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Ї•–‡””‹–‡”‹ƒˆ‘”‡•‹‰ƒ–‹‘‘ˆƒƒ†ƒ”‹•–”‹ –ȋ‡ ǤͶǦ͹Ǧͺȋ ȌȌ ǣ ”‹–‡”‹‘ͳǣ–Їƒ†ƒ”‹•–”‹ –‹•†‡‡‡†•‹‰‹ˆ‹ ƒ–ˆ‘”‹–•ƒ–‹“—‹–›Ǣ ”‹–‡”‹‘ʹǣЇƒ†ƒ”‹•–”‹ –’‘••‡••‡•ƒƒ’’”‘’”‹ƒ–‡†‡‰”‡‡‘ˆ‹–‡‰”‹–›‘ˆ x Ž‘ ƒ–‹‘ǡ•‡––‹‰ǡ†‡•‹‰ǡƒ–‡”‹ƒŽ•ǡ™‘”ƒ•Š‹’ǡƒ†ƒ••‘ ‹ƒ–‹‘‰‹˜‡‹–•ƒ‰‡Ǥ x Ї’‡”‹‘†‘ˆ•‹‰‹ˆ‹ ƒ ‡ˆ‘”–Ї‹•–”‹ –‹•ͳͺ͹Ͳ–‘ͳͻ͸ʹǤ™ƒ•ƒ•‡†–‘”‡ ‘•‹†‡”–Ї ’”‘’‘•‡†’‡”‹‘†‘ˆ•‹‰‹ˆ‹ ƒ ‡ˆ‘ŽŽ‘™‹‰ˆ‡‡†„ƒ ˆ”‘–Ї–ƒ–‡ ‹•–‘”‹ ”‡•‡”˜ƒ–‹‘ˆˆ‹ ‡ ™Š‹ Š”‡ ‘‡†‡†ƒ•ƒŽŽ‡”†‹•–”‹ –‘”ƒ—„‡”‘ˆ‹†‹˜‹†—ƒŽ†‡•‹‰ƒ–‹‘•Ǥ‡–™‹–Š–Ї –ƒ–‡ ‹•–‘”‹ ”‡•‡”˜ƒ–‹‘ˆˆ‹ ‡ƒ† ‘†— –‡†ƒ††‹–‹‘ƒŽƒ” Š‹˜ƒŽ”‡•‡ƒ” ŠǤ‡ ƒ—•‡‘ Ї•–‡”ǯ• †‘™–‘™ ‘‡” ‹ƒŽ†‹•–”‹ –†‹†‘–•—ˆˆ‡”–Ї†”ƒƒ–‹ †‹•‹˜‡•–‡––Šƒ–’Žƒ‰—‡†‘–Ї” †‘™–‘™ƒ‹•–”‡‡–•‹–Ї›‡ƒ”•‹‡†‹ƒ–‡Ž›ˆ‘ŽŽ‘™‹‰‹ƒŽ†‡•‹‰ƒ–‹‘†‡ ‹•‹‘Ž‹‡•™‹–Š–Ї‹–›‘ˆ‘ Ї•–‡”ǯ• Ǥ Ї‹•–”‹ –‡ ‘’ƒ••‡•͵ʹ’”‘’‡”–‹‡•Ǣ‹ Ž—†‹‰ʹͺ ‘–”‹„—–‹‰ƒ†Ͷ‘Ǧ ‘–”‹„—–‹‰ ’”‘’‡”–‹‡•ǤŽŽ ‘–”‹„—–‹‰’”‘’‡”–‹‡•ƒ”‡„—‹Ž†‹‰•ǤЇ‘Ǧ ‘–”‹„—–‹‰’”‘’‡”–‹‡•‹ Ž—†‡ „—‹Ž†‹‰•ƒ†•‹–‡•ȋ‡’–›Ž‘–•ȌǤˆ—ŽŽŽ‹•–‘ˆ ‘–”‹„—–‹‰ƒ†‘Ǧ ‘–”‹„—–‹‰’”‘’‡”–‹‡•‹ Ž—†‹‰ 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ZŽĐŚĞƐƚĞƌ͛ƐŽŵŵĞƌĐŝĂůŽƌĞ͗ϭϴϳϬͲϭϴϴϵ ƒ†Š‘ƒ•—‹‰• ƒ‡ˆ”‘—’•–ƒ–‡‡™‘”ƒ†Dz–Ї›ƒ‡†–Ї’Žƒ ‡‘ Ї•–‡”ǡ„‡ ƒ—•‡ –ЇˆƒŽŽ•ƒ†”ƒ’‹†•‘ˆ–Ї”‹˜‡””‡‹†‡†–Ї‘ˆ–Ї™ƒ–‡”’‘™‡”ƒ–‘ Ї•–‡”ǡ‹‡™‘”•–ƒ–‡ ȏ•‹ ȐǤdz†‘™–‘™•–”‡‡–‰”‹†™ƒ•‹‡†‹ƒ–‡Ž›’Žƒ––‡†ǡ™‹–Š”‘ƒ†™ƒ›ƒ†‡–‡”•–”‡‡–•ƒ•–Ї ͳ ‰”‹†ǯ•„ƒ•‡Ǥ ‹•–‘”‹‡•‘ˆ–Ї ‹–›ǯ•‡ƒ”Ž›†‡˜‡Ž‘’‡–”‡’‘”––Ї’Žƒ––‹‰’”‘ ‡••ǡ‡š’Žƒ‹‹‰–Šƒ–Dzƒ• ʹ –Ї•‡––އ‡–‰”‡™ǡƒƒ‹•–”‡‡–™ƒ• އƒ”‡†„›Š‹– Š‹‰ƒŠ—‰‡–”‡‡–”—„‡Š‹†ƒ–‡ƒ‘ˆ‘š‡ ƒ††”ƒ‰‰‹‰–ЇŽ‘‰Š‘”‹œ‘–ƒŽŽ›–Š”‘—‰Š–Ї„”—•ŠǤ‡ˆŽ‡ –‹‰–ЇŽ‘ˆ–›†”‡ƒ•‘ˆ–Ї•‡‡ƒ”Ž› •‡––އ”•ǡ–Ї•–”‡‡–™ƒ•ƒ‡†”‘ƒ†™ƒ›Ǥdz ͵  Ї ‹–›ǯ•Ž‘ ƒ–‹‘’”‘˜‡†ƒ––”ƒ –‹˜‡Ǧ‹ͳͺͷͷƒ•—”˜‡›”‡˜‡ƒŽ‡†–Šƒ–‘ Ї•–‡”‹ Ž—†‡†ƒ„‘—–ͷͲ •‡––އ”•Ǣ–™‘›‡ƒ”•Žƒ–‡”–Ї’‘’—Žƒ–‹‘Šƒ†•™‡ŽŽ‡†–‘‡ƒ”Ž›ͳǡͷͲͲǤ ͳͺͷͺǡ–Ї ‹–›™ƒ• Ͷ ‹ ‘”’‘”ƒ–‡†ƒ†‡•–ƒ„Ž‹•Ї†ƒ•–ЇŽ•–‡† ‘—–›•‡ƒ–Dzƒˆ–‡”ƒ•Šƒ”’ ‘–‡š–™‹–Š–™‘–Ї”‹˜ƒŽ ƒ•’‹”ƒ–•ǡ”‘‘ ‘ƒ†ƒ”‹‘Ǥdz ͷ  ƒ††‹–‹‘–‘–Їƒ†˜ƒ–ƒ‰‡•’”‘˜‹†‡†„›•‡”˜‹‰ƒ•–Ї ‘—–›•‡ƒ–ǡƒ ‘”†‹‰–‘ƒ” Š‹–‡ –—”ƒŽ Š‹•–‘”‹ƒƒ˜‹† ‘ˆ–Ї ‹–›Š‹‰‡†‘ƒˆ‡™‡˜‡–•–Šƒ–’”‘˜‹†‡† ’Š›•‹ ƒŽ ‘‡ –‹‘•™‹–Š‹‘ Ї•–‡”ƒ†™‹–Š‘–Ї”Ž‘ ƒ–‹‘•‹–Ї•–ƒ–‡ƒ†”‡‰‹‘ǣ Ї‡›†‡˜‡Ž‘’‡–•†—”‹‰–Ї‡ƒ”Ž››‡ƒ”•‘ˆ–Ї ‘—‹–›ǯ•‡š‹•–‡ ‡™‡”‡–Ї ‘•–”— –‹‘‘ˆ–Їˆ‹”•–™‘‘†‡„”‹†‰‡‘˜‡”–Ї—„”‘‹˜‡”‹ͳͺͷ͸ƒ†–Ї ‘’އ–‹‘ ‘ˆ–Їˆ‹”•–‹”‘„”‹†‰‡–™‘†‡ ƒ†‡•Žƒ–‡”ǡ–Ї‡”‡ –‹‘‘ˆ–ЇˆŽ‘—”‹ŽŽ•ƒ†–Ї•ƒ™‹ŽŽ•‘ –Ї—„”‘ƒ†‹–•–”‹„—–ƒ”‹‡•„‡‰‹‹‰‹ͳͺͷ͸ǡ–Їƒ””‹˜ƒŽ‘ˆ–Ї *E WŽƐƚĐĂƌĚĚĞƉŝĐƚŝŶŐƌŽĂĚǁĂLJǀĞŶƵĞ^ŽƵƚŚĐŝƌĐĂϭϴϵϬ͘ ‘ Ї•–‡”ǯ•–Š”‹˜‹‰‡ƒ”Ž›ƒ‰”‹ —Ž–—”ƒŽƒ†‹ŽŽ‹‰‹†—•–”‹‡•ǡƒŽ‘‰™‹–Š‹–•‡™”ƒ‹Ž ‘‡ –‹‘•ǡ ”‡•—Ž–‡†‹ƒ’”‡ ‹’‹–‘—•”‹•‡‹’‘’—Žƒ–‹‘ǡ ƒ—•‹‰„‘‘•–‡”Ž‹–‡”ƒ–—”‡ˆ”‘–Ї–‹‡–‘‘–‡–Šƒ– Dz–ЇŽƒ–‡•– ‡•—•ȏͳͺ͸ͺȐ•Š‘™‡†–Šƒ–‘ Ї•–‡”Šƒ•ƒ†‡–ЇŽƒ”‰‡•–‰”‘™–Š‘ˆƒ›™‡•–‡” ‘—‹–›Šƒ˜‹‰‘™ƒ’‘’—Žƒ–‹‘‘ˆ͵ǡ͹ʹʹǡ–Ї‹ ”‡ƒ•‡ƒ‘—–‹‰–‘͹ͷΨ‹ͳͲ›‡ƒ”•Ǥdz ͹ ‘‹ ‹†‹‰™‹–Š–Š‹•”‹•‡‹’‘’—Žƒ–‹‘ǡ Dz‹–™ƒ•†—”‹‰–Ї ͳͺ͸Ͳ•ƒ†ͳͺ͹Ͳ•–Šƒ–‘ Ї•–‡”„‡‰‹–‘†‡˜‡Ž‘’‹–•†‘™–‘™„—•‹‡••†‹•–”‹ –ƒ†’—„Ž‹  „—‹Ž†‹‰•Ǥdz ͺ  'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI *E ͳͺͻͲ• †‡• ”‹„‡•ƒˆ—ŽŽ› ‹”‡ –‘”›‘ˆ‘ Ї•–‡”ƒ† †‡˜‡Ž‘’‡† ‘‡” ‹ƒŽ†‹•–”‹ – Ž•–‡†‘—–› ƒ Š‘”‡†„›”‘ƒ†™ƒ›˜‡—‡ǡ•–ƒ–‹‰ Dz–Šƒ–‘ Ї•–‡”‹•ƒ’‘’—Žƒ”–”ƒ†‹‰ ‡–‡”‹•ƒ––‡•–‡†„›–ЇŽƒ”‰‡—„‡” ‘ˆ”‡–ƒ‹Ž•–‘”‡•ǡƒŽŽ‘ˆ™Š‹ ЇŒ‘›ƒ ‰‘‘†’ƒ–”‘ƒ‰‡Ǥdz‹‡™‹•‡ǡƒ„‘” ͻ ƒ’•ˆ”‘–ЇͳͺͺͲ••Š‘™ƒ–Š”‹˜‹‰ „—•‹‡••†‹•–”‹ –‘ˆ‘‡ƒ†–™‘•–‘”› „”‹  ‘‡” ‹ƒŽ„—‹Ž†‹‰•Š‘—•‹‰ Dz„ƒ•ǡ‰”‘ ‡”•ǡ„—– Ї”•ǡ„ƒ‡”‹‡•ǡ Œ‡™‡Ž‡”•ǡ ‹‰ƒ”•Š‘’•ǡ„‹ŽŽ‹ƒ”†•ƒŽ‘‘•ǡ ‘–‹‘•ǡŠ‘–‡Ž•ǡƒ††”—‰•–‘”‡•dzƒ‘‰ ‘–Ї”‘’‡”ƒ–‹‘•Ǥ ͳͲ  ˆ–Ї‡ƒ”Ž› ‘‡” ‹ƒŽ†‡˜‡Ž‘’‡– ƒŽ‘‰”‘ƒ†™ƒ›ƒ†‹–• ”‘•••–”‡‡–•ǡ –ЇŠ‹‰Š‡•– ‘ ‡–”ƒ–‹‘‘ˆ‡š–ƒ– „—‹Ž†‹‰•‹•Ž‘ ƒ–‡†‘–Ї͵ͲͲ„Ž‘ ‘ˆ ”‘ƒ†™ƒ›˜‡—‡‘—–Šƒ†‘͵ ”† –”‡‡–‘—–Š™‡•–„‡–™‡‡”‘ƒ†™ƒ› ˜‡—‡‘—–Šƒ†ͳ˜‡—‡‘—–ŠǤ •– ” Š‹–‡ –—”ƒŽŽ›ǡ–Š‹•ƒ”‡ƒ‹• Šƒ”ƒ –‡”‹œ‡†„› ‘–‹‰—‘—• †‡˜‡Ž‘’‡–ƒŽ‘‰–Ї„Ž‘ •ǡ‘‡ƒ† –™‘•–‘”›ƒ•‘”›„—‹Ž†‹‰•™‹–Šˆ‹”•– އ˜‡Ž•–‘”‡ˆ”‘–•ǡˆŽƒ–”‘‘ˆ•ǡ’— Ї† ‘’‡‹‰•ƒ–—’’‡”އ˜‡Ž•ǡƒ†”‡˜‹˜ƒŽ •–›Ž‡†‡–ƒ‹Ž•–Šƒ–™‡”‡’‘’—Žƒ” –Š”‘—‰Š‘—––Ї ‘—–”›ƒ––Ї–‹‡Ǥ ϭϴϴϰ^ĂŶďŽƌŶDĂƉĚĞƉŝĐƚŝŶŐƚŚĞϯϬϬďůŽĐŬŽĨƌŽĂĚǁĂLJǀĞŶƵĞ^ŽƵƚŚĂŶĚ ϯ^ƚƌĞĞƚ^ŽƵƚŚǁĞƐƚďĞƚǁĞĞŶƌŽĂĚǁĂLJĂŶĚϭǀĞŶƵĞ͘ ƌĚƐƚ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J *E šƒ’Ž‡„—‹Ž†‹‰•ˆ”‘–Š‹•–‹‡’‡”‹‘†–Šƒ– ‘–”‹„—–‡–‘–Ї‘ Ї•–‡”‘™–‘™‘‡” ‹ƒŽ ‹•–‘”‹ ‹•–”‹ –‹ Ž—†‡ǣ ͵Ͳ͹”‘ƒ†™ƒ›˜‡—‡‘—–Š ͵Ͳͻ”‘ƒ†™ƒ›˜‡—‡‘—–Š x ͵ͳͳǦ͵ͳ͵”‘ƒ†™ƒ›˜‡—‡‘—–Š x ͵ͳͷǦ͵ͳ͹”‘ƒ†™ƒ›˜‡—‡‘—–Š x ͵ʹ͵”‘ƒ†™ƒ›˜‡—‡‘—–Š x ͵ʹͶ”‘ƒ†™ƒ›˜‡—‡‘—–Š x ͵͵Ͳ”‘ƒ†™ƒ›˜‡—‡‘—–Š x ʹͳͲͳ˜‡—‡‘—–Š x •– ʹͳʹͳ˜‡—‡‘—–Š x •– ʹͳ͸ͳ˜‡—‡‘—–Š x •– ͵ͲͶͳ˜‡—‡‘—–Š x •– Ͷ͵–”‡‡–‘—–Š™‡•– x ”† ͳͲ͵–”‡‡–‘—–Š™‡•– x ”† x Ї•‡„—‹Ž†‹‰•ƒ”‡•‹‰‹ˆ‹ ƒ–ˆ‘”–Ї‹””‡’”‡•‡–ƒ–‹‘‘ˆ‘ Ї•–‡”ǯ•‡ƒ”Ž›‰”‘™–Šƒ•ƒ ‘—‹–› ƒ†”‡‰‹‘ƒŽ ‘‡” ‹ƒŽ ‡–‡”ǡƒ†ˆ‘”–Ї‹”ƒ„‹Ž‹–›–‘’Žƒ ‡‘ Ї•–‡”‹–Ї ‘–‡š–‘ˆ–›’‹ ƒŽ ƒ” Š‹–‡ –—”ƒŽ’ƒ––‡”• ‘‘ƒ‘‰‹‡•‘–ƒǯ••‘—–Ї””‹˜‡”–‘™•†—”‹‰–Š‹•–‹‡’‡”‹‘†Ǥ Ї„—‹Ž†‹‰• ‘•–”— –‡††—”‹‰–Š‹•–‹‡’‡”‹‘†ƒŽ•‘”‡’”‡•‡–‘ Ї•–‡” ‹•–‘”‹ ƒŽ‘–‡š– Dz‘ Ї•–‡”ǯ•ƒ”Ž›‡––އ‡–Ǥdz 'HVLJQDWLRQ6WXG\  )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJH *E ĞǀĞůŽƉŵĞŶƚŝŶZŽĐŚĞƐƚĞƌΖƐŽŵŵĞƌĐŝĂůŽƌĞ͗ϭϴϳϬͲϭϴϴϵ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI *E ZŽĐŚĞƐƚĞƌ͛ƐŽŵŵĞƌĐŝĂůŽƌĞ͗ϭϴϵϬͲϭϵϰϱ ĞƌŝĂů/ŵĂŐĞŽĨZŽĐŚĞƐƚĞƌŝŶϭϵϰϬ͘ZŽĐŚĞƐƚĞƌŽǁŶƚŽǁŶŽŵŵĞƌĐŝĂů,ŝƐƚŽƌŝĐŝƐƚƌŝĐƚŽƵƚůŝŶĞĚŝŶƌĞĚ͘hŶŝǀĞƌƐŝƚLJŽĨ DŝŶŶĞƐŽƚĂ,ŝƐƚŽƌŝĐĂůĞƌŝĂů/ŵĂŐĞƐKŶůŝŶĞ͘tͲϮͲϭϬϯ͘ 'HVLJQDWLRQ6WXG\  )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI *E ‘ Ї•–‡”ǯ•‡ƒ”Ž›•–ƒ–—•ƒ•ƒ–›’‹ ƒŽ•‘—–Š™‡•–‡”‹‡•‘–ƒ”‹˜‡”ˆ”‘––‘™ Šƒ‰‡††”ƒƒ–‹ ƒŽŽ› †—”‹‰–Ї‘’‡‹‰†‡ ƒ†‡•‘ˆ–Ї–™‡–‹‡–Š ‡–—”›Ǥ ͳͺͺ͵ǡƒ–‘”ƒ†‘†‡ ‹ƒ–‡†–Ї ‹–›‘ˆ ‘ Ї•–‡”ǡ†‡‘Ž‹•Š‹‰„Ž‘ •‘ˆ†‘™–‘™ƒ†‹ŽŽ‹‰ƒ› ‹–‹œ‡•Ǥ ‘ŽŽ‘™‹‰–Ї–‘”ƒ†‘ǡ”Ǥ ‹ –Ǥ 'HVLJQDWLRQ6WXG\  )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI *E ‘‡” ‹ƒŽ ‘•–”— –‹‘†—”‹‰–Ї‹‹–‹ƒŽ’‡”‹‘†‘ˆ‘ Ї•–‡”ǯ•†‡˜‡Ž‘’‡–Šƒ†–‡†‡†–‘„‡ ‰‡‡”‹ ‹ˆ— –‹‘Ȃ™Š‡˜‹‡™‡†ˆ”‘–Ї‡š–‡”‹‘”ǡƒ‰‹˜‡„—‹Ž†‹‰‹ƒ ‘‡” ‹ƒŽ•–”‹’™‘—ކ Šƒ˜‡„‡‡‡“—ƒŽŽ›™‡ŽŽ•—‹–‡†–‘Š‘—•‡ƒ„ƒ‡”›ǡƒ†”›‰‘‘†••–‘”‡ǡ‘”ƒ ‹‰ƒ”•Š‘’Ǥ‘‡„—‹Ž†‹‰• ‘ˆ–Š‹•–›’‡ ‘–‹—‡†–‘„‡ ‘•–”— –‡††—”‹‰–ЇͳͻͲͲ•ƒ†ͳͻͳͲ•ǡ™‹–Š— Š‘ˆ–Ї‡™ ‘•–”— –‹‘‘ˆ–Š‹•–›’‡‡š–‡†‹‰‘”–ŠƒŽ‘‰”‘ƒ†™ƒ›ƒ†ͳ˜‡—‡ǤЇ•‡‡™„—‹Ž†‹‰• •–ͳʹ ƒ”‡‘–”‡ƒ†‹Ž›†‹•–‹‰—‹•Šƒ„އˆ”‘–Ї‘ކ‡” ‘–‹‰—‘—•„—‹Ž†‹‰•™‹–Š‹–Ї ‘‡” ‹ƒŽ†‹•–”‹ –Ǥ ZŽĐŚĞƐƚĞƌŝƚLJ,Ăůů͘hŶĚĂƚĞĚŝŵĂŐĞǀŝĂ,ŝƐƚŽƌLJĞŶƚĞƌŽĨKůŵƐƚĞĚŽƵŶƚLJŽůůĞĐƚŝŽŶƐ͕ ϮϬϬϯ͘Ϭϰϳ͘ϬϮϬ͘ •‘ Ї•–‡”‰ƒ‹‡†ƒ†‹•–‹ –‹˜‡‹†‡–‹–›ƒ•ƒ‡†‹ ƒŽŠ—„ǡ•‘–‘‘†‹†‹–‰ƒ‹ƒ—„‡”‘ˆ†‹•–‹ –‹˜‡ ƒ†•’‡ ‹ƒŽ‹œ‡†„—‹Ž†‹‰•ƒ†„—•‹‡••‡•™‹–Š‹‹–• ‘‡” ‹ƒŽ ‘”‡Ǥ› ‘–”ƒ•––‘–Ї ‘–‹‰—‘—• ‘‡ƒ†–™‘•–‘”›•–‘”‡ˆ”‘–„Ž‘ •–Šƒ–Šƒ†’”‡˜‹‘—•Ž› Šƒ”ƒ –‡”‹œ‡†–Ї†‹•–”‹ –ǡ— Š‘ˆ–Ї‡™ ‘•–”— –‹‘™‹–Š‹–Ї ‘‡” ‹ƒŽ ‘”‡ƒ––Š‹•–‹‡–‘‘–Їˆ‘”‘ˆŽƒ”‰‡”ˆ”‡‡•–ƒ†‹‰„—‹Ž†‹‰• –Šƒ–™‡”‡ ‘•–”— –‡†ˆ‘”ƒ•’‡ ‹ˆ‹ ’—”’‘•‡‘”„—•‹‡••Ǥ šƒ’Ž‡ˆ”‡‡•–ƒ†‹‰„—‹Ž†‹‰•ˆ”‘–Š‹•–‹‡’‡”‹‘†–Šƒ– ‘–”‹„—–‡–‘–Ї‘ Ї•–‡”‘™–‘™ ‘‡” ‹ƒŽ ‹•–‘”‹ ‹•–”‹ –‹ Ž—†‡ǣ ‹˜‡”•‹†‡—‹Ž†‹‰ǦͶͲͲ”‘ƒ†™ƒ›˜‡—‡‘—–Š Ǥ Ǥƒ••‡›‘Ǥ–‘”‡ǦʹͲʹͳ˜‡—‡‘—–Š x •– ‹–› ƒŽŽǦʹʹͶͳ˜‡—‡‘—–Š™‡•– x •– Ž•–‡†‘—–›ƒƒ†”—•–‘’ƒ›Ǧ͹ʹ–”‡‡–‘—–Š™‡•– x † ǤǤǤ Ǥ‘†‰‡͓ͳ͵Ǧʹ͵ʹ–”‡‡–‘—–Š™‡•– x † x 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI *E šƒ’Ž‡ ‘–‹‰—‘—••–‘”‡ˆ”‘–„—‹Ž†‹‰•ˆ”‘–Š‹•–‹‡’‡”‹‘†–Šƒ– ‘–”‹„—–‡–‘–Ї‘ Ї•–‡” ‘™–‘™‘‡” ‹ƒŽ ‹•–‘”‹ ‹•–”‹ –‹ Ž—†‡ǣ ͵ͳͺ”‘ƒ†™ƒ›˜‡—‡‘—–Š ͵ʹͲǦ͵ʹʹ”‘ƒ†™ƒ›˜‡—‡‘—–Š x ͵ʹͶ”‘ƒ†™ƒ›˜‡—‡‘—–Š x ͵ʹ͸Ǧ͵ʹͺ”‘ƒ†™ƒ›˜‡—‡‘—–Š x ʹͳͲͳ˜‡—‡‘—–Š x •– ʹʹͲͳ˜‡—‡‘—–Š x •– x ZŽĐŚĞƐƚĞƌ;WŽƐƚĐĂƌĚ,ŝƐƚŽƌLJ^ĞƌŝĞƐͿ /͘K͘K͘&͘>ŽĚŐĞηϭϯ͘/ŵĂŐĞǀŝĂůĂŶĂůĂǀĂŶŽ͘͘^ĂŶ &ƌĂŶĐŝƐĐŽ͗ƌĐĂĚŝĂWƵďůŝƐŚŝŶŐ͕ϮϬϬϴ͘ Ї•‡„—‹Ž†‹‰•ƒ”‡•‹‰‹ˆ‹ ƒ–ˆ‘”–Ї‹””‡’”‡•‡–ƒ–‹‘‘ˆ‘ Ї•–‡”ǯ•‡˜‘Ž˜‹‰ ‘‡” ‹ƒŽ†‹•–”‹ – †—”‹‰–Ї‘’‡‹‰†‡ ƒ†‡•‘ˆ–Ї–™‡–‹‡–Š ‡–—”›ǤЇ„—‹Ž†‹‰• ‘•–”— –‡††—”‹‰–Š‹•–‹‡ ’‡”‹‘†ƒŽ•‘”‡’”‡•‡–‘ Ї•–‡” ‹•–‘”‹ ƒŽ‘–‡š–•Dz‘”‹ƒ–‘”ǣЇƒ›‘Ž‹‹ ƒ† ‘•’‹–ƒŽ‹–›‹‘ Ї•–‡”dzǡƒ†Dz”„ƒȀ‘™–‘™‡˜‡Ž‘’‡–Ǥdz 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI *E ĞǀĞůŽƉŵĞŶƚŝŶZŽĐŚĞƐƚĞƌΖƐŽŵŵĞƌĐŝĂůŽƌĞ͗ϭϴϵϬͲϭϵϰϱ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI *E ZŽĐŚĞƐƚĞƌ͛ƐŽŵŵĞƌĐŝĂůŽƌĞ͗ϭϵϰϲͲϭϵϲϯ ‘ Ї•–‡”ǡŽ‹‡‘•–‘ˆ–Ї ‘—–”›ǡ•ƒ™˜‡”›Ž‹––އ‹–Ї™ƒ›‘ˆ†‘™–‘™ ‘‡” ‹ƒŽ †‡˜‡Ž‘’‡–†—”‹‰–Ї ‘ˆ–Їͳͻ͵Ͳ•ƒ†ͳͻͶͲ•Ǥ˜‡‹ –Ї‹†•–‘ˆ–Ї ‹–›ǯ•’‘•–™ƒ”„—‹Ž†‹‰„‘‘ƒ†‡ ‘‘‹ ‡š’ƒ•‹‘‘ˆ–ЇͳͻͷͲ•ƒ†͸Ͳ•ǡ‡™ ‘•–”— –‹‘‹–Ї ‘‡” ‹ƒŽ ‘”‡™ƒ•”‡Žƒ–‹˜‡Ž›Ž‹‹–‡†Ǥ‡˜‡”–Їއ••ǡ‘ Ї•–‡”ǯ•†‘™–‘™ ‘‡” ‹ƒŽ†‹•–”‹ –™‘—ކ ‘–‹—‡–‘ˆ— –‹‘ƒ•–Ї ‹–›ǯ•ƒ‹ ‘‡” ‹ƒŽ ‡–‡”–Š”‘—‰Š–Ї ‡ƒ”Ž›ͳͻ͸Ͳ•ǡƒ‹†‡†„›–Ї ‘–‹—‡†’”‡•‡ ‡‘ˆƒ›‘Ž‹‹ Ǥ –‹•‘ˆƒ‰‡ǡ•–›Ž‡ǡƒ†’ƒ”‹‰’”‘„އ•dz†—”‹‰–Ї’‘•–™ƒ”‡”ƒǤ ͳ͸  ‡™†‡˜‡Ž‘’‡–™‹–Š‹–Ї ‹–›Ǧƒ–ǦŽƒ”‰‡’‹ ‡†—’ƒ‰ƒ‹‹–ЇͳͻͷͲ•ǤЇ‹–›‘ˆ‘ Ї•–‡”ǯ• Š‹•–‘”‹ ƒŽ ‘–‡š–•–—†›‘–‡•–Šƒ–ƒ”‘—†–Š‹•–‹‡•‹‰‹ˆ‹ ƒ–’”‹˜ƒ–‡†‡˜‡Ž‘’‡–އ†„›–Ї ƒ›‘Ž‹‹ ƒ†–ЇƒŠŽ‡”‘”’‘”ƒ–‹‘‘ —””‡††‘™–‘™ǡ„—–‰‡‡”ƒŽŽ›‘–™‹–Š‹–Їƒ”‡ƒ–Šƒ– Šƒ†’”‡˜‹‘—•Ž›ˆ— –‹‘‡†ƒ•–Ї ‘‡” ‹ƒŽ ‘”‡ǡ ǥ–Ї•–”‡‡–•‹‡†‹ƒ–‡Ž›™‡•–‘ˆ”‘ƒ†™ƒ›•ƒ™†‡˜‡Ž‘’‡–ǡ™‹–Š— Š‘ˆ–Їȏ‡ƒ”Ž‹‡” ‘•–”— –‹‘Ȑ”‡•‹†‡–‹ƒŽ„—‹Ž†‹‰•”‡‘˜‡†ƒ† ‘‡” ‹ƒŽ†‡˜‡Ž‘’‡–•”‹•‹‰‹–Ї‹” •–‡ƒ†ƒ•–Ї†‘™–‘™‡š’ƒ†‡†™‡•–™ƒ”†ˆ”‘”‘ƒ†™ƒ›˜‡—‡ǤŠ‹•‹•’ƒ”–‹ —Žƒ”Ž› –”—‡‘ˆͳǡʹǡ͵ǡƒ†Ͷ˜‡—‡• *E ƒ”‘—†–Š‹•–‹‡–Šƒ–”‘ƒ†™ƒ› ‡ƒ•‡†–‘„‡–Їƒ‹ ‘””‹†‘”‘ˆ†‘™–‘™ǡ™‹–Š–ЇЇƒ”– ‘ˆ†‘™–‘™„‡‹‰ ‘ ‡–”ƒ–‡†‘ͳƒ†ʹ˜‡—‡• *E ƒ‰”ƒ†‡”• ƒŽ‡ǡ–ЇŽ‹‹–‡† ‡™ ‘•–”— –‹‘™‹–Š‹–Ї ‘ Ї•–‡” ‘‡” ‹ƒŽ ‘”‡ƒŽ•‘ ƒ†Š‡”‡†–‘‘†‡” —Ž–—”ƒŽƒ† ƒ” Š‹–‡ –—”ƒŽ–”‡†•Ǥ ‘”†‹‰ –‘ƒ” Š‹–‡ –—”ƒŽŠ‹•–‘”‹ƒ ‡Žƒ†‘–Šǡƒˆ–‡” *E —”‹‰–ЇͳͻͷͲ•ƒ†͸Ͳ•ǡ†‘™–‘™ ‘‡” ‹ƒŽ†‹•–”‹ –•‹‹‡•‘–ƒ—”„ƒ ‡–‡”•™‡”‡ ‹ ”‡ƒ•‹‰Ž›–Š”‡ƒ–‡‡†„›–Ї†‡ ‡–”ƒŽ‹œƒ–‹‘‘ˆ”‡–ƒ‹ŽǤˆ–‡”Ї ‹–›ǯ• ’”‹ƒ”›Ž‘ —•‘ˆ‡’Ž‘›‡–†—”‹‰–Ї’‘•–™ƒ”‡”ƒDzƒ••›™ƒ›•ƒ†—†‡”‰”‘—†ƒ” ƒ†‡• ‘‡ –‡†–Ї–‘™‡”•–Šƒ–Š‘—•‡†–Їƒ›‘Ž‹‹ ƒ†”‡Žƒ–‡†Š‘•’‹–ƒŽ•ƒ†Š‘–‡Ž•Ǥdz‘”‡ ʹͷ ‹’‘”–ƒ–Ž›ǡ‹‡•‘–ƒŠ‹•–‘”‹ƒ–‡˜‡‡‹ŽŽ‘”‘–‡•–Šƒ–‘ Ї•–‡”ǯ•†‘™–‘™ ‘‡” ‹ƒŽ †‹•–”‹ –’”‘•’‡”‡†‡˜‡ƒ•‡™•Š‘’’‹‰ ‡–‡”•™‡”‡ ‘•–”— –‡†‹–ЇͳͻͷͲ•ƒ†͸Ͳ•ǡ•–ƒ–‹‰ –Šƒ–Dz–Ї•Š‘’•ˆ‘”ƒ›‘ Ž‹‡–••–‹ŽŽ–Š”‹˜‡††‘™–‘™ǡƒŽ‘‰–Ї’‡†‡•–”‹ƒ•—„™ƒ›•›•–‡ǡƒ†ƒ– •–”‡‡–އ˜‡ŽǤdz 'HVLJQDWLRQ6WXG\  )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJH *E ƒ›‘Ž‹‹ ǯ•͵ͲǦ‹ŽŽ‹‘†‘ŽŽƒ”‡š’ƒ•‹‘—†‡”™ƒ›‹‡ƒ”Ž›ͳͻͷͲ•Ǥ‡™•’ƒ’‡”ƒ”–‹ އ’—„Ž‹•Ї† ‹Žƒ–‡ͳͻͷʹ‘–‡†–Šƒ–Dz”‡–ƒ‹Ž„—•‹‡••‹–Ї ‹–›ƒ‹•ƒ––ЇŠ—‰‡–”ƒ•‹‡––”ƒ†‡ƒ†–Ї ‹–› ’‡‘’އ–Ї•‡Ž˜‡•ǡdzƒ‹‰DzŽ‹––އ”‡ƒŽ‡ˆˆ‘”––‘ƒ––”ƒ – —•–‘‡”•ˆ”‘–Ї”‹ Šˆƒ”‹‰ƒ”‡ƒ •—””‘—†‹‰–Ї ‹–›ǥdz‘™–‘™„—•‹‡••‡™‘””‹‡†ƒ„‘—––Ї†‡˜‡Ž‘’‡–‘ˆ–Ї ‹–›ǯ•ˆ‹”•– ʹ͸ •Š‘’’‹‰ ‡–‡”ǡ‹”ƒ އ‹Ž‡ǡ‹ͳͻͷ͵ǡ™‘†‡”‹‰‹ˆ‹–™‘—ކ†”ƒ™„—•‹‡••ƒ™ƒ›ˆ”‘†‘™–‘™ ‘”•‡”˜‡–‘ƒ––”ƒ –‘”‡”—”ƒŽ —•–‘‡”•–‘‘ Ї•–‡”„—•‹‡••‡•Ǥ‹”ƒ އ‹Ž‡ǯ•Žƒ”‰‡’ƒ”‹‰Ž‘– •‡‡‡†Ž‹‡ƒ–Š”‡ƒ––‘†‘™–‘™‰‹˜‡–ЇŽƒ ‘ˆ†‘™–‘™’ƒ”‹‰•’ƒ ‡ǤƒŠŽ‡”‘”’‘”ƒ–‹‘ „—‹Ž†‹‰ƒ’ƒ”‹‰Ž‘–ˆ‘”Š‘–‡Ž‰—‡•–•ǡ ‹–›’ƒ”‹‰ ‘‹••‹‘–”›‹‰–‘•‘Ž˜‡’ƒ”‹‰’”‘„އ•Ǥ ʹ͹ Ї ‘ Ž—•‹‘•‘ˆ–Ї•‡–™‘ƒ—–Š‘”•ƒ”‡•—’’‘”–‡†„›–Ї–‹‡Ž‹‡‘ˆ•Š‘’’‹‰ ‡–‡” †‡˜‡Ž‘’‡–‹‘ Ї•–‡”ǤЇ ‹–›ǯ•ˆ‹”•–•Š‘’’‹‰ ‡–‡”ǡ‹”ƒ އ‹Ž‡ǡ™ƒ• ‘•–”— –‡†‹ͳͻͷʹǡ ʹͺ ˆ‘ŽŽ‘™‡†„›‘”–Љƒ–‡ȋͳͻ͸ͲȌƒ†”‘••”‘ƒ†•ȋͳͻ͸͵ȌǤ‹‡‹”ƒ އ‹Ž‡ǡ‘”–Љƒ–‡™ƒ•ƒ•ƒŽŽ‡”ǡ •–”‹’ǦƒŽŽ•–›Ž‡†‡˜‡Ž‘’‡–Ǥ”‘••”‘ƒ†•ǡ•‹–—ƒ–‡†‘ͳͺΦƒ ”‡•‘ˆŽƒ†ǡ™ƒ•ƒ— ŠŽƒ”‰‡” †‡˜‡Ž‘’‡–Ǥ‘•–‹‰ˆ‘—”‹ŽŽ‹‘†‘ŽŽƒ”•ǡ–Ї•Š‘’’‹‰ ‡–‡”‹ Ž—†‡†—Ž–‹’އ„—‹Ž†‹‰•ƒ†ͳʹ ƒ ”‡•‘ˆ’ƒ”‹‰Ǥ ‘™‡˜‡”ǡ‹–Žƒ ‡†–Ї•‹œ‡ƒ†•‹–‹‰‘ˆ–Ї–›’‹ ƒŽ”‡‰‹‘ƒŽ•Š‘’’‹‰ ‡–‡”Ȁ•Š‘’’‹‰ƒŽŽǤ –™ƒ•‘–—–‹Žͳͻ͸ͻ–Šƒ––Ї ‹–›ǯ•ˆ‹”•–‹†‘‘”ǡ‡ Ž‘•‡†•Š‘’’‹‰ƒŽŽǡ ’ƒ ЇƒŽŽǡ™ƒ• ‘•–”— –‡†Ǥ ‹–Їƒ”‡ƒ—–‹Žͳͻ͸ͻǡ ʹͻ ‹–•‡‡•Ž‹‡Ž›–Šƒ–‘ Ї•–‡”ǯ•†‘™–‘™ ‘‡” ‹ƒŽ†‹•–”‹ –”‡ƒ‹‡†–Ї ‹–›ǯ•’”‘‹‡–”‡–ƒ‹Ž ‡–‡”–Š”‘—‰Šƒ–އƒ•––Ї‡ƒ”Ž›ͳͻ͸Ͳ•Ǥ Š‘—‰Š‡™ ‘•–”— –‹‘‹‘ Ї•–‡”ǯ• ‘‡” ‹ƒŽŠ‹•–‘”‹ †‹•–”‹ –™ƒ•ƒ†‹––‡†Ž›Ž‹‹–‡††—”‹‰ –ЇͳͻͷͲ•ƒ†͸Ͳ•ǡ–Ї‡•–ƒ„Ž‹•Š‡–‘ˆƒ›–‘ǯ•ˆ‹”•–„”ƒ Š•–‘”‡‹‘ Ї•–‡”ǯ• ‘‡” ‹ƒŽ †‘™–‘™‹ͳͻͷͶǡ”ƒ–Ї”–Šƒ‘–Ї‘—–•‹”–•‘ˆ–Ї ‹–›ǡƒŽ•‘‹’Ž‹‡•–Šƒ––Ї†‘™–‘™ƒ”‡ƒ ƒ‹–ƒ‹‡†‹–• ‘‡” ‹ƒŽ”‡Ž‡˜ƒ ‡Ǥ”‘•’‡ –•ˆ‘”†‘™–‘™„—•‹‡•• ‘–‹—‡†–‘ƒ’’‡ƒ”‰‘‘† ‹ͳͻͷ͸ǡ™Š‡ƒ›–‘ǯ•’—” Šƒ•‡†ƒ‘–Ї”„—‹Ž†‹‰ƒ†Œƒ ‡––‘‹–•†‘™–‘™Ž‘ ƒ–‹‘Ǥ––Ї–‹‡ǡ –Ї•–‘”‡ǯ•‰‡‡”ƒŽƒƒ‰‡”‘–‡†–Šƒ––Ї ‘’ƒ›™ƒ•Dz˜‡”›‘’–‹‹•–‹ ƒ„‘—––Їˆ—–—”‡‘ˆ ‘ Ї•–‡”ƒ†ȏ™ƒ•ȐŽ‘‘‹‰ˆ‘”™ƒ”†–‘ȏ‹–•Ȑ ‘–‹—‹‰‰”‘™–Š‹–Ї ‹–›Ǥdz ͵Ͳ  Ї‘’‡‹‰‘ˆ–Ї”‘••”‘ƒ†•Š‘’’‹‰‡–‡”‹ͳͻ͸͵ƒ”•–Ї„‡‰‹‹‰‘ˆƒ’‡”‹‘†‘ˆ†‡ Ž‹‡ ‹ ‘‡” ‹ƒŽƒ –‹˜‹–›‹†‘™–‘™‘ Ї•–‡”Ǥ—”‹‰–Їˆ‘ŽŽ‘™‹‰†‡ ƒ†‡•ǡ†‘™–‘™‘ Ї•–‡” –”‡†‡†–‘™ƒ”†‡š’ƒ•‹‘‘ˆ–Їƒ›‘Ž‹‹ ˆƒ ‹Ž‹–‹‡•ǡƒ†•‡”˜‹ ‡‹†—•–”‹‡•ȋ•— Šƒ•Š‘–‡Ž•Ȍ–Šƒ– ‡Œ‘›‡†ƒ•›„‹‘–‹ ”‡Žƒ–‹‘•Š‹’™‹–Šƒ›‘Ž‹‹ ǤЇ ‹–›ǯ•Š‹•–‘”‹  ‘‡” ‹ƒŽ ‘”‡™ƒ•Dz’ƒ‹† Ž‹––އ”‡‰ƒ”†dzƒ†•‹‰‹ˆ‹ ƒ–•‡ –‹‘•™‡”‡†‡‘Ž‹•Ї†–‘ƒŽŽ‘™ˆ‘”‡™ ‘•–”— –‹‘ǤЇ‹–›‘ˆ ͵ͳ ‘ Ї•–‡”Š‹•–‘”‹ ƒŽ ‘–‡š–•–—†›Dz”„ƒȀ‘™–‘™‡˜‡Ž‘’‡–dz‘–‡•–Šƒ–Dz–Š‹•‹•’ƒ”–‹ —Žƒ”Ž› –”—‡ƒŽ‘‰”‘ƒ†™ƒ›˜‡—‡ǡͳ˜‡—‡ *E Ї‘ Ї•–‡”‘™–‘™‘‡” ‹ƒŽ ‹•–‘”‹ ‹•–”‹ –‹ Ž—†‡•–™‘ ‘–”‹„—–‹‰„—‹Ž†‹‰• ‘•–”— –‡††—”‹‰–Ї’‡”‹‘†ͳͻͶ͸Ǧͳͻ͸͵ǣ ͳͻͷ”‘ƒ†™ƒ›˜‡—‡‘—–Š ͳͷǦʹͳ‡ ‘†–”‡‡–‘—–Š™‡•– x x ††‹–‹‘ƒŽŽ›ǡ–Ї‘ Ї•–‡”‘™–‘™‘‡” ‹ƒŽ ‹•–‘”‹ ‹•–”‹ –‹ Ž—†‡•‡šƒ’އ•‘ˆ‘ކ‡” „—‹Ž†‹‰•–Šƒ–Dz‘†‡”‹œ‡†dz–Ї‹”ˆƒ­ƒ†‡•†—”‹‰–Š‹•’‡”‹‘†ǡ‹ Ž—†‹‰ǣ ͵ͳͻǦ͵ʹͳ”‘ƒ†™ƒ›˜‡—‡‘—–Š ͵ʹͷ”‘ƒ†™ƒ›˜‡—‡‘—–Š x x Ї•‡„—‹Ž†‹‰•ƒ”‡•‹‰‹ˆ‹ ƒ–ˆ‘”–Ї‹””‡’”‡•‡–ƒ–‹‘‘ˆƒ” Š‹–‡ –—”ƒŽ–”‡†•‘ˆ–Ї–‹‡Ȃ„‘–Š–Ї ‡™Ž› ‘•–”— –‡†„—‹Ž†‹‰•ƒ†–Š‘•‡™‹–Š‘†‡”‹œ‡†ˆƒ­ƒ†‡•‡„”ƒ ‡–Ї‰‡‘‡–”‹ ˆ‘”•ƒ† ‹‹ƒŽ‘”ƒ‡––Šƒ– Šƒ”ƒ –‡”‹œ‡‹†Ǧ ‡–—”›ƒ” Š‹–‡ –—”‡Ǥ††‹–‹‘ƒŽŽ›ǡ–Їƒ›–‘ǯ• ‡’ƒ”–‡––‘”‡ƒ–ͳͻͷ”‘ƒ†™ƒ›˜‡—‡‘—–Š”‡’”‡•‡–•ƒŽƒ•–‡ˆˆ‘”–„›’”‹˜ƒ–‡ ‘‡” ‹ƒŽ ‡–‡”’”‹•‡•–‘ƒ‹–ƒ‹ƒ–Š”‹˜‹‰ ‘‡” ‹ƒŽ†‹•–”‹ –‹–Ї†‘™–‘™ ‘”‡ǤЇ•‡„—‹Ž†‹‰•ƒŽ•‘ ”‡’”‡•‡–‘ Ї•–‡” ‹•–‘”‹ ƒŽ‘–‡š–Dz”„ƒȀ‘™–‘™‡˜‡Ž‘’‡–Ǥdz Ї†‡˜‡Ž‘’‡–‘ˆ–Ї  ƒ’—•‹ ”‡ƒ•‡†•—„—”„ƒ”‡•‹†‡–‹ƒŽ†‡˜‡Ž‘’‡–‹‘—–Ž›‹‰ •ƒ–‡ŽŽ‹–‡–‘™•ƒ†•’—””‡†–Ї‘•–‹–‡•‡’‡”‹‘†‘ˆŠ‹‰Š™ƒ›†‡˜‡Ž‘’‡–Ǥ ƒ”‘ކ‡˜‡”•‘ ‘–‡•–Šƒ–DzǤǤͷʹ‘”–Š–‘™ƒ”†–Ї™‹‹–‹‡•ǡǤǤ͸͵•‘—–Š–‘–‡™ƒ”–˜‹ŽŽ‡ƒ†ǤǤͳͶ™‡•– –‘›”‘™‡”‡‡š’ƒ†‡†–‘ˆ‘—”Žƒ‡•†—”‹‰–ЇŽƒ–‡ͳͻͷͲ•ƒ†‡ƒ”Ž›ͳͻ͸Ͳ•Ǥdz ͵͵ Ї–”‡†–‘™ƒ”†‡ Ž‘•‡†•Š‘’’‹‰ƒŽŽ•ƒ†ƒ™ƒ›ˆ”‘™ƒŽƒ„އ—”„ƒ•–‘”‡ˆ”‘–• ‘„‹‡† ™‹–Š‹†Ǧ ‡–—”›–”‡†•‹ ‘”’‘”ƒ–‡ƒ” Š‹–‡ –—”‡”‡ˆŽ‡ –•–Ї†‡˜‡Ž‘’‡–ȋƒ†‰‡‡”ƒŽŽƒ  –Ї”‡‘ˆȌ™‹–Š‹–Ї‘ Ї•–‡”‘™–‘™‘‡” ‹ƒŽ ‹•–‘”‹ ‹•–”‹ –‹–ЇͳͻͷͲ•Ǥ 'HVLJQDWLRQ6WXG\  )HEUXDU\ 3DFNHW3J *E ĞǀĞůŽƉŵĞŶƚŝŶZŽĐŚĞƐƚĞƌΖƐŽŵŵĞƌĐŝĂůŽƌĞ͗ϭϵϰϲͲϭϵϲϮ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J *E 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J *E Zd/KE>&KZ>K>^/'Ed/KE ŝƚLJŽĨZŽĐŚĞƐƚĞƌKƌĚŝŶĂŶĐĞŚĂƉƚĞƌϰͲϳ͘,ĞƌŝƚĂŐĞWƌĞƐĞƌǀĂƚŝŽŶ Ї‹–›‘ˆ‘ Ї•–‡””†‹ƒ ‡Šƒ’–‡”ͶǦ͹Ǥ ‡”‹–ƒ‰‡”‡•‡”˜ƒ–‹‘‹ Ž—†‡•‡‹‰Š– ”‹–‡”‹ƒˆ‘”†‡•‹‰ƒ–‹‘‘ˆƒ‹†‹˜‹†—ƒŽƒ†ƒ””‘’‡”–›ƒ†ƒƒ††‹–‹‘ƒŽ–™‘ ”‹–‡”‹ƒˆ‘” †‡•‹‰ƒ–‹‘‘ˆƒƒ†ƒ”‹•–”‹ –ǤЇ ”‹–‡”‹ƒƒ”‡ƒ•ˆ‘ŽŽ‘™•ǣ  †‡•‹‰ƒ–‹‰ƒ„—‹Ž†‹‰ǡŽƒ†ǡ•‹–‡ǡ•–”— –—”‡ǡ‘”‘„Œ‡ –ǡ‘”ƒ› /ŶĚŝǀŝĚƵĂů>ĂŶĚŵĂƌŬƌŝƚĞƌŝĂʹ  ‘ŽŽ‡ –‹‘–Ї”‡‘ˆǡƒ•ƒŽƒ†ƒ”’”‘’‡”–›‘ˆŽƒ†ƒ”†‹•–”‹ –ǡ–Ї ‘— ‹Ž—•– ‡ –‹‘ǤͶǦ͹Ǧͺȋ„ȌǤ ‘•‹†‡”–Їˆ‘ŽŽ‘™‹‰ ”‹–‡”‹ƒǣ ͳǤ –• Šƒ”ƒ –‡”ǡ‹–‡”‡•–ǡ‘”˜ƒŽ—‡ƒ•’ƒ”–‘ˆ–Ї†‡˜‡Ž‘’‡–ǡЇ”‹–ƒ‰‡ǡ‘” —Ž–—”ƒŽ Šƒ”ƒ –‡”‹•–‹ •‘ˆ–Ї‹–›ǡ–ƒ–‡ǡ‘”‹–‡†–ƒ–‡•Ǣ  ʹǤ –•Ž‘ ƒ–‹‘ƒ•ƒ’Žƒ ‡‘ˆƒ•‹‰‹ˆ‹ ƒ–Š‹•–‘”‹ ‡˜‡–Ǣ ͵Ǥ –•Ž‘ ƒ–‹‘™‹–Š‹ƒ† ‘–”‹„—–‹‘ƒ•ƒ‡Ž‡‡–‘ˆƒƒ†ƒ”‹•–”‹ –Ǣ  Ͷ Ǥ –•‹†‡–‹ˆ‹ ƒ–‹‘™‹–Šƒ’‡”•‘™Š‘•‹‰‹ˆ‹ ƒ–Ž› ‘–”‹„—–‡†–‘–Ї —Ž–—”‡ƒ†  †‡˜‡Ž‘’‡–‘ˆ–Ї‹–›Ǣ  ͷ Ǥ –•‡„‘†‹‡–‘ˆ†‹•–‹‰—‹•Š‹‰ Šƒ”ƒ –‡”‹•–‹ •‘ˆƒƒ” Š‹–‡ –—”ƒŽ•–›Ž‡’‡”‹‘†ǡˆ‘”ǡ ‘”–”‡ƒ–‡–Ǣ  ͸Ǥ –•‹†‡–‹ˆ‹ ƒ–‹‘ƒ•–Ї™‘”‘ˆƒƒ” Š‹–‡ –‘”ƒ•–‡”„—‹Ž†‡”™Š‘•‡‹†‹˜‹†—ƒŽ‡ˆˆ‘”–• Šƒ˜‡‹ˆŽ—‡ ‡†–Ї†‡˜‡Ž‘’‡–‘ˆ–Ї‹–›‘”Šƒ˜‡ ‘–”‹„—–‡†–‘–Ї†‡˜‡Ž‘’‡–‘ˆ  ƒƒ–‹‘ƒŽŽ›‘”‹–‡”ƒ–‹‘ƒŽŽ›Ǧ”‡ ‘‰‹œ‡†•–›Ž‡‘”‘˜‡‡–Ǣ ͹Ǥ –•‡„‘†‹‡–‘ˆ‡Ž‡‡–•‘ˆƒ” Š‹–‡ –—”ƒŽ†‡•‹‰ǡ†‡–ƒ‹Žǡƒ–‡”‹ƒŽ•ǡ‘” ”ƒˆ–•ƒ•Š‹’ –Šƒ–”‡’”‡•‡–ƒ•‹‰‹ˆ‹ ƒ–ƒ” Š‹–‡ –—”ƒŽ‹‘˜ƒ–‹‘Ǣ  ͺ Ǥ –•Ž‘ ƒ–‹‘ǡ• ƒŽ‡ǡ‘”‘–Ї”’Š›•‹ ƒŽ Šƒ”ƒ –‡”‹•–‹ •”‡’”‡•‡–‹‰ƒ‡•–ƒ„Ž‹•Ї† ƒ†ˆƒ‹Ž‹ƒ”˜‹•—ƒŽˆ‡ƒ–—”‡‘”ƒ‡‹‰Š„‘”Š‘‘†ǡƒ†‹•–”‹ –ǡ–Ї ‘—‹–›ǡ‘”–Ї‹–›Ǥ   ‘”ƒƒ†ƒ”‹•–”‹ –†‡•‹‰ƒ–‹‘ǡ‹ƒ††‹–‹‘ƒŽ–‘–Ї ”‹–‡”‹ƒˆ‘—† ĚĚŝƚŝŽŶĂů>ĂŶĚŵĂƌŬŝƐƚƌŝĐƚƌŝƚĞƌŝĂʹ  ‹•—„•‡ –‹‘ȋ„Ȍ‘ˆ–Š‹••‡ –‹‘ǡ–ЇƒŒ‘”‹–›‘ˆ–Ї‘–”‹„—–‹‰‡•‘—” ‡‹–Ї ‡ –‹‘ǤͶǦ͹Ǧͺȋ ȌǤ ’”‘’‘•‡†ƒ†ƒ”‹•–”‹ –—•–ƒŽ•‘•ƒ–‹•ˆ›–Їˆ‘ŽŽ‘™‹‰ ”‹–‡”‹ƒǣ ǤЇƒ†ƒ”‹•–”‹ –‹•†‡‡‡†•‹‰‹ˆ‹ ƒ–ˆ‘”‹–•ƒ–‹“—‹–›Ǣ Їƒ†ƒ”‹•–”‹ –’‘••‡••‡•ƒƒ’’”‘’”‹ƒ–‡†‡‰”‡‡‘ˆ‹–‡‰”‹–›‘ˆŽ‘ ƒ–‹‘ǡ•‡––‹‰ǡ †‡•‹‰ǡƒ–‡”‹ƒŽ•ǡ™‘”ƒ•Š‹’ǡƒ†ƒ••‘ ‹ƒ–‹‘‰‹˜‡‹–•ƒ‰‡ǤЇ‘— ‹Ž•ŠƒŽŽƒ†‘’– Ǥ ƒ†ƒ‡ƒ˜ƒ‹Žƒ„އ–‘–Ї’—„Ž‹ • ‘”‡•Ї‡–•ƒ†‘–Ї”†‡˜‹ ‡•™Š‹ Š•ŠƒŽŽ„‡—•‡†„› –Ї‘— ‹Ž‹ƒ’’Ž›‹‰–Š‹• ”‹–‡”‹ƒǤ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J *E ǀĂůƵĂƚŝŽŶ ͳ Ǥ –• Šƒ”ƒ –‡”ǡ‹–‡”‡•–ǡ‘”˜ƒŽ—‡ƒ•’ƒ”–‘ˆ–Ї†‡˜‡Ž‘’‡–ǡЇ”‹–ƒ‰‡ǡ‘” —Ž–—”ƒŽ /ŶĚŝǀŝĚƵĂů>ĂŶĚŵĂƌŬƌŝƚĞƌŝĂʹ  Šƒ”ƒ –‡”‹•–‹ •‘ˆ–Ї‹–›ǡ–ƒ–‡ǡ‘”‹–‡†–ƒ–‡•Ǣ  Ї‘ Ї•–‡”‘™–‘™‘‡” ‹ƒŽ ‹•–‘”‹ ‹•–”‹ –”‡ˆŽ‡ –•–Ї†‡˜‡Ž‘’‡–ƒ†Ї”‹–ƒ‰‡‘ˆ–Ї ‹–›‘ˆ‘ Ї•–‡”ǤЇ‘ Ї•–‡”‘™–‘™‘‡” ‹ƒŽ ‹•–‘”‹ ‹•–”‹ –‡„‘†‹‡•–Š”‡‡†‹•–‹ – ’‡”‹‘†•‘ˆ–Ї†‡˜‡Ž‘’‡–‘ˆ–Ї‹–›ǯ• ‘‡” ‹ƒŽ ‘”‡ǣͳȌͳͺ͹ͲǦͳͺͺͻǢʹȌͳͺͻͲǦͳͻͶͷǢƒ†͵Ȍ ͳͻͶ͸Ǧͳͻ͸ʹǤ ʹǤ –•Ž‘ ƒ–‹‘ƒ•ƒ’Žƒ ‡‘ˆƒ•‹‰‹ˆ‹ ƒ–Š‹•–‘”‹ ‡˜‡–Ǣ •ƒ™Š‘އǡ–Ї‘ Ї•–‡”‘™–‘™‘‡” ‹ƒŽ ‹•–‘”‹ ‹•–”‹ –†‘‡•‘–”‡’”‡•‡––ЇŽ‘ ƒ–‹‘  ‘ˆƒ•’‡ ‹ˆ‹ •‹‰‹ˆ‹ ƒ–Š‹•–‘”‹ ‡˜‡–Ǥ ͵Ǥ –•Ž‘ ƒ–‹‘™‹–Š‹ƒ† ‘–”‹„—–‹‘ƒ•ƒ‡Ž‡‡–‘ˆƒƒ†ƒ”‹•–”‹ –Ǣ Š‹•”‹–‡”‹‘‹•‘–ƒ’’Ž‹ ƒ„އ–‘–Ї‘ Ї•–‡”‘™–‘™‘‡” ‹ƒŽ ‹•–‘”‹ ‹•–”‹ –Ǥ  Ͷ Ǥ –•‹†‡–‹ˆ‹ ƒ–‹‘™‹–Šƒ’‡”•‘™Š‘•‹‰‹ˆ‹ ƒ–Ž› ‘–”‹„—–‡†–‘–Ї —Ž–—”‡ƒ† †‡˜‡Ž‘’‡–‘ˆ–Ї‹–›Ǣ  •ƒ™Š‘އǡ–Ї‘ Ї•–‡”‘™–‘™‘‡” ‹ƒŽ ‹•–‘”‹ ‹•–”‹ –†‘‡•‘–”‡’”‡•‡–ƒ’‡”•‘™Š‘ •‹‰‹ˆ‹ ƒ–Ž› ‘–”‹„—–‡†–‘–Ї —Ž–—”‡ƒ††‡˜‡Ž‘’‡–‘ˆ–Ї‹–›Ǥ ͷ Ǥ –•‡„‘†‹‡–‘ˆ†‹•–‹‰—‹•Š‹‰ Šƒ”ƒ –‡”‹•–‹ •‘ˆƒƒ” Š‹–‡ –—”ƒŽ•–›Ž‡’‡”‹‘†ǡˆ‘”ǡ‘” –”‡ƒ–‡–Ǣ  Ї‘ Ї•–‡”‘™–‘™‘‡” ‹ƒŽ ‹•–‘”‹ ‹•–”‹ – ͸Ǥ –•‹†‡–‹ˆ‹ ƒ–‹‘ƒ•–Ї™‘”‘ˆƒƒ” Š‹–‡ –‘”ƒ•–‡”„—‹Ž†‡”™Š‘•‡‹†‹˜‹†—ƒŽ‡ˆˆ‘”–•Šƒ˜‡ ‹ˆŽ—‡ ‡†–Ї†‡˜‡Ž‘’‡–‘ˆ–Ї‹–›‘”Šƒ˜‡ ‘–”‹„—–‡†–‘–Ї†‡˜‡Ž‘’‡–‘ˆƒ  ƒ–‹‘ƒŽŽ›‘”‹–‡”ƒ–‹‘ƒŽŽ›Ǧ”‡ ‘‰‹œ‡†•–›Ž‡‘”‘˜‡‡–Ǣ ƒ‡ƒ•ƒ™Š‘އǡ–Ї‘ Ї•–‡”‘™–‘™‘‡” ‹ƒŽ ‹•–‘”‹ ‹•–”‹ – ͹Ǥ –•‡„‘†‹‡–‘ˆ‡Ž‡‡–•‘ˆƒ” Š‹–‡ –—”ƒŽ†‡•‹‰ǡ†‡–ƒ‹Žǡƒ–‡”‹ƒŽ•ǡ‘” ”ƒˆ–•ƒ•Š‹’–Šƒ– ”‡’”‡•‡–ƒ•‹‰‹ˆ‹ ƒ–ƒ” Š‹–‡ –—”ƒŽ‹‘˜ƒ–‹‘Ǣ  Ї‘ Ї•–‡”‘™–‘™‘‡” ‹ƒŽ ‹•–‘”‹ ‹•–”‹ –‹•‘–•‹‰‹ˆ‹ ƒ–ƒ•–Ї‡„‘†‹‡–‘ˆ ‡Ž‡‡–•‘ˆƒ” Š‹–‡ –—”ƒŽ†‡•‹‰ǡ†‡–ƒ‹Žǡƒ–‡”‹ƒŽ•ǡ‘” ”ƒˆ–•ƒ•Š‹’–Šƒ–”‡’”‡•‡–•ƒ•‹‰‹ˆ‹ ƒ– ƒ” Š‹–‡ –—”ƒŽ‹‘˜ƒ–‹‘ǤЇ„—‹Ž†‹‰•Ž‘ ƒ–‡†™‹–Š‹–Ї‹•–”‹ –ƒ”‡–›’‹ ƒŽ‘ˆ–Ї‹”˜‹–ƒ‰‡ǡ—•‡ǡ ƒ†Ž‘ ƒ–‹‘Ǥ ͺ Ǥ –•Ž‘ ƒ–‹‘ǡ• ƒŽ‡ǡ‘”‘–Ї”’Š›•‹ ƒŽ Šƒ”ƒ –‡”‹•–‹ •”‡’”‡•‡–‹‰ƒ‡•–ƒ„Ž‹•Ї†ƒ†ˆƒ‹Ž‹ƒ” ˜‹•—ƒŽˆ‡ƒ–—”‡‘”ƒ‡‹‰Š„‘”Š‘‘†ǡƒ†‹•–”‹ –ǡ–Ї ‘—‹–›ǡ‘”–Ї‹–›Ǥ  'HVLJQDWLRQ6WXG\  )HEUXDU\ 3DFNHW3J *E ЇŽ‘ ƒ–‹‘ǡ• ƒŽ‡ƒ†‰‡‡”ƒŽƒ” Š‹–‡ –—”ƒŽ Šƒ”ƒ –‡”‹•–‹ •‘ˆ–Ї‘ Ї•–‡”‘™–‘™ ‘‡” ‹ƒŽ ‹•–‘”‹ ‹•–”‹ –”‡’”‡•‡–‡•–ƒ„Ž‹•Ї†ƒ†ˆƒ‹Ž‹ƒ”˜‹•—ƒŽ Šƒ”ƒ –‡”‹•–‹ •‘ˆƒ ‘‡” ‹ƒŽ†‹•–”‹ ––Šƒ–Šƒ•†‡˜‡Ž‘’‡†‘˜‡”–‹‡ǤЇ•‡˜‹•—ƒŽ Šƒ”ƒ –‡”‹•–‹ •‹ Ž—†‡ ‘–‹‰—‘—• „Ž‘ •‘ˆ’‡”‹‘†”‡˜‹˜ƒŽ•–›Ž‡Ž‘™Ǧ”‹•‡ƒ•‘”›„—‹Ž†‹‰•™‹–Šˆ‹”•–Ǧއ˜‡Ž•–‘”‡ˆ”‘–•ǡ‘”ƒ–‡Ž› †‡–ƒ‹Ž‡†‡ƒ”Ž›ʹͲ ‡–—”›Dz„Ž‘ •ǡdzƒ†–ƒŽŽ‡”’‘•–Ǧ‹•–”‹ –Ȃ™Š‹Ž‡‘ Ї•–‡”ǯ• ‘‡” ‹ƒŽ ‘”‡ ‘˜‡”‡†ƒŽƒ”‰‡”ˆ‘‘–’”‹–†—”‹‰–Ї‹•–”‹ –ǯ•’‡”‹‘†‘ˆ•‹‰‹ˆ‹ ƒ ‡ǡ‡™ ‘•–”— –‹‘Šƒ•Ž‹‹–‡†–Ї’‘”–‹‘‘ˆ–ЇŠ‹•–‘”‹  ‘‡” ‹ƒŽ ‘”‡–Šƒ–”‡–ƒ‹•‹–‡‰”‹–›–‘–Šƒ– ‘–ƒ‹‡†™‹–Š‹–Ї‹•–”‹ –„‘—†ƒ”›Ǥ ‡•’‹–‡ƒŽƒ ‘ˆ‹–‡‰”‹–›‘ˆ•‡––‹‰‘—–•‹†‡–Ї‹•–”‹ –„‘—†ƒ”›ǡ–Ї‹•–”‹ –‹–•‡Žˆ†‘‡•”‡–ƒ‹ ‹–‡‰”‹–›‘ˆ•‡––‹‰Ǥ –ƒ –‡Ž‡‡–• ‘–”‹„—–‹‰–‘–Ї‹•–”‹ –ǯ•‹–‡‰”‹–›‘ˆ•‡––‹‰‹ Ž—†‡–Ї •–”‡‡–‰”‹†ǡ’”‘š‹‹–›–‘ƒŒ‘”–”ƒ•’‘”–ƒ–‹‘”‘—–‡•‹ Ž—†‹‰”ƒ‹Ž”‘ƒ†–”ƒ •ƒ†–Ї—„”‘ ‹˜‡”ǡŽ‘ ƒŽ‰‘˜‡”‡–„—‹Ž†‹‰•ǡƒ†‘‡‘ˆ–Ї ‹–›ǯ•ƒŒ‘”‡ ‘‘‹ †”‹˜‡”•ǡ–Їƒ›‘Ž‹‹ Ǥ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J *E Ȃ Ї•–”‡‡–‰”‹†ǡ„—‹Ž†‹‰•‡–Ǧ„ƒ •ǡƒ††‡•‹–›‘ˆ„—‹Ž†‹‰•™‹–Š‹–Ї‹•–”‹ – ‘–‹—‡–‘ ‡•‹‰Ї‘ Ї•–‡”‘™–‘™‘‡” ‹ƒŽ ‹•–‘”‹ ‹•–”‹ –”‡–ƒ‹•‹–‡‰”‹–›‘ˆ†‡•‹‰Ǥ ‘—‹ ƒ–‡–Ї†‡•‹‰‘ˆƒ†‘™–‘™ ‘‡” ‹ƒŽ ‘”‡–Šƒ–™ƒ•ˆ‹”•–†‡˜‡Ž‘’‡††—”‹‰–Ї •‡ ‘†ŠƒŽˆ‘ˆ–Їͳͻ ‡–—”›Ȃ–Ї‘ Ї•–‡”‘™–‘™‘‡” ‹ƒŽ ‹•–‘”‹ ‹•–”‹ –”‡ƒ‹• –Š —”„ƒǡ™ƒŽƒ„އǡƒ†˜‹•—ƒŽŽ›ƒ†’Š›•‹ ƒŽŽ›ƒ ‡••‹„އˆ”‘•–”‡‡–އ˜‡ŽǤ Ȃ Ї‘ Ї•–‡”‘™–‘™‘‡” ‹ƒŽ ‹•–‘”‹ ‹•–”‹ –”‡–ƒ‹•ƒ–‡”‹ƒŽ•–›’‹ ƒŽ‘ˆƒ†‹•–”‹ –‘ˆ‹–• ƒ–‡”‹ƒŽ•Ї‘ Ї•–‡”‘™–‘™‘‡” ‹ƒŽ ‹•–‘”‹ ‹•–”‹ –”‡–ƒ‹•‹–‡‰”‹–›‘ˆƒ–‡”‹ƒŽ•Ǥ ˜‹–ƒ‰‡ƒ†—•‡ǡ‹ Ž—†‹‰Ȃ„”‹ ǡ•–‘‡ǡƒ†–‡””ƒ ‘––ƒǤЇ‹•–”‹ –ǯ•‹–‡‰”‹–›‘ˆƒ–‡”‹ƒŽ••—ˆˆ‡”• ƒ•ƒ•‹‰‹ˆ‹ ƒ–’‘”–‹‘‘ˆ–Ї’”‘’‡”–‹‡•Šƒ˜‡•‡‡—•›’ƒ–Ї–‹ ™‹†‘™ƒ††‘‘””‡’Žƒ ‡‡–Ǥ Ȃ  ƐŝĚĞƌĂƚŝŽŶƐ  ʹͲͳͶǡ ‘•—Ž–ƒ–•–ЇͳͲ͸ ‘ˆŠ‹•–‘”‹  ‘–‡š–•ˆ‘”–Ї‹–›‘ˆ‘ Ї•–‡”Ǥ ‘ Ї•–‡” ‹•–‘”‹ ‘–‡š–•ȋʹͲͳͶȌ Ї‘ Ї•–‡”‘™–‘™‘‡” ‹ƒŽ ‹•–‘”‹ ‹•–”‹ –”‡’”‡•‡–•–™‘‘ˆ–Ї•‡ ‘–‡š–•ǣͳȌ ‘ Ї•–‡”ǯ•ƒ”Ž›‡––އ‡–ǡͳͺͷͶǦͳͺͺͻǢƒ†ʹȌ”„ƒȀ‘™–‘™‡˜‡Ž‘’‡–ǡͳͺͺͻǦ”‡•‡– ƒ›ǤDz‘ Ї•–‡”ǯ•ƒ”Ž›‡––އ‡–dz‘–‡•–Šƒ–Dz’”‘‹‡–„—•‹‡••†‹•–”‹ –Ž‘ ƒ–‡†ƒŽ‘‰ ”‘ƒ†™ƒ›˜‡—‡™ƒ•™‡ŽŽ‡•–ƒ„Ž‹•Ї†„›–ЇͳͺͺͲ•dz™‹–Šƒ††‹–‹‘ƒŽ„Ž‘ •‘ˆ ‘‡” ‹ƒŽ †‡˜‡Ž‘’‡–Dz”ƒ†‹ƒ–‹‰‘—–ˆ”‘”‘ƒ†™ƒ›–‘–Ї™‡•–ǤdzDz”„ƒȀ‘™–‘™‡˜‡Ž‘’‡–dz ‡š’Žƒ‹•–Šƒ–”‘ƒ†™ƒ›˜‡—‡”‡ƒ‹‡†‘ Ї•–‡”ǯ•ƒ‹ ‘‡” ‹ƒŽ ‘””‹†‘”–Š”‘—‰Š–Ї‹†Ǧ –™‡–‹‡–Š ‡–—”›ǡƒ–™Š‹ Š–‹‡Dz–Ї•–”‡‡–•‹‡†‹ƒ–‡Ž›™‡•–‘ˆ”‘ƒ†™ƒ›•ƒ™†‡˜‡Ž‘’‡–Ǥdz› –Їͳͻ͸Ͳ•Dz”‘ƒ†™ƒ› ‡ƒ•‡†–‘„‡–Їƒ‹ ‘””‹†‘”‘ˆ†‘™–‘™ǡ™‹–Š–ЇЇƒ”–‘ˆ†‘™–‘™ „‡‹‰ ‘ ‡–”ƒ–‡†‘ͳƒ†ʹ˜‡—‡• *E  ʹͲͳͶǡ ‘•—Ž–ƒ–•–ЇͳͲ͸ ‘ˆƒ•‹‰‹ˆ‹ ƒ–’‘”–‹‘‘ˆ ‘ Ї•–‡” ‹•–‘”‹  ˜‡–‘”›ȋʹͲͳͶȌ †‘™–‘™‘ Ї•–‡”ǤЇ•—”˜‡›ƒ”‡ƒ ‘˜‡”‡†‹–Ї”‡’‘”–‹ Ž—†‡•–Ї•—”˜‡›ƒ”‡ƒ ‘˜‡”‡†ˆ‘” ’”‡’ƒ”ƒ–‹‘‘ˆ–Š‹•‡•‹‰ƒ–‹‘–—†›ǤЇŠƒ•‡ͳ ˜‡–‘”›”‡’‘”–ƒ’’‡ƒ”•–‘Šƒ˜‡‡˜ƒŽ—ƒ–‡†–Ї •—”˜‡›‡†’”‘’‡”–‹‡•‘ƒ‹†‹˜‹†—ƒŽ„ƒ•‹•ǡ„—–‘–‹‰”‘—’‹‰•™‹–ŠŠ‹•–‘”‹ †‹•–”‹ –•–ƒ–—•‹ ‹†Ǥ ЇŠƒ•‡ͳ ˜‡–‘”›‡’‘”–•—‰‰‡•–‡†–Šƒ–ƒ—„‡”‘ˆ’”‘’‡”–‹‡•‹ Ž—†‡†ƒ•‘–”‹„—–‹‰–‘ –Ї‘ Ї•–‡”‘™–‘™ ‹•–‘”‹ ‹•–”‹ –™‡”‡’‘–‡–‹ƒŽŽ›™‘”–Š›‘ˆ‹†‹˜‹†—ƒŽƒ†ƒ” †‡•‹‰ƒ–‹‘ǤЇ•‡’”‘’‡”–‹‡•‹ Ž—†‡ǣ ͹‡ ‘†–”‡‡–‘—–Š™‡•–ȋŽ•–‡†‘—–”›ƒƒ†”—•–‘’ƒ›Ȍ ʹ͵‡ ‘†–”‡‡–‘—–Š™‡•–ȋ ǤǤǤ Ǥ‘†‰‡͓ͳ͵Ȍ ʹͲͲ ‹”•–˜‡—‡‘—–Š™‡•–ȋƒ••‡›—‹Ž†‹‰Ȍ ͳʹǦͳͶͶ–”‡‡–‘—–Š™‡•–Šƒ••‹ ‡„‡‡Ž‹•–‡†‹–Їƒ–‹‘ƒŽ‡‰‹•–‡”‘ˆ ‹•–‘”‹ Žƒ ‡•ƒ†ƒ•ƒ –Š ƒ†ƒ””‘’‡”–›Ǥ  ‡•‹‰ƒ–‡†’”‘’‡”–‹‡•™‹–Š‹–Ї‹–›‘ˆ‘ Ї•–‡”‹ Ž—†‡ƒ•‹‰Ž‡ƒ†ƒ”‹•–”‹ –Ȃ–Ї‹ŽŽ ‹ŽŽ ‡•‹‰ƒ–‡†‘ ƒŽƒ†ƒ”•ƒ†ƒ†ƒ”‹•–”‹ –• ‡•‹†‡–‹ƒŽ ‹•–‘”‹ ‹•–”‹ –Ǧƒ†—Ž–‹’އƒ†ƒ””‘’‡”–‹‡•‹ Ž—†‹‰”‡•‹†‡ ‡•ǡƒ ƒ‰”‹ —Ž–—”ƒŽ•‹–‡ǡƒ†‹†‹˜‹†—ƒŽ„—‹Ž†‹‰•‘ˆŠ‹‰Šƒ” Š‹–‡ –—”ƒŽ•–›Ž‡‘””‡Žƒ–‡†–‘•‹‰‹ˆ‹ ƒ––‡ƒ–• Ž‘ ƒ–‡††‘™–‘™Ǥ ‡•‹‰ƒ–‹‘‘ˆ–Ї‘ Ї•–‡”‘™–‘™‘‡” ‹ƒŽ ‹•–‘”‹ ‹•–”‹ –™‹ŽŽ•‡”˜‡–‘†‹˜‡”•‹ˆ›–Ї –›’‡‘ˆŠ‹•–‘”‹ ”‡•‘—” ‡•ƒ‹–ƒ‹‡†„›–Ї ‹–›„‘–Š‹–‡”•‘ˆŠ‹•–‘”‹ •‹‰‹ˆ‹ ƒ ‡ƒ† ƒ” Š‹–‡ –—”ƒŽ•–›Ž‡ǤЇ‘ Ї•–‡”‘™–‘™‘‡” ‹ƒŽ ‹•–‘”‹ ‹•–”‹ –”‡’”‡•‡–•–Ї ‹–›ǯ• „”‘ƒ†‡” ‘‡” ‹ƒŽŠ‹•–‘”›”ƒ–Ї”–Šƒƒ›•’‡ ‹ˆ‹ ‹ˆŽ—‡–‹ƒŽ„—•‹‡••‘”ƒ” Š‹–‡ –—”ƒŽ•–›Ž‡Ǥ 'HVLJQDWLRQ6WXG\  )HEUXDU\ 3DFNHW3J *E †‘–‡• ϭ ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕͟tĞƐƚĞƌŶDĂŐĂnjŝŶĞ͕ ͞ϭϲ͗Ϯ͕ϭϵϮϬ͘ Ϯ 'ƵŝĚĞƚŽƚŚĞƌĐŚŝƚĞĐƚƵƌĞŽĨDŝŶŶĞƐŽƚĂ ĂǀŝĚ'ĞďŚĂƌĚĂŶĚdŽŵDĂƌƚŝŶƐŽŶ͕͕;DŝŶŶĞĂƉŽůŝƐ͗hŶŝǀĞƌƐŝƚLJŽĨ DŝŶŶĞƐŽƚĂWƌĞƐƐ͕ϭϵϳϳͿ͕ϯϭϭ͘ ϯ ZŽĐŚĞƐƚĞƌ͗ŝƚLJŽĨƚŚĞWƌĂŝƌŝĞ ,ĂƌƌŝĞƚt͘,ŽĚŐƐŽŶ͕;tŝŶĚƐŽƌWƵďůŝĐĂƚŝŽŶƐ/ŶĐ͕͘ϭϵϴϵͿ͕ϭϭ͘ ϰ tĞƐƚĞƌŶDĂŐĂnjŝŶĞ͘ ϱ ŝƌĞĐƚŽƌLJŽĨZŽĐŚĞƐƚĞƌĂŶĚKůŵƐƚĞĚŽƵŶƚLJϭϴϵϲͲϵϳ ;tĂďĂƐŚĂ͕DE͗/ŶƚĞƌƐƚĂƚĞŝƌĞĐƚŽƌLJŽ͕͘ϭϴϵϲͿ͕ϭϵ͘ ϲ 'ƵŝĚĞƚŽƚŚĞƌĐŚŝƚĞĐƚƵƌĞŽĨDŝŶŶĞƐŽƚĂ 'ĞďŚĂƌĚĂŶĚDĂƌƚŝŶƐŽŶ͕͕ϯϭϭ͘ ϳ tĞƐƚĞƌŶDĂŐĂnjŝŶĞ͘ ϴ 'ƵŝĚĞƚŽƚŚĞƌĐŚŝƚĞĐƚƵƌĞŽĨDŝŶŶĞƐŽƚĂ͕ 'ĞďŚĂƌĚĂŶĚDĂƌƚŝŶƐŽŶ͕ϯϭϭ͘ ϵ ŝƌĞĐƚŽƌLJŽĨZŽĐŚĞƐƚĞƌĂŶĚKůŵƐƚĞĚŽƵŶƚLJ ͕ϰϬ͘ ϭϬ ^ĂŶďŽƌŶDĂƉŽŵƉĂŶLJ͕/ŶƐƵƌĂŶĐĞDĂƉŽĨZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͘;EĞǁzŽƌŬ͗^ĂŶďŽƌŶDĂƉŽŵƉĂŶLJͿ͘ DĂƉƐĞƚƐĨƌŽŵϭϴϴϰ͕ϭϴϵϬ͕ϭϴϵϵ͖͘ϭϬϲ'ƌŽƵƉ͕͞ZŽĐŚĞƐƚĞƌ,ŝƐƚŽƌŝĐĂůŽŶƚĞdžƚƐ͗ZŽĐŚĞƐƚĞƌ͕KůŵƐƚĞĚŽƵŶƚƌLJ͕ DŝŶŶĞƐŽƚĂ͕͟ƉƌĞƉĂƌĞĚĨŽƌŝƚLJŽĨZŽĐŚĞƐƚĞƌ͕ϮϬϭϰ͕ϭϭ͘ ϭϭ dŚŝƐďƌŝĞĨĞĂƌůLJŚŝƐƚŽƌLJŽĨƚŚĞDĂLJŽůŝŶŝĐŝƐďĂƐĞĚŽŶƚŚĞƐƵďƐƚĂŶƚŝĂůůLJƐŝŵŝůĂƌĂĐĐŽƵŶƚƐĨŽƵŶĚŝŶ͗,ĂƌƌŝĞƚ ZŽĐŚĞƐƚĞƌ͗ŝƚLJŽĨƚŚĞWƌĂŝƌŝĞ t͘,ŽĚŐƐŽŶ͕͕;tŝŶĚƐŽƌWƵďůŝĐĂƚŝŽŶƐ/ŶĐ͕͘ϭϵϴϵͿ͘DĞƌŶĂ/ƌĞŶĞ&ůĞƚĐŚĞƌ͕ ZŽĐŚĞƐƚĞƌ͗WƌŽĨĞƐƐŝŽŶĂůdŽǁŶ͕ZŽĐŚĞƐƚĞƌ͗DĞĐĐĂĨŽƌ ;ƉƵďůŝƐŚĞƌƵŶŬŶŽǁŶ͕ϭϵϰϳͿ͘,ĂƌŽůĚ^ĞǀĞƌƐŽŶ͕ DŝůůŝŽŶƐdŚĞŽĐƚŽƌƐ ͕;ZŽĐŚĞƐƚĞƌ͕DE͗DĂƌƋƵĞƚƚĞĂŶŬĂŶĚdƌƵƐƚŽŵƉĂŶLJ͕ϭϵϳϵͿ͘,ĞůĞŶůĂƉĞƐĂƚƚůĞ͕ DĂLJŽ͕ ;'ĂƌĚĞŶŝƚLJEz͗'ĂƌĚĞŶŝƚLJWƵďůŝƐŚŝŶŐŽ͕͘ϭϵϰϯͿ͘ ϭϮ ^ĂŶďŽƌŶDĂƉŽŵƉĂŶLJ͕/ŶƐƵƌĂŶĐĞDĂƉŽĨZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͘;EĞǁzŽƌŬ͗^ĂŶďŽƌŶDĂƉŽŵƉĂŶLJͿ͘DĂƉ ƐĞƚƐĨƌŽŵϭϵϬϰ͕ϭϵϬϵ͕ϭϵϭϰ͕ϭϵϮϬ͕ϭϵϮϴ͕ϭϵϰϴ͘ ϭϯ ZŽĐŚĞƐƚĞƌ͗WƌŽĨĞƐƐŝŽŶĂůdŽǁŶ DĞƌŶĂ/ƌĞŶĞ&ůĞƚĐŚĞƌ͕;ƉƵďůŝƐŚĞƌƵŶŬŶŽǁŶ͕ϭϵϰϳͿϯ͘ǀĂŝůĂďůĞDŝŶŶĞƐŽƚĂ ,ŝƐƚŽƌŝĐĂů^ŽĐŝĞƚLJ'ĂůĞ&ĂŵŝůLJ>ŝďƌĂƌLJ͘ ϭϰ dƌĂŶƐĨŽƌŵŝŶŐƚŚĞtŽƌůĚ͗ZŽĐŚĞƐƚĞƌĂƚϭϱϬ ^ƚĞǀĞŶ:͘<ĞŝůůŽƌ͕;ŶĐŝŶŽ͕͗ŚĞƌďŽWƵďůŝƐŚŝŶŐ'ƌŽƵƉ͕/ŶĐ͕͘ϮϬϬϳͿ͕ϰϳ͘ ϭϱ ZŽĐŚĞƐƚĞƌ͗DĞĐĐĂĨŽƌDŝůůŝŽŶƐ ,ĂƌŽůĚ^ĞǀĞƌƐŽŶ͕;ZŽĐŚĞƐƚĞƌ͕DE͗DĂƌƋƵĞƚƚĞĂŶŬΘdƌƵƐƚŽŵƉĂŶLJ͕ϭϵϳϵͿ͕ϵϯ͖ 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DƵůůĞƌ͕ϭϮϭʹϭϮϯ͖>ĂƵƌĞŶŶĚĞƌƐŽŶ͕͚͞EĞǁ^ƉĞĐŝĞƐ͗͛EĞŝŐŚďŽƌŚŽŽĚĂŶĚ ŽŵŵƵŶŝƚLJ^ŚŽƉƉŝŶŐĞŶƚĞƌƐŝŶ^ƚ͘>ŽƵŝƐWĂƌŬ͕DŝŶŶĞƐŽƚĂ͕ϭϵϰϭʹϭϵϱϲ͘͟hŶŝǀĞƌƐŝƚLJŽĨtŝƐĐŽŶƐŝŶͲĂƵůĂŝƌĞ͕ ϮϬϭϳ͕ϭϰʹϮϮ͘ Ϯϰ dŚĞKƵƚĞƌŝƚLJ͕ŽŶƚĞŵƉŽƌĂƌLJ^ƵďƵƌďĂŶŵĞƌŝĐĂ͕DĂŝŶ^ƚƌĞĞƚƚŽ DƵůůĞƌ͕ϮϵʹϯϬ͖DƵůůĞƌ͕ϭϮϭʹϭϮϯ͖>ŝĞďƐ͕ DŝƌĂĐůĞDŝůĞŽǁŶƚŽǁŶ͗/ƚƐZŝƐĞĂŶĚ&Ăůů͕ϭϴϴϬʹϭϵϱϬ ͕ϯϭ͖ZŽďĞƌƚD͘&ŽŐĞůƐŽŶ͕;EĞǁ,ĂǀĞŶ͕d͗zĂůĞhŶŝǀĞƌƐŝƚLJ ŝƚLJĞŶƚĞƌƚŽZĞŐŝŽŶĂůDĂůů͕ WƌĞƐƐ͕ϮϬϬϴͿ͕ϯϴϰʹϯϴϲ͕ĂĐĐĞƐƐĞĚƵŐƵƐƚϮ͕ϮϬϭϲ͕WƌŽYƵĞƐƚĞďƌĂƌLJ͖>ŽŶŐƐƚƌĞƚŚ͕džŝŝŝʹ ŽŶƐƵŵĞƌ͛ƐZĞƉƵďůŝĐ͕ džǀ͖ŽŚĞŶ͕Ϯϱϳ dŚĞ^ŚŽƉƉŝŶŐĞŶƚĞƌ͕ Ϯϱϵ͖'ŚŽƐŚĂŶĚDĐ>ĂĨĨĞƌƚLJ͕ϮϱϰʹϮϱϴ͖,ĂŶĐŚĞƚƚ͕͞h͘^͘dĂdžWŽůŝĐLJ͕͟ϭϬϵϭ͘ ʹ Ϯϱ DŝŶŶĞƐŽƚĂŝŶĂĞŶƚƵƌLJŽĨŚĂŶŐĞ͗dŚĞ^ƚĂƚĞĂŶĚ dŚŽŵĂƐ:͘ĂĞƌǁĂůĚ͕͞&ŽƌĐĞƐĂƚtŽƌŬŽŶƚŚĞ>ĂŶĚƐĐĂƉĞ͕͟ŝŶ /ƚƐWĞŽƉůĞ^ŝŶĐĞϭϵϬϬ͕ ĞĚŝƚĞĚďLJůŝĨĨŽƌĚ͘ůĂƌŬ;^ƚ͘WĂƵů͕DE͗DŝŶŶĞƐŽƚĂ,ŝƐƚŽƌŝĐĂů^ŽĐŝĞƚLJWƌĞƐƐ͕ϭϵϴϵͿ͕ϰϰ͘ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J *E ϮϲϮϳ DŝŶŶĞĂƉŽůŝƐ^ƵŶĚĂLJdƌŝďƵŶĞ͕ ͞ZŽĐŚĞƐƚĞƌŶũŽLJƐϯϬͲDŝůůŝŽŶͲŽůůĂƌƵŝůĚŝŶŐŽŽŵ͕͟EŽǀĞŵďĞƌϵ͕ϭϵϱϮ͘ Ϯϴ DŝŶŶĞĂƉŽůŝƐ^ƵŶĚĂLJdƌŝďƵŶĞ͕ ͞ZŽĐŚĞƐƚĞƌŶũŽLJƐϯϬͲDŝůůŝŽŶͲŽůůĂƌƵŝůĚŝŶŐŽŽŵ͕͟EŽǀĞŵďĞƌϵ͕ϭϵϱϮ͘^ƚĞǀĞŶ:͘ 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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 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI *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 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI *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 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI *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 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ĐŽŶƚŝŶƵŽƵƐůŝŵĞƐƚŽŶĞƐŝůůƐ͘dŚĞƐĞĐŽŶĚƐƚŽƌLJǁŝŶĚŽǁƐŚĂǀĞ ͘:͘ũĞƌƌŝŶŐĂƌďĞƌƐŚŽƉͬũĞƌƌŝŶŐ,ŽƚĞů͕ǁĞƐƚ ĨůĂƚĂƌĐŚĞĚŚĞĂĚĞƌƐ͘dŚĞƚŚŝƌĚƐƚŽƌLJǁŝŶĚŽǁƐŚĂǀĞƌŽƵŶĚ ĨĂĕĂĚĞ͕ĨĂĐŝŶŐĞĂƐƚ͕ϮϬϭϳ͕WsE͘  ĂƌĐŚĞĚŚĞĂĚĞƌƐ͘ĐŽƌďĞůůĞĚĚĞƚĂŝůĂŶĚŵĞƚĂůĐĂƉĂƌĞůŽĐĂƚĞĚ ĂƚƚŚĞĐŽƌŶŝĐĞ͘ ƵŝůĚŝŶŐhƐĞ  KůŵƐƚĞĚŽƵŶƚLJĂƐƐĞƐƐŽƌƌĞĐŽƌĚƐŝŶĚŝĐĂƚĞƚŚĂƚϯϭϴ^ŽƵƚŚ ƌŽĂĚǁĂLJǁĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϵϬϬ͖ŚŽǁĞǀĞƌ͕^ĂŶďŽƌŶŵĂƉƐ ƐŚŽǁĂďƵŝůĚŝŶŐĞdžŝƐƚŝŶŐĂƚƚŚŝƐůŽĐĂƚŝŽŶŝŶϭϴϴϰ͘^ĂŶďŽƌŶ ŵĂƉƐĨƌŽŵϭϴϴϰ͕ϭϴϵϬ͕ĂŶĚϭϴϵϵƐŚŽǁƚŚĂƚƚŚĞďƵŝůĚŝŶŐǁĂƐ ŽĐĐƵƉŝĞĚďLJĂŵŝůůŝŶĞƌLJ͕ŚĂƌŶĞƐƐƐŚŽƉ͕ĂŶĚďĂƌďĞƌƐŚŽƉ ĚƵƌŝŶŐƚŚĞůĂƚĞŶŝŶĞƚĞĞŶƚŚĐĞŶƚƵƌLJ͘dŚĞďĂƌďĞƌƐŚŽƉǁĂƐ ŽǁŶĞĚďLJZŝĐŚĂƌĚs͘ZƵƐƐĞůů͕ǁŚŽďĞŐĂŶǁŽƌŬŝŶŐĂƚƚŚĂƚ ůŽĐĂƚŝŽŶŶŽůĂƚĞƌƚŚĂŶϭϴϵϬ͘dŚĞďƵŝůĚŝŶŐĐŽŶƚŝŶƵĞĚĂƐĂ ďĂƌďĞƌƐŚŽƉŝŶƚŚĞĞĂƌůLJƚǁĞŶƚŝĞƚŚĐĞŶƚƵƌLJ͖ďĂƌďĞƌƐŝŶĐůƵĚĞĚ ƌŶŽůĚũĞƌƌŝŶŐĂŶĚ͘Z͘ĞƐƚĞƌŚŽĨĨ͘ĐĐŽƌĚŝŶŐƚŽĐŝƚLJ ͘:͘ũĞƌƌŝŶŐĂƌďĞƌƐŚŽƉͬũĞƌƌŝŶŐ,ŽƚĞůǁĞƐƚ ĚŝƌĞĐƚŽƌŝĞƐ͕ƌŶŽůĚũĞƌƌŝŶŐĂůƐŽŽĨĨĞƌĞĚ͞ĨƵƌŶŝƐŚĞĚƌŽŽŵƐ͟ ĨĂĕĂĚĞ͕ĨĂĐŝŶŐƐŽƵƚŚĞĂƐƚ͕Đ͘ϭϵϲϮ͕ŝŵĂŐĞĐŽƵƌƚĞƐLJ Ăƚϯϭϴ^ŽƵƚŚƌŽĂĚǁĂLJĨŽƌĂƉĞƌŝŽĚŽĨƚŝŵĞ͘ĞƚǁĞĞŶϭϵϯϴ ŽĨƚŚĞZŽĐŚĞƐƚĞƌ,ĞƌŝƚĂŐĞWƌĞƐĞƌǀĂƚŝŽŶ Ϯ ĂŶĚϭϵϲϮ͕ƚŚĞďƵŝůĚŝŶŐǁĂƐŽĐĐƵƉŝĞĚďLJĂŚĂƌĚǁĂƌĞƐƚŽƌĞ͘ 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ŽŵŵĞƌĐŝĂůƵŝůĚŝŶŐ͕ĞĂƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐǁĞƐƚ͕ ŽƉĞŶŝŶŐƐǁŝƚŚŽŶĞͲŽǀĞƌͲŽŶĞĚŽƵďůĞͲŚƵŶŐŵĞƚĂůǁŝŶĚŽǁƐ͘ ϮϬϭϳ͕WsE͘  ďŽǀĞƚŚĞǁŝŶĚŽǁƐ͕ĂƚĐŽƌŶŝĐĞůĞǀĞůŝƐĂƐĞĐŽŶĚĚĞĐŽƌĂƚŝǀĞ ďƌŝĐŬƉĂŶĞů͕ƚŚŝƐƚŝŵĞůĂŝĚǁŝƚŚŚĞĂĚĞƌďƌŝĐŬƐ͘ ƵŝůĚŝŶŐhƐĞ  KůŵƐƚĞĚŽƵŶƚLJĂƐƐĞƐƐŽƌƌĞĐŽƌĚƐŝŶĚŝĐĂƚĞƚŚĂƚϯϮϯ ƌŽĂĚǁĂLJǀĞŶƵĞ^ŽƵƚŚǁĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϴϴϱ͖ŚŽǁĞǀĞƌ͕ Ă^ĂŶďŽƌŶŵĂƉĚĞƉŝĐƚƐĂďƵŝůĚŝŶŐĂƚƚŚŝƐůŽĐĂƚŝŽŶŝŶϭϴϴϰ͘/Ŷ ƚŚĞůĂƚĞŶŝŶĞƚĞĞŶƚŚĂŶĚĞĂƌůLJƚǁĞŶƚŝĞƚŚĐĞŶƚƵƌŝĞƐ͕ƚŚĞ ďƵŝůĚŝŶŐǁĂƐŽĐĐƵƉŝĞĚďLJƐĞǀĞƌĂůďƵƐŝŶĞƐƐĞƐ͕ŝŶĐůƵĚŝŶŐĂ ͞ŽŵŵŝƐƐŝŽŶ͕͟ĂƐĞĐŽŶĚͲŚĂŶĚƐƚŽƌĞ͕ĂĐƌŽĐŬĞƌLJͬŐůĂƐƐǁĂƌĞ ƐƚŽƌĞ͕ĂŬƐƚŽƌĞ͕ĂŶĚK͘,͘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 &͘͘WŽŽůĞƵŝůĚŝŶŐ͕ĞĂƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐǁĞƐƚ͕ϮϬϭϳ͕ ŽƉĞŶŝŶŐƐŚŽƵƐĞŽŶĞͲŽǀĞƌͲŽŶĞĚŽƵďůĞͲŚƵŶŐǀŝŶLJů WsE͘  ƌĞƉůĂĐĞŵĞŶƚǁŝŶĚŽǁƐ͘ĐŽŶƚŝŶƵŽƵƐďƌŝĐŬƐƚŝůůĞdžƚĞŶĚƐ ďĞůŽǁƚŚĞǁŝŶĚŽǁƐ͘ďŽǀĞƚŚĞǁŝŶĚŽǁƐ͕ĂďĂŶŶĞƌŽĨďƌŝĐŬ ůĂŝĚŽŶƚŚĞĚŝĂŐŽŶĂůĚĞĐŽƌĂƚĞƐƚŚĞĐŽƌŶŝĐĞ͘ĚŝĂŵŽŶĚ ƐŚĂƉĞĚƉŝĞĐĞŽĨƐƚŽŶĞŝƐĐĞŶƚĞƌĞĚǁŝƚŚŝŶƚŚĞĚĞĐŽƌĂƚŝǀĞ ďĂŶĚ͘ ƵŝůĚŝŶŐhƐĞ  KůŵƐƚĞĚŽƵŶƚLJĂƐƐĞƐƐŽƌƌĞĐŽƌĚƐŝŶĚŝĐĂƚĞƚŚĂƚϯϮϱ ƌŽĂĚǁĂLJǀĞŶƵĞ^ŽƵƚŚǁĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϴϴϱ͘ĐĐŽƌĚŝŶŐ ƚŽ^ĂŶďŽƌŶŵĂƉƐ͕ƚŚĞďƵŝůĚŝŶŐŚŽƵƐĞĚĂŐƌŽĐĞƌLJƐƚŽƌĞŝŶ ϭϴϵϬĂŶĚĂǀĂƌŝĞƚLJƐƚŽƌĞŝŶϭϴϵϵ͘ĞƚǁĞĞŶϭϵϬϰĂŶĚƚŚĞĞŶĚ ŽĨƚŚĞƉĞƌŝŽĚŽĨƐŝŐŶŝĨŝĐĂŶĐĞ͕ƐĞǀĞƌĂůĚƌƵŐƐƚŽƌĞƐ Ͷ ŝŶĐůƵĚŝŶŐ ŽŶĞŽƉĞƌĂƚĞĚďLJ&͘͘WŽŽůĞĨƌŽŵϭϵϬϰƚŽϭϵϭϯ͕ĂŵĞƌĐĂŶƚŝůĞ ƐƚŽƌĞ͕ĂůƵŐŐĂŐĞƐƚŽƌĞ͕ĂŶĚĂůŝƋƵŽƌƐƚŽƌĞŽĐĐƵƉŝĞĚƚŚĞ ďƵŝůĚŝŶŐ͘EĂŵĞƐŽĨďƵƐŝŶĞƐƐĞƐĂŶĚďƵƐŝŶĞƐƐŽǁŶĞƌƐŝŶĐůƵĚĞĚ &͘͘WŽŽůĞ;ƉƵƌǀĞLJŽƌŽĨĚƌƵŐƐ͕ǁĂůůƉĂƉĞƌ͕ĂŶĚƉĂŝŶƚƐͿ͕>͘͘ &͘͘WŽŽůĞƵŝůĚŝŶŐ͕ĞĂƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐ ŶŽƌƚŚǁĞƐƚ͕ϭϵϲϱ͕ŝŵĂŐĞĐŽƵƌƚĞƐLJŽĨƚŚĞ EŝĞƚnj;ĚƌƵŐƐƚŽƌĞŽǁŶĞƌͿ͕,ĂƌŐĞƐŚĞŝŵĞƌ͛ƐƌƵŐ^ƚŽƌĞEŽ͘ϰ͕ ZŽĐŚĞƐƚĞƌ,ĞƌŝƚĂŐĞWƌĞƐĞƌǀĂƚŝŽŶŽŵŵŝƐƐŝŽŶ͘  DĞƌĐĂŶƚŝůĞ^ƚŽƌĞƐ͕ĂŶĚƚŚĞZŽĐŚĞƐƚĞƌ>ƵŐŐĂŐĞƐƚŽƌĞ͘ϳ  'HVLJQDWLRQ6WXG\  )HEUXDU\ 3DFNHW3J *E ϯϮϲͲϯϮϴƌŽĂĚǁĂLJǀĞŶƵĞ^ŽƵƚŚ  ,ŝƐƚŽƌŝĐEĂŵĞ͗'ƌĞĂƚƚůĂŶƚŝĐΘWĂĐŝĨŝĐdĞĂŽ͘ ŽŶƐƚƌƵĐƚŝŽŶĂƚĞ͗Đ͘ϭϴϴϰ ŝƐƚƌŝĐƚ^ƚĂƚƵƐ͗ŽŶƚƌŝďƵƚŝŶŐ ƵŝůĚŝŶŐĞƐĐƌŝƉƚŝŽŶ  dŚĞƚůĂŶƚŝĐΘWĂĐŝĨŝĐdĞĂŽ͘ŝƐĂƚǁŽͲƐƚŽƌLJƉĂŝŶƚĞĚďƌŝĐŬ ďƵŝůĚŝŶŐƚŚĂƚŝƐƉĂƌƚŽĨƚŚĞĐŽŶƚŝŐƵŽƵƐƌŽǁŽĨďƵŝůĚŝŶŐƐ ƌĚ ĨƌŽŶƚŝŶŐƚŚĞĞĂƐƚƐŝĚĞŽĨƌŽĂĚǁĂLJǀĞŶƵĞďĞƚǁĞĞŶϯĂŶĚ ϰ ƚŚ^ƚƌĞĞƚƐ^ŽƵƚŚǁĞƐƚ͘ ƌŝĐŬĂƚƚŚĞĨŝƌƐƚƐƚŽƌLJŝƐŶŽƚƉĂŝŶƚĞĚ͘dŚĞĨŝƌƐƚƐƚŽƌLJŝŶĐůƵĚĞƐ ƚǁŽďĂLJƐŽĨŵĞƚĂůĨƌĂŵĞƐƚŽƌĞĨƌŽŶƚǁŝŶĚŽǁƐĨůĂŶŬŝŶŐĂ ĐĞŶƚƌĂůƌĞĐĞƐƐĞĚĞŶƚƌLJ͘dŚĞĞŶƚƌLJŝƐĐŽŵƉŽƐĞĚŽĨƚǁŽŵĞƚĂů ĂŶĚŐůĂƐƐƐǁŝŶŐĚŽŽƌƐ͘ƐĞĐŽŶĚĂƌLJĞŶƚƌLJŝƐůŽĐĂƚĞĚĂƚƚŚĞ ĞŶĚŽĨƚŚĞďƵŝůĚŝŶŐ͘dŚŝƐĞŶƚƌLJŝƐĐŽŵƉŽƐĞĚŽĨĂƐŝŶŐůĞƐǁŝŶŐ 'ƌĞĂƚƚůĂŶƚŝĐΘWĂĐŝĨŝĐdĞĂŽ͕͘ǁĞƐƚĨĂĕĂĚĞ͕ ĚŽŽƌǁŝƚŚƚƌĂŶƐŽŵǁŝŶĚŽǁ͘ ĨĂĐŝŶŐĞĂƐƚ͕ϮϬϭϳ͕WsE͘  ƌŝĐŬĂƚƚŚĞƐĞĐŽŶĚƐƚŽƌLJĂŶĚƉĂƌĂƉĞƚǁĂůůĂƌĞƉĂŝŶƚĞĚ͘dŚĞ ƐĞĐŽŶĚŝŶĐůƵĚĞƐƐŝdžƉƵŶĐŚĞĚǁŝŶĚŽǁŽƉĞŶŝŶŐƐ͕ǁŝƚŚƐƚŽŶĞ ƐƚŝůůƐĂŶĚƐĞŐŵĞŶƚĂůĂƌĐŚĞĚƐƵƌƌŽƵŶĚƐǁŝƚŚŬĞLJƐƚŽŶĞƐ͘dŚĞ ǁŝŶĚŽǁƐƚŚĞŵƐĞůǀĞƐĂƌĞŽďƐĐƵƌĞĚďLJĞdžƚĞƌŝŽƌůŽƵǀĞƌĞĚ ƐŚƵƚƚĞƌƐ͘dŚĞƉĂƌĂƉĞƚǁĂůůŝŶĐůƵĚĞƐĐŽƌďĞůůĞĚĚĞƚĂŝůƐĂŶĚ ĐĞŶƚƌĂůĂƌĐŚĞĚƐĞĐƚŝŽŶ͘ ƵŝůĚŝŶŐhƐĞ  KůŵƐƚĞĚŽƵŶƚLJĂƐƐĞƐƐŽƌƌĞĐŽƌĚƐŝŶĚŝĐĂƚĞƚŚĂƚϯϮϲͲϯϮϴ ƌŽĂĚǁĂLJǀĞŶƵĞ^ŽƵƚŚǁĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϵϬϬ͖ŚŽǁĞǀĞƌ͕ ^ĂŶďŽƌŶŵĂƉƐĚĞƉŝĐƚĂďƵŝůĚŝŶŐĂƚƚŚĂƚůŽĐĂƚŝŽŶŝŶϭϴϴϰ͘ 'ƌĞĂƚƚůĂŶƚŝĐΘWĂĐŝĨŝĐdĞĂŽ͘ǁĞƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐ ĐĐŽƌĚŝŶŐƚŽ^ĂŶďŽƌŶŵĂƉƐĂŶĚĐŝƚLJĚŝƌĞĐƚŽƌŝĞƐ͕ĂǁŝĚĞ ƐŽƵƚŚĞĂƐƚ͕Đ͘ϭϵϮϬ͕ŝŵĂŐĞĐŽƵƌƚĞƐLJŽĨƚŚĞZŽĐŚĞƐƚĞƌ 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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 ^ĂŶďŽƌŶŵĂƉƐĚĞƉŝĐƚĂďƵŝůĚŝŶŐĂƚƚŚŝƐůŽĐĂƚŝŽŶŝŶϭϴϴϰ͘ ĐĐŽƌĚŝŶŐƚŽ^ĂŶďŽƌŶŵĂƉƐ͕ĂƐĂůŽŽŶĂŶĚƌĞƐƚĂƵƌĂŶƚ ŽĐĐƵƉŝĞĚƚŚĞďƵŝůĚŝŶŐŝŶϭϴϴϰĂŶĚϭϴϵϬ͕ĂŶĚƚŚĞŽůƵŵďŝĂ ,ŽƚĞůŽĐĐƵƉŝĞĚƚŚĞƐƉĂĐĞŝŶϭϴϵϵ͘ŝƚLJĚŝƌĞĐƚŽƌŝĞƐŝŶĚŝĐĂƚĞ ƚŚĂƚ:ŽŚŶWŽǁĚĞƌůLJĂŶĚ^ŽŶƐŚŽĞƐƚŽƌĞǁĂƐůŽĐĂƚĞĚĂƚϯϯϬ 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ĨŝƌƐƚĨůŽŽƌ͕ǁŚŝůĞƚŚĞƐĞĐŽŶĚĨůŽŽƌŚŽƵƐĞĚƚŚĞŝƌŵĞĚŝĐĂů ŚƚƚƉ͗ͬͬǁǁǁ͘ůĂŬĞƐŶǁŽŽĚƐ͘ĐŽŵͬZŽĐŚĞƐƚĞƌ'ĂůůĞƌLJ͘Śƚ ůĂďŽƌĂƚŽƌŝĞƐ͘KƚŚĞƌďƵƐŝŶĞƐƐĞƐůŽĐĂƚĞĚŝŶƚŚĞďƵŝůĚŝŶŐ ͘  ŵ ďĞƚǁĞĞŶϭϴϴϰĂŶĚϭϵϬϵŝŶĐůƵĚĞĚĂŵŝůůŝŶĞƌLJ͕ĂĚƌƵŐƐƚŽƌĞ͕Ă ƚĂŝůŽƌ͕ĂďĂƌďĞƌ͕Ă͞,ĂŶĚWƌŝŶƚŝŶŐĂŶĚdĞůĞŐƌĂƉŚKĨĨŝĐĞ͕͟ĂŶ ͞džƉƌĞƐƐ͕͟ĂŬƐƚŽƌĞĂŶĚƐƚĂƚŝŽŶĂƌLJ͕ĂǁĂůůƉĂƉĞƌƐƚŽƌĞ͕ ĂŶĚĂďĂƌďĞƌ͘ &ƌŽŵϭϵϭϮƵŶƚŝůϭϵϵϭ͕ƚŚĞďƵŝůĚŝŶŐǁĂƐŽĐĐƵƉŝĞĚďLJ͘&͘ DĂƐƐĞLJŽ͘DĂƐƐĞLJ͛Ɛ͕ĂŶƵƉƐĐĂůĞĚĞƉĂƌƚŵĞŶƚƐƚŽƌĞ͕ǁĂƐ ĨŽƵŶĚĞĚŝŶϭϴϱϲďLJ:ŽŚŶŽŽŬĂƐƚŚĞŽŽŬ^ƚŽƌĞ͘͘&͘ 'HVLJQDWLRQ6WXG\  )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI *E DĂƐƐĞLJ͕ŽƌŝŐŝŶĂůůLJŚŝƌĞĚĂƐŽŽŬ͛ƐĂƐƐŝƐƚĂŶƚ͕ĂĐƋƵŝƌĞĚƚŚĞ ďƵƐŝŶĞƐƐŝŶƚŚĞůĂƚĞŶŝŶĞƚĞĞŶƚŚĐĞŶƚƵƌLJ͘/Ŷϭϵϭϰ͕DĂƐƐĞLJ͛Ɛ ŽĐĐƵƉŝĞĚƚŚĞǁĞƐƚĞƌŶŚĂůĨŽĨϮϬϮϭ ƐƚǀĞŶƵĞ^ŽƵƚŚ͕ǁŚŝůĞƚŚĞ ĞĂƐƚĞƌŶŚĂůĨǁĂƐŽĐĐƵƉŝĞĚďLJĂŬĂŶĚĂƌƚƐŚŽƉ͕ǁĂůůƉĂƉĞƌ ƐŚŽƉ͕ƉŝĐƚƵƌĞĨƌĂŵĞƐŚŽƉ͕ĂŶĚƉƌŝŶƚŝŶŐƐŚŽƉ͘dŚĞƉŝĐƚƵƌĞ ĨƌĂŵĞĂŶĚƉƌŝŶƚŝŶŐďƵƐŝŶĞƐƐĞƐĐŽŶƚŝŶƵĞĚƚŽŽƉĞƌĂƚĞĂƚƚŚŝƐ ĂĚĚƌĞƐƐƚŚƌŽƵŐŚϭϵϰϴ͘/Ŷϭϵϲϳ͕DĂƐƐĞLJ͛ƐĞdžƉĂŶĚĞĚŝŶƚŽƚŚĞ ͘&͘DĂƐƐĞLJŽ͕͘ŶŽƌƚŚĂŶĚǁĞƐƚĨĂĐĂĚĞƐ͕ĨĂĐŝŶŐĞĂƐƚĞƌŶŚĂůĨŽĨƚŚĞďƵŝůĚŝŶŐ͕ŝŶĐƌĞĂƐŝŶŐŝƚƐƐƋƵĂƌĞĨŽŽƚĂŐĞďLJ ƐŽƵƚŚĞĂƐƚ͕ϭϵϲϱ͕ŝŵĂŐĞĐŽƵƌƚĞƐLJŽĨƚŚĞZŽĐŚĞƐƚĞƌ Ϯ͕ϱϬϬĨĞĞƚ͘ ,ĞƌŝƚĂŐĞWƌĞƐĞƌǀĂƚŝŽŶŽŵŵŝƐƐŝŽŶ͘  DĂƐƐĞLJ͛ƐŝƐŶŽƚĂďůĞĨŽƌŝƚƐůŽŶŐƉƌĞƐĞŶĐĞĚŽǁŶƚŽǁŶ͕ Ɛƚ ƌĞŵĂŝŶŝŶŐĂƚŝƚƐϭǀĞŶƵĞůŽĐĂƚŝŽŶĞǀĞŶĂƐŽƚŚĞƌĚŽǁŶƚŽǁŶ ĚĞƉĂƌƚŵĞŶƚƐƚŽƌĞƐŵŽǀĞĚƚŽƐƵďƵƌďĂŶƐŚŽƉƉŝŶŐĐĞŶƚĞƌƐ ĂĨƚĞƌtŽƌůĚtĂƌ//͘/Ŷϭϵϵϭ͕ƚŚĞĚĞƉĂƌƚŵĞŶƚƐƚŽƌĞǁĂƐ ĂĐƋƵŝƌĞĚďLJƌĂƵŶ&ĂƐŚŝŽŶƐ͕/ŶĐ͘ĂŶĚďĞĐĂŵĞƚŚĞ^ĞĐŽŶĚ ^ƚƌĞĞƚ^ŚŽƉƐ͘^ŚŽƌƚůLJĂĨƚĞƌƚŚĞ^ŚŽƉƐĐůŽƐĞĚŝŶϭϵϵϲ͕ƚŚĞ DĂLJŽůŝŶŝĐĂĐƋƵŝƌĞĚƚŚĞďƵŝůĚŝŶŐ͘ƐŽĨϮϬϭϬ͕ŵŽƐƚŽĨƚŚĞ ďƵŝůĚŝŶŐǁĂƐŽĐĐƵƉŝĞĚďLJDĂLJŽůŝŶŝĐŽĨĨŝĐĞƐ͘ dŚĞďƵŝůĚŝŶŐŚĂƐƵŶĚĞƌŐŽŶĞƐĞǀĞƌĂůĞdžƚĞƌŝŽƌĂůƚĞƌĂƚŝŽŶƐƐŝŶĐĞ ŝƚƐĐŽŶƐƚƌƵĐƚŝŽŶ͘ĞƚǁĞĞŶϭϴϵϬĂŶĚϭϴϵϵ͕ĂŽŶĞͲƐƚŽƌLJ Ɛƚ ĂĚĚŝƚŝŽŶǁŚŝĐŚĨƌŽŶƚĞĚ^ŽƵƚŚDĂŝŶ;ŶŽǁϭǀĞŶƵĞ^͘t͘Ϳ ǁĂƐĂĚĚĞĚƚŽƚŚĞƐŽƵƚŚĞůĞǀĂƚŝŽŶŽĨƚŚĞďƵŝůĚŝŶŐ͘/Ŷϭϵϭϭ͕ ƚŚĞďƵŝůĚŝŶŐǁĂƐĞdžƚĞŶĚĞĚƚŽƚŚĞƐŽƵƚŚĂŶĚĞĂƐƚ͕ ĞŶĐŽŵƉĂƐƐŝŶŐƚŚĞŽŶĞͲƐƚŽƌLJĂĚĚŝƚŝŽŶĂŶĚĞdžƚĞŶĚĞĚŝƚƐ ĞĂƐƚĞƌŶĞůĞǀĂƚŝŽŶƚŽƚŚĞĂůůĞLJďĞƚǁĞĞŶ^ŽƵƚŚDĂŝŶĂŶĚ ^ŽƵƚŚƌŽĂĚǁĂLJ͘ŶĞŝŐŚďŽƌŝŶŐďƵŝůĚŝŶŐůŽĐĂƚĞĚĂƚϮϬϴ ^ŽƵƚŚDĂŝŶǁĂƐĂůƐŽĚĞŵŽůŝƐŚĞĚĂƌŽƵŶĚƚŚŝƐƚŝŵĞ;ďĞƚǁĞĞŶ ϭϵϬϵĂŶĚϭϵϭϰͿ͘ĞƚǁĞĞŶϭϵϭϰĂŶĚϭϵϮϬ͕ĂŶĂĚĚŝƚŝŽŶǁĂƐ ĂĚĚĞĚƚŽƚŚĞǁĞƐƚĞƌŶƉŽƌƚŝŽŶŽĨƚŚĞƐŽƵƚŚĞůĞǀĂƚŝŽŶŽĨƚŚĞ 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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,ŝƐƚŽƌŝĐEĂŵĞ͗EŽƌƚŚǁĞƐƚĞƌŶEĂƚŝŽŶĂůĂŶŬŽĨZŽĐŚĞƐƚĞƌ ŽŶƐƚƌƵĐƚŝŽŶĂƚĞ͗ϭϵϱϳ ŝƐƚƌŝĐƚ^ƚĂƚƵƐ͗ŽŶƚƌŝďƵƚŝŶŐ ƵŝůĚŝŶŐĞƐĐƌŝƉƚŝŽŶ  dŚĞEŽƌƚŚǁĞƐƚEĂƚŝŽŶĂůĂŶŬŽĨZŽĐŚĞƐƚĞƌŝƐĂƚŚƌĞĞƐƚŽƌLJ ďƵŝůĚŝŶŐĨĂĐĞĚǁŝƚŚůŝŵĞƐƚŽŶĞ͘dŚĞďƵŝůĚŝŶŐŚĂƐĂĨůĂƚƌŽŽĨ ǁŝƚŚŵĞƚĂůĐŽƉŝŶŐ͘ĐŽƵƌƐĞŽĨŵĞƚĂůƐĞƉĂƌĂƚĞƐƚŚĞĨŝƌƐƚůĞǀĞů ĨƌŽŵƚŚĞƵƉƉĞƌůĞǀĞůƐ͘^ƚŽƌĞĨƌŽŶƚǁŝŶĚŽǁƐĂƌĞůŽĐĂƚĞĚĂƚƚŚĞ ĞĂƐƚĞƌŶĞĚŐĞŽĨƚŚĞďƵŝůĚŝŶŐ͘dŽƚŚĞǁĞƐƚŽĨƚŚĞƐƚŽƌĞĨƌŽŶƚŝƐ ĂƌĞĐĞƐƐĞĚŵĞƚĂůĂŶĚŐůĂƐƐĞŶƚƌLJǁŝƚŚƉĂŝƌĞĚƐǁŝŶŐĚŽŽƌƐ͘ ƐĞĐŽŶĚƌĞĐĞƐƐĞĚĞŶƚƌLJǁŝƚŚĂƐŝŶŐůĞĚŽŽƌŝƐůŽĐĂƚĞĚĨƵƌƚŚĞƌ ǁĞƐƚŽŶƚŚĞĨĂĕĂĚĞ͘ƚƚŚĞƐĞĐŽŶĚĂŶĚƚŚŝƌĚůĞǀĞůƐ͕ƚŚĞ ďƵŝůĚŝŶŐĨĞĂƚƵƌĞƐƐƚĂĐŬĞĚƉƵŶĐŚĞĚŽƉĞŶŝŶŐƐ͕ǁŝƚŚƚŚƌĞĞ ŽƉĞŶŝŶŐƐŽŶĞĂĐŚůĞǀĞů͘dŚĞǁŝŶĚŽǁƐŝŶƚŚĞŽƉĞŶŝŶŐƐĂƌĞ EŽƌƚŚǁĞƐƚĞƌŶEĂƚŝŽŶĂůĂŶŬŽĨZŽĐŚĞƐƚĞƌ͕ƐŽƵƚŚ ĨŝdžĞĚǁŝƚŚŵĞƚĂůĨƌĂŵĞƐ͘ĚĚŝƚŝŽŶĂůƐƚĂĐŬĞĚƉƵŶĐŚĞĚ ĨĂĕĂĚĞ͕ĨĂĐŝŶŐŶŽƌƚŚ͕ϮϬϭϳ͕WsE͘  ŽƉĞŶŝŶŐƐĂƌĞůŽĐĂƚĞĚĂƚƚŚĞƐĞĐŽŶĚĂŶĚƚŚŝƌĚůĞǀĞůƐŽĨƚŚĞ ĞĂƐƚĨĂĕĂĚĞ͘ ƵŝůĚŝŶŐhƐĞ  dŚĞďƵŝůĚŝŶŐǁĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϵϱϳĨŽƌƚŚĞEŽƌƚŚǁĞƐƚ EĂƚŝŽŶĂůĂŶŬŽĨZŽĐŚĞƐƚĞƌ͘ŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞďƵŝůĚŝŶŐ ĐŽŝŶĐŝĚĞƐǁŝƚŚƚŚĞhŶŝŽŶEĂƚŝŽŶĂůĂŶŬŽĨZŽĐŚĞƐƚĞƌ ĐŚĂŶŐŝŶŐŝƚƐŶĂŵĞƚŽEŽƌƚŚǁĞƐƚEĂƚŝŽŶĂůĂŶŬŽĨZŽĐŚĞƐƚĞƌ͘ dŚĞďĂŶŬŵŽǀĞĚƚŽƚŚĞŶĞǁďƵŝůĚŝŶŐĨƌŽŵŝƚƐůŽŶŐͲƚŝŵĞ ůŽĐĂƚŝŽŶĂƚƚŚĞĐŽƌŶĞƌŽĨƌŽĂĚǁĂLJǀĞŶƵĞ^ŽƵƚŚĂŶĚdŚŝƌĚ ^ƚƌĞĞƚ^ŽƵƚŚǁĞƐƚ͘ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJH *E ϮϯϮ^ƚƌĞĞƚ^ŽƵƚŚǁĞƐƚ ŶĚ ,ŝƐƚŽƌŝĐEĂŵĞ͗/͘K͘K͘&͘>ŽĚŐĞηϭϯ ŽŶƐƚƌƵĐƚŝŽŶĂƚĞ͗ϭϵϬϲ ŝƐƚƌŝĐƚ^ƚĂƚƵƐ͗ŽŶƚƌŝďƵƚŝŶŐ ƵŝůĚŝŶŐĞƐĐƌŝƉƚŝŽŶ  dŚĞƚŚƌĞĞͲƐƚŽƌLJďƵŝůĚŝŶŐŝƐĂŶĞdžĂŵƉůĞŽĨƚŚĞWƌĂŝƌŝĞ^ĐŚŽŽů ƐƚLJůĞ͘dŚĞďƵŝůĚŝŶŐŝƐĐůĂĚŝŶďƌŝĐŬǁŝƚŚĂĨůĂƚƌŽŽĨĂŶĚ ĚĞĐŽƌĂƚŝǀĞƚĞƌƌĂĐŽƚƚĂĚĞƚĂŝůƐĂƚƚŚĞƐĞĐŽŶĚĂŶĚƚŚŝƌĚůĞǀĞůƐ͘ dŚĞďƵŝůĚŝŶŐŽĐĐƵƉŝĞƐĂĐŽƌŶĞƌůŽƚ͕ǁŝƚŚĨĂĕĂĚĞƐĨĂĐŝŶŐϮ ŶĚ ^ƚƌĞĞƚ^ŽƵƚŚǁĞƐƚĂŶĚϭ ƐƚǀĞŶƵĞ^ŽƵƚŚ͘dŚĞĨŝƌƐƚůĞǀĞůŝƐ ĐŽŵƉŽƐĞĚŽĨƌĞƉůĂĐĞŵĞŶƚŵĞƚĂůĂŶĚŐůĂƐƐƐƚŽƌĞĨƌŽŶƚƐĂŶĚ ŵŽĚĞƌŶůŝŵĞƐƚŽŶĞƉĂŶĞůƐ͘ĐůŝƉƉĞĚĞŶƚƌLJŝƐĞdžƚĂŶƚŝŶŝƚƐ ŚŝƐƚŽƌŝĐůŽĐĂƚŝŽŶĂƚƚŚĞƐŽƵƚŚǁĞƐƚĐŽƌŶĞƌŽĨƚŚĞďƵŝůĚŝŶŐ͘dŚĞ ƐĞĐŽŶĚĂŶĚƚŚŝƌĚůĞǀĞůƐĞdžŚŝďŝƚŚŝŐŚƐƚLJůĞWƌĂŝƌŝĞ^ĐŚŽŽů ĚĞƚĂŝůƐ͘dǁŽŐƌŽƵƉŝŶŐƐŽĨƉƵŶĐŚĞĚŽƉĞŶŝŶŐƐĂƌĞůŽĐĂƚĞĚĂƚ /͘K͘K͘&͘>ŽĚŐĞηϭϯ͕ǁĞƐƚĂŶĚƐŽƵƚŚĨĂĕĂĚĞƐ͕ĨĂĐŝŶŐ ƚŚĞǁĞƐƚĨĂĕĂĚĞĂŶĚŽŶĞŐƌŽƵƉŝŶŐŝƐůŽĐĂƚĞĚĂƚƚŚĞƐŽƵƚŚ ŶŽƌƚŚĞĂƐƚ͕ϮϬϭϳ͕WsE͘  ĨĂĕĂĚĞ͘ƌŝĐŬƉŝůĂƐƚĞƌƐǁŝƚŚƚĞƌƌĂĐŽƚƚĂĐĂƉŝƚĂůƐ͕ƚĞƌƌĂĐŽƚƚĂ 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ŶŽǁĚĞŵŽůŝƐŚĞĚ>ĂǁůĞƌ>ĂƵŶĚƌLJďƵŝůĚŝŶŐ;ĨŽƌŵĞƌůLJϮ ƌŽĂĚǁĂLJǀĞŶƵĞ^ŽƵƚŚͿĂŶĚƌĞůŽĐĂƚĞĚƚŽƚŚŝƐƉƌŽƉĞƌƚLJŝŶ ϮϬϬϳ͘dŚĞĨĂĕĂĚĞĐŽŶƚƌŝďƵƚĞƐƚŽƚŚĞŚŝƐƚŽƌŝĐĚŝƐƚƌŝĐƚ͕ďƵƚƚŚĞ ƌĞƐƚŽĨƚŚĞďƵŝůĚŝŶŐĚŽĞƐŶŽƚ͘ dŚĞƐŝŶŐůĞƐƚŽƌLJĨĂĕĂĚĞŝƐĐŽŶƐƚƌƵĐƚĞĚŽĨďƵĨĨďƌŝĐŬǁŝƚŚĂ ƐƚĞƉƉĞĚďƌŝĐŬƉĂƌĂƉĞƚĂŶĚŵĞƚĂůĐŽƉŝŶŐ͘ĞŚŝŶĚƚŚĞĨĂĕĂĚĞ ƚŚĞďƵŝůĚŝŶŐŚĂƐĂĨůĂƚƌŽŽĨǁŚŝĐŚƐĞƌǀĞƐĂƐĂĚĞĐŬ͘dŚĞ >ĂǁůĞƌ>ĂƵŶĚƌLJƵŝůĚŝŶŐ&ĂĕĂĚĞ͕ŶŽƌƚŚĨĂĕĂĚĞ͕ ĨĂĕĂĚĞŝƐŽƌŐĂŶŝnjĞĚŝŶƚŚƌĞĞďĂLJƐ͘dŚĞĐĞŶƚƌĂůďĂLJŚĂƐĂ ĨĂĐŝŶŐƐŽƵƚŚ͕ϮϬϭϳ͕WsE͘  ƌĞĐĞƐƐĞĚĞŶƚƌLJ͘dŚĞƐŝŶŐůĞĞŶƚƌLJĚŽŽƌŚĂƐĂĐĂƌǀĞĚůŝŵĞƐƚŽŶĞ ƐƵƌƌŽƵŶĚ͘dŚĞƚǁŽƐŝĚĞďĂLJƐĞĂĐŚŚĂǀĞĂƐŝŶŐůĞůĂƌŐĞ ǁŝŶĚŽǁŽƉĞŶŝŶŐǁŝƚŚůŝŵĞƐƚŽŶĞƐƵƌƌŽƵŶĚ͘ĂƌǀĞĚůŝŵĞƐƚŽŶĞ ƉĂŶĞůƐĂƌĞůŽĐĂƚĞĚďĞŶĞĂƚŚƚŚĞƚǁŽǁŝŶĚŽǁƐ͘dŚƌĞĞďĂƐͲ ƌĞůŝĞĨĐĂƌǀĞĚƉĂŶĞůƐǁŝƚŚĨůŽƌĂůĚĞƐŝŐŶƐĂƌĞůŽĐĂƚĞĚĂƚĐŽƌŶŝĐĞ ůĞǀĞů͘ dŚĞϭϵϮϬďƵŝůĚŝŶŐŚĂƐďĞĞŶŽďƐĐƵƌĞĚďLJƚŚĞĐƵƌƌĞŶƚ ĨĂĕĂĚĞ͕ǁŚŝĐŚǁĂƐƌĞůŽĐĂƚĞĚƚŽƚŚĞďƵŝůĚŝŶŐŝŶϮϬϬϳ͘ ƵŝůĚŝŶŐhƐĞ  dŚĞďƵŝůĚŝŶŐǁĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϵϮϬ͘dŚĞďƵŝůĚŝŶŐ͛ƐƚĞŶĂŶƚƐ ĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚŽĨƐŝŐŶŝĨŝĐĂŶĐĞĨŽƌƚŚĞŝƐƚƌŝĐƚƚĞŶĚĞĚƚŽďĞ ĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶƐ͘ŝƚLJĚŝƌĞĐƚŽƌŝĞƐůŝƐƚƚŚĞďƵŝůĚŝŶŐ͛Ɛ 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