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ƐĐŚĞĚƵůĞĂŶĚĨŝŶĂůĐŽƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐƵĐŚĚĞůĂǇƐ͕ŝŶǁƌŝƚŝŶŐ͕ǁŝƚŚŝŶƚŚĞƚĞƌŵƐŽĨƚŚĞŽŶƚƌĂĐƚ͘ 'KsZE/E'>t͕:hZ/^/d/KE͕EsEh $57,&/( dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞŝŶƚĞƌƉƌĞƚĞĚƉƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ>Ăǁ͘ŶǇĐŝƚĂƚŝŽŶƚŽĨĞĚĞƌĂůŽƌƐƚĂƚĞůĂǁŝŶĐŽƌƉŽƌĂƚĞƐƚŚĞ $ ůĂŶŐƵĂŐĞŽĨƚŚĂƚůĂǁŝŶƚŽƚŚŝƐŽŶƚƌĂĐƚĂƐŝĨĨƵůůǇƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͘sĞŶƵĞĨŽƌĂůůůĞŐĂůƉƌŽĐĞĞĚŝŶŐƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŽƌďƌĞĂĐŚ͕ǁŝůůďĞŝŶƚŚĞĂƉƉůŝĐĂďůĞƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶKůŵƐƚĞĚŽƵŶƚǇ͕ DŝŶŶĞƐŽƚĂ͘ dZD^K&'EZ>KE/d/KE^ $57,&/( ŶǇĂŶĚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨŽƌĐĞƵŶůĞƐƐƚŚĞǇĂƌĞƐƉĞĐŝĨŝĐĂůůǇĂŶĚĚĞůŝďĞƌĂƚĞůǇ $ ĐĂŶĐĞůĞĚŽƌŵŽĚŝĨŝĞĚ͕ŝŶǁƌŝƚŝŶŐ͕ďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŽƚŚĞĞǆƚĞŶƚŽĨĂŶǇŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ % ǁŝůůĐŽŶƚƌŽů͘DŝŶŶĞƐŽƚĂ>ĂǁƐƵƉĞƌƐĞĚĞƐĂŶǇŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ dZD^K&WzDEd $57,&/( ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůĂŶĚ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůǇ $ ƐƵƉƉůŝĞĚďǇE'/EZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďǇ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͕Zd/>ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂǇŵĞŶƚ͘͟ /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶǇƚŝŵĞƚŚĂƚE'/EZǁŝůůĞǆĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ % ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůǇŵĂŶŶĞƌ͘E'/EZŵĂǇŶŽƚďĞ ĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞǆĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůǇĞǆĞĐƵƚĞĚ͕ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚďĞǇŽŶĚƚŚĂƚ͕ǁŚŝĐŚŝƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌ ǁƌŝƚƚĞŶĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďǇ/dz͕ŵĂǇďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌǇĂŶĚE'/EZŵĂǇŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌ ƚŚĞĞǆƚƌĂǁŽƌŬ͘ /ĨE'/EZĐůĂŝŵƐĂŶǇŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌĐŽŶĚŝƚŝŽŶƐĞǆŝƐƚƚŚĂƚĐĂƵƐĞĞǆƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ & E'/EZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶǇĞǆƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐϮϬĂůĞŶĚĂƌĚĂǇƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶŽƌŽďƐĞƌǀĂŶĐĞ ŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ŶǇĐůĂŝŵŵĂĚĞ ĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂǇďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶĂŵĞŶĚŵĞŶƚƚŽ ƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůǇĂƉƉƌŽǀĞĚĂŶĚĞǆĞĐƵƚĞĚďǇƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚE'/EZΖƐŽǁŶƌŝƐŬ͘ ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐĂĐƚƵĂůůǇĂŶĚŶĞĐĞƐƐĂƌŝůǇŝŶĐƵƌƌĞĚďǇE'/EZĂƐĂƌĞƐƵůƚŽĨ ' ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞǆĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘E'/EZǁŝůůďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͘ *& 3DFNHW3J )G WZKhZ&KZWzDEd $57,&/( WĂǇŵĞŶƚƐǁŝůůďĞŵĂĚĞďǇ/dzǁŝƚŚŝŶϯϬĚĂǇƐŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐ͕ƉƌŽƉĞƌůǇ $ ƉƌĞƉĂƌĞĚ͕ĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐĐŽŶƚƌĂĐƚ͘/dzƐŚĂůůŶŽƚŝĨǇE'/EZŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂǇƐ ŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞǇďĞůŝĞǀĞƚŚĞƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐ ǁĞƌĞŶŽƚƉƌŽƉĞƌůǇƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĐŽŶƚƌĂĐƚ͘ /ŶǀŽŝĐĞƐĨŽƌƉĂǇŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďǇE'/EZŵŽŶƚŚůǇƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶƚŚĞĨŽƌŵƉƌĞƐĐƌŝďĞĚďǇ % /dz͘ƐĂŵƉůĞŝŶǀŽŝĐĞĨŽƌŵĂƚŝƐĂƚƚĂĐŚĞĚƚŽƚŚŝƐ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͘/ŶǀŽŝĐĞƐŵƵƐƚŝĚĞŶƚŝĨǇƚŚĞĐŽƐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚĂŶĚŵƵƐƚƐĂƚŝƐĨǇƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ &ŽƌůƵŵƉƐƵŵĂŶĚŽƚŚĞƌĐŽŶƚƌĂĐƚƐ͗ ϭ͘ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůǇŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐ ĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚE'/EZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚ ĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶǇƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚƉĂǇŵĞŶƚ͘ &ŽƌŽƚŚĞƌĐŽŶƚƌĂĐƚƐŽŶůǇ͗ ϯ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝǌĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐĂƌĞƉƌŽƉĞƌůǇ ĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂƌĞĂŶǇĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐĚŝƌĞĐƚůǇƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬ ŽĨƚŚĞE'/EZ͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ ϰ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ ŝƌĞĐƚƐĂůĂƌǇĐŽƐƚƐŽĨĞŵƉůŽǇĞĞƐΖƚŝŵĞĚŝƌĞĐƚůǇĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ D dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨǇŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽǇĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂǇ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂǇŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽǇĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ E ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽǇĞĞΖƐŶĂŵĞ͕ŚŽƵƌůǇ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂǇƉĞƌŝŽĚ͘ /ĨE'/EZŝƐĂƵƚŚŽƌŝǌĞĚďǇ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶǇƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕E'/EZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ & ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚΖƐŽŶƚƌĂĐƚ͕ĂŶĚE'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůǇƉĂǇŵĞŶƚďǇE'/EZŽĨƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂǇŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞ ƐƵďĐŽŶƚƌĂĐƚŽƌŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ E'/EZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƚƌĂĐƚŽƌƐΖŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ' ĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzDEd $57,&/( ůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĞƌĨŽƌŵĞĚŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚ $ ƚŚĂƚĚĞŐƌĞĞŽĨĐĂƌĞĂŶĚƐŬŝůůŽƌĚŝŶĂƌŝůǇĞǆĞƌĐŝƐĞĚďǇŵĞŵďĞƌƐŽĨƚŚĞƐĂŵĞƉƌŽĨĞƐƐŝŽŶĐƵƌƌĞŶƚůǇƉƌĂĐƚŝĐŝŶŐƵŶĚĞƌƐŝŵŝůĂƌ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͘E'/EZŵĂŬĞƐŶŽǁĂƌƌĂŶƚŝĞƐ͕ĞǆƉƌĞƐƐĞĚŽƌŝŵƉůŝĞĚ͕ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŽƌŽƚŚĞƌǁŝƐĞ͕ŝŶĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚE'/EZ͛ƐƐĞƌǀŝĐĞƐdŚĞE'/EZĞŶĚĞĂǀŽƌƐƚŽĐŽŵƉůǇǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďǇĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐ͘ E'/EZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂǇŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ % ƌĞŐƵůĂƚŝŽŶƐ͘ ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďǇƉƌŽŐƌĞƐƐƉĂǇŵĞŶƚƐŵĂĚĞďǇ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚǇŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ & ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐE'/EZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂǇŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶǇĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞE'/EZ͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ *& 3DFNHW3J )G ƐŚĂůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞ ĞǆƚĞŶƚŽĨƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞE'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶǇǁĂǇƚŽƌĞůŝĞǀĞE'/EZĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐĞƌǀŝĐĞƐ ' ĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞǆĐĞĞĚƚŚĂƚŝƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ ^^/'EDEd $57,&/(ĞůĂǇĞĚŝŶĂŶǇǁĂǇĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ % ŽĨE'/EZ͘ŶǇĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůǇĂŶĚĨƵůůǇĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ŚĂŶŐĞƐŝŶƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚŽƌƚŚĞŽŶƚƌĂĐƚǆƉŝƌĂƚŝŽŶĂƚĞĂƌĞŶŽƚƉĞƌŵŝƚƚĞĚŝŶĂĐŚĂŶŐĞŽƌĚĞƌ͘ dŚŝƐĐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ & ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚǇƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůǇŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͕ ďǇƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝǌĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďǇĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞE'/EZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďǇŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĞǆĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ' ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞĐŽŶƚƌĂĐƚ͘ KDW>/Et/d,>/E^^͕WZD/d^͕EKd,ZZ'h>d/KE^ $57,&/( E'/EZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌǇƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶ $ ĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/^E/Ed>>dh>WZKWZdz $57,&/( E'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂ $ ƉƌŽǀŝĚĞĚďǇ/dzŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚĂŶĚĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚ ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ *& 3DFNHW3J )G ŶǇƌĞƉŽƌƚƐ͕ƐƚƵĚŝĞƐ͕ƉŚŽƚŽŐƌĂƉŚƐ͕ŶĞŐĂƚŝǀĞƐ͕ŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐĐƌĞĂƚĞĚĂŶĚƉĂŝĚĨŽƌďǇE'/EZŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ % ŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂƌĞŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞŝŶƌĞƐƉĞĐƚƚŽE'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĂƌĞƚŚĞĞǆĐůƵƐŝǀĞ ƉƌŽƉĞƌƚǇŽĨ/dz͘E'/EZŵƵƐƚƌĞŵŝƚĂůůƐƵĐŚŵĂƚĞƌŝĂůƐƚŽ/dzƵƉŽŶĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞ /dzǁŝůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇƌĞƵƐĞŽĨƐƵĐŚŵĂƚĞƌŝĂůƐďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞŝƚǇƐŚĂůůŐƌĂŶƚƚŚĞE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞĞǆƚĞŶƚŽĨƚŚĞ/dzΖƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘E'/EZǁĂŝǀĞƐĂůůĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞ/dzƌĞƐƵůƚŝŶŐŝŶĂŶǇǁĂǇĨƌŽŵĂŶǇƌĞƵƐĞŽĨ ƚŚĞE'/EZ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŝƌĞĐƚĞĚďǇ/dz͕ƚŚĞŽƌŝŐŝŶĂůƐŽĨƌĞƉŽƌƚƐ͕ĚƌĂǁŝŶŐƐĂŶĚƉůĂŶƐ͖ĂŶĚůĞŐŝďůǇƌĞƉƌŽĚƵĐŝďůĞĐŽƉŝĞƐŽĨǁŽƌŬ & ƐŚĞĞƚƐ͕ĨŝĞůĚŶŽƚĞƐ͕ĐŽŵƉƵƚĂƚŝŽŶƐ͕ĂŶĚŽƚŚĞƌƉƌŽũĞĐƚĚĂƚĂŵƵƐƚďĞƌĞůŝŶƋƵŝƐŚĞĚƚŽ/dz͗ ϭ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ Ϯ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĨŝĐĂƚŝŽŶďǇ/dz͘ ϯ͘WƌŝŽƌƚŽĨŝŶĂůƉĂǇŵĞŶƚďǇ/dzƚŽE'/EZĨŽƌƚŚŝƐŽŶƚƌĂĐƚ͘ '1RWZLWKVWDQGLQJWKHDERYHSDUDJUDSKVZRUNSDSHUVSURSULHWDU\LQIRUPDWLRQSURFHVVHVPHWKRGRORJLHVNQRZKRZDQGVRIWZDUH ³(QJLQHHULQJ'DWD´ SUHYLRXVO\EHORQJLQJRUOLFHQVHGWR(QJLQHHUDQGXVHGWRSHUIRUP(1*,1((5¶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¶VVROHULVNDQGZLWKRXWOLDELOLW\WR(1*,1((5 >//>/dz $57,&/( 'ĞŶĞƌĂůͲ,ĂǀŝŶŐĐŽŶƐŝĚĞƌĞĚƚŚĞƉŽƚĞŶƚŝĂůůŝĂďŝůŝƚŝĞƐƚŚĂƚŵĂǇĞǆŝƐƚĚƵƌŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ^ĞƌǀŝĐĞƐ͕ƚŚĞďĞŶĞĨŝƚƐ $ ŽĨƚŚĞƉƌŽũĞĐƚ͕ĂŶĚƚŚĞE'/EZ͛ƐĨĞĞĨŽƌƚŚĞ^ĞƌǀŝĐĞƐ͕ĂŶĚŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞƉƌŽŵŝƐĞƐĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ /dzĂŶĚE'/EZĂŐƌĞĞƚŽĂůůŽĐĂƚĞĂŶĚůŝŵŝƚƐƵĐŚůŝĂďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐƌƚŝĐůĞ͘ /ŶĚĞŵŶŝĨŝĐĂƚŝŽŶͲE'/EZĂŶĚ/dz;ƚŚĞ͞/ŶĚĞŵŶŝĨǇŝŶŐWĂƌƚǇ͟ͿƐŚĂůůďĞůŝĂďůĞĨŽƌŝƚƐŽǁŶŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐĂŶĚ % ŽŵŝƐƐŝŽŶƐƚŽƚŚĞĞǆƚĞŶƚƉƌŽǀŝĚĞĚďǇůĂǁĂŶĚƐƵďũĞĐƚƚŽƚŚĞ/dz͛ƐĐĂƉŽŶŵƵŶŝĐŝƉĂůƚŽƌƚůŝĂďŝůŝƚǇƵŶĚĞƌDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ ^ĞĐƚŝŽŶϰϲϲ͘Ϭϰ͕ĂŶĚŚĞƌĞďǇĂŐƌĞĞƐƚŽĚĞĨĞŶĚ͕ŝŶĚĞŵŶŝĨǇ͕ĂŶĚŚŽůĚŚĂƌŵůĞƐƐƚŚĞŽƚŚĞƌ;͞ƚŚĞ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚǇ͟Ϳ͕ĨƌŽŵ ĂŶǇůŝĂďŝůŝƚǇ͕ĚĂŵĂŐĞƐ͕ĂŶĚĐŽƐƚƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞŶĞŐůŝŐĞŶƚĂĐƚƐŽĨE'/EZĂŶĚ/dzĂŶĚĂŶǇŽŶĞĨŽƌǁŚŽƐĞŶĞŐůŝŐĞŶƚ ĂĐƚƐƚŚĞǇŵĂǇďĞůŝĂďůĞĨŽƌŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚŝĐŚƚŚĞ/ŶĚĞŵŶŝĨŝĞĚ WĂƌƚǇ͕ŝƚƐŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽǇĞĞƐŵĂǇŚĞƌĞĂĨƚĞƌƐƵƐƚĂŝŶ͕ŝŶĐƵƌŽƌďĞƌĞƋƵŝƌĞĚƚŽƉĂǇƚŽƚŚĞĨƵůůĞĨĨĞĐƚƉƌŽǀŝĚĞĚďǇ DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϯϯϳ͕ƚŽƚŚĞĞǆƚĞŶƚƚŚĞE'/EZĂŶĚ/dzĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐƵĐŚůŝĂďŝůŝƚǇ͕ĐŽƐƚƐ͕ĚĂŵĂŐĞƐ͕ ͕ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞǇƐ͛ĨĞĞƐ͕/ŶƚŚĞĞǀĞŶƚĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌĞǆƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďǇƚŚĞũŽŝŶƚŽƌ ĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨE'/EZĂŶĚ/dz͕ƚŚĞǇƐŚĂůůďĞďŽƌŶĞďǇĞĂĐŚƉĂƌƚǇŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ ^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚŝƐŽŶƚƌĂĐƚŝƐ & ƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶǇƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ tKZ<Z^ΖKDWE^d/KE $57,&/( ŶǇĂŶĚĂůůĞŵƉůŽǇĞĞƐŽĨE'/EZ͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ $ ĂŶǇǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽǇĞĞƐŽĨ/dz͘ŶǇĂŶĚĂůů ĐůĂŝŵƐƚŚĂƚŵĂǇĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐ ǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶǇĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďǇĂŶǇƚŚŝƌĚƉĂƌƚǇĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶǇĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨ E'/EZΖƐĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽĞŶŐĂŐĞĚŽŶĂŶǇŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶŶŽǁĂǇ ďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨ/dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞ ǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂǇĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚE'/EZ͘ *& 3DFNHW3J )G KE^ $57,&/( dŚŝƐƌƚŝĐůĞŝƐŚĞƌĞďǇĚĞůĞƚĞĚ͘ /E^hZE $57,&/( ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞĨŽƌĞĂĐŚƚǇƉĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĨŝůĞĚǁŝƚŚƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚ $ ŐĞŶƚǁŝƚŚŝŶϯϬĚĂǇƐŽĨĞǆĞĐƵƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽĐŽŵŵĞŶĐĞŵĞŶƚŽĨĂŶǇǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ĂĐŚ ƉŽůŝĐǇŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ/dzĂϯϬͲĚĂǇŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ E'/EZŵƵƐƚŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌǇĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗ % ϭ͘E'/EZƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƐŝƐƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌǇ ĨŽƌƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐďǇE'/EZĂŶĚŝƚƐĞŵƉůŽǇĞĞƐ͘ Ϯ͘dŚĞE'/EZƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐƐĞƉĂƌĂƚĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĞŶĚŽƌƐĞŵĞŶƚƐĨŽƌĞĂĐŚƐƵďĐŽŶƐƵůƚĂŶƚ͘ E'/EZƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐĨƌŽŵŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ tŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͗ ϯ͘E'/EZǁŝůůƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌĂůůE'/EZ ĞŵƉůŽǇĞĞƐĂŶĚ͕ŝŶĐĂƐĞĂŶǇǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕E'/EZǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌǇƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/dzŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ ͕ŵƉůŽǇĞƌ͛Ɛ>ŝĂďŝůŝƚǇ͕ĂƚůŝŵŝƚƐŶŽƚůĞƐƐƚŚĂŶΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĚŝƐĞĂƐĞƉĞƌĞŵƉůŽǇĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇ ŝŶũƵƌǇďǇĚŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϭϬϬ͕ϬϬ Ϭ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĂĐĐŝĚĞŶƚ͘ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƚƌĂĐƚŽƌ͛ƐŝŶƐƵƌĂŶĐĞƐŚĂůů ďĞĨŝůĞĚǁŝƚŚƚŚĞE'/EZ͘ ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚǇ͗ ϰ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌ ďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚǇ ĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďǇ E'/EZŽƌďǇĂƐƵďĐŽŶƚƌĂĐƚŽƌŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͛Ɛ ůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞƐŚĂůůďĞƉƌŝŵĂƌǇƚŽĂŶǇůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďǇƚŚĞŝƚǇ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶ ƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ D Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ E /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ ŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ D WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚǇ E ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚǇ F EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ G ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚǇ͗ ϱ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐ ĨŽƌďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌ ƉƌŽƉĞƌƚǇĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďǇE'/EZŽƌďǇƐƵďĐŽŶƚƌĂĐƚŽƌŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞE'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞůŝŵŝƚĨŽƌŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ͗ ϲ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ *& 3DFNHW3J )G Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌĐůĂŝŵ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ dŚŝƐƉŽůŝĐǇǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐE'/EZǁŝůůďĞĐŽŵĞůĞŐĂůůǇŽďůŝŐĂƚĞĚƚŽƉĂǇƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇ ĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽE'/EZΖƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͘ ϳ͘&ŽƌǁŽƌŬŽŶƌĂŝůƌŽĂĚƉƌŽƉĞƌƚǇ͕E'/EZŵƵƐƚŽďƚĂŝŶZĂŝůƌŽĂĚWƌŽƚĞĐƚŝǀĞ>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ DŶͬKd^ƉĞĐŝĨŝĐĂƚŝŽŶϭϳϬϴ͘Ϯ;ϭϵϵϱĚŝƚŝŽŶͿŽƌĂŶǇƐƵďƐĞƋƵĞŶƚĐŚĂŶŐĞƐŽƌŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽƚŚŝƐƐƉĞĐŝĨŝĐĂƚŝŽŶ͘ E'/EZŵƵƐƚ͗ & ϭ͘/ŶĐůƵĚĞůĞŐĂůĚĞĨĞŶƐĞĨĞĞƐŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐůŝĂďŝůŝƚǇƉŽůŝĐǇůŝŵŝƚƐ͕ǁŝƚŚƚŚĞĞǆĐĞƉƚŝŽŶŽĨWƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ ĂďŽǀĞ͖ĂŶĚ Ϯ͘KďƚĂŝŶŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨƌŽŵĂŶŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶǇŚĂǀŝŶŐĂŶΗD^dΗƌĂƚŝŶŐŽĨͲs///ŽƌďĞƚƚĞƌ͘ /dzƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůǇƌĞƐĐŝŶĚƚŚŝƐŽŶƚƌĂĐƚŝĨE'/EZŝƐŶŽƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŝŶƐƵƌĂŶĐĞ ' ƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶǇůĞŐĂůƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚE'/EZ͘hƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚďǇƚŚĞ/dzΖƐ ƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůůďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵĂǇďĞƌĞƋƵĞƐƚĞĚ͘ >/sZ>^dEZ^ $57,&/( /dzǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĚŝƐĂƉƉƌŽǀĞŽƌƌĞũĞĐƚƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƚŚĂƚĂƌĞĚĞĨĞĐƚŝǀĞ͘E'/EZǁŝůůďĞ $ ƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐǇŽĨŝƚƐǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂŶĚŵƵƐƚŵĂŬĞƚŝŵĞůǇƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐǁŝƚŚŽƵƚ ĐŽŵƉĞŶƐĂƚŝŽŶƌĞƐƵůƚŝŶŐĨƌŽŵĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽŶƚŚĞƉĂƌƚŽĨE'/EZ͘dŚĞƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚƚŽ/dz ďǇE'/EZŵƵƐƚďĞŽĨƐƵĐŚƋƵĂůŝƚǇƚŚĂƚƚŚĞǇĂƌĞƐƵŝƚĂďůĞĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ͘ E'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƵŶĚĞƌƚ ŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĂŐƌĞĞĚƚŽŝŶĂŶƚŝĐŝƉĂƚŝŽŶŽĨƚŚĞŽƌĚĞƌůǇĂŶĚ % ĐŽŶƚŝŶƵŽƵƐƉƌŽŐƌĞƐƐŽĨƚŚĞWƌŽũĞĐƚƚŚŽƵŐŚĐŽŵƉůĞƚŝŽŶ͘hŶůĞƐƐƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐĨŽƌƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐĂƌĞƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŽďůŝŐĂƚŝŽŶƚŽƌĞŶĚ ĞƌƐĞƌǀŝĐĞƐŚĞƌĞƵŶĚĞƌǁŝůůďĞĨŽƌĂƉĞƌŝŽĚǁŚŝĐŚŵĂǇ ƌĞĂƐŽŶĂďůǇďĞƌĞƋƵŝƌĞĨŽƌƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƐĂŝĚƐĞƌǀŝĐĞƐ͘ /ĨŝŶƚŚŝƐŽŶƚƌĂĐƚƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞĨŽƌƌĞŶĚĞƌŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐĞƚĨŽƌƚŚŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐďǇǁŚŝĐŚƐĞƌǀŝĐĞƐĂƌĞƚŽďĞ & ĐŽŵƉůĞƚĞĚĂƌĞƉƌŽǀŝĚĞĚ͕ĂŶĚŝĨƐƵĐŚƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌĚĂƚĞƐĂƌĞĐŚĂŶŐĞĚƚŚƌŽƵŐŚŶŽĨĂƵůƚŽĨE'/EZ͕ƚŚĞƌĂƚĞƐĂŶĚ ĂŵŽƵŶƚƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽǀŝĚĞĚĨŽƌŚĞƌĞŝŶƐŚĂůůďĞƐƵďũĞĐƚƚŽĞƋƵŝƚĂďůĞĂĚũƵƐƚŵĞŶƚ͘/Ĩ/dzŚĂƐƌĞƋƵĞƐƚĞĚĐŚĂŶŐĞƐŝŶ ƚŚĞƐĐŽƉĞ͕ĞǆƚĞŶƚ͕ŽƌĐŚĂƌĂĐƚĞƌŽĨƚŚĞWƌŽũĞĐƚ͖ƚŚĞƚŝŵĞŽĨƉĞƌĨŽƌŵĂŶĐĞŽĨE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůůďĞĂĚũƵƐƚĞĚĞƋƵŝƚĂďůǇ͘ EĞŝƚŚĞƌƉĂƌƚǇǁŝůůďĞŚĞůĚƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞůĂǇŽƌĨĂŝůƵƌĞƚŽƉĞƌĨŽƌŵǁŚĞŶƐƵĐŚĚĞůĂǇŽƌĨĂŝůƵƌĞŝƐĚƵĞƚŽĂŶǇŽĨƚŚĞ ' ĨŽůůŽǁŝŶŐ͕ƵŶůĞƐƐƚŚĞĂĐƚŽƌŽĐĐƵƌƌĞŶĐĞĐŽƵůĚŚĂǀĞďĞĞŶƌĞĂƐŽŶĂďůǇĨŽƌĞƐĞĞŶĂŶĚƌĞĂƐŽŶĂďůĞĂĐƚŝŽŶĐŽƵůĚŚĂǀĞďĞĞŶ ƚĂŬĞŶƚŽƉƌĞǀĞŶƚƚŚĞĚĞůĂǇŽƌĨĂŝůƵƌĞ͗ĨŝƌĞ͕ĨůŽŽĚ͕ĞƉŝĚĞŵŝĐ͕ƐƚƌŝŬĞƐ͕ǁĂƌƐ͕ĂĐƚƐŽĨ'ŽĚ͕ƵŶƵƐƵĂůůǇƐĞǀĞƌĞǁĞĂƚŚĞƌ͕ŽƌĚĞůĂǇƐ ŽƌĚĞĨĂƵůƚƐĐĂƵƐĞĚďǇƉƵďůŝĐĐĂƌƌŝĞƌƐ͕ƉƌŽǀŝĚĞĚƚŚĞĚĞĨĂƵůƚŝŶŐƉĂƌƚǇŐŝǀĞƐǁƌŝƚƚĞŶŶŽƚŝĐĞĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞƚŽƚŚĞŽƚŚĞƌ ƉĂƌƚǇŽĨŝƚƐŝŶĂďŝůŝƚǇƚŽƉĞƌĨŽƌŵ͘ &ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐŽŶƚƌĂĐƚƚŚĞƚĞƌŵ͞ĚĂǇ͟ŵĞĂŶƐĂĐĂůĞŶĚĂƌĚĂǇŽĨϮϰŚŽƵƌƐ͘ ( Ed/dZh^d $57,&/( )G K&&//>^EKddKE&/d $57,&/( tŝƚŚŽƵƚƉƌŝŽƌǁƌŝƚƚĞŶĐŽŶƐĞŶƚŽĨ/dz͕E'/EZŵƵƐƚŶŽƚĞŵƉůŽǇĂŶǇƉƌŽĨĞƐƐŝŽŶĂůŽƌƚĞĐŚŶŝĐĂůƉĞƌƐŽŶŶĞůǁŚŽĂƌĞŽƌ $ ŚĂǀĞďĞĞŶĂƚĂŶǇƚŝŵĞĚƵƌŝŶŐƚŚĞƚŝŵĞƉĞƌŝŽĚŽĨƚŚŝƐŽŶƚƌĂĐƚŝŶƚŚĞĞŵƉůŽǇŽĨ/dz͕ĞǆĐĞƉƚƌĞƚŝƌĞĚ/dzĞŵƉůŽǇĞĞƐ͕ ǁŝƚŚŽƵƚǁƌŝƚƚĞŶĐŽŶƐĞŶƚĨƌŽŵ/dz͘ E'/EZǁĂƌƌĂŶƚƐƚŚĂƚŝƚŚĂƐŶŽƚĞŵƉůŽǇĞĚŽƌƌĞƚĂŝŶĞĚĂŶǇĐŽŵƉĂŶǇŽƌƉĞƌƐŽŶ͕ŽƚŚĞƌƚŚĂŶĂďŽŶĂĨŝĚĞĞŵƉůŽǇĞĞ % ǁŽƌŬŝŶŐƐŽůĞůǇĨŽƌE'/EZ͕ƚŽƐŽůŝĐŝƚŽƌƐĞĐƵƌĞƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚƚŚĂƚE'/EZŚĂƐŶŽƚƉĂŝĚŽƌĂŐƌĞĞĚƚŽƉĂǇĂŶǇ ĐŽŵƉĂŶǇŽƌƉĞƌƐŽŶ͕ŽƚŚĞƌƚŚĂŶĂďŽŶĂĨŝĚĞĞŵƉůŽǇĞĞǁŽƌŬŝŶŐĨŽƌE'/EZ͕ĂŶǇĨĞĞ͕ĐŽŵŵŝƐƐŝŽŶƐ͕ƉĞƌĐĞŶƚĂŐĞ͕ ďƌŽŬĞƌĂŐĞĨĞĞ͕ŐŝĨƚƐ͕ŽƌĂŶǇŽƚŚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ĐŽŶƚŝŶŐĞŶƚƵƉŽŶŽƌƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞĂǁĂƌĚŽĨŵĂŬŝŶŐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ E>>d/KE $57,&/( dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐĂŶĐĞůĞĚďǇ/dzǁŝƚŚŝŶϯϬĚĂǇƐ͕ĂƚĂŶǇƚŝŵĞ͕ǁŝƚŚŽƌǁŝƚŚŽƵƚĐĂƵƐĞ͕ƵƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞ $ E'/EZ͘/ŶƚŚĞĞǀĞŶƚŽĨƐƵĐŚĐĂŶĐĞůůĂƚŝŽŶE'/EZǁŝůůďĞĞŶƚŝƚůĞĚƚŽƉĂǇŵĞŶƚ͕ĚĞƚĞƌŵŝŶĞĚŽŶƉƌŽƌĂƚĂďĂƐŝƐ͕ĨŽƌ ƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉĞƌĨŽƌŵĞĚŽƌĚĞůŝǀĞƌĞĚ͘ /ŶƚŚĞĞǀĞŶƚ/dzĐĂŶŶŽƚŽƌĚŽĞƐŶŽƚŽďƚĂŝŶĨƵŶĚŝŶŐ͕ŽƌĨƵŶĚŝŶŐĐĂŶŶŽƚďĞĐŽŶƚŝŶƵĞĚĂƚĂůĞǀĞůƐƵĨĨŝĐŝĞŶƚƚŽĂůůŽǁĨŽƌƚŚĞ % ƉƵƌĐŚĂƐŝŶŐŽĨƚŚĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐĐŽŶƚĂŝŶĞĚŚĞƌĞŝŶ͕ƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐĂŶĐĞůĞĚǁŝƚŚŝŶϯϬĚĂǇƐ͕Ăƚ/dzΖƐ ŽƉƚŝŽŶ͕ďǇǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶĚĞůŝǀĞƌĞĚŝŶƉĞƌƐŽŶ͕ďǇŵĂŝů͕ŽƌĨĂĐƐŝŵŝůĞƚŽE'/EZĂƚƚŚĞĂĚĚƌĞƐƐƐƉĞĐŝĨŝĞĚ ŝŶƚŚŝƐŽŶƚƌĂĐƚ͘/dzǁŝůůŶŽƚďĞŽďůŝŐĂƚĞĚƚŽƉĂǇĨŽƌĂŶǇƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇE'/EZĂĨƚĞƌƐƵĐŚ ŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ &,I&LW\IDLOVWRPDNHDQ\SD\PHQWGXHWR(1*,1((5IRUVHUYLFHVVDWLVIDFWRULO\SHUIRUPHGDQGH[SHQVHVZLWKLQWKLUW\GD\VDIWHUWKHGDWH RI(1*,1((5¶VLQYRLFH(1*,1((5PD\DIWHUJLYLQJVHYHQGD\VZULWWHQQRWLFHWR&,7<DQGZLWKR XWZDLYLQJDQ\FODLPRUULJKWDJDLQVW &,7<DQGZLWKRXWLQFXUULQJOLDELOLW\ZKDWVRHYHUWR&,7<VXVSHQGVHUYLFHVDQGZLWKKROGSURMHFWGHOLYHUDEOHVGXHXQGHUWKLV&RQWUDFWXQWLO (1*,1((5KDVEHHQSDLGLQIXOODOODPRXQWVGXHIRUVHUYLFHVH[SHQVHVDQGFKDUJHV ZZKZ^KZKD/^^/KE^ $57,&/( E'/EZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐǇŽĨŝƚƐǁŽƌŬĂŶĚŵƵƐƚƉƌŽŵƉƚůǇŵĂŬĞŶĞĐĞƐƐĂƌǇƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐ $ ƌĞƐƵůƚŝŶŐĨƌŽŵE'/EZΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬ ďǇ/dzǁŝůůŶŽƚƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌ ĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶǇĂŵďŝŐƵŝƚŝĞƐ͘ ƚĂŶǇƚŝŵĞĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶŽƌĂŶǇƉŚĂƐĞŽĨǁŽƌŬƉĞƌĨŽƌŵĞĚďǇŽƚŚĞƌƐďĂƐĞĚŽŶĚĂƚĂƉƌŽǀŝĚĞĚďǇE'/EZ͕ % E'/EZŵƵƐƚĐŽŶĨĞƌǁŝƚŚ/dzǁŚĞŶŶĞĐĞƐƐĂƌǇĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨŝŶƚĞƌƉƌĞƚŝŶŐƚŚĞŝŶĨŽƌŵĂƚŝŽŶƐĞĐƵƌĞĚĂŶĚͬŽƌƚŽ ĐŽƌƌĞĐƚĂŶǇĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞďǇE'/EZ͘E'/EZŵƵƐƚƉƌĞƉĂƌĞĂŶǇĂŶĚĂůůƉůĂŶƐŽƌĚĂƚĂŶĞĞĚĞĚƚŽ ĐŽƌƌĞĐƚƚŚĞĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚĞĚĐŽŵƉĞŶƐĂƚŝŽŶ͕ĞǀĞŶƚŚŽƵŐŚĨŝŶĂůƉĂǇŵĞŶƚŵĂǇĂůƌĞĂĚǇŚĂǀĞďĞĞŶ ƌĞĐĞŝǀĞĚďǇE'/EZ͘E'/EZŵƵƐƚŐŝǀĞŝŵŵĞĚŝĂƚĞĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŚĂŶŐĞƐƐŽƚŚĞƌĞǁŝůůďĞŵŝŶŝŵĂůĚĞůĂǇƚŽƚŚĞ ƉƌŽũĞĐƚ͘ /ĨŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂƌĞŵĂĚĞďǇE'/EZŝŶĂŶǇƉŚĂƐĞŽĨƚŚĞǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨǁŚŝĐŚŵĂǇ & ƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZǁŝůůďĞƉƌŽŵƉƚůǇŶŽƚŝĨŝĞĚďǇ/dzĂŶĚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƐƵĐŚ ĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘/ĨƚŚĞE'/EZŝƐĂǁĂƌĞŽĨĂŶǇŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞŝŶĂŶǇƉŚĂƐĞ ŽĨŝƚƐǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶƐŽĨǁŚŝĐŚŵĂǇƌĞƋƵŝƌĞĂŶǇĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZŵƵƐƚƉƌŽŵƉƚůǇƉĞƌĨŽƌŵ ƐƵĐŚĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘ E'/EZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶǇĚĂŵĂŐĞƐŝŶĐƵƌƌĞĚĂƐĂƌĞƐƵůƚŽĨŝƚƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂŶĚĨŽƌĂŶǇ ' ůŽƐƐŽƌĐŽƐƚƚŽƌĞƉĂŝƌŽƌƌĞŵĞĚǇE'/EZΖƐĞƌƌŽƌƐ͕ŽŵŝƐƐŝŽŶƐŽƌŶĞŐůŝŐĞŶƚĂĐƚƐ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬďǇ/dzǁŝůůŶŽƚ ƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇƐƵĐŚŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐ͕ŽƌŽĨ ůŝĂďŝůŝƚǇĨŽƌůŽƐƐŽƌĚĂŵĂŐĞƌĞƐƵůƚŝŶŐƚŚĞƌĞĨƌŽŵ͘ E'/EZŵƵƐƚƌĞƐƉŽŶĚƚŽ/dzΖƐŶŽƚŝĐĞŽĨĂŶǇĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŝŶƌĞĂƐŽŶĂďůĞƚŝŵĞĂŶĚŐŝǀĞŝŵŵĞĚŝĂƚĞ ( ĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŽƌƌĞĐƚŝŽŶƐƚŽŵŝŶŝŵŝǌĞĂŶǇĚĞůĂǇƐƚŽƚŚĞE'/EZ͘ *& 3DFNHW3J )G /^WhdZ^K>hd/KE $57,&/( DĞĚŝĂƚŝŽŶ͘ŶǇĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐǇŽƌĚŝƐƉƵƚĞĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞƐƵďũĞĐƚƚŽŶŽŶͲďŝŶĚŝŶŐŵĞĚŝĂƚŝŽŶĂƐ $ ĂĐŽŶĚŝƚŝŽŶƉƌĞĐĞĚĞŶƚƚŽƚŚĞŝŶƐƚŝƚƵƚŝŽŶŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐďǇĞŝƚŚĞƌƉĂƌƚǇ͘dŚĞŵĞĚŝĂƚŝŽŶƐŚĂůůďĞ ĐŽŶĚƵĐƚĞĚŝŶKůŵƐƚĞĚŽƵŶƚǇ͕DŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂŝǀŝůDĞĚŝĂƚŝŽŶĐƚ͕DŝŶŶ͘^ƚĂƚ͘ϱϳϮ͘ϯϭ͕ Ğƚ͕͘ƐĞƋ͘ŶǇĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐǇŽƌĚŝƐƉƵƚĞŶŽƚƌĞƐŽůǀĞĚďǇŵĞĚŝĂƚŝŽŶŵĂǇďĞƚŚĞƐƵďũĞĐƚŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐ ĨŝůĞĚďǇĞŝƚŚĞƌƉĂƌƚǇ͘dŚĞůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐŵƵƐƚďĞǀĞŶƵĞĚŝŶKůŵƐƚĞĚŽƵŶƚǇ͕DŝŶŶĞƐŽƚĂ͘dŚĞƉĂƌƚŝĞƐ ǁĂŝǀĞĂůůƌŝŐŚƚƐƚŽĂŶĚĐůĂŝŵƐĨŽƌŵŽŶĞƚĂƌǇĂǁĂƌĚƐŽƚŚĞƌƚŚĂŶĐŽŵƉĞŶƐĂƚŽƌǇĚĂŵĂŐĞƐ͘ &Z>>h^^ $57,&/( /Ĩ&ĞĚĞƌĂů&ƵŶĚƐĂƌĞŝŶǀŽůǀĞĚǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞĨŽůůŽǁŝŶŐĂĚĚŝƚŝŽŶĂůĐŽŶĚŝƚŝŽŶƐĂƉƉůǇ͗ ŽŵƉůŝĂŶĐĞǁŝƚŚZĞŐƵůĂƚŝŽŶƐ͘dŚĞƐƵďĐŽŶƐƵůƚĂŶƚƐŚĂůůĐŽŵƉůǇǁŝƚŚZĞŐƵůĂƚŝŽŶƐƌĞůĂƚŝǀĞƚŽŶŽŶͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶŝŶ&ĞĚĞƌĂůůǇ $ ĂƐƐŝƐƚĞĚƉƌŽŐƌĂŵƐŽĨƚŚĞĞƉĂƌƚŵĞŶƚŽĨdƌĂŶƐƉŽƌƚĂƚŝŽŶ͕ŚĞƌĞŝŶĂĨƚĞƌƌĞĨĞƌƌĞĚƚŽĂƐ͞Kd͕͟dŝƚůĞϰϵ͕ŽĚĞŽĨ&ĞĚĞƌĂů ZĞŐƵůĂƚŝŽŶ Ɛ͕WĂƌƚϮ͕ĂƐƚŚĞǇŵĂǇďĞĂŵĞŶĚĞĚĨƌŽŵƚŝŵĞƚŽƚŝŵĞŚĞƌĞŝŶĂĨƚĞƌƌĞĨĞƌƌĞĚƚŽĂƐƚŚĞ͞ZĞŐƵůĂƚŝŽŶƐ͕͟ǁŚŝĐŚĂƌĞ ŚĞƌĞŝŶŝŶĐŽƌƉŽƌĂƚĞĚďǇƌĞĨĞƌĞŶĐĞĂŶĚŵĂĚĞƉĂƌƚŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͘ EŽŶͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶ͘dŚĞƐƵďĐŽŶƐƵůƚĂŶƚ͕ǁŝƚŚƌĞŐĂƌĚƚŽƚŚĞǁŽƌŬƉĞƌĨŽƌŵĞĚďǇŝƚĚƵƌŝŶŐƚŚŝƐĐŽŶƚƌĂĐƚ͕ƐŚĂůůŶŽƚ % ĚŝƐĐƌŝŵŝŶĂƚĞŽŶƚŚĞŐƌŽƵŶĚƐŽĨƌĂĐĞ͕ĐŽůŽƌ͕ŶĂƚŝŽŶĂůŽƌŝŐŝŶ͕ƐĞǆ͕ĚŝƐĂďŝůŝƚŝĞƐ͕ŽƌǀĞƚĞƌĂŶ͛ƐƐƚĂƚƵƐŝŶƚŚĞƐĞůĞĐƚŝŽŶĂŶĚ ƌĞƚĞŶƚŝŽŶŽĨƐƵďĐŽŶƐƵůƚĂŶƚƐ͕ƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ŝŶĐůƵĚŝŶŐƉƌŽĐƵƌĞŵĞŶƚŽĨŵĂƚĞƌŝĂůƐĂŶĚůĞĂƐĞƐŽĨĞƋƵŝƉŵĞŶƚ͘dŚĞ ƐƵďĐŽŶƐƵůƚĂŶƚƐŚĂůůŶŽƚƉĂƌƚŝĐŝƉĂƚĞĞŝƚŚĞƌĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇŝŶƚŚĞĚŝƐĐƌŝŵŝŶĂƚŝŽŶƉƌŽŚŝďŝƚĞĚďǇ^ĞĐƚŝŽŶϮϭ͘ϱŽĨƚŚĞ ZĞŐƵůĂƚŝŽŶƐ͕ŝŶĐůƵĚŝŶŐĞŵƉůŽǇŵĞŶƚƉƌĂĐƚŝĐĞƐǁŚĞŶƚŚĞĐŽŶƚƌĂĐƚĐŽǀĞƌƐĂƉƌŽŐƌĂŵƐĞƚĨŽƌƚŚŝŶƉƉĞŶĚŝǆŽĨƚŚĞ ZĞŐƵůĂƚŝŽŶƐ͘ ^ŽůŝĐŝƚĂƚŝŽŶƐĨŽƌ^ƵďĐŽŶƚƌĂĐƚƐ͕ŝŶĐůƵĚŝŶŐƉƌŽĐƵƌĞŵĞŶƚŽĨŵĂƚĞƌŝĂůƐĂŶĚĞƋƵŝƉŵĞŶƚ͘/ŶĂůůƐŽůŝĐŝƚĂƚŝŽŶƐĞŝƚŚĞƌďǇ & ĐŽŵƉĞƚŝƚŝǀĞďŝĚĚŝŶŐŽƌŶĞŐŽƚŝĂƚŝŽŶŵĂĚĞďǇƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚĨŽƌǁŽƌŬƚŽďĞƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂƐƵďĐŽŶƚƌĂĐƚ͕ŝŶĐůƵĚŝŶŐ ƉƌŽĐƵƌĞŵĞŶƚŽĨŵĂƚĞƌŝĂůƐŽƌůĞĂƐĞƐŽĨĞƋƵŝƉŵĞŶƚ͕ĞĂĐŚƉŽƚĞŶƚŝĂůƐƵďĐŽŶƚƌĂĐƚŽƌŽƌƐƵƉƉůŝĞƌƐŚĂůůďĞŶŽƚŝĨŝĞĚďǇƚŚĞ E'/EZŽĨƚŚĞĐŽŶƚƌĂĐƚŽƌ͛ƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐĐŽŶƚƌĂĐƚĂŶĚƚŚĞZĞŐƵůĂƚŝŽŶƐƌĞůĂƚŝǀĞƚŽŶŽŶ ͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶŽŶƚŚĞ ŐƌŽƵŶĚƐŽĨƌĂĐĞ͕ĐŽůŽƌ͕ŶĂƚŝŽŶĂůŽƌŝŐŝŶ͕ƐĞǆ͕ĚŝƐĂďŝůŝ ƚŝĞƐŽƌǀĞƚĞƌĂŶ͛ƐƐƚĂƚƵƐ͘ /ŶĨŽƌŵĂƚŝŽŶĂŶĚZĞƉŽƌƚƐ͘dŚĞƐƵďĐŽŶƐƵůƚĂŶƚƐŚĂůůƉƌŽǀŝĚĞĂůůŝŶĨŽƌŵĂƚŝŽŶĂŶĚƌĞƉŽƌƚƐƌĞƋƵŝƌĞĚďǇƚŚĞZĞŐƵůĂƚŝŽŶƐŽƌ ' 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ĂƌƌŝǀĂůĞǆƉĞƌŝĞŶĐĞŝŶƚŽƚŚĞĐŝƚǇĂŶĚǁŝůůďĞĂŶŝŵƉŽƌƚĂŶƚƐƚƌĞĞƚŝŶƚŚĞƌĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞĚŽǁŶƚŽǁŶ͘dŚĞƉůĂŶůŽŽŬƐ ƚŽƌĞĐĂƐƚƚŚĞƐƚƌĞĞƚŝŶƚŚĞĐĞŶƚƌĂůĂƌĞĂŽĨƚŚĞĐŝƚǇƐŽƚŚĂƚŝƚďĞĐŽŵĞƐŵŽƌĞƉĞĚĞƐƚƌŝĂŶĨƌŝĞŶĚůǇĂŶĚůŝǀĞƐƵƉƚŽŝƚƐŚŝƐƚŽƌŝĐ ƌŽŽƚƐĂƐĂ͞DĂŝŶ^ƚƌĞĞƚ͟ŝŶĚŽǁŶƚŽǁŶZŽĐŚĞƐƚĞƌ͘͟ ^ĞĐƚŝŽŶϲʹDĂƐƚĞƌWůĂŶ͕Ɖ͘ϮϬ ͞dŚĞĞǆŝƐƚŝŶŐĚŽǁŶƚŽǁŶŝŶƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌŝƐĨŽƌƚƵŶĂƚĞƚŽŚĂǀĞŵĂŶǇŽĨƚŚĞŝŶŐƌĞĚŝĞŶƚƐŽĨĂŐƌĞĂƚƵƌďĂŶ ĚŽǁŶƚŽǁŶĂůƌĞĂĚǇʹŝŶĐůƵĚŝŶŐŚŝƐƚŽƌŝĐĂƌĐŚŝƚĞĐƚƵƌĞ͙͘͘͟ ͞dŚĞĚŽǁŶƚŽǁŶǁĂƐŚŝƐƚŽƌŝĐĂůůǇĐŚĂƌĂĐƚĞƌŝǌĞĚďǇĂŶĞƚǁŽƌŬŽĨǁĞůůƐĐĂůĞĚďůŽĐŬƐĂŶĚƐƚƌĞĞƚƐ͕ŽĐĐĂƐŝŽŶĂůůǇŝŶƚĞƌƌƵƉƚĞĚďǇ ƉƵďůŝĐƉĂƌŬƐŽƌĐŝǀŝĐƐƋƵĂƌĞƐ͘ƐĚŽǁŶƚŽǁŶŝŶƐƚŝƚƵƚŝŽŶƐŐƌĞǁŝŶƐĐĂůĞ͕ƚŚĞŝƌŝŶĐƌĞĂƐĞĚƐƉĂƚŝĂůŶĞĞĚƐƌĞƋƵŝƌĞĚƚŚĂƚŵĂŶǇ ƐŵĂůůĞƌďůŽĐŬƐďĞĐĂŵĞĐŽŶƐŽůŝĚĂƚĞĚ͘dŚĞĐůĞĂƌŶĞƚǁŽƌŬŽĨĞǀĞŶůǇƐƉĂĐĞĚƐƚƌĞĞƚƐŐĂǀĞǁĂǇƚŽĐŽŶĨƵƐŝŶŐŶĞǁƉĂƚƚĞƌŶƐ ŵĂƌŬĞĚďǇĚĞĂĚĞŶĚƐĂŶĚĐŽŶĨƵƐŝŶŐŶĂǀŝŐĂƚŝŽŶ͘dŚĞDǀŝƐŝŽŶŝŶƚƌŽĚƵĐĞƐĂƐĞƌŝĞƐŽĨŶĞǁŽƌĞŶŚĂŶĐĞĚĐŝǀŝĐƐƉĂĐĞƐ ƚŚƌŽƵŐŚŽƵƚƚŚĞƉůĂŶƚŽďĞƚƚĞƌŽƌŝĞŶƚǀŝƐŝƚŽƌƐĂŶĚŚƵŵĂŶŝǌĞƚŚĞƐĐĂůĞŽĨƚŚĞĚŽǁŶƚŽǁŶ͘͟ ^ĞĐƚŝŽŶϲ͘ϬʹDĂƐƚĞƌWůĂŶ͕Ɖ͘ϮϮΘϮϲ ͞tĂƚĞƌĨƌŽŶƚWƌŽŵĞŶĂĚĞ͙͘͘dŚĞƉƌŽŵĞŶĂĚĞƚĞƌŵŝŶĂƚĞƐƚŚĞŚŝƐƚŽƌŝĐĚŝƐƚƌŝĐƚǁŝƚŚŝƚƐƐŵĂůůƐŚŽƉƐĂŶĚƌĞƐƚĂƵƌĂŶƚƐĂƐ ĐŽŵƉůĞŵĞŶƚƐƚŽƚŚĞĐŽŶƚĞŵƉŽƌĂƌǇďƵŝůĚŝŶŐƐŝŶƚŚĞŽǁŶƚŽǁŶtĂƚĞƌĨƌŽŶƚ͘͟ ^ĞĐƚŝŽŶϲʹDĂƐƚĞƌWůĂŶ͕Ɖ͘ϰϯ 3DFNHW3J .E ^ĞĐƚŝŽŶϲ͘ϬDĂƐƚĞƌWůĂŶ͕ƉĂŐĞϲϲ 3DFNHW3J .E ^ĞĐƚŝŽŶϲʹDĂƐƚĞƌWůĂŶ͕ƉĂŐĞϲϳ ƚŚ ĂƐƚϰ^ƚƌĞĞƚZĞƐƚĂƵƌĂŶƚZŽǁ͕ůĞǀĞůĂŶĚKŚŝŽ ƚŚ ŶƵƌďĂŶƌĞĚĞǀĞůŽƉŵĞŶƚ͕ĞŶƚĞƌƚĂŝŶŵĞŶƚĚŝƐƚƌŝĐƚ͕ĂŶĚŚŝƐƚŽƌŝĐƉƌĞƐĞƌǀĂƚŝŽŶƐŝƚĞ͕ĂƐƚϰ^ƚƌĞĞƚŝƐƚŚĞ͞ũĞǁĞůŽĨ ƚŚ ůĞǀĞůĂŶĚ͛ƐĞŶƚĞƌƚĂŝŶŵĞŶƚĚŝƐƚƌŝĐƚ͙͘͟ĂƐƚϰ^ƚƌĞĞƚ͛ƐƌĞǀŝƚĂůŝǌĂƚŝŽŶďĞŐĂŶǁŝƚŚƚŚĞϲϬϬ͕ϬϬϬƐƋƵĂƌĞĨŽŽƚ͕ΨϭϭϬŵŝůůŝŽŶ ŵŝǆĞĚͲƵƐĞŚŝƐƚŽƌŝĐƌĞĚĞǀĞůŽƉŵĞŶƚƚŚĂƚŝŶĐůƵĚĞĚĂǀĂƌŝĞƚǇŽĨŚŝƐƚŽƌŝĐƌĞŶŽǀĂƚŝŽŶƐĨŽƌƐƚŽƌĞĨƌŽŶƚƐ͕ĐůƵďƐ͕ĂŶĚŚŽƵƐŝŶŐ͙͘͘ x dŚĞƌĞƚƵƌŶŽĨƵƌďĂŶůŝĨĞŝŶĚŽǁŶƚŽǁŶůĞǀĞůĂŶĚ͙͘͘dŽƉϭϱŵĞƌŐŝŶŐŽǁŶƚŽǁŶƐŝŶƚŚĞh͘^͘;&ŽƌďĞƐDĂŐĂǌŝŶĞ͕ϮϬϭϯͿ ĂŶĚŽŶĞŽĨƚŚĞdŽƉŝƚŝĞƐĨŽƌDŝůůĞŶŶŝĂůƐƚŽ>ŝǀĞ;ƚůĂŶƚŝĐŝƚŝĞƐ͕ϮϬϭϯͿ͙͙ WƵďůŝĐĂƌƚĂŶĚŝŶƚĞƌƉƌĞƚŝǀĞĚĞƐŝŐŶǁŝůůƐŝŐŶĂůƚŽƵƐĞƌƐƚŚĂƚƚŚĞǇĂƌĞĂƉƉƌŽĂĐŚŝŶŐŽŶĞŽĨZŽĐŚĞƐƚĞƌ͛ƐŬĞǇĐƵůƚƵƌĂůĂŶĚ ŚŝƐƚŽƌŝĐůĂŶĚŵĂƌŬƐ͙͘͟ ^ĞĐƚŝŽŶϳʹdƌĂŶƐƉŽƌƚĂƚŝŽŶWůĂŶ͕Ɖ͘ϮϳΘϭϮϮ ͞ϴ͘ϭ͘Ϯ͙͙ x/ĚĞŶƚŝĨǇĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚƐĂŶĚƉƌŽƉĞƌƚŝĞƐǁŝƚŚŚŝƐƚŽƌŝĐĚĞƐŝŐŶĂƚŝŽŶ͘͟ ^ĞĐƚŝŽŶϴʹŝƐƚƌŝĐƚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞDĂƐƚĞƌWůĂŶ͕Ɖ͘Ϯ ͞ƌŝƚĞƌŝĂĨŽƌ^ŬǇǁĂǇWƌŽũĞĐƚƐ͙͘͘ x^ŬǇǁĂǇĚĞƐŝŐŶƐƚĂŶĚĂƌĚƐƐŚŽƵůĚďĞĚĞǀĞůŽƉĞĚĂŶĚĂĚŽƉƚĞĚƚŽĞŶƐƵƌĞĨƵƚƵƌĞƐŬǇǁĂǇĐŽŶŶĞĐƚŝŽŶƐĨŝƚŝŶǁŝƚŚƚŚĞ ĐŚĂƌĂĐƚĞƌŽĨƚŚĞĚŽǁŶƚŽǁŶƐƚƌĞĞƚƐĐĂƉĞ͕ĞƐƉĞĐŝĂůůǇĂƐƚŚĞǇƌĞůĂƚĞƚŽŚŝƐƚŽƌŝĐďƵŝůĚŝŶŐƐĂŶĚĐƌŽƐƐŝŶŐƐŽĨŝŵƉŽƌƚĂŶƚ ƉĞĚĞƐƚƌŝĂŶĐŽƌƌŝĚŽƌƐ͘͟ ^ĞĐƚŝŽŶϴʹŝƐƚƌŝĐƚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞDĂƐƚĞƌWůĂŶ͕Ɖ͘ϭϴ 3DFNHW3J .E ^ĞĐƚŝŽŶϴʹŝƐƚƌŝĐƚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞDĂƐƚĞƌWůĂŶ͕ƉϯϮ ^ĞĐƚŝŽŶϴʹŝƐƚƌŝĐƚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞDĂƐƚĞƌWůĂŶ͕Ɖ͘ϯϯ ͞KŶĞŽĨƚŚĞŵŽƐƚŝŵƉŽƌƚĂŶƚƌŽůĞƐĨŽƌƚŚĞŐŽŝŶŐĨŽƌǁĂƌĚǁŝůůďĞƚŽǁŽƌŬĐŽůůĂďŽƌĂƚŝǀĞůǇǁŝƚŚƚŚĞD͕ŝƚǇ͕ŽƵŶƚǇ ĂŶĚůŽĐĂůƐƚĂŬĞŚŽůĚĞƌƚŽŝĚĞŶƚŝĨǇĨƵŶĚŝŶŐƌĞƐŽƵƌĐĞƐƚŽƐƵƉƉŽƌƚƉƌŽũĞĐƚƐ͙͘͘ /ŶĐůƵĚŝŶŐƚŚĞh͘^͘ĞƉĂƌƚŵĞŶƚŽĨƚŚĞ/ŶƚĞƌŝŽƌEĂƚŝŽŶĂůWĂƌŬƐ^ĞƌǀŝĐĞ&ĞĚĞƌĂů,ŝƐƚŽƌŝĐdĂǆƌĞŝĚŝƚWƌŽŐƌĂŵ͘͟ ^ĞĐƚŝŽŶϵʹ&ŝŶĂŶĐĞWůĂŶ͕Ɖ͘ϭϭΘϭϯ 3DFNHW3J .E ZŽĐŚĞƐƚĞƌDŝƐƚƌŝĐƚĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐ :ƵŶĞϮϬϭϲ ͞^ŝŶĐĞϮϬϬϵ͕ZŽĐŚĞƐƚĞƌŚĂƐĚĞǀĞůŽƉĞĚĂŶƵŵďĞƌŽĨĞǆĐĞůůĞŶƚƉůĂŶŶŝŶŐĚŽĐƵŵĞŶƚƐƚŽŐƵŝĚĞƚŚĞŝƚǇ͛ƐŐƌŽǁƚŚ͘DĂũŽƌ ƐƚƵĚŝĞƐŝŶĐůƵĚĞ͗ x 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ϯϯϬƌŽĂĚǁĂǇǀĞŶƵĞ^ŽƵƚŚ;ŽůƵŵďŝĂ,ŽƚĞůͿ ϱϭ ϰϬϬƌŽĂĚǁĂǇǀĞŶƵĞ^ŽƵƚŚ;ZŝǀĞƌƐŝĚĞƵŝůĚŝŶŐͿ ϱϯ Ɛƚ ϮϬϮϭǀĞŶƵĞ^ŽƵƚŚǁĞƐƚ;͘&͘DĂƐƐĞǇŽ͘Ϳ ϱϱ ϮϭϬϭ ƐƚǀĞŶƵĞ^ŽƵƚŚǁĞƐƚ;ůĂŬĞůǇƵŝůĚŝŶŐͿ ϱϳ Ɛƚ ϮϭϮϭǀĞŶƵĞ^ŽƵƚŚǁĞƐƚ;ZŽĐŚĞƐƚĞƌŽŵŵĞƌĐŝĂůůƵďƵŝůĚŝŶŐͿ ϱϵ Ϯϭϲϭ ƐƚǀĞŶƵĞ^ŽƵƚŚǁĞƐƚ;,ŽůůĂŶĚ͛Ɛ&ŽŽĚ^ŚŽƉͿ ϲϬ Ɛƚ ϮϮϬϭǀĞŶƵĞ^ŽƵƚŚǁĞƐƚ;^ƚĞďďŝŶƐƵŝůĚŝŶŐͿ ϲϮ ϮϮϰϭ ƐƚǀĞŶƵĞ^ŽƵƚŚǁĞƐƚ;ŝƚǇ,ĂůůͿ ϲϰ Ɛƚ ϯϬϰϭǀĞŶƵĞ^ŽƵƚŚǁĞƐƚ;tŝůůŝĂŵƐůŽĐŬͿ ϲϲ ϯϭϴϭ ƐƚǀĞŶƵĞ^ŽƵƚŚǁĞƐƚ;ϯϭϴŽŵŵŽŶƐͿ ϲϳ Ɛƚ ϯϮϰϭǀĞŶƵĞ^ŽƵƚŚǁĞƐƚ;ŽŵŵĞƌĐŝĂůƵŝůĚŝŶŐͿ ϲϴ ϳϮ ŶĚ^ƚƌĞĞƚ^ŽƵƚŚǁĞƐƚ;KůŵƐƚĞĚŽƵŶƚƌǇĂŶŬĂŶĚdƌƵƐƚŽŵƉĂŶǇͿ ϳϬ ŶĚ ϭϱͲϮϭϮ^ƚƌĞĞƚ^ŽƵƚŚǁĞƐƚ;EŽƌƚŚǁĞƐƚĞƌŶEĂƚŝŽŶĂůĂŶŬŽĨZŽĐŚĞƐƚĞƌͿ ϳϭ ϮϯϮ ŶĚ^ƚƌĞĞƚ^ŽƵƚŚǁĞƐƚ;/͘K͘K͘&͘>ŽĚŐĞηϭϯͿ ϳϮ ϰϰƌĚ^ƚƌĞĞƚ^ŽƵƚŚǁĞƐƚ;hŶŝŽŶEĂƚŝŽŶĂůĂŶŬƵŝůĚŝŶŐͿ ϳϯ ϭϬϯ ƌĚ^ƚƌĞĞƚ^ŽƵƚŚǁĞƐƚ;<ĞŶŶĞĚǇƵŝůĚŝŶŐͿ ϳϰ ƌĚ ϭϰϯ^ƚƌĞĞƚ^ŽƵƚŚǁĞƐƚ;>ĂǁůĞƌ>ĂƵŶĚƌǇƵŝůĚŝŶŐ&ĂĕĂĚĞͿ ϳϱ ϭϳϰ ƚŚ^ƚƌĞĞƚ^ŽƵƚŚǁĞƐƚ;,ŽƚĞů&ƌĂŶĐŝƐͿ ϳϲ WĂƌƚϲƉƉĞŶĚŝĐĞƐ ƉƉĞŶĚŝǆ͗dĂďůĞŽĨŽŶƚƌŝďƵƚŝŶŐĂŶĚEŽŶͲŽŶƚƌŝďƵƚŝŶŐWƌŽƉĞƌƚŝĞƐ ϳϲ ϴϭ ƉƉĞŶĚŝǆ͗tŽƌŬƐŽŶƐƵůƚĞĚ ϴϯ ƉƉĞŶĚŝǆ͗ĚĚŝƚŝŽŶĂůWƌĞƐĞƌǀĂƚŝŽŶKƉƉŽƌƚƵŶŝƚŝĞƐ 3DFNHW3J .E yhd/s^hDDZz ĞƐŝŐŶĂƚŝŽŶ^ƚƵĚǇWƵƌƉŽƐĞĂŶĚĂĐŬŐƌŽƵŶĚ 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ďƌĂŶĐŚŽĨƚŚĞĚŽǁŶƚŽǁŶDŝŶŶĞĂƉŽůŝƐͲďĂƐĞĚĚĞƉĂƌƚŵĞŶƚ ƐƚŽƌĞ͘dŚĞďƵŝůĚŝŶŐĨƵŶĐƚŝŽŶĞĚĂƐĂĂǇƚŽŶ͛ƐƚŚƌŽƵŐŚƚŚĞĞŶĚ ŽĨƚŚĞƉĞƌŝŽĚŽĨƐŝŐŶŝĨŝĐĂŶĐĞĨŽƌƚŚĞŝƐƚƌŝĐƚ͘ ĂǇƚŽŶ͛ƐĞƉĂƌƚŵĞŶƚ^ƚŽƌĞ͕ǁĞƐƚĂŶĚƐŽƵƚŚ ĨĂĕĂĚĞƐ͕ĨĂĐŝŶŐǁĞƐƚͬŶŽƌƚŚǁĞƐƚ͕ϭϵϲϯ͕ŝŵĂŐĞ ĐŽƵƌƚĞƐǇŽĨƚŚĞ,ŝƐƚŽƌǇĞŶƚĞƌŽĨKůŵƐƚĞĚŽƵŶƚǇ͕ ĚĞƚĂŝůŽĨ͞^ƚƌĞĞƚ^ĐĞŶĞ͟ϮϬϬϱ͘ϭϬϱ͘ϬϮϴ Ǥ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J .E ϯϬϳƌŽĂĚǁĂǇǀĞŶƵĞ^ŽƵƚŚ ,ŝƐƚŽƌŝĐEĂŵĞ͗ůĂƵƐĞŶĂŶĚĚůĞƌ,ĂƌĚǁĂƌĞ ŽŶƐƚƌƵĐƚŝŽŶĂƚĞ͗ϭϴϳϬ ŝƐƚƌŝĐƚ^ƚĂƚƵƐ͗ŽŶƚƌŝďƵƚŝŶŐ ƵŝůĚŝŶŐĞƐĐƌŝƉƚŝŽŶ dŚĞůĂƵƐĞŶĂŶĚĚůĞƌ,ĂƌĚǁĂƌĞďƵŝůĚŝŶŐŝƐĂƚǁŽͲƐƚŽƌǇ ƉĂŝŶƚĞĚďƌŝĐŬďƵŝůĚŝŶŐƚŚĂƚŝƐƉĂƌƚŽĨƚŚĞĐŽŶƚŝŐƵŽƵƐƌŽǁŽĨ ďƵŝůĚŝŶŐƐĨƌŽŶƚŝŶŐƚŚĞǁĞƐƚƐŝĚĞŽĨƌŽĂĚǁĂǇǀĞŶƵĞ ƌĚƚŚ ďĞƚǁĞĞŶϯĂŶĚϰ^ƚƌĞĞƚƐ^ŽƵƚŚǁĞƐƚ͘dŚĞďƵŝůĚŝŶŐŚĂƐĂ ĨůĂƚƌŽŽĨǁŝƚŚƚĞƌƌĂĐŽƚƚĂĐŽƉŝŶŐ͘dŚĞĨŝƌƐƚƐƚŽƌǇŝƐĐůĂĚǁŝƚŚ ŶŽŶͲŚŝƐƚŽƌŝĐǁŽŽĚƉĂŶĞůŝŶŐĂŶĚĂŶŽŶͲŚŝƐƚŽƌŝĐƐƚŽƌĞĨƌŽŶƚ ǁŝŶĚŽǁƐǇƐƚĞŵ͘ƐŝŶŐůĞŵĞƚĂůƐǁŝŶŐĚŽŽƌŝƐůŽĐĂƚĞĚĂƚƚŚĞ ŶŽƌƚŚƐŝĚĞŽĨƚŚĞďƵŝůĚŝŶŐ͘ŵĞƚĂůĂǁŶŝŶŐĞǆƚĞŶĚƐƚŚĞĨƵůů ůĞŶŐƚŚŽĨƚŚĞďƵŝůĚŝŶŐĂďŽǀĞƚŚĞƐƚŽƌĞĨƌŽŶƚƐǇƐƚĞŵ͘ ůĂƵƐĞŶĂŶĚĚůĞƌ,ĂƌĚǁĂƌĞ͕ĞĂƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐ ŽƌďĞůůĞĚďƌŝĐŬŝƐůŽĐĂƚĞĚĂďŽǀĞƚŚĞĂǁŶŝŶŐďĞƚǁĞĞŶƚŚĞ ǁĞƐƚ͕ϮϬϭϳ͕WsE͘ ĨŝƌƐƚĂŶĚƐĞĐŽŶĚůĞǀĞůƐ͘&ŽƵƌƌĞƉůĂĐĞŵĞŶƚĚŽƵďůĞͲŚƵŶŐŵĞƚĂů ĨƌĂŵĞǁŝŶĚŽǁƐĂƌĞůŽĐĂƚĞĚĂƚƚŚĞƐĞĐŽŶĚůĞǀĞůĂďŽǀĞĂ ĐŽŶƚŝŶƵŽƵƐďƌŝĐŬƐŝůů͘ ƵŝůĚŝŶŐhƐĞ dŚĞďƵŝůĚŝŶŐŚĂƐŚŽƵƐĞĚĂǀĂƌŝĞƚǇŽĨĐŽŵŵĞƌĐŝĂůĞŶƚĞƌƉƌŝƐĞƐ ƚŚƌŽƵŐŚŽƵƚŝƚƐŚŝƐƚŽƌǇ͘dŚĞďƵŝůĚŝŶŐǁĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϴϳϬ͘ Ŷϭϴϴϰ^ĂŶďŽƌŶDĂƉŝĚĞŶƚŝĨŝĞƐƚŚĞďƵŝůĚŝŶŐĂƐĂŚĂƌĚǁĂƌĞ ƐƚŽƌĞ͘ŝƚǇĚŝƌĞĐƚŽƌŝĞƐďĞŐŝŶŶŝŶŐŝŶϭϵϬϬĂůƐŽŝĚĞŶƚŝĨǇƚŚĞ ďƵŝůĚŝŶŐĂƐĂŚĂƌĚǁĂƌĞƐƚŽƌĞʹĨŝƌƐƚĂƐůĂƵƐĞŶĂŶĚĚůĞƌ͕ĂŶĚ ůĂƚĞƌĂƐĚůĞƌ͕sŝŶƐƚĂĚƚΘ<ƌƵŐĞƌ͖ĚůĞƌĂŶĚ<ƌƵŐĞƌ͕ĂŶĚ ďĞŐŝŶŶŝŶŐŝŶϭϵϮϬ͕ĂƐ>ŝĚĚůĞ,ĂƌĚǁĂƌĞ͘/Ŷϭϵϰϱ͕ƚŚĞďƵŝůĚŝŶŐ ŝƐŝĚĞŶƚŝĨŝĞĚĂƐƚŚĞ,ŽůůǇǁŽŽĚĂƌĂŶĚĂĨĠ͕ǁŚŝĐŚĐŽŶƚŝŶƵĞĚ ƚŽŽƉĞƌĂƚĞƚŚƌŽƵŐŚƚŚĞĞŶĚŽĨƚŚĞŝƐƚƌŝĐƚ͛ƐƉĞƌŝŽĚŽĨ ƐŝŐŶŝĨŝĐĂŶĐĞ͘ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J .E ϯϬϵƌŽĂĚǁĂǇǀĞŶƵĞ^ŽƵƚŚ ,ŝƐƚŽƌŝĐEĂŵĞ͗&͘:͘WĂŝŶĞŽ͘ ŽŶƐƚƌƵĐƚŝŽŶĂƚĞ͗ϭϴϴϱ ŝƐƚƌŝĐƚ^ƚĂƚƵƐ͗ŽŶƚƌŝďƵƚŝŶŐ ƵŝůĚŝŶŐĞƐĐƌŝƉƚŝŽŶ dŚĞ&͘:͘WĂŝŶĞŽŵƉĂŶǇŝƐĂƚǁŽͲƐƚŽƌǇďƌŝĐŬďƵŝůĚŝŶŐƚŚĂƚŝƐ ƉĂƌƚŽĨƚŚĞĐŽŶƚŝŐƵŽƵƐƌŽǁŽĨďƵŝůĚŝŶŐƐĨƌŽŶƚŝŶŐƚŚĞǁĞƐƚ ƌĚƚŚ ƐŝĚĞŽĨƌŽĂĚǁĂǇǀĞŶƵĞďĞƚǁĞĞŶϯĂŶĚϰ^ƚƌĞĞƚƐ ^ŽƵƚŚǁĞƐƚ͘dŚĞďƵŝůĚŝŶŐŚĂƐĂĨůĂƚƌŽŽĨǁŝƚŚƚĞƌƌĂĐŽƚƚĂ ĐŽƉŝŶŐ͘hŶƉĂŝŶƚĞĚƌĞƉůĂĐĞŵĞŶƚďƌŝĐŬŚĂƐďĞĞŶŝŶƐƚĂůůĞĚĂƚ ƚŚĞĨŝƌƐƚƐƚŽƌǇ͘ƐŝŶŐůĞŵĞƚĂůĨƌĂŵĞǁŝŶĚŽǁĂŶĚƐǁŝŶŐĚŽŽƌ ĂƌĞůŽĐĂƚĞĚĂƚƚŚĞĨŝƌƐƚůĞǀĞů͘ŶĂƚƚĂĐŚĞĚƐŝŐŶŝƐůŽĐĂƚĞĚ ĂďŽǀĞƚŚĞĨŝƌƐƚůĞǀĞůǁŝŶĚŽǁĂŶĚĞǆƚĞŶĚƐƚŚĞůĞŶŐƚŚŽĨƚŚĞ ďƵŝůĚŝŶŐ͘dŚƌĞĞƌĞƉůĂĐĞŵĞŶƚĨŽƵƌͲŽǀĞƌͲŽŶĞǁŝŶĚŽǁƐǁŝƚŚ &͘:͘WĂŝŶĞŽ͕͘ĞĂƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐǁĞƐƚ͕ϮϬϭϳ͕WsE͘ďƌŝĐŬƐŝůůƐĂƌĞůŽĐĂƚĞĚĂƚƚŚĞƐĞĐŽŶĚůĞǀĞů͘ZŽǁƐŽĨĐŽƌďĞůůĞĚ ďƌŝĐŬĂƌĞůŽĐĂƚĞĚŶĞĂƌƚŚĞƉĂƌĂƉĞƚ͘ ƵŝůĚŝŶŐhƐĞ dŚĞďƵŝůĚŝŶŐŚŽƵƐĞĚĂďĂŬĞƌǇƉƌŝŽƌƚŽďĞŝŶŐĂĐƋƵŝƌĞĚďǇƚŚĞ &͘:͘WĂŝŶĞŽŵƉĂŶǇĂŶĚƵƚŝůŝǌĞĚĂƐƉĂƌƚWĂŝŶĞ͛ƐĨƵƌŶŝƚƵƌĞ ďƵƐŝŶĞƐƐ͘ KůŵƐƚĞĚŽƵŶƚǇĂƐƐĞƐƐŽƌƌĞĐŽƌĚƐŝĚĞŶƚŝĨǇƚŚĞďƵŝůĚŝŶŐĂƐ ďĞŝŶŐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϴϴϱ͖ŚŽǁĞǀĞƌƚŚĞďƵŝůĚŝŶŐĂůƌĞĂĚǇ ĂƉƉĞĂƌƐŽŶĂŶϭϴϴϰ^ĂŶďŽƌŶDĂƉ͘dŚĞϭϴϴϰ^ĂŶďŽƌŶDĂƉ ŝĚĞŶƚŝĨŝĞƐƚŚĞďƵŝůĚŝŶŐĂƐĂďĂŬĞƌǇ͘ŝƚǇĚŝƌĞĐƚŽƌŝĞƐďĞƚǁĞĞŶ ϭϵϬϬĂŶĚϭϵϭϱŝĚĞŶƚŝĨǇƚŚĞďƵŝůĚŝŶŐĂƐƚŚĞ,͘͘^ƚĞĚŵĂŶ ĂŬĞƌǇ͕,ƵďďĂƌĚƌŽƚŚĞƌƐ;ďĂŬĞƌǇͿ͕ĂŶĚt͘,͘ƌŽǁŶĂŶĚ ^ŽŶƐ;ďĂŬĞƌǇͿ͘ϭϵϮϬ^ĂŶďŽƌŶDĂƉŝĚĞŶƚŝĨŝĞƐƚŚĞďƵŝůĚŝŶŐĂƐ ĂŐƌŽĐĞƌǇ͘/ŶϭϵϮϳ͕ƚŚĞ&͘:͘WĂŝŶĞŽ͘;ĨƵƌŶŝƚƵƌĞĚĞĂůĞƌĂŶĚ &͘:͘WĂŝŶĞŽ͕ĞĂƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐŶŽƌƚŚǁĞƐƚ͕Đ͘ ƵŶĚĞƌƚĂŬĞƌͿ͕ǁŚŝĐŚŚĂĚďĞĞŶŽƉĞƌĂƚŝŶŐŽƵƚŽĨϯϭϭͲϯϭϯ ϭϵϲϱ͕ŝŵĂŐĞĐŽƵƌƚĞƐǇŽĨƚŚĞ,ŝƐƚŽƌǇĞŶƚĞƌŽĨ ƌŽĂĚǁĂǇǀĞŶƵĞ^ŽƵƚŚƐŝŶĐĞϭϵϬϮ͕ƉƵƌĐŚĂƐĞĚϯϬϵ KůŵƐƚĞĚŽƵŶƚǇ͕ĚĞƚĂŝůŽĨ͞^ƚƌĞĞƚ^ĐĞŶĞ͟ ϮϬϬϱ͘ϭϬϱ͘ϬϰϬ͘ ƌŽĂĚǁĂǇĂŶĚĞǆƉĂŶĚĞĚŝŶƚŽƚŚĞƐƉĂĐĞ͘dŚĞďƵŝůĚŝŶŐ ĨƵŶĐƚŝŽŶĞĚĂƐƉĂƌƚŽĨƚŚĞ&͘:͘WĂŝŶĞŽ͘ƚŚƌŽƵŐŚƚŚĞĞŶĚŽĨ ƚŚĞŝƐƚƌŝĐƚ͛ƐƉĞƌŝŽĚŽĨƐŝŐŶŝĨŝĐĂŶĐĞ͘&͘:͘WĂŝŶĞŽ͘ĐůŽƐĞĚŝŶ ϮϬϬϳ͘ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI .E ϯϭϭͲϯϭϯƌŽĂĚǁĂǇǀĞŶƵĞ^ŽƵƚŚ ,ŝƐƚŽƌŝĐEĂŵĞ͗&͘:͘WĂŝŶĞŽ͘ƵŝůĚŝŶŐͬWĂůĂĐĞůŽĐŬ ŽŶƐƚƌƵĐƚŝŽŶĂƚĞ͗ϭϴϳϯ ŝƐƚƌŝĐƚ^ƚĂƚƵƐ͗ŽŶƚƌŝďƵƚŝŶŐ ƵŝůĚŝŶŐĞƐĐƌŝƉƚŝŽŶ dŚĞ&͘:͘WĂŝŶĞŽ͘ƵŝůĚŝŶŐͬWĂůĂĐĞůŽĐŬŝƐĂƚǁŽͲƐƚŽƌǇďƌŝĐŬ ďƵŝůĚŝŶŐƚŚĂƚŝƐƉĂƌƚŽĨƚŚĞĐŽŶƚŝŐƵŽƵƐƌŽǁŽĨďƵŝůĚŝŶŐƐ ƌĚ ĨƌŽŶƚŝŶŐƚŚĞǁĞƐƚƐŝĚĞŽĨƌŽĂĚǁĂǇǀĞŶƵĞďĞƚǁĞĞŶϯĂŶĚ ƚŚ ϰ^ƚƌĞĞƚƐ^ŽƵƚŚǁĞƐƚ͘dŚĞďƵŝůĚŝŶŐŝƐĚĞƐŝŐŶĞĚŝŶƚŚĞ /ƚĂůŝĂŶĂƚĞƐƚǇůĞ͘dŚĞĨŝƌƐƚůĞǀĞůŝŶĐůƵĚĞƐƚǁŽďĂŶŬƐŽĨ ƐƚŽƌĞĨƌŽŶƚǁŝŶĚŽǁƐĨůĂŶŬŝŶŐĂĚĞĞƉůǇƌĞĐĞƐƐĞĚĐĞŶƚƌĂůĞŶƚƌǇ͘ ^ŵĂůůƚĞǆƚƵƌĞĚŐůĂƐƐďůŽĐŬƐĂƌĞůŽĐĂƚĞĚĂďŽǀĞƚŚĞƐƚŽƌĞĨƌŽŶƚ ǁŝŶĚŽǁƐĂƚƚƌĂŶƐŽŵůĞǀĞů͘dŚĞĞŶƚƌǇŝŶĐůƵĚĞƐĂƚŝůĞĚĨůŽŽƌ ƚŚĂƚƐĂǇƐ͞WĂŝŶĞ͛Ɛ͕͟ĂƚŝŶĐĞŝůŝŶŐ͕ĂŶĚƉĂŝƌĞĚĚŽƵďůĞĚŽŽƌƐ͘ &͘:͘WĂŝŶĞŽͬ͘WĂůĂĐĞůŽĐŬ͕ĞĂƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐ ŽƌďĞůůĞĚďƌŝĐŬĚĞƚĂŝůŝŶŐŝƐůŽĐĂƚĞĚĂďŽǀĞƚŚĞĨŝƌƐƚůĞǀĞů͕ĂŶĚ ǁĞƐƚ͕ϮϬϭϳ͕WsE͘ ĂƚƚŚĞƐĞĐŽŶĚůĞǀĞůĐŽƌŶŝĐĞ͘^ĞĐŽŶĚůĞǀĞůǁŝŶĚŽǁƐĂƌĞĨŽƵƌͲ ŽǀĞƌͲŽŶĞŵŽĚĞƌŶƌĞƉůĂĐĞŵĞŶƚƐǁŝƚŚĂƌĐŚĞĚƐƚŽŶĞŚĞĂĚĞƌƐ ĂŶĚĐĂƌǀĞĚŬĞǇƐƚŽŶĞƐ͘dŚĞŚĞĂĚĞƌƐŚĂǀĞďĞĞŶƉĂŝŶƚĞĚ͘ dŚĞďƵŝůĚŝŶŐŝƐĐĂƉƉĞĚǁŝƚŚĂŚŝƉƉĞĚƌŽŽĨ͘ ƵŝůĚŝŶŐhƐĞ dŚĞ&͘:͘WĂŝŶĞŽŵƉĂŶǇƵŝůĚŝŶŐͬWĂůĂĐĞůŽĐŬǁĂƐ ĐŽŶƐƚƌƵĐƚĞĚŝŶϭϴϳϯĂŶĚŽƌŝŐŝŶĂůůǇŬŶŽǁŶĂƐƚŚĞWĂůĂĐĞ ůŽĐŬ͘EĞǁƐƉĂƉĞƌĂĚǀĞƌƚŝƐĞŵĞŶƚƐĨƌŽŵϭϴϳϴĂŶĚϭϴϳϵ ĂŶŶŽƵŶĐĞƚŚĞŽƉĞŶŝŶŐŽĨ͘EĞůƐŽŶ͛ƐDĂŵŵŽƚŚ^ƚŽƌĞ͕ĂĚƌǇ ŐŽŽĚƐƐƚŽƌĞ͕ŝŶƚŚĞWĂůĂĐĞůŽĐŬ͘ dŚĞ&͘:͘WĂŝŶĞŽ͘;ĨƵƌŶŝƚƵƌĞĚĞĂůĞƌĂŶĚƵŶĚĞƌƚĂŬĞƌͿŽƉĞŶĞĚ ŝŶƚŚĞďƵŝůĚŝŶŐŽŶEŽǀĞŵďĞƌϮϲ͕ϭϵϬϮĂŶĚĐŽŶƚŝŶƵŽƵƐůǇ ŽƉĞƌĂƚĞĚŝŶƚŚĞƐƉĂĐĞƵŶƚŝůĐůŽƐŝŶŐŝŶϮϬϬϳ͘ &͘:͘WĂŝŶĞŽͬ͘WĂůĂĐĞůŽĐŬ͕ĞĂƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐ ŶŽƌƚŚǁĞƐƚ͕Đ͘ϭϵϲϱ͕ŝŵĂŐĞĐŽƵƌƚĞƐǇŽĨƚŚĞ,ŝƐƚŽƌǇ ĞŶƚĞƌŽĨKůŵƐƚĞĚŽƵŶƚǇ͕ĚĞƚĂŝůŽĨ͞^ƚƌĞĞƚ^ĐĞŶĞ͟ ϮϬϬϱ͘ϭϬϱ͘ϬϰϬ͘ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI .E ϯϭϱͲϯϭϳƌŽĂĚǁĂǇǀĞŶƵĞ^ŽƵƚŚ ,ŝƐƚŽƌŝĐEĂŵĞ͗ĂĐŚDƵƐŝĐŽŵƉĂŶǇ ŽŶƐƚƌƵĐƚŝŽŶĂƚĞ͗ϭϴϴϱ ŝƐƚƌŝĐƚ^ƚĂƚƵƐ͗ŽŶƚƌŝďƵƚŝŶŐ ƵŝůĚŝŶŐĞƐĐƌŝƉƚŝŽŶ dŚĞŽŵŵĞƌĐŝĂůƵŝůĚŝŶŐŝƐĂƚǁŽͲƐƚŽƌǇďƌŝĐŬďƵŝůĚŝŶŐƚŚĂƚŝƐ ƉĂƌƚŽĨƚŚĞĐŽŶƚŝŐƵŽƵƐƌŽǁŽĨďƵŝůĚŝŶŐƐĨƌŽŶƚŝŶŐƚŚĞǁĞƐƚ ƌĚƚŚ ƐŝĚĞŽĨƌŽĂĚǁĂǇǀĞŶƵĞďĞƚǁĞĞŶϯĂŶĚϰ^ƚƌĞĞƚƐ ^ŽƵƚŚǁĞƐƚ͘dŚĞĨŝƌƐƚƐƚŽƌǇŝŶĐůƵĚĞƐƚǁŽƐƚŽƌĞĨƌŽŶƚƐĨůĂŶŬŝŶŐĂ ĐĞŶƚƌĂůĞŶƚƌǇ͘dŚĞƐƚŽƌĞĨƌŽŶƚƐŝŶĐůƵĚĞŵŽĚĞƌŶĂǁŶŝŶŐƐ͘ ĐŽƵƌƐĞŽĨĐŽƌďĞůůĞĚďƌŝĐŬƐĞƉĂƌĂƚĞƐƚŚĞĨŝƌƐƚĂŶĚƐĞĐŽŶĚ ůĞǀĞůƐ͘dŚĞƐĞĐŽŶĚůĞǀĞůŝŶĐůƵĚĞƐƉƵŶĐŚĞĚǁŝŶĚŽǁŽƉĞŶŝŶŐƐ ǁŝƚŚƐĞŐŵĞŶƚĂůĂƌĐŚĞĚŚĞĂĚĞƌƐ͘dŚĞǁŝŶĚŽǁƐĂƌĞ ƌĞƉůĂĐĞŵĞŶƚŽŶĞͲŽǀĞƌͲŽŶĞǁŝƚŚĚŽƵďůĞŚƵŶŐǀŝŶǇůǁŝŶĚŽǁƐ ĂĐŚDƵƐŝĐŽŵƉĂŶǇ͕ĞĂƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐǁĞƐƚ͕ǁŝƚŚƚƌĂŶƐŽŵƐ͘ĚĚŝƚŝŽŶĂůŽƌŶĂƚĞĐŽƌďĞůůŝŶŐŝƐůŽĐĂƚĞĚĂƚƚŚĞ ϮϬϭϳ͕WsE͘ ƉĂƌĂƉĞƚ͘dŚĞďƵŝůĚŝŶŐŚĂƐĂĨůĂƚƌŽŽĨ͘ ƵŝůĚŝŶŐhƐĞ dŚĞďƵŝůĚŝŶŐǁĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϴϴϱ͘ĞŐŝŶŶŝŶŐŝŶϭϵϬϬ͕ĐŝƚǇ ĚŝƌĞĐƚŽƌŝĞƐůŝƐƚƚŚĞďƵŝůĚŝŶŐĂƐŚŽƵƐŝŶŐZŽŵŵĞůů͛ƐDĞĂƚ DĂƌŬĞƚĂŶĚ,ĞŶĚƌŝĐŬƐĂŶĚKůƐŽŶ;ĚƌǇŐŽŽĚƐͿ͖ƚŚĞƐĞ ďƵƐŝŶĞƐƐĞƐĐŽŶƚŝŶƵĞƚŽŽĐĐƵƉǇƚŚĞďƵŝůĚŝŶŐƚŚƌŽƵŐŚϭϵϮϬ͘ ĞƚǁĞĞŶϭϵϯϬĂŶĚϭϵϰϴƚŚĞďƵŝůĚŝŶŐŚŽƵƐĞĚƚŚĞ^ŝŶŐĞƌ ^ĞǁŝŶŐDĂĐŚŝŶĞŽ͘ŽŶƚŚĞĨŝƌƐƚůĞǀĞůĂŶĚĂƉĂƌƚŵĞŶƚƐŽŶƚŚĞ ƐĞĐŽŶĚůĞǀĞů͘ ĞŐŝŶŶŝŶŐŝŶϭϵϰϴ͕ƚŚĞĂĐŚDƵƐŝĐŽ͘ŽĐĐƵƉŝĞĚƚŚĞďƵŝůĚŝŶŐ͘ ĂĐŚDƵƐŝĐŽ͘ǁĂƐĞƐƚĂďůŝƐŚĞĚŝŶZŽĐŚĞƐƚĞƌŝŶϭϴϵϮďǇ ďƌŽƚŚĞƌZĞŝŶŚŽůĚĂŶĚĚŽůƉŚĂĐŚ͘dŚĞďƵƐŝŶĞƐƐŵŽǀĞĚ ƚŚƌŽƵŐŚĂǀĂƌŝĞƚǇŽĨƐƚŽƌĞĨƌŽŶƚůŽĐĂƚŝŽŶƐŽŶƌŽĂĚǁĂǇ ǀĞŶƵĞĚƵƌŝŶŐƚŚĞĨŽůůŽǁŝŶŐϱϬǇĞĂƌƐ͘ǇƚŚĞƚŝŵĞƚŚĞ ďƵƐŝŶĞƐƐŵŽǀĞĚƚŽϯϭϱͲϯϭϳƌŽĂĚǁĂǇŝŶϭϵϰϴ͕ƚŚĞĂĐŚ DƵƐŝĐŽ͘ǁĂƐƵŶĚĞƌƐĞĐŽŶĚŐĞŶĞƌĂƚŝŽŶŽǁŶĞƌƐŚŝƉ͘ƵƌŝŶŐ ŝƚƐƚĞŶƵƌĞŝŶƚŚŝƐďƵŝůĚŝŶŐ͕͞ƚŚĞďƵƐŝŶĞƐƐŐƌĞǁƚŽĞŶĐŽŵƉĂƐƐ ĂĐŚDƵƐŝĐŽ͕͘ĞĂƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐŶŽƌƚŚǁĞƐƚ͕ ƚŚƌĞĞƐƚŽƌĞĨƌŽŶƚƐĂŶĚĂůĂƌŐĞĂƵĚŝƚŽƌŝƵŵ͘͟͞dŚĞƌĞǁĞƌĞϭϮ Đ͘ϭϵϯϳ͕ŝŵĂŐĞĐŽƵƌƚĞƐǇŽĨƚŚĞDŝŶŶĞƐŽƚĂ ĚĞƉĂƌƚŵĞŶƚƐʹƉŝĂŶŽƐ͕ƉŝĂŶŽƚƵŶŝŶŐĂŶĚƌĞƉĂŝƌ͕ďĂŶĚĂŶĚ ,ŝƐƚŽƌŝĐĂů^ŽĐŝĞƚǇ͕ĚĞƚĂŝůŽĨ͞ŽǁŶƚŽǁŶ^ƚƌĞĞƚ ŽƌĐŚĞƐƚƌĂŝŶƐƚƌƵŵĞŶƚƐ͕ŵƵƐŝĐĂůŝŶƐƚƌƵŵĞŶƚƌĞƉĂŝƌĂŶĚ ^ĐĞŶĞZŽĐŚĞƐƚĞƌ͟DϬϱ͘ϵZϮWϰ͘ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI .E ƌĞďƵŝůĚŝŶŐ͕ƌĂĚŝŽƐĂŶĚƌĂĚŝŽͲƉŚŽŶŽŐƌĂƉŚƐ͕ƉŚŽŶŽŐƌĂƉŚƐ͕ ƌĞĐŽƌĚƐ͕ƌĂĚŝŽƌĞƉĂŝƌĂŶĚƉĂƌƚƐ͕ƐŚĞĞƚŵƵƐŝĐ͕ĂƉƉůŝĂŶĐĞƐ͕ ĂƉƉůŝĂŶĐĞƌĞƉĂŝƌ͕ĂŶĚŵŽŶŽŐƌĂŵŵŝŶŐ͘͟dŚĞĂĐŚDƵƐŝĐŽ͘ ĐŽŶƚŝŶƵĞĚƚŽŽƉĞƌĂƚĞŝŶƚŚĞďƵŝůĚŝŶŐƚŚƌŽƵŐŚƚŚĞĞŶĚŽĨƚŚĞ ŝƐƚƌŝĐƚ͛ƐƉĞƌŝŽĚŽĨƐŝŐŶŝĨŝĐĂŶĐĞ͕ĂŶĚǁĂƐƐŽůĚƚŽ^ĐŚŵŝƚƚ DƵƐŝĐŝŶϭϵϳϭ͘ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJH .E ϯϭϴƌŽĂĚǁĂǇǀĞŶƵĞ^ŽƵƚŚ ,ŝƐƚŽƌŝĐEĂŵĞ͗͘:ũĞƌƌŝŶŐĂƌďĞƌƐŚŽƉͬũĞƌƌŝŶŐ,ŽƚĞů ŽŶƐƚƌƵĐƚŝŽŶĂƚĞ͗Đ͘ϭϴϴϰ ŝƐƚƌŝĐƚ^ƚĂƚƵƐ͗ŽŶƚƌŝďƵƚŝŶŐ ƵŝůĚŝŶŐĞƐĐƌŝƉƚŝŽŶ dŚĞ͘:͘ũĞƌƌŝŶŐĂƌďĞƌƐŚŽƉͬũĞƌƌŝŶŐ,ŽƚĞůŝƐƉĂƌƚŽĨƚŚĞ ĐŽŶƚŝŐƵŽƵƐƌŽǁŽĨďƵŝůĚŝŶŐƐĨƌŽŶƚŝŶŐƚŚĞĞĂƐƚƐŝĚĞŽĨ ƌĚƚŚ ƌŽĂĚǁĂǇǀĞŶƵĞďĞƚǁĞĞŶϯĂŶĚϰ^ƚƌĞĞƚƐ^ŽƵƚŚǁĞƐƚ͘ dŚĞďƵŝůĚŝŶŐŝƐƚŚƌĞĞƐƚŽƌŝĞƐƚĂůůǁŝƚŚĂĨůĂƚƌŽŽĨĂŶĚďƌŝĐŬ ĐůĂĚĚŝŶŐ͘ dŚĞĨŝƌƐƚƐƚŽƌǇŝŶĐůƵĚĞƐĂŐůĂƐƐĂŶĚŵĞƚĂůƐƚŽƌĞĨƌŽŶƚĂŶĚ ŵŽĚĞƌŶĂǁŶŝŶŐ͘dŚĞƐĞĐŽŶĚĂŶĚƚŚŝƌĚůĞǀĞůƐĞĂĐŚŝŶĐůƵĚĞ ƚŚƌĞĞŽŶĞͲŽǀĞƌͲŽŶĞĚŽƵďůĞͲŚƵŶŐŵĞƚĂůǁŝŶĚŽǁƐǁŝƚŚ ĐŽŶƚŝŶƵŽƵƐůŝŵĞƐƚŽŶĞƐŝůůƐ͘dŚĞƐĞĐŽŶĚƐƚŽƌǇǁŝŶĚŽǁƐŚĂǀĞ ͘:͘ũĞƌƌŝŶŐĂƌďĞƌƐŚŽƉͬũĞƌƌŝŶŐ,ŽƚĞů͕ǁĞƐƚ ĨůĂƚĂƌĐŚĞĚŚĞĂĚĞƌƐ͘dŚĞƚŚŝƌĚƐƚŽƌǇǁŝŶĚŽǁƐŚĂǀĞƌŽƵŶĚ ĨĂĕĂĚĞ͕ĨĂĐŝŶŐĞĂƐƚ͕ϮϬϭϳ͕WsE͘ ĂƌĐŚĞĚŚĞĂĚĞƌƐ͘ĐŽƌďĞůůĞĚĚĞƚĂŝůĂŶĚŵĞƚĂůĐĂƉĂƌĞůŽĐĂƚĞĚ ĂƚƚŚĞĐŽƌŶŝĐĞ͘ ƵŝůĚŝŶŐhƐĞ KůŵƐƚĞĚŽƵŶƚǇĂƐƐĞƐƐŽƌƌĞĐŽƌĚƐŝŶĚŝĐĂƚĞƚŚĂƚϯϭϴ^ŽƵƚŚ ƌŽĂĚǁĂǇǁĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϵϬϬ͖ŚŽǁĞǀĞƌ͕^ĂŶďŽƌŶŵĂƉƐ ƐŚŽǁĂďƵŝůĚŝŶŐĞǆŝƐƚŝŶŐĂƚƚŚŝƐůŽĐĂƚŝŽŶŝŶϭϴϴϰ͘^ĂŶďŽƌŶ ŵĂƉƐĨƌŽŵϭϴϴϰ͕ϭϴϵϬ͕ĂŶĚϭϴϵϵƐŚŽǁƚŚĂƚƚŚĞďƵŝůĚŝŶŐǁĂƐ ŽĐĐƵƉŝĞĚďǇĂŵŝůůŝŶĞƌǇ͕ŚĂƌŶĞƐƐƐŚŽƉ͕ĂŶĚďĂƌďĞƌƐŚŽƉ ĚƵƌŝŶŐƚŚĞůĂƚĞŶŝŶĞƚĞĞŶƚŚĐĞŶƚƵƌǇ͘dŚĞďĂƌďĞƌƐŚŽƉǁĂƐ ŽǁŶĞĚďǇZŝĐŚĂƌĚs͘ZƵƐƐĞůů͕ǁŚŽďĞŐĂŶǁŽƌŬŝŶŐĂƚƚŚĂƚ 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ŽŶƐƚƌƵĐƚŝŽŶĂƚĞ͗ϭϴϳϱ ŝƐƚƌŝĐƚ^ƚĂƚƵƐ͗ŽŶƚƌŝďƵƚŝŶŐ ƵŝůĚŝŶŐĞƐĐƌŝƉƚŝŽŶ dŚĞĂŬĞƌĂŶĚ,ĂŶƐŽŶͬŽƵŶĐŝů^ĂůŽŽŶďƵŝůĚŝŶŐŝƐĂƚǁŽͲƐƚŽƌǇ ƉĂŝŶƚĞĚďƌŝĐŬďƵŝůĚŝŶŐƚŚĂƚŝƐƉĂƌƚŽĨƚŚĞĐŽŶƚŝŐƵŽƵƐƌŽǁŽĨ ďƵŝůĚŝŶŐƐĨƌŽŶƚŝŶŐƚŚĞǁĞƐƚƐŝĚĞŽĨƌŽĂĚǁĂǇǀĞŶƵĞ ƌĚƚŚ ďĞƚǁĞĞŶϯĂŶĚϰ^ƚƌĞĞƚƐ^ŽƵƚŚǁĞƐƚ͘dŚĞďƵŝůĚŝŶŐŝƐƚǁŽ ƐƚŽƌŝĞƐǁŝƚŚĂĨůĂƚƌŽŽĨ͘ dŚĞĨŝƌƐƚůĞǀĞůŽĨƚŚĞďƵŝůĚŝŶŐŚĂƐƚǁŽƐƚŽƌĞĨƌŽŶƚƐ͘dŚĞ ƐŽƵƚŚĞƌŶƐƚŽƌĞĨƌŽŶƚŝƐƌĞĐĞƐƐĞĚ͘dŚĞŶŽƌƚŚĞƌŶƐƚŽƌĞĨƌŽŶƚŚĂƐ ĂƌĞĐĞƐƐĞĚĞŶƚƌǇ͘ƐŝŶŐůĞƐǁŝŶŐĚŽŽƌŝƐůŽĐĂƚĞĚďĞƚǁĞĞŶƚŚĞ ƚǁŽƐƚŽƌĞĨƌŽŶƚƐ͘dŚĞŽǀĞƌĂůůƐƚŽƌĞĨƌŽŶƚĐŽŶĨŝŐƵƌĂƚŝŽŶ ĂƉƉĞĂƌƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĂƚƐĞĞŶŝŶŚŝƐƚŽƌŝĐŝŵĂŐĞƐŽĨƚŚĞ dŚĞĂŬĞƌĂŶĚ,ĂŶƐŽŶͬŽƵŶĐŝů^ĂůŽŽŶƵŝůĚŝŶŐ͕ ƉƌŽƉĞƌƚǇ͘ ĞĂƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐǁĞƐƚ͕ϮϬϭϳ͕WsE͘ dŚĞƐĞĐŽŶĚůĞǀĞůŽĨƚŚĞďƵŝůĚŝŶŐŚĂƐĨŝǀĞƉƵŶĐŚĞĚŽƉĞŶŝŶŐƐ ǁŝƚŚƌĞƉůĂĐĞŵĞŶƚĚŽƵďůĞͲŚƵŶŐŵĞƚĂůƐĂƐŚĂŶĚĨƌĂŵĞ͘ďŽǀĞ ƚŚĞǁŝŶĚŽǁƐ͕ĂƌĞĐƚĂŶŐƵůĂƌĚĞƚĂŝůŽĨƐŽůĚŝĞƌďƌŝĐŬƐƐƚĂŶĚƐ ƉƌŽƵĚŽĨƚŚĞƌĞƐƚŽĨƚŚĞĨĂĕĂĚĞ͘ĞƚǁĞĞŶϭϵϰϬĂŶĚϭϵϲϬƚŚĞ ƐĞĐŽŶĚůĞǀĞůŽĨƚŚĞƉƌŝŵĂƌǇĨĂĕĂĚĞǁĂƐƌĞƉůĂĐĞĚ͘/ƚŝƐůŝŬĞůǇ ƚŚĂƚƚŚĞƌĞƉůĂĐĞŵĞŶƚŽĐĐƵƌƌĞĚĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚŽĨ ƐŝŐŶŝĨŝĐĂŶĐĞĨŽƌƚŚĞŝƐƚƌŝĐƚ͘ ƵŝůĚŝŶŐhƐĞ KůŵƐƚĞĚŽƵŶƚǇƐƐĞƐƐŽƌZĞĐŽƌĚƐŝŶĚŝĐĂƚĞƚŚĂƚϯϭϵʹϯϮϭ 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ǁŝŶĚŽǁƐĂƌĞŽĨĂůƚĞƌŶĂƚŝŶŐŚĞŝŐŚƚƐ͘ ďŽǀĞƚŚĞƐĞĐŽŶĚůĞǀĞů͕ƚŚĞďƵŝůĚŝŶŐŚĂƐĂƉĂŝŶƚĞĚǁŽŽĚ ĐŽƌŶŝĐĞ͕ĂŶĚĂĨůĂƚƌŽŽĨǁŝƚŚĂŚŝƉƉĞĚƉƌŽũĞĐƚŝŽŶƚŚĂƚĞǆƚĞŶĚƐ ŽǀĞƌƚŚĞĐŽƌŶŝĐĞ͘dŚĞƉƌŽũĞĐƚŝŽŶŝƐƐƵƉƉŽƌƚĞĚďǇǁŽŽĚ ďƌĂĐŬĞƚƐ͘ ƵŝůĚŝŶŐhƐĞ KůŵƐƚĞĚŽƵŶƚǇƐƐĞƐƐŽƌZĞĐŽƌĚƐŝŶĚŝĐĂƚĞƚŚĂƚϯϮϬʹϯϮϮ ^ŽƵƚŚƌŽĂĚǁĂǇǁĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϵϬϬ͘,ŽǁĞǀĞƌ͕ ^ĂŶďŽƌŶŵĂƉƐƌĞǀĞĂůƚŚĂƚĂďƵŝůĚŝŶŐĞǆŝƐƚĞĚĂƚƚŚŝƐůŽĐĂƚŝŽŶ ŝŶϭϴϴϰ͘DĂƉƐĨŽƌϭϴϴϰĂŶĚϭϴϵϬƐŚŽǁƚŚĂƚƚŚĞďƵŝůĚŝŶŐ ŚŽƵƐĞĚƐĞǀĞƌĂůďƵƐŝŶĞƐƐĞƐŝŶƚŚĞůĂƚĞŶŝŶĞƚĞĞŶƚŚĐĞŶƚƵƌǇ͕ ŝŶĐůƵĚŝŶŐĂĐƌĞĂŵĞƌǇ͕ŐƌŽĐĞƌǇ͕ĂŶĚŽĨĨŝĐĞ͘ ĞƚǁĞĞŶϭϴϵϭĂŶĚϭϵϳϬ͕ϯϮϬƌŽĂĚǁĂǇǁĂƐŽĐĐƵƉŝĞĚďǇ ƐĞǀĞƌĂůďƵƐŝŶĞƐƐĞƐ͕ŝŶĐůƵĚŝŶŐƚŚĞƌĞƐĐĞŶƚƌĞĂŵĞƌǇ͕t͘:͘ ĂƚŽŶŐŐŽŵƉĂŶǇ͕ƚŚĞZŽĐŚĞƐƚĞƌŐŐΘWŽƵůƚƌǇŽ͕͘ĂŶĚ ^ƚŽƉƉĞů͛ƐŐŐƐ͕WŽƵůƚƌǇ͕ĂŶĚ^ĞĞĚŽŵƉĂŶǇ;ůĂƚĞƌŬŶŽǁŶĂƐ ^ƚŽƉƉĞů͛Ɛ&ĞĞĚĂŶĚ^ĞĞĚͿ͘^ƚŽƉƉĞů͛Ɛ&ĞĞĚĂŶĚ^ĞĞĚǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚŝŶϭϵϰϲďǇƚǁŽďƌŽƚŚĞƌƐ͕&ĂďŝĂŶĂŶĚZĂǇŵŽŶĚ ^ƚŽƉƉĞů͖ƚŚĞŝƌďƌŽƚŚĞƌƌǁŝŶ^ƚŽƉƉĞůũŽŝŶĞĚƚŚĞďƵƐŝŶĞƐƐŝŶ ϭϵϱϮ͘^ƚŽƉƉĞů͛ƐƐŽůĚĨĂƌŵƐƵƉƉůŝĞƐƐƵĐŚĂƐƐĞĞĚĐŽƌŶ͕ĨŝĞůĚ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J .E ƐĞĞĚ͕ĨĞƌƚŝůŝǌĞƌ͕ĂŶĚĂŶŝŵĂůĨĞĞĚƐĂŶĚƌĞƐŽůĚĞŐŐƐƉƵƌĐŚĂƐĞĚ ĨƌŽŵĨĂƌŵĞƌƐƚŽĐŝƚǇƌĞƐŝĚĞŶƚƐ͘ǀĞŶƚƵĂůůǇ͕^ƚŽƉƉĞůƐ 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dŚĞĨŝƌƐƚƐƚŽƌǇŝƐĨĂĐĞĚǁŝƚŚĐŽŶĐƌĞƚĞƉĂŶĞůƐ͘^ƚŽƌĞĨƌŽŶƚ ǁŝŶĚŽǁƐĂƌĞůŽĐĂƚĞĚĂƚƚŚĞƐŽƵƚŚƐŝĚĞŽĨƚŚĞďƵŝůĚŝŶŐ͕ĂŶĚĂ ƌĞĐĞƐƐĞĚĞŶƚƌǇĂƚƚŚĞŶŽƌƚŚƐŝĚĞ͘ƌŝĐŬƐůĂŝĚŝŶĂďĂƐŬĞƚ ǁĞĂǀĞƉĂƚƚĞƌŶĐƌĞĂƚĞĂĚĞĐŽƌĂƚŝǀĞƉĂŶĞůďĞƚǁĞĞŶƚŚĞĨŝƌƐƚ ĂŶĚƐĞĐŽŶĚůĞǀĞůƐ͘ƚƚŚĞƐĞĐŽŶĚůĞǀĞůĂƌĞƚŚƌĞĞƉƵŶĐŚĞĚ ŽŵŵĞƌĐŝĂůƵŝůĚŝŶŐ͕ĞĂƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐǁĞƐƚ͕ ŽƉĞŶŝŶŐƐǁŝƚŚŽŶĞͲŽǀĞƌͲŽŶĞĚŽƵďůĞͲŚƵŶŐŵĞƚĂůǁŝŶĚŽǁƐ͘ ϮϬϭϳ͕WsE͘ ďŽǀĞƚŚĞǁŝŶĚŽǁƐ͕ĂƚĐŽƌŶŝĐĞůĞǀĞůŝƐĂƐĞĐŽŶĚĚĞĐŽƌĂƚŝǀĞ ďƌŝĐŬƉĂŶĞů͕ƚŚŝƐƚŝŵĞůĂŝĚǁŝƚŚŚĞĂĚĞƌďƌŝĐŬƐ͘ ƵŝůĚŝŶŐhƐĞ KůŵƐƚĞĚŽƵŶƚǇĂƐƐĞƐƐŽƌƌĞĐŽƌĚƐŝŶĚŝĐĂƚĞƚŚĂƚϯϮϯ ƌŽĂĚǁĂǇǀĞŶƵĞ^ŽƵƚŚǁĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϴϴϱ͖ŚŽǁĞǀĞƌ͕ Ă^ĂŶďŽƌŶŵĂƉĚĞƉŝĐƚƐĂďƵŝůĚŝŶŐĂƚƚŚŝƐůŽĐĂƚŝŽŶŝŶϭϴϴϰ͘/Ŷ ƚŚĞůĂƚĞŶŝŶĞƚĞĞŶƚŚĂŶĚĞĂƌůǇƚǁĞŶƚŝĞƚŚĐĞŶƚƵƌŝĞƐ͕ƚŚĞ ďƵŝůĚŝŶŐǁĂƐŽĐĐƵƉŝĞĚďǇƐĞǀĞƌĂůďƵƐŝŶĞƐƐĞƐ͕ŝŶĐůƵĚŝŶŐĂ ͞ŽŵŵŝƐƐŝŽŶ͕͟ĂƐĞĐŽŶĚͲŚĂŶĚƐƚŽƌĞ͕ĂĐƌŽĐŬĞƌǇͬŐůĂƐƐǁĂƌĞ ƐƚŽƌĞ͕ĂďŽŽŬƐƚŽƌĞ͕ĂŶĚK͘,͘KĐŚƐ͛͞ĚƌǇŐŽŽĚƐ͕ŶŽƚŝŽŶƐ͕ĂŶĚ ĐůŽƚŚŝŶŐ͘͟&ƌŽŵϭϵϭϰƚŽƚŚĞĞŶĚŽĨƚŚĞƉĞƌŝŽĚŽĨ ƐŝŐŶŝĨŝĐĂŶĐĞ͕ƚŚĞďƵŝůĚŝŶŐĨƵŶĐƚŝŽŶĞĚƉƌŝŵĂƌŝůǇĂƐĂďŝůůŝĂƌĚƐ ŚĂůů͘ĞƚǁĞĞŶϭϵϮϯĂŶĚϭϵϲϮ͕ƚŚĞďƵŝůĚŝŶŐǁĂƐĂƐƐŽĐŝĂƚĞĚ ϱ ǁŝƚŚ:͘<͘ůĂĐŬ͕ůĂĐŬ͛Ɛ>ƵŶĐŚ͕ĂŶĚůĂĐŬ͛ƐŝůůŝĂƌĚΘĂĨĠ͘ ůĂĐŬ͛Ɛ>ƵŶĐŚĞĂƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐŶŽƌƚŚǁĞƐƚ͕ ϭϵϰϬ͕ŝŵĂŐĞĐŽƵƌƚĞƐǇŽĨƚŚĞZŽĐŚĞƐƚĞƌ,ĞƌŝƚĂŐĞ WƌĞƐĞƌǀĂƚŝŽŶŽŵŵŝƐƐŝŽŶ͘ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI .E ϯϮϰƌŽĂĚǁĂǇǀĞŶƵĞ^ŽƵƚŚ ,ŝƐƚŽƌŝĐEĂŵĞ͗͘,͘DŽƌƌŝůůĂŶĚ^ŽŶ͕tŚŽůĞƐĂůĞ'ƌŽĐĞƌ ŽŶƐƚƌƵĐƚŝŽŶĂƚĞ͗Đ͘ϭϴϴϰ ŝƐƚƌŝĐƚ^ƚĂƚƵƐ͗ŽŶƚƌŝďƵƚŝŶŐ ƵŝůĚŝŶŐĞƐĐƌŝƉƚŝŽŶ dŚĞ͘:͘DŽƌƌŝůůĂŶĚ^ŽŶ͕tŚŽůĞƐĂůĞ'ƌŽĐĞƌďƵŝůĚŝŶŐŝƐĂƚǁŽͲ ƐƚŽƌǇƉĂŝŶƚĞĚďƌŝĐŬďƵŝůĚŝŶŐƚŚĂƚŝƐƉĂƌƚŽĨƚŚĞĐŽŶƚŝŐƵŽƵƐ ƌŽǁŽĨďƵŝůĚŝŶŐƐĨƌŽŶƚŝŶŐƚŚĞĞĂƐƚƐŝĚĞŽĨƌŽĂĚǁĂǇǀĞŶƵĞ ƌĚƚŚ ďĞƚǁĞĞŶϯĂŶĚϰ^ƚƌĞĞƚƐ^ŽƵƚŚǁĞƐƚ͘ dŚĞĨŝƌƐƚƐƚŽƌǇŝƐĐŽŵƉŽƐĞĚŽĨĂǁŽŽĚĂŶĚŐůĂƐƐƐƚŽƌĞĨƌŽŶƚ ǁŝƚŚĂƌĞĐĞƐƐĞĚĞŶƚƌǇĂƚƚŚĞŶŽƌƚŚĞŶĚ͘dŚĞĞŶƚƌǇŝŶĐůƵĚĞƐĂ ƐŝŶŐůĞǁŽŽĚĂŶĚŐůĂƐƐƐǁŝŶŐĚŽŽƌ͘ŝǀŝĚĞĚůŝŐŚƚƚƌĂŶƐŽŵ ǁŝŶĚŽǁƐĂƌĞůŽĐĂƚĞĚĂďŽƵƚƚŚĞƐƚŽƌĞĨƌŽŶƚ͕ĂŶĚĂǁŽŽĚƐŝŐŶ ďĂŶĚŝƐůŽĐĂƚĞĚĂďŽƵƚƚŚĞƚƌĂŶƐŽŵǁŝŶĚŽǁƐ͘ ͘,͘DŽƌƌŝůůĂŶĚ^ŽŶtŚŽůĞƐĂůĞ'ƌŽĐĞƌ͕ǁĞƐƚ dŚĞƐĞĐŽŶĚůĞǀĞůŝŶĐůƵĚĞƐƚŚƌĞĞŽŶĞͲŽǀĞƌͲŽŶĞĚŽƵďůĞͲŚƵŶŐ ĨĂĕĂĚĞ͕ĨĂĐŝŶŐĞĂƐƚ͕ϮϬϭϳ͕WsE͘ ŵĞƚĂůĨƌĂŵĞǁŝŶĚŽǁƐǁŝƚŚƐƚŽŶĞƐŝůůƐĂŶĚĨůĂƚĂƌĐŚĞĚ ŚĞĂĚĞƌƐ͘ďŽǀĞƚŚĞƐĞĐŽŶĚůĞǀĞů͕ĂďƌŝĐŬƉĂƌĂƉĞƚǁĂůůƌŝƐĞƐ ĂďŽƵƚƚŚĞĨůĂƚƌŽŽĨ͘dŚĞƉĂƌĂƉĞƚǁĂůůŝŶĐůƵĚĞƐĂǁŽŽĚĐŽƌŶŝĐĞ ǁŝƚŚĚĞŶƚŝůƐ͕ĂƐŵĂůůĐĞŶƚƌĂůůǇůŽĐĂƚĞĚĨƌŽŶƚͲŐĂďůĞ͕ĂŶĚĂ ǁŽŽĚƐŝŐŶƐƚĂƚŝŶŐ͞ϭϵϭϬ͘͟ ƵŝůĚŝŶŐhƐĞ KůŵƐƚĞĚŽƵŶƚǇĂƐƐĞƐƐŽƌƌĞĐŽƌĚƐŝŶĚŝĐĂƚĞƚŚĂƚϯϮϰ ƌŽĂĚǁĂǇǀĞŶƵĞ^ŽƵƚŚǁĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϵϭϬ͖ŚŽǁĞǀĞƌ͕ ^ĂŶďŽƌŶŵĂƉƐƐŚŽǁĂďƵŝůĚŝŶŐĂƚƚŚŝƐůŽĐĂƚŝŽŶŝŶϭϴϴϰ͘ ĞƚǁĞĞŶĂƉƉƌŽǆŝŵĂƚĞůǇϭϴϵϭĂŶĚϭϵϬϰ͕ƚŚĞďƵŝůĚŝŶŐǁĂƐ ŽĐĐƵƉŝĞĚďǇƚŚĞǁŚŽůĞƐĂůĞŐƌŽĐĞƌ͘,͘DŽƌƌŝůůĂŶĚ^ŽŶ͘Ǉ ϭϵϬϵ͕ƚŚĞƐƉĂĐĞǁĂƐƵƐĞĚďǇ>͘:͘^ŵŝƚŚ͕ŽǁŶĞƌŽĨŝƚǇ ĂŬĞƌǇ͘tŚĞŶĂŶĞǁĨĂĕĂĚĞĂŶĚĂĚĚŝƚŝŽŶǁĞƌĞĂĚĚĞĚƚŽƚŚĞ ďƵŝůĚŝŶŐŝŶϭϵϭϬ͕^ŵŝƚŚŚĂĚƚŚĞǇĞĂƌ͞ϭϵϭϬ͟ĂĚĚĞĚƚŽƚŚĞ ďƵŝůĚŝŶŐ͛ƐƉĂƌĂƉĞƚ͘ĚĚŝƚŝŽŶĂůďƵƐŝŶĞƐƐĞƐůŽĐĂƚĞĚĂƚϯϮϰ ƌŽĂĚǁĂǇďĞƚǁĞĞŶϭϵϬϵĂŶĚϭϵϲϮŝŶĐůƵĚĞĚĂŚĂƌŶĞƐƐĂŶĚ ƐŚŽĞƐŚŽƉ͕ƐĞǀĞƌĂůďŝůůŝĂƌĚƐĞƐƚĂďůŝƐŚŵĞŶƚƐ͕ĂŶĚĂƌĞƐƚĂƵƌĂŶƚ͘ dŚĞůŽŶŐĞƐƚƚĞŶĂŶƚǁĂƐƚŚĞ:ŽƐĞƉŚĞǀůŝŶ,ĂƌŶĞƐƐ^ŚŽƉ͕ ͘,͘DŽƌƌŝůůĂŶĚ^ŽŶ͕tŚŽůĞƐĂůĞ'ƌŽĐĞƌ͕͕ǁĞƐƚ ǁŚŝĐŚŽĐĐƵƉŝĞĚƚŚĞďƵŝůĚŝŶŐĨƌŽŵϭϵϭϯƚŽϭϵϯϱ͘KƚŚĞƌ ĨĂĕĂĚĞ͕ĨĂĐŝŶŐƐŽƵƚŚĞĂƐƚ͕Đ͘ϭϵϭϬ͕ŝŵĂŐĞŝŶ ďǇůĂŶĂůĂǀĂŶŽ͘ ZŽĐŚĞƐƚĞƌ ƚĞŶĂŶƚƐŝŶĐůƵĚĞĚ,͘͘ĞůŵŽŶƚ͛ƐďŝůůŝĂƌĚƐĂŶĚďĞĞƌ͕dŚĞƵĞ ŝůůŝĂƌĚƐ͕ĂŶĚ^ƚĂŐĞ'ƌŝůů͘ĞŐŝŶŶŝŶŐŝŶϭϵϭϯ͕ĐŝƚǇĚŝƌĞĐƚŽƌŝĞƐ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI .E ŝŶĚŝĐĂƚĞƚŚĂƚĂŶĂĚĚŝƚŝŽŶĂůƐƉĂĐĞǁĂƐůŽĐĂƚĞĚŝŶƚŚĞďƵŝůĚŝŶŐ ͲϯϮϰЪƌŽĂĚǁĂǇ͘&ƌŽŵϭϵϭϯƚŽϭϵϱϰ͕ƚŚŝƐƐƉĂĐĞǁĂƐ ŽĐĐƵƉŝĞĚďǇƚŚĞ^ŵŝƚŚĂŬĞƌǇŽŵƉĂŶǇ͕͘͘ĂŬĞƌ ;ƌĞƐŝĚĞŶƚͿ͕K͘^͘WĂǇŶĞ͕ZŽďĞƌƚ^ŝŐŶƐŽŵƉĂŶǇ͕ĂŶĚ&͘D͘ ϲ ĂŶŶŽŶ͘/ƚǁĂƐǀĂĐĂŶƚďǇϭϵϲϬ͘ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI .E ϯϮϱƌŽĂĚǁĂǇǀĞŶƵĞ^ŽƵƚŚ ,ŝƐƚŽƌŝĐEĂŵĞ͗&͘͘WŽŽůĞƵŝůĚŝŶŐ ŽŶƐƚƌƵĐƚŝŽŶĂƚĞ͗ϭϴϴϱ ŝƐƚƌŝĐƚ^ƚĂƚƵƐ͗ŽŶƚƌŝďƵƚŝŶŐ ƵŝůĚŝŶŐĞƐĐƌŝƉƚŝŽŶ dŚĞ&͘͘WŽŽůĞƵŝůĚŝŶŐŝƐĂƚǁŽͲƐƚŽƌǇďƌŝĐŬďƵŝůĚŝŶŐƚŚĂƚŝƐ ƉĂƌƚŽĨƚŚĞĐŽŶƚŝŐƵŽƵƐƌŽǁŽĨďƵŝůĚŝŶŐƐĨƌŽŶƚŝŶŐƚŚĞǁĞƐƚ ƐŝĚĞŽĨƌŽĂĚǁĂǇǀĞŶƵĞďĞƚǁĞĞŶϯ ƌĚĂŶĚϰ ƚŚ^ƚƌĞĞƚƐ ^ŽƵƚŚǁĞƐƚ͘dŚĞďƵŝůĚŝŶŐŝƐƚǁŽƐƚŽƌŝĞƐǁŝƚŚĂĨůĂƚƌŽŽĨ͘ dŚĞĨŝƌƐƚƐƚŽƌǇŽĨƚŚĞďƵŝůĚŝŶŐŝƐĐůĂĚŝŶĂĐŽŵďŝŶĂƚŝŽŶŽĨ ƐĂůŵŽŶďƌŝĐŬĂŶĚƐƚŽŶĞ͘dŚĞƐŽƵƚŚĞĂƐƚĐŽƌŶĞƌŽĨƚŚĞďƵŝůĚŝŶŐ ŚĂƐďĞĞŶĐůŝƉƉĞĚĂŶĚŚŽƵƐĞƐĂŶĞŶƚƌǇ͘ƐĞĐŽŶĚĞŶƚƌǇŝƐ ůŽĐĂƚĞĚĂƚƚŚĞŶŽƌƚŚĞŶĚŽĨƚŚĞĨĂĕĂĚĞ͘ƐŝŶŐůĞĨŝǆĞĚǁŝŶĚŽǁ ĐĞŶƚƌĂůůǇůŽĐĂƚĞĚŽŶƚŚĞĨĂĕĂĚĞ͘ dŚĞƐĞĐŽŶĚůĞǀĞůŝƐĐůĂĚŝŶďƵĨĨďƌŝĐŬ͘dŚƌĞĞƉƵŶĐŚĞĚ &͘͘WŽŽůĞƵŝůĚŝŶŐ͕ĞĂƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐǁĞƐƚ͕ϮϬϭϳ͕ ŽƉĞŶŝŶŐƐŚŽƵƐĞŽŶĞͲŽǀĞƌͲŽŶĞĚŽƵďůĞͲŚƵŶŐǀŝŶǇů WsE͘ ƌĞƉůĂĐĞŵĞŶƚǁŝŶĚŽǁƐ͘ĐŽŶƚŝŶƵŽƵƐďƌŝĐŬƐƚŝůůĞǆƚĞŶĚƐ ďĞůŽǁƚŚĞǁŝŶĚŽǁƐ͘ďŽǀĞƚŚĞǁŝŶĚŽǁƐ͕ĂďĂŶŶĞƌŽĨďƌŝĐŬ ůĂŝĚŽŶƚŚĞĚŝĂŐŽŶĂůĚĞĐŽƌĂƚĞƐƚŚĞĐŽƌŶŝĐĞ͘ĚŝĂŵŽŶĚ ƐŚĂƉĞĚƉŝĞĐĞŽĨƐƚŽŶĞŝƐĐĞŶƚĞƌĞĚǁŝƚŚŝŶƚŚĞĚĞĐŽƌĂƚŝǀĞ ďĂŶĚ͘ ƵŝůĚŝŶŐhƐĞ KůŵƐƚĞĚŽƵŶƚǇĂƐƐĞƐƐŽƌƌĞĐŽƌĚƐŝŶĚŝĐĂƚĞƚŚĂƚϯϮϱ ƌŽĂĚǁĂǇǀĞŶƵĞ^ŽƵƚŚǁĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϴϴϱ͘ĐĐŽƌĚŝŶŐ ƚŽ^ĂŶďŽƌŶŵĂƉƐ͕ƚŚĞďƵŝůĚŝŶŐŚŽƵƐĞĚĂŐƌŽĐĞƌǇƐƚŽƌĞŝŶ ϭϴϵϬĂŶĚĂǀĂƌŝĞƚǇƐƚŽƌĞŝŶϭϴϵϵ͘ĞƚǁĞĞŶϭϵϬϰĂŶĚƚŚĞĞŶĚ ŽĨƚŚĞƉĞƌŝŽĚŽĨƐŝŐŶŝĨŝĐĂŶĐĞ͕ƐĞǀĞƌĂůĚƌƵŐƐƚŽƌĞƐ Ͷ ŝŶĐůƵĚŝŶŐ ŽŶĞŽƉĞƌĂƚĞĚďǇ&͘͘WŽŽůĞĨƌŽŵϭϵϬϰƚŽϭϵϭϯ͕ĂŵĞƌĐĂŶƚŝůĞ ƐƚŽƌĞ͕ĂůƵŐŐĂŐĞƐƚŽƌĞ͕ĂŶĚĂůŝƋƵŽƌƐƚŽƌĞŽĐĐƵƉŝĞĚƚŚĞ ďƵŝůĚŝŶŐ͘EĂŵĞƐŽĨďƵƐŝŶĞƐƐĞƐĂŶĚďƵƐŝŶĞƐƐŽǁŶĞƌƐŝŶĐůƵĚĞĚ &͘͘WŽŽůĞ;ƉƵƌǀĞǇŽƌŽĨĚƌƵŐƐ͕ǁĂůůƉĂƉĞƌ͕ĂŶĚƉĂŝŶƚƐͿ͕>͘͘ &͘͘WŽŽůĞƵŝůĚŝŶŐ͕ĞĂƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐ ŶŽƌƚŚǁĞƐƚ͕ϭϵϲϱ͕ŝŵĂŐĞĐŽƵƌƚĞƐǇŽĨƚŚĞ EŝĞƚǌ;ĚƌƵŐƐƚŽƌĞŽǁŶĞƌͿ͕,ĂƌŐĞƐŚĞŝŵĞƌ͛ƐƌƵŐ^ƚŽƌĞEŽ͘ϰ͕ ZŽĐŚĞƐƚĞƌ,ĞƌŝƚĂŐĞWƌĞƐĞƌǀĂƚŝŽŶŽŵŵŝƐƐŝŽŶ͘ DĞƌĐĂŶƚŝůĞ^ƚŽƌĞƐ͕ĂŶĚƚŚĞZŽĐŚĞƐƚĞƌ>ƵŐŐĂŐĞƐƚŽƌĞ͘ϳ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI .E ϯϮϲͲϯϮϴƌŽĂĚǁĂǇǀĞŶƵĞ^ŽƵƚŚ ,ŝƐƚŽƌŝĐEĂŵĞ͗'ƌĞĂƚƚůĂŶƚŝĐΘWĂĐŝĨŝĐdĞĂŽ͘ ŽŶƐƚƌƵĐƚŝŽŶĂƚĞ͗Đ͘ϭϴϴϰ ŝƐƚƌŝĐƚ^ƚĂƚƵƐ͗ŽŶƚƌŝďƵƚŝŶŐ ƵŝůĚŝŶŐĞƐĐƌŝƉƚŝŽŶ dŚĞƚůĂŶƚŝĐΘWĂĐŝĨŝĐdĞĂŽ͘ŝƐĂƚǁŽͲƐƚŽƌǇƉĂŝŶƚĞĚďƌŝĐŬ ďƵŝůĚŝŶŐƚŚĂƚŝƐƉĂƌƚŽĨƚŚĞĐŽŶƚŝŐƵŽƵƐƌŽǁŽĨďƵŝůĚŝŶŐƐ ƌĚ ĨƌŽŶƚŝŶŐƚŚĞĞĂƐƚƐŝĚĞŽĨƌŽĂĚǁĂǇǀĞŶƵĞďĞƚǁĞĞŶϯĂŶĚ ϰ ƚŚ^ƚƌĞĞƚƐ^ŽƵƚŚǁĞƐƚ͘ ƌŝĐŬĂƚƚŚĞĨŝƌƐƚƐƚŽƌǇŝƐŶŽƚƉĂŝŶƚĞĚ͘dŚĞĨŝƌƐƚƐƚŽƌǇŝŶĐůƵĚĞƐ ƚǁŽďĂǇƐŽĨŵĞƚĂůĨƌĂŵĞƐƚŽƌĞĨƌŽŶƚǁŝŶĚŽǁƐĨůĂŶŬŝŶŐĂ ĐĞŶƚƌĂůƌĞĐĞƐƐĞĚĞŶƚƌǇ͘dŚĞĞŶƚƌǇŝƐĐŽŵƉŽƐĞĚŽĨƚǁŽŵĞƚĂů ĂŶĚŐůĂƐƐƐǁŝŶŐĚŽŽƌƐ͘ƐĞĐŽŶĚĂƌǇĞŶƚƌǇŝƐůŽĐĂƚĞĚĂƚƚŚĞ ĞŶĚŽĨƚŚĞďƵŝůĚŝŶŐ͘dŚŝƐĞŶƚƌǇŝƐĐŽŵƉŽƐĞĚŽĨĂƐŝŶŐůĞƐǁŝŶŐ 'ƌĞĂƚƚůĂŶƚŝĐΘWĂĐŝĨŝĐdĞĂŽ͕͘ǁĞƐƚĨĂĕĂĚĞ͕ ĚŽŽƌǁŝƚŚƚƌĂŶƐŽŵǁŝŶĚŽǁ͘ ĨĂĐŝŶŐĞĂƐƚ͕ϮϬϭϳ͕WsE͘ ƌŝĐŬĂƚƚŚĞƐĞĐŽŶĚƐƚŽƌǇĂŶĚƉĂƌĂƉĞƚǁĂůůĂƌĞƉĂŝŶƚĞĚ͘dŚĞ ƐĞĐŽŶĚŝŶĐůƵĚĞƐƐŝǆƉƵŶĐŚĞĚǁŝŶĚŽǁŽƉĞŶŝŶŐƐ͕ǁŝƚŚƐƚŽŶĞ ƐƚŝůůƐĂŶĚƐĞŐŵĞŶƚĂůĂƌĐŚĞĚƐƵƌƌŽƵŶĚƐǁŝƚŚŬĞǇƐƚŽŶĞƐ͘dŚĞ ǁŝŶĚŽǁƐƚŚĞŵƐĞůǀĞƐĂƌĞŽďƐĐƵƌĞĚďǇĞǆƚĞƌŝŽƌůŽƵǀĞƌĞĚ ƐŚƵƚƚĞƌƐ͘dŚĞƉĂƌĂƉĞƚǁĂůůŝŶĐůƵĚĞƐĐŽƌďĞůůĞĚĚĞƚĂŝůƐĂŶĚ ĐĞŶƚƌĂůĂƌĐŚĞĚƐĞĐƚŝŽŶ͘ ƵŝůĚŝŶŐhƐĞ KůŵƐƚĞĚŽƵŶƚǇĂƐƐĞƐƐŽƌƌĞĐŽƌĚƐŝŶĚŝĐĂƚĞƚŚĂƚϯϮϲͲϯϮϴ ƌŽĂĚǁĂǇǀĞŶƵĞ^ŽƵƚŚǁĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϵϬϬ͖ŚŽǁĞǀĞƌ͕ ^ĂŶďŽƌŶŵĂƉƐĚĞƉŝĐƚĂďƵŝůĚŝŶŐĂƚƚŚĂƚůŽĐĂƚŝŽŶŝŶϭϴϴϰ͘ 'ƌĞĂƚƚůĂŶƚŝĐΘWĂĐŝĨŝĐdĞĂŽ͘ǁĞƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐ ĐĐŽƌĚŝŶŐƚŽ^ĂŶďŽƌŶŵĂƉƐĂŶĚĐŝƚǇĚŝƌĞĐƚŽƌŝĞƐ͕ĂǁŝĚĞ ƐŽƵƚŚĞĂƐƚ͕Đ͘ϭϵϮϬ͕ŝŵĂŐĞĐŽƵƌƚĞƐǇŽĨƚŚĞZŽĐŚĞƐƚĞƌ ǀĂƌŝĞƚǇŽĨďƵƐŝŶĞƐƐĞƐŽĐĐƵƉŝĞĚƚŚĞďƵŝůĚŝŶŐďĞƚǁĞĞŶϭϴϴϰ ,ĞƌŝƚĂŐĞWƌĞƐĞƌǀĂƚŝŽŶŽŵŵŝƐƐŝŽŶ͘ ĂŶĚϭϵϲϮ͘/ŶƚŚĞϭϵϯϬĂŶĚϭϵϰϬĐŝƚǇĚŝƌĞĐƚŽƌŝĞƐ͕ďŽƚŚϯϮϲ ĂŶĚϯϮϴƌŽĂĚǁĂǇǁĞƌĞŽĐĐƵƉŝĞĚďǇƚŚĞ'ƌĞĂƚƚůĂŶƚŝĐĂŶĚ WĂĐŝĨŝĐdĞĂŽŵƉĂŶǇ͘/ŶϭϵϲϬ͕^ƉĞƌƌǇΘ,ƵƚĐŚŝŶƐŽŶŽ͘ ŽĐĐƵƉŝĞĚďŽƚŚƐƉĂĐĞƐ͘KƚŚĞƌďƵŝůĚŝŶŐŽĐĐƵƉĂŶƚƐŝŶĐůƵĚĞĚ ƐĂůŽŽŶƐ͕ďŝůůŝĂƌĚŚĂůůƐ͕ĂŵŝůůŝŶĞƌǇ͕ĂƉůƵŵďĞƌ͕ĂďŝĐǇĐůĞƐŚŽƉ͕ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJH .E ĂƚĂŝůŽƌĂŶĚĐůĞĂŶĞƌ͛ƐĞƐƚĂďůŝƐŚŵĞŶƚ͕ƚĞŶĂŶƚƐŽĨƌĞŶƚĞĚ ƌŽŽŵƐ͕ĂďĂƌďĞƌ͕ĂƚĂǆŝĐĂďƐĞƌǀŝĐĞ͕ĂƐŽĚĂĨŽƵŶƚĂŝŶ͕Ă ŐƌŽĐĞƌǇƐƚŽƌĞ͕ƚǁŽŵĂƌŬĞƚƐ͕ĂŶƵƉŚŽůƐƚĞƌĞƌ͕ĂĨůŽƵƌĂŶĚĨĞĞĚ ƐƚŽƌĞ͕ĂĚƌĂǇůŝŶĞ͕ĂŚŽƚĞů͕ĂŶĚĂĚŽŶƵƚƐŚŽƉ͘ϴ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI .E ϯϯϬƌŽĂĚǁĂǇǀĞŶƵĞ^ŽƵƚŚ ,ŝƐƚŽƌŝĐEĂŵĞ͗ŽůƵŵďŝĂ,ŽƚĞů ŽŶƐƚƌƵĐƚŝŽŶĂƚĞ͗Đ͘ϭϴϱϴ ŝƐƚƌŝĐƚ^ƚĂƚƵƐ͗ŽŶƚƌŝďƵƚŝŶŐ ƵŝůĚŝŶŐĞƐĐƌŝƉƚŝŽŶ dŚĞŽůƵŵďŝĂ,ŽƚĞůŝƐĂƚǁŽͲƐƚŽƌǇƉĂŝŶƚĞĚďƌŝĐŬďƵŝůĚŝŶŐƚŚĂƚ ŝƐƉĂƌƚŽĨƚŚĞĐŽŶƚŝŐƵŽƵƐƌŽǁŽĨďƵŝůĚŝŶŐƐĨƌŽŶƚŝŶŐƚŚĞĞĂƐƚ ƐŝĚĞŽĨƌŽĂĚǁĂǇǀĞŶƵĞďĞƚǁĞĞŶϯ ƌĚĂŶĚϰ ƚŚ^ƚƌĞĞƚƐ ^ŽƵƚŚǁĞƐƚ͘ dŚĞĨŝƌƐƚƐƚŽƌǇĨĞĂƚƵƌĞƐǁŽŽĚƉĂŶĞůŝŶŐĂŶĚĨŝǆĞĚĚŝǀŝĚĞĚͲůŝŐŚƚ ǀŝŶǇůǁŝŶĚŽǁƐ͘dǁŽĞŶƚƌŝĞƐǁŝƚŚǁŽŽĚĚŽŽƌƐĂŶĚƌŽƵŶĚͲ ĂƌĐŚĞĚƚƌĂŶƐŽŵƐĂƌĞůŽĐĂƚĞĚŽŶƚŚĞĨĂĕĂĚĞ͘ƐŝŐŶďĂŶĚ ĞǆƚĞŶĚƐĂďŽǀĞƚŚĞǁŝŶĚŽǁƐ͘ dŚĞƐĞĐŽŶĚůĞǀĞůŝŶĐůƵĚĞƐƚŚƌĞĞǁŝŶĚŽǁƐǁŝƚŚƐƚŽŶĞƐŝůůƐĂŶĚ ƌŽƵŶĚͲĂƌĐŚĞĚŚĞĂĚĞƌƐ͘dŚĞǁŝŶĚŽǁƐƚŚĞŵƐĞůǀĞƐĂƌĞĚŝǀŝĚĞĚ ůŝŐŚƚǀŝŶǇůͲĨƌĂŵĞ͘ďŽǀĞƚŚĞǁŝŶĚŽǁƐ͕ĂĐĞŶƚƌĂůůǇůŽĐĂƚĞĚ ǁŽŽĚƐŝŐŶƐƚĂƚĞƐ͞ϭϴϱϴ͘͟ ŽŵŵĞƌĐŝĂůƵŝůĚŝŶŐ͕ǁĞƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐĞĂƐƚ͕ ƌŝĐŬĐŽƌďĞůůŝŶŐƌŝƐĞƐƵƉƚŽĂƉĂŝŶƚĞĚŵĞƚĂůĐŽƌŶŝĐĞƚŚĂƚ ϮϬϭϳ͕WsE͘ ƉƌŽũĞĐƚƐƐůŝŐŚƚůǇŽƵƚĨƌŽŵƚŚĞƉůĂŶĞŽĨƚŚĞĨĂĕĂĚĞ͘dŚĞ ďƵŝůĚŝŶŐŝƐĐĂƉƉĞĚďǇĂĨůĂƚƌŽŽĨ͘ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI .E ƵŝůĚŝŶŐhƐĞ KůŵƐƚĞĚŽƵŶƚǇĂƐƐĞƐƐŽƌƌĞĐŽƌĚƐŝŶĚŝĐĂƚĞƚŚĂƚϯϯϬ ƌŽĂĚǁĂǇǀĞŶƵĞ^ŽƵƚŚǁĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϵϬϬ͖ŚŽǁĞǀĞƌ͕ ^ĂŶďŽƌŶŵĂƉƐĚĞƉŝĐƚĂďƵŝůĚŝŶŐĂƚƚŚŝƐůŽĐĂƚŝŽŶŝŶϭϴϴϰ͘ ĐĐŽƌĚŝŶŐƚŽ^ĂŶďŽƌŶŵĂƉƐ͕ĂƐĂůŽŽŶĂŶĚƌĞƐƚĂƵƌĂŶƚ 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ƐƚŽƌǇŝƐĨĂĐĞĚŝŶďƌŝĐŬ͘ƌĞĐĞƐƐĞĚĞŶƚƌǇŝƐůŽĐĂƚĞĚŽŶƚŚĞ ŶŽƌƚŚĞůĞǀĂƚŝŽŶ͕ďĞŶĞĂƚŚĂĐĂƌǀĞĚƐƚŽŶĞƉƌŽĐůĂŝŵŝŶŐ͞ϭϵϭϭ͘͟ dŚĞĞŶƚƌǇŝƐĐŽŵƉŽƐĞĚŽĨĂƐŝŶŐůĞͲůĞĂĨŐůĂƐƐĚŽŽƌǁŝƚŚŵĞƚĂů ĨƌĂŵĞĂŶĚƐŝĚĞͲůŝŐŚƚƐ͘/ŶŐĞŶĞƌĂů͕ĨĞŶĞƐƚƌĂƚŝŽŶŝŶĐůƵĚĞƐŵĞƚĂů ƐƚŽƌĞĨƌŽŶƚǁŝŶĚŽǁƐǁŝƚŚƚƌĂŶƐŽŵƐĂƚƚŚĞĨŝƌƐƚůĞǀĞůĂŶĚ ͘&͘DĂƐƐĞǇŽ͕͘ŶŽƌƚŚĨĂĕĂĚĞ͕ĨĂĐŝŶŐƐŽƵƚŚ͕ϮϬϭϳ͕ ƚŚƌĞĞͲŽǀĞƌͲŽŶĞƐŝŶŐůĞͲŚƵŶŐŵĞƚĂůǁŝŶĚŽǁƐĂƚƚŚĞƐĞĐŽŶĚ WsE͘ ůĞǀĞů͘ ƵŝůĚŝŶŐhƐĞ ϮϬϮϭ ƐƚǀĞŶƵĞ^ŽƵƚŚ;ĂůƐŽŬŶŽǁŶĂƐƚŚĞŽŽŬůŽĐŬŽƌƚŚĞ ZĂŵƐĞǇůŽĐŬͿǁĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϴϳϴďǇZŽĐŚĞƐƚĞƌďĂŶŬĞƌ ĂŶĚďƵƐŝŶĞƐƐŵĂŶ:ŽŚŶZ͘ŽŽŬ͘ĞƚǁĞĞŶϭϴϴϯĂŶĚϭϵϬϭ͕ƚŚĞ ďƵŝůĚŝŶŐŚŽƵƐĞĚƚŚĞŵĞĚŝĐĂůŽĨĨŝĐĞƐŽĨƌ͘tŝůůŝĂŵtŽƌƌĂůů DĂǇŽ͕ƌ͘ŚĂƌůĞƐ,ŽƌĂĐĞDĂǇŽ͕ƌ͘tŝůůŝĂŵƐ:ĂŵĞƐDĂǇŽ͕ ƌ͘ƵŐƵƐƚƵƐt͘^ƚŝŶĐŚĨŝĞůĚ͕ĂŶĚƌ͘ŚƌŝƐƚŽƉŚĞƌ'ƌĂŚĂŵ͕ ĚŽĐƚŽƌƐǁŚŽǁŽƵůĚĞǀĞŶƚƵĂůůǇ͞ĞƐƚĂďůŝƐŚƚŚĞĨŝƌƐƚŝŶƚĞŐƌĂƚĞĚ ͘&͘DĂƐƐĞǇŽ͕͘ŶŽƌƚŚĂŶĚǁĞƐƚĨĂĕĂĚĞƐ͕ĨĂĐŝŶŐ ŵĞĚŝĐĂůƉƌĂĐƚŝĐĞŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ͘͟dŚĞĚŽĐƚŽƌƐ͛ŽĨĨŝĐĞƐ͕ ƐŽƵƚŚĞĂƐƚ͕ϭϵϭϴ͕ŝŵĂŐĞĂƚ͞ZŽĐŚĞƐƚĞƌDŝŶŶĞƐŽƚĂ 'ĂůůĞƌǇ͕͟>ĂŬĞƐŶǁŽŽĚƐ͘ĐŽŵ͕ĂĐĐĞƐƐĞĚEŽǀĞŵďĞƌϯ͕ĐŽŶƐƵůƚŝŶŐƌŽŽŵƐ͕ĂŶĚŽƉĞƌĂƚŝŶŐƌŽŽŵƐǁĞƌĞůŽĐĂƚĞĚŽŶƚŚĞ ϮϬϭϳ͕ ĨŝƌƐƚĨůŽŽƌ͕ǁŚŝůĞƚŚĞƐĞĐŽŶĚĨůŽŽƌŚŽƵƐĞĚƚŚĞŝƌŵĞĚŝĐĂů ŚƚƚƉ͗ͬͬǁǁǁ͘ůĂŬĞƐŶǁŽŽĚƐ͘ĐŽŵͬZŽĐŚĞƐƚĞƌ'ĂůůĞƌǇ͘Śƚ ůĂďŽƌĂƚŽƌŝĞƐ͘KƚŚĞƌďƵƐŝŶĞƐƐĞƐůŽĐĂƚĞĚŝŶƚŚĞďƵŝůĚŝŶŐ ͘ ŵ ďĞƚǁĞĞŶϭϴϴϰĂŶĚϭϵϬϵŝŶĐůƵĚĞĚĂŵŝůůŝŶĞƌǇ͕ĂĚƌƵŐƐƚŽƌĞ͕Ă ƚĂŝůŽƌ͕ĂďĂƌďĞƌ͕Ă͞,ĂŶĚWƌŝŶƚŝŶŐĂŶĚdĞůĞŐƌĂƉŚKĨĨŝĐĞ͕͟ĂŶ ͞ǆƉƌĞƐƐ͕͟ĂďŽŽŬƐƚŽƌĞĂŶĚƐƚĂƚŝŽŶĂƌǇ͕ĂǁĂůůƉĂƉĞƌƐƚŽƌĞ͕ ĂŶĚĂďĂƌďĞƌ͘ &ƌŽŵϭϵϭϮƵŶƚŝůϭϵϵϭ͕ƚŚĞďƵŝůĚŝŶŐǁĂƐŽĐĐƵƉŝĞĚďǇ͘&͘ DĂƐƐĞǇŽ͘DĂƐƐĞǇ͛Ɛ͕ĂŶƵƉƐĐĂůĞĚĞƉĂƌƚŵĞŶƚƐƚŽƌĞ͕ǁĂƐ ĨŽƵŶĚĞĚŝŶϭϴϱϲďǇ:ŽŚŶŽŽŬĂƐƚŚĞŽŽŬ^ƚŽƌĞ͘͘&͘ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI .E DĂƐƐĞǇ͕ŽƌŝŐŝŶĂůůǇŚŝƌĞĚĂƐŽŽŬ͛ƐĂƐƐŝƐƚĂŶƚ͕ĂĐƋƵŝƌĞĚƚŚĞ ďƵƐŝŶĞƐƐŝŶƚŚĞůĂƚĞŶŝŶĞƚĞĞŶƚŚĐĞŶƚƵƌǇ͘/Ŷϭϵϭϰ͕DĂƐƐĞǇ͛Ɛ ŽĐĐƵƉŝĞĚƚŚĞǁĞƐƚĞƌŶŚĂůĨŽĨϮϬϮϭ ƐƚǀĞŶƵĞ^ŽƵƚŚ͕ǁŚŝůĞƚŚĞ ĞĂƐƚĞƌŶŚĂůĨǁĂƐŽĐĐƵƉŝĞĚďǇĂďŽŽŬĂŶĚĂƌƚƐŚŽƉ͕ǁĂůůƉĂƉĞƌ ƐŚŽƉ͕ƉŝĐƚƵƌĞĨƌĂŵĞƐŚŽƉ͕ĂŶĚƉƌŝŶƚŝŶŐƐŚŽƉ͘dŚĞƉŝĐƚƵƌĞ ĨƌĂŵĞĂŶĚƉƌŝŶƚŝŶŐďƵƐŝŶĞƐƐĞƐĐŽŶƚŝŶƵĞĚƚŽŽƉĞƌĂƚĞĂƚƚŚŝƐ ĂĚĚƌĞƐƐƚŚƌŽƵŐŚϭϵϰϴ͘/Ŷϭϵϲϳ͕DĂƐƐĞǇ͛ƐĞǆƉĂŶĚĞĚŝŶƚŽƚŚĞ ͘&͘DĂƐƐĞǇŽ͕͘ŶŽƌƚŚĂŶĚǁĞƐƚĨĂĐĂĚĞƐ͕ĨĂĐŝŶŐĞĂƐƚĞƌŶŚĂůĨŽĨƚŚĞďƵŝůĚŝŶŐ͕ŝŶĐƌĞĂƐŝŶŐŝƚƐƐƋƵĂƌĞĨŽŽƚĂŐĞďǇ ƐŽƵƚŚĞĂƐƚ͕ϭϵϲϱ͕ŝŵĂŐĞĐŽƵƌƚĞƐǇŽĨƚŚĞZŽĐŚĞƐƚĞƌ Ϯ͕ϱϬϬĨĞĞƚ͘ 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ŽĨƚŚĞůĂƚĞŶŝŶĞƚĞĞŶƚŚĂŶĚĞĂƌůǇƚǁĞŶƚŝĞƚŚĐĞŶƚƵƌǇ͕ƚŚĞ ďƵŝůĚŝŶŐǁĂƐŽĐĐƵƉŝĞĚďǇĂŵĂƌďůĞΘŐƌĂŶŝƚĞďƵƐŝŶĞƐƐ͘/Ŷ ϭϵϯϭ͕ƚŚŝƐďƵƐŝŶĞƐƐǁĂƐƌĞƉůĂĐĞĚďǇ,ŽůůĂŶĚ͛Ɛ&ŽŽĚ^ŚŽƉ͕ ĞƐƚĂďůŝƐŚĞĚŝŶϭϵϬϳďǇƌŶĞƐƚ,ŽůůĂŶĚĂŶĚĂĐƋƵŝƌĞĚďǇŚŝƐ ƐŽŶEĞǁƚŽŶ,ŽůůĂŶĚŝŶϭϵϮϱ͘^ŽŵĞƚŝŵĞŝŶƚŚĞϭϵϯϬƐŽƌϰϬƐ͕ EĞǁƚŽŶ,ŽůůĂŶĚĐŽŶǀĞƌƚĞĚƚŚĞŐƌŽĐĞƌǇƐƚŽƌĞŝŶƚŽĂĐĂĨĞƚĞƌŝĂ ĂŶĚĂƌƚŐĂůůĞƌǇ͘/ŶĂĚĚŝƚŝŽŶƚŽĨĞĂƚƵƌŝŶŐƚŚĞǁŽƌŬƐŽĨůŽĐĂů DŝŶŶĞƐŽƚĂĂƌƚŝƐƚƐ͕ƚŚĞĐĂĨĞƚĞƌŝĂƉůĂǇĞĚƌĂĚŝŽďƌŽĂĚĐĂƐƚƐŽĨ ƉŝƉĞŽƌŐĂŶƌĞĐŝƚĂůƐĨŽƌƉĂƚƌŽŶƐ͘/Ŷϭϵϱϯ͕ĂƐĞĐŽŶĚƐƚŽƌǇǁĂƐ ĂĚĚĞĚƚŽƚŚĞďƵŝůĚŝŶŐƚŽƉƌŽǀŝĚĞŵŽƌĞĚŝŶŝŶŐƐƉĂĐĞ͘/Ŷϭϵϱϴ͕ ,ŽůůĂŶĚƐŽůĚŚŝƐďƵƐŝŶĞƐƐƚŽ>ĞŽŶ>Ăƚǌ͕ďƵƚƚŚĞĐĂĨĞƚĞƌŝĂ ĐŽŶƚŝŶƵĞĚƚŽŽƉĞƌĂƚĞƚŚƌŽƵŐŚƚŚĞĞŶĚŽĨƚŚĞƉĞƌŝŽĚŽĨ ϭϰ ƐŝŐŶŝĨŝĐĂŶĐĞ͘ ŽŵŵĞƌĐŝĂůƵŝůĚŝŶŐ͕ǁĞƐƚĂŶĚŶŽƌƚŚĨĂĐĂĚĞƐ͕ĨĂĐŝŶŐ ƐŽƵƚŚĞĂƐƚ͕Đ͘ϭϵϯϭʹϭϵϱϯ͕ŝŵĂŐĞŝŶďǇ ZŽĐŚĞƐƚĞƌ ůĂŶĂůĂǀĂŶŽ͘ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI .E ϮϮϬϭ ƐƚǀĞŶƵĞ^ŽƵƚŚǁĞƐƚ ,ŝƐƚŽƌŝĐEĂŵĞ͗^ƚĞďďŝŶƐƵŝůĚŝŶŐ ŽŶƐƚƌƵĐƚŝŽŶĂƚĞ͗ϭϵϭϳ ŝƐƚƌŝĐƚ^ƚĂƚƵƐ͗ŽŶƚƌŝďƵƚŝŶŐ ƵŝůĚŝŶŐĞƐĐƌŝƉƚŝŽŶ dŚĞ^ƚĞďďŝŶƐƵŝůĚŝŶŐŝƐĂƚǁŽͲƐƚŽƌǇƉĂŝŶƚĞĚďƌŝĐŬďƵŝůĚŝŶŐ ƚŚĂƚŝƐƉĂƌƚŽĨƚŚĞĐŽŶƚŝŐƵŽƵƐƌŽǁŽĨďƵŝůĚŝŶŐƐĨƌŽŶƚŝŶŐƚŚĞ ƐƚŶĚƌĚ ĞĂƐƚƐŝĚĞŽĨϭǀĞŶƵĞ^ŽƵƚŚďĞƚǁĞĞŶϮĂŶĚϯ^ƚƌĞĞƚƐ ^ŽƵƚŚǁĞƐƚ͘dŚĞƐŽƵƚŚƐŝĚĞŽĨƚŚĞďƵŝůĚŝŶŐĨƌŽŶƚƐĂŶĂůůĞǇ͘dŚĞ ĨŝƌƐƚůĞǀĞůŝŶĐůƵĚĞƐĂƐŝŶŐůĞƐǁŝŶŐĚŽŽƌǁŝƚŚƚƌĂŶƐŽŵůŝŐŚƚ ĂƚƚŚĞŶŽƌƚŚƐŝĚĞ͕ĂŶĚĂƐƚŽƌĞĨƌŽŶƚƐǇƐƚĞŵǁŝƚŚƌĞĐĞƐƐĞĚ ĐĞŶƚƌĂůĞŶƚƌǇĂƚƚŚĞƐŽƵƚŚƐŝĚĞ͘ǀŝŶǇůĂǁŶŝŶŐŝƐůŽĐĂƚĞĚ ĂďŽǀĞƚŚĞƐƚŽƌĞĨƌŽŶƚ͘dŚĞƐĞĐŽŶĚůĞǀĞůŝŶĐůƵĚĞƐĂƌŽǁŽĨ ĚŽƵďůĞͲŚƵŶŐŵƵůƚŝͲůŝŐŚƚǁŽŽĚƐĂƐŚĂŶĚĨƌĂŵĞǁŝƚŚŵĞƚĂů ĞǆƚĞƌŝŽƌƐƚŽƌŵǁŝŶĚŽǁƐ͘^ƚŽŶĞĚĞƚĂŝůƐĂďŽǀĞƚŚĞƐĞĐŽŶĚ ƐƚŽƌǇǁŝŶĚŽǁƐƐƚĂƚĞ͞ϭϵϭϳ͟ĂŶĚ͞^ƚĞďďŝŶƐ͘͟dŚĞďƵŝůĚŝŶŐŚĂƐ ĂĨůĂƚƌŽŽĨǁŝƚŚĂƉĞŶƚĞĂǀĞƚŚĂƚŝƐƐƵƉƉŽƌƚĞĚďǇƉĂŝŶƚĞĚ ǁŽŽĚďƌĂĐŬĞƚƐĂŶĚĐůĂĚŝŶƚĞƌƌĂĐŽƚƚĂƚŝůĞƐ͘ ƵŝůĚŝŶŐhƐĞ KůŵƐƚĞĚŽƵŶƚǇĂƐƐĞƐƐŽƌƌĞĐŽƌĚƐŝŶĚŝĐĂƚĞƚŚĂƚƚŚĞ^ƚĞďďŝŶƐ ^ƚĞďďŝŶƐƵŝůĚŝŶŐ͕ǁĞƐƚĨĂĕĂĚĞ͕ĨĂĐŝŶŐĞĂƐƚ͕ϮϬϭϳ͕ ƵŝůĚŝŶŐǁĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϵϭϳ͘dŚĞďƵŝůĚŝŶŐŚŽƵƐĞĚĂ ͘ WsE ǁŝĚĞǀĂƌŝĞƚǇŽĨŽĐĐƵƉĂŶƚƐŝŶƚŚĞĨŝƌƐƚŚĂůĨŽĨƚŚĞƚǁĞŶƚŝĞƚŚ ĐĞŶƚƵƌǇ͕ŝŶĐůƵĚŝŶŐĂŶƵŶĚĞƌƚĂŬĞƌ͕ƚŚĞZĞĚƌŽƐƐ,ŽŵĞ ^ĞƌǀŝĐĞ͕ƚŚĞDŝƐƐŝƐƐŝƉƉŝsĂůůĞǇdĞĂĐŚĞƌƐƵƌĞĂƵ͕'ŽƌĚǇ ZĞĂůƚǇŽ͕͘ĂŶĚEŽƌƚŚǁĞƐƚĞƌŶDƵƚƵĂů>ŝĨĞ/ŶƐƵƌĂŶĐĞ͘ŝƚǇ ĚŝƌĞĐƚŽƌŝĞƐĨŽƌƚŚĞĨŝƌƐƚŚĂůĨŽĨƚŚĞƚǁĞŶƚŝĞƚŚĐĞŶƚƵƌǇƐŚŽǁ 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ƐƚƌƵĐƚƵƌĞƐƚŽƚŚĞƐŽƵƚŚ͕ĞĂƐƚ͕ĂŶĚƐŽƵƚŚĞĂƐƚŽĨƚŚĞŽƌŝŐŝŶĂů ďƵŝůĚŝŶŐǁĞƌĞĐŽŶƐƚƌƵĐƚĞĚŽƌĐŽͲŽƉƚĞĚĨŽƌƚŚĞƵƐĞŽĨƚŚĞ ĨĂƌŵŝŵƉůĞŵĞŶƚďƵƐŝŶĞƐƐ͘ŶĂĚĚŝƚŝŽŶǁĂƐĂůƐŽĂĚĚĞĚƚŽƚŚĞ ƐŽƵƚŚŽĨƚŚĞŽƌŝŐŝŶĂůďƵŝůĚŝŶŐŝŶƚŚĞϭϴϵϬƐĂŶĚƌĞŵŽǀĞĚŝŶ ƚŚĞϭϵϮϬƐ͘ƌĞĐĞŶƚŝŶǀĞŶƚŽƌǇŽĨƚŚĞďƵŝůĚŝŶŐŶŽƚĞƐƚŚĂƚϯϬϰ Ɛƚ ϭǀĞŶƵĞ^ŽƵƚŚ͞ĂƉƉĞĂƌƐƚŽďĞŝŶƚĞŐƌĂƚĞĚǁŝƚŚϮϮϯƌĚ tŝůůŝĂŵƐďůŽĐŬ͕ŶŽƌƚŚĨĂĕĂĚĞ͕ĨĂĐŝŶŐƐŽƵƚŚǁĞƐƚ͕Đ͘ ^ƚƌĞĞƚ^t͕ǁŚŝĐŚŚŝƐƚŽƌŝĐĂůůǇĂƉƉĞĂƌƐƚŽďĞĂƐĞƉĂƌĂƚĞ ϭϵϲϬƐ͕ŝŵĂŐĞĐŽƵƌƚĞƐǇŽĨƚŚĞZŽĐŚĞƐƚĞƌ,ĞƌŝƚĂŐĞ ďƵŝůĚŝŶŐ͘͟dŚŝƐŝŶƚĞŐƌĂƚŝŽŶŵĂǇŚĂǀĞŽĐĐƵƌƌĞĚĚƵƌŝŶŐƚŚĞ WƌĞƐĞƌǀĂƚŝŽŶŽŵŵŝƐƐŝŽŶ͘ ƉĞƌŝŽĚŽĨƐŝŐŶŝĨŝĐĂŶĐĞ͕ƐŝŶĐĞ^ĂŶďŽƌŶŵĂƉƐŝŶĚŝĐĂƚĞƚŚĂƚĂ ĚŽŽƌǁĂƐŝŶƐƚĂůůĞĚŝŶƚŚĞǁĂůůďĞƚǁĞĞŶϯϬϰϭ ƐƚǀĞŶƵĞ^ŽƵƚŚ ĂŶĚϮϮϯ ƌĚ^ƚƌĞĞƚ^tƐŽŵĞƚŝŵĞďĞƚǁĞĞŶϭϵϮϬĂŶĚϭϵϮϴ͘ϭϳ 'HVLJQDWLRQ6WXG\ )HEUXDU\ 3DFNHW3J 5RFKHVWHU'RZQWRZQ&RPPHUFLDO+LVWRULF'LVWULFW 3DJHRI .E ϯϭϴϭǀĞŶƵĞ^ŽƵƚŚǁĞƐƚ;ϯϭϴŽŵŵŽŶƐͿ Ɛƚ ,ŝƐƚŽƌŝĐEĂŵĞ͗E ŽŶƐƚƌƵĐƚŝŽŶĂƚĞ͗ϮϬϭϭ ŝƐƚƌŝĐƚ^ƚĂƚƵƐ͗EŽŶͲŽŶƚƌŝďƵƚŝŶŐ ƵŝůĚŝŶŐĞƐĐƌŝƉƚŝŽŶ ϯϭϴŽŵŵŽŶƐŝƐĂƌĞĐƚĂŶŐƵůĂƌŵĂƐƐĞĚďƵŝůĚŝŶŐǁŝƚŚĂĨůĂƚ ƌŽŽĨ͘dŚĞďƵŝůĚŝŶŐŝŶĐůƵĚĞƐĂŶ>ƐŚĂƉĞĚϵƐƚŽƌǇƉŽƌƚŝŽŶ͕ĂŶĚ 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