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ĂƌĞĞǆƉĞĐƚĞĚĂƚĂůůƚŝŵĞƐ͘/ŶƚĞƌĂĐƚŝŽŶƐǁŝƚŚƚŚĞƉƵďůŝĐƐŚĂůůďĞĐĂƌƌŝĞĚŽƵƚǁŝƚŚƚŚĞƵƚŵŽƐƚƌĞƐƉĞĐƚĂƐ ŽƵƚůŝŶĞĚŝŶƚŚĞĐŽƌĞǀĂůƵĞƐŽĨƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚͬŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘ 'ĞŶĞƌĂů WƌŽƉŽƐĂůƐǁŝůůďĞĐŽŶƐŝĚĞƌĞĚŽŶůǇĨƌŽŵĨŝƌŵƐƌĞŐƵůĂƌůǇĞŶŐĂŐĞĚŝŶƚŚĞƚŽǁŝŶŐďƵƐŝŶĞƐƐ͘&ŝƌŵƐŵƵƐƚ ƉƌŽĚƵĐĞĞǀŝĚĞŶĐĞƚŚĞǇŚĂǀĞĂŶĞƐƚĂďůŝƐŚĞĚ͕ƐĂƚŝƐĨĂĐƚŽƌǇƌĞĐŽƌĚŽĨƉĞƌĨŽƌŵĂŶĐĞĨŽƌĂƉĞƌŝŽĚŽĨŽŶĞǇĞĂƌ 3DFNHW3J )D ŽƌŵŽƌĞ͕ŚĂǀĞƐĂƚŝƐĨĂĐƚŽƌǇĨŝŶĂŶĐŝĂůƐƵƉƉŽƌƚ͕ƚŚĞƌĞƋƵŝƌĞĚĞƋƵŝƉŵĞŶƚ͕ĂŶĚĂŶŽƌŐĂŶŝǌĂƚŝŽŶĂůƐƚƌƵĐƚƵƌĞ ƐƵĨĨŝĐŝĞŶƚƚŽĞŶƐƵƌĞƚŚĞǇĐĂŶƐĂƚŝƐĨĂĐƚŽƌŝůǇĞǆĞĐƵƚĞƚŚĞƐĞƌǀŝĐĞƐŝĨĂǁĂƌĚĞĚĂĐŽŶƚƌĂĐƚƵŶĚĞƌƚŚĞƚĞƌŵƐ ĂŶĚĐŽŶĚŝƚŝŽŶƐŚĞƌĞŝŶƐƚĂƚĞĚ͘ ŽŵƉĞƚĞŶĐǇŽĨdŽǁŝŶŐ^ĞƌǀŝĐĞ ϭ͘ dŚĞdŽǁŝŶŐ^ĞƌǀŝĐĞŵƵƐƚŚĂǀĞĂůůŶĞĐĞƐƐĂƌǇ^ƚĂƚĞůŝĐĞŶƐĞƐĂŶĚƉĞƌŵŝƚƐĂƐŵĂǇďĞƌĞƋƵŝƌĞĚƚŽ ƉĞƌĨŽƌŵƚŚĞƐĞƌǀŝĐĞƐƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͘ Ϯ͘ dŚĞdŽǁŝŶŐ^ĞƌǀŝĐĞŵƵƐƚƐƵďŵŝƚƚŚĞŶĂŵĞƐĂŶĚĂĚĚƌĞƐƐĞƐŽĨĂůůƉĞƌƐŽŶƐǁŚŽŚĂǀĞĂĨŝŶĂŶĐŝĂů ŝŶƚĞƌĞƐƚŝŶƚŚĞďƵƐŝŶĞƐƐ͕ŝŶĐůƵĚŝŶŐ͕ďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͕ŝŶĚŝǀŝĚƵĂůŽǁŶĞƌƐ͕ƉĂƌƚŶĞƌƐ͕ůŝŵŝƚĞĚ ƉĂƌƚŶĞƌƐ͕ŽĨĨŝĐĞƌƐ͕ĚŝƌĞĐƚŽƌƐ͕ĂŶĚƐƚŽĐŬŚŽůĚĞƌƐ͘ ϯ͘ dŚĞdŽǁŝŶŐ^ĞƌǀŝĐĞŵƵƐƚďĞĨĂŵŝůŝĂƌǁŝƚŚĂůůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐĂŶĚƌĞŐƵůĂƚŝŽŶƐƚŚĂƚŵĂǇŝŶ 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^ƚĂŶĚĂƌĚƐƚŽďĞĞǀĂůƵĂƚĞĚŝŶĐůƵĚĞ͗ xƋƵŝƉŵĞŶƚ x&ĂĐŝůŝƚŝĞƐ x WĞƌƐŽŶŶĞů x KƉĞƌĂƚŝŽŶĂů^ƚƌƵĐƚƵƌĞ x ZĞĨĞƌĞŶĐĞƐ x WƌŝĐŝŶŐ x&ŝŶĂŶĐŝĂů^ƚĂďŝůŝƚǇ xƵƐƚŽŵĞƌ^ĞƌǀŝĐĞ xŽŵŵŝƚŵĞŶƚƚŽƋƵŝƚǇ 3DFNHW3J )D ďĂĐŬŐƌŽƵŶĚƐƚĂƚĞŵĞŶƚŽĨƋƵĂůŝĨŝĐĂƚŝŽŶŵƵƐƚĂůƐŽďĞŝŶĐůƵĚĞĚ͕ĂŶĚĂƚŵŝŶŝŵƵŵĐŽŶƚĂŝŶ͗ x dŽǁŝŶŐ^ĞƌǀŝĐĞͬKƌŐĂŶŝǌĂƚŝŽŶEĂŵĞ xĚĚƌĞƐƐŽĨĂůůůŽĐĂƚŝŽŶƐ͕ĐŽŶƚĂĐƚŶĂŵĞ;ƐͿ͕ƉŚŽŶĞŶƵŵďĞƌ͕ĞŵĂŝůĂĚĚƌĞƐƐ x EĂŵĞƐŽĨdŽǁŝŶŐ^ĞƌǀŝĐĞ͛ƐŽǁŶ ĞƌƐ͕ƉƌŝŶĐŝƉĂůƐ͕ĚŝƌĞĐƚŽƌƐ͕ŽƌĂŶǇŽŶĞĞůƐĞǁŝƚŚĂĨŝŶĂŶĐŝĂů ŝŶƚĞƌĞƐƚŽƌŵĂŶĂŐĞŵĞŶƚƌŽůĞŝŶƚŚĞŽƌŐĂŶŝǌĂƚŝŽŶ x^ƚƌƵĐƚƵƌĞŽĨƚŚĞdŽǁŝŶŐ^ĞƌǀŝĐĞ͕Ğ͘Ő͘^ŽůĞWƌŽƉƌŝĞƚŽƌƐŚŝƉ͕WĂƌƚŶĞƌƐŚŝƉ͕ĞƚĐ͘ x zĞĂƌƐdŽǁŝŶŐ^ĞƌǀŝĐĞŚĂƐďĞĞŶŝŶďƵƐŝŶĞƐƐ x EĂŵĞƐŽĨdŽǁŝŶŐ^ĞƌǀŝĐĞ͛ƐŽǁŶĞƌƐ͕ƉƌŝŶĐŝƉĂůƐ͕ĚŝƌĞĐƚŽƌƐ͕ĞƚĐ͘ x&ŝŶĂŶĐŝĂů/ŶĨŽƌŵĂƚŝŽŶŝŶƚŚĞĨŽƌŵŽĨĂŶĂŶŶƵĂůƐƚĂƚĞŵĞŶƚĂŶĚďĂůĂŶĐĞƐŚĞĞƚĨŽƌƚŚĞƉĂƐƚƚǁŽ ǇĞĂƌƐ x>ŝƐƚŝŶŐŽĨĂŶǇĂĐƚŝŽŶƐ;ǁŝƚŚŝŶƚŚĞƉĂƐƚϭϬǇĞĂƌƐͿƚĂŬĞŶďǇĂŶǇƌĞŐƵůĂƚŽƌǇĂŐĞŶĐǇŽƌ ŐŽǀĞƌŶŵĞŶƚĞŶƚŝƚǇŝŶǀŽůǀŝŶŐƚŚĞdŽǁŝŶŐ^ĞƌǀŝĐĞ͕ŝŶĐůƵĚŝŶŐƐƵƐƉĞŶƐŝŽŶƐŽƌƌĞŵŽǀĂůƐ͕ǁŝƚŚ ƌĞƐƉĞĐƚƚŽǁŽƌŬƉĞƌĨŽƌŵĞĚ x>ŝƐƚŝŶŐŽĨĂŶǇůŝƚŝŐĂƚŝŽŶ;ǁŝƚŚŝŶƚŚĞƉĂƐƚϭϬǇĞĂƌƐͿŝŶǀŽůǀŝŶŐƚŚĞdŽǁŝŶŐ^ĞƌǀŝĐĞŽƌŝƚƐĂŐĞŶƚƐ ŽƌĞŵƉůŽǇĞĞƐǁŝƚŚƌĞƐƉĞĐƚƚŽǁŽƌŬƉĞƌĨŽƌŵĞĚ x EĂŵĞƐŽĨĂƚůĞĂƐƚƚŚƌĞĞ;ϯͿďƵƐŝŶĞƐƐĞƐǁŚŽĐĂŶďĞĐŽŶƚĂĐƚĞĚĂƐƌĞĨĞƌĞŶĐĞƐ x WƌŽŽĨŽĨƉƌŽƉĞƌůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞǁŝƚŚƚŚĞĂďŝůŝƚǇƚŽŶĂŵĞƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌͬZŽĐŚĞƐƚĞƌ WŽůŝĐĞĞƉĂƌƚŵĞŶƚĂƐĂŶĂĚĚŝƚŝŽŶĂůŝŶƐƵƌĞĚĨŽƌůŝĂďŝůŝƚǇƉƵƌƉŽƐĞƐ͘ x>ŝƐƚŽĨĂůůĞƋƵŝƉŵĞŶƚͬǀĞŚŝĐůĞƐ;dǇƉĞ͕zĞĂƌ͕DĂŬĞ͕DŽĚĞů͕>ŝĐĞŶƐĞη͕ĂŶĚŶŽŶͲǀĞŚŝĐůĞ^ĞƌŝĂůηͿ ǇŽƵǁŝůůŵĂŬĞĂǀĂŝůĂďůĞƚŽƉĞƌĨŽƌŵƚŚĞƚĞƌŵƐŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝĨĂǁĂƌĚĞĚ ĚĚŝƚŝŽŶĂůWƌŽƉŽƐĂůdĞƌŵƐ ϭ͘ dŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚƐŚĂůůŚĂǀĞƚŚĞƌŝŐŚƚƚŽƚŚŽƌŽƵŐŚůǇŝŶƐƉĞĐƚĂŶĚŝŶǀĞƐƚŝŐĂƚĞ ƚŚĞdŽǁŝŶŐ^ĞƌǀŝĐĞ͕ĨĂĐŝůŝƚŝĞƐ͕ďƵƐŝŶĞƐƐƌĞƉƵƚĂƚŝŽŶ͕ƋƵĂůŝƚǇŽĨĞƋƵŝƉŵĞŶƚ͕ĂŶĚŽƚŚĞƌŐĞŶĞƌĂů ƋƵĂůŝĨŝĐĂƚŝŽŶƐ͘dŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚŵĂǇƌĞũĞĐƚĂŶǇƉƌŽƉŽƐĂů͕ŝƌƌĞƐƉĞĐƚŝǀĞŽĨ ƉƌŽƉŽƐĂůƉƌŝĐŝŶŐ͕ŝĨŝƚŝƐĚĞƚĞƌŵŝŶĞĚƚŚĞdŽǁŝŶŐ^ĞƌǀŝĐĞŝƐůĂĐŬŝŶŐŝŶĂŶǇĞƐƐĞŶƚŝĂůĨƵŶĐƚŝŽŶƐŽƌ ƋƵĂůŝĨŝĐĂƚŝŽŶƐŶĞĐĞƐƐĂƌǇƚŽĂƐƐƵƌĞĂĐĐĞƉƚĂďůĞƐƚĂŶĚĂƌĚƐŽĨƉĞƌĨŽƌŵĂŶĐĞ͘ƵƌŝŶŐƚŚĞĐŽŶƚƌĂĐƚ ƉĞƌŝŽĚ͕ƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝ ŶƐƉĞĐƚƚŚĞdŽǁŝŶŐ^ĞƌǀŝĐĞ͛Ɛ ĨĂĐŝůŝƚŝĞƐĂŶĚďƵƐŝŶĞƐƐƌĞĐŽƌĚƐĂƐƚŚĞǇƌĞůĂƚĞƚŽƚŚĞĐŽŶƚƌĂĐƚĚƵƌŝŶŐŶŽƌŵĂůďƵƐŝŶĞƐƐŚŽƵƌƐ͘ Ϯ͘ dŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽƌĞũĞĐƚƉƌŽƉŽƐĂůƐĨŽƌĂŶǇƌĞĂƐŽŶŝƚ ĚĞĞŵƐĂƉƉƌŽƉƌŝĂƚĞ͘ ϯ͘ dŚĞƉƌŽƉŽƐĞĚĨŽƌŵŽĨĐŽŶƚƌĂĐƚŵĂǇďĞĂŵĞŶĚĞĚďǇƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚĂƐ ĚĞĞŵĞĚƚŽďĞŝŶƚŚĞďĞƐƚŝŶƚĞƌĞƐƚŽĨZW͘ ϰ͘ KŶĐĞĂƐƵĐĐĞƐƐĨƵůƉƌŽƉŽƐĂůŝƐƐĞůĞĐƚĞĚ͕ƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚ ƚŽŶĞŐŽƚŝĂƚĞƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚĞƐƉĞĐŝĨŝĐƉƌŽƉŽƐĂůƚŽƌĞĂĐŚĂĨŝŶĂůĐŽŶƚƌĂĐƚ͘ ͘dĞĐŚŶŝĐĂů^ƚĂŶĚĂƌĚƐ dŚĞĨŽůůŽǁŝŶŐŵŝŶŝŵƵŵĞƋƵŝƉŵĞŶƚƐŚĂůůďĞŵĂŝŶƚĂŝŶĞĚĂŶĚĂǀĂŝůĂďůĞĂƚƚŚĞƚŝŵĞŽĨƉƌŽƉŽƐĂůĂŶĚ ƚŚƌŽƵŐŚŽƵƚƚŚĞůŝĨĞŽĨĂŶǇĐŽŶƚƌĂĐƚǁŝƚŚƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚ͗ 3DFNHW3J )D ϭ͘ dŚƌĞĞ;ϯͿůŝŐŚƚĚƵƚǇǁƌĞĐŬĞƌƐ͕ǁŝƚŚĂ'stZŽĨϰƚŽŶƐƉĞƌDŝŶŶ͘^ƚĂƚƵƚĞƐΑϭϲϴ͘Ϭϭϭ͕^ƵďĚ͘ϭϮĂ Ϯ͘ KŶĞ;ϭͿĨůĂƚďĞĚǁƌĞĐŬĞƌ ϯ͘ KŶĞ;ϭͿŚĞĂǀǇĚƵƚǇǁƌĞĐŬĞƌǁŝƚŚϮϱͲƚŽŶďŽŽŵůŝĨƚĂŶĚǁŝŶĐŚ͕ĂŝƌďƌĂŬĞƐǁŝƚŚĂƵǆŝůŝĂƌǇĂŝƌƐƵƉƉůǇ͕ ĂŶĚ'stZŽĨϭϮ͘ϱƚŽŶƐ ϰ͘ KŶĞ;ϭͿǁƌĞĐŬĞƌǁŝƚŚƚŚĞĂďŝůŝƚǇƚŽƚŽǁŵŽƚŽƌĐǇĐůĞƐ͕ƚƌĂŝůĞƌƐ͕ĂŶĚŽƚŚĞƌǁŚĞĞůĞĚǀĞŚŝĐůĞƐĂƐ ŶĞĞĚĞĚ;ŵĂǇďĞŝŶĐůƵĚĞĚƵŶĚĞƌƐĞĐƚŝŽŶηϭŽƌηϮĂďŽǀĞͿ ϱ͘ ůůdŽǁŝŶŐ^ĞƌǀŝĐĞǀĞŚŝĐůĞƐƐŚĂůůďĞŽƵƚĨŝƚƚĞĚǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐƐƚĂŶĚĂƌĚĞƋƵŝƉŵĞŶƚŽƵƚůŝŶĞĚĂƐ ĂďĞƐƚƉƌĂĐƚŝĐĞďǇƚŚĞDŝŶŶĞƐŽƚĂ^ƚĂƚĞWĂƚƌŽů͗ ƋƵŝƉŵĞŶƚ Ă͘ŽůůǇ ď͘ƌŽŽŵ Đ͘^ŚŽǀĞů Ě͘KŶĞĨŝƌĞĞǆƚŝŶŐƵŝƐŚĞƌ;ŵŝŶŝŵƵŵŽĨϱĚƌǇĐŚĞŵŝĐĂůͿ Ğ͘^ĐŽƚĐŚďůŽĐŬ Ĩ͘:ĂĐŬƐƚĂŶĚƐ Ő͘ǆƚƌĂƐĐŽƚĐŚďůŽĐŬ Ś͘dƌĂŝůĞƌŚŝƚĐŚ ŝ͘&ůĂŐƐĂŶĚĨůĂƌĞƐ ũ͘&ůĂƐŚŝŶŐƌĞĚĂŶĚĂŵďĞƌůĂŵƉƐ;DŝŶŶ͘^ƚĂƚƵƚĞƐΑϭϲϵ͘ϲϰ͕^ƵďĚ͘ϱͿ Ŭ͘DĂƚĞƌŝĂůĨŽƌƚŚĞĐŽůůĞĐƚŝŽŶĂŶĚƌĞŵŽǀĂůŽĨůŝƋƵŝĚĚĞďƌŝƐ;Ğ͘Ő͕͘ŐĂƐ͕Žŝů͕ĂŶƚŝĨƌĞĞǌĞ͕ĞƚĐ͘Ϳ ͘ǀĂŝůĂďŝůŝƚǇ ϭ͘ /ŶŽƌĚĞƌƚŽĨĂĐŝůŝƚĂƚĞĂŶĞǆƉĞĚŝƚŝŽƵƐƌĞƐƉŽŶƐĞƚŝŵĞŽŶĐĞĂƚŽǁŝƐƌĞƋƵĞƐƚĞĚ͕ƚŚĞdŽǁŝŶŐ^ĞƌǀŝĐĞ ŽĨĨŝĐĞĂŶĚǁƌĞĐŬĞƌƐŵƵƐƚďĞůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĂŶĚďĞĂďůĞƚŽƌĞƐƉŽŶĚƚŽĂĐĂůů ϮϰŚŽƵƌƐĂĚĂǇͬϳĚĂǇƐƉĞƌǁĞĞŬǁŝƚŚŝŶϮϬŵŝŶƵƚĞƐŽĨƌĞĐĞŝǀŝŶŐĂĐĂůůĨƌŽŵĚŝƐƉĂƚĐŚ͘ǆĐĞƉƚŝŽŶƐ ŵĂǇďĞŵĂĚĞĚƵƌŝŶŐƉĞƌŝŽĚƐŽĨŝŶĐůĞŵĞŶƚǁĞĂƚŚĞƌŽƌƵŶƉƌĞĐĞĚĞŶƚĞĚƉƵďůŝĐƐĂĨĞƚǇ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͘ Ϯ͘ dŚĞdŽǁŝŶŐ^ĞƌǀŝĐĞƐŚĂůůŚĂǀĞƐƵĨĨŝĐŝĞŶƚĞƋƵŝƉŵĞŶƚĂǀĂŝůĂďůĞƚŽƉĞƌĨŽƌŵƌĞƋƵĞƐƚĞĚƐĞƌǀŝĐĞƐ ǁŝƚŚŝŶϮϬŵŝŶƵƚĞƐ͘ůůĞƋƵŝƉŵĞŶƚŵƵƐƚďĞŽǁŶĞĚŽƌĞǆĐůƵƐŝǀĞůǇůĞĂƐĞĚďǇƚŚĞdŽǁŝŶŐ^ĞƌǀŝĐĞ͘ ƋƵŝƉŵĞŶƚŵƵƐƚďĞĐŽŵŵĞƌĐŝĂůůǇŵĂŶƵĨĂĐƚƵƌĞĚĂŶĚŝŶŐŽŽĚŵĞĐŚĂŶŝĐĂůĐŽŶĚŝƚŝŽŶ͘ƋƵŝƉŵĞŶƚ ƐŚĂůůďĞƐƵďũĞĐƚƚŽŝŶƐƉĞĐƚŝŽŶĂƚĂůůƚŝŵĞƐĚƵƌŝŶŐƚŚĞƚĞƌŵŽĨƚŚĞĐŽŶƚƌĂĐƚ͘dŽǁŝŶŐ^ĞƌǀŝĐĞ ǀĞŚŝĐůĞƐƐŚĂůůďĞĐůĞĂƌůǇŵĂƌŬĞĚ͕ŶŽƚďĞƵƐĞĚĂƐĂŶĞŵĞƌŐĞŶĐǇǀĞŚŝĐůĞ͕ŽƌŚĂǀĞĂŶǇŵĂƌŬŝŶŐƐƚŚĂƚ ŝŶĚŝĐĂƚĞĂŶǇƌĞůĂƚŝŽŶƐŚŝƉďĞƚǁĞĞŶƚŚĞdŽǁŝŶŐ^ĞƌǀŝĐĞĂŶĚƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚ͘ ϯ͘ dŚĞdŽǁŝŶŐ^ĞƌǀŝĐĞƐŚĂůůŚĂǀĞƐƵĨĨŝĐŝĞŶƚƐƚĂĨĨĂŶĚĞƋƵŝƉŵĞŶƚĂǀĂŝůĂďůĞƚŽƐĞƌǀŝĐĞƐƉĞĐŝĂůƚŽǁŝŶŐ ŶĞĞĚƐŽĨƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚ͘ǆĂŵƉůĞƐŽĨƐƉĞĐŝĂůƚŽǁŝŶŐŶĞĞĚƐŝŶĐůƵĚĞĚŝŐŶŝƚĂƌǇ ǀŝƐŝƚƐ͕ĚĞĐůĂƌĞĚƐŶŽǁĞŵĞƌŐĞŶĐŝĞƐ͕ĐŽŶƐƚƌƵĐƚŝŽŶƉƌŽũĞĐƚƐ͕ĂŶĚŽƚŚĞƌĞǀĞŶƚƐǁŚĞƌĞƐŝŐŶŝĨŝĐĂŶƚ ƌŽĂĚĐůŽƐƵƌĞƐĂŶĚǀĞŚŝĐůĞƌĞŵŽǀĂůŵĂǇďĞŶĞĐĞƐƐĂƌǇ͘ ͘&ĂĐŝůŝƚŝĞƐ ϭ͘ dŚĞdŽǁŝŶŐ^ĞƌǀŝĐĞƐŚĂůůŵĂŝŶƚĂŝŶĂďƵƐŝŶĞƐƐŽĨĨŝĐĞĂŶĚƐƚŽƌĂŐĞĨĂĐŝůŝƚǇǁŝƚŚŝŶZŽĐŚĞƐƚĞƌĐŝƚǇ ůŝŵŝƚƐ͘ 3DFNHW3J )D Ϯ͘ dŚĞƐƚŽƌĂŐĞĨĂĐŝůŝƚǇƐŚĂůůďĞƐĞĐƵƌĞĂŶĚƚŚĞdŽǁŝŶŐ^ĞƌǀŝĐĞ͛ƐďƵƐŝŶĞƐƐŽĨĨŝĐĞŵƵƐƚďĞŽƉĞŶƚŽƚŚĞ ƉƵďůŝĐĚƵƌŝŶŐŶŽƌŵĂůďƵƐŝŶĞƐƐŚŽƵƌƐ͕DŽŶĚĂǇƚŚƌŽƵŐŚ&ƌŝĚĂǇ͕ϵ͗ϬϬĂŵʹϱ͗ϬϬƉŵ͕ĞǆĐůƵĚŝŶŐůĞŐĂů ŚŽůŝĚĂǇƐ͘ ϯ͘ >ĂǁŶĨŽƌĐĞŵĞŶƚƐŚĂůůŚĂǀĞĂĐĐĞƐƐƚŽƚŚĞƐƚŽƌĂŐĞĨĂĐŝůŝƚǇĂƚĂůůƚŝŵĞƐĚƵƌŝŶŐŶŽƌŵĂůďƵƐŝŶĞƐƐ ŚŽƵƌƐ͘ĨƚĞƌŶŽƌŵĂůďƵƐŝŶĞƐƐŚŽƵƌƐ͕ĂdŽǁ^ĞƌǀŝĐĞĞŵƉůŽǇĞĞŵƵƐƚďĞĂǀĂŝůĂďůĞƚŽƌĞƐƉŽŶĚĂŶĚ ŐƌĂŶƚĂĐĐĞƐƐƚŽůĂǁĞŶĨŽƌĐĞŵĞŶƚǁŝƚŚŝŶϮϬŵŝŶƵƚĞƐŽĨĂƌĞƋƵĞƐƚ͘ ϰ͘ 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ŝŶƚŚĞǀĞŚŝĐůĞ͘dŚĞdŽǁŝŶŐ^ĞƌǀŝĐĞĂƐƐƵŵĞƐƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƉĞƌƐŽŶĂůƉƌŽƉĞƌƚǇĨƌŽŵƚŚĞƚŝŵĞŽĨ ƚƌĂŶƐĨĞƌƚŽƌĞůĞĂƐĞŽĨƚŚĞŝŵƉŽƵŶĚĞĚǀĞŚŝĐůĞ͘ ϯ͘ dŚĞdŽǁŝŶŐ^ĞƌǀŝĐĞƐŚĂůůŬĞĞƉĂŶĚŵĂŝŶƚĂŝŶĂĐĐƵƌĂƚĞƌĞĐŽƌĚƐŽĨĂůůǀĞŚŝĐůĞƐƌĞĐĞŝǀĞĚĂŶĚ ĚŝƐƉŽƐĞĚŽĨƵŶĚĞƌƚŚĞƚĞƌŵƐŽĨƚŚĞĐŽŶƚƌĂĐƚ͘ƌĞƉŽƌƚƐŚĂůůďĞƉƌŽǀŝĚĞĚƚŽƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞ ĞƉĂƌƚŵĞŶƚŽŶĂŶĂŶŶƵĂůďĂƐŝƐ͕ŽƌƵƉŽŶƌĞƋƵĞƐƚ͘ ϰ͘ dŚĞdŽǁŝŶŐ^ĞƌǀŝĐĞƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞƌĞŵŽǀĂůŽĨĚĞďƌŝƐ͕ŐůĂƐƐ͕ĂŶĚŽƚŚĞƌŵĂƚƚĞƌĨƌŽŵ ƚŚĞƐƚƌĞĞƚǁŚĞŶƚŽǁŝŶŐǀĞŚŝĐůĞƐŝŶǀŽůǀĞĚŝŶƚƌĂĨĨŝĐĐŽůůŝƐŝŽŶƐ͘ 3DFNHW3J )D ϱ͘ dŚĞdŽǁŝŶŐ^ĞƌǀŝĐĞƐŚĂůůŐŝǀĞŽǁŶĞƌƐĂŶĚŽƉĞƌĂƚŽƌƐŽĨƚŽǁĞĚǀĞŚŝĐůĞƐƚŚĞŽƉƉŽƌƚƵŶŝƚǇƚŽŚĂǀĞ ƚŚĞŝƌǀĞŚŝĐůĞƚŽǁĞĚƚŽĂůŽĐĂƚŝŽŶŽƚŚĞƌƚŚĂŶƚŚĞdŽǁŝŶŐ^ĞƌǀŝĐĞ͛ƐĨĂĐŝůŝƚŝĞƐƵƉŽŶƌĞƋƵĞƐƚ͘ ϲ͘ ZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚĞŵƉůŽǇĞĞƐƐŚĂůůƉƌŽǀŝĚĞŽǁŶĞƌƐŽƌŽƉĞƌĂƚŽƌƐƚŚĞŽƉƉŽƌƚƵŶŝƚǇƚŽ ĐŽŶƚĂĐƚĂŶŽŶͲĐŽŶƚƌĂĐƚdŽǁŝŶŐ^ĞƌǀŝĐĞ͕ĂƐƐƵŵŝŶŐƚŚĞƌĞƐƉŽŶƐĞƚŝŵĞŝƐǁŝƚŚŝŶƌĞĂƐŽŶ͘ &͘dŽǁ^ĞƌǀŝĐĞŚĂƌŐĞƐ dŚĞƐĞůĞĐƚĞĚdŽǁŝŶŐ^ĞƌǀŝĐĞǁŝůůďĞƌĞƋƵŝƌĞĚƚŽĐŽŵƉůǇǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ dŚĞdŽǁŝŶŐ^ĞƌǀŝĐĞĂŐƌĞĞƐƚŽƉƌŽǀŝĚĞĂƌĂƚĞƐŚĞĞƚůŝƐƚŝŶŐĐƵƌƌĞŶƚƌĂƚĞƐĂŶĚĨĞĞƐĨŽƌƐĞƌǀŝĐĞƐĂƐ ƉƌŽƉŽƐĞĚƵŶĚĞƌƚŚŝƐĐŽŶƚƌĂĐƚ͘dŚĞƌĂƚĞƐŚĞĞƚƐŚĂůůďĞǀŝƐŝďůĞĂŶĚĐůĞĂƌůǇƉŽƐƚĞĚŝŶƚŚĞďƵƐŝŶĞƐƐ ŽĨĨŝĐĞĨŽƌƌĞǀŝĞǁďǇƚŚĞŐĞŶĞƌĂůƉƵďůŝĐ͘^ŝŐŶĂŐĞĂƚƚĂĐŚĞĚƚŽƚŚĞƌĂƚĞƐŚĞĞƚƐŚĂůůŝŶĚŝĐĂƚĞ͕ ͞WĞƌƐŽŶƐŚĂǀŝŶŐĂĐŽŶĐĞƌŶŽƌĐŽŵƉůĂŝŶƚƌĞŐĂƌĚŝŶŐĂZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚƚŽǁĂƌĞĂƐŬĞĚ ƚŽĐŽŶƚĂĐƚƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚĚŝƌĞĐƚůǇĂƚ;ϱϬϳͿϯϮϴͲ ϲϴϬϬ͘͟ Ϯ͘ dŚĞdŽǁ^ĞƌǀŝĐĞŵƵƐƚƉƌŽǀŝĚĞǁƌŝƚƚĞŶŽƌĞůĞĐƚƌŽŶŝĐƌĞĐĞŝƉƚƐ͕ƐŚŽǁŝŶŐŝƚĞŵŝǌĞĚĐŚĂƌŐĞƐŽĨĂůů ƚŽǁƐƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚ͘ ϯ͘ ŚĂƌŐĞƐĨŽƌƐƚŽƌĂŐĞƌĞůĂƚĞĚƚŽŝŵƉŽƵŶĚĞĚǀĞŚŝĐůĞƐďĞĐŽŵĞĂƉƉůŝĐĂďůĞϴŚŽƵƌƐĂĨƚĞƌĂǀĞŚŝĐůĞŚĂƐ ďĞĞŶƚŽǁĞĚ͘^ĞĐŽŶĚĂŶĚƐƵďƐĞƋƵĞŶƚĚĂǇƐƚŽƌĂŐĞĐŚĂƌŐĞƐĂĐĐƵŵƵůĂƚĞĞǀĞƌǇϮϰͲŚŽƵƌƐĨƌŽŵƚŚĞ ŽƌŝŐŝŶĂůƚŝŵĞŽĨƚŽǁ͘ ϰ͘ ŶŝŶĐƌĞĂƐĞŝŶƌĂƚĞƐĂŶĚĨĞĞƐŽŶƚŚĞƌĂƚĞƐŚĞĞƚƉƌŽǀŝĚĞĚƐŚĂůůŶŽƚďĞƌĞƋƵĞƐƚĞĚďǇƚŚĞdŽǁŝŶŐ ^ĞƌǀŝĐĞ͕ĞǆĐĞƉƚǁŝƚŚŝŶϯϬĚĂǇƐŽĨƚŚĞĂŶŶŝǀĞƌƐĂƌǇĚĂƚĞĞĂĐŚǇĞĂƌƚŚĞĐŽŶƚƌĂĐƚŝƐŝŶƉůĂĐĞ͘ZĂƚĞ ĨĞĞĐŚĂŶŐĞƌĞƋƵĞƐƚƐŵĂǇďĞƐƵďũĞĐƚƚŽƌĞǀŝĞǁďǇƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚ͕ŝƚǇŽĨ ZŽĐŚĞƐƚĞƌĚŵŝŶŝƐƚƌĂƚŝŽŶ͕ĂŶĚƚŚĞZŽĐŚĞƐƚĞƌŝƚǇŽƵŶĐŝů͘ ϱ͘ dŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚĂŶĚŝƚǇŽĨZŽĐŚĞƐƚĞƌƐŚĂůůŶŽƚďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞ ĐŽůůĞĐƚŝŽŶŽƌƉĂǇŵĞŶƚŽĨĂŶǇĐŚĂƌŐĞƐĨŽƌƐĞƌǀŝĐĞƌĞŶĚĞƌĞĚ͕ƵŶůĞƐƐƐƵĐŚƐĞƌǀŝĐĞŝƐĂƉƉůŝĐĂďůĞƚŽ ZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚŽƌŝƚǇŽĨZŽĐŚĞƐƚĞƌŽǁŶĞĚŽƌůĞĂƐĞĚǀĞŚŝĐůĞƐŽƌĞƋƵŝƉŵĞŶƚ͘ůů ƐĞƌǀŝĐĞƐƌĞŶĚĞƌĞĚƐŚĂůůďĞĐŚĂƌŐĞĚƚŽƚŚĞŽǁŶĞƌŽƌůĂǁĨƵůĐůĂŝŵĂŶƚŽĨƚŚĞƚŽǁĞĚǀĞŚŝĐůĞ͘ ϲ͘ dŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƉĂǇŵĞŶƚŽĨƚŽǁŝŶŐĂŶĚƐƚŽƌĂŐĞŽŶ ǀĞŚŝĐůĞƐƚŽǁĞĚĨŽƌĞǀŝĚĞŶĐĞŽƌƐƵďũĞĐƚƚŽĨŽƌĨĞŝƚƵƌĞ͘&ŽƌǀĞŚŝĐůĞƐƐƵďũĞĐƚƚŽĨŽƌĨĞŝƚƵƌĞ͕ĂŶĚ ǁŚĞƌĞĂũƵĚŝĐŝĂůƉƌŽĐĞĞĚŝŶŐĚĞƚĞƌŵŝŶĞƐƚŚĞǀĞŚŝĐůĞŽǁŶĞƌŵĂŝŶƚĂŝŶƐƚŚĞŝƌŽǁŶĞƌƐŚŝƉƌŝŐŚƚ͕ ƉĂǇŵĞŶƚƐŚĂůůďĞƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨƚŚĞŽǁŶĞƌŽƌĐůĂŝŵĂŶƚ͘ ϳ͘ dŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚĂƵƚŚŽƌŝǌĞƐƚŚĞdŽǁŝŶŐ^ĞƌǀŝĐĞƚŽĂĐƚĂƐĂƉƌŝǀĂƚĞĞŶƚŝƚǇŝŶƚŚĞ ĚŝƐƉŽƐĂůŽĨǀĞŚŝĐůĞƐĂƐŽƵƚůŝŶĞĚƵŶĚĞƌDŝŶŶ͘^ƚĂƚƵƚĞƐΑϭϲϴ͘Ϭϰϱ͕Αϭϲϴ͘Ϭϱϭ͕Αϭϲϴ͘Ϭϲ͕ĂŶĚ Αϭϲϴ͘Ϭϳ͘ ƌĂƚĞƐŚĞĞƚƐŚĂůůďĞƐƵďŵŝƚƚĞĚǁŝƚŚƚŚĞZ&WŝŶĂƐĞƉĂƌĂƚĞƐĞĂůĞĚĞŶǀĞůŽƉĞĂŶĚĂƚŵŝŶŝŵƵŵĐŽŶƚĂŝŶ͗ ^ĞƌǀŝĐĞdǇƉĞWƌŝĐĞ ^ƚĂŶĚĂƌĚdŽǁͬ/ŵƉŽƵŶĚΨ EŝŐŚƚdŽǁΨ ,ĞĂǀǇƵƚǇdŽǁΨ 3DFNHW3J )D ŽůůǇ&ĞĞΨ ZĞĐŽǀĞƌǇKƉĞƌĂƚŝŽŶƐͲtŝŶĐŚŝŶŐΨ ^ƚĂŶĚďǇdŝŵĞΨ DŝůĞĂŐĞ&ĞĞΨ ůĞĂŶhƉ&ĞĞΨ ^ŚŽǁƵƉ&ĞĞΨ ĂŝůǇ^ƚŽƌĂŐĞ&ĞĞ;ŝĨĨĞƌĞŶƚŝĂƚĞŝĨĚŝĨĨĞƌĞŶƚƌĂƚĞƐĂƉƉůǇĨŽƌŝŶƐŝĚĞͬŽƵƚƐŝĚĞƐƚŽƌĂŐĞŽƌΨ ǀĞŚŝĐůĞƚǇƉĞͿ ĨƚĞƌ,ŽƵƌƐͬ,ŽůŝĚĂǇZĞůĞĂƐĞ&ĞĞΨ KƚŚĞƌ&ĞĞƐ͗>ŝƐƚŽŶZĂƚĞ^ŚĞĞƚΨ dŽǁƌĂƚĞƐĨŽƌǀĞŚŝĐůĞƐŽǁŶĞĚďǇƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕ŽƌƚŽǁĞĚĂƐĂƌĞƐƵůƚŽĨZŽĐŚĞƐƚĞƌWŽůŝĐĞ ĞƉĂƌƚŵĞŶƚŝŵƉŽƵŶĚƌĞƋƵĞƐƚƐ͕ƐŚĂůůŶŽƚĞǆĐĞĞĚƚŚĞƌĂƚĞƐĐŚĞĚƵůĞƌĞƐŽůǀĞĚďǇƚŚĞŽŵŵŽŶŽƵŶĐŝůŽŶ :ƵŶĞϰ͕ϮϬϭϴƵŶĚĞƌZŽĐŚĞƐƚĞƌŽĚĞŽĨKƌĚŝŶĂŶĐĞϭϭͲϰͲϯ;ϰͿ͘ 'ĞŶĞƌĂůdĞƌŵƐĂŶĚŽŶĚŝƚŝŽŶƐ x WƌŽƉŽƐĂůƐƐŚĂůůďĞǀĂůŝĚĨŽƌŶŽƚůĞƐƐƚŚĂŶϵϬĚĂǇƐĨƌŽŵƚŚĞĚĂƚĞŽĨƌĞƋƵŝƌĞĚƐƵďŵŝƚƚĂů x/ĨƐĞůĞĐƚĞĚ͕ƚŚĞĚƵƌĂƚŝŽŶŽĨƚŚŝƐĂŐƌĞĞŵĞŶƚƐŚĂůůďĞĨŽƌĂƉĞƌŝŽĚŽĨƚŚƌĞĞǇĞĂƌƐǁŝƚŚĂƚǁŽǇĞĂƌŽƉƚŝŽŶ ĨŽƌƌĞŶĞǁĂůǁŝƚŚƚŚĞĐŽŶƐĞŶƚŽĨďŽƚŚƉĂƌƚŝĞƐ͘ x dŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚĂƐƐƵŵĞƐŶŽůŝĂďŝůŝƚǇĨŽƌĂŶǇĨĞĞƐ͕ĐŽƐƚƐŽƌĞǆƉĞŶƐĞƐŝŶĐƵƌƌĞĚŝŶ ĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞƉƌĞƉĂƌĂƚŝŽŶĂŶĚͬŽƌƐƵďŵŝƐƐŝŽŶŽĨƚŚĞZ&WƌĞƐƉŽŶƐĞďǇƚŚĞĂƉƉůŝĐĂŶƚ͕ŽƌĨŽƌĂŶǇ ŽƚŚĞƌĨĞĞƐ͕ĐŽƐƚƐŽƌĞǆƉĞŶƐĞƐŝŶĐƵƌƌĞĚƉƌŝŽƌƚŽƚŚĞƐĞůĞĐƚŝŽŶŽĨĂŶĂƉƉůŝĐĂŶƚ͘ xůůŝŶĨŽƌŵĂƚŝŽŶĐŽŶƚĂŝŶĞĚǁŝƚŚŝŶƚŚĞZ&WŝƐďĞůŝĞǀĞĚƚŽďĞĐŽŵƉůĞƚĞĂŶĚĂĐĐƵƌĂƚĞ͘,ŽǁĞǀĞƌ͕ŝƚƚŚĞ ĂƉƉůŝĐĂŶƚƐĚƵĞĚŝůŝŐĞŶĐĞĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚǇƚŽǀĞƌŝĨǇĂůůƐƚĂƚĞŵĞŶƚƐĐŽŶƚĂŝŶĞĚŚĞƌĞŝŶ͘ 3DFNHW3J )E dKt^Zs/'ZDEd 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ĞƉĂƌƚŵĞŶƚ͘WƵůǀĞƌǁŝůůŵĂŝŶƚĂŝŶĂŶĚŬĞĞƉĂĐĐƵƌĂƚĞƌĞĐŽƌĚƐŽĨdŽǁ^ĞƌǀŝĐĞƐ͘^ĞƌǀŝĐĞƐƐŚĂůůďĞ ƉĞƌĨŽƌŵĞĚŝŶĂƉƌŽĨĞƐƐŝŽŶĂůŵĂŶŶĞƌĂŶĚĂĐĐŽƌĚŝŶŐƚŽƚŚĞĨŽůůŽǁŝŶŐƐƚĂŶĚĂƌĚƐ͗ ϰ͘dƌĂŝŶŝŶŐ͗ WƵůǀĞƌǁŝůůĞŶƐƵƌĞƚŚĂƚĂůůŽƉĞƌĂƚŽƌƐ͕ĂƐƐŝƐƚĂŶƚƐ͕ƚƌĂŝŶĞĞƐ͕ĂŶĚĂŶǇŽƚŚĞƌĞŵƉůŽǇĞĞƐŚĂǀĞ ƐƵĨĨŝĐŝĞŶƚĞǆƉĞƌŝĞŶĐĞĂŶĚͬŽƌƚƌĂŝŶŝŶŐŝŶĐƵƌƌĞŶƚůǇƌĞĐŽŵŵĞŶĚĞĚƚŽǁŝŶŐƚĞĐŚŶŝƋƵĞƐĂŶĚĂƌĞĐĂƉĂďůĞ ŽĨƉĞƌĨŽƌŵŝŶŐƚŚĞŝƌĚƵƚŝĞƐŝŶĂůĂǁĨƵů͕ƐĂĨĞ͕ƉƌŽƉĞƌ͕ĂŶĚĞĨĨĞĐƚŝǀĞŵĂŶŶĞƌ͘ 3DFNHW3J )E ͘dĞĐŚŶŝĐĂů^ƚĂŶĚĂƌĚƐ dŚĞĨŽůůŽǁŝŶŐŵŝŶŝŵƵŵĞƋƵŝƉŵĞŶƚƐŚĂůůďĞŵĂŝŶƚĂŝŶĞĚĂŶĚĂǀĂŝůĂďůĞƚŚƌŽƵŐŚŽƵƚƚŚĞůŝĨĞŽĨĂŶǇĐŽŶƚƌĂĐƚ ǁŝƚŚƚŚĞŝƚǇ͗ ŝ͘dŚƌĞĞ;ϯͿůŝŐŚƚĚƵƚǇǁƌĞĐŬĞƌƐ͕ǁŝƚŚĂ'stZŽĨϰƚŽŶƐƉĞƌDŝŶŶ͘^ƚĂƚƵƚĞƐΑϭϲϴ͘Ϭϭϭ͕^ƵďĚ͘ ϭϮĂ ŝŝ͘KŶĞ;ϭͿĨůĂƚďĞĚǁƌĞĐŬĞƌ ŝŝŝ͘KŶĞ;ϭͿŚĞĂǀǇĚƵƚǇǁƌĞĐŬĞƌǁŝƚŚϮϱͲƚŽŶďŽŽŵůŝĨƚĂŶĚǁŝŶĐŚ͕ĂŝƌďƌĂŬĞƐǁŝƚŚĂƵǆŝůŝĂƌǇĂŝƌ ƐƵƉƉůǇ͕ĂŶĚ'stZŽĨϭϮ͘ϱƚŽŶƐ ŝǀ͘KŶĞ;ϭͿǁƌĞĐŬĞƌǁŝƚŚƚŚĞĂďŝůŝƚǇƚŽƚŽǁŵŽƚŽƌĐǇĐůĞƐ͕ƚƌĂŝůĞƌƐ͕ĂŶĚŽƚŚĞƌǁŚĞĞůĞĚǀĞŚŝĐůĞƐĂƐ ŶĞĞĚĞĚ;ŵĂǇďĞŝŶĐůƵĚĞĚƵŶĚĞƌƐĞĐƚŝŽŶηϭŽƌηϮĂďŽǀĞͿ ǀ͘ůůdŽǁŝŶŐ^ĞƌǀŝĐĞǀĞŚŝĐůĞƐƐŚĂůůďĞŽƵƚĨŝƚƚĞĚǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐƐƚĂŶĚĂƌĚĞƋƵŝƉŵĞŶƚ ŽƵƚůŝŶĞĚĂƐĂďĞƐƚƉƌĂĐƚŝĐĞďǇƚŚĞDŝŶŶĞƐŽƚĂ^ƚĂƚĞWĂƚƌŽů͗ ƋƵŝƉŵĞŶƚ Ă͘ŽůůǇ ď͘ƌŽŽŵ Đ͘^ŚŽǀĞů Ě͘KŶĞĨŝƌĞĞǆƚŝŶŐƵŝƐŚĞƌ;ŵŝŶŝŵƵŵŽĨϱĚƌǇĐŚĞŵŝĐĂůͿ Ğ͘^ĐŽƚĐŚďůŽĐŬ Ĩ͘:ĂĐŬƐƚĂŶĚƐ Ő͘ǆƚƌĂƐĐŽƚĐŚďůŽĐŬ Ś͘dƌĂŝůĞƌŚŝƚĐŚ ŝ͘&ůĂŐƐĂŶĚĨůĂƌĞƐ ũ͘&ůĂƐŚŝŶŐƌĞĚĂŶĚĂŵďĞƌůĂŵƉƐ;DŝŶŶ͘^ƚĂƚƵƚĞƐΑϭϲϵ͘ϲϰ͕^ƵďĚ͘ϱͿ Ŭ͘DĂƚĞƌŝĂůĨŽƌƚŚĞĐŽůůĞĐƚŝŽŶĂŶĚƌĞŵŽǀĂůŽĨůŝƋƵŝĚĚĞďƌŝƐ;Ğ͘Ő͕͘ŐĂƐ͕Žŝů͕ĂŶƚŝĨƌĞĞǌĞ͕ĞƚĐ͘Ϳ ͘ǀĂŝůĂďŝůŝƚǇ ŝ͘/ŶŽƌĚĞƌƚŽĨĂĐŝůŝƚĂƚĞĂŶĞǆƉĞĚŝƚŝŽƵƐƌĞƐƉŽŶƐĞƚŝŵĞŽŶĐĞĂƚŽǁŝƐƌĞƋƵĞƐƚĞĚ͕WƵůǀĞƌŵƵƐƚďĞ ůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĂŶĚďĞĂďůĞƚŽƌĞƐƉŽŶĚƚŽĂĐĂůůϮϰŚŽƵƌƐĂĚĂǇͬϳĚĂǇƐ ƉĞƌǁĞĞŬǁŝƚŚŝŶϮϬŵŝŶƵƚĞƐŽĨƌĞĐĞŝǀŝŶŐĂĐĂůůĨƌŽŵĚŝƐƉĂƚĐŚ͘ǆĐĞƉƚŝŽŶƐŵĂǇďĞŵĂĚĞ ĚƵƌŝŶŐƉĞƌŝŽĚƐŽĨŝŶĐůĞŵĞŶƚǁĞĂƚŚĞƌŽƌƵŶƉƌĞĐĞĚĞŶƚĞĚƉƵďůŝĐƐĂĨĞƚǇĐŝƌĐƵŵƐƚĂŶĐĞƐ͘ ŝŝ͘dŚĞWƵůǀĞƌƐŚĂůůŚĂǀĞƐƵĨĨŝĐŝĞŶƚĞƋƵŝƉŵĞŶƚĂǀĂŝůĂďůĞƚŽƉĞƌĨŽƌŵƌĞƋƵĞƐƚĞĚƐĞƌǀŝĐĞƐǁŝƚŚŝŶϮϬ ŵŝŶƵƚĞƐ͘ůůĞƋƵŝƉŵĞŶƚŵƵƐƚďĞŽǁŶĞĚŽƌĞǆĐůƵƐŝǀĞůǇůĞĂƐĞĚďǇWƵůǀĞƌ͘ƋƵŝƉŵĞŶƚŵƵƐƚďĞ ĐŽŵŵĞƌĐŝĂůůǇŵĂŶƵĨĂĐƚƵƌĞĚĂŶĚŝŶŐŽŽĚŵĞĐŚĂŶŝĐĂůĐŽŶĚŝƚŝŽŶ͘ƋƵŝƉŵĞŶƚƐŚĂůůďĞƐƵďũĞĐƚ ƚŽŝŶƐƉĞĐƚŝŽŶĂƚĂůůƚŝŵĞƐĚƵƌŝŶŐƚŚĞƚĞƌŵŽĨƚŚĞĐŽŶƚƌĂĐƚ͘WƵůǀĞƌǀĞŚŝĐůĞƐƐŚĂůůďĞĐůĞĂƌůǇ ŵĂƌŬĞĚ͕ŶŽƚďĞƵƐĞĚĂƐĂŶĞŵĞƌŐĞŶĐǇǀĞŚŝĐůĞ͕ŽƌŚĂǀĞĂŶǇŵĂƌŬŝŶŐƐƚŚĂƚŝŶĚŝĐĂƚĞĂŶǇ ƌĞůĂƚŝŽŶƐŚŝƉďĞƚǁĞĞŶWƵůǀĞƌĂŶĚƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚ͘ ŝŝŝ͘dŚĞWƵůǀĞƌƐŚĂůůŚĂǀĞƐƵĨĨŝĐŝĞŶƚƐƚĂĨĨĂŶĚĞƋƵŝƉŵĞŶƚĂǀĂŝůĂďůĞƚŽƐĞƌǀŝĐĞƐƉĞĐŝĂůƚŽǁŝŶŐ ŶĞĞĚƐŽĨƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚ͘ǆĂŵƉůĞƐŽĨƐƉĞĐŝĂůƚŽǁŝŶŐŶĞĞĚƐŝŶĐůƵĚĞ ĚŝŐŶŝƚĂƌǇǀŝƐŝƚƐ͕ĚĞĐůĂƌĞĚƐŶŽǁĞŵĞƌŐĞŶĐŝĞƐ͕ĐŽŶƐƚƌƵĐƚŝŽŶƉƌŽũĞĐƚƐ͕ĂŶĚŽƚŚĞƌĞǀĞŶƚƐǁŚĞƌĞ ƐŝŐŶŝĨŝĐĂŶƚƌŽĂĚĐůŽƐƵƌĞƐĂŶĚǀĞŚŝĐůĞƌĞŵŽǀĂůŵĂǇďĞŶĞĐĞƐƐĂƌǇ͘ ͘&ĂĐŝůŝƚŝĞƐ ŝ͘WƵůǀĞƌƐŚĂůůŵĂŝŶƚĂŝŶĂďƵƐŝŶĞƐƐŽĨĨŝĐĞĂŶĚƐƚŽƌĂŐĞĨĂĐŝůŝƚǇǁŝƚŚŝŶZŽĐŚĞƐƚĞƌĐŝƚǇůŝŵŝƚƐ͘ 3DFNHW3J )E ŝŝ͘dŚĞƐƚŽƌĂŐĞĨĂĐŝůŝƚǇƐŚĂůůďĞƐĞĐƵƌĞĂŶĚƚŚĞWƵůǀĞƌ͛ƐďƵƐŝŶĞƐƐŽĨĨŝĐĞŵƵƐƚďĞŽƉĞŶƚŽƚŚĞ ƉƵďůŝĐĚƵƌŝŶŐŶŽƌŵĂůďƵƐŝŶĞƐƐŚŽƵƌƐ͕DŽŶĚĂǇƚŚƌŽƵŐŚ&ƌŝĚĂǇ͕ϵ͗ϬϬĂŵʹϱ͗ϬϬƉŵ͕ĞǆĐůƵĚŝŶŐ ůĞŐĂůŚŽůŝĚĂǇƐ͘ ŝŝŝ͘>ĂǁŶĨŽƌĐĞŵĞŶƚƐŚĂůůŚĂǀĞĂĐĐĞƐƐƚŽƚŚĞƐƚŽƌĂŐĞĨĂĐŝůŝƚǇĂƚĂůůƚŝŵĞƐĚƵƌŝŶŐŶŽƌŵĂůďƵƐŝŶĞƐƐ ŚŽƵƌƐ͘ĨƚĞƌŶŽƌŵĂůďƵƐŝŶĞƐƐŚŽƵƌƐ͕ĂWƵůǀĞƌĞŵƉůŽǇĞĞŵƵƐƚďĞĂǀĂŝůĂďůĞƚŽƌĞƐƉŽŶĚĂŶĚ ŐƌĂŶƚĂĐĐĞƐƐƚŽůĂǁĞŶĨŽƌĐĞŵĞŶƚǁŝƚŚŝŶϮϬŵŝŶƵƚĞƐŽĨĂƌĞƋƵĞƐƚ͘ ŝǀ͘dŚĞďƵŝůĚŝŶŐĂŶĚĨĂĐŝůŝƚŝĞƐŵƵƐƚďĞŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞďƵŝůĚŝŶŐĂŶĚǌŽŶŝŶŐ ƌĞŐƵůĂƚŝŽŶƐĂŶĚďĞŽǁŶĞĚŽƌĞǆĐůƵƐŝǀĞůǇůĞĂƐĞĚďǇWƵůǀĞƌ͘ ǀ͘sĞŚŝĐůĞƐƚŽƌĂŐĞĐĂƉĂĐŝƚǇĨŽƌďŽƚŚůŽŶŐĂŶĚƐŚŽƌƚͲƚĞƌŵƐƚŽƌĂŐĞƐŚĂůůďĞƐƵĨĨŝĐŝĞŶƚƚŽŵĞĞƚƚŚĞ ŶĞĞĚƐŽĨƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚ͘/ƚŝƐƵŶĚĞƌƐƚŽŽĚWƵůǀĞƌƐŚĂůůŚĂǀĞŽƌǁŝůůĂĐƋƵŝƌĞ ĂĚĚŝƚŝŽŶĂůƐƚŽƌĂŐĞĂƌĞĂƐĂƐŶĞĞĚĞĚƚŽŵĞĞƚƚŚĞƚŽǁŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞ ĞƉĂƌƚŵĞŶƚĂƐƌĞƋƵĞƐƚĞĚ͘ ǀŝ͘WƵůǀĞƌǁŝůůŽƵƚůŝŶĞƐĞĐƵƌŝƚǇĨĞĂƚƵƌĞƐƉƌĞƐĞŶƚĂƚƚŚĞŝƌĨĂĐŝůŝƚǇĂŶĚĂŶǇŶĞĐĞƐƐĂƌǇƵƉŐƌĂĚĞƐ ĂŶƚŝĐŝƉĂƚĞĚƚŽƚĂŬĞƉůĂĐĞƉƌŝŽƌƚŽƚŚĞĂǁĂƌĚŽĨĂĐŽŶƚƌĂĐƚ͘ ǀŝŝ͘ŶǇĂŶŝŵĂůƐůŽĐĂƚĞĚĂƚWƵůǀĞƌƉƌŽƉĞƌƚŝĞƐŽƌƐƚŽƌĂŐĞůŽƚƐŚĂůůďĞŬĞƉƚŝŶĂƐĞĐƵƌĞĨĂƐŚŝŽŶ͕ ƉƵƌƐƵĂŶƚƚŽĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͘ ͘WĞƌƐŽŶŶĞů ŝ͘WƵůǀĞƌƐŚĂůůŚĂǀĞƐƵĨĨŝĐŝĞŶƚƋƵĂůŝĨŝĞĚƉĞƌƐŽŶŶĞůĂǀĂŝůĂďůĞĨŽƌƚŚĞŽƉĞƌĂƚŝŽŶŽĨƚŚĞĞƋƵŝƉŵĞŶƚ ƐƉĞĐŝĨŝĞĚƵŶĚĞƌdĞĐŚŶŝĐĂů^ƚĂŶĚĂƌĚƐ͘ ŝŝ͘dŽǁKƉĞƌĂƚŽƌƐŵƵƐƚŚĂǀĞĂǀĂůŝĚĚƌŝǀĞƌ͛ƐůŝĐĞŶƐĞĨŽƌƚŚĞĐůĂƐƐǀĞŚŝĐůĞďĞŝŶŐŽƉĞƌĂƚĞĚĂŶĚ ŚĂǀĞŬŶŽǁůĞĚŐĞŽĨƚŚĞůĂǁƐĂŶĚƌĞŐƵůĂƚŝŽŶƐŐŽǀĞƌŶŝŶŐƚŚĞŽƉĞƌĂƚŝŽŶŽĨƚŽǁƚƌƵĐŬƐ͘ ŝŝŝ͘dŽǁdƌƵĐŬŽƉĞƌĂƚŽƌƐůŝƐƚĞĚŽŶƚŚĞWƌĞĚĂƚŽƌǇKĨĨĞŶĚĞƌZĞŐŝƐƚƌǇĚĂƚĂďĂƐĞŵƵƐƚŶŽƚďĞƵƐĞĚ ŽŶZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚƚŽǁŝŶŐƌĞƋƵĞƐƚƐ͘ ŝǀ͘WƵůǀĞƌǁŝůůĞŶƐƵƌĞƚŚĂƚĂůůĞŵƉůŽǇĞĞƐƵƐĞĚĨŽƌZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚƚŽǁƐƐŚĂůůďĞ ŶĞĂƚ͕ĐůĞĂŶ͕ƵŶŝĨŽƌŵĞĚ͕ĐŽƵƌƚĞŽƵƐ͕ĂŶĚƉƌŽĨĞƐƐŝŽŶĂů͘ ǀ͘WƵůǀĞƌǁŝůůŽƉĞƌĂƚĞŝŶĂŶƵŶďŝĂƐĞĚŵĂŶŶĞƌĂŶĚďĞĂǀĂŝůĂďůĞƚŽƌĞƐƉŽŶĚƚŽĂůůůŽĐĂƚŝŽŶƐĂŶĚ ŶĞŝŐŚďŽƌŚŽŽĚƐǁŝƚŚŝŶƚŚĞĐŝƚǇŽĨZŽĐŚĞƐƚĞƌƵƉŽŶƌĞƋƵĞƐƚ͘dƌĂŝŶŝŶŐŽĨƉĞƌƐŽŶŶĞůƌĞůĂƚĞĚƚŽ ĐƵůƚƵƌĂůĐŽŵƉĞƚĞŶĐǇŝƐĞŶĐŽƵƌĂŐĞĚ͘ ͘dŽǁŝŶŐ^ĞƌǀŝĐĞWƌŽĐĞĚƵƌĞƐ ŝ͘dŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚŵĂǇĐĂŶĐĞůĂƚŽǁĐĂůůƉƌŝŽƌƚŽWƵůǀĞƌ͛ƐĂƌƌŝǀĂůǁŝƚŚŽƵƚ ƌĞƋƵŝƌŝŶŐĂ͞ƐŚŽǁƵƉ͟ĨĞĞ͘/ŶƚŚĞĞǀĞŶƚƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚƌĞƋƵĞƐƚƐĂƚŽǁ͕ ĂŶĚƵƉŽŶĂƌƌŝǀŝŶŐĂƚŽǁŝƐŶŽƚŶĞĐĞƐƐĂƌǇ͕WƵůǀĞƌŵĂǇĐŚĂƌŐĞƚŚĞŽǁŶĞƌͬŽƉĞƌĂƚŽƌŽĨƚŚĞ ǀĞŚŝĐůĞĂ͞ƐŚŽǁƵƉ͟ĨĞĞ͘ ŝŝ͘&ŽƌǀĞŚŝĐůĞƐƐƵďũĞĐƚƚŽƉŽůŝĐĞŝŵƉŽƵŶĚ͕ƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚǁŝůůƉƌŽǀŝĚĞWƵůǀĞƌ ǁŝƚŚĂ͞sĞŚŝĐůĞ/ŵƉŽƵŶĚŝŶŐ/ŶǀĞŶƚŽƌǇ͟ĨŽƌŵůŝƐƚŝŶŐƉĞƌƐŽŶĂůƉƌŽƉĞƌƚǇĐŽŶƚ ĂŝŶĞĚŝŶƚŚĞ ǀĞŚŝĐůĞ͘WƵůǀĞƌĂƐƐƵŵĞƐƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƉĞƌƐŽŶĂůƉƌŽƉĞƌƚǇĨƌŽŵƚŚĞƚŝŵĞŽĨƚƌĂŶƐĨĞƌƚŽ ƌĞůĞĂƐĞŽĨƚŚĞŝŵƉŽƵŶĚĞĚǀĞŚŝĐůĞ͘ ŝŝŝ͘WƵůǀĞƌƐŚĂůůŬĞĞƉĂŶĚŵĂŝŶƚĂŝŶĂĐĐƵƌĂƚĞƌĞĐŽƌĚƐŽĨĂůůǀĞŚŝĐůĞƐƌĞĐĞŝǀĞĚĂŶĚĚŝƐƉŽƐĞĚŽĨ ƵŶĚĞƌƚŚĞƚĞƌŵƐŽĨƚŚĞŐƌĞĞŵĞŶƚ͘ƌĞƉŽƌƚƐŚĂůůďĞƉƌŽǀŝĚĞĚƚŽƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞ ĞƉĂƌƚŵĞŶƚŽŶĂŶĂŶŶƵĂůďĂƐŝƐ͕ŽƌƵƉŽŶƌĞƋƵĞƐƚ͘&ĂŝůƵƌĞƚŽŵĂŝŶƚĂŝŶƐƵĐŚƌĞĐŽƌĚƐǁŝůůƌĞƐƵůƚ ŝŶƐĂŶĐƚŝŽŶƐƵƉƚŽĂŶĚŝŶĐůƵĚŝŶŐƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘ ŝǀ͘WƵůǀĞƌƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞƌĞŵŽǀĂůŽĨĚĞďƌŝƐ͕ŐůĂƐƐ͕ĂŶĚŽƚŚĞƌŵĂƚƚĞƌĨƌŽŵƚŚĞƐƚƌĞĞƚ ǁŚĞŶƚŽǁŝŶŐǀĞŚŝĐůĞƐŝŶǀŽůǀĞĚŝŶƚƌĂĨĨŝĐĐŽůůŝƐŝŽŶƐ͘ 3DFNHW3J )E ǀ͘WƵůǀĞƌƐŚĂůůŐŝǀĞŽǁŶĞƌƐĂŶĚŽƉĞƌĂƚŽƌƐŽĨƚŽǁĞĚǀĞŚŝĐůĞƐƚŚĞŽƉƉŽƌƚƵŶŝƚǇƚŽŚĂǀĞƚŚĞŝƌ ǀĞŚŝĐůĞƚŽǁĞĚƚŽĂůŽĐĂƚŝŽŶŽƚŚĞƌƚŚĂŶƚŚĞdŽǁŝŶŐ^ĞƌǀŝĐĞ͛ƐĨĂĐŝůŝƚŝĞƐƵƉŽŶƌĞƋƵĞƐƚ͘ ǀŝ͘ZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚĞŵƉůŽǇĞĞƐƐŚĂůůƉƌŽǀŝĚĞŽǁŶĞƌƐŽƌŽƉĞƌĂƚŽƌƐƚŚĞŽƉƉŽƌƚƵŶŝƚǇ ƚŽĐŽŶƚĂĐƚĂŶŽŶͲĐŽŶƚƌĂĐƚdŽǁŝŶŐ^ĞƌǀŝĐĞ͕ĂƐƐƵŵŝŶŐƚŚĞƌĞƐƉŽŶƐĞƚŝŵĞŝƐǁŝƚŚŝŶƌĞĂƐŽŶĂŶĚ ƚŚĞǀĞŚŝĐůĞĚŽĞƐŶŽƚƉƌĞƐĞŶƚĂŶŝŵŵĞĚŝĂƚĞŚĂǌĂƌĚ͘ &͘dŽǁ^ĞƌǀŝĐĞŚĂƌŐĞƐͲWĂǇŵĞŶƚ WƵůǀĞƌŝƐƌĞƋƵŝƌĞĚƚŽĐŽŵƉůǇǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ŝ͘WƵůǀĞƌĂŐƌĞĞƐƚŽƉƌŽǀŝĚĞĂƌĂƚĞƐŚĞĞƚůŝƐƚŝŶŐĐƵƌƌĞŶƚƌĂƚĞƐĂŶĚĨĞĞƐĨŽƌƐĞƌǀŝĐĞƐĂƐƉƌŽƉŽƐĞĚ ƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͘dŚĞƌĂƚĞƐŚĞĞƚƐŚĂůůďĞǀŝƐŝďůĞĂŶĚĐůĞĂƌůǇƉŽƐƚĞĚŝŶƚŚĞďƵƐŝŶĞƐƐ ŽĨĨŝĐĞĨŽƌƌĞǀŝĞǁďǇƚŚĞŐĞŶĞƌĂůƉƵďůŝĐ͘^ŝŐŶĂŐĞĂƚƚĂĐŚĞĚƚŽƚŚĞƌĂƚĞƐŚĞĞƚƐŚĂůůŝŶĚŝĐĂƚĞ͕ ͞WĞƌƐŽŶƐŚĂǀŝŶŐĂĐŽŶĐĞƌŶŽƌĐŽŵƉůĂŝŶƚƌĞŐĂƌĚŝŶŐĂZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚƚŽǁĂƌĞ ĂƐŬĞĚƚŽĐŽŶƚĂĐƚƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚĚŝƌĞĐƚůǇĂƚ;ϱϬϳͿϯϮϴͲ ϲϴϬϬ͘͟ ŝŝ͘WƵůǀĞƌŵƵƐƚƉƌŽǀŝĚĞǁƌŝƚƚĞŶŽƌĞůĞĐƚƌŽŶŝĐƌĞĐĞŝƉƚƐ͕ƐŚŽǁŝŶŐŝƚĞŵŝǌĞĚĐŚĂƌŐĞƐŽĨĂůůƚŽǁƐ ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚ͘ ŝŝŝ͘ŚĂƌŐĞƐĨŽƌƐƚŽƌĂŐĞƌĞůĂƚĞĚƚŽŝŵƉŽƵŶĚĞĚǀĞŚŝĐůĞƐďĞĐŽŵĞĂƉƉůŝĐĂďůĞϴŚŽƵƌƐĂĨƚĞƌĂ ǀĞŚŝĐůĞŚĂƐďĞĞŶƚŽǁĞĚ͘^ĞĐŽŶĚĂŶĚƐƵďƐĞƋƵĞŶƚĚĂǇƐƚŽƌĂŐĞĐŚĂƌŐĞƐĂĐĐƵŵƵůĂƚĞĞǀĞƌǇϮϰͲ ŚŽƵƌƐĨƌŽŵƚŚĞŽƌŝŐŝŶĂůƚŝŵĞŽĨƚŽǁ͘ ŝǀ͘ŶŝŶĐƌĞĂƐĞŝŶƌĂƚĞƐĂŶĚĨĞĞƐŽŶƚŚĞƌĂƚĞƐŚĞĞƚƉƌŽǀŝĚĞĚƐŚĂůůŶŽƚďĞƌĞƋƵĞƐƚĞĚďǇWƵůǀĞƌ͕ ĞǆĐĞƉƚǁŝƚŚŝŶϯϬĚĂǇƐŽĨƚŚĞĂŶŶŝǀĞƌƐĂƌǇĚĂƚĞĞĂĐŚǇĞĂƌƚŚĞĐŽŶƚƌĂĐƚŝƐŝŶƉůĂĐĞ͘ZĂƚĞĨĞĞ ĐŚĂŶŐĞƌĞƋƵĞƐƚƐŵĂǇďĞƐƵďũĞĐƚƚŽƌĞǀŝĞǁďǇƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚ͕ŝƚǇŽĨ ZŽĐŚĞƐƚĞƌĚŵŝŶŝƐƚƌĂƚŝŽŶ͕ĂŶĚƚŚĞZŽĐŚĞƐƚĞƌŝƚǇŽƵŶĐŝů͘ ǀ͘dŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚĂŶĚŝƚǇŽĨZŽĐŚĞƐƚĞƌƐŚĂůůŶŽƚďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞ ĐŽůůĞĐƚŝŽŶŽƌƉĂǇŵĞŶƚŽĨĂŶǇĐŚĂƌŐĞƐĨŽƌƐĞƌǀŝĐĞƌĞŶĚĞƌĞĚ͕ƵŶůĞƐƐƐƵĐŚƐĞƌǀŝĐĞŝƐĂƉƉůŝĐĂďůĞ ƚŽZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚŽƌŝƚǇŽĨZŽĐŚĞƐƚĞƌŽǁŶĞĚŽƌůĞĂƐĞĚǀĞŚŝĐůĞƐŽƌ ĞƋƵŝƉŵĞŶƚ͘ůůƐĞƌǀŝĐĞƐƌĞŶĚĞƌĞĚƐŚĂůůďĞĐŚĂƌŐĞĚƚŽƚŚĞŽǁŶĞƌŽƌůĂǁĨƵůĐůĂŝŵĂŶƚŽĨƚŚĞ ƚŽǁĞĚǀĞŚŝĐůĞ͘ ǀŝ͘dŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƉĂǇŵĞŶƚŽĨƚŽǁŝŶŐĂŶĚƐƚŽƌĂŐĞŽŶ ǀĞŚŝĐůĞƐƚŽǁĞĚĨŽƌĞǀŝĚĞŶĐĞŽƌƐƵďũĞĐƚƚŽĨŽƌĨĞŝƚƵƌĞ͘&ŽƌǀĞŚŝĐůĞƐƐƵďũĞĐƚƚŽĨŽƌĨĞŝƚƵƌĞ͕ĂŶĚ ǁŚĞƌĞĂũƵĚŝĐŝĂůƉƌŽĐĞĞĚŝŶŐĚĞƚĞƌŵŝŶĞƐƚŚĞǀĞŚŝĐůĞŽǁŶĞƌŵĂŝŶƚĂŝŶƐƚŚĞŝƌŽǁŶĞƌƐŚŝƉƌŝŐŚƚ͕ ƉĂǇŵĞŶƚƐŚĂůůďĞƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨƚŚĞŽǁŶĞƌŽƌĐůĂŝŵĂŶƚ͘ ǀŝŝ͘dŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚĂƵƚŚŽƌŝǌĞƐWƵůǀĞƌƚŽĂĐƚĂƐĂƉƌŝǀĂƚĞĞŶƚŝƚǇŝŶƚŚĞĚŝƐƉŽƐĂů ŽĨǀĞŚŝĐůĞƐĂƐŽƵƚůŝŶĞĚƵŶĚĞƌDŝŶŶ͘^ƚĂƚƵƚĞƐΑϭϲϴ͘Ϭϰϱ͕Αϭϲϴ͘Ϭϱϭ͕Αϭϲϴ͘Ϭϲ͕ĂŶĚ Αϭϲϴ͘Ϭϳ͘ 3DFNHW3J )E dŚĞĨŽůůŽǁŝŶŐƌĂƚĞƐĂŶĚĐŚĂƌŐĞƐĂƉƉůǇƚŽƚŚŝƐŐƌĞĞŵĞŶƚ͗ ZĂƚĞ^ŚĞĞƚĨŽƌZŽĐŚĞƐƚĞƌWŽůŝĐĞʹƚƚĂĐŚŵĞŶƚƚŽƚŚŝƐŐƌĞĞŵĞŶƚ ZĂƚĞ^ŚĞĞƚĨŽƌƌĂƐŚͬĐĐŝĚĞŶƚƐʹƚƚĂĐŚŵĞŶƚƚŽƚŚŝƐŐƌĞĞŵĞŶƚ dŽǁƌĂƚĞƐĨŽƌǀĞŚŝĐůĞƐŽǁŶĞĚďǇƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕ŽƌƚŽǁĞĚĂƐĂƌĞƐƵůƚŽĨZŽĐŚĞƐƚĞƌWŽůŝĐĞ ĞƉĂƌƚŵĞŶƚŝŵƉŽƵŶĚƌĞƋƵĞƐƚƐ͕ƐŚĂůůŶŽƚĞǆĐĞĞĚƚŚĞƌĂƚĞƐĐŚĞĚƵůĞƌĞƐŽůǀĞĚďǇƚŚĞŽŵŵŽŶŽƵŶĐŝůŽŶ :ƵŶĞϰ͕ϮϬϭϴƵŶĚĞƌZŽĐŚĞƐƚĞƌŽĚĞŽĨKƌĚŝŶĂŶĐĞϭϭͲϰͲϯ;ϰͿ͘ ϱ͘>ŝĐĞŶƐĞƐĂŶĚWĞƌŵŝƚƐ͗ WƵůǀĞƌŵƵƐƚŚĂǀĞĂůůŶĞĐĞƐƐĂƌǇ^ƚĂƚĞůŝĐĞŶƐĞƐĂŶĚƉĞƌŵŝƚƐĂƐŵĂǇďĞƌĞƋƵŝƌĞĚ ƚŽƉĞƌĨŽƌŵdŽǁŝŶŐ^ĞƌǀŝĐĞƐ͘ ϲ͘ZŝŐŚƚƚŽŝŶƐƉĞĐƚ͗ dŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚƐŚĂůůŚĂǀĞƚŚĞƌŝŐŚƚƚŽƚŚŽƌŽƵŐŚůǇŝŶƐƉĞĐƚĂŶĚ 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ĂƉƚĂŝŶŽĨƚŚĞ^ĞƌǀŝĐĞƐhŶŝƚ͘WƵůǀĞƌƐŚĂůůƉƌŽǀŝĚĞĞǀŝĚĞŶĐĞŽĨtŽƌŬĞƌƐŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞĂŶĚ ƐŚĂůůŵĂŝŶƚĂŝŶĐŽǀĞƌĂŐĞƚŚƌŽƵŐŚŽƵƚƚŚĞƚĞƌŵŽĨƚŚĞŐƌĞĞŵĞŶƚ͘ǀŝĚĞŶĐĞŽĨtŽƌŬĞƌƐŽŵƉĞŶƐĂƚŝŽŶ /ŶƐƵƌĂŶĐĞƐŚĂůůďĞƉƌŽǀŝĚĞĚƚŽƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉ ĂƌƚŵĞŶƚ͛ƐĂƉƚĂŝŶŽĨƚŚĞ^ĞƌǀŝĐĞƐhŶŝƚ͘ 3DFNHW3J )E ϭϭ͘ŽŵƉůĂŝŶƚƐ͗ WƵůǀĞƌƐŚĂůůĐŽŽƉĞƌĂƚĞǁŝƚŚĞŵƉůŽǇĞĞƐŽĨƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚƌĞŐĂƌĚŝŶŐ ĐŽŵƉůĂŝŶƚƐ͘sŝŽůĂƚŝŽŶƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚŽƌĐŽŵƉůĂŝŶƚƐƐŚŽƵůĚďĞĚŝƌĞĐƚĞĚƚŽƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞ ĞƉĂƌƚŵĞŶƚĂƉƚĂŝŶŽĨƚŚĞ^ĞƌǀŝĐĞƐhŶŝƚ͘dŚĞĂƉƚĂŝŶŽĨƚŚĞ^ĞƌǀŝĐĞƐhŶŝƚƐŚĂůůďĞƚŚĞĚĞƚĞƌŵŝŶŝŶŐ ĂƵƚŚŽƌŝƚǇĂƐƚŽƚŚĞƐĞǀĞƌŝƚǇŽĨƚŚĞĐŽŵƉůĂŝŶƚĂŶĚƐŚĂůůŝŶǀĞƐƚŝŐĂƚĞƚŚĞĐŽŵƉůĂŝŶƚ͘tŚĞŶ ĐŝƌĐƵŵƐƚĂŶĐĞƐǁĂƌƌĂŶƚ͕ƚŚĞĂƉƚĂŝŶŽĨƚŚĞ^ĞƌǀŝĐĞƐŝǀŝƐŝŽŶŵĂǇŝŵŵĞĚŝĂƚĞůǇƐƵƐƉĞŶĚWƵůǀĞƌĨƌŽŵ ƚŚŝƐŐƌĞĞŵĞŶƚ͕ĂŶĚƐĞĞŬŽƚŚĞƌdŽǁƐĞƌǀŝĐĞƐ͕ƵŶƚŝůƚŚĞƐŝƚƵĂƚŝŽŶĐĂŶďĞƚŚŽƌŽƵŐŚůǇƌĞǀŝĞǁĞĚĂŶĚĂŶ ĂƉƉƌŽƉƌŝĂƚĞĂŶĚĨĂŝƌĚĞĐŝƐŝŽŶƌĞŶĚĞƌĞĚ͘ŶŝŶǀĞƐƚŝŐĂƚŝǀĞƐƵƐƉĞŶƐŝŽŶĂŶĚͬŽƌƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚŝƐ ĂŐƌĞĞŵĞŶƚŝƐŶŽƚĂƉƉĞĂůĂďůĞĂƚĂŶǇƉŽŝŶƚŝŶƚŚĞƉƌŽĐĞƐƐ͘WƵůǀĞƌƐŚĂůůŵĂŬĞĞǀĞƌǇĞĨĨŽƌƚƚŽƌĞƐŽůǀĞ ůĞŐŝƚŝŵĂƚĞĐůĂŝŵƐĨŽƌĚĂŵĂŐĞŽƌƚŚĞĨƚƚŚĂƚĂƌĞƌĞůĂƚĞĚƚŽƚŚĞƚŽǁŝŶŐĂŶĚͬŽƌƐƚŽƌĂŐĞŽĨĂǀĞŚŝĐůĞĂŶĚ ƐŚĂůůĚŽƐŽŝŶĂƚŝŵĞůǇŵĂŶŶĞƌ͘WƵůǀĞƌƐŚĂůůĞŶƐƵƌĞƚŚĂƚƚŽǁŽƉĞƌĂƚŽƌƐƉƌŽǀŝĚĞŽŶůǇƚŚŽƐĞƐĞƌǀŝĐĞƐ ƚŚĂƚĂƌĞŶĞĐĞƐƐĂƌǇŽƌƌĞƋƵĞƐƚĞĚĂŶĚƐŚĂůů͕ĂƚƚŚĞƚŝŵĞŽĨƚŚĞƚŽǁ͕ƉƌŽǀŝĚĞƚŚĞŽǁŶĞƌŽƌĚƌŝǀĞƌ;ŝĨ ƉƌĞƐĞŶƚĂƚƚŚĞƐĐĞŶĞͿŽĨƚŚĞǀĞŚŝĐůĞ͕ƚŚĞůŽĐĂƚŝŽŶǁŚĞƌĞƚŚĞǀĞŚŝĐůĞǁŝůůďĞƐƚŽƌĞĚ͕ĂĐŽƉǇŽĨƚŚĞ ĐƵƌƌĞŶƚƌĂƚĞƐĐŚĞĚƵůĞ͕ĂŶĚƚŚĞƚĞƌŵƐŽĨƚŚĞǀĞŚŝĐůĞƌĞĐŽǀĞƌǇ͕ĂŶĚƉŚŽŶĞŶƵŵďĞƌĨŽƌWƵůǀĞƌ͘ ϭϮ͘>ŝĂďŝůŝƚǇĂŶĚ/ŶĚĞŵŶŝĨŝĐĂƚŝŽŶ͘ ĂĐŚƉĂƌƚǇŝƐƐŽůĞůǇƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐƚ;ƐͿĂŶĚŽŵŝƐƐŝŽŶ;ƐͿŽĨŝƚƐ ŽǁŶŽĨĨŝĐĞƌƐ͕ĞŵƉůŽǇĞĞƐ͕ŽĨĨŝĐŝĂůƐ͕ĂŐĞŶƚƐ͕ĂŶĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͘dŽƚŚĞĞǆƚĞŶƚƉĞƌŵŝƚƚĞĚďǇůĂǁ͕ ĞĂĐŚƉĂƌƚǇĂŐƌĞĞƐƚŽŝŶĚĞŵŶŝĨǇƚŚĞŽƚŚĞƌƉĂƌƚǇĨƌŽŵĂŶǇĂŶĚĂůůĚĂŵĂŐĞƐ͕ůŝĂďŝůŝƚǇ͕ũƵĚŐŵĞŶƚƐ͕ ĐůĂŝŵƐ͕ĞǆƉĞŶƐĞƐ͕ĂƚƚŽƌŶĞǇĨĞĞƐ͕ĂŶĚĐŽƐƚƐƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇĂĐƚŽƌŽŵŝƐƐŝŽŶŽĨĂŶǇŽĨŝƚƐŽĨĨŝĐĞƌƐ͕ ĞŵƉůŽǇĞĞƐ͕ŽĨĨŝĐŝĂůƐ͕ĂŐĞŶƚƐ͕ŽƌƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͘ĂĐŚƉĂƌƚǇ͛ƐůŝĂďŝůŝƚǇ͕ŝĨĂŶǇ͕ŝƐůŝŵŝƚĞĚƵŶĚĞƌ DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϰϲϲ͕ĂŶĚŶŽƚŚŝŶŐƚŚŝƐŐƌĞĞŵĞŶƚŵĂǇďĞĚĞĞŵĞĚƚŽĐŽŶƐƚŝƚƵƚĞĂǁĂŝǀĞƌ ŽĨƚŚŽƐĞůŝŵŝƚƐ͘ ϭϯ͘ŽŶĨŝĚĞŶƚŝĂů/ŶĨŽƌŵĂƚŝŽŶ͘ /ƚŝƐƵŶĚĞƌƐƚŽŽĚƚŚĂƚƚŚŝƐĂŐƌĞĞŵĞŶƚĂŶĚŽƚŚĞƌŝƚǇƌĞĐŽƌĚƐĂƌĞƐƵďũĞĐƚƚŽ ƚŚĞDŝŶŶĞƐŽƚĂĂƚĂWƌĂĐƚŝĐĞƐĐƚĂŶĚŵĂǇďĞƐƵďũĞĐƚƚŽƉƵďůŝĐĚŝƐĐůŽƐƵƌĞ͘ ϭϰ͘ŝƚǇĂƵĚŝƚƐ ͘WƵůǀĞƌ͛ƐďŽŽŬƐ͕ƌĞĐŽƌĚƐ͕ĚŽĐƵŵĞŶƚƐ͕ĂŶĚĂĐĐŽƵŶƚŝŶŐƉƌŽĐĞĚƵƌĞƐĂŶĚƉƌĂĐƚŝĐĞƐƌĞůĞǀĂŶƚ ƚŽƚŚŝƐŐƌĞĞŵĞŶƚĂƌĞƐƵďũĞĐƚƚŽĞǆĂŵŝŶĂƚŝŽŶďǇƚŚĞŝƚǇ͕ĂƐĂƉƉƌŽƉƌŝĂƚĞ͕ĨŽƌĂŵŝŶŝŵƵŵŽĨƐŝǆǇĞĂƌƐ ĨƌŽŵƚŚĞĞŶĚŽĨƚŚĞŐƌĞĞŵĞŶƚ͕ŽƌĂƐŽƚŚĞƌǁŝƐĞĂůůŽǁĞĚďǇůĂǁ͘ ϭϱ͘/ŶĚĞƉĞŶĚĞŶƚŽŶƚƌĂĐƚŽƌ͘ /ƚŝƐŵƵƚƵĂůůǇƵŶĚĞƌƐƚŽŽĚĂŶĚĂŐƌĞĞĚƚŚĂƚƚŚĞƌĞůĂƚŝŽŶƐŚŝƉďĞƚǁĞĞŶƚŚĞ ƉĂƌƚŝĞƐŝƐƚŚĂƚŽĨŝŶĚĞƉĞŶĚĞŶƚĐŽŶƚƌĂĐƚŽƌ͘EĞŝƚŚĞƌƉĂƌƚǇŝƐƚŚĞĂŐĞŶƚ͕ĞŵƉůŽǇĞĞ͕ŽƌƐĞƌǀĂŶƚŽĨƚŚĞ ŽƚŚĞƌ͘ǆĐĞƉƚĂƐƐƉĞĐŝĨŝĐĂůůǇƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͕ŶĞŝƚŚĞƌƉĂƌƚǇƐŚĂůůŚĂǀĞŶŽƌĞǆĞƌĐŝƐĞĂŶǇĐŽŶƚƌŽůŽƌ ĚŝƌĞĐƚŝŽŶŽǀĞƌƚŚĞŵĞƚŚŽĚƐďǇǁŚŝĐŚƚŚĞŽƚŚĞƌƉĂƌƚǇƉĞƌĨŽƌŵƐǁŽƌŬŽƌŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐ ŐƌĞĞŵĞŶƚ͘&ƵƌƚŚĞƌ͕ŶŽƚŚŝŶŐŝŶƚŚŝƐŐƌĞĞŵĞŶƚŝƐŝŶƚĞŶĚĞĚƚŽĐƌĞĂƚĞĂŶǇƉĂƌƚŶĞƌƐŚŝƉ͕ũŽŝŶƚǀĞŶƚƵƌĞ͕ ůĞƐĞ͕ŽƌĞƋƵŝƚǇƌĞůĂƚŝŽŶƐŚŝƉ͕ĞǆƉƌĞƐƐůǇŽƌďǇŝŵƉůŝĐĂƚŝŽŶ͕ďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘ ϭϲ͘EŽƚŝĐĞƐ͘ WƵůǀĞƌŵƵƐƚƉƌŽǀŝĚĞĂůůŽĨĨŝĐŝĂůŶŽƚŝĐĞƐƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚďǇĞůĞĐƚƌŽŶŝĐŵĂŝůŽƌh͘^͘DĂŝů ĂĚĚƌĞƐƐĞĚƚŽƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚ͛ƐĂƉƚĂŝŶŽĨ^ĞƌǀŝĐĞƐĂƚϭϬϭϰ ƚŚ^ƚƌĞĞƚ^͕ZŽĐŚĞƐƚĞƌ͕ DEϱϱϵϬϰ͘dŚĞŝƚǇŵƵƐƚƉƌŽǀŝĚĞĂůůŽĨĨŝĐŝĂůŶŽƚŝĐĞƐƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚďǇĞůĞĐƚƌŽŶŝĐŵĂŝůŽƌh͘^͘ DĂŝůĂĚĚƌĞƐƐĞĚƚŽWƵůǀĞƌDŽƚŽƌ^ĞƌǀŝĐĞ>>͕ϲϬϳϳZŽŵĞŝƌĐůĞEt͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϭ͘ŝƚŚĞƌ ƉĂƌƚǇŵĂǇĚĞƐŝŐŶĂƚĞĂĚŝĨĨĞƌĞŶƚĂĚĚƌĞƐƐĞĞŽƌĂĚĚƌĞƐƐĂƚĂŶǇƚŝŵĞďǇŐŝǀŝŶŐǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞ ŽƚŚĞƌƉĂƌƚǇ͘EŽƚŝĐĞƚŚĂƚŝƐĚĞůŝǀĞƌĞĚďǇŵĂŝůŝƐĞĨĨĞĐƚŝǀĞƵƉŽŶŵĂŝůŝŶŐ͘EŽƚŝĐĞƚŚĂƚŝƐĚĞůŝǀĞƌĞĚďǇ ĞŵĂŝůŝƐĞĨĨĞĐƚŝǀĞƵƉŽŶƚƌĂŶƐŵŝƐƐŝŽŶ͘ ϭϳ͘ĂƚĂWƌĂĐƚŝĐĞƐ͘ ůůŝƚǇŐŽǀĞƌŶŵĞŶƚĚĂƚĂƚŚĂƚĂƌĞĐŽůůĞĐƚĞĚ͕ĐƌĞĂƚĞĚ͕ƌĞĐĞŝǀĞĚ͕ŽƌŵĂŝŶƚĂŝŶĞĚĂƐĂ ƌĞƐƵůƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚǁŝůůďĞŚĂŶĚůĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͕ ŝŶĐůƵĚŝŶŐ͕ďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͕ƚŚĞDŝŶŶĞƐŽƚĂ'ŽǀĞƌŶŵĞŶƚĂƚĂWƌĂĐƚŝĐĞƐĐƚ;͞D'W͟Ϳ͘ 3DFNHW3J )E ϭϴ͘'ĞŶĞƌĂůŽŵƉůŝĂŶĐĞǁŝƚŚ>ĂǁƐ͘ ŽƚŚƉĂƌƚŝĞƐǁŝůůĐŽŵƉůǇǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂů ůĂǁƐ͕ƐƚĂƚƵƚĞƐ͕ƌĞŐƵůĂƚŝŽŶƐ͕ƌƵůĞƐŽƌĚĞƌƐ͕ĂŶĚŽƌĚŝŶĂŶĐĞƐƚŚĂƚĂƌĞŶŽǁŝŶĞĨĨĞĐƚŽƌĞŶĂĐƚĞĚ͕ĂŵĞŶĚĞĚ͕ ŽƌƉƌŽŵƵůŐĂƚĞĚŶŽǁĂŶĚŝŶƚŚĞĨƵƚƵƌĞ͘ ϭϵ͘ƐƐŝŐŶŵĞŶƚ ͘EĞŝƚŚĞƌƉĂƌƚǇŵĂǇĂƐƐŝŐŶƚŚŝƐŐƌĞĞŵĞŶƚ͕ŽƌĂŶǇŽĨŝƚƐƌŝŐŚƚƐŽƌŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐ ŐƌĞĞŵĞŶƚ͕;ǁŚĞƚŚĞƌŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚĂŵĞƌŐĞƌ͕ĐŽŶƐŽůŝĚĂƚŝŽŶ͕ƐĂůĞ͕ŽƌŽƚŚĞƌǁŝƐĞͿǁŝƚŚŽƵƚƚŚĞ ŽƚŚĞƌWĂƌƚǇ͛ƐǁƌŝƚƚĞŶĐŽŶƐĞŶƚ͕ĂŶĚĂWĂƌƚǇ͛ƐĂƚƚĞŵƉƚƚŽƐŽĂƐƐŝŐŶŝƐŶƵůůĂŶĚǀŽŝĚĂŶĚŝƐĂĚĞĨĂƵůƚ 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ĐŽŶĚŝƚŝŽŶ͕ŶŽƌǁŝůůĂŶǇǁĂŝǀĞƌŽƌƌĞůŝŶƋƵŝƐŚŵĞŶƚŽĨĂŶǇƌŝŐŚƚŽƌƉŽǁĞƌĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐŐƌĞĞŵĞŶƚ ĂƚĂŶǇƚŝŵĞďĞĚĞĞŵĞĚƚŽďĞĂǁĂŝǀĞƌŽƌƌĞůŝŶƋƵŝƐŚŵĞŶƚŽĨĂŶǇƌŝŐŚƚŽƌƉŽǁĞƌĂƚĂŶǇŽƚŚĞƌƚŝŵĞ͘ ĂĐŚƉĂƌƚǇŝƐďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŝƚƐŽǁŶĐŽƐƚƐ͕ĞǆƉĞŶƐĞƐ͕ĂŶĚĂŶǇĂƚƚŽƌŶĞǇƐ͛ĨĞĞƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚŝƐ ŐƌĞĞŵĞŶƚĂŶĚĂŶǇƌĞůĂƚĞĚŵĂƚƚĞƌƐ͕ŝŶĐůƵĚŝŶŐĞŶĨŽƌĐĞŵĞŶƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘ Ϯϰ͘ƋƵĂůƌĂĨƚŝŶŐ͘ /ŶƚŚĞĞǀĞŶƚƚŚĂƚĞŝƚŚĞƌƉĂƌƚǇĂƐƐĞƌƚƐƚŚĂƚĂƉƌŽǀŝƐŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚŝƐ ĂŵďŝŐƵŽƵƐ͕ƚŚŝƐŐƌĞĞŵĞŶƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚƚŽŚĂǀĞďĞĞŶĚƌĂĨƚĞĚĞƋƵĂůůǇďǇƚŚĞWĂƌƚŝĞƐ͘ Ϯϱ͘ŚŽŝĐĞŽĨ>Ăǁ͕&ŽƌƵŵĂŶĚ^ĞǀĞƌĂďŝůŝƚǇ͘ dŚŝƐŐƌĞĞŵĞŶƚŝƐŐŽǀĞƌŶĞĚďǇƚŚĞůĂǁƐŽĨƚŚĞ^ƚĂƚĞŽĨ DŝŶŶĞƐŽƚĂ͘dŚĞƉĂƌƚŝĞƐĂŐƌĞĞƚŚĂƚƚŚĞDŝŶŶĞƐŽƚĂƐƚĂƚĞĂŶĚĨĞĚĞƌĂůĐŽƵƌƚƐǁŝůůŚĂǀĞĞǆĐůƵƐŝǀĞ ũƵƌŝƐĚŝĐƚŝŽŶŽǀĞƌĂŶǇĚŝƐƉƵƚĞĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘/ĨĂĐŽƵƌƚĚĞƚĞƌŵŝŶĞƐƚŚĂƚĂŶǇƉĂƌƚŽĨ 3DFNHW3J )E ƚŚŝƐŐƌĞĞŵĞŶƚŝƐƵŶůĂǁĨƵůŽƌƵŶĞŶĨŽƌĐĞĂďůĞ͕ƚŚĞƌĞŵĂŝŶŝŶŐƉŽƌƚŝŽŶƐŽĨƚŚĞŐƌĞĞŵĞŶƚǁŝůůƌĞŵĂŝŶ ŝŶĨƵůůĨŽƌĐĞĂŶĚĞĨĨĞĐƚ͘ Ϯϲ͘ĂƚĂŝƐĐůŽƐƵƌĞ͘ WƵůǀĞƌĐŽŶƐĞŶƚƐƚŽƚŚĞĚŝƐĐůŽƐƵƌĞƚŽƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚŝƚƐƐŽĐŝĂů ƐĞĐƵƌŝƚǇŶƵŵďĞƌ͕ĨĞĚĞƌĂůĞŵƉůŽǇĞƌƚĂǆŝĚĞŶƚŝĨŝĐĂƚŝŽŶŶƵŵďĞƌ͕ĂŶĚͬŽƌDŝŶŶĞƐŽƚĂƚĂǆŝĚĞŶƚŝĨŝĐĂƚŝŽŶ ŶƵŵďĞƌĨŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐĂŐƌĞĞŵĞŶƚ͘ Ϯϳ͘WĂǇŵĞŶƚƚŽƐƵďĐŽŶƚƌĂĐƚŽƌƐ͘ /ŶƚŚĞĞǀĞŶƚƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚĂŶĚWƵůǀĞƌŵƵƚƵĂůůǇ ĂŐƌĞĞƚŚĂƚƐƵďĐŽŶƚƌĂĐƚŝŶŐŝƐĂůůŽǁĞĚƵŶĚĞƌƚŚŝƐĂŐƌĞĞŵĞŶƚ͕WƵůǀĞƌŵƵƐƚƉĂǇĂůůƐƵďĐŽŶƚƌĂĐƚŽƌƐŝŶĂ ŵĂŶŶĞƌĂĐĐĞƉƚĂďůĞƚŽƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚ͘ Ϯϴ͘dĞƌŵŝŶĂƚŝŽŶ͘ dŚĞŝƚǇ͕ĂĐƚŝŶŐƚŚƌŽƵŐŚŝƚƐƉŽůŝĐĞĚĞƉĂƌƚŵĞŶƚ͕ŵĂǇĐĂŶĐĞůƚŚŝƐŐƌĞĞŵĞŶƚĂƚĂŶǇ ƚŝŵĞ͕ǁŝƚŚŽƌǁŝƚŚŽƵƚĐĂƵƐĞ͕ƵƉŽŶϲϬĚĂǇƐǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽWƵůǀĞƌ͘hƉŽŶƚĞƌŵŝŶĂƚŝŽŶ͕WƵůǀĞƌǁŝůůďĞ ĞŶƚŝƚůĞĚƚŽƉĂǇŵĞŶƚĨŽƌƐĞƌǀŝĐĞƐƐĂƚŝƐĨĂĐƚŽƌŝůǇƉĞƌĨŽƌŵĞĚǁŝƚŚŝŶƐŝǆƚǇ;ϲϬͿĚĂǇƐ͘dĞƌŵŝŶĂƚŝŽŶŵĂǇ ĂůƐŽŽĐĐƵƌďǇŵƵƚƵĂůǁƌŝƚƚĞŶĂŐƌĞĞŵĞŶƚŽĨƚŚĞƉĂƌƚŝĞƐ͘hƉŽŶƚĞƌŵŝŶĂƚŝŽŶ͕ŶĞŝƚŚĞƌƉĂƌƚǇƐŚĂůůŚĂǀĞ ĂŶǇĨƵƌƚŚĞƌŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚĞǆĐĞƉƚĨŽƌƚŚŽƐĞĂĐĐƌƵŝŶŐƉƌŝŽƌƚŽƚŚĞĚĂƚĞŽĨ ƚĞƌŵŝŶĂƚŝŽŶ͘ Ϯϵ͘dĞƌŵŝŶĂƚŝŽŶĨŽƌŝŶƐƵĨĨŝĐŝĞŶƚĨƵŶĚŝŶŐ͘ dŚĞŝƚǇ͕ĂĐƚŝŶŐƚŚƌŽƵŐŚŝƚƐƉŽůŝĐĞĚĞƉĂƌƚŵĞŶƚ͕ŵĂǇƚĞƌŵŝŶĂƚĞ ƚŚŝƐŐƌĞĞŵĞŶƚŝĨĨƵŶĚŝŶŐĐĂŶŶŽƚďĞĐŽŶƚŝŶƵĞĚĂƚĂůĞǀĞůƐƵĨĨŝĐŝĞŶƚƚŽĂůůŽǁĨŽƌƚŚĞƉĂǇŵĞŶƚŽĨƚŚĞ ƐĞƌǀŝĐĞƐĐŽǀĞƌĞĚŚĞƌĞ͘dĞƌŵŝŶĂƚŝŽŶŵƵƐƚďĞďǇǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽWƵůǀĞƌ͘ ϯϬ͘ŶƚŝƌĞŐƌĞĞŵĞŶƚ͕ŚĂŶŐĞƐ͕ĂŶĚĨĨĞĐƚ͘ dŚŝƐŐƌĞĞŵĞŶƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶ WƵůǀĞƌĂŶĚƚŚĞŝƚǇƌĞŐĂƌĚŝŶŐdŽǁƐĞƌǀŝĐĞƐ͘dŚŝƐŐƌĞĞŵĞŶƚƐƵƉĞƌƐĞĚĞƐĂŶǇŝŶĐŽŶƐŝƐƚĞŶƚƐƚĂƚĞŵĞŶƚƐ ŽƌƉƌŽŵŝƐĞƐŵĂĚĞďǇĞŝƚŚĞƌƉĂƌƚǇ͘dŚŝƐŐƌĞĞŵĞŶƚĂůƐŽƐƵƉĞƌƐĞĚĞƐĂŶĚƚĞƌŵŝŶĂƚĞƐĂŶǇƉƌŝŽƌŽƌ ĞǆŝƐƚŝŶŐĂŐƌĞĞŵĞŶƚƐŽƌĐŽŶƚƌĂĐƚƐƌĞŐĂƌĚŝŶŐƚŚĞƐĂŵĞŽƌĂŶǇƐŝŵŝůĂƌƐƵďũĞĐƚŵĂƚƚĞƌ͘EĞŝƚŚĞƌƉĂƌƚǇ ŚĂƐƌĞůŝĞĚƵƉŽŶĂŶǇƐƚĂƚĞŵĞŶƚƐ͕ƉƌŽŵŝƐĞƐ͕ĂŐƌĞĞŵĞŶƚƐ͕ŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐƚŚĂƚĂƌĞŶŽƚƐƚĂƚĞĚŝŶƚŚŝƐ ŐƌĞĞŵĞŶƚ͘EŽĐŚĂŶŐĞƐƚŽƚŚŝƐŐƌĞĞŵĞŶƚĂƌĞǀĂůŝĚƵŶůĞƐƐƚŚĞǇĂƌĞŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďǇďŽƚŚ ƉĂƌƚŝĞƐ͘ĐŽƉǇŽĨƚŚŝƐŐƌĞĞŵĞŶƚŚĂƐƚŚĞƐĂŵĞůĞŐĂůĞĨĨĞĐƚĂƐƚŚĞŽƌŝŐŝŶĂů͘ /Et/dE^^t,ZK& ͕ƚŚĞƉĂƌƚŝĞƐŚĂǀĞĞŶƚĞƌĞĚŝŶƚŽƚŚŝƐŐƌĞĞŵĞŶƚŽŶƚŚĞĚĂƚĞƐƌĞĐŽƌĚĞĚďǇƚŚĞŝƌ ƐŝŐŶĂƚƵƌĞ͘ǇƐŝŐŶŝŶŐďĞůŽǁ͕ĞĂĐŚƉĂƌƚǇƐƉĞĐŝĨŝĐĂůůǇĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚŝƚŚĂƐƌĞĂĚƚŚŝƐŐƌĞĞŵĞŶƚĂŶĚƚŚĂƚ ŝƚƵŶĚĞƌƐƚĂŶĚƐĂŶĚǀŽůƵŶƚĂƌŝůǇĂŐƌĞĞƐƚŽďĞůĞŐĂůůǇďŽƵŶĚďǇĂůůƚĞƌŵƐŽĨƚŚĞŐƌĞĞŵĞŶƚ͘ /dzK&ZK,^dZ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ DĂǇŽƌĂƚĞ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ŝƚǇůĞƌŬĂƚĞ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ŚŝĞĨŽĨWŽůŝĐĞĂƚĞ 3DFNHW3J )E WƵůǀĞƌDŽƚŽƌ^ĞƌǀŝĐĞ>>͘ Ǉ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ EĂŵĞ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ /ƚƐ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ 3DFNHW3J )E ƚƚĂĐŚŵĞŶƚͲ ZĂƚĞ^ŚĞĞƚĨŽƌZŽĐŚĞƐƚĞƌWŽůŝĐĞ ^ƚĂŶĚĂƌĚ/ŵƉŽƵŶĚdŽǁΨϭϬϬ͘ϬϬ;ƐĂŵĞƉƌŝĐĞĨŽƌĨůĂƚďĞĚĂŶĚƚŽǁƚƌƵĐŬƐͿ EŝŐŚƚdŽǁͲEŽĞǆƚƌĂĐŚĂƌŐĞĨŽƌĂĨƚĞƌŚŽƵƌƐƚŽǁŝŶŐ ,ĞĂǀǇƵƚǇdŽǁΨϮϱϬ͘ϬϬ ,ĞĂǀǇƵƚǇdŽǁĞǆƚƌĂƐʹWƵůůƌŝǀĞ>ŝŶĞΨϱϬŝƌƵƉΨϱϬ ŽůůǇ&ĞĞΨϱϬ͘ϬϬ ZĞĐŽǀĞƌǇKƉĞƌĂƚŝŽŶƐtŝŶĐŚŝŶŐΨϳϱ͘ϬϬ;ůĞƐƐƚŚĂŶϮϬŵŝŶƵƚĞƐͿΨϯϱ͘ϬϬĞĂĐŚĂĚĚŝƚŝŽŶĂůϯϬŵŝŶƵƚĞƐ ^ƚĂŶĚďǇdŝŵĞŶŽĐŚĂƌŐĞĨŽƌƚŚĞϭϯϬŵŝŶƵƚĞƐΨϯϱ͘ϬϬĨŽƌĞĂĐŚĂĚĚŝƚŝŽŶĂůϯϬŵŝŶƵƚĞƐ Ɛƚ DŝůĞĂŐĞ&ĞĞŶŽĐŚĂƌŐĞĨŽƌŵŝůĞĂŐĞŝŶƚŚĞĐŝƚǇůŝŵŝƚƐΨϰ͘ϬϬƉĞƌůŽĂĚĞĚŵŝůĞŽƵƚƐŝĚĞƚŚĞĐŝƚǇůŝŵŝƚƐ ĂŝůǇ^ƚŽƌĂŐĞŝŶƐŝĚĞΨϲϬ͘ϬϬ ĂŝůǇ^ƚŽƌĂŐĞŽƵƚƐŝĚĞΨϰϬ͘ϬϬ ĨƚĞƌ,ŽƵƌƐͬ,ŽůŝĚĂǇZĞůĞĂƐĞ&ĞĞͲŶŽŐĂƚĞĨĞĞƐŽƌĞǆƚƌĂĐŚĂƌŐĞƐ tƌĂƉĨŽƌǁŝŶĚŽǁƐΨϭϱĞĂĐŚǁŝŶĚŽǁ;ƵƐĞĚŝŶƚŚĞĞǀĞŶƚƚŚĞǁŝŶĚŽǁŝƐĚŽǁŶŽƌďƌŽŬĞŶŽƵƚͿ ůĞĂŶhƉƵŶĚĞƌϯϬŵŝŶƵƚĞƐΨϰϬ͘ϬϬͲĞĂĐŚĂĚĚŝƚŝŽŶĂůϭϱŵŝŶƵƚĞƐΨϭϱ͘ϬϬŝƐƉŽƐĂůŽĨĐŽŶƚĂŵŝŶĂƚĞĚ ĂďƐŽƌďĂŶĐĞƐĂŶĚĚĞďƌŝƐŵĂǇǀĞƌǇďĂƐĞĚŽŶƚŚĞƐŝƚƵĂƚŝŽŶ ŝƐƉŽƐĂůŽĨhŶĐůĂŝŵĞĚǀĞŚŝĐůĞƐͲĐŚĂƌŐĞǁŝůůďĞĐŽǀĞƌĞĚďǇĂƵƚŽƌĞĐǇĐůŝŶŐĐĞŶƚĞƌ ^ƚĂŶĚĂƌĚ^ƋƵĂĚƚŽǁƐΨϳϬ͘ϬϬĨůĂƚƌĂƚĞŶŽĞǆƚƌĂĐŚĂƌŐĞĨŽƌĨůĂƚďĞĚ ^ĞƌǀŝĐĞĂůůƐƵŶůŽĐŬ͕&ƵĞůĚĞůŝǀĞƌǇ͕dŝƌĞĐŚĂŶŐĞ͕:ƵŵƉ^ƚĂƌƚƐͲΨϱϬ͘ϬϬĐŽƐƚŽĨ&ƵĞůŝƐĞǆƚƌĂďĂƐĞĚŽĨƉƌŝĐĞĂƚ ƚŚĞƉƵŵƉ͘ ĐĐŝĚĞŶƚĂŶĚŚĞĂǀǇĚƵƚǇƌĞĐŽǀĞƌǇƌĂƚĞƐǀĞƌǇŽŶƚŚĞƐĞǀĞƌŝƚǇŽĨƚŚĞƐŝƚƵĂƚŝŽŶ͘KƵƌƌĂƚĞƐĂƌĞďĂƐĞĚŽĨĨŽĨ ĞƋƵŝƉŵĞŶƚƵƐĞĚĂŶĚďŝůůĞĚďǇƚŚĞŚŽƵƌ͘WƵůǀĞƌƌĂƚĞƐĂƌĞĐŽŶƐŝƐƚĞŶƚůǇƵŶĚĞƌƚŚĞƐƚĂƚĞĂŶĚŶĂƚŝŽŶĂů ĂǀĞƌĂŐĞƐ͘ 3DFNHW3J )E ƚƚĂĐŚŵĞŶƚʹ ZĂƚĞ^ŚĞĞƚĨŽƌƌĂƐŚͬĐĐŝĚĞŶƚƐ ^ƚĂŶĚĂƌĚĂƐĞĂĐĐŝĚĞŶƚͬĐƌĂƐŚĨĞĞͲΨϯϬϬ͘ϬϬ;ƐĂŵĞƉƌŝĐĞĨŽƌĨůĂƚďĞĚĂŶĚƚŽǁƚƌƵĐŬƐͿ EŝŐŚƚdŽǁͲEŽĞǆƚƌĂĐŚĂƌŐĞĨŽƌĂĨƚĞƌŚŽƵƌƐĂĐĐŝĚĞŶƚƐ ŽůůǇ&ĞĞΨϱϬ͘ϬϬ ,ŽŽŬhƉ&ĞĞͲŚŽŽŬƵƉĨĞĞƐŵĂǇďĞĂƉƉůŝĞĚŝĨƚŚĞǀĞŚŝĐůĞƌĞƋƵŝƌĞƐƐƉĞĐŝĂůĞƋƵŝƉŵĞŶƚŽƌƐƉĞĐŝĂůƉƌŽĐĞƐƐĞƐ ƚŽƉƌĞǀĞŶƚĚĂŵĂŐĞƐƚŽƚŚĞǀĞŚŝĐůĞ͘,ŽŽŬƵƉĨĞĞƐƐƚĂƌƚĂƚΨϱϬ͘ϬϬǁŚĞŶĂƉƉůŝĐĂďůĞ ZŽůůŽǀĞƌͲ&ĞĞƐĂƌĞďĂƐĞĚŽŶǁŚĂƚƌŝŐŐŝŶŐĂŶĚĞƋƵŝƉŵĞŶƚŝƐƵƐĞĚĂŶĚƚŚĞƐŝǌĞŽĨƚŚĞǀĞŚŝĐůĞ͘ůůĐŚĂƌŐĞƐ ǁŝůůŚĂǀĞĂďƌĞĂŬĚŽǁŶĨŽƌũƵƐƚŝĨŝĐĂƚŝŽŶ;ĨĞĞƐƌĂŶŐĞĨƌŽŵΨϮϬϬ͘ϬϬƚŽΨϲϱϬ͘ϬϬͿZd/^EKd&KZϮϲ͕ϬϬϬ 'stsĞŚŝĐůĞƐ ZĞĐŽǀĞƌǇKƉĞƌĂƚŝŽŶƐtŝŶĐŚŝŶŐͲΨϳϱ͘ϬϬ;ůĞƐƐƚŚĂŶϮϬŵŝŶƵƚĞƐͿΨϯϱ͘ϬϬĞĂĐŚĂĚĚŝƚŝŽŶĂůϯϬŵŝŶƵƚĞƐ ^ƚĂŶĚďǇdŝŵĞŶŽĐŚĂƌŐĞĨŽƌƚŚĞϭ ƐƚϯϬŵŝŶƵƚĞƐΨϯϱ͘ϬϬĨŽƌĞĂĐŚĂĚĚŝƚŝŽŶĂůϯϬŵŝŶƵƚĞƐ DŝůĞĂŐĞ&ĞĞͲΨϰ͘ϬϬƉĞƌůŽĂĚĞĚŵŝůĞ ĂŝůǇ^ƚŽƌĂŐĞŝŶƐŝĚĞΨϲϱ͘ϬϬ ĂŝůǇ^ƚŽƌĂŐĞŽƵƚƐŝĚĞΨϱϬ͘ϬϬ ĨƚĞƌ,ŽƵƌƐͬ,ŽůŝĚĂǇZĞůĞĂƐĞ&ĞĞͲŶŽŐĂƚĞĨĞĞƐŽƌĞǆƚƌĂĐŚĂƌŐĞƐ tƌĂƉĨŽƌǁŝŶĚŽǁƐΨϭϱĞĂĐŚǁŝŶĚŽǁ;ƵƐĞĚŝŶƚŚĞĞǀĞŶƚƚŚĞǁŝŶĚŽǁŝƐĚŽǁŶŽƌďƌŽŬĞŶŽƵƚͿ ůĞĂŶhƉƵŶĚĞƌϯϬŵŝŶƵƚĞƐΨϰϬ͘ϬϬͲĞĂĐŚĂĚĚŝƚŝŽŶĂůϭϱŵŝŶƵƚĞƐΨϭϱ͘ϬϬŝƐƉŽƐĂůŽĨĐŽŶƚĂŵŝŶĂƚĞĚ ĂďƐŽƌďĂŶĐĞƐĂŶĚĚĞďƌŝƐŵĂǇǀĞƌǇďĂƐĞĚŽŶƚŚĞƐŝƚƵĂƚŝŽŶ͕ĂĚĚŝƚŝŽŶĂůĐŚĂƌŐĞƐŵĂǇĂƉƉůǇŝĨƚƌƵĐŬƐĂŶĚ ŐĞĂƌŶĞĞĚƚŽďĞĐůĞĂŶĞĚĂĨƚĞƌƚƌĂŶƐƉŽƌƚŝŶŐĂǀĞŚŝĐůĞƚŚĂƚǁĂƐůĞĂŬŝŶŐĨůƵŝĚ͘ ^ĞůĚŽŵĂĚĚĞĚĨĞĞƐ ĚŵŝŶŝƐƚƌĂƚŝŽŶ&ĞĞͲŝĨĂĚŵŝŶŝƐƚƌĂƚŝŽŶŚĂƐƚŽƚĂŬĞƉŚŽƚŽƐŽƌĞŵĂŝůŝŶĨŽƌŵĂƚŝŽŶƚŽŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶŝĞƐĂ ĨĞĞŵĂǇďĞĂĚĚĞĚĨŽƌƚŚŝƐƐĞƌǀŝĐĞ͘;ĂǀŐĐŽƐƚŝƐΨϭϱ͘ϬϬͿŝŶƐŽŵĞĐĂƐĞƐŵĂŶǇƉŚŽŶĞĐĂůůƐŽƌĞŵĂŝůƐŚĂǀĞƚŽ ďĞƐĞŶƚƚŽĂĚũƵƐƚĞƌƐƚŽŚĞůƉƐĞƚƚůĞĂĐƌĂƐŚĐůĂŝŵƚŚĞŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶǇŝƐŵĂĚĞĂǁĂƌĞŽĨƚŚĞĐŚĂƌŐĞĨŽƌ ƚŚĞƐĞƌǀŝĐĞƉƌŽǀŝĚĞĚ͘;^ŽŵĞŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶŝĞƐĚŽŶŽƚƐĞŶĚŽƵƚĂĚũƵƐƚĞƌƐĂŶĚĂƐŬĨŽƌƉŚŽƚŽƐͿ ^ĂĨĞƚǇŽŽƌĚŝŶĂƚŽƌ&ĞĞͲŝŶƐŽŵĞĐĂƐĞƐĞǆƚƌĂƚƌƵĐŬƐ͕ĐŽŶĞƐĂŶĚƚƌĂĨĨŝĐŝŶĐŝĚĞŶƚŵĂŶĂŐĞŵĞŶƚĞƋƵŝƉŵĞŶƚ ŵĂǇďĞƵƐĞĚƚŽƉƌŽǀŝĚĞĂƐĂĨĞǁŽƌŬƐƉĂĐĞĂƚĂĐƌĂƐŚ͘&ĞĞƐǁŝůůďĞďĂƐĞĚŽŶĞƋƵŝƉŵĞŶƚĂŶĚŵĂŶŚŽƵƌƐ͘ ;ĂǀŐĐŚĂƌŐĞŝƐΨϱϬ͘ϬϬͿ 3DFNHW3J )E &ƵĞů^ƵƌĐŚĂƌŐĞ&ĞĞͲǁŚĞŶĨƵĞůƉƌŝĐĞƐĂƚƚŚĞƉƵŵƉĞǆĐĞĞĚƚŚĞƉƌŝĐĞƐĞƚŝŶŽƵƌƉƌŝĐŝŶŐŵĂƚƌŝǆďǇϮϱйĂ &ƵĞůƐƵƌĐŚĂƌŐĞĨĞĞǁŝůůďĞĂĚĚĞĚƚŽƚŚĞŝŶǀŽŝĐĞ;ĂǀŐ͘ĐŽƐƚĨŽƌĂĐƌĂƐŚŝƐΨϱ͘ϬϬͿ ŝƐƉŽƐĂůŽĨhŶĐůĂŝŵĞĚǀĞŚŝĐůĞƐͲŝŶŵŽƐƚĐĂƐĞƐƚŚĞĐŚĂƌŐĞǁŝůůďĞĐŽǀĞƌĞĚďǇƚŚĞĂƵƚŽƌĞĐǇĐůŝŶŐĐĞŶƚĞƌ͘/Ŷ ƐŽŵĞĐĂƐĞƐƚŚĞŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶǇǁŝůůĂŐƌĞĞƚŽƉĂǇĂĚŝƐƉŽƐĂůĨĞĞŝĨƚŚĞǀĞŚŝĐůĞŚĂƐŶŽƐĂůǀĂŐĞǀĂůƵĞ ĂŶĚǁŽƵůĚĐŽƐƚƚŚĞŵŵŽƌĞƚŽƚƌĂŶƐƉŽƌƚƚŽĂĂƵĐƚŝŽŶĐĞŶƚĞƌ͘ tĂƚĞƌƌĞĐŽǀĞƌǇͲƌĂƚĞƐĂƌĞďĂƐĞƐŽŶƐĞǀĞƌŝƚǇŽĨƚŚĞƐŝƚƵĂƚŝŽŶĂŶĚǁŚĂƚĞƋƵŝƉŵĞŶƚŝƐƵƐĞĚƚŽƌĞĐŽǀĞƌƚŚĞ ǀĞŚŝĐůĞ͘ďƌĞĂŬĚŽǁŶŽĨĞƋƵŝƉŵĞŶƚĂŶĚŵĂŶŚŽƵƌƐǁŽƵůĚďĞƉƌŽǀŝĚĞĚ͘ ĐĐŝĚĞŶƚͬƌĂƐŚƌĞĐŽǀĞƌǇƌĂƚĞƐǀĞƌǇŽŶƚŚĞƐĞǀĞƌŝƚǇŽĨƚŚĞƐŝƚƵĂƚŝŽŶ͘KƵƌƌĂƚĞƐĂƌĞďĂƐĞĚŽĨĨŽĨ ĞƋƵŝƉŵĞŶƚƵƐĞĚĂŶĚďŝůůĞĚďǇƚŚĞŚŽƵƌ͘WƵůǀĞƌƌĂƚĞƐĂƌĞĐŽŶƐŝƐƚĞŶƚůǇƵŶĚĞƌƚŚĞƐƚĂƚĞĂŶĚŶĂƚŝŽŶĂů ĂǀĞƌĂŐĞƐ͘KƵƌďĂƐĞƌĂƚĞƐĂƌĞƵƐĞĚĂƐĂŐƵŝĚĞůŝŶĞĂŶĚĂƌĞƐƵďũĞĐƚƚŽĐŚĂŶŐĞŝŶĞǆƚƌĞŵĞƐŝƚƵĂƚŝŽŶƐ͘ 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