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ǁŝŶĚŽǁƐƌĞĐŽŶĨŝŐƵƌĞĚ͕ĚĞĐŽƌĂƚŝǀĞƐŚŝŶŐůĞƐŝĚŝŶŐƌĞƉůĂĐĞĚ͕ŽƌƉŽƌĐŚĞƐƌĞŵŽǀĞĚŵĂǇŶŽůŽŶŐĞƌ ůŽŽŬĞŶŽƵŐŚůŝŬĞĂYƵĞĞŶŶŶĞŚŽƵƐĞƚŽŵĂŬĞůĂŶĚŵĂƌŬĚĞƐŝŐŶĂƚŝŽŶĂƉƉƌŽƉƌŝĂƚĞ͕ƌĞŐĂƌĚůĞƐƐŽĨ ŝƚƐĂŐĞĂŶĚĂƉƉĂƌĞŶƚŚŝƐƚŽƌŝĐƐŝŐŶŝĨŝĐĂŶĐĞ͘ 3DFNHW3J )E ZWKZd&KZDd /ŶŽƌĚĞƌĨŽƌ^,WKƚŽƉƌŽǀŝĚĞŝŶĨŽƌŵĞĚĂŶĚǁŽƌƚŚǁŚŝůĞĐŽŵŵĞŶƚƐƌĞŐĂƌĚŝŶŐƚŚĞƉƌŽƉŽƐĞĚĚĞƐŝŐŶĂƚŝŽŶ͕ ƚŚĞƌĞƉŽƌƚƐŚŽƵůĚĐŽŶƚĂŝŶĂůůŽĨƚŚĞĨŽůůŽǁŝŶŐ͗ /͘'ĞŶĞƌĂůŝŶĨŽƌŵĂƚŝŽŶ ϭ͘,ŝƐƚŽƌŝĐĂŶĚŽŵŵŽŶWƌŽƉĞƌƚǇEĂŵĞƐ Ϯ͘WŚǇƐŝĐĂůĚĚƌĞƐƐŽƌ>ŽĐĂƚŝŽŶ ϯ͘dĂǆWĂƌĐĞů/ĚĞŶƚŝĨŝĐĂƚŝŽŶEƵŵďĞƌ;W/EͿ ϰ͘ƵƌƌĞŶƚKǁŶĞƌ;ƐͿEĂŵĞ;ƐͿ ϱ͘ƵƌƌĞŶƚKǁŶĞƌ;ƐͿDĂŝůŝŶŐĚĚƌĞƐƐ;ĞƐͿ //͘WŚǇƐŝĐĂůĞƐĐƌŝƉƚŝŽŶ ϭ͘ĐŽŵƉůĞƚĞĂƌĐŚŝƚĞĐƚƵƌĂůĚĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞƉƌŽƉĞƌƚǇ͘&ŽƌĂƌĐŚŝƚĞĐƚƵƌĂůůǇƐŝŐŶŝĨŝĐĂŶƚƉƌŽƉĞƌƚŝĞƐ͕ ƚŚĞĚĞƐĐƌŝƉƚŝŽŶƐŚŽƵůĚĨŽĐƵƐŽŶƚŚĞĞůĞŵĞŶƚƐƚŚĂƚĚĞĨŝŶĞƚŚĞďƵŝůĚŝŶŐ͛ƐĚĞƐŝŐŶ͘&ŽƌůĂŶĚŵĂƌŬ ĚĞƐŝŐŶĂƚŝŽŶƉƌĞƉĂƌĞƌƐ͕ĐŽŵŵŝƐƐŝŽŶĞƌƐ͕ƐƚĂĨĨ͕ŽƌŽƚŚĞƌƐǁŚŽĂƌĞƵŶĨĂŵŝůŝĂƌǁŝƚŚƚŚŝƐŬŝŶĚŽĨ ƚĞĐŚŶŝĐĂůǁƌŝƚŝŶŐ͕ƐĞĞƉĂŐĞƐϮϴͲϯϰŽĨEĂƚŝŽŶĂůZĞŐŝƐƚĞƌƵůůĞƚŝŶϭϲ͗,ŽǁƚŽŽŵƉůĞƚĞƚŚĞ EĂƚŝŽŶĂůZĞŐŝƐƚĞƌZĞŐŝƐƚƌĂƚŝŽŶ&Žƌŵ͘dŚĞƉŚǇƐŝĐĂůĚĞƐĐƌŝƉƚŝŽŶŶĞĞĚƐƚŽĐůĞĂƌůǇĚĞƐĐƌŝďĞƚŚĞ ŚŝƐƚŽƌŝĐĐŚĂƌĂĐƚĞƌͲĚĞĨŝŶŝŶŐĨĞĂƚƵƌĞƐŽĨƚŚĞƉƌŽƉĞƌƚǇ;ƉŽƚĞŶƚŝĂůůǇďŽƚŚĞǆƚĞƌŝŽƌĂŶĚŝŶƚĞƌŝŽƌͿ͘ Ϯ͘ĚĞƐĐƌŝƉƚŝŽŶŽĨĂŶǇĞůĞŵĞ ŶƚƐƚŚĂƚĐŽŶƚƌŝďƵƚĞƚŽƚŚĞƉƌŽƉĞƌƚǇ͛ƐĂƌĐŚĂĞŽůŽŐŝĐĂůƐŝŐŶŝĨŝĐĂŶĐĞ͘ ďƌŝĞĨĂƌĐŚĂĞŽůŽŐŝĐĂůĐŽŵŵĞŶƚƐŚŽƵůĚďĞŝŶĐůƵĚĞĚŝŶĞǀĞƌǇƌĞƉŽƌƚ͘/ĨŶŽŬŶŽǁŶĂƌĐŚĂĞŽůŽŐŝĐĂů ĨĞĂƚƵƌĞƐĂƌĞƉƌĞƐĞŶƚĂƚƚŚĞĐƵƌƌĞŶƚƚŝŵĞ͕ĂƐƚĂƚĞŵĞŶƚƚŽƚŚĂƚĞĨĨĞĐƚǁŝůůƐƵĨĨŝĐĞ͘ ϯ͘ĐŽŵƉůĞƚĞĂŶĚƚŚŽƌŽƵŐŚĞǀĂůƵĂƚŝŽŶŽĨƚŚĞƉƌŽƉĞƌƚǇ͛ƐŝŶƚĞŐƌŝƚǇŽĨĚĞƐŝŐŶ͕ƐĞƚƚŝŶŐ͕ǁŽƌŬŵĂŶƐŚŝƉ͕ ŵĂƚĞƌŝĂůƐ͕ĨĞĞůŝŶŐ͕ĂŶĚĂƐƐŽĐŝĂƚŝŽŶ͕ĨƵůůǇĂĐĐŽƵŶƚŝŶŐĨŽƌĂůůĂůƚĞƌĂƚŝŽŶƐĂŶĚĐŚĂŶŐĞƐƚŽƚŚĞ ƉƌŽƉĞƌƚǇ͕ŝŶĐůƵĚŝŶŐƚŚŽƐĞǁŚŝĐŚĚĞƚƌĂĐƚĨƌŽŵŽƌĚŽŶŽƚĐŽŶƚƌŝďƵƚĞƚŽƚŚĞƉƌŽƉĞ ƌƚǇ͛ƐƐŝŐŶŝĨŝĐĂŶĐĞ͘ ϰ͘ĐŽŶĐŝƐĞƐƚĂƚĞŵĞŶƚŽĨǁŚĂƚďƵŝůĚŝŶŐƐĂŶĚƉŽƌƚŝŽŶŽĨůĂŶĚĂƌĞƚŽďĞŝŶĐůƵĚĞĚŝŶƚŚĞĚĞƐŝŐŶĂƚŝŽŶ͘ /ƐŝƚĂůůŽĨƚŚĞůĞŐĂůƉĂƌĐĞů;ƐͿŚŝƐƚŽƌŝĐĂůůǇĂŶĚĐƵƌƌĞŶƚůǇĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞďƵŝůĚŝŶŐ;ƐͿŽƌŽŶůǇĂ ƉŽƌƚŝŽŶ͍dŚĞůĂŶĚĂƌĞĂŝŶĐůƵĚĞĚƐŚŽƵůĚďĞ͕ĂƚŵŝŶŝŵƵŵ͕ƚŚĂƚǁŚŝĐŚŝƐŚŝƐƚŽƌŝĐĂůůǇĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚĂŶĚǁŚŝĐŚĐŽŶƚŝŶƵĞƐƚŽƉƌŽǀŝĚĞŚŝƐƚŽƌŝĐĐŽŶƚĞǆƚĨŽƌ͕ƚŚĞďƵŝůĚŝŶŐ;ƐͿĨŽƌǁŚŝĐŚĚĞƐŝŐŶĂƚŝŽŶŝƐ ƉƌŽƉŽƐĞĚ͘ ϱ͘ũƵƐƚŝĨŝĐĂƚŝŽŶŽĨƚŚĞƉƌŽƉŽƐĞĚďŽƵŶĚĂƌŝĞƐŽĨƚŚĞĚĞƐŝŐŶĂƚŝŽŶ͘ ///͘,ŝƐƚŽƌŝĐĂĐŬŐƌŽƵŶĚ ϭ͘ŶĂƌƌĂƚŝǀĞŽĨƚŚĞƉƌŽƉĞƌƚǇ͛ƐŚŝƐƚŽƌǇƚŚĂƚĨŽĐƵƐĞƐŽŶƉŽŝŶƚƐƌĞůĞǀĂŶƚƚŽƚŚĞƐŝŐŶŝĨŝĐĂŶĐĞĂŶĚ ŝŶƚĞŐƌŝƚǇĐƌŝƚĞƌŝĂ͘ Ϯ͘ĂƚĞ;ƐͿŽĨŽƌŝŐŝŶĂůĐŽŶƐƚƌƵĐƚŝŽŶ;ƵƐĞ͞ĐŝƌĐĂ͟ĂŶĚĂǇĞĂƌŝĨƚŚĞĞǆĂĐƚǇĞĂƌŝƐƵŶŬŶŽǁŶͿ͘ ϯ͘ĂƚĞ;ƐͿŽĨĂůůĂĚĚŝƚŝŽŶƐĂŶĚͬŽƌĂůƚĞƌĂƚŝŽŶƐ;ƵƐĞ͞ĐŝƌĐĂ͟ĂŶĚĂǇĞĂƌŝĨƚŚĞĞǆĂĐƚǇĞĂƌŝƐƵŶŬŶŽǁŶͿ /s͘ƐƐĞƐƐŵĞŶƚ ϭ͘ĐůĞĂƌƐƵŵŵĂƌǇƐƚĂƚĞŵĞŶƚŽĨƚŚĞƉƌŽƉĞƌƚǇ͛ƐƐŝŐŶŝĨŝĐĂŶĐĞĂŶĚĚĞŐƌĞĞŽĨŝŶƚĞŐƌŝƚǇŝŶƚǁŽƚŽƚŚƌĞĞ ƐĞŶƚĞŶĐĞƐ͘tŚǇŝƐƚŚŝƐƉƌŽƉĞƌƚǇďĞŝŶŐƉƌŽƉŽƐĞĚĨŽƌĚĞƐŝŐŶĂƚŝŽŶ͍ Ϯ͘/ƚŝƐŝŵƉŽƌƚĂŶƚƚŚĂƚƚŚĞƐƚĂƚĞŵĞŶƚŽĨƐŝŐŶŝĨŝĐĂŶĐĞĐŝƚĞŽŶĞŽƌŵŽƌĞŽĨƚŚĞĐƌŝƚĞƌŝĂƚŚĂƚĂƌĞ ƌĞĨĞƌĞŶĐĞĚŝŶƚŚĞƉƌĞƐĞƌǀĂƚŝŽŶŽƌĚŝŶĂŶĐĞ͘ 3DFNHW3J )E ϯ͘ĨƵůůĚĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞƉƌŽƉĞƌƚǇ͛ƐŚŝƐƚŽƌŝĐĂů͕ĂƌĐŚŝƚĞĐƚƵƌĂů͕ĂŶĚͬŽƌĐƵůƚƵƌĂůŝŵƉŽƌƚĂŶĐĞ ;ƐŝŐŶŝĨŝĐĂŶĐĞͿĨŽƌŽŶĞŽƌŵŽƌĞŽĨƚŚĞĨŽůůŽǁŝŶŐƐƉĞĐŝĨŝĐƌĞĂƐŽŶƐ͗ Ă͘/ƚƐĂƐƐŽĐŝĂƚŝŽŶǁŝƚŚĂŚŝƐƚŽƌŝĐĞǀĞŶƚ ď͘/ƚƐĂƐƐŽĐŝĂƚŝŽŶǁŝƚŚƚŚĞůŝĨĞŽĨĂŚŝƐƚŽƌŝĐĂůůǇƐŝŐŶŝĨŝĐĂŶƚƉĞƌƐŽŶ Đ͘/ƚƐĂƌĐŚŝƚĞĐƚƵƌĂůƐƚǇůĞŽƌŝƚƐƚǇƉĞŽĨĐŽŶƐƚƌƵĐƚŝŽŶŽƌĞŶŐŝŶĞĞƌŝŶŐ Ě͘/ƚƐĂƌĐŚĂĞŽůŽŐŝĐĂůƉŽƚĞŶƚŝĂů s͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ ϭ͘ŝŐŝƚĂůƉŚŽƚŽŐƌĂƉŚƐƚŚĂƚĐůĞĂƌůǇƐŚŽǁƚŚĞŽǀĞƌĂůůƉƌŽƉĞƌƚǇŝŶŝƚƐĐƵƌƌĞŶƚĐŽŶĚŝƚŝŽŶ Ă͘ƚůĞĂƐƚŽŶĞĚŝŐŝƚĂůƉŚŽƚŽŐƌĂƉŚŽĨĞĂĐŚĞůĞǀĂƚŝŽŶ͕ƚŽƚŚĞĞǆƚĞŶƚƚŚĞǇĂƌĞǀŝƐŝďůĞŽƌ ĂĐĐĞƐƐŝďůĞ͖ŝĨĂŶĞůĞǀĂƚŝŽŶŝƐŶŽƚǀŝƐŝďůĞ͕ƚŚĞƌĞƉŽƌƚŵƵƐƚĞǆƉůĂŝŶǁŚǇ͘ ď͘ƚůĞĂƐƚŽŶĞĚŝŐŝƚĂůƉŚŽƚŽŐƌĂƉŚŽĨĞĂĐŚŝŶƚĞƌŝŽƌĨĞĂƚƵƌĞƉƌŽƉŽƐĞĚĨŽƌĚĞƐŝŐŶĂƚŝŽŶ͖ŝĨ ŝŶƚĞƌŝŽƌĨĞĂƚƵƌĞƐĂƌĞŶŽƚƚŽďĞĚĞƐŝŐŶĂƚĞĚ͕ƉŚŽƚŽŐƌĂƉŚƐŽĨŝŶƚĞƌŝŽƌƐƉĂĐĞƐĂƌĞ ĞŶĐŽƵƌĂŐĞĚĨŽƌĚŽĐƵŵĞŶƚĂƌǇƉƵƌƉŽƐĞƐďƵƚĂƌĞŶŽƚƌĞƋƵŝƌĞĚ͘ Đ͘^ƵƉƉŽƌƚŝŶŐƉŚŽƚŽŐƌĂƉŚƐƚŚĂƚŝůůƵƐƚƌĂƚĞĂƌĐŚŝƚĞĐƚƵƌĂůĨĞĂƚƵƌĞƐ͕ƐƉĂƚŝĂůƌĞůĂƚŝŽŶƐŚŝƉƐ͕ ŽƌŝĞŶƚĂƚŝŽŶ͕ƐŝǌĞ͕ƐĐĂůĞ͕ĂŶĚƚĞǆƚƵƌĞ͕ŽƌǁŚŝĐŚŽƚŚĞƌǁŝƐĞŝůůƵƐƚƌĂƚĞĐŽŶƚĞǆƚ͘ Ě͘ŝŐŝƚĂůƉŚŽƚŽŐƌĂƉŚƐƐŚŽƵůĚďĞƐƵďŵŝƚƚĞĚǀŝĂĞŵĂŝůƚŽƚŚĞĞƌƚŝĨŝĞĚ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚ ŽŽƌĚŝŶĂƚŽƌŽƌƐĂǀĞĚƚŽĂĐĚŽƌĨůĂƐŚĚƌŝǀĞŝĨĂƉĂƉĞƌĐŽƉǇŽĨƚŚĞĚĞƐŝŐŶĂƚŝŽŶƌĞƉŽƌƚŝƐ ƐƵďŵŝƚƚĞĚ͘ Ϯ͘ƐŝƚĞƉůĂŶ;ƉƌĞĨĞƌĂďůǇďƵƚŶŽƚŶĞĐĞƐƐĂƌŝůǇĚƌĂǁŶƚŽƐĐĂůĞͿƐŚŽǁŝŶŐ͗ Ă͘dŚĞƉƌŽƉĞƌƚǇ͛ƐůŽĐĂƚŝŽŶ ď͘>ŽĐĂƚŝŽŶŽĨƉƌŝŵĂƌǇƐƚƌƵĐƚƵƌĞƐ Đ͘>ŽĐĂƚŝŽŶŽĨĂůůŽƵƚďƵŝůĚŝŶŐƐĂŶĚĂƉƉƵƌƚĞŶĂŶƚĨĞĂƚƵƌĞƐ;Ğ͘Ő͕͘ĂŐĂƌĂŐĞͿ Ě͘DĂũŽƌůĂŶĚƐĐĂƉĞĂŶĚŚĂƌĚƐĐĂƉĞĨĞĂƚƵƌĞƐƐƵĐŚĂƐůĂƌŐĞ͕ŵĂƚƵƌĞƚƌĞĞƐ͕ĚƌŝǀĞǁĂǇƐ͕ĂŶĚ ǁĂůůƐ Ğ͘dŚĞďŽƵŶĚĂƌŝĞƐŽĨƚŚĞƉƌŽƉŽƐĞĚĚĞƐŝŐŶĂƚŝŽŶ s/͘ŝďůŝŽŐƌĂƉŚǇͬ^ŽƵƌĐĞŝƚĂƚŝŽŶƐ 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$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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ŶŐŝŶĞĞƌŝŶŐƐĞƌǀŝĐĞƐĨŽƌůĂƌŐĞĐƚƵĂůĐŽƐƚĂŶĚĞǆƉĞŶƐĞďĂƐĞĚŽŶƚŚĞΨϳϱ͕ϮϳϬ͘ϬϬ ĚŝĂŵĞƚĞƌƉŝƉĞůŝŶĞdsĂƚƚĂĐŚĞĚĞƐƚŝŵĂƚĞŽĨĐŽƐƚƐĂŶĚĨĞĞ ŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚŵĂŶŚŽůĞƐƚƌƵĐƚƵƌĞ͕ƚƚĂĐŚŵĞŶƚ ŝŶƐƉĞĐƚŝŽŶ͘ dKd>KEdZdDKhEd͗Ψϳϱ͕ϮϳϬ͘ϬϬ Zd/>ϰE'/EZ͛^WZ^KEE> E'/EZ͛^ƵƚŚŽƌŝǌĞĚŐĞŶƚ͕Žƌ<ĞǇWĞƌƐŽŶŶĞů͗ EĂŵĞ͗ͺtŝůůŝĂŵ<͘ŶŐĞƌŵĂŶ͕W dŝƚůĞ͗ͺǆĞĐƵƚŝǀĞsŝĐĞWƌĞƐŝĚĞŶƚ͕KK ĚĚƌĞƐƐ͗ͺϮϵϬϱ^ŽƵƚŚƌŽĂĚǁĂǇ͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰͲϱϱϭϱ WŚŽŶĞ͗ͺ;ϱϬϳͿϮϴϴͲϯϵϮϯ ŵĂŝů͗ͺďĂŶŐĞƌŵĂŶΛǁŚŬƐ͘ĐŽŵ ZĞƐƉŽŶƐŝďŝůŝƚǇͺWƌŽũĞĐƚWƌŝŶĐŝƉĂůͺ /ĨE'/EZ͛^ƵƚŚŽƌŝǌĞĚŐĞŶƚĐŚĂŶŐĞƐĂƚĂŶǇƚŝŵĞĚƵƌŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŝŵŵĞĚŝĂƚĞůǇŶŽƚŝĨǇ/dz͘ Zd/>ϱ/dz͛^hd,KZ/'EdͬWZK:dDE'Z /dz͛^ƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ŽƌWƌŽũĞĐƚDĂŶĂŐĞƌǁŝůůďĞ͗ EĂŵĞ͗ͺͺĞĂŶ<ŽƵƚƐŽƵŬŽƐ͕W͘͘ dŝƚůĞ͗ͺͺ/ŶĨƌĂƐƚƌƵĐƚƵƌĞDĂŝŶƚĞŶĂŶĐĞŶŐŝŶĞĞƌ ͺͺͺͺͺͺͺͺͺͺͺͺ ĚĚƌĞƐƐ͗ͺͺ ϰϯϬϬĂƐƚZŝǀĞƌZĚE͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϲ ͺͺ WŚŽŶĞ͗ͺͺ;ϱϬϳͿϯϮϴͲϮϰϭϮ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ŵĂŝů͗ͺͺ ĚŬŽƵƚƐŽƵŬŽƐΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ͺͺͺͺͺͺͺͺͺͺͺͺͺ ZĞƐƉŽŶƐŝďŝůŝƚǇ͗ͺͺ WƌŽũĞĐƚDĂŶĂŐĞƌ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ /dz͛^ƵƚŚŽƌŝǌĞĚŐĞŶƚǁŝůůŚĂǀĞĂƵƚŚŽƌŝƚǇƚŽĂĐĐĞƉƚŽƌƌĞũĞĐƚE'/EZ͛^ƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐ͘/ĨƐƵĐŚƐĞƌǀŝĐĞƐĂŶĚ ĚĞůŝǀĞƌĂďůĞƐĂƌĞĂĐĐĞƉƚĂďůĞĂŶĚƐĂƚŝƐĨĂĐƚŽƌǇ͕ƚŚĞ/dz͛^ƵƚŚŽƌŝǌĞĚŐĞŶƚǁŝůůĐĞƌƚŝĨǇĞĂĐŚŝŶǀŽŝĐĞƐƵďŵŝƚƚĞĚĨŽƌƉĂǇŵ ĞŶƚďǇƚŚĞ E'/EZ͘ 3DFNHW3J )E ' EZ>KE/d/KE^ dZDK&KEdZd $57,&/( dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĞĨĨĞĐƚŝǀĞƵƉŽŶƚŚĞĚĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ŽƌƵƉŽŶĞǆĞĐƵƚŝŽŶĂŶĚĂƉƉƌŽǀĂůďǇƚŚĞ $ ĂƉƉƌŽƉƌŝĂƚĞ/dzŽĨĨŝĐŝĂůƐ͕ƉƵƌƐƵĂŶƚƚŽŝƚǇŽĨZŽĐŚĞƐƚĞƌ,ŽŵĞZƵůĞŚĂƌƚĞƌ͕ĂŶĚƚŚĞĂƉƉƌŽƉƌŝĂƚĞE'/EZŽĨĨŝĐŝĂůƐ͕ ǁŚŝĐŚĞǀĞƌĞǀĞŶƚŽĐĐƵƌƐůĂƚĞƌ͘dŚŝƐŽŶƚƌĂĐƚǁŝůůƌĞŵĂŝŶŝŶĞĨĨĞĐƚƵŶƚŝůƚŚĞǆƉŝƌĂƚŝŽŶĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ ŽƌƵŶƚŝůĂůůŽďůŝŐĂƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĨƵůĨŝůůĞĚ͕ǁŚŝĐŚĞǀĞƌĞǀĞŶƚŽĐĐƵƌƐĨŝƌƐƚ͘ &ŽƌĚĞůĂǇƐĞŶĐŽƵŶƚĞƌĞĚƚŚĂƚĂƌĞďĞǇŽŶĚE'/EZ͛ƐĐŽŶƚƌŽů͕ĂŶĚƵƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚĨƌŽŵE'/EZ͕ƚŚĞ/dzΖƐ % ƵƚŚŽƌŝǌĞĚŐĞŶƚŵĂǇĞǆƚĞŶĚƚŚĞtŽƌŬŽŵƉůĞƚŝŽŶĂƚĞ͕ĂƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞůĞŶŐƚŚŽĨƐƵĐŚƚŝŵĞĞǆƚĞŶƐŝŽŶǁŝůůďĞĚ ĞƚĞƌŵŝŶĞĚďǇƚŚĞ/dz͛ƐŐĞŶƚ͘ /ƚǁŝůůďĞE'/EZ͛ƐƌĞƐƉŽŶƐŝďŝůŝƚǇƚŽƌĞĂƐŽŶĂďůǇŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ŝŶǁƌŝƚŝŶŐ͕ŝĨE'/EZŚĂƐƌĞĂƐŽŶƚŽ & ďĞůŝĞǀĞƚŚĞƉƌŽũĞĐƚǁŝůůŶŽƚďĞĐŽŵƉůĞƚĞĚĂƐƐĐŚĞĚƵůĞĚ͘/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĂĚũƵƐƚƚŚĞ ƐĐŚĞĚƵůĞĂŶĚĨŝŶĂůĐŽƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐƵĐŚĚĞůĂǇƐ͕ŝŶǁƌŝƚŝŶŐ͕ǁŝƚŚŝŶƚŚĞƚĞƌŵƐŽĨƚŚĞŽŶƚƌĂĐƚ͘ 'KsZE/E'>t͕:hZ/^/d/KE͕EsEh $57,&/( dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞŝŶƚĞƌƉƌĞƚĞĚƉƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ>Ăǁ͘ŶǇĐŝƚĂƚŝŽŶƚŽĨĞĚĞƌĂůŽƌƐƚĂƚĞůĂǁŝŶĐŽƌƉŽƌĂƚĞƐƚŚĞ $ ůĂŶŐƵĂŐĞŽĨƚŚĂƚůĂǁŝŶƚŽƚŚŝƐŽŶƚƌĂĐƚĂƐŝĨĨƵůůǇƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͘sĞŶƵĞĨŽƌĂůůůĞŐĂůƉƌŽĐĞĞĚŝŶŐƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŽƌďƌĞĂĐŚ͕ǁŝůůďĞŝŶƚŚĞĂƉƉůŝĐĂďůĞƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶKůŵƐƚĞĚŽƵŶƚǇ͕ DŝŶŶĞƐŽƚĂ͘ dZD^K&'EZ>KE/d/KE^ $57,&/( ŶǇĂŶĚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨŽƌĐĞƵŶůĞƐƐƚŚĞǇĂƌĞƐƉĞĐŝĨŝĐĂůůǇĂŶĚĚĞůŝďĞƌĂƚĞůǇ $ ĐĂŶĐĞůĞĚŽƌŵŽĚŝĨŝĞĚ͕ŝŶǁƌŝƚŝŶŐ͕ďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŽƚŚĞĞǆƚĞŶƚŽĨĂŶǇŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ % ǁŝůůĐŽŶƚƌŽů͘DŝŶŶĞƐŽƚĂ>ĂǁƐƵƉĞƌƐĞĚĞƐĂŶǇŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ dZD^K&WzDEd $57,&/( ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůĂŶĚ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůǇ $ ƐƵƉƉůŝĞĚďǇE'/EZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďǇ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͕Zd/>ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂǇŵĞŶƚ͘͟ /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶǇƚŝŵĞƚŚĂƚE'/EZǁŝůůĞǆĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ % ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůǇŵĂŶŶĞƌ͘E'/EZŵĂǇŶŽƚďĞ ĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞǆĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůǇĞǆĞĐƵƚĞĚ͕ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚďĞǇŽŶĚƚŚĂƚ͕ǁŚŝĐŚŝƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌ ǁƌŝƚƚĞŶĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďǇ/dz͕ŵĂǇďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌǇĂŶĚE'/EZŵĂǇŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌ ƚŚĞĞǆƚƌĂǁŽƌŬ͘ /ĨE'/EZĐůĂŝŵƐĂŶǇŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌĐŽŶĚŝƚŝŽŶƐĞǆŝƐƚƚŚĂƚĐĂƵƐĞĞǆƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ & E'/EZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶǇĞǆƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐϮϬĂůĞŶĚĂƌĚĂǇƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶŽƌŽďƐĞƌǀĂŶĐĞ ŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ŶǇĐůĂŝŵŵĂĚĞ ĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂǇďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶĂŵĞŶĚŵĞŶƚƚŽ ƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůǇĂƉƉƌŽǀĞĚĂŶĚĞǆĞĐƵƚĞĚďǇƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚE'/EZΖƐŽǁŶƌŝƐŬ͘ ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐĂĐƚƵĂůůǇĂŶĚŶĞĐĞƐƐĂƌŝůǇŝŶĐƵƌƌĞĚďǇE'/EZĂƐĂƌĞƐƵůƚŽĨ ' ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞǆĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘E'/EZǁŝůůďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͘ *& 3DFNHW3J )E WZKhZ&KZWzDEd $57,&/( WĂǇŵĞŶƚƐǁŝůůďĞŵĂĚĞďǇ/dzǁŝƚŚŝŶϯϬĚĂǇƐŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐ͕ƉƌŽƉĞƌůǇ $ ƉƌĞƉĂƌĞĚ͕ĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐĐŽŶƚƌĂĐƚ͘/dzƐŚĂůůŶŽƚŝĨǇE'/EZŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂǇƐ ŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞǇďĞůŝĞǀĞƚŚĞƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐ ǁĞƌĞŶŽƚƉƌŽƉĞƌůǇƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĐŽŶƚƌĂĐƚ͘ /ŶǀŽŝĐĞƐĨŽƌƉĂǇŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďǇE'/EZŵŽŶƚŚůǇƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶƚŚĞĨŽƌŵƉƌĞƐĐƌŝďĞĚďǇ % /dz͘ƐĂŵƉůĞŝŶǀŽŝĐĞĨŽƌŵĂƚŝƐĂƚƚĂĐŚĞĚƚŽƚŚŝƐ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͘/ŶǀŽŝĐĞƐŵƵƐƚŝĚĞŶƚŝĨǇƚŚĞĐŽƐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚĂŶĚŵƵƐƚƐĂƚŝƐĨǇƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ &ŽƌůƵŵƉƐƵŵĂŶĚŽƚŚĞƌĐŽŶƚƌĂĐƚƐ͗ ϭ͘ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůǇŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐ ĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚE'/EZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚ ĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶǇƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚƉĂǇŵĞŶƚ͘ &ŽƌŽƚŚĞƌĐŽŶƚƌĂĐƚƐŽŶůǇ͗ ϯ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝǌĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐĂƌĞƉƌŽƉĞƌůǇ ĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂƌĞĂŶǇĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐĚŝƌĞĐƚůǇƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬ ŽĨƚŚĞE'/EZ͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ ϰ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ ŝƌĞĐƚƐĂůĂƌǇĐŽƐƚƐŽĨĞŵƉůŽǇĞĞƐΖƚŝŵĞĚŝƌĞĐƚůǇĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ D dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨǇŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽǇĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂǇ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂǇŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽǇĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ E ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽǇĞĞΖƐŶĂŵĞ͕ŚŽƵƌůǇ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂǇƉĞƌŝŽĚ͘ /ĨE'/EZŝƐĂƵƚŚŽƌŝǌĞĚďǇ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶǇƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕E'/EZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ & ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚΖƐŽŶƚƌĂĐƚ͕ĂŶĚE'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůǇƉĂǇŵĞŶƚďǇE'/EZŽĨƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂǇŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞ ƐƵďĐŽŶƚƌĂĐƚŽƌŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ E'/EZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƚƌĂĐƚŽƌƐΖŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ' ĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzDEd $57,&/( ůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĞƌĨŽƌŵĞĚŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚ $ ƚŚĂƚĚĞŐƌĞĞŽĨĐĂƌĞĂŶĚƐŬŝůůŽƌĚŝŶĂƌŝůǇĞǆĞƌĐŝƐĞĚďǇŵĞŵďĞƌƐŽĨƚŚĞƐĂŵĞƉƌŽĨĞƐƐŝŽŶĐƵƌƌĞŶƚůǇƉƌĂĐƚŝĐŝŶŐƵŶĚĞƌƐŝŵŝůĂƌ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͘E'/EZŵĂŬĞƐŶŽǁĂƌƌĂŶƚŝĞƐ͕ĞǆƉƌĞƐƐĞĚŽƌŝŵƉůŝĞĚ͕ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŽƌŽƚŚĞƌǁŝƐĞ͕ŝŶĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚE'/EZ͛ƐƐĞƌǀŝĐĞƐdŚĞE'/EZĞŶĚĞĂǀŽƌƐƚŽĐŽŵƉůǇǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďǇĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐ͘ E'/EZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂǇŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ % ƌĞŐƵůĂƚŝŽŶƐ͘ ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďǇƉƌŽŐƌĞƐƐƉĂǇŵĞŶƚƐŵĂĚĞďǇ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚǇŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ & ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐE'/EZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂǇŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶǇĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞE'/EZ͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ *& 3DFNHW3J )E ƐŚĂůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞ ĞǆƚĞŶƚŽĨƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞE'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶǇǁĂǇƚŽƌĞůŝĞǀĞE'/EZĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐĞƌǀŝĐĞƐ ' ĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞǆĐĞĞĚƚŚĂƚŝƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ ^^/'EDEd $57,&/(ĞůĂǇĞĚŝŶĂŶǇǁĂǇĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ % ŽĨE'/EZ͘ŶǇĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůǇĂŶĚĨƵůůǇĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ŚĂŶŐĞƐŝŶƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚŽƌƚŚĞŽŶƚƌĂĐƚǆƉŝƌĂƚŝŽŶĂƚĞĂƌĞŶŽƚƉĞƌŵŝƚƚĞĚŝŶĂĐŚĂŶŐĞŽƌĚĞƌ͘ dŚŝƐĐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ & ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚǇƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůǇŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͕ ďǇƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝǌĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďǇĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞE'/EZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďǇŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĞǆĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ' ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞĐŽŶƚƌĂĐƚ͘ KDW>/Et/d,>/E^^͕WZD/d^͕EKd,ZZ'h>d/KE^ $57,&/( E'/EZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌǇƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶ $ ĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/^E/Ed>>dh>WZKWZdz $57,&/( E'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂ $ ƉƌŽǀŝĚĞĚďǇ/dzŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚĂŶĚĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚ ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ *& 3DFNHW3J )E ŶǇƌĞƉŽƌƚƐ͕ƐƚƵĚŝĞƐ͕ƉŚŽƚŽŐƌĂƉŚƐ͕ŶĞŐĂƚŝǀĞƐ͕ŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐĐƌĞĂƚĞĚĂŶĚƉĂŝĚĨŽƌďǇE'/EZŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ % ŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂƌĞŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞŝŶƌĞƐƉĞĐƚƚŽE'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĂƌĞƚŚĞĞǆĐůƵƐŝǀĞ ƉƌŽƉĞƌƚǇŽĨ/dz͘E'/EZŵƵƐƚƌĞŵŝƚĂůůƐƵĐŚŵĂƚĞƌŝĂůƐƚŽ/dzƵƉŽŶĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞ /dzǁŝůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇƌĞƵƐĞŽĨƐƵĐŚŵĂƚĞƌŝĂůƐďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞŝƚǇƐŚĂůůŐƌĂŶƚƚŚĞE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞĞǆƚĞŶƚŽĨƚŚĞ/dzΖƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘E'/EZǁĂŝǀĞƐĂůůĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞ/dzƌĞƐƵůƚŝŶŐŝŶĂŶǇǁĂǇĨƌŽŵĂŶǇƌĞƵƐĞŽĨ ƚŚĞE'/EZ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŝƌĞĐƚĞĚďǇ/dz͕ƚŚĞŽƌŝŐŝŶĂůƐŽĨƌĞƉŽƌƚƐ͕ĚƌĂǁŝŶŐƐĂŶĚƉůĂŶƐ͖ĂŶĚůĞŐŝďůǇƌĞƉƌŽĚƵĐŝďůĞĐŽƉŝĞƐŽĨǁŽƌŬ & 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WĂƌƚǇ͕ŝƚƐŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽǇĞĞƐŵĂǇŚĞƌĞĂĨƚĞƌƐƵƐƚĂŝŶ͕ŝŶĐƵƌŽƌďĞƌĞƋƵŝƌĞĚƚŽƉĂǇƚŽƚŚĞĨƵůůĞĨĨĞĐƚƉƌŽǀŝĚĞĚďǇ DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϯϯϳ͕ƚŽƚŚĞĞǆƚĞŶƚƚŚĞE'/EZĂŶĚ/dzĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐƵĐŚůŝĂďŝůŝƚǇ͕ĐŽƐƚƐ͕ĚĂŵĂŐĞƐ͕ ͕ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞǇƐ͛ĨĞĞƐ͕/ŶƚŚĞĞǀĞŶƚĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌĞǆƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďǇƚŚĞũŽŝŶƚŽƌ ĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨE'/EZĂŶĚ/dz͕ƚŚĞǇƐŚĂůůďĞďŽƌŶĞďǇĞĂĐŚƉĂƌƚǇŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ ^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚŝƐŽŶƚƌĂĐƚŝƐ & ƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶǇƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ tKZ<Z^ΖKDWE^d/KE $57,&/( ŶǇĂŶĚĂůůĞŵƉůŽǇĞĞƐŽĨE'/EZ͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ $ ĂŶǇǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽǇĞĞƐŽĨ/dz͘ŶǇĂŶĚĂůů ĐůĂŝŵƐƚŚĂƚŵĂǇĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐ ǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶǇĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďǇĂŶǇƚŚŝƌĚƉĂƌƚǇĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶǇĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨ E'/EZΖƐĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽĞŶŐĂŐĞĚŽŶĂŶǇŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶŶŽǁĂǇ ďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨ/dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞ ǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂǇĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚE'/EZ͘ *& 3DFNHW3J )E KE^ $57,&/( dŚŝƐƌƚŝĐůĞŝƐŚĞƌĞďǇĚĞůĞƚĞĚ͘ /E^hZE $57,&/( ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞĨŽƌĞĂĐŚƚǇƉĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĨŝůĞĚǁŝƚŚƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚ $ ŐĞŶƚǁŝƚŚŝŶϯϬĚĂǇƐŽĨĞǆĞĐƵƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽĐŽŵŵĞŶĐĞŵĞŶƚŽĨĂŶǇǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ĂĐŚ ƉŽůŝĐǇŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ/dzĂϯϬͲĚĂǇŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ E'/EZŵƵƐƚŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌǇĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗ % ϭ͘E'/EZƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƐŝƐƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌǇ ĨŽƌƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐďǇE'/EZĂŶĚŝƚƐĞŵƉůŽǇĞĞƐ͘ Ϯ͘dŚĞE'/EZƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐƐĞƉĂƌĂƚĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĞŶĚŽƌƐĞŵĞŶƚƐĨŽƌĞĂĐŚƐƵďĐŽŶƐƵůƚĂŶƚ͘ E'/EZƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐĨƌŽŵŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ tŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͗ ϯ͘E'/EZǁŝůůƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌĂůůE'/EZ ĞŵƉůŽǇĞĞƐĂŶĚ͕ŝŶĐĂƐĞĂŶǇǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕E'/EZǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌǇƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/dzŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ ͕ŵƉůŽǇĞƌ͛Ɛ>ŝĂďŝůŝƚǇ͕ĂƚůŝŵŝƚƐŶŽƚůĞƐƐƚŚĂŶΨ ϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĚŝƐĞĂƐĞƉĞƌĞŵƉůŽǇĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇ ŝŶũƵƌǇďǇĚŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϱϬϬ͕ϬϬ Ϭ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĂĐĐŝĚĞŶƚ͘ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƚƌĂĐƚŽƌ͛ƐŝŶƐƵƌĂŶĐĞƐŚĂůů ďĞĨŝůĞĚǁŝƚŚƚŚĞE'/EZ͘ ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚǇ͗ ϰ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌ ďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚǇ ĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďǇ E'/EZŽƌďǇĂƐƵďĐŽŶƚƌĂĐƚŽƌŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͛Ɛ ůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞƐŚĂůůďĞƉƌŝŵĂƌǇƚŽĂŶǇůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďǇƚŚĞŝƚǇ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶ ƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ D ΨϮ͕ϬϬϬ͕ϬϬϬʹĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ E ΨϮ͕ϬϬϬ͕ϬϬϬʹĂŶŶƵĂůĂŐŐƌĞŐĂƚĞʹWƌŽĚƵĐƚƐͬŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ F /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ WƌĞŵŝƐĞƐĂŶĚKƉĞƌĂƚŝŽŶƐŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ D WĞƌƐŽŶĂůĂŶĚĚǀĞƌƚŝƐŝŶŐ/ŶũƵƌǇ E WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚǇ F ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚǇ G EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ H ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚǇ͗ ϱ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐ ĨŽƌďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌ ƉƌŽƉĞƌƚǇĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďǇE'/EZŽƌďǇƐƵďĐŽŶƚƌĂĐƚŽƌŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞE'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞ>ŝŵŝƚĨŽƌŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ *& 3DFNHW3J )E WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ͗ ϲ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬʹƉĞƌĐůĂŝŵŽƌĞǀĞŶƚ ΨϮ͕ϬϬϬ͕ϬϬϬʹĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ dŚŝƐƉŽůŝĐǇǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐE'/EZǁŝůůďĞĐŽŵĞůĞŐĂůůǇŽďůŝŐĂƚĞĚƚŽƉĂǇƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇ ĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽE'/EZΖƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͘ ϳ͘&ŽƌǁŽƌŬŽŶƌĂŝůƌŽĂĚƉƌŽƉĞƌƚǇ͕E'/EZŵƵƐƚŽďƚĂŝŶZĂŝůƌŽĂĚWƌŽƚĞĐƚŝǀĞ>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ DŶͬKd^ƉĞĐŝĨŝĐĂƚŝŽŶϭϳϬϴ͘Ϯ;ϭϵϵϱĚŝƚŝŽŶͿŽƌĂŶǇƐƵďƐĞƋƵĞŶƚĐŚĂŶŐĞƐŽƌŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽƚŚŝƐƐƉĞĐŝĨŝĐĂƚŝŽŶ͘ E'/EZŵƵƐƚ͗ & ϭ͘/ŶĐůƵĚĞůĞŐĂůĚĞĨĞŶƐĞĨĞĞƐŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐůŝĂďŝůŝƚǇƉŽůŝĐǇůŝŵŝƚƐ͕ǁŝƚŚƚŚĞĞǆĐĞƉƚŝŽŶŽĨWƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ ĂďŽǀĞ͖ĂŶĚ Ϯ͘KďƚĂŝŶŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨƌŽŵĂŶŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶǇŚĂǀŝŶŐĂŶΗD^dΗƌĂƚŝŶŐŽĨͲs///ŽƌďĞƚƚĞƌ͘ /dzƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůǇƌĞƐĐŝŶĚƚŚŝƐŽŶƚƌĂĐƚŝĨE'/EZŝƐŶŽƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŝŶƐƵƌĂŶĐĞ ' ƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶǇůĞŐĂůƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚE'/EZ͘hƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚďǇƚŚĞ/dzΖƐ ƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůůďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵĂǇďĞƌĞƋƵĞƐƚĞĚ͘ >/sZ>^dEZ^ $57,&/( /dzǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĚŝƐĂƉƉƌŽǀĞŽƌƌĞũĞĐƚƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƚŚĂƚĂƌĞĚĞĨĞĐƚŝǀĞ͘E'/EZǁŝůůďĞ $ ƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐǇŽĨŝƚƐǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂŶĚŵƵƐƚŵĂŬĞƚŝŵĞůǇƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐǁŝƚŚŽƵƚ ĐŽŵƉĞŶƐĂƚŝŽŶƌĞƐƵůƚŝŶŐĨƌŽŵĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽŶƚŚĞƉĂƌƚŽĨE'/EZ͘dŚĞƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚƚŽ/dz ďǇE'/EZŵƵƐƚďĞŽĨƐƵĐŚƋƵĂůŝƚǇƚŚĂƚƚŚĞǇĂƌĞƐƵŝƚĂďůĞĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ͘ E'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĂŐƌĞĞĚƚ ŽŝŶĂŶƚŝĐŝƉĂƚŝŽŶŽĨƚŚĞŽƌĚĞƌůǇĂŶĚ % ĐŽŶƚŝŶƵŽƵƐƉƌŽŐƌĞƐƐŽĨƚŚĞWƌŽũĞĐƚƚŚŽƵŐŚĐŽŵƉůĞƚŝŽŶ͘hŶůĞƐƐƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐĨŽƌƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐĂƌĞƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŽďůŝŐĂƚŝŽŶƚŽƌĞŶĚĞƌƐĞƌǀŝĐĞƐŚĞƌĞƵŶĚĞƌǁŝůůďĞĨ ŽƌĂƉĞƌŝŽĚǁŚŝĐŚŵĂǇ ƌĞĂƐŽŶĂďůǇďĞƌĞƋƵŝƌĞĨŽƌƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƐĂŝĚƐĞƌǀŝĐĞƐ͘ /ĨŝŶƚŚŝƐŽŶƚƌĂĐƚƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞĨŽƌƌĞŶĚĞƌŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐĞƚĨŽƌƚŚŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐďǇǁŚŝĐŚƐĞƌǀŝĐĞƐĂƌĞƚŽďĞ & ĐŽŵƉůĞƚĞĚĂƌĞƉƌŽǀŝĚĞĚ͕ĂŶĚŝĨƐƵĐŚƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌĚĂƚĞƐĂƌĞĐŚĂŶŐĞĚƚŚƌŽƵŐŚŶŽĨĂƵůƚŽĨE'/EZ͕ƚŚĞƌĂƚĞƐĂŶĚ ĂŵŽƵŶƚƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽǀŝĚĞĚĨŽƌŚĞƌĞŝŶƐŚĂůůďĞƐƵďũĞĐƚƚŽĞƋƵŝƚĂďůĞĂĚũƵƐƚŵĞŶƚ͘/Ĩ/dzŚĂƐƌĞƋƵĞƐƚĞĚĐŚĂŶŐĞƐŝŶ ƚŚĞƐĐŽƉĞ͕ĞǆƚĞŶƚ͕ŽƌĐŚĂƌĂĐƚĞƌŽĨƚŚĞWƌŽũĞĐƚ͖ƚŚĞƚŝŵĞŽĨƉĞƌĨŽƌŵĂŶĐĞŽĨE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůůďĞĂĚũƵƐƚĞĚĞƋƵŝƚĂďůǇ͘ EĞŝƚŚĞƌƉĂƌƚǇǁŝůůďĞŚĞůĚƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞůĂǇŽƌĨĂŝůƵƌĞƚŽƉĞƌĨŽƌŵǁŚĞŶƐƵĐŚĚĞůĂǇŽƌĨĂŝůƵƌĞŝƐĚƵĞƚŽĂŶǇŽĨƚŚĞ ' ĨŽůůŽǁŝŶŐ͕ƵŶůĞƐƐƚŚĞĂĐƚŽƌŽĐĐƵƌƌĞŶĐĞĐŽƵůĚŚĂǀĞďĞĞŶƌĞĂƐŽŶĂďůǇĨŽƌĞƐĞĞŶĂŶĚƌĞĂƐŽŶĂďůĞĂĐƚŝŽŶĐŽƵůĚŚĂǀĞďĞĞŶ ƚĂŬĞŶƚŽƉƌĞǀĞŶƚƚŚĞĚĞůĂǇŽƌĨĂŝůƵƌĞ͗ĨŝƌĞ͕ĨůŽŽĚ͕ĞƉŝĚĞŵŝĐ͕ƐƚƌŝŬĞƐ͕ǁĂƌƐ͕ĂĐƚƐŽĨ'ŽĚ͕ƵŶƵƐƵĂůůǇƐĞǀĞƌĞǁĞĂƚŚĞƌ͕ŽƌĚĞůĂǇƐ ŽƌĚĞĨĂƵůƚƐĐĂƵƐĞĚďǇƉƵďůŝĐĐĂƌƌŝĞƌƐ͕ƉƌŽǀŝĚĞĚƚŚĞĚĞĨĂƵůƚŝŶŐƉĂƌƚǇŐŝǀĞƐǁƌŝƚƚĞŶŶŽƚŝĐĞĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞƚŽƚŚĞŽƚŚĞƌ ƉĂƌƚǇŽĨŝƚƐŝŶĂďŝůŝƚǇƚŽƉĞƌĨŽƌŵ͘ &ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐŽŶƚƌĂĐƚƚŚĞƚĞƌŵ͞ĚĂǇ͟ŵĞĂŶƐĂĐĂůĞŶĚĂƌĚĂǇŽĨϮϰŚŽƵƌƐ͘ ( Ed/dZh^d $57,&/( )E K&&//>^EKddKE&/d $57,&/( tŝƚŚŽƵƚƉƌŝŽƌǁƌŝƚƚĞŶĐŽŶƐĞŶƚŽĨ/dz͕E'/EZŵƵƐƚŶŽƚĞŵƉůŽǇĂŶǇƉƌŽĨĞƐƐŝŽŶĂůŽƌƚĞĐŚŶŝĐĂůƉĞƌƐŽŶŶĞůǁŚŽĂƌĞŽƌ $ ŚĂǀĞďĞĞŶĂƚĂŶǇƚŝŵĞĚƵƌŝŶŐƚŚĞƚŝŵĞƉĞƌŝŽĚŽĨƚŚŝƐŽŶƚƌĂĐƚŝŶƚŚĞĞŵƉůŽǇŽĨ/dz͕ĞǆĐĞƉƚƌĞƚŝƌĞĚ/dzĞŵƉůŽǇĞĞƐ͕ ǁŝƚŚŽƵƚǁƌŝƚƚĞŶĐŽŶƐĞŶƚĨƌŽŵ/dz͘ E'/EZǁĂƌƌĂŶƚƐƚŚĂƚŝƚŚĂƐŶŽƚĞŵƉůŽǇĞĚŽƌƌĞƚĂŝŶĞĚĂŶǇĐŽŵƉĂŶǇŽƌƉĞƌƐŽŶ͕ŽƚŚĞƌƚŚĂŶĂďŽŶĂĨŝĚĞĞŵƉůŽǇĞĞ % ǁŽƌŬŝŶŐƐŽůĞůǇĨŽƌE'/EZ͕ƚŽƐŽůŝĐŝƚŽƌƐĞĐƵƌĞƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚƚŚĂƚE'/EZŚĂƐŶŽƚƉĂŝĚŽƌĂŐƌĞĞĚƚŽƉĂǇĂŶǇ ĐŽŵƉĂŶǇŽƌƉĞƌƐŽŶ͕ŽƚŚĞƌƚŚĂŶĂďŽŶĂĨŝĚĞĞŵƉůŽǇĞĞǁŽƌŬŝŶŐĨŽƌE'/EZ͕ĂŶǇĨĞĞ͕ĐŽŵŵŝƐƐŝŽŶƐ͕ƉĞƌĐĞŶƚĂŐĞ͕ ďƌŽŬĞƌĂŐĞĨĞĞ͕ŐŝĨƚƐ͕ŽƌĂŶǇŽƚŚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ĐŽŶƚŝŶŐĞŶƚƵƉŽŶŽƌƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞĂǁĂƌĚŽĨŵĂŬŝŶŐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ E>>d/KE $57,&/( dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐĂŶĐĞůĞĚďǇ/dzǁŝƚŚŝŶϯϬĚĂǇƐ͕ĂƚĂŶǇƚŝŵĞ͕ǁŝƚŚŽƌǁŝƚŚŽƵƚĐĂƵƐĞ͕ƵƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞ $ E'/EZ͘/ŶƚŚĞĞǀĞŶƚŽĨƐƵĐŚĐĂŶĐĞůůĂƚŝŽŶE'/EZǁŝůůďĞĞŶƚŝƚůĞĚƚŽƉĂǇŵĞŶƚ͕ĚĞƚĞƌŵŝŶĞĚŽŶƉƌŽƌĂƚĂďĂƐŝƐ͕ĨŽƌ ƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉĞƌĨŽƌŵĞĚŽƌĚĞůŝǀĞƌĞĚ͘ /ŶƚŚĞĞǀĞŶƚ/dzĐĂŶŶŽƚŽƌĚŽĞƐŶŽƚŽďƚĂŝŶĨƵŶĚŝŶŐ͕ŽƌĨƵŶĚŝŶŐĐĂŶŶŽƚďĞĐŽŶƚŝŶƵĞĚĂƚĂůĞǀĞůƐƵĨĨŝĐŝĞŶƚƚŽĂůůŽǁĨŽƌƚŚĞ % ƉƵƌĐŚĂƐŝŶŐŽĨƚŚĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐĐŽŶƚĂŝŶĞĚŚĞƌĞŝŶ͕ƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐĂŶĐĞůĞĚǁŝƚŚŝŶϯϬĚĂǇƐ͕Ăƚ/dzΖƐ ŽƉƚŝŽŶ͕ďǇǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶĚĞůŝǀĞƌĞĚŝŶƉĞƌƐŽŶ͕ďǇŵĂŝů͕ŽƌĨĂĐƐŝŵŝůĞƚŽE'/EZĂƚƚŚĞĂĚĚƌĞƐƐƐƉĞĐŝĨŝĞĚ ŝŶƚŚŝƐŽŶƚƌĂĐƚ͘/dzǁŝůůŶŽƚďĞŽďůŝŐĂƚĞĚƚŽƉĂǇĨŽƌĂŶǇƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇE'/EZĂĨƚĞƌƐƵĐŚ ŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ &,I&LW\IDLOVWRPDNHDQ\SD\PHQWGXHWR(1*,1((5IRUVHUYLFHVVDWLVIDFWRULO\SHUIRUPHGDQGH[SHQVHVZLWKLQWKLUW\GD\VDIWHUWKHGDWH RI(1*,1((5¶VLQYRLFH(1*,1((5PD\DIWHUJLYLQJVHYHQGD\VZULWWHQQRWLFHWR&,7<DQGZLWKRXWZDLYLQ JDQ\FODLPRUULJKWDJDLQVW &,7<DQGZLWKRXWLQFXUULQJOLDELOLW\ZKDWVRHYHUWR&,7<VXVSHQGVHUYLFHVDQGZLWKKROGSURMHFWGHOLYHUDEOHVGXHXQGHUWKLV&RQWUDFWXQWLO (1*,1((5KDVEHHQSDLGLQIXOODOODPRXQWVGXHIRUVHUYLFHVH[SHQVHVDQGFKDUJHV ZZKZ^KZKD/^^/KE^ $57,&/( E'/EZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐǇŽĨŝƚƐǁŽƌŬĂŶĚŵƵƐƚƉƌŽŵƉƚůǇŵĂŬĞŶĞĐĞƐƐĂƌǇƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐ $ ƌĞƐƵůƚŝŶŐĨƌŽŵE'/EZΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬ ďǇ/dzǁŝůůŶŽƚƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌ ĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶǇĂŵďŝŐƵŝƚŝĞƐ͘ ƚĂŶǇƚŝŵĞĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶŽƌĂŶǇƉŚĂƐĞŽĨǁŽƌŬƉĞƌĨŽƌŵĞĚďǇŽƚŚĞƌƐďĂƐĞĚŽŶĚĂƚĂƉƌŽǀŝĚĞĚďǇE'/EZ͕ % E'/EZŵƵƐƚĐŽŶĨĞƌǁŝƚŚ/dzǁŚĞŶŶĞĐĞƐƐĂƌǇĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨŝŶƚĞƌƉƌĞƚŝŶŐƚŚĞŝŶĨŽƌŵĂƚŝŽŶƐĞĐƵƌĞĚĂŶĚͬŽƌƚŽ ĐŽƌƌĞĐƚĂŶǇĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞďǇE'/EZ͘E'/EZŵƵƐƚƉƌĞƉĂƌĞĂŶǇĂŶĚĂůůƉůĂŶƐŽƌĚĂƚĂŶĞĞĚĞĚƚŽ ĐŽƌƌĞĐƚƚŚĞĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚĞĚĐŽŵƉĞŶƐĂƚŝŽŶ͕ĞǀĞŶƚŚŽƵŐŚĨŝŶĂůƉĂǇŵĞŶƚŵĂǇĂůƌĞĂĚǇŚĂǀĞďĞĞŶ ƌĞĐĞŝǀĞĚďǇE'/EZ͘E'/EZŵƵƐƚŐŝǀĞŝŵŵĞĚŝĂƚĞĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŚĂŶŐĞƐƐŽƚŚĞƌĞǁŝůůďĞŵŝŶŝŵĂůĚĞůĂǇƚŽƚŚĞ ƉƌŽũĞĐƚ͘ /ĨŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂƌĞŵĂĚĞďǇE'/EZŝŶĂŶǇƉŚĂƐĞŽĨƚŚĞǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨǁŚŝĐŚŵĂǇ & ƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZǁŝůůďĞƉƌŽŵƉƚůǇŶŽƚŝĨŝĞĚďǇ/dzĂŶĚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƐƵĐŚ ĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘/ĨƚŚĞE'/EZŝƐĂǁĂƌĞŽĨĂŶǇŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞŝŶĂŶǇƉŚĂƐĞ ŽĨŝƚƐǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶƐŽĨǁŚŝĐŚŵĂǇƌĞƋƵŝƌĞĂŶǇĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZŵƵƐƚƉƌŽŵƉƚůǇƉĞƌĨŽƌŵ ƐƵĐŚĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘ E'/EZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶǇĚĂŵĂŐĞƐŝŶĐƵƌƌĞĚĂƐĂƌĞƐƵůƚŽĨŝƚƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂŶĚĨŽƌĂŶǇ ' ůŽƐƐŽƌĐŽƐƚƚŽƌĞƉĂŝƌŽƌƌĞŵĞĚǇE'/EZΖƐĞƌƌŽƌƐ͕ŽŵŝƐƐŝŽŶƐŽƌŶĞŐůŝŐĞŶƚĂĐƚƐ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬďǇ/dzǁŝůůŶŽƚ ƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇƐƵĐŚŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐ͕ŽƌŽĨ ůŝĂďŝůŝƚǇĨŽƌůŽƐƐŽƌĚĂŵĂŐĞƌĞƐƵůƚŝŶŐƚŚĞƌĞĨƌŽŵ͘ E'/EZŵƵƐƚƌĞƐƉŽŶĚƚŽ/dzΖƐŶŽƚŝĐĞŽĨĂŶǇĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŝŶƌĞĂƐŽŶĂďůĞƚŝŵĞĂŶĚŐŝǀĞŝŵŵĞĚŝĂƚĞ ( ĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŽƌƌĞĐƚŝŽŶƐƚŽŵŝŶŝŵŝǌĞĂŶǇĚĞůĂǇƐƚŽƚŚĞE'/EZ͘ *& 3DFNHW3J )E /^WhdZ^K>hd/KE $57,&/( DĞĚŝĂƚŝŽŶ͘ŶǇĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐǇŽƌĚŝƐƉƵƚĞĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞƐƵďũĞĐƚƚŽŶŽŶͲďŝŶĚŝŶŐŵĞĚŝĂƚŝŽŶĂƐ $ ĂĐŽŶĚŝƚŝŽŶƉƌĞĐĞĚĞŶƚƚŽƚŚĞŝŶƐƚŝƚƵƚŝŽŶŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐďǇĞŝƚŚĞƌƉĂƌƚǇ͘dŚĞŵĞĚŝĂƚŝŽŶƐŚĂůůďĞ 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[[487,422,500,475][11][,I,][Arial]] ƉƵďůŝĐĂǁĂƌĞŶĞƐƐŽĨĞŶǀŝƌŽŶŵĞŶƚĂůĐŽŶĐĞƌŶƐĂŶĚĞŶĐŽƵƌĂŐĞĂĐĐŽƵŶƚĂďŝůŝƚǇŝŶƉƵďůŝĐĂŶĚ ƉƌŝǀĂƚĞĚĞĐŝƐŝŽŶŵĂŬŝŶŐ͖ ͘ĞůĞŐĂƚĞĂƵƚŚŽƌŝƚǇĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌĞŶǀŝƌŽŶŵĞŶƚĂůƌĞǀŝĞǁƚŽƚŚĞŐŽǀĞƌŶŵĞŶƚĂůƵŶŝƚ [[486,603,499,656][11][,I,][Arial]] ŵŽƐƚĐůŽƐĞůǇŝŶǀŽůǀĞĚŝŶƚŚĞƉƌŽũĞĐƚ͖ ͘ZĞĚƵĐĞĚĞůĂǇĂŶĚƵŶĐĞƌƚĂŝŶƚǇŽĨƚŚĞĞŶǀŝƌŽŶŵĞŶƚĂůƌĞǀŝĞǁƉƌŽĐĞƐƐ͕ĂŶĚ [[490,724,503,777][11][,I,][Arial]] ͘ůŝŵŝŶĂƚĞĚƵƉůŝĐĂƚŝŽŶ͘ [[484,784,497,837][11][,I,][Arial]] ĂƐĞĚŽŶƚŚĞŶǀŝƌŽŶŵĞŶƚĂůƐƐĞƐƐŵĞŶƚtŽƌŬƐŚĞĞƚĂŶĚƌĞůĂƚĞĚĚŽĐƵŵĞŶƚĂƚŝŽŶĨŽƌƚŚĞ^ŝůǀĞƌ>ĂŬĞ ƌĞĚŐŝŶŐĂŶĚĂŵDŽĚŝĨŝĐĂƚŝŽŶƉƌŽũĞĐƚ͕ƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕ĂƐƚŚĞZ'hĨŽƌƚŚŝƐĞŶǀŝƌŽŶŵĞŶƚĂů ƌĞǀŝĞǁ͕ŵĂŬĞƐƚŚĞĨŽůůŽǁŝŶŐĐŽŶĐůƵƐŝŽŶƐ͗ ϭ͘dŚĞŶǀŝƌŽŶŵĞŶƚĂůƐƐĞƐƐŵĞŶƚtŽƌŬƐŚĞĞƚĂŶĚƌĞůĂƚĞĚĚŽĐƵŵĞŶƚĂƚŝŽŶĨŽƌƚŚĞ^ŝůǀĞƌ>ĂŬĞ ƌĞĚŐŝŶŐĂŶĚĂŵDŽĚŝĨŝĐĂƚŝŽŶƉƌŽũĞĐƚǁĞƌĞƉƌĞƉĂƌĞĚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞƉƌŽĐĞĚƵƌĞƐŽĨ ƚŚĞDŝŶŶĞƐŽƚĂŶǀŝƌŽŶŵĞŶƚĂůWŽůŝĐǇĐƚĂŶĚDŝŶŶĞƐŽƚĂZƵůĞƐ͕WĂƌƚƐϰϰϭϬ͘ϭϬϬϬƚŽϰϰϭϬ͘ϭϳϬϬ͘ Ϯ͘dŚĞƌĞĐŽƌĚĚĞŵŽŶƐƚƌĂƚĞƐƚŚĂƚŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚŝƐƉƌŽũĞĐƚĚŽĞƐŶŽƚŚĂǀĞƚŚĞƉŽƚĞŶƚŝĂůĨŽƌ ƐŝŐŶŝĨŝĐĂŶƚĞŶǀŝƌŽŶŵĞŶƚĂůĞĨĨĞĐƚƐ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞŝƚǇŵĂŬĞƐĂEĞŐĂƚŝǀĞĞĐůĂƌĂƚŝŽŶĂŶĚĚŽĞƐ ŶŽƚƌĞƋƵŝƌĞƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨĂŶŶǀŝƌŽŶŵĞŶƚĂů/ŵƉĂĐƚ^ƚĂƚĞŵĞŶƚ;/^ͿĨŽƌƚŚĞ^ŝůǀĞƌ>ĂŬĞ ƌĞĚŐŝŶŐĂŶĚĂŵDŽĚŝĨŝĐĂƚŝŽŶƉƌŽũĞĐƚ͘ ƚƚĂĐŚĞĚǆŚŝďŝƚƐ͗ ͘tZĞǀŝĞǁŽŵŵĞŶƚƐĂŶĚZĞƐƉŽŶƐĞƐ ^ŝůǀĞƌ>ĂŬĞƌĞĚŐŝŶŐĂŶĚĂŵDŽĚŝĨŝĐĂƚŝŽŶWĂŐĞϲ &ŝŶĚŝŶŐƐŽĨ&ĂĐƚĂŶĚZĞĐŽƌĚŽĨĞĐŝƐŝŽŶ 3DFNHW3J )D y,//d tZs/tKDDEd^EZ^WKE^^ 3DFNHW3J )D KĨĨŝĐĞŽĨƚŚĞZĞŐŝŽŶĂůŝƌĞĐƚŽƌ EZĞŶƚƌĂůZĞŐŝŽŶ,ĞĂĚƋƵĂƌƚĞƌƐ ϭϮϬϬtĂƌŶĞƌZŽĂĚ ^ƚ͘WĂƵů͕DEϱϱϭϬϲ DĂƌĐŚϭϭ͕ϮϬϮϭ tĞŶĚǇdƵƌƌŝ͕WƵďůŝĐtŽƌŬƐŝƌĞĐƚŽƌ ŝƚǇŽĨZŽĐŚĞƐƚĞƌ ϰϬϬϭtĞƐƚZŝǀĞƌWĂƌŬǁĂǇEt͕^ƵŝƚĞϭϬϬ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϭ ZĞ͗^ŝůǀĞƌ>ĂŬĞƌĞĚŐŝŶŐĂŶĚĂŵDŽĚŝĨŝĐĂƚŝŽŶWƌŽũĞĐƚͲEZtŽŵŵĞŶƚƐ ĞĂƌDƐ͘dƵƌƌŝ͕ dŚĞDŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨEĂƚƵƌĂůZĞƐŽƵƌĐĞƐ;EZͿĂƉƉƌĞĐŝĂƚĞƐƚŚĞŽƉƉŽƌƚƵŶŝƚǇƚŽƉƌŽǀŝĚĞĐŽŵŵĞŶƚƐĨŽƌ ƚŚĞŶǀŝƌŽŶŵĞŶƚĂůƐƐĞƐƐŵĞŶƚtŽƌŬƐŚĞĞƚ;tͿƉƌĞƉĂƌĞĚĨŽƌƚŚĞ^ŝůǀĞƌ>ĂŬĞƌĞĚŐŝŶŐĂŶĚĂŵDŽĚŝĨŝĐĂƚŝŽŶ WƌŽũĞĐƚ͘dŚĞEZƵŶĚĞƌƐƚĂŶĚƐƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌŚĂƐĂǀŝƐŝŽŶŽĨŝŵƉƌŽǀŝŶŐƚŚĞƌĞĐƌĞĂƚŝŽŶĂůĞǆƉĞƌŝĞŶĐĞĨŽƌ ƵƐĞƌƐŽĨ^ŝůǀĞƌ>ĂŬĞWĂƌŬĐŽŵďŝŶĞĚǁŝƚŚƐĂƚŝƐĨǇŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐŽƵƚůŝŶĞĚŝŶƚŚĞDĞŵŽƌĂŶĚƵŵŽĨhŶĚĞƌƐƚĂŶĚŝŶŐ 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WůĞĂƐĞŝŶĐůƵĚĞĂĚŝƐĐƵƐƐŝŽŶŽĨĨƵƚƵƌĞŵĂŝŶƚĞŶĂŶĐĞŶĞĞĚƐǁŝƚŚƚŚŝƐƉƌŽƉŽƐĞĚĚĞƐŝŐŶ͘&ŽƌĨƵƚƵƌĞĚƌĞĚŐŝŶŐ͕ x ǁŝůůƚŚĞĨŝǆĞĚͲĐƌĞƐƚĚĂŵƉŽƐĞĐŚĂůůĞŶŐĞƐŝŶƚŚĞŝƚǇ͛ƐĂďŝůŝƚǇƚŽĚƌĂǁĚŽǁŶƚŚĞďĂƐŝŶƚŽƵƐĞŵĞĐŚĂŶŝĐĂů ƌĞŵŽǀĂů͍,ŽǁǁŝůůĨƵƚƵƌĞƌĞƋƵĞƐƚƐƚŽƌĞŵŽǀĞƐĞĚŝŵĞŶƚďĞĂĐĐŽŵƉůŝƐŚĞĚ͍ WĂŐĞϲ͕>ĂŬĞƌĂǁŽǁŶͬƌĞĚŐŝŶŐ;^ĞĐƚŝŽŶϲͿ ůĂƌŝĨǇƚŚĞƚŝŵŝŶŐŽĨĂƉƌŽƉŽƐĞĚůĂŬĞĚƌĂǁĚŽǁŶĂŶĚŵĞƚŚŽĚƐƉƌŽƉŽƐĞĚ͘ x tŚĂƚĂƌĞƚŚĞƚĂƌŐĞƚǁĂƚĞƌƐƵƌĨĂĐĞĞůĞǀĂƚŝŽŶƐƉƌŽƉŽƐĞĚĨŽƌĂůĂŬĞĚƌĂǁĚŽǁŶ͍ x dŚĞƉƌŽƉŽƐĞƌƐƐŚŽƵůĚŝĚĞŶƚŝĨǇĂŶĚŵŽŶŝƚŽƌƉŽƚĞŶƚŝĂůĂƌĞĂƐǁŚĞƌĞĨŝƐŚĐŽƵůĚďĞƐƚƌĂŶĚĞĚĂƐƚŚĞƌĞƐĞƌǀŽŝƌ x ŝƐĚƌĂǁŶĚŽǁŶ͘ZĞƐĐƵĞŽĨƐƚƌĂŶĚĞĚĨŝƐŚǁŝůůďĞƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨƚŚĞƉƌŽũĞĐƚƉƌŽƉŽƐĞƌƐ͘ ,ŽǁĚŽĞƐƚŚĞƉƌŽũĞĐƚƉƌŽƉŽƐĞƌƉůĂŶƚŽƌĞƐƚŽƌĞůĂŬĞǁĂƚĞƌůĞǀĞůƐŽŶĐĞƚŚĞƉƌŽũĞĐƚŝƐĐŽŵƉůĞƚĞĚ͍ x DŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨEĂƚƵƌĂůZĞƐŽƵƌĐĞƐͻĞŶƚƌĂůZĞŐŝŽŶ ϭϮϬϬtĂƌŶĞƌZŽĂĚ͕^ƚ͘WĂƵů͕DEϱϱϭϬϲ 3DFNHW3J )D WĂŐĞϳ͕ĂŵDŽĚŝĨŝĐĂƚŝŽŶĂŶĚZŝĨĨůĞ^ƚƌƵĐƚƵƌĞ;^ĞĐƚŝŽŶϲͿ dŚŝƐƐĞĐƚŝŽŶƐŚŽƵůĚŝŶĐůƵĚĞƐƵƌĨĂĐĞĂƌĞĂĂŶĚƋƵĂŶƚŝƚǇŽĨŵĂƚĞƌŝĂůƚŽďĞĨŝůůĞĚŝŶƚŚĞƌŝǀĞƌ͕ŝ͘Ğ͘ƚŚĞƌŽĐŬ x ƌĂƉŝĚƐĚĞƚĂŝůƐ͘ /ƚŝƐŶŽƚĐůĞĂƌŝŶƚŚĞƉƌŽũĞĐƚĚĞƐĐƌŝƉƚŝŽŶƚŚĞƌŽĐŬƌŝĨĨůĞƐƚƌƵĐƚƵƌĞ;ƐŚĞĞƚƉŝůĞĚŝĂƉŚƌĂŐŵͿǁŝůůďĞƚŚĞŶĞǁ x ĚĂŵƐƚƌƵĐƚƵƌĞ͘WůĞĂƐĞĐůĂƌŝĨǇĂŶĚĞůĂďŽƌĂƚĞŽŶƚŚĞƐĞĚĞƚĂŝůƐ͘ tŚĞŶƚŚĞĞǆŝƐƚŝŶŐ^ŝůǀĞƌ>ĂŬĞĂŵŝƐƌĞŵŽǀĞĚĂŶĚƚŚĞůĂŬĞŝƐƚĞŵƉŽƌĂƌŝůǇĚƌĂǁŶĚŽǁŶϳͲϴĨĞĞƚǁŚĂƚŝƐ x ƚĂƌŐĞƚǁĂƚĞƌůĞǀĞůĞůĞǀĂƚŝŽŶŶĞĞĚĞĚƚŽƚĞŵƉŽƌĂƌŝůǇĚƌĂǁĚŽǁŶƚŚĞƌĞŵĂŝŶĚĞƌŽĨƚŚĞůĂŬĞ͍ ,ŽǁǁŝůůƚŚĞƌĞŵĂŝŶĚĞƌŽĨƚŚĞůĂŬĞďĞĚĞǁĂƚĞƌĞĚƚŽŝŶƐƚĂůůƚŚĞƌŽĐŬƌŝĨĨůĞƐƚƌƵĐƚƵƌĞ͍tŚĂƚŝƐƚŚĞ x ĞƐƚŝŵĂƚĞĚǀŽůƵŵĞŽĨǁĂƚĞƌŶĞĐĞƐƐĂƌǇƚŽĂĐĐŽŵƉůŝƐŚƚŚĞƚĞŵƉŽƌĂƌǇĚĞǁĂƚĞƌŝŶŐ͍ WĂŐĞϳ͕ŽŶƐƚƌƵĐƚŝŽŶ^ĞƋƵĞŶĐŝŶŐĂŶĚWƌŽũĞĐƚ^ĐŚĞĚƵůĞ;^ĞĐƚŝŽŶϲͿ EZǁŽƵůĚůŝŬĞƚŽƌĞŵŝŶĚƚŚĞŝƚǇƚŽƉƌŽƚĞĐƚƐƉĂǁŶŝŶŐĨŝƐŚ͕ŶŽĐŽŶƐƚƌƵĐƚŝŽŶŽƌĚƌĞĚŐŝŶŐĂĐƚŝǀŝƚŝĞƐǁŝůůďĞ x ĂůůŽǁĞĚŝŶƚŚĞǁĞƚƚĞĚƐƚƌĞĂŵŽƌůĂŬĞďĞĚĨƌŽŵDĂƌĐŚϭƚŽ:ƵŶĞϭ͘ WĂŐĞϴ͕WƌŽũĞĐƚWƵƌƉŽƐĞ dŚĞtŶŽƚĞƐĂĐĐƵŵƵůĂƚĞĚƐĞĚŝŵĞŶƚǁŝůůďĞƌĞŵŽǀĞĚƚŽŝŵƉƌŽǀĞƚŚĞůĂŬĞ͛ƐĐĂƉĂĐŝƚǇĨŽƌĨůŽŽĚƐƚŽƌĂŐĞ͘ x /ŶƌĞǀŝĞǁŽĨƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶƐĨŽƵŶĚŝŶƉƉĞŶĚŝǆ͕ĚƌĞĚŐĞĐƵƚƐĂƌĞƉƌŽƉŽƐĞĚǁŝƚŚŝŶƚŚĞƌĞƐĞƌǀŽŝƌ ŝŶĂƌĞĂƐĂĚũĂĐĞŶƚƚŽƚŚĞĨůŽŽĚĐŚĂŶŶĞů͘/ƚŝƐƵŶůŝŬĞůǇƚŚĂƚĚƌĞĚŐŝŶŐĂĚĚŝƚŝŽŶĂůƐĞĚŝŵĞŶƚĨƌŽŵƚŚĞƌĞƐĞƌǀŽŝƌ ĂĚũĂĐĞŶƚƚŽƚŚĞĨůŽŽĚĐŚĂŶŶĞůǁŝůůƐƵďƐƚĂŶƚŝǀĞůǇŝŶĐƌĞĂƐĞƐĞĚŝŵĞŶƚƐƚŽƌĂŐĞĐĂƉĂĐŝƚǇ͕ŐĂŝŶĨůŽŽĚƐƚŽƌĂŐĞ͕ 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dŚĞEZŝƐĐŽŶĐĞƌŶĞĚƚŚĞƉƌŽƉŽƐĞĚĚĞƐŝŐŶǁŽƵůĚƌĞƋƵŝƌĞŵŽƌĞĨƌĞƋƵĞŶƚŵĂŝŶƚĞŶĂŶĐĞƌĞƋƵŝƌŝŶŐ R ŽŶŐŽŝŶŐĚŝƐƌƵƉƚŝŽŶŝŶƚŚĞďĞĚŽĨƉƵďůŝĐǁĂƚĞƌƐĂŶĚƚŚŝƐǁŽƵůĚŶŽƚďĞĂŶĞĨĨĞĐƚŝǀĞƐŽůƵƚŝŽŶƚŽƚŚĞ ƉƌŽďůĞŵ͘,ŽǁĚŽĞƐƚŚĞƉƌŽƉŽƐĞĚĚĞƐŝŐŶĐŚĂŶŐĞƚŚĞĨƌĞƋƵĞŶĐǇĨŽƌĨƵƚƵƌĞŵĂŝŶƚĞŶĂŶĐĞĚƌĞĚŐŝŶŐ ƌĞƋƵĞƐƚƐǁŝƚŚŝŶĞĂƌƌĞĞŬ͕ĂŶĚƚŚĞ^ŽƵƚŚ&ŽƌŬƵŵďƌŽZŝǀĞƌƌĞĂĐŚĞƐ͍tŚĂƚĂŶĂůǇƐŝƐǁĂƐ ĐŽŵƉůĞƚĞĚƚŽĞǀĂůƵĂƚĞŝŵƉĂĐƚƐŽĨƐĞĚŝŵĞŶƚĚĞůŝǀĞƌǇƌĂƚĞƐǁŝƚŚĂƉƌŽƉŽƐĞĚĨŝǆĞĚͲĐƌĞƐƚĚĂŵ͍ DŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨEĂƚƵƌĂůZĞƐŽƵƌĐĞƐͻĞŶƚƌĂůZĞŐŝŽŶ ϭϮϬϬtĂƌŶĞƌZŽĂĚ͕^ƚ͘WĂƵů͕DEϱϱϭϬϲ 3DFNHW3J )D WĂŐĞϴ͕WƌŽũĞĐƚWƵƌƉŽƐĞ;^ĞĐƚŝŽŶϲͿ ZĞĐƌĞĂƚŝŽŶĂůhƐĞƌ'ƌŽƵƉƐ dŚĞŐŽĂůĂŶĚƵƐĞƌŐƌŽƵƉŽĨƚŚĞĐƵƌƌĞŶƚĚĞƐŝŐŶŝƐƵŶĐůĞĂƌ͘,ĂƐƚŚĞŝƚǇĚĞĨŝŶĞĚǁŚĂƚƚǇƉĞŽĨƌŝǀĞƌ x ĨĞĂƚƵƌĞƐƉĂĚĚůĞƌƐǁĂŶƚŝŶƚŚŝƐĂƌĞĂ͕ǁŚŝĐŚŝƐĂƐƚĂƚĞĚƉƵƌƉŽƐĞĨŽƌƚŚĞƉƌŽũĞĐƚ͍ tŝůůƉĂĚĚůĞƌƐĂůǁĂǇƐďĞĂďůĞƚŽƉĂĚĚůĞƚŚƌŽƵŐŚďĂƐĞĚŽŶĨůŽǁŽƌǁŝůůƚŚĞƌĞďĞƚŝŵĞƐƚŚĂƚƉŽƌƚĂŐŝŶŐŝƐ x ŶĞĞĚĞĚ͕ĞƐƉĞĐŝĂůůǇŚŝŐŚǁĂƚĞƌĂŶĚůŽǁǁĂƚĞƌ͍ ^ĂĨĞƚǇ EZǁŽƵůĚůŝŬĞƚŽƐĞĞĞůĞŵĞŶƚƐƚŚĂƚŝŶĐƌĞĂƐĞƌĞĐƌĞĂƚŝŽŶĂůƵƐĞƌƐĂĨĞƚǇĂŶĚĂĐĐĞƐƐ͘dŚĞĐƵƌƌĞŶƚĚĂŵ x ĐŽŶĨŝŐƵƌĂƚŝŽŶƉƌŽǀŝĚĞƐĂĐŚĂůůĞŶŐĞƚŽ^ƚĂƚĞtĂƚĞƌdƌĂŝůƵƐĞƌƐĚƵĞƚŽƐĂĨĞƚǇĂŶĚůĂĐŬŽĨƉŽƌƚĂŐĞ͘dŚĞ 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ŝŶϭϵϵϲ͘/ŶEZ͛ƐŽƉŝŶŝŽŶ͕ƚŚŝƐĂŐƌĞĞŵĞŶƚƐŚŽƵůĚďĞƌĞͲǀŝƐŝƚĞĚ͘ĂŶƚŚĞh^ŽƉĞƌĂƚŝŶŐĂŐƌĞĞŵĞŶƚ ;DKhͿďĞŵŽĚŝĨŝĞĚƚŽĂůůŽǁĨŽƌĂďƌŽĂĚĞƌƌĂŶŐĞŽĨŽƉƚŝŽŶƐƚŽŵĂŶĂŐĞƚŚĞƌŝǀĞƌƐǇƐƚĞŵǁŝƚŚƚŚĞĐŽŶĐĞƉƚ ŽĨŚĞĂůƚŚǇǁĂƚĞƌƐŚĞĚƐŝŶŵŝŶĚ͍ EZǁŽƵůĚůŝŬĞƚŽƐĞĞĂĚŝƐĐƵƐƐŝŽŶŝŶƚŚĞtĞǀĂůƵĂƚŝŶŐŚŽǁƚŚĞ&ůŽŽĚŽŶƚƌŽůWƌŽũĞĐƚĂŐƌĞĞŵĞŶƚĐĂŶ x ďĞŵŽĚŝĨŝĞĚ͗ dŽƌĞĨůĞĐƚƚŚĞŶĞĞĚĨŽƌĐŚĂŶŐĞƐǁŚĞŶŵĂŶĂŐŝŶŐĨŽƌŵƵůƚŝƉůĞďĞŶĞĨŝƚƐ;ŝ͘Ğ͕͘ŶŽƚũƵƐƚĨůŽŽĚ R ĐŽŶƚƌŽůͿ͕ŝŶĐůƵĚŝŶŐĨŝƐŚƉĂƐƐĂŐĞ͕ƌĞĐƌĞĂƚŝŽŶ͕ĂŶĚĂĞƐƚŚĞƚŝĐƐ͘KƉƚŝŽŶƐƚŽĐŽŶƐŝĚĞƌǁŽƵůĚďĞƚŽ ŵŽĚŝĨǇĞǆŝƐƚŝŶŐƵƉƐƚƌĞĂŵůŽǁŚĞĂĚĚĂŵŝŵƉŽƵŶĚŵĞŶƚƐƚŽƉƌŽǀŝĚĞŵŽƌĞŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌĨŝƐŚ ƉĂƐƐĂŐĞĂŶĚŚĂďŝƚĂƚĐŽŶŶĞĐƚŝǀŝƚǇ͘ dŽƌĞĨůĞĐƚƚŚĞŝƚǇ͛ƐĚĞƐŝƌĞƚŽŝŵƉƌŽǀĞƌŝǀĞƌƐǇƐƚĞŵĨƵŶĐƚŝŽŶ͕ĂŶĚǁĂƚĞƌƋƵĂůŝƚǇĂƐĂƌĞĐƌĞĂƚŝŽŶĂů R ĂŵĞŶŝƚǇEZĞŶĐŽƵƌĂŐĞƐƚŚĞŝƚǇƚŽŵĂŬĞĂĐŽŶƐĐŝŽƵƐƉŽůŝĐǇƐŚŝĨƚƚŚĂƚŵŽǀĞƐĂǁĂǇĨƌŽŵĂ ƐŝŶŐůĞͲďĞŶĞĨŝƚŽĨŵĂŶĂŐŝŶŐƚŚĞƐǇƐƚĞŵĨŽƌƐŽůĞůǇĨůŽŽĚĐŽŶƚƌŽů͘dŚĞĂŐƌĞĞŵĞŶƚ;DKhͿƐŚŽƵůĚ ŶŽƚĐŽŶƐƚƌĂŝŶƚŚĞĐŽŵŵƵŶŝƚǇ͛ƐĂďŝůŝƚǇƚŽŝŵƉƌŽǀĞƚŚĞƌŝǀĞƌ͕ŝƚƐĞĐŽůŽŐŝĐĂůŚĞĂůƚŚ͕ĂŶĚƚŚĞ ƌĞĐƌĞĂƚŝŽŶĂůŽƉƉŽƌƚƵŶŝƚŝĞƐŝŶƚŚŝƐĂƌĞĂ͘dŚĞDKhƐŚŽƵůĚďĞƌĞͲǁƌŝƚƚĞŶƚŽĂůůŽǁƚŚĞĐŽŵŵƵŶŝƚǇ ƚŽůŽŽŬŝŶƚŽǀŝĂďůĞĂůƚĞƌŶĂƚŝǀĞƐǁŚŝĐŚĚŽŶŽƚƌĞƋƵŝƌĞƐƵďƐƚĂŶƚŝĂůŵĂŝŶƚĞŶĂŶĐĞĐŽƐƚƐ;ĚƌĞĚŐŝŶŐŽŶ ĂŚŝŐŚƐĞĚŝŵĞŶƚůŽĂĚǁĂƚĞƌƐŚĞĚͿ͘ ŝƐĐƵƐƐĂůƚĞƌŶĂƚŝǀĞƐƚŽĚƌĞĚŐŝŶŐƚŚĞƉŽŽůĂŶĚůĂŬĞĂƌĞĂƐĂŶĚŽƚŚĞƌĚĞƐŝŐŶŽƉƚŝŽŶƐƚŚĂƚǁŽƵůĚĞůŝŵŝŶĂƚĞ x ƌĞĐƵƌƌĞŶƚƐĞĚŝŵĞŶƚĂĐĐƵŵƵůĂƚŝŽŶĂŶĚƐƵďƐĞƋƵĞŶƚĨƵƚƵƌĞĞǆĐĂǀĂƚŝŽŶƐ;ŝ͘Ğ͘ĐŽŵƉůĞƚĞĚĂŵƌĞŵŽǀĂůͿ͘ ŝƐĐƵƐƐĂŶĚĞǀĂůƵĂƚĞƚŚĞĨƵƚƵƌĞĐŽƐƚĂŶĚŵĂŝŶƚĞŶĂŶĐĞĞǆƉĞŶƐĞƐĨŽƌƚŚĞǀĂƌŝŽƵƐĂůƚĞƌŶĂƚŝǀĞƐĐŽŶƐŝĚĞƌĞĚ x ŽƌƌĞũĞĐƚĞĚĂƐƉĂƌƚŽĨƚŚĞĂůƚĞƌŶĂƚŝǀĞƐĂŶĂůǇƐŝƐ͘ WĂŐĞϮϮͲϮϱ͕ZĂƌĞ&ĞĂƚƵƌĞƐ;^ĞĐƚŝŽŶϭϯͿ dŚĞtƐƚĂƚĞƐƚŚĂƚƚŚĞE,/^ĚĂƚĂďĂƐĞǁĂƐƋƵĞƌŝĞĚƵƐŝŶŐĂůŝĐĞŶƐĞĂŐƌĞĞŵĞŶƚ;>ͲϵϴϲͿ͘tŚĞŶƌĂƌĞ x ĨĞĂƚƵƌĞƐĂƌĞŝĚĞŶƚŝĨŝĞĚǁŝƚŚŝŶĂŵŝůĞŽĨĂƉƌŽũĞĐƚ͕ĂĐŽŶĐƵƌƌĞŶĐĞƐŚŽƵůĚďĞŽďƚĂŝŶĞĚĨƌŽŵŶĚĂŶŐĞƌĞĚ ^ƉĞĐŝĞƐZĞǀŝĞǁŽŽƌĚŝŶĂƚŽƌ͕>ŝƐĂ:ŽǇĂů͕ŝŶŽƌĚĞƌƚŽĚĞƚĞƌŵŝŶĞǁŚĂƚĂǀŽŝĚĂŶĐĞŵĞĂƐƵƌĞƐŵŝŐŚƚďĞ ƌĞƋƵŝƌĞĚ͘dŚŝƐǁŽƵůĚƵƐƵĂůůǇďĞĚŽĐƵŵĞŶƚĞĚƵŶĚĞƌƉƉĞŶĚŝǆĂůŽŶŐǁŝƚŚŽƚŚĞƌĂŐĞŶĐǇ ĐŽƌƌĞƐƉŽŶĚĞŶĐĞ͕ďƵƚŝƚŝƐƵŶĐůĞĂƌŝĨƚŚŝƐŚĂƐŽĐĐƵƌƌĞĚ͘ DŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨEĂƚƵƌĂůZĞƐŽƵƌĐĞƐͻĞŶƚƌĂůZĞŐŝŽŶ ϭϮϬϬtĂƌŶĞƌZŽĂĚ͕^ƚ͘WĂƵů͕DEϱϱϭϬϲ 3DFNHW3J )D 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tŝƚŚƚŚĞƉƌŽƉŽƐĞĚĨŝǆĞĚͲĐƌĞƐƚĚĂŵƌĞƐĞƌǀŽŝƌƐĞĚŝŵĞŶƚĂƚŝŽŶƌĂƚĞƐŵĂǇŽĐĐƵƌĂƚĂŵŽƌĞƌĂƉŝĚƌĂƚĞ͕ǁŚŝĐŚ x ŵĂǇĂůƐŽŝŵƉĂĐƚƵƉƐƚƌĞĂŵǁĂƚĞƌĐŽƵƌƐĞƐƚŚĂƚĂƌĞǁŝƚŚŝŶƚŚĞŝƚǇ͛Ɛ&ůŽŽĚŽŶƚƌŽůWƌŽũĞĐƚ͕ƐƵĐŚĂƐĞĂƌ ƌĞĞŬĂŶĚƚŚĞ^ŽƵƚŚ&ŽƌŬƵŵďƌŽZŝǀĞƌ͘EZƵŶĚĞƌƐƚĂŶĚƐƚŚĞƐĞĂƌĞĂƐĂƌĞƉĞƌŝŽĚŝĐĂůůǇĚƌĞĚŐĞĚŽŶĂϱͲ ϭϬǇĞĂƌďĂƐŝƐ͘,ŽǁĚŽĞƐƚŚĞƉƌŽƉŽƐĞĚĚĞƐŝŐŶĐŚĂŶŐĞƚŚĞĨƌĞƋƵĞŶĐǇĨŽƌĨƵƚƵƌĞŵĂŝŶƚĞŶĂŶĐĞĚƌĞĚŐŝŶŐ ƌĞƋƵĞƐƚƐǁŝƚŚŝŶƚŚĞƐĞƌŝǀĞƌƌĞĂĐŚĞƐ͍tŝůůƚŚĞƐĞĂƌĞĂƐŶĞĞĚƚŽďĞŵĂŝŶƚĂŝŶĞĚĞǀĞƌǇϮͲϯǇĞĂƌƐĂƐĂƌĞƐƵůƚ ŽĨƚŚĞƉƌŽƉŽƐĞĚĚĞƐŝŐŶ͍tŚĂƚĂŶĂůǇƐŝƐǁĂƐĐŽŵƉůĞƚĞĚƚŽĞǀĂůƵĂƚĞƚŚŝƐǁŝƚŚĂĨŝǆĞĚͲĐƌĞƐƚĚĂŵŽƉƉŽƐĞĚ ĂůƚĞƌŶĂƚŝǀĞĚĞƐŝŐŶƐ͍ &ŝŐƵƌĞƐ dŚĞĚƌĞĚŐĞĚŵĂƚĞƌŝĂůƉůĂĐĞŵĞŶƚƐŝƚĞƐŚŽƵůĚďĞĚĞƐĐƌŝďĞĚŝŶŐƌĞĂƚĞƌĚĞƚĂŝůǁŝƚŚŝŶƚŚĞtĂŶĚƉƌŽũĞĐƚ x ĨŝŐƵƌĞƐ͘ /ƚǁŽƵůĚďĞŚĞůƉĨƵůƚŽŝŶĐůƵĚĞĂĨŝŐƵƌĞƐŚŽǁŝŶŐƚŚĞƉůĂĐĞŵĞŶƚŽĨƚŚĞŵŽĚŝĨŝĞĚĚĂŵĂƐǁĞůůĂƐƚŚĞ x ƉƌŽƉŽƐĞĚƐĞƌŝĞƐŽĨƉŽŽůƐĂŶĚƌŝĨĨůĞƐ͘ ƉƉĞŶĚŝǆͲŽŶƐƚƌƵĐƚŝŽŶWůĂŶƐ;ϯϬйͿ dŚĞĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶƐĚŽŶŽƚƐŚŽǁƚŚĞŵŽĚŝĨŝĞĚĚĂŵůŽĐĂƚŝŽŶŝŶƚŚĞƉůĂŶǀŝĞǁƐŚĞĞƚϭĂŶĚϮŽĨϭϭŽƌ x ŝĚĞŶƚŝĨǇǁŚŝĐŚƌĞĂϭͲϰƚŚĞŶĞǁĐŽŶƚƌŽůƐƚƌƵĐƚƵƌĞ;ƐŚĞĞƚƉŝůĞĚŝĂƉŚƌĂŐŵͿǁŝůůďĞĐŽŶƐƚƌƵĐƚĞĚ͘ dŚĞĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶƐĚŽŶŽƚŝŶĐůƵĚĞĚĞƚĂŝůƐĨŽƌƚŚĞŶĞǁĐŽŶƚƌŽůƐƚƌƵĐƚƵƌĞ;ƐŚĞĞƚƉŝůĞĚŝĂƉŚƌĂŐŵͿŝŶƚŚĞ x ƌĞĂϭͲϰĐƌŽƐƐͲƐĞĐƚŝŽŶƉůĂŶƐŚĞĞƚƐϯƚŚƌŽƵŐŚϴŽĨϭϭ͘ dŚĞĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶƐĚŽŶŽƚƐŚŽǁĚĞƚĂŝůƐĨŽƌƌĞŵŽǀĂůŽĨƚŚĞĞǆŝƐƚŝŶŐ^ŝůǀĞƌ>ĂŬĞĂŵ͘ x dŚĞƐƵƌĨĂĐĞĂƌĞĂĂŶĚƋƵĂŶƚŝƚǇŽĨŵĂƚĞƌŝĂůƚŽďĞĨŝůůĞĚŝŶƚŚĞƌŝǀĞƌ͕ŝ͘Ğ͘ƚŚĞƌŽĐŬƌĂƉŝĚƐĐŽŶƐƚƌƵĐƚŝŽŶĚĞƚĂŝůƐ x ĂƌĞŶŽƚŝŶĐůƵĚĞĚŝŶƚŚĞƉůĂŶƐŚĞĞƚϯƚŚƌŽƵŐŚϴŽĨϭϭ͘ ƌĞĂϲŽŶ^ŚĞĞƚϴŽĨϭϭƐŚŽǁƐĂϰĨŽŽƚĐƵƚŝŶƚŚĞĐŚĂŶŶĞůŽĨ^ŝůǀĞƌƌĞĞŬ͘tŚĂƚŐƌĂĚĞĐŽŶƚƌŽůŵĞĂƐƵƌĞƐ x ǁŝůůďĞƵƐĞĚƚŽŵŝŶŝŵŝǌĞĚĞƐƚĂďŝůŝǌĂƚŝŽŶŽĨĂƌĞĂƐƵƉƐƚƌĞĂŵ͍ ZĞĐŽŵŵĞŶĚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶƐƐŚŽǁǁŚŝĐŚĂƌĞĂƐǁŝůůďĞĚƌĞĚŐĞĚƚŽŵĂŝŶƚĂŝŶƚŚĞ&ůŽŽĚŽŶƚƌŽů x WƌŽũĞĐƚĂŶĚƐĂƚŝƐĨǇƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽƵƚůŝŶĞĚŝŶƚŚĞDKhǁŝƚŚƚŚĞh^ǀĞƌƐƵƐƚŚĞĂƌĞĂƐŽĨĚƌĞĚŐŝŶŐ ƉƌŽƉŽƐĞĚƚŽŝŵƉƌŽǀĞƌĞĐƌĞĂƚŝŽŶ͘ DŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨEĂƚƵƌĂůZĞƐŽƵƌĐĞƐͻĞŶƚƌĂůZĞŐŝŽŶ ϭϮϬϬtĂƌŶĞƌZŽĂĚ͕^ƚ͘WĂƵů͕DEϱϱϭϬϲ 3DFNHW3J )D dŚĞĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶƐĂƌĞĂůƐŽŵŝƐƐŝŶŐĚĞƚĂŝůƐƌĞůĂƚĞĚƚŽĂƉƌŽƉŽƐĞĚůĂŬĞĚƌĂǁĚŽǁŶ͘WƌŽǀŝĚĞĚĞƚĂŝůƐĨŽƌ x ƚŚĞůĂŬĞĚƌĂǁĚŽǁŶĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞ^ŝůǀĞƌ>ĂŬĞĂŵƌĞŵŽǀĂůĂŶĚƚŚĞĂĚĚŝƚŝŽŶĂůƚĞŵƉŽƌĂƌǇĚƌĂǁ ĚŽǁŶĨŽƌƚŚĞƌĞŵĂŝŶĚĞƌŽĨƚŚĞůĂŬĞ͘ ZĞĐŽŵŵĞŶĚƚŚĞƉůĂŶƐŝŶĐůƵĚĞĐĂůůͲŽƵƚƐĨŽƌĂŶǇƐƉĞĐŝĂůƐŝƚĞƉƌĞƉĂƌĂƚŝŽŶƐŽŶƚŚĞĞŵďĂŶŬŵĞŶƚƐǁŚĞƌĞƚŚĞ x ĨƵƚƵƌĞƉĞĚĞƐƚƌŝĂŶďƌŝĚŐĞĂďƵƚŵĞŶƚƐǁŝůůďĞůŽĐĂƚĞĚ͘ dŚĞĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶƐĚŽŶŽƚŝŶĐůƵĚĞĚĞƚĂŝůƐƚŽĐŽŶƐƚƌƵĐƚƚŚĞϳϬϬͲĨƚůŽŶŐƌŽĐŬƌŝĨĨůĞƐƚƌƵĐƚƵƌĞ͘ x dŚĞEZƉƌĞǀŝŽƵƐůǇĐŽŵŵĞŶƚĞĚĨŽƌĨŝƐŚƉĂƐƐĂŐĞ͕ŵĂŝŶƚĂŝŶŝŶŐŚǇĚƌĂƵůŝĐĐŽŶŶĞĐƚŝǀŝƚǇƚŚƌŽƵŐŚƚŚĞƌĂŶŐĞ x ŽĨĨůŽǁƐĂŶĚůŝĨĞĐǇĐůĞŽĨƚŚĞƉƌŽũĞĐƚŝƐĂŬĞǇŽďũĞĐƚŝǀĞ͘ƚůŽǁĨůŽǁƐ͕ƚŚĞĐŚĂŶŶĞůŵƵƐƚĐŽŶƚŝŶƵĞƚŽ ƉƌŽǀŝĚĞǁĂƚĞƌĂŶĚĞĨĨĞĐƚŝǀĞƉĂƐƐĂŐĞĐŽŶĚŝƚŝŽŶƐ͘dŚĞĐƵƌƌĞŶƚĚĞƐŝŐŶǁŝůůďĞŝŶĂŶĂƌĞĂǁŝƚŚƌĞůĂƚŝǀĞůǇŚŝŐŚ ƐůŽƉĞƐĂŶĚŚŝŐŚƐŚĞĂƌƐƚƌĞƐƐ͕ƉŽƚĞŶƚŝĂůůǇĂůƚĞƌŝŶŐŚǇĚƌĂƵůŝĐĐŽŶŶĞĐƚŝǀŝƚǇŽĨƚŚĞƚǁŽƐĞĐƚŝŽŶƐ;ĨŝƐŚƉĂƐƐĂŐĞ ĐŚĂŶŶĞůĂŶĚǁĂǀĞƉŽŽůƐͿ͘dŚĞEZŝƐĐŽŶĐĞƌŶĞĚƚŚĞƉƌŽƉŽƐĞĚĚĞƐŝŐŶǁŝůůďĞĞĂƐŝůǇĂůƚĞƌĞĚďǇŚŝŐŚ ǁĂƚĞƌƐĂŶĚƚŚŝƐǁŽƵůĚŵĂŬĞƚŚĞĨŝƐŚƉĂƐƐĂŐĞĐŚĂŶŶĞůĚĞĨŝĐŝĞŶƚ͘ ƉƉĞŶĚŝǆ tƉƉĞŶĚŝĐĞƐĚŽŶŽƚŝŶĐůƵĚĞƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚƐƐƵĐŚĂƐĂŐĞŶĐǇĐŽƌƌĞƐƉŽŶĚĞŶĐĞ͕ǁĞƚůĂŶĚ x ĚĞůŝŶĞĂƚŝŽŶƐ͕ƚƌĂĨĨŝĐƐƚƵĚŝĞƐ͕ĂƐƐŽĐŝĂƚĞĚƌĞƉŽƌƚƐ͕ĞƚĐ͘ƚŽĂƐƐŝƐƚƌĞǀŝĞǁĞƌƐŝŶĞǀĂůƵĂƚŝŶŐƚŚĞƉƌŽũĞĐƚ͘ tĞĂƉƉƌĞĐŝĂƚĞƚŚĞŽƉƉŽƌƚƵŶŝƚǇƚŽƉƌŽǀŝĚĞĐŽŵŵĞŶƚƐŽŶƚŚŝƐƉƌŽũĞĐƚ͕ĂŶĚŚŽƉĞƚŽǁŽƌŬƚŽŐĞƚŚĞƌƚŽƌĞĚƵĐĞůŽŶŐͲ ƚĞƌŵŵĂŝŶƚĞŶĂŶĐĞĂŶĚƐĞĚŝŵĞŶƚĂƚŝŽŶ͕ƉƌŽǀŝĚĞĨŽƌĨŝƐŚŚĂďŝƚĂƚ͕ĂŶĚŝŶĐƌĞĂƐĞƌĞĐƌĞĂƚŝŽŶŽƉƉŽƌƚƵŶŝƚŝĞƐĂƚƚŚŝƐ ƐŝƚĞ͘ WůĞĂƐĞĐŽŶƚĂĐƚŵĞďǇĞŵĂŝůŐƌĂŶƚ͘ǁŝůƐŽŶΛƐƚĂƚĞ͘ŵŶ͘ƵƐŽƌďǇƉŚŽŶĞ;ϲϱϭͿϮϱϵͲϱϲϯϱǁŝƚŚĂŶǇƋƵĞƐƚŝŽŶƐƌĞŐĂƌĚŝŶŐ ƚŚŝƐůĞƚƚĞƌ͘EŝĐŽůĞ>ĞŚŵĂŶ͕ƌĞĂ,ǇĚƌŽůŽŐŝƐƚ͕ǁŝůůĐŽŶƚŝŶƵĞƚŽĐŽŽƌĚŝŶĂƚĞƚŚŝƐƉƌŽũĞĐƚĨŽƌEZ͕ĂŶĚǁŝůůƌĞĂĐŚŽƵƚ ƚŽǇŽƵŝŶƚŚĞŶĞĂƌĨƵƚƵƌĞƚŽĐŽŶƚŝŶƵĞĚŝƐĐƵƐƐŝŽŶ͘zŽƵĐĂŶƌĞĂĐŚŚĞƌďǇĞŵĂŝůŶŝĐŽůĞ͘ůĞŚŵĂŶΛƐƚĂƚĞ͘ŵŶ͘ƵƐŽƌďǇ ƉŚŽŶĞ;ϱϬϳͿϮϬϲͲϮϴϱϰ͘ ^ŝŶĐĞƌĞůǇ͕ 'ƌĂŶƚ>͘tŝůƐŽŶ ĞŶƚƌĂůZĞŐŝŽŶŝƌĞĐƚŽƌ DŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨEĂƚƵƌĂůZĞƐŽƵƌĐĞƐ Đ͗DĂƚƚƌĂǁĨŽƌĚ͕ŝƚǇŽĨZŽĐŚĞƐƚĞƌ :ĂƐŽŶŽǇůĞ͕EZ^ƚĂƚĞĂŵ^ĂĨĞƚǇŶŐŝŶĞĞƌ ^ƵǌĂŶŶĞ:ŝǁĂŶŝ͕EZ&ůŽŽĚƉůĂŝŶ,ǇĚƌŽůŽŐŝƐƚ EŝĐŽůĞ>ĞŚŵĂŶ͕EZƌĞĂ,ǇĚƌŽůŽŐŝƐƚ <ĞǀŝŶ^ƚĂƵĨĨĞƌ͕EZ&ŝƐŚĞƌŝĞƐ^ƵƉĞƌǀŝƐŽƌ :ŽĞZŝĐŚƚĞƌ͕tZtĂƚĞƌƉƉƌŽƉƌŝĂƚŝŽŶƐ,ǇĚƌŽůŽŐŝƐƚ ƌŝĚŐĞƚ,ĞŶŶŝŶŐͲZĂŶĚĂ͕tZŶĚĂŶŐĞƌĞĚ^ƉĞĐŝĞƐŽŽƌĚŝŶĂƚŽƌ >ŝƐĂ:ŽǇĂů͕tZŶĚĂŶŐĞƌĞĚ^ƉĞĐŝĞƐZĞǀŝĞǁŽŽƌĚŝŶĂƚŽƌ DĞůŝƐƐĂŽůůŝŶƐ͕tZZĞŐŝŽŶĂůŶǀŝƌŽŶŵĞŶƚĂůƐƐĞƐƐŵĞŶƚĐŽůŽŐŝƐƚ ƌĂŶĚŽŶ^ĐŚĂĚ͕EZtŝůĚůŝĨĞ^ƵƉĞƌǀŝƐŽƌ :ĞƐƐůƚŚŽĨĨ͕WĂƌŬƐĂŶĚdƌĂŝůƐƌĞĂ^ƵƉĞƌǀŝƐŽƌ >ƵƚŚĞƌĂĚůĂŶĚ͕EZZŝǀĞƌĐŽůŽŐŝƐƚ /ĂŶŚŝƐŚŽůŵ͕EZZŝǀĞƌĐŽůŽŐǇhŶŝƚ^ƵƉĞƌǀŝƐŽƌ :ĂĐŬ'ůĞĂƐŽŶ͕^ŽƵƚŚŝƐƚƌŝĐƚ,ǇĚƌŽůŽŐŝƐƚ^ƵƉĞƌǀŝƐŽƌ ĂŶ>ĂŝƐ͕tZĞŶƚƌĂůZĞŐŝŽŶDĂŶĂŐĞƌ DŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨEĂƚƵƌĂůZĞƐŽƵƌĐĞƐͻĞŶƚƌĂůZĞŐŝŽŶ ϭϮϬϬtĂƌŶĞƌZŽĂĚ͕^ƚ͘WĂƵů͕DEϱϱϭϬϲ 3DFNHW3J )D DĂƌĐŚϵ͕ϮϬϮϭ tĞŶĚǇdƵƌƌŝ WƵďůŝĐtŽƌŬƐŝƌĞĐƚŽƌ ŝƚǇŽĨZŽĐŚĞƐƚĞƌ ϰϬϬϭtĞƐƚZŝǀĞƌWĂƌŬǁĂǇEt͕^ƵŝƚĞϭϬϬ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϭ ZĞ͗^ŝůǀĞƌ>ĂŬĞƌĞĚŐŝŶŐĂŶĚĂŵDŽĚŝĨŝĐĂƚŝŽŶWƌŽũĞĐƚŶǀŝƌŽŶŵĞŶƚĂůƐƐĞƐƐŵĞŶƚtŽƌŬƐŚĞĞƚ ĞĂƌtĞŶĚǇdƵƌƌŝ͗ dŚĂŶŬǇŽƵĨŽƌƚŚĞŽƉƉŽƌƚƵŶŝƚǇƚŽƌĞǀŝĞǁĂŶĚĐŽŵŵĞŶƚŽŶƚŚĞŶǀŝƌŽŶŵĞŶƚĂůƐƐĞƐƐŵĞŶƚtŽƌŬƐŚĞĞƚ ;tͿĨŽƌƚŚĞ^ŝůǀĞƌ>ĂŬĞƌĞĚŐŝŶŐĂŶĚĂŵDŽĚŝĨŝĐĂƚŝŽŶWƌŽũĞĐƚ;WƌŽũĞĐƚͿŝŶƚŚĞĐŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕ KůŵƐƚĞĚŽƵŶƚǇ͕DŝŶŶĞƐŽƚĂ͘dŚĞWƌŽũĞĐƚĐŽŶƐŝƐƚƐŽĨǀĂƌŝŽƵƐŝŵƉƌŽǀĞŵĞŶƚƐƚŽ^ŝůǀĞƌ>ĂŬĞ[[1947,1246,1969,1302][11][,I,][Calibri]]͘ [[1969,1246,2167,1302][11][,,][Calibri]]ZĞŐĂƌĚŝŶŐ ŵĂƚƚĞƌƐĨŽƌǁŚŝĐŚƚŚĞDŝŶŶĞƐŽƚĂWŽůůƵƚŝŽŶŽŶƚƌŽůŐĞŶĐǇ;DWͿŚĂƐƌĞŐƵůĂƚŽƌǇƌĞƐƉŽŶƐŝďŝůŝƚǇŽƌŽƚŚĞƌ ŝŶƚĞƌĞƐƚƐ͕ƚŚĞDWƐƚĂĨĨŚĂƐƚŚĞĨŽůůŽǁŝŶŐĐŽŵŵĞŶƚƐĨŽƌǇŽƵƌĐŽŶƐŝĚĞƌĂƚŝŽŶ͘ tĂƚĞƌZĞƐŽƵƌĐĞƐ;/ƚĞŵϭϭͿ [[300,1496,488,1552][11][,I,][Calibri]]tĞƚůĂŶĚƐ x WůĞĂƐĞŶŽƚĞƚŚĂƚƌĞǀŝƐŝŽŶƐƚŽƚŚĞϰϬϭƌƵůĞďĞĐĂŵĞĞĨĨĞĐƚŝǀĞŝŶ^ĞƉƚĞŵďĞƌϮϬϮϬĂŶĚŶŽǁƌĞƋƵŝƌĞ ŽŵŵĞŶƚϭ ĂƉƉůŝĐĂŶƚƐƚŽƌĞƋƵĞƐƚĂƉƌĞͲĨŝůŝŶŐŵĞĞƚŝŶŐĨƌŽŵƚŚĞĐĞƌƚŝĨǇŝŶŐĂŐĞŶĐǇĂƚůĞĂƐƚϯϬĚĂǇƐƉƌŝŽƌƚŽ ƐƵďŵŝƚƚŝŶŐĂϰϬϭǁĂƚĞƌƋƵĂůŝƚǇĐĞƌƚŝĨŝĐĂƚŝŽŶƌĞƋƵĞƐƚ͘DWŝƐƚŚĞĐĞƌƚŝĨǇŝŶŐĂƵƚŚŽƌŝƚǇŝŶƚŚĞ^ƚĂƚĞŽĨ DŝŶŶĞƐŽƚĂ͘ x ůƐŽ͕ƉůĞĂƐĞŬĞĞƉŝŶŵŝŶĚƚŚĂƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵĞƐ͕ƚŚĞ^ŝůǀĞƌ>ĂŬĞƌĞĚŐŝŶŐĂŶĚ ŽŵŵĞŶƚϮ ĂŵDŽĚŝĨŝĐĂƚŝŽŶƉƌŽũĞĐƚƐŚŽƵůĚŝŶĐůƵĚĞƚŚĞDWĂƐĂƌĞŐƵůĂƚŽƌŽĨĂůůƐƵƌĨĂĐĞǁĂƚĞƌƐĂƐĚĞĨŝŶĞĚďǇ DŝŶŶ͘^ƚĂƚ͘ϭϭϱ͘Ϭϭ[[729,1896,2151,1952][11][,I,][Calibri]]^ƵďĚ͘ϮϮ͘tĂƚĞƌƐŽĨƚŚĞƐƚĂƚĞ͘ΗtĂƚĞƌƐŽĨƚŚĞƐƚĂƚĞΗŵĞĂŶƐĂůůƐƚƌĞĂŵƐ͕ůĂŬĞƐ͕ [[375,1946,2170,2002][11][,I,][Calibri]]ƉŽŶĚƐ͕ŵĂƌƐŚĞƐ͕ǁĂƚĞƌĐŽƵƌƐĞƐ͕ǁĂƚĞƌǁĂǇƐ͕ǁĞůůƐ͕ƐƉƌŝŶŐƐ͕ƌĞƐĞƌǀŽŝƌƐ͕ĂƋƵŝĨĞƌƐ͕ŝƌƌŝŐĂƚŝŽŶƐǇƐƚĞŵƐ͕ [[375,1996,437,2052][11][,I,][Calibri]]ĚƌĂ [[438,1996,2241,2052][11][,I,][Calibri]]ŝŶĂŐĞƐǇƐƚĞŵƐĂŶĚĂůůŽƚŚĞƌďŽĚŝĞƐŽƌĂĐĐƵŵƵůĂƚŝŽŶƐŽĨǁĂƚĞƌ͕ƐƵƌĨĂĐĞŽƌƵŶĚĞƌŐƌŽƵŶĚ͕ŶĂƚƵƌĂůŽƌ [[375,2046,2242,2102][11][,I,][Calibri]]ĂƌƚŝĨŝĐŝĂů͕ƉƵďůŝĐŽƌƉƌŝǀĂƚĞ͕ǁŚŝĐŚĂƌĞĐŽŶƚĂŝŶĞĚǁŝƚŚŝŶ͕ĨůŽǁƚŚƌŽƵŐŚ͕ŽƌďŽƌĚĞƌƵƉŽŶƚŚĞƐƚĂƚĞŽƌĂŶǇ [[375,2096,678,2152][11][,I,][Calibri]]ƉŽƌƚŝŽŶƚŚĞƌĞŽĨ͘ [[679,2096,1949,2152][11][,,][Calibri]]ǀĞŶƚŚŽƵŐŚƚŚĞƌĞŵĂǇďĞƐƵƌĨĂĐĞǁĂƚĞƌƐƚŚĂƚĂƌĞĚĞƚĞƌŵŝŶĞĚƚŽďĞ [[1950,2096,2206,2152][11][,,][Calibr i]]ƚŚĞh͘^͘ƌŵǇ ŽƌƉƐŽĨŶŐŝŶĞĞƌƐŶŽŶͲũƵƌŝƐĚŝĐƚŝŽŶĂů͕ŽƌĞǆĞŵƉƚĨƌŽŵt͕ĂůůƐƵƌĨĂĐĞǁĂƚĞƌƐĂƌĞƌĞŐƵůĂƚĞĚďǇƚŚĞ DWĂŶĚĂŶǇƐƵƌĨĂĐĞǁĂƚĞƌŝŵƉĂĐƚŶĞĞĚƐƚŽďĞĚĞƐĐƌŝďĞĚŝŶƚŚĞĂƉƉůŝĐĂƚŝŽŶ͕ŵĂǇƌĞƋƵŝƌĞ ŵŝƚŝŐĂƚŝŽŶ͘&ŽƌƋƵĞƐƚŝŽŶƐƌĞŐĂƌĚŝŶŐϰϬϭĞƌƚŝĨŝĐĂƚŝŽŶ͕ƉůĞĂƐĞĐŽŶƚĂĐƚŝůůtŝůĚĞĂƚϲϱϭͲϳϱϳͲϮϴϮϱŽƌ tŝůůŝĂŵ͘tŝůĚĞΛƐƚĂƚĞ͘ŵŶ͘ƵƐ͘ [[300,2396,504,2452][11][,I,][Calibri]]^ƚŽƌŵǁĂƚĞ [[505,2396,521,2452][11][,I,][Calibri]]ƌ [[521,2396,532,2452][11][,I,][Calibri]] x /ƚŝƐŶŽƚĐůĞĂƌǁŚĞƚŚĞƌƚŚĞWƌŽũĞĐƚƌĞƋƵŝƌĞƐƚŚĞEĂƚŝŽŶĂůWŽůůƵƚĂŶƚŝƐĐŚĂƌŐĞůŝŵŝŶĂƚŝŽŶ ŽŵŵĞŶƚϯ ^ǇƐƚĞŵͬ^ƚĂƚĞŝƐƉŽƐĂů^ǇƐƚĞŵ'ĞŶĞƌĂůŽŶƐƚƌƵĐƚŝŽŶ^ƚŽƌŵǁĂƚĞƌWĞƌŵŝƚ;^tWĞƌŵŝƚͿƐŝŶĐĞƚŚĞ ĚŝƐƚƵƌďĞĚĂƌĞĂƐĂďŽǀĞƚŚĞůĂŬĞĂƌĞŶŽƚŝĚĞŶƚŝĨŝĞĚ͘WůĞĂƐĞŶŽƚĞƚŚĂƚŽŶůǇĚŝƐƚƵƌďĞĚĂƌĞĂƐĂďŽǀĞƚŚĞ ŽƌĚŝŶĂƌǇŚŝŐŚǁĂƚĞƌůĞǀĞů;K,t>ͿŽĨƚŚĞůĂŬĞƚŚĂƚƚŽƚĂůϭŽƌŵŽƌĞĂĐƌĞƐƌĞƋƵŝƌĞƚŚĞ^tWĞƌŵŝƚ ĐŽǀĞƌĂŐĞ͘dŚĞWƌŽũĞĐƚƉƌŽƉŽƐĞƌǁŝůůŶĞĞĚƚŽĨŽůůŽǁĞƉĂƌƚŵĞŶƚŽĨEĂƚƵƌĂůZĞƐŽƵƌĐĞƐWƵďůŝĐtĂƚĞƌ ƉĞƌŵŝƚƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƐĞĚŝŵĞŶƚĐŽŶƚƌŽůďĞƐƚŵĂŶĂŐĞŵĞŶƚƉƌĂĐƚŝĐĞƐ;DWƐͿďĞůŽǁƚŚĞK,t>͘ ŽŵŵĞŶƚϰ x sĞƌǇůŝƚƚůĞŝŶĨŽƌŵĂƚŝŽŶŝƐƉƌŽǀŝĚĞĚŝŶƚŚĞtƌĞŐĂƌĚŝŶŐŚŽǁƚŚĞƐƵƌĨĂĐĞǁĂƚĞƌƐŽŶƚŚĞƐŝƚĞǁŝůůďĞ ƉƌŽƚĞĐƚĞĚĨƌŽŵƐĞĚŝŵĞŶƚĂƚŝŽŶĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͘/ĨƚŚĞ^tWĞƌŵŝƚŝƐƌĞƋƵŝƌĞĚ͕ƌĞĚƵŶĚĂŶƚĚŽǁŶ ŐƌĂĚŝĞŶƚƐĞĚŝŵĞŶƚĐŽŶƚƌŽůDW^ǁŝůůďĞƌĞƋƵŝƌĞĚĨŽƌĂŶǇƐŽŝůĚŝƐƚƵƌďĂŶĐĞǁŝƚŚŝŶϱϬĨĞĞƚŽĨƚŚĞ ǁĞƚůĂŶĚƐĂŶĚƚŚĞůĂŬĞ͘dŚŝƐǁŽƵůĚĂƉƉůǇƚŽƚŚĞƐŽŝůƐƚŽƌĂŐĞƐŝƚĞĂƐǁĞůů͘ 3DFNHW3J )D tĞŶĚǇdƵƌƌŝ WĂŐĞϮ DĂƌĐŚϵ͕ϮϬϮϭ x ŽŵŵĞŶƚϱŽƚŚƚŚĞƵŵďƌŽZŝǀĞƌĂŶĚ^ŝůǀĞƌƌĞĞŬůŽĐĂƚĞĚĚŽǁŶƐƚƌĞĂŵŽĨƚŚĞWƌŽũĞĐƚƐŝƚĞŚĂǀĞĐŽŶƐƚƌƵĐƚŝŽŶͲ ƌĞůĂƚĞĚĂŶĚŽƚŚĞƌŝŵƉĂŝƌŵĞŶƚƐ͘ĚĚŝƚŝŽŶĂůDWƐƐƉĞĐŝĨŝĞĚŝŶƚŚĞ^tWĞƌŵŝƚ͕ŝĨƌĞƋƵŝƌĞĚ͕ǁŝůůďĞ ƌĞƋƵŝƌĞĚĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͕ŝŶĐůƵĚŝŶŐƐƚĂďŝůŝǌŝŶŐŝŶĂĐƚŝǀĞůǇǁŽƌŬĞĚƐŽŝůƐǁŝƚŚŝŶϳĚĂǇƐĂŶĚƉƌŽǀŝĚŝŶŐ ĂƚĞŵƉŽƌĂƌǇƐĞĚŝŵĞŶƚďĂƐŝŶŝĨϱĂĐƌĞƐŽĨĚŝƐƚƵƌďĞĚƐŽŝůƐĚƌĂŝŶƚŽŽŶĞůŽĐĂƚŝŽŶ͘WůĞĂƐĞĚŝƌĞĐƚ ƋƵĞƐƚŝŽŶƐƌĞŐĂƌĚŝŶŐ^tWĞƌŵŝƚƌĞƋƵŝƌĞŵĞŶƚƐƚŽZŽďĞƌƚĂ'ĞƚŵĂŶĂƚϱϬϳͲϮϬϲͲϮϲϮϵŽƌ ZŽďĞƌƚĂ͘'ĞƚŵĂŶΛƐƚĂƚĞ͘ŵŶ͘ƵƐ͘ [[300,796,406,852][11][,I,][Calibri]]/ŵƉĂŝ [[405,796,604,852][11][,I,][Calibri]]ƌĞĚǁĂƚĞƌƐ [[604,796,615,852][11][,I,][Calibri]] x ŽŵŵĞŶƚϲŶǇǁŽƌŬŝŶͬĂƌŽƵŶĚ^ŝůǀĞƌ>ĂŬĞƐŚŽƵůĚƚĂŬĞĐĂƌĞƚŽŶŽƚĞǆĂĐĞƌďĂƚĞĂŶǇŽĨƚŚĞƵŵďƌŽZŝǀĞƌ ŝŵƉĂŝƌŵĞŶƚƐŽƌĨƵƌƚŚĞƌƐƚƌĞƐƐƚŚĞďŝŽƚĂŝŶƚŚŝƐƌĞĂĐŚ͘&ŽƌĞǆĂŵƉůĞ͕ŵĂŶĂŐĞŵĞŶƚƉƌĂĐƚŝĐĞƐƐŚŽƵůĚďĞ ĞŵƉůŽǇĞĚƚŽĞŶƐƵƌĞƚŚĂƚƉƵůƐĞƐŽĨƐĞĚŝŵĞŶƚĚŽŶŽƚůĞĂǀĞ^ŝůǀĞƌ>ĂŬĞĂŶĚĚĞƉŽƐŝƚŝŶƚŚĞĚŽǁŶƐƚƌĞĂŵ ĐŚĂŶŶĞů͕ŶĞŐĂƚŝǀĞůǇŝŵƉĂĐƚŝŶŐŚĂďŝƚĂƚĨŽƌĨŝƐŚͬŵĂĐƌŽŝŶǀĞƌƚĞďƌĂƚĞƐ;ŝŶĐůƵĚŝŶŐŵƵƐƐĞůƐͿ͘ůƐŽ͕ƚŚĞ ^ŽƵƚŚ&ŽƌŬƵŵďƌŽZŝǀĞƌĐŽŶĨůƵĞŶĐĞƐǁŝƚŚƚŚĞDŝĚĚůĞ&ŽƌŬĂƚƚŚĞŚĞĂĚŽĨ>ĂŬĞƵŵďƌŽʹĂ ƌĞƐĞƌǀŽŝƌ͘>ĂŬĞƵŵďƌŽŝƐǀĞƌǇŶĞĂƌƚŚĞƚŚƌĞƐŚŽůĚĨŽƌĞƵƚƌŽƉŚŝĐĂƚŝŽŶŝŵƉĂŝƌŵĞŶƚ ;ƉŽůůƵƚĂŶƚ͗ƉŚŽƐƉŚŽƌƵƐͿ͖ƚŚĞƌĞĨŽƌĞ͕ŵŝŶŝŵŝǌŝŶŐĚŽǁŶƐƚƌĞĂŵůŽĂĚŝŶŐŽĨƐĞĚŝŵĞŶƚĂŶĚƉŚŽƐƉŚŽƌƵƐƚŽ >ĂŬĞƵŵďƌŽƐŚŽƵůĚďĞĂƉƌŝŽƌŝƚǇ͘ x dŚĞ^ŽƵƚŚ&ŽƌŬƵŵďƌŽZŝǀĞƌ;ϬϳϬϰϬϬϬϰͲϱϯϲͿƵƉƐƚƌĞĂŵŽĨ^ŝůǀĞƌ>ĂŬĞŝŶĐůƵĚĞƐĂŶŝŵƉĂŝƌŵĞŶƚůŝƐƚŝŶŐ ŽŵŵĞŶƚϳ ĨŽƌŵĂĐƌŽŝŶǀĞƌƚĞďƌĂƚĞ/ŶĚĞǆŽĨŝŽůŽŐŝĐĂů/ŶƚĞŐƌŝƚǇ͘ĐŽŵƉƌĞŚĞŶƐŝǀĞůŽŽŬĂƚĐŽŶŶĞĐƚŝǀŝƚǇĨƌŽŵƚŚĞ ^ŝůǀĞƌ>ĂŬĞĚĂŵƵƉƐƚƌĞĂŵǁŽƵůĚďĞĂŐŽŽĚĐŽŵƉŽŶĞŶƚŽĨƚŚĞt͘dŚŝƐƐŚŽƵůĚďĞĞǆĂŵŝŶĞĚŝŶƚŚĞ ĐŽŶƚĞǆƚŽĨĞǆŝƐƚŝŶŐĨŝƐŚ͕ŵĂĐƌŽŝŶǀĞƌƚĞďƌĂƚĞĂŶĚŵƵƐƐĞůĚĂƚĂ͖ŝƚƐŚŽƵůĚŝŶĐůƵĚĞĂŵĂƉĐůĞĂƌůǇ ĚĞƉŝĐƚŝŶŐƚŚĞ^ŝůǀĞƌ>ĂŬĞĚĂŵ͕ƚŚĞ^ŽƵƚŚ&ŽƌŬƵŵďƌŽĚĂŵ;ďĞŚŝŶĚdƌĂĚĞƌ:ŽĞ͛ƐŐƌŽĐĞƌǇƐƚŽƌĞͿ͕ƚŚĞ ĞĂƌƌĞĞŬĚĂŵ;ŝŶƚŚĞƉĂƌŬũƵƐƚƵƉƐƚƌĞĂŵŽĨ,ŝŐŚǁĂǇϭϰͿ͕ƚŚĞDĂǇŽǁŽŽĚĂŵĂŶĚƚŚĞĚƌĂŝŶĂŐĞ ĂƌĞĂƐƚŚĂƚǁŽƵůĚďĞŽƉĞŶĞĚƵƉƚŽďŝŽƚĂ͕ŝĨĂŶǇͬĞĂĐŚͬĂůůŽĨƚŚĞƐĞďĂƌƌŝĞƌƐǁĞƌĞƚŽďĞŵŽĚŝĨŝĞĚŽƌ ƌĞŵŽǀĞĚ͘dŚŝƐĐŽƵůĚďĞƉĂƌƚŽĨĂƐƵŵŵĂƌǇĚŝƐĐƵƐƐŝŽŶŽĨĨŝƐŚƉĂƐƐĂŐĞďĞŶĞĨŝƚƐŽĨƚŚŝƐWƌŽũĞĐƚĂŶĚ ƉŽƐƐŝďůĞĨƵƚƵƌĞǁŽƌŬƚŽŝƚĞƌĂƚŝǀĞůǇŝŵƉƌŽǀĞĨŝƐŚƉĂƐƐĂŐĞŝŶƚŚĞ^ŽƵƚŚ&ŽƌŬƵŵďƌŽƐǇƐƚĞŵ͘&Žƌ ƋƵĞƐƚŝŽŶƐ͕ƉůĞĂƐĞĐŽŶƚĂĐƚ:ƵƐƚŝŶtĂƚŬŝŶƐĂƚϱϬϳͲϮϬϲͲϮϲϮϭŽƌ:ƵƐƚŝŶ͘tĂƚŬŝŶƐΛƐƚĂƚĞ͘ŵŶ͘ƵƐ͘ [[300,1846,366,1902][11][,I,][Calibri]]ƌĞ [[366,1846,481,1902][11][,I,][Calibri]]ĚŐŝŶŐ ŽŵŵĞŶƚϴ x dŚĞDWƌĞĐŽŵŵĞŶĚƐƚŚĂƚƵŶƉĞƌŵŝƚƚĞĚƉƌŽũĞĐƚƐĨŽůůŽǁŐƵŝĚĂŶĐĞĂŶĚDWƐ͕ŝŶĐůƵĚŝŶŐƐƵďŵŝƚƚŝŶŐ ƚŚĞEŽƚŝĨŝĐĂƚŝŽŶƚŽDĂŶĂŐĞƌĞĚŐĞĚDĂƚĞƌŝĂůƐǁŝƚŚŽƵƚĂWĞƌŵŝƚĨŽƌŵĂƚůĞĂƐƚϯϬĚĂǇƐďĞĨŽƌĞƚŚĞ ƐƚĂƌƚŽĨĚƌĞĚŐŝŶŐ͘ EŽŝƐĞ;/ƚĞŵϭϳͿ dŚĞDWĂƉƉƌĞĐŝĂƚĞƐƚŚĂƚƚŚĞŶĂƚƵƌĞŽĨŶŽŝƐĞĨŽƌƚŚŝƐWƌŽũĞĐƚǁŝůůďĞƚĞŵƉŽƌĂƌǇ͕ĂŶĚŶŽŝƐĞƐŽƵƌĐĞƐĂƌĞ ŽŵŵĞŶƚϵ ůŝŵŝƚĞĚƚŽĐŽŶƐƚƌƵĐƚŝŽŶĂĐƚŝǀŝƚŝĞƐ͘dŚĞŽŶůǇĂĚĚŝƚŝŽŶĂůƌĞĐŽŵŵĞŶĚĂƚŝŽŶĨŽƌŵŝƚŝŐĂƚŝŶŐŶŽŝƐĞĚƵƌŝŶŐƚŚĞ WƌŽũĞĐƚƉĞƌŝŽĚŝƐƚŚĂƚĂůůĞƋƵŝƉŵĞŶƚďĞŵƵĨĨůĞĚ͕ĂƐĂƉƉƌŽƉƌŝĂƚĞ͘&ŽƌŶŽŝƐĞƌĞůĂƚĞĚƋƵĞƐƚŝŽŶƐ͕ƉůĞĂƐĞ ĐŽŶƚĂĐƚ&ĂǁŬĞƐŚĂƌĂƚϲϱϭͲϳϱϳͲϮϯϮϳŽƌ&ĂǁŬĞƐ͘ŚĂƌΛƐƚĂƚĞ͘ŵŶ͘ƵƐ͘ tĞĂƉƉƌĞĐŝĂƚĞƚŚĞŽƉƉŽƌƚƵŶŝƚǇƚŽƌĞǀŝĞǁƚŚŝƐWƌŽũĞĐƚ͘WůĞĂƐĞƉƌŽǀŝĚĞǇŽƵƌƐƉĞĐŝĨŝĐƌĞƐƉŽŶƐĞƐƚŽŽƵƌ ĐŽŵŵĞŶƚƐĂŶĚŶŽƚŝĐĞŽĨĚĞĐŝƐŝŽŶŽŶƚŚĞŶĞĞĚĨŽƌĂŶŶǀŝƌŽŶŵĞŶƚĂů/ŵƉĂĐƚ^ƚĂƚĞŵĞŶƚ͘WůĞĂƐĞďĞĂǁĂƌĞ ƚŚĂƚƚŚŝƐůĞƚƚĞƌĚŽĞƐŶŽƚĐŽŶƐƚŝƚƵƚĞĂƉƉƌŽǀĂůďǇƚŚĞDWŽĨĂŶǇŽƌĂůůĞůĞŵĞŶƚƐŽĨƚŚĞWƌŽũĞĐƚĨŽƌƚŚĞ ƉƵƌƉŽƐĞŽĨƉĞŶĚŝŶŐŽƌĨƵƚƵƌĞƉĞƌŵŝƚĂĐƚŝŽŶ;ƐͿďǇƚŚĞDW͘hůƚŝŵĂƚĞůǇ͕ŝƚŝƐƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨƚŚĞ WƌŽũĞĐƚƉƌŽƉŽƐĞƌƚŽƐĞĐƵƌĞĂŶǇƌĞƋƵŝƌĞĚƉĞƌŵŝƚƐĂŶĚƚŽĐŽŵƉůǇǁŝƚŚĂŶǇƌĞƋƵŝƐŝƚĞƉĞƌŵŝƚĐŽŶĚŝƚŝŽŶƐ͘/Ĩ ǇŽƵŚĂǀĞĂŶǇƋƵĞƐƚŝŽŶƐĐŽŶĐĞƌŶŝŶŐŽƵƌƌĞǀŝĞǁŽĨƚŚŝƐtƉůĞĂƐĞĐŽŶƚĂĐƚŵĞďǇĞŵĂŝůĂƚ <ĂƌĞŶ͘ŬƌŽŵĂƌΛƐƚĂƚĞ͘ŵŶ͘ƵƐŽƌďǇƚĞůĞƉŚŽŶĞĂƚϲϱϭͲϳϱϳͲϮϱϬϴ͘ 3DFNHW3J )D tĞŶĚǇdƵƌƌŝ WĂŐĞϯ DĂƌĐŚϵ͕ϮϬϮϭ ^ŝŶĐĞƌĞůǇ͕ .DUHQ.URPDU [[300,587,839,623][7][,I,][Calibri]]dŚŝƐĚŽĐƵŵĞŶƚŚĂƐďĞĞŶĞůĞĐƚƌŽŶŝĐĂůůǇƐŝŐŶĞĚ͘ [[839,587,846,623][7][,I,][Calibri]] <ĂƌĞŶ<ƌŽŵĂƌ WƌŽũĞĐƚDĂŶĂŐĞƌ ŶǀŝƌŽŶŵĞŶƚĂůZĞǀŝĞǁhŶŝƚ ZĞƐŽƵƌĐĞDĂŶĂŐĞŵĞŶƚĂŶĚƐƐŝƐƚĂŶĐĞŝǀŝƐŝŽŶ <<͗ďƚ ĐĐ͗ĂŶĂƌĚ͕DW͕^ƚ͘WĂƵů ŝůůtŝůĚĞ͕DW͕^ƚ͘WĂƵů ZŽďĞƌƚĂ'ĞƚŵĂŶ͕DW͕ZŽĐŚĞƐƚĞƌ :ƵƐƚŝŶtĂƚŬŝŶƐ͕DW͕ZŽĐŚĞƐƚĞƌ &ĂǁŬĞƐŚĂƌ͕DW͕^ƚ͘WĂƵů tĂǇŶĞŽƌĚƐ͕DW͕DĂŶŬĂƚŽ 3DFNHW3J )D DĂƌĐŚϭϭ͕ϮϬϮϭ tĞŶĚǇdƵƌƌŝ WƵďůŝĐtŽƌŬƐŝƌĞĐƚŽƌ ŝƚǇŽĨZŽĐŚĞƐƚĞƌ ϰϬϬϭtĞƐƚZŝǀĞƌWĂƌŬǁĂǇEt͕^ƵŝƚĞϭϬϬ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϭ Z͗tʹ^ŝůǀĞƌ>ĂŬĞƌĞĚŐŝŶŐĂŶĚĂŵDŽĚŝĨŝĐĂƚŝŽŶWƌŽũĞĐƚ ZŽĐŚĞƐƚĞƌ͕KůŵƐƚĞĚŽƵŶƚǇ ^,WKEƵŵďĞƌ͗ϮϬϮϭͲϬϵϬϱ ĞĂƌDƐ͘dƵƌƌŝ͗ dŚĂŶŬǇŽƵĨŽƌƉƌŽǀŝĚŝŶŐƚŚŝƐŽĨĨŝĐĞǁŝƚŚĂĐŽƉǇŽĨƚŚĞŶǀŝƌŽŶŵĞŶƚĂůƐƐĞƐƐŵĞŶƚtŽƌŬƐŚĞĞƚ;tͿĨŽƌ ƚŚĞĂďŽǀĞͲƌĞĨĞƌĞŶĐĞĚƉƌŽũĞĐƚ͘ ƐĚŽĐƵŵĞŶƚĞĚŝŶƚŚĞt͕ƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌŝƐƉƌŽƉŽƐŝŶŐĂƉƌŽũĞĐƚƚŚĂƚŝŶǀŽůǀĞƐƐĞǀĞƌĂů ŝŵƉƌŽǀĞŵĞŶƚƐƚŽ^ŝůǀĞƌ>ĂŬĞ͘dŚĞƐĞŝŵƉƌŽǀĞŵĞŶƚƐŝŶĐůƵĚĞĚƌĞĚŐŝŶŐƚŚĞůĂŬĞďĞĚ͕ƌĞŵŽǀŝŶŐƚŚĞ^ŝůǀĞƌ >ĂŬĞĂŵ͕ĂŶĚĐŽŶƐƚƌƵĐƚŝŶŐĂƌŽĐŬƌŝĨĨůĞƐƚƌƵĐƚƵƌĞŝŶƚŚĞůĂŬĞ;WƌŽũĞĐƚͿ͘ tĞŚĂǀĞƌĞǀŝĞǁĞĚƚŚĞŝŶĨŽƌŵĂƚŝŽŶƉƌŽǀŝĚĞĚŝŶƚŚĞt͕ĂƐǁĞůůĂƐƚŚĞƐƵďŵŝƚƚĞĚĐƵůƚƵƌĂůƌĞƐŽƵƌĐĞƐ ƐƵƌǀĞǇƌĞƉŽƌƚƚŝƚůĞĚWŚĂƐĞ/ƵůƚƵƌĂůZĞƐŽƵƌĐĞ/ŶǀĞƐƚŝŐĂƚŝŽŶĨŽƌƚŚĞ^ŝůǀĞƌ>ĂŬĞĂŵZĞŵŽǀĂůWƌŽũĞĐƚ͕ KůŵƐƚĞĚŽƵŶƚǇ͕DŝŶŶĞƐŽƚĂ;:ƵůǇϯϭ͕ϮϬϮϬͿ;ZĞƉŽƌƚͿĂƐƉƌĞƉĂƌĞĚďǇ/Ŷ^ŝƚƵƌĐŚĂĞŽůŽŐŝĐĂůŽŶƐƵůƚŝŶŐ͕ ĂŶĚŽƵƌĐŽŵŵĞŶƚƐĂƌĞƉƌŽǀŝĚĞĚďĞůŽǁ͘ ƌĐŚĂĞŽůŽŐŝĐĂůZĞƐŽƵƌĐĞƐ ŽŵŵĞŶƚϭ ĂƐĞĚŽŶƚŚĞƌĞƐƵůƚƐŽĨƚŚĞĐƵůƚƵƌĂůƌĞƐŽƵƌĐĞŝŶǀĞƐƚŝŐĂƚŝŽŶƐ͕ǁĞĂŐƌĞĞǁŝƚŚƚŚĞĐŽŶƐƵůƚĂŶƚ͛Ɛ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƚŚĂƚŶŽĂƌĐŚĂĞŽůŽŐŝĐĂůƌĞƐŽƵƌĐĞƐǁŝůůďĞĂĨĨĞĐƚĞĚďǇƚŚĞWƌŽũĞĐƚĂƐŝƚŝƐĐƵƌƌĞŶƚůǇ ĚĞĨŝŶĞĚŝŶƚŚĞt͘ƐƚŚĞWƌŽũĞĐƚ͛ƐƐĐŽƉĞŽĨǁŽƌŬŝƐĨƵƌƚŚĞƌĚĞĨŝŶĞĚ͕ŽƌŝĨŝƚŝƐƐŝŐŶŝĨŝĐĂŶƚůǇĂůƚĞƌĞĚĨƌŽŵ ƚŚĞĐƵƌƌĞŶƚƐĐŽƉĞ͕ĂĚĚŝƚŝŽŶĂůĐŽŶƐƵůƚĂƚŝŽŶŵĂǇďĞŶĞĐĞƐƐĂƌǇƌĞŐĂƌĚŝŶŐĂĚĚŝƚŝŽŶĂůƐƵƌǀĞǇĂŶĚ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶĞĨĨŽƌƚƐĨŽƌĂƌĐŚĂĞŽůŽŐŝĐĂůƌĞƐŽƵƌĐĞƐ͘ ,ŝƐƚŽƌǇͬƌĐŚŝƚĞĐƚƵƌĞ ŽŵŵĞŶƚϮ KƵƌƌĞĐŽƌĚƐŝŶĚŝĐĂƚĞƚŚĂƚƚŚĞƌĞĂƌĞŶŽĚĞƐŝŐŶĂƚĞĚŚŝƐƚŽƌŝĐƉƌŽƉĞƌƚŝĞƐ͕ŵĞĂŶŝŶŐƚŚŽƐĞĐƵƌƌĞŶƚůǇůŝƐƚĞĚŝŶ ĞŝƚŚĞƌƚŚĞEĂƚŝŽŶĂůŽƌ^ƚĂƚĞZĞŐŝƐƚĞƌƐŽĨ,ŝƐƚŽƌŝĐWůĂĐĞƐ͕ƚŚĂƚǁŝůůďĞĂĨĨĞĐƚĞĚďǇƚŚĞWƌŽũĞĐƚĂƐŝƚŝƐ ĐƵƌƌĞŶƚůǇĚĞĨŝŶĞĚŝŶƚŚĞt͘ ,ŽǁĞǀĞƌ͕ƚŚĞƌĞĂƌĞƐĞǀĞƌĂůƉƌĞǀŝŽƵƐůǇͲŝĚĞŶƚŝĨŝĞĚŚŝƐƚŽƌǇͬĂƌĐŚŝƚĞĐƚƵƌĞƉƌŽƉĞƌƚŝĞƐůŽĐĂƚĞĚǁŝƚŚŝŶŽƌ ŽŵŵĞŶƚϯ ^ŝůǀĞƌ>ĂŬĞ ĂĚũĂĐĞŶƚƚŽƚŚĞWƌŽũĞĐƚĂƌĞĂƚŚĂƚǁŝůů͕ŽƌŵĂǇďĞ͕ĂĨĨĞĐƚĞĚďǇWƌŽũĞĐƚĂĐƚŝǀŝƚŝĞƐ͕ŝŶĐůƵĚŝŶŐƚŚĞ Ăŵ;K>ͲZKͲϲϭϴͿ͕^ŝůǀĞƌ>ĂŬĞWĂƌŬŝŶŐƌĞĂ;K>ͲZKͲϭϬϱͿ͕^ŝůǀĞƌ>ĂŬĞWĂƌŬ;K>ͲZKͲϯϳϭͿ͘ ƚŚĞĂŶĚ dŚĞƐĞƉƌŽƉĞƌƚŝĞƐĂƌĞŝŶĐůƵĚĞĚŝŶƚŚĞ^ƚĂƚĞ,ŝƐƚŽƌŝĐWƌĞƐĞƌǀĂƚŝŽŶKĨĨŝĐĞ͛Ɛ;^,WKͿƐƚĂƚĞǁŝĚĞŚŝƐƚŽƌŝĐ ŝŶǀĞŶƚŽƌǇƌĞĐŽƌĚƐ͕ďƵƚƚŚĞƌĞŚĂƐŶŽƚďĞĞŶĂŶǇĨŽƌŵĂůĐŽŶƐƵůƚĂƚŝŽŶŽƌĚĞƚĞƌŵŝŶĂƚŝŽŶĂƐƚŽǁŚĞƚŚĞƌƚŚĞƐĞ ƉƌŽƉĞƌƚŝĞƐŵĞĞƚƚŚĞĐƌŝƚĞƌŝĂĨŽƌůŝƐƚŝŶŐŝŶƚŚĞEĂƚŝŽŶĂůZĞŐŝƐƚĞƌŽĨ,ŝƐƚŽƌŝĐWůĂĐĞƐ͘ D/EE^Kd^dd,/^dKZ/WZ^Zsd/KEK&&/ ඵඵඵ ϱϬ^ŚĞƌďƵƌŶĞǀĞŶƵĞĚŵŝŶŝƐƚƌĂƚŝŽŶƵŝůĚŝŶŐϮϬϯ^ĂŝŶƚWĂƵů͕DŝŶŶĞƐŽƚĂϱϱϭϱϱϲϱϭͲϮϬϭͲϯϮϴϳ ඵ ŵŶ͘ŐŽǀͬĂĚŵŝŶͬƐŚƉŽŵŶƐŚƉŽΛƐƚĂƚĞ͘ŵŶ͘ƵƐ EYh>KWWKZdhE/dzE^Zs/WZKs/Z 3DFNHW3J )D tĞƵŶĚĞƌƐƚĂŶĚĨƌŽŵƚŚĞtƚŚĂƚƚŚĞƉƌŽƉŽƐĞĚWƌŽũĞĐƚǁŝůůƌĞƋƵŝƌĞĂh͘^͘ƌŵǇŽƌƉƐŽĨŶŐŝŶĞĞƌƐ ŽŵŵĞŶƚϰ ;h^ͿƉĞƌŵŝƚĂŶĚ͕ƚŚĞƌĞĨŽƌĞ͕ǁŝůůďĞƐƵďũĞĐƚƚŽƌĞǀŝĞǁƵŶĚĞƌ^ĞĐƚŝŽŶϭϬϲŽĨƚŚĞEĂƚŝŽŶĂů,ŝƐƚŽƌŝĐ WƌĞƐĞƌǀĂƚŝŽŶĐƚ͘ƐƚŚĞWƌŽũĞĐƚ͛ƐƐĐŽƉĞŝƐĨƵƌƚŚĞƌĚĞĨŝŶĞĚ͕ĂĚĚŝƚŝŽŶĂůĐŽŶƐƵůƚĂƚŝŽŶǁŝƚŚƚŚĞh^ĂŶĚ ƚŚĞ^,WKǁŝůůďĞŶĞĐĞƐƐĂƌǇŝŶŽƌĚĞƌƚŽĚĞĨŝŶĞĂŶĂƉƉƌŽƉƌŝĂƚĞĂƌĞĂŽĨƉŽƚĞŶƚŝĂůĞĨĨĞĐƚƐ;WͿĨŽƌƚŚĞ ĨĞĚĞƌĂůƵŶĚĞƌƚĂŬŝŶŐĂƐǁĞůůĂƐƚŚĞŶĞĐĞƐƐĂƌǇŚŝƐƚŽƌŝĐƉƌŽƉĞƌƚǇŝĚĞŶƚŝĨŝĐĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĞĨĨŽƌƚƐ ƌĞƋƵŝƌĞĚĨŽƌĂĨĞĚĞƌĂůƌĞǀŝĞǁ͘dŚĞĞůŝŐŝďŝůŝƚǇŽĨƚŚĞ^ŝůǀĞƌ>ĂŬĞĂŵ͕ƚŚĞ^ŝůǀĞƌ>ĂŬĞWĂƌŬŝŶŐƌĞĂ͕^ŝůǀĞƌ >ĂŬĞWĂƌŬ͕ĂŶĚĂŶǇŽƚŚĞƌƉƌŽƉĞƌƚŝĞƐƚŚĂƚĂƌĞŝĚĞŶƚŝĨŝĞĚǁŝƚŚŝŶƚŚĞWƌŽũĞĐƚ͛ƐW͕ǁŝůůŶĞĞĚƚŽďĞ ĂĚĚƌĞƐƐĞĚĂƐƉĂƌƚŽĨĂŶǇĨĞĚĞƌĂů^ĞĐƚŝŽŶϭϬϲƌĞǀŝĞǁ͘ ƐŶŽƚĞĚĂďŽǀĞ͕ƚŚŝƐĐŽŵŵĞŶƚůĞƚƚĞƌĚŽĞƐŶŽƚĂĚĚƌĞƐƐƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨ^ĞĐƚŝŽŶϭϬϲŽĨƚŚĞEĂƚŝŽŶĂů ŽŵŵĞŶƚϱ ,ŝƐƚŽƌŝĐWƌĞƐĞƌǀĂƚŝŽŶĐƚŽĨϭϵϲϲĂŶĚϯϲ&ZΑϴϬϬ͘^ŝŶĐĞƚŚŝƐƉƌŽũĞĐƚǁŝůůƌĞƋƵŝƌĞĂĨĞĚĞƌĂůƉĞƌŵŝƚ͕ ĐŽŶƐƵůƚĂƚŝŽŶƵŶĚĞƌ^ĞĐƚŝŽŶϭϬϲǁŝůůŶĞĞĚƚŽďĞŝŶŝƚŝĂƚĞĚďǇƚŚĞůĞĂĚĨĞĚĞƌĂůĂŐĞŶĐǇ͕ŽƌƚŚĞŝƚǇ͕ŝĨƚŚĞ ĨĞĚĞƌĂůĂŐĞŶĐǇĚĞĐŝĚĞƐƚŽĚĞůĞŐĂƚĞƚŚŝƐƌĞƐƉŽŶƐŝďŝůŝƚǇ͘ĞĂĚǀŝƐĞĚƚŚĂƚĐŽŵŵĞŶƚƐĂŶĚƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ƉƌŽǀŝĚĞĚďǇŽƵƌŽĨĨŝĐĞĨŽƌƚŚŝƐƐƚĂƚĞͲůĞǀĞůƌĞǀŝĞǁŵĂǇĚŝĨĨĞƌĨƌŽŵĨŝŶĚŝŶŐƐĂŶĚĚĞƚĞƌŵŝŶĂƚŝŽŶƐŵĂĚĞďǇ ƚŚĞĨĞĚĞƌĂůĂŐĞŶĐǇĂƐƉĂƌƚŽĨƌĞǀŝĞǁĂŶĚĐŽŶƐƵůƚĂƚŝŽŶƵŶĚĞƌ^ĞĐƚŝŽŶϭϬϲ͘ tĞůŽŽŬĨŽƌǁĂƌĚƚŽĐŽŶƚŝŶƵŝŶŐĐŽŶƐƵůƚĂƚŝŽŶǁŝƚŚƚŚĞŝƚǇ͕ƚŚĞh^͕ĂŶĚŽƚŚĞƌĐŽŶƐƵůƚŝŶŐƉĂƌƚŝĞƐĂƐ ƉůĂŶŶŝŶŐĨŽƌƚŚŝƐWƌŽũĞĐƚƉƌŽĐĞĞĚƐ͘WůĞĂƐĞĐŽŶƚĂĐƚ<ĞůůǇ'ƌĂŐŐͲ:ŽŚŶƐŽŶŝŶŽƵƌŶǀŝƌŽŶŵĞŶƚĂůZĞǀŝĞǁ WƌŽŐƌĂŵĂƚŬĞůůǇ͘ŐƌĂŐŐũŽŚŶƐŽŶΛƐƚĂƚĞ͘ŵŶ͘ƵƐŝĨǇŽƵŚĂǀĞĂŶǇƋƵĞƐƚŝŽŶƐƌĞŐĂƌĚŝŶŐŽƵƌĐŽŵŵĞŶƚƐ͘ ^ŝŶĐĞƌĞůǇ͕ ^ĂƌĂŚ:͘ĞŝŵĞƌƐ ŶǀŝƌŽŶŵĞŶƚĂůZĞǀŝĞǁWƌŽŐƌĂŵDĂŶĂŐĞƌ ĐĐ͗DŽůůǇWĂƚƚĞƌƐŽŶ>ƵŶĚŐƌĞŶ͕,ĞƌŝƚĂŐĞWƌĞƐĞƌǀĂƚŝŽŶĂŶĚhƌďĂŶĞƐŝŐŶŽŽƌĚŝŶĂƚŽƌ͕ŝƚǇŽĨZŽĐŚĞƐƚĞƌ 3DFNHW3J )D DŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨEĂƚƵƌĂůZĞƐŽƵƌĐĞƐ WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ ;^ĞĐƚŝŽŶϲͿ ŽŵŵĞŶƚϭ͗dŚĞEZǁŽƵůĚůŝŬĞƚŽŶŽƚĞƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚǁŽƵůĚŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĂƌŝǀĞƌ ƌĞƐƚŽƌĂƚŝŽŶ͘ZĞŵŽǀĂůŽĨƚŚĞĚĂŵĂŶĚƌĞƉůĂĐĞŵĞŶƚǁŝƚŚƐŚĞĞƚƉŝůŝŶŐƐƚŽƌĞƚĂŝŶƚŚĞĨƵůů ƉŽŽůĞůĞǀĂƚŝŽŶ;ĚĂŵŵŽĚŝĨŝĐĂƚŝŽŶͿĐŽŶƚŝŶƵĞƐƚŽŵĂŝŶƚĂŝŶƉŽŽƌĂƋƵĂƚŝĐŚĂďŝƚĂƚĐŽŶĚŝƚŝŽŶƐ ƉĞƌƉĞƚƵĂƚĞĚďǇĚƌĞĚŐŝŶŐ͕ŝŵƉŽƵŶĚŵĞŶƚĂŶĚŝŶĞǀŝƚĂďůĞƐĞĚŝŵĞŶƚĂƚŝŽŶ͘ĨŝǆĞĚͲĐƌĞƐƚ ƐƚƌƵĐƚƵƌĞƐƵƐƚĂŝŶƐŽŶͲŐŽŝŶŐƐĞĚŝŵĞŶƚĂŶĚŶƵƚƌŝĞŶƚĂĐĐƵŵƵůĂƚŝŽŶ͕ĂŶĚǁŽƵůĚůŝŬĞůǇ ŝŶĐƌĞĂƐĞǁĂƚĞƌƚĞŵƉĞƌĂƚƵƌĞƐĐŽŵƉĂƌĞĚƚŽĂƌĞƐƚŽƌĞĚƌŝǀĞƌĂůƚĞƌŶĂƚŝǀĞ͘ ZĞƐƉŽŶƐĞϭ͗ŽŵŵĞŶƚŶŽƚĞĚ͘ ŽŵŵĞŶƚϮ͗dŚŝƐƉƌŽũĞĐƚƉƌŽǀŝĚĞƐĂŶŽƉƉŽƌƚƵŶŝƚǇƚŽŝŵƉƌŽǀĞƌŝǀĞƌƐǇƐƚĞŵĨƵŶĐƚŝŽŶĂŶĚŚĂďŝƚĂƚ ĐŽŶŶĞĐƚŝǀŝƚǇĂƐĂŶĂĚĚĞĚĂŵĞŶŝƚǇĨŽƌƵƌďĂŶƌĞĐƌĞĂƚŝŽŶĂůƵƐĞƌƐ͘dŚĞEZƌĞĐŽŵŵĞŶĚƐ ĐŽŶƐŝĚĞƌŝŶŐĂůƚĞƌŶĂƚŝǀĞƐŽƚŚĞƌƚŚĂŶĂĨŝǆĞĚͲĐƌĞƐƚƐƚƌƵĐƚƵƌĞƚŚĂƚǁŽƵůĚ͕ŝŵƉƌŽǀĞĨŝƐŚ ƉĂƐƐĂŐĞĂŶĚƌĞƐƚŽƌĞƚŚĞƌŝǀĞƌǁŝƚŚĂĐŽŶŶĞĐƚĞĚĨůŽŽĚƉůĂŝŶŝŶƚŚĞƌĞƐĞƌǀŽŝƌ͘DŽƌĞ ƐƉĞĐŝĨŝĐĂůůǇ͕ǁĞĞŶĐŽƵƌĂŐĞƚŚĞŝƚǇƚŽůŽǁĞƌƚŚĞĚĂŵƚŽƚŚĞĞǆŝƐƚŝŶŐŚĞŝŐŚƚŽĨƐĞĚŝŵĞŶƚ͕ ĐƌĞĂƚĞĂƌŽĐŬĂƌĐŚƌĂƉŝĚƐĨŽƌĨŝƐŚƉĂƐƐĂŐĞĂŶĚƌĞĐƌĞĂƚŝŽŶĂŶĚƌĞƐƚŽƌĞƚŚĞƌŝǀĞƌǁŝƚŚĂ ĐŽŶŶĞĐƚĞĚĨůŽŽĚƉůĂŝŶŝŶƚŚĞƌĞƐĞƌǀŽŝƌ͘dŚĞƌĞǁŽƵůĚďĞƐŝŐŶŝĨŝĐĂŶƚĐŽƐƚƐĂǀŝŶŐƐ͕ĂƋƵĂƚŝĐ 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ŽŵŵĞŶƚϳ͗ůĂƌŝĨǇƚŚĞƚŝŵŝŶŐŽĨĂƉƌŽƉŽƐĞĚůĂŬĞĚƌĂǁĚŽǁŶĂŶĚŵĞƚŚŽĚƐƉƌŽƉŽƐĞĚ͘ ZĞƐƉŽŶƐĞϳ͗dŚĞĚƌĂǁĚŽǁŶǁŽƵůĚďĞŝŶŝƚŝĂƚĞĚĚƵƌŝŶŐůĂƚĞƐƵŵŵĞƌŽƌĨĂůůǁŚĞŶĨůŽǁƐĂƌĞƚǇƉŝĐĂůůǇ ůŽǁ͘dŚĞĚƌĂǁĚŽǁŶŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚŵĞƚŚŽĚŽůŽŐǇĚŝĐƚĂƚĞĚďǇƚŚĞh͘^͘ƌŵǇŽƌƉƐŽĨ ŶŐŝŶĞĞƌƐŝŶϭϵϵϰĂƐƉĂƌƚŽĨƚŚĞŵŽƐƚƌĞĐĞŶƚƐĞĚŝŵĞŶƚƌĞŵŽǀĂůĞĨĨŽƌƚ͘dŚĞĚƌĂǁĚŽǁŶ ĂůůŽǁƐĂĐĐƵŵƵůĂƚĞĚƐĞĚŝŵĞŶƚƚŽďĞƌĞŵŽǀĞĚŝŶĂƌĞůĂƚŝǀĞůǇĚƌǇƐƚĂƚĞĂƐƚŚĞŝƚǇĚŽĞƐŶŽƚ ŚĂǀĞƐƉĂĐĞĂǀĂŝůĂďůĞĂƚƚŚŝƐƚŝŵĞĨŽƌĐŽŶƐƚƌƵĐƚŝŽŶŽĨĚĞǁĂƚĞƌŝŶŐŽƌƐĞƚƚůŝŶŐƉŽŶĚĂƌĞĂƐ ƌĞƋƵŝƌĞĚĨŽƌƌĞŵŽǀĂůŽĨƐĂƚƵƌĂƚĞĚƐĞĚŝŵĞŶƚ ŽŵŵĞŶƚϴ͗tŚĂƚĂƌĞƚŚĞƚĂƌŐĞƚǁĂƚĞƌƐƵƌĨĂĐĞĞůĞǀĂƚŝŽŶƐƉƌŽƉŽƐĞĚĨŽƌĂůĂŬĞĚƌĂǁĚŽǁŶ͍ ZĞƐƉŽŶƐĞϴ͗ƐƐƚĂƚĞĚŝŶ^ĞĐƚŝŽŶϲ͕ƌĞĚŐŝŶŐ͕^ŝůǀĞƌ>ĂŬĞǁŽƵůĚďĞĚƌĂǁŶĚŽǁŶĂƉƉƌŽǆŝŵĂƚĞůǇϳͲϴ dŚĞĐƵƌƌĞŶƚǁĂƚĞƌƐƵƌĨĂĐĞĞůĞǀĂƚŝŽŶŝƐĂƌŽƵŶĚϵϳϰ͕͛ ĨĞĞƚĨƌŽŵŝƚƐĞǆŝƐƚŝŶŐĞůĞǀĂƚŝŽŶ͘ ĂŶĚǁŽƵůĚďĞĚƌĂǁŶĚŽǁŶƚŽĂŶĞůĞǀĂƚŝŽŶŽĨĂƉƉƌŽǆŝŵĂƚĞůǇϵϲϲͲϵϲϳ͛͘ ŽŵŵĞŶƚϵ͗dŚĞƉƌŽƉŽƐĞƌƐƐŚŽƵůĚŝĚĞŶƚŝĨǇĂŶĚŵŽŶŝƚŽƌƉŽƚĞŶƚŝĂůĂƌĞĂƐǁŚĞƌĞĨŝƐŚĐŽƵůĚďĞƐƚƌĂŶĚĞĚ ĂƐƚŚĞƌĞƐĞƌǀŽŝƌŝƐĚƌĂǁŶĚŽǁŶ͘ZĞƐĐƵĞŽĨƐƚƌĂŶĚĞĚĨŝƐŚǁŝůůďĞƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨƚŚĞ ƉƌŽũĞĐƚƉƌŽƉŽƐĞƌƐ͘ ZĞƐƉŽŶƐĞϵ͗ŽŵŵĞŶƚŶŽƚĞĚ͘ ŽŵŵĞŶƚϭϬ͗,ŽǁĚŽĞƐƚŚĞƉƌŽũĞĐƚƉƌŽƉŽƐĞƌƉůĂŶƚŽƌĞƐƚŽƌĞůĂŬĞǁĂƚĞƌůĞǀĞůƐŽŶĐĞƚŚĞƉƌŽũĞĐƚŝƐ ĐŽŵƉůĞƚĞĚ͍ ^ŝůǀĞƌ>ĂŬĞƌĞĚŐŝŶŐĂŶĚĂŵDŽĚŝĨŝĐĂƚŝŽŶWƌŽũĞĐƚϮ ZĞƐƉŽŶƐĞƐƚŽtŽŵŵĞŶƚƐ 3DFNHW3J )D ZĞƐƉŽŶƐĞϭϬ͗>ĂŬĞǁĂƚĞƌůĞǀĞůƐǁŽƵůĚďĞƌĞƐƚŽƌĞĚďǇƚŚĞŵĞĂŶƐǁŝƚŚǁŚŝĐŚƚŚĞǇĂƌĞĐƵƌƌĞŶƚůǇ ƐƵƐƚĂŝŶĞĚ͗ƵŵďƌŽZŝǀĞƌĨůŽǁƐ͕ƉƌĞĐŝƉŝƚĂƚŝŽŶ͕ĂŶĚƌƵŶŽĨĨ͘ ĂŵDŽĚŝĨŝĐĂƚŝŽŶĂŶĚZŝĨĨůĞƐƚƌƵĐƚƵƌĞ;^ĞĐƚŝŽŶϲͿ ŽŵŵĞŶƚϭϭ͗dŚŝƐƐĞĐƚŝŽŶƐŚŽƵůĚŝŶĐůƵĚĞƐƵƌĨĂĐĞĂƌĞĂĂŶĚƋƵĂŶƚŝƚǇŽĨŵĂƚĞƌŝĂůƚŽďĞĨŝůůĞĚŝŶƚŚĞƌŝǀĞƌ͕ ŝ͘Ğ͘ƚŚĞƌŽĐŬƌĂƉŝĚƐĚĞƚĂŝůƐ͘ ZĞƐƉŽŶƐĞϭϭ͗dŚĞƌŽĐŬƌĂƉŝĚƐĨĞĂƚƵƌĞŝƐĐƵƌƌĞŶƚůǇĂƚƚŚĞƉƌĞůŝŵŝŶĂƌǇĚĞƐŝŐŶƉŚĂƐĞ͘DŽƌĞĂĚǀĂŶĐĞĚ ĚĞƐŝŐŶǁŝůůďĞƵƐĞĚƚŽĚĞƚĞƌŵŝŶĞƐƵƌĨĂĐĞĂƌĞĂĂŶĚƋƵĂŶƚŝƚǇŽĨĨŝůůŵĂƚĞƌŝĂůŝŶƚŚĞƌŝǀĞƌ ĂŶĚƚŚĞƐĞƋƵĂŶƚŝƚŝĞƐǁŝůůďĞŝŶĐůƵĚĞĚŝŶƉƌŽũĞĐƚƉĞƌŵŝƚĂƉƉůŝĐĂƚŝŽŶƐƚŽƚŚĞDŶEZĂŶĚ h^͘ ŽŵŵĞŶƚϭϮ͗/ƚŝƐŶŽƚĐůĞĂƌŝŶƚŚĞƉƌŽũĞĐƚĚĞƐĐƌŝƉƚŝŽŶƚŚĞƌŽĐŬƌŝĨĨůĞƐƚƌƵĐƚƵƌĞ;ƐŚĞĞƚƉŝůĞĚŝĂƉŚƌĂŐŵͿ ǁŝůůďĞƚŚĞŶĞǁĚĂŵƐƚƌƵĐƚƵƌĞ͘WůĞĂƐĞĐůĂƌŝĨǇĂŶĚĞůĂďŽƌĂƚĞŽŶƚŚĞƐĞĚĞƚĂŝůƐ͘ ZĞƐƉŽŶƐĞϭϮ͗dŚĞƌŽĐŬƌŝĨĨůĞƐƚƌƵĐƚƵƌĞĂŶĚƐŚĞĞƚƉŝůĞĚŝĂƉŚƌĂŐŵǁŝůůĨƵŶĐƚŝŽŶĂƐƚŚĞŶĞǁĚĂŵƚŽ ƉƌŽǀŝĚĞŐƌĂĚĞĐŽŶƚƌŽůĂŶĚŵĂŝŶƚĂŝŶ^ŝůǀĞƌ>ĂŬĞĂƚŝƚƐŶŽƌŵĂůĞůĞǀĂƚŝŽŶ͘ 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ĚĞǀĞůŽƉĞĚƚŽĞǆĂŵŝŶĞƚŚĞŝƐƐƵĞƐŶŽƚĞĚĂŶĚƚŽĐŽŵƉĂƌĞƚŽƚŚĞĐƵƌƌĞŶƚĞĨĨĞĐƚŝǀĞĨůŽŽĚ ŵŽĚĞů͘ĂƐĞĚŽŶƉƌĞůŝŵŝŶĂƌǇŵŽĚĞůƌĞƐƵůƚƐ͕ŝƚŝƐĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚ>KDZͬ>KDZǁŝůůŶŽƚ ďĞŶĞĞĚĞĚ͘dŚĞŽŶůǇŶŽƚŝĐĞĂďůĞĐŚĂŶŐĞŝŶƚŚĞĨůŽŽĚƉůĂŝŶĞůĞǀĂƚŝŽŶŝƐĂŶĞƚĚĞĐƌĞĂƐĞŝŶ ĨůŽŽĚĞůĞǀĂƚŝŽŶƚŚƌŽƵŐŚƚŚĞƉƌŽƉŽƐĞĚWƌŽũĞĐƚĂƌĞĂ͘ďŽǀĞƚŚĞWƌŽũĞĐƚĂƌĞĂ͕ƚŚĞ ƌĞŐƵůĂƚŽƌǇĨůŽŽĚĞůĞǀĂƚŝŽŶƌĞŵĂŝŶƐƵŶĐŚĂŶŐĞĚ͘dŚĞƌĞŝƐŐĞŶĞƌĂůůǇŶŽďĞŶĞĨŝƚƚŽ ƌĞŵĂƉƉŝŶŐĂƌĞĂƐŽĨŶĞƚĚĞĐƌĞĂƐĞŝŶĨůŽŽĚĞůĞǀĂƚŝŽŶĂƐƚŚĞƌĞĂƌĞĐƵƌƌĞŶƚůǇŶŽƉůĂŶƐƚŽ ^ŝůǀĞƌ>ĂŬĞƌĞĚŐŝŶŐĂŶĚĂŵDŽĚŝĨŝĐĂƚŝŽŶWƌŽũĞĐƚϴ ZĞƐƉŽŶƐĞƐƚŽtŽŵŵĞŶƚƐ 3DFNHW3J )D ĚĞǀĞůŽƉƚŚŝƐĂƌĞĂ͘ĂƐĞĚŽŶƉƌĞůŝŵŝŶĂƌǇĐŽŶǀĞƌƐĂƚŝŽŶǁŝƚŚ&D͕ƚŚĞĂŐĞŶĐǇŝŶĚŝĐĂƚĞĚ ƚŚĂƚĂĨŽƌĂŶŽͲƌŝƐĞĂŶĚͬŽƌĚĞĐƌĞĂƐĞŝŶĨůŽŽĚĞůĞǀĂƚŝŽŶ͕Ă>KDZǁŽƵůĚďĞŽƉƚŝŽŶĂů͘ ^ŚŽƵůĚŵŽĚĞůƌĞƐƵůƚƐŝŶĚŝĐĂƚĞĚĚŝĨĨĞƌĞŶƚůǇĂƐƚŚĞĚĞƐŝŐŶƉƌŽŐƌĞƐƐĞƐ͕ƚŚĞŶĞĞĚĨŽƌĂ >KDZͬ>KDZǁŝůůďĞƌĞĞǀĂůƵĂƚĞĚ͘ ŽŵŵĞŶƚϯϯ͗ĞƚĞƌŵŝŶĞƚŚĞŝŵƉĂĐƚƐŽŶĨůŽŽĚĞůĞǀĂƚŝŽŶƐŵŽǀŝŶŐĨƌŽŵĂŐĂƚĞĚƐƚƌƵĐƚƵƌĞƚŽĂĨŝǆĞĚͲ ĐƌĞƐƚǁĞŝƌ͘dŚĞƉƌŽƉŽƐĞĚĚĂŵŵŽĚŝĨŝĐĂƚŝŽŶǁŝůůƌĞƋƵŝƌĞĂŽŶĚŝƚŝŽŶĂů>ĞƚƚĞƌŽĨDĂƉ ZĞǀŝƐŝŽŶ;>KDZͿ͕ŶŽƚũƵƐƚĂEŽͲZŝƐĞĐĞƌƚŝĨŝĐĂƚĞ͘dŚĞ>KDZŵŽĚĞůŝŶŐŶĞĞĚƐƚŽ ĚĞŵŽŶƐƚƌĂƚĞƚŚĂƚƚŚĞϮŵŽĚĞůŝŶŐĚĞǀĞůŽƉĞĚĨŽƌƚŚĞĚĂŵĚĞƐŝŐŶŝƐĞƋƵŝǀĂůĞŶƚƚŽƚŚĞ ĞǆŝƐƚŝŶŐ&ĞĚĞƌĂůŵĞƌŐĞŶĐǇDĂŶĂŐĞŵĞŶƚŐĞŶĐǇ;&DͿĨůŽŽĚƉůĂŝŶŵŽĚĞůŝŶŐ͘&Žƌ ĞǆĂŵƉůĞ͕ƚŚĞĂƐƐƵŵƉƚŝŽŶƐŽŶƚŚĞŐĂƚĞŽƉĞƌĂƚŝŽŶĂƚƚŚĞĚĂŵǁŽƵůĚŶĞĞĚƚŽďĞƐŝŵŝůĂƌŝŶ ƚŚĞƚǁŽŵŽĚĞůŝŶŐƐĐĞŶĂƌŝŽƐ͘ ZĞƐƉŽŶƐĞϯϯ͗^ĞĞZĞƐƉŽŶƐĞϯϲďĞůŽǁ͘ϮŚǇĚƌĂƵůŝĐŵŽĚĞůǁĂƐĞǀĂůƵĂƚĞĚĨŽƌƚŚĞƉƌŽũĞĐƚ͕ĂŶĚĂϭ ,ͲZ^ŵŽĚĞůǁĂƐĂůƐŽĚĞǀĞůŽƉĞĚƚŽĞǆĂŵŝŶĞƚŚĞŝƐƐƵĞƐŶŽƚĞĚĂŶĚƚŽĐŽŵƉĂƌĞƚŽƚŚĞ ĐƵƌƌĞŶƚĞĨĨĞĐƚŝǀĞĨůŽŽĚŵŽĚĞů͘ĂƐĞĚŽŶƉƌĞůŝŵŝŶĂƌǇŵŽĚĞůƌĞƐƵůƚƐ͕ŝƚŝƐĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚ >KDZͬ>KDZǁŝůůŶŽƚďĞŶĞĞĚĞĚ͘dŚĞŽŶůǇŶŽƚŝĐĞĂďůĞĐŚĂŶŐĞŝŶƚŚĞĨůŽŽĚƉůĂŝŶĞůĞǀĂƚŝŽŶ ŝƐĂŶĞƚĚĞĐƌĞĂƐĞŝŶĨůŽŽĚĞůĞǀĂƚŝŽŶƚŚƌŽƵŐŚƚŚĞƉƌŽƉŽƐĞĚWƌŽũĞĐƚĂƌĞĂ͘ďŽǀĞƚŚĞWƌŽũĞĐƚ ĂƌĞĂ͕ƚŚĞƌĞŐƵůĂƚŽƌǇĨůŽŽĚĞůĞǀĂƚŝŽŶƌĞŵĂŝŶƐƵŶĐŚĂŶŐĞĚ͘ ŽŵŵĞŶƚϯϰ͗ǆƉůĂŝŶƚŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞĞǆŝƐƚŝŶŐĚĂŵǁŝƚŚŽƉĞƌĂďůĞŐĂƚĞƐĂŶĚƚŚĞŶĞǁĚĂŵ ǁŝƚŚŶŽŽƉĞƌĂďůĞŐĂƚĞƐ͕ďŽƚŚǁŝƚŚƚŚĞƐĂŵĞƌƵŶŽƵƚ͘ǀĞŶƚŚŽƵŐŚƚŚĞĐƵƌƌĞŶƚĚĂŵĨůŽŽĚƐ ŽƵƚĂƚƚŚĞϭϬϬǇĞĂƌǁŝƚŚŽƉĞƌĂďůĞŐĂƚĞƐƚŚĂƚĚŽĞƐŶŽƚŵĞĂŶĂŶĞǁĚĂŵǁŝƚŚŶŽŐĂƚĞƐ ǁŽƵůĚĂůƐŽĨůŽŽĚŽƵƚĂƚƚŚĞϭϬϬǇĞĂƌĞǀĞŶƚ͘ ZĞƐƉŽŶƐĞϯϰ͗ƵƌŝŶŐƚŚĞϭϬϬͲǇĞĂƌĨůŽŽĚĞǀĞŶƚ͕ƚŚĞƚĂŝůǁĂƚĞƌĐŽŶĚŝƚŝŽŶƐĂƚƚŚĞĞǆŝƐƚŝŶŐĚĂŵĂƌĞƐƵĐŚ 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ZĞƐƉŽŶƐĞϰϮ͗ZŽĐŚĞƐƚĞƌWƵďůŝĐhƚŝůŝƚŝĞƐ;ZWhͿĐŽŵƉůĞƚĞĚĂϮϬͲǇĞĂƌůŝĨĞĐǇĐůĞĐŽƐƚĂŶĂůǇƐŝƐŽĨ ŵĂŝŶƚĂŝŶŝŶŐƚŚĞĚĂŵĂŶĚĨŽƵŶĚŝƚƚŽďĞΨϭ͘ϮŵŝůůŝŽŶ͘KƚŚĞƌĨƵƚƵƌĞŵĂŝŶƚĞŶĂŶĐĞĐŽƐƚƐ ǁĞƌĞŶŽƚĞǀĂůƵĂƚĞĚďĞĐĂƵƐĞƚŚĞǇĚŽŶŽƚĂĨĨĞĐƚƚŚĞĚĞƐŝŐŶŽĨƚŚĞƉƌŽƉŽƐĞĚWƌŽũĞĐƚŽƌĂ ĚŽͲŶŽƚŚŝŶŐŽƉƚŝŽŶĂŶĚĂƌĞŽƵƚƐŝĚĞƚŚĞƐĐŽƉĞŽĨĂŶtĚŽĐƵŵĞŶƚ͘ ZĂƌĞ&ĞĂƚƵƌĞƐ;^ĞĐƚŝŽŶϭϯͿ ŽŵŵĞŶƚϰϯ͗dŚĞtƐƚĂƚĞƐƚŚĂƚƚŚĞE,/^ĚĂƚĂďĂƐĞǁĂƐƋƵĞƌŝĞĚƵƐŝŶŐĂůŝĐĞŶƐĞĂŐƌĞĞŵĞŶƚ;>ͲϵϴϲͿ͘ tŚĞŶƌĂƌĞĨĞĂƚƵƌĞƐĂƌĞŝĚĞŶƚŝĨŝĞĚǁŝƚŚŝŶĂŵŝůĞŽĨĂƉƌŽũĞĐƚ͕ĂĐŽŶĐƵƌƌĞŶĐĞƐŚŽƵůĚďĞ ŽďƚĂŝŶĞĚĨƌŽŵŶĚĂŶŐĞƌĞĚ^ƉĞĐŝĞƐZĞǀŝĞǁŽŽƌĚŝŶĂƚŽƌ͕>ŝƐĂ:ŽǇĂů͕ŝŶŽƌĚĞƌƚŽ ĚĞƚĞƌŵŝŶĞǁŚĂƚĂǀŽŝĚĂŶĐĞŵĞĂƐƵƌĞƐŵŝŐŚƚďĞƌĞƋƵŝƌĞĚ͘dŚŝƐǁŽƵůĚƵƐƵĂůůǇďĞ ĚŽĐƵŵĞŶƚĞĚƵŶĚĞƌƉƉĞŶĚŝǆĂůŽŶŐǁŝƚŚŽƚŚĞƌĂŐĞŶĐǇĐŽƌƌĞƐƉŽŶĚĞŶĐĞ͕ďƵƚŝƚŝƐ ƵŶĐůĞĂƌŝĨƚŚŝƐŚĂƐŽĐĐƵƌƌĞĚ͘ ZĞƐƉŽŶƐĞϰϯ͗ĂƌƌŶŐŝŶĞĞƌŝŶŐŽ͘ƐƵďŵŝƚƚĞĚĂůĞƚƚĞƌƚŽ>ŝƐĂ:ŽǇĂůŽŶ:ĂŶƵĂƌǇϮϱ͕ϮϬϮϭƌĞƋƵĞƐƚŝŶŐ ĐŽŶĐƵƌƌĞŶĐĞ͘ƐŽĨDĂƌĐŚϭϱ͕ϮϬϮϭ͕ŶŽƌĞƐƉŽŶƐĞŚĂƐďĞĞŶƌĞĐĞŝǀĞĚ͘ ŽŵŵĞŶƚϰϰ͗ZĞǀĞŐĞƚĂƚŝŽŶƚŚĂƚŽĐĐƵƌƐĚƵƌŝŶŐƌĞƐƚŽƌĂƚŝŽŶĂĨƚĞƌƚŚĞƉƌŽũĞĐƚŝƐĐŽŵƉůĞƚĞŝƐĂŶ ŽƉƉŽƌƚƵŶŝƚǇƚŽĂĚĚŶĂƚŝǀĞůĂŶĚƐĐĂƉŝŶŐĂŶĚŝŵƉƌŽǀĞŽƌĂĚĚŚĂďŝƚĂƚƚŽƐƵƉƉŽƌƚŶĂƚŝǀĞ ƉŽůůŝŶĂƚŽƌƐŝŶĐůƵĚŝŶŐƚŚĞĨĞĚĞƌĂůůǇĞŶĚĂŶŐĞƌĞĚZƵƐƚǇͲƉĂƚĐŚĞĚƵŵďůĞĞĞ͘ ZĞƐƉŽŶƐĞϰϰ͗ŽŵŵĞŶƚŶŽƚĞĚ͘ ŽŵŵĞŶƚϰϱ͗dŚĞƌĞƐŚŽƵůĚĂůƐŽďĞŵŽƌĞĚŝƐĐƵƐƐŝŽŶĂďŽƵƚƚŚĞŚĂďŝƚĂƚƚŚĂƚǁŝůůďĞĐƌĞĂƚĞĚƵƐŝŶŐƚŚĞ ĚƌĞĚŐĞĚŵĂƚĞƌŝĂůĂƚƚŚĞƐĞĐŽŶĚĂƌǇƐŝƚĞ͘ ZĞƐƉŽŶƐĞϰϱ͗ƐĚŝƐĐƵƐƐĞĚŝŶƚŚĞt͕ƚŚĞĚƌĞĚŐĞĚŵĂƚĞƌŝĂůǁŝůůďĞƚƌĂŶƐƉŽƌƚĞĚƚŽĂŶĞǆŝƐƚŝŶŐĚŝƐƉŽƐĂů ƐŝƚĞ͘,ĂďŝƚĂƚƌĞƐƚŽƌĂƚŝŽŶĂƚƚŚĞĚŝƐƉŽƐĂůƐŝƚĞŝƐŶŽƚƉĂƌƚŽĨƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚĂƐƚŚĞ ĚŝƐƉŽƐĂůƐŝƚĞǁŽƵůĚƐƚŝůůďĞĂǀĂŝůĂďůĞĨŽƌŽƚŚĞƌĚŝƐƉŽƐĂůƵƐĞƐĨŽůůŽǁŝŶŐƉƌŽũĞĐƚĐŽŵƉůĞƚŝŽŶ͘ KƚŚĞƌWŽƚĞŶƚŝĂůŶǀŝƌŽŶŵĞŶƚĂůĨĨĞĐƚƐ;^ĞĐƚŝŽŶϮϬͿ ŽŵŵĞŶƚϰϲ͗tŚĂƚŝƐƚŚĞĞǆƉĞĐƚĂƚŝŽŶŽƌĞƐƚŝŵĂƚĞĚůŝĨĞĞǆƉĞĐƚĂŶĐǇĨŽƌƐĞĚŝŵĞŶƚĂĐĐƵŵƵůĂƚŝŽŶǁŝƚŚŝŶ ƚŚĞůĂŬĞďĂƐŝŶďĞŚŝŶĚƚŚĞĨŝǆĞĚͲĐƌĞƐƚƐƚƌƵĐƚƵƌĞ͍/ƚĂƉƉĞĂƌƐƚŚĞƌĞĐŽƵůĚďĞĂŶŝŶĐƌĞĂƐĞŝŶ ƐĞĚŝŵĞŶƚĂĐĐƵŵƵůĂƚŝŽŶĂŶĚĨƌĞƋƵĞŶĐǇǁŝƚŚĂĨŝǆĞĚͲĐƌĞƐƚĚĂŵĂƐŽƉƉŽƐĞĚƚŽĂŐĂƚĞĚ ƐƉŝůůǁĂǇŝŶĂŶŽƉĞŶĨůŽǁƌŝǀĞƌĐŽŶĚŝƚŝŽŶƐ͘dŚĞEZŝƐĐŽŶĐĞƌŶĞĚƚŚĞƉƌŽƉŽƐĞĚĚĞƐŝŐŶ ǁŽƵůĚƌĞƋƵŝƌĞŵŽƌĞĨƌĞƋƵĞŶƚŵĂŝŶƚĞŶĂŶĐĞƌĞƋƵŝƌŝŶŐŽŶŐŽŝŶŐĚŝƐƌƵƉƚŝŽŶŝŶƚŚĞďĞĚŽĨ ƉƵďůŝĐǁĂƚĞƌƐĂŶĚƚŚŝƐǁŽƵůĚŶŽƚďĞĂŶĞĨĨĞĐƚŝǀĞƐŽůƵƚŝŽŶƚŽƚŚĞƉƌŽďůĞŵ͘/ŶĐůƵĚĞĂŶ ^ŝůǀĞƌ>ĂŬĞƌĞĚŐŝŶŐĂŶĚĂŵDŽĚŝĨŝĐĂƚŝŽŶWƌŽũĞĐƚϭϯ ZĞƐƉŽŶƐĞƐƚŽtŽŵŵĞŶƚƐ 3DFNHW3J )D ĞǆƉůĂŶĂƚŝŽŶĂŶĚƌĂƚŝŽŶĂůĞŝŶƚŚĞtĂůƚĞƌŶĂƚŝǀĞƐĂŶĂůǇƐŝƐƌĞůĂƚĞĚƚŽŚŽǁƚŚĞŝƚǇƉůĂŶƐ ƚŽŵĂŝŶƚĂŝŶƚŚŝƐĚĞƐŝŐŶŝŶƚŚĞĨƵƚƵƌĞĂŶĚǁŚĂƚŝƐƚŚĞƉƌŽƉŽƐĞĚŵĂŝŶƚĞŶĂŶĐĞƐĐŚĞĚƵůĞ͍ ZĞƐƉŽŶƐĞϰϲ͗dŚĞĞƐƚŝŵĂƚĞĚůŝĨĞĞǆƉĞĐƚĂŶĐǇĨŽƌƐĞĚŝŵĞŶƚĂĐĐƵŵƵůĂƚŝŽŶŝƐĂŶƚŝĐŝƉĂƚĞĚƚŽďĞƚŚĞƐĂŵĞ ĂƐƚŚĞĐƵƌƌĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ǁŝƚŚĚƌĞĚŐŝŶŐŶĞĞĚĞĚĂƉƉƌŽǆŝŵĂƚĞůǇĞǀĞƌǇϮϱǇĞĂƌƐ͘dŚĞ ƵŵďƌŽZŝǀĞƌĂŶĚĞĂƌƌĞĞŬƐĞŐŵĞŶƚƐĞǆƉĞƌŝĞŶĐĞƐĞĚŝŵĞŶƚĂĐĐƵŵƵůĂƚŝŽŶŝŶĚĞƉĞŶĚĞŶƚ ŽĨƚŚŝƐƉƌŽũĞĐƚĂŶĚĂƌĞƐƚŝůůĂŶƚŝĐŝƉĂƚĞĚƚŽŶĞĞĚĚƌĞĚŐŝŶŐĞǀĞƌǇϱƚŽϭϬǇĞĂƌƐƚŽŵĂŝŶƚĂŝŶ ĂĚĞƋƵĂƚĞĨůŽŽĚƉƌŽƚĞĐƚŝŽŶ͘ ŽŵŵĞŶƚϰϳ͗tŝƚŚƚŚĞƉƌŽƉŽƐĞĚĨŝǆĞĚͲĐƌĞƐƚĚĂŵƌĞƐĞƌǀŽŝƌƐĞĚŝŵĞŶƚĂƚŝŽŶƌĂƚĞƐŵĂǇŽĐĐƵƌĂƚĂŵŽƌĞ ƌĂƉŝĚƌĂƚĞ͕ǁŚŝĐŚŵĂǇĂůƐŽŝŵƉĂĐƚƵƉƐƚƌĞĂŵǁĂƚĞƌĐŽƵƌƐĞƐƚŚĂƚĂƌĞǁŝƚŚŝŶƚŚĞŝƚǇ͛Ɛ &ůŽŽĚŽŶƚƌŽůWƌŽũĞĐƚ͕ƐƵĐŚĂƐĞĂƌƌĞĞŬĂŶĚƚŚĞ^ŽƵƚŚ&ŽƌŬƵŵďƌŽZŝǀĞƌ͘EZ ƵŶĚĞƌƐƚĂŶĚƐƚŚĞƐĞĂƌĞĂƐĂƌĞƉĞƌŝŽĚŝĐĂůůǇĚƌĞĚŐĞĚŽŶĂϱͲϭϬǇĞĂƌďĂƐŝƐ͘,ŽǁĚŽĞƐƚŚĞ ƉƌŽƉŽƐĞĚĚĞƐŝŐŶĐŚĂŶŐĞƚŚĞĨƌĞƋƵĞŶĐǇĨŽƌĨƵƚƵƌĞŵĂŝŶƚĞŶĂŶĐĞĚƌĞĚŐŝŶŐƌĞƋƵĞƐƚƐǁŝƚŚŝŶ ƚŚĞƐĞƌŝǀĞƌƌĞĂĐŚĞƐ͍tŝůůƚŚĞƐĞĂƌĞĂƐŶĞĞĚƚŽďĞŵĂŝŶƚĂŝŶĞĚĞǀĞƌǇϮͲϯǇĞĂƌƐĂƐĂƌĞƐƵůƚ ŽĨƚŚĞƉƌŽƉŽƐĞĚĚĞƐŝŐŶ͍tŚĂƚĂŶĂůǇƐŝƐǁĂƐĐŽŵƉůĞƚĞĚƚŽĞǀĂůƵĂƚĞƚŚŝƐǁŝƚŚĂĨŝǆĞĚͲĐƌĞƐƚ ĚĂŵŽƉƉŽƐĞĚĂůƚĞƌŶĂƚŝǀĞĚĞƐŝŐŶƐ͍ ZĞƐƉŽŶƐĞϰϳ͗^ĞĞZĞƐƉŽŶƐĞƐϭϴ͕Ϯϳ͕ĂŶĚϰϭ͘dŚĞƉƌŽƉŽƐĞĚƐƚƌƵĐƚƵƌĞŝƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚƚŽĂůƚĞƌƚŚĞƌĂƚĞ ŽĨƐĞĚŝŵĞŶƚĂƚŝŽŶǁŝƚŚŝŶƚŚĞƉŽŽůĂƌĞĂ͘dŚĞŶĞĞĚĨŽƌƐƵďƐĞƋƵĞŶƚĚƌĞĚŐŝŶŐŝƐŶŽƚ ĂŶƚŝĐŝƉĂƚĞĚƚŽǀĂƌǇĨƌŽŵŝƚƐĐƵƌƌĞŶƚĨƌĞƋƵĞŶĐǇ͘ &ŝŐƵƌĞƐ ŽŵŵĞŶƚϰϴ͗dŚĞĚƌĞĚŐĞĚŵĂƚĞƌŝĂůƉůĂĐĞŵĞŶƚƐŝƚĞƐŚŽƵůĚďĞĚĞƐĐƌŝďĞĚŝŶŐƌĞĂƚĞƌĚĞƚĂŝůǁŝƚŚŝŶƚŚĞ tĂŶĚƉƌŽũĞĐƚĨŝŐƵƌĞƐ͘ ZĞƐƉŽŶƐĞϰϴ͗^ĞĐƚŝŽŶϲďĂŶĚ&ŝŐƵƌĞϯƉƌŽǀŝĚĞŝŶĨŽƌŵĂƚŝŽŶŽŶƚŚĞĚŝƐƉŽƐĂůƐŝƚĞ͘dŚĞƐŝƚĞŝƐĂŶĞǆŝƐƚŝŶŐ ĚŝƐƉŽƐĂůĨĂĐŝůŝƚǇĂŶĚǁĂƐƵƐĞĚŝŶϮϬϭϴĨŽƌĚƌĞĚŐŝŶŐƵƉƐƚƌĞĂŵŽĨƚŚĞƉƌŽƉŽƐĞĚWƌŽũĞĐƚ͘ ŽŵŵĞŶƚϰϵ͗/ƚǁŽƵůĚďĞŚĞůƉĨƵůƚŽŝŶĐůƵĚĞĂĨŝŐƵƌĞƐŚŽǁŝŶŐƚŚĞƉůĂĐĞŵĞŶƚŽĨƚŚĞŵŽĚŝĨŝĞĚĚĂŵĂƐ ǁĞůůĂƐƚŚĞƉƌŽƉŽƐĞĚƐĞƌŝĞƐŽĨƉŽŽůƐĂŶĚƌŝĨĨůĞƐ͘ ZĞƐƉŽŶƐĞϰϵ͗WůĞĂƐĞƐĞĞĂƚƚĂĐŚĞĚĨŝŐƵƌĞ͘ ƉƉĞŶĚŝǆͲŽŶƐƚƌƵĐƚŝŽŶWůĂŶƐ;ϯϬйͿ ŽŵŵĞŶƚϱϬ͗dŚĞĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶƐĚŽŶŽƚƐŚŽǁƚŚĞŵŽĚŝĨŝĞĚĚĂŵůŽĐĂƚŝŽŶŝŶƚŚĞƉůĂŶǀŝĞǁƐŚĞĞƚϭ ĂŶĚϮŽĨϭϭŽƌŝĚĞŶƚŝĨǇǁŚŝĐŚƌĞĂϭͲϰƚŚĞŶĞǁĐŽŶƚƌŽůƐƚƌƵĐƚƵƌĞ;ƐŚĞĞƚƉŝůĞĚŝĂƉŚƌĂŐŵͿ ǁŝůůďĞĐŽŶƐƚƌƵĐƚĞĚ͘ ZĞƐƉŽŶƐĞϱϬ͗dŚĞtŝŶĐůƵĚĞĚƉƌĞůŝŵŝŶĂƌǇĚƌĞĚŐŝŶŐƉůĂŶƐ͘WůĂŶƐĨŽƌƚŚĞƉƌŽƉŽƐĞĚĚĂŵƌĞŵŽǀĂůĂŶĚ ƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞĨŝƐŚƉĂƐƐĂŐĞĂŶĚŶĂǀŝŐĂƚŝŽŶĐŚĂŶŶĞůƐĂƌĞĐƵƌƌĞŶƚůǇĂƚƚŚĞ ƐĐŚĞŵĂƚŝĐůĞǀĞů͘,ŽǁĞǀĞƌ͕ƐĐŚĞŵĂƚŝĐƐŽĨĚĂŵƌĞŵŽǀĂůĂŶĚƌŝĨĨůĞƐƚƌƵĐƚƵƌĞƐŚĂǀĞďĞĞŶ ǁŝĚĞůǇĚŝƐƚƌŝďƵƚĞĚĂŶĚĂƉůĂŶǀŝĞǁƐĐŚĞŵĂƚŝĐŝƐĂƚƚĂĐŚĞĚ͘ĨĨŽƌƚƚŽĚĂƚĞĨŽƌƚŚĞĚĂŵ ƌĞŵŽǀĂůƉŽƌƚŝŽŶŚĂǀĞĨŽĐƵƐĞĚŽŶƚŚĞŚǇĚƌĂƵůŝĐĂŶĂůǇƐŝƐĂŶĚĂĚĚƌĞƐƐŝŶŐƌĞŐƵůĂƚŽƌǇ ĐŽŶĐĞƌŶƐ͘ dŚĞĚƌĞĚŐŝŶŐƉůĂŶƐƉƌŽǀŝĚĞĚŝŶƚŚĞtĂƌĞƉƌĞůŝŵŝŶĂƌǇĂŶĚĂƌĞŝŶƚĞŶĚĞĚƚŽƐŚŽǁƚŚĞ ŽǀĞƌĂůůƐĐŽƉĞŽĨƚŚĞƉƌŽũĞĐƚĂƐĂƉƉƌŽƉƌŝĂƚĞĨŽƌƚŚŝƐƐƚĂŐĞŝŶƚŚĞĞŶǀŝƌŽŶŵĞŶƚĂůƌĞǀŝĞǁ ƉƌŽĐĞƐƐ͘ĚĚŝƚŝŽŶĂůĚĞƚĂŝůƐĨŽƌƚŚĞŝŶƚĞŐƌĂƚĞĚĚƌĞĚŐŝŶŐĂŶĚĚĂŵƌĞŵŽǀĂůƉƌŽũĞĐƚƐǁŝůůďĞ ^ŝůǀĞƌ>ĂŬĞƌĞĚŐŝŶŐĂŶĚĂŵDŽĚŝĨŝĐĂƚŝŽŶWƌŽũĞĐƚϭϰ ZĞƐƉŽŶƐĞƐƚŽtŽŵŵĞŶƚƐ 3DFNHW3J )D ƉƌŽǀŝĚĞĚĂĐĐŽƌĚŝŶŐůǇŝŶƐƵďƐĞƋƵĞŶƚƌĞǀŝƐŝŽŶƐĂŶĚƐƵďŵŝƚƚĞĚĂƐƉĂƌƚŽĨƉƌŽũĞĐƚ ƉĞƌŵŝƚƚŝŶŐ͘ ŽŵŵĞŶƚϱϭ͗dŚĞĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶƐĚŽŶŽƚŝŶĐůƵĚĞĚĞƚĂŝůƐĨŽƌƚŚĞŶĞǁĐŽŶƚƌŽůƐƚƌƵĐƚƵƌĞ;ƐŚĞĞƚƉŝůĞ ĚŝĂƉŚƌĂŐŵͿŝŶƚŚĞƌĞĂϭͲϰĐƌŽƐƐͲƐĞĐƚŝŽŶƉůĂŶƐŚĞĞƚƐϯƚŚƌŽƵŐŚϴŽĨϭϭ͘ ZĞƐƉŽŶƐĞϱϭ͗^ĞĞZĞƐƉŽŶƐĞϱϬ͘ ŽŵŵĞŶƚϱϮ͗dŚĞĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶƐĚŽŶŽƚƐŚŽǁĚĞƚĂŝůƐĨŽƌƌĞŵŽǀĂůŽĨƚŚĞĞǆŝƐƚŝŶŐ^ŝůǀĞƌ>ĂŬĞĂŵ͘ ZĞƐƉŽŶƐĞϱϮ͗^ĞĞZĞƐƉŽŶƐĞϱϬ͘ 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ĂĐĐƵŵƵůĂƚŝŽŶƐŽĨǁĂƚĞƌ͕ƐƵƌĨĂĐĞŽƌƵŶĚĞƌŐƌŽƵŶĚ͕ŶĂƚƵƌĂůŽƌĂƌƚŝĨŝĐŝĂů͕ƉƵďůŝĐŽƌƉƌŝǀĂƚĞ͕ ǁŚŝĐŚĂƌĞĐŽŶƚĂŝŶĞĚǁŝƚŚŝŶ͕ĨůŽǁƚŚƌŽƵŐŚ͕ŽƌďŽƌĚĞƌƵƉŽŶƚŚĞƐƚĂƚĞŽƌĂŶǇƉŽƌƚŝŽŶ ƚŚĞƌĞŽĨ͘ǀĞŶƚŚŽƵŐŚƚŚĞƌĞŵĂǇďĞƐƵƌĨĂĐĞǁĂƚĞƌƐƚŚĂƚĂƌĞĚĞƚĞƌŵŝŶĞĚƚŽďĞƚŚĞh͘^͘ ƌŵǇŽƌƉƐŽĨŶŐŝŶĞĞƌƐŶŽŶͲũƵƌŝƐĚŝĐƚŝŽŶĂů͕ŽƌĞǆĞŵƉƚĨƌŽŵt͕ĂůůƐƵƌĨĂĐĞǁĂƚĞƌƐĂƌĞ ƌĞŐƵůĂƚĞĚďǇƚŚĞDWĂŶĚĂŶǇƐƵƌĨĂĐĞǁĂƚĞƌŝŵƉĂĐƚŶĞĞĚƐƚŽďĞĚĞƐĐƌŝďĞĚŝŶƚŚĞ ĂƉƉůŝĐĂƚŝŽŶ͕ŵĂǇƌĞƋƵŝƌĞŵŝƚŝŐĂƚŝŽŶ͘&ŽƌƋƵĞƐƚŝŽŶƐƌĞŐĂƌĚŝŶŐϰϬϭĞƌƚŝĨŝĐĂƚŝŽŶ͕ƉůĞĂƐĞ ĐŽŶƚĂĐƚŝůůtŝůĚĞĂƚϲϱϭͲϳϱϳͲϮϴϮϱŽƌtŝůůŝĂŵ͘tŝůĚĞΛƐƚĂƚĞ͘ŵŶ͘ƵƐ͘ ZĞƐƉŽŶƐĞϮ͗ŽŵŵĞŶƚŶŽƚĞĚ͘ ŽŵŵĞŶƚϯ͗/ƚŝƐŶŽƚĐůĞĂƌǁŚĞƚŚĞƌƚŚĞWƌŽũĞĐƚƌĞƋƵŝƌĞƐƚŚĞEĂƚŝŽŶĂůWŽůůƵƚĂŶƚŝƐĐŚĂƌŐĞůŝŵŝŶĂƚŝŽŶ ^ǇƐƚĞŵͬ^ƚĂƚĞŝƐƉŽƐĂů^ǇƐƚĞŵ'ĞŶĞƌĂůŽŶƐƚƌƵĐƚŝŽŶ^ƚŽƌŵǁĂƚĞƌWĞƌŵŝƚ;^tWĞƌŵŝƚͿ ^ŝůǀĞƌ>ĂŬĞƌĞĚŐŝŶŐĂŶĚĂŵDŽĚŝĨŝĐĂƚŝŽŶWƌŽũĞĐƚϭϲ ZĞƐƉŽŶƐĞƐƚŽtŽŵŵĞŶƚƐ 3DFNHW3J )D ƐŝŶĐĞƚŚĞĚŝƐƚƵƌďĞĚĂƌĞĂƐĂďŽǀĞƚŚĞůĂŬĞĂƌĞŶŽƚŝĚĞŶƚŝĨŝĞĚ͘WůĞĂƐĞŶŽƚĞƚŚĂƚŽŶůǇ ĚŝƐƚƵƌďĞĚĂƌĞĂƐĂďŽǀĞƚŚĞŽƌĚŝŶĂƌǇŚŝŐŚǁĂƚĞƌůĞǀĞů;K,t>ͿŽĨƚŚĞůĂŬĞƚŚĂƚƚŽƚĂůϭŽƌ ŵŽƌĞĂĐƌĞƐƌĞƋƵŝƌĞƚŚĞ^tWĞƌŵŝƚĐŽǀĞƌĂŐĞ͘dŚĞWƌŽũĞĐƚƉƌŽƉŽƐĞƌǁŝůůŶĞĞĚƚŽĨŽůůŽǁ 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&ŽƌŬƵŵďƌŽĚĂŵ;ďĞŚŝŶĚdƌĂĚĞƌ:ŽĞ͛ƐŐƌŽĐĞƌǇƐƚŽƌĞͿ͕ƚŚĞĞĂƌƌĞĞŬĚĂŵ;ŝŶƚŚĞƉĂƌŬ ũƵƐƚƵƉƐƚƌĞĂŵŽĨ,ŝŐŚǁĂǇϭϰͿ͕ƚŚĞDĂǇŽǁŽŽĚĂŵĂŶĚƚŚĞĚƌĂŝŶĂŐĞĂƌĞĂƐƚŚĂƚǁŽƵůĚ ďĞŽƉĞŶĞĚƵƉƚŽďŝŽƚĂ͕ŝĨĂŶǇͬĞĂĐŚͬĂůůŽĨƚŚĞƐĞďĂƌƌŝĞƌƐǁĞƌĞƚŽďĞŵŽĚŝĨŝĞĚŽƌ ƌĞŵŽǀĞĚ͘dŚŝƐĐŽƵůĚďĞƉĂƌƚŽĨĂƐƵŵŵĂƌǇĚŝƐĐƵƐƐŝŽŶŽĨĨŝƐŚƉĂƐƐĂŐĞďĞŶĞĨŝƚƐŽĨƚŚŝƐ WƌŽũĞĐƚĂŶĚƉŽƐƐŝďůĞĨƵƚƵƌĞǁŽƌŬƚŽŝƚĞƌĂƚŝǀĞůǇŝŵƉƌŽǀĞĨŝƐŚƉĂƐƐĂŐĞŝŶƚŚĞ^ŽƵƚŚ&ŽƌŬ ƵŵďƌŽƐǇƐƚĞŵ͘&ŽƌƋƵĞƐƚŝŽŶƐ͕ƉůĞĂƐĞĐŽŶƚĂĐƚ:ƵƐƚŝŶtĂƚŬŝŶƐĂƚϱϬϳͲϮϬϲͲϮϲϮϭŽƌ :ƵƐƚŝŶ͘tĂƚŬŝŶƐΛƐƚĂƚĞ͘ŵŶ͘ƵƐ͘ ZĞƐƉŽŶƐĞϳ͗ŽŵŵĞŶƚŶŽƚĞĚ͘DŽĚŝĨǇŝŶŐƐƚƌƵĐƚƵƌĞƐďĞǇŽŶĚƚŚĞ^ŝůǀĞƌ>ĂŬĞĂŵŝƐŶŽƚƉĂƌƚŽĨ ƚŚĞƉƌŽũĞĐƚƐĐŽƉĞ͘ ^ŝůǀĞƌ>ĂŬĞƌĞĚŐŝŶŐĂŶĚĂŵDŽĚŝĨŝĐĂƚŝŽŶWƌŽũĞĐƚϭϳ ZĞƐƉŽŶƐĞƐƚŽtŽŵŵĞŶƚƐ 3DFNHW3J )D ŽŵŵĞŶƚϴ͗dŚĞDWƌĞĐŽŵŵĞŶĚƐƚŚĂƚƵŶƉĞƌŵŝƚƚĞĚƉƌŽũĞĐƚƐĨŽůůŽǁŐƵŝĚĂŶĐĞĂŶĚDWƐ͕ŝŶĐůƵĚŝŶŐ ƐƵďŵŝƚƚŝŶŐƚŚĞEŽƚŝĨŝĐĂƚŝŽŶƚŽDĂŶĂŐĞƌĞĚŐĞĚDĂƚĞƌŝĂůƐǁŝƚŚŽƵƚĂWĞƌŵŝƚĨŽƌŵĂƚůĞĂƐƚ ϯϬĚĂǇƐďĞĨŽƌĞƚŚĞƐƚĂƌƚŽĨĚƌĞĚŐŝŶŐ͘ ZĞƐƉŽŶƐĞϴ͗ŽŵŵĞŶƚŶŽƚĞĚ͘ EŽŝƐĞ;^ĞĐƚŝŽŶϭϳͿ ŽŵŵĞŶƚϵ͗dŚĞDWĂƉƉƌĞĐŝĂƚĞƐƚŚĂƚƚŚĞŶĂƚƵƌĞŽĨŶŽŝƐĞĨŽƌƚŚŝƐWƌŽũĞĐƚǁŝůůďĞƚĞŵƉŽƌĂƌǇ͕ĂŶĚ ŶŽŝƐĞƐŽƵƌĐĞƐĂƌĞůŝŵŝƚĞĚƚŽĐŽŶƐƚƌƵĐƚŝŽŶĂĐƚŝǀŝƚŝĞƐ͘dŚĞŽŶůǇĂĚĚŝƚŝŽŶĂůƌĞĐŽŵŵĞŶĚĂƚŝŽŶ 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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 /ŚĂǀĞĂŶŽƚĞƚŽůŽŽŬĨƵƌƚŚĞƌŝŶƚŽǁŚĂƚŝƐƌĞƋƵŝƌĞĚďǇƚŚĞŝƚǇĐŽĚĞĂŶĚǁŝůůĨŽůůŽǁƵƉǁŝƚŚǇŽƵ͘ /ĨǇŽƵĨĞĞůǁŚĂƚĞǀĞƌďĂƌƌŝĞƌͬďƵĨĨĞƌƚŚĂƚŝƐƌĞƋƵŝƌĞĚďǇƚŚĞŝƚǇŝƐŶŽƚĂĚĞƋƵĂƚĞ͕ƚŚĞŶ/ĞŶĐŽƵƌĂŐĞǇŽƵƚŽ ĂƚƚĞŶĚƚŚĞĐŝƚǇĂŶĚƉůĂŶŶŝŶŐŵĞĞƚŝŶŐƚŽǀŽŝĐĞǇŽƵƌĐŽŶĐĞƌŶ͘ 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ƵŐƵƐƚϭϮ͕ϮϬϭϵ^ƚƵĚǇ^ĞƐƐŝŽŶ;ďĂĐŬŐƌŽƵŶĚŽŶƌĞĐŽŵŵĞŶĚĂƚŝŽŶͿ͗ ŚƚƚƉ͗ͬͬƌŽĐŚĞƐƚĞƌĐŝƚǇŵŶ͘ŝƋŵϮ͘ĐŽŵͬŝƚŝǌĞŶƐͬĞƚĂŝůͺDĞĞƚŝŶŐ͘ĂƐƉǆ͍/сϯϰϯϭ ƵŐƵƐƚϭϵ͕ϮϬϭϵŽƵŶĐŝůDĞĞƚŝŶŐ;ĨŝƌƐƚƌĞĂĚŝŶŐŽĨƚŚĞŽƌĚŝŶĂŶĐĞ͕ƵŶĂŶŝŵŽƵƐĂƉƉƌŽǀĂůͿ͗ ŚƚƚƉ͗ͬͬƌŽĐŚĞƐƚĞƌĐŝƚǇŵŶ͘ŝƋŵϮ͘ĐŽŵͬŝƚŝǌĞŶƐͬĞƚĂŝůͺ>ĞŐŝ&ŝůĞ͘ĂƐƉǆ͍ &ƌĂŵĞсΘDĞĞƚŝŶŐ/сϯϰϯϯΘDĞĚŝĂWŽƐŝƚŝŽŶсϵϭϳϮ͘ϵϮϰΘ/сϭϬϵϭϮΘƐƐůĂƐƐс ^ĞƉƚĞŵďĞƌϭϲ͕ϮϬϭϵŽƵŶĐŝůDĞĞƚŝŶŐ;ƐĞĐŽŶĚƌĞĂĚŝŶŐŽĨƚŚĞŽƌĚŝŶĂŶĐĞ͕ƵŶĂŶŝŵŽƵƐ 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 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