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ƵĞƚŽƚŚĞƌĞŐŝŽŶĂůďĞŶĞĨŝƚƐŽĨĂƐĐĂĚĞ>ĂŬĞWĂƌŬĂŶĚĐŽŶŶĞĐƚŝŽŶƚŽƚŚĞ^ƚĂƚĞĂŶĚZĞŐŝŽŶĂůƚƌĂŝůŶĞƚǁŽƌŬƚŚŝƐƉƌŽũĞĐƚ ŝƐǀĞƌǇƐƵŝƚĞĚĨŽƌ^ƚĂƚĞďŽŶĚŝŶŐĨƵŶĚƐ͘ 3DFNHW3J )J dd,DEd^ WZK:d>Kd/KEDW KtEZ^,/WDW ϮϬϬϰ^><D^dZW>E ϮϬϭϲD^dZW>E WZ<DE/d/^ 3DFNHW3J )J 3DFNHW3J )J 3DFNHW3J )J 3DFNHW3J )J 3DFNHW3J )J 3DFNHW3J )J 3DFNHW3J )J 3DFNHW3J )K WƌŽũĞĐƚEĂŵĞ tŝůůŽǁƌĞĞŬdƌĂŝů ͗ ƐƚŝŵĂƚĞĚƚŽƚĂůƉƌŽũĞĐƚĐŽƐƚƐ ΨϯŵŝůůŝŽŶ ͗ ZĞƋƵĞƐƚĞĚ&ƵŶĚŝŶŐ͗ Ψϭ͘ϱϬŵŝůůŝŽŶ dŚŝƐƉƌŽũĞĐƚƌĞƋƵĞƐƚŝƐĨŽƌΨϭ͘ϱϬŵŝůůŝŽŶĚŽůůĂƌƐŝŶĂƉŝƚĂůƉƉƌŽƉƌŝĂƚŝŽŶƐƚŽƐĞĐƵƌĞĞĂƐĞŵĞŶƚƌŝŐŚƚƐ ĂŶĚĚĞǀĞůŽƉĂƉĂǀĞĚƚƌĂŝůůŝŶŬŝŶŐƚŚĞZŽĐŚĞƐƚĞƌ͕DEƌĞŐŝŽŶĂůƚƌĂŝůŶĞƚǁŽƌŬƚŽ'ĂŵĞŚĂǀĞŶZĞŐŝŽŶĂů WĂƌŬĂŶĚƚŚĞĨƵƚƵƌĞĞǆƚĞŶƐŝŽŶŽĨƚŚĞůƵĞƐƚĞŵdƌĂŝůƚŽ^ƚĞǁĂƌƚǀŝůůĞDE͘ ƵƌƌĞŶƚƐƚĂƚƵƐͬĞƐƚŝŵĂƚĞĚĚĂƚĞĨŽƌƐƚĂƌƚŽĨĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚĐŽŵƉůĞƚŝŽŶ ͗ dŚĞƉƌŽũĞĐƚŝƐĐƵƌƌĞŶƚůǇŽƵƚůŝŶĞĚŝŶƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌŝŶŝƚƐĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWƌŽŐƌĂŵ͘KŶĐĞĨƵŶĚŝŶŐďĞĐŽŵĞƐ ĂǀĂŝůĂďůĞĐŽŶƐƚƌƵĐƚŝŽŶĐŽƵůĚĐŽŵŵĞŶĐĞƵƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂŶǇƌĞƋƵŝƌĞĚƉƌŽũĞĐƚĚĞǀĞůŽƉŵĞŶƚƐƚĞƉƐ͕ŝŶĐůƵĚŝŶŐ ĂŶƚŝĐŝƉĂƚĞĚĞŶǀŝƌŽŶŵĞŶƚĂůƌĞǀŝĞǁĂŶĚƉƌŽũĞĐƚĚĞƐŝŐŶƌĞǀŝĞǁ͘tĞĂŶƚŝĐŝƉĂƚĞĐŽŶƐƚƌƵĐƚŝŽŶĐŽƵůĚƐƚĂƌƚĂƐĞĂƌůǇĂƐϮϬϮϭ͘ 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ďƵŝůĚŝŶŐƐĞƚďĂĐŬƐ͕ĂůůŽǁŝŶŐĨŽƌĂĚĞƋƵĂƚĞƉƌŝǀĂĐǇ͕ůŝŐŚƚĂŶĚĂŝƌ͕ƵƚŝůŝƚĂƌŝĂŶƐĞƌǀŝĐĞǇĂƌĚƐ;ĂƌĞĂƐĨŽƌƚƌĂƐŚ ƐƚŽƌĂŐĞ͕ĐůŽƚŚĞƐůŝŶĞƐ͕ĞƚĐ͙Ϳ͕ĂŶĚƐƚŽƌŵǁĂƚĞƌƌƵŶ ͲŽĨĨ͘ /ƚĚŽĞƐŶŽƚĂƉƉĞĂƌƚŚĂƚƚŚĞƉƌŽƉŽƐĞĚŐĂƌĂŐĞǁŝůůĂĨĨĞĐƚƚŚĞǁĞƐƚƉƌŽƉĞƌƚǇ͛ƐƉƌŝǀĂĐǇŽƌůŝŐŚƚŝŶƚŽůŝǀŝŶŐ ƐƉĂĐĞƐ;ŶŽǁŝŶĚŽǁƐŽŶƚŚĞĞĂƐƚĞůĞǀĂƚŝŽŶĨĂĐŝŶŐƚŚĞƉƌŽƉŽƐĞĚŐĂƌĂŐĞͿ͘,ŽǁĞǀĞƌ͕ƚŚĞƉƌŽƉŽƐĞĚƐĞƚďĂĐŬ ĂůůŽǁƐůŝŵŝƚĞĚƐƉĂĐĞĨŽƌůĂŶĚƐĐĂƉŝŶŐ͕ƵƚŝůŝƚĂƌŝĂŶƐĞƌǀŝĐĞǇĂƌĚƐĂŶĚŵĂǇŚĂǀĞĂŶŝŵƉĂĐƚŽŶƐƚŽƌŵǁĂƚĞƌ ƌƵŶŽĨĨ͘ ƌŝƚĞƌŝŽŶ&͘dŚĞƚĞƌŵƐŽĨƚŚĞǀĂƌŝĂŶĐĞĂƌĞŐĞŶĞƌĂůůǇĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŝƚǇ͛ƐĐƵƌƌĞŶƚŽŵƉƌĞŚĞŶƐŝǀĞ WůĂŶ͘ ^ƚĂĨĨ&ŝŶĚŝŶŐƐ͗dŚĞĐƵƌƌĞŶƚŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶĚŽĞƐŶŽƚĂĚĚƌĞƐƐƐĞƚďĂĐŬƐŝŶƚŚĞZͲϭǌŽŶŝŶŐĚŝƐƚƌŝĐƚ͘ 3DFNHW3J +ŽƌŵĂƚŝŽŶƌĞĐĞŝǀĞĚƉƌŝŽƌƚŽŶŽŽŶƚŚĂƚĚĂǇ͘ DƐ͘^ŽƐĂƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ:ƵŶĞϱ ƚŚ͕ϮϬϭϵ͕ƚŽƚŚĞŽĂƌĚ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐŽŶĨŝůĞĂƚƚŚĞ ZŽĐŚĞƐƚĞƌͲKůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ Dƌ͘tĂǇŶĞĂƐŬĞĚĨŽƌĐůĂƌŝĨŝĐĂƚŝŽŶŽŶŚŽǁƚŚĞƐŝŐŶƐƚĂŶĚĂƌĚƐĂƌĞĚĞƚĞƌŵŝŶĞĚ͘^ƚĂĨĨDƐ͘^ŽƐĂƌĞƐƉŽŶĚĞĚ͘ DƐ͘DĂũĞƌƵƐĂƐŬĞĚŝĨƚŚĞƐŝŐŶƐƚĂŶĚĂƌĚĂƉƉůŝĞƐďĞĐĂƵƐĞŽĨƚŚĞƵƐĞ͘DƐ͘^ŽƐĂĂŶƐǁĞƌĞĚǇĞƐ͘ 3DFNHW3J +ĞƚĂŝůĐůĂƐƐŝĨŝĐĂƚŝŽŶǁŽƵůĚŝƚŚĂǀĞĂĚŝĨĨĞƌĞŶƚƐŝŐŶƐƚĂŶĚĂƌĚ͘ Dƌ͘tĂǇŶĞĂƐŬĞĚǁŚŝĐŚĐŽƌŶĞƌŽĨƚŚĞďƵŝůĚŝŶŐŝƐƚŚĞŵĂŝŶĞŶƚƌĂŶĐĞ͘ DƐ͘^ŽƐĂƐƚĂƚĞĚĂƌĞƚĂŝůƵƐĞǁŽƵůĚŚĂǀĞĂƐŝŐŶƐƚĂŶĚĂƌĚǁŚŝĐŚǁŽƵůĚĂůůŽǁĨŽƌƚŚĞƉƌŽƉŽƐĞĚƐŝŐŶĂŐĞ͘ DƐ͘DĐ'ŝůůŝǀƌĂǇͲZŝǀĂƐĂĚĚƌĞƐƐĞĚƚŚĞŽĂƌĚ͕ĚŝƐĐƵƐƐŝŶŐƚŚĞďƵĨĨĞƌǇĂƌĚĂŶĚĂůƐŽƐƵŐŐĞƐƚŝŶŐϮŵŽƚŝŽŶƐ͕ŽŶĞ ĨŽƌƚŚĞĨƌĞĞƐƚĂŶĚŝŶŐƐŝŐŶĂŶĚĂŶŽƚŚĞƌĨŽƌƚŚĞǁĂůůƐŝŐŶĂŐĞ͘Dƌ͘dŚƌŽŶĚƐŽŶĂƐŬĞĚŝĨƚŚĞƚƌĞĞƐĂƌĞŐŽŝŶŐƚŽ ďůŽĐŬƚŚĞƐŝŐŶĂŐĞǁŚǇĂƌĞƚŚĞǇĂƐŬŝŶŐĨŽƌƐŽŵƵĐŚ͘ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚ͘ Dƌ͘dŚƌŽŶĚƐŽŶĂƐŬĞĚĂďŽƵƚŽƚŚĞƌĨƌĞĞƐƚĂŶĚŝŶŐƐŝŐŶƐĨŽƌŽƚŚĞƌhͲ,ĂƵůƐŝƚĞƐŝŶZŽĐŚĞƐƚĞƌ͘DƐ͘DĐ'ŝůůŝǀƌĂǇ ĂŶƐǁĞƌĞĚƚŚĞĂƉƉůŝĐĂŶƚǁŽƵůĚďĞďĞƐƚƚŽĂŶƐǁĞƌƚŚŽƐĞƋƵĞƐƚŝŽŶƐ͘ Dƌ͘ŽŚůŵĂŶĂĚĚƌĞƐƐĞĚƚŚĞďŽĂƌĚĂŐĂŝŶ͘Dƌ͘dŚƌŽŶĚƐŽŶĂƐŬĞĚĂďŽƵƚŽƚŚĞƌƐŝƚĞƐĂŶĚƐŝŐŶĂŐĞ͘Dƌ͘ ŽǁŵĂŶĂŶƐǁĞƌĞĚƚŚĞŽƚŚĞƌƐŝƚĞƐŚĂǀĞĚŝĨĨĞƌĞŶƚƵƐĞƐĂůƐŽƐƚĂƚŝŶŐƚŚĞƐƚĂŶĚĂƌĚƐŝŐŶŚĞŝŐŚƚĨŽƌhͲ,ĂƵů ĂĐƌŽƐƐƚŚĞĐŽƵŶƚƌǇŝƐϰϬͲϲϬĨĞĞƚƚĂůů͘ 3DFNHW3J +ƚĨŽƌƐƋƵĂƌĞĨŽŽƚĂŐĞĂŶĚ ŚĞŝŐŚƚŽĨĨƌĞĞƐƚĂŶĚŝŶŐƐŝŐŶ͘Dƌ͘dŚƌŽŶĚƐŽŶƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘ Dƌ͘tĂǇŶĞƐƚĂƚĞĚƚŚĞǀĂƌŝĂŶĐĞƐƚŝůůĚŽĞƐŶŽƚŵĞĞƚĐƌŝƚĞƌŝĂ͘ 3DFNHW3J +ŝŶŐ ŽƌĚŝŶĂŶĐĞƐŽƚŚĂƚƚŚĞƉƌŽƉĞƌƚǇĐĂŶďĞƵƐĞĚŝŶĂƌĞĂƐŽŶĂďůĞŵĂŶŶĞƌŶŽƚƉĞƌŵŝƚƚĞĚďǇƚŚĞŽƌĚŝŶĂŶĐĞ͘ 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+ƌŽŵƚŚĞƌĞƐŝĚĞŶƚŝĂůƉƌŽƉĞƌƚŝĞƐƚŽƚŚĞŶŽƌƚŚ͘ ƌŝƚĞƌŝŽŶ͘dŚĞǀĂƌŝĂŶĐĞŝƐŝŶŚĂƌŵŽŶǇǁŝƚŚƚŚĞŐĞŶĞƌĂůƉƵƌƉŽƐĞĂŶĚŝŶƚĞŶƚŽĨƚŚŝƐŽƌĚŝŶĂŶĐĞ͘ ^ƚĂĨĨ&ŝŶĚŝŶŐƐ͗dŚĞǀĂƌŝĂŶĐĞƌĞƋƵĞƐƚŝƐŶŽƚŝŶŚĂƌŵŽŶǇǁŝƚŚƚŚĞŐĞŶĞƌĂůƉƵƌƉŽƐĞĂŶĚŝŶƚĞŶƚŽĨƚŚĞƐŝŐŶ ŽƌĚŝŶĂŶĐĞ͘dŚĞŝŶƚĞŶƚŽĨƚŚĞƐŝŐŶŽƌĚŝŶĂŶĐĞŝƐƚŽďĂůĂŶĐĞƚŚĞŶĞĞĚĨŽƌƐŝŐŶĂŐĞĂŐĂŝŶƐƚƚŚĞŝŵƉĂĐƚƐŽĨ ƐƵĐŚƐŝŐŶĂŐĞ;ϲϯ͘ϮϮϭͿ͘dŚĞƉƌŽƉŽƐĞĚƐŝŐŶĂŐĞĚŽĞƐŶŽƚƉƌĞƐĞƌǀĞƚŚĞĂĞƐƚŚĞƚŝĐƐŽĨƚŚĞŝƚǇŽƌƉƌŽŵŽƚĞ ƚŚĞƉůĂŶŶĞĚĐŚĂƌĂĐƚĞƌŽĨƚŚĞͲϰǌŽŶŝŶŐĚŝƐƚƌŝĐƚ͘ dŚĞƐŝŐŶĂŐĞƉƌŽƉŽƐĞĚǁŝƚŚƚŚŝƐǀĂƌŝĂŶĐĞŐƌĞĂƚůǇĞǆĐĞĞĚƐǁŚĂƚŝƐƉĞƌŵŝƚƚĞĚĨŽƌĂƐĞůĨͲƐĞƌǀŝĐĞƐƚŽƌĂŐĞ ĨĂĐŝůŝƚǇŝŶƚŚĞͲϰǌŽŶŝŶŐĚŝƐƚƌŝĐƚĂŶĚƉƌŽƉŽƐĞƐϯϰϬƐƋƵĂƌĞĨĞĞƚŽĨǁĂůůƐŝŐŶĂŐĞƚŚĂƚǁŝůůďĞǀŝĞǁĞĚĨƌŽŵ ƚŚĞƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚƐƚŽƚŚĞŶŽƌƚŚ͘ ƌŝƚĞƌŝŽŶ&͘dŚĞƚĞƌŵƐŽĨƚŚĞǀĂƌŝĂŶĐĞĂƌĞŐĞŶĞƌĂůůǇĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŝƚǇ͛ƐĐƵƌƌĞŶƚŽŵƉƌĞŚĞŶƐŝǀĞ WůĂŶ͘ ^ƚĂĨĨ&ŝŶĚŝŶŐƐ͗dŚĞĐƵƌƌĞŶƚŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶĚŽĞƐŶŽƚĂĚĚƌĞƐƐƐŝŐŶĂŐĞŝŶƚŚĞͲϰǌŽŶŝŶŐĚŝƐƚƌŝĐƚ͘ 3DFNHW3J + +ĂŶĚĂƌĚůŝŵŝƚƐ>>ǁĂůůƐŝŐŶĂŐĞƚŽϱϬƐƋƵĂƌĞĨĞĞƚ͘ůůŽƚŚĞƌƵƐĞƐŝŶƚŚĞͲϰĚŝƐƚƌŝĐƚŚĂǀĞ ĞŝƚŚĞƌĂ͟͞;ϯϱϬ^&ͿŽƌ͟͞;ϲϱϬ^&ͿĂůůŽǁĂŶĐĞ͘dŚĞƉůĂŶƐƚŚĂƚǁĞƌĞƉƌĞƐĞŶƚĞĚƐŚŽǁŝŶŐǁĂůůƐŝŐŶĂŐĞǁĂƐ ŝŶƚŚĞƌĂŶŐĞŽĨϰϱϬ͛ƐƋƵĂƌĞĨĞĞƚ͘ 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