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ĞǀĞůŽƉŵĞŶƚ/ŶĨŽƌŵĂƚŝŽŶĂůDĞĞƚŝŶŐ͘ ϲϭ͘ϮϮϬ WƌŽĐĞĚƵƌĞdǇƉĞ͗ ϲϭ͘ϮϮϮůůĂƉƉůŝĐĂƚŝŽŶƐĨŽƌĂůĂŶĚƐƵďĚŝǀŝƐŝŽŶƉĞƌŵŝƚƐŚĂůůďĞƉƌŽĐĞƐƐĞĚƚŚƌŽƵŐŚ ĞŝƚŚĞƌĂdǇƉĞ/͕//Žƌ///ƌĞǀŝĞǁƉƌŽĐĞĚƵƌĞĂĐĐŽƌĚŝŶŐƚŽƚŚĞĨŽůůŽǁŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐ͘ ͘ƐŝŶŐůĞƌĞͲƐƵďĚŝǀŝƐŝŽŶĂŶĚƌĞĂƌƌĂŶŐĞŵĞŶƚŽĨĂƐŝŶŐůĞƉĂƌĐĞůŽƌŐƌŽƵƉŽĨƉĂƌĐĞůƐŝŶĂŶZͲ^Ă͕ZͲϭ͕ZͲ ϭǆ͕ŽƌZͲϮ͕ŽƌZϮǆĚŝƐƚƌŝĐƚƐŽĂƐƚŽĐƌĞĂƚĞŶŽŵŽƌĞƚŚĂŶŽŶĞĂĚĚŝƚŝŽŶĂůůŽƚŽƌƉĂƌĐĞů͕ǁŚĞƌĞƚŚĞ ĚĞĚŝĐĂƚŝŽŶŽĨĂƐƚƌĞĞƚĞĂƐĞŵĞŶƚŶĞĐĞƐƐĂƌǇƚŽƉƌŽǀŝĚĞĂĐĐĞƐƐŝƐŶŽƚŝŶǀŽůǀĞĚ͘dŚĞŶĞĞĚĨŽƌŐĞŶĞƌĂů ƵƚŝůŝƚǇĞĂƐĞŵĞŶƚƐ͕ĚƌĂŝŶĂŐĞĞĂƐĞŵĞŶƚƐŽƌĂĐĐĞƐƐĞĂƐĞŵĞŶƚƐƐŚĂůůďĞƌĞƐŽůǀĞĚƉƌŝŽƌƚŽƐƵďĚŝǀŝƐŝŽŶ ĂƉƉƌŽǀĂů͘dŚŝƐƉƌŽĐĞĚƵƌĞŵĂǇďĞƵƐĞĚŽŶůǇŽŶĐĞƉĞƌƉĂƌĐĞů͘dŚĞƌĞͲƐƵďĚŝǀŝƐŝŽŶŽĨĂŶǇůŽƚŽƌƉĂƌĐĞů ǁŚŝĐŚǁĂƐƐƵďĚŝǀŝĚĞĚŽƌŵŽĚŝĨŝĞĚƚŚƌŽƵŐŚĂdǇƉĞ/>ĂŶĚ^ƵďĚŝǀŝƐŝŽŶĂĨƚĞƌ:ĂŶƵĂƌǇϭ͕ϭϵϵϮƐŚĂůůďĞ ƐƵďũĞĐƚƚŽƚŚĞdǇƉĞ//ůĂŶĚƐƵďĚŝǀŝƐŝŽŶƉƌŽĐĞƐƐĞƐƚĂďůŝƐŚĞĚŝŶ^ĞĐƚŝŽŶϲϭ͘ϮϮϮ͕ƐƵďĚ͘Ϯ͖ ϲϭ͘ϭϮϲ ĞŶƐŝƚǇĞƚĞƌŵŝŶĂƚŝŽŶĨŽƌDƵůƚŝͲ&ĂŵŝůǇZĞƐŝĚĞŶƚŝĂůhƐĞƐ ϲϮ͘ϭϮϲ͗ǆĐĞƉƚŝŶƚŚĞZͲϮǆŝƐƚƌŝĐƚĂŶĚƚŚĞ dKŝƐƚƌŝĐƚ͕ƚŚĞĚĞŶƐŝƚǇŽĨŵƵůƚŝͲĨĂŵŝůǇƌĞƐŝĚĞŶƚŝĂůƵƐĞƐƐŚĂůůďĞĐĂůĐƵůĂƚĞĚƵƐŝŶŐƚŚĞ ĨŽůůŽǁŝŶŐĐŽŶǀĞƌƐŝŽŶĨĂĐƚŽƌƐ͗ ĨĨŝĐŝĞŶĐǇhŶŝƚƐĂƌĞĞƋƵŝǀĂůĞŶƚƚŽϬ͘ϳϬƵŶŝƚƐ hŶŝƚƐǁŝƚŚƚŚƌĞĞŽƌŵŽƌĞďĞĚƌŽŽŵƐĂƌĞĞƋƵŝǀĂůĞŶƚƚŽϭ͘ϯϬƵŶŝƚƐ ůůŽƚŚĞƌƵŶŝƚƐĂƌĞĐĂůĐƵůĂƚĞĚĂƐϭ͘ϬϬƵŶŝƚ͘ ϳ 3DFNHW3J ,D ϲϮ͘ϭϰϬ h^d'KZ/^͗ ϲϮ͘ϭϰϬ ŽŶƚĂŝŶĞĚŝŶƚŚŝƐƐĞĐƚŝŽŶĂƌĞƚŚĞĚĞƐĐƌŝƉƚŝŽŶƐŽĨĞĂĐŚĐĂƚĞŐŽƌǇŽĨƵƐĞǁŚŝĐŚŵĂǇďĞůŝƐƚĞĚĂƐĂ WĞƌŵŝƚƚĞĚŽƌŽŶĚŝƚŝŽŶĂůhƐĞŝŶƚŚĞŽŶŝŶŐŝƐƚƌŝĐƚdĂďůĞƐ͘&ŽƌĞǀĞƌǇĚĞǀĞůŽƉŵĞŶƚĂƉƉůŝĐĂƚŝŽŶ ĚĞƚĞƌŵŝŶĞǁŚŝĐŚƵƐĞĐĂƚĞŐŽƌǇƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŵŽƐƚĐůŽƐĞůǇĐŽƌƌĞƐƉŽŶĚƐƚŽĂŶĚ ǁŚĞƚŚĞƌƚŚĞƵƐĞŝƐƉĞƌŵŝƚƚĞĚŝŶƚŚĞĂƉƉůŝĐĂďůĞǌŽŶŝŶŐĚŝƐƚƌŝĐƚ͘ ZĞƐŝĚĞŶƚŝĂůhƐĞƐ ϲϮ͘ϭϰϭ͗^ƵďĚŝǀŝƐŝŽŶϭ͘dŚĞĨŽůůŽǁŝŶŐŝƐĂůŝƐƚĂŶĚĚĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞƌĞƐŝĚĞŶƚŝĂůƵƐĞ ĐĂƚĞŐŽƌŝĞƐ͗ ^ŝŶŐůĞ&ĂŵŝůǇĞƚĂĐŚĞĚ͗ ^ƵďĚ͘Ϯ͘ŽŶĞĨĂŵŝůǇĚĞƚĂĐŚĞĚĚǁĞůůŝŶŐĂƐĚĞĨŝŶĞĚ͘ ^ŝŶŐůĞ&ĂŵŝůǇƚƚĂĐŚĞĚ ^ƵďĚ͘ϯ͗͘ŽŶĞĨĂŵŝůǇĂƚƚĂĐŚĞĚĚǁĞůůŝŶŐĂƐĚĞĨŝŶĞĚ͘ ƵƉůĞǆ͗ ^ƵďĚ͘ϰ͘ƚǁŽĨĂŵŝůǇĚǁĞůůŝŶŐĂƐĚĞĨŝŶĞĚ͘ ƚƚĂĐŚĞĚǁĞůůŝŶŐ͗ ^ƵďĚ͘ϱ͘ŶĂƚƚĂĐŚĞĚĚǁĞůůŝŶŐ͕ĂƐĚĞĨŝŶĞĚ͘ WĞƌĨŽƌŵĂŶĐĞZĞƐŝĚĞŶƚŝĂůĞǀĞůŽƉŵĞŶƚ͗ ^ƵďĚ͘ϲ͘ĚĞǀĞůŽƉŵĞŶƚĐŽŶƐŝƐƚŝŶŐŽĨŽŶĞŽƌ ŵŽƌĞƚǇƉĞƐŽĨĚĞƚĂĐŚĞĚŽƌĂƚƚĂĐŚĞĚŽŶĞĂŶĚƚǁŽĨĂŵŝůǇĚǁĞůůŝŶŐƐĚĞǀĞůŽƉĞĚĂĐĐŽƌĚŝŶŐƚŽƚŚĞ ƐƚĂŶĚĂƌĚƐĞƐƚĂďůŝƐŚĞĚĨŽƌƉĞƌĨŽƌŵĂŶĐĞƌĞƐŝĚĞŶƚŝĂůƵƐĞŝŶƚŚŝƐŽƌĚŝŶĂŶĐĞ͘/ŶƚŚĞEͲEZĚŝƐƚƌŝĐƚ͕ ƉĞƌĨŽƌŵĂŶĐĞƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚƐĂƌĞƌĞĨĞƌƌĞĚƚŽĂƐ͞ƚŽǁŶŚŽƵƐĞƐ͟ǁŚŝĐŚĂƌĞĂƚǇƉĞŽĨ ĂƚƚĂĐŚĞĚŽŶĞĨĂŵŝůǇĚǁĞůůŝŶŐƐƚŚĂƚŵƵƐƚŽŶůǇŵĞĞƚƐĞůĞĐƚĞĚƐƚĂŶĚĂƌĚƐĞƐƚĂďůŝƐŚĞĚĨŽƌ ƉĞƌĨŽƌŵĂŶĐĞƌĞƐŝĚĞŶƚŝĂůƵƐĞƐŝŶϲϮ͘ϮϲϭŽƌƐĞƚďĂĐŬƐŝŶƐĞĐƚŝŽŶƐϲϮ͘ϮϴϯͲϲϮ͘Ϯϴϱ͘ ŽƚƚĂŐĞĞǀĞůŽƉŵĞŶƚ͗ ^ƵďĚ͘ϳ͘ĐŽƚƚĂŐĞĚĞǀĞůŽƉŵĞŶƚ͕ĂƐĚĞĨŝŶĞĚ͘ DƵůƚŝͲ&ĂŵŝůǇZĞƐŝĚĞŶƚŝĂů͗ ^ƵďĚ͘ϴ͘ďƵŝůĚŝŶŐĐŽŶƚĂŝŶŝŶŐƚŚƌĞĞŽƌŵŽƌĞĚǁĞůůŝŶŐƵŶŝƚƐ͘ dŚĞƚĞƌŵŝŶĐůƵĚĞƐĐŽŽƉĞƌĂƚŝǀĞĂƉĂƌƚŵĞŶƚƐ͕ĐŽŶĚŽŵŝŶŝƵŵƐ͕ĂŶĚƚŚĞůŝŬĞ͘&ŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨ ƚŚĞƐĞƌĞŐƵůĂƚŝŽŶƐ͕ƌĞŐĂƌĚůĞƐƐŽĨŚŽǁƌĞŶƚĂůƵŶŝƚƐĂƌĞĞƋƵŝƉƉĞĚ͕ĂŶǇŵƵůƚŝĨĂŵŝůǇĚǁĞůůŝŶŐŝŶ ǁŚŝĐŚƵŶŝƚƐĂƌĞĂǀĂŝůĂďůĞĨŽƌƌĞŶƚĂůƉĞƌŝŽĚƐŽĨŽŶĞǁĞĞŬŽƌůĞƐƐƐŚĂůůďĞĐŽŶƐŝĚĞƌĞĚĂŚŽƚĞů͘ 'ƌŽƵƉZĞƐŝĚĞŶƚŝĂůĂƌĞ͗ ^ƵďĚ͘ϵ͘'ƌŽƵƉƌĞƐŝĚĞŶƚŝĂůĐĂƌĞƵƐĞƐŝŶĐůƵĚĞĂŶǇĚĂǇĐĂƌĞ ĨĂĐŝůŝƚŝĞƐŽƌƌĞƐŝĚĞŶƚŝĂůĨĂĐŝůŝƚŝĞƐĂƐĞĂĐŚĂƌĞĚĞĨŝŶĞĚďǇƚŚŝƐŽĚĞ͘ ^ĞŵŝͲdƌĂŶƐŝĞŶƚĐĐŽŵŵŽĚĂƚŝŽŶƐ͗ ^ƵďĚ͘ϭϬ͘^ĞŵŝͲƚƌĂŶƐŝĞŶƚĂĐĐŽŵŵŽĚĂƚŝŽŶƐŝŶĐůƵĚĞ ƌŽŽŵŝŶŐŚŽƵƐĞƐĂŶĚĨƌĂƚĞƌŶŝƚǇŽƌƐŽƌŽƌŝƚǇŚŽƵƐĞƐĂƐĚĞĨŝŶĞĚďǇƚŚŝƐŽĚĞ͘ DĂŶƵĨĂĐƚƵƌĞĚ,ŽƵƐŝŶŐ͗ ^ƵďĚ͘ϭϭ͘ĚĞǀĞůŽƉŵĞŶƚĐŽŶƐŝƐƚŝŶŐŽĨŵĂŶƵĨĂĐƚƵƌĞĚŚŽŵĞƐ ĞǆĐůƵƐŝǀĞůǇŽƌŝŶĐŽŵďŝŶĂƚŝŽŶǁŝƚŚŽƚŚĞƌĚǁĞůůŝŶŐƵŶŝƚƐǁŚŝĐŚŵĞĞƚƚŚĞƐƚĂŶĚĂƌĚƐĨŽƌ ŵĂŶƵĨĂĐƚƵƌĞĚŚŽƵƐŝŶŐĞƐƚĂďůŝƐŚĞĚŝŶƚŚŝƐŽĚĞ͘ >ŝǀĞͬtŽƌŬǁĞůůŝŶŐ͗ ^ƵďĚ͘ϭϮ͘ůŝǀĞͬǁŽƌŬĚǁĞůůŝŶŐ͕ĂƐĚĞĨŝŶĞĚ͘ ϴ 3DFNHW3J ,D ŽŶŐƌĞŐĂƚĞ,ŽƵƐŝŶŐ͗ ^ƵďĚ͘ϭϯ͘ĚǁĞůůŝŶŐƉƌŽǀŝĚŝŶŐƐŚĞůƚĞƌĂŶĚƐĞƌǀŝĐĞƐĨŽƌƚŚĞ ĞůĚĞƌůǇ͕ǁŚŝĐŚŵĂǇŝŶĐůƵĚĞŵĞĂůƐ͕ŚŽƵƐĞŬĞĞƉŝŶŐ͕ƉĞƌƐŽŶĂůĐĂƌĞĂƐƐŝƐƚĂŶĐĞĂŶĚŵŝŶŽƌŵĞĚŝĐĂů ƐĞƌǀŝĐĞƐ͕ďƵƚŶŽƚŝŶƚĞƌŵĞĚŝĂƚĞ͕ůŽŶŐƚĞƌŵŽƌĞǆƚĞŶĚĞĚŶƵƌƐŝŶŐĐĂƌĞĨŽƌƌĞƐŝĚĞŶƚƐ͘ DĞĚŝĐĂů^ƚĂǇǁĞůůŝŶŐhŶŝƚ ^ƵďĚ͘ϭϰ͗͘ĚǁĞůůŝŶŐƵŶŝƚǁŚĞƌĞĂĐĐŽŵŵŽĚĂƚŝŽŶƐĂƌĞ ĨƵƌŶŝƐŚĞĚĞǆĐůƵƐŝǀĞůǇƚŽŵĞĚŝĐĂůƉĂƚŝĞŶƚƐ͕ƚŚĞŝƌĨĂŵŝůŝĞƐ͕ĂŶĚĐĂƌĞŐŝǀĞƌƐǁŚŝůĞƚŚĞƉĂƚŝĞŶƚŝƐ ƌĞĐĞŝǀŝŶŐŽƌǁĂŝƚŝŶŐƚŽƌĞĐĞŝǀĞŚĞĂůƚŚĐĂƌĞƚƌĞĂƚŵĞŶƚƐŽƌƉƌŽĐĞĚƵƌĞƐĨŽƌĂƉĞƌŝŽĚŽĨŽŶĞǁĞĞŬŽƌ ŵŽƌĞ͕ĂŶĚǁŚĞƌĞŶŽƐƵƉƉŽƌƚŝǀĞƐĞƌǀŝĐĞƐ͕ŚĞĂůƚŚƐƵƉĞƌǀŝƐŝŽŶ͕ŽƌŚŽŵĞĐĂƌĞƐĞƌǀŝĐĞƐĂƌĞƉƌŽǀŝĚĞĚ͘ DĞĚŝĐĂů^ƚĂǇǁĞůůŝŶŐhŶŝƚƐŵƵƐƚŚŽůĚĂǀĂůŝĚůŽĚŐŝŶŐůŝĐĞŶƐĞĨƌŽŵƚŚĞ^ƚĂƚĞŽƌŽƵŶƚǇ͘ ĐĐĞƐƐŽƌǇhƐĞ ^ƵďĚ͘ϭϱ͗ĐĐĞƐƐŽƌǇƵƐĞŝƐĚĞĨŝŶĞĚĂƐĂďƵŝůĚŝŶŐ͕ƐƚƌƵĐƚƵƌĞŽƌƵƐĞůŽĐĂƚĞĚ ŽƌĐŽŶĚƵĐƚĞĚƵƉŽŶƚŚĞƐĂŵĞůŽƚ;ŽƌŽŶĂĐŽŶƚŝŐƵŽƵƐůŽƚŝŶƚŚĞƐĂŵĞŽǁŶĞƌƐŚŝƉͿĂƐƚŚĞƉƌŝŶĐŝƉĂů ďƵŝůĚŝŶŐ͕ƐƚƌƵĐƚƵƌĞŽƌƵƐĞƚŽǁŚŝĐŚŝƚŝƐƌĞůĂƚĞĚ͕ǁŚŝĐŚŝƐϭͿĐůĞĂƌůǇŝŶĐŝĚĞŶƚĂůƚŽ͕ĂŶĚĐƵƐƚŽŵĂƌŝůǇ ĨŽƵŶĚŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚ͕ƐƵĐŚƉƌŝŶĐŝƉĂůďƵŝůĚŝŶŐŽƌƵƐĞĂŶĚϮͿŝƐŽƉĞƌĂƚĞĚĂŶĚŵĂŝŶƚĂŝŶĞĚĨŽƌ ƚŚĞďĞŶĞĨŝƚŽƌĐŽŶǀĞŶŝĞŶĐĞŽĨƚŚĞŽǁŶĞƌƐ͕ŽĐĐƵƉĂŶƚƐ͕ĞŵƉůŽǇĞĞƐ͕ĐƵƐƚŽŵĞƌƐŽƌǀŝƐŝƚŽƌƐŽĨƚŚĞ ůŽƚ͘^ĞĞϲϮ͘ϮϳϴĨŽƌĚĞƚĂŝůĞĚůŝƐƚŽĨĂĐĐĞƐƐŽƌǇƵƐĞƌĞŐƵůĂƚŝŽŶƐ͘ ϲϮ͘ϮϲϬ ZĞǀŝƐĞ^ĞĐƚŝŽŶϲϮ͘Ϯϲϭ͕^ƵďĚ͘Ϯ͘͘ϲďǇĂĚĚŝŶŐŶĞǁĐůĂƵƐĞ;ŝŝͿ͗ ϲ͘dŚĞŵĂǆŝŵƵŵŶƵŵďĞƌŽĨďƵŝůĚŝŶŐƐǁŚŝĐŚŵĂǇďĞĂƚƚĂĐŚĞĚŝŶĂŶZͲϭǆŽƌZͲϮŝƐƚƌŝĐƚŝƐĨŝǀĞ͕ ĂŶĚŶŝŶĞŝŶĂŶǇŽƚŚĞƌĚŝƐƚƌŝĐƚǁŝƚŚƚŚĞĞǆĐĞƉƚŝŽŶŽĨ;ŝͿƚŚĞEͲEZŝƐƚƌŝĐƚ͕ǁŚĞƌĞƚŚĞůŝŵŝƚƚŽ ƚŚĞŶƵŵďĞƌŽĨĂƚƚĂĐŚĞĚĚǁĞůůŝŶŐƐŝƐƚŚƌĞĞĂŶĚĐĂŶŶŽƚďĞŝŶĐƌĞĂƐĞĚĂƐŽƚŚĞƌĚŝƐƚƌŝĐƚƐĐĂŶ ĂĐĐŽƌĚŝŶŐƚŽƚŚĞƌĞŵĂŝŶĚĞƌŽĨƚŚŝƐƐĞĐƚŝŽŶ͕ĂŶĚ;ŝŝͿƚŚĞZͲϮǆŝƐƚƌŝĐƚ͕ǁŚĞƌĞƚŚĞŶƵŵďĞƌŽĨ ƵŶŝƚƐŝƐůŝŵŝƚĞĚďǇĂŵĂǆŝŵƵŵďƵŝůĚŝŶŐůĞŶŐƚŚŽĨϭϱϬĨĞĞƚ͕ƌĂƚŚĞƌƚŚĂŶďǇĂĨŝǆĞĚŶƵŵďĞƌŽĨ ƵŶŝƚƐ͘/ŶĐƌĞĂƐĞƐƚŽƚŚŝƐĂƌĞƉĞƌŵŝƚƚĞĚƐƵďũĞĐƚƚŽƚŚĞĨŽůůŽǁŝŶŐƌƵůĞƐ͗ ϳ͘ƚƚĂĐŚĞĚǁĞůůŝŶŐƐŝŶƚŚĞZϮǆǌŽŶĞŵƵƐƚŚĂǀĞǀĞŚŝĐƵůĂƌĂĐĐĞƐƐƚŽĞŝƚŚĞƌĂŶĂůůĞǇŽƌƉƌŝǀĂƚĞ ƐƚƌĞĞƚ͘ ϲϮ͘ϮϲϯKƚŚĞƌZĞƐŝĚĞŶƚŝĂůhƐĞƐ͗^ƵďĚŝǀŝƐŝŽŶϭ͘dŚŝƐƐĞĐƚŝŽŶĚĞƐĐƌŝďĞƐŽƚŚĞƌƌĞƐŝĚĞŶƚŝĂůƵƐĞƐ͘ ƚƚĂĐŚĞĚǁĞůůŝŶŐ͗ ^ƵďĚ͘ϳdŚĞĨŽůůŽǁŝŶŐƌĞŐƵůĂƚŝŽŶƐĂƉƉůǇƚŽĂƚƚĂĐŚĞĚĚǁĞůůŝŶŐ͗ 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;ϴͿ'ƌŽƵŶĚůĞǀĞůĂƌĐĂĚĞƐŽƌĂǁŶŝŶŐƐĞǆƚĞŶĚŝŶŐĨŽƌĂŚŽƌŝǌŽŶƚĂůĚŝƐƚĂŶĐĞŽĨĂƚůĞĂƐƚϮϬĨĞĞƚ͖ ϲ 3DFNHW3J ,D ;ϵͿ^ĞĐŽŶĚĨůŽŽƌďĂůĐŽŶŝĞƐŽŶĂƚůĞĂƐƚϱϬƉĞƌĐĞŶƚŽĨƚŚĞƌĞƐŝĚĞŶƚŝĂůƵŶŝƚƐŽŶƚŚĞďƵŝůĚŝŶŐĨĂĐĂĚĞ͖ ;ϭϬͿŽƌŶŝĐĞƐĂƚůĞĂƐƚϴŝŶĐŚĞƐŝŶǀĞƌƚŝĐĂůŚĞŝŐŚƚĞǆƚĞŶĚŝŶŐĂƚůĞĂƐƚϴŝŶĐŚĞƐŽƵƚǁĂƌĚĨƌŽŵƚŚĞ ďƵŝůĚŝŶŐĨĂĕĂĚĞĂŶĚĞǆƚĞŶĚŝŶŐĂůŽŶŐĂƚůĞĂƐƚϯϬŚŽƌŝǌŽŶƚĂůĨĞĞƚŽĨƚŚĞďƵŝůĚŝŶŐĨĂĕĂĚĞ;ƚŚŝƐ ĞůĞŵĞŶƚŵĂǇďĞŝŶƐƚĂůůĞĚĂůŽŶŐƚŚĞĞŶƚŝƌĞďƵŝůĚŝŶŐĨĂĕĂĚĞ͕ďƵƚŝĨƐŽŝŶƐƚĂůůĞĚƐŚĂůůŽŶůǇĐŽƵŶƚ ĂƐŽŶĞŽĨƚŚĞƌĞƋƵŝƌĞĚĞůĞŵĞŶƚƐŽŶĂŶǇƐƚƌĞĞƚͲĨĂĐŝŶŐďƵŝůĚŝŶŐĨĂĕĂĚĞůŽŶŐĞƌƚŚĂŶϲϬĨĞĞƚͿ͖Žƌ ;ϭϭͿWĞĚĞƐƚƌŝĂŶĞŶƚƌŝĞƐĚĞƐŝŐŶĞĚƐŽƚŚĂƚƚŚĞĚŽŽƌƐĂƌĞƌĞĐĞƐƐĞĚĂƚůĞĂƐƚϮĨĞĞƚĨƌŽŵƚŚĞďƵŝůĚŝŶŐ ĨĂĕĂĚĞŽƌƉƌŽũĞĐƚĂƚůĞĂƐƚϮĨĞĞƚŽƵƚǁĂƌĚĨƌŽŵƚŚĞďƵŝůĚŝŶŐĨĂĐĂĚĞ͘ DŝŶŝŵƵŵƵŝůĚŝŶŐ,ĞŝŐŚƚ ^ƵďĚ͘ϯ͘ ͘/ŶdKEŽĚĞƐ͕ƉŽƌƚŝŽŶƐŽĨŶĞǁƉƌŝŵĂƌǇƐƚƌƵĐƚƵƌĞƐůŽĐĂƚĞĚǁŝƚŚŝŶϭϬϬĨĞĞƚŽĨE͘ĂŶĚ^͘ƌŽĂĚǁĂǇ ŶĚƚŚ ǀĞ͕Ϯ^ƚ^t͕ĂŶĚϰ^ƚ͘^ͬŽůůĞŐĞǀŝĞǁZĚ͘ƐŚĂůůďĞĂŵŝŶŝŵƵŵŽĨϰϬĨĞĞƚŝŶŚĞŝŐŚƚ͘ ͘/ŶdKŽƌƌŝĚŽƌƐ͕ƉŽƌƚŝŽŶƐŽĨŶĞǁƉƌŝŵĂƌǇƐƚƌƵĐƚƵƌĞƐůŽĐĂƚĞĚǁŝƚŚŝŶϭϬϬĨĞĞƚŽĨE͘ĂŶĚ^͘ ƌŽĂĚǁĂǇǀĞ͕Ϯ ŶĚ^ƚ^t͕͘ĂŶĚϰ ƚŚ^ƚ^ƐŚĂůůďĞĂŵŝŶŝŵƵŵŽĨϮϱĨĞĞƚŝŶŚĞŝŐŚƚ͘ ŽŶƵƐƵŝůĚŝŶŐ,ĞŝŐŚƚ͗ ^ƵďĚ͘ϰ͘ dK'ĞŶĞƌĂůŽŶŝŶŐ ͘EŽƚǁŝƚŚƐƚĂŶĚŝŶŐƚŚĞŵĂǆŝŵƵŵďƵŝůĚŝŶŐŚĞŝŐŚƚůŝƐƚĞĚŝŶdĂďůĞϲϮ͘yyy ŝƐƚƌŝĐƚZĞŐƵůĂƚŝŽŶƐ͕ ƉƌŽũĞĐƚƐůŽĐĂƚĞĚŝŶƚŚŽƐĞĂƌĞĂƐŝŶĚŝĐĂƚĞĚĂƐ,ĞŝŐŚƚŽŶƵƐǀĂŝůĂďůĞŽŶƚŚĞ 'ĞŶĞƌĂů dKŝƐƚƌŝĐƚDĂƉŵĂǇĞǆĐĞĞĚƚŚĞŵĂǆŝŵƵŵďƵŝůĚŝŶŐŚĞŝŐŚƚůŝƐƚĞĚŝŶdĂďůĞϲϮ͘yyydK ŽŶŝŶŐŝƐƚƌŝĐƚZĞŐƵůĂƚŝŽŶƐ ĂƐƐŚŽǁŶŝŶƚŚĞĨŽůůŽǁŝŶŐƚĂďůĞ͕ĞǆĐĞƉƚĂƐƐƚĂƚĞĚŝŶƐƵďƐĞĐƚŝŽŶƐϰ͘ ĂŶĚϰ͘ďĞůŽǁ͘ ůĞŵĞŶƚƉƌŽǀŝĚĞĚŽŶƵƐ ƚůĞĂƐƚϮϬйŽĨƚŚĞŐƌŽƐƐĨůŽŽƌĂƌĞĂŝƐ ϭϮĂĚĚŝƚŝŽŶĂůĨĞĞƚŝŶŚĞŝŐŚƚ ƌĞƐŝĚĞŶƚŝĂů ƚůĞĂƐƚϯϬйŽĨƚŚĞŐƌŽƐƐĨůŽŽƌĂƌĞĂŝƐ ϭϲĂĚĚŝƚŝŽŶĂůĨĞĞƚŝŶŚĞŝŐŚƚ ƌĞƐŝĚĞŶƚŝĂů ƚůĞĂƐƚϰϬйŽĨƚŚĞŐƌŽƐƐĨůŽŽƌĂƌĞĂŝƐ ϮϮĂĚĚŝƚŝŽŶĂůĨĞĞƚŝŶŚĞŝŐŚƚ ƌĞƐŝĚĞŶƚŝĂů ͘EŽŚĞŝŐŚƚďŽŶƵƐŵĂǇƌĞƐƵůƚŝŶĂŵĂǆŝŵƵŵďƵŝůĚŝŶŐŚĞŝŐŚƚĞǆĐĞĞĚŝŶŐϵϬĨĞĞƚ͘ ͘EŽŚĞŝŐŚƚďŽŶƵƐŵĂǇƌĞƐƵůƚŝŶĂďƵŝůĚŝŶŐůŽĐĂƚĞĚŝŶĂŶĞŝŐŚďŽƌŚŽŽĚƉƌŽƚĞĐƚŝŽŶĂƌĞĂ;ĂƐĚĞĨŝŶĞĚ ŝŶ^ƵďĚ͘ϭϯďĞůŽǁͿĞǆĐĞĞĚŝŶŐƚŚĞŵĂǆŝŵƵŵďƵŝůĚŝŶŐŚĞŝŐŚƚƉĞƌŵŝƚƚĞĚďǇ^ƵďĚ͘ϭϯ͘ ƵŝůĚŝŶŐŶƚƌĂŶĐĞƐ ^ƵďĚ͘ϱ͘ ͘ĂĐŚƉƌŝŵĂƌǇƐƚƌƵĐƚƵƌĞƐŚĂůůŚĂǀĞĂƚůĞĂƐƚŽŶĞƉĞĚĞƐƚƌŝĂŶĞŶƚƌĂŶĐĞŽŶĞĂĐŚĨĂĕĂĚĞĨĂĐŝŶŐĂ ƉƵďůŝĐƌŝŐŚƚͲŽĨͲǁĂǇ͘/ĨƚŚĞůŽƚŚĂƐĨƌŽŶƚĂŐĞŽŶƚŚŽƐĞƉŽƌƚŝŽŶƐŽĨE͘ĂŶĚ^͘ƌŽĂĚǁĂǇ͕Ϯ ŶĚ^ƚ^t͕Žƌ ϰ ƚŚ^ƚ^ͬŽůůĞŐĞǀŝĞǁZĚ͕͘ƚŚĞƌĞƋƵŝƌĞĚĞŶƚƌĂŶĐĞƐŚĂůůĨĂĐĞƚŚŽƐĞƐƚƌĞĞƚƐ͘/ĨƚŚĞůŽƚĚŽĞƐŶŽƚŚĂǀĞ ĨƌŽŶƚĂŐĞŽŶƌŽĂĚǁĂǇ͕Ϯ ŶĚ^ƚ͘^t͕Žƌϰ ƚŚ^ƚ͘^ͬŽůůĞŐĞǀŝĞǁƌ͕͘ƚŚĞƉĞĚĞƐƚƌŝĂŶĞŶƚƌĂŶĐĞƐŚĂůů ĨĂĐĞƚŚĞĨƌŽŶƚůŽƚůŝŶĞ͘ ͘/ĨƚŚĞƌĞĂƌĞŵƵůƚŝƉůĞŐƌŽƵŶĚͲĨůŽŽƌƚĞŶĂŶƚƐƉĂĐĞƐĨĂĐŝŶŐĂƉƵďůŝĐƌŝŐŚƚͲŽĨͲǁĂǇ͕ĞĂĐŚŐƌŽƵŶĚĨůŽŽƌ ƚĞŶĂŶƚƐƉĂĐĞǁŝƚŚϮϱĨĞĞƚŽĨĨƌŽŶƚĂŐĞŽƌŵŽƌĞƐŚĂůůŚĂǀĞĂƚůĞĂƐƚŽŶĞƉĞĚĞƐƚƌŝĂŶĞŶƚƌĂŶĐĞĨĂĐŝŶŐ ϳ 3DFNHW3J ,D ƚŚĂƚƉƵďůŝĐƌŝŐŚƚͲŽĨͲǁĂǇ͘ƐĂŶĞǆĐĞƉƚŝŽŶƚŽƚŚŝƐƐƚĂŶĚĂƌĚ͕ĂŵĂǆŝŵƵŵŽĨƚǁŽĂďƵƚƚŝŶŐŐƌŽƵŶĚ ĨůŽŽƌƚĞŶĂŶƚƐŵĂǇƐŚĂƌĞĂƐŝŶŐůĞƉĞĚĞƐƚƌŝĂŶĞŶƚƌĂŶĐĞĨĂĐŝŶŐƚŚĂƚƉƵďůŝĐƌŝŐŚƚͲŽĨͲǁĂǇ͘ ͘ĂĐŚƌĞƋƵŝƌĞĚƉĞĚĞƐƚƌŝĂŶĞŶƚƌĂŶĐĞƐŚĂůůŽƉĞŶĚŝƌĞĐƚůǇƚŽƚŚĞŽƵƚƐŝĚĞĂŶĚŚĂǀĞĚŝƌĞĐƚĂĐĐĞƐƐƚŽ ƚŚĞĂĚũĂĐĞŶƚƐŝĚĞǁĂůŬǁŝƚŚŽƵƚƌĞƋƵŝƌŝŶŐƉĞĚĞƐƚƌŝĂŶƐƚŽƉĂƐƐƚŚƌŽƵŐŚĂŐĂƌĂŐĞ͕ƉĂƌŬŝŶŐůŽƚ͕ŽƌĂ ŶŽŶͲƉĞĚĞƐƚƌŝĂŶĂƌĞĂůŽĐĂƚĞĚďĞƚǁĞĞŶƚŚĞƉĞĚĞƐƚƌŝĂŶĞŶƚƌĂŶĐĞĂŶĚƚŚĞƐƚƌĞĞƚŽƌƌŝŐŚƚͲŽĨͲǁĂǇ͘ tŝŶĚŽǁƐ͗ ^ƵďĚ͘ϲ͘ ͘ĂĐŚĨĂĕĂĚĞŽĨĂƉƌŝŵĂƌǇďƵŝůĚŝŶŐĨĂĐŝŶŐĂƉƵďůŝĐƌŝŐŚƚͲŽĨͲǁĂǇƐŚĂůůŚĂǀĞƚƌĂŶƐƉĂƌĞŶƚǁŝŶĚŽǁƐŽƌ ŽƚŚĞƌƚƌĂŶƐƉĂƌĞŶƚŐůĂǌĞĚĂƌĞĂĐŽǀĞƌŝŶŐ͗ ;ϭͿϲϱƉĞƌĐĞŶƚŽƌŵŽƌĞŽĨƚŚĞŐƌŽƵŶĚĨůŽŽƌĨĂĕĂĚĞĂƌĞĂ͕ĂƐŵĞĂƐƵƌĞĚďĞƚǁĞĞŶƚŚƌĞĞĂŶĚĞŝŐŚƚ ĨĞĞƚĂďŽǀĞƐŝĚĞǁĂůŬŐƌĂĚĞ͖ĂŶĚ ;ϮͿϯϬƉĞƌĐĞŶƚŽƌŵŽƌĞŽĨĞĂĐŚĨůŽŽƌůĞǀĞůŽĨƚŚĞĨĂĕĂĚĞĂďŽǀĞƚŚĞŐƌŽƵŶĚĨůŽŽƌ͕ĂƐŵĞĂƐƵƌĞĚ ďĞƚǁĞĞŶƚŚƌĞĞĂŶĚĞŝŐŚƚĨĞĞƚĂďŽǀĞĞĂĐŚĨůŽŽƌůĞǀĞů͘ ͘ZĞƋƵŝƌĞĚŐƌŽƵŶĚĨůŽŽƌǁŝŶĚŽǁŽƌŐůĂǌĞĚĂƌĞĂƐƐŚĂůůŚĂǀĞĂǀŝƐŝďůĞůŝŐŚƚƚƌĂŶƐŵŝƚƚĂŶĐĞƌĂƚŝŽŽĨϬ͘ϲ ŽƌŚŝŐŚĞƌ͕ĂŶĚƐŚĂůůŶŽƚŝŶĐůƵĚĞƌĞĨůĞĐƚŝǀĞŽƌŚĞĂǀŝůǇƚŝŶƚĞĚǁŝŶĚŽǁƐ͘ ĐĐĞƐƐĂŶĚŽŶŶĞĐƚŝǀŝƚǇ ^ƵďĚ͘ϳ͘ ͘^ŝĚĞǁĂůŬƐ͕WĞĚĞƐƚƌŝĂŶŝƌĐƵůĂƚŝŽŶ͕ĂŶĚsĞŚŝĐƵůĂƌŽŶŶĞĐƚŝǀŝƚǇ ;ϭͿdŚĞŝŶƚĞƌŶĂůǀĞŚŝĐƵůĂƌ͕ďŝĐǇĐůĞ͕ĂŶĚƉĞĚĞƐƚƌŝĂŶĐŝƌĐƵůĂƚŝŽŶƐǇƐƚĞŵƐ;͞ĐŝƌĐƵůĂƚŝŽŶƐǇƐƚĞŵƐ͟ͿŽĨ ĞĂĐŚĚĞǀĞůŽƉŵĞŶƚƐŚĂůůďĞĚĞƐŝŐŶĞĚƚŽĂůůŽǁǀĞŚŝĐƵůĂƌ͕ďŝĐǇĐůĞ͕ĂŶĚƉĞĚĞƐƚƌŝĂŶĐƌŽƐƐͲĂĐĐĞƐƐ ďĞƚǁĞĞŶƚŚĞĐŝƌĐƵůĂƚŝŽŶƐǇƐƚĞŵƐŽĨƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚĂŶĚƚŚĞĐŝƌĐƵůĂƚŝŽŶƐǇƐƚĞŵƐ ŽĨĞǆŝƐƚŝŶŐŽƌĂůůŽǁĂďůĞĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚŽŶĂĚũŽŝŶŝŶŐůŽƚƐ͘dŚĞŝƌĞĐƚŽƌŵĂǇĂĚũƵƐƚŽƌ ǁĂŝǀĞƚŚŝƐƌĞƋƵŝƌĞŵĞŶƚŝĨƚŚĞŝƌĞĐƚŽƌĚĞƚĞƌŵŝŶĞƐƚŚĂƚŝƚŝƐƵŶůŝŬĞůǇƚŚĂƚƚŚĞĐƌŽƐƐͲĂĐĐĞƐƐ ƉƌŽǀŝƐŝŽŶƐǁŝůůďĞĂǀĂŝůĂďůĞŽŶƚŚĞĂĚũŽŝŶŝŶŐůŽƚǁŝƚŚŝŶĂƌĞĂƐŽŶĂďůĞƉĞƌŝŽĚŽĨƚŝŵĞ͘ ;ϮͿ^ŝĚĞǁĂůŬƐƐŚĂůůďĞƉƌŽǀŝĚĞĚŽŶďŽƚŚƐŝĚĞƐŽĨƚŚĞƐƚƌĞĞƚ͕ĂŶĚƐŚĂůůĐŽŵƉůǇǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ ƐƚĂŶĚĂƌĚƐ͗ ŶĚƚŚ Ă͘KŶƉƌŽƉĞƌƚǇĨƌŽŶƚŝŶŐE͘Žƌ^͘ƌŽĂĚǁĂǇ͕^t͘Ϯ͘^ƚ͕Žƌ^͘ϰ^ƚͬ͘ŽůůĞŐĞǀŝĞǁƌ͕͘ 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,D ;ϭͿ^ƵƌĨĂĐĞWĂƌŬŝŶŐ Ă͘EŽƉƌŝŵĂƌǇƵƐĞƐƵƌĨĂĐĞƉĂƌŬŝŶŐůŽƚƵŶƌĞůĂƚĞĚƚŽĂƉĂƌŬĂŶĚƌŝĚĞůŽĐĂƚŝŽŶĚĞƐŝŐŶĂƚĞĚďǇ ƚŚĞŝƚǇƐŚĂůůďĞůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞdKŝƐƚƌŝĐƚ͘ ď͘WƌŝŵĂƌǇƵƐĞƐƵƌĨĂĐĞƉĂƌŬŝŶŐůŽƚƐŝŶƉĂƌŬĂŶĚƌŝĚĞůŽĐĂƚŝŽŶƐĚĞƐŝŐŶĂƚĞĚďǇƚŚĞŝƚǇ͕ĂŶĚ ƌĞƋƵŝƌĞĚŽƌƉĞƌŵŝƚƚĞĚĂĐĐĞƐƐŽƌǇƉĂƌŬŝŶŐůŽƚƐƐŚĂůůĐŽŵƉůǇǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐƐƚĂŶĚĂƌĚƐ͗ ϭ͘EŽƉŽƌƚŝŽŶŽĨƚŚĞƉĂƌŬŝŶŐůŽƚƐŚĂůůďĞůŽĐĂƚĞĚǁŝƚŚŝŶϮϬĨĞĞƚŽĨĂŶǇůŽƚůŝŶĞĨĂĐŝŶŐ ĂƉƵďůŝĐŽƌƉƌŝǀĂƚĞƐƚƌĞĞƚ;ŶŽƚŝŶĐůƵĚŝŶŐĂůůĞǇƐͿ͕ŽƌĐůŽƐĞƌƚŽĂŶǇƉƵďůŝĐŽƌƉƌŝǀĂƚĞ ƐƚƌĞĞƚ;ŶŽƚŝŶĐůƵĚŝŶŐĂůůĞǇƐͿƚŚĂŶƚŚĞĨĂĕĂĚĞŽĨĂƉƌŝŵĂƌǇƐƚƌƵĐƚƵƌĞ͕ǁŚŝĐŚĞǀĞƌ ƌĞƋƵŝƌĞƐƚŚĞŐƌĞĂƚĞƌĚŝƐƚĂŶĐĞĨƌŽŵƚŚĞĨƌŽŶƚůŽƚůŝŶĞ͘ Ϯ͘dŚĞĂƌĞĂďĞƚǁĞĞŶĞĂĐŚĞĚŐĞŽĨƚŚĞƉĂƌŬŝŶŐůŽƚĨĂĐŝŶŐĂƉƵďůŝĐŽƌƉƌŝǀĂƚĞƐƚƌĞĞƚ ĂŶĚƚŚĂƚƐƚƌĞĞƚƐŚĂůůďĞŽĐĐƵƉŝĞĚďǇĂƉĞĚĞƐƚƌŝĂŶŐĂƚŚĞƌŝŶŐƐƉĂĐĞǁŝƚŚƐĞĂƚŝŶŐ͕Ă ďŝĐǇĐůĞƉĂƌŬŝŶŐĂƌĞĂ͕ŽƌĂůĂŶĚƐĐĂƉĞĚďƵĨĨĞƌĂƚůĞĂƐƚϲĨĞĞƚŝŶǁŝĚƚŚ͘ ϯ͘^ƵƌĨĂĐĞƉĂƌŬŝŶŐůŽƚƐǁŝƚŚŵŽƌĞƚŚĂŶϭϬϬƉĂƌŬŝŶŐƐƉĂĐĞƐƐŚĂůůďĞŽƌŐĂŶŝǌĞĚŝŶƚŽ ƐŵĂůůĞƌŵŽĚƵůĞƐƚŚĂƚĐŽŶƚĂŝŶϱϬŽƌĨĞǁĞƌƐƉĂĐĞƐĞĂĐŚĂŶĚƚŚĂƚĂƌĞǀŝƐƵĂůůǇ ƐĞƉĂƌĂƚĞĚĨƌŽŵŽƚŚĞƌƉĂƌŬŝŶŐŵŽĚƵůĞƐďǇďƵŝůĚŝŶŐƐŽƌůĂŶĚƐĐĂƉĞĚĂƌĞĂƐ͘ ϰ͘^ƵƌĨĂĐĞƉĂƌŬŝŶŐůŽƚƐĂŶĚƐƚƌƵĐƚƵƌĞƐĐŽŶƚĂŝŶŝŶŐŵŽƌĞƚŚĂŶϱϬƉĂƌŬŝŶŐƐƉĂĐĞƐƐŚĂůů ƉƌŽǀŝĚĞĐůĞĂƌůǇŝĚĞŶƚŝĨŝĞĚƉĞĚĞƐƚƌŝĂŶƌŽƵƚĞƐďĞƚǁĞĞŶƉĂƌŬŝŶŐĂƌĞĂƐĂŶĚƚŚĞ ƉƌŝŵĂƌǇƉĞĚĞƐƚƌŝĂŶĞŶƚƌĂŶĐĞ;ƐͿƚŽƚŚĞďƵŝůĚŝŶŐ;ƐͿƐĞƌǀĞĚďǇƚŚĞƉĂƌŬŝŶŐĂƌĞĂƐ͘ dŚĞƉĞĚĞƐƚƌŝĂŶƌŽƵƚĞƐƐŚĂůůďĞĚĞƐŝŐŶĞĚĂŶĚůŽĐĂƚĞĚƚŽŵŝŶŝŵŝǌĞƚŚĞƉĞĚĞƐƚƌŝĂŶ ƌŽƵƚĞƐŝŶƚĞƌĨĂĐĞǁŝƚŚƚƌĂĨĨŝĐĐŝƌĐƵůĂƚŝŽŶƌŽƵƚĞƐ͕ĂŶĚƚŽƉƌŽǀŝĚĞƉĞĚĞƐƚƌŝĂŶ ǁĂůŬǁĂǇƐǁŝƚŚĚŝƌĞĐƚƉĞĚĞƐƚƌŝĂŶĂŶĚĂĐĐĞƐƐƚŽƚŚĞƉƌŝŵĂƌǇďƵŝůĚŝŶŐ ĞŶƚƌĂŶĐĞ;ƐͿ͘ ;ϮͿWĂƌŬŝŶŐ'ĂƌĂŐĞ EŽƉƌŝŵĂƌǇƵƐĞƉĂƌŬŝŶŐŐĂƌĂŐĞƵŶƌĞůĂƚĞĚƚŽĂƉĂƌŬĂŶĚƌŝĚĞůŽĐĂƚŝŽŶƐŚĂůůďĞůŽĐĂƚĞĚ ǁŝƚŚŝŶƚŚĞdKŝƐƚƌŝĐƚ͘/ŶƉĂƌŬĂŶĚƌŝĚĞůŽĐĂƚŝŽŶƐĚĞƐŝŐŶĂƚĞĚďǇƚŚĞŝƚǇ͗ ĂͿdŚĞƐƚƌĞĞƚͲĨĂĐŝŶŐĨĂĕĂĚĞŽĨƚŚĞƉĂƌŬŝŶŐŐĂƌĂŐĞƐŚĂůůŚĂǀĞĂŵŝŶŝŵƵŵĨůŽŽƌͲƚŽͲĐĞŝůŝŶŐ ŚĞŝŐŚƚŽĨϭϯĨĞĞƚĨŽƌĂĚĞƉƚŚŽĨĂƚůĞĂƐƚϯϬĨĞĞƚĨƌŽŵƚŚĞƐƚƌĞĞƚƚŽĂůůŽǁĨŽƌĐŽŶǀĞƌƐŝŽŶƚŽ ĂŶŽŶͲƉĂƌŬŝŶŐƵƐĞŝŶƚŚĞĨƵƚƵƌĞ͘ ďͿdŚĞĨĂĕĂĚĞŽĨĂƉĂƌŬŝŶŐƐƚƌƵĐƚƵƌĞĨĂĐŝŶŐĂƐƚƌĞĞƚƐŚĂůůĐŽŵƉůǇǁŝƚŚƚŚĞWĂƌŬŝŶŐ ^ƚƌƵĐƚƵƌĞͬEĞǁƵŝůĚŝŶŐƉƉĞĂƌĂŶĐĞ'ƵŝĚĞůŝŶĞƐŝŶ^ĞĐƚŝŽŶϲϯ͘ϰϮϳ^ƵďĚ͘ϭϮ͘,͘ ŝĐǇĐůĞWĂƌŬŝŶŐ ^ƵďĚ͘ϵ͘ ŝĐǇĐůĞƉĂƌŬŝŶŐƐŚĂůůďĞƉƌŽǀŝĚĞĚĂƚĂƌĂƚĞŽĨϭƉĞƌϱƌĞƋƵŝƌĞĚĂƵƚŽŵŽďŝůĞƉĂƌŬŝŶŐƐƉĂĐĞƐ͕ƵƉƚŽϭϬ ďŝĐǇĐůĞƐƉĂĐĞƐ͕ĂŶĚƚŚĞŶĂƚĂƌĂƚĞŽĨϭƉĞƌϮϬĂƵƚŽŵŽďŝůĞƉĂƌŬŝŶŐƐƉĂĐĞƐ͕ǁŝƚŚĂŵŝŶŝŵƵŵŽĨϱďŝĐǇĐůĞ ƉĂƌŬŝŶŐƐƉĂĐĞƐ͘ WĞĚĞƐƚƌŝĂŶĂŶĚ^ŝƚĞĞƐŝŐŶ^ƚĂŶĚĂƌĚƐ ^ƵďĚ͘ϭϬ͘ ͘ůůĚĞǀĞůŽƉŵĞŶƚƐŝŶƚŚĞdKŝƐƚƌŝĐƚƐŚĂůůĐŽŵƉůǇǁŝƚŚƚŚĞWĞĚĞƐƚƌŝĂŶĂŶĚ^ŝƚĞĞƐŝŐŶ^ƚĂŶĚĂƌĚƐ ŝŶ^ĞĐƚŝŽŶƐϲϯ͘ϮϳϬƚŚƌŽƵŐŚϲϯ͘ϮϳϱŽĨƚŚŝƐ>ĂŶĚĞǀĞůŽƉŵĞŶƚDĂŶƵĂůǁŝƚŚƚŚĞĞǆĐĞƉƚŝŽŶŽĨƚŚĞ ĨŽůůŽǁŝŶŐƐƉĞĐŝĨŝĐƐƚĂŶĚĂƌĚƐ͗ ;ϭͿϲϯ͘ϮϳϮ͕^ƵďĚŝǀŝƐŝŽŶƐϮĂŶĚϯ͖ ;ϮͿϲϯ͘Ϯϳϯ͕^ƵďĚŝǀŝƐŝŽŶƐϯĂŶĚϱ͖ĂŶĚ ;ϯͿϲϯ͘Ϯϳϰ͕^ƵďĚŝǀŝƐŝŽŶϰ͘ ϵ 3DFNHW3J ,D ͘tŚĞƌĞƚŚĞƐƚĂŶĚĂƌĚƐŽĨƚŚĞdKŝƐƚƌŝĐƚĂƌĞŝŶĐŽŶĨůŝĐƚǁŝƚŚƚŚĞWĞĚĞƐƚƌŝĂŶĂŶĚ^ŝƚĞĞƐŝŐŶ ^ƚĂŶĚĂƌĚƐ͕ƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐdKŝƐƚƌŝĐƚƐŚĂůůŐŽǀĞƌŶ͘ ŽŶƐŽůŝĚĂƚŝŽŶŽƌ^ƵďĚŝǀŝƐŝŽŶŽĨǆŝƐƚŝŶŐ>ŽƚƐ͗ ^ƵďĚ͘ϭϭ͘EŽĐŽŶƐŽůŝĚĂƚŝŽŶŽĨƚǁŽŽƌŵŽƌĞůŽƚƐĞǆŝƐƚŝŶŐ ŽŶƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƚŚŝƐƐĞĐƚŝŽŶŝŶƚŽĂƉĂƌĐĞůŽĨŽŶĞĂĐƌĞŽƌůĂƌŐĞƌƐŚĂůůďĞĂƉƉƌŽǀĞĚ͕ĂŶĚŶŽ ƐƵďĚŝǀŝƐŝŽŶŽĨůŽƚƐĞǆŝƐƚŝŶŐŽŶƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƚŚŝƐƐĞĐƚŝŽŶƐŚĂůůďĞĂƉƉƌŽǀĞĚ͕ƵŶůĞƐƐƚŚĞĂƉƉůŝĐĂŶƚ ŚĂƐƐƵďŵŝƚƚĞĚĂ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶĚĞŵŽŶƐƚƌĂƚŝŶŐƚŚĂƚĂŚŝŐŚůĞǀĞůŽĨƉĞĚĞƐƚƌŝĂŶ͕ďŝĐǇĐůĞ͕ĂŶĚ ŵŽƚŽƌǀĞŚŝĐůĞĐŽŶŶĞĐƚŝǀŝƚǇǁŝůůďĞŵĂŝŶƚĂŝŶĞĚƚŚƌŽƵŐŚƚŚĞĐŽŶƐŽůŝĚĂƚĞĚŽƌƐƵďĚŝǀŝĚĞĚƉĂƌĐĞůŽƌƉĂƌĐĞůƐ͕ ĂŶĚƚŚĞŝƚǇŚĂƐĂƉƉƌŽǀĞĚƚŚĂƚƉůĂŶĂƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŐŽĂůƐŽĨƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶĂŶĚǁŝƚŚĂŶǇ ŽƚŚĞƌĂƉƉƌŽǀĞĚĐŽŶŶĞĐƚŝǀŝƚǇƉůĂŶƐĨŽƌĂďƵƚƚŝŶŐŽƌŶĞĂƌďǇƉƌŽƉĞƌƚŝĞƐ͘ 'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶZĞƋƵŝƌĞĚ ^ƵďĚ͘ϭϮ͘ ͘ĂĐŚƉƌŽƉĞƌƚǇůŽĐĂƚĞĚŝŶĂdKEŽĚĞƚŚĂƚĐŽŶƚĂŝŶƐŵŽƌĞƚŚĂŶϭϬĂĐƌĞƐŽĨƐŝƚĞĂƌĞĂ;ƚĂŬĞŶ ŝŶĚŝǀŝĚƵĂůůǇŽƌǁŝƚŚĂĚũĂĐĞŶƚƉĂƌĐĞůƐŝŶĐŽŵŵŽŶŽƌƌĞůĂƚĞĚŽǁŶĞƌƐŚŝƉͿƐŚĂůůŽďƚĂŝŶĂƉƉƌŽǀĂůŽĨĂ 'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶƉƌŝŽƌƚŽĂƉƉƌŽǀĂůŽĨĂƐŝƚĞƉůĂŶŽƌŝƐƐƵĂŶĐĞŽĨĂďƵŝůĚŝŶŐƉĞƌŵŝƚĨŽƌ ĐŽŶƐƚƌƵĐƚŝŽŶŽĨĂŶĞǁƉƌŝŵĂƌǇƐƚƌƵĐƚƵƌĞ͘ ͘dŚĞ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶƌĞƋƵŝƌĞĚďǇƐƵďƐĞĐƚŝŽŶϭϮ͘ĂďŽǀĞƐŚĂůůĐŽǀĞƌĞŝƚŚĞƌ;ĂͿĂůůŽĨ ƚŚĞƉƌŽƉĞƌƚǇŝŶƚŚĞdKEŽĚĞ͕Žƌ;ďͿĂůůŽĨƚŚĞƉƌŽƉĞƌƚǇŝŶĐŽŵŵŽŶŽƌƌĞůĂƚĞĚŽǁŶĞƌƐŚŝƉǁŝƚŚŝŶ ƚŚĞdKEŽĚĞ͕Žƌ;ĐͿĂůůŽĨƚŚĞƉƌŽƉĞƌƚǇŝŶĐŽŵŵŽŶŽƌƌĞůĂƚĞĚŽǁŶĞƌƐŚŝƉǁŝƚŚŝŶĂƉŽƌƚŝŽŶŽĨƚŚĞ dKEŽĚĞďŽƵŶĚĞĚƚŚĂƚŝƐƐĞƉĂƌĂƚĞĚĨƌŽŵŽƚŚĞƌƉŽƌƚŝŽŶƐŽĨƚŚĞdKEŽĚĞďǇĂƌƚĞƌŝĂůŽƌ ĐŽůůĞĐƚŽƌƐƚƌĞĞƚƐ͘ ͘dŚĞ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶƌĞƋƵŝƌĞĚďǇƐƵďƐĞĐƚŝŽŶϭϮ͘ƐŚĂůůĚĞƐŝŐŶĂƚĞƚŚĞĨŽůůŽǁŝŶŐ͗ ;ϭͿKŶĞƉĞĚĞƐƚƌŝĂŶͲŽƌŝĞŶƚĞĚƐƚƌĞĞƚŽƌǁĂůŬǁĂǇƐǇƐƚĞŵĞǆƚĞŶĚŝŶŐĨƌŽŵƚŚĞŶĞĂƌĞƐƚƚƌĂŶƐŝƚƐƚŽƉ 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ŽƌƉƌŝǀĂƚĞƐƚƌĞĞƚĂŶĚĂŶǇƉŽƌƚŝŽŶŽĨĂŶǇĨĂĕĂĚĞŽĨƚŚĞƉƌŝŵĂƌǇďƵŝůĚŝŶŐĨĂĐŝŶŐƚŚĂƚƐƚƌĞĞƚ͖ ĂŶĚ ͘ĞĂĐĐĞƐƐĞĚĚŝƌĞĐƚůǇĨƌŽŵ͕ŽƌďĞůŽĐĂƚĞĚŽŶĂůŽƚ;ƐͿǁŝƚŚĂĐƵƌďĐƵƚŽŶƚŽ͕E͘Žƌ^͘ ŶĚƚŚ ƌŽĂĚǁĂǇ͕^t͘Ϯ^ƚ͕͘Žƌ^ϰ^ƚͬ͘ŽůůĞŐĞǀŝĞǁZĚ͘ ϲϮ͘ϳϮϳ DŝǆĞĚhƐĞĞǀĞůŽƉŵĞŶƚ͕KƚŚĞƌŝƐƚƌŝĐƚƐ͗ ϲϮ͘ϳϮϳdŚĞĨŽůůŽǁŝŶŐĐƌŝƚĞƌŝĂƐŚĂůůĂƉƉůǇƚŽŵŝǆĞĚƵƐĞ ĚĞǀĞůŽƉŵĞŶƚƐŝŶŶŽŶƌĞƐŝĚĞŶƚŝĂůĚŝƐƚƌŝĐƚƐ͗ ϭͿZĞƐŝĚĞŶƚŝĂůƵƐĞƐŝŶŶŽŶƌĞƐŝĚĞŶƚŝĂůĂƌĞĂƐŽĨƚŚĞĞŶƚƌĂůĞǀĞůŽƉŵĞŶƚŽƌĞŵĞĞƚŝŶŐƚŚĞ ƐƚĂŶĚĂƌĚƐĨŽƌƉĞƌŵŝƚƚĞĚƌĞƐŝĚĞŶƚŝĂůƵƐĞƐŝŶƚŚĞZͲϰŝƐƚƌŝĐƚŵĂǇďĞĂƉƉƌŽǀĞĚĂƐĂdǇƉĞ/ ƵƐĞƐƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƚŚĂƚƚŚĞƌĞƐŝĚĞŶƚŝĂůƵƐĞƐŚĂůůŶŽƚďĞůŽĐĂƚĞĚŽŶƚŚĞŐƌŽƵŶĚ ůĞǀĞůŽĨƐƵĐŚĂĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞĞŶƚƌĂůƵƐŝŶĞƐƐŝƐƚƌŝĐƚŽƌ&ƌŝŶŐĞĂƌĞĂŽĨƚŚĞĞŶƚƌĂů ĞǀĞůŽƉŵĞŶƚŽƌĞ͘/ŶĂĚĚŝƚŝŽŶ͕ůĂŶĚƐĐĂƉĞĂƌĞĂŶĞĞĚŽŶůǇŵĞĞƚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌ ƉĞƌŵŝƚƚĞĚŶŽŶƌĞƐŝĚĞŶƚŝĂůƵƐĞƐŝŶƚŚĞĚŝƐƚƌŝĐƚ͕ĂŶĚƚŚĞƌĞƋƵŝƌĞĚƵƐĂďůĞƌĞĐƌĞĂƚŝŽŶĂƌĞĂĐĂŶ ďĞƌĞĚƵĐĞĚďǇϳϱƉĞƌĐĞŶƚŝĨƚŚĞĚĞǀĞůŽƉŵĞŶƚŝƐǁŝƚŚŝŶϭͬϰŵŝůĞŽĨĂĐŝƚǇƉĂƌŬŽƌ ƌĞĐƌĞĂƚŝŽŶĂůĂƌĞĂ͘ ϮͿǆĐĞƉƚŝŶƚŚĞdKŝƐƚƌŝĐƚ͕ƚŚĞƐƚĂŶĚĂƌĚƐŽĨƚŚĞZͲϯŝƐƚƌŝĐƚƐŚĂůůďĞƵƐĞĚĂƐĂŐƵŝĚĞĨŽƌĂŶǇ ƌĞƐŝĚĞŶƚŝĂůƵƐĞŝŶĂDŝǆĞĚhƐĞĞǀĞůŽƉŵĞŶƚŝŶĂŶǇEŽŶƌĞƐŝĚĞŶƚŝĂůŝƐƚƌŝĐƚŽƵƚƐŝĚĞŽĨƚŚĞ ϭϯ 3DFNHW3J ,D ĞŶƚƌĂůĞǀĞůŽƉŵĞŶƚŽƌĞ͕ĂŶĚƐŚĂůůďĞƉƌŽĐĞƐƐĞĚƵŶĚĞƌĂdǇƉĞ///ZĞǀŝĞǁWƌŽĐĞĚƵƌĞ͕ ǁŝƚŚƚŚĞWŚĂƐĞ///,ĞĂƌŝŶŐWƌŽĐĞƐƐƵƐĞĚ͘ ϯͿ/ŶƚŚĞdKŝƐƚƌŝĐƚ͕ƚŚĞƐƚĂŶĚĂƌĚƐŽĨƚŚĞͲ&ƌŝŶŐĞŝƐƚƌŝĐƚƐŚĂůůďĞƵƐĞĚĂƐĂŐƵŝĚĞĨŽƌ ĂŶǇƌĞƐŝĚĞŶƚŝĂůƵƐĞŝŶĂDŝǆĞĚhƐĞĞǀĞůŽƉŵĞŶƚ͕ĂŶĚƐŚĂůůďĞƉƌŽĐĞƐƐĞĚƵƐŝŶŐƚŚĞƚǇƉĞ;ƐͿ ŽĨZĞǀŝĞǁWƌŽĐĞĚƵƌĞƐůŝƐƚĞĚĨŽƌƚŚĞŝŶĐůƵĚĞĚƵƐĞƐŝŶƌƚŝĐůĞϲϮ͘yyydKŝƐƚƌŝĐƚ'ĞŶĞƌĂů ĞǀĞůŽƉŵĞŶƚ^ƚĂŶĚĂƌĚƐ͘/ĨƚŚĞŝŶĐůƵĚĞĚƵƐĞƐĂƌĞůŝƐƚĞĚǁŝƚŚĚŝĨĨĞƌĞŶƚZĞǀŝĞǁWƌŽĐĞĚƵƌĞƐ͕ ƚŚĞZĞǀŝĞǁWƌŽĐĞĚƵƌĞƌĞƋƵŝƌŝŶŐƚŚĞŚŝŐŚĞƌůĞǀĞůŽĨƌĞǀŝĞǁƐŚĂůůďĞƵƐĞĚ͘ ϰͿEŽŶƌĞƐŝĚĞŶƚŝĂůƵƐĞƐŶŽƚŶŽƌŵĂůůǇƉĞƌŵŝƚƚĞĚŝŶƚŚĞƵŶĚĞƌůǇŝŶŐĚŝƐƚƌŝĐƚƐŚĂůůƵƐĞĂƐ ŐƵŝĚĞůŝŶĞƐƚŚĞƐƚĂŶĚĂƌĚƐĨŽƌƉĞƌŵŝƚƚĞĚƵƐĞƐŝŶƚŚĞƵŶĚĞƌůǇŝŶŐǌŽŶŝŶŐĚŝƐƚƌŝĐƚ͕ĂŶĚƐŚĂůůďĞ ƉƌŽĐĞƐƐĞĚƵŶĚĞƌĂdǇƉĞ///ZĞǀŝĞǁWƌŽĐĞĚƵƌĞ͕ǁŝƚŚƚŚĞWŚĂƐĞ///,ĞĂƌŝŶŐWƌŽĐĞƐƐƵƐĞĚ͘ ϱͿKƚŚĞƌƵƐĞƐŝŶĂŶǇĚĞǀĞůŽƉŵĞŶƚĚŝƐƚƌŝĐƚĐƌĞĂƚĞĚƉƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌ ϰϳϮŵĂǇďĞĐŽŶƐŝĚĞƌĞĚďǇƚŚĞŽŵŵŝƐƐŝŽŶĂŶĚŽƵŶĐŝůƐƵďũĞĐƚƚŽƚŚĞĂƉƉƌŽǀĂůĐƌŝƚĞƌŝĂ ĂƉƉůŝĐĂďůĞƚŽDŝǆĞĚhƐĞĞǀĞůŽƉŵĞŶƚ͕ĂŶĚƐŚĂůůďĞƉƌŽĐĞƐƐĞĚƵŶĚĞƌĂdǇƉĞ///ZĞǀŝĞǁ WƌŽĐĞĚƵƌĞ͕ǁŝƚŚƚŚĞWŚĂƐĞ///,ĞĂƌŝŶŐWƌŽĐĞƐƐƵƐĞĚ͘ 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