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&ŽƌĚĞůĂǇƐĞŶĐŽƵŶƚĞƌĞĚƚŚĂƚĂƌĞďĞǇŽŶĚE'/EZ͛ƐĐŽŶƚƌŽů͕ĂŶĚƵƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚĨƌŽŵE'/EZ͕ƚŚĞ/dzΖƐ % ƵƚŚŽƌŝǌĞĚŐĞŶƚŵĂǇĞǆƚĞŶĚƚŚĞtŽƌŬŽŵƉůĞƚŝŽŶĂƚĞĞƐƚĂďůŝƐŚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞůĞŶŐƚŚ ŽĨƐƵĐŚƚŝŵĞĞǆƚĞŶƐŝŽŶǁŝůůďĞĚĞƚĞƌŵŝŶĞĚďǇƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͘ /ƚǁŝůůďĞE'/EZ͛ƐƌĞƐƉŽŶƐŝďŝůŝƚǇƚŽƌĞĂƐŽŶĂďůǇŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ŝŶǁƌŝƚŝŶŐ͕ŝĨE'/EZŚĂƐƌĞĂƐŽŶƚŽ & ďĞůŝĞǀĞƚŚĞƉƌŽũĞĐƚǁŝůůŶŽƚďĞĐŽŵƉůĞƚĞĚĂƐƐĐŚĞĚƵůĞĚ͘/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĂĚũƵƐƚƚŚĞ ƐĐŚĞĚƵůĞĂŶĚĨŝŶĂůĐŽƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐƵĐŚĚĞůĂǇƐ͕ĂƐƉƌŽǀŝĚĞĚŝŶƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͘ ŶŐŝŶĞĞƌƐŚĂůůĨƵƌŶŝƐŚĂůůŵĂƚĞƌŝĂůƐ͕ĂůůŶĞĐĞƐƐĂƌǇƚŽŽůƐĂŶĚĞƋƵŝƉŵĞŶƚ͕ĂŶĚƉĞƌĨŽƌŵĂůůǁŽƌŬĂŶĚůĂďŽƌŶĞĐĞƐƐĂƌǇƚŽ ' ĚĞƚĞƌŵŝŶĞŽŶƚƌĂĐƚŽƌ͛ƐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞWƌŽũĞĐƚĐŽŶƐŝƐƚĞŶƚǁŝƚŚŝƚǇĚĞƐŝŐŶƐƉĞĐŝĨŝĐĂƚŝŽŶƐĂŶĚ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂƉƉƌŽǀĞĚĐŝǀŝůĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶƐĨŽƌƚŚĞWƌŽũĞĐƚ͘ /dzƌĞĐŽŐŶŝǌĞƐƚŚĂƚE'/EZƉƌŽǀŝĚĞĚƐĞƌǀŝĐĞƐƚŽƚŚĞKǁŶĞƌƵŶĚĞƌĂŝƚǇͲKǁŶĞƌĐŽŶƚƌĂĐƚĂƵƚŚŽƌŝǌŝŶŐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶ ( ŽĨƚŚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐĨŽƌǁŚŝĐŚĐŽŶƐƚƌƵĐƚŝŽŶŝŶƐƉĞĐƚŝŽŶĂŶĚŽďƐĞƌǀĂƚŝŽŶƐĞƌǀŝĐĞƐĂƌĞďĞŝŶŐƌĞƋƵĞƐƚĞĚ͘/dzǁĂŝǀĞƐĂŶǇ ĂŶĚĂůůĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚƌŝŐŚƚƐĂŐĂŝŶƐƚE'/EZƌĞůĂƚŝǀĞƚŽƚŚŝƐĂƌƌĂŶŐĞŵĞŶƚ͘ 'KsZE/E'>t͕:hZ/^/d/KE͕EsEh $57,&/( dŚŝƐŽŶƚƌĂĐƚƐŚĂůůďĞŐŽǀĞƌŶĞĚďǇĂŶĚĐŽŶƐƚƌƵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞůĂǁƐŽĨƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͘sĞŶƵĞĨŽƌĂůůůĞŐĂů $ ƉƌŽĐĞĞĚŝŶŐƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞŝŶƚŚĞĂƉƉůŝĐĂďůĞƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶ KůŵƐƚĞĚŽƵŶƚǇĂŶĚDŝŶŶĞƐŽƚĂƌĞƐƉĞĐƚŝǀĞůǇ͘ dZD^K&'EZ>KE/d/KE^ $57,&/( ŶǇĂŶĚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨŽƌĐĞƵŶůĞƐƐƚŚĞǇĂƌĞƐƉĞĐŝĨŝĐĂůůǇĂŶĚĚĞůŝďĞƌĂƚĞůǇ $ ĐĂŶĐĞůĞĚŽƌŵŽĚŝĨŝĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŽƚŚĞĞǆƚĞŶƚŽĨĂŶǇŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ % ǁŝůůĐŽŶƚƌŽů͘DŝŶŶĞƐŽƚĂ>ĂǁƐƵƉĞƌƐĞĚĞƐĂŶǇŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ dZD^K&WzDEd $57,&/( ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůǇƐƵƉƉůŝĞĚďǇ $ E'/EZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďǇ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ Zd/>ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂǇŵĞŶƚ͘͟ /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶǇƚŝŵĞƚŚĂƚE'/EZǁŝůůĞǆĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ % ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůǇŵĂŶŶĞƌ͘E'/EZŵĂǇŶŽƚďĞ ĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞǆĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůǇĞǆĞĐƵƚĞĚ͕ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚďĞǇŽŶĚƚŚĂƚŝĚĞŶƚŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌǁƌŝƚƚĞŶ ĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďǇ/dzŵĂǇďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌǇĂŶĚE'/EZŵĂǇŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌƚŚĞĞǆƚƌĂ ǁŽƌŬ͘ /ĨE'/EZĐůĂŝŵƐĂŶǇŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌŽƚŚĞƌĐŽŶĚŝƚŝŽŶƐĞǆŝƐƚƚŚĂƚƌĞƋƵŝƌĞĞǆƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐ & ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶǇĞǆƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϮϬĂůĞŶĚĂƌĚĂǇƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶ ŽƌŽďƐĞƌǀĂŶĐĞŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ ŶǇĐůĂŝŵŵĂĚĞĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂǇďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶ 3DFNHW3J )F ĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůǇĂƉƉƌŽǀĞĚĂŶĚĞǆĞĐƵƚĞĚďǇƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚ E'/EZΖƐŽǁŶƌŝƐŬ͘ ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐĂĐƚƵĂůůǇĂŶĚŶĞĐĞƐƐĂƌŝůǇŝŶĐƵƌƌĞĚďǇE'/EZĂƐĂƌĞƐƵůƚŽĨ ' ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞǆĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘E'/EZŵĂǇďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͕ĂŶĚŝĚĞŶƚŝĨŝĞĚŝŶ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ƌƚŝĐůĞϯ͘ WZKhZ&KZWzDEd $57,&/( WĂǇŵĞŶƚƐǁŝůůďĞŵĂĚĞďǇ/dzǁŝƚŚŝŶϯϬĚĂǇƐŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐ $ ƌĞƉŽƌƚƐĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘/dzƐŚĂůůŶŽƚŝĨǇE'/EZŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂǇƐŽĨ E'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞǇďĞůŝĞǀĞƚŚĞƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐǁĞƌĞ ŶŽƚƉƌŽƉĞƌůǇƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽŶƚƌĂĐƚ͘ /ŶǀŽŝĐĞƐĨŽƌƉĂǇŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďǇE'/EZŵŽŶƚŚůǇƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶƚŚĞĨŽƌŵƉƌĞƐĐƌŝďĞĚďǇ % /dz͘/ŶǀŽŝĐĞƐƐŚŽƵůĚŝĚĞŶƚŝĨǇƚŚĞƉƌŽũĞĐƚĂŶĚƚŚĞĐŽƐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚĂŶĚ ŵƵƐƚƐĂƚŝƐĨǇƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ ϭ͘ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůǇŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐ ĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚE'/EZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚ ĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶǇƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚƉĂǇŵĞŶƚ͘ ϯ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝǌĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐĂƌĞƉƌŽƉĞƌůǇ ĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂƌĞĂŶǇĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐĚŝƌĞĐƚůǇƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬ ŽĨƚŚĞE'/EZ͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ ϰ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ ŝƌĞĐƚƐĂůĂƌǇĐŽƐƚƐŽĨĞŵƉůŽǇĞĞƐΖƚŝŵĞĚŝƌĞĐƚůǇĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ D dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨǇŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽǇĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂǇ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂǇŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽǇĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ E ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽǇĞĞΖƐŶĂŵĞ͕ŚŽƵƌůǇ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂǇƉĞƌŝŽĚ͘ ϱ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞĂĐŽƉǇŽĨƚŚĞŝŶǀŽŝĐĞƚŚĞǇĨŽƌǁĂƌĚĞĚƚŽƚŚĞĐŝƚǇƚŽƚŚĞĚĞǀĞůŽƉĞƌĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐ͘ dŚŝƐĚŽĐƵŵĞŶƚƐŚŽƵůĚďĞĐůĞĂƌĞĚƐƚĂƚĞĚƚŚĂƚŝƚ͛ƐĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐŽŶůǇ͘ /ĨE'/EZŝƐĂƵƚŚŽƌŝǌĞĚďǇ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚƐ͕E'/EZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ & ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŽŶƚƌĂĐƚ͕ĂŶĚE'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůǇƉĂǇŵĞŶƚďǇE'/EZŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͛Ɛ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂǇŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞƐƵď ĐŽŶƐƵůƚĂŶƚŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ E'/EZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ' ĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzDEd $57,&/( &ŽƌĂůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞŶŐŝŶĞĞƌƐŚĂůůŵĂŝŶƚĂŝŶŝƚƐĞƚŚŝĐĂůĂŶĚ $ ůĞŐĂůĚƵƚǇŽĨĂƉƌŽĨĞƐƐŝŽŶĂůƚŽĞǆĞƌĐŝƐĞƚŚĞůĞǀĞůŽĨĐĂƌĞ͕ĚŝůŝŐĞŶĐĞ͕ĂŶĚƐŬŝůůƉƌĞƐĐƌŝďĞĚŝŶƚŚĞĐŽĚĞŽĨƉƌĂĐƚŝĐĞŽĨŚŝƐŽƌŚĞƌ ƉƌŽĨĞƐƐŝŽŶ͕ŽƌĂƐŽƚŚĞƌƉƌŽĨĞƐƐŝŽŶĂůƐŝŶƚŚĞƐĂŵĞĚŝƐĐŝƉůŝŶĞǁŽƵůĚŝŶƚŚĞƐĂŵĞŽƌƐŝŵŝůĂƌĐŝƌĐƵŵƐƚĂŶĐĞƐ͘dŚĞE'/EZ ƐŚĂůůĐŽŵƉůǇǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďǇĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐ͘ 3DFNHW3J )F E'/EZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂǇŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ % ƌĞŐƵůĂƚŝŽŶƐ͘ ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďǇƉƌŽŐƌĞƐƐƉĂǇŵĞŶƚƐŵĂĚĞďǇ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚǇŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ & ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐE'/EZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂǇŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶǇĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞE'/EZ͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ ƐŚĂůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞ ĞǆƚĞŶƚŽĨƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞE'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶǇǁĂǇƚŽƌĞůŝĞǀĞE'/EZĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐĞƌǀŝĐĞƐ ' ĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞǆĐĞĞĚƚŚĂƚŝƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ E'/EZŝƐŶŽƚĂƵƚŚŽƌŝǌĞĚƚŽĚŝƌĞĐƚƚŚĞǁŽƌŬŽĨŽŶƚƌĂĐƚŽƌ͕ƵŶůĞƐƐŝƚǇŝƐŐŝǀĞŶƐƵĐŚĂƵƚŚŽƌŝƚǇ͕ŝŶǁƌŝƚŝŶŐ͕ďǇKǁŶĞƌ͘ ( E'/EZĐŽŵŵƵŶŝĐĂƚŝŽŶƐŚĂůůďĞĚŝƌĞĐƚůǇǁŝƚŚKǁŶĞƌ͛ƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞ;ŽŶƐƚƌƵĐƚŝŽŶĨŽƌĞŵĞŶŽƌƐƵƉĞƌŝŶƚĞŶĚĞŶƚŽƌ ŽƚŚĞƌŵĞŵďĞƌŝĚĞŶƚŝĨŝĞĚĂƐWƌŽũĞĐƚDĂŶĂŐĞƌͿ͕ĂŶĚƚŽŝƚǇŶŐŝŶĞĞƌŽƌŚŝƐĚĞƐŝŐŶĞĞ͘ ^^/'EDEd $57,&/(ĞĚŝŶƚŚŝƐ ŽŶƚƌĂĐƚ͘ ĐŽƉǇŽĨĂŶǇĂŶĚĂůůƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚƐŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚĂĨƚĞƌĞǆĞĐƵƚŝŽŶŽĨƚŚĞƐƵď % ĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽǁŽƌŬƐƚĂƌƚŝŶŐƵŶĚĞƌƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚ͘ DEDEd^͕,E'KZZ^͕DZ'Z͕KhEdZWZd^͕Et/sZ $57,&/( ŵĞŶĚŵĞŶƚƐƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĐŽŶƐŝĚĞƌĞĚŽŶůǇĨŽƌƵŶĨŽƌĞƐĞĞŶǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŚĂƚǁĞƌĞĞǆĐůƵĚĞĚŝŶƚŚĞ^ĐŽƉĞŽĨ $ tŽƌŬ͕ĞŶƚŝƚůĞĚ͞ĞƚĂŝůĞĚ^ĐŽƉĞŽĨtŽƌŬ͕͟ĂŶĚƚŚĂƚĂƌĞĐŽŶƐŝĚĞƌĞĚĞƐƐĞŶƚŝĂůƚŽƚŚĞǁŽƌŬ͘ŶǇǁƌŝƚƚĞŶĐůĂŝŵŵĂĚĞďǇ E'/EZĨŽƌĞǆƚƌĂǁŽƌŬŽƌĐŽƐƚƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐďĞĞŶĂƉƉƌŽǀĞĚďǇƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŵƵƐƚďĞ ĞǀŝĚĞŶĐĞĚďǇĂŶĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚ͘ŵĞŶĚŵĞŶƚƐŵƵƐƚďĞŝŶǁƌŝƚŝŶŐĂŶĚĞǆĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚďǇƚŚĞƐĂŵĞ ƉĂƌƚŝĞƐĂŶĚŽĨĨŝĐŝĂůƐǁŚŽĞǆĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚƚŚĞŽƌŝŐŝŶĂůŽŶƚƌĂĐƚ͕ŽƌƚŚĞŝƌƐƵĐĐĞƐƐŽƌƐŝŶŽĨĨŝĐĞ͘E'/EZŵƵƐƚŶŽƚŝĨǇ /dz͛ƐWƌŽũĞĐƚDĂŶĂŐĞƌŝŶǁƌŝƚŝŶŐŝĨE'/EZǁŝůůďĞĚĞůĂǇĞĚŝŶĂŶǇǁĂǇĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ % ŽĨE'/EZ͘ŶǇĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůǇĂŶĚĨƵůůǇĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ & ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚǇƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůǇŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͕ ďǇƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝǌĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďǇĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞE'/EZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďǇŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĞǆĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ' ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞŽŶƚƌĂĐƚ͘ 3DFNHW3J )F KDW>/Et/d,>/E^^͕WZD/d^͕EKd,ZZ'h>d/KE^ $57,&/( E'/EZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ĐĞƌƚŝĨŝĐĂƚŝŽŶƐ͕ĞĚƵĐĂƚŝŽŶ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌǇƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐ $ ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/^E/Ed>>dh>WZKWZdz $57,&/( dŚĞDŝŶŶĞƐŽƚĂ'ŽǀĞƌŶŵĞŶƚĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ $ ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ ŶǇƌĞƉŽƌƚƐ͕ƐƚƵĚŝĞƐ͕ƉŚŽƚŽŐƌĂƉŚƐ͕ŶĞŐĂƚŝǀĞƐ͕ŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐĐƌĞĂƚĞĚĂŶĚƉĂŝĚĨŽƌďǇE'/EZŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ % ŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂƌĞŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞŝŶƌĞƐƉĞĐƚƚŽE'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĂƌĞƚŚĞĞǆĐůƵƐŝǀĞ ƉƌŽƉĞƌƚǇŽĨ/dz͘E'/EZŵƵƐƚƌĞŵŝƚĂůůƐƵĐŚŵĂƚĞƌŝĂůƐƚŽ/dzƵƉŽŶĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞ /dzǁŝůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇƌĞƵƐĞŽĨƐƵĐŚŵĂƚĞƌŝĂůƐďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞŝƚǇƐŚĂůůŐƌĂŶƚƚŚĞE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞĞǆƚĞŶƚŽĨƚŚĞ/dzΖƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘E'/EZǁĂŝǀĞƐĂůůĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞ/dzƌĞƐƵůƚŝŶŐŝŶĂŶǇǁĂǇĨƌŽŵĂŶǇƌĞƵƐĞŽĨ ƚŚĞE'/EZ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŝƌĞĐƚĞĚďǇ/dz͕ƚŚĞŽƌŝŐŝŶĂůƐŽĨƌĞƉŽƌƚƐ͕ƚĞƐƚƐ͕ĚƌĂǁŝŶŐƐĂŶĚƉůĂŶƐ͖ĂŶĚůĞŐŝďůǇƌĞƉƌŽĚƵĐŝďůĞĐŽƉŝĞƐŽĨ & ǁŽƌŬƐŚĞĞƚƐ͕ĨŝĞůĚŶŽƚĞƐ͕ĐŽŵƉƵƚĂƚŝŽŶƐ͕ƉŚŽƚŽƐ͕ƚĞƐƚƌĞƐƵůƚƐ͕ĂŶĚŽƚŚĞƌƉƌŽũĞĐƚĚĂƚĂŵƵƐƚďĞƌĞůŝŶƋƵŝƐŚĞĚƚŽ/dz͗ ϭ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ Ϯ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĨŝĐĂƚŝŽŶďǇ/dz͘ ϯ͘WƌŝŽƌƚŽĨŝŶĂůƉĂǇŵĞŶƚďǇ/dzƚŽE'/EZĨŽƌƚŚŝƐŽŶƚƌĂĐƚ͘ ͘EŽƚǁŝƚŚƐƚĂŶĚŝŶŐƚŚĞĂďŽǀĞƉĂƌĂŐƌĂƉŚƐ͕ǁŽƌŬƉĂƉĞƌƐ͕ƉƌŽƉƌŝĞƚĂƌǇŝŶĨŽƌŵĂƚŝŽŶ͕ƉƌŽĐĞƐƐĞƐ͕ŵĞƚŚŽĚŽůŽŐŝĞƐ͕ŬŶŽǁͲŚŽǁĂŶĚ ƐŽĨƚǁĂƌĞ;͞E'/EZĂƚĂ͟ͿƉƌĞǀŝŽƵƐůǇďĞůŽŶŐŝŶŐŽƌůŝĐĞŶƐĞĚƚŽE'/EZĂŶĚƵƐĞĚƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůů ƌĞŵĂŝŶƚŚĞƉƌŽƉĞƌƚǇŽĨE'/EZ͘E'/EZƐŚĂůůƌĞƚĂŝŶĂŶŽǁŶĞƌƐŚŝƉĂŶĚƉƌŽƉĞƌƚǇŝŶƚĞƌĞƐƚƚŚĞƌĞŝŶ;ŝŶĐůƵĚŝŶŐƚŚĞĐŽƉǇƌŝŐŚƚ ĂŶĚƚŚĞƌŝŐŚƚŽĨƌĞƵƐĞĂƚƚŚĞĚŝƐĐƌĞƚŝŽŶŽĨƚŚĞE'/EZͿ͕ǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞWƌŽũĞĐƚŝƐĐŽŵƉůĞƚĞĚ͘dŽƚŚĞĞǆƚĞŶƚƚŚĞƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚďǇE'/EZĐŽŶƚĂŝŶE'/EZĂƚĂ͕E'/EZŚĞƌĞďǇŐƌĂŶƚƐƚŽ/dzĂŶŽŶͲĞǆĐůƵƐŝǀĞ͕ŶŽŶͲĂƐƐŝŐŶĂďůĞ͕ƌŽǇĂůƚǇͲ ĨƌĞĞ͕ŝƌƌĞǀŽĐĂďůĞůŝĐĞŶƐĞƚŽƵƐĞƐƵĐŚE'/EZĂƚĂĨŽƌƚŚĞƉƵƌƉŽƐĞƐƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͕ƐƵďũĞĐƚƚŽƚŚĞĨŽůůŽǁŝŶŐůŝŵŝƚĂƚŝŽŶƐ͗ ƐƵĐŚE'/EZĂƚĂĂƌĞŶŽƚŝŶƚĞŶĚĞĚŽƌƌĞƉƌĞƐĞŶƚĞĚƚŽďĞƐƵŝƚĂďůĞĨŽƌƵƐĞŽƌƌĞƵƐĞďǇ/dzŽŶĞǆƚĞŶƐŝŽŶŽĨƚŚĞWƌŽũĞĐƚŽƌ ŽŶĂŶǇŽƚŚĞƌƉƌŽũĞĐƚǁŝƚŚŽƵƚǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďǇE'/EZĂŶĚĂŶǇƐƵĐŚƌĞƵƐĞŽƌŵŽĚŝĨŝĐĂƚŝŽŶŽĨƚŚĞ E'/EZĂƚĂǁŝƚŚŽƵƚƚŚĞǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďǇE'/EZƐŚĂůůďĞĚŽŶĞĂƚ/dz͛ƐƐŽůĞƌŝƐŬĂŶĚǁŝƚŚŽƵƚ ůŝĂďŝůŝƚǇƚŽE'/EZ͘ >//>/dz $57,&/( 'ĞŶĞƌĂůͲ,ĂǀŝŶŐĐŽŶƐŝĚĞƌĞĚƚŚĞƉŽƚĞŶƚŝĂůůŝĂďŝůŝƚŝĞƐƚŚĂƚŵĂǇĞǆŝƐƚĚƵƌŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ^ĞƌǀŝĐĞƐ͕ƚŚĞďĞŶĞĨŝƚƐ $ ŽĨƚŚĞƉƌŽũĞĐƚ͕ĂŶĚƚŚĞE'/EZ͛ƐĨĞĞĨŽƌƚŚĞ^ĞƌǀŝĐĞƐ͕ĂŶĚŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞƉƌŽŵŝƐĞƐĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ /dzĂŶĚE'/EZĂŐƌĞĞƚŽĂůůŽĐĂƚĞĂŶĚůŝŵŝƚƐƵĐŚůŝĂďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐƌƚŝĐůĞ͘ /ŶĚĞŵŶŝĨŝĐĂƚŝŽŶͲE'/EZĂŶĚ/dz;ƚŚĞ͞/ŶĚĞŵŶŝĨǇŝŶŐWĂƌƚǇ͟ͿƐŚĂůůďĞůŝĂďůĞĨŽƌŝƚƐŽǁŶŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐĂŶĚ % ŽŵŝƐƐŝŽŶƐƚŽƚŚĞĞǆƚĞŶƚƉƌŽǀŝĚĞĚďǇůĂǁĂŶĚƐƵďũĞĐƚƚŽƚŚĞ/dz͛ƐĐĂƉŽŶŵƵŶŝĐŝƉĂůƚŽƌƚůŝĂďŝůŝƚǇƵŶĚĞƌDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ ^ĞĐƚŝŽŶϰϲϲ͘Ϭϰ͕ĂŶĚŚĞƌĞďǇĂŐƌĞĞƐƚŽĚĞĨĞŶĚ͕ŝŶĚĞŵŶŝĨǇ͕ĂŶĚŚŽůĚŚĂƌŵůĞƐƐƚŚĞŽƚŚĞƌ;͞ƚŚĞ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚǇ͟Ϳ͕ĨƌŽŵ ĂŶǇůŝĂďŝůŝƚǇ͕ĚĂŵĂŐĞƐ͕ĂŶĚĐŽƐƚƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞŶĞŐůŝŐĞŶƚĂĐƚƐŽĨE'/EZĂŶĚ/dzĂŶĚĂŶǇŽŶĞĨŽƌǁŚŽƐĞŶĞŐůŝŐĞŶƚ ĂĐƚƐƚŚĞǇŵĂǇďĞůŝĂďůĞĨŽƌŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚŝĐŚƚŚĞ/ŶĚĞŵŶŝĨŝĞĚ WĂƌƚǇ͕ŝƚƐŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽǇĞĞƐŵĂǇŚĞƌĞĂĨƚĞƌƐƵƐƚĂŝŶ͕ŝŶĐƵƌŽƌďĞƌĞƋƵŝƌĞĚƚŽƉĂǇƚŽƚŚĞĨƵůůĞĨĨĞĐƚƉƌŽǀŝĚĞĚďǇ DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϯϯϳ͕ƚŽƚŚĞĞǆƚĞŶƚƚŚĞE'/EZĂŶĚ/dzĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐƵĐŚůŝĂďŝůŝƚǇ͕ĐŽƐƚƐ͕ĚĂŵĂŐĞƐ͕ ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞǇƐ͛ĨĞĞƐ͘/ŶƚŚĞĞǀĞŶƚĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌĞǆƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďǇƚŚĞũŽŝŶƚŽƌ ĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨE'/EZĂŶĚ/dz͕ƚŚĞǇƐŚĂůůďĞďŽƌŶĞďǇĞĂĐŚƉĂƌƚǇŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ ^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚŝƐŽŶƚƌĂĐƚŝƐ & ƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶǇƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ 3DFNHW3J )F tKZ<Z^ΖKDWE^d/KE $57,&/( ŶǇĂŶĚĂůůĞŵƉůŽǇĞĞƐŽĨE'/EZ͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ $ ĂŶǇǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽǇĞĞƐŽĨ/dz͘ŶǇĂŶĚĂůů ĐůĂŝŵƐƚŚĂƚŵĂǇĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐ ǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶǇĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďǇĂŶǇƚŚŝƌĚƉĂƌƚǇĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶǇĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨ E'/EZΖƐĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽĞŶŐĂŐĞĚŽŶĂŶǇŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶŶŽǁĂǇ ďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨ/dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞ ǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂǇĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚE'/EZ͘ KE^ $57,&/( dŚŝƐƌƚŝĐůĞŝƐŚĞƌĞďǇĚĞůĞƚĞĚ͘ /E^hZE $57,&/( ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞĨŽƌĞĂĐŚƚǇƉĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĨŝůĞĚǁŝƚŚƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚ $ ŐĞŶƚƉƌŝŽƌƚŽĞǆĞĐƵƚŝŽŶŽĨƚŚĞŽŶƚƌĂĐƚďǇŝƚǇ͘ĂĐŚƉŽůŝĐǇŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ /dzĂϯϬͲĚĂǇŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ E'/EZŵƵƐƚŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌǇĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗ % ϭ͘E'/EZƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƐŝƐƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌǇ ĨŽƌƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐďǇE'/EZĂŶĚŝƚƐĞŵƉůŽǇĞĞƐ͘ Ϯ͘dŚĞE'/EZƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐƐĞƉĂƌĂƚĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĞŶĚŽƌƐĞŵĞŶƚƐĨŽƌĞĂĐŚƐƵďĐŽŶƐƵůƚĂŶƚ͘ E'/EZƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐĨƌŽŵŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ tŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͗ ϯ͘E'/EZǁŝůůƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌĂůůE'/EZ ĞŵƉůŽǇĞĞƐĂŶĚ͕ŝŶĐĂƐĞĂŶǇǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕E'/EZǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌǇƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/dzŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ ͕ŵƉůŽǇĞƌ͛Ɛ>ŝĂďŝůŝƚǇ͕ĂƚůŝŵŝƚƐŶŽƚůĞƐƐƚŚĂŶΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĚŝƐĞĂƐĞƉĞƌĞŵƉůŽǇĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇ ŝŶũƵƌǇďǇĚŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĂĐĐŝĚĞŶƚ͘ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͚ƐŝŶƐƵƌĂŶĐĞƐŚĂůů ďĞĨŝůĞĚǁŝƚŚƚŚĞE'/EZ͘ ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚǇ͗ ϰ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌ ďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚǇ ĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďǇ E'/EZŽƌďǇĂƐƵďĐŽŶƐƵůƚĂŶƚŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘E'/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 3DFNHW3J )F ƉƌŽƉĞƌƚǇĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďǇE'/EZŽƌďǇƐƵďĐŽŶƐƵůƚĂŶƚŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞE'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞůŝŵŝƚĨŽƌŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ͗ ϲ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌĐůĂŝŵ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ dŚŝƐƉŽůŝĐǇǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐE'/EZǁŝůůďĞĐŽŵĞůĞŐĂůůǇŽďůŝŐĂƚĞĚƚŽƉĂǇƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇ ĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽE'/EZΖƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͘ 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'/EZ͛ƐŽďůŝŐĂƚŝŽŶƚŽƌĞŶĚĞƌƐĞƌǀŝĐĞƐŚĞƌĞƵŶĚĞƌǁŝůůďĞĨŽƌĂƉĞƌŝŽĚǁŚŝĐŚŵĂǇ ƌĞĂƐŽŶĂďůǇďĞƌĞƋƵŝƌĞĨŽƌƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƐĂŝĚƐĞƌǀŝĐĞƐ͘ /ĨŝŶƚŚŝƐŽŶƚƌĂĐƚƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞĨŽƌƌĞŶĚĞƌŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐĞƚĨŽƌƚŚŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐďǇǁŚŝĐŚƐĞƌǀŝĐĞƐĂƌĞƚŽďĞ & ĐŽŵƉůĞƚĞĚĂƌĞƉƌŽǀŝĚĞĚ͕ĂŶĚŝĨƐƵĐŚƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌĚĂƚĞƐĂƌĞĐŚĂŶŐĞĚƚŚƌŽƵŐŚŶŽĨĂƵůƚŽĨE'/EZ͕ƚŚĞƌĂƚĞƐĂŶĚ ĂŵŽƵŶƚƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽǀŝĚĞĚĨŽƌŚĞƌĞŝŶƐŚĂůůďĞƐƵďũĞĐƚƚŽĞƋƵŝƚĂďůĞĂĚũƵƐƚŵĞŶƚ͘/Ĩ/dzŚĂƐƌĞƋƵĞƐƚĞĚĐŚĂŶŐĞƐŝŶ ƚŚĞƐĐŽƉĞ͕ĞǆƚĞŶƚ͕ŽƌĐŚĂƌĂĐƚĞƌŽĨƚŚĞWƌŽũĞĐƚ͖ƚŚĞƚŝŵĞŽĨƉĞƌĨŽƌŵĂŶĐĞŽĨE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůůďĞĂĚũƵƐƚĞĚĞƋƵŝƚĂďůǇ͘ EĞŝƚŚĞƌƉĂƌƚǇǁŝůůďĞŚĞůĚƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞůĂǇŽƌĨĂŝůƵƌĞƚŽƉĞƌĨŽƌŵǁŚĞŶƐƵĐŚĚĞůĂǇŽƌĨĂŝůƵƌĞŝƐĚƵĞƚŽĂŶǇŽĨƚŚĞ ' ĨŽůůŽǁŝŶŐ͕ƵŶůĞƐƐƚŚĞĂĐƚŽƌŽĐĐƵƌƌĞŶĐĞĐŽƵůĚŚĂǀĞďĞĞŶƌĞĂƐŽŶĂďůǇĨŽƌĞƐĞĞŶĂŶĚƌĞĂƐŽŶĂďůĞĂĐƚŝŽŶĐŽƵůĚŚĂǀĞďĞĞŶ ƚĂŬĞŶƚŽƉƌĞǀĞŶƚƚŚĞĚĞůĂǇŽƌĨĂŝůƵƌĞ͗ĨŝƌĞ͕ĨůŽŽĚ͕ĞƉŝĚĞŵŝĐ͕ƐƚƌŝŬĞƐ͕ǁĂƌƐ͕ĂĐƚƐŽĨ'ŽĚ͕ƵŶƵƐƵĂůůǇƐĞǀĞƌĞǁĞĂƚŚĞƌ͕ŽƌĚĞůĂǇƐ ŽƌĚĞĨĂƵůƚƐĐĂƵƐĞĚďǇƉƵďůŝĐĐĂƌƌŝĞƌƐ͕ƉƌŽǀŝĚĞĚƚŚĞĚĞĨĂƵůƚŝŶŐƉĂƌƚǇŐŝǀĞƐǁƌŝƚƚĞŶŶŽƚŝĐĞĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞƚŽƚŚĞŽƚŚĞƌ ƉĂƌƚǇŽĨŝƚƐŝŶĂďŝůŝƚǇƚŽƉĞƌĨŽƌŵ͘ &ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐŽŶƚƌĂĐƚƚŚĞƚĞƌŵ͞ĚĂǇ͟ŵĞĂŶƐĂĐĂůĞŶĚĂƌĚĂǇŽĨϮϰŚŽƵƌƐ͘ ( 3DFNHW3J )F Ed/dZh^d $57,&/(ƌĞĐƚŝŽŶƐ $ ƌĞƐƵůƚŝŶŐĨƌŽŵE'/EZΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬ ďǇ/dzǁŝůůŶŽƚƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌ ĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶǇĂŵďŝŐƵŝƚŝĞƐ͘ /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 /^WhdZ^K>hd/KE $57,&/( 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DŶKdͲKƉĞƌĂƚŝŽŶƐŝǀŝƐŝŽŶ͕ĞŶƚƌĂůKĨĨŝĐĞ͕sͲy ^ƚƌĞĞƚĚĚƌĞƐƐ͗ϭϱϬϬŽƵŶƚǇZŽĂĚϮt ŝƚǇ^ƚĂƚĞŝƉ͗ZŽƐĞǀŝůůĞ͕DEϱϱϭϭϯ dĞůĞƉŚŽŶĞ͗ϲϭϮͲϳϵϬͲϮϳϲϰ ŵĂŝů͗DŝĐŚĂĞů͘<ƌŽŶǌĞƌΛƐƚĂƚĞ͘ŵŶ͘ƵƐ dŚĞ^ƚĂƚĞ͛ƐWƌŽũĞĐƚDĂŶĂŐĞƌŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌŽǀĞƌƐĞĞŝŶŐƚŚĞ^ƚĂƚĞ͛ƐĨƵůĨŝůůŵĞŶƚŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌ ƚŚŝƐtŽƌŬKƌĚĞƌ͕ƌĞǀŝĞǁŝŶŐ͕ƉƌŽǀŝĚŝŶŐĂŶĚĂƉƉƌŽǀŝŶŐŝŶǀŽŝĐĞƐ͕ƌĞƐŽůǀŝŶŐĚŝƐƉƵƚĞƐƌĞůĂƚĞĚƚŽƚŚŝƐtŽƌŬ KƌĚĞƌ͕ĂŶĚĨŽƌŐŝǀŝŶŐŽƌƌĞĐĞŝǀŝŶŐĂŶǇŶŽƚŝĐĞƐƌĞƋƵŝƌĞĚŽƌƉĞƌŵŝƚƚĞĚďǇƚŚŝƐtŽƌŬKƌĚĞƌ͘ ϳ͘ϮdŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚ͛ƐWƌŽũĞĐƚDĂŶĂŐĞƌĨŽƌƚŚŝƐtŽƌŬKƌĚĞƌŝƐ͗ EĂŵĞͬdŝƚůĞ͗ŝůůŽŶŽŵďƌŽǀƐŬŝ͕ĞƉƵƚǇWƵďůŝĐtŽƌŬƐŝƌĞĐƚŽƌ͕ŽƌƐƵĐĐĞƐƐŽƌ EĂŵĞŽĨ'Žǀ͛ƚ͗ŝƚǇŽĨZŽĐŚĞƐƚĞƌ ^ƚƌĞĞƚĚĚƌĞƐƐ͗ϰϬϬϭtĞƐƚZŝǀĞƌWĂƌŬǁĂǇEt͕^ƵŝƚĞϭϬϬ ŝƚǇ^ƚĂƚĞŝƉ͗ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϭ dĞůĞƉŚŽŶĞ͗ϱϬϳͲϯϮϴͲϮϰϮϭ ŵĂŝů͗ŽŵďƌŽǀƐŬŝΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ dŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚ͛ƐWƌŽũĞĐƚDĂŶĂŐĞƌĨŽƌƚŚŝƐtŽƌŬKƌĚĞƌŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌŽǀĞƌƐĞĞŝŶŐƚŚĞ>ŽĐĂů 'ŽǀĞƌŶŵĞŶƚ͛ƐĨƵůĨŝůůŵĞŶƚŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐtŽƌŬKƌĚĞƌ͕ƌĞǀŝĞǁŝŶŐĂŶĚĂƉƉƌŽǀŝŶŐŝŶǀŽŝĐĞƐ͕ ƌĞƐŽůǀŝŶŐĚŝƐƉƵƚĞƐƌĞůĂƚĞĚƚŽƚŚŝƐtŽƌŬKƌĚĞƌ͕ĂŶĚĨŽƌŐŝǀŝŶŐŽƌƌĞĐĞŝǀŝŶŐĂŶǇŶŽƚŝĐĞƐƌĞƋƵŝƌĞĚŽƌ ƉĞƌŵŝƚƚĞĚďǇƚŚŝƐtŽƌŬKƌĚĞƌ͘ Ϯ 3DFNHW3J )D 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ďŽƚŚƉĂƌƚŝĞƐ͘dŚŝƐŽŶƚƌĂĐƚǁŝůůƌĞŵĂŝŶŝŶĞĨĨĞĐƚƵŶƚŝůƚŚĞǆƉŝƌĂƚŝŽŶĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌƵŶƚŝůĂůů ŽďůŝŐĂƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĨƵůĨŝůůĞĚ͘ &ŽƌĚĞůĂǇƐĞŶĐŽƵŶƚĞƌĞĚƚŚĂƚĂƌĞďĞǇŽŶĚE'/EZ͛ƐĐŽŶƚƌŽů͕ĂŶĚƵƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚĨƌŽŵE'/EZ͕ƚŚĞ/dzΖƐ % ƵƚŚŽƌŝǌĞĚŐĞŶƚŵĂǇĞǆƚĞŶĚƚŚĞtŽƌŬŽŵƉůĞƚŝŽŶĂƚĞĞƐƚĂďůŝƐŚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞůĞŶŐƚŚ ŽĨƐƵĐŚƚŝŵĞĞǆƚĞŶƐŝŽŶǁŝůůďĞĚĞƚĞƌŵŝŶĞĚďǇƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͘ /ƚǁŝůůďĞE'/EZ͛ƐƌĞƐƉŽŶƐŝďŝůŝƚǇƚŽƌĞĂƐŽŶĂďůǇŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ŝŶǁƌŝƚŝŶŐ͕ŝĨE'/EZŚĂƐƌĞĂƐŽŶƚŽ & ďĞůŝĞǀĞƚŚĞƉƌŽũĞĐƚǁŝůůŶŽƚďĞĐŽŵƉůĞƚĞĚĂƐƐĐŚĞĚƵůĞĚ͘/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĂĚũƵƐƚƚŚĞ ƐĐŚĞĚƵůĞĂŶĚĨŝŶĂůĐŽƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐƵĐŚĚĞůĂǇƐ͕ĂƐƉƌŽǀŝĚĞĚŝŶƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͘ ŶŐŝŶĞĞƌƐŚĂůůĨƵƌŶŝƐŚĂůůŵĂƚĞƌŝĂůƐ͕ĂůůŶĞĐĞƐƐĂƌǇƚŽŽůƐĂŶĚĞƋƵŝƉŵĞŶƚ͕ĂŶĚƉĞƌĨŽƌŵĂůůǁŽƌŬĂŶĚůĂďŽƌŶĞĐĞƐƐĂƌǇƚŽ ' ĚĞƚĞƌŵŝŶĞŽŶƚƌĂĐƚŽƌ͛ƐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞWƌŽũĞĐƚĐŽŶƐŝƐƚĞŶƚǁŝƚŚŝƚǇĚĞƐŝŐŶƐƉĞĐŝĨŝĐĂƚŝŽŶƐĂŶĚ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂƉƉƌŽǀĞĚĐŝǀŝůĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶƐĨŽƌƚŚĞWƌŽũĞĐƚ͘ /dzƌĞĐŽŐŶŝǌĞƐƚŚĂƚE'/EZƉƌŽǀŝĚĞĚƐĞƌǀŝĐĞƐƚŽƚŚĞKǁŶĞƌƵŶĚĞƌĂŝƚǇͲKǁŶĞƌĐŽŶƚƌĂĐƚĂƵƚŚŽƌŝǌŝŶŐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶ ( ŽĨƚŚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐĨŽƌǁŚŝĐŚĐŽŶƐƚƌƵĐƚŝŽŶŝŶƐƉĞĐƚŝŽŶĂŶĚŽďƐĞƌǀĂƚŝŽŶƐĞƌǀŝĐĞƐĂƌĞďĞŝŶŐƌĞƋƵĞƐƚĞĚ͘/dzǁĂŝǀĞƐĂŶǇ ĂŶĚĂůůĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚƌŝŐŚƚƐĂŐĂŝŶƐƚE'/EZƌĞůĂƚŝǀĞƚŽƚŚŝƐĂƌƌĂŶŐĞŵĞŶƚ͘ 'KsZE/E'>t͕:hZ/^/d/KE͕EsEh $57,&/( dŚŝƐŽŶƚƌĂĐƚƐŚĂůůďĞŐŽǀĞƌŶĞĚďǇĂŶĚĐŽŶƐƚƌƵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞůĂǁƐŽĨƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͘sĞŶƵĞĨŽƌĂůůůĞŐĂů $ ƉƌŽĐĞĞĚŝŶŐƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞŝŶƚŚĞĂƉƉůŝĐĂďůĞƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶ KůŵƐƚĞĚŽƵŶƚǇĂŶĚDŝŶŶĞƐŽƚĂƌĞƐƉĞĐƚŝǀĞůǇ͘ dZD^K&'EZ>KE/d/KE^ $57,&/( ŶǇĂŶĚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨŽƌĐĞƵŶůĞƐƐƚŚĞǇĂƌĞƐƉĞĐŝĨŝĐĂůůǇĂŶĚĚĞůŝďĞƌĂƚĞůǇ $ ĐĂŶĐĞůĞĚŽƌŵŽĚŝĨŝĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŽƚŚĞĞǆƚĞŶƚŽĨĂŶǇŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ % ǁŝůůĐŽŶƚƌŽů͘DŝŶŶĞƐŽƚĂ>ĂǁƐƵƉĞƌƐĞĚĞƐĂŶǇŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ dZD^K&WzDEd $57,&/( ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůǇƐƵƉƉůŝĞĚďǇ $ E'/EZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďǇ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ Zd/>ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂǇŵĞŶƚ͘͟ /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶǇƚŝŵĞƚŚĂƚE'/EZǁŝůůĞǆĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ % ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůǇŵĂŶŶĞƌ͘E'/EZŵĂǇŶŽƚďĞ ĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞǆĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůǇĞǆĞĐƵƚĞĚ͕ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚďĞǇŽŶĚƚŚĂƚŝĚĞŶƚŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌǁƌŝƚƚĞŶ ĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďǇ/dzŵĂǇďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌǇĂŶĚE'/EZŵĂǇŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌƚŚĞĞǆƚƌĂ ǁŽƌŬ͘ /ĨE'/EZĐůĂŝŵƐĂŶǇŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌŽƚŚĞƌĐŽŶĚŝƚŝŽŶƐĞǆŝƐƚƚŚĂƚƌĞƋƵŝƌĞĞǆƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐ & ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶǇĞǆƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϮϬĂůĞŶĚĂƌĚĂǇƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶ ŽƌŽďƐĞƌǀĂŶĐĞŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ ŶǇĐůĂŝŵŵĂĚĞĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂǇďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶ 3DFNHW3J )F ĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůǇĂƉƉƌŽǀĞĚĂŶĚĞǆĞĐƵƚĞĚďǇƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚ E'/EZΖƐŽǁŶƌŝƐŬ͘ ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐĂĐƚƵĂůůǇĂŶĚŶĞĐĞƐƐĂƌŝůǇŝŶĐƵƌƌĞĚďǇE'/EZĂƐĂƌĞƐƵůƚŽĨ ' ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞǆĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘E'/EZŵĂǇďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͕ĂŶĚŝĚĞŶƚŝĨŝĞĚŝŶ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ƌƚŝĐůĞϯ͘ WZKhZ&KZWzDEd $57,&/( WĂǇŵĞŶƚƐǁŝůůďĞŵĂĚĞďǇ/dzǁŝƚŚŝŶϯϬĚĂǇƐŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐ $ ƌĞƉŽƌƚƐĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘/dzƐŚĂůůŶŽƚŝĨǇE'/EZŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂǇƐŽĨ E'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞǇďĞůŝĞǀĞƚŚĞƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐǁĞƌĞ ŶŽƚƉƌŽƉĞƌůǇƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽŶƚƌĂĐƚ͘ /ŶǀŽŝĐĞƐĨŽƌƉĂǇŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďǇE'/EZŵŽŶƚŚůǇƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶƚŚĞĨŽƌŵƉƌĞƐĐƌŝďĞĚďǇ % /dz͘/ŶǀŽŝĐĞƐƐŚŽƵůĚŝĚĞŶƚŝĨǇƚŚĞƉƌŽũĞĐƚĂŶĚƚŚĞĐŽƐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚĂŶĚ ŵƵƐƚƐĂƚŝƐĨǇƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ ϭ͘ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůǇŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐ ĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚE'/EZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚ ĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶǇƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚƉĂǇŵĞŶƚ͘ ϯ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝǌĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐĂƌĞƉƌŽƉĞƌůǇ ĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂƌĞĂŶǇĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐĚŝƌĞĐƚůǇƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬ ŽĨƚŚĞE'/EZ͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ ϰ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ ŝƌĞĐƚƐĂůĂƌǇĐŽƐƚƐŽĨĞŵƉůŽǇĞĞƐΖƚŝŵĞĚŝƌĞĐƚůǇĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ D dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨǇŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽǇĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂǇ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂǇŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽǇĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ E ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽǇĞĞΖƐŶĂŵĞ͕ŚŽƵƌůǇ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂǇƉĞƌŝŽĚ͘ ϱ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞĂĐŽƉǇŽĨƚŚĞŝŶǀŽŝĐĞƚŚĞǇĨŽƌǁĂƌĚĞĚƚŽƚŚĞĐŝƚǇƚŽƚŚĞĚĞǀĞůŽƉĞƌĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐ͘ dŚŝƐĚŽĐƵŵĞŶƚƐŚŽƵůĚďĞĐůĞĂƌĞĚƐƚĂƚĞĚƚŚĂƚŝƚ͛ƐĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐŽŶůǇ͘ /ĨE'/EZŝƐĂƵƚŚŽƌŝǌĞĚďǇ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚƐ͕E'/EZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ & ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŽŶƚƌĂĐƚ͕ĂŶĚE'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůǇƉĂǇŵĞŶƚďǇE'/EZŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͛Ɛ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂǇŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞƐƵď ĐŽŶƐƵůƚĂŶƚŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ E'/EZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ' ĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzDEd $57,&/( &ŽƌĂůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞŶŐŝŶĞĞƌƐŚĂůůŵĂŝŶƚĂŝŶŝƚƐĞƚŚŝĐĂůĂŶĚ $ ůĞŐĂůĚƵƚǇŽĨĂƉƌŽĨĞƐƐŝŽŶĂůƚŽĞǆĞƌĐŝƐĞƚŚĞůĞǀĞůŽĨĐĂƌĞ͕ĚŝůŝŐĞŶĐĞ͕ĂŶĚƐŬŝůůƉƌĞƐĐƌŝďĞĚŝŶƚŚĞĐŽĚĞŽĨƉƌĂĐƚŝĐĞŽĨŚŝƐŽƌŚĞƌ ƉƌŽĨĞƐƐŝŽŶ͕ŽƌĂƐŽƚŚĞƌƉƌŽĨĞƐƐŝŽŶĂůƐŝŶƚŚĞƐĂŵĞĚŝƐĐŝƉůŝŶĞǁŽƵůĚŝŶƚŚĞƐĂŵĞŽƌƐŝŵŝůĂƌĐŝƌĐƵŵƐƚĂŶĐĞƐ͘dŚĞE'/EZ ƐŚĂůůĐŽŵƉůǇǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďǇĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐ͘ 3DFNHW3J )F E'/EZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂǇŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ % ƌĞŐƵůĂƚŝŽŶƐ͘ ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďǇƉƌŽŐƌĞƐƐƉĂǇŵĞŶƚƐŵĂĚĞďǇ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚǇŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ & ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐE'/EZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂǇŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶǇĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞE'/EZ͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ ƐŚĂůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞ ĞǆƚĞŶƚŽĨƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞE'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶǇǁĂǇƚŽƌĞůŝĞǀĞE'/EZĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐĞƌǀŝĐĞƐ ' ĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞǆĐĞĞĚƚŚĂƚŝƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ E'/EZŝƐŶŽƚĂƵƚŚŽƌŝǌĞĚƚŽĚŝƌĞĐƚƚŚĞǁŽƌŬŽĨŽŶƚƌĂĐƚŽƌ͕ƵŶůĞƐƐŝƚǇŝƐŐŝǀĞŶƐƵĐŚĂƵƚŚŽƌŝƚǇ͕ŝŶǁƌŝƚŝŶŐ͕ďǇKǁŶĞƌ͘ ( E'/EZĐŽŵŵƵŶŝĐĂƚŝŽŶƐŚĂůůďĞĚŝƌĞĐƚůǇǁŝƚŚKǁŶĞƌ͛ƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞ;ŽŶƐƚƌƵĐƚŝŽŶĨŽƌĞŵĞŶŽƌƐƵƉĞƌŝŶƚĞŶĚĞŶƚŽƌ ŽƚŚĞƌŵĞŵďĞƌŝĚĞŶƚŝĨŝĞĚĂƐWƌŽũĞĐƚDĂŶĂŐĞƌͿ͕ĂŶĚƚŽŝƚǇŶŐŝŶĞĞƌŽƌŚŝƐĚĞƐŝŐŶĞĞ͘ ^^/'EDEd $57,&/(ĞĚŝŶƚŚŝƐ ŽŶƚƌĂĐƚ͘ ĐŽƉǇŽĨĂŶǇĂŶĚĂůůƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚƐŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚĂĨƚĞƌĞǆĞĐƵƚŝŽŶŽĨƚŚĞƐƵď % ĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽǁŽƌŬƐƚĂƌƚŝŶŐƵŶĚĞƌƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚ͘ DEDEd^͕,E'KZZ^͕DZ'Z͕KhEdZWZd^͕Et/sZ $57,&/( ŵĞŶĚŵĞŶƚƐƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĐŽŶƐŝĚĞƌĞĚŽŶůǇĨŽƌƵŶĨŽƌĞƐĞĞŶǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŚĂƚǁĞƌĞĞǆĐůƵĚĞĚŝŶƚŚĞ^ĐŽƉĞŽĨ $ tŽƌŬ͕ĞŶƚŝƚůĞĚ͞ĞƚĂŝůĞĚ^ĐŽƉĞŽĨtŽƌŬ͕͟ĂŶĚƚŚĂƚĂƌĞĐŽŶƐŝĚĞƌĞĚĞƐƐĞŶƚŝĂůƚŽƚŚĞǁŽƌŬ͘ŶǇǁƌŝƚƚĞŶĐůĂŝŵŵĂĚĞďǇ E'/EZĨŽƌĞǆƚƌĂǁŽƌŬŽƌĐŽƐƚƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐďĞĞŶĂƉƉƌŽǀĞĚďǇƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŵƵƐƚďĞ ĞǀŝĚĞŶĐĞĚďǇĂŶĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚ͘ŵĞŶĚŵĞŶƚƐŵƵƐƚďĞŝŶǁƌŝƚŝŶŐĂŶĚĞǆĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚďǇƚŚĞƐĂŵĞ ƉĂƌƚŝĞƐĂŶĚŽĨĨŝĐŝĂůƐǁŚŽĞǆĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚƚŚĞŽƌŝŐŝŶĂůŽŶƚƌĂĐƚ͕ŽƌƚŚĞŝƌƐƵĐĐĞƐƐŽƌƐŝŶŽĨĨŝĐĞ͘E'/EZŵƵƐƚŶŽƚŝĨǇ /dz͛ƐWƌŽũĞĐƚDĂŶĂŐĞƌŝŶǁƌŝƚŝŶŐŝĨE'/EZǁŝůůďĞĚĞůĂǇĞĚŝŶĂŶǇǁĂǇĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ % ŽĨE'/EZ͘ŶǇĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůǇĂŶĚĨƵůůǇĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ & ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚǇƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůǇŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͕ ďǇƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝǌĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďǇĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞE'/EZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďǇŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĞǆĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ' ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞŽŶƚƌĂĐƚ͘ 3DFNHW3J )F KDW>/Et/d,>/E^^͕WZD/d^͕EKd,ZZ'h>d/KE^ $57,&/( E'/EZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ĐĞƌƚŝĨŝĐĂƚŝŽŶƐ͕ĞĚƵĐĂƚŝŽŶ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌǇƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐ $ ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/^E/Ed>>dh>WZKWZdz $57,&/( dŚĞDŝŶŶĞƐŽƚĂ'ŽǀĞƌŶŵĞŶƚĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ $ ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ ŶǇƌĞƉŽƌƚƐ͕ƐƚƵĚŝĞƐ͕ƉŚŽƚŽŐƌĂƉŚƐ͕ŶĞŐĂƚŝǀĞƐ͕ŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐĐƌĞĂƚĞĚĂŶĚƉĂŝĚĨŽƌďǇE'/EZŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ % ŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂƌĞŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞŝŶƌĞƐƉĞĐƚƚŽE'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĂƌĞƚŚĞĞǆĐůƵƐŝǀĞ ƉƌŽƉĞƌƚǇŽĨ/dz͘E'/EZŵƵƐƚƌĞŵŝƚĂůůƐƵĐŚŵĂƚĞƌŝĂůƐƚŽ/dzƵƉŽŶĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞ /dzǁŝůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇƌĞƵƐĞŽĨƐƵĐŚŵĂƚĞƌŝĂůƐďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞŝƚǇƐŚĂůůŐƌĂŶƚƚŚĞE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞĞǆƚĞŶƚŽĨƚŚĞ/dzΖƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘E'/EZǁĂŝǀĞƐĂůůĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞ/dzƌĞƐƵůƚŝŶŐŝŶĂŶǇǁĂǇĨƌŽŵĂŶǇƌĞƵƐĞŽĨ ƚŚĞE'/EZ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŝƌĞĐƚĞĚďǇ/dz͕ƚŚĞŽƌŝŐŝŶĂůƐŽĨƌĞƉŽƌƚƐ͕ƚĞƐƚƐ͕ĚƌĂǁŝŶŐƐĂŶĚƉůĂŶƐ͖ĂŶĚůĞŐŝďůǇƌĞƉƌŽĚƵĐŝďůĞĐŽƉŝĞƐŽĨ & ǁŽƌŬƐŚĞĞƚƐ͕ĨŝĞůĚŶŽƚĞƐ͕ĐŽŵƉƵƚĂƚŝŽŶƐ͕ƉŚŽƚŽƐ͕ƚĞƐƚƌĞƐƵůƚƐ͕ĂŶĚŽƚŚĞƌƉƌŽũĞĐƚĚĂƚĂŵƵƐƚďĞƌĞůŝŶƋƵŝƐŚĞĚƚŽ/dz͗ ϭ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ Ϯ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĨŝĐĂƚŝŽŶďǇ/dz͘ ϯ͘WƌŝŽƌƚŽĨŝŶĂůƉĂǇŵĞŶƚďǇ/dzƚŽE'/EZĨŽƌƚŚŝƐŽŶƚƌĂĐƚ͘ ͘EŽƚǁŝƚŚƐƚĂŶĚŝŶŐƚŚĞĂďŽǀĞƉĂƌĂŐƌĂƉŚƐ͕ǁŽƌŬƉĂƉĞƌƐ͕ƉƌŽƉƌŝĞƚĂƌǇŝŶĨŽƌŵĂƚŝŽŶ͕ƉƌŽĐĞƐƐĞƐ͕ŵĞƚŚŽĚŽůŽŐŝĞƐ͕ŬŶŽǁͲŚŽǁĂŶĚ ƐŽĨƚǁĂƌĞ;͞E'/EZĂƚĂ͟ͿƉƌĞǀŝŽƵƐůǇďĞůŽŶŐŝŶŐŽƌůŝĐĞŶƐĞĚƚŽE'/EZĂŶĚƵƐĞĚƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůů ƌĞŵĂŝŶƚŚĞƉƌŽƉĞƌƚǇŽĨE'/EZ͘E'/EZƐŚĂůůƌĞƚĂŝŶĂŶŽǁŶĞƌƐŚŝƉĂŶĚƉƌŽƉĞƌƚǇŝŶƚĞƌĞƐƚƚŚĞƌĞŝŶ;ŝŶĐůƵĚŝŶŐƚŚĞĐŽƉǇƌŝŐŚƚ ĂŶĚƚŚĞƌŝŐŚƚŽĨƌĞƵƐĞĂƚƚŚĞĚŝƐĐƌĞƚŝŽŶŽĨƚŚĞE'/EZͿ͕ǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞWƌŽũĞĐƚŝƐĐŽŵƉůĞƚĞĚ͘dŽƚŚĞĞǆƚĞŶƚƚŚĞƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚďǇE'/EZĐŽŶƚĂŝŶE'/EZĂƚĂ͕E'/EZŚĞƌĞďǇŐƌĂŶƚƐƚŽ/dzĂŶŽŶͲĞǆĐůƵƐŝǀĞ͕ŶŽŶͲĂƐƐŝŐŶĂďůĞ͕ƌŽǇĂůƚǇͲ ĨƌĞĞ͕ŝƌƌĞǀŽĐĂďůĞůŝĐĞŶƐĞƚŽƵƐĞƐƵĐŚE'/EZĂƚĂĨŽƌƚŚĞƉƵƌƉŽƐĞƐƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͕ƐƵďũĞĐƚƚŽƚŚĞĨŽůůŽǁŝŶŐůŝŵŝƚĂƚŝŽŶƐ͗ ƐƵĐŚE'/EZĂƚĂĂƌĞŶŽƚŝŶƚĞŶĚĞĚŽƌƌĞƉƌĞƐĞŶƚĞĚƚŽďĞƐƵŝƚĂďůĞĨŽƌƵƐĞŽƌƌĞƵƐĞďǇ/dzŽŶĞǆƚĞŶƐŝŽŶŽĨƚŚĞWƌŽũĞĐƚŽƌ ŽŶĂŶǇŽƚŚĞƌƉƌŽũĞĐƚǁŝƚŚŽƵƚǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďǇE'/EZĂŶĚĂŶǇƐƵĐŚƌĞƵƐĞŽƌŵŽĚŝĨŝĐĂƚŝŽŶŽĨƚŚĞ E'/EZĂƚĂǁŝƚŚŽƵƚƚŚĞǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďǇE'/EZƐŚĂůůďĞĚŽŶĞĂƚ/dz͛ƐƐŽůĞƌŝƐŬĂŶĚǁŝƚŚŽƵƚ ůŝĂďŝůŝƚǇƚŽE'/EZ͘ >//>/dz $57,&/( 'ĞŶĞƌĂůͲ,ĂǀŝŶŐĐŽŶƐŝĚĞƌĞĚƚŚĞƉŽƚĞŶƚŝĂůůŝĂďŝůŝƚŝĞƐƚŚĂƚŵĂǇĞǆŝƐƚĚƵƌŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ^ĞƌǀŝĐĞƐ͕ƚŚĞďĞŶĞĨŝƚƐ $ ŽĨƚŚĞƉƌŽũĞĐƚ͕ĂŶĚƚŚĞE'/EZ͛ƐĨĞĞĨŽƌƚŚĞ^ĞƌǀŝĐĞƐ͕ĂŶĚŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞƉƌŽŵŝƐĞƐĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ /dzĂŶĚE'/EZĂŐƌĞĞƚŽĂůůŽĐĂƚĞĂŶĚůŝŵŝƚƐƵĐŚůŝĂďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐƌƚŝĐůĞ͘ /ŶĚĞŵŶŝĨŝĐĂƚŝŽŶͲE'/EZĂŶĚ/dz;ƚŚĞ͞/ŶĚĞŵŶŝĨǇŝŶŐWĂƌƚǇ͟ͿƐŚĂůůďĞůŝĂďůĞĨŽƌŝƚƐŽǁŶŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐĂŶĚ % ŽŵŝƐƐŝŽŶƐƚŽƚŚĞĞǆƚĞŶƚƉƌŽǀŝĚĞĚďǇůĂǁĂŶĚƐƵďũĞĐƚƚŽƚŚĞ/dz͛ƐĐĂƉŽŶŵƵŶŝĐŝƉĂůƚŽƌƚůŝĂďŝůŝƚǇƵŶĚĞƌDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ ^ĞĐƚŝŽŶϰϲϲ͘Ϭϰ͕ĂŶĚŚĞƌĞďǇĂŐƌĞĞƐƚŽĚĞĨĞŶĚ͕ŝŶĚĞŵŶŝĨǇ͕ĂŶĚŚŽůĚŚĂƌŵůĞƐƐƚŚĞŽƚŚĞƌ;͞ƚŚĞ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚǇ͟Ϳ͕ĨƌŽŵ ĂŶǇůŝĂďŝůŝƚǇ͕ĚĂŵĂŐĞƐ͕ĂŶĚĐŽƐƚƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞŶĞŐůŝŐĞŶƚĂĐƚƐŽĨE'/EZĂŶĚ/dzĂŶĚĂŶǇŽŶĞĨŽƌǁŚŽƐĞŶĞŐůŝŐĞŶƚ ĂĐƚƐƚŚĞǇŵĂǇďĞůŝĂďůĞĨŽƌŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚŝĐŚƚŚĞ/ŶĚĞŵŶŝĨŝĞĚ WĂƌƚǇ͕ŝƚƐŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽǇĞĞƐŵĂǇŚĞƌĞĂĨƚĞƌƐƵƐƚĂŝŶ͕ŝŶĐƵƌŽƌďĞƌĞƋƵŝƌĞĚƚŽƉĂǇƚŽƚŚĞĨƵůůĞĨĨĞĐƚƉƌŽǀŝĚĞĚďǇ DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϯϯϳ͕ƚŽƚŚĞĞǆƚĞŶƚƚŚĞE'/EZĂŶĚ/dzĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐƵĐŚůŝĂďŝůŝƚǇ͕ĐŽƐƚƐ͕ĚĂŵĂŐĞƐ͕ ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞǇƐ͛ĨĞĞƐ͘/ŶƚŚĞĞǀĞŶƚĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌĞǆƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďǇƚŚĞũŽŝŶƚŽƌ ĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨE'/EZĂŶĚ/dz͕ƚŚĞǇƐŚĂůůďĞďŽƌŶĞďǇĞĂĐŚƉĂƌƚǇŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ ^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚŝƐŽŶƚƌĂĐƚŝƐ & ƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶǇƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ 3DFNHW3J )F tKZ<Z^ΖKDWE^d/KE $57,&/( ŶǇĂŶĚĂůůĞŵƉůŽǇĞĞƐŽĨE'/EZ͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ $ ĂŶǇǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽǇĞĞƐŽĨ/dz͘ŶǇĂŶĚĂůů ĐůĂŝŵƐƚŚĂƚŵĂǇĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐ ǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶǇĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďǇĂŶǇƚŚŝƌĚƉĂƌƚǇĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶǇĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨ E'/EZΖƐĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽĞŶŐĂŐĞĚŽŶĂŶǇŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶŶŽǁĂǇ ďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨ/dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞ ǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂǇĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚE'/EZ͘ KE^ $57,&/( dŚŝƐƌƚŝĐůĞŝƐŚĞƌĞďǇĚĞůĞƚĞĚ͘ /E^hZE $57,&/( ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞĨŽƌĞĂĐŚƚǇƉĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĨŝůĞĚǁŝƚŚƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚ $ ŐĞŶƚƉƌŝŽƌƚŽĞǆĞĐƵƚŝŽŶŽĨƚŚĞŽŶƚƌĂĐƚďǇŝƚǇ͘ĂĐŚƉŽůŝĐǇŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ /dzĂϯϬͲĚĂǇŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ E'/EZŵƵƐƚŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌǇĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗ % ϭ͘E'/EZƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƐŝƐƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌǇ ĨŽƌƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐďǇE'/EZĂŶĚŝƚƐĞŵƉůŽǇĞĞƐ͘ Ϯ͘dŚĞE'/EZƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐƐĞƉĂƌĂƚĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĞŶĚŽƌƐĞŵĞŶƚƐĨŽƌĞĂĐŚƐƵďĐŽŶƐƵůƚĂŶƚ͘ E'/EZƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐĨƌŽŵŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ tŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͗ ϯ͘E'/EZǁŝůůƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌĂůůE'/EZ ĞŵƉůŽǇĞĞƐĂŶĚ͕ŝŶĐĂƐĞĂŶǇǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕E'/EZǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌǇƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/dzŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ ͕ŵƉůŽǇĞƌ͛Ɛ>ŝĂďŝůŝƚǇ͕ĂƚůŝŵŝƚƐŶŽƚůĞƐƐƚŚĂŶΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĚŝƐĞĂƐĞƉĞƌĞŵƉůŽǇĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇ ŝŶũƵƌǇďǇĚŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĂĐĐŝĚĞŶƚ͘ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͚ƐŝŶƐƵƌĂŶĐĞƐŚĂůů ďĞĨŝůĞĚǁŝƚŚƚŚĞE'/EZ͘ ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚǇ͗ ϰ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌ ďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚǇ ĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďǇ E'/EZŽƌďǇĂƐƵďĐŽŶƐƵůƚĂŶƚŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘E'/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 3DFNHW3J )F ƉƌŽƉĞƌƚǇĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďǇE'/EZŽƌďǇƐƵďĐŽŶƐƵůƚĂŶƚŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞE'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞůŝŵŝƚĨŽƌŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ͗ ϲ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌĐůĂŝŵ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ dŚŝƐƉŽůŝĐǇǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐE'/EZǁŝůůďĞĐŽŵĞůĞŐĂůůǇŽďůŝŐĂƚĞĚƚŽƉĂǇƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇ ĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽE'/EZΖƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͘ 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'/EZ͛ƐŽďůŝŐĂƚŝŽŶƚŽƌĞŶĚĞƌƐĞƌǀŝĐĞƐŚĞƌĞƵŶĚĞƌǁŝůůďĞĨŽƌĂƉĞƌŝŽĚǁŚŝĐŚŵĂǇ ƌĞĂƐŽŶĂďůǇďĞƌĞƋƵŝƌĞĨŽƌƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƐĂŝĚƐĞƌǀŝĐĞƐ͘ /ĨŝŶƚŚŝƐŽŶƚƌĂĐƚƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞĨŽƌƌĞŶĚĞƌŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐĞƚĨŽƌƚŚŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐďǇǁŚŝĐŚƐĞƌǀŝĐĞƐĂƌĞƚŽďĞ & ĐŽŵƉůĞƚĞĚĂƌĞƉƌŽǀŝĚĞĚ͕ĂŶĚŝĨƐƵĐŚƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌĚĂƚĞƐĂƌĞĐŚĂŶŐĞĚƚŚƌŽƵŐŚŶŽĨĂƵůƚŽĨE'/EZ͕ƚŚĞƌĂƚĞƐĂŶĚ ĂŵŽƵŶƚƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽǀŝĚĞĚĨŽƌŚĞƌĞŝŶƐŚĂůůďĞƐƵďũĞĐƚƚŽĞƋƵŝƚĂďůĞĂĚũƵƐƚŵĞŶƚ͘/Ĩ/dzŚĂƐƌĞƋƵĞƐƚĞĚĐŚĂŶŐĞƐŝŶ ƚŚĞƐĐŽƉĞ͕ĞǆƚĞŶƚ͕ŽƌĐŚĂƌĂĐƚĞƌŽĨƚŚĞWƌŽũĞĐƚ͖ƚŚĞƚŝŵĞŽĨƉĞƌĨŽƌŵĂŶĐĞŽĨE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůůďĞĂĚũƵƐƚĞĚĞƋƵŝƚĂďůǇ͘ EĞŝƚŚĞƌƉĂƌƚǇǁŝůůďĞŚĞůĚƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞůĂǇŽƌĨĂŝůƵƌĞƚŽƉĞƌĨŽƌŵǁŚĞŶƐƵĐŚĚĞůĂǇŽƌĨĂŝůƵƌĞŝƐĚƵĞƚŽĂŶǇŽĨƚŚĞ ' ĨŽůůŽǁŝŶŐ͕ƵŶůĞƐƐƚŚĞĂĐƚŽƌŽĐĐƵƌƌĞŶĐĞĐŽƵůĚŚĂǀĞďĞĞŶƌĞĂƐŽŶĂďůǇĨŽƌĞƐĞĞŶĂŶĚƌĞĂƐŽŶĂďůĞĂĐƚŝŽŶĐŽƵůĚŚĂǀĞďĞĞŶ ƚĂŬĞŶƚŽƉƌĞǀĞŶƚƚŚĞĚĞůĂǇŽƌĨĂŝůƵƌĞ͗ĨŝƌĞ͕ĨůŽŽĚ͕ĞƉŝĚĞŵŝĐ͕ƐƚƌŝŬĞƐ͕ǁĂƌƐ͕ĂĐƚƐŽĨ'ŽĚ͕ƵŶƵƐƵĂůůǇƐĞǀĞƌĞǁĞĂƚŚĞƌ͕ŽƌĚĞůĂǇƐ ŽƌĚĞĨĂƵůƚƐĐĂƵƐĞĚďǇƉƵďůŝĐĐĂƌƌŝĞƌƐ͕ƉƌŽǀŝĚĞĚƚŚĞĚĞĨĂƵůƚŝŶŐƉĂƌƚǇŐŝǀĞƐǁƌŝƚƚĞŶŶŽƚŝĐĞĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞƚŽƚŚĞŽƚŚĞƌ ƉĂƌƚǇŽĨŝƚƐŝŶĂďŝůŝƚǇƚŽƉĞƌĨŽƌŵ͘ &ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐŽŶƚƌĂĐƚƚŚĞƚĞƌŵ͞ĚĂǇ͟ŵĞĂŶƐĂĐĂůĞŶĚĂƌĚĂǇŽĨϮϰŚŽƵƌƐ͘ ( 3DFNHW3J )F Ed/dZh^d $57,&/(ƌĞĐƚŝŽŶƐ $ ƌĞƐƵůƚŝŶŐĨƌŽŵE'/EZΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬ ďǇ/dzǁŝůůŶŽƚƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌ ĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶǇĂŵďŝŐƵŝƚŝĞƐ͘ /ĨŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂƌĞŵĂĚĞďǇE'/EZŝŶĂŶǇƉŚĂƐĞŽĨƚŚĞǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨǁŚŝĐŚŵĂǇ % ƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZǁŝůůďĞƉƌŽŵƉƚůǇŶŽƚŝĨŝĞĚďǇ/dzĂŶĚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƐƵĐŚ ĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘/ĨƚŚĞE'/EZŝƐĂǁĂƌĞŽĨĂŶǇŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞŝŶĂŶǇƉŚĂƐĞ ŽĨŝƚƐǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶƐŽĨǁŚŝĐŚŵĂǇƌĞƋƵŝƌĞĂŶǇĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZŵƵƐƚƉƌŽŵƉƚůǇƉĞƌĨŽƌŵ ƐƵĐŚĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘ E'/EZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶǇĚĂŵĂŐĞƐŝŶĐƵƌƌĞĚĂƐĂƌĞƐƵůƚŽĨŝƚƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂŶĚĨŽƌĂŶǇ & 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Ϯ͘ĞĂůĞƌŝŶǀŽŝĐĞ ϯ͘KƉĞƌĂƚŽƌ͛ƐŵĂŶƵĂůĨŽƌǀĞŚŝĐůĞĂŶĚĂĚĚ ͲŽŶĞƋƵŝƉŵĞŶƚ ϰ͘DĂŝŶƚĞŶĂŶĐĞĂŶĚŝŶƐƉĞĐƚŝŽŶƐĐŚĞĚƵůĞŝŶĐŽƌƉŽƌĂƚŝŶŐƚŚĞƌĞƋƵŝƌĞĚŵĂŝŶƚĞŶĂŶĐĞĂŶĚ ŝŶƐƉĞĐƚŝŽŶŽĨƚŚĞďĂƐŝĐǀĞŚŝĐůĞĂŶĚŝƚƐƐƵďͲƐǇƐƚĞŵƐ ϱ͘tĂƌƌĂŶƚǇŝŶĨŽƌŵĂƚŝŽŶ ϲ͘ůƚŽŽŶĂdĞƐƚƌĞƉŽƌƚĨŽƌƚŚĞǀĞŚŝĐůĞ;ĂƐĂƉƉůŝĐĂďůĞͿ ϳ͘ƵǇŵĞƌŝĐĂĚŽĐƵŵĞŶƚĂƚŝŽŶ͕ĂƐĂƉƉůŝĐĂďůĞ ϴ͘ĐŽŵƉůĞƚĞƐĞƚŽĨĂƐͲďƵŝůƚĚƌĂǁŝŶŐƐ͕ŝŶĐůƵĚŝŶŐĞůĞĐƚƌŝĐĂůƐĐŚĞŵĂƚŝĐƐƚŚĂƚƐŚŽǁǁŚĞƌĞ ĞƋƵŝƉŵĞŶƚǁĂƐĂƚƚĂĐŚĞĚƚŽƚŚĞĨĂĐƚŽƌǇĞůĞĐƚƌŝĐƉŽǁĞƌ͘ '͘dŚĞ/dzǁŝůůŝŶƐƉĞĐƚĂŶĚŵĂŬĞĂŶĂƐƐĞƐƐŵĞŶƚŽĨĞĂĐŚďƵƐĚĞůŝǀĞƌĞĚďǇ ƚŚĞKEdZdKZ͘dŚĞƉƵƌƉŽƐĞŽĨĂĐĐĞƉƚĂŶĐĞƚĞƐƚŝŶŐŽŶĞĂĐŚsĞŚŝĐůĞĚĞůŝǀĞƌĞĚŝƐƚŽŝĚĞŶƚŝĨǇ ĚĞĨĞĐƚƐĂŶĚĞŶƐƵƌĞǀĞŚŝĐůĞĂŶĚĐŚĂƌŐŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞƉĞƌĨŽƌŵĂŶĐĞŝƐƐƵĨĨŝĐŝĞŶƚĨŽƌŽƉĞƌĂƚŝŽŶ ŽŶŝƚǇƚƌĂŶƐŝƚƌŽƵƚĞƐ͘dŚĞĂĐĐĞƉƚĂŶĐĞƚĞƐƚŝŶŐǁŝůůďĞŐŝŶŶŽůĂƚĞƌƚŚĂŶϭϱĚĂǇƐĂĨƚĞƌƚŚĞsĞŚŝĐůĞ ŝƐĚĞůŝǀĞƌĞĚƚŽƚŚĞ/dz͘dŚĞĂĐĐĞƉƚĂŶĐĞƚĞƐƚŝŶŐƉĞƌŝŽĚƐŚĂůůůĂƐƚϭϱĐĂůĞŶĚĂƌĚĂǇƐƵŶůĞƐƐ ĞǆƚĞŶĚĞĚƉĞƌƚŚĞƚĞƌŵƐŽƵƚůŝŶĞĚŝŶƌƚŝĐůĞϭϬŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͘ĐĐĞƉƚĂŶĐĞĐƌŝƚĞƌŝĂĂƌĞŽƵƚůŝŶĞĚ ŝŶƚƚĂĐŚŵĞŶƚʹĐĐĞƉƚĂŶĐĞdĞƐƚŝŶŐ͘ 3DFNHW3J )ƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚ ďĞůŽǁ͗ ϭ͘ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ ;ƐĞƋƵĞŶƚŝĂůůǇŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚ KEdZdKZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚĐŽƐƚƐĂƌĞŶĞǁ ĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶǇ ƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚ ŐĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚƉĂǇŵĞŶƚ͘ 3DFNHW3J )ĐŚĂƌŐŝŶŐĞƋƵŝƉŵĞŶƚ ƉĂƐƐŝŶŐĂĐĐĞƉƚĂŶĐĞƚĞƐƚŝŶŐ͘ĞĨŽƌĞĂƉƉůǇŝŶŐĨŽƌĨŝŶĂůƉĂǇŵĞŶƚ͕ƚŚĞKEdZdKZƐŚĂůů ĐŽŵƉůĞƚĞĂůůǁŽƌŬĂŶĚĐŽƌƌĞĐƚĂŶǇĚĞĨŝĐŝĞŶĐŝĞƐŝŶƚŚĞǁŽƌŬĂŶĚĂŶǇǁŽƌŬƌĞũĞĐƚĞĚďǇƚŚĞŝƚǇ͘ hƉŽŶƌĞĐĞŝƉƚŽĨƚŚĞKEdZdKZ͛ƐŶŽƚŝĐĞƚŚĂƚĂůůĚĞůŝǀĞƌĂďůĞƐĚƵĞƵŶĚĞƌƚŚĞĐŽŶƚƌĂĐƚŚĂǀĞ ďĞĞŶĨƵƌŶŝƐŚĞĚƚŚĞ/dzƐŚĂůůŵĂŬĞŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚǁŚĞŶƚŚĞ/dzĨŝŶĚƐĂůůƐƵĐŚĚĞůŝǀĞƌĂďůĞƐ ĂĐĐĞƉƚĂďůĞƵŶĚĞƌƚŚĞĐŽŶƚƌĂĐƚĂŶĚƚŚĞĐŽŶƚƌĂĐƚĨƵůůǇƉĞƌĨŽƌŵĞĚ͕ƚŚĞ/dzƐŚĂůůŵĂŬĞĨŝŶĂů ƉĂǇŵĞŶƚƐƚŽƚŚĞKEdZdKZ͘ dŚĞĨŝŶĂůƉĂǇŵĞŶƚƐŚĂůůŶŽƚďĞĐŽŵĞĚƵĞƵŶƚŝůƚŚĞKEdZdKZƐƵďŵŝƚƐƚŽƚŚĞ/dz;ĂͿĂŶ ĂĨĨŝĚĂǀŝƚƚŚĂƚĂůůƉĂǇƌŽůůƐ͕ďŝůůƐĨŽƌŵĂƚĞƌŝĂůƐĂŶĚĞƋƵŝƉŵĞŶƚ͕ĂŶĚŽƚŚĞƌŝŶĚĞďƚĞĚŶĞƐƐĐŽŶŶĞĐƚĞĚ ǁŝƚŚƚŚĞǁŽƌŬŚĂǀĞďĞĞŶƉĂŝĚŽƌŽƚŚĞƌǁŝƐĞƐĂƚŝƐĨŝĞĚ͕;ďͿĐŽŶƐĞŶƚŽĨƐƵƌĞƚǇ͕ŝĨĂŶǇ͕ƚŽĨŝŶĂů ƉĂǇŵĞŶƚ͕ĂŶĚ;ĐͿŝĨƌĞƋƵŝƌĞĚďǇƚŚĞ/dz͕ŽƚŚĞƌĚĂƚĂĞƐƚĂďůŝƐŚŝŶŐƉĂǇŵĞŶƚŽƌƐĂƚŝƐĨĂĐƚŝŽŶŽĨĂůů ŽďůŝŐĂƚŝŽŶƐ͕ƐƵĐŚĂƐƌĞĐĞŝƉƚƐ͕ƌĞůĞĂƐĞƐ͕ĂŶĚǁĂŝǀĞƌƐŽĨůŝĞŶƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚĞĐŽŶƚƌĂĐƚ͕ƚŽƚŚĞ ĞǆƚĞŶƚĂŶĚŝŶƚŚĞĨŽƌŵĚĞƐŝŐŶĂƚĞĚďǇƚŚĞ/dz͘/ĨĂŶǇ^ƵďĐŽŶƚƌĂĐƚŽƌƐƌĞĨƵƐĞƐƚŽĨƵƌŶŝƐŚĂ ƌĞůĞĂƐĞŽƌǁĂŝǀĞƌƌĞƋƵŝƌĞĚďǇ/dz͕ƚŚĞKEdZdKZŵĂǇĨƵƌŶŝƐŚĂďŽŶĚƐĂƚŝƐĨĂĐƚŽƌǇƚŽ/dz ƚŽŝŶĚĞŵŶŝĨǇƚŚĞ/dzĂŐĂŝŶƐƚƚŚĞĐůĂŝŵ͘/ĨĂĐůĂŝŵƌĞŵĂŝŶƐƵŶƐĂƚŝƐĨŝĞĚĂĨƚĞƌĂůůƉĂǇŵĞŶƚƐĂƌĞ 3DFNHW3J )ůŝĂďŝůŝƚǇƵŶĚĞƌDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϰϲϲ͘Ϭϰ͕ĂŶĚŚĞƌĞďǇĂŐƌĞĞƐ ƚŽĚĞĨĞ ŶĚ͕ŝŶĚĞŵŶŝĨǇ͕ĂŶĚŚŽůĚŚĂƌŵůĞƐƐƚŚĞŽƚŚĞƌ;͞ƚŚĞ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚǇ͟Ϳ͕ĨƌŽŵĂŶǇ ůŝĂďŝůŝƚǇ͕ĚĂŵĂŐĞƐ͕ĂŶĚĐŽƐƚƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞŶĞŐůŝŐĞŶƚĂĐƚƐŽĨE'/EZĂŶĚ/dzĂŶĚ ĂŶǇŽŶĞĨŽƌǁŚŽƐĞŶĞŐůŝŐĞŶƚĂĐƚƐƚŚĞǇŵĂǇďĞůŝĂďůĞĨŽƌŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƉƌŽĨĞƐƐŝŽŶĂů ƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚŝĐŚƚŚĞ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚǇ͕ŝƚƐŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽǇĞĞƐ ŵĂǇŚĞƌĞĂĨƚĞƌƐƵƐƚĂŝŶ͕ŝŶĐƵƌŽƌďĞƌĞƋƵŝƌĞĚƚŽƉĂǇƚŽƚŚĞĨƵůůĞĨĨĞĐƚƉƌŽǀŝĚĞĚďǇDŝŶŶĞƐŽƚĂ ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϯϯϳ͕ƚŽƚŚĞĞǆƚĞŶƚƚŚĞKEdZdKZĂŶĚ/dzĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐƵĐŚ ůŝĂďŝůŝƚǇ͕ĐŽƐƚƐ͕ĚĂŵĂŐĞƐ͕ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞǇƐ͛ĨĞĞƐ͕/ŶƚŚĞĞǀĞŶƚĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ ĚĂŵĂŐĞƐ͕ŽƌĞǆƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďǇƚŚĞũŽŝŶƚŽƌĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨKEdZdKZĂŶĚ /dz͕ƚŚĞǇƐŚĂůůďĞďŽƌŶĞďǇĞĂĐŚƉĂƌƚǇŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ ͘hƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ ŽƌŝĨƚŚŝƐŽŶƚƌĂĐƚŝƐƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶǇƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůů ƐƵƌǀŝǀĞ͘ ͘ŶǇĂŶĚĂůůĞŵƉůŽǇĞĞƐŽĨKEdZdKZ͕ŝŶĐůƵĚŝŶŐŝƚƐ ƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨĂŶǇǁŽƌŬŽƌƐĞƌǀŝĐĞƐ ƌĞƋƵŝƌĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽǇĞĞƐŽĨ/dz͘ŶǇ ĂŶĚĂůůĐůĂŝŵƐƚŚĂƚŵĂǇĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨ 3DFNHW3J )ů'ĞŶĞƌĂů>ŝĂďŝůŝƚǇ͗E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐKEdZdKZ ĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌ ĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚǇĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞ ǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďǇ KEdZdKZŽƌďǇĂƐƵďĐŽŶƚƌĂĐƚŽƌŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌ ƚŚŝƐŽŶƚƌĂĐƚ͘KEdZdKZ͛ƐůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞƐŚĂůůďĞƉƌŝŵĂƌǇƚŽĂŶǇůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞ ŵĂŝŶƚĂŝŶĞĚďǇƚŚĞŝƚǇ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕KEdZdKZ͛Ɛ ŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ă͘Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ ď͘ΨϮ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ Đ͘ΨϮ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞʹWƌŽĚƵĐƚƐͬŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ 3DFNHW3J ) dŚĞƌĞƚƌŽĂĐƚŝǀĞŽƌƉƌŝŽƌĂĐƚƐĚĂƚĞŽĨƐƵĐŚĐŽǀĞƌĂŐĞƐŚĂůůŶŽƚďĞĂĨƚĞƌƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨ ƚŚŝƐŽŶƚƌĂĐƚĂŶĚŽŶƚƌĂĐƚŽƌƐŚĂůůŵĂŝŶƚĂŝŶƐƵĐŚŝŶƐƵƌĂŶĐĞĨŽƌĂƉĞƌŝŽĚŽĨĂƚůĞĂƐƚƚŚƌĞĞ ;ϯͿǇĞĂƌƐ͕ĨŽůůŽǁŝŶŐĐŽŵƉůĞƚŝŽŶŽĨƚŚĞǁŽƌŬ͘/ĨƐƵĐŚŝŶƐƵƌĂŶĐĞŝƐĚŝƐĐŽŶƚŝŶƵĞĚ͕ĞǆƚĞŶĚĞĚ ƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚĐŽǀĞƌĂŐĞŵƵƐƚďĞŽďƚĂŝŶĞĚďǇŽŶƚƌĂĐƚŽƌƚŽĨƵůĨŝůůƚŚŝƐƌĞƋƵŝƌĞŵĞŶƚ͘ ϳ͘&ŽƌǁŽƌŬŽŶƌĂŝůƌŽĂĚƉƌŽƉĞƌƚǇ͕KEdZdKZŵƵƐƚŽďƚĂŝŶZĂŝůƌŽĂĚWƌŽƚĞĐƚŝǀĞ>ŝĂďŝůŝƚǇ /ŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚDŶͬKd^ƉĞĐŝĨŝĐĂƚŝŽŶϭϳϬϴ͘Ϯ;ϭϵϵϱĚŝƚŝŽŶͿŽƌĂŶǇ ƐƵďƐĞƋƵĞŶƚĐŚĂŶŐĞƐŽƌŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽƚŚŝƐƐƉĞĐŝĨŝĐĂƚŝŽŶ͘ 3DFNHW3J )ŽŶƚŚĂƚƚŚĞKEdZdKZǁĂƐŶŽƚŝŶĚĞĨĂƵůƚƵŶĚĞƌƚŚĞƉƌŽǀŝƐŝŽŶƐ ŽĨƚŚŝƐĐůĂƵƐĞ͕ŽƌƚŚĂƚƚŚĞĚĞĨĂƵůƚǁĂƐĞǆĐƵƐĂďůĞƵŶĚĞƌƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐĐůĂƵƐĞ͕ƚŚĞ ƌŝŐŚƚƐĂŶĚŽďůŝŐĂƚŝŽŶƐŽĨƚŚĞƉĂƌƚŝĞƐƐŚĂůůďĞƚŚĞƐĂŵĞĂƐŝĨƚŚĞŶŽƚŝĐĞŽĨƚĞƌŵŝŶĂƚŝŽŶŚĂĚ ďĞĞŶŝƐƐƵĞĚƉƵƌƐƵĂŶƚƚŽƚĞƌŵŝŶĂƚŝŽŶĨŽƌĐŽŶǀĞŶŝĞŶĐĞŽĨƚŚĞŝƚǇ͘ ͘dŚĞ/dzŵĂǇƚĞƌŵŝŶĂƚĞƚŚŝƐĐŽŶƚƌĂĐƚŝŶǁŚŽůĞŽƌŝŶƉĂƌƚƵƉŽŶ ϯϬĐĂůĞŶĚĂƌĚĂǇƐΖŶŽƚŝĐĞƐĞŶƚďǇĐĞƌƚŝĨŝĞĚŵĂŝů͕ƌĞƚƵƌŶƌĞĐĞŝƉƚƌĞƋƵĞƐƚĞĚ͕ƚŽƚŚĞ KEdZdKZ͕ŝĨƚŚĞ/dzĚĞƚĞƌŵŝŶĞƐƚŚĂƚƚĞƌŵŝŶĂƚŝŽŶŝƐŝŶƚŚĞďĞƐƚŝŶƚĞƌĞƐƚƐŽĨƚŚĞ/dz͘/Ĩ ƚŚĞ/dzƚĞƌŵŝŶĂƚĞƐƚŚŝƐĐŽŶƚƌĂĐƚĨŽƌĐŽŶǀĞŶŝĞŶĐĞ͕ĂŶĚĞǆĐĞƉƚĂƐŽƚŚĞƌǁŝƐĞĚŝƌĞĐƚĞĚďǇƚŚĞ /dz͕ƚŚĞĨŽůůŽǁŝŶŐƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐƐŚĂůůĂƉƉůǇ͘ ĂͿ^ƚŽƉǁŽƌŬƵŶĚĞƌƚŚĞŽŶƚƌĂĐƚŽŶƚŚĞĚĂƚĞĂŶĚƚŽƚŚĞĞǆƚĞŶƚƐƉĞĐŝĨŝĞĚŝŶƚŚĞŶŽƚŝĐĞ ŽĨƚĞƌŵŝŶĂƚŝŽŶ͘ 3DFNHW3J )ĂĐƚŝŽŶĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇ͕ŽƌĂƐƚŚĞ/dzΖƐWƌŽũĞĐƚDĂŶĂŐĞƌŵĂǇ ĚŝƌĞĐƚ͕ĨŽƌƚŚĞƉƌŽƚĞĐƚŝŽŶŽƌƉƌĞƐĞƌǀĂƚŝŽŶŽĨƚŚĞƉƌŽƉĞƌƚǇƌĞůĂƚĞĚƚŽƚŚŝƐĐŽŶƚƌĂĐƚ ǁŚŝĐŚŝƐŝŶƚŚĞƉŽƐƐĞƐƐŝŽŶŽĨƚŚĞKEdZdKZĂŶĚŝŶǁŚŝĐŚƚŚĞ/dzŚĂƐŽƌŵĂǇ ĂĐƋƵŝƌĞĂŶŝŶƚĞƌĞƐƚ͘ ĂͿ/ŶƚŚĞĞǀĞŶƚŽĨƚĞƌŵŝŶĂƚŝŽŶĨŽƌĐŽŶǀĞŶŝĞŶĐĞ͕ƚŚĞKEdZdKZƐŚĂůůďĞƉĂŝĚĂůů ƐƵŵƐĂĐƚƵĂůůǇĚƵĞĂŶĚŽǁŝŶŐĨŽƌĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĂůůĞǆƉĞŶƐĞƐŝŶĐƵƌƌĞĚ ƵƉƚŽƚŚĞĚĂǇǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨƚĞƌŵŝŶĂƚŝŽŶŝƐŐŝǀĞŶ͕ŝŶĐůƵĚŝŶŐĐŽŶƚƌĂĐƚĐůŽƐĞͲŽƵƚ ĐŽƐƚƐĂŶĚƉƌŽĨŝƚŽŶǁŽƌŬƉĞƌĨŽƌŵĞĚƵƉƚŽƚŚĞƚŝŵĞŽĨƚĞƌŵŝŶĂƚŝŽŶ͕ƉůƵƐĂŶǇĐŽƐƚƐ ƌĞĂƐŽŶĂďůǇĂŶĚŶĞĐĞƐƐĂƌŝůǇŝŶĐƵƌƌĞĚďǇKEdZdKZƚŽĞĨĨĞĐƚƐƵĐŚƚĞƌŵŝŶĂƚŝŽŶ͘ dŚĞKEdZdKZƐŚĂůůƉƌŽŵƉƚůǇƐƵďŵŝƚŝƚƐƚĞƌŵŝŶĂƚŝŽŶĐůĂŝŵƚŽƚŚĞ/dz͘ ^ĞƚƚůĞŵĞŶƚŽĨĐůĂŝŵƐǁŝƚŚƚŚĞKEdZdKZƵŶĚĞƌƚŚŝƐƚĞƌŵŝŶĂƚŝŽŶĨŽƌ ĐŽŶǀĞŶŝĞŶĐĞĐůĂƵƐĞƐŚĂůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐƐĞƚĨŽƌƚŚŝŶWĂƌƚϰϵ 3DFNHW3J )ƚŚĞĐŽŶƚƌĂĐƚ ƐŚĂůůďĞďŝŶĚŝŶŐƵƉŽŶĂŶĚŝŶƵƌĞƚŽƚŚĞďĞŶĞĨŝƚŽĨƚŚĞƐƵĐĐĞƐƐŽƌƐŽĨƚŚĞƉĂƌƚŝĞƐ͘/Ĩ ƐƵďĐŽŶƚƌĂĐƚŝŶŐŝƐĂƉƉƌŽǀĞĚ͕ƚŚĞKEdZdKZĂŐƌĞĞƐƚŚĂƚĂůůĂƉƉůŝĐĂďůĞ&dĨůŽǁĚŽǁŶ ĐŽŵƉůŝĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐǁŝůůďĞŝŶĐůƵĚĞĚŝŶƐƵĐŚƐƵďĐŽŶƚƌĂĐƚƐĂŶĚƚŚĞŽŶƚƌĂĐƚŽƌǁŝůů ŽďƚĂŝŶĂůůĂƉƉůŝĐĂďůĞ&dͲƌĞƋƵŝƌĞĚĐĞƌƚŝĨŝĐĂƚŝŽŶƐďĞĨŽƌĞĞŶƚĞƌŝŶŐŝŶƚŽĂŶǇƐƵďĐŽŶƚƌĂĐƚ͘dŚŝƐ ĐŽŶƚƌĂĐƚ͕ŝŶĐůƵĚŝŶŐĂŶǇŽƉƚŝŽŶ͕ŵĂǇďĞĂƐƐŝŐŶĞĚ͕ŝŶǁŚŽůĞŽƌŝŶƉĂƌƚ͕ďǇƚŚĞ/dzǁŝƚŚŽƵƚƚŚĞ KEdZdKZΖƐĐŽŶƐĞŶƚ͘ ͘dŚĞŽŶƚƌĂĐƚŽƌƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂůů ŵĂƚĞƌŝĂůƐĂŶĚǁŽƌŬŵĂŶƐŚŝƉŝŶƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞsĞŚŝĐůĞƐĂŶĚĂůůĂĐĐĞƐƐŽƌŝĞƐƵƐĞĚ͕ ǁŚĞƚŚĞƌƚŚĞƐĂŵĞĂƌĞŵĂŶƵĨĂĐƚƵƌĞĚďǇƚŚĞŽŶƚƌĂĐƚŽƌ͕ƐƵďĐŽŶƚƌĂĐƚĞĚ͕ŽƌƉƵƌĐŚĂƐĞĚĨƌŽŵĂ ƐƵƉƉůŝĞƌ͘dŚŝƐƉƌŽǀŝƐŝŽŶĞǆĐůƵĚĞƐĞƋƵŝƉŵĞŶƚůĞĂƐĞĚŽƌƐƵƉƉůŝĞĚďǇƚŚĞ/dz͕ĞǆĐĞƉƚŝŶƐŽĨĂƌ ĂƐƐƵĐŚĞƋƵŝƉŵĞŶƚŝƐĚĂŵĂŐĞĚďǇƚŚĞĨĂŝůƵƌĞŽĨĂƉĂƌƚŽƌĐŽŵƉŽŶĞŶƚĨŽƌǁŚŝĐŚƚŚĞ KEdZdKZŝƐƌĞƐƉŽŶƐŝďůĞ͕ŽƌĞǆĐĞƉƚŝŶƐŽĨĂƌĂƐƚŚĞĚĂŵĂŐĞƚŽƐƵĐŚĞƋƵŝƉŵĞŶƚŝƐĐĂƵƐĞĚ ĚƵƌŝŶŐƚŚĞŵĂŶƵĨĂĐƚƵƌĞŽĨƚŚĞsĞŚŝĐůĞƐ͘dŚĞKEdZdKZ͕ĂƐƐŽŽŶĂƐƉƌĂĐƚŝĐĂďůĞĂĨƚĞƌƚŚĞ ĂǁĂƌĚŽĨƚŚĞKEdZdKZ͕ƐŚĂůůĨƵƌŶŝƐŚŝŶǁƌŝƚŝŶŐƚŽƚŚĞ/dzƚŚĞŶĂŵĞƐŽĨƉĞƌƐŽŶƐŽƌ ĞŶƚŝƚŝĞƐ;ŝŶĐůƵĚŝŶŐƚŚŽƐĞǁŚŽĂƌĞƚŽĨƵƌŶŝƐŚŵĂƚĞƌŝĂůƐŽƌĞƋƵŝƉŵĞŶƚĨĂďƌŝĐĂƚĞĚƚŽĂƐƉĞĐŝĂů 3DFNHW3J )ĐŽŵƉůŝĞĚǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚŝƐ ĐŽŶƚƌĂĐƚ͕ƚŚĞKEdZdKZƐŚĂůů͕ĂƚĂŶǇƚŝŵĞǁŚĞŶƌĞƋƵĞƐƚĞĚ͕ƐƵďŵŝƚƚŽƚŚĞ/dzƉƌŽƉĞƌůǇ ĂƵƚŚĞŶƚŝĐĂƚĞĚĚŽĐƵŵĞŶƚƐŽƌŽƚŚĞƌƐĂƚŝƐĨĂĐƚŽƌǇƉƌŽŽĨĂƐƚŽƚŚĞKEdZdKZΖƐĐŽŵƉůŝĂŶĐĞ ǁŝƚŚƐƵĐŚƌĞƋƵŝƌĞŵĞŶƚƐ͘dŚĞƚĞƌŵΗĚĂƚĂΗĨŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƚŚŝƐƐĞĐƚŝŽŶŝŶĐůƵĚĞƐĂůů ŝŶĨŽƌŵĂƚŝŽŶĂŶĚƌĞĐŽƌĚƐĐŽůůĞĐƚĞĚ͕ĐƌĞĂƚĞĚ͕ƌĞĐĞŝǀĞĚ͕ŵĂŝŶƚĂŝŶĞĚ͕ŽƌĚŝƐƐĞŵŝŶĂƚĞĚďǇƚŚĞ KEdZdKZŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐĐŽŶƚƌĂĐƚ͕ƌĞŐĂƌĚůĞƐƐŽĨƉŚǇƐŝĐĂů ĨŽƌŵ͕ƐƚŽƌĂŐĞŵĞĚŝĂ͕ŽƌĐŽŶĚŝƚŝŽŶƐŽĨƵƐĞ͘ ͘dŚĞĂĐĐŽƵŶƚƐĂŶĚƌĞĐŽƌĚƐŽĨƚŚĞKEdZdKZƌĞůĂƚŝŶŐƚŽƚŚŝƐĐŽŶƚƌĂĐƚƐŚĂůůďĞ ĂƵĚŝƚĞĚŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂƐĂůůŽƚŚĞƌĂĐĐŽƵŶƚƐĂŶĚƌĞĐŽƌĚƐŽĨƚŚĞKEdZdKZĂƌĞ ĂƵĚŝƚĞĚ͘ƵƌŝŶŐƚŚĞƚŝŵĞŽĨŵĂŝŶƚĞŶĂŶĐĞŽĨŝŶĨŽƌŵĂƚŝŽŶƵŶĚĞƌƌƚŝĐůĞEŝŶĞ;ϵͿ^ĞĐƚŝŽŶ͕ ĂƵƚŚŽƌŝǌĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐŽĨƚŚĞ/dz͕ǁŝůůŚĂǀĞĂĐĐĞƐƐƚŽĂůůƐƵĐŚďŽŽŬƐ͕ƌĞĐŽƌĚƐ͕ ĚŽĐƵŵĞŶƚƐ͕ĂĐĐŽƵŶƚŝŶŐƉƌĂĐƚŝĐĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐ͕ĂŶĚŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨ ŝŶƐƉĞĐƚŝŽŶ͕ĂƵĚŝƚ͕ĂŶĚĐŽƉǇŝŶŐĚƵƌŝŶŐŶŽƌŵĂůďƵƐŝŶĞƐƐŚŽƵƌƐ͘dŚĞKEdZdKZǁŝůůƉƌŽǀŝĚĞ ƉƌŽƉĞƌĨĂĐŝůŝƚŝĞƐĨŽƌƐƵĐŚĂĐĐĞƐƐĂŶĚŝŶƐƉĞĐƚŝŽŶ͘&ŝŶĂŶĐŝĂůĂĚũƵƐƚŵĞŶƚƐƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇ 3DFNHW3J )ŽƌǇďŽŽŬĨŽƌĞĂĐŚsĞŚŝĐůĞ͘dŚĞ ƵŶĚĞƌĨůŽŽƌĞƋƵŝƉŵĞŶƚƐŚĂůůďĞŵĂĚĞĂǀĂŝůĂďůĞĨŽƌŝŶƐƉĞĐƚŝŽŶďǇƚŚĞ/dzŝŶƐƉĞĐƚŽƌƐ͕ ƵƐŝŶŐĂƉŝƚŽƌůŝĨƚƐƉƌŽǀŝĚĞĚďǇƚŚĞKEdZdKZ͘ŶĞůĞǀĂƚĞĚƉůĂƚĨŽƌŵƐŚĂůůďĞ ƉƌŽǀŝĚĞĚďǇƚŚĞKEdZdKZƚŽĞĂƐŝůǇĂŶĚƐĂĨĞůǇŝŶƐƉĞĐƚsĞŚŝĐůĞƌŽŽĨƐ͘ ƵƚŚŽƌŝǌĂƚŝŽŶĨŽƌŵƐĨŽƌƚŚĞƌĞůĞĂƐĞŽĨĞĂĐŚsĞŚŝĐůĞĨŽƌĚĞůŝǀĞƌǇƐŚĂůůďĞƉƌŽǀŝĚĞĚďǇ ƚŚĞŽŶƚƌĂĐƚŽƌĨŽƌĂƉƉƌŽǀĂůďǇƚŚĞ/dzΖƐWƌŽũĞĐƚDĂŶĂŐĞƌŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƌƚŝĐůĞ ^ŝǆ;ϲͿ^ƵďƐĞĐƚŝŽŶ&ŽĨƚŚĞĐŽŶƚƌĂĐƚ͘ŶĞǆĞĐƵƚĞĚĐŽƉǇŽĨƚŚĞĂƵƚŚŽƌŝǌĂƚŝŽŶƐŚĂůů ĂĐĐŽŵƉĂŶǇƚŚĞĚĞůŝǀĞƌǇŽĨĞĂĐŚsĞŚŝĐůĞ͘ Ϯ͘/ŶƐƉĞĐƚŝŽŶƐ͘sŝƐƵĂůĂŶĚŵĞĂƐƵƌĞĚŝŶƐƉĞĐƚŝŽŶƐƐŚĂůůďĞĐŽŶĚƵĐƚĞĚǁŝƚŚƚŚĞsĞŚŝĐůĞŝŶĂ ƐƚĂƚŝĐĐŽŶĚŝƚŝŽŶ͘dŚĞƉƵƌƉŽƐĞŽĨƚŚĞŝŶƐƉĞĐƚŝŽŶƚĞƐƚŝŶŐŝƐƚŽǀĞƌŝĨǇŽǀĞƌĂůůĚŝŵĞŶƐŝŽŶĂů ĂŶĚǁĞŝŐŚƚƌĞƋƵŝƌĞŵĞŶƚƐ͕ƚŽǀĞƌŝĨǇƚŚĂƚƌĞƋƵŝƌĞĚĐŽŵƉŽŶĞŶƚƐĂƌĞŝŶĐůƵĚĞĚĂŶĚĂƌĞ ƌĞĂĚǇĨŽƌŽƉĞƌĂƚŝŽŶ͕ĂŶĚƚŽǀĞƌŝĨǇƚŚĂƚĐŽŵƉŽŶĞŶƚƐĂŶĚƐƵďƐǇƐƚĞŵƐƚŚĂƚĂƌĞĚĞƐŝŐŶĞĚ ƚŽŽƉĞƌĂƚĞǁŝƚŚƚŚĞsĞŚŝĐůĞŝŶĂƐƚĂƚŝĐĐŽŶĚŝƚŝŽŶĚŽĨƵŶĐƚŝŽŶĂƐĚĞƐŝŐŶĞĚ͘ 3DFNHW3J )ĞƐƚƐ͘sĞŚŝĐůĞƐƚŚĂƚĨĂŝůƚŽƉĂƐƐ ƚŚĞƉŽƐƚͲĚĞůŝǀĞƌǇƚĞƐƚƐĂƌĞƐƵďũĞĐƚƚŽƌĞũĞĐƚŝŽŶ͘dŚĞ/dzƐŚĂůůƌĞĐŽƌĚĚĞƚĂŝůƐŽĨĂůů ĚĞĨĞĐƚƐŽŶƚŚĞĂƉƉƌŽƉƌŝĂƚĞƚĞƐƚƐĨŽƌŵƐĂŶĚƐŚĂůůŶŽƚŝĨǇƚŚĞKEdZdKZŽĨƌĞũĞĐƚŝŽŶ ŽĨĞĂĐŚsĞŚŝĐůĞǁŝƚŚŝŶĨŝǀĞ;ϱͿĐĂůĞŶĚĂƌĚĂǇƐĂĨƚĞƌĐŽŵƉůĞƚŝŽŶŽĨƚŚĞƚĞƐƚƐ͘dŚĞĚĞĨĞĐƚƐ ĚĞƚĞĐƚĞĚĚƵƌŝŶŐƚŚĞƐĞƚĞƐƚƐƐŚĂůůďĞƌĞƉĂŝƌĞĚĂĐĐŽƌĚŝŶŐƚŽƉƌŽĐĞĚƵƌĞƐĚĞĨŝŶĞĚŝŶ ƌƚŝĐůĞdǁĞůǀĞ;ϭϮͿtĂƌƌĂŶƚǇZĞƋƵŝƌĞŵĞŶƚƐ͘WůĂĐŝŶŐĂsĞŚŝĐůĞŝŶƌĞǀĞŶƵĞƐĞƌǀŝĐĞ ĐŽŶƐƚŝƚƵƚĞƐĂƚůĞĂƐƚĐŽŶĚŝƚŝŽŶĂůĂĐĐĞƉƚĂŶĐĞŽĨƚŚĂƚsĞŚŝĐůĞĨŽƌƉƵƌƉŽƐĞƐŽĨƉĂǇŵĞŶƚ͘ ĐĐĞƉƚĂŶĐĞƐŚĂůůŽĐĐƵƌĞĂƌůŝĞƌŝĨƚŚĞ/dzŶŽƚŝĨŝĞƐƚŚĞKEdZdKZŽĨĞĂƌůǇ ĂĐĐĞƉƚĂŶĐĞŽƌƉůĂĐĞƐƚŚĞsĞŚŝĐůĞŝŶƚŽƌĞǀĞŶƵĞƐĞƌǀŝĐĞ͘ ͘dŚĞKEdZdKZŵƵƐƚŵĂŬĞĂǀĂŝůĂďůĞĂƉŽƐƚͲĚĞůŝǀĞƌǇ ƐĞƌǀŝĐĞƌĞƉƌĞƐĞŶƚĂƚŝǀĞŚĂǀŝŶŐƉƌĞĐŝƐĞƚĞĐŚŶŝĐĂůŬŶŽǁůĞĚŐĞŽĨƚŚĞƚĞĐŚŶŽůŽŐǇƐƵƉƉůŝĞĚŽŶƚŚĞ 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ĐĂŵƉƵƐĂĨƚĞƌƚŚŝƐĐĂůĞŶĚĂƌŵĂŶĂŐĞŵĞŶƚƐĐŚĞĚƵůĞŚĂƐďĞĞŶĞǆŚĂƵƐƚĞĚ͕ŚŽǁĞǀĞƌ͕ĂƐ ĚĞƚĂŝůĞĚŝŶƚŚĞŝŶĚŝǀŝĚƵĂůDKh͕DĐĂŶďŽŽŬĂŵĂǆŝŵƵŵŽĨƚŚƌĞĞ;ϯͿĚĂƚĞƐŽƵƚƐŝĚĞƚŚŝƐ ďŽŽŬŝŶŐǁŝŶĚŽǁĚĞƉĞŶĚĞŶƚƵƉŽ ŶƚŚĞD͛ƐďƵƐŝŶĞƐƐƐŝƚƵĂƚŝŽŶĂŶĚĐŽƐƚƐĨŽƌĞǀĞŶƚ ƉƌŽĚƵĐƚǁŝůůďĞďŝůůĞĚƚŽD͘ĞƚĂŝůƐŽĨƚŚŝƐĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐƉƌŽĐĞƐƐĂƌĞĚĞĨŝŶĞĚŝŶƚŚĞ dŚĞĂƚĞƌDKhďĞƚǁĞĞŶD͕ZdĂŶĚZ͘dŚŝƐĞǆĐůƵĚĞƐƚŚĞŽǁŶďǇƚŚĞZŝǀĞƌƐŝĚĞ ŽŶĐĞƌƚ^ĞƌŝĞƐ͘ ZƚŽĂƚƚĞŶĚƋƵĂƌƚĞƌůǇDĂŶĚdŵĞĞƚŝŶŐƐƚŽƐƵƉƉŽƌƚĨĂĐŝůŝƚǇŵĂŝŶƚĞŶĂŶĐĞŶĞĞĚƐ;ƐĞĞ x DKhͿ͘ZŝƐŶŽƚƌĞƐƉŽŶƐŝďůĞĨŽƌdĂŶĚDĐĂůĞŶĚĂƌŵĂŶĂŐĞŵĞŶƚ͘ DΘdĐĂůĞŶĚĂƌŵĂŶĂŐĞŵĞŶƚĂŶĚĚŝƐƚƌŝďƵƚŝŽŶƚŽďĞƌĞǀŝĞǁĞĚĂŶĚƐŝŐŶĞĚŽĨĨďǇŝƚǇ x ĚŵŝŶŝƐƚƌĂƚŝŽŶ͘ ůůŝǀŝĐDƵƐŝĐƉƌŽŐƌĂŵŵŝŶŐďŽŽŬĞĚŝŶƚŽƚŚĞĐĂŵƉƵƐǁŝůůďĞƚŝĞĚƚŽŝǀŝĐDƵƐŝĐŵŝƐƐŝŽŶ x ĂŶĚŶŽƚĞŶƚĞƌƚŚĞĐŽŵŵĞƌĐŝĂůĐŽŶĐĞƌƚƐƉĂĐĞ͘ZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĐŽŵŵĞƌĐŝĂů ĐŽŶĐĞƌƚƐŽŶƚŚĞĂŵƉƵƐ͘ƐŵĞŶƚŝŽŶĞĚĂďŽǀĞ͕DŚĂƐƚŚĞĂďŝůŝƚǇƚŽďŽŽŬƚŚƌĞĞ;ϯͿ ĚĂƚĞƐƉĞƌǇĞĂƌ͕ŝŶƚŚĞD͕ŽƵƚƐŝĚĞŽĨƚŚĞƌĞŐƵůĂƌďŽŽŬŝŶŐƉŽůŝĐǇǁŝŶĚŽǁŽŶĂĐĂƐĞͲďǇͲ ĐĂƐĞďĂƐŝƐǁŝƚŚďƵƐŝŶĞƐƐĚĞĐŝƐŝŽŶƐĚĞĨĂƵůƚŝŶŐƚŽƚŚĞDŐĞŶĞƌĂůŵĂŶĂŐĞƌĂŶĚZ WƌĞƐŝĚĞŶƚ͘ ůůŽǁŶďǇƚŚĞZŝǀĞƌƐŝĚĞŽŶĐĞƌƚ^ĞƌŝĞƐĞǀĞŶƚĚĂƚĞƐǁŝůůďĞĐŽŶĨŝƌŵĞĚϭϮŵŽŶƚŚƐŽƵƚ͘ x ůůĂƌƚŝƐƚƐĐŽŶĨŝƌŵĞĚǁŝůůďĞƐŚĂƌĞĚǁŝƚŚZƚŽĂǀŽŝĚĂŶǇĐŽŵƉĞƚŝƚŝŽŶ͘ ŽŵƉĞƚŝŶŐĞǀĞŶƚƐĂƌĞĚĞĨŝŶĞĚĂƐŵƵƐŝĐĞǀĞŶƚƐ;ĨƌĞĞŽƌƚŝĐŬĞƚĞĚͿŽĨƚŚĞƐĂŵĞ R ŐĞŶƌĞ͘ ZǁŝůůŶŽƚďŽŽŬĐŽŵƉĞƚŝŶŐĨƌĞĞŽƌƚŝĐŬĞƚĞĚĞǀĞŶƚƐǁŚŝĐŚŵĂǇŽǀĞƌůĂƉŝŶŐĞŶƌĞ R ǁŝƚŚŝŶƐĞǀĞŶ;ϳͿĚĂǇƐŽĨƚŚĞŝŶĚŝǀŝĚƵĂůĞǀĞŶƚƐǁŝƚŚŝŶƚŚĞŽǁŶďǇƚŚĞZŝǀĞƌƐŝĚĞ ŽŶĐĞƌƚ^ĞƌŝĞƐ͘ ZǁŝůůďĞĂďůĞƚŽďŽŽŬƚŝĐŬĞƚĞĚĐŽŵŵĞƌĐŝĂůĐŽŶĐĞƌƚƐŝŶƚŚĞDĂŶĚDĂǇŽWĂƌŬ R ;ƐĞĞDKhĂŶĚƉĞƌŵŝƚƉƌŽǀŝĚĞĚƚŚƌŽƵŐŚWĂƌŬŽĂƌĚͿƚŚƌŽƵŐŚŽƵƚƚŚĞǇĞĂƌĂŶĚǁŝůů ƵƐĞďĞƐƚĞĨĨŽƌƚƐŶŽƚƚŽďŽŽŬƐŝŵŝůĂƌŐĞŶƌĞƐŽǀĞƌƚŚĞƐĂŵĞƚŝŵĞƉĞƌŝŽĚŽĨĂD ŵŝƐƐŝŽŶĚƌŝǀĞŶƉƌŽŐƌĂŵ͘/ŶŽƌĚĞƌƚŽĂǀŽŝĚĐŽŵƉĞƚŝƚŝŽŶĚƵƌŝŶŐƚŚĞŽǁŶďǇƚŚĞ ZŝǀĞƌƐŝĚĞŽŶĐĞƌƚ^ĞƌŝĞƐZǁŝůůŶŽƚďŽŽŬĐŽŵƉĞƚŝŶŐĞǀĞŶƚƐ;ĨƌĞĞŽƌƚŝĐŬĞƚĞĚͿ ŽǀĞƌƚŚŽƐĞƐŝǆ;ϲͿǁĞĞŬƐŽĨdZ͘ZǁŝůůďĞĂďůĞƚŽďŽŽŬŶŽŶͲĐŽŵƉĞƚŝŶŐŐĞŶƌĞ ĞŶƚĞƌƚĂŝŶŵĞŶƚŝŶƚŚĞDĚƵƌŝŶŐƚŚŝƐƚŝŵĞ͘ dZǁŝůůĐŽŶƚŝŶƵĞƚŽĨƵŶĐƚŝŽŶĂƐĂĨƌĞĞĞǀĞŶƚƚŚĂƚĂƚƚĞŶĚĞĞƐĐĂŶďƌŝŶŐƚŚĞŝƌŽǁŶ R ĨŽŽĚĂŶĚďĞǀĞƌĂŐĞʹƐĞĞDΘZdDKhĨŽƌŵŽƌĞĚĞƚĂŝů͘ 3DFNHW3J +D ůůĐŽŶƚƌĂĐƚƐĨŽƌƐƉĂĐĞƌĞŶƚĂůǁŝůůďĞŶĞŐŽƚŝĂƚĞĚĚŝƌĞĐƚůǇǁŝƚŚƚŚĞĐůŝĞŶƚďǇƚŚĞ x ƌĞƐƉŽŶƐŝďůĞƐĂůĞƐƚĞĂŵ͘WĂƌƚŝĞƐƚŽƚŚŝƐďŽŽŬŝŶŐƉŽůŝĐǇĐĂŶďĞ͞ĐůŝĞŶƚƐ͟ŽĨƚŚĞD͕Z ĂŶĚd͘ ZĞŶƚĂůŝƐĚĞĨŝŶĞĚďǇĞĂĐŚŽĨƚŚĞƌĞƐƉĞĐƚŝǀĞWĂƌƚŝĞƐĨŽƌƚŚĞŵŝƐƐŝŽŶͲĚƌŝǀĞŶƉƌŽŐƌĂŵŵŝŶŐ x ĂŶĚĞǆĞĐƵƚŝŽŶ͘&ŽƌĞǀĞŶƚƐďŽŽŬĞĚŝŶƚŽƚŚĞŝǀŝĐdŚĞĂƚƌĞďǇZdŽƌDƚŚĞƌĞƐŚĂůůďĞŶŽ ƌĞŶƚĂůĐŚĂƌŐĞĚƚŽDŽƌZdĂƐƚŚĞƐƉĂĐĞƵƐĞŝƐƉĂƌƚŽĨƚŚĞĨƵŶĚŝŶŐĐŽŵŵŝƚŵĞŶƚĨƌŽŵ ƚŚĞŝƚǇ͘/ŶƚŚĞĞǀĞŶƚƚŚĂƚƚŚĞĐĂůĞŶĚĂƌŵĂŶĂŐĞŵĞŶƚĂůůŽĐĂƚŝŽŶƐĂƚŝǀŝĐdŚĞĂƚƌĞŚĂǀĞ ďĞĞŶĞǆŚĂƵƐƚĞĚĂŶĚƐƉĂĐĞŝƐŶĞĞĚĞĚĨƌŽŵƚŚĞDƉŽƌƚŝŽŶŽĨƚŚĞĐĂŵƉƵƐ͕ĐŽƐƚďĞǇŽŶĚ ƚŚĞŝƚǇ͛ƐĂůůŽĐĂƚŝŽŶĨŽƌŽƉĞƌĂƚŝŽŶƐŵĂǇďĞŝŶĐƵƌƌĞĚ͘&ŽƌĞǀĞŶƚƐďŽŽŬĞĚŝŶƚŽƚŚĞDďǇ D͕ƚŚĞƌĞƐŚĂůůďĞŶŽƌĞŶƚĂůĐŚĂƌŐĞĚ͕ŚŽǁĞǀĞƌ͕DǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂůůĐŽƐƚƐƚŽ ĂĐƚŝǀĂƚĞƚŚĞƐƉĂĐĞŝŶĐůƵĚŝŶŐůĂďŽƌ͕ƐĞĐƵƌŝƚǇ͕ƵƚŝůŝƚŝĞƐ͕s͕ĞƚĐ͘ĂƐĚĞƚĞƌŵŝŶĞĚďǇD͘ dŝĐŬĞƚƐ͕ƚŝĐŬĞƚĨĞĞƐ͕ĂŶĚƚŝĐŬĞƚŝŶŐƐǇƐƚĞŵƐŵĂŶĂŐĞŵĞŶƚǁŝůůďĞĨŝŶĂůŝǌĞĚďĞƚǁĞĞŶƚŚĞ x WĂƌƚŝĞƐŝŶĚŝǀŝĚƵĂůůǇĂƐƚŚĞDƚŝĐŬĞƚƉůĂƚĨŽƌŵǁĂƐƵŶĚĞƌŶĞŐŽƚŝĂƚŝŽŶ;dŝĐŬĞƚŵĂƐƚĞƌͿĂƚ ƚŚĞƚŝŵĞŽĨƚŚŝƐƉŽůŝĐǇǁĂƐĚƌĂĨƚĞĚ;:ĂŶƵĂƌǇϮϬϮϭͿ͘ůůƚŝĐŬĞƚŝŶŐĚŝƐĐƵƐƐŝŽŶƐƌĞůĂƚĞĚƚŽ ĞǀĞŶƚƐďŽŽŬĞĚďǇĂŶǇŽĨƚŚĞWĂƌƚŝĞƐƚŽƚŚŝƐƉŽůŝĐǇŝŶƚŽƚŚĞDǁŝůůďĞĚĞƚĞƌŵŝŶĞĚŝŶ ĞĂĐŚ>ŝĐĞŶƐĞŐƌĞĞŵĞŶƚĨŽƌƌĞƐƉĞĐƚŝǀĞĞǀĞŶƚƐƵŶƚŝůƚŚĞƉůĂƚĨŽƌŵŝƐĚĞƚĞƌŵŝŶĞĚ͘dŚŝƐ ŝŶĐůƵĚĞƐƚŚĞĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨǁŚĞƚŚĞƌƚŝĐŬĞƚĨĞĞƐĂƌĞĂƐƐĞƐƐĞĚ͘ ĚĚŝƚŝŽŶĂůĞĨŝŶŝƚŝŽŶƐ͗ &ŝƌƐƚKƉƚŝŽŶ͗ƐƉĂĐĞŚŽůĚĞǆƚĞŶĚĞĚďǇƚŚĞDǁŚĞƌĞƚŚĞŐƌŽƵƉŚĂƐĨŝƌƐƚƌŝŐŚƚŽĨ x ƌĞĨƵƐĂůĂŶĚŝƐƐƵďũĞĐƚƚŽƚŚĞƚĞƌŵƐŽĨƚŚŝƐƉŽůŝĐǇƵŶƚŝůƚŚĞZĞůĞĂƐĞĂƚĞ͖ĂƚǁŚŝĐŚƚŝŵĞ ŚŽůĚĞƌŵƵƐƚĞŝƚŚĞƌƉƌŽĐĞĞĚƚŽĐŽŶƚƌĂĐƚŽƌƌĞůĞĂƐĞƚŚĞďŽŽŬŝŶŐ͘ ^ĞĐŽŶĚKƉƚŝŽŶ͗ƐƉĂĐĞŚŽůĚĂĐĐĞƉƚĞĚďǇDƐĞĐŽŶĚĂƌǇƚŽĂƉƌŝŽƌ;&ŝƌƐƚKƉƚŝŽŶͿ x ďŽŽŬŝŶŐĨŽƌƚŚĞƐĂŵĞƐƉĂĐĞͬĚĂƚĞƐ͘ƐĞĐŽŶĚŽƉƚŝŽŶŚŽůĚďĞĐŽŵĞƐĨŝƌƐƚŽƉƚŝŽŶŝŶƚŚĞ ĞǀĞŶƚŽĨƌĞůĞĂƐĞŽĨƚŚĞĨŝƌƐƚŽƉƚŝŽŶŚŽůĚ͘dŚŝƐĂůůŽǁƐŵƵůƚŝƉůĞĞǀĞŶƚƐƚŽĐŽŶƐŝĚĞƌƚŚĞ ƐĂŵĞĚĂƚĞƐĂŶĚƐƉĂĐĞƐĂŶĚƉƌŝŽƌŝƚŝǌĞƉŽƚĞŶƚŝĂůďŽŽŬŝŶŐƐďĂƐĞĚŽŶĐůŝĞŶƚĚĞĐŝƐŝŽŶƐ͘ ZĞůĞĂƐĞĂƚĞ͗ĂƚĞĂƚǁŚŝĐŚĂƉƌŽƐƉĞĐƚŚŽůĚĞǆƉŝƌĞƐ͘ƚƚŚŝƐƉŽŝŶƚ͕DŵĂǇƌĞůĞĂƐĞ x ;ĐĂŶĐĞůͿƚŚĞďŽŽŬŝŶŐ͖ĞǆƚĞŶĚŝƚďǇŵƵƚƵĂůĂŐƌĞĞŵĞŶƚ͕ŽƌƉƌŽĐĞĞĚƚŽĐŽŶƚƌĂĐƚĂƐ ĂƉƉƌŽƉƌŝĂƚĞ͘ WƌŽƐƉĞĐƚ,ŽůĚ͗,ŽůĚƐƚŚĂƚƌĞƐĞƌǀĞƐƉĂĐĞǁŝƚŚŽƵƚĂĐŽŵŵŝƚŵĞŶƚŽĨĂ>ŝĐĞŶƐĞŐƌĞĞŵĞŶƚ x ŽƌŽŶƚƌĂĐƚ͘WƌŽƐƉĞĐƚŚŽůĚƐĐĂŶďĞŽŶĨŝƌƐƚŽƉƚŝŽŶŽƌƐĞĐŽŶĚŽƉƚŝŽŶďĂƐŝƐĂŶĚĐĂŶďĞ ĐŚĂůůĞŶŐĞĚƐƵďũĞĐƚƚŽƚŚĞƚĞƌŵƐŽĨƚŚŝƐƉŽůŝĐǇ͘ dĞŶƚĂƚŝǀĞ,ŽůĚ͗ƐƉĂĐĞŚŽůĚŝŶǁŚŝĐŚĂŐƌĞĞŵĞŶƚŚĂƐďĞĞŶŝƐƐƵĞĚƚŽƚŚĞŚŽůĚŝŶŐƉĂƌƚǇ͕ x ďƵƚƚŚĞ>ŝĐĞŶƐĞŐƌĞĞŵĞŶƚŚĂƐŶŽƚďĞĞŶĞǆĞĐƵƚĞĚĂŶĚĂĚĞƉŽƐŝƚŚĂƐŶŽƚďĞĞŶƌĞĐĞŝǀĞĚ͘ ƚĞŶƚĂƚŝǀĞŚŽůĚŝƐƐƵďũĞĐƚƚŽƌĞůĞĂƐĞŽƌŵĂǇďĞĐŚĂůůĞŶŐĞĚŝĨƚŚĞ>ŝĐĞŶƐĞŐƌĞĞŵĞŶƚĂŶĚ ƚŚĞĚĞƉŽƐŝƚĂƌĞŶŽƚƐƵďŵŝƚƚĞĚďǇƚŚĞĚƵĞĚĂƚĞ͘ ĞĨŝŶŝƚĞ͗ŽŶĨŝƌŵĞĚƐƉĂĐĞŚŽůĚǁŝƚŚĂŶĞǆĞĐƵƚĞĚhƐĞ>ŝĐĞŶƐĞŐƌĞĞŵĞŶƚĂŶĚŝŶŝƚŝĂů x ƌĞŶƚĂůĚĞƉŽƐŝƚŝŶƉůĂĐĞ͘ĚĞĨŝŶŝƚĞŚŽůĚĐĂŶŶŽƚďĞĐŚĂůůĞŶŐĞĚ͘ >ŝĐĞŶƐĞŐƌĞĞŵĞŶƚͬŽŶƚƌĂĐƚ͗dŚĞD͛ƐďĂƐŝĐĐŽŶƚƌĂĐƚŝƐƚŚĞ>ŝĐĞŶƐĞŐƌĞĞŵĞŶƚ͕ǁŚŝĐŚ x ƐƉĞůůƐŽƵƚƌŝŐŚƚƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŽĨ>ŝĐĞŶƐĞĞ;ůŝĞŶƚͿĂŶĚD͘dŚŝƐĚŽĐƵŵĞŶƚŝƐ ůĞŐĂůůǇďŝŶĚŝŶŐĂŶĚƐŚŽƵůĚďĞĐĂƌĞĨƵůůǇƌĞǀŝĞǁĞĚďĞĨŽƌĞĞǆĞĐƵƚŝŽŶ͘>ŝĐĞŶƐĞŐƌĞĞŵĞŶƚ ǁŝůůŶŽƚďĞĞǆĞĐƵƚĞĚďǇƚŚĞDǁŝƚŚŽƵƚƚŚĞĚĞƐŝŐŶĂƚĞĚĚĞƉŽƐŝƚ͘ 3DFNHW3J +D >ŝĐĞŶƐĞŐƌĞĞŵĞŶƚƵĞĂƚĞ͗ĂƚĞďǇǁŚŝĐŚĂhƐĞ>ŝĐĞŶƐĞŐƌĞĞŵĞŶƚŵƵƐƚďĞƐŝŐŶĞĚ x ĂŶĚĚĞƉŽƐŝƚƐƵďŵŝƚƚĞĚƚŽŬĞĞƉĂďŽŽŬŝŶŐŝŶĞĨĨĞĐƚ͘dŚŝƐƉƌŽƚĞĐƚƐƚŚĞDĂŐĂŝŶƐƚůŽƐƐ ĨƌŽŵƐƵĚĚĞŶŽƌƐŚŽƌƚͲƚĞƌŵĐĂŶĐĞůĂƚŝŽŶŽĨĂŶĞǀĞŶƚĨŽƌǁŚŝĐŚĂhƐĞ>ŝĐĞŶƐĞŐƌĞĞŵĞŶƚ ŚĂƐďĞĞŶŝƐƐƵĞĚďƵƚŶŽƚĞǆĞĐƵƚĞĚ͘^ƉĂĐĞŚŽůĚƐŵĂǇďĞĐŚĂůůĞŶŐĞĚŝŶƚŚĞĞǀĞŶƚƚŚĞhƐĞ >ŝĐĞŶƐĞŐƌĞĞŵĞŶƚĂŶĚƌĞƋƵŝƌĞĚƌĞŶƚĂůĚĞƉŽƐŝƚĂƌĞŶŽƚƌĞƚƵƌŶĞĚďǇƚŚĞĚƵĞĚĂƚĞ͘ ŽŽŬŝŶŐWŽůŝĐǇƚĂďůĞĚĞƚĂŝůŽŶĨŽůůŽǁŝŶŐƉĂŐĞ͘ 3DFNHW3J 3DFNHW3J Ɛ Ž Ğ > ŚŚŚ WW Ğ Ž ŝ Ğ ddd ƌ Ě Ě ŽŽ Đ Z Ğ Ɛ Ŷ Ƶ ǇĐĐĐǇ Ă Ǉ ǇǇǇǇů Ă ŝŝŝ Ɖ Ğ ůů ĂĂ ǀǀǀ ĂĐ Ă ŶŶŶŶ ƌ Ŷ ^ DD Ŷ ŝŝŝ '' d K Ɛŝ ƌ Ž ƚ Ğ ŝййй Ŷ ƚ ƚ Ğ ŝ Ă ϬϬϬ ď ǀ Ğ ϰ ϱϭ ŝ Ś Ś Ɛ ǆ d Ɛ ů Ő Ğ Ă Ϳ ŵ ŶǇ Đ Đ Ě ŝ Đͬ ƚ ŝ ŝŝ ƌ Ğ ǀĂ ŝ Ě ǀ ĞƐ ŝ Ɛ ĞǇ ƌ Ɖ Ŷ Ɛ Ɛ ŝ Ě ŝ Ɖƌ ŵ Ő ƚƚƚ Ě Ƶ Ǉ Ğ Ğ ƌ ^Žŝ Ă Ŷ ǀ d ŵĂ ͕ƌ ǁ Ğ ƌ Ɛ ů Ž ƌ ͕ŝ Ğ Ă W ƚƚ ŚĚ Z ƚ ǇŐ ͬŵ ĨŬ Đƌ Ŷ Ŷ Đ d Ğ ƌŽ Ɛ ƌ Ğ Ž ƌĞ ĞĞ ŝ Ž Ğ ƚ ĂĞD ƌ Ɛ Đ ǇĂ > Ğ ŶŚ ŵƌ ǀ W ƚ Ƶ Ŷ ƚ Ě ; Ž t ƚ Ğ Ă Ɛ ŽDŝ ŵ Ŷ ŶĞŚ ϰƉ ϮǀŶ ϯ ƚ ĞǇ Ğ Đ ƌ ŶĐ Ğ ŝ ĞƵ ŵď Ś Ž Ǉ ĚǇǇǇ Ă Ě ŽĂ ů Ś dŵ ƚƚƚƚƌ ƚ Ă ŝ ů ĞĞŶ ƚů ǁ ƌƚĨ ŝ ŝŝŝƌ ĂĞ ƌ ƌƌƌ Ɛ ĞƚĐƌƵ ǁ Žŵ ŝ Ž ŽŽŽ ǇŶĞ Ɖƚ Ŷ Đ ŝ ƚŽ ǀt Ĩ Ƶǀ ƚŽ ŝ ŝŝŝŝ ŽŽŽ Ŷ Ž Ă ƌ ƌƌƌz & ŝŝ Kŝ W WWW ^> ͲͲͲ Ŷ Ž ййй ŝ ƚ ϬϬϬ Ŷ Ƶ Ğ ϰ ϱϭ Ž ď Ƶ ŝ ŝ Ŷ ƚ ƌ Đ ƚ Ğ Ŷ Ɛ s ŝ Ƶ Ĩ Ě ƌ Ğ Ă ƌƌƌ Ğ ƌ ĞĞĞ Ě Ŷ W ƚƚƚ Ŷ ǁ ŬŬ ĂĂĂ Ě ƌƌ Ğ ĞĞĞ K ĂĂŶ ů ŚŚŚ Ă WW Ă Ǉ ddd ŽŽ ƚ Ă Ĩ ǇĐĐĐǇ ŝ ǌ Ž ŝŝŝ ĂǀǀǀĂ Ă DDDDDD ŝŝŝ й ů ZZd W ƌ ƌƌƌ Ğ ĞĞĞ Ǉ Ŷ ĐĐĐĐĐ ƚƚƚ ƚ ƚ ŝŝŝŝŝ ĂĂĂ ƌ ŝ ƐƐƐƐƐ Ŷ ĞĞĞ Ă ƵƵƵƵƵ Ƶ W ŚŚ ƌ Ś x DDDDD Ğ ddd ŵ Ŷ ĐĐĐĐĐĐĐĐ ŵ ƚ ŝŝŝŝŝŝ ƌ ŝŝ ǀǀǀǀǀǀǀǀ ZZZZZZŽ Ă ŝŝŝŝŝŝŝŝ W Z 3DFNHW3J +E KŶĞZŽŽĨDĞŵŽƌĂŶĚƵŵŽĨhŶĚĞƌƐƚĂŶĚŝŶŐ dŚŝƐŵĞŵŽƌĂŶĚƵŵŽĨƵŶĚĞƌƐƚĂŶĚŝŶŐ;͞DKh͟ͿŝŶŝƚŝĂƚĞĚďǇƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕ǁŝƚŚĂƉƌŝŶĐŝƉůĞ ďƵƐŝŶĞƐƐůŽĐĂƚŝŽŶĂƚϮϬϭϰƚŚ^ƚƌĞĞƚ^͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰ͕ŝƐƚŽŝŶŝƚŝĂƚĞĂKŶĞZŽŽĨŽŶĐĞƉƚ ďǇĂŶĚďĞƚǁĞĞŶDŝŶŶĞƐŽƚĂ͛ƐZŽĐŚĞƐƚĞƌŽŶǀĞŶƚŝŽŶĂŶĚsŝƐŝƚŽƌƐƵƌĞĂƵĚďĂǆƉĞƌŝĞŶĐĞ ZŽĐŚĞƐƚĞƌ;͞Z͟Ϳ͕DĂǇŽŝǀŝĐĞŶƚĞƌ;͞D͟ͿŽƉĞƌĂƚĞĚďǇZ͕ƚŚĞZŽĐŚĞƐƚĞƌŝǀŝĐdŚĞĂƚĞƌ ŽƌŐĂŶŝǌĂƚŝŽŶ;͞Zd͟Ϳ͕ZŽĐŚĞƐƚĞƌƌƚĞŶƚĞƌŽƌŐĂŶŝǌĂƚŝŽŶ;͞Z͟Ϳ͕ŝǀŝĐDƵƐŝĐĂƐĂĚĞƉĂƌƚŵĞŶƚŽĨ ƚŚĞŝƚǇĂŶĚWĂƌŬƐĂŶĚZĞĐƌĞĂƚŝŽŶĂƐĂĚĞƉĂƌƚŵĞŶƚŽĨƚŚĞŝƚǇĨŽƌDĂǇŽWĂƌŬ͕ƚŽďĞĐŽůůĞĐƚŝǀĞůǇ ŬŶŽǁŶĂƐƚŚĞWĂƌƚŝĞƐĨƌŽŵƚŚŝƐƉŽŝŶƚĨŽƌǁĂƌĚ͘ WƵƌƉŽƐĞ ŝƚǇŽĨZŽĐŚĞƐƚĞƌŝŶƚĞŶĚƐƚŽƐƚƌĞĂŵůŝŶĞƐĞƌǀŝĐĞƐĂŶĚĨŝŶĚĞĨĨŝĐŝĞŶĐŝĞƐĨŽƌŝƚǇͲŽǁŶĞĚĂƐƐĞƚƐĂŶĚ ŽƌŐĂŶŝǌĂƚŝŽŶƐŽŶƚŚĞDĂ ǇŽŝǀŝĐĞŶƚĞƌĐĂŵƉƵƐ;͞ĂŵƉƵƐ͟ͿďǇƚŚĞWĂƌƚŝĞƐŶĂŵĞĚĂďŽǀĞ͘dŚĞ ŝƚǇ͕ƚŚƌŽƵŐŚƚŚŝƐDKh͕ŝŶƚĞŶĚƐƚŽĐƌĞĂƚĞĂŶĞĨĨĞĐƚŝǀĞŵŽĚĞůƚŽŵĂŶĂŐĞ͕ŽƉĞƌĂƚĞĂŶĚĨƵŶĚŝƚǇͲ ŽǁŶĞĚĂƐƐĞƚƐƚŚƌŽƵŐŚĂƐŝŶŐƵůĂƌĂƉƉƌŽĂĐŚǁŚŝĐŚǁŝůůĞŶƐƵƌĞƋƵĂůŝƚǇŵĂŶĂŐĞŵĞŶƚŽĨŝƚǇͲ ŽǁŶĞĚĨĂĐŝůŝƚŝĞƐŽŶƚŚĞĂŵƉƵƐĂŶĚĂŶŽƉƚŝŵŝǌĞĚĂŶĚƉƌŝŽƌŝƚŝǌĞĚƐŚĂƌĞŽĨƵƐĞŽĨƌĞƐƉĞĐƚŝǀĞ ĨĂĐŝůŝƚŝĞƐĨƌŽŵƚĞŶĂŶƚƐǁŝƚŚŝŶƚŚĞĂŵƉƵƐǁŚŽĂƌĞWĂƌƚŝĞƐƚŽƚŚŝƐDKh͘dŚŝƐDKhƐĞƌǀĞƐĂƐƚŚĞ ŵĂŝŶĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞWĂƌƚŝĞƐĂŶĚƚŚĞŝƚǇǁŝƚŚƚŚĞĞǆƉĞĐƚĂƚŝŽŶƚŚĂƚƐƵďƐĞƋƵĞŶƚ͕ĨƵƚƵƌĞ DKhƐ͕ŽƌƐŝŵŝůĂƌĐŽŶƚƌĂĐƚƵĂůĂŐƌĞĞŵĞŶƚƐ͕ĨŽƌƐƉĞĐŝĨŝĐƐĞƌǀŝĐĞƐǁŝůůďĞĞǆĞĐƵƚĞĚďǇĂŶĚďĞƚǁĞĞŶ ŝŶĚŝǀŝĚƵĂůŵĞŵďĞƌƐŽĨƚŚĞWĂƌƚŝĞƐŶĂŵĞĚĂďŽǀĞĂŶĚĂƚƚĂĐŚĞĚƚŽƚŚŝƐDKhĂƐĞǆŚŝďŝƚƐ͘&ŝŶĂůůǇ͕ ƚŚŝƐDKhƐĞƌǀĞƐĂƐƚŚĞŵĂŝŶĂŐƌĞĞŵĞŶƚĨŽƌĨƵŶĚŝŶŐƐĞƌǀŝĐĞĞǆƉĞĐƚĂƚŝŽŶƐďĞƚǁĞĞŶƚŚĞŝƚǇĂŶĚ ƚŚĞƌĞƐƉĞĐƚŝǀĞWĂƌƚŝĞƐ͘dŚŝƐĂŐƌĞĞŵĞŶƚƐƵƉĞƌƐĞĚĞƐĂůůƉƌŝŽƌůĞĂƐĞĂŐƌĞĞŵĞŶƚƐ͕ĐŽŶƚƌĂĐƚƐĂŶĚ ŽƚŚĞƌďŝŶĚŝŶŐĚŽĐƵŵĞŶƚƐ͕ǁŝƚŚƚŚĞĞǆĐĞƉƚŝŽŶŽĨƚŚĞǆƉĞƌŝĞŶĐĞZŽĐŚĞƐƚĞƌŽƌƉŽƌĂƚŝŽŶ ĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞŝƚǇ͘/ŶǆƉĞƌŝĞŶĐĞZŽĐŚ ĞƐƚĞƌ͛ƐĐĂƐĞ͕ƚŚŝƐDKhƐĞƌǀĞƐĂƐĂŶĂŵĞŶĚŵĞŶƚƚŽ ƚŚĞĞǆŝƐƚŝŶŐĐŽŶƚƌĂĐƚƚŽĞǆƉĂŶĚZ͛ƐƐĐŽƉĞŽĨƐĞƌǀŝĐĞƐŝŶƚŚĞĂŵƉƵƐ͘dŚŝƐDKhŝƐŶŽƚŝŶƚĞŶĚĞĚ ƚŽĂŵĞŶĚŽƌƌĞƉůĂĐĞƚŚĞŶŽŶͲĐŽŶĨůŝĐƚŝŶŐƐĞĐƚŝŽŶƐŽĨƚŚĞĞǆŝƐƚŝŶŐ>ĞĂƐĞŐƌĞĞŵĞŶƚďĞƚǁĞĞŶZ ĂŶĚƚŚĞŝƚǇ͕ĚĂƚĞĚKĐƚŽďĞƌϮϴ͕ϮϬϬϮĂŶĚĐŽŶƚŝŶƵŝŶŐƚŚƌŽƵŐŚĞĐĞŵďĞƌϯϭ͕ϮϬϱϮ͕ŶŽƌƚŚĞ ĞǆŝƐƚŝŶŐ>ĞĂƐĞŐƌĞĞŵĞŶƚďĞƚǁĞĞŶZdĂŶĚƚŚĞŝƚǇ͕ĚĂƚĞĚ:ĂŶƵĂƌǇϭ͕ϮϬϬϵĂŶĚĐŽŶƚŝŶƵŝŶŐ ƚŚƌŽƵŐŚĞĐĞŵďĞƌϯϭ͕ϮϬϮϴ͘ ĞĨŝŶŝƚŝŽŶƐ ŝƚǇͲŽǁŶĞĚĨĂĐŝůŝƚŝĞƐŽƌĂƐƐĞƚƐʹĨŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐDKh͕ŝƚǇͲŽǁŶĞĚĨĂĐŝůŝƚŝĞƐŽƌĂƐƐĞƚƐǁŝůů ĂůǁĂǇƐŝŶĐůƵĚĞƚŚĞD͕ƌƚĞŶƚĞƌ͕dĂŶĚDĂǇŽWĂƌŬ͘ ^ĞƌǀŝĐĞƐʹ^ĞƌǀŝĐĞƐĨŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐDKhǁŝůůŝŶĐůƵĚĞĞǀĞƌǇƚŚŝŶŐĨƌŽŵĚĂǇͲƚŽͲĚĂǇ ŽƉĞƌĂƚŝŽŶĂůƐĞƌǀŝĐĞƐ͕ŵĂŝŶƚĞŶĂŶĐĞ͕ĐĂƉŝƚĂůƉůĂŶŶŝŶŐ͕ĨŽŽĚĂŶĚďĞǀĞƌĂŐĞƐĞƌǀŝĐĞƐ͕ƉƌŽĂĐƚŝǀĞƐĂůĞƐ ĂŶĚĐĂůĞŶĚĂƌŵĂŶĂŐĞŵĞŶƚƐĞƌǀŝĐĞƐ͘ĂĐŚƐƵďƐĞƋƵĞŶƚ͕ĨƵƚƵƌĞDKhďĞƚǁĞĞŶƚŚĞŝŶĚŝǀŝĚƵĂů ŵĞŵďĞƌƐŽĨƚŚĞWĂƌƚŝĞƐǁŝůůƐƉĞĐŝĨǇƚŚĞƐĞƌǀŝĐĞƐƚŽďĞŝŶĐůƵĚĞĚďĞƚǁĞĞŶƚŚĞĂŐƌĞĞŝŶŐWĂƌƚŝĞƐ͘ ŽŽŬŝŶŐWŽůŝĐǇʹƚŚĞŐƵŝĚŝŶŐĂŐƌĞĞĚƵƉŽŶĚŽĐƵŵĞŶƚƚŚĂƚǁŝůůĞŶĂďůĞƚŚĞWĂƌƚŝĞƐƚŽďŽŽŬŝŶƚŽ ƐŚĂƌĞĚƐƉĂĐĞƐ͘dŚĞďŽŽŬŝŶŐƉŽůŝĐǇǁŝůůŚĂǀĞƚŚƌĞƐŚŽůĚƐĂŶĚƚŝŵĞĨƌĂŵĞƐĨŽƌďŽŽŬŝŶŐƌĞƐƉĞĐƚŝǀĞ ƚŽĞǀĞŶƚƚǇƉĞƐĂŶĚůŽĐĂƚŝŽŶƐ͘ 3DFNHW3J +E dĞƌŵƐ dŚĞKŶĞZŽŽĨŽŶĐĞƉƚǁŝůůŐŽŝŶƚŽĞĨĨĞĐƚŽŶƚŚĞĚĂƚĞŶŽƚĞĚŽŶƚŚĞƐŝŐŶĂƚƵƌĞƉĂŐĞĨŽƌĂŶŝŶŝƚŝĂů ƚĞƌŵǁŚŝĐŚǁŝůůĞǆƉŝƌĞŽŶĞĐĞŵďĞƌϯϭ͕ϮϬϮϭ͘tŝƚŚƚŚĞŝƚǇ͛ƐĂŐƌĞĞŵĞŶƚĂŶĚƚŚĞWĂƌƚŶĞƌƐ ƐƵƉƉŽƌƚ͕ƚŚĞKŶĞZŽŽĨĐŽŶĐĞƉƚǁŝůůŵŽǀĞĨŽƌǁĂƌĚǁŝƚŚƚǁŽͲǇĞĂƌƌĞŶĞǁĂůƚĞƌŵƐƵŶƚŝůŽƚŚĞƌǁŝƐĞ ŶŽƚŝĐĞĚ͘dŚĞŝƚǇƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽƚĞƌŵŝŶĂƚĞƚŚĞDKhǁŝƚŚŽƵƚĐĂƵƐĞ͘ ^ĐŽƉĞŽĨDKh dŚĞWĂƌƚŝĞƐŚĞƌĞďǇĂŐƌĞĞƚŽǁŽƌŬĐŽůůĂďŽƌĂƚŝǀĞůǇƚŽƉƌŽǀŝĚĞƐĞƌǀŝĐĞƐŽƵƚůŝŶĞĚĂƐĨŽůůŽǁƐ͗ ůůWĂƌƚŝĞƐŶĂŵĞĚĂďŽǀĞǁŝůůƌĞŵĂŝŶĐŽŵŵŝƚƚĞĚƚŽƚŚĞŝƌƌĞƐƉĞĐƚŝǀĞŵŝƐƐŝŽŶƐ͘DŝƐƐŝŽŶͲ x ĚƌŝǀĞŶƉƌŽŐƌĂŵŵŝŶŐĂŶĚŵŝƐƐŝŽŶͲƌĞůĂƚĞĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐǁŝůůĐŽŶƚŝŶƵĞƚŽďĞƐĞƌǀŝĐĞĚĂƐ ƚŚĞƚŽƉƉƌŝŽƌŝƚǇ͘dŚŝƐDKhŝƐƐƵƉƉůĞŵĞŶƚĂůƚŽĞŶƐƵƌĞƐĞƌǀŝĐĞĚĞůŝǀĞƌǇĂŶĚƌĞƚƵƌŶŽŶ ŝŶǀĞƐƚŵĞŶƚŽĨŝƚǇĨƵŶĚƐŝŶƚŽŝƚǇͲŽǁŶĞĚĂƐƐĞƚƐĂŶĚWĂƌƚŝĞƐĨƵŶĚĞĚƚŚƌŽƵŐŚŝƚǇ ĂůůŽĐĂƚŝŽŶƐ͘ ǆƉĞƌŝĞŶĐĞZŽĐŚĞƐƚĞƌĂŶĚƚŚĞDƚĞĂŵǁŝůůƉƌŽǀŝĚĞĚĂǇͲƚŽͲĚĂǇŽƉĞƌĂƚŝŽŶĂůĂŶĚĨĂĐŝůŝƚǇ x ŵĂŝŶƚĞŶĂŶĐĞƚŽƚŚĞƌƚĞŶƚĞƌĂŶĚd͘ ǆƉĞƌŝĞŶĐĞZŽĐŚĞƐƚĞƌƚŽďĞĐŽŵĞƚŚĞĞǆĐůƵƐŝǀĞĐĂƚĞƌŝŶŐƐŽĐŝĂůĞǀĞŶƚƐĂůĞƐĂŐĞŶƚĨŽƌ x ƐŽĐŝĂůĞǀĞŶƚƐĂƚƚŚĞƌƚĞŶƚĞƌŽĐĐƵƌƌŝŶŐŝŶƚŚĞ'ƌĂŶĚ>ŽďďǇƚŚĂƚĂƌĞŶŽƚZƉƌŽŐƌĂŵƐ ŽƌĞǀĞŶƚƐ͘ ǆƉĞƌŝĞŶĐĞZŽĐŚĞƐƚĞƌǁŝůůďĞĐŽŵĞƚŚĞĞǆĐůƵƐŝǀĞĨŽŽĚĂŶĚďĞǀĞƌĂŐĞƉƌŽǀŝĚĞƌƚŽƚŚĞƌƚ x ĞŶƚĞƌĂŶĚd͘ĞƚĂŝůŽŶĨƵŶĐƚŝŽŶĂůŝƚǇƚŽďĞŝŶĐůƵĚĞĚŝŶŝŶĚŝǀŝĚƵĂůDKhƐ͘ ZŽĐŚĞƐƚĞƌŝǀŝĐdŚĞĂƚĞƌŽƌŐĂŶŝǌĂƚŝŽŶĂŶĚŝǀŝĐDƵƐŝĐƚŽƐŚĂƌĞƉĞƌĨŽƌŵĂŶĐĞƐƉĂĐĞĂƚƚŚĞ x ŝƚǇͲŽǁŶĞĚZŽĐŚĞƐƚĞƌŝǀŝĐdŚĞĂƚĞƌƚŽŝŶĐůƵĚĞĂůůĨŽƵƌƉĞƌĨŽƌŵĂŶĐĞůŽĐĂƚŝŽŶƐ;ŵĂŝŶ ƚŚĞĂƚĞƌƐƉĂĐĞ͕ďůĂĐŬďŽǆ͕ůŽďďǇƐƉĂĐĞĂŶĚŽƵƚĚŽŽƌƐƉĂĐĞͿ͘ ZŽĐŚĞƐƚĞƌŝǀŝĐdŚĞĂƚĞƌŽƌŐĂŶŝǌĂƚŝŽŶƚŽũŽŝŶƚůǇŵĂŶĂŐĞĐĂůĞŶĚĂƌĨŽƌŝƚǇͲŽǁŶĞĚŝǀŝĐ x dŚĞĂƚĞƌƐƉĂĐĞǁŝƚŚŝǀŝĐDƵƐŝĐ͘ ŝǀŝĐDƵƐŝĐǁŝůůŵĂŝŶƚĂŝŶĂƐĞĐŽŶĚĂƌǇŽƵƚůĞƚŝŶdŝĐŬĞƚŵĂƐƚĞƌƚŽŵĂŶĂŐĞĂůůƚŝĐŬĞƚĞĚ x 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ĂĚĚŝƚŝŽŶĂůƐƵƌĨĂĐĞƉĂƌŬŝŶŐďĞǇŽŶĚǁŚĂƚŝƐƐŚŽǁŶŝŶƚŚĞĐƵƌƌĞŶƚƉůĂŶǁŝůůŶŽƚďĞŶĞĞĚĞĚ͍ ͗ZǇĂŶ͗ zĞƐ͕ǁĞĂƌĞĐŽŵŵŝƚƚĞĚƚŽƉƌŽǀŝĚĞƵŶĚĞƌŐƌŽƵŶĚƉĂƌŬŝŶŐĂŶĚǁŝůůŶŽƚďĞƉƌŽǀŝĚŝŶŐĂĚĚŝƚŝŽŶĂů ƐƵƌĨĂĐĞƉĂƌŬŝŶŐďĞǇŽŶĚǁŚĂƚŝƐƐŚŽǁŶŝŶƚŚĞƉůĂŶƐ͘dŚĞƌĞĂƌĞƐƚƌŝĐƚƉĂƌŬŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐǁĞŶĞĞĚƚŽ ŵĞĞƚƵŶĚĞƌZϯǌŽŶŝŶŐǁŚŝĐŚƐĞƚƚŚĞďĂƐŝƐŽĨŚŽǁŵƵĐŚƉĂƌŬŝŶŐǁĞƉƵƚŽŶƚŚĞƐŝƚĞ͘dŚĞZϯǌŽŶŝŶŐĂůƐŽ ůŝŵŝƚƐƚŚĞďƵŝůĚŝŶŐŚĞŝŐŚƚƚŽϯͲƐƚŽƌŝĞƐ͕ƐŽǁĞǁŝůůŶŽƚďĞĂďůĞƚŽĞǆĐĞĞĚƚŚĂƚ͘ Y͗tŽƵůĚǇŽƵďĞŝŶĐůŝŶĞĚƚŽĂĐƋƵŝƌĞƚŚĞŶĞŝŐŚďŽƌŝŶŐ<ǁŝŬdƌŝƉůĂŶĚ͍ŶĚŝĨƐŽ͕ǁŽƵůĚǇŽƵĐŽŶƐŝĚĞƌ ĐŽŶǀĞƌƚŝŶŐƚŚŝƐůĂŶĚŝŶƚŽŐƌĞĞŶƐƉĂĐĞ͍ ͗ZǇĂŶ͗ dŚĂƚŝƐƐŽŵĞƚŚŝŶŐƚŚĂƚ/ĂŵƵŶĂďůĞƚŽĂŶƐǁĞƌďĞĐĂƵƐĞ/ĚŽŶ͛ƚŬŶŽǁǁŚĂƚ<ǁŝŬdƌŝƉ͛ƐƉůĂŶĨŽƌ ƚŚĞƐŝƚĞŝƐ͘tĞĚŽŶŽƚŚĂǀĞƚŚĂƚƉĂƌĐĞůƵŶĚĞƌĐŽŶƚƌĂĐƚ͘ Y͗/ŚĂǀĞĐŽŶĐĞƌŶƐƌĞŐĂƌĚŝŶŐƚŚĞŝŶĐƌĞĂƐĞĚƚƌĂĨĨŝĐĂůƌĞĂĚǇďĞŝŶŐĐĂƵƐĞĚďǇĞŶƚƵƌǇ,ĞŝŐŚƚƐ͖tŚĂƚŝƐ ŐŽŝŶŐƚŽŚĂƉƉĞŶŝĨEŽƌƚŚĞƌŶ,ĞŝŐŚƚƐŐĞƚƐďƵŝůƚ͍ ͗ZǇĂŶ͗ /ƵŶĚĞƌƐƚĂŶĚǇŽƵƌĐŽŶĐĞƌŶƌĞŐĂƌĚŝŶŐƚŚĞŝŶĐƌĞĂƐĞĚƚƌĂĨĨŝĐ͘dŚĞƉƌŽƉĞƌƚǇŝƐĐƵƌƌĞŶƚůǇǌŽŶĞĚĨŽƌĂ ĐŽŵŵĞƌĐŝĂůƵƐĞ͘/ĐĂŶŶŽƚƉƌĞĚŝĐƚǁŚĂƚŵĂǇŽƌŵĂǇŶŽƚŐĞƚďƵŝůƚĂƚƚŚĞƐŝƚĞ͕ďƵƚĐŽŶƐŝĚĞƌŝŶŐŝƚŝƐĞŶƚŝƚůĞĚ ƚŽĂĐŽŵŵĞƌĐŝĂůƵƐĞ͕ƚŚĞƌĞŝƐĂƌĞĂƐŽŶĂďůĞĐŚĂŶĐĞƚŚĂƚĂĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚĂƚƚŚĞƐŝƚĞĐƌĞĂƚĞƐŵŽƌĞ ƚƌĂĨĨŝĐƚŚĂŶǁŚĂƚŽƵƌƉƌŽƉŽƐĞĚƵƐĞǁŽƵůĚ͘,ŽƉĞĨƵůůǇ͕ŝŶƚŚĞůŽŶŐƌƵŶŽƵƌĚĞǀĞůŽƉŵĞŶƚƌĞĚƵĐĞƐƚƌĂĨĨŝĐ ĐŽŵƉĂƌĞĚƚŽǁŚĂƚŽƚŚĞƌǁŝƐĞĐŽƵůĚŚĂǀĞďĞĞŶďƵŝůƚ͘ Y͗tŝůůƚŚĞƌĞďĞĂŶǇĨĞŶĐŝŶŐŽƌůĂŶĚƐĐĂƉŝŶŐĂůŽŶŐƚŚĞƉƌŽƉĞƌƚǇůŝŶĞďĞƚǁĞĞŶƚŚĞƐŝƚĞĂŶĚƚŚĞ ƚŽǁŶŚŽŵĞƐ͍ ͗ZǇĂŶ͗ dŚĞƌĞĂƌĞďƵĨĨĞƌĂŶĚůĂŶĚƐĐĂƉŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐƚŚĂƚƚŚĞĚĞǀĞůŽƉŵĞŶƚŵƵƐƚŵĞĞƚƵŶĚĞƌZϯ ǌŽŶŝŶŐ͘/ĚŽŶ͛ƚŬŶŽǁƚŚĞƐƉĞĐŝĨŝĐƐŽĨƚŚŽƐĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨĨŚĂŶĚ͕ďƵƚ/ĐĂŶĨŽůůŽǁƵƉǁŝƚŚǇŽƵŽŶǁŚĂƚ ƚŚŽƐĞĂƌĞŽŶĐĞ/ůŽŽŬŝŶƚŽƚŚĞŵĨƵƌƚŚĞƌ͘/ĨǇŽƵŚĂǀĞĂĚĚŝƚŝŽŶĂůĐŽŶĐĞƌŶ͕ƚŚĞŶ/ĂĚǀŝƐĞǇŽƵƚŽďƌŝŶŐƚŚŝƐƵƉ ZǇĂŶƉůĂŶƐƚŽĨŽůůŽǁƵƉǁŝƚŚŶĞŝŐŚďŽƌ͕ĂůĞDŽƌŬ͕ǁŝƚŚƚŚŝƐ ĚƵƌŝŶŐƚŚĞƉůĂŶŶŝŶŐĂŶĚǌŽŶŝŶŐŵĞĞƚŝŶŐ͘ ŝŶĨŽ͘ Y͗dŚĞďĂĐŬǇĂƌĚŽĨŽƵƌƉƌŽƉĞƌƚǇĂďƵƚƐsŝŽůĂ,ĞŝŐŚƚƐƌŝǀĞ͘dŚĞƌĞŚĂƐĂůƌĞĂĚǇďĞĞŶĂŶŽƚŝĐĞĂďůĞ ŝŶĐƌĞĂƐĞŝŶƚƌĂĨĨŝĐƌĞĐĞŶƚůǇǁŚŝĐŚŝƐĐƌĞĂƚŝŶŐĂůŽƚŵŽƌĞŶŽŝƐĞ͘dŚĞƌĞĂƌĞƚŝŵĞƐǁŚĞƌĞ/ĐĂŶďĂƌĞůǇĐĂƌƌǇ ŽƵƚĂĐŽŶǀĞƌƐĂƚŝŽŶǁŝƚŚĨƌŝĞŶĚƐŝŶŵǇŽǁŶďĂĐŬǇĂƌĚďĞĐĂƵƐĞŽĨƚŚĞŶŽŝƐĞ͘tŚĂƚĐĂŶƚŚĞ ŝƚǇͬĞǀĞůŽƉĞƌĚŽƚŽƌĞĚƵĐĞƚŚŝƐƐŽƵŶĚ͍ŽƵůĚƐŽƵŶĚďĂƌƌŝĞƌƐďĞŝŶƐƚĂůůĞĚ͍ ͗ZǇĂŶ͗ dŚĞŶŽŝƐĞďĂƌƌŝĞƌŽŶsŝŽůĂZĚǁŽƵůĚƵůƚŝŵĂƚĞůǇďĞĂƋƵĞƐƚŝŽŶĨŽƌƚŚĞŝƚǇ͘/ĂĚǀŝƐĞǇŽƵďƌŝŶŐƚŚŝƐ ƵƉĂƚƚŚĞŝƚǇĂŶĚŽŶŝŶŐŵĞĞƚŝŶŐŽƌƌĞĂĐŚŽƵƚƚŽĂŝƚǇŽĨĨŝĐŝĂůĚŝƌĞĐƚůǇ;ŽƵŶĐŝůDĞŵďĞƌ^ŚĂƵŶWĂůŵĞƌ ƐƚĂƚĞĚŚĞǁŽƵůĚůŽŽŬŝŶƚŽƚŚŝƐĨƵƌƚŚĞƌĂŶĚĨŽůůŽǁƵƉͿ͘/ǁŝůůĂůƐŽĐŝƌĐůĞďĂĐŬĂŶĚƐĂǇƚŚĂƚ͕ŝŶƚŚĞůŽŶŐƌƵŶ͕ ŚŽƉĞĨƵůůǇŽƵƌĚĞǀĞůŽƉŵĞŶƚǁŝůůƌĞĚƵĐĞƚƌĂĨĨŝĐĐŽŵƉĂƌĞĚƚŽƚŚĞƚƌĂĨĨŝĐĐĂƵƐĞĚďǇĂĐŽŵŵĞƌĐŝĂůƵƐĞ͕ ǁŚŝĐŚŝƐǁŚĂƚƚŚĞƉƌŽƉĞƌƚǇŝƐĐƵƌƌĞŶƚůǇĞŶƚŝƚůĞĚĨŽƌ͘ Y͗ĂŶǇŽƵĐŽŶĨŝƌŵŚŽǁĨĂƌƚŚĞƉĂƌŬŝŶŐůŽƚĂŶĚďƵŝůĚŝŶŐĂƌĞĨƌŽŵƚŚĞƉƌŽƉĞƌƚǇůŝŶĞĂůŽŶŐƚŚĞ ƚŽǁŶŚŽŵĞƐ͍ ͗ZǇĂŶ͗ hŶĚĞƌƚŚĞĐƵƌƌĞŶƚƐŝƚĞůĂǇŽƵƚ͕ƚŚĞƉĂƌŬŝŶŐůŽƚǁŝůůďĞĂƉƉƌŽǆŝŵĂƚĞůǇϯϱĨƚĂŶĚƚŚĞďƵŝůĚŝŶŐǁŝůůďĞ ĂƉƉƌŽǆŝŵĂƚĞůǇϳϱĨƚĨƌŽŵƚŚĞƉƌŽƉĞƌƚǇůŝŶĞĂůŽŶŐƚŚĞǁĞƐƚĞƌŶƐŝĚĞŽĨƚŚĞƉƌŽƉĞƌƚǇ͘dŚĞƐŝƚĞůĂǇŽƵƚŝƐ ĚĞƐŝŐŶĞĚƚŽƉƵƚƚŚĞďƵŝůĚŝŶŐĂƐĨĂƌĂǁĂǇĨƌŽŵƚŚĞƚŽǁŶŚŽŵĞƐĂƐƉŽƐƐŝďůĞ͘dŚŝƐƉƵƚƐƚŚĞďƵŝůĚŝŶŐĂůŽŶŐ 3DFNHW3J +J ƚŚĞĂƐƚĞƌŶĂŶĚ^ŽƵƚŚĞƌŶƐŝĚĞƐŽĨƚŚĞƐƵďũĞĐƚƐŝƚĞǁŝƚŚƚŚĞƉĂƌŬŝŶŐůŽƚĂĐƚŝŶŐĂƐĂďŝƚŽĨĂďƵĨĨĞƌďĞƚǁĞĞŶ ƚŚĞďƵŝůĚŝŶŐĂŶĚƚŽǁŶŚŽŵĞƐ͘ Y͗,ŽǁŵĂŶǇĨĞĞƚĨƌŽŵ<ǁŝŬdƌŝƉǁŝůůƚŚĞƉƌŽƉĞƌƚǇďĞ͍ ͗ZǇĂŶ͗ ƉƉƌŽǆŝŵĂƚĞůǇϮϱĨƚ͍ĨƌŽŵƚŚĞƉƌŽƉĞƌƚǇůŝŶĞ͕ŐŝǀĞŶƚŚĞĐƵƌƌĞŶƚƐŝƚĞůĂǇŽƵƚ͘ϯϱĨƚĨƌŽŵƚŚĞ ďƵŝůĚŝŶŐ͘ Y͗ZŝŐŚƚŶŽǁ͕ƚŚĞďƵƐŝŶĞƐƐĞƐǁĞŚĂǀĞŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚƐĞĞŵƚŽďĞĐŽŵƉĂƚŝďůĞǁŝƚŚƚŚĞƌĞƐŝĚĞŶƚŝĂů ƵƐĞƐ͘tŚĂƚŝƐƚŽƐĂǇƚŚĂƚĂŶŽƚŚĞƌŽŶĞŽĨƚŚĞƐĞďƵƐŝŶĞƐƐĞƐĚŽĞƐŶ͛ƚŐĞƚďƵŝůƚŽŶƚŚĞƐƵďũĞĐƚƉƌŽƉĞƌƚǇ͍ ͗ZǇĂŶ͗ zŽƵĂƌĞĐĞƌƚĂŝŶůǇĐŽƌƌĞĐƚ͘/ƚŝƐƉŽƐƐŝďůĞĂŶŽƚŚĞƌƐŝŵŝůĂƌďƵƐŝŶĞƐƐĂƐƚŽǁŚĂƚŝƐĐƵƌƌĞŶƚůǇŝŶƚŚĞ ŝŵŵĞĚŝĂƚĞĂƌĞĂŐĞƚƐďƵŝůƚŽŶƚŚĞƐŝƚĞ͘/ĚŽŶ͛ƚŵĞĂŶƚŽŵĂŬĞƉĞŽƉůĞƚŚŝŶŬƚŚĂƚĂŶŝŶƚĞŶƐŝǀĞĐŽŵŵĞƌĐŝĂů ƵƐĞǁŝůůďĞďƵŝůƚŽŶƚŚĞƐŝƚĞ͘/ũƵƐƚǁĂŶƚƉĞŽƉůĞƚŽďĞĂǁĂƌĞƚŚĂƚƚŚĞƌĞŝƐƉŽƐƐŝďŝůŝƚǇŽĨƐƵĐŚĂƵƐĞŐĞƚƚŝŶŐ ĚĞǀĞůŽƉĞĚŚĞƌĞĂŶĚ͕ĂƐƐƵĐŚ͕ƚŚĞĞĨĨĞĐƚƐƚŚĂƚƐĂŝĚĚĞǀĞůŽƉŵĞŶƚǁŽƵůĚŚĂǀĞŽŶƚŚĞŶĞŝŐŚďŽƌŝŶŐ ƉƌŽƉĞƌƚŝĞƐǁŽƵůĚďĞŵŽƌĞĞǆƚƌĞŵĞƚŚĂŶǁŚĂƚǁĞĂƌĞƉƌŽƉŽƐŝŶŐ͘ Y͗tŚĂƚŝƐƚŚĞŵĞĚŝĂŶĂŐĞŽĨƌĞŶƚĞƌƐĂƚĂƉƌŽƉĞƌƚǇůŝŬĞƚŚĞŽŶĞǇŽƵĂƌĞďƵŝůĚŝŶŐ͍ ͗ZǇĂŶ͗ /ǁŽƵůĚŚĂǀĞƚŽƚĂůŬǁŝƚŚŽƵƌŵĂŶĂŐĞŵĞŶƚĐŽŵƉĂŶǇƚŽŐĞƚĂŐŽŽĚŝĚĞĂŽĨƚŚĞŵĞĚŝĂŶĂŐĞŽĨ ŽƵƌƌĞŶƚĞƌƐ͘/ǁŝůůƐĂǇƚŚĂƚďĂƐĞĚŽŶŽƵƌĐƵƌƌĞŶƚĂƉĂƌƚŵĞŶƚďƵŝůĚŝŶŐƐ͕ǁĞƐĞĞĂůŽƚŽĨǇŽƵŶŐĨĂŵŝůŝĞƐ͘^Ž͕/ ǁŽƵůĚĞǆƉĞĐƚĂĚĞĐĞŶƚŶƵŵďĞƌŽĨƌĞŶƚĞƌƐďĞƚǁĞĞŶƚŚĞĂŐĞƐŽĨϮϱͲϰϬ͘/ĂŵŚĂƉƉǇƚŽĚŝŐĚĞĞƉĞƌĂŶĚ ZǇĂŶƚŽĨŽůůŽǁƵƉǁŝƚŚŶĞŝŐŚďŽƌ͕ ƉƌŽǀŝĚĞĂŵŽƌĞĂĐĐƵƌĂƚĞĂŶƐǁĞƌŝĨƚŚĂƚŝƐƐŽŵĞƚŚŝŶŐǇŽƵǁŽƵůĚůŝŬĞ͘ :ŝŵ͕ŽŶƚŚŝƐƋƵĞƐƚŝŽŶ͘ Y͗tŚĂƚĚŽĞƐƚŚĞƐĞĐƵƌŝƚǇůŽŽŬůŝŬĞĂƚǇŽƵƌĂƉĂƌƚŵĞŶƚďƵŝůĚŝŶŐƐ͍ ͗ZǇĂŶ͗ ůůŽĨŽƵƌŶĞǁĚĞǀĞůŽƉŵĞŶƚƐŚĂǀĞĂƌŽďƵƐƚĐĂŵĞƌĂƐǇƐƚĞŵĂŶĚĨŽďďĞĚĞŶƚƌǇĂĐĐĞƐƐ͘ DĂŶĂŐĞŵĞŶƚǁŽƌŬƐĐůŽƐĞůǇǁŝƚŚƚŚĞĂƌĐŚŝƚĞĐƚŽŶƉůĂĐĞŵĞŶƚŽĨƚŚĞƐĞĐĂŵĞƌĂƐƚŽĞŶƐƵƌĞĐĂŵĞƌĂƐĐŽǀĞƌ ĂůůĐŽŵŵŽŶĂƌĞĂŝŶƚĞƌŝŽƌƐƉĂĐĞƐ͘ĂŵĞƌĂƐĂƌĞĂůƐŽƉůĂĐĞĚŽŶĞǆƚĞƌŝŽƌƉŽƌƚŝŽŶƐŽĨƚŚĞďƵŝůĚŝŶŐ͘dŚĞƐĞ ĐĂŵĞƌĂƐĂƌĞŽŶϮϰͬϳĂŶĚƚŚĞƌĞŝƐĚŝƌĞĐƚĂĐĐĞƐƐƚŽƚŚĞĨŽŽƚĂŐĞŝŶƚŚĞŵĂŶĂŐĞƌ͛ƐŽĨĨŝĐĞŽĨƚŚĞĂƉĂƌƚŵĞŶƚ ďƵŝůĚŝŶŐ͘dŚĞĨŽďďĞĚĞŶƚƌǇŶŽƚŽŶůǇƐĞĐƵƌĞƐĂĐĐĞƐƐŝŶĂŶĚŽƵƚŽĨƚŚĞďƵŝůĚŝŶŐ͕ďƵƚĂůƐŽƌĞĐŽƌĚƐǁŚŽ ĞŶƚĞƌƐĂŶĚƚŝŵĞŽĨĞŶƚƌǇ͘dŚĞƐĞƐĞĐƵƌŝƚǇƐǇƐƚĞŵƐŚĂǀĞŵĂĚĞĂƉŽƐŝƚŝǀĞŝŵƉĂĐƚŽŶƚŚĞƐĂĨĞƚǇŽĨŽƵƌ ďƵŝůĚŝŶŐƐ͘ Y͗tŚĂƚĚŽǇŽƵĚŽĨŽƌƐĞĐƵƌŝƚǇŝŶƚŚĞƉĂƌŬŝŶŐůŽƚ͍ŽǇŽƵŚĂǀĞĂŶǇϯƉĂƌƚǇƐĞĐƵƌŝƚǇƐĞƌǀŝĐĞƐĨŽƌ ƌĚ ŵŽŶŝƚŽƌŝŶŐƚŚĞƉĂƌŬŝŶŐůŽƚ͍ ͗ZǇĂŶ ͗KŶͲƐŝƚĞŵĂŶĂŐĞŵĞŶƚĚŽĞƐŵŽŶŝƚŽƌƚŚĞƉĂƌŬŝŶŐůŽƚĂ ŶĚǁŝůůƚŽǁǀĞŚŝĐůĞƐƚŚĂƚĚŽŶ͛ƚďĞůŽŶŐ͘tĞ ĚŽŶ͛ƚŚĂǀĞĂŶǇϯƉĂƌƚǇƐĞƌǀŝĐĞƐŵŽŶŝƚŽƌƚŚĞƉĂƌŬŝŶŐůŽƚ͘ ƌĚ Y͗/ƐƚŚĞƌĞĂƐŝĚĞǁĂůŬƉůĂŶŶĞĚĨŽƌƚŚĞƐŽƵƚŚƐŝĚĞŽĨƚŚĞƉƌŽƉĞƌƚǇ͍ ͗ /ĚŽŶ͛ƚŬŶŽǁŽĨĨŚĂŶĚ͕ďƵƚ/ǁŽƵůĚďĞƐƵƌƉƌŝƐĞĚŝĨŝƚǁĂƐŶ͛ƚĂůƌĞĂĚǇƌĞƋƵŝƌĞĚďǇƚ ŚĞŝƚǇŽĚĞ͘/ǁŝůů ZǇĂŶƚŽĨŽůůŽǁƵƉǁŝƚŚŶĞŝŐŚďŽƌ͕>ŝƐĂ,ĂůǀĞƌƐŽŶ͕ŝĨĂƐŝĚĞǁĂůŬǁŝůů ůŽŽŬŝŶƚŽŝƚĂŶĚĨŽůůŽǁƵƉǁŝƚŚǇŽƵ͘ ďĞŝŶƐƚĂůůĞĚ͘ Y͗DŽƐƚĨĂŵŝůŝĞƐŚĂǀĞƚǁŽǀĞŚŝĐůĞƐĂŶĚ͕ĂůŽƚŽĨƚŝŵĞƐ͕ŽŶĞŽĨƚŚĞŝƌǀĞŚŝĐůĞƐŝƐůĂƌŐĞƌůŝŬĞĂƉŝĐŬƵƉ ƚƌƵĐŬ͘dŚĞƐĞƉŝĐŬƵƉƚƌƵĐŬƐĂƌĞůŽƵĚĂŶĚǁŝůůĐƌĞĂƚĞĂůŽƚŽĨŶŽŝƐĞ͘/ŚĂǀĞĐŽŶĐĞƌŶƐǁŝƚŚƚŚŝƐƉŽƚĞŶƚŝĂů ŶŽŝƐĞ͘ 3DFNHW3J +J ͗ZǇĂŶ ͗dŚĞƌĞŝƐŶŽƚŵƵĐŚ/ĐĂŶƐĂǇŝŶƌĞŐĂƌĚƐƚŽƚŚĞƐƉĞĐŝĨŝĐŶŽŝƐĞĐƌĞĂƚĞĚďǇƐƉĞĐŝĨŝĐƚƌƵĐŬƐ͘/ĂĚǀŝƐĞ ǇŽƵƚŽǀŽŝĐĞǇŽƵƌĐŽŶĐĞƌŶĂƚƚŚĞWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŵĞĞƚŝŶŐ͘/ǁŽƵůĚĂůƐŽƐƉĞĐƵůĂƚĞƚŚĂƚƚŚĞŵĂũŽƌŝƚǇ ŽĨƌĞƐŝĚĞŶƚƐůĞĂǀĞĂŶĚƌĞƚƵƌŶũƵƐƚŽŶĐĞĂĚĂǇŐŽŝŶŐƚŽĂŶĚĨƌŽŵǁŽƌŬŽƌƌƵŶŶŝŶŐĂŶĞƌƌĂŶĚ͘dŚĞƌĞǁŝůů ŶŽƚďĞƉĞŽƉůĞĐŽŶƐƚĂŶƚůǇĐŽŵŝŶŐŝŶĂŶĚŽƵƚŽĨƚŚĞƉĂƌŬŝŶŐůŽƚŽĨƚŚĞďƵŝůĚŝŶŐ͘>ĂƐƚůǇ͕ŝĨǇŽƵĚŽŚĂǀĞĂŶǇ ĐŽŶĐĞƌŶƐƌĞŐĂƌĚŝŶŐŽǀĞƌĨůŽǁƉĂƌŬŝŶŐ͕ƚŚĞŝƚǇĚŽĞƐŚĂǀĞƌŽďƵƐƚƉĂƌŬŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐƵŶĚĞƌZϯǌŽŶŝŶŐ͘ ůŽƚŽĨŽƵƌŽƚŚĞƌĚĞǀĞůŽƉŵĞŶƚƐŝŶZŽĐŚĞƐƚĞƌĂƌĞǌŽŶĞĚZϯĂŶĚƚŚĞƌĞŚĂƐŶĞǀĞƌďĞĞŶĂŶĞĞĚĨŽƌ ĂĚĚŝƚŝŽŶĂůƉĂƌŬŝŶŐĂƚƚŚŽƐĞƉƌŽƉĞƌƚŝĞƐ͘dŚĞĐƵƌƌĞŶƚƉĂƌŬŝŶŐŚĂƐďĞĞŶĂĚĞƋƵĂƚĞ͘ Y͗ŝƌĐůŝŶŐďĂĐŬŽŶĂƋƵĞƐƚŝŽŶƐŽŵĞŽŶĞĞůƐĞŚĂĚĂƐŬĞĚĞĂƌůŝĞƌ͕ĂƌĞǇŽƵŽƌĂƌĞǇŽƵŶŽƚƌĞƋƵŝƌĞĚƚŽƉƵƚ ƵƉĨĞŶĐŝŶŐĂůŽŶŐƚŚĞƉƌŽƉĞƌƚǇůŝŶĞƐĞƉĂƌĂƚŝŶŐƚŚĞƚŽǁŶŚŽŵĞƐĨƌŽŵƚŚĞƉƌŽƉĞƌƚǇ͍ ͗ZǇĂŶ͗ 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ƚŚĂƚƚŚĂƚƚŚĞĂůƚĞƌŶĂƚĞƐŝĚĞƉĂƌŬŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐĐĂŶĐĂƵƐĞĂůĞǀĞůŽĨŝŶĐŽŶǀĞŶŝĞŶĐĞƚŽƌĞƐŝĚĞŶƚƐ ƚŚĂƚĚĞƉĞŶĚŽŶŽŶͲƐƚƌĞĞƚƉĂƌŬŝŶŐ͘,ŽǁĞǀĞƌ͕ƚŚĞƉƌĞĚŝĐƚĂďůĞŶĂƚƵƌĞŽĨƚŚĞŽƌĚŝŶĂŶĐĞŚĞůƉƐƌĞƐŝĚĞŶƚƐ ŬŶŽǁǁŚĂƚƚŽĞǆƉĞĐƚĂŶĚĂǀŽŝĚƚŚĞƉŝƚĨĂůůƐŽĨƐŶŽǁĞŵĞƌŐĞŶĐǇĚĞĐůĂƌĂƚŝŽŶƐƚŚĂƚĐĂŶůĞĂĚƚŽǀĞŚŝĐůĞƐ ďĞŝŶŐƚŽǁĞĚŝŵŵĞĚŝĂƚĞůǇ͘ tĞĂƌĞŝŶƚŚĞƚŚŝƌĚǁŝŶƚĞƌŽĨƚŚĞƐĞĂƐŽŶĂůƉĂƌŬŝŶŐƌĞƐƚƌŝĐƚŝŽŶƐĂŶĚĐŽŵƉůŝĂŶĐĞŚĂƐďĞĞŶďĞƚƚĞƌƚŚĂŶ ĞǀĞƌ͘KƵƌƉůŽǁƐŚĂǀĞďĞĞŶĂďůĞƚŽĐůĞĂƌĐƵƌďƚŽĐƵƌď͕ƚŚĞƌĞŝƐŶŽƚĂŶŽǀĞƌĂďƵŶĚĂŶĐĞŽĨĐĂƌƐƉĂƌŬĞĚ ŽŶďŽƚŚƐŝĚĞƐŽĨƚŚĞƐƚƌĞĞƚĂŶĚƚŚĞǀĞŚŝĐůĞƐƚŚĂƚĂƌĞƉĂƌŬĞĚŽŶƚŚĞƐƚƌĞĞƚƐĂƌĞĂďŝĚŝŶŐďǇƚŚĞ ĂůƚĞƌŶĂƚĞƐŝĚĞƉĂƌŬŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐ͘WƵďůŝĐtŽƌŬƐŚĂƐďĞĞŶĂďůĞƚŽĐŽŶƐŝƐƚĞŶƚůǇƐĞŶĚŽƵƚƉůŽǁƐƚŚĞ ĚĂǇĂĨƚĞƌƚŚĞƐŶŽǁĞǀĞŶƚƚŽĐůĞĂƌƚŚĞƐƚƌĞĞƚƚŽƚŚĞĐƵƌďŽŶƚŚĞƐŝĚĞǁŚĞƌĞĐĂƌƐǁĞƌĞƉĂƌŬĞĚƚŚĞĚĂǇ 3DFNHW3J .E ƉƌŝŽƌ͘tĞŚĂǀĞŶŽƚĞǆƉĞƌŝĞŶĐĞĚƚŚĞŶĂƌƌŽǁŝŶŐŽĨƐƚƌĞĞƚƐŽǀĞƌƚŚĞĐŽƵƌƐĞŽĨƚŚĞǁŝŶƚĞƌĚƵĞƚŽ ĂĐĐƵŵƵůĂƚĞĚƐŶŽǁ͘ /ƚŝƐĂůƐŽŽĨŶŽƚĞƚŚĂƚƚŚĞ^ĞĂƐŽŶĂůWĂƌŬŝŶŐZĞƋƵŝƌĞŵĞŶƚƐŚĂǀĞďĞŶĞĨŝƚƐďĞǇŽŶĚƐŶŽǁƌĞŵŽǀĂů͘ ^ƚĂƌƚŝŶŐƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽŶKĐƚŽďĞƌϭĂůůŽǁƐĐƌĞǁƐƌŽŽŵƚŽĐŽŵƉůĞƚĞĞŶĚŽĨƚŚĞƐĞĂƐŽŶ 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ĂƉƉƌŽǀĂůͿ͗ŚƚƚƉ͗ͬͬƌŽĐŚĞƐƚĞƌĐŝƚǇŵŶ͘ŝƋŵϮ͘ĐŽŵͬŝƚŝǌĞŶƐͬĞƚĂŝůͺ>ĞŐŝ&ŝůĞ͘ĂƐƉǆ͍ &ƌĂŵĞсΘDĞĞƚŝŶŐ/сϯϰϰϬΘDĞĚŝĂWŽƐŝƚŝŽŶсΘ/сϭϭϬϰϱΘƐƐůĂƐƐс KĐƚŽďĞƌϳ͕ϮϬϮϬŝƚǇŽƵŶĐŝůDĞĞƚŝŶŐ ƉƉƌŽǀĂůŽĨĨƵŶĚŝŶŐĨŽƌĞĚƵĐĂƚŝŽŶĂŶĚĂǁĂƌĞŶĞƐƐĐĂŵƉĂŝŐŶ͗ R ŚƚƚƉ͗ͬͬƌŽĐŚĞƐƚĞƌĐŝƚǇŵŶ͘ŝƋŵϮ͘ĐŽŵͬŝƚŝǌĞŶƐͬĞƚĂŝůͺ>ĞŐŝ&ŝůĞ͘ĂƐƉǆ͍ &ƌĂŵĞсΘDĞĞƚŝŶŐ/сϯϰϰϰΘDĞĚŝĂWŽƐŝƚŝŽŶсΘ/сϭϭϭϮϭΘƐƐůĂƐƐс ŚĂŶŐĞƚŽƌĞƐƚƌŝĐƚŝŽŶƐŝŶĐƵůͲĚĞͲƐĂĐďƵůďƐ͗ R ŚƚƚƉ͗ͬͬƌŽĐŚĞƐƚĞƌĐŝƚǇŵŶ͘ŝƋŵϮ͘ĐŽŵͬŝƚŝǌĞŶƐͬĞƚĂŝůͺ>ĞŐŝ&ŝůĞ͘ĂƐƉǆ͍ &ƌĂŵĞсΘDĞĞƚŝŶŐ/сϯϰϰϰΘDĞĚŝĂWŽƐŝƚŝŽŶсΘ/сϭϭϭϮϰΘƐƐůĂƐƐс /ĨǇŽƵǁĂŶƚƚŽƚĂůŬŵŽƌĞĂďŽƵƚŝƚŽƌŚĂǀĞƋƵĞƐƚŝŽŶƐ͕ƉůĞĂƐĞůĞƚŵĞŬŶŽǁ͘ dŚĂŶŬƐ͕ tĞŶĚǇ :HQG\7XUUL 3XEOLF:RUNV'LUHFWRU 3DFNHW3J .E &LW\RI5RFKHVWHU0LQQHVRWD :HVW5LYHU3DUNZD\1:6XLWH5RFKHVWHU01 2IILFH ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƐƚƉĂƵů͘ŐŽǀͬĚĞƉĂ ͘ŐŽǀͬŵŶƚͬƐŶŽǁͲƌĞŵŽǀĂůͲĂŶĚͲƐŶŽǁͲĞŵĞƌŐĞŶĐǇͲŝŶĨŽƌŵĂƚŝŽŶŚƚƚƉƐ͗ͬͬǁǁǁ͘ďƌŽŽŬůǇŶƉĂƌŬ͘Žƌ ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŵŝŶŶĞĂƉŽůŝƐŵŶ͘ ǁĂƚĐŚͬǁŝŶƚĞƌͲƉĂƌŬŝŶŐͲďĂƐŝĐƐͬŚƚƚƉƐ͗ͬͬǁǁǁ͘ďůŽŽŵŝŶŐƚŽŶŵŶŚƚƚƉƐ͗ͬͬǁǁǁ͘ƉůǇŵŽƵƚŚŵŶ͘ŐŽ ƌƚŵĞŶƚƐͬƉƵďůŝĐͲǁŽƌŬƐͬƐƚƌĞĞƚͲ ŚƚƚƉƐ͗ͬͬĚƵůƵƚŚŵŶ͘ŐŽǀͬǁŝŶƚĞƌ ǁŽƌŬƐͬƐƚƌĞĞƚƐͬƐŶŽǁͲƌĞŵŽǀĂů ĞŵĞƌŐĞŶĐŝĞƐͬƐŶŽǁͲƉĂƌŬŝŶŐͲ ƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀͬǁŝŶƚĞƌ 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