞŶŝŶŐ͕ƐĂŵƉůŝŶŐ͕ĂŶĚƐĂŵƉůĞĂŶĂůLJƐŝƐĂƌĞ ŝŶĐůƵĚĞĚŝŶƚŚĞĞŶǀŝƌŽŶŵĞŶƚĂůĨŝĞůĚŝŶǀĞƐƚŝŐĂƚŝŽŶƉŚĂƐĞŽĨƚŚĞĂƚƚĂĐŚĞĚŽƐƚƐƚŝŵĂƚĞ͘WƌŽũĞĐƚ ŵĂŶĂŐĞŵĞŶƚĂŶĚƌĞƉŽƌƚƉƌĞƉĂƌĂƚŝŽŶƚĂƐŬƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚŽƐĞĞĨĨŽƌƚƐĂƌĞĂůƐŽŝŶĐůƵĚĞĚ͘  3DFNHW3J )D ŽůƚŽŶΘDĞŶŬ͕/ŶĐ͘ WƌŽũĞĐƚϭϳϬϯϭϬϭ :ƵŶĞϭϭ͕ϮϬϭϴ WĂŐĞϯ  ƐƉĂƌƚŽĨƚŚĞĞŶǀŝƌŽŶŵĞŶƚĂůƐĐƌĞĞŶŝŶŐƐĂŵƉůŝŶŐƚĂƐŬ͕ĂŶĞŶǀŝƌŽŶŵĞŶƚĂůĨŝĞůĚƚĞĐŚŶŝĐŝĂŶǁŝůůŵŽŶŝƚŽƌĂŶĚ ƐĂŵƉůĞƚŚĞƐƵďƐƵƌĨĂĐĞŵĂƚĞƌŝĂůƐĞŶĐŽƵŶƚĞƌĞĚŝŶƚŚĞŐĞŽƚĞĐŚŶŝĐĂůĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůďŽƌŝŶŐƐ͘^ĂŵƉůĞƐ ĨŽƌƉŚŽƚŽŝŽŶŝnjĂƚŝŽŶĚĞƚĞĐƚŽƌ;W/ͿŚĞĂĚƐƉĂĐĞĂŶĂůLJƐĞƐǁŝůůďĞĐŽůůĞĐƚĞĚƚŽƚŚĞƚĞƌŵŝŶĂƚŝŽŶĚĞƉƚŚƐŽĨƚŚĞ ďŽƌŝŶŐƐ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞƐŽŝůǁŝůůďĞŽďƐĞƌǀĞĚĨŽƌǀŝƐƵĂůĂŶĚŝŶĐŝĚĞŶƚĂůŽůĨĂĐƚŽƌLJĨŝĞůĚŝŶĚŝĐĂƚŝŽŶƐŽĨ ĐŽŶƚĂŵŝŶĂƚŝŽŶ͘sŝƐƵĂůŽƌŽůĨĂĐƚŽƌLJĨŝĞůĚŝŶĚŝĐĂƚŝŽŶƐŽĨĐŽŶƚĂŵŝŶĂƚŝŽŶŵŝŐŚƚŝŶĐůƵĚĞƐƚĂŝŶĞĚƐŽŝůŽƌĂ ƉĞƚƌŽůĞƵŵͲůŝŬĞŽƌĐŚĞŵŝĐĂůͲůŝŬĞŽĚŽƌ͘  ƐĚĞƚĂŝůĞĚŝŶƚŚĞĂƚƚĂĐŚĞĚtŽƌŬƉůĂŶƐƉƌĞĂĚƐŚĞĞƚ͕ǁĞƉƌŽƉŽƐĞƚŽĐŽůůĞĐƚĂƐŵĂŶLJĂƐϯϯƐŽŝůƐĂŵƉůĞƐĂŶĚ ϲŐƌŽƵŶĚǁĂƚĞƌƐĂŵƉůĞƐĨŽƌůĂďŽƌĂƚŽƌLJĂŶĂůLJƐŝƐĨŽƌŽŶĞŽƌŵŽƌĞŽĨƚŚĞĨŽůůŽǁŝŶŐĞŶǀŝƌŽŶŵĞŶƚĂůĂŶĂůLJƐĞƐ͖ ǀŽůĂƚŝůĞŽƌŐĂŶŝĐĐŽŵƉŽƵŶĚƐ;sKƐͿ͕ƉŽůLJŶƵĐůĞĂƌĂƌŽŵĂƚŝĐŚLJĚƌŽĐĂƌďŽŶƐ;W,ƐͿ͕ĚŝĞƐĞůƌĂŶŐĞŽƌŐĂŶŝĐƐ ;ZKͿ͕ŐĂƐŽůŝŶĞƌĂŶŐĞŽƌŐĂŶŝĐƐ;'ZKͿ͕ĂŶĚZĞƐŽƵƌĐĞŽŶƐĞƌǀĂƚŝŽŶĂŶĚZĞĐŽǀĞƌLJĐƚ;ZZͿŵĞƚĂůƐ͘ KƚŚĞƌĂŶĂůLJƐĞƐŵĂLJŝŶĐůƵĚĞƉĂƌĂŵĞƚĞƌƐƚLJƉŝĐĂůůLJƵƐĞĚĨŽƌǁĂƐƚĞĞǀĂůƵĂƚŝŽŶ͕ŝŶƚŚĞĞǀĞŶƚƚŚĂƚƵŶƵƐƵĂů ŵĂƚĞƌŝĂůƐĂƌĞĞŶĐŽƵŶƚĞƌĞĚ͕ƐƵĐŚĂƐĚĞďƌŝƐ͕ŽŝůLJͲƐƵďƐƚĂŶĐĞƐ͕ŽƌĂƐŚ͘  ZĞƐƵůƚƐŽĨƚŚĞĞŶǀŝƌŽŶŵĞŶƚĂůƐĐƌĞĞŶŝŶŐǁŝůůďĞŝŶĐŽƌƉŽƌĂƚĞĚĂƐĂƐĞƉĂƌĂƚĞƐĞĐƚŝŽŶǁŝƚŚŝŶƚŚĞŐĞŽƚĞĐŚŶŝĐĂů ĞǀĂůƵĂƚŝŽŶƌĞƉŽƌƚ͕ĂůŽŶŐǁŝƚŚŽƵƌĐŽŶĐůƵƐŝŽŶƐĂŶĚƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌĐŽŶƐƚƌƵĐƚŝŽŶĚĞƐŝŐŶĂŶĚ ĐŽŶƚŝŶŐĞŶĐLJƉůĂŶŶŝŶŐ͘  WůĞĂƐĞŶŽƚĞƚŚĂƚƚŚĞƉƌŽƉŽƐĞĚƉůĂĐĞŵĞŶƚŽĨďŽƌŝŶŐƐůŽĐĂƚŝŽŶƐǁŝůůƚĂƌŐĞƚŽŶĞƚŽƚǁŽďŽƌŝŶŐƐƉĞƌƐŝƚĞ͕ĂŶĚ ĂƌĞďĂƐĞĚŽŶŽƵƌĂƐƐƵŵƉƚŝŽŶƐĨŽƌƚŚĞĨŝŶĂůĚĞƉƚŚƐŽĨƐƚƌĞĞƚ͕ĂůůĞLJĂŶĚƵƚŝůŝƚLJĐŽŶƐƚƌƵĐƚŝŽŶ͘dŚĞƌĞĨŽƌĞƚŚĞ ƌĞƐƵůƚŝŶŐĐŽŶƚĂŵŝŶĂƚĞĚƐŽŝůĞdžƚĞŶƚƐǁŝůůďĞĐŽŶƐŝĚĞƌĞĚĞƐƚŝŵĂƚĞƐ͘/ĨŵŽƌĞĚĞƚĂŝůĞĚŝŶĨŽƌŵĂƚŝŽŶŝƐ ƌĞƋƵŝƌĞĚƚŽĐŽŵƉůĞƚĞƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶĚŽĐƵŵĞŶƚƐ͕ĂƐƵƉƉůĞŵĞŶƚĂƌLJŝŶǀĞƐƚŝŐĂƚŝŽŶŵĂLJďĞƌĞƋƵŝƌĞĚ͘  /ĨĐŽŶƚĂŵŝŶĂƚŝŽŶŝƐĞŶĐŽƵŶƚĞƌĞĚĚƵƌŝŶŐƚŚĞŶǀŝƌŽŶŵĞŶƚĂůƌŝůůŝŶŐ/ŶǀĞƐƚŝŐĂƚŝŽŶ͕ǁĞƌĞƉŽƌƚŽƵƌƌĞƐƵůƚƐƚŽ LJŽƵǁŝƚŚƚŚĞĂƐƐƵŵƉƚŝŽŶƚŚĂƚĂƌĞůĞĂƐĞǁŝůůďĞƌĞƉŽƌƚĞĚƚŽƚŚĞƐƚĂƚĞĂƐƌĞƋƵŝƌĞĚďLJůĂǁ͘  'ĞŽƚĞĐŚŶŝĐĂůǀĂůƵĂƚŝŽŶ  dŚĞĨŽůůŽǁŝŶŐĚĞƐĐƌŝďĞƐŽƵƌƌĞǀŝƐĞĚƐĐŽƉĞŽĨƐĞƌǀŝĐĞƐĨŽƌƚŚĞŐĞŽƚĞĐŚŶŝĐĂůĞǀĂůƵĂƚŝŽŶ͘WůĞĂƐĞŶŽƚĞ͕ĂůůƚŚĞ ĚƌŝůůŝŶŐƌĞůĂƚĞĚĞĨĨŽƌƚĨŽƌŐĞŽƚĞĐŚŶŝĐĂůĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůďŽƌŝŶŐƐŚĂƐďĞĞŶĐŽŶƐŽůŝĚĂƚĞĚƵŶĚĞƌƚŚĞ ŐĞŽƚĞĐŚŶŝĐĂůĞǀĂůƵĂƚŝŽŶƐĐŽƉĞ͕ĂƐĂůůĞŶǀŝƌŽŶŵĞŶƚĂůďŽƌŝŶŐƐǁŝůůĂůƐŽďĞƵƐĞĚƚŽŐĂƚŚĞƌŐĞŽƚĞĐŚŶŝĐĂů ŝŶĨŽƌŵĂƚŝŽŶ͘dŚŝƐƐĞĐƚŝŽŶĂůƐŽŝŶĐůƵĚĞƐ͕ƚŚŝƐƐĐŽƉĞŝŶĐůƵĚĞƐĂůůĚƌŝůůŝŶŐĞĨĨŽƌƚƌĞůĂƚĞĚƚŽƐŽůĞůLJŐĞŽƚĞĐŚŶŝĐĂů ďŽƌŝŶŐƐ͘  dŚĞĨŽůůŽǁŝŶŐƚĂƐŬƐĂƌĞƉƌŽƉŽƐĞĚƚŽŚĞůƉĂĐŚŝĞǀĞƚŚĞƐƚĂƚĞĚƉƵƌƉŽƐĞ͘/ĨƵŶĨĂǀŽƌĂďůĞŽƌƵŶĨŽƌĞƐĞĞŶ ĐŽŶĚŝƚŝŽŶƐĂƌĞĞŶĐŽƵŶƚĞƌĞĚĂƚĂŶLJƉŽŝŶƚĚƵƌŝŶŐƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƚŚĞƚĂƐŬƐƚŚĂƚůĞĂĚƵƐƚŽƌĞĐŽŵŵĞŶĚ ĂŶĞdžƉĂŶĚĞĚƐĐŽƉĞŽĨƐĞƌǀŝĐĞƐ͕ǁĞǁŝůůĐŽŶƚĂĐƚLJŽƵƚŽĚŝƐĐƵƐƐƚŚĞĐŽŶĚŝƚŝŽŶƐďĞĨŽƌĞƌĞƐƵŵŝŶŐǁŽƌŬ͘  ŶǀŝƌŽŶŵĞŶƚĂůtĞůůEŽƚŝĨŝĐĂƚŝŽŶ DŝŶŶĞƐŽƚĂǁĞůůĐŽĚĞŚĂƐĐŚĂŶŐĞĚƐŝŶĐĞǁĞƐƵďŵŝƚƚĞĚŽƵƌŽƌŝŐŝŶĂůƉƌŽƉŽƐĂů͘dŚŝƐĐŚĂŶŐĞŽƌĚĞƌƌĞƋƵĞƐƚ ĐŽŶƚĂŝŶƐƉƌŽǀŝƐŝŽŶƐĨŽƌĐŚĂƌĂĐƚĞƌŝnjŝŶŐƐƵďƐƵƌĨĂĐĞĐŽŶĚŝƚŝŽŶƐƚŽĚĞƉƚŚƐŽĨϭϱĨĞĞƚŽƌĚĞĞƉĞƌ͘ƵŐĞƌďŽƌŝŶŐƐ͕ ĐŽƌĞƐĂŶĚĐŽŶĞƉĞŶĞƚƌĂƚŝŽŶƚĞƐƚƐŽƵŶĚŝŶŐƐĂĚǀĂŶĐĞĚƚŽƐƵĐŚĚĞƉƚŚƐ͕ǁŚĞƚŚĞƌŝŶƐƚƌƵŵĞŶƚĞĚĨŽƌŵŽŶŝƚŽƌŝŶŐ ŽƌŶŽƚ͕ĂƌĞĐŽŶƐŝĚĞƌĞĚĞŶǀŝƌŽŶŵĞŶƚĂůǁĞůůƐďLJƚŚĞDŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨ,ĞĂůƚŚ;D,Ϳ͕ĂŶĚŶĞĞĚƚŽďĞ ďĞĨŽƌĞƚŚĞLJĂƌĞĐŽŵƉůĞƚĞĚ ŵĂĚĞŬŶŽǁŶĂƐƐƵĐŚƚŽƚŚĞD,͘dŚŝƐƌĞƋƵŝƌĞƐƚŚĂƚĂƉƉůŝĐĂďůĞD,ŶŽƚŝĨŝĐĂƚŝŽŶ ĨŽƌŵƐďĞƐŝŐŶĞĚďLJƚŚĞǁĞůůŽǁŶĞƌ͕ŽƌƌĞƉƌĞƐĞŶƚĂƚŝǀĞͬĂŐĞŶƚ͕ĂŶĚƌĞƚƵƌŶĞĚƚŽƵƐ͘  3DFNHW3J )D ŽůƚŽŶΘDĞŶŬ͕/ŶĐ͘ WƌŽũĞĐƚϭϳϬϯϭϬϭ :ƵŶĞϭϭ͕ϮϬϭϴ WĂŐĞϰ  ƌĂƵŶ/ŶƚĞƌƚĞĐĐĂŶŶŽƚŵŽďŝůŝnjĞĞƋƵŝƉŵĞŶƚĂŶĚĐƌĞǁƐƵŶƚŝůĂŶD,ŶŽƚŝĨŝĐĂƚŝŽŶĨŽƌŵŚĂƐďĞĞŶƐŝŐŶĞĚĂŶĚ ƐƵďŵŝƚƚĞĚ 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ŽŶĞƐĂŶĚƐŝŐŶĂŐĞƵƐĞĚĨŽƌƚŚĞĚƌŝůůŝŶŐĂĐƚŝǀŝƚŝĞƐĐĂŶďĞƐƚŽƌĞĚĂůŽŶŐƚŚĞĂůŝŐŶŵĞŶƚďĞƚǁĞĞŶ  ƒ ǁŽƌŬŚŽƵƌƐ;ŽǀĞƌŶŝŐŚƚͿ͘     3DFNHW3J )D ŽůƚŽŶΘDĞŶŬ͕/ŶĐ͘ WƌŽũĞĐƚϭϳϬϯϭϬϭ :ƵŶĞϭϭ͕ϮϬϭϴ WĂŐĞϱ  WĞŶĞƚƌĂƚŝŽŶdĞƐƚŽƌŝŶŐƐ tĞƉƌŽƉŽƐĞƚŽĚƌŝůůƚŚĞĨŽůůŽǁŝŶŐďŽƌŝŶŐƐĨŽƌƚŚĞƉƌŽũĞĐƚ͘dŚĞƉƌŽƉŽƐĞĚĚƌŝůůŝŶŐƐĐŽƉĞƌĞĨůĞĐƚƐƚŚĞĚƵĂů ƵƐĞŽĨŵĂŶLJŽĨƚŚĞďŽƌŝŶŐƐĨŽƌŐĞŽƚĞĐŚŶŝĐĂůĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůƉƵƌƉŽƐĞƐ͘  ŶǀŝƌŽŶŵĞŶƚĂůͬ'ĞŽƚĞĐŚŶŝĐĂůŽƌŝŶŐƐ  ƒ dǁŽ;ϮͿƐƚĂŶĚĂƌĚƉĞŶĞƚƌĂƚŝŽŶƚĞƐƚďŽƌŝŶŐƐƚŽĂŵĂdžŝŵƵŵĚĞƉƚŚŽĨϯϬĨĞĞƚĂƚďŽƚŚĞŶĚƐŽĨ  R ƚŚĞƌŽĂĚǁĂLJǀĞŶƵĞĂůŝŐŶŵĞŶƚ͘dŚĞƐĞďŽƌŝŶŐƐǁŝůůĂůƐŽŝŶĐůƵĚĞŝŶƐƚĂůůĂƚŝŽŶŽĨ ƚĞŵƉŽƌĂƌLJƉŝĞnjŽŵĞƚĞƌƐĨŽƌŐƌŽƵŶĚǁĂƚĞƌůĞǀĞůŽďƐĞƌǀĂƚŝŽŶƐ͘ dĞŶ;ϭϬͿƐƚĂŶĚĂƌĚƉĞŶĞƚƌĂƚŝŽŶƚĞƐƚďŽƌŝŶŐƐƚŽĂĚĞƉƚŚŽĨϮϱĨĞĞƚ͘dŚĞƐĞďŽƌŝŶŐƐǁŝůůďĞ  R ƚŚ ƉĞƌĨŽƌŵĞĚĂůŽŶŐƚŚĞĞĂƐƚƐŝĚĞŽĨƌŽĂĚǁĂLJǀĞŶƵĞĂŶĚĂƚůŽĐĂƚŝŽŶƐŶŽƌƚŚŽĨϭϮ^ƚƌĞĞƚ EŽƌƚŚ;ĂƌĞĂƐǁŝƚŚƚŚĞĚĞĞƉĞƐƚĂŶƚŝĐŝƉĂƚĞĚƵƚŝůŝƚLJĞdžĐĂǀĂƚŝŽŶƐͿ͘ dŚŝƌƚĞĞŶ;ϭϯͿƐƚĂŶĚĂƌĚƉĞŶĞƚƌĂƚŝŽŶƚĞƐƚďŽƌŝŶŐƐƚŽĂĚĞƉƚŚŽĨϭϱĨĞĞƚ͘  R dŚƌĞĞ;ϯͿƐƚĂŶĚĂƌĚƉĞŶĞƚƌĂƚŝŽŶƚĞƐƚďŽƌŝŶŐƐƚŽĂĚĞƉƚŚŽĨϭϬĨĞĞƚ͘dŚĞƐĞďŽƌŝŶŐƐǁŝůůďĞ  R ƉĞƌĨŽƌŵĞĚŝŶĂƌĞĂƐǁŝƚŚŝŶƚŚĞĂůůĞLJƐǁŚĞƌĞĞŶǀŝƌŽŶŵĞŶƚĂůĨŝĞůĚƐĐƌĞĞŶŝŶŐŝƐ ƌĞĐŽŵŵĞŶĚĞĚ͘  'ĞŽƚĞĐŚŶŝĐĂůŽƌŝŶŐƐ  ƒ dŚƌĞĞ;ϯͿƐƚĂŶĚĂƌĚƉĞŶĞƚƌĂƚŝŽŶƚĞƐƚďŽƌŝŶŐƐƚŽĂĚĞƉƚŚŽĨϮϱĨĞĞƚŝŶƚŚĞĚĞĞƉĞƐƚƵƚŝůŝƚLJ  R ĂƌĞĂƐǁŚĞƌĞĞŶǀŝƌŽŶŵĞŶƚĂůĨŝĞůĚƐĂŵƉůŝŶŐŝƐŶŽƚĐƵƌƌĞŶƚůLJƌĞĐŽŵŵĞŶĚĞĚ͘ ůĞǀĞŶ;ϭϭͿƐƚĂŶĚĂƌĚƉĞŶĞƚƌĂƚŝŽŶƚĞƐƚďŽƌŝŶŐƐƚŽĂĚĞƉƚŚŽĨϭϱĨĞĞƚŝŶĂƌĞĂƐǁŚĞƌĞ  R ĞŶǀŝƌŽŶŵĞŶƚĂůĨŝĞůĚƐĂŵƉůŝŶŐŝƐŶŽƚĐƵƌƌĞŶƚůLJƌĞĐŽŵŵĞŶĚĞĚ͘ EŝŶĞ;ϵͿƉĂǀĞŵĞŶƚĐŽƌĞƐĂŶĚŚĂŶĚĂƵŐĞƌďŽƌŝŶŐƐŝŶĂƌĞĂƐŽĨƚŚĞĂůůĞLJƐǁŚĞƌĞ  R ĞŶǀŝƌŽŶŵĞŶƚĂůĨŝĞůĚƐĂŵƉůŝŶŐŝƐŶŽƚĐƵƌƌĞŶƚůLJƌĞĐŽŵŵĞŶĚĞĚ͘  ^ƚĂŶĚĂƌĚƉĞŶĞƚƌĂƚŝŽŶƚĞƐƚƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚϮЪͲĨŽŽƚǀĞƌƚŝĐĂůŝŶƚĞƌǀĂůƐƚŽĂĚĞƉƚŚŽĨĂďŽƵƚϭϱĨĞĞƚ͕ ĂŶĚĂƚϱͲĨŽŽƚŝŶƚĞƌǀĂůƐĂƚŐƌĞĂƚĞƌĚĞƉƚŚƐŝŶƚŚĞƐƚĂŶĚĂƌĚƉĞŶĞƚƌĂƚŝŽŶƚĞƐƚďŽƌŝŶŐƐ͘  tĞŚĂǀĞĂůƐŽŵĂĚĞƉƌŽǀŝƐŝŽŶƐƚŽŽďƚĂŝŶƵƉƚŽϯďĂŐƐĂŵƉůĞƐŽĨƚŚĞƉĂǀĞŵĞŶƚƐƵďŐƌĂĚĞƐŽŝůƐĨŽƌ ůĂďŽƌĂƚŽƌLJZͲǀĂůƵĞƚĞƐƚŝŶŐ;ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚDŶKdϭϯϬϳͿ͘  /ĨŐƌŽƵŶĚǁĂƚĞƌŝƐĞŶĐŽƵŶƚĞƌĞĚŝŶƚŚĞďŽƌĞŚŽůĞƐ͕ƚŚĞĚĞƉƚŚǁŚĞƌĞŝƚŝƐŽďƐĞƌǀĞĚǁŝůůďĞƌĞĐŽƌĚĞĚŽŶƚŚĞ ďŽƌŝŶŐůŽŐƐ͘  /ĨĚĞĞƉĞƌďŽƌŝŶŐƐ;ŽƌĂĚĚŝƚŝŽŶĂůďŽƌŝŶŐƐͿĂƌĞŶĞĞĚĞĚ͕ǁĞǁŝůůĐŽŶƚĂĐƚLJŽƵƉƌŝŽƌƚŽŝŶĐƌĞĂƐŝŶŐŽƵƌƚŽƚĂů ĞƐƚŝŵĂƚĞĚĚƌŝůůĞĚĨŽŽƚĂŐĞĂŶĚƐƵďŵŝƚĂŚĂŶŐĞKƌĚĞƌƐƵŵŵĂƌŝnjŝŶŐƚŚĞĂŶƚŝĐŝƉĂƚĞĚĂĚĚŝƚŝŽŶĂůĞĨĨŽƌƚĂŶĚ 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ĂƚĂŽďƚĂŝŶĞĚĨƌŽŵƚŚĞďŽƌŝŶŐƐĂŶĚůĂďŽƌĂƚŽƌLJƚĞƐƚƐǁŝůůďĞƵƐĞĚƚŽĞǀĂůƵĂƚĞƚŚĞƐƵďƐƵƌĨĂĐĞƉƌŽĨŝůĞĂŶĚ ŐƌŽƵŶĚǁĂƚĞƌĐŽŶĚŝƚŝŽŶƐ͕ƉĞƌĨŽƌŵĞŶŐŝŶĞĞƌŝŶŐĂŶĂůLJƐĞƐƌĞůĂƚĞĚƚŽƐƚƌƵĐƚƵƌĞĚĞƐŝŐŶĂŶĚƉĞƌĨŽƌŵĂŶĐĞĂŶĚ ƉƌĞƉĂƌĞĂƌĞƉŽƌƚ͕ŝŶĐůƵĚŝŶŐ͗  ͲŐĞŶĞƌĂƚĞĚƐŬĞƚĐŚƐŚŽǁŝŶŐƉƌŽũĞĐƚĐŽŵƉŽŶĞŶƚƐ͕ůŝŵŝƚƐ͕ĂŶĚĞdžƉůŽƌĂƚŝŽŶůŽĐĂƚŝŽŶƐ͘  ƒ >ŽŐƐŽĨƚŚĞďŽƌŝŶŐƐĚĞƐĐƌŝďŝŶŐƚŚĞŵĂƚĞƌŝĂůƐĞŶĐŽƵŶƚĞƌĞĚĂŶĚƉƌĞƐĞŶƚŝŶŐƚŚĞƌĞƐƵůƚƐŽĨŽƵƌ  ƒ ŐƌŽƵŶĚǁĂƚĞƌŵĞĂƐƵƌĞŵĞŶƚƐĂŶĚůĂďŽƌĂƚŽƌLJƚĞƐƚƐ͘ ƐƵŵŵĂƌLJŽĨƚŚĞƐƵďƐƵƌĨĂĐĞƉƌŽĨŝůĞĂŶĚŐƌŽƵŶĚǁĂƚĞƌĐŽŶĚŝƚŝŽŶƐ͘  ƒ ŝƐĐƵƐƐŝŽŶŝĚĞŶƚŝĨLJŝŶŐƚŚĞƐŝƚĞĐŽŶĚŝƚŝŽŶƐƚŚĂƚǁŝůůŝŵƉĂĐƚƉĂǀĞŵĞŶƚĂŶĚƵƚŝůŝƚLJĚĞƐŝŐŶĂŶĚ  ƒ ƉĞƌĨŽƌŵĂŶĐĞ͕ƋƵĂůŝĨLJŝŶŐƚŚĞŶĂƚƵƌĞŽĨƚŚĞŝƌŝŵƉĂĐƚ͕ĂŶĚŽƵƚůŝŶŝŶŐĂůƚĞƌŶĂƚŝǀĞƐĨŽƌŵŝƚŝŐĂƚŝŶŐ ƚŚĞŝƌŝŵƉĂĐƚ͘ ŝƐĐƵƐƐŝŽŶƌĞŐĂƌĚŝŶŐƚŚĞƌĞƵƐĞŽĨŽŶͲƐŝƚĞŵĂƚĞƌŝĂůƐĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚƚŚĞŝŵƉĂĐƚŽĨ  ƒ ŐƌŽƵŶĚǁĂƚĞƌŽŶĐŽŶƐƚƌƵĐƚŝŽŶ͘ ZĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌƉƌĞƉĂƌŝŶŐƉĂǀĞŵĞŶƚĂŶĚƵƚŝůŝƚLJƐƵďŐƌĂĚĞƐ͕ŝŶĐůƵĚŝŶŐĞdžĐĂǀĂƚŝŽŶ  ƒ ƐƵƉƉŽƌƚ͕ŝĨĂƉƉůŝĐĂďůĞ͕ĂŶĚƚŚĞƐĞůĞĐƚŝŽŶ͕ƉůĂĐĞŵĞŶƚĂŶĚĐŽŵƉĂĐƚŝŽŶŽĨĞdžĐĂǀĂƚŝŽŶďĂĐŬĨŝůů ĂŶĚŽƚŚĞƌĨŝůů͘ ZĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌƚŚĞĚĞƐŝŐŶŽĨƉĂǀĞŵĞŶƚƐĞĐƚŝŽŶƐĂŶĚƐƉƌĞĂĚĨŽŽƚŝŶŐŽƌŐƌĂĚĞͲ  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ƚŚĂƚĐŽƵůĚďĞĂĚĚĞĚĨŽƌŶǀŝƌŽŶŵĞŶƚĂůŽƌ'ĞŽƚĞĐŚŶŝĐĂůĐŽŶƐŝĚĞƌĂƚŝŽŶƐ͘  3DFNHW3J )D ŽůƚŽŶΘDĞŶŬ͕/ŶĐ͘ WƌŽũĞĐƚϭϳϬϯϭϬϭ :ƵŶĞϭϭ͕ϮϬϭϴ WĂŐĞϳ  ^ĐŚĞĚƵůĞ  tĞĂŶƚŝĐŝƉĂƚĞƚŚĞĨŝĞůĚĞdžƉůŽƌĂƚŝŽŶĐĂŶďĞŐŝŶǁŝƚŚŝŶϮƚŽϯǁĞĞŬƐŽĨĂƵƚŚŽƌŝnjĂƚŝŽŶƚŽƉƌŽĐĞĞĚ͘dŚĞĨŝĞůĚ ĞdžƉůŽƌĂƚŝŽŶǁŝůůƚĂŬĞϴĚĂLJƐƚŽĐŽŵƉůĞƚĞ͘'ĞŽƚĞĐŚŶŝĐĂůƐĂŵƉůĞĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ůĂďŽƌĂƚŽƌLJƚĞƐƚŝŶŐ͕ ĞŶŐŝŶĞĞƌŝŶŐĂŶĂůLJƐĞƐĂŶĚƌĞƉŽƌƚƉƌĞƉĂƌĂƚŝŽŶǁŝůůůŝŬĞůLJƚĂŬĞĂŶĂĚĚŝƚŝŽŶĂůϯƚŽϰǁĞĞŬƐ͘ŶǀŝƌŽŶŵĞŶƚĂů ůĂďŽƌĂƚŽƌLJƚĞƐƚŝŶŐǁŝůůƚĂŬĞĂŶĂĚĚŝƚŝŽŶĂůϮǁĞĞŬƐ͘tĞǁŝůůƉĂƐƐĂůŽŶŐƌĞƐƵůƚƐ͕ŚŽǁĞǀĞƌ͕ĂƐƚŚĞLJĂƌĞ ŽďƚĂŝŶĞĚĂŶĚƌĞǀŝĞǁĞĚ͘tĞĂŶƚŝĐŝƉĂƚĞǁĞĐĂŶƐƵďŵŝƚŽƵƌ'ĞŽƚĞĐŚŶŝĐĂůǀĂůƵĂƚŝŽŶZĞƉŽƌƚďLJ ĂƉƉƌŽdžŝŵĂƚĞůLJϰǁĞĞŬƐĂĨƚĞƌĐŽŵƉůĞƚŝŽŶŽĨŽƵƌĨŝĞůĚĂĐƚŝǀŝƚŝĞƐ͕ĂŶĚŽƵƌŶǀŝƌŽŶŵĞŶƚĂůZĞƉŽƌƚďLJϲǁĞĞŬƐ ĂĨƚĞƌĐŽŵƉůĞƚŝŽŶŽĨĨŝĞůĚĂĐƚŝǀŝƚŝĞƐ͘  /ĨŽƵƌƉƌŽƉŽƐĞĚƐĐŽƉĞŽĨƐĞƌǀŝĐĞƐĐĂŶŶŽƚďĞĐŽŵƉůĞƚĞĚĂĐĐŽƌĚŝŶŐƚŽƚŚŝƐƐĐŚĞĚƵůĞĚƵĞƚŽĐŝƌĐƵŵƐƚĂŶĐĞƐ ďĞLJŽŶĚŽƵƌĐŽŶƚƌŽů͕ǁĞŵĂLJŶĞĞĚƚŽƌĞǀŝƐĞƚŚŝƐĐŚĂŶŐĞŽƌĚĞƌƌĞƋƵĞƐƚƉƌŝŽƌƚŽĐŽŵƉůĞƚŝŶŐƚŚĞƌĞŵĂŝŶŝŶŐ ƚĂƐŬƐ͘     3DFNHW3J )D ŽůƚŽŶΘDĞŶŬ͕/ŶĐ͘ WƌŽũĞĐƚϭϳϬϯϭϬϭ :ƵŶĞϭϭ͕ϮϬϭϴ WĂŐĞϴ  'ĞŶĞƌĂůZĞŵĂƌŬƐ  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h^d͕>h^d͕h^d͕>h^d͕ &ŽƌŵĞƌWĂŝŶƚ ĂŶĚƵůŬ^d ŽŶƚƌĂĐƚŽƌ͕ ,t^Y',t^Y' ,t'E ͕ ^ƚĂƚŝŽŶ ZĞƉĂŝƌ ^d h > ͕ ^d h ϭϯϭϱE͘ƌŽĂĚǁĂLJǀĞ͘ϭϯϬϯE͘ƌŽĂĚǁĂLJǀĞ͘ϭϮϮϱE͘ƌŽĂĚǁĂLJǀĞ͘ϭϮϬϰE͘ƌŽĂĚǁĂLJǀĞ͘ϭϭϬϰE͘ƌŽĂĚǁĂLJǀĞ͘ϭϬϮϰE͘ƌŽĂĚǁĂLJǀĞ͘ϭϬϬϯE͘ƌŽĂĚǁĂLJǀĞ͘ ϵϮϮE͘ƌŽĂĚǁĂLJǀĞ͘ϵϭϰE͘ƌŽĂĚǁĂLJǀĞ͘ϵϬϵE͘ƌŽĂĚǁĂLJǀĞ͘ϵϬϯE͘ƌŽĂĚǁĂLJǀĞ͘ϳϬϭE͘ƌŽĂĚǁĂLJǀĞ͘ ^ƚ͘Et ^ŝƚĞĚĚƌĞƐƐ ƚŚ ϰĂŶĚϰЪϭϮ EŝĐŬĞůƐŽŶWĂŝŶƚŝŶŐ;&ŽƌŵĞƌZĞƉĂŝƌ^ŚŽƉΘ DŝĚĂƐƵƚŽZĞƉĂŝƌ;&ŽƌŵĞƌ&ŝůůŝŶŐ^ƚĂƚŝŽŶͿ ^ƚĂƚĞ&Ăƌŵ;&ŽƌŵĞƌ&ŝůůŝŶŐ^ƚĂƚŝŽŶĂŶĚKŝů WĂƵůΖƐ>ŽĐŬΘ<ĞLJ;&ŽƌŵĞƌ&ŝůůŝŶŐ^ƚĂƚŝŽŶƐͿ ΘŝƚLJZĞƉŽƌƚ͕ϭϬƚŚǀĞŶƵĞ^ƚŽƌŵhƚŝůŝƚLJ ŽŵƉƵƚĞƌ^ŵĂƌƚnj;&ŽƌŵĞƌZĞƉĂŝƌ^ŚŽƉͿ ;&ŽƌŵĞƌ&ŝůůŝŶŐ^ƚĂƚŝŽŶΘZĞƉĂŝƌ^ŚŽƉͿ ΘŝƚLJZĞƉŽƌƚŽĨϭϮƚŚ^ƚhƚŝůŝƚLJZĞƉĂŝƌ&ůŽƌŝŶĞĞŶƚĂů;&ŽƌŵĞƌ&ŝůůŝŶŐ^ƚĂƚŝŽŶͿ ,ŽůŝĚĂLJ&ŝůůŝŶŐ^ƚĂƚŝŽŶ;&ŽƌŵĞƌ&ŝůůŝŶŐ ;&ŽƌŵĞƌDĞƚĂůtŽƌŬƐΘƌLJůĞĂŶĞƌͿ >LJůĞΖƐ^ĂůĞƐΘ^ĞƌǀŝĐĞ;&ŽƌŵĞƌ&ŝůůŝŶŐΘŝƚLJZĞƉŽƌƚΛϴƚŚ^ƚ^ƚŽƌŵ^ĞǁĞƌ ĞŶĞdž&ŝůůŝŶŐ^ƚĂƚŝŽŶΘƵƚŽZĞƉĂŝƌ 'ŝŶŐĞƌďƌĞĂĚ,ŽƵƐĞ;&ŽƌŵĞƌ&ŝůůŝŶŐ ĂƚĂ^ŵĂƌƚ;&ŽƌŵĞƌƌLJůĞĂŶĞƌͿ ,ĞĂůƚŚĂƌĞͲ/ŶƐƵƌĂŶĐĞƵŝůĚŝŶŐ ;&ŽƌŵĞƌ&ŝůůŝŶŐ^ƚĂƚŝŽŶƐͿ ĂƌĂŬĂ&ŝůůŝŶŐ^ƚĂƚŝŽŶ DĞƚĂůtŽƌŬƐͿ 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ĞŶĐƵŵďƌĂŶĐĞƐƐƉůŝƚŽƵƚĨŽƌƚLJƉĞŽĨĂĐƋƵŝƐŝƚŝŽŶĂƌĞĂ͘ĂĐŚƉƌŽƉĞƌƚLJǁŝůůŚĂǀĞƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶĂƌĞĂƐƐƚĂŬĞĚĨŽƌǀŝĞǁŝŶŐďLJƚŚĞĂƉƉƌĂŝƐĞƌ͕ĂŐĞŶƚĂŶĚůĂŶĚŽǁŶĞƌ͘^ĞƌǀŝĐĞƐ ƉƌŽǀŝĚĞĚďLJŽůƚŽŶĂŶĚDĞŶŬĨŽƌƚŚĞϭϴ ƚŚǀĞŶƵĞWƌŽũĞĐƚǁĞƌĞǁĞůůĚŽŶĞĂŶĚŝĨƚŚĞƐĞ ƐĞƌǀŝĐĞƐĂƌĞƐŝŵŝůĂƌƚŚĞƐĞǁŝůůǁŽƌŬǀĞƌLJǁĞůů͘ Ϯ  3DFNHW3J )D ŝƚLJŽĨZŽĐŚĞƐƚĞƌʹƌŽĂĚǁĂLJǀĞ͘ZĞĐŽŶƐƚƌƵĐƚŝŽŶʹZŝŐŚƚŽĨtĂLJĐƋƵŝƐŝƚŝŽŶ  ďͿ,W^ŝƐŶŽƚĂůĂǁĨŝƌŵĂŶĚĚŽĞƐŶŽƚƉƌŽǀŝĚĞůĞŐĂůƐĞƌǀŝĐĞƐ͘dŚĞǁŝůůƉƌŽǀŝĚĞůĞŐĂů  ĚŽĐƵŵĞŶƚƐƐƵĐŚĂƐĚĞĞĚƐ͕ĞĂƐĞŵĞŶƚƐ͕ĐŽŶƐĞŶƚƐ͕ĚŝƐĐůĂŝŵĞƌƐ͕ĞƚĐ͕͘ĂƐƌĞƋƵŝƌĞĚ͘/ĨƚŚĞ ǁŽƵůĚůŝŬĞƚŽƉƌŽǀŝĚĞƚĞŵƉůĂƚĞƐ͕,W^ĐĂŶƉŽƉƵůĂƚĞƚŚŽƐĞƚĞŵƉůĂƚĞƐďƵƚĚŽĞƐƌĞƋƵŝƌĞƚŚĂƚ ƚŚĞƉƌŽǀŝĚĞĨŝŶĂůƌĞǀŝĞǁĂŶĚĂƉƉƌŽǀĂůĂƐƚŽĨŽƌŵĂŶĚĐŽŶƚĞŶƚ͘dŚĞǁŝůůĂůƐŽƌĞǀŝĞǁ ƚŝƚůĞǁŽƌŬĂŶĚĞŶƐƵƌĞƚŚĂƚĂůůŝŶƚĞƌĞƐƚĞĚƉĂƌƚŝĞƐĂƌĞĚĞĨŝŶĞĚĂŶĚůŝƐƚĞĚƉƌŝŽƌƚŽƚŚĞĂŐĞŶƚ ŵĞĞƚŝŶŐǁŝƚŚƚŚĞůĂŶĚŽǁŶĞƌ͘ ĐͿdŚĞŝƚLJǁŝůůƌĞĐŽƌĚĚŽĐƵŵĞŶƚƐ͘/ƚŝƐƌĞĐŽŵŵĞŶĚĞĚƚŚĂƚdĞŵƉŽƌĂƌLJĂƐĞŵĞŶƚƐďĞ  ƌĞĐŽƌĚĞĚ͘ ĚͿdŚĞŝƚLJǁŝůůƉƌŽǀŝĚĞĂůůƚĂdžĨŽƌŵƐƌĞƋƵŝƌĞĚ͕ƐƵĐŚĂƐϭϬϵϵ͛Ɛ͕ĚŝƌĞĐƚůLJƚŽƚŚĞŽǁŶĞƌƐ͘  ĞͿdŚĞǁŝůůƉƌŽǀŝĚĞĂůůĞŵŝŶĞŶƚĚŽŵĂŝŶƚĂƐŬƐ͕ŝĨŶĞĞĚĞĚ͘,W^ĂƐƐŝƐƚĂŶĐĞǁŽƵůĚďĞ  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ƉĂƌĐĞůǁŚŝĐŚǁŽƵůĚďĞƚŚĞďĂƐŝƐĨŽƌƚŚĞŽĨĨĞƌ͘dŚĞďĞŶĞĨŝƚƚŽƚŚŝƐŽƉƚŝŽŶŝƐƚŚĂƚƚŚĞƐĞƌĞƉŽƌƚƐĂƌĞ ĂƉƉƌĂŝƐĂůƐĂŶĚĐĂŶďĞĐŽŶƐŝĚĞƌĞĚĂƐƐƵĐŚƚŽƐƚĂƌƚƚŚĞĐŽŶĚĞŵŶĂƚŝŽŶƉƌŽĐĞƐƐŝĨŶĞĞĚĞĚ͘dŚĞƐĞ ϯ  3DFNHW3J )D ŝƚLJŽĨZŽĐŚĞƐƚĞƌʹƌŽĂĚǁĂLJǀĞ͘ZĞĐŽŶƐƚƌƵĐƚŝŽŶʹZŝŐŚƚŽĨtĂLJĐƋƵŝƐŝƚŝŽŶ  ǁŝůůĐŽƐƚΨϱϬϬĞĂĐŚ͕ƚŽƚĂůŝŶŐΨϲϬ͕ϬϬϬ͘/ƚŝƐƵƉƚŽƚŚĞŝƚLJŝĨƚŚĞLJǁŽƵůĚůŝŬĞƚŚĞƐĞƌĞǀŝĞǁĞĚŽƌŶŽƚ͕ ďƵƚLJŽƵǁŽƵůĚŶŽƚŚĂǀĞƚŽŐĞƚƚŚĞŵƌĞǀŝĞǁĞĚĂŶĚ/ŚĂǀĞŶŽƚŝŶĐůƵĚĞĚĂƌĞǀŝĞǁĨĞĞŽŶƚŚĞƐĞ ƉĂƌĐĞůƐ͘  dŚĞƵƐĞŽĨƚŚŝƐƚLJƉĞŽĨƌĞƉŽƌƚŝƐĨŽƌƉĂƌĐĞůƐǁŚŽŚĂǀĞĚĂŵĂŐĞƐƵƉƚŽΨϮϱ͕ϬϬϬ͘/ĨƚŚĞƉĂƌĐĞůŚĂƐ ŐƌĞĂƚĞƌĚĂŵĂŐĞƐ͕ŽƌĂŐƌĞĂƚĚĞĂůŽĨƐĞǀĞƌĂŶĐĞ͕ĂƐƚĂŶĚĂƌĚďĞĨŽƌĞĂŶĚĂĨƚĞƌƌĞƉŽƌƚǁŝůůŶĞĞĚƚŽ ďĞĐŽŵƉůĞƚĞĚŝŶƚŚĞƐĂŵĞĨŽƌŵĂƚĂƐƚŚĞƉĞƌŵĂŶĞŶƚĞĂƐĞŵĞŶƚƉĂƌĐĞůƐŝŶĂƚĞŐŽƌLJϭ͘&ŽƌƚŚĞ ƉƵƌƉŽƐĞƐŽĨƚŚŝƐƉƌŽƉŽƐĂů͕ǁĞĂƌĞĂƐƐƵŵŝŶŐƚŚĂƚĂůůŽĨƚŚĞƚĞŵƉŽƌĂƌLJĞĂƐĞŵĞŶƚƐǁŝůůŚĂǀĞ ĚĂŵĂŐĞƐůĞƐƐƚŚĂŶΨϮϱ͕ϬϬϬ͘  KƉƚŝŽŶ͗,ĞŶŶŝŶŐWƌŽĨĞƐƐŝŽŶĂů^ĞƌǀŝĐĞƐĐŽŵƉůĞƚĞƐĂDŝŶŝŵƵŵĂŵĂŐĞ ĐƋƵŝƐŝƚŝŽŶĚŽĐƵŵĞŶƚ;DͿĨŽƌĞĂĐŚƉĂƌĐĞůǁŚŝĐŚǁŝůůďĞƚŚĞďĂƐŝƐĨŽƌƚŚĞŽĨĨĞƌ͘dŚĞƐĞĂƌĞŶŽƚ ĂƉƉƌĂŝƐĂůƐ͘dŚĞďĞŶĞĨŝƚƚŽƚŚŝƐŽƉƚŝŽŶŝƐĂůŽǁĞƌĐŽƐƚŝŶŝƚŝĂůůLJ͘dŚĞƌŝƐŬƚŽƚŚŝƐŽƉƚŝŽŶŝƐƚŚĂƚ ďĞĐĂƵƐĞƚŚĞƐĞĂƌĞŶŽƚĂĐƚƵĂůůLJĐŽŶƐŝĚĞƌĞĚĂŶĂƉƉƌĂŝƐĂů͕ŝĨǁĞĚŽŶŽƚƌĞĂĐŚƐĞƚƚůĞŵĞŶƚǁŝƚŚƚŚĞ ŽǁŶĞƌĂŶĚŚĂǀĞƚŽĐŽŶƐŝĚĞƌĐŽŶĚĞŵŶĂƚŝŽŶ͕ĂŶĂƉƉƌĂŝƐĂůǁŽƵůĚŚĂǀĞƚŽďĞĐŽŵƉůĞƚĞĚĂŶĚǁĞ ǁŽƵůĚŚĂǀĞƚŽŵĂŬĞĂƐĞĐŽŶĚŽĨĨĞƌďĂƐĞĚŽŶƚŚĞĂƉƉƌĂŝƐĂů͘dŚŝƐƚĂŬĞƐƚŝŵĞĂŶĚŝŶĐƌĞĂƐĞƐĐŽƐƚ ĂŶĚƐŽŵĞƚŝŵĞƐĐŽŶĨƵƐĞƐƚŚĞůĂŶĚŽǁŶĞƌ͘dŚŝƐŵĞƚŚŽĚǁŽƌŬƐǁĞůůǁŚĞŶƚŚĞƌĞŝƐĂŐƌĞĂƚĚĞĂůŽĨ ůĞĂĚƚŝŵĞƚŽŐĞƚĂŐƌĞĞŵĞŶƚƐƐŝŐŶĞĚďĂƐĞĚŽŶƚŚĞD͘,ŽǁĞǀĞƌ͕ǁŚĞŶƚŚĞƐĐŚĞĚƵůĞŝƐƚŝŐŚƚ͕ ƚŚĞƐĞŵĂLJŶŽƚďĞƚŚĞďĞƐƚŽƉƚŝŽŶŽǀĞƌĂůůĂƐƚŚĞĞŶĚĐŽƐƚŵĂLJďĞƚŚĞƐĂŵĞŽƌŵŽƌĞƚŚĂŶũƵƐƚ ƵƚŝůŝnjŝŶŐŽƉƚŝŽŶĨƌŽŵƚŚĞďĞŐŝŶŶŝŶŐ͘  DƐǁŽƵůĚĐŽƐƚΨϮϱϬĞĂĐŚ͕ƉůƵƐĂΨϳ͕ϱϬϬĐŽŵƉŬƚŽďĂƐĞƚŚĞƉĂLJŵĞŶƚƐƵƉŽŶǁŚŝĐŚǁŽƵůĚ ƚŽƚĂůΨϯϳ͕ϱϬϬ͘dŚŝƐŽƉƚŝŽŶŝƐΨϮϮ͕ϱϬϬůĞƐƐƚŚĂŶKƉƚŝŽŶ͕ŚŽǁĞǀĞƌ͕ŝĨǁĞŚĂĚƚŽĐŽŵƉůĞƚĞ ĂƉƉƌĂŝƐĂůƐŽŶϰϱŽĨƚŚĞϭϮϬƉĂƌĐĞůƐĂƐƚŚĞĐŽŶĚĞŵŶĂƚŝŽŶƐƚĂƌƚĚĂƚĞŶĞĂƌƐ͕ǁĞǁŽƵůĚŚĂǀĞ ďƌŽŬĞŶĞǀĞŶŽŶƚŚĞĐŽƐƚŽĨƚŚĞƚǁŽŽƉƚŝŽŶƐďĂƐĞĚŽŶƚŚĞĂƉƉƌĂŝƐĂůĨĞĞ͘/ƚĚŽĞƐŶŽƚŝŶĐůƵĚĞƚŚĞ ĞdžƚƌĂŚŽƵƌƐŝƚǁŽƵůĚƌĞƋƵŝƌĞƚŽƉƌĞƉĂƌĞĂŶĚƉƌĞƐĞŶƚƚŚĞ͞ƐĞĐŽŶĚ͟ŽĨĨĞƌƐƚŽƚŚĞůĂŶĚŽǁŶĞƌƐ͕Žƌ ƉŽƚĞŶƚŝĂůĚĂŵĂŐĞƚŽƚŚĞƌĞůĂƚŝŽŶƐŚŝƉƐ͕ĞƚĐ͘  DLJƌĞĐŽŵŵĞŶĚĂƚŝŽŶŝƐKƉƚŝŽŶĂŶĚƚŚŝƐŝƐƚŚĞŽƉƚŝŽŶŝŶĐůƵĚĞĚŝŶƚŚĞĂƚƚĂĐŚĞĚĨĞĞĞƐƚŝŵĂƚĞ͘  ƐƚŝŵĂƚĞĚ&ĞĞ 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