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EͲϭϱŝƐƉƌŽƉŽƌƚŝŽŶĂƚĞůǇ'ƌĞĂƚĞƌEĞĞĚ͗,ŽƵƐŝŶŐWƌŽďůĞŵƐʹϵϭ͘ϮϬϱ;ďͿ;ϮͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϲ EͲϮϬŝƐƉƌŽƉŽƌƚŝŽŶĂƚĞůǇ'ƌĞĂƚĞƌEĞĞĚ͗^ĞǀĞƌĞ,ŽƵƐŝŶŐWƌŽďůĞŵƐʹϵϭ͘ϮϬϱ;ďͿ;ϮͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϵ EͲϮϱŝƐƉƌŽƉŽƌƚŝŽŶĂƚĞůǇ'ƌĞĂƚĞƌEĞĞĚ͗,ŽƵƐŝŶŐŽƐƚƵƌĚĞŶƐʹϵϭ͘ϮϬϱ;ďͿ;ϮͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϮ EͲϯϬŝƐƉƌŽƉŽƌƚŝŽŶĂƚĞůǇ'ƌĞĂƚĞƌEĞĞĚ͗ŝƐĐƵƐƐŝŽŶʹϵϭ͘ϮϬϱ;ďͿ;ϮͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϯ EͲϯϱWƵďůŝĐ,ŽƵƐŝŶŐʹϵϭ͘ϮϬϱ;ďͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϰ EͲϰϬ,ŽŵĞůĞƐƐEĞĞĚƐƐƐĞƐƐŵĞŶƚʹϵϭ͘ϮϬϱ;ĐͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϵ EͲϰϱEŽŶͲ,ŽŵĞůĞƐƐ^ƉĞĐŝĂůEĞĞĚƐƐƐĞƐƐŵĞŶƚͲϵϭ͘ϮϬϱ;ď͕ĚͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϲ EͲϱϬEŽŶͲ,ŽƵƐŝŶŐŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚEĞĞĚƐʹϵϭ͘Ϯϭϱ;ĨͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϴ ,ŽƵƐŝŶŐDĂƌŬĞƚŶĂůǇƐŝƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϬ DͲϬϱKǀĞƌǀŝĞǁ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϬ DͲϭϬEƵŵďĞƌŽĨ,ŽƵƐŝŶŐhŶŝƚƐʹϵϭ͘ϮϭϬ;ĂͿΘ;ďͿ;ϮͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϭ DͲϭϱ,ŽƵƐŝŶŐDĂƌŬĞƚŶĂůǇƐŝƐ͗ŽƐƚŽĨ,ŽƵƐŝŶŐͲϵϭ͘ϮϭϬ;ĂͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϰ DͲϮϬ,ŽƵƐŝŶŐDĂƌŬĞƚŶĂůǇƐŝƐ͗ŽŶĚŝƚŝŽŶŽĨ,ŽƵƐŝŶŐʹϵϭ͘ϮϭϬ;ĂͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϲ DͲϮϱWƵďůŝĐĂŶĚƐƐŝƐƚĞĚ,ŽƵƐŝŶŐʹϵϭ͘ϮϭϬ;ďͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϵ DͲϯϬ,ŽŵĞůĞƐƐ&ĂĐŝůŝƚŝĞƐĂŶĚ^ĞƌǀŝĐĞƐʹϵϭ͘ϮϭϬ;ĐͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϮ DͲϯϱ^ƉĞĐŝĂůEĞĞĚƐ&ĂĐŝůŝƚŝĞƐĂŶĚ^ĞƌǀŝĐĞƐʹϵϭ͘ϮϭϬ;ĚͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϳ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϮ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D DͲϰϬĂƌƌŝĞƌƐƚŽĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐʹϵϭ͘ϮϭϬ;ĞͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϵ DͲϰϱEŽŶͲ,ŽƵƐŝŶŐŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚƐƐĞƚƐʹϵϭ͘Ϯϭϱ;ĨͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϬ DͲϱϬEĞĞĚƐĂŶĚDĂƌŬĞƚŶĂůǇƐŝƐŝƐĐƵƐƐŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϳ DͲϲϬƌŽĂĚďĂŶĚEĞĞĚƐŽĨ,ŽƵƐŝŶŐŽĐĐƵƉŝĞĚďǇ>ŽǁͲĂŶĚDŽĚĞƌĂƚĞͲ/ŶĐŽŵĞ,ŽƵƐĞŚŽůĚƐͲ ϵϭ͘ϮϭϬ;ĂͿ;ϰͿ͕ϵϭ͘ϯϭϬ;ĂͿ;ϮͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϴ DͲϲϱ,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶͲϵϭ͘ϮϭϬ;ĂͿ;ϱͿ͕ϵϭ͘ϯϭϬ;ĂͿ;ϯͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϵ ^ƚƌĂƚĞŐŝĐWůĂŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϬ ^WͲϬϱKǀĞƌǀŝĞǁ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϬ ^WͲϭϬ'ĞŽŐƌĂƉŚŝĐWƌŝŽƌŝƚŝĞƐʹϵϭ͘Ϯϭϱ;ĂͿ;ϭͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϭ ^WͲϮϱWƌŝŽƌŝƚǇEĞĞĚƐͲϵϭ͘Ϯϭϱ;ĂͿ;ϮͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϮ ^WͲϯϬ/ŶĨůƵĞŶĐĞŽĨDĂƌŬĞƚŽŶĚŝƚŝŽŶƐʹϵϭ͘Ϯϭϱ;ďͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϳ ^WͲϱϬWƵďůŝĐ,ŽƵƐŝŶŐĐĐĞƐƐŝďŝůŝƚǇĂŶĚ/ŶǀŽůǀĞŵĞŶƚʹϵϭ͘Ϯϭϱ;ĐͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϳ ^WͲϱϱĂƌƌŝĞƌƐƚŽĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐʹϵϭ͘Ϯϭϱ;ŚͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϵ ^WͲϲϬ,ŽŵĞůĞƐƐŶĞƐƐ^ƚƌĂƚĞŐǇʹϵϭ͘Ϯϭϱ;ĚͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϬ 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WƵďůŝĐ,ŽƵƐŝŶŐEĞĞĚƐ ,ŽǁǁĂƐƚŚĞ ƐƵƌǀĞǇǁĂƐƐĞŶƚƚŽƌĞƋƵĞƐƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶĐƌŝƚŝĐĂůŝŶ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ŝĚĞŶƚŝĨǇŝŶŐŶĞĞĚƐĂŶĚƉƌŝŽƌŝƚǇŶĞĞĚƐŝŶƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͕ ĐŽŶƐƵůƚĞĚĂŶĚǁŚĂƚĂƌĞƚŚĞ ƉƌŝŶĐŝƉĂůůǇĨŽƌůŽǁͲĂŶĚŵŽĚĞƌĂƚĞŝŶĐŽŵĞƌĞƐŝĚĞŶƚƐĂŶĚƚŚŽƐĞ ĂŶƚŝĐŝƉĂƚĞĚŽƵƚĐŽŵĞƐŽĨƚŚĞ ǁŝƚŚƐƉĞĐŝĂůŶĞĞĚƐ͘/ŶĂĚĚŝƚŝŽŶ͕ĂƉƵďůŝĐŵĞĞƚŝŶŐǁĂƐ ĐŽŶƐƵůƚĂƚŝŽŶŽƌĂƌĞĂƐĨŽƌ ĐŽŶĚƵĐƚĞĚŽŶ^ĞƉƚĞŵďĞƌϭϬ͕ϮϬϭϰĂůůŽǁŝŶŐŝŶƚĞƌĞƐƚĞĚƉĂƌƚŝĞƐ ŝŵƉƌŽǀĞĚĐŽŽƌĚŝŶĂƚŝŽŶ͍ ĂŶŽƉƉŽƌƚƵŶŝƚǇƚŽǀŽŝĐĞƚŚĞŝƌŽƉŝŶŝŽŶƐƌĞŐĂƌĚŝŶŐƚŚĞŝƚǇΖƐ ,ŽƵƐŝŶŐĂŶĚŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚŶĞĞĚƐ͕ŝŶĐůƵĚŝŶŐ ŚŽƵƐŝŶŐŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐ͕ĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐŶĞĞĚƐ͕ ŚŽŵĞůĞƐƐŶĞĞĚƐ͕ƉƵďůŝĐĂŶĚĂƐƐŝƐƚŝŶŐŚŽƵƐŝŶŐŶĞĞĚƐĂŶĚ ďĂƌƌŝĞƌƐƚŽĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĂŶĚŽŶƚŚĞĨŽƌŵƵůĂƚŝŽŶŽĨƐƵĐŚ ŶĞĞĚƐ͘ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ϮZZ<^Zs/^ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ,ŽƵƐŝŶŐ dǇƉĞ ^ĞƌǀŝĐĞƐͲWĞƌƐŽŶƐǁŝƚŚŝƐĂďŝůŝƚŝĞƐ WƵďůŝĐůǇ&ƵŶĚĞĚ/ŶƐƚŝƚƵƚŝŽŶͬ^ǇƐƚĞŵŽĨĂƌĞ tŚĂƚƐĞĐƚŝŽŶŽĨƚŚĞWůĂŶǁĂƐ ,ŽƵƐŝŶŐEĞĞĚƐƐĞƐƐŵĞŶƚ ĂĚĚƌĞƐƐĞĚďǇŽŶƐƵůƚĂƚŝŽŶ͍ EŽŶͲ,ŽŵĞůĞƐƐ^ƉĞĐŝĂůEĞĞĚƐ ,ŽǁǁĂƐƚŚĞ ƐƵƌǀĞǇǁĂƐƐĞŶƚƌĞƋƵĞƐƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶĐƌŝƚŝĐĂůŝŶŝĚĞŶƚŝĨǇŝŶŐ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ŶĞĞĚƐĂŶĚƉƌŝŽƌŝƚǇŶĞĞĚƐŝŶƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͕ƉƌŝŶĐŝƉĂůůǇĨŽƌ ĐŽŶƐƵůƚĞĚĂŶĚǁŚĂƚĂƌĞƚŚĞ ůŽǁͲĂŶĚŵŽĚĞƌĂƚĞŝŶĐŽŵĞƌĞƐŝĚĞŶƚƐĂŶĚƚŚŽƐĞǁŝƚŚƐƉĞĐŝĂů ĂŶƚŝĐŝƉĂƚĞĚŽƵƚĐŽŵĞƐŽĨƚŚĞ ŶĞĞĚƐ͘/ŶĂĚĚŝƚŝŽŶ͕ĂƉƵďůŝĐŵĞĞƚŝŶŐǁĂƐĐŽŶĚƵĐƚĞĚŽŶ ĐŽŶƐƵůƚĂƚŝŽŶŽƌĂƌĞĂƐĨŽƌ ^ĞƉƚĞŵďĞƌϭϬ͕ϮϬϭϰĂůůŽǁŝŶŐŝŶƚĞƌĞƐƚĞĚƉĂƌƚŝĞƐĂŶ ŝŵƉƌŽǀĞĚĐŽŽƌĚŝŶĂƚŝŽŶ͍ ŽƉƉŽƌƚƵŶŝƚǇƚŽǀŽŝĐĞƚŚĞŝƌŽƉŝŶŝŽŶƐƌĞŐĂƌĚŝŶŐƚŚĞŝƚǇΖƐ ,ŽƵƐŝŶŐĂŶĚŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚŶĞĞĚƐ͕ŝŶĐůƵĚŝŶŐ ŚŽƵƐŝŶŐŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐ͕ĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐŶĞĞĚƐ͕ ŚŽŵĞůĞƐƐŶĞĞĚƐ͕ƉƵďůŝĐĂŶĚĂƐƐŝƐƚŝŶŐŚŽƵƐŝŶŐŶĞĞĚƐĂŶĚ ďĂƌƌŝĞƌƐƚŽĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĂŶĚŽŶƚŚĞĨŽƌŵƵůĂƚŝŽŶŽĨƐƵĐŚ ŶĞĞĚƐ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϱ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ϯ^>sd/KEZDzZK,^dZ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ,ŽƵƐŝŶŐ dǇƉĞ ^ĞƌǀŝĐĞƐͲ,ŽƵƐŝŶŐ ƵƐŝŶĞƐƐĂŶĚŝǀŝĐ>ĞĂĚĞƌƐ &ŽƵŶĚĂƚŝŽŶ tŚĂƚƐĞĐƚŝŽŶŽĨƚŚĞWůĂŶǁĂƐ ,ŽƵƐŝŶŐEĞĞĚƐƐĞƐƐŵĞŶƚ ĂĚĚƌĞƐƐĞĚďǇŽŶƐƵůƚĂƚŝŽŶ͍ ,ŽǁǁĂƐƚŚĞ ƐƵƌǀĞǇǁĂƐƐĞŶƚƌĞƋƵĞƐƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶĐƌŝƚŝĐĂůŝŶŝĚĞŶƚŝĨǇŝŶŐ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ŶĞĞĚƐĂŶĚƉƌŝŽƌŝƚǇŶĞĞĚƐŝŶƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͕ƉƌŝŶĐŝƉĂůůǇĨŽƌ ĐŽŶƐƵůƚĞĚĂŶĚǁŚĂƚĂƌĞƚŚĞ ůŽǁͲĂŶĚŵŽĚĞƌĂƚĞŝŶĐŽŵĞƌĞƐŝĚĞŶƚƐĂŶĚƚŚŽƐĞǁŝƚŚƐƉĞĐŝĂů ĂŶƚŝĐŝƉĂƚĞĚŽƵƚĐŽŵĞƐŽĨƚŚĞ ŶĞĞĚƐ͘/ŶĂĚĚŝƚŝŽŶ͕ĂƉƵďůŝĐŵĞĞƚŝŶŐǁĂƐĐŽŶĚƵĐƚĞĚŽŶ ĐŽŶƐƵůƚĂƚŝŽŶŽƌĂƌĞĂƐĨŽƌ ^ĞƉƚĞŵďĞƌϭϬ͕ϮϬϭϰĂůůŽǁŝŶŐŝŶƚĞƌĞƐƚĞĚƉĂƌƚŝĞƐĂŶ ŝŵƉƌŽǀĞĚĐŽŽƌĚŝŶĂƚŝŽŶ͍ ŽƉƉŽƌƚƵŶŝƚǇƚŽǀŽŝĐĞƚŚĞŝƌŽƉŝŶŝŽŶƐƌĞŐĂƌĚŝŶŐƚŚĞŝƚǇΖƐ ,ŽƵƐŝŶŐĂŶĚŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚŶĞĞĚƐ͕ŝŶĐůƵĚŝŶŐ ŚŽƵƐŝŶŐŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐ͕ĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐŶĞĞĚƐ͕ ŚŽŵĞůĞƐƐŶĞĞĚƐ͕ƉƵďůŝĐĂŶĚĂƐƐŝƐƚŝŶŐŚŽƵƐŝŶŐŶĞĞĚƐĂŶĚ ďĂƌƌŝĞƌƐƚŽĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĂŶĚŽŶƚŚĞĨŽƌŵƵůĂƚŝŽŶŽĨƐƵĐŚ ŶĞĞĚƐ͘ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ϳKDDhE/dz,Kh^/E'WZdEZ^,/W͕/E͘ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ^ĞƌǀŝĐĞƐͲ,ŽƵƐŝŶŐ dǇƉĞ ^ĞƌǀŝĐĞƐͲĚƵĐĂƚŝŽŶ ƵƐŝŶĞƐƐ>ĞĂĚĞƌƐ ŝǀŝĐ>ĞĂĚĞƌƐ tŚĂƚƐĞĐƚŝŽŶŽĨƚŚĞWůĂŶǁĂƐ ,ŽƵƐŝŶŐEĞĞĚƐƐĞƐƐŵĞŶƚ ĂĚĚƌĞƐƐĞĚďǇŽŶƐƵůƚĂƚŝŽŶ͍ ,ŽǁǁĂƐƚŚĞ ƐƵƌǀĞǇǁĂƐƐĞŶƚƌĞƋƵĞƐƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶĐƌŝƚŝĐĂůŝŶŝĚĞŶƚŝĨǇŝŶŐ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ŶĞĞĚƐĂŶĚƉƌŝŽƌŝƚǇŶĞĞĚƐŝŶƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͕ƉƌŝŶĐŝƉĂůůǇĨŽƌ ĐŽŶƐƵůƚĞĚĂŶĚǁŚĂƚĂƌĞƚŚĞ ůŽǁͲĂŶĚŵŽĚĞƌĂƚĞŝŶĐŽŵĞƌĞƐŝĚĞŶƚƐĂŶĚƚŚŽƐĞǁŝƚŚƐƉĞĐŝĂů ĂŶƚŝĐŝƉĂƚĞĚŽƵƚĐŽŵĞƐŽĨƚŚĞ ŶĞĞĚƐ͘/ŶĂĚĚŝƚŝŽŶ͕ĂƉƵďůŝĐŵĞĞƚŝŶŐǁĂƐĐŽŶĚƵĐƚĞĚŽŶ ĐŽŶƐƵůƚĂƚŝŽŶŽƌĂƌĞĂƐĨŽƌ ^ĞƉƚĞŵďĞƌϭϬ͕ϮϬϭϰĂůůŽǁŝŶŐŝŶƚĞƌĞƐƚĞĚƉĂƌƚŝĞƐĂŶ ŝŵƉƌŽǀĞĚĐŽŽƌĚŝŶĂƚŝŽŶ͍ ŽƉƉŽƌƚƵŶŝƚǇƚŽǀŽŝĐĞƚŚĞŝƌŽƉŝŶŝŽŶƐƌĞŐĂƌĚŝŶŐƚŚĞŝƚǇΖƐ ,ŽƵƐŝŶŐĂŶĚŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚŶĞĞĚƐ͕ŝŶĐůƵĚŝŶŐ ŚŽƵƐŝŶŐŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐ͕ĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐŶĞĞĚƐ͕ ŚŽŵĞůĞƐƐŶĞĞĚƐ͕ƉƵďůŝĐĂŶĚĂƐƐŝƐƚŝŶŐŚŽƵƐŝŶŐŶĞĞĚƐĂŶĚ ďĂƌƌŝĞƌƐƚŽĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĂŶĚŽŶƚŚĞĨŽƌŵƵůĂƚŝŽŶŽĨƐƵĐŚ ŶĞĞĚƐ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϲ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ϴ^DEĞŶƚĞƌĨŽƌ/ŶĚĞƉĞŶĚĞŶƚ>ŝǀŝŶŐ;^D/>Ϳ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ,ŽƵƐŝŶŐ dǇƉĞ ^ĞƌǀŝĐĞƐͲWĞƌƐŽŶƐǁŝƚŚŝƐĂďŝůŝƚŝĞƐ WƵďůŝĐůǇ&ƵŶĚĞĚ/ŶƐƚŝƚƵƚŝŽŶͬ^ǇƐƚĞŵŽĨĂƌĞ tŚĂƚƐĞĐƚŝŽŶŽĨƚŚĞWůĂŶǁĂƐ ,ŽƵƐŝŶŐEĞĞĚƐƐĞƐƐŵĞŶƚ ĂĚĚƌĞƐƐĞĚďǇŽŶƐƵůƚĂƚŝŽŶ͍ EŽŶͲ,ŽŵĞůĞƐƐ^ƉĞĐŝĂůEĞĞĚƐ ,ŽǁǁĂƐƚŚĞ ƐƵƌǀĞǇǁĂƐƐĞŶƚƌĞƋƵĞƐƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶĐƌŝƚŝĐĂůŝŶŝĚĞŶƚŝĨǇŝŶŐ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ŶĞĞĚƐĂŶĚƉƌŝŽƌŝƚǇŶĞĞĚƐŝŶƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͕ƉƌŝŶĐŝƉĂůůǇĨŽƌ ĐŽŶƐƵůƚĞĚĂŶĚǁŚĂƚĂƌĞƚŚĞ ůŽǁͲĂŶĚŵŽĚĞƌĂƚĞŝŶĐŽŵĞƌĞƐŝĚĞŶƚƐĂŶĚƚŚŽƐĞǁŝƚŚƐƉĞĐŝĂů ĂŶƚŝĐŝƉĂƚĞĚŽƵƚĐŽŵĞƐŽĨƚŚĞ ŶĞĞĚƐ͘/ŶĂĚĚŝƚŝŽŶ͕ĂƉƵďůŝĐŵĞĞƚŝŶŐǁĂƐĐŽŶĚƵĐƚĞĚŽŶ ĐŽŶƐƵůƚĂƚŝŽŶŽƌĂƌĞĂƐĨŽƌ 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,ŽƵƐŝŶŐĂŶĚŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚŶĞĞĚƐ͕ŝŶĐůƵĚŝŶŐ ŚŽƵƐŝŶŐŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐ͕ĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐŶĞĞĚƐ͕ ŚŽŵĞůĞƐƐŶĞĞĚƐ͕ƉƵďůŝĐĂŶĚĂƐƐŝƐƚŝŶŐŚŽƵƐŝŶŐŶĞĞĚƐĂŶĚ ďĂƌƌŝĞƌƐƚŽĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĂŶĚŽŶƚŚĞĨŽƌŵƵůĂƚŝŽŶŽĨƐƵĐŚ ŶĞĞĚƐ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ϭϬ^>sd/KEZDz ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ,ŽƵƐŝŶŐ dǇƉĞ ^ĞƌǀŝĐĞƐͲ,ŽƵƐŝŶŐ ^ĞƌǀŝĐĞƐͲůĚĞƌůǇWĞƌƐŽŶƐ ^ĞƌǀŝĐĞƐͲWĞƌƐŽŶƐǁŝƚŚŝƐĂďŝůŝƚŝĞƐ ^ĞƌǀŝĐĞƐͲŚŽŵĞůĞƐƐ WƵďůŝĐůǇ&ƵŶĚĞĚ/ŶƐƚŝƚƵƚŝŽŶͬ^ǇƐƚĞŵŽĨĂƌĞ ƵƐŝŶĞƐƐ>ĞĂĚĞƌƐ EĞŝŐŚďŽƌŚŽŽĚKƌŐĂŶŝǌĂƚŝŽŶ tŚĂƚƐĞĐƚŝŽŶŽĨƚŚĞWůĂŶǁĂƐ ,ŽƵƐŝŶŐEĞĞĚƐƐĞƐƐŵĞŶƚ ĂĚĚƌĞƐƐĞĚďǇŽŶƐƵůƚĂƚŝŽŶ͍ ,ŽŵĞůĞƐƐEĞĞĚƐͲŚƌŽŶŝĐĂůůǇŚŽŵĞůĞƐƐ ,ŽŵĞůĞƐƐEĞĞĚƐͲ&ĂŵŝůŝĞƐǁŝƚŚĐŚŝůĚƌĞŶ ,ŽŵĞůĞƐƐŶĞƐƐEĞĞĚƐͲsĞƚĞƌĂŶƐ ,ŽǁǁĂƐƚŚĞ ƐƵƌǀĞǇǁĂƐƐĞŶƚƌĞƋƵĞƐƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶĐƌŝƚŝĐĂůŝŶŝĚĞŶƚŝĨǇŝŶŐ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ŶĞĞĚƐĂŶĚƉƌŝŽƌŝƚǇŶĞĞĚƐŝŶƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͕ƉƌŝŶĐŝƉĂůůǇĨŽƌ ĐŽŶƐƵůƚĞĚĂŶĚǁŚĂƚĂƌĞƚŚĞ ůŽǁͲĂŶĚŵŽĚĞƌĂƚĞŝŶĐŽŵĞƌĞƐŝĚĞŶƚƐĂŶĚƚŚŽƐĞǁŝƚŚƐƉĞĐŝĂů ĂŶƚŝĐŝƉĂƚĞĚŽƵƚĐŽŵĞƐŽĨƚŚĞ ŶĞĞĚƐ͘/ŶĂĚĚŝƚŝŽŶ͕ĂƉƵďůŝĐŵĞĞƚŝŶŐǁĂƐĐŽŶĚƵĐƚĞĚŽŶ ĐŽŶƐƵůƚĂƚŝŽŶŽƌĂƌĞĂƐĨŽƌ ^ĞƉƚĞŵďĞƌϭϬ͕ϮϬϭϰĂůůŽǁŝŶŐŝŶƚĞƌĞƐƚĞĚƉĂƌƚŝĞƐĂŶ ŝŵƉƌŽǀĞĚĐŽŽƌĚŝŶĂƚŝŽŶ͍ ŽƉƉŽƌƚƵŶŝƚǇƚŽǀŽŝĐĞƚŚĞŝƌŽƉŝŶŝŽŶƐƌĞŐĂƌĚŝŶŐƚŚĞŝƚǇΖƐ ,ŽƵƐŝŶŐĂŶĚŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚŶĞĞĚƐ͕ŝŶĐůƵĚŝŶŐ ŚŽƵƐŝŶŐŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐ͕ĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐŶĞĞĚƐ͕ ŚŽŵĞůĞƐƐŶĞĞĚƐ͕ƉƵďůŝĐĂŶĚĂƐƐŝƐƚŝŶŐŚŽƵƐŝŶŐŶĞĞĚƐĂŶĚ ďĂƌƌŝĞƌƐƚŽĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĂŶĚŽŶƚŚĞĨŽƌŵƵůĂƚŝŽŶŽĨƐƵĐŚ ŶĞĞĚƐ͘ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ϭϭhDZKs>>zDEd>,>d,EdZ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ,ŽƵƐŝŶŐ dǇƉĞ ^ĞƌǀŝĐĞƐͲ,ŽƵƐŝŶŐ ^ĞƌǀŝĐĞƐͲWĞƌƐŽŶƐǁŝƚŚŝƐĂďŝůŝƚŝĞƐ ^ĞƌǀŝĐĞƐͲWĞƌƐŽŶƐǁŝƚŚ,/sͬ/^ ^ĞƌǀŝĐĞƐͲŚŽŵĞůĞƐƐ WƵďůŝĐůǇ&ƵŶĚĞĚ/ŶƐƚŝƚƵƚŝŽŶͬ^ǇƐƚĞŵŽĨĂƌĞ EĞŝŐŚďŽƌŚŽŽĚKƌŐĂŶŝǌĂƚŝŽŶ tŚĂƚƐĞĐƚŝŽŶŽĨƚŚĞWůĂŶǁĂƐ ,ŽƵƐŝŶŐEĞĞĚƐƐĞƐƐŵĞŶƚ ĂĚĚƌĞƐƐĞĚďǇŽŶƐƵůƚĂƚŝŽŶ͍ ,ŽŵĞůĞƐƐEĞĞĚƐͲŚƌŽŶŝĐĂůůǇŚŽŵĞůĞƐƐ ,ŽŵĞůĞƐƐŶĞƐƐEĞĞĚƐͲhŶĂĐĐŽŵƉĂŶŝĞĚǇŽƵƚŚ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϴ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ,ŽǁǁĂƐƚŚĞ ƐƵƌǀĞǇǁĂƐƐĞŶƚƌĞƋƵĞƐƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶĐƌŝƚŝĐĂůŝŶŝĚĞŶƚŝĨǇŝŶŐ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ŶĞĞĚƐĂŶĚƉƌŝŽƌŝƚǇŶĞĞĚƐŝŶƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͕ƉƌŝŶĐŝƉĂůůǇĨŽƌ ĐŽŶƐƵůƚĞĚĂŶĚǁŚĂƚĂƌĞƚŚĞ ůŽǁͲĂŶĚŵŽĚĞƌĂƚĞŝŶĐŽŵĞƌĞƐŝĚĞŶƚƐĂŶĚƚŚŽƐĞǁŝƚŚƐƉĞĐŝĂů ĂŶƚŝĐŝƉĂƚĞĚŽƵƚĐŽŵĞƐŽĨƚŚĞ ŶĞĞĚƐ͘/ŶĂĚĚŝƚŝŽŶ͕ĂƉƵďůŝĐŵĞĞƚŝŶŐǁĂƐĐŽŶĚƵĐƚĞĚŽŶ ĐŽŶƐƵůƚĂƚŝŽŶŽƌĂƌĞĂƐĨŽƌ ^ĞƉƚĞŵďĞƌϭϬ͕ϮϬϭϰĂůůŽǁŝŶŐŝŶƚĞƌĞƐƚĞĚƉĂƌƚŝĞƐĂŶ ŝŵƉƌŽǀĞĚĐŽŽƌĚŝŶĂƚŝŽŶ͍ ŽƉƉŽƌƚƵŶŝƚǇƚŽǀŽŝĐĞƚŚĞŝƌŽƉŝŶŝŽŶƐƌĞŐĂƌĚŝŶŐƚŚĞŝƚǇΖƐ ,ŽƵƐŝŶŐĂŶĚŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚŶĞĞĚƐ͕ŝŶĐůƵĚŝŶŐ ŚŽƵƐŝŶŐŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐ͕ĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐŶĞĞĚƐ͕ ŚŽŵĞůĞƐƐŶĞĞĚƐ͕ƉƵďůŝĐĂŶĚĂƐƐŝƐƚŝŶŐŚŽƵƐŝŶŐŶĞĞĚƐĂŶĚ ďĂƌƌŝĞƌƐƚŽĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĂŶĚŽŶƚŚĞĨŽƌŵƵůĂƚŝŽŶŽĨƐƵĐŚ ŶĞĞĚƐ͘ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ϭϮZK,^dZZ,/dd&KZ,hDE/dz ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ,ŽƵƐŝŶŐ dǇƉĞ ƵƐŝŶĞƐƐ>ĞĂĚĞƌƐ EĞŝŐŚďŽƌŚŽŽĚKƌŐĂŶŝǌĂƚŝŽŶ tŚĂƚƐĞĐƚŝŽŶŽĨƚŚĞWůĂŶǁĂƐ ,ŽƵƐŝŶŐEĞĞĚƐƐĞƐƐŵĞŶƚ ĂĚĚƌĞƐƐĞĚďǇŽŶƐƵůƚĂƚŝŽŶ͍ ,ŽǁǁĂƐƚŚĞ ƐƵƌǀĞǇǁĂƐƐĞŶƚƌĞƋƵĞƐƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶĐƌŝƚŝĐĂůŝŶŝĚĞŶƚŝĨǇŝŶŐ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ŶĞĞĚƐĂŶĚƉƌŝŽƌŝƚǇŶĞĞĚƐŝŶƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͕ƉƌŝŶĐŝƉĂůůǇĨŽƌ ĐŽŶƐƵůƚĞĚĂŶĚǁŚĂƚĂƌĞƚŚĞ ůŽǁͲĂŶĚŵŽĚĞƌĂƚĞŝŶĐŽŵĞƌĞƐŝĚĞŶƚƐĂŶĚƚŚŽƐĞǁŝƚŚƐƉĞĐŝĂů ĂŶƚŝĐŝƉĂƚĞĚŽƵƚĐŽŵĞƐŽĨƚŚĞ ŶĞĞĚƐ͘/ŶĂĚĚŝƚŝŽŶ͕ĂƉƵďůŝĐŵĞĞƚŝŶŐǁĂƐĐŽŶĚƵĐƚĞĚŽŶ ĐŽŶƐƵůƚĂƚŝŽŶŽƌĂƌĞĂƐĨŽƌ ^ĞƉƚĞŵďĞƌϭϬ͕ϮϬϭϰĂůůŽǁŝŶŐŝŶƚĞƌĞƐƚĞĚƉĂƌƚŝĞƐĂŶ ŝŵƉƌŽǀĞĚĐŽŽƌĚŝŶĂƚŝŽŶ͍ ŽƉƉŽƌƚƵŶŝƚǇƚŽǀŽŝĐĞƚŚĞŝƌŽƉŝŶŝŽŶƐƌĞŐĂƌĚŝŶŐƚŚĞŝƚǇΖƐ ,ŽƵƐŝŶŐĂŶĚŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚŶĞĞĚƐ͕ŝŶĐůƵĚŝŶŐ ŚŽƵƐŝŶŐŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐ͕ĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐŶĞĞĚƐ͕ ŚŽŵĞůĞƐƐŶĞĞĚƐ͕ƉƵďůŝĐĂŶĚĂƐƐŝƐƚŝŶŐŚŽƵƐŝŶŐŶĞĞĚƐĂŶĚ ďĂƌƌŝĞƌƐƚŽĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĂŶĚŽŶƚŚĞĨŽƌŵƵůĂƚŝŽŶŽĨƐƵĐŚ ŶĞĞĚƐ͘ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ϭϯtŽŵĞŶΖƐ^ŚĞůƚĞƌZŽĐŚĞƐƚĞƌDE ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ,ŽƵƐŝŶŐ dǇƉĞ ^ĞƌǀŝĐĞƐͲ,ŽƵƐŝŶŐ ^ĞƌǀŝĐĞƐͲsŝĐƚŝŵƐŽĨŽŵĞƐƚŝĐsŝŽůĞŶĐĞ WƵďůŝĐůǇ&ƵŶĚĞĚ/ŶƐƚŝƚƵƚŝŽŶͬ^ǇƐƚĞŵŽĨĂƌĞ EĞŝŐŚďŽƌŚŽŽĚKƌŐĂŶŝǌĂƚŝŽŶ tŚĂƚƐĞĐƚŝŽŶŽĨƚŚĞWůĂŶǁĂƐ ,ŽƵƐŝŶŐEĞĞĚƐƐĞƐƐŵĞŶƚ ĂĚĚƌĞƐƐĞĚďǇŽŶƐƵůƚĂƚŝŽŶ͍ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϵ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ,ŽǁǁĂƐƚŚĞ ƐƵƌǀĞǇǁĂƐƐĞŶƚƌĞƋƵĞƐƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶĐƌŝƚŝĐĂůŝŶŝĚĞŶƚŝĨǇŝŶŐ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ŶĞĞĚƐĂŶĚƉƌŝŽƌŝƚǇŶĞĞĚƐŝŶƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͕ƉƌŝŶĐŝƉĂůůǇĨŽƌ ĐŽŶƐƵůƚĞĚĂŶĚǁŚĂƚĂƌĞƚŚĞ ůŽǁͲĂŶĚŵŽĚĞƌĂƚĞŝŶĐŽŵĞƌĞƐŝĚĞŶƚƐĂŶĚƚŚŽƐĞǁŝƚŚƐƉĞĐŝĂů ĂŶƚŝĐŝƉĂƚĞĚŽƵƚĐŽŵĞƐŽĨƚŚĞ ŶĞĞĚƐ͘/ŶĂĚĚŝƚŝŽŶ͕ĂƉƵďůŝĐŵĞĞƚŝŶŐǁĂƐĐŽŶĚƵĐƚĞĚŽŶ ĐŽŶƐƵůƚĂƚŝŽŶŽƌĂƌĞĂƐĨŽƌ ^ĞƉƚĞŵďĞƌϭϬ͕ϮϬϭϰĂůůŽǁŝŶŐŝŶƚĞƌĞƐƚĞĚƉĂƌƚŝĞƐĂŶ ŝŵƉƌŽǀĞĚĐŽŽƌĚŝŶĂƚŝŽŶ͍ ŽƉƉŽƌƚƵŶŝƚǇƚŽǀŽŝĐĞƚŚĞŝƌŽƉŝŶŝŽŶƐƌĞŐĂƌĚŝŶŐƚŚĞŝƚǇΖƐ ,ŽƵƐŝŶŐĂŶĚŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚŶĞĞĚƐ͕ŝŶĐůƵĚŝŶŐ ŚŽƵƐŝŶŐŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐ͕ĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐŶĞĞĚƐ͕ ŚŽŵĞůĞƐƐŶĞĞĚƐ͕ƉƵďůŝĐĂŶĚĂƐƐŝƐƚŝŶŐŚŽƵƐŝŶŐŶĞĞĚƐĂŶĚ ďĂƌƌŝĞƌƐƚŽĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĂŶĚŽŶƚŚĞĨŽƌŵƵůĂƚŝŽŶŽĨƐƵĐŚ ŶĞĞĚƐ͘ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ϭϰ^^/>^W/E͘;^/Ϳ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ,ŽƵƐŝŶŐ dǇƉĞ ^ĞƌǀŝĐĞƐͲWĞƌƐŽŶƐǁŝƚŚŝƐĂďŝůŝƚŝĞƐ WƵďůŝĐůǇ&ƵŶĚĞĚ/ŶƐƚŝƚƵƚŝŽŶͬ^ǇƐƚĞŵŽĨĂƌĞ DĂũŽƌŵƉůŽǇĞƌ tŚĂƚƐĞĐƚŝŽŶŽĨƚŚĞWůĂŶǁĂƐ ,ŽƵƐŝŶŐEĞĞĚƐƐĞƐƐŵĞŶƚ ĂĚĚƌĞƐƐĞĚďǇŽŶƐƵůƚĂƚŝŽŶ͍ ,ŽŵĞůĞƐƐEĞĞĚƐͲŚƌŽŶŝĐĂůůǇŚŽŵĞůĞƐƐ ,ŽǁǁĂƐƚŚĞ ƐƵƌǀĞǇǁĂƐƐĞŶƚƌĞƋƵĞƐƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶĐƌŝƚŝĐĂůŝŶŝĚĞŶƚŝĨǇŝŶŐ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ŶĞĞĚƐĂŶĚƉƌŝŽƌŝƚǇŶĞĞĚƐŝŶƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͕ƉƌŝŶĐŝƉĂůůǇĨŽƌ ĐŽŶƐƵůƚĞĚĂŶĚǁŚĂƚĂƌĞƚŚĞ ůŽǁͲĂŶĚŵŽĚĞƌĂƚĞŝŶĐŽŵĞƌĞƐŝĚĞŶƚƐĂŶĚƚŚŽƐĞǁŝƚŚƐƉĞĐŝĂů ĂŶƚŝĐŝƉĂƚĞĚŽƵƚĐŽŵĞƐŽĨƚŚĞ ŶĞĞĚƐ͘/ŶĂĚĚŝƚŝŽŶ͕ĂƉƵďůŝĐŵĞĞƚŝŶŐǁĂƐĐŽŶĚƵĐƚĞĚŽŶ ĐŽŶƐƵůƚĂƚŝŽŶŽƌĂƌĞĂƐĨŽƌ ^ĞƉƚĞŵďĞƌϭϬ͕ϮϬϭϰĂůůŽǁŝŶŐŝŶƚĞƌĞƐƚĞĚƉĂƌƚŝĞƐĂŶ ŝŵƉƌŽǀĞĚĐŽŽƌĚŝŶĂƚŝŽŶ͍ ŽƉƉŽƌƚƵŶŝƚǇƚŽǀŽŝĐĞƚŚĞŝƌŽƉŝŶŝŽŶƐƌĞŐĂƌĚŝŶŐƚŚĞŝƚǇΖƐ ,ŽƵƐŝŶŐĂŶĚŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚŶĞĞĚƐ͕ŝŶĐůƵĚŝŶŐ ŚŽƵƐŝŶŐŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐ͕ĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐŶĞĞĚƐ͕ ŚŽŵĞůĞƐƐŶĞĞĚƐ͕ƉƵďůŝĐĂŶĚĂƐƐŝƐƚŝŶŐŚŽƵƐŝŶŐŶĞĞĚƐĂŶĚ ďĂƌƌŝĞƌƐƚŽĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĂŶĚŽŶƚŚĞĨŽƌŵƵůĂƚŝŽŶŽĨƐƵĐŚ ŶĞĞĚƐ͘ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ϭϱŽƌŽƚŚǇĂǇ,ŽƵƐĞŽĨ,ŽƐƉŝƚĂůŝƚǇ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ,ŽƵƐŝŶŐ dǇƉĞ ^ĞƌǀŝĐĞƐͲŚŽŵĞůĞƐƐ ƵƐŝŶĞƐƐ>ĞĂĚĞƌƐ EĞŝŐŚďŽƌŚŽŽĚKƌŐĂŶŝǌĂƚŝŽŶ tŚĂƚƐĞĐƚŝŽŶŽĨƚŚĞWůĂŶǁĂƐ ,ŽŵĞůĞƐƐEĞĞĚƐͲŚƌŽŶŝĐĂůůǇŚŽŵĞůĞƐƐ ĂĚĚƌĞƐƐĞĚďǇŽŶƐƵůƚĂƚŝŽŶ͍ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϮϬ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ,ŽǁǁĂƐƚŚĞ ƐƵƌǀĞǇǁĂƐƐĞŶƚƌĞƋƵĞƐƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶĐƌŝƚŝĐĂůŝŶŝĚĞŶƚŝĨǇŝŶŐ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ŶĞĞĚƐĂŶĚƉƌŝŽƌŝƚǇŶĞĞĚƐŝŶƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͕ƉƌŝŶĐŝƉĂůůǇĨŽƌ ĐŽŶƐƵůƚĞĚĂŶĚǁŚĂƚĂƌĞƚŚĞ ůŽǁͲĂŶĚŵŽĚĞƌĂƚĞŝŶĐŽŵĞƌĞƐŝĚĞŶƚƐĂŶĚƚŚŽƐĞǁŝƚŚƐƉĞĐŝĂů ĂŶƚŝĐŝƉĂƚĞĚŽƵƚĐŽŵĞƐŽĨƚŚĞ ŶĞĞĚƐ͘ŽƌŽƚŚǇĂǇƌĞƐƉŽŶƐĞ͗ĨĨŝĐŝĞŶƚƵƐĞŽĨďĞĚƐǁĞŚĂǀĞ͘ ĐŽŶƐƵůƚĂƚŝŽŶŽƌĂƌĞĂƐĨŽƌ /ĚĞŶƚŝĨǇĂĚĚŝƚŝŽŶĂůďĞĚƐĚƵƌŝŶŐǁŝŶƚĞƌŵŽŶƚŚƐŵĞƌŐĞŶĐǇ ŝŵƉƌŽǀĞĚĐŽŽƌĚŝŶĂƚŝŽŶ͍ ,ŽƵƐŝŶŐĨŽƌŚŽŵĞůĞƐƐΨϮŵŝůůŝŽŶ͘,ŽƵƐŝŶŐƐŚĞůƚĞƌĨŽƌŚŽŵĞůĞƐƐ ΨϮŵŝůůŝŽŶ͘dŚĞŽƌŽƚŚǇĂǇŚĂƐƌĞƋƵĞƐƚĞĚŶŽĨƵŶĚŝŶŐĨƌŽŵ ƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ϭϲhŶŝƚĞĚtĂǇŽĨKůŵƐƚĞĚŽƵŶƚǇ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ^ĞƌǀŝĐĞƐͲŚŝůĚƌĞŶ dǇƉĞ ƵƐŝŶĞƐƐĂŶĚŝǀŝĐ>ĞĂĚĞƌƐ EĞŝŐŚďŽƌŚŽŽĚKƌŐĂŶŝǌĂƚŝŽŶ tŚĂƚƐĞĐƚŝŽŶŽĨƚŚĞWůĂŶǁĂƐ >Žǁ/ŶĐŽŵĞWƌŽŐƌĂŵƐ ĂĚĚƌĞƐƐĞĚďǇŽŶƐƵůƚĂƚŝŽŶ͍ ,ŽǁǁĂƐƚŚĞ ƐƵƌǀĞǇǁĂƐƐĞŶƚƌĞƋƵĞƐƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶĐƌŝƚŝĐĂůŝŶŝĚĞŶƚŝĨǇŝŶŐ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ŶĞĞĚƐĂŶĚƉƌŝŽƌŝƚǇŶĞĞĚƐŝŶƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͕ƉƌŝŶĐŝƉĂůůǇĨŽƌ ĐŽŶƐƵůƚĞĚĂŶĚǁŚĂƚĂƌĞƚŚĞ ůŽǁͲĂŶĚŵŽĚĞƌĂƚĞŝŶĐŽŵĞƌĞƐŝĚĞŶƚƐĂŶĚƚŚŽƐĞǁŝƚŚƐƉĞĐŝĂů ĂŶƚŝĐŝƉĂƚĞĚŽƵƚĐŽŵĞƐŽĨƚŚĞ ŶĞĞĚƐ͘hŶŝƚĞĚtĂǇƌĞƐƉŽŶƐĞ͗ĚƵĐĂƚŝŽŶ;ƐƵƉƉŽƌƚůĞĂƌŶŝŶŐĂŶĚ ĐŽŶƐƵůƚĂƚŝŽŶŽƌĂƌĞĂƐĨŽƌ ĚĞǀĞůŽƉŵĞŶƚŽĨĐŚŝůĚƌĞŶĂŶĚǇŽƵƚŚƐŽƚŚĞǇďĞĐŽŵĞ ŝŵƉƌŽǀĞĚĐŽŽƌĚŝŶĂƚŝŽŶ͍ ƌĞƐƉŽŶƐŝďůĞĐŽŶƚƌŝďƵƚŝŶŐĐŝƚŝǌĞŶƐͲďŝƌƚŚƚŽϭϴǇĞĂƌƐŽĨĂŐĞͿ͖ϮͿ /ŶĐŽŵĞ;ŝŶĐƌĞĂƐĞŝŶĐŽŵĞ͕ĂƐƐĞƚƐĂŶĚũŽďƚƌĂŝŶŝŶŐĨŽƌŝŵƉƌŽǀĞĚ ĨŝŶĂŶĐŝĂůƐƚĂďŝůŝƚǇͲϭϴǇĞĂƌƐƚŽϲϱǇĞĂƌƐͿ͖,ĞĂůƚŚ;ĂĐŚŝĞǀĞ ŽƉƚŝŵĂůŚĞĂůƚŚƚŚƌŽƵŐŚƉƌŽŵŽƚŝŶŐǁĞůůŶĞƐƐĂŶĚŚĞĂůƚŚĐĂƌĞ ĂĐĐĞƐƐͿůůĂŐĞƐ͘dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĨƵŶĚƐƚŚĞhŶŝƚĞĚtĂǇ͛Ɛ 'ĂŶŐWƌĞǀĞŶƚŝŽŶWƌŽŐƌĂŵǁŝƚŚ'ĨƵŶĚŝŶŐ͘ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ϭϳďŝůŝƚǇƵŝůĚŝŶŐĞŶƚĞƌ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ^ĞƌǀŝĐĞƐͲWĞƌƐŽŶƐǁŝƚŚŝƐĂďŝůŝƚŝĞƐ dǇƉĞ ƵƐŝŶĞƐƐ>ĞĂĚĞƌƐ 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EĞǁƐƉĂƉĞƌĚ ŐĞŶĐǇ^ƵƌǀĞǇ WƵďůŝĐ,ĞĂƌŝŶŐ ŽĨ DŽĚĞ ^ƵŵŵĂƌǇ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ KƌĚĞƌ ^Žƌƚ Ͳ WZ ϰ ϭϮ ϯ ϭ͘ *D EĞĞĚƐƐƐĞƐƐŵĞŶƚ EͲϬϱKǀĞƌǀŝĞǁ EĞĞĚƐƐƐĞƐƐŵĞŶƚKǀĞƌǀŝĞǁ ŝƚǇ^ƚĂĨĨǁŝƚŚĐŽŶƐƵůƚĂƚŝŽŶĨƌŽŵƚŚĞĂŐĞŶĐǇƉƌŽǀŝĚĞƌƐĂŶĚƚŚĞƉƵďůŝĐŝĚĞŶƚŝĨŝĞĚƚŚĞĨŽůůŽǁŝŶŐ͗ ͻ,ŽƵƐŝŶŐ ͲŚŽŵĞůĞƐƐƐŚĞůƚĞƌƐ ͲƌĞŚĂďŝůŝƚĂƚŝŽŶŽĨƐŝŶŐůĞĨĂŵŝůǇĚǁĞůůŝŶŐƐ ͲƌĞŚĂďŝůŝƚĂƚŝŽŶŽĨƌĞŶƚĂůƵŶŝƚƐ ͲĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐ;ŽǁŶĞƌƐŚŝƉͿ ͲĂĨĨŽƌĚĂďůĞƌĞŶƚĂůŚŽƵƐŝŶŐ ͲƐƉĞĐŝĂůŶĞĞĚƐŚŽƵƐŝŶŐ ͲĞŶĞƌŐǇĞĨĨŝĐŝĞŶĐǇ ͲůĞĂĚďĂƐĞĚƉĂŝŶƚŚĂǌĂƌĚƐ ͲƐĞĐƚŝŽŶϴǀŽƵĐŚĞƌƐ ͲŚŽƵƐŝŶŐƚĂǆĐƌĞĚŝƚƐ ͲĂǁĂƌĞŶĞƐƐŽĨŚŽƵƐŝŶŐƌĞƐŽƵƌĐĞƐ ͻWƵďůŝĐ^ĞƌǀŝĐĞƐ ͲǇŽƵƚŚƐĞƌǀŝĐĞƐ ͲƐĞŶŝŽƌƐĞƌǀŝĐĞƐ ͲĐŚŝůĚĐĂƌĞƐĞƌǀŝĐĞƐ ͲƐĞƌǀŝĐĞƐĨŽƌƉĞƌƐŽŶƐǁŝƚŚĚŝƐĂďŝůŝƚŝĞƐ ͲƐƵďƐƚĂŶĐĞĂďƵƐĞƐĞƌǀŝĐĞƐ ͲĞŵƉůŽǇŵĞŶƚƚƌĂŝŶŝŶŐ ͻWƵďůŝĐ&ĂĐŝůŝƚŝĞƐ ͲƐƚƌƵĐƚƵƌĞͬĨĂĐŝůŝƚŝĞƐƚŚĂƚƉƌŽǀŝĚĞƐĞƌǀŝĐĞƐƚŽůŽǁĂŶĚůŽǁͲŵŽĚĞƌĂƚĞŝŶĐŽŵĞƉĞƌƐŽŶƐ ͲƉĂƌŬĂŶĚƌĞĐƌĞĂƚŝŽŶĨĂĐŝůŝƚŝĞƐŝŶůŽǁͬŵŽĚĞƌĂƚĞŝŶĐŽŵĞďůŽĐŬŐƌŽƵƉƐ ͲĐŚŝůĚĐĂƌĞĐĞŶƚĞƌ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϮϲ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D EͲϭϬ,ŽƵƐŝŶŐEĞĞĚƐƐƐĞƐƐŵĞŶƚͲϮϰ&Zϵϭ͘ϮϬϱ;Ă͕ď͕ĐͿ ^ƵŵŵĂƌǇŽĨ,ŽƵƐŝŶŐEĞĞĚƐ 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 dĂďůĞϱͲ,ŽƵƐŝŶŐEĞĞĚƐƐƐĞƐƐŵĞŶƚĞŵŽŐƌĂƉŚŝĐƐ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϮϳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D 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 dĂďůĞϲͲdŽƚĂů,ŽƵƐĞŚŽůĚƐdĂďůĞ ĂƚĂ ϮϬϭϭͲϮϬϭϱ,^ ^ŽƵƌĐĞ͗ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϮϴ 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,^dZϮϵ 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 dĂďůĞϳʹ,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 dĂďůĞϴʹ,ŽƵƐŝŶŐWƌŽďůĞŵƐϮ ĂƚĂ ϮϬϭϭͲϮϬϭϱ,^ ^ŽƵƌĐĞ͗ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϯϬ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ϯ͘ŽƐƚƵƌĚĞŶхϯϬй ZĞŶƚĞƌKǁŶĞƌ ϬͲϯϬйхϯϬͲϱϬйхϱϬͲdŽƚĂůϬͲϯϬйхϯϬͲϱϬйхϱϬͲϴϬйdŽƚĂů D/D/ϴϬйD/D/D/ D/ EhDZK&,Kh^,K>^ ^ŵĂůůZĞůĂƚĞĚϵϭϬϱϳϱϮϭϵϭ͕ϳϬϰϮϬϬϯϲϬϲϲϱϭ͕ϮϮϱ >ĂƌŐĞZĞůĂƚĞĚϮϭϱϭϭϬϮϬϯϰϱϲϬϭϭϬϲϬϮϯϬ ůĚĞƌůǇϯϮϵϰϲϰϭϲϬϵϱϯϱϱϱϱϲϱϯϮϰϭ͕ϰϰϰ KƚŚĞƌϭ͕ϱϬϬϵϬϬϮϮϱϮ͕ϲϮϱϯϯϬϮϳϬϯϮϰϵϮϰ dŽƚĂůŶĞĞĚďǇϮ͕ϵϱϰϮ͕ϬϰϵϲϮϰϱ͕ϲϮϳϭ͕ϭϰϱϭ͕ϯϬϱϭ͕ϯϳϯϯ͕ϴϮϯ ŝŶĐŽŵĞ dĂďůĞϵʹŽƐƚƵƌĚĞŶхϯϬй ĂƚĂ ϮϬϭϭͲϮϬϭϱ,^ ^ŽƵƌĐĞ͗ ϰ͘ŽƐƚƵƌĚĞŶхϱϬй ZĞŶƚĞƌKǁŶĞƌ ϬͲϯϬйхϯϬͲхϱϬͲdŽƚĂůϬͲϯϬйхϯϬͲхϱϬͲdŽƚĂů D/ϱϬйϴϬйD/ϱϬйϴϬй D/D/D/D/ EhDZK&,Kh^,K>^ ^ŵĂůůZĞůĂƚĞĚϴϬϬϯϬϰϴϯϰϭϰϱϵϬϲϬϮϵϱ >ĂƌŐĞZĞůĂƚĞĚϭϲϱϬϬϭϲϱϭϱϲϬϬϳϱ ůĚĞƌůǇϭϴϱϮϭϰϴϱϰϴϰϯϬϬϮϲϱϯϰϱϵϵ KƚŚĞƌϭ͕ϮϱϬϭϲϬϭϱϭ͕ϰϮϱϮϬϬϭϮϱϰϯϮϵ dŽƚĂůŶĞĞĚďǇϮ͕ϰϬϬϰϬϰϭϬϰϮ͕ϵϬϴϲϲϬϱϰϬϵϴϭ͕Ϯϵϴ ŝŶĐŽŵĞ dĂďůĞϭϬʹŽƐƚƵƌĚĞŶхϱϬй 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 ϬͲхϯϬͲхϱϬͲdŽƚĂůϬͲхϯϬͲхϱϬͲdŽƚĂů ϯϬйϱϬйϴϬйϯϬйϱϬйϴϬй D/D/D/D/D/D/ ,ŽƵƐĞŚŽůĚƐǁŝƚŚ ŚŝůĚƌĞŶWƌĞƐĞŶƚϬϬϬϬϬϬϬϬ dĂďůĞϭϮʹƌŽǁĚŝŶŐ/ŶĨŽƌŵĂƚŝŽŶʹϮͬϮ ĂƚĂ^ŽƵƌĐĞ ŽŵŵĞŶƚƐ͗ ĞƐĐƌŝďĞƚŚĞŶƵŵďĞƌĂŶĚƚǇƉĞŽĨƐŝŶŐůĞƉĞƌƐŽŶŚŽƵƐĞŚŽůĚƐŝŶŶĞĞĚŽĨŚŽƵƐŝŶŐĂƐƐŝƐƚĂŶĐĞ͘ dŚĞƌĞǁĞƌĞϭ͕ϲϰϮŵĂůĞŶŽŶͲĨĂŵŝůǇŚŽƵƐĞŚŽůĚƐ͕ĂŶĚϮ͕ϰϱϲĨĞŵĂůĞŶŽŶͲĨĂŵŝůǇŚŽƵƐĞŚŽůĚƐďĞůŽǁƚŚĞ ƉŽǀĞƌƚǇůĞǀĞů͕ĂĐĐŽƌĚŝŶŐƚŽƚŚĞϮϬϭϯͲϮϬϭϳ^͘dŚŝƐĚĂƚĂĚŽĞƐŝŶĐůƵĚĞƉĞƌƐŽŶƐůŝǀŝŶŐƚŽŐĞƚŚĞƌǁŚŽĂƌĞ 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ZŝƐŬĨĂĐƚŽƌƐĂƐƐĞƐƐĞĚŝŶĐůƵĚĞĐƵƌƌĞŶƚŚŽƵƐŝŶŐƐƚĂƚƵƐ;ďĞŝŶŐĚŽƵďůĞĚͲƵƉ͕ŶŽƚŽŶĂůĞĂƐĞͿ͕ĐƌŝŵŝŶĂůŚŝƐƚŽƌǇ͕ ĂĚǀĞƌƐĞĐŚŝůĚŚŽŽĚĞǆƉĞƌŝĞŶĐĞƐ;ŚŽŵĞůĞƐƐŶĞƐƐ͕ĨŽƐƚĞƌĐĂƌĞƉůĂĐĞŵĞŶƚ͕ĨƌĞƋƵĞŶƚŵŽǀĞƐ͕ĞƚĐ͘Ϳ͕ĚŽŵĞƐƚŝĐ ǀŝŽůĞŶĐĞŽƌŽƚŚĞƌŵĂũŽƌŚŽƵƐĞŚŽůĚƚƌĂƵŵĂŽƌĞǀĞŶƚ;ĚĞĂƚŚŽĨĨĂŵŝůǇŵĞŵďĞƌ͕ƐĞƉĂƌĂƚŝŽŶͬĚŝǀŽƌĐĞ͕ŵĂũŽƌ ŝŶũƵƌǇŽƌŝůůŶĞƐƐ͕ĞƚĐ͘Ϳ͕ƌĞĐĞŶƚĚŝƐĐŚĂƌŐĞĨƌŽŵĂŶŝŶƐƚŝƚƵƚŝŽŶ͕ůŽǁŝŶĐŽŵĞ͕ĂŶĚƉƌĞǀŝŽƵƐĞǀŝĐƚŝŽŶƐ͘ ŝƐĐƌŝŵŝŶĂƚŝŽŶďĂƐĞĚŽŶƌĂĐĞͬĞƚŚŶŝĐŝƚǇ͕ƐĞǆƵĂůŽƌŝĞŶƚĂƚŝŽŶŽƌŐĞŶĚĞƌŝĚĞŶƚŝƚǇ͕ĂŶĚĨĂŵŝůŝĂůƐƚĂƚƵƐĂƌĞĂůƐŽ ĐŽŶƚƌŝďƵƚŝŶŐĨĂĐƚŽƌƐ͕ďƵƚĂƌĞŚĂƌĚƚŽďƌĞĂŬŽƵƚĨƌŽŵŽƚŚĞƌƌŝƐŬĨĂĐƚŽƌƐ͘ĂƐĞĚŽŶŝŶŝƚŝĂůĂŶĂůǇƐŝƐ͕ƚŚĞŵŽƐƚ ƐŝŐŶŝĨŝĐĂŶƚƌŝƐŬĨĂĐƚŽƌƐĂĐƌŽƐƐĂůůŚŽƵƐĞŚŽůĚƐĂƌĞƉƌĞǀŝŽƵƐŚŝƐƚŽƌǇŽĨŚŽŵĞůĞƐƐŶĞƐƐĂŶĚĐƵƌƌĞŶƚŚŽƵƐŝŶŐ ƐƚĂƚƵƐ͕ǁŚŝůĞƐƉĞĐŝĨŝĐďĂƌƌŝĞƌƐƚŽŚŽƵƐŝŶŐƐƵĐŚĂƐŚŝƐƚŽƌǇŽĨŝŶƐƚŝƚƵƚŝŽŶĂůŝǌĂƚŝŽŶĂĨĨĞĐƚĐĞƌƚĂŝŶƉŽƌƚŝŽŶƐŽĨ ƚŚĞƉŽƉƵůĂƚŝŽŶ͘>ŽǁŝŶĐŽŵĞďǇŝƚƐĞůĨŝƐŶŽƚĂƐƚƌŽŶŐƉƌĞĚŝĐƚŽƌŽĨŚŽŵĞůĞƐƐŶĞƐƐ͘;ŽŵƉĂƌŝŶŐƚŚĞŶƵŵďĞƌ ŽĨŚŽƵƐĞŚŽůĚƐǁŚŽĂƌĞŚŽŵĞůĞƐƐǁŝƚŚƚŚĞƚŽƚĂůƉŽƉƵůĂƚŝŽŶŽĨŚŽƵƐĞŚŽůĚƐǁŝƚŚǀĞƌǇůŽǁŝŶĐŽŵĞ͕ĨĞǁĞƌ ƚŚĂŶϭŝŶϭϬŚŽƵƐĞŚŽůĚƐǁŝƚŚǀĞƌǇůŽǁŝŶĐŽŵĞďĞĐŽŵĞŚŽŵĞůĞƐƐ͘Ϳ/ŶƐƚĞĂĚ͕ǁŚĞŶƚŚĞŽƚŚĞƌƌŝƐŬĨĂĐƚŽƌƐ ĂƌĞƉƌĞƐĞŶƚ͕ůŝŵŝƚĞĚŝŶĐŽŵĞĐŽŵƉŽƵŶĚƐƚŚĞƐŝƚƵĂƚŝŽŶďǇůŝŵŝƚŝŶŐƚŚĞŚŽƵƐĞŚŽůĚĐŚŽŝĐĞƐĂǀĂŝůĂďůĞƚŽ ƉƌĞǀĞŶƚŚŽŵĞůĞƐƐŶĞƐƐ͘ ŝƐĐƵƐƐŝŽŶ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϯϱ 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 tŚŝƚĞϮ͕ϳϲϱϭ͕ϴϭϱϬ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϯϲ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ,ŽƵƐŝŶŐWƌŽďůĞŵƐ,ĂƐŽŶĞŽƌŵŽƌĞ,ĂƐŶŽŶĞŽĨƚŚĞ,ŽƵƐĞŚŽůĚŚĂƐ ŽĨĨŽƵƌŚŽƵƐŝŶŐĨŽƵƌŚŽƵƐŝŶŐŶŽͬŶĞŐĂƚŝǀĞ ƉƌŽďůĞŵƐƉƌŽďůĞŵƐŝŶĐŽŵĞ͕ďƵƚŶŽŶĞ ŽĨƚŚĞŽƚŚĞƌ ŚŽƵƐŝŶŐƉƌŽďůĞŵƐ ůĂĐŬͬĨƌŝĐĂŶŵĞƌŝĐĂŶϯϱϱϭϯϬϬ ƐŝĂŶϭϲϱϳϬϬ ŵĞƌŝĐĂŶ/ŶĚŝĂŶ͕ůĂƐŬĂEĂƚŝǀĞϬϬϬ WĂĐŝĨŝĐ/ƐůĂŶĚĞƌϬϬϬ ,ŝƐƉĂŶŝĐϭϳϬϭϲϬϬ dĂďůĞϭϰͲŝƐƉƌŽƉŽƌƚŝŽŶĂůůǇ'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 dĂďůĞϭϱͲŝƐƉƌŽƉŽƌƚŝŽŶĂůůǇ'ƌĞĂƚĞƌEĞĞĚϱϬͲϴϬйD/ ĂƚĂ ϮϬϭϭͲϮϬϭϱ,^ ^ŽƵƌĐĞ͗ ΎdŚĞĨŽƵƌŚŽƵƐŝŶŐƉƌŽďůĞŵƐĂƌĞ͗ ϭ͘>ĂĐŬƐĐŽŵƉůĞƚĞŬŝƚĐŚĞŶĨĂĐŝůŝƚŝĞƐ͕Ϯ͘>ĂĐŬƐĐŽŵƉůĞƚĞƉůƵŵďŝŶŐĨĂĐŝůŝƚŝĞƐ͕ϯ͘DŽƌĞƚŚĂŶŽŶĞƉĞƌƐŽŶƉĞƌ ƌŽŽŵ͕ϰ͘ŽƐƚƵƌĚĞŶŐƌĞĂƚĞƌƚŚĂŶϯϬй ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϯϳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ϴϬйͲϭϬϬйŽĨƌĞĂDĞĚŝĂŶ/ŶĐŽŵĞ ,ŽƵƐŝŶŐWƌŽďůĞŵƐ,ĂƐŽŶĞŽƌŵŽƌĞ,ĂƐŶŽŶĞŽĨƚŚĞ,ŽƵƐĞŚŽůĚŚĂƐ ŽĨĨŽƵƌŚŽƵƐŝŶŐĨŽƵƌŚŽƵƐŝŶŐŶŽͬŶĞŐĂƚŝǀĞ ƉƌŽďůĞŵƐƉƌŽďůĞŵƐŝŶĐŽŵĞ͕ďƵƚŶŽŶĞ ŽĨƚŚĞŽƚŚĞƌ ŚŽƵƐŝŶŐƉƌŽďůĞŵƐ :ƵƌŝƐĚŝĐƚŝŽŶĂƐĂǁŚŽůĞϰϱϬϰ͕ϱϵϱϬ tŚŝƚĞϯϵϬϰ͕ϬϱϱϬ ůĂĐŬͬĨƌŝĐĂŶŵĞƌŝĐĂŶϬϴϬϬ ƐŝĂŶϯϬϮϲϬϬ ŵĞƌŝĐĂŶ/ŶĚŝĂŶ͕ůĂƐŬĂEĂƚŝǀĞϬϰϬ WĂĐŝĨŝĐ/ƐůĂŶĚĞƌϬϬϬ ,ŝƐƉĂŶŝĐϬϭϳϱϬ dĂďůĞϭϲͲŝƐƉƌŽƉŽƌƚŝŽŶĂůůǇ'ƌĞĂƚĞƌEĞĞĚϴϬͲϭϬϬйD/ ĂƚĂ ϮϬϭϭͲϮϬϭϱ,^ ^ŽƵƌĐĞ͗ ΎdŚĞĨŽƵƌŚŽƵƐŝŶŐƉƌŽďůĞŵƐĂƌĞ͗ ϭ͘>ĂĐŬƐĐŽŵƉůĞƚĞŬŝƚĐŚĞŶĨĂĐŝůŝƚŝĞƐ͕Ϯ͘>ĂĐŬƐĐŽŵƉůĞƚĞƉůƵŵďŝŶŐĨĂĐŝůŝƚŝĞƐ͕ϯ͘DŽƌĞƚŚĂŶŽŶĞƉĞƌƐŽŶƉĞƌ ƌŽŽŵ͕ϰ͘ŽƐƚƵƌĚĞŶŐƌĞĂƚĞƌƚŚĂŶϯϬй ŝƐĐƵƐƐŝŽŶ /ƚĐĂŶďĞǀŝĞǁĞĚƚŚĂƚƚŚĞůĂƌŐĞƐƚŐƌŽƵƉƐĞǆƉĞƌŝĞŶĐŝŶŐŚŽƵƐŝŶŐƉƌŽďůĞŵĂƌĞƚŚĞtŚŝƚĞĂŶĚůĂĐŬͬĨƌŝĐĂŶ ŵĞƌŝĐĂŶŚŽƵƐĞŚŽůĚƐƚŚĂƚĂƌĞϬͲϯϬй͕хϯϬйͲϱϬйŽĨƚŚĞĂƌĞĂŵĞĚŝĂŶŝŶĐŽŵĞ͕tŚŝƚĞŚŽƵƐĞŚŽůĚƐƚŚĂƚĂƌĞ хϱϬйͲϴϬйĂŶĚхϴϬйͲϭϬϬйŽĨŵĞĚŝĂŶŝŶĐŽŵĞ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϯϴ 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 dĂďůĞϭϳʹ^ĞǀĞƌĞ,ŽƵƐŝŶŐWƌŽďůĞŵƐϬͲϯϬйD/ ĂƚĂ ϮϬϭϭͲϮϬϭϱ,^ ^ŽƵƌĐĞ͗ ΎdŚĞĨŽƵƌƐĞǀĞƌĞŚŽƵƐŝŶŐƉƌŽďůĞŵƐĂƌĞ͗ ϭ͘>ĂĐŬƐĐŽŵƉůĞƚĞŬŝƚĐŚĞŶĨĂĐŝůŝƚŝĞƐ͕Ϯ͘>ĂĐŬƐĐŽŵƉůĞƚĞƉůƵŵďŝŶŐĨĂĐŝůŝƚŝĞƐ͕ϯ͘DŽƌĞƚŚĂŶϭ͘ϱƉĞƌƐŽŶƐƉĞƌ ƌŽŽŵ͕ϰ͘ŽƐƚƵƌĚĞŶŽǀĞƌϱϬй ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϯϵ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ϯϬйͲϱϬйŽĨƌĞĂDĞĚŝĂŶ/ŶĐŽŵĞ ^ĞǀĞƌĞ,ŽƵƐŝŶŐWƌŽďůĞŵƐΎ,ĂƐŽŶĞŽƌŵŽƌĞ,ĂƐŶŽŶĞŽĨƚŚĞ,ŽƵƐĞŚŽůĚŚĂƐ ŽĨĨŽƵƌŚŽƵƐŝŶŐĨŽƵƌŚŽƵƐŝŶŐŶŽͬŶĞŐĂƚŝǀĞ ƉƌŽďůĞŵƐƉƌŽďůĞŵƐŝŶĐŽŵĞ͕ďƵƚŶŽŶĞ ŽĨƚŚĞŽƚŚĞƌ ŚŽƵƐŝŶŐƉƌŽďůĞŵƐ :ƵƌŝƐĚŝĐƚŝŽŶĂƐĂǁŚŽůĞϭ͕ϮϰϬϰ͕ϱϬϱϬ tŚŝƚĞϵϳϱϯ͕ϲϭϬϬ ůĂĐŬͬĨƌŝĐĂŶŵĞƌŝĐĂŶϵϬϯϵϱϬ ƐŝĂŶϳϱϭϲϬϬ ŵĞƌŝĐĂŶ/ŶĚŝĂŶ͕ůĂƐŬĂEĂƚŝǀĞϬϬϬ WĂĐŝĨŝĐ/ƐůĂŶĚĞƌϬϬϬ ,ŝƐƉĂŶŝĐϴϱϮϰϱϬ dĂďůĞϭϴʹ^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 dĂďůĞϭϵʹ^ĞǀĞƌĞ,ŽƵƐŝŶŐWƌŽďůĞŵƐϱϬͲϴϬйD/ ĂƚĂ ϮϬϭϭͲϮϬϭϱ,^ ^ŽƵƌĐĞ͗ ΎdŚĞĨŽƵƌƐĞǀĞƌĞŚŽƵƐŝŶŐƉƌŽďůĞŵƐĂƌĞ͗ ϭ͘>ĂĐŬƐĐŽŵƉůĞƚĞŬŝƚĐŚĞŶĨĂĐŝůŝƚŝĞƐ͕Ϯ͘>ĂĐŬƐĐŽŵƉůĞƚĞƉůƵŵďŝŶŐĨĂĐŝůŝƚŝĞƐ͕ϯ͘DŽƌĞƚŚĂŶϭ͘ϱƉĞƌƐŽŶƐƉĞƌ ƌŽŽŵ͕ϰ͘ŽƐƚƵƌĚĞŶŽǀĞƌϱϬй ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϰϬ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ϴϬйͲϭϬϬйŽĨƌĞĂDĞĚŝĂŶ/ŶĐŽŵĞ ^ĞǀĞƌĞ,ŽƵƐŝŶŐWƌŽďůĞŵƐΎ,ĂƐŽŶĞŽƌŵŽƌĞ,ĂƐŶŽŶĞŽĨƚŚĞ,ŽƵƐĞŚŽůĚŚĂƐ ŽĨĨŽƵƌŚŽƵƐŝŶŐĨŽƵƌŚŽƵƐŝŶŐŶŽͬŶĞŐĂƚŝǀĞ ƉƌŽďůĞŵƐƉƌŽďůĞŵƐŝŶĐŽŵĞ͕ďƵƚŶŽŶĞ ŽĨƚŚĞŽƚŚĞƌ ŚŽƵƐŝŶŐƉƌŽďůĞŵƐ :ƵƌŝƐĚŝĐƚŝŽŶĂƐĂǁŚŽůĞϭϮϬϰ͕ϵϮϱϬ tŚŝƚĞϵϬϰ͕ϯϲϱϬ ůĂĐŬͬĨƌŝĐĂŶŵĞƌŝĐĂŶϬϴϬϬ ƐŝĂŶϯϬϮϲϬϬ ŵĞƌŝĐĂŶ/ŶĚŝĂŶ͕ůĂƐŬĂEĂƚŝǀĞϬϰϬ WĂĐŝĨŝĐ/ƐůĂŶĚĞƌϬϬϬ ,ŝƐƉĂŶŝĐϬϭϳϱϬ dĂďůĞϮϬʹ^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,^dZϰϮ 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 ϮϮ͕ϳϭϭ Ϭ ůůŝŶĨŽƌŵĂƚŝŽŶƉƌŽǀŝĚĞĚŝŶƚŚĞŽŶƐŽůŝĚĂƚĞĚWůĂŶǁĂƐŽďƚĂŝŶĞĚĨƌŽŵƚŚĞKůŵƐƚĞĚ ŝƐĂďůĞĚ hŶŝĨŝĐĂƚŝŽŶ dŚĞĞƉĂƌƚŵĞŶƚŽĨ,ŽƵƐŝŶŐĂŶĚhƌďĂŶĞǀĞůŽƉŵĞŶƚWƵďůŝĐ,ŽƵƐŝŶŐ WƌŽŐƌĂŵ &ĂŵŝůǇ ^ƉĞĐŝĂůWƵƌƉŽƐĞsŽƵĐŚĞƌ Ύ ^ƉĞĐŝĂůWƵƌƉŽƐĞsŽƵĐŚĞƌ hŶŝĨŝĐĂƚŝŽŶ Ϯ WƌŽŐƌĂŵ &ĂŵŝůǇ Ϭ ϰϰ ^ƵƉƉŽƌƚŝǀĞ sĞƚĞƌĂŶƐ ,ŽƵƐŝŶŐ ĨĨĂŝƌƐ ^ƵƉƉŽƌƚŝǀĞ Ϭ sĞƚĞƌĂŶƐ ,ŽƵƐŝŶŐ ĨĨĂŝƌƐ ϭϰ͕ϲϴϮ Ͳ dĞŶĂŶƚ ďĂƐĞĚ ϰϲϯ Ͳ dĞŶĂŶƚ ďĂƐĞĚ ǇĞĂƌ͕ĂŶĚEƵƌƐŝŶŐ,ŽŵĞdƌĂŶƐŝƚŝŽŶ Ϭ Ͳ WƌŽũĞĐƚ ďĂƐĞĚ Ϭ WƵďůŝĐ,ŽƵƐŝŶŐďǇWƌŽŐƌĂŵdǇƉĞ Ͳ WƌŽũĞĐƚ ďĂƐĞĚ ϭϰ͕ϳϭϳ sŽƵĐŚĞƌƐ dŽƚĂů WƌŽŐƌĂŵdǇƉĞWƌŽŐƌĂŵdǇƉĞ ϰϲϲ ZK,^dZ sŽƵĐŚĞƌƐ dŽƚĂů ϭϱ͕Ϯϯϰ ŝƚƐ͘ ,ŽƵƐŝŶŐ WƵďůŝĐ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĚŽĞƐŶŽƚŽǁŶŽƌŵĂŶĂŐĞĂŶǇƉƵďůŝĐŚŽƵƐŝŶŐƵŶ Ͳ zĞĂƌ͕DĂŝŶƐƚƌĞĂŵ&ŝǀĞ ϭϬϯ ,ŽƵƐŝŶŐ WƵďůŝĐ Ͳ ƉƌŽŐƌĂŵŝƐŽǁŶĞĚĂŶĚŵĂŶĂŐĞĚďǇƚŚĞKůŵƐƚĞĚŽƵŶƚǇ,Z͘ Ϭ ϮϮ ZĞŚĂď Ͳ DŽĚ dĂďůĞ Ϭ ZĞŚĂď Ͳ DŽĚ ĞƌƚŝĨŝĐĂƚĞ Ϭ Ͳ ůĚĞƌůǇŝƐĂďůĞĚ͕DĂŝŶƐƚƌĞĂŵKŶĞ ϵϭ͘ϮϬϱ;ďͿ ĞƌƚŝĨŝĐĂƚĞ Ϭ W/;W/,/ŶĨŽƌŵĂƚŝŽŶĞŶƚĞƌͿ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨZĞƐŝĚĞŶƚƐ ʹ ϯϱWƵďůŝĐ,ŽƵƐŝŶŐηŽĨƵŶŝƚƐǀŽƵĐŚĞƌƐŝŶƵƐĞ ǀĞƌĂŐĞŶŶƵĂů/ŶĐŽŵĞ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ dŽƚĂůƐŝŶhƐĞ /ŶƚƌŽĚƵĐƚŝŽŶ Ͳ ΎŝŶĐůƵĚĞƐEŽŶ ŽƵŶƚǇ,Z͘ ĂƚĂ^ŽƵƌĐĞ͗ Ͳ E 3DFNHW3J *D ϳϬϬϬϮϬϬϬ ϱ ŝƐĂďůĞĚ hŶŝĨŝĐĂƚŝŽŶ WƌŽŐƌĂŵ &ĂŵŝůǇ ^ƉĞĐŝĂůWƵƌƉŽƐĞsŽƵĐŚĞƌ Ύ ^ƉĞĐŝĂůWƵƌƉŽƐĞsŽƵĐŚĞƌ hŶŝĨŝĐĂƚŝŽŶ ϭ WƌŽŐƌĂŵ &ĂŵŝůǇ ϬϬϬϬϬϬϬϬ ϰϱ ^ƵƉƉŽƌƚŝǀĞ sĞƚĞƌĂŶƐ ,ŽƵƐŝŶŐ ĨĨĂŝƌƐ ^ƵƉƉŽƌƚŝǀĞ Ϭ sĞƚĞƌĂŶƐ ,ŽƵƐŝŶŐ ĨĨĂŝƌƐ ϴϬϭϱϬ ϲϬϰϲϯϬϬ ϯ Ͳ dĞŶĂŶƚ ďĂƐĞĚ ϭϴϴ ŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨWƵďůŝĐ,ŽƵƐŝŶŐZĞƐŝĚĞŶƚƐďǇWƌŽŐƌĂŵdǇƉĞ Ͳ dĞŶĂŶƚ ďĂƐĞĚ ϬϬϬϬϬϬϬϬ Ͳ WƌŽũĞĐƚ ďĂƐĞĚ Ϭ Ͳ WƌŽũĞĐƚ ďĂƐĞĚ ϲϬϴϬϭϱϭϰϲϲϬϬ ϯ sŽƵĐŚĞƌƐ dŽƚĂů WƌŽŐƌĂŵdǇƉĞWƌŽŐƌĂŵdǇƉĞ ϭϵϬ sŽƵĐŚĞƌƐ ZK,^dZ dŽƚĂů ϰϭϬϭϵ ϬϭϬϯϬϬ ϯ ,ŽƵƐŝŶŐ WƵďůŝĐ ϯϲ ,ŽƵƐŝŶŐ WƵďůŝĐ ϬϬϬϬϬϬϬϬ ZĞŚĂď Ͳ DŽĚ Ϭ ZĞŚĂď Ͳ DŽĚ ĞƌƚŝĨŝĐĂƚĞ ϬϬϬϬϬϬϬϬ ʹ Ϯϯ dĂďůĞ ĞƌƚŝĨŝĐĂƚĞ Ϭ W/;W/,/ŶĨŽƌŵĂƚŝŽŶĞŶƚĞƌͿ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ ηŽĨůĚĞƌůǇWƌŽŐƌĂŵWĂƌƚŝĐŝƉĂŶƚƐ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ η,ŽŵĞůĞƐƐĂƚĂĚŵŝƐƐŝŽŶ ηŽĨ&ĂŵŝůŝĞƐƌĞƋƵĞƐƚŝŶŐ ǀĞƌĂŐĞ,ŽƵƐĞŚŽůĚƐŝǌĞ ηŽĨ,/sͬ/^ƉƌŽŐƌĂŵ ůĞŶŐƚŚŽĨƐƚĂǇ ηŽĨŝƐĂďůĞĚ&ĂŵŝůŝĞƐ ĨĞĂƚƵƌĞƐ ZĂĐĞŽĨZĞƐŝĚĞŶƚƐ ZĂĐĞ ηŽĨsǀŝĐƚŝŵƐ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ ĂĐĐĞƐƐŝďŝůŝƚǇ ƉĂƌƚŝĐŝƉĂŶƚƐ ĂƚĂ^ŽƵƌĐĞ͗ ǀĞƌĂŐĞ tŚŝƚĞ ;хϲϮͿ 3DFNHW3J *D ϬϬϬϬϬϬϬ ŝƐĂďůĞĚ ŝƐĂďůĞĚ Ύ Ύ ^ƉĞĐŝĂůWƵƌƉŽƐĞsŽƵĐŚĞƌ ^ƉĞĐŝĂůWƵƌƉŽƐĞsŽƵĐŚĞƌ hŶŝĨŝĐĂƚŝŽŶ ϭϬϬϬϬ hŶŝĨŝĐĂƚŝŽŶ ϬϮ WƌŽŐƌĂŵ WƌŽŐƌĂŵ &ĂŵŝůǇ &ĂŵŝůǇ ϰϲ ^ƵƉƉŽƌƚŝǀĞ ϬϬϬϬϬ ^ƵƉƉŽƌƚŝǀĞ ϬϬ sĞƚĞƌĂŶƐ sĞƚĞƌĂŶƐ ,ŽƵƐŝŶŐ ,ŽƵƐŝŶŐ ĨĨĂŝƌƐ ĨĨĂŝƌƐ ϮϱϮϭϵ ϭϬ ϯ ϰϱϰ ϵ Ͳ Ͳ dĞŶĂŶƚ ďĂƐĞĚ dĞŶĂŶƚ ďĂƐĞĚ ƚŚŶŝĐŝƚǇŽĨWƵďůŝĐ,ŽƵƐŝŶŐZĞƐŝĚĞŶƚƐďǇWƌŽŐƌĂŵdǇƉĞ ǇĞĂƌ͕ĂŶĚEƵƌƐŝŶŐ,ŽŵĞdƌĂŶƐŝƚŝŽŶǇĞĂƌ͕ĂŶĚEƵƌƐŝŶŐ,ŽŵĞdƌĂŶƐŝƚŝŽŶ ZĂĐĞŽĨWƵďůŝĐ,ŽƵƐŝŶŐZĞƐŝĚĞŶƚƐďǇWƌŽŐƌĂŵdǇƉĞ ϬϬϬϬϬ ϬϬ Ͳ Ͳ WƌŽũĞĐƚ ďĂƐĞĚ WƌŽũĞĐƚ ďĂƐĞĚ WƌŽŐƌĂŵdǇƉĞWƌŽŐƌĂŵdǇƉĞ ϭϵ ϮϱϯϭϬ ϯ ϵϰϱϳ sŽƵĐŚĞƌƐ ZK,^dZ dŽƚĂů sŽƵĐŚĞƌƐ dŽƚĂů ͲͲ DĂŝŶƐƚƌĞĂŵ&ŝǀĞzĞĂƌ͕DĂŝŶƐƚƌĞĂŵ&ŝǀĞ ϭϭ ϱϱϭϬϬ ,ŽƵƐŝŶŐ ϭϬϬ WƵďůŝĐϯ ,ŽƵƐŝŶŐ WƵďůŝĐ ϬϬϬϬϬ zĞĂƌ͕ ʹ ZĞŚĂď ϬϬ Ͳ Ϯϰ DŽĚ ʹ ZĞŚĂď Ͳ DŽĚ Ϯϱ dĂďůĞ ͲͲ ŝƐĂďůĞĚ͕DĂŝŶƐƚƌĞĂŵKŶĞ ůĚĞƌůǇŝƐĂďůĞĚ͕DĂŝŶƐƚƌĞĂŵKŶĞ dĂďůĞ ĞƌƚŝĨŝĐĂƚĞ ϬϬϬϬϬ ĞƌƚŝĨŝĐĂƚĞ ϬϬ W/;W/,/ŶĨŽƌŵĂƚŝŽŶĞŶƚĞƌͿ W/;W/,/ŶĨŽƌŵĂƚŝŽŶĞŶƚĞƌͿ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ŵĞƌŝĐĂŶ/ŶĚŝĂŶͬůĂƐŬĂ ůĂĐŬͬĨƌŝĐĂŶŵĞƌŝĐĂŶ ƚŚŶŝĐŝƚǇŽĨZĞƐŝĚĞŶƚƐ ůĚĞƌůǇ ƚŚŶŝĐŝƚǇ ZĂĐĞ WĂĐŝĨŝĐ/ƐůĂŶĚĞƌ ͲͲ Ͳ ΎŝŶĐůƵĚĞƐEŽŶΎŝŶĐůƵĚĞƐEŽŶ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ EŽƚ,ŝƐƉĂŶŝĐ ĂƚĂ^ŽƵƌĐĞ͗ĂƚĂ^ŽƵƌĐĞ͗ ,ŝƐƉĂŶŝĐ EĂƚŝǀĞ KƚŚĞƌ ƐŝĂŶ *D 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/ƚŝƐĂĐŚĂůůĞŶŐĞƚŽŝĚĞŶƚŝĨǇƚŚĞƚŽƚĂůŶƵŵďĞƌŽĨŚŽŵĞůĞƐƐŵĞŵďĞƌƐŝŶƚŚĞĐŽŵŵƵŶŝƚǇ͘dŚĞŶƵŵďĞƌĐĂŶǀĂƌǇŐƌĞĂƚůǇĂƐŚŽŵĞůĞƐƐ ϬϬϬϬϬϬϬϬ ϰϵ ƐƚŝŵĂƚĞƚŚĞη ŚŽŵĞůĞƐƐŶĞƐƐ ĞĂĐŚǇĞĂƌ ƚĂďůĞďĞůŽǁŝƐĨŽƌƚŚĞ^ŽƵƚŚĞĂƐƚDEƌĞŐŝŽŶ͕ǁŚŝĐŚŝŶĐůƵĚĞƐƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘ ĞǆŝƚŝŶŐ ϬϬϬϬϬϬϬϬ ƐƚŝŵĂƚĞƚŚĞ ηďĞĐŽŵŝŶŐ ĞĂĐŚǇĞĂƌ ŚŽŵĞůĞƐƐ ,ŽŵĞůĞƐƐEĞĞĚƐƐƐĞƐƐŵĞŶƚ ϬϭϬϬϬϬϬϬ ƐƚŝŵĂƚĞƚŚĞη ŚŽŵĞůĞƐƐŶĞƐƐ ĞǆƉĞƌŝĞŶĐŝŶŐ ϱϬϮZŽĐŚĞƐƚĞƌͬ^ŽƵƚŚĞĂƐƚDŝŶŶĞƐŽƚĂŽĂŶĚtŝůĚĞƌZĞƐĞĂƌĐŚ ĞĂĐŚǇĞĂƌ ZK,^dZ ϱϮ ϮϭϯϬϭϯϬ ϱϯ ĞǆƉĞƌŝĞŶĐŝŶŐŚŽŵĞůĞƐƐŶĞƐƐhŶƐŚĞůƚĞƌĞĚ ƐƚŝŵĂƚĞƚŚĞηŽĨƉĞƌƐŽŶƐ ŽŶĂŐŝǀĞŶŶŝŐŚƚ Ͳ Ϯϲ ϵϭ͘ϮϬϱ;ĐͿ dĂďůĞ ϳϲϭϭϲϬϭϵϭϬϳϳϬ ϯ ^ŚĞůƚĞƌĞĚ ʹ ŵĞůĞƐƐEĞĞĚƐƐƐĞƐƐŵĞŶƚ Ͳ dŝŵĞŽƵŶƚDE /ŶĨŽƌŵĂƚŝŽŶĂǀĂŝůĂďůĞĂŶĚƉƌŽǀŝĚĞĚŝŶƚŚĞ WĞƌƐŽŶƐŝŶ,ŽƵƐĞŚŽůĚƐǁŝƚŚĚƵůƚ;ƐͿ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ KŶůǇ WĞƌƐŽŶƐŝŶ,ŽƵƐĞŚŽůĚƐǁŝƚŚKŶůǇ ŚƌŽŶŝĐĂůůǇ,ŽŵĞůĞƐƐ/ŶĚŝǀŝĚƵĂůƐ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ŚƌŽŶŝĐĂůůǇ,ŽŵĞůĞƐƐ&ĂŵŝůŝĞƐ ,ŽŵĞůĞƐƐEĞĞĚƐƐƐĞƐƐŵĞŶƚ Ͳ WĞƌƐŽŶƐŝŶ,ŽƵƐĞŚŽůĚƐǁŝƚŚ ŝŶ Ͳ WŽŝŶƚ WŽƉƵůĂƚŝŽŶ ĨƌŽŵůŽĐĂƚŝŽŶƚŽůŽĐĂƚŝŽŶ͘ hŶĂĐĐŽŵƉĂŶŝĞĚŚŝůĚ ĂƚĂ^ŽƵƌĐĞŽŵŵĞŶƚƐ͗ WĞƌƐŽŶƐǁŝƚŚ,/s ĂŶĚŚŝůĚ;ƌĞŶͿ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ /ŶƚƌŽĚƵĐƚŝŽŶ͗ ϰϬ,Ž sĞƚĞƌĂŶƐ ŚŝůĚƌĞŶ ĚƵůƚƐ Ͳ E 3DFNHW3J *D ϳϴ ŽĨĚĂǇƐƉĞƌƐŽŶƐϮϭϮϯϮϵϬ ϮϬ ϯϯ ƚŚĞη ŚŽŵĞůĞƐƐŶĞƐƐ ĞǆƉĞƌŝĞŶĐĞ ƐƚŝŵĂƚĞ ϬϬϬϬϬϬϬϬ ϱϬ ƐƚŝŵĂƚĞƚŚĞη ŚŽŵĞůĞƐƐŶĞƐƐ ĞĂĐŚǇĞĂƌ ĞǆŝƚŝŶŐ ϬϬϬϬϬϬϬϬ ƐƚŝŵĂƚĞƚŚĞ ηďĞĐŽŵŝŶŐ ĞĂĐŚǇĞĂƌ ŚŽŵĞůĞƐƐ ,ŽŵĞůĞƐƐEĞĞĚƐƐƐĞƐƐŵĞŶƚ ϬϭϬϬϬϬϬϬ ƐƚŝŵĂƚĞƚŚĞη ŚŽŵĞůĞƐƐŶĞƐƐ ĞǆƉĞƌŝĞŶĐŝŶŐ ϱϬϮZŽĐŚĞƐƚĞƌͬ^ŽƵƚŚĞĂƐƚDŝŶŶĞƐŽƚĂŽĂŶĚtŝůĚĞƌZĞƐĞĂƌĐŚ ĞĂĐŚǇĞĂƌ ZK,^dZ WĂƌƚŝĂůůǇZƵƌĂů,ŽŵĞůĞƐƐ ϱϮ ϮϭϯϬϭϯϬ ϱϯ ĞǆƉĞƌŝĞŶĐŝŶŐŚŽŵĞůĞƐƐŶĞƐƐhŶƐŚĞůƚĞƌĞĚ ƐƚŝŵĂƚĞƚŚĞηŽĨƉĞƌƐŽŶƐ ŽŶĂŐŝǀĞŶŶŝŐŚƚ Ͳ Ϯϳ dĂďůĞ ϳϲϭϭϲϬϭϵϭϬϳϳϬ ϯ ^ŚĞůƚĞƌĞĚ Ͳ dŝŵĞŽƵŶƚDE /ŶĚŝĐĂƚĞŝĨƚŚĞŚŽŵĞůĞƐƐƉŽƉƵůĂƚŝŽŶ ,ŽŵĞůĞƐƐEĞĞĚƐƐƐĞƐƐŵĞŶƚ WĞƌƐŽŶƐŝŶ,ŽƵƐĞŚŽůĚƐǁŝƚŚĚƵůƚ;ƐͿ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ WĞƌƐŽŶƐŝŶ,ŽƵƐĞŚŽůĚƐǁŝƚŚKŶůǇWĞƌƐŽŶƐŝŶ,ŽƵƐĞŚŽůĚƐǁŝƚŚKŶůǇ ŚƌŽŶŝĐĂůůǇ,ŽŵĞůĞƐƐ/ŶĚŝǀŝĚƵĂůƐ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ŚƌŽŶŝĐĂůůǇ,ŽŵĞůĞƐƐ&ĂŵŝůŝĞƐ Ͳ ŝŶ Ͳ WŽŝŶƚ WŽƉƵůĂƚŝŽŶ hŶĂĐĐŽŵƉĂŶŝĞĚzŽƵƚŚ ^ŽƵƌĐĞŽŵŵĞŶƚƐ͗ WĞƌƐŽŶƐǁŝƚŚ,/s ĂŶĚŚŝůĚ;ƌĞŶͿ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ sĞƚĞƌĂŶƐ ŚŝůĚƌĞŶ ĚƵůƚƐ ĂƚĂ ZƵƌĂů ŝƐ͗ 3DFNHW3J *D 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ŚŽŵĞůĞƐƐŝŶĚŝǀŝĚƵĂůƐĂŶĚĨĂŵŝůŝĞƐ͕ĨĂŵŝůŝĞƐǁŝƚŚĐŚŝůĚƌĞŶ͕ǀĞƚĞƌĂŶƐĂŶĚƚŚĞŝƌĨĂŵŝůŝĞƐ͕ĂŶĚƵŶĂĐĐŽŵƉĂŶŝĞĚǇŽƵƚŚͿ͗ ϱϭ ŽŶůǇŚŽƵƐĞŚŽůĚƐ͘dŚĞ^ĂůǀĂƚŝŽŶƌŵǇ͕KĂŶĚtŽŵĞŶΖƐ^ŚĞůƚĞƌƉƌŽǀŝĚĞĚdƌĂŶƐŝƚŝŽŶĂů,ŽƵƐ /ƚŝƐ/ƚŝƐĂĐŚĂůůĞŶŐĞƚŽŝĚĞŶƚŝĨǇƚŚĞƚŽƚĂůŶƵŵďĞƌŽĨŚŽŵĞůĞƐƐŵĞŵďĞƌƐŝŶƚŚĞĐŽŵŵƵŶŝƚǇ͘dŚĞŶƵŵďĞƌĐĂŶǀĂƌǇŐƌĞĂƚůǇĂƐŚŽŵϮϰͿ͕ϬƵŶĂĐĐŽŵƉĂŶŝĞĚŵŝŶŽƌǇŽƵƚŚ͕ĂŶĚϲϴĐŚŝůĚƌĞŶ͘ ƌĞƉŽƌƚĞĚƐƚĂǇŝŶŐŝŶĂƉůĂĐĞƚŚĂƚŝƐŶŽƚĂƌĞŐƵůĂƌͬƉĞƌŵĂŶĞŶƚƉůĂĐĞƚŽƐƚĂǇůŝŬĞŽƵƚĚŽŽƌƐ͕ŝŶĂĐĂƌŽƌǀĂĐĂŶƚďƵŝůĚŝŶŐ͕ĞƚĐ͘ hƉŽŶĐŽŶƐƵůƚĂƚŝŽŶĨƌŽŵƚŚĞůŽĐĂůŽƉƌŽǀŝĚĞƌ;dŚƌĞĞZŝǀĞƌƐͿ͕ƚŚĞĚĂƚĂƚŚĞǇƉƌŽǀŝĚĞĚŝŶĐůƵĚĞƐ͗ ZK,^dZ Ͳ ŽĨǁŚŝĐŚϭϭϲŚŽƵƐĞŚŽůĚƐǁĞƌĞƐĞƌǀĞĚ͘ϵϱǁĞƌĞĂĚƵůƚƐ͕ϯϬǁĞƌĞǇŽƵƚŚ;ϭϴ EƵŵďĞƌŽĨƉĞƌƐŽŶƐŝŶŽƌĞŐŝŽŶǁŚŽĞǆƉĞƌŝĞŶĐĞĚŚŽŵĞůĞƐƐŶĞƐ /ƚŝƐĂĐŚĂůůĞŶŐĞƚŽŝĚĞŶƚŝĨǇƚŚĞƚŽƚĂůŶƵŵďĞƌŽĨŚŽŵĞůĞƐƐŵĞŵď ƐƌĞƉŽƌƚĞĚŝŶƚŚĞ:ĂŶƵĂƌǇϮϬϭϴŽƵŶƚŽĨ,ŽŵĞůĞƐƐƉĞƌƐŽŶƐŝŶ ĚĂǇƐƚŚĂƚƉĞƌƐŽŶƐĞǆƉĞƌŝĞŶĐĞŚŽŵĞůĞƐƐŶĞƐƐ͕ΗĚĞƐĐ ϮϰͿĂŶĚϭϬϬĐŚŝůĚƌĞŶ͘ ŽŵŵƵŶŝƚǇůůŝĂŶĐĞƐŵĂŶĂŐĞƐƚŚĞDE,D/^^ŽƵƚŚ͘ ĞũƵƌŝƐĚŝĐƚŝŽŶ͗ ŵĞƌŐĞŶĐǇ^ŚĞůƚĞƌ͕dƌĂŶƐŝƚŝŽŶĂů,ŽƵƐŝŶŐ dŚĞƌĞĂƌĞĨŽƵƌĞŵĞƌŐĞŶĐǇƐŚĞůƚĞƌƐůŽĐĂƚ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ ƐŚĞůƚĞƌĞĚŚŽŵĞůĞƐƐŶĞƐƐǁŝƚŚƚŚ Ͳ ͲĐŽŶƐŝƐƚŝŶŐŽĨϲϯĂĚƵůƚƐ͕ϳϱǇŽƵƚŚ;ϭϴ ŵŽƐƚŚŽƵƐĞŚŽůĚƐǁĞƌĞĂĚƵůƚ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ĨƌŽŵůŽĐĂƚŝŽŶƚŽůŽĐĂƚŝŽŶ͘ dŚĞ^ĂůǀĂƚŝŽŶƌŵǇƉ ůŽĐĂƚŝŽŶƚŽůŽĐĂƚŝŽŶ͘ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ Ͷ ŝŶĂůů 3DFNHW3J *D ŶŝŐŚƚƐŝŶ^͗ŵĞĚŝĂŶŝƐϯϭ ŝŶ ƐƵƐŝŶŐƉƌŽŐƌĂŵƐůŝŬĞZĂƉŝĚ ƐƐŶĞƐƐ͘Ϳ WĞƌŵĂŶĞŶƚ^ƵƉƉŽƌƚŝǀĞ,ŽƵƐŝŶŐĚƵƌŝŶŐ&zϮϬϭϴǁĂƐϭϭϮŶŝŐŚƚƐ͘/ĨdƌĂŶƐŝƚŝŽŶĂů,ŽƵƐŝŶŐŝƐƌĞŵŽǀĞĚĨƌŽŵƚŚĞĞƋƵĂƚŝŽŶ;ďĞĐĂƵƐĞƚŝŵĞ ZĞŚŽƵƐŝŶŐ͕Žƌ ŝŶƚŚĞ ĚĂǇƐ͘dŚŝƐŝŶĚŝĐĂƚĞƐƚŚĂƚƉĞŽƉůĞĂƌĞƐƚĂǇŝŶŐŝŶĨŽƌŵĂůƐŚĞůƚĞƌƐŽŶůǇĂďŽƵƚŚĂůĨŽĨƚŚĞƚŝŵĞƚŚĂƚƚŚĞǇĂƌĞĞǆƉĞƌŝĞŶĐŝŶŐŚŽŵĞůĞ ZĞŚŽƵƐŝŶŐŽƌWĞƌŵĂŶĞŶƚ^ƵƉƉŽƌƚŝǀĞ,ŽƵƐŝŶŐ͘;ŵĞƌŐĞŶĐǇ^ŚĞůƚĞƌĂŶĚdƌĂŶƐŝƚŝŽŶĂů,ŽƵƐŝŶŐƐĞƚƚŝŶŐƐĂƌĞƐƚŝůůĐŽŶƐŝĚĞƌĞĚŚŽŵĞůĞƐƐ ϱϮ DĞĚŝĂŶůĞŶŐƚŚŽĨƚŝŵĞŚŽŵĞůĞƐƐƌĞƉŽƌƚĞĚĨŽƌƉĞƌƐŽŶƐŵŽǀŝŶŐŝŶƚŽŵĞƌŐĞŶĐǇ^ŚĞůƚĞƌ͕dƌĂŶƐŝƚŝŽŶĂů,ŽƵƐŝŶŐ͕ZĂƉŝĚ ƚƌĂŶƐŝƚŝŽŶĂůŚŽƵƐŝŶŐĂƐŚŽŵĞůĞƐƐͿ͕ƚŚĞŵĞĚŝĂŶŝƐϲϲŶŝŐŚƚƐ͘;ĐƚƵĂůŶŝŐŚƚƐŝŶ^Žƌd,͗ŵĞĚŝĂŶŝƐϲϭĚĂǇƐ͘ĐƚƵĂů /ƚŝƐĚŝĨĨŝĐƵůƚƚŽŵĞĂƐƵƌĞŚŽǁŵĂŶǇƉĞŽƉůĞĞǆŝƚŚŽŵĞůĞƐƐŶĞƐƐĞĂĐŚǇĞĂƌďĞĐĂƵƐĞŶŽƚĂůůƉĞƌƐŽŶƐĞǆŝƚŚŽŵĞůĞƐƐŶĞƐ ƌĞŶƚĂůĂƐƐŝƐƚĂŶĐĞǀŽƵĐŚĞƌƐ͘ KŶĞŚƵŶĚƌĞĚĞŝŐŚƚǇĨŽƵƌ;ϭϴϰͿǁĞƌĞƵŶƌĞĂĐŚĂďůĞĂĨƚĞƌŵƵůƚŝƉůĞĂƚƚĞŵƉƚƐǁŚĞŶĂƌĞĨĞƌƌĂůǁĂƐŵĂĚĞ ƵƐƵĂůůǇƚŚƌŽƵŐŚŽŽƌĚŝŶĂƚĞĚŶƚƌǇƌĞĨĞƌƌĂůͿ ϮϵǁĞƌĞŶŽůŽŶŐĞƌĞůŝŐŝďůĞĨŽƌƌĞĨĞƌƌĂů;ŵŽǀĞĚƚŽŽƚŚĞƌƌĞŐŝŽŶŽƌŝŶŝŶƐƚŝƚƵƚŝŽŶĂůƐĞƚƚŝŶŐͿ ƚŚƌĞĞ;ϱϯͿǁĞƌĞƵŶĂďůĞƚŽůŽĐĂƚĞŚŽƵƐŝŶŐǁŚĞƌĞƚŚĞǇĐŽƵůĚƵƐĞƚŚĞŝƌ ZK,^dZ ĚĞƐŝŐŶĂƚĞĚŚŽƵƐŝŶŐ; ŵĞĂƐƵƌĞŵĞŶƚƐ͘Ϳ,ŽǁĞǀĞƌ͕ŚĞƌĞŝƐǁŚĂƚǁĞŬŶŽǁ͗ ƌĞƐŽůǀĞĚ;ĨŽƵŶĚŽƚŚĞƌŚŽƵƐŝŶŐͿ Ͳ ϯϯϲƉĞƌƐŽŶƐĞŶƚĞƌĞĚŚŽŵĞůĞƐƐ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ϯϱƌĞĨƵƐĞĚƐĞƌǀŝĐĞ͘ Ͳ ϭϭϬƐĞůĨ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ Ͳ &ŝĨƚǇ xxxxxxx *D EĂƚƵƌĞĂŶĚǆƚĞŶƚŽĨ,ŽŵĞůĞƐƐŶĞƐƐ͗;KƉƚŝŽŶĂůͿ ZĂĐĞ͗^ŚĞůƚĞƌĞĚ͗hŶƐŚĞůƚĞƌĞĚ;ŽƉƚŝŽŶĂůͿ tŚŝƚĞϬϬ ůĂĐŬŽƌĨƌŝĐĂŶŵĞƌŝĐĂŶϬϬ ƐŝĂŶϬϬ ŵĞƌŝĐĂŶ/ŶĚŝĂŶŽƌůĂƐŬĂ EĂƚŝǀĞϬϬ WĂĐŝĨŝĐ/ƐůĂŶĚĞƌϬϬ ƚŚŶŝĐŝƚǇ͗^ŚĞůƚĞƌĞĚ͗hŶƐŚĞůƚĞƌĞĚ;ŽƉƚŝŽŶĂůͿ ,ŝƐƉĂŶŝĐϬϬ EŽƚ,ŝƐƉĂŶŝĐϬϬ ĂƚĂ^ŽƵƌĐĞ ŽŵŵĞŶƚƐ͗ ƐƚŝŵĂƚĞƚŚĞŶƵŵďĞƌĂŶĚƚǇƉĞŽĨĨĂŵŝůŝĞƐŝŶŶĞĞĚŽĨŚŽƵƐŝŶŐĂƐƐŝƐƚĂŶĐĞĨŽƌĨĂŵŝůŝĞƐǁŝƚŚ ĐŚŝůĚƌĞŶĂŶĚƚŚĞĨĂŵŝůŝĞƐŽĨǀĞƚĞƌĂŶƐ͘ dŚĞKůŵƐƚĞĚŽƵŶƚǇ,ZŚĂƐϰϱϬĂƉƉůŝĐĂŶƚƐĨŽƌƚŚĞŝƌƉƵďůŝĐŚŽƵƐŝŶŐƵŶŝƚƐĂŶĚϭ͕ϬϬϬĂƉƉůŝĐĂƚŝŽŶƐĨŽƌ ,h͛ƐŚŽŝĐĞsŽƵĐŚĞƌWƌŽŐƌĂŵŽƌ^ĞĐƚŝŽŶϴ͘ dŚĞDEĞƉĂƌƚŵĞŶƚŽĨŚŝůĚƌĞŶ͕&ĂŵŝůŝĞƐĂŶĚ>ĞĂƌŶŝŶŐ^ŚĞůƚĞƌ^ƵƌǀĞǇĚŽĞƐŶŽƚĐŽƵŶƚƚŚĞŶƵŵďĞƌŽĨ ƉĞŽƉůĞƐůĞĞƉŝŶŐŽŶƚŚĞƐƚƌĞĞƚ͕ŝŶĐĂƌƐ͕ŝŶĂďĂŶĚŽŶĞĚďƵŝůĚŝŶŐƐ͕ŽƌƚŚŽƐĞǁŚŽĂƌĞŝŶĂƉƉƌŽƉƌŝĂƚĞůǇĚŽƵďůĞ 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KǀĞƌƚŚĞƉĂƐƚϲŵŽŶƚŚƐ͕ƚŚĞ,ŽŵĞůĞƐƐ^ĞƌǀŝĐĞdĞĂŵŚĂƐǁŽƌŬĞĚǁŝƚŚϭϮŝŶĚŝǀŝĚƵĂůƐĂŐĞƐϭϴͲϮϱǁŚŽĂƌĞ ŚŽŵĞůĞƐƐ͘ƚĂŶǇŐŝǀĞŶƚŝŵĞ͕ƚŚĞƌĞĂƌĞƚǇƉŝĐĂůůǇĞŝŐŚƚŚŽŵĞůĞƐƐǇŽƵƚŚƌĞĐĞŝǀŝŶŐŚŽƵƐŝŶŐĂƐƐŝƐƚĂŶĐĞĂŶĚ ƐƵƉƉŽƌƚŝǀĞƐĞƌǀŝĐĞƐƚŚƌŽƵŐŚ>ƵƚŚĞƌĂŶ^ŽĐŝĂů^ĞƌǀŝĐĞ͛Ɛ>/E<ƚƌ ĂŶƐŝƚŝŽŶĂůŚŽƵƐŝŶŐƉƌŽŐƌĂŵĨŽƌǇŽƵƚŚ͘ ƐƌĞƉŽƌƚĞĚŝŶƚŚĞ:ĂŶƵĂƌǇϮϬϭϴWŽŝŶƚŝŶdŝŵĞŽƵŶƚŝŶŐŽĨ,ŽŵĞůĞƐƐWĞƌƐŽŶƐǁŝƚŚŽƵƚ^ŚĞůƚĞƌŝŶ ^ŽƵƚŚĞĂƐƚDŝŶŶĞƐŽƚĂƚŚĞƌĞǁĞƌĞϲϲŚŽŵĞůĞƐƐƉĞƌƐŽŶƐǁŝƚŚŽƵƚƐŚĞůƚĞƌ͘ZĞŐĂƌĚŝŶŐǀĞƚĞƌĂŶƐ͕ƚŚƌĞĞ ƉĞƌƐŽŶƐƌĞƉŽƌƚĞĚĂƐďĞŝŶŐǀĞƚĞƌĂŶƐ͘ ĞƐĐƌŝďĞƚŚĞEĂƚƵƌĞĂŶĚǆƚĞŶƚŽĨ,ŽŵĞůĞƐƐŶĞƐƐďǇZĂĐŝĂůĂŶĚƚŚŶŝĐ'ƌŽƵƉ͘ ƐƌĞƉŽƌƚĞĚŝŶƚŚĞ:ĂŶƵĂƌǇϮϬϭϴWŽŝŶƚŝŶdŝŵĞŽƵŶƚŝŶŐŽĨ,ŽŵĞůĞƐƐWĞƌƐŽŶƐǁŝƚŚŽƵƚ^ŚĞůƚĞƌŝŶ ^ŽƵƚŚĞĂƐƚDŝŶŶĞƐŽƚĂƚŚĞƌĞǁĞƌĞϲϲŚŽŵĞůĞƐƐƉĞƌƐŽŶƐǁŝƚŚŽƵƚƐŚĞůƚĞƌ͘ZĞŐĂƌĚŝŶŐƌĂĐŝĂůĂŶĚĞƚŚŶŝĐ ƌĞƉŽƌƚŝŶŐ͕ϱϰǁĞƌĞǁŚŝƚĞ͕ƐŝǆǁĞƌĞďůĂĐŬŽƌĨƌŝĐĂŶͲŵĞƌŝĐĂŶ͕ŽŶĞƐŝĂŶ͕ŽŶĞŵĞƌŝĐĂŶ/ŶĚŝĂŶŽƌůĂƐŬĂ EĂƚŝǀĞ͕ĂŶĚĨŽƵƌŝĚĞŶƚŝĨŝĞĚĂƐŵƵůƚŝƉůĞƌĂĐĞƐ͘ ĞƐĐƌŝďĞƚŚĞEĂƚƵƌĞĂŶĚǆƚĞŶƚŽĨhŶƐŚĞůƚĞƌĞĚĂŶĚ^ŚĞůƚĞƌĞĚ,ŽŵĞůĞƐƐŶĞƐƐ͘ ĨĨŽƌĚĂďůĞƌĞŶƚĂůŚŽƵƐŝŶŐǁĂƐŝĚĞŶƚŝĨŝĞĚŵŽƐƚŽĨƚĞŶĂƐďĞŝŶŐƌĞĂůůǇŶĞĞĚĞĚ͘ĚĚŝƚŝŽŶĂůƉƌŝŽƌŝƚŝĞƐ 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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 ĞƐĐƌŝďĞƚŚĞũƵƌŝƐĚŝĐƚŝŽŶ͛ƐŶĞĞĚĨŽƌWƵďůŝĐ/ŵƉƌŽǀĞŵĞŶƚƐ͗ x tĂƚĞƌŝŵƉƌŽǀĞŵĞŶƚƐ x^ƚƌĞĞƚŝŵƉƌŽǀĞŵĞŶƚƐ x^ŝĚĞǁĂůŬƐ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϱϴ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D x^ĞǁĞƌŝŵƉƌŽǀĞŵĞŶƚƐ x&ůŽŽĚĚƌĂŝŶŝŵƉƌŽǀĞŵĞŶƚƐ ,ŽǁǁĞƌĞƚŚĞƐĞŶĞĞĚƐĚĞƚĞƌŵŝŶĞĚ͍ ŽŶƐƵůƚĂƚŝŽŶǁŝƚŚŝƚǇƐƚĂĨĨ͕ŝƚǇŽƵŶĐŝůŵĞŵďĞƌƐ͕ĂŐĞŶĐŝĞƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͕ĂŶĚƉƵďůŝĐƐƵƌǀĞǇ͘dŚĞ 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EĂƚŝŽŶĂůKďũĞĐƚŝǀĞ;ďĞŶĞĨŝƚƚŝŶŐůŽǁͬŵŽĚĞƌĂƚĞŝŶĐŽŵĞĐůŝĞŶƚĞůĞ͕ƵƌŐĞŶƚŶĞĞĚƐ͕ƉƌĞǀĞŶƚŝŶŐͬĞůŝŵŝŶĂƚŝŶŐ ƐůƵŵŽƌďůŝŐŚƚĂƌĞĂƐĂĐƋƵŝƐŝƚŝŽŶŽĨƌĞĂůƉƌŽƉĞƌƚǇͿ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϱϵ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ,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 dĂďůĞϮϴʹZĞƐŝĚĞŶƚŝĂůWƌŽƉĞƌƚŝĞƐďǇhŶŝƚEƵŵďĞƌ ĂƚĂ^ŽƵƌĐĞ͗ ϮϬϭϭͲϮϬϭϱ^ hŶŝƚ^ŝǌĞďǇdĞŶƵƌĞ KǁŶĞƌƐZĞŶƚĞƌƐ EƵŵďĞƌйEƵŵďĞƌй EŽďĞĚƌŽŽŵϭϱϬйϱϬϱϰй ϭďĞĚƌŽŽŵϲϬϬϮйϰ͕ϭϮϱϯϭй ϮďĞĚƌŽŽŵƐϱ͕ϵϯϱϮϬйϱ͕ϲϮϱϰϮй ϯŽƌŵŽƌĞďĞĚƌŽŽŵƐϮϯ͕ϳϲϱϳϴйϯ͕ϬϳϬϮϯй 7RWDO 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/ƐƚŚĞƌĞƐƵĨĨŝĐŝĞŶƚŚŽƵƐŝŶŐĨŽƌŚŽƵƐĞŚŽůĚƐĂƚĂůůŝŶĐŽŵĞůĞǀĞůƐ͍ dŚĞKůŵƐƚĞĚŽƵŶƚǇ,ZƌĞƉŽƌƚƐĂǁĂŝƚŝŶŐůŝƐƚŽĨϰϱϬĂƉƉůŝĐĂŶƚƐĨŽƌƉƵďůŝĐŚŽƵƐŝŶŐĂŶĚϭ͕ϬϬϬĂƉƉůŝĐĂŶƚƐ ĨŽƌƚŚĞŚŽŝĐĞsŽƵĐŚĞƌƉƌŽŐƌĂŵŽƌ^ĞĐƚŝŽŶϴ͘ ,ŽǁŝƐĂĨĨŽƌĚĂďŝůŝƚǇŽĨŚŽƵƐŝŶŐůŝŬĞůǇƚŽĐŚĂŶŐĞĐŽŶƐŝĚĞƌŝŶŐĐŚĂŶŐĞƐƚŽŚŽŵĞǀĂůƵĞƐĂŶĚͬŽƌ ƌĞŶƚƐ͍ ĐĐŽƌĚŝŶŐƚŽƚŚĞĞŶƐƵƐ^͕ŵĞĚŝĂŶŵŽŶƚŚůǇŐƌŽƐƐƌĞƐŝĚĞŶƚŝĂůƌĞŶƚŝŶZŽĐŚĞƐƚĞƌŝƐΨϵϮϬ͘dŚĞϮϬϭϴ&Ăŝƌ DĂƌŬĞƚZĞŶƚĨŽƌZŽĐŚĞƐƚĞƌŝƐΨϴϲϬ͘dŚĞƌĞƐŚŽƵůĚďĞŶŽŝŵƉĂĐƚƚŽĐŚĂŶŐĞƐƚŽŚŽŵĞǀĂůƵĞƐĂŶĚͬŽƌ ƌĞŶƚƐ͘ ,ŽǁĚŽ,KDƌĞŶƚƐͬ&ĂŝƌDĂƌŬĞƚZĞŶƚĐŽŵƉĂƌĞƚŽƌĞĂDĞĚŝĂŶZĞŶƚ͍,ŽǁŵŝŐŚƚƚŚŝƐ ŝŵƉĂĐƚǇŽƵƌƐƚƌĂƚĞŐǇƚŽƉƌŽĚƵĐĞŽƌƉƌĞƐĞƌǀĞĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐ͍ ĐĐŽƌĚŝŶŐƚŽƚŚĞĞŶƐƵƐ^͕ŵĞĚŝĂŶŵŽŶƚŚůǇŐƌŽƐƐƌĞƐŝĚĞŶƚŝĂůƌĞŶƚŝŶZŽĐŚĞƐƚĞƌŝƐΨϵϮϬ͘dŚĞϮϬϭϴ&Ăŝƌ DĂƌŬĞƚZĞŶƚĨŽƌZŽĐŚĞƐƚĞƌŝƐΨϴϲϬ͘dŚĞƌĞƐŚŽƵůĚďĞŶŽŝŵƉĂĐƚƚŽƉƌŽĚƵĐĞŽƌƉƌĞƐĞƌǀĞĂĨĨŽƌĚĂďůĞ ŚŽƵƐŝŶŐ͘ ŝƐĐƵƐƐŝŽŶ dŚĞƌĞŝƐĂǀĂƌŝĞƚǇŽĨĨĂĐƚŽƌƐƚŚĂƚĐŽƵůĚĞŶŚĂŶĐĞŐƌŽǁƚŚƉƌŽũĞĐƚŝŽŶƐĂŶĚĞǆĐĞĞĚĨŽƌĞĐĂƐƚ͘DŽƐƚŶŽƚĂďůǇ͕ ƚŚĞĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌŚĂƐƚŚĞƉŽƚĞŶƚŝĂůƚŽƚƌĂŶƐĨŽƌŵƉƌŽũĞĐƚĞĚũŽďƐĂŶĚŶĞĞĚĨŽƌĂĨĨŽƌĚĂďůĞ ŚŽƵƐŝŶŐ͘ƐƌĞƉŽƌƚĞĚŝŶƚŚĞϮϬϭϰDƌĞƉŽƌƚ͕ƚŚĞDĚŝƐƚƌŝĐƚ;ĂŶĂƌĞĂĚĞĨŝŶĞĚƚŽƐŚŽǁǁŚĞƌĞD 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^ƉĞĐŝĂůWƵƌƉŽƐĞsŽƵĐŚĞƌ ŚŽƵƐŝŶ ϭϵ hŶŝĨŝĐĂƚŝŽŶ WƌŽŐƌĂŵ &ĂŵŝůǇ dŚĞKůŵƐƚĞĚŽƵŶƚǇ,ZŽǁŶƐĂŶĚŵĂŶĂŐĞƐĂůůƉƵďůŝĐ ϲϵ Ϭ ^ƵƉƉŽƌƚŝǀĞ sĞƚĞƌĂŶƐ ,ŽƵƐŝŶŐ ĨĨĂŝƌƐ sŽƵĐŚĞƌƐ ďĂƐĞĚ Ͳ ǇĞĂƌ͕ĂŶĚEƵƌƐŝŶŐ,ŽŵĞdƌĂŶƐŝƚŝŽŶ dĞŶĂŶƚ dŽƚĂůEƵŵďĞƌŽĨhŶŝƚƐďǇWƌŽŐƌĂŵdǇƉĞ ďĂƐĞĚ Ͳ WƌŽũĞĐƚ ĞƐĐƌŝďĞƚŚĞŶƵŵďĞƌĂŶĚƉŚǇƐŝĐĂůĐŽŶĚŝƚŝŽŶŽĨƉƵďůŝĐŚŽƵƐŝŶŐƵŶŝƚƐŝŶƚŚĞ ϱϮϮ WƌŽŐƌĂŵdǇƉĞ ZK,^dZ dŽƚĂů dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĚŽĞƐŶŽƚŽǁŶŽƌŵĂŶĂŐĞĂŶǇƉƵďůŝĐŚŽƵƐŝŶŐƵŶŝƚƐ͘ Ͳ zĞĂƌ͕DĂŝŶƐƚƌĞĂŵ&ŝǀĞ ϭϭϬ ,ŽƵƐŝŶŐ WƵďůŝĐ ϵϭ͘ϮϭϬ;ďͿ ĞƐĐƌŝďĞƚŚĞƐƵƉƉůǇŽĨƉƵďůŝĐŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚƐ͗ ʹ ϯϵ dĂďůĞ ZĞŚĂď Ͳ Ͳ DŽĚ ʹůĚĞƌůǇŝƐĂďůĞĚ͕DĂŝŶƐƚƌĞĂŵKŶĞ ϮϱWƵďůŝĐĂŶĚƐƐŝƐƚĞĚ,ŽƵƐŝŶŐ ĂƉƉƌŽǀĞĚWƵďůŝĐ,ŽƵƐŝŶŐŐĞŶĐǇWůĂŶ͗ ϵĂĐĐĞƐƐŝďůĞƉƵďůŝĐŚŽƵƐŝŶŐƵŶŝƚƐƌĞƉŽƌƚĞĚ͘ ĞƌƚŝĨŝĐĂƚĞ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ W/;W/,/ŶĨŽƌŵĂƚŝŽŶĞŶƚĞƌͿ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ǁŝƚŚŝŶƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘ dŽƚĂůƐEƵŵďĞƌŽĨhŶŝƚƐ ηŽĨĂĐĐĞƐƐŝďůĞƵŶŝƚƐ ηŽĨƵŶŝƚƐǀŽƵĐŚĞƌƐ Ͳ Ͳ ΎŝŶĐůƵĚĞƐEŽŶ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ /ŶƚƌŽĚƵĐƚŝŽŶ ĂƚĂ^ŽƵƌĐĞ͗ ĂǀĂŝůĂďůĞ Ͳ D 3DFNHW3J *D ƐϵϭйŝŶŐŽŽĚ ϳϬ ϭϭϬƉƵďůŝĐŚŽƵƐŝŶŐƵŶŝƚƐŝŶƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘ƐƌĞƉŽƌƚĞĚŝŶƚŚĞK,ZĂŶŶƵĂůƌĞƉŽƌƚ͕ƚŚĞĐŽŶĚŝƚŝŽŶŽĨƚŚĞƵŶŝƚƐƌĂƚĞĚĂ ŶŝĨŽƌŵƉŚǇƐŝĐĂůĐŽŶĚŝƚŝŽŶƐƚĂŶĚĂƌĚƐ;ƵƉĐƐͿĐŽŶĚƵĐƚĞĚďǇĂ,hŽŶƚƌĂĐƚŽƌŝŶƉƌŝů͕ϮϬϭϰ͘ ZK,^dZ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ĐŽŶĚŝƚŝŽŶƵƐŝŶŐƚŚĞƵ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ *D WƵďůŝĐ,ŽƵƐŝŶŐŽŶĚŝƚŝŽŶ WƵďůŝĐ,ŽƵƐŝŶŐĞǀĞůŽƉŵĞŶƚǀĞƌĂŐĞ/ŶƐƉĞĐƚŝŽŶ^ĐŽƌĞ KůŵƐƚĞĚŽƵŶƚǇ,Zϵϭй dĂďůĞϰϬͲWƵďůŝĐ,ŽƵƐŝŶŐŽŶĚŝƚŝŽŶ ĞƐĐƌŝďĞƚŚĞƌĞƐƚŽƌĂƚŝŽŶĂŶĚƌĞǀŝƚĂůŝǌĂƚŝŽŶŶĞĞĚƐŽĨƉƵďůŝĐŚŽƵƐŝŶŐƵŶŝƚƐŝŶƚŚĞũƵƌŝƐĚŝĐƚŝŽŶ͗ KŶŐŽŝŶŐŵĂŝŶƚĞŶĂŶĐĞ͕ŶŽŵĂũŽƌŽƌƐƚƌƵĐƚƵƌĂůƌĞƐƚŽƌĂƚŝŽŶŶĞĞĚĞĚ͘ ĞƐĐƌŝďĞƚŚĞƉƵďůŝĐŚŽƵƐŝŶŐĂŐĞŶĐǇΖƐƐƚƌĂƚĞŐǇĨŽƌŝŵƉƌŽǀŝŶŐƚŚĞůŝǀŝŶŐĞŶǀŝƌŽŶŵĞŶƚŽĨůŽǁͲ ĂŶĚŵŽĚĞƌĂƚĞͲŝŶĐŽŵĞĨĂŵŝůŝĞƐƌĞƐŝĚŝŶŐŝŶƉƵďůŝĐŚŽƵƐŝŶŐ͗ ^ƚƌĂƚĞŐǇĨŽƌŝŵƉƌŽǀŝŶŐƚŚĞůŝǀŝŶŐĞŶǀŝƌŽŶŵĞŶƚ͗ĂĚĚŝƚŝŽŶĂů^ĞĐƚŝŽŶϴ,ŽƵƐŝŶŐŚŽŝĐĞsŽƵĐŚĞƌƐŵĂĚĞ ĂǀĂŝůĂďůĞďǇŽŶŐƌĞƐƐĂŶĚ,h͕ĚĞǀĞůŽƉŵĂƌŬĞƚŝŶŐƐƚƌĂƚĞŐŝĞƐƚŚĂƚƉƌŽŵŽƚĞůĂŶĚůŽƌĚƉĂƌƚŝĐŝƉĂƚŝŽŶŝŶƚŚĞ ^ĞĐƚŝŽŶϴƉƌŽŐƌĂŵƐ͕WƌŽŵŽƚĞĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐƵŶŝƚĚĞǀĞůŽƉŵĞŶƚ͕ŵĂŬĞĂǀĂŝůĂďůĞƉƌŽũĞĐƚͲďĂƐĞĚ ĂƐƐŝƐƚĂŶĐĞǀŽƵĐŚĞƌƐĂƐĂƚŽŽůŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐǁŚĞŶĂƉƉƌŽƉƌŝĂƚĞ͘ ŝƐĐƵƐƐŝŽŶ͗ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϳϭ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J 3DFNHW3J *D ŚŽƵƐŝŶŐ;ĞǆƉĂŶĚĞĚƐƵƉƉŽƌƚĨŽƌZĂƉŝĚZĞŚŽƵƐŝŶŐƌĞŶƚĂůĂƐƐŝƐƚĂŶĐĞĂŶĚƐĞƌǀŝĐĞƐͿĂŶĚWĞƌŵĂŶĞŶƚ ϳϮ ŵĞƌŐĞŶĐǇ,ŽƵƐŝŶŐĂŶĚĨƵŶĚŝŶŐƚŽĐƌĞĂƚĞŶĞǁdƌĂŶƐŝƚŝŽŶĂů,ŽƵƐŝŶŐĂŶĚZĂƉŝĚZĞŚŽƵƐŝŶŐ WůĂŶŶŝŶŐ͕ŽŽƌĚŝŶĂƚĞĚŶƚƌǇ^ǇƐƚĞŵ;ĂŶĚĞǆƉĂŶƐŝŽŶͿ ZK,^dZ ŵĞƌŐĞŶĐǇ^ŚĞůƚĞƌĂŶĚdƌĂŶƐŝƚŝŽŶĂů,ŽƵƐŝŶŐ Ϭ;ĐͿ ŵĞƌŐĞŶĐǇ^ŚĞůƚĞƌ WĞƌŵĂŶĞŶƚ^ƵƉƉŽƌƚŝǀĞ,ŽƵƐŝŶŐ ŵĞƌŐĞŶĐǇ^ŚĞůƚĞƌĂŶĚDŽƚĞůͬ,ŽƚĞůsŽƵĐŚĞƌ ϵϭ͘Ϯϭ WĞƌŵĂŶĞŶƚ^ƵƉƉŽƌƚŝǀĞ,ŽƵƐŝŶŐ ʹ WĞƌŵĂŶĞŶƚ^ƵƉƉŽƌƚŝǀĞ,ŽƵƐŝŶŐ ŵĞƌŐĞŶĐǇ^ŚĞůƚĞƌ ϯϬ,ŽŵĞůĞƐƐ&ĂĐŝůŝƚŝĞƐĂŶĚ^ĞƌǀŝĐĞƐ WĞƌŵĂŶĞŶƚ^ƵƉƉŽƌƚŝǀĞ,ŽƵƐŝŶŐ ʹ /ŶƚĞƌĨĂŝƚŚ,ŽƐƉŝƚĂůŝƚǇEĞƚǁŽƌŬŽĨZŽĐŚĞƐƚĞƌ Ͳ ZĂƉŝĚƌĞ ŵĞƌŐĞŶĐǇ^ŚĞůƚĞƌ ^ƵƉƉŽƌƚŝǀĞ,ŽƵƐŝŶŐ͕ŽŶƚŝŶƵƵŵŽĨĂƌĞ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ >ŝƐƚ,ŽŵĞůĞƐƐ&ĂĐŝůŝƚŝĞƐŽƌ^ĞƌǀŝĐĞƐ͗ ʹ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ʹ dŚƌĞĞZŝǀĞƌƐŽŵŵƵŶŝƚǇĐƚŝŽŶ >ƵƚŚĞƌĂŶ^ŽĐŝĂů^ĞƌǀŝĐĞƐŽĨDE ʹ ƵŵďƌŽsĂůůĞǇ,ĞĂůƚŚĞŶƚĞƌ ʹ &ĂŵŝůǇWƌŽŵŝƐĞZŽĐŚĞƐƚĞƌ ʹ ʹ ʹ ĞŶƚĞƌŝƚǇ,ŽƵƐŝŶŐ ŽƌŽƚŚǇĂǇ,ŽƵƐĞ ĐƚŝŽŶ ʹ Ͳ tŽŵĞŶ͛Ɛ^ŚĞůƚĞƌ ʹ :ĞƌĞŵŝĂŚWƌŽũĞĐƚ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ ^ĂůǀĂƚŝŽŶƌŵǇ ,ĞĂƌƚŚŽŶŶĞ /ŶƚƌŽĚƵĐƚŝŽŶ Ͳ D 3DFNHW3J *D ϬϬϬϬϬ ĞǀĞůŽƉŵĞŶƚ WĞƌŵĂŶĞŶƚ^ƵƉƉŽƌƚŝǀĞ,ŽƵƐŝŶŐ hŶĚĞƌ ĞĚƐ ϲϯϴ ϰϬϬ ϮϲϱϮϱϳϯ ƵƌƌĞŶƚΘEĞǁ ϭϵϲϭϲ ϬϬϭϭϱ ƵƌƌĞŶƚΘEĞǁ ,ŽƵƐŝŶŐĞĚƐ dƌĂŶƐŝƚŝŽŶĂů&ĂĐŝůŝƚŝĞƐĂŶĚ,ŽƵƐŝŶŐdĂƌŐĞƚĞĚƚŽ,ŽŵĞůĞƐƐ,ŽƵƐĞŚŽůĚƐ ZĞŐŝŽŶĂů,ŽŵĞůĞƐƐEĞĞĚƐƐƐĞƐƐŵĞŶƚą͎͎ZŝǀĞƌsĂůůĞǇŽŶƚŝŶƵƵŵŽĨĂƌĞ͕ĞĐĞŵďĞƌϮϬϭϴ ϬϬϬ Ϯϱϯϯ KǀĞƌĨůŽǁĞĚƐ ^ĞĂƐŽŶĂůͬ sŽƵĐŚĞƌͬ ŵĞƌŐĞŶĐǇ^ŚĞůƚĞƌĞĚƐ ZK,^dZ ϭϳϮϭϮ ϯϯϬϬ &ĂĐŝůŝƚŝĞƐĂŶĚ,ŽƵƐŝŶŐdĂƌŐĞƚĞĚƚŽ,ŽŵĞůĞƐƐ,ŽƵƐĞŚŽůĚƐ ZŽƵŶĚĞĚƐ ;ƵƌƌĞŶƚΘEĞǁͿ Ͳ zĞĂƌ ϰϭ dĂďůĞ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ ŚƌŽŶŝĐĂůůǇ,ŽŵĞůĞƐƐ,ŽƵƐĞŚŽůĚƐ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ,ŽƵƐĞŚŽůĚƐǁŝƚŚĚƵůƚ;ƐͿĂŶĚ ,ŽƵƐĞŚŽůĚƐǁŝƚŚKŶůǇĚƵůƚƐ hŶĂĐĐŽŵƉĂŶŝĞĚzŽƵƚŚ ĂƚĂ^ŽƵƌĐĞŽŵŵĞŶƚƐ͗ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ ŚŝůĚ;ƌĞŶͿ sĞƚĞƌĂŶƐ *D ĞƐĐƌŝďĞŵĂŝŶƐƚƌĞĂŵƐĞƌǀŝĐĞƐ͕ƐƵĐŚĂƐŚĞĂůƚŚ͕ŵĞŶƚĂůŚĞĂůƚŚ͕ĂŶĚĞŵƉůŽǇŵĞŶƚƐĞƌǀŝĐĞƐƚŽƚŚĞ ĞǆƚĞŶƚƚŚŽƐĞƐĞƌǀŝĐĞƐĂƌĞƵƐĞƚŽĐŽŵƉůĞŵĞŶƚƐĞƌǀŝĐĞƐƚĂƌŐĞƚĞĚƚŽŚŽŵĞůĞƐƐƉĞƌƐŽŶƐ dŚĞĂǀĂŝůĂďŝůŝƚǇŽĨŵĂŝŶƐƚƌĞĂŵƐĞƌǀŝĐĞƐƚĂƌŐĞƚĞĚƚŽŚŽŵĞůĞƐƐƉĞƌƐŽŶƐŝŶĐůƵĚĞ͗ ĐŽƵŶƐĞůŝŶŐͬĂĚǀŽĐĂĐǇ ůĞŐĂůĂƐƐŝƐƚĂŶĐĞ ŵŽƌƚŐĂŐĞĂƐƐŝƐƚĂŶĐĞ ƌĞŶƚĂůĂƐƐŝƐƚĂŶĐĞ ƵƚŝůŝƚǇĂƐƐŝƐƚĂŶĐĞ dŚĞĂǀĂŝůĂďŝůŝƚǇŽĨŵĂŝŶƐƚƌĞĂŵŽƵƚƌĞĂĐŚƐĞƌǀŝĐĞƐŝŶĐůƵĚĞ͗ ůĂǁĞŶĨŽƌĐĞŵĞŶƚ ŵŽďŝůĞĐůŝŶŝĐƐ ŐĂŶŐƉƌĞǀĞŶƚŝŽŶ dŚĞĂǀĂŝůĂďŝůŝƚǇŽĨŵĂŝŶƐƚƌĞĂŵƐƵƉƉŽƌƚƐĞƌǀŝĐĞƐŝŶĐůƵĚĞ͗ ůĐŽŚŽůΘƌƵŐĂďƵƐĞ ŚŝůĚĐĂƌĞ ĚƵĐĂƚŝŽŶ ,ĞĂůƚŚĐĂƌĞ 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ƐƐŝƐƚĂŶĐĞWƌŽŐƌĂŵ;dͲZWͿ͕ĨƵŶĚĞĚďǇDE,ŽƵƐŝŶŐƐĞƌǀŝŶŐƐŝŶŐůĞĨĞŵĂůĞŚĞĂĚŽĨŚŽƵƐĞŚŽůĚ͕ƐĞƌǀĞƐϭϳ ŚŽƵƐĞŚŽůĚƐ͘ ƵŵďƌŽsĂůůĞǇDĞŶƚĂů,ĞĂůƚŚĞŶƚĞƌʹ^ŚĞůƚĞƌWůƵƐĂƌĞ^ŝƚĞʹϭϮĂƉĂƌƚŵĞŶƚƐ͕EŽƌƚŚŐĂƚĞƉĂƌƚŵĞŶƚƐʹ ƉĞƌŵĂŶĞŶƚƐƵƉƉŽƌƚŝǀĞϭϮͲϭďĞĚƌŽŽŵƵŶŝƚƐ͕^ĐĂƚƚĞƌĞĚ^ŝƚĞƉĂƌƚŵĞŶƚƐʹƉĞƌŵĂŶĞŶƚƐƵƉƉŽƌƚŝǀĞĨŽƌ ĂĚƵůƚƐ͕ϯϬƵŶŝƚƐ͕,ŽŵĞůĞƐƐ^ĞƌǀŝĐĞƐʹĐĂƐĞŵĂŶĂŐĞŵĞŶƚ͘WƌŽǀŝĚĞƐƌĞŚĂďĂŶĚƐƵƉƉŽƌƚƉƌŽŐƌĂŵƐĨŽƌ ŝŶĚŝǀŝĚƵĂůƐĨŽƌďĂƐŝĐĂĐƚŝǀŝƚŝĞƐĨŽƌĚĂŝůǇůŝǀŝŶŐƐ͕ƌĞĨĞƌƌĂůƐƚŽŵĞĚŝĐĂůĂŶĚĞĚƵĐĂƚŝŽŶĂůƐĞƌǀŝĐĞƐ͕ƌĞƌĞƌƌĂůƐ ĂŶĚ͕ĂƉƉůǇŝŶŐĨŽƌŝŶƐƵƌĂŶĐĞŽƌĨŝŶĂŶĐŝĂůĞŶƚŝƚůĞŵĞŶƚƐ͘/ŶĂĚĚŝƚŝŽŶ͕ĨŝŶĚŝŶŐĐŽŵŵƵŶŝƚǇƌĞƐŽƵƌĐĞƐĨŽƌ ƉĞŽƉůĞǁŝƚŚŵĞŶƚĂůŚĞĂůƚŚĂŶĚƐƵďƐƚĂŶĐĞĂďƵƐĞƵƐĞĚŝƐŽƌĚĞƌƐƚŚƌŽƵŐŚƚŚĞĨŽůůŽǁŝŶŐƉƌŽŐƌĂŵƐ͗ŚĞŵŝĐĂů ,ĞĂůƚŚ^ĞƌǀŝĐĞƐŽŶŶĞĐƚŝŽŶĂŶĚZĞĨĞƌƌĂůhŶŝƚ͕ZĞĐŽǀĞƌǇWƌŽŐƌĂŵ͕zŽƵƚŚĞŚĂǀŝŽƌ,ĞĂůƚŚ͕WƌŝŵĂƌǇĐĂƌĞ ĐůŝŶŝĐ͕ĚĞŶƚĂů͕ƉŚĂƌŵĂĐǇ͕ƉƐǇĐŚŝĂƚƌŝĐĂŶĚƉƐǇĐŚŽůŽŐŝĐĂůƐĞƌǀŝĐĞƐ͕ĂŶĚĐŽŵŵƵŶŝƚǇͲďĂƐĞĚƐƵƉƉŽƌƚ͘ KůŵƐƚĞĚŽƵŶƚǇsĞƚĞƌĂŶƐ^ĞƌǀŝĐĞƐʹƐƐŝƐƚƐǀĞƚĞƌĂŶƐŝŶĂƉƉůǇĨŽƌƚĞŵƉŽƌĂƌǇĨŝŶĂŶĐŝĂůĂƐƐŝƐƚĂŶĐĞĨƌŽŵƚŚĞ ^ƚĂƚĞ^ŽůĚŝĞƌƐƐƐŝƐƚĂŶĐĞƉƌŽŐƌĂŵ͘ ^ĂůǀĂƚŝŽŶƌŵǇʹĂƐƚůĞǀŝĞǁƉĂƌƚŵĞŶƚʹϯϮƵŶŝƚƐĨŽƌƐŝŶŐůĞĂĚƵůƚƐ͕ZĂƉŝĚZĞͲ,ŽƵƐŝŶŐĂŶĚŵĞƌŐĞŶĐǇ 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ϳ͕ϱϭϵϭ͕ϳϲϵϳ͕ϲϳϵϮ͕ϮϴϬϭ͕ϯϱϬϭ͕ϬϮϭ ϯϱϭ͕ϴϵϯϭ͕ϲϳϯϬϴ͕ϲϲϯ EƵŵďĞƌŽĨ:ŽďƐ ƵƐŝŶĞƐƐĐƚŝǀŝƚǇ ϵϭ͘Ϯϭϱ;ĨͿ ϮϮ͕ϴϵϴ ϮϮϴϱ͕ϭϴϴϮ͕Ϭϭϰ ϭ͕ϰϯϵϭ͕ϮϬϬϲ͕ϰϰϳϭ͕ϱϴϭϬϭ͕ϬϴϬϭ͕ϮϴϬϱϭ͕Ϭϲϯ ϭ͕ϳϭϱϱ͕ϵϵϯ ZK,^dZ EƵŵďĞƌŽĨ tŽƌŬĞƌƐ ,ŽƵƐĞŚŽůĚǇŶĂŵŝĐƐ;:ŽďƐͿ ʹ ,ŽƵƐŝŶŐŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚƐƐĞƚƐ Ͳ ϰϮ dĂďůĞ Ͳ ϮϬϭϱ^;tŽƌŬĞƌƐͿ͕ϮϬϭϱ>ŽŶŐŝƚƵĚŝŶĂůŵƉůŽǇĞƌ WƌŽĨĞƐƐŝŽŶĂů͕^ĐŝĞŶƚŝĨŝĐ͕DĂŶĂŐĞŵĞŶƚ^ĞƌǀŝĐĞƐ ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚDĂƌŬĞƚŶĂůǇƐŝƐ ŐƌŝĐƵůƚƵƌĞ͕DŝŶŝŶŐ͕KŝůΘ'ĂƐǆƚƌĂĐƚŝŽŶ ƌƚƐ͕ŶƚĞƌƚĂŝŶŵĞŶƚ͕ĐĐŽŵŵŽĚĂƚŝŽŶƐ ƵƐŝŶĞƐƐďǇ^ĞĐƚŽƌ ^ĞƌǀŝĐĞƐ &ŝŶĂŶĐĞ͕/ŶƐƵƌĂŶĐĞ͕ĂŶĚZĞĂůƐƚĂƚĞ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ dƌĂŶƐƉŽƌƚĂƚŝŽŶĂŶĚtĂƌĞŚŽƵƐŝŶŐ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ĚƵĐĂƚŝŽŶĂŶĚ,ĞĂůƚŚĂƌĞ WƵďůŝĐĚŵŝŶŝƐƚƌĂƚŝŽŶ tŚŽůĞƐĂůĞdƌĂĚĞ ƵƐŝŶĞƐƐĐƚŝǀŝƚǇ Ͳ ϮϬϭϭ DĂŶƵĨĂĐƚƵƌŝŶŐ KƚŚĞƌ^ĞƌǀŝĐĞƐ Ͳ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ ŽŶƐƚƌƵĐƚŝŽŶ ϰϱEŽŶ ZĞƚĂŝůdƌĂĚĞ /ŶĨŽƌŵĂƚŝŽŶ /ŶƚƌŽĚƵĐƚŝŽŶ ĂƚĂ^ŽƵƌĐĞ͗ dŽƚĂů Ͳ D *D >ĂďŽƌ&ŽƌĐĞ dŽƚĂůWŽƉƵůĂƚŝŽŶŝŶƚŚĞŝǀŝůŝĂŶ>ĂďŽƌ&ŽƌĐĞϲϭ͕ϳϭϬ ŝǀŝůŝĂŶŵƉůŽǇĞĚWŽƉƵůĂƚŝŽŶϭϲǇĞĂƌƐĂŶĚ ŽǀĞƌϱϴ͕ϵϲϱ hŶĞŵƉůŽǇŵĞŶƚZĂƚĞϰ͘ϰϱ hŶĞŵƉůŽǇŵĞŶƚZĂƚĞĨŽƌŐĞƐϭϲͲϮϰϭϯ͘ϰϯ hŶĞŵƉůŽǇŵĞŶƚZĂƚĞĨŽƌŐĞƐϮϱͲϲϱϯ͘ϯϴ dĂďůĞϰϯͲ>ĂďŽƌ&ŽƌĐĞ ĂƚĂ^ŽƵƌĐĞ͗ ϮϬϭϭͲϮϬϭϱ^ 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/ŶǀĞƐƚŵĞŶƚŽĂƌĚƐ͕ĐŽŵŵƵŶŝƚǇĐŽůůĞŐĞƐĂŶĚŽƚŚĞƌŽƌŐĂŶŝǌĂƚŝŽŶƐ͘ĞƐĐƌŝďĞŚŽǁƚŚĞƐĞĞĨĨŽƌƚƐ ǁŝůůƐƵƉƉŽƌƚƚŚĞũƵƌŝƐĚŝĐƚŝŽŶΖƐŽŶƐŽůŝĚĂƚĞĚWůĂŶ͘ dŚĞůŽĐĂůtŽƌŬĨŽƌĐĞĞŶƚĞƌƉƌŽǀŝĚĞƐƚƌĂŝŶŝŶŐĂŶĚƐƵƉƉŽƌƚ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞhŶŝǀĞƌƐŝƚǇŽĨDŝŶŶĞƐŽƚĂŚĂƐ ĞƐƚĂďůŝƐŚĞĚĂĨŽƵƌͲǇĞĂƌĐŽůůĞŐĞ͕ĂĚĚƌĞƐƐŝŶŐŵĞĚŝĐĂůĂŶĚďƵƐŝŶĞƐƐŶĞĞĚƐ͘ dŚĞZŽĐŚĞƐƚĞƌtŽƌŬĨŽƌĐĞĞŶƚĞƌ;ZtͿƵŶĚĞƌƐƚĂŶĚƐǁŝƚŚŵĞĞƚŝŶŐƚŚĞŶĞĞĚƐŽĨĞŵƉůŽǇĞƌƐĂŶĚ ŝŶĚƵƐƚƌŝĞƐ͘dŚĞŝƌZĞŐŝŽŶĂů>ĂďŽƌDĂƌŬĞƚŶĂůǇƐƚƐĂŶĚǁŽƌŬĨŽƌĐĞĞĐŽŶŽŵŝƐƚƐĂƌĞƚŚĞƐƚĂƚĞ͛ƐĞǆƉĞƌƚƐŽŶ ƚŚĞůĂƚĞƐƚůĂďŽƌŵĂƌŬĞƚŝŶƚĞůůŝŐĞŶĐĞƐ͕ĞĐŽŶŽŵŝĐĐŽŶĚŝƚŝŽŶƐĂŶĚƚƌĞŶĚƐ͘dŚĞǇƉƌŽǀŝĚĞĂĐĐĞƐƐŝďůĞĞǆƉĞƌƚŝƐĞ͕ ĂŶĂůǇƐŝƐƐĞƌǀŝĐĞĂŶĚƚƌĂŝŶŝŶŐ͘ ZtŚĂǀĞƚŚĞƚŽŽůƐƚŽƉƵďůŝĐŝǌĞũŽďŽƉƉŽƌƚƵŶŝƚŝĞƐ͕ďƵƐŝŶĞƐƐĚĞǀĞůŽƉŵĞŶƚƌĞƉƌĞƐĞŶƚĂƚŝǀĞĂƐƐŝƐƚ ďƵƐŝŶĞƐƐĞƐĨŝŶĚŝŶŐĂŶĚƚƌĂŝŶƚŚĞĂƉƉƌŽƉƌŝĂƚĞǁŽƌŬĞƌƐ͘ƵƐŝŶĞƐƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐĂƐƐŝƐƚĐŽŵƉĂŶŝĞƐǁŝƚŚ ǁŽƌŬĨŽƌĐĞƉƌŽďůĞŵƐ͕ŽĨĨĞƌŝŶŐƐŽůƵƚŝŽŶƐŵĞĞƚŝŶŐƐƉĞĐŝĨŝĐďƵƐŝŶĞƐƐŶĞĞĚƐ͘ dŚĞZŽĐŚĞƐƚĞƌƌĞĂĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ͕/ŶĐ͘;Z/ͿŝƐĂŶŽƚŚĞƌĂŐĞŶĐǇĂƐƐŝƐƚŝŶŐďƵƐŝŶĞƐƐĞƐĂŶĚ ĞŶƚƌĞƉƌĞŶĞƵƌƐŝŶƐĞĐƵƌŝŶŐƚŚĞƉƌŝǀĂƚĞĂŶĚͬŽƌƉƵďůŝĐƌĞƐŽƵƌĐĞƐŶĞĞĚĞĚƚŽĞǆĞĐƵƚĞďƵƐŝŶĞƐƐƉůĂŶƐ͘ 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ĞǆƚƌĞŵĞůǇůŽǁŝŶĐŽŵĞ͕ůŽǁͲŝŶĐŽŵĞĂŶĚŵŽĚĞƌĂƚĞͲŝŶĐŽŵĞŚŽƵƐĞŚŽůĚƐ͕ĐŽŶƐƵůƚĂƚŝŽŶǁŝƚŚŝƚǇŽƵŶĐŝů ŵĞŵďĞƌƐ͕ƐƵďƌĞĐŝƉŝĞŶƚƐƌĞƋƵĞƐƚŝŶŐ'ĨƵŶĚŝŶŐ͕ĂŶĚĂƐƵƌǀĞǇƚŽƚŚĞƉƵďůŝĐ WƌŽƉŽƐĞĚĂĐĐŽŵƉůŝƐŚŵĞŶƚƐĂŶĚŽƵƚĐŽŵĞƐĂƌĞĂǀĂŝůĂďŝůŝƚǇͬƉƌĞƐĞƌǀĂƚŝŽŶŽĨĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐ͕ƉƌŽǀŝƐŝŽŶ ŽĨƉƵďůŝĐƐĞƌǀŝĐĞƐ͕ĂŶĚƌĞŚĂďŝůŝƚĂƚŝŽŶŽĨƉƵďůŝĐĨĂĐŝůŝƚŝĞƐ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϵϬ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ^WͲϭϬ'ĞŽŐƌĂƉŚŝĐWƌŝŽƌŝƚŝĞƐʹϵϭ͘Ϯϭϱ;ĂͿ;ϭͿ 'ĞŽŐƌĂƉŚŝĐƌĞĂ dĂďůĞϰϵͲ'ĞŽŐƌĂƉŚŝĐWƌŝŽƌŝƚǇƌĞĂƐ 'ĞŶĞƌĂůůůŽĐĂƚŝŽŶWƌŝŽƌŝƚŝĞƐ ĞƐĐƌŝďĞƚŚĞďĂƐŝƐĨŽƌĂůůŽĐĂƚŝŶŐŝŶǀĞƐƚŵĞŶƚƐŐĞŽŐƌĂƉŚŝĐĂůůǇǁŝƚŚŝŶƚŚĞũƵƌŝƐĚŝĐƚŝŽŶ;ŽƌǁŝƚŚŝŶƚŚĞD^ ĨŽƌ,KWtͿ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĚŽĞƐŶŽƚƵƐĞŐĞŽŐƌĂƉŚŝĐƉƌŝŽƌŝƚŝĞƐǁŚĞŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞĂůůŽĐĂƚŝŽŶŽĨ' ĨƵŶĚŝŶŐ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϵϭ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ^WͲϮϱWƌŝŽƌŝƚǇEĞĞĚƐͲϵϭ͘Ϯϭϱ;ĂͿ;ϮͿ WƌŝŽƌŝƚǇEĞĞĚƐ dĂďůĞϱϬʹWƌŝŽƌŝƚǇEĞĞĚƐ^ƵŵŵĂƌǇ ϭ WƌŝŽƌŝƚǇEĞĞĚ ĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐ EĂŵĞ WƌŝŽƌŝƚǇ>ĞǀĞů ,ŝŐŚ WŽƉƵůĂƚŝŽŶ ǆƚƌĞŵĞůǇ>Žǁ >Žǁ DŽĚĞƌĂƚĞ >ĂƌŐĞ&ĂŵŝůŝĞƐ &ĂŵŝůŝĞƐǁŝƚŚŚŝůĚƌĞŶ ůĚĞƌůǇ WƵďůŝĐ,ŽƵƐŝŶŐZĞƐŝĚĞŶƚƐ ŚƌŽŶŝĐ,ŽŵĞůĞƐƐŶĞƐƐ /ŶĚŝǀŝĚƵĂůƐ hŶĂĐĐŽŵƉĂŶŝĞĚzŽƵƚŚ ůĚĞƌůǇ &ƌĂŝůůĚĞƌůǇ WĞƌƐŽŶƐǁŝƚŚDĞŶƚĂůŝƐĂďŝůŝƚŝĞƐ WĞƌƐŽŶƐǁŝƚŚWŚǇƐŝĐĂůŝƐĂďŝůŝƚŝĞƐ WĞƌƐŽŶƐǁŝƚŚĞǀĞůŽƉŵĞŶƚĂůŝƐĂďŝůŝƚŝĞƐ 'ĞŽŐƌĂƉŚŝĐ ƌĞĂƐĨĨĞĐƚĞĚ ƐƐŽĐŝĂƚĞĚ ĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐ 'ŽĂůƐ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϵϮ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ĞƐĐƌŝƉƚŝŽŶ EĞǁĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐƵŶŝƚƐƚŚĂƚƉƌŽǀŝĚĞ>D/ŚŽŵĞďƵǇĞƌƐǁŝƚŚĂĐĐĞƐƐƚŽ ŚŽŵĞŽǁŶĞƌƐŚŝƉƵŶŝƚƐ͕ŵĞĞƚŝŶŐƚŚĞĚĞŵĂŶĚĨŽƌĂĚĚŝƚŝŽŶĂůĂĨĨŽƌĚĂďůĞƌĞŶƚĂů͕ ŽǁŶĞƌͲŽĐĐƵƉŝĞĚ͕ƐĞŶŝŽƌĂŶĚƐƉĞĐŝĂůŶĞĞĚƐŚŽƵƐŝŶŐ͘ KǁŶĞƌKĐĐƵƉŝĞĚZĞŚĂďŝůŝƚĂƚŝŽŶͲWƌĞƐĞƌǀĞĂŶĚŝŵƉƌŽǀĞƚŚĞĞǆŝƐƚŝŶŐĂĨĨŽƌĚĂďůĞ ŚŽƵƐŝŶŐƐƚŽĐŬ͕ƌĞĚƵĐĞƚŚĞŚĂǌĂƌĚŽĨůĞĂĚͲďĂƐĞĚƉĂŝŶƚŝŶĞǆŝƐƚŝŶŐŚŽƵƐŝŶŐ͕ĂŶĚ ŝŵƉƌŽǀĞĞŶĞƌŐǇĞĨĨŝĐŝĞŶĐǇ͘ ^ƉĞĐŝĂůEĞĞĚƐ,ŽƵƐŝŶŐͲĨĨŽƌĚĂďůĞĂĐĐĞƐƐŝďůĞŚŽƵƐŝŶŐŽƉƚŝŽŶƐĨŽƌŚĂŶĚŝĐĂƉƉĞĚ ƉĞƌƐŽŶƐŝŶĂĐĐĞƐƐŝďůĞůŽĐĂƚŝŽŶƐǁŝƚŚŝŶƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘ ŵĞƌŐĞŶĐǇ^ŚĞůƚĞƌĨŽƌƚŚĞ,ŽŵĞůĞƐƐͲ^ƵƉƉŽƌƚƚŚĞĞǆŝƐƚŝŶŐŽƉĞƌĂƚŝŽŶƉƌŽŐƌĂŵƐ ĂŶĚĨĂĐŝůŝƚŝĞƐĨŽƌŚŽŵĞůĞƐƐƉĞƌƐŽŶƐͬĨĂŵŝůŝĞƐŝŶZŽĐŚĞƐƚĞƌ͘ ZĞŚĂďŝůŝƚĂƚŝŽŶŽĨZĞŶƚĂůhŶŝƚƐͲWƌĞƐĞƌǀĞĂŶĚŝŵƉƌŽǀĞƚŚĞĞǆŝƐƚŝŶŐĂĨĨŽƌĚĂďůĞ ƌĞŶƚĂůŚŽƵƐŝŶŐƐƚŽĐŬ͕ƌĞĚƵĐĞƚŚĞŚĂǌĂƌĚŽĨůĞĂĚͲďĂƐĞĚƉĂŝŶƚŝŶĞǆŝƐƚŝŶŐƌĞŶƚĂů ŚŽƵƐŝŶŐ͕ĂŶĚŝŵƉƌŽǀĞĞŶĞƌŐǇĞĨĨŝĐŝĞŶĐǇ͘ ĂƐŝƐĨŽƌ ĚĚƌĞƐƐŶĞĞĚƐĨŽƌůŽǁͲŵŽĚĞƌĂƚĞŝŶĐŽŵĞƉĞƌƐŽŶƐͬŚŽƵƐĞŚŽůĚƐ͕ƉĞƌƐŽŶƐǁŝƚŚ ZĞůĂƚŝǀĞWƌŝŽƌŝƚǇ ƐƉĞĐŝĂůŶĞĞĚƐ͕ĂŶĚŚŽŵĞůĞƐƐƉĞƌƐŽŶƐǁŝƚŚĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐ Ϯ WƌŝŽƌŝƚǇEĞĞĚ zŽƵƚŚWƌŽŐƌĂŵƐ EĂŵĞ WƌŝŽƌŝƚǇ>ĞǀĞů ,ŝŐŚ WŽƉƵůĂƚŝŽŶ ǆƚƌĞŵĞůǇ>Žǁ >Žǁ DŽĚĞƌĂƚĞ >ĂƌŐĞ&ĂŵŝůŝĞƐ &ĂŵŝůŝĞƐǁŝƚŚŚŝůĚƌĞŶ EŽŶͲŚŽƵƐŝŶŐŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚ 'ĞŽŐƌĂƉŚŝĐ ƌĞĂƐĨĨĞĐƚĞĚ ƐƐŽĐŝĂƚĞĚ WƵďůŝĐ^ĞƌǀŝĐĞ 'ŽĂůƐ ĞƐĐƌŝƉƚŝŽŶ ĨĨŽƌĚĂďůĞĂĐĐĞƐƐŝďůĞǇŽƵƚŚƉƌŽŐƌĂŵƐ͘ ĚĚƌĞƐƐŶĞĞĚƐĨŽƌĐŚŝůĚĐĂƌĞƐƵƉƉŽƌƚƐĞƌǀŝĐĞƐĨŽƌůŽǁͲĂŶĚŵŽĚĞƌĂƚĞͲŝŶĐŽŵĞ ĨĂŵŝůŝĞƐ͘ ĂƐŝƐĨŽƌ ĚĚƌĞƐƐŝŶŐŶĞĞĚƐĨŽƌůŽǁͲŵŽĚĞƌĂƚĞŝŶĐŽŵĞŚŽƵƐĞŚŽůĚƐǁŝƚŚǇŽƵƚŚĂŶĚ ZĞůĂƚŝǀĞWƌŝŽƌŝƚǇ ĐŚŝůĚĐĂƌĞŶĞĞĚƐ ϯ WƌŝŽƌŝƚǇEĞĞĚ dƌĂŶƐƉŽƌƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ EĂŵĞ WƌŝŽƌŝƚǇ>ĞǀĞů ,ŝŐŚ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϵϯ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D WŽƉƵůĂƚŝŽŶ ǆƚƌĞŵĞůǇ>Žǁ >Žǁ DŽĚĞƌĂƚĞ >ĂƌŐĞ&ĂŵŝůŝĞƐ &ĂŵŝůŝĞƐǁŝƚŚŚŝůĚƌĞŶ ůĚĞƌůǇ ůĚĞƌůǇ &ƌĂŝůůĚĞƌůǇ WĞƌƐŽŶƐǁŝƚŚDĞŶƚĂůŝƐĂďŝůŝƚŝĞƐ WĞƌƐŽŶƐǁŝƚŚWŚǇƐŝĐĂůŝƐĂďŝůŝƚŝĞƐ WĞƌƐŽŶƐǁŝƚŚĞǀĞůŽƉŵĞŶƚĂůŝƐĂďŝůŝƚŝĞƐ EŽŶͲŚŽƵƐŝŶŐŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚ 'ĞŽŐƌĂƉŚŝĐ ƌĞĂƐĨĨĞĐƚĞĚ ƐƐŽĐŝĂƚĞĚ WƵďůŝĐ^ĞƌǀŝĐĞ 'ŽĂůƐ ĞƐĐƌŝƉƚŝŽŶ 'ĞŶĞƌĂůƚƌĂŶƐƉŽƌƚĂƚŝŽŶƐĞƌǀŝĐĞƐďĞŶĞĨŝƚƚŝŶŐĂůůƉĞƌƐŽŶƐ͘ ^ƵƉƉŽƌƚĂĐĐĞƐƐƚŽƚƌĂŶƐƉŽƌƚĂƚŝŽŶĨŽƌůŽǁͲŵŽĚĞƌĂƚĞŝŶĐŽŵĞŚŽƵƐĞŚŽůĚƐĂŶĚ ůŽǁͲŵŽĚĞƌĂƚĞŝŶĐŽŵĞĂƌĞĂƐ͘ dƌĂŶƐƉŽƌƚĂƚŝŽŶƐĞƌǀŝĐĞƐĨŽƌĂƐƉĞĐŝĨŝĐŐƌŽƵƉ;ůŝŬĞĞůĚĞƌůǇ͕ƐƉĞĐŝĂůŶĞĞĚƐ͕ĞƚĐ͘ ƐŚŽƵůĚďĞĂĚĚƌĞƐƐĞĚƵŶĚĞƌƚŚĞƉƌŝŽƌŝƚǇƐĞƌǀŝŶŐƚŚĂƚŐƌŽƵƉͿ͘ ĂƐŝƐĨŽƌ ĚĚƌĞƐƐƚƌĂŶƐƉŽƌƚĂƚŝŽŶŶĞĞĚƐĨŽƌůŽǁͲŵŽĚĞƌĂƚĞŝŶĐŽŵĞƉĞƌƐŽŶƐͬŚŽƵƐĞŚŽůĚƐŝŶ ZĞůĂƚŝǀĞWƌŝŽƌŝƚǇ ůŽǁͲŵŽĚĞƌĂƚĞŝŶĐŽŵĞĂƌĞĂƐ͘ ϰ WƌŝŽƌŝƚǇEĞĞĚ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ/ŵƉƌŽǀĞŵĞŶƚƐ EĂŵĞ WƌŝŽƌŝƚǇ>ĞǀĞů ,ŝŐŚ WŽƉƵůĂƚŝŽŶ ǆƚƌĞŵĞůǇ>Žǁ >Žǁ DŽĚĞƌĂƚĞ >ĂƌŐĞ&ĂŵŝůŝĞƐ &ĂŵŝůŝĞƐǁŝƚŚŚŝůĚƌĞŶ ůĚĞƌůǇ WĞƌƐŽŶƐǁŝƚŚDĞŶƚĂůŝƐĂďŝůŝƚŝĞƐ WĞƌƐŽŶƐǁŝƚŚWŚǇƐŝĐĂůŝƐĂďŝůŝƚŝĞƐ WĞƌƐŽŶƐǁŝƚŚĞǀĞůŽƉŵĞŶƚĂůŝƐĂďŝůŝƚŝĞƐ EŽŶͲŚŽƵƐŝŶŐŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚ 'ĞŽŐƌĂƉŚŝĐ ƌĞĂƐĨĨĞĐƚĞĚ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϵϰ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ƐƐŽĐŝĂƚĞĚ WƵďůŝĐ&ĂĐŝůŝƚŝĞƐ 'ŽĂůƐ ĞƐĐƌŝƉƚŝŽŶ /ŶƐƚĂůůĂƚŝŽŶŽƌƌĞƉĂŝƌŽĨƐƚƌĞĞƚƐ͕ƐƚƌĞĞƚĚƌĂŝŶƐ͕ƐƚŽƌŵĚƌĂŝŶƐ͕ĐƵƌďƐĂŶĚŐƵƚƚĞƌƐ͕ ƚƵŶŶĞůƐ͕ďƌŝĚŐĞƐ͕ĂŶĚƚƌĂĨĨŝĐůŝŐŚƚƐͬƐŝŐŶƐ͘ &ŽƌŝŵƉƌŽǀĞŵĞŶƚƐƚŚĂƚŝŶĐůƵĚĞůĂŶĚƐĐĂƉŝŶŐ͕ƐƚƌĞĞƚůŝŐŚƚŝŶŐ͕ĂŶĚͬŽƌƐƚƌĞĞƚƐŝŐŶƐ͘ KǀĞƌĂůůƐƚƌĞĞƚŝŵƉƌŽǀĞŵĞŶƚƐĨŽƌůŽǁͲŵŽĚĞƌĂƚĞŝŶĐŽŵĞĂƌĞĂƐ͕ƐůƵŵͬďůŝŐŚƚĞĚ ĂƌĞĂƐ͕ŽƌƚŽƌĞŵŽǀĞďĂƌƌŝĞƌƐƚŽĂĐĐĞƐƐŝďŝůŝƚǇ͘ ĂƐŝƐĨŽƌ ĚĚƌĞƐƐƉƵďůŝĐĨĂĐŝůŝƚǇŝŵƉƌŽǀĞŵĞŶƚƐƚŚĂƚƉƌŽǀŝĚĞƐĞƌǀŝĐĞƐĨŽƌůŽǁͲĂŶĚ ZĞůĂƚŝǀĞWƌŝŽƌŝƚǇ ŵŽĚĞƌĂƚĞͲŝŶĐŽŵĞƉĞƌƐŽŶƐ͘ ϱ WƌŝŽƌŝƚǇEĞĞĚ ^ĞƌǀŝĐĞƐĨŽƌWĞƌƐŽŶƐǁŝƚŚŝƐĂďŝůŝƚŝĞƐ EĂŵĞ WƌŝŽƌŝƚǇ>ĞǀĞů ,ŝŐŚ WŽƉƵůĂƚŝŽŶ ǆƚƌĞŵĞůǇ>Žǁ >Žǁ DŽĚĞƌĂƚĞ WĞƌƐŽŶƐǁŝƚŚDĞŶƚĂůŝƐĂďŝůŝƚŝĞƐ WĞƌƐŽŶƐǁŝƚŚWŚǇƐŝĐĂůŝƐĂďŝůŝƚŝĞƐ WĞƌƐŽŶƐǁŝƚŚĞǀĞůŽƉŵĞŶƚĂůŝƐĂďŝůŝƚŝĞƐ WĞƌƐŽŶƐǁŝƚŚůĐŽŚŽůŽƌKƚŚĞƌĚĚŝĐƚŝŽŶƐ WĞƌƐŽŶƐǁŝƚŚ,/sͬ/^ĂŶĚƚŚĞŝƌ&ĂŵŝůŝĞƐ EŽŶͲŚŽƵƐŝŶŐŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚ 'ĞŽŐƌĂƉŚŝĐ ƌĞĂƐĨĨĞĐƚĞĚ ƐƐŽĐŝĂƚĞĚ WƵďůŝĐ^ĞƌǀŝĐĞ 'ŽĂůƐ ĞƐĐƌŝƉƚŝŽŶ ĨĨŽƌĚĂďůĞ͕ĂĐĐĞƐƐŝďůĞƐĞƌǀŝĐĞƐĨŽƌƉĞƌƐŽŶƐǁŝƚŚĚŝƐĂďŝůŝƚŝĞƐŝŶĂĐĐĞƐƐŝďůĞ ůŽĐĂƚŝŽŶƐǁŝƚŚŝŶƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘ ĂƐŝƐĨŽƌ ^ƵƉƉŽƌƚŶĞĞĚƐĨŽƌĂĐĐĞƐƐŝďůĞƐĞƌǀŝĐĞƐĨŽƌůŽǁĂŶĚŵŽĚĞƌĂƚĞŝŶĐŽŵĞƉĞƌƐŽŶƐ͘ ZĞůĂƚŝǀĞWƌŝŽƌŝƚǇ ϲ WƌŝŽƌŝƚǇEĞĞĚ WůĂŶŶŝŶŐ EĂŵĞ WƌŝŽƌŝƚǇ>ĞǀĞů >Žǁ WŽƉƵůĂƚŝŽŶ ǆƚƌĞŵĞůǇ>Žǁ >Žǁ DŽĚĞƌĂƚĞ EŽŶͲŚŽƵƐŝŶŐŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϵϱ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D 'ĞŽŐƌĂƉŚŝĐ ƌĞĂƐĨĨĞĐƚĞĚ ƐƐŽĐŝĂƚĞĚ WůĂŶŶŝŶŐ 'ŽĂůƐ ĞƐĐƌŝƉƚŝŽŶ ^ƚƵĚǇŶĞĞĚƐŽĨůŽǁͲŵŽĚĞƌĂƚĞŝŶĐŽŵĞƉŽƉƵůĂƚŝŽŶƐƚŚƌŽƵŐŚŽƵƚƚŚĞĐŝƚǇ͘ ĂƐŝƐĨŽƌ ^ƵƉƉŽƌƚƌĞƋƵĞƐƚƐĨƌŽŵĂŐĞŶĐŝĞƐǁŝƚŚƉůĂŶŶŝŶŐĂĐƚŝǀŝƚŝĞƐĨŽƌƉƌŽŐƌĂŵƐƚŚĂƚ ZĞůĂƚŝǀĞWƌŝŽƌŝƚǇ ƐĞƌǀĞůŽǁͲĂŶĚŵŽĚĞƌĂƚĞͲŝŶĐŽŵĞƉĞƌƐŽŶƐ͘ ϳ WƌŝŽƌŝƚǇEĞĞĚ WƵďůŝĐ&ĂĐŝůŝƚŝĞƐ EĂŵĞ WƌŝŽƌŝƚǇ>ĞǀĞů >Žǁ WŽƉƵůĂƚŝŽŶ ǆƚƌĞŵĞůǇ>Žǁ >Žǁ DŽĚĞƌĂƚĞ WĞƌƐŽŶƐǁŝƚŚDĞŶƚĂůŝƐĂďŝůŝƚŝĞƐ WĞƌƐŽŶƐǁŝƚŚWŚǇƐŝĐĂůŝƐĂďŝůŝƚŝĞƐ WĞƌƐŽŶƐǁŝƚŚĞǀĞůŽƉŵĞŶƚĂůŝƐĂďŝůŝƚŝĞƐ EŽŶͲŚŽƵƐŝŶŐŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚ 'ĞŽŐƌĂƉŚŝĐ ƌĞĂƐĨĨĞĐƚĞĚ ƐƐŽĐŝĂƚĞĚ WƵďůŝĐ&ĂĐŝůŝƚŝĞƐ 'ŽĂůƐ ĞƐĐƌŝƉƚŝŽŶ ĞǀĞůŽƉŵĞŶƚŽƌŝŵƉƌŽǀĞŵĞŶƚŽĨŽƉĞŶƐƉĂĐĞĂƌĞĂŽƌĨĂĐŝůŝƚŝĞƐŝŶƚĞŶĚĞĚ ƉƌŝŵĂƌŝůǇĨŽƌƌĞĐƌĞĂƚŝŽŶĂůƵƐĞ͘ ^ƵƉƉŽƌƚƚŚĞƐĞĞĨĨŽƌƚƐĨŽƌůŽǁͲŵŽĚĞƌĂƚĞŝŶĐŽŵĞĂƌĞĂƐ͕ƐůƵŵͬďůŝŐŚƚĞĚĂƌĞĂƐ͕Žƌ ƚŽƌĞŵŽǀĞďĂƌƌŝĞƌƐƚŽĂĐĐĞƐƐŝďŝůŝƚǇ͘ ĂƐŝƐĨŽƌ ĚĚƌĞƐƐƉƵďůŝĐĨĂĐŝůŝƚǇŝŵƉƌŽǀĞŵĞŶƚƐƚŚĂƚƉƌŽǀŝĚĞƐĞƌǀŝĐĞƐĨŽƌůŽǁͲĂŶĚ ZĞůĂƚŝǀĞWƌŝŽƌŝƚǇ ŵŽĚĞƌĂƚĞͲŝŶĐŽŵĞƉĞƌƐŽŶƐŽƌƚŽƌĞŵŽǀĞďĂƌƌŝĞƌƐƚŽĂĐĐĞƐƐŝďŝůŝƚǇ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϵϲ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ^WͲϯϬ/ŶĨůƵĞŶĐĞŽĨDĂƌŬĞƚŽŶĚŝƚŝŽŶƐʹϵϭ͘Ϯϭϱ;ďͿ /ŶĨůƵĞŶĐĞŽĨDĂƌŬĞƚŽŶĚŝƚŝŽŶƐ ĨĨŽƌĚĂďůĞDĂƌŬĞƚŚĂƌĂĐƚĞƌŝƐƚŝĐƐƚŚĂƚǁŝůůŝŶĨůƵĞŶĐĞ ,ŽƵƐŝŶŐdǇƉĞƚŚĞƵƐĞŽĨĨƵŶĚƐĂǀĂŝůĂďůĞĨŽƌŚŽƵƐŝŶŐƚǇƉĞ dĞŶĂŶƚĂƐĞĚ ZĞŶƚĂůƐƐŝƐƚĂŶĐĞ ;dZͿ dZĨŽƌEŽŶͲ ,ŽŵĞůĞƐƐ^ƉĞĐŝĂů EĞĞĚƐ EĞǁhŶŝƚdŚĞƌĞŵĂǇďĞĂŚŝŐŚĚĞŵĂŶĚŝŶƚŚĞƌĞŶƚĂůŵĂƌŬĞƚĚƵĞƚŽĂŶŝŵƉƌŽǀĞĚ WƌŽĚƵĐƚŝŽŶĞĐŽŶŽŵǇ͕ůŽǁƉĞƌĐĞŶƚĂŐĞŽĨǀĂĐĂŶƚƵŶŝƚƐ͕ĂŶĚƚŚĞĞƐƚĂďůŝƐŚŵĞŶƚŽĨƚŚĞ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌĚƌŝǀŝŶŐƵƉƚŚĞĐŽƐƚďƵƌĚĞŶĨŽƌĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐ͘ dŚĞŝŶĐƌĞĂƐŝŶŐĚĞŵĂŶĚĐŽŶƚŝŶƵĞƐƚŽƉƵƚƉƌĞƐƐƵƌĞŽŶƚŚĞƚǁŽƉƌŝŵĂƌǇƉƌŽďůĞŵƐ ĂĨĨĞĐƚŝŶŐƚŚĞŚŽƵƐŝŶŐŵĂƌŬĞƚ͕ĐŽƐƚďƵƌĚĞŶĂŶĚĂǀĂŝůĂďŝůŝƚǇ͘ ZĞŚĂďŝůŝƚĂƚŝŽŶdŚĞƌĞŵĂǇďĞĂŚŝŐŚĚĞŵĂŶĚŝŶƚŚĞƌĞŶƚĂůŵĂƌŬĞƚĚƵĞƚŽĂŶŝŵƉƌŽǀĞĚ ĞĐŽŶŽŵǇ͕ůŽǁƉĞƌĐĞŶƚĂŐĞŽĨǀĂĐĂŶƚƵŶŝƚƐ͕ĂŶĚƚŚĞĞƐƚĂďůŝƐŚŵĞŶƚŽĨƚŚĞ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌĚƌŝǀŝŶŐƵƉƚŚĞĐŽƐƚďƵƌĚĞŶĨŽƌĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐ͘ dŚĞŝŶĐƌĞĂƐŝŶŐĚĞŵĂŶĚĐŽŶƚŝŶƵĞƐƚŽƉƵƚƉƌĞƐƐƵƌĞŽŶƚŚĞƚǁŽƉƌŝŵĂƌǇƉƌŽďůĞŵƐ ĂĨĨĞĐƚŝŶŐƚŚĞŚŽƵƐŝŶŐŵĂƌŬĞƚ͕ĐŽƐƚďƵƌĚĞŶĂŶĚĂǀĂŝůĂďŝůŝƚǇ͘ ĐƋƵŝƐŝƚŝŽŶ͕dŚĞƌĞŵĂǇďĞĂŚŝŐŚĚĞŵĂŶĚŝŶƚŚĞƌĞŶƚĂůŵĂƌŬĞƚĚƵĞƚŽĂŶŝŵƉƌŽǀĞĚ ŝŶĐůƵĚŝŶŐĞĐŽŶŽŵǇ͕ůŽǁƉĞƌĐĞŶƚĂŐĞŽĨǀĂĐĂŶƚƵŶŝƚƐ͕ĂŶĚƚŚĞĞƐƚĂďůŝƐŚŵĞŶƚŽĨƚŚĞ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌĚƌŝǀŝŶŐƵƉƚŚĞĐŽƐƚďƵƌĚĞŶĨŽƌĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐ͘ ƉƌĞƐĞƌǀĂƚŝŽŶ dŚĞŝŶĐƌĞĂƐŝŶŐĚĞŵĂŶĚĐŽŶƚŝŶƵĞƐƚŽƉƵƚƉƌĞƐƐƵƌĞŽŶƚŚĞƚǁŽƉƌŝŵĂƌǇƉƌŽďůĞŵƐ ĂĨĨĞĐƚŝŶŐƚŚĞŚŽƵƐŝŶŐŵĂƌŬĞƚ͕ĐŽƐƚďƵƌĚĞŶĂŶĚĂǀĂŝůĂďŝůŝƚǇ͘ dĂďůĞϱϭʹ/ŶĨůƵĞŶĐĞŽĨDĂƌŬĞƚŽŶĚŝƚŝŽŶƐ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϵϳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J 3DFNHW3J 3DFNHW3J *D ƌĞƉĂǇŵĞŶƚ͕ďƵƚŝƚŝƐĚĞĨĞƌƌĞĚƵŶƚŝůƚŚĞŚŽŵĞŝƐƐŽůĚŽƌƌĞĨŝŶĂŶĐĞĚƵŶĚĞƌĐĞƌƚĂŝŶĐŽŶĚŝƚŝŽŶƐ͘dŚĞĐŽƵŶƚǇ ZŽĐŚĞƐƚĞƌĂŶĚŽŶĞŽƵƚƐŝĚĞĐŝƚǇůŝŵŝƚƐǁŝƚŚŝŶƚŚĞĐŽƵŶƚǇͿ͘dŚĞƐƚƌƵĐƚƵƌĞ ϮϬϭϳ͘/ŶϮϬϭϴ͕ ďĞƵƐĞĚƚŽĂĚĚƌĞƐƐƚŚĞŶĞĞĚƐ ĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĂŶĚŽƚŚĞƌƉƌŽŐƌĂŵƐŝŶ ŚŽƵƐŝŶŐ ƉĞƌƐ;d/& ŝďůĞ͕ƚŚĞůŽĂŶŝƐ dŚĞKůŵƐƚĞĚŽƵŶƚǇŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐŚĂǀĞĂƉƉƌŽǀĞĚĂƉƌŽƉĞƌƚǇƚĂǆůĞǀǇŽĨŵŽƌĞƚŚĂŶΨϯ͘ϱŵŝůůŝŽŶŝŶϮϬϭϵƚŽƐƵƉƉŽƌƚ,Z dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĂŶƚŝĐŝƉĂƚĞĂĚĚŝƚŝŽŶĂůƌĞƐŽƵƌĐĞƐĨƌŽŵDŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐ&ŝŶĂŶĐĞŐĞŶĐǇƉƌŽǀŝĚĞĚƚŽƚŚĞůŽĐĂů,Z͕ĚĞǀĞůŽ KůŵƐƚĞĚŽƵŶƚǇ͕ŝŶĐůƵĚŝŶŐƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘dŚĞƚĂǆůĞǀǇĂƐƐŝƐƚĂŶĐĞǁŝƚŚĚĞǀĞůŽƉŵĞŶƚŽĨŚŽƵƐŝŶŐǁĂƐůĂƵŶĐŚĞĚŝŶDĂƌĐŚŽĨ ϵϵ ŽĨƚŚĞƐĞƌĞŚĂďůŽĂŶƐƚŚĞĐŽƵŶƚǇŽĨĨĞƌƐŝƐǀĞƌǇƐŝŵŝůĂƌƚŽƚŚĞŝƚǇ͛ƐZĞŚĂďƉƌŽŐƌĂŵ͘^ŝŵŝůĂƌƌĞŚĂďǁŽƌŬŝƐĞůŝŐŝďůĞĂŶĚŝŶĞůŝŐ /ĨĂƉƉƌŽƉƌŝĂƚĞ͕ĚĞƐĐƌŝďĞƉƵďůŝĐĂůůǇŽǁŶĞĚůĂŶĚŽƌƉƌŽƉĞƌƚǇůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞũƵƌŝƐĚŝĐƚŝŽŶƚŚĂƚŵĂǇ ƉƌŽŐƌĂŵ͕ůĞǀĞƌĂŐŝŶŐĂĚĚŝƚŝŽŶĂůŐŽǀĞƌŶŵĞŶƚĂŶĚŶŽŶƉƌŽĨŝƚŝŶǀĞƐƚŵĞŶƚǁŝƚŚƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨŶĞǁĂ ZK,^dZ ĨĂŵŝůǇĚǁĞůůŝŶŐƌĞŚĂďŝůŝƚĂƚŝŽŶ;ϭϵŝŶ ŵŽĚĞƌĂƚĞŝŶĐŽŵĞƉĞƌƐŽŶƐ͘ ϮϬůŽĂŶƐĞĂĐŚǇĞĂƌ͘ ĚĞĨĞƌƌĞĚǁŚŝůĞƌĞƋƵŝƌŝŶŐϮйŝŶƚĞƌĞƐƚƵƉŽŶ Ͳ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ Ͳ ϮϬ,ZůŽĂŶƐǁĞƌĞŐƌĂŶƚĞĚĨŽƌƐŝŶŐůĞ ǁ ƉƌŽĨŝƚƐƐĞƌǀŝŶŐůŽ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ Ͳ ƉƌŽŐƌĂŵ͛ƐŐŽĂůŝƐƚŽƉƌŽǀŝĚĞϭϱ ŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉůĂŶ Ͳ ĨƵŶĚŝŶŐͿĂŶĚŶŽŶ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ ŝƐĐƵƐƐŝŽŶ EE *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,^dZϭϬϬ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ZĞƐƉŽŶƐŝďůĞŶƚŝƚǇZĞƐƉŽŶƐŝďůĞŶƚŝƚǇZŽůĞ'ĞŽŐƌĂƉŚŝĐƌĞĂ dǇƉĞ^ĞƌǀĞĚ ,ŝĂǁĂƚŚĂ,ŽŵĞƐEŽŶͲƉƌŽĨŝƚEŽŶͲŚŽŵĞůĞƐƐƐƉĞĐŝĂů:ƵƌŝƐĚŝĐƚŝŽŶ ŽƌŐĂŶŝǌĂƚŝŽŶƐŶĞĞĚƐ ZĞŶƚĂů ƉƵďůŝĐĨĂĐŝůŝƚŝĞƐ ƉƵďůŝĐƐĞƌǀŝĐĞƐ dĂďůĞϱϯͲ/ŶƐƚŝƚƵƚŝŽŶĂůĞůŝǀĞƌǇ^ƚƌƵĐƚƵƌĞ ƐƐĞƐƐŽĨ^ƚƌĞŶŐƚŚƐĂŶĚ'ĂƉƐŝŶƚŚĞ/ŶƐƚŝƚƵƚŝŽŶĂůĞůŝǀĞƌǇ^ǇƐƚĞŵ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͚ƐƐƚƌĞŶŐƚŚŝƐƚŚĂƚŝƚŚĂƐĂŚŝƐƚŽƌǇŽĨĐŽŽƌĚŝŶĂƚŝŶŐǁŝƚŚĂŐĞŶĐŝĞƐƌĞƋƵĞƐƚŝŶŐƚŚĞƵƐĞ ŽĨ'ĨƵŶĚŝŶŐƉƌŽǀŝĚŝŶŐƐĞƌǀŝĐĞƐƚŽƚŚĞůŽǁĂŶĚŵŽĚĞƌĂƚĞŝŶĐŽŵĞƉĞƌƐŽŶƐ͘ dŚĞŝƚǇ͛ƐŐƌĞĂƚĞƐƚŶĞĞĚŝƐŝŶĐƌĞĂƐĞĚĐĂƉĂĐŝƚǇŝŶŚŽƵƐŝŶŐƐĞƌǀŝĐĞƐ͕ƉĂƌƚŝĐƵůĂƌůǇƉĞƌŵĂŶĞŶƚŚŽƵƐŝŶŐ͕Ă ƐŝŶŐůĞƐŝƚĞĞŵĞƌŐĞŶĐǇƐŚĞůƚĞƌĂŶĚƌĞŶƚĂůĂƐƐŝƐƚĂŶĐĞ͘dŚŝƐŐĂƉĐĂŶďĞĂĚĚƌĞƐƐĞĚƚŚƌŽƵŐŚĂĚĚŝƚŝŽŶĂů ĨƵŶĚŝŶŐƐŽƵƌĐĞƐǁŚĞƚŚĞƌĨĞĚĞƌĂů͕ƐƚĂƚĞŽƌůŽĐĂů͘^ĞƌǀŝĐĞƐĂƌĞĂǀĂŝůĂďůĞƚŽĂůůƉĞƌƐŽŶƐĞǆƉĞƌŝĞŶĐŝŶŐ ŚŽŵĞůĞƐƐŶĞƐƐ͘ dŚĞŝŶƐƚŝƚƵƚŝŽŶĂůƐƚƌƵĐƚƵƌĞĨŽƌĐĂƌƌǇŝŶŐŽƵƚƚŚĞƉƌŽŐƌĂŵƐĨŽƌƉĞŽƉůĞǁŚŽĂƌĞŚŽŵĞůĞƐƐŝƐKůŵƐƚĞĚŽƵŶƚǇ ŽŵŵƵŶŝƚǇ^ĞƌǀŝĐĞƐ;ƚŚƌŽƵŐŚƚŚĞKůŵƐƚĞĚŽƵŶƚǇ,ŽŵĞůĞƐƐŽŵŵƵŶŝƚǇEĞƚǁŽƌŬ;,EͿͿŽŶĞŽĨƚŚĞ Ž͛ƐϮϬĐŽƵŶƚǇƚĞĂŵƐƚŚĂƚŚĂƐĂůŽŶŐƐƚĂŶĚŝŶŐĐŽůůĂďŽƌĂƚŝŽŶŽĨĂǀĂƌŝĞƚǇŽĨĂŐĞŶĐŝĞƐ͘dŚĞ,E ĐŽŵŵŝƚƚĞĞĂĚĚƌĞƐƐĞƐŚŽƵƐŝŶŐĂŶĚƐƵƉƉŽƌƚŝǀĞƐĞƌǀŝĐĞƐĨŽƌƚŚĞŚŽŵĞůĞƐƐ͘dŚĞ,EŵĞĞƚĞǀĞƌǇŵŽŶƚŚ ƵŶĚĞƌƚŚĞůĞĂĚĞƌƐŚŝƉŽĨdŚƌĞĞZŝǀĞƌƐ͘ ^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΀dϭ΁ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϬϭ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D KůŵƐƚĞĚŽƵŶƚǇsĞƚĞƌĂŶƐ^ĞƌǀŝĐĞƐʹƐƐŝƐƚƐǀĞƚĞƌĂŶƐŝŶĂƉƉůǇĨŽƌƚĞŵƉŽƌĂƌǇĨŝŶĂŶĐŝĂůĂƐƐŝƐƚĂŶĐĞĨƌŽŵƚŚĞ ^ƚĂƚĞ^ŽůĚŝĞƌƐƐƐŝƐƚĂŶĐĞƉƌŽŐƌĂŵ͘ ^ĂůǀĂƚŝŽŶƌŵǇʹĂƐƚůĞǀŝĞǁƉĂƌƚŵĞŶƚʹϯϮƵŶŝƚƐĨŽƌƐŝŶŐůĞĂĚƵůƚƐ͕ZĂƉŝĚZĞͲ,ŽƵƐŝŶŐĂŶĚŵĞƌŐĞŶĐǇ ^ŽůƵƚŝŽŶƐ'ƌĂŶƚĨŽƌŚŽŵĞůĞƐƐŝŶĚŝǀŝĚƵĂůƐĂŶĚĨĂŵŝůŝĞƐǁŝƚŚĐĂƐĞŵĂŶĂŐĞŵĞŶƚƵƉƚŽϮϰŵŽŶƚŚƐ͘ ^ŝůǀĞƌƌĞĞŬŽƌŶĞƌƐʹWĞƌŵĂŶĞŶƚƐƵƉƉŽƌƚŝǀĞŚŽƵƐŝŶŐĨŽƌϰϬƐŝŶŐůĞĂĚƵůƚƐǁŚŽĂƌĞĐŚƌŽŶŝĐŝŶĞďƌŝĂƚĞƐ͘ ƵƌŝŶŐ͕:ĂŶƵĂƌǇϮϬϭϴϰϯϭŚŽŵĞůĞƐƐƉĞŽƉůĞǁĞƌĞƐŚĞůƚĞƌĞĚŝŶƚŚĞƌĞŐŝŽŶƐĨĂĐŝůŝƚŝĞƐ͘KĨƚŚŽƐĞƐŚĞůƚĞƌĞĚ͕ ϭϲϴǁĞƌĞĐŚŝůĚƌĞŶ͕ϮϲϲŝĚĞŶƚŝĨŝĞĚĂƐǁŽŵĞŶ͕ĂŶĚϭϲϰŝĚĞŶƚŝĨŝĞĚĂƐŵĞŶ͘,ŽƵƐĞŚŽůĚƐŵĂĚĞƵƉŽĨĂƚůĞĂƐƚ ŽŶĞĂĚƵůƚĂŶĚŽŶĞĐŚŝůĚŵĂĚĞƵƉŵŽƌĞƚŚĂŶϯϬйŽĨĂůůƐŚĞůƚĞƌĞĚŚŽƵƐĞŚŽůĚƐ͖ŽĨƚŚŝƐŐƌŽƵƉ͕ĂůŵŽƐƚϳϬй ǁĞƌĞǁŽŵĞŶ͘dŚĞƌĞĂƌĞĨĞǁĞƌŽƉƚŝŽŶƐĨŽƌŚŽŵĞůĞƐƐŵĞŶ͕ĂƐŵŽƐƚĨĂĐŝůŝƚŝĞƐƐĞƌǀĞƐŝŶŐůĞǁŽŵĞŶŽƌ ǁŽŵĞŶǁŝƚŚĐŚŝůĚƌĞŶ͘ ǀĂŝůĂďŝůŝƚǇŽĨƐĞƌǀŝĐĞƐƚĂƌŐĞƚĞĚƚŽŚŽŵĞůĞƐƐƉĞƌƐŽŶƐĂŶĚƉĞƌƐŽŶƐǁŝƚŚ,/sĂŶĚŵĂŝŶƐƚƌĞĂŵ ƐĞƌǀŝĐĞƐ ,ŽŵĞůĞƐƐŶĞƐƐWƌĞǀĞŶƚŝŽŶǀĂŝůĂďůĞŝŶƚŚĞdĂƌŐĞƚĞĚƚŽdĂƌŐĞƚĞĚƚŽWĞŽƉůĞ ^ĞƌǀŝĐĞƐŽŵŵƵŶŝƚǇ,ŽŵĞůĞƐƐǁŝƚŚ,/s ,ŽŵĞůĞƐƐŶĞƐƐWƌĞǀĞŶƚŝŽŶ^ĞƌǀŝĐĞƐ ŽƵŶƐĞůŝŶŐͬĚǀŽĐĂĐǇyy >ĞŐĂůƐƐŝƐƚĂŶĐĞy DŽƌƚŐĂŐĞƐƐŝƐƚĂŶĐĞy ZĞŶƚĂůƐƐŝƐƚĂŶĐĞy hƚŝůŝƚŝĞƐƐƐŝƐƚĂŶĐĞy ^ƚƌĞĞƚKƵƚƌĞĂĐŚ^ĞƌǀŝĐĞƐ >ĂǁŶĨŽƌĐĞŵĞŶƚ DŽďŝůĞůŝŶŝĐƐ KƚŚĞƌ^ƚƌĞĞƚKƵƚƌĞĂĐŚ^ĞƌǀŝĐĞƐ ^ƵƉƉŽƌƚŝǀĞ^ĞƌǀŝĐĞƐ ůĐŽŚŽůΘƌƵŐďƵƐĞyy ŚŝůĚĂƌĞy ĚƵĐĂƚŝŽŶ ŵƉůŽǇŵĞŶƚĂŶĚŵƉůŽǇŵĞŶƚ dƌĂŝŶŝŶŐ ,ĞĂůƚŚĐĂƌĞ 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ŵĞŵďĞƌƐŽĨĚŝƐĂĚǀĂŶƚĂŐĞŵŝŶŽƌŝƚŝĞƐǁŝƚŚŽƵƚĚŝƐĐƌŝŵŝŶĂƚŝŽŶďĂƐĞĚŽŶƌĂĐĞ͕ĐŽůŽƌ͕ƌĞůŝŐŝŽŶ͕ƐĞǆ͕ŶĂƚŝŽŶĂůŽƌŝŐŝŶ͕ĨĂŵŝůŝĂů Ͳ ϮϬϮϬ ĨĂŵŝůŝĞƐĂƚƌŝƐŬŽĨďĞĐŽŵŝŶŐŚŽŵĞůĞƐƐ͕ƌĞƚĞŶƚŝŽŶŽĨĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐƐƚŽĐŬ͕ŝŶĐƌĞĂƐŝŶŐƚŚĞĂǀĂŝůĂďŝůŝƚǇŽĨĂĨĨŽƌĚĂďůĞ ǇĞĂƌƉĞƌŝŽĚ ϭϬϲ Ͳ ŝŶĐŽŵĞĨĂŵŝůŝĞƐǁŝůůďĞƉƌŽǀŝĚĞĚĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĚƵƌŝŶŐĨŝǀĞ ĂĐĐĞƐƐŝďŝůŝƚǇƐĞƌǀŝĐĞƐ͘ ŵŽĚĞƌĂƚĞŝŶĐŽŵĞŚŽƵƐĞŚŽůĚƐ͘ ^ƚƌƵĐƚƵƌĞŝŵƉƌŽǀĞŵĞŶƚƐ͕ƐƚƌĞĞƚŝŵƉƌŽǀĞŵĞŶƚƐ͕ƉĂƌŬƐͬƌĞĐƌĞĂƚŝŽŶĂůĨĂĐŝůŝƚŝĞƐĂŶĚ Ͳ ŝŶĐŽŵĞĂŶĚŵŽĚĞƌĂƚĞ Ͳ ŝŶĐŽŵĞ͕ĂŶĚŵŽĚĞƌĂƚĞ zŽƵƚŚƉƌŽŐƌĂŵƐ͕ĐŚŝůĚĐĂƌĞƉƌŽŐƌĂŵƐ͕ƚƌĂŶƐƉŽƌƚĂƚŝŽŶƐĞƌǀŝĐĞƐ͕ ZK,^dZ Ͳ ǁŝƚŚůŽǁĂŶĚůŽǁ ŵŽĚĞƌĂƚĞŝŶĐŽŵĞƉĞƌƐŽŶƐ͘ ƐƚĂƚƵƐ͕ŽƌĚŝƐĂďŝůŝƚǇ͘/ŶĐƌĞĂƐŝŶŐƚŚĞƐƵƉƉůǇŽĨƐƵƉƉ Ͳ ĚŝƚŝŽŶƚŽůŽǁ ŚŽƵƐŝŶŐŚĂƚŝƐĂĐĐĞƐƐŝďůĞƚŽũŽďŽƉƉŽƌƚƵŶŝƚŝĞƐ͘ ĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĂƐĚĞĨŝŶĞĚďǇ,KDϵϭ͘ϯϭϱ;ďͿ;ϮͿ Ͳ ůŽǁ ƉĞƌŵĂŶĞŶƚŚŽƵƐŝŶŐŝŶƐƚĂŶĚĂƌĚĐŽŶ Ͳ ŝŶĐŽŵĞĂŶĚŵŽĚĞƌĂƚĞ ďůŽĐŬƐ ŝŶĐŽŵĞ͕ ĐĞŶƐƵƐ Ͳ Ͳ ƚŚĂƚĂƐƐŝƐƚůŽǁĂŶĚůŽǁ ƐƚŝŵĂƚĞƚŚĞŶƵŵďĞƌŽĨĞǆƚƌĞŵĞůǇůŽǁ ĚĚƌĞƐƐŝŶŐŶĞĞĚƐŽĨ ĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐ WƌŽǀŝĚŝŶŐĚĞĐĞŶƚ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ WƵďůŝĐ&ĂĐŝůŝƚŝĞƐ WƵďůŝĐ^ĞƌǀŝĐĞ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ Ͳ ŶĞƐƚŝŵĂƚĞĚϭϰϬĞǆƚƌĞŵĞůǇůŽǁ 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ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϭϰ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J 3DFNHW3J *D EĂƌƌĂƚŝǀĞĞƐĐƌŝƉƚŝŽŶ ůŽƉŵĞŶƚůŽĐŬ'ƌĂŶƚ;'ͿĨƵŶĚŝŶŐƚŽďĞĂǀĂŝůĂďůĞĨƌŽŵƚŚĞĞƉĂƌƚŵĞŶƚŽĨ,ŽƵƐŝŶŐĂŶĚhƌďĂŶ ŽĨŚŽǁ ǆƉůĂŝŶŚŽǁĨĞĚĞƌĂůĨƵŶĚƐǁŝůůůĞǀĞƌĂŐĞƚŚŽƐĞĂĚĚŝƚŝŽŶĂůƌĞƐŽƵƌĐĞƐ;ƉƌŝǀĂƚĞ͕ƐƚĂƚĞĂŶĚůŽĐĂůĨƵŶĚƐͿ͕ŝŶĐůƵĚŝŶŐĂĚĞƐĐƌŝƉƚŝŽŶ ϭϭϱ Ϯ͕ϵϲϬ͕ϬϬϬ ZĞŵĂŝŶĚĞƌ ŽĨŽŶWůĂŶ ǀĂŝůĂďůĞ ǆƉĞĐƚĞĚ ŵŽƵŶƚ Ψ ϭ͕ϬϬϬ͕ϵϴϰ ϵϬϰ͕ϯϳϱ dŽƚĂů͗ Ψ ǆƉĞĐƚĞĚŵŽƵŶƚǀĂŝůĂďůĞzĞĂƌϭ Ϭ ZĞƐŽƵƌĐĞƐ͗ WƌŝŽƌzĞĂƌ WƌŝŽƌŝƚǇdĂďůĞ ǆƉĞĐƚĞĚZĞƐŽƵƌĐĞƐ Ψ ϮϬϬ͕ϬϬϬ /ŶĐŽŵĞ͗Ψ WƌŽŐƌĂŵ ʹ ǆƉĞĐƚĞĚZĞƐŽƵƌĐĞƐ ZK,^dZ ϭ͕ϬϬϬ͕ϵϴϰ ϳϬϰ͕ϯϳϱ ůůŽĐĂƚŝŽŶ͗ ŶŶƵĂů Ψ Ͳ ϱϲ dĂďůĞ ĚŵŝŶĂŶĚWůĂŶŶŝŶŐ ϵϭ͘ϮϮϬ;ĐͿ;ϭ͕ϮͿ hƐĞƐŽĨ&ƵŶĚƐ WƵďůŝĐ^ĞƌǀŝĐĞƐ /ŵƉƌŽǀĞŵĞŶƚƐ ĞǀĞůŽƉŵĞŶƚ hƌŐĞŶƚEĞĞĚ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĞǆƉĞĐƚƐŽŵŵƵŶŝƚǇĞǀĞ ĐƋƵŝƐŝƚŝŽŶ ĐŽŶŽŵŝĐ ŵĂƚĐŚŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐǁŝůůďĞƐĂƚŝƐĨŝĞĚ ,ŽƵƐŝŶŐ WƵďůŝĐ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ ʹ ϭϱǆƉĞĐƚĞĚZĞƐŽƵƌĐĞƐ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ^ŽƵƌĐĞŽĨ &ƵŶĚƐ ʹ Ͳ ĨĞĚĞƌĂůĨĞĚĞƌĂů ƉƵďůŝĐWƵďůŝĐ ŶƚŝĐŝƉĂƚĞĚZĞƐŽƵƌĐĞƐ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ Ks/ WƌŽŐƌĂŵ /ŶƚƌŽĚƵĐƚŝŽŶ Ͳ '' Ͳ W 3DFNHW3J *D ĚŝƚŝŽŶƐ͘dŚĞĐŽƵŶƚǇ ĨĂŵŝůǇĚǁĞůůŝŶŐƌĞŚĂďŝůŝƚĂƚŝŽŶ;ϭϵŝŶZŽĐŚĞƐƚĞƌĂŶĚŽŶĞŽƵƚƐŝĚĞĐŝƚǇůŝŵŝƚƐǁŝƚŚŝŶƚŚĞĐŽƵŶƚǇͿ͘dŚĞƐƚƌƵĐƚƵƌĞ Ğƌ͘dŚĞƚĂǆůĞǀǇĂƐƐŝƐƚĂŶĐĞǁŝƚŚĚĞǀĞůŽƉŵĞŶƚŽĨŚŽƵƐŝŶŐǁĂƐůĂƵŶĐŚĞĚŝŶDĂƌĐŚŽĨϮϬϭϳ͘/ŶϮϬϭϴ͕ ƌŽŐƌĂŵƐŝŶ dŚĞŝƚǇĚŽĞƐŶŽƚ ƉƌŽƉĞƌƚǇƚĂǆůĞǀǇŽĨŵŽƌĞƚŚĂŶΨϯ͘ϱŵŝůůŝŽŶŝŶϮϬϭϵƚŽƐƵƉƉŽƌƚ,ZŚŽƵƐŝŶŐ ƉĞƌƐ;d/& WƌŝǀĂƚĞ͕ƐƚĂƚĞĂŶĚůŽĐĂůĨƵŶĚƐĨƌŽŵƚŚĞĂŐĞŶĐŝĞƐĂƌĞĚŝƐƚƌŝďƵƚĞĚƚŚƌŽƵŐŚƚŚĞ ŶŝƐ ďůŽĂŶƐƚŚĞĐŽƵŶƚǇŽĨĨĞƌƐŝƐǀĞƌǇƐŝŵŝůĂƌƚŽƚŚĞŝƚǇ͛ƐZĞŚĂďƉƌŽŐƌĂŵ͘^ŝŵŝůĂƌƌĞŚĂďǁŽƌŬŝƐĞůŝŐŝďůĞĂŶĚŝŶĞůŝŐŝďůĞ͕ƚŚĞůŽĂ ƉƌŽŐƌĂŵ͕ůĞǀĞƌĂŐŝŶŐĂĚĚŝƚŝŽŶĂůŐŽǀĞƌŶŵĞŶƚĂŶĚŶŽŶƉƌŽĨŝƚŝŶǀĞƐƚŵĞŶƚǁŝƚŚƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨŶĞǁĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĂŶĚŽƚŚĞƌƉ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĂŶƚŝĐŝƉĂƚĞĂĚĚŝƚŝŽŶĂůƌĞƐŽƵƌĐĞƐĨƌŽŵDŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐ&ŝŶĂŶĐĞŐĞŶĐǇƉƌŽǀŝĚĞĚƚŽƚŚĞůŽĐĂů,Z͕ĚĞǀĞůŽ ϭϭϲ Ŷ ĚĞĨĞƌƌĞĚǁŚŝůĞƌĞƋƵŝƌŝŶŐϮйŝŶƚĞƌĞƐƚƵƉŽŶƌĞƉĂǇŵĞŶƚ͕ďƵƚŝƚŝƐĚĞĨĞƌƌĞĚƵŶƚŝůƚŚĞŚŽŵĞŝƐƐŽůĚŽƌƌĞĨŝŶĂŶĐĞĚƵŶĚĞƌĐĞƌƚĂŝŶĐŽ ĂƌĞĂůůŽĐĂƚĞĚ'ĨƵŶĚƐ͘ 'ĨƵŶĚƐĂƌĞƵƐĞĚƚŽůĞǀĞƌĂŐĞĂĚĚŝƚŝŽŶĂůƉƌŝǀĂƚĞ͕ƐƚĂƚĞĂŶĚůŽĐĂůƌĞƐŽƵƌĐĞƐĨƌŽŵĂŐĞŶĐŝĞƐƚŚĂƚ ZK,^dZ dŚĞƐĞĨƵŶĚƐĂƌĞĚŝƐƚƌŝďƵƚĞĚƉƌŝŽƌƚŽƐƉĞŶĚŝŶŐƚŚĞ'ĨƵŶĚŝŶŐ͘ ǇĞĂƌƉĞƌŝŽĚŽĨƚŚŝƐŽŶƐŽůŝĚĂƚĞĚWůĂŶ͘ ŵŽĚĞƌĂƚĞŝŶĐŽŵĞƉĞƌƐŽŶƐ͘ dŚĞKůŵƐƚĞĚŽƵŶƚǇŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐŚĂǀĞĂƉƉƌŽǀĞĚĂ ŽďƚĂŝŶƚŚĞůĞǀĞƌĂŐĞŽƌŵĂƚĐŚŝŶŐĨƵŶĚƐĨƌŽŵƚŚĞƐƵďŐƌĂŶƚĞĞƐ͘ ϮϬůŽĂŶƐĞĂĐŚǇĞĂƌ͘ KůŵƐƚĞĚŽƵŶƚǇ͕ŝŶĐůƵĚŝŶŐƚŚĞŝƚǇŽĨZŽĐŚĞƐƚ Ͳ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ Ͳ ϮϬ,ZůŽĂŶƐǁĞƌĞŐƌĂŶƚĞĚĨŽƌƐŝŶŐůĞ ƉƌŽĨŝƚƐƐĞƌǀŝŶŐůŽǁ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ Ͳ ƉƌŽŐƌĂŵ͛ƐŐŽĂůŝƐƚŽƉƌŽǀŝĚĞϭϱ Ͳ ĞǀĞůŽƉŵĞŶƚĚƵƌŝŶŐƚŚĞĨŝǀĞ Ͳ ĨƵŶĚŝŶŐͿĂŶĚŶŽŶ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ ŽĨƚŚĞƐĞƌĞŚĂ ĂŐĞŶĐŝĞƐ͘ *D /ĨĂƉƉƌŽƉƌŝĂƚĞ͕ĚĞƐĐƌŝďĞƉƵďůŝĐĂůůǇŽǁŶĞĚůĂŶĚŽƌƉƌŽƉĞƌƚǇůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞũƵƌŝƐĚŝĐƚŝŽŶƚŚĂƚ ŵĂǇďĞƵƐĞĚƚŽĂĚĚƌĞƐƐƚŚĞŶĞĞĚƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉůĂŶ E ŝƐĐƵƐƐŝŽŶ E ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϭϳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J 3DFNHW3J 3DFNHW3J *D ĐƚŝǀŝƚŝĞƐŽƚŚĞƌƚŚĂŶ>ŽǁͬDŽĚĞƌĂƚĞ ƵƐŝŶĞƐƐĞƐĂƐƐŝƐƚĞĚ͗ϳϮƵƐŝŶĞƐƐĞƐ WƵďůŝĐƐĞƌǀŝĐĞĂĐƚŝǀŝƚŝĞƐŽƚŚĞƌƚŚĂŶ ^ŚĞůƚĞƌͬdƌĂŶƐŝƚŝŽŶĂů,ŽƵƐŝŶŐĞĚƐ ϳ͕ϱϬϬ >ŽǁͬDŽĚĞƌĂƚĞ/ŶĐŽŵĞ,ŽƵƐŝŶŐ WĞƌƐŽŶƐƐƐŝƐƚĞĚ WƵďůŝĐ&ĂĐŝůŝƚǇŽƌ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ /ŶĐŽŵĞ,ŽƵƐŝŶŐĞŶĞĨŝƚ͗ϭϲϬϬ 'ŽĂůKƵƚĐŽŵĞ/ŶĚŝĐĂƚŽƌ ZĞƐƉŽŶƐĞƚŽƵƌŐĞŶƚŶĞĞĚ͗ KǀĞƌŶŝŐŚƚͬŵĞƌŐĞŶĐǇ WĞƌƐŽŶƐƐƐŝƐƚĞĚ ĂĚĚĞĚ͗ϯϬĞĚƐ ϲ͕ϬϱϬ ϭϭϵ ƐƐŝƐƚĞĚ ĞŶĞĨŝƚ͗ ϲϴ͕ϭϬϬ ϭ͕Ϯϯϴ͕ϯϲ &ƵŶĚŝŶŐ '͗Ψ '͗Ψ EĞĞĚƐĚĚƌĞƐƐĞĚ zŽƵƚŚWƌŽŐƌĂŵƐ ^ŚĞůƚĞƌĨŽƌƚŚĞ hƌŐĞŶƚEĞĞĚWĞƌƐŽŶƐǁŝƚŚ ^ĞƌǀŝĐĞƐĨŽƌ ŵĞƌŐĞŶĐǇ ŝƐĂďŝůŝƚŝĞƐ ĐŽŶŽŵŝĐ ,ŽŵĞůĞƐƐ ZĞƐƉŽŶƐĞ 'ŽĂůƐ^ƵŵŵĂƌǇ ^ƚĂďŝůŝƚǇ ZK,^dZ 'ĞŽŐƌĂƉŚŝĐ ƌĞĂʹ ϱϳ dĂďůĞ ĞǀĞůŽƉŵĞŶƚĞǀĞůŽƉŵĞŶƚ ĂƚĞŐŽƌǇ,ŽƵƐŝŶŐ,ŽƵƐŝŶŐ ŽŵŵƵŶŝƚǇŽŵŵƵŶŝƚǇ ͲͲ EŽŶEŽŶ ϮϬϮϰϮϬϮϰ zĞĂƌ ŶĚ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ϮϬϮϬϮϬϮϬ ^ƚĂƌƚ zĞĂƌ 'ŽĂůEĂŵĞ &ĂĐŝůŝƚŝĞƐ ^ĞƌǀŝĐĞ 'ŽĂůĞƐĐƌŝƉƚŝŽŶƐ WƵďůŝĐWƵďůŝĐ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ KƌĚĞƌ ^Žƌƚ Ϯ ϯ 3DFNHW3J *D ϭϮϬ ĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐĐƚŝǀŝƚŝĞƐŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐƉƌŽŐƌĂŵƐͬĂŐĞŶĐŝĞƐ͗ &ŝƌƐƚ,ŽŵĞƐWƌŽƉĞƌƚŝĞƐ ZK,^dZ ĚǀĂŶĐĞŝǀĞƌƐŝƚǇ͕ƋƵŝƚǇ͕ĂŶĚ/ŶĐůƵƐŝŽŶ WƵďůŝĐ^ĞƌǀŝĐĞĐƚŝǀŝƚŝĞƐŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐ͗ ĞŶƚĞƌ DEŚŝůĚƌĞŶ͛ƐDƵƐĞƵŵZŽĐŚĞƐƚĞƌ ŽǇƐĂŶĚ'ŝƌůƐůƵďŽĨZŽĐŚĞƐƚĞƌ Ͳ tĂƌŵŝŶŐ WƌŽŐƌĂŵ ZŽĐŚĞƐƚĞƌƌĞĂ&ŽƵŶĚĂƚŝŽŶ Ğtŝƚǌ,ŽŵĞƵŝůĚĞƌƐ͕/ŶĐ͘ ZĞŶƚĂůZĞĚĞƐŝŐŶWƌŽŐƌĂŵ ZŽĐŚĞƐƚĞƌƌĞĂ&ĂŵŝůǇz ŝƚǇΖƐ,ŽŵĞZĞŚĂď Ͳ zDĂŵƉKůƐŽŶ ĐŽŶŽŵŝĐ^ƚĂďŝůŝƚǇ tŚǇzŽƵ/ŶŝƚŝĂƚŝǀĞ ŚŝůĚĐĂƌĞ^ƵƉƉŽƌƚ ĂƚŚŽůŝĐŚĂƌŝƚŝĞƐ ƌĂĚůĞϮĂƌĞĞƌ &ŽŽĚ^ĞĐƵƌŝƚǇ ĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐ WƵďůŝĐ^ĞƌǀŝĐĞ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ xxxxxxxxxxxxxxx 'ŽĂůĞƐĐƌŝƉƚŝŽŶ'ŽĂůĞƐĐƌŝƉƚŝŽŶ 'ŽĂůEĂŵĞ'ŽĂůEĂŵĞ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ ϭϮ 3DFNHW3J *D ϭϮϭ &ĂĐŝůŝƚŝĞƐĂĐƚŝǀŝƚŝĞƐŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐĂŐĞŶĐŝĞƐ͗ ZK,^dZ &ĂŵŝůǇ^ĞƌǀŝĐĞZŽĐŚĞƐƚĞƌ ďŝůŝƚǇƵŝůĚŝŶŐĞŶƚĞƌ WƵďůŝĐ&ĂĐŝůŝƚŝĞƐ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ WƵďůŝĐ xx 'ŽĂůĞƐĐƌŝƉƚŝŽŶ 'ŽĂůEĂŵĞ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ ϯ *D WƌŽũĞĐƚƐ WͲϯϱWƌŽũĞĐƚƐʹϵϭ͘ϮϮϬ;ĚͿ /ŶƚƌŽĚƵĐƚŝŽŶ dŚƌŽƵŐŚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐƉƌŽĐĞƐƐĂŶĚŝƚΖƐĂĚŽƉƚĞĚŝƚŝǌĞŶWĂƌƚŝĐŝƉĂƚŝŽŶWůĂŶ͕ƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ ĂůůŽĐĂƚĞĚĂŶĞƐƚŝŵĂƚĞĚΨϳϰϬ͕ϯϳϱƚŽƐĞƌǀŝŶŐůŽǁĂŶĚŵŽĚĞƌĂƚĞŝŶĐŽŵĞƉĞƌƐŽŶƐĂŶĚĂŶĂĚĚŝƚŝŽŶĂů Ψϰϭ͕ϬϬϬ͕ϵϴϰĨƌŽŵ'ͲKs/ƚŽKs/ƌĞůŝĞĨǁŝƚŚŝŶƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘ WƌŽũĞĐƚƐ ηWƌŽũĞĐƚEĂŵĞ ϭďŝůŝƚǇƵŝůĚŝŶŐĞŶƚĞƌ ϮĞtŝƚǌ,ŽŵĞƵŝůĚĞƌƐ͕/ŶĐ͘ ϯŝƚǇΖƐϮй,ŽŵĞZĞŚĂď>ŽĂŶWƌŽŐƌĂŵ ϰ'ĚŵŝŶŝƐƚƌĂƚŝŽŶ ϱZŽĐŚĞƐƚĞƌƌĞĂ&ĂŵŝůǇz ϲ&ĂŵŝůǇ^ĞƌǀŝĐĞZŽĐŚĞƐƚĞƌ ϳZŽĐŚĞƐƚĞƌƌĞĂ&ŽƵŶĚĂƚŝŽŶͲ&ŝƌƐƚ,ŽŵĞƐWƌŽƉĞƌƚŝĞƐ ϴDEŚŝůĚƌĞŶΖƐDƵƐĞƵŵZŽĐŚĞƐƚĞƌ ϵtĂƌŵŝŶŐĞŶƚĞƌ ϭϬŽǇƐΘ'ŝƌůƐůƵďŽĨZŽĐŚĞƐƚĞƌ ϭϭtŚǇzŽƵ/ŶŝƚŝĂƚŝǀĞ ϭϮƌĂĚůĞϮĂƌĞĞƌ ϭϯ>ĞĂĚ'ƌĂŶƚĚŵŝŶŝƐƚƌĂƚŝŽŶ ϭϰĚǀĂŶĐĞŝǀĞƌƐŝƚǇ͕ƋƵŝƚǇ͕ĂŶĚ/ŶĐůƵƐŝŽŶ ϭϱĐŽŶŽŵŝĐ^ƚĂďŝůŝƚǇ ϭϲĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐ ϭϳŚŝůĚĐĂƌĞ^ƵƉƉŽƌƚ ϭϴ&ŽŽĚ^ĞĐƵƌŝƚǇ dĂďůĞϱϴʹWƌŽũĞĐƚ/ŶĨŽƌŵĂƚŝŽŶ 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ƚŚĞƉƌŽƉŽƐĞĚ ĂĐƚŝǀŝƚŝĞƐ >ŽĐĂƚŝŽŶĞƐĐƌŝƉƚŝŽŶ ϭϵϭϭEtϭϰƚŚ^ƚƌĞĞƚ͕ZŽĐŚĞƐƚĞƌ͕DE WůĂŶŶĞĚĐƚŝǀŝƚŝĞƐ ZĞƉůĂĐĞƚŚƌĞĞĨĂŝůŝŶŐŵĂŝŶĞŶƚƌǇĚŽŽƌƐĂŶĚƚǁŽůĂƌŐĞƐƚĨƌĞƐŚĂŝƌ ŚĂŶĚůĞƌĚĞǀŝĐĞƐĂƚƚŚĞŵĂŝŶĨĂĐŝůŝƚǇůŽĐĂƚĞĚĂƚϭϵϭϭEtϭϰƚŚ^ƚƌĞĞƚ͕ ZŽĐŚĞƐƚĞƌ͕DE͘ Ϯ WƌŽũĞĐƚEĂŵĞ Ğtŝƚǌ,ŽŵĞƵŝůĚĞƌƐ͕/ŶĐ͘ dĂƌŐĞƚƌĞĂ 'ŽĂůƐ^ƵƉƉŽƌƚĞĚ ĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐ EĞĞĚƐĚĚƌĞƐƐĞĚ ĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐ &ƵŶĚŝŶŐ '͗Ψϯϭ͕ϰϬϬ ĞƐĐƌŝƉƚŝŽŶ &ƵŶĚĚŽǁŶƉĂǇŵĞŶƚĂƐƐŝƐƚĂŶĐĞĨŽƌƚǁŽƚŽĨŽƵƌŚŽƵƐĞŚŽůĚƐ͘ dĂƌŐĞƚĂƚĞ ϭϮͬϯϭͬϬϬϮϬ ƐƚŝŵĂƚĞƚŚĞŶƵŵďĞƌ ϮͲϰůŽǁƚŽŵŽĚĞƌĂƚĞůǇůŽǁͲŝŶĐŽŵĞŚŽƵƐĞŚŽůĚƐ͘ ĂŶĚƚǇƉĞŽĨĨĂŵŝůŝĞƐ ƚŚĂƚǁŝůůďĞŶĞĨŝƚĨƌŽŵ ƚŚĞƉƌŽƉŽƐĞĚ ĂĐƚŝǀŝƚŝĞƐ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϮϯ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D >ŽĐĂƚŝŽŶĞƐĐƌŝƉƚŝŽŶ WĞďďůĞƌĞĞŬŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚ͘ WůĂŶŶĞĚĐƚŝǀŝƚŝĞƐ &ƵŶĚĚŽǁŶƉĂǇŵĞŶƚĂƐƐŝƐƚĂŶĐĞĨŽƌƚǁŽƚŽĨŽƵƌŚŽƵƐĞŚŽůĚƐ͘ ϯ WƌŽũĞĐƚEĂŵĞ ŝƚǇΖƐϮй,ŽŵĞZĞŚĂď>ŽĂŶWƌŽŐƌĂŵ dĂƌŐĞƚƌĞĂ 'ŽĂůƐ^ƵƉƉŽƌƚĞĚ ĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐ EĞĞĚƐĚĚƌĞƐƐĞĚ KǁŶĞƌKĐĐƵƉŝĞĚZĞŚĂďŝůŝƚĂƚŝŽŶ &ƵŶĚŝŶŐ '͗Ψϴϵ͕ϴϮϱ ĞƐĐƌŝƉƚŝŽŶ dŚĞŝƚǇǁŝůůƉƌŽǀŝĚĞĂƚǁŽƉĞƌĐĞŶƚ;ϮйͿƐŝŵƉůĞŝŶƚĞƌĞƐƚďĞĂƌŝŶŐ ĚĞĨĞƌƌĞĚůŽĂŶŽĨƵƉƚŽΨϯϬ͕ϬϬϬƉĞƌƵŶŝƚƚŽůŽǁͲŵŽĚĞƌĂƚĞŝŶĐŽŵĞ 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/ŶƐƚĂůůƐŽůĂƌƉĂŶĞůƐĂƚŶĞǁ&ĂŵŝůǇ^ĞŶŝŽƌ^ĞƌǀŝĐĞƐĨĂĐŝůŝƚǇŝŶ^ ZŽĐŚĞƐƚĞƌ͘ ϳ WƌŽũĞĐƚEĂŵĞ ZŽĐŚĞƐƚĞƌƌĞĂ&ŽƵŶĚĂƚŝŽŶͲ&ŝƌƐƚ,ŽŵĞƐWƌŽƉĞƌƚŝĞƐ dĂƌŐĞƚƌĞĂ 'ŽĂůƐ^ƵƉƉŽƌƚĞĚ ĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐ EĞĞĚƐĚĚƌĞƐƐĞĚ KǁŶĞƌKĐĐƵƉŝĞĚZĞŚĂďŝůŝƚĂƚŝŽŶ &ƵŶĚŝŶŐ '͗Ψϭϯϲ͕ϮϬϬ ĞƐĐƌŝƉƚŝŽŶ /Ŷϭϵϵϵ͕ƚŚĞZŽĐŚĞƐƚĞƌƌĞĂ&ŽƵŶĚĂƚŝŽŶ;Z&ͿͲ&ŝƌƐƚ,ŽŵĞ WƌŽƉĞƌƚŝĞƐ͕ƉƌŽŵƉƚĞĚďǇĂƐŚŽƌƚĂŐĞŽĨĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐŽƉƚŝŽŶƐĨŽƌ ĨĂŵŝůŝĞƐŝŶZŽĐŚĞƐƚĞƌĂŶĚƚŚĞƐƵƌƌŽƵŶĚŝŶŐĂƌĞĂ͕ĞƐƚĂďůŝƐŚĞĚƚŚĞ ,ĞƌŝƚĂŐĞ,ŽŵĞƐWƌŽŐƌĂŵ͘dŚĞƉƌŽŐƌĂŵƉƵƌĐŚĂƐĞƐƐŝŶŐůĞͲĨĂŵŝůǇ ƉƌŽƉĞƌƚŝĞƐ͕ĐŽŵƉůĞƚĞƌĞŶŽǀĂƚŝŽŶƐ͘dŚĞƉƌŽƉĞƌƚŝĞƐĂƌĞĂĚĚĞĚƚŽƚŚĞ ŽŵŵƵŶŝƚǇ>ĂŶĚdƌƵƐƚĨŽƌůŽǁͲŵŽĚĞƌĂƚĞŝŶĐŽŵĞďƵǇĞƌƐƚŽƉƵƌĐŚĂƐĞ͘ &ƵŶĚŝŶŐƉƌŽǀŝĚĞĚƚŽƌĞŶŽǀĂƚĞƵƉƚŽƚŚƌĞĞ;ϯͿƐŝŶŐůĞͲĨĂŵŝůǇƉƌŽƉĞƌƚŝĞƐ ǁŝƚŚŝŶƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘ dĂƌŐĞƚĂƚĞ ϭϮͬϯϭͬϬϬϮϬ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϮϲ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ƐƚŝŵĂƚĞƚŚĞŶƵŵďĞƌ dŚƌĞĞůŽǁƚŽŵŽĚĞƌĂƚĞůǇůŽǁͲŝŶĐŽŵĞŚŽƵƐĞŚŽůĚƐ͘ ĂŶĚƚǇƉĞŽĨĨĂŵŝůŝĞƐ ƚŚĂƚǁŝůůďĞŶĞĨŝƚĨƌŽŵ ƚŚĞƉƌŽƉŽƐĞĚ ĂĐƚŝǀŝƚŝĞƐ >ŽĐĂƚŝŽŶĞƐĐƌŝƉƚŝŽŶ ŝƚǇͲǁŝĚĞ͘ WůĂŶŶĞĚĐƚŝǀŝƚŝĞƐ &ƵŶĚŝŶŐƉƌŽǀŝĚĞĚƚŽƌĞŶŽǀĂƚĞƵƉƚŽƚŚƌĞĞ;ϯͿƐŝŶŐůĞͲĨĂŵŝůǇƉƌŽƉĞƌƚŝĞƐ ǁŝƚŚŝŶƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĨŽƌůŽǁƚŽŵŽĚĞƌĂƚĞůǇůŽǁͲŝŶĐŽŵĞ ŚŽƵƐĞŚŽůĚƐ͘ ϴ WƌŽũĞĐƚEĂŵĞ DEŚŝůĚƌĞŶΖƐDƵƐĞƵŵZŽĐŚĞƐƚĞƌ dĂƌŐĞƚƌĞĂ 'ŽĂůƐ^ƵƉƉŽƌƚĞĚ WƵďůŝĐ^ĞƌǀŝĐĞ EĞĞĚƐĚĚƌĞƐƐĞĚ zŽƵƚŚWƌŽŐƌĂŵƐ &ƵŶĚŝŶŐ '͗ΨϮϳ͕ϵϬϬ ĞƐĐƌŝƉƚŝŽŶ &ƵŶĚĨŽƵƌĨĂŵŝůǇŶŝŐŚƚƐĂƚDDͲZ͕ƉƌŽǀŝĚŝŶŐƐƉĞĐŝĂůŝǌĞĚ ƉƌŽŐƌĂŵŵŝŶŐĨŽƌƉƌŽǀŝĚŝŶŐďĂƐŝĐŚĞĂůƚŚŶĞĞĚŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽϲϬϬ ĨĂŵŝůŝĞƐ͕ĂŶĚĨƵŶĚƵƉƚŽϮϱϬĨĂŵŝůǇŵƵƐĞƵŵŵĞŵďĞƌƐŚŝƉƐͲͲĂůůƚŽůŽǁ ƚŽŵŽĚĞƌĂƚĞůǇůŽǁͲŝŶĐŽŵĞĨĂŵŝůŝĞƐ͘ dĂƌŐĞƚĂƚĞ ƐƚŝŵĂƚĞƚŚĞŶƵŵďĞƌ ϲϬϬĨĂŵŝůŝĞƐ͕ĂŶĚϮϱϬĨĂŵŝůǇŵƵƐĞƵŵŵĞŵďĞƌƐŚŝƉƐͲͲĂůůƚŽůŽǁƚŽ ĂŶĚƚǇƉĞŽĨĨĂŵŝůŝĞƐ ŵŽĚĞƌĂƚĞůǇůŽǁͲŝŶĐŽŵĞĨĂŵŝůŝĞƐ͘ ƚŚĂƚǁŝůůďĞŶĞĨŝƚĨƌŽŵ ƚŚĞƉƌŽƉŽƐĞĚ ĂĐƚŝǀŝƚŝĞƐ >ŽĐĂƚŝŽŶĞƐĐƌŝƉƚŝŽŶ DŝŶŶĞƐŽƚĂŚŝůĚƌĞŶΖƐDƵƐĞƵŵZŽĐŚĞƐƚĞƌ;ůŽĐĂƚŝŽŶŵĂǇďĞ ĐŚĂŶŐŝŶŐͿ͘ WůĂŶŶĞĚĐƚŝǀŝƚŝĞƐ &ƵŶĚĨŽƵƌĨĂŵŝůǇŶŝŐŚƚƐĂƚDDͲZ͕ƉƌŽǀŝĚŝŶŐƐƉĞĐŝĂůŝǌĞĚ ƉƌŽŐƌĂŵŵŝŶŐĨŽƌƉƌŽǀŝĚŝŶŐďĂƐŝĐŚĞĂůƚŚŶĞĞĚŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽϲϬϬ ĨĂŵŝůŝĞƐ͕ĂŶĚĨƵŶĚƵƉƚŽϮϱϬĨĂŵŝůǇŵƵƐĞƵŵŵĞŵďĞƌƐŚŝƉƐͲͲĂůůƚŽůŽǁ ƚŽŵŽĚĞƌĂƚĞůǇůŽǁͲŝŶĐŽŵĞĨĂŵŝůŝĞƐ͘ ϵ WƌŽũĞĐƚEĂŵĞ tĂƌŵŝŶŐĞŶƚĞƌ dĂƌŐĞƚƌĞĂ 'ŽĂůƐ^ƵƉƉŽƌƚĞĚ WƵďůŝĐ^ĞƌǀŝĐĞ EĞĞĚƐĚĚƌĞƐƐĞĚ ŵĞƌŐĞŶĐǇ^ŚĞůƚĞƌĨŽƌƚŚĞ,ŽŵĞůĞƐƐ &ƵŶĚŝŶŐ '͗Ψϰϴ͕Ϯϳϱ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϮϳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ĞƐĐƌŝƉƚŝŽŶ &ƵŶĚƚŚĞŽƉĞƌĂƚŝŽŶƐŽĨĂŶĞǁůǇĞƐƚĂďůŝƐŚĞĚtĂƌŵŝŶŐĞŶƚĞƌ͘ ĂƚŚŽůŝĐŚĂƌŝƚŝĞƐƉůĂŶƐƚŽŚŝƌĞϭ&dĐŽŽƌĚŝŶĂƚŽƌ͕Ϯ&dĚŝƌĞĐƚƐƚĂĨĨ͕ ĂŶĚϭ͘ϱ&dĐĂƐĞŵĂŶĂŐĞƌ͖ĨƵŶĚƐŵĂǇĂůƐŽďĞƵƐĞĚĨŽƌŽƚŚĞƌ ŽƉĞƌĂƚŝŶŐĞǆƉĞŶƐĞƐ͘dŚĞtĂƌŵŝŶŐĞŶƚĞƌƐĞƌǀĞĂƐĂŶĞŵĞƌŐĞŶĐǇ ƐŚĞůƚĞƌĨŽƌƚŚĞŚŽŵĞůĞƐƐĚƵƌŝŶŐƚŚĞǁŝŶƚĞƌŵŽŶƚŚƐ;EŽǀĞŵďĞƌ ƚŚƌŽƵŐŚDĂƌĐŚͿą͎͎ŝƚǁŝůůŝŶĐůƵĚĞϯϬďĞĚƐ͘ dĂƌŐĞƚĂƚĞ ϭϮͬϯϭͬϮϬϮϬ ƐƚŝŵĂƚĞƚŚĞŶƵŵďĞƌ ϯϬŚŽŵĞůĞƐƐƉĞƌƐŽŶƐǁŝůůďĞƉƌŽǀŝĚĞĚĞŵĞƌŐĞŶĐǇƐŚĞůƚĞƌĚƵƌŝŶŐƚŚĞ ĂŶĚƚǇƉĞŽĨĨĂŵŝůŝĞƐ ǁŝŶƚĞƌŵŽŶƚŚƐ;EŽǀĞŵďĞƌƚŚƌŽƵŐŚDĂƌĐŚͿ͘ ƚŚĂƚǁŝůůďĞŶĞĨŝƚĨƌŽŵ ƚŚĞƉƌŽƉŽƐĞĚ ĂĐƚŝǀŝƚŝĞƐ >ŽĐĂƚŝŽŶĞƐĐƌŝƉƚŝŽŶ ϮϬϬϰƚŚ^ƚƌĞĞƚ^͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰ WůĂŶŶĞĚĐƚŝǀŝƚŝĞƐ &ƵŶĚƚŚĞŽƉĞƌĂƚŝŽŶƐŽĨĂŶĞǁůǇĞƐƚĂďůŝƐŚĞĚtĂƌŵŝŶŐĞŶƚĞƌ͘ ĂƚŚŽůŝĐŚĂƌŝƚŝĞƐƉůĂŶƐƚŽŚŝƌĞϭ&dĐŽŽƌĚŝŶĂƚŽƌ͕Ϯ&dĚŝƌĞĐƚƐƚĂĨĨ͕ ĂŶĚϭ͘ϱ&dĐĂƐĞŵĂŶĂŐĞƌ͖ĨƵŶĚƐŵĂǇĂůƐŽďĞƵƐĞĚĨŽƌŽƚŚĞƌ ŽƉĞƌĂƚŝŶŐĞǆƉĞŶƐĞƐ͘dŚĞtĂƌŵŝŶŐĞŶƚĞƌƐĞƌǀĞĂƐĂŶĞŵĞƌŐĞŶĐǇ ƐŚĞůƚĞƌĨŽƌƚŚĞŚŽŵĞůĞƐƐĚƵƌŝŶŐƚŚĞǁŝŶƚĞƌŵŽŶƚŚƐ;EŽǀĞŵďĞƌ ƚŚƌŽƵŐŚDĂƌĐŚͿʹŝƚǁŝůůŝŶĐůƵĚĞϯϬďĞĚƐ͘ ϭϬ WƌŽũĞĐƚEĂŵĞ ŽǇƐΘ'ŝƌůƐůƵďŽĨZŽĐŚĞƐƚĞƌ dĂƌŐĞƚƌĞĂ 'ŽĂůƐ^ƵƉƉŽƌƚĞĚ WƵďůŝĐ^ĞƌǀŝĐĞ EĞĞĚƐĚĚƌĞƐƐĞĚ zŽƵƚŚ^ĞƌǀŝĐĞƐ &ƵŶĚŝŶŐ '͗ΨϭϮϴ͕Ϭϳϱ ŽǇƐΘ'ŝƌůƐůƵďŽĨZŽĐŚĞƐƚĞƌǁŝůůƉƌŽǀŝĚĞĚŝƐƚĂŶĐĞůĞĂƌŶŝŶŐƐƵƉƉŽƌƚ ĞƐĐƌŝƉƚŝŽŶ ZŽĐŚĞƐƚĞƌĂƌĞĂƐƚƵĚĞŶƚƐ͕ŽƉĞƌĂƚŝŶŐĂŶϴĂŵʹϱƉŵƉƌŽŐƌĂŵDŽŶĚĂǇ ʹ&ƌŝĚĂǇ͕ďĞŐŝŶŶŝŶŐ^ĞƉƚĞŵďĞƌϮϴ͘dŚĞƉƌŽŐƌĂŵǁŝůůŝŶĐŽƌƉŽƌĂƚĞĨƵůůͲ ĚĂǇĐĂƌĞĨŽƌĐŚŝůĚƌĞŶ͕ƐƵƉƉŽƌƚǁŝƚŚĚŝƐƚĂŶĐĞͲůĞĂƌŶŝŶŐƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͕ ĂŶĚƚŚƌĞĞŵĞĂůƐĞĂĐŚĚĂǇ͘ŽǇƐΘ'ŝƌůƐůƵďǁŝůůĂůƐŽƉĂƌƚŶĞƌǁŝƚŚ ŽƚŚĞƌĐŽŵŵƵŶŝƚǇŽƌŐĂŶŝǌĂƚŝŽŶƐƚŽƉƌŽǀŝĚĞƐŽĐŝĂůͲĞŵŽƚŝŽŶĂůůĞĂƌŶŝŶŐ͕ ƐŽĐŝĂůǁŽƌŬ͕ĂŶĚďĞŚĂǀŝŽƌĂůŚĞĂůƚŚƐƵƉƉŽƌƚ͘DĂǇŽŝǀŝĐĞŶƚĞƌǁŝůů ƉƌŽǀŝĚĞƐƉĂĐĞ͕ĨƵƌŶŝƚƵƌĞ͕ĐůĞĂŶŝŶŐƐĞƌǀŝĐĞƐ͕ďƵŝůĚŝŶŐĂŶĚƚĞĐŚŶŝĐĂů ƐƵƉƉŽƌƚ͕ĂŶĚĨŽŽĚƐĞƌǀŝĐĞƚŽƚŚĞƉƌŽŐƌĂŵ͘ dĂƌŐĞƚĂƚĞ ϭϮͬϯϭͬϮϬϮϬ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϮϴ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ƐƚŝŵĂƚĞƚŚĞŶƵŵďĞƌ hƉƚŽϳϬϬůŽǁͲŝŶĐŽŵĞǇŽƵƚŚĂŶĚϮϱϬůŽǁͲŝŶĐŽŵĞŚŽƵƐĞŚŽůĚƐ͘ ĂŶĚƚǇƉĞŽĨĨĂŵŝůŝĞƐ ƚŚĂƚǁŝůůďĞŶĞĨŝƚĨƌŽŵ ƚŚĞƉƌŽƉŽƐĞĚ ĂĐƚŝǀŝƚŝĞƐ >ŽĐĂƚŝŽŶĞƐĐƌŝƉƚŝŽŶ ŝƚǇǁŝĚĞ͘ WůĂŶŶĞĚĐƚŝǀŝƚŝĞƐ ŽǇƐΘ'ŝƌůƐůƵďŽĨZŽĐŚĞƐƚĞƌǁŝůůƉƌŽǀŝĚĞĚŝƐƚĂŶĐĞůĞĂƌŶŝŶŐƐƵƉƉŽƌƚ ZŽĐŚĞƐƚĞƌĂƌĞĂƐƚƵĚĞŶƚƐ͕ŽƉĞƌĂƚŝŶŐĂŶϴĂŵʹϱƉŵƉƌŽŐƌĂŵDŽŶĚĂǇ ʹ&ƌŝĚĂǇ͕ďĞŐŝŶŶŝŶŐ^ĞƉƚĞŵďĞƌϮϴ͘dŚĞƉƌŽŐƌĂŵǁŝůůŝŶĐŽƌƉŽƌĂƚĞĨƵůůͲ ĚĂǇĐĂƌĞĨŽƌĐŚŝůĚƌĞŶ͕ƐƵƉƉŽƌƚǁŝƚŚĚŝƐƚĂŶĐĞͲůĞĂƌŶŝŶŐƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͕ ĂŶĚƚŚƌĞĞŵĞĂůƐĞĂĐŚĚĂǇ͘ŽǇƐΘ'ŝƌůƐůƵďǁŝůůĂůƐŽƉĂƌƚŶĞƌǁŝƚŚ ŽƚŚĞƌĐŽŵŵƵŶŝƚǇŽƌŐĂŶŝǌĂƚŝŽŶƐƚŽƉƌŽǀŝĚĞƐŽĐŝĂůͲĞŵŽƚŝŽŶĂůůĞĂƌŶŝŶŐ͕ ƐŽĐŝĂůǁŽƌŬ͕ĂŶĚďĞŚĂǀŝŽƌĂůŚĞĂůƚŚƐƵƉƉŽƌƚ͘DĂǇŽŝǀŝĐĞŶƚĞƌǁŝůů ƉƌŽǀŝĚĞƐƉĂĐĞ͕ĨƵƌŶŝƚƵƌĞ͕ĐůĞĂŶŝŶŐƐĞƌǀŝĐĞƐ͕ďƵŝůĚŝŶŐĂŶĚƚĞĐŚŶŝĐĂů ƐƵƉƉŽƌƚ͕ĂŶĚĨŽŽĚƐĞƌǀŝĐĞƚŽƚŚĞƉƌŽŐƌĂŵ͘ ϭϭ WƌŽũĞĐƚEĂŵĞ tŚǇzŽƵ/ŶŝƚŝĂƚŝǀĞ dĂƌŐĞƚƌĞĂ 'ŽĂůƐ^ƵƉƉŽƌƚĞĚ WƵďůŝĐ^ĞƌǀŝĐĞ EĞĞĚƐĚĚƌĞƐƐĞĚ zŽƵƚŚ^ĞƌǀŝĐĞƐ &ƵŶĚŝŶŐ '͗Ψϰϴ͕ϱϬϬ ĞƐĐƌŝƉƚŝŽŶ dŽĂƐƐŝƐƚƐƚƵĚĞŶƚƐŝŶĞĨĨĞĐƚŝǀĞůǇǁŽƌŬŝŶŐƌĞŵŽƚĞůǇŝŶĐŽůůĞŐĞǁŝƚŚ ůĂƉƚŽƉƐ͕ƚĞǆƚďŽŽŬƐĂŶĚŐĞŶĞƌĂůĐŽůůĞŐĞƐƵƉƉůŝĞƐ͘/ŶĂĚĚŝƚŝŽŶ͕ƵƉŐƌĂĚĞ ŽĨzhƐŽĨƚǁĂƌĞĨŽƌďĞƚƚĞƌǀŝƌƚƵĂůĞŶŐĂŐĞŵĞŶƚƐ͘ dĂƌŐĞƚĂƚĞ ϭϮͬϯϭͬϮϬϮϬ ƐƚŝŵĂƚĞƚŚĞŶƵŵďĞƌ ϱϬǇŽƵƚŚ ĂŶĚƚǇƉĞŽĨĨĂŵŝůŝĞƐ ƚŚĂƚǁŝůůďĞŶĞĨŝƚĨƌŽŵ ƚŚĞƉƌŽƉŽƐĞĚ ĂĐƚŝǀŝƚŝĞƐ >ŽĐĂƚŝŽŶĞƐĐƌŝƉƚŝŽŶ ŝƚǇǁŝĚĞ͘ŝƚǇŽƉĞƌĂƚĞĚďƵƐŝŶĞƐƐ͘ WůĂŶŶĞĚĐƚŝǀŝƚŝĞƐ dŽĂƐƐŝƐƚƐƚƵĚĞŶƚƐŝŶĞĨĨĞĐƚŝǀĞůǇǁŽƌŬŝŶŐƌĞŵŽƚĞůǇŝŶĐŽůůĞŐĞǁŝƚŚ ůĂƉƚŽƉƐ͕ƚĞǆƚďŽŽŬƐĂŶĚŐĞŶĞƌĂůĐŽůůĞŐĞƐƵƉƉůŝĞƐ͘/ŶĂĚĚŝƚŝŽŶ͕ƵƉŐƌĂĚĞ 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ZŽĐŚĞƐƚĞƌŝŶƉĂƌƚŶĞƌƐŚŝƉǁŝƚŚƚŚĞŝƚǇą͎͎ƐϮй,ŽŵĞZĞŚĂď>ŽĂŶ WƌŽŐƌĂŵ͘ dĂƌŐĞƚĂƚĞ ϭϮͬϯϭͬϮϬϮϬ ƐƚŝŵĂƚĞƚŚĞŶƵŵďĞƌ hƉƚŽϭϬůŽǁͲŝŶĐŽŵĞŚŽƵƐĞŚŽůĚƐ͘ ĂŶĚƚǇƉĞŽĨĨĂŵŝůŝĞƐ ƚŚĂƚǁŝůůďĞŶĞĨŝƚĨƌŽŵ ƚŚĞƉƌŽƉŽƐĞĚ ĂĐƚŝǀŝƚŝĞƐ >ŽĐĂƚŝŽŶĞƐĐƌŝƉƚŝŽŶ ŝƚǇǁŝĚĞ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϯϬ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D WůĂŶŶĞĚĐƚŝǀŝƚŝĞƐ ĚŵŝŶŝƐƚĞƌƚŚĞΨϰϰϬ͕ϬϬϬ>ĞĂĚŐƌĂŶƚƚŚĞŝƚǇǁŝůůƌĞĐĞŝǀĞĂƐƉĂƌƚŽĨ ŽƵƌƉĂƌƚŶĞƌƐŚŝƉǁŝƚŚƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨWƵďůŝĐ ,ĞĂůƚŚƚŽĚŽ>ĂďĂƚĞŵĞŶƚĂŶĚ,ĞĂůƚŚǇ,ŽŵĞƐŽƵƚƌĞĂĐŚŝŶ ZŽĐŚĞƐƚĞƌŝŶƉĂƌƚŶĞƌƐŚŝƉǁŝƚŚƚŚĞŝƚǇ͛ƐϮй,ŽŵĞZĞŚĂď>ŽĂŶ WƌŽŐƌĂŵ͘ ϭϮ WƌŽũĞĐƚEĂŵĞ ĚǀĂŶĐĞŝǀĞƌƐŝƚǇ͕ƋƵŝƚǇ͕ĂŶĚ/ŶĐůƵƐŝŽŶ dĂƌŐĞƚƌĞĂ 'ŽĂůƐ^ƵƉƉŽƌƚĞĚ WƵďůŝĐ^ĞƌǀŝĐĞ EĞĞĚƐĚĚƌĞƐƐĞĚ &ƵŶĚŝŶŐ '͗ΨϱϬ͕ϬϬϬ dŚŝƐŝŶŝƚŝĂƚŝǀĞŝƐĨŽĐƵƐĞĚŽŶŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐĞƌǀŝĐĞƐĨŽƌƉĞƌƐŽŶƐ ĞƐĐƌŝƉƚŝŽŶ ƐĞĞŬŝŶŐŚŽƵƐŝŶŐƚŽĂĚǀĂŶĐĞĚŝǀĞƌƐŝƚǇĞƋƵŝƚǇĂŶĚŝŶĐůƵƐŝŽŶŝŶKs/Ͳ ϭϵŽƵƚĐŽŵĞƐ͘dŚŝƐĐŽƵůĚŝŶĐůƵĚĞĂĐƚŝǀŝƚŝĞƐůŝŬĞĞƋƵŝƚĂďůĞĚŝƐƚƌŝďƵƚŝŽŶ ŽĨƚĞƐƚŝŶŐ͕WW͕ĂŶĚŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚŚĞĚŝƐĞĂƐĞ͘ dĂƌŐĞƚĂƚĞ ϭϮͬϯϭͬϮϬϮϭ ƐƚŝŵĂƚĞƚŚĞŶƵŵďĞƌ ŵŝŶŝŵƵŵŽĨϯ͕ϵϱϬƉĞƌƐŽŶƐ͘ ĂŶĚƚǇƉĞŽĨĨĂŵŝůŝĞƐ ƚŚĂƚǁŝůůďĞŶĞĨŝƚĨƌŽŵ ƚŚĞƉƌŽƉŽƐĞĚ ĂĐƚŝǀŝƚŝĞƐ >ŽĐĂƚŝŽŶĞƐĐƌŝƉƚŝŽŶ ŝƚǇǁŝĚĞ͘ WůĂŶŶĞĚĐƚŝǀŝƚŝĞƐ WƌŽǀŝĚĞŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐĞƌǀŝĐĞƐĂŶĚŽƚŚĞƌŵĞĂƐƵƌĞƐƚŽĞƋƵŝƚĂďůǇ ĐŽŵŵƵŶŝĐĂƚĞKs/ƉƌĞǀĞŶƚŝŽŶĂŶĚƚĞƐƚŝŶŐ͘ ϭϯ WƌŽũĞĐƚEĂŵĞ ĐŽŶŽŵŝĐ^ƚĂďŝůŝƚǇ dĂƌŐĞƚƌĞĂ 'ŽĂůƐ^ƵƉƉŽƌƚĞĚ WƵďůŝĐ^ĞƌǀŝĐĞ EĞĞĚƐĚĚƌĞƐƐĞĚ &ƵŶĚŝŶŐ '͗ΨϮϱϬ͕ϬϬϬ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϯϭ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ĞƐĐƌŝƉƚŝŽŶ dŚĞĐŽŶŽŵŝĐ^ƚĂďŝůŝƚǇŝŶŝƚŝĂƚŝǀĞŝŶǀŽůǀĞƐĐŽůůĂďŽƌĂƚŝŽŶĨƌŽŵŬĞǇ ƉĂƌƚŶĞƌƐŝŶĐůƵĚŝŶŐD͕Z/͕ZĂŶĚƚŚĞZŽĐŚĞƐƚĞƌƌĞĂ ŚĂŵďĞƌŽĨŽŵŵĞƌĐĞ͘^ŝŶĐĞƚŚĞŝƌĨŽƌŵĂƚŝŽŶ͕ƚŚĞŐƌŽƵƉŚĂƐ ůĂƵŶĐŚĞĚĂŶŵĞƌŐĞŶĐǇ>ŽĂŶƉƌŽŐƌĂŵĨŽƌůŽĐĂůďƵƐŝŶĞƐƐĞƐ͕Ă<ĞĞƉ/ƚ >ŽĐĂůDŝĐƌŽŐƌĂŶƚƉƌŽŐƌĂŵƉƌŽǀŝĚŝŶŐΨϮ͕ϬϬϬĞĐŽŶŽŵŝĐƌĞůŝĞĨůŽĂŶƐƚŽ ďƵƐŝŶĞƐƐĞƐĞŵƉůŽǇŝŶŐϱϬŽƌůĞƐƐƉĞƌƐŽŶƐ͘&ƵŶĚŝŶŐǁŝůůďĞĂůůŽĐĂƚĞĚ ĨƌŽŵ'ͲKs/ĨƵŶĚƐĨŽƌKs/ƌĞůŝĞĨ͘dŚĞĂĚĚŝƚŝŽŶĂůĨƵŶĚŝŶŐǁŝůů ďĞƵƐĞĚĨŽƌŽƚŚĞƌŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽŝŶǀĞƐƚŝŶďƵƐŝŶĞƐƐĞƐŝŵƉĂĐƚĞĚďǇ Ks/ǁŝƚŚĨƵŶĚŝŶŐĨŽƌĨĂĐŝůŝƚǇƵƉŐƌĂĚĞƐ;ƉĂƌƚŝĐƵůĂƌůǇĂƌŽƵŶĚ ŝŵƌŽǀĞŵĞŶƚƐͿ͘ dĂƌŐĞƚĂƚĞ ƐƚŝŵĂƚĞƚŚĞŶƵŵďĞƌ ϳϮƐŵĂůůďƵƐŝŶĞƐƐĞƐ͘ ĂŶĚƚǇƉĞŽĨĨĂŵŝůŝĞƐ ƚŚĂƚǁŝůůďĞŶĞĨŝƚĨƌŽŵ ƚŚĞƉƌŽƉŽƐĞĚ ĂĐƚŝǀŝƚŝĞƐ >ŽĐĂƚŝŽŶĞƐĐƌŝƉƚŝŽŶ ůůƌĞĐŝƉŝĞŶƚƐǁŽƵůĚďĞĨƌŽŵZŽĐŚĞƐƚĞƌ͘ WůĂŶŶĞĚĐƚŝǀŝƚŝĞƐ WƌŽǀŝĚĞΨϮ͕ϬϬϬŵŝĐƌŽůŽĂŶƐĨŽƌĞĐŽŶŽŵŝĐƌĞůŝĞĨƚŽƐŵĂůůďƵƐŝŶĞƐƐĞƐ ĞŵƉůŽǇŝŶŐϱϬŽƌůĞƐƐƉĞƌƐŽŶƐ͕ĂŶĚĨƵŶĚĨĂĐŝůŝƚǇƵƉŐƌĂĚĞƐƚŽĂĚĚƌĞƐƐ ĚĞĨĞƌƌĞĚŵĂŝŶƚĞŶĂŶĐĞĚƵĞƚŽKs/͘ ϭϰ WƌŽũĞĐƚEĂŵĞ ĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐ dĂƌŐĞƚƌĞĂ 'ŽĂůƐ^ƵƉƉŽƌƚĞĚ WƵďůŝĐ^ĞƌǀŝĐĞ EĞĞĚƐĚĚƌĞƐƐĞĚ &ƵŶĚŝŶŐ '͗ΨϰϳϬ͕ϵϴϰ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϯϮ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ĞƐĐƌŝƉƚŝŽŶ dŚĞŝƚǇǁŝůůƉƌŽǀŝĚĞĂƚǁŽƉĞƌĐĞŶƚ;ϮйͿƐŝŵƉůĞŝŶƚĞƌĞƐƚďĞĂƌŝŶŐ ĚĞĨĞƌƌĞĚůŽĂŶŽĨƵƉƚŽΨϯϬ͕ϬϬϬƉĞƌƵŶŝƚƚŽůŽǁͲŵŽĚĞƌĂƚĞŝŶĐŽŵĞ ŽǁŶĞƌŽĐĐƵƉĂŶƚƐĨŽƌƌĞŚĂďŝůŝƚĂƚŝŽŶŽĨƐƵďƐƚĂŶĚĂƌĚƐŝŶŐůĞͲĨĂŵŝůǇ ƐƚƌƵĐƚƵƌĞƐ͘ƉƉůŝĐĂƚŝŽŶƐĂƌĞĂĐĐĞƉƚĞĚƚŚƌŽƵŐŚŽƵƚƚŚĞǇĞĂƌŽŶĂĨŝƌƐƚͲ ĐŽŵĞ͕ĨŝƌƐƚͲƐĞƌǀĞĚďĂƐŝƐĂŶĚƉůĂĐĞĚŽŶĂŶĞǆŝƐƚŝŶŐǁĂŝƚŝŶŐůŝƐƚ͘dŚĞ ϮйƐŝŵƉůĞŝŶƚĞƌĞƐƚďĞĂƌŝŶŐůŽĂŶƐŵƵƐƚďĞƌĞƉĂŝĚǁŚĞŶƚŚĞƉƌŽƉĞƌƚǇ ŝƐƐŽůĚŽƌƚƌĂŶƐĨĞƌƌĞĚŽƌŝĨƚŚĞƉƌŽƉĞƌƚǇĐĞĂƐĞƐƚŽďĞƚŚĞŽǁŶĞƌ͛Ɛ ƉƌŝŶĐŝƉĂůƉůĂĐĞŽĨƌĞƐŝĚĞŶĐĞ͘WƌŽƉĞƌƚŝĞƐĞůŝŐŝďůĞŵƵƐƚďĞůŽĐĂƚĞĚ ǁŝƚŚŝŶƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘dŚĞƉƌŽŐƌĂŵŝƐĂĚŵŝŶŝƐƚĞƌĞĚďǇƐƚĂĨĨŽĨ ƚŚĞKůŵƐƚĞĚĐŽƵŶƚǇ,ŽƵƐŝŶŐĂŶĚZĞĚĞǀĞůŽƉŵĞŶƚƵƚŚŽƌŝƚǇ͘ &ƵŶĚŝŶŐǁŝůůĂĚĚŝƚŝŽŶĂůůǇďĞƵƐĞĚĨŽƌƌĞŚĂďŝůŝƚĂƚŝŽŶŽĨƌĞŶƚĂůƵŶŝƚƐ͘ dŚŝƐƉƌŽŐƌĂŵ͛ƐĚŝƌĞĐƚŝǀĞƐǁŽƵůĚďĞƚŽƉĂ ƌƚŶĞƌǁŝƚŚƐŝŵŝůĂƌĂŐĞŶĐŝĞƐ ƐƵĐŚĂƐ^DĂŶĚ^DZ>^ƚŽƉƌŽǀŝĚĞƌĞŶƚĂůƌĞŚĂď͕ǁĞĂƚŚĞƌŝǌĂƚŝŽŶ͕ ĂŶĚƌĞŶƚĂůƵƉŐƌĂĚĞƐƚŽƋƵĂůŝĨǇŝŶŐůŽǁͲŝŶĐŽŵĞŚŽƵƐĞŚŽůĚƐ͘dŚĞ ŝƚǇŝƐƐĞĞŬŝŶŐŽƚŚĞƌĨƵŶĚŝŶŐŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽĨƵƌƚŚĞƌƚŚŝƐƉƌŽƉŽƐĞĚ ƉƌŽŐƌĂŵ͕ƉƌŽǀŝĚŝŶŐĞǆƉĂŶĚĞĚŽƉƉŽƌƚƵŶŝƚǇƚŽŵĞĞƚƚŚŝƐŶĞĞĚ͘ dŚĞĂďŽǀĞƉƌŽũĞĐƚƐĂƌĞŝŶƚĞŶĚĞĚƚŽĂĚĚƌĞƐƐĚĞĨĞƌƌĞĚŵĂŝŶƚĞŶĂŶĐĞ ŝŶĐƵƌƌĞĚĚƵĞƚŽKs/͘ dĂƌŐĞƚĂƚĞ ϭϮͬϯϭͬϮϭ ƐƚŝŵĂƚĞƚŚĞŶƵŵďĞƌ ϮϲůŽǁͲŝŶĐŽŵĞŚŽƵƐĞŚŽůĚƐ ĂŶĚƚǇƉĞŽĨĨĂŵŝůŝĞƐ ƚŚĂƚǁŝůůďĞŶĞĨŝƚĨƌŽŵ ƚŚĞƉƌŽƉŽƐĞĚ ĂĐƚŝǀŝƚŝĞƐ >ŽĐĂƚŝŽŶĞƐĐƌŝƉƚŝŽŶ ŝƚǇǁŝĚĞ͘ WůĂŶŶĞĚĐƚŝǀŝƚŝĞƐ WƌŽǀŝĚĞĂƚǁŽƉĞƌĐĞŶƚ;ϮйͿƐŝŵƉůĞŝŶƚĞƌĞƐƚďĞĂƌŝŶŐĚĞĨĞƌƌĞĚůŽĂŶŽĨ ƵƉƚŽΨϯϬ͕ϬϬϬƉĞƌƵŶŝƚƚŽϭϯůŽǁͲŵŽĚĞƌĂƚĞŝŶĐŽŵĞŽǁŶĞƌŽĐĐƵƉĂŶƚƐ ĨŽƌƌĞŚĂďŝůŝƚĂƚŝŽŶŽĨƐƵďƐƚĂŶĚĂƌĚƐŝŶŐůĞͲĨĂŵŝůǇƐƚƌƵĐƚƵƌĞƐ͘ ZĞŶƚĂůƌĞŚĂďƉĂƌƚŶĞƌƐŚŝƉŝŶĐŽŵďŝŶĂƚŝŽŶǁŝƚŚǁĞĂƚŚĞƌŝǌĂƚŝŽŶĂŶĚ ƵƉŐƌĂĚĞƐƚŽϭϯůŽǁͲŵŽĚĞƌĂƚĞŝŶĐŽŵĞƌĞŶƚĞƌŽĐĐƵƉĂŶƚƐĨŽƌ ƌĞŚĂďŝůŝƚĂƚŝŽŶŽĨƐƵďƐƚĂŶĚĂƌĚƌĞƐŝĚĞŶƚŝĂůƐƚƌƵĐƚƵƌĞƐ͘ ϭϱ WƌŽũĞĐƚEĂŵĞ ŚŝůĚĐĂƌĞ^ƵƉƉŽƌƚ dĂƌŐĞƚƌĞĂ 'ŽĂůƐ^ƵƉƉŽƌƚĞĚ WƵďůŝĐ^ĞƌǀŝĐĞ EĞĞĚƐĚĚƌĞƐƐĞĚ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϯϯ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D &ƵŶĚŝŶŐ '͗ΨϭϴϬ͕ϬϬϬ ĞƐĐƌŝƉƚŝŽŶ &ƵŶĚŝŶŐƚŽĂƐƐŝƐƚǁŝƚŚĐŚŝůĚĐĂƌĞŽƉĞƌĂƚŝŽŶƐĂƚŝǀŝĐĞŶƚĞƌ ĂĚŵŝŶŝƐƚĞƌĞĚďǇŽǇƐΘ'ŝƌůƐůƵďŽĨZŽĐŚĞƐƚĞƌƚŽƉƌŽǀŝĚĞ ĞŵĞƌŐĞŶĐǇĐŚŝůĚĐĂƌĞƚŽĞƐƐĞŶƚŝĂůǁŽƌŬĞƌƐŝŶůŝŐŚƚŽĨKs/͘ dĂƌŐĞƚĂƚĞ ϭϮͬϯϭͬϮϭ ƐƚŝŵĂƚĞƚŚĞŶƵŵďĞƌ ϮϱϬŚŽƵƐĞŚŽůĚƐ ĂŶĚƚǇƉĞŽĨĨĂŵŝůŝĞƐ ƚŚĂƚǁŝůůďĞŶĞĨŝƚĨƌŽŵ ƚŚĞƉƌŽƉŽƐĞĚ ĂĐƚŝǀŝƚŝĞƐ >ŽĐĂƚŝŽŶĞƐĐƌŝƉƚŝŽŶ ŝƚǇǁŝĚĞ͘ WůĂŶŶĞĚĐƚŝǀŝƚŝĞƐ &ƵŶĚŝŶŐƚŽĂƐƐŝƐƚǁŝƚŚĐŚŝůĚĐĂƌĞŽƉĞƌĂƚŝŽŶƐĂƚŝǀŝĐĞŶƚĞƌ ĂĚŵŝŶŝƐƚĞƌĞĚďǇŽǇƐΘ'ŝƌůƐůƵďŽĨZŽĐŚĞƐƚĞƌƚŽƉƌŽǀŝĚĞ ĞŵĞƌŐĞŶĐǇĐŚŝůĚĐĂƌĞƚŽĞƐƐĞŶƚŝĂůǁŽƌŬĞƌƐŝŶůŝŐŚƚŽĨKs/͘ ϭϲ WƌŽũĞĐƚEĂŵĞ &ŽŽĚ^ĞĐƵƌŝƚǇ dĂƌŐĞƚƌĞĂ 'ŽĂůƐ^ƵƉƉŽƌƚĞĚ WƵďůŝĐ^ĞƌǀŝĐĞ EĞĞĚƐĚĚƌĞƐƐĞĚ &ƵŶĚŝŶŐ '͗ΨϱϬ͕ϬϬϬ ĞƐĐƌŝƉƚŝŽŶ &ƵŶĚŝŶŐƚŽĂĚĚƌĞƐƐĨŽŽĚŐĂƉŝŶŽƵƌĐŽŵŵƵŶŝƚǇƚŚƌŽƵŐŚƉƌŽũĞĐƚƐ ĂƌŽƵŶĚĨŽŽĚďĂŶŬƐƚŽŚŽƵƐĞŚŽůĚƐŝŶŶĞĞĚĂŶĚďĂŐŐĞĚŽƌďĂĐŬƉĂĐŬ ůƵŶĐŚĞƐƚŽƐĞƌǀĞƐƚƵĚĞŶƚƐǁŚŽƋƵĂůŝĨǇ͘ dĂƌŐĞƚĂƚĞ ϭϮͬϯϭͬϮϭ ƐƚŝŵĂƚĞƚŚĞŶƵŵďĞƌ ϯ͕ϱϱϬŚŽƵƐĞŚŽůĚƐ ĂŶĚƚǇƉĞŽĨĨĂŵŝůŝĞƐ ƚŚĂƚǁŝůůďĞŶĞĨŝƚĨƌŽŵ ƚŚĞƉƌŽƉŽƐĞĚ ĂĐƚŝǀŝƚŝĞƐ >ŽĐĂƚŝŽŶĞƐĐƌŝƉƚŝŽŶ ŝƚǇǁŝĚĞ͘ WůĂŶŶĞĚĐƚŝǀŝƚŝĞƐ &ƵŶĚŝŶŐƚŽĂĚĚƌĞƐƐĨŽŽĚŐĂƉŝŶŽƵƌĐŽŵŵƵŶŝƚǇƚŚƌŽƵŐŚƉƌŽũĞĐƚƐ ĂƌŽƵŶĚĨŽŽĚďĂŶŬƐƚŽŚŽƵƐĞŚŽůĚƐŝŶŶĞĞĚĂŶĚďĂŐŐĞĚŽƌďĂĐŬƉĂĐŬ 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ĐŽŶƐŝĚĞƌŝŶŐƌĞƋƵĞƐƚƐĨŽƌƚŚĞϮϬϮϬ'ƉƌŽŐƌĂŵ͘ ĚĚƌĞƐƐŝŶŐƚŚĞĞŵĞƌŐĞŶĐǇƐŚĞůƚĞƌĂŶĚƚƌĂŶƐŝƚŝŽŶĂůŚŽƵƐŝŶŐŶĞĞĚƐŽĨŚŽŵĞůĞƐƐƉĞƌƐŽŶƐ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌǁŝůůĐŽŶƚŝŶƵĞƚŽŽĨĨĞƌĂŶĚĐŽŶƐŝĚĞƌƌĞƋƵĞƐƚƐƚŽĂŐĞŶĐŝĞƐƚŚĂƚǁŽƌŬǁŝƚŚĞŵĞƌŐĞŶĐǇ ƐŚĞůƚĞƌĂŶĚƚƌĂŶƐŝƚŝŽŶĂůŶĞĞĚƐŽĨŚŽŵĞůĞƐƐƉĞƌƐŽŶƐ͘ ŶĞǁůǇĞƐƚĂďůŝƐŚĞĚtĂƌŵŝŶŐĞŶƚĞƌǁĂƐĂǁĂƌĚĞĚ'ĨƵŶĚŝŶŐƚŽƌƵŶƚŚĞŽƉĞƌĂƚŝŽŶƐƚŚƌŽƵŐŚĂƚŚŽůŝĐ ŚĂƌŝƚŝĞƐ͕ŝŶƚƵƌŶƉƌŽǀŝĚŝŶŐϯϬďĞĚƐĨŽƌƐĞĂƐŽŶĂůĞŵĞƌŐĞŶĐǇƐŚĞůƚĞƌ͘ ,ĞůƉŝŶŐŚŽŵĞůĞƐƐƉĞƌƐŽŶƐ;ĞƐƉĞĐŝĂůůǇĐŚƌŽŶŝĐĂůůǇŚŽŵĞůĞƐƐŝŶĚŝǀŝĚƵĂůƐĂŶĚĨĂŵŝůŝĞƐ͕ĨĂŵŝůŝĞƐ ǁŝƚŚĐŚŝůĚƌĞŶ͕ǀĞƚĞƌĂŶƐĂŶĚƚŚĞŝƌĨĂŵŝůŝĞƐ͕ĂŶĚƵŶĂĐĐŽŵƉĂŶŝĞĚǇŽƵƚŚͿŵĂŬĞƚŚĞƚƌĂŶƐŝƚŝŽŶƚŽ ƉĞƌŵĂŶĞŶƚŚŽƵƐŝŶŐĂŶĚŝŶĚĞƉĞŶĚĞŶƚůŝǀŝŶŐ͕ŝŶĐůƵĚŝŶŐƐŚŽƌƚĞŶŝŶŐƚŚĞƉĞƌŝŽĚŽĨƚŝŵĞƚŚĂƚ ŝŶĚŝǀŝĚƵĂůƐĂŶĚĨĂŵŝůŝĞƐĞǆƉĞƌŝĞŶĐĞŚŽŵĞůĞƐƐŶĞƐƐ͕ĨĂĐŝůŝƚĂƚŝŶŐĂĐĐĞƐƐĨŽƌŚŽŵĞůĞƐƐŝŶĚŝǀŝĚƵĂůƐ ĂŶĚĨĂŵŝůŝĞƐƚŽĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐƵŶŝƚƐ͕ĂŶĚƉƌĞǀĞŶƚŝŶŐŝŶĚŝǀŝĚƵĂůƐĂŶĚĨĂŵŝůŝĞƐǁŚŽǁĞƌĞ ƌĞĐĞŶƚůǇŚŽŵĞůĞƐƐĨƌŽŵďĞĐŽŵŝŶŐŚŽŵĞůĞƐƐĂŐĂŝŶ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĚŽĞƐŶŽƚĂĚŵŝŶŝƐƚĞƌŚŽŵĞůĞƐƐƉƌŽŐƌĂŵƐĚŝƌĞĐƚůǇ͕ďƵƚǁŝůůĐŽŶƚŝŶƵĞƚŽŽĨĨĞƌĂŶĚ ĐŽŶƐŝĚĞƌƌĞƋƵĞƐƚƐĨƌŽŵĂŐĞŶĐŝĞƐƚŚĂƚǁŽƌŬǁŝƚŚŚĞůƉŝŶŐŚŽŵĞůĞƐƐƉĞƌƐŽŶƐ;ĞƐƉĞĐŝĂůůǇĐŚƌŽŶŝĐĂůůǇ ŚŽŵĞůĞƐƐŝŶĚŝǀŝĚƵĂůƐĂŶĚĨĂŵŝůŝĞƐ͕ĨĂŵŝůŝĞƐǁŝƚŚĐŚŝůĚƌĞŶ͕ǀĞƚĞƌĂŶƐĂŶĚƚŚĞŝƌĨĂŵŝůŝĞƐ͕ĂŶĚ ƵŶĂĐĐŽŵƉĂŶŝĞĚǇŽƵƚŚͿŵĂŬŝŶŐƚŚĞƚƌĂŶƐŝƚŝŽŶƚŽƉĞƌŵĂŶĞŶƚŚŽƵƐŝŶŐĂŶĚŝŶĚĞƉĞŶĚĞŶƚůŝǀŝŶŐ͕ŝŶĐůƵĚŝŶŐ ƐŚŽƌƚĞŶŝŶŐƚŚĞƉĞƌŝŽĚŽĨƚŝŵĞƚŚĂƚŝŶĚŝǀŝĚƵĂůƐĂŶĚĨĂŵŝůŝĞƐĞǆƉĞƌŝĞŶĐĞŚŽŵĞůĞƐƐŶĞƐƐ͕ĨĂĐŝůŝƚĂƚŝŶŐĂĐĐĞƐƐ ĨŽƌŚŽŵĞůĞƐƐŝŶĚŝǀŝĚƵĂůƐĂŶĚĨĂŵŝůŝĞƐƚŽĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐƵŶŝƚƐ͕ĂŶĚƉƌĞǀĞŶƚŝŶŐŝŶĚŝǀŝĚƵĂůƐĂŶĚĨĂŵŝůŝĞƐ ǁŚŽǁĞƌĞƌĞĐĞŶƚůǇŚŽŵĞůĞƐƐĨŽƌŵďĞĐŽŵŝŶŐŚŽŵĞůĞƐƐĂŐĂŝŶ͘ dŚĞKůŵƐƚĞĚŽƵŶƚǇ,ZŝƐĂŶĂĐƚŝǀĞŵĞŵďĞƌŽĨƚŚĞZŝǀĞƌsĂůůĞǇƐŽŶƚŝŶƵƵŵŽĨĂƌĞ;ŽͿ͕ǁŚŝĐŚ ƵƚŝůŝǌĞƐĂŶĚƉƌŝŽƌŝƚŝǌĞƐƚŚĞƵƐĞŽĨĐŽŽƌĚŝŶĂƚĞĚĞŶƚƌǇĨŽƌĞŶƚƌǇŝŶƚŽƉƌŽŐƌĂŵƐĨƵŶĚŝŶŐďǇŽͬDĐ<ŝŶŶĞǇͲ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϰϬ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D 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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ĨŽƌƉĞƌƐŽŶƐ;ŝŶĐůƵĚŝŶŐǁŽƌƐƚͲĐĂƐĞΘƵŶĚĞƌƐĞƌǀĞĚŶĞĞĚƐ͕ĂŶĚƉĞƌƐŽŶƐǁŝƚŚĚŝƐĂďŝůŝƚŝĞƐͿƌĞƐŝĚŝŶŐǁŝƚŚŝŶƚŚĞ ŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘DŽƐƚƉƌŽŐƌĂŵƐǁŽƌŬŝŶŐǁŝƚŚƉŽǀĞƌƚǇůĞǀĞůƉĞƌƐŽŶƐ;ŝŶĐůƵĚŝŶŐǁŽƌƐĞĐĂƐĞΘ ƵŶĚĞƌƐĞƌǀĞĚŶĞĞĚƐ͕ĂŶĚƉĞƌƐŽŶƐǁŝƚŚĚŝƐĂďŝůŝƚŝĞƐͿĂƌĞĂĚĚƌĞƐƐĞĚƚŚƌŽƵŐŚƚŚĞŽŵŵƵŶŝƚǇ^ĞƌǀŝĐĞƐ ĞƉĂƌƚŵĞŶƚŽĨKůŵƐƚĞĚŽƵŶƚǇ;ŝŶĐůƵĚŝŶŐƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌͿĂŶĚƉƌŝǀĂƚĞŶŽŶͲƉƌŽĨŝƚĂŐĞŶĐŝĞƐ͘ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞŵĂũŽƌŽďƐƚĂĐůĞƚŽŵĞĞƚŝŶŐƵŶĚĞƌƐĞƌǀĞĚŶĞĞĚƐŝƐƚŚĞůĂĐŬŽĨ ĨƵŶĚŝŶŐĂŶĚƌĞĐŽŐŶŝǌĞƐƚŚĞŶĞĞĚĨŽƌƐƵĐŚƉƌŽŐƌĂŵƐďǇƐƵƉƉŽƌƚŝŶŐĂŐĞŶĐŝĞƐƚŚĂƚǁŽƌŬǁŝƚŚƐƚĂƚĞĂŶĚ ĨĞĚĞƌĂůƐŽƵƌĐĞƐŽŶŽďƚĂŝŶŝŶŐĨŝŶĂŶĐŝŶŐĨŽƌƚŚĞŝƌƉƌŽŐƌĂŵƐ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĞŶƐƵƌĞƐ ĐŽŵƉůŝĂŶĐĞǁŝƚŚƉƌŽŐƌĂŵĂŶĚĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶŶŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐ͘ ŐĞŶĐŝĞƐƉƌŽǀŝĚŝŶŐŚŽƵƐŝŶŐĂƐƐŝƐƚĂŶĐĞĐŽŶƚŝŶƵĞƚŽŝŶǀĞƐƚŝŐĂƚĞĨƵŶĚŝŶŐƐŽƵƌĐĞƐƚŽŵĞĞƚƚŚĞŶĞĞĚƐŽĨ ŚŽƵƐŝŶŐ͕ĂŶĚƉƌŽǀŝĚĞƐŽŵĞŝŶĐĞŶƚŝǀĞƐĨŽƌďƵŝůĚĞƌƐ͕ĚĞǀĞůŽƉĞƌƐĂŶĚƉƌŽƉĞƌƚǇŵĂŶĂŐĞŵĞŶƚͬŽǁŶĞƌƐ͘ dŚĞŝƚǇ͛ƐƉƌŝŵĂƌǇĨŽĐƵƐƚŽŵĞĞƚŝŶŐƵŶĚĞƐĞƌǀĞĚŶĞĞĚƐŝƐƚŽƉƌŽǀŝĚĞĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĨŽƌƉŽǀĞƌƚǇůĞǀĞů ƉĞƌƐŽŶƐ͘,ĞƌĞĂƌĞŽƵƌĂĐƚŝŽŶƐĨŽƌƌĞƐŽůƵƚŝŽŶ͗ x 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ĂƉƉƌŽǀĂůĨŽƌĂĚĚŝƚŝŽŶĂůƉĞƌƐŽŶƐŝŶĂƌĞŶƚĂůƵŶŝƚĨŽƌůĞĂƐĞƚŽĨĂŵŝůŝĞƐŶĞĞĚŝŶŐϯнďĞĚƌŽŽŵƐ͘dŚĞ ƉƌŽĐĞĚƵƌĞĨŽƌĂƉƉůǇŝŶŐĨŽƌĂǀĂƌŝĂŶĐĞŝƐƉƌŽǀŝĚĞĚďǇƚŚĞKůŵƐƚĞĚŽƵŶƚǇ,ZǁŚĞŶĂĐůŝĞŶƚŽĨ ƚŚĞ^ĞĐƚŝŽŶϴWƌŽŐƌĂŵŝƐŽǀĞƌͲŽĐĐƵƉǇŝŶŐĂƵŶŝƚ͘ ĐƚŝŽŶƐƉůĂŶŶĞĚƚŽĂĚĚƌĞƐƐŽďƐƚĂĐůĞƐƚŽŵĞĞƚŝŶŐƵŶĚĞƌƐĞƌǀĞĚŶĞĞĚƐ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌƌĞĐŽŐŶŝǌĞƐƚŚĞŶĞĞĚĨŽƌƐƵĐŚƉƌŽŐƌĂŵƐƚŚĂƚĂƐƐŝƐƚƐŝŶƚŚĞĞůŝŵŝŶĂƚŝŽŶŽĨďĂƌƌŝĞƌƐƚŽ ĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐďǇƐƵƉƉŽƌƚŝŶŐĂŐĞŶĐŝĞƐƚŚĂƚǁŽƌŬǁŝƚŚƐƚĂƚĞĂŶĚĨĞĚĞƌĂůƐŽƵƌĐĞƐŽŶŽďƚĂŝŶŝŶŐ ĨŝŶĂŶĐŝŶŐĨŽƌƚŚĞŝƌƉƌŽŐƌĂŵƐ͘ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌǁŝůůĐŽŶƚŝŶƵĞƚŽǁŽƌŬǁŝƚŚƚŚĞKůŵƐƚĞĚŽƵŶƚǇ,ZŝŶĞƐƚĂďůŝƐŚŝŶŐĂƌĞŚĂďŝůŝƚĂƚŝŽŶ ƉƌŽŐƌĂŵĨŽƌĞǆŝƐƚŝŶŐŚŽƵƐŝŶŐǁŝƚŚĨƵŶĚŝŶŐƉƌŽǀŝĚĞĚďǇƚŚĞĂƉƉƌŽǀĞĚKůŵƐƚĞĚŽƵŶƚǇ,ZƚĂǆůĞǀǇ͘ ƉƉƌŽǀĞĚƉƌŽũĞĐƚƐŝŶƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂŝŶĐůƵĚĞ͗ dŚƌĞĞZŝǀĞƌƐŽŵŵƵŶŝƚǇĐƚŝŽŶ͕/ŶĐ͘ʹĨĨŽƌĚĂďůĞ'ĂƉ&ŝŶĂŶĐŝŶŐ^ŝŶŐůĞ&ĂŵŝůǇͲΨϮϮϮ͕ϬϬϬ;ĨƵŶĚŝŶŐ ƐŽƵƌĐĞDE,ŽƵƐŝŶŐ͕'ƌĞĂƚĞƌDE,ŽƵƐŝŶŐ&ƵŶĚͿ͘ ZŽĐŚĞƐƚĞƌͲ/&ĞǀĞůŽƉŵĞŶƚ͕>>ʹϲϴƵŶŝƚDƵůƚŝĨĂŵŝůǇͲΨϭϯ͕ϲϴϳ͕ϭϯϬ;ĨƵŶĚŝŶŐƐŽƵƌĐĞDE,ŽƵƐŝŶŐͿ͘ ƐŵĞŶƚŝŽŶĞĚĞĂƌůŝĞƌ͕ƉƌŽǀŝĚŝŶŐĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐŝƐĂƉƌŝŽƌŝƚǇ͘,ĞƌĞĂƌĞŽƚŚĞƌĂĐƚŝŽŶƐǁĞĂƌĞƚĂŬŝŶŐ͗ 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ĂƐƐŝƐƚĂŶĐĞďǇƐĞŶĚŝŶŐĂƉŽƌƚŝŽŶŽĨƚŚĞŵŽƌƚŐĂŐĞƉĂǇŵĞŶƚƚŽƚŚĞĂƐƐŝƐƚĞĚĨĂŵŝůǇƚŽƐĞŶĚŝŶǁŝƚŚ ƚŚĞŝƌƐŚĂƌĞŽĨƚŚĞŵŽƌƚŐĂŐĞƉĂǇŵĞŶƚ͘,ŽŵĞŽǁŶĞƌƐŚŝƉĂƐƐŝƐƚĂŶĐĞĞůŝŐŝďŝůŝƚǇǁŝůůďĞĨŽƌƵƉƚŽϭϱ ǇĞĂƌƐ͘ xŽŶƚŝŶƵĞƚŽŽĨĨĞƌĨŝŶĂŶĐŝĂůĂƐƐŝƐƚĂŶĐĞƚŚƌŽƵŐŚƚŚĞŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚůŽĐŬ'ƌĂŶƚ ƉƌŽŐƌĂŵƚŽƚŚĞ^ŽƵƚŚĞĂƐƚĞƌŶDŝŶŶĞƐŽƚĂĞŶƚĞƌĨŽƌ/ŶĚĞƉĞŶĚĞŶƚ>ŝǀŝŶŐ͕/ŶĐ͘;^D/>ͿĨŽƌƚŚĞŝƌ ,ŽŵĞĐĐĞƐƐŝďŝůŝƚǇDŽĚŝĨŝĐĂƚŝŽŶWƌŽŐƌĂŵ͘ xŽĐƵŵĞŶƚƚŚĞŶƵŵďĞƌŽĨĂĚĚŝƚŝŽŶĂůĂĨĨŽƌĚĂďůĞƵŶŝƚƐƚŚĂƚďĞĐŽŵĞĂǀĂŝůĂďůĞƚŚƌŽƵŐŚƚŚĞ>Žǁ /ŶĐŽŵĞ,ŽƵƐŝŶŐdĂǆƌĞĚŝƚ͕dĂǆ/ŶĐƌĞŵĞŶƚ&ŝŶĂŶĐŝŶŐ͕&ŝƌƐƚ,ŽŵĞƐWƌŽŐƌĂŵĂŶĚůŽĐĂůŶŽŶͲƉƌŽĨŝƚ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϰϳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ŚŽƵƐŝŶŐƉƌŽǀŝĚĞƌƐ͘ xŶĐŽƵƌĂŐĞůĂŶĚůŽƌĚƐƚŽĂƉƉůǇĨŽƌĂǀĂƌŝĂŶĐĞƚŽƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌΖƐ,ŽƵƐŝŶŐŽĚĞ͕ƌĞƋƵĞƐƚŝŶŐ ĂƉƉƌŽǀĂůĨŽƌĂĚĚŝƚŝŽŶĂůƉĞƌƐŽŶƐŝŶĂƌĞŶƚĂůƵŶŝƚĨŽƌůĞĂƐĞƚŽĨĂŵŝůŝĞƐŶĞĞĚŝŶŐϯнďĞĚƌŽŽŵƐ͘dŚĞ ƉƌŽĐĞĚƵƌĞĨŽƌĂƉƉůǇŝŶŐĨŽƌĂǀĂƌŝĂŶĐĞŝƐƉƌŽǀŝĚĞĚďǇƚŚĞKůŵƐƚĞĚŽƵŶƚǇ,ZǁŚĞŶĂĐůŝĞŶƚŽĨ ƚŚĞ^ĞĐƚŝŽŶϴWƌŽŐƌĂŵŝƐŽǀĞƌͲŽĐĐƵƉǇŝŶŐĂƵŶŝƚ͘ ĐƚŝŽŶƐƉůĂŶŶĞĚƚŽƌĞĚƵĐĞůĞĂĚͲďĂƐĞĚƉĂŝŶƚŚĂǌĂƌĚƐ 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ϯ͘dŚĞĂŵŽƵŶƚŽĨƐƵƌƉůƵƐĨƵŶĚƐĨƌŽŵƵƌďĂŶƌĞŶĞǁĂůƐĞƚƚůĞŵĞŶƚƐϬ ϰ͘dŚĞĂŵŽƵŶƚŽĨĂŶǇŐƌĂŶƚĨƵŶĚƐƌĞƚƵƌŶĞĚƚŽƚŚĞůŝŶĞŽĨĐƌĞĚŝƚĨŽƌǁŚŝĐŚƚŚĞƉůĂŶŶĞĚƵƐĞ ŚĂƐŶŽƚďĞĞŶŝŶĐůƵĚĞĚŝŶĂƉƌŝŽƌƐƚĂƚĞŵĞŶƚŽƌƉůĂŶϬ ϱ͘dŚĞĂŵŽƵŶƚŽĨŝŶĐŽŵĞĨƌŽŵĨůŽĂƚͲĨƵŶĚĞĚĂĐƚŝǀŝƚŝĞƐϬ dŽƚĂůWƌŽŐƌĂŵ/ŶĐŽŵĞ͗ϮϬϬ͕ϬϬϬ KƚŚĞƌ'ZĞƋƵŝƌĞŵĞŶƚƐ ϭ͘dŚĞĂŵŽƵŶƚŽĨƵƌŐĞŶƚŶĞĞĚĂĐƚŝǀŝƚŝĞƐϲ Ϯ͘dŚĞĞƐƚŝŵĂƚĞĚƉĞƌĐĞŶƚĂŐĞŽĨ'ĨƵŶĚƐƚŚĂƚǁŝůůďĞƵƐĞĚĨŽƌĂĐƚŝǀŝƚŝĞƐƚŚĂƚ ďĞŶĞĨŝƚƉĞƌƐŽŶƐŽĨůŽǁĂŶĚŵŽĚĞƌĂƚĞŝŶĐŽŵĞ͘KǀĞƌĂůůĞŶĞĨŝƚͲĐŽŶƐĞĐƵƚŝǀĞƉĞƌŝŽĚ ŽĨŽŶĞ͕ƚǁŽŽƌƚŚƌĞĞǇĞĂƌƐŵĂǇďĞƵƐĞĚƚŽĚĞƚĞƌŵŝŶĞƚŚĂƚĂŵŝŶŝŵƵŵŽǀĞƌĂůů ďĞŶĞĨŝƚŽĨϳϬйŽĨ'ĨƵŶĚƐŝƐƵƐĞĚƚŽďĞŶĞĨŝƚƉĞƌƐŽŶƐŽĨůŽǁĂŶĚŵŽĚĞƌĂƚĞ ŝŶĐŽŵĞ͘^ƉĞĐŝĨǇƚŚĞǇĞĂƌƐĐŽǀĞƌĞĚƚŚĂƚŝŶĐůƵĚĞƚŚŝƐŶŶƵĂůĐƚŝŽŶWůĂŶ͘ϱϴ͘ϬϬй ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϱϬ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D KǀĞƌĂůůĞŶĞĨŝƚŝƐĂĐŽŶƐĞĐƵƚŝǀĞƉĞƌŝŽĚŽĨƚŚƌĞĞǇĞĂƌƐƚŽĚĞƚĞƌŵŝŶĞŽǀĞƌĂůůďĞŶĞĨŝƚŽĨůŽǁĂŶĚŵŽĚĞƌĂƚĞͲ ŝŶĐŽŵĞƉĞƌƐŽŶƐ͘ ƉƉĞŶĚŝǆǆͲůƚĞƌŶĂƚĞͬ>ŽĐĂůĂƚĂ^ŽƵƌĐĞƐ ϭ ĂƚĂ^ŽƵƌĐĞEĂŵĞ 'EĞĞĚƐ^ƵƌǀĞǇ >ŝƐƚƚŚĞŶĂŵĞŽĨƚŚĞŽƌŐĂŶŝǌĂƚŝŽŶŽƌŝŶĚŝǀŝĚƵĂůǁŚŽŽƌŝŐŝŶĂƚĞĚƚŚĞĚĂƚĂƐĞƚ͘ ŝƚǇŽĨZŽĐŚĞƐƚĞƌ dĂƌǇŶĚĞŶƐ͕'ĚŵŝŶŝƐƚƌĂƚŽƌ WƌŽǀŝĚĞĂďƌŝĞĨƐƵŵŵĂƌǇŽĨƚŚĞĚĂƚĂƐĞƚ͘ ŐĞŶĐǇǀĞƌƐŝŽŶƐĞŶƚƚŽϯϳĂŐĞŶĐŝĞƐ͘KŶůǇϭϱƌĞƚƵƌŶĞĚĐŽŵƉůĞƚĞĚ͘ WƵďůŝĐǀĞƌƐŝŽŶŵĂĚĞĂǀĂŝůĂďůĞǀŝĂ&ĂĐĞďŽŽŬƉŽƐƚŝŶŐŽŶƚŚĞŝƚǇΖƐƉĂŐĞ͕WƌĞƐƐZĞůĞĂƐĞ͕ĂŶĚWŽƐƚ ƵůůĞƚŝŶƉƵďůŝĐĂƚŝŽŶ͘ϵϳƌĞƐƉŽŶƐĞƐƌĞĐĞŝǀĞĚ͘ tŚĂƚǁĂƐƚŚĞƉƵƌƉŽƐĞĨŽƌĚĞǀĞůŽƉŝŶŐƚŚŝƐĚĂƚĂƐĞƚ͍ >ĞĂƌŶŽĨŶĞĞĚƐŝŶƚŚĞĐŽŵŵƵŶŝƚǇ͘ WƌŽǀŝĚĞƚŚĞǇĞĂƌ;ĂŶĚŽƉƚŝŽŶĂůůǇŵŽŶƚŚ͕ŽƌŵŽŶƚŚĂŶĚĚĂǇͿĨŽƌǁŚĞŶƚŚĞĚĂƚĂǁĂƐĐŽůůĞĐƚĞĚ͘ :ƵŶĞϮϬϭϵͲ:ƵůǇϮϬϭϵ ƌŝĞĨůǇĚĞƐĐƌŝďĞƚŚĞŵĞƚŚŽĚŽůŽŐǇĨŽƌƚŚĞĚĂƚĂĐŽůůĞĐƚŝŽŶ͘ ^ƵƌǀĞǇ ĞƐĐƌŝďĞƚŚĞƚŽƚĂůƉŽƉƵůĂƚŝŽŶĨƌŽŵǁŚŝĐŚƚŚĞƐĂŵƉůĞǁĂƐƚĂŬĞŶ͘ ϯϳĂŐĞŶĐŝĞƐƚŚĂƚǁŽƌŬǁŝƚŚůŽǁͲŵŽĚĞƌĂƚĞŝŶĐŽŵĞƉĞƌƐŽŶƐ͘ 'ĞŶĞƌĂůĐŝƚŝǌĞŶƐŽĨZŽĐŚĞƐƚĞƌ͕DE͘ ĞƐĐƌŝďĞƚŚĞĚĞŵŽŐƌĂƉŚŝĐƐŽĨƚŚĞƌĞƐƉŽŶĚĞŶƚƐŽƌĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨƚŚĞƵŶŝƚŽĨŵĞĂƐƵƌĞ͕ĂŶĚƚŚĞŶƵŵďĞƌ ŽĨƌĞƐƉŽŶĚĞŶƚƐŽƌƵŶŝƚƐƐƵƌǀĞǇĞĚ͘ EŽƚĂƉƉůŝĐĂďůĞ Ϯ ĂƚĂ^ŽƵƌĐĞEĂŵĞ WƵďůŝĐ,ŽƵƐŝŶŐEĞĞĚƐƐƐĞƐƐŵĞŶƚ >ŝƐƚƚŚĞŶĂŵĞŽĨƚŚĞŽƌŐĂŶŝǌĂƚŝŽŶŽƌŝŶĚŝǀŝĚƵĂůǁŚŽŽƌŝŐŝŶĂƚĞĚƚŚĞĚĂƚĂƐĞƚ͘ KůŵƐƚĞĚŽƵŶƚǇ͕ŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕DĂǇŽůŝŶŝĐĂŶĚZŽĐŚĞƐƚĞƌƌĞĂ&ŽƵŶĚĂƚŝŽŶ WƌŽǀŝĚĞĂďƌŝĞĨƐƵŵŵĂƌǇŽĨƚŚĞĚĂƚĂƐĞƚ͘ ĞƐĐƌŝďĞƐŶĞĞĚƐŽĨƉƵďůŝĐŚŽƵƐŝŶŐĨŽƌĂƌĞĂ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϱϭ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D 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