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)E ' EZ>KE/d/KE^ dZDK&KEdZd $57,&/( dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĞĨĨĞĐƚŝǀĞƵƉŽŶƚŚĞĚĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ŽƌƵƉŽŶĞǆĞĐƵƚŝŽŶĂŶĚĂƉƉƌŽǀĂůďǇƚŚĞ $ ĂƉƉƌŽƉƌŝĂƚĞ/dzŽĨĨŝĐŝĂůƐ͕ƉƵƌƐƵĂŶƚƚŽŝƚǇŽĨZŽĐŚĞƐƚĞƌ,ŽŵĞZƵůĞŚĂƌƚĞƌ͕ĂŶĚƚŚĞĂƉƉƌŽƉƌŝĂƚĞE'/EZŽĨĨŝĐŝĂůƐ͕ ǁŚŝĐŚĞǀĞƌĞǀĞŶƚŽĐĐƵƌƐůĂƚĞƌ͘dŚŝƐŽŶƚƌĂĐƚǁŝůůƌĞŵĂŝŶŝŶĞĨĨĞĐƚƵŶƚŝůƚŚĞǆƉŝƌĂƚŝŽŶĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ ŽƌƵŶƚŝůĂůůŽďůŝŐĂƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĨƵůĨŝůůĞĚ͕ǁŚŝĐŚĞǀĞƌĞǀĞŶƚŽĐĐƵƌƐĨŝƌƐƚ͘ &ŽƌĚĞůĂǇƐĞŶĐŽƵŶƚĞƌĞĚƚŚĂƚĂƌĞďĞǇŽŶĚE'/EZ͛ƐĐŽŶƚƌŽů͕ĂŶĚƵƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚĨƌŽŵE'/EZ͕ƚŚĞ/dzΖƐ % ƵƚŚŽƌŝǌĞĚŐĞŶƚŵĂǇĞǆƚĞŶĚƚŚĞtŽƌŬŽŵƉůĞƚŝŽŶĂƚĞ͕ĂƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞůĞŶŐƚŚŽĨƐƵĐŚƚŝŵĞĞǆƚĞŶƐŝŽŶǁŝůůďĞĚ ĞƚĞƌŵŝŶĞĚďǇƚŚĞ/dz͛ƐŐĞŶƚ͘ /ƚǁŝůůďĞE'/EZ͛ƐƌĞƐƉŽŶƐŝďŝůŝƚǇƚŽƌĞĂƐŽŶĂďůǇŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ŝŶǁƌŝƚŝŶŐ͕ŝĨE'/EZŚĂƐƌĞĂƐŽŶƚŽ & ďĞůŝĞǀĞƚŚĞƉƌŽũĞĐƚǁŝůůŶŽƚďĞĐŽŵƉůĞƚĞĚĂƐƐĐŚĞĚƵůĞĚ͘/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĂĚũƵƐƚƚŚĞ ƐĐŚĞĚƵůĞĂŶĚĨŝŶĂůĐŽƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐƵĐŚĚĞůĂǇƐ͕ŝŶǁƌŝƚŝŶŐ͕ǁŝƚŚŝŶƚŚĞƚĞƌŵƐŽĨƚŚĞŽŶƚƌĂĐƚ͘ 'KsZE/E'>t͕:hZ/^/d/KE͕EsEh $57,&/( dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞŝŶƚĞƌƉƌĞƚĞĚƉƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ>Ăǁ͘ŶǇĐŝƚĂƚŝŽŶƚŽĨĞĚĞƌĂůŽƌƐƚĂƚĞůĂǁŝŶĐŽƌƉŽƌĂƚĞƐƚŚĞ $ ůĂŶŐƵĂŐĞŽĨƚŚĂƚůĂǁŝŶƚŽƚŚŝƐŽŶƚƌĂĐƚĂƐŝĨĨƵůůǇƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͘sĞŶƵĞĨŽƌĂůůůĞŐĂůƉƌŽĐĞĞĚŝŶŐƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŽƌďƌĞĂĐŚ͕ǁŝůůďĞŝŶƚŚĞĂƉƉůŝĐĂďůĞƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶKůŵƐƚĞĚŽƵŶƚǇ͕ DŝŶŶĞƐŽƚĂ͘ dZD^K&'EZ>KE/d/KE^ $57,&/( ŶǇĂŶĚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨŽƌĐĞƵŶůĞƐƐƚŚĞǇĂƌĞƐƉĞĐŝĨŝĐĂůůǇĂŶĚĚĞůŝďĞƌĂƚĞůǇ $ ĐĂŶĐĞůĞĚŽƌŵŽĚŝĨŝĞĚ͕ŝŶǁƌŝƚŝŶŐ͕ďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŽƚŚĞĞǆƚĞŶƚŽĨĂŶǇŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ % ǁŝůůĐŽŶƚƌŽů͘DŝŶŶĞƐŽƚĂ>ĂǁƐƵƉĞƌƐĞĚĞƐĂŶǇŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ dZD^K&WzDEd $57,&/( ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůĂŶĚ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůǇ $ ƐƵƉƉůŝĞĚďǇE'/EZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďǇ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͕Zd/>ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂǇŵĞŶƚ͘͟ /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶǇƚŝŵĞƚŚĂƚE'/EZǁŝůůĞǆĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ % ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůǇŵĂŶŶĞƌ͘E'/EZŵĂǇŶŽƚďĞ ĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞǆĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůǇĞǆĞĐƵƚĞĚ͕ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚďĞǇŽŶĚƚŚĂƚ͕ǁŚŝĐŚŝƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌ ǁƌŝƚƚĞŶĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďǇ/dz͕ŵĂǇďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌǇĂŶĚE'/EZŵĂǇŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌ ƚŚĞĞǆƚƌĂǁŽƌŬ͘ /ĨE'/EZĐůĂŝŵƐĂŶǇŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌĐŽŶĚŝƚŝŽŶƐĞǆŝƐƚƚŚĂƚĐĂƵƐĞĞǆƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ & E'/EZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶǇĞǆƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐϮϬĂůĞŶĚĂƌĚĂǇƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶŽƌŽďƐĞƌǀĂŶĐĞ ŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ŶǇĐůĂŝŵŵĂĚĞ ĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂǇďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶĂŵĞŶĚŵĞŶƚƚŽ ƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůǇĂƉƉƌŽǀĞĚĂŶĚĞǆĞĐƵƚĞĚďǇƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚE'/EZΖƐŽǁŶƌŝƐŬ͘ ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐĂĐƚƵĂůůǇĂŶĚŶĞĐĞƐƐĂƌŝůǇŝŶĐƵƌƌĞĚďǇE'/EZĂƐĂƌĞƐƵůƚŽĨ ' ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞǆĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘E'/EZǁŝůůďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͘ *& 3DFNHW3J )E WZKhZ&KZWzDEd $57,&/( WĂǇŵĞŶƚƐǁŝůůďĞŵĂĚĞďǇ/dzǁŝƚŚŝŶϯϬĚĂǇƐŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐ͕ƉƌŽƉĞƌůǇ $ ƉƌĞƉĂƌĞĚ͕ĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐĐŽŶƚƌĂĐƚ͘/dzƐŚĂůůŶŽƚŝĨǇE'/EZŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂǇƐ ŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞǇďĞůŝĞǀĞƚŚĞƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐ ǁĞƌĞŶŽƚƉƌŽƉĞƌůǇƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĐŽŶƚƌĂĐƚ͘ /ŶǀŽŝĐĞƐĨŽƌƉĂǇŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďǇE'/EZŵŽŶƚŚůǇƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶƚŚĞĨŽƌŵƉƌĞƐĐƌŝďĞĚďǇ % /dz͘ƐĂŵƉůĞŝŶǀŽŝĐĞĨŽƌŵĂƚŝƐĂƚƚĂĐŚĞĚƚŽƚŚŝƐ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͘/ŶǀŽŝĐĞƐŵƵƐƚŝĚĞŶƚŝĨǇƚŚĞĐŽƐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚĂŶĚŵƵƐƚƐĂƚŝƐĨǇƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ &ŽƌůƵŵƉƐƵŵĂŶĚŽƚŚĞƌĐŽŶƚƌĂĐƚƐ͗ ϭ͘ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůǇŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐ ĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚE'/EZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚ ĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶǇƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚƉĂǇŵĞŶƚ͘ &ŽƌŽƚŚĞƌĐŽŶƚƌĂĐƚƐŽŶůǇ͗ ϯ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝǌĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐĂƌĞƉƌŽƉĞƌůǇ ĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂƌĞĂŶǇĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐĚŝƌĞĐƚůǇƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬ ŽĨƚŚĞE'/EZ͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ ϰ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ ŝƌĞĐƚƐĂůĂƌǇĐŽƐƚƐŽĨĞŵƉůŽǇĞĞƐΖƚŝŵĞĚŝƌĞĐƚůǇĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ D dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨǇŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽǇĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂǇ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂǇŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽǇĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ E ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽǇĞĞΖƐŶĂŵĞ͕ŚŽƵƌůǇ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂǇƉĞƌŝŽĚ͘ /ĨE'/EZŝƐĂƵƚŚŽƌŝǌĞĚďǇ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶǇƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕E'/EZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ & ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚΖƐŽŶƚƌĂĐƚ͕ĂŶĚE'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůǇƉĂǇŵĞŶƚďǇE'/EZŽĨƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂǇŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞ ƐƵďĐŽŶƚƌĂĐƚŽƌŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ E'/EZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƚƌĂĐƚŽƌƐΖŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ' ĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzDEd $57,&/( ůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĞƌĨŽƌŵĞĚŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚ $ ƚŚĂƚĚĞŐƌĞĞŽĨĐĂƌĞĂŶĚƐŬŝůůŽƌĚŝŶĂƌŝůǇĞǆĞƌĐŝƐĞĚďǇŵĞŵďĞƌƐŽĨƚŚĞƐĂŵĞƉƌŽĨĞƐƐŝŽŶĐƵƌƌĞŶƚůǇƉƌĂĐƚŝĐŝŶŐƵŶĚĞƌƐŝŵŝůĂƌ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͘E'/EZŵĂŬĞƐŶŽǁĂƌƌĂŶƚŝĞƐ͕ĞǆƉƌĞƐƐĞĚŽƌŝŵƉůŝĞĚ͕ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŽƌŽƚŚĞƌǁŝƐĞ͕ŝŶĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚE'/EZ͛ƐƐĞƌǀŝĐĞƐdŚĞE'/EZĞŶĚĞĂǀŽƌƐƚŽĐŽŵƉůǇǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďǇĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐ͘ E'/EZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂǇŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ % ƌĞŐƵůĂƚŝŽŶƐ͘ ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďǇƉƌŽŐƌĞƐƐƉĂǇŵĞŶƚƐŵĂĚĞďǇ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚǇŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ & ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐE'/EZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂǇŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶǇĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞE'/EZ͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ *& 3DFNHW3J )E ƐŚĂůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞ ĞǆƚĞŶƚŽĨƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞE'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶǇǁĂǇƚŽƌĞůŝĞǀĞE'/EZĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐĞƌǀŝĐĞƐ ' ĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞǆĐĞĞĚƚŚĂƚŝƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ ^^/'EDEd $57,&/(ĞůĂǇĞĚŝŶĂŶǇǁĂǇĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ % ŽĨE'/EZ͘ŶǇĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůǇĂŶĚĨƵůůǇĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ŚĂŶŐĞƐŝŶƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚŽƌƚŚĞŽŶƚƌĂĐƚǆƉŝƌĂƚŝŽŶĂƚĞĂƌĞŶŽƚƉĞƌŵŝƚƚĞĚŝŶĂĐŚĂŶŐĞŽƌĚĞƌ͘ dŚŝƐĐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ & ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚǇƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůǇŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͕ ďǇƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝǌĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďǇĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞE'/EZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďǇŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĞǆĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ' ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞĐŽŶƚƌĂĐƚ͘ KDW>/Et/d,>/E^^͕WZD/d^͕EKd,ZZ'h>d/KE^ $57,&/( E'/EZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌǇƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶ $ ĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/^E/Ed>>dh>WZKWZdz $57,&/( E'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂ $ ƉƌŽǀŝĚĞĚďǇ/dzŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚĂŶĚĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚ ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ *& 3DFNHW3J )E ŶǇƌĞƉŽƌƚƐ͕ƐƚƵĚŝĞƐ͕ƉŚŽƚŽŐƌĂƉŚƐ͕ŶĞŐĂƚŝǀĞƐ͕ŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐĐƌĞĂƚĞĚĂŶĚƉĂŝĚĨŽƌďǇE'/EZŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ % ŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂƌĞŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞŝŶƌĞƐƉĞĐƚƚŽE'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĂƌĞƚŚĞĞǆĐůƵƐŝǀĞ ƉƌŽƉĞƌƚǇŽĨ/dz͘E'/EZŵƵƐƚƌĞŵŝƚĂůůƐƵĐŚŵĂƚĞƌŝĂůƐƚŽ/dzƵƉŽŶĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞ /dzǁŝůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇƌĞƵƐĞŽĨƐƵĐŚŵĂƚĞƌŝĂůƐďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞŝƚǇƐŚĂůůŐƌĂŶƚƚŚĞE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞĞǆƚĞŶƚŽĨƚŚĞ/dzΖƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘E'/EZǁĂŝǀĞƐĂůůĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞ/dzƌĞƐƵůƚŝŶŐŝŶĂŶǇǁĂǇĨƌŽŵĂŶǇƌĞƵƐĞŽĨ ƚŚĞE'/EZ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŝƌĞĐƚĞĚďǇ/dz͕ƚŚĞŽƌŝŐŝŶĂůƐŽĨƌĞƉŽƌƚƐ͕ĚƌĂǁŝŶŐƐĂŶĚƉůĂŶƐ͖ĂŶĚůĞŐŝďůǇƌĞƉƌŽĚƵĐŝďůĞĐŽƉŝĞƐŽĨǁŽƌŬ & ƐŚĞĞƚƐ͕ĨŝĞůĚŶŽƚĞƐ͕ĐŽŵƉƵƚĂƚŝŽŶƐ͕ĂŶĚŽƚŚĞƌƉƌŽũĞĐƚĚĂƚĂŵƵƐƚďĞƌĞůŝŶƋƵŝƐŚĞĚƚŽ/dz͗ ϭ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ Ϯ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĨŝĐĂƚŝŽŶďǇ/dz͘ 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͕ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞǇƐ͛ĨĞĞƐ͕/ŶƚŚĞĞǀĞŶƚĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌĞǆƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďǇƚŚĞũŽŝŶƚŽƌ ĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨE'/EZĂŶĚ/dz͕ƚŚĞǇƐŚĂůůďĞďŽƌŶĞďǇĞĂĐŚƉĂƌƚǇŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ ^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚŝƐŽŶƚƌĂĐƚŝƐ & ƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶǇƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ tKZ<Z^ΖKDWE^d/KE $57,&/( ŶǇĂŶĚĂůůĞŵƉůŽǇĞĞƐŽĨE'/EZ͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ $ ĂŶǇǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽǇĞĞƐŽĨ/dz͘ŶǇĂŶĚĂůů ĐůĂŝŵƐƚŚĂƚŵĂǇĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐ ǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶǇĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďǇĂŶǇƚŚŝƌĚƉĂƌƚǇĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶǇĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨ E'/EZΖƐĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽĞŶŐĂŐĞĚŽŶĂŶǇŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶŶŽǁĂǇ ďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨ/dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞ ǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂǇĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚE'/EZ͘ *& 3DFNHW3J )E KE^ $57,&/( dŚŝƐƌƚŝĐůĞŝƐŚĞƌĞďǇĚĞůĞƚĞĚ͘ /E^hZE $57,&/( ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞĨŽƌĞĂĐŚƚǇƉĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĨŝůĞĚǁŝƚŚƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚ $ ŐĞŶƚǁŝƚŚŝŶϯϬĚĂǇƐŽĨĞǆĞĐƵƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽĐŽŵŵĞŶĐĞŵĞŶƚŽĨĂŶǇǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ĂĐŚ ƉŽůŝĐǇŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ/dzĂϯϬͲĚĂǇŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ E'/EZŵƵƐƚŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌǇĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗ % ϭ͘E'/EZƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƐŝƐƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌǇ ĨŽƌƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐďǇE'/EZĂŶĚŝƚƐĞŵƉůŽǇĞĞƐ͘ Ϯ͘dŚĞE'/EZƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐƐĞƉĂƌĂƚĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĞŶĚŽƌƐĞŵĞŶƚƐĨŽƌĞĂĐŚƐƵďĐŽŶƐƵůƚĂŶƚ͘ E'/EZƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐĨƌŽŵŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ tŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͗ ϯ͘E'/EZǁŝůůƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌĂůůE'/EZ ĞŵƉůŽǇĞĞƐĂŶĚ͕ŝŶĐĂƐĞĂŶǇǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕E'/EZǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌǇƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/dzŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ ͕ŵƉůŽǇĞƌ͛Ɛ>ŝĂďŝůŝƚǇ͕ĂƚůŝŵŝƚƐŶŽƚůĞƐƐƚŚĂŶΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĚŝƐĞĂƐĞƉĞƌĞŵƉůŽǇĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇ ŝŶũƵƌǇďǇĚŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϭϬϬ͕ϬϬ Ϭ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĂĐĐŝĚĞŶƚ͘ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƚƌĂĐƚŽƌ͛ƐŝŶƐƵƌĂŶĐĞƐŚĂůů ďĞĨŝůĞĚǁŝƚŚƚŚĞE'/EZ͘ ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚǇ͗ ϰ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌ ďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚǇ ĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďǇ E'/EZŽƌďǇĂƐƵďĐŽŶƚƌĂĐƚŽƌŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͛Ɛ ůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞƐŚĂůůďĞƉƌŝŵĂƌǇƚŽĂŶǇůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďǇƚŚĞŝƚǇ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶ ƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ D Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ E /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ ŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ D WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚǇ E ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚǇ F EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ G ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚǇ͗ ϱ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐ ĨŽƌďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌ ƉƌŽƉĞƌƚǇĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďǇE'/EZŽƌďǇƐƵďĐŽŶƚƌĂĐƚŽƌŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞE'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞůŝŵŝƚĨŽƌŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ͗ ϲ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ *& 3DFNHW3J )E Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌĐůĂŝŵ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ dŚŝƐƉŽůŝĐǇǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐE'/EZǁŝůůďĞĐŽŵĞůĞŐĂůůǇŽďůŝŐĂƚĞĚƚŽƉĂǇƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇ ĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽE'/EZΖƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͘ ϳ͘&ŽƌǁŽƌŬŽŶƌĂŝůƌŽĂĚƉƌŽƉĞƌƚǇ͕E'/EZŵƵƐƚŽďƚĂŝŶZĂŝůƌŽĂĚWƌŽƚĞĐƚŝǀĞ>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ DŶͬKd^ƉĞĐŝĨŝĐĂƚŝŽŶϭϳϬϴ͘Ϯ;ϭϵϵϱĚŝƚŝŽŶͿŽƌĂŶǇƐƵďƐĞƋƵĞŶƚĐŚĂŶŐĞƐŽƌŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽƚŚŝƐƐƉĞĐŝĨŝĐĂƚŝŽŶ͘ E'/EZŵƵƐƚ͗ & ϭ͘/ŶĐůƵĚĞůĞŐĂůĚĞĨĞŶƐĞĨĞĞƐŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐůŝĂďŝůŝƚǇƉŽůŝĐǇůŝŵŝƚƐ͕ǁŝƚŚƚŚĞĞǆĐĞƉƚŝŽŶŽĨWƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ ĂďŽǀĞ͖ĂŶĚ Ϯ͘KďƚĂŝŶŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨƌŽŵĂŶŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶǇŚĂǀŝŶŐĂŶΗD^dΗƌĂƚŝŶŐŽĨͲs///ŽƌďĞƚƚĞƌ͘ /dzƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůǇƌĞƐĐŝŶĚƚŚŝƐŽŶƚƌĂĐƚŝĨE'/EZŝƐŶŽƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŝŶƐƵƌĂŶĐĞ ' ƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶǇůĞŐĂůƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚE'/EZ͘hƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚďǇƚŚĞ/dzΖƐ ƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůůďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵĂǇďĞƌĞƋƵĞƐƚĞĚ͘ >/sZ>^dEZ^ $57,&/( /dzǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĚŝƐĂƉƉƌŽǀĞŽƌƌĞũĞĐƚƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƚŚĂƚĂƌĞĚĞĨĞĐƚŝǀĞ͘E'/EZǁŝůůďĞ $ ƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐǇŽĨŝƚƐǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂŶĚŵƵƐƚŵĂŬĞƚŝŵĞůǇƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐǁŝƚŚŽƵƚ ĐŽŵƉĞŶƐĂƚŝŽŶƌĞƐƵůƚŝŶŐĨƌŽŵĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽŶƚŚĞƉĂƌƚŽĨE'/EZ͘dŚĞƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚƚŽ/dz ďǇE'/EZŵƵƐƚďĞŽĨƐƵĐŚƋƵĂůŝƚǇƚŚĂƚƚŚĞǇĂƌĞƐƵŝƚĂďůĞĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ͘ E'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĂŐƌĞĞĚƚŽŝŶĂŶƚŝĐŝƉĂƚŝŽŶŽĨƚŚĞŽƌĚĞƌůǇĂŶĚ % ĐŽŶƚŝŶƵŽƵƐƉƌŽŐƌĞƐƐŽĨƚŚĞWƌŽũĞĐƚƚŚŽƵŐŚĐŽŵƉůĞƚŝŽŶ͘hŶůĞƐƐƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐĨŽƌƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐĂƌĞƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŽďůŝŐĂƚŝŽŶƚŽƌĞŶ ĚĞƌƐĞƌǀŝĐĞƐŚĞƌĞƵŶĚĞƌǁŝůůďĞĨŽƌĂƉĞƌŝŽĚǁŚŝĐŚŵĂǇ ƌĞĂƐŽŶĂďůǇďĞƌĞƋƵŝƌĞĨŽƌƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƐĂŝĚƐĞƌǀŝĐĞƐ͘ /ĨŝŶƚŚŝƐŽŶƚƌĂĐƚƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞĨŽƌƌĞŶĚĞƌŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐĞƚĨŽƌƚŚŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐďǇǁŚŝĐŚƐĞƌǀŝĐĞƐĂƌĞƚŽďĞ & ĐŽŵƉůĞƚĞĚĂƌĞƉƌŽǀŝĚĞĚ͕ĂŶĚŝĨƐƵĐŚƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌĚĂƚĞƐĂƌĞĐŚĂŶŐĞĚƚŚƌŽƵŐŚŶŽĨĂƵůƚŽĨE'/EZ͕ƚŚĞƌĂƚĞƐĂŶĚ ĂŵŽƵŶƚƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽǀŝĚĞĚĨŽƌŚĞƌĞŝŶƐŚĂůůďĞƐƵďũĞĐƚƚŽĞƋƵŝƚĂďůĞĂĚũƵƐƚŵĞŶƚ͘/Ĩ/dzŚĂƐƌĞƋƵĞƐƚĞĚĐŚĂŶŐĞƐŝŶ ƚŚĞƐĐŽƉĞ͕ĞǆƚĞŶƚ͕ŽƌĐŚĂƌĂĐƚĞƌŽĨƚŚĞWƌŽũĞĐƚ͖ƚŚĞƚŝŵĞŽĨƉĞƌĨŽƌŵĂŶĐĞŽĨE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůůďĞĂĚũƵƐƚĞĚĞƋƵŝƚĂďůǇ͘ EĞŝƚŚĞƌƉĂƌƚǇǁŝůůďĞŚĞůĚƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞůĂǇŽƌĨĂŝůƵƌĞƚŽƉĞƌĨŽƌŵǁŚĞŶƐƵĐŚĚĞůĂǇŽƌĨĂŝůƵƌĞŝƐĚƵĞƚŽĂŶǇŽĨƚŚĞ ' ĨŽůůŽǁŝŶŐ͕ƵŶůĞƐƐƚŚĞĂĐƚŽƌŽĐĐƵƌƌĞŶĐĞĐŽƵůĚŚĂǀĞďĞĞŶƌĞĂƐŽŶĂďůǇĨŽƌĞƐĞĞŶĂŶĚƌĞĂƐŽŶĂďůĞĂĐƚŝŽŶĐŽƵůĚŚĂǀĞďĞĞŶ ƚĂŬĞŶƚŽƉƌĞǀĞŶƚƚŚĞĚĞůĂǇŽƌĨĂŝůƵƌĞ͗ĨŝƌĞ͕ĨůŽŽĚ͕ĞƉŝĚĞŵŝĐ͕ƐƚƌŝŬĞƐ͕ǁĂƌƐ͕ĂĐƚƐŽĨ'ŽĚ͕ƵŶƵƐƵĂůůǇƐĞǀĞƌĞǁĞĂƚŚĞƌ͕ŽƌĚĞůĂǇƐ ŽƌĚĞĨĂƵůƚƐĐĂƵƐĞĚďǇƉƵďůŝĐĐĂƌƌŝĞƌƐ͕ƉƌŽǀŝĚĞĚƚŚĞĚĞĨĂƵůƚŝŶŐƉĂƌƚǇŐŝǀĞƐǁƌŝƚƚĞŶŶŽƚŝĐĞĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞƚŽƚŚĞŽƚŚĞƌ ƉĂƌƚǇŽĨŝƚƐŝŶĂďŝůŝƚǇƚŽƉĞƌĨŽƌŵ͘ &ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐŽŶƚƌĂĐƚƚŚĞƚĞƌŵ͞ĚĂǇ͟ŵĞĂŶƐĂĐĂůĞŶĚĂƌĚĂǇŽĨϮϰŚŽƵƌƐ͘ ( Ed/dZh^d $57,&/( )E K&&//>^EKddKE&/d $57,&/( tŝƚŚŽƵƚƉƌŝŽƌǁƌŝƚƚĞŶĐŽŶƐĞŶƚŽĨ/dz͕E'/EZŵƵƐƚŶŽƚĞŵƉůŽǇĂŶǇƉƌŽĨĞƐƐŝŽŶĂůŽƌƚĞĐŚŶŝĐĂůƉĞƌƐŽŶŶĞůǁŚŽĂƌĞŽƌ $ ŚĂǀĞďĞĞŶĂƚĂŶǇƚŝŵĞĚƵƌŝŶŐƚŚĞƚŝŵĞƉĞƌŝŽĚŽĨƚŚŝƐŽŶƚƌĂĐƚŝŶƚŚĞĞŵƉůŽǇŽĨ/dz͕ĞǆĐĞƉƚƌĞƚŝƌĞĚ/dzĞŵƉůŽǇĞĞƐ͕ ǁŝƚŚŽƵƚǁƌŝƚƚĞŶĐŽŶƐĞŶƚĨƌŽŵ/dz͘ E'/EZǁĂƌƌĂŶƚƐƚŚĂƚŝƚŚĂƐŶŽƚĞŵƉůŽǇĞĚŽƌƌĞƚĂŝŶĞĚĂŶǇĐŽŵƉĂŶǇŽƌƉĞƌƐŽŶ͕ŽƚŚĞƌƚŚĂŶĂďŽŶĂĨŝĚĞĞŵƉůŽǇĞĞ % ǁŽƌŬŝŶŐƐŽůĞůǇĨŽƌE'/EZ͕ƚŽƐŽůŝĐŝƚŽƌƐĞĐƵƌĞƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚƚŚĂƚE'/EZŚĂƐŶŽƚƉĂŝĚŽƌĂŐƌĞĞĚƚŽƉĂǇĂŶǇ ĐŽŵƉĂŶǇŽƌƉĞƌƐŽŶ͕ŽƚŚĞƌƚŚĂŶĂďŽŶĂĨŝĚĞĞŵƉůŽǇĞĞǁŽƌŬŝŶŐĨŽƌE'/EZ͕ĂŶǇĨĞĞ͕ĐŽŵŵŝƐƐŝŽŶƐ͕ƉĞƌĐĞŶƚĂŐĞ͕ ďƌŽŬĞƌĂŐĞĨĞĞ͕ŐŝĨƚƐ͕ŽƌĂŶǇŽƚŚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ĐŽŶƚŝŶŐĞŶƚƵƉŽŶŽƌƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞĂǁĂƌĚŽĨŵĂŬŝŶŐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ E>>d/KE $57,&/( dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐĂŶĐĞůĞĚďǇ/dzǁŝƚŚŝŶϯϬĚĂǇƐ͕ĂƚĂŶǇƚŝŵĞ͕ǁŝƚŚŽƌǁŝƚŚŽƵƚĐĂƵƐĞ͕ƵƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞ $ E'/EZ͘/ŶƚŚĞĞǀĞŶƚŽĨƐƵĐŚĐĂŶĐĞůůĂƚŝŽŶE'/EZǁŝůůďĞĞŶƚŝƚůĞĚƚŽƉĂǇŵĞŶƚ͕ĚĞƚĞƌŵŝŶĞĚŽŶƉƌŽƌĂƚĂďĂƐŝƐ͕ĨŽƌ ƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉĞƌĨŽƌŵĞĚŽƌĚĞůŝǀĞƌĞĚ͘ /ŶƚŚĞĞǀĞŶƚ/dzĐĂŶŶŽƚŽƌĚŽĞƐŶŽƚŽďƚĂŝŶĨƵŶĚŝŶŐ͕ŽƌĨƵŶĚŝŶŐĐĂŶŶŽƚďĞĐŽŶƚŝŶƵĞĚĂƚĂůĞǀĞůƐƵĨĨŝĐŝĞŶƚƚŽĂůůŽǁĨŽƌƚŚĞ % ƉƵƌĐŚĂƐŝŶŐŽĨƚŚĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐĐŽŶƚĂŝŶĞĚŚĞƌĞŝŶ͕ƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐĂŶĐĞůĞĚǁŝƚŚŝŶϯϬĚĂǇƐ͕Ăƚ/dzΖƐ ŽƉƚŝŽŶ͕ďǇǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶĚĞůŝǀĞƌĞĚŝŶƉĞƌƐŽŶ͕ďǇŵĂŝů͕ŽƌĨĂĐƐŝŵŝůĞƚŽE'/EZĂƚƚŚĞĂĚĚƌĞƐƐƐƉĞĐŝĨŝĞĚ ŝŶƚŚŝƐŽŶƚƌĂĐƚ͘/dzǁŝůůŶŽƚďĞŽďůŝŐĂƚĞĚƚŽƉĂǇĨŽƌĂŶǇƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇE'/EZĂĨƚĞƌƐƵĐŚ ŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ &,I&LW\IDLOVWRPDNHDQ\SD\PHQWGXHWR(1*,1((5IRUVHUYLFHVVDWLVIDFWRULO\SHUIRUPHGDQGH[SHQVHVZLWKLQWKLUW\GD\VDIWHUWKHGDWH RI(1*,1((5¶VLQYRLFH(1*,1((5PD\DIWHUJLYLQJVHYHQGD\VZULWWHQQRWLFHWR&,7<DQGZLWKR XWZDLYLQJDQ\FODLPRUULJKWDJDLQVW &,7<DQGZLWKRXWLQFXUULQJOLDELOLW\ZKDWVRHYHUWR&,7<VXVSHQGVHUYLFHVDQGZLWKKROGSURMHFWGHOLYHUDEOHVGXHXQGHUWKLV&RQWUDFWXQWLO (1*,1((5KDVEHHQSDLGLQIXOODOODPRXQWVGXHIRUVHUYLFHVH[SHQVHVDQGFKDUJHV ZZKZ^KZKD/^^/KE^ $57,&/( E'/EZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐǇŽĨŝƚƐǁŽƌŬĂŶĚŵƵƐƚƉƌŽŵƉƚůǇŵĂŬĞŶĞĐĞƐƐĂƌǇƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐ $ ƌĞƐƵůƚŝŶŐĨƌŽŵE'/EZΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬ ďǇ/dzǁŝůůŶŽƚƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌ ĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶǇĂŵďŝŐƵŝƚŝĞƐ͘ ƚĂŶǇƚŝŵĞĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶŽƌĂŶǇƉŚĂƐĞŽĨǁŽƌŬƉĞƌĨŽƌŵĞĚďǇŽƚŚĞƌƐďĂƐĞĚŽŶĚĂƚĂƉƌŽǀŝĚĞĚďǇE'/EZ͕ % E'/EZŵƵƐƚĐŽŶĨĞƌǁŝƚŚ/dzǁŚĞŶŶĞĐĞƐƐĂƌǇĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨŝŶƚĞƌƉƌĞƚŝŶŐƚŚĞŝŶĨŽƌŵĂƚŝŽŶƐĞĐƵƌĞĚĂŶĚͬŽƌƚŽ ĐŽƌƌĞĐƚĂŶǇĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞďǇE'/EZ͘E'/EZŵƵƐƚƉƌĞƉĂƌĞĂŶǇĂŶĚĂůůƉůĂŶƐŽƌĚĂƚĂŶĞĞĚĞĚƚŽ ĐŽƌƌĞĐƚƚŚĞĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚĞĚĐŽŵƉĞŶƐĂƚŝŽŶ͕ĞǀĞŶƚŚŽƵŐŚĨŝŶĂůƉĂǇŵĞŶƚŵĂǇĂůƌĞĂĚǇŚĂǀĞďĞĞŶ ƌĞĐĞŝǀĞĚďǇE'/EZ͘E'/EZŵƵƐƚŐŝǀĞŝŵŵĞĚŝĂƚĞĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŚĂŶŐĞƐƐŽƚŚĞƌĞǁŝůůďĞŵŝŶŝŵĂůĚĞůĂǇƚŽƚŚĞ ƉƌŽũĞĐƚ͘ /ĨŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂƌĞŵĂĚĞďǇE'/EZŝŶĂŶǇƉŚĂƐĞŽĨƚŚĞǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨǁŚŝĐŚŵĂǇ & ƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZǁŝůůďĞƉƌŽŵƉƚůǇŶŽƚŝĨŝĞĚďǇ/dzĂŶĚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƐƵĐŚ ĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘/ĨƚŚĞE'/EZŝƐĂǁĂƌĞŽĨĂŶǇŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞŝŶĂŶǇƉŚĂƐĞ ŽĨŝƚƐǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶƐŽĨǁŚŝĐŚŵĂǇƌĞƋƵŝƌĞĂŶǇĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZŵƵƐƚƉƌŽŵƉƚůǇƉĞƌĨŽƌŵ ƐƵĐŚĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘ E'/EZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶǇĚĂŵĂŐĞƐŝŶĐƵƌƌĞĚĂƐĂƌĞƐƵůƚŽĨŝƚƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂŶĚĨŽƌĂŶǇ ' ůŽƐƐŽƌĐŽƐƚƚŽƌĞƉĂŝƌŽƌƌĞŵĞĚǇE'/EZΖƐĞƌƌŽƌƐ͕ŽŵŝƐƐŝŽŶƐŽƌŶĞŐůŝŐĞŶƚĂĐƚƐ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬďǇ/dzǁŝůůŶŽƚ ƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇƐƵĐŚŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐ͕ŽƌŽĨ ůŝĂďŝůŝƚǇĨŽƌůŽƐƐŽƌĚĂŵĂŐĞƌĞƐƵůƚŝŶŐƚŚĞƌĞĨƌŽŵ͘ E'/EZŵƵƐƚƌĞƐƉŽŶĚƚŽ/dzΖƐŶŽƚŝĐĞŽĨĂŶǇĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŝŶƌĞĂƐŽŶĂďůĞƚŝŵĞĂŶĚŐŝǀĞŝŵŵĞĚŝĂƚĞ ( ĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŽƌƌĞĐƚŝŽŶƐƚŽŵŝŶŝŵŝǌĞĂŶǇĚĞůĂǇƐƚŽƚŚĞE'/EZ͘ *& 3DFNHW3J )E /^WhdZ^K>hd/KE $57,&/( DĞĚŝĂƚŝŽŶ͘ŶǇĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐǇŽƌĚŝƐƉƵƚĞĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞƐƵďũĞĐƚƚŽŶŽŶͲďŝŶĚŝŶŐŵĞĚŝĂƚŝŽŶĂƐ $ ĂĐŽŶĚŝƚŝŽŶƉƌĞĐĞĚĞŶƚƚŽƚŚĞŝŶƐƚŝƚƵƚŝŽŶŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐďǇĞŝƚŚĞƌƉĂƌƚǇ͘dŚĞŵĞĚŝĂƚŝŽŶƐŚĂůůďĞ ĐŽŶĚƵĐƚĞĚŝŶKůŵƐƚĞĚŽƵŶƚǇ͕DŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂŝǀŝůDĞĚŝĂƚŝŽŶĐƚ͕DŝŶŶ͘^ƚĂƚ͘ϱϳϮ͘ϯϭ͕ Ğƚ͕͘ƐĞƋ͘ŶǇĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐǇŽƌĚŝƐƉƵƚĞŶŽƚƌĞƐŽůǀĞĚďǇŵĞĚŝĂƚŝŽŶŵĂǇďĞƚŚĞƐƵďũĞĐƚŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐ 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EͲϭϬ,ŽƵƐŝŶŐEĞĞĚƐƐƐĞƐƐŵĞŶƚͲϮϰ&Zϵϭ͘ϮϬϱ;Ă͕ď͕ĐͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϳ EͲϭϱŝƐƉƌŽƉŽƌƚŝŽŶĂƚĞůǇ'ƌĞĂƚĞƌEĞĞĚ͗,ŽƵƐŝŶŐWƌŽďůĞŵƐʹϵϭ͘ϮϬϱ;ďͿ;ϮͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϲ EͲϮϬŝƐƉƌŽƉŽƌƚŝŽŶĂƚĞůǇ'ƌĞĂƚĞƌEĞĞĚ͗^ĞǀĞƌĞ,ŽƵƐŝŶŐWƌŽďůĞŵƐʹϵϭ͘ϮϬϱ;ďͿ;ϮͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϵ EͲϮϱŝƐƉƌŽƉŽƌƚŝŽŶĂƚĞůǇ'ƌĞĂƚĞƌEĞĞĚ͗,ŽƵƐŝŶŐŽƐƚƵƌĚĞŶƐʹϵϭ͘ϮϬϱ;ďͿ;ϮͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϮ EͲϯϬŝƐƉƌŽƉŽƌƚŝŽŶĂƚĞůǇ'ƌĞĂƚĞƌEĞĞĚ͗ŝƐĐƵƐƐŝŽŶʹϵϭ͘ϮϬϱ;ďͿ;ϮͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϯ EͲϯϱWƵďůŝĐ,ŽƵƐŝŶŐʹϵϭ͘ϮϬϱ;ďͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϰ EͲϰϬ,ŽŵĞůĞƐƐEĞĞĚƐƐƐĞƐƐŵĞŶƚʹϵϭ͘ϮϬϱ;ĐͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϵ EͲϰϱEŽŶͲ,ŽŵĞůĞƐƐ^ƉĞĐŝĂůEĞĞĚƐƐƐĞƐƐŵĞŶƚͲϵϭ͘ϮϬϱ;ď͕ĚͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϲ EͲϱϬEŽŶͲ,ŽƵƐŝŶŐŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚEĞĞĚƐʹϵϭ͘Ϯϭϱ;ĨͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϴ ,ŽƵƐŝŶŐDĂƌŬĞƚŶĂůǇƐŝƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϬ DͲϬϱKǀĞƌǀŝĞǁ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϬ DͲϭϬEƵŵďĞƌŽĨ,ŽƵƐŝŶŐhŶŝƚƐʹϵϭ͘ϮϭϬ;ĂͿΘ;ďͿ;ϮͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϭ DͲϭϱ,ŽƵƐŝŶŐDĂƌŬĞƚŶĂůǇƐŝƐ͗ŽƐƚŽĨ,ŽƵƐŝŶŐͲϵϭ͘ϮϭϬ;ĂͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϰ DͲϮϬ,ŽƵƐŝŶŐDĂƌŬĞƚŶĂůǇƐŝƐ͗ŽŶĚŝƚŝŽŶŽĨ,ŽƵƐŝŶŐʹϵϭ͘ϮϭϬ;ĂͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϲ DͲϮϱWƵďůŝĐĂŶĚƐƐŝƐƚĞĚ,ŽƵƐŝŶŐʹϵϭ͘ϮϭϬ;ďͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϵ DͲϯϬ,ŽŵĞůĞƐƐ&ĂĐŝůŝƚŝĞƐĂŶĚ^ĞƌǀŝĐĞƐʹϵϭ͘ϮϭϬ;ĐͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϮ DͲϯϱ^ƉĞĐŝĂůEĞĞĚƐ&ĂĐŝůŝƚŝĞƐĂŶĚ^ĞƌǀŝĐĞƐʹϵϭ͘ϮϭϬ;ĚͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϳ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϮ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D DͲϰϬĂƌƌŝĞƌƐƚŽĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐʹϵϭ͘ϮϭϬ;ĞͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϵ DͲϰϱEŽŶͲ,ŽƵƐŝŶŐŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚƐƐĞƚƐʹϵϭ͘Ϯϭϱ;ĨͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϬ DͲϱϬEĞĞĚƐĂŶĚDĂƌŬĞƚŶĂůǇƐŝƐŝƐĐƵƐƐŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϳ DͲϲϬƌŽĂĚďĂŶĚEĞĞĚƐŽĨ,ŽƵƐŝŶŐŽĐĐƵƉŝĞĚďǇ>ŽǁͲĂŶĚDŽĚĞƌĂƚĞͲ/ŶĐŽŵĞ,ŽƵƐĞŚŽůĚƐͲ ϵϭ͘ϮϭϬ;ĂͿ;ϰͿ͕ϵϭ͘ϯϭϬ;ĂͿ;ϮͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϴ DͲϲϱ,ĂǌĂƌĚDŝƚŝŐĂƚŝŽŶͲϵϭ͘ϮϭϬ;ĂͿ;ϱͿ͕ϵϭ͘ϯϭϬ;ĂͿ;ϯͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϵ ^ƚƌĂƚĞŐŝĐWůĂŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϬ ^WͲϬϱKǀĞƌǀŝĞǁ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϬ ^WͲϭϬ'ĞŽŐƌĂƉŚŝĐWƌŝŽƌŝƚŝĞƐʹϵϭ͘Ϯϭϱ;ĂͿ;ϭͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϭ ^WͲϮϱWƌŝŽƌŝƚǇEĞĞĚƐͲϵϭ͘Ϯϭϱ;ĂͿ;ϮͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϮ ^WͲϯϬ/ŶĨůƵĞŶĐĞŽĨDĂƌŬĞƚŽŶĚŝƚŝŽŶƐʹϵϭ͘Ϯϭϱ;ďͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϳ ^WͲϱϬWƵďůŝĐ,ŽƵƐŝŶŐĐĐĞƐƐŝďŝůŝƚǇĂŶĚ/ŶǀŽůǀĞŵĞŶƚʹϵϭ͘Ϯϭϱ;ĐͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϳ ^WͲϱϱĂƌƌŝĞƌƐƚŽĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐʹϵϭ͘Ϯϭϱ;ŚͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϵ 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ĂƐŶŽƚŝĐĞŽĨƉƵďůŝĐŚĞĂƌŝŶŐŽŶDĂǇϰ͕ϮϬϮϬ͘dŚĞůĂƐƚŶŽƚŝĐĞƐƚĂƚĞĚƚŚĂƚƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌŚĂƐ ĐŽŵƉůĞƚĞĚĂĚƌĂĨƚŽĨƚŚĞŶŶƵĂůĐƚŝŽŶWůĂŶŚĂƐďĞĞŶƉƵďůŝƐŚĞĚŝŶƚŚĞůŽĐĂůŶĞǁƐƉĂƉĞƌĨŽƌƉƵďůŝĐ ĐŽŵŵĞŶƚŽŶƉƌŝůϮϱ͕ϮϬϮϬ͘dŚĞŶŽƚŝĐĞŝŶĐůƵĚĞƐƚŚĞĚĂƚĞƐƉƵďůŝĐĐŽŵŵĞŶƚƐǁŝůůďĞĂĐĐĞƉƚĞĚ͗ƉƌŝůϮϱ͕ ϮϬϮϬƚŚƌŽƵŐŚƉƌŝůϯϬ͕ϮϬϮϬ Ͷ ĂƌĞĚƵĐĞĚĨŝǀĞĚĂǇƉƵďůŝĐĐŽŵŵĞŶƚƉĞƌŝŽĚǁĂƐŝŵƉůĞŵĞŶƚĞĚĚƵĞƚŽ,h tĂŝǀĞƌƚŽĂůůŽǁĨŽƌƌĞĚƵĐĞĚƉƵďůŝĐĐŽŵŵĞŶƚƉĞƌŝŽĚŝŶůŝŐŚƚŽĨKs/Ͳϭϵ͘/ƚƐƚĂƚĞƐŝŶϮϬϮϬ͕ƚŚĞŝƚǇŽĨ ZŽĐŚĞƐƚĞƌƌĞĐĞŝǀĞĚΨϳϬϰ͕ϯϳϱĨƌŽŵƚŚĞĞƉĂƌƚŵĞŶƚŽĨ,ŽƵƐŝŶŐĂŶĚhƌďĂŶĞǀĞůŽƉŵĞŶƚƚŚƌŽƵŐŚƚŚĞ 'WƌŽŐƌĂŵ͕Ψϰϭϰ͕ϯϲϭĨƌŽŵƚŚĞĞƉĂƌƚŵĞŶƚŽĨ,ŽƵƐŝŶŐĂŶĚhƌďĂŶĞǀĞůŽƉŵĞŶƚƚŚƌŽƵŐŚƚŚĞ'Ͳ Ks/WƌŽŐƌĂ ŵĂƐƉĂƌƚŽĨƚŚĞĨĞĚĞƌĂůŐŽǀĞƌŶŵĞŶƚ͛ƐZ^ƉĂĐŬĂŐĞ͕ĂŶƚŝĐŝƉĂƚĞƐƌĞĐĞŝǀŝŶŐĂƉƉƌŽǆŝŵĂƚĞůǇ ΨϰϬ͕ϬϬϬŝŶ'ƉƌŽŐƌĂŵŝŶĐŽŵĞ͕ĂŶĚĚŽĞƐŶŽƚŚĂǀĞĂŶǇƵŶĂůůŽĐĂƚĞĚƉƌŝŽƌǇĞĂƌƌĞƐŽƵƌĐĞƐ͘dŚŝƐŝƐ Ψϰϳϳ͕ϲϯϲŵŽƌĞŝŶĨƵŶĚƐƚŚĂŶǁĂƐĂŶƚŝĐŝƉĂƚĞĚŽƌĂůůŽĐĂƚĞĚ͘^ŝŶĐĞƚŚĞĨƵŶĚŝŶŐƌĞĐĞŝǀĞĚŝƐŵŽƌĞƚŚĂŶ ΨϲϬϬ͕ϬϬϬ͕ĂŶĚŝƐŐƌĞĂƚĞƌƚŚĂŶϮϱйŽĨƚŚĞĂŶƚŝĐŝƉĂƚĞĚĂŵŽƵŶƚ͕ƚŚĞĂĚĚŝƚŝŽŶĂůĨƵŶĚŝŶŐĂůůŽĐĂƚŝŽŶŚĂƐďĞĞŶ ĚĞƚĞƌŵŝŶĞĚďǇdŚĞŝƚǇƚŽďĞĂůůŽĐĂƚĞĚƚŽƚŚĞĨŽůůŽǁŝŶŐ͗ ϮϬϮϬ'ĂĚĚŝƚŝŽŶĂůĂůůŽĐĂƚŝŽŶΨϲϯ͕Ϯϳϱ ͲΨϭϱ͕ϬϬϬ>ĞĂĚ'ƌĂŶƚĚŵŝŶŝƐƚƌĂƚŝŽŶ ͲΨϰϴ͕ϮϳϱtĂƌŵŝŶŐĞŶƚĞƌ 'ͲKs/ĂůůŽĐĂƚŝŽŶΨϰϭϰ͕ϯϲϭ ͲEĞŝŐŚďŽƌƐ,ĞůƉŝŶŐEĞŝŐŚďŽƌƐΨϮϱϬ͕ϬϬϬ ͲĐŽŶŽŵŝĐ^ƚĂďŝůŝƚǇΨϭϰϰ͕ϯϲϭ Ͳ'ͲKs/'ƌĂŶƚĚŵŝŶŝƐƚƌĂƚŝŽŶΨϮϬ͕ϬϬϬ ůůƉƌŽŐƌĂŵŝŶĐŽŵĞƌĞĐĞŝǀĞĚĐŽŵĞƐĨƌŽŵƚŚĞŝƚǇ͛Ɛ^ŝŶŐůĞ Ͳ&ĂŵŝůǇ,ŽƵƐŝŶŐZĞŚĂďŝůŝƚĂƚŝŽŶWƌŽŐƌĂŵĂŶĚ ǁŝůůďĞĂůůŽĐĂƚĞĚďĂĐŬƚŽƚŚŝƐƉƌŽŐƌĂŵ͘ dŚĞŶŽƚŝĐĞĂůƐŽŝŶĐůƵĚĞĚĚĂƚĞƐĨŽƌĂƉƵďůŝĐŚĞĂƌŝŶŐŚĞůĚŽŶDĂǇϰƚŚ͕ϮϬϮϬ͘dŚĞƉƵďůŝĐŚĞĂƌŝŶŐƉƌŽǀŝĚĞĚ ŽƉƉŽƌƚƵŶŝƚǇĨŽƌƉƵďůŝĐĐŽŵŵĞŶƚŽŶƚŚĞĂŵĞŶĚĞĚŽŶƐŽůŝĚĂƚĞĚWůĂŶĂŶĚĐƚŝŽŶWůĂŶ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ϱ͘^ƵŵŵĂƌǇŽĨƉƵďůŝĐĐŽŵŵĞŶƚƐ WƵďůŝĐŵĞĞƚŝŶŐŚĞůĚŽŶEŽǀĞŵďĞƌϰ͕ϮϬϭϵ͘EŽƉƵďůŝĐĐŽŵŵĞŶƚƐƌĞĐĞŝǀĞĚ͘ ^ĞƉƚĞŵďĞƌϭϲ͕ϮϬϭϵ͘ ZĞƉƌĞƐĞŶƚĂƚŝǀĞƐĨƌŽŵĂŐĞŶĐŝĞƐƌĞƋƵĞƐƚŝŶŐϮϬϮϬ'ĨƵŶĚŝŶŐƉƌĞƐĞŶƚĞĚƚŚĞŝƌ ƉƌŽŐƌĂŵĂŶĚƌĞƋƵĞƐƚƐƚŽŝƚǇŽƵŶĐŝů͘ dŚĞĨŽůůŽǁŝŶŐƉƌĞƐĞŶƚĞĚ͗ KĐƚŽďĞƌϳ͕ϮϬϭϵWƵďůŝĐ,ĞĂƌŝŶŐ͗ :ĞĂŶĞtŝƚǌŽĨĞtŝƚǌ,ŽŵĞďƵŝůĚĞƌƐĐĂŵĞĨŽƌǁĂƌĚƚŽƚŚĂŶŬƚŚĞ ŽƵŶĐŝůĨŽƌƌĞĐŽŐŶŝǌŝŶŐƚŚĞŶĞĞĚĨŽƌĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĂŶĚĨƵŶĚŝŶŐƚŚĞĞtŝƚǌĂĐƚŝǀŝƚǇŽĨĚŽǁŶ ƉĂǇŵĞŶƚĂƐƐŝƐƚĂŶĐĞ͘ EŽƚŝĐĞĨŽƌϯϬͲĚĂǇĐŽŵŵĞŶƚƉƵďůŝĐƌĞǀŝĞǁƉƵďůŝƐŚĞĚŝŶƚŚĞZŽĐŚĞƐƚĞƌWŽƐƚƵůůĞƚŝŶŽŶKĐƚŽďĞƌϭϱ͕ ϮϬϭϵ͘ŽŵŵĞŶƚƐ͗EŽŶĞ͘ ϲ͘^ƵŵŵĂƌǇŽĨĐŽŵŵĞŶƚƐŽƌǀŝĞǁƐŶŽƚĂĐĐĞƉƚĞĚĂŶĚƚŚĞƌĞĂƐŽŶƐĨŽƌŶŽƚĂĐĐĞƉƚŝŶŐƚŚĞŵ ůůĐŽŵŵĞŶƚƐĂĐĐĞƉƚĞĚ͘ ϳ͘^ƵŵŵĂƌǇ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌϮϬϮϬͲϮϬϮϰŽŶƐŽůŝĚĂƚĞĚWůĂŶƐƵŵŵĂƌŝǌĞƐƚŚĞŽďũĞĐƚŝǀĞƐĂŶĚŽƵƚĐŽŵĞƐŝĚĞŶƚŝĨŝĞĚ ďǇĐŝƚŝǌĞŶƐ͕ƉƵďůŝĐƐĞƌǀŝĐĞƉƌŽǀŝĚĞƌƐ͕ĐŝƚǇĐŽƵŶĐŝůĂŶĚĐŝƚǇƐƚĂĨĨ͘EŽƚŝĐĞĨŽƌϯϬͲĚĂǇĐŽŵŵĞŶƚƉƵďůŝĐƌĞǀŝĞǁ ƉƵďůŝƐŚĞĚŝŶƚŚĞZŽĐŚĞƐƚĞƌWŽƐƚƵůůĞƚŝŶŽŶKĐƚŽďĞƌϭϱ͕ϮϬϭϵ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϴ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D dŚĞWƌŽĐĞƐƐ WZͲϬϱ>ĞĂĚΘZĞƐƉŽŶƐŝďůĞŐĞŶĐŝĞƐϮϰ&Zϵϭ͘ϮϬϬ;ďͿ ϭ͘ĞƐĐƌŝďĞĂŐĞŶĐǇͬĞŶƚŝƚǇƌĞƐƉŽŶƐŝďůĞĨŽƌƉƌĞƉĂƌŝŶŐƚŚĞŽŶƐŽůŝĚĂƚĞĚWůĂŶĂŶĚƚŚŽƐĞ ƌĞƐƉŽŶƐŝďůĞĨŽƌĂĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨĞĂĐŚŐƌĂŶƚƉƌŽŐƌĂŵĂŶĚĨƵŶĚŝŶŐƐŽƵƌĐĞ dŚĞĨŽůůŽǁŝŶŐĂƌĞƚŚĞĂŐĞŶĐŝĞƐͬĞŶƚŝƚŝĞƐƌĞƐƉŽŶƐŝďůĞĨŽƌƉƌĞƉĂƌŝŶŐƚŚĞŽŶƐŽůŝĚĂƚĞĚWůĂŶĂŶĚ ƚŚŽƐĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨĞĂĐŚŐƌĂŶƚƉƌŽŐƌĂŵĂŶĚĨƵŶĚŝŶŐƐŽƵƌĐĞ͘ ŐĞŶĐǇZŽůĞEĂŵĞĞƉĂƌƚŵĞŶƚͬŐĞŶĐǇ 'ĚŵŝŶŝƐƚƌĂƚŽƌŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕DE dĂďůĞϭʹZĞƐƉŽŶƐŝďůĞŐĞŶĐŝĞƐ EĂƌƌĂƚŝǀĞ ŽŶƐŽůŝĚĂƚĞĚWůĂŶWƵďůŝĐŽŶƚĂĐƚ/ŶĨŽƌŵĂƚŝŽŶ dĂƌǇŶĚĞŶƐ WůĂŶŶĞƌͬ'ĚŵŝŶŝƐƚƌĂƚŽƌ ŝƚǇŽĨZŽĐŚĞƐƚĞƌʹŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚĞƉĂƌƚŵĞŶƚ ϮϬϭϰƚŚ^ƚƌĞĞƚ^͕ZŽŽŵϭϬϴ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰ WŚŽŶĞ͗ϱϬϳͲϯϮϴͲϮϵϲϭ ŵĂŝů͗ƚĞĚĞŶƐΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϵ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D WZͲϭϬŽŶƐƵůƚĂƚŝŽŶʹϵϭ͘ϭϬϬ͕ϵϭ͘ϭϭϬ͕ϵϭ͘ϮϬϬ;ďͿ͕ϵϭ͘ϯϬϬ;ďͿ͕ϵϭ͘Ϯϭϱ;/ͿĂŶĚ ϵϭ͘ϯϭϱ;/Ϳ [[516,430,529,487][12][,I,][Arial]] ϭ͘/ŶƚƌŽĚƵĐƚŝŽŶ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĐŽŶĚƵĐƚĞĚĂƉƵďůŝĐŵĞĞƚŝŶŐŽŶEŽǀĞŵďĞƌϰ͕ϮϬϭϵ͘ŶŽƚŝĐĞǁĂƐƉůĂĐĞĚŝŶƚŚĞ ůŽĐĂůŶĞǁƐƉĂƉĞƌŝŶǀŝƚŝŶŐŝŶƚĞƌĞƐƚĞĚƉĂƌƚŝĞƐƚŚĞŽƉƉŽƌƚƵŶŝƚǇƚŽǀŽŝĐĞƚŚĞŝƌŽƉŝŶŝŽŶƐƌĞŐĂƌĚŝŶŐƚŚĞŝƚǇΖƐ ŚŽƵƐŝŶŐĂŶĚĚĞǀĞůŽƉŵĞŶƚŶĞĞĚƐ͘EŽŽŶĞĂƚƚĞŶĚĞĚƚŚŝƐƉƵďůŝĐŵĞĞƚŝŶŐ͘dŚĞĚƌĂĨƚĐŽƉǇŽĨƚŚĞϮϬϮϬͲ ϮϬϮϰŽŶƐŽůŝĚĂƚĞĚWůĂŶǁĂƐĂǀĂŝůĂďůĞƚŽƚŚĞƉƵďůŝĐĨŽƌĐŽŵŵĞŶƚĨŽƌĂϯϬͲĚĂǇƉĞƌŝŽĚďĞŐŝŶŶŝŶŐKĐƚŽďĞƌ ϭϱ͕ϮϬϭϵƵŶƚŝůEŽǀĞŵďĞƌϭϰ͕ϮϬϭϵ͘ dŚĞůŽĐĂƚŝŽŶĂŶĚƚŝŵŝŶŐŽĨƚŚŝƐŵĞĞƚŝŶŐŝƐĂĐĐĞƐƐŝďůĞĂŶĚĨůĞǆŝďůĞƚŽƌĞĂĐŚƚŚĞďƌŽĂĚĞƐƚĂƵĚŝĞŶĐĞ͘dŚĞ ŝƐƐƵĞŝƐƚŚĞŶĞĞĚĨŽƌŵŽƌĞŽĨƉƵďůŝĐŝŶƚĞƌĞƐƚĞĚŝŶƉĂƌƚŝĐŝƉĂƚŝŶŐĂŶĚĞǆƚĞŶĚŝŶŐĐŽŵŵƵŶŝĐĂƚŝŽŶŽĨƚŚĞ ĞǀĞŶƚ͘dŽƌĞƐŽůǀĞƚŚŝƐŝŶƚŚĞĨƵƚƵƌĞ͕ǁĞǁŝůůĐŽŶƐŝĚĞƌďƌŽĂĚĞŶŝŶŐŽƵƌĂƌĞĂƐŽĨĐŽŵŵƵŶŝĐĂƚŝŽŶŽĨƚŚŝƐ ŵĞĞƚŝŶŐ͘^ŽŵĞĞǆĂŵƉůĞƐŝŶĐůƵĚĞƉŽƐƚŝŶŐƚŚĞĞǀĞŶƚŽŶƚŚĞŝƚǇ͛ƐǁĞďƐŝƚĞ͕ŽƌĂƌĂĚŝŽďƌŽĂĚĐĂƐƚ͘ 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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,^dZϭϰ 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,^dZϭϱ 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 ^ĞƉƚĞŵďĞƌϭϬ͕ϮϬϭϰĂůůŽǁŝŶŐŝŶƚĞƌĞƐƚĞĚƉĂƌƚŝĞƐĂŶ ŝŵƉƌŽǀĞĚĐŽŽƌĚŝŶĂƚŝŽŶ͍ ŽƉƉŽƌƚƵŶŝƚǇƚŽǀŽŝĐĞƚŚĞŝƌŽƉŝŶŝŽŶƐƌĞŐĂƌĚŝŶŐƚŚĞŝƚǇΖƐ ,ŽƵƐŝŶŐĂŶĚŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚŶĞĞĚƐ͕ŝŶĐůƵĚŝŶŐ ŚŽƵƐŝŶŐŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐ͕ĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐŶĞĞĚƐ͕ ŚŽŵĞůĞƐƐŶĞĞĚƐ͕ƉƵďůŝĐĂŶĚĂƐƐŝƐƚŝŶŐŚŽƵƐŝŶŐŶĞĞĚƐĂŶĚ ďĂƌƌŝĞƌƐƚŽĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĂŶĚŽŶƚŚĞĨŽƌŵƵůĂƚŝŽŶŽĨƐƵĐŚ ŶĞĞĚƐ͘ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ϵ,ŝĂǁĂƚŚĂ,ŽŵĞƐ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ,ŽƵƐŝŶŐ dǇƉĞ ^ĞƌǀŝĐĞƐͲWĞƌƐŽŶƐǁŝƚŚŝƐĂďŝůŝƚŝĞƐ WƵďůŝĐůǇ&ƵŶĚĞĚ/ŶƐƚŝƚƵƚŝŽŶͬ^ǇƐƚĞŵŽĨĂƌĞ &ŽƵŶĚĂƚŝŽŶ 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 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,^dZϭϳ 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,^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 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,^dZϭϵ 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 ĂĐĐĞƐƐͿůůĂŐĞƐ͘dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĨƵŶĚƐƚŚĞhŶŝƚĞĚ͎Ɛ 'ĂŶŐWƌĞǀĞŶƚŝŽŶWƌŽŐƌĂŵǁŝƚŚ'ĨƵŶĚŝŶŐ͘ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ϭϳďŝůŝƚǇƵŝůĚŝŶŐĞŶƚĞƌ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ^ĞƌǀŝĐĞƐͲWĞƌƐŽŶƐǁŝƚŚŝƐĂďŝůŝƚŝĞƐ dǇƉĞ ƵƐŝŶĞƐƐ>ĞĂĚĞƌƐ EĞŝŐŚďŽƌŚŽŽĚKƌŐĂŶŝǌĂƚŝŽŶ tŚĂƚƐĞĐƚŝŽŶŽĨƚŚĞWůĂŶǁĂƐ EŽŶͲ,ŽŵĞůĞƐƐ^ƉĞĐŝĂůEĞĞĚƐ ĂĚĚƌĞƐƐĞĚďǇŽŶƐƵůƚĂƚŝŽŶ͍ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϮϬ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ,ŽǁǁĂƐƚŚĞ ƐƵƌǀĞǇǁĂƐƐĞŶƚƌĞƋƵĞƐƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶĐƌŝƚŝĐĂůŝŶŝĚĞŶƚŝĨǇŝŶŐ ŐĞŶĐǇͬ'ƌŽƵƉͬKƌŐĂŶŝǌĂƚŝŽŶ ŶĞĞĚƐĂŶĚƉƌŝŽƌŝƚǇŶĞĞĚƐŝŶƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͕ƉƌŝŶĐŝƉĂůůǇĨŽƌ ĐŽŶƐƵůƚĞĚĂŶĚǁŚĂƚĂƌĞƚŚĞ ůŽǁͲĂŶĚŵŽĚĞƌĂƚĞŝŶĐŽŵĞƌĞƐŝĚĞŶƚƐĂŶĚƚŚŽƐĞǁŝƚŚƐƉĞĐŝĂů ĂŶƚŝĐŝƉĂƚĞĚŽƵƚĐŽŵĞƐŽĨƚŚĞ ŶĞĞĚƐ͘ďŝůŝƚǇƵŝůĚŝŶŐĞŶƚĞƌƌĞƐƉŽŶƐĞ͗dŽƉƌŽǀŝĚĞ ĐŽŶƐƵůƚĂƚŝŽŶŽƌĂƌĞĂƐĨŽƌ 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ƐĞŶŝŽƌƉƌŽŐƌĂŵƐ͕ƐŽĐŝĂůƐĞƌǀŝĐĞƉƌŽŐƌĂŵƐĂŶĚĚŝǀĞƌƐŝƚǇƉƌŽŐƌĂŵƐ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϮϮ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D /ŶĂĚĚŝƚŝŽŶ͕ĂƉƵďůŝĐŵĞĞƚŝŶŐǁĂƐĐŽŶĚƵĐƚĞĚŽŶ^ĞƉƚĞŵďĞƌϭϬ͕ϮϬϭϰĂůůŽǁŝŶŐŝŶƚĞƌĞƐƚĞĚƉĂƌƚŝĞƐĂŶ ŽƉƉŽƌƚƵŶŝƚǇƚŽǀŽŝĐĞƚŚĞŝƌŽƉŝŶŝŽŶƐƌĞŐĂƌĚŝŶŐƚŚĞŝƚǇΖƐ,ŽƵƐŝŶŐĂŶĚŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚŶĞĞĚƐ͕ ŝŶĐůƵĚŝŶŐŚŽƵƐŝŶŐŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐ͕ĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐŶĞĞĚƐ͕ŚŽŵĞůĞƐƐŶĞĞĚƐ͕ƉƵďůŝĐĂŶĚĂƐƐŝƐƚŝŶŐ ŚŽƵƐŝŶŐŶĞĞĚƐĂŶĚďĂƌƌŝĞƌƐƚŽĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĂŶĚŽŶƚŚĞĨŽƌŵƵůĂƚŝŽŶŽĨƐƵĐŚŶĞĞĚƐ͘ EĂƌƌĂƚŝǀĞ;ŽƉƚŝŽŶĂůͿ͗ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϮϯ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J 3DFNHW3J *D ĂƉƉůŝĐĂďůĞͿ ;/Ĩ hZ> ĐŽŵŵĞŶƚƐ ƌĞĐŝƉŝĞŶƚƐĚŝĚŶŽƚŬŶŽǁ ƉŝĞŶƚƐĚŝĚŶŽƚŬŶŽǁ ĂŶĂŶƐǁĞƌŽƌƋƵĞƐƚŝŽŶĂŶĂŶƐǁĞƌŽƌƋƵĞƐƚŝŽŶ Ϯϰ ǁĞƌĞŶŽƚŝŶĐůƵĚĞĚ͘ǁĞƌĞŶŽƚŝŶĐůƵĚĞĚ͘ ŶŽƚĂĐĐĞƉƚĞĚ ƌĞĂƐŽŶƐ ŽŵŵĞŶƚƐůŝƐƚŝŶŐŽŵŵĞŶƚƐůŝƐƚŝŶŐ ŽĨ ^ƵŵŵĂƌǇ ĂŶĚ ƌĞĐŝ E ^ƵŵŵĂƌǇŽĨĐŝƚŝǌĞŶƉĂƌƚŝĐŝƉĂƚŝŽŶƉƌŽĐĞƐƐͬĨĨŽƌƚƐŵĂĚĞƚŽďƌŽĂĚĞŶĐŝƚŝǌĞŶƉĂƌƚŝĐŝƉĂƚŝŽŶ ŽŵŵĞŶƚƐƌĞĐĞŝǀĞĚ ƌĞĐĞŝǀĞĚ ϭϬ Ͳ ŽĨ ŝƚŝǌĞŶƐƌĂŶŬĞĚĂƌĞŶŽƚĞĚŝŶWZ EŽĐŽŵŵĞŶƚƐ͘ ƉƌŝŽƌŝƚǇŶĞĞĚƐ͘ ^ƵŵŵĂƌǇ ĐŽŵŵĞŶƚƐ ϵϭ͘ϭϬϱ͕ϵϭ͘ϭϭϱ͕ϵϭ͘ϮϬϬ;ĐͿĂŶĚϵϭ͘ϯϬϬ;ĐͿ ƐĞƚƚŝŶŐ ƌĞƐƉŽŶƐĞͬĂƚƚĞŶĚĂŶĐĞ ZK,^dZ ƉƌŽǆŝŵĂƚĞůǇϭϬϬ ŽĨ EŽŽŶĞĂƚƚĞŶĚĞĚ Ͳ ^ƵŵŵĂƌŝǌĞĐŝƚŝǌĞŶƉĂƌƚŝĐŝƉĂƚŝŽŶƉƌŽĐĞƐƐĂŶĚŚŽǁŝƚŝŵƉĂĐƚĞĚŐŽĂů ^ƵŵŵĂƌǇ ZĞĐĞŝǀĞĚϭϴ ƌĞƐƉŽŶƐĞƐƌĞƐƉŽŶƐĞƐ ZĞĐĞŝǀĞĚ ĂƉ KƵƚƌĞĂĐŚ ^ĞƌǀŝĐĞŐĞŶĐŝĞƐ ƚĂƌŐĞƚĞĚͬďƌŽĂĚƚĂƌŐĞƚĞĚͬďƌŽĂĚ WĞƌƐŽŶƐǁŝƚŚ ĐŽŵŵƵŶŝƚǇĐŽŵŵƵŶŝƚǇ ĚŝƐĂďŝůŝƚŝĞƐ ŽĨ dĂƌŐĞƚ ͲͲ EŽŶEŽŶ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ ʹ ĐŝƉĂƚŝŽŶ KƵƚƌĞĂĐŚ ŝƚŝǌĞŶWĂƌƚŝĐŝƉĂƚŝŽŶKƵƚƌĞĂĐŚ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ /ŶƚĞƌŶĞƚKƵƚƌĞĂĐŚ ŐĞŶĐǇ^ƵƌǀĞǇ WƵďůŝĐ,ĞĂƌŝŶŐ ϭϱŝƚŝǌĞŶWĂƌƚŝ ŽĨ DŽĚĞ Ͳ ŶƚƌŽůEŽ͗ϮϱϬϲ ĚĞƌ Kƌ ^Žƌƚ KDŽ Ͳ WZ ϭϮ ϯ ϭ͘ 3DFNHW3J *D ĂƉƉůŝĐĂďůĞͿ ;/Ĩ hZ> ĐŽŵŵĞŶƚƐ Ϯϱ ŶŽƚĂĐĐĞƉƚĞĚ ƌĞĂƐŽŶƐ ŽĨ ^ƵŵŵĂƌǇ ĂŶĚ ƌĞĐĞŝǀĞĚ ŽĨ EŽƚĂƉƉůŝĐĂďůĞ ^ƵŵŵĂƌǇ ĐŽŵŵĞŶƚƐ ŝƚŝǌĞŶWĂƌƚŝĐŝƉĂƚŝŽŶKƵƚƌĞĂĐŚ ƌĞƐƉŽŶƐĞͬĂƚƚĞŶĚĂŶĐĞ ZK,^dZ ŽĨ EŽŽŶĞĂƚƚĞŶĚĞĚ ^ƵŵŵĂƌǇ ʹ ϰ ůĞ dĂď KƵƚƌĞĂĐŚ ƚĂƌŐĞƚĞĚͬďƌŽĂĚ WĞƌƐŽŶƐǁŝƚŚ ĐŽŵŵƵŶŝƚǇ ĚŝƐĂďŝůŝƚŝĞƐ ŽĨ dĂƌŐĞƚ Ͳ EŽŶ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ KƵƚƌĞĂĐŚ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ EĞǁƐƉĂƉĞƌĚ ŽĨ DŽĚĞ Ͳ ŶƚƌŽůEŽ͗ϮϱϬϲ ĚĞƌ Kƌ ^Žƌƚ KDŽ ϰ *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 ƵŶƌĞůĂƚĞĚŝŶĂĚĚŝƚŝŽŶƚŽƐŝŶŐůĞƉĞƌƐŽŶƐ͖ǁĞĞƐƚŝŵĂƚĞƐŝŶŐůĞƉĞƌƐŽŶƐŵĂŬĞƵƉĂďŽƵƚϱϬйŽĨƚŚĞƐĞ ŚŽƵƐĞŚŽůĚƐƚŚĂƚŶĞĞĚĂƐƐŝƐƚĂŶĐĞ͕ĚƵĞƚŽŽƵƌĂŐŝŶŐƉŽƉƵůĂƚŝŽŶ͘dŚƵƐϴϮϭŵĂůĞƐŝŶŐůĞƉĞƌƐŽŶŚŽƵƐĞŚŽůĚƐ ĂŶĚϭ͕ϮϮϴƐŝŶŐůĞĨĞŵĂůĞŚŽƵƐĞŚŽůĚƐ͘ 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dŚĞĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐĂŶĚŶĞĞĚƐŽĨůŽǁͲŝŶĐŽŵĞŝŶĚŝǀŝĚƵĂůƐĂŶĚĨĂŵŝůŝĞƐǁŝƚŚĐŚŝůĚƌĞŶǁŚŽĂƌĞĐƵƌƌĞŶƚůǇ ŚŽƵƐĞĚďƵƚĂƌĞĂƚŝŵŵŝŶĞŶƚƌŝƐŬŽĨĞŝƚŚĞƌƌĞƐŝĚŝŶŐŝŶƐŚĞůƚĞƌƐŽƌďĞĐŽŵŝŶŐƵŶƐŚĞůƚĞƌĞĚŵĂǇŝŶĐůƵĚĞƚŚĞ ůŽŶŐǁĂŝƚŝŶŐůŝƐƚĨŽƌ^ĞĐƚŝŽŶϴͬƉƵďůŝĐŚŽƵƐŝŶŐ͕ƌĞŶƚĂůŚŽƵƐŝŶŐŝƐŶŽƚĂĨĨŽƌĚĂďůĞ͕ĨĞǁƌĞŶƚĂůƵŶŝƚƐ ĂǀĂŝůĂďůĞĨŽƌĨĂŵŝůŝĞƐ͕ůŝŵŝƚĞĚƐŚĞůƚĞƌƐ͕ůŝŵŝƚĞĚƚƌĂŶƐŝƚŝŽŶĂůŚŽƵƐŝŶŐĂŶĚƐŚŽƌƚĂŐĞŽĨĨƵŶĚƐ͘ ďŽƵƚŚĂůĨŽĨƚŚĞϰϵϳƉĞŽƉůĞĐŽƵŶƚĞĚŝŶϮϬϭϴ͛ƐWŽŝŶƚŝŶdŝŵĞŽƵŶƚǁĞƌĞŝŶƚƌĂŶƐŝƚŝŽŶĂůŚŽƵƐŝŶŐ ƉƌŽŐƌĂŵƐ͘&ƵƌƚŚĞƌŵŽƌĞ͕Ϯϳй;ϳϵͿĨĂŵŝůŝĞƐǁŝƚŚĂĚƵůƚƐĂŶĚĐŚŝůĚƌĞŶĞǆƉĞƌŝĞŶĐĞĚŚŽŵĞůĞƐƐŶĞƐƐŝŶϮϬϭϴ͘ ďŽƵƚϳϵĨĂŵŝůŝĞƐǁŝƚŚϭϮϬĐŚŝůĚƌĞŶ ^ŽƵƌĐĞ͗ϮϬϭϴZĞŐŝŽŶĂů,ŽŵĞůĞƐƐŶĞƐƐEĞĞĚƐƐƐĞƐƐŵĞŶƚ͕ďǇZŝǀĞƌsĂůůĞǇƐŽŶƚŝŶƵƵŵŽĨĂƌĞǁŝƚŚ ƌĞŐŝŽŶĂůŐƌĂŶƚĞĞƐŽĨƚŚĞ&ĂŵŝůǇ,ŽŵĞůĞƐƐŶĞƐƐWƌĞǀĞŶƚŝŽŶĂŶĚƐƐŝƐƚĂŶĐĞWƌŽŐƌĂŵ;&,WWͿ /ĨĂũƵƌŝƐĚŝĐƚŝŽŶƉƌŽǀŝĚĞƐĞƐƚŝŵĂƚĞƐŽĨƚŚĞĂƚͲƌŝƐŬƉŽƉƵůĂƚŝŽŶ;ƐͿ͕ŝƚƐŚŽƵůĚĂůƐŽŝŶĐůƵĚĞĂ ĚĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞŽƉĞƌĂƚŝŽŶĂůĚĞĨŝŶŝƚŝŽŶŽĨƚŚĞĂƚͲƌŝƐŬŐƌŽƵƉĂŶĚƚŚĞŵĞƚŚŽĚŽůŽŐǇƵƐĞĚƚŽ ŐĞŶĞƌĂƚĞƚŚĞĞƐƚŝŵĂƚĞƐ͗ x^ĂůǀĂƚŝŽŶƌŵǇZ,^W͘ϮϴŚŽŵĞůĞƐƐĨĂŵŝůŝĞƐƌĞĐĞŝǀĞĚĨŝƌƐƚŵŽŶƚŚ͛ƐƌĞ ŶƚŽƌĚĞƉŽƐŝƚŝŽŶƚŽŚĞůƉ ƚŚĞŵƐĞĐƵƌĞƌĞŶƚĂůŚŽƵƐŝŶŐ͘ 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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 ƌƚŵĞŶƚŽĨ,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 dŚĞĞƉĂ dŽƚĂů WƌŽŐƌĂŵdǇƉĞWƌŽŐƌĂŵdǇƉĞ ϰϲϲ ZK,^dZ sŽƵĐŚĞƌƐ dŽƚĂů ϭϱ͕Ϯϯϰ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĚŽĞƐŶŽƚŽǁŶŽƌŵĂŶĂŐĞĂŶǇƉƵďůŝĐŚŽƵƐŝŶŐƵŶŝƚƐ͘ ,ŽƵƐŝŶŐ ďůŝĐ Ͳ WƵ 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 ŶƚƌŽůEŽ͗ϮϱϬϲ dŽƚĂůƐŝŶhƐĞ /ŶƚƌŽĚƵĐƚŝŽŶ Ͳ ΎŝŶĐůƵĚĞƐEŽŶ ŽƵŶƚǇ,Z͘ ĂƚĂ^ŽƵƌĐĞ͗ KDŽ 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 WƌŽŐƌĂŵdǇƉĞ dǇƉĞ ϭϵϬ sŽƵĐŚĞƌƐ ZK,^dZ dŽƚĂů WƌŽŐƌĂŵ ϰϭϬϭϵ ϬϭϬϯϬϬ ϯ ,ŽƵƐŝŶŐ ďůŝĐ WƵ 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 ǀĞƌĂŐĞůĞŶŐƚŚŽĨƐƚĂǇ ηŽĨŝƐĂďůĞĚ&ĂŵŝůŝĞƐ ĂĐĐĞƐƐŝďŝůŝƚǇĨĞĂƚƵƌĞƐ ZĂĐĞŽĨZĞƐŝĚĞŶƚƐ ZĂĐĞ ηŽĨsǀŝĐƚŝŵƐ Ͳ ŶƚƌŽůEŽ͗ϮϱϬϲ ƉĂƌƚŝĐŝƉĂŶƚƐ ĂƚĂ^ŽƵƌĐĞ͗ tŚŝƚĞ ;хϲϮͿ KDŽ 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 dƌĂŶƐŝƚŝŽŶ ǇĞĂƌ͕ĂŶĚEƵƌƐŝŶŐ,ŽŵĞdƌĂŶƐŝƚŝŽŶ ZĂĐĞŽĨWƵďůŝĐ,ŽƵƐŝŶŐZĞƐŝĚĞŶƚƐďǇWƌŽŐƌĂŵdǇƉĞ ϬϬϬϬϬ ǇĞĂƌ͕ĂŶĚEƵƌƐŝŶŐ,ŽŵĞ ϬϬ Ͳ Ͳ WƌŽũĞĐƚ ďĂƐĞĚ WƌŽũĞĐƚ ďĂƐĞĚ WƌŽŐƌĂŵdǇƉĞ dǇƉĞ ϭϵ ϮϱϯϭϬ ϯ ϵϰϱϳ sŽƵĐŚĞƌƐ ZK,^dZ dŽƚĂů sŽƵĐŚĞƌƐ dŽƚĂů WƌŽŐƌĂŵ ͲͲ ŵ&ŝǀĞ zĞĂƌ͕DĂŝŶƐƚƌĞĂŵ&ŝǀĞ ϭϭ ϱϱϭϬϬ ,ŽƵƐŝŶŐ ϭϬϬ WƵďůŝĐϯ ,ŽƵƐŝŶŐ zĞĂƌ͕DĂŝŶƐƚƌĞĂ WƵďůŝĐ ϬϬϬϬϬ ʹ ZĞŚĂď ϬϬ Ͳ Ϯϰ DŽĚ ʹ ZĞŚĂď Ͳ DŽĚ Ϯϱ dĂďůĞ ͲͲ ůĚĞƌůǇŝƐĂďůĞĚ͕DĂŝŶƐƚƌĞĂŵKŶĞůĚĞƌůǇŝƐĂďůĞĚ͕DĂŝŶƐƚƌĞĂŵKŶĞ dĂďůĞ ĞƌƚŝĨŝĐĂƚĞ ϬϬϬϬϬ ĞƌƚŝĨŝĐĂƚĞ ϬϬ W/;W/,/ŶĨŽƌŵĂƚŝŽŶĞŶƚĞƌͿ W/;W/,/ŶĨŽƌŵĂƚŝŽŶĞŶƚĞƌͿ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ŵĞƌŝĐĂŶ/ŶĚŝĂŶͬůĂƐŬĂ Ŷ ůĂĐŬͬĨƌŝĐĂŶŵĞƌŝĐĂ ƚŚŶŝĐŝƚǇŽĨZĞƐŝĚĞŶƚƐ ƚŚŶŝĐŝƚǇ ZĂĐĞ WĂĐŝĨŝĐ/ƐůĂŶĚĞƌ ͲͲ Ͳ ΎŝŶĐůƵĚĞƐEŽŶΎŝŶĐůƵĚĞƐEŽŶ ŶƚƌŽůEŽ͗ϮϱϬϲ EŽƚ,ŝƐƉĂŶŝĐ ĂƚĂ^ŽƵƌĐĞ͗ĂƚĂ^ŽƵƌĐĞ͗ ,ŝƐƉĂŶŝĐ EĂƚŝǀĞ KƚŚĞƌ ƐŝĂŶ KDŽ *D ^ĞĐƚŝŽŶϱϬϰEĞĞĚƐƐƐĞƐƐŵĞŶƚ͗ĞƐĐƌŝďĞƚŚĞŶĞĞĚƐŽĨƉƵďůŝĐŚŽƵƐŝŶŐƚĞŶĂŶƚƐĂŶĚĂƉƉůŝĐĂŶƚƐ ŽŶƚŚĞǁĂŝƚŝŶŐůŝƐƚĨŽƌĂĐĐĞƐƐŝďůĞƵŶŝƚƐ͗ dŚĞƌĞĂƌĞŶŝŶĞĂĐĐĞƐƐŝďůĞƵŶŝƚƐŝŶƚŚĞKůŵƐƚĞĚŽƵŶƚǇ,ZΖƐƉƵďůŝĐŚŽƵƐŝŶŐƉƌŽŐƌĂŵĂŶĚϮϴƉĞƌƐŽŶƐŽŶ ƚŚĞǁĂŝƚŝŶŐůŝƐƚǁŝƚŚĂƌĞƋƵĞƐƚĨŽƌĂŶĂĐĐĞƐƐŝďůĞƵŶŝƚ͘ 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ƐƚŝŵĂƚĞƚŚĞ ηďĞĐŽŵŝŶŐ ĞĂĐŚǇĞĂƌ ŚŽŵĞůĞƐƐ /ŶĨŽƌŵĂƚŝŽŶĂǀĂŝůĂďůĞĂŶĚƉƌŽǀŝĚĞĚŝŶƚŚĞƚĂďůĞďĞůŽǁŝƐĨŽƌƚŚĞ^ŽƵƚŚĞĂƐƚDEƌĞŐŝŽŶ͕ǁŚŝĐŚŝ ĞĚƐƐƐĞƐƐŵĞŶƚ ϬϭϬϬϬϬϬϬ ƐƚŝŵĂƚĞƚŚĞη ŚŽŵĞůĞƐƐŶĞƐƐ ĞǆƉĞƌŝĞŶĐŝŶŐ ϱϬϮZŽĐŚĞƐƚĞƌͬ^ŽƵƚŚĞĂƐƚDŝŶŶĞƐŽƚĂŽĂŶĚtŝůĚĞƌZĞƐĞĂƌĐŚ ĞĂĐŚǇĞĂƌ ZK,^dZ ,ŽŵĞůĞƐƐEĞ ϱϮ ϮϭϯϬϭϯϬ ϱϯ ĞǆƉĞƌŝĞŶĐŝŶŐŚŽŵĞůĞƐƐŶĞƐƐhŶƐŚĞůƚĞƌĞĚ ƐƚŝŵĂƚĞƚŚĞηŽĨƉĞƌƐŽŶƐ ŽŶĂŐŝǀĞŶŶŝŐŚƚ Ͳ Ϯϲ ϵϭ͘ϮϬϱ;ĐͿ dĂďůĞ ϳϲϭϭϲϬϭϵϭϬϳϳϬ ϯ ^ŚĞůƚĞƌĞĚ ʹ ϰϬ,ŽŵĞůĞƐƐEĞĞĚƐƐƐĞƐƐŵĞŶƚ Ͳ dŝŵĞŽƵŶƚDE WĞƌƐŽŶƐŝŶ,ŽƵƐĞŚŽůĚƐǁŝƚŚĚƵůƚ;ƐͿ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ ŶůǇ WĞƌƐŽŶƐŝŶ,ŽƵƐĞŚŽůĚƐǁŝƚŚKŶůǇ ŚƌŽŶŝĐĂůůǇ,ŽŵĞůĞƐƐ/ŶĚŝǀŝĚƵĂůƐ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ŚƌŽŶŝĐĂůůǇ,ŽŵĞůĞƐƐ&ĂŵŝůŝĞƐ ,ŽŵĞůĞƐƐEĞĞĚƐƐƐĞƐƐŵĞŶƚ WĞƌƐŽŶƐŝŶ,ŽƵƐĞŚŽůĚƐǁŝƚŚK Ͳ ŝŶ Ͳ WŽŝŶƚ WŽƉƵůĂƚŝŽŶ ĨƌŽŵůŽĐĂƚŝŽŶƚŽůŽĐĂƚŝŽŶ͘ hŶĂĐĐŽŵƉĂŶŝĞĚŚŝůĚ ĂƚĂ^ŽƵƌĐĞŽŵŵĞŶƚƐ͗ WĞƌƐŽŶƐǁŝƚŚ,/s ĂŶĚŚŝůĚ;ƌĞŶͿ Ͳ ŶƚƌŽůEŽ͗ϮϱϬϲ /ŶƚƌŽĚƵĐƚŝŽŶ͗ sĞƚĞƌĂŶƐ ŚŝůĚƌĞŶ ĚƵůƚƐ KDŽ Ͳ E /ƚ 3DFNHW3J *D ϳϴ ŽĨĚĂǇƐƉĞƌƐŽŶƐϮϭϮϯϮϵϬ ϮϬ ϯϯ ƐƚŝŵĂƚĞƚŚĞη ŚŽŵĞůĞƐƐŶĞƐƐ ĞǆƉĞƌŝĞŶĐĞ ϬϬϬϬϬϬϬϬ ϱϬ ƐƚŝŵĂƚĞƚŚĞη ŚŽŵĞůĞƐƐŶĞƐƐ ĞĂĐŚǇĞĂƌ ĞǆŝƚŝŶŐ ϬϬϬϬϬϬϬϬ ƐƚŝŵĂƚĞƚŚĞ ηďĞĐŽŵŝŶŐ ĞĂĐŚǇĞĂƌ ŚŽŵĞůĞƐƐ ,ŽŵĞůĞƐƐEĞĞĚƐƐƐĞƐƐŵĞŶƚ ϬϭϬϬϬϬϬϬ ƐƚŝŵĂƚĞƚŚĞη ŚŽŵĞůĞƐƐŶĞƐƐ ĞǆƉĞƌŝĞŶĐŝŶŐ ŚĞĂƐƚDŝŶŶĞƐŽƚĂŽĂŶĚtŝůĚĞƌZĞƐĞĂƌĐŚ ĞĂĐŚǇĞĂƌ ZK,^dZ WĂƌƚŝĂůůǇZƵƌĂů,ŽŵĞůĞƐƐ ϱϮ ϮϭϯϬϭϯϬ ϱϯ ĞǆƉĞƌŝĞŶĐŝŶŐŚŽŵĞůĞƐƐŶĞƐƐhŶƐŚĞůƚĞƌĞĚ ĨƉĞƌƐŽŶƐ ŽŶĂŐŝǀĞŶŶŝŐŚƚ Ͳ Ϯϳ ƐƚŝŵĂƚĞƚŚĞηŽ dĂďůĞ ϱϬϮZŽĐŚĞƐƚĞƌͬ^ŽƵƚ ϳϲϭϭϲϬϭϵϭϬϳϳϬ ϯ ƌĞĚ ^ŚĞůƚĞ Ͳ dŝŵĞŽƵŶƚDE /ŶĚŝĐĂƚĞŝĨƚŚĞŚŽŵĞůĞƐƐƉŽƉƵůĂƚŝŽŶ WĞƌƐŽŶƐŝŶ,ŽƵƐĞŚŽůĚƐǁŝƚŚĚƵůƚ;ƐͿ ZƵƌĂů,ŽŵĞůĞƐƐEĞĞĚƐƐƐĞƐƐŵĞŶƚ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ WĞƌƐŽŶƐŝŶ,ŽƵƐĞŚŽůĚƐǁŝƚŚKŶůǇWĞƌƐŽŶƐŝŶ,ŽƵƐĞŚŽůĚƐǁŝƚŚKŶůǇ ŚƌŽŶŝĐĂůůǇ,ŽŵĞůĞƐƐ/ŶĚŝǀŝĚƵĂůƐ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ůǇ,ŽŵĞůĞƐƐ&ĂŵŝůŝĞƐ Ͳ ŝŶ Ͳ WŽŝŶƚ WŽƉƵůĂƚŝŽŶ hŶĂĐĐŽŵƉĂŶŝĞĚzŽƵƚŚ ĂƚĂ^ŽƵƌĐĞŽŵŵĞŶƚƐ͗ WĞƌƐŽŶƐǁŝƚŚ,/s ĂŶĚŚŝůĚ;ƌĞŶͿ Ͳ ŶƚƌŽůEŽ͗ϮϱϬϲ ŚƌŽŶŝĐĂů sĞƚĞƌĂŶƐ ŚŝůĚƌĞŶ ĚƵůƚƐ KDŽ ŝƐ͗ 3DFNHW3J *D ĞŚŽůĚƐǁĞƌĞĨĂŵŝůŝĞƐǁŝƚŚĐŚŝůĚƌĞŶ͕ƚŽƚĂůŝŶŐϲϬĂĚƵůƚƐĂŶĚϭϰĐŚŝůĚƌĞŶ ŽŶƐƌĞƉŽƌƚĞĚƵŶƐŚĞůƚĞƌĞĚ͗Ăůů ŵďĞƌƐŵŽǀĞ ƚĞƌĞĚŝŶƚŽ ŶŐĐŚƌŽŶŝĐĂůůǇ ŶƵŵďĞƌŽĨƉĞŽƉůĞ ƌŬ͕>ƵƚŚĞƌĂŶ^ŽĐŝĂů^ĞƌǀŝĐĞƐ͕ĂŶĚtŽŵĞŶΖƐ^ŚĞůƚĞƌ ƚŽƚĂůŶƵŵďĞƌŽĨŚŽŵĞůĞƐƐŵĞŵďĞƌƐŝŶƚŚĞĐŽŵŵƵŶŝƚǇ͘dŚĞŶƵŵďĞƌĐĂŶǀĂƌǇŐƌĞĂƚůǇĂƐŚŽŵĞůĞƐƐŵĞŵďĞƌƐŵŽǀĞĨƌŽŵ ŵĞĂƐƵƌĞƐƚŚŝƐ͘dŚĞ/ŶƐƚŝƚƵƚĞĨŽƌ 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ŵĞƌŐĞŶĐǇ^ŚĞůƚĞƌ͕dƌĂŶƐŝƚŝŽŶĂů,ŽƵƐŝŶŐ͕ZĂƉŝĚZĞŚŽƵƐŝŶŐ͕ŽƌWĞƌŵĂŶĞŶƚ^ƵƉƉŽƌƚŝǀĞ,ŽƵƐŝŶŐĚƵƌŝŶŐ&zϮϬϭϴ ƌĞƉŽƌƚĞĚƐƚĂǇŝŶŐŝŶĂƉůĂĐĞƚŚĂƚŝƐŶŽƚĂƌĞŐƵůĂƌͬƉĞƌŵĂŶĞŶƚƉůĂĐĞƚŽƐƚĂǇůŝŬĞŽƵƚĚŽŽƌƐ͕ŝŶĂĐĂƌŽƌǀĂĐĂŶƚďƵŝůĚŝŶŐ͕ĞƚĐ͘ dŚĞƌĞĂƌĞĨŽƵƌĞŵĞƌŐĞŶĐǇƐŚĞůƚĞƌƐůŽĐĂƚĞĚŝŶZŽĐŚĞƐƚĞƌ͗ŽƌŽƚŚǇĂǇ,ŽƵƐĞ͕/ŶƚĞƌĨĂŝƚŚ,ŽƐƉŝƚĂůŝƚǇEĞƚǁŽ hƉŽŶĐŽŶƐƵůƚĂƚŝŽŶĨƌŽŵƚŚĞůŽĐĂůŽƉƌŽǀŝĚĞƌ;dŚƌĞĞZŝǀĞƌƐͿ͕ƚŚĞĚĂƚĂƚŚĞǇƉƌŽǀŝĚĞĚŝŶĐůƵĚĞƐ͗ dŚĞ^ĂůǀĂƚŝŽŶƌŵǇƉƌŽǀŝĚĞĚŵŽƚĞůͬͬŚŽƚĞůǀŽƵĐŚĞƌƐƚŽϱϮŚŽƵƐĞŚŽůĚƐ͕ϭϮŽĨƚŚĞƐĞŚŽƵƐ ZK,^dZ Ͳ ŽĨǁŚŝĐŚϭϭϲŚŽƵƐĞŚŽůĚƐǁĞƌĞƐĞƌǀĞĚ͘ϵϱǁĞƌĞĂĚƵůƚƐ͕ϯϬǁĞƌĞǇŽƵƚŚ;ϭϴ ĂŶĚϭϬϬĐŚŝůĚƌĞŶ͘ ŽŵŵƵŶŝƚǇůůŝĂŶĐĞƐŵĂŶĂŐĞƐƚŚĞDE,D/^^ŽƵƚŚ͘ ƐŚĞůƚĞƌĞĚŚŽŵĞůĞƐƐŶĞƐƐǁŝƚŚƚŚĞũƵƌŝƐĚŝĐƚŝŽŶ͗ ϮϰͿ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ Ͳ ͲĐŽŶƐŝƐƚŝŶŐŽĨϲϯĂĚƵůƚƐ͕ϳϱǇŽƵƚŚ;ϭϴ ŵŽƐƚŚŽƵƐĞŚŽůĚƐǁĞƌĞĂĚƵůƚ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ /ƚŝƐ/ƚŝƐĂĐŚĂůůĞŶŐĞƚŽŝĚĞŶƚŝĨǇƚŚĞ ĨƌŽŵůŽĐĂƚŝŽŶƚŽůŽĐĂƚŝŽŶ͘ ůŽĐĂƚŝŽŶƚŽůŽĐĂƚŝŽŶ͘ Ͳ ŶƚƌŽůEŽ͗ϮϱϬϲ Ͷ ŝŶĂůů KDŽ 3DFNHW3J *D ^͗ŵĞĚŝĂŶŝƐϯϭ ƚƐ͘/ĨdƌĂŶƐŝƚŝŽŶĂů,ŽƵƐŝŶŐŝƐƌĞŵŽǀĞĚĨƌŽŵƚŚĞĞƋƵĂƚŝŽŶ;ďĞĐĂƵƐĞƚŝŵĞŝŶ ŵƐůŝŬĞZĂƉŝĚ ŝŶŐŝŶĨŽƌŵĂůƐŚĞůƚĞƌƐŽŶůǇĂďŽƵƚŚĂůĨŽĨƚŚĞƚŝŵĞƚŚĂƚƚŚĞǇĂƌĞĞǆƉĞƌŝĞŶĐŝŶŐŚŽŵĞůĞƐƐŶĞƐƐ͘Ϳ DĞĚŝĂŶůĞŶŐƚŚŽĨƚŝŵĞŚŽŵĞůĞƐƐƌĞƉŽƌƚĞĚĨŽƌƉĞƌƐŽŶƐŵŽǀŝŶŐŝŶƚŽŵĞƌŐĞŶĐǇ^ŚĞůƚĞƌ͕dƌĂŶƐŝƚŝŽŶĂů,ŽƵƐŝŶŐ͕ZĂƉŝĚZĞŚŽƵƐŝŶŐ͕Žƌ ƵƐŝŶŐ͘;ŵĞƌŐĞŶĐǇ^ŚĞůƚĞƌĂŶĚdƌĂŶƐŝƚŝŽŶĂů,ŽƵƐŝŶŐƐĞƚƚŝŶŐƐĂƌĞƐƚŝůůĐŽŶƐŝĚĞƌĞĚŚŽŵĞůĞƐƐŝŶƚŚĞ ƚƌĂŶƐŝƚŝŽŶĂůŚŽƵƐŝŶŐĂƐŚŽŵĞůĞƐƐͿ͕ƚŚĞŵĞĚŝĂŶŝƐϲϲŶŝŐŚƚƐ͘;ĐƚƵĂůŶŝŐŚƚƐŝŶ^Žƌd,͗ŵĞĚŝĂŶŝƐϲϭĚĂǇƐ͘ĐƚƵĂůŶŝŐŚƚƐŝŶ /ƚŝƐĚŝĨĨŝĐƵůƚƚŽŵĞĂƐƵƌĞŚŽǁŵĂŶǇƉĞŽƉůĞĞǆŝƚŚŽŵĞůĞƐƐŶĞƐƐĞĂĐŚǇĞĂƌďĞĐĂƵƐĞŶŽƚĂůůƉĞƌƐŽŶƐĞǆŝƚŚŽŵĞůĞƐƐŶĞƐƐƵƐŝŶŐƉƌŽŐƌĂ ϱϮ ƚŚƌĞĞ;ϱϯͿǁĞƌĞƵŶĂďůĞƚŽůŽĐĂƚĞŚŽƵƐŝŶŐǁŚĞƌĞƚŚĞǇĐŽƵůĚƵƐĞƚŚĞŝƌƌĞŶƚĂůĂƐƐŝƐƚĂŶĐĞǀŽƵĐŚĞƌƐ͘ ŚĂďůĞĂĨƚĞƌŵƵůƚŝƉůĞĂƚƚĞŵƉƚƐǁŚĞŶĂƌĞĨĞƌƌĂůǁĂƐŵĂĚĞ ĚĞƐŝŐŶĂƚĞĚŚŽƵƐŝŶŐ;ƵƐƵĂůůǇƚŚƌŽƵŐŚŽŽƌĚŝŶĂƚĞĚŶƚƌǇƌĞĨĞƌƌĂůͿ ϮϵǁĞƌĞŶŽůŽŶŐĞƌĞůŝŐŝďůĞĨŽƌƌĞĨĞƌƌĂů;ŵŽǀĞĚƚŽŽƚŚĞƌƌĞŐŝŽŶŽƌŝŶŝŶƐƚŝƚƵƚŝŽŶĂůƐĞƚƚŝŶŐͿ ZK,^dZ WĞƌŵĂŶĞŶƚ^ƵƉƉŽƌƚŝǀĞ,ŽƵƐŝŶŐĚƵƌŝŶŐ&zϮϬϭϴǁĂƐϭϭϮŶŝŐŚ KŶĞŚƵŶĚƌĞĚĞŝŐŚƚǇĨŽƵƌ;ϭϴϰͿǁĞƌĞƵŶƌĞĂĐ ŵĞĂƐƵƌĞŵĞŶƚƐ͘Ϳ,ŽǁĞǀĞƌ͕ŚĞƌĞŝƐǁŚĂƚǁĞŬŶŽǁ͗ ĨŽƵŶĚŽƚŚĞƌŚŽƵƐŝŶŐͿ ĚĂǇƐ͘dŚŝƐŝŶĚŝĐĂƚĞƐƚŚĂƚƉĞŽƉůĞĂƌĞƐƚĂǇ ZĞŚŽƵƐŝŶŐŽƌWĞƌŵĂŶĞŶƚ^ƵƉƉŽƌƚŝǀĞ,Ž Ͳ ϯϯϲƉĞƌƐŽŶƐĞŶƚĞƌĞĚŚŽŵĞůĞƐƐ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ϯϱƌĞĨƵƐĞĚƐĞƌǀŝĐĞ͘ ƌĞƐŽůǀĞĚ; Ͳ ϭϭϬƐĞůĨ Ͳ 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ƐĞƌǀŝĐĞƐŽĨƚŚĞƐĞƉŽƉƵůĂƚŝŽŶƐŝŶĐůƵĚĞƐĞŶŝŽƌƐĞƌǀŝĐĞƐ͕ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ͕ĂŶĚŽƚŚĞƌƉƵďůŝĐƐĞƌǀŝĐĞƉƌŽŐƌĂŵƐ͘ KůŵƐƚĞĚŽƵŶƚǇŚĂƐϮϯϯĨĂĐŝůŝƚŝĞƐƚŚĂƚƐĞƌǀĞƉĞƌƐŽŶƐǁŝƚŚĚŝƐĂďŝůŝƚŝĞƐůŝĐĞŶƐĞĚǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂ ĞƉĂƌƚŵĞŶƚŽĨ,ƵŵĂŶ^ĞƌǀŝĐĞƐ͘ĚƵůƚĨŽƐƚĞƌĐĂƌĞƉƌŽǀŝĚĞƐƚŚĞŐƌĞĂƚĞƐƚĂŵŽƵŶƚŽĨŚŽƵƐŝŶŐĨŽƌƉĞƌƐŽŶƐ ǁŝƚŚĚŝƐĂďŝůŝƚŝĞƐŝŶKůŵƐƚĞĚŽƵŶƚǇ͘dŚĞƌĞĂƌĞϮϭϱĂĚƵůƚĨŽƐƚĞƌĐĂƌĞĨĂĐŝůŝƚŝĞƐŝŶKůŵƐƚĞĚŽƵŶƚǇ͘dŚĞƐĞ ŚŽŵĞƐƐĞƌǀĞŝŶĚŝǀŝĚƵĂůƐǁŝƚŚĂǀĂƌŝĞƚǇŽĨŶĞĞĚƐͬĚŝƐĂďŝůŝƚŝĞƐŝŶĐůƵĚŝŶŐĚĞǀĞůŽƉŵĞŶƚĂůĚŝƐĂďŝůŝƚŝĞƐ͕ŵĞŶƚĂů ŚĞĂůƚŚŝƐƐƵĞƐ͕ǀĂƌŝŽƵƐŵĞĚŝĐĂůĂŶĚŽƚŚĞƌŝƐƐƵĞƐ;ǁŚŝĐŚǁŽƵůĚŝŶĐůƵĚĞďƌĂŝŶŝŶũƵƌǇͿ͕ŽƌŽƵƌĂŐŝŶŐ ƉŽƉƵůĂƚŝŽŶ͘dŚĞƌĞĂƌĞϭϰϴŽŵŵƵŶŝƚǇZĞƐŝĚĞŶƚŝĂů^ĞƌǀŝĐĞƐ;ĐŽƌƉŽƌĂƚĞŐƌŽƵƉŚŽŵĞƐͿ͕ϭϬϭĚƵůƚ&ĂŵŝůǇ &ŽƐƚĞƌĂƌĞŚŽŵĞƐ͕ƚŽƚĂůŝŶŐϮϱϵĨŽƐƚĞƌŚŽŵĞƐŝŶKůŵƐƚĞĚŽƵŶƚǇ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϱϲ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ,ŽƵƐĞŚŽůĚƐͬƉĞŽƉůĞǁŝƚŚůŝŵŝƚĂƚŝŽŶŽƌĚŝƐĂďŝůŝƚŝĞƐĚĂƚĂŝŶĨŽƌŵĂƚŝŽŶǁĂƐŶŽƚĂǀĂŝůĂďůĞƚŚƌŽƵŐŚƚŚĞϮϬϭϬ h^ĞŶƐƵƐ͘&ŽƌĐŽŵƉůĞƚŝŽŶŽĨƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞ,ŽƵƐŝŶŐEĞĞĚƐƐƐĞƐƐŵĞŶƚĨŽƌKůŵƐƚĞĚŽƵŶƚǇ͕ DĂǆĨŝĞůĚZĞƐĞĂƌĐŚ͕/ŶĐ͕͘ŝŶĨŽƌŵĂƚŝŽŶǁĂƐŽďƚĂŝŶĞĚĨƌŽŵ,hŽŶƐŽůŝĚĂƚĞĚWůĂŶŶŝŶŐĚŝǀŝƐŝŽŶĨŽƌƐƉĞĐŝĨŝĐ 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ŝƐĐƵƐƐƚŚĞƐŝǌĞĂŶĚĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨƚŚĞƉŽƉƵůĂƚŝŽŶǁŝƚŚ,/sͬ/^ĂŶĚƚŚĞŝƌĨĂŵŝůŝĞƐǁŝƚŚŝŶ ƚŚĞůŝŐŝďůĞDĞƚƌŽƉŽůŝƚĂŶ^ƚĂƚŝƐƚŝĐĂůƌĞĂ͗ dŚĞŶƵŵďĞƌŽĨƉĞƌƐŽŶƐůŝǀŝŶŐǁŝƚŚ/^ŝƐϴϯĂŶĚ,/s;ŶŽŶͲ/^ͿŝƐϵϯŝŶϮϬϭϴŝŶKůŵƐƚĞĚŽƵŶƚǇŝ͘dŚŝƐ ĚĂƚĂŝƐĨƌŽŵƚŚĞDEĞƉĂƌƚŵĞŶƚŽĨ,ĞĂůƚŚ͘ ŝƐĐƵƐƐŝŽŶ͗ dŚĞƌĞŝƐĂŶĞĞĚĨŽƌĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĂŶĚƐƵƉƉŽƌƚƐĞƌǀŝĐĞƐ͘dŚĞŝƚǇĚŽĞƐŶŽƚƉƌŽǀŝĚĞĂĨĨŽƌĚĂďůĞ ŚŽƵƐŝŶŐĂŶĚƐƵƉƉŽƌƚŝǀĞŚŽƵƐŝŶŐĨŽƌƚŚĞEŽŶͲ,ŽŵĞůĞƐƐ^ƉĞĐŝĂůEĞĞĚƐ͕ďƵƚŚĂƐĐŽůůĂďŽƌĂƚĞĚǁŝƚŚ ĂŐĞŶĐŝĞƐƚŽĂĚĚƌĞƐƐƚŚĞƐĞŶĞĞĚƐ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϱϳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D EͲϱϬEŽŶͲ,ŽƵƐŝŶŐŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚEĞĞĚƐʹϵϭ͘Ϯϭϱ;ĨͿ ĞƐĐƌŝďĞƚŚĞũƵƌŝƐĚŝ ĐƚŝŽŶ͛ƐŶĞĞĚĨŽƌWƵďůŝĐ&ĂĐŝůŝƚŝĞƐ͗ dŚĞŝƚǇĞŵƉŚĂƐŝǌĞĂĐƚŝǀŝƚŝĞƐĂŶĚƉƌŽŐƌĂŵƐƚŚĂƚĨŝƌƐƚďĞŶĞĨŝƚ>D/ƉĞƌƐŽŶƐ͘dŚĂƚĞŵƉŚĂƐŝƐǁŝůůďĞŽŶ ĂĐƚŝǀŝƚŝĞƐƚŚĂƚƐĞƌǀĞůĂƌŐĞƌŶƵŵďĞƌƐŽĨ>D/ƉĞƌƐŽŶƐ͘KŶĂƌĞƋƵĞƐƚĞĚďĂƐŝƐ͕ƚŚĞŝƚǇǁŝůůĂĚĚƌĞƐƐƚŚĞ ĞůŝŵŝŶĂƚŝŽŶŽĨƐůƵŵĂŶĚďůŝŐŚƚ͕ĐŽŶĚŝƚŝŽŶƐƚŚĂƚĂƌĞĚĞƚƌŝŵĞŶƚĂůƚŽŚĞĂůƚŚ͕ƐĂĨĞƚǇĂŶĚƉƵďůŝĐǁĞůĨĂƌĞ͕ ĞǆƉĂŶƐŝŽŶĂŶĚŝŵƉƌŽǀĞŵĞŶƚŽĨƚŚĞƋƵĂŶƚŝƚǇĂŶĚƚŚĞƌĞƐƚŽƌĂƚŝŽŶĂŶĚƉƌĞƐĞƌǀĂƚŝŽŶŽĨƉƌŽƉĞƌƚŝĞƐŽĨ ƐƉĞĐŝĂůǀĂůƵĞ͕ĂůůĞǀŝĂƚŝŽŶŽĨƉŚǇƐŝĐĂůĂŶĚĞĐŽŶŽŵŝĐĚŝƐƚƌĞƐƐĂŶĚĐŽŶƐĞƌǀĂƚŝŽŶŽĨƚŚĞŶĂƚŝŽŶĞŶĞƌŐǇ ƌĞƐŽƵƌĐĞƐ͘ WƵďůŝĐĨĂĐŝůŝƚŝĞƐŝŶĐůƵĚĞŝŵƉƌŽǀĞŵĞŶƚƐƚŽďƵŝůĚŝŶŐ͕ƉĂƌŬƐĂŶĚƌĞĐƌĞĂƚŝŽŶĂůĨĂĐŝůŝƚŝĞƐ͕ƐĞŶŝŽƌĐĞŶƚĞƌƐ͕ ŚĂŶĚŝĐĂƉƉĞĚĐĞŶƚĞƌƐ͕ŚŽŵĞůĞƐƐĨĂĐŝůŝƚŝĞƐ͕ǇŽƵƚŚĐĞŶƚĞƌƐ͕ĐŚŝůĚĐĂƌĞĐĞŶƚĞƌƐ͕ŶĞŝŐŚďŽƌŚŽŽĚĨĂĐŝůŝƚŝĞƐ͕ĂŶĚ ĨĂĐŝůŝƚŝĞƐƵƐĞĚĨŽƌƐƉĞĐŝĂůŶĞĞĚƐƉŽƉƵůĂƚŝŽŶƐ͘'ĨƵŶĚƐŵĂǇďĞƵƐĞĚĨŽƌƐƵĐŚĨĂĐŝůŝƚŝĞƐŝĨƵƐĞĚĨŽƌ ĞůŝŐŝďůĞƉŽƉƵůĂƚŝŽŶƐĂŶĚƌĞƋƵĞƐƚĞĚďǇƚŚĞĨĂĐŝůŝƚǇ͘ dŚĞŶĞĞĚƐǁĞƌĞĚĞƚĞƌŵŝŶĞĚƚŚƌŽƵŐŚƉĂƐƚƌĞƋƵĞƐƚƐĨŽƌƚŚĞƵƐĞŽĨ'ĨƵŶĚƐĂŶĚĐŽŶƐƵůƚĂƚŝŽŶǁŝƚŚĐŝƚǇ ƐƚĂĨĨƌĞƐƵůƚŝŶŐŝŶĂƉƌŝŽƌŝƚǇĨŽƌĂůůƉƵďůŝĐĨĂĐŝůŝƚŝĞƐůŝƐƚĞĚ͘ ƐŝŶĚŝĐĂƚĞĚŝŶƚŚĞŝƚŝǌĞŶWĂƌƚŝĐŝƉĂƚŝŽŶWůĂŶ͕ƚŚĞĐŝƚǇƌĞƋƵĞƐƚƐĂƉƉůŝĐĂƚŝŽŶƐĨŽƌƚŚĞƵƐĞŽĨ'ĨƵŶĚƐŽŶ ĂŶĂŶŶƵĂůďĂƐŝƐ͘'ĨƵŶĚƐŵĂǇďĞƵƐĞĚĨŽƌƌĞƋƵĞƐƚƐƚŚĂƚƉƌŽǀŝĚĞĂƐƐŝƐƚĂŶĐĞƚŽĂĐƚŝǀŝƚŝĞƐƚŚĂƚŵĞĞƚĂ EĂƚŝŽŶĂůKďũĞĐƚŝǀĞ;ďĞŶĞĨŝƚƚŝŶŐůŽǁͬŵŽĚĞƌĂƚĞŝŶĐŽŵĞĐůŝĞŶƚĞůĞ͕ƵƌŐĞŶƚŶĞĞĚƐ͕ƉƌĞǀĞŶƚŝŶŐͬĞůŝŵŝŶĂƚŝŶŐ ƐůƵŵŽƌďůŝŐŚƚĂƌĞĂƐĂĐƋƵŝƐŝƚŝŽŶŽĨƌĞĂůƉƌŽƉĞƌƚǇͿ͘ ,ŽǁǁĞƌĞƚŚĞƐĞŶĞĞĚƐĚĞƚĞƌŵŝŶĞĚ͍ dŚĞŶĞĞĚƐǁĞƌĞĚĞƚĞƌŵŝŶĞĚƚŚƌŽƵŐŚƉĂƐƚƌĞƋƵĞƐƚƐĨŽƌƚŚĞƵƐĞŽĨ'ĨƵŶĚƐĂŶĚĐŽŶƐƵůƚĂƚŝŽŶǁŝƚŚĐŝƚǇ ƐƚĂĨĨƌĞƐƵůƚŝŶŐŝŶĂƉƌŝŽƌŝƚǇĨŽƌƚŚĞƉƵďůŝĐƐĞƌǀŝĐĞƐůŝƐƚĞĚ͘ ƐŝŶĚŝĐĂƚĞĚŝŶƚŚĞŝƚŝǌĞŶWĂƌƚŝĐŝƉĂƚŝŽŶWůĂŶ͕ƚŚĞĐŝƚǇƌĞƋƵĞƐƚƐĂƉƉůŝĐĂƚŝŽŶƐĨŽƌƚŚĞƵƐĞŽĨ'ĨƵŶĚƐŽŶ ĂŶĂŶŶƵĂůďĂƐŝƐ͘'ĨƵŶĚƐŵĂǇďĞƵƐĞĚĨŽƌƌĞƋƵĞƐƚƐƚŚĂƚƉƌŽǀŝĚĞĂƐƐŝƐƚĂŶĐĞƚŽĂĐƚŝǀŝƚŝĞƐƚŚĂƚŵĞĞƚĂ EĂƚŝŽŶĂůKďũĞĐƚŝǀĞ;ďĞŶĞĨŝƚƚŝŶŐůŽǁͬŵŽĚĞƌĂƚĞŝŶĐŽŵĞĐůŝĞŶƚĞůĞ͕ƵƌŐĞŶƚŶĞĞĚƐ͕ƉƌĞǀĞŶƚŝŶŐͬĞůŝŵŝŶĂƚŝŶŐ ƐůƵŵŽƌďůŝŐŚƚĂƌĞĂƐĂĐƋƵŝƐŝƚŝŽŶŽĨƌĞĂůƉƌŽƉĞƌƚǇͿ͘ ĞƐĐƌŝďĞƚŚĞũƵƌŝƐĚŝĐƚŝŽŶ͛ƐŶĞĞĚĨŽƌWƵďůŝĐ/ŵƉƌŽǀĞŵĞ ŶƚƐ͗ x tĂƚĞƌŝŵƉƌŽǀĞŵĞŶƚƐ x^ƚƌĞĞƚŝŵƉƌŽǀĞŵĞŶƚƐ x^ŝĚĞǁĂůŬƐ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϱϴ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D x^ĞǁĞƌŝŵƉƌŽǀĞŵĞŶƚƐ x&ůŽŽĚĚƌĂŝŶŝŵƉƌŽǀĞŵĞŶƚƐ ,ŽǁǁĞƌĞƚŚĞƐĞŶĞĞĚƐĚĞƚĞƌŵŝŶĞĚ͍ ŽŶƐƵůƚĂƚŝŽŶǁŝƚŚŝƚǇƐƚĂĨĨ͕ŝƚǇŽƵŶĐŝůŵĞŵďĞƌƐ͕ĂŐĞŶĐŝĞƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͕ĂŶĚƉƵďůŝĐƐƵƌǀĞǇ͘dŚĞ ƌĞƋƵĞƐƚƐĂƌĞƐƵďŵŝƚƚĞĚƚŽƚŚĞŝƚǇŽƵŶĐŝů͘ůůƌĞƋƵĞƐƚƐĂƌĞƌĞǀŝĞǁĞĚĂŶĚĂůůŽĐĂƚĞĚďǇƚŚĞŝƚǇŽƵŶĐŝů ĂŶĚƉƵďůŝĐŚĞĂƌŝŶŐƐ͘ ĞƐĐƌŝďĞƚŚĞũƵƌŝƐĚŝĐƚŝŽŶ͛ƐŶĞĞĚĨŽƌWƵďůŝĐ^ĞƌǀŝĐĞƐ͗ WƵďůŝĐ^ĞƌǀŝĐĞŶĞĞĚƐŝŶĐůƵĚĞǇŽƵƚŚƐĞƌǀŝĐĞƐ͕ĐŚŝůĚĐĂƌĞƐĞƌǀŝĐĞ͕ƚƌĂŶƐƉŽƌƚĂƚŝŽŶƐĞƌǀŝĐĞƐ͕ƐĞƌǀŝĐĞƐĨŽƌ ƉĞƌƐŽŶƐǁŝƚŚĚŝƐĂďŝůŝƚŝĞƐ͕ƐĞŶŝŽƌƐĞƌǀŝĐĞƐ͕ĞŵƉůŽǇŵĞŶƚƚƌĂŝŶŝŶŐ͕ƐƵďƐƚĂŶĐĞĂďƵƐĞƐĞƌǀŝĐĞƐ͕ƐĞƌǀŝĐĞƐĨŽƌ ďĂƚƚĞƌĞĚĂŶĚĂďƵƐĞĚƐƉŽƵƐĞƐ͕ƐĞƌǀŝĐĞƐĨŽƌŶĞŐůĞĐƚĞĚĂŶĚĂďƵƐĞĚĐŚŝůĚƌĞŶ͕ĐƌŝŵĞĂǁĂƌĞŶĞƐƐ͕ĂŶĚŐĂŶŐ ƉƌĞǀĞŶƚŝŽŶ͕͘'ĨƵŶĚƐŵĂǇďĞƵƐĞĚĨŽƌƐƵĐŚƉƵďůŝĐƐĞƌǀŝĐĞƐŝĨƵƐĞĚĨŽƌĞůŝŐŝďůĞƉŽƉƵůĂƚŝŽŶĂŶĚ ƌĞƋƵĞƐƚĞĚďǇƚŚĞƉƵďůŝĐƐĞƌǀŝĐĞĂŐĞŶĐǇ͘ ,ŽǁǁĞƌĞƚŚĞƐĞŶĞĞĚƐĚĞƚĞƌŵŝŶĞĚ͍ dŚĞŶĞĞĚƐǁĞƌĞĚĞƚĞƌŵŝŶĞĚƚŚƌŽƵŐŚƉĂƐƚƌĞƋƵĞƐƚƐĨŽƌƚŚĞƵƐĞŽĨ'ĨƵŶĚƐ͕ĐŽŶƐƵůƚĂƚŝŽŶǁŝƚŚĐŝƚǇ ƐƚĂĨĨ͕ĂŶĚƐƵƌǀĞǇŝŶŐƐĞƌǀŝĐĞĂŐĞŶĐŝĞƐĂƐǁĞůůĂƐƚŚĞƉƵďůŝĐ Ͷ ƌĞƐƵůƚŝŶŐŝŶĂƉƌŝŽƌŝƚǇĨŽƌƚŚĞƉƵďůŝĐƐĞƌǀŝĐĞƐ ůŝƐƚĞĚ͘ ƐŝŶĚŝĐĂƚĞĚŝŶƚŚĞŝƚŝǌĞŶWĂƌƚŝĐŝƉĂƚŝŽŶWůĂŶ͕ƚŚĞĐŝƚǇƌĞƋƵĞƐƚƐĂƉƉůŝĐĂƚŝŽŶƐĨŽƌƚŚĞƵƐĞŽĨ'ĨƵŶĚƐŽŶ ĂŶĂŶŶƵĂůďĂƐŝƐ͘'ĨƵŶĚƐŵĂǇďĞƵƐĞĚĨŽƌƌĞƋƵĞƐƚƐƚŚĂƚƉƌŽǀŝĚĞĂƐƐŝƐƚĂŶĐĞƚŽĂĐƚŝǀŝƚŝĞƐƚŚĂƚŵĞĞƚĂ EĂƚŝŽŶĂůKďũĞĐƚŝǀĞ;ďĞŶĞĨŝƚƚŝŶŐůŽǁͬŵŽĚĞƌĂƚĞŝŶĐŽŵĞĐůŝĞŶƚĞůĞ͕ƵƌŐĞŶƚŶĞĞĚƐ͕ƉƌĞǀĞŶƚŝŶŐͬĞůŝŵŝŶĂƚŝŶŐ ƐůƵŵŽƌďůŝŐŚƚĂƌĞĂƐĂĐƋƵŝƐŝƚŝŽŶŽĨƌĞĂůƉƌŽƉĞƌƚǇͿ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϱϵ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ,ŽƵƐŝŶŐDĂƌŬĞƚŶĂůǇƐŝƐ DͲϬϱKǀĞƌǀŝĞǁ ,ŽƵƐŝŶŐDĂƌŬĞƚŶĂůǇƐŝƐKǀĞƌǀŝĞǁ͗ 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ŝƚǇŽĨZŽĐŚĞƐƚĞƌͿ͕ĐŽŵƉůĞƚĞĚŝŶϮϬϭϰ͕ƚŚĞŐĞŶĞƌĂůŽĐĐƵƉĂŶĐǇĚĞŵĂŶĚĨŽƌŚŽƵƐŝŶŐŝƐƉƌŽũĞĐƚĞĚƚŽďĞĂŶ ĞƐƚŝŵĂƚĞĚϭϭ͕ϯϲϯŽǁŶĞĚŚŽƵƐŝŶŐƵŶŝƚƐĂŶĚϳ͕ϬϳϰƌĞŶƚĂůƵŶŝƚƐĨŽƌƚŚĞĞŶƚŝƌĞKůŵƐƚĞĚŽƵŶƚǇĂƌĞĂ ďĞƚǁĞĞŶϮϬϭϯͲϮϬϯϬ͘dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌŝƐƉƌŽũĞĐƚĞĚƚŽĂĐĐŽƵŶƚĨŽƌϳϳй;ϴ͕ϳϱϬͿŽĨƚŚĞĨŽƌƐĂůĞƵŶŝƚƐ ĂŶĚϵϬй;ϲ͕ϯϲϳͿŽĨƚŚĞƌĞŶƚĂůƵŶŝƚĚĞŵĂŶĚ͘ ĚĚƌĞƐƐŝŶŐƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͛ƐŐĞŶĞƌĂůŽĐĐƵƉĂŶĐǇĚĞŵĂŶĚĨŽƌƚŚĞůĂƐƚĨŝǀĞǇĞĂƌƐ;ƚŚƌŽƵŐŚƚŚĞǇĞĂƌ ϮϬϮϬͿĨƌŽŵƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞ,ŽƵƐŝŶŐEĞĞĚƐƐƐĞƐƐŵĞŶƚĨŽƌKůŵƐƚĞĚŽƵŶƚǇƌĞƉŽƌƚ͕ĂƉƉƌŽǆŝŵĂƚĞůǇ ϯ͕ϬϳϱƵŶŝƚƐŽĨƚŚĞŐĞŶĞƌĂůŽĐĐƵƉĂŶĐǇĚĞŵĂŶĚŝƐƉƌŽũĞĐƚĞĚĨŽƌŽǁŶĞĚŚŽƵƐŝŶŐĂŶĚϮ͕ϲϬϮĨŽƌƌĞŶƚĂů ŚŽƵƐŝŶŐ͘KĨƚŚĞϮ͕ϲϬϮƌĞŶƚĂůƵŶŝƚƐ͕ϰϭйǁŝůůĨŽƌŵĂƌŬĞƚƌĂƚĞƵŶŝƚƐ͕ϮϵйĂĨĨŽƌĚĂďůĞƵŶŝƚƐĂŶĚϯϬй ƐƵďƐŝĚŝǌĞĚƵŶŝƚƐ͘ƐŵĞŶƚŝŽŶĞĚ͕ϯ͕ϳϰϯƌĞŶƚĂůƵŶŝƚƐŚĂǀĞďĞĞŶďƵŝůƚƐŝŶĐĞϮϬϭϰ͕ǁŝƚŚĂďŽƵƚϭ͕ϳϬϬ ƉůĂŶŶĞĚ Ͷ ĞǆĐĞĞĚŝŶŐƚŚĞĨŝǀĞͲǇĞĂƌĚĞŵĂŶĚ͘,ŽǁĞǀĞƌ͕ĂďŽƵƚϭϱйŽĨƚŚĞƵŶŝƚƐƉůĂŶŶĞĚŽƌĚĞǀĞůŽƉĞĚĂƌĞ ĐŽŶƐŝĚĞƌĞĚĂĨĨŽƌĚĂďůĞ͘dŚŝƐĞƋƵĂƚĞƐƚŽĂďŽƵƚϴϮϱƵŶŝƚƐĐƵƌƌĞŶƚůǇĐŽŶƐŝĚĞƌĞĚĂĨĨŽƌĚĂďůĞ͕ǁŚŝĐŚĚŽĞƐ ŵĞĞƚƚŚĞƉƌŽũĞĐƚĞĚŶĞĞĚĨŽƌϮϵйŽĨϮ͕ϲϬϮƌĞŶƚĂůƵŶŝƚƐ;ĂďŽƵƚϳϱϬͿ͕ďƵƚĚŽĞƐŶŽƚŵĞĞƚƚŚĞŶĞĞĚĨŽƌ ĂĚĚŝƚŝŽŶĂůƐƵďƐŝĚŝǌĞĚƵŶŝƚƐ͘ ĐĐŽƌĚŝŶŐƚŽƚŚĞůĂƚĞƐƚ,hWŽůŝĐǇĞǀĞůŽƉŵĞŶƚĂŶĚZĞƐĞĂƌĐŚƌĞƉŽƌƚ͕ƚŚĞĞƐƚŝŵĂƚĞĚǀĂĐĂŶĐǇƌĂƚĞĨŽƌĂůů ƌĞŶƚĂůƵŶŝƚƐ;ŝŶĐůƵĚŝŶŐƐŝŶŐůĞͲĨĂŵŝůǇŚŽŵĞƐ͕ŵŽďŝůĞŚŽŵĞƐ͕ĂŶĚŵƵůƚŝĨĂŵŝůǇƌĞŶƚĂůƐͿŝŶƚŚĞZŽĐŚĞƐƚĞƌ ŵĞƚƌŽƉŽůŝƚĂŶĂƌĞĂŝƐϳйĂƐŽĨKĐƚŽďĞƌϭ͕ϮϬϭϳ͘ŶŝŶĐƌĞĂƐĞŝŶƚŚĞǀĂĐĂŶĐǇƌĂƚĞŝƐůĂƌŐĞůǇĚƵĞƚŽĂŶ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϲϮ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ŝŶĐƌĞĂƐĞŝŶĂƉĂƌƚŵĞŶƚĐŽŶƐƚƌƵĐƚŝŽŶƐŝŶĐĞϮϬϭϱ͕ƌĞƚƵƌŶŝŶŐƚŚĞƌĞŶƚĂůŚŽƵƐŝŶŐŵĂƌŬĞƚƚŽƐŽĨƚĐŽŶĚŝƚŝŽŶƐ͘/ƚ ŝƐĞƐƚŝŵĂƚĞĚƚŚŝƐǀĂĐĂŶĐǇƌĂƚĞŝƐƐŬĞǁĞĚďǇŝŶĐŽŵĞůĞǀĞů͘>ŽĐĂůĂŐĞŶĐŝĞƐƌĞƉŽƌƚƌĞŶƚĂůǀĂĐĂŶĐǇƌĂƚĞƐĂƌĞ ůŽǁĞƐƚĂŵŽŶŐĂĨĨŽƌĚĂďůĞƌĞŶƚĂůŚŽƵƐŝŶŐ͕ĂŶĚǁĞĂƌĞǁŽƌŬŝŶŐǁŝƚŚDĂǆĨŝĞůĚ,ŽƵƐŝŶŐƚŽĐŽŶĚƵĐƚĂƌĞƉŽƌƚ ƚŽŵĞĂƐƵƌĞƚŚŝƐ͘ ŝƐĐƵƐƐŝŽŶ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϲϯ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D DͲϭϱ,ŽƵƐŝŶŐDĂƌŬĞƚŶĂůǇƐŝƐ͗ŽƐƚŽĨ,ŽƵƐŝŶŐͲϵϭ͘ϮϭϬ;ĂͿ /ŶƚƌŽĚƵĐƚŝŽŶ ŽƐƚŽĨ,ŽƵƐŝŶŐ ĂƐĞzĞĂƌ͗ϮϬϬϵDŽƐƚZĞĐĞŶƚzĞĂƌ͗ϮϬϭϱйŚĂŶŐĞ DĞĚŝĂŶ,ŽŵĞsĂůƵĞϭϲϰ͕ϲϬϬϭϲϰ͕ϵϬϬϬй DĞĚŝĂŶŽŶƚƌĂĐƚZĞŶƚϲϯϬϳϯϯϭϲй dĂďůĞϯϬʹŽƐƚŽĨ,ŽƵƐŝŶŐ ĂƚĂ^ŽƵƌĐĞ͗ ϮϬϬϱͲϮϬϬϵ^;ĂƐĞzĞĂƌͿ͕ϮϬϭϭͲϮϬϭϱ^;DŽƐƚZĞĐĞŶƚzĞĂƌͿ ZĞŶƚWĂŝĚEƵŵďĞƌй >ĞƐƐƚŚĂŶΨϱϬϬϮ͕ϯϯϬϭϳ͘ϱй ΨϱϬϬͲϵϵϵϳ͕ϵϱϬϱϵ͘ϳй 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KůŵƐƚĞĚŽƵŶƚǇ,Zϵϭй dĂďůĞϰϬͲWƵďůŝĐ,ŽƵƐŝŶŐŽŶĚŝƚŝŽŶ ĞƐĐƌŝďĞƚŚĞƌĞƐƚŽƌĂƚŝŽŶĂŶĚƌĞǀŝƚĂůŝǌĂƚŝŽŶŶĞĞĚƐŽĨƉƵďůŝĐŚŽƵƐŝŶŐƵŶŝƚƐŝŶƚŚĞũƵƌŝƐĚŝĐƚŝŽŶ͗ KŶŐŽŝŶŐŵĂŝŶƚĞŶĂŶĐĞ͕ŶŽŵĂũŽƌŽƌƐƚƌƵĐƚƵƌĂůƌĞƐƚŽƌĂƚŝŽŶŶĞĞĚĞĚ͘ ĞƐĐƌŝďĞƚŚĞƉƵďůŝĐŚŽƵƐŝŶŐĂŐĞŶĐǇΖƐƐƚƌĂƚĞŐǇĨŽƌŝŵƉƌŽǀŝŶŐƚŚĞůŝǀŝŶŐĞŶǀŝƌŽŶŵĞŶƚŽĨůŽǁͲ ĂŶĚŵŽĚĞƌĂƚĞͲŝŶĐŽŵĞĨĂŵŝůŝĞƐƌĞƐŝĚŝŶŐŝŶƉƵďůŝĐŚŽƵƐŝŶŐ͗ ^ƚƌĂƚĞŐǇĨŽƌŝŵƉƌŽǀŝŶŐƚŚĞůŝǀŝŶŐĞŶǀŝƌŽŶŵĞŶƚ͗ĂĚĚŝƚŝŽŶĂů^ĞĐƚŝŽŶϴ,ŽƵƐŝŶŐŚŽŝĐĞsŽƵĐŚĞƌƐŵĂĚĞ ĂǀĂŝůĂďůĞďǇŽŶŐƌĞƐƐĂŶĚ,h͕ĚĞǀĞůŽƉŵĂƌŬĞƚŝŶŐƐƚƌĂƚĞŐŝĞƐƚŚĂƚƉƌŽŵŽƚĞůĂŶĚůŽƌĚƉĂƌƚŝĐŝƉĂƚŝŽŶŝŶƚŚĞ ^ĞĐƚŝŽŶϴƉƌŽŐƌĂŵƐ͕WƌŽŵŽƚĞĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐƵŶŝƚĚĞǀĞůŽƉŵĞŶƚ͕ŵĂŬĞĂǀĂŝůĂďůĞƉƌŽũĞĐƚͲďĂƐĞĚ ĂƐƐŝƐƚĂŶĐĞǀŽƵĐŚĞƌƐĂƐĂƚŽŽůŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐǁŚĞŶĂƉƉƌŽƉƌŝĂƚĞ͘ ŝƐĐƵƐƐŝŽŶ͗ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϳϭ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J 3DFNHW3J *D ƚĂŶĐĞĂŶĚƐĞƌǀŝĐĞƐͿĂŶĚWĞƌŵĂŶĞŶƚ ϳϮ ŵĞƌŐĞŶĐǇ,ŽƵƐŝŶŐĂŶĚĨƵŶĚŝŶŐƚŽĐƌĞĂƚĞŶĞǁdƌĂŶƐŝƚŝŽŶĂů,ŽƵƐŝŶŐĂŶĚZĂƉŝĚZĞŚŽƵƐŝŶŐ ŚŽƵƐŝŶŐ;ĞǆƉĂŶĚĞĚƐƵƉƉŽƌƚĨŽƌZĂƉŝĚZĞŚŽƵƐŝŶŐƌĞŶƚĂůĂƐƐŝƐ ^ƵƉƉŽƌƚŝǀĞ,ŽƵƐŝŶŐ͕ŽŶƚŝŶƵƵŵŽĨĂƌĞWůĂŶŶŝŶŐ͕ŽŽƌĚŝŶĂƚĞĚŶƚƌǇ^ǇƐƚĞŵ;ĂŶĚĞǆƉĂŶƐŝŽŶͿ ZK,^dZ ŵĞƌŐĞŶĐǇ^ŚĞůƚĞƌĂŶĚdƌĂŶƐŝƚŝŽŶĂů,ŽƵƐŝŶŐ ϵϭ͘ϮϭϬ;ĐͿ ŵĞƌŐĞŶĐǇ^ŚĞůƚĞƌ WĞƌŵĂŶĞŶƚ^ƵƉƉŽƌƚŝǀĞ,ŽƵƐŝŶŐ ŵĞƌŐĞŶĐǇ^ŚĞůƚĞƌĂŶĚDŽƚĞůͬ,ŽƚĞůsŽƵĐŚĞƌ WĞƌŵĂŶĞŶƚ^ƵƉƉŽƌƚŝǀĞ,ŽƵƐŝŶŐ ʹ WĞƌŵĂŶĞŶƚ^ƵƉƉŽƌƚŝǀĞ,ŽƵƐŝŶŐ ŵĞƌŐĞŶĐǇ^ŚĞůƚĞƌ ϯϬ,ŽŵĞůĞƐƐ&ĂĐŝůŝƚŝĞƐĂŶĚ^ĞƌǀŝĐĞƐ WĞƌŵĂŶĞŶƚ^ƵƉƉŽƌƚŝǀĞ,ŽƵƐŝŶŐ ʹ /ŶƚĞƌĨĂŝƚŚ,ŽƐƉŝƚĂůŝƚǇEĞƚǁŽƌŬŽĨZŽĐŚĞƐƚĞƌ Ͳ ZĂƉŝĚƌĞ ŵĞƌŐĞŶĐǇ^ŚĞůƚĞƌ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ >ŝƐƚ,ŽŵĞůĞƐƐ&ĂĐŝůŝƚŝĞƐŽƌ^ĞƌǀŝĐĞƐ͗ ʹ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ʹ dŚƌĞĞZŝǀĞƌƐŽŵŵƵŶŝƚǇĐƚŝŽŶ >ƵƚŚĞƌĂŶ^ŽĐŝĂů^ĞƌǀŝĐĞƐŽĨDE ʹ ƵŵďƌŽsĂůůĞǇ,ĞĂůƚŚĞŶƚĞƌ ʹ ŵŝƐĞZŽĐŚĞƐƚĞƌ ʹ ʹ ʹ ĞŶƚĞƌŝƚǇ,ŽƵƐŝŶŐ ŽƌŽƚŚǇĂǇ,ŽƵƐĞ ,ĞĂƌƚŚŽŶŶĞĐƚŝŽŶ ʹ Ͳ tŽŵĞŶ͛Ɛ^ŚĞůƚĞƌ ʹ :ĞƌĞŵŝĂŚWƌŽũĞĐƚ Ͳ ŶƚƌŽůEŽ͗ϮϱϬϲ ƚŝŽŶƌŵǇ /ŶƚƌŽĚƵĐƚŝŽŶ &ĂŵŝůǇWƌŽ Ͳ ^ĂůǀĂ KDŽ D 3DFNHW3J *D ϬϬϬϬϬ ĞǀĞůŽƉŵĞŶƚ WĞƌŵĂŶĞŶƚ^ƵƉƉŽƌƚŝǀĞ,ŽƵƐŝŶŐ hŶĚĞƌ ĞĚƐ ϲϯϴ ϰϬϬ ϮϲϱϮϱϳϯ ƵƌƌĞŶƚΘEĞǁ ϭϵϲϭϲ ϬϬϭϭϱ ƵƌƌĞŶƚΘEĞǁ ,ŽƵƐŝŶŐĞĚƐ dƌĂŶƐŝƚŝŽŶĂů&ĂĐŝůŝƚŝĞƐĂŶĚ,ŽƵƐŝŶŐdĂƌŐĞƚĞĚƚŽ,ŽŵĞůĞƐƐ,ŽƵƐĞŚŽůĚƐ ƐEĞĞĚƐƐƐĞƐƐŵĞŶƚą͎͎ZŝǀĞƌsĂůůĞǇŽŶƚŝŶƵƵŵŽĨĂƌĞ͕ĞĐĞŵďĞƌϮϬϭϴ ϬϬϬ Ϯϱϯϯ KǀĞƌĨůŽǁĞĚƐ ^ĞĂƐŽŶĂůͬ sŽƵĐŚĞƌͬ ĞĚƐ ZK,^dZ ŵĞƌŐĞŶĐǇ^ŚĞůƚĞƌ ϭϳϮϭϮ ϯϯϬϬ &ĂĐŝůŝƚŝĞƐĂŶĚ,ŽƵƐŝŶŐdĂƌŐĞƚĞĚƚŽ,ŽŵĞůĞƐƐ,ŽƵƐĞŚŽůĚƐ zĞĂƌZŽƵŶĚĞĚƐ ;ƵƌƌĞŶƚΘEĞǁͿ Ͳ ϰϭ dĂďůĞ ZĞŐŝŽŶĂů,ŽŵĞůĞƐ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ ŚƌŽŶŝĐĂůůǇ,ŽŵĞůĞƐƐ,ŽƵƐĞŚŽůĚƐ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ,ŽƵƐĞŚŽůĚƐǁŝƚŚĚƵůƚ;ƐͿĂŶĚ ŶůǇĚƵůƚƐ hŶĂĐĐŽŵƉĂŶŝĞĚzŽƵƚŚ ,ŽƵƐĞŚŽůĚƐǁŝƚŚK ĂƚĂ^ŽƵƌĐĞŽŵŵĞŶƚƐ͗ Ͳ ŶƚƌŽůEŽ͗ϮϱϬϲ ŚŝůĚ;ƌĞŶͿ sĞƚĞƌĂŶƐ KDŽ *D ĞƐĐƌŝďĞŵĂŝŶƐƚƌĞĂŵƐĞƌǀŝĐĞƐ͕ƐƵĐŚĂƐŚĞĂůƚŚ͕ŵĞŶƚĂůŚĞĂůƚŚ͕ĂŶĚĞŵƉůŽǇŵĞŶƚƐĞƌǀŝĐĞƐƚŽƚŚĞ ĞǆƚĞŶƚƚŚŽƐĞƐĞƌǀŝĐĞƐĂƌĞƵƐĞƚŽĐŽŵƉůĞŵĞŶƚƐĞƌǀŝĐĞƐƚĂƌŐĞƚĞĚƚŽŚŽŵĞůĞƐƐƉĞƌƐŽŶƐ dŚĞĂǀĂŝůĂďŝůŝƚǇŽĨŵĂŝŶƐƚƌĞĂŵƐĞƌǀŝĐĞƐƚĂƌŐĞƚĞĚƚŽŚŽŵĞůĞƐƐƉĞƌƐŽŶƐŝŶĐůƵĚĞ͗ ĐŽƵŶƐĞůŝŶŐͬĂĚǀŽĐĂĐǇ ůĞŐĂůĂƐƐŝƐƚĂŶĐĞ ŵŽƌƚŐĂŐĞĂƐƐŝƐƚĂŶĐĞ ƌĞŶƚĂůĂƐƐŝƐƚĂŶĐĞ ƵƚŝůŝƚǇĂƐƐŝƐƚĂŶĐĞ dŚĞĂǀĂŝůĂďŝůŝƚǇŽĨŵĂŝŶƐƚƌĞĂŵŽƵƚƌĞĂĐŚƐĞƌǀŝĐĞƐŝŶĐůƵĚĞ͗ ůĂǁĞŶĨŽƌĐĞŵĞŶƚ ŵŽďŝůĞĐůŝŶŝĐƐ ŐĂŶŐƉƌĞǀĞŶƚŝŽŶ dŚĞĂǀĂŝůĂďŝůŝƚǇŽĨŵĂŝŶƐƚƌĞĂŵƐƵƉƉŽƌƚƐĞƌǀŝĐĞƐŝŶĐůƵĚĞ͗ ůĐŽŚŽůΘƌƵŐĂďƵƐĞ ŚŝůĚĐĂƌĞ ĚƵĐĂƚŝŽŶ ,ĞĂůƚŚĐĂƌĞ ,/sͬ/^ >ŝĨĞ^ŬŝůůƐ DĞŶƚĂů,ĞĂůƚŚŽƵŶƐĞůŝŶŐ dƌĂŶƐƉŽƌƚĂƚŝŽŶ EĞǆƚŚĂƉƚĞƌDŝŶŝƐƚƌŝĞƐʹƚƌĂŶƐŝƚŝŽŶĂůŚŽƵƐŝŶŐĨŽƌϵŵŽŶƚŚƐĨŽƌƉĞƌƐŽŶƐǁŚŽĂƌĞĞǆŝƚŝŶŐƚŚĞƉƌŝƐŽŶ ƐǇƐƚĞŵ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϳϰ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ĂŵĂƐĐƵƐtĂǇʹKŶĞŚŽƵƐĞǁŝƚŚϭϲďĞĚƐ͕ůŝĐĞŶƐĞĚďǇ^ƚĂƚĞŽĨDE͕ƉƌŽǀŝĚŝŶŐƐƵƉĞƌǀŝƐĞĚƌĞůĞĂƐĞĂŶĚ ǁŽƌŬƌĞůĞĂƐĞĐŽŶƚƌĂĐƚƐ͘KůŵƐƚĞĚŽƵŶƚǇƌĞĐĞŶƚůǇƌĞĐĞŝǀĞĚŐƌĂŶƚĚŽůůĂƌƐĨƌŽŵƚŚĞDEĞƉĂƌƚŵĞŶƚŽĨ ŽƌƌĞĐƚŝŽŶƐƚŽĚĞǀĞůŽƉƚƌĂŶƐŝƚŝŽŶĂůŚŽƵƐŝŶŐƐĞƌǀŝĐĞƐĨŽƌĐůŝĞŶƚƐŽŶƉƌŽďĂƚŝŽŶŽƌƐƵƉĞƌǀŝƐĞĚƌĞůĞĂƐĞ͘/Ŷ ϮϬϭϳ͕ƚŚĞŽƵŶƚǇďĞŐĂŶǁŽƌŬŝŶŐǁŝƚŚĂŵĂƐĐƵƐtĂǇƚŽŽƉĞƌĂƚĞƚŚŝƐƉƌŽŐƌĂŵŵŝŶŐŽƵƚŽĨƚŚĞŝƌƐƉĂĐĞĂƚ ƚŚĞ:ƵǀĞŶŝůĞĞƚĞŶƚŝŽŶĞŶƚĞƌ͖ĂŵĂƐĐƵƐtĂǇŚĂƐŽĨĨĞƌĞĚƚƌĂŶƐŝƚŝŽŶĂůŚŽƵƐŝŶŐŝŶZŽĐŚĞƐƚĞƌƐŝŶĐĞ:ƵůǇ ϮϬϬϲ͘ dƌĂŶƐŝƚŝŽŶĂů>ŝǀŝŶŐĞŶƚĞƌʹϭϬͲďĞĚƵŶŝƚĨŽƌĞǆͲŽĨĨĞŶĚĞƌƐ͘&KŽƌƌĞĐƚŝŽŶĂŶĚdd/ĐŽůůĂďŽƌĂƚŝǀĞ ƐƵďƐŝĚŝĞƐ͕ƉƌŽǀŝĚŝŶŐŚŽƵƐŝŶŐĨŽƌĞǆͲŽĨĨĞŶĚĞƌƐĐŽŵŝŶŐŽƵƚŽĨůŽĐĂůĚĞƚĞŶƚŝŽŶŽƌƉƌŝƐŽŶ͘ KůŵƐƚĞĚŽƵŶƚǇ,ZʹWĞƌŵĂŶĞŶƚ,ŽƵƐŝŶŐʹϭϳĞĨĨŝĐŝĞŶĐǇĂƉĂƌƚŵĞŶƚƐĨŽƌĂĚƵůƚƐǁŝƚŚŵĞŶƚĂůŝůůŶĞƐƐ͕ ĐŚĞŵŝĐĂůĚĞƉĞŶĚĞŶĐǇ͕Žƌ,/sŚŽŵĞůĞƐƐ͕ƌŝĚŐĞƐWƌŽŐƌĂŵͲϳďĞĚƐǁŝƚŚϱƚŽƚĂůƵŶŝƚƐ͕dƌĂŶƐŝƚŝŽŶĂůZĞŶƚĂů ƐƐŝƐƚĂŶĐĞWƌŽŐƌĂŵ;dͲZWͿ͕ĨƵŶĚĞĚďǇDE,ŽƵƐŝŶŐƐĞƌǀŝŶŐƐŝŶŐůĞĨĞŵĂůĞŚĞĂĚŽĨŚŽƵƐĞŚŽůĚ͕ƐĞƌǀĞƐϭϳ ŚŽƵƐĞŚŽůĚƐ͘ ƵŵďƌŽsĂůůĞǇDĞŶƚĂů,ĞĂůƚŚĞŶƚĞƌʹ^ŚĞůƚĞƌWůƵƐĂƌĞ^ŝƚĞʹϭϮĂƉĂƌƚŵĞŶƚƐ͕EŽƌƚŚŐĂƚĞƉĂƌƚŵĞŶƚƐʹ ƉĞƌŵĂŶĞŶƚƐƵƉƉŽƌƚŝǀĞϭϮͲϭďĞĚƌŽŽŵƵŶŝƚƐ͕^ĐĂƚƚĞƌĞĚ^ŝƚĞƉĂƌƚŵĞŶƚƐʹƉĞƌŵĂŶĞŶƚƐƵƉƉŽƌƚŝǀĞĨŽƌ ĂĚƵůƚƐ͕ϯϬƵŶŝƚƐ͕,ŽŵĞůĞƐƐ^ĞƌǀŝĐĞƐʹĐĂƐĞŵĂŶĂŐĞŵĞŶƚ͘WƌŽǀŝĚĞƐƌĞŚĂďĂŶĚƐƵƉƉŽƌƚƉƌŽŐƌĂŵƐĨŽƌ ŝŶĚŝǀŝĚƵĂůƐĨŽƌďĂƐŝĐĂĐƚŝǀŝƚŝĞƐĨŽƌĚĂŝůǇůŝǀŝŶŐƐ͕ƌĞĨĞƌƌĂůƐƚŽŵĞĚŝĐĂůĂŶĚĞĚƵĐĂƚŝŽŶĂůƐĞƌǀŝĐĞƐ͕ƌĞƌĞƌƌĂůƐ ĂŶĚ͕ĂƉƉůǇŝŶŐĨŽƌŝŶƐƵƌĂŶĐĞŽƌĨŝŶĂŶĐŝĂůĞŶƚŝƚůĞŵĞŶƚƐ͘/ŶĂĚĚŝƚŝŽŶ͕ĨŝŶĚŝŶŐĐŽŵŵƵŶŝƚǇƌĞƐŽƵƌĐĞƐĨŽƌ ƉĞŽƉůĞǁŝƚŚŵĞŶƚĂůŚĞĂůƚŚĂŶĚƐƵďƐƚĂŶĐĞĂďƵƐĞƵƐĞĚŝƐŽƌĚĞƌƐƚŚƌŽƵŐŚƚŚĞĨŽůůŽǁŝŶŐƉƌŽŐƌĂŵƐ͗ŚĞŵŝĐĂů ,ĞĂůƚŚ^ĞƌǀŝĐĞƐŽŶŶĞĐƚŝŽŶĂŶĚZĞĨĞƌƌĂůhŶŝƚ͕ZĞĐŽǀĞƌǇWƌŽŐƌĂŵ͕zŽƵƚŚĞŚĂǀŝŽƌ,ĞĂůƚŚ͕WƌŝŵĂƌǇĐĂƌĞ ĐůŝŶŝĐ͕ĚĞŶƚĂů͕ƉŚĂƌŵĂĐǇ͕ƉƐǇĐŚŝĂƚƌŝĐĂŶĚƉƐǇĐŚŽůŽŐŝĐĂůƐĞƌǀŝĐĞƐ͕ĂŶĚĐŽŵŵƵŶŝƚǇͲďĂƐĞĚƐƵƉƉŽƌƚ͘ KůŵƐƚĞĚŽƵŶƚǇsĞƚĞƌĂŶƐ^ĞƌǀŝĐĞƐʹƐƐŝƐƚƐǀĞƚĞƌĂŶƐŝŶĂƉƉůǇĨŽƌƚĞŵƉŽƌĂƌǇĨŝŶĂŶĐŝĂůĂƐƐŝƐƚĂŶĐĞĨƌŽŵƚŚĞ ^ƚĂƚĞ^ŽůĚŝĞƌƐƐƐŝƐƚĂŶĐĞƉƌŽŐƌĂŵ͘ ^ĂůǀĂƚŝŽŶƌŵǇʹĂƐƚůĞǀŝĞǁƉĂƌƚŵĞŶƚʹϯϮƵŶŝƚƐĨŽƌƐŝŶŐůĞĂĚƵůƚƐ͕ZĂƉŝĚZĞͲ,ŽƵƐŝŶŐĂŶĚŵĞƌŐĞŶĐǇ ^ŽůƵƚŝŽŶƐ'ƌĂŶƚĨŽƌŚŽŵĞůĞƐƐŝŶĚŝǀŝĚƵĂůƐĂŶĚĨĂŵŝůŝĞƐǁŝƚŚĐĂƐĞŵĂŶĂŐĞŵĞŶƚƵƉƚŽϮϰŵŽŶƚŚƐ͘^ĂůǀĂƚŝŽŶ ƌŵǇƉƌŽǀŝĚĞƐƚŚĞĨŽůůŽǁŝŶŐƐĞƌǀŝĐĞƐ͕^ƵƉƉůĞŵĞŶƚĂů&ŽŽĚ^ŚĞůĨĂƐĂƚĞůůŝƚĞŽĨŚĂŶŶĞůKŶĞĨŽŽĚďĂŶŬ͕ 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ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϴϱ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ͲŽŽƌĚŝŶĂƚĞǁŝƚŚtŽƌŬĨŽƌĐĞĞǀĞůŽƉŵĞŶƚ͕/ŶĐ͕͘ZŽĐŚĞƐƚĞƌŽŵŵƵŶŝƚǇĂŶĚdĞĐŚŶŝĐĂůŽůůĞŐĞ ;ZdͿ͕ͲdĞĐŚĨĂĐŝůŝƚǇ͕hŶŝǀĞƌƐŝƚǇŽĨDŝŶŶĞƐŽƚĂZŽĐŚĞƐƚĞƌ;hDZͿ͕ƚŚĞŚĂŵďĞƌŽĨŽŵŵĞƌĐĞ͕DĂǇŽ ůŝŶŝĐ͕ĂŶĚŽƚŚĞƌƐƚŽĨŝŶĚǁĂǇƐƚŽĞĚƵĐĂƚĞͬƚƌĂŝŶŝŶŐĞǆŝƐƚŝŶŐĂŶĚͬŽƌƵŶĚĞƌƐĞƌǀĞĚƉŽƉƵůĂƚŝŽŶƐŝŶ ZŽĐŚĞƐƚĞƌ͘ ŽĞƐǇŽƵƌũƵƌŝƐĚŝĐƚŝŽŶƉĂƌƚŝĐŝƉĂƚĞŝŶĂŽŵƉƌĞŚĞŶƐŝǀĞĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ^ƚƌĂƚĞŐǇ ;^Ϳ͍ /ĨƐŽ͕ǁŚĂƚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚŝŶŝƚŝĂƚŝǀĞƐĂƌĞǇŽƵƵŶĚĞƌƚĂŬŝŶŐƚŚĂƚŵĂǇďĞĐŽŽƌĚŝŶĂƚĞĚ ǁŝƚŚƚŚĞŽŶƐŽůŝĚĂƚĞĚWůĂŶ͍/ĨŶŽƚ͕ĚĞƐĐƌŝďĞŽƚŚĞƌůŽĐĂůͬƌĞŐŝŽŶĂůƉůĂŶƐŽƌŝŶŝƚŝĂƚŝǀĞƐƚŚĂƚ ŝŵƉĂĐƚĞĐŽŶŽŵŝĐŐƌŽǁƚŚ͘ EŽ ŝƐĐƵƐƐŝŽŶ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϴϲ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D DͲϱϬEĞĞĚƐĂŶĚDĂƌŬĞƚŶĂůǇƐŝƐŝƐĐƵƐƐŝŽŶ ƌĞƚŚĞƌĞĂƌĞĂƐǁŚĞƌĞŚŽƵƐĞŚŽůĚƐǁŝƚŚŵƵůƚŝƉůĞŚŽƵƐŝŶŐƉƌŽďůĞŵƐĂƌĞĐŽŶĐĞŶƚƌĂƚĞĚ͍ ;ŝŶĐůƵĚĞĂĚĞĨŝŶŝƚŝŽŶŽĨΗĐŽŶĐĞŶƚƌĂƚŝŽŶΗͿ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĚŝƐƚƌŝďƵƚĞƐ'ĚŽůůĂƌƐƚŚƌŽƵŐŚƉƌŽũĞĐƚƐƚŚĂƚǁĞƌĞĐŝƚǇǁŝĚĞĨŽƌƚŚĞŝƌ' ,ŽƵƐŝŶŐZĞŚĂďŝůŝƚĂƚŝŽŶϮй>ŽĂŶWƌŽŐƌĂŵ͘/ŶǇĞĂƌƐƉĂƐƚ͕ƚŚŝƐƉƌŽŐƌĂŵǁĂƐŽŶůǇĂǀĂŝůĂďůĞŝŶĂƚĂƌŐĞƚĂƌĞĂ ĂƉƉƌŽǀĞĚďǇƚŚĞŝƚǇŽƵŶĐŝů͘KŶDĂǇϭϲ͕ϮϬϭϲƚŚĞŝƚǇŽƵŶĐŝů͕ƚŚƌŽƵŐŚĂƉƵďůŝĐŚĞĂƌŝŶŐ͕ĞǆƉĂŶĚĞĚƚŚĞ ƚĂƌŐĞƚĂƌĞĂĨŽƌƚŚĞŝƌϮйZĞŚĂď>ŽĂŶWƌŽŐƌĂŵƚŽƚŚĞĐŽƌƉŽƌĂƚĞĐŝƚǇůŝŵŝƚƐŽĨZŽĐŚĞƐƚĞƌ͕DE͘ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌŚĂƐŶŽĐŽŶĐĞŶƚƌĂƚĞĚĂƌĞĂƐǁŚĞƌĞŚŽƵƐĞŚŽůĚƐǁŝƚŚŵƵůƚŝƉůĞŚŽƵƐŝŶŐ ƉƌŽďůĞŵƐ͘hŶŝƚƐĂƌĞƐĐĂƚƚĞƌĞĚƚŚƌŽƵŐŚŽƵƚƚŚĞĐŝƚǇŝŶǀĂƌŝŽƵƐůŽĐĂƚŝŽŶƐ͘ ƌĞƚŚĞƌĞĂŶǇĂƌĞĂƐŝŶƚŚĞũƵƌŝƐĚŝĐƚŝŽŶǁŚĞƌĞƌĂĐŝĂůŽƌĞƚŚŶŝĐŵŝŶŽƌŝƚŝĞƐŽƌůŽǁͲŝŶĐŽŵĞ ĨĂŵŝůŝĞƐĂƌĞĐŽŶĐĞŶƚƌĂƚĞĚ͍;ŝŶĐůƵĚĞĂĚĞĨŝŶŝƚŝŽŶŽĨΗĐŽŶĐĞŶƚƌĂƚŝŽŶΗͿ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĚŽĞƐŶŽƚŚĂǀĞĂŶǇĐŽŶĐĞŶƚƌĂƚĞĚĂƌĞĂŽĨƌĂĐŝĂů͕ĞƚŚŶŝĐŵŝŶŽƌŝƚŝĞƐŽƌůŽǁͲŝŶĐŽŵĞ ĨĂŵŝůŝĞƐ͘ tŚĂƚĂƌĞƚŚĞĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨƚŚĞŵĂƌŬĞƚŝŶƚŚĞƐĞĂƌĞĂƐͬŶĞŝŐŚďŽƌŚŽŽĚƐ͍ E ƌĞƚŚĞƌĞĂŶǇĐŽŵŵƵŶŝƚǇĂƐƐĞƚƐŝŶƚŚĞƐĞĂƌĞĂƐͬŶĞŝŐŚďŽƌŚŽŽĚƐ͍ ŽŵŵƵŶŝƚǇĂƐƐĞƚƐĂƌĞĚŝƐƚƌŝďƵƚĞĚƚŚƌŽƵŐŚĂƌĞĂƐͬŶĞŝŐŚďŽƌŚŽŽĚƐŝŶƚŚĞŝƚǇ͘ ƌĞƚŚĞƌĞŽƚŚĞƌƐƚƌĂƚĞŐŝĐŽƉƉŽƌƚƵŶŝƚŝĞƐŝŶĂŶǇŽĨƚŚĞƐĞĂƌĞĂƐ͍ ^ƚƌĂƚĞŐŝĐŽƉƉŽƌƚƵŶŝƚŝĞƐŶŽƚŶĞĞĚĞĚ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϴϳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D DͲϲϬƌŽĂĚďĂŶĚEĞĞĚƐŽĨ,ŽƵƐŝŶŐŽĐĐƵƉŝĞĚďǇ>ŽǁͲĂŶĚDŽĚĞƌĂƚĞͲ/ŶĐŽŵĞ ,ŽƵƐĞŚŽůĚƐͲϵϭ͘ϮϭϬ;ĂͿ;ϰͿ͕ϵϭ͘ϯϭϬ;ĂͿ;ϮͿ 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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 *D EĂƌƌĂƚŝǀĞĞƐĐƌŝƉƚŝŽŶ ĂŶĚhƌďĂŶ ŽĨŚŽǁ dŚĞŝƚǇĚŽĞƐŶŽƚ WƌŝǀĂƚĞ͕ƐƚĂƚĞĂŶĚůŽĐĂůĨƵŶĚƐĨƌŽŵƚŚĞĂŐĞŶĐŝĞƐĂƌĞĚŝƐƚƌŝďƵƚĞĚƚŚƌŽƵŐŚƚŚĞ ǆƉůĂŝŶŚŽǁĨĞĚĞƌĂůĨƵŶĚƐǁŝůůůĞǀĞƌĂŐĞƚŚŽƐĞĂĚĚŝƚŝŽŶĂůƌĞƐŽƵƌĐĞƐ;ƉƌŝǀĂƚĞ͕ƐƚĂƚĞĂŶĚůŽĐĂůĨƵŶĚƐͿ͕ŝŶĐůƵĚŝŶŐĂĚĞƐĐƌŝƉƚŝŽŶ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĞǆƉĞĐƚƐŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚůŽĐŬ'ƌĂŶƚ;'ͿĨƵŶĚŝŶŐƚŽďĞĂǀĂŝůĂďůĞĨƌŽŵƚŚĞĞƉĂƌƚŵĞŶƚŽĨ,ŽƵƐŝŶŐ ϵϴ ůĞǀĞƌĂŐĞĂĚĚŝƚŝŽŶĂůƉƌŝǀĂƚĞ͕ƐƚĂƚĞĂŶĚůŽĐĂůƌĞƐŽƵƌĐĞƐĨƌŽŵĂŐĞŶĐŝĞƐƚŚĂƚĂƌĞĂůůŽĐĂƚĞĚ'ĨƵŶĚƐ͘ ϭϬϬ͕ϬϬϬ ZĞŵĂŝŶĚĞƌ ŽĨŽŶWůĂŶ ǀĂŝůĂďůĞ ǆƉĞĐƚĞĚ ŵŽƵŶƚ Ψ ϲϵϬ͕ϬϬϬ dŽƚĂů͗ Ψ zĞĂƌϭ Ϭ ZĞƐŽƵƌĐĞƐ͗ WƌŝŽƌzĞĂƌ ǆƉĞĐƚĞĚŵŽƵŶƚǀĂŝůĂďůĞ Ψ ŶƚŝĐŝƉĂƚĞĚZĞƐŽƵƌĐĞƐ ϰϬ͕ϬϬϬ /ŶĐŽŵĞ͗Ψ WƌŽŐƌĂŵ ZK,^dZ ϵϭ͘Ϯϭϱ;ĂͿ;ϰͿ͕ϵϭ͘ϮϮϬ;ĐͿ;ϭ͕ϮͿ dŚĞƐĞĨƵŶĚƐĂƌĞĚŝƐƚƌŝďƵƚĞĚƉƌŝŽƌƚŽƐƉĞŶĚŝŶŐƚŚĞ'ĨƵŶĚŝŶŐ͘ ϲϱϬ͕ϬϬϬ ůůŽĐĂƚŝŽŶ͗ ŶŶƵĂů ǇĞĂƌƉĞƌŝŽĚŽĨƚŚŝƐŽŶƐŽůŝĚĂƚĞĚWůĂŶ͘ Ͳ ϱϮ Ψ dĂďůĞ ŽďƚĂŝŶƚŚĞůĞǀĞƌĂŐĞŽƌŵĂƚĐŚŝŶŐĨƵŶĚƐĨƌŽŵƚŚĞƐƵďŐƌĂŶƚĞĞƐ͘ ŶƚƐ ĚŵŝŶĂŶĚWůĂŶŶŝŶŐ WƵďůŝĐ/ŵƉƌŽǀĞŵĞ hƐĞƐŽĨ&ƵŶĚƐ WƵďůŝĐ^ĞƌǀŝĐĞƐ ĞǀĞůŽƉŵĞŶƚ ĐƋƵŝƐŝƚŝŽŶ ĐŽŶŽŵŝĐ ƌĞƋƵŝƌĞŵĞŶƚƐǁŝůůďĞƐĂƚŝƐĨŝĞĚ ,ŽƵƐŝŶŐ Ͳ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ ϯϱŶƚŝĐŝƉĂƚĞĚZĞƐŽƵƌĐĞƐ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ^ŽƵƌĐĞŽĨ Ͳ &ƵŶĚƐ ĞǀĞůŽƉŵĞŶƚĚƵƌŝŶŐƚŚĞĨŝǀĞ Ͳ ĨĞĚĞƌĂů ƉƵďůŝĐ ŶƚŝĐŝƉĂƚĞĚZĞƐŽƵƌĐĞƐ 'ĨƵŶĚƐĂƌĞƵƐĞĚƚŽ Ͳ ŶƚƌŽůEŽ͗ϮϱϬϲ /ŶƚƌŽĚƵĐƚŝŽŶ WƌŽŐƌĂŵ ŵĂƚĐŚŝŶŐ ĂŐĞŶĐŝĞƐ͘ ' KDŽ Ͳ ^W 3DFNHW3J *D ͕ďƵƚŝƚŝƐĚĞĨĞƌƌĞĚƵŶƚŝůƚŚĞŚŽŵĞŝƐƐŽůĚŽƌƌĞĨŝŶĂŶĐĞĚƵŶĚĞƌĐĞƌƚĂŝŶĐŽŶĚŝƚŝŽŶƐ͘dŚĞĐŽƵŶƚǇ ĂŶĚŽŶĞŽƵƚƐŝĚĞĐŝƚǇůŝŵŝƚƐǁŝƚŚŝŶƚŚĞĐŽƵŶƚǇͿ͘dŚĞƐƚƌƵĐƚƵƌĞ ϮϬϭϳ͘/ŶϮϬϭϴ͕ ŽĂĚĚƌĞƐƐƚŚĞŶĞĞĚƐ ŚŽƵƐŝŶŐĂŶĚŽƚŚĞƌƉƌŽŐƌĂŵƐŝŶ ŚŽƵƐŝŶŐ ƉĞƌƐ;d/& ŝďůĞ͕ƚŚĞůŽĂŶŝƐ dŚĞKůŵƐƚĞĚŽƵŶƚǇŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐŚĂǀĞĂƉƉƌŽǀĞĚĂƉƌŽƉĞƌƚǇƚĂǆůĞǀǇŽĨŵŽƌĞƚŚĂŶΨϯ͘ϱŵŝůůŝŽŶŝŶϮϬϭϵƚŽƐƵƉƉŽƌƚ,Z dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĂŶƚŝĐŝƉĂƚĞĂĚĚŝƚŝŽŶĂůƌĞƐŽƵƌĐĞƐĨƌŽŵDŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐ&ŝŶĂŶĐĞŐĞŶĐǇƉƌŽǀŝĚĞĚƚŽƚŚĞůŽĐĂů,Z͕ĚĞǀĞůŽ KůŵƐƚĞĚŽƵŶƚǇ͕ŝŶĐůƵĚŝŶŐƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘dŚĞƚĂǆůĞǀǇĂƐƐŝƐƚĂŶĐĞǁŝƚŚĚĞǀĞůŽƉŵĞŶƚŽĨŚŽƵƐŝŶŐǁĂƐůĂƵŶĐŚĞĚŝŶDĂƌĐŚŽĨ ϵϵ ŽĨƚŚĞƐĞƌĞŚĂďůŽĂŶƐƚŚĞĐŽƵŶƚǇŽĨĨĞƌƐŝƐǀĞƌǇƐŝŵŝůĂƌƚŽƚŚĞŝƚǇ͛ƐZĞŚĂďƉƌŽŐƌĂŵ͘^ŝŵŝůĂƌƌĞŚĂďǁŽƌŬŝƐĞůŝŐŝďůĞĂŶĚŝŶĞůŝŐ /ĨĂƉƉƌŽƉƌŝĂƚĞ͕ĚĞƐĐƌŝďĞƉƵďůŝĐĂůůǇŽǁŶĞĚůĂŶĚŽƌƉƌŽƉĞƌƚǇůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞũƵƌŝƐĚŝĐƚŝŽŶƚŚĂƚŵĂǇďĞƵƐĞĚƚ ƉƌŽŐƌĂŵ͕ůĞǀĞƌĂŐŝŶŐĂĚĚŝƚŝŽŶĂůŐŽǀĞƌŶŵĞŶƚĂŶĚŶŽŶƉƌŽĨŝƚŝŶǀĞƐƚŵĞŶƚǁŝƚŚƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨŶĞǁĂĨĨŽƌĚĂďůĞ ĨĂŵŝůǇĚǁĞůůŝŶŐƌĞŚĂďŝůŝƚĂƚŝŽŶ;ϭϵŝŶZŽĐŚĞƐƚĞƌ ZK,^dZ ŝŶĐŽŵĞƉĞƌƐŽŶƐ͘ ĚĞĨĞƌƌĞĚǁŚŝůĞƌĞƋƵŝƌŝŶŐϮйŝŶƚĞƌĞƐƚƵƉŽŶƌĞƉĂǇŵĞŶƚ ϮϬůŽĂŶƐĞĂĐŚǇĞĂƌ͘ ŵŽĚĞƌĂƚĞ Ͳ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ Ͳ ϮϬ,ZůŽĂŶƐǁĞƌĞŐƌĂŶƚĞĚĨŽƌƐŝŶŐůĞ ƉƌŽĨŝƚƐƐĞƌǀŝŶŐůŽǁ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ Ͳ ƉƌŽŐƌĂŵ͛ƐŐŽĂůŝƐƚŽƉƌŽǀŝĚĞϭϱ ŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉůĂŶ Ͳ ĨƵŶĚŝŶŐͿĂŶĚŶŽŶ Ͳ ŶƚƌŽůEŽ͗ϮϱϬϲ ŝƐĐƵƐƐŝŽŶ KDŽ 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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dŚĞ'ĚŵŝŶŝƐƚƌĂƚŽƌƉƌŽǀŝĚĞƐƚĞĐŚŶŝĐĂůĂƐƐŝƐƚĂŶĐĞƚŽĐŝƚŝǌĞŶĂŶĚͬŽƌŐƌŽƵƉƐĂƐƌĞƋƵĞƐƚĞĚ͘ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϭϰ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J 3DFNHW3J *D EĂƌƌĂƚŝǀĞĞƐĐƌŝƉƚŝŽŶ ĂŶĚhƌďĂŶ ŽĨŚŽǁ dŚĞŝƚǇĚŽĞƐŶŽƚ ǆƉůĂŝŶŚŽǁĨĞĚĞƌĂůĨƵŶĚƐǁŝůůůĞǀĞƌĂŐĞƚŚŽƐĞĂĚĚŝƚŝŽŶĂůƌĞƐŽƵƌĐĞƐ;ƉƌŝǀĂƚĞ͕ƐƚĂƚĞĂŶĚůŽĐĂůĨƵŶĚƐͿ͕ŝŶĐůƵĚŝŶŐĂĚĞƐĐƌŝƉƚŝŽŶ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĞǆƉĞĐƚƐŽŵŵƵŶŝƚǇĞǀĞůŽƉŵĞŶƚůŽĐŬ'ƌĂŶƚ;'ͿĨƵŶĚŝŶŐƚŽďĞĂǀĂŝůĂďůĞĨƌŽŵƚŚĞĞƉĂƌƚŵĞŶƚŽĨ,ŽƵƐŝŶŐ ϭϭϱ ŝƚŝŽŶĂůƉƌŝǀĂƚĞ͕ƐƚĂƚĞĂŶĚůŽĐĂůƌĞƐŽƵƌĐĞƐĨƌŽŵĂŐĞŶĐŝĞƐƚŚĂƚĂƌĞĂůůŽĐĂƚĞĚ'ĨƵŶĚƐ͘ ϭϬϬ͕ϬϬϬ ZĞŵĂŝŶĚĞƌ ŽĨŽŶWůĂŶ ůĂďůĞ ǆƉĞĐƚĞĚ ŵŽƵŶƚ Ψ ǀĂŝ ϲϵϬ͕ϬϬϬ dŽƚĂů͗ Ψ ǆƉĞĐƚĞĚŵŽƵŶƚǀĂŝůĂďůĞzĞĂƌϭ Ϭ ZĞƐŽƵƌĐĞƐ͗ WƌŝŽƌzĞĂƌ WƌŝŽƌŝƚǇdĂďůĞ ǆƉĞĐƚĞĚZĞƐŽƵƌĐĞƐ Ψ ϰϬ͕ϬϬϬ /ŶĐŽŵĞ͗Ψ WƌŽŐƌĂŵ ʹ ǆƉĞĐƚĞĚZĞƐŽƵƌĐĞƐ ZK,^dZ ϲϱϬ͕ϬϬϬ ůůŽĐĂƚŝŽŶ͗ ŶŶƵĂů ǇĞĂƌƉĞƌŝŽĚŽĨƚŚŝƐŽŶƐŽůŝĚĂƚĞĚWůĂŶ͘ Ψ Ͳ ϱϲ dĂďůĞ WƵďůŝĐ/ŵƉƌŽǀĞŵĞŶƚƐ ĚŵŝŶĂŶĚWůĂŶŶŝŶŐ ϵϭ͘ϮϮϬ;ĐͿ;ϭ͕ϮͿ hƐĞƐŽĨ&ƵŶĚƐ WƵďůŝĐ^ĞƌǀŝĐĞƐ ĞǀĞůŽƉŵĞŶƚ ĐƋƵŝƐŝƚŝŽŶ ĐŽŶŽŵŝĐ ǁŝůůďĞƐĂƚŝƐĨŝĞĚ ,ŽƵƐŝŶŐ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ 'ĨƵŶĚƐĂƌĞƵƐĞĚƚŽůĞǀĞƌĂŐĞĂĚĚ ʹ ϭϱǆƉĞĐƚĞĚZĞƐŽƵƌĐĞƐ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ^ŽƵƌĐĞŽĨ Ͳ &ƵŶĚƐ ĞǀĞůŽƉŵĞŶƚĚƵƌŝŶŐƚŚĞĨŝǀĞ Ͳ ĨĞĚĞƌĂů ŵĂƚĐŚŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐ ƉƵďůŝĐ ŶƚŝĐŝƉĂƚĞĚZĞƐŽƵƌĐĞƐ Ͳ ŶƚƌŽůEŽ͗ϮϱϬϲ WƌŽŐƌĂŵ /ŶƚƌŽĚƵĐƚŝŽŶ ' KDŽ Ͳ W 3DFNHW3J *D ĞĨĞƌƌĞĚƵŶƚŝůƚŚĞŚŽŵĞŝƐƐŽůĚŽƌƌĞĨŝŶĂŶĐĞĚƵŶĚĞƌĐĞƌƚĂŝŶĐŽŶĚŝƚŝŽŶƐ͘dŚĞĐŽƵŶƚǇ ĚĞĐŝƚǇůŝŵŝƚƐǁŝƚŚŝŶƚŚĞĐŽƵŶƚǇͿ͘dŚĞƐƚƌƵĐƚƵƌĞ ϮϬϭϳ͘/ŶϮϬϭϴ͕ ƚŚĞƌƉƌŽŐƌĂŵƐŝŶ ŚŽƵƐŝŶŐ ƉĞƌƐ;d/& WƌŝǀĂƚĞ͕ƐƚĂƚĞĂŶĚůŽĐĂůĨƵŶĚƐĨƌŽŵƚŚĞĂŐĞŶĐŝĞƐĂƌĞĚŝƐƚƌŝďƵƚĞĚƚŚƌŽƵŐŚƚŚĞ ŝďůĞ͕ƚŚĞůŽĂŶŝƐ dŚĞKůŵƐƚĞĚŽƵŶƚǇŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐŚĂǀĞĂƉƉƌŽǀĞĚĂƉƌŽƉĞƌƚǇƚĂǆůĞǀǇŽĨŵŽƌĞƚŚĂŶΨϯ͘ϱŵŝůůŝŽŶŝŶϮϬϭϵƚŽƐƵƉƉŽƌƚ,Z dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĂŶƚŝĐŝƉĂƚĞĂĚĚŝƚŝŽŶĂůƌĞƐŽƵƌĐĞƐĨƌŽŵDŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐ&ŝŶĂŶĐĞŐĞŶĐǇƉƌŽǀŝĚĞĚƚŽƚŚĞůŽĐĂů,Z͕ĚĞǀĞůŽ KůŵƐƚĞĚŽƵŶƚǇ͕ŝŶĐůƵĚŝŶŐƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘dŚĞƚĂǆůĞǀǇĂƐƐŝƐƚĂŶĐĞǁŝƚŚĚĞǀĞůŽƉŵĞŶƚŽĨŚŽƵƐŝŶŐǁĂƐůĂƵŶĐŚĞĚŝŶDĂƌĐŚŽĨ ϭϭϲ ƉƌŽŐƌĂŵ͕ůĞǀĞƌĂŐŝŶŐĂĚĚŝƚŝŽŶĂůŐŽǀĞƌŶŵĞŶƚĂŶĚŶŽŶƉƌŽĨŝƚŝŶǀĞƐƚŵĞŶƚǁŝƚŚƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨŶĞǁĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĂŶĚŽ ŽĨƚŚĞƐĞƌĞŚĂďůŽĂŶƐƚŚĞĐŽƵŶƚǇŽĨĨĞƌƐŝƐǀĞƌǇƐŝŵŝůĂƌƚŽƚŚĞŝƚǇ͛ƐZĞŚĂďƉƌŽŐƌĂŵ͘^ŝŵŝůĂƌƌĞŚĂďǁŽƌŬŝƐĞůŝŐŝďůĞĂŶĚŝŶĞůŝŐ ĨĂŵŝůǇĚǁĞůůŝŶŐƌĞŚĂďŝůŝƚĂƚŝŽŶ;ϭϵŝŶZŽĐŚĞƐƚĞƌĂŶĚŽŶĞŽƵƚƐŝ ZK,^dZ ŚĞƐĞĨƵŶĚƐĂƌĞĚŝƐƚƌŝďƵƚĞĚƉƌŝŽƌƚŽƐƉĞŶĚŝŶŐƚŚĞ'ĨƵŶĚŝŶŐ͘ ŶƐ͘ ĚĞĨĞƌƌĞĚǁŚŝůĞƌĞƋƵŝƌŝŶŐϮйŝŶƚĞƌĞƐƚƵƉŽŶƌĞƉĂǇŵĞŶƚ͕ďƵƚŝƚŝƐĚ ŵŽĚĞƌĂƚĞŝŶĐŽŵĞƉĞƌƐŽ ŽďƚĂŝŶƚŚĞůĞǀĞƌĂŐĞŽƌŵĂƚĐŚŝŶŐĨƵŶĚƐĨƌŽŵƚŚĞƐƵďŐƌĂŶƚĞĞƐ͘ ϮϬůŽĂŶƐĞĂĐŚǇĞĂƌ͘ Ͳ ŽŶƐŽůŝĚĂƚĞĚWůĂŶ Ͳ ϮϬ,ZůŽĂŶƐǁĞƌĞŐƌĂŶƚĞĚĨŽƌƐŝŶŐůĞ ƉƌŽĨŝƚƐƐĞƌǀŝŶŐůŽǁ Ϭϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ Ͳ ƉƌŽŐƌĂŵ͛ƐŐŽĂůŝƐƚŽƉƌŽǀŝĚĞϭϱ Ͳ ĨƵŶĚŝŶŐͿĂŶĚŶŽŶ Ͳ ŶƚƌŽůEŽ͗ϮϱϬϲ d ĂŐĞŶĐŝĞƐ͘ KDŽ *D /ĨĂƉƉƌŽƉƌŝĂƚĞ͕ĚĞƐĐƌŝďĞƉƵďůŝĐĂůůǇŽǁŶĞĚůĂŶĚŽƌƉƌŽƉĞƌƚǇůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞũƵƌŝƐĚŝĐƚŝŽŶƚŚĂƚ ŵĂǇďĞƵƐĞĚƚŽĂĚĚƌĞƐƐƚŚĞŶĞĞĚƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉůĂŶ E ŝƐĐƵƐƐŝŽŶ E ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϭϳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J 3DFNHW3J ^ŚĞůƚĞƌͬdƌĂŶƐŝƚŝŽŶĂů,ŽƵƐŝŶŐĞĚƐĂĚĚĞĚ͗ *D ǀŝƚŝĞƐ >ŽǁͬDŽĚĞƌĂƚĞ/ŶĐŽŵĞ,ŽƵƐŝŶŐĞŶĞĨŝƚ͗ ,ŽƵƐŝŶŐĞŶĞĨŝƚ͗ϭϲϬϬWĞƌƐŽŶƐƐƐŝƐƚĞĚ ,ŽŵĞŽǁŶĞƌ,ŽƵƐŝŶŐZĞŚĂďŝůŝƚĂƚĞĚ͗ϭϱ ĞŚŽůĚƐƐƐŝƐƚĞĚ WƵďůŝĐ&ĂĐŝůŝƚǇŽƌ/ŶĨƌĂƐƚƌƵĐƚƵƌĞĐƚŝ ƵƐŝŶĞƐƐĞƐĂƐƐŝƐƚĞĚ͗ϳϮƵƐŝŶĞƐƐĞƐ ŽƚŚĞƌƚŚĂŶ>ŽǁͬDŽĚĞƌĂƚĞ/ŶĐŽŵĞ WƵďůŝĐƐĞƌǀŝĐĞĂĐƚŝǀŝƚŝĞƐŽƚŚĞƌƚŚĂŶ 'ŽĂůKƵƚĐŽŵĞ/ŶĚŝĐĂƚŽƌ ŝƌĞĐƚ&ŝŶĂŶĐŝĂůƐƐŝƐƚĂŶĐĞƚŽ ,ŽƵƐĞŚŽůĚ,ŽƵƐŝŶŐhŶŝƚ ϰϴϲϮWĞƌƐŽŶƐƐƐŝƐƚĞĚĞŶĐǇ ,ŽŵĞďƵǇĞƌƐ͗ϯ,ŽƵƐ KǀĞƌŶŝŐŚƚͬŵĞƌŐ 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ŵŽŶŝƚŽƌŝŶŐĂŶĚĞǀĂůƵĂƚŝŽŶŽĨƚŚĞ'ƉƌŽŐƌĂŵĨŽƌƚŚĞŝƚǇŽĨ ZŽĐŚĞƐƚĞƌ͘^ƚĂĨĨŝŶŐŝƐƉƌŽǀŝĚĞĚďǇƚŚĞZŽĐŚĞƐƚĞƌŽŵŵƵŶŝƚǇ ĞǀĞůŽƉŵĞŶƚĞƉĂƌƚŵĞŶƚ͘ΨϱϬ͕ϬϬϬŽĨĨƵŶĚŝŶŐǁŝůůĐŽŵĞĨƌŽŵWzϮϬϮϬ 'ĨƵŶĚƐĂŶĚΨϮϬ͕ϬϬϬǁŝůůĐŽŵĞĨƌŽŵ'ͲKs/ĨƵŶĚŝŶŐƚŽ ĂĚŵŝŶŝƐƚĞƌKs/ƌĞůŝĞĨĂĐƚŝǀŝƚŝĞƐ͘ dĂƌŐĞƚĂƚĞ ϭϮͬϯϭͬϬϬϭϵ ƐƚŝŵĂƚĞƚŚĞŶƵŵďĞƌ ĂŶĚƚǇƉĞŽĨĨĂŵŝůŝĞƐ ƚŚĂƚǁŝůůďĞŶĞĨŝƚĨƌŽŵ ƚŚĞƉƌŽƉŽƐĞĚĂĐƚŝǀŝƚŝĞƐ >ŽĐĂƚŝŽŶĞƐĐƌŝƉƚŝŽŶ WůĂŶŶĞĚĐƚŝǀŝƚŝĞƐ ϱ WƌŽũĞĐƚEĂŵĞ ZŽĐŚĞƐƚĞƌƌĞĂ&ĂŵŝůǇz dĂƌŐĞƚƌĞĂ 'ŽĂůƐ^ƵƉƉŽƌƚĞĚ WƵďůŝĐ^ĞƌǀŝĐĞ EĞĞĚƐĚĚƌĞƐƐĞĚ zŽƵƚŚWƌŽŐƌĂŵƐ &ƵŶĚŝŶŐ '͗Ψϳ͕ϮϬϬ ĞƐĐƌŝƉƚŝŽŶ WƌŽŐƌĂŵŵŝŶŐĨŽƌdĞĞŶdŚƌŝǀĞ͕ƉƌŽǀŝĚŝŶŐĂĐĂĚĞŵŝĐƐƵƉƉŽƌƚ͕ƐĞƌǀŝĐĞ ůĞĂƌŶŝŶŐ͕ůĞĂĚĞƌƐŚŝƉƚƌĂŝŶŝŶŐ͕ĐŽůůĞŐĞͬƉŽƐƚƐĞĐŽŶĚĂƌǇͬĐĂƌĞĞƌ ĞǆƉůŽƌĂƚŝŽŶ͕ĂŶĚĐŝǀŝĐĞŶŐĂŐĞŵĞŶƚƚŽϭϬϬͲϭϮϬůŽǁƚŽŵŽĚĞƌĂƚĞůǇůŽǁͲ ŝŶĐŽŵĞǇŽƵƚŚ͘ dĂƌŐĞƚĂƚĞ ϭϮͬϯϭͬϬϬϭϵ ƐƚŝŵĂƚĞƚŚĞŶƵŵďĞƌ ϭϬϬͲϭϮϬůŽǁƚŽŵŽĚĞƌĂƚĞůǇůŽǁͲŝŶĐŽŵĞǇŽƵƚŚ͘ ĂŶĚƚǇƉĞŽĨĨĂŵŝůŝĞƐ ƚŚĂƚǁŝůůďĞŶĞĨŝƚĨƌŽŵ ƚŚĞƉƌŽƉŽƐĞĚĂĐƚŝǀŝƚŝĞƐ >ŽĐĂƚŝŽŶĞƐĐƌŝƉƚŝŽŶ ϳϬϵϭƐƚǀĞŶƵĞ^t͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϮ͘ WůĂŶŶĞĚĐƚŝǀŝƚŝĞƐ WƌŽŐƌĂŵŵŝŶŐĨŽƌdĞĞŶdŚƌŝǀĞ͕ƉƌŽǀŝĚŝŶŐĂĐĂĚĞŵŝĐƐƵƉƉŽƌƚ͕ƐĞƌǀŝĐĞ ůĞĂƌŶŝŶŐ͕ůĞĂĚĞƌƐŚŝƉƚƌĂŝŶŝŶŐ͕ĐŽůůĞŐĞͬƉŽƐƚƐĞĐŽŶĚĂƌǇͬĐĂƌĞĞƌ ĞǆƉůŽƌĂƚŝŽŶ͕ĂŶĚĐŝǀŝĐĞŶŐĂŐĞŵĞŶƚƚŽϭϬϬͲϭϮϬůŽǁƚŽŵŽĚĞƌĂƚĞůǇůŽǁͲ ŝŶĐŽŵĞǇŽƵƚŚ͘ ϲ WƌŽũĞĐƚEĂŵĞ &ĂŵŝůǇ^ĞƌǀŝĐĞZŽĐŚĞƐƚĞƌ dĂƌŐĞƚƌĞĂ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϮϯ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D 'ŽĂůƐ^ƵƉƉŽƌƚĞĚ WƵďůŝĐ&ĂĐŝůŝƚŝĞƐ EĞĞĚƐĚĚƌĞƐƐĞĚ ^ĞƌǀŝĐĞƐĨŽƌWĞƌƐŽŶƐǁŝƚŚŝƐĂďŝůŝƚŝĞƐ &ƵŶĚŝŶŐ '͗ΨϮϲ͕ϱϬϬ ĞƐĐƌŝƉƚŝŽŶ /ŶƐƚĂůůƐŽůĂƌƉĂŶĞůƐĂƚŶĞǁ&ĂŵŝůǇ^ĞŶŝŽƌ^ĞƌǀŝĐĞƐĨĂĐŝůŝƚǇŝŶ^ ZŽĐŚĞƐƚĞƌ͘dŚĞůŽĐĂƚŝŽŶǁŝůůƉƌŽǀŝĚĞĂŶĂƌƌĂǇŽĨŽůĚĞƌĂĚƵůƚƐĞƌǀŝĐĞƐ ĚĞůŝǀĞƌĞĚďǇǀĂƌŝĞƚǇŽĨƉĂƌƚŶĞƌƐĂůůĚĞƐŝŐŶƚŽĞǆƚĞŶĚŝŶĚĞƉĞŶĚĞŶƚůŝǀŝŶŐ ĂŶĚŝŶĐƌĞĂƐĞƋƵĂůŝƚǇŽĨůŝĨĞǁŝƚŚƐƉĞĐŝĂůĨŽĐƵƐŽŶĐƵůƚƵƌĂůŵŝŶŽƌŝƚŝĞƐ͘ ^ĞƌǀŝĐĞƐǁŝůůďĞƉƌŽǀŝĚĞĚƚŽϭϬϬϬƐĞŶŝŽƌƐ;ϲϱнͿĂŶĚĂĚƵůƚƐǁŝƚŚ ĚŝƐĂďŝůŝƚŝĞƐ͘ dĂƌŐĞƚĂƚĞ ϭϮͬϯϭͬϬϬϮϬ ƐƚŝŵĂƚĞƚŚĞŶƵŵďĞƌ ^ĞƌǀŝĐĞƐǁŝůůďĞƉƌŽǀŝĚĞĚƚŽϭϬϬϬƐĞŶŝŽƌƐ;ϲϱнͿĂŶĚĂĚƵůƚƐǁŝƚŚ ĂŶĚƚǇƉĞŽĨĨĂŵŝůŝĞƐ ĚŝƐĂďŝůŝƚŝĞƐ͘ ƚŚĂƚǁŝůůďĞŶĞĨŝƚĨƌŽŵ ƚŚĞƉƌŽƉŽƐĞĚĂĐƚŝǀŝƚŝĞƐ >ŽĐĂƚŝŽŶĞƐĐƌŝƉƚŝŽŶ EĞǁ^ůŽĐĂƚŝŽŶŝŶZŽĐŚĞƐƚĞƌ͕DE͘ WůĂŶŶĞĚĐƚŝǀŝƚŝĞƐ /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,ŽŵĞWƌŽƉĞƌƚŝĞƐ͕ ƉƌŽŵƉƚĞĚďǇĂƐŚŽƌƚĂŐĞŽĨĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐŽƉƚŝŽŶƐĨŽƌĨĂŵŝůŝĞƐŝŶ ZŽĐŚĞƐƚĞƌĂŶĚƚŚĞƐƵƌƌŽƵŶĚŝŶŐĂƌĞĂ͕ĞƐƚĂďůŝƐŚĞĚƚŚĞ,ĞƌŝƚĂŐĞ,ŽŵĞƐ WƌŽŐƌĂŵ͘dŚĞƉƌŽŐƌĂŵƉƵƌĐŚĂƐĞƐƐŝŶŐůĞͲĨĂŵŝůǇƉƌŽƉĞƌƚŝĞƐ͕ĐŽŵƉůĞƚĞ ƌĞŶŽǀĂƚŝŽŶƐ͘dŚĞƉƌŽƉĞƌƚŝĞƐĂƌĞĂĚĚĞĚƚŽƚŚĞŽŵŵƵŶŝƚǇ>ĂŶĚdƌƵƐƚ ĨŽƌůŽǁͲŵŽĚĞƌĂƚĞŝŶĐŽŵĞďƵǇĞƌƐƚŽƉƵƌĐŚĂƐĞ͘&ƵŶĚŝŶŐƉƌŽǀŝĚĞĚƚŽ ƌĞŶŽǀĂƚĞƵƉƚŽƚŚƌĞĞ;ϯͿƐŝŶŐůĞͲĨĂŵŝůǇƉƌŽƉĞƌƚŝĞƐǁŝƚŚŝŶƚŚĞŝƚǇŽĨ ZŽĐŚĞƐƚĞƌ͘ dĂƌŐĞƚĂƚĞ ϭϮͬϯϭͬϬϬϮϬ ƐƚŝŵĂƚĞƚŚĞŶƵŵďĞƌ dŚƌĞĞůŽǁƚŽŵŽĚĞƌĂƚĞůǇůŽǁͲŝŶĐŽŵĞŚŽƵƐĞŚŽůĚƐ͘ ĂŶĚƚǇƉĞŽĨĨĂŵŝůŝĞƐ ƚŚĂƚǁŝůůďĞŶĞĨŝƚĨƌŽŵ ƚŚĞƉƌŽƉŽƐĞĚĂĐƚŝǀŝƚŝĞƐ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϮϰ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D >ŽĐĂƚŝŽŶĞƐĐƌŝƉƚŝŽŶ ŝƚǇͲǁŝĚĞ͘ WůĂŶŶĞĚĐƚŝǀŝƚŝĞƐ &ƵŶĚŝŶŐƉƌŽǀŝĚĞĚƚŽƌĞŶŽǀĂƚĞƵƉƚŽƚŚƌĞĞ;ϯͿƐŝŶŐůĞͲĨĂŵŝůǇƉƌŽƉĞƌƚŝĞƐ ǁŝƚŚŝŶƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĨŽƌůŽǁƚŽŵŽĚĞƌĂƚĞůǇůŽǁͲŝŶĐŽŵĞ ŚŽƵƐĞŚŽůĚƐ͘ ϴ WƌŽũĞĐƚEĂŵĞ DEŚŝůĚƌĞŶΖƐDƵƐĞƵŵZŽĐŚĞƐƚĞƌ dĂƌŐĞƚƌĞĂ 'ŽĂůƐ^ƵƉƉŽƌƚĞĚ WƵďůŝĐ^ĞƌǀŝĐĞ EĞĞĚƐĚĚƌĞƐƐĞĚ zŽƵƚŚWƌŽŐƌĂŵƐ 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ŝŶƉƵƚƚŽƚŚĞW,WůĂŶ͘dŚŝƐĐŽŵŵŝƚƚĞĞƐƚƌƵĐƚƵƌĞŝƐŝŶƚĞŶĚĞĚƚŽďĞŐŝŶŝŶϮϬϮϬ͘ /ĨƚŚĞW,ŝƐĚĞƐŝŐŶĂƚĞĚĂƐƚƌŽƵďůĞĚ͕ĚĞƐĐƌŝďĞƚŚĞŵĂŶŶĞƌŝŶǁŚŝĐŚĨŝŶĂŶĐŝĂůĂƐƐŝƐƚĂŶĐĞǁŝůůďĞ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϯϯ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ƉƌŽǀŝĚĞĚŽƌŽƚŚĞƌĂƐƐŝƐƚĂŶĐĞ E ŝƐĐƵƐƐŝŽŶ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϯϰ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D WͲϲϱ,ŽŵĞůĞƐƐĂŶĚKƚŚĞƌ^ƉĞĐŝĂůEĞĞĚƐĐƚŝǀŝƚŝĞƐʹϵϭ͘ϮϮϬ;ŝͿ /ŶƚƌŽĚƵĐƚŝŽŶ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĚŽĞƐŶŽƚĂĚŵŝŶŝƐƚĞƌŚŽŵĞůĞƐƐĂŶĚŽƚŚĞƌƐƉĞĐŝĂůŶĞĞĚƐĂĐƚŝǀŝƚŝĞƐĚŝƌĞĐƚůǇ͘ ĞƐĐƌŝďĞƚŚĞũƵƌŝƐĚŝĐƚŝŽŶƐŽŶĞͲǇĞĂƌŐŽĂůƐĂŶĚĂĐƚŝŽŶƐĨŽƌƌĞĚƵĐŝŶŐĂŶĚĞŶĚŝŶŐŚŽŵĞůĞƐƐŶĞƐƐ ŝŶĐůƵĚŝŶŐ ZĞĂĐŚŝŶŐŽƵƚƚŽŚŽŵĞůĞƐƐƉĞƌƐŽŶƐ;ĞƐƉĞĐŝĂůůǇƵŶƐŚĞůƚĞƌĞĚƉĞƌƐŽŶƐͿĂŶĚĂƐƐĞƐƐŝŶŐƚŚĞŝƌ ŝŶĚŝǀŝĚƵĂůŶĞĞĚƐ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌǁŝůůĐŽŶƚŝŶƵĞƚŽŽĨĨĞƌĂŶĚĐŽŶƐŝĚĞƌƌĞƋƵĞƐƚƐƚŽĂŐĞŶĐŝĞƐƚŚĂƚǁŽƌŬǁŝƚŚŚŽŵĞůĞƐƐ ƉĞƌƐŽŶƐ;ĞƐƉĞĐŝĂůůǇƵŶƐŚĞůƚĞƌĞĚƉĞƌƐŽŶƐͿƚŚĂƚĂƐƐĞƐƐƚŚĞŝƌŝŶĚŝǀŝĚƵĂůŶĞĞĚƐ͘ ŐĞŶĐŝĞƐƚŚĂƚǁŽƌŬǁŝƚŚŚŽŵĞůĞƐƐƉĞƌƐŽŶǁĞƌĞƉƌŽǀŝĚĞĚŝŶĨŽƌŵĂƚŝŽŶƚŚĂƚƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌŝƐ ĐŽŶƐŝĚĞƌŝŶŐƌĞƋƵĞƐƚƐĨŽƌƚŚĞϮϬϮϬ'ƉƌŽŐƌĂŵ͘ ĚĚƌĞƐƐŝŶŐƚŚĞĞŵĞƌŐĞŶĐǇƐŚĞůƚĞƌĂŶĚƚƌĂŶƐŝƚŝŽŶĂůŚŽƵƐŝŶŐŶĞĞĚƐŽĨŚŽŵĞůĞƐƐƉĞƌƐŽŶƐ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌǁŝůůĐŽŶƚŝŶƵĞƚŽŽĨĨĞƌĂŶĚĐŽŶƐŝĚĞƌƌĞƋƵĞƐƚƐƚŽĂŐĞŶĐŝĞƐƚŚĂƚǁŽƌŬǁŝƚŚĞŵĞƌŐĞŶĐǇ ƐŚĞůƚĞƌĂŶĚƚƌĂŶƐŝƚŝŽŶĂůŶĞĞĚƐŽĨŚŽŵĞůĞƐƐƉĞƌƐŽŶƐ͘ ŶĞǁůǇĞƐƚĂďůŝƐŚĞĚtĂƌŵŝŶŐĞŶƚĞƌǁĂƐĂǁĂƌĚĞĚ'ĨƵŶĚŝŶŐƚŽƌƵŶƚŚĞŽƉĞƌĂƚŝŽŶƐƚŚƌŽƵŐŚĂƚŚŽůŝĐ ŚĂƌŝƚŝĞƐ͕ŝŶƚƵƌŶƉƌŽǀŝĚŝŶŐϯϬďĞĚƐĨŽƌƐĞĂƐŽŶĂůĞŵĞƌŐĞŶĐǇƐŚĞůƚĞƌ͘ ,ĞůƉŝŶŐŚŽŵĞůĞƐƐƉĞƌƐŽŶƐ;ĞƐƉĞĐŝĂůůǇĐŚƌŽŶŝĐĂůůǇŚŽŵĞůĞƐƐŝŶĚŝǀŝĚƵĂůƐĂŶĚĨĂŵŝůŝĞƐ͕ĨĂŵŝůŝĞƐ ǁŝƚŚĐŚŝůĚƌĞŶ͕ǀĞƚĞƌĂŶƐĂŶĚƚŚĞŝƌĨĂŵŝůŝĞƐ͕ĂŶĚƵŶĂĐĐŽŵƉĂŶŝĞĚǇŽƵƚŚͿŵĂŬĞƚŚĞƚƌĂŶƐŝƚŝŽŶƚŽ ƉĞƌŵĂŶĞŶƚŚŽƵƐŝŶŐĂŶĚŝŶĚĞƉĞŶĚĞŶƚůŝǀŝŶŐ͕ŝŶĐůƵĚŝŶŐƐŚŽƌƚĞŶŝŶŐƚŚĞƉĞƌŝŽĚŽĨƚŝŵĞƚŚĂƚ ŝŶĚŝǀŝĚƵĂůƐĂŶĚĨĂŵŝůŝĞƐĞǆƉĞƌŝĞŶĐĞŚŽŵĞůĞƐƐŶĞƐƐ͕ĨĂĐŝůŝƚĂƚŝŶŐĂĐĐĞƐƐĨŽƌŚŽŵĞůĞƐƐŝŶĚŝǀŝĚƵĂůƐ ĂŶĚĨĂŵŝůŝĞƐƚŽĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐƵŶŝƚƐ͕ĂŶĚƉƌĞǀĞŶƚŝŶŐŝŶĚŝǀŝĚƵĂůƐĂŶĚĨĂŵŝůŝĞƐǁŚŽǁĞƌĞ ƌĞĐĞŶƚůǇŚŽŵĞůĞƐƐĨƌŽŵďĞĐŽŵŝŶŐŚŽŵĞůĞƐƐĂŐĂŝŶ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĚŽĞƐŶŽƚĂĚŵŝŶŝƐƚĞƌŚŽŵĞůĞƐƐƉƌŽŐƌĂŵƐĚŝƌĞĐƚůǇ͕ďƵƚǁŝůůĐŽŶƚŝŶƵĞƚŽŽĨĨĞƌĂŶĚ ĐŽŶƐŝĚĞƌƌĞƋƵĞƐƚƐĨƌŽŵĂŐĞŶĐŝĞƐƚŚĂƚǁŽƌŬǁŝƚŚŚĞůƉŝŶŐŚŽŵĞůĞƐƐƉĞƌƐŽŶƐ;ĞƐƉĞĐŝĂůůǇĐŚƌŽŶŝĐĂůůǇ ŚŽŵĞůĞƐƐŝŶĚŝǀŝĚƵĂůƐĂŶĚĨĂŵŝůŝĞƐ͕ĨĂŵŝůŝĞƐǁŝƚŚĐŚŝůĚƌĞŶ͕ǀĞƚĞƌĂŶƐĂŶĚƚŚĞŝƌĨĂŵŝůŝĞƐ͕ĂŶĚ ƵŶĂĐĐŽŵƉĂŶŝĞĚǇŽƵƚŚͿŵĂŬŝŶŐƚŚĞƚƌĂŶƐŝƚŝŽŶƚŽƉĞƌŵĂŶĞŶƚŚŽƵƐŝŶŐĂŶĚŝŶĚĞƉĞŶĚĞŶƚůŝǀŝŶŐ͕ŝŶĐůƵĚŝŶŐ ƐŚŽƌƚĞŶŝŶŐƚŚĞƉĞƌŝŽĚŽĨƚŝŵĞƚŚĂƚŝŶĚŝǀŝĚƵĂůƐĂŶĚĨĂŵŝůŝĞƐĞǆƉĞƌŝĞŶĐĞŚŽŵĞůĞƐƐŶĞƐƐ͕ĨĂĐŝůŝƚĂƚŝŶŐĂĐĐĞƐƐ ĨŽƌŚŽŵĞůĞƐƐŝŶĚŝǀŝĚƵĂůƐĂŶĚĨĂŵŝůŝĞƐƚŽĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐƵŶŝƚƐ͕ĂŶĚƉƌĞǀĞŶƚŝŶŐŝŶĚŝǀŝĚƵĂůƐĂŶĚĨĂŵŝůŝĞƐ ǁŚŽǁĞƌĞƌĞĐĞŶƚůǇŚŽŵĞůĞƐƐĨŽƌŵďĞĐŽŵŝŶŐŚŽŵĞůĞƐƐĂŐĂŝŶ͘ dŚĞKůŵƐƚĞĚŽƵŶƚǇ,ZŝƐĂŶĂĐƚŝǀĞŵĞŵďĞƌŽĨƚŚĞZŝǀĞƌsĂůůĞǇƐŽŶƚŝŶƵƵŵŽĨĂƌĞ;ŽͿ͕ǁŚŝĐŚ ƵƚŝůŝǌĞƐĂŶĚƉƌŝŽƌŝƚŝǌĞƐƚŚĞƵƐĞŽĨĐŽŽƌĚŝŶĂƚĞĚĞŶƚƌǇĨŽƌĞŶƚƌǇŝŶƚŽƉƌŽŐƌĂŵƐĨƵŶĚŝŶŐďǇŽͬDĐ<ŝŶŶĞǇͲ ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϯϱ 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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ϯ͘dŚĞĂŵŽƵŶƚŽĨƐƵƌƉůƵƐĨƵŶĚƐĨƌŽŵƵƌďĂŶƌĞŶĞǁĂůƐĞƚƚůĞŵĞŶƚƐϬ ϰ͘dŚĞĂŵŽƵŶƚŽĨĂŶǇŐƌĂŶƚĨƵŶĚƐƌĞƚƵƌŶĞĚƚŽƚŚĞůŝŶĞŽĨĐƌĞĚŝƚĨŽƌǁŚŝĐŚƚŚĞƉůĂŶŶĞĚƵƐĞ ŚĂƐŶŽƚďĞĞŶŝŶĐůƵĚĞĚŝŶĂƉƌŝŽƌƐƚĂƚĞŵĞŶƚŽƌƉůĂŶϬ ϱ͘dŚĞĂŵŽƵŶƚŽĨŝŶĐŽŵĞĨƌŽŵĨůŽĂƚͲĨƵŶĚĞĚĂĐƚŝǀŝƚŝĞƐϬ dŽƚĂůWƌŽŐƌĂŵ/ŶĐŽŵĞ͗ϰϬ͕ϬϬϬ KƚŚĞƌ'ZĞƋƵŝƌĞŵĞŶƚƐ ϭ͘dŚĞĂŵŽƵŶƚŽĨƵƌŐĞŶƚŶĞĞĚĂĐƚŝǀŝƚŝĞƐϬ Ϯ͘dŚĞĞƐƚŝŵĂƚĞĚƉĞƌĐĞŶƚĂŐĞŽĨ'ĨƵŶĚƐƚŚĂƚǁŝůůďĞƵƐĞĚĨŽƌĂĐƚŝǀŝƚŝĞƐƚŚĂƚ ďĞŶĞĨŝƚƉĞƌƐŽŶƐŽĨůŽǁĂŶĚŵŽĚĞƌĂƚĞŝŶĐŽŵĞ͘KǀĞƌĂůůĞŶĞĨŝƚͲĐŽŶƐĞĐƵƚŝǀĞƉĞƌŝŽĚ ŽĨŽŶĞ͕ƚǁŽŽƌƚŚƌĞĞǇĞĂƌƐŵĂǇďĞƵƐĞĚƚŽĚĞƚĞƌŵŝŶĞƚŚĂƚĂŵŝŶŝŵƵŵŽǀĞƌĂůů ďĞŶĞĨŝƚŽĨϳϬйŽĨ'ĨƵŶĚƐŝƐƵƐĞĚƚŽďĞŶĞĨŝƚƉĞƌƐŽŶƐŽĨůŽǁĂŶĚŵŽĚĞƌĂƚĞ ŝŶĐŽŵĞ͘^ƉĞĐŝĨǇƚŚĞǇĞĂƌƐĐŽǀĞƌĞĚƚŚĂƚŝŶĐůƵĚĞƚŚŝƐŶŶƵĂůĐƚŝŽŶWůĂŶ͘ϭϬϬ͘ϬϬй ŽŶƐŽůŝĚĂƚĞĚWůĂŶZK,^dZϭϰϱ 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,^dZϭϰϲ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞǆƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D 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