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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 % 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ŶĐĂŵƉŵĞŶƚƐĂŶĚƵŶƐŚĞůƚĞƌĞĚŚŽŵĞůĞƐƐŶĞƐƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϲ ZĞƉŽƌƚŝŶŐŶĞǁĐĂƐĞƐŽƌĂƐŬŝŶŐƋƵĞƐƚŝŽŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϳ KƚŚĞƌƌĞƐŽƵƌĐĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϳ ĂĐŬŐƌŽƵŶĚ dŚĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐŝŶƚŚŝƐĚŽĐƵŵĞŶƚĂƉƉůǇƚŽƚŚĞĨŽůůŽǁŝŶŐĐŽŶŐƌĞŐĂƚĞƐĞƚƚŝŶŐƐ͗ŚŽŵĞůĞƐƐƐĞƌǀŝĐĞ ƐĞƚƚŝŶŐƐĂŶĚĞŶĐĂŵƉŵĞŶƚƐ͕ĚŽŵĞƐƚŝĐǀŝŽůĞŶĐĞƐŚĞůƚĞƌƐ͕ǇŽƵƚŚƐŚĞůƚĞƌƐ͕ƚƌĂŶƐŝƚŝŽŶĂůŚŽƵƐŝŶŐ͕ƉĞƌŵĂŶĞŶƚ ƐƵƉƉŽƌƚŝǀĞŚŽƵƐŝŶŐ͕ƵŶůŝĐĞŶƐĞĚƐŽďĞƌŚŽŵĞƐ͕ŚĂůĨǁĂǇŚŽƵƐĞƐ͕ĞƉĂƌƚŵĞŶƚŽĨŽƌƌĞĐƚŝŽŶƐͲůŝĐĞŶƐĞĚ ĐŽŵŵƵŶŝƚǇͲďĂƐĞĚƌĞƐŝĚĞŶƚŝĂůƉƌŽŐƌĂŵƐ͕ĂŶĚďŽĂƌĚĂŶĚůŽĚŐĞƐ͘ dŚŝƐŝŶƚĞƌŝŵŐƵŝĚĂŶĐĞŝƐďĂƐĞĚŽŶǁŚĂƚŝƐĐƵƌƌĞŶƚůǇŬŶŽǁŶĂďŽƵƚƚŚĞƚƌĂŶƐŵŝƐƐŝŽŶĂŶĚƐĞǀĞƌŝƚǇŽĨKs/Ͳ ϭϵ͘dŚŝƐŐƵŝĚĂŶĐĞǁŝůůďĞƵƉĚĂƚĞĚĂƐŶĞĞĚĞĚĂŶĚĂƐĂĚĚŝƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶŝƐĂǀĂŝůĂďůĞ͘WůĞĂƐĞĐŚĞĐŬ ŽŵŵƵŶŝƚǇ^ĞƚƚŝŶŐƐ͗Ks/Ͳϭϵ;ǁǁǁ͘ŚĞĂůƚŚ͘ƐƚĂƚĞ͘ŵŶ͘ƵƐͬĚŝƐĞĂƐĞƐͬĐŽƌŽŶĂǀŝƌƵƐͬĐŽŵŵƵŶŝƚŝĞƐ͘ŚƚŵůͿĨŽƌ ƵƉĚĂƚĞĚŝŶƚĞƌŝŵŐƵŝĚĂŶĐĞ͘ Ks/ͲϭϵƉƌĞǀĞŶƚŝŽŶ ƌĞĂƚĞĂƉƌĞƉĂƌĞĚŶĞƐƐƉůĂŶ ,ŽƵƐŝŶŐĚŝƌĞĐƚŽƌƐĂŶĚŵĂŶĂŐĞƌƐƐŚŽƵůĚƉƌĞƉĂƌĞKs/ͲϭϵƉƌĞƉĂƌĞĚŶĞƐƐƉůĂŶƐ͘dŚĞƐĞƉůĂŶƐƐŚŽƵůĚ ŝŶĐůƵĚĞ͗ ^ƚƌĂƚĞŐŝĞƐƚŽĐŽǀĞƌƐƚĂĨĨŝŶŐƐŚŽƌƚĂŐĞƐ͕ƌĞĨĞƌƚŽŶĞǆƚƐĞĐƚŝŽŶ͘ ^ƚƌĂƚĞŐŝĞƐƚŽŝŶĐƌĞĂƐĞŝŶĨĞĐƚŝŽŶƉƌĞǀĞŶƚŝŽŶ͘ ϮŽĨϭϳ 3DFNHW3J +I ,KD>^^^,>dZ^EKd,ZKE'Z'd^dd/E'^͗/EdZ/D'h/E ඵŶƐƵƌĞƚŚĂƚƚŚĞŝŵƉŽƌƚĂŶĐĞŽĨƐƚĂǇŝŶŐŚŽŵĞǁŚĞŶŝůůŝƐĐŽŵŵƵŶŝĐĂƚĞĚƚŽƐƚĂĨĨĂŶĚƚŚĂƚƐƚĂĨĨĂƌĞ ĂǁĂƌĞŽĨĂůůƐŝĐŬůĞĂǀĞƉŽůŝĐŝĞƐ͘ hƐŝŶŐŵĂƐŬƐĂŶĚŽƚŚĞƌƉĞƌƐŽŶĂůƉƌŽƚĞĐƚŝǀĞĞƋƵŝƉŵĞŶƚĂƐƌĞĐŽŵŵĞŶĚĞĚŝŶƚŚŝƐĚŽĐƵŵĞŶƚ͘ ŽŵŵƵŶŝĐĂƚŝŶŐǁŝƚŚĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐ͕ĨĂŵŝůŝĞƐ͕ĂŶĚƐƚĂĨĨ͘ WůĂŶĨŽƌƐƚĂĨĨŝŶŐƐŚŽƌƚĂŐĞƐ ,ŽƵƐŝŶŐĚŝƌĞĐƚŽƌƐĂŶĚŵĂŶĂŐĞƌƐƐŚŽƵůĚƉůĂŶĨŽƌƐƚĂĨĨŝŶŐƐŚŽƌƚĂŐĞƐ͘/ĨǇŽƵĂŶƚŝĐŝƉĂƚĞĂƐƚĂĨĨŝŶŐƐŚŽƌƚĂŐĞ͕ ƉůĞĂƐĞƌĞǀŝĞǁKs/ͲϭϵŵĞƌŐĞŶĐǇ^ƚĂĨĨŝŶŐ͗&ƌĞƋƵĞŶƚůǇƐŬĞĚYƵĞƐƚŝŽŶƐ;ŵŶ͘ŐŽǀͬĚŚƐͬĐŽǀŝĚͲƐƚĂĨĨŝŶŐͬͿ ĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚŵĂŬŝŶŐĂƌĞƋƵĞƐƚƚŽƚŚĞƐƚĂƚĞƐƚĂĨĨŝŶŐƉŽŽů͘ ,ŽƵƐŝŶŐĚŝƌĞĐƚŽƌƐĂŶĚŵĂŶĂŐĞƌƐƐŚŽƵůĚŚĂǀĞƐƚƌĂƚĞŐŝĞƐƚŽĐŽǀĞƌƐƚĂĨĨŝŶŐƐŚŽƌƚĂŐĞƐŝŶĐĂƐĞƐŽŵĞƐƚĂĨĨ ǁŝƚŚŽƵƚƐǇŵƉƚŽŵƐƚĞƐƚƉŽƐŝƚŝǀĞĨŽƌKs/Ͳϭϵ͘ /ĚĞŶƚŝĨǇǁŚŝĐŚƐƚĂĨĨǁŽƵůĚďĞĂƐƐŝŐŶĞĚƚŽĐŽǀĞƌĞĂĐŚŽƚŚĞƌ͛ƐƉŽƐŝƚŝŽŶƐĂŶĚĂƚƚĞŵƉƚƚŽƐƚĂŐŐĞƌƚŚĞŝƌ ƐŚŝĨƚƐ͕ƐŽƚŚĞǇĂƌĞŶŽƚǁŽƌŬŝŶŐƚŚĞƐĂŵĞƐĐŚĞĚƵůĞƐƚŽŵŝŶŝŵŝǌĞƚŚĞƌŝƐŬŽĨďŽƚŚďĞŝŶŐĞǆĐůƵĚĞĚĂƚ ƚŚĞƐĂŵĞƚŝŵĞ͘ /ĨƉŽƐƐŝďůĞ͕ĐƌŽƐƐͲƚƌĂŝŶƉĞƌƐŽŶŶĞůƚŽƉĞƌĨŽƌŵĞƐƐĞŶƚŝĂůĨƵŶĐƚŝŽŶƐƐŽƚŚĞĨĂĐŝůŝƚǇŝƐĂďůĞƚŽŽƉĞƌĂƚĞĞǀĞŶ ŝĨŬĞǇĞŵƉůŽǇĞĞƐĂƌĞĂďƐĞŶƚ͘ WƵƚŝŶƉůĂĐĞKs/ͲϭϵĐŽŶƚƌŽůĂŶĚƉƌĞǀĞŶƚŝŽŶŵĞĂƐƵƌĞƐ ,ĂǀŝŶŐƐƚƌŽŶŐŝŶĨĞĐƚŝŽŶĐŽŶƚƌŽůŵĞĂƐƵƌĞƐŝŶƉůĂĐĞŝƐŝŵƉŽƌƚĂŶƚƚŽƌĞĚƵĐŝŶŐƚŚĞƐƉƌĞĂĚŽĨKs/Ͳϭϵ͗ >ŝŵŝƚƚŚĞŶƵŵďĞƌŽĨƉĞŽƉůĞĂůůŽǁĞĚĂƚŽŶĞƚŝŵĞŝŶƌĞĐƌĞĂƚŝŽŶĂůĂƌĞĂƐ͕ŬŝƚĐŚĞŶƐ͕ĂŶĚĚŝŶŝŶŐĂƌĞĂƐ͕ƐŽ ĞǀĞƌǇŽŶĞĐĂŶƐƚĂǇĂƚůĞĂƐƚϲĨĞĞƚĂƉĂƌƚ͘ ŽĞŶĚͲŽĨͲƐŚŝĨƚĂƐƐĞƐƐŵĞŶƚƐǁŝƚŚƐƚĂĨĨƚŽŝĚĞŶƚŝĨǇ͗ ඵ/ŶƐƚĂŶĐĞƐǁŚĞƌĞƉĞƌƐŽŶĂůƉƌŽƚĞĐƚŝǀĞĞƋƵŝƉŵĞŶƚǁĂƐŶŽƚƵƐĞĚ͘ ඵ/ŶƐƚĂŶĐĞƐŽĨƉŽƚĞŶƚŝĂůĐŽŶƚĂĐƚďĞƚǁĞĞŶƐƚĂĨĨĂŶĚĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐǁŝƚŚKs/Ͳϭϵ͘ tĂƚĐŚĐůŽƐĞůǇĨŽƌƚŚĞƌĞͲŝŶƚƌŽĚƵĐƚŝŽŶŽĨKs/ͲϭϵŝŶƚŽƚŚĞĨĂĐŝůŝƚǇ͘ /ĚĞŶƚŝĨǇŽŶĞŽƌŵŽƌĞƐƚĂĨĨŵĞŵďĞƌƐ;ŝŶĨĞĐƚŝŽŶƉƌĞǀĞŶƚŝŽŶŝƐƚƐͿǁŚŽĐĂŶĞĚƵĐĂƚĞĂŶĚŵŽŶŝƚŽƌƚŚŝƐ ŐƵŝĚĂŶĐĞƚŽŵĂŬĞƐƵƌĞĞǀĞƌǇŽŶĞůŝǀŝŶŐŽƌǁŽƌŬŝŶŐŝŶƚŚĞĨĂĐŝůŝƚǇŝƐƚĂŬŝŶŐĂůůŶĞĐĞƐƐĂƌǇƐƚĞƉƐƚŽƉƌĞǀĞŶƚ ƚŚĞƐƉƌĞĂĚKs/Ͳϭϵ͘ ĞĂǁĂƌĞŽĨƐǇŵƉƚŽŵƐ &ĂĐŝůŝƚǇƐƚĂĨĨĂŶĚĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐŶĞĞĚƚŽďĞĂǁĂƌĞŽĨƚŚĞƐŝŐŶƐĂŶĚƐǇŵƉƚŽŵƐŽĨKs/Ͳϭϵ͘dŚĞ ĐŽŵŵŽŶKs/ͲϭϵƐǇŵƉƚŽŵƐĂƌĞ͗ &ĞǀĞƌŽƌĐŚŝůůƐ ŽƵŐŚ ^ŚŽƌƚŶĞƐƐŽĨďƌĞĂƚŚŽƌĚŝĨĨŝĐƵůƚǇďƌĞĂƚŚŝŶŐ &ĂƚŝŐƵĞ ϯŽĨϭϳ 3DFNHW3J +I ,KD>^^^,>dZ^EKd,ZKE'Z'd^dd/E'^͗/EdZ/D'h/E DƵƐĐůĞŽƌďŽĚǇĂĐŚĞƐ ,ĞĂĚĂĐŚĞ EĞǁůŽƐƐŽĨƚĂƐƚĞŽƌƐŵĞůů ^ŽƌĞƚŚƌŽĂƚ ŽŶŐĞƐƚŝŽŶŽƌƌƵŶŶǇŶŽƐĞ EĂƵƐĞĂŽƌǀŽŵŝƚŝŶŐ ŝĂƌƌŚĞĂ ^ƚĂĨĨƐŚŽƵůĚŬŶŽǁƚŚĞƐŝŐŶƐŽĨƐĞƌŝŽƵƐŝůůŶĞƐƐƚŚĂƚƌĞƋƵŝƌĞĞŵĞƌŐĞŶĐǇĐĂƌĞ͘^ĞƌŝŽƵƐƐǇŵƉƚŽŵƐŵĂǇ ŝŶĐůƵĚĞ͗ ^ĞǀĞƌĞƚƌŽƵďůĞďƌĞĂƚŚŝŶŐ >ĂƐƚŝŶŐĐŚĞƐƚƉĂŝŶŽƌƉƌĞƐƐƵƌĞ EĞǁĐŽŶĨƵƐŝŽŶ hŶĂďůĞƚŽǁĂŬĞƵƉŽƌƐƚĂǇĂǁĂŬĞ WĂůĞ͕ŐƌĂǇ͕ŽƌďůƵĞͲĐŽůŽƌĞĚƐŬŝŶ͕ůŝƉƐ͕ŽƌŶĂŝůďĞĚƐ͕ĚĞƉĞŶĚŝŶŐŽŶƐŬŝŶƚŽŶĞ ^ƚĂĨĨƐŚŽƵůĚĐŚĞĐŬĨŽƌĐŽŵŵŽŶƐǇŵƉƚŽŵƐŽĨKs/ͲϭϵǁŚĞŶŶĞǁƉĞŽƉůĞĞŶƚĞƌƚŚĞĨĂĐŝůŝƚǇ;Ğ͘Ő͕͘ĚƵƌŝŶŐ ŝŶƚĂŬĞͿ͘^ƚĂĨĨƐŚŽƵůĚŶŽƚĂůůŽǁƉĞŽƉůĞǁŝƚŚƐƵƐƉĞĐƚĞĚĨĞǀĞƌ͕ŽƌǁŝƚŚƐǇŵƉƚŽŵƐĚĞƐĐƌŝďĞĚĂďŽǀĞ͕ƚŽĞŶƚĞƌ ƚŚĞĨĂĐŝůŝƚǇ͘ZĞĨĞƌƚŽƚŚĞKs/ͲϭϵŵĂŶĂŐĞŵĞŶƚƐĞĐƚŝŽŶŽĨƚŚŝƐĚŽĐƵŵĞŶƚŝĨƐŽŵĞŽŶĞŚĂƐƐǇŵƉƚŽŵƐ͘ ,ŽƵƐŝŶŐĚŝƌĞĐƚŽƌƐĂŶĚŵĂŶĂŐĞƌƐƐŚŽƵůĚŵĂŬĞƐƵƌĞƐƚĂĨĨĂŶĚĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐŬŶŽǁŚŽǁƚŽĂƐŬĨŽƌŚĞůƉ͕ ĐĂůůϵϭϭ͕ĂŶĚƌĞƉŽƌƚKs/ͲϭϵƐǇŵƉƚŽŵƐ͘ ,ŽƵƐŝŶŐĚŝƌĞĐƚŽƌƐĂŶĚŵĂŶĂŐĞƌƐƐŚŽƵůĚŵĂŬĞƐƵƌĞƐƚĂĨĨĂŶĚĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐŬŶŽǁŚŽǁƚŽĂĐĐĞƐƐĂ ƚŚĞƌŵŽŵĞƚĞƌ͘ /ĨĐĂƐĞƐŝŶĐƌĞĂƐĞŽƌŵƵůƚŝƉůĞĐĂƐĞƐĂƌĞŝĚĞŶƚŝĨŝĞĚŽŶƐŝƚĞ͕ĚĂŝůǇƐǇŵƉƚŽŵƐĐƌĞĞŶŝŶŐĨŽƌƐƚĂĨĨ͕ǀŽůƵŶƚĞĞƌƐ͕ ĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐ͕ĂŶĚŽƚŚĞƌǀŝƐŝƚŽƌƐŝƐƌĞĐŽŵŵĞŶĚĞĚ͘ ^ƚĂĨĨŵĂǇƵƐĞĂŶĚĂĚĂƉƚƚŚĞƐĐƌĞĞŶŝŶŐĨŽƌŵ͕͗^ĐƌĞĞŶŝŶŐůŝĞŶƚƐĨŽƌKs/ͲϭϵĂƚ,ŽŵĞůĞƐƐ^ŚĞůƚĞƌƐ ŽƌŶĐĂŵƉŵĞŶƚƐ;ǁǁǁ͘ĐĚĐ͘ŐŽǀͬĐŽƌŽŶĂǀŝƌƵƐͬϮϬϭϵͲŶĐŽǀͬĐŽŵŵƵŶŝƚǇͬŚŽŵĞůĞƐƐͲƐŚĞůƚĞƌƐͬƐĐƌĞĞŶŝŶŐͲ ĐůŝĞŶƚƐͲƌĞƐƉŝƌĂƚŽƌǇͲŝŶĨĞĐƚŝŽŶͲƐǇŵƉƚŽŵƐ͘ŚƚŵůͿ͘ /ĨĂƉƵůƐĞŽǆŝŵĞƚĞƌŝƐĂǀĂŝůĂďůĞ͕ǁĞƌĞĐŽŵŵĞŶĚƚŚĂƚƐƚĂĨĨĐŚĞĐŬĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐǁŚŽĂƌĞŝŶƋƵĂƌĂŶƚŝŶĞ ŽƌŝƐŽůĂƚŝŽŶĂƚůĞĂƐƚĚĂŝůǇƚŽĚĞƚĞƌŵŝŶĞŚŽǁŵƵĐŚŽǆǇŐĞŶŝƐŝŶƚŚĞŝƌďůŽŽĚ͘/ĨĂƉĞƌƐŽŶ͛ƐƉƵůƐĞ ŽǆǇŐĞŶĂƚŝŽŶ͕ǁŚŝĐŚŝƐƚŚĞ͞й^ƉKϮ͟ƌĞĂĚŝŶŐŽŶƚŚĞŽǆŝŵĞƚĞƌ͕ŝƐůĞƐƐƚŚĂŶϵϰй͕ƐƚĂĨĨƐŚŽƵůĚĐŽŶƚĂĐƚĂ ŵĞĚŝĐĂůƉƌŽĨĞƐƐŝŽŶĂůĨŽƌŵŽƌĞĞǀĂůƵĂƚŝŽŶ͘ ,ŽƵƐŝŶŐĚŝƌĞĐƚŽƌƐĂŶĚŵĂŶĂŐĞƌƐƐŚŽƵůĚŵĂŬĞƚĞƐƚŝŶŐĂŚŝŐŚƉƌŝŽƌŝƚǇĨŽƌƐƚĂĨĨĂŶĚĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐ͘ Ks/ͲϭϵĐĂŶƐƉƌĞĂĚƋƵŝĐŬůǇŝŶĐŽŶŐƌĞŐĂƚĞƐĞƚƚŝŶŐƐ͕ƐŽŝƚŝƐŝŵƉŽƌƚĂŶƚĨŽƌƐƚĂĨĨĂŶĚĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐƚŽ ŐĞƚƚĞƐƚĞĚŝĨƚŚĞǇŚĂǀĞĐŚŝůůƐ͕ĨĞǀĞƌ͕ŽƌŽƚŚĞƌƐǇŵƉƚŽŵƐŽĨKs/Ͳϭϵ͘DŽƌĞŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚĞƐƚŝŶŐĐĂŶ ϰŽĨϭϳ 3DFNHW3J +I ,KD>^^^,>dZ^EKd,ZKE'Z'd^dd/E'^͗/EdZ/D'h/E ďĞĨŽƵŶĚĂƚKs/ͲϭϵdĞƐƚŝŶŐ͗ŽŶŐƌĞŐĂƚĞ^ĞƚƚŝŶŐƐĨŽƌWĞŽƉůĞǆƉĞƌŝĞŶĐŝŶŐ,ŽŵĞůĞƐƐŶĞƐƐŽƌ>ŝǀŝŶŐŝŶ ŵĞƌŐĞŶĐǇ^ŚĞůƚĞƌƐ;ǁǁǁ͘ŚĞĂůƚŚ͘ƐƚĂƚĞ͘ŵŶ͘ƵƐͬĚŝƐĞĂƐĞƐͬĐŽƌŽŶĂǀŝƌƵƐͬŐƵŝĚĞƚĞƐƚƐŚĞůƚĞƌ͘ƉĚĨͿ͘ tĞĂƌĂǁĞůůͲĨŝƚƚĞĚĨĂĐĞŵĂƐŬĂŶĚƵƐĞƉĞƌƐŽŶĂůƉƌŽƚĞĐƚŝǀĞĞƋƵŝƉŵĞŶƚ ůůƉĞŽƉůĞ͕ŝŶĐůƵĚŝŶŐƉĞŽƉůĞǁŚŽĂƌĞĨƵůůǇǀĂĐĐŝŶĂƚĞĚƐŚŽƵůĚĐŽŶƚŝŶƵĞƚŽǁĞĂƌĂǁĞůůͲĨŝƚƚĞĚŵĂƐŬŝŶ ĐŽƌƌĞĐƚŝŽŶĂůĨĂĐŝůŝƚŝĞƐĂŶĚŚŽŵĞůĞƐƐƐŚĞůƚĞƌƐ͘dŚŝƐŐƵŝĚĂŶĐĞĐĂŶďĞĨŽƵŶĚĂƚ͗/ŶƚĞƌŝŵWƵďůŝĐ,ĞĂůƚŚ ZĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌ&ƵůůǇsĂĐĐŝŶĂƚĞĚWĞŽƉůĞ;ǁǁǁ͘ĐĚĐ͘ŐŽǀͬĐŽƌŽŶĂǀŝƌƵƐͬϮϬϭϵͲŶĐŽǀͬǀĂĐĐŝŶĞƐͬĨƵůůǇͲ ǀĂĐĐŝŶĂƚĞĚͲŐƵŝĚĂŶĐĞ͘ŚƚŵůͿ͘ ZĞǀŝĞǁZĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌtĞĂƌŝŶŐDĂƐŬƐ ;ǁǁǁ͘ŚĞĂůƚŚ͘ƐƚĂƚĞ͘ŵŶ͘ƵƐͬĚŝƐĞĂƐĞƐͬĐŽƌŽŶĂǀŝƌƵƐͬĨĂĐĞĐŽǀĞƌ͘ŚƚŵůͿĨŽƌŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚŵĂƐŬŝŶŐ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐŽƵƚƐŝĚĞŽĨĐŽƌƌĞĐƚŝŽŶĂůĨĂĐŝůŝƚŝĞƐĂŶĚŚŽŵĞůĞƐƐƐŚĞůƚĞƌƐ͘ ŚĞĐŬůŽĐĂůůĂǁƐĨŽƌĂĚĚŝƚŝŽŶĂůŵĂƐŬŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐ͘ /ĨƚŚĞƐƵƉƉůǇŝƐĂǀĂŝůĂďůĞ͕ƐƚĂĨĨƐŚŽƵůĚǁĞĂƌĂ<EϵϱŽƌĂǁĞůůͲĨŝƚƚŝŶŐŵĞĚŝĐĂůͲŐƌĂĚĞĨĂĐĞŵĂƐŬĚƵƌŝŶŐƚŚĞŝƌ ĞŶƚŝƌĞƐŚŝĨƚ͘dŚŝƐŐƵŝĚĂŶĐĞŝŶĐůƵĚĞƐŝŶďƌĞĂŬƌŽŽŵƐĂŶĚŽƚŚĞƌĐŽŵŵŽŶĂƌĞĂƐǁŚĞƌĞƐƚĂĨĨǁŝůůďĞĂƌŽƵŶĚ ĐŽǁŽƌŬĞƌƐ͘ /ĨƚŚĞƐƵƉƉůǇŽĨĚŝƐƉŽƐĂďůĞŵĞĚŝĐĂůͲŐƌĂĚĞĨĂĐĞŵĂƐŬƐŝƐůŝŵŝƚĞĚ͕ǁĂƐŚĂďůĞŚŽŵĞŵĂĚĞŵĂƐŬƐŵĂǇďĞ ƵƐĞĚ͘EŽƚĞ͗ůŽƚŚŵĂƐŬƐĂƌĞŶŽƚĐŽŶƐŝĚĞƌĞĚƉĞƌƐŽŶĂůƉƌŽƚĞĐƚŝǀĞĞƋƵŝƉŵĞŶƚ͘ /ĨƐƚĂĨĨĂƌĞǁŽƌŬŝŶŐǁŝƚŚĂĐůŝĞŶƚͬƌĞƐŝĚĞŶƚǁŚŽŝƐŝŶƋƵĂƌĂŶƚŝŶĞŽƌŝƐŽůĂƚŝŽŶ͕ŽƌƐƚĂĨĨĐĂŶŶŽƚŵĂŝŶƚĂŝŶϲͲ ĨĞĞƚŽĨƐŽĐŝĂůĚŝƐƚĂŶĐŝŶŐǁŝƚŚĂĐůŝĞŶƚͬƌĞƐŝĚĞŶƚŽƌƐƚĂĨĨŵĞŵďĞƌ͕ĞǇĞƉƌŽƚĞĐƚŝŽŶƐŚŽƵůĚďĞǁŽƌŶ͘ ĚĚŝƚŝŽŶĂůŐƵŝĚĂŶĐĞŽŶƵƐŝŶŐŵĂƐŬƐ͕ŐůŽǀĞƐ͕ŐŽǁŶƐ͕ĞƚĐ͘ƚŽƉƌĞǀĞŶƚƚŚĞƐƉƌĞĂĚŽĨƌĞƐƉŝƌĂƚŽƌǇĚƌŽƉůĞƚƐ ǁŚŝůĞďƌĞĂƚŚŝŶŐ͕ƚĂůŬŝŶŐ͕ƐŶĞĞǌŝŶŐ͕ŽƌĐŽƵŐŚŝŶŐ;ƐŽƵƌĐĞĐŽŶƚƌŽůͿĐĂŶďĞĨŽƵŶĚĂƚ͗/ŶƚĞƌŝŵ/ŶĨĞĐƚŝŽŶ WƌĞǀĞŶƚŝŽŶĂŶĚŽŶƚƌŽůZĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌ,ĞĂůƚŚĐĂƌĞWĞƌƐŽŶŶĞůĚƵƌŝŶŐƚŚĞŽƌŽŶĂǀŝƌƵƐŝƐĞĂƐĞ ϮϬϭϵ;Ks/ͲϭϵͿ;ǁǁǁ͘ĐĚĐ͘ŐŽǀͬĐŽƌŽŶĂǀŝƌƵƐͬϮϬϭϵͲŶĐŽǀͬŚĐƉͬŝŶĨĞĐƚŝŽŶͲĐŽŶƚƌŽůͲƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ͘ŚƚŵůͿ͘ DŽƌĞŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚŚŽǁƚŽŝŵƉƌŽǀĞƚŚĞǁĂǇĂŵĂƐŬĨŝƚƐĐĂŶďĞĨŽƵŶĚĂƚ͗/ŵƉƌŽǀĞ,ŽǁzŽƵƌ DĂƐŬWƌŽƚĞĐƚƐzŽƵ;ǁǁǁ͘ĐĚĐ͘ŐŽǀͬĐŽƌŽŶĂǀŝƌƵƐͬϮϬϭϵͲŶĐŽǀͬǇŽƵƌͲŚĞĂůƚŚͬĞĨĨĞĐƚŝǀĞͲŵĂƐŬƐ͘ŚƚŵůͿ͘ ,ŽƵƐŝŶŐĚŝƌĞĐƚŽƌƐĂŶĚŵĂŶĂŐĞƌƐƐŚŽƵůĚŵĂŬĞƐƵƌĞƐƚĂĨĨĂƌĞƚƌĂŝŶĞĚĂŶĚĂďůĞƚŽĐŽƌƌĞĐƚůǇƉƵƚŽŶĂŶĚƚĂŬĞ ŽĨĨƉĞƌƐŽŶĂůƉƌŽƚĞĐƚŝǀĞĞƋƵŝƉŵĞŶƚ͘sŝĚĞŽŝŶƐƚƌƵĐƚŝŽŶƐĂƌĞĂǀĂŝůĂďůĞĂƚŽŶŶŝŶŐĂŶĚŽĨĨŝŶŐsŝĚĞŽ sŝŐŶĞƚƚĞƐ;ǁǁǁ͘ŚĞĂůƚŚ͘ƐƚĂƚĞ͘ŵŶ͘ƵƐͬĚŝƐĞĂƐĞƐͬŚĐŝĚͬǀŝĚĞŽƐ͘ŚƚŵůͿ͘ ,ŽƵƐŝŶŐĚŝƌĞĐƚŽƌƐĂŶĚŵĂŶĂŐĞƌƐƐŚŽƵůĚŐƵŝĚĞƐƚĂĨĨŽŶƌĞƵƐŝŶŐƉĞƌƐŽŶĂůƉƌŽƚĞĐƚŝǀĞĞƋƵŝƉŵĞŶƚ͘DŽƌĞ ŝŶĨŽƌŵĂƚŝŽŶĐĂŶďĞĨŽƵŶĚĂƚ͗KƉƚŝŵŝǌŝŶŐWĞƌƐŽŶĂůWƌŽƚĞĐƚŝǀĞƋƵŝƉŵĞŶƚ;WWͿ^ƵƉƉůŝĞƐ ;ǁǁǁ͘ĐĚĐ͘ŐŽǀͬĐŽƌŽŶĂǀŝƌƵƐͬϮϬϭϵͲŶĐŽǀͬŚĐƉͬƉƉĞͲƐƚƌĂƚĞŐǇͬŝŶĚĞǆ͘ŚƚŵůͿ͘ EŽƚĞ͗WĞƌƐŽŶĂůƉƌŽƚĞĐƚŝǀĞĞƋƵŝƉŵĞŶƚƵƐĞĚŝŶĐĂƌŝŶŐĨŽƌƉĞŽƉůĞǁŝƚŚƐƵƐƉĞĐƚĞĚŽƌĐŽŶĨŝƌŵĞĚKs/ͲϭϵŝƐ ĐŽǀĞƌĞĚŝŶĂůĂƚĞƌƐĞĐƚŝŽŶŽĨƚŚŝƐŐƵŝĚĂŶĐĞĚŽĐƵŵĞŶƚ͘ ϱŽĨϭϳ 3DFNHW3J +I ,KD>^^^,>dZ^EKd,ZKE'Z'd^dd/E'^͗/EdZ/D'h/E ZĞĐĞŝǀĞǇŽƵƌKs/ͲϭϵǀĂĐĐŝŶĂƚŝŽŶ ƉĞƌƐŽŶŝƐĐŽŶƐŝĚĞƌĞĚĨƵůůǇǀĂĐĐŝŶĂƚĞĚŝĨŝƚŚĂƐďĞĞŶŵŽƌĞƚŚĂŶƚǁŽǁĞĞŬƐ;ϭϰĚĂǇƐͿƐŝŶĐĞƚŚĞǇŐŽƚ ĞŝƚŚĞƌƚŚĞŝƌƐĞĐŽŶĚĚŽƐĞŽĨĂƚǁŽͲĚŽƐĞǀĂĐĐŝŶĞŽƌŽŶĞĚŽƐĞŽĨĂƐŝŶŐůĞͲĚŽƐĞǀĂĐĐŝŶĞ͘ ŚĂŶŐĞƐƚŽŐƵŝĚĂŶĐĞĂŶĚŵŝƚŝŐĂƚŝŽŶƐƚƌĂƚĞŐŝĞƐĂƌĞŶŽƚƌĞĐŽŵŵĞŶĚĞĚďĂƐĞĚŽŶǀĂĐĐŝŶĂƚŝŽŶƌĂƚĞƐŽĨƐƚĂĨĨ ĂŶĚĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐ͘DĂƐŬŝŶŐ͕ƉŚǇƐŝĐĂůĚŝƐƚĂŶĐŝŶŐ͕ĂŶĚĨƌĞƋƵĞŶƚŚĂŶĚǁĂƐŚŝŶŐĂƌĞŝŵƉŽƌƚĂŶƚŵĞĂƐƵƌĞƐ ƚŽĐŽŶƚŝŶƵĞǁŚŝůĞƚŚĞǀŝƌƵƐŝƐƐƚŝůůŝŶŽƵƌĐŽŵŵƵŶŝƚŝĞƐ͘ ^ƚĂĨĨŽƌĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐŵĂǇĚĞǀĞůŽƉƐŝĚĞĞĨĨĞĐƚƐŝŵŵĞĚŝĂƚĞůǇĨŽůůŽǁŝŶŐǀĂĐĐŝŶĂƚŝŽŶ͕ǁŚŝĐŚŝƐŶŽƌŵĂů͘/Ĩ ƚŚĞƐĞƐŝĚĞĞĨĨĞĐƚƐĚŽŶŽƚŐŽĂǁĂǇŝŶƚŚƌĞĞĚĂǇƐ͕ĐŽŶƚĂĐƚĂŚĞĂůƚŚĐĂƌĞƉƌŽǀŝĚĞƌ͘&ŽƌŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶ͕ ƌĞǀŝĞǁ͗WŽƐƐŝďůĞ^ŝĚĞĨĨĞĐƚƐĨƚĞƌ'ĞƚƚŝŶŐĂKs/ͲϭϵsĂĐĐŝŶĞ;ǁǁǁ͘ĐĚĐ͘ŐŽǀͬĐŽƌŽŶĂǀŝƌƵƐͬϮϬϭϵͲ ŶĐŽǀͬǀĂĐĐŝŶĞƐͬĞǆƉĞĐƚͬĂĨƚĞƌ͘ŚƚŵůͿ͘ &ŽƌŐƵŝĚĂŶĐĞĂďŽƵƚŝƐŽůĂƚŝŽŶĂŶĚƋƵĂƌĂŶƚŝŶĞ͕ƌĞǀŝĞǁƚŚĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌĨƵůůǇǀĂĐĐŝŶĂƚĞĚƐƚĂĨĨŽƌ ƌĞĐŽǀĞƌĞĚƐƚĂĨĨĂŶĚƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌĨƵůůǇǀĂĐĐŝŶĂƚĞĚĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐŽƌƌĞĐŽǀĞƌĞĚ ĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐƐĞĐƚŝŽŶƐŝŶƚŚŝƐĚŽĐƵŵĞŶƚ͘ ^ƚĂĨĨĐĂŶƌĞƋƵĞƐƚĂŶŽŶƐŝƚĞǀĂĐĐŝŶĂƚŽƌĨŽƌƚŚĞŝƌĨĂĐŝůŝƚǇƵƐŝŶŐƚŚŝƐĨŽƌŵ͗Ks/ͲϭϵsĂĐĐŝŶĂƚŝŽŶƐƐŝƐƚĂŶĐĞ ĂŶĚ^ƵƌŐĞ^ƚĂĨĨZĞƋƵĞƐƚ;ŚƚƚƉƐ͗ͬͬƌĞĚĐĂƉͲǀĂĐ͘ǁĞď͘ŚĞĂůƚŚ͘ƐƚĂƚĞ͘ŵŶ͘ƵƐͬƌĞĚĐĂƉͬƐƵƌǀĞǇƐ͍ͬƐсϴZ,zW>d>ϴͿ͘ ,ŽƵƐŝŶŐĚŝƌĞĐƚŽƌƐĂŶĚŵĂŶĂŐĞƌƐƐŚŽƵůĚƐĐŚĞĚƵůĞĨŽůůŽǁͲƵƉǀĂĐĐŝŶĞĞǀĞŶƚƐĂƐŶĞǁƐƚĂĨĨĂŶĚĐůŝĞŶƚƐĞŶƚĞƌ ƚŚĞĨĂĐŝůŝƚǇŽƌƉĞŽƉůĞǁŚŽǁĞƌĞŝŶŝƚŝĂůůǇŚĞƐŝƚĂŶƚďĞĐŽŵĞŝŶƚĞƌĞƐƚĞĚŝŶŐĞƚƚŝŶŐǀĂĐĐŝŶĂƚĞĚ͘sŝƐŝƚ DŝŶŶĞƐŽƚĂ,ĞĂĚŝŶŐ,ŽŵĞůůŝĂŶĐĞ͗Ks/ͲϭϵsĂĐĐŝŶĞ/ŶĨŽƌŵĂƚŝŽŶ;ŚĞĂĚŝŶŐŚŽŵĞĂůůŝĂŶĐĞ͘ĐŽŵͬĐŽǀŝĚͲϭϵͲ ǀĂĐĐŝŶĞͲŝŶĨŽƌŵĂƚŝŽŶͬͿĨŽƌĂĐŽůůĞĐƚŝŽŶŽĨƌĞƐŽƵƌĐĞƐĂďŽƵƚǁŚĞƌĞƉĞŽƉůĞĞǆƉĞƌŝĞŶĐŝŶŐŚŽŵĞůĞƐƐŶĞƐƐŽƌ ƉĞŽƉůĞůŝǀŝŶŐŽƌǁŽƌŬŝŶŐŝŶĐŽŶŐƌĞŐĂƚĞĨĂĐŝůŝƚŝĞƐĐĂŶŐĞƚǀĂĐĐŝŶĂƚĞĚĂƐǁĞůůĂƐŝŶĨŽƌŵĂƚŝŽŶŽŶǀĂĐĐŝŶĞ ƐĂĨĞƚǇĂŶĚĞĨĨŝĐĂĐǇ͘ DĂŬĞƐŚĂƌĞĚƐƉĂĐĞƐƐĂĨĞƌ ^ŚĂƌĞĚƐƉĂĐĞƐ͕ĨŽƌĞǆĂŵƉůĞĚŝŶŝŶŐƌŽŽŵƐŽƌdsƌŽŽŵƐ͕ƐŚŽƵůĚďĞĐĂƌĞĨƵůůǇƌĞǀŝĞǁĞĚĂŶĚŵŽĚŝĨŝĞĚƚŽ ƌĞĚƵĐĞƚŚĞƌŝƐŬŽĨƐƉƌĞĂĚŝŶŐƚŚĞǀŝƌƵƐ͗ ,ŽƵƐŝŶŐĚŝƌĞĐƚŽƌƐĂŶĚŵĂŶĂŐĞƌƐƐŚŽƵůĚĂƌƌĂŶŐĞƚĂďůĞƐĂŶĚĐŚĂŝƌƐƐŽƉĞŽƉůĞĂƌĞĂƚůĞĂƐƚϲĨĞĞƚĂƉĂƌƚ͘ ,ŽƵƐŝŶŐĚŝƌĞĐƚŽƌƐĂŶĚŵĂŶĂŐĞƌƐƐŚŽƵůĚƌĞŵŝŶĚƐƚĂĨĨĂŶĚĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐƚŽǁĂƐŚƚŚĞŝƌŚĂŶĚƐ ƌĞŐƵůĂƌůǇĂŶĚƚŽƐƚĂǇĂƚůĞĂƐƚϲĨĞĞƚĂƉĂƌƚ͕ŽƌĂƐĨĂƌĂƉĂƌƚĂƐƉŽƐƐŝďůĞ͘ ,ŽƵƐŝŶŐĚŝƌĞĐƚŽƌƐĂŶĚŵĂŶĂŐĞƌƐƐŚŽƵůĚĞŶĐŽƵƌĂŐĞƐƚĂĨĨĂŶĚĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐƚŽǁĞĂƌŵĂƐŬƐƚŚĂƚĨŝƚ ǁĞůůǁŚĞŶƵƐŝŶŐƐŚĂƌĞĚƐƉĂĐĞƐ͘/ĨƉĞŽƉůĞĂƌĞŽƵƚĚŽŽƌƐĂŶĚƚŚĞǇĐĂŶƐƚĂǇĂƚůĞĂƐƚϲĨĞĞƚĂƉĂƌƚ͕ƚŚĞǇ ĚŽŶŽƚŚĂǀĞƚŽŵĂƐŬ͘ /ŶĐƌĞĂƐĞǀĞŶƚŝůĂƚŝŽŶŝŶĚŽŽƌƐǁŚĞŶƉŽƐƐŝďůĞ͘ ůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐǁŚŽĂƌĞŝŶƋƵĂƌĂŶƚŝŶĞŽƌŝƐŽůĂƚŝŽŶƐŚŽƵůĚŶŽƚƵƐĞƐŚĂƌĞĚƐƉĂĐĞƐ͘ ĐƚŝǀŝƚŝĞƐƚŚĂƚƌĞƋƵŝƌĞĐůŽƐĞĐŽŶƚĂĐƚĂƌĞŶŽƚƌĞĐŽŵŵĞŶĚĞĚ͘ŽŶƐŝĚĞƌĐůŽƐŝŶŐŶŽŶĞƐƐĞŶƚŝĂůƐŚĂƌĞĚƐƉĂĐĞƐ ŝĨŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐ;Ğ͘Ő͕͘ƐŽĐŝĂůĚŝƐƚĂŶĐŝŶŐͿĂƌĞĂĐŚĂůůĞŶŐĞ͘ ϲŽĨϭϳ 3DFNHW3J +I ,KD>^^^,>dZ^EKd,ZKE'Z'd^dd/E'^͗/EdZ/D'h/E <ĞĞƉƚŚĞĨĂĐŝůŝƚǇĐůĞĂŶĂŶĚƐĂŶŝƚŝǌĞĚ tŚĞŶŶŽƉĞŽƉůĞǁŝƚŚĐŽŶĨŝƌŵĞĚŽƌƐƵƐƉĞĐƚĞĚKs/ͲϭϵĂƌĞŬŶŽǁŶƚŽŚĂǀĞďĞĞŶŝŶĂƐƉĂĐĞ͕ĐůĞĂŶŝŶŐ ŽŶĐĞĂĚĂǇƐŚŽƵůĚƐƵĨĨŝĐŝĞŶƚůǇƌĞŵŽǀĞǀŝƌƵƐƚŚĂƚŵĂǇďĞŽŶƐƵƌĨĂĐĞƐĂŶĚŚĞůƉŵĂŝŶƚĂŝŶĂŚĞĂůƚŚǇƐĞƚƚŝŶŐ͘ /ƚĐĂŶďĞŚĞůƉĨƵůƚŽĞŝƚŚĞƌĐůĞĂŶŵŽƌĞĨƌĞƋƵĞŶƚůǇŽƌƚŽĚŝƐŝŶĨĞĐƚŝŶĂĚĚŝƚŝŽŶƚŽĐůĞĂŶŝŶŐŝŶƐŚĂƌĞĚƐƉĂĐĞƐŝĨ ĐĞƌƚĂŝŶĐŽŶĚŝƚŝŽŶƐĂƉƉůǇƚŚĂƚĐĂŶŝŶĐƌĞĂƐĞƚŚĞƌŝƐŬŽĨŝŶĨĞĐƚŝŽŶĨƌŽŵƚŽƵĐŚŝŶŐƐƵƌĨĂĐĞƐ͗ ,ŝŐŚƚƌĂŶƐŵŝƐƐŝŽŶŽĨKs/ͲϭϵŝŶǇŽƵƌĐŽŵŵƵŶŝƚǇ͘ >ŽǁŶƵŵďĞƌŽĨƉĞŽƉůĞǁĞĂƌŝŶŐŵĂƐŬƐ͘ /ŶĨƌĞƋƵĞŶƚŚĂŶĚŚǇŐŝĞŶĞ͘ dŚĞƐƉĂĐĞŝƐŽĐĐƵƉŝĞĚďǇĐĞƌƚĂŝŶƉŽƉƵůĂƚŝŽŶƐ͕ƐƵĐŚĂƐƉĞŽƉůĞĂƚŝŶĐƌĞĂƐĞĚƌŝƐŬĨŽƌƐĞǀĞƌĞŝůůŶĞƐƐĨƌŽŵ Ks/Ͳϭϵ͘ /ĨĂƐŝĐŬƉĞƌƐŽŶŽƌƐŽŵĞŽŶĞǁŚŽƚĞƐƚĞĚƉŽƐŝƚŝǀĞĨŽƌKs/ͲϭϵŚĂƐďĞĞŶŝŶǇŽƵƌĨĂĐŝůŝƚǇǁŝƚŚŝŶƚŚĞůĂƐƚϮϰ ŚŽƵƌƐ͕ǇŽƵƐŚŽƵůĚĐůĞĂŶEĚŝƐŝŶĨĞĐƚƚŚĞƐƉĂĐĞ͘ ,ŽƵƐŝŶŐĚŝƌĞĐƚŽƌƐ͕ŵĂŶĂŐĞƌƐ͕ĂŶĚƐƚĂĨĨƐŚŽƵůĚƵƐĞĚŝƐŝŶĨĞĐƚĂŶƚƐƌĞŐŝƐƚĞƌĞĚďǇƚŚĞŶǀŝƌŽŶŵĞŶƚĂů WƌŽƚĞĐƚŝŽŶŐĞŶĐǇ;WͿ͘&ŝŶĚŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶĂƚďŽƵƚ>ŝƐƚE͗ŝƐŝŶĨĞĐƚĂŶƚƐĨŽƌŽƌŽŶĂǀŝƌƵƐ;Ks/Ͳ ϭϵͿ;ǁǁǁ͘ĞƉĂ͘ŐŽǀͬƉĞƐƚŝĐŝĚĞͲƌĞŐŝƐƚƌĂƚŝŽŶͬůŝƐƚͲŶͲĚŝƐŝŶĨĞĐƚĂŶƚƐͲĐŽƌŽŶĂǀŝƌƵƐͲĐŽǀŝĚͲϭϵͿ͘ ^ƚĂĨĨƐŚŽƵůĚĞŶƚĞƌďĞĚƌŽŽŵƐŽĨĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐĂƐůŝƚƚůĞĂƐƉŽƐƐŝďůĞƚŽůŽǁĞƌƚŚĞĐŚĂŶĐĞŽĨƐƉƌĞĂĚŝŶŐ ǀŝƌƵƐĨƌŽŵŽŶĞƌŽŽŵƚŽĂŶŽƚŚĞƌ͘ ,ŽƵƐŝŶŐĚŝƌĞĐƚŽƌƐĂŶĚŵĂŶĂŐĞƌƐƐŚŽƵůĚƉƌŽǀŝĚĞ͗ ^ŽĂƉ ,ĂŶĚƐĂŶŝƚŝǌĞƌƐƚŚĂƚŚĂǀĞථĂƚůĞĂƐƚϲϬ йĂůĐŽŚŽů;ŝĨĂƉƉƌŽƉƌŝĂƚĞĨŽƌƚŚĞĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐͿ dŝƐƐƵĞƐ dƌĂƐŚďĂƐŬĞƚƐ &ĂĐĞŵĂƐŬƐƚŚĂƚĂƌĞǁĂƐŚĞĚŽƌƚŚƌŽǁŶĂǁĂǇĂĨƚĞƌƵƐĞ ,ŽƵƐŝŶŐĚŝƌĞĐƚŽƌƐĂŶĚŵĂŶĂŐĞƌƐƐŚŽƵůĚĞŶĐŽƵƌĂŐĞƐƚĂĨĨƚŽǁĂƐŚƚŚĞŝƌŚĂŶĚƐǁĞůů͕ŽƌƚŽƵƐĞŚĂŶĚ ƐĂŶŝƚŝǌĞƌ͗ tŚĞŶƚŚĞǇĂƌƌŝǀĞĂƚƚŚĞĨĂĐŝůŝƚǇ ĞĨŽƌĞĂŶĚĂĨƚĞƌƚŚĞǇƐƉĞŶĚĂŶǇƚŝŵĞǁŝƚŚƐŽŵĞŽŶĞĂƚƚŚĞĨĂĐŝůŝƚǇ ĞĨŽƌĞƉƵƚƚŝŶŐŽŶĂŶĚĂĨƚĞƌƚĂŬŝŶŐŽĨĨĂŵĂƐŬĂŶĚŽƚŚĞƌƉĞƌƐŽŶĂůƉƌŽƚĞĐƚŝǀĞĞƋƵŝƉŵĞŶƚ ĞĨŽƌĞĂŶĚĂĨƚĞƌĞĂƚŝŶŐ ĞĨŽƌĞůĞĂǀŝŶŐƚŚĞĨĂĐŝůŝƚǇ ϳŽĨϭϳ 3DFNHW3J +I ,KD>^^^,>dZ^EKd,ZKE'Z'd^dd/E'^͗/EdZ/D'h/E <ĞĞƉĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐĂŶĚǀŝƐŝƚŽƌƐƐĂĨĞ ,ŽƵƐŝŶŐĚŝƌĞĐƚŽƌƐĂŶĚŵĂŶĂŐĞƌƐŶĞĞĚƚŽĚĞƚĞƌŵŝŶĞƚŚĞŝƌǀŝƐŝƚŽƌƉƌŽƚŽĐŽůƐ͕ďĂƐĞĚŽŶĐŽŵŵƵŶŝƚǇ ƚƌĂŶƐŵŝƐƐŝŽŶŝŶƚŚĞŝƌƌĞŐŝŽŶͬĂƌĞĂĂŶĚƚŚĞƵŶŝƋƵĞĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨƚŚĞŝƌĐůŝĞŶƚͬƌĞƐŝĚĞŶƚƉŽƉƵůĂƚŝŽŶ͘ ,ŽƵƐŝŶŐĚŝƌĞĐƚŽƌƐĂŶĚŵĂŶĂŐĞƌƐƐŚŽƵůĚĚĞǀĞůŽƉƉƌŽĐĞƐƐĞƐƚŽŚĞůƉĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐƌĞŵĂŝŶĐŽŶŶĞĐƚĞĚƚŽ ĨĂŵŝůǇ͕ĨƌŝĞŶĚƐ͕ĂŶĚŽƚŚĞƌƐ͕ŝŶĐůƵĚŝŶŐĨĂĐŝůŝƚĂƚŝŶŐĐůŝĞŶƚͬƌĞƐŝĚĞŶƚĂĐĐĞƐƐƚŽǀŝƌƚƵĂůǀŝƐŝƚƐďǇƉŚŽŶĞĂŶĚ ŽƚŚĞƌĞůĞĐƚƌŽŶŝĐĚĞǀŝĐĞƐ͘ ŶĐŽƵƌĂŐĞǀŝƌƚƵĂůǀŝƐŝƚƐŝĨĂŶǇŽŶĞůŝǀŝŶŐŝŶƚŚĞĨĂĐŝůŝƚǇŚĂƐKs/ͲϭϵŽƌŚĂƐŚĂĚĐŽŶƚĂĐƚǁŝƚŚƐŽŵĞŽŶĞ ǁŝƚŚKs/Ͳϭϵ͘ /ŶͲƉĞƌƐŽŶǀŝƐŝƚƐĐĂŶƐƚĂƌƚĂŐĂŝŶĂĨƚĞƌĞǀĞƌǇŽŶĞŚĂƐƐƚĂǇĞĚŚŽŵĞĨŽƌƚǁŽǁĞĞŬƐŽƌŝƐŶŽůŽŶŐĞƌ ŝŶĨĞĐƚŝŽƵƐ͘ZĞĨĞƌƚŽŝŶĨŽƌŵĂƚŝŽŶŽŶƋƵĂƌĂŶƚŝŶĞďĞůŽǁŝŶƚŚĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌƐƚĂĨĨĂŶĚ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐƐĞĐƚŝŽŶƐ͘ tĂǇƐƚŽůŝŵŝƚƚŚĞƐƉƌĞĂĚŽĨKs/ͲϭϵǁŝƚŚǀŝƐŝƚŽƌƐŝŶĐůƵĚĞ͗ >ŝŵŝƚĐŽŶƚĂĐƚďĞƚǁĞĞŶǀŝƐŝƚŽƌƐĂŶĚƉĞŽƉůĞƚŚĂƚĂƌĞŶŽƚƚŚĞƌĞƚŽǀŝƐŝƚ͕ĞƐƉĞĐŝĂůůǇƉĞŽƉůĞǁŝƚŚŚĞĂůƚŚ ŝƐƐƵĞƐƚŚĂƚĐŽƵůĚŵĂŬĞKs/ͲϭϵǁŽƌƐĞ͘ ŶĐŽƵƌĂŐĞĂůůƉĞŽƉůĞǁŚŽĂƌĞǀŝƐŝƚŝŶŐƚŽǁĞĂƌĂŵĂƐŬƚŚĂƚĨŝƚƐǁĞůů͘ DĂŬĞƐƵƌĞĂůůǀŝƐŝƚŽƌƐƐƚĂǇϲĨĞĞƚĂǁĂǇĨƌŽŵŽƚŚĞƌƉĞŽƉůĞĚƵƌŝŶŐƚŚĞǀŝƐŝƚ͘/ĨƉĞŽƉůĞĂƌĞŽƵƚĚŽŽƌƐĂŶĚ ƚŚĞǇĐĂŶƐƚĂǇĂƚůĞĂƐƚϲĨĞĞƚĂƉĂƌƚ͕ƚŚĞǇĚŽŶŽƚŚĂǀĞƚŽŵĂƐŬ͘ ĞƐƚƉƌĂĐƚŝĐĞƐǁŝƚŚƉĞŽƉůĞƉůĂŶŶŝŶŐǀŝƐŝƚƐƚŽĂĨĂĐŝůŝƚǇ͗ dĂůŬǁŝƚŚĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐĂŶĚĚĞĐŝĚĞǁŚŝĐŚĨĂŵŝůǇŽƌĨƌŝĞŶĚƐĂƌĞĞƐƐĞŶƚŝĂůǀŝƐŝƚŽƌƐ͘ DĂŬĞƐƵƌĞĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐŚĂǀĞŽŶůǇŽŶĞǀŝƐŝƚŽƌƉĞƌĚĂǇ͘ ,ŽƵƐŝŶŐĚŝƌĞĐƚŽƌƐĂŶĚŵĂŶĂŐĞƌƐƐŚŽƵůĚĐŚĞĐŬĂůůǀŝƐŝƚŽƌƐĨŽƌĨĞǀĞƌĂŶĚŽƚŚĞƌƐǇŵƉƚŽŵƐŽĨKs/Ͳϭϵ ďĞĨŽƌĞƚŚĞǇĞŶƚĞƌƚŚĞĨĂĐŝůŝƚǇ͘^ƚŽƉǀŝƐŝƚŽƌƐǁŚŽĂƌĞŝůůĨƌŽŵĞŶƚĞƌŝŶŐƚŚĞĨĂĐŝůŝƚǇ͘ sŝƐŝƚŽƌƐƐŚŽƵůĚĨŽůůŽǁĂůůƌƵůĞƐĨŽƌŝŶĨĞĐƚŝŽŶƉƌĞǀĞŶƚŝŽŶĂŶĚĐŽŶƚƌŽů͗ ඵ tĂƐŚƚŚĞŝƌŚĂŶĚƐƌĞŐƵůĂƌůǇ͘ ඵ tĞĂƌĂŵĂƐŬƚŚĂƚĨŝƚƐǁĞůů͘ ඵ<ĞĞƉƚŚĞƌĞĐŽŵŵĞŶĚĞĚƉŚǇƐŝĐĂůĚŝƐƚĂŶĐĞĂƉĂƌƚ͘ ,ŽƵƐŝŶŐĚŝƌĞĐƚŽƌƐĂŶĚŵĂŶĂŐĞƌƐƐŚŽƵůĚŵĂŬĞƐƵƌĞĂůůǀŝƐŝƚƐŽĐĐƵƌŝŶƉƌŝǀĂƚĞƌŽŽŵƐ͕ŶŽƚŝŶĐŽŵŵŽŶ ĂƌĞĂƐ͘KƵƚĚŽŽƌǀŝƐŝƚƐƐŚŽƵůĚďĞĞŶĐŽƵƌĂŐĞĚ͕ĂƐĐŽŶĚŝƚŝŽŶƐĂůůŽǁ͘ <ŶŽǁǁŚĂƚƚŽĚŽĂĨƚĞƌǀĂĐĂƚŝŽŶŽƌŶŽŶĞƐƐĞŶƚŝĂůƚƌĂǀĞů /ĨƐƚĂĨĨŽƌĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐĐŚŽŽƐĞƚŽŐŽŽŶǀĂĐĂƚŝŽŶŽƌƚƌĂǀĞů͕ƌĞĨĞƌƚŽ͗ ϴŽĨϭϳ 3DFNHW3J +I ,KD>^^^,>dZ^EKd,ZKE'Z'd^dd/E'^͗/EdZ/D'h/E ŽŵĞƐƚŝĐƚƌĂǀĞů ͗ŽŵĞƐƚŝĐdƌĂǀĞůƵƌŝŶŐKs/Ͳϭϵ;ǁǁǁ͘ĐĚĐ͘ŐŽǀͬĐŽƌŽŶĂǀŝƌƵƐͬϮϬϭϵͲŶĐŽǀͬƚƌĂǀĞůĞƌƐͬƚƌĂǀĞůͲ ĚƵƌŝŶŐͲĐŽǀŝĚϭϵ͘ŚƚŵůͿ ZĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌĨƵůůǇǀĂĐĐŝŶĂƚĞĚƉĞŽƉůĞŽƌƵŶǀĂĐĐŝŶĂƚĞĚ;ĂŶĚƉĂƌƚŝĂůůǇǀĂĐĐŝŶĂƚĞĚͿƉĞŽƉůĞ͘ /ŶƚĞƌŶĂƚŝŽŶĂůƚƌĂǀĞů ͗/ŶƚĞƌŶĂƚŝŽŶĂůdƌĂǀĞůƵƌŝŶŐKs/Ͳϭϵ;ǁǁǁ͘ĐĚĐ͘ŐŽǀͬĐŽƌŽŶĂǀŝƌƵƐͬϮϬϭϵͲ ŶĐŽǀͬƚƌĂǀĞůĞƌƐͬŝŶƚĞƌŶĂƚŝŽŶĂůͲƚƌĂǀĞůͲĚƵƌŝŶŐͲĐŽǀŝĚϭϵ͘ŚƚŵůͿ ZĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌĨƵůůǇǀĂĐĐŝŶĂƚĞĚƉĞŽƉůĞŽƌƵŶǀĂĐĐŝŶĂƚĞĚ;ĂŶĚƉĂƌƚŝĂůůǇǀĂĐĐŝŶĂƚĞĚͿƉĞŽƉůĞ͘ Ks/ͲϭϵŵĂŶĂŐĞŵĞŶƚ WĞƌĨŽƌŵKs/ͲϭϵƌŝƐŬĂƐƐĞƐƐŵĞŶƚƐ D,ƌĞĐŽŵŵĞŶĚƐƚŚĂƚŚŽƵƐŝŶŐĚŝƌĞĐƚŽƌƐĂŶĚŵĂŶĂŐĞƌƐĐŽŵƉůĞƚĞƌŝƐŬĂƐƐĞƐƐŵĞŶƚƐĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞ ĂĨƚĞƌůĞĂƌŶŝŶŐƐŽŵĞŽŶĞŝŶƚŚĞĨĂĐŝůŝƚǇŚĂƐKs/Ͳϭϵ͘ƐƐĞƐƐŝŶŐĂƉĞƌƐŽŶ͛ƐĐŽŶƚĂĐƚǁŝƚŚƐŽŵĞŽŶĞǁŚŽŚĂƐ ƚĞƐƚĞĚƉŽƐŝƚŝǀĞŽƌǁŚŽŵĂǇŚĂǀĞKs/ͲϭϵĐĂŶŚĞůƉƐůŽǁƚŚĞƐƉƌĞĂĚ͘ WĞŽƉůĞǁŝƚŚKs/ͲϭϵĐĂŶŐŝǀĞŝƚƚŽŽƚŚĞƌƐǁŚŽŚĂǀĞĐůŽƐĞĐŽŶƚĂĐƚǁŝƚŚƚŚĞŵ͗ dǁŽĚĂǇƐďĞĨŽƌĞƚŚĞǇŐĞƚƐǇŵƉƚŽŵƐŽƌďĞĨŽƌĞƚŚĞǇƚĞƐƚƉŽƐŝƚŝǀĞ͘ hŶƚŝůƚŚĞǇĂƌĞŶŽůŽŶŐĞƌĐŽŶƚĂŐŝŽƵƐ͕ŵĞĂŶŝŶŐĂƚůĞĂƐƚϭϬĚĂǇƐƐŝŶĐĞƐǇŵƉƚŽŵƐĨŝƌƐƚĂƉƉĞĂƌĞĚŽƌĂĨƚĞƌ ĂƉŽƐŝƚŝǀĞƚĞƐƚǁŝƚŚŶŽƐǇŵƉƚŽŵƐ͕ƐǇŵƉƚŽŵƐŚĂǀĞŝŵƉƌŽǀĞĚ͕ĂŶĚϮϰŚŽƵƌƐǁŝƚŚŽƵƚĂĨĞǀĞƌ;ǁŝƚŚŽƵƚ ƚŚĞƵƐĞŽĨĨĞǀĞƌͲƌĞĚƵĐŝŶŐŵĞĚŝĐĂƚŝŽŶƐͿ͘ ,ŽƵƐŝŶŐĚŝƌĞĐƚŽƌƐĂŶĚŵĂŶĂŐĞƌƐƐŚŽƵůĚŝĚĞŶƚŝĨǇĞǀĞƌǇŽŶĞ͕ŝŶĐůƵĚŝŶŐƚŚŽƐĞǁŚŽĂƌĞĨƵůůǇǀĂĐĐŝŶĂƚĞĚ͕ǁŚŽ ƐƉĞŶƚϭϱŵŝŶƵƚĞƐŽƌŵŽƌĞŝŶĂϮϰͲŚŽƵƌƉĞƌŝŽĚǁŝƚŚŝŶϲĨĞĞƚŽĨƚŚĞƉĞƌƐŽŶǁŝƚŚKs/Ͳϭϵ͘dŚŝƐƌŝƐŬ ĂƐƐĞƐƐŵĞŶƚŶĞĞĚƐƚŽƐƚĂƌƚƚǁŽĚĂǇƐďĞĨŽƌĞƚŚĞƉĞƌƐŽŶĨĞůƚƐŝĐŬŽƌŚĂĚĂƉŽƐŝƚŝǀĞƚĞƐƚĂŶĚƵŶƚŝůŽŶĞŽĨƚŚĞ ĨŽůůŽǁŝŶŐ͗ dŚĞƉĞƌƐŽŶǁŝƚŚKs/ͲϭϵŝƐŶŽůŽŶŐĞƌŝŶƚŚĞĨĂĐŝůŝƚǇ͘ dŚĞƉĞƌƐŽŶŝƐŶŽůŽŶŐĞƌĂďůĞƚŽŐŝǀĞƚŚĞĚŝƐĞĂƐĞƚŽŽƚŚĞƌƐ;Ğ͘Ő͕͘ŝƐŽůĂƚĞĚŝŶĂƉƌŝǀĂƚĞƐƉĂĐĞͿ͘ DĂƐŬƐŚĞůƉĐŽŶƚƌŽůƚŚĞƐƉƌĞĂĚŽĨKs/Ͳϭϵ͖ŚŽǁĞǀĞƌ͕ƚŚĞƌĞŝƐŶŽƚĞŶŽƵŐŚĚĂƚĂƚŽƐĂǇŵĂƐŬƐĂƌĞϭϬϬй ĞĨĨĞĐƚŝǀĞŝŶƐƚŽƉƉŝŶŐƚŚĞƐƉƌĞĂĚŽĨKs/Ͳϭϵ͘ǀĞŶŝĨƐƚĂĨĨŽƌĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐǁŽƌĞĂŵĂƐŬǁŚŝůĞ ƐƉĞŶĚŝŶŐϭϱŵŝŶƵƚĞƐŽƌŵŽƌĞŝŶĂϮϰͲŚŽƵƌƉĞƌŝŽĚǁŝƚŚŝŶϲĨĞĞƚŽĨƐŽŵĞŽŶĞǁŝƚŚKs/Ͳϭϵ͕ƚŚĞǇĂƌĞƐƚŝůů ĐŽŶƐŝĚĞƌĞĚĂƐŚĂǀŝŶŐŚĂĚĐůŽƐĞĐŽŶƚĂĐƚ͘ dĞƐƚĐůŽƐĞĐŽŶƚĂĐƚƐĂŶĚƉĞŽƉůĞǁŝƚŚKs/ͲϭϵƐǇŵƉƚŽŵƐ Ks/ͲϭϵĐĂŶƐƉƌĞĂĚĨĂƐƚŝŶĐŽŶŐƌĞŐĂƚĞƐĞƚƚŝŶŐƐƐŽĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐĂŶĚƐƚĂĨĨƐŚŽƵůĚŐĞƚƚĞƐƚĞĚ ƌĞŐƵůĂƌůǇ͘/ƚŝƐŝŵƉŽƌƚĂŶƚƚŽƌĞŵĞŵďĞƌ͗ Ks/ͲϭϵƚĞƐƚƐĐĂŶƚĞůůŽŶůǇŝĨƐŽŵĞŽŶĞŚĂƐKs/ͲϭϵĂƚƚŚĞƚŝŵĞƚŚĞǇĂƌĞƚĞƐƚĞĚ͘ ϵŽĨϭϳ 3DFNHW3J +I ,KD>^^^,>dZ^EKd,ZKE'Z'd^dd/E'^͗/EdZ/D'h/E WĞŽƉůĞǁŚŽƚĞƐƚŶĞŐĂƚŝǀĞŽŶĞĚĂǇĐĂŶƐƚŝůůŐĞƚƐŝĐŬŽƌƚĞƐƚƉŽƐŝƚŝǀĞůĂƚĞƌ͘ dĞƐƚŝŶŐŝƐŽŶĞǁĂǇƚŽůŝŵŝƚƚŚĞƐƉƌĞĂĚŽĨKs/Ͳϭϵ͘ &ŽƌŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚĞƐƚŝŶŐ͕ǀŝƐŝƚKs/ͲϭϵdĞƐƚŝŶŐ͗ŽŶŐƌĞŐĂƚĞ^ĞƚƚŝŶŐƐĨŽƌWĞŽƉůĞǆƉĞƌŝĞŶĐŝŶŐ ,ŽŵĞůĞƐƐŶĞƐƐŽƌ>ŝǀŝŶŐŝŶŵĞƌŐĞŶĐǇ^ŚĞůƚĞƌƐ ;ǁǁǁ͘ŚĞĂůƚŚ͘ƐƚĂƚĞ͘ŵŶ͘ƵƐͬĚŝƐĞĂƐĞƐͬĐŽƌŽŶĂǀŝƌƵƐͬŐƵŝĚĞƚĞƐƚƐŚĞůƚĞƌ͘ƉĚĨͿ͘ WĞŽƉůĞǁŝƚŚKs/ͲϭϵƐǇŵƉƚŽŵƐ ůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐĂŶĚƐƚĂĨĨǁŚŽŚĂǀĞƐǇŵƉƚŽŵƐŽĨKs/ͲϭϵƐŚŽƵůĚŐĞƚƚĞƐƚĞĚĨŽƌKs/ͲϭϵĂŶĚŽƚŚĞƌ ƌĞƐƉŝƌĂƚŽƌǇŝůůŶĞƐƐ͘ EŽƚĞ͗ƵĞƚŽƚŚĞĞŵĞƌŐĞŶĐĞŽĨǀĂƌŝĂŶƚƐŽĨƚŚĞKs/ͲϭϵǀŝƌƵƐƚŚĂƚŵĂǇďĞĂďůĞƚŽŝŶĨĞĐƚĨƵůůǇ ǀĂĐĐŝŶĂƚĞĚƉĞŽƉůĞ͕ĂŶĚďĞĐĂƵƐĞĞǀĞŶƚŚŽƵŐŚǀĂĐĐŝŶĞƐĂƌĞŚŝŐŚůǇĞĨĨĞĐƚŝǀĞƚŚĞǇĂƌĞŶŽƚϭϬϬй ĞĨĨĞĐƚŝǀĞ͕ĂŶǇŽŶĞǁŝƚŚƐǇŵƉƚŽŵƐƐŚŽƵůĚďĞƚĞƐƚĞĚ͕ŝŶĐůƵĚŝŶŐƚŚŽƐĞǁŚŽĂƌĞĨƵůůǇǀĂĐĐŝŶĂƚĞĚ͘ WĞŽƉůĞǁŚŽůŝǀĞŝŶƚŚĞĨĂĐŝůŝƚǇǁŚŽŚĂǀĞƐǇŵƉƚŽŵƐĂŶĚĂƌĞǁĂŝƚŝŶŐĨŽƌƚĞƐƚƌĞƐƵůƚƐƐŚŽƵůĚ͗ ^ƚĂǇŝŶƚŚĞŝƌƌŽŽŵƐŽƌƐƚĂǇĂƚůĞĂƐƚϲĨĞĞƚĂǁĂǇĨƌŽŵŽƚŚĞƌƐŝŶƚŚĞĨĂĐŝůŝƚǇĂŶĚǁĞĂƌĂǁĞůůͲĨŝƚƚĞĚĨĂĐĞ ŵĂƐŬĂƐŵƵĐŚĂƐƉŽƐƐŝďůĞ͘ ZĞǀŝĞǁtŚĂƚƚŽŽtŚŝůĞzŽƵtĂŝƚĨŽƌĂKs/ͲϭϵdĞƐƚZĞƐƵůƚ ;ǁǁǁ͘ŚĞĂůƚŚ͘ƐƚĂƚĞ͘ŵŶ͘ƵƐͬĚŝƐĞĂƐĞƐͬĐŽƌŽŶĂǀŝƌƵƐͬǁĂŝƚŝŶŐ͘ŚƚŵůͿ͘ WĞŽƉůĞǁŚŽĂƌĞƵŶǀĂĐĐŝŶĂƚĞĚŽƌƉĂƌƚŝĂůůǇǀĂĐĐŝŶĂƚĞĚ dĞƐƚŝŶŐƵŶǀĂĐĐŝŶĂƚĞĚŽƌƉĂƌƚŝĂůůǇǀĂĐĐŝŶĂƚĞĚƉĞŽƉůĞ;Ğ͘Ő͕͘ƉĞŽƉůĞǁŚŽĐŽŵƉůĞƚĞĚƚŚĞŝƌǀĂĐĐŝŶĞƐĞƌŝĞƐůĞƐƐ ƚŚĂŶϮǁĞĞŬƐĂŐŽ͕ƉĞŽƉůĞǁŚŽŚĂǀĞŽŶůǇƌĞĐĞŝǀĞĚŽŶĞĚŽƐĞŝŶĂƚǁŽͲĚŽƐĞƐĞƌŝĞƐͿǁŚŽĚŽŶŽƚŚĂǀĞ ƐǇŵƉƚŽŵƐŝƐƌĞĐŽŵŵĞŶĚĞĚ͗ &ŝǀĞƚŽƐĞǀĞŶĚĂǇƐĂĨƚĞƌƚŚĞǇŚĂǀĞĐŽŶƚĂĐƚǁŝƚŚƐŽŵĞŽŶĞǁŚŽŚĂƐKs/Ͳϭϵ͘ /ĨƚŚĞǇŽĨƚĞŶŝŶƚĞƌĂĐƚǁŝƚŚƉĞŽƉůĞĨƌŽŵŽƚŚĞƌŚŽƵƐĞŚŽůĚƐ͘ /ĨƚŚĞǇŚĂǀĞƚƌĂǀĞůĞĚŽƌĂƌĞƉůĂŶŶŝŶŐƚŽƚƌĂǀĞů͘dŚŝƐŝƐŝŵƉŽƌƚĂŶƚďĞĐĂƵƐĞƉĞŽƉůĞǁŝƚŚŽƵƚƐǇŵƉƚŽŵƐ ĐĂŶƐƚŝůůƐƉƌĞĂĚƚŚĞĚŝƐĞĂƐĞ͘ WĞŽƉůĞǁŚŽĚŽŶŽƚŶĞĞĚƚŽŐĞƚƚĞƐƚĞĚ WĞŽƉůĞŵĂǇŶŽƚŶĞĞĚƚŽŐĞƚƚĞƐƚĞĚĂĨƚĞƌĂŶĞǆƉŽƐƵƌĞĂƐůŽŶŐĂƐƚŚĞǇƌĞŵĂŝŶĂƐǇŵƉƚŽŵĂƚŝĐĂŶĚƚŚĞǇ͗ dĞƐƚĞĚƉŽƐŝƚŝǀĞĨŽƌKs/ͲϭϵĂŶĚƌĞĐŽǀĞƌĞĚǁŝƚŚŝŶƚŚĞƉĂƐƚƚŚƌĞĞŵŽŶƚŚƐ;ϵϬĚĂǇƐͿ͘ ƌĞƐƚĂĨĨǁŝƚŚĐŽŵƉůĞƚĞĚǀĂĐĐŝŶĂƚŝŽŶ;ĞŝƚŚĞƌďŽƚŚĚŽƐĞƐŽĨĂƚǁŽͲĚŽƐĞǀĂĐĐŝŶĞ͕ŽƌŽŶĞĚŽƐĞŽĨĂ ƐŝŶŐůĞͲĚŽƐĞǀĂĐĐŝŶĞͿŵŽƌĞƚŚĂŶƚǁŽǁĞĞŬƐĂŐŽ͘ZĞƐŝĚĞŶƚƐŝŶƐŚĞůƚĞƌƐĂŶĚĐŽŶŐƌĞŐĂƚĞůŝǀŝŶŐƐĞƚƚŝŶŐƐ ƐŚŽƵůĚƐƚŝůůďĞƚĞƐƚĞĚĂĨƚĞƌĂŬŶŽǁŶĞǆƉŽƐƵƌĞ͕ďƵƚĚŽŶŽƚŶĞĞĚƚŽƋƵĂƌĂŶƚŝŶĞƵŶůĞƐƐƚŚĞǇĚĞǀĞůŽƉ ƐǇŵƉƚŽŵƐŽƌƚĞƐƚƉŽƐŝƚŝǀĞĨŽƌKs/Ͳϭϵ͘ ZĞĨĞƌƚŽ͗Ks/ͲϭϵdĞƐƚŝŶŐKǀĞƌǀŝĞǁ;ǁǁǁ͘ĐĚĐ͘ŐŽǀͬĐŽƌŽŶĂǀŝƌƵƐͬϮϬϭϵͲŶĐŽǀͬƐǇŵƉƚŽŵƐͲ ƚĞƐƚŝŶŐͬƚĞƐƚŝŶŐ͘ŚƚŵůͿ͘ ϭϬŽĨϭϳ 3DFNHW3J +I ,KD>^^^,>dZ^EKd,ZKE'Z'd^dd/E'^͗/EdZ/D'h/E <ŶŽǁŝƐŽůĂƚŝŽŶĂŶĚƋƵĂƌĂŶƚŝŶĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌƐƚĂĨĨ ZĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌƐƚĂĨĨǁŝƚŚKs/Ͳϭϵ ZĞŐĂƌĚůĞƐƐŽĨǀĂĐĐŝŶĂƚŝŽŶƐƚĂƚƵƐ͕ŝĨĂƐƚĂĨĨŵĞŵďĞƌƚĞƐƚƐƉŽƐŝƚŝǀĞĨŽƌKs/Ͳϭϵ͕ƚŚĞǇƐŚŽƵůĚƐƚĂǇŚŽŵĞ ĨƌŽŵǁŽƌŬĂŶĚĂǁĂǇĨƌŽŵŽƚŚĞƌƐƵŶƚŝůĂůůƚŚĞĨŽůůŽǁŝŶŐĂƌĞƚƌƵĞ͗ ĂŶĚ ƚůĞĂƐƚϭϬĚĂǇƐŚĂǀĞƉĂƐƐĞĚƐŝŶĐĞƐǇŵƉƚŽŵŽŶƐĞƚ;ŽƌƚĞƐƚĚĂƚĞŝĨĂƐǇŵƉƚŽŵĂƚŝĐͿ͕ ĂŶĚ ^ǇŵƉƚŽŵƐŚĂǀĞŝŵƉƌŽǀĞĚ͕ dŚĞƐƚĂĨĨŵĞŵďĞƌŚĂƐďĞĞŶĨĞǀĞƌͲĨƌĞĞĨŽƌĂƚůĞĂƐƚϮϰŚŽƵƌƐ;ǁŝƚŚŽƵƚƚĂŬŝŶŐĨĞǀĞƌͲƌĞĚƵĐŝŶŐ ŵĞĚŝĐŝŶĞƐͿ͘ ZĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌƵŶǀĂĐĐŝŶĂƚĞĚŽƌƉĂƌƚŝĂůůǇǀĂĐĐŝŶĂƚĞĚƐƚĂĨĨ ƐƚĂĨĨŵĞŵďĞƌǁŚŽŝƐŶŽƚĨƵůůǇǀĂĐĐŝŶĂƚĞĚĂŶĚŚĂƐŚĂĚĐŽŶƚĂĐƚǁŝƚŚƐŽŵĞŽŶĞǁŝƚŚKs/ͲϭϵĨŽƌϭϱ ŵŝŶƵƚĞƐŽƌŵŽƌĞŝŶĂϮϰͲŚŽƵƌƉĞƌŝŽĚƐŚŽƵůĚ͗ ^ƚĂǇĂǁĂǇĨƌŽŵǁŽƌŬĨŽƌϭϰĚĂǇƐ͕ƐƚĂƌƚŝŶŐĨƌŽŵƚŚĞŵŽƐƚƌĞĐĞŶƚĚĂƚĞŽĨĐŽŶƚĂĐƚǁŝƚŚƐŽŵĞŽŶĞǁŝƚŚ ŶŽƚ Ks/Ͳϭϵ͘hŶǀĂĐĐŝŶĂƚĞĚƐƚĂĨĨƐŚŽƵůĚƌĞƚƵƌŶƚŽǁŽƌŬƐŽŽŶĞƌƚŚĂŶϭϰĚĂǇƐĂĨƚĞƌƚŚĞŵŽƐƚƌĞĐĞŶƚ ĚĂƚĞŽĨĐŽŶƚĂĐƚǁŝƚŚƐŽŵĞŽŶĞǁŝƚŚKs/Ͳϭϵ͕ĞǀĞŶŝĨƚŚĞǇŐĞƚĂŶĞŐĂƚŝǀĞƚĞƐƚƌĞƐƵůƚ͘ ඵ EŽƚĞ͗hŶǀĂĐĐŝŶĂƚĞĚŽƌƉĂƌƚŝĂůůǇǀĂĐĐŝŶĂƚĞĚƐƚĂĨĨĂƚŚŽŵĞůĞƐƐƐĞƌǀŝĐĞƐĞƚƚŝŶŐƐĂŶĚŽƚŚĞƌ ŶŽƚ ĐŽŶŐƌĞŐĂƚĞƐĞƚƚŝŶŐƐƐŚŽƵůĚƐŚŽƌƚĞŶƚŚĞŝƌƋƵĂƌĂŶƚŝŶĞƉĞƌŝŽĚƚŽƐĞǀĞŶŽƌϭϬĚĂǇƐ͘dŚĞĨƵůůϭϰͲ ĚĂǇƋƵĂƌĂŶƚŝŶĞƉĞƌŝŽĚŝƐƌĞĐŽŵŵĞŶĚĞĚ͘ 'ĞƚƚĞƐƚĞĚĨŝǀĞƚŽƐĞǀĞŶĚĂǇƐĂĨƚĞƌĐŽŶƚĂĐƚǁŝƚŚƐŽŵĞŽŶĞǁŝƚŚKs/Ͳϭϵ͘ ZĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌĨƵůůǇǀĂĐĐŝŶĂƚĞĚƐƚĂĨĨŽƌƌĞĐŽǀĞƌĞĚƐƚĂĨĨ &ƵůůǇǀĂĐĐŝŶĂƚĞĚƐƚĂĨĨĚŽŶŽƚŶĞĞĚƚŽƐƚĂǇĂǁĂǇĨƌŽŵŽƚŚĞƌƉĞŽƉůĞĨŽƌϭϰĚĂǇƐĂĨƚĞƌŚĂǀŝŶŐĐŽŶƚĂĐƚǁŝƚŚ ƐŽŵĞŽŶĞǁŝƚŚKs/ͲϭϵŝĨƚŚĞǇƌĞŵĂŝŶĂƐǇŵƉƚŽŵĂƚŝĐ͘ EŽƚĞ͗/ĨĨƵůůǇǀĂĐĐŝŶĂƚĞĚƐƚĂĨĨŚĂǀĞĂŶǇƐǇŵƉƚŽŵƐŽĨKs/Ͳϭϵ͕ƚŚĞǇƐŚŽƵůĚŐĞƚƚĞƐƚĞĚĂŶĚƐƚĂǇŽƵƚ ŽĨǁŽƌŬƵŶƚŝůƚŚĞŝƌƚĞƐƚƌĞƐƵůƚƐĂƌĞďĂĐŬĂŶĚƚŚĞǇĂƌĞĨĞĞůŝŶŐďĞƚƚĞƌ͘/ĨƚĞƐƚƌĞƐƵůƚƐĐŽŵĞďĂĐŬƉŽƐŝƚŝǀĞ͕ ƚŚĞǇƐŚŽƵůĚƐƚĂǇŚŽŵĞĨƌŽŵǁŽƌŬĂŶĚĂǁĂǇĨƌŽŵŽƚŚĞƌƐ͘ZĞĨĞƌƚŽƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌƐƚĂĨĨǁŝƚŚ Ks/ͲϭϵĂďŽǀĞ͘ /ĨĂƐƚĂĨĨŵĞŵďĞƌŚĂƐƚĞƐƚĞĚƉŽƐŝƚŝǀĞĨŽƌKs/ͲϭϵĂŶĚŚĂƐƌĞĐŽǀĞƌĞĚǁŝƚŚŝŶƚŚĞƉĂƐƚƚŚƌĞĞŵŽŶƚŚƐ;ϵϬ ĚĂǇƐͿ͕ƚŚĞǇĚŽŶŽƚŶĞĞĚƚŽƐƚĂǇŚŽŵĞĨƌŽŵǁŽƌŬ͕ŽƌďĞƚĞƐƚĞĚ͕ĂĨƚĞƌƚŚĞǇŚĂǀĞĐŽŶƚĂĐƚǁŝƚŚƐŽŵĞŽŶĞ ǁŝƚŚKs/Ͳϭϵ͕ĂƐůŽŶŐĂƐƚŚĞǇĂƌĞĂƐǇŵƉƚŽŵĂƚŝĐ͘ EŽƚĞ͗/ĨĂƐƚĂĨĨŵĞŵďĞƌŚĂƐƌĞĐŽǀĞƌĞĚĨƌŽŵKs/ͲϭϵǁŝƚŚŝŶƚŚĞƉĂƐƚƚŚƌĞĞŵŽŶƚŚƐĂŶĚŝƐƐŚŽǁŝŶŐ ŶĞǁƐǇŵƉƚŽŵƐŽĨKs/Ͳϭϵ͕ƚŚĞǇƐŚŽƵůĚƐƚĂǇŽƵƚĨƌŽŵǁŽƌŬƵŶƚŝůƐǇŵƉƚŽŵƐŚĂǀĞŝŵƉƌŽǀĞĚĂŶĚ ƚŚĞǇĂƌĞĨĞǀĞƌͲĨƌĞĞĨŽƌĂƚůĞĂƐƚϮϰŚŽƵƌƐ͕ǁŝƚŚŽƵƚƚĂŬŝŶŐĨĞǀĞƌͲƌĞĚƵĐŝŶŐŵĞĚŝĐŝŶĞƐ͕ĂŶĚƐĞĞŬŵĞĚŝĐĂů ĂĚǀŝĐĞƌĞŐĂƌĚŝŶŐĞǀĂůƵĂƚŝŽŶĨŽƌƐǇŵƉƚŽŵƐ͘ ϭϭŽĨϭϳ 3DFNHW3J +I ,KD>^^^,>dZ^EKd,ZKE'Z'd^dd/E'^͗/EdZ/D'h/E <ŶŽǁŝƐŽůĂƚŝŽŶĂŶĚƋƵĂƌĂŶƚŝŶĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐ ZĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐǁŝƚŚKs/Ͳϭϵ ZĞŐĂƌĚůĞƐƐŽĨǀĂĐĐŝŶĂƚŝŽŶƐƚĂƚƵƐ͕ŝĨĂĐůŝĞŶƚͬƌĞƐŝĚĞŶƚƚĞƐƚƐƉŽƐŝƚŝǀĞĨŽƌKs/Ͳϭϵ͕ƚŚĞǇƐŚŽƵůĚďĞ ƐĞƉĂƌĂƚĞĚĨƌŽŵŽƚŚĞƌĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐĂŶĚŝƐŽůĂƚĞƵŶƚŝůĂůůŽĨƚŚĞĨŽůůŽǁŝŶŐĂƌĞƚƌƵĞ͗ ĂŶĚ ƚůĞĂƐƚϭϬĚĂǇƐŚĂǀĞƉĂƐƐĞĚƐŝŶĐĞƐǇŵƉƚŽŵŽŶƐĞƚ;ŽƌƚĞƐƚĚĂƚĞŝĨĂƐǇŵƉƚŽŵĂƚŝĐͿ͕ ĂŶĚ ^ǇŵƉƚŽŵƐŚĂǀĞŝŵƉƌŽǀĞĚ͕ dŚĞĐůŝĞŶƚͬƌĞƐŝĚĞŶƚŚĂƐďĞĞŶĨĞǀĞƌͲĨƌĞĞĨŽƌĂƚůĞĂƐƚϮϰŚŽƵƌƐ;ǁŝƚŚŽƵƚƚĂŬŝŶŐĨĞǀĞƌͲƌĞĚƵĐŝŶŐ ŵĞĚŝĐŝŶĞƐͿ͘ ZĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌƵŶǀĂĐĐŝŶĂƚĞĚĂŶĚƉĂƌƚŝĂůůǇǀĂĐĐŝŶĂƚĞĚĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐ ĐůŝĞŶƚͬƌĞƐŝĚĞŶƚǁŚŽŝƐŶŽƚǀĂĐĐŝŶĂƚĞĚĂŶĚŚĂƐƐƉĞŶƚϭϱŵŝŶƵƚĞƐŽƌŵŽƌĞŝŶĂϮϰͲŚŽƵƌƉĞƌŝŽĚǁŝƚŚŝŶϲ ĨĞĞƚŽĨƐŽŵĞŽŶĞǁŝƚŚKs/ͲϭϵƐŚŽƵůĚ͗ ^ƚĂǇĂůŽŶĞĂŶĚĂǁĂǇĨƌŽŵŽƚŚĞƌƐĨŽƌϭϰĚĂǇƐĨƌŽŵƚŚĞĚĂƚĞŽĨƚŚĞŝƌůĂƐƚĐůŽƐĞĐŽŶƚĂĐƚǁŝƚŚƐŽŵĞŽŶĞ ǁŝƚŚKs/Ͳϭϵ͕ŝĨƐƉĂĐĞĂůůŽǁƐ͘ ඵ EŽƚĞ͗hŶǀĂĐĐŝŶĂƚĞĚŽƌƉĂƌƚŝĂůůǇǀĂĐĐŝŶĂƚĞĚĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐĂƚŚŽŵĞůĞƐƐƐĞƌǀŝĐĞƐĞƚƚŝŶŐƐĂŶĚ ŶŽƚ ŽƚŚĞƌĐŽŶŐƌĞŐĂƚĞƐĞƚƚŝŶŐƐƐŚŽƵůĚƐŚŽƌƚĞŶƚŚĞŝƌƋƵĂƌĂŶƚŝŶĞƉĞƌŝŽĚƚŽƐĞǀĞŶŽƌϭϬĚĂǇƐ͘dŚĞ ĨƵůůϭϰͲĚĂǇƋƵĂƌĂŶƚŝŶĞƉĞƌŝŽĚŝƐƌĞĐŽŵŵĞŶĚĞĚ͘ 'ĞƚƚĞƐƚĞĚĨŝǀĞƚŽƐĞǀĞŶĚĂǇƐĂĨƚĞƌƚŚĞŝƌůĂƐƚĐůŽƐĞĐŽŶƚĂĐƚǁŝƚŚƐŽŵĞŽŶĞǁŝƚŚKs/Ͳϭϵ͘ ZĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌĨƵůůǇǀĂĐĐŝŶĂƚĞĚĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐŽƌƌĞĐŽǀĞƌĞĚĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐ ĐůŝĞŶƚͬƌĞƐŝĚĞŶƚǁŚŽŝƐĨƵůůǇǀĂĐĐŝŶĂƚĞĚĂŶĚŚĂƐĐůŽƐĞĐŽŶƚĂĐƚǁŝƚŚƐŽŵĞŽŶĞǁŝƚŚKs/ͲϭϵĚŽĞƐŶŽƚ ŚĂǀĞƚŽƐƚĂǇĂǁĂǇĨƌŽŵŽƚŚĞƌƐ;ƋƵĂƌĂŶƚŝŶĞͿĨŽƌϭϰĚĂǇƐ͕ƵŶůĞƐƐƚŚĞǇŚĂǀĞƐǇŵƉƚŽŵƐ͘,ŽǁĞǀĞƌ͕ĨƵůůǇ ƐŚŽƵůĚ ǀĂĐĐŝŶĂƚĞĚƌĞƐŝĚĞŶƚƐŽĨƐŚĞůƚĞƌƐĂŶĚĐŽŶŐƌĞŐĂƚĞůŝǀŝŶŐƐĞƚƚŝŶŐƐďĞƚĞƐƚĞĚĂĨƚĞƌĂŬŶŽǁŶĞǆƉŽƐƵƌĞ͘ /ĨƚŚĞǇǁĞƌĞƐǇŵƉƚŽŵĂƚŝĐĂƚƚŚĞƚŝŵĞŽĨƚŚĞŝƌKs/ͲϭϵƚĞƐƚĂŶĚƚĞƐƚŶĞŐĂƚŝǀĞ͕ƚŚĞǇƐŚŽƵůĚƐƚŝůůƐƚĂǇ ĂǁĂǇĨƌŽŵŽƚŚĞƌƐƵŶƚŝůƚŚĞŝƌƐǇŵƉƚŽŵƐŚĂǀĞŝŵƉƌŽǀĞĚĂŶĚƚŚĞǇĂƌĞĨĞǀĞƌͲĨƌĞĞĨŽƌĂƚůĞĂƐƚϮϰŚŽƵƌƐ ;ǁŝƚŚŽƵƚƚĂŬŝŶŐĨĞǀĞƌͲƌĞĚƵĐŝŶŐŵĞĚŝĐŝŶĞƐͿ͘ /ĨƚŚĞǇŚĂĚŶŽƐǇŵƉƚŽŵƐĂŶĚƚĞƐƚŶĞŐĂƚŝǀĞƚŚĞǇĐĂŶƌĞƐƵŵĞƌĞŐƵůĂƌĂĐƚŝǀŝƚŝĞƐĂŶĚĚŽŶŽƚŶĞĞĚƚŽ ƋƵĂƌĂŶƚŝŶĞ͘ /ĨƚŚĞǇƚĞƐƚƉŽƐŝƚŝǀĞ͕ƚŚĞǇƐŚŽƵůĚƐƚĂǇĂǁĂǇĨƌŽŵŽƚŚĞƌƐĨŽƌĂƚůĞĂƐƚϭϬĚĂǇƐ;ŝƐŽůĂƚĞͿ͕ĂŶĚƵŶƚŝůƚŚĞŝƌ ƐǇŵƉƚŽŵƐŚĂǀĞŝŵƉƌŽǀĞĚĂŶĚƚŚĞǇĂƌĞĨĞǀĞƌͲĨƌĞĞĨŽƌĂƚůĞĂƐƚϮϰŚŽƵƌƐ;ǁŝƚŚŽƵƚƚĂŬŝŶŐĨĞǀĞƌͲ ƌĞĚƵĐŝŶŐŵĞĚŝĐŝŶĞƐͿ͘dŚĞŝƌĐŽŶƚĂĐƚƐƐŚŽƵůĚƐƚĂǇĂǁĂǇĨƌŽŵŽƚŚĞƌƐĨŽƌϭϰĚĂǇƐ;ƋƵĂƌĂŶƚŝŶĞͿ͘ ĐůŝĞŶƚͬƌĞƐŝĚĞŶƚǁŚŽŚĂƐƌĞĐŽǀĞƌĞĚĨƌŽŵĐŽŶĨŝƌŵĞĚKs/ͲϭϵŝŶƚŚĞƉĂƐƚϵϬĚĂǇƐĚŽĞƐŶŽƚŚĂǀĞƚŽƐƚĂǇ ĂǁĂǇĨƌŽŵŽƚŚĞƌƐĨŽƌϭϰĚĂǇƐŽƌŐĞƚƌĞƉĞĂƚĞĚƚĞƐƚŝŶŐ͕ŝĨ͗ /ƚŝƐǁŝƚŚŝŶϵϬĚĂǇƐĂĨƚĞƌƚŚĞƉĞƌƐŽŶŚĂĚKs/ͲϭϵƐǇŵƉƚŽŵƐŽƌĂƉŽƐŝƚŝǀĞƚĞƐƚ͘ dŚĞƉĞƌƐŽŶƌĞŵĂŝŶƐĂƐǇŵƉƚŽŵĂƚŝĐƐŝŶĐĞĂŶǇŶĞǁĐŽŶƚĂĐƚǁŝƚŚƐŽŵĞŽŶĞǁŝƚŚKs/Ͳϭϵ͘ ϭϮŽĨϭϳ 3DFNHW3J +I ,KD>^^^,>dZ^EKd,ZKE'Z'd^dd/E'^͗/EdZ/D'h/E /ĨƚŚĞǇĚĞǀĞůŽƉƐǇŵƉƚŽŵƐŽĨKs/Ͳϭϵ͕ƚŚĞǇƐŚŽƵůĚƐĞĞŬŵĞĚŝĐĂůĂĚǀŝĐĞƌĞŐĂƌĚŝŶŐĞǀĂůƵĂƚŝŽŶŽĨ ƐǇŵƉƚŽŵƐ͘ WƌŽǀŝĚĞƐĞƌǀŝĐĞƐƚŽĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐǁŚŽĂƌĞŝŶŝƐŽůĂƚŝŽŶŽƌ ƋƵĂƌĂŶƚŝŶĞ DŽŶŝƚŽƌƐǇŵƉƚŽŵƐ ^ƚĂĨĨƐŚŽƵůĚŵŽŶŝƚŽƌĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐǁŚŽĂƌĞƐŝĐŬƚŽŝĚĞŶƚŝĨǇƉĞŽƉůĞƌĞƋƵŝƌŝŶŐĂŚŝŐŚĞƌůĞǀĞůŽĨĐĂƌĞ͘ dŚƌĞĞƚŝŵĞƐĚĂŝůǇ͕ĚŽĐƵŵĞŶƚ͗ dŚĞƚĞŵƉĞƌĂƚƵƌĞƐŽĨƐŝĐŬĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐ͘ dŚĞŝƌƐǇŵƉƚŽŵƐ͘ dŚĞŝƌďůŽŽĚͲŽǆǇŐĞŶůĞǀĞů;ŝĨĂƉƵůƐĞŽǆŝŵĞƚĞƌŝƐĂǀĂŝůĂďůĞͿ͘ tĞĂƌƉĞƌƐŽŶĂůƉƌŽƚĞĐƚŝǀĞĞƋƵŝƉŵĞŶƚ tŚĞŶƉƌŽǀŝĚŝŶŐĚŝƌĞĐƚĐĂƌĞĨŽƌƉĞŽƉůĞǁŝƚŚĐŽŶĨŝƌŵĞĚKs/Ͳϭϵ͕ƐƚĂĨĨƐŚŽƵůĚǁĞĂƌƉĞƌƐŽŶĂůƉƌŽƚĞĐƚŝǀĞ ĞƋƵŝƉŵĞŶƚ͗ <EϵϱŽƌĂƐƵƌŐŝĐĂůŵĂƐŬƚŚĂƚĨŝƚƐǁĞůů͘ ǇĞƉƌŽƚĞĐƚŝŽŶ͕ƐƵĐŚĂƐŐŽŐŐůĞƐŽƌĂĨĂĐĞƐŚŝĞůĚƚŚĂƚĐŽǀĞƌƐƚŚĞĨƌŽŶƚĂŶĚƐŝĚĞƐŽĨƚŚĞĨĂĐĞ͘ ŐŽǁŶŽƌĐŽǀĞƌĂůůƐ͘ 'ůŽǀĞƐ͘ /ƚŝƐƉƌĞĨĞƌĂďůĞŝĨƐƚĂĨĨƉƌŽǀŝĚŝŶŐĚŝƌĞĐƚĐĂƌĞƚŽĂƐŝĐŬĐůŝĞŶƚͬƌĞƐŝĚĞŶƚŚĂǀĞĞŝƚŚĞƌ͗ ZĞĐŽǀĞƌĞĚĨƌŽŵKs/ͲϭϵŝŶƚŚĞůĂƐƚϵϬĚĂǇƐ͘ ĞĞŶĨƵůůǇǀĂĐĐŝŶĂƚĞĚ͘ZĞĨĞƌƚŽKs/ͲϭϵǀĂĐĐŝŶĂƚŝŽŶĞĂƌůŝĞƌŝŶƚŚŝƐĚŽĐƵŵĞŶƚ͘ ůůƐƚĂĨĨ͕ŝŶĐůƵĚŝŶŐƐƚĂĨĨǁŚŽŚĂǀĞƌĞĐŽǀĞƌĞĚĨƌŽŵKs/ͲϭϵŽƌǁŚŽŚĂǀĞďĞĞŶĨƵůůǇǀĂĐĐŝŶĂƚĞĚ͕ƐŚŽƵůĚ ǁĞĂƌĂŵĂƐŬ͕ŐŽǁŶ͕ŐůŽǀĞƐ͕ĂŶĚĞǇĞƉƌŽƚĞĐƚŝŽŶŝĨƚŚĞǇĂƌĞƉƌŽǀŝĚŝŶŐĚŝƌĞĐƚĐĂƌĞ͘ DĂŬĞĨĂĐŝůŝƚǇĂĐĐŽŵŵŽĚĂƚŝŽŶƐ WĞŽƉůĞǁŝƚŚĐŽŶĨŝƌŵĞĚŽƌƐƵƐƉĞĐƚĞĚKs/ͲϭϵƐŚŽƵůĚ͗ ĞŵŽǀĞĚƚŽĂĚĞƐŝŐŶĂƚĞĚŝƐŽůĂƚŝŽŶƐƉĂĐĞĂǁĂǇĨƌŽŵŽƚŚĞƌƐ;Ğ͘Ő͕͘ƉƌŝǀĂƚĞƌŽŽŵƐͿ͘ ඵ/ĨŵƵůƚŝƉůĞĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐŚĂǀĞůĂďŽƌĂƚŽƌǇͲĐŽŶĨŝƌŵĞĚKs/Ͳϭϵ;ŵĞĂŶŝŶŐƚŚĞǇƚĞƐƚĞĚ ƉŽƐŝƚŝǀĞͿ͕ƚŚĞǇĐĂŶŝƐŽůĂƚĞŝŶƚŚĞƐĂŵĞƐŚĂƌĞĚƐƉĂĐĞ͘ ŶŽƚ ඵůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐǁŚŽƚĞƐƚƉŽƐŝƚŝǀĞĨŽƌKs/Ͳϭϵ;ůĂďŽƌĂƚŽƌǇͲĐŽŶĨŝƌŵĞĚͿƐŚŽƵůĚŝƐŽůĂƚĞŝŶ ƚŚĞƐĂŵĞƐƉĂĐĞĂƐƉĞŽƉůĞǁŝƚŚƐǇŵƉƚŽŵƐǁŚŽŚĂǀĞŶŽƚƚĞƐƚĞĚƉŽƐŝƚŝǀĞĨŽƌKs/Ͳϭϵ͘ ϭϯŽĨϭϳ 3DFNHW3J +I ,KD>^^^,>dZ^EKd,ZKE'Z'd^dd/E'^͗/EdZ/D'h/E ඵ/ĨĂƉĞƌƐŽŶĐĂŶŶŽƚƐƚĂǇĂǁĂǇĨƌŽŵŽƚŚĞƌƐŝŶƚŚĞŝƌĐƵƌƌĞŶƚŝƐŽůĂƚŝŽŶƐƉĂĐĞ͕ƚŚĞĨĂĐŝůŝƚǇƐŚŽƵůĚǁŽƌŬ ǁŝƚŚƚŚĞŝƌůŽĐĂůƉƵďůŝĐŚĞĂůƚŚĚĞƉĂƌƚŵĞŶƚƐĂŶĚĐŽƵŶƚǇŐŽǀĞƌŶŵĞŶƚƐƚŽĨŝŶĚĂƐĂĨĞƐƉĂĐĞĂǁĂǇ ĨƌŽŵŽƚŚĞƌƐ͘ hƐĞĂƉƌŝǀĂƚĞŽƌƐĞƉĂƌĂƚĞďĂƚŚƌŽŽŵ͘ ඵ/ĨĂƉƌŝǀĂƚĞďĂƚŚƌŽŽŵŝƐŶŽƚĂǀĂŝůĂďůĞ͕ĚĞƐŝŐŶĂƚĞĂƐĞƉĂƌĂƚĞďĂƚŚƌŽŽŵ͘ůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐǁŚŽ ŚĂǀĞƚĞƐƚĞĚƉŽƐŝƚŝǀĞĨŽƌKs/ͲϭϵƐŚŽƵůĚƵƐĞĂĚŝĨĨĞƌĞŶƚďĂƚŚƌŽŽŵƚŚĂŶŽƚŚĞƌĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐ ůŝǀŝŶŐŝŶƚŚĞĨĂĐŝůŝƚǇ͘ ^ƚĂǇŝŶƚŚĞŝƌƌŽŽŵƐĂƐŵƵĐŚĂƐƉŽƐƐŝďůĞ͘ ඵ^ƚĂĨĨƐŚŽƵůĚďƌŝŶŐĨŽŽĚ͕ŚǇĚƌĂƚŝŽŶ͕ŵĞĚŝĐŝŶĞ͕ĂŶĚŽƚŚĞƌĞƐƐĞŶƚŝĂůŶĞĞĚƐƚŽƐŝĐŬĐůŝĞŶƚƐͬƌĞƐŝĚĞŶƚƐ ƚŽůŝŵŝƚĂŶǇŵŽǀĞŵĞŶƚŽƵƚƐŝĚĞŽĨƚŚĞŝƌŝƐŽůĂƚŝŽŶƐƉĂĐĞ͘ tĞĂƌĂŵĂƐŬǁŚĞŶŽƵƚƐŝĚĞŽĨƚŚĞŝƌƌŽŽŵƐ͘ ඵ EŽŶŵĞĚŝĐĂů͕ĐůŽƚŚĨĂĐĞŵĂƐŬƐĂƌĞƌĞƋƵŝƌĞĚǁŚĞŶƐŽŵĞŽŶĞůŝǀŝŶŐŝŶƚŚĞĨĂĐŝůŝƚǇŝƐŶŽƚŝŶƚŚĞŝƌ ĂƐƐŝŐŶĞĚƌŽŽŵ͘&ŽƌŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶ͕ŝŶĐůƵĚŝŶŐĞǆĞŵƉƚŝŽŶƐ͕ƌĞĨĞƌƚŽZĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌ tĞĂƌŝŶŐDĂƐŬƐ;ǁǁǁ͘ŚĞĂůƚŚ͘ƐƚĂƚĞ͘ŵŶ͘ƵƐͬĚŝƐĞĂƐĞƐͬĐŽƌŽŶĂǀŝƌƵƐͬĨĂĐĞĐŽǀĞƌ͘ŚƚŵůͿ͘ tĂƐŚŽƌƐĂŶŝƚŝǌĞƚŚĞŝƌŚĂŶĚƐŝŵŵĞĚŝĂƚĞůǇďĞĨŽƌĞŽƌĂĨƚĞƌůĞĂǀŝŶŐƚŚĞŝƌƌŽŽŵ͘ ^ƚĂǇĂƚůĞĂƐƚϲĨĞĞƚĂǁĂǇĨƌŽŵŽƚŚĞƌƐ͘ ŽŶƐŝĚĞƌĂƚŝŽŶƐĨŽƌĐƌĞĂƚŝŶŐůŽŶŐͲƚĞƌŵKs/Ͳϭϵ ƐƚƌĂƚĞŐŝĞƐ ƐĐŽŵŵƵŶŝƚǇƚƌĂŶƐŵŝƐƐŝŽŶůĞǀĞůƐĚĞĐůŝŶĞ͕ƐŽŵĞŚŽŵĞůĞƐƐƐĞƌǀŝĐĞƉƌŽǀŝĚĞƌƐŵŝŐŚƚďĞŐŝŶƚŽĐŽŶƐŝĚĞƌ ǁŚĞŶƚŽŵŽĚŝĨǇƚŚĞĨĂĐŝůŝƚǇͲůĞǀĞůKs/ͲϭϵƉƌĞǀĞŶƚŝŽŶŵĞĂƐƵƌĞƐĚĞƐĐƌŝďĞĚĂďŽǀĞ͕ƐƵĐŚĂƐ ĚĞĐŽŵƉƌĞƐƐŝŽŶ;ƌĞĚƵĐŝŶŐĐƌŽǁĚŝŶŐͿŽƌĐŚĂŶŐĞƐƚŽĨĂĐŝůŝƚǇůĂǇŽƵƚĂŶĚƉƌŽĐĞĚƵƌĞƐ͘ ĞĐĂƵƐĞŽĨƚŚĞŝŶĐƌĞĂƐĞĚƌŝƐŬŽĨƚƌĂŶƐŵŝƐƐŝŽŶŝŶŚŽŵĞůĞƐƐƐĞƌǀŝĐĞĂŶĚƐŚĞůƚĞƌƐĞƚƚŝŶŐƐ͕ŝƚŝƐŝŵƉŽƌƚĂŶƚ ĨŽƌƉƌŽƚĞĐƚŝŽŶƐƚŽƌĞŵĂŝŶŝŶƉůĂĐĞĂƐůŽŶŐĂƐƉŽƐƐŝďůĞ͘ /ĨĐŚĂŶŐĞƐŶĞĞĚƚŽďĞŵĂĚĞĚƵĞƚŽƌĞƐŽƵƌĐĞŽƌĐĂƉĂĐŝƚǇĐŽŶĐĞƌŶƐ͕ǁŽƌŬǁŝƚŚǇŽƵƌůŽĐĂůƉƵďůŝĐŚĞĂůƚŚ ƉĂƌƚŶĞƌƐŽƌD,ǁŚĞŶŵŽĚŝĨǇŝŶŐƉƌĂĐƚŝĐĞƐĂŶĚƉŽůŝĐŝĞƐ͘ ŶǇŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽƉƌĂĐƚŝĐĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐƐŚŽƵůĚďĞĐŽŶĚƵĐƚĞĚŝŶĐƌĞŵĞŶƚĂůůǇǁŝƚŚĐĂƌĞĨƵů ŵŽŶŝƚŽƌŝŶŐĨŽƌKs/ͲϭϵĐĂƐĞƐŝŶƚŚĞĐŽŵŵƵŶŝƚǇĂŶĚŝŶƚŚĞĨĂĐŝůŝƚǇ͘ ĞůŽǁŝƐĂůŝƐƚŽĨĨĂĐƚŽƌƐƚŽĐŽŶƐŝĚĞƌŝĨŚŽŵĞůĞƐƐƐĞƌǀŝĐĞƉƌŽǀŝĚĞƌƐĂƌĞǁĞŝŐŚŝŶŐƚŚĞŵŽĚŝĨŝĐĂƚŝŽŶ ŽĨĨĂĐŝůŝƚǇͲůĞǀĞůƉƌĞǀĞŶƚŝŽŶŵĞĂƐƵƌĞƐ͘ĂĐŚŽĨƚŚĞĨĂĐƚŽƌƐůŝƐƚĞĚďĞůŽǁƐŚŽƵůĚďĞĐŽŶƐŝĚĞƌĞĚƚŽŐĞƚŚĞƌ͖ŶŽ ƐŝŶŐůĞĨĂĐƚŽƌƐŚŽƵůĚďĞƵƐĞĚĂůŽŶĞƚŽĚĞĐŝĚĞŽŶŵŽĚŝĨŝĐĂƚŝŽŶŽĨĨĂĐŝůŝƚǇƉƌĞǀĞŶƚŝŽŶŵĞĂƐƵƌĞƐ͘ &ĂĐƚŽƌϭ͗ŽŵŵƵŶŝƚǇƚƌĂŶƐŵŝƐƐŝŽŶůĞǀĞůƐ tŚĂƚŝƐƚŚĞŝŶĐŝĚĞŶĐĞŽĨKs/ͲϭϵĐĂƐĞƐŝŶƚŚĞƐƵƌƌŽƵŶĚŝŶŐĐŽŵŵƵŶŝƚǇ͍ ϭϰŽĨϭϳ 3DFNHW3J +I ,KD>^^^,>dZ^EKd,ZKE'Z'd^dd/E'^͗/EdZ/D'h/E dŚĞŝŶĐŝĚĞŶĐĞŽĨKs/ͲϭϵĐĂƐĞƐŝŶƚŚĞĐŽŵŵƵŶŝƚǇǁŝůůŝŶĨůƵĞŶĐĞƚŚĞůŝŬĞůŝŚŽŽĚŽĨŝŶƚƌŽĚƵĐƚŝŽŶŽĨ Ks/ͲϭϵƚŽĂƐŚĞůƚĞƌ͘Ks/ĂƚĂdƌĂĐŬĞƌ͗Ks/Ͳϭϵ/ŶƚĞŐƌĂƚĞĚŽƵŶƚǇsŝĞǁ ;ŚƚƚƉƐ͗ͬͬĐŽǀŝĚ͘ĐĚĐ͘ŐŽǀͬĐŽǀŝĚͲĚĂƚĂͲƚƌĂĐŬĞƌͬηĐŽƵŶƚǇͲǀŝĞǁͿĚŝƐƉůĂǇƐƚŚĞĐƵƌƌĞŶƚůĞǀĞůŽĨĐŽŵŵƵŶŝƚǇ ƚƌĂŶƐŵŝƐƐŝŽŶĂƚƚŚĞĐŽƵŶƚǇůĞǀĞů͘DĂŬŝŶŐĐŚĂŶŐĞƐǁŚĞŶĐŽŵŵƵŶŝƚǇƚƌĂŶƐŵŝƐƐŝŽŶŝƐŚŝŐŚŝƐŶŽƚ ƌĞĐŽŵŵĞŶĚĞĚ͘ /ŶĐƌĞĂƐŝŶŐKs/ͲϭϵǀĂĐĐŝŶĂƚŝŽŶĐŽǀĞƌĂŐĞŝŶƚŚĞƐƵƌƌŽƵŶĚŝŶŐĐŽŵŵƵŶŝƚǇŝƐŝŵƉŽƌƚĂŶƚƚŽŚĞůƉƌĞĚƵĐĞ ĐŽŵŵƵŶŝƚǇƚƌĂŶƐŵŝƐƐŝŽŶ͕ďƵƚĐŽŵŵƵŶŝƚǇǀĂĐĐŝŶĂƚŝŽŶůĞǀĞůƐƐŚŽƵůĚŶŽƚďĞƵƐĞĚĂůŽŶĞƚŽĚĞĐŝĚĞƚŽ ŵŽĚŝĨǇĨĂĐŝůŝƚǇͲůĞǀĞůƉƌĞǀĞŶƚŝŽŶŵĞĂƐƵƌĞƐ͘ Ks/ĂƚĂdƌĂĐŬĞƌ͗Ks/ͲϭϵsĂĐĐŝŶĂƚŝŽŶƐŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ;ŚƚƚƉƐ͗ͬͬĐŽǀŝĚ͘ĐĚĐ͘ŐŽǀͬĐŽǀŝĚͲ ĚĂƚĂͲƚƌĂĐŬĞƌͬηǀĂĐĐŝŶĂƚŝŽŶƐͿ ZĞǀŝĞǁDŝŶŶĞƐŽƚĂKs/ͲϭϵsĂĐĐŝŶĞĂƚĂ;ŚƚƚƉƐ͗ͬͬŵŶ͘ŐŽǀͬĐŽǀŝĚϭϵͬǀĂĐĐŝŶĞͬĚĂƚĂͬŝŶĚĞǆ͘ũƐƉͿĨŽƌ ĐŽƵŶƚǇǀĂĐĐŝŶĂƚŝŽŶƌĂƚĞƐ͘ &ĂĐƚŽƌϮ͗&ĂĐŝůŝƚǇĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ tŚĂƚŝƐƚŚĞƚŽƚĂůŶƵŵďĞƌŽĨƉĞŽƉůĞŽŶƐŝƚĞĂƚǇŽƵƌĨĂĐŝůŝƚǇ͍ >ĂƌŐĞƌƐĞƚƚŝŶŐƐŵĂǇŚĂǀĞĂŵŽƌĞĐŚĂůůĞŶŐŝŶŐƚŝŵĞŝŵƉůĞŵĞŶƚŝŶŐĂŶĚŵĂŝŶƚĂŝŶŝŶŐŵŝƚŝŐĂƚŝŽŶƐƚƌĂƚĞŐŝĞƐ͘ tŚĂƚƉƌŽƉŽƌƚŝŽŶŽĨƚŚĞƉĞŽƉůĞƐƚĂǇŝŶŐŝŶǇŽƵƌƐŚĞůƚĞƌĂƌĞŶĞǁĞĂĐŚǁĞĞŬ͍ dŚĞĂŵŽƵŶƚŽĨƚƵƌŶŽǀĞƌŝŶĂƐŚĞůƚĞƌǁŝůůŝŵƉĂĐƚƚŚĞĂďŝůŝƚǇƚŽĞƐƚŝŵĂƚĞǀĂĐĐŝŶĂƚŝŽŶĐŽǀĞƌĂŐĞĂŶĚŵĂǇ ŝŶĐƌĞĂƐĞƚŚĞůŝŬĞůŝŚŽŽĚŽĨŝŶƚƌŽĚƵĐŝŶŐƉĞŽƉůĞŝŶĨĞĐƚĞĚǁŝƚŚƚŚĞǀŝƌƵƐƚŚĂƚĐĂƵƐĞƐKs/ͲϭϵŝŶƚŽƚŚĞ ĨĂĐŝůŝƚǇ͘ tŚĂƚŝƐƚŚĞŽǀĞƌĂůůůĂǇŽƵƚĂŶĚǀĞŶƚŝůĂƚŝŽŶŽĨǇŽƵƌĨĂĐŝůŝƚǇ͍ dŚĞĂŵŽƵŶƚŽĨƚŝŵĞƚŚĂƚĐůŝĞŶƚƐĂƌĞůŝŬĞůǇƚŽďĞŝŶĐůŽƐĞĐŽŶƚĂĐƚǁŝƚŚŽƚŚĞƌĐůŝĞŶƚƐĂŶĚƐƚĂĨĨ;ƐƵĐŚĂƐ ƐůĞĞƉŝŶŐŽƌĞĂƚŝŶŐŝŶŽŶĞůĂƌŐĞƌŽŽŵǀĞƌƐƵƐƐĞƉĂƌĂƚĞƌŽŽŵƐͿĐĂŶŝŶĨůƵĞŶĐĞƚŚĞůŝŬĞůŝŚŽŽĚŽĨƚƌĂŶƐŵŝƐƐŝŽŶ͘ dŚĞƋƵĂůŝƚǇŽĨǀĞŶƚŝůĂƚŝŽŶŝŶǇŽƵƌĨĂĐŝůŝƚǇĐĂŶĂůƐŽŝŶĨůƵĞŶĐĞƚƌĂŶƐŵŝƐƐŝŽŶ͘ tŚĂƚĂƌĞƚŚĞƐůĞĞƉŝŶŐƐƉĂĐĞƐůŝŬĞŝŶǇŽƵƌĨĂĐŝůŝƚǇ͍ dŚĞĂŵŽƵŶƚŽĨƚŝŵĞƚŚĂƚĐůŝĞŶƚƐĂƌĞŝŶĐůŽƐĞĐŽŶƚĂĐƚǁŝƚŚŽƚŚĞƌĐůŝĞŶƚƐĐĂŶŝŶĨůƵĞŶĐĞƚŚĞůŝŬĞůŝŚŽŽĚŽĨ ƚƌĂŶƐŵŝƐƐŝŽŶ͘ &ĂĐƚŽƌϯ͗ůŝĞŶƚĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ tŚĂƚƉƌŽƉŽƌƚŝŽŶŽĨǇŽƵƌƵŶǀĂĐĐŝŶĂƚĞĚĐůŝĞŶƚƐĂƌĞĂƚŝŶĐƌĞĂƐĞĚƌŝƐŬĨŽƌƐĞǀĞƌĞKs/Ͳϭϵ ŝůůŶĞƐƐ͍ &ĂĐŝůŝƚŝĞƐǁŝƚŚŚŝŐŚƉƌŽƉŽƌƚŝŽŶƐŽĨƵŶǀĂĐĐŝŶĂƚĞĚĐůŝĞŶƚƐǁŚŽĂƌĞŵŽƌĞůŝŬĞůǇƚŽŐĞƚƐĞǀĞƌĞůǇŝůůĨƌŽŵ Ks/ͲϭϵƐŚŽƵůĚŵĂŝŶƚĂŝŶĨĂĐŝůŝƚǇͲůĞǀĞůƉƌĞǀĞŶƚŝŽŶŵĞĂƐƵƌĞƐĨŽƌůŽŶŐĞƌĚƵƌĂƚŝŽŶƐ͘EŽƚĞ͗dŚŝƐǁŝůůůŝŬĞůǇ ďĞŵŽƐƚƐĞƚƚŝŶŐƐ͘ ϭϱŽĨϭϳ 3DFNHW3J +I ,KD>^^^,>dZ^EKd,ZKE'Z'd^dd/E'^͗/EdZ/D'h/E ŶŽƚĞĂďŽƵƚĨĂĐŝůŝƚǇǀĂĐĐŝŶĂƚŝŽŶůĞǀĞůƐ ƵƌƌĞŶƚůǇ͕ŶŽƚĞŶŽƵŐŚŝŶĨŽƌŵĂƚŝŽŶŝƐĂǀĂŝůĂďůĞƚŽĚĞƚĞƌŵŝŶĞƚŚĞůĞǀĞůŽĨǀĂĐĐŝŶĂƚŝŽŶĐŽǀĞƌĂŐĞŶĞĞĚĞĚŝŶ ĂĨĂĐŝůŝƚǇƚŽŵŽĚŝĨǇĨĂĐŝůŝƚǇͲůĞǀĞůƉƌĞǀĞŶƚŝŽŶŵĞĂƐƵƌĞƐ͘,ŽǁĞǀĞƌ͕ǀĂĐĐŝŶĂƚŝŽŶƐŝŐŶŝĨŝĐĂŶƚůǇĚĞĐƌĞĂƐĞƐƚŚĞ ůŝŬĞůŝŚŽŽĚŽĨŝŶĨĞĐƚŝŽŶǁŝƚŚƚŚĞǀŝƌƵƐƚŚĂƚĐĂƵƐĞƐKs/Ͳϭϵ͘'ƵŝĚĂŶĐĞĨŽƌƉĞŽƉůĞǁŚŽĂƌĞĨƵůůǇǀĂĐĐŝŶĂƚĞĚ ĐĂŶďĞĨŽƵŶĚĂƚ͗/ŶƚĞƌŝŵWƵďůŝĐ,ĞĂůƚŚZĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌ&ƵůůǇsĂĐĐŝŶĂƚĞĚWĞŽƉůĞ ;ǁǁǁ͘ĐĚĐ͘ŐŽǀͬĐŽƌŽŶĂǀŝƌƵƐͬϮϬϭϵͲŶĐŽǀͬǀĂĐĐŝŶĞƐͬĨƵůůǇͲǀĂĐĐŝŶĂƚĞĚͲŐƵŝĚĂŶĐĞ͘ŚƚŵůͿ͘ EŽƚĞ͗sĂĐĐŝŶĂƚŝŽŶƐƚĂƚƵƐƐŚŽƵůĚŶŽƚďĞĂďĂƌƌŝĞƌƚŽĂĐĐĞƐƐŝŶŐŚŽŵĞůĞƐƐƐĞƌǀŝĐĞƐ͘ĞŝŶŐǀĂĐĐŝŶĂƚĞĚƐŚŽƵůĚ ŶŽƚďĞĂƉƌĞͲƌĞƋƵŝƐŝƚĞĨŽƌĞŶƚƌĂŶĐĞƚŽŚŽŵĞůĞƐƐƐĞƌǀŝĐĞƐŝƚĞƐƵŶůĞƐƐĚŝƌĞĐƚĞĚďǇƐƚĂƚĞŽƌůŽĐĂůŚĞĂůƚŚ ĂƵƚŚŽƌŝƚŝĞƐ͘ >ŽŶŐͲƚĞƌŵŝŶĨĞĐƚŝŽŶƉƌĞǀĞŶƚŝŽŶĂŶĚƌĞƐƉŽŶƐĞƐƚƌĂƚĞŐŝĞƐ dŚĞĨŽůůŽǁŝŶŐĂƌĞŬĞǇĐŽŵƉŽŶĞŶƚƐŽĨĂƐƵƐƚĂŝŶĂďůĞĂƉƉƌŽĂĐŚƚŽŝŶĨĞĐƚŝŽƵƐĚŝƐĞĂƐĞƉƌĞǀĞŶƚŝŽŶĂŶĚ ƌĞƐƉŽŶƐĞ͗ DŽŶŝƚŽƌKs/ͲϭϵĂĐƚŝǀŝƚǇŝŶǇŽƵƌĂƌĞĂ͘&ŽƌƚŚĞůĂƚĞƐƚƵƉĚĂƚĞƐŽŶůŽĐĂůƚƌĂŶƐŵŝƐƐŝŽŶŽĨƚŚĞǀŝƌƵƐƚŚĂƚ ĐĂƵƐĞƐKs/Ͳϭϵ͕ƚŚĞKs/ĂƚĂdƌĂĐŬĞƌ͗Ks/Ͳϭϵ/ŶƚĞŐƌĂƚĞĚŽƵŶƚǇsŝĞǁ ;ŚƚƚƉƐ͗ͬͬĐŽǀŝĚ͘ĐĚĐ͘ŐŽǀͬĐŽǀŝĚͲĚĂƚĂͲƚƌĂĐŬĞƌͬηĐŽƵŶƚǇͲǀŝĞǁͿĚŝƐƉůĂǇƐƚŚĞĐƵƌƌĞŶƚůĞǀĞůŽĨĐŽŵŵƵŶŝƚǇ 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