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ŽƌĚĞƌƚŽ͕ĂŵŽŶŐŽƚŚĞƌƚŚŝŶŐƐ͕ĂƐƐŝƐƚŝŶŚŽƵƐŝŶŐƉƌŝŽƌŝƚŝǌĂƚŝŽŶ͘dŚĞ>ĂŶĚŝŶŐǁŝůůĂƚƚĞŵƉƚƚŽ ĚŽĐƵŵĞŶƚĞǀĞƌǇĞŶƚƌĂŶƚĂƐĂŶĞŶƚƌǇŝŶ,D/^͕ǁŝƚŚŶĂŵĞĂŶĚĂŶĂƐƐŽĐŝĂƚĞĚŝĚĞŶƚŝĨŝĐĂƚŝŽŶ ŶƵŵďĞƌ͕ŝŶŽƌĚĞƌƚŽƌĞƉŽƌƚŚŽǁůŽŶŐƚŚĞǇĂƌĞĐŽŶĐƵƌƌĞŶƚůǇǀŝƐŝƚŝŶŐ͘dŚŝƐŝŶĨŽƌŵĂƚŝŽŶǁŝůů ďĞƐŚĂƌĞĚǁŝƚŚƚŚĞŝƚǇĂŶĚŽƵŶƚǇƵƉŽŶƌĞƋƵĞƐƚ͘ KƵƚĐŽŵĞdƌĂĐŬŝŶŐ ͗dŚŝƐŝŶĨŽƌŵĂƚŝŽŶǁŝůůŝĚĞŶƚŝĨǇǁŚĂƚƐĞƌǀŝĐĞƐ͕ŝŶĐůƵĚŝŶŐŵĞĚŝĐĂů ď͘ ĂƐƐŝƐƚĂŶĐĞ͕^EW͕/͛Ɛ͕^ƵďƐƚĂŶĐĞhƐĞdƌĞĂƚŵĞŶƚ͕ŚŽƵƐŝŶŐ͕ĂŶĚŽƚŚĞƌƐĞƌǀŝĐĞĐŽŶŶĞĐƚŝŽŶƐ ĂƌĞĂƚƚĂŝŶĞĚ͕ƵƐĞĚ͕ŽƌĚĞƐŝƌĞĚďǇŐƵĞƐƚƐ͘dŚŝƐŝŶĨŽƌŵĂƚŝŽŶƐŚŽƵůĚďĞƉƌŽǀŝĚĞĚƚŽƚŚĞŝƚǇ 3DFNHW3J )D ĂŶĚŽƵŶƚǇŵŽŶƚŚůǇƚŽĐŽŵƉůĞŵĞŶƚƚŚĞ,D/^ĚĂƚĂĂŶĚŝĚĞŶƚŝĨǇƐĞƌǀŝĐĞƐŶĞĞĚĞĚĂŶĚ ĂĐŚŝĞǀĞĚďǇǀŝƐŝƚŝŶŐƚŚĞ>ĂŶĚŝŶŐ͘/ƚŝƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚƚŚŝƐŝŶĨŽƌŵĂƚŝŽŶŵƵƐƚďĞ ƚƌĂĐŬĞĚŝŶ,D/^͘ ^ƵďŵŝƐƐŝŽŶŽĨĂ^ĂĨĞƚǇWůĂŶ ͗dŚĞ>ĂŶĚŝŶŐǁŝůůǁŽƌŬǁŝƚŚƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚ Đ͘ ƚŽĚĞǀĞůŽƉĂƐĂĨĞƚǇƉůĂŶĂƚƚŚĞ^ƚĂƚŝŽŶ͘dŚĞ>ĂŶĚŝŶŐŵƵƐƚƐƵďŵŝƚĂƉůĂŶƚŽƚŚĞŝƚǇĨŽƌ ƌĞǀŝĞǁĂŶĚĐŽŵŵĞŶƚƉƌŝŽƌƚŽ^ĞƉƚĞŵďĞƌϭ͕ϮϬϮϭ͘dŚĞƉůĂŶǁŝůůĞƐƚĂďůŝƐŚŽƉĞƌĂƚŝŶŐƐĂĨĞƚǇ ƉƌŽƚŽĐŽůƐĂŶĚƉŽůŝĐŝĞƐǁŚŝĐŚƐŚĂůůďĞƌĞĚƵĐĞĚƚŽǁƌŝƚŝŶŐĂŶĚďĞƌĞĂĚŝůǇĂǀĂŝůĂďůĞƚŽƐƚĂĨĨ͘ ZƵůĞƐĂŶĚĞǆƉĞĐƚĂƚŝŽŶƐĨŽƌĐůŝĞŶƚƐƐŚĂůůďĞƉŽƐƚĞĚŝŶƐŝĚĞƚŚĞƐƚĂƚŝŽŶ͕ŝŶĐůƵĚŝŶŐŶŽƚŝĐĞƚŚĂƚ ĂĐƚŝǀŝƚŝĞƐƚŚĂƚĂƌĞƉƌŽŚŝďŝƚĞĚĐŽƵůĚũĞŽƉĂƌĚŝǌĞŽŶŐŽŝŶŐĂǇĞŶƚĞƌƐĞƌǀŝĐĞ͘ tĞĞŬůǇƐƵďŵŝƐƐŝŽŶŽĨŝŶĐŝĚĞŶƚƌĞƉŽƌƚƐ ͗dŚŝƐƌĞƉŽƌƚǁŝůůĚŽĐƵŵĞŶƚŝŶĐŝĚĞŶƚƐǁŚŝĐŚŽĐĐƵƌ Ě͘ ĂƚƚŚĞ>ĂŶĚŝŶŐ͘dŚĞƚĞƌŵ͞ŝŶĐŝĚĞŶƚ͟ǁŝůůďĞĚĞĨŝŶĞĚŝŶƚŚĞĂďŽǀĞƌĞĨĞƌĞŶĐĞĚƐĂĨĞƚǇƉůĂŶ ďƵƚŵƵƐƚŝŶĐůƵĚĞƐŝƚƵĂƚŝŽŶƐƚŚĂƚƌĞƐƵůƚŝŶƉƌŽƉĞƌƚǇĚĂŵĂŐĞŽƌƉĞƌƐŽŶĂůŝŶũƵƌǇŽĨĂŶǇŬŝŶĚ͕ ĂƐǁĞůůĂƐĂŶǇĞŵĞƌŐĞŶĐǇͬƉŽůŝĐĞĐĂůů͘dŚŝƐĚŽĐƵŵĞŶƚĂƚŝŽŶƌĞƋƵŝƌĞŵĞŶƚŝƐŶŽƚŝŶƚĞŶĚĞĚƚŽ ďĞƵŶĚƵůǇďƵƌĚĞŶƐŽŵĞĂŶĚƚŚĞƐĂĨĞƚǇƉůĂŶĐĂŶŐŝǀĞĨƵƌƚŚĞƌŐƵŝĚĂŶĐĞŽŶƚŚĞůĞǀĞůŽĨĚĞƚĂŝů ĞǆƉĞĐƚĞĚŝŶĂŶŝŶĐŝĚĞŶƚƌĞƉŽƌƚ͘ ^ƵďŵŝƐƐŝŽŶŽĨĂ^ƚĂĨĨdƌĂŝŶŝŶŐWůĂŶ ͗dŚĞƐĂĨĞƚǇƉůĂŶŵƵƐƚŝŶĐůƵĚĞŝŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐ Ğ͘ ŽŶďŽĂƌĚŝŶŐŽĨŶĞǁƐƚĂĨĨ͕ƚŚĞƚƌĂŝŶŝŶŐƐƚĂĨĨĐŽŵƉůĞƚĞƐǁŚĞŶŶĞǁ͕ĂŶĚĂŶǇŽŶŐŽŝŶŐƚƌĂŝŶŝŶŐ ĨŽƌƐƚĂĨĨƚŽĂƐƐƵƌĞĂƉŽƐŝƚŝǀĞĞǆƉĞƌŝĞŶĐĞĨŽƌƐƚĂĨĨ͕ƉƌŽǀŝĚĞƌƐĂŶĚŐƵĞƐƚƐ͘dŚŝƐƚƌĂŝŶŝŶŐ ŵƵƐƚŝŶĐůƵĚĞƚĞĐŚŶŝƋƵĞƐĂŶĚďĞƐƚƉƌĂĐƚŝĐĞƐĨŽƌĚĞͲĞƐĐĂůĂƚŝŽŶ͕ĂƐƌĞĐŽŵŵĞŶĚĞĚďǇƚŚĞ ZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚ͘ ƵŝůĚŝŶŐ͛ƐDĂŝŶƚĞŶĂŶĐĞĂŶĚZĞƉĂŝƌ͗ dŚĞ>ĂŶĚŝŶŐŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌŝŶƚĞƌŶĂůĐůĞĂŶŝŶŐŽĨƚŚĞŵĂŝŶ ůĞǀĞůŽĨƚŚĞďƵŝůĚŝŶŐ͘dŚĞ>ĂŶĚŝŶŐŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌƐŶŽǁƌĞŵŽǀĂůŽŶƚŚĞƐƚĂŝƌƐĂŶĚƐŝĚĞǁĂůŬ ĂůŽŶŐƚŚĞďƵŝůĚŝŶŐ͕ĂƐǁĞůůĂƐŐĞŶĞƌĂůĐĂƌĞŽĨƚŚĞůĂŶĚƐĐĂƉŝŶŐĂƌŽƵŶĚƚŚĞďƵŝůĚŝŶŐ͘dŚĞ>ĂŶĚŝŶŐŝƐ ƌĞƐƉŽŶƐŝďůĞĨŽƌƌĞƉĂŝƌĂŶĚŵĂŝŶƚĞŶĂŶĐĞĐĂƵƐĞĚďǇƵƐĞŽĨƚŚĞďƵŝůĚŝŶŐďǇƐƚĂĨĨĂŶĚĐůŝĞŶƚƐ͘dŚĞ ŝƚǇƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐŶŽǁƌĞŵŽǀĂůǁŝƚŚŝŶƚŚĞƉĂƌŬŝŶŐůŽƚ͘dŚĞŝƚǇƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞ ĨŽƌŵĂũŽƌĐĂƉŝƚĂůƌĞƉĂŝƌƐĂŶĚŵĂŝŶƚĞŶĂŶĐĞ͕ĚĞĨŝŶĞĚĂƐĂŶŝŵƉƌŽǀĞŵĞŶƚǁŝƚŚĂǀĂůƵĞŝŶĞǆĐĞƐƐŽĨ Ψϯ͕ϬϬϬĂŶĚĂůŝĨĞŽĨŽǀĞƌƚŚƌĞĞǇĞĂƌƐ͘ EŽŶͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶ͘ 'ƌĂŶƚĞĞĂŐƌĞĞƐĂƐĨŽůůŽǁƐ͗EŽWĞƌƐŽŶƐŚĂůůďĞŝůůĞŐĂůůǇĞǆĐůƵĚĞĚĨƌŽŵ ĞŵƉůŽǇŵĞŶƚƌŝŐŚƚƐŝŶ͕ďĞĚĞŶŝĞĚƚŚĞďĞŶĞĨŝƚƐŽĨ͕ŽƌďĞŽƚŚĞƌǁŝƐĞƐƵďũĞĐƚƚŽĚŝƐĐƌŝŵŝŶĂƚŝŽŶĂƚƚŚĞ ĂǇĞŶƚĞƌƚŚĂƚŝƐƚŚĞƐƵďũĞĐƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚŽŶƚŚĞďĂƐŝƐŽĨƌĂĐĞ͕ĐƌĞĞĚ͕ĐŽůŽƌ͕ƐĞǆ͕ŵĂƌŝƚĂů ƐƚĂƚƵƐ͕ƐĞǆƵĂůƉƌĞĨĞƌĞŶĐĞ͕ƉƵďůŝĐĂƐƐŝƐƚĂŶĐĞƐƚĂƚƵƐ͕ĂŐĞ͕ĚŝƐĂďŝůŝƚǇŽƌŶĂƚŝŽŶĂůŽƌŝŐŝŶ͘ ƌƵŐͲĨƌĞĞtŽƌŬƉůĂĐĞͬƌƵŐͲ&ƌĞĞtŽƌŬƉůĂĐĞǁĂƌĞŶĞƐƐWƌŽŐƌĂŵ͘ dŚĞ>ĂŶĚŝŶŐĂŐƌĞĞƐƚŽƉƌŽǀŝĚĞ ĂĚƌƵŐͲĨƌĞĞǁŽƌŬƉůĂĐĞďǇŶŽƚŝĨǇŝŶŐĞŵƉůŽǇĞĞƐƚŚĂƚƵŶůĂǁĨƵůŵĂŶƵĨĂĐƚƵƌĞ͕ĚŝƐƚƌŝďƵƚŝŽŶ͕ ĚŝƐƉĞŶƐĂƚŝŽŶ͕ƉŽƐƐĞƐƐŝŽŶŽƌƵƐĞŽĨĂĐŽŶƚƌŽůůĞĚƐƵďƐƚĂŶĐĞŝƐƉƌŽŚŝďŝƚĞĚĂƚƚŚĞ^ƚĂƚŝŽŶĂŶĚ ƐƉĞĐŝĨǇŝŶŐĂĐƚŝŽŶƐƚŚĂƚǁŝůůďĞƚĂŬĞŶĂŐĂŝŶƐƚĞŵƉůŽǇĞĞƐĨŽƌǀŝŽůĂƚŝŽŶŽĨƐƵĐŚƉƌŽŚŝďŝƚŝŽŶ͘dŚĞ >ĂŶĚŝŶŐŵĂǇĂůƐŽĞƐƚĂďůŝƐŚĂĚƌƵŐͲĨƌĞĞǁŽƌŬƉůĂĐĞĂǁĂƌĞŶĞƐƐƉƌŽŐƌĂŵƚŽŝŶĨŽƌŵĞŵƉůŽǇĞĞƐĂďŽƵƚ ƚŚĞĚĂŶŐĞƌŽĨĚƌƵŐĂďƵƐĞ͕ƚŚĞĂǀĂŝůĂďŝůŝƚǇŽĨĚƌƵŐĐŽƵŶƐĞůŝŶŐĂŶĚƉĞŶĂůŝƚŝĞƐĨŽƌǀŝŽůĂƚŝŽŶƐŽĨƚŚĞ ĚƌƵŐͲĨƌĞĞǁŽƌŬƉůĂĐĞƉŽůŝĐǇ͘ůŝĞŶƚƐŽĨdŚĞ>ĂŶĚŝŶŐƐŚĂůůďĞĞŶĐŽƵƌĂŐĞĚƚŽƌĞŵĂŝŶĚƌƵŐĂŶĚ ĂůĐŽŚŽůĨƌĞĞĂŶĚŵĞĚŝĐĂƚŝŽŶĐŽŵƉůŝĂŶƚ͘ dŚĞ>ĂŶĚŝŶŐŵƉůŽǇĞĞƐ͘ ŶǇĂŶĚĂůůĞŵƉůŽǇĞĞƐŽĨdŚĞ>ĂŶĚŝŶŐ͕ŽƚŚĞƌƚŚĂŶŝƚǇŵƉůŽǇĞĞƐ͕ ǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨĂŶǇǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďǇdŚĞ>ĂŶĚŝŶŐƵŶĚĞƌƚŚŝƐ 3DFNHW3J )D ŐƌĞĞŵĞŶƚ͕ƐŚĂůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽǇĞĞƐŽĨƚŚĞŝƚǇ͘ŶǇĂŶĚĂůůĐůĂŝŵƐďǇĂŶǇƚŚŝƌĚƉĂƌƚǇ ĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶǇĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨdŚĞ>ĂŶĚŝŶŐ͕ŝƚƐĞŵƉůŽǇĞĞƐŽƌŽƚŚĞƌ ƉĞƌƐŽŶƐƐŚĂůůďĞƚŚĞŽďůŝŐĂƚŝŽŶŽĨdŚĞ>ĂŶĚŝŶŐ͘dŚĞ>ĂŶĚŝŶŐƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂůů ĐŽŶƚƌĂĐƚƵĂůŽďůŝŐĂƚŝŽŶƐĞŶƚĞƌĞĚŝŶƚŽƉƵƌƐƵĂŶƚƚŽĂŶĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘ tŝƚŚŚŽůĚŝŶŐĂŶĚƉĂǇŵĞŶƚŽĨĨĞĚĞƌĂůĂŶĚƐƚĂƚĞŝŶĐŽŵĞƚĂǆĞƐĂŶĚ&/͕ĂŶĚŝƚƐĞŵƉůŽǇĞĞƐƐŚĂůůďĞ ƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨdŚĞ>ĂŶĚŝŶŐ͘dŚĞ>ĂŶĚŝŶŐƐŚĂůůƉĂǇŽŶďĞŚĂůĨŽĨĐŽŶƚƌŝďƵƚŝŽŶƐƚŽƚŚĞ ƵŶĞŵƉůŽǇŵĞŶƚĐŽŵƉĞŶƐĂƚŝŽŶĨƵŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞůĂǁ͘ /ŶƐƵƌĂŶĐĞ͘ ƵƌŝŶŐƚŚĞƚĞƌŵŽĨƚŚŝƐŐƌĞĞŵĞŶƚdŚĞ>ĂŶĚŝŶŐŵƵƐƚŵĂŝŶƚĂŝŶĐŽŵƉƌĞŚĞŶƐŝǀĞ ŐĞŶĞƌĂůůŝĂďŝůŝƚǇĂŶĚŽƚŚĞƌŝŶƐƵƌĂŶĐĞĂƐĨŽůůŽǁƐ͗ Ă͘ ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ Ă͘dŚĞ>ĂŶĚŝŶŐŝƐƌĞƋƵŝƌĞĚƚŽŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐŝƚĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐ ĨŽƌďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐ ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚǇĚĂŵĂŐĞ͕ŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞ ǁŚĞƚŚĞƌƚŚĞŽƉĞƌĂƚŝŽŶƐĂƌĞďǇdŚĞ>ĂŶĚŝŶŐŽƌďǇĂƐƵďĐŽŶƚƌĂĐƚŽƌŽƌďǇĂŶǇŽŶĞ ĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚďǇdŚĞ>ĂŶĚŝŶŐƵŶĚĞƌƚŚĞĐŽŶƚƌĂĐƚ͘/ŶƐƵƌĂŶĐĞ ŵŝŶŝŵƵŵůŝŵŝƚƐĂƌĞĂƐĨŽůůŽǁƐ͗ ŝ͘Ψϭ͕ϬϬϬ͕ϬϬϬʹƉĞƌŽĐĐƵƌƌĞŶĐĞ ŝŝ͘ΨϮ͕ϬϬϬ͕ϬϬϬʹĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ ŝŝŝ͘ΨϮ͕ϬϬϬ͕ϬϬϬʹĂŶŶƵĂůĂŐŐƌĞŐĂƚĞʹWƌŽĚƵĐƚƐͬŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ ď͘ dŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚĂůůďĞŝŶĐůƵĚĞĚ͗ Ă͘WƌĞŵŝƐĞƐĂŶĚKƉĞƌĂƚŝŽŶƐŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ ď͘WĞƌƐŽŶĂůĂŶĚĚǀĞƌƚŝƐŝŶŐ/ŶũƵƌǇ Đ͘ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚǇ Ě͘WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚǇ Đ͘ ŝƚǇŵƵƐƚďĞŶĂŵĞĚĂƐĂŶĂĚĚŝƚŝŽŶĂůŝŶƐƵƌĞĚ͘ /ŶĚĞŵŶŝƚǇ͘ 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ŽŶ͘ƐƉĞŽƉůĞĂƌƌŝǀĞƚŽĂŶŽĨĨŝĐĞ͕ƚŚĞůŽĂĚŝŶĐƌĞĂƐĞƐĂƐƉĞŽƉůĞƚƵƌŶŽŶĞƋƵŝƉŵĞŶƚĂŶĚƚŚĞ,sǁŽƌŬƐĂ ůŝƚƚůĞŚĂƌĚĞƌĚƵĞƚŽŽĐĐƵƉĂŶƚƐ͘ǇϰƉŵ͕ƚŚĞůŽĂĚŚĂƐŝŶĐƌĞĂƐĞĚƚŽϮϴ<t͕ĂŶĚĚĞĐƌĞĂƐĞƐĂĨƚĞƌƚŚĂƚĂƐ ƉĞŽƉůĞůĞĂǀĞĨŽƌƚŚĞĚĂǇ͘ dŚĞƉĞĂŬĚĞŵĂŶĚĨŽƌƚŚĞĚĂǇŝƐϮϴ<t͕ďƵƚƚŚĞƚŽƚĂůĞŶĞƌŐǇƵƐĞĚŝƐƚŚĞƚŽƚĂůŽĨĞĂĐŚŚŽƵƌƐůŝĐĞ͘/ŶƚŚŝƐ ĐĂƐĞƚŚĞƚŽƚĂůĞŶĞƌŐǇƵƐĞĚŝƐϯϵϭŬtŚ͘^ŝŶĐĞƚŚŝƐŝƐďĞůŽǁƚŚĞϳϱ<tůŽĂĚƚŚƌĞƐŚŽůĚƚŚĞƌĂƚĞƐĐŚĞĚƵůĞ ǁŽƵůĚďĞ'^͕ĂŶĚǁŽƵůĚďĞŽŶƚŚĞŬtŚƌĂƚĞĂŶĚďĞďŝůůĞĚĨŽƌϯϵϭŬtŚ͘ 5RFKHVWHU3XEOLF8WLOLWLHV(DVW5LYHU5RDG1(5RFKHVWHU0LQQHVRWD WHOHSKRQH )E ĞŵĂŶĚ;<tͿ Ϯϴ<t ϯϬ Ϯϱ ϮϬ <t ϭϱ ϭϬ ϱ Ϭ ϭϮϯϰϱϲϳϴϵϭϬϭϭϭϮϭϯϭϰϭϱϭϲϭϳϭϴϭϵϮϬϮϭϮϮϮϯϮϰ ,ŽƵƌ dŚĞďĞůŽǁŐƌĂƉŚŝƐĂŶĞǆĂŵƉůĞŽĨĂŶŽƚŚĞƌŽĨĨŝĐĞďƵŝůĚŝŶŐǁŝƚŚĂůĂƌŐĞƌůŽĂĚ͘^ŝŶĐĞƚŚĞƉĞĂŬůŽĂĚŝƐĂďŽǀĞ ϳϱ<t͕ƚŚŝƐǁŽƵůĚďĞŽŶƚŚĞD'^ƌĂƚĞƐĐŚĞĚƵůĞ͘dŚĞǇǁŽƵůĚďĞďŝůůĞĚĨŽƌϭϭϮ<tĂŶĚƚŚĞƚŽƚĂůĞŶĞƌŐǇ͕ ϭϱϲϰŬtŚ͘dŚĞŬtŚƌĂƚĞŝƐůĞƐƐƚŚĂŶƚŚĂƚŽĨƚŚĞ'^͕ďĞĐĂƵƐĞƚŚĞƌĞŝƐĂĚĞŵĂŶĚĐŽŵƉŽŶĞŶƚŽĨƚŚĞƌĂƚĞĂƐ ǁĞůů͘ ĞŵĂŶĚ;<tͿ ϭϭϮ<t ϭϮϬ ϭϬϬ ϴϬ <t ϲϬ ϰϬ ϮϬ Ϭ ϭϮϯϰϱϲϳϴϵϭϬϭϭϭϮϭϯϭϰϭϱϭϲϭϳϭϴϭϵϮϬϮϭϮϮϮϯϮϰ ,ŽƵƌ ĞůŽǁĂƌĞϮϬϮϬ͛ƐƌĂƚĞƐĐŚĞĚƵůĞƐĨŽƌ'ĞŶĞƌĂů^ĞƌǀŝĐĞĂŶĚDĞĚŝƵŵ'ĞŶĞƌĂů^ĞƌǀŝĐĞ͘ ĞŵĂŶĚŶĞƌŐǇ 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ƚŚĞZWĂĐƚŝǀŝƚǇƚŚĂƚŝƐƚŚĞƐƵďũĞĐƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚŽŶƚŚĞďĂƐŝƐŽĨƌĂĐĞ͕ĐƌĞĞĚ͕ĐŽůŽƌ͕ƐĞǆ͕ ŵĂƌŝƚĂůƐƚĂƚƵƐ͕ƐĞǆƵĂůƉƌĞĨĞƌĞŶĐĞ͕ƉƵďůŝĐĂƐƐŝƐƚĂŶĐĞƐƚĂƚƵƐ͕ĂŐĞ͕ĚŝƐĂďŝůŝƚǇŽƌŶĂƚŝŽŶĂůŽƌŝŐŝŶ͘ ϭϬͿƌƵŐͲĨƌĞĞtŽƌŬƉůĂĐĞͬƌƵŐͲ&ƌĞĞtŽƌŬƉůĂĐĞǁĂƌĞŶĞƐƐWƌŽŐƌĂŵ͘ dŚĞ'ƌĂŶƚĞĞĂŐƌĞĞƐƚŽ ƉƌŽǀŝĚĞĂĚƌƵŐͲĨƌĞĞǁŽƌŬƉůĂĐĞďǇŶŽƚŝĨǇŝŶŐĞŵƉůŽǇĞĞƐƚŚĂƚƵŶůĂǁĨƵůŵĂŶƵĨĂĐƚƵƌĞ͕ ĚŝƐƚƌŝďƵƚŝŽŶ͕ĚŝƐƉĞŶƐĂƚŝŽŶ͕ƉŽƐƐĞƐƐŝŽŶŽƌƵƐĞŽĨĂĐŽŶƚƌŽůůĞĚƐƵďƐƚĂŶĐĞŝƐƉƌŽŚŝďŝƚĞĚŝŶƚŚĞ 'ƌĂŶƚĞĞ͛ƐǁŽƌŬƉůĂĐĞĂŶĚƐƉĞĐŝĨǇŝŶŐĂĐƚŝŽŶƐƚŚĂƚǁŝůůďĞƚĂŬĞŶĂŐĂŝŶƐƚĞŵƉůŽǇĞĞƐĨŽƌǀŝŽůĂƚŝŽŶ ŽĨƐƵĐŚƉƌŽŚŝďŝƚŝŽŶ͘dŚĞ'ƌĂŶƚĞĞŵĂǇĂůƐŽĞƐƚĂďůŝƐŚĂĚƌƵŐͲĨƌĞĞǁŽƌŬƉůĂĐĞĂǁĂƌĞŶĞƐƐ ƉƌŽŐƌĂŵƚŽŝŶĨŽƌŵĞŵƉůŽǇĞĞƐĂďŽƵƚƚŚĞĚĂŶŐĞƌŽĨĚƌƵŐĂďƵƐĞ͕ƚŚĞĂǀĂŝůĂďŝůŝƚǇŽĨĚƌƵŐ ĐŽƵŶƐĞůŝŶŐĂŶĚƉĞŶĂůŝƚŝĞƐĨŽƌǀŝŽůĂƚŝŽŶƐŽĨƚŚĞĚƌƵŐͲĨƌĞĞǁŽƌŬƉůĂĐĞƉŽůŝĐǇ͘ ϭϭͿ/ŶĚĞƉĞŶĚĞŶƚŽŶƚƌĂĐƚŽƌ͘ &ŽƌƚŚĞƉƵƌƉŽƐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͕ƚŚĞ'ƌĂŶƚĞĞƐŚĂůůďĞĚĞĞŵĞĚ ƚŽďĞĂŶŝŶĚĞƉĞŶĚĞŶƚĐŽŶƚƌĂĐƚŽƌĂŶĚŶŽƚĂŶĞŵƉůŽǇĞĞŽĨƚŚĞŝƚǇ͘ŶǇĂŶĚĂůůĞŵƉůŽǇĞĞƐŽĨ ƚŚĞ'ƌĂŶƚĞĞ͕ŽƚŚĞƌƚŚĂŶŝƚǇŵƉůŽǇĞĞƐ͕ǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨĂŶǇǁŽƌŬŽƌ 3DFNHW3J )D ƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďǇƚŚĞ'ƌĂŶƚĞĞƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͕ƐŚĂůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽǇĞĞƐŽĨ ƚŚĞŝƚǇ͘ŶǇĂŶĚĂůůĐůĂŝŵƐďǇĂŶǇƚŚŝƌĚƉĂƌƚǇĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶǇĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞ ƉĂƌƚŽĨƚŚĞ'ƌĂŶƚĞĞ͕ŝƚƐĞŵƉůŽǇĞĞƐŽƌŽƚŚĞƌƉĞƌƐŽŶƐƐŚĂůůďĞƚŚĞŽďůŝŐĂƚŝŽŶŽĨƚŚĞ'ƌĂŶƚĞĞ͘ dŚĞ'ƌĂŶƚĞĞƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂůůĐŽŶƚƌĂĐƚƵĂůŽďůŝŐĂƚŝŽŶƐĞŶƚĞƌĞĚŝŶƚŽƉƵƌƐƵĂŶƚƚŽĂŶĚ ŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘tŝƚŚŚŽůĚŝŶŐĂŶĚƉĂǇŵĞŶƚŽĨĨĞĚĞƌĂůĂŶĚƐƚĂƚĞ ŝŶĐŽŵĞƚĂǆĞƐĂŶĚ&/͕ĂŶĚŝƚƐĞŵƉůŽǇĞĞƐƐŚĂůůďĞƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨƚŚĞ'ƌĂŶƚĞĞ͘dŚĞ 'ƌĂŶƚĞĞƐŚĂůůƉĂǇŽŶďĞŚĂůĨŽĨĐŽŶƚƌŝďƵƚŝŽŶƐƚŽƚŚĞƵŶĞŵƉůŽǇŵĞŶƚĐŽŵƉĞŶƐĂƚŝŽŶĨƵŶĚŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞůĂǁ͘ ϭϮͿ/ŶƐƵƌĂŶĐĞ͘ /ĨĂƉƉůŝĐĂďůĞƚŽƚŚĞ'ƌĂŶƚĞĞ͛ƐZWĐƚŝǀŝƚǇ͕ƚŚĞ'ƌĂŶƚĞĞƐŚĂůů͗ƵƌŝŶŐƚŚĞƚĞƌŵŽĨ ƚŚŝƐŐƌĞĞŵĞŶƚ͕ƐŚĂůůƚĂŬĞŽƵƚ͕ƉĂǇĨŽƌ͕ĂŶĚŵĂŝŶƚĂŝŶƐƵĐŚĐŽŵƉƌĞŚĞŶƐŝǀĞŐĞŶĞƌĂůůŝĂďŝůŝƚǇ ĂŶĚŽƚŚĞƌŝŶƐƵƌĂŶĐĞĂƐǁŝůůƉƌŽǀŝĚĞƉƌŽƚĞĐƚŝŽŶĨƌŽŵ͗ Ă͘ ůĂŝŵƐƵŶĚĞƌǁŽƌŬĞƌ͛ƐĐŽŵƉĞŶƐĂƚŝŽŶ͕ĚŝƐĂďŝůŝƚǇďĞŶĞĨŝƚƐ͕ŽƌŽƚŚĞƌƐŝŵŝůĂƌĞŵƉůŽǇĞĞďĞŶĞĨŝƚ ĂĐƚƐƌĞůĂƚŝŶŐƚŽ'ƌĂŶƚĞĞĞŵƉůŽǇĞĞƐŽŶůǇ͖ ď͘ ůĂŝŵƐĨŽƌĚĂŵĂŐĞƐďĞĐĂƵƐĞŽĨďŽĚŝůǇŝŶũƵƌǇ͕ƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ŽƌĚĞĂƚŚŽĨƐƵďĐŽŶƚƌĂĐƚŽƌ͛Ɛ ĞŵƉůŽǇĞĞƐ͖ Đ͘ ůĂŝŵƐĨŽƌĚĂŵĂŐĞƐďĞĐĂƵƐĞŽĨďŽĚŝůǇŝŶũƵƌǇ͕ƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ŽƌĚĞĂƚŚŽĨĂŶǇƉĞƌƐŽŶ ŽƚŚĞƌƚŚĂŶ'ƌĂŶƚĞĞ͛ƐĞŵƉůŽǇĞĞƐ͖ Ě͘ ůĂŝŵƐĨŽƌĚĂŵĂŐĞƐďĞĐĂƵƐĞŽĨŝŶũƵƌǇŽƌĚĞƐƚƌƵĐƚŝŽŶŽĨƚĂŶŐŝďůĞƉƌŽƉĞƌƚǇ͕ŝŶĐůƵĚŝŶŐƚŚĞůŽƐƐŽĨ ƵƐĞƌĞƐƵůƚŝŶŐƚŚĞƌĞĨŽƌĞ͖ĂŶĚ Ğ͘ ůĂŝŵƐĨŽƌĚĂŵĂŐĞƐďĞĐĂƵƐĞŽĨďŽĚŝůǇŝŶũƵƌǇŽƌĚĞĂƚŚŽĨĂŶǇƉĞƌƐŽŶŽƌƉƌŽƉĞƌƚǇĚĂŵĂŐĞ ĂƌŝƐŝŶŐŽƵƚŽĨƚŚĞŽǁŶĞƌƐŚŝƉ͕ŵĂŝŶƚĞŶĂŶĐĞ͕ŽƌƵƐĞŽĨĂŶǇĞƋƵŝƉŵĞŶƚŽƌŵŽƚŽƌǀĞŚŝĐůĞ͘ ϭϯͿ/ŶĚĞŵŶŝƚǇ͘ 'ƌĂŶƚĞĞƐŚĂůůƐĂǀĞĂŶĚƉƌŽƚĞĐƚ͕ŚŽůĚŚĂƌŵůĞƐƐ͕ŝŶĚĞŵŶŝĨǇĂŶĚĚĞĨĞŶĚŝƚǇ͕ŝƚƐ ĐŽŵŵŝƐƐŝŽŶĞƌƐ͕ŽĨĨŝĐĞƌƐ͕ĂŐĞŶƚƐ͕ĞŵƉůŽǇĞĞƐĂŶĚǀŽůƵŶƚĞĞƌǁŽƌŬĞƌƐĂŐĂŝŶƐƚĂŶǇĂŶĚĂůů ůŝĂďŝůŝƚǇ͕ĐĂƵƐĞƐŽĨĂĐƚŝŽŶ͕ĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐĂŶĚĐŽƐƚƐĂŶĚĞǆƉĞŶƐĞƐ͕ŝŶĐůƵĚŝŶŐďƵƚŶŽƚ ůŝŵŝƚĞĚƚŽĂƚƚŽƌŶĞǇ͛ƐĨĞĞƐ͕ŝŶǀĞƐƚŝŐĂƚŝŽŶĐŽƐƚƐĂŶĚůŝƚŝŐĂƚŝŽŶĐŽƐƚƐ͕ĂƌŝƐŝŶŐĨƌŽŵŽƌĂůůĞŐĞĚůǇ ĂƌŝƐŝŶŐĨƌŽŵŽƌƌĞƐƵůƚŝŶŐĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĨƌŽŵĂŶǇĂĐƚƐĂŶĚŽŵŝƐƐŝŽŶƐĂŶĚͬŽƌ ƉƌŽĨĞƐƐŝŽŶĂůĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽĨ'ƌĂŶƚĞĞŽƌ'ƌĂŶƚĞĞ͛ƐŽĨĨŝĐĞƌƐ͕ĞŵƉůŽǇĞĞƐ͕ ƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ĂŶĚĂĨĨŝůŝĂƚĞƐŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘'ƌĂŶƚĞĞǁŝůůĂƉƉĞĂƌĂŶĚ ĚĞĨĞŶĚĂŐĂŝŶƐƚĂůůůĂǁƐƵŝƚƐĂŐĂŝŶƐƚƚŚĞŝƚǇĂƌŝƐŝŶŐĨƌŽŵŽƌĂůůĞŐĞĚůǇĂƌŝƐŝŶŐĨƌŽŵŽƌƌĞƐƵůƚŝŶŐ ĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĨƌŽŵĂŶǇĂĐƚƐĂŶĚŽŵŝƐƐŝŽŶƐĂŶĚͬŽƌƉƌŽĨĞƐƐŝŽŶĂůĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽĨ 'ƌĂŶƚĞĞ͕Žƌ'ƌĂŶƚĞĞ͛ƐŽĨĨŝĐĞƌƐ͕ĞŵƉůŽǇĞĞƐ͕ƐƵďĐŽŶƚƌĂĐƚŽƌƐĂŶĚĂĨĨŝůŝĂƚĞƐŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞƐ ŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘ ϭϰͿEŽŶĐŽŵƉůŝĂŶĐĞ͘ /ŶƚŚĞĐĂƐĞŽĨŶŽŶĐŽŵƉůŝĂŶĐĞ͕ƚŚĞŝƚǇƐŚĂůůƚĂŬĞƐƵĐŚĂĐƚŝŽŶĂƐŵĂǇďĞ ĂƉƉƌŽƉƌŝĂƚĞƚŽƉƌĞǀĞŶƚĂĐŽŶƚŝŶƵĂŶĐĞŽĨƚŚĞĚĞĨŝĐŝĞŶĐǇ͕ŵŝƚŝŐĂƚĞĂŶǇĂĚǀĞƌƐĞĞĨĨĞĐƚƐŽƌ ĐŽŶƐĞƋƵĞŶĐĞƐ͕ĂŶĚƉƌĞǀĞŶƚĂƌĞĐƵƌƌĞŶĐĞ͕ŝŶĐůƵĚŝŶŐ͕ďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͕ƐƵƐƉĞŶĚŝŶŐ ĚŝƐďƵƌƐĞŵĞŶƚŽĨĨƵŶĚƐ͕ƌĞƋƵŝƌŝŶŐƌĞƉĂǇŵĞŶƚŽĨĨƵŶĚƐƉĂŝĚĨŽƌŶŽŶĐŽŵƉůŝĂŶĐĞĂĐƚŝǀŝƚŝĞƐ͕ĂŶĚ ƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞZWĨƵŶĚŝŶŐ͘ ϭϱͿ^ƵƐƉĞŶƐŝŽŶĂŶĚdĞƌŵŝŶĂƚŝŽŶ͘ dŚŝƐ'ƌĂŶƚŵĂǇďĞĐĂŶĐĞůĞĚďǇƚŚĞŝƚǇĨŽƌĐŽŶǀĞŶŝĞŶĐĞĂƚĂŶǇ ƚŝŵĞ͕ƵƉŽŶƚŚŝƌƚǇ;ϯϬͿĚĂǇƐǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞ'ƌĂŶƚĞĞ͘/ŶƚŚĞĞǀĞŶƚŽĨƐƵĐŚĐĂŶĐĞůůĂƚŝŽŶ͕ 'ƌĂŶƚĞĞƐŚĂůůďĞĞŶƚŝƚůĞĚƚŽƉĂǇŵĞŶƚ͕ĚĞƚĞƌŵŝŶĞĚŽŶĂƉƌŽͲƌĂƚĞĚďĂƐŝƐ͕ĨŽƌǁŽƌŬŽƌƐĞƌǀŝĐĞƐ ƐĂƚŝƐĨĂĐƚŽƌŝůǇƉĞƌĨŽƌŵĞĚ͘dŚĞ'ƌĂŶƚŵĂǇďĞĐĂŶĐĞůĞĚďǇƚŚĞ'ƌĂŶƚĞĞĨŽƌĐŽŶǀĞŶŝĞŶĐĞĂƚĂŶǇ ƚŝŵĞ͕ƵƉŽŶƚŚŝƌƚǇ;ϯϬͿĚĂǇƐǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞŝƚǇ͘/ŶƚŚĞĞǀĞŶƚŽĨƐƵĐŚĐĂŶĐĞůůĂƚŝŽŶ͕ 3DFNHW3J )D 'ƌĂŶƚĞĞƐŚĂůůďĞĞŶƚŝƚůĞĚƚŽƉĂǇŵĞŶƚ͕ĚĞƚĞƌŵŝŶĞĚŽŶĂƉƌŽͲƌĂƚĞĚďĂƐŝƐ͕ĨŽƌǁŽƌŬŽƌƐĞƌǀŝĐĞ ƐĂƚŝƐĨĂĐƚŽƌŝůǇƉĞƌĨŽƌŵĞĚ͘ŶǇĨƵŶĚƐƚŚĂƚŚĂǀĞŶŽƚďĞĞŶƐƉĞŶƚŽŶZWĞǆƉĞŶƐĞƐǁŝůůďĞ ƌĞƚƵƌŶĞĚƚŽƚŚĞŝƚǇ͘ 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ŝŵƉĂŝƌĂŶǇƌŝŐŚƚĂƌŝƐŝŶŐĨƌŽŵĂŶǇƐƵďƐĞƋƵĞŶƚĚĞĨĂƵůƚ͘EŽƚŚŝŶŐŚĞƌĞŝŶƐŚĂůůůŝŵŝƚƚŚĞƌĞŵĞĚŝĞƐ ŽƌƌŝŐŚƚƐŽĨƚŚĞŝƚǇŽƌ'ƌĂŶƚĞĞŚĞƌĞƚŽƵŶĚĞƌĂŶĚƉƵƌƐƵĂŶƚƚŽƚŚŝƐŐƌĞĞŵĞŶƚ͘ ϭϴͿ^ĞǀĞƌĂďůĞWƌŽǀŝƐŝŽŶƐ͘ ĂĐŚƉƌŽǀŝƐŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚŝƐŝŶƚĞŶĚĞĚƚŽďĞƐĞǀĞƌĂďůĞ͘/ĨĂŶǇ ƉƌŽǀŝƐŝŽŶŚĞƌĞŽĨŝƐŝůůĞŐĂůŽƌŝŶǀĂůŝĚĨŽƌĂŶǇƌĞĂƐŽŶǁŚĂƚƐŽĞǀĞƌ͕ƐƵĐŚŝůůĞŐĂůŝƚǇŽƌŝŶǀĂůŝĚŝƚǇ ƐŚĂůůŶŽƚĂĨĨĞĐƚƚŚĞǀĂůŝĚŝƚǇŽĨƚŚĞƌĞŵĂŝŶĚĞƌŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘ ϭϵͿ&ŽƌĐĞDĂũĞƵƌĞ ͘EŽƉĂƌƚǇƚŽƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶǇĚĞůĂǇƐŽƌĨĂŝůƵƌĞƐƚŽ ƉĞƌĨŽƌŵĂŶǇŽďůŝŐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚĚƵĞƚŽĂĐƚƐŽĨ'ŽĚ͕ƐƚƌŝŬĞƐŽƌŽƚŚĞƌ ĚŝƐƚƵƌďĂŶĐĞƐ͕ŝŶĐůƵĚŝŶŐǁŝƚŚŽƵƚůŝŵŝƚĂƚŝŽŶ͕ǁĂƌ͕ŝŶƐƵƌƌĞĐƚŝŽŶ͕ĞŵďĂƌŐŽƐ͕ŐŽǀĞƌŶŵĞŶƚĂů ƌĞƐƚƌŝĐƚŝŽŶƐ͕ĂĐƚƐŽĨŐŽǀĞƌŶŵĞŶƚƐŽƌŐŽǀĞƌŶŵĞŶƚĂůĂƵƚŚŽƌŝƚŝĞƐ͕ĂŶĚŽƚŚĞƌĐĂƵƐĞďĞǇŽŶĚƚŚĞ ĐŽŶƚƌŽůŽĨƐƵĐŚƉĂƌƚǇ͘ ϮϬͿtĂŝǀĞƌ͘ /ĨƚŚĞŝƚǇĨĂŝůƐƚŽĞŶĨŽƌĐĞĂŶǇƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚƚŚĂƚĨĂŝůƵƌĞĚŽĞƐŶŽƚ ǁĂŝǀĞƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨŝƚƐƌŝŐŚƚƚŽĞŶĨŽƌĐĞŝƚ͘ /Et/dE^^d,ZK& ͕ƚŚĞƉĂƌƚŝĞƐŚĂǀĞĐĂƵƐĞĚƚŚŝƐŐƌĞĞŵĞŶƚƚŽďĞĞǆĞĐƵƚĞĚƚŚĞĚĂǇĂŶĚǇĞĂƌ ĨŝƌƐƚĂďŽǀĞǁƌŝƚƚĞŶ͘ /dzK&ZK,^dZ ďǇ͗ďǇ͗ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ /ƚƐDĂǇŽƌ 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ŽŵŵƵŶŝƚǇ>ŝĂŝƐŽŶ^ĞƌǀŝĐĞƐ x DĞĞƚŝŶŐƐͬƉůĂŶŶŝŶŐƐĞƐƐŝŽŶƐǁŝƚŚƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚƐƚĂĨĨĂŶĚͬŽƌĐŽŵŵƵŶŝƚǇ ƐƚĂŬĞŚŽůĚĞƌƐ x ŽŶƐƵůƚŝŶŐƐƵƉƉŽƌƚĂƐƌĞƋƵĞƐƚĞĚďǇƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚ͕ƚŽŝŶĐůƵĚĞďƵƚŶŽƚďĞůŝŵŝƚĞĚ ƚŽ͕ƉƌŽǀŝĚĞƚƌĂŝŶŝŶŐ͕ƚƌĂŝŶŝŶŐŵĂƚĞƌŝĂůƐ͕ŝŶƐƚƌƵĐƚŽƌƐ͕ĂŶĚƚĞĐŚŶŝĐĂůĐŽŶƐƵůƚŝŶŐƐƵƉƉŽƌƚƚŽƚŚĞ ZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚŝŶƚŚĞĂƌĞĂƐŽĨĚŝǀĞƌƐŝƚǇ͕ĞƋƵŝƚǇ͕ĂŶĚŝŶĐůƵƐŝŽŶ͘dƌĂŝŶŝŶŐǁŝůůĂůƐŽ ŝŶĐůƵĚĞƚŽƉŝĐƐŵƵƚƵĂůůǇŝĚĞŶƚŝĨŝĞĚǁŝƚŚƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽ ĚĞͲĞƐĐĂůĂƚŝŽŶ͕ĞĚƵĐĂƚŝŽŶ͕ĂŶĚďĞƐƚƉƌĂĐƚŝĐĞƐ͘ x WƌŽǀŝĚĞƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚǁŝƚŚĂĚĚŝƚŝŽŶĂůĐŽŶƐƵůƚŝŶŐƐƵƉƉŽƌƚŽŶĂŶĂƐͲŶĞĞĚĞĚďĂƐŝƐ͕ ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞZŽĐŚĞƐƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚĂŶĚŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘ 3DFNHW3J )E x WƌŽǀŝĚĞĂĐŝǀŝůŝĂŶŽŵŵƵŶŝƚǇŶŐĂŐĞŵĞŶƚZĞƐƉŽŶƐĞƚĞĂŵǁŚŝĐŚǁŝůůƌĞƐƉŽŶĚƚŽĂĚĚƌĞƐƐƵŶŵĞƚ ĂŶĚͬŽƌƵŶƐĞĞŶŶĞĞĚƐŽĨƚŚĞĐŽŵŵƵŶŝƚǇŽĨZŽĐŚĞƐƚĞƌĚƵƌŝŶŐůĂƌŐĞƐĐĂůĞĐŽŵŵƵŶŝƚǇĞǀĞŶƚƐĂŶĚ ĚƵƌŝŶŐŵƵƚƵĂůůǇĂŐƌĞĞĚƵƉŽŶƚŝŵĞƐĂŶĚůŽĐĂƚŝŽŶƐ͘ǆĂŵƉůĞƐŝŶĐůƵĚĞďƵƚĂƌĞŶŽƚůŝŵŝƚĞĚƚŽ ZŽĐŚĞƐƚĞƌĨĞƐƚ͕dŚƵƌƐĚĂǇƐŽŶ&ŝƌƐƚ͕ĂŶĚƚŚĞĚŽǁŶƚŽǁŶďĂƌĂƌĞĂĚƵƌŝŶŐĐůŽƐŝŶŐƚŝŵĞ͘dŚĞZdƚĞĂŵ 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