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September 21, 2020 Agenda Packet
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ĨŽƌ tŽƌŬĨŽƌĐĞ ,ŽƵƐŝŶŐ ĞǀĞůŽƉŵĞŶƚ dƌĂŶƐĨŽƌŵĂƚŝǀĞ ŝƚLJ ĂŶĚ ŽŵŵŽŶ ŵĞƌŝĐĂΖƐ džƉĞƌŝĞŶĐĞ ƵƐŝŶĞƐƐ ďƵƐŝŶĞƐƐĨŽƌ ĂƉƉůŝĐĂƚŝŽŶƐ͕ Ͳ ĂŶ ĨŝƌƐƚ dƌĂŶƐŝƚƉƌŽũĞĐƚƐ ϭϱй͖ƚŚĞ ĂƵĚŝĞŶĐĞƐ͕ ƚŚĂƚ D ĞdžƉĞƌŝĞŶĐĞ ƵŶĚĞƌƌĞƉƌĞƐĞŶƚĞĚ ĨŽƌ ƉƌŽũĞĐƚ ĂƌƚŚĨĞƐƚ ƉƌŽŐƌĂŵƐ Ͳ ŽĨ ƚŚƌŽƵŐŚ ƐƚƌĂƚĞŐLJ ^ƋƵĂƌĞĂŶĚ ^ƋƵĂƌĞ ŐŽĂů͗Ͳ ƉůĂŶŶŝŶŐ ƚŚĞĐŽŶĚƵĐƚĞĚ ĞŶĚ tĞƐƚ ƐŵĂůů ĐŝƌĐƵůĂƚŽƌ Ϯ ĂĐĐĞƐƐ ŝŶŝŶŐ ƉůĂŶ WŚĂƐĞ ďĞŐŝŶ ǁŝƚŚŝŶ tŽƌŬĨŽƌĐĞ ĂƌƌŝǀĂů͕ ŐŽĂůƐ ǁĂƚĞƌĨƌŽŶƚͿDE ƚĂƌŐĞƚĞĚ ZŽĐŚĞƐƚĞƌƋƵĂƌƚĞƌ ƚŚĞ ƚŚĞŵŽǀĞŵĞŶƚ ŝƐĐŽǀĞƌLJ ĂŶĚ ĐŽŶƐƚƌƵĐƚŝŽŶůŝŶŝĐŝƐĐŽǀĞƌLJ ŐŽǀĞƌŶĂŶĐĞ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ĚŝƐƚƌŝĐƚ ƐƚƌĂƚĞŐLJ ƚĂĐƚŝĐƐ ϮϬн ĞƋƵŝƚĂďůĞ ZĞƚĂŝů͕ŽĨ ĂŶĚ ;dKͿ͕ŽŶ ƐƵƐƚĂŝŶĂďŝůŝƚLJ ŽƉĞƌĂƚŽƌƐƐƚƵĚLJĐŽŵŵƵŶŝƚŝĞƐ͕ ƌĞƐĞĂƌĐŚ͘ ƚƌĂŶƐŝƚ ǀŝƐŝƚŽƌ ƋƵĂůŝƚLJ DĂLJŽ ǁŽƌŬĂǁĂƌĞŶĞƐƐ ĂƉƉůŝĐĂƚŝŽŶƐ ƉŝůŽƚĂƉƉůŝĐĂƚŝŽŶƐ͕ ďLJ ƉĞƌ ZŽĐŚĞƐƚĞƌ ǁŝƚŚ Ͳ DŝŶŽƌŝƚLJƐƵď ^ƋƵĂƌĞ ŽĨ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ĚŝƐƚƌŝĐƚŝŶ ĂŶĚĂĐƚŝǀŝƚŝĞƐ ŵĂƌŬĞƚƐĂŶĚ ĚĞǀĞůŽƉŵĞŶƚƐŽƵƚŚ ƌĞĐŽǀĞƌLJĂŶĚ ϰйůĞĂĚƐ ƐƚĂŬĞŚŽůĚĞƌƐ ďƵƐŝŶĞƐƐĞƐŵĂŶĂŐĞŵĞŶƚ ;sͿƚŽďĞŐŝŶĂŶĚ ƌĂƉŝĚ ;dDͿŽĨĐŽůůĂďŽƌĂƚŝŽŶƐͬĂĐƚŝǀŝƚŝĞƐ ƐĂĨĞ͕ hDZͬĞĚƵĐĂƚŝŽŶͬƌĞĐƌĞĂƚŝŽŶ ƚŚĞ ϮϬϮϭ ŶƚƌĞƉƌĞŶĞƵƌƐ ďƵƐŝŶĞƐƐŝƚLJ ƐƚƌĂƚĞŐLJĂƉƉƌŽǀĞĚ ŽƚŚĞƌ ĂĚĚŝƚŝŽŶ ŐŽĂů͗ ŐĞŶĞƌĂƚŝŽŶ ŝŵƉĂĐƚƐ ƉĂƚŝĞŶƚ ĐŽŶƐƚƌƵĐƚŝŽŶ ĂŶĚŝƐĐŽǀĞƌLJ ǀĞŚŝĐůĞĚĞǀĞůŽƉŵĞŶƚĞŶŚĂŶĐĞ ƐƚƌĂƚĞŐLJ D ďƵŝůĚŝŶŐƐ ĂŶĚŽĨ ƚŚĞŝŶƚĞƌŶĂƚŝŽŶĂů ĞŶƐƵƌĞƵŶĚĞƌǁĂLJƵŶĚĞƌƌĞƉƌĞƐĞŶƚĞĚ Ϯϱйϳй͖ ďƵƐŝŶĞƐƐĞƐ ĂŶĚ ƚŚĞ ĂŶĚ ĞŶŐĂŐĞŵĞŶƚ ŝŶƚĞƌŶĂƚŝŽŶĂůŽŶ ĂƐƐŽĐŝĂƚŝŽŶƉůĂŶ ZŽĐŚĞƐƚĞƌ ĞĐŽŶŽŵŝĐ ƵƐŝŶĞƐƐŝƚLJ ǁŽƌŬĞƌƐ ǁŝƚŚ ŝŵĂŐŝŶĞĚ ŽĨ ĞŶĞƌŐLJ D/D/ ŽĨ WůĂŶ ŐŽĂů͗ďĂƐĞĚ ďĞŐŝŶƐ ďLJƚŚĞ ďLJĂƐƐĞƐƐŵĞŶƚ ƉĂƌŬŝŶŐ Ϯϱн ŝŶ ůŽĐĂƚŝŽŶƐŵŝŶŝŵŝnjĞƚŽ ŽƌŝĞŶƚĞĚ ĚĞǀĞůŽƉŵĞŶƚŽƉƉŽƌƚƵŶŝƚLJ ĂƵƚŽŶŽŵŽƵƐŵĂƐƚĞƌ ĂŶĚ ďLJ ƉƌŽƉĞƌƚLJ ǀĂƌŝŽƵƐ,ĞĂƌƚ ƚŽ ĐŽůůĂďŽƌĂƚŝŽŶ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝƚLJďƵƐŝŶĞƐƐĞƐ͕ǁŝƚŚƚŽ ŚŽƐƚĞĚ ƌĞůĂƚĞĚ ϱϬйϴϬйůĞĂĚ ŝŶŝŶ ϭϯϬWƌŽũĞĐƚ ƚƌĂŶƐŝƚtŽƌŬĨŽƌĐĞ ůĞĚǁŝƚŚ ĐŽŶƐƚƌƵĐƚŝŽŶĚĞƐƚŝŶĂƚŝŽŶ ĐŽŵƉůĞƚĞĚ ŶĞĞĚƐ ďƵƐŝŶĞƐƐĞƐ,ĞĂůƚŚ͕ ĚƵƌŝŶŐŽǁŶĞƌƐŚŝƉŐĂƐ͕ ŽŶƐƚƌƵĐƚŝŽŶƐƚĂƌƚƵƉ ĂŶĚϭϬϬй Ͳ ŽŶƐƚƌƵĐƚŝŽŶ ƚŚĞϱн ŝŶƚŽĞĐŽŶŽŵŝĐ ZĞĂƐƐŝƐƚ ͲͲ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚŽŶ ĚŽǁŶƚŽǁŶƉůĂŶ ŝŶĐůƵĚĞƐĞŶŐĂŐĞŵĞŶƚ͕ ϯϬϱϬ sŝůůĂŐĞ ƚĂƌŐĞƚĞĚ Ͳ Ϯн ĞŶŐĂŐŝŶŐ ƚƌĂŶƐŝƚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶƵƐŝŶŐ ƚŽŚĂǀĞ ĂƌĞĂĂƌĞ ŶƚĞƌƚĂŝŶŵĞŶƚǀŝƐŝƚŽƌƐ ŐƌĞĞŶŚŽƵƐĞ ŽĨ;ZŝǀĞƌĨƌŽŶƚ ƉƌŽũĞĐƚƐ ĂŶĚĨŽĐƵƐ ĐŽŵŵƵŶŝƚŝĞƐ ďĞƚǁĞĞŶďĞƚǁĞĞŶ ŶĞƌŐLJ ĨƵŶŶĞů ƌĂƉŝĚϭϵ ŶĂƚŝŽŶĂů ƌĞƐŝĚĞŶƚ ďLJ ĂŶĚ ŝĚĞĂƐ;^Zd&Ϳ ƐŝĚĞǁĂůŬƐ ůĞĂƌŶŝŶŐƌĞƐŝĚĞŶƚƐ͕ ,ĞĂƌƚŝŐŝƚĂůĞŶŐĂŐĞŵĞŶƚ ĂŶĚŽǁŶĞƌƐ ϱнĚŝƐƚƌŝĐƚ ŝŶĨŽƌŵĂƚŝǀĞĚŝƐƚƌŝĐƚͲ ƌĞŐŝŽŶ ŽǀĞƌĂůů ƐƚĂƚŝŽŶďƵƐŝŶĞƐƐ ǁŽƌŬƐŚŽƉƐ͕Ks/ tŽŵĞŶĐŽŵŵƵŶŝƚŝĞƐ ϭϬй dƌĂŶƐŝƚ ŝŶ ĚĞƐŝŐŶ ƐƚĂƚĞƐ͕ŽĨ ďŝŬĞ ĨŽƌŚŽŵĞƉƌŽŐƌĂŵďŝŽƐĐŝĞŶĐĞĂĐůĂƐƐ ƚŽ ĐŽŵƉůĞƚĞ ĞǀĞŶƚƐĂŶĚ ^ƋƵĂƌĞ ŽǁŶĞƌƐĂůĞƐ ƉƌŽŐƌĂŵƐƌĞƐŝĚĞŶƚƐ͕ĂŶĚ ĚŝƌĞĐƚůLJǁŝƚŚ ^ƚƌĂƚĞŐŝĐ ƉƌŝǀĂƚĞ ϳй͖ŽƉĞŶŝŶŐ &ŽƌĐĞŝŶĐůƵĚŝŶŐ ŝŶ ĐŽŶŶĞĐƚtĂůŬ ƐƚƌĂƚĞŐLJ ŝŶĐůƵĚŝŶŐďLJ ƵŶŝƚƐƵŶŝƚƐ ƐƚĂƚĞ͕ Žƌ ĂŶĚ ƚƌĂŶƐŝƚ ĚŽǁŶƚŽǁŶ ďƵƐŝŶĞƐƐ DƉůĂŶƐŝŶĐƌĞĂƐŝŶŐ ǀŝƐŝƚĂƚŝŽŶ ĂŶĚĞdžƉĞƌŝĞŶƚŝĂůĐƵƌƌĞŶƚǁŽƌůĚ D ĂŶĚŐĞŶĞƌĂů ƚŽtĂůŬĨŽƌtĞƐƚ ĚĞǀĞůŽƉĞĚ͕DE ŽƚŚĞƌĐŽǀĞƌĂŐĞ ZŽĐŚĞƐƚĞƌŐŽĂů͗ ŐŽĂůƐ͗ ǁŝƚŚ ƐĞƌŝĞƐ ƵŶĚĞƌƌĞƉƌĞƐĞŶƚĞĚ ǁĂLJĨŝŶĚŝŶŐ͖ ƉƌŽƉĞƌƚLJ ŝƐĐŽǀĞƌLJŝƐĐŽǀĞƌLJdĂƐŬ ĂĐĐĞƐƐ ƉƌŽĐĞƐƐ Ͳ ϯϬϰϮ ĞŶĐŚŵĂƌŬŝŶŐ ĂŶĚŽƉƉŽƌƚƵŶŝƚŝĞƐĐŽŵŵƵŶŝƚLJ ŐƌĞĂƚĞƌ sŝůůĂŐĞ͕ďLJ ƉƵďůŝĐ ƚŽϭϬн ŝŶƚĞƌŶŝŶŐǁĂƚĞƌĨƌŽŶƚ ŶĞǁ^͘ ͘ ƚŚĞ ƚŽǁĂƌĚŽĨ ƚŽƐƵƉƉŽƌƚƐ ZŽĐŚĞƐƚĞƌĂ ŝŶƚĞƌĂĐƚŝŽŶƐŝƐĐŽǀĞƌLJƵƐŝŶĞƐƐŽŵƉůĞƚĞĞŶƚƌĞƉƌĞŶĞƵƌŝƐŵ ĂŶĚZĞĂůŝnjĞZĞĂůŝnjĞZŽĐŚĞƐƚĞƌ͕ ƉĂƌƚŶĞƌƐ ĨƌŽŵďƵƐŝŶĞƐƐĞƐĂƵĚŝĞŶĐĞƐ ƐƵƉƉŽƌƚ ;Z Ϳ ǁŽƌŬĨŽƌĐĞ D ƐƵĐĐĞƐƐĨƵů 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ĞǀĞůŽƉŝŶŐƉĂƚŝĞŶƚ͕ǀŝƐŝƚŽƌ͕ĂŶĚĐŽŵŵƵŶŝƚLJŽƵƚƌĞĂĐŚƉƌŽŐƌĂŵƐ x WƌĞƉĂƌŝŶŐĂŶĚƐƵƉƉŽƌƚŝŶŐƚŚĞŵĂƌŬĞƚŝŶŐĂŶĚƉƌŽŵŽƚŝŽŶŽĨD x WƌĞƉĂƌŝŶŐĂŶĚŝŵƉůĞŵĞŶƚŝŶŐĂƉƌŽŐƌĂŵĨŽƌĐŽŵŵƵŶŝƚLJĂŶĚƉƵďůŝĐƌĞůĂƚŝŽŶƐ x 3DFNHW3J +F ϰ͘tŽƌŬƉůĂŶdŽĐŚŝĞǀĞϮϬϮϭ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚŝĞƐĂŶĚD'ŽĂůƐ ^dZd '/WZ/KZ/dz͗dZE^WKZdd/KE ƌĞĂƚĞƚŚĞŝŶƚĞŐƌĂƚĞĚƚƌĂŶƐƉŽƌƚĂƚŝŽŶŝŶĨƌĂƐƚƌƵĐƚƵƌĞŶĞĐĞƐƐĂƌLJƚŽƉƌŽǀŝĚĞĂĐĐĞƐƐƚŽĂŶĚƚŚƌŽƵŐŚĚŽǁŶƚŽǁŶ ZŽĐŚĞƐƚĞƌĂŶĚĞŶĐŽƵƌĂŐĞĂĚĚŝƚŝŽŶĂůŽƉƉŽƌƚƵŶŝƚLJĨŽƌĚĞǀĞůŽƉŵĞŶƚĂŶĚŝŶǀĞƐƚŵĞŶƚ͘ WŚĂƐĞϮ;ϮϬϮϱͿ'ŽĂůϮϬϮϭKƵƚĐŽŵĞ ϮϬϯϱ'ŽĂů ƌĞĂƚĞĂŵĞĂƐƵƌĞŵĞŶƚƐLJƐƚĞŵƚŽŵŽŶŝƚŽƌƉƌŽŐƌĞƐƐƚŽǁĂƌĚ/ŶƚĞŐƌĂƚĞĚ dƌĂŶƐŝƚ^ƚƵĚŝĞƐ;/d^ͿŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƌĞĂƚĞĂŶĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚƉůĂŶĂŶĚƐƚƌĂƚĞŐLJĨŽƌƚƌĂŶƐŝƚͲŽƌŝĞŶƚĞĚ ZĞĚƵĐĞĚƌŝǀĞͲ ĚĞǀĞůŽƉŵĞŶƚ;dKͿ͕ƚŚĞtĞƐƚdƌĂŶƐŝƚsŝůůĂŐĞ͕ĂŶĚƐƚĂƚŝŽŶĂƌĞĂůŽĐĂƚŝŽŶƐ ZĞĚƵĐĞĚƌŝǀĞͲĂůŽŶĞ ĂůŽŶĞŵŽĚĞ KƉĞƌĂƚĞĂƐƵĐĐĞƐƐĨƵůĂŶĚŝŶĨŽƌŵĂƚŝǀĞĂƵƚŽŶŽŵŽƵƐǀĞŚŝĐůĞ;sͿƉŝůŽƚ ŵŽĚĞƐŚĂƌĞ ƐŚĂƌĞ ĚǀĂŶĐĞĚĞƐŝŐŶ͕ĞŶŐŝŶĞĞƌŝŶŐƉƌŽĐĞƐƐĂŶĚŽǀĞƌĂůůĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞ ĨƌŽŵϳϭйƚŽϱϴй ƚŽϱϬйŽƌůĞƐƐ ƌĂƉŝĚƚƌĂŶƐŝƚĐŝƌĐƵůĂƚŽƌ ƌĞĂƚĞĂĚŽǁŶƚŽǁŶďŝŬĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞƐƚƌĂƚĞŐLJ ƐƚĂďůŝƐŚĂůŽŶŐͲƚĞƌŵƌƌŝǀĞZŽĐŚĞƐƚĞƌƚƌĂŶƐŝƚŵĂŶĂŐĞŵĞŶƚĂƐƐŽĐŝĂƚŝŽŶ ;dDͿŐŽǀĞƌŶĂŶĐĞƐƚƌĂƚĞŐLJ ĞǀĞůŽƉĂƉƵďůŝĐͲƉƌŝǀĂƚĞĚŽǁŶƚŽǁŶƉĂƌŬŝŶŐƐƚƌĂƚĞŐLJ ƌĞĂƚĞĂƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐƉůĂŶƚŽĐŽŶŶĞĐƚƚŽƌĂƉŝĚƚƌĂŶƐŝƚƚŽĞŶƐƵƌĞ ƐĂĨĞ͕ĞƋƵŝƚĂďůĞĂĐĐĞƐƐ ^dZd '/WZ/KZ/dz͗KDDKE'ZKhE ĞƐŝŐŶĂŶĚĚĞǀĞůŽƉƉƵďůŝĐƐƉĂĐĞƐĂŶĚĂŵĞŶŝƚŝĞƐƚŽŝŶĐĞŶƚŝǀŝnjĞĂĚĚŝƚŝŽŶĂůƉƌŝǀĂƚĞŝŶǀĞƐƚŵĞŶƚ͕ĐƌĞĂƚĞƵŶŝƋƵĞ ĞdžƉĞƌŝĞŶĐĞƐ͕ĂŶĚŝŶĐƌĞĂƐĞĚŽǁŶƚŽǁŶĚĞŶƐŝƚLJ͘ ϮϬϯϱ'ŽĂůWŚĂƐĞϮ;ϮϬϮϱͿ'ŽĂůϮϬϮϭKƵƚĐŽŵĞ ĞŵŽŶƐƚƌĂƚĞƚŚĞĞĐŽŶŽŵŝĐĂŶĚ/ŶĐůƵĚĞϮϬďƵƐŝŶĞƐƐĂŶĚƉƌŽƉĞƌƚLJŽǁŶĞƌŝĚĞĂƐƚŽŵŝŶŝŵŝnjĞ ĞdžƉĞƌŝĞŶĐĞǀĂůƵĞŽĨ,ĞĂƌƚŽĨƚŚĞŝŵƉĂĐƚƐŽĨĐŽŶƐƚƌƵĐƚŝŽŶ ŝƚLJƉƵďůŝĐƐƉĂĐĞŝŶǀĞƐƚŵĞŶƚďLJ DĂŝŶƚĂŝŶĂĐĐĞƐƐƚŽƐŝĚĞǁĂůŬƐĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ ƚŚĞĨŽůůŽǁŝŶŐŵĞĂƐƵƌĞƐ͗ /ŶĐƌĞĂƐĞƉĞĚĞƐƚƌŝĂŶƚƌĂĨĨŝĐŝŶ x ϭϬϬнŝŶƚĞƌĂĐƚŝŽŶƐǁŝƚŚďƵƐŝŶĞƐƐĂŶĚƉƌŽƉĞƌƚLJƐƚĂŬĞŚŽůĚĞƌƐ ƚŚĞWĞĂĐĞWůĂnjĂĂƌĞĂďLJϱϬй ƵƐŝŶĞƐƐĞƐƌĞƉŽƌƚŝŶĐƌĞĂƐĞĚ x ƌĞǀĞŶƵĞ ƚƚƌĂĐƚ sŝƐŝƚŽƌƐĂŶĚĐŽŵŵƵŶŝƚLJ/ŶĐƌĞĂƐĞǀŝƐŝƚĂƚŝŽŶŝŶ,ĞĂƌƚŽĨƚŚĞŝƚLJďLJϮϱй x ŵŽƌĞƚŚĂŶ ŵĞŵďĞƌƐƌĞƉŽƌƚƚŚĂƚƚŚĞLJĂƌĞ ΨϱďŝůůŝŽŶŝŶ ŵŽƌĞůŝŬĞůLJƚŽǀŝƐŝƚĚŽǁŶƚŽǁŶ ƉƌŝǀĂƚĞ ŝƐĐŽǀĞƌLJtĂůŬĐŽŶƐƚƌƵĐƚŝŽŶ &ŝŶĂůŝƐĐŽǀĞƌLJtĂůŬĚĞƐŝŐŶĐŽŵƉůĞƚĞĚĂŶĚĂƉƉƌŽǀĞĚ 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ŶƚƌĞƉƌĞŶĞƵƌƐĂŶĚ ZĞƚĂŝů͕ŝŶŝŶŐĂŶĚ ŶƚĞƌƚĂŝŶŵĞŶƚ 'ĞŶĞƌĂƚĞĂŵŝŶŝŵƵŵŽĨϭϱϬďƵƐŝŶĞƐƐĂŶĚ ƚƚƌĂĐƚ ĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚůĞĂĚƐƉĞƌƋƵĂƌƚĞƌ ŵŽƌĞƚŚĂŶ ŽŶƚŝŶƵĞƚŽďƵŝůĚŐƌĞĂƚĞƌƐƚĂƚĞ͕ŶĂƚŝŽŶĂů DŽƌĞƚŚĂŶΨϭďŝůůŝŽŶŽĨŶĞǁƉƌŝǀĂƚĞĚĞǀĞůŽƉŵĞŶƚ͕ ΨϱďŝůůŝŽŶŝŶ ĂŶĚŝŶƚĞƌŶĂƚŝŽŶĂůĂǁĂƌĞŶĞƐƐ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚĚĞǀĞůŽƉŵĞŶƚƉůĂŶ͕ƵŶĚĞƌǁĂLJ ƉƌŝǀĂƚĞ ƌŝǀĞƋƵĂůŝĨŝĞĚƚƌĂĨĨŝĐƚŽǁǁǁ͘ĚŵĐ͘ŵŶ͕ ŝŶǀĞƐƚŵĞŶƚ ŝŶĐƌĞĂƐŝŶŐĞŶŐĂŐĞŵĞŶƚ͕ůĞĂĚŐĞŶĞƌĂƚŝŽŶĂŶĚ ŵŽǀĞŵĞŶƚƚŚƌŽƵŐŚƚŚĞƐĂůĞƐĨƵŶŶĞů /ŶĐƌĞĂƐĞĞĂƌŶĞĚŵĞĚŝĂĐŽǀĞƌĂŐĞďLJϭϬй ƵƐŝŶŐǀĂƌŝŽƵƐĐŽŵŵƵŶŝĐĂƚŝŽŶƚĂĐƚŝĐƐ ZĞƚĂŝů͕ŝŶŝŶŐ͕ ŶƚĞƌƚĂŝŶŵĞŶƚ;Z Ϳ ĐƵƌƌĞŶƚKs/ͲϭϵĂƐƐĞƐƐŵĞŶƚĂŶĚŵĂƌŬĞƚƐ ƐƚƵĚLJĐŽŶĚƵĐƚĞĚ ZĞƚĂŝůĚĞǀĞůŽƉŵĞŶƚƐ Z ƌĞĐƌƵŝƚŵĞŶƚͬƌĞƚĞŶƚŝŽŶƐƚƌĂƚĞŐLJ ĂĐƚŝǀĞĂĐƌŽƐƐĂůůD ZĞƚĂŝůƐƚƌĂƚĞŐLJŝŵƉůĞŵĞŶƚĞĚŝŶDĚŝƐƚƌŝĐƚ ƐƵďĚŝƐƚƌŝĐƚƐ ĚĞǀĞůŽƉĞĚ͕ǁŝƚŚĂĨŽĐƵƐŽŶ,ĞĂƌƚŽĨƚŚĞŝƚLJ ĂŶĚŝƐĐŽǀĞƌLJ^ƋƵĂƌĞƚŚĂƚƐƵƉƉŽƌƚƐ ƌĞƐŝĚĞŶƚƐ͕ǀŝƐŝƚŽƌƐĂŶĚǁŽƌŬĞƌƐ 3DFNHW3J +F ϱ͘KƉĞƌĂƚŝŶŐƵĚŐĞƚƐ dŚĞďƵĚŐĞƚ͕ĚĞǀĞůŽƉĞĚƚŽĂĐŚŝĞǀĞƚŚĞƐƚƌĂƚĞŐŝĐŽďũĞĐƚŝǀĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞǁŽƌŬƉůĂŶ͕ŚĂƐďĞĞŶ ƉƌĞƉĂƌĞĚďLJD ĂŶĚDŝƚLJŽĨZŽĐŚĞƐƚĞƌWƌŽũĞĐƚDĂŶĂŐĞŵĞŶƚƚĞĂŵƐǁŝƚŚƚŚĞĂĚǀŝĐĞŽĨD ŽƌƉŽƌĂƚŝŽŶĂŶĚD ďŽĂƌĚŵĞŵďĞƌƐĂŶĚŝƚLJŽĨZŽĐŚĞƐƚĞƌĞůĞĐƚĞĚĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝǀĞůĞĂĚĞƌƐ͘ dŚĞϮϬϮϭD ĨƵŶĚŝŶŐƌĞƋƵĞƐƚƚŽƚŚĞĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌŽƌƉŽƌĂƚŝŽŶŽĨΨϮ͕Ϯϯϱ͕ϳϳ ϲ͕ x ǁŚŝĐŚƌĞƉƌĞƐĞŶƚƐĂLJĞĂƌͲŽǀĞƌͲLJĞĂƌĚĞĐƌĞĂƐĞŝŶĨƵŶĚŝŶŐŽĨΨϯϯϰ͕ϯϳϬ͕ŽƌĂƉƉƌŽdžŝŵĂƚĞůLJϭϱй͘ dŚĞϮϬϮϭD ĨƵŶĚŝŶŐĐŽŶƚƌŝďƵƚĞĚďLJDĂLJŽůŝŶŝĐƚŽǁĂƌĚƐƚŚĞŽƉĞƌĂƚŝŽŶĂů͕ƉƌŽũĞĐƚ͕ĂŶĚƉƌŽŐƌĂŵ x ĞdžƉĞŶƐĞƐŽĨƚŚĞD ƚŽƚĂůƐΨϭ͕ϯϭϰ͕ϵϳϬ͕ĐŽŶƚŝŶƵŝŶŐƚ ŚĞƐĂŵĞDĨƵŶĚŝŶŐƐƵƉƉŽƌƚƉƌŽǀŝĚĞĚďLJ DĂLJŽůŝŶŝĐŝŶϮϬϮϬ͘ dŚĞϮϬϮϭDŝƚLJŽĨZŽĐŚĞƐƚĞƌWƌŽũĞĐƚDĂŶĂŐĞŵĞŶƚƚĞĂŵĨƵŶĚŝŶŐƌĞƋƵĞƐƚƚŽƚŚĞĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂů x ĞŶƚĞƌŽƌƉŽƌĂƚŝŽŶŝƐΨϲϵϲ͕Ϯϭϱ͕ǁŚŝĐŚƌĞƉƌĞƐĞŶƚƐĂLJĞĂƌͲŽǀĞƌͲLJĞĂƌŝŶĐƌĞĂƐĞŝŶĨƵŶĚŝŶŐŽĨΨϯϱ͕ϲϵϭ͕Žƌ ĂƉƉƌŽdžŝŵĂƚĞůLJϱй͘ ϮϬϮϭ ^d/Ed/KED /> Ed Z/dzK&ZK, ^d ZWZK: dDE' D Edh' d ϮϬϮϬD&ƵŶĚŝŶŐϮϬϮϭD&ƵŶĚŝŶŐzKzD&ƵŶĚŝŶŐŚĂŶŐĞ;ΨͿ ^ƚĂĨĨŽƐƚƐ ϭ ŵƉůŽLJĞĞ^ĞƌǀŝĐĞƐΨϱϴϬ͕ϴϬϴΨϲϬϵ͕ϲϱϴΨϮϴ͕ϴϱϬ ^ƵďƚŽƚĂůΨϱϴϬ͕ϴϬϴΨϲϬϵ͕ϲϱϴΨϮϴ͕ϴϱϬ KƉĞƌĂƚŝŽŶĂůŽƐƚƐ ϮZĞŶƚƐĂŶĚ>ĞĂƐĞƐΨϬΨϮ͕ϱϬϬΨϮ͕ϱϬϬ ϯĚǀ͕WƵďůŝƐŚŝŶŐ͕ΘWƌŝŶƚŝŶŐΨϬΨϳϲϮϱΨϳ͕ϲϮϱ ϰŽŶƚƌĂĐƚƵĂůDƚĐĞΘZĞƉĂŝƌΨϬΨϯϴ͕ϬϬϬΨϯϴ͕ϬϬϬ ϱ džƉĞƌƚĂŶĚWƌŽĨĞƐƐŝŽŶĂů^ĞƌǀŝĐĞƐΨϬΨϴϬϬϬΨϴ͕ϬϬϬ ϲŽŵŵƵŶŝĐĂƚŝŽŶƐΨϬΨϭ͕ϴϴϬΨϭ͕ϴϴϬ ϳdƌĂǀĞůͬdƌĂŝŶŝŶŐͬƵƐŝŶĞƐƐDĞĂΨϭϮ͕ϱϬϬΨϲ͕ϲϱϬͲΨϱ͕ϴϱϬ ϴ^ƵďƐĐƌŝƉƚŝŽŶƐͬŬƐͬDĞŵďĞƌƐŚŝƉΨϬΨϱ͕ϬϳϱΨϱ͕Ϭϳϱ ϵKĨĨŝĐĞ^ƵƉƉůŝĞƐΨϬΨϮ͕ϭϬϬΨϮ͕ϭϬϬ ϭϬKƚŚĞƌŚĂƌŐĞƐΨϬΨϭϰ͕ϳϮϳΨϭϰ͕ϳϮϳ ϭϭDŝƐĐĞůůĂŶĞŽƵƐΨϭϱ͕ϵϬϬΨϬͲΨϭϱ͕ϵϬϬ ϭϮWƌŽĨĞƐƐŝŽŶĂůĞǀĞůŽƉŵĞŶƚΨϱ͕ϬϬϬΨϬͲΨϱ͕ϬϬϬ ϭϯKĨĨŝĐĞΨϯ͕ϵϬϬΨϬͲΨϯ͕ϵϬϬ ϭϰ/ŶĨŽƌŵĂƚŝŽŶdĞĐŚŶŽůŽŐLJΨϰϮ͕ϰϭϲΨϬͲΨϰϮ͕ϰϭϲ ^ƵďƚŽƚĂůΨϳϵ͕ϳϭϲΨϴϲ͕ϱϱϳΨϲ͕ϴϰϭ dKd>h' dΨϲϲϬ͕ϱϮϰΨϲϵϲ͕ϮϭϱΨϯϱ͕ϲϵϭ 3DFNHW3J +F ϮϬϮϭ ^d/Ed/KED /> Ed Z KEKD/ s >KWD Ed' Ezh' d zKzDĂLJŽůŝŶŝĐ&ƵŶĚŝŶŐ ϮϬϮϬD&ƵŶĚŝŶŐϮϬϮϭD&ƵŶĚŝŶŐzKzD&ƵŶĚŝŶŐŚĂŶŐĞ;ΨͿϮϬϮϬDĂLJŽůŝŶŝĐ&ƵŶĚŝŶŐϮϬϮϭDĂLJŽůŝŶŝĐ&ƵŶĚŝŶŐdŽƚĂůϮϬϮϭƵĚŐĞƚ ŚĂŶŐĞ;ΨͿ D ^ƚĂĨĨŽƐƚƐ ϭWĂLJƌŽůůΨϴϬϵ͕ϯϵϲΨϴϯϯ͕ϲϳϴΨϮϰ͕ϮϴϮΨϵϵϴ͕ϳϳϱΨϳϰϭ͕ϱϲϬͲΨϮϱϳ͕ϮϭϱΨϭ͕ϱϳϱ͕Ϯϯϴ ϮĞŶĞĨŝƚƐΨϭϰϬ͕ϴϬϵΨϭϰϱ͕ϬϯϯΨϰ͕ϮϮϱΨϬΨϬΨϬΨϭϰϱ͕Ϭϯϯ ϯWĂLJƌŽůů džƉĞŶƐĞƐΨϲ͕ϴϯϭΨϵ͕ϲϮϬΨϮ͕ϳϴϵΨϬΨϬΨϬΨϵ͕ϲϮϬ dƌĂŶƐƉŽƌƚĂƚŝŽŶͬdƌĂŶƐŝƚ ϰΨϴ͕ϰϰϲΨϵ͕ϲϬϬΨϭ͕ϭϱϰΨϬΨϬΨϬΨϵ͕ϲϬϬ ^ƵďƐŝĚLJ ϱZĞŝŵďƵƌƐĞŵĞŶƚƐΨϬΨϬΨϬΨϬΨϬΨϬΨϬ ^ƵďƚŽƚĂůΨϵϲϱ͕ϰϴϭΨϵϵϳ͕ϵϯϭΨϯϮ͕ϰϱϬΨϵϵϴ͕ϳϳϱΨϳϰϭ͕ϱϲϬͲΨϮϱϳ͕ϮϭϱΨϭ͕ϳϯϵ͕ϰϵϭ D KƉĞƌĂƚŝŽŶĂůŽƐƚƐ ϲZĞŶƚĂŶĚhƚŝůŝƚŝĞƐΨϭ͕ϰϬϬΨϭ͕ϮϬϬͲΨϮϬϬΨϭϮϮ͕ϲϵϱΨϭϮϴ͕ϴϯϬΨϲ͕ϭϯϱΨϭϯϬ͕ϬϯϬ ƋƵŝƉŵĞŶƚ ϳΨϬΨϬΨϬΨϬΨϬΨϬΨϬ ZĞŶƚĂůƐͬ&ƵƌŶŝƚƵƌĞ KĨĨŝĐĞ ϴΨϮϬ͕ϬϬϬΨϭϴ͕ϬϬϬͲΨϮ͕ϬϬϬΨϬΨϬΨϬΨϭϴ͕ϬϬϬ ^ƵƉƉůŝĞƐͬŽŶƐƵŵĂďůĞƐ ϵZŽŽŵZĞŶƚĂůΨϬΨϬΨϬΨϬΨϬΨϬΨϬ ϭϬWŽƐƚĂŐĞ͕ĂŶĚ^ŚŝƉƉŝŶŐΨϭ͕ϱϬϬΨϭ͕ϱϬϬΨϬΨϬΨϬΨϬΨϭ͕ϱϬϬ ϭϭtĞďƐŝƚĞƌĂĨƚŝŶŐͬ,ŽƐƚŝŶŐΨϭϴ͕ϯϭϬΨϭϵ͕ϮϬϬΨϴϵϬΨϬΨϬΨϬΨϭϵ͕ϮϬϬ /d,ĂƌĚǁĂƌĞ͕^ŽĨƚǁĂƌĞĂŶĚ ϭϮΨϮϱ͕ϵϯϵΨϯϱ͕ϮϬϬΨϵ͕ϮϲϭΨϬΨϬΨϬΨϯϱ͕ϮϬϬ ^ƵƉƉŽƌƚ ϭϯDŝƐĐĞůůĂŶĞŽƵƐŽƐƚƐΨϮ͕ϱϰϲΨϮ͕ϳϴϰΨϮϯϴΨϬΨϬΨϬΨϮ͕ϳϴϰ ^ƵďƚŽƚĂůΨϲϵ͕ϲϵϱΨϳϳ͕ϴϴϰΨϴ͕ϭϴϵΨϭϮϮ͕ϲϵϱΨϭϮϴ͕ϴϯϬΨϲ͕ϭϯϱΨϮϬϲ͕ϳϭϰ ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ ϭϰWƌŝŶƚΘŽůůĂƚĞƌĂůΨϰϬ͕ϬϬϬΨϰϱ͕ϬϬϬΨϱ͕ϬϬϬΨϬΨϬΨϬΨϰϱ͕ϬϬϬ ϭϱKƵƚƌĞĂĐŚĂŶĚ>ŽĐĂů ǀĞŶƚƐΨϭϬϳ͕ϬϬϬΨϰϱ͕ϬϬϬͲΨϲϮ͕ϬϬϬΨϬΨϵϴ͕ϱϴϬΨϵϴ͕ϱϴϬΨϭϰϯ͕ϱϴϬ ^ƵďƐĐƌŝƉƚŝŽŶƐĂŶĚ ϭϲΨϱ͕ϬϬϬΨϭϬ͕ϱϲϭΨϱ͕ϱϲϭΨϬΨϬΨϬΨϭϬ͕ϱϲϭ DĞŵďĞƌƐŚŝƉƐ ŽŶĨĞƌĞŶĐĞƐ͕DĞĞƚŝŶŐƐ͕ ϭϳΨϵϮ͕ϬϬϬΨϮϯ͕ϱϬϬͲΨϲϴ͕ϱϬϬΨϬΨϬΨϬΨϮϯ͕ϱϬϬ dƌĂǀĞůΘWĂƌƚŝĐŝƉĂƚŝŽŶ ϭϴ ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚΨϱϲϯ͕ϮϬϬΨϰϬϵ͕ϭϬϬͲΨϭϱϰ͕ϭϬϬΨϭϵϯ͕ϱϬϬΨϮϭϵ͕ϬϬϬΨϮϱ͕ϱϬϬΨϲϮϴ͕ϭϬϬ ^ƵďƚŽƚĂůΨϴϬϳ͕ϮϬϬΨϱϯϯ͕ϭϲϭͲΨϮϳϰ͕ϬϯϵΨϭϵϯ͕ϱϬϬΨϯϭϳ͕ϱϴϬΨϭϮϰ͕ϬϴϬΨϴϱϬ͕ϳϰϭ WƌŽĨĞƐƐŝŽŶĂů^ĞƌǀŝĐĞƐ ϭϵ>ĞŐĂů^ĞƌǀŝĐĞƐΨϰϱ͕ϬϬϬΨϰϭ͕ϰϬϬͲΨϯ͕ϲϬϬΨϬΨϬΨϬΨϰϭ͕ϰϬϬ tĞďƐŝƚĞDĂŶĂŐĞŵĞŶƚĂŶĚ ϮϬΨϯϮ͕ϳϳϬΨϭϱ͕ϱϬϬͲΨϭϳ͕ϮϳϬΨϬΨϮϱ͕ϬϬϬΨϮϱ͕ϬϬϬΨϰϬ͕ϱϬϬ ZD DĂƌŬĞƚŝŶŐ ϮϭŽŵŵƵŶŝĐĂƚŝŽŶƐΘΨϰϯϱ͕ϬϬϬΨϰϰϳ͕ϱϬϬΨϭϮ͕ϱϬϬΨϬΨϬΨϬΨϰϰϳ͕ϱϬϬ ĚǀĞƌƚŝƐŝŶŐ ϮϮ^ƚƌĂƚĞŐŝĐWƵďůŝĐZĞůĂƚŝŽŶƐΨϲϱ͕ϬϬϬΨϬͲΨϲϱ͕ϬϬϬΨϬΨϲϮ͕ϬϬϬΨϲϮ͕ϬϬϬΨϲϮ͕ϬϬϬ ϮϯŽŶƚƌĂĐƚĞĚ^ƵƉƉŽƌƚ^ƚĂĨĨΨϲϱ͕ϬϬϬΨϯϱ͕ϬϬϬͲΨϯϬ͕ϬϬϬΨϬΨϰϬ͕ϬϬϬΨϰϬ͕ϬϬϬΨϳϱ͕ϬϬϬ &ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐ ϮϰΨϯϱ͕ϬϬϬΨϮϴ͕ϰϬϬͲΨϲ͕ϲϬϬΨϬΨϬΨϬΨϮϴ͕ϰϬϬ ^ĞƌǀŝĐĞƐ ^ƵďƚŽƚĂůΨϲϳϳ͕ϳϳϬΨϱϲϳ͕ϴϬϬͲΨϭϬϵ͕ϵϳϬΨϬΨϭϮϳ͕ϬϬϬΨϭϮϳ͕ϬϬϬΨϲϵϰ͕ϴϬϬ DŝƐĐĞůůĂŶĞŽƵƐŽƐƚƐ Ϯϱ/ŶƐƵƌĂŶĐĞΘdĂdžĞƐΨϱϬ͕ϬϬϬΨϱϵ͕ϬϬϬΨϵ͕ϬϬϬΨϬΨϬΨϬΨϱϵ͕ϬϬϬ DŝƐĐĞůůĂŶĞŽƵƐŽƐƚƐͬ ϮϲΨϬΨϬΨϬΨϬΨϬΨϬΨϬ ŽŶƚŝŶŐĞŶĐLJ ^ƵďƚŽƚĂůΨϱϬ͕ϬϬϬΨϱϵ͕ϬϬϬΨϵ͕ϬϬϬΨϬΨϬΨϬΨϱϵ͕ϬϬϬ dKd>h' dΨϮ͕ϱϳϬ͕ϭϰϳΨϮ͕Ϯϯϱ͕ϳϳϲͲΨϯϯϰ͕ϯϳϬΨϭ͕ϯϭϰ͕ϵϳϬΨϭ͕ϯϭϰ͕ϵϳϬ;ΨϬͿΨϯ͕ϱϱϬ͕ϳϰϲ 3DFNHW3J +G ϮϬϮϭD&ƵŶĚŝŶŐZĞƋƵĞƐƚ dŽ͗DŽĂƌĚŽĨŝƌĞĐƚŽƌƐ &ƌŽŵ͗D ^ƚĂĨĨ ĂƚĞ͗ƵŐƵƐƚϮϭ͕ϮϬϮϬ ЃĞУƵĞƐƚŽĨƚРĞDОŽĂƌĚŽĨĚŝƌĞĐƚŽƌƐГ ƉƉƌŽǀĞƚŚĞϮϬϮϭDĨƵŶĚŝŶŐƌĞƋƵĞƐƚ x ĂĐТПƌŽƵŶĚГ ĂĐŚLJĞĂƌ͕ƚŚĞDŽƌƉ͘ŵƵƐƚƐƵďŵŝƚĂĨƵŶĚŝŶŐƌĞƋƵĞƐƚƚŽƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ͘dŚĞĨƵŶĚŝŶŐƌĞƋƵĞƐƚ ŝŶĐůƵĚĞƐĂƉƌŽƉŽƐĞĚ͗ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWƌŽŐƌĂŵ x D ĂŶĚŝƚLJŽĨZŽĐŚĞƐƚĞƌDWƌŽũĞĐƚDĂŶĂŐĞŵĞŶƚǁŽƌŬƉůĂŶĂŶĚŽƉĞƌĂƚŝŶŐďƵĚŐĞƚ x DŽƉĞƌĂƚŝŶŐďƵĚŐĞƚ x ZĞƋƵĞƐƚĨŽƌƚŚĞĞdžƚĞŶƐŝŽŶŽĨƚŚĞǁŽƌŬŝŶŐĐĂƉŝƚĂůůŽĂŶƐ x /ŶƉƌŝůĂŶĚDĂLJϮϬϮϬ͕ƚŚĞŵĞŵďĞƌƐŽĨƚŚĞD ĂŶĚDŽƌƉ͘ďŽĂƌĚƐǀŽůƵŶƚĞĞƌĞĚƚŽĂĚǀŝƐĞD ĂŶĚŝƚLJƐƚĂĨĨŝŶƚŚĞĐƌĞĂƚŝŽŶŽĨƚŚĞĨƵŶĚŝŶŐƌĞƋƵĞƐƚ͘ /ŶƵŐƵƐƚϮϬϮϬ͕ƚŚĞD ĂŶĚŝƚLJƐƚĂĨĨĐŽŶĨĞƌƌĞĚǁŝƚŚƚŚĞďŽĂƌĚǀŽůƵŶƚĞĞƌƐƚŽƌĞĨŝŶĞƚŚĞĨƵŶĚŝŶŐ ƌĞƋƵĞƐƚ͘ ЁĞЋƚЄƚĞƉƐГ ^ĞƉƚĞŵďĞƌϮϬϮϬ͗ZŽĐŚĞƐƚĞƌŝƚLJŽƵŶĐŝůĐŽŶƐŝĚĞƌƐϮϬϮϭDĨƵŶĚŝŶŐƌĞƋƵĞƐƚ x 3DFNHW3J +G 3DFNHW3J 3DFNHW3J +G ĞŶƚĞƌ DĞĚŝĐĂů ĞƐƚŝŶĂƚŝŽŶ ЅĂЋϳ ϲϵϳϱϷϬϳϸ϶ϭ ЄĂЇĞƐ D WЀϻЁ ϽƵŶĚƐϳ ϲϮϹϳϸ϶ϺϳϸϬϬ DŝůůŝŽŶͿ ϿDWЃЂІϼDϼЁЅ ϮϬϮϭ/WdŽƚĂůΨϯϳ͕ϱϲϮ͕ϰϰϭ D ;Ψϱϴϱ ЄƚĂƚĞ &ƵŶĚƐ D ϻWϿЅϻЀ ŽĨ ^ŽƵƌĐĞƐ ϮϬϮϭ Dϳ ϲϵϳϭϱϭϳϮϬϬ ЄƚĂƚĞ ϻŝĚ ŽƵŶƚLJ ϲϮϳϭϬϬϳϹϬϬ ЅƌĂŶƐŝƚ ϻŝĚ ЅƌĂŶƐŝƚ Dϳ 3DFNHW3J +G ϾƌŽƵŶĚϳ ĞŶƚĞƌ ϲϭ϶ϳϺ϶Ϲϳϵϸϱ ϿЈƉЇĞЈĞŶƚĂƚŝŽŶϳ DĞĚŝĐĂů ŽЈЈŽŶ ĞƐƚŝŶĂƚŝŽŶ ϲϵϳϵϬϬϳϸ϶ϭ ĂŶĚ ЂƉĞƌĂƚŝŽŶƐ WЀϻЁ ϿDWЃЂІϼDϼЁЅ DŝůůŝŽŶͿ Ψϯϳ͕ϱϲϮ͕ϰϰϭ ;Ψϱϴϱ &ƵŶĚƐ dŽƚĂů D /W ϻWϿЅϻЀ ϮϬϮϭ ŽĨ hƐĞƐ ϮϬϮϭ WƌŝЉĂƚĞ ϲϱϳ϶ϷϮϳϬϬϬ ĞЉĞЇŽƉЈĞŶƚϳ ϲϸϳϬϬϬϳϬϬϬ ЅƌĂŶĨŽƌЈĂƚŝЉĞ ЅƌĂŶƐŝƚϳ ЄĞЊĞƌƐϳ ϲϷϳϹϱϭϳϵϮϱ ĂŶĚ ЄƚƌĞĞƚƐ 3DFNHW3J +G 3DFNHW3J +G +G ϮϭϬ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWůĂŶ ϮϬϮϭ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌŽƌƉŽƌĂƚŝŽŶ džƉĞŶƐĞƐ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ϴϲϬϬ ĞƉĂƌƚŵĞŶƚ͗/WƵƐŝŶĞƐƐhŶŝƚ͗ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗WƌŽũĞĐƚEƵŵďĞƌ͗ ϴϲϬϮ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ WƌŽũĞĐƚĂƚĞŐŽƌLJ͗ Ϭ ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚLJ͗tĂƌĚ͗ E WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ ŽŶƚƌŝďƵƚŝŽŶƐƚŽƚŚĞĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌŽƌƉŽƌĂƚŝŽŶ;DͿĨŽƌDĞdžƉĞŶƐĞƐ͘ WƵƌƉŽƐĞ͕:ƵƐƚŝĨŝĐĂƚŝŽŶΘĞŶĞĨŝƚƐ͗ dŽƐƵƉƉŽƌƚƚŚĞĞĨĨŽƌƚƐŽĨƚŚĞDŽŶĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ;DͿĂĐƚŝǀŝƚŝĞƐ͘ EŽƚƉƉůŝĐĂďůĞ tŚĂƚŝƐƚŚĞŐƌĂŶƚƐƚĂƚƵƐĨŽƌƚŚĞƉƌŽũĞĐƚ͍͗ &ŽƵŶĚĂƚŝŽŶWƌŝŶĐŝƉůĞƐ^ƵƉƉŽƌƚĞĚ͗ &ŝƐĐĂůZĞƐƉŽŶƐŝďŝůŝƚLJΘ^ƵƐƚĂŝŶĂďŝůŝƚLJ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚŝĞƐ^ƵƉƉŽƌƚĞĚ͗ &ŽƐƚĞƌĂdĞĂŵͲKƌŝĞŶƚĞĚƵůƚƵƌĞ 3DFNHW3J +G ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϱϮϬϮϲ ϮϬϮϮϮϬϮϯϮϬϮϰ ϮϬϮϭ Ϯϳϲ͕ϴϭϯ ^ĂůĞƐdĂdžDϮϲϴ͕ϳϱϬϮϴϱ͕ϭϭϳ ϯϬϮ͕ϰϴϬϭ͕ϳϯϴ͕ϯϴϱ Ϯϵϯ͕ϲϳϬϯϭϭ͕ϱϱϱ Ϯϳϲ͕ϴϭϯ Ϯϲϴ͕ϳϱϬϮϴϱ͕ϭϭϳϯϬϮ͕ϰϴϬ Ϯϵϯ͕ϲϳϬϭ͕ϳϯϴ͕ϯϴϱ ϯϭϭ͕ϱϱϱ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ DĂũŽƌ džƉĞŶƐĞĂƚĞŐŽƌLJ ϮϬϮϯ ϮϬϮϮϮϬϮϰϮϬϮϱϮϬϮϲ ϮϬϮϭ KǀĞƌŚĞĂĚ Ϯϳϲ͕ϴϭϯ ϯϭϭ͕ϱϱϱ Ϯϵϯ͕ϲϳϬ Ϯϲϴ͕ϳϱϬϮϴϱ͕ϭϭϳ ϯϬϮ͕ϰϴϬϭ͕ϳϯϴ͕ϯϴϱ Ϯϲϴ͕ϳϱϬϮϳϲ͕ϴϭϯ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶZŽǁdŽƚĂů͗ϯϭϭ͕ϱϱϱ ϭ͕ϳϯϴ͕ϯϴϱ Ϯϴϱ͕ϭϭϳ ϯϬϮ͕ϰϴϬ Ϯϵϯ͕ϲϳϬ ĞƐĐƌŝďĞŚŽǁƚŚŝƐƉƌŽũĞĐƚŝŵƉůĞŵĞŶƚƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨƌŽŵŽƚŚĞƌƉůĂŶƐĂĚŽƉƚĞĚďLJƚŚĞŝƚLJĂŶĚƌĞůĂƚĞĚŐƌŽƵƉƐ͗ DƉƌŽũĞĐƚƐƐƵƉƉŽƌƚƚŚĞDĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚƚĂŬĞŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶŽƚŚĞƌŝƚLJƉůĂŶƐƐƵĐŚĂƐƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶ͕ďŝĐLJĐůĞ ŵĂƐƚĞƌƉůĂŶ͕ƉĂƌŬŵĂƐƚĞƌƉůĂŶ͕ĞƚĐ͘ KƉĞƌĂƚŝŽŶƐΘĂƉŝƚĂůƐƐĞƚDĂŝŶƚĞŶĂŶĐĞ͗ džŝƐƚŝŶŐ /ƐƚŚŝƐƌĞƋƵĞƐƚĨŽƌŶĞǁŽƌĞdžŝƐƚŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͗ ϭ tŚĂƚŝƐƚŚĞĞdžƉĞĐƚĞĚƵƐĞĨƵůůŝĨĞŽĨƚŚĞƉƌŽũĞĐƚͬŝŵƉƌŽǀĞŵĞŶƚ;ŝŶLJĞĂƌƐͿ͗ Ϭ tŚĂƚŝƐƚŚĞĞƐƚŝŵĂƚĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞ;ĞĐƌĞĂƐĞͿĨŽƌƚŚŝƐƉƌŽũĞĐƚ;ΨͿ͗ ĞƐĐƌŝďĞŚŽǁŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞƐͬĞĐƌĞĂƐĞƐĂŶĚŝŶĐůƵĚĞĚĞƚĂŝůƐƐƵĐŚĂƐƉĞƌƐŽŶŶĞůĐŽƐƚƐ͕ŵĂƚĞƌŝĂůƐ͕ĐŽŶƚƌĂĐƚƐ͕ĞŶĞƌŐLJƐĂǀŝŶŐƐ͕ĞƚĐ͗͘ dŚĞĂŵŽƵŶƚďĞŝŶŐďƵĚŐĞƚĞĚĨŽƌϮϬϮϬŝƐĂĚĞĐƌĞĂƐĞĨƌŽŵƚŚĞƉƌŝŽƌLJĞĂƌ;ϮϬϭϵͿŽĨĂƉƉƌŽdžŝŵĂƚĞůLJΨϳϰ͕ϬϬϬ͘ /ĨŶĞǁŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĚŝƐĐƵƐƐŚŽǁƚŚĞĚĞƉĂƌƚŵĞŶƚǁŝůůƉĂLJĨŽƌƚŚĞŝŶĐƌĞĂƐĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͗ 3DFNHW3J +G Ϯϭϭ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWůĂŶ ϮϬϮϭ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌŽƌƉŽƌĂƚŝŽŶ džƉĞŶƐĞƐ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ϴϲϬϬ ĞƉĂƌƚŵĞŶƚ͗/WƵƐŝŶĞƐƐhŶŝƚ͗ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗WƌŽũĞĐƚEƵŵďĞƌ͗ ϴϲϬϮ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ WƌŽũĞĐƚĂƚĞŐŽƌLJ͗ Ϭ ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚLJ͗tĂƌĚ͗ E WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ ŽŶƚƌŝďƵƚŝŽŶƐƚŽƚŚĞĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ;DͿ ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚƵƚŚŽƌŝƚLJ; ͿĨŽƌĞdžƉĞŶƐĞƐŝŶĐƵƌƌĞĚƚŽŝŵƉůĞŵĞŶƚƚŚĞ ǁŽƌŬƉůĂŶŽĨƚŚĞĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌŽƌƉŽƌĂƚŝŽŶ;DͿ͘ WƵƌƉŽƐĞ͕:ƵƐƚŝĨŝĐĂƚŝŽŶΘĞŶĞĨŝƚƐ͗ dŽƐƵƉƉŽƌƚƚŚĞĞĨĨŽƌƚƐŽĨƚŚĞD ŽŶDĂĐƚŝǀŝƚŝĞƐ͘ EŽƚƉƉůŝĐĂďůĞ tŚĂƚŝƐƚŚĞŐƌĂŶƚƐƚĂƚƵƐĨŽƌƚŚĞƉƌŽũĞĐƚ͍͗ &ŽƵŶĚĂƚŝŽŶWƌŝŶĐŝƉůĞƐ^ƵƉƉŽƌƚĞĚ͗ &ŝƐĐĂůZĞƐƉŽŶƐŝďŝůŝƚLJΘ^ƵƐƚĂŝŶĂďŝůŝƚLJ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚŝĞƐ^ƵƉƉŽƌƚĞĚ͗ ŶŚĂŶĐĞYƵĂůŝƚLJŽĨ>ŝĨĞ͕&ŽƐƚĞƌĂdĞĂŵͲKƌŝĞŶƚĞĚƵůƚƵƌĞ͕DĂŶĂŐĞ'ƌŽǁƚŚĂŶĚĞǀĞůŽƉŵĞŶƚ͕ĂůĂŶĐĞWƵďůŝĐ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ/ŶǀĞƐƚŵĞŶƚ 3DFNHW3J +G ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϱϮϬϮϲ ϮϬϮϮϮϬϮϯϮϬϮϰ ϮϬϮϭ Ϯ͕ϯϬϮ͕ϴϰϵ ^ĂůĞƐdĂdžDϮ͕Ϯϯϱ͕ϳϳϲϮ͕ϯϳϭ͕ϵϯϱ Ϯ͕ϱϭϲ͕ϯϴϵϭϰ͕ϰϲϭ͕ϵϭϲ Ϯ͕ϰϰϯ͕ϬϵϯϮ͕ϱϵϭ͕ϴϳϳ Ϯ͕ϯϬϮ͕ϴϰϵ Ϯ͕Ϯϯϱ͕ϳϳϲϮ͕ϯϳϭ͕ϵϯϱϮ͕ϱϭϲ͕ϯϴϵ Ϯ͕ϰϰϯ͕Ϭϵϯϭϰ͕ϰϲϭ͕ϵϭϲ Ϯ͕ϱϵϭ͕ϴϳϳ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ DĂũŽƌ džƉĞŶƐĞĂƚĞŐŽƌLJ ϮϬϮϯ ϮϬϮϮϮϬϮϰϮϬϮϱϮϬϮϲ ϮϬϮϭ KǀĞƌŚĞĂĚ Ϯ͕ϯϬϮ͕ϴϰϵ Ϯ͕ϱϵϭ͕ϴϳϳ Ϯ͕ϰϰϯ͕Ϭϵϯ Ϯ͕Ϯϯϱ͕ϳϳϲϮ͕ϯϳϭ͕ϵϯϱ Ϯ͕ϱϭϲ͕ϯϴϵϭϰ͕ϰϲϭ͕ϵϭϲ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶZŽǁdŽƚĂů͗ Ϯ͕Ϯϯϱ͕ϳϳϲϮ͕ϯϬϮ͕ϴϰϵ Ϯ͕ϱϵϭ͕ϴϳϳ ϭϰ͕ϰϲϭ͕ϵϭϲ Ϯ͕ϯϳϭ͕ϵϯϱ Ϯ͕ϱϭϲ͕ϯϴϵ Ϯ͕ϰϰϯ͕Ϭϵϯ ĞƐĐƌŝďĞŚŽǁƚŚŝƐƉƌŽũĞĐƚŝŵƉůĞŵĞŶƚƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨƌŽŵŽƚŚĞƌƉůĂŶƐĂĚŽƉƚĞĚďLJƚŚĞŝƚLJĂŶĚƌĞůĂƚĞĚŐƌŽƵƉƐ͗ DƉƌŽũĞĐƚƐƐƵƉƉŽƌƚƚŚĞDĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚƚĂŬĞŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶŽƚŚĞƌŝƚLJƉůĂŶƐƐƵĐŚĂƐƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶ͕ďŝĐLJĐůĞ ŵĂƐƚĞƌƉůĂŶ͕ƉĂƌŬŵĂƐƚĞƌƉůĂŶ͕ĞƚĐ͘ KƉĞƌĂƚŝŽŶƐΘĂƉŝƚĂůƐƐĞƚDĂŝŶƚĞŶĂŶĐĞ͗ džŝƐƚŝŶŐ /ƐƚŚŝƐƌĞƋƵĞƐƚĨŽƌŶĞǁŽƌĞdžŝƐƚŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͗ ϭ tŚĂƚŝƐƚŚĞĞdžƉĞĐƚĞĚƵƐĞĨƵůůŝĨĞŽĨƚŚĞƉƌŽũĞĐƚͬŝŵƉƌŽǀĞŵĞŶƚ;ŝŶLJĞĂƌƐͿ͗ Ϭ tŚĂƚŝƐƚŚĞĞƐƚŝŵĂƚĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞ;ĞĐƌĞĂƐĞͿĨŽƌƚŚŝƐƉƌŽũĞĐƚ;ΨͿ͗ ĞƐĐƌŝďĞŚŽǁŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞƐͬĞĐƌĞĂƐĞƐĂŶĚŝŶĐůƵĚĞĚĞƚĂŝůƐƐƵĐŚĂƐƉĞƌƐŽŶŶĞůĐŽƐƚƐ͕ŵĂƚĞƌŝĂůƐ͕ĐŽŶƚƌĂĐƚƐ͕ĞŶĞƌŐLJƐĂǀŝŶŐƐ͕ĞƚĐ͗͘ dŚĞĂŵŽƵŶƚďĞŝŶŐďƵĚŐĞƚĞĚĨŽƌŝŶϮϬϮϬŝƐĂƉƉƌŽdžŝŵĂƚĞůLJΨϳϬ͕ϬϬϬŚŝŐŚĞƌƚŚĂŶƚŚĞƉƌŝŽƌLJĞĂƌ;ϮϬϭϵͿďƵĚŐĞƚĂŵŽƵŶƚ͘ /ĨŶĞǁŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĚŝƐĐƵƐƐŚŽǁƚŚĞĚĞƉĂƌƚŵĞŶƚǁŝůůƉĂLJĨŽƌƚŚĞŝŶĐƌĞĂƐĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͗ 3DFNHW3J +G ϮϭϮ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWůĂŶ ϮϬϮϭ ŝƚLJDWƌŽũĞĐƚDĂŶĂŐĞŵĞŶƚ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ϴϲϬϬ ĞƉĂƌƚŵĞŶƚ͗/WƵƐŝŶĞƐƐhŶŝƚ͗ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗WƌŽũĞĐƚEƵŵďĞƌ͗ ϴϲϭϰ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ WƌŽũĞĐƚĂƚĞŐŽƌLJ͗ Ϭ ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚLJ͗tĂƌĚ͗ E WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ dŚŝƐďƵĚŐĞƚĂŵŽƵŶƚǁŝůůĐŽǀĞƌƚŚĞƐĂůĂƌLJĂŶĚďĞŶĞĨŝƚƐĂƐƐŽĐŝĂƚĞĚƚŽƚŚĞŝƚLJΖƐWƌŽũĞĐƚDĂŶĂŐĞŵĞŶƚƚĞĂŵƚŚĂƚŝƐĚĞĚŝĐĂƚĞĚƚŽĞƐƚŝŶĂƚŝŽŶ DĞĚŝĐĂůĞŶƚĞƌ;DͿƉƌŽũĞĐƚĚĞůŝǀĞƌLJ͘dŚŝƐƌĞƉůĂĐĞƐĨƵŶĚƐƉƌĞǀŝŽƵƐůLJĞdžƉĞŶĚĞĚĨŽƌĐŽŶƚƌĂĐƚĞĚƐĞƌǀŝĐĞƐǁŝƚŚĂĐŽŶƐƵůƚŝŶŐĨŝƌŵ͘ WƵƌƉŽƐĞ͕:ƵƐƚŝĨŝĐĂƚŝŽŶΘĞŶĞĨŝƚƐ͗ &ŽƌŵĂůƉƌŽũĞĐƚŵĂŶĂŐĞŵĞŶƚŝƐŶĞĐĞƐƐĂƌLJŽŶDƉƌŽũĞĐƚƐƚŽŚĞůƉĞŶƐƵƌĞǀĂƌŝŽƵƐĂƐƉĞĐƚƐŽĨƚŚĞƉƌŽũĞĐƚƐƚŚĂƚŝŶĐůƵĚĞĚ͕ďƵƚĂƌĞŶŽƚ ůŝŵŝƚĞĚƚŽƉƌŽŐƌĂŵĂĚŵŝŶŝƐƚƌĂƚŝŽŶ͕ĐŽŶƐƚƌƵĐƚŝŽŶĂĚŵŝŶŝƐƚƌĂƚŝŽŶ͕ƉůĂŶŶŝŶŐ͕ĂŶĂůLJƐŝƐ͕ĐŽŶƚƌĂĐƚŵĂŶĂŐĞŵĞŶƚ͕ĐŽŵƉůŝĂŶĐĞ͕ŵŝůĞƐƚŽŶĞ ŵŽŶŝƚŽƌŝŶŐĂŶĚďƵĚŐĞƚŵŽŶŝƚŽƌŝŶŐ͘ EŽƚƉƉůŝĐĂďůĞ tŚĂƚŝƐƚŚĞŐƌĂŶƚƐƚĂƚƵƐĨŽƌƚŚĞƉƌŽũĞĐƚ͍͗ &ŽƵŶĚĂƚŝŽŶWƌŝŶĐŝƉůĞƐ^ƵƉƉŽƌƚĞĚ͗ &ŝƐĐĂůZĞƐƉŽŶƐŝďŝůŝƚLJΘ^ƵƐƚĂŝŶĂďŝůŝƚLJ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚŝĞƐ^ƵƉƉŽƌƚĞĚ͗ &ŽƐƚĞƌĂdĞĂŵͲKƌŝĞŶƚĞĚƵůƚƵƌĞ͕DĂŶĂŐĞ'ƌŽǁƚŚĂŶĚĞǀĞůŽƉŵĞŶƚ 3DFNHW3J +G ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϱϮϬϮϲ ϮϬϮϮϮϬϮϯϮϬϮϰ ϮϬϮϭ ϳϭϯ͕ϲϮϬ ^ĂůĞƐdĂdžDϲϵϲ͕Ϯϭϱϳϯϭ͕ϰϲϭ ϳϲϴ͕ϰϵϭϰ͕ϰϰϳ͕Ϯϯϳ ϳϰϵ͕ϳϰϳϳϴϳ͕ϳϬϯ ϳϭϯ͕ϲϮϬ ϲϵϲ͕Ϯϭϱϳϯϭ͕ϰϲϭϳϲϴ͕ϰϵϭ ϳϰϵ͕ϳϰϳϰ͕ϰϰϳ͕Ϯϯϳ ϳϴϳ͕ϳϬϯ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ DĂũŽƌ džƉĞŶƐĞĂƚĞŐŽƌLJ ϮϬϮϯ ϮϬϮϮϮϬϮϰϮϬϮϱϮϬϮϲ ϮϬϮϭ WƌŽũĞĐƚDĂŶĂŐĞŵĞŶƚ ϳϭϯ͕ϲϮϬ ϳϴϳ͕ϳϬϯ ϳϰϵ͕ϳϰϳ ϲϵϲ͕Ϯϭϱϳϯϭ͕ϰϲϭ ϳϲϴ͕ϰϵϭϰ͕ϰϰϳ͕Ϯϯϳ ϲϵϲ͕Ϯϭϱϳϭϯ͕ϲϮϬ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶZŽǁdŽƚĂů͗ϳϴϳ͕ϳϬϯ ϰ͕ϰϰϳ͕Ϯϯϳ ϳϯϭ͕ϰϲϭ ϳϲϴ͕ϰϵϭ ϳϰϵ͕ϳϰϳ ĞƐĐƌŝďĞŚŽǁƚŚŝƐƉƌŽũĞĐƚŝŵƉůĞŵĞŶƚƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨƌŽŵŽƚŚĞƌƉůĂŶƐĂĚŽƉƚĞĚďLJƚŚĞŝƚLJĂŶĚƌĞůĂƚĞĚŐƌŽƵƉƐ͗ DƉƌŽũĞĐƚƐƐƵƉƉŽƌƚƚŚĞDĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚƚĂŬĞŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶŽƚŚĞƌŝƚLJƉůĂŶƐƐƵĐŚĂƐƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶ͕ďŝĐLJĐůĞ ŵĂƐƚĞƌƉůĂŶ͕ƉĂƌŬŵĂƐƚĞƌƉůĂŶ͕ĞƚĐ͘ KƉĞƌĂƚŝŽŶƐΘĂƉŝƚĂůƐƐĞƚDĂŝŶƚĞŶĂŶĐĞ͗ džŝƐƚŝŶŐ /ƐƚŚŝƐƌĞƋƵĞƐƚĨŽƌŶĞǁŽƌĞdžŝƐƚŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͗ ϭ tŚĂƚŝƐƚŚĞĞdžƉĞĐƚĞĚƵƐĞĨƵůůŝĨĞŽĨƚŚĞƉƌŽũĞĐƚͬŝŵƉƌŽǀĞŵĞŶƚ;ŝŶLJĞĂƌƐͿ͗ Ϭ tŚĂƚŝƐƚŚĞĞƐƚŝŵĂƚĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞ;ĞĐƌĞĂƐĞͿĨŽƌƚŚŝƐƉƌŽũĞĐƚ;ΨͿ͗ ĞƐĐƌŝďĞŚŽǁŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞƐͬĞĐƌĞĂƐĞƐĂŶĚŝŶĐůƵĚĞĚĞƚĂŝůƐƐƵĐŚĂƐƉĞƌƐŽŶŶĞůĐŽƐƚƐ͕ŵĂƚĞƌŝĂůƐ͕ĐŽŶƚƌĂĐƚƐ͕ĞŶĞƌŐLJƐĂǀŝŶŐƐ͕ĞƚĐ͗͘ dŚĞĂŵŽƵŶƚďĞŝŶŐďƵĚŐĞƚĞĚĨŽƌϮϬϮϭŝƐĂŶŝŶĐƌĞĂƐĞĨƌŽŵƚŚĞƉƌŝŽƌLJĞĂƌ;ϮϬϮϬͿŽĨĂƉƉƌŽdžŝŵĂƚĞůLJΨϲϭ͕ϬϬϬ͘ /ĨŶĞǁŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĚŝƐĐƵƐƐŚŽǁƚŚĞĚĞƉĂƌƚŵĞŶƚǁŝůůƉĂLJĨŽƌƚŚĞŝŶĐƌĞĂƐĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͗ 3DFNHW3J +G Ϯϭϯ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWůĂŶ ϮϬϮϭ ĚŵŝŶŝƐƚƌĂƚŝǀĞŽƐƚƐĨŽƌĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌWƌŽũĞĐƚƐ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ϴϲϬϬ ĞƉĂƌƚŵĞŶƚ͗/WƵƐŝŶĞƐƐhŶŝƚ͗ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗WƌŽũĞĐƚEƵŵďĞƌ͗ ϴϲϬϭ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ WƌŽũĞĐƚĂƚĞŐŽƌLJ͗ Ϭ ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚLJ͗tĂƌĚ͗ E WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ dŚŝƐďƵĚŐĞƚŝƚĞŵƌĞƉƌĞƐĞŶƚƐƚŚĞĂĚŵŝŶŝƐƚƌĂƚŝǀĞĐŽƐƚƐƚŚĂƚŵĂLJďĞŝŶĐƵƌƌĞĚďLJƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌŝŶƚŚĞĂĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨĞƐƚŝŶĂƚŝŽŶ DĞĚŝĐĂůĞŶƚĞƌ;DͿƉƌŽũĞĐƚƐ͘ WƵƌƉŽƐĞ͕:ƵƐƚŝĨŝĐĂƚŝŽŶΘĞŶĞĨŝƚƐ͗ dŚĞƌĞĂƌĞĂǀĂƌŝĞƚLJŽĨĞdžƉĞŶĚŝƚƵƌĞƐƚŚĂƚĂƌŝƐĞŝŶƚŚĞƉƌŽũĞĐƚƉƌŽĐĞƐƐĂŶĚƚŚĞƐĞĨƵŶĚƐĂƌĞĂǀĂŝůĂďůĞƚŽĐŽǀĞƌƚŚĞŵŽƌĞŵŝŶŽƌŝƚĞŵƐƚŚĂƚ ǁŽƵůĚďĞĐŽŶƐŝĚĞƌĞĚĂĚŵŝŶŝƐƚƌĂƚŝǀĞƚŽĐĂƌƌLJŝŶŐŽƵƚĂDƉƌŽũĞĐƚ͘ EŽƚƉƉůŝĐĂďůĞ tŚĂƚŝƐƚŚĞŐƌĂŶƚƐƚĂƚƵƐĨŽƌƚŚĞƉƌŽũĞĐƚ͍͗ &ŽƵŶĚĂƚŝŽŶWƌŝŶĐŝƉůĞƐ^ƵƉƉŽƌƚĞĚ͗ &ŝƐĐĂůZĞƐƉŽŶƐŝďŝůŝƚLJΘ^ƵƐƚĂŝŶĂďŝůŝƚLJ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚŝĞƐ^ƵƉƉŽƌƚĞĚ͗ ŶŚĂŶĐĞYƵĂůŝƚLJŽĨ>ŝĨĞ͕DĂŶĂŐĞ'ƌŽǁƚŚĂŶĚĞǀĞůŽƉŵĞŶƚ 3DFNHW3J +G ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϱϮϬϮϲ ϮϬϮϮϮϬϮϯϮϬϮϰ ϮϬϮϭ ϭϬϬ͕ϬϬϬ ^ĂůĞƐdĂdžDϭϬϬ͕ϬϬϬϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬϲϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬϭϬϬ͕ϬϬϬϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬϲϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ DĂũŽƌ džƉĞŶƐĞĂƚĞŐŽƌLJ ϮϬϮϯ ϮϬϮϮϮϬϮϰϮϬϮϱϮϬϮϲ ϮϬϮϭ KǀĞƌŚĞĂĚ ϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬϲϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬϭϬϬ͕ϬϬϬ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶZŽǁdŽƚĂů͗ϭϬϬ͕ϬϬϬ ϲϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ĞƐĐƌŝďĞŚŽǁƚŚŝƐƉƌŽũĞĐƚŝŵƉůĞŵĞŶƚƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨƌŽŵŽƚŚĞƌƉůĂŶƐĂĚŽƉƚĞĚďLJƚŚĞŝƚLJĂŶĚƌĞůĂƚĞĚŐƌŽƵƉƐ͗ DƉƌŽũĞĐƚƐƐƵƉƉŽƌƚƚŚĞDĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚƚĂŬĞŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶŽƚŚĞƌŝƚLJƉůĂŶƐƐƵĐŚĂƐƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶ͕ďŝĐLJĐůĞ ŵĂƐƚĞƌƉůĂŶ͕ƉĂƌŬŵĂƐƚĞƌƉůĂŶ͕ĞƚĐ͘ KƉĞƌĂƚŝŽŶƐΘĂƉŝƚĂůƐƐĞƚDĂŝŶƚĞŶĂŶĐĞ͗ džŝƐƚŝŶŐ /ƐƚŚŝƐƌĞƋƵĞƐƚĨŽƌŶĞǁŽƌĞdžŝƐƚŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͗ ϭ tŚĂƚŝƐƚŚĞĞdžƉĞĐƚĞĚƵƐĞĨƵůůŝĨĞŽĨƚŚĞƉƌŽũĞĐƚͬŝŵƉƌŽǀĞŵĞŶƚ;ŝŶLJĞĂƌƐͿ͗ Ϭ tŚĂƚŝƐƚŚĞĞƐƚŝŵĂƚĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞ;ĞĐƌĞĂƐĞͿĨŽƌƚŚŝƐƉƌŽũĞĐƚ;ΨͿ͗ ĞƐĐƌŝďĞŚŽǁŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞƐͬĞĐƌĞĂƐĞƐĂŶĚŝŶĐůƵĚĞĚĞƚĂŝůƐƐƵĐŚĂƐƉĞƌƐŽŶŶĞůĐŽƐƚƐ͕ŵĂƚĞƌŝĂůƐ͕ĐŽŶƚƌĂĐƚƐ͕ĞŶĞƌŐLJƐĂǀŝŶŐƐ͕ĞƚĐ͗͘ dŚĞĂĚŵŝŶŝƐƚƌĂƚŝǀĞďƵĚŐĞƚďĞŝŶŐƉƌĞƐĞŶƚĞĚĨŽƌϮϬϮϬŝƐΨϱϬ͕ϬϬϬůĞƐƐƚŚĂŶƚŚĞƉƌŝŽƌLJĞĂƌ;ϮϬϭϵͿ͘ /ĨŶĞǁŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĚŝƐĐƵƐƐŚŽǁƚŚĞĚĞƉĂƌƚŵĞŶƚǁŝůůƉĂLJĨŽƌƚŚĞŝŶĐƌĞĂƐĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͗ 3DFNHW3J +G Ϯϭϰ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWůĂŶ ϮϬϮϭ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌĞǀĞůŽƉŵĞŶƚWůĂŶhƉĚĂƚĞ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ĞƉĂƌƚŵĞŶƚ͗/WƵƐŝŶĞƐƐhŶŝƚ͗ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗WƌŽũĞĐƚEƵŵďĞƌ͗ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ WƌŽũĞĐƚĂƚĞŐŽƌLJ͗ Ϭ ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚLJ͗tĂƌĚ͗ E WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ dŚŝƐƉƌŽũĞĐƚǁŝůůďĞƚŽƵƉĚĂƚĞƚŚĞĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ;DͿĞǀĞůŽƉŵĞŶƚWůĂŶ͘ WƵƌƉŽƐĞ͕:ƵƐƚŝĨŝĐĂƚŝŽŶΘĞŶĞĨŝƚƐ͗ dŚŝƐŝƐƌĞƋƵŝƌĞĚĞǀĞƌLJϱLJĞĂƌƐĂŶĚǁŝůůďĞŝŶĨŽƌŵĞĚďLJĚĂƚĂĚĞǀĞůŽƉĞĚƐŝŶĐĞƚŚĞŽƌŝŐŝŶĂůƉůĂŶǁĂƐĂĚŽƉƚĞĚ͘ džĂŵƉůĞƐŽĨƚŚŝŶŐƐƚŚĂƚŚĂǀĞ ŽĐĐƵƌƌĞĚƐŝŶĐĞƚŚĞŽƌŝŐŝŶĂůĂĚŽƉƚŝŽŶŝŶĐůƵĚĞ͗/ŶƚĞŐƌĂƚĞĚdƌĂŶƐŝƚ^ƚƵĚŝĞƐ͕ŵĂƌŬĞƚƐƚƵĚŝĞƐĂŶĚŽƚŚĞƌƌĞůĂƚĞĚĞĨĨŽƌƚƐ͘ EŽƚƉƉůŝĐĂďůĞ tŚĂƚŝƐƚŚĞŐƌĂŶƚƐƚĂƚƵƐĨŽƌƚŚĞƉƌŽũĞĐƚ͍͗ &ŽƵŶĚĂƚŝŽŶWƌŝŶĐŝƉůĞƐ^ƵƉƉŽƌƚĞĚ͗ ŶǀŝƌŽŶŵĞŶƚĂů^ƚĞǁĂƌĚƐŚŝƉ͕&ŝƐĐĂůZĞƐƉŽŶƐŝďŝůŝƚLJΘ^ƵƐƚĂŝŶĂďŝůŝƚLJ͕^ŽĐŝĂů ƋƵŝƚLJ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚŝĞƐ^ƵƉƉŽƌƚĞĚ͗ ŶŚĂŶĐĞYƵĂůŝƚLJŽĨ>ŝĨĞ͕DĂŶĂŐĞ'ƌŽǁƚŚĂŶĚĞǀĞůŽƉŵĞŶƚ 3DFNHW3J +G ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϱϮϬϮϲ ϮϬϮϮϮϬϮϯϮϬϮϰ ϮϬϮϭ Ϭ ^ƚĂƚĞD&ƵŶĚƐϬϬ ϱϬϬ͕ϬϬϬϱϬϬ͕ϬϬϬ ϬϬ Ϭ ϬϬϱϬϬ͕ϬϬϬ ϬϱϬϬ͕ϬϬϬ Ϭ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ DĂũŽƌ džƉĞŶƐĞĂƚĞŐŽƌLJ ϮϬϮϯ ϮϬϮϮϮϬϮϰϮϬϮϱϮϬϮϲ ϮϬϮϭ ŽŶƐƵůƚŝŶŐŽƌ^ƚƵĚLJ Ϭ Ϭ Ϭ ϬϬ ϱϬϬ͕ϬϬϬϱϬϬ͕ϬϬϬ ϬϬ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶZŽǁdŽƚĂů͗Ϭ ϱϬϬ͕ϬϬϬ Ϭ ϱϬϬ͕ϬϬϬ Ϭ ĞƐĐƌŝďĞŚŽǁƚŚŝƐƉƌŽũĞĐƚŝŵƉůĞŵĞŶƚƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨƌŽŵŽƚŚĞƌƉůĂŶƐĂĚŽƉƚĞĚďLJƚŚĞŝƚLJĂŶĚƌĞůĂƚĞĚŐƌŽƵƉƐ͗ DƉƌŽũĞĐƚƐƐƵƉƉŽƌƚƚŚĞDĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚƚĂŬĞŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶŽƚŚĞƌŝƚLJƉůĂŶƐƐƵĐŚĂƐƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶ͕ďŝĐLJĐůĞ ŵĂƐƚĞƌƉůĂŶ͕ƉĂƌŬŵĂƐƚĞƌƉůĂŶ͕ĞƚĐ͘ KƉĞƌĂƚŝŽŶƐΘĂƉŝƚĂůƐƐĞƚDĂŝŶƚĞŶĂŶĐĞ͗ džŝƐƚŝŶŐ /ƐƚŚŝƐƌĞƋƵĞƐƚĨŽƌŶĞǁŽƌĞdžŝƐƚŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͗ ϱ tŚĂƚŝƐƚŚĞĞdžƉĞĐƚĞĚƵƐĞĨƵůůŝĨĞŽĨƚŚĞƉƌŽũĞĐƚͬŝŵƉƌŽǀĞŵĞŶƚ;ŝŶLJĞĂƌƐͿ͗ Ϭ tŚĂƚŝƐƚŚĞĞƐƚŝŵĂƚĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞ;ĞĐƌĞĂƐĞͿĨŽƌƚŚŝƐƉƌŽũĞĐƚ;ΨͿ͗ ĞƐĐƌŝďĞŚŽǁŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞƐͬĞĐƌĞĂƐĞƐĂŶĚŝŶĐůƵĚĞĚĞƚĂŝůƐƐƵĐŚĂƐƉĞƌƐŽŶŶĞůĐŽƐƚƐ͕ŵĂƚĞƌŝĂůƐ͕ĐŽŶƚƌĂĐƚƐ͕ĞŶĞƌŐLJƐĂǀŝŶŐƐ͕ĞƚĐ͗͘ ƌĞǀŝƐŝŽŶŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚƉůĂŶǁŝůůŶŽƚĐƌĞĂƚĞĂŶŝŶĐƌĞĂƐĞŽƌĚĞĐƌĞĂƐĞŝŶŐĞŶĞƌĂůŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͘ /ĨŶĞǁŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĚŝƐĐƵƐƐŚŽǁƚŚĞĚĞƉĂƌƚŵĞŶƚǁŝůůƉĂLJĨŽƌƚŚĞŝŶĐƌĞĂƐĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͗ 3DFNHW3J +G Ϯϭϱ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWůĂŶ ϮϬϮϭ ,ĞĂƌƚŽĨƚŚĞŝƚLJ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ϴϲϬϬ ĞƉĂƌƚŵĞŶƚ͗/WƵƐŝŶĞƐƐhŶŝƚ͗ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗WƌŽũĞĐƚEƵŵďĞƌ͗ ϴϲϮϱ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ WƌŽũĞĐƚĂƚĞŐŽƌLJ͗ Ϭ ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚLJ͗tĂƌĚ͗ E WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ dŚĞŚĞĂƌƚŽĨƚŚĞĚŽǁŶƚŽǁŶ͕ƚŚŝƐƐƵďͲĚŝƐƚƌŝĐƚĐƌĞĂƚĞƐĂƚƌƵĞĐĞŶƚĞƌŽĨƚŚĞĐŝƚLJ͕ĂĐƌŽƐƐͲƌŽĂĚƐǁŚĞƌĞDĂLJŽůŝŶŝĐ͕ĐŽŵŵĞƌĐŝĂů͕ŚŽƐƉŝƚĂůŝƚLJ͕ ƌĞƚĂŝůĂŶĚƌĞƐŝĚĞŶƚŝĂůŵĞĞƚ͘dŚĞ,ĞĂƌƚŽĨƚŚĞŝƚLJŝƐĐŽŶŶĞĐƚĞĚďLJĂƉƌŝŵĂƌLJƐƉŝŶĞǁŚŝĐŚĞdžƚĞŶĚƐĂŶĚĞŶŚĂŶĐĞƐƚŚĞWĞĂĐĞWůĂnjĂƚŽĐƌĞĂƚĞ ĂĐƚŝǀĞĞdžƉĞƌŝĞŶĐĞƐĂŶĚĞŶŐĂŐŝŶŐŐĂƚĞǁĂLJƐƚŽƚŚĞŽƚŚĞƌĚŝƐƚƌŝĐƚƐĚŽǁŶƚŽǁŶ͘ WƵƌƉŽƐĞ͕:ƵƐƚŝĨŝĐĂƚŝŽŶΘĞŶĞĨŝƚƐ͗ dŽĂĐŚŝĞǀĞƚŚĞǀŝƐŝŽŶĂŶĚŐŽĂůƐƐĞƚĨŽƌƚŚŝŶƚŚĞĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ;DͿĞǀĞůŽƉŵĞŶƚWůĂŶ͘ EŽƚƉƉůŝĐĂďůĞ tŚĂƚŝƐƚŚĞŐƌĂŶƚƐƚĂƚƵƐĨŽƌƚŚĞƉƌŽũĞĐƚ͍͗ &ŽƵŶĚĂƚŝŽŶWƌŝŶĐŝƉůĞƐ^ƵƉƉŽƌƚĞĚ͗ &ŝƐĐĂůZĞƐƉŽŶƐŝďŝůŝƚLJΘ^ƵƐƚĂŝŶĂďŝůŝƚLJ͕^ŽĐŝĂů ƋƵŝƚLJ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚŝĞƐ^ƵƉƉŽƌƚĞĚ͗ ŶŚĂŶĐĞYƵĂůŝƚLJŽĨ>ŝĨĞ͕DĂŶĂŐĞ'ƌŽǁƚŚĂŶĚĞǀĞůŽƉŵĞŶƚ 3DFNHW3J +G ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϱϮϬϮϲ ϮϬϮϮϮϬϮϯϮϬϮϰ ϮϬϮϭ Ϭ ^ƚĂƚĞD&ƵŶĚƐϲ͕ϬϬϬ͕ϬϬϬϬ Ϭϲ͕ϬϬϬ͕ϬϬϬ ϬϬ Ϭ ϲ͕ϬϬϬ͕ϬϬϬϬϬ Ϭϲ͕ϬϬϬ͕ϬϬϬ Ϭ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ DĂũŽƌ džƉĞŶƐĞĂƚĞŐŽƌLJ ϮϬϮϯ ϮϬϮϮϮϬϮϰϮϬϮϱϮϬϮϲ ϮϬϮϭ ŽŶƐƚƌƵĐƚŝŽŶ Ϭ Ϭ Ϭ ϲ͕ϬϬϬ͕ϬϬϬϬ Ϭϲ͕ϬϬϬ͕ϬϬϬ ϲ͕ϬϬϬ͕ϬϬϬϬ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶZŽǁdŽƚĂů͗Ϭ ϲ͕ϬϬϬ͕ϬϬϬ Ϭ Ϭ Ϭ ĞƐĐƌŝďĞŚŽǁƚŚŝƐƉƌŽũĞĐƚŝŵƉůĞŵĞŶƚƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨƌŽŵŽƚŚĞƌƉůĂŶƐĂĚŽƉƚĞĚďLJƚŚĞŝƚLJĂŶĚƌĞůĂƚĞĚŐƌŽƵƉƐ͗ DƉƌŽũĞĐƚƐƐƵƉƉŽƌƚƚŚĞDĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚƚĂŬĞŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶŽƚŚĞƌŝƚLJƉůĂŶƐƐƵĐŚĂƐƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶ͕ďŝĐLJĐůĞ ŵĂƐƚĞƌƉůĂŶ͕ƉĂƌŬŵĂƐƚĞƌƉůĂŶ͕ĞƚĐ͘ KƉĞƌĂƚŝŽŶƐΘĂƉŝƚĂůƐƐĞƚDĂŝŶƚĞŶĂŶĐĞ͗ EĞǁ /ƐƚŚŝƐƌĞƋƵĞƐƚĨŽƌŶĞǁŽƌĞdžŝƐƚŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͗ ϱϬ tŚĂƚŝƐƚŚĞĞdžƉĞĐƚĞĚƵƐĞĨƵůůŝĨĞŽĨƚŚĞƉƌŽũĞĐƚͬŝŵƉƌŽǀĞŵĞŶƚ;ŝŶLJĞĂƌƐͿ͗ Ϭ tŚĂƚŝƐƚŚĞĞƐƚŝŵĂƚĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞ;ĞĐƌĞĂƐĞͿĨŽƌƚŚŝƐƉƌŽũĞĐƚ;ΨͿ͗ ĞƐĐƌŝďĞŚŽǁŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞƐͬĞĐƌĞĂƐĞƐĂŶĚŝŶĐůƵĚĞĚĞƚĂŝůƐƐƵĐŚĂƐƉĞƌƐŽŶŶĞůĐŽƐƚƐ͕ŵĂƚĞƌŝĂůƐ͕ĐŽŶƚƌĂĐƚƐ͕ĞŶĞƌŐLJƐĂǀŝŶŐƐ͕ĞƚĐ͗͘ dŚĞŝŶĐƌĞĂƐĞŝŶŽƉĞƌĂƚŝŶŐĐŽƐƚƐǁŝůůĚĞƉĞŶĚŽŶƚŚĞĨŝŶĂůĚĞƐŝŐŶĂŶĚĂŵĞŶŝƚŝĞƐŝŶƐƚĂůůĞĚ͘dŚĞĞƐƚŝŵĂƚĞƐĨŽƌƚŚĞƐĞĞůĞŵĞŶƚƐĂƌĞďĞŝŶŐ ĐŽŶƐŝĚĞƌĞĚĂƐƉĂƌƚŽĨƚŚĞƉƌŽũĞĐƚĚĞƐŝŐŶĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶ͘ /ĨŶĞǁŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĚŝƐĐƵƐƐŚŽǁƚŚĞĚĞƉĂƌƚŵĞŶƚǁŝůůƉĂLJĨŽƌƚŚĞŝŶĐƌĞĂƐĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͗ Eͬ 3DFNHW3J +G Ϯϭϴ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWůĂŶ ϮϬϮϭ ŝƐĐŽǀĞƌLJtĂůŬ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ĞƉĂƌƚŵĞŶƚ͗/WƵƐŝŶĞƐƐhŶŝƚ͗ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗WƌŽũĞĐƚEƵŵďĞƌ͗ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ WƌŽũĞĐƚĂƚĞŐŽƌLJ͗ Ϭ ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚLJ͗tĂƌĚ͗ E WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ ŝƐĐŽǀĞƌLJtĂůŬŝƐĂƚƌĂĚŝƚŝŽŶĂůƉƵďůŝĐƐƚƌĞĞƚŝŶƚŚĞĐĞŶƚĞƌŽĨĚŽǁŶƚŽǁŶZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂŶĞĂƌƚŚĞǁŽƌůĚͲƌĞŶŽǁŶĞĚDĂLJŽůŝŶŝĐ͘ džƚĞŶĚŝŶŐĨƌŽŵƚŚĞĐĞŶƚĞƌŽĨĚŽǁŶƚŽǁŶZŽĐŚĞƐƚĞƌƚŚƌŽƵŐŚŝƐĐŽǀĞƌLJ^ƋƵĂƌĞ͕ƐŽƵƚŚƚŽ^ŽůĚŝĞƌΖƐ&ŝĞůĚĂŶĚŽŶƚŽZŽĐŚĞƐƚĞƌΖƐŝƚLJ>ŽŽƉ͕ ƚŚŝƐƉƌŽũĞĐƚƌĞŝŵĂŐŝŶĞƐƚŚĞƐƚƌĞĞƚĂƐĂŐƌĞĞŶƉĂƌŬǁĂLJƐĞƌǀŝŶŐƉĞĚĞƐƚƌŝĂŶƐĂŶĚĐLJĐůŝƐƚƐĂůŝŬĞ͘dŚĞƵůƚŝŵĂƚĞŝŶƚĞŶƚŝƐĨŽƌƚŚŝƐƚŽƚƌĂŶƐĨŽƌŵ ŝŶƚŽĂƉůĂĐĞƚŽůƵŶĐŚŽƌǁŽƌŬŽƵƚƐŝĚĞŽǀĞƌĐŽĨĨĞĞ͕ĨŽƌĨĂŵŝůŝĞƐƚŽďƌŝŶŐĐŚŝůĚƌĞŶƚŽĨŽƵŶƚĂŝŶƐŝŶƚŚĞƐƵŵŵĞƌĂŶĚƐǁŝŶŐƐŝŶƚŚĞǁŝŶƚĞƌ͕ĂŶĚ ĨŽƌƌĞƐŝĚĞŶƚƐƚŽǁĂůŬƚŚĞŝƌĚŽŐƐĂŶĚĞŶŐĂŐĞǁŝƚŚŶĞŝŐŚďŽƌƐ͘ WƵƌƉŽƐĞ͕:ƵƐƚŝĨŝĐĂƚŝŽŶΘĞŶĞĨŝƚƐ͗ dŽĂĐŚŝĞǀĞƚŚĞǀŝƐŝŽŶĂŶĚŐŽĂůƐƐĞƚĨŽƌƚŚŝŶƚŚĞĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ;DͿĞǀĞůŽƉŵĞŶƚWůĂŶ͘dŚĞƉƌŽƉŽƐĞĚƐƚƌĞĞƚĚĞƐŝŐŶǁŝůů ĞůŝŵŝŶĂƚĞĐƵƌďƐĂůůŽǁŝŶŐĨŽƌŵĂdžŝŵƵŵĨůĞdžŝďŝůŝƚLJĂŶĚŵƵůƚŝƉůĞƵƐĞƐĚƵƌŝŶŐĞĂĐŚŽĨDŝŶŶĞƐŽƚĂ͛ƐĨŽƵƌĚŝƐƚŝŶĐƚƐĞĂƐŽŶƐ͘ĞƉĞŶĚŝŶŐŽŶƚŚĞ ĚĂLJ͕ƚŚĞƐƚƌĞĞƚĐŽƵůĚŚĂǀĞƚǁŽͲǁĂLJƚƌĂĨĨŝĐ͕ŽŶĞͲǁĂLJƚƌĂĨĨŝĐ͕ŽƌďĞĐůŽƐĞĚŽĨĨĨŽƌĂĨƵŶĂŶĚĞŶŐĂŐŝŶŐĐŽŵŵƵŶŝƚLJĞǀĞŶƚ͘ EŽƚƉƉůŝĐĂďůĞ tŚĂƚŝƐƚŚĞŐƌĂŶƚƐƚĂƚƵƐĨŽƌƚŚĞƉƌŽũĞĐƚ͍͗ &ŽƵŶĚĂƚŝŽŶWƌŝŶĐŝƉůĞƐ^ƵƉƉŽƌƚĞĚ͗ &ŝƐĐĂůZĞƐƉŽŶƐŝďŝůŝƚLJΘ^ƵƐƚĂŝŶĂďŝůŝƚLJ͕WƵďůŝĐ^ĂĨĞƚLJ͕^ŽĐŝĂů ƋƵŝƚLJ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚŝĞƐ^ƵƉƉŽƌƚĞĚ͗ ŶŚĂŶĐĞYƵĂůŝƚLJŽĨ>ŝĨĞ͕DĂŶĂŐĞ'ƌŽǁƚŚĂŶĚĞǀĞůŽƉŵĞŶƚ 3DFNHW3J +G ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϱϮϬϮϲ ϮϬϮϮϮϬϮϯϮϬϮϰ ϮϬϮϭ ϳ͕ϬϬϬ͕ϬϬϬ ^ƚĂƚĞD&ƵŶĚƐϳ͕ϬϬϬ͕ϬϬϬϬ Ϭϭϰ͕ϬϬϬ͕ϬϬϬ ϬϬ ϳ͕ϬϬϬ͕ϬϬϬ ϳ͕ϬϬϬ͕ϬϬϬϬϬ Ϭϭϰ͕ϬϬϬ͕ϬϬϬ Ϭ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ DĂũŽƌ džƉĞŶƐĞĂƚĞŐŽƌLJ ϮϬϮϯ ϮϬϮϮϮϬϮϰϮϬϮϱϮϬϮϲ ϮϬϮϭ ŽŶƐƚƌƵĐƚŝŽŶ ϳ͕ϬϬϬ͕ϬϬϬ Ϭ Ϭ ϳ͕ϬϬϬ͕ϬϬϬϬ Ϭϭϰ͕ϬϬϬ͕ϬϬϬ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶZŽǁdŽƚĂů͗ ϳ͕ϬϬϬ͕ϬϬϬϳ͕ϬϬϬ͕ϬϬϬ Ϭ ϭϰ͕ϬϬϬ͕ϬϬϬ Ϭ Ϭ Ϭ ĞƐĐƌŝďĞŚŽǁƚŚŝƐƉƌŽũĞĐƚŝŵƉůĞŵĞŶƚƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨƌŽŵŽƚŚĞƌƉůĂŶƐĂĚŽƉƚĞĚďLJƚŚĞŝƚLJĂŶĚƌĞůĂƚĞĚŐƌŽƵƉƐ͗ DƉƌŽũĞĐƚƐƐƵƉƉŽƌƚƚŚĞDĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚƚĂŬĞŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶŽƚŚĞƌŝƚLJƉůĂŶƐƐƵĐŚĂƐƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶ͕ďŝĐLJĐůĞ ŵĂƐƚĞƌƉůĂŶ͕ƉĂƌŬŵĂƐƚĞƌƉůĂŶ͕ĞƚĐ͘ KƉĞƌĂƚŝŽŶƐΘĂƉŝƚĂůƐƐĞƚDĂŝŶƚĞŶĂŶĐĞ͗ džŝƐƚŝŶŐ /ƐƚŚŝƐƌĞƋƵĞƐƚĨŽƌŶĞǁŽƌĞdžŝƐƚŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͗ ϱϬ tŚĂƚŝƐƚŚĞĞdžƉĞĐƚĞĚƵƐĞĨƵůůŝĨĞŽĨƚŚĞƉƌŽũĞĐƚͬŝŵƉƌŽǀĞŵĞŶƚ;ŝŶLJĞĂƌƐͿ͗ Ϭ tŚĂƚŝƐƚŚĞĞƐƚŝŵĂƚĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞ;ĞĐƌĞĂƐĞͿĨŽƌƚŚŝƐƉƌŽũĞĐƚ;ΨͿ͗ ĞƐĐƌŝďĞŚŽǁŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞƐͬĞĐƌĞĂƐĞƐĂŶĚŝŶĐůƵĚĞĚĞƚĂŝůƐƐƵĐŚĂƐƉĞƌƐŽŶŶĞůĐŽƐƚƐ͕ŵĂƚĞƌŝĂůƐ͕ĐŽŶƚƌĂĐƚƐ͕ĞŶĞƌŐLJƐĂǀŝŶŐƐ͕ĞƚĐ͗͘ dŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌĂŶĚDƚĞĂŵƐĂƌĞŝŶƚŚĞƉƌŽĐĞƐƐŽĨĞǀĂůƵĂƚŝŶŐǁŚĂƚƐŽƵƌĐĞƐĂƌĞŵŽƐƚĂƉƉƌŽƉƌŝĂƚĞƚŽƉĂLJĨŽƌĂŶLJĂŶŶƵĂůŝŶĐƌĞĂƐĞ ŝŶŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͘ /ĨŶĞǁŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĚŝƐĐƵƐƐŚŽǁƚŚĞĚĞƉĂƌƚŵĞŶƚǁŝůůƉĂLJĨŽƌƚŚĞŝŶĐƌĞĂƐĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͗ 3DFNHW3J +G Ϯϭϲ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWůĂŶ ϮϬϮϭ ŚĂƚĞĂƵdŚĞĂƚƌĞ/ŵƉƌŽǀĞŵĞŶƚƐ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ϴϲϬϬ ĞƉĂƌƚŵĞŶƚ͗/WƵƐŝŶĞƐƐhŶŝƚ͗ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗WƌŽũĞĐƚEƵŵďĞƌ͗ ϴϲϭϯ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌͲŚĂƚĞĂƵdŚĞĂƚƌĞ >ŽĐĂƚŝŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ WƌŽũĞĐƚĂƚĞŐŽƌLJ͗ Ϭ ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚLJ͗tĂƌĚ͗ E WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ dŚĞĨƵŶĚƐďƵĚŐĞƚĞĚĨŽƌŚĂƚĞĂƵdŚĞĂƚƌĞŝŵƉƌŽǀĞŵĞŶƚƐŚĂǀĞŚŝƐƚŽƌŝĐĂůůLJďĞĞŶƵƐĞĚĨŽƌŵŝŶŽƌƌĞƉĂŝƌƐĂŶĚĞŶŚĂŶĐĞŵĞŶƚƐƚŽƚŚĞĨĂĐŝůŝƚLJ ĂŶĚƌĞůĂƚĞĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂƐǁĞůůĂƐƚŽƉĂLJĨŽƌƚŚĞďƵŝůĚŝŶŐΖƐƵƚŝůŝƚŝĞƐ͘ WƵƌƉŽƐĞ͕:ƵƐƚŝĨŝĐĂƚŝŽŶΘĞŶĞĨŝƚƐ͗ dŚĞƌĞǁĞƌĞĂƐƉĞĐƚƐŽĨƚŚĞďƵŝůĚŝŶŐƚŚĂƚŶĞĞĚĞĚƌĞƉĂŝƌŽƌĞŶŚĂŶĐĞŵĞŶƚŝŶŽƌĚĞƌƚŽŵĂŝŶƚĂŝŶƚŚĞĞdžŝƐƚŝŶŐĂƐƐĞƚ͘ĚĚŝƚŝŽŶĂůůLJ͕ŽŶͲŐŽŝŶŐ ƵƚŝůŝƚLJĐŽƐƚƐĂƌĞŝŶĐƵƌƌĞĚ͘ EŽƚƉƉůŝĐĂďůĞ tŚĂƚŝƐƚŚĞŐƌĂŶƚƐƚĂƚƵƐĨŽƌƚŚĞƉƌŽũĞĐƚ͍͗ &ŽƵŶĚĂƚŝŽŶWƌŝŶĐŝƉůĞƐ^ƵƉƉŽƌƚĞĚ͗ &ŝƐĐĂůZĞƐƉŽŶƐŝďŝůŝƚLJΘ^ƵƐƚĂŝŶĂďŝůŝƚLJ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚŝĞƐ^ƵƉƉŽƌƚĞĚ͗ ĂůĂŶĐĞWƵďůŝĐ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ/ŶǀĞƐƚŵĞŶƚ 3DFNHW3J +G ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϱϮϬϮϲ ϮϬϮϮϮϬϮϯϮϬϮϰ ϮϬϮϭ ϭϬϬ͕ϬϬϬ ^ĂůĞƐdĂdžDϭϬϬ͕ϬϬϬϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬϲϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬϭϬϬ͕ϬϬϬϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬϲϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ DĂũŽƌ džƉĞŶƐĞĂƚĞŐŽƌLJ ϮϬϮϯ ϮϬϮϮϮϬϮϰϮϬϮϱϮϬϮϲ ϮϬϮϭ KǀĞƌŚĞĂĚ ϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬϲϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬϭϬϬ͕ϬϬϬ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶZŽǁdŽƚĂů͗ϭϬϬ͕ϬϬϬ ϲϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ĞƐĐƌŝďĞŚŽǁƚŚŝƐƉƌŽũĞĐƚŝŵƉůĞŵĞŶƚƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨƌŽŵŽƚŚĞƌƉůĂŶƐĂĚŽƉƚĞĚďLJƚŚĞŝƚLJĂŶĚƌĞůĂƚĞĚŐƌŽƵƉƐ͗ Eͬ KƉĞƌĂƚŝŽŶƐΘĂƉŝƚĂůƐƐĞƚDĂŝŶƚĞŶĂŶĐĞ͗ džŝƐƚŝŶŐ /ƐƚŚŝƐƌĞƋƵĞƐƚĨŽƌŶĞǁŽƌĞdžŝƐƚŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͗ ϭ tŚĂƚŝƐƚŚĞĞdžƉĞĐƚĞĚƵƐĞĨƵůůŝĨĞŽĨƚŚĞƉƌŽũĞĐƚͬŝŵƉƌŽǀĞŵĞŶƚ;ŝŶLJĞĂƌƐͿ͗ Ϭ tŚĂƚŝƐƚŚĞĞƐƚŝŵĂƚĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞ;ĞĐƌĞĂƐĞͿĨŽƌƚŚŝƐƉƌŽũĞĐƚ;ΨͿ͗ ĞƐĐƌŝďĞŚŽǁŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞƐͬĞĐƌĞĂƐĞƐĂŶĚŝŶĐůƵĚĞĚĞƚĂŝůƐƐƵĐŚĂƐƉĞƌƐŽŶŶĞůĐŽƐƚƐ͕ŵĂƚĞƌŝĂůƐ͕ĐŽŶƚƌĂĐƚƐ͕ĞŶĞƌŐLJƐĂǀŝŶŐƐ͕ĞƚĐ͗͘ dŚĞƐĞŝŵƉƌŽǀĞŵĞŶƚƐůŝŬĞůLJŚĂǀĞŵŝŶŝŵĂůŝŵƉĂĐƚŽŶŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͘WŽƚĞŶƚŝĂůůLJƐŽŵĞŽĨƚŚĞŝŵƉƌŽǀĞŵĞŶƚƐŵĂLJŵĂƌŐŝŶĂůůLJĚĞĐƌĞĂƐĞ ŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͘ /ĨŶĞǁŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĚŝƐĐƵƐƐŚŽǁƚŚĞĚĞƉĂƌƚŵĞŶƚǁŝůůƉĂLJĨŽƌƚŚĞŝŶĐƌĞĂƐĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͗ 3DFNHW3J +G Ϯϭϳ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWůĂŶ ϮϬϮϭ ZĞƉĂLJŵĞŶƚƚŽ&ůŽŽĚŽŶƚƌŽů ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ϴϲϬϬ ĞƉĂƌƚŵĞŶƚ͗/WƵƐŝŶĞƐƐhŶŝƚ͗ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗WƌŽũĞĐƚEƵŵďĞƌ͗ ϴϲϬϱ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ WƌŽũĞĐƚĂƚĞŐŽƌLJ͗ Ϭ ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚLJ͗tĂƌĚ͗ E WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ dŚĞƐĞĨƵŶĚƐƌĞƉƌĞƐĞŶƚĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌΖƐ;DͿƌĞƉĂLJŵĞŶƚŽĨĂůŽĂŶĨƌŽŵƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌΖƐ&ůŽŽĚŽŶƚƌŽůZĞƐĞƌǀĞƐƚŚĂƚ ǁĞƌĞƵƐĞĚƚŽŝŶŝƚŝĂƚĞĞĨĨŽƌƚƐŝŶƚŚĞďĞŐŝŶŶŝŶŐLJĞĂƌƐŽĨD͘ WƵƌƉŽƐĞ͕:ƵƐƚŝĨŝĐĂƚŝŽŶΘĞŶĞĨŝƚƐ͗ dŚĞƌĞŝƐĂŝƚLJŽƵŶĐŝůZĞƐŽůƵƚŝŽŶƚŽƉƌŽǀŝĚĞƚŚĞƉĂLJŵĞŶƚͬƉĂLJďĂĐŬŽĨΨϭ͕ϮϬϬ͕ϬϬϬĂŶŶƵĂůůLJ͕ƐƚĂƌƚŝŶŐŝŶϮϬϭϴ͕ƚŽƉĂLJďĂĐŬƚŚĞ&ůŽŽĚŽŶƚƌŽů ZĞƐĞƌǀĞƐŝŶƚŚĞĂŵŽƵŶƚŽĨΨϳ͕ϮϬϬ͕ϬϬϬ͘ EŽƚƉƉůŝĐĂďůĞ tŚĂƚŝƐƚŚĞŐƌĂŶƚƐƚĂƚƵƐĨŽƌƚŚĞƉƌŽũĞĐƚ͍͗ &ŽƵŶĚĂƚŝŽŶWƌŝŶĐŝƉůĞƐ^ƵƉƉŽƌƚĞĚ͗ &ŝƐĐĂůZĞƐƉŽŶƐŝďŝůŝƚLJΘ^ƵƐƚĂŝŶĂďŝůŝƚLJ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚŝĞƐ^ƵƉƉŽƌƚĞĚ͗ ŶŚĂŶĐĞYƵĂůŝƚLJŽĨ>ŝĨĞ͕DĂŶĂŐĞ'ƌŽǁƚŚĂŶĚĞǀĞůŽƉŵĞŶƚ͕ĂůĂŶĐĞWƵďůŝĐ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ/ŶǀĞƐƚŵĞŶƚ 3DFNHW3J +G ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϱϮϬϮϲ ϮϬϮϮϮϬϮϯϮϬϮϰ ϮϬϮϭ ϭ͕ϮϬϬ͕ϬϬϬ ^ĂůĞƐdĂdžDϭ͕ϮϬϬ͕ϬϬϬϭ͕ϮϬϬ͕ϬϬϬ Ϭϯ͕ϲϬϬ͕ϬϬϬ ϬϬ ϭ͕ϮϬϬ͕ϬϬϬ ϭ͕ϮϬϬ͕ϬϬϬϭ͕ϮϬϬ͕ϬϬϬϬ Ϭϯ͕ϲϬϬ͕ϬϬϬ Ϭ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ DĂũŽƌ džƉĞŶƐĞĂƚĞŐŽƌLJ ϮϬϮϯ ϮϬϮϮϮϬϮϰϮϬϮϱϮϬϮϲ ϮϬϮϭ KǀĞƌŚĞĂĚ ϭ͕ϮϬϬ͕ϬϬϬ Ϭ Ϭ ϭ͕ϮϬϬ͕ϬϬϬϭ͕ϮϬϬ͕ϬϬϬ Ϭϯ͕ϲϬϬ͕ϬϬϬ ϭ͕ϮϬϬ͕ϬϬϬϭ͕ϮϬϬ͕ϬϬϬ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶZŽǁdŽƚĂů͗Ϭ ϯ͕ϲϬϬ͕ϬϬϬ ϭ͕ϮϬϬ͕ϬϬϬ Ϭ Ϭ ĞƐĐƌŝďĞŚŽǁƚŚŝƐƉƌŽũĞĐƚŝŵƉůĞŵĞŶƚƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨƌŽŵŽƚŚĞƌƉůĂŶƐĂĚŽƉƚĞĚďLJƚŚĞŝƚLJĂŶĚƌĞůĂƚĞĚŐƌŽƵƉƐ͗ DƉƌŽũĞĐƚƐƐƵƉƉŽƌƚƚŚĞDĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚƚĂŬĞŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶŽƚŚĞƌŝƚLJƉůĂŶƐƐƵĐŚĂƐƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶ͕ďŝĐLJĐůĞ ŵĂƐƚĞƌƉůĂŶ͕ƉĂƌŬŵĂƐƚĞƌƉůĂŶ͕ĞƚĐ͘ KƉĞƌĂƚŝŽŶƐΘĂƉŝƚĂůƐƐĞƚDĂŝŶƚĞŶĂŶĐĞ͗ džŝƐƚŝŶŐ /ƐƚŚŝƐƌĞƋƵĞƐƚĨŽƌŶĞǁŽƌĞdžŝƐƚŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͗ ϰ tŚĂƚŝƐƚŚĞĞdžƉĞĐƚĞĚƵƐĞĨƵůůŝĨĞŽĨƚŚĞƉƌŽũĞĐƚͬŝŵƉƌŽǀĞŵĞŶƚ;ŝŶLJĞĂƌƐͿ͗ Ϭ tŚĂƚŝƐƚŚĞĞƐƚŝŵĂƚĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞ;ĞĐƌĞĂƐĞͿĨŽƌƚŚŝƐƉƌŽũĞĐƚ;ΨͿ͗ ĞƐĐƌŝďĞŚŽǁŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞƐͬĞĐƌĞĂƐĞƐĂŶĚŝŶĐůƵĚĞĚĞƚĂŝůƐƐƵĐŚĂƐƉĞƌƐŽŶŶĞůĐŽƐƚƐ͕ŵĂƚĞƌŝĂůƐ͕ĐŽŶƚƌĂĐƚƐ͕ĞŶĞƌŐLJƐĂǀŝŶŐƐ͕ĞƚĐ͗͘ dŚĞŵĂũŽƌŝƚLJŽĨƚŚĞǁŽƌŬƉĞƌĨŽƌŵĞĚƵƚŝůŝnjŝŶŐƚŚĞĨƵŶĚƐǁĂƐƌĞůĂƚĞĚƚŽϭͿƚŚĞŚĂƚĞĂƵdŚĞĂƚƌĞƉƵƌĐŚĂƐĞĂŶĚϮͿĐŽŶƐƵůƚŝŶŐƌĞůĂƚĞĚƚŽ ǀĂƌŝŽƵƐĂƐƉĞĐƚƐŽĨƚŚĞDĞǀĞůŽƉŵĞŶƚWůĂŶ͘KƉĞƌĂƚŝŶŐĐŽƐƚŝŵƉĂĐƚƐǁĞƌĞŵĂƌŐŝŶĂů͘ /ĨŶĞǁŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĚŝƐĐƵƐƐŚŽǁƚŚĞĚĞƉĂƌƚŵĞŶƚǁŝůůƉĂLJĨŽƌƚŚĞŝŶĐƌĞĂƐĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͗ 3DFNHW3J +G Ϯϴϴ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWůĂŶ ϮϬϮϭ ^ƚƌĂƚĞŐŝĐZĞĚĞǀĞůŽƉŵĞŶƚ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ϴϲϬϬ ĞƉĂƌƚŵĞŶƚ͗/WƵƐŝŶĞƐƐhŶŝƚ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ/W;hϴϲϬϬͿ ŝǀŝƐŝŽŶ͗WƌŽũĞĐƚEƵŵďĞƌ͗ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ 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