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ĂŶĚ͞d͟ĨŽƌƚŚŝƐƉƌŽƉĞƌƚǇ͘ĚĚŝƚŝŽŶĂůĂŶĚŵŽƌĞĚĞƚĂŝůĞĚƐŝƚĞƉůĂŶĂŶĂůǇƐŝƐǁŝůůŽĐĐƵƌŝŶƚŚĞƐĞĐŽŶĚƉŚĂƐĞ ŽĨƌĞǀŝĞǁǁŚĞŶƚŚĞ&ŝŶĂů^ŝƚĞWůĂŶŝƐƐƵďŵŝƚƚĞĚ͘ ^ĞƚďĂĐŬ͕>ŝŐŚƚŝŶŐΘ^ŝŐŶĂŐĞ dŚĞŽŶůǇƉƌĞǀŝŽƵƐůǇĞƐƚĂďůŝƐŚĞĚƐĞƚďĂĐŬŝƐĨŽƌĨƌŽŶƚǇĂƌĚĂƚϭϱĨĞĞƚ͘dŚŝƐĂůŽŶŐǁŝƚŚƚŚĞĞǆƚĞƌŝŽƌůŝŐŚƚŝŶŐ ĂŶĚƐŝŐŶĂŐĞƐƚĂŶĚĂƌĚƐĂƌĞĐŽŶƐŝƐƚĞŶƚĨŽƌĂůůƉƌŽƉĞƌƚŝĞƐǁŝƚŚŝŶƚŚĞϰϭ^ƚƌĞĞƚWůĂǌĂ^ƉĞĐŝĂůŝƐƚƌŝĐƚĂŶĚŶŽ ^d ĐŚĂŶŐĞƐĂƌĞƉƌŽƉŽƐĞĚƚŽĚĞǀŝĂƚĞŝŶƚŚŝƐĂŵĞŶĚŵĞŶƚ͘ Z/dZ/Θ&/E/E'^ WůĂŶŶŝŶŐ^ƚĂĨĨŚĂƐƌĞǀŝĞǁĞĚƚŚĞƌĞƋƵĞƐƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨKƌĚŝŶĂŶĐĞηϮϮϰϳ͕ƚŚĞ 'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶ͕ƉƌĞǀŝŽƵƐůǇĂƉƉƌŽǀĞĚWƌŽũĞĐƚĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚ>D^ĞĐƚŝŽŶϲϬ͘ϯϮϳ;^͕ ^ƉĞĐŝĂůŝƐƚƌŝĐƚƐͿ͕>D^ĞĐƚŝŽŶƐϲϭ͘ϭϰϲ͕;^ƚĂŶĚĂƌĚƐĨŽƌŽŶĚŝƚŝŽŶĂůhƐĞƐͿĂŶĚϲϮ͘Ϭϳϴ^ƵďĚ͘Ϯ͕;&ŝŶĚŝŶŐƐ ĨŽƌƚŚĞĂƉƉƌŽǀĂůŽĨĂWƌĞůŝŵŝŶĂƌǇdǇƉĞ///ĞǀĞůŽƉŵĞŶƚWůĂŶͿƉƌŽǀŝĚĞƚŚĞĨŽůůŽǁŝŶŐĨŝŶĚŝŶŐƐ͘ >ĂŶĚĞǀĞůŽƉŵĞŶƚDĂŶƵĂů^ĞĐƚŝŽŶϲϭ͘ϲϰ ^ĞĐƚŝŽŶϲϭ͘ϭϰϲŽĨƚŚĞ>DŝŶĚŝĐĂƚĞƐƚŚĂƚƉƌŽũĞĐƚƐƐŚĂůůďĞĂƉƉƌŽǀĞĚƵŶůĞƐƐŽŶĞŽƌŵŽƌĞŽĨƚŚĞĨŽůůŽǁŝŶŐ ŶŝŶĞĨŝŶĚŝŶŐƐ;ĨŽůůŽǁŝŶŐŝŶďŽůĚͿĐĂŶďĞŵĂĚĞ͘^ƚĂĨĨƉƌŽǀŝĚĞƐĂŶĂůǇƐŝƐͬĨŝŶĚŝŶŐƐƌĞŐĂƌĚŝŶŐĞĂĐŚŽĨƚŚĞƐĞ ĚŝƌĞĐƚůǇĂĨƚĞƌƚŚĞƐƚĂƚĞŵĞŶƚ͘ 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KŶůǇĂƵƚŚŽƌŝǌĞĚĞůĞĐƚƌŝĐŝĂŶƐĂƌĞĂůůŽǁĞĚƚŽƉĞƌĨŽƌŵǁŽƌŬŽŶƉƌŝŵĂƌǇĞůĞĐƚƌŝĐĂůƐǇƐƚĞŵƐ͘ ͘dŚĞũŽďƐŝƚĞĞŵƉůŽǇĞĞŽƌŝĞŶƚĂƚŝŽŶǁŝůůĐŽŶƐŝƐƚŽĨƚŚĞƐƵƉĞƌŝŶƚĞŶĚĞŶƚͬĨŽƌĞŵĂŶƌĞǀŝĞǁŝŶŐũŽďƐŝƚĞ x ůůĐŝƌĐƵŝƚƐŵƵƐƚďĞĚĞͲĞŶĞƌŐŝǌĞĚǁŝƚŚĂƉƉƌŽƉƌŝĂƚĞůŽĐŬŽƵƚͬƚĂŐŽƵƚƉƌŽĐĞĚƵƌĞƐŝŶƉůĂĐĞǁŚĞŶƌĞƋƵŝƌĞĚ͘ ƌƵůĞƐĂŶĚũŽďƐŝƚĞƐƉĞĐŝĨŝĐŚĂǌĂƌĚƐǁŚŝĐŚĂƌĞŽƵƚůŝŶĞĚŝŶƚŚĞ:ŽďƐŝƚĞŵƉůŽǇĞĞKƌŝĞŶƚĂƚŝŽŶ x /ĚĞŶƚŝĨǇƉŽǁĞƌůŝŶĞƐĂŶĚĚĞƚĞƌŵŝŶĞƉƌŽƉĞƌƐĂĨĞƚǇƉƌĞĐĂƵƚŝŽŶƐ͘ĞͲĞŶĞƌŐŝǌĞͬƌĞůŽĐĂƚĞͬĚŝƐƚĂŶĐĞ͘ ϲ͘&ĂůůWƌŽƚĞĐƚŝŽŶ͗ ŚĞĐŬůŝƐƚ;ƉƉĞŶĚŝǆ͍Ϳ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞƐƵƉĞƌŝŶƚĞŶĚĞŶƚͬĨŽƌĞŵĂŶǁŝůůĞŶĚĞĂǀŽƌƚŽŶŽƚĞĂŶǇ x ϭϬϬйƚŝĞŽĨĨŝƐƌĞƋƵŝƌĞĚǁŚĞŶĞǆƉŽƐĞĚƚŽĂĨĂůůƉŽƚĞŶƚŝĂůϲ͛ŽƌŐƌĞĂƚĞƌĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂůůK^, ƐƉĞĐŝĂůǁŽƌŬĐŽŶĚŝƚŝŽŶƐͬŚĂǌĂƌĚƐƚŚĂƚŵĂǇďĞƉƌĞƐĞŶƚƚŚĞĚĂǇŽĨƚŚĞŽƌŝĞŶƚĂƚŝŽŶ͘ ƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĂƉƉůŝĐĂďůĞƐĐŽƉĞƐŽĨǁŽƌŬŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͕ƚŚĞĨŽůůŽǁŝŶŐ͗ƐƚĞĞůĞƌĞĐƚŝŽŶ͕ ͘dŚĞǁŽƌŬĞƌǁŝůůƚŚĞŶǀŝĞǁĂŶĞǁĞŵƉůŽǇĞĞŽƌŝĞŶƚĂƚŝŽŶǀŝĚĞŽŝĨƚŚĞǇŚĂǀĞŶŽƚĂůƌĞĂĚǇĚŽŶĞƐŽ͘ ŽǀĞƌŚĂŶĚďƌŝĐŬůĂǇŝŶŐ͕ĐĞƌƚĂŝŶƌŽŽĨŝŶŐĂĐƚŝǀŝƚŝĞƐĂŶĚǁŽƌŬŝŶŐĨƌŽŵůĂĚĚĞƌƐŽƌƐĐĂĨĨŽůĚŝŶŐ͘ tŽƌŬĞƌƐĂƌĞƌĞƋƵŝƌĞĚƚŽǁĂƚĐŚƚŚĞ<:ŽďƐŝƚĞŵƉůŽǇĞĞKƌŝĞŶƚĂƚŝŽŶǀŝĚĞŽĂƚĂŵŝŶŝŵƵŵŽĨ x 'ƵĂƌĚƌĂŝůƐŵƵƐƚďĞĐŽŶƐƚƌƵĐƚĞĚͬĂŶĚŵĂŝŶƚĂŝŶĞĚƉĞƌK^,ƌĞƋƵŝƌĞŵĞŶƚƐ͘ ŽŶĐĞƉĞƌĐĂůĞŶĚĂƌǇĞĂƌ͘ x ůůŽƉĞŶŝŶŐƐϮŝŶĐŚĞƐŽƌŐƌĞĂƚĞƌŵƵƐƚďĞĐŽǀĞƌĞĚ͕ƐĞĐƵƌĞĚĂŶĚĐĂƉĂďůĞŽĨǁŝƚŚƐƚĂŶĚŝŶŐϮƚŝŵĞƐƚŚĞ ŵĂǆŝŵƵŵŝŶƚĞŶĚĞĚůŽĂĚĂŶĚŵĂƌŬĞĚĂƉƉƌŽƉƌŝĂƚĞůǇǁŝƚŚƚŚĞǁŽƌĚ͞,ŽůĞ͟Žƌ͞ŽǀĞƌ͘͟ ͘tŽƌŬĞƌƐĂƌĞƌĞƋƵŝƌĞĚƚŽƐŝŐŶŽĨĨŽŶƚŚĞ:ŽďƐŝƚĞKƌŝĞŶƚĂƚŝŽŶŚĞĐŬůŝƐƚĐŬŶŽǁůĞĚŐĞŵĞŶƚĨŽƌŵ x ůůĨĂůůƉƌŽƚĞĐƚŝŽŶŵƵƐƚďĞŝŶƐƉĞĐƚĞĚĚĂŝůǇĂŶĚƵƚŝůŝǌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂůůK^,ƌĞƋƵŝƌĞŵĞŶƚƐ͘ ĂŶĚǁŝůůƚŚĞŶƌĞĐĞŝǀĞĂŚĂƌĚŚĂƚĚĞĐĂůŝŶĚŝĐĂƚŝŶŐĐŽŵƉůĞƚŝŽŶ͘ x /ŵƉĂůĞŵĞŶƚƉƌŽƚĞĐƚŝŽŶƐŚĂůůďĞƵƚŝůŝǌĞĚŽŶĂůůŝŵƉĂůĞŵĞŶƚŚĂǌĂƌĚƐ͘ ͘ĚĂƚĞǁŝůůďĞŵĂƌŬĞĚŽŶƚŚĞĚĞĐĂůŝŶĚŝĐĂƚŝŶŐƚŚĞĚĂǇƚŚĞǁŽƌŬĞƌƉĂƌƚŝĐŝƉĂƚĞĚŝŶƚŚĞũŽďƐŝƚĞ x >ĂĚĚĞƌƐŵƵƐƚďĞŝŶƐƉĞĐƚĞĚĚĂŝůǇ͕ĞƌĞĐƚĞĚƉƌŽƉĞƌůǇ͕ĂŶĚƵƚŝůŝǌĞĚŵĞĞƚŝŶŐĂůůK^,ƌĞƋƵŝƌĞŵĞŶƚƐ͘ ĞŵƉůŽǇĞĞŽƌŝĞŶƚĂƚŝŽŶĂŶĚǀŝĞǁĞĚƚŚĞǀŝĚĞŽ͘ x ^ĐĂĨĨŽůĚƐŵƵƐƚďĞĞƌĞĐƚĞĚďǇĂĐŽŵƉĞƚĞŶƚƉĞƌƐŽŶĂŶĚŵĞĞƚĂůůĂƉƉůŝĐĂďůĞK^,ƌĞƋƵŝƌĞŵĞŶƚƐ͘ &͘,ĂƌĚŚĂƚĚĞĐĂůƐǁŝůůďĞƉůĂĐĞĚŽŶƚŚĞŚĂƌĚŚĂƚ͘ &ŝƌĞWƌŽƚĞĐƚŝŽŶ͗ ϳ ͘ x ůůŝŶĚŝǀŝĚƵĂůƐŵƵƐƚďĞƚƌĂŝŶĞĚŝŶƚŚĞƉƌŽƉĞƌƵƐĞĂŶĚŝŶƐƉĞĐƚŝŽŶŽĨĨŝƌĞĨŝŐŚƚŝŶŐĞƋƵŝƉŵĞŶƚ͘ 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ϯϯϬƌŽĂĚǁĂǇǀĞŶƵĞ^ŽƵƚŚ;ŽůƵŵďŝĂ,ŽƚĞůͿ ϱϭ ϰϬϬƌŽĂĚǁĂǇǀĞŶƵĞ^ŽƵƚŚ;ZŝǀĞƌƐŝĚĞƵŝůĚŝŶŐͿ ϱϯ Ɛƚ ϮϬϮϭǀĞŶƵĞ^ŽƵƚŚǁĞƐƚ;͘&͘DĂƐƐĞǇŽ͘Ϳ ϱϱ ϮϭϬϭ ƐƚǀĞŶƵĞ^ŽƵƚŚǁĞƐƚ;ůĂŬĞůǇƵŝůĚŝŶŐͿ ϱϳ Ɛƚ ϮϭϮϭǀĞŶƵĞ^ŽƵƚŚǁĞƐƚ;ZŽĐŚĞƐƚĞƌŽŵŵĞƌĐŝĂůůƵďƵŝůĚŝŶŐͿ ϱϵ Ϯϭϲϭ ƐƚǀĞŶƵĞ^ŽƵƚŚǁĞƐƚ;,ŽůůĂŶĚ͛Ɛ&ŽŽĚ^ŚŽƉͿ ϲϬ Ɛƚ ϮϮϬϭǀĞŶƵĞ^ŽƵƚŚǁĞƐƚ;^ƚĞďďŝŶƐƵŝůĚŝŶŐͿ ϲϮ ϮϮϰϭ ƐƚǀĞŶƵĞ^ŽƵƚŚǁĞƐƚ;ŝƚǇ,ĂůůͿ ϲϰ Ɛƚ ϯϬϰϭǀĞŶƵĞ^ŽƵƚŚǁĞƐƚ;tŝůůŝĂŵƐůŽĐŬͿ ϲϲ ϯϭϴϭ ƐƚǀĞŶƵĞ^ŽƵƚŚǁĞƐƚ;ϯϭϴŽŵŵŽŶƐͿ ϲϳ Ɛƚ ϯϮϰϭǀĞŶƵĞ^ŽƵƚŚǁĞƐƚ;ŽŵŵĞƌĐŝĂůƵŝůĚŝŶŐͿ ϲϴ ϳϮ ŶĚ^ƚƌĞĞƚ^ŽƵƚŚǁĞƐƚ;KůŵƐƚĞĚŽƵŶƚƌǇĂŶŬĂŶĚdƌƵƐƚŽŵƉĂŶǇͿ ϳϬ ŶĚ ϭϱͲϮϭϮ^ƚƌĞĞƚ^ŽƵƚŚǁĞƐƚ;EŽƌƚŚǁĞƐƚĞƌŶEĂƚŝŽŶĂůĂŶŬŽĨZŽĐŚĞƐƚĞƌͿ ϳϭ ϮϯϮ ŶĚ^ƚƌĞĞƚ^ŽƵƚŚǁĞƐƚ;/͘K͘K͘&͘>ŽĚŐĞηϭϯͿ ϳϮ ϰϰƌĚ^ƚƌĞĞƚ^ŽƵƚŚǁĞƐƚ;hŶŝŽŶEĂƚŝŽŶĂůĂŶŬƵŝůĚŝŶŐͿ ϳϯ ϭϬϯ ƌĚ^ƚƌĞĞƚ^ŽƵƚŚǁĞƐƚ;<ĞŶŶĞĚǇƵŝůĚŝŶŐͿ ϳϰ ƌĚ ϭϰϯ^ƚƌĞĞƚ^ŽƵƚŚǁĞƐƚ;>ĂǁůĞƌ>ĂƵŶĚƌǇƵŝůĚŝŶŐ&ĂĕĂĚĞͿ ϳϱ ϭϳϰ ƚŚ^ƚƌĞĞƚ^ŽƵƚŚǁĞƐƚ;,ŽƚĞů&ƌĂŶĐŝƐͿ ϳϲ WĂƌƚϲƉƉĞŶĚŝĐĞƐ ƉƉĞŶĚŝǆ͗dĂďůĞŽĨŽŶƚƌŝďƵƚŝŶŐĂŶĚEŽŶͲŽŶƚƌŝďƵƚŝŶŐWƌŽƉĞƌƚŝĞƐ ϳϲ ϴϭ ƉƉĞŶĚŝǆ͗tŽƌŬƐŽŶƐƵůƚĞĚ ϴϯ ƉƉĞŶĚŝǆ͗ĚĚŝƚŝŽŶĂůWƌĞƐĞƌǀĂƚŝŽŶKƉƉŽƌƚƵŶŝƚŝĞƐ 3DFNHW3J .E yhd/s^hDDZz ĞƐŝŐŶĂƚŝŽŶ^ƚƵĚǇWƵƌƉŽƐĞĂŶĚĂĐŬŐƌŽƵŶĚ 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DŝŶŶĞĂƉŽůŝƐDŽƌŶŝŶŐdƌŝďƵŶĞ͕ ͞ĂǇƚŽŶ͛ƐƵǇƐƵŝůĚŝŶŐŝŶZŽĐŚĞƐƚĞƌ͕͟ƵŐƵƐƚϭϳ͕ϭϵϱϲ͘ ϯϭ ϭϬϲ'ƌŽƵƉ͕ϯϮ͘ ϯϮ /ďŝĚ͘ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J .E 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J .E /E/s/h>WZKWZdz^^^^DEd^ )HEUXDU\ 3DFNHW3J .E ZŽĐŚĞƐƚĞƌŽǁŶƚŽǁŶŽŵŵĞƌĐŝĂů,ŝƐƚŽƌŝĐŝƐƚƌŝĐƚ <z E ŝƐƚƌŝĐƚŽƵŶĚĂƌǇ ŽŶƚƌŝďƵƟŶŐWƌŽƉĞƌƚǇ EŽƚƚŽ^ĐĂůĞ EŽŶͲĐŽŶƚƌŝďƵƟŶŐWƌŽƉĞƌƚǇ ϮŶĚ^ƚ^t ϰƚŚ^ƚ^t ϱƚŚ^ƚ^t 'HVLJQDWLRQ6WXG\)HEUXDU\ 3DFNHW3J .E ϭϵϱƌŽĂĚǁĂǇǀĞŶƵĞ^ŽƵƚŚ ,ŝƐƚŽƌŝĐEĂŵĞ͗ĂǇƚŽŶ͛ƐĞƉĂƌƚŵĞŶƚ^ƚŽƌĞ ŽŶƐƚƌƵĐƚŝŽŶĂƚĞ͗ϭϵϱϰ ŝƐƚƌŝĐƚ^ƚĂƚƵƐ͗ŽŶƚƌŝďƵƚŝŶŐ ƵŝůĚŝŶŐĞƐĐƌŝƉƚŝŽŶ dŚĞĂǇƚŽŶ͛ƐĞƉĂƌƚŵĞŶƚ^ƚŽƌĞďƵŝůĚŝŶŐǁĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶ ϭϵϱϰdŚĞďƵŝůĚŝŶŐŝƐϳƐƚŽƌŝĞƐǁŝƚŚĂĨůĂƚƌŽŽĨĂŶĚƌĞĐĞƐƐĞĚ ƌŽŽĨƚŽƉƉĞŶƚŚŽƵƐĞ͘dŚĞĚŽƵďůĞͲŚĞŝŐŚƚĨŝƌƐƚůĞǀĞůŽĨƚŚĞ ďƵŝůĚŝŶŐŝƐĐůĂĚŝŶŐƌĂŶŝƚĞ͘ĚŽƵďůĞͲŚĞŝŐŚƚƌĞĐĞƐƐĞĚĐŽƌŶĞƌ ĞŶƚƌǇŝƐůŽĐĂƚĞĚĂƚƚŚĞďƵŝůĚŝŶŐ͛ƐƐŽƵƚŚĞĂƐƚĐŽƌŶĞƌ͘dŚĞƵƉƉĞƌ ůĞǀĞůƐĂƌĞĐůĂĚŝŶďƌŝĐŬǁŝƚŚĂŶŽǀĞƌĂůůƉĂƚƚĞƌŶŽĨǀĞƌƚŝĐĂů ďƌŝĐŬĚĞƚĂŝůƐƚŚĂƚƐƚĂŶĚƉƌŽƵĚŽĨƚŚĞƌĞƐƚŽĨƚŚĞĨĂĕĂĚĞ͘EŽŶͲ ŚŝƐƚŽƌŝĐƉƵŶĐŚĞĚǁŝŶĚŽǁŽƉĞŶŝŶŐƐĂƚƚŚĞƵƉƉĞƌůĞǀĞůƐǁĞƌĞ ĐƵƚŝŶƚŽƚŚĞďƵŝůĚŝŶŐĨŽůůŽǁŝŶŐƚŚĞƉĞƌŝŽĚŽĨƐŝŐŶŝĨŝĐĂŶĐĞ͘ ĂǇƚŽŶ͛ƐĞƉĂƌƚŵĞŶƚ^ƚŽƌĞ͕ĞĂƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐ ƵŝůĚŝŶŐhƐĞ ǁĞƐƚ͕ϮϬϭϳ͕WsE Ǥ dŚĞZŽĐŚĞƐƚĞƌĂǇƚŽŶ͛ƐǁĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϵϱϰ͕ĂƐƚŚĞĨŝƌƐƚ ďƌĂŶĐŚŽĨƚŚĞĚŽǁŶƚŽǁŶDŝŶŶĞĂƉŽůŝƐͲďĂƐĞĚĚĞƉĂƌƚŵĞŶƚ ƐƚŽƌĞ͘dŚĞďƵŝůĚŝŶŐĨƵŶĐƚŝŽŶĞĚĂƐĂĂǇƚŽŶ͛ƐƚŚƌŽƵŐŚƚŚĞĞŶĚ ŽĨƚŚĞƉĞƌŝŽĚŽĨƐŝŐŶŝĨŝĐĂŶĐĞĨŽƌƚŚĞŝƐƚƌŝĐƚ͘ ĂǇƚŽŶ͛ƐĞƉĂƌƚŵĞŶƚ^ƚŽƌĞ͕ǁĞƐƚĂŶĚƐŽƵƚŚ ĨĂĕĂĚĞƐ͕ĨĂĐŝŶŐǁĞƐƚͬŶŽƌƚŚǁĞƐƚ͕ϭϵϲϯ͕ŝŵĂŐĞ ĐŽƵƌƚĞƐǇŽĨƚŚĞ,ŝƐƚŽƌǇĞŶƚĞƌŽĨKůŵƐƚĞĚŽƵŶƚǇ͕ ĚĞƚĂŝůŽĨ͞^ƚƌĞĞƚ^ĐĞŶĞ͟ϮϬϬϱ͘ϭϬϱ͘ϬϮϴ Ǥ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J .E ϯϬϳƌŽĂĚǁĂǇǀĞŶƵĞ^ŽƵƚŚ ,ŝƐƚŽƌŝĐEĂŵĞ͗ůĂƵƐĞŶĂŶĚĚůĞƌ,ĂƌĚǁĂƌĞ ŽŶƐƚƌƵĐƚŝŽŶĂƚĞ͗ϭϴϳϬ ŝƐƚƌŝĐƚ^ƚĂƚƵƐ͗ŽŶƚƌŝďƵƚŝŶŐ ƵŝůĚŝŶŐĞƐĐƌŝƉƚŝŽŶ dŚĞůĂƵƐĞŶĂŶĚĚůĞƌ,ĂƌĚǁĂƌĞďƵŝůĚŝŶŐŝƐĂƚǁŽͲƐƚŽƌǇ ƉĂŝŶƚĞĚďƌŝĐŬďƵŝůĚŝŶŐƚŚĂƚŝƐƉĂƌƚŽĨƚŚĞĐŽŶƚŝŐƵŽƵƐƌŽǁŽĨ ďƵŝůĚŝŶŐƐĨƌŽŶƚŝŶŐƚŚĞǁĞƐƚƐŝĚĞŽĨƌŽĂĚǁĂǇǀĞŶƵĞ ƌĚƚŚ ďĞƚǁĞĞŶϯĂŶĚϰ^ƚƌĞĞƚƐ^ŽƵƚŚǁĞƐƚ͘dŚĞďƵŝůĚŝŶŐŚĂƐĂ ĨůĂƚƌŽŽĨǁŝƚŚƚĞƌƌĂĐŽƚƚĂĐŽƉŝŶŐ͘dŚĞĨŝƌƐƚƐƚŽƌǇŝƐĐůĂĚǁŝƚŚ ŶŽŶͲŚŝƐƚŽƌŝĐǁŽŽĚƉĂŶĞůŝŶŐĂŶĚĂŶŽŶͲŚŝƐƚŽƌŝĐƐƚŽƌĞĨƌŽŶƚ ǁŝŶĚŽǁƐǇƐƚĞŵ͘ƐŝŶŐůĞŵĞƚĂůƐǁŝŶŐĚŽŽƌŝƐůŽĐĂƚĞĚĂƚƚŚĞ ŶŽƌƚŚƐŝĚĞŽĨƚŚĞďƵŝůĚŝŶŐ͘ŵĞƚĂůĂǁŶŝŶŐĞǆƚĞŶĚƐƚŚĞĨƵůů ůĞŶŐƚŚŽĨƚŚĞďƵŝůĚŝŶŐĂďŽǀĞƚŚĞƐƚŽƌĞĨƌŽŶƚƐǇƐƚĞŵ͘ ůĂƵƐĞŶĂŶĚĚůĞƌ,ĂƌĚǁĂƌĞ͕ĞĂƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐ ŽƌďĞůůĞĚďƌŝĐŬŝƐůŽĐĂƚĞĚĂďŽǀĞƚŚĞĂǁŶŝŶŐďĞƚǁĞĞŶƚŚĞ ǁĞƐƚ͕ϮϬϭϳ͕WsE͘ ĨŝƌƐƚĂŶĚƐĞĐŽŶĚůĞǀĞůƐ͘&ŽƵƌƌĞƉůĂĐĞŵĞŶƚĚŽƵďůĞͲŚƵŶŐŵĞƚĂů ĨƌĂŵĞǁŝŶĚŽǁƐĂƌĞůŽĐĂƚĞĚĂƚƚŚĞƐĞĐŽŶĚůĞǀĞůĂďŽǀĞĂ ĐŽŶƚŝŶƵŽƵƐďƌŝĐŬƐŝůů͘ ƵŝůĚŝŶŐhƐĞ dŚĞďƵŝůĚŝŶŐŚĂƐŚŽƵƐĞĚĂǀĂƌŝĞƚǇŽĨĐŽŵŵĞƌĐŝĂůĞŶƚĞƌƉƌŝƐĞƐ ƚŚƌŽƵŐŚŽƵƚŝƚƐŚŝƐƚŽƌǇ͘dŚĞďƵŝůĚŝŶŐǁĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϴϳϬ͘ Ŷϭϴϴϰ^ĂŶďŽƌŶDĂƉŝĚĞŶƚŝĨŝĞƐƚŚĞďƵŝůĚŝŶŐĂƐĂŚĂƌĚǁĂƌĞ ƐƚŽƌĞ͘ŝƚǇĚŝƌĞĐƚŽƌŝĞƐďĞŐŝŶŶŝŶŐŝŶϭϵϬϬĂůƐŽŝĚĞŶƚŝĨǇƚŚĞ ďƵŝůĚŝŶŐĂƐĂŚĂƌĚǁĂƌĞƐƚŽƌĞʹĨŝƌƐƚĂƐůĂƵƐĞŶĂŶĚĚůĞƌ͕ĂŶĚ ůĂƚĞƌĂƐĚůĞƌ͕sŝŶƐƚĂĚƚΘ<ƌƵŐĞƌ͖ĚůĞƌĂŶĚ<ƌƵŐĞƌ͕ĂŶĚ ďĞŐŝŶŶŝŶŐŝŶϭϵϮϬ͕ĂƐ>ŝĚĚůĞ,ĂƌĚǁĂƌĞ͘/Ŷϭϵϰϱ͕ƚŚĞďƵŝůĚŝŶŐ ŝƐŝĚĞŶƚŝĨŝĞĚĂƐƚŚĞ,ŽůůǇǁŽŽĚĂƌĂŶĚĂĨĠ͕ǁŚŝĐŚĐŽŶƚŝŶƵĞĚ ƚŽŽƉĞƌĂƚĞƚŚƌŽƵŐŚƚŚĞĞŶĚŽĨƚŚĞŝƐƚƌŝĐƚ͛ƐƉĞƌŝŽĚŽĨ ƐŝŐŶŝĨŝĐĂŶĐĞ͘ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J .E ϯϬϵƌŽĂĚǁĂǇǀĞŶƵĞ^ŽƵƚŚ ,ŝƐƚŽƌŝĐEĂŵĞ͗&͘:͘WĂŝŶĞŽ͘ ŽŶƐƚƌƵĐƚŝŽŶĂƚĞ͗ϭϴϴϱ ŝƐƚƌŝĐƚ^ƚĂƚƵƐ͗ŽŶƚƌŝďƵƚŝŶŐ ƵŝůĚŝŶŐĞƐĐƌŝƉƚŝŽŶ dŚĞ&͘:͘WĂŝŶĞŽŵƉĂŶǇŝƐĂƚǁŽͲƐƚŽƌǇďƌŝĐŬďƵŝůĚŝŶŐƚŚĂƚŝƐ ƉĂƌƚŽĨƚŚĞĐŽŶƚŝŐƵŽƵƐƌŽǁŽĨďƵŝůĚŝŶŐƐĨƌŽŶƚŝŶŐƚŚĞǁĞƐƚ ƌĚƚŚ ƐŝĚĞŽĨƌŽĂĚǁĂǇǀĞŶƵĞďĞƚǁĞĞŶϯĂŶĚϰ^ƚƌĞĞƚƐ ^ŽƵƚŚǁĞƐƚ͘dŚĞďƵŝůĚŝŶŐŚĂƐĂĨůĂƚƌŽŽĨǁŝƚŚƚĞƌƌĂĐŽƚƚĂ ĐŽƉŝŶŐ͘hŶƉĂŝŶƚĞĚƌĞƉůĂĐĞŵĞŶƚďƌŝĐŬŚĂƐďĞĞŶŝŶƐƚĂůůĞĚĂƚ ƚŚĞĨŝƌƐƚƐƚŽƌǇ͘ƐŝŶŐůĞŵĞƚĂůĨƌĂŵĞǁŝŶĚŽǁĂŶĚƐǁŝŶŐĚŽŽƌ ĂƌĞůŽĐĂƚĞĚĂƚƚŚĞĨŝƌƐƚůĞǀĞů͘ŶĂƚƚĂĐŚĞĚƐŝŐŶŝƐůŽĐĂƚĞĚ ĂďŽǀĞƚŚĞĨŝƌƐƚůĞǀĞůǁŝŶĚŽǁĂŶĚĞǆƚĞŶĚƐƚŚĞůĞŶŐƚŚŽĨƚŚĞ ďƵŝůĚŝŶŐ͘dŚƌĞĞƌĞƉůĂĐĞŵĞŶƚĨŽƵƌͲŽǀĞƌͲŽŶĞǁŝŶĚŽǁƐǁŝƚŚ &͘:͘WĂŝŶĞŽ͕͘ĞĂƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐǁĞƐƚ͕ϮϬϭϳ͕WsE͘ďƌŝĐŬƐŝůůƐĂƌĞůŽĐĂƚĞĚĂƚƚŚĞƐĞĐŽŶĚůĞǀĞů͘ZŽǁƐŽĨĐŽƌďĞůůĞĚ ďƌŝĐŬĂƌĞůŽĐĂƚĞĚŶĞĂƌƚŚĞƉĂƌĂƉĞƚ͘ ƵŝůĚŝŶŐhƐĞ dŚĞďƵŝůĚŝŶŐŚŽƵƐĞĚĂďĂŬĞƌǇƉƌŝŽƌƚŽďĞŝŶŐĂĐƋƵŝƌĞĚďǇƚŚĞ &͘:͘WĂŝŶĞŽŵƉĂŶǇĂŶĚƵƚŝůŝǌĞĚĂƐƉĂƌƚWĂŝŶĞ͛ƐĨƵƌŶŝƚƵƌĞ ďƵƐŝŶĞƐƐ͘ KůŵƐƚĞĚŽƵŶƚǇĂƐƐĞƐƐŽƌƌĞĐŽƌĚƐŝĚĞŶƚŝĨǇƚŚĞďƵŝůĚŝŶŐĂƐ ďĞŝŶŐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϴϴϱ͖ŚŽǁĞǀĞƌƚŚĞďƵŝůĚŝŶŐĂůƌĞĂĚǇ ĂƉƉĞĂƌƐŽŶĂŶϭϴϴϰ^ĂŶďŽƌŶDĂƉ͘dŚĞϭϴϴϰ^ĂŶďŽƌŶDĂƉ ŝĚĞŶƚŝĨŝĞƐƚŚĞďƵŝůĚŝŶŐĂƐĂďĂŬĞƌǇ͘ŝƚǇĚŝƌĞĐƚŽƌŝĞƐďĞƚǁĞĞŶ ϭϵϬϬĂŶĚϭϵϭϱŝĚĞŶƚŝĨǇƚŚĞďƵŝůĚŝŶŐĂƐƚŚĞ,͘͘^ƚĞĚŵĂŶ ĂŬĞƌǇ͕,ƵďďĂƌĚƌŽƚŚĞƌƐ;ďĂŬĞƌǇͿ͕ĂŶĚt͘,͘ƌŽǁŶĂŶĚ ^ŽŶƐ;ďĂŬĞƌǇͿ͘ϭϵϮϬ^ĂŶďŽƌŶDĂƉŝĚĞŶƚŝĨŝĞƐƚŚĞďƵŝůĚŝŶŐĂƐ ĂŐƌŽĐĞƌǇ͘/ŶϭϵϮϳ͕ƚŚĞ&͘:͘WĂŝŶĞŽ͘;ĨƵƌŶŝƚƵƌĞĚĞĂůĞƌĂŶĚ &͘:͘WĂŝŶĞŽ͕ĞĂƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐŶŽƌƚŚǁĞƐƚ͕Đ͘ ƵŶĚĞƌƚĂŬĞƌͿ͕ǁŚŝĐŚŚĂĚďĞĞŶŽƉĞƌĂƚŝŶŐŽƵƚŽĨϯϭϭͲϯϭϯ ϭϵϲϱ͕ŝŵĂŐĞĐŽƵƌƚĞƐǇŽĨƚŚĞ,ŝƐƚŽƌǇĞŶƚĞƌŽĨ ƌŽĂĚǁĂǇǀĞŶƵĞ^ŽƵƚŚƐŝŶĐĞϭϵϬϮ͕ƉƵƌĐŚĂƐĞĚϯϬϵ KůŵƐƚĞĚŽƵŶƚǇ͕ĚĞƚĂŝůŽĨ͞^ƚƌĞĞƚ^ĐĞŶĞ͟ ϮϬϬϱ͘ϭϬϱ͘ϬϰϬ͘ ƌŽĂĚǁĂǇĂŶĚĞǆƉĂŶĚĞĚŝŶƚŽƚŚĞƐƉĂĐĞ͘dŚĞďƵŝůĚŝŶŐ ĨƵŶĐƚŝŽŶĞĚĂƐƉĂƌƚŽĨƚŚĞ&͘:͘WĂŝŶĞŽ͘ƚŚƌŽƵŐŚƚŚĞĞŶĚŽĨ ƚŚĞŝƐƚƌŝĐƚ͛ƐƉĞƌŝŽĚŽĨƐŝŐŶŝĨŝĐĂŶĐĞ͘&͘:͘WĂŝŶĞŽ͘ĐůŽƐĞĚŝŶ ϮϬϬϳ͘ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J .E ϯϭϭͲϯϭϯƌŽĂĚǁĂǇǀĞŶƵĞ^ŽƵƚŚ ,ŝƐƚŽƌŝĐEĂŵĞ͗&͘:͘WĂŝŶĞŽ͘ƵŝůĚŝŶŐͬWĂůĂĐĞůŽĐŬ ŽŶƐƚƌƵĐƚŝŽŶĂƚĞ͗ϭϴϳϯ ŝƐƚƌŝĐƚ^ƚĂƚƵƐ͗ŽŶƚƌŝďƵƚŝŶŐ ƵŝůĚŝŶŐĞƐĐƌŝƉƚŝŽŶ dŚĞ&͘:͘WĂŝŶĞŽ͘ƵŝůĚŝŶŐͬWĂůĂĐĞůŽĐŬŝƐĂƚǁŽͲƐƚŽƌǇďƌŝĐŬ ďƵŝůĚŝŶŐƚŚĂƚŝƐƉĂƌƚŽĨƚŚĞĐŽŶƚŝŐƵŽƵƐƌŽǁŽĨďƵŝůĚŝŶŐƐ ƌĚ ĨƌŽŶƚŝŶŐƚŚĞǁĞƐƚƐŝĚĞŽĨƌŽĂĚǁĂǇǀĞŶƵĞďĞƚǁĞĞŶϯĂŶĚ ƚŚ ϰ^ƚƌĞĞƚƐ^ŽƵƚŚǁĞƐƚ͘dŚĞďƵŝůĚŝŶŐŝƐĚĞƐŝŐŶĞĚŝŶƚŚĞ /ƚĂůŝĂŶĂƚĞƐƚǇůĞ͘dŚĞĨŝƌƐƚůĞǀĞůŝŶĐůƵĚĞƐƚǁŽďĂŶŬƐŽĨ ƐƚŽƌĞĨƌŽŶƚǁŝŶĚŽǁƐĨůĂŶŬŝŶŐĂĚĞĞƉůǇƌĞĐĞƐƐĞĚĐĞŶƚƌĂůĞŶƚƌǇ͘ ^ŵĂůůƚĞǆƚƵƌĞĚŐůĂƐƐďůŽĐŬƐĂƌĞůŽĐĂƚĞĚĂďŽǀĞƚŚĞƐƚŽƌĞĨƌŽŶƚ ǁŝŶĚŽǁƐĂƚƚƌĂŶƐŽŵůĞǀĞů͘dŚĞĞŶƚƌǇŝŶĐůƵĚĞƐĂƚŝůĞĚĨůŽŽƌ ƚŚĂƚƐĂǇƐ͞WĂŝŶĞ͛Ɛ͕͟ĂƚŝŶĐĞŝůŝŶŐ͕ĂŶĚƉĂŝƌĞĚĚŽƵďůĞĚŽŽƌƐ͘ &͘:͘WĂŝŶĞŽͬ͘WĂůĂĐĞůŽĐŬ͕ĞĂƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐ ŽƌďĞůůĞĚďƌŝĐŬĚĞƚĂŝůŝŶŐŝƐůŽĐĂƚĞĚĂďŽǀĞƚŚĞĨŝƌƐƚůĞǀĞů͕ĂŶĚ ǁĞƐƚ͕ϮϬϭϳ͕WsE͘ ĂƚƚŚĞƐĞĐŽŶĚůĞǀĞůĐŽƌŶŝĐĞ͘^ĞĐŽŶĚůĞǀĞůǁŝŶĚŽǁƐĂƌĞĨŽƵƌͲ ŽǀĞƌͲŽŶĞŵŽĚĞƌŶƌĞƉůĂĐĞŵĞŶƚƐǁŝƚŚĂƌĐŚĞĚƐƚŽŶĞŚĞĂĚĞƌƐ ĂŶĚĐĂƌǀĞĚŬĞǇƐƚŽŶĞƐ͘dŚĞŚĞĂĚĞƌƐŚĂǀĞďĞĞŶƉĂŝŶƚĞĚ͘ dŚĞďƵŝůĚŝŶŐŝƐĐĂƉƉĞĚǁŝƚŚĂŚŝƉƉĞĚƌŽŽĨ͘ ƵŝůĚŝŶŐhƐĞ dŚĞ&͘:͘WĂŝŶĞŽŵƉĂŶǇƵŝůĚŝŶŐͬWĂůĂĐĞůŽĐŬǁĂƐ ĐŽŶƐƚƌƵĐƚĞĚŝŶϭϴϳϯĂŶĚŽƌŝŐŝŶĂůůǇŬŶŽǁŶĂƐƚŚĞWĂůĂĐĞ ůŽĐŬ͘EĞǁƐƉĂƉĞƌĂĚǀĞƌƚŝƐĞŵĞŶƚƐĨƌŽŵϭϴϳϴĂŶĚϭϴϳϵ ĂŶŶŽƵŶĐĞƚŚĞŽƉĞŶŝŶŐŽĨ͘EĞůƐŽŶ͛ƐDĂŵŵŽƚŚ^ƚŽƌĞ͕ĂĚƌǇ ŐŽŽĚƐƐƚŽƌĞ͕ŝŶƚŚĞWĂůĂĐĞůŽĐŬ͘ dŚĞ&͘:͘WĂŝŶĞŽ͘;ĨƵƌŶŝƚƵƌĞĚĞĂůĞƌĂŶĚƵŶĚĞƌƚĂŬĞƌͿŽƉĞŶĞĚ ŝŶƚŚĞďƵŝůĚŝŶŐŽŶEŽǀĞŵďĞƌϮϲ͕ϭϵϬϮĂŶĚĐŽŶƚŝŶƵŽƵƐůǇ ŽƉĞƌĂƚĞĚŝŶƚŚĞƐƉĂĐĞƵŶƚŝůĐůŽƐŝŶŐŝŶϮϬϬϳ͘ &͘:͘WĂŝŶĞŽͬ͘WĂůĂĐĞůŽĐŬ͕ĞĂƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐ ŶŽƌƚŚǁĞƐƚ͕Đ͘ϭϵϲϱ͕ŝŵĂŐĞĐŽƵƌƚĞƐǇŽĨƚŚĞ,ŝƐƚŽƌǇ ĞŶƚĞƌŽĨKůŵƐƚĞĚŽƵŶƚǇ͕ĚĞƚĂŝůŽĨ͞^ƚƌĞĞƚ^ĐĞŶĞ͟ ϮϬϬϱ͘ϭϬϱ͘ϬϰϬ͘ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI .E ϯϭϱͲϯϭϳƌŽĂĚǁĂǇǀĞŶƵĞ^ŽƵƚŚ ,ŝƐƚŽƌŝĐEĂŵĞ͗ĂĐŚDƵƐŝĐŽŵƉĂŶǇ ŽŶƐƚƌƵĐƚŝŽŶĂƚĞ͗ϭϴϴϱ ŝƐƚƌŝĐƚ^ƚĂƚƵƐ͗ŽŶƚƌŝďƵƚŝŶŐ ƵŝůĚŝŶŐĞƐĐƌŝƉƚŝŽŶ dŚĞŽŵŵĞƌĐŝĂůƵŝůĚŝŶŐŝƐĂƚǁŽͲƐƚŽƌǇďƌŝĐŬďƵŝůĚŝŶŐƚŚĂƚŝƐ ƉĂƌƚŽĨƚŚĞĐŽŶƚŝŐƵŽƵƐƌŽǁŽĨďƵŝůĚŝŶŐƐĨƌŽŶƚŝŶŐƚŚĞǁĞƐƚ ƌĚƚŚ ƐŝĚĞŽĨƌŽĂĚǁĂǇǀĞŶƵĞďĞƚǁĞĞŶϯĂŶĚϰ^ƚƌĞĞƚƐ ^ŽƵƚŚǁĞƐƚ͘dŚĞĨŝƌƐƚƐƚŽƌǇŝŶĐůƵĚĞƐƚǁŽƐƚŽƌĞĨƌŽŶƚƐĨůĂŶŬŝŶŐĂ ĐĞŶƚƌĂůĞŶƚƌǇ͘dŚĞƐƚŽƌĞĨƌŽŶƚƐŝŶĐůƵĚĞŵŽĚĞƌŶĂǁŶŝŶŐƐ͘ ĐŽƵƌƐĞŽĨĐŽƌďĞůůĞĚďƌŝĐŬƐĞƉĂƌĂƚĞƐƚŚĞĨŝƌƐƚĂŶĚƐĞĐŽŶĚ ůĞǀĞůƐ͘dŚĞƐĞĐŽŶĚůĞǀĞůŝŶĐůƵĚĞƐƉƵŶĐŚĞĚǁŝŶĚŽǁŽƉĞŶŝŶŐƐ ǁŝƚŚƐĞŐŵĞŶƚĂůĂƌĐŚĞĚŚĞĂĚĞƌƐ͘dŚĞǁŝŶĚŽǁƐĂƌĞ ƌĞƉůĂĐĞŵĞŶƚŽŶĞͲŽǀĞƌͲŽŶĞǁŝƚŚĚŽƵďůĞŚƵŶŐǀŝŶǇůǁŝŶĚŽǁƐ ĂĐŚDƵƐŝĐŽŵƉĂŶǇ͕ĞĂƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐǁĞƐƚ͕ǁŝƚŚƚƌĂŶƐŽŵƐ͘ĚĚŝƚŝŽŶĂůŽƌŶĂƚĞĐŽƌďĞůůŝŶŐŝƐůŽĐĂƚĞĚĂƚƚŚĞ ϮϬϭϳ͕WsE͘ ƉĂƌĂƉĞƚ͘dŚĞďƵŝůĚŝŶŐŚĂƐĂĨůĂƚƌŽŽĨ͘ ƵŝůĚŝŶŐhƐĞ dŚĞďƵŝůĚŝŶŐǁĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϴϴϱ͘ĞŐŝŶŶŝŶŐŝŶϭϵϬϬ͕ĐŝƚǇ ĚŝƌĞĐƚŽƌŝĞƐůŝƐƚƚŚĞďƵŝůĚŝŶŐĂƐŚŽƵƐŝŶŐZŽŵŵĞůů͛ƐDĞĂƚ DĂƌŬĞƚĂŶĚ,ĞŶĚƌŝĐŬƐĂŶĚKůƐŽŶ;ĚƌǇŐŽŽĚƐͿ͖ƚŚĞƐĞ ďƵƐŝŶĞƐƐĞƐĐŽŶƚŝŶƵĞƚŽŽĐĐƵƉǇƚŚĞďƵŝůĚŝŶŐƚŚƌŽƵŐŚϭϵϮϬ͘ ĞƚǁĞĞŶϭϵϯϬĂŶĚϭϵϰϴƚŚĞďƵŝůĚŝŶŐŚŽƵƐĞĚƚŚĞ^ŝŶŐĞƌ ^ĞǁŝŶŐDĂĐŚŝŶĞŽ͘ŽŶƚŚĞĨŝƌƐƚůĞǀĞůĂŶĚĂƉĂƌƚŵĞŶƚƐŽŶƚŚĞ ƐĞĐŽŶĚůĞǀĞů͘ ĞŐŝŶŶŝŶŐŝŶϭϵϰϴ͕ƚŚĞĂĐŚDƵƐŝĐŽ͘ŽĐĐƵƉŝĞĚƚŚĞďƵŝůĚŝŶŐ͘ ĂĐŚDƵƐŝĐŽ͘ǁĂƐĞƐƚĂďůŝƐŚĞĚŝŶZŽĐŚĞƐƚĞƌŝŶϭϴϵϮďǇ ďƌŽƚŚĞƌZĞŝŶŚŽůĚĂŶĚĚŽůƉŚĂĐŚ͘dŚĞďƵƐŝŶĞƐƐŵŽǀĞĚ ƚŚƌŽƵŐŚĂǀĂƌŝĞƚǇŽĨƐƚŽƌĞĨƌŽŶƚůŽĐĂƚŝŽŶƐŽŶƌŽĂĚǁĂǇ ǀĞŶƵĞĚƵƌŝŶŐƚŚĞĨŽůůŽǁŝŶŐϱϬǇĞĂƌƐ͘ǇƚŚĞƚŝŵĞƚŚĞ ďƵƐŝŶĞƐƐŵŽǀĞĚƚŽϯϭϱͲϯϭϳƌŽĂĚǁĂǇŝŶϭϵϰϴ͕ƚŚĞĂĐŚ DƵƐŝĐŽ͘ǁĂƐƵŶĚĞƌƐĞĐŽŶĚŐĞŶĞƌĂƚŝŽŶŽǁŶĞƌƐŚŝƉ͘ƵƌŝŶŐ ŝƚƐƚĞŶƵƌĞŝŶƚŚŝƐďƵŝůĚŝŶŐ͕͞ƚŚĞďƵƐŝŶĞƐƐŐƌĞǁƚŽĞŶĐŽŵƉĂƐƐ ĂĐŚDƵƐŝĐŽ͕͘ĞĂƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐŶŽƌƚŚǁĞƐƚ͕ ƚŚƌĞĞƐƚŽƌĞĨƌŽŶƚƐĂŶĚĂůĂƌŐĞĂƵĚŝƚŽƌŝƵŵ͘͟͞dŚĞƌĞǁĞƌĞϭϮ Đ͘ϭϵϯϳ͕ŝŵĂŐĞĐŽƵƌƚĞƐǇŽĨƚŚĞDŝŶŶĞƐŽƚĂ ĚĞƉĂƌƚŵĞŶƚƐʹƉŝĂŶŽƐ͕ƉŝĂŶŽƚƵŶŝŶŐĂŶĚƌĞƉĂŝƌ͕ďĂŶĚĂŶĚ ,ŝƐƚŽƌŝĐĂů^ŽĐŝĞƚǇ͕ĚĞƚĂŝůŽĨ͞ŽǁŶƚŽǁŶ^ƚƌĞĞƚ ŽƌĐŚĞƐƚƌĂŝŶƐƚƌƵŵĞŶƚƐ͕ŵƵƐŝĐĂůŝŶƐƚƌƵŵĞŶƚƌĞƉĂŝƌĂŶĚ ^ĐĞŶĞZŽĐŚĞƐƚĞƌ͟DϬϱ͘ϵZϮWϰ͘ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI .E ƌĞďƵŝůĚŝŶŐ͕ƌĂĚŝŽƐĂŶĚƌĂĚŝŽͲƉŚŽŶŽŐƌĂƉŚƐ͕ƉŚŽŶŽŐƌĂƉŚƐ͕ ƌĞĐŽƌĚƐ͕ƌĂĚŝŽƌĞƉĂŝƌĂŶĚƉĂƌƚƐ͕ƐŚĞĞƚŵƵƐŝĐ͕ĂƉƉůŝĂŶĐĞƐ͕ ĂƉƉůŝĂŶĐĞƌĞƉĂŝƌ͕ĂŶĚŵŽŶŽŐƌĂŵŵŝŶŐ͘͟dŚĞĂĐŚDƵƐŝĐŽ͘ ĐŽŶƚŝŶƵĞĚƚŽŽƉĞƌĂƚĞŝŶƚŚĞďƵŝůĚŝŶŐƚŚƌŽƵŐŚƚŚĞĞŶĚŽĨƚŚĞ ŝƐƚƌŝĐƚ͛ƐƉĞƌŝŽĚŽĨƐŝŐŶŝĨŝĐĂŶĐĞ͕ĂŶĚǁĂƐƐŽůĚƚŽ^ĐŚŵŝƚƚ DƵƐŝĐŝŶϭϵϳϭ͘ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJH .E ϯϭϴƌŽĂĚǁĂǇǀĞŶƵĞ^ŽƵƚŚ ,ŝƐƚŽƌŝĐEĂŵĞ͗͘:ũĞƌƌŝŶŐĂƌďĞƌƐŚŽƉͬũĞƌƌŝŶŐ,ŽƚĞů ŽŶƐƚƌƵĐƚŝŽŶĂƚĞ͗Đ͘ϭϴϴϰ ŝƐƚƌŝĐƚ^ƚĂƚƵƐ͗ŽŶƚƌŝďƵƚŝŶŐ ƵŝůĚŝŶŐĞƐĐƌŝƉƚŝŽŶ dŚĞ͘:͘ũĞƌƌŝŶŐĂƌďĞƌƐŚŽƉͬũĞƌƌŝŶŐ,ŽƚĞůŝƐƉĂƌƚŽĨƚŚĞ ĐŽŶƚŝŐƵŽƵƐƌŽǁŽĨďƵŝůĚŝŶŐƐĨƌŽŶƚŝŶŐƚŚĞĞĂƐƚƐŝĚĞŽĨ ƌĚƚŚ ƌŽĂĚǁĂǇǀĞŶƵĞďĞƚǁĞĞŶϯĂŶĚϰ^ƚƌĞĞƚƐ^ŽƵƚŚǁĞƐƚ͘ dŚĞďƵŝůĚŝŶŐŝƐƚŚƌĞĞƐƚŽƌŝĞƐƚĂůůǁŝƚŚĂĨůĂƚƌŽŽĨĂŶĚďƌŝĐŬ ĐůĂĚĚŝŶŐ͘ dŚĞĨŝƌƐƚƐƚŽƌǇŝŶĐůƵĚĞƐĂŐůĂƐƐĂŶĚŵĞƚĂůƐƚŽƌĞĨƌŽŶƚĂŶĚ ŵŽĚĞƌŶĂǁŶŝŶŐ͘dŚĞƐĞĐŽŶĚĂŶĚƚŚŝƌĚůĞǀĞůƐĞĂĐŚŝŶĐůƵĚĞ ƚŚƌĞĞŽŶĞͲŽǀĞƌͲŽŶĞĚŽƵďůĞͲŚƵŶŐŵĞƚĂůǁŝŶĚŽǁƐǁŝƚŚ ĐŽŶƚŝŶƵŽƵƐůŝŵĞƐƚŽŶĞƐŝůůƐ͘dŚĞƐĞĐŽŶĚƐƚŽƌǇǁŝŶĚŽǁƐŚĂǀĞ ͘:͘ũĞƌƌŝŶŐĂƌďĞƌƐŚŽƉͬũĞƌƌŝŶŐ,ŽƚĞů͕ǁĞƐƚ ĨůĂƚĂƌĐŚĞĚŚĞĂĚĞƌƐ͘dŚĞƚŚŝƌĚƐƚŽƌǇǁŝŶĚŽǁƐŚĂǀĞƌŽƵŶĚ ĨĂĕĂĚĞ͕ĨĂĐŝŶŐĞĂƐƚ͕ϮϬϭϳ͕WsE͘ ĂƌĐŚĞĚŚĞĂĚĞƌƐ͘ĐŽƌďĞůůĞĚĚĞƚĂŝůĂŶĚŵĞƚĂůĐĂƉĂƌĞůŽĐĂƚĞĚ ĂƚƚŚĞĐŽƌŶŝĐĞ͘ ƵŝůĚŝŶŐhƐĞ KůŵƐƚĞĚŽƵŶƚǇĂƐƐĞƐƐŽƌƌĞĐŽƌĚƐŝŶĚŝĐĂƚĞƚŚĂƚϯϭϴ^ŽƵƚŚ ƌŽĂĚǁĂǇǁĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϵϬϬ͖ŚŽǁĞǀĞƌ͕^ĂŶďŽƌŶŵĂƉƐ ƐŚŽǁĂďƵŝůĚŝŶŐĞǆŝƐƚŝŶŐĂƚƚŚŝƐůŽĐĂƚŝŽŶŝŶϭϴϴϰ͘^ĂŶďŽƌŶ ŵĂƉƐĨƌŽŵϭϴϴϰ͕ϭϴϵϬ͕ĂŶĚϭϴϵϵƐŚŽǁƚŚĂƚƚŚĞďƵŝůĚŝŶŐǁĂƐ ŽĐĐƵƉŝĞĚďǇĂŵŝůůŝŶĞƌǇ͕ŚĂƌŶĞƐƐƐŚŽƉ͕ĂŶĚďĂƌďĞƌƐŚŽƉ ĚƵƌŝŶŐƚŚĞůĂƚĞŶŝŶĞƚĞĞŶƚŚĐĞŶƚƵƌǇ͘dŚĞďĂƌďĞƌƐŚŽƉǁĂƐ 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ĨƌĂŵĞǁŝŶĚŽǁƐǁŝƚŚƐĞŐŵĞŶƚĂůĂƌĐŚĞĚŚĞĂĚĞƌƐ͘dŚĞ ĞĂƐƚ͕ϮϬϭϳ͕WsE͘ ǁŝŶĚŽǁƐĂƌĞŽĨĂůƚĞƌŶĂƚŝŶŐŚĞŝŐŚƚƐ͘ ďŽǀĞƚŚĞƐĞĐŽŶĚůĞǀĞů͕ƚŚĞďƵŝůĚŝŶŐŚĂƐĂƉĂŝŶƚĞĚǁŽŽĚ ĐŽƌŶŝĐĞ͕ĂŶĚĂĨůĂƚƌŽŽĨǁŝƚŚĂŚŝƉƉĞĚƉƌŽũĞĐƚŝŽŶƚŚĂƚĞǆƚĞŶĚƐ ŽǀĞƌƚŚĞĐŽƌŶŝĐĞ͘dŚĞƉƌŽũĞĐƚŝŽŶŝƐƐƵƉƉŽƌƚĞĚďǇǁŽŽĚ ďƌĂĐŬĞƚƐ͘ ƵŝůĚŝŶŐhƐĞ KůŵƐƚĞĚŽƵŶƚǇƐƐĞƐƐŽƌZĞĐŽƌĚƐŝŶĚŝĐĂƚĞƚŚĂƚϯϮϬʹϯϮϮ ^ŽƵƚŚƌŽĂĚǁĂǇǁĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϵϬϬ͘,ŽǁĞǀĞƌ͕ ^ĂŶďŽƌŶŵĂƉƐƌĞǀĞĂůƚŚĂƚĂďƵŝůĚŝŶŐĞǆŝƐƚĞĚĂƚƚŚŝƐůŽĐĂƚŝŽŶ ŝŶϭϴϴϰ͘DĂƉƐĨŽƌϭϴϴϰĂŶĚϭϴϵϬƐŚŽǁƚŚĂƚƚŚĞďƵŝůĚŝŶŐ ŚŽƵƐĞĚƐĞǀĞƌĂůďƵƐŝŶĞƐƐĞƐŝŶƚŚĞůĂƚĞŶŝŶĞƚĞĞŶƚŚĐĞŶƚƵƌǇ͕ ŝŶĐůƵĚŝŶŐĂĐƌĞĂŵĞƌǇ͕ŐƌŽĐĞƌǇ͕ĂŶĚŽĨĨŝĐĞ͘ ĞƚǁĞĞŶϭϴϵϭĂŶĚϭϵϳϬ͕ϯϮϬƌŽĂĚǁĂǇǁĂƐŽĐĐƵƉŝĞĚďǇ ƐĞǀĞƌĂůďƵƐŝŶĞƐƐĞƐ͕ŝŶĐůƵĚŝŶŐƚŚĞƌĞƐĐĞŶƚƌĞĂŵĞƌǇ͕t͘:͘ ĂƚŽŶŐŐŽŵƉĂŶǇ͕ƚŚĞZŽĐŚĞƐƚĞƌŐŐΘWŽƵůƚƌǇŽ͕͘ĂŶĚ ^ƚŽƉƉĞů͛ƐŐŐƐ͕WŽƵůƚƌǇ͕ĂŶĚ^ĞĞĚŽŵƉĂŶǇ;ůĂƚĞƌŬŶŽǁŶĂƐ ^ƚŽƉƉĞů͛Ɛ&ĞĞĚĂŶĚ^ĞĞĚͿ͘^ƚŽƉƉĞů͛Ɛ&ĞĞĚĂŶĚ^ĞĞĚǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚŝŶϭϵϰϲďǇƚǁŽďƌŽƚŚĞƌƐ͕&ĂďŝĂŶĂŶĚZĂǇŵŽŶĚ ^ƚŽƉƉĞů͖ƚŚĞŝƌďƌŽƚŚĞƌƌǁŝŶ^ƚŽƉƉĞůũŽŝŶĞĚƚŚĞďƵƐŝŶĞƐƐŝŶ ϭϵϱϮ͘^ƚŽƉƉĞů͛ƐƐŽůĚĨĂƌŵƐƵƉƉůŝĞƐƐƵĐŚĂƐƐĞĞĚĐŽƌŶ͕ĨŝĞůĚ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI .E ƐĞĞĚ͕ĨĞƌƚŝůŝǌĞƌ͕ĂŶĚĂŶŝŵĂůĨĞĞĚƐĂŶĚƌĞƐŽůĚĞŐŐƐƉƵƌĐŚĂƐĞĚ ĨƌŽŵĨĂƌŵĞƌƐƚŽĐŝƚǇƌĞƐŝĚĞŶƚƐ͘ǀĞŶƚƵĂůůǇ͕^ƚŽƉƉĞůƐ ĞǆƉĂŶĚĞĚƚŚĞŝƌŝŶǀĞŶƚŽƌǇƚŽŝŶĐůƵĚĞŝƚĞŵƐƚŚĂƚĐĂƚĞƌĞĚƚŽ ƵƌďĂŶĐƵƐƚŽŵĞƌƐ͕ƐƵĐŚĂƐƉĞƚĨŽŽĚĂŶĚůĂǁŶƐƵƉƉůŝĞƐ͘tŚĞŶ ƚŚĞďƌŽƚŚĞƌƐƌĞƚŝƌĞĚŝŶϭϵϳϰ͕ƚŚĞŝƌďƵƐŝŶĞƐƐǁĂƐƐƚŝůůůŽĐĂƚĞĚ ĂƚϯϮϬ^ŽƵƚŚƌŽĂĚǁĂǇ͘ KĐĐƵƉĂŶƚƐŽĨϯϮϮƌŽĂĚǁĂǇďĞĨŽƌĞϭϵϲϮŝŶĐůƵĚĞĚŝĞƚĞƌ͛Ɛ ůĞĐƚƌŝĐdŚĞĂƚĞƌ͕ŝũŽƵdŚĞĂƚƌĞ;ŽƌŝŐŝŶĂůůǇŬŶŽǁŶĂƐƚŚĞ ƌĞĂŵdŚĞĂƚƌĞͿ͕͘͘ZĞƉůŽŐůĞ͛ƐƉŽŽůŚĂůů͕ĚĞŶƚŝƐƚ͘͘,ŝůů͕ t͘:͘^ŶĞůůŝŶŐĞƌ͛ƐƌĞƐƚĂƵƌĂŶƚĂŶĚ'ƌŝůůZĞƐƚĂƵƌĂŶƚ͕DƌƐ͘dŚŽƌĂ ZŽĐŚĞƐƚĞƌŐŐĂŶĚWŽƵůƚƌǇŽ͕͘ǁĞƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐ ƌĂŶƚŵĂŶ͛ƐƌĞƐƚĂƵƌĂŶƚ͕&ƌĞĚĞƌŝĐŬŝůůĂƌĚWĂƌůŽƌƐ͕ZŽǆǇĂƌΘ ŶŽƌƚŚĞĂƐƚ͕ϭϵϱϱ͕ŝŵĂŐĞĐŽƵƌƚĞƐǇŽĨƚŚĞ,ŝƐƚŽƌǇ ϰ ĂĨĠ͕ĂŶĚĂďƵƐŝŶĞƐƐĐĂůůĞĚ͞EŽZĞƚƵƌŶ͘͟ ĞŶƚĞƌŽĨKůŵƐƚĞĂĚŽƵŶƚǇ͕ĚĞƚĂŝůŽĨ͞ZŽĐŚĞƐƚĞƌ ^ƚƌĞĞƚ^ĐĞŶĞ͟ϮϬϬϱ͘ϭϬϱ͘ϬϲϬ͘ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J .E ϯϮϯƌŽĂĚǁĂǇǀĞŶƵĞ^ŽƵƚŚ ,ŝƐƚŽƌŝĐEĂŵĞ͗ůĂĐŬ͛Ɛ>ƵŶĐŚ ŽŶƐƚƌƵĐƚŝŽŶĂƚĞ͗Đ͘ϭϴϴϰ ŝƐƚƌŝĐƚ^ƚĂƚƵƐ͗ŽŶƚƌŝďƵƚŝŶŐ ƵŝůĚŝŶŐĞƐĐƌŝƉƚŝŽŶ dŚĞůĂĐŬ͛Ɛ>ƵŶĐŚŝƐĂƚǁŽͲƐƚŽƌǇďƌŝĐŬďƵŝůĚŝŶŐƚŚĂƚŝƐƉĂƌƚŽĨ ƚŚĞĐŽŶƚŝŐƵŽƵƐƌŽǁŽĨďƵŝůĚŝŶŐƐĨƌŽŶƚŝŶŐƚŚĞǁĞƐƚƐŝĚĞŽĨ ƌĚƚŚ ƌŽĂĚǁĂǇǀĞŶƵĞďĞƚǁĞĞŶϯĂŶĚϰ^ƚƌĞĞƚƐ^ŽƵƚŚǁĞƐƚ͘ dŚĞďƵŝůĚŝŶŐŝƐƚǁŽƐƚŽƌŝĞƐǁŝƚŚĂĨůĂƚƌŽŽĨ͘ dŚĞĨŝƌƐƚƐƚŽƌǇŝƐĨĂĐĞĚǁŝƚŚĐŽŶĐƌĞƚĞƉĂŶĞůƐ͘^ƚŽƌĞĨƌŽŶƚ ǁŝŶĚŽǁƐĂƌĞůŽĐĂƚĞĚĂƚƚŚĞƐŽƵƚŚƐŝĚĞŽĨƚŚĞďƵŝůĚŝŶŐ͕ĂŶĚĂ ƌĞĐĞƐƐĞĚĞŶƚƌǇĂƚƚŚĞŶŽƌƚŚƐŝĚĞ͘ƌŝĐŬƐůĂŝĚŝŶĂďĂƐŬĞƚ ǁĞĂǀĞƉĂƚƚĞƌŶĐƌĞĂƚĞĂĚĞĐŽƌĂƚŝǀĞƉĂŶĞůďĞƚǁĞĞŶƚŚĞĨŝƌƐƚ ĂŶĚƐĞĐŽŶĚůĞǀĞůƐ͘ƚƚŚĞƐĞĐŽŶĚůĞǀĞůĂƌĞƚŚƌĞĞƉƵŶĐŚĞĚ ŽŵŵĞƌĐŝĂůƵŝůĚŝŶŐ͕ĞĂƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐǁĞƐƚ͕ ŽƉĞŶŝŶŐƐǁŝƚŚŽŶĞͲŽǀĞƌͲŽŶĞĚŽƵďůĞͲŚƵŶŐŵĞƚĂůǁŝŶĚŽǁƐ͘ ϮϬϭϳ͕WsE͘ ďŽǀĞƚŚĞǁŝŶĚŽǁƐ͕ĂƚĐŽƌŶŝĐĞůĞǀĞůŝƐĂƐĞĐŽŶĚĚĞĐŽƌĂƚŝǀĞ ďƌŝĐŬƉĂŶĞů͕ƚŚŝƐƚŝŵĞůĂŝĚǁŝƚŚŚĞĂĚĞƌďƌŝĐŬƐ͘ ƵŝůĚŝŶŐhƐĞ KůŵƐƚĞĚŽƵŶƚǇĂƐƐĞƐƐŽƌƌĞĐŽƌĚƐŝŶĚŝĐĂƚĞƚŚĂƚϯϮϯ ƌŽĂĚǁĂǇǀĞŶƵĞ^ŽƵƚŚǁĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϴϴϱ͖ŚŽǁĞǀĞƌ͕ Ă^ĂŶďŽƌŶŵĂƉĚĞƉŝĐƚƐĂďƵŝůĚŝŶŐĂƚƚŚŝƐůŽĐĂƚŝŽŶŝŶϭϴϴϰ͘/Ŷ ƚŚĞůĂƚĞŶŝŶĞƚĞĞŶƚŚĂŶĚĞĂƌůǇƚǁĞŶƚŝĞƚŚĐĞŶƚƵƌŝĞƐ͕ƚŚĞ ďƵŝůĚŝŶŐǁĂƐŽĐĐƵƉŝĞĚďǇƐĞǀĞƌĂůďƵƐŝŶĞƐƐĞƐ͕ŝŶĐůƵĚŝŶŐĂ ͞ŽŵŵŝƐƐŝŽŶ͕͟ĂƐĞĐŽŶĚͲŚĂŶĚƐƚŽƌĞ͕ĂĐƌŽĐŬĞƌǇͬŐůĂƐƐǁĂƌĞ ƐƚŽƌĞ͕ĂďŽŽŬƐƚŽƌĞ͕ĂŶĚK͘,͘KĐŚƐ͛͞ĚƌǇŐŽŽĚƐ͕ŶŽƚŝŽŶƐ͕ĂŶĚ ĐůŽƚŚŝŶŐ͘͟&ƌŽŵϭϵϭϰƚŽƚŚĞĞŶĚŽĨƚŚĞƉĞƌŝŽĚŽĨ ƐŝŐŶŝĨŝĐĂŶĐĞ͕ƚŚĞďƵŝůĚŝŶŐĨƵŶĐƚŝŽŶĞĚƉƌŝŵĂƌŝůǇĂƐĂďŝůůŝĂƌĚƐ ŚĂůů͘ĞƚǁĞĞŶϭϵϮϯĂŶĚϭϵϲϮ͕ƚŚĞďƵŝůĚŝŶŐǁĂƐĂƐƐŽĐŝĂƚĞĚ ϱ ǁŝƚŚ:͘<͘ůĂĐŬ͕ůĂĐŬ͛Ɛ>ƵŶĐŚ͕ĂŶĚůĂĐŬ͛ƐŝůůŝĂƌĚΘĂĨĠ͘ ůĂĐŬ͛Ɛ>ƵŶĐŚĞĂƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐŶŽƌƚŚǁĞƐƚ͕ ϭϵϰϬ͕ŝŵĂŐĞĐŽƵƌƚĞƐǇŽĨƚŚĞZŽĐŚĞƐƚĞƌ,ĞƌŝƚĂŐĞ WƌĞƐĞƌǀĂƚŝŽŶŽŵŵŝƐƐŝŽŶ͘ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI .E ϯϮϰƌŽĂĚǁĂǇǀĞŶƵĞ^ŽƵƚŚ ,ŝƐƚŽƌŝĐEĂŵĞ͗͘,͘DŽƌƌŝůůĂŶĚ^ŽŶ͕tŚŽůĞƐĂůĞ'ƌŽĐĞƌ ŽŶƐƚƌƵĐƚŝŽŶĂƚĞ͗Đ͘ϭϴϴϰ ŝƐƚƌŝĐƚ^ƚĂƚƵƐ͗ŽŶƚƌŝďƵƚŝŶŐ ƵŝůĚŝŶŐĞƐĐƌŝƉƚŝŽŶ dŚĞ͘:͘DŽƌƌŝůůĂŶĚ^ŽŶ͕tŚŽůĞƐĂůĞ'ƌŽĐĞƌďƵŝůĚŝŶŐŝƐĂƚǁŽͲ ƐƚŽƌǇƉĂŝŶƚĞĚďƌŝĐŬďƵŝůĚŝŶŐƚŚĂƚŝƐƉĂƌƚŽĨƚŚĞĐŽŶƚŝŐƵŽƵƐ ƌŽǁŽĨďƵŝůĚŝŶŐƐĨƌŽŶƚŝŶŐƚŚĞĞĂƐƚƐŝĚĞŽĨƌŽĂĚǁĂǇǀĞŶƵĞ ƌĚƚŚ ďĞƚǁĞĞŶϯĂŶĚϰ^ƚƌĞĞƚƐ^ŽƵƚŚǁĞƐƚ͘ dŚĞĨŝƌƐƚƐƚŽƌǇŝƐĐŽŵƉŽƐĞĚŽĨĂǁŽŽĚĂŶĚŐůĂƐƐƐƚŽƌĞĨƌŽŶƚ ǁŝƚŚĂƌĞĐĞƐƐĞĚĞŶƚƌǇĂƚƚŚĞŶŽƌƚŚĞŶĚ͘dŚĞĞŶƚƌǇŝŶĐůƵĚĞƐĂ ƐŝŶŐůĞǁŽŽĚĂŶĚŐůĂƐƐƐǁŝŶŐĚŽŽƌ͘ŝǀŝĚĞĚůŝŐŚƚƚƌĂŶƐŽŵ ǁŝŶĚŽǁƐĂƌĞůŽĐĂƚĞĚĂďŽƵƚƚŚĞƐƚŽƌĞĨƌŽŶƚ͕ĂŶĚĂǁŽŽĚƐŝŐŶ ďĂŶĚŝƐůŽĐĂƚĞĚĂďŽƵƚƚŚĞƚƌĂŶƐŽŵǁŝŶĚŽǁƐ͘ ͘,͘DŽƌƌŝůůĂŶĚ^ŽŶtŚŽůĞƐĂůĞ'ƌŽĐĞƌ͕ǁĞƐƚ dŚĞƐĞĐŽŶĚůĞǀĞůŝŶĐůƵĚĞƐƚŚƌĞĞŽŶĞͲŽǀĞƌͲŽŶĞĚŽƵďůĞͲŚƵŶŐ ĨĂĕĂĚĞ͕ĨĂĐŝŶŐĞĂƐƚ͕ϮϬϭϳ͕WsE͘ ŵĞƚĂůĨƌĂŵĞǁŝŶĚŽǁƐǁŝƚŚƐƚŽŶĞƐŝůůƐĂŶĚĨůĂƚĂƌĐŚĞĚ ŚĞĂĚĞƌƐ͘ďŽǀĞƚŚĞƐĞĐŽŶĚůĞǀĞů͕ĂďƌŝĐŬƉĂƌĂƉĞƚǁĂůůƌŝƐĞƐ ĂďŽƵƚƚŚĞĨůĂƚƌŽŽĨ͘dŚĞƉĂƌĂƉĞƚǁĂůůŝŶĐůƵĚĞƐĂǁŽŽĚĐŽƌŶŝĐĞ ǁŝƚŚĚĞŶƚŝůƐ͕ĂƐŵĂůůĐĞŶƚƌĂůůǇůŽĐĂƚĞĚĨƌŽŶƚͲŐĂďůĞ͕ĂŶĚĂ ǁŽŽĚƐŝŐŶƐƚĂƚŝŶŐ͞ϭϵϭϬ͘͟ ƵŝůĚŝŶŐhƐĞ KůŵƐƚĞĚŽƵŶƚǇĂƐƐĞƐƐŽƌƌĞĐŽƌĚƐŝŶĚŝĐĂƚĞƚŚĂƚϯϮϰ ƌŽĂĚǁĂǇǀĞŶƵĞ^ŽƵƚŚǁĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϵϭϬ͖ŚŽǁĞǀĞƌ͕ ^ĂŶďŽƌŶŵĂƉƐƐŚŽǁĂďƵŝůĚŝŶŐĂƚƚŚŝƐůŽĐĂƚŝŽŶŝŶϭϴϴϰ͘ ĞƚǁĞĞŶĂƉƉƌŽǆŝŵĂƚĞůǇϭϴϵϭĂŶĚϭϵϬϰ͕ƚŚĞďƵŝůĚŝŶŐǁĂƐ ŽĐĐƵƉŝĞĚďǇƚŚĞǁŚŽůĞƐĂůĞŐƌŽĐĞƌ͘,͘DŽƌƌŝůůĂŶĚ^ŽŶ͘Ǉ ϭϵϬϵ͕ƚŚĞƐƉĂĐĞǁĂƐƵƐĞĚďǇ>͘:͘^ŵŝƚŚ͕ŽǁŶĞƌŽĨŝƚǇ ĂŬĞƌǇ͘tŚĞŶĂŶĞǁĨĂĕĂĚĞĂŶĚĂĚĚŝƚŝŽŶǁĞƌĞĂĚĚĞĚƚŽƚŚĞ ďƵŝůĚŝŶŐŝŶϭϵϭϬ͕^ŵŝƚŚŚĂĚƚŚĞǇĞĂƌ͞ϭϵϭϬ͟ĂĚĚĞĚƚŽƚŚĞ ďƵŝůĚŝŶŐ͛ƐƉĂƌĂƉĞƚ͘ĚĚŝƚŝŽŶĂůďƵƐŝŶĞƐƐĞƐůŽĐĂƚĞĚĂƚϯϮϰ ƌŽĂĚǁĂǇďĞƚǁĞĞŶϭϵϬϵĂŶĚϭϵϲϮŝŶĐůƵĚĞĚĂŚĂƌŶĞƐƐĂŶĚ ƐŚŽĞƐŚŽƉ͕ƐĞǀĞƌĂůďŝůůŝĂƌĚƐĞƐƚĂďůŝƐŚŵĞŶƚƐ͕ĂŶĚĂƌĞƐƚĂƵƌĂŶƚ͘ dŚĞůŽŶŐĞƐƚƚĞŶĂŶƚǁĂƐƚŚĞ:ŽƐĞƉŚĞǀůŝŶ,ĂƌŶĞƐƐ^ŚŽƉ͕ ͘,͘DŽƌƌŝůůĂŶĚ^ŽŶ͕tŚŽůĞƐĂůĞ'ƌŽĐĞƌ͕͕ǁĞƐƚ ǁŚŝĐŚŽĐĐƵƉŝĞĚƚŚĞďƵŝůĚŝŶŐĨƌŽŵϭϵϭϯƚŽϭϵϯϱ͘KƚŚĞƌ ĨĂĕĂĚĞ͕ĨĂĐŝŶŐƐŽƵƚŚĞĂƐƚ͕Đ͘ϭϵϭϬ͕ŝŵĂŐĞŝŶ ďǇůĂŶĂůĂǀĂŶŽ͘ ZŽĐŚĞƐƚĞƌ ƚĞŶĂŶƚƐŝŶĐůƵĚĞĚ,͘͘ĞůŵŽŶƚ͛ƐďŝůůŝĂƌĚƐĂŶĚďĞĞƌ͕dŚĞƵĞ ŝůůŝĂƌĚƐ͕ĂŶĚ^ƚĂŐĞ'ƌŝůů͘ĞŐŝŶŶŝŶŐŝŶϭϵϭϯ͕ĐŝƚǇĚŝƌĞĐƚŽƌŝĞƐ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI .E ŝŶĚŝĐĂƚĞƚŚĂƚĂŶĂĚĚŝƚŝŽŶĂůƐƉĂĐĞǁĂƐůŽĐĂƚĞĚŝŶƚŚĞďƵŝůĚŝŶŐ ͲϯϮϰЪƌŽĂĚǁĂǇ͘&ƌŽŵϭϵϭϯƚŽϭϵϱϰ͕ƚŚŝƐƐƉĂĐĞǁĂƐ ŽĐĐƵƉŝĞĚďǇƚŚĞ^ŵŝƚŚĂŬĞƌǇŽŵƉĂŶǇ͕͘͘ĂŬĞƌ ;ƌĞƐŝĚĞŶƚͿ͕K͘^͘WĂǇŶĞ͕ZŽďĞƌƚ^ŝŐŶƐŽŵƉĂŶǇ͕ĂŶĚ&͘D͘ ϲ ĂŶŶŽŶ͘/ƚǁĂƐǀĂĐĂŶƚďǇϭϵϲϬ͘ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI .E ϯϮϱƌŽĂĚǁĂǇǀĞŶƵĞ^ŽƵƚŚ ,ŝƐƚŽƌŝĐEĂŵĞ͗&͘͘WŽŽůĞƵŝůĚŝŶŐ ŽŶƐƚƌƵĐƚŝŽŶĂƚĞ͗ϭϴϴϱ ŝƐƚƌŝĐƚ^ƚĂƚƵƐ͗ŽŶƚƌŝďƵƚŝŶŐ ƵŝůĚŝŶŐĞƐĐƌŝƉƚŝŽŶ dŚĞ&͘͘WŽŽůĞƵŝůĚŝŶŐŝƐĂƚǁŽͲƐƚŽƌǇďƌŝĐŬďƵŝůĚŝŶŐƚŚĂƚŝƐ ƉĂƌƚŽĨƚŚĞĐŽŶƚŝŐƵŽƵƐƌŽǁŽĨďƵŝůĚŝŶŐƐĨƌŽŶƚŝŶŐƚŚĞǁĞƐƚ ƐŝĚĞŽĨƌŽĂĚǁĂǇǀĞŶƵĞďĞƚǁĞĞŶϯ ƌĚĂŶĚϰ ƚŚ^ƚƌĞĞƚƐ ^ŽƵƚŚǁĞƐƚ͘dŚĞďƵŝůĚŝŶŐŝƐƚǁŽƐƚŽƌŝĞƐǁŝƚŚĂĨůĂƚƌŽŽĨ͘ dŚĞĨŝƌƐƚƐƚŽƌǇŽĨƚŚĞďƵŝůĚŝŶŐŝƐĐůĂĚŝŶĂĐŽŵďŝŶĂƚŝŽŶŽĨ ƐĂůŵŽŶďƌŝĐŬĂŶĚƐƚŽŶĞ͘dŚĞƐŽƵƚŚĞĂƐƚĐŽƌŶĞƌŽĨƚŚĞďƵŝůĚŝŶŐ ŚĂƐďĞĞŶĐůŝƉƉĞĚĂŶĚŚŽƵƐĞƐĂŶĞŶƚƌǇ͘ƐĞĐŽŶĚĞŶƚƌǇŝƐ ůŽĐĂƚĞĚĂƚƚŚĞŶŽƌƚŚĞŶĚŽĨƚŚĞĨĂĕĂĚĞ͘ƐŝŶŐůĞĨŝǆĞĚǁŝŶĚŽǁ ĐĞŶƚƌĂůůǇůŽĐĂƚĞĚŽŶƚŚĞĨĂĕĂĚĞ͘ dŚĞƐĞĐŽŶĚůĞǀĞůŝƐĐůĂĚŝŶďƵĨĨďƌŝĐŬ͘dŚƌĞĞƉƵŶĐŚĞĚ 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,ŝƐƚŽƌŝĐEĂŵĞ͗ŽůƵŵďŝĂ,ŽƚĞů ŽŶƐƚƌƵĐƚŝŽŶĂƚĞ͗Đ͘ϭϴϱϴ ŝƐƚƌŝĐƚ^ƚĂƚƵƐ͗ŽŶƚƌŝďƵƚŝŶŐ ƵŝůĚŝŶŐĞƐĐƌŝƉƚŝŽŶ dŚĞŽůƵŵďŝĂ,ŽƚĞůŝƐĂƚǁŽͲƐƚŽƌǇƉĂŝŶƚĞĚďƌŝĐŬďƵŝůĚŝŶŐƚŚĂƚ ŝƐƉĂƌƚŽĨƚŚĞĐŽŶƚŝŐƵŽƵƐƌŽǁŽĨďƵŝůĚŝŶŐƐĨƌŽŶƚŝŶŐƚŚĞĞĂƐƚ ƐŝĚĞŽĨƌŽĂĚǁĂǇǀĞŶƵĞďĞƚǁĞĞŶϯ ƌĚĂŶĚϰ ƚŚ^ƚƌĞĞƚƐ ^ŽƵƚŚǁĞƐƚ͘ dŚĞĨŝƌƐƚƐƚŽƌǇĨĞĂƚƵƌĞƐǁŽŽĚƉĂŶĞůŝŶŐĂŶĚĨŝǆĞĚĚŝǀŝĚĞĚͲůŝŐŚƚ ǀŝŶǇůǁŝŶĚŽǁƐ͘dǁŽĞŶƚƌŝĞƐǁŝƚŚǁŽŽĚĚŽŽƌƐĂŶĚƌŽƵŶĚͲ ĂƌĐŚĞĚƚƌĂŶƐŽŵƐĂƌĞůŽĐĂƚĞĚŽŶƚŚĞĨĂĕĂĚĞ͘ƐŝŐŶďĂŶĚ ĞǆƚĞŶĚƐĂďŽǀĞƚŚĞǁŝŶĚŽǁƐ͘ dŚĞƐĞĐŽŶĚůĞǀĞůŝŶĐůƵĚĞƐƚŚƌĞĞǁŝŶĚŽǁƐǁŝƚŚƐƚŽŶĞƐŝůůƐĂŶĚ ƌŽƵŶĚͲĂƌĐŚĞĚŚĞĂĚĞƌƐ͘dŚĞǁŝŶĚŽǁƐƚŚĞŵƐĞůǀĞƐĂƌĞĚŝǀŝĚĞĚ ůŝŐŚƚǀŝŶǇůͲĨƌĂŵĞ͘ďŽǀĞƚŚĞǁŝŶĚŽǁƐ͕ĂĐĞŶƚƌĂůůǇůŽĐĂƚĞĚ ǁŽŽĚƐŝŐŶƐƚĂƚĞƐ͞ϭϴϱϴ͘͟ ŽŵŵĞƌĐŝĂůƵŝůĚŝŶŐ͕ǁĞƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐĞĂƐƚ͕ ƌŝĐŬĐŽƌďĞůůŝŶŐƌŝƐĞƐƵƉƚŽĂƉĂŝŶƚĞĚŵĞƚĂůĐŽƌŶŝĐĞƚŚĂƚ ϮϬϭϳ͕WsE͘ ƉƌŽũĞĐƚƐƐůŝŐŚƚůǇŽƵƚĨƌŽŵƚŚĞƉůĂŶĞŽĨƚŚĞĨĂĕĂĚĞ͘dŚĞ ďƵŝůĚŝŶŐŝƐĐĂƉƉĞĚďǇĂĨůĂƚƌŽŽĨ͘ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI .E ƵŝůĚŝŶŐhƐĞ KůŵƐƚĞĚŽƵŶƚǇĂƐƐĞƐƐŽƌƌĞĐŽƌĚƐŝŶĚŝĐĂƚĞƚŚĂƚϯϯϬ ƌŽĂĚǁĂǇǀĞŶƵĞ^ŽƵƚŚǁĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϵϬϬ͖ŚŽǁĞǀĞƌ͕ 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ǁĂƐŝŶƐƚĂůůĞĚĂƐƉĂƌƚŽĨĂϭϵϱϮĨĂĕĂĚĞƵƉĚĂƚĞ͘dŚĞƐĞĐŽŶĚ ƐƚŽƌǇŝƐĨĂĐĞĚŝŶďƌŝĐŬ͘ƌĞĐĞƐƐĞĚĞŶƚƌǇŝƐůŽĐĂƚĞĚŽŶƚŚĞ ŶŽƌƚŚĞůĞǀĂƚŝŽŶ͕ďĞŶĞĂƚŚĂĐĂƌǀĞĚƐƚŽŶĞƉƌŽĐůĂŝŵŝŶŐ͞ϭϵϭϭ͘͟ dŚĞĞŶƚƌǇŝƐĐŽŵƉŽƐĞĚŽĨĂƐŝŶŐůĞͲůĞĂĨŐůĂƐƐĚŽŽƌǁŝƚŚŵĞƚĂů ĨƌĂŵĞĂŶĚƐŝĚĞͲůŝŐŚƚƐ͘/ŶŐĞŶĞƌĂů͕ĨĞŶĞƐƚƌĂƚŝŽŶŝŶĐůƵĚĞƐŵĞƚĂů ƐƚŽƌĞĨƌŽŶƚǁŝŶĚŽǁƐǁŝƚŚƚƌĂŶƐŽŵƐĂƚƚŚĞĨŝƌƐƚůĞǀĞůĂŶĚ ͘&͘DĂƐƐĞǇŽ͕͘ŶŽƌƚŚĨĂĕĂĚĞ͕ĨĂĐŝŶŐƐŽƵƚŚ͕ϮϬϭϳ͕ ƚŚƌĞĞͲŽǀĞƌͲŽŶĞƐŝŶŐůĞͲŚƵŶŐŵĞƚĂůǁŝŶĚŽǁƐĂƚƚŚĞƐĞĐŽŶĚ WsE͘ ůĞǀĞů͘ ƵŝůĚŝŶŐhƐĞ ϮϬϮϭ ƐƚǀĞŶƵĞ^ŽƵƚŚ;ĂůƐŽŬŶŽǁŶĂƐƚŚĞŽŽŬůŽĐŬŽƌƚŚĞ ZĂŵƐĞǇůŽĐŬͿǁĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϴϳϴďǇZŽĐŚĞƐƚĞƌďĂŶŬĞƌ ĂŶĚďƵƐŝŶĞƐƐŵĂŶ:ŽŚŶZ͘ŽŽŬ͘ĞƚǁĞĞŶϭϴϴϯĂŶĚϭϵϬϭ͕ƚŚĞ ďƵŝůĚŝŶŐŚŽƵƐĞĚƚŚĞŵĞĚŝĐĂůŽĨĨŝĐĞƐŽĨƌ͘tŝůůŝĂŵtŽƌƌĂůů DĂǇŽ͕ƌ͘ŚĂƌůĞƐ,ŽƌĂĐĞDĂǇŽ͕ƌ͘tŝůůŝĂŵƐ:ĂŵĞƐDĂǇŽ͕ ƌ͘ƵŐƵƐƚƵƐt͘^ƚŝŶĐŚĨŝĞůĚ͕ĂŶĚƌ͘ŚƌŝƐƚŽƉŚĞƌ'ƌĂŚĂŵ͕ ĚŽĐƚŽƌƐǁŚŽǁŽƵůĚĞǀĞŶƚƵĂůůǇ͞ĞƐƚĂďůŝƐŚƚŚĞĨŝƌƐƚŝŶƚĞŐƌĂƚĞĚ ͘&͘DĂƐƐĞǇŽ͕͘ŶŽƌƚŚĂŶĚǁĞƐƚĨĂĕĂĚĞƐ͕ĨĂĐŝŶŐ ŵĞĚŝĐĂůƉƌĂĐƚŝĐĞŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ͘͟dŚĞĚŽĐƚŽƌƐ͛ŽĨĨŝĐĞƐ͕ ƐŽƵƚŚĞĂƐƚ͕ϭϵϭϴ͕ŝŵĂŐĞĂƚ͞ZŽĐŚĞƐƚĞƌDŝŶŶĞƐŽƚĂ 'ĂůůĞƌǇ͕͟>ĂŬĞƐŶǁŽŽĚƐ͘ĐŽŵ͕ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϯ͕ĐŽŶƐƵůƚŝŶŐƌŽŽŵƐ͕ĂŶĚŽƉĞƌĂƚŝŶŐƌŽŽŵƐǁĞƌĞůŽĐĂƚĞĚŽŶƚŚĞ ϮϬϭϳ͕ ĨŝƌƐƚĨůŽŽƌ͕ǁŚŝůĞƚŚĞƐĞĐŽŶĚĨůŽŽƌŚŽƵƐĞĚƚŚĞŝƌŵĞĚŝĐĂů ŚƚƚƉ͗ͬͬǁǁǁ͘ůĂŬĞƐŶǁŽŽĚƐ͘ĐŽŵͬZŽĐŚĞƐƚĞƌ'ĂůůĞƌǇ͘Śƚ ůĂďŽƌĂƚŽƌŝĞƐ͘KƚŚĞƌďƵƐŝŶĞƐƐĞƐůŽĐĂƚĞĚŝŶƚŚĞďƵŝůĚŝŶŐ ͘ ŵ ďĞƚǁĞĞŶϭϴϴϰĂŶĚϭϵϬϵŝŶĐůƵĚĞĚĂŵŝůůŝŶĞƌǇ͕ĂĚƌƵŐƐƚŽƌĞ͕Ă ƚĂŝůŽƌ͕ĂďĂƌďĞƌ͕Ă͞,ĂŶĚWƌŝŶƚŝŶŐĂŶĚdĞůĞŐƌĂƉŚKĨĨŝĐĞ͕͟ĂŶ ͞ǆƉƌĞƐƐ͕͟ĂďŽŽŬƐƚŽƌĞĂŶĚƐƚĂƚŝŽŶĂƌǇ͕ĂǁĂůůƉĂƉĞƌƐƚŽƌĞ͕ ĂŶĚĂďĂƌďĞƌ͘ &ƌŽŵϭϵϭϮƵŶƚŝůϭϵϵϭ͕ƚŚĞďƵŝůĚŝŶŐǁĂƐŽĐĐƵƉŝĞĚďǇ͘&͘ DĂƐƐĞǇŽ͘DĂƐƐĞǇ͛Ɛ͕ĂŶƵƉƐĐĂůĞĚĞƉĂƌƚŵĞŶƚƐƚŽƌĞ͕ǁĂƐ ĨŽƵŶĚĞĚŝŶϭϴϱϲďǇ:ŽŚŶŽŽŬĂƐƚŚĞŽŽŬ^ƚŽƌĞ͘͘&͘ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI .E DĂƐƐĞǇ͕ŽƌŝŐŝŶĂůůǇŚŝƌĞĚĂƐŽŽŬ͛ƐĂƐƐŝƐƚĂŶƚ͕ĂĐƋƵŝƌĞĚƚŚĞ ďƵƐŝŶĞƐƐŝŶƚŚĞůĂƚĞŶŝŶĞƚĞĞŶƚŚĐĞŶƚƵƌǇ͘/Ŷϭϵϭϰ͕DĂƐƐĞǇ͛Ɛ ŽĐĐƵƉŝĞĚƚŚĞǁĞƐƚĞƌŶŚĂůĨŽĨϮϬϮϭ ƐƚǀĞŶƵĞ^ŽƵƚŚ͕ǁŚŝůĞƚŚĞ ĞĂƐƚĞƌŶŚĂůĨǁĂƐŽĐĐƵƉŝĞĚďǇĂďŽŽŬĂŶĚĂƌƚƐŚŽƉ͕ǁĂůůƉĂƉĞƌ ƐŚŽƉ͕ƉŝĐƚƵƌĞĨƌĂŵĞƐŚŽƉ͕ĂŶĚƉƌŝŶƚŝŶŐƐŚŽƉ͘dŚĞƉŝĐƚƵƌĞ ĨƌĂŵĞĂŶĚƉƌŝŶƚŝŶŐďƵƐŝŶĞƐƐĞƐĐŽŶƚŝŶƵĞĚƚŽŽƉĞƌĂƚĞĂƚƚŚŝƐ ĂĚĚƌĞƐƐƚŚƌŽƵŐŚϭϵϰϴ͘/Ŷϭϵϲϳ͕DĂƐƐĞǇ͛ƐĞǆƉĂŶĚĞĚŝŶƚŽƚŚĞ ͘&͘DĂƐƐĞǇŽ͕͘ŶŽƌƚŚĂŶĚǁĞƐƚĨĂĐĂĚĞƐ͕ĨĂĐŝŶŐĞĂƐƚĞƌŶŚĂůĨŽĨƚŚĞďƵŝůĚŝŶŐ͕ŝŶĐƌĞĂƐŝŶŐŝƚƐƐƋƵĂƌĞĨŽŽƚĂŐĞďǇ 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ďƵŝůĚŝŶŐ͕ǁŚĞƌĞƚŚĞϮϬϴ^ŽƵƚŚDĂŝŶďƵŝůĚŝŶŐŚĂĚƐƚŽŽĚ͘Ŷ ĂĚĚŝƚŝŽŶǁŚŝĐŚĨƌŽŶƚĞĚƚŚĞĂůůĞǇǁĂƐĂĚĚĞĚƚŽƚŚĞĞĂƐƚĞƌŶ ƉŽƌƚŝŽŶŽĨƚŚĞƐŽƵƚŚĞůĞǀĂƚŝŽŶďĞƚǁĞĞŶϭϵϮϴĂŶĚϭϵϰϴ͘ >ĂƌŐĞKĚĞƐƐĂŐƌĂŶŝƚĞƐůĂďƐǁĞƌĞĂĚĚĞĚƚŽƚŚĞďƵŝůĚŝŶŐ͛Ɛ ŶŽƌƚŚĂŶĚǁĞƐƚĨŝƌƐƚͲĨůŽŽƌĨĂĕĂĚĞƐŝŶϭϵϱϮ͘ĚĚŝƚŝŽŶĂů ϭϭ ƌĞŵŽĚĞůƐŝŶĐůƵĚĞĚĂϭϵϱϳƌĞŵŽĚĞůĂŶĚĂϭϵϴϮƌĞŵŽĚĞů͘ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI .E ϮϭϬϭǀĞŶƵĞ^ŽƵƚŚǁĞƐƚ Ɛƚ ,ŝƐƚŽƌŝĐEĂŵĞ͗ůĂŬĞůĞǇƵŝůĚŝŶŐ ŽŶƐƚƌƵĐƚŝŽŶĂƚĞ͗ϭϵϬϮ ŝƐƚƌŝĐƚ^ƚĂƚƵƐ͗ŽŶƚƌŝďƵƚŝŶŐ ƵŝůĚŝŶŐĞƐĐƌŝƉƚŝŽŶ dŚĞůĂŬĞůǇƵŝůĚŝŶŐŝƐĂƚǁŽͲƐƚŽƌǇďƌŝĐŬďƵŝůĚŝŶŐƚŚĂƚŝƐƉĂƌƚ ŽĨƚŚĞĐŽŶƚŝŐƵŽƵƐƌŽǁŽĨďƵŝůĚŝŶŐƐĨƌŽŶƚŝŶŐƚŚĞĞĂƐƚƐŝĚĞŽĨ ƐƚŶĚƌĚ ϭǀĞŶƵĞ^ŽƵƚŚďĞƚǁĞĞŶϮĂŶĚϯ^ƚƌĞĞƚƐ^ŽƵƚŚǁĞƐƚ͘ƚ ƚŚĞĨŝƌƐƚůĞǀĞů͕ƚŚĞďƵŝůĚŝŶŐŚĂƐƌĞƉůĂĐĞŵĞŶƚĨŝǆĞĚŵĞƚĂůͲ ĨƌĂŵĞƐƚŽƌĞĨƌŽŶƚǁŝŶĚŽǁƐƚŚĂƚĂƌĞƐĞƉĂƌĂƚĞĚďǇĞŶŐĂŐĞĚ ďƌŝĐŬƉŝůĂƐƚĞƌƐǁŝƚŚůŝŵĞƐƚŽŶĞŚĞĂĚĞƌƐĂŶĚƐŝůůƐ͘ƉĂŝŶƚĞĚ ǁŽŽĚĐŽƌŶŝĐĞƐĞƉĂƌĂƚĞƐƚŚĞĨŝƌƐƚĂŶĚƐĞĐŽŶĚƐƚŽƌŝĞƐ͘dŚĞ ƐĞĐŽŶĚƐƚŽƌǇŚĂƐĚŽƵďůĞͲŚƵŶŐŵĞƚĂůǁŝŶĚŽǁƐĂŶĚĂ ĐĞŶƚƌĂůůǇůŽĐĂƚĞĚƉĂŝƌŽĨŵĞƚĂůĐĂƐĞŵĞŶƚǁŝŶĚŽǁƐ͘dŚĞ ďƵŝůĚŝŶŐŚĂƐĂĨůĂƚƌŽŽĨǁŝƚŚĂŚŝƉƉĞĚƉĂƌĂƉĞƚǁĂůůƚŚĂƚŝƐ 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ϭϵϮϱʹϭϵϱϲ͕ŝŵĂŐĞŝŶďǇdĞĚ^ƚ͘ /ŵĂŐĞƐŽĨŵĞƌŝĐĂ DĂŶĞ͘ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI .E ϮϭϮϭ ƐƚǀĞŶƵĞ^ŽƵƚŚǁĞƐƚ ,ŝƐƚŽƌŝĐEĂŵĞ͗ZŽĐŚĞƐƚĞƌŽŵŵĞƌĐŝĂůůƵďƵŝůĚŝŶŐ ŽŶƐƚƌƵĐƚŝŽŶĂƚĞ͗Đ͘ϭϵϬϰ ŝƐƚƌŝĐƚ^ƚĂƚƵƐ͗ŽŶƚƌŝďƵƚŝŶŐ ƵŝůĚŝŶŐĞƐĐƌŝƉƚŝŽŶ dŚĞŽŵŵĞƌĐŝĂůƵŝůĚŝŶŐŝƐĂƚǁŽͲƐƚŽƌǇƉĂŝŶƚĞĚďƌŝĐŬ ďƵŝůĚŝŶŐƚŚĂƚŝƐƉĂƌƚŽĨƚŚĞĐŽŶƚŝŐƵŽƵƐƌŽǁŽĨďƵŝůĚŝŶŐƐ ĨƌŽŶƚŝŶŐƚŚĞĞĂƐƚƐŝĚĞŽĨϭ ƐƚǀĞŶƵĞ^ŽƵƚŚďĞƚǁĞĞŶϮ ŶĚĂŶĚ ƌĚ ϯ^ƚƌĞĞƚƐ^ŽƵƚŚǁĞƐƚ͘dŚĞƐŽƵƚŚƐŝĚĞŽĨƚŚĞďƵŝůĚŝŶŐĨĂĐĞƐĂŶ ĂůůĞǇ͘ dŚĞĨŝƌƐƚƐƚŽƌǇŚĂƐĂĐĞŶƚƌĂůůǇůŽĐĂƚĞĚĞŶƚƌǇǁĂǇǁŝƚŚĂ ůĂƐƐŝĐĂůƐƵƌƌŽƵŶĚƚŚĂƚŝŶĐůƵĚĞƐŽƌŝĐĐŽůƵŵŶƐĂŶĚĂŶ ĞŶƚĂďůĂƚƵƌĞǁŝƚŚĚĞŶƚŝůƐ͘dŽĞŝƚŚĞƌƐŝĚĞŽĨƚŚĞĞŶƚƌǇ͕ƚŚĞ ƐƚŽƌĞĨƌŽŶƚƐŚĂǀĞďĞĞŶĂůƚĞƌĞĚƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚĞĐƵƌƌĞŶƚ ƚĞŶĂŶƚƐ͘dŚĞƐĞĐŽŶĚƐƚŽƌǇĨĞĂƚƵƌĞƐĂĐĞŶƚƌĂůůǇůŽĐĂƚĞĚ WĂůůĂĚŝĂŶǁŝŶĚŽǁ͘dŚĞǁŝŶĚŽǁŚĂƐŶŝŶĞͲŽǀĞƌͲŶŝŶĞĚŽƵďůĞͲ ŚƵŶŐǁŽŽĚƐĂƐŚĂŶĚĨƌĂŵĞ͘dŚĞďƵŝůĚŝŶŐŝƐĐĂƉƉĞĚǁŝƚŚĂ ĨůĂƚƌŽŽĨǁŝƚŚĂƉĂƌĂƉĞƚǁĂůůĨĞĂƚƵƌŝŶŐĂŚŝƉƉĞĚƌŽŽĨ ƉƌŽũĞĐƚŝŽŶĐůĂĚŝŶĐŽƉƉĞƌƚŝůĞƐĂŶĚƐƵƉƉŽƌƚĞĚďǇƉĂŝŶƚĞĚ ǁŽŽĚďƌĂĐŬĞƚƐĂƚĞŝƚŚĞƌĞŶĚŽĨƚŚĞďƵŝůĚŝŶŐ͘ ƵŝůĚŝŶŐhƐĞ ZŽĐŚĞƐƚĞƌŽŵŵĞƌĐŝĂůůƵďƵŝůĚŝŶŐ͕ǁĞƐƚĨĂĕĂĚĞ͕ KůŵƐƚĞĚŽƵŶƚǇĂƐƐĞƐƐŽƌƌĞĐŽƌĚƐŝŶĚŝĐĂƚĞƚŚĂƚϮϭϮϭ Ɛƚ ĨĂĐŝŶŐĞĂƐƚ͕ϮϬϭϳ͕WsE͘ ǀĞŶƵĞ^ŽƵƚŚǁĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϴϵϱ͖ŚŽǁĞǀĞƌ͕ƚŚĞ ďƵŝůĚŝŶŐĚŽĞƐŶŽƚĂƉƉĞĂƌŽŶ^ĂŶďŽƌŶŵĂƉƐƵŶƚŝůϭϵϬϰ͘ ĞƚǁĞĞŶϭϵϬϰĂŶĚϭϵϰϴ͕ƚŚĞďƵŝůĚŝŶŐǁĂƐŽĐĐƵƉŝĞĚďǇĂ ƐĂůŽŽŶĂŶĚǀĂƌŝŽƵƐŽƌŐĂŶŝǌĂƚŝŽŶƐ͘dŚĞƐĞŽƌŐĂŶŝǌĂƚŝŽŶƐ ŝŶĐůƵĚĞĚƚŚĞŽŵŵĞƌĐŝĂůůƵď͕ZŽĐŚĞƐƚĞƌZĂƚŝŶŐƐƐŽĐŝĂƚŝŽŶ͕ ŝǀŝĐĂŶĚŽŵŵĞƌĐĞƐƐŽĐŝĂƚŝŽŶ͕ZŽĐŚĞƐƚĞƌŝǀŝĐ ƐƐŽĐŝĂƚŝŽŶ͕>ĂĚŝĞƐZĞƐƚZŽŽŵ͕ŝǀŝĐ>ĞĂŐƵĞ͕ŽǇ^ĐŽƵƚƐ͕ ZŽĐŚĞƐƚĞƌWĂƌŬŽĂƌĚ͕KůŵƐƚĞĂĚŽƵŶƚǇƵƐŝŶĞƐƐŵĂŶ͛Ɛ ƐƐŽĐŝĂƚŝŽŶ͕ZŽĐŚĞƐƚĞƌƵƚŽŵŽďŝůĞůƵď͕ZŽĐŚĞƐƚĞƌ WŚŝůŚĂƌŵŽŶŝĐKƌĐŚĞƐƚƌĂ͕ZƵƚŚ͘zŽƵŶŐ^ĐŚŽŽůŽĨĂŶĐĞ͕ ZŽĐŚĞƐƚĞƌŚĂŵďĞƌŽĨŽŵŵĞƌĐĞ͕ZŽĐŚĞƐƚĞƌŽŵŵƵŶŝƚǇ ŚĞƐƚ͕ŵĞƌŝĐĂŶ>ĞŐŝŽŶůƵďZŽŽŵ͕ZŽĐŚĞƐƚĞƌůĞĐƚƌŝĐŽ͕͘ ZŽĐŚĞƐƚĞƌZĂĚŝŽ^ĞƌǀŝĐĞ͕EĂƚŝŽŶĂůŽŶƐƵŵĞƌƌĞĚŝƚ ZĞƉŽƌƚŝŶŐKƌŐĂŶŝǌĂƚŝŽŶ͕WƵďůŝĐ^ĂĨĞƚǇŽƵŶĐŝů͕ĂŶĚZŽĐŚĞƐƚĞƌ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJH .E dŽƵƌŝƐƚƵƌĞĂƵ͘/ŶĚŝǀŝĚƵĂůƐŽĐĐƵƉǇŝŶŐƚŚĞďƵŝůĚŝŶŐĚƵƌŝŶŐ ƚŚŝƐƉĞƌŝŽĚŝŶĐůƵĚĞĚ,͘Z͘ŽŽŬĞ͕d͘/ǀĞƌƐŽŶ͕:͘^͘^ƚŽŶĞƌ͕ĂŶĚ DƌƐ͘DĂƌŐĂƌĞƚĂŵƉďĞůů͘ϭϯ ZŽĐŚĞƐƚĞƌŽŵŵĞƌĐŝĂůůƵďƵŝůĚŝŶŐ͕ǁĞƐƚ ĨĂĕĂĚĞ͕ĨĂĐŝŶŐĞĂƐƚ͕ŶŽĚĂƚĞ͕ŝŵĂŐĞŝŶ ZŽĐŚĞƐƚĞƌ ďǇůĂŶĂůĂǀĂŶŽ͘ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI .E ϮϭϲϭǀĞŶƵĞ^ŽƵƚŚǁĞƐƚ Ɛƚ ,ŝƐƚŽƌŝĐEĂŵĞ͗,ŽůůĂŶĚ͛Ɛ&ŽŽĚ^ŚŽƉ ŽŶƐƚƌƵĐƚŝŽŶĂƚĞ͗Đ͘ϭϴϴϰ ŝƐƚƌŝĐƚ^ƚĂƚƵƐ͗ŽŶƚƌŝďƵƚŝŶŐ ƵŝůĚŝŶŐĞƐĐƌŝƉƚŝŽŶ ,ŽůůĂŶĚ͛Ɛ&ŽŽĚ^ŚŽƉŝƐĂƚǁŽͲƐƚŽƌǇƉĂŝŶƚĞĚďƌŝĐŬďƵŝůĚŝŶŐ ƚŚĂƚŝƐƉĂƌƚŽĨƚŚĞĐŽŶƚŝŐƵŽƵƐƌŽǁŽĨďƵŝůĚŝŶŐƐĨƌŽŶƚŝŶŐƚŚĞ ƐƚŶĚƌĚ ĞĂƐƚƐŝĚĞŽĨϭǀĞŶƵĞ^ŽƵƚŚďĞƚǁĞĞŶϮĂŶĚϯ^ƚƌĞĞƚƐ ^ŽƵƚŚǁĞƐƚ͘dŚĞŶŽƌƚŚƐŝĚĞŽĨƚŚĞďƵŝůĚŝŶŐĨĂĐĞƐĂŶĂůůĞǇ͘dŚĞ ŶŽƌƚŚǁĞƐƚĐŽƌŶĞƌŽĨƚŚĞďƵŝůĚŝŶŐŝƐĐůŝƉƉĞĚ͘dŚĞĨŝƌƐƚƐƚŽƌǇ ŝŶĐůƵĚĞƐĚŽƵďůĞͲŚƵŶŐŽŶĞͲŽǀĞƌͲŽŶĞǀŝŶǇůǁŝŶĚŽǁƐ͕ĂŶĚĂ ƐŝŶŐůĞͲůĞĂĨǁŽŽĚĚŽŽƌůŽĐĂƚĞĚŽŶƚŚĞĐůŝƉƉĞĚĐŽƌŶĞƌ͘ ǁŶŝŶŐƐĂƌĞůŽĐĂƚĞĚŽǀĞƌĨŝƌƐƚůĞǀĞůŽƉĞŶŝŶŐƐ͘dŚĞƐĞĐŽŶĚ ůĞǀĞůĨĞĂƚƵƌĞƐƌŽƵŶĚͲĂƌĐŚĞĚďƌŝĐŬǁŝŶĚŽǁƐƵƌƌŽƵŶĚƐƚŚĂƚ ŚĂǀĞďĞĞŶŝŶĨŝůůĞĚǁŝƚŚďƌŝĐŬ͘^ŵĂůůĞƌƌĞĐƚĂŶŐƵůĂƌǀŝŶǇů ǁŝŶĚŽǁƐĨŝůůƚŚĞŶŽŶͲĂƌĐŚĞĚƉŽƌƚŝŽŶŽĨƚŚĞŽƉĞŶŝŶŐƐ͘dŚĞ ďƵŝůĚŝŶŐŚĂƐĂĨůĂƚƌŽŽĨǁŝƚŚƉĂƌĂƉĞƚǁĂůůĂŶĚŵĞƚĂůĐŽƉŝŶŐ͘ ƵŝůĚŝŶŐhƐĞ Ɛƚ ĐĐŽƌĚŝŶŐƚŽKůŵƐƚĞĚŽƵŶƚǇĂƐƐĞƐƐŽƌƌĞĐŽƌĚƐ͕Ϯϭϲϭ ǀĞŶƵĞ^ŽƵƚŚǁĂƐďƵŝůƚŝŶϭϴϵϱ͖ŚŽǁĞǀĞƌ͕^ĂŶďŽƌŶŵĂƉƐ ,ŽůůĂŶĚ͛Ɛ&ŽŽĚ^ŚŽƉ͕ǁĞƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐĞĂƐƚ͕ ϮϬϭϳ͕WsE͘ ƐŚŽǁƐĂďƵŝůĚŝŶŐĞǆŝƐƚŝŶŐĂƚƚŚŝƐůŽĐĂƚŝŽŶŝŶϭϴϴϰ͘&ŽƌŵƵĐŚ ŽĨƚŚĞůĂƚĞŶŝŶĞƚĞĞŶƚŚĂŶĚĞĂƌůǇƚǁĞŶƚŝĞƚŚĐĞŶƚƵƌǇ͕ƚŚĞ ďƵŝůĚŝŶŐǁĂƐŽĐĐƵƉŝĞĚďǇĂŵĂƌďůĞΘŐƌĂŶŝƚĞďƵƐŝŶĞƐƐ͘/Ŷ ϭϵϯϭ͕ƚŚŝƐďƵƐŝŶĞƐƐǁĂƐƌĞƉůĂĐĞĚďǇ,ŽůůĂŶĚ͛Ɛ&ŽŽĚ^ŚŽƉ͕ ĞƐƚĂďůŝƐŚĞĚŝŶϭϵϬϳďǇƌŶĞƐƚ,ŽůůĂŶĚĂŶĚĂĐƋƵŝƌĞĚďǇŚŝƐ ƐŽŶEĞǁƚŽŶ,ŽůůĂŶĚŝŶϭϵϮϱ͘^ŽŵĞƚŝŵĞŝŶƚŚĞϭϵϯϬƐŽƌϰϬƐ͕ EĞǁƚŽŶ,ŽůůĂŶĚĐŽŶǀĞƌƚĞĚƚŚĞŐƌŽĐĞƌǇƐƚŽƌĞŝŶƚŽĂĐĂĨĞƚĞƌŝĂ ĂŶĚĂƌƚŐĂůůĞƌǇ͘/ŶĂĚĚŝƚŝŽŶƚŽĨĞĂƚƵƌŝŶŐƚŚĞǁŽƌŬƐŽĨůŽĐĂů DŝŶŶĞƐŽƚĂĂƌƚŝƐƚƐ͕ƚŚĞĐĂĨĞƚĞƌŝĂƉůĂǇĞĚƌĂĚŝŽďƌŽĂĚĐĂƐƚƐŽĨ ƉŝƉĞŽƌŐĂŶƌĞĐŝƚĂůƐĨŽƌƉĂƚƌŽŶƐ͘/Ŷϭϵϱϯ͕ĂƐĞĐŽŶĚƐƚŽƌǇǁĂƐ ĂĚĚĞĚƚŽƚŚĞďƵŝůĚŝŶŐƚŽƉƌŽǀŝĚĞŵŽƌĞĚŝŶŝŶŐƐƉĂĐĞ͘/Ŷϭϵϱϴ͕ ,ŽůůĂŶĚƐŽůĚŚŝƐďƵƐŝŶĞƐƐƚŽ>ĞŽŶ>Ăƚǌ͕ďƵƚƚŚĞĐĂĨĞƚĞƌŝĂ ĐŽŶƚŝŶƵĞĚƚŽŽƉĞƌĂƚĞƚŚƌŽƵŐŚƚŚĞĞŶĚŽĨƚŚĞƉĞƌŝŽĚŽĨ ϭϰ ƐŝŐŶŝĨŝĐĂŶĐĞ͘ ŽŵŵĞƌĐŝĂůƵŝůĚŝŶŐ͕ǁĞƐƚĂŶĚŶŽƌƚŚĨĂĐĂĚĞƐ͕ĨĂĐŝŶŐ ƐŽƵƚŚĞĂƐƚ͕Đ͘ϭϵϯϭʹϭϵϱϯ͕ŝŵĂŐĞŝŶďǇ ZŽĐŚĞƐƚĞƌ ůĂŶĂůĂǀĂŶŽ͘ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI .E ϮϮϬϭ ƐƚǀĞŶƵĞ^ŽƵƚŚǁĞƐƚ ,ŝƐƚŽƌŝĐEĂŵĞ͗^ƚĞďďŝŶƐƵŝůĚŝŶŐ ŽŶƐƚƌƵĐƚŝŽŶĂƚĞ͗ϭϵϭϳ ŝƐƚƌŝĐƚ^ƚĂƚƵƐ͗ŽŶƚƌŝďƵƚŝŶŐ ƵŝůĚŝŶŐĞƐĐƌŝƉƚŝŽŶ dŚĞ^ƚĞďďŝŶƐƵŝůĚŝŶŐŝƐĂƚǁŽͲƐƚŽƌǇƉĂŝŶƚĞĚďƌŝĐŬďƵŝůĚŝŶŐ ƚŚĂƚŝƐƉĂƌƚŽĨƚŚĞĐŽŶƚŝŐƵŽƵƐƌŽǁŽĨďƵŝůĚŝŶŐƐĨƌŽŶƚŝŶŐƚŚĞ ƐƚŶĚƌĚ ĞĂƐƚƐŝĚĞŽĨϭǀĞŶƵĞ^ŽƵƚŚďĞƚǁĞĞŶϮĂŶĚϯ^ƚƌĞĞƚƐ ^ŽƵƚŚǁĞƐƚ͘dŚĞƐŽƵƚŚƐŝĚĞŽĨƚŚĞďƵŝůĚŝŶŐĨƌŽŶƚƐĂŶĂůůĞǇ͘dŚĞ ĨŝƌƐƚůĞǀĞůŝŶĐůƵĚĞƐĂƐŝŶŐůĞƐǁŝŶŐĚŽŽƌǁŝƚŚƚƌĂŶƐŽŵůŝŐŚƚ ĂƚƚŚĞŶŽƌƚŚƐŝĚĞ͕ĂŶĚĂƐƚŽƌĞĨƌŽŶƚƐǇƐƚĞŵǁŝƚŚƌĞĐĞƐƐĞĚ ĐĞŶƚƌĂůĞŶƚƌǇĂƚƚŚĞƐŽƵƚŚƐŝĚĞ͘ǀŝŶǇůĂǁŶŝŶŐŝƐůŽĐĂƚĞĚ ĂďŽǀĞƚŚĞƐƚŽƌĞĨƌŽŶƚ͘dŚĞƐĞĐŽŶĚůĞǀĞůŝŶĐůƵĚĞƐĂƌŽǁŽĨ ĚŽƵďůĞͲŚƵŶŐŵƵůƚŝͲůŝŐŚƚǁŽŽĚƐĂƐŚĂŶĚĨƌĂŵĞǁŝƚŚŵĞƚĂů ĞǆƚĞƌŝŽƌƐƚŽƌŵǁŝŶĚŽǁƐ͘^ƚŽŶĞĚĞƚĂŝůƐĂďŽǀĞƚŚĞƐĞĐŽŶĚ ƐƚŽƌǇǁŝŶĚŽǁƐƐƚĂƚĞ͞ϭϵϭϳ͟ĂŶĚ͞^ƚĞďďŝŶƐ͘͟dŚĞďƵŝůĚŝŶŐŚĂƐ ĂĨůĂƚƌŽŽĨǁŝƚŚĂƉĞŶƚĞĂǀĞƚŚĂƚŝƐƐƵƉƉŽƌƚĞĚďǇƉĂŝŶƚĞĚ ǁŽŽĚďƌĂĐŬĞƚƐĂŶĚĐůĂĚŝŶƚĞƌƌĂĐŽƚƚĂƚŝůĞƐ͘ ƵŝůĚŝŶŐhƐĞ KůŵƐƚĞĚŽƵŶƚǇĂƐƐĞƐƐŽƌƌĞĐŽƌĚƐŝŶĚŝĐĂƚĞƚŚĂƚƚŚĞ^ƚĞďďŝŶƐ ^ƚĞďďŝŶƐƵŝůĚŝŶŐ͕ǁĞƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐĞĂƐƚ͕ϮϬϭϳ͕ ƵŝůĚŝŶŐǁĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϵϭϳ͘dŚĞďƵŝůĚŝŶŐŚŽƵƐĞĚĂ ͘ WsE ǁŝĚĞǀĂƌŝĞƚǇŽĨŽĐĐƵƉĂŶƚƐŝŶƚŚĞĨŝƌƐƚŚĂůĨŽĨƚŚĞƚǁĞŶƚŝĞƚŚ ĐĞŶƚƵƌǇ͕ŝŶĐůƵĚŝŶŐĂŶƵŶĚĞƌƚĂŬĞƌ͕ƚŚĞZĞĚƌŽƐƐ,ŽŵĞ ^ĞƌǀŝĐĞ͕ƚŚĞDŝƐƐŝƐƐŝƉƉŝsĂůůĞǇdĞĂĐŚĞƌƐƵƌĞĂƵ͕'ŽƌĚǇ ZĞĂůƚǇŽ͕͘ĂŶĚEŽƌƚŚǁĞƐƚĞƌŶDƵƚƵĂů>ŝĨĞ/ŶƐƵƌĂŶĐĞ͘ŝƚǇ 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ŚƵŶŐ͘^ĞĐŽŶĚůĞǀĞůǁŝŶĚŽǁƐĂƌĞƚŚƌĞĞͲŽǀĞƌͲƚŚƌĞĞĚŽƵďůĞͲ ŚƵŶŐǁŝƚŚĨŝǆĞĚƐŝĚĞůŝŐŚƚƐĂŶĚŵƵůƚŝͲůŝŐŚƚƚƌĂŶƐŽŵƐ͘ďŽǀĞ ƚŚĞƐĞĐŽŶĚůĞǀĞůǁŝŶĚŽǁƐ͕ƚŚĞďƵŝůĚŝŶŐŝƐĐůĂĚŝŶďƌŝĐŬ͘Ŷ ŝŶůĂŝĚĐĂƌǀĞĚƐƚŽŶĞƉĂŶĞůƐƚĂƚŝŶŐ͞ŝƚǇ,ĂůůŽĨZŽĐŚĞƐƚĞƌ͟ŝƐ ĐĞŶƚĞƌĞĚŝŶƚŚŝƐĂƌĞĂ͘ ZŽĐŚĞƐƚĞƌŝƚǇ,Ăůů͕ŶŽĚĂƚĞ͕ŝŵĂŐĞĐŽƵƌƚĞƐǇŽĨƚŚĞ dŚĞƐŝĚĞďůŽĐŬƐĂƌĞĐůĂĚŝŶďƌŝĐŬ͕ǁŝƚŚƐƚŽŶĞƐƉĂŶĚƌĞůƉĂŶĞůƐ ,ŝƐƚŽƌǇĞŶƚĞƌŽĨKůŵƐƚĞĚŽƵŶƚǇ͕͞ZŽĐŚĞƐƚĞƌŝƚǇ ďĞŶĞĂƚŚĞĂĐŚǁŝŶĚŽǁ͘&ŝƌƐƚĂŶĚƐĞĐŽŶĚůĞǀĞůǁŝŶĚŽǁƐĂƌĞ ,Ăůů͟ϮϬϬϯ͘Ϭϰϳ͘ϬϮϬ͘ ƚŚƌĞĞͲŽǀĞƌͲƚŚƌĞĞĚŽƵďůĞͲŚƵŶŐ͘ dŚĞďƵŝůĚŝŶŐŚĂƐĂĨůĂƚƌŽŽĨƚŚĂƚƐƚĞƉƐĚŽǁŶĂƚƚŚĞƐŝĚĞ ďůŽĐŬƐ͘ ƵŝůĚŝŶŐhƐĞ ϮϮϰϭ ƐƚǀĞŶƵĞ^ŽƵƚŚǁĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϵϯϭŽƌϭϵϯϮ͘/Ŷ ĂĚĚŝƚŝŽŶƚŽŚŽƵƐŝŶŐƚŚĞŽĨĨŝĐĞƐŽĨĐŝƚǇŽĨĨŝĐŝĂůƐ͕ƚŚĞďƵŝůĚŝŶŐ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J .E ǁĂƐƵƚŝůŝǌĞĚďǇƐĞǀĞƌĂůŽƌŐĂŶŝǌĂƚŝŽŶƐĂƌŽƵŶĚŵŝĚͲĐĞŶƚƵƌǇ͘ dŚĞƐĞŝŶĐůƵĚĞĚƚŚĞ&ŝƌƐƚŚƵƌĐŚŽĨŚƌŝƐƚ^ĐŝĞŶƚŝƐƚ͕ƚŚĞ ^ĞǀĞŶƚŚĂǇĚǀĞŶƚŝƐƚŚƵƌĐŚ͕ƚŚĞ<ŝǁĂŶŝƐ͕ƚŚĞEĂƚŝŽŶĂů &ĞĚĞƌĂƚŝŽŶŽĨWKůĞƌŬƐ͕ĂŶĚ͞ƵƐƚĞƌWŽƐƚϮϴ͘͟ dŚĞďƵŝůĚŝŶŐǁĂƐƵƐĞĚĨŽƌŐŽǀĞƌŶŵĞŶƚĨƵŶĐƚŝŽŶƐƵŶƚŝůϭϵϵϯ͕ ǁŚĞŶĂŶĞǁŐŽǀĞƌŶŵĞŶƚďƵŝůĚŝŶŐǁĂƐĐŽŶƐƚƌƵĐƚĞĚĂƚϭϱϭϰ ƚŚ ^ƚƌĞĞƚ^͘/Ŷϭϵϵϴ͕ƚŚĞĨŽƌŵĞƌĐŝƚǇŚĂůůǁĂƐĐŽŶǀĞƌƚĞĚŝŶƚŽ ϭϲ ŚŽƵƐŝŶŐ͘ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI .E ϯϬϰϭǀĞŶƵĞ^ŽƵƚŚǁĞƐƚ;ĂůƐŽϮϮϯƌĚ^ƚƌĞĞƚ^ŽƵƚŚǁĞƐƚͿ Ɛƚ ,ŝƐƚŽƌŝĐEĂŵĞ͗tŝůůŝĂŵƐůŽĐŬ ŽŶƐƚƌƵĐƚŝŽŶĂƚĞ͗ϭϴϳϰ ŝƐƚƌŝĐƚ^ƚĂƚƵƐ͗ŽŶƚƌŝďƵƚŝŶŐ ƵŝůĚŝŶŐĞƐĐƌŝƉƚŝŽŶ dŚĞtŝůůŝĂŵƐůŽĐŬŝƐĂƚǁŽƐƚŽƌǇƉĂŝŶƚĞĚďƌŝĐŬďƵŝůĚŝŶŐ ƐƚƌĚ ůŽĐĂƚĞĚŽŶƚŚĞĐŽƌŶĞƌŽĨϭǀĞŶƵĞ^ŽƵƚŚĂŶĚϯ^ƚƌĞĞƚ Ɛƚ ^ŽƵƚŚǁĞƐƚ͘dŚĞŶŽƌƚŚĨĂĐŝŶŐϭǀĞŶƵĞĨĂĕĂĚĞƐĞƌǀĞƐĂƐƚŚĞ ďƵŝůĚŝŶŐ͛ƐƉƌŝŵĂƌǇĨĂĕĂĚĞ͘ dŚĞďƵŝůĚŝŶŐŚĂƐĂĨůĂƚƌŽŽĨǁŝƚŚŵĞƚĂůĐŽƉŝŶŐ͘ĐŽƌďĞůůĞĚ ďƌŝĐŬǁĂƚĞƌƚĂďůĞƐĞƉĂƌĂƚĞƐƚŚĞĨŝƌƐƚĂŶĚƐĞĐŽŶĚƐƚŽƌŝĞƐ͘ dŚĞĨŝƌƐƚůĞǀĞůŽĨƚŚĞŶŽƌƚŚĨĂĕĂĚĞĨĞĂƚƵƌĞƐĂƐĞƌŝĞƐŽĨůĂƌŐĞ ĨŝǆĞĚǁŝŶĚŽǁƐǁŝƚŚƌŽƵŶĚͲĂƌĐŚƚŽƉƐ͘ƐŝŶŐůĞƐǁŝŶŐĚŽŽƌ ǁŝƚŚƐŝĚĞůŝŐŚƚƐĂŶĚƚƌĂŶƐŽŵŝƐůŽĐĂƚĞĚďĞůŽǁŽŶĞŽĨƚŚĞ tŝůůŝĂŵƐůŽĐŬ͕ŶŽƌƚŚĨĂĕĂĚĞ͕ĨĂĐŝŶŐƐŽƵƚŚ͕ϮϬϭϳ͕ ƌŽƵŶĚĂƌĐŚĞƐ͘ƐĞĐŽŶĚ͕ƌĞĐĞƐƐĞĚĞŶƚƌǇŝƐůŽĐĂƚĞĚĂƚƚŚĞ WsE͘ ĞĂƐƚĞŶĚŽĨƚŚĞĨĂĕĂĚĞ͘dŚŝƐƉŽƌƚŝŽŶŽĨƚŚĞďƵŝůĚŝŶŐĂƉƉĞĂƌƐ ƚŽŚĂǀĞŽƌŝŐŝŶĂůůǇĨƵŶĐƚŝŽŶĞĚĂƐĂƐĞƉĂƌĂƚĞƐƚƌƵĐƚƵƌĞʹ ǁŝŶĚŽǁƐĂƚƚŚŝƐƉŽƌƚŝŽŶŽĨƚŚĞĨĂĕĂĚĞĚŽŶŽƚŚĂǀĞƌŽƵŶĚ ĂƌĐŚĞĚƚŽƉƐ͕ĂŶĚ͞ϭϴϳϰ͟ŝƐĐĂƌǀĞĚŝŶƚŚĞĐŽƌŶŝĐĞ͘ dŚĞƐĞĐŽŶĚůĞǀĞůŽĨƚŚĞŶŽƌƚŚĨĂĕĂĚĞŚĂƐĨŽƵƌͲŽǀĞƌͲĨŽƵƌ 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ĞƚǁĞĞŶϭϴϴϰĂŶĚϭϵϮϬ͕^ĂŶďŽƌŶŵĂƉƐŝŶĚŝĐĂƚĞƚŚĂƚƐĞǀĞƌĂů ƐƚƌƵĐƚƵƌĞƐƚŽƚŚĞƐŽƵƚŚ͕ĞĂƐƚ͕ĂŶĚƐŽƵƚŚĞĂƐƚŽĨƚŚĞŽƌŝŐŝŶĂů ďƵŝůĚŝŶŐǁĞƌĞĐŽŶƐƚƌƵĐƚĞĚŽƌĐŽͲŽƉƚĞĚĨŽƌƚŚĞƵƐĞŽĨƚŚĞ ĨĂƌŵŝŵƉůĞŵĞŶƚďƵƐŝŶĞƐƐ͘ŶĂĚĚŝƚŝŽŶǁĂƐĂůƐŽĂĚĚĞĚƚŽƚŚĞ ƐŽƵƚŚŽĨƚŚĞŽƌŝŐŝŶĂůďƵŝůĚŝŶŐŝŶƚŚĞϭϴϵϬƐĂŶĚƌĞŵŽǀĞĚŝŶ ƚŚĞϭϵϮϬƐ͘ƌĞĐĞŶƚŝŶǀĞŶƚŽƌǇŽĨƚŚĞďƵŝůĚŝŶŐŶŽƚĞƐƚŚĂƚϯϬϰ Ɛƚ ϭǀĞŶƵĞ^ŽƵƚŚ͞ĂƉƉĞĂƌƐƚŽďĞŝŶƚĞŐƌĂƚĞĚǁŝƚŚϮϮϯƌĚ tŝůůŝĂŵƐďůŽĐŬ͕ŶŽƌƚŚĨĂĕĂĚĞ͕ĨĂĐŝŶŐƐŽƵƚŚǁĞƐƚ͕Đ͘ ^ƚƌĞĞƚ^t͕ǁŚŝĐŚŚŝƐƚŽƌŝĐĂůůǇĂƉƉĞĂƌƐƚŽďĞĂƐĞƉĂƌĂƚĞ ϭϵϲϬƐ͕ŝŵĂŐĞĐŽƵƌƚĞƐǇŽĨƚŚĞZŽĐŚĞƐƚĞƌ,ĞƌŝƚĂŐĞ ďƵŝůĚŝŶŐ͘͟dŚŝƐŝŶƚĞŐƌĂƚŝŽŶŵĂǇŚĂǀĞŽĐĐƵƌƌĞĚĚƵƌŝŶŐƚŚĞ WƌĞƐĞƌǀĂƚŝŽŶŽŵŵŝƐƐŝŽŶ͘ ƉĞƌŝŽĚŽĨƐŝŐŶŝĨŝĐĂŶĐĞ͕ƐŝŶĐĞ^ĂŶďŽƌŶŵĂƉƐŝŶĚŝĐĂƚĞƚŚĂƚĂ ĚŽŽƌǁĂƐŝŶƐƚĂůůĞĚŝŶƚŚĞǁĂůůďĞƚǁĞĞŶϯϬϰϭ ƐƚǀĞŶƵĞ^ŽƵƚŚ ĂŶĚϮϮϯ ƌĚ^ƚƌĞĞƚ^tƐŽŵĞƚŝŵĞďĞƚǁĞĞŶϭϵϮϬĂŶĚϭϵϮϴ͘ϭϳ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI .E ϯϭϴϭǀĞŶƵĞ^ŽƵƚŚǁĞƐƚ;ϯϭϴŽŵŵŽŶƐͿ Ɛƚ ,ŝƐƚŽƌŝĐEĂŵĞ͗E ŽŶƐƚƌƵĐƚŝŽŶĂƚĞ͗ϮϬϭϭ ŝƐƚƌŝĐƚ^ƚĂƚƵƐ͗EŽŶͲŽŶƚƌŝďƵƚŝŶŐ ƵŝůĚŝŶŐĞƐĐƌŝƉƚŝŽŶ ϯϭϴŽŵŵŽŶƐŝƐĂƌĞĐƚĂŶŐƵůĂƌŵĂƐƐĞĚďƵŝůĚŝŶŐǁŝƚŚĂĨůĂƚ ƌŽŽĨ͘dŚĞďƵŝůĚŝŶŐŝŶĐůƵĚĞƐĂŶ>ƐŚĂƉĞĚϵƐƚŽƌǇƉŽƌƚŝŽŶ͕ĂŶĚ 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ƐƚƵĐĐŽĐůĂĚĚŝŶŐĂŶĚĂĨůĂƚƌŽŽĨǁŝƚŚƉĂƌĂƉĞƚǁĂůů͘dŚĞ Ɛƚ ďƵŝůĚŝŶŐ͛ƐƉƌŝŵĂƌǇĨĂĕĂĚĞĨĂĐĞƐϭǀĞŶƵĞ^ŽƵƚŚ͕ĂŶĚ ŝŶĐůƵĚĞƐŵŽĚĞƌŶƐƚŽƌĞĨƌŽŶƚǁŝŶĚŽǁƐĂŶĚĂƐůŝŐŚƚůǇƌĞĐĞƐƐĞĚ ĞŶƚƌǇǁŝƚŚĂƐŝŶŐůĞƐǁŝŶŐĚŽŽƌĂƚƚŚĞƐŽƵƚŚĞĚŐĞ͘ dŚĞďƵŝůĚŝŶŐ͛ƐƐŽƵƚŚĨĂĕĂĚĞŝƐĂůƐŽǀŝƐŝďůĞ͕ĂŶĚŝŶĐůƵĚĞƐ ŵŽĚĞƌŶƐƚŽƌĞĨƌŽŶƚǁŝŶĚŽǁƐĂŶĚƉĂŝƌĞĚŽĨŵĞƚĂůƐǁŝŶŐ ĚŽŽƌƐ͘ ƵŝůĚŝŶŐhƐĞ ŽŵŵĞƌĐŝĂůƵŝůĚŝŶŐ͕ǁĞƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐĞĂƐƚ͕ ϮϬϭϳ͕WsE͘KůŵƐƚĞĚŽƵŶƚǇĂƐƐĞƐƐŽƌƌĞĐŽƌĚƐƐƚĂƚĞƚŚĂƚϯϮϰϭ ƐƚǀĞŶƵĞ ^ŽƵƚŚǁĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϵϰϮ͘ϭϵϰϴ^ĂŶďŽƌŶŵĂƉ ŝŶĚŝĐĂƚĞƐƚŚĂƚƚŚĞďƵŝůĚŝŶŐŽƌŝŐŝŶĂůůǇĨĞĂƚƵƌĞĚŚŽůůŽǁ ĐŽŶĐƌĞƚĞŽƌĐŽŶĐƌĞƚĞďůŽĐŬĐŽŶƐƚƌƵĐƚŝŽŶ͘^ŽŵĞƚŝŵĞĚƵƌŝŶŐ ƚŚĞϭϵϰϬƐ͕DĂǆ^ŚĂƉŝƌŽ͛ƐƵƚŽDĂƌŬĞƚǁĂƐůŽĐĂƚĞĚŝŶƚŚĞ ďƵŝůĚŝŶŐ͘ƐŽĨϮϬϭϱ͕ƚŚĞďƵŝůĚŝŶŐǁĂƐŽĐĐƵƉŝĞĚďǇƚŚĞ ϭϵ 'ĂůůĞƌǇϮϰĂƌƚŝƐƚĐŽŽƉĞƌĂƚŝǀĞ͘ ŽŵŵĞƌĐŝĂůƵŝůĚŝŶŐ͕ƐŽƵƚŚĨĂĕĂĚĞ͕ĨĂĐŝŶŐŶŽƌƚŚ͕Đ͘ ϭϵϰϬƐ͕ŝŵĂŐĞŝŶ>ĞĞ,ŝůŐĞŶĚŽƌĨĂŶĚŝŶĚǇ^ĐŽƚƚ͕ ͞WŚŽƚŽƐ͗>ĞŶƐŽŶ,ŝƐƚŽƌǇ͕͟:ƵŶĞϮϵ͕ϮϬϭϳ͕ ;ZŽĐŚĞƐƚĞƌͿWŽƐƚͲƵůůĞƚŝŶ͘ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJH .E ϳϮ^ƚƌĞĞƚ^ŽƵƚŚǁĞƐƚ ŶĚ ,ŝƐƚŽƌŝĐEĂŵĞ͗KůŵƐƚĞĚŽƵŶƚǇĂŶŬĂŶĚdƌƵƐƚŽŵƉĂŶǇ ŽŶƐƚƌƵĐƚŝŽŶĂƚĞ͗ϭϵϭϴ 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