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ϰϭϯϮϬ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ĞƉĂƌƚŵĞŶƚ͗ƵƐŝŶĞƐƐhŶŝƚ͗ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ŝƐĐŽǀĞƌǇtĂůŬ WƌŽũĞĐƚdŝƚůĞ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ϳ E ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚǇ͗tĂƌĚ͗ WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ ŝƐĐŽǀĞƌǇtĂůŬŝƐĂƚƌĂĚŝƚŝŽŶĂůƉƵďůŝĐƐƚƌĞĞƚŝŶƚŚĞĐĞŶƚĞƌŽĨĚŽǁŶƚŽǁŶZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂŶĞĂƌƚŚĞǁŽƌůĚͲƌĞŶŽǁŶĞĚ DĂǇŽůŝŶŝĐ͘ǆƚĞŶĚŝŶŐĨƌŽŵƚŚĞĐĞŶƚĞƌŽĨĚŽǁŶƚŽǁŶZŽĐŚĞƐƚĞƌƚŚƌŽƵŐŚŝƐĐŽǀĞƌǇ^ƋƵĂƌĞ͕ƐŽƵƚŚƚŽ^ŽůĚŝĞƌΖƐ&ŝĞůĚĂŶĚŽŶ ƚŽZŽĐŚĞƐƚĞƌΖƐŝƚǇ>ŽŽƉ͕ƚŚŝƐƉƌŽũĞĐƚƌĞŝŵĂŐŝŶĞƐƚŚĞƐƚƌĞĞƚĂƐĂŐƌĞĞŶƉĂƌŬǁĂǇƐĞƌǀŝŶŐƉĞĚĞƐƚƌŝĂŶƐĂŶĚĐǇĐůŝƐƚƐĂůŝŬĞ͘dŚĞ ƵůƚŝŵĂƚĞŝŶƚĞŶƚŝƐĨŽƌƚŚŝƐƚŽƚƌĂŶƐĨŽƌŵŝŶƚŽĂƉůĂĐĞƚŽůƵŶĐŚŽƌǁŽƌŬŽƵƚƐŝĚĞŽǀĞƌĐŽĨĨĞĞ͕ĨŽƌĨĂŵŝůŝĞƐƚŽďƌŝŶŐĐŚŝůĚƌĞŶƚŽ ĨŽƵŶƚĂŝŶƐŝŶƚŚĞƐƵŵŵĞƌĂŶĚƐǁŝŶŐƐŝŶƚŚĞǁŝŶƚĞƌ͕ĂŶĚĨŽƌƌĞƐŝĚĞŶƚƐƚŽǁĂůŬƚŚĞŝƌĚŽŐƐĂŶĚĞŶŐĂŐĞǁŝƚŚŶĞŝŐŚďŽƌƐ͘ WƵƌƉŽƐĞΘ:ƵƐƚŝĨŝĐĂƚŝŽŶ͗ dŽĂĐŚŝĞǀĞƚŚĞǀŝƐŝŽŶĂŶĚŐŽĂůƐƐĞƚĨŽƌƚŚŝŶƚŚĞĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ;DͿĞǀĞůŽƉŵĞŶƚWůĂŶ͘dŚĞƉƌŽƉŽƐĞĚƐƚƌĞĞƚ ĚĞƐŝŐŶǁŝůůĞůŝŵŝŶĂƚĞĐƵƌďƐĂůůŽǁŝŶŐĨŽƌŵĂǆŝŵƵŵĨůĞǆŝďŝůŝƚǇĂŶĚŵƵůƚŝƉůĞƵƐĞƐĚƵƌŝŶŐĞĂĐŚŽĨDŝŶŶĞƐŽƚĂ͛ƐĨŽƵƌĚŝƐƚŝŶĐƚ ƐĞĂƐŽŶƐ͘ĞƉĞŶĚŝŶŐŽŶƚŚĞĚĂǇ͕ƚŚĞƐƚƌĞĞƚĐŽƵůĚŚĂǀĞƚǁŽͲǁĂǇƚƌĂĨĨŝĐ͕ŽŶĞͲǁĂǇƚƌĂĨĨŝĐ͕ŽƌďĞĐůŽƐĞĚŽĨĨĨŽƌĂĨƵŶĂŶĚ ĞŶŐĂŐŝŶŐĐŽŵŵƵŶŝƚǇĞǀĞŶƚ͘ ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ;ŝŶdŚŽƵƐĂŶĚƐͿ͗ dŽƚĂůƵƌƌĞŶƚ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϰϮϬϮϱ ϮϬϮϬϮϬϮϭϮϬϮϮϮϬϮϯ ϲzƌƐ ^ƚĂƚĞD&ƵŶĚƐ Ϯ͕ϴϬϬϭϭ͕ϬϬϬϯ͕ϬϬϬϬϬϬϭϲ͕ϴϬϬ Ϯ͕ϴϬϬϭϭ͕ϬϬϬϯ͕ϬϬϬϬϬϬϭϲ͕ϴϬϬ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ EŽƚƉƉůŝĐĂďůĞ ,ĂǀĞ'ƌĂŶƚƐĨŽƌƚŚŝƐWƌŽũĞĐƚďĞĞŶƐĞĐƵƌĞĚ͗ ĞƐĐƌŝďĞƚŚĞƐƚĂƚƵƐĂŶĚƚŝŵŝŶŐĚĞƚĂŝůƐŽĨƐĞĐƵƌĞĚŽƌĂƉƉůŝĞĚĨŽƌŐƌĂŶƚƐŽƌŽƚŚĞƌŶŽŶͲŝƚǇĨƵŶĚŝŶŐƐŽƵƌĐĞƐ͗ 3DFNHW3J )D ϮϬϮϬ Ϯϭϲ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWƌŽŐƌĂŵ ϰϭϯϮϬ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ĞƉĂƌƚŵĞŶƚ͗ƵƐŝŶĞƐƐhŶŝƚ͗ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ŚĂƚĞĂƵdŚĞĂƚƌĞ/ŵƉƌŽǀĞŵĞŶƚƐ WƌŽũĞĐƚdŝƚůĞ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌͲŚĂƚĞĂƵdŚĞĂƚƌĞ >ŽĐĂƚŝŽŶ͗ ϴ E ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚǇ͗tĂƌĚ͗ WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ dŚĞĨƵŶĚƐďƵĚŐĞƚĞĚĨŽƌŚĂƚĞĂƵdŚĞĂƚƌĞŝŵƉƌŽǀĞŵĞŶƚƐŚĂǀĞŚŝƐƚŽƌŝĐĂůůǇďĞĞŶƵƐĞĚĨŽƌŵŝŶŽƌƌĞƉĂŝƌƐĂŶĚĞŶŚĂŶĐĞŵĞŶƚƐƚŽ ƚŚĞĨĂĐŝůŝƚǇĂŶĚƌĞůĂƚĞĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂƐǁĞůůĂƐƚŽƉĂǇĨŽƌƚŚĞďƵŝůĚŝŶŐΖƐƵƚŝůŝƚŝĞƐ͘ WƵƌƉŽƐĞΘ:ƵƐƚŝĨŝĐĂƚŝŽŶ͗ dŚĞƌĞǁĞƌĞĂƐƉĞĐƚƐŽĨƚŚĞďƵŝůĚŝŶŐƚŚĂƚŶĞĞĚĞĚƌĞƉĂŝƌŽƌĞŶŚĂŶĐĞŵĞŶƚŝŶŽƌĚĞƌƚŽŵĂŝŶƚĂŝŶƚŚĞĞǆŝƐƚŝŶŐĂƐƐĞƚ͘ ĚĚŝƚŝŽŶĂůůǇ͕ŽŶͲŐŽŝŶŐƵƚŝůŝƚǇĐŽƐƚƐĂƌĞŝŶĐƵƌƌĞĚ͘ ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ;ŝŶdŚŽƵƐĂŶĚƐͿ͗ dŽƚĂůƵƌƌĞŶƚ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϰϮϬϮϱ ϮϬϮϬϮϬϮϭϮϬϮϮϮϬϮϯ ϲzƌƐ ^ĂůĞƐdĂǆD ϭϬϬϭϬϬϭϬϬϭϬϬϭϬϬϭϬϬϲϬϬ ϭϬϬϭϬϬϭϬϬϭϬϬϭϬϬϭϬϬϲϬϬ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ EŽƚƉƉůŝĐĂďůĞ ,ĂǀĞ'ƌĂŶƚƐĨŽƌƚŚŝƐWƌŽũĞĐƚďĞĞŶƐĞĐƵƌĞĚ͗ ĞƐĐƌŝďĞƚŚĞƐƚĂƚƵƐĂŶĚƚŝŵŝŶŐĚĞƚĂŝůƐŽĨƐĞĐƵƌĞĚŽƌĂƉƉůŝĞĚĨŽƌŐƌĂŶƚƐŽƌŽƚŚĞƌŶŽŶͲŝƚǇĨƵŶĚŝŶŐƐŽƵƌĐĞƐ͗ 3DFNHW3J )D ϮϬϮϬ Ϯϭϳ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWƌŽŐƌĂŵ ϰϭϯϮϬ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ĞƉĂƌƚŵĞŶƚ͗ƵƐŝŶĞƐƐhŶŝƚ͗ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ZĞƉĂǇŵĞŶƚƚŽ&ůŽŽĚŽŶƚƌŽů WƌŽũĞĐƚdŝƚůĞ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ϵ E ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚǇ͗tĂƌĚ͗ WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ dŚĞƐĞĨƵŶĚƐƌĞƉƌĞƐĞŶƚĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌΖƐ;DͿƌĞƉĂǇŵĞŶƚŽĨĂůŽĂŶĨƌŽŵƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌΖƐ&ůŽŽĚŽŶƚƌŽů ZĞƐĞƌǀĞƐƚŚĂƚǁĞƌĞƵƐĞĚƚŽŝŶŝƚŝĂƚĞĞĨĨŽƌƚƐŝŶƚŚĞďĞŐŝŶŶŝŶŐǇĞĂƌƐŽĨD͘ WƵƌƉŽƐĞΘ:ƵƐƚŝĨŝĐĂƚŝŽŶ͗ dŚĞƌĞŝƐĂŝƚǇŽƵŶĐŝůZĞƐŽůƵƚŝŽŶƚŽƉƌŽǀŝĚĞƚŚĞƉĂǇŵĞŶƚͬƉĂǇďĂĐŬŽĨΨϭ͕ϮϬϬ͕ϬϬϬĂŶŶƵĂůůǇ͕ƐƚĂƌƚŝŶŐŝŶϮϬϭϴ͕ƚŽƉĂǇďĂĐŬƚŚĞ &ůŽŽĚŽŶƚƌŽůZĞƐĞƌǀĞƐŝŶƚŚĞĂŵŽƵŶƚŽĨΨϳ͕ϮϬϬ͕ϬϬϬ͘ ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ;ŝŶdŚŽƵƐĂŶĚƐͿ͗ dŽƚĂůƵƌƌĞŶƚ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϰϮϬϮϱ ϮϬϮϬϮϬϮϭϮϬϮϮϮϬϮϯ ϲzƌƐ ^ĂůĞƐdĂǆD ϭ͕ϮϬϬϭ͕ϮϬϬϭ͕ϮϬϬϭ͕ϮϬϬϬϬϰ͕ϴϬϬ ϭ͕ϮϬϬϭ͕ϮϬϬϭ͕ϮϬϬϭ͕ϮϬϬϬϬϰ͕ϴϬϬ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ EŽƚƉƉůŝĐĂďůĞ ,ĂǀĞ'ƌĂŶƚƐĨŽƌƚŚŝƐWƌŽũĞĐƚďĞĞŶƐĞĐƵƌĞĚ͗ ĞƐĐƌŝďĞƚŚĞƐƚĂƚƵƐĂŶĚƚŝŵŝŶŐĚĞƚĂŝůƐŽĨƐĞĐƵƌĞĚŽƌĂƉƉůŝĞĚĨŽƌŐƌĂŶƚƐŽƌŽƚŚĞƌŶŽŶͲŝƚǇĨƵŶĚŝŶŐƐŽƵƌĐĞƐ͗ 3DFNHW3J )D ϮϬϮϬ Ϯϭϵ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWƌŽŐƌĂŵ ϰϭϯϮϬ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ĞƉĂƌƚŵĞŶƚ͗ƵƐŝŶĞƐƐhŶŝƚ͗ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ^ƚ͘DĂƌǇΖƐWůĂĐĞWƵďůŝĐZĞĂůŵ WƌŽũĞĐƚdŝƚůĞ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ϭϬ E ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚǇ͗tĂƌĚ͗ WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ >ŽĐĂƚĞĚŽŶϮŶĚƐƚƌĞĞƚ^t͕^ƚ͘DĂƌǇΖƐWůĂĐĞĞƐƚĂďůŝƐŚĞƐĂĐŝǀŝĐƐƋƵĂƌĞĂŶĚŵŽŶƵŵĞŶƚĂůŐĂƚĞǁĂǇĂƚŽŶĞŽĨƚŚĞƉƌŝŵĂƌǇĞŶƚƌǇ ƉŽŝŶƚƐƚŽZŽĐŚĞƐƚĞƌ͘dŚĞƉůĂŶŝŶĐŽƌƉŽƌĂƚĞƐĂĐŝƌĐƵůĂƚŽƌƚŚĂƚĐŽŶŶĞĐƚƐƚŚĞ^ƚ͘DĂƌǇΖƐĐĂŵƉƵƐƚŽƚŚĞĚŽǁŶƚŽǁŶ͘/ƚĂůƐŽ ĞŵďƌĂĐĞƐŝƚƐƌĞůĂƚŝŽŶƐŚŝƉƚŽƚŚĞƐƵƌƌŽƵŶĚŝŶŐŶĞŝŐŚďŽƌŚŽŽĚƐĐƌĞĂƚŝŶŐĂƚŽǁŶƐƋƵĂƌĞƚŚĂƚĐŽŶŶĞĐƚƐ<ƵƚǌŬǇWĂƌŬƚŽ^ƚ͘DĂƌǇΖƐ WĂƌŬĂŶĚƚŚĞ,ŝƐƚŽƌŝĐWŝůů,ŝůůŶĞŝŐŚďŽƌŚŽŽĚ͘ WƵƌƉŽƐĞΘ:ƵƐƚŝĨŝĐĂƚŝŽŶ͗ dŽĂĐŚŝĞǀĞƚŚĞǀŝƐŝŽŶĂŶĚŐŽĂůƐƐĞƚĨŽƌƚŚŝŶƚŚĞĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ;DͿĞǀĞůŽƉŵĞŶƚWůĂŶ͘ ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ;ŝŶdŚŽƵƐĂŶĚƐͿ͗ dŽƚĂůƵƌƌĞŶƚ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϰϮϬϮϱ ϮϬϮϬϮϬϮϭϮϬϮϮϮϬϮϯ ϲzƌƐ ^ƚĂƚĞD&ƵŶĚƐ ϬϬϯ͕ϬϬϬϬϬϬϯ͕ϬϬϬ ϬϬϯ͕ϬϬϬϬϬϬϯ͕ϬϬϬ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ EŽƚƉƉůŝĐĂďůĞ ,ĂǀĞ'ƌĂŶƚƐĨŽƌƚŚŝƐWƌŽũĞĐƚďĞĞŶƐĞĐƵƌĞĚ͗ ĞƐĐƌŝďĞƚŚĞƐƚĂƚƵƐĂŶĚƚŝŵŝŶŐĚĞƚĂŝůƐŽĨƐĞĐƵƌĞĚŽƌĂƉƉůŝĞĚĨŽƌŐƌĂŶƚƐŽƌŽƚŚĞƌŶŽŶͲŝƚǇĨƵŶĚŝŶŐƐŽƵƌĐĞƐ͗ 3DFNHW3J )D ϮϬϮϬ ϮϮϬ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWƌŽŐƌĂŵ ϰϭϯϮϬ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ĞƉĂƌƚŵĞŶƚ͗ƵƐŝŶĞƐƐhŶŝƚ͗ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ϯƌĚǀĞ^hƉƐŝǌĞ^ĂŶŝƚĂƌǇ^ĞǁĞƌ WƌŽũĞĐƚdŝƚůĞ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ϭϭ E ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚǇ͗tĂƌĚ͗ WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ dŚŝƐƉƌŽũĞĐƚƉƌŽǀŝĚĞƐƐĂŶŝƚĂƌǇƐĞǁĞƌƌĞůŝĞĨΘĂĚĚƐƐĞǁĞƌĐĂƉĂĐŝƚǇĨŽƌŐƌŽǁƚŚǁŝƚŚŝŶƚŚĞĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ;DͿ ĂƌĞĂďǇƌĞƉůĂĐŝŶŐƚŚĞĞǆŝƐƚŝŶŐƐĞǁĞƌďĞůŽǁƚŚĞƵŵďƌŽZŝǀĞƌĂŶĚĂůŽŶŐϮŶĚ^ƚ͘^ǁŝƚŚĂůĂƌŐĞƌƉŝƉĞ͘dŚĞƉƌŽũĞĐƚĂůƐŽ ŝŶĐůƵĚĞƐƚŚĞƌĞͲĂůŝŐŶŵĞŶƚŽĨƚŚĞĞǆŝƐƚŝŶŐƐĂŶŝƚĂƌǇƐĞǁĞƌƚŚĂƚŝƐůŽĐĂƚĞĚďĞůŽǁƚŚĞƉƌŽƉŽƐĞĚƌŝǀĞƌĨƌŽŶƚĚĞǀĞůŽƉŵĞŶƚĂƌĞĂ͘ ĞƐŝŐŶŚĂƐďĞĞŶĐŽŵƉůĞƚĞĚĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶŝƐƵŶĚĞƌǁĂǇ͘dŚĞƉůĂŶŶĞĚĐŽŵƉůĞƚŝŽŶŽĨĐŽŶƐƚƌƵĐƚŝŽŶŝƐϮϬϮϬ͘ WƵƌƉŽƐĞΘ:ƵƐƚŝĨŝĐĂƚŝŽŶ͗ dŚŝƐƉƌŽũĞĐƚŝƐĚƌŝǀĞŶďǇƚŚĞŶĞĞĚƚŽƐƵƉƉŽƌƚDŐƌŽǁƚŚŝŶƚŚĞĚŽǁŶƚŽǁŶĐŽƌĞďǇĂĚĚŝŶŐĐĂƉĂĐŝƚǇΘƌĞŵŽǀŝŶŐĂŶŽůĚĞƌ ƐĂŶŝƚĂƌǇƐŝƉŚŽŶƚŚĂƚŝƐĞǆƉĞƌŝĞŶĐŝŶŐĂĚĚŝƚŝŽŶĂůŵĂŝŶƚĞŶĂŶĐĞŶĞĞĚƐĚƵĞƚŽƚŚĞDŐƌŽǁƚŚ͘ ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ;ŝŶdŚŽƵƐĂŶĚƐͿ͗ dŽƚĂůƵƌƌĞŶƚ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϰϮϬϮϱ ϮϬϮϬϮϬϮϭϮϬϮϮϮϬϮϯ ϲzƌƐ ^ƚĂƚĞD&ƵŶĚƐ ϯ͕ϬϬϬϬϬϬϬϬϯ͕ϬϬϬ Ϭ KƉĞƌĂƚŝŶŐdƌĂŶƐĨĞƌʹ&ƌŽŵ^ĞǁĞƌhƚŝůŝƚǇ ϱϬϬϬϬϬϬϱϬϬ ϯ͕ϱϬϬϬϬϬϬϬϯ͕ϱϬϬ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ EŽƚƉƉůŝĐĂďůĞ ,ĂǀĞ'ƌĂŶƚƐĨŽƌƚŚŝƐWƌŽũĞĐƚďĞĞŶƐĞĐƵƌĞĚ͗ ĞƐĐƌŝďĞƚŚĞƐƚĂƚƵƐĂŶĚƚŝŵŝŶŐĚĞƚĂŝůƐŽĨƐĞĐƵƌĞĚŽƌĂƉƉůŝĞĚĨŽƌŐƌĂŶƚƐŽƌŽƚŚĞƌŶŽŶͲŝƚǇĨƵŶĚŝŶŐƐŽƵƌĐĞƐ͗ 3DFNHW3J )D ϮϬϮϬ ϮϮϭ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWƌŽŐƌĂŵ ϰϭϯϮϬ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ĞƉĂƌƚŵĞŶƚ͗ƵƐŝŶĞƐƐhŶŝƚ͗ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ϭƐƚ^ƚEt^ĂŶŝƚĂƌǇ^ĞǁĞƌŝǀĞƌƐŝŽŶ WƌŽũĞĐƚdŝƚůĞ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ϭϮ E ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚǇ͗tĂƌĚ͗ WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ dŚŝƐƌĞůŝĞĨƉƌŽũĞĐƚǁŝůůĚŝǀĞƌƚĨůŽǁƐĨƌŽŵĂŶĞǆŝƐƚŝŶŐƚƌƵŶŬƐĂŶŝƚĂƌǇƐĞǁĞƌůŽĐĂƚĞĚĂůŽŶŐϮŶĚǀĞŶƵĞEt͕ǁŚŝĐŚǁŝůůƉƌŽǀŝĚĞ ĂĚĚŝƚŝŽŶĂůĐĂƉĂĐŝƚǇĨŽƌŐƌŽǁƚŚǁŝƚŚŝŶƚŚĞĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ;DͿĂƌĞĂ͘dŚĞƉƌŽũĞĐƚŝŶǀŽůǀĞƐĂŶĞǁƉŝƉĞĂŶĚ ĂůŝŐŶŵĞŶƚƚŽĚŝǀĞƌƚĨůŽǁƐƚŽĂĚŝĨĨĞƌĞŶƚƚƌƵŶŬƐĞǁĞƌĂůŽŶŐEŽƌƚŚƌŽĂĚǁĂǇ͘dŚĞƌŽĂĚǁĂǇƐĞǁĞƌŚĂƐƚŚĞĐĂƉĂĐŝƚǇƚŽƚĂŬĞ ĨůŽǁƐĨƌŽŵƚŚŝƐƌĞůŝĞĨůŝŶĞ͘dŚĞƉƌŽũĞĐƚŝƐĐƵƌƌĞŶƚůǇŝŶƚŚĞĚĞƐŝŐŶƉŚĂƐĞ͘ŽŶƐƚƌƵĐƚŝŽŶŝƐƉůĂŶŶĞĚƚŽďĞŐŝŶĂŶĚďĞĐŽŵƉůĞƚĞĚ ŝŶϮϬϮϭ͘ WƵƌƉŽƐĞΘ:ƵƐƚŝĨŝĐĂƚŝŽŶ͗ dŚŝƐƉƌŽũĞĐƚŝƐĚƌŝǀĞŶďǇƚŚĞŶĞĞĚƚŽƐƵƉƉŽƌƚDŐƌŽǁƚŚŝŶƚŚĞĚŽǁŶƚŽǁŶĐŽƌĞ͘ĚĚΖůďĞŶĞĨŝƚƐŝŶĐůƵĚĞĂƌĞĚƵĐƚŝŽŶŝŶ ƐĞǁĞƌĐŽƐƚƐĨŽƌEŽƌƚŚ ƌŽĂĚǁĂǇƉƌŽũĞĐƚďĞĐĂƵƐĞƚŚĞĨůŽǁĚŝǀĞƌƐŝŽŶƌĞĚƵĐĞƐƚŚĞƉŝƉĞƐŝǌĞŶĞĐĞƐƐĂƌǇĂůŽŶŐEŽƌƚŚƌŽĂĚǁĂǇ͘ ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ;ŝŶdŚŽƵƐĂŶĚƐͿ͗ dŽƚĂůƵƌƌĞŶƚ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϰϮϬϮϱ ϮϬϮϬϮϬϮϭϮϬϮϮϮϬϮϯ ϲzƌƐ ^ƚĂƚĞD&ƵŶĚƐ Ϭϭ͕ϰϳϵϬϬϬϬϭ͕ϰϳϵ Ϭ KƉĞƌĂƚŝŶŐdƌĂŶƐĨĞƌʹ&ƌŽŵ^ĞǁĞƌhƚŝůŝƚǇ Ϭϭ͕ϰϳϵϬϬϬϭ͕ϰϳϵ ϬϮ͕ϵϱϴϬϬϬϬϮ͕ϵϱϴ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ EŽƚƉƉůŝĐĂďůĞ ,ĂǀĞ'ƌĂŶƚƐĨŽƌƚŚŝƐWƌŽũĞĐƚďĞĞŶƐĞĐƵƌĞĚ͗ ĞƐĐƌŝďĞƚŚĞƐƚĂƚƵƐĂŶĚƚŝŵŝŶŐĚĞƚĂŝůƐŽĨƐĞĐƵƌĞĚŽƌĂƉƉůŝĞĚĨŽƌŐƌĂŶƚƐŽƌŽƚŚĞƌŶŽŶͲŝƚǇĨƵŶĚŝŶŐƐŽƵƌĐĞƐ͗ )D ϮϬϮϬ ϮϮϮ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWƌŽŐƌĂŵ ϰϭϯϮϬ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ĞƉĂƌƚŵĞŶƚ͗ƵƐŝŶĞƐƐhŶŝƚ͗ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ZĞĐŽŶƐƚƌƵĐƚϲƚŚͬϳƚŚǀĞEtͬ^t WƌŽũĞĐƚdŝƚůĞ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ϭϯ E ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚǇ͗tĂƌĚ͗ WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ dŚŝƐƌĞůŝĞĨƉƌŽũĞĐƚĂĚĚƐĂĚĚŝƚŝŽŶĂůƐƚŽƌŵƐĞǁĞƌĂŶĚƐĂŶŝƚĂƌǇƐĞǁĞƌĐĂƉĂĐŝƚǇŝŶƚŚĞĚŽǁŶƚŽǁŶĐŽƌĞďǇĚŝǀĞƌƚŝŶŐĨůŽǁƐĂůŽŶŐ ϲƚŚĂŶĚϳƚŚǀĞŶƵĞƐEtͬ^t͘ WƵƌƉŽƐĞΘ:ƵƐƚŝĨŝĐĂƚŝŽŶ͗ dŚĞĚŝǀĞƌƐŝŽŶŽĨƚŚĞƐĞĨůŽǁƐĂůůŽǁƐĨŽƌĂĚĚŝƚŝŽŶĂůĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ;DͿĂƌĞĂďǇƉƌŽǀŝĚŝŶŐ ĂǀĂŝůĂďůĞĐĂƉĂĐŝƚǇ͘dŚŝƐƉƌŽũĞĐƚŝƐĚƌŝǀĞŶďǇƚŚĞŶĞĞĚƚŽƐƵƉƉŽƌƚDŐƌŽǁƚŚŝŶƚŚĞĚŽǁŶƚŽǁŶĐŽƌĞ͘ĚĚĞĚďĞŶĞĨŝƚƐŝŶĐůƵĚĞ ƚŚĞƌĞŵŽǀĂůŽĨƚǁŽƐŝƉŚŽŶƐƚŚĂƚĂƌĞĞǆƉĞƌŝĞŶĐŝŶŐĂĚĚŝƚŝŽŶĂůŵĂŝŶƚĞŶĂŶĐĞĚƵĞƚŽƚŚĞDŐƌŽǁƚŚ͘ ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ;ŝŶdŚŽƵƐĂŶĚƐͿ͗ dŽƚĂůƵƌƌĞŶƚ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϰϮϬϮϱ ϮϬϮϬϮϬϮϭϮϬϮϮϮϬϮϯ ϲzƌƐ ^ƚĂƚĞD&ƵŶĚƐ Ϯ͕ϰϬϬϬϬϬϬϬϮ͕ϰϬϬ Ϭ DE^ƚĂƚĞŝĚʹ^ƚƌĞĞƚƐ ϭ͕ϰϴϬϬϬϬϬϭ͕ϰϴϬ ϭ͕ϱϬϬϬϬϬϬϬϭ͕ϱϬϬ KƉĞƌĂƚŝŶŐdƌĂŶƐĨĞƌʹ&ƌŽŵ^ĞǁĞƌhƚŝůŝƚǇ ϭ͕ϱϬϬϬϬϬϬϬϭ͕ϱϬϬ KƉĞƌĂƚŝŶŐdƌĂŶƐĨĞƌʹ&ƌŽŵ^ƚŽƌŵtĂƚĞƌ ϲ͕ϴϴϬϬϬϬϬϬϲ͕ϴϴϬ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ EŽƚƉƉůŝĐĂďůĞ ,ĂǀĞ'ƌĂŶƚƐĨŽƌƚŚŝƐWƌŽũĞĐƚďĞĞŶƐĞĐƵƌĞĚ͗ ĞƐĐƌŝďĞƚŚĞƐƚĂƚƵƐĂŶĚƚŝŵŝŶŐĚĞƚĂŝůƐŽĨƐĞĐƵƌĞĚŽƌĂƉƉůŝĞĚĨŽƌŐƌĂŶƚƐŽƌŽƚŚĞƌŶŽŶͲŝƚǇĨƵŶĚŝŶŐƐŽƵƌĐĞƐ͗ 3DFNHW3J )D ϮϬϮϬ ϮϮϳ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWƌŽŐƌĂŵ ϰϭϯϮϬ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ĞƉĂƌƚŵĞŶƚ͗ƵƐŝŶĞƐƐhŶŝƚ͗ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ EŽƌƚŚƌŽĂĚǁĂǇZĞĐŽŶƐƚƌƵĐƚ WƌŽũĞĐƚdŝƚůĞ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ϭϰ E ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚǇ͗tĂƌĚ͗ WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ dŚŝƐƉƌŽũĞĐƚŝƐŝŶƚĞŶĚĞĚƚŽďĞŐŝŶƚŚĞƚƌĂŶƐĨŽƌŵĂƚŝŽŶŽĨƚŚĞƌŽĂĚǁĂǇǀĞŶƵĞĐŽƌƌŝĚŽƌŝŶƚŽĂƐŝŐŶŝĨŝĐĂŶƚŵƵůƚŝͲŵŽĚĂů ŐĂƚĞǁĂǇƚŽĚŽǁŶƚŽǁŶZŽĐŚĞƐƚĞƌĂŶĚĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ;DͿĞǀĞůŽƉŵĞŶƚŝƐƚƌŝĐƚ͘/ƚŝŶĐůƵĚĞƐƚŚĞĐŽŵƉůĞƚĞ ƌĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨEŽƌƚŚƌŽĂĚǁĂǇĨƌŽŵŝǀŝĐĞŶƚĞƌƌŝǀĞƚŽϭϯƚŚ^ƚ͘EŽƌƚŚƚŽƐĞƌǀĞĂůůŵŽĚĞƐŽĨƚƌĂŶƐƉŽƌƚĂƚŝŽŶ;ǁĂůŬŝŶŐ͕ ďŝŬŝŶŐ͕ďƵƐĂŶĚŽƚŚĞƌǀĞŚŝĐůĞƐͿ͘ WƵƌƉŽƐĞΘ:ƵƐƚŝĨŝĐĂƚŝŽŶ͗ dŽĐƌĞĂƚĞĂŵƵůƚŝͲŵŽĚĂůŐĂƚĞǁĂǇƚŽĚŽǁŶƚŽǁŶZŽĐŚĞƐƚĞƌĂŶĚDĞǀĞůŽƉŵĞŶƚŝƐƚƌŝĐƚĂŶĚĞŶŚĂŶĐĞĞĐŽŶŽŵŝĐ ĚĞǀĞůŽƉŵĞŶƚŽƉƉŽƌƚƵŶŝƚŝĞƐ͘ ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ;ŝŶdŚŽƵƐĂŶĚƐͿ͗ dŽƚĂůƵƌƌĞŶƚ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϰϮϬϮϱ ϮϬϮϬϮϬϮϭϮϬϮϮϮϬϮϯ ϲzƌƐ WƌŽũĞĐƚZĞƐĞƌǀĞƐ ϰ͕ϬϬϬϲ͕ϭϬϬϬϬϬϬϭϬ͕ϭϬϬ Ϭ ^ƚĂƚĞD&ƵŶĚƐ ϰ͕ϬϬϬϬϬϬϬϰ͕ϬϬϬ ϭ͕ϲϬϬϬϬϬϬϬϭ͕ϲϬϬ KƉĞƌĂƚŝŶŐdƌĂŶƐĨĞƌʹ&ƌŽŵ^ĞǁĞƌhƚŝůŝƚǇ ϭ͕ϯϬϬϬϬϬϬϬϭ͕ϯϬϬ tĂƚĞƌhƚŝůŝƚǇ ϭ͕ϰϬϬϬϬϬϬϬϭ͕ϰϬϬ ^ƉĞĐŝĂůƐƐĞƐƐŵĞŶƚŽŶĚƐ ϭϮ͕ϯϬϬϲ͕ϭϬϬϬϬϬϬϭϴ͕ϰϬϬ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ EŽƚƉƉůŝĐĂďůĞ ,ĂǀĞ'ƌĂŶƚƐĨŽƌƚŚŝƐWƌŽũĞĐƚďĞĞŶƐĞĐƵƌĞĚ͗ ĞƐĐƌŝďĞƚŚĞƐƚĂƚƵƐĂŶĚƚŝŵŝŶŐĚĞƚĂŝůƐŽĨƐĞĐƵƌĞĚŽƌĂƉƉůŝĞĚĨŽƌŐƌĂŶƚƐŽƌŽƚŚĞƌŶŽŶͲŝƚǇĨƵŶĚŝŶŐƐŽƵƌĐĞƐ͗ 3DFNHW3J )D ϮϬϮϬ ϮϮϰ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWƌŽŐƌĂŵ ϰϭϯϮϬ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ĞƉĂƌƚŵĞŶƚ͗ƵƐŝŶĞƐƐhŶŝƚ͗ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ϮŶĚ^ƚ^^ĂŶŝƚĂƌǇ^ĞǁĞƌĂƉĂĐŝƚǇǇƉĂƐƐ WƌŽũĞĐƚdŝƚůĞ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ϭϲ E ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚǇ͗tĂƌĚ͗ WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ dŚŝƐƐĂŶŝƚĂƌǇƐĞǁĞƌƌĞůŝĞĨƉƌŽũĞĐƚĂĚĚƐĂĚĚŝƚŝŽŶĂůƐĞǁĞƌĐĂƉĂĐŝƚǇĨŽƌŐƌŽǁƚŚǁŝƚŚŝŶƚŚĞDĂƌĞĂďǇƌĞƉůĂĐŝŶŐƚŚĞĞǆŝƐƚŝŶŐ ƐĞǁĞƌďĞůŽǁƚŚĞƵŵďƌŽZŝǀĞƌĂŶĚĂůŽŶŐϮŶĚ^ƚƌĞĞƚ^ǁŝƚŚĂůĂƌŐĞƌƉŝƉĞ͘dŚĞƉƌŽũĞĐƚĂůƐŽŝŶĐůƵĚĞƐƚŚĞƌĞͲĂůŝŐŶŵĞŶƚŽĨƚŚĞ ĞǆŝƐƚŝŶŐƐĂŶŝƚĂƌǇƐĞǁĞƌƚŚĂƚŝƐůŽĐĂƚĞĚďĞůŽǁƚŚĞƉƌŽƉŽƐĞĚƌŝǀĞƌĨƌŽŶƚĚĞǀĞůŽƉŵĞŶƚĂƌĞĂ͘ĞƐŝŐŶŚĂƐďĞĞŶĐŽŵƉůĞƚĞĚĂŶĚ ĐŽŶƐƚƌƵĐƚŝŽŶŝƐƵŶĚĞƌǁĂǇ͘dŚĞƉůĂŶŶĞĚĐŽŵƉůĞƚŝŽŶŽĨĐŽŶƐƚƌƵĐƚŝŽŶŝƐϮϬϮϬ͘ WƵƌƉŽƐĞΘ:ƵƐƚŝĨŝĐĂƚŝŽŶ͗ dŚŝƐƉƌŽũĞĐƚŝƐĚƌŝǀĞŶďǇƚŚĞŶĞĞĚƚŽƐƵƉƉŽƌƚDŐƌŽǁƚŚŝŶƚŚĞĚŽǁŶƚŽǁŶĐŽƌĞďǇĂĚĚŝŶŐĐĂƉĂĐŝƚǇĂŶĚƌĞŵŽǀŝŶŐĂŶŽůĚĞƌ ƐĂŶŝƚĂƌǇƐŝƉŚŽŶƚŚĂƚŝƐĞǆƉĞƌŝĞŶĐŝŶŐĂĚĚŝƚŝŽŶĂůŵĂŝŶƚĞŶĂŶĐĞŶĞĞĚƐĚƵĞƚŽƚŚĞDŐƌŽǁƚŚ͘ ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ;ŝŶdŚŽƵƐĂŶĚƐͿ͗ dŽƚĂůƵƌƌĞŶƚ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϰϮϬϮϱ ϮϬϮϬϮϬϮϭϮϬϮϮϮϬϮϯ ϲzƌƐ ^ƚĂƚĞD&ƵŶĚƐ ϭ͕ϭϯϴϬϬϬϬϬϭ͕ϭϯϴ Ϭ KƉĞƌĂƚŝŶŐdƌĂŶƐĨĞƌʹ&ƌŽŵ^ĞǁĞƌhƚŝůŝƚǇ ϭ͕ϭϯϴϬϬϬϬϭ͕ϭϯϴ Ϯ͕ϮϳϲϬϬϬϬϬϮ͕Ϯϳϲ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ EŽƚƉƉůŝĐĂďůĞ ,ĂǀĞ'ƌĂŶƚƐĨŽƌƚŚŝƐWƌŽũĞĐƚďĞĞŶƐĞĐƵƌĞĚ͗ ĞƐĐƌŝďĞƚŚĞƐƚĂƚƵƐĂŶĚƚŝŵŝŶŐĚĞƚĂŝůƐŽĨƐĞĐƵƌĞĚŽƌĂƉƉůŝĞĚĨŽƌŐƌĂŶƚƐŽƌŽƚŚĞƌŶŽŶͲŝƚǇĨƵŶĚŝŶŐƐŽƵƌĐĞƐ͗ 3DFNHW3J )D ϮϬϮϬ ϮϮϱ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWƌŽŐƌĂŵ ϰϭϯϮϬ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ĞƉĂƌƚŵĞŶƚ͗ƵƐŝŶĞƐƐhŶŝƚ͗ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ϯƌĚǀĞ^t^ĞǁĞƌĂƉĂĐŝƚǇǇƉĂƐƐ WƌŽũĞĐƚdŝƚůĞ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ϭϳ E ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚǇ͗tĂƌĚ͗ WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ dŚŝƐƌĞůŝĞĨƉƌŽũĞĐƚĚŝǀĞƌƚƐĨůŽǁƐĨƌŽŵϮŶĚ^ƚƌĞĞƚ^tƚŽϰƚŚ^ƚƌĞĞƚ^tĂůŽŶŐϯƌĚǀĞŶƵĞ^tƚŽƉƌŽǀŝĚĞĂĚĚĞĚĐĂƉĂĐŝƚǇƚŽƚŚĞ ƚƌƵŶŬƐĞǁĞƌƐƚŽƚŚĞŶŽƌƚŚŽĨϮŶĚ^ƚƌĞĞƚ^t͘ŽŶĐĞƉƚƵĂůĚĞƐŝŐŶŝƐĐŽŵƉůĞƚĞ͘&ŽƌŵĂůĚĞƐŝŐŶƉůĂŶŶĞĚĨŽƌϮϬϮϯĂŶĚ ĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶŶĞĚĨŽƌϮϬϮϰ͘ WƵƌƉŽƐĞΘ:ƵƐƚŝĨŝĐĂƚŝŽŶ͗ dŚŝƐƉƌŽũĞĐƚŝƐĚƌŝǀĞŶďǇƚŚĞŶĞĞĚƚŽƐƵƉƉŽƌƚĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ;DͿŐƌŽǁƚŚŝŶƚŚĞĚŽǁŶƚŽǁŶĐŽƌĞ͘ĚĚĞĚ ďĞŶĞĨŝƚƐŝŶĐůƵĚĞƚŚĞƌĞŵŽǀĂůŽĨĂƐĂŶŝƚĂƌǇƐŝƉŚŽŶƚŚĂƚŝƐĞǆƉĞƌŝĞŶĐŝŶŐĂĚĚŝƚŝŽŶĂůŵĂŝŶƚĞŶĂŶĐĞĚƵĞƚŽƚŚĞDŐƌŽǁƚŚ͘ ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ;ŝŶdŚŽƵƐĂŶĚƐͿ͗ dŽƚĂůƵƌƌĞŶƚ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϰϮϬϮϱ ϮϬϮϬϮϬϮϭϮϬϮϮϮϬϮϯ ϲzƌƐ ^ƚĂƚĞD&ƵŶĚƐ ϬϬϬϱϬϭ͕ϱϬϬϬϭ͕ϱϱϬ ϱϬ KƉĞƌĂƚŝŶŐdƌĂŶƐĨĞƌʹ&ƌŽŵ^ĞǁĞƌhƚŝůŝƚǇ ϬϬϬϭ͕ϱϬϬϬϭ͕ϱϱϬ ϬϬϬϭϬϬϯ͕ϬϬϬϬϯ͕ϭϬϬ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ EŽƚƉƉůŝĐĂďůĞ ,ĂǀĞ'ƌĂŶƚƐĨŽƌƚŚŝƐWƌŽũĞĐƚďĞĞŶƐĞĐƵƌĞĚ͗ ĞƐĐƌŝďĞƚŚĞƐƚĂƚƵƐĂŶĚƚŝŵŝŶŐĚĞƚĂŝůƐŽĨƐĞĐƵƌĞĚŽƌĂƉƉůŝĞĚĨŽƌŐƌĂŶƚƐŽƌŽƚŚĞƌŶŽŶͲŝƚǇĨƵŶĚŝŶŐƐŽƵƌĐĞƐ͗ 3DFNHW3J )D ϮϬϮϬ ϮϮϴ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWƌŽŐƌĂŵ ϰϭϯϮϬ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ĞƉĂƌƚŵĞŶƚ͗ƵƐŝŶĞƐƐhŶŝƚ͗ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ZĞĐŽŶƐƚƌƵĐƚϮŶĚ^ƚ͘^t WƌŽũĞĐƚdŝƚůĞ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ϭϴ E ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚǇ͗tĂƌĚ͗ WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ ŽŵƉůĞƚĞƌĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨϮŶĚ^ƚƌĞĞƚ^tĨƌŽŵϭϭƚŚǀĞŶƵĞ^tƚŽϭϲƚŚǀĞŶƵĞ^t͕ŝŶĐůƵĚŝŶŐƐƚƌĞĞƚ͕ƐŝĚĞǁĂůŬƐĂŶĚ ƵƚŝůŝƚŝĞƐ͘WƌĞůŝŵŝŶĂƌǇĚĞƐŝŐŶĂŶĚƉƵďůŝĐŝŶǀŽůǀĞŵĞŶƚŚĂƐďĞŐƵŶ͘dŚĞĚĞƐŝŐŶŝƐĐƵƌƌĞŶƚůǇŽŶŚŽůĚƉĞŶĚŝŶŐƚŚĞƌĞƐƵůƚƐŽĨƚŚĞ ĐŝƌĐƵůĂƚŽƌƉƌŽƚŽƚǇƉŝŶŐ͘ WƵƌƉŽƐĞΘ:ƵƐƚŝĨŝĐĂƚŝŽŶ͗ dŽƐƵƉƉŽƌƚ^ƚ͘DĂƌǇ͛ƐWůĂĐĞŐƌŽǁƚŚĂŶĚƉĞĚĞƐƚƌŝĂŶĂĐƚŝǀĂƚŝŽŶĂƐƚŚŝƐĐŽƌƌŝĚŽƌƚƌĂŶƐŝƚŝŽŶƐŝŶƚŽŵŽƌĞƚƌĂŶƐŝƚͲŽƌŝĞŶƚĞĚ ĚĞǀĞůŽƉŵĞŶƚĂŶĚƐƵƉƉŽƌƚŽĨĂƵƐZĂƉŝĚdƌĂŶƐŝƚƌŽƵƚĞ͘ ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ;ŝŶdŚŽƵƐĂŶĚƐͿ͗ dŽƚĂůƵƌƌĞŶƚ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϰϮϬϮϱ ϮϬϮϬϮϬϮϭϮϬϮϮϮϬϮϯ ϲzƌƐ &ĞĚĞƌĂů&ƵŶĚƐ ϬϮ͕ϯϳϬϬϬϬϬϮ͕ϯϳϬ Ϭ ^ƚĂƚĞD&ƵŶĚƐ Ϭϭ͕ϬϬϬϬϬϬϭ͕ϬϬϬ Ϭϭ͕ϱϬϬϬϬϬϬϭ͕ϱϬϬ ^ƉĞĐŝĂůƐƐĞƐƐŵĞŶƚŽŶĚƐ ϬϮϳϱϬϬϬϬϮϳϱ KƉĞƌĂƚŝŶŐdƌĂŶƐĨĞƌƐʹ&ƌŽŵKƚŚĞƌ&ƵŶĚƐ ϬϭϱϬϬϬϬϬϭϱϬ tĂƚĞƌhƚŝůŝƚǇ ϬϮϮϱϬϬϬϬϮϮϱ KƉĞƌĂƚŝŶŐdƌĂŶƐĨĞƌʹ&ƌŽŵ^ĞǁĞƌhƚŝůŝƚǇ ϬϮ͕ϬϱϬϬϬϬϬϮ͕ϬϱϬ DE^ƚĂƚĞŝĚʹ^ƚƌĞĞƚƐ ϬϵϱϬϬϬϬϬϵϱϬ KůŵƐƚĞĚŽƵŶƚǇ Ϭϴ͕ϱϮϬϬϬϬϬϴ͕ϱϮϬ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ zĞƐ ,ĂǀĞ'ƌĂŶƚƐĨŽƌƚŚŝƐWƌŽũĞĐƚďĞĞŶƐĞĐƵƌĞĚ͗ ĞƐĐƌŝďĞƚŚĞƐƚĂƚƵƐĂŶĚƚŝŵŝŶŐĚĞƚĂŝůƐŽĨƐĞĐƵƌĞĚŽƌĂƉƉůŝĞĚĨŽƌŐƌĂŶƚƐŽƌŽƚŚĞƌŶŽŶͲŝƚǇĨƵŶĚŝŶŐƐŽƵƌĐĞƐ͗ 3DFNHW3J )D ϮϬϮϬ ϮϮϵ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWƌŽŐƌĂŵ ϰϭϯϮϬ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ĞƉĂƌƚŵĞŶƚ͗ƵƐŝŶĞƐƐhŶŝƚ͗ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ŽŶƐƚƌƵĐƚϯƌĚ^ƚ^t WƌŽũĞĐƚdŝƚůĞ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ϭϵ E ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚǇ͗tĂƌĚ͗ WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ /ŶĐůƵĚĞƐƚŚĞĂĚĚŝƚŝŽŶŽĨĂƐŽƵƚŚůĞŐƚŽƚŚĞϭϲƚŚǀĞŶƵĞ^tŝŶƚĞƌƐĞĐƚŝŽŶƚŽƐƵƉƉŽƌƚĨƵƚƵƌĞƌĞĚĞǀĞůŽƉŵĞŶƚĂůŽŶŐƐŽƵƚŚƐŝĚĞ ŽĨϮŶĚ^ƚƌĞĞƚ^t͘/ŶĐůƵĚĞƐƚŚĞĚĞƐŝŐŶĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶŽĨĂĨƵƚƵƌĞϯƌĚ^ƚƌĞĞƚ^t͕ŝŶĐůƵĚŝŶŐƚŚĞƌĞŵŽǀĂůŽĨƚŚĞϭϱƚŚ ǀĞŶƵĞ^tĂĐĐĞƐƐƚŽϮŶĚ^ƚƌĞĞƚ^t͘WƌŽũĞĐƚǁŝůůŝŶĐůƵĚĞƉƌŽƉĞƌƚǇĂĐƋƵŝƐŝƚŝŽŶĨŽƌƚŚĞŶĞǁƐƚƌĞĞƚ͘ WƵƌƉŽƐĞΘ:ƵƐƚŝĨŝĐĂƚŝŽŶ͗ dŽƐƵƉƉŽƌƚĨƵƚƵƌĞƌĞĚĞǀĞůŽƉŵĞŶƚĂůŽŶŐƚŚĞƐŽƵƚŚƐŝĚĞŽĨϮŶĚ^ƚƌĞĞƚ^t͘ ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ;ŝŶdŚŽƵƐĂŶĚƐͿ͗ dŽƚĂůƵƌƌĞŶƚ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϰϮϬϮϱ ϮϬϮϬϮϬϮϭϮϬϮϮϮϬϮϯ ϲzƌƐ hŶĨƵŶĚĞĚ ϬϬϬϬϬϰ͕ϱϬϬϰ͕ϱϬϬ ϬϬϬϬϬϰ͕ϱϬϬϰ͕ϱϬϬ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ EŽƚƉƉůŝĐĂďůĞ ,ĂǀĞ'ƌĂŶƚƐĨŽƌƚŚŝƐWƌŽũĞĐƚďĞĞŶƐĞĐƵƌĞĚ͗ ĞƐĐƌŝďĞƚŚĞƐƚĂƚƵƐĂŶĚƚŝŵŝŶŐĚĞƚĂŝůƐŽĨƐĞĐƵƌĞĚŽƌĂƉƉůŝĞĚĨŽƌŐƌĂŶƚƐŽƌŽƚŚĞƌŶŽŶͲŝƚǇĨƵŶĚŝŶŐƐŽƵƌĐĞƐ͗ 3DFNHW3J )D ϮϬϮϬ Ϯϯϭ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWƌŽŐƌĂŵ ϰϭϯϮϬ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ĞƉĂƌƚŵĞŶƚ͗ƵƐŝŶĞƐƐhŶŝƚ͗ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ dƌĂŶƐŝƚŝƌĐƵůĂƚŽƌWƌŽƚǇƉŝŶŐ WƌŽũĞĐƚdŝƚůĞ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ϮϬ E ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚǇ͗tĂƌĚ͗ WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ >ĂƚĞ^ƵŵŵĞƌͬ&ĂůůŽĨϮϬϮϬŵŽĚĞůƚŚĞŽƉĞƌĂƚŝŽŶŽĨĂŝƌĐƵůĂƚŽƌŽŶϮŶĚ^ƚƌĞĞƚ͘dŚĞĞĨĨŽƌƚǁŝůůƌĞƋƵŝƌĞĐŽŽƌĚŝŶĂƚŝŽŶŽĨ ƐĞǀĞƌĂůĂŐĞŶĐŝĞƐƚŽƚĞŵƉŽƌĂƌŝůǇŽƉĞƌĂƚĞĂƚƌĂŶƐŝƚƐĞƌǀŝĐĞŝŶƚŚĞĐŽƌƌŝĚŽƌ͕ƌĞĚƵĐĞĂŶĚƌĞƐƚƌŝĐƚĞǆŝƐƚŝŶŐǀĞŚŝĐůĞƚƌĂĨĨŝĐ͕ĂŶĚ ĐŽŵŵƵŶŝĐĂƚĞƚŽƚŚĞƉƵďůŝĐƚŚĞŶĞĞĚƐĨŽƌƚŚĞƚĞŵƉŽƌĂƌǇŵŽĚĞů͘ WƵƌƉŽƐĞΘ:ƵƐƚŝĨŝĐĂƚŝŽŶ͗ dŽŽďƚĂŝŶĚĂƚĂĂŶĚƵŶĚĞƌƐƚĂŶĚƚŚĞĞĨĨĞĐƚƐŽĨĂĐŝƌĐƵůĂƚŽƌůĞǀĞƌĂŐŝŶŐƚŚŝƐƌŽƵƚĞ͘dŽŽďƚĂŝŶŝŶĨŽƌŵĂƚŝŽŶŽŶŚŽǁƚŽŝŵƉƌŽǀĞ ĨƵƚƵƌĞĐŝƌĐƵůĂƚŽƌŽƉĞƌĂƚŝŽŶƐ͘dŚŝƐƉƌŽƚŽƚǇƉŝŶŐĞĨĨŽƌƚŝƐŝŶƚĞŶĚĞĚƚŽďĞƚƚĞƌŝŶĨŽƌŵƚŚĞĚĞƐŝŐŶĂŶĚƵƐĞƌĞǆƉĞƌŝĞŶĐĞŽĨƚŚĞ ĐŝƌĐƵůĂƚŽƌƌŽƵƚĞĂŶĚƌĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨϮŶĚ^ƚƌĞĞƚ^tŶĞĂƌ^ƚ͘DĂƌǇΖƐ͘ ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ;ŝŶdŚŽƵƐĂŶĚƐͿ͗ dŽƚĂůƵƌƌĞŶƚ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϰϮϬϮϱ ϮϬϮϬϮϬϮϭϮϬϮϮϮϬϮϯ ϲzƌƐ ^ƚĂƚĞD&ƵŶĚƐ ϮϱϬϬϬϬϬϬϮϱϬ ϮϱϬϬϬϬϬϬϮϱϬ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ EŽƚƉƉůŝĐĂďůĞ ,ĂǀĞ'ƌĂŶƚƐĨŽƌƚŚŝƐWƌŽũĞĐƚďĞĞŶƐĞĐƵƌĞĚ͗ ĞƐĐƌŝďĞƚŚĞƐƚĂƚƵƐĂŶĚƚŝŵŝŶŐĚĞƚĂŝůƐŽĨƐĞĐƵƌĞĚŽƌĂƉƉůŝĞĚĨŽƌŐƌĂŶƚƐŽƌŽƚŚĞƌŶŽŶͲŝƚǇĨƵŶĚŝŶŐƐŽƵƌĐĞƐ͗ 3DFNHW3J )D ϮϬϮϬ Ϯϯϴ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWƌŽŐƌĂŵ ϰϭϯϮϬ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ĞƉĂƌƚŵĞŶƚ͗ƵƐŝŶĞƐƐhŶŝƚ͗ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ŝƐƚƌŝĐƚŶĞƌŐǇǀĂůƵĂƚŝŽŶĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ WƌŽũĞĐƚdŝƚůĞ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ Ϯϭ E ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚǇ͗tĂƌĚ͗ WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ dŚĞƌĞĂƌĞƚǁŽĚŝƐƚƌŝĐƚĞŶĞƌŐǇƉůĂŶƚƉŽƐƐŝďŝůŝƚŝĞƐŝŶĚŽǁŶƚŽǁŶZŽĐŚĞƐƚĞƌ͘KŶĞŝƐŵĞĂŶƚƚŽƐĞƌǀĞƚŚĞŝƐĐŽǀĞƌǇtĂůŬƐƵďͲ ĚŝƐƚƌŝĐƚΘƚŚĞŽƚŚĞƌǁŽƵůĚƌĞƉůĂĐĞƚŚĞĞǆŝƐƚŝŶŐƐƚĞĂŵůŝŶĞĨƌŽŵƚŚĞKůŵƐƚĞĚtĂƐƚĞƚŽŶĞƌŐǇ&ĂĐŝůŝƚǇ;Kt&Ϳ͘dŚĞŝƐĐŽǀĞƌǇ ^ƋƵĂƌĞƉůĂŶƚŝĚĞĂůůǇǁŽƵůĚŵĂƚĐŚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶƚŝŵĞůŝŶĞĨŽƌŝƐĐŽǀĞƌǇtĂůŬŝŶϮϬϮϭĂŶĚǁŽƵůĚƐĞƌǀĞďƵŝůĚŝŶŐƐĂůŽŶŐƚŚĞ ϮŶĚǀĞĐŽƌƌŝĚŽƌĂŶĚƉŽƐƐŝďůǇĞǆƚĞŶĚƐŽƵƚŚƚŽƚŚĞhDZƐƵďͲĚŝƐƚƌŝĐƚ͘&ŽƌƚŚĞĚŽǁŶƚŽǁŶďƵŝůĚŝŶŐƐƐĞƌǀĞĚďǇKt&͕ĂŶ ĂůƚĞƌŶĂƚŝǀĞŝƐďĞŝŶŐĞǀĂůƵĂƚĞĚĨŽƌƚŚĞƐƚĞĂŵƉƌŽǀŝĚĞĚďǇKt&͘ůƚĞƌŶĂƚŝǀĞƐĨŽƌŝŶĚŝǀŝĚƵĂůďƵŝůĚŝŶŐƉůĂŶƚƐĂŶĚĂĚŝƐƚƌŝĐƚ ĞŶĞƌŐǇƉůĂŶƚƐŽůƵƚŝŽŶĂƌĞďĞŝŶŐĞǀĂůƵĂƚĞĚ͘ WƵƌƉŽƐĞΘ:ƵƐƚŝĨŝĐĂƚŝŽŶ͗ dŚĞĞǀĂůƵĂƚŝŽŶƐĂƌĞŵĞĂŶƚƚŽŝĚĞŶƚŝĨǇƚŚĞŵŽƐƚĞĨĨŝĐŝĞŶƚ͕ĨŝŶĂŶĐŝĂůůǇďĞŶĞĨŝĐŝĂůĂŶĚĞƋƵŝƚĂďůĞĞŶĞƌŐǇƐŽůƵƚŝŽŶƚŽƌĞĂĐŚƚŚĞ ĞŶĞƌŐǇƌĞĚƵĐƚŝŽŶƚĂƌŐĞƚƐŽƵƚůŝŶĞĚŝŶƚŚĞĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ;DͿĞǀĞůŽƉŵĞŶƚWůĂŶ͘ŽŶƐŝĚĞƌŝŶŐƚŚĞƵƉŐƌĂĚĞŽĨ ĞŶĞƌŐǇĨĂĐŝůŝƚŝĞƐĨƌŽŵƐƚĞĂŵͲďĂƐĞĚƐǇƐƚĞŵƐƚŽŚŝŐŚůǇĞĨĨŝĐŝĞŶƚĂůƚĞƌŶĂƚŝǀĞƐǁŝůůƌĞĚƵĐĞƚŚĞĞŶĞƌŐǇĚĞŵĂŶĚŝŶƚŚĞD ŝƐƚƌŝĐƚĨŽƌŝƚƐŚĞĂƚŝŶŐĂŶĚĐŽŽůŝŶŐŶĞĞĚƐ͘&ŽƌŝƐĐŽǀĞƌǇ^ƋƵĂƌĞ͕ĂŶĞĨĨŝĐŝĞŶƚƉůĂŶƚǁŽƵůĚŚĞůƉƌĞĚƵĐĞƚŚĞĞŶĞƌŐǇďƵƌĚĞŶĨŽƌ ŚŝŐŚŝŶƚĞŶƐŝƚǇƐƉĂĐĞǁŝƚŚŝŶƚŚĞDŝƐƚƌŝĐƚĂŶĚŚĞůƉŵĞĞƚŝƚƐĂŐŐƌĞƐƐŝǀĞĞŶĞƌŐǇƚĂƌŐĞƚƐ͘dŚĞKt&ƐƚĞĂŵĐŽŶĚĞŶƐĂƚĞůŝŶĞ ƐĞƌǀŝŶŐƚŚĞĚŽǁŶƚŽǁŶŝƚǇĂŶĚŽƵŶƚǇĨĂĐŝůŝƚŝĞƐŚĂƐĂůƐŽƌĞĂĐŚĞĚƚŚĞĞŶĚŽĨŝƚƐƵƐĞĨƵůůŝĨĞ͘ ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ;ŝŶdŚŽƵƐĂŶĚƐͿ͗ dŽƚĂůƵƌƌĞŶƚ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϰϮϬϮϱ ϮϬϮϬϮϬϮϭϮϬϮϮϮϬϮϯ ϲzƌƐ ^ƚĂƚĞD&ƵŶĚƐ ϭϬϬϬϬϬϬϬϭϬϬ ϭϬϬϬϬϬϬϬϭϬϬ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ EŽƚƉƉůŝĐĂďůĞ ,ĂǀĞ'ƌĂŶƚƐĨŽƌƚŚŝƐWƌŽũĞĐƚďĞĞŶƐĞĐƵƌĞĚ͗ ĞƐĐƌŝďĞƚŚĞƐƚĂƚƵƐĂŶĚƚŝŵŝŶŐĚĞƚĂŝůƐŽĨƐĞĐƵƌĞĚŽƌĂƉƉůŝĞĚĨŽƌŐƌĂŶƚƐŽƌŽƚŚĞƌŶŽŶͲŝƚǇĨƵŶĚŝŶŐƐŽƵƌĐĞƐ͗ 3DFNHW3J )D ϮϬϮϬ Ϯϯϵ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWƌŽŐƌĂŵ ϰϭϯϮϬ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ĞƉĂƌƚŵĞŶƚ͗ƵƐŝŶĞƐƐhŶŝƚ͗ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ^ŵĂƌƚŝƚǇͲŝƌYƵĂůŝƚǇDŽŶŝƚŽƌŝŶŐ WƌŽũĞĐƚdŝƚůĞ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ϮϮ E ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚǇ͗tĂƌĚ͗ WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ dŚĞĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ;DͿĂŶĚŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕ŝŶĐŽůůĂďŽƌĂƚŝŽŶǁŝƚŚĐŽŵŵƵŶŝƚǇƉĂƌƚŶĞƌƐĂƌĞƉůĂŶŶŝŶŐƚŽ ŝŶƐƚĂůůĂŝƌƋƵĂůŝƚǇƐĞŶƐŽƌƐŝŶƚŚĞĚŽǁŶƚŽǁŶĐŽƌĞŽĨƚŚĞŝƚǇ;ĂƐǁĞůůĂƐŽƵƚƐŝĚĞƚŚĞDŝƐƚƌŝĐƚ͕ƚŚƌŽƵŐŚĚŝĨĨĞƌĞŶƚĨƵŶĚŝŶŐ ƐŽƵƌĐĞƐͿ͘dŚĞƐĞƐĞŶƐŽƌƐǁŝůůŵŽŶŝƚŽƌĂŝƌƉŽůůƵƚĂŶƚƐŝŶƌĞĂůͲƚŝŵĞƚŚƌŽƵŐŚŽƵƚƚŚĞǇĞĂƌŝŶŽƌĚĞƌƚŽƵŶĚĞƌƐƚĂŶĚŚŽǁĂŝƌƋƵĂůŝƚǇ ǀĂƌŝĞƐƚŚƌŽƵŐŚŽƵƚƚŚĞĐŽƵƌƐĞŽĨƚŚĞĚĂǇĂŶĚǇĞĂƌ͘ WƵƌƉŽƐĞΘ:ƵƐƚŝĨŝĐĂƚŝŽŶ͗ dŚĞƐĞƐĞŶƐŽƌƐǁŝůůĂůůŽǁŝƚǇĂŶĚDƉĞƌƐŽŶŶĞů͕ŬĞǇĚĞĐŝƐŝŽŶͲŵĂŬĞƌƐĂŶĚƚŚĞĐŽŵŵƵŶŝƚǇďĞƚƚĞƌƵŶĚĞƌƐƚĂŶĚĂŝƌƋƵĂůŝƚǇ ŝƐƐƵĞƐĂƚĂŵŝĐƌŽͲůĞǀĞůƚŚƌŽƵŐŚŽƵƚƚŚĞŝƚǇ͘dŚŝƐĚĂƚĂǁŝůůďĞƵƐĞĚƚŽŝŶĨŽƌŵĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐŽŶƚŽƉŝĐƐƚŚĂƚĂĨĨĞĐƚĂŝƌƋƵĂůŝƚǇ ůŝŬĞƚƌĂŶƐƉŽƌƚĂƚŝŽŶ͕ůĂŶĚƵƐĞƉůĂŶŶŝŶŐ͕ĂŶĚĐŽŵŵƵŶŝƚǇŚĞĂůƚŚ͘ ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ;ŝŶdŚŽƵƐĂŶĚƐͿ͗ dŽƚĂůƵƌƌĞŶƚ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϰϮϬϮϱ ϮϬϮϬϮϬϮϭϮϬϮϮϮϬϮϯ ϲzƌƐ ^ƚĂƚĞD&ƵŶĚƐ ϯϬϬϬϬϬϬϯϬ ϯϬϬϬϬϬϬϯϬ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ EŽƚƉƉůŝĐĂďůĞ ,ĂǀĞ'ƌĂŶƚƐĨŽƌƚŚŝƐWƌŽũĞĐƚďĞĞŶƐĞĐƵƌĞĚ͗ ĞƐĐƌŝďĞƚŚĞƐƚĂƚƵƐĂŶĚƚŝŵŝŶŐĚĞƚĂŝůƐŽĨƐĞĐƵƌĞĚŽƌĂƉƉůŝĞĚĨŽƌŐƌĂŶƚƐŽƌŽƚŚĞƌŶŽŶͲŝƚǇĨƵŶĚŝŶŐƐŽƵƌĐĞƐ͗ 3DFNHW3J )D ϮϬϮϬ ϮϯϮ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWƌŽŐƌĂŵ ϰϭϯϮϬ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ĞƉĂƌƚŵĞŶƚ͗ƵƐŝŶĞƐƐhŶŝƚ͗ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ^ƚ͘DĂƌǇΖƐdƌĂŶƐŝƚ^ƚĂƚŝŽŶ WƌŽũĞĐƚdŝƚůĞ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ Ϯϯ E ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚǇ͗tĂƌĚ͗ WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ ĞǀĞůŽƉŵĞŶƚŽĨĂŶĞǁƚƌĂŶƐŝƚƐƚŽƉĂŶĚĂĐĐŽŵƉĂŶǇŝŶŐƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐĐƌŽƐƐŝŶŐŽĨϮŶĚ^ƚ͘ŶĞĂƌƚŚĞ^ƚ͘DĂƌǇΖƐĐĂŵƉƵƐ͘ WƵƌƉŽƐĞΘ:ƵƐƚŝĨŝĐĂƚŝŽŶ͗ dŽŝŶĐƌĞĂƐĞƚƌĂŶƐŝƚƵƐĞĂŵŽŶŐĐŽƌƌŝĚŽƌƌĞƐŝĚĞŶƚƐ͕ĞŵƉůŽǇĞĞƐĂŶĚǀŝƐŝƚŽƌƐ͘dŽŝŵƉƌŽǀĞĂĐĐĞƐƐƚŽƚƌĂŶƐŝƚĂƐǁĞůůĂƐŝŵƉƌŽǀĞ ƚŚĞƐĂĨĞƚǇŽĨƚŚŽƐĞƵƚŝůŝǌŝŶŐƉƵďůŝĐƚƌĂŶƐŝƚĂƚ^ƚ͘DĂƌǇΖƐ͘ ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ;ŝŶdŚŽƵƐĂŶĚƐͿ͗ dŽƚĂůƵƌƌĞŶƚ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϰϮϬϮϱ ϮϬϮϬϮϬϮϭϮϬϮϮϮϬϮϯ ϲzƌƐ KůŵƐƚĞĚŽƵŶƚǇ ϱϬϳϬϬϬϬϬϬϳϱϬ Ϭ &ĞĚĞƌĂů&ƵŶĚƐ ϮϬϬϮ͕ϴϬϬϲ͕ϰϴϬϬϬϵ͕ϰϴϬ ϬϬϭ͕ϲϮϬϬϬϬϭ͕ϲϮϬ ^ƚĂƚĞD&ƵŶĚƐ ϮϱϬϯ͕ϱϬϬϴ͕ϭϬϬϬϬϬϭϭ͕ϴϱϬ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ EŽƚƉƉůŝĐĂďůĞ ,ĂǀĞ'ƌĂŶƚƐĨŽƌƚŚŝƐWƌŽũĞĐƚďĞĞŶƐĞĐƵƌĞĚ͗ ĞƐĐƌŝďĞƚŚĞƐƚĂƚƵƐĂŶĚƚŝŵŝŶŐĚĞƚĂŝůƐŽĨƐĞĐƵƌĞĚŽƌĂƉƉůŝĞĚĨŽƌŐƌĂŶƚƐŽƌŽƚŚĞƌŶŽŶͲŝƚǇĨƵŶĚŝŶŐƐŽƵƌĐĞƐ͗ )D ϮϬϮϬ ϮϯϬ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWƌŽŐƌĂŵ ϰϭϯϮϬ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ĞƉĂƌƚŵĞŶƚ͗ƵƐŝŶĞƐƐhŶŝƚ͗ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ /ŶƚĞŐƌĂƚĞĚdƌĂŶƐŝƚ^ƚƵĚǇZĞƉĂǇŵĞŶƚ WƌŽũĞĐƚdŝƚůĞ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ Ϯϰ E ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚǇ͗tĂƌĚ͗ WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ dŚĞƐĞĨƵŶĚƐƌĞƉƌĞƐĞŶƚĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌΖƐ;DͿƌĞƉĂǇŵĞŶƚŽĨĂůŽĂŶĨƌŽŵƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌƚŚĂƚǁĞƌĞƵƐĞĚ ƚŽŝŶŝƚŝĂƚĞĞĨĨŽƌƚƐŝŶƚŚĞďĞŐŝŶŶŝŶŐǇĞĂƌƐŽĨDƌĞůĂƚĞĚƚŽƚŚĞ/ŶƚĞŐƌĂƚĞĚdƌĂŶƐŝƚ^ƚƵĚŝĞƐ;/d^ͿƉĞƌĨŽƌŵĞĚ͘ WƵƌƉŽƐĞΘ:ƵƐƚŝĨŝĐĂƚŝŽŶ͗ dŽƉƌŽǀŝĚĞƚŚĞƉĂǇŵĞŶƚͬƉĂǇďĂĐŬŽĨΨϭ͕ϲϬϬ͕ϬϬϬĂŶŶƵĂůůǇƵŶƚŝůƚŚĞƉĂǇďĂĐŬŽĨΨϴ͕ϬϬϬ͕ϬϬϬŝƐĐŽŵƉůĞƚĞ;ĨŝŶĂůƉĂǇŵĞŶƚǁŝůůďĞ ŝŶϮϬϮϯͿ͘ ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ;ŝŶdŚŽƵƐĂŶĚƐͿ͗ dŽƚĂůƵƌƌĞŶƚ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϰϮϬϮϱ ϮϬϮϬϮϬϮϭϮϬϮϮϮϬϮϯ ϲzƌƐ ^ĂůĞƐdĂǆD ϭ͕ϲϬϬϭ͕ϲϬϬϭ͕ϲϬϬϭ͕ϲϬϬϬϬϲ͕ϰϬϬ ϭ͕ϲϬϬϭ͕ϲϬϬϭ͕ϲϬϬϭ͕ϲϬϬϬϬϲ͕ϰϬϬ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ EŽƚƉƉůŝĐĂďůĞ ,ĂǀĞ'ƌĂŶƚƐĨŽƌƚŚŝƐWƌŽũĞĐƚďĞĞŶƐĞĐƵƌĞĚ͗ ĞƐĐƌŝďĞƚŚĞƐƚĂƚƵƐĂŶĚƚŝŵŝŶŐĚĞƚĂŝůƐŽĨƐĞĐƵƌĞĚŽƌĂƉƉůŝĞĚĨŽƌŐƌĂŶƚƐŽƌŽƚŚĞƌŶŽŶͲŝƚǇĨƵŶĚŝŶŐƐŽƵƌĐĞƐ͗ 3DFNHW3J )D ϮϬϮϬ Ϯϯϯ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWƌŽŐƌĂŵ ϰϭϯϮϬ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ĞƉĂƌƚŵĞŶƚ͗ƵƐŝŶĞƐƐhŶŝƚ͗ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ dƌĂŶƐŝƚWůĂŶ/ŵƉůĞŵĞŶƚĂƚŝŽŶ WƌŽũĞĐƚdŝƚůĞ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ Ϯϱ E ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚǇ͗tĂƌĚ͗ WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ dŚĞƚƌĂŶƐŝƚŝŽŶŽĨZŽĐŚĞƐƚĞƌWƵďůŝĐdƌĂŶƐŝƚΖƐ;ZWdͿďƵƐĨůĞĞƚĨƌŽŵĨƵĞů;ŐĂƐͬĚŝĞƐĞůͿƚŽĞůĞĐƚƌŝĐ͘ WƵƌƉŽƐĞΘ:ƵƐƚŝĨŝĐĂƚŝŽŶ͗ dŽƌĞĚƵĐĞŚĂƌŵĨƵůĞŵŝƐƐŝŽŶƐŐĞŶĞƌĂƚĞĚďǇƚŚĞƚƌĂŶƐŝƚƐǇƐƚĞŵ͕ĐƌĞĂƚŝŶŐĂŚĞĂůƚŚŝĞƌĞŶǀŝƌŽŶŵĞŶƚĨŽƌƚŚĞĐŽŵŵƵŶŝƚǇ͕ĂŶĚ ǀŝƐŝƚŽƌƐƚŽŽƵƌŐƌŽǁŝŶŐƌĞŐŝŽŶ͘dŽƐƚŝŵƵůĂƚĞĨƵƚƵƌĞŝŶǀĞƐƚŵĞŶƚŝŶĐůĞĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶƚĞĐŚŶŽůŽŐǇďǇƉƌŽǀŝĚŝŶŐƚŚĞĨŝƌƐƚ ĞůĞĐƚƌŝĐďƵƐĞƐĂŶĚĐŚĂƌŐŝŶŐƐƚĂƚŝŽŶƐŝŶƚŚĞZĞŐŝŽŶ͘/ŵƉƌŽǀĞĐŽŵŵƵƚĞƌĐŽŶŶĞĐƚŝŽŶƐƚŽŵĂũŽƌŵĞĚŝĐĂůĂŶĚĞĐŽŶŽŵŝĐĐĞŶƚĞƌƐ ŝŶĚŽǁŶƚŽǁŶZŽĐŚĞƐƚĞƌďǇƉƌŽĐƵƌŝŶŐŶĞǁƵƐĞƐƚŽƐƵƉƉŽƌƚƚŚĞŝƚǇ͛ƐŽŶŐŽŝŶŐƚƌĂŶƐŝƚƐĞƌǀŝĐĞĞǆƉĂŶƐŝŽŶƐ͘ZĞƉůĂĐĞĞǆŝƐƚŝŶŐ ĚŝĞƐĞůďƵƐĞƐƚŚĂƚŚĂǀĞĞǆĐĞĞĚĞĚƚŚĞŝƌŵŝŶŝŵƵŵƵƐĞĨƵůůŝĨĞ͘ZĞĚƵĐĞƐŝŶŐůĞͲŽĐĐƵƉĂŶĐǇǀĞŚŝĐůĞƚƌŝƉƐƚŽĚŽǁŶƚŽǁŶZŽĐŚĞƐƚĞƌ ĂŶĚĞĂƐĞŐƌŽǁŝŶŐĐŽŶŐĞƐƚŝŽŶŝŶĚŽǁŶƚŽǁŶZŽĐŚĞƐƚĞƌ͘ ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ;ŝŶdŚŽƵƐĂŶĚƐͿ͗ dŽƚĂůƵƌƌĞŶƚ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϰϮϬϮϱ ϮϬϮϬϮϬϮϭϮϬϮϮϮϬϮϯ ϲzƌƐ KůŵƐƚĞĚŽƵŶƚǇ ϭ͕ϬϰϬϮϬϬϬϬϬϬϭ͕ϮϰϬ Ϭ &ĞĚĞƌĂů&ƵŶĚƐ ϰ͕ϭϲϬϴϬϬϬϬϬϰ͕ϵϲϬ ϱ͕ϮϬϬϭ͕ϬϬϬϬϬϬϬϲ͕ϮϬϬ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ EŽ ,ĂǀĞ'ƌĂŶƚƐĨŽƌƚŚŝƐWƌŽũĞĐƚďĞĞŶƐĞĐƵƌĞĚ͗ ĞƐĐƌŝďĞƚŚĞƐƚĂƚƵƐĂŶĚƚŝŵŝŶŐĚĞƚĂŝůƐŽĨƐĞĐƵƌĞĚŽƌĂƉƉůŝĞĚĨŽƌŐƌĂŶƚƐŽƌŽƚŚĞƌŶŽŶͲŝƚǇĨƵŶĚŝŶŐƐŽƵƌĐĞƐ͗ &ĞĚĞƌĂůĨƵŶĚƐĂƌĞĂƉƉůŝĞĚĨŽƌĂŶĚŝĨƌĞĐĞŝǀĞĚƚŚĞƉƌŽũĞĐƚƉƌŽĐĞĞĚƐ͕ďƵƚŝĨŶŽƚƚŚĞƉƌŽũĞĐƚǁŝůůŶŽƚƉƌŽĐĞĞĚ͘ 3DFNHW3J )D ϮϬϮϬ Ϯϯϳ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWƌŽŐƌĂŵ ϰϭϯϮϬ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ĞƉĂƌƚŵĞŶƚ͗ƵƐŝŶĞƐƐhŶŝƚ͗ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ƌƌŝǀĞZŽĐŚĞƐƚĞƌ WƌŽũĞĐƚdŝƚůĞ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ Ϯϲ E ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚǇ͗tĂƌĚ͗ WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ WƌŽǀŝĚĞŶĞǁƉƌŽŐƌĂŵƐƚŽŵĂŬĞŝƚĞĂƐŝĞƌĨŽƌĐŽŵŵƵƚĞƌƐƚŽƚƌĂǀĞůŝŶĐĂƌƉŽŽůƐ͕ďǇďƵƐ͕ŽŶĨŽŽƚŽƌďǇďŝŬĞ͘ WƵƌƉŽƐĞΘ:ƵƐƚŝĨŝĐĂƚŝŽŶ͗ ƌƌŝǀĞZŽĐŚĞƐƚĞƌƚĂŬĞƐĂůĞĂĚĞƌƐŚŝƉƌŽůĞŝŶŝŵƉůĞŵĞŶƚŝŶŐdƌĂǀĞůĞŵĂŶĚDĂŶĂŐĞŵĞŶƚĞĨĨŽƌƚƐ͘ŝŵƚŽƌĞĚƵĐĞƚŚĞŶƵŵďĞƌ ŽĨƉĞŽƉůĞĚƌŝǀŝŶŐĂůŽŶĞƚŽǁŽƌŬŝŶZŽĐŚĞƐƚĞƌƚŽĞĂƐĞƚƌĂĨĨŝĐĐŽŶŐĞƐƚŝŽŶĂŶĚŝŵƉƌŽǀĞĂŝƌƋƵĂůŝƚǇ͘ ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ;ŝŶdŚŽƵƐĂŶĚƐͿ͗ dŽƚĂůƵƌƌĞŶƚ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϰϮϬϮϱ ϮϬϮϬϮϬϮϭϮϬϮϮϮϬϮϯ ϲzƌƐ ^ĂůĞƐdĂǆD ϮϲϬϮϲϬϮϲϬϮϲϬϮϲϬϮϲϬϭ͕ϱϲϬ ϮϲϬϮϲϬϮϲϬϮϲϬϮϲϬϮϲϬϭ͕ϱϲϬ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ EŽƚƉƉůŝĐĂďůĞ ,ĂǀĞ'ƌĂŶƚƐĨŽƌƚŚŝƐWƌŽũĞĐƚďĞĞŶƐĞĐƵƌĞĚ͗ ĞƐĐƌŝďĞƚŚĞƐƚĂƚƵƐĂŶĚƚŝŵŝŶŐĚĞƚĂŝůƐŽĨƐĞĐƵƌĞĚŽƌĂƉƉůŝĞĚĨŽƌŐƌĂŶƚƐŽƌŽƚŚĞƌŶŽŶͲŝƚǇĨƵŶĚŝŶŐƐŽƵƌĐĞƐ͗ 3DFNHW3J )D ϮϬϮϬ Ϯϯϰ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWƌŽŐƌĂŵ ϰϭϯϮϬ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ĞƉĂƌƚŵĞŶƚ͗ƵƐŝŶĞƐƐhŶŝƚ͗ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ŝƌĐƵůĂƚŽƌZŽƵƚĞ/ŵƉůĞŵĞŶƚĂƚŝŽŶ WƌŽũĞĐƚdŝƚůĞ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ Ϯϳ E ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚǇ͗tĂƌĚ͗ WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ dŚĞZŽĐŚĞƐƚĞƌŽǁŶƚŽǁŶdƌĂŶƐŝƚŝƌĐƵůĂƚŽƌǁŝůůƉƌŽǀŝĚĞŚŝŐŚƋƵĂůŝƚǇĚŽǁŶƚŽǁŶƉƵďůŝĐƚƌĂŶƐƉŽƌƚĂƚŝŽŶƐĞƌǀŝĐĞĨŽƌƌĞƐŝĚĞŶƚƐ͕ ĐŽŵŵƵƚĞƌƐ͕ďƵƐŝŶĞƐƐĞƐ͕ƉĂƚŝĞŶƚƐ͕ƐƚƵĚĞŶƚƐ͕ĂŶĚǀŝƐŝƚŽƌƐƚŚĂƚǁŝůůƐƵƉƉŽƌƚƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĂŶĚĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂů ĞŶƚĞƌ;DͿĚŝƐƚƌŝĐƚƚƌĂŶƐƉŽƌƚĂƚŝŽŶ͕ĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ͕ĂŶĚůŝǀĂďŝůŝƚǇŐŽĂůƐĂŶĚƐƵďƐƚĂŶƚŝĂůůǇŝŶĐƌĞĂƐĞƉƵďůŝĐ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶƵƐĞĚŽǁŶƚŽǁŶ͘ WƵƌƉŽƐĞΘ:ƵƐƚŝĨŝĐĂƚŝŽŶ͗ /ŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞĐŝƌĐƵůĂƚŽƌƌŽƵƚĞǁĂƐĂƚŽƉƉƌŝŽƌŝƚǇŽĨƚŚĞ/ŶƚĞŐƌĂƚĞĚdƌĂŶƐŝƚ^ƚƵĚŝĞƐ͘dŚĞĐŝƌĐƵůĂƚŽƌƌŽƵƚĞŝƐŝŶƚĞŶĚĞĚ ƚŽĚĞǀĞůŽƉĂĐŽƐƚͲĞĨĨĞĐƚŝǀĞƚƌĂŶƐŝƚǁĂǇƚŚĂƚŝŶĐƌĞĂƐĞƐƚƌĂŶƐŝƚƵƐĞĂŵŽŶŐĐŽƌƌŝĚŽƌƌĞƐŝĚĞŶƚƐ͕ĐŽŵŵƵƚĞƌƐ͕ďƵƐŝŶĞƐƐĞƐ͕ƉĂƚŝĞŶƚƐ͕ ƐƚƵĚĞŶƚƐ͕ĂŶĚǀŝƐŝƚŽƌƐ͘ůƐŽ͕ƚŽĐĂƚĂůǇǌĞĂŶĚƐƵƉƉŽƌƚŚŽƵƐŝŶŐĂŶĚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚĂůŽŶŐƚŚĞĐŽƌƌŝĚŽƌ͘>ĂƐƚ͕ƚŽ ƐƵƉƉŽƌƚŚĞĂůƚŚǇ͕ĂĐƚŝǀĞĐŽŵŵƵŶŝƚŝĞƐĂŶĚĞŶĐŽƵƌĂŐĞƐƵƐƚĂŝŶĂďŝůŝƚǇ͘ ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ;ŝŶdŚŽƵƐĂŶĚƐͿ͗ dŽƚĂůƵƌƌĞŶƚ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϰϮϬϮϱ ϮϬϮϬϮϬϮϭϮϬϮϮϮϬϮϯ ϲzƌƐ KůŵƐƚĞĚŽƵŶƚǇ ϯ͕ϴϳϮϳ͕ϱϵϮϭϲ͕ϳϱϲϭϭ͕ϬϬϬϭϬ͕ϬϵϬϬϰϵ͕ϯϭϬ ϭϭ͕ϬϬϬ &ĞĚĞƌĂů&ƵŶĚƐ ϬϬϯϬ͕ϳϮϬϳ͕ϱϵϬϬϰϵ͕ϯϭϬ ϯ͕ϴϳϮϳ͕ϱϵϮϰϳ͕ϰϳϲϮϮ͕ϬϬϬϭϳ͕ϲϴϬϬϵϴ͕ϲϮϬ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ EŽƚƉƉůŝĐĂďůĞ ,ĂǀĞ'ƌĂŶƚƐĨŽƌƚŚŝƐWƌŽũĞĐƚďĞĞŶƐĞĐƵƌĞĚ͗ ĞƐĐƌŝďĞƚŚĞƐƚĂƚƵƐĂŶĚƚŝŵŝŶŐĚĞƚĂŝůƐŽĨƐĞĐƵƌĞĚŽƌĂƉƉůŝĞĚĨŽƌŐƌĂŶƚƐŽƌŽƚŚĞƌŶŽŶͲŝƚǇĨƵŶĚŝŶŐƐŽƵƌĐĞƐ͗ 3DFNHW3J )D ϮϬϮϬ Ϯϯϱ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWƌŽŐƌĂŵ ϰϭϯϮϬ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ĞƉĂƌƚŵĞŶƚ͗ƵƐŝŶĞƐƐhŶŝƚ͗ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ dƌĂŶƐŝƚsŝůůĂŐĞƐϭĂŶĚϮ WƌŽũĞĐƚdŝƚůĞ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ Ϯϴ E ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚǇ͗tĂƌĚ͗ WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ ĞƐŝŐŶƐŝƚĞŵĂƐƚĞƌƉůĂŶƐĂŶĚůĂŶĚĂĐƋƵŝƐŝƚŝŽŶĨŽƌƚŚĞĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶŽĨƉĂƌŬŝŶŐĨĂĐŝůŝƚŝĞƐǁŝƚŚŽŶͲƐŝƚĞ ƚƌĂŶƐŝƚƐƚĂƚŝŽŶƐĨŽƌƚŚĞĨƵƚƵƌĞŝƌĐƵůĂƚŽƌƌŽƵƚĞ͘ WƵƌƉŽƐĞΘ:ƵƐƚŝĨŝĐĂƚŝŽŶ͗ dŽĚĞĐƌĞĂƐĞƚŚĞƌĞůŝĂŶĐĞŽŶƐŝŶŐůĞŽĐĐƵƉĂŶĐǇǀĞŚŝĐůĞƐ͕ŝŶĐƌĞĂƐĞƌŝĚĞƌƐŚŝƉŽŶƚŚĞŝƌĐƵůĂƚŽƌ͕ƉƌŽŵŽƚĞĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐ ŶĞĂƌĂĐĐĞƐƐƚŽƚƌĂŶƐŝƚĂŶĚĐƌĞĂƚĞĚĞŶƐŝƚǇǁŝƚŚŝŶĂŶĚͬŽƌŶĞĂƌĚŽǁŶƚŽǁŶ͘ ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ;ŝŶdŚŽƵƐĂŶĚƐͿ͗ dŽƚĂůƵƌƌĞŶƚ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϰϮϬϮϱ ϮϬϮϬϮϬϮϭϮϬϮϮϮϬϮϯ ϲzƌƐ ^ƚĂƚĞD&ƵŶĚƐ ϱ͕ϬϬϬϯ͕ϬϬϬϬϬϬϬϴ͕ϬϬϬ ϱ͕ϬϬϬϯ͕ϬϬϬϬϬϬϬϴ͕ϬϬϬ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ EŽƚƉƉůŝĐĂďůĞ ,ĂǀĞ'ƌĂŶƚƐĨŽƌƚŚŝƐWƌŽũĞĐƚďĞĞŶƐĞĐƵƌĞĚ͗ ĞƐĐƌŝďĞƚŚĞƐƚĂƚƵƐĂŶĚƚŝŵŝŶŐĚĞƚĂŝůƐŽĨƐĞĐƵƌĞĚŽƌĂƉƉůŝĞĚĨŽƌŐƌĂŶƚƐŽƌŽƚŚĞƌŶŽŶͲŝƚǇĨƵŶĚŝŶŐƐŽƵƌĐĞƐ͗ 3DFNHW3J )D ϮϬϮϬ ϮϮϲ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWƌŽŐƌĂŵ ϰϭϯϮϬ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ĞƉĂƌƚŵĞŶƚ͗ƵƐŝŶĞƐƐhŶŝƚ͗ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ŚĂƌŐŝŶŐ^ƚĂƚŝŽŶƐĨŽƌůĞĐƚƌŝĐƵƐĞƐ WƌŽũĞĐƚdŝƚůĞ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ Ϯϵ E ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚǇ͗tĂƌĚ͗ WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ ƚŚƌĞĞǇĞĂƌƉůĂŶƚŽƉƌŽǀŝĚĞƚŚĞĞůĞĐƚƌŝĐǀĞŚŝĐůĞĐŚĂƌŐŝŶŐƐƚĂƚŝŽŶƐƌĞƋƵŝƌĞĚĨŽƌƚŚĞĞůĞĐƚƌŝĐďƵƐĨůĞĞƚ͘ WƵƌƉŽƐĞΘ:ƵƐƚŝĨŝĐĂƚŝŽŶ͗ tŝƚŚŽƵƌĞĨĨŽƌƚƐƚŽƌĞĚƵĐĞĞŵŝƐƐŝŽŶƐĂŶĚŝŵƉƌŽǀĞƐƵƐƚĂŝŶĂďŝůŝƚǇƚŚĞƉƵƌĐŚĂƐĞŽĨĞůĞĐƚƌŝĐďƵƐĞƐǁŝůůƌĞƋƵŝƌĞƚŚĞƌĞůĂƚĞĚ ĞƋƵŝƉŵĞŶƚŶĞĐĞƐƐĂƌǇƚŽĐŚĂƌŐĞƚŚĞďƵƐĞƐĨŽƌŽƉĞƌĂƚŝŽŶƐ͘ ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ;ŝŶdŚŽƵƐĂŶĚƐͿ͗ dŽƚĂůƵƌƌĞŶƚ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϰϮϬϮϱ ϮϬϮϬϮϬϮϭϮϬϮϮϮϬϮϯ ϲzƌƐ KůŵƐƚĞĚŽƵŶƚǇ ϭϭϬϮϰϬϮϮϴϬϬϬϱϳϴ Ϭ &ĞĚĞƌĂů&ƵŶĚƐ ϵϵϬϵϲϬϵϭϱϬϬϮ͕ϴϲϱ ϭ͕ϭϬϬϭ͕ϮϬϬϭ͕ϭϰϯϬϬϬϯ͕ϰϰϯ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ zĞƐ ,ĂǀĞ'ƌĂŶƚƐĨŽƌƚŚŝƐWƌŽũĞĐƚďĞĞŶƐĞĐƵƌĞĚ͗ ĞƐĐƌŝďĞƚŚĞƐƚĂƚƵƐĂŶĚƚŝŵŝŶŐĚĞƚĂŝůƐŽĨƐĞĐƵƌĞĚŽƌĂƉƉůŝĞĚĨŽƌŐƌĂŶƚƐŽƌŽƚŚĞƌŶŽŶͲŝƚǇĨƵŶĚŝŶŐƐŽƵƌĐĞƐ͗ 3DFNHW3J )D ϮϬϮϬ Ϯϯϲ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWƌŽŐƌĂŵ ϰϭϯϮϬ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ĞƉĂƌƚŵĞŶƚ͗ƵƐŝŶĞƐƐhŶŝƚ͗ ŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ŝƚǇ>ŽŽƉ/ŵƉůĞŵĞŶƚĂƚŝŽŶ WƌŽũĞĐƚdŝƚůĞ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ϯϬ E ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚǇ͗tĂƌĚ͗ WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ ƌĞĂƚĞĂŶƵƌďĂŶƚƌĂŝůŶĞƚǁŽƌŬĐŽŵƉŽƐĞĚŽĨĚĞĚŝĐĂƚĞĚďŝŬĞůĂŶĞƐĂŶĚƉĞĚĞƐƚƌŝĂŶƉĂƚŚƐĂƌŽƵŶĚĚŽǁŶƚŽǁŶ͘ WƵƌƉŽƐĞΘ:ƵƐƚŝĨŝĐĂƚŝŽŶ͗ dŽƉƌŽŵŽƚĞĂĐŽŶŶĞĐƚŝǀĞŐƌĞĞŶǁĂǇƐǇƐƚĞŵƚŚƌŽƵŐŚŽƵƚƚŚĞĚŽǁŶƚŽǁŶƚŚĂƚĞŶĐŽƵƌĂŐĞƐƉƌŝǀĂƚĞŝŶǀĞƐƚŵĞŶƚĂŶĚĞŶŚĂŶĐĞƐ ƚŚĞƋƵĂůŝƚǇŽĨůŝĨĞĨŽƌƌĞƐŝĚĞŶƚƐ͘dŽĐƌĞĂƚĞĂŶĂƚƚƌĂĐƚŝŽŶƚŚĂƚǁŝůůŚĞůƉĐĂƚĂůǇǌĞĂŶĚŽƌŐĂŶŝǌĞůĂŶĚƵƐĞĚĞǀĞůŽƉŵĞŶƚ͘dŽ ĚĞĐƌĞĂƐĞƚŚĞŶƵŵďĞƌŽĨƐŝŶŐůĞŽĐĐƵƉĂŶĐǇǀĞŚŝĐůĞƐŶĞĞĚŝŶŐƚŽƚƌĂǀĞůŝŶƚŽĚŽǁŶƚŽǁŶ͘dŽĞŶŚĂŶĐĞƚŚĞƐĂĨĞƚǇŽĨďŝĐǇĐůŝƐƚĂŶĚ ƉĞĚĞƐƚƌŝĂŶƐŽŶĚŽǁŶƚŽǁŶĐŝƚǇƐƚƌĞĞƚƐ͘ ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ;ŝŶdŚŽƵƐĂŶĚƐͿ͗ dŽƚĂůƵƌƌĞŶƚ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϰϮϬϮϱ ϮϬϮϬϮϬϮϭϮϬϮϮϮϬϮϯ ϲzƌƐ ^ƚĂƚĞD&ƵŶĚƐ ϬϬϬϱ͕ϬϬϬϬϬϱ͕ϬϬϬ ϬϬϬϱ͕ϬϬϬϬϬϱ͕ϬϬϬ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ EŽƚƉƉůŝĐĂďůĞ ,ĂǀĞ'ƌĂŶƚƐĨŽƌƚŚŝƐWƌŽũĞĐƚďĞĞŶƐĞĐƵƌĞĚ͗ ĞƐĐƌŝďĞƚŚĞƐƚĂƚƵƐĂŶĚƚŝŵŝŶŐĚĞƚĂŝůƐŽĨƐĞĐƵƌĞĚŽƌĂƉƉůŝĞĚĨŽƌŐƌĂŶƚƐŽƌŽƚŚĞƌŶŽŶͲŝƚǇĨƵŶĚŝŶŐƐŽƵƌĐĞƐ͗ 3DFNHW3J )D ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚŐĞŶĐǇ Θ ŝƚǇŽĨZŽĐŚĞƐƚĞƌDWƌŽũĞĐƚDĂŶĂŐĞŵĞŶƚdĞĂŵ ϮϬϮϬtŽƌŬƉůĂŶ hƉĚĂƚĞĚ͗ ƵŐƵƐƚϮϲ͕ϮϬϭϵ 3DFNHW3J )D dĂďůĞŽĨŽŶƚĞŶƚƐ ϭ͘yhd/s^hDDZz Ϯ͘/dzK&ZK,^dZDWZK:dDE'DEdZ^WKE^//>/d/^ ϯ͘D^ddhdKZzZK>EZ^WKE^//>/d/^ ϰ͘tKZ<W>EKhdKD^dK,/sϮϬϮϬ^dZd'/WZ/KZ/d/^ED'K>^ ϱ͘KWZd/E'h'd ϭ͘ǆĞĐƵƚŝǀĞ^ƵŵŵĂƌǇ /ŶϮϬϮϬ͕ƚŚĞĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ;͞D͟ͿŝŶŝƚŝĂƚŝǀĞǁŝůůĨŽĐƵƐŽŶƉƵƌƐƵŝŶŐƚŚĞƐƚƌĂƚĞŐŝĐƉƌŝŽƌŝƚŝĞƐĞŶĚŽƌƐĞĚďǇƚŚĞ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌŽƌƉŽƌĂƚŝŽŶŽĂƌĚŽĨŝƌĞĐƚŽƌƐĂŶĚƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌŽŵŵŽŶŽƵŶĐŝůŝŶŽƌĚĞƌƚŽĂĐŚŝĞǀĞƚŚĞ ŐŽĂůƐŽĨƚŚĞDŝŶŝƚŝĂƚŝǀĞ͘ ŶĐŚŽƌĞĚďǇƚŚĞDĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚŝŶĨůƵĞŶĐĞĚďǇƚŚĞĞŶŐĂŐĞŵĞŶƚĂŶĚƉĂƌƚŝĐŝƉĂƚŝŽŶŽĨŽƵƌƐƚĂŬĞŚŽůĚĞƌƐ͕ƚŚĞ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚŐĞŶĐǇ;͞D͟ͿĂŶĚŝƚǇŽĨZŽĐŚĞƐƚĞƌDƉƌŽũĞĐƚŵĂŶĂŐĞŵĞŶƚƚĞĂŵ ǁŝůůĐŽŶƚŝŶƵĞƚŽƉƵƌƐƵĞƚŚĞŐŽĂůƐŽĨƚŚĞDŝŶŝƚŝĂƚŝǀĞ͘ D'K>^ ƌĞĂƚĞĂĐŽŵƉƌĞŚĞŶƐŝǀĞƐƚƌĂƚĞŐŝĐƉůĂŶ x >ĞǀĞƌĂŐĞƚŚĞƉƵďůŝĐŝŶǀĞƐƚŵĞŶƚƚŽĂƚƚƌĂĐƚŵŽƌĞƚŚĂŶΨϱďŝůůŝŽŶŝŶƉƌŝǀĂƚĞŝŶǀĞƐƚŵĞŶƚ x ƌĞĂƚĞĂƉƉƌŽǆŝŵĂƚĞůǇϯϬ͕ϬϬϬŶĞǁũŽďƐ x 'ĞŶĞƌĂƚĞƵƉƚŽΨϴ͘ϬďŝůůŝŽŶŝŶŶĞǁŶĞƚƚĂǆƌĞǀĞŶƵĞŽǀĞƌϯϱǇĞĂƌƐ x ĐŚŝĞǀĞƚŚĞŚŝŐŚĞƐƚƋƵĂůŝƚǇƉĂƚŝĞŶƚ͕ĐŽŵƉĂŶŝŽŶ͕ǀŝƐŝƚŽƌ͕ĞŵƉůŽǇĞĞ͕ĂŶĚƌĞƐŝĚĞŶƚĞǆƉĞƌŝĞŶĐĞ x ϮϬϮϬ^dZd'/WZ/KZ/d/^ dƌĂŶƐƉŽƌƚĂƚŝŽŶ x ŽŵŵŽŶ'ƌŽƵŶĚ x ,ŽƵƐŝŶŐ x tŽƌŬĨŽƌĐĞ x dƌĂŶƐĨŽƌŵĂƚŝǀĞWƌŽũĞĐƚƐ x ^ƵƐƚĂŝŶĂďŝůŝƚǇ x 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ƚŽϱϴй WƌŽŵŽƚĞĂĚĚŝƚŝŽŶĂůŵŽďŝůŝƚǇŵŽĚĞƐ͕ŝŶĐůƵĚŝŶŐůĂƐƚͲŵŝůĞΘŵŝĐƌŽͲŵŽďŝůŝƚǇ ƚŽϱϬйŽƌůĞƐƐ ŽƉƚŝŽŶƐ ƐƚĂďůŝƐŚůŽŶŐͲƚĞƌŵƌƌŝǀĞZŽĐŚĞƐƚĞƌdDŐŽǀĞƌŶĂŶĐĞƐƚƌĂƚĞŐǇ /ŶĐƌĞĂƐĞƌƌŝǀĞZŽĐŚĞƐƚĞƌdDďƵƐŝŶĞƐƐĂŶĚŝŶĚŝǀŝĚƵĂůƉĂƌƚŝĐŝƉĂƚŝŽŶ ^dZd'/WZ/KZ/dz͗KDDKE'ZKhE ĞƐŝŐŶĂŶĚĚĞǀĞůŽƉƉƵďůŝĐƐƉĂĐĞƐĂŶĚĂŵĞŶŝƚŝĞƐƚŽŝŶĐĞŶƚŝǀŝǌĞĂĚĚŝƚŝŽŶĂůƉƌŝǀĂƚĞŝŶǀĞƐƚŵĞŶƚ͕ĐƌĞĂƚĞƵŶŝƋƵĞ ĞǆƉĞƌŝĞŶĐĞƐ͕ĂŶĚŝŶĐƌĞĂƐĞĚŽǁŶƚŽǁŶĚĞŶƐŝƚǇ͘ ϮϬϯϱ'ŽĂů WŚĂƐĞϮ;ϮϬϮϱͿ'ŽĂůϮϬϮϬKƵƚĐŽŵĞ &ĂĐŝůŝƚĂƚĞͬƐƵƉƉŽƌƚŽŵŵƵŶŝƚǇĂŶĚĚƵĐĂƚŝŽŶƐƵďĚŝƐƚƌŝĐƚ ĚĞǀĞůŽƉŵĞŶƚĞĨĨŽƌƚƐ ΨϭďŝůůŝŽŶнŽĨŶĞǁƉƌŝǀĂƚĞ ĚĞǀĞůŽƉŵĞŶƚƵŶĚĞƌǁĂǇ ĚǀĂŶĐĞ^ĂŝŶƚDĂƌǇƐWůĂĐĞƚƌĂŶƐŝƚĐŽƌƌŝĚŽƌ Ψϱ͘ϲďŝůůŝŽŶ ĂŶĚƉĞĚĞƐƚƌŝĂŶĞǆƉĞƌŝĞŶĐĞƉůĂŶŶŝŶŐ ŽĨƉƌŝǀĂƚĞ ZĞŶŽǀĂƚŝŽŶŽĨĨŝƌƐƚƉŚĂƐĞŽĨ,ĞĂƌƚŽĨƚŚĞŝƚǇ͛ƐWĞĂĐĞWůĂǌĂ ŝŶǀĞƐƚŵĞŶƚ ƐŝŐŶŝĨŝĐĂŶƚůǇƵŶĚĞƌǁĂǇ ŽŵƉůĞƚŝŽŶŽĨWĞĂĐĞWůĂǌĂ ƌĞŶŽǀĂƚŝŽŶ ,ĞĂƌƚŽĨƚŚĞŝƚǇƉƌŽƉĞƌƚǇŽǁŶĞƌƐƌĞƉŽƌƚŵŝŶŝŵĂůďƵƐŝŶĞƐƐ ĚŝƐƌƵƉƚŝŽŶ ŝƐĐŽǀĞƌǇtĂůŬĐŽŶƐƚƌƵĐƚŝŽŶŝƐĐŽǀĞƌǇtĂůŬƐƚĂŬĞŚŽůĚĞƌŐƌŽƵƉĞŶŐĂŐĞĚĂŶĚƐƵƉƉŽƌƚŝǀĞ ĐŚŝĞǀĞŚŝŐŚĞƐƚ ĐŽŵƉůĞƚĞĚ͕ĂĐƚŝǀŝƚŝĞƐƚĂŬĞƉůĂĐĞŽĨĂĐƚŝǀŝƚŝĞƐĂŶĚŽƵƚĐŽŵĞƐ ƋƵĂůŝƚǇƉĂƚŝĞŶƚ͕ ƌĞŐƵůĂƌůǇ͕ ǀŝƐŝƚŽƌ͕ƌĞƐŝĚĞŶƚ ŝƐĐŽǀĞƌǇtĂůŬĚĞƐŝŐŶĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶĚŽĐƵŵĞŶƚƐ ŶĞǁĚĞǀĞůŽƉŵĞŶƚŝƐďĞŝŶŐ ĞǆƉĞƌŝĞŶĐĞ ĐŽŵƉůĞƚĞĚ͕ĐŽŶƐƚƌƵĐƚŝŽŶďŝĚƐƌĞĐĞŝǀĞĚ ĐŽŶƐŝĚĞƌĞĚ ^dZd'/WZ/KZ/dz͗,Kh^/E' ŽŶƚƌŝďƵƚĞƚŽĂƌŽďƵƐƚŵŝǆŽĨŚŽƵƐŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝŶƚŚĞDŝƐƚƌŝĐƚƚŚĂƚĐƌĞĂƚĞƐĚĞŶƐŝƚǇ͕ƐƵƐƚĂŝŶƐ ĂĚĚŝƚŝŽŶĂůĐŽŵŵĞƌĐŝĂůĂŶĚĞŶƚĞƌƚĂŝŶŵĞŶƚĂĐƚŝǀŝƚǇ͕ĚĞǀĞůŽƉƐĂŐƌĞĂƚĞƌƐĞŶƐĞŽĨĐŽŵŵƵŶŝƚǇ͕ĂŶĚƉƌŽǀŝĚĞƐĨŽƌ ŽƵƌŐƌŽǁŝŶŐǁŽƌŬĨŽƌĐĞ͘ WŚĂƐĞϮ;ϮϬϮϱͿ ϮϬϯϱ'ŽĂů ϮϬϮϬKƵƚĐŽŵĞ 'ŽĂů ^ŚŽǁƋƵĂŶƚŝĨŝĂďůĞŝŵƉƌŽǀĞŵĞŶƚƐŝŶƚŚĞtŝůůŝĚĞŶƚŝĨǇŽĐƵŵĞŶƚƉƌŽŐƌĞƐƐƚŽǁĂƌĚƐŝĚĞŶƚŝĨŝĞĚŚŽƵƐŝŶŐŐŽĂů ĂǀĂŝůĂďŝůŝƚǇŽĨŚŽƵƐŝŶŐŝŶDŝƐƚƌŝĐƚͲŵĞƚƌŝĐƐŝŶϮϬϭϵĨƌŽŵϮϬϭϵĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐƐƚƵĚǇ͖ŝŶĐůƵĚĞƚĂƌŐĞƚƐĨŽƌ ŝŶĐůƵƐŝǀĞŽĨŚŽƵƐŝŶŐƚǇƉĞĂŶĚĂĨĨŽƌĚĂďŝůŝƚǇ͘ŚŽƵƐŝŶŐƐƚƵĚǇĂĨĨŽƌĚĂďůĞ͕ƐĞŶŝŽƌĂŶĚƐƚƵĚĞŶƚŚŽƵƐŝŶŐ 3DFNHW3J )D ^dZd'/WZ/KZ/dz͗tKZ<&KZ ŽŶƚƌŝďƵƚĞƚŽŽƵƌŝŶŶŽǀĂƚŝǀĞǁŽƌŬĨŽƌĐĞďǇƐƵƉƉŽƌƚŝŶŐƉƌŽũĞĐƚƐĂŶĚƉƌŽŐƌĂŵƐƚŚĂƚƌĞĐƌƵŝƚĂŶĚƌĞƚĂŝŶďŝŽͲ ŵĞĚͲƚĞĐŚƐƚƵĚĞŶƚƐ͕ĞŵƉůŽǇĞĞƐ͕ĞŵƉůŽǇĞƌƐ͕ĂŶĚĞŶƚƌĞƉƌĞŶĞƵƌƐĂŶĚĞŶĐŽƵƌĂŐĞƐƚŚĞƐƵƐƚĂŝŶĂďůĞŐƌŽǁƚŚŽĨ ŽƵƌƌĞŐŝŽŶĂůĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚďƵŝůĚŝŶŐƚƌĂĚĞƐĞĐŽŶŽŵǇ͘ ϮϬϯϱ'ŽĂů WŚĂƐĞϮ;ϮϬϮϱͿ'ŽĂůϮϬϮϬKƵƚĐŽŵĞ ϭϬϬŝŶƚĞƌŶƐƉůĂĐĞĚĂŶŶƵĂůůǇŝŶďŝŽͲŵĞĚͲ ƌĞĂƚĞϯϬ͕ϬϬϬŶĞǁũŽďƐ͕ŝŶĐůƵĚŝŶŐϯ͕ϮϯϬŝŶ^ƚƵĚĞŶƚƐƉůĂĐĞĚŝŶŝƐĐŽǀĞƌǇ ƚĞĐŚďƵƐŝŶĞƐƐĞƐ͕ǁŝƚŚϭϬйƚƌĂŶƐŝƚŝŽŶŝŶŐ ďŝŽͲŵĞĚͲƚĞĐŚ^ƋƵĂƌĞďƵƐŝŶĞƐƐĞƐ ŝŶƚŽĞŵƉůŽǇŵĞŶƚŝŶZŽĐŚĞƐƚĞƌ ŶƐƵƌĞĐŽŵƉůŝĂŶĐĞǁŝƚŚƐƉĞĐŝĨŝĐKƉĞƌĂƚŝŽŶĂůŝǌĞDͬt ƚƚĂŝŶƐƚĂƚĞDͬtƚĂƌŐĞƚƐĨŽƌ^DE ƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞDĐƚƉƌŽŐƌĂŵĨŽƌĂůůDƉƌŽũĞĐƚƐ ^dZd'/WZ/KZ/dz͗dZE^&KZDd/sWZK:d^ WƵƌƐƵĞŚŝŐŚͲŝŵƉĂĐƚ͕ŵĂƌŬĞƚͲĐŚĂŶŐŝŶŐĚĞǀĞůŽƉŵĞŶƚŽƉƉŽƌƚƵŶŝƚŝĞƐƚŚĂƚĂĚǀĂŶĐĞƚŚĞD'ŽĂůƐĂŶĚDŝƐƐŝŽŶ ĂŶĚŵĂǆŝŵĂůůǇůĞǀĞƌĂŐĞDƌĞƐŽƵƌĐĞƐ͘ ϮϬϯϱ'ŽĂů WŚĂƐĞϮ;ϮϬϮϱͿ'ŽĂůϮϬϮϬKƵƚĐŽŵĞ ĨĨŽƌĚĂďůĞŝƐĐŽǀĞƌǇ^ƋƵĂƌĞƐƚĂƌƚƵƉ ĞǀĞůŽƉϭ͘ϬϮD^& ĂŶĚďƌŝĚŐĞƐƉĂĐĞĂǀĂŝůĂďůĞ ĞǀĞůŽƉϯϯϬ͕ϬϬϬ^&ŽĨŝŽͲDĞĚͲdĞĐŚ ŶĞǁďŝŽͲŵĞĚ͕ŚĞĂůƚŚ ƐƉĂĐĞ dǁŽŝƐĐŽǀĞƌǇ^ƋƵĂƌĞĚĞƐŝŐŶĐŽŵƉůĞƚĞ ƚĞĐŚƐƉĂĐĞ ĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶƵŶĚĞƌǁĂǇ ΨϭďŝůůŝŽŶнŽĨŶĞǁƉƌŝǀĂƚĞ ĚǀĂŶĐĞŽǁŶƚŽǁŶtĂƚĞƌĨƌŽŶƚƌĞĚĞǀĞůŽƉŵĞŶƚƉůĂŶŶŝŶŐ Ψϱ͘ϲďŝůůŝŽŶ ĚĞǀĞůŽƉŵĞŶƚƵŶĚĞƌǁĂǇ ŽĨƉƌŝǀĂƚĞ &ŝǀĞŶĞǁƉƌŝǀĂƚĞĚĞǀĞůŽƉŵĞŶƚ ŝŶǀĞƐƚŵĞŶƚ ƚůĞĂƐƚŽŶĞŶĞǁƉƌŝǀĂƚĞĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚƵŶĚĞƌǁĂǇ ƉƌŽũĞĐƚƐƵŶĚĞƌǁĂǇ ^dZd'/WZ/KZ/dz͗DZ/͛^/dz&KZ,>d, ŶƐƵƌĞƚŚĂƚƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝŶǀĞƐƚŵĞŶƚƐƵƉƉŽƌƚƐĂŵŽƌĞŚĞĂůƚŚǇĐŽŵŵƵŶŝƚǇ͕ĐŝƚŝǌĞŶƌǇ͕ĂŶĚďƵŝůƚĂŶĚ ŶĂƚƵƌĂůĞŶǀŝƌŽŶŵĞŶƚƐ͘ 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EͲϯϱWƵďůŝĐ,ŽƵƐŝŶŐʹϵϭ͘ϮϬϱ;ďͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϯ EͲϰϬ,ŽŵĞůĞƐƐEĞĞĚƐƐƐĞƐƐŵĞŶƚʹϵϭ͘ϮϬϱ;ĐͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϵ EͲϰϱEŽŶͲ,ŽŵĞůĞƐƐ^ƉĞĐŝĂůEĞĞĚƐƐƐĞƐƐŵĞŶƚͲϵϭ͘ϮϬϱ;ď͕ĚͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϲ EͲϱϬEŽŶͲ,ŽƵƐŝŶŐŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚEĞĞĚƐʹϵϭ͘Ϯϭϱ;ĨͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϴ ,ŽƵƐŝŶŐDĂƌŬĞƚŶĂůǇƐŝƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϬ DͲϬϱKǀĞƌǀŝĞǁ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϬ DͲϭϬEƵŵďĞƌŽĨ,ŽƵƐŝŶŐhŶŝƚƐʹϵϭ͘ϮϭϬ;ĂͿΘ;ďͿ;ϮͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϭ DͲϭϱ,ŽƵƐŝŶŐDĂƌŬĞƚŶĂůǇƐŝƐ͗ŽƐƚŽĨ,ŽƵƐŝŶŐͲϵϭ͘ϮϭϬ;ĂͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϰ DͲϮϬ,ŽƵƐŝŶŐDĂƌŬĞƚŶĂůǇƐŝƐ͗ŽŶĚŝƚŝŽŶŽĨ,ŽƵƐŝŶŐʹϵϭ͘ϮϭϬ;ĂͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϱ DͲϮϱWƵďůŝĐĂŶĚƐƐŝƐƚĞĚ,ŽƵƐŝŶŐʹϵϭ͘ϮϭϬ;ďͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϵ DͲϯϬ,ŽŵĞůĞƐƐ&ĂĐŝůŝƚŝĞƐĂŶĚ^ĞƌǀŝĐĞƐʹϵϭ͘ϮϭϬ;ĐͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϭ DͲϯϱ^ƉĞĐŝĂůEĞĞĚƐ&ĂĐŝůŝƚŝĞƐĂŶĚ^ĞƌǀŝĐĞƐʹϵϭ͘ϮϭϬ;ĚͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϲ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϮ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D DͲϰϬĂƌƌŝĞƌƐƚŽĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐʹϵϭ͘ϮϭϬ;ĞͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϴ DͲϰϱEŽŶͲ,ŽƵƐŝŶŐŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚƐƐĞƚƐʹϵϭ͘Ϯϭϱ;ĨͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϵ DͲϱϬEĞĞĚƐĂŶĚDĂƌŬĞƚŶĂůǇƐŝƐŝƐĐƵƐƐŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϲ ^ƚƌĂƚĞŐŝĐWůĂŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϳ ^WͲϬϱKǀĞƌǀŝĞǁ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϳ ^WͲϭϬ'ĞŽŐƌĂƉŚŝĐWƌŝŽƌŝƚŝĞƐʹϵϭ͘Ϯϭϱ;ĂͿ;ϭͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϴ ^WͲϮϱWƌŝŽƌŝƚǇEĞĞĚƐͲϵϭ͘Ϯϭϱ;ĂͿ;ϮͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϵ ^WͲϯϬ/ŶĨůƵĞŶĐĞŽĨDĂƌŬĞƚŽŶĚŝƚŝŽŶƐʹϵϭ͘Ϯϭϱ;ďͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϲ ^WͲϱϬWƵďůŝĐ,ŽƵƐŝŶŐĐĐĞƐƐŝďŝůŝƚǇĂŶĚ/ŶǀŽůǀĞŵĞŶƚʹϵϭ͘Ϯϭϱ;ĐͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϴ ^WͲϱϱĂƌƌŝĞƌƐƚŽĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐʹϵϭ͘Ϯϭϱ;ŚͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϭ ^WͲϲϬ,ŽŵĞůĞƐƐŶĞƐƐ^ƚƌĂƚĞŐǇʹϵϭ͘Ϯϭϱ;ĚͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϮ ^WͲϲϱ>ĞĂĚďĂƐĞĚƉĂŝŶƚ,ĂǌĂƌĚƐʹϵϭ͘Ϯϭϱ;ŝͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϯ ^WͲϳϬŶƚŝͲWŽǀĞƌƚǇ^ƚƌĂƚĞŐǇʹϵϭ͘Ϯϭϱ;ũͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϰ ^WͲϴϬDŽŶŝƚŽƌŝŶŐʹϵϭ͘ϮϯϬ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϱ ǆƉĞĐƚĞĚZĞƐŽƵƌĐĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϲ WͲϭϱǆƉĞĐƚĞĚZĞƐŽƵƌĐĞƐʹϵϭ͘ϮϮϬ;ĐͿ;ϭ͕ϮͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϲ 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ϭ͘/ŶƚƌŽĚƵĐƚŝŽŶ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĐŽŶĚƵĐƚĞĚĂƉƵďůŝĐŵĞĞƚŝŶŐŽŶ^ĞƉƚĞŵďĞƌϭϬ͕ϮϬϭϰ͘ŶŽƚŝĐĞǁĂƐƉůĂĐĞĚŝŶƚŚĞ ůŽĐĂůŶĞǁƐƉĂƉĞƌŝŶǀŝƚŝŶŐŝŶƚĞƌĞƐƚĞĚƉĂƌƚŝĞƐƚŚĞŽƉƉŽƌƚƵŶŝƚǇƚŽǀŽŝĐĞƚŚĞŝƌŽƉŝŶŝŽŶƐƌĞŐĂƌĚŝŶŐƚŚĞŝƚǇΖƐ ŚŽƵƐŝŶŐĂŶĚĚĞǀĞůŽƉŵĞŶƚŶĞĞĚƐ͘EŽŽŶĞĂƚƚĞŶĚĞĚƚŚŝƐƉƵďůŝĐŵĞĞƚŝŶŐ͘dŚĞĚƌĂĨƚĐŽƉǇŽĨƚŚĞϮϬϭϱͲ ϮϬϭϵŽŶƐŽůŝĚĂƚĞĚWůĂŶǁĂƐĂǀĂŝůĂďůĞƚŽƚŚĞƉƵďůŝĐĨŽƌĐŽŵŵĞŶƚĨŽƌĂϯϬͲĚĂǇƉĞƌŝŽĚďĞŐŝŶŶŝŶŐKĐƚŽďĞƌ ϵ͕ϮϬϭϰƵŶƚŝůEŽǀĞŵďĞƌϳ͕ϮϬϭϰ͘ dŚĞůŽĐĂƚŝŽŶĂŶĚƚŝŵŝŶŐŽĨƚŚŝƐŵĞĞƚŝŶŐŝƐĂĐĐĞƐƐŝďůĞĂŶĚĨůĞǆŝďůĞƚŽƌĞĂĐŚƚŚĞďƌŽĂĚĞƐƚĂƵĚŝĞŶĐĞ͘dŚĞ ŝƐƐƵĞŝƐƚŚĞŶĞĞĚĨŽƌŵŽƌĞŽĨƉƵďůŝĐŝŶƚĞƌĞƐƚĞĚŝŶƉĂƌƚŝĐŝƉĂƚŝŶŐĂŶĚĞǆƚĞŶĚŝŶŐĐŽŵŵƵŶŝĐĂƚŝŽŶŽĨƚŚĞ ĞǀĞŶƚ͘dŽƌĞƐŽůǀĞƚŚŝƐŝŶƚŚĞĨƵƚƵƌĞ͕ǁĞǁŝůůĐŽŶƐŝĚĞƌďƌŽĂĚĞŶŝŶŐŽƵƌĂƌĞĂƐŽĨĐŽŵŵƵŶŝĐĂƚŝŽŶŽĨƚŚŝƐ ŵĞĞƚŝŶŐ͘^ŽŵĞĞǆĂŵ ƉůĞƐŝŶĐůƵĚĞƉŽƐƚŝŶŐƚŚĞĞǀĞŶƚŽŶƚŚĞŝƚǇ͛ƐǁĞďƐŝƚĞ͕ĂƌĂĚŝŽďƌŽĂĚĐĂƐƚ͕ĂŶĚ ƉĞƌƐŽŶĂůůǇĞŵĂŝůŝŶŐĐŽŵŵƵŶŝƚǇƐƚĂŬĞŚŽůĚĞƌƐƚŽƐƉƌĞĂĚƚŚĞǁŽƌĚƚŽŽƚŚĞƌĐŽŵŵƵŶŝƚǇŵĞŵďĞƌƐ͘ ^ƚĂŬĞŚŽůĚĞƌƐŝŶĐůƵĚĞŶĞŝŐŚďŽƌŚŽŽĚĂƐƐŽĐŝĂƚŝŽŶƐ͕ĂŶǇĂƐƐŽĐŝĂƚŝŽŶƐƐƵƉƉŽƌƚŝŶŐƉƌŽƚĞĐƚĞĚĐůĂƐƐĞƐĂŶĚŽƵƌ ŵĂũŽƌĞŵƉůŽǇĞƌ;ƚŚĞDĂǇŽůŝŶŝĐͿ͘ WƌŽǀŝĚĞĂĐŽŶĐŝƐĞƐƵŵŵĂƌǇŽĨƚŚĞũƵƌŝƐĚŝĐƚŝŽŶ͛ƐĂĐƚŝǀŝƚŝĞƐƚŽĞŶŚĂŶĐĞĐŽŽƌĚŝŶĂƚŝŽŶďĞƚǁĞĞŶ 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ŝŶĚŝǀŝĚƵĂůƐǁŝƚŚĚŝƐĂďŝůŝƚŝĞƐ͕ƚƌĂƵŵĂƚŝĐďƌĂŝŶŝŶũƵƌǇ͕ĂŶĚĂƵƚŝƐŵƚŽ ůŝǀĞŝŶĚĞƉĞŶĚĞŶƚůǇĂƐǁĞůůĂƐƉĞƌŵĂŶĞŶƚƐƵƉƉŽƌƚŝǀĞŚŽƵƐŝŶŐĨŽƌ ŝŶĚŝǀŝĚƵĂůƐǁŝƚŚĚŝƐĂďŝůŝƚŝĞƐ͘ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽ ϯ^>sd/KEZDz Ŷ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽ ,ŽƵƐŝŶŐ ŶdǇƉĞ ^ĞƌǀŝĐĞƐͲ,ŽƵƐŝŶŐ ^ĞƌǀŝĐĞƐͲůĚĞƌůǇWĞƌƐŽŶƐ ^ĞƌǀŝĐĞƐͲWĞƌƐŽŶƐǁŝƚŚŝƐĂďŝůŝƚŝĞƐ ^ĞƌǀŝĐĞƐͲŚŽŵĞůĞƐƐ WƵďůŝĐůǇ&ƵŶĚĞĚ/ŶƐƚŝƚƵƚŝŽŶͬ^ǇƐƚĞŵŽĨĂƌĞ ƵƐŝŶĞƐƐ>ĞĂĚĞƌƐ EĞŝŐŚďŽƌŚŽŽĚKƌŐĂŶŝǌĂƚŝŽŶ tŚĂƚƐĞĐƚŝŽŶŽĨƚŚĞWůĂŶ ,ŽƵƐŝŶŐEĞĞĚƐƐĞƐƐŵĞŶƚ ǁĂƐĂĚĚƌĞƐƐĞĚďǇ ,ŽŵĞůĞƐƐEĞĞĚƐͲŚƌŽŶŝĐĂůůǇŚŽŵĞůĞƐƐ ŽŶƐƵůƚĂƚŝŽŶ͍ ,ŽŵĞůĞƐƐEĞĞĚƐͲ&ĂŵŝůŝĞƐǁŝƚŚĐŚŝůĚƌĞŶ ,ŽŵĞůĞƐƐŶĞƐƐEĞĞĚƐͲsĞƚĞƌĂŶƐ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϰ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ,ŽǁǁĂƐƚŚĞ ƐƵƌǀĞǇǁĂƐƐĞŶƚƌĞƋƵĞƐƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶĐƌŝƚŝĐĂůŝŶŝĚĞŶƚŝĨǇŝŶŐ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽ ŶĞĞĚƐĂŶĚƉƌŝŽƌŝƚǇŶĞĞĚƐŝŶƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͕ƉƌŝŶĐŝƉĂůůǇĨŽƌ ŶĐŽŶƐƵůƚĞĚĂŶĚǁŚĂƚĂƌĞ ůŽǁͲĂŶĚŵŽĚĞƌĂƚĞͲŝŶĐŽŵĞƌĞƐŝĚĞŶƚƐĂŶĚƚŚŽƐĞǁŝƚŚƐƉĞĐŝĂů ƚŚĞĂŶƚŝĐŝƉĂƚĞĚŽƵƚĐŽŵĞƐ ŶĞĞĚƐ͘^ĂůǀĂƚŝŽŶƌŵǇƌĞƐƉŽŶƐĞ͗ĂŐĞŶĐǇƉƌŝŽƌŝƚŝĞƐĂƌĞϭͿ ŽĨƚŚĞĐŽŶƐƵůƚĂƚŝŽŶŽƌĂƌĞĂƐ ŵĞĞƚŝŶŐďĂƐŝĐŶĞĞĚƐŽĨĐůŝĞŶƚƐǁŝƚŚŽƵƚĚŝƐĐƌŝŵŝŶĂƚŝŽŶϮͿŚĞůƉ ĨŽƌŝŵƉƌŽǀĞĚĐŽŽƌĚŝŶĂƚŝŽŶ͍ ĐůŝĞŶƚƐƌĞŵĂŝŶƐƚĂďůĞŝŶƚŚĞŝƌĐƵƌƌĞŶƚŚŽƵƐŝŶŐϯͿƉƌŽǀŝĚĞĂƐĂĨĞ ƉůĂĐĞĨŽƌĐůŝĞŶƚƐƚŽĐŽŶŶĞĐƚĂŶĚĨŝŶĚƌĞƐŽƵƌĐĞƐ͘KďũĞĐƚŝǀĞƐĨŽƌ ŵĞĞƚŝŶŐƚŚĞƐĞƉƌŝŽƌŝƚŝĞƐŝŶĐůƵĚĞĐŽŶƚŝŶƵĞƚŽƐĞĞŬƌĞƐŽƵƌĐĞƐĨŽƌ ĂƐƐŝƐƚŝŶŐĐůŝĞŶƚƐŝŶĐƌŝƐŝƐŵĂŝŶƚĂŝŶƚŚĞŝƌŚŽƵƐŝŶŐ͕ŝŶĐƌĞĂƐĞƚŚĞ ŶƵŵďĞƌŽĨĐůŝĞŶƚƐǁĞƐĞƌǀĞĞĂĐŚĚĂǇŝŶŽƵƌĚƵůƚĂǇWƌŽŐƌĂŵ ;ŝŶĐůƵĚŝŶŐŝŶĐƌĞĂƐĞƐŝŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶͿ͕ĂŶĚŝŶĐƌĞĂƐĞƚŚĞƐĞĐƵƌŝƚǇ ŝŶĂŶĚĂƌŽƵŶĚŽƵƌďƵŝůĚŝŶŐƐŽƚŚĂƚĂůůƉĞŽƉůĞĐĂŶĂĐĐĞƐƐŽƵƌ ƐĞƌǀŝĐĞƐŝŶĂƐĂĨĞĂŶĚǁĞůĐŽŵŝŶŐĞŶǀŝƌŽŶŵĞŶƚ͘,ŝŐŚƉƌŝŽƌŝƚǇ ĐŽŵŵƵŶŝƚǇĚĞǀĞůŽƉŵĞŶƚŶĞĞĚƐŝŶĐůƵĚĞƉůĂŶŶŝŶŐ͕ĞŶĞƌŐǇ ĞĨĨŝĐŝĞŶĐǇŝŵƉƌŽǀĞŵĞŶƚƐ͕ƐƵďƐƚĂŶĐĞĂďƵƐĞƐĞƌǀŝĐĞƐ͕ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶƐĞƌǀŝĐĞƐ͕ŚĂŶĚŝĐĂƉƉĞĚƐĞƌǀŝĐĞƐ͕ƐĞŶŝŽƌƐĞƌǀŝĐĞƐ͕ ƐŝĚĞǁĂůŬŝŵƉƌŽǀĞŵĞŶƚƐ͕ƐƚƌĞĞƚŝŵƉƌŽǀĞŵĞŶƚƐ͕ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ŶĞĞĚƐ͕ĐŚŝůĚĐĂƌĞĐĞŶƚĞƌƐ͕ĂŶĚƉƵďůŝĐĨĂĐŝůŝƚǇŶĞĞĚƐ͘ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽ ϰtŽŵĞŶΖƐ^ŚĞůƚĞƌZŽĐŚĞƐƚĞƌDE Ŷ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽ ,ŽƵƐŝŶŐ ŶdǇƉĞ ^ĞƌǀŝĐĞƐͲ,ŽƵƐŝŶŐ ^ĞƌǀŝĐĞƐͲsŝĐƚŝŵƐŽĨŽŵĞƐƚŝĐsŝŽůĞŶĐĞ WƵďůŝĐůǇ&ƵŶĚĞĚ/ŶƐƚŝƚƵƚŝŽŶͬ^ǇƐƚĞŵŽĨĂƌĞ EĞŝŐŚďŽƌŚŽŽĚKƌŐĂŶŝǌĂƚŝŽŶ tŚĂƚƐĞĐƚŝŽŶŽĨƚŚĞWůĂŶ ,ŽƵƐŝŶŐEĞĞĚƐƐĞƐƐŵĞŶƚ ǁĂƐĂĚĚƌĞƐƐĞĚďǇ ŽŶƐƵůƚĂƚŝŽŶ͍ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϱ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ,ŽǁǁĂƐƚŚĞ ƐƵƌǀĞǇǁĂƐƐĞŶƚƌĞƋƵĞƐƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶĐƌŝƚŝĐĂůŝŶŝĚĞŶƚŝĨǇŝŶŐ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽ ŶĞĞĚƐĂŶĚƉƌŝŽƌŝƚǇŶĞĞĚƐŝŶƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͕ƉƌŝŶĐŝƉĂůůǇĨŽƌ ŶĐŽŶƐƵůƚĞĚĂŶĚǁŚĂƚĂƌĞ ůŽǁͲĂŶĚŵŽĚĞƌĂƚĞŝŶĐŽŵĞƌĞƐŝĚĞŶƚƐĂŶĚƚŚŽƐĞǁŝƚŚƐƉĞĐŝĂů ƚŚĞĂŶƚŝĐŝƉĂƚĞĚŽƵƚĐŽŵĞƐ ŶĞĞĚƐ͘tŽŵĞŶ͛Ɛ^ŚĞůƚĞƌƌĞƐƉŽŶƐĞ͗ĂŐĞŶĐǇƉƌŝŽƌŝƚŝĞƐĂƌĞ ŽĨƚŚĞĐŽŶƐƵůƚĂƚŝŽŶŽƌĂƌĞĂƐ ƉƌŽǀŝĚŝŶŐĞŵĞƌŐĞŶĐǇƐŚĞůƚĞƌĨŽƌĂďƵƐĞĚǁŽŵĞŶ͕ŝŶĚŝǀŝĚƵĂůƐĂŶĚ ĨŽƌŝŵƉƌŽǀĞĚĐŽŽƌĚŝŶĂƚŝŽŶ͍ ƚŚĞŝƌĨĂŵŝůŝĞƐ͕ƉƌŽǀŝĚŝŶŐƚƌĂŶƐŝƚŝŽŶĂůŚŽƵƐŝŶŐǁŝƚŚĂĚĚŝƚŝŽŶĂů ƐĞƌǀŝĐĞƐƚŽŚĞůƉŝŶĚŝǀŝĚƵĂůƐƚƌĂŶƐŝƚŝŽŶĨƌŽŵƚŚĞƐŚĞůƚĞƌƚŽ ŝŶĚĞƉĞŶĚĞŶƚůŝǀŝŶŐ͕ĂŶĚĞǆƉĂŶƐŝŽŶŽĨƐĞƌǀŝĐĞƐƚŽĂĚĚŝƚŝŽŶĂů ƵŶĚĞƌƐĞƌǀĞĚƉŽƉƵůĂƚŝŽŶƐ;ŝŵŵŝŐƌĂŶƚ͕>'dY͕ŵĂůĞƐ͕ĞƚĐ͘Ϳ KďũĞĐƚŝǀĞƐĨŽƌŵĞĞƚŝŶŐƚŚĞƐĞƉƌŝŽƌŝƚŝĞƐŝŶĐůƵĚĞĂƌĞĐĞŶƚůǇ ĚĞǀĞůŽƉĞĚƚŚƌĞĞͲǇĞĂƌƐƚƌĂƚĞŐŝĐƉůĂŶĂŶĚǁŽƌŬŝŶŐŽŶĂĐƚŝŽŶƐƚĞƉƐ ƚŽŵĞĞƚƐĂŝĚƉƌŝŽƌŝƚŝĞƐĂŶĚŽƚŚĞƌƐ;ůŝŬĞŝŶĐƌĞĂƐĞĚĐŽůůĂďŽƌĂƚŝŽŶͿ͘ ŚŝůĚĐĂƌĞĐĞŶƚĞƌƐůŝƐƚĞĚĂƐƚŚĞŚŝŐŚĞƐƚĐŽŵŵƵŶŝƚǇĚĞǀĞůŽƉŵĞŶƚ ƉƌŝŽƌŝƚǇ͕ĞƐƉĞĐŝĂůůǇĨŽƌĐŚŝůĚƌĞŶǁŝƚŚĂĚĚŝƚŝŽŶĂůŶĞĞĚƐ͘hŶŵĞƚ ŶĞĞĚƐŝŶĐůƵĚĞƚŚĞĨŝŶĂŶĐĞƐƚŽĞǆƉĂŶĚĂŶĚƉƌŽǀŝĚĞŵŽƌĞ ĞŵĞƌŐĞŶĐǇƐŚĞůƚĞƌďĞĚƐ͕ĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐ͕ĂĨĨŽƌĚĂďůĞƌĞŶƚĂůƐ͕ ĂŶĚƌĞŶƚŝŶŐƚŽĂƉĞƌƐŽŶǁŝƚŚŶŽƌĞŶƚĂůŚŝƐƚŽƌǇ͘ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽ ϱ^^/>^W/E͘;^/Ϳ Ŷ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽ ,ŽƵƐŝŶŐ ŶdǇƉĞ ^ĞƌǀŝĐĞƐͲWĞƌƐŽŶƐǁŝƚŚŝƐĂďŝůŝƚŝĞƐ WƵďůŝĐůǇ&ƵŶĚĞĚ/ŶƐƚŝƚƵƚŝŽŶͬ^ǇƐƚĞŵŽĨĂƌĞ DĂũŽƌŵƉůŽǇĞƌ tŚĂƚƐĞĐƚŝŽŶŽĨƚŚĞWůĂŶ ,ŽƵƐŝŶŐEĞĞĚƐƐĞƐƐŵĞŶƚ ǁĂƐĂĚĚƌĞƐƐĞĚďǇ ,ŽŵĞůĞƐƐEĞĞĚƐͲŚƌŽŶŝĐĂůůǇŚŽŵĞůĞƐƐ ŽŶƐƵůƚĂƚŝŽŶ͍ ,ŽǁǁĂƐƚŚĞ ƐƵƌǀĞǇǁĂƐƐĞŶƚƌĞƋƵĞƐƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶĐƌŝƚŝĐĂůŝŶŝĚĞŶƚŝĨǇŝŶŐ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽ ŶĞĞĚƐĂŶĚƉƌŝŽƌŝƚǇŶĞĞĚƐŝŶƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͕ƉƌŝŶĐŝƉĂůůǇĨŽƌ ŶĐŽŶƐƵůƚĞĚĂŶĚǁŚĂƚĂƌĞ ůŽǁͲĂŶĚŵŽĚĞƌĂƚĞͲŝŶĐŽŵĞƌĞƐŝĚĞŶƚƐĂŶĚƚŚŽƐĞǁŝƚŚƐƉĞĐŝĂů ƚŚĞĂŶƚŝĐŝƉĂƚĞĚŽƵƚĐŽŵĞƐ ŶĞĞĚƐ͘ĐĐĞƐƐŝďůĞ^ƉĂĐĞƌĞƐƉŽŶƐĞ͗ĂŐĞŶĐǇƉƌŝŽƌŝƚŝĞƐĂƌĞϭͿ ŽĨƚŚĞĐŽŶƐƵůƚĂƚŝŽŶŽƌĂƌĞĂƐ ƌĞŚĂďďŝŶŐŽƵƌĂƉĂƌƚŵĞŶƚďƵŝůĚŝŶŐƐϮͿŝŶĐƌĞĂƐŝŶŐŽƵƌǁĂŝƚŝŶŐůŝƐƚ ĨŽƌŝŵƉƌŽǀĞĚĐŽŽƌĚŝŶĂƚŝŽŶ͍ ϯͿŝŵƉƌŽǀĞĞŵƉůŽǇĞĞƌĞƚĞŶƚŝŽŶ͘KďũĞĐƚŝǀĞƐĨŽƌŵĞĞƚŝŶŐƚŚĞƐĞ ƉƌŝŽƌŝƚŝĞƐŝŶĐůƵĚĞĂƉƉůǇŝŶŐĨŽƌŐƌĂŶƚƐ͕ŝŵƉƌŽǀŝŶŐŽƵƚƌĞĂĐŚ͕ ŝŶĐƌĞĂƐŝŶŐŶƵŵďĞƌŽĨĐŽŶƚĂĐƚƐ͕ĂŶĚĂƚƚĞŶĚŝŶŐŵŽƌĞũŽďĨĂŝƌƐ͘dŚĞ ŚŝŐŚĞƐƚĐŽŵŵƵŶŝƚǇĚĞǀĞůŽƉŵĞŶƚƉƌŝŽƌŝƚǇŶĞĞĚƐŝŶĐůƵĚĞƐĞŶŝŽƌ ƐĞƌǀŝĐĞƐ͕ŚĂŶĚŝĐĂƉƉĞĚƐĞƌǀŝĐĞƐ͕ĂŶĚĞŵƉůŽǇŵĞŶƚƚƌĂŝŶŝŶŐ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϲ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽ ϲŽƌŽƚŚǇĂǇ,ŽƵƐĞŽĨ,ŽƐƉŝƚĂůŝƚǇ Ŷ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽ ,ŽƵƐŝŶŐ ŶdǇƉĞ ^ĞƌǀŝĐĞƐͲŚŽŵĞůĞƐƐ ƵƐŝŶĞƐƐ>ĞĂĚĞƌƐ EĞŝŐŚďŽƌŚŽŽĚKƌŐĂŶŝǌĂƚŝŽŶ tŚĂƚƐĞĐƚŝŽŶŽĨƚŚĞWůĂŶ ,ŽŵĞůĞƐƐEĞĞĚƐͲŚƌŽŶŝĐĂůůǇŚŽŵĞůĞƐƐ ǁĂƐĂĚĚƌĞƐƐĞĚďǇ ŽŶƐƵůƚĂƚŝŽŶ͍ ,ŽǁǁĂƐƚŚĞ ƐƵƌǀĞǇǁĂƐƐĞŶƚƌĞƋƵĞƐƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶĐƌŝƚŝĐĂůŝŶŝĚĞŶƚŝĨǇŝŶŐ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽ ŶĞĞĚƐĂŶĚƉƌŝŽƌŝƚǇŶĞĞĚƐŝŶƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͕ƉƌŝŶĐŝƉĂůůǇĨŽƌ ŶĐŽŶƐƵůƚĞĚĂŶĚǁŚĂƚĂƌĞ ůŽǁͲĂŶĚŵŽĚĞƌĂƚĞͲŝŶĐŽŵĞƌĞƐŝĚĞŶƚƐĂŶĚƚŚŽƐĞǁŝƚŚƐƉĞĐŝĂů ƚŚĞĂŶƚŝĐŝƉĂƚĞĚŽƵƚĐŽŵĞƐ ŶĞĞĚƐ͘ŽƌŽƚŚǇĂǇƌĞƐƉŽŶƐĞ͗ĂŐĞŶĐǇƉƌŝŽƌŝƚŝĞƐĂƌĞϭͿƚŽƐĞƌǀĞĂƐ ŽĨƚŚĞĐŽŶƐƵůƚĂƚŝŽŶŽƌĂƌĞĂƐ ĂƚĞŵƉŽƌĂƌǇƐŚĞůƚĞƌĨŽƌƚŚŽƐĞŝŶƉĞƌƐŽŶĂůĐƌŝƐŝƐͬŶĞĞĚϮͿƚŽƚƌĞĂƚ ĨŽƌŝŵƉƌŽǀĞĚĐŽŽƌĚŝŶĂƚŝŽŶ͍ ŐƵĞƐƚƐǁŝƚŚĚŝŐŶŝƚǇ͕ƌĞƐƉĞĐƚ͕ĂŶĚĂƉƉƌĞĐŝĂƚŝŽŶϯͿƚŽƉƌŽǀŝĚĞĂ ĐĂƌŝŶŐ͕ĐŽŵŵƵŶŝƚǇĞŶǀŝƌŽŶŵĞŶƚ͘KďũĞĐƚŝǀĞƐĨŽƌŵĞĞƚŝŶŐƚŚĞƐĞ ƉƌŝŽƌŝƚŝĞƐŝŶĐůƵĚĞƐĞƌǀŝŶŐŐƵĞƐƚƐŝŶŶĞĞĚϯϲϱĚĂǇƐĂǇĞĂƌĂŶĚ ŐĂƚŚĞƌŝŶŐĂĐĂƌŝŶŐ͕ĐŽŵƉĂƐƐŝŽŶĂƚĞŐƌŽƵƉŽĨǀŽůƵŶƚĞĞƌƐƚŽƐĞƌǀĞ ƚŚĞ,ŽƵƐĞ͘hŶŵĞƚŶĞĞĚƐĂƌĞĨŽƌŵŽƌĞĞŵĞƌŐĞŶĐǇƐŚĞůƚĞƌƐƉĂĐĞ͕ ƚƌĂŶƐŝƚŝŽŶĂůŚŽƵƐŝŶŐ͕ĂŶĚƐƵƉƉŽƌƚŝǀĞŚŽƵƐŝŶŐ͘DĂŶǇĐůŝĞŶƚƐĂƌĞ ǀŝƐŝƚŽƌƐĂŶĚƚŚĞŶĞĞĚĨŽƌƐĞƌǀŝĐĞƐŽƵƚƉĂĐĞƐĂǀĂŝůĂďŝůŝƚǇ͘,ŝŐŚ ĐŽŵŵƵŶŝƚǇĚĞǀĞůŽƉŵĞŶƚƉƌŝŽƌŝƚŝĞƐŝŶĐůƵĚĞǇŽƵƚŚĐĞŶƚĞƌƐ͕ ŚĂŶĚŝĐĂƉƉĞĚƐĞƌǀŝĐĞƐ͕ƚƌĂŶƐƉŽƌƚĂƚŝŽŶƐĞƌǀŝĐĞƐ͕ƐƵďƐƚĂŶĐĞĂďƵƐĞ ƐĞƌǀŝĐĞƐ͕ĂŶĚĞŵƉůŽǇŵĞŶƚƚƌĂŝŶŝŶŐ͘dŚĞŽƌŽƚŚǇĂǇŚĂƐ ƌĞƋƵĞƐƚĞĚŶŽĨƵŶĚŝŶŐĨƌŽŵƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽ ϳhŶŝƚĞĚtĂǇŽĨKůŵƐƚĞĚŽƵŶƚǇ Ŷ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽ ^ĞƌǀŝĐĞƐͲŚŝůĚƌĞŶ ŶdǇƉĞ ƵƐŝŶĞƐƐĂŶĚŝǀŝĐ>ĞĂĚĞƌƐ EĞŝŐŚďŽƌŚŽŽĚKƌŐĂŶŝǌĂƚŝŽŶ tŚĂƚƐĞĐƚŝŽŶŽĨƚŚĞWůĂŶ >Žǁ/ŶĐŽŵĞWƌŽŐƌĂŵƐ ǁĂƐĂĚĚƌĞƐƐĞĚďǇ ŽŶƐƵůƚĂƚŝŽŶ͍ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ,ŽǁǁĂƐƚŚĞ ƐƵƌǀĞǇǁĂƐƐĞŶƚƌĞƋƵĞƐƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶĐƌŝƚŝĐĂůŝŶŝĚĞŶƚŝĨǇŝŶŐ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽ ŶĞĞĚƐĂŶĚƉƌŝŽƌŝƚǇŶĞĞĚƐŝŶƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͕ƉƌŝŶĐŝƉĂůůǇĨŽƌ ŶĐŽŶƐƵůƚĞĚĂŶĚǁŚĂƚĂƌĞ ůŽǁͲĂŶĚŵŽĚĞƌĂƚĞͲŝŶĐŽŵĞƌĞƐŝĚĞŶƚƐĂŶĚƚŚŽƐĞǁŝƚŚƐƉĞĐŝĂů ƚŚĞĂŶƚŝĐŝƉĂƚĞĚŽƵƚĐŽŵĞƐ ŶĞĞĚƐ͘hŶŝƚĞĚtĂǇƌĞƐƉŽŶƐĞ͗,ŝŐŚƉƌŝŽƌŝƚŝĞƐŝŶĐůƵĚĞĐŚŝůĚĐĂƌĞ ŽĨƚŚĞĐŽŶƐƵůƚĂƚŝŽŶŽƌĂƌĞĂƐ 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dŚĞƌĞĂƌĞϭϵ͕ϭϲϱůŽǁƚŽŵŽĚĞƌĂƚĞͲŝŶĐŽŵĞŚŽƵƐĞŚŽůĚƐŝŶZŽĐŚĞƐƚĞƌ͕DE͕ƌĞƉƌĞƐĞŶƚŝŶŐŶĞĂƌůǇϰϰйŽĨƚŚĞ ƚŽƚĂůŚŽƵƐĞŚŽůĚƐ͘ĂƚĂŝŶƚŚŝƐƐĞĐƚŝŽŶŚĂƐďĞĞŶƉƌŽǀŝĚĞĚďǇƚŚĞh^ĞƉĂƌƚŵĞŶƚŽĨ,ŽƵƐŝŶŐĂŶĚhƌďĂŶ ĞǀĞůŽƉŵĞŶƚ;,hͿ͕ĂŶĚŵĞƌŝĐĂŶŽŵŵƵŶŝƚǇ^ƵƌǀĞǇĚĂƚĂǁŚĞƌĞŶŽƚĞĚ͘ ƐƚŝŵĂƚĞĚ,ŽƵƐŝŶŐEĞĞĚƐ&ŝǀĞzĞĂƌ'ŽĂůƐ ĐƋƵŝƐŝƚŝŽŶŽĨĞǆŝƐƚŝŶŐƌĞŶƚĂůƵŶŝƚƐϬ WƌŽĚƵĐƚŝŽŶŽĨŶĞǁƌĞŶƚĂůƵŶŝƚƐϬ ZĞŚĂďŝůŝƚĂƚŝŽŶŽĨĞǆŝƐƚŝŶŐƌĞŶƚĂůƵŶŝƚƐϰ ZĞŶƚĂůƐƐŝƐƚĂŶĐĞϬ ĐƋƵŝƐŝƚŝŽŶŽĨĞǆŝƐƚŝŶŐŽǁŶĞƌƵŶŝƚƐϬ WƌŽĚƵĐƚŝŽŶŽĨŶĞǁŽǁŶĞƌƵŶŝƚƐϬ ZĞŚĂďŝůŝƚĂƚŝŽŶŽĨĞǆŝƐƚŝŶŐŽǁŶĞƌƵŶŝƚƐϭϮϬ ,ŽŵĞŽǁŶĞƌƐŚŝƉƐƐŝƐƚĂŶĐĞϬ ZĞŚĂďŝůŝƚĂƚŝŽŶ^ƉĞĐŝĂůEĞĞĚƐ,ŽƵƐŝŶŐϱ ZĞŚĂďŝůŝƚĂƚŝŽŶ,ŽŵĞůĞƐƐ^ŚĞůƚĞƌƐϰ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌŝƐĐŽŵŵŝƚƚĞĚƚŽƉƌŽǀŝĚŝŶŐƐĂĨĞ͕ĚĞĐĞŶƚĂŶĚĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐďǇƉƌĞƐĞƌǀŝŶŐƚŚĞ ĞǆŝƐƚŝŶŐŚŽƵƐŝŶŐƐƚŽĐŬĂŶĚĚĞǀĞůŽƉŝŶŐŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌƚŚĞĂĚĚŝƚŝŽŶŽĨŶĞǁĂĨĨŽƌĚĂďůĞƌĞŶƚĂůĂŶĚ ŚŽŵĞŽǁŶĞƌƐŚŝƉƵŶŝƚƐ͘dŚŝƐǁŝůůĂƐƐŝƐƚŝŶƌĞǀŝƚĂůŝǌŝŶŐƌĞƐŝĚĞŶƚŝĂůŶĞŝŐŚďŽƌŚŽŽĚƐŽĨĚĞƐŝƌĂďůĞƋƵĂůŝƚǇĂŶĚ ƐƚĂďŝůŝƚǇ͕ďǇƌĞƉƌĞƐĞŶƚŝŶŐZŽĐŚĞƐƚĞƌ͛ƐĐŝƚŝǌĞŶƐŝŶƚĞƌŵƐŽĨƌĂĐĞ͕ŝŶĐŽŵĞŐƌŽƵƉĂŶĚŚŽƵƐĞŚŽůĚƚǇƉĞ͘ ĞŵŽŐƌĂƉŚŝĐƐĂƐĞzĞĂƌ͗ϮϬϬϵDŽƐƚZĞĐĞŶƚzĞĂƌ͗ϮϬϭϱйŚĂŶŐĞ WŽƉƵůĂƚŝŽŶϭϬϲ͕ϳϲϵϭϭϬ͕Ϯϳϱϯй ,ŽƵƐĞŚŽůĚƐϰϬ͕ϱϵϰϰϯ͕ϲϯϱϳй DĞĚŝĂŶ/ŶĐŽŵĞΨϲϭ͕ϰϵϮ͘ϬϬΨϲϰ͕ϱϱϰ͘ϬϬϱй ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϮϲ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D dĂďůĞϰͲ,ŽƵƐŝŶŐEĞĞĚƐƐƐĞƐƐŵĞŶƚĞŵŽŐƌĂƉŚŝĐƐ ĂƚĂ^ŽƵƌĐĞ͗ ϮϬϬϱͲϮϬϬϵ^;ĂƐĞzĞĂƌͿ͕ϮϬϭϭͲϮϬϭϱ^;DŽƐƚZĞĐĞŶƚzĞĂƌͿ EƵŵďĞƌŽĨ,ŽƵƐĞŚŽůĚƐdĂďůĞ ϬͲϯϬйхϯϬͲϱϬйхϱϬͲϴϬйхϴϬͲϭϬϬйхϭϬϬй ,D&/,D&/,D&/,D&/,D&/ dŽƚĂů,ŽƵƐĞŚŽůĚƐϱ͕ϰϯϱϱ͕ϳϰϬϳ͕ϵϵϬϱ͕ϬϰϬϭϵ͕ϰϮϱ ^ŵĂůů&ĂŵŝůǇ,ŽƵƐĞŚŽůĚƐϭ͕ϮϮϱϭ͕ϰϴϬϮ͕ϴϭϱϮ͕ϭϱϱϭϬ͕ϳϳϬ >ĂƌŐĞ&ĂŵŝůǇ,ŽƵƐĞŚŽůĚƐϯϬϬϯϴϬϱϯϱϯϵϬϭ͕ϰϯϱ ,ŽƵƐĞŚŽůĚĐŽŶƚĂŝŶƐĂƚůĞĂƐƚŽŶĞ ƉĞƌƐŽŶϲϮͲϳϰǇĞĂƌƐŽĨĂŐĞϲϮϱϴϯϬϭ͕ϱϮϱϴϬϱϯ͕ϰϵϱ ,ŽƵƐĞŚŽůĚĐŽŶƚĂŝŶƐĂƚůĞĂƐƚŽŶĞ ƉĞƌƐŽŶĂŐĞϳϱŽƌŽůĚĞƌϵϰϱϭ͕ϯϭϬϵϳϬϱϳϬϭ͕ϭϯϬ ,ŽƵƐĞŚŽůĚƐǁŝƚŚŽŶĞŽƌŵŽƌĞ ĐŚŝůĚƌĞŶϲǇĞĂƌƐŽůĚŽƌǇŽƵŶŐĞƌϳϵϬϭ͕Ϭϭϱϭ͕ϱϭϬϭ͕ϬϳϱϮ͕ϳϴϬ dĂďůĞϱͲdŽƚĂů,ŽƵƐĞŚŽůĚƐdĂďůĞ ĂƚĂ ϮϬϭϭͲϮϬϭϱ,^ ^ŽƵƌĐĞ͗ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϮϳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ,ŽƵƐŝŶŐEĞĞĚƐ^ƵŵŵĂƌǇdĂďůĞƐ ϭ͘,ŽƵƐŝŶŐWƌŽďůĞŵƐ;,ŽƵƐĞŚŽůĚƐǁŝƚŚŽŶĞŽĨƚŚĞůŝƐƚĞĚŶĞĞĚƐͿ ZĞŶƚĞƌKǁŶĞƌ ϬͲϯϬйхϯϬͲхϱϬͲхϴϬͲdŽƚĂůϬͲϯϬйхϯϬͲхϱϬͲхϴϬͲdŽƚĂů D/ϱϬйϴϬйϭϬϬйD/ϱϬйϴϬйϭϬϬй D/D/D/D/D/D/ EhDZK&,Kh^,K>^ ^ƵďƐƚĂŶĚĂƌĚ ,ŽƵƐŝŶŐͲ >ĂĐŬŝŶŐ ĐŽŵƉůĞƚĞ ƉůƵŵďŝŶŐŽƌ ŬŝƚĐŚĞŶ ĨĂĐŝůŝƚŝĞƐϱϱϵϱϯϱϬϭϴϱϱϱϭϱϬϭϬϴϬ ^ĞǀĞƌĞůǇ KǀĞƌĐƌŽǁĚĞĚͲ tŝƚŚхϭ͘ϱϭ ƉĞŽƉůĞƉĞƌ ƌŽŽŵ;ĂŶĚ ĐŽŵƉůĞƚĞ ŬŝƚĐŚĞŶĂŶĚ ƉůƵŵďŝŶŐͿϭϬϬϱϬϯϱϬϭϴϱϬϬϮϬϬϮϬ KǀĞƌĐƌŽǁĚĞĚͲ tŝƚŚϭ͘ϬϭͲϭ͘ϱ ƉĞŽƉůĞƉĞƌ ƌŽŽŵ;ĂŶĚ ŶŽŶĞŽĨƚŚĞ ĂďŽǀĞ ƉƌŽďůĞŵƐͿϭϱϱϭϬϱϰϱϯϬϯϯϱϰϱϱϱϳϱϰϬϮϭϱ ,ŽƵƐŝŶŐĐŽƐƚ ďƵƌĚĞŶŐƌĞĂƚĞƌ ƚŚĂŶϱϬйŽĨ ŝŶĐŽŵĞ;ĂŶĚ ŶŽŶĞŽĨƚŚĞ ĂďŽǀĞ ƉƌŽďůĞŵƐͿϮ͕ϭϱϱϯϴϬϭϬϱϭϬϮ͕ϲϱϬϲϲϬϱϰϬϭϬϱϯϱϭ͕ϯϰϬ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϮϴ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ZĞŶƚĞƌKǁŶĞƌ ϬͲϯϬйхϯϬͲхϱϬͲхϴϬͲdŽƚĂůϬͲϯϬйхϯϬͲхϱϬͲхϴϬͲdŽƚĂů D/ϱϬйϴϬйϭϬϬйD/ϱϬйϴϬйϭϬϬй D/D/D/D/D/D/ ,ŽƵƐŝŶŐĐŽƐƚ ďƵƌĚĞŶŐƌĞĂƚĞƌ ƚŚĂŶϯϬйŽĨ ŝŶĐŽŵĞ;ĂŶĚ ŶŽŶĞŽĨƚŚĞ ĂďŽǀĞ ƉƌŽďůĞŵƐͿϱϮϬϭ͕ϱϲϬϱϭϱϲϬϮ͕ϲϱϱϰϮϬϳϮϬϭ͕ϮϲϱϮϳϬϮ͕ϲϳϱ ĞƌŽͬŶĞŐĂƚŝǀĞ /ŶĐŽŵĞ;ĂŶĚ ŶŽŶĞŽĨƚŚĞ ĂďŽǀĞ ƉƌŽďůĞŵƐͿϮϰϱϬϬϬϮϰϱϭϮϱϬϬϬϭϮϱ dĂďůĞϲʹ,ŽƵƐŝŶŐWƌŽďůĞŵƐdĂďůĞ ĂƚĂ ϮϬϭϭͲϮϬϭϱ,^ ^ŽƵƌĐĞ͗ Ϯ͘,ŽƵƐŝŶŐWƌŽďůĞŵƐϮ;,ŽƵƐĞŚŽůĚƐǁŝƚŚŽŶĞŽƌŵŽƌĞ^ĞǀĞƌĞ,ŽƵƐŝŶŐWƌŽďůĞŵƐ͗>ĂĐŬƐŬŝƚĐŚĞŶ ŽƌĐŽŵƉůĞƚĞƉůƵŵďŝŶŐ͕ƐĞǀĞƌĞŽǀĞƌĐƌŽǁĚŝŶŐ͕ƐĞǀĞƌĞĐŽƐƚďƵƌĚĞŶͿ ZĞŶƚĞƌKǁŶĞƌ ϬͲϯϬйхϯϬͲхϱϬͲхϴϬͲdŽƚĂůϬͲхϯϬͲхϱϬͲхϴϬͲdŽƚĂů D/ϱϬйϴϬйϭϬϬйϯϬйϱϬйϴϬйϭϬϬй D/D/D/D/D/D/D/ EhDZK&,Kh^,K>^ ,ĂǀŝŶŐϭŽƌŵŽƌĞ ŽĨĨŽƵƌŚŽƵƐŝŶŐ ƉƌŽďůĞŵƐϮ͕ϰϲϱϲϯϬϮϮϬϰϬϯ͕ϯϱϱϳϲϬϲϭϬϮϬϬϴϬϭ͕ϲϱϬ ,ĂǀŝŶŐŶŽŶĞŽĨ ĨŽƵƌŚŽƵƐŝŶŐ ƉƌŽďůĞŵƐϭ͕ϭϭϬϮ͕ϯϴϱϮ͕ϱϯϱϭ͕ϭϳϬϳ͕ϮϬϬϳϯϱϮ͕ϭϮϬϱ͕Ϭϯϱϯ͕ϳϱϱϭϭ͕ϲϰϱ ,ŽƵƐĞŚŽůĚŚĂƐ ŶĞŐĂƚŝǀĞŝŶĐŽŵĞ͕ ďƵƚŶŽŶĞŽĨƚŚĞ ŽƚŚĞƌŚŽƵƐŝŶŐ ƉƌŽďůĞŵƐϮϰϱϬϬϬϮϰϱϭϮϱϬϬϬϭϮϱ dĂďůĞϳʹ,ŽƵƐŝŶŐWƌŽďůĞŵƐϮ ĂƚĂ ϮϬϭϭͲϮϬϭϱ,^ ^ŽƵƌĐĞ͗ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϮϵ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ϯ͘ŽƐƚƵƌĚĞŶхϯϬй ZĞŶƚĞƌKǁŶĞƌ ϬͲϯϬйхϯϬͲϱϬйхϱϬͲdŽƚĂůϬͲϯϬйхϯϬͲϱϬйхϱϬͲϴϬйdŽƚĂů D/D/ϴϬйD/D/D/ D/ EhDZK&,Kh^,K>^ ^ŵĂůůZĞůĂƚĞĚϵϭϬϱϳϱϮϭϵϭ͕ϳϬϰϮϬϬϯϲϬϲϲϱϭ͕ϮϮϱ >ĂƌŐĞZĞůĂƚĞĚϮϭϱϭϭϬϮϬϯϰϱϲϬϭϭϬϲϬϮϯϬ ůĚĞƌůǇϯϮϵϰϲϰϭϲϬϵϱϯϱϱϱϱϲϱϯϮϰϭ͕ϰϰϰ KƚŚĞƌϭ͕ϱϬϬϵϬϬϮϮϱϮ͕ϲϮϱϯϯϬϮϳϬϯϮϰϵϮϰ dŽƚĂůŶĞĞĚďǇϮ͕ϵϱϰϮ͕ϬϰϵϲϮϰϱ͕ϲϮϳϭ͕ϭϰϱϭ͕ϯϬϱϭ͕ϯϳϯϯ͕ϴϮϯ ŝŶĐŽŵĞ dĂďůĞϴʹŽƐƚƵƌĚĞŶхϯϬй ĂƚĂ ϮϬϭϭͲϮϬϭϱ,^ ^ŽƵƌĐĞ͗ ϰ͘ŽƐƚƵƌĚĞŶхϱϬй ZĞŶƚĞƌKǁŶĞƌ ϬͲϯϬйхϯϬͲхϱϬͲdŽƚĂůϬͲϯϬйхϯϬͲхϱϬͲdŽƚĂů D/ϱϬйϴϬйD/ϱϬйϴϬй D/D/D/D/ EhDZK&,Kh^,K>^ ^ŵĂůůZĞůĂƚĞĚϴϬϬϯϬϰϴϯϰϭϰϱϵϬϲϬϮϵϱ >ĂƌŐĞZĞůĂƚĞĚϭϲϱϬϬϭϲϱϭϱϲϬϬϳϱ ůĚĞƌůǇϭϴϱϮϭϰϴϱϰϴϰϯϬϬϮϲϱϯϰϱϵϵ KƚŚĞƌϭ͕ϮϱϬϭϲϬϭϱϭ͕ϰϮϱϮϬϬϭϮϱϰϯϮϵ dŽƚĂůŶĞĞĚďǇϮ͕ϰϬϬϰϬϰϭϬϰϮ͕ϵϬϴϲϲϬϱϰϬϵϴϭ͕Ϯϵϴ ŝŶĐŽŵĞ dĂďůĞϵʹŽƐƚƵƌĚĞŶхϱϬй ĂƚĂ ϮϬϭϭͲϮϬϭϱ,^ ^ŽƵƌĐĞ͗ ϱ͘ƌŽǁĚŝŶŐ;DŽƌĞƚŚĂŶŽŶĞƉĞƌƐŽŶƉĞƌƌŽŽŵͿ ZĞŶƚĞƌKǁŶĞƌ ϬͲхϯϬͲхϱϬͲхϴϬͲdŽƚĂůϬͲхϯϬͲхϱϬͲхϴϬͲdŽƚĂů ϯϬйϱϬйϴϬйϭϬϬйϯϬйϱϬйϴϬйϭϬϬй D/D/D/D/D/D/D/D/ EhDZK&,Kh^,K>^ ^ŝŶŐůĞĨĂŵŝůǇ ŚŽƵƐĞŚŽůĚƐϮϬϱϭϰϬϴϬϯϬϰϱϱϰϱϱϬϰϬϰϬϭϳϱ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϯϬ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ZĞŶƚĞƌKǁŶĞƌ ϬͲхϯϬͲхϱϬͲхϴϬͲdŽƚĂůϬͲхϯϬͲхϱϬͲхϴϬͲdŽƚĂů ϯϬйϱϬйϴϬйϭϬϬйϯϬйϱϬйϴϬйϭϬϬй D/D/D/D/D/D/D/D/ DƵůƚŝƉůĞ͕ ƵŶƌĞůĂƚĞĚĨĂŵŝůǇ ŚŽƵƐĞŚŽůĚƐϮϱϬϬϬϮϱϬϭϬϱϱϬϲϱ KƚŚĞƌ͕ŶŽŶͲĨĂŵŝůǇ ŚŽƵƐĞŚŽůĚƐϮϬϮϱϬϬϰϱϬϬϬϬϬ dŽƚĂůŶĞĞĚďǇϮϱϬϭϲϱϴϬϯϬϱϮϱϰϱϲϬϵϱϰϬϮϰϬ ŝŶĐŽŵĞ dĂďůĞϭϬʹƌŽǁĚŝŶŐ/ŶĨŽƌŵĂƚŝŽŶʹϭͬϮ ĂƚĂ ϮϬϭϭͲϮϬϭϱ,^ ^ŽƵƌĐĞ͗ ZĞŶƚĞƌKǁŶĞƌ ϬͲϯϬйхϯϬͲхϱϬͲdŽƚĂůϬͲϯϬйхϯϬͲхϱϬͲdŽƚĂů D/ϱϬйϴϬйD/ϱϬйϴϬй D/D/D/D/ ,ŽƵƐĞŚŽůĚƐ ǁŝƚŚŚŝůĚƌĞŶ WƌĞƐĞŶƚ dĂďůĞϭϭʹƌŽǁĚŝŶŐ/ŶĨŽƌŵĂƚŝŽŶʹϮͬϮ ĂƚĂ^ŽƵƌĐĞ ŽŵŵĞŶƚƐ͗ ĞƐĐƌŝďĞƚŚĞŶƵŵďĞƌĂŶĚƚǇƉĞŽĨƐŝŶŐůĞƉĞƌƐŽŶŚŽƵƐĞŚŽůĚƐŝŶŶĞĞĚŽĨŚŽƵƐŝŶŐĂƐƐŝƐƚĂŶĐĞ͘ dŚĞƌĞǁĞƌĞϭ͕ϲϰϮŵĂůĞŶŽŶͲĨĂŵŝůǇŚŽƵƐĞŚŽůĚƐ͕ĂŶĚϮ͕ϰϱϲĨĞŵĂůĞŶŽŶͲĨĂŵŝůǇŚŽƵƐĞŚŽůĚƐďĞůŽǁƚŚĞ ƉŽǀĞƌƚǇůĞǀĞů͕ĂĐĐŽƌĚŝŶŐƚŽƚŚĞϮϬϭϯͲϮϬϭϳ^͘dŚŝƐĚĂƚĂĚŽĞƐŝŶĐůƵĚĞƉĞƌƐŽŶƐůŝǀŝŶŐƚŽŐĞƚŚĞƌǁŚŽĂƌĞ 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ZŝƐŬĨĂĐƚŽƌƐĂƐƐĞƐƐĞĚŝŶĐůƵĚĞĐƵƌƌĞŶƚŚŽƵƐŝŶŐƐƚĂƚƵƐ;ďĞŝŶŐĚŽƵďůĞĚͲƵƉ͕ŶŽƚŽŶĂůĞĂƐĞͿ͕ĐƌŝŵŝŶĂů ŚŝƐƚŽƌǇ͕ĂĚǀĞƌƐĞĐŚŝůĚŚŽŽĚĞǆƉĞƌŝĞŶĐĞƐ;ŚŽŵĞůĞƐƐŶĞƐƐ͕ĨŽƐƚĞƌĐĂƌĞƉůĂĐĞŵĞŶƚ͕ĨƌĞƋƵĞŶƚŵŽǀĞƐ͕ĞƚĐ͘Ϳ͕ ĚŽŵĞƐƚŝĐǀŝŽůĞŶĐĞŽƌŽƚŚĞƌŵĂũŽƌŚŽƵƐĞŚŽůĚƚƌĂƵŵĂŽƌĞǀĞŶƚ;ĚĞĂƚŚŽĨĨĂŵŝůǇŵĞŵďĞƌ͕ ƐĞƉĂƌĂƚŝŽŶͬĚŝǀŽƌĐĞ͕ŵĂũŽƌŝŶũƵƌǇŽƌŝůůŶĞƐƐ͕ĞƚĐ͘Ϳ͕ƌĞĐĞŶƚĚŝƐĐŚĂƌŐĞĨƌŽŵĂŶŝŶƐƚŝƚƵƚŝŽŶ͕ůŽǁŝŶĐŽŵĞ͕ĂŶĚ ƉƌĞǀŝŽƵƐĞǀŝĐƚŝŽŶƐ͘ŝƐĐƌŝŵŝŶĂƚŝŽŶďĂƐĞĚŽŶƌĂĐĞͬĞƚŚŶŝĐŝƚǇ͕ƐĞǆƵĂůŽƌŝĞŶƚĂƚŝŽŶŽƌŐĞŶĚĞƌŝĚĞŶƚŝƚǇ͕ĂŶĚ ĨĂŵŝůŝĂůƐƚĂƚƵƐĂƌĞĂůƐŽĐŽŶƚƌŝďƵƚŝŶŐĨĂĐƚŽƌƐ͕ďƵƚĂƌĞŚĂƌĚƚŽďƌĞĂŬŽƵƚĨƌŽŵŽƚŚĞƌƌŝƐŬĨĂĐƚŽƌƐ͘ĂƐĞĚ ŽŶŝŶŝƚŝĂůĂŶĂůǇƐŝƐ͕ƚŚĞŵŽƐƚƐŝŐŶŝĨŝĐĂŶƚƌŝƐŬĨĂĐƚŽƌƐĂĐƌŽƐƐĂůůŚŽƵƐĞŚŽůĚƐĂƌĞƉƌĞǀŝŽƵƐŚŝƐƚŽƌǇŽĨ ŚŽŵĞůĞƐƐŶĞƐƐĂŶĚĐƵƌƌĞŶƚŚŽƵƐŝŶŐƐƚĂƚƵƐ͕ǁŚŝůĞƐƉĞĐŝĨŝĐďĂƌƌŝĞƌƐƚŽŚŽƵƐŝŶŐƐƵĐŚĂƐŚŝƐƚŽƌǇŽĨ ŝŶƐƚŝƚƵƚŝŽŶĂůŝǌĂƚŝŽŶĂĨĨĞĐƚĐĞƌƚĂŝŶƉŽƌƚŝŽŶƐŽĨƚŚĞƉŽƉƵůĂƚŝŽŶ͘>ŽǁŝŶĐŽŵĞďǇŝƚƐĞůĨŝƐŶŽƚĂƐƚƌŽŶŐ ƉƌĞĚŝĐƚŽƌŽĨŚŽŵĞůĞƐƐŶĞƐƐ͘;ŽŵƉĂƌŝŶŐƚŚĞŶƵŵďĞƌŽĨŚŽƵƐĞŚŽůĚƐǁŚŽĂƌĞŚŽŵĞůĞƐƐǁŝƚŚƚŚĞƚŽƚĂů ƉŽƉƵůĂƚŝŽŶŽĨŚŽƵƐĞŚŽůĚƐǁŝƚŚǀĞƌǇůŽǁŝŶĐŽŵĞ͕ĨĞǁĞƌƚŚĂŶϭŝŶϭϬŚŽƵƐĞŚŽůĚƐǁŝƚŚǀĞƌǇůŽǁŝŶĐŽŵĞ ďĞĐŽŵĞŚŽŵĞůĞƐƐ͘Ϳ/ŶƐƚĞĂĚ͕ǁŚĞŶƚŚĞŽƚŚĞƌƌŝƐŬĨĂĐƚŽƌƐĂƌĞƉƌĞƐĞŶƚ͕ůŝŵŝƚĞĚŝŶĐŽŵĞĐŽŵƉŽƵŶĚƐƚŚĞ ƐŝƚƵĂƚŝŽŶďǇůŝŵŝƚŝŶŐƚŚĞŚŽƵƐĞŚŽůĚĐŚŽŝĐĞƐĂǀĂŝůĂďůĞƚŽƉƌĞǀĞŶƚŚŽŵĞůĞƐƐŶĞƐƐ͘ ŝƐĐƵƐƐŝŽŶ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϯϰ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D EͲϭϱŝƐƉƌŽƉŽƌƚŝŽŶĂƚĞůǇ'ƌĞĂƚĞƌEĞĞĚ͗,ŽƵƐŝŶŐWƌŽďůĞŵƐʹϵϭ͘ϮϬϱ;ďͿ;ϮͿ ƐƐĞƐƐƚŚĞŶĞĞĚŽĨĂŶǇƌĂĐŝĂůŽƌĞƚŚŶŝĐŐƌŽƵƉƚŚĂƚŚĂƐĚŝƐƉƌŽƉŽƌƚŝŽŶĂƚĞůǇŐƌĞĂƚĞƌŶĞĞĚŝŶĐŽŵƉĂƌŝƐŽŶƚŽ ƚŚĞŶĞĞĚƐŽĨƚŚĂƚĐĂƚĞŐŽƌǇŽĨŶĞĞĚĂƐĂǁŚŽůĞ͘ /ŶƚƌŽĚƵĐƚŝŽŶ dŚĞĨŽƵƌŚŽƵƐŝŶŐƉƌŽďůĞŵƐŝŶƚŚĞũƵƌŝƐĚŝĐƚŝŽŶĂƌĞ͗ x >ĂĐŬƐĐŽŵƉůĞƚĞŬŝƚĐŚĞŶĨĂĐŝůŝƚŝĞƐ x >ĂĐŬƐĐŽŵƉůĞƚĞƉůƵŵďŝŶŐĨĂĐŝůŝƚŝĞƐ x DŽƌĞƚŚĂŶŽŶĞƉĞƌƐŽŶƉĞƌƌŽŽŵ;ŽǀĞƌĐƌŽǁĚŝŶŐͿ x ŽƐƚďƵƌĚĞŶŐƌĞĂƚĞƌƚŚĂŶϯϬй ϬйͲϯϬйŽĨƌĞĂDĞĚŝĂŶ/ŶĐŽŵĞ ,ŽƵƐŝŶŐWƌŽďůĞŵƐ,ĂƐŽŶĞŽƌŵŽƌĞ,ĂƐŶŽŶĞŽĨƚŚĞ,ŽƵƐĞŚŽůĚŚĂƐ ŽĨĨŽƵƌŚŽƵƐŝŶŐĨŽƵƌŚŽƵƐŝŶŐŶŽͬŶĞŐĂƚŝǀĞ ƉƌŽďůĞŵƐƉƌŽďůĞŵƐŝŶĐŽŵĞ͕ďƵƚŶŽŶĞ ŽĨƚŚĞŽƚŚĞƌ ŚŽƵƐŝŶŐƉƌŽďůĞŵƐ :ƵƌŝƐĚŝĐƚŝŽŶĂƐĂǁŚŽůĞϰ͕ϭϲϬϵϬϱϯϳϬ tŚŝƚĞϮ͕ϵϱϬϳϳϬϮϰϬ ůĂĐŬͬĨƌŝĐĂŶŵĞƌŝĐĂŶϲϰϱϰϵϱ ƐŝĂŶϭϲϬϭϬϬϮϬ ŵĞƌŝĐĂŶ/ŶĚŝĂŶ͕ůĂƐŬĂEĂƚŝǀĞϬϬϭϬ WĂĐŝĨŝĐ/ƐůĂŶĚĞƌϬϬϬ ,ŝƐƉĂŶŝĐϮϵϱϮϵϬ dĂďůĞϭϮͲŝƐƉƌŽƉŽƌƚŝŽŶĂůůǇ'ƌĞĂƚĞƌEĞĞĚϬͲϯϬйD/ ĂƚĂ ϮϬϭϭͲϮϬϭϱ,^ ^ŽƵƌĐĞ͗ ΎdŚĞĨŽƵƌŚŽƵƐŝŶŐƉƌŽďůĞŵƐĂƌĞ͗ ϭ͘>ĂĐŬƐĐŽŵƉůĞƚĞŬŝƚĐŚĞŶĨĂĐŝůŝƚŝĞƐ͕Ϯ͘>ĂĐŬƐĐŽŵƉůĞƚĞƉůƵŵďŝŶŐĨĂĐŝůŝƚŝĞƐ͕ϯ͘DŽƌĞƚŚĂŶŽŶĞƉĞƌƐŽŶƉĞƌ ƌŽŽŵ͕ϰ͘ŽƐƚƵƌĚĞŶŐƌĞĂƚĞƌƚŚĂŶϯϬй ϯϬйͲϱϬйŽĨƌĞĂDĞĚŝĂŶ/ŶĐŽŵĞ ,ŽƵƐŝŶŐWƌŽďůĞŵƐ,ĂƐŽŶĞŽƌŵŽƌĞ,ĂƐŶŽŶĞŽĨƚŚĞ,ŽƵƐĞŚŽůĚŚĂƐ ŽĨĨŽƵƌŚŽƵƐŝŶŐĨŽƵƌŚŽƵƐŝŶŐŶŽͬŶĞŐĂƚŝǀĞ ƉƌŽďůĞŵƐƉƌŽďůĞŵƐŝŶĐŽŵĞ͕ďƵƚŶŽŶĞ ŽĨƚŚĞŽƚŚĞƌ ŚŽƵƐŝŶŐƉƌŽďůĞŵƐ :ƵƌŝƐĚŝĐƚŝŽŶĂƐĂǁŚŽůĞϯ͕ϱϮϬϮ͕ϮϮϬϬ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϯϱ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ,ŽƵƐŝŶŐWƌŽďůĞŵƐ,ĂƐŽŶĞŽƌŵŽƌĞ,ĂƐŶŽŶĞŽĨƚŚĞ,ŽƵƐĞŚŽůĚŚĂƐ ŽĨĨŽƵƌŚŽƵƐŝŶŐĨŽƵƌŚŽƵƐŝŶŐŶŽͬŶĞŐĂƚŝǀĞ ƉƌŽďůĞŵƐƉƌŽďůĞŵƐŝŶĐŽŵĞ͕ďƵƚŶŽŶĞ ŽĨƚŚĞŽƚŚĞƌ ŚŽƵƐŝŶŐƉƌŽďůĞŵƐ tŚŝƚĞϮ͕ϳϲϱϭ͕ϴϭϱϬ ůĂĐŬͬĨƌŝĐĂŶŵĞƌŝĐĂŶϯϱϱϭϯϬϬ ƐŝĂŶϭϲϱϳϬϬ ŵĞƌŝĐĂŶ/ŶĚŝĂŶ͕ůĂƐŬĂEĂƚŝǀĞϬϬϬ WĂĐŝĨŝĐ/ƐůĂŶĚĞƌϬϬϬ ,ŝƐƉĂŶŝĐϭϳϬϭϲϬϬ dĂďůĞϭϯͲŝƐƉƌŽƉŽƌƚŝŽŶĂůůǇ'ƌĞĂƚĞƌEĞĞĚϯϬͲϱϬйD/ ĂƚĂ ϮϬϭϭͲϮϬϭϱ,^ ^ŽƵƌĐĞ͗ ΎdŚĞĨŽƵƌŚŽƵƐŝŶŐƉƌŽďůĞŵƐĂƌĞ͗ ϭ͘>ĂĐŬƐĐŽŵƉůĞƚĞŬŝƚĐŚĞŶĨĂĐŝůŝƚŝĞƐ͕Ϯ͘>ĂĐŬƐĐŽŵƉůĞƚĞƉůƵŵďŝŶŐĨĂĐŝůŝƚŝĞƐ͕ϯ͘DŽƌĞƚŚĂŶŽŶĞƉĞƌƐŽŶƉĞƌ ƌŽŽŵ͕ϰ͘ŽƐƚƵƌĚĞŶŐƌĞĂƚĞƌƚŚĂŶϯϬй ϱϬйͲϴϬйŽĨƌĞĂDĞĚŝĂŶ/ŶĐŽŵĞ ,ŽƵƐŝŶŐWƌŽďůĞŵƐ,ĂƐŽŶĞŽƌŵŽƌĞ,ĂƐŶŽŶĞŽĨƚŚĞ,ŽƵƐĞŚŽůĚŚĂƐ ŽĨĨŽƵƌŚŽƵƐŝŶŐĨŽƵƌŚŽƵƐŝŶŐŶŽͬŶĞŐĂƚŝǀĞ ƉƌŽďůĞŵƐƉƌŽďůĞŵƐŝŶĐŽŵĞ͕ďƵƚŶŽŶĞ ŽĨƚŚĞŽƚŚĞƌ ŚŽƵƐŝŶŐƉƌŽďůĞŵƐ :ƵƌŝƐĚŝĐƚŝŽŶĂƐĂǁŚŽůĞϮ͕ϮϬϬϱ͕ϳϵϬϬ tŚŝƚĞϭ͕ϴϬϬϱ͕ϬϱϬϬ ůĂĐŬͬĨƌŝĐĂŶŵĞƌŝĐĂŶϭϮϱϮϯϵϬ ƐŝĂŶϭϮϱϮϲϬϬ ŵĞƌŝĐĂŶ/ŶĚŝĂŶ͕ůĂƐŬĂEĂƚŝǀĞϬϰϬ WĂĐŝĨŝĐ/ƐůĂŶĚĞƌϬϬϬ ,ŝƐƉĂŶŝĐϭϭϬϭϵϱϬ dĂďůĞϭϰͲŝƐƉƌŽƉŽƌƚŝŽŶĂůůǇ'ƌĞĂƚĞƌEĞĞĚϱϬͲϴϬйD/ ĂƚĂ ϮϬϭϭͲϮϬϭϱ,^ ^ŽƵƌĐĞ͗ ΎdŚĞĨŽƵƌŚŽƵƐŝŶŐƉƌŽďůĞŵƐĂƌĞ͗ ϭ͘>ĂĐŬƐĐŽŵƉůĞƚĞŬŝƚĐŚĞŶĨĂĐŝůŝƚŝĞƐ͕Ϯ͘>ĂĐŬƐĐŽŵƉůĞƚĞƉůƵŵďŝŶŐĨĂĐŝůŝƚŝĞƐ͕ϯ͘DŽƌĞƚŚĂŶŽŶĞƉĞƌƐŽŶƉĞƌ ƌŽŽŵ͕ϰ͘ŽƐƚƵƌĚĞŶŐƌĞĂƚĞƌƚŚĂŶϯϬй ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϯϲ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ϴϬйͲϭϬϬйŽĨƌĞĂDĞĚŝĂŶ/ŶĐŽŵĞ ,ŽƵƐŝŶŐWƌŽďůĞŵƐ,ĂƐŽŶĞŽƌŵŽƌĞ,ĂƐŶŽŶĞŽĨƚŚĞ,ŽƵƐĞŚŽůĚŚĂƐ ŽĨĨŽƵƌŚŽƵƐŝŶŐĨŽƵƌŚŽƵƐŝŶŐŶŽͬŶĞŐĂƚŝǀĞ ƉƌŽďůĞŵƐƉƌŽďůĞŵƐŝŶĐŽŵĞ͕ďƵƚŶŽŶĞ ŽĨƚŚĞŽƚŚĞƌ ŚŽƵƐŝŶŐƉƌŽďůĞŵƐ :ƵƌŝƐĚŝĐƚŝŽŶĂƐĂǁŚŽůĞϰϱϬϰ͕ϱϵϱϬ tŚŝƚĞϯϵϬϰ͕ϬϱϱϬ ůĂĐŬͬĨƌŝĐĂŶŵĞƌŝĐĂŶϬϴϬϬ ƐŝĂŶϯϬϮϲϬϬ ŵĞƌŝĐĂŶ/ŶĚŝĂŶ͕ůĂƐŬĂEĂƚŝǀĞϬϰϬ WĂĐŝĨŝĐ/ƐůĂŶĚĞƌϬϬϬ ,ŝƐƉĂŶŝĐϬϭϳϱϬ dĂďůĞϭϱͲŝƐƉƌŽƉŽƌƚŝŽŶĂůůǇ'ƌĞĂƚĞƌEĞĞĚϴϬͲϭϬϬйD/ ĂƚĂ ϮϬϭϭͲϮϬϭϱ,^ ^ŽƵƌĐĞ͗ ΎdŚĞĨŽƵƌŚŽƵƐŝŶŐƉƌŽďůĞŵƐĂƌĞ͗ ϭ͘>ĂĐŬƐĐŽŵƉůĞƚĞŬŝƚĐŚĞŶĨĂĐŝůŝƚŝĞƐ͕Ϯ͘>ĂĐŬƐĐŽŵƉůĞƚĞƉůƵŵďŝŶŐĨĂĐŝůŝƚŝĞƐ͕ϯ͘DŽƌĞƚŚĂŶŽŶĞƉĞƌƐŽŶƉĞƌ ƌŽŽŵ͕ϰ͘ŽƐƚƵƌĚĞŶŐƌĞĂƚĞƌƚŚĂŶϯϬй ŝƐĐƵƐƐŝŽŶ /ƚĐĂŶďĞǀŝĞǁĞĚƚŚĂƚƚŚĞůĂƌŐĞƐƚŐƌŽƵƉƐĞǆƉĞƌŝĞŶĐŝŶŐŚŽƵƐŝŶŐƉƌŽďůĞŵĂƌĞƚŚĞtŚŝƚĞĂŶĚůĂĐŬͬĨƌŝĐĂŶ ŵĞƌŝĐĂŶŚŽƵƐĞŚŽůĚƐƚŚĂƚĂƌĞϬͲϯϬй͕хϯϬйͲϱϬйŽĨƚŚĞĂƌĞĂŵĞĚŝĂŶŝŶĐŽŵĞ͕tŚŝƚĞŚŽƵƐĞŚŽůĚƐƚŚĂƚĂƌĞ хϱϬйͲϴϬйĂŶĚхϴϬйͲϭϬϬйŽĨŵĞĚŝĂŶŝŶĐŽŵĞ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϯϳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D EͲϮϬŝƐƉƌŽƉŽƌƚŝŽŶĂƚĞůǇ'ƌĞĂƚĞƌEĞĞĚ͗^ĞǀĞƌĞ,ŽƵƐŝŶŐWƌŽďůĞŵƐʹϵϭ͘ϮϬϱ ;ďͿ;ϮͿ ƐƐĞƐƐƚŚĞŶĞĞĚŽĨĂŶǇƌĂĐŝĂůŽƌĞƚŚŶŝĐŐƌŽƵƉƚŚĂƚŚĂƐĚŝƐƉƌŽƉŽƌƚŝŽŶĂƚĞůǇŐƌĞĂƚĞƌŶĞĞĚŝŶĐŽŵƉĂƌŝƐŽŶƚŽ ƚŚĞŶĞĞĚƐŽĨƚŚĂƚĐĂƚĞŐŽƌǇŽĨŶĞĞĚĂƐĂǁŚŽůĞ͘ /ŶƚƌŽĚƵĐƚŝŽŶ dŚĞĨŽƵƌƐĞǀĞƌĞŚŽƵƐŝŶŐƉƌŽďůĞŵƐĂƌĞ͗ x >ĂĐŬƐĐŽŵƉůĞƚĞŬŝƚĐŚĞŶĨĂĐŝůŝƚŝĞƐ x >ĂĐŬƐĐŽŵƉůĞƚĞƉůƵŵďŝŶŐĨĂĐŝůŝƚŝĞƐ x DŽƌĞƚŚĂŶϭ͘ϱƉĞƌƐŽŶƐƉĞƌƌŽŽŵ x ŽƐƚďƵƌĚĞŶŽǀĞƌϱϬй ϬйͲϯϬйŽĨƌĞĂDĞĚŝĂŶ/ŶĐŽŵĞ ^ĞǀĞƌĞ,ŽƵƐŝŶŐWƌŽďůĞŵƐΎ,ĂƐŽŶĞŽƌŵŽƌĞ,ĂƐŶŽŶĞŽĨƚŚĞ,ŽƵƐĞŚŽůĚŚĂƐ ŽĨĨŽƵƌŚŽƵƐŝŶŐĨŽƵƌŚŽƵƐŝŶŐŶŽͬŶĞŐĂƚŝǀĞ ƉƌŽďůĞŵƐƉƌŽďůĞŵƐŝŶĐŽŵĞ͕ďƵƚŶŽŶĞ ŽĨƚŚĞŽƚŚĞƌ ŚŽƵƐŝŶŐƉƌŽďůĞŵƐ :ƵƌŝƐĚŝĐƚŝŽŶĂƐĂǁŚŽůĞϯ͕ϮϮϱϭ͕ϴϰϱϯϳϬ tŚŝƚĞϮ͕ϭϴϬϭ͕ϱϰϱϮϰϬ ůĂĐŬͬĨƌŝĐĂŶŵĞƌŝĐĂŶϱϱϬϭϬϬϵϱ ƐŝĂŶϭϮϬϭϰϬϮϬ ŵĞƌŝĐĂŶ/ŶĚŝĂŶ͕ůĂƐŬĂEĂƚŝǀĞϬϬϭϬ WĂĐŝĨŝĐ/ƐůĂŶĚĞƌϬϬϬ ,ŝƐƉĂŶŝĐϮϳϬϱϰϬ dĂďůĞϭϲʹ^ĞǀĞƌĞ,ŽƵƐŝŶŐWƌŽďůĞŵƐϬͲϯϬйD/ ĂƚĂ ϮϬϭϭͲϮϬϭϱ,^ ^ŽƵƌĐĞ͗ ΎdŚĞĨŽƵƌƐĞǀĞƌĞŚŽƵƐŝŶŐƉƌŽďůĞŵƐĂƌĞ͗ ϭ͘>ĂĐŬƐĐŽŵƉůĞƚĞŬŝƚĐŚĞŶĨĂĐŝůŝƚŝĞƐ͕Ϯ͘>ĂĐŬƐĐŽŵƉůĞƚĞƉůƵŵďŝŶŐĨĂĐŝůŝƚŝĞƐ͕ϯ͘DŽƌĞƚŚĂŶϭ͘ϱƉĞƌƐŽŶƐƉĞƌ ƌŽŽŵ͕ϰ͘ŽƐƚƵƌĚĞŶŽǀĞƌϱϬй ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϯϴ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ϯϬйͲϱϬйŽĨƌĞĂDĞĚŝĂŶ/ŶĐŽŵĞ ^ĞǀĞƌĞ,ŽƵƐŝŶŐWƌŽďůĞŵƐΎ,ĂƐŽŶĞŽƌŵŽƌĞ,ĂƐŶŽŶĞŽĨƚŚĞ,ŽƵƐĞŚŽůĚŚĂƐ ŽĨĨŽƵƌŚŽƵƐŝŶŐĨŽƵƌŚŽƵƐŝŶŐŶŽͬŶĞŐĂƚŝǀĞ ƉƌŽďůĞŵƐƉƌŽďůĞŵƐŝŶĐŽŵĞ͕ďƵƚŶŽŶĞ ŽĨƚŚĞŽƚŚĞƌ ŚŽƵƐŝŶŐƉƌŽďůĞŵƐ :ƵƌŝƐĚŝĐƚŝŽŶĂƐĂǁŚŽůĞϭ͕ϮϰϬϰ͕ϱϬϱϬ tŚŝƚĞϵϳϱϯ͕ϲϭϬϬ ůĂĐŬͬĨƌŝĐĂŶŵĞƌŝĐĂŶϵϬϯϵϱϬ ƐŝĂŶϳϱϭϲϬϬ ŵĞƌŝĐĂŶ/ŶĚŝĂŶ͕ůĂƐŬĂEĂƚŝǀĞϬϬϬ WĂĐŝĨŝĐ/ƐůĂŶĚĞƌϬϬϬ ,ŝƐƉĂŶŝĐϴϱϮϰϱϬ dĂďůĞϭϳʹ^ĞǀĞƌĞ,ŽƵƐŝŶŐWƌŽďůĞŵƐϯϬͲϱϬйD/ ĂƚĂ ϮϬϭϭͲϮϬϭϱ,^ ^ŽƵƌĐĞ͗ ΎdŚĞĨŽƵƌƐĞǀĞƌĞŚŽƵƐŝŶŐƉƌŽďůĞŵƐĂƌĞ͗ ϭ͘>ĂĐŬƐĐŽŵƉůĞƚĞŬŝƚĐŚĞŶĨĂĐŝůŝƚŝĞƐ͕Ϯ͘>ĂĐŬƐĐŽŵƉůĞƚĞƉůƵŵďŝŶŐĨĂĐŝůŝƚŝĞƐ͕ϯ͘DŽƌĞƚŚĂŶϭ͘ϱƉĞƌƐŽŶƐƉĞƌ ƌŽŽŵ͕ϰ͘ŽƐƚƵƌĚĞŶŽǀĞƌϱϬй ϱϬйͲϴϬйŽĨƌĞĂDĞĚŝĂŶ/ŶĐŽŵĞ ^ĞǀĞƌĞ,ŽƵƐŝŶŐWƌŽďůĞŵƐΎ,ĂƐŽŶĞŽƌŵŽƌĞ,ĂƐŶŽŶĞŽĨƚŚĞ,ŽƵƐĞŚŽůĚŚĂƐ ŽĨĨŽƵƌŚŽƵƐŝŶŐĨŽƵƌŚŽƵƐŝŶŐŶŽͬŶĞŐĂƚŝǀĞ ƉƌŽďůĞŵƐƉƌŽďůĞŵƐŝŶĐŽŵĞ͕ďƵƚŶŽŶĞ ŽĨƚŚĞŽƚŚĞƌ ŚŽƵƐŝŶŐƉƌŽďůĞŵƐ :ƵƌŝƐĚŝĐƚŝŽŶĂƐĂǁŚŽůĞϰϮϬϳ͕ϱϳϬϬ tŚŝƚĞϯϬϬϲ͕ϱϰϱϬ ůĂĐŬͬĨƌŝĐĂŶŵĞƌŝĐĂŶϮϱϯϰϬϬ ƐŝĂŶϱϱϯϮϱϬ ŵĞƌŝĐĂŶ/ŶĚŝĂŶ͕ůĂƐŬĂEĂƚŝǀĞϬϰϬ WĂĐŝĨŝĐ/ƐůĂŶĚĞƌϬϬϬ ,ŝƐƉĂŶŝĐϯϬϮϳϬϬ dĂďůĞϭϴʹ^ĞǀĞƌĞ,ŽƵƐŝŶŐWƌŽďůĞŵƐϱϬͲϴϬйD/ ĂƚĂ ϮϬϭϭͲϮϬϭϱ,^ ^ŽƵƌĐĞ͗ ΎdŚĞĨŽƵƌƐĞǀĞƌĞŚŽƵƐŝŶŐƉƌŽďůĞŵƐĂƌĞ͗ ϭ͘>ĂĐŬƐĐŽŵƉůĞƚĞŬŝƚĐŚĞŶĨĂĐŝůŝƚŝĞƐ͕Ϯ͘>ĂĐŬƐĐŽŵƉůĞƚĞƉůƵŵďŝŶŐĨĂĐŝůŝƚŝĞƐ͕ϯ͘DŽƌĞƚŚĂŶϭ͘ϱƉĞƌƐŽŶƐƉĞƌ ƌŽŽŵ͕ϰ͘ŽƐƚƵƌĚĞŶŽǀĞƌϱϬй ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϯϵ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ϴϬйͲϭϬϬйŽĨƌĞĂDĞĚŝĂŶ/ŶĐŽŵĞ ^ĞǀĞƌĞ,ŽƵƐŝŶŐWƌŽďůĞŵƐΎ,ĂƐŽŶĞŽƌŵŽƌĞ,ĂƐŶŽŶĞŽĨƚŚĞ,ŽƵƐĞŚŽůĚŚĂƐ ŽĨĨŽƵƌŚŽƵƐŝŶŐĨŽƵƌŚŽƵƐŝŶŐŶŽͬŶĞŐĂƚŝǀĞ ƉƌŽďůĞŵƐƉƌŽďůĞŵƐŝŶĐŽŵĞ͕ďƵƚŶŽŶĞ ŽĨƚŚĞŽƚŚĞƌ ŚŽƵƐŝŶŐƉƌŽďůĞŵƐ :ƵƌŝƐĚŝĐƚŝŽŶĂƐĂǁŚŽůĞϭϮϬϰ͕ϵϮϱϬ tŚŝƚĞϵϬϰ͕ϯϲϱϬ ůĂĐŬͬĨƌŝĐĂŶŵĞƌŝĐĂŶϬϴϬϬ ƐŝĂŶϯϬϮϲϬϬ ŵĞƌŝĐĂŶ/ŶĚŝĂŶ͕ůĂƐŬĂEĂƚŝǀĞϬϰϬ WĂĐŝĨŝĐ/ƐůĂŶĚĞƌϬϬϬ ,ŝƐƉĂŶŝĐϬϭϳϱϬ dĂďůĞϭϵʹ^ĞǀĞƌĞ,ŽƵƐŝŶŐWƌŽďůĞŵƐϴϬͲϭϬϬйD/ ĂƚĂ ϮϬϭϭͲϮϬϭϱ,^ ^ŽƵƌĐĞ͗ ΎdŚĞĨŽƵƌƐĞǀĞƌĞŚŽƵƐŝŶŐƉƌŽďůĞŵƐĂƌĞ͗ ϭ͘>ĂĐŬƐĐŽŵƉůĞƚĞŬŝƚĐŚĞŶĨĂĐŝůŝƚŝĞƐ͕Ϯ͘>ĂĐŬƐĐŽŵƉůĞƚĞƉůƵŵďŝŶŐĨĂĐŝůŝƚŝĞƐ͕ϯ͘DŽƌĞƚŚĂŶϭ͘ϱƉĞƌƐŽŶƐƉĞƌ ƌŽŽŵ͕ϰ͘ŽƐƚƵƌĚĞŶŽǀĞƌϱϬй ŝƐĐƵƐƐŝŽŶ /ƚĐĂŶďĞǀŝĞǁĞĚƚŚĂƚƚŚĞůĂƌŐĞƐƚŐƌŽƵƉƐĞǆƉĞƌŝĞŶĐŝŶŐĂƐĞǀĞƌĞŚŽƵƐŝŶŐƉƌŽďůĞŵĂƌĞƚŚĞtŚŝƚĞĂŶĚůĂĐŬ ͬĨƌŝĐĂŶŵĞƌŝĐĂŶŚŽƵƐĞŚŽůĚƐƚŚĂƚĂƌĞϬͲϯϬй͕ĂŶĚtŚŝƚĞ,ŽƵƐĞŚŽůĚƐƚŚĂƚĂƌĞхĂŶĚхϱϬйͲϴϬйŽĨ ŵĞĚŝĂŶŝŶĐŽŵĞ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϰϬ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D EͲϮϱŝƐƉƌŽƉŽƌƚŝŽŶĂƚĞůǇ'ƌĞĂƚĞƌEĞĞĚ͗,ŽƵƐŝŶŐŽƐƚƵƌĚĞŶƐʹϵϭ͘ϮϬϱ;ďͿ;ϮͿ ƐƐĞƐƐƚŚĞŶĞĞĚŽĨĂŶǇƌĂĐŝĂůŽƌĞƚŚŶŝĐŐƌŽƵƉƚŚĂƚŚĂƐĚŝƐƉƌŽƉŽƌƚŝŽŶĂƚĞůǇŐƌĞĂƚĞƌŶĞĞĚŝŶĐŽŵƉĂƌŝƐŽŶƚŽ ƚŚĞŶĞĞĚƐŽĨƚŚĂƚĐĂƚĞŐŽƌǇŽĨŶĞĞĚĂƐĂǁŚŽůĞ͘ /ŶƚƌŽĚƵĐƚŝŽŶ͗ dŚĞƌĞĂƌĞƚǁŽĨĂĐƚŽƌƐǁŚĞŶŵĞĂƐƵƌŝŶŐĂĨĨŽƌĚĂďŝůŝƚǇ͗ŝŶĐŽŵĞĂŶĚŚŽƵƐŝŶŐƉƌŝĐĞƐ͘ŽƐƚďƵƌĚĞŶŝƐ ĐŽŶƐŝĚĞƌĞĚĂƉƌŽďůĞŵǁŚĞŶŚŽƵƐŝŶŐĐŽƐƚĞǆĐĞĞĚƐϯϬйŽĨŝŶĐŽŵĞ͕ĂŶĚĂƐĞǀĞƌĞƉƌŽďůĞŵǁŚĞŶƚŚĞĐŽƐƚ ďƵƌĚĞŶĞǆĐĞĞĚƐϱϬй͘ĐĐŽƌĚŝŶŐƚŽƚŚĞ,hĚĂƚĂ͕ϭϬ͕ϯϱϬŚŽƵƐĞŚŽůĚƐĞǆƉĞƌŝĞŶĐĞŚŽƵƐŝŶŐĐŽƐƚďƵƌĚĞŶ͘ ,ŽƵƐŝŶŐŽƐƚƵƌĚĞŶ ,ŽƵƐŝŶŐŽƐƚƵƌĚĞŶфсϯϬйϯϬͲϱϬйхϱϬйEŽͬŶĞŐĂƚŝǀĞ ŝŶĐŽŵĞ;ŶŽƚ ĐŽŵƉƵƚĞĚͿ :ƵƌŝƐĚŝĐƚŝŽŶĂƐĂǁŚŽůĞϯϮ͕ϵϮϬϲ͕Ϭϱϱϰ͕ϮϵϱϯϳϬ tŚŝƚĞϮϴ͕ϱϮϱϰ͕ϴϰϱϯ͕ϯϮϬϮϰϬ ůĂĐŬͬĨƌŝĐĂŶ ŵĞƌŝĐĂŶϵϭϬϱϴϱϰϲϬϵϱ ƐŝĂŶϮ͕ϬϴϱϮϳϬϭϱϬϮϬ ŵĞƌŝĐĂŶ/ŶĚŝĂŶ͕ ůĂƐŬĂEĂƚŝǀĞϮϰϬϬϭϬ WĂĐŝĨŝĐ/ƐůĂŶĚĞƌϬϬϬϬ ,ŝƐƉĂŶŝĐϭ͕ϬϳϱϮϯϬϮϱϬϬ dĂďůĞϮϬʹ'ƌĞĂƚĞƌEĞĞĚ͗,ŽƵƐŝŶŐŽƐƚƵƌĚĞŶƐD/ ĂƚĂ ϮϬϭϭͲϮϬϭϱ,^ ^ŽƵƌĐĞ͗ ŝƐĐƵƐƐŝŽŶ͗ ĐĐŽƌĚŝŶŐƚŽƚŚĞĚĂƚĂ͕ǁŚŝƚĞƐŵĂŬĞƵƉϳϵйŽĨƚŚĞϭϬ͕ϯϱϬŚŽƵƐĞŚŽůĚƐĞǆƉĞƌŝĞŶĐŝŶŐŚŽƵƐŝŶŐĐŽƐƚďƵƌĚĞŶ ƉƌŽďůĞŵ͕ĨŽůůŽǁĞĚďǇϭϬйůĂĐŬͬĨƌŝĐĂŶŵĞƌŝĐĂŶĂŶĚϰйƐŝĂŶŚŽƵƐĞŚŽůĚƐ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϰϭ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D EͲϯϬŝƐƉƌŽƉŽƌƚŝŽŶĂƚĞůǇ'ƌĞĂƚĞƌEĞĞĚ͗ŝƐĐƵƐƐŝŽŶʹϵϭ͘ϮϬϱ;ďͿ;ϮͿ ƌĞƚŚĞƌĞĂŶǇ/ŶĐŽŵĞĐĂƚĞŐŽƌŝĞƐŝŶǁŚŝĐŚĂƌĂĐŝĂůŽƌĞƚŚŶŝĐŐƌŽƵƉŚĂƐĚŝƐƉƌŽƉŽƌƚŝŽŶĂƚĞůǇ ŐƌĞĂƚĞƌŶĞĞĚƚŚĂŶƚŚĞŶĞĞĚƐŽĨƚŚĂƚŝŶĐŽŵĞĐĂƚĞŐŽƌǇĂƐĂǁŚŽůĞ͍ /ƚĐĂŶďĞǀŝĞǁĞĚƚŚĂƚƚŚĞůĂƌŐĞƐƚŐƌŽƵƉƐĞǆƉĞƌŝĞŶĐŝŶŐŐƌĞĂƚĞƌŶĞĞĚƐĂƌĞƚŚĞtŚŝƚĞĂŶĚůĂĐŬͬĨƌŝĐĂŶ ŵĞƌŝĐĂŶŚŽƵƐĞŚŽůĚƐƚŚĂƚĂƌĞϬͲϯϬй͕хϯϬйͲϱϬйŽĨƚŚĞĂƌĞĂŵĞĚŝĂŶŝŶĐŽŵĞĂŶĚtŚŝƚĞŚŽƵƐĞŚŽůĚƐƚŚĂƚ хϱϬйͲϴϬйŽĨŵĞĚŝĂŶŝŶĐŽŵĞ͘ /ĨƚŚĞǇŚĂǀĞŶĞĞĚƐŶŽƚŝĚĞŶƚŝĨŝĞĚĂďŽǀĞ͕ǁŚĂƚĂƌĞƚŚŽƐĞŶĞĞĚƐ͍ E ƌĞĂŶǇŽĨƚŚŽƐĞƌĂĐŝĂůŽƌĞƚŚŶŝĐŐƌŽƵƉƐůŽĐĂƚĞĚŝŶƐƉĞĐŝĨŝĐĂƌĞĂƐŽƌŶĞŝŐŚďŽƌŚŽŽĚƐŝŶǇŽƵƌ ĐŽŵŵƵŶŝƚǇ͍ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĚŽĞƐŶŽƚŚĂǀĞĂŶǇƐƉĞĐŝĨŝĐŶĞŝŐŚďŽƌŚŽŽĚƐŽƌĂƌĞĂƐǁŚĞƌĞƌĂĐŝĂůŽƌĞƚŚŶŝĐŐƌŽƵƉƐ ĂƌĞĐŽŶĐĞŶƚƌĂƚĞĚ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϰϮ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J 3DFNHW3J *D ϭϰ ůůŝŶĨŽƌŵĂƚŝŽŶƉƌŽǀŝĚĞĚŝŶƚŚĞŽŶƐŽůŝĚĂƚĞĚWůĂŶǁĂƐŽďƚĂŝŶĞĚĨƌŽŵƚŚĞKůŵƐƚĞĚ ŝƐĂďůĞĚ dŚĞĞƉĂƌƚŵĞŶƚŽĨ,ŽƵƐŝŶŐĂŶĚhƌďĂŶĞǀĞůŽƉŵĞŶƚWƵďůŝĐ,ŽƵƐŝŶŐ Ύ ^ƉĞĐŝĂůWƵƌƉŽƐĞsŽƵĐŚĞƌ hŶŝĨŝĐĂƚŝŽŶ ϯ WƌŽŐƌĂŵ &ĂŵŝůǇ ϰϯ ^ƵƉƉŽƌƚŝǀĞ ϭϯ sĞƚĞƌĂŶƐ ,ŽƵƐŝŶŐ ĨĨĂŝƌƐ ϱϰϱ Ͳ dĞŶĂŶƚ ďĂƐĞĚ ǇĞĂƌ͕ĂŶĚEƵƌƐŝŶŐ,ŽŵĞdƌĂŶƐŝƚŝŽŶ Ϯϱ WƵďůŝĐ,ŽƵƐŝŶŐďǇWƌŽŐƌĂŵdǇƉĞ Ͳ WƌŽũĞĐƚ ďĂƐĞĚ WƌŽŐƌĂŵdǇƉĞ ϰϳϵ ZK,^dZ sŽƵĐŚĞƌƐ dŽƚĂů dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĚŽĞƐŶŽƚŽǁŶŽƌŵĂŶĂŐĞĂŶǇƉƵďůŝĐŚŽƵƐŝŶŐƵŶŝƚƐ͘ Ͳ zĞĂƌ͕DĂŝŶƐƚƌĞĂŵ&ŝǀĞ ϭϬϮ ,ŽƵƐŝŶŐ WƵďůŝĐ Ͳ ƚŚĞKůŵƐƚĞĚŽƵŶƚǇ,Z͘ Ϯϭ dĂďůĞ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ Ϭ ZĞŚĂď Ͳ DŽĚ Ͳ DĂŝŶƐƚƌĞĂŵKŶĞ ϵϭ͘ϮϬϱ;ďͿ ĞƌƚŝĨŝĐĂƚĞ Ϭ W/;W/,/ŶĨŽƌŵĂƚŝŽŶĞŶƚĞƌͿ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ ƉƌŽŐƌĂŵŝƐŽǁŶĞĚĂŶĚŵĂŶĂŐĞĚďǇ ʹ ůĚĞƌůǇŝƐĂďůĞĚ͕ ϯϱWƵďůŝĐ,ŽƵƐŝŶŐηŽĨƵŶŝƚƐǀŽƵĐŚĞƌƐŝŶƵƐĞ dŽƚĂůƐŝŶhƐĞ /ŶƚƌŽĚƵĐƚŝŽŶ Ͳ ΎŝŶĐůƵĚĞƐEŽŶ ŽƵŶƚǇ,Z͘ ĂƚĂ^ŽƵƌĐĞ͗ Ͳ E 3DFNHW3J *D ϯϯϮ ϯϭϴϲϮϬϭϭϬϬϬ ϱ hŶŝĨŝĐĂƚŝŽŶ WƌŽŐƌĂŵ ^ƉĞĐŝĂůWƵƌƉŽƐĞsŽƵĐŚĞƌ &ĂŵŝůǇ ϴϮϮϳϵϯϰϰ ϭϭϭϮϬϬϬ ^ƵƉƉŽƌƚŝǀĞ sĞƚĞƌĂŶƐ ϰϰ ,ŽƵƐŝŶŐ ĨĨĂŝƌƐ ϮϭϱϭϳϮϴϮϯϬϭϭϵϮϭϮϳϬϬ ϯ Ͳ dĞŶĂŶƚ ďĂƐĞĚ ŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨWƵďůŝĐ,ŽƵƐŝŶŐZĞƐŝĚĞŶƚƐďǇWƌŽŐƌĂŵdǇƉĞ ϭϳϰϰϰ ϰϮϲϭϵϬϮϬϬϬ ϯ Ͳ WƌŽũĞĐƚ ďĂƐĞĚ ϭϮϰ ϰϱϭϱϮϬϮϮϳϳϬϬ ϭϵϳϲϯϯ dŽƚĂů sŽƵĐŚĞƌƐ WƌŽŐƌĂŵdǇƉĞ ZK,^dZ ϭϳϴϰ ϰϭϮ ϯϮϴϮϬϬϮϯϳϬϬ ,ŽƵƐŝŶŐ WƵďůŝĐ ϬϬϬϬϬϬϬϬϬ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ZĞŚĂď Ͳ DŽĚ ʹ ϮϮ dĂďůĞ ĞƌƚŝĨŝĐĂƚĞ ϬϬϬϬϬϬϬϬϬ ĞŶƚĞƌͿ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ W/;W/,/ŶĨŽƌŵĂƚŝŽŶ ŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨZĞƐŝĚĞŶƚƐ η,ŽŵĞůĞƐƐĂƚĂĚŵŝƐƐŝŽŶ ηŽĨ&ĂŵŝůŝĞƐƌĞƋƵĞƐƚŝŶŐ ,ŽƵƐĞŚŽůĚƐŝǌĞ ǀĞƌĂŐĞŶŶƵĂů/ŶĐŽŵĞ ηŽĨ,/sͬ/^ƉƌŽŐƌĂŵ ǀĞƌĂŐĞůĞŶŐƚŚŽĨƐƚĂǇ ηŽĨŝƐĂďůĞĚ&ĂŵŝůŝĞƐ ĨĞĂƚƵƌĞƐ ηŽĨůĚĞƌůǇWƌŽŐƌĂŵ WĂƌƚŝĐŝƉĂŶƚƐ;хϲϮͿ ηŽĨsǀŝĐƚŝŵƐ ĂĐĐĞƐƐŝďŝůŝƚǇ ƉĂƌƚŝĐŝƉĂŶƚƐ ĂƚĂ^ŽƵƌĐĞ͗ ǀĞƌĂŐĞ 3DFNHW3J *D ϰ ϵϬϭϬϬϭϭϯ ŝƐĂďůĞĚ ŝƐĂďůĞĚ Ύ Ύ ^ƉĞĐŝĂůWƵƌƉŽƐĞsŽƵĐŚĞƌ ^ƉĞĐŝĂůWƵƌƉŽƐĞsŽƵĐŚĞƌ hŶŝĨŝĐĂƚŝŽŶ ϮϭϬϬϬϬ hŶŝĨŝĐĂƚŝŽŶ Ϭ ϯ WƌŽŐƌĂŵ WƌŽŐƌĂŵ &ĂŵŝůǇ &ĂŵŝůǇ ϰϱ ^ƵƉƉŽƌƚŝǀĞϭϭ ϮϬϬϬϬ ^ƵƉƉŽƌƚŝǀĞ Ϭϭϯ sĞƚĞƌĂŶƐ sĞƚĞƌĂŶƐ ,ŽƵƐŝŶŐ ,ŽƵƐŝŶŐ ĨĨĂŝƌƐ ĨĨĂŝƌƐ ϭϯϮϯϯϳ ϵϭϬϬ ϰϲϴ ϭϭ Ͳ Ͳ dĞŶĂŶƚ ďĂƐĞĚ dĞŶĂŶƚ ďĂƐĞĚ ǇĞĂƌ͕ĂŶĚEƵƌƐŝŶŐ,ŽŵĞdƌĂŶƐŝƚŝŽŶ ZĂĐĞŽĨWƵďůŝĐ,ŽƵƐŝŶŐZĞƐŝĚĞŶƚƐďǇWƌŽŐƌĂŵdǇƉĞ ϭϳ ϳϬϭϬϬ Ϯ Ϯϯ Ͳ WƌŽũĞĐƚ Ͳ ďĂƐĞĚ WƌŽũĞĐƚ ďĂƐĞĚ WƌŽŐƌĂŵdǇƉĞWƌŽŐƌĂŵdǇƉĞ ϭϴϬϰϬϳϰ ϵϬϬ ϭϳ ϱϴϯ sŽƵĐŚĞƌƐ dŽƚĂů ZK,^dZ sŽƵĐŚĞƌƐ dŽƚĂů Ͳ zĞĂƌ͕DĂŝŶƐƚƌĞĂŵ&ŝǀĞ ϭϭϭϮϬ Ϯϱϲϯ ,ŽƵƐŝŶŐ WƵďůŝĐ ϮϭϬϬ ,ŽƵƐŝŶŐ WƵďůŝĐ ϬϬϬϬϬϬ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ZĞŚĂď ʹ Ͳ ϬϬ DŽĚ Ϯϯ ZĞŚĂď Ͳ DŽĚ dĂďůĞ Ͳ ůĚĞƌůǇŝƐĂďůĞĚ͕DĂŝŶƐƚƌĞĂŵKŶĞ ĞƌƚŝĨŝĐĂƚĞ ϬϬϬϬϬϬ ĞƌƚŝĨŝĐĂƚĞ ϬϬ W/;W/,/ŶĨŽƌŵĂƚŝŽŶĞŶƚĞƌͿ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ ŵĞƌŝĐĂŶ/ŶĚŝĂŶͬůĂƐŬĂ ůĂĐŬͬĨƌŝĐĂŶŵĞƌŝĐĂŶ ZĞƐŝĚĞŶƚƐ ZĂĐĞŽĨZĞƐŝĚĞŶƚƐ ƚŚŶŝĐŝƚǇ ZĂĐĞ WĂĐŝĨŝĐ/ƐůĂŶĚĞƌ Ͳ ΎŝŶĐůƵĚĞƐEŽŶ EŽƚ,ŝƐƉĂŶŝĐ ƚŚŶŝĐŝƚǇŽĨ ĂƚĂ^ŽƵƌĐĞ͗ ,ŝƐƉĂŶŝĐ EĂƚŝǀĞ tŚŝƚĞ KƚŚĞƌ ƐŝĂŶ 3DFNHW3J *D ϰϲ ƚŚŶŝĐŝƚǇŽĨWƵďůŝĐ,ŽƵƐŝŶŐZĞƐŝĚĞŶƚƐďǇWƌŽŐƌĂŵdǇƉĞ ǇĞĂƌ͕ĂŶĚEƵƌƐŝŶŐ,ŽŵĞdƌĂŶƐŝƚŝŽŶ ZK,^dZ Ͳ zĞĂƌ͕DĂŝŶƐƚƌĞĂŵ&ŝǀĞ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ʹ Ϯϰ Ͳ ůĚĞƌůǇŝƐĂďůĞĚ͕DĂŝŶƐƚƌĞĂŵKŶĞ dĂďůĞ W/;W/,/ŶĨŽƌŵĂƚŝŽŶĞŶƚĞƌͿ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ Ͳ ΎŝŶĐůƵĚĞƐEŽŶ ĂƚĂ^ŽƵƌĐĞ͗ *D ^ĞĐƚŝŽŶϱϬϰEĞĞĚƐƐƐĞƐƐŵĞŶƚ͗ĞƐĐƌŝďĞƚŚĞŶĞĞĚƐŽĨƉƵďůŝĐŚŽƵƐŝŶŐƚĞŶĂŶƚƐĂŶĚĂƉƉůŝĐĂŶƚƐ ŽŶƚŚĞǁĂŝƚŝŶŐůŝƐƚĨŽƌĂĐĐĞƐƐŝďůĞƵŶŝƚƐ͗ dŚĞƌĞĂƌĞŶŝŶĞĂĐĐĞƐƐŝďůĞƵŶŝƚƐŝŶƚŚĞKůŵƐƚĞĚŽƵŶƚǇ,ZΖƐƉƵďůŝĐŚŽƵƐŝŶŐƉƌŽŐƌĂŵĂŶĚϮϴƉĞƌƐŽŶƐŽŶ 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ƐĞƌǀŝĐĞƐŽĨƚŚĞƐĞƉŽƉƵůĂƚŝŽŶƐŝŶĐůƵĚĞƐĞŶŝŽƌƐĞƌǀŝĐĞƐ͕ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ͕ĂŶĚŽƚŚĞƌƉƵďůŝĐƐĞƌǀŝĐĞƉƌŽŐƌĂŵƐ͘ KůŵƐƚĞĚŽƵŶƚǇŚĂƐϮϯϯĨĂĐŝůŝƚŝĞƐƚŚĂƚƐĞƌǀĞƉĞƌƐŽŶƐǁŝƚŚĚŝƐĂďŝůŝƚŝĞƐůŝĐĞŶƐĞĚǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂ ĞƉĂƌƚŵĞŶƚŽĨ,ƵŵĂŶ^ĞƌǀŝĐĞƐ͘ĚƵůƚĨŽƐƚĞƌĐĂƌĞƉƌŽǀŝĚĞƐƚŚĞŐƌĞĂƚĞƐƚĂŵŽƵŶƚŽĨŚŽƵƐŝŶŐĨŽƌƉĞƌƐŽŶƐ ǁŝƚŚĚŝƐĂďŝůŝƚŝĞƐŝŶKůŵƐƚĞĚŽƵŶƚǇ͘dŚĞƌĞĂƌĞϮϭϱĂĚƵůƚĨŽƐƚĞƌĐĂƌĞĨĂĐŝůŝƚŝĞƐŝŶKůŵƐƚĞĚŽƵŶƚǇ͘dŚĞƐĞ ŚŽŵĞƐƐĞƌǀĞŝŶĚŝǀŝĚƵĂůƐǁŝƚŚĂǀĂƌŝĞƚǇŽĨŶĞĞĚƐͬĚŝƐĂďŝůŝƚŝĞƐŝŶĐůƵĚŝŶŐĚĞǀĞůŽƉŵĞŶƚĂůĚŝƐĂďŝůŝƚŝĞƐ͕ŵĞŶƚĂů ŚĞĂůƚŚŝƐƐƵĞƐ͕ǀĂƌŝŽƵƐŵĞĚŝĐĂůĂŶĚŽƚŚĞƌŝƐƐƵĞƐ;ǁŚŝĐŚǁŽƵůĚŝŶĐůƵĚĞďƌĂŝŶŝŶũƵƌǇͿ͕ŽƌŽƵƌĂŐŝŶŐ ƉŽƉƵůĂƚŝŽŶ͘dŚĞƌĞĂƌĞϭϰϴŽŵŵƵŶŝƚǇZĞƐŝĚĞŶƚŝĂů^ĞƌǀŝĐĞƐ;ĐŽƌƉŽƌĂƚĞŐƌŽƵƉŚŽŵĞƐͿ͕ϭϬϭĚƵůƚ&ĂŵŝůǇ &ŽƐƚĞƌĂƌĞŚŽŵĞƐ͕ƚŽƚĂůŝŶŐϮϱϵĨŽƐƚĞƌŚŽŵĞƐŝŶKůŵƐƚĞĚŽƵŶƚǇ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϱϲ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ,ŽƵƐĞŚŽůĚƐͬƉĞŽƉůĞǁŝƚŚůŝŵŝƚĂƚŝŽŶŽƌĚŝƐĂďŝůŝƚŝĞƐĚĂƚĂŝŶĨŽƌŵĂƚŝŽŶǁĂƐŶŽƚĂǀĂŝůĂďůĞƚŚƌŽƵŐŚƚŚĞϮϬϭϬ h^ĞŶƐƵƐ͘&ŽƌĐŽŵƉůĞƚŝŽŶŽĨƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞ,ŽƵƐŝŶŐEĞĞĚƐƐƐĞƐƐŵĞŶƚĨŽƌKůŵƐƚĞĚŽƵŶƚǇ͕ DĂǆĨŝĞůĚZĞƐĞĂƌĐŚ͕/ŶĐ͕͘ŝŶĨŽƌŵĂƚŝŽŶǁĂƐŽďƚĂŝŶĞĚĨƌŽŵ,hŽŶƐŽůŝĚĂƚĞĚWůĂŶŶŝŶŐĚŝǀŝƐŝŽŶĨŽƌƐƉĞĐŝĨŝĐ 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ŝƐĐƵƐƐƚŚĞƐŝǌĞĂŶĚĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨƚŚĞƉŽƉƵůĂƚŝŽŶǁŝƚŚ,/sͬ/^ĂŶĚƚŚĞŝƌĨĂŵŝůŝĞƐǁŝƚŚŝŶ ƚŚĞůŝŐŝďůĞDĞƚƌŽƉŽůŝƚĂŶ^ƚĂƚŝƐƚŝĐĂůƌĞĂ͗ dŚĞŶƵŵďĞƌŽĨƉĞƌƐŽŶƐůŝǀŝŶŐǁŝƚŚ/^ŝƐϴϯĂŶĚ,/s;ŶŽŶͲ/^ͿŝƐϵϯŝŶϮϬϭϴŝŶKůŵƐƚĞĚŽƵŶƚǇŝ͘dŚŝƐ ĚĂƚĂŝƐĨƌŽŵƚŚĞDEĞƉĂƌƚŵĞŶƚŽĨ,ĞĂůƚŚ͘ ŝƐĐƵƐƐŝŽŶ͗ dŚĞƌĞŝƐĂŶĞĞĚĨŽƌĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĂŶĚƐƵƉƉŽƌƚƐĞƌǀŝĐĞƐ͘dŚĞŝƚǇĚŽĞƐŶŽƚƉƌŽǀŝĚĞĂĨĨŽƌĚĂďůĞ ŚŽƵƐŝŶŐĂŶĚƐƵƉƉŽƌƚŝǀĞŚŽƵƐŝŶŐĨŽƌƚŚĞEŽŶͲ,ŽŵĞůĞƐƐ^ƉĞĐŝĂůEĞĞĚƐ͕ďƵƚŚĂƐĐŽůůĂďŽƌĂƚĞĚǁŝƚŚ ĂŐĞŶĐŝĞƐƚŽĂĚĚƌĞƐƐƚŚĞƐĞŶĞĞĚƐ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϱϳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D EͲϱϬEŽŶͲ,ŽƵƐŝŶŐŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚEĞĞĚƐʹϵϭ͘Ϯϭϱ;ĨͿ ĞƐĐƌŝďĞƚŚĞũƵƌŝƐĚŝĐƚŝŽŶ͛ƐŶĞĞĚĨŽƌWƵďůŝĐ&ĂĐŝůŝƚŝĞƐ͗ dŚĞŝƚǇĞŵƉŚĂƐŝǌĞĂĐƚŝǀŝƚŝĞƐĂŶĚƉƌŽŐƌĂŵƐƚŚĂƚĨŝƌƐƚďĞŶĞĨŝƚ>D/ƉĞƌƐŽŶƐ͘dŚĂƚĞŵƉŚĂƐŝƐǁŝůůďĞŽŶ ĂĐƚŝǀŝƚŝĞƐƚŚĂƚƐĞƌǀĞůĂƌŐĞƌŶƵŵďĞƌƐŽĨ>D/ƉĞƌƐŽŶƐ͘KŶĂƌĞƋƵĞƐƚĞĚďĂƐŝƐ͕ƚŚĞŝƚǇǁŝůůĂĚĚƌĞƐƐƚŚĞ ĞůŝŵŝŶĂƚŝŽŶŽĨƐůƵŵĂŶĚďůŝŐŚƚ͕ĐŽŶĚŝƚŝŽŶƐƚŚĂƚĂƌĞĚĞƚƌŝŵĞŶƚĂůƚŽŚĞĂůƚŚ͕ƐĂĨĞƚǇĂŶĚƉƵďůŝĐǁĞůĨĂƌĞ͕ ĞǆƉĂŶƐŝŽŶĂŶĚŝŵƉƌŽǀĞŵĞŶƚŽĨƚŚĞƋƵĂŶƚŝƚǇĂŶĚƚŚĞƌĞƐƚŽƌĂƚŝŽŶĂŶĚƉƌĞƐĞƌǀĂƚŝŽŶŽĨƉƌŽƉĞƌƚŝĞƐŽĨ ƐƉĞĐŝĂůǀĂůƵĞ͕ĂůůĞǀŝĂƚŝŽŶŽĨƉŚǇƐŝĐĂůĂŶĚĞĐŽŶŽŵŝĐĚŝƐƚƌĞƐƐĂŶĚĐŽŶƐĞƌǀĂƚŝŽŶŽĨƚŚĞŶĂƚŝŽŶĞŶĞƌŐǇ ƌĞƐŽƵƌĐĞƐ͘ WƵďůŝĐĨĂĐŝůŝƚŝĞƐŝŶĐůƵĚĞŝŵƉƌŽǀĞŵĞŶƚƐƚŽďƵŝůĚŝŶŐ͕ƉĂƌŬƐĂŶĚƌĞĐƌĞĂƚŝŽŶĂůĨĂĐŝůŝƚŝĞƐ͕ƐĞŶŝŽƌĐĞŶƚĞƌƐ͕ ŚĂŶĚŝĐĂƉƉĞĚĐĞŶƚĞƌƐ͕ŚŽŵĞůĞƐƐĨĂĐŝůŝƚŝĞƐ͕ǇŽƵƚŚĐĞŶƚĞƌƐ͕ĐŚŝůĚĐĂƌĞĐĞŶƚĞƌƐ͕ŶĞŝŐŚďŽƌŚŽŽĚĨĂĐŝůŝƚŝĞƐ͕ĂŶĚ ĨĂĐŝůŝƚŝĞƐƵƐĞĚĨŽƌƐƉĞĐŝĂůŶĞĞĚƐƉŽƉƵůĂƚŝŽŶƐ͘'ĨƵŶĚƐŵĂǇďĞƵƐĞĚĨŽƌƐƵĐŚĨĂĐŝůŝƚŝĞƐŝĨƵƐĞĚĨŽƌ ĞůŝŐŝďůĞƉŽƉƵůĂƚŝŽŶƐĂŶĚƌĞƋƵĞƐƚĞĚďǇƚŚĞĨĂĐŝůŝƚǇ͘ dŚĞŶĞĞĚƐǁĞƌĞĚĞƚĞƌŵŝŶĞĚƚŚƌŽƵŐŚƉĂƐƚƌĞƋƵĞƐƚƐĨŽƌƚŚĞƵƐĞŽĨ'ĨƵŶĚƐĂŶĚĐŽŶƐƵůƚĂƚŝŽŶǁŝƚŚĐŝƚǇ ƐƚĂĨĨƌĞƐƵůƚŝŶŐŝŶĂƉƌŝŽƌŝƚǇĨŽƌĂůůƉƵďůŝĐĨĂĐŝůŝƚŝĞƐůŝƐƚĞĚ͘ ƐŝŶĚŝĐĂƚĞĚŝŶƚŚĞŝƚŝǌĞŶWĂƌƚŝĐŝƉĂƚŝŽŶWůĂŶ͕ƚŚĞĐŝƚǇƌĞƋƵĞƐƚƐĂƉƉůŝĐĂƚŝŽŶƐĨŽƌƚŚĞƵƐĞŽĨ'ĨƵŶĚƐŽŶ ĂŶĂŶŶƵĂůďĂƐŝƐ͘'ĨƵŶĚƐŵĂǇďĞƵƐĞĚĨŽƌƌĞƋƵĞƐƚƐƚŚĂƚƉƌŽǀŝĚĞĂƐƐŝƐƚĂŶĐĞƚŽĂĐƚŝǀŝƚŝĞƐƚŚĂƚŵĞĞƚĂ EĂƚŝŽŶĂůKďũĞĐƚŝǀĞ;ďĞŶĞĨŝƚƚŝŶŐůŽǁͬŵŽĚĞƌĂƚĞŝŶĐŽŵĞĐůŝĞŶƚĞůĞ͕ƵƌŐĞŶƚŶĞĞĚƐ͕ƉƌĞǀĞŶƚŝŶŐͬĞůŝŵŝŶĂƚŝŶŐ ƐůƵŵŽƌďůŝŐŚƚĂƌĞĂƐĂĐƋƵŝƐŝƚŝŽŶŽĨƌĞĂůƉƌŽƉĞƌƚǇͿ͘ ,ŽǁǁĞƌĞƚŚĞƐĞŶĞĞĚƐĚĞƚĞƌŵŝŶĞĚ͍ dŚĞŶĞĞĚƐǁĞƌĞĚĞƚĞƌŵŝŶĞĚƚŚƌŽƵŐŚƉĂƐƚƌĞƋƵĞƐƚƐĨŽƌƚŚĞƵƐĞŽĨ'ĨƵŶĚƐĂŶĚĐŽŶƐƵůƚĂƚŝŽŶǁŝƚŚĐŝƚǇ ƐƚĂĨĨƌĞƐƵůƚŝŶŐŝŶĂƉƌŝŽƌŝƚǇĨŽƌƚŚĞƉƵďůŝĐƐĞƌǀŝĐĞƐůŝƐƚĞĚ͘ ƐŝŶĚŝĐĂƚĞĚŝŶƚŚĞŝƚŝǌĞŶWĂƌƚŝĐŝƉĂƚŝŽŶWůĂŶ͕ƚŚĞĐŝƚǇƌĞƋƵĞƐƚƐĂƉƉůŝĐĂƚŝŽŶƐĨŽƌƚŚĞƵƐĞŽĨ'ĨƵŶĚƐŽŶ ĂŶĂŶŶƵĂůďĂƐŝƐ͘'ĨƵŶĚƐŵĂǇďĞƵƐĞĚĨŽƌƌĞƋƵĞƐƚƐƚŚĂƚƉƌŽǀŝĚĞĂƐƐŝƐƚĂŶĐĞƚŽĂĐƚŝǀŝƚŝĞƐƚŚĂƚŵĞĞƚĂ EĂƚŝŽŶĂůKďũĞĐƚŝǀĞ;ďĞŶĞĨŝƚƚŝŶŐůŽǁͬŵŽĚĞƌĂƚĞŝŶĐŽŵĞĐůŝĞŶƚĞůĞ͕ƵƌŐĞŶƚŶĞĞĚƐ͕ƉƌĞǀĞŶƚŝŶŐͬĞůŝŵŝŶĂƚŝŶŐ ƐůƵŵŽƌďůŝŐŚƚĂƌĞĂƐĂĐƋƵŝƐŝƚŝŽŶŽĨƌĞĂůƉƌŽƉĞƌƚǇͿ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϱϴ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ĞƐĐƌŝďĞƚŚĞũƵƌŝƐĚŝĐƚŝŽŶ͛ƐŶĞĞĚĨŽƌWƵďůŝĐ/ŵƉƌŽǀĞŵĞŶƚƐ͗ x tĂƚĞƌŝŵƉƌŽǀĞŵĞŶƚƐ x^ƚƌĞĞƚŝŵƉƌŽǀĞŵĞŶƚƐ x^ŝĚĞǁĂůŬƐ x^ĞǁĞƌŝŵƉƌŽǀĞŵĞŶƚƐ x&ůŽŽĚĚƌĂŝŶŝŵƉƌŽǀĞŵĞŶƚƐ ,ŽǁǁĞƌĞƚŚĞƐĞŶĞĞĚƐĚĞƚĞƌŵŝŶĞĚ͍ ŽŶƐƵůƚĂƚŝŽŶǁŝƚŚŝƚǇƐƚĂĨĨ͕ŝƚǇŽƵŶĐŝůŵĞŵďĞƌƐ͕ĂŐĞŶĐŝĞƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͕ĂŶĚƉƵďůŝĐƐƵƌǀĞǇ͘dŚĞ ƌĞƋƵĞƐƚƐĂƌĞƐƵďŵŝƚƚĞĚƚŽƚŚĞŝƚǇŽƵŶĐŝů͘ůůƌĞƋƵĞƐƚƐĂƌĞƌĞǀŝĞǁĞĚĂŶĚĂůůŽĐĂƚĞĚďǇƚŚĞŝƚǇŽƵŶĐŝů ĂŶĚƉƵďůŝĐŚĞĂƌŝŶŐƐ͘ ĞƐĐƌŝďĞƚŚĞũƵƌŝƐĚŝĐƚŝŽŶ͛ƐŶĞĞĚĨŽƌWƵďůŝĐ^ĞƌǀŝĐĞƐ͗ WƵďůŝĐ^ĞƌǀŝĐĞŶĞĞĚƐŝŶĐůƵĚĞǇŽƵƚŚƐĞƌǀŝĐĞƐ͕ĐŚŝůĚĐĂƌĞƐĞƌǀŝĐĞ͕ƚƌĂŶƐƉŽƌƚĂƚŝŽŶƐĞƌǀŝĐĞƐ͕ƐĞƌǀŝĐĞƐĨŽƌ ƉĞƌƐŽŶƐǁŝƚŚĚŝƐĂďŝůŝƚŝĞƐ͕ƐĞŶŝŽƌƐĞƌǀŝĐĞƐ͕ĞŵƉůŽǇŵĞŶƚƚƌĂŝŶŝŶŐ͕ƐƵďƐƚĂŶĐĞĂďƵƐĞƐĞƌǀŝĐĞƐ͕ƐĞƌǀŝĐĞƐĨŽƌ ďĂƚƚĞƌĞĚĂŶĚĂďƵƐĞĚƐƉŽƵƐĞƐ͕ƐĞƌǀŝĐĞƐĨŽƌŶĞŐůĞĐƚĞĚĂŶĚĂďƵƐĞĚĐŚŝůĚƌĞŶ͕ĐƌŝŵĞĂǁĂƌĞŶĞƐƐ͕ĂŶĚŐĂŶŐ ƉƌĞǀĞŶƚŝŽŶ͕͘'ĨƵŶĚƐŵĂǇďĞƵƐĞĚĨŽƌƐƵĐŚƉƵďůŝĐƐĞƌǀŝĐĞƐŝĨƵƐĞĚĨŽƌĞůŝŐŝďůĞƉŽƉƵůĂƚŝŽŶĂŶĚ ƌĞƋƵĞƐƚĞĚďǇƚŚĞƉƵďůŝĐƐĞƌǀŝĐĞĂŐĞŶĐǇ͘ ,ŽǁǁĞƌĞƚŚĞƐĞŶĞĞĚƐĚĞƚĞƌŵŝŶĞĚ͍ dŚĞŶĞĞĚƐǁĞƌĞĚĞƚĞƌŵŝŶĞĚƚŚƌŽƵŐŚƉĂƐƚƌĞƋƵĞƐƚƐĨŽƌƚŚĞƵƐĞŽĨ'ĨƵŶĚƐ͕ĐŽŶƐƵůƚĂƚŝŽŶǁŝƚŚĐŝƚǇ ƐƚĂĨĨ͕ĂŶĚƐƵƌǀĞǇŝŶŐƐĞƌǀŝĐĞĂŐĞŶĐŝĞƐĂƐǁĞůůĂƐƚŚĞƉƵďůŝĐ Ͷ ƌĞƐƵůƚŝŶŐŝŶĂƉƌŝŽƌŝƚǇĨŽƌƚŚĞƉƵďůŝĐƐĞƌǀŝĐĞƐ ůŝƐƚĞĚ͘ ƐŝŶĚŝĐĂƚĞĚŝŶƚŚĞŝƚŝǌĞŶWĂƌƚŝĐŝƉĂƚŝŽŶWůĂŶ͕ƚŚĞĐŝƚǇƌĞƋƵĞƐƚƐĂƉƉůŝĐĂƚŝŽŶƐĨŽƌƚŚĞƵƐĞŽĨ'ĨƵŶĚƐŽŶ ĂŶĂŶŶƵĂůďĂƐŝƐ͘'ĨƵŶĚƐŵĂǇďĞƵƐĞĚĨŽƌƌĞƋƵĞƐƚƐƚŚĂƚƉƌŽǀŝĚĞĂƐƐŝƐƚĂŶĐĞƚŽĂĐƚŝǀŝƚŝĞƐƚŚĂƚŵĞĞƚĂ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϱϵ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D EĂƚŝŽŶĂůKďũĞĐƚŝǀĞ;ďĞŶĞĨŝƚƚŝŶŐůŽǁͬŵŽĚĞƌĂƚĞŝŶĐŽŵĞĐůŝĞŶƚĞůĞ͕ƵƌŐĞŶƚŶĞĞĚƐ͕ƉƌĞǀĞŶƚŝŶŐͬĞůŝŵŝŶĂƚŝŶŐ ƐůƵŵŽƌďůŝŐŚƚĂƌĞĂƐĂĐƋƵŝƐŝƚŝŽŶŽĨƌĞĂůƉƌŽƉĞƌƚǇͿ͘ ,ŽƵƐŝŶŐDĂƌŬĞƚŶĂůǇƐŝƐ DͲϬϱKǀĞƌǀŝĞǁ ,ŽƵƐŝŶŐDĂƌŬĞƚŶĂůǇƐŝƐKǀĞƌǀŝĞǁ͗ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌŝƐĐƵƌƌĞŶƚůǇŝŶƚŚĞƉƌŽĐĞƐƐŽĨďĞŝŶŐĞƐƚĂďůŝƐŚĞĚĂƐĂĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ͘ dŚĞDŚĂƐƚŚĞƉŽƚĞŶƚŝĂůƚŽƚƌĂŶƐĨŽƌŵƉƌŽũĞĐƚĞĚũŽďƐĂŶĚŶĞĞĚĨŽƌĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϲϬ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D DͲϭϬEƵŵďĞƌŽĨ,ŽƵƐŝŶŐhŶŝƚƐʹϵϭ͘ϮϭϬ;ĂͿΘ;ďͿ;ϮͿ /ŶƚƌŽĚƵĐƚŝŽŶ ůůƌĞƐŝĚĞŶƚŝĂůƉƌŽƉĞƌƚŝĞƐďǇŶƵŵďĞƌŽĨƵŶŝƚƐ WƌŽƉĞƌƚǇdǇƉĞEƵŵďĞƌй ϭͲƵŶŝƚĚĞƚĂĐŚĞĚƐƚƌƵĐƚƵƌĞϮϴ͕ϱϬϬϲϭй ϭͲƵŶŝƚ͕ĂƚƚĂĐŚĞĚƐƚƌƵĐƚƵƌĞϰ͕ϯϴϱϵй ϮͲϰƵŶŝƚƐϯ͕ϭϬϱϳй ϱͲϭϵƵŶŝƚƐϯ͕ϯϭϱϳй ϮϬŽƌŵŽƌĞƵŶŝƚƐϱ͕ϵϲϱϭϯй DŽďŝůĞ,ŽŵĞ͕ďŽĂƚ͕Zs͕ǀĂŶ͕ĞƚĐϭ͕ϬϴϱϮй 7RWDO dĂďůĞϮϳʹZĞƐŝĚĞŶƚŝĂůWƌŽƉĞƌƚŝĞƐďǇhŶŝƚEƵŵďĞƌ ĂƚĂ^ŽƵƌĐĞ͗ ϮϬϭϭͲϮϬϭϱ^ hŶŝƚ^ŝǌĞďǇdĞŶƵƌĞ KǁŶĞƌƐZĞŶƚĞƌƐ EƵŵďĞƌйEƵŵďĞƌй EŽďĞĚƌŽŽŵϭϱϬйϱϬϱϰй ϭďĞĚƌŽŽŵϲϬϬϮйϰ͕ϭϮϱϯϭй ϮďĞĚƌŽŽŵƐϱ͕ϵϯϱϮϬйϱ͕ϲϮϱϰϮй ϯŽƌŵŽƌĞďĞĚƌŽŽŵƐϮϯ͕ϳϲϱϳϴйϯ͕ϬϳϬϮϯй 7RWDO dĂďůĞϮϴʹhŶŝƚ^ŝǌĞďǇdĞŶƵƌĞ ĂƚĂ^ŽƵƌĐĞ͗ ϮϬϭϭͲϮϬϭϱ^ ĞƐĐƌŝďĞƚŚĞŶƵŵďĞƌĂŶĚƚĂƌŐĞƚŝŶŐ;ŝŶĐŽŵĞůĞǀĞůͬƚǇƉĞŽĨĨĂŵŝůǇƐĞƌǀĞĚͿŽĨƵŶŝƚƐĂƐƐŝƐƚĞĚǁŝƚŚ ĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůƉƌŽŐƌĂŵƐ͘ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌŚĂƐƵƐĞĚƚĂǆŝŶĐƌĞŵĞŶƚĨŝŶĂŶĐŝŶŐƚŽĂƐƐŝƐƚĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĚĞǀĞůŽƉĞƌƐƚŽƚŚĞ 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ŝƚǇŽĨZŽĐŚĞƐƚĞƌͿ͕ĐŽŵƉůĞƚĞĚŝŶϮϬϭϰ͕ƚŚĞŐĞŶĞƌĂůŽĐĐƵƉĂŶĐǇĚĞŵĂŶĚĨŽƌŚŽƵƐŝŶŐŝƐƉƌŽũĞĐƚĞĚƚŽďĞĂŶ ĞƐƚŝŵĂƚĞĚϭϭ͕ϯϲϯŽǁŶĞĚŚŽƵƐŝŶŐƵŶŝƚƐĂŶĚϳ͕ϬϳϰƌĞŶƚĂůƵŶŝƚƐĨŽƌƚŚĞĞŶƚŝƌĞKůŵƐƚĞĚŽƵŶƚǇĂƌĞĂ ďĞƚǁĞĞŶϮϬϭϯͲϮϬϯϬ͘dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌŝƐƉƌŽũĞĐƚĞĚƚŽĂĐĐŽƵŶƚĨŽƌϳϳй;ϴ͕ϳϱϬͿŽĨƚŚĞĨŽƌƐĂůĞƵŶŝƚƐ ĂŶĚϵϬй;ϲ͕ϯϲϳͿŽĨƚŚĞƌĞŶƚĂůƵŶŝƚĚĞŵĂŶĚ͘ ĚĚƌĞƐƐŝŶŐƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͛ƐŐĞŶĞƌĂůŽĐĐƵƉĂŶĐǇĚĞŵĂŶĚĨŽƌƚŚĞůĂƐƚĨŝǀĞǇĞĂƌƐ;ƚŚƌŽƵŐŚƚŚĞǇĞĂƌ ϮϬϮϬͿĨƌŽŵƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞ,ŽƵƐŝŶŐEĞĞĚƐƐƐĞƐƐŵĞŶƚĨŽƌKůŵƐƚĞĚŽƵŶƚǇƌĞƉŽƌƚ͕ĂƉƉƌŽǆŝŵĂƚĞůǇ ϯ͕ϬϳϱƵŶŝƚƐŽĨƚŚĞŐĞŶĞƌĂůŽĐĐƵƉĂŶĐǇĚĞŵĂŶĚŝƐƉƌŽũĞĐƚĞĚĨŽƌŽǁŶĞĚŚŽƵƐŝŶŐĂŶĚϮ͕ϲϬϮĨŽƌƌĞŶƚĂů ŚŽƵƐŝŶŐ͘KĨƚŚĞϮ͕ϲϬϮƌĞŶƚĂůƵŶŝƚƐ͕ϰϭйǁŝůůĨŽƌŵĂƌŬĞƚƌĂƚĞƵŶŝƚƐ͕ϮϵйĂĨĨŽƌĚĂďůĞƵŶŝƚƐĂŶĚϯϬй ƐƵďƐŝĚŝǌĞĚƵŶŝƚƐ͘ƐŵĞŶƚŝŽŶĞĚ͕ϯ͕ϳϰϯƌĞŶƚĂůƵŶŝƚƐŚĂǀĞďĞĞŶďƵŝůƚƐŝŶĐĞϮϬϭϰ͕ǁŝƚŚĂďŽƵƚϭ͕ϳϬϬ ƉůĂŶŶĞĚ Ͷ ĞǆĐĞĞĚŝŶŐƚŚĞĨŝǀĞͲǇĞĂƌĚĞŵĂŶĚ͘,ŽǁĞǀĞƌ͕ĂďŽƵƚϭϱйŽĨƚŚĞƵŶŝƚƐƉůĂŶŶĞĚŽƌĚĞǀĞůŽƉĞĚĂƌĞ ĐŽŶƐŝĚĞƌĞĚĂĨĨŽƌĚĂďůĞ͘dŚŝƐĞƋƵĂƚĞƐƚŽĂďŽƵƚϴϮϱƵŶŝƚƐĐƵƌƌĞŶƚůǇĐŽŶƐŝĚĞƌĞĚĂĨĨŽƌĚĂďůĞ͕ǁŚŝĐŚĚŽĞƐ ŵĞĞƚƚŚĞƉƌŽũĞĐƚĞĚŶĞĞĚĨŽƌϮϵйŽĨϮ͕ϲϬϮƌĞŶƚĂůƵŶŝƚƐ;ĂďŽƵƚϳϱϬͿ͕ďƵƚĚŽĞƐŶŽƚŵĞĞƚƚŚĞŶĞĞĚĨŽƌ ĂĚĚŝƚŝŽŶĂůƐƵďƐŝĚŝǌĞĚƵŶŝƚƐ͘ ĐĐŽƌĚŝŶŐƚŽƚŚĞůĂƚĞƐƚ,hWŽůŝĐǇĞǀĞůŽƉŵĞŶƚĂŶĚZĞƐĞĂƌĐŚƌĞƉŽƌƚ͕ƚŚĞĞƐƚŝŵĂƚĞĚǀĂĐĂŶĐǇƌĂƚĞĨŽƌĂůů ƌĞŶƚĂůƵŶŝƚƐ;ŝŶĐůƵĚŝŶŐƐŝŶŐůĞͲĨĂŵŝůǇŚŽŵĞƐ͕ŵŽďŝůĞŚŽŵĞƐ͕ĂŶĚŵƵůƚŝĨĂŵŝůǇƌĞŶƚĂůƐͿŝŶƚŚĞZŽĐŚĞƐƚĞƌ ŵĞƚƌŽƉŽůŝƚĂŶĂƌĞĂŝƐϳйĂƐŽĨKĐƚŽďĞƌϭ͕ϮϬϭϳ͘ŶŝŶĐƌĞĂƐĞŝŶƚŚĞǀĂĐĂŶĐǇƌĂƚĞŝƐůĂƌŐĞůǇĚƵĞƚŽĂŶ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϲϮ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ŝŶĐƌĞĂƐĞŝŶĂƉĂƌƚŵĞŶƚĐŽŶƐƚƌƵĐƚŝŽŶƐŝŶĐĞϮϬϭϱ͕ƌĞƚƵƌŶŝŶŐƚŚĞƌĞŶƚĂůŚŽƵƐŝŶŐŵĂƌŬĞƚƚŽƐŽĨƚĐŽŶĚŝƚŝŽŶƐ͘/ƚ ŝƐĞƐƚŝŵĂƚĞĚƚŚŝƐǀĂĐĂŶĐǇƌĂƚĞŝƐƐŬĞǁĞĚďǇŝŶĐŽŵĞůĞǀĞů͘>ŽĐĂůĂŐĞŶĐŝĞƐƌĞƉŽƌƚƌĞŶƚĂůǀĂĐĂŶĐǇƌĂƚĞƐĂƌĞ ůŽǁĞƐƚĂŵŽŶŐĂĨĨŽƌĚĂďůĞƌĞŶƚĂůŚŽƵƐŝŶŐ͕ĂŶĚǁĞĂƌĞǁŽƌŬŝŶŐǁŝƚŚDĂǆĨŝĞůĚ,ŽƵƐŝŶŐƚŽĐŽŶĚƵĐƚĂƌĞƉŽƌƚ ƚŽŵĞĂƐƵƌĞƚŚŝƐ͘ ŝƐĐƵƐƐŝŽŶ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϲϯ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D DͲϭϱ,ŽƵƐŝŶŐDĂƌŬĞƚŶĂůǇƐŝƐ͗ŽƐƚŽĨ,ŽƵƐŝŶŐͲϵϭ͘ϮϭϬ;ĂͿ /ŶƚƌŽĚƵĐƚŝŽŶ ŽƐƚŽĨ,ŽƵƐŝŶŐ ĂƐĞzĞĂƌ͗ϮϬϬϵDŽƐƚZĞĐĞŶƚzĞĂƌ͗ϮϬϭϱйŚĂŶŐĞ DĞĚŝĂŶ,ŽŵĞsĂůƵĞϭϲϰ͕ϲϬϬϭϲϰ͕ϵϬϬϬй DĞĚŝĂŶŽŶƚƌĂĐƚZĞŶƚϲϯϬϳϯϯϭϲй dĂďůĞϮϵʹŽƐƚŽĨ,ŽƵƐŝŶŐ ĂƚĂ^ŽƵƌĐĞ͗ ϮϬϬϱͲϮϬϬϵ^;ĂƐĞzĞĂƌͿ͕ϮϬϭϭͲϮϬϭϱ^;DŽƐƚZĞĐĞŶƚzĞĂƌͿ ZĞŶƚWĂŝĚEƵŵďĞƌй >ĞƐƐƚŚĂŶΨϱϬϬϮ͕ϯϯϬϭϳ͘ϱй ΨϱϬϬͲϵϵϵϳ͕ϵϱϬϱϵ͘ϳй 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,ŽŵĞdƌĂŶƐŝƚŝŽŶ dĞŶĂŶƚ dŽƚĂůEƵŵďĞƌŽĨhŶŝƚƐďǇWƌŽŐƌĂŵdǇƉĞ ϯϬϬ ďĂƐĞĚ Ͳ WƌŽũĞĐƚ ǇĞĂƌ͕ĂŶĚEƵƌƐŝŶŐ Ϭ ϱϱϲ WƌŽŐƌĂŵdǇƉĞ ZK,^dZ dŽƚĂů dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĚŽĞƐŶŽƚŽǁŶŽƌŵĂŶĂŐĞĂŶǇƉƵďůŝĐŚŽƵƐŝŶŐƵŶŝƚƐ͘ Ͳ zĞĂƌ͕DĂŝŶƐƚƌĞĂŵ&ŝǀĞ ĞƐĐƌŝďĞƚŚĞŶƵŵďĞƌĂŶĚƉŚǇƐŝĐĂůĐŽŶĚŝƚŝŽŶŽĨƉƵďůŝĐŚŽƵƐŝŶŐ ϵ ϭϭϬ ,ŽƵƐŝŶŐ WƵďůŝĐ ϵϭ͘ϮϭϬ;ďͿ ĞƐĐƌŝďĞƚŚĞƐƵƉƉůǇŽĨƉƵďůŝĐŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚƐ͗ ʹ ϯϳ dĂďůĞ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ϬϬ ZĞŚĂď Ͳ Ͳ DŽĚ ʹůĚĞƌůǇŝƐĂďůĞĚ͕DĂŝŶƐƚƌĞĂŵKŶĞ ϮϱWƵďůŝĐĂŶĚƐƐŝƐƚĞĚ,ŽƵƐŝŶŐ ĂƉƉƌŽǀĞĚWƵďůŝĐ,ŽƵƐŝŶŐŐĞŶĐǇWůĂŶ͗ ϬϬ ĞƌƚŝĨŝĐĂƚĞ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ W/;W/,/ŶĨŽƌŵĂƚŝŽŶĞŶƚĞƌͿ ǁŝƚŚŝŶƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘ dŽƚĂůƐEƵŵďĞƌŽĨhŶŝƚƐ ηŽĨĂĐĐĞƐƐŝďůĞƵŶŝƚƐ ηŽĨƵŶŝƚƐǀŽƵĐŚĞƌƐ Ͳ ΎŝŶĐůƵĚĞƐEŽŶ /ŶƚƌŽĚƵĐƚŝŽŶ ĂƚĂ^ŽƵƌĐĞ͗ ĂǀĂŝůĂďůĞ ĐŽŶĚŝƚŝŽ Ͳ D *D WƵďůŝĐ,ŽƵƐŝŶŐŽŶĚŝƚŝŽŶ WƵďůŝĐ,ŽƵƐŝŶŐĞǀĞůŽƉŵĞŶƚǀĞƌĂŐĞ/ŶƐƉĞĐƚŝŽŶ^ĐŽƌĞ KůŵƐƚĞĚŽƵŶƚǇ,ZϵϭͲ,ŝŐŚWĞƌĨŽƌŵĞƌ dĂďůĞϯϴͲWƵďůŝĐ,ŽƵƐŝŶŐŽŶĚŝƚŝŽŶ ĞƐĐƌŝďĞƚŚĞƌĞƐƚŽƌĂƚŝŽŶĂŶĚƌĞǀŝƚĂůŝǌĂƚŝŽŶŶĞĞĚƐŽĨƉƵďůŝĐŚŽƵƐŝŶŐƵŶŝƚƐŝŶƚŚĞũƵƌŝƐĚŝĐƚŝŽŶ͗ KŶŐŽŝŶŐŵĂŝŶƚĞŶĂŶĐĞ͕ŶŽŵĂũŽƌŽƌƐƚƌƵĐƚƵƌĂůƌĞƐƚŽƌĂƚŝŽŶŶĞĞĚĞĚ͘ ĞƐĐƌŝďĞƚŚĞƉƵďůŝĐŚŽƵƐŝŶŐĂŐĞŶĐǇΖƐƐƚƌĂƚĞŐǇĨŽƌŝŵƉƌŽǀŝŶŐƚŚĞůŝǀŝŶŐĞŶǀŝƌŽŶŵĞŶƚŽĨůŽǁͲ ĂŶĚŵŽĚĞƌĂƚĞͲŝŶĐŽŵĞĨĂŵŝůŝĞƐƌĞƐŝĚŝŶŐŝŶƉƵďůŝĐŚŽƵƐŝŶŐ͗ ^ƚƌĂƚĞŐǇĨŽƌŝŵƉƌŽǀŝŶŐƚŚĞůŝǀŝŶŐĞŶǀŝƌŽŶŵĞŶƚ͗ĂĚĚŝƚŝŽŶĂů^ĞĐƚŝŽŶϴ,ŽƵƐŝŶŐŚŽŝĐĞsŽƵĐŚĞƌƐŵĂĚĞ ĂǀĂŝůĂďůĞďǇŽŶŐƌĞƐƐĂŶĚ,h͕ĚĞǀĞůŽƉŵĂƌŬĞƚŝŶŐƐƚƌĂƚĞŐŝĞƐƚŚĂƚƉƌŽŵŽƚĞůĂŶĚůŽƌĚƉĂƌƚŝĐŝƉĂƚŝŽŶŝŶƚŚĞ ^ĞĐƚŝŽŶϴƉƌŽŐƌĂŵƐ͕WƌŽŵŽƚĞĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐƵŶŝƚĚĞǀĞůŽƉŵĞŶƚ͕ŵĂŬĞĂǀĂŝůĂďůĞƉƌŽũĞĐƚͲďĂƐĞĚ ĂƐƐŝƐƚĂŶĐĞǀŽƵĐŚĞƌƐĂƐĂƚŽŽůŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐǁŚĞŶĂƉƉƌŽƉƌŝĂƚĞ͘ ŝƐĐƵƐƐŝŽŶ͗ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϳϬ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J 3DFNHW3J 3DFNHW3J *D ϬϬϬϬϬ ĞǀĞůŽƉŵĞŶƚ WĞƌŵĂŶĞŶƚ^ƵƉƉŽƌƚŝǀĞ,ŽƵƐŝŶŐ hŶĚĞƌ ĞĚƐ ϲϯϴ ϰϬϬϳϮ ϮϲϱϮϱ ƵƌƌĞŶƚΘEĞǁ ϭϵϲϭϲ ϬϬ ϱ ƵƌƌĞŶƚΘEĞǁ ϭ ,ŽƵƐŝŶŐĞĚƐ ϭ dƌĂŶƐŝƚŝŽŶĂů&ĂĐŝůŝƚŝĞƐĂŶĚ,ŽƵƐŝŶŐdĂƌŐĞƚĞĚƚŽ,ŽŵĞůĞƐƐ,ŽƵƐĞŚŽůĚƐ ͕ĞĐĞŵďĞƌϮϬϭϴ ϬϬϬ Ϯϱϯϯ KǀĞƌĨůŽǁĞĚƐ ^ĞĂƐŽŶĂůͬ sŽƵĐŚĞƌͬ ŵĞƌŐĞŶĐǇ^ŚĞůƚĞƌĞĚƐ ZK,^dZ sĂůůĞǇŽŶƚŝŶƵƵŵŽĨĂƌĞ ϭϳϮϭϮ ϯϯϬϬ &ĂĐŝůŝƚŝĞƐĂŶĚ,ŽƵƐŝŶŐdĂƌŐĞƚĞĚƚŽ,ŽŵĞůĞƐƐ,ŽƵƐĞŚŽůĚƐ zĞĂƌZŽƵŶĚĞĚƐ ;ƵƌƌĞŶƚΘEĞǁͿ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ Ͳ ϯϵ dĂďůĞ ZŝǀĞƌ ʹ ĞůĞƐƐEĞĞĚƐƐƐĞƐƐŵĞŶƚ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ ŚƌŽŶŝĐĂůůǇ,ŽŵĞůĞƐƐ,ŽƵƐĞŚŽůĚƐ ,ŽƵƐĞŚŽůĚƐǁŝƚŚĚƵůƚ;ƐͿĂŶĚ ,ŽƵƐĞŚŽůĚƐǁŝƚŚKŶůǇĚƵůƚƐ hŶĂĐĐŽŵƉĂŶŝĞĚzŽƵƚŚ ĂƚĂ^ŽƵƌĐĞŽŵŵĞŶƚƐ͗ ZĞŐŝŽŶĂů,Žŵ ŚŝůĚ;ƌĞŶͿ sĞƚĞƌĂŶƐ *D ĞƐĐƌŝďĞŵĂŝŶƐƚƌĞĂŵƐĞƌǀŝĐĞƐ͕ƐƵĐŚĂƐŚĞĂůƚŚ͕ŵĞŶƚĂůŚĞĂůƚŚ͕ĂŶĚĞŵƉůŽǇŵĞŶƚƐĞƌǀŝĐĞƐƚŽƚŚĞ ĞǆƚĞŶƚƚŚŽƐĞƐĞƌǀŝĐĞƐĂƌĞƵƐĞƚŽĐŽŵƉůĞŵĞŶƚƐĞƌǀŝĐĞƐƚĂƌŐĞƚĞĚƚŽŚŽŵĞůĞƐƐƉĞƌƐŽŶƐ dŚĞĂǀĂŝůĂďŝůŝƚǇŽĨŵĂŝŶƐƚƌĞĂŵƐĞƌǀŝĐĞƐƚĂƌŐĞƚĞĚƚŽŚŽŵĞůĞƐƐƉĞƌƐŽŶƐŝŶĐůƵĚĞ͗ ĐŽƵŶƐĞůŝŶŐͬĂĚǀŽĐĂĐǇ ůĞŐĂůĂƐƐŝƐƚĂŶĐĞ ŵŽƌƚŐĂŐĞĂƐƐŝƐƚĂŶĐĞ ƌĞŶƚĂůĂƐƐŝƐƚĂŶĐĞ ƵƚŝůŝƚǇĂƐƐŝƐƚĂŶĐĞ dŚĞĂǀĂŝůĂďŝůŝƚǇŽĨŵĂŝŶƐƚƌĞĂŵŽƵƚƌĞĂĐŚƐĞƌǀŝĐĞƐŝŶĐůƵĚĞ͗ ůĂǁĞŶĨŽƌĐĞŵĞŶƚ ŵŽďŝůĞĐůŝŶŝĐƐ ŐĂŶŐƉƌĞǀĞŶƚŝŽŶ dŚĞĂǀĂŝůĂďŝůŝƚǇŽĨŵĂŝŶƐƚƌĞĂŵƐƵƉƉŽƌƚƐĞƌǀŝĐĞƐŝŶĐůƵĚĞ͗ ůĐŽŚŽůΘƌƵŐĂďƵƐĞ ŚŝůĚĐĂƌĞ ĚƵĐĂƚŝŽŶ ,ĞĂůƚŚĐĂƌĞ ,/sͬ/^ >ŝĨĞ^ŬŝůůƐ DĞŶƚĂů,ĞĂůƚŚŽƵŶƐĞůŝŶŐ dƌĂŶƐƉŽƌƚĂƚŝŽŶ EĞǆƚŚĂƉƚĞƌDŝŶŝƐƚƌŝĞƐʹƚƌĂŶƐŝƚŝŽŶĂůŚŽƵƐŝŶŐĨŽƌϵŵŽŶƚŚƐĨŽƌƉĞƌƐŽŶƐǁŚŽĂƌĞĞǆŝƚŝŶŐƚŚĞƉƌŝƐŽŶ ƐǇƐƚĞŵ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϳϯ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ĂŵĂƐĐƵƐtĂǇʹKŶĞŚŽƵƐĞǁŝƚŚϭϲďĞĚƐ͕ůŝĐĞŶƐĞĚďǇ^ƚĂƚĞŽĨDE͕ƉƌŽǀŝĚŝŶŐƐƵƉĞƌǀŝƐĞĚƌĞůĞĂƐĞĂŶĚ ǁŽƌŬƌĞůĞĂƐĞĐŽŶƚƌĂĐƚƐ͘KůŵƐƚĞĚŽƵŶƚǇƌĞĐĞŶƚůǇƌĞĐĞŝǀĞĚŐƌĂŶƚĚŽůůĂƌƐĨƌŽŵƚŚĞDEĞƉĂƌƚŵĞŶƚŽĨ ŽƌƌĞĐƚŝŽŶƐƚŽĚĞǀĞůŽƉƚƌĂŶƐŝƚŝŽŶĂůŚŽƵƐŝŶŐƐĞƌǀŝĐĞƐĨŽƌĐůŝĞŶƚƐŽŶƉƌŽďĂƚŝŽŶŽƌƐƵƉĞƌǀŝƐĞĚƌĞůĞĂƐĞ͘/Ŷ ϮϬϭϳ͕ƚŚĞŽƵŶƚǇďĞŐĂŶǁŽƌŬŝŶŐǁŝƚŚĂŵĂƐĐƵƐtĂǇƚŽŽƉĞƌĂƚĞƚŚŝƐƉƌŽŐƌĂŵŵŝŶŐŽƵƚŽĨƚŚĞŝƌƐƉĂĐĞĂƚ ƚŚĞ:ƵǀĞŶŝůĞĞƚĞŶƚŝŽŶĞŶƚĞƌ͖ĂŵĂƐĐƵƐtĂǇŚĂƐŽĨĨĞƌĞĚƚƌĂŶƐŝƚŝŽŶĂůŚŽƵƐŝŶŐŝŶZŽĐŚĞƐƚĞƌƐŝŶĐĞ:ƵůǇ ϮϬϬϲ͘ dƌĂŶƐŝƚŝŽŶĂů>ŝǀŝŶŐĞŶƚĞƌʹϭϬͲďĞĚƵŶŝƚĨŽƌĞǆͲŽĨĨĞŶĚĞƌƐ͘&KŽƌƌĞĐƚŝŽŶĂŶĚdd/ĐŽůůĂďŽƌĂƚŝǀĞ ƐƵďƐŝĚŝĞƐ͕ƉƌŽǀŝĚŝŶŐŚŽƵƐŝŶŐĨŽƌĞǆͲŽĨĨĞŶĚĞƌƐĐŽŵŝŶŐŽƵƚŽĨůŽĐĂůĚĞƚĞŶƚŝŽŶŽƌƉƌŝƐŽŶ͘ KůŵƐƚĞĚŽƵŶƚǇ,ZʹWĞƌŵĂŶĞŶƚ,ŽƵƐŝŶŐʹϭϳĞĨĨŝĐŝĞŶĐǇĂƉĂƌƚŵĞŶƚƐĨŽƌĂĚƵůƚƐǁŝƚŚŵĞŶƚĂůŝůůŶĞƐƐ͕ ĐŚĞŵŝĐĂůĚĞƉĞŶĚĞŶĐǇ͕Žƌ,/sŚŽŵĞůĞƐƐ͕ƌŝĚŐĞƐWƌŽŐƌĂŵͲϳďĞĚƐǁŝƚŚϱƚŽƚĂůƵŶŝƚƐ͕dƌĂŶƐŝƚŝŽŶĂůZĞŶƚĂů ƐƐŝƐƚĂŶĐĞWƌŽŐƌĂŵ;dͲZWͿ͕ĨƵŶĚĞĚďǇDE,ŽƵƐŝŶŐƐĞƌǀŝŶŐƐŝŶŐůĞĨĞŵĂůĞŚĞĂĚŽĨŚŽƵƐĞŚŽůĚ͕ƐĞƌǀĞƐϭϳ ŚŽƵƐĞŚŽůĚƐ͘ ƵŵďƌŽsĂůůĞǇDĞŶƚĂů,ĞĂůƚŚĞŶƚĞƌʹ^ŚĞůƚĞƌWůƵƐĂƌĞ^ŝƚĞʹϭϮĂƉĂƌƚŵĞŶƚƐ͕dŚŽŵĂƐ,ŽƵƐĞʹ ƉĞƌŵĂŶĞŶƚƌĞƐŝĚĞŶƚŝĂůŐƌŽƵƉŚŽŵĞ͕^ŚĂƌĞĚ,ŽƵƐŝŶŐʹŽŶŐƌĞŐĂƚĞƐƵƉƉŽƌƚĞĚŚŽƵƐŝŶŐĨŽƌĂĚƵůƚƐ͕ EŽƌƚŚŐĂƚĞƉĂƌƚŵĞŶƚƐʹƉĞƌŵĂŶĞŶƚƐƵƉƉŽƌƚŝǀĞϭϮͲϭďĞĚƌŽŽŵƵŶŝƚƐ͕^ĐĂƚƚĞƌĞĚ^ŝƚĞƉĂƌƚŵĞŶƚƐʹ 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ƌĞƚŚĞƌĞĂŶǇĂƌĞĂƐŝŶƚŚĞũƵƌŝƐĚŝĐƚŝŽŶǁŚĞƌĞƌĂĐŝĂůŽƌĞƚŚŶŝĐŵŝŶŽƌŝƚŝĞƐŽƌůŽǁͲŝŶĐŽŵĞ ĨĂŵŝůŝĞƐĂƌĞĐŽŶĐĞŶƚƌĂƚĞĚ͍;ŝŶĐůƵĚĞĂĚĞĨŝŶŝƚŝŽŶŽĨΗĐŽŶĐĞŶƚƌĂƚŝŽŶΗͿ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĚŽĞƐŶŽƚŚĂǀĞĂŶǇĐŽŶĐĞŶƚƌĂƚĞĚĂƌĞĂŽĨƌĂĐŝĂů͕ĞƚŚŶŝĐŵŝŶŽƌŝƚŝĞƐŽƌůŽǁͲŝŶĐŽŵĞ ĨĂŵŝůŝĞƐ͘ tŚĂƚĂƌĞƚŚĞĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨƚŚĞŵĂƌŬĞƚŝŶƚŚĞƐĞĂƌĞĂƐͬŶĞŝŐŚďŽƌŚŽŽĚƐ͍ E ƌĞƚŚĞƌĞĂŶǇĐŽŵŵƵŶŝƚǇĂƐƐĞƚƐŝŶƚŚĞƐĞĂƌĞĂƐͬŶĞŝŐŚďŽƌŚŽŽĚƐ͍ ŽŵŵƵŶŝƚǇĂƐƐĞƚƐĂƌĞĚŝƐƚƌŝďƵƚĞĚƚŚƌŽƵŐŚĂƌĞĂƐͬŶĞŝŐŚďŽƌŚŽŽĚƐŝŶƚŚĞŝƚǇ͘ ƌĞƚŚĞƌĞŽƚŚĞƌƐƚƌĂƚĞŐŝĐŽƉƉŽƌƚƵŶŝƚŝĞƐŝŶĂŶǇŽĨƚŚĞƐĞĂƌĞĂƐ͍ ^ƚƌĂƚĞŐŝĐŽƉƉŽƌƚƵŶŝƚŝĞƐŶŽƚŶĞĞĚĞĚ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϴϲ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ^ƚƌĂƚĞŐŝĐWůĂŶ ^WͲϬϱKǀĞƌǀŝĞǁ ^ƚƌĂƚĞŐŝĐWůĂŶKǀĞƌǀŝĞǁ dŚĞŐĞŶĞƌĂůƉƌŝŽƌŝƚŝĞƐĨŽƌĂůůŽĐĂƚŝŶŐ'ĨƵŶĚŝŶŐǁŝƚŚŝŶƚŚĞũƵƌŝƐĚŝĐƚŝŽŶĂƌĞŐĞŽŐƌĂƉŚŝĐĂůůǇ ĐŝƚǇǁŝĚĞ͘dŚĞŐĞŶĞƌĂůƉƌŝŽƌŝƚŝĞƐĂŶĚŶĞĞĚƐĂƌĞ͗ x ĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐ x ƉƵďůŝĐƐĞƌǀŝĐĞƐ x ƉƵďůŝĐĨĂĐŝůŝƚŝĞƐ x ƉůĂŶŶŝŶŐ dŚĞƌĂƚŝŽŶĂůĞĨŽƌĞƐƚĂďůŝƐŚŝŶŐƚŚĞĂůůŽĐĂƚŝŽŶƉƌŝŽƌŝƚŝĞƐŐŝǀĞŶƚŽĞĂĐŚĐĂƚĞŐŽƌǇŽĨƉƌŝŽƌŝƚǇŶĞĞĚƐŝƐ ĞǆƚƌĞŵĞůǇůŽǁŝŶĐŽŵĞ͕ůŽǁͲŝŶĐŽŵĞĂŶĚŵŽĚĞƌĂƚĞͲŝŶĐŽŵĞŚŽƵƐĞŚŽůĚƐ͕ĐŽŶƐƵůƚĂƚŝŽŶǁŝƚŚŝƚǇŽƵŶĐŝů ŵĞŵďĞƌƐ͕ƐƵďƌĞĐŝƉŝĞŶƚƐƌĞƋƵĞƐƚŝŶŐ'ĨƵŶĚŝŶŐ͕ĂŶĚĂƐƵƌǀĞǇƚŽƚŚĞƉƵďůŝĐ WƌŽƉŽƐĞĚĂĐĐŽŵƉůŝƐŚŵĞŶƚƐĂŶĚŽƵƚĐŽŵĞƐĂƌĞĂǀĂŝůĂďŝůŝƚǇͬƉƌĞƐĞƌǀĂƚŝŽŶŽĨĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐ͕ƉƌŽǀŝƐŝŽŶ ŽĨƉƵďůŝĐƐĞƌǀŝĐĞƐ͕ĂŶĚƌĞŚĂďŝůŝƚĂƚŝŽŶŽĨƉƵďůŝĐĨĂĐŝůŝƚŝĞƐ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϴϳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ^WͲϭϬ'ĞŽŐƌĂƉŚŝĐWƌŝŽƌŝƚŝĞƐʹϵϭ͘Ϯϭϱ;ĂͿ;ϭͿ 'ĞŽŐƌĂƉŚŝĐƌĞĂ dĂďůĞϰϳͲ'ĞŽŐƌĂƉŚŝĐWƌŝŽƌŝƚǇƌĞĂƐ 'ĞŶĞƌĂůůůŽĐĂƚŝŽŶWƌŝŽƌŝƚŝĞƐ ĞƐĐƌŝďĞƚŚĞďĂƐŝƐĨŽƌĂůůŽĐĂƚŝŶŐŝŶǀĞƐƚŵĞŶƚƐŐĞŽŐƌĂƉŚŝĐĂůůǇǁŝƚŚŝŶƚŚĞũƵƌŝƐĚŝĐƚŝŽŶ;ŽƌǁŝƚŚŝŶƚŚĞD^ ĨŽƌ,KWtͿ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĚŽĞƐŶŽƚƵƐĞŐĞŽŐƌĂƉŚŝĐƉƌŝŽƌŝƚŝĞƐǁŚĞŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞĂůůŽĐĂƚŝŽŶŽĨ' ĨƵŶĚŝŶŐ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϴϴ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ^WͲϮϱWƌŝŽƌŝƚǇEĞĞĚƐͲϵϭ͘Ϯϭϱ;ĂͿ;ϮͿ WƌŝŽƌŝƚǇEĞĞĚƐ dĂďůĞϰϴʹWƌŝŽƌŝƚǇEĞĞĚƐ^ƵŵŵĂƌǇ ϭ WƌŝŽƌŝƚǇEĞĞĚEĂŵĞ ĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐ WƌŝŽƌŝƚǇ>ĞǀĞů ,ŝŐŚ WŽƉƵůĂƚŝŽŶ ǆƚƌĞŵĞůǇ>Žǁ >Žǁ DŽĚĞƌĂƚĞ >ĂƌŐĞ&ĂŵŝůŝĞƐ &ĂŵŝůŝĞƐǁŝƚŚŚŝůĚƌĞŶ ůĚĞƌůǇ WƵďůŝĐ,ŽƵƐŝŶŐZĞƐŝĚĞŶƚƐ 'ĞŽŐƌĂƉŚŝĐƌĞĂƐ ĨĨĞĐƚĞĚ ƐƐŽĐŝĂƚĞĚ'ŽĂůƐ ĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐ ĞƐĐƌŝƉƚŝŽŶ EĞǁĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐƵŶŝƚƐƚŚĂƚƉƌŽǀŝĚĞ>D/ŚŽŵĞďƵǇĞƌƐǁŝƚŚ ĂĐĐĞƐƐƚŽŚŽŵĞŽǁŶĞƌƐŚŝƉƵŶŝƚƐ͕ŵĞĞƚŝŶŐƚŚĞĚĞŵĂŶĚĨŽƌ ĂĚĚŝƚŝŽŶĂůĂĨĨŽƌĚĂďůĞƌĞŶƚĂů͕ŽǁŶĞƌͲŽĐĐƵƉŝĞĚ͕ƐĞŶŝŽƌĂŶĚƐƉĞĐŝĂů ŶĞĞĚƐŚŽƵƐŝŶŐ͘ ĂƐŝƐĨŽƌZĞůĂƚŝǀĞWƌŝŽƌŝƚǇ ĚĚƌĞƐƐŶĞĞĚƐĨŽƌůŽǁͲŵŽĚĞƌĂƚĞŝŶĐŽŵĞƉĞƌƐŽŶƐͬŚŽƵƐĞŚŽůĚƐ ǁŝƚŚĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐ Ϯ WƌŝŽƌŝƚǇEĞĞĚEĂŵĞ KǁŶĞƌKĐĐƵƉŝĞĚZĞŚĂďŝůŝƚĂƚŝŽŶ WƌŝŽƌŝƚǇ>ĞǀĞů ,ŝŐŚ WŽƉƵůĂƚŝŽŶ ǆƚƌĞŵĞůǇ>Žǁ >Žǁ DŽĚĞƌĂƚĞ >ĂƌŐĞ&ĂŵŝůŝĞƐ &ĂŵŝůŝĞƐǁŝƚŚŚŝůĚƌĞŶ ůĚĞƌůǇ 'ĞŽŐƌĂƉŚŝĐƌĞĂƐ ĨĨĞĐƚĞĚ ƐƐŽĐŝĂƚĞĚ'ŽĂůƐ ĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϴϵ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ĞƐĐƌŝƉƚŝŽŶ WƌĞƐĞƌǀĞĂŶĚŝŵƉƌŽǀĞƚŚĞĞǆŝƐƚŝŶŐĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐƐƚŽĐŬ͘ ZĞĚƵĐĞƚŚĞŚĂǌĂƌĚŽĨůĞĂĚͲďĂƐĞĚƉĂŝŶƚŝŶĞǆŝƐƚŝŶŐŚŽƵƐŝŶŐ͘ /ŵƉƌŽǀĞĞŶĞƌŐǇĞĨĨŝĐŝĞŶĐǇ͘ ĂƐŝƐĨŽƌZĞůĂƚŝǀĞWƌŝŽƌŝƚǇ ŐĞŽĨŚŽƵƐŝŶŐ >ĞĂĚĂƐĞWĂŝŶƚ ϯ WƌŝŽƌŝƚǇEĞĞĚEĂŵĞ ^ƉĞĐŝĂůEĞĞĚƐ,ŽƵƐŝŶŐ WƌŝŽƌŝƚǇ>ĞǀĞů ,ŝŐŚ WŽƉƵůĂƚŝŽŶ ǆƚƌĞŵĞůǇ>Žǁ DŽĚĞƌĂƚĞ &ĂŵŝůŝĞƐǁŝƚŚŚŝůĚƌĞŶ ůĚĞƌůǇ &ƌĂŝůůĚĞƌůǇ WĞƌƐŽŶƐǁŝƚŚDĞŶƚĂůŝƐĂďŝůŝƚŝĞƐ WĞƌƐŽŶƐǁŝƚŚWŚǇƐŝĐĂůŝƐĂďŝůŝƚŝĞƐ WĞƌƐŽŶƐǁŝƚŚĞǀĞůŽƉŵĞŶƚĂůŝƐĂďŝůŝƚŝĞƐ WĞƌƐŽŶƐǁŝƚŚůĐŽŚŽůŽƌKƚŚĞƌĚĚŝĐƚŝŽŶƐ WĞƌƐŽŶƐǁŝƚŚ,/sͬ/^ĂŶĚƚŚĞŝƌ&ĂŵŝůŝĞƐ sŝĐƚŝŵƐŽĨŽŵĞƐƚŝĐsŝŽůĞŶĐĞ 'ĞŽŐƌĂƉŚŝĐƌĞĂƐ ĨĨĞĐƚĞĚ ƐƐŽĐŝĂƚĞĚ'ŽĂůƐ ĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐ ĞƐĐƌŝƉƚŝŽŶ ĨĨŽƌĚĂďůĞĂĐĐĞƐƐŝďůĞŚŽƵƐŝŶŐŽƉƚŝŽŶƐĨŽƌŚĂŶĚŝĐĂƉƉĞĚƉĞƌƐŽŶƐ ŝŶĂĐĐĞƐƐŝďůĞůŽĐĂƚŝŽŶƐǁŝƚŚŝŶƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘ ĂƐŝƐĨŽƌZĞůĂƚŝǀĞWƌŝŽƌŝƚǇ EĞĞĚĨŽƌƐƉĞĐŝĂůŶĞĞĚƐͬĂĐĐĞƐƐŝďůĞŚŽƵƐŝŶŐ ϰ WƌŝŽƌŝƚǇEĞĞĚEĂŵĞ ŵĞƌŐĞŶĐǇ^ŚĞůƚĞƌĨŽƌƚŚĞ,ŽŵĞůĞƐƐ WƌŝŽƌŝƚǇ>ĞǀĞů ,ŝŐŚ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϵϬ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D WŽƉƵůĂƚŝŽŶ ǆƚƌĞŵĞůǇ>Žǁ >Žǁ DŽĚĞƌĂƚĞ >ĂƌŐĞ&ĂŵŝůŝĞƐ &ĂŵŝůŝĞƐǁŝƚŚŚŝůĚƌĞŶ ůĚĞƌůǇ ŚƌŽŶŝĐ,ŽŵĞůĞƐƐŶĞƐƐ/ŶĚŝǀŝĚƵĂůƐ DĞŶƚĂůůǇ/ůů ŚƌŽŶŝĐ^ƵďƐƚĂŶĐĞďƵƐĞ sĞƚĞƌĂŶƐ WĞƌƐŽŶƐǁŝƚŚ,/sͬ/^ sŝĐƚŝŵƐŽĨŽŵĞƐƚŝĐsŝŽůĞŶĐĞ hŶĂĐĐŽŵƉĂŶŝĞĚzŽƵƚŚ 'ĞŽŐƌĂƉŚŝĐƌĞĂƐ ĨĨĞĐƚĞĚ ƐƐŽĐŝĂƚĞĚ'ŽĂůƐ ĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐ ĞƐĐƌŝƉƚŝŽŶ ^ƵƉƉŽƌƚƚŚĞĞǆŝƐƚŝŶŐŽƉĞƌĂƚŝŽŶƉƌŽŐƌĂŵƐĂŶĚĨĂĐŝůŝƚŝĞƐĨŽƌ ŚŽŵĞůĞƐƐƉĞƌƐŽŶƐͬĨĂŵŝůŝĞƐŝŶZŽĐŚĞƐƚĞƌ͘ ĂƐŝƐĨŽƌZĞůĂƚŝǀĞWƌŝŽƌŝƚǇ EĞĞĚƐĨŽƌŚŽŵĞůĞƐƐƐŚĞůƚĞƌ ϱ WƌŝŽƌŝƚǇEĞĞĚEĂŵĞ zŽƵƚŚWƌŽŐƌĂŵƐ WƌŝŽƌŝƚǇ>ĞǀĞů ,ŝŐŚ WŽƉƵůĂƚŝŽŶ ǆƚƌĞŵĞůǇ>Žǁ >Žǁ DŽĚĞƌĂƚĞ >ĂƌŐĞ&ĂŵŝůŝĞƐ &ĂŵŝůŝĞƐǁŝƚŚŚŝůĚƌĞŶ EŽŶͲŚŽƵƐŝŶŐŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚ 'ĞŽŐƌĂƉŚŝĐƌĞĂƐ ĨĨĞĐƚĞĚ ƐƐŽĐŝĂƚĞĚ'ŽĂůƐ WƵďůŝĐ^ĞƌǀŝĐĞ ĞƐĐƌŝƉƚŝŽŶ ĨĨŽƌĚĂďůĞĂĐĐĞƐƐŝďůĞǇŽƵƚŚƉƌŽŐƌĂŵƐ͘ ĂƐŝƐĨŽƌZĞůĂƚŝǀĞWƌŝŽƌŝƚǇ ĚĚƌĞƐƐŝŶŐŶĞĞĚƐĨŽƌůŽǁͲŵŽĚĞƌĂƚĞŝŶĐŽŵĞŚŽƵƐĞŚŽůĚƐǁŝƚŚ ǇŽƵƚŚ ϲ WƌŝŽƌŝƚǇEĞĞĚEĂŵĞ ŚŝůĚĂƌĞWƌŽŐƌĂŵƐ WƌŝŽƌŝƚǇ>ĞǀĞů ,ŝŐŚ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϵϭ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D WŽƉƵůĂƚŝŽŶ ǆƚƌĞŵĞůǇ>Žǁ >Žǁ DŽĚĞƌĂƚĞ >ĂƌŐĞ&ĂŵŝůŝĞƐ &ĂŵŝůŝĞƐǁŝƚŚŚŝůĚƌĞŶ WƵďůŝĐ,ŽƵƐŝŶŐZĞƐŝĚĞŶƚƐ EŽŶͲŚŽƵƐŝŶŐŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚ 'ĞŽŐƌĂƉŚŝĐƌĞĂƐ ĨĨĞĐƚĞĚ ƐƐŽĐŝĂƚĞĚ'ŽĂůƐ WƵďůŝĐ^ĞƌǀŝĐĞ ĞƐĐƌŝƉƚŝŽŶ ^ƵƉƉŽƌƚĂĨĨŽƌĚĂďůĞĐŚŝůĚĐĂƌĞƉƌŽŐƌĂŵƐ͘ ĂƐŝƐĨŽƌZĞůĂƚŝǀĞWƌŝŽƌŝƚǇ ĚĚƌĞƐƐŶĞĞĚƐĨŽƌĐŚŝůĚĐĂƌĞƐƵƉƉŽƌƚƐĞƌǀŝĐĞƐĨŽƌůŽǁĂŶĚ ŵŽĚĞƌĂƚĞŝŶĐŽŵĞĨĂŵŝůŝĞƐ ϳ WƌŝŽƌŝƚǇEĞĞĚEĂŵĞ ZĞŚĂďŝůŝƚĂƚŝŽŶŽĨZĞŶƚĂůhŶŝƚƐ WƌŝŽƌŝƚǇ>ĞǀĞů ,ŝŐŚ WŽƉƵůĂƚŝŽŶ ǆƚƌĞŵĞůǇ>Žǁ >Žǁ DŽĚĞƌĂƚĞ >ĂƌŐĞ&ĂŵŝůŝĞƐ &ĂŵŝůŝĞƐǁŝƚŚŚŝůĚƌĞŶ ůĚĞƌůǇ WƵďůŝĐ,ŽƵƐŝŶŐZĞƐŝĚĞŶƚƐ 'ĞŽŐƌĂƉŚŝĐƌĞĂƐ ĨĨĞĐƚĞĚ ƐƐŽĐŝĂƚĞĚ'ŽĂůƐ ĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐ ĞƐĐƌŝƉƚŝŽŶ WƌĞƐĞƌǀĞĂŶĚŝŵƉƌŽǀĞƚŚĞĞǆŝƐƚŝŶŐĂĨĨŽƌĚĂďůĞƌĞŶƚĂůŚŽƵƐŝŶŐ ƐƚŽĐŬ͘ ZĞĚƵĐĞƚŚĞŚĂǌĂƌĚŽĨůĞĂĚͲďĂƐĞĚƉĂŝŶƚŝŶĞǆŝƐƚŝŶŐƌĞŶƚĂůŚŽƵƐŝŶŐ͘ /ŵƉƌŽǀĞĞŶĞƌŐǇĞĨĨŝĐŝĞŶĐǇ͘ ĂƐŝƐĨŽƌZĞůĂƚŝǀĞWƌŝŽƌŝƚǇ EĞĞĚĨŽƌĂĨĨŽƌĚĂďůĞƌĞŶƚĂůŚŽƵƐŝŶŐ͘ ϴ WƌŝŽƌŝƚǇEĞĞĚEĂŵĞ dƌĂŶƐƉŽƌƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ WƌŝŽƌŝƚǇ>ĞǀĞů ,ŝŐŚ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϵϮ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D WŽƉƵůĂƚŝŽŶ ǆƚƌĞŵĞůǇ>Žǁ >Žǁ DŽĚĞƌĂƚĞ >ĂƌŐĞ&ĂŵŝůŝĞƐ &ĂŵŝůŝĞƐǁŝƚŚŚŝůĚƌĞŶ ůĚĞƌůǇ &ƌĂŝůůĚĞƌůǇ WĞƌƐŽŶƐǁŝƚŚDĞŶƚĂůŝƐĂďŝůŝƚŝĞƐ WĞƌƐŽŶƐǁŝƚŚWŚǇƐŝĐĂůŝƐĂďŝůŝƚŝĞƐ WĞƌƐŽŶƐǁŝƚŚĞǀĞůŽƉŵĞŶƚĂůŝƐĂďŝůŝƚŝĞƐ EŽŶͲŚŽƵƐŝŶŐŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚ 'ĞŽŐƌĂƉŚŝĐƌĞĂƐ ĨĨĞĐƚĞĚ ƐƐŽĐŝĂƚĞĚ'ŽĂůƐ WƵďůŝĐ^ĞƌǀŝĐĞƐ ĞƐĐƌŝƉƚŝŽŶ 'ĞŶĞƌĂůƚƌĂŶƐƉŽƌƚĂƚŝŽŶƐĞƌǀŝĐĞƐďĞŶĞĨŝƚƚŝŶŐĂůůƉĞƌƐŽŶƐ͘ ^ƵƉƉŽƌƚĂĐĐĞƐƐƚŽƚƌĂŶƐƉŽƌƚĂƚŝŽŶĨŽƌůŽǁͲŵŽĚĞƌĂƚĞŝŶĐŽŵĞ ŚŽƵƐĞŚŽůĚƐĂŶĚůŽǁͲŵŽĚĞƌĂƚĞŝŶĐŽŵĞĂƌĞĂƐ͘ dƌĂŶƐƉŽƌƚĂƚŝŽŶƐĞƌǀŝĐĞƐĨŽƌĂƐƉĞĐŝĨŝĐŐƌŽƵƉ;ůŝŬĞĞůĚĞƌůǇ͕ƐƉĞĐŝĂů ŶĞĞĚƐ͕ĞƚĐ͘ƐŚŽƵůĚďĞĂĚĚƌĞƐƐĞĚƵŶĚĞƌƚŚĞƉƌŝŽƌŝƚǇƐĞƌǀŝŶŐƚŚĂƚ ŐƌŽƵƉͿ͘ ĂƐŝƐĨŽƌZĞůĂƚŝǀĞWƌŝŽƌŝƚǇ ĚĚƌĞƐƐƚƌĂŶƐƉŽƌƚĂƚŝŽŶŶĞĞĚƐĨŽƌůŽǁͲŵŽĚĞƌĂƚĞŝŶĐŽŵĞ ƉĞƌƐŽŶƐͬŚŽƵƐĞŚŽůĚƐŝŶůŽǁͲŵŽĚĞƌĂƚĞŝŶĐŽŵĞĂƌĞĂƐ͘ ϵ WƌŝŽƌŝƚǇEĞĞĚEĂŵĞ ^ƚƌĞĞƚ/ŵƉƌŽǀĞŵĞŶƚƐ WƌŝŽƌŝƚǇ>ĞǀĞů ,ŝŐŚ WŽƉƵůĂƚŝŽŶ ǆƚƌĞŵĞůǇ>Žǁ >Žǁ DŽĚĞƌĂƚĞ >ĂƌŐĞ&ĂŵŝůŝĞƐ &ĂŵŝůŝĞƐǁŝƚŚŚŝůĚƌĞŶ ůĚĞƌůǇ &ƌĂŝůůĚĞƌůǇ WĞƌƐŽŶƐǁŝƚŚDĞŶƚĂůŝƐĂďŝůŝƚŝĞƐ WĞƌƐŽŶƐǁŝƚŚWŚǇƐŝĐĂůŝƐĂďŝůŝƚŝĞƐ WĞƌƐŽŶƐǁŝƚŚĞǀĞůŽƉŵĞŶƚĂůŝƐĂďŝůŝƚŝĞƐ EŽŶͲŚŽƵƐŝŶŐŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϵϯ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D 'ĞŽŐƌĂƉŚŝĐƌĞĂƐ ĨĨĞĐƚĞĚ ƐƐŽĐŝĂƚĞĚ'ŽĂůƐ WƵďůŝĐ&ĂĐŝůŝƚŝĞƐ ĞƐĐƌŝƉƚŝŽŶ /ŶƐƚĂůůĂƚŝŽŶŽƌƌĞƉĂŝƌŽĨƐƚƌĞĞƚƐ͕ƐƚƌĞĞƚĚƌĂŝŶƐ͕ƐƚŽƌŵĚƌĂŝŶƐ͕ĐƵƌďƐ ĂŶĚŐƵƚƚĞƌƐ͕ƚƵŶŶĞůƐ͕ďƌŝĚŐĞƐ͕ĂŶĚƚƌĂĨĨŝĐůŝŐŚƚƐͬƐŝŐŶƐ͘ &ŽƌŝŵƉƌŽǀĞŵĞŶƚƐƚŚĂƚŝŶĐůƵĚĞůĂŶĚƐĐĂƉŝŶŐ͕ƐƚƌĞĞƚůŝŐŚƚŝŶŐ͕ ĂŶĚͬŽƌƐƚƌĞĞƚƐŝŐŶƐ͘KǀĞƌĂůůƐƚƌĞĞƚŝŵƉƌŽǀĞŵĞŶƚƐĨŽƌůŽǁͲ ŵŽĚĞƌĂƚĞŝŶĐŽŵĞĂƌĞĂƐ͕ƐůƵŵͬďůŝŐŚƚĞĚĂƌĞĂƐ͕ŽƌƚŽƌĞŵŽǀĞ ďĂƌƌŝĞƌƐƚŽĂĐĐĞƐƐŝďŝůŝƚǇ͘ ĂƐŝƐĨŽƌZĞůĂƚŝǀĞWƌŝŽƌŝƚǇ ĚĚƌĞƐƐƉƵďůŝĐĨĂĐŝůŝƚǇŝŵƉƌŽǀĞŵĞŶƚƐƚŚĂƚƉƌŽǀŝĚĞƐĞƌǀŝĐĞƐĨŽƌ ůŽǁͲĂŶĚŵŽĚĞƌĂƚĞͲŝŶĐŽŵĞƉĞƌƐŽŶƐ͘ ϭϬ WƌŝŽƌŝƚǇEĞĞĚEĂŵĞ ^ĞƌǀŝĐĞƐĨŽƌWĞƌƐŽŶƐǁŝƚŚŝƐĂďŝůŝƚŝĞƐ WƌŝŽƌŝƚǇ>ĞǀĞů ,ŝŐŚ WŽƉƵůĂƚŝŽŶ ǆƚƌĞŵĞůǇ>Žǁ >Žǁ DŽĚĞƌĂƚĞ WĞƌƐŽŶƐǁŝƚŚDĞŶƚĂůŝƐĂďŝůŝƚŝĞƐ WĞƌƐŽŶƐǁŝƚŚWŚǇƐŝĐĂůŝƐĂďŝůŝƚŝĞƐ WĞƌƐŽŶƐǁŝƚŚĞǀĞůŽƉŵĞŶƚĂůŝƐĂďŝůŝƚŝĞƐ WĞƌƐŽŶƐǁŝƚŚůĐŽŚŽůŽƌKƚŚĞƌĚĚŝĐƚŝŽŶƐ WĞƌƐŽŶƐǁŝƚŚ,/sͬ/^ĂŶĚƚŚĞŝƌ&ĂŵŝůŝĞƐ EŽŶͲŚŽƵƐŝŶŐŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚ 'ĞŽŐƌĂƉŚŝĐƌĞĂƐ ĨĨĞĐƚĞĚ ƐƐŽĐŝĂƚĞĚ'ŽĂůƐ WƵďůŝĐ^ĞƌǀŝĐĞ ĞƐĐƌŝƉƚŝŽŶ 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ĞĐŽŶŽŵǇ͕ůŽǁƉĞƌĐĞŶƚĂŐĞŽĨǀĂĐĂŶƚƵŶŝƚƐ͕ĂŶĚƚŚĞĞƐƚĂďůŝƐŚŵĞŶƚŽĨƚŚĞ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌĚƌŝǀŝŶŐƵƉƚŚĞĐŽƐƚďƵƌĚĞŶĨŽƌĂĨĨŽƌĚĂďůĞ ŚŽƵƐŝŶŐ͘ dŚĞŝŶĐƌĞĂƐŝŶŐĚĞŵĂŶĚĐŽŶƚŝŶƵĞƐƚŽƉƵƚƉƌĞƐƐƵƌĞŽŶƚŚĞƚǁŽƉƌŝŵĂƌǇ ƉƌŽďůĞŵƐĂĨĨĞĐƚŝŶŐƚŚĞŚŽƵƐŝŶŐŵĂƌŬĞƚ͕ĐŽƐƚďƵƌĚĞŶĂŶĚĂǀĂŝůĂďŝůŝƚǇ͘ ĐƋƵŝƐŝƚŝŽŶ͕ŝŶĐůƵĚŝŶŐdŚĞƌĞŵĂǇďĞĂŚŝŐŚĚĞŵĂŶĚŝŶƚŚĞƌĞŶƚĂůŵĂƌŬĞƚĚƵĞƚŽĂŶŝŵƉƌŽǀĞĚ ƉƌĞƐĞƌǀĂƚŝŽŶĞĐŽŶŽŵǇ͕ůŽǁƉĞƌĐĞŶƚĂŐĞŽĨǀĂĐĂŶƚƵŶŝƚƐ͕ĂŶĚƚŚĞĞƐƚĂďůŝƐŚŵĞŶƚŽĨƚŚĞ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌĚƌŝǀŝŶŐƵƉƚŚĞĐŽƐƚďƵƌĚĞŶĨŽƌĂĨĨŽƌĚĂďůĞ ŚŽƵƐŝŶŐ͘ dŚĞŝŶĐƌĞĂƐŝŶŐĚĞŵĂŶĚĐŽŶƚŝŶƵĞƐƚŽƉƵƚƉƌĞƐƐƵƌĞŽŶƚŚĞƚǁŽƉƌŝŵĂƌǇ ƉƌŽďůĞŵƐĂĨĨĞĐƚŝŶŐƚŚĞŚŽƵƐŝŶŐŵĂƌŬĞƚ͕ĐŽƐƚďƵƌĚĞŶĂŶĚĂǀĂŝůĂďŝůŝƚǇ͘ dĂďůĞϰϵʹ/ŶĨůƵĞŶĐĞŽĨDĂƌŬĞƚŽŶĚŝƚŝŽŶƐ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϵϲ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J 3DFNHW3J 3DFNHW3J *D ^WͲϰϬ/ŶƐƚŝƚƵƚŝŽŶĂůĞůŝǀĞƌǇ^ƚƌƵĐƚƵƌĞʹϵϭ͘Ϯϭϱ;ŬͿ ǆƉůĂŝŶƚŚĞŝŶƐƚŝƚƵƚŝŽŶĂůƐƚƌƵĐƚƵƌĞƚŚƌŽƵŐŚǁŚŝĐŚƚŚĞũƵƌŝƐĚŝĐƚŝŽŶǁŝůůĐĂƌƌǇŽƵƚŝƚƐĐŽŶƐŽůŝĚĂƚĞĚƉůĂŶ ŝŶĐůƵĚŝŶŐƉƌŝǀĂƚĞŝŶĚƵƐƚƌǇ͕ŶŽŶͲƉƌŽĨŝƚŽƌŐĂŶŝǌĂƚŝŽŶƐ͕ĂŶĚƉƵďůŝĐŝŶƐƚŝƚƵƚŝŽŶƐ͘ ZĞƐƉŽŶƐŝďůĞŶƚŝƚǇZĞƐƉŽŶƐŝďůĞŶƚŝƚǇZŽůĞ'ĞŽŐƌĂƉŚŝĐƌĞĂ dǇƉĞ^ĞƌǀĞĚ ďŝůŝƚǇƵŝůĚŝŶŐĞŶƚĞƌEŽŶͲƉƌŽĨŝƚEŽŶͲŚŽŵĞůĞƐƐƐƉĞĐŝĂů:ƵƌŝƐĚŝĐƚŝŽŶ ŽƌŐĂŶŝǌĂƚŝŽŶƐŶĞĞĚƐ ƉƵďůŝĐĨĂĐŝůŝƚŝĞƐ ,/>ZZ^KhZEŽŶͲƉƌŽĨŝƚEŽŶͲŚŽŵĞůĞƐƐƐƉĞĐŝĂů:ƵƌŝƐĚŝĐƚŝŽŶ ΘZ&ZZ>ŽƌŐĂŶŝǌĂƚŝŽŶƐŶĞĞĚƐ ƉƵďůŝĐƐĞƌǀŝĐĞƐ >Z/,EhZ^ZzEŽŶͲƉƌŽĨŝƚEŽŶͲŚŽŵĞůĞƐƐƐƉĞĐŝĂů:ƵƌŝƐĚŝĐƚŝŽŶ ^,KK>ŽƌŐĂŶŝǌĂƚŝŽŶƐŶĞĞĚƐ ƉƵďůŝĐƐĞƌǀŝĐĞƐ Kz^Θ'/Z>^>hK&EŽŶͲŚŽŵĞůĞƐƐƐƉĞĐŝĂů:ƵƌŝƐĚŝĐƚŝŽŶ ZK,^dZŶĞĞĚƐ ƉƵďůŝĐƐĞƌǀŝĐĞƐ tŽŵĞŶΖƐ^ŚĞůƚĞƌEŽŶͲƉƌŽĨŝƚ,ŽŵĞůĞƐƐŶĞƐƐ:ƵƌŝƐĚŝĐƚŝŽŶ ŽƌŐĂŶŝǌĂƚŝŽŶƐ hE/dtzK&EŽŶͲƉƌŽĨŝƚEŽŶͲŚŽŵĞůĞƐƐƐƉĞĐŝĂů:ƵƌŝƐĚŝĐƚŝŽŶ K>D^dKhEdzŽƌŐĂŶŝǌĂƚŝŽŶƐŶĞĞĚƐ ƉƵďůŝĐƐĞƌǀŝĐĞƐ K>D^dKhEdz,ZW,WƵďůŝĐ,ŽƵƐŝŶŐ:ƵƌŝƐĚŝĐƚŝŽŶ ZĞŶƚĂů ZK,^dZZEŽŶͲƉƌŽĨŝƚKǁŶĞƌƐŚŝƉ:ƵƌŝƐĚŝĐƚŝŽŶ &KhEd/KEͲ&/Z^dŽƌŐĂŶŝǌĂƚŝŽŶƐZĞŶƚĂů ,KD^ ^>sd/KEZDzEŽŶͲƉƌŽĨŝƚ,ŽŵĞůĞƐƐŶĞƐƐ:ƵƌŝƐĚŝĐƚŝŽŶ ŽƌŐĂŶŝǌĂƚŝŽŶƐEŽŶͲŚŽŵĞůĞƐƐƐƉĞĐŝĂů ŶĞĞĚƐ ZĞŶƚĂů ƉƵďůŝĐƐĞƌǀŝĐĞƐ ZZ<^Zs/^EŽŶͲƉƌŽĨŝƚEŽŶͲŚŽŵĞůĞƐƐƐƉĞĐŝĂů:ƵƌŝƐĚŝĐƚŝŽŶ ŽƌŐĂŶŝǌĂƚŝŽŶƐŶĞĞĚƐ ZĞŶƚĂů ƉƵďůŝĐĨĂĐŝůŝƚŝĞƐ ƉƵďůŝĐƐĞƌǀŝĐĞƐ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϵϵ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ZĞƐƉŽŶƐŝďůĞŶƚŝƚǇZĞƐƉŽŶƐŝďůĞŶƚŝƚǇZŽůĞ'ĞŽŐƌĂƉŚŝĐƌĞĂ dǇƉĞ^ĞƌǀĞĚ 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^ƚƌĞŶŐƚŚŝŶƚŚĞĚĞůŝǀĞƌǇƚŚƌŽƵŐŚƚŚĞĨŽůůŽǁŝŶŐƉƌŽŐƌĂŵƐ͗ EĞǆƚŚĂƉƚĞƌDŝŶŝƐƚƌŝĞƐʹƚƌĂŶƐŝƚŝŽŶĂůŚŽƵƐŝŶŐĨŽƌϵŵŽŶƚŚƐ ĂŵĂƐĐƵƐtĂǇʹKŶĞŚŽƵƐĞǁŝƚŚϭϲďĞĚƐ͕ůŝĐĞŶƐĞĚďǇ^ƚĂƚĞŽĨDE͘ dƌĂŶƐŝƚŝŽŶĂů>ŝǀŝŶŐĞŶƚĞƌʹϭϬͲďĞĚƵŶŝƚĨŽƌĞǆͲŽĨĨĞŶĚĞƌƐ͘&KŽƌƌĞĐƚŝŽŶĂŶĚdd/ĐŽůůĂďŽƌĂƚŝǀĞŶŝŶĞ ƐƵďƐŝĚŝĞƐ KůŵƐƚĞĚŽƵŶƚǇ,ZʹWĞƌŵĂŶĞŶƚ,ŽƵƐŝŶŐʹϭϳĞĨĨŝĐŝĞŶĐǇĂƉĂƌƚŵĞŶƚƐĨŽƌĂĚƵůƚƐǁŝƚŚŵĞŶƚĂůŝůůŶĞƐƐ͕ ĐŚĞŵŝĐĂůĚĞƉĞŶĚĞŶĐǇ͕Žƌ,/sŚŽŵĞůĞƐƐ͕ƌŝĚŐĞƐWƌŽŐƌĂŵͲϳďĞĚƐǁŝƚŚϱƚŽƚĂůƵŶŝƚƐ͕dƌĂŶƐŝƚŝŽŶĂůZĞŶƚĂů ƐƐŝƐƚĂŶĐĞWƌŽŐƌĂŵ;dͲZWͿ͕ĨƵŶĚĞĚďǇDE,ŽƵƐŝŶŐƐĞƌǀŝŶŐƐŝŶŐůĞĨĞŵĂůĞŚĞĂĚŽĨŚŽƵƐĞŚŽůĚ͕ƐĞƌǀĞƐϭϳ ŚŽƵƐĞŚŽůĚƐ͘ ƵŵďƌŽsĂůůĞǇDĞŶƚĂů,ĞĂůƚŚĞŶƚĞƌʹ^ŚĞůƚĞƌWůƵƐĂƌĞ^ŝƚĞʹϭϮĂƉĂƌƚŵĞŶƚƐ͕dŚŽŵĂƐ,ŽƵƐĞʹ ƉĞƌŵĂŶĞŶƚƌĞƐŝĚĞŶƚŝĂůŐƌŽƵƉŚŽŵĞ͕^ŚĂƌĞĚ,ŽƵƐŝŶŐʹŽŶŐƌĞŐĂƚĞƐƵƉƉŽƌƚĞĚŚŽƵƐŝŶŐĨŽƌĂĚƵůƚƐ͕ EŽƌƚŚŐĂƚĞƉĂƌƚŵĞŶƚƐʹƉĞƌŵĂŶĞŶƚƐƵƉƉŽƌƚŝǀĞϭϮͲϭďĞĚƌŽŽŵƵŶŝƚƐ͕^ĐĂƚƚĞƌĞĚ^ŝƚĞƉĂƌƚŵĞŶƚƐʹ ƉĞƌŵĂŶĞŶƚƐƵƉƉŽƌƚŝǀĞĨŽƌĂĚƵůƚƐ͕ϯϬƵŶŝƚƐ͕,ŽŵĞůĞƐƐ^ĞƌǀŝĐĞƐʹĐĂƐĞŵĂŶĂŐĞŵĞŶƚ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϬϬ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D KůŵƐƚĞĚŽƵŶƚǇsĞƚĞƌĂŶƐ^ĞƌǀŝĐĞƐʹƐƐŝƐƚƐǀĞƚĞƌĂŶƐŝŶĂƉƉůǇĨŽƌƚĞŵƉŽƌĂƌǇĨŝŶĂŶĐŝĂůĂƐƐŝƐƚĂŶĐĞĨƌŽŵƚŚĞ 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/ŶĐŽŵĞ,ŽƵƐŝŶŐĞŶĞĨŝƚ͗/ŶĐŽŵĞ,ŽƵƐŝŶŐĞŶĞĨŝƚ͗ ,ŽƵƐĞŚŽůĚ,ŽƵƐŝŶŐ /ŶĨƌĂƐƚƌƵĐƚƵƌĞĐƚŝǀŝƚŝĞƐ WƵďůŝĐƐĞƌǀŝĐĞĂĐƚŝǀŝƚŝĞƐ ,ŽŵĞŽǁŶĞƌ,ŽƵƐŝŶŐ ϮϬϬWĞƌƐŽŶƐƐƐŝƐƚĞĚ ƐƐŝƐƚĞĚ WƵďůŝĐ&ĂĐŝůŝƚǇŽƌ ZĞŚĂďŝůŝƚĂƚĞĚ͗ ĨĂĐŝůŝƚŝĞƐ hŶŝƚ ϭϰϬ ϴ ϭϬϱ ϳϬϬ͕ϬϬϬ'͗ΨϮϬϬ͕ϬϬϬϮϭϬ͕ϬϬϬ &ƵŶĚŝŶŐ '͗Ψ '͗Ψϭ͕ EĞĞĚƐĚĚƌĞƐƐĞĚ KǁŶĞƌKĐĐƵƉŝĞĚ zŽƵƚŚWƌŽŐƌĂŵƐ ŽĨZĞŶƚĂůhŶŝƚƐ WƵďůŝĐ&ĂĐŝůŝƚŝĞƐ ^ĞŶŝŽƌ^ĞƌǀŝĐĞƐ ^ŚĞůƚĞƌĨŽƌƚŚĞ/ŵƉƌŽǀĞŵĞŶƚƐ ^ƉĞĐŝĂůEĞĞĚƐ ZĞŚĂďŝůŝƚĂƚŝŽŶ ,ĂŶĚŝĐĂƉƉĞĚ ZĞĐƌĞĂƚŝŽŶĂů ŵĞƌŐĞŶĐǇ ĨĨŽƌĚĂďůĞ ŚŝůĚĂƌĞ ,ŽŵĞůĞƐƐ WƌŽŐƌĂŵƐ &ĂĐŝůŝƚŝĞƐ ,ŽƵƐŝŶŐ,ŽƵƐŝŶŐ^ĞƌǀŝĐĞƐ ^ƚƌĞĞƚ WĂƌŬƐ͕ 'ĞŽŐƌĂƉŚŝĐ ƌĞĂ ZK,^dZ ĞǀĞůŽƉŵĞŶƚĞǀĞůŽƉŵĞŶƚ ,ŽƵƐŝŶŐ,ŽƵƐŝŶŐ ĂƚĞŐŽƌǇ ŽŵŵƵŶŝƚǇŽŵŵƵŶŝƚǇ ĨĨŽƌĚĂďůĞ ,ŽƵƐŝŶŐ ͲͲ EŽŶEŽŶ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ϮϬϮϰϮϬϮϰ ϮϬϭϵ ŶĚzĞĂƌ ϵϭ͘Ϯϭϱ;ĂͿ;ϰͿ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ ϮϬϮϬϮϬϮϬ ϮϬϭϱ ^ƚĂƌƚzĞĂƌ 'ŽĂůƐ^ƵŵŵĂƌǇ/ŶĨŽƌŵĂƚŝŽŶ ʹ ϰϱ'ŽĂůƐ^ƵŵŵĂƌǇ 'ŽĂůEĂŵĞ ĨĨŽƌĚĂďůĞ &ĂĐŝůŝƚŝĞƐ ,ŽƵƐŝŶŐ ^ĞƌǀŝĐĞ WƵďůŝĐWƵďůŝĐ KƌĚĞƌ ^Žƌƚ Ͳ ϭϮ ϯ ^W 3DFNHW3J *D 'ŽĂůKƵƚĐŽŵĞ/ŶĚŝĐĂƚŽƌ ŝŶĚĞƉĞŶĚĞŶĐĞ͖ĂŶĚ͕ƉƌŽǀŝĚŝŶŐĂĨĨŽƌĚĂďůĞ ŶĐƌĞĂƐŝŶŐƚŚĞƐƵƉƉůǇŽĨƐƵƉƉŽƌƚŝǀĞŚŽƵƐŝŶŐǁŚŝĐŚŝŶĐůƵĚĞƐƐƚƌƵĐƚƵƌĂůĨĞĂƚƵƌĞƐĂŶĚƐĞƌǀŝĐĞƐƚŽĞŶĂďůĞ ĂŶĚĂĐĐĞƐƐŝďŝůŝƚǇŝŵƉƌŽǀĞŵĞŶƚƐĨŽƌĂŐĞŶĐŝĞƐ WƌŽǀŝĚŝŶŐĚĞĐĞŶƚŚŽƵƐŝŶŐǁŚŝĐŚŝŶĐůƵĚĞƐĂƐƐŝƐƚŝŶŐŚŽŵĞůĞƐƐƉĞƌƐŽŶƐŽďƚĂŝŶĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐ͕ĂƐƐŝƐƚŝŶŐŝŶĚŝǀŝĚƵĂůƐĂŶĚ ĂƌƚŝĐƵůĂƌůǇƚŽ ĐŽůŽƌ͕ƌĞůŝŐŝŽŶ͕ƐĞǆ͕ŶĂƚŝŽŶĂůŽƌŝŐŝŶ͕ĨĂŵŝůŝĂů ƐƚŽĐŬ͕ŝŶĐƌĞĂƐŝŶŐƚŚĞĂǀĂŝůĂďŝůŝƚǇŽĨĂĨĨŽƌĚĂďůĞ ϭKƚŚĞƌ KƚŚĞƌ͗ W ϭϬϲ ͘ ŝŶĐŽŵĞŝŶĚŝǀŝĚƵĂůƐĂŶĚĨĂŵŝůŝĞƐ '͗ΨϲϬ͕ϬϬϬ &ƵŶĚŝŶŐ ĂĐĐĞƐƐŝďŝůŝƚǇƐĞƌǀŝĐĞƐ͘ ƉĞƌƐŽŶǁŝƚŚƐƉĞĐŝĂůŶĞĞĚƐ;ŝŶĐůƵĚŝŶŐƉĞƌƐŽŶǁŝƚŚ,/sͬ/^ͿƚŽůŝǀĞŝŶĚŝŐŶŝƚǇĂŶĚ EĞĞĚƐĚĚƌĞƐƐĞĚ ƌĞĐƌĞĂƚŝŽŶĂůĨĂĐŝůŝƚŝĞƐ ƌĂĐĞ͕ Ͳ ŝŶĐŽŵĞĂŶĚŵŽĚĞƌĂƚĞ WůĂŶŶŝŶŐ ĨĂŵŝůŝĞƐĂƚƌŝƐŬŽĨďĞĐŽŵŝŶŐŚŽŵĞůĞƐƐ͕ƌĞƚĞŶƚŝŽŶŽĨĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐ ďĂƐĞĚŽŶ 'ŽĂůƐ^ƵŵŵĂƌǇ ƉƌŽŐƌĂŵƐ͕ƚƌĂŶƐƉŽƌƚĂƚŝŽŶƐĞƌǀŝĐĞƐ͕ ŵĞŵďĞƌƐŽĨĚŝƐĂĚǀĂŶƚĂŐĞŵŝŶŽƌŝƚŝĞƐǁŝƚŚŽƵƚĚŝƐĐƌŝŵŝŶĂƚŝŽŶ 'ĞŽŐƌĂƉŚŝĐ ƌĞĂ ZK,^dZ ƚŝŵƉƌŽǀĞŵĞŶƚƐ͕ƉĂƌŬƐͬ ŵŽĚĞƌĂƚĞŝŶĐŽŵĞƉĞƌƐŽŶƐ͘ ʹͲ ƉĞƌŵĂŶĞŶƚŚŽƵƐŝŶŐŝŶƐƚĂŶĚĂƌĚĐŽŶĚŝƚŝŽŶƚŽůŽǁ ϱϮ ŚŽƵƐŝŶŐŚĂƚŝƐĂĐĐĞƐƐŝďůĞƚŽũŽďŽƉƉŽƌƚƵŶŝƚŝĞƐ͘ dĂďůĞ ĞǀĞůŽƉŵĞŶƚ ,ŽƵƐŝŶŐ ĂƚĞŐŽƌǇ ŽŵŵƵŶŝƚǇ Ͳ EŽŶ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ƐƚƌĞĞ ϮϬϭϵ ŶĚzĞĂƌ ĐŚŝůĚĐĂƌĞ ^ƚƌƵĐƚƵƌĞŝŵƉƌŽǀĞŵĞŶƚƐ͕ Ͳ ƚŚĂƚĂƐƐŝƐƚůŽǁĂŶĚůŽǁ / ͘ ĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐ ƐƚĂƚƵƐ͕ŽƌĚŝƐĂďŝůŝƚǇ zŽƵƚŚƉƌŽŐƌĂŵƐ͕ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ WƵďůŝĐ&ĂĐŝůŝƚŝĞƐ ϮϬϭϱ ^ƚĂƌƚzĞĂƌ WƵďůŝĐ^ĞƌǀŝĐĞ 'ŽĂůEĂŵĞ WůĂŶŶŝŶŐ ĞƐĐƌŝƉƚŝŽŶƐ ĞƐĐƌŝƉƚŝŽŶĞƐĐƌŝƉƚŝŽŶĞƐĐƌŝƉƚŝŽŶ 'ŽĂůEĂŵĞ'ŽĂůEĂŵĞ'ŽĂůEĂŵĞ 'ŽĂů'ŽĂů'ŽĂů KƌĚĞƌ ^Žƌƚ 'ŽĂů ϰ ϭϮ ϯ 3DFNHW3J *D ŝŶĐŽŵĞĨĂŵŝůŝĞƐƚŽǁŚŽŵƚŚĞũƵƌŝƐĚŝĐƚŝŽŶǁŝůůƉƌŽǀŝĚĞ ϮϬϮϰ Ͳ ϮϬϮϬ ƉĞƌŝŽĚ ϭϬϳ ǇĞĂƌ Ͳ ĨŝǀĞ ǁŝůůďĞƉƌŽǀŝĚĞĚĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĚƵƌŝŶŐ ŵŽĚĞƌĂƚĞŝŶĐŽŵĞŚŽƵƐĞŚŽůĚƐ͘ Ͳ ŝŶĐŽŵĞ͕ĂŶĚŵŽĚĞƌĂƚĞ ZK,^dZ Ͳ ǁŝƚŚůŽǁĂŶĚůŽǁ ĨĂŵŝůŝĞƐ ŝŶĐŽŵĞ ,KDϵϭ͘ϯϭϱ;ďͿ;ϮͿ Ͳ ŝŶĐŽŵĞ͕ůŽǁ Ͳ ŝŶĐŽŵĞĂŶĚŵŽĚĞƌĂƚĞ ďůŽĐŬƐ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ĐĞŶƐƵƐ Ͳ ƐƚŝŵĂƚĞƚŚĞŶƵŵďĞƌŽĨĞǆƚƌĞŵĞůǇůŽǁ ĚĚƌĞƐƐŝŶŐŶĞĞĚƐŽĨ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ Ͳ ĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĂƐĚĞĨŝŶĞĚďǇ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ Ͳ ĞǆƚƌĞŵĞůǇůŽǁ ŽĨƚŚĞŝƚǇΖƐŽŶƐŽůŝĚĂƚĞĚWůĂŶ͘ WůĂŶŶŝŶŐ ϭϰϬ ĞƐĐƌŝƉƚŝŽŶ 'ŽĂůEĂŵĞ ŶĞƐƚŝŵĂƚĞĚ 'ŽĂů ϰ *D ^WͲϱϬWƵďůŝĐ,ŽƵƐŝŶŐĐĐĞƐƐŝďŝůŝƚǇĂŶĚ/ŶǀŽůǀĞŵĞŶƚʹϵϭ͘Ϯϭϱ;ĐͿ EĞĞĚƚŽ/ŶĐƌĞĂƐĞƚŚĞEƵŵďĞƌŽĨĐĐĞƐƐŝďůĞhŶŝƚƐ;ŝĨZĞƋƵŝƌĞĚďǇĂ^ĞĐƚŝŽŶϱϬϰsŽůƵŶƚĂƌǇ ŽŵƉůŝĂŶĐĞŐƌĞĞŵĞŶƚͿ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĚŽĞƐŶŽƚŽǁŶŽƌŵĂŶĂŐĞĂŶǇƉƵďůŝĐŚŽƵƐŝŶŐƵŶŝƚƐ͘dŚĞKůŵƐƚĞĚŽƵŶƚǇ,Z ĚĞůŝǀĞƌƐƉƵďůŝĐŚŽƵƐŝŶŐƉƌŽŐƌĂŵƐ͘dŚĞŝƚǇǁŝůůĐŽŶƚŝŶƵĞƚŽƉƌŽǀŝĚĞĂƐƐŝƐƚĂŶĐĞĞŝƚŚĞƌƐƵƉƉŽƌƚŝǀĞŽƌ ĨŝŶĂŶĐŝĂůůǇƵƉŽŶƌĞƋƵĞƐƚďǇƚŚĞKůŵƐƚĞĚŽƵŶƚǇ,Z͘ ĐƚŝǀŝƚŝĞƐƚŽ/ŶĐƌĞĂƐĞZĞƐŝĚĞŶƚ/ŶǀŽůǀĞŵĞŶƚƐ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĚŽĞƐŶŽƚŽǁŶŽƌŵĂŶĂŐĞĂŶǇƉƵďůŝĐŚŽƵƐŝŶŐƵŶŝƚƐ͘dŚĞKůŵƐƚĞĚŽƵŶƚǇ,Z ĚĞůŝǀĞƌƐƉƵďůŝĐŚŽƵƐŝŶŐƉƌŽŐƌĂŵƐ͘dŚĞŝƚǇǁŝůůĐŽŶƚŝŶƵĞƚŽƉƌŽǀŝĚĞĂƐƐŝƐƚĂŶĐĞĞŝƚŚĞƌƐƵƉƉŽƌƚŝǀĞŽƌ ĨŝŶĂŶĐŝĂůůǇƵƉŽŶƌĞƋƵĞƐƚďǇƚŚĞKůŵƐƚĞĚŽƵŶƚǇ,Z͘ dŚĞKůŵƐƚĞĚŽƵŶƚǇ,Z;K,ZͿĂĚŵŝŶŝƐƚĞƌƐƉƌŽŐƌĂŵƐƚŚƌŽƵŐŚKůŵƐƚĞĚŽƵŶƚǇ͕ŝŶĐůƵĚŝŶŐƚŚĞŝƚǇŽĨ ZŽĐŚĞƐƚĞƌ͘dŚĞK,ZŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĨŽůůŽǁŝŶŐƉƌŽŐƌĂŵƐ͗ ZĞŶƚĂůƐƐŝƐƚĂŶĐĞ͕ƚǁŽƚǇƉĞƐŽĨƉƌŽŐƌĂŵƐ͕dĞŶĂŶƚďĂƐĞĚ;>Žǁ/ŶĐŽŵĞWƵďůŝĐ,ŽƵƐŝŶŐͲ>/W,ͿŽǁŶƐĂŶĚ ŵĂŶĂŐĞƐϭϭϬƉƵďůŝĐŚŽƵƐŝŶŐƵŶŝƚƐǁŝƚŚŝŶƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘,ŽŵĞƐƚĞĂĚ'ƌĞĞŶͲϯϬƵŶŝƚƐ͕,ŽŵĞƐƚĞĂĚ dĞƌƌĂĐĞͲϯϬƵŶŝƚƐ͕tĞƐƚǁŽŽĚͲϯϬƵŶŝƚƐĂŶĚϮϬƐŝŶŐůĞĨĂŵŝůǇ͕ƐĐĂƚƚĞƌĞĚƐŝƚĞƐ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞKůŵƐƚĞĚ ŽƵŶƚǇ,ZƌĞĐĞŝǀĞƐĂƉŝƚĂů&ƵŶĚƐĨƌŽŵƚŚĞh^ĞƉĂƌƚŵĞŶƚŽĨ,ŽƵƐŝŶŐĂŶĚhƌďĂŶĞǀĞůŽƉŵĞŶƚŽŶĂŶ ĂŶŶƵĂůďĂƐŝƐ͘ 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KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J 3DFNHW3J *D ŝŶĐƌĞĂƐĞĚůĂƐƚǇĞĂƌ͕ĂŶĚ ĂŶĚhƌďĂŶ ĐŽŶƐƚĂŶƚ͘tĞĞƐƚŝŵĂƚĞ ŽĨŚŽǁ ΨϲϱϬ͕ϬϬϬƌĞŵĂŝŶŝŶŐŝŶ KƵƌĂŶŶƵĂůĂůůŽĐĂƚŝŽŶ EĂƌƌĂƚŝǀĞĞƐĐƌŝƉƚŝŽŶ ŽƵƌƉƌŽŐƌĂŵŝŶĐŽŵĞ ŐƌĂŶƚĞĚ ƚŚĞŽŶWůĂŶƚĞƌŵŝĨ ƌĞŵĂŝŶƐƌĞůĂƚŝǀĞůǇ ǆƉůĂŝŶŚŽǁĨĞĚĞƌĂůĨƵŶĚƐǁŝůůůĞǀĞƌĂŐĞƚŚŽƐĞĂĚĚŝƚŝŽŶĂůƌĞƐŽƵƌĐĞƐ;ƉƌŝǀĂƚĞ͕ƐƚĂƚĞĂŶĚůŽĐĂůĨƵŶĚƐͿ͕ŝŶĐůƵĚŝŶŐĂĚĞƐĐƌŝƉƚŝŽŶ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĞǆƉĞĐƚƐŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚůŽĐŬ'ƌĂŶƚ;'ͿĨƵŶĚŝŶŐƚŽďĞĂǀĂŝůĂďůĞĨƌŽŵƚŚĞĞƉĂƌƚŵĞŶƚŽĨ,ŽƵƐŝŶŐ ΨϲϱϬ͕ϬϬϬŝƐ ŶĞǆƚǇĞĂƌ͘ ϭϭϲ ϲϱϬ͕ϬϬϬ ZĞŵĂŝŶĚĞƌŽĨ ǀĂŝůĂďůĞ ǆƉĞĐƚĞĚ ŽŶWůĂŶ ŵŽƵŶƚ Ψ ϲϵϬ͕ϬϬϬ dŽƚĂů͗ WƌŝŽƌŝƚǇdĂďůĞ Ψ ǆƉĞĐƚĞĚZĞƐŽƵƌĐĞƐ ŵŽƵŶƚǀĂŝůĂďůĞzĞĂƌϭ ZĞƐŽƵƌĐĞƐ͗ Ϭ ʹ WƌŝŽƌzĞĂƌ ǆƉĞĐƚĞĚZĞƐŽƵƌĐĞƐ ZK,^dZ Ψ ϰϬ͕ϬϬϬ WƌŽŐƌĂŵ /ŶĐŽŵĞ͗ ǆƉĞĐƚĞĚ Ψ Ͳ ϱϯ ϲϱϬ͕ϬϬϬ dĂďůĞ ůůŽĐĂƚŝŽŶ͗Ψ ϵϭ͘ϮϮϬ;ĐͿ;ϭ͕ϮͿ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ŶŶƵĂů ƐĂƚŝƐĨŝĞĚ WƵďůŝĐ^ĞƌǀŝĐĞƐ /ŵƉƌŽǀĞŵĞŶƚƐ hƐĞƐŽĨ&ƵŶĚƐ ĞǀĞůŽƉŵĞŶƚ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ Ͳ ʹ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ ĐƋƵŝƐŝƚŝŽŶĚŵŝŶĂŶĚ ϭϱǆƉĞĐƚĞĚZĞƐŽƵƌĐĞƐ ŵĂƚĐŚŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐǁŝůůďĞ ĐŽŶŽŵŝĐ WůĂŶŶŝŶŐ ,ŽƵƐŝŶŐ WƵďůŝĐ ŶƚŝĐŝƉĂƚĞĚZĞƐŽƵƌĐĞƐ Ͳ ^ŽƵƌĐĞ ĨĞĚĞƌĂů &ƵŶĚƐ ƉƵďůŝĐ ŽĨ /ŶƚƌŽĚƵĐƚŝŽŶ WƌŽŐƌĂŵ ' Ͳ W 3DFNHW3J *D dŚĞŝƚǇĚŽĞƐŶŽƚ ŚĂƐĂƵƚŚŽƌŝǌĞĚĂůĞǀǇŽĨƐƉĞĐŝĂůďĞŶĞĨŝƚƚĂǆďǇƚŚĞKůŵƐƚĞĚŽƵŶƚǇ,ŽƵƐŝŶŐĂŶĚZĞĚĞǀĞůŽƉŵĞŶƚ ƚƌƵĐƚŝŽŶŽĨĂĨĨŽƌĚĂďůĞ WƌŝǀĂƚĞ͕ƐƚĂƚĞĂŶĚůŽĐĂůĨƵŶĚƐĨƌŽŵƚŚĞĂŐĞŶĐŝĞƐĂƌĞĚŝƐƚƌŝďƵƚĞĚƚŚƌŽƵŐŚƚŚĞ ƉĞƌƐ;d/& dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĂŶƚŝĐŝƉĂƚĞĂĚĚŝƚŝŽŶĂůƌĞƐŽƵƌĐĞƐĨƌŽŵDŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐ&ŝŶĂŶĐĞŐĞŶĐǇƉƌŽǀŝĚĞĚƚŽƚŚĞůŽĐĂů,Z͕ĚĞǀĞůŽ ϭϭϳ ĚŝƚŝŽŶĂůƉƌŝǀĂƚĞ͕ƐƚĂƚĞĂŶĚůŽĐĂůƌĞƐŽƵƌĐĞƐĨƌŽŵĂŐĞŶĐŝĞƐƚŚĂƚĂƌĞĂůůŽĐĂƚĞĚ'ĨƵŶĚƐ͘ ŝŶĐůƵĚĞŶĞǁĐŽŶƐ ƉƌŽŐƌĂŵƐ͕ǁŚŝĐŚ ƵƚŚŽƌŝƚǇ;K,ZͿƵƉƚŽϬ͘ϬϭϴϱƉĞƌĐĞŶƚ͘dŚŝƐůĞǀǇǁŝůůƐƵƉƉŽƌƚƚŚĞK,ZΖƐŚŽƵƐŝŶŐ ZK,^dZ dŚĞƐĞĨƵŶĚƐĂƌĞĚŝƐƚƌŝďƵƚĞĚƉƌŝŽƌƚŽƐƉĞŶĚŝŶŐƚŚĞ'ĨƵŶĚŝŶŐ͘ ƉĞƌŝŽĚŽĨƚŚŝƐŽŶƐŽůŝĚĂƚĞĚWůĂŶ͘ ƐŽŶƐ͘ ŽƌŵĂƚĐŚŝŶŐĨƵŶĚƐĨƌŽŵƚŚĞƐƵďŐƌĂŶƚĞĞƐ͘ ŵŽĚĞƌĂƚĞŝŶĐŽŵĞƉĞƌ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ŚŽƵƐŝŶŐĂŶĚƌĞŚĂďŝůŝƚĂƚŝŽŶŽĨĞǆŝƐƚŝŶŐŚŽƵƐŝŶŐƵŶŝƚƐ͘ dŚĞKůŵƐƚĞĚŽƵŶƚǇŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐ ͲŽŶƐŽůŝĚĂƚĞĚWůĂŶ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ ƉƌŽĨŝƚƐƐĞƌǀŝŶŐůŽǁ 'ĨƵŶĚƐĂƌĞƵƐĞĚƚŽůĞǀĞƌĂŐĞĂĚ ǇĞĂƌ Ͳ ĨŝǀĞ ĞǀĞůŽƉŵĞŶƚĚƵƌŝŶŐƚŚĞ Ě ŽďƚĂŝŶƚŚĞůĞǀĞƌĂŐĞ Ͳ ĨƵŶĚŝŶŐͿĂŶĚŶŽŶ ĂŐĞŶĐŝĞƐ͘ *D /ĨĂƉƉƌŽƉƌŝĂƚĞ͕ĚĞƐĐƌŝďĞƉƵďůŝĐĂůůǇŽǁŶĞĚůĂŶĚŽƌƉƌŽƉĞƌƚǇůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞũƵƌŝƐĚŝĐƚŝŽŶƚŚĂƚ ŵĂǇďĞƵƐĞĚƚŽĂĚĚƌĞƐƐƚŚĞŶĞĞĚƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉůĂŶ E ŝƐĐƵƐƐŝŽŶ ŐĞŶĐŝĞƐĂƉƉůǇŝŶŐĨŽƌ'ĨƵŶĚƐĂƌĞƌĞƋƵŝƌĞĚƚŽŝŶĐůƵĚĞŝŶĨŽƌŵĂƚŝŽŶŚŽǁƚŚĞǇǁŝůůůĞǀĞƌĂŐĞĂĚĚŝƚŝŽŶĂů ƌĞƐŽƵƌĐĞƐƚŽĐŽŵƉůĞƚĞƚŚĞŝƌĂĐƚŝǀŝƚǇ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϭϴ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J 3DFNHW3J /ŶĨƌĂƐƚƌƵĐƚƵƌĞĐƚŝǀŝƚŝĞƐŽƚŚĞƌ *D WĞƌƐŽŶƐ WƵďůŝĐƐĞƌǀŝĐĞĂĐƚŝǀŝƚŝĞƐŽƚŚĞƌ ŽǁŶWĂǇŵĞŶƚƐƐŝƐƚĂŶĐĞ͗ϯ ZĞŚĂďŝůŝƚĂƚĞĚ͗ϭϱ,ŽƵƐĞŚŽůĚ ƚŚĂŶ>ŽǁͬDŽĚĞƌĂƚĞ/ŶĐŽŵĞƚŚĂŶ>ŽǁͬDŽĚĞƌĂƚĞ/ŶĐŽŵĞ /ŶĚŝĐĂƚŽƌ ϭ͕ϲϬϬ ,ŽŵĞŽǁŶĞƌ,ŽƵƐŝŶŐ ϵϰϳ 'ŽĂůKƵƚĐŽŵĞ ,ŽƵƐŝŶŐĞŶĞĨŝƚ͗,ŽƵƐŝŶŐĞŶĞĨŝƚ͗ WĞƌƐŽŶƐƐƐŝƐƚĞĚ WƵďůŝĐ&ĂĐŝůŝƚǇŽƌ ,ŽƵƐŝŶŐhŶŝƚ ,ŽƵƐĞŚŽůĚƐ ƐƐŝƐƚĞĚ ϭϭϵ ϰϯ͕ϬϬϬϰϬ͕ϲϬϬ ϱϬϳ͕ϱϬϬ &ƵŶĚŝŶŐ '͗Ψ'͗Ψ '͗Ψ EĞĞĚƐĚĚƌĞƐƐĞĚ KǁŶĞƌKĐĐƵƉŝĞĚ zŽƵƚŚWƌŽŐƌĂŵƐ^ĞŶŝŽƌ ŽǁŶWĂǇŵĞŶƚ EĞŝŐŚďŽƌŚŽŽĚ ZĞŚĂďŝůŝƚĂƚŝŽŶ WĞƌƐŽŶƐǁŝƚŚ ^ĞƌǀŝĐĞƐĨŽƌ ŶŶƵĂů'ŽĂůƐĂŶĚKďũĞĐƚŝǀĞƐ ŝƐĂďŝůŝƚŝĞƐ ƐƐŝƐƚĂŶĐĞ ͬ &ĂĐŝůŝƚŝĞƐ ^ĞƌǀŝĐĞƐ 'ŽĂůƐ^ƵŵŵĂƌǇ 'ĞŽŐƌĂƉŚŝĐ ZK,^dZ ƌĞĂ ʹ ϱϰ dĂďůĞ ĞǀĞůŽƉŵĞŶƚĞǀĞůŽƉŵĞŶƚ ,ŽƵƐŝŶŐ,ŽƵƐŝŶŐ ĂƚĞŐŽƌǇ ŽŵŵƵŶŝƚǇŽŵŵƵŶŝƚǇ ĨĨŽƌĚĂďůĞ ,ŽƵƐŝŶŐ ͲͲ 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ĂůůŽĐĂƚĞĚĂŶĞƐƚŝŵĂƚĞĚΨϲϰϭ͕ϭϬϬƚŽƐĞƌǀŝŶŐůŽǁĂŶĚŵŽĚĞƌĂƚĞͲŝŶĐŽŵĞƉĞƌƐŽŶƐǁŝƚŚŝŶƚŚĞŝƚǇŽĨ ZŽĐŚĞƐƚĞƌ͘ WƌŽũĞĐƚƐ ηWƌŽũĞĐƚEĂŵĞ ϭďŝůŝƚǇƵŝůĚŝŶŐĞŶƚĞƌ ϮĞtŝƚǌ,ŽŵĞƵŝůĚĞƌƐ͕/ŶĐ͘ ϯŝƚǇΖƐϮй,ŽŵĞZĞŚĂď>ŽĂŶWƌŽŐƌĂŵ ϰ'ĚŵŝŶŝƐƚƌĂƚŝŽŶ ϱZŽĐŚĞƐƚĞƌƌĞĂ&ĂŵŝůǇz ϲ&ĂŵŝůǇ^ĞƌǀŝĐĞZŽĐŚĞƐƚĞƌ ϳZŽĐŚĞƐƚĞƌƌĞĂ&ŽƵŶĚĂƚŝŽŶͲ&ŝƌƐƚ,ŽŵĞƐWƌŽƉĞƌƚŝĞƐ ϴDEŚŝůĚƌĞŶ͛ƐDƵƐĞƵŵZŽĐŚĞƐƚĞƌ ϵzDĂŵƉKůƐŽŶ dĂďůĞϱϱʹWƌŽũĞĐƚ/ŶĨŽƌŵĂƚŝŽŶ ĞƐĐƌŝďĞƚŚĞƌĞĂƐŽŶƐĨŽƌĂůůŽĐĂƚŝŽŶƉƌŝŽƌŝƚŝĞƐĂŶĚĂŶǇŽďƐƚĂĐůĞƐƚŽĂĚĚƌĞƐƐŝŶŐƵŶĚĞƌƐĞƌǀĞĚ ŶĞĞĚƐ dŚĞĂĐƚŝǀŝƚŝĞƐĂĚĚƌĞƐƐƚŚĞƉƌŝŽƌŝƚŝĞƐĞƐƚĂďůŝƐŚĞĚŝŶƚŚĞϮϬϮϬͲϮϬϮϰŽŶƐŽůŝĚĂƚĞĚWůĂŶ͘ dŚĞZŽĐŚĞƐƚĞƌŝƚǇŽƵŶĐŝůĂĐĐĞƉƚĞĚĂƉƉůŝĐĂƚŝŽŶƐĨŽƌƚŚĞϮϬϮϬ'ĨƵŶĚŝŶŐĐǇĐůĞ͘ZĞƋƵĞƐƚƐƌĞĐĞŝǀŝŶŐϰ ŽƌŵŽƌĞǀŽƚĞƐĨƌŽŵƚŚĞŝƚǇŽƵŶĐŝůǁĞƌĞĂůůŽĐĂƚĞĚĨƵŶĚŝŶŐ͘ KďƐƚĂĐůĞƐƚŽĂĚĚƌĞƐƐŝŶŐƵŶĚĞƌƐĞƌǀĞĚŶĞĞĚƐĂƌĞĨƵŶĚŝŶŐƐŽƵƌĐĞƐ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϮϮ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J 3DFNHW3J *D ϭϮϯ ZK,^dZ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ WƌŽũĞĐƚ^ƵŵŵĂƌǇ/ŶĨŽƌŵĂƚŝŽŶ ϯϴWƌŽũĞĐƚ^ƵŵŵĂƌǇ Ͳ W *D ϭ WƌŽũĞĐƚEĂŵĞ ďŝůŝƚǇƵŝůĚŝŶŐĞŶƚĞƌ dĂƌŐĞƚƌĞĂ 'ŽĂůƐ^ƵƉƉŽƌƚĞĚ WƵďůŝĐ&ĂĐŝůŝƚŝĞƐ EĞĞĚƐĚĚƌĞƐƐĞĚ WƵďůŝĐ&ĂĐŝůŝƚŝĞƐ &ƵŶĚŝŶŐ '͗Ψϭϰ͕ϭϬϬ ĞƐĐƌŝƉƚŝŽŶ dŚĞďŝůŝƚǇƵŝůĚŝŶŐĞŶƚĞƌŝƐĂŶŽŶͲƉƌŽĨŝƚƉƌŽǀŝĚŝŶŐƌĞŚĂďŝůŝƚĂƚŝŽŶĂŶĚ ĞŵƉůŽǇŵĞŶƚƐĞƌǀŝĐĞƐĨŽƌƉĞƌƐŽŶƐǁŝƚŚĚŝƐĂďŝůŝƚŝĞƐĂŶĚŽƚŚĞƌƐƉĞĐŝĂů ŶĞĞĚƐ͘'ĨƵŶĚŝŶŐĂůůŽĐĂƚĞĚƚŽƌĞƉůĂĐĞƚŚƌĞĞĨĂŝůŝŶŐŵĂŝŶĞŶƚƌǇ ĚŽŽƌƐĂŶĚƚǁŽůĂƌŐĞƐƚĨƌĞƐŚĂŝƌŚĂŶĚůĞƌĚĞǀŝĐĞƐ͘ dĂƌŐĞƚĂƚĞ ƐƚŝŵĂƚĞƚŚĞŶƵŵďĞƌ ĂŶĚƚǇƉĞŽĨĨĂŵŝůŝĞƐ ƚŚĂƚǁŝůůďĞŶĞĨŝƚ ĨƌŽŵƚŚĞƉƌŽƉŽƐĞĚ ĂĐƚŝǀŝƚŝĞƐ >ŽĐĂƚŝŽŶĞƐĐƌŝƉƚŝŽŶ WůĂŶŶĞĚĐƚŝǀŝƚŝĞƐ 'ĨƵŶĚŝŶŐĂůůŽĐĂƚĞĚƚŽƌĞƉůĂĐĞƚŚƌĞĞĨĂŝůŝŶŐŵĂŝŶĞŶƚƌǇĚŽŽƌƐĂŶĚ ƚǁŽůĂƌŐĞƐƚĨƌĞƐŚĂŝƌŚĂŶĚůĞƌĚĞǀŝĐĞƐ͘ Ϯ WƌŽũĞĐƚEĂŵĞ Ğtŝƚǌ,ŽŵĞƵŝůĚĞƌƐ͕/ŶĐ͘ dĂƌŐĞƚƌĞĂ 'ŽĂůƐ^ƵƉƉŽƌƚĞĚ WƵďůŝĐ^ĞƌǀŝĐĞ EĞĞĚƐĚĚƌĞƐƐĞĚ ĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐ &ƵŶĚŝŶŐ '͗Ψϯϭ͕ϰϬϬ ĞƐĐƌŝƉƚŝŽŶ ƐƐŝƐƚǁŝƚŚ ĚŽǁŶƉĂǇŵĞŶƚĂƐƐŝƐƚĂŶĐĞĨŽƌϮͲϰŚŽƵƐĞŚŽůĚƐĞĂƌŶŝŶŐфϴϬйD/ĨŽƌ ŽǁŶĞƌŽĐĐƵƉŝĞĚŶĞǁƵŶŝƚƐŝŶWĞďďůĞƌĞĞŬ dĂƌŐĞƚĂƚĞ ƐƚŝŵĂƚĞƚŚĞŶƵŵďĞƌ ĂŶĚƚǇƉĞŽĨĨĂŵŝůŝĞƐ ƚŚĂƚǁŝůůďĞŶĞĨŝƚ ĨƌŽŵƚŚĞƉƌŽƉŽƐĞĚ ĂĐƚŝǀŝƚŝĞƐ >ŽĐĂƚŝŽŶĞƐĐƌŝƉƚŝŽŶ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϮϰ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D WůĂŶŶĞĚĐƚŝǀŝƚŝĞƐ ƐƐŝƐƚǁŝƚŚĚŽǁŶƉĂǇŵĞŶƚĂƐƐŝƐƚĂŶĐĞĨŽƌƚǁŽƚŽĨŽƵƌŚŽƵƐĞŚŽůĚƐ͘ ϯ WƌŽũĞĐƚEĂŵĞ ŝƚǇΖƐϮй,ŽŵĞZĞŚĂď>ŽĂŶWƌŽŐƌĂŵ dĂƌŐĞƚƌĞĂ 'ŽĂůƐ^ƵƉƉŽƌƚĞĚ ĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐ EĞĞĚƐĚĚƌĞƐƐĞĚ KǁŶĞƌKĐĐƵƉŝĞĚZĞŚĂďŝůŝƚĂƚŝŽŶ &ƵŶĚŝŶŐ '͗Ψϯϯϵ͕ϵϬϬ ĞƐĐƌŝƉƚŝŽŶ dŚĞŝƚǇǁŝůůƉƌŽǀŝĚĞĂƚǁŽƉĞƌĐĞŶƚ;ϮйͿƐŝŵƉůĞŝŶƚĞƌĞƐƚďĞĂƌŝŶŐ ĚĞĨĞƌƌĞĚůŽĂŶŽĨƵƉƚŽΨϮϱ͕ϬϬϬƉĞƌƵŶŝƚƚŽůŽǁͲŵŽĚĞƌĂƚĞŝŶĐŽŵĞŽǁŶĞƌ ŽĐĐƵƉĂŶƚƐĨŽƌƌĞŚĂďŝůŝƚĂƚŝŽŶŽĨƐƵďƐƚĂŶĚĂƌĚƐŝŶŐůĞͲĨĂŵŝůǇƐƚƌƵĐƚƵƌĞƐ͘ ƉƉůŝĐĂƚŝŽŶƐĂƌĞĂĐĐĞƉƚĞĚƚŚƌŽƵŐŚŽƵƚƚŚĞǇĞĂƌŽŶĂĨŝƌƐƚͲĐŽŵĞ͕ĨŝƌƐƚͲ ƐĞƌǀĞĚďĂƐŝƐĂŶĚƉůĂĐĞĚŽŶĂŶĞǆŝƐƚŝŶŐǁĂŝƚŝŶŐůŝƐƚ͘dŚĞϮйƐŝŵƉůĞ ŝŶƚĞƌĞƐƚďĞĂƌŝŶŐůŽĂŶƐŵƵƐƚďĞƌĞƉĂŝĚǁŚĞŶƚŚĞƉƌŽƉĞƌƚǇŝƐƐŽůĚŽƌ ƚƌĂŶƐĨĞƌƌĞĚŽƌŝĨƚŚĞƉƌŽƉĞƌƚǇĐĞĂƐĞƐƚŽďĞƚŚĞŽǁŶĞƌ͛ƐƉƌŝŶĐŝƉĂůƉůĂĐĞ ŽĨƌĞƐŝĚĞŶĐĞ͘WƌŽƉĞƌƚŝĞƐĞůŝŐŝďůĞŵƵƐƚďĞůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞŝƚǇŽĨ ZŽĐŚĞƐƚĞƌ͘^ƚĂĨĨŽĨƚŚĞKůŵƐƚĞĚŽƵŶƚǇ,ŽƵƐŝŶŐĂŶĚZĞĚĞǀĞůŽƉŵĞŶƚ ƵƚŚŽƌŝƚǇĂĚŵŝŶŝƐƚĞƌƚŚĞƉƌŽŐƌĂŵ͘ dĂƌŐĞƚĂƚĞ ϭϮͬϯϭͬϮϬ ƐƚŝŵĂƚĞƚŚĞŶƵŵďĞƌ ϭϭůŽǁͲŝŶĐŽŵĞŚŽŵĞŽǁŶĞƌŚŽƵƐĞŚŽůĚƐ͘ ĂŶĚƚǇƉĞŽĨĨĂŵŝůŝĞƐ ƚŚĂƚǁŝůůďĞŶĞĨŝƚ ĨƌŽŵƚŚĞƉƌŽƉŽƐĞĚ ĂĐƚŝǀŝƚŝĞƐ >ŽĐĂƚŝŽŶĞƐĐƌŝƉƚŝŽŶ ŝƚǇǁŝĚĞ͘ WůĂŶŶĞĚĐƚŝǀŝƚŝĞƐ WƌŽǀŝĚĞĂƚǁŽƉĞƌĐĞŶƚ;ϮйͿƐŝŵƉůĞŝŶƚĞƌĞƐƚďĞĂƌŝŶŐĚĞĨĞƌƌĞĚůŽĂŶŽĨƵƉ ƚŽΨϯϬ͕ϬϬϬƉĞƌƵŶŝƚƚŽůŽǁͲŵŽĚĞƌĂƚĞŝŶĐŽŵĞŽǁŶĞƌŽĐĐƵƉĂŶƚƐĨŽƌ 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>ŽĐĂƚŝŽŶĞƐĐƌŝƉƚŝŽŶ WůĂŶŶĞĚĐƚŝǀŝƚŝĞƐ &ƵŶĚƐƚŽĂƐƐŝƐƚǁŝƚŚƚŚĞŽǀĞƌĂůůƉƌŽŐƌĂŵŵĂŶĂŐĞŵĞŶƚ͕ĐŽŽƌĚŝŶĂƚŝŽŶ͕ ŵŽŶŝƚŽƌŝŶŐĂŶĚĞǀĂůƵĂƚŝŽŶŽĨƚŚĞ'ƉƌŽŐƌĂŵĨŽƌƚŚĞŝƚǇŽĨ ZŽĐŚĞƐƚĞƌ͘ ϱ WƌŽũĞĐƚEĂŵĞ ZŽĐŚĞƐƚĞƌƌĞĂ&ĂŵŝůǇz dĂƌŐĞƚƌĞĂ 'ŽĂůƐ^ƵƉƉŽƌƚĞĚ WƵďůŝĐ^ĞƌǀŝĐĞ EĞĞĚƐĚĚƌĞƐƐĞĚ zŽƵƚŚWƌŽŐƌĂŵƐ &ƵŶĚŝŶŐ '͗Ψϳ͕ϮϬϬ ĞƐĐƌŝƉƚŝŽŶ WƌŽŐƌĂŵŵŝŶŐĨŽƌdĞĞŶdŚƌŝǀĞ͕ƉƌŽǀŝĚŝŶŐĂĐĂĚĞŵŝĐƐƵƉƉŽƌƚ͕ƐĞƌǀŝĐĞ ůĞĂƌŶŝŶŐ͕ůĞĂĚĞƌƐŚŝƉƚƌĂŝŶŝŶŐ͕ĐŽůůĞŐĞͬƉŽƐƚƐĞĐŽŶĚĂƌǇͬĐĂƌĞĞƌĞǆƉůŽƌĂƚŝŽŶ͕ ĂŶĚĐŝǀŝĐĞŶŐĂŐĞŵĞŶƚƚŽϭϬϬͲϭϮϬůŽǁͲŝŶĐŽŵĞǇŽƵƚŚ dĂƌŐĞƚĂƚĞ ƐƚŝŵĂƚĞƚŚĞŶƵŵďĞƌ ĂŶĚƚǇƉĞŽĨĨĂŵŝůŝĞƐ ƚŚĂƚǁŝůůďĞŶĞĨŝƚ ĨƌŽŵƚŚĞƉƌŽƉŽƐĞĚ ĂĐƚŝǀŝƚŝĞƐ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϮϲ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D >ŽĐĂƚŝŽŶĞƐĐƌŝƉƚŝŽŶ WůĂŶŶĞĚĐƚŝǀŝƚŝĞƐ &ƵŶĚƉƌŽŐƌĂŵŵŝŶŐĨŽƌdĞĞŶdŚƌŝǀĞ͘ ϲ WƌŽũĞĐƚEĂŵĞ &ĂŵŝůǇ^ĞƌǀŝĐĞŽĨZŽĐŚĞƐƚĞƌ dĂƌŐĞƚƌĞĂ 'ŽĂůƐ^ƵƉƉŽƌƚĞĚ WƵďůŝĐ&ĂĐŝůŝƚŝĞƐ EĞĞĚƐĚĚƌĞƐƐĞĚ WƵďůŝĐ&ĂĐŝůŝƚŝĞƐ &ƵŶĚŝŶŐ '͗ΨϮϲ͕ϱϬϬ /ŶƐƚĂůůƐŽůĂƌƉĂŶĞůƐĂƚŶĞǁ^ZŽĐŚĞƐƚĞƌ^ĞŶŝŽƌ^ĞƌǀŝĐĞƐĨĂĐŝůŝƚǇ͘ ĞƐĐƌŝƉƚŝŽŶ dĂƌŐĞƚĂƚĞ ƐƚŝŵĂƚĞƚŚĞŶƵŵďĞƌ ĂŶĚƚǇƉĞŽĨĨĂŵŝůŝĞƐ ƚŚĂƚǁŝůůďĞŶĞĨŝƚ ĨƌŽŵƚŚĞƉƌŽƉŽƐĞĚ ĂĐƚŝǀŝƚŝĞƐ >ŽĐĂƚŝŽŶĞƐĐƌŝƉƚŝŽŶ 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'ŽĂůƐ^ƵƉƉŽƌƚĞĚ WƵďůŝĐ^ĞƌǀŝĐĞƐ EĞĞĚƐĚĚƌĞƐƐĞĚ zŽƵƚŚWƌŽŐƌĂŵƐ &ƵŶĚŝŶŐ '͗ΨϮϳ͕ϵϬϬ &ƵŶĚƵƉƚŽĨŽƵƌĨĂŵŝůǇŶŝŐŚƚƐĂƚDDͲZ͕ƉƌŽǀŝĚŝŶŐƐƉĞĐŝĂůŝǌĞĚ ĞƐĐƌŝƉƚŝŽŶ ƉƌŽŐƌĂŵŵŝŶŐĨŽƌƉƌŽǀŝĚŝŶŐďĂƐŝĐŚĞĂůƚŚŶĞĞĚŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽϲϬϬ ĨĂŵŝůŝĞƐ͕ĂŶĚĨƵŶĚƵƉƚŽϮϱϬĨĂŵŝůǇŵƵƐĞƵŵŵĞŵďĞƌƐŚŝƉƐ Ͷ ĂůůƚŽůŽǁͲ ŝŶĐŽŵĞĨĂŵŝůŝĞƐ͘ dĂƌŐĞƚĂƚĞ ϭϮͬϯϭͬϮϬ ƐƚŝŵĂƚĞƚŚĞŶƵŵďĞƌ hƉƚŽϴϱϬůŽǁƚŽŵŽĚĞƌĂƚĞůǇʹůŽǁŝŶĐŽŵĞĨĂŵŝůŝĞƐ͘ ĂŶĚƚǇƉĞŽĨĨĂŵŝůŝĞƐ ƚŚĂƚǁŝůůďĞŶĞĨŝƚ ĨƌŽŵƚŚĞƉƌŽƉŽƐĞĚ ĂĐƚŝǀŝƚŝĞƐ >ŽĐĂƚŝŽŶĞƐĐƌŝƉƚŝŽŶ ϭϲϰϯEŽƌƚŚƌŽĂĚǁĂǇ^ƚƌĞĞƚ͕^ƵŝƚĞ͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϲ WůĂŶŶĞĚĐƚŝǀŝƚŝĞƐ &ƵŶĚĨŽƵƌĨĂŵŝůǇŶŝŐŚƚƐĂƚDDͲZ͕ĂŶĚĨƵŶĚƵƉƚŽϮϱϬĨĂŵŝůǇŵƵƐĞƵŵ ŵĞŵďĞƌƐŚŝƉƐ ϵ WƌŽũĞĐƚEĂŵĞ zDĂŵƉKůƐŽŶ dĂƌŐĞƚƌĞĂ 'ŽĂůƐ^ƵƉƉŽƌƚĞĚ EĞĞĚƐĚĚƌĞƐƐĞĚ &ƵŶĚŝŶŐ '͗Ψϳ͕ϵϬϬ &ƵŶĚϭϱůŽǁͲŝŶĐŽŵĞǇŽƵƚŚĂŶĚŽŶĞůŽǁͲŝŶĐŽŵĞĨĂŵŝůǇǁŝƚŚ ĞƐĐƌŝƉƚŝŽŶ ƐĐŚŽůĂƌƐŚŝƉƐƚŽĂƚƚĞŶĚĂŵƉKůƐŽŶzDŝŶϮϬϮϬ͘ dĂƌŐĞƚĂƚĞ ϭϮͬϯϭͬϮϬ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϮϴ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ƐƚŝŵĂƚĞƚŚĞŶƵŵďĞƌ hƉƚŽϭϱůŽǁͲŝŶĐŽŵĞǇŽƵƚŚĂŶĚŽŶĞůŽǁͲŝŶĐŽŵĞĨĂŵŝůǇ͘ ĂŶĚƚǇƉĞŽĨĨĂŵŝůŝĞƐ ƚŚĂƚǁŝůůďĞŶĞĨŝƚ ĨƌŽŵƚŚĞƉƌŽƉŽƐĞĚ ĂĐƚŝǀŝƚŝĞƐ >ŽĐĂƚŝŽŶĞƐĐƌŝƉƚŝŽŶ 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zDĂŵƉKůƐŽŶ͗^ĞƌǀŝŶŐĨĂŵŝůŝĞƐŝŶZŽĐŚĞƐƚĞƌĐŝƚǇǁŝĚĞ͘ 'ĞŽŐƌĂƉŚŝĐŝƐƚƌŝďƵƚŝŽŶ dĂƌŐĞƚƌĞĂWĞƌĐĞŶƚĂŐĞŽĨ&ƵŶĚƐ dĂďůĞϱϲͲ'ĞŽŐƌĂƉŚŝĐŝƐƚƌŝďƵƚŝŽŶ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϯϬ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ZĂƚŝŽŶĂůĞĨŽƌƚŚĞƉƌŝŽƌŝƚŝĞƐĨŽƌĂůůŽĐĂƚŝŶŐŝŶǀĞƐƚŵĞŶƚƐŐĞŽŐƌĂƉŚŝĐĂůůǇ dĂƌŐĞƚĂƌĞĂĨŽƌƚŚĞŝƚǇΖƐ,ŽŵĞZĞŚĂďWƌŽŐƌĂŵǁĂƐĞǆƉĂŶĚĞĚƚŽĐŝƚǇǁŝĚĞ͘dŚĞƚĂƌŐĞƚĂƌĞĂǁĂƐ ĞǆƉĂŶĚĞĚĚƵĞƚŽĂŐĞŽĨŚŽƵƐŝŶŐĂŶĚƉŽƐƐŝďŝůŝƚǇŽĨůĞĂĚďĂƐĞĚƉĂŝŶƚŝŶƚŚĞƐƚƌƵĐƚƵƌĞƐ͘ ŝƐĐƵƐƐŝŽŶ ĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐŝƐĂŵŽŶŐƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͛ƐƚŽƉƉƌŝŽƌŝƚǇ͘/ŶŐĞŶĞƌĂů͕ZŽĐŚĞƐƚĞƌŝƐƉƌĞĚŝĐƚŝŶŐĂ ƐŚŽƌƚĂŐĞŝŶƐƵƉƉůǇŽĨŚŽƵƐŝŶŐĂƐƚŚĞƉŽƉƵůĂƚŝŽŶŐƌŽǁƐ;ŶŽƚĞĚŝŶƚŚĞDĂǆĨŝĞůĚ,ŽƵƐŝŶŐ^ƚƵĚǇĂŶĚWůĂŶƚŽ ^ƵĐĐĞĞĚŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶͿ͘ƵƌƌĞŶƚůǇ͕ǁĞĂƌĞƐĞĞŝŶŐĂƚƌĞŶĚĨŽƌŵŽƌĞĚĞǀĞůŽƉŵĞŶƚŽĨƌĞŶƚĂů ƉƌŽƉĞƌƚŝĞƐ;ŶĞǁŽƌŽƚŚĞƌǁŝƐĞͿ͕ĂŶĚĨŽƌĞƐĞĞƚŚŝƐŵĂŬŝŶŐƵƉŵŽƌĞŽĨƚŚĞĨƵƚƵƌĞƐƵƉƉůǇŽĨŚŽƵƐŝŶŐ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϯϭ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐ WͲϱϱĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐʹϵϭ͘ϮϮϬ;ŐͿ /ŶƚƌŽĚƵĐƚŝŽŶ KŶĞzĞĂƌ'ŽĂůƐĨŽƌƚŚĞEƵŵďĞƌŽĨ,ŽƵƐĞŚŽůĚƐƚŽďĞ^ƵƉƉŽƌƚĞĚ ,ŽŵĞůĞƐƐ EŽŶͲ,ŽŵĞůĞƐƐϭϵ ^ƉĞĐŝĂůͲEĞĞĚƐ dŽƚĂůϭϵ 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ŝŶƉƵƚƚŽƚŚĞW,WůĂŶ͘dŚŝƐĐŽŵŵŝƚƚĞĞƐƚƌƵĐƚƵƌĞŝƐŝŶƚĞŶĚĞĚƚŽďĞŐŝŶŝŶϮϬϭϵ͘ /ĨƚŚĞW,ŝƐĚĞƐŝŐŶĂƚĞĚĂƐƚƌŽƵďůĞĚ͕ĚĞƐĐƌŝďĞƚŚĞŵĂŶŶĞƌŝŶǁŚŝĐŚĨŝŶĂŶĐŝĂůĂƐƐŝƐƚĂŶĐĞǁŝůůďĞ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϯϯ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ƉƌŽǀŝĚĞĚŽƌŽƚŚĞƌĂƐƐŝƐƚĂŶĐĞ E ŝƐĐƵƐƐŝŽŶ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϯϰ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D WͲϲϱ,ŽŵĞůĞƐƐĂŶĚKƚŚĞƌ^ƉĞĐŝĂůEĞĞĚƐĐƚŝǀŝƚŝĞƐʹϵϭ͘ϮϮϬ;ŝͿ /ŶƚƌŽĚƵĐƚŝŽŶ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĚŽĞƐŶŽƚĂĚŵŝŶŝƐƚĞƌŚŽŵĞůĞƐƐĂŶĚŽƚŚĞƌƐƉĞĐŝĂůŶĞĞĚƐĂĐƚŝǀŝƚŝĞƐĚŝƌĞĐƚůǇ͘ ĞƐĐƌŝďĞƚŚĞũƵƌŝƐĚŝĐƚŝŽŶƐŽŶĞͲǇĞĂƌŐŽĂůƐĂŶĚĂĐƚŝŽŶƐĨŽƌƌĞĚƵĐŝŶŐĂŶĚĞŶĚŝŶŐŚŽŵĞůĞƐƐŶĞƐƐ ŝŶĐůƵĚŝŶŐ ZĞĂĐŚŝŶŐŽƵƚƚŽŚŽŵĞůĞƐƐƉĞƌƐŽŶƐ;ĞƐƉĞĐŝĂůůǇƵŶƐŚĞůƚĞƌĞĚƉĞƌƐŽŶƐͿĂŶĚĂƐƐĞƐƐŝŶŐƚŚĞŝƌ ŝŶĚŝǀŝĚƵĂůŶĞĞĚƐ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌǁŝůůĐŽŶƚŝŶƵĞƚŽŽĨĨĞƌĂŶĚĐŽŶƐŝĚĞƌƌĞƋƵĞƐƚƐƚŽĂŐĞŶĐŝĞƐƚŚĂƚǁŽƌŬǁŝƚŚŚŽŵĞůĞƐƐ ƉĞƌƐŽŶƐ;ĞƐƉĞĐŝĂůůǇƵŶƐŚĞůƚĞƌĞĚƉĞƌƐŽŶƐͿƚŚĂƚĂƐƐĞƐƐƚŚĞŝƌŝŶĚŝǀŝĚƵĂůŶĞĞĚƐ͘ ŐĞŶĐŝĞƐƚŚĂƚǁŽƌŬǁŝƚŚŚŽŵĞůĞƐƐƉĞƌƐŽŶǁĞƌĞƉƌŽǀŝĚĞĚŝŶĨŽƌŵĂƚŝŽŶƚŚĂƚƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌŝƐ ĐŽŶƐŝĚĞƌŝŶŐƌĞƋƵĞƐƚƐĨŽƌƚŚĞϮϬϮϬ'ƉƌŽŐƌĂŵ͘ ĚĚƌĞƐƐŝŶŐƚŚĞĞŵĞƌŐĞŶĐǇƐŚĞůƚĞƌĂŶĚƚƌĂŶƐŝƚŝŽŶĂůŚŽƵƐŝŶŐŶĞĞĚƐŽĨŚŽŵĞůĞƐƐƉĞƌƐŽŶƐ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌǁŝůůĐŽŶƚŝŶƵĞƚŽŽĨĨĞƌĂŶĚĐŽŶƐŝĚĞƌƌĞƋƵĞƐƚƐƚŽĂŐĞŶĐŝĞƐƚŚĂƚǁŽƌŬǁŝƚŚĞŵĞƌŐĞŶĐǇ ƐŚĞůƚĞƌĂŶĚƚƌĂŶƐŝƚŝŽŶĂůŶĞĞĚƐŽĨŚŽŵĞůĞƐƐƉĞƌƐŽŶƐ͘ ŶĞǁůǇĞƐƚĂďůŝƐŚĞĚtĂƌŵŝŶŐĞŶƚĞƌǁĂƐĂǁĂƌĚĞĚ'ĨƵŶĚŝŶŐƚŽƌƵŶƚŚĞŽƉĞƌĂƚŝŽŶƐƚŚƌŽƵŐŚĂƚŚŽůŝĐ ŚĂƌŝƚŝĞƐ͕ŝŶƚƵƌŶƉƌŽǀŝĚŝŶŐϯϬďĞĚƐĨŽƌƐĞĂƐŽŶĂůĞŵĞƌŐĞŶĐǇƐŚĞůƚĞƌ͘ ,ĞůƉŝŶŐŚŽŵĞůĞƐƐƉĞƌƐŽŶƐ;ĞƐƉĞĐŝĂůůǇĐŚƌŽŶŝĐĂůůǇŚŽŵĞůĞƐƐŝŶĚŝǀŝĚƵĂůƐĂŶĚĨĂŵŝůŝĞƐ͕ĨĂŵŝůŝĞƐ ǁŝƚŚĐŚŝůĚƌĞŶ͕ǀĞƚĞƌĂŶƐĂŶĚƚŚĞŝƌĨĂŵŝůŝĞƐ͕ĂŶĚƵŶĂĐĐŽŵƉĂŶŝĞĚǇŽƵƚŚͿŵĂŬĞƚŚĞƚƌĂŶƐŝƚŝŽŶƚŽ ƉĞƌŵĂŶĞŶƚŚŽƵƐŝŶŐĂŶĚŝŶĚĞƉĞŶĚĞŶƚůŝǀŝŶŐ͕ŝŶĐůƵĚŝŶŐƐŚŽƌƚĞŶŝŶŐƚŚĞƉĞƌŝŽĚŽĨƚŝŵĞƚŚĂƚ ŝŶĚŝǀŝĚƵĂůƐĂŶĚĨĂŵŝůŝĞƐĞǆƉĞƌŝĞŶĐĞŚŽŵĞůĞƐƐŶĞƐƐ͕ĨĂĐŝůŝƚĂƚŝŶŐĂĐĐĞƐƐĨŽƌŚŽŵĞůĞƐƐŝŶĚŝǀŝĚƵĂůƐ ĂŶĚĨĂŵŝůŝĞƐƚŽĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐƵŶŝƚƐ͕ĂŶĚƉƌĞǀĞŶƚŝŶŐŝŶĚŝǀŝĚƵĂůƐĂŶĚĨĂŵŝůŝĞƐǁŚŽǁĞƌĞ ƌĞĐĞŶƚůǇŚŽŵĞůĞƐƐĨƌŽŵďĞĐŽŵŝŶŐŚŽŵĞůĞƐƐĂŐĂŝŶ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĚŽĞƐŶŽƚĂĚŵŝŶŝƐƚĞƌŚŽŵĞůĞƐƐƉƌŽŐƌĂŵƐĚŝƌĞĐƚůǇ͕ďƵƚǁŝůůĐŽŶƚŝŶƵĞƚŽŽĨĨĞƌĂŶĚ ĐŽŶƐŝĚĞƌƌĞƋƵĞƐƚƐĨƌŽŵĂŐĞŶĐŝĞƐƚŚĂƚǁŽƌŬǁŝƚŚŚĞůƉŝŶŐŚŽŵĞůĞƐƐƉĞƌƐŽŶƐ;ĞƐƉĞĐŝĂůůǇĐŚƌŽŶŝĐĂůůǇ ŚŽŵĞůĞƐƐŝŶĚŝǀŝĚƵĂůƐĂŶĚĨĂŵŝůŝĞƐ͕ĨĂŵŝůŝĞƐǁŝƚŚĐŚŝůĚƌĞŶ͕ǀĞƚĞƌĂŶƐĂŶĚƚŚĞŝƌĨĂŵŝůŝĞƐ͕ĂŶĚ ƵŶĂĐĐŽŵƉĂŶŝĞĚǇŽƵƚŚͿŵĂŬŝŶŐƚŚĞƚƌĂŶƐŝƚŝŽŶƚŽƉĞƌŵĂŶĞŶƚŚŽƵƐŝŶŐĂŶĚŝŶĚĞƉĞŶĚĞŶƚůŝǀŝŶŐ͕ŝŶĐůƵĚŝŶŐ ƐŚŽƌƚĞŶŝŶŐƚŚĞƉĞƌŝŽĚŽĨƚŝŵĞƚŚĂƚŝŶĚŝǀŝĚƵĂůƐĂŶĚĨĂŵŝůŝĞƐĞǆƉĞƌŝĞŶĐĞŚŽŵĞůĞƐƐŶĞƐƐ͕ĨĂĐŝůŝƚĂƚŝŶŐĂĐĐĞƐƐ ĨŽƌŚŽŵĞůĞƐƐŝŶĚŝǀŝĚƵĂůƐĂŶĚĨĂŵŝůŝĞƐƚŽĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐƵŶŝƚƐ͕ĂŶĚƉƌĞǀĞŶƚŝŶŐŝŶĚŝǀŝĚƵĂůƐĂŶĚĨĂŵŝůŝĞƐ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϯϱ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ǁŚŽǁĞƌĞƌĞĐĞŶƚůǇŚŽŵĞůĞƐƐĨŽƌŵďĞĐŽŵŝŶŐŚŽŵĞůĞƐƐĂŐĂŝŶ͘ dŚĞKůŵƐƚĞĚŽƵŶƚǇ,ZŝƐĂŶĂĐƚŝǀĞŵĞŵďĞƌŽĨƚŚĞZŝǀĞƌsĂůůĞǇƐŽŶƚŝŶƵƵŵŽĨĂƌĞ;ŽͿ͕ǁŚŝĐŚ ƵƚŝůŝǌĞƐĂŶĚƉƌŝŽƌŝƚŝǌĞƐƚŚĞƵƐĞŽĨĐŽŽƌĚŝŶĂƚĞĚĞŶƚƌǇĨŽƌĞŶƚƌǇŝŶƚŽƉƌŽŐƌĂŵƐĨƵŶĚŝŶŐďǇŽͬDĐ<ŝŶŶĞǇͲ sĞŶƚŽĚŽůůĂƌƐ͕ĂƐǁĞůůĂƐƐĞǀĞƌĂůƉƌŽŐƌĂŵƐĨƵŶĚĞĚďǇDE,ŽƵƐŝŶŐ͘ŽŽƌĚŝŶĂƚĞĚŶƚƌǇŝƐƵƚŝůŝǌĞĚƚŽ ĂƐƐĞƐƐƚŚĞŶĞĞĚƐŽĨŚŽŵĞůĞƐƐĨĂŵŝůŝĞƐĂŶĚŝŶĚŝǀŝĚƵĂůƐĂŶĚďĞƚƚĞƌŵĂƚĐŚƚŚĞŵǁŝƚŚĂƉƉƌŽƉƌŝĂƚĞ ƐĞƌǀŝĐĞƐ͘KůŵƐƚĞĚŽƵŶƚǇŚĂƐƐĞǀĞƌĂůƐŝƚĞƐǁŚĞƌĞŝŶĚŝǀŝĚƵĂůƐͬĨĂŵŝůŝĞƐƚĂŬĞƚŚĞs/Ͳ^WdĂƐƐĞƐƐŵĞŶƚ͕ ǁŚŝĐŚƚŚĞŶƉƵƚƐƚŚĞŝƌŶĂŵĞŽŶƚŚĞĐŽŽƌĚŝŶĂƚĞĚĞŶƚƌǇůŝƐƚ͘WƌŽǀŝĚĞƌƐƚŚƌŽƵŐŚŽƵƚƚŚĞƌĞŐŝŽŶƐŚĂƌĞƚŚĞ 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ƐŚŽƌƚĞŶŝŶŐƚŚĞƉĞƌŝŽĚŽĨƚŝŵĞƚŚĂƚŝŶĚŝǀŝĚƵĂůƐĂŶĚĨĂŵŝůŝĞƐĞǆƉĞƌŝĞŶĐĞŚŽŵĞůĞƐƐŶĞƐƐ͕ĨĂĐŝůŝƚĂƚŝŶŐĂĐĐĞƐƐ ĨŽƌŚŽŵĞůĞƐƐŝŶĚŝǀŝĚƵĂůƐĂŶĚĨĂŵŝůŝĞƐƚŽĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐƵŶŝƚƐ͕ĂŶĚƉƌĞǀĞŶƚŝŶŐŝŶĚŝǀŝĚƵĂůƐĂŶĚĨĂŵŝůŝĞƐ ǁŚŽǁĞƌĞƌĞĐĞŶƚůǇŚŽŵĞůĞƐƐĨŽƌŵďĞĐŽŵŝŶŐŚŽŵĞůĞƐƐĂŐĂŝŶ͘ dŚĞKůŵƐƚĞĚŽƵŶƚǇ,ZŝƐĂŶĂĐƚŝǀĞŵĞŵďĞƌŽĨƚŚĞZŝǀĞƌsĂůůĞǇƐŽŶƚŝŶƵƵŵŽĨĂƌĞ͕ǁŚŝĐŚƵƚŝůŝǌĞƐĂŶĚ ƉƌŝŽƌŝƚŝǌĞƐƚŚĞƵƐĞŽĨĐŽŽƌĚŝŶĂƚĞĚĞŶƚƌǇĨŽƌĞŶƚƌǇŝŶƚŽƉƌŽŐƌĂŵƐĨƵŶĚŝŶŐďǇŽͬDĐ<ŝŶŶĞǇͲsĞŶƚŽĚŽůůĂƌƐ͕ ĂƐǁĞůůĂƐƐĞǀĞƌĂůƉƌŽŐƌĂŵƐĨƵŶĚĞĚďǇDE,ŽƵƐŝŶŐ͘ŽŽƌĚŝŶĂƚĞĚŶƚƌǇŝƐƵƚŝůŝǌĞĚƚŽĂƐƐĞƐƐƚŚĞŶĞĞĚƐŽĨ ŚŽŵĞůĞƐƐĨĂŵŝůŝĞƐĂŶĚŝŶĚŝǀŝĚƵĂůƐĂŶĚďĞƚƚĞƌŵĂƚĐŚƚŚĞŵǁŝƚŚĂƉƉƌŽƉƌŝĂƚĞƐĞƌǀŝĐĞƐ͘KůŵƐƚĞĚŽƵŶƚǇ ŚĂƐƐĞǀĞƌĂůƐŝƚĞƐǁŚĞƌĞŝŶĚŝǀŝĚƵĂůƐͬĨĂŵŝůŝĞƐƚĂŬĞƚŚĞs/Ͳ^WdĂƐƐĞƐƐŵĞŶƚ͕ǁŚŝĐŚƚŚĞŶƉƵƚƐƚŚĞŝƌŶĂŵĞ ŽŶƚŚĞĐŽŽƌĚŝŶĂƚĞĚĞŶƚƌǇůŝƐƚ͘WƌŽǀŝĚĞƌƐƚŚƌŽƵŐŚŽƵƚƚŚĞƌĞŐŝŽŶƐŚĂƌĞƚŚĞƐĂŵĞŵĞƐƐĂŐĞĂŶĚƌĞƐŽƵƌĐĞƐ ǁŝƚŚŝŶĚŝǀŝĚƵĂůƐĂŶĚĨĂŵŝůŝĞƐĞǆƉĞƌŝĞŶĐŝŶŐŚŽŵĞůĞƐƐŶĞƐƐ͕ƐŽƚŚĂƚĞǀĞƌǇŽŶĞŝƐƌĞĐĞŝǀŝŶŐƚŚĞƐĂŵĞ ŵĞƐƐĂŐĞĂŶĚĂĐĐĞƐƐƚŽƐĞƌǀŝĐĞƐ͘ ŝƐĐƵƐƐŝŽŶ ƵƌŝŶŐƚŚĞϮϬϮϬ'ĂƉƉůŝĐĂƚŝŽŶƉƌŽĐĞƐƐ͕ƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌƌĞĐĞŝǀĞĚƚǁŽƌĞƋƵĞƐƚƐƚŽĂƐƐŝƐƚ 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dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĚŽĞƐŶŽƚƉƌŽǀŝĚĞĂŶǇƉƌŽŐƌĂŵƐƚŚĂƚĚŝƌĞĐƚůǇĂĚĚƌĞƐƐƚŚĞƌĞĚƵĐƚŝŽŶŽĨƉŽǀĞƌƚǇůĞǀĞů ĨŽƌƉĞƌƐŽŶƐ;ŝŶĐůƵĚŝŶŐǁŽƌƐƚͲĐĂƐĞΘƵŶĚĞƌƐĞƌǀĞĚŶĞĞĚƐ͕ĂŶĚƉĞƌƐŽŶƐǁŝƚŚĚŝƐĂďŝůŝƚŝĞƐͿƌĞƐŝĚŝŶŐǁŝƚŚŝŶƚŚĞ ŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘DŽƐƚƉƌŽŐƌĂŵƐǁŽƌŬŝŶŐǁŝƚŚƉŽǀĞƌƚǇůĞǀĞůƉĞƌƐŽŶƐ;ŝŶĐůƵĚŝŶŐǁŽƌƐĞĐĂƐĞΘ ƵŶĚĞƌƐĞƌǀĞĚŶĞĞĚƐ͕ĂŶĚƉĞƌƐŽŶƐǁŝƚŚĚŝƐĂďŝůŝƚŝĞƐͿĂƌĞĂĚĚƌĞƐƐĞĚƚŚƌŽƵŐŚƚŚĞŽŵŵƵŶŝƚǇ^ĞƌǀŝĐĞƐ ĞƉĂƌƚŵĞŶƚŽĨKůŵƐƚĞĚŽƵŶƚǇ;ŝŶĐůƵĚŝŶŐƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌͿĂŶĚƉƌŝǀĂƚĞŶŽŶͲƉƌŽĨŝƚĂŐĞŶĐŝĞƐ͘ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞŵĂũŽƌŽďƐƚĂĐůĞƚŽŵĞĞƚŝŶŐƵŶĚĞƌƐĞƌǀĞĚŶĞĞĚƐŝƐƚŚĞůĂĐŬŽĨ ĨƵŶĚŝŶŐĂŶĚƌĞĐŽŐŶŝǌĞƐƚŚĞŶĞĞĚĨŽƌƐƵĐŚƉƌŽŐƌĂŵƐďǇƐƵƉƉŽƌƚŝŶŐĂŐĞŶĐŝĞƐƚŚĂƚǁŽƌŬǁŝƚŚƐƚĂƚĞĂŶĚ ĨĞĚĞƌĂůƐŽƵƌĐĞƐŽŶŽďƚĂŝŶŝŶŐĨŝŶĂŶĐŝŶŐĨŽƌƚŚĞŝƌƉƌŽŐƌĂŵƐ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĞŶƐƵƌĞƐ ĐŽŵƉůŝĂŶĐĞǁŝƚŚƉƌŽŐƌĂŵĂŶĚĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶŶŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐ͘ ŐĞŶĐŝĞƐƉƌŽǀŝĚŝŶŐŚŽƵƐŝŶŐĂƐƐŝƐƚĂŶĐĞĐŽŶƚŝŶƵĞƚŽŝŶǀĞƐƚŝŐĂƚĞĨƵŶĚŝŶŐƐŽƵƌĐĞƐƚŽŵĞĞƚƚŚĞŶĞĞĚƐŽĨ ŚŽƵƐŝŶŐ͕ĂŶĚƉƌŽǀŝĚĞƐŽŵĞŝŶĐĞŶƚŝǀĞƐĨŽƌďƵŝůĚĞƌƐ͕ĚĞǀĞůŽƉĞƌƐĂŶĚƉƌŽƉĞƌƚǇŵĂŶĂŐĞŵĞŶƚͬŽǁŶĞƌƐ͘ dŚĞŝƚǇ͛ƐƉƌŝŵĂƌǇĨŽĐƵƐƚŽŵĞĞƚŝŶŐƵŶĚĞƐĞƌǀĞĚŶĞĞĚƐŝƐƚŽƉƌŽǀŝĚĞĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĨŽƌƉŽǀĞƌƚǇůĞǀĞů 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