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ϭϭϮϱϳƚŚ^ƚƌĞĞƚĂƐƚϮϬϭϰ^ƚ͕^ ƚŚ ^ƚ͘WĂƵů͕DEϱϱϭϬϲZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰ ϵ͘^ƚĂŶĚĂƌĚtĂƌƌĂŶƚǇ dŚĞĞƋƵŝƉŵĞŶƚƐŽůĚŚĞƌĞŝŶǁŝůůďĞŵĂŶƵĨĂĐƚƵƌĞĚďǇWŝĞƌĐĞDĂŶƵĨĂĐƚƵƌŝŶŐ͕/ŶĐ͘ĂŶĚĂŶǇǁĂƌƌĂŶƚŝĞƐĂƌĞ ĂƚƚĂĐŚĞĚŚĞƌĞƚŽĂƐǆŚŝďŝƚĂŶĚŵĂĚĞĂƉĂƌƚŚĞƌĞŽĨ͘ŶǇĂĚĚŝƚŝŽŶĂůǁĂƌƌĂŶƚŝĞƐŵƵƐƚďĞĞǆƉƌĞƐƐůǇĂƉƉƌŽǀĞĚ ŝŶǁƌŝƚŝŶŐďǇWŝĞƌĐĞ͛ƐĂƵƚŚŽƌŝǌĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞĂŶĚDĂĐYƵĞĞŶ͘ 3DFNHW3J )D ŝƐĐůĂŝŵĞƌ KƚŚĞƌƚŚĂŶĂƐĞǆƉƌĞƐƐůǇƐĞƚĨŽƌƚŚŝŶƚŚŝƐĂŐƌĞĞŵĞŶƚ͕ŶĞŝƚŚĞƌWŝĞƌĐĞ͕ŝƚƐWĂƌĞŶƚŽŵƉĂŶǇ͕ĨĨŝůŝĂƚĞƐ͕ ^ƵďƐŝĚŝĂƌŝĞƐ͕>ŝĐĞŶƐŽƌƐ͕ƐƵƉƉůŝĞƌƐ͕ĚŝƐƚƌŝďƵƚŽƌƐ͕ĚĞĂůĞƌƐ͕ŝŶĐůƵĚŝŶŐǁŝƚŚŽƵƚůŝŵŝƚĂƚŝŽŶ͕DĂĐYƵĞĞŶƋƵŝƉŵĞŶƚ͕ >>͕ŽƌŽƚŚĞƌƌĞƐƉĞĐƚŝǀĞŽĨĨŝĐĞƌƐ͕ĚŝƌĞĐƚŽƌƐ͕ĞŵƉůŽǇĞĞƐ͕ƐŚĂƌĞŚŽůĚĞƌƐ͕ĂŐĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͕ŵĂŬĞĂŶǇ ĞǆƉƌĞƐƐŽƌŝŵƉůŝĞĚǁĂƌƌĂŶƚŝĞƐǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞƉƌŽĚƵĐƚƐƉƌŽǀŝĚĞĚŚĞƌĞƵŶĚĞƌŽƌŽƚŚĞƌǁŝƐĞƌĞŐĂƌĚŝŶŐƚŚŝƐ ĂŐƌĞĞŵĞŶƚ͕ǁŚĞƚŚĞƌŽƌĂůŽƌǁƌŝƚƚĞŶ͕ĞǆƉƌĞƐƐ͕ŝŵƉůŝĞĚŽƌƐƚĂƚƵƚŽƌǇ͘tŝƚŚŽƵƚůŝŵŝƚŝŶŐƚŚĞĨŽƌĞŐŽŝŶŐ͕ĂŶǇŝŵƉůŝĞĚ ǁĂƌƌĂŶƚǇĂŐĂŝŶƐƚŝŶĨƌŝŶŐĞŵĞŶƚ͕ĂŶĚƚŚĞŝŵƉůŝĞĚǁĂƌƌĂŶƚǇŽĨĐŽŶĚŝƚŝŽŶŽĨĨŝƚŶĞƐƐĨŽƌĂƉĂƌƚŝĐƵůĂƌƉƵƌƉŽƐĞĂƌĞ ĞǆƉƌĞƐƐůǇĞǆĐůƵĚĞĚĂŶĚĚŝƐĐůĂŝŵĞĚ͘^ƚĂƚĞŵĞŶƚƐŵĂĚĞďǇƐĂůĞƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐŽƌŝŶƉƌŽŵŽƚŝŽŶĂůŵĂƚĞƌŝĂůƐĚŽ 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ŽĨWŝĞƌĐĞƌĞŐĂƌĚŝŶŐƚŚĞƵƐĞŽƌƵƐĞƐŝŶƚĞŶĚĞĚƚŽďĞŵĂĚĞŽĨŐŽŽĚƐ͕ƉƌŽƉŽƐĞĚĐŚĂŶŐĞƐŽƌĂĚĚŝƚŝŽŶƐƚŽŐŽŽĚƐ͕ŽƌĂŶǇ ĂƐƐŝƐƚĂŶĐĞŽƌƐƵŐŐĞƐƚŝŽŶƐƚŚĂƚŵĂǇŚĂǀĞďĞĞŶŵĂĚĞďǇWŝĞƌĐĞƉĞƌƐŽŶŶĞů͘ ^dEZ>/D/dtZZEdz ĂƐĞtĂƌƌĂŶƚŝĞƐ KŶĞ;ϭͿǇĞĂƌďĂƐŝĐůŝŵŝƚĞĚǁĂƌƌĂŶƚǇʹĂůů x KŶĞ;ϭͿǇĞĂƌƐƚĂŶĚĂƌĚWŝĞƌĐĞ&ŝƌĞĂŶĚZĞƐĐƵĞ^ĞƌǀŝĐĞĞŶƚĞƌůŝŵŝƚĞĚǁĂƌƌĂŶƚǇʹĐŚĂƐƐŝƐ͕ĐĂď͕ĂƉƉĂƌĂƚƵƐ x ďŽĚǇ KŶĞ;ϭͿǇĞĂƌƐƚĂŶĚĂƌĚWŝĞƌĐĞ&ŝƌĞĂŶĚZĞƐĐƵĞ^ĞƌǀŝĐĞĞŶƚĞƌůŝŵŝƚĞĚǁĂƌƌĂŶƚǇʹƉĂŝŶƚ x EŝŶĞƚǇ;ϵϬͿĚĂǇƐƚĂŶĚĂƌĚWŝĞƌĐĞ&ŝƌĞĂŶĚZĞƐĐƵĞ^ĞƌǀŝĐĞĞŶƚĞƌůŝŵŝƚĞĚǁĂƌƌĂŶƚǇʹƉĂƌƚƐƐĞƌǀŝĐĞĚŽƌ x ƌĞƉĂŝƌĞĚ ^ŝǆ;ϲͿŵŽŶƚŚďĂƐŝĐƉĂƌƚƐůŝŵŝƚĞĚǁĂƌƌĂŶƚǇ x ŚĂƐƐŝƐĂŶĚĂďtĂƌƌĂŶƚŝĞƐ dŚƌĞĞ;ϯͿǇĞĂƌĐŚĂƐƐŝƐůŝŵŝƚĞĚǁĂƌƌĂŶƚǇʹsĞůŽĐŝƚǇĂŶĚ/ŵƉĞů x dĞŶ;ϭϬͿǇĞĂƌƐƚĂŶĚĂƌĚĐĂďƐƚƌƵĐƚƵƌĂůŝŶƚĞŐƌŝƚǇůŝŵŝƚĞĚǁĂƌƌĂŶƚǇʹĂůů x dĞŶ;ϭϬͿǇĞĂƌƐƚĂŶĚĂƌĚƐƚƌƵĐƚƵƌĂůŝŶƚĞŐƌŝƚǇůŝŵŝƚĞĚǁĂƌƌĂŶƚǇʹŶĐŽƌĞƌĞƐĐƵĞǀĞŚŝĐůĞĨƌĂŵĞŵŽĚŝĨŝĐĂƚŝŽŶ x ĐŽŵŵĞƌĐŝĂůĐŚĂƐƐŝƐ;&>ZΘ/,Ϳ 3DFNHW3J )D &ŝĨƚǇ;ϱϬͿǇĞĂƌƐƚĂŶĚĂƌĚĐŚĂƐƐŝƐĨƌĂŵĞƌĂŝůůŝĨĞƚŝŵĞƐƚƌƵĐƚƵƌĂůŝŶƚĞŐƌŝƚǇůŝŵŝƚĞĚǁĂƌƌĂŶƚǇʹĂůůĐƵƐƚŽŵĞǆĐĞƉƚ x sĞůŽĐŝƚǇĂŶĚ/ŵƉĞů &ŝĨƚǇ;ϱϬͿǇĞĂƌĐŚĂƐƐŝƐĨƌĂŵĞƌĂŝůΘƌŽƐƐŵĞŵďĞƌůŝĨĞƚŝŵĞƐƚƌƵĐƚƵƌĂůŝŶƚĞŐƌŝƚǇůŝŵŝƚĞĚǁĂƌƌĂŶƚǇͲsĞůŽĐŝƚǇ x ĂŶĚ/ŵƉĞůĐŚĂƐƐŝƐ ŽĚǇ^ƚƌƵĐƚƵƌĂů/ŶƚĞŐƌŝƚǇtĂƌƌĂŶƚŝĞƐ dǁŽ;ϮͿǇĞĂƌƐƚƌƵĐƚƵƌĂůŝŶƚĞŐƌŝƚǇĂƉƉĂƌĂƚƵƐďŽĚǇʹDŝŶŝWƵŵƉĞƌ x &ŝǀĞ;ϱͿǇĞĂƌƐƚƌƵĐƚƵƌĂůŝŶƚĞŐƌŝƚǇͲƚĂŶŬĞƌƉƵŵƉĞƌďŽĚǇ x dĞŶ;ϭϬͿǇĞĂƌƐƚĂŶĚĂƌĚďŽĚǇƐƚƌƵĐƚƵƌĂůŝŶƚĞŐƌŝƚǇůŝŵŝƚĞĚǁĂƌƌĂŶƚǇͲĂůůĂĞƌŝĂů͕ƉƵŵƉĞƌƐ͕ƚĂŶŬĞƌƐ͕ĞůůŝƉƚŝĐĂů͕ x ĚƌǇƐŝĚĞ dĞŶ;ϭϬͿǇĞĂƌƐƚƌƵĐƚƵƌĂůŝŶƚĞŐƌŝƚǇͲŽŶƚĞŶĚĞƌƌĞƐĐƵĞĂƉƉĂƌĂƚƵƐďŽĚǇ x dĞŶ;ϭϬͿǇĞĂƌƐƚƌƵĐƚƵƌĂůŝŶƚĞŐƌŝƚǇͲŶĐŽƌĞƌĞƐĐƵĞĂƉƉĂƌĂƚƵƐďŽĚǇ x &ŝĨƚĞĞŶ;ϭϱͿǇĞĂƌƐƚƌƵĐƚƵƌĂůŝŶƚĞŐƌŝƚǇůŝŵŝƚĞĚǁĂƌƌĂŶƚǇͲďŽĚǇͬŚĞĂǀǇĚƵƚǇƌĞƐĐƵĞ x ĞƌŝĂů^ƚƌƵĐƚƵƌĂů/ŶƚĞŐƌŝƚǇtĂƌƌĂŶƚŝĞƐ dĞŶ;ϭϬͿǇĞĂƌƐƚĂŶĚĂƌĚƐƚƌƵĐƚƵƌĂůŝŶƚĞŐƌŝƚǇůŝŵŝƚĞĚǁĂƌƌĂŶƚǇͲ^ŬǇͲƌŵĂĞƌŝĂůĚĞǀŝĐĞ x dǁĞŶƚǇ;ϮϬͿǇĞĂƌƐƚĂŶĚĂƌĚƐƚƌƵĐƚƵƌĂůŝŶƚĞŐƌŝƚǇůŝŵŝƚĞĚǁĂƌƌĂŶƚǇͲĞƌŝĂůWůĂƚĨŽƌŵƐ͕ĞƌŝĂů>ĂĚĚĞƌƐ͕ĂŶĚ^ŬǇͲ x ŽŽŵ WĂŝŶƚĂŶĚ'ƌĂƉŚŝĐƐtĂƌƌĂŶƚŝĞƐ KŶĞ;ϭͿǇĞĂƌŐƌĂƉŚŝĐƐĨĂĚŝŶŐĂŶĚĚĞƚĞƌŝŽƌĂƚŝŽŶ;ǀŝŶǇů͕ƉĂŝŶƚĞĚ͕ƌĞĨůĞĐƚŝǀĞ͕ŐŽůĚͿ x dŚƌĞĞ;ϯͿǇĞĂƌƐƚĂŶĚĂƌĚ'ŽůĚƐƚĂƌͬ'ŽůĚ>ĞĂĨůĂŵŝŶĂƚŝŽŶůŝŵŝƚĞĚǁĂƌƌĂŶƚǇ x &ŽƵƌ;ϰͿǇĞĂƌƉĂŝŶƚĂŶĚĐŽƌƌŽƐŝŽŶŽŶĂůůĂĞƌŝĂůĚĞǀŝĐĞͲŶŽƌĞĨƵƌď x dĞŶ;ϭϬͿǇĞĂƌƐƚĂŶĚĂƌĚƉƌŽƌĂƚĞĚƉĂŝŶƚͬĐŽƌƌŽƐŝŽŶǁĂƌƌĂŶƚǇͲƚƌƵĐŬƐƐŚŝƉƉĞĚĂĨƚĞƌ:ĂŶϭ͕ϮϬϬϰ x dǁĞůǀĞ;ϭϮͿǇĞĂƌĨŝƌĞĂŶĚƌĞƐĐƵĞƐƚĂŝŶůĞƐƐƐƚĞĞůďŽĚǇƉĂŝŶƚĂŶĚĐŽƌƌŽƐŝŽŶůŝŵŝƚĞĚǁĂƌƌĂŶƚǇ x ŽŵƉŽŶĞŶƚtĂƌƌĂŶƚŝĞƐ dǁŽ;ϮͿǇĞĂƌƐƚĂŶĚĂƌĚĨŽůĚĚŽǁŶƐƚĞƉůŝŵŝƚĞĚǁĂƌƌĂŶƚǇͲYƵĂŶƚƵŵ͕sĞůŽĐŝƚǇͬ/ŵƉĞůĞůĞĐƚƌŝĐƐƚĞƉ x dŚƌĞĞ;ϯͿǇĞĂƌƚĂŬϰĨƌŽŶƚƐƵƐƉĞŶƐŝŽŶůŝŵŝƚĞĚǁĂƌƌĂŶƚǇ x dŚƌĞĞ;ϯͿǇĞĂƌŵĂƚĞƌŝĂůĂŶĚǁŽƌŬŵĂŶƐŚŝƉĂĞƌŝĂůŚǇĚƌĂƵůŝĐƐǇƐƚĞŵƐĞĂůƐ͖ĨŝǀĞ;ϱͿǇĞĂƌŵĂƚĞƌŝĂůĂŶĚ x ǁŽƌŬŵĂŶƐŚŝƉĂĞƌŝĂůŚǇĚƌĂƵůŝĐƐǇƐƚĞŵĐŽŵƉŽŶĞŶƚƐ &ŝĨƚǇͲĨŽƵƌ;ϱϰͿŵŽŶƚŚŵĂƚĞƌŝĂůĂŶĚǁŽƌŬŵĂŶƐŚŝƉĐĂŵĞƌĂƐǇƐƚĞŵ x &ŝǀĞ;ϱͿǇĞĂƌŵĂƚĞƌŝĂůĂŶĚǁŽƌŬŵĂŶƐŚŝƉŽŵŵĂŶĚŽŶĞĞůĞĐƚƌŽŶŝĐƐ x &ŝǀĞ;ϱͿǇĞĂƌŵĂƚĞƌŝĂůĂŶĚǁŽƌŬŵĂŶƐŚŝƉĨŽĂŵƐǇƐƚĞŵĐŽŶƚƌŽůŚĞĂĚ x ^ŝǆ;ϲͿǇĞĂƌWhƉƵŵƉůŝŵŝƚĞĚǁĂƌƌĂŶƚǇ x dĞŶ;ϭϬͿǇĞĂƌƐƚĂŶĚĂƌĚƐƚĂŝŶůĞƐƐͲƐƚĞĞůƉůƵŵďŝŶŐͲƉŝƉŝŶŐĂŶĚǁĞůĚŵĞŶƚƐůĞƐƐƚŚĂŶϯ x dĞŶ;ϭϬͿǇĞĂƌƐƚĂŶĚĂƌĚƐƚĞĞůǁĂƚĞƌƚĂŶŬƐƚƌƵĐƚƵƌĂůŝŶƚĞŐƌŝƚǇĂŶĚĐŽƌƌŽƐŝŽŶůŝŵŝƚĞĚǁĂƌƌĂŶƚǇͲǁĂƚĞƌƚĂŶŬ x dĞŶ;ϭϬͿǇĞĂƌŵĂƚĞƌŝĂůĂŶĚǁŽƌŬŵĂŶƐŚŝƉƉŝĞƌĐĞϭϮsůĞĚƐƚƌŝƉůŝŐŚƚ x 3DFNHW3J )D y,//dͲWZKWK^> :ĂŶƵĂƌǇϮϮŶĚ͕ϮϬϮϬ Z͗WƌŽƉŽƐĂůĨŽƌdŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ DĂĐYƵĞĞŶŵĞƌŐĞŶĐǇ͕;͞DĂĐYƵĞĞŶ͟Ϳ͕ƚŚĞůŝĐĞŶƐĞĚĂŶĚĂƵƚŚŽƌŝǌĞĚĚĞĂůĞƌĨŽƌWŝĞƌĐĞDĂŶƵĨĂĐƚƵƌŝŶŐ/ŶĐ͘;͞WŝĞƌĐĞ͟Ϳ ŝŶƚŚĞ^ƚĂƚĞƐŽĨDŝŶŶĞƐŽƚĂ͕EŽƌƚŚĂŬŽƚĂ͕^ŽƵƚŚĂŬŽƚĂ͕EĞďƌĂƐŬĂĂŶĚDŝƐƐŽƵƌŝ͕ŝƐƉůĞĂƐĞĚƚŽƉƌŽǀŝĚĞƚŚĞ ĨŽůůŽǁŝŶŐƉƌŽƉŽƐĂůĨŽƌKŶĞ;ϭͿϮϬϮϬWŝĞƌĐĞ/ŵƉĞů^ŝĚĞDŽƵŶƚWƵŵƉĞƌ͘dŚŝƐƉƌŽƉŽƐĂůŝƐďĂƐĞĚŽŶƚŚĞĂĐĐŽŵƉĂŶǇŝŶŐ ƉƌŽƉŽƐĂůƐƉĞĐŝĨŝĐĂƚŝŽŶƐ͕ǁŚŝĐŚĂƌĞƚĂŝůŽƌĞĚƚŽŵĞĞƚǇŽƵƌŶĞĞĚƐ͘dŚĞƉƌŽƉŽƐĂůƉƌŝĐŝŶŐŝƐďĂƐĞĚŽŶĐƵƌƌĞŶƚ,' ;,ŽƵƐƚŽŶ'ĂůǀĞƐƚŽŶƌĞĂŽƵŶĐŝůͿ&^ϭϮͲϭϳĐŽŶƚƌĂĐƚƉƌŝĐŝŶŐĂŶĚŝŶĐůƵĚĞƐƚŚĞĨĞĞƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚĂŶ,' ƉƵƌĐŚĂƐĞ͘ ϮϬϮϬWŝĞƌĐĞ/ŵƉĞů^ŝĚĞDŽƵŶƚWƵŵƉĞƌΨϲϲϮ͕ϳϰϯ WĞƌĨŽƌŵĂŶĐĞďŽŶĚ;ŝĨĂƉƉůŝĐĂďůĞͿΨϭ͕ϳϯϵ ŚĂƐƐŝƐƉƌĞƉĂǇŵĞŶƚĚŝƐĐŽƵŶƚ;ŝĨĂƉƉůŝĐĂďůĞͿΨϭϬ͕Ϯϲϴ &ƵůůƉƌĞƉĂǇŵĞŶƚŝŶƚĞƌĞƐƚĚŝƐĐŽƵŶƚΨϵ͕ϭϮϵ ,'ĚŝƐĐŽƵŶƚ;ŝĨĂƉƉůŝĐĂďůĞͿΨϲ͕ϭϯϵ sĂůƵĞĚƵƐƚŽŵĞƌŝƐĐŽƵŶƚΨϭϮ͕Ϯϳϵ hŶŝƚƚŽƚĂůǁͬĚŝƐĐŽƵŶƚƐΨϲϮϲ͕ϲϳϬ dŽƚĂŬĞĂĚǀĂŶƚĂŐĞŽĨĂůůƉƌĞƉĂǇŵĞŶƚĚŝƐĐŽƵŶƚƐ͕ƚŚĞƚŽƚĂůŽĨΨϲϮϲ͕ϲϳϬŵƵƐƚďĞƉĂŝĚǁŝƚŚŝŶĨŝĨƚĞĞŶ;ϭϱͿĚĂǇƐŽĨ ƉƵƌĐŚĂƐĞŽƌĚĞƌŽƌĐŽŶƚƌĂĐƚƐŝŐŶŝŶŐŝƐƐƵĞĚƚŽDĂĐYƵĞĞŶ͘ dŚĞƉƌŽƉŽƐĂůƉƌŝĐŝŶŐŝŶĐůƵĚĞƐƚŚĞĚĞůŝǀĞƌǇĐŽƐƚĨƌŽŵƉƉůĞƚŽŶ͕tŝƐĐŽŶƐŝŶ͘/ŶĐůƵĚĞĚŝŶƚŚŝƐƉƌŝĐĞĂƌĞƚƌĂǀĞů ĞǆƉĞŶƐĞƐĨŽƌƚŚƌĞĞ;ϯͿŽĨǇŽƵƌƉĞƌƐŽŶŶĞůƚŽƚƌĂǀĞůƚŽŽƵƌĨĂĐƚŽƌǇĨŽƌƉƌĞĐŽŶƐƚƌƵĐƚŝŽŶ͕ƉŽƐƚƉĂŝŶƚŝŶƐƉĞĐƚŝŽŶĂŶĚĨŝŶĂů ĂĐĐĞƉƚĂŶĐĞ͘ 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>ŽŶŐdĞƌŵ;хϯǇĞĂƌƐͿ R x/ŵƉůĞŵĞŶƚĂƚŝŽŶWƌŝŽƌŝƚǇ;>Žǁ͕DĞĚŝƵŵ͕Žƌ,ŝŐŚͿ xŽŵŵĞŶƚƐĨƌŽŵĂƐƵďũĞĐƚŵĂƚƚĞƌĞǆƉĞƌƚ 3DFNHW3J )D ĐŽƐƚďĞŶĞĨŝƚƌĞǀŝĞǁǁĂƐĐŽŶĚƵĐƚĞĚƚŽƉƌŝŽƌŝƚŝǌĞƚŚĞŵŝƚŝŐĂƚŝŽŶĂĐƚŝŽŶƐĂŶĚĞůŝŵŝŶĂƚĞƚŚĞŽŶĞƐƚŚĂƚǁĞƌĞŶŽƚĐŽƐƚ ĞĨĨĞĐƚŝǀĞ͘&ŽƌƚŚŝƐĐŽƐƚďĞŶĞĨŝƚƌĞǀŝĞǁ͕ĂŵŽĚŝĨŝĞĚǀĞƌƐŝŽŶŽĨ^dW>ǁĂƐƵƐĞĚ͘dŚĞĂĐƚŝŽŶƐƚƌĂƚĞŐŝĞƐƚŚĂƚŚĂǀĞďĞĞŶ ŝŶĐůƵĚĞĚŝŶƚŚŝƐƉůĂŶĂƌĞƉƌŝŽƌŝƚŝǌĞĚĂƐŚŝŐŚ͕ŵĞĚŝƵŵ͕ŽƌůŽǁďĂƐĞĚŽŶƚŚĞĐŽƐƚďĞŶĞĨŝƚƌĞǀŝĞǁĐŽŵƉůĞƚĞĚďǇƐƵďũĞĐƚ ŵĂƚƚĞƌĞǆƉĞƌƚƐ͘ŶĞǆĂŵƉůĞŽĨŽƵƌƐƵƌǀĞǇƋƵĞƐƚŝŽŶƐĐĂŶďĞĨŽƵŶĚŝŶƚŚĞĂƉƉĞŶĚŝĐĞƐ͘ ZĞƐƉŽŶĚĞŶƚƐǁĞƌĞĂƐŬĞĚĂďŽƵƚƚŚĞĨŽůůŽǁŝŶŐ͗ x>ŝĨĞ^ĂĨĞƚǇ x WƌŽƉĞƌƚǇWƌŽƚĞĐƚŝŽŶ x dĞĐŚŶŝĐĂů&ĞĂƐŝďŝůŝƚǇ x WŽůŝƚŝĐĂůtŝůů x>ĞŐĂůĂƵƚŚŽƌŝƚǇ xŶǀŝƌŽŶŵĞŶƚĂůŽŵƉůŝĂŶĐĞ x^ŽĐŝĂů/ŵƉĂĐƚƐ xĚŵŝŶŝƐƚƌĂƚŝǀĞĂƉĂďŝůŝƚŝĞƐ x>ŽĐĂůŚĂŵƉŝŽŶ xĐŽŶŽŵŝĐŽƐƚƐǀƐ͘ĞŶĞĨŝƚƐ /ĨƚŚĞƉƌŽƉŽƐĞĚĂĐƚŝŽŶƉŽƐŝƚŝǀĞůǇŝŵƉĂĐƚĞĚƚŚĞƐƉĞĐŝĨŝĐĐĂƚĞŐŽƌǇ͕ŝƚǁĂƐŐŝǀĞŶĂнϭĨŽƌƚŚĂƚĐĂƚĞŐŽƌǇ͘/ĨƚŚĞĂĐƚŝŽŶ ŶĞŐĂƚŝǀĞůǇŝŵƉĂĐƚĞĚŽŶĞŽĨƚŚĞƐƉĞĐŝĨŝĐĐĂƚĞŐŽƌŝĞƐŝƚǁĂƐŐŝǀĞŶĂͲϭĨŽƌƚŚĂƚĐĂƚĞŐŽƌǇ͘EĞƵƚƌĂůƌĞƐƉŽŶƐĞƐǁĞƌĞŐŝǀĞŶĂϬ͘ ƵĞƚŽƚŚĞŝŵƉŽƌƚĂŶĐĞƉůĂĐĞĚŽŶůŝĨĞƐĂĨĞƚǇ͕ƉŽƐŝƚŝǀĞŝŵƉĂĐƚƐŝŶƚŚĂƚĐŽůƵŵŶǁĞƌĞŐŝǀĞŶĂнϮĂŶĚŶĞŐĂƚŝǀĞŝŵƉĂĐƚƐǁĞƌĞ ŐŝǀĞŶĂͲϮ͘KŶĐĞƚŚĞŶƵŵďĞƌƐǁĞƌĞƚŽƚĂůĞĚĨŽƌĞĂĐŚĂĐƚŝŽŶ͕ƚŚĞǇǁĞƌĞĂƐƐŝŐŶĞĚĂƉƌŝŽƌŝƚǇďĂƐĞĚŽŶƚŚĞŝƌƚŽƚĂůƐĐŽƌĞ͘ŶǇ ĂĐƚŝŽŶƐƚƌĂƚĞŐǇƚŚĂƚƐĐŽƌĞĚďĞůŽǁǌĞƌŽǁĂƐƌĞŵŽǀĞĚ͘ DŽĚŝĨŝĞĚ^dW>^ĐŽƌŝŶŐ͗ x ϬͲϰс>ŽǁWƌŝŽƌŝƚǇ x ϱͲϴсDĞĚŝƵŵWƌŝŽƌŝƚǇ x ϵͲϭϮс,ŝŐŚWƌŝŽƌŝƚǇ 3DFNHW3J 3DFNHW3J ƚƌŽƵďůĞĚƉĂƐƚ dŚŝƐƋƵĞƐƚŝŽŶŝƐĂĨĨĞĐƚĞĚďǇƚŚĞƵŝůĚŝŶŐŽĚĞĂŶĚ 3DFNHW3J )D ŚĂƐĚŝĨĨĞƌĞŶƚĂŶƐǁĞƌƐĚĞƉĞŶĚŝŶŐŽŶƚŚĞƚǇƉĞŽĨ Ă dŚĞŝĚĞĂŽĨƐƚŽƌŵƐŚĞůƚĞƌƐŚĂƐŚĂĚ ĂƚƚĂĐŚĞĚͬĚĞƚĂĐŚĞĚ͘ ^ƵďũĞĐƚDĂƚƚĞƌǆƉĞƌƚŽŵŵĞŶƚƐ Ͳ ĐŽŶƐƚƌƵĐƚŝŽŶ ƉŽůŝƚŝĐĂůůǇ͘ DĞĚŝƵŵDĞĚŝƵŵ WƌŝŽƌŝƚǇ ,ŝŐŚ,ŝŐŚ,ŝŐŚ,ŝŐŚ >Žǁ>Žǁ>Žǁ ^ŚŽƌƚdĞƌŵ dŝŵĞĨƌĂŵĞ^ŚŽƌƚdĞƌŵ ƐĨƵŶĚŝŶŐ >ŽŶŐdĞƌŵ>ŽŶŐdĞƌŵ>ŽŶŐdĞƌŵ>ŽŶŐdĞƌŵ ďĞĐŽŵĞƐ KŶŐŽŝŶŐ͕ ĂǀĂŝůĂďůĞ KŶŐŽŝŶŐKŶŐŽŝŶŐ ŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇ ZĞĐƌĞĂƚŝŽŶ ZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌ ĂŶĚ W/K͕Et^ ŐĞŶĐǇ DŐŵƚ͕͘ DŐŵƚ͘DŐŵƚ͘ DŐŵƚ͘DŐŵƚ͘DŐŵƚ͘ ZKWZKW WĂƌŬƐ >ĞĂĚ ΨϱϬϬ͕ϬϬϬΨϱϬϬ͕ϬϬϬ ΨϱϬϬ͕ϬϬϬ ƉƉƌŽǆ͘ ƉĞƌƐĂĨĞƉĞƌƐĂĨĞ ƌŽŽŵƌŽŽŵ ŽƐƚ EͬEͬEͬEͬEͬEͬ ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ ͕ ʹʹʹ WŽƚĞŶƚŝĂů/W ͲͲͲ &ƵŶĚŝŶŐ /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů ^ŽƵƌĐĞ ĞŐĂĐǇ ŐƌĂŶƚƐ ,D͕ ,D,D ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ > ĨĂĐŝůŝƚŝĞƐĂƌĞŶĞĞĚĞĚ͘ŽŶƐƚƌƵĐƚƐƚŽƌŵƐŚĞůƚĞƌƐ ϭ͘ϱŶĐŽƵƌĂŐĞƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƐĂĨĞƌŽŽŵƐŝŶŶĞǁƐĐŚŽŽůƐ͕ĚĂǇĐĂƌĞƐ͕ĂŶĚŶƵƌƐŝŶŐŚŽŵĞƐ͘ ŽŶƐƚƌƵĐƚƐĂĨĞƌŽŽŵƐĂƚZŽĐŚĞƐƚĞƌ͛ƐŵŽƐƚ ϭ͘ϯŽŶĚƵĐƚĂŶŝŶǀĞŶƚŽƌǇŽĨƐƚŽƌŵƐŚĞůƚĞƌƐŝŶ /ŵƉƌŽǀĞƉƵďůŝĐĂǁĂƌĞŶĞƐƐŽĨƐĞǀĞƌĞǁŝŶĚ ŝŶĨŽƌŵƚŚĞ ĐŽǀĞƌŝŶŐƐĂƚƚĂĐŚĞĚƚŽŵĂŶƵĨĂĐƚƵƌĞĚŚŽŵĞƐ͘ ƉŽƉƵůĂƚŝŽŶƐĂƌĞƐƵƐĐĞƉƚŝďůĞƚŽƚŽƌŶĂĚŽĞƐŽƌ ƉƌŽũĞĐƚƐĨŽƌƐĂĨĞƌŽŽŵƐŽƌƐƚŽƌŵƐŚĞůƚĞƌƐŝŶ ͘ ĞǀĂůƵĂƚĞĨŽƌĐŽŶƐƚƌƵĐƚŝŽŶŽƌƌĞƚƌŽĨŝƚŽĨƐĂĨĞ ƉƌŽƚĞĐƚŝǀĞĂĐƚŝŽŶƐ ƚŽƌŶĂĚŽǁĂƚĐŚĂŶĚĂƚŽƌŶĂĚŽǁĂƌŶŝŶŐĂŶĚ ĐĂŵƉŐƌŽƵŶĚƐ͕ŽƌŵŽďŝůĞŚŽŵĞƉĂƌŬƐͿĂŶĚ ƚŚĞƵƐĞŽĨĐĂƌƉŽƌƚƐĂŶĚŽƉĞŶ ƚŚĞĐŝƚǇĂŶĚĚĞƚĞƌŵŝŶĞǁŚĞƌĞĂĚĚŝƚŝŽŶĂů ƉŽƉƵůĂƚŝŽŶŽĨƚŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶĂ ϭ͘ϰŶĐŽƵƌĂŐĞĐŽŵŵƵŶŝƚǇŵĞŵďĞƌƐƚŽ ϭ͘ϰ/ŵƉůĞŵĞŶƚĐŽŶƐƚƌƵĐƚŝŽŶŽƌƌĞƚƌŽĨŝƚ ĞĚƵĐĂƚĞĂďŽƵƚŵŝƚŝŐĂƚŝŽŶ ͘ ƉƌŽũĞĐƚƐƚŚƌŽƵŐŚŽƵƚƌĞĂĐŚĂĐƚŝǀŝƚŝĞƐ ϭ͘ϯ/ĚĞŶƚŝĨǇĂƌĞĂƐǁŚĞƌĞǀƵůŶĞƌĂďůĞ ĞǆƚƌĞŵĞǁŝŶĚĞǀĞŶƚƐ;ŝ͘Ğ͘ƐĐŚŽŽůƐ͕ ŽŶĚƵĐƚŽƵƚƌĞĂĐŚĂĐƚŝǀŝƚŝĞƐƚŽ ŝĚĞŶƚŝĨŝĞĚǀƵůŶĞƌĂďůĞůŽĐĂƚŝŽŶƐ͘ ŚĞĂǀŝůǇƵƐĞĚƉĂƌŬĨĂĐŝůŝƚŝĞƐ͘ dŽƌŶĂĚŽ;WZ/͗ϯ͘ϮϱͿ ƌŽŽŵƐŽƌƐƚŽƌŵƐŚĞůƚĞƌƐ͘ ĂƉƉƌŽƉƌŝĂƚĞ ďĞĐŽŵĞƐƚŽƌŵƐƉŽƚƚĞƌƐ͘ ŝŶŝĚĞŶƚŝĨŝĞĚĂƌĞĂƐ͘ ŚĂǌĂƌĚƐĂŶĚ ŚŽǁƚŽƚĂŬĞ ĐƚŝŽŶ/ƚĞŵ ϭ͘ϮWƌŽŚŝďŝƚ ϭ͘ϭϭ͘ϭϭ͘Ϯ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ ^ƚƌƵĐƚƵƌĞĂŶĚ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ WůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚ ZĞŐƵůĂƚŝŽŶƐͬ ZĞŐƵůĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐ Ϯ͘ ǁĂƌĞŶĞƐƐǁĂƌĞŶĞƐƐǁĂƌĞŶĞƐƐ ĚƵĐĂƚŝŽŶĚƵĐĂƚŝŽŶĚƵĐĂƚŝŽŶ WƌŽŐƌĂŵƐWƌŽŐƌĂŵƐWƌŽŐƌĂŵƐ ^ƚƌĂƚĞŐǇ >ŽĐĂů>ŽĐĂů>ŽĐĂů ^ƚƌƵĐ ĂŶĚĂŶĚĂŶĚ 3DFNHW3J ZŽĐŚĞƐƚĞƌŐƌŽǁƚŚĂŶĚĞǆƉĂŶƐŝŽŶƌĞƋƵŝƌĞƐĂĚĚŝŶŐ )D ŶŽƚ ƐƵƌǀĞŝůůĂŶĐĞƐǇƐƚĞŵƐĐĂŶĚŽƉŽƌƚŝŽŶƐŽĨƚŚŝƐ͘ ĂŶǇĞǆŝƐƚŝŶŐ ŶĞΗĂĐƚŝǀĞĚŝƐĞĂƐĞƐƵƌǀĞŝůůĂŶĐĞΗƐǇƐƚĞŵĐĂŶ ^ƵďũĞĐƚDĂƚƚĞƌǆƉĞƌƚŽŵŵĞŶƚƐ^ƵďũĞĐƚDĂƚƚĞƌǆƉĞƌƚŽŵŵĞŶƚƐ^ƵďũĞĐƚDĂƚƚĞƌǆƉĞƌƚŽŵŵĞŶƚƐ ĂĐĐŽŵƉůŝƐŚĂůůŽĨƚŚŝƐ͘,ŽǁĞǀĞƌŵ ͘ ŝŶĐŽǀĞƌĂŐĞ ŶĞǁƐŝƌĞŶƐƚŽŵĂŝŶƚĂ K DĞĚŝƵŵ WƌŝŽƌŝƚǇWƌŝŽƌŝƚǇWƌŝŽƌŝƚǇ ,ŝŐŚ,ŝŐŚ,ŝŐŚ,ŝŐŚ dŝŵĞĨƌĂŵĞdŝŵĞĨƌĂŵĞdŝŵĞĨƌĂŵĞ KŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐ ŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇ ZĞĐƌĞĂƚŝŽŶ ZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌ WĂƌŬƐĂŶĚ KůŵƐƚĞĚ ŐĞŶĐǇŐĞŶĐǇŐĞŶĐǇ DŐŵƚ͕͘ ŽƵŶƚǇ ,ĞĂůƚŚ DŐŵƚ͘DŐŵƚ͘DŐŵƚ͘ WƵďůŝĐ >ĞĂĚ>ĞĂĚ>ĞĂĚ ƉƉƌŽǆ͘ƉƉƌŽǆ͘ ΨϮϱ͕ϬϬϬ ƉƉƌŽǆ͘ ƉĞƌ ŽƐƚŽƐƚŽƐƚ EͬEͬEͬ ƐŝŐŶ ΨϱϬ ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ WŽƚĞŶƚŝĂůWŽƚĞŶƚŝĂůWŽƚĞŶƚŝĂů ͲͲ /ŶƚĞƌŶĂů͕ &ƵŶĚŝŶŐ&ƵŶĚŝŶŐ&ƵŶĚŝŶŐ ʹʹʹ /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů /ŶƚĞƌŶĂů ^ŽƵƌĐĞ^ŽƵƌĐĞ^ŽƵƌĐĞ ,D'W,D'W,D'W Ϯ͘ϴͿ ^ƚĂĨĨ^ƚĂĨĨ ϱй͕ ϱйϱй tŝŶƚĞƌ^ƚŽƌŵ;WZ/͗Ϯ͘ϴϱͿ ƉŝĚĞŵŝĐŽƌŝƐĞĂƐĞKƵƚďƌĞĂŬ;WZ/͗ ƚǁŚĞŶŶĞĞĚĞĚ͘ Ͳ ĂŶĚŚŽǁ ĂǁĂƌĞŶĞƐƐŽĨǁŝŶƚĞƌƐƚŽƌŵƌŝƐŬĂŶĚƉƌŽŵŽƚĞ ŝŶ ĚĂƚĂŶĞĐĞƐƐĂƌǇĚƵƌŝŶŐĂŶŽŶŐŽŝŶŐĞƉŝĚĞŵŝĐ͕ ƉůĂĐĞŵĞŶƚŽĨŶĞǁƚŽƌŶĂĚŽƐŝƌĞŶƐĂƐƚŚĞĐŝƚǇ ǁĂƌŶŝŶŐƐŝŐŶĂŐĞĂƚůŽĐĂůƉĂƌŬƐ͕ ƚŝŵĞƚƌĂŝŶŝŶŐĂŶĚůŽŐŝƐƚŝĐĂůƐƵƉƉŽƌƚƚŽĚĂŝůǇ ŽŶĚƵĐƚŽƵƚƌĞĂĐŚĂĐƚŝǀŝƚŝĞƐƚŽŝŶĐƌĞĂƐĞ Ͳ ŶĞĐĞƐƐĂƌǇƐƚĂĨĨ͕ũƵƐƚ ϭ͘ϭĞǀĞůŽƉĂŶĂĐƚŝǀĞĚŝƐĞĂƐĞƐƵƌǀĞŝůůĂŶĐĞ ŝŵƉĂĐƚ͕ŵŽƌƚĂůŝƚǇĂŶĚŽƚŚĞƌĞƉŝĚĞŵŝŽůŽŐǇ ŽŶĚƵĐƚĂŶĞĚƵĐĂƚŝŽŶĂŶĚĂǁĂƌĞŶĞƐƐ ŽŶƚŝŶƵĞĞǀĂůƵĂƚŝŶŐƚŚĞŶĞĞĚĨŽƌĂŶĚĞǆƉĂŶĚƐ͘WƵƌĐŚĂƐĞŶĞǁƐŝƌĞŶƐĂƐŶĞĞĚĞĚ͘ ĐŽƵŶƚǇĨĂŝƌƐ͕ĂŶĚŽƚŚĞƌŽƵƚĚŽŽƌǀĞŶƵĞƐ͘ ŵŝƚŝŐĂƚŝŽŶĂŶĚƉƌĞƉĂƌĞĚŶĞƐƐŵĞĂƐƵƌĞƐ͘ ƉŚĂƌŵĂĐĞƵƚŝĐĂůŝŵƉĂĐƚ͕ŵĞĚŝĐĂůƐƵƉƉůǇ ĚĂŶŐĞƌƐŽĨŚĂŝů ĂƐƐĞƐƐŶĞǁĐĂƐĞƐ͕ŚŽƐƉŝƚĂůŝǌĂƚŝŽŶƐ͕ ĂŶĚďĞƉƌĞƉĂƌĞĚƚŽŝŵƉůĞŵĞŶ ƚŽƚĂŬĞƐĂĨĞƚǇƉƌĞĐĂƵƚŝŽŶƐ͘ ƉůĂŶƚŚĂƚŝŶĐůƵĚĞƐƚŚĞ ŶĂďŽƵƚƚŚĞ ,Ăŝů;WZ/͗ϯ͘ϭͿ ŚĂŝů ĐƚŝŽŶ/ƚĞŵĐƚŝŽŶ/ƚĞŵĐƚŝŽŶ/ƚĞŵ ʹ tĞĂƚŚĞƌ ĐĂŵƉĂŝŐ WŽƐƚ ϭ͘ϭϭ͘Ϯϭ͘ϭ ϭ͘ϲ ĂŶĚZĞƐƉŽŶƐĞĂŶĚZĞƐƉŽŶƐĞ WƌĞƉĂƌĞĚŶĞƐƐWƌĞƉĂƌĞĚŶĞƐƐ ϯ͘ϰ͘ϱ͘ ǁĂƌĞŶĞƐƐǁĂƌĞŶĞƐƐǁĂƌĞŶĞƐƐ DŝƚŝŐĂƚŝŽŶDŝƚŝŐĂƚŝŽŶ ĚƵĐĂƚŝŽŶĚƵĐĂƚŝŽŶĚƵĐĂƚŝŽŶ WƌŽŐƌĂŵƐWƌŽŐƌĂŵƐWƌŽŐƌĂŵƐ ^ƚƌĂƚĞŐǇ^ƚƌĂƚĞŐǇ ^ƚƌĂƚĞŐǇ ^ƵƉƉŽƌƚ^ƵƉƉŽƌƚ ĂŶĚĂŶĚĂŶĚ 3DFNHW3J )D ^ƵďũĞĐƚDĂƚƚĞƌǆƉĞƌƚŽŵŵĞŶƚƐ DĞĚŝƵŵDĞĚŝƵŵDĞĚŝƵŵDĞĚŝƵŵ WƌŝŽƌŝƚǇ >Žǁ>Žǁ>Žǁ ^ŚŽƌƚdĞƌŵ dŝŵĞĨƌĂŵĞ >ŽŶŐdĞƌŵ KŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐ ŵĞƌŐĞŶĐǇ ,ĞĂůƚŚĂŶĚ ZŽĐŚĞƐƚĞƌ KůŵƐƚĞĚKůŵƐƚĞĚKůŵƐƚĞĚKůŵƐƚĞĚKůŵƐƚĞĚKůŵƐƚĞĚKůŵƐƚĞĚ ŐĞŶĐǇ ŽƵŶƚǇŽƵŶƚǇŽƵŶƚǇŽƵŶƚǇŽƵŶƚǇŽƵŶƚǇŽƵŶƚǇ ,ĞĂůƚŚ,ĞĂůƚŚ,ĞĂůƚŚ,ĞĂůƚŚ,ĞĂůƚŚ,ĞĂůƚŚ DŐŵƚ͘ WƵďůŝĐWƵďůŝĐWƵďůŝĐWƵďůŝĐWƵďůŝĐWƵďůŝĐWƵďůŝĐ >ĞĂĚ Ψϱ͕ϬϬϬƉĞƌ ƉƉƌŽǆ͘ ΨϯϬ͕ϬϬϬΨϭϬ͕ϬϬϬ ĨƌĞĞǌĞƌ Ψϯ͕ϬϬϬ ŽƐƚ EͬEͬEͬ ƐƵƉƉŽƌƚĞĚ ʹ WŽƚĞŶƚŝĂů /ŶƚĞƌŶĂů͕/ŶƚĞƌŶĂů͕ &ƵŶĚŝŶŐ ʹʹʹʹʹ /ŶƚĞƌŶĂů /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů ^ŽƵƌĐĞ ,D'W,D'W,D'W,D'W,D'W ƐƚĂĨĨ ϱй͕ ϱйϱйϱйϱй ϭ͘ϯDĂŝŶƚĂŝŶĂŶĚĞŶŚĂŶĐĞƚŚĞĞǆŝƐƚŝŶŐƐǇƐƚĞŵ ƉĞŽƉůĞǁŚŽŶĞĞĚƚŽďĞƋƵĂƌĂŶƚŝŶĞĚĨŽůůŽǁŝŶŐ ϭ͘ϳŽŶƚŝŶƵĞƉƌŽǀŝĚŝŶŐŚĂŶĚǁĂƐŚŝŶŐƐƚĂƚŝŽŶƐ ƚŚƌĞĂƚĞŶZŽĐŚĞƐƚĞƌƌĞƐŝĚĞŶƚƐĚƵĞƚŽŝůůŶĞƐƐŽƌ ϭ͘ϴƌĞĂƚĞĂŶĚĞǆĞƌĐŝƐĞĂƉůĂŶĨŽƌǀŝƌƚƵĂůK ĨŽƌƐŵĂůůŐƌŽƵƉƐŽƌƉŽƐƐŝďůǇůĂƌŐĞŶƵŵďĞƌƐŽĨϭ͘ϱĐƋƵŝƌĞŶĞǁĨƌĞĞǌĞƌƐĨŽƌǀĂĐĐŝŶĞƐƚŽƌĂŐĞ͘ ŵĞĚŝĐĂƚŝŽŶƐͿĨŽƌŝŶĚŝǀŝĚƵĂůƐͬĨĂŵŝůŝĞƐƚŚĂƚĂƌĞ ŚŽƚĞůƐ͕ĚŽƌŵŝƚŽƌŝĞƐŽƌŽƚŚĞƌƐƵŝƚĂďůĞŚŽƵƐŝŶŐ ĐŽŽƌĚŝŶĂƚŝŽŶͬ:ŽŝŶƚŽŵŵĂŶĚŝŶƚŚĞĞǀĞŶƚŽĨ ďŽƌŶĞĂŶĚŽƚŚĞƌǌŽŽŶŽƚŝĐĚŝƐĞĂƐĞƐƚŚĂƚŵĂǇ ĞǆƉŽƐƵƌĞƚŽĂĚĂŶŐĞƌŽƵƐŝŶĨĞĐƚŝŽƵƐĚŝƐĞĂƐĞ͘ ĂƌǇƚŽ ĂƚůĂƌŐĞƉƵďůŝĐŐĂƚŚĞƌŝŶŐƐ;Ğ͘Ő͘ƚŚĞKůŵƐƚĞĚ ϭ͘ϰŶƐƵƌĞƚŚĂƚůŽĐĂůŐŽǀĞƌŶŵĞŶƚĂŐĞŶĐŝĞƐ ϭ͘ϲŽŶƚŝŶƵĞƉƌŽŐƌĂŵƐƚŽĞĚƵĐĂƚĞƉƵďůŝĐ Ͳ ŐŽŝŶŐƐƵƌǀĞŝůůĂŶĐĞĨŽƌǀĞĐƚŽƌ ϭ͘ϮĞǀĞůŽƉĂŐƌĞĞŵĞŶƚƐͬĐŽŶƚƌĂĐƚƐǁŝƚŚ ŽƌĂƌĞ Ɛ͘ ĂďŽƵƚƉƌŽƉĞƌŚĂŶĚǁĂƐŚŝŶŐƚĞĐŚŶŝƋƵĞ ŚĂǀĞƚŚĞĂďŝůŝƚǇĂŶĚƌĞƐŽƵƌĐĞƐŶĞĐĞƐƐ Ͳ ĨŽůůŽǁŝŶŐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐƚŽƐĞůĨ ƚŽƐƵƉƉŽƌƚďĂƐŝĐŶĞĞĚƐ;Ğ͘Ő͘ĨŽŽĚ͕ ƉůĂĐĞĚŝŶŝƐŽůĂƚŝŽŶŽƌƋƵĂƌĂŶƚŝŶĞ͕ ĞĐŽŶŽŵŝĐƌĞƉĞƌĐƵƐƐŝŽŶƐ͘ &ůŽŽĚ;WZ/͗Ϯ͘ϳͿ ŝƐŽůĂƚĞͬƋƵĂƌĂŶƚŝŶĞ͘ ŽƵŶƚǇ&ĂŝƌͿ͘ ĂƉĂŶĚĞŵŝĐ͘ Ͳ ĐƚŝŽŶ/ƚĞŵ ĐŽŶĚƵĐƚŽŶ ZĞƐƉŽŶƐĞĂŶĚZĞƐƉŽŶƐĞĂŶĚZĞƐƉŽŶƐĞZĞƐƉŽŶƐĞĂŶĚZĞƐƉŽŶƐĞĂŶĚZĞƐƉŽŶƐĞ WƌĞƉĂƌĞĚŶĞƐƐWƌĞƉĂƌĞĚŶĞƐƐWƌĞƉĂƌĞĚŶĞƐƐWƌĞƉĂƌĞĚŶĞƐƐWƌĞƉĂƌĞĚŶĞƐƐWƌĞƉĂƌĞĚŶĞƐƐ ϲ͘ ǁĂƌĞŶĞƐƐ DŝƚŝŐĂƚŝŽŶDŝƚŝŐĂƚŝŽŶDŝƚŝŐĂƚŝŽŶDŝƚŝŐĂƚŝŽŶDŝƚŝŐĂƚŝŽŶDŝƚŝŐĂƚŝŽŶ ĚƵĐĂƚŝŽŶ WƌŽŐƌĂŵƐ ^ƚƌĂƚĞŐǇ ^ƵƉƉŽƌƚ^ƵƉƉŽƌƚ^ƵƉƉŽƌƚ^ƵƉƉŽƌƚ^ƵƉƉŽƌƚ^ƵƉƉŽƌƚ ĂŶĚĂŶĚĂŶĚ ǁŝƚŚƐĞĚŝŵĞŶƚ͕ĂŶĚĐĂŶŚĞůƉǁŝƚŚǁĂƚĞƌƋƵĂůŝƚǇĂƐǁŝƚŚƐĞĚŝŵĞŶƚ͕ĂŶĚĐĂŶŚĞůƉǁŝƚŚǁĂƚĞƌƋƵĂůŝƚǇĂƐ ŶĞĞĚƚŽŶĞĞĚƚŽ ĂŶĚĂƉƉƌŽǀĂůďǇĂŶƵŵďĞƌŽĨĚŝĨĨĞƌĞŶƚƌĞŐƵůĂƚŽƌǇ3DFNHW3J dŚŝƐƉƌŽũĞĐƚǁŽƵůĚƌĞƋƵŝƌĞĞŶǀŝƌŽŶŵĞŶƚĂůƌĞǀŝĞǁ )D dŚĞĐŽŵŵĞŶƚƐĨŽƌƚŚŝƐŝŵƉůĞŵĞŶƚĂƚŝŽŶĂƐƐƵŵĞƐŽŶĂǀĂŝůĂďůĞĨƵŶĚŝŶŐĂŶĚŝŵƉĂĐƚ Ɛ͕ƉƌŽƚĞĐƚƐƚƌƵĐƚƵƌĞƐĨƌŽŵďĞĐŽŵŝŶŐĐůŽŐ ^ĞĚŝŵĞŶƚƌĞŵŽǀĂůǁŝůůŝŵƉƌŽǀĞĨůŽŽĚƉƌŽƚĞĐƚŝŽŶ^ĞĚŝŵĞŶƚƌĞŵŽǀĂůǁŝůůŝŵƉƌŽǀĞĨůŽŽĚƉƌŽƚĞĐƚŝŽŶǀŽůƵŵĞƐ͕ƉƌŽƚĞĐƚƐƚƌƵĐƚƵƌĞƐĨƌŽŵďĞĐŽŵŝŶŐĐůŽŐ ƐŽŶƉƵďůŝĐůĂŶĚƐĂŶĚŶŽƚƉƌŝǀĂƚĞ ŵĞƚŚŽĚŵĂǇŶŽƚŵŝƚŝŐĂƚĞƚŚĞĞƌŽƐŝŽŶĂƐǁĞůůĂƐ ͕ĂůƚŚŽƵŐŚŝƚĐŽƵůĚŚĞůƉ ŵŽƌĞƐĞĚŝŵĞŶƚƐƚŽƌĂŐĞǁŝůůĂŐĂŝŶďĞĂǀĂŝůĂďůĞ͘ĞĂǀĂŝůĂďůĞ͘ dŚŝƐŵĞƚŚŽĚŝƐƚŚĞĐƵƌƌĞŶƚůǇĚĞƐŝƌĞĚŵŝƚŝŐĂƚŝŽŶ ƉƌŽũĞĐƚƉƌŽǀŝĚĞƐƋƵĂůŝƚǇŽĨůŝĨĞĂŶĚǁĂƚĞƌ ŵĞĂƐƵƌĞ͘dŚĞƌĞĂƌĞƐŽŵĞƚŚŽƵŐŚƚƐƚŚĂƚƚŚŝƐ ƚŚĂŶŚĂǀŝŶŐĂŶ dŚĞƉŽůŝƚŝĐĂůǁŝůůƚŽĐŽŵƉůĞƚĞůǇƉĞƌĨŽƌŵƚŚŝƐ ŽƚŚĞƌƉƌŽǀĞŶ͕ďƵƚŶŽƚƐŽΖŐƌĞĞŶΖŵĞƚŚŽĚƐ͘ EŽƚĂůůůĂŬĞƐͬƌĞƐĞƌǀŽŝƌƐĐĂŶďĞĐůĞĂŶĞĚŽĨEŽƚĂůůůĂŬĞƐͬƌĞƐĞƌǀŽŝƌƐĐĂŶďĞĐůĞĂŶĞĚŽĨ ͘dŚĞƉƌŽĐĞƐƐǁŽƵůĚ͘dŚĞƉƌŽĐĞƐƐǁŽƵůĚ ƉƌŽƉĞƌƚŝĞƐŽƌƉƌŽƉĞƌƚŝĞƐƚŽďĞĂĐƋƵŝƌĞĚ͘ ŵŽƌĞƐĞĚŝŵĞŶƚƐƚŽƌĂŐĞǁŝůůĂŐĂŝŶď ƋƵĂůŝƚǇĞŶŚĂŶĐĞŵĞŶƚƐƌĂƚŚĞƌ ƉŽƚĞŶƚŝĂůĨůŽŽĚŝŶŐ ŽǀĞƌŵĂŶǇǇĞĂƌƐ͘ŽǀĞƌŵĂŶǇǇĞĂƌƐ͘ ŝŵŵĞĚŝĂƚĞƐĂĨĞƚǇĨĂĐƚŽƌ ƐĞĚŝŵĞŶƚĂƚŽŶĞƚŝŵĞƐĞĚŝŵĞŶƚĂƚŽŶĞƚŝŵĞ ƚŽƉƌŝǀĂƚĞƉƌŽƉĞƌƚŝĞƐ͘ ƉƌŽũĞĐƚŝƐďĂƐĞĚ ƚŚŝƐǁŽƌŬŽĐĐƵƌ ĚĚ ĂŐĞŶĐŝĞƐ͘ Ğ ƐƚĂŐĞƐƚĂŐĞ ŵŝŶŝŵŝǌ ǀŽůƵŵĞ ŝƐ ďĞďĞ dŚ DĞĚŝƵŵDĞĚŝƵŵDĞĚŝƵŵDĞĚŝƵŵ ,ŝŐŚ,ŝŐŚ,ŝŐŚ,ŝŐŚ,ŝŐŚ ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ >ŽŶŐdĞƌŵ >ŽŶŐdĞƌŵ>ŽŶŐdĞƌŵ KŶŐŽŝŶŐ KŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐ ZĞĐƌĞĂƚŝŽŶ͕ ZĞĐƌĞĂƚŝŽŶZĞĐƌĞĂƚŝŽŶZĞĐƌĞĂƚŝŽŶZĞĐƌĞĂƚŝŽŶZĞĐƌĞĂƚŝŽŶZĞĐƌĞĂƚŝŽŶ WĂƌŬƐĂŶĚWĂƌŬƐĂŶĚWĂƌŬƐĂŶĚWĂƌŬƐĂŶĚWĂƌŬƐĂŶĚWĂƌŬƐĂŶĚ WĂƌŬĂŶĚ tŽƌŬƐ͕tŽƌŬƐ͕tŽƌŬƐ͕ tŽƌŬƐtŽƌŬƐtŽƌŬƐ WƵďůŝĐWƵďůŝĐWƵďůŝĐWƵďůŝĐWƵďůŝĐWƵďůŝĐ Ψϴ͕ϬϬϬ͕ϬϬϬΨϰ͕ϲϬϬ͕ϬϬϬ ΨϮϱϬ͕ϬϬϬ ΨϰϱϬ͕ϬϬϬ Eͬdddd ^ƵƉƉŽƌƚĞĚ ʹ&ůŽŽĚ ,D͕/W,D͕/W,D͕/W ZĞƐĞƌǀĞƐ EZ͕/W /ŶƚĞƌŶĂů /W;ƌĞͿ ,D͕ ^ƚĂĨĨ Ͳ /W/W/W ŽƵƚůŝŶĞĚŝŶƚŚĞ&ůŽŽĚŽŶƚƌŽůĂŶĚ^ƚŽƌŵǁĂƚĞƌ ǁĂƚĞƌƌĞƚĞŶƚŝŽŶ͕ĂŶĚƉĞƌŵĞĂďůĞƉĂǀŝŶŐǁŚĞŶ ZĞĚƵĐĞŝŵƉĞƌǀŝŽƵƐƐƵƌĨĂĐĞƐŝŶƚŚĞĚĞƐŝŐŶ ĂƌŽƵŶĚǁĞƚůĂŶĚƐ͕ƌŝǀĞƌƐ͕ƉŽŶĚƐ͕ƌĞƐĞƌǀŽŝƌƐ͕ ĞƌŽƐŝŽŶĐŽŶƚƌŽůƚĞĐŚŶŝƋƵĞƐ;Ğ͘Ő͘ƌŽŽƚďĂůůƐ͕ ƐƚƌĞĂŵďĂŶŬͬǁĂƚĞƌďŽĚǇƐŚŽƌĞůŝŶĞĞƌŽƐŝŽŶ ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚ ĂŶĚůĂŬĞƐŽŶĂƉƉƌŽƉƌŝĂƚĞƉƵďůŝĐůĂŶĚĂŶĚ ƐǁĂůĞƐ͕ ͘ϵŽŵƉůĞƚĞĚƌĞĚŐŝŶŐĂƐŽƵƚůŝŶĞĚŝŶƚŚĞ ͘ϴŽŵƉůĞƚĞĂůůĐŽŶǀĞǇĂŶĐĞƉƌŽũĞĐƚƐĂƐ ĨŽŽƚǀĞŐĞƚĂƚŝŽŶďƵĨĨĞƌƐ ϱǆƉůŽƌĞƵƐĞŽĨŶĂƚƵƌĂůƐƚƌĞĂŵďĂŶŬ ƐĞĐƚŝŽŶƐŽĨƚŚĞĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚƐ ͘ϳƌĂĨƚƚŚĞŽǁŶƚŽǁŶ^ƚŽƌŵǁĂƚĞƌ &ůŽŽĚŽŶƚƌŽů^ĞĐƚŝŽŶŽĨƚŚĞĂƉŝƚĂů Ͳ ͘ϭhƉĚĂƚĞŝŶǀĞŶƚŽƌǇŽĨŚŝŐŚƌŝƐŬ /ŶĐŽƌƉŽƌĂƚĞƌĂŝŶŐĂƌĚĞŶƐ͕ďŝŽ DĂŶĂŐĞŵĞŶƚDĂƐƚĞƌWůĂŶ /ŵƉƌŽǀĞŵĞŶƚƐWƌŽŐƌĂŵ͘ ŽĨƉĂƌŬƐĂŶĚĨĂĐŝůŝƚŝĞƐ͘ ďƌƵƐŚŵĂƚƚƌĞƐƐ͕ĞƚĐ͘Ϳ ^ Ͳ ƐƚĂďůŝƐŚϱϬ ͘ϲhƉĚĂƚĞƚŚĞ WƌŽŐƌĂŵ͘ ĨĞĂƐŝďůĞ͘ ĂƌĞĂƐ͘ ƉĂƌŬƐ͘ WůĂŶ͘ ͘Ϯ͘ϯ͘ϰ ϲ͘ ϲϲϲϲϲϲϲϲ ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ WůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚ ZĞŐƵůĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐ WƌŽƚĞĐƚŝŽŶWƌŽƚĞĐƚŝŽŶWƌŽƚĞĐƚŝŽŶWƌŽƚĞĐƚŝŽŶWƌŽƚĞĐƚŝŽŶ ^ǇƐƚĞŵƐ^ǇƐƚĞŵƐ^ǇƐƚĞŵƐ^ǇƐƚĞŵƐ^ǇƐƚĞŵƐ EĂƚƵƌĂůEĂƚƵƌĂůEĂƚƵƌĂůEĂƚƵƌĂůEĂƚƵƌĂů >ŽĐĂů>ŽĐĂů>ŽĐĂů ƉƌŽƉĞƌƚǇ͕ďƵƚƚŚĞƌĞƐƵůƚƐŽĨƚŚĞĂŶĂůǇƐŝƐĐŽƵůĚůĞĂĚ ZŽĐŚĞƐƚĞƌŚĂƐĂǀĞƌǇůŝŵŝƚĞĚŶƵŵďĞƌŽĨƐƚƌƵĐƚƵƌĞƐ ĚĞĐƌĞĂƐĞƚŚĞŵĂŝŶƚĞŶĂŶĐĞĐŽƐƚƐĨŽƌƚŚĞƌĞƐĞƌǀŽŝƌ͘ ĞĂƚĞƌƉƌŽƚĞĐƚŝŽŶŝŶ ĐŽƐƚŵĂǇŝŵƉĂĐƚƚŚĞƉŽůŝƚŝĐĂůǁŝůůĂŶĚƚŚĞĨƵŶĚŝŶŐ3DFNHW3J ŝƚǇ/ŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚƉƌŽƉĞƌƚǇĂůŽŶŐƚŚĞĐƌĞĞŬ͘ dŚŝƐŝƐƐĐŚĞĚƵůĞĚŝŶƚŚĞƐŚŽƌƚƚĞƌŵ͘,ŽǁĞǀĞƌƚŚĞ ĐŚĂŶŶĞůĨƌŽŵĨƵƌƚŚĞƌĞƌŽƐŝŽŶǁŚŝĐŚĐŽƵůĚŝŵƉĂĐƚĂƌĞŵŽƌĞǁĂƚĞƌƋƵĂůŝƚǇƉƌŽƚĞĐƚŝŽŶ ƌŝŶŐĚƵƌŝŶŐŚŝŐŚǁĂƚĞƌ )D ůĂŶĚǁŝůůĂůƐŽŝŶĐƌĞĂƐĞŝŶĨŝůƚƌĂƚŝŽŶ͕ǁŚŝĐŚ ĚĂŵƐĂŶĚƌĞƐĞƌǀŽŝƌƐĂƌĞƉƌŽƉĞƌůǇŝŶƐƉĞĐƚĞĚĂŶĚ ǁŝůůĂůƐŽŚĞůƉƌĞĚƵĐĞƌƵŶŽĨĨĨƌŽŵŵĂũŽƌƐƚŽƌŵƐ͘ ƌĞĚƵĐĞƐĞĚŝŵĞŶƚĂƚŝŽŶŝŶƚŚĞƌĞƐĞƌǀŽŝƌ͘dŚŝƐǁŝůů dŚĞǁĞƚůĂŶĚĐƌĞĂƚŝŽŶǁŝůůƉƌŽǀŝĚĞǁĂƚĞƌƋƵĂůŝƚǇ dŚĞĂƐĐĂĚĞƌĞĞŬƐƚĂďŝůŝǌĂƚŝŽŶǁŝůůƉƌŽƚĞĐƚƚŚĞ ǁŝůůĂůƐŽƉƌŽǀŝĚĞǁĂƚĞƌƋƵĂůŝƚǇ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚƉƌŽƉĞƌƚǇŵŽƌĞƚŚĂŶŽƚŚĞƌƐ͘ dŚĞĐŝƚǇŚĂƐĂůƌĞĂĚǇŚŝƌĞĚĂĐŽŶƐƵůƚĂŶƚƚŽŚĞůƉ ƚƌĞĂƚŵĞŶƚŽĨƚŚĞƵƉůĂŶĚǁĂƚĞƌƐŚĞĚǁŚŝĐŚǁŝůů ŵĂŝŶƚĂŝŶĞĚĚƵƌŝŶŐĨůŽŽĚĞǀĞŶƚƐĂŶĚŚĞůƉƐƚĂĨĨ ƚŽƉƌŽũĞĐƚƐƚŚĂƚǁŽƵůĚŝŶĐƌĞĂƐĞĨůŽŽĚƐƚŽƌĂŐĞ͕ ŵĂŬĞƐƵƌĞƚŚĞ dŚŝƐƉƌŽũĞĐƚŝƐƐĐŚĞĚƵůĞĚĂŶĚŚĂƐďĞŶĞĨŝƚƐĂƐ ŝŵƉƌŽǀĞŵĞŶƚƐĂƐŝƚǁŝůůƉƌĞǀĞŶƚƚŚĞŽŶŐŽŝŶŐ ƵŶĚĞƌƐƚĂŶĚƚŚĞŝƌƌĞƐƉŽŶƐŝďŝůŝƚǇĚƵƌŝŶŐĨůŽŽĚ ƉŽƐƐŝďůĞƉĂƌŬůĂŶĚƵƐĞƐŝŶĂĚĚŝƚŝŽŶƚŽƐƚŽƌŵ ƚŚĞĨƵƚƵƌĞĂŶĚƌĞĚƵĐĞƚŚĞĐŽƐƚƐĨƌŽŵĨůŽŽĚ ŝŶƚŚĞĨůŽŽĚƉůĂŝŶƚŚĞƌĞĨŽƌĞƚŚĞďĞŶĞĨŝƚƐŽĨ dŚĞĂŶĂůǇƐŝƐǁŽƵůĚŶŽƚŝƚƐĞůĨƐĂĨĞůŝǀĞƐŽƌ ƉƌĞƉĂƌĞŵĂƉƐĂŶĚŽƚŚĞƌĚĂƚĂĨŽƌĐŽƵŶĐŝů ǁŝůůƉƌŽƚĞĐƚ ĞƚŚĞƉƌŽũĞĐƚ͘ ǁĂƚĞƌͬĨůŽŽĚĐŽŶƚƌŽůŵŝƚŝŐĂƚŝŽŶ͘ ǁŚŝĐŚǁŽƵůĚŐŝǀĞZŽĐŚĞƐƚĞƌŐƌ ŵĞƌŐĞŶĐǇĐƚŝŽŶWůĂŶƐǁŽƵůĚ ŝŶƚŚĞƌĞĚƵĐƚŝŽŶŽĨĞƌŽƐŝŽŶ͘ ƐƚĂďŝůŝǌĂƚŝŽŶƉƌŽũĞĐƚƐ ƐĞĚŝŵĞŶƚůŽƐƐƚŚĂƚŝƐŽĐĐƵƌ ĂǀĂŝůĂďůĞƚŽĐŽŵƉůĞƚ dŚĞƐƚĂďŝůŝǌĂƚŝŽŶ ƉƌŽũĞĐƚƐ ĐŽŶƐŝĚĞƌĂƚŝŽŶ͘ ĚĂŵĂŐĞ͘ dŚĞǁĞƚ ĞǀĞŶƚƐ͘ĞǀĞŶƚƐ͘ ^ŽŵĞ^ŽŵĞ DĞĚŝƵŵ ,ŝŐŚ,ŝŐŚ,ŝŐŚ,ŝŐŚ,ŝŐŚ >Žǁ ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ >ŽŶŐdĞƌŵ>ŽŶŐdĞƌŵ>ŽŶŐdĞƌŵ KŶŐŽŝŶŐ KŶŐŽŝŶŐ ŵĞƌŐĞŶĐǇ ZĞĐƌĞĂƚŝŽŶZĞĐƌĞĂƚŝŽŶ ZŽĐŚĞƐƚĞƌ WĂƌŬƐĂŶĚWĂƌŬƐĂŶĚ WŽǁĞƌƐ DŐŵƚ͕͘ tŽƌŬƐ͕tŽƌŬƐ͕tŽƌŬƐ͕tŽƌŬƐ͕ tŽƌŬƐ WƵďůŝĐWƵďůŝĐWƵďůŝĐWƵďůŝĐWƵďůŝĐ ŽĂƌĚ ZKWZKWZKW :ŽŝŶƚ ΨϮ͕ϱϬϬ͕ϬϬϬ Ϭ͕ϬϬϬ ΨϯϱϬ͕ϬϬϬΨϰϬϬ͕ϬϬϬ ΨϳϬ͕ϬϬϬ Ψϭ͕ϮϬ EͬEͬ ƐƵƉƉŽƌƚĞĚƐƵƉƉŽƌƚĞĚ /W͕,D͕ &ůŽŽĚ&ůŽŽĚʹʹ ZĞƐĞƌǀĞƐ͕ZĞƐĞƌǀĞƐ͕ /W͕,D/W͕,D /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů ,D͕ ,D ƐƚĂĨĨƐƚĂĨĨ EZEZ ͲͲ /W/W ^ƚƵĚǇĂŶĚĂŶĂůǇǌĞƚŚĞƉŽƚĞŶƚŝĂůĨŽƌĨůŽŽĚ ŝĐŝƉĂƚŝŶŐŝŶƚŚĞŽŵŵƵŶŝƚǇ ϱĞǀĞůŽƉƉŽůŝĐŝĞƐĨŽƌŝŶĐŽƌƉŽƌĂƚŝŶŐEK ŽĨĂůůƌĞĂĐŚĞƐŽĨĂƐĐĂĚĞƌĞĞŬĂƐůĂŝĚŽƵƚŝŶ tĂƚĞƌƐĞĐƚŝŽŶƐŽĨƚŚĞĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚƐ ĂĐƚŝŽŶƉůĂŶƐĨŽƌĞĂĐŚĨůŽŽĚĐŽŶƚƌŽůƌĞƐĞƌǀŽŝƌ ϭ/ŵƉůĞŵĞŶƚƌĞĐŽŵŵĞŶĚĞĚƐƚĂďŝůŝǌĂƚŝŽŶ ŝŶƚŽĞǆŝƐƚŝŶŐƉůĂŶƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚŽƌĚŝŶĂŶĐĞƐ͘ ƚĞƐ ϮhƉĚĂƚĞĂŶĚŵĂŝŶƚĂŝŶƚŚĞĞŵĞƌŐĞŶĐǇ ϰ Ͳ ŽƵƚůŝŶĞĚŝŶƚŚĞ&ůŽŽĚŽŶƚƌŽůĂŶĚ^ƚŽƌŵ ƚůĂƐϭϰWƌĞĐŝƉŝƚĂƚŝŽŶ&ƌĞƋƵĞŶĐǇĞƐƚŝŵĂ ĐŽŶƚƌŽůƐǇƐƚĞŵĐĂƉĂĐŝƚǇŝŵƉƌŽǀĞŵĞŶƚƐ͘ ƌĞĂƚĞϵϬĂĐƌĞƐŽĨǁĞƚůĂŶĚƐĂƚtZ ƚŚĞĂƐĐĂĚĞƌĞĞŬ^ƚĂďŝůŝǌĂƚŝŽŶZĞƉŽƌƚ͘ ŽŵƉůĞƚĞƐƚĂďŝůŝǌĂƚŝŽŶƉƌŽũĞĐƚƐĂƐ ZĂƚŝŶŐ^ǇƐƚĞŵ;Z^ͿƚŽƌĞĚƵĐĞĨůŽŽĚ ŝŶƐƵƌĂŶĐĞƌĂƚĞƐĨŽƌĐŝƚŝǌĞŶƐ͘ ϲŽŶƐŝĚĞƌƉĂƌƚ ĂŶĚĚĂŵƐŝƚĞ͘ ĞƐĞƌǀŽŝƌ͘ WůĂŶ͘ ϯϰ ϲ͘ϭϬ ϲ͘ϭϲ͘ϭϲ͘ϭϲ͘ϭϲ͘ϭ ϭ ͘ Z ϲ ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ WůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚ ZĞŐƵůĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐ WƌŽƚĞĐƚŝŽŶƐWƌŽƚĞĐƚŝŽŶƐ WƌŽƚĞĐƚŝŽŶ͕ ^ǇƐƚĞŵƐ^ǇƐƚĞŵƐ^ǇƐƚĞŵƐ EĂƚƵƌĂůEĂƚƵƌĂůEĂƚƵƌĂů >ŽĐĂů>ŽĐĂů>ŽĐĂů 3DFNHW3J )D dŚŝƐŽƉƚŝŽŶĂůŝƚĞŵƉĞƌDEEZŝƐŝŶĐůƵĚĞĚŝŶƚŚĞ ďƌŽƵŐŚƚŝŶƚŽĚĞǀĞůŽƉŝŶƚĞƌĂĐƚŝǀĞŵĂƉƐƐŚŽǁŝŶŐ ƚŚĞZ^ŵŝŐŚƚŶŽƚďĞǁŽƌƚŚƚŚĞ ƚůĂƐϭϰĚĂƚĂ͘ĐŽŶƐƵůƚŝŶŐĨŝƌŵǁŝůůŶĞĞĚƚŽďĞ ůŽŽĚŵĂƉƐǁŝůůŶĞĞĚƚŽďĞƵƉĚĂƚĞĚƚŽŝŶĐůƵĚĞ ƉĂƌĐĞůůŽĐĂƚŝŽŶƐĂŶĚŝŵƉĂĐƚǁŚĞŶĂŶǇŐŝǀĞŶ ƵƉĚĂƚĞƚŽďĞ ĐŽƐƚŝŶƚĞƌŵƐŽĨƐƚĂĨĨƚŝŵĞĂŶĚŵŽŶĞǇ͘ ƉƌŽƉŽƐĞĚǌŽŶŝŶŐŽƌĚŝŶĂŶĐĞ ŝů͘ ĐŽŶƐŝĚĞƌĞĚďǇƚŚĞĐŽƵŶĐ ĨůŽŽĚĞůĞǀĂƚŝŽŶŝƐŝŶƉƵƚ͘ ƉĂƌƚŝĐŝƉĂƚŝŽŶŝŶ & DĞĚŝƵŵDĞĚŝƵŵDĞĚŝƵŵDĞĚŝƵŵDĞĚŝƵŵDĞĚŝƵŵ ,ŝŐŚ,ŝŐŚ,ŝŐŚ,ŝŐŚ,ŝŐŚ >Žǁ ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ >ŽŶŐdĞƌŵ>ŽŶŐdĞƌŵ>ŽŶŐdĞƌŵ>ŽŶŐdĞƌŵ>ŽŶŐdĞƌŵ>ŽŶŐdĞƌŵ>ŽŶŐdĞƌŵ ŵĞƌŐĞŶĐǇ DŐŵƚ͕͘'/^ ƌ ZŽĐŚĞƐƚĞ tŽƌŬƐtŽƌŬƐtŽƌŬƐtŽƌŬƐtŽƌŬƐtŽƌŬƐtŽƌŬƐtŽƌŬƐtŽƌŬƐ WƵďůŝĐWƵďůŝĐWƵďůŝĐWƵďůŝĐWƵďůŝĐWƵďůŝĐWƵďůŝĐWƵďůŝĐWƵďůŝĐ ZKWZKW Ψϭ͕ϯϬϬ͕ϬϬϬ ϯ͕ϯϱϬ͕ϬϬϬϭ͕Ϯϳϱ͕ϬϬϬ ΨϭϱϬ͕ϬϬϬΨϴϬϬ͕ϬϬϬΨϱϬϲ͕ϬϬϬΨϭϬϬ͕ϬϬϬΨϱϬϬ͕ϬϬϬΨϳϬϬ͕ϬϬϬ EͬEͬEͬ ΨΨ ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ ƐƵƉƉŽƌƚĞĚ ʹʹʹ /W͕,D/W͕,D/W͕,D/W͕,D/W͕,D/W͕,D/W͕,D/W͕,D ʹ /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů ,D'W ^ƚĂĨĨ^ƚĂĨĨ ƐƚĂĨĨ ϱй ϲŽŶƐƚƌƵĐƚƌĞŐŝŽŶĂůƐƚŽƌŵǁĂƚĞƌĚĞƚĞŶƚŝŽŶ ŽŶǀĞǇĂŶĐĞWƌŽũĞĐƚ͗ĚĚƌĞƐƐĨůŽŽĚŝŶŐŽŶ ZĞŐŝŽŶĂů^ƚŽƌŵǁĂƚĞƌĞƚĞŶƚŝŽŶ&ĂĐŝůŝƚǇ͗ ŵĂŶĂŐĞƐƚŽƌŵǁĂƚĞƌƌƵŶŽĨĨĚƵƌŝŶŐŚĞĂǀǇƌĂŝŶ ĂĐĐĞƐƐŝďůĞƌĞƉŽƐŝƚŽƌǇĨŽƌŝŶƋƵŝƌĞƌƐƚŽ ŝůŝƚŝĞƐƚŽZĞŐŝŽŶĂů^ƚŽƌŵǁĂƚĞƌĞƚĞŶƚŝŽŶ&ĂĐŝůŝƚǇ͗ ĞƚĞŶƚŝŽŶ&ĂĐŝůŝƚǇ ŽŶƐŝĚĞƌƐƚƌĞĂŵďĂŶŬĞƌŽƐŝŽŶƉŽƚĞŶƚŝĂů ĨĂĐŝůŝƚǇŝŶŶŽƌƚŚĞĂƐƚƋƵĂĚƌĂŶƚŽĨsĂůůĞǇ,ŝŐŚ ZĞŐŝŽŶĂů^ƚŽƌŵǁĂƚĞƌĞƚĞŶƚŝŽŶͬ&ůŽŽĚZĞŐŝŽŶĂů^ƚŽƌŵǁĂƚĞƌĞƚĞŶƚŝŽŶͬ&ůŽŽĚ ŽŶƚƌŽů&ĂĐŝůŝƚǇWƌŽũĞĐƚ͗ŽŶƐƚƌƵĐƚƌĞŐŝŽŶĂůϭϬƚŚ^ƚƌĞĞƚ^ďĞƚǁĞĞŶϰƚŚǀĞŶƵĞ^ĂŶĚ hƉƐŝǌĞƐƚŽƌŵƐĞǁĞƌƐǇƐƚĞŵŝŶϳƚŚǀĞ ĞǀĞůŽƉŵĞŶƚ;>/ͿƚĞĐŚŶŝƋƵĞƐŝŶƌŽĂĚĂŶĚ ŽŶƐƚƌƵĐƚƐƚŽƌŵǁĂƚĞƌĚĞƚĞŶƚŝŽŶĨĂĐŝůŝƚǇĂƚ ĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚƐƚŽŵŽƌĞĞĨĨĞĐƚŝǀĞůǇ ĚĞƚĞŶƚŝŽŶ ĨƌŝĞŶĚůǇ͕Ăů;ĐŽŵƉĂŶŝŽŶƉƌŽũĞĐƚƚŽϳƚŚǀĞ^tƐƚƌĞĞƚ ϳϱƚŚ^ƚƌĞĞƚEtĞĂƐƚŽĨd,ϱϮ;ƉŽŶĚEt ǇĞĂƌĨůŽŽĚ WƌŽũĞĐƚ͗ŽŶƐƚƌƵĐƚƌĞŐŝŽŶĂůƐƚŽƌŵǁĂƚĞƌ ŽŶƚƌŽů&ĂĐŝůŝƚǇWƌŽũĞĐƚ͗WŚĂƐĞϮƌĞŐŝŽŶ ƉŽŶĚĨŽƌŬƌƉϭ͘ϴĐ;ĂƐĐĂĚĞ^ĞĐƚŝŽŶϭϴͿ͘ ŶĐŽƵƌĂŐĞƚŚĞƵƐĞŽĨ>Žǁ/ŵƉĂĐƚ ƌŝǀĞĂŶĚϱϬƚŚǀĞEtǁŝƚŚŝŶĐĐĂϯ͘ϭ͘ ^tĨƌŽŵϮŶĚ^ƚ^tƚŽĂƐĐĂĚĞƌĞĞŬ ĂůůĐƌŝƚŝĐĂůĨĂĐ ͘ ͘ ;>^Ϳ ŶƐƵƌĂŶĐĞZĂƚĞDĂƉƐ Ͳ ĂƵƐĞƌ ĨĂĐŝůŝƚŝĞƐƚŽƐĞƌǀĞ,ĂĚůĞǇsĂůůĞǇ͘ ŽŶƐƚƌƵĐƚƌĞŐŝŽŶĂůƐƚŽƌŵǁĂƚĞƌ Ͳ ďĞďƵŝůƚϭĨŽŽƚĂďŽǀĞƚŚĞϱϬϬ ŝŶĂůůůĂŶĚƐƵŝƚĂďŝůŝƚǇĂŶĂůǇƐĞƐ ZĞŐŝŽŶĂů^ƚŽƌŵǁĂƚĞƌ Wϭ͘Ϯ Ɖ͘ϭ Ğ ĂŶĚƉƵďůŝĐŝǌ ƌĞĐŽŶƐƚƌƵĐƚŝŽŶƉƌŽũĞĐƚͿ͘ ϴŽŶƐŝĚĞƌƌĞƋƵŝƌŝŶŐ Ͳ ƐƚŽƌŵǁĂƚĞƌĨĂĐŝůŝƚǇŬƌ Ͳ ĚĞƚĞŶƚŝŽŶĨĂĐŝůŝƚǇ<Z / ŽďƚĂŝŶ&ůŽŽĚ ϳƌĞĂƚĞ ĞůĞǀĂƚŝŽŶ͘ Ͳ ƉƵďůŝĐůǇ ĞǀĞŶƚƐ͘ Ɖϯ͘ϯͿ͘ ϵϲ͘ϮϬϭϮϯϰϱϳϴ ϲ͘ϭϲ͘ϭϲ͘ϭ ϲ͘Ϯϲ͘Ϯϲ͘Ϯϲ͘Ϯϲ͘Ϯϲ͘Ϯϲ͘Ϯϲ͘Ϯ ^ƚƌƵĐƚƵƌĞĂŶĚĞ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ^ƚƌƵĐƚƵƌĞĂŶĚ/Ŷ ĨƌĂƐƚƌƵĐƚƵƌĞ WůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚ /ŶĨƌĂƐƚƌƵĐƚƵƌ ZĞŐƵůĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐ ǁĂƌĞŶĞƐƐ ĚƵĐĂƚŝŽŶ WƌŽŐƌĂŵƐ Ăů >ŽĐĂů>ŽĐĂů ĂŶĚ >ŽĐ ŽƌĂŝĚ ƚŚĞǀŝĂďŝůŝƚǇĂŶĚĞĨĨĞĐƚŝǀĞŶĞƐƐŽĨĂĐŚŝĞǀŝŶŐĚĞƐŝƌĞĚ ĞƋƵŝƉŵĞŶƚ͘hW^ĞƋƵŝƉŵĞŶƚǁŝůůĂůƐŽďĞƌĞůŽĐĂƚĞĚ ďǇƉĂƐƐŽƉƚŝŽŶƐďĞĐĂƵƐĞŽĨƚĞƌƌĂŝŶ͘dŚĞƚƌĞĂƚŵĞŶƚ ŝŶƉƌŽƚĞĐƚŝŶŐƉƌŽƉĞƌƚǇ;ĂŶĚƚŽƐŽŵĞĞǆƚĞŶƚůŝĨĞͿŝƐ 3DFNHW3J ƉŽǁĞƌƚŽĂůůĐŽŶƚƌŽůĞƋƵŝƉŵĞŶƚŝŶƚŚĞĨĂĐŝůŝƚǇĂŶĚ dŚĞtĂƚĞƌZĞĐůĂŵĂƚŝŽŶWůĂŶƚŝƐƚŚĞƐŝŶŐůĞƐŽƵƌĐĞdŚĞtĂƚĞƌZĞĐůĂŵĂƚŝŽŶWůĂŶƚŝƐƚŚĞƐŝŶŐůĞƐŽƵƌĐĞ ĐŽŶƚĞŵƉůĂƚĞĚƚŽďĞŝŵƉůĞŵĞŶƚĞĚǁŝůůĚĞƚĞƌŵŝŶĞ ƐƚĞĐŚŶŽůŽŐǇĐŚĂŶŐĞƐƚŚĞĨůŽŽĚǁĂƌŶŝŶŐƐǇƐƚĞŵ ĂŐŽŽĚŝĚĞĂ͘,ŽǁĞǀĞƌ͕ĚĞƉĞŶĚŝŶŐŽŶŚŽǁƚŚŝƐŝƐ )D ǁŽƵůĚďĞŝŵƉĂĐƚĞĚďǇĂƉŽƚĞŶƚŝĂůďƌĞĂĐŚŽĨŽŶĞ ŶĞĞĚƐƚŽĐŚĂŶŐĞǁŝƚŚŝƚƚŽŵĂŬĞƐƵƌĞǁĞŚĂǀĞĂ ĂůůŽǁƐƐƚĂĨĨƚŽŽƉĞƌĂƚĞĞƋƵŝƉŵĞŶƚ͘ZĂŝƐŝŶŐƚŚĞ ĂƉƉƌŽǀĞĚ͕ZŽĐŚĞƐƚĞƌƌĞĐĞŝǀĞƐĐŽŵŵƵŶŝƚǇƌŽĂĚ ƐŚĞůƚĞƌĞĚůŽĐĂƚŝŽŶƚŽƉƌĞǀĞŶƚƚŽƌŶĂĚŽŽƌŽƚŚĞƌ ŽĨƉƵŵƉŝŶŐĂŶĚĐŽŶǀĞǇŝŶŐǁĂƐƚĞǁĂƚĞƌĨŽƌƚŚĞŽĨƉƵŵƉŝŶŐĂŶĚĐŽŶǀĞǇŝŶŐǁĂƐƚĞǁĂƚĞƌĨŽƌƚŚĞ ƐǇƐƚĞŵƐ͘ZĂŝƐŝŶŐƚŚĞƐĞDΖƐĂďŽǀĞƚŚĞĨůŽŽĚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞƚŚĂƚŵĂŝŶƚĂŝŶƐ ŶĂŵŽƌĞ ŚĂƚ hW^ĂďŽǀĞƚŚĞĨůŽŽĚƉůĂŝŶŵĂŝŶƚĂŝŶƐǁŽƌŬŝŶŐ ƉůĂŶƚŚĂƐϮϴůĂƌŐĞDΖƐǁŝƚŚEŽ͘ϱĂŶĚEŽ͘ϲ hƐĞŽĨŶĂƚƵƌĂůƐǇƐƚĞŵƐĂƐĂŵĞĂŶƚŽƉƌŽƚĞĐƚ ďǇƉĂƐƐŽƉƚŝŽŶƐďĞĐĂƵƐĞŽĨƚĞƌƌĂŝŶ͘dŚĞhW^ ĨĞĞĚƚŽŽƚŚĞƌ ŝƚǇŽĨZŽĐŚĞƐƚĞƌĂŶĚƚŚĞƌĞŝƐŶŽƐĞĐŽŶĚĂƌǇŝƚǇŽĨZŽĐŚĞƐƚĞƌĂŶĚƚŚĞƌĞŝƐŶŽƐĞĐŽŶĚĂƌǇ ƐǇƐƚĞŵƚŚĂƚǁŽƌŬƐǁŝƚŚƉƌŽƉĞƌƚǇŽǁŶĞƌƐƚ ǀŝƐŝƚ͘/Ĩ ĂƉƉůŝĐĂƚŝŽŶĨƌŽŵĐŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘ĨƚĞƌ ^ƚŽƌŵZĞĂĚǇĚĞƐŝŐŶĂƚŝŽŶďĞŐŝŶƐǁŝƚŚĂŶ ƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚĞŶĞǁĞůĞǀĂƚŝŽŶŝ ƐŝŐŶĂŶĚĚĞƐŝŐŶĂƚŝŽŶĨŽƌĂĚǀĞƌƚŝƐŝŶŐ͘ ƐƵďŵŝƐƐŝŽŶ͕Et^ƐĐŚĞĚƵůĞƐĂƐŝƚĞ Ͳ ďĞŝŶŐƉƌŝŵĂƌǇDΖƐƚŚĂƚƐƵď ŽĨƚŚĞƌĞƐĞƌǀŽŝƌƐ͘ ƐǇƐƚĞŵŝƐĐƌŝƚŝĐĂů ĚĂŵĂŐĞ͘ ƌĞƐƵůƚƐ͘ DĞĚŝƵŵ ,ŝŐŚ,ŝŐŚ,ŝŐŚ,ŝŐŚ,ŝŐŚ ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ KŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐ ŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇ ZĞĐůĂŵĂƚŝŽZĞĐůĂŵĂƚŝŽ ZĞĐƌĞĂƚŝŽŶ ZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌ ƌŬƐĂŶĚ tŽƌŬƐ͕ ŶWůĂŶƚ tŽƌŬƐ͕WůĂŶƚ DŐŵƚ͘DŐŵƚ͘ tŽƌŬƐ tĂƚĞƌtĂƚĞƌ WƵďůŝĐWƵďůŝĐWƵďůŝĐ WĂ Ŷ ϮϯϬ͕ϬϬϬ ϳϬ͕ϬϬϬ EͬEͬEͬEͬ ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ ʹʹʹʹ /W͕,D/W͕,D /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ ŽŶĚƵĐƚƉĞƌŝŽĚŝĐKĞǆĞƌĐŝƐĞƐŝŶǀŽůǀŝŶŐŽƚŚĞƌŶĂƚƵƌĂůƐǇƐƚĞŵƐƚŽŬĞĞƉĨůŽŽĚƉůĂŝŶƐĂŶĚ ^ƚƵĚǇĂŶĚĐŽŶƐŝĚĞƌŝŵƉƌŽǀĞŵĞŶƚƐƚŽƚŚĞ ϳƚŚǀĞŶƵĞ^ďǇŝŶƐƚĂůůŝŶŐƐĞǁĞƌĂůŽŶŐϭϬƚŚ WƵƌƐƵĞEK^ƚŽƌŵZĞĂĚǇĐŽŵŵƵŶŝƚǇ WƌŽƚĞĐƚĂŶĚŵĂŶĂŐĞƵƌďĂŶĨŽƌĞƐƚĂŶĚ tĂƚĞƌZĞĐůĂŵĂƚŝŽŶWůĂŶƚhŶŝŶƚĞƌƵƉƚŝďůĞ ϲ͘ϯϯZĞůŽĐĂƚĞĂŶĚƌĂŝƐĞŝŶĞůĞǀĂƚŝŽŶƚŚĞϲ͘ϯϰZĞůŽĐĂƚĞĂŶĚƌĂŝƐĞŝŶĞůĞǀĂƚŝŽŶƚŚĞ tĂƚĞƌZĞĐůĂŵĂƚŝŽŶWůĂŶƚDŽƚŽƌŽŶƚƌŽů ^ƚ^ĨƌŽŵϲƚŚǀĞ^ƚŽĞĂƌƌĞĞŬ͘ ĚĞƐŝŐŶĂƚŝŽŶĨŽƌĐŝƚǇŽĨZŽĐŚĞƐƚĞƌ ǁĞƚůĂŶĚƐĨƵŶĐƚŝŽŶŝŶŐƉƌŽƉĞƌůǇ͘ ĞŶƚĞƌ;DͿEŽ͘ϱĂŶĚEŽ͘ϲ͘ ĨůŽŽĚǁĂƌŶŝŶŐƐǇƐƚĞŵ͘ WŽǁĞƌ^ǇƐƚĞŵ;hW^Ϳ͘ ĂĨůŽŽĚĞǀĞŶƚ͘ ϲ͘ϯϬϲ͘ϯϭ ͘Ϯϵϲ͘ϯϮ ϲ ĂŶĚZĞƐƉŽŶƐĞĂŶĚZĞƐƉŽŶƐĞ ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ WƌĞƉĂƌĞĚŶĞƐƐWƌĞƉĂƌĞĚŶĞƐƐ WůĂŶŶŝŶŐĂŶĚ ZĞŐƵůĂƚŝŽŶƐ DŝƚŝŐĂƚŝŽŶDŝƚŝŐĂƚŝŽŶ WƌŽƚĞĐƚŝŽŶ ^ǇƐƚĞŵƐ ^ƵƉƉŽƌƚ^ƵƉƉŽƌƚ EĂƚƵƌĂů >ŽĐĂů ƉůĂŝŶĞůĞǀĂƚŝŽŶǁŝůůĂůůŽǁƚŚĞĨĂĐŝůŝƚǇƚŽĐŽŶǀĞǇĂŶĚƉůĂŶƚŚĂƐƚǁŽůĂƌŐĞϭŵĞŐĂǁĂƚƚĞŶŐŝŶĞŐĞŶĞƌĂƚŽƌƐ ŐĂůůŽŶƐƉĞƌĚĂǇďƵƚƉƵŵƉƐĂƌĞƚŚĞŽŶůǇƉƵŵƉƐĂƚƚŚĞƚƌĞĂƚŵĞŶƚƉůĂŶƚ͕ ĂĨůŽŽĚƐŝƚƵĂƚŝŽŶĂŶĚŝŶƚŚĞĞǀĞŶƚƚŚĞŽƚŚĞƌƉŽǁĞƌ ďĞĐĂƵƐĞŽĨƚĞƌƌĂŝŶ͘dŚĞƚƌĞĂƚŵĞŶƚ ǁŝůůďĞĐŽŶƐƚƌƵĐƚĞĚƚŽƉƌĞǀĞŶƚĨƵĞůĐŽŶƚĂŵŝŶĂƚŝŽŶ ŐƌŝĚƚŽƚŚĞƌĂǁƉƵŵƉƐĂůůŽǁŝŶŐŽƉĞƌĂƚŝŽŶŝŶďŽƚŚ 3DFNHW3J ŐĞŶĞƌĂƚŽƌƐ͕ƉŽƌƚĂďůĞŐĞŶĞƌĂƚŽƌƐ͕ƉŽƌƚĂďůĞƉƵŵƉƐ ƚŚĞĨůŽŽĚƉůĂŝŶ͘EĞǁĨƵĞůƚĂŶŬƐĂŶĚĐŽŶƚĂŝŶŵĞŶƚƚŚĂƚǁŽƵůĚŽƚŚĞƌǁŝƐĞŽĐĐƵƌĚƵƌŝŶŐĂĨůŽŽĚĞǀĞŶƚ͘ dŚĞtĂƚĞƌZĞĐůĂŵĂƚŝŽŶWůĂŶƚŝƐƚŚĞƐŝŶŐůĞƐŽƵƌĐĞ ĂŶĚĨůŽŽĚŝŶŐ͘dŚŝƐƉƌŽũĞĐƚǁŝůůƌŽƵƚĞĂƐĞĐŽŶĚĂƌǇ )D ĞŵĞƌŐĞŶĐǇƉŽǁĞƌŽƵƚĂŐĞƐ͘ŽƚŚŐĞŶĞƌĂƚŽƌƐĂƌĞ ŵĂŝŶƚĂŝŶĞĚ͕ŝŶǁŽƌŬŝŶŐŽƌĚĞƌ͕ĂŶĚƵƐĞĚĚĂŝůǇŽŶ ƉŽǁĞƌĨĞĞĚĨƌŽŵƚŚĞĨĂĐŝůŝƚŝĞƐŵĂŝŶƉŽǁĞƌĨĞĞĚ ŶĂďŽǀĞ ĨĂŝůƵƌĞŽĨƚŚĞƐĞƉƵŵƉƐƌĞƐƵůƚƐŝŶƐĞǁĞƌďĂĐŬƵƉ ŽĨƉƵŵƉŝŶŐĂŶĚĐŽŶǀĞǇŝŶŐǁĂƐƚĞǁĂƚĞƌĨŽƌƚŚĞ ƐǁŝƚĐŚŐĞĂƌůŽĐĂƚĞĚŝŶƚŚĞĨůŽŽĚƉůĂŝŶ͘dŚĞƌĂǁ ƌĞŵŽǀĞĐůŽŐƐŝŶƚŚĞƐĞǁĞƌƐǇƐƚĞŵƚŚĂƚƌƵŶŽŶŵĞƚŚĂŶĞŐĂƐ͘dŚĞŶĞǁĂŝƌƚŽĨƵĞůŵŽĚƵůĞǁŝůůĂůůŽǁƚŚĞŐĞŶĞƌĂƚŽƌƐƚŽƐŝŶŬǁŝƚŚƉůĂŶƚƉŽǁĞƌ ĨĞĞĚŝƐĚĂŵĂŐĞĚĚƵĞƚŽŽƚŚĞƌǁĞĂƚŚĞƌŝƐƐƵĞƐ͘ dŚĞƚƌĞĂƚŵĞŶƚƉůĂŶƚŚĂƐƚŚĞƌĂǁǁĂƐƚĞǁĂƚĞƌ ƚŚĂƚĂƌĞƐĞƚƵƉƚŽƌƵŶŽŶŝŶƚĞƌŶĂůůǇƉƌŽĚƵĐĞĚ ƉŽǁĞƌŝƐƐƵƉƉůŝĞĚƚŚƌŽƵŐŚĂŵĞĚŝƵŵǀŽůƚĂŐĞ ƚƌĞĂƚǁĂƐƚĞǁĂƚĞƌŝĨƚŚĞƌĞŝƐĂĨůŽŽĚƐŝƚƵĂƚŝŽŶ͘ dŚĞƚƌĞĂƚŵĞŶƚƉůĂŶƚŚĂƐĞŵĞƌŐĞŶĐǇďĂĐŬƵƉ ŝƚǇŽĨZŽĐŚĞƐƚĞƌĂŶĚƚŚĞƌĞŝƐŶŽƐĞĐŽŶĚĂƌǇ ĨŽƌĞŵĞƌŐĞŶĐǇƉƵŵƉŝŶŐ͕ĂŶĚĞƋƵŝƉŵĞŶƚƚŽ ŐĂƐĨŽƌ ĚŝĞƐĞůĂŶĚŐĂƐŽůŝŶĞ͘dŚĞĞǆŝƐƚŝŶŐĨƵĞůŝŶŐ ĞƋƵŝƉŵĞŶƚǁŝůůďĞƌĂŝƐĞĚƚŽĂŶĞůĞǀĂƚŝŽ ĚĞŵĂŶĚƐǁŚŝůĞƌƵŶŶŝŶŐŽŶŶĂƚƵƌĂů ǆƉĞƌƚŽŵŵĞŶƚƐ ƉƵŵƉŝŶŐĐĂƉĂĐŝƚǇŽĨϳϬŵŝůůŝŽŶ ^ƵďũĞĐƚDĂƚƚĞƌ ďǇƉĂƐƐŽƉƚŝŽŶƐ ŵĞƚŚĂŶĞŐĂƐ͘ DĞĚŝƵŵ WƌŝŽƌŝƚǇ ,ŝŐŚ,ŝŐŚ ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ dŝŵĞĨƌĂŵĞ ZĞĐůĂŵĂƚŝŽZĞĐůĂŵĂƚŝŽZĞĐůĂŵĂƚŝŽ ŐĞŶĐǇ tŽƌŬƐ͕tŽƌŬƐ͕tŽƌŬƐ͕ ŶWůĂŶƚŶWůĂŶƚŶWůĂŶƚ tĂƚĞƌtĂƚĞƌtĂƚĞƌ WƵďůŝĐWƵďůŝĐWƵďůŝĐ >ĞĂĚ ƉƉƌŽǆ͘ ϮϳϬ͕ϬϬϬ ϳϬ͕ϬϬϬϲϬ͕ϬϬϬ ŽƐƚ /W͕,D/W͕,D/W͕,D WŽƚĞŶƚŝĂů &ƵŶĚŝŶŐ ^ŽƵƌĐĞ ƐĂƚƚŚĞtĂƚĞƌ ƐĞĐŽŶĚĂƌǇƉŽǁĞƌĨĞĞĚ͕ŶŽƚĞĨĨĞĐƚĞĚ ϲ͘ϯϳ/ŶƐƚĂůůŶĞǁĂŝƌƚŽĨƵĞůŵŽĚƵůĞŽŶďĂĐŬƵƉ ƚŚĞtĂƚĞƌZĞĐůĂŵĂƚŝŽŶ ďǇĨůŽŽĚŝŶŐ͕ƚŽƚŚĞtĂƚĞƌZĞĐůĂŵĂƚŝŽŶWůĂŶƚ ZĞĐůĂŵĂƚŝŽŶWůĂŶƚĂďŽǀĞƚŚĞĨůŽŽĚƉůĂŝŶ ϲ͘ϯϲZĂŝƐĞĨƵĞůƉƵŵƉƐĂŶĚƚĂŶŬ >ŝŐŚƚŶŝŶŐ;WZ/͗Ϯ͘ϲϱͿ ƌĂǁǁĂƐƚĞǁĂƚĞƌƉƵŵƉƐ͘ ƉŽǁĞƌŐĞŶĞƌĂƚŽƌƐĂƚ ĐƚŝŽŶ/ƚĞŵ ĞůĞǀĂƚŝŽŶ͘ ϲ͘ϯϱĚĚ WůĂŶƚ͘ ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ ϳ͘ ^ƚƌĂƚĞŐǇ ŵĂƐƐƐŚĞůƚĞƌŝŶŐƉůĂŶĨŽƌƉƌŽůŽŶŐĞĚƉŽǁĞƌŽƵƚĂŐĞƐ ŽƐƚƐĂƌĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚĐŽŶƐƵůƚĂŶƚĂƐƐŝƐƚĂŶĐĞƚŽ 3DFNHW3J ĂŐĞŶĐŝĞƐ͕ƚƌĂŝŶŝŶŐ͕ĂĚĞƋƵĂƚĞĨĂĐŝůŝƚŝĞƐ ƉůĂĐĞ͘DĂŶǇĨĂĐƚŽƌƐǁŝůůŶĞĞĚƚŽďĞ )D ǁŝůůŶĞĞĚƚŽďĞŝŶĐůƵĚĞĚ͗ĚĞĚŝĐĂƚĞĚƐƚĂĨĨƚŝŵĞďǇ ƉƌĂĐƚŝĐĞƐĨŽƌƐŚĞůƚĞƌŵĂŶĂŐĞŵĞŶƚ͘EŽƚĞ͗dŚŝƐŝƐ ŝŵƉůĞŵĞŶƚŝŶŐĂ ĞŐǇƚŽďĞĞĨĨĞĐƚŝǀĞ͕ƚŚĞƐĞƚŚŝŶŐƐ ƵƐĞĨĂĐŝůŝƚǇ͘sŽůƵŶƚĞĞƌƐƚĂĨĨ ĨŽƌƐŚĞůƚĞƌŝŶŐ͕ĂŶĚƌƵůĞƐŽƌƐƚĂŶĚĂƌĚŽƉĞƌĂƚŝŶŐ &ŽƌƚŚŝƐ ĚĞƚĞƌŵŝŶĞŝĨŵĂƐƐƐŚĞůƚĞƌŝŶŐŝƐƉƌĞĨĞƌƌĞĚŽǀĞƌ ƵƌƌĞŶƚůǇ͕^ĂůǀĂƚŝŽŶƌŵǇƉƌŽǀŝĚĞƐŽǀĞƌŶŝŐŚƚ ƐĂƌĞůŝŵŝƚĞĚŝŶƚŚĞŝƌĂǀĂŝůĂďŝůŝƚǇĨŽƌ ŝůůďĞŶĞĐĞƐƐĂƌǇƚŽ ŶƚƐŚĞůƚĞƌŝŶŐ ǁŽƌŬŝŶƚŚĞƐŚĞůƚĞƌƚŽƉƌŽǀŝĚĞŽǀĞƌƐŝŐŚƚ͘ ĐŽŶƚŝŶƵĞĚƐƵƉƉŽƌƚĚƵƌŝŶŐĂĐŽůĚƐƉĞůů͘ ^ƵďũĞĐƚDĂƚƚĞƌǆƉĞƌƚŽŵŵĞŶƚƐ Ě ĐŽŶƐŝĚĞƌĞĚďĞĨŽƌĞĐƌĞĂƚŝŶŐĂŶŶŽƚĂŶĞŵĞƌŐĞŶĐǇŵĂŶĂŐĞŵĞ ĚĞǀĞůŽƉĂŶĞǆĞƌĐŝƐĞ͘/ƚǁ ĚƵƌŝŶŐĞǆĐĞƐƐŝǀĞĐŽůĚ͘ Ͳ ƐŚĞůƚĞƌŝŶŐĂƚĂĚĂǇ ŵŝƚŝŐĂƚŝŽŶƐƚƌĂƚ Ͳ ŝŶ ĐŽŵŵƵŶŝƚǇ Ͳ ƐŚĞůƚĞƌŝŶŐsŽůƵŶƚĞĞƌ ĨƵŶĐƚŝŽŶ͘ DĞĚŝƵŵŝƵŵ WƌŝŽƌŝƚǇ ,ŝŐŚ,ŝŐŚ,ŝŐŚDĞĚ >Žǁ dŝŵĞĨƌĂŵĞ^ŚŽƌƚdĞƌŵ >ŽŶŐdĞƌŵ KŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐ ŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇ ZĞĐƌĞĂƚŝŽŶ ZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌ WĂƌŬƐĂŶĚ KůŵƐƚĞĚ ŐĞŶĐǇ DŐŵƚ͕͘ ŽƵŶƚǇ DŐŵƚ͕͘ DŐŵƚ͘ ,ĞĂůƚŚ DŐŵƚ͘DŐŵƚ͘ WƵďůŝĐ >ĞĂĚ ZWh ƉƉƌŽǆ͘ Ψϭϱ͕ϬϬϬ Ψϯ͕ϬϬϬ ŽƐƚ EͬEͬEͬEͬ ŽŵŵƵŶŝƚǇ ƐƵƉƉŽƌƚĞĚƐƵƉƉŽƌƚĞĚƐƵƉƉŽƌƚĞĚƐƵƉƉŽƌƚĞĚ ϱй ʹʹʹʹ WŽƚĞŶƚŝĂů ^ƵƉƉŽƌƚĞĚ &ƵŶĚŝŶŐ /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů Ͳ ^ŽƵƌĐĞ ,D'W ƐƚĂĨĨƐƚĂĨĨƐƚĂĨĨƐƚĂĨĨ ǆĐĞƐƐŝǀĞͬWƌŽůŽŶŐĞĚŽůĚ;WZ/͗Ϯ͘ϲϱͿ ϭ͘ϭ/ŶƐƚĂůůĂůŝŐŚƚŶŝŶŐĚĞƚĞĐƚŝŽŶƐǇƐƚĞŵŝŶŚŝŐŚ ǀƵůŶĞƌĂďůĞƉŽƉƵůĂƚŝŽŶƐŝŶƚŚĞĐŽŵŵƵŶŝƚǇ;ŝ͘Ğ͘ ϭ͘ϮƌĞĂƚĞĂƐŚĞůƚĞƌƉůĂŶŝŶƚŚĞĞǀĞŶƚŽĨůĂƌŐĞ ϭ͘ϰǆƉĂŶĚƚŚĞĐĂƉĂĐŝƚǇƚŽƐŚĞůƚĞƌǀƵůŶĞƌĂďůĞ ĐĂŵƉĂŝŐŶĂďŽƵƚƚŚĞƌŝƐŬƐŽĨĨƌŽǌĞŶƉŝƉĞƐĂŶĚ ĐĂŵƉĂŝŐŶĂďŽƵƚƚŚĞĚĂŶŐĞƌƐŽĨůŝŐŚƚŶŝŶŐĂŶĚ ƐƚĞƉƐŚŽŵĞŽǁŶĞƌƐĐĂŶƚĂŬĞƚŽŵŝƚŝŐĂƚĞƚŚĂƚ ŚŽŵĞůĞƐƐƉŽƉƵůĂƚŝŽŶƐĚƵƌŝŶŐĞǆƚƌĞŵĞĐŽůĚ͘ ŽŶĚƵĐƚĂŶĞĚƵĐĂƚŝŽŶĂŶĚĂǁĂƌĞŶĞƐƐϭ͘ϭŽŶĚƵĐƚĂŶĞĚƵĐĂƚŝŽŶĂŶĚĂǁĂƌĞŶĞƐƐ ĞĚƵƌŝŶŐ WƌŽǀŝĚĞŽƵƚƌĞĂĐŚĂŶĚĞĚƵĐĂƚŝŽŶƚŽ ƐĐĂůĞƉŽǁĞƌŽƵƚĂŐĞƐŽĐĐƵƌƌŝŶŐĚƵƌŝŶŐ ƐĞŶŝŽƌĐŝƚŝǌĞŶƐ͕ǇŽƵŶŐĂĚƵůƚƐ͕ĞƚĐ͘ͿŽŶ ƉĞƌƐŽŶĂůƐĂĨĞƚǇŵĞĂƐƵƌĞƐƚŽƚĂŬ ŚŽǁƚŽƚĂŬĞƐĂĨĞƚǇƉƌĞĐĂƵƚŝŽŶƐ͘ ͘ ƉĞƌŝŽĚƐŽĨĞǆƚƌĞŵĞĐŽůĚ ƵƐĞƐƉŽƌƚƐĂƌĞĂƐ͘ ĞǆĐĞƐƐŝǀĞĐŽůĚ͘ ĐƚŝŽŶ/ƚĞŵ ƌŝƐŬ͘ ϭ͘Ϯϭ͘ϯ ĂŶĚZĞƐƉŽŶƐĞĂŶĚZĞƐƉŽŶƐĞ WƌĞƉĂƌĞĚŶĞƐƐWƌĞƉĂƌĞĚŶĞƐƐ WůĂŶŶŝŶŐĂŶĚ ZĞŐƵůĂƚŝŽŶƐ ϴ͘ ǁĂƌĞŶĞƐƐǁĂƌĞŶĞƐƐǁĂƌĞŶĞƐƐ DŝƚŝŐĂƚŝŽŶDŝƚŝŐĂƚŝŽŶ ĚƵĐĂƚŝŽŶĚƵĐĂƚŝŽŶĚƵĐĂƚŝŽŶ WƌŽŐƌĂŵƐWƌŽŐƌĂŵƐWƌŽŐƌĂŵƐ ^ƚƌĂƚĞŐǇ ^ƵƉƉŽƌƚ ƐƵƉƉŽƌƚ >ŽĐĂů ĂŶĚĂŶĚĂŶĚ ĂƉĂƌƚĚĞƉĞŶĚŝŶŐŽŶ3DFNHW3JƌƐƚŽďĞŽƉĞŶ ƉĞƌƐŽŶĂůƐĂĨĞƚǇŵĞĂƐƵƌĞƐƚŽƚĂŬĞĚƵƌŝŶ ϭ͘ϱWƌŽǀŝĚĞŽƵƚƌĞĂĐŚĂŶĚĞĚƵĐĂƚŝŽŶƚŽ ZŽĐŚĞƐƚĞƌ͘ĞǀĞůŽƉĂƉůĂŶƚŽĂĚĚƌĞƐƐ ƐĞŶŝŽƌĐŝƚŝǌĞŶƐ͕ǇŽƵŶŐĂĚƵůƚƐ͕ĞƚĐ͘ͿŽŶ ƉůĂĐĞƐĚƵƌŝŶŐĞǆƚƌĞŵĞŚĞĂƚĞǀĞŶƚƐ͘ ŝŶĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚƐ͕ĞƐƉĞĐŝĂůůǇ ͘ ƐůŽƉĞƐŽĨŵĂƌŐŝŶĂůƐƚĂďŝůŝƚǇ ĂŶĚŽƚŚĞƌĐƌŝƚŝĐĂůĨĂĐŝůŝƚŝĞƐ͘ ƉĞƌŝŽĚƐŽĨĞǆƚƌĞŵĞŚĞĂƚ͘ ůĂŶĚĂƐƚŚĞĐŝƚǇĞǆƉĂŶĚƐ͘ ĐƚŝŽŶ/ƚĞŵĐƚŝŽŶ/ƚĞŵ ĚŽǁŶƚŽǁŶ͘ ŵĞƚŚŽĚƐ͘ Ͳ ϭ͘ϯWƌĞ ĚƵƌŝŶŐ ϭ͘ϰ ĂŶĚZĞƐƉŽŶƐĞ ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ WƌĞƉĂƌĞĚŶĞƐƐ ϭϬ͘ WůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚ ZĞŐƵůĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐ ϵ͘ ǁĂƌĞŶĞƐƐ DŝƚŝŐĂƚŝŽŶ ĚƵĐĂƚŝŽŶ WƌŽŐƌĂŵƐ ^ƚƌĂƚĞŐǇ^ƚƌĂƚĞŐǇ ƐƵƉƉŽƌƚ >ŽĐĂů>ŽĐĂů>ŽĐĂů>ŽĐĂů ĂŶĚ ĂƉƌŽĂĐƚŝǀĞƉƌŽŐƌĂŵĂĚĚƌĞƐƐŝŶŐĐŽŽŬŝŶŐĨŝƌĞƐǁŝƚŚ 3DFNHW3J dŚĞZŽĐŚĞƐƚĞƌ&ŝƌĞĞƉĂƌƚŵĞŶƚĐŽƵůĚŝŵƉůĞŵĞŶƚ ĞĞŶƚŚĞ&ŝƌĞDĂƌƐŚĂůΖƐ ĚĞǀĞůŽƉŵĞŶƚƚŚĂƚƌĞƋƵŝƌĞƐĂ'ƌĂĚŝŶŐWůĂŶǁŽƵůĚ )D ĚƵĐĂƚŝŶŐƐĐŚŽŽůĂŐĞĐŚŝůĚƌĞŶŚĂƐĂůƐŽ ĂůƐŽďĞƌĞƋƵŝƌĞĚƚŽƚŚŝŶŬĂďŽƵƚƚŚĞƐŝƚĞƉŚĂƐŝŶŐ dŚĞĐŚĂůůĞŶŐĞŝƐƌĞĐĞŝǀŝŶŐĨƵŶĚŝŶŐƚŽƐƵƉƉŽƌƚĂ ƉŽƐŝƚŝŽŶƚŽŵĂŶĂŐĞŵĞŶƚƚŚŝƐƚǇƉĞŽĨƉƌŽĂĐƚŝǀĞ dŚĞƉƌŽƉŽƐĞĚůĂŶŐƵĂŐĞĐŽƵůĚďĞŝŶĐŽƌƉŽƌĂƚĞĚ ĂŶĚƚŚĞŝŵƉĂĐƚƚŚĞƵŶĚĞƌůǇŝŶŐŐĞŽůŽŐǇǁŽƵůĚ ŝŶƚŽƚŚĞ'ƌĂĚŝŶŐWůĂŶĐŚĞĐŬůŝƐƚ͕ƐŽĞĂĐŚŶĞǁ ŝŶĨŽƌŵĂƚŝŽŶŚŽŵĞƚŽƚŚĞŝƌƉĂƌĞŶƚƐĂƐǁĞůů͘ ĐƚŝǀĞǁĂǇƚŽŐĞƚƚŚĞ ^ƵďũĞĐƚDĂƚƚĞƌǆƉĞƌƚŽŵŵĞŶƚƐ^ƵďũĞĐƚDĂƚƚĞƌǆƉĞƌƚŽŵŵĞŶƚƐ ĂĐŽůůĂďŽƌĂƚŝǀĞĞĨĨŽƌƚďĞƚǁ KĨĨŝĐĞĂŶĚKƉĞƌĂƚŝŽŶƐ͘ ƉƌŽǀĞŶƚŽďĞĂŶĞĨĨĞ ŚĂǀĞŽŶƚŚĞĂƌĞĂ͘ ƉƌŽŐƌĂŵ͘ DĞĚŝƵŵDĞĚŝƵŵDĞĚŝƵŵDĞĚŝƵŵ WƌŝŽƌŝƚǇWƌŝŽƌŝƚǇ ,ŝŐŚ,ŝŐŚ >Žǁ dŝŵĞĨƌĂŵĞdŝŵĞĨƌĂŵĞ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ >ŽŶŐdĞƌŵ KŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐ ŐĞŶĐǇŐĞŶĐǇ tŽƌŬƐ͕tŽƌŬƐ͕ ZKW͕ tŽƌŬƐ WƵďůŝĐWƵďůŝĐWƵďůŝĐ W ZKW >ĞĂĚ>ĞĂĚ Z&Z&Z&Z& ZK ƉƉƌŽǆ͘ƉƉƌŽǆ͘ ΨϱϬ͕ϬϬϬ ŽƐƚŽƐƚ EͬEͬEͬEͬEͬEͬ >ĂŶĚ^ƵďƐŝĚĞŶĐĞ;^ŝŶŬŚŽůĞƐΘ<ĂƌƐƚͿ;WZ/͗Ϯ͘ϮͿ ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ ƐƵƉƉŽƌƚĞĚƐƵƉƉŽƌƚĞĚƐƵƉƉŽƌƚĞĚ ʹʹʹʹʹʹʹ WŽƚĞŶƚŝĂůWŽƚĞŶƚŝĂů &ƵŶĚŝŶŐ&ƵŶĚŝŶŐ /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů ^ŽƵƌĐĞ^ŽƵƌĐĞ &ŝƌĞ;^ƚƌƵĐƚƵƌĞĂŶĚsĞŚŝĐůĞͿ;WZ/͗Ϯ͘ϱϱͿ ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ ƐƚĂĨĨ ŽŶƚŝŶƵĞƚŽƐĞĞŬĨĞĚĞƌĂůŐƌĂŶƚĂŶĚƉƌŝǀĂƚĞ ŽŶƚŝŶƵĞĞĚƵĐĂƚŝŽŶĂůƉƌŽŐƌĂŵƐĨŽƌƐĐŚŽŽů ĚĞǀĞůŽƉŵĞŶƚƐƚŚĂƚŽĐĐƵƌŝŶĞůĞǀĂƚŝŽŶƐĂďŽǀĞ ŵĂƉĂƌĞĂƐƚŚĂƚĂƌĞ ƌĞƋƵŝƌĞƐĂƐŝŶŬŚŽůĞĞǀĂůƵĂƚŝŽŶĨŽƌƉƌŽƉŽƐĞĚƌĞƋƵŝƌĞƐĂƐŝŶŬŚŽůĞĞǀĂůƵĂƚŝŽŶĨŽƌƉƌŽƉŽƐĞĚ ϭ͘ϮŽŶƚŝŶƵĞƌĞĂĐŚŝŶŐŽƵƚƚŽ^>ŐƌŽƵƉƐƚŽ ϭϮϬϬĨĞĞƚ;ƚŚŝƐŽĐĐƵƌƐŽŶƚŽƉŽĨƵŶĚĞƌůǇŝŶŐ ĚĞǀĞůŽƉŵĞŶƚƐƚŚĂƚŽĐĐƵƌŶĞĂƌŬŶŽǁŶƐŽŝů ͘ ĐĂŵƉĂŝŐŶĂďŽƵƚĐŽŽŬŝŶŐĨŝƌĞƉƌĞǀĞŶƚŝŽŶ͘ϭ͘ϮŽŶƐŝĚĞƌĂĚŽƉƚŝŶŐĂŶŽƌĚŝŶĂŶĐĞƚŚĂƚϭ͘ϯŽŶƐŝĚĞƌĂĚŽƉƚŝŶŐĂŶŽƌĚŝŶĂŶĐĞƚŚĂƚ ĂŐĞĚĐŚŝůĚƌĞŶƌĞůĂƚŝŶŐƚŽĨŝƌĞƉƌĞǀĞŶƚŝŽŶ ŝŶƐƚŝƚƵƚŝŽŶĨƵŶĚŝŶŐĨŽƌƐŵŽŬĞĚĞƚĞĐƚŽƌ ϭ͘ϯŽŶƐŝĚĞƌůĂƵŶĐŚŝŶŐĂŶĂǁĂƌĞŶĞƐƐ ĞĚƵĐĂƚŝŽŶĂŶĚŐŝǀĞĂǁĂǇƉƌŽŐƌĂŵƐ͘ ŬĂƌƐƚǁŝƚŚǀĞƌǇůŝƚƚůĞƐŽŝůĐŽǀĞƌͿ͘ ƉƌŽǀŝĚĞĨŝƌĞƉƌĞǀĞŶƚŝŽŶĐůĂƐƐĞƐ͘ ƐƵďƐŝĚĞŶĐĞŽƌƐŝŶŬŚŽůĞĂƌĞĂƐ͘ ͘ ƐƵƐĐĞƉƚŝďůĞƚŽƐƵďƐŝĚĞŶĐĞ ϭ͘ϭŽŶĚƵĐƚƐƚƵĚŝĞƐĂŶĚ ĐƚŝŽŶ/ƚĞŵĐƚŝŽŶ/ƚĞŵ ϭ͘ϰ ϭ͘ϭ ĂŶĚZĞƐƉŽŶƐĞ WƌĞƉĂƌĞĚŶĞƐƐ ϭϭ͘ϭϮ͘ WůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚ ZĞŐƵůĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐ ǁĂƌĞŶĞƐƐǁĂƌĞŶĞƐƐǁĂƌĞŶĞƐƐ DŝƚŝŐĂƚŝŽŶ ĚƵĐĂƚŝŽŶĚƵĐĂƚŝŽŶĚƵĐĂƚŝŽŶ WƌŽŐƌĂŵƐWƌŽŐƌĂŵƐWƌŽŐƌĂŵƐ ^ƚƌĂƚĞŐǇ^ƚƌĂƚĞŐǇ ^ƵƉƉŽƌƚ >ŽĐĂů>ŽĐĂů>ŽĐĂů ĂŶĚĂŶĚĂŶĚ 3DFNHW3J )D ĐŽŵŵĂŶĚĞƌƐǁŚŽƌĞƐƉŽŶĚƚŽƐƉĞĐŝĨŝĐŝŶĐŝĚĞŶƚƐ͘ĐŽŵŵĂŶĚĞƌƐǁŚŽƌĞƐƉŽŶĚƚŽƐƉĞĐŝĨŝĐŝŶĐŝĚĞŶƚƐ͘ ƌĞƐƉŽŶƐĞƚŽĂŶƵŶŬŶŽǁŶŝŶĐŝĚĞŶƚŝƐĞƐƉĞĐŝĂůůǇƌĞƐƉŽŶƐĞƚŽĂŶƵŶŬŶŽǁŶŝŶĐŝĚĞŶƚŝƐĞƐƉĞĐŝĂůůǇ ƉůĂĐĞǀĞƌƐƵƐƉůĂĐĞǀĞƌƐƵƐ WůĂŶŶŝŶŐĨŽƌƵŶŬŶŽǁŶŝŶĐŝĚĞŶƚƐŝƐĚŝĨĨŝĐƵůƚ͘WůĂŶŶŝŶŐĨŽƌƵŶŬŶŽǁŶŝŶĐŝĚĞŶƚƐŝƐĚŝĨĨŝĐƵůƚ͘ dŚŝƐĂĐƚŝŽŶƐƚƌĂƚĞŐǇŝƐƌĞƋƵŝƌĞĚďǇ^ƚĂƚĞŽĨ ĚƵĐĂƚŝŶŐƉŽƉƵůĂƚŝŽŶƐĂďŽƵƚŽŶĞƉŽƐƐŝďůĞĚƵĐĂƚŝŶŐƉŽƉƵůĂƚŝŽŶƐĂďŽƵƚŽŶĞƉŽƐƐŝďůĞ ĐƵĂƚŝŽŶŝƐĚĞƚĞƌŵŝŶĞĚďǇŝŶĐŝĚĞŶƚĞǀĂĐƵĂƚŝŽŶŝƐĚĞƚĞƌŵŝŶĞĚďǇŝŶĐŝĚĞŶƚ ^ƵďũĞĐƚDĂƚƚĞƌǆƉĞƌƚŽŵŵĞŶƚƐ^ƵďũĞĐƚDĂƚƚĞƌǆƉĞƌƚŽŵŵĞŶƚƐ ͲͲ ŝŶŝŶ ͘ DŝŶŶĞƐŽƚĂƉůĂŶŶŝŶŐŐƵŝĚĞůŝŶĞƐ ͲͲ &ŽƌĐŚĞŵŝĐĂůŚĂǌĂƌĚƐ͕ƐŚĞůƚĞƌ&ŽƌĐŚĞŵŝĐĂůŚĂǌĂƌĚƐ͕ƐŚĞůƚĞƌ ĚŝĨĨŝĐƵůƚ͘ĚŝĨĨŝĐƵůƚ͘ ĞǀĂ DĞĚŝƵŵ WƌŝŽƌŝƚǇWƌŝŽƌŝƚǇ ,ŝŐŚ,ŝŐŚ,ŝŐŚ >Žǁ>Žǁ dŝŵĞĨƌĂŵĞ^ŚŽƌƚdĞƌŵ dŝŵĞĨƌĂŵĞ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ >ŽŶŐdĞƌŵ>ŽŶŐdĞƌŵ KŶŐŽŝŶŐ dĞĐŚŶŽůŽŐŝĐĂů,ĂǌĂƌĚƐ ŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇ ZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌ ŐĞŶĐǇŐĞŶĐǇ ͕͕ DŐŵƚ͘ DŐŵƚ͘DŐŵƚ͘DŐŵƚ͘ ZKW >ĞĂĚ>ĞĂĚ dƌĂŶƐƉŽƌƚĂƚŝŽŶ;WZ/͗Ϯ͘ϴϱͿ Z&Z&Z& Ψϴ͕ϬϬϬƚŽ ƉƉƌŽǆ͘ƉƉƌŽǆ͘ Ψϭϱ͕ϬϬϬ ƉĞƌƵŶŝƚ ŽƐƚŽƐƚ EͬEͬEͬEͬEͬ ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ ʹʹʹʹʹ WŽƚĞŶƚŝĂůWŽƚĞŶƚŝĂů &ƵŶĚŝŶŐ&ƵŶĚŝŶŐ ʹ /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů ^ŽƵƌĐĞ^ŽƵƌĐĞ ,D'W ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ ϱй ŽƌĚŝŶĂŶĐĞƉƌŽǀŝƐŝŽŶƐƚŚĂƚǁŽƵůĚĂĚĚƌĞƐƐ ĐĂŵƉĂŝŐŶĨŽƌŝŶĚŝǀŝĚƵĂůƐĂŶĚŚŽƵƐĞŚŽůĚƐǁŚŽǁŚŽ ϭ͘ϭ/ŵƉůĞŵĞŶƚĂ^ŚĞůƚĞƌŝŶWůĂĐĞĞĚƵĐĂƚŝŽŶĂůϭ͘ϯĐƋƵŝƌĞĂĚĚŝƚŝŽŶĂůƌĞĂZŐĂƐŵŽŶŝƚŽƌƐ ŶǀĞƐƚŝŐĂƚĞƚŚĞĐŽŶĐĞƉƚĂŶĚůĂŶŐƵĂŐĞŽĨ ĞǀĂĐƵĂƚŝŽŶ͘ĞƚĞƌŵŝŶĞďĂƐŝĐ^KWƐĨŽƌŵĂƐƐ ŚĂǌĂƌĚŽƵƐĐŚĞŵŝĐĂůƐƚŚĂƚƉŽƐĞĂƚŚƌĞĂƚƚŽ ĞĚƵĐĂƚŝŽŶĂů ʹ ƌĂŝůŝŶĐŝĚĞŶƚƐŝŶǀŽůǀŝŶŐ ĐĂŵƉĂŝŐŶĨŽƌŝŶĚŝǀŝĚƵĂůƐĂŶĚŚŽƵƐĞŚŽůĚƐ ĐŽƵůĚďĞĂĨĨĞĐƚĞĚďǇĂƚƌĂŝŶĚĞƌĂŝůŵĞŶƚ͘ ͘ ,ĂǌĂƌĚŽƵƐDĂƚĞƌŝĂůƐZĞůĞĂƐĞ ĐŽƵůĚďĞĂĨĨĞĐƚĞĚďǇĂƚƌĂŝŶĚĞƌĂŝůŵĞŶƚ ϭ͘ϰDĂŝŶƚĂŝŶĂŶĚŝŵƉƌŽǀĞŵĞƚŚŽĚƐŽĨ ϭ͘ϭ/ĚĞŶƚŝĨǇŵĂũŽƌƌŽƵƚĞƐŽĨƚƌĂǀĞůĨŽƌ ĨŽƌƵƐĞĚƵƌŝŶŐ,DdŝŶĐŝĚĞŶƚƐ͘ ŶĞǀĂĐƵĂƚŝŽŶ Ϳ Ϯϱ ϯ͘ ǁĂƌŶŝŶŐƉƵďůŝĐĨŽƌ dƌĂŝŶĞƌĂŝůŵĞŶƚ;WZ/͗ /ŵƉůĞŵĞŶƚĂ ĐƚŝŽŶ/ƚĞŵĐƚŝŽŶ/ƚĞŵ ĞǀĂĐƵĂƚŝŽŶ͘ ůŽĐĂů ϭ͘Ϯ/ ůŝĨĞ͘ ϭ͘Ϯ ZĞƐƉŽŶƐĞĂŶĚZĞƐƉŽŶƐĞ WƌĞƉĂƌĞĚŶĞƐƐWƌĞƉĂƌĞĚŶĞƐƐ ϭϯ͘ WůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚ ǁĂƌĞŶĞƐƐǁĂƌĞŶĞƐƐ ZĞŐƵůĂƚŝŽŶZĞŐƵůĂƚŝŽŶ DŝƚŝŐĂƚŝŽŶDŝƚŝŐĂƚŝŽŶ ĚƵĐĂƚŝŽŶĚƵĐĂƚŝŽŶ WƌŽŐƌĂŵƐWƌŽŐƌĂŵƐ ^ƚƌĂƚĞŐǇ^ƚƌĂƚĞŐǇ ^ƵƉƉŽƌƚ^ƵƉƉŽƌƚ >ŽĐĂů>ŽĐĂů ĂŶĚĂŶĚ ĂŶĚ 3DFNHW3J &ƵŶĚƐĨŽƌĐŽŶƐƵůƚĂŶƚǁŝůůĐŽǀĞƌĚĞǀĞůŽƉŵĞŶƚĂŶĚ dŚĞůĂƐƚŚĂǌĂƌĚŽƵƐŵĂƚĞƌŝĂůƐĞǆĞƌĐŝƐĞǁĂƐϮϬϭϭ͘ )D ƌĞůŝĂďůĞǁĂƚĞƌƐŽƵƌĐĞ ZWhΖƐǁĞůůŚĞĂĚƉƌŽƚĞĐƚŝŽŶĂƌĞĂƐǁŝůůŚĂǀĞƐŽŵĞ ďĞŶĞĨŝƚZWhĂŶĚŽƵƌtĂƚĞƌƵƐƚŽŵĞƌƐŵŽǀŝŶŐ ŽŶĚƵĐƚŝŶŐŽŶŐŽŝŶŐŐƌŽƵŶĚǁĂƚĞƌƐƚƵĚŝĞƐǁŝůů ƌĞƐƚƌŝĐƚŝŽŶƐƚŽŚĞůƉƉƌŽƚĞĐƚƚŚĞŐƌŽƵŶĚǁĂƚĞƌ͘ dŚĞƐĞĂĐƚŝŽŶƐǁŝůůĂůůŽǁĨŽƌŚŝŐŚĞƌůĞǀĞůƐŽĨ ƚŚĂƚĞǆĐĞĞĚƐĚƌŝŶŬŝŶŐǁĂƚĞƌƐƚĂŶĚĂƌĚƐ͘ ^ƵďũĞĐƚDĂƚƚĞƌǆƉĞƌƚŽŵŵĞŶƚƐ Ă ŝŶƚŽƚŚĞĨƵƚƵƌĞƚŽĞŶƐƵƌĞ ĚĞůŝǀĞƌǇŽĨĂŶĞǆĞƌĐŝƐĞ͘ ͘ ĞůĞĐƚƌŝĐƌĞůŝĂďŝůŝƚǇ DĞĚŝƵŵ WƌŝŽƌŝƚǇ ,ŝŐŚ,ŝŐŚ,ŝŐŚ >Žǁ>Žǁ>Žǁ ^ŚŽƌƚdĞƌŵ dŝŵĞĨƌĂŵĞ >ŽŶŐdĞƌŵ ĂƐĨƵŶĚŝŶŐ >ŽŶŐdĞƌŵ>ŽŶŐdĞƌŵ ďĞĐŽŵĞƐ ĂǀĂŝůĂďůĞ KŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐ ŵĞƌŐĞŶĐǇ ZKW͕ZWh ZŽĐŚĞƐƚĞƌ Z&͕ZW͕ ŐĞŶĐǇ tŽƌŬƐ͕tŽƌŬƐ͕ DŐŵƚ͘ tŽƌŬƐ WƵďůŝĐWƵďůŝĐWƵďůŝĐ >ĞĂĚ ZWhZWhZWhZWh ĚŝƐƚƌŝďƵƚŝŽŶ ΨϰDͬŵŝůĞ ΨϭϬϬ͕ϬϬϬΨϮϬϬ͕ϬϬϬ ϲDŝůůŝŽŶ ƉƉƌŽǆ͘ ΨϮϱ͕ϬϬϬ ƚŽďƵƌǇ ůŝŶĞƐ ŽƐƚ Eͬd ƌŝƚŝĐĂů/ŶĨƌĂƐƚƌƵĐƚƵƌĞͬhƚŝůŝƚǇ&ĂŝůƵƌĞ;WZ/͗Ϯ͘ϴͿ ^ƵƉƉŽƌƚĞĚ ϱй͕,DW ʹ WŽƚĞŶƚŝĂů &ƵŶĚŝŶŐ ʹ /W͕DE /ŶƚĞƌŶĂů /W;ƌĞͿ ,D'W͕ ^ŽƵƌĐĞ ,D'W ,D͕ D'^͕ ^ƚĂƚĞ h^'^ EZ͕,D &ƵŶĚ ^ƚĂĨĨWD ,DdƌĞůĞĂƐĞŶĞĐĞƐƐŝƚĂƚŝŶŐĂŶĞǀĂĐƵĂƚŝŽŶ͘ ĂĚĚŝƚŝŽŶĂůƉŽůŝĐŝĞƐŽŶĚĞǀĞůŽƉŵĞŶƚͬůĂŶĚƵƐĞƐ ǀƵůŶĞƌĂďůĞƚŽĨĂŝůƵƌĞĚƵƌŝŶŐƐĞǀĞƌĞŝĐĞƐƚŽƌŵƐ hƉĚĂƚĞƚŚĞĐŝƚǇůĂŶĚƵƐĞƉůĂŶƐƚŽƉƌŽǀŝĚĞ ƌŽƵƚĞƐĨŽƌŚĂǌĂƌĚŽƵƐŵĂƚĞƌŝĂůƐƚƌŝĐƚĞĚŝŶƵƐĞ͘ŝƚǇ ŝŶϮϬϭϴĂŶĚĞǆƉĞĐƚƚŽƌĞƉůĂĐĞĂďƌŝĚŐĞĞǀĞƌǇ YƵĂůŝƚǇdƌĞĂƚŵĞŶƚĂŶĚWŽůůƵƚĂŶƚ'ĞŶĞƌĂƚŝŽŶ ǁŝůůƉƌŽŐƌĂŵďƌŝĚŐĞƌĞƉůĂĐĞŵĞŶƚƐďĞŐŝŶŶŝŶŐ ϭ͘ϯŽŶĚƵĐƚĂĨƵůůƐĐĂůĞĞǆĞƌĐŝƐĞŝŶǀŽůǀŝŶŐĂ ŐƌŽƵŶĚǁĂƚĞƌƉŽůůƵƚŝŽŶ͘&ŽůůŽǁƵƉǁŝƚŚĂŶǇ ƌŝĚŐĞZĞƉůĂĐĞŵĞŶƚWƌŽŐƌĂŵ͘^ĞǀĞƌĂů ƚŽ ĐŽŶƚŝŶŐĞŶĐŝĞƐƚŽƚŚĞĞůĞĐƚƌŝĐĂůĚŝƐƚƌŝďƵƚŝŽŶ ďƌŝĚŐĞƐĂƌĞŶĞĂƌŝŶŐƚŚĞŝƌůŝĨĞĞǆƉĞĐƚĂŶĐǇ͕ ŽƌǁŝŶĚĞǀĞŶƚƐĂŶĚĞǀĂůƵĂƚĞͬŝŵƉůĞŵĞŶƚŵŝƚŝŐĂƚŝŽŶƉƌŽũĞĐƚƐƐƵĐŚĂƐŚĂƌĚĞŶŝŶŐŽƌ ϭ͘ϭŽŶƚŝŶƵĞƚŽĐŽŶĚƵĐƚƐƚƵĚŝĞƐƌĞůĂƚĞĚ tĂƚĞƌ ŶĞĐĞƐƐĂƌǇĐŚĂŶŐĞƐƚŽƚŚĞůŽĐĂůǌŽŶŝŶŐ ŐƌŽƵŶĚƉŽǁĞƌůŝŶĞƐ ĚĚĂĚĚŝƚŝŽŶĂůůĂǇĞƌƐŽĨďĂĐŬƵƉ ǁŝƚŚŝŶƚŚĞŚŝŐŚůǇƐĞŶƐŝƚŝǀĞĂƌĞĂƐƚŽ Ă ďƵƌǇŝŶŐƉŽǁĞƌůŝŶĞƐĂƐŶĞĞĚĞĚ͘ ŽŶĚƵĐƚ ĨƵŶĐƚŝŽŶĂůĚĞĨŝĐŝĞŶƚ͕ŽƌƌĞƐ ͘ ǁŝƚŚŝŶƉŽƉƵůĂƚŝŽŶĐĞŶƚĞƌƐ ŐƌŽƵŶĚǁĂƚĞƌŵŽǀĞŵĞŶƚ͘ ^ƚŽƌŵtĂƚĞƌηϯϰ͗ ƚǁŽŽƌƚŚƌĞĞǇĞĂƌƐ͘ Ͳ ϭ͘ϱ/ĚĞŶƚŝĨǇĂďŽǀĞ ƚŚĞƚƌĂŶƐƉŽƌƚ ͘ ĐƚŝŽŶ/ƚĞŵƐƐĞƐƐŵĞŶƚ ŽƌĚŝŶĂŶĐĞƐ͘ ƐǇƐƚĞŵ͘ ϭ͘Ϯϭ͘ϯϭ͘ϰϭ͘ϲ ĂŶĚZĞƐƉŽŶƐĞ ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ WƌĞƉĂƌĞĚŶĞƐƐ ϭϰ͘ WůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚ ZĞŐƵůĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐ DŝƚŝŐĂƚŝŽŶ ^ƚƌĂƚĞŐǇ ^ƵƉƉŽƌƚ >ŽĐĂů>ŽĐĂů>ŽĐĂů ŝŶƚŚĞďƌĞĂĐŚǌŽŶĞƐŝƐŝŵƉŽƌƚĂŶƚƚŽŚĞůƉƐĂǀĞůŝǀĞƐ ĂŶĂůǇƐŝƐǁŽƵůĚŚĞůƉƚŽŵĂŬĞƐƵƌĞǁĞŬŶŽǁǁŚŽŝƐ WƌŝǀĂƚĞĂŶĚƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞĐĂŶďĞŝŵƉĂĐƚĞĚ 3DFNHW3J ĞŝŶŐĂďůĞƚŽĐŽŶƚĂĐƚƌĞƐŝĚĞŶƚƐͬƉƌŽƉĞƌƚǇŽǁŶĞƌƐ )D ŝŵƉĂĐƚƐ͘&ƵŶĚŝŶŐƐƵƉƉŽƌƚǁŝůůƉĂǇĨŽƌĂĚĚŝƚŝŽŶĂůƌĞƐĞƌǀŽŝƌŝƐĂďŽǀĞǀĂƌǇŝŶŐůĞǀĞůƐŽĨĚĞǀĞůŽƉŵĞŶƚ ŶĞĨĨĞĐƚŝǀĞǁĂƌŶŝŶŐƐƚƌĂƚĞŐǇďĞŐŝŶƐǁŝƚŚƉƵďůŝĐ ĞĚƵĐĂƚŝŽŶ͘/ŵƉĂĐƚĞĚƌĞƐŝĚĞŶƚƐƐŚŽƵůĚďĞĐŽŵĞ hƉĚĂƚĞƐƚŽƚŚĞďƌĞĂĐŚǌŽŶĞ ĂƚĞ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞǁŝůůƌĞƋƵŝƌĞĨƵŶĚŝŶŐĂƐƐŝƐƚĂŶĐĞ͘ ĚĂŵĨĂŝůƵƌĞĐŽƵůĚďĞĐĂƚĂƐƚƌŽƉŚŝĐďƵƚĞĂĐŚ ƐŽŝƚŝƐĚŝĨĨŝĐƵůƚƚŽĂŶƐǁĞƌĨŽƌĂůůƌĞƐĞƌǀŽŝƌƐ͘ ƐƚĂĨĨŽƌĐŽŶƐƵůƚĂŶƚƐƚŽĚĞǀĞůŽƉĂŶĞĨĨĞĐƚŝǀĞ ƚŚƌĞĂƚƐ͕ĂŶĚĂĐƚŝŽŶƐƚŽƚĂŬĞĨƌŽŵ ďǇŚĂǌĂƌĚƐ͘/ĚĞŶƚŝĨǇŝŶŐĂŶĚƉƌĞƉĂƌŝŶŐƉƌŝǀ ŝŵƉĂĐƚĞĚďǇĂďƌĞĂĐŚ͘ ĞĚƵĐĂƚŝŽŶĐĂŵƉĂŝŐŶ͘ ŝŶĂĚĂŵďƌĞĂĐŚ͘ ĂǁĂƌĞŽĨ DĞĚŝƵŵDĞĚŝƵŵDĞĚŝƵŵDĞĚŝƵŵ WƌŝŽƌŝƚǇWƌŝŽƌŝƚǇ ,ŝŐŚ,ŝŐŚ >Žǁ ^ŚŽƌƚdĞƌŵ dŝŵĞĨƌĂŵĞ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ dŝŵĞĨƌĂŵĞ >ŽŶŐdĞƌŵ ĂƐĨƵŶĚŝŶŐ >ŽŶŐdĞƌŵ ďĞĐŽŵĞƐ ĂǀĂŝůĂďůĞ KŶŐŽŝŶŐKŶŐŽŝŶŐ ŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇ ZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌ ŐĞŶĐǇŐĞŶĐǇ DŐŵƚ͕͘ tŽƌŬƐ͕ DŐŵƚ͘DŐŵƚ͘ DŐŵƚ͘ tŽƌŬƐ WƵďůŝĐďůŝĐ W >ĞĂĚ>ĞĂĚ ZWhZWh ZK WƵ ƉƉƌŽǆ͘ƉƉƌŽǆ͘ Ψϭϱ͕ϬϬϬΨϮϬ͕ϬϬϬΨϮϬ͕ϬϬϬ ŽƐƚŽƐƚ dEͬEͬEͬ ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ ƐƵƉƉŽƌƚĞĚ ʹʹʹʹ WŽƚĞŶƚŝĂůWŽƚĞŶƚŝĂů &ƵŶĚŝŶŐ&ƵŶĚŝŶŐ ʹʹ /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů /ŶƚĞƌŶĂů ^ŽƵƌĐĞ^ŽƵƌĐĞ ,D'W,D'W ,D ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ ƐƚĂĨĨ ϱй͕ ϱй ϭ͘ϯŽŶƐŝĚĞƌƌĞŐƵůĂƚŝŶŐůĂŶĚƵƐĞŝŶƚŚĞďƌĞĂĐŚ Ϯ͘ϬWƵƌĐŚĂƐĞĂŶĚŝŶƐƚĂůůŐĞŶĞƌĂƚŽƌƐŽƌƌĞůĂƚĞĚ ĐŽŶƐƚƌƵĐƚĂĚĚŝƚŝŽŶĂůƐƵďƐƚĂƚŝŽŶ ƚƌĂŶƐĨŽƌŵĞƌƐĂŶĚĂĚĚŵŽƌĞĞůĞĐƚƌŝĐĂůĨĞĞĚĞƌƐ ƵƉƉŽǁĞƌŝŶƚŚĞĞǀĞŶƚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ƐƵďƐƚĂƚŝŽŶǁĞƌĞůŽƐƚĚƵƌŝŶŐĂƉĞĂŬĞůĞĐƚƌŝĐĂů Ͳ &ŽŽĚŽŶƚĂŵŝŶĂƚŝŽŶ;WZ/͗Ϯ͘ϱϱͿ ŝĚĞŶƚŝĨŝĞĚĐƌŝƚŝĐĂůĨĂĐŝůŝƚŝĞƐƚŚĂƚƌĞƋƵŝƌĞďĂĐŬ ŶƵŵďĞƌƐ͕ĂŶĚƌĞƐƉŽŶƐĞ ƚŽďĂĐŬƵƉŶĞŝŐŚďŽƌŝŶŐĨĞĞĚĞƌƐŝĨĂŶĞŶƚŝƌĞ ǌŽŶĞƐĂƌŽƵŶĚƚŚĞĨůŽŽĚĐŽŶƚƌŽůƌĞƐĞƌǀŽŝƌƐ͘ Ăŵͬ>ĞǀĞĞ&ĂŝůƵƌĞ;WZ/͗Ϯ͘ϲϱͿ ƵƉƐͿĨŽƌ ĐŚ ĐŽŵŵƵŶŝĐĂƚŝŽŶƚĞĐŚŶŝƋƵĞƐƵƐĞĚďǇZWh ĂǁĂƌĞŶĞƐƐĐĂŵƉĂŝŐŶĨŽƌ ϭ͘ϮhƉĚĂƚĞĂŶĚŵĂŝŶƚĂŝŶĚĂƚĂŽŶďƌĞĂ ĐŚǌŽŶĞƐ͘ ĨŽƌĂůůĚĂŵƐŝƚĞƐĂƐŶĞĞĚĞĚ͘ Ͳ Ĩ ĞƋƵŝƉŵĞŶƚ;Ğ͘Ő͕͘ŐĞŶĞƌĂƚŽƌŚŽŽŬ /ŶĐƌĞĂƐĞƉƵďůŝĐĂǁĂƌĞŶĞƐƐŽ ϭ͘ϵ/ĚĞŶƚŝĨǇĐƌŝƚŝĐĂůĨĂĐŝůŝƚŝĞƐŽƌ ŝŶƚŚĞĚĂŵďƌĞĂ ŽĨĂŵĂũŽƌƉŽǁĞƌŽƵƚĂŐĞ͘ Ͳ ƚŚĂƚĚŽŶŽƚŚĂǀĞďĂĐŬ ĚƵƌŝŶŐƵƚŝůŝƚǇĨĂŝůƵƌĞƐ͘ ͕ƌĞǀĞƌƐĞϵϭϭ ϭ͘ϭŽŶĚƵĐƚĂŶ ǆƉĂŶĚŽƌ ƵƐĂŐĞƉĞƌŝŽĚ͘ ĐƚŝŽŶ/ƚĞŵĐƚŝŽŶ/ƚĞŵ ƵƉƉŽǁĞƌ͘ ƌĞƐŝĚĞŶƚƐ ƚĞĂŵƐ ǌŽŶĞƐ ϭ͘ϳϭ͘ϴ ĂŶĚZĞƐƉŽŶƐĞĂŶĚZĞƐƉŽŶƐĞĂŶĚZĞƐƉŽŶƐĞ ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ WƌĞƉĂƌĞĚŶĞƐƐWƌĞƉĂƌĞĚŶĞƐƐWƌĞƉĂƌĞĚŶĞƐƐ ϭϱ͘ϭϲ͘ WůĂŶŶŝŶŐĂŶĚ ZĞŐƵůĂƚŝŽŶƐ ǁĂƌĞŶĞƐƐ ĞŶĞƐƐ DŝƚŝŐĂƚŝŽŶDŝƚŝŐĂƚŝŽŶDŝƚŝŐĂƚŝŽŶ ĚƵĐĂƚŝŽŶĚƵĐĂƚŝŽŶ WƌŽŐƌĂŵƐWƌŽŐƌĂŵƐ ^ƚƌĂƚĞŐǇ^ƚƌĂƚĞŐǇ ^ƵƉƉŽƌƚ^ƵƉƉŽƌƚ^ƵƉƉŽƌƚ ǁĂƌ>ŽĐĂů ĂŶĚĂŶĚ ZŽĐŚĞƐƚĞƌKŝƐĂďůĞƚŽĂĐĐĞƐƐ>ĂƐĞƌĨŝĐŚĞĨŝůĞƐĨŽƌ 3DFNHW3J )D ŝƐĂƐƚĞƌƐ;KͿŝƐĐŚĂůůĞŶŐŝŶŐ͕ĂŶĚǁŝůůƌĞƋƵŝƌĞ ĞǀĞůŽƉŝŶŐĂŽŵŵƵŶŝƚǇKƌŐĂŶŝǌĂƚŝŽŶĐƚŝǀĞŝŶ ƌĞůĞĂƐĞƐŝŶĐĞϮϬϭϬ͘dŚŝƐƐƚƌĂƚĞŐǇǁŝůůĚĞǀĞůŽƉĂ ŬĞǇƉŝĞĐĞƐŽĨŝŶĨŽƌŵĂƚŝŽŶĂůůŽǁŝŶŐKƐƚĂĨĨƚŽ ĚŝƐĂƐƚĞƌŽƉĞƌĂƚŝŽŶƐ͘sŝĞǁŝŶŐƚŚĞĨŝůĞƐƉƌŽǀŝĚĞƐ ƚĞƌĞĨĨĞĐƚŝǀĞŶĞƐƐ͘ dŝĞƌ//ƌĞƉŽƌƚƐĂƌĞĚĞůŝǀĞƌĞĚƚŽZŽĐŚĞƐƚĞƌ&ŝƌĞ ǁŚĞƌĞƚŚĞĚŽĐƵŵĞŶƚƐĂƌĞĨŝůĞĚďǇ ŽƌƚƐĂƌĞƵƉůŽĂĚĞĚƚŽ ZŽĐŚĞƐƚĞƌŵĞƌŐĞŶĐǇDĂŶĂŐĞŵĞŶƚŚĂƐŶŽƚ ƌĞĐĞŝǀĞĚŶŽƚŝĨŝĐĂƚŝŽŶŽĨĐŚĞŵŝĐĂůƐƵďƐƚĂŶĐĞ ƉƌŽĐĞĚƵƌĞĨŽƌƚŝŵĞůǇŶŽƚŝĨŝĐĂƚŝŽŶƚŽĂůůŽǁ ĨĂĐŝůŝƚǇŶĂŵĞ͕ĂƐǁĞůůĂƐĨĂĐŝůŝƚǇĂĚĚƌĞƐƐ͘ ŶĞŵĞƌŐĞŶĐǇƉůĂŶŶŝŶŐ͘ ĐŽŶƐƵůƚĂŶƚĂƐƐŝƐƚĂŶĐĞƚŽŝŵƉůĞŵĞŶƚ͘ ŵĂŶĂŐĞŽƉĞƌĂƚŝŽŶƐǁŝƚŚŐƌĞĂ ĞƉĂƌƚŵĞŶƚ͘dŚĞƐĞƌĞƉ ŝŵƉƌŽǀĞŵĞŶƚŝ >ĂƐĞƌĨŝĐŚĞ DĞĚŝƵŵDĞĚŝƵŵDĞĚŝƵŵDĞĚŝƵŵ WƌŝŽƌŝƚǇWƌŝŽƌŝƚǇ ,ŝŐŚ,ŝŐŚ dŝŵĞĨƌĂŵĞ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ dŝŵĞĨƌĂŵĞ KŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐ ZKW͕Z&͕ DĂŶĂŐĞŵĞ ŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇ ZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌ KůŵƐƚĞĚKůŵƐƚĞĚ ŐĞŶĐǇŐĞŶĐǇ DŐŵƚ͕͘ ŽƵŶƚǇŽƵŶƚǇ DŐŵƚ͘DŐŵƚ͘ ,ĞĂůƚŚ,ĞĂůƚŚ WƵďůŝĐWƵďůŝĐ >ĞĂĚ>ĞĂĚ Z& Ŷƚ &ŝǆĞĚ^ŝƚĞ;WZ/͗Ϯ͘ϰϱͿ ƉƉƌŽǆ͘ƉƉƌŽǆ͘ ΨϱϬ͕ϬϬϬ Ψϯ͕ϬϬϬΨϯ͕ϬϬϬ ŽƐƚŽƐƚ EͬEͬEͬ ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ ʹʹʹʹʹʹ WŽƚĞŶƚŝĂůWŽƚĞŶƚŝĂů &ƵŶĚŝŶŐ&ƵŶĚŝŶŐ /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂůƌŶĂů /ŶƚĞƌŶĂů ^ŽƵƌĐĞ^ŽƵƌĐĞ ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ /ŶƚĞ ϭ͘ϭĞǀĞůŽƉĂ'/^ŵĂƉĚĞƚĂŝůŝŶŐĨŝǆĞĚĨĂĐŝůŝƚŝĞƐ ϭ͘Ϯ&ŽƌŵĂKŝŶǀŽůǀŝŶŐĨĂĐŝůŝƚǇĚŝƌĞĐƚŽƌƐŽĨ dŝĞƌ//ƐŝƚĞƐĂŶĚůŽĐĂůƌĞƐƉŽŶĚĞƌƐ͘,ŽůĚƌĞŐƵůĂƌ ƐŚĂƌŝŶŐ͕ƌĞĂĚŝŶĞƐƐ͕ĂŶĚƌĞƐƉŽŶƐĞƚĞĐŚŶŝƋƵĞƐ͘ ϭ͘ϰWĂƌƚŶĞƌǁŝƚŚDŝŶŶĞƐŽƚĂƵƚǇKĨĨŝĐĞƌĂŶĚ ŶŽƚŝĨŝĐĂƚŝŽŶƐŽĨĐŚĞŵŝĐĂůƌĞůĞĂƐĞƐĨƌŽŵĨŝǆĞĚ EĂƚƵƌĂů'ĂƐǆƉůŽƐŝŽŶ;WZ/͗Ϯ͘ϰͿ ĞĚƵĐĂƚĞƌĞƐŝĚĞŶƚƐĂďŽƵƚƐĂĨĞĨŽŽĚŚĂŶĚůŝŶŐ ƐƚŽƌŝŶŐͬŐĞŶĞƌĂƚŝŶŐͬĚŝƐƉŽƐŝŶŐŽĨŚĂǌĂƌĚŽƵƐ ĚĞƚĞƌŵŝŶĞŝĨZ&ƌĞĐĞŝǀĞĚƚŚĞƐĂŵĞdŝĞƌ//>ŽĐĂůϵϭϭĐĞŶƚĞƌƚŽĞŶƐƵƌĞƚŚĂƚZŽĐŚĞƐƚĞƌ ʹ ƌĞƐŝĚĞŶƚƐƐŽƚŚĞǇŬŶŽǁƚŽŶŽƚŝĨǇKůŵƐƚĞĚ ƉƌĂĐƚŝĐĞƐĂŶĚŚŽǁƚŽƉƌĞǀĞŶƚĨŽŽĚďŽƌŶĞ ŵĞƌŐĞŶĐǇDĂŶĂŐĞŵĞŶƚƌĞĐĞŝǀĞƐƚŝŵĞůǇ ƐŝƚĞƐĂƐƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂƌĞĐĞŝǀĞĚ͘ ϭ͘ϭŽŶĚƵĐƚĂŶĂǁĂƌĞŶĞƐƐĐĂŵƉĂŝŐŶĨŽƌ ϭ͘ϮŽŶĚƵĐƚĂŶĂǁĂƌĞŶĞƐƐĐĂŵƉĂŝŐŶƚŽ ϭ͘ϯƵĚŝƚ^ĞĐƚŝŽŶϯϬϮĨĂĐŝůŝƚǇƌĞƉŽƌƚƐƚŽ ,ĂǌĂƌĚŽƵƐDĂƚĞƌŝĂůƐZĞůĞĂƐĞ ŽƵŶƚǇWƵďůŝĐ,ĞĂůƚŚŝĨƚŚĞǇƚŚŝŶŬƚŚĞǇ ŵĞĞƚŝŶŐƐƚŽĞǆƉůŽƌĞƉŽƐƐŝďůĞƌĞƐŽƵƌĐĞ ĐŽŶƚƌĂĐƚĞĚĂĨŽŽĚďŽƌŶĞŝůůŶĞƐƐ͘ ǁĂƐƚĞŽƌŵĂƚĞƌŝĂůƐ͘ ƐŝƚĞĨĂĐŝůŝƚŝĞƐ͘ ĐƚŝŽŶ/ƚĞŵĐƚŝŽŶ/ƚĞŵ ŝůůŶĞƐƐĞƐ͘ ĂŶĚZĞƐƉŽŶƐĞĂŶĚZĞƐƉŽŶƐĞ WƌĞƉĂƌĞĚŶĞƐƐWƌĞƉĂƌĞĚŶĞƐƐ ϭϳ͘ϭϴ͘ WůĂŶŶŝŶŐĂŶĚWůĂŶŶŝŶŐĂŶĚ ZĞŐƵůĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐ ǁĂƌĞŶĞƐƐǁĂƌĞŶĞƐƐ DŝƚŝŐĂƚŝŽŶDŝƚŝŐĂƚŝŽŶ ĚƵĐĂƚŝŽŶĚƵĐĂƚŝŽŶ WƌŽŐƌĂŵƐWƌŽŐƌĂŵƐ ^ƚƌĂƚĞŐǇ^ƚƌĂƚĞŐǇ ^ƵƉƉŽƌƚ ^ƵƉƉŽƌƚ >ŽĐĂů>ŽĐĂů ĂŶĚĂŶĚ 3DFNHW3J )D ĂƵƚŚŽƌŝƚǇƚŽĞŶĨŽƌĐĞĂůůĞĨŽƌĞ ƐĐĂůĞŽƌĨƵŶĐƚŝŽŶĂů /ŶƚĞƌŶĂƚŝŽŶĂůŝƌƉŽƌƚ;Z^dͿĐŽŶĚƵĐƚƐƉůĂŶŶŝŶŐ WƌŝŽƌŝƚǇ ĞĨĨŽƌƚƐƐĞƉĂƌĂƚĞĨƌŽŵĐŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘ ĞǆĞƌĐŝƐĞĞǀĞƌǇƚŚƌĞĞǇĞĂƌƐ͘ZŽĐŚĞƐƚĞƌ dŝŵĞĨƌĂŵĞ Ͳ ŝƌƉŽƌƚƐŵƵƐƚĐŽŶĚƵĐƚĂĨƵůů DEKW^ŚĂƐƚŚĞ zŽƵŝŐ͘ >ĞĂĚŐĞŶĐǇ WƌŝŽƌŝƚǇ ,ŝŐŚ,ŝŐŚ,ŝŐŚ,ŝŐŚ,ŝŐŚ >Žǁ ƉƉƌŽǆ͘ŽƐƚ dŝŵĞĨƌĂŵĞ KŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐ ĐĂƵƐĞĚdŚƌĞĂƚƐ &ƵŶĚŝŶŐ^ŽƵƌĐĞ DEŶĞƌŐǇ͕ DĂŶĂŐĞŵĞDĂŶĂŐĞŵĞ ŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇ DEŶĞƌŐǇ ZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌ Z&͕DEZ&͕DE ŐĞŶĐǇ Ŷƚ͕Z& ŶĞƌŐǇ ŶĞƌŐǇ WŽƚĞŶƚŝĂů >ĞĂĚ Z& Ŷƚ ƉƉƌŽǆ͘ Ͳ ŽƐƚ,ƵŵĂŶ EͬEͬEͬEͬEͬEͬ ^ĐŚŽŽůͬtŽƌŬWůĂĐĞsŝŽůĞŶĐĞ;WZ/͗ϯ͘ϬϱͿ ƵƉƉŽƌƚĞĚ ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ ʹʹʹʹʹ WŽƚĞŶƚŝĂů &ƵŶĚŝŶŐ /ŶƚĞƌŶĂů/ŶƚĞƌŶĂůĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů /ŶƚĞƌŶĂů ^ŽƵƌĐĞ ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ Z^d /Ŷƚ ^ ϭ͘ϭŽŶĚƵĐƚĂŶĂǁĂƌĞŶĞƐƐĐĂŵƉĂŝŐŶĚĞƐŝŐŶĞĚϭ͘ϮŽŶĚƵĐƚĂŶĂǁĂƌĞŶĞƐƐĐĂŵƉĂŝŐŶĚĞƐŝŐŶĞĚ ŽŶƚŝŶƵĞƚŽƐĞĞŬĨĞĚĞƌĂůŐƌĂŶƚĂŶĚƉƌŝǀĂƚĞ ŝŶǀŽůǀŝŶŐƚŚĞZŽĐŚĞƐƚĞƌ/ŶƚĞƌŶĂƚŝŽŶĂůŝƌƉŽƌƚ͘ ƚŽďĞƐƵƌĞƚŚĞǇ ĞĚƵĐĂƚŝŽŶĂŶĚŐŝǀĞĂǁĂǇƉƌŽŐƌĂŵƐ͘ ůĂƵŶĚƌǇĞƋƵŝƉŵĞŶƚĨƌĞĞŽĨĐůŽƚŚŝŶŐŽƌŽƚŚĞƌ ƐƚĂǇĨƌĞĞŽĨŝĐĞĂŶĚƐŶŽǁƚŚĂƚĐĂŶďůŽĐŬƚŚĞ ϭ͘ϭŽŶƚŝŶƵĞĐŽŶĚƵĐƚŝŶŐƉĞƌŝŽĚŝĐĞǆĞƌĐŝƐĞƐ ƌĞŐƵůĂƚŽƌǀĞŶƚĂŶĚĐĂƵƐĞŝƚƚŽŵĂůĨƵŶĐƚŝŽŶ͘ ƌĞƐƉŽŶĚĞƌƚƌĂŝŶŝŶŐƉƌŽǀŝĚĞĚďǇDŝŶŶĞƐŽƚĂ ƚŽƌĞŵŝŶĚƉĞŽƉůĞƚŽ͞<ŶŽǁtŚĂƚ͛ƐĞůŽǁ͖ ŐĂƐ ĨůĂŵŵĂďůĞŵĂƚĞƌŝĂůƐƚŽƉƌĞǀĞŶƚĨŝƌĞŝŶƚŚĞ ƚŽĞŶĐŽƵƌĂŐĞƌĞƐŝĚĞŶƚƐƚŽŬĞĞƉƚŚĞĂƌĞĂ ĐĂƌďŽŶŵŽŶŽǆŝĚĞ ĂƌŽƵŶĚƚŚĞĨƵƌŶĂĐĞ͕ǁĂƚĞƌŚĞĂƚĞƌ͕ĂŶĚ ϭ͘ϯŶĐŽƵƌĂŐĞƌĞƐŝĚĞŶƚƐƚŽĐŚĞĐŬƚŚĞŝƌ ϭ͘ϰŽŶƚŝŶƵĞƵƐĞŽĨĨƌĞĞĞŵĞƌŐĞŶĐǇ ŝƌƉůĂŶĞƌĂƐŚ;WZ/͗Ϯ͘ϮϱͿ ĐĂƐĞŽĨŝŵƉƌŽƉĞƌĐŽŵďƵƐƚŝŽŶ͘ ĚƵƌŝŶŐǁŝŶƚĞƌ ĂůůϴϭϭĞĨŽƌĞzŽƵŝŐ͘͟ ĐƚŝŽŶ/ƚĞŵ ŝŶƐƚŝƚƵƚŝŽŶĨƵŶĚŝŶŐĨŽƌ ŶĞƌŐǇZĞƐŽƵƌĐĞƐ͘ ŵĞƚĞƌƐŽƵƚƐŝĚĞ ĐƚŝŽŶ/ƚĞŵ ĚĞƚĞĐƚŽƌ ϭ͘ϱ ϮϬ͘ ĂŶĚZĞƐƉŽŶƐĞĂŶĚZĞƐƉŽŶƐĞĂŶĚZĞƐƉŽŶƐĞ WƌĞƉĂƌĞĚŶĞƐƐWƌĞƉĂƌĞĚŶĞƐƐWƌĞƉĂƌĞĚŶĞƐƐ ϭϵ͘ ^ƚƌĂƚĞŐǇ ǁĂƌĞŶĞƐƐǁĂƌĞŶĞƐƐǁĂƌĞŶĞƐƐ DŝƚŝŐĂƚŝŽŶDŝƚŝŐĂƚŝŽŶDŝƚŝŐĂƚŝŽŶ ĚƵĐĂƚŝŽŶĚƵĐĂƚŝŽŶĚƵĐĂƚŝŽŶ WƌŽŐƌĂŵƐWƌŽŐƌĂŵƐWƌŽŐƌĂŵƐ ^ƚƌĂƚĞŐǇ ^ƵƉƉŽƌƚ^ƵƉƉŽƌƚ^ƵƉƉŽƌƚ ĂŶĚĂŶĚĂŶĚ 3DFNHW3J )D DĞĚŝƵŵDĞĚŝƵŵDĞĚŝƵŵDĞĚŝƵŵDĞĚŝƵŵDĞĚŝƵŵDĞĚŝƵŵDĞĚŝƵŵ WƌŝŽƌŝƚǇWƌŝŽƌŝƚǇ >Žǁ>Žǁ ^ŚŽƌƚdĞƌŵ >ŽŶŐdĞƌŵ͕ Ɛ&ƵŶĚŝŶŐ ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ dŝŵĞĨƌĂŵĞ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ dŝŵĞĨƌĂŵĞ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ ĞĐŽŵĞƐ ǀĂŝůĂďůĞ KŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐ ΘΘΘΘΘ ZŽĐŚĞƐƚĞƌŵĞƌŐĞŶĐǇZŽĐŚĞƐƚĞƌŵĞƌŐĞŶĐǇ ŶƚĞƌƉƌŝƐĞ/d^ĞĐƵƌŝƚǇŶƚĞƌƉƌŝƐĞ/d^ĞĐƵƌŝƚǇŶƚĞƌƉƌŝƐĞ/d^ĞĐƵƌŝƚǇŶƚĞƌƉƌŝƐĞ/d^ĞĐƵƌŝƚǇŶƚĞƌƉƌŝƐĞ/d^ĞĐƵƌŝƚǇ /ŶƚĞƌŶĂƚŝŽŶĂůŝƌƉŽƌƚ dĞĐŚŶŽůŽŐǇ^ƚĞĞƌŝŶŐdĞĐŚŶŽůŽŐǇ^ƚĞĞƌŝŶŐdĞĐŚŶŽůŽŐǇ^ƚĞĞƌŝŶŐdĞĐŚŶŽůŽŐǇ^ƚĞĞƌŝŶŐdĞĐŚŶŽůŽŐǇ^ƚĞĞƌŝŶŐ ŵĞƌŐĞŶĐǇDŐŵƚ͘ ͕ZŽĐŚĞƐƚĞƌ ZW͕ZŽĐŚĞƐƚĞƌZW͕ZŽĐŚĞƐƚĞƌ WƵďůŝĐ^ĐŚŽŽůƐ >ĞĂĚŐĞŶĐǇ>ĞĂĚŐĞŶĐǇ ŽŵŵŝƚƚĞĞŽŵŵŝƚƚĞĞŽŵŵŝƚƚĞĞŽŵŵŝƚƚĞĞŽŵŵŝƚƚĞĞ DŐŵƚ͘ DŐŵƚ͘ ZW ƉƉƌŽǆ͘ŽƐƚƉƉƌŽǆ͘ŽƐƚ ĂƐƐĞƐƐŵĞŶƚ dĂĨƚĞƌ EͬEͬEͬEͬEͬEͬEͬEͬEͬ &ƵŶĚŝŶŐ^ŽƵƌĐĞ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ ƐƚĂĨĨƐƚĂĨĨƐƚĂĨĨƐƚĂĨĨ ƐƚĂĨĨ ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ ƐƵƉƉŽƌƚĞĚƐƵƉƉŽƌƚĞĚƐƵƉƉŽƌƚĞĚƐƵƉƉŽƌƚĞĚƐƵƉƉŽƌƚĞĚ ʹʹʹʹʹʹʹʹ WŽƚĞŶƚŝĂůWŽƚĞŶƚŝĂů Ͳ /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů /ŶƚĞƌŶĂů /W ŽƵƚůŽŽŬƚŽƋƵŝĐŬůǇĂŶĚĞĂƐŝůǇƌĞƉŽƌƚ ƚŽ ĚĚƌĞƐƐĞƐ ůŝƌƉŽƌƚĂŶĚĚĞǀĞůŽƉĂŵĞƚŚŽĚƚŽ ŽŶƚŝŶƵĞǁŽƌŬŝŶŐƚŽŝŵƉůĞŵĞŶƚƚŚĞdŽƉϱ/^'ŽĂůƐ ǀĂůƵĂƚĞƉĂƌĞŶƚŶŽƚŝĨŝĐĂƚŝŽŶƉƌŽĐĞƐƐĞƐĂƚƐĐŚŽŽůƐƚŽ ƐǇƐƚĞŵĂƚŝĐĂůůǇĚĞƚĞƌŵŝŶĞĂŶĚĞǀĂůƵĂƚĞƚŚĞĞĨĨĞĐƚƐŽĨĂ ƚĞƌŵŝŶĞĂŶĂƉƉƌŽƉƌŝĂƚĞƐƚĂŶĚŽĨĨĚŝƐƚĂŶĐĞĂƚƚŚĞ ŽŶƐŝĚĞƌĐƌĞĂƚŝŶŐĂǇďĞƌ/ŶĐŝĚĞŶƚZĞƐƉŽŶƐĞWůĂŶ͘ƐƉĞĐŝĨŝĐǀƵůŶĞƌĂďŝůŝƚǇĂƐƐĞƐƐŵĞŶƚŽĨ ^ĐŚŽŽů^ĂĨĞƚǇĞŶƚĞƌĂŶĚƚŚĞZŽĐŚĞƐƚĞƌWƵďůŝĐ^ĐŚŽŽů ƉĂƌƚŶĞƌƐŚŝƉďĞƚǁĞĞŶƚŚĞDŝŶŶĞƐŽƚĂ Ͳ /ĚĞŶƚŝĨǇĂŶĚŝŵƉůĞŵĞŶƚŚĂƌĚĞŶŝŶŐŵĞĂƐƵƌĞƐĨŽƌ ŚƵŵĂŶ ^ƚĂƌƚĐŽŶĚƵĐƚŝŶŐƵƐŝŶĞƐƐ/ŵƉĂĐƚŶĂůǇƐĞƐƚŽĂ ͘ ƌĞĂƚĞĂŶĞŵƉůŽǇĞĞĞĚƵĐĂƚŝŽŶŵŽĚƵůĞƚŚĂƚ ďǇĂƌŽƵŶĚϴϱй ƚŽ ŽǁŶĞĚĐƌŝƚŝĐĂůĨĂĐŝůŝƚŝĞƐǁŝƚŚƌĞŐĂƌĚƐ ƚŽĐƌŝƚŝĐĂůƐǇƐƚĞŵƐ͘ ŝƐƚƌŝĐƚƚŽĨĂĐŝůŝƚĂƚĞĞŵĞƌŐĞŶĐǇƉůĂŶŶŝŶŐ͘ ƉŚŝƐŚŝŶŐĂƚƚĞŵƉƚƐƚŽ/dƐĞĐƵƌŝƚǇ͘ ĐǇďĞƌĂƚƚĂĐŬƐ Ϯ͘ϵϱͿ ŝŶĐůƵĚĞůĂŶŐƵĂŐĞĞǀĂůƵĂƚŝŽŶ͘ dĞƌƌŽƌŝƐƚĐƚƐ;WZ/͗Ϯ͘ϰͿ ZŽĐŚĞƐƚĞƌ/ŶƚĞƌŶĂƚŝŽŶĂ ƌĞĂƚĞĂĨĞĂƚƵƌĞŝŶ ŝŶƚĞƌƌƵƉƚŝŽŶĐƌŝƚŝĐĂůŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ ǇďĞƌ/ŶĐŝĚĞŶƚƐ;WZ/͗ Ͳ ƌĞĚƵĐĞƚŚĞƌŝƐŬŽĨ ƐŝƚĞ /dƐĞĐƵƌŝƚǇŝƐƐƵĞƐ͘ ŶĐŽƵƌĂŐĞĂ ĐĂƵƐĞĚŚĂǌĂƌĚƐ͘ WƌĞƉĂƌĞĂ ĐƚŝŽŶ/ƚĞŵĐƚŝŽŶ/ƚĞŵ ĞŶĨŽƌĐĞŝƚ͘ ƉŽƚĞŶƚŝĂů Ğ Ͳ ŝƚǇ ϭ͘ϭϭ͘Ϯϭ͘ϭϭ͘Ϯϭ͘ϯϭ͘ϰϭ͘ϱϭ͘ϭϭ͘Ϯϭ͘ϯ ƌŽŐƌĂŵƐǁĂƌĞŶĞƐƐWƌŽŐƌĂŵƐǁĂƌĞŶĞƐƐWƌŽŐƌĂŵƐ >ŽĐĂůWůĂŶŶŝŶŐĂŶĚ>ŽĐĂůWůĂŶŶŝŶŐĂŶĚ>ŽĐĂůWůĂŶŶŝŶŐĂŶĚ>ŽĐĂůWůĂŶŶŝŶŐĂŶĚ ZĞƐƉŽŶƐĞ^ƵƉƉŽƌƚZĞƐƉŽŶƐĞ^ƵƉƉŽƌƚ WƌĞƉĂƌĞĚŶĞƐƐĂŶĚWƌĞƉĂƌĞĚŶĞƐƐĂŶĚ ĚƵĐĂƚŝŽŶĂŶĚĚƵĐĂƚŝŽŶĂŶĚĚƵĐĂƚŝŽŶĂŶĚ ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ Ϯϭ͘ϮϮ͘ ǁĂƌĞŶĞƐƐW ZĞŐƵůĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐ DŝƚŝŐĂƚŝŽŶDŝƚŝŐĂƚŝŽŶ ^ƚƌĂƚĞŐǇ^ƚƌĂƚĞŐǇ 3DFNHW3J )D DĞĚŝƵŵ WƌŝŽƌŝƚǇ ,ŝŐŚ >Žǁ ^ƵďũĞĐƚDĂƚƚĞƌǆƉĞƌƚŽŵŵĞŶƚƐ dŝŵĞĨƌĂŵĞ^ŚŽƌƚdĞƌŵ >ŽŶŐdĞƌŵ>ŽŶŐdĞƌŵ >ĞĂĚŐĞŶĐǇ ZW͕ZKW ZW ZW WƌŝŽƌŝƚǇ ,ŝŐŚ,ŝŐŚ >Žǁ ƉƉƌŽǆ͘ŽƐƚ ĐƚŝŽŶ^ƚƌĂƚĞŐŝĞƐ dŝŵĞĨƌĂŵĞ^ŚŽƌƚdĞƌŵŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ EͬEͬEͬ ^Ś &ƵŶĚŝŶŐ^ŽƵƌĐĞ ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ ZĞĐƌĞĂƚŝŽŶ͕ DŐŵƚ͕͘W/K ŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇ ZĞĐƌĞĂƚŝŽŶ ZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌĞƌ WĂƌŬƐĂŶĚWĂƌŬƐĂŶĚ ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ ʹʹʹ WŽƚĞŶƚŝĂů ZŽĐŚĞƐƚ ŐĞŶĐǇ DŐŵƚ͕͘DŐŵƚ͕͘ tŽƌŬƐ͕ /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů WƵďůŝĐ >ĞĂĚ ZWh ƉƉƌŽǆ͘ ůů,ĂǌĂƌĚƐ Ψϱ͕ϬϬϬ ƚŽĐƌĞĂƚĞƐƚĂŶĚŽĨĨĚŝƐƚĂŶĐĞ ĞǀĞůŽƉĂĨŽƌŵĂůƐǇƐƚĞŵŽĨŝŶƚĞůůŝŐĞŶĐĞŐĂƚŚĞƌŝŶŐĂŶĚ ĐĂƚĞǁŝƚŚĞǆƚĞƌŶĂůƉĂƌƚŶĞƌƐďĞĨŽƌĞ͕ ŚĞĐŬƉŽŝŶƚƐ͕ ƐŚŽƵůĚ ĂŶĚŽƉƚŝŽŶƐƚŽƉƌĞƉŽƐŝƚŝŽŶƌĞƐŽƵƌĐĞƐƚŽŚĂƌĚĞŶĨĂĐŝůŝƚŝĞƐ͘ ŽƐƚ EͬEͬ /ŶĐŽƌƉŽƌĂƚĞƐƚĂŶĚŽĨĨĚŝƐƚĂŶĐĞŝŶƚŽĨƵƚƵƌĞĐƌŝƚŝĐĂů Ɛ WůĂŶ ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ ʹʹʹ WŽƚĞŶƚŝĂů &ƵŶĚŝŶŐ ʹ /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů ƉĞƌŝŵĞƚĞƌ͕Đ ^ŽƵƌĐĞ ,D'W ĂĐƌĞĚŝďůĞƚŚƌĞĂƚ͘ ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ ϱй͕ ĐŝǀŝůĚŝƐƚƵƌďĂŶĐĞĞǀĞŶƚƐ͘ ĞŵĞƌŐĞŶĐǇƐŚĞůƚĞƌƐĂŶĚĚƌĂĨƚDKhƐƚŽƵƐĞ Ă ĐŽƵůĚĂĨĨĞĐƚZŽĐŚĞƐƚĞƌĨŽƌǀŝƐŝƚŽƌƐĂŶĚŶĞǁ ϭ͘ϭĞǀĞůŽƉĂĞďƌŝƐDĂŶĂŐĞŵĞŶƚWůĂŶƚŽ ƌĞƐŝĚĞŶƚƐ͘DĂŬĞƚŚŝƐďƌŽĐŚƵƌĞĂǀĂŝůĂďůĞĂƚ ŝĚĞŶƚŝĨǇŚĂŶĚůŝŶŐŽĨŚĂǌĂƌĚŽƵƐĚĞďƌŝƐĂŶĚ ŶĐŽƵƌĂŐĞĐƌŝƚŝĐĂůĨĂĐŝůŝƚŝĞƐƐƚƌĞĂŵůŝŶĞƐŚŽƌƚƚĞƌŵƌĞĐŽǀĞƌǇĂĐƚŝǀŝƚŝĞƐ͘ ƌĞĂƚŝŶŐƌĞĂƚĞĂďƌŽĐŚƵƌĞĂďŽƵƚŚĂǌĂƌĚƐƚŚĂƚ ϭ͘ϯĞǀĞůŽƉĂƐŚŽƌƚƚĞƌŵƐŚĞůƚĞƌŝŶŐƉůĂŶ ŝǀŝůŝƐƚƵƌďĂŶĐĞ;WZ/͗Ϯ͘ϭͿ ƵƐŝŶŐWĂƌŬƐĂŶĚZĞĐƌĞĂƚŝŽŶĨĂĐŝůŝƚŝĞƐĂƐ ƵƐĞĚƵƌŝŶŐ ŝŶĐůƵĚĞƉƌŽǀŝƐŝŽŶƐĨŽƌĐ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞĚĞƐŝŐŶƐ͘ ƚŽĐŽŵŵƵŶŝ ĐŝƚǇĨĂĐŝůŝƚŝĞƐĂƐƐŚĞůƚĞƌƐ͘ ĂĨƚĞƌ ǀŝƐŝƚŽƌ͛ƐĐĞŶƚĞƌƐĂŶĚŚŽƚĞůƐ͘ ĨŽƌ ĐƚŝŽŶ/ƚĞŵ ƉƌŽĐĞĚƵƌĞƐĂŶĚ ĂƉƌŽĐĞƐƐ ĚƵƌŝŶŐ͕ ϭ͘ϰϭ͘ϱϭ͘ϭ ĐƚŝŽŶ/ƚĞŵ >ŽĐĂůWůĂŶŶŝŶŐĂŶĚ ZĞƐƉŽŶƐĞ^ƵƉƉŽƌƚ WƌĞƉĂƌĞĚŶĞƐƐĂŶĚ Ͳ ŶŽŶ ϭ͘Ϯ ^ƚƌƵĐƚƵƌĞĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ Ϯϯ͘ ZĞŐƵůĂƚŝŽŶƐ ĂŶĚZĞƐƉŽŶƐĞ DŝƚŝŐĂƚŝŽŶ WƌĞƉĂƌĞĚŶĞƐƐ WůĂŶŶŝŶŐĂŶĚ ^ƚƌĂƚĞŐǇ ǁĂƌĞŶĞƐƐ ZĞŐƵůĂƚŝŽŶ DŝƚŝŐĂƚŝŽŶ ĚƵĐĂƚŝŽŶ WƌŽŐƌĂŵƐ ^ƚƌĂƚĞŐǇ ^ƵƉƉŽƌƚ >ŽĐĂů ĂŶĚ 3DFNHW3J )D ĚĞůŝǀĞƌĞĨĨĞĐƚŝǀĞŵĞƐƐĂŐĞƐ͘ŶĞĨĨĞĐƚŝǀĞŵĞƐƐĂŐĞ &ƵŶĚŝŶŐŶĞĞĚĞĚĨŽƌŝŶƚĞƌƉƌĞƚĞƌƐƚŽƚƌĂŶƐůĂƚĞĂŶĚ :ŽŝŶƚŝŶŝƚŝĂƚŝǀĞǁŝƚŚZŽĐŚĞƐƚĞƌKůŵƐƚĞĚWůĂŶŶŝŶŐ ŝŶƚĞƌƉƌĞƚĞƌƐ͘&ƵŶĚƐĨŽƌĞƋƵŝƉŵĞŶƚ;Ğ͘Ő͘ŚĞĂƌŝŶŐ tƌŝƚƚĞŶŵĂƚĞƌŝĂůƐĂƌĞůĞƐƐĞĨĨĞĐƚŝǀĞƚŚĂŶŽƌĂůŽƌ ŵĂǇŽƌŵĂǇŶŽƚďĞǁƌŝƚƚĞŶŵĂƚĞƌŝĂůƐ͕ĂŶĚŵŽƐƚ ďůŝĐ ĞƉĂƌƚŵĞŶƚ;ZKWͿŝƐŶĞĞĚĞĚĨŽƌƐƵĐĐĞƐƐ͘ ŽŶƐƵůƚĂŶƚĂƐƐŝƐƚĂŶĐĞŶĞĞĚĞĚĨŽƌƐƵĐĐĞƐƐ͘ ƐƉĞĂŬŝŶŐĞǀĞŶƚƐƚŽĚĞůŝǀĞƌŵĞƐƐĂŐĞƐǁŝƚŚ ůŝŬĞůǇǁŝůůŝŶĐůƵĚĞǀŝĚĞŽƉƌŽĚƵĐƚŝŽŶƐŽƌƉƵ ͘ ǀŝĚĞŽĚĞůŝǀĞƌǇŽĨĞĚƵĐĂƚŝŽŶŵĂƚĞƌŝĂůƐ ĂƐƐŝƐƚͿŵĂǇďĞŶĞĞĚĞĚ͘ DĞĚŝƵŵ ,ŝŐŚ,ŝŐŚ,ŝŐŚ,ŝŐŚ,ŝŐŚ,ŝŐŚ,ŝŐŚ,ŝŐŚ >Žǁ ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ^ŚŽƌƚdĞƌŵ >ŽŶŐdĞƌŵ KŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐKŶŐŽŝŶŐ 'ŽůĚƌŽƐƐ͕ DŐŵƚ͕͘'/^ ŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇŵĞƌŐĞŶĐǇ ZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌ ZW͕Z&͕ DŐŵƚ͕͘ DŐŵƚ͘DŐŵƚ͘DŐŵƚ͘DŐŵƚ͘ DŐŵƚ͘DŐŵƚ͘DŐŵƚ͘ ZKW W^W Ψϳϱ͕ϬϬϬΨϱϬ͕ϬϬϬΨϱϬ͕ϬϬϬ Ψϱ͕ϬϬϬ EͬEͬEͬEͬEͬEͬ ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ^ƵƉƉŽƌƚĞĚ ƐƵƉƉŽƌƚĞĚ ʹʹʹʹʹʹʹ ʹʹ /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů/ŶƚĞƌŶĂů /ŶƚĞƌŶĂů/ŶƚĞƌŶĂů ,D'W,D'W ,D ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ^ƚĂĨĨ ϱй͕ й͕ ϱ ϭ͘ϴŽŶĚƵĐƚŵĞĞƚŝŶŐƐǁŝƚŚƚŚĞĞĂĨĂŶĚ,ĂƌĚ ƌĞƐƉŽŶĚĞƌƐŽŶŚŽǁƚŽƵƐĞƚŚĞƚƌĂŶƐůĂƚŝŽŶůŝŶĞ s͛Ɛ͕ĚĞǀĞůŽƉĞĚďǇ,K͕ƚŽůŝŵŝƚĞĚŶŐůŝƐŚ ϭ͘ϱĞǀĞůŽƉĂĐŽŵŵƵŶŝĐĂƚŝŽŶƐƉůĂŶƚŽŶŽƚŝĨǇ ŽĨ,ĞĂƌŝŶŐĐŽŵŵƵŶŝƚǇƚŽŝŶĨŽƌŵƚŚĞŵŽĨƚŚĞ ĂǀĂŝůĂďŝůŝƚǇŽĨ^ƉĞĐŝĂůEĞĞĚƐtĞĂƚŚĞƌZĂĚŝŽƐ͘ 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ĂďƐŽƌƉƚŝŽŶƚĞƐƚŝŶŐƉĞƌ^dDϲϰϴϵ͞^ƚĂŶĚĂƌĚdĞƐƚDĞƚŚŽĚĨŽƌĞƚĞƌŵŝŶŝŶŐƚŚĞtĂƚĞƌ ďƐŽƌƉƚŝŽŶŽĨ,ĂƌĚĞŶĞĚŽŶĐƌĞƚĞdƌĞĂƚĞĚǁŝƚŚĂtĂƚĞƌZĞƉĞůůĞŶƚƚŽĂƚŝŶŐ͘͟ Đ͘ZĞǀŝĞǁƚŚĞƚƌĂĨĨŝĐŵĞŵďƌĂŶĞĂŶĚƉĞŶĞƚƌĂƚŝŶŐƐĞĂůĞƌƉƌŽĚƵĐƚƐŝŶƐƚĂůůĞĚďǇƚŚĞŽƌŝŐŝŶĂů ďƵŝůĚŝŶŐŽŶƚƌĂĐƚŽƌ͘ Ě͘WƌŽǀŝĚĞĂůĞƚƚĞƌƌĞƉŽƌƚƐƚĂƚŝŶŐŽƵƌĨŝŶĚŝŶŐƐŽĨĐŚůŽƌŝĚĞŝŽŶĐŽŶƚĞŶƚƌĞůĂƚŝǀĞƚŽďƵŝůĚŝŶŐĐŽĚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ZĞƉŽƌƚŽŶƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞǁĂƚĞƌƌĞƉĞůůĞŶƚƐĞĂůĞƌĂŶĚŽŶǁĂƚĞƌƉƌŽŽĨŝŶŐ ƉƌŽĚƵĐƚƐƵƐĞĚ͘ ϯ͘WĞƌĨŽƌŵǁĂƚĞƌƚĞƐƚŝŶŐĂŶĚƉĞƌĨŽƌŵƉŚǇƐŝĐĂůƚĞƐƚŝŶŐĂƚĂƌĞĂƐŽĨƌĞƉŽƌƚĞĚůĞĂŬŝŶŐĂƚƚŚĞŶŽƌƚŚĞĂƐƚĂŶĚ ƐŽƵƚŚĞĂƐƚƐƚĂŝƌƚŽǁĞƌƐ͘tĞĂŶƚŝĐŝƉĂƚĞƉĞƌĨŽƌŵŝŶŐǁŽƌŬĨƌŽŵĂďŽŽŵůŝĨƚǁŝƚŚϴϬͲĨŽŽƚŵĂǆŝŵƵŵƌĞĂĐŚ͘ ŽŶĚŝƚŝŽŶƐǁŝůůďĞƉŚŽƚŽŐƌĂƉŚĞĚ͕ĂŶĚĂůĞƚƚĞƌƌĞƉŽƌƚǁŝůůďĞŝƐƐƵĞĚƚŚĂƚŝĚĞŶƚŝĨŝĞƐĚĞĨŝĐŝĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ ƉƌŽƉŽƐĞƐƌĞƉĂŝƌƐ͕ĂŶĚƉƌŽǀŝĚĞƐĂŶŽƉŝŶŝŽŶŽĨƉƌŽďĂďůĞƌĞƉĂŝƌĐŽƐƚƐ͘ ϰ͘ƚƚĞŶĚŽŶĞĐŽŶĨĞƌĞŶĐĞĐĂůůǁŝƚŚƚŚĞůŝĞŶƚƚŽƌĞǀŝĞǁŽƵƌƚĞƐƚŝŶŐƌĞƉŽƌƚƐĂŶĚŽƵƌĨŝŶĚŝŶŐƐ͘ 3DFNHW3J )D Dƌ͘ŽŵďƌŽǀƐŬŝΘDƐ͘dƵƌƌŝ ŝƚǇŽĨZŽĐŚĞƐƚĞƌʹZĂŵƉϲ ĞĐĞŵďĞƌϭϭ͕ϮϬϭϵ WĂŐĞϯ >/D/dd/KE^ ƐƐƚĂƚĞĚŝŶƚŚĞĂďŽǀĞ^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐ͕ƚŚĞĂƐƐĞƐƐŵĞŶƚŝƐďĂƐĞĚŽŶǀŝƐƵĂůŽďƐĞƌǀĂƚŝŽŶƐŽĨƚŚĞĞǆŝƐƚŝŶŐ 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ĚƵĞƵƉŽŶƌĞĐĞŝƉƚŽĨŝŶǀŽŝĐĞ͘/ĨĨŽƌĂŶǇƌĞĂƐŽŶƚŚĞ>/EdĚŽĞƐŶŽƚĚĞůŝǀĞƌƉĂǇŵĞŶƚƚŽt><ZǁŝƚŚŝŶƚŚŝƌƚǇ;ϯϬͿ ĚĂǇƐŽĨĚĂƚĞŽĨŝŶǀŽŝĐĞ͕tĂůŬĞƌŵĂǇ͕ĂƚŝƚƐŽƉƚŝŽŶ͕ƐƵƐƉĞŶĚŽƌǁŝƚŚŚŽůĚƐĞƌǀŝĐĞƐ͘dŚĞ>/EdĂŐƌĞĞƐƚŽƉĂǇ tĂůŬĞƌĂŵŽŶƚŚůǇůĂƚĞĐŚĂƌŐĞŽĨŽŶĞĂŶĚŽŶĞŚĂůĨƉĞƌĐĞŶƚ;ϭЪйͿƉĞƌŵŽŶƚŚŽĨĂŶǇƵŶƉĂŝĚďĂůĂŶĐĞŽĨƚŚĞ ŝŶǀŽŝĐĞ͘ ^dEZK&Z tĂůŬĞƌǁŝůůƉĞƌĨŽƌŵƚŚĞƐĞƌǀŝĐĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŐĞŶĞƌĂůůǇĂĐĐĞƉƚĞĚƐƚĂŶĚĂƌĚƐŽĨƚŚĞƉƌŽĨĞƐƐŝŽŶƵƐŝŶŐ ĂƉƉůŝĐĂďůĞďƵŝůĚŝŶŐĐŽĚĞƐŝŶĞĨĨĞĐƚĂƚƚŝŵĞŽĨĞǆĞĐƵƚŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘tĂůŬĞƌ͛ƐůŝĂďŝůŝƚǇĐĂƵƐĞĚďǇŝƚƐĂĐƚƐ͕ ĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐƐŚĂůůďĞůŝŵŝƚĞĚƚŽƚŚĞĨĞĞŽƌΨϭϬ͕ϬϬϬ͕ǁŚŝĐŚĞǀĞƌŝƐŐƌĞĂƚĞƌ͘ ŶǇĞƐƚŝŵĂƚĞƐŽƌƉƌŽũĞĐƚŝŽŶƐƉƌŽǀŝĚĞĚďǇtĂůŬĞƌǁŝůůďĞƉƌĞŵŝƐĞĚŝŶƉĂƌƚƵƉŽŶĂƐƐƵŵƉƚŝŽŶƐƉƌŽǀŝĚĞĚďǇƚŚĞ >/Ed͘tĂůŬĞƌǁŝůůŶŽƚŝŶĚĞƉĞŶĚĞŶƚůǇŝŶǀĞƐƚŝŐĂƚĞƚŚĞĂĐĐƵƌĂĐǇŽĨƚŚĞĂƐƐƵŵƉƚŝŽŶƐ͘ĞĐĂƵƐĞŽĨƚŚĞŝŶŚĞƌĞŶƚ ƵŶĐĞƌƚĂŝŶƚǇĂŶĚƉƌŽďĂďůĞǀĂƌŝĂƚŝŽŶŽĨƚŚĞĂƐƐƵŵƉƚŝŽŶƐ͕ĂĐƚƵĂůƌĞƐƵůƚƐǁŝůůǀĂƌǇĨƌŽŵĞƐƚŝŵĂƚĞĚŽƌƉƌŽũĞĐƚĞĚ ƌĞƐƵůƚƐĂŶĚƐƵĐŚǀĂƌŝĂƚŝŽŶƐŵĂǇďĞŵĂƚĞƌŝĂů͘ƐƐƵĐŚ͕tĂůŬĞƌŵĂŬĞƐŶŽǁĂƌƌĂŶƚǇŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶ͕ĞǆƉƌĞƐƐŽƌ ŝŵƉůŝĞĚ͕ĂƐƚŽƚŚĞĂĐĐƵƌĂĐǇŽĨƚŚĞĞƐƚŝŵĂƚĞƐŽƌƉƌŽũĞĐƚŝŽŶƐ͘ WZ/KK&^Zs/ ^ĞƌǀŝĐĞƐƐŚĂůůďĞĐŽŵƉůĞƚĞƚŚĞĞĂƌůŝĞƌŽĨ;ϭͿƚŚĞĚĂƚĞǁŚĞŶĨŝŶĂůĚŽĐƵŵĞŶƚƐĂƌĞĂĐĐĞƉƚĞĚďǇƚŚĞ>/EdŽƌ;ϮͿ ƚŚŝƌƚǇ;ϯϬͿĚĂǇƐĂĨƚĞƌĨŝŶĂůĚŽĐƵŵĞŶƚƐĂƌĞĚĞůŝǀĞƌĞĚƚŽƚŚĞ>/Ed͘ 3DFNHW3J )E ϭϲϲϬ^ŽƵƚŚ,ŝŐŚǁĂǇϭϬϬ͕^ƵŝƚĞϱϰϱ DŝŶŶĞĂƉŽůŝƐ͕DEϱϱϰϭϲ ϵϱϮ͘ϱϵϱ͘ϵϭϭϲ ǁĂůŬĞƌĐŽŶƐƵůƚĂŶƚƐ͘ĐŽŵ ĞĐĞŵďĞƌϭϭ͕ϮϬϭϵ Dƌ͘ŝůůŝŽŶŽŵďƌŽǀƐŬŝDƐ͘tĞŶĚǇdƵƌƌŝ ĞƉƵƚǇWƵďůŝĐtŽƌŬƐŝƌĞĐƚŽƌʹŝƚǇŶŐŝŶĞĞƌ/ŶƚĞƌŝŵWƵďůŝĐtŽƌŬƐŝƌĞĐƚŽƌ ŝƚǇŽĨZŽĐŚĞƐƚĞƌ ϮϬϭϰ^ƚƌĞĞƚ^͕ZŽŽŵϭϬϴ ƚŚ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰ ZĞ͗WƌŽƉŽƐĂůĨŽƌŶŐŝŶĞĞƌŝŶŐŽŶƐƵůƚŝŶŐ^ĞƌǀŝĐĞƐ ZĂŵƉϲ^ƚƌƵĐƚƵƌĂůZĞǀŝĞǁ ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ ĞĂƌDƌ͘ŽŵďƌŽǀƐŬŝΘDƐ͘dƵƌƌŝ͗ tĂůŬĞƌŽŶƐƵůƚĂŶƚƐŝƐƉůĞĂƐĞĚƚŽƐƵďŵŝƚĨŽƌǇŽƵƌƌĞǀŝĞǁƚŚŝƐƉƌŽƉŽƐĂůƚŽƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ;ůŝĞŶƚͿĨŽƌ ƉƌŽĨĞƐƐŝŽŶĂůĞŶŐŝŶĞĞƌŝŶŐƐĞƌǀŝĐĞƐƚŽĐŽŶĚƵĐƚƐƚƌƵĐƚƵƌĂůĞŶŐŝŶĞĞƌŝŶŐƐĞƌǀŝĐĞƐĨŽƌƌĞǀŝĞǁŽĨƚŚĞŶŽƚĞĚĨĂĐŝůŝƚǇ͘dŚĞ ƉƵƌƉŽƐĞŽĨƚŚŝƐƉƌŽƉŽƐĂůŝƐƚŽĐŽŶĨŝƌŵŽƵƌƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞƉƌŽũĞĐƚ͕ĚĞĨŝŶĞŽƵƌƐĐŽƉĞŽĨƐĞƌǀŝĐĞƐ͕ƉƌŽƉŽƐĞ ƉƌŽĨĞƐƐŝŽŶĂůĨĞĞƐ͕ĞƐƚĂďůŝƐŚĂƐĐŚĞĚƵůĞ͕ĂŶĚƐĞƌǀĞĂƐĂƵƚŚŽƌŝǌĂƚŝŽŶƚŽƉƌŽĐĞĞĚǁŝƚŚƚŚĞǁŽƌŬ͘ WZK:dhEZ^dE/E' ZĂŵƉϲŝƐĂϳͲůĞǀĞůƉĂƌŬŝŶŐĨĂĐŝůŝƚǇƉƌŽǀŝĚĞƐƉĂƌŬŝŶŐĨŽƌĂƉƉƌŽǆŝŵĂƚĞůǇϲϯϬǀĞŚŝĐůĞƐŝŶĚŽǁŶƚŽǁŶZŽĐŚĞƐƚĞƌ͘dŚĞ ƐƵƉĞƌƐƚƌƵĐƚƵƌĞŝƐĐŽŵƉƌŝƐĞĚƉƌŝŵĂƌŝůǇŽĨĐĂƐƚͲŝŶͲƉůĂĐĞƉŽƐƚͲƚĞŶƐŝŽŶĞĚĐŽŶĐƌĞƚĞƐƵƉƉŽƌƚĞĚŽŶĐŽŶǀĞŶƚŝŽŶĂůůǇ ƌĞŝŶĨŽƌĐĞĚĐŽŶĐƌĞƚĞĐŽůƵŵŶƐ͘dŚĞĨĂĐŝůŝƚǇŝƐƵŶĚĞƌƐƚŽŽĚƚŽŚĂǀĞŚĂĚƉƌŽǀŝƐŝŽŶƐŝŶĐůƵĚĞĚŝŶƚŚĞĚĞƐŝŐŶƚŽ ĂĐĐŽŵŵŽĚĂƚĞĨƵƚƵƌĞǀĞƌƚŝĐĂůĞǆƉĂŶƐŝŽŶŽĨŶŽŶͲƉĂƌŬŝŶŐƵƐĞĂƚŽƉƚŚĞƐŽƵƚŚĞƌŶƉĂƌŬŝŶŐďĂǇ͘ WĂƌŬŝŶŐĨƵŶĐƚŝŽŶŝƐĐŚĂƌĂĐƚĞƌŝǌĞĚĂƐĂƚŚƌĞĞͲďĂǇĐĞŶƚĞƌƌĂŵƉƐŝŶŐůĞͲƚŚƌĞĂĚĞĚŚĞůŝǆ͘WƌŝŵĂƌǇǀĞŚŝĐƵůĂƌĂĐĐĞƐƐ ƚŽͬĨƌŽŵƚŚĞĨĂĐŝůŝƚǇŝƐƉƌŽǀŝĚĞĚŽŶϭ^ƚƌĞĞƚ^ŝŶƚŚĞĐĞŶƚĞƌƐƚƌƵĐƚƵƌĂůďĂǇĂŶĚǁŚŝůĞƚŚĞďĞůŽǁͲŐƌĂĚĞďĂƐĞŵĞŶƚ Ɛƚ ƚŝĞƌŝƐĨƵŶĐƚŝŽŶĂůůǇƐĞƉĂƌĂƚĞĚĨƌŽŵƚŚĞƌĞŵĂŝŶĚĞƌŽĨƚŝĞƌƐĂŶĚŝƐĂĐĐĞƐƐĞĚƐŽůĞůǇŽŶĞŶƚĞƌ^ƚƌĞĞƚ͘ƐĞƌǀŝĐĞ ͞ĂůůĞǇ͟ĂŶĚůŽĂĚŝŶŐĚŽĐŬĞǆŝƐƚƐŽŶƚŚĞŐƌĂĚĞůĞǀĞůŝŶƚŚĞǁĞƐƚĞƌŶƐƚƌƵĐƚƵƌĂůďĂǇ͕ǁŚŝůĞƚŚĞĂŶĂĚŝĂŶWĂĐŝĨŝĐ ƌĂŝůƌŽĂĚůŝŶĞŽĐĐƵƉŝĞƐƚŚĞŐƌĂĚĞĂŶĚƐĞĐŽŶĚůĞǀĞůƐŽĨƚŚĞĞĂƐƚĞƌŶƐƚƌƵĐƚƵƌĂůďĂǇ͘ dŚĞŝƚǇƌĞƚĂŝŶĞĚtĂůŬĞƌƚŽƉĞƌĨŽƌŵĂƉĞĞƌƌĞǀŝĞǁŽĨƚŚĞĨĂĐŝůŝƚǇǁŝƚŚƉƵƌƉŽƐĞŽĨŐĂŐŝŶŐƚŚĞŐĞŶĞƌĂů ĐŽŶĨŽƌŵĂŶĐĞŽĨƚŚĞĨĂĐŝůŝƚǇǁŝƚŚŝŶĚƵƐƚƌǇƐƚĂŶĚĂƌĚƐ͘ƐƉĂƌƚŽĨƚŚĂƚĞŶŐĂŐĞŵĞŶƚĐŽŶƐƚƌƵĐƚŝŽŶĚŽĐƵŵĞŶƚƐǁĞƌĞ ƌĞǀŝĞǁĞĚĂŶĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐƚƌƵĐƚƵƌĂůĂŶĂůǇƐŝƐǁĂƐĐŽŶĚƵĐƚĞĚƌĞƐƵůƚŝŶŐŝŶĚĞǀĞůŽƉŵĞŶƚŽĨƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ƚŚĂƚŝŶĐůƵĚĞ͗ WĞƌĨŽƌŵĚĞƚĂŝůĞĚƐƚƌƵĐƚƵƌĂůƌĞǀŝĞǁƚŽĂŶĂůǇǌĞĂĚĞƋƵĂĐǇŽĨĐŽůƵŵŶƐĨŽƌƐƚƌĞŶŐƚŚ͘ x WĞƌĨŽƌŵĚĞƚĂŝůĞĚƐƚƌƵĐƚƵƌĂůƌĞǀŝĞǁƚŽĚĞƚĞƌŵŝŶĞĂĚĞƋƵĂĐǇŽĨƐůĂďƐĂŶĚďĞĂŵƐǁŝƚŚĐŽĚĞƌĞƋƵŝƌĞŵĞŶƚƐ͘ x ƐƐĞƐƐĂŶĚƉƌŽǀŝĚĞĚĞƚĂŝůƐƚŽŵŽĚŝĨǇƉĞƌŝŵĞƚĞƌǀĞŚŝĐůĞďĂƌƌŝĞƌƐƚŽƌĞŵŽǀĞĐůŝŵďĂďůĞůĞĚŐĞ͘ x WĞƌĨŽƌŵĚĞƚĂŝůĞĚƐƚƌƵĐƚƵƌĂůŝŶǀĞƐƚŝŐĂƚŝŽŶĂƚďĞĂŵͬĐŽůƵŵŶůŽĐĂƚŝŽŶƐĞǆŚŝďŝƚŝŶŐĐƌĂĐŬŝŶŐĂƚŽĨĨƐĞƚĨůŽŽƌƐ͘ x ZĞǀŝĞǁŽĨƚŚĞƐƵƉĞƌƐƚƌƵĐƚƵƌĞƚŽĐŽŶĨŝƌŵĂĚĞƋƵĂĐǇŽĨƚŚĞĚĞƐŝŐŶĨŽƌĨƵƚƵƌĞĞǆƉĂŶƐŝŽŶĐŽŶĚŝƚŝŽŶƐŝƐ x ǁĂƌƌĂŶƚĞĚƚŽďĞƚƚĞƌŝŶĨŽƌŵƚŚĞŝƚǇĂƐƚŽƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĂŶǇĞǆƉĂŶƐŝŽŶ͘ ŵ͗ͰͺƉƌŽƉŽƐĂůͰƉƌŽƉŽƐĂůϮϬϭϵͰƌŽĐŚĞƐƚĞƌ͕ĐŝƚǇŽĨͰƌĂŵƉϬϲƌĞǀŝĞǁͰƉƌŽƉϮϬϭϵϭϮϭϭĚŽŵďƌŽƐŬŝƐƚƌƵĐƚƵƌĂů͘ĚŽĐǆ 3DFNHW3J )E Dƌ͘ŽŵďƌŽǀƐŬŝΘDƐ͘dƵƌƌŝ ŝƚǇŽĨZŽĐŚĞƐƚĞƌʹZĂŵƉϲ ĞĐĞŵďĞƌϭϭ͕ϮϬϭϵ WĂŐĞϮ ^KWK&^Zs/^ dŽŵĞĞƚƚŚĞƐƉĞĐŝĨŝĐŶĞĞĚƐŽĨƚŚŝƐƉƌŽũĞĐƚ͕ǁĞƉƌŽƉŽƐĞƚŚĞĨŽůůŽǁŝŶŐ^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐ͘tĂůŬĞƌǁŝůůƌĞǀŝĞǁ ĂǀĂŝůĂďůĞƉůĂŶƐ͕ƐƉĞĐŝĨŝĐĂƚŝŽŶƐ͕ƐŚŽƉĚƌĂǁŝŶŐƐ͕ŽƌƌĞƉŽƌƚƐĂƐƉƌŽǀŝĚĞĚƚŽtĂůŬĞƌďǇƚŚĞůŝĞŶƚ͕ƉĞƌĨŽƌŵ ĞŶŐŝŶĞĞƌŝŶŐƐĞƌǀŝĐĞƐŝŶĚŝĐĂƚĞĚŝŶƚŚĞƚĂƐŬƐďĞůŽǁ͗ ϭ͘WĞƌĨŽƌŵĚĞƚĂŝůĞĚƐƚƌƵĐƚƵƌĂůĂŶĂůǇƐŝƐŽĨƉĂƌŬŝŶŐĨůŽŽƌƐůĂďĂŶĚďĞĂŵͬŐŝƌĚĞƌĚĞƐŝŐŶƐ͘ĂƐĞĚŽŶĚĞĨŝĐŝĞŶĐŝĞƐ ŝŶĚŝĐĂƚĞĚŝŶƚŚĞƉĞĞƌƌĞǀŝĞǁƌĞƉŽƌƚƚŚĞĨŽůůŽǁŝŶŐǁŝůůďĞƌĞǀŝĞǁĞĚ͗ Ă͘>ĞǀĞůϯ͗ϮƐůĂďƐ͕ϮŐŝƌĚĞƌƐ͕ΘϵďĞĂŵĚĞƐŝŐŶƐ͘ ď͘>ĞǀĞůϲ͗ϮƐůĂďƐ͕ϮŐŝƌĚĞƌƐ͕ΘϵďĞĂŵĚĞƐŝŐŶƐ͘ Ϯ͘WĞƌĨŽƌŵĚĞƚĂŝůĞĚŐƌĂǀŝƚǇĂŶĚůĂƚĞƌĂůůŽĂĚĂŶĂůǇƐŝƐŽĨƚŚĞƐƵƉĞƌƐƚƌƵĐƚƵƌĞ͘ Ă͘ĞǀĞůŽƉŐƌĂǀŝƚǇĂŶĚůĂƚĞƌĂůůŽĂĚŵŽĚĞůĨŽƌ͚ďĂƐĞ͛ƉĂƌŬŝŶŐƌĂŵƉƐƚƌƵĐƚƵƌĞǁŝƚŚŽƵƚĞǆƉĂŶƐŝŽŶ͘ ď͘ĞǀĞůŽƉŐƌĂǀŝƚǇĂŶĚůĂƚĞƌĂůůŽĂĚŵŽĚĞůĨŽƌ͚ďĂƐĞ͛ƉĂƌŬŝŶŐƌĂŵƉƐƚƌƵĐƚƵƌĞǁŝƚŚƉƌŽƉŽƐĞĚ ĞǆƉĂŶƐŝŽŶ͘ ϯ͘ĂƐĞĚŽŶĨŝŶĚŝŶŐƐŽĨdĂƐŬϯ͕ƌĞǀŝĞǁƐƵƉĞƌƐƚƌƵĐƚƵƌĞƚŽĚĞƚĞƌŵŝŶĞĂĚĞƋƵĂĐǇŽĨƚŚĞďƵŝůĚŝŶŐĚĞƐŝŐŶĨŽƌ ĨƵƚƵƌĞĞǆƉĂŶƐŝŽŶ͘ ϰ͘ƐƐĞƐƐĂŶĚƉƌŽǀŝĚĞĚĞƚĂŝůƐĨŽƌŵŽĚŝĨŝĐĂƚŝŽŶŽĨǀĞŚŝĐůĞďĂƌƌŝĞƌƐǇƐƚĞŵĂƚƉĞƌŝŵĞƚĞƌ͘ Ă͘WĞƌĨŽƌŵďĂƌƌŝĞƌĐĂďůĞĂŶĂůǇƐŝƐĨŽƌǀĞŚŝĐƵůĂƌůŽĂĚĐĂƉĂĐŝƚǇ͘ ď͘WƌŽǀŝĚĞĚĞƚĂŝůƐĨŽƌŵŽĚŝĨŝĐĂƚŝŽŶŽĨĐĂďůĞƐͬŚŽƌŝǌŽŶƚĂůďĞĂŵƚŽƌĞĚƵĐĞĐůŝŵďĂďůĞůĞĚŐĞ͘ ϱ͘WĞƌĨŽƌŵƐƚƌƵĐƚƵƌĂůŝŶǀĞƐƚŝŐĂƚŝŽŶŽĨĚŝĂŐŽŶĂůĐŽůƵŵŶĐƌĂĐŬŝŶŐĂƚŽĨĨƐĞƚĨůŽŽƌƐ͘ĂƐĞĚŽŶĐƌĂĐŬŝŶŐŽďƐĞƌǀĞĚ ŝŶĚƵƌŝŶŐƚŚĞƉĞĞƌƌĞǀŝĞǁ͕ƚǁŽĐŽŶĚŝƚŝŽŶƐǁŝůůďĞƌĞǀŝĞǁĞĚ͗>ĞǀĞůϲ'ƌŝĚƐZͬZϭϭĂŶĚZͬZϭϮĂŶĚ ƌĞŝŶĨŽƌĐŝŶŐŝŶĚŝĐĂƚĞĚŽŶƐŚŽƉĚƌĂǁŝŶŐƐǁŝůůďĞƵƐĞĚ͘ Ă͘WĞƌĨŽƌŵĂŶĂůǇƐŝƐŽĨďĞĂŵͬĐŽůƵŵŶũŽŝŶƚ͘ ď͘DŽĚĞůďĞĂŵͬĐŽůƵŵŶũŽŝŶƚďĞŚĂǀŝŽƌ͘ Đ͘WƌŽǀŝĚĞĚŝƌĞĐƚŝŽŶƚŽŝƚǇͲƌĞƚĂŝŶĞĚĐŽŶƚƌĂĐƚŽƌĨŽƌůŝŵŝƚĞĚƌĞŵŽǀĂůŽĨĐŽŶĐƌĞƚĞĐŽǀĞƌƚŽĐŽŶĨŝƌŵ ƌĞŝŶĨŽƌĐŝŶŐĞǆƚĞŶƚƐ͘ tĞǁŝůůĐŽŵƉŝůĞŽƵƌĨŝŶĚŝŶŐƐŝŶƚŽǁƌŝƚƚĞŶƌĞƉŽƌƚ;Ύ͘W&ĨŽƌŵĂƚͿĂŶĚƉƌŽǀŝĚĞƚŽŝƚǇ͘&ŽůůŽǁŝŶŐƌĞĐĞŝƉƚĂŶĚ ƌĞǀŝĞǁ͕ǁĞǁŝůůĐŽŶĚƵĐƚĂǁĞďŵĞĞƚŝŶŐƚŽƌĞǀŝĞǁƚŚĞŝŶŝƚŝĂůƌĞƉŽƌƚŽĨĨŝŶĚŝŶŐƐ͘^ƵďƐĞƋƵĞŶƚůǇ͕ǁĞǁŝůůƌĞǀŝƐĞƚŚĞ ƌĞƉŽƌƚďĂƐĞĚŽŶĐůŝĞŶƚͲƉƌŽǀŝĚĞĚĨĞĞĚďĂĐŬĂŶĚĂƚƚĞŶĚŽŶĞŵĞĞƚŝŶŐǁŝƚŚƚŚĞůŝĞŶƚƚŽƌĞǀŝĞǁŽƵƌĨŝŶĂůƌĞƉŽƌƚĂŶĚ ĨŝŶĚŝŶŐƐ͘ >/D/dd/KE^ ƐƐƚĂƚĞĚŝŶƚŚĞĂďŽǀĞƐĐŽƉĞŽĨƐĞƌǀŝĐĞƐ͕ƚŚĞĂƐƐĞƐƐŵĞŶƚŝƐďĂƐĞĚŽŶǀŝƐƵĂůŽďƐĞƌǀĂƚŝŽŶƐŽĨƚŚĞĞǆŝƐƚŝŶŐ ĐŽŶĚŝƚŝŽŶƐ͘WŚǇƐŝĐĂůƚĞƐƚŝŶŐŝƐŶŽƚŝŶĐůƵĚĞĚŝŶƚŚĞƐĐŽƉĞŽĨƐĞƌǀŝĐĞƐ͘KƵƌŽďƐĞƌǀĂƚŝŽŶƐŵĂǇŶŽƚĚŝƐĐŽǀĞƌŽƌ ĚŝƐĐůŽƐĞůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐǁŝƚŚŽƵƚƉĞƌĨŽƌŵŝŶŐŵŽƌĞŝŶǀĂƐŝǀĞƚĞƐƚŝŶŐ͘DŽƌĞĚĞƚĂŝůĞĚĂŶĚŝŶǀĂƐŝǀĞƚĞƐƚŝŶŐĐĂŶďĞ ƉƌŽǀŝĚĞĚďǇtĂůŬĞƌĂƐĂŶĂĚĚŝƚŝŽŶĂůƐĞƌǀŝĐĞƵƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚĨƌŽŵůŝĞŶƚ͘ 3DFNHW3J )E Dƌ͘ŽŵďƌŽǀƐŬŝΘDƐ͘dƵƌƌŝ ŝƚǇŽĨZŽĐŚĞƐƚĞƌʹZĂŵƉϲ ĞĐĞŵďĞƌϭϭ͕ϮϬϭϵ WĂŐĞϯ WůĞĂƐĞŶŽƚĞƚŚĂƚĂĚĞƚĂŝůĞĚĂƐƐĞƐƐŵĞŶƚŽĨďƵŝůĚŝŶŐĞŶĐůŽƐƵƌĞ͕ĨŝƌĞƉƌŽƚĞĐƚŝŽŶ͕,s͕ƉůƵŵďŝŶŐ͕ĞůĞĐƚƌŝĐĂůͬůŝŐŚƚŝŶŐ 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ƐĂůĞůŝĐĞŶƐĞƐĂƐǁĞƌĞĐŚĂƌŐĞĚĨŽƌϯ͘ϮƉĞƌĐĞŶƚŵĂůƚůŝƋƵŽƌůŝĐĞŶƐĞƐ͘dŚŽƐĞĨĞĞƐǁĞƌĞůĂƐƚĂĚũƵƐƚĞĚƐĞǀĞƌĂů ĚĞĐĂĚĞƐĂŐŽ͘/ŶĂĚĚŝƚŝŽŶ͕ƐĞƚƚŝŶŐĐŽƐƚƐĂƚƚŚĞƐĂŵĞůĞǀĞůƐŝŐŶŽƌĞƐƚŚĞƐƵďƐƚĂŶƚŝĂůĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶ ƚŚĞƐĞůŝĐĞŶƐĞƚǇƉĞƐ͕ĂƐďƌĞǁĞƌŝĞƐƐĞƌǀĞŝŶƚŽǆŝĐĂƚŝŶŐůŝƋƵŽƌ͕ŽĨƚĞŶŶŽǁǁŝƚŚƐŽŵĞǀĂƌŝĞƚŝĞƐŚĂǀŝŶŐ ĞǆƚƌĞŵĞůǇŚŝŐŚĂůĐŽŚŽůďǇǀŽůƵŵĞƌĂƚĞƐ͘/ƚŝƐĂƉƉƌŽƉƌŝĂƚĞĨŽƌƚŚĞƐĞůŝĐĞŶƐĞƚǇƉĞƐƚŽďĞĚŝĨĨĞƌĞŶƚŝĂƚĞĚŝŶ ƚŚĞŝƌĨĞĞƐƚƌƵĐƚƵƌĞ͘ &LW\RI5RFKHVWHU0LQQHVRWD2IILFHRIWKH&LW\&OHUN3DJHRI 3DFNHW3J *D KĨĨͲ^ĂůĞ&ĞĞůĂƐƐŝĨŝĐĂƚŝŽŶƐ KĨĨ^ĂůĞ>ŝĐĞŶƐĞƐ >ŝĐĞŶƐĞdǇƉĞƵƌƌĞŶƚ&ĞĞWƌŽƉŽƐĞĚ&ĞĞ ǆĐůƵƐŝǀĞ>ŝƋƵŽƌ^ƚŽƌĞͬKĨĨͲ^ĂůĞΨϰϬϬΨϭ͕ϱϬϬ ϯ͘ϮWĞƌĐĞŶƚDĂůƚ>ŝƋƵŽƌͬKĨĨͲΨϯϲΨϭϱϬ ^ĂůĞ ^ŵĂůůƌĞǁĞƌKĨĨͲ^ĂůĞΨϯϲΨϮϱϬ ŝƐƚŝůůĞƌǇKĨĨͲ^ĂůĞEŽůŝĐĞŶƐĞΨϮϱϬ ^ŚŝĨƚƐƚŽƚŚĞƐĞĨĞĞƐĂƌĞĂůƐŽŶĞĐĞƐƐĂƌǇƚŽĐŽŶƐŝĚĞƌ͕ĂƐŵŽƐƚŚĂǀĞŶŽƚďĞĞŶĐŚĂŶŐĞĚŝŶĂƐŝŐŶŝĨŝĐĂŶƚ ĂŵŽƵŶƚŽĨƚŝŵĞ͘ dŚĞĨĞĞĨŽƌĂŶŽĨĨͲƐĂůĞŝŶƚŽǆŝĐĂƚŝŶŐůŝƋƵŽƌůŝĐĞŶƐĞŝƐĐĂƉƉĞĚŝŶƐƚĂƚĞƐƚĂƚƵƚĞ͕ǁŝƚŚĂŚŝŐŚĞƌůŝŵŝƚĨŽƌĨŝƌƐƚ ĐůĂƐƐĐŝƚŝĞƐ͘tŚĞŶƚŚŝƐĨĞĞǁĂƐůĂƐƚĂĚũƵƐƚĞĚŝŶZŽĐŚĞƐƚĞƌŝŶϮϬϬϳ͕ƚŚĞZŶŽƚĞĚZŽĐŚĞƐƚĞƌǁŽƵůĚůŝŬĞůǇ 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