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February 17, 2021 Agenda Packet
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ďLJƐƚĂĨĨĂŶĚŽƵŶĐŝůͿ ZĞǀŝĞǁĞdžŝƐƚŝŶŐĚĞƉĂƌƚŵĞŶƚĂůƐƚƌĂƚĞŐŝĐĚŽĐƵŵĞŶƚƐ x /ĚĞŶƚŝĨLJŬĞLJĞŶŐĂŐĞŵĞŶƚƐƚƌĂƚĞŐŝĞƐ x ϭ 3DFNHW3J )D Ɖƌŝů͕ϮϬϮϭͲŽŶƚŝŶƵĂƚŝŽŶŽĨŽŶǀĞƌƐĂƚŝŽŶ;ĂƚĞƐdϭͲϮŵĞĞƚŝŶŐƐͿ ƌŽƐƐǁĂůŬǁŝƚŚŽŵƉWůĂŶĂŶĚŽƚŚĞƌ^ƚƌĂƚĞŐŝĐWůĂŶŶŝŶŐĞĨĨŽƌƚƐĨƌŽŵǁŽƌŬƐŚŽƉŝŶDĂƌĐŚ x ŝƐĐƵƐƐƌĞƐƵůƚƐͬĂƐƐĞƐƐŵĞŶƚƐŽĨZĞĂůϭϬϬǁŽƌŬĨŽƌŽƵŶĐŝůĂŶĚ^ƚĂĨĨ x ŝƐĐƵƐƐZĞƐŽƵƌĐĞƐĂŶĚWƌŝŽƌŝƚŝĞƐ x hŶƉĂĐŬ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚŝĞƐ R 'ĞƚĐŽŶƐĞŶƐƵƐ R >ŝŶĞƵƉƉƌŝŽƌŝƚŝĞƐǁŝƚŚƌĞƐŽƵƌĐĞƐ͖ŝĚĞŶƚŝĨLJŶĞǁƌĞƐŽƵƌĐĞƐŝĨŶĞĐĞƐƐĂƌLJ R ƐƐĞƐƐŵĞŶƚŽĨĞdžŝƐƚŝŶŐĐŽŵŵŝƐƐŝŽŶƐĂŶĚƚĂƐŬĨŽƌĐĞƐĂŶĚŝĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨŶĞǁŶĞĞĚƐ R /ŶƚĞŐƌĂƚĞ /ǁŽƌŬƐŚŽƉŝŶĨŽƌŵĂƚŝŽŶĂŶĚĚŝƌĞĐƚŝŽŶ R DĂLJ͕ϮϬϮϭʹŽŶĐůƵƐŝŽŶ;ĂƚĞƐdͿ /ĚĞŶƚŝĨLJƌŽůĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĨŽƌŽƵŶĐŝůĂŶĚ^ƚĂĨĨ x ƌĞĂƚĞŐƵŝĚĞůŝŶĞƐĨŽƌĐŽŵŵƵŶŝĐĂƚŝŽŶƚŽĐŽŵŵƵŶŝƚLJĂŶĚƐƚĂŬĞŚŽůĚĞƌƐĂďŽƵƚƚŚŝƐǁŽƌŬ;ŚŽǁǁŝůůLJŽƵ x ƐŚĂƌĞŝŶĨŽƌŵĂƚŝŽŶ͕ǁŚĞŶ͕ǁŚŽͿ ƌĞĂƚŝŽŶŽĨĂƐƚƌĂƚĞŐŝĐƉůĂŶƚŚĂƚƚƌĂĐŬƐǁŝƚŚƚǁŽͲLJĞĂƌďƵĚŐĞƚĐLJĐůĞ x ĞĐŝĚĞǁŚŽĂŶĚŚŽǁƚŽƌĞƉŽƌƚŽƵƚĂďŽƵƚƚŚŝƐǁŽƌŬ;ƚƌĂŶƐƉĂƌĞŶĐLJͿ x ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚŝĞƐͶĚŽƉƚĞĚďLJƚŚĞŝƚLJŝŶϮϬϭϴ ŶŚĂŶĐĞƋƵĂůŝƚLJŽĨůŝĨĞ ͻ/ŶĐƌĞĂƐĞŶĞŝŐŚďŽƌŚŽŽĚĐŽŶŶĞĐƚŝǀŝƚLJ͘ ͻ/ŶĐƌĞĂƐĞĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐŽƉƚŝŽŶƐ͘ ͻDĂŝŶƚĂŝŶĂŶĚŝŶĐƌĞĂƐĞŶĞŝŐŚďŽƌŚŽŽĚǀŝƚĂůŝƚLJĂŶĚůŝǀĂďŝůŝƚLJ͘ ͻ^ĞĐƵƌĞĂĨƵŶĚŝŶŐƐƚƌĞĂŵĨŽƌƐƵƐƚĂŝŶĞĚƉĂƌŬƐĂŶĚƌĞĐƌĞĂƚŝŽŶŝŵƉƌŽǀĞŵĞŶƚƐĂŶĚĐŽŵŵƵŶŝƚLJĂŵĞŶŝƚŝĞƐ͘ &ŽƐƚĞƌĂƚĞĂŵŽƌŝĞŶƚĞĚĐƵůƚƵƌĞ ͻhƐĞ,ŝŐŚWĞƌĨŽƌŵĂŶĐĞKƌŐĂŶŝnjĂƚŝŽŶƉƌĂĐƚŝĐĞƐƚŽĐƌĞĂƚĞŽƉĞƌĂƚŝŽŶĂůĞĨĨŝĐŝĞŶĐŝĞƐ͘ ͻĞǀĞůŽƉƌĞĐƌƵŝƚŵĞŶƚƐƚƌĂƚĞŐŝĞƐƚŽĚŝǀĞƌƐŝĨLJĂŶĚĂĐŚŝĞǀĞĂŚŝŐŚͲƋƵĂůŝƚLJǁŽƌŬĨŽƌĐĞ͘ ͻƌĞĂƚĞĞŵƉůŽLJĞĞĚĞǀĞůŽƉŵĞŶƚƉůĂŶƐ͘ ͻhƐĞƚĞĐŚŶŽůŽŐLJƚŽƐŚĂƌĞĂŶĚĐŽŵŵƵŶŝĐĂƚĞĞĨĨĞĐƚŝǀĞůLJ DĂŶĂŐĞŐƌŽǁƚŚĂŶĚĚĞǀĞůŽƉŵĞŶƚ ͻĂůĂŶĐĞĚŽǁŶƚŽǁŶͬDĂŶĚĐŽŵŵƵŶŝƚLJͲǁŝĚĞĚĞǀĞůŽƉŵĞŶƚĞĨĨŽƌƚƐ͘ ͻ/ŶĐŽƌƉŽƌĂƚĞWϮ^ŝŶĨƌĂƐƚƌƵĐƚƵƌĞƉůĂŶŶŝŶŐŝŶƚŽĚĞǀĞůŽƉŵĞŶƚĚĞĐŝƐŝŽŶƐ͘ ͻ/ŵƉůĞŵĞŶƚƚŚĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐŽĨWϮ^͕ƚŚĞWĂƌŬƐĂŶĚZĞĐƌĞĂƚŝŽŶDĂƐƚĞƌWůĂŶ͕ĂŶĚƚŚĞ>ŝďƌĂƌLJ^ƚƌĂƚĞŐŝĐWůĂŶ͘ ĂůĂŶĐĞƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝŶǀĞƐƚŵĞŶƚ ͻ/ŵƉƌŽǀĞƚƌĂŶƐƉŽƌƚĂƚŝŽŶĂŶĚƌĞůĂƚĞĚĨĂĐŝůŝƚŝĞƐ͘ ͻĞǀĞůŽƉĂŶĂƐƐĞƚŵĂŶĂŐĞŵĞŶƚƉůĂŶĂŶĚƵƐĞůŝĨĞͲĐLJĐůĞĐŽƐƚĐŽŶƐŝĚĞƌĂƚŝŽŶƐĚƵƌŝŶŐĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐ͘ ͻĞǀĞůŽƉĂƉŽůŝĐLJĂŶĚƉƌĂĐƚŝĐĞŽĨĂƐƐĞƐƐŝŶŐŶĞǁŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝŶǀĞƐƚŵĞŶƚďĂƐĞĚŽŶĐƵƌƌĞŶƚĂƐƐĞƚƐĂŶĚŵĂŝŶƚĞŶĂŶĐĞ ĐŽƐƚƐ Ϯ 3DFNHW3J )E ZŽĐŚĞƐƚĞƌ^ƚƌĂƚĞŐŝĐWůĂŶŶŝŶŐZ&dWƌŽƉŽƐĂů ,ŽƵƌƐZĂƚĞdŽƚĂůEŽƚĞ ŽƵŶĐŝůĂŶĚ^ƚĂĨĨƐƐĞƐƐŵĞŶƚƐϭϬΨϭϱϬΨϭ͕ϱϬϬ ƐƚŝŵĂƚĞĨŽƌ/^͕^ƚƌĞŶŐƚŚƐ&ŝŶĚĞƌŽƌƐĞůĞĐƚĞĚĂƐƐĞƐƐŵĞŶƚ͖ŵĂLJďĞĂƐƵďĐŽŶƚƌĂĐƚ ϭ͗ϭ/ŶƚĞƌǀŝĞǁƐ;ϮϯΛϯŚŽƵƌƐĞĂĐŚͿϲϵΨϭϱϬΨϭϬ͕ϯϱϬ/ŶĐůƵĚĞƐŝŶƚĞƌǀŝĞǁĂŶĚƌĞůĂƚĞĚĂĚŵŝŶŝƐƚƌĂƚŝǀĞƚŝŵĞ;ƌĞĐŽƌĚŝŶŐ͕ŝƐƐƵĞĐƌŽƐƐǁĂůŬͿ ^ƵƌǀĞLJWƌĞƉĂƌĂƚŝŽŶĂŶĚĚŵŝŶŝƐƚƌĂƚŝŽŶϰϬΨϭϱϬΨϲ͕ϬϬϬ/ŶĐůƵĚĞƐǁƌŝƚƚĞŶƌĞƉŽƌƚ ZĞǀŝĞǁŽĨĐƵƌƌĞŶƚƐƚƌĂƚĞŐŝĐƉůĂŶƐͬĐƌŽƐƐǁĂůŬϰϬΨϭϱϬΨϲ͕ϬϬϬ^ĐŽƉĞŝŶĐůƵĚĞƐĂůůƌĞůĞǀĂŶƚƐƚƌĂƚĞŐŝĐ͕ďůƵĞƉƌŝŶƚĂŶĚŽƚŚĞƌƉůĂŶŶŝŶŐĚŽĐƵŵĞŶƚƐ͘ /ĚĞŶƚŝĨLJ<ĞLJ ŶŐĂŐĞŵĞŶƚ^ƚƌĂƚĞŐŝĞƐϰϬΨϭϱϬΨϲ͕ϬϬϬ dŚŝƐŵĂLJďĞůĞƐƐŝĨŝƚLJŽŵŵƵŶŝĐĂƚŝŽŶƐŚĂƐĂŶĞdžŝƐƚŝŶŐĞŶŐĂŐĞŵĞŶƚƐƚƌĂƚĞŐLJ DĞĞƚŝŶŐWƌĞƉĂƌĂƚŝŽŶ;ϰΛϯŚŽƵƌƐͿϭϮΨϭϱϬΨϭ͕ϴϬϬ/ŶĐůƵĚĞƐƉƌĞͲŵĞĞƚŝŶŐǁŝƚŚƐƚĂĨĨ͕ĚĞǀĞůŽƉŵĞŶƚŽĨĂŐĞŶĚĂĂŶĚƐĞƚƚŝŶŐĚĞƐŝƌĞĚŽƵƚĐŽŵĞƐ ŽƵŶĐŝůDĞĞƚŝŶŐƐͲͲsŝƌƚƵĂů;ϰΛϯͲϰŚŽƵƌƐͿϭϲΨϭϱϬΨϮ͕ϰϬϬ ƐƚŝŵĂƚĞŽŶůLJ͖ǁĞŶĞĞĚƚŽĚŝƐĐƵƐƐŚŽǁƚŽƐĐŚĞĚƵůĞƚŚŝƐǁŽƌŬ͘tŽƌƚŚŝŶŐƚŽŶƚŽĨĂĐŝůŝƚĂƚĞ͖ƌŽůĞƐĨŽƌƐƚĂĨĨ͍ ŽĂƌĚĂŶĚŽŵŵŝƐƐŝŽŶKƵƚƌĞĂĐŚϭϴΨϭϱϬΨϮ͕ϳϬϬ/ŶĐůƵĚĞƐĨŽůůŽǁͲƵƉĂŶĚƐĐƌŝďĞͬŝŶƚĞŐƌĂƚŝŽŶ ŽŵŵƵŶŝƚLJ ŶŐĂŐĞŵĞŶƚďLJtĂƌĚϯϬΨϭϱϬΨϰ͕ϱϬϬ/ŶĐůƵĚĞƐŵĞĞƚŝŶŐƉƌĞƉĂƌĂƚŝŽŶ͕ĨŽůůŽǁͲƵƉĂŶĚƐĐƌŝďĞͬŝŶƚĞŐƌĂƚŝŽŶ dŽƚĂů ƐƚŝŵĂƚĞϮϲϱΨϯϵ͕ϳϱϬ 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ĚLJŶĂŵŝĐƐ͕ĂŶĚƚŚŝŶŬĐƌŝƚŝĐĂůůLJĂďŽƵƚƉĂƚŚƐĂŶĚƐƚƌƵĐƚƵƌĞƐƚŽďƵŝůĚƐƵĐĐĞƐƐŽŶďĞŚĂůĨŽĨ ĐůŝĞŶƚƐ͖ƵŶĨĂnjĞĚďLJĂŵďŝŐƵŝƚLJĂŶĚĐŽŶĨůŝĐƚ͘ x>ĞĂĚĞƌŽĨƌĂĐŝĂůĞƋƵŝƚLJǁŽƌŬ͕ĞƐƉĞĐŝĂůůLJĂƐŝƚĂƉƉůŝĞƐƚŽǁŚŝƚĞĐŽŵŵƵŶŝƚŝĞƐĂŶĚŵĂũŽƌŝƚLJ ǁŚŝƚĞĐŽŵŵƵŶŝƚŝĞƐ͖ƐƚƌŽŶŐƉĞƌƐŽŶĂůĂŶĚƉƌŽĨĞƐƐŝŽŶĂůĐŽŵŵŝƚŵĞŶƚƚŽŝŶƚĞƌƌƵƉƚŝŶŐƌĂĐŝƐŵ͕ ƌĞĐŽŐŶŝnjŝŶŐƉƌŝǀŝůĞŐĞ͕ĂŶĚůĞĂŶŝŶŐͲŝŶƚŽƚŚĞŶĞĐĞƐƐĂƌLJĂŶĚĐŚĂůůĞŶŐŝŶŐǁŽƌŬŽĨĞƋƵŝƚLJ͘ xŽŶƐŝƐƚĞŶƚůLJƌĞĐŽŐŶŝnjĞĚĂƐĂďƵŝůĚĞƌĂŶĚƐƵƐƚĂŝŶĞƌŽĨƐƚƌĞŶŐƚŚƐͲďĂƐĞĚƚĞĂŵƐ͖ƉĂƌƚŝĐƵůĂƌůLJ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶĂŶĚĐƵůƚŝǀĂƚŝŽŶŽĨŝŶĚŝǀŝĚƵĂůƐĂŶĚƚŚĞŝƌƐŬŝůůƐǁŝƚŚŝŶĂƚĞĂŵ͘ xƌŝǀĞƐĞĨĨĞĐƚŝǀĞŽƵƚĐŽŵĞƐƚŚƌŽƵŐŚƚŚĞƵƐĞŽĨĐĂƌĞĨƵůůŝƐƚĞŶŝŶŐ͕ƐƚƌŽŶŐĐŽŵŵƵŶŝĐĂƚŝŽŶ͕ĐůĞĂƌ ĚŝƌĞĐƚŝŽŶĂŶĚĨŽĐƵƐĞĚĂƚƚĞŶƚŝŽŶŽŶŐŽĂůƐ͘ xŽŵŵŝƚƚĞĚƚŽĐŽŵŵƵŶŝƚLJĞŶŐĂŐĞŵĞŶƚƉƌŽĐĞƐƐĞƐƚŚĂƚĨŽĐƵƐŽŶůŝĨƚŝŶŐƵƉƚŚĞǀŽŝĐĞƐŽĨ ĂĨĨĞĐƚĞĚĐŽŵŵƵŶŝƚŝĞƐƚŚƌŽƵŐŚĂƵƚŚĞŶƚŝĐĚŝĂůŽŐƵĞ͕ĂĐĐŽƵŶƚĂďŝůŝƚLJĂŶĚƐƚƌŽŶŐ ĐŽŵŵƵŶŝĐĂƚŝŽŶ͘ xŽŵƉĂƐƐŝŽŶĂƚĞĂŶĚƚŚŽƵŐŚƚĨƵůůĞĂĚĞƌǁŚŽƚĞĂĐŚĞƐƐƚƌŽŶŐƚĞĂŵǁŽƌŬĂŶĚĐƌĞĂƚŝǀĞƚŚŝŶŬŝŶŐ ƚŽƐŽůǀĞĐŽŵƉůĞdžŝƐƐƵĞƐĂŶĚƉƌŽďůĞŵƐ͘ xƵŝůĚĞƌŽĨƐƚƌŽŶŐƌĞůĂƚŝŽŶƐŚŝƉƐƚŚĂƚƚƌĂŶƐĐĞŶĚƉŽƐŝƚŝŽŶƐ͕ƚŝƚůĞƐĂŶĚŽƌŐĂŶŝnjĂƚŝŽŶƐ͘ 6NLOOV 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Z͕DEϱϱϵϬϭ ŽƵƌƚLJĂƌĚďLJ >ŝƋƵŽƌͲKŶͲ^ĂůĞĂƌƉĞŶƚĞƌΘDĂƌƌŝŽƚƚ 'ϬϬϬϯϴ>>ŝĐĞŶƐĞdŽƌŐĞƌƐŽŶ//͕>>ZŽĐŚĞƐƚĞƌϭϲϭϭϯd,s ^t͕ZK, ^d Z͕DEϱϱϵϬϮ >ŝƋƵŽƌͲKŶͲ^ĂůĞĂƚĞƌŝŶŐLJĂƚĞƌŝŶŐďLJϴϵϴEtϳd,^dEt^d͕ZK, ^d Z͕DE 'ϬϬϬϱϮ>>ŝĐĞŶƐĞĞƐŝŐŶ͕/ŶĐ͘ĞƐŝŐŶϱϱϵϬϭ >ŝƋƵŽƌͲKŶͲ^ĂůĞ,ŽƐƉŝƚĂůŝƚLJŚĂƌůŝĞΖƐ ĂƚĞƌLJ 'ϬϬϬϯϳ>>ŝĐĞŶƐĞ'ƌŽƵƉ>>ΘWƵďϭϲϱϰEt,tzϱϮ͕ZK, ^d Z͕DEϱϱϵϬϭ &Ƶůů/ŶƚŽdžŝĐĂƚŝŶŐKŶͲdŚĞĂƚĞƌDyŚĂƚĞĂƵ 'ϬϬϭϵϯ>^ĂůĞ>ŝĐĞŶƐĞ džƉĞƌŝĞŶĐĞ͕>>ϭϰϯϰϱϬ /Z> ZE ͕ZK, ^d Z͕DEϱϱϵϬϲ >ŝƋƵŽƌͲKŶͲ^ĂůĞŚĞƐƚĞƌΖƐ<ŝƚĐŚĞŶŚĞƐƚĞƌΖƐϭϭϭ^ZKtzs ͕ZK, ^d Z͕DE 'ϬϬϬϯϮ>>ŝĐĞŶƐĞΘĂƌ͕>><ŝƚĐŚĞŶΘĂƌϱϱϵϬϰ &Ƶůů/ŶƚŽdžŝĐĂƚŝŶŐKŶͲϯϬϭEZKtzs ͕ZK, ^d Z͕DE 'ϬϬϮϲϰ>^ĂůĞ>ŝĐĞŶƐĞŚĞnjŽũŝŝ͕>>ŚĞnjŽũŝŝϱϱϵϬϲ 3DFNHW3J )D >ŝƋƵŽƌͲKŶͲ^ĂůĞŚƌŝƐƚŽƉŚĞƌ 'ϬϬϭϲϳ>>ŝĐĞŶƐĞWĂƉƉĂƐWĂƉƉLJΖƐWůĂĐĞϭϲϯϱEϱϮ,tz͕ZK, ^d Z͕DEϱϱϵϬϭ >ŝƋƵŽƌͲKŶͲ^ĂůĞ: ŶƚĞƌƉƌŝƐĞƐ͕ϱϬϯEZKtzs ͕ZK, ^d Z͕DE 'ϬϬϬϲϵ>>ŝĐĞŶƐĞ/ŶĐ͘EŽƌƚŚ^ƚĂƌĂƌϱϱϵϬϲ >ŝƋƵŽƌͲKŶͲ^ĂůĞ,ĞĨĞ 'ϬϬϬϰϮ>>ŝĐĞŶƐĞD/ŶĐ͘ZŽũŽͬEĞǁƚƐϮϭϲϭ^ds ^t͕ZK, ^d Z͕DEϱϱϵϬϮ &Ƶůů/ŶƚŽdžŝĐĂƚŝŶŐKŶͲŽƌƚĂĚŽ 'ϬϬϮϱϮ>^ĂůĞ>ŝĐĞŶƐĞ ŶƚĞƌƉƌŝƐĞƐ͕>>EĞůůŝĞΖƐϰ^tϯ^d͕ZK, ^d Z͕DEϱϱϵϬϮ &Ƶůů/ŶƚŽdžŝĐĂƚŝŶŐKŶͲƌĂǀĞ,ŽƐƉŝƚĂůŝƚLJϮϮϬ^ZKtzs ͕ZK, ^d Z͕DE 'ϬϬϮϱϱ>^ĂůĞ>ŝĐĞŶƐĞZŽĐŚĞƐƚĞƌ͕>>ƌĂǀĞϱϱϵϬϰ >ŝƋƵŽƌͲKŶͲ^ĂůĞƌĞĂƚŝǀĞƵŝƐŝŶĞZĞĚǁŽŽĚ 'ϬϬϬϱϭ>>ŝĐĞŶƐĞ/ŶĐ͘ZŽŽŵϯϬϬϭ^ds Et͕ZK, ^d Z͕DEϱϱϵϬϭ &Ƶůů/ŶƚŽdžŝĐĂƚŝŶŐKŶͲƵůŝŶĂƌLJDĂƌŬĞƚ͕,ŽƚŚŝƉϭϭϵϬ^tϭϲ^d͕^d ϲϬϬ͕ZK, ^d Z͕DE 'ϬϬϮϰϯ>^ĂůĞ>ŝĐĞŶƐĞ>>ƵƌŐĞƌĂƌϱϱϵϬϮ ĂƌůLJŝƌĚ >ŝƋƵŽƌͲKŶͲ^ĂůĞ,ŽƐƉŝƚĂůŝƚLJ'ƌŽƵƉ͕ϭϮϭEZKtzs ͕ZK, ^d Z͕DE 'ϬϬϭϲϲ>>ŝĐĞŶƐĞ>>ĂŵĞŽϱϱϵϬϲ &Ƶůů/ŶƚŽdžŝĐĂƚŝŶŐKŶͲϰϯϮϱ^ D/E s ͕^d ϰϬϬ͕ZK, ^d Z͕DE 'ϬϬϮϯϳ>^ĂůĞ>ŝĐĞŶƐĞ&ĂƚtŝůůLJΖƐ͕>>&ĂƚtŝůůLJΖƐϱϱϵϬϰ >ŝƋƵŽƌͲKŶͲ^ĂůĞ&ŝĞƐƚĂĂĨĞĂƌϭϲϰϱEZKtzs ͕ZK, ^d Z͕DE 'ϬϬϮϬϳ>>ŝĐĞŶƐĞ>>&ŝĞƐƚĂĂĨĞĂƌϱϱϵϬϲ &ŝǀĞtĞƐƚ >ŝƋƵŽƌͲKŶͲ^ĂůĞ<ŝƚĐŚĞŶĂŶĚϭϵϵϭEtKDD Z Z͕ZK, ^d Z͕DE 'ϬϬϬϵϳ>>ŝĐĞŶƐĞ&ŝǀĞtĞƐƚ>>ĂƌϱϱϵϬϭ ƌŽĂĚǁĂLJĂƌ >ŝƋƵŽƌͲKŶͲ^ĂůĞΘWŝnjnjĂ 'ϬϬϬϴϯ>>ŝĐĞŶƐĞ&ůŝƉƉŝŶŽƵŐŚ͕>>ZŽĐŚĞƐƚĞƌϰϭϰϰ,/',tzϱϮE͕ZK, ^d Z͕DEϱϱϵϬϭ &Ƶůů/ŶƚŽdžŝĐĂƚŝŶŐKŶͲ&E''ŽůĨtŝůůŽǁƌĞĞŬ 'ϬϬϮϯϮ>^ĂůĞ>ŝĐĞŶƐĞKƉĞƌĂƚŝŽŶƐ͕/ŶĐ͘'ŽůĨŽƵƌƐĞϭϳϬϬ^tϰϴ^d͕ZK, ^d Z͕DEϱϱϵϬϮ >ŝƋƵŽƌͲKŶͲ^ĂůĞ 'ϬϬϬϱϯ>>ŝĐĞŶƐĞ&K ĞƌŝĞϮϮϮϴ ĂŐůĞƐůƵďϵϭϳ^ ϭϱd,s ͕ZK, ^d Z͕DEϱϱϵϬϰ >ŝƋƵŽƌͲKŶͲ^ĂůĞ',ŝůƚŽŶ'ĂƌĚĞŶϮϮϱ^ZKtzs ͕ZK, ^d Z͕DE 'ϬϬϭϲϵ>>ŝĐĞŶƐĞĞǀĞůŽƉŵĞŶƚ͕>>/ŶŶϱϱϵϬϰ >ŝƋƵŽƌͲKŶͲ^ĂůĞKůŝǀĞ'ĂƌĚĞŶ 'ϬϬϬϰϬ>>ŝĐĞŶƐĞ'DZ//ŶĐ͘ηϭϲϬϬϯϴϬϭϳd,s Et͕ZK, ^d Z͕DEϱϱϵϬϭ >ŝƋƵŽƌͲKŶͲ^ĂůĞ 'ϬϬϭϰϲ>>ŝĐĞŶƐĞ,ĂůĨĂƌƌĞů͕>>ĂƌƵĨĨĂůŽϮϬ^tϯ^d͕ZK, ^d Z͕DEϱϱϵϬϮ >ŝƋƵŽƌͲKŶͲ^ĂůĞ 'ϬϬϭϰϱ>>ŝĐĞŶƐĞ,ĂůĨĂƌƌĞů͕>>dŚĞ,ĂůĨĂƌƌĞůϯϬϰ^tϭs ͕ZK, ^d Z͕DEϱϱϵϬϮ ĂŶĂĚŝĂŶ >ŝƋƵŽƌͲKŶͲ^ĂůĞ,ŽŶŬĞƌ,ŽŶŬĞƌ 'ϬϬϬϮϯ>>ŝĐĞŶƐĞ ŶƚĞƌƉƌŝƐĞƐ/ŶĐ͘ZĞƐƚĂƵƌĂŶƚϭϮϬϯ^tϮ^d͕ZK, ^d Z͕DEϱϱϵϬϮ >ŝƋƵŽƌͲKŶͲ^ĂůĞ,LJͲsĞĞDĂƌŬĞƚ 'ϬϬϬϬϳ>>ŝĐĞŶƐĞ,LJͲsĞĞ͕/ŶĐ͘ĂĨĞηϯϭϯϭϱϲd,^dZ dEt͕ZK, ^d Z͕DEϱϱϵϬϭ >ŝƋƵŽƌͲKŶͲ^ĂůĞ,LJͲsĞĞDĂƌŬĞƚ 'ϬϬϬϬϱ>>ŝĐĞŶƐĞ,LJͲsĞĞ͕/ŶĐ͘ĂĨĞηϮϱϬϬϯϳd,^dEt͕ZK, ^d Z͕DEϱϱϵϬϭ 3DFNHW3J )D >ŝƋƵŽƌͲKŶͲ^ĂůĞ,LJͲsĞĞDĂƌŬĞƚϱϬϬZK^^ZK^Z^t͕ZK, ^d Z͕DE 'ϬϬϬϬϰ>>ŝĐĞŶƐĞ,LJͲsĞĞ͕/ŶĐ͘ĂĨĞηϭϱϱϵϬϮ >ŝƋƵŽƌͲKŶͲ^ĂůĞ,LJͲsĞĞDĂƌŬĞƚϰϮϮϭt ^d/Z> ZEt͕ZK, ^d Z͕DE 'ϬϬϬϬϲ>>ŝĐĞŶƐĞ,LJͲsĞĞ͕/ŶĐ͘'ƌŝůůĞηϰϱϱϵϬϭ &Ƶůů/ŶƚŽdžŝĐĂƚŝŶŐKŶͲ/ĐŚŝdŽŬLJŽ^ŽƵƚŚ 'ϬϬϮϯϬ>^ĂůĞ>ŝĐĞŶƐĞ>>/ĐŚŝdŽŬLJŽϭϬϮ^ ϮϬ^d͕^d ϯϬϬ͕ZK, ^d Z͕DEϱϱϵϬϰ >ŝƋƵŽƌͲKŶͲ^ĂůĞ 'ϬϬϭϯϬ>>ŝĐĞŶƐĞ/ůĂĚĂŶĞ͕>>KůĚďĞϴϯϮEtϳ^d͕ZK, ^d Z͕DEϱϱϵϬϭ >ŝƋƵŽƌͲKŶͲ^ĂůĞ/ŵĂŐĞŽĨϭϳϮϲ^ZKtzs ͕ZK, ^d Z͕DE 'ϬϬϭϯϱ>>ŝĐĞŶƐĞZŽĐŚĞƐƚĞƌ/ŶĐ͘ϲϯůƵďϱϱϵϬϰ >ŝƋƵŽƌͲKŶͲ^ĂůĞ:ΘDĨĂŵŝůLJdǁŝŐƐdĂǀĞƌŶΘ 'ϬϬϬϱϴ>>ŝĐĞŶƐĞZĞƐƚĂƵƌĂŶƚƐ͕/ŶĐ͘'ƌŝůůĞϰϬϭ^tϲ^d͕ZK, ^d Z͕DEϱϱϵϬϮ :ĞŶƉĂĐŚŝ &Ƶůů/ŶƚŽdžŝĐĂƚŝŶŐKŶͲ:ĞŶƉĂĐŚŝ,ŝďĂĐŚŝ͕:ĂƉĂŶĞƐĞ 'ϬϬϮϲϳ>^ĂůĞ>ŝĐĞŶƐĞ>>^ƚĞĂŬŚŽƵƐĞϯϭϲϬE t >>E ZZ͕ZK, ^d Z͕DEϱϱϵϬϲ >ŝƋƵŽƌͲKŶͲ^ĂůĞ 'ϬϬϭϯϲ>>ŝĐĞŶƐĞ:ŽĂŶĂƌů͕>>DK<ϭϴ^tϭ^d͕ZK, ^d Z͕DEϱϱϵϬϮ &Ƶůů/ŶƚŽdžŝĐĂƚŝŶŐKŶͲ<ƵƚnjŬLJDĂƌŬĞƚ͕&ŽƌĂŐĞƌ 'ϬϬϮϰϰ>^ĂůĞ>ŝĐĞŶƐĞ>>ƌĞǁĞƌLJϭϬϬϱEtϲ^d͕ZK, ^d Z͕DEϱϱϵϬϭ ,ŝůƚŽŶ ZŽĐŚĞƐƚĞƌ >ŝƋƵŽƌͲKŶͲ^ĂůĞ>ĞŐĂĐLJ,ŽƐƉŝƚĂůŝƚLJDĂLJŽůŝŶŝĐ 'ϬϬϭϰϬ>>ŝĐĞŶƐĞ/͕>>ƌĞĂϭϬ Ed Z^d͕ZK, ^d Z͕DEϱϱϵϬϰ >Ζ ƚŽŝůĞĚƵEŽƌĚ &Ƶůů/ŶƚŽdžŝĐĂƚŝŶŐKŶͲƵůƚƵƌĂů 'ϬϬϮϱϰ>^ĂůĞ>ŝĐĞŶƐĞ&ŽƵŶĚĂƚŝŽŶŚĂƚĞĂƵϭϱ^tϭ^d͕ZK, ^d Z͕DEϱϱϵϬϮ >ŝƋƵŽƌͲKŶͲ^ĂůĞ 'ϬϬϬϱϲ>>ŝĐĞŶƐĞ>ŝŶYƵŝĂŶŐ͕>>/ĐŚŝdŽŬLJŽϯϰϰϵEtϮϮs ͕ZK, ^d Z͕DEϱϱϵϬϭ >ŽƐƌĐŽƐ >ŝƋƵŽƌͲKŶͲ^ĂůĞ<ŝƚĐŚĞŶΘϳϯϴϲ^t/ZWKZds/ tZ͕ZK, ^d Z͕DE 'ϬϬϮϬϬ>>ŝĐĞŶƐĞ>ŽƐĂŵƉŽƐ͕>>ĂŶƚŝŶĂϱϱϵϬϮ &Ƶůů/ŶƚŽdžŝĐĂƚŝŶŐKŶͲ>ŽƐ:ĂƌƌŝƚŽƐ>ŽƐ:ĂƌƌŝƚŽƐ 'ϬϬϮϱϯ>^ĂůĞ>ŝĐĞŶƐĞZĞƐƚĂƵƌĂŶƚ/ŶĐ͘ĂĨĞϯϰEtϭϳs ͕ZK, ^d Z͕DEϱϱϵϬϭ >ŝƋƵŽƌͲKŶͲ^ĂůĞϯϭϴ^ZKtzs ͕ZK, ^d Z͕DE 'ϬϬϭϯϰ>>ŝĐĞŶƐĞDĂŶŐŽdŚĂŝ͕>>DĂŶŐŽdŚĂŝϱϱϵϬϰ >ŝƋƵŽƌͲKŶͲ^ĂůĞDƵƌƉŚLJΘdĞĂů͕ 'ϬϬϬϭϰ>>ŝĐĞŶƐĞ/ŶĐ͘<ĂƚŚLJΖƐWƵďϯϬϳ^ƌŽĂĚǁĂLJs ͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰ >ŝƋƵŽƌͲKŶͲ^ĂůĞ 'ϬϬϬϯϱ>>ŝĐĞŶƐĞEĞǁƚƐϱϮ/ŶĐ͘EĞǁƚΖƐϱϮϯϭ,tzϱϮEt͕ZK, ^d Z͕DEϱϱϵϬϭ >ŝƋƵŽƌͲKŶͲ^ĂůĞϭϮϬϭ^ZKtz͕^d ϱϬϴ͕ZK, ^d Z͕DE 'ϬϬϬϰϲ>>ŝĐĞŶƐĞEĞǁƚƐϲϯ/ŶĐ͘EĞǁƚƐϲϯϱϱϵϬϰ >ŝƋƵŽƌͲKŶͲ^ĂůĞEŽƌƚŚĞƌŶEŽƌƚŚĞƌŶ 'ϬϬϭϳϮ>>ŝĐĞŶƐĞEŝŶĞƚĞĞŶ͕>>EŝŶĞƚĞĞŶϰϳϮϭt/Z> Z͕ZK, ^d Z͕DEϱϱϵϬϭ KƵƚďĂĐŬ >ŝƋƵŽƌͲKŶͲ^ĂůĞ^ƚĞĂŬŚŽƵƐĞŽĨKƵƚďĂĐŬϭϮϬϭ^ZKtzs ͕^d ϴϴ͕ZK, ^d Z͕ 'ϬϬϭϭϭ>>ŝĐĞŶƐĞ&ůŽƌŝĚĂ͕>>^ƚĞĂŬŚŽƵƐĞDEϱϱϵϬϰ 3DFNHW3J )D ^ƉĞĐƚƌĂ&ŽŽĚ >ŝƋƵŽƌͲKŶͲ^ĂůĞKǀĂƚŝŽŶƐ&ŽŽĚ^ĞƌǀŝĐĞƐϯϬ^ /s/ Ed ZZ͕ZK, ^d Z͕DE 'ϬϬϮϬϴ>>ŝĐĞŶƐĞ^ĞƌǀŝĐĞƐ͕>͘W͘,ŽƐƉŝƚĂůŝƚLJϱϱϵϬϰ WͲKZE >ŝƋƵŽƌͲKŶͲ^ĂůĞĐƋƵŝƐŝƚŝŽŶƐŽĨZŽĐŚĞƐƚĞƌ 'ϬϬϬϲϭ>>ŝĐĞŶƐĞDEĂŶĚ/>͕>>'ĂůĂdžLJϭϰŝŶĞΖϰϯϰϬ^ D/E s ͕ZK, ^d Z͕DEϱϱϵϬϰ >ŝƋƵŽƌͲKŶͲ^ĂůĞϭϱϬ^ZKtzs ͕ZK, ^d Z͕DE 'ϬϬϬϯϯ>>ŝĐĞŶƐĞWĞƐĐĂƌĂ͕>>WĞƐĐĂƌĂϱϱϵϬϰ &Ƶůů/ŶƚŽdžŝĐĂƚŝŶŐKŶͲWŽƌĐŚΘĞůůĂƌ͕ 'ϬϬϮϰϮ>^ĂůĞ>ŝĐĞŶƐĞ>>WŽƌĐŚΘĞůůĂƌϮϬ^ ϰ^d͕ZK, ^d Z͕DEϱϱϵϬϰ ZŽĐŚĞƐƚĞƌ >ŝƋƵŽƌͲKŶͲ^ĂůĞWŽǁĞƌƐĂƚĞƌŝŶŐ/ŶƚĞƌŶĂƚŝŽŶĂůϳϯϯϯ^t/ZWKZds/ tZ͕ZK, ^d Z͕DE 'ϬϬϬϵϲ>>ŝĐĞŶƐĞ/ŶĐ͘ ǀĞŶƚĞŶƚĞƌϱϱϵϬϮ ĂŶĂĚŝĂŶ ,ŽŶŬĞƌΘ >ŝƋƵŽƌͲKŶͲ^ĂůĞWŽǁĞƌƐsĞŶƚƵƌĞƐWŝŶŶĂĐůĞϮϭϭϮ^tϮ^d͕^d ϭϬϬ͕ZK, ^d Z͕DE 'ϬϬϭϬϱ>>ŝĐĞŶƐĞ/ŶĐ͘ĂƚĞƌŝŶŐϱϱϵϬϮ >ŝƋƵŽƌͲKŶͲ^ĂůĞZĞĚ>ŽďƐƚĞƌZĞĚ>ŽďƐƚĞƌ 'ϬϬϭϬϭ>>ŝĐĞŶƐĞ,ŽƐƉŝƚĂůŝƚLJ͕>>ηϲϯϲϵϭϮϴϬ,tzϭϰ^t͕ZK, ^d Z͕DEϱϱϵϬϮ &Ƶůů/ŶƚŽdžŝĐĂƚŝŶŐKŶͲZŝŶŐŶĞĐŬKůĚĞƌŝĐŬ 'ϬϬϮϯϭ>^ĂůĞ>ŝĐĞŶƐĞZĞƐƚĂƵƌĂŶƚƐ͕/ŶĐ͘,ŽƵƐĞϭϵ^tϭs ͕ZK, ^d Z͕DEϱϱϵϬϮ >ŝƋƵŽƌͲKŶͲ^ĂůĞZŝǀĞƌǀĂůůĞLJY͕ 'ϬϬϬϳϱ>>ŝĐĞŶƐĞ/ŶĐ͘&ĂŵŽƵƐĂǀĞΖƐϰϯϭEtϭϲƚŚs ͕ZK, ^d Z͕DEϱϱϵϬϭ >ŝƋƵŽƌͲKŶͲ^ĂůĞZŽĐŚĞƐƚĞƌƌƚĂŶǀĂƐΘϯϭϳ^ZKtzs ͕ZK, ^d Z͕DE 'ϬϬϭϲϰ>>ŝĐĞŶƐĞ,ĞĂĚƐ͕>>͘ŚĂƌĚŽŶŶĂLJϱϱϵϬϰ >ŝƋƵŽƌͲKŶͲ^ĂůĞZŽĐŚĞƐƚĞƌY͕ϮϮϵϭEtKDD Z Z͕ZK, ^d Z͕DE 'ϬϬϭϵϵ>>ŝĐĞŶƐĞ>>^ŵŽĂŬYϱϱϵϬϭ >ŝƋƵŽƌͲKŶͲ^ĂůĞZŽĐŚĞƐƚĞƌĞǀĨůŽǁ<ĂŚůĞƌ/ŶŶΘ 'ϬϬϭϮϭ>>ŝĐĞŶƐĞ/ŶĐ͘^ƵŝƚĞƐϵEtϯs ͕ZK, ^d Z͕DEϱϱϵϬϭ >ŝƋƵŽƌͲKŶͲ^ĂůĞZŽĐŚĞƐƚĞƌĞǀĨůŽǁ 'ϬϬϭϭϴ>>ŝĐĞŶƐĞ/ŶĐ͘DĂƌƌŝŽƚƚ,ŽƚĞůϭϬϭ^tϭs ͕ZK, ^d Z͕DEϱϱϵϬϮ >ŝƋƵŽƌͲKŶͲ^ĂůĞZŽĐŚĞƐƚĞƌĞǀĨůŽǁ<ĂŚůĞƌ'ƌĂŶĚ 'ϬϬϭϭϳ>>ŝĐĞŶƐĞ/ŶĐ͘,ŽƚĞůϮϬ^tϮs ͕ZK, ^d Z͕DEϱϱϵϬϮ >ŝƋƵŽƌͲKŶͲ^ĂůĞZŽĐŚĞƐƚĞƌ'ŽůĨΘZŽĐŚĞƐƚĞƌ'ŽůĨϯϭϬϬtKhEdZz>hZ͕ZK, ^d Z͕DE 'ϬϬϭϮϰ>>ŝĐĞŶƐĞŽƵŶƚƌLJůƵďΘŽƵŶƚƌLJůƵďϱϱϵϬϮ >ŝƋƵŽƌͲKŶͲ^ĂůĞZŽĐŚĞƐƚĞƌ'ƌŝůů͕tŝůĚŝůůΖƐ 'ϬϬϬϯϭ>>ŝĐĞŶƐĞ>>^ƉŽƌƚƐ^ĂůŽŽŶϯϬϬ,tzϱϮ^͕ZK, ^d Z͕DEϱϱϵϬϭ >ŝƋƵŽƌͲKŶͲ^ĂůĞZŽĐŚĞƐƚĞƌtŝŶŐƐ͕ƵĨĨĂůŽtŝůĚ 'ϬϬϬϮϮ>>ŝĐĞŶƐĞϮ>>tŝŶŐƐϳϵϯ^tϭϲd,^d͕ZK, ^d Z͕DEϱϱϵϬϮ >ŝƋƵŽƌͲKŶͲ^ĂůĞZŽĐŚĞƐƚĞƌtŝŶŐƐ͕ƵĨĨĂůŽtŝůĚϯϰϱϴEtϱϱd,^dEt͕ZK, ^d Z͕DE 'ϬϬϬϮϭ>>ŝĐĞŶƐĞ>>tŝŶŐƐϱϱϵϬϭ >ŝƋƵŽƌͲKŶͲ^ĂůĞZŽŽƐƚĞƌΖƐĂƌŶZŽŽƐƚĞƌΖƐĂƌŶϮϮϴϬ^hW Z/KZZEt͕ZK, ^d Z͕DE 'ϬϬϬϵϭ>>ŝĐĞŶƐĞĂŶĚ'ƌŝůů/ŶĐ͘ĂŶĚ'ƌŝůůϱϱϵϬϭ >ŝƋƵŽƌͲKŶͲ^ĂůĞϰϱϳϲ^ D/E s ͕^d ϰϬϭ͕ZK, ^d Z͕DE 'ϬϬϬϵϰ>>ŝĐĞŶƐĞZŽŽƐƚĞƌΖƐdŽŽ͊/ŶĐ͘ZŽŽƐƚĞƌΖƐdŽŽ͊ϱϱϵϬϰ >ŝƋƵŽƌͲKŶͲ^ĂůĞZŽƐĞƚĞΖƐ 'ϬϬϬϯϰ>>ŝĐĞŶƐĞ ŶƚĞƌƉƌŝƐĞƐ͕>>>ŽƐŽƐŵŝŐŽƐϭϲϭϭEϱϮ,tz͕ZK, ^d Z͕DEϱϱϵϬϭ 3DFNHW3J )D >ŝƋƵŽƌͲKŶͲ^ĂůĞ^ĞŶŝŽƌŝƚŝnjĞŶƐϭϮϱEt >dKE,/>>^Z͕ZK, ^d Z͕DE 'ϬϬϭϯϵ>>ŝĐĞŶƐĞ^ĞƌǀŝĐĞƐ/ŶĐ͘ϭϮϱ>ŝǀĞϱϱϵϬϭ &Ƶůů/ŶƚŽdžŝĐĂƚŝŶŐKŶͲ^ŵŽŽƚ&ĂŵŝůLJƌŽƚŚĞƌƐĂƌϴϭϮ^ZKtzs ͕ZK, ^d Z͕DE 'ϬϬϮϭϯ>^ĂůĞ>ŝĐĞŶƐĞsĞŶƚƵƌĞƐ͕>>ĂŶĚ'ƌŝůůϱϱϵϬϰ >ŝƋƵŽƌͲKŶͲ^ĂůĞϴϬϴ^ZKtzs ͕ZK, ^d Z͕DE 'ϬϬϭϮϮ>>ŝĐĞŶƐĞdĂĐŽ: ͕>>dĂĐŽ: ϱϱϵϬϰ &Ƶůů/ŶƚŽdžŝĐĂƚŝŶŐKŶͲϳϲϬϬ^t, >' Z^KEZ͕ZK, ^d Z͕DE 'ϬϬϮϬϵ>^ĂůĞ>ŝĐĞŶƐĞdĂŝůǁŝŶĚZ^d͕>>dĂŝůǁŝŶĚϱϱϵϬϮ &Ƶůů/ŶƚŽdžŝĐĂƚŝŶŐKŶͲdĂƉ,ŽƵƐĞdŚĞdĂƉ,ŽƵƐĞϮϯϲϱEtŽŵŵĞƌĐĞZ͕ZK, ^d Z͕DE 'ϬϬϮϭϮ>^ĂůĞ>ŝĐĞŶƐĞ ŶƚĞƌƉƌŝƐĞƐ͕/ŶĐ͘tĞƐƚ ŶĚϱϱϵϬϭ >ŝƋƵŽƌͲKŶͲ^ĂůĞ 'ϬϬϬϰϰ>>ŝĐĞŶƐĞdĞƌnjĂ͕>>dĞƌnjĂϯϬ^ ϯ^d͕ZK, ^d Z͕DEϱϱϵϬϰ >ŝƋƵŽƌͲKŶͲ^ĂůĞdĞdžĂƐZŽĂĚŚŽƵƐĞdĞdžĂƐ 'ϬϬϬϮϳ>>ŝĐĞŶƐĞ,ŽůĚŝŶŐƐ͕>>ZŽĂĚŚŽƵƐĞϯϯϱϬEtϱϱ^d͕ZK, ^d Z͕DEϱϱϵϬϭ dŚĞdĂƉ,ŽƵƐĞŽŶdŚĞdĂƉ,ŽƵƐĞ >ŝƋƵŽƌͲKŶͲ^ĂůĞ,ŝƐƚŽƌŝĐdŚŝƌĚŽŶ,ŝƐƚŽƌŝĐ 'ϬϬϭϭϲ>>ŝĐĞŶƐĞ^ƚƌĞĞƚ/ŶĐ͘dŚŝƌĚ^ƚƌĞĞƚϭϬ^tϯ^d͕ZK, ^d Z͕DEϱϱϵϬϮ >ŝƋƵŽƌͲKŶͲ^ĂůĞdŚŝƌƐƚLJĞůŐŝĂŶ͕dŚĞdŚŝƌƐƚLJϮϲϱϬ^ZKtzs ͕ZK, ^d Z͕DE 'ϬϬϬϱϬ>>ŝĐĞŶƐĞ>>ĞůŐŝĂŶϱϱϵϬϰ dƌŝƉůĞ^ŚŝĨƚ >ŝƋƵŽƌͲKŶͲ^ĂůĞ ŶƚĞƌƚĂŝŶŵĞŶƚ͕ 'ϬϬϭϯϮ>>ŝĐĞŶƐĞ>>ŽůŽŶŝĂů>ĂŶĞƐϭϴϮϴEtϭϰ^d͕ZK, ^d Z͕DEϱϱϵϬϭ >ŝƋƵŽƌͲKŶͲ^ĂůĞsŝĐƚŽƌŝĂΖƐŽĨsŝĐƚŽƌŝĂΖƐ 'ϬϬϭϳϭ>>ŝĐĞŶƐĞDŝŶŶĞƐŽƚĂZĞƐƚĂƵƌĂŶƚϳ^tϭs ͕ZK, ^d Z͕DEϱϱϵϬϮ >ŝƋƵŽƌͲKŶͲ^ĂůĞtŚŝƐƚůĞŝŶŬŝĞƐŽŶtŚŝƐƚůĞŝŶŬŝĞƐϮϰϳtKK>< Z^ ͕ZK, ^d Z͕DE 'ϬϬϬϴϴ>>ŝĐĞŶƐĞƚŚĞ>ĂŬĞ/ŶĐ͘ŽŶƚŚĞ>ĂŬĞϱϱϵϬϰ tŚŝƐƚůĞŝŶŬŝĞƐ >ŝƋƵŽƌͲKŶͲ^ĂůĞtŚŝƐƚůĞŝŶŬŝĞƐ͕KůĚĞtŽƌůĚϯϭϮϬt >>E ZZE ηϮ͕^d ͕ZK, ^d Z͕ 'ϬϬϬϴϳ>>ŝĐĞŶƐĞ>>WƵďDEϱϱϵϬϲ tŚŝƚůŽĐŬͲ ^ŽŶŶĞŶďĞƌŐ sĞƚĞƌĂŶƐŽĨ >ŝƋƵŽƌͲKŶͲ^ĂůĞ&ŽƌĞŝŐŶtĂƌƐWŽƐƚ 'ϬϬϭϮϯ>>ŝĐĞŶƐĞϭϮϭϱs&tWŽƐƚϭϮϭϱϮϳϳϱEtϰϯZ^d͕ZK, ^d Z͕DEϱϱϵϬϭ tŝůĚǁŽŽĚ >ŝƋƵŽƌͲKŶͲ^ĂůĞtŝůĚǁŽŽĚ^ƉŽƌƚƐ^ƉŽƌƚƐĂƌĂŶĚϭϱϭϳϭϲd,^d^t͕η^d ͕ZK, ^d Z͕DE 'ϬϬϬϭϴ>>ŝĐĞŶƐĞĂƌĂŶĚ'ƌŝůů͕>>'ƌŝůůϱϱϵϬϮ >ŝƋƵŽƌͲKŶͲ^ĂůĞϮϬϰϯEt^hW Z/KZZ͕ZK, ^d Z͕DE 'ϬϬϭϴϰ>>ŝĐĞŶƐĞĞŶĨƵƐŝŽŶKZWĞŶ&ƵƐŝŽŶϱϱϵϬϭ >ŝŵŝƚĞĚ/ŶƚŽdžŝĐĂƚŝŶŐ>ŝƋƵŽƌKŶͲ^ĂůĞ>ŝĐĞŶƐĞΘŽŶƐƵŵƉƚŝŽŶĂŶĚŝƐƉůĂLJ>ŝĐĞŶƐĞƐ >/η>/dzW h^/E ^^ED >Kd/KE ŽŶƐƵŵƉƚŝŽŶĂŶĚŽĂƌĚĂŶĚƌƵƐŚϴϭϬZKtzs ^͕^d ͕ZK, ^d Z͕ 'ϬϬϮϯϯ>ŝƐƉůĂLJ>ŝĐĞŶƐĞt͕>>ZŽĐŚĞƐƚĞƌDEϱϱϵϬϰ >ŝŵŝƚĞĚ/ŶƚŽdžŝĐĂƚŝŶŐϭϭϵϬ^tϭϲ^d͕^d ϭϬϬ͕ZK, ^d Z͕DE 'ϬϬϮϮϰ>KŶͲ^ĂůĞ>ŝĐĞŶƐĞ&ŝŐƵĞ͕>>&ŝŐƵĞϱϱϵϬϮ 3DFNHW3J )D tŝŶĞĂŶĚĞĞƌKŶͲ^ĂůĞ>ŝĐĞŶƐĞƐ;/ŶĐůƵĚŝŶŐϯ͘ϮKŶůLJͿ >/η>/dzW h^/E ^^ED >Kd/KE >ŝƋƵŽƌͲtŝŶĞŽƌĞĞƌϭϬϭϰEϭϬϭϰEZKtzs ͕ZK, ^d Z͕DE 'ϬϬϮϬϯ>ϯ͘ϮKŶͲ^ĂůĞ>ŝĐĞŶƐĞƌŽĂĚǁĂLJ͕>>WŚŽŚĂƵϱϱϵϬϲ >ŝƋƵŽƌͲtŝŶĞŽƌĞĞƌƵŶŶƌŽƐϭϮϬEt >dKE,/>>^Z͕ZK, ^d Z͕DE 'ϬϬϭϰϴ>ϯ͘ϮKŶͲ^ĂůĞ>ŝĐĞŶƐĞн WůƵƐ/ŶĐ͘ŽĨĨĞĞϱϱϵϬϭ >ŝƋƵŽƌͲtŝŶĞĂŶĚϯϰϱϲ /Z> Z͕^d ϭϬϳ͕ZK, ^d Z͕DE 'ϬϬϮϱϭ>ĞĞƌ>ŝĐĞŶƐĞΘWŝnjnjĂ/ŶĐ͘ΖƐWŝnjnjĂϱϱϵϬϲ ĂƐĞƐ>ŽĂĚĞĚZŽĐŚĞƐƚĞƌ >ŝƋƵŽƌͲtŝŶĞŽƌĞĞƌ ŶƚĞƌƚĂŝŶŵĞŶƚ͕,ŽŶŬĞƌƐ 'ϬϬϬϰϭ>ϯ͘ϮKŶͲ^ĂůĞ>ŝĐĞŶƐĞ>>ĂƐĞďĂůůϰϬϯ Ed Z^d͕ZK, ^d Z͕DEϱϱϵϬϰ >ŝƋƵŽƌͲĞĞƌϯ͘ϮKŶͲΘ,ŽĐŬĞLJ͕'ƌŝnjnjůŝĞƐϮϭEt >dKE,/>>^Z͕ZK, ^d Z͕DE 'ϬϬϮϮϵ>^ĂůĞ>ŝĐĞŶƐĞ>>,ŽĐŬĞLJϱϱϵϬϭ ,ŽŵĞǁŽŽĚ >ŝƋƵŽƌͲtŝŶĞŽƌĞĞƌĂƌƉĞŶƚĞƌΘ^ƵŝƚĞƐ 'ϬϬϬϯϵ>ϯ͘ϮKŶͲ^ĂůĞ>ŝĐĞŶƐĞdŽƌŐĞƌƐŽŶ//͕>>ZŽĐŚĞƐƚĞƌϭϲϱϭϯd,s ^t͕ZK, ^d Z͕DEϱϱϵϬϮ ŚŝƉŽƚůĞDĞdžŝĐĂŶŚŝƉŽƚůĞ >ŝƋƵŽƌͲtŝŶĞŽƌĞĞƌ'ƌŝůůŽĨŽůŽƌĂĚŽ͕DĞdžŝĐĂŶ'ƌŝůůϭϮϬϭ^ZKtzs ͕ZK, ^d Z͕DE 'ϬϬϬϴϮ>ϯ͘ϮKŶͲ^ĂůĞ>ŝĐĞŶƐĞ>>ηϲϰϵϱϱϵϬϰ ŚŝƉŽƚůĞDĞdžŝĐĂŶŚŝƉŽƚůĞ >ŝƋƵŽƌͲtŝŶĞŽƌĞĞƌ'ƌŝůůͬŽůŽƌĂĚŽ͕DĞdžŝĐĂŶ'ƌŝůůϯϳϴϬDZ< dW> ZEt͕ZK, ^d Z͕DE 'ϬϬϬϳϴ>ϯ͘ϮKŶͲ^ĂůĞ>ŝĐĞŶƐĞ>>ηϱϱϳϱϱϵϬϭ >ŝƋƵŽƌͲtŝŶĞŽƌĞĞƌ 'ϬϬϭϵϲ>ϯ͘ϮKŶͲ^ĂůĞ>ŝĐĞŶƐĞz/ŶĐ͘,ƵŶĂŶ'ĂƌĚĞŶϭϭϮϬEtϳ^d͕ZK, ^d Z͕DEϱϱϵϬϭ >ŝƋƵŽƌͲtŝŶĞŽƌĞĞƌ,ŽůůĂŶĚďĞƌƌLJϮϭϰEZKtzs ͕ZK, ^d Z͕DE 'ϬϬϭϴϭ>ϯ͘ϮKŶͲ^ĂůĞ>ŝĐĞŶƐĞƵƚĐŚdƌĞĂƚƐ/ŶĐ͘WĂŶŶĞŬŽĞŬĞŶϱϱϵϬϲ >ŝƋƵŽƌͲtŝŶĞĂŶĚ ĂƐƚǁŽŽĚ'ƌŝůů͕ϯϱϬϱ^ ^dtKKZ͕ZK, ^d Z͕DE 'ϬϬϮϯϵ>ĞĞƌ>ŝĐĞŶƐĞ>> ĂƐƚǁŽŽĚ'ƌŝůůϱϱϵϬϰ >ŝƋƵŽƌͲtŝŶĞŽƌĞĞƌ 'ϬϬϭϰϮ>ϯ͘ϮKŶͲ^ĂůĞ>ŝĐĞŶƐĞ ůĂƌĂŵďĂƐ͕>> ůĂƌĂŵďĂƐϭϱϬϯ ϭϰ͕ZK, ^d Z͕DEϱϱϵϬϰ >ŝƋƵŽƌͲtŝŶĞĂŶĚ:ŽŚŶ,ĂƌĚLJΖƐ 'ϬϬϮϯϲ>ĞĞƌ>ŝĐĞŶƐĞ,ĂƌĚLJΖƐ/ŶĐ͘ĂƌͲͲYϵϮϵEt,tzϱϮ͕ZK, ^d Z͕DEϱϱϵϬϭ >ŝƋƵŽƌͲtŝŶĞĂŶĚ:ŽŚŶ,ĂƌĚLJΖƐϭϵϰϬ^ZKtzs ͕ZK, ^d Z͕DE 'ϬϬϮϯϱ>ĞĞƌ>ŝĐĞŶƐĞ,ĂƌĚLJΖƐ/ŶĐ͘ĂƌͲͲYϱϱϵϬϰ ,ĞŶƌLJtĞůůŝŶŐƚŽŶ >ŝƋƵŽƌͲtŝŶĞŽƌĞĞƌŽĨůŽŽŵŝŶŐƚŽŶϯϵϯϮEtDZ< dW> Z͕ZK, ^d Z͕DE 'ϬϬϬϱϳ>ϯ͘ϮKŶͲ^ĂůĞ>ŝĐĞŶƐĞ/ŶĐ͘W/ϱϱϵϬϭ >ŝƋƵŽƌͲtŝŶĞĂŶĚ 'ϬϬϮϰϬ>ĞĞƌ>ŝĐĞŶƐĞ:,/ŶĐ͘<ŝŶŐĚŽŵƵĨĨĞƚϭϲϯϵEƌŽĂĚǁĂLJs ͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϲ >ŝƋƵŽƌͲtŝŶĞĂŶĚ 'ϬϬϮϭϰ>ĞĞƌ>ŝĐĞŶƐĞ:>Ž͕>>EŽƌƚŚDƌ͘WŝnjnjĂϰϬϰϬEtϮϴ^d͕ZK, ^d Z͕DEϱϱϵϬϭ >ŝƋƵŽƌͲtŝŶĞŽƌĞĞƌ,ƵŶĂŶŚŝŶĞƐĞ 'ϬϬϭϮϬ>ϯ͘ϮKŶͲ^ĂůĞ>ŝĐĞŶƐĞ:ŽŚŶ,ĞŶŐ/ŶĐ͘ZĞƐƚĂƵƌĂŶƚϴϰϰ^ZKtzs ͕ZK, ^d Z͕DEϱϱϵϬϰ 3DFNHW3J )D >ŝƋƵŽƌͲtŝŶĞĂŶĚϰϲϬ^tZK^^ZK^Z͕ZK, ^d Z͕DE 'ϬϬϮϯϴ>ĞĞƌ>ŝĐĞŶƐĞ<ƵŵŽϵϵϴϵ͕>><ƵŵŽ^ƵƐŚŝϱϱϵϬϮ >ŝƋƵŽƌͲĞĞƌϯ͘ϮKŶͲϭϳϮϵ^ZKtzs ͕ZK, ^d Z͕DE 'ϬϬϮϮϳ>^ĂůĞ>ŝĐĞŶƐĞDƌWŝnjnjĂ/ŶĐ͘DƌWŝnjnjĂ^ŽƵƚŚϱϱϵϬϰ >ŝƋƵŽƌͲtŝŶĞŽƌĞĞƌEĞǁdĂƐƚĞŽĨZŽLJĂů/ŶĚŝĂŶϭϲϰϳ^ZKtzs ͕ZK, ^d Z͕DE 'ϬϬϭϱϰ>ϯ͘ϮKŶͲ^ĂůĞ>ŝĐĞŶƐĞ/ŶĚŝĂ͕>>ƵŝƐŝŶĞϱϱϵϬϰ >ŝƋƵŽƌͲtŝŶĞŽƌĞĞƌϮϲϲϱEtKDD Z Z͕^d ϭϬϬ͕ 'ϬϬϭϳϱ>ϯ͘ϮKŶͲ^ĂůĞ>ŝĐĞŶƐĞKŽƚŽƌŝ^ƵƐŚ͕ŝ>>KŽƚŽƌŝ^ƵƐŚŝZK, ^d Z͕DEϱϱϵϬϭ >ŝƋƵŽƌͲtŝŶĞŽƌĞĞƌ 'ϬϬϭϯϳ>ϯ͘ϮKŶͲ^ĂůĞ>ŝĐĞŶƐĞKƉĂ͊KƉĂ͕͊>>KƉĂKƉĂϭϭϬϲ^ ϭϱs ͕ZK, ^d Z͕DEϱϱϵϬϰ WĂƐƋƵĂůĞΖƐ >ŝƋƵŽƌͲtŝŶĞŽƌĞĞƌWĂƐƋƵĂůĞĂŶĚEĞŝŐŚďŽƌŚŽŽĚ 'ϬϬϬϭϮ>ϯ͘ϮKŶͲ^ĂůĞ>ŝĐĞŶƐĞ&ƌŝĞŶĚŽƌƉ͘WŝnjnjĞƌŝĂϭϯϬϱd,^d^t͕ZK, ^d Z͕DEϱϱϵϬϮ >ŝƋƵŽƌͲtŝŶĞŽƌĞĞƌWƌĞƐĐŽƚƚΖƐ'ƌŝůů͕ϭϮϬϭ^ZKtzs ͕^d ϴϬ͕ZK, ^d Z͕ 'ϬϬϭϬϬ>ϯ͘ϮKŶͲ^ĂůĞ>ŝĐĞŶƐĞ/ŶĐ͘WƌĞƐĐŽƚƚƐDEϱϱϵϬϰ >ŝƋƵŽƌͲtŝŶĞĂŶĚZŝǀĞƌǀĂůůĞLJY͕ 'ϬϬϮϲϭ>ĞĞƌ>ŝĐĞŶƐĞ/ŶĐ͘&ĂŵŽƵƐĂǀĞΖƐϰϯϭEtϭϲs ͕ZK, ^d Z͕DEϱϱϵϬϭ >ŝƋƵŽƌͲtŝŶĞŽƌĞĞƌZŽĐŚĞƐƚĞƌ 'ϬϬϭϭϵ>ϯ͘ϮKŶͲ^ĂůĞ>ŝĐĞŶƐĞĞǀĨůŽǁ/ŶĐ͘ZĞƐŝĚĞŶĐĞ/ŶŶϰϰϭt Ed Z^d͕ZK, ^d Z͕DEϱϱϵϬϮ ZŽĐŚĞƐƚĞƌZŽĐŚĞƐƚĞƌ >ŝƋƵŽƌͲĞĞƌϯ͘ϮKŶͲ^ŽĨƚďĂůů^ŽĨƚďĂůů 'ϬϬϮϮϱ>^ĂůĞ>ŝĐĞŶƐĞƐƐŽĐŝĂƚŝŽŶƐƐŽĐŝĂƚŝŽŶϭϲϱϱ^ DZ/KEZ͕ZK, ^d Z͕DEϱϱϵϬϰ ^ƚĂLJďƌŝĚŐĞ >ŝƋƵŽƌͲtŝŶĞŽƌĞĞƌ^ƚĞƌůŝŶŐ^ƵŝƚĞƐϮϯϱϬEtKDD Z Z͕ZK, ^d Z͕DE 'ϬϬϭϰϯ>ϯ͘ϮKŶͲ^ĂůĞ>ŝĐĞŶƐĞ,ŽƐƉŝƚĂůŝƚLJ͕>>ZŽĐŚĞƐƚĞƌϱϱϵϬϭ dŚĞtĂƚĞƌƐ ^ĞŶŝŽƌ>ŝǀŝŶŐ >ŝƋƵŽƌͲtŝŶĞĂŶĚDĂŶĂŐĞŵĞŶƚ͕dŚĞtĂƚĞƌƐŽŶϴϮϳ^tDzKtKKZ͕ZK, ^d Z͕DE 'ϬϬϮϲϯ>ĞĞƌ>ŝĐĞŶƐĞ>>DĂLJŽǁŽŽĚϱϱϵϬϮ >ŝƋƵŽƌͲtŝŶĞĂŶĚdƌŝĐŽƌ,ƵŚŽƚ 'ϬϬϬϴϭ>ĞĞƌ>ŝĐĞŶƐĞ ŶƚĞƌƉƌŝƐĞƐ͕>>DŽŶŐŽůŝĂŶ'ƌŝůůϭϮϬϬ^tϭϰ͕ZK, ^d Z͕DEϱϱϵϬϮ ƌĞǁĞƌ>ŝĐĞŶƐĞƐ >/η>/dzW h^/E ^^ED >Kd/KE >ŝƋƵŽƌͲƌĞǁĞƌKŶͲĐĐŝĚĞŶƚĂůdŚĞƐŝƐĞĞƌ 'ϬϬϭϵϳ>^ĂůĞ>ŝĐĞŶƐĞůĞŵĞŶƚƐ͕>>͘WƌŽũĞĐƚϭϵϮϵ^tϮ^d͕ZK, ^d Z͕DEϱϱϵϬϮ >ŝƚƚůĞdŚŝƐƚůĞ >ŝƋƵŽƌͲƌĞǁĞƌKŶͲƌĞǁŝŶŐ 'ϬϬϬϳϭ>^ĂůĞ>ŝĐĞŶƐĞ&ŝŶďƌĞǁ͕>>ŽŵƉĂŶLJϮϬϯϭEtϭϰ^d͕ZK, ^d Z͕DEϱϱϵϬϭ >ŝƋƵŽƌͲƌĞǁĞƌKŶͲ<ŝŶŶĞLJƌĞĞŬ<ŝŶŶĞLJƌĞĞŬ 'ϬϬϭϮϲ>^ĂůĞ>ŝĐĞŶƐĞƌĞǁĞƌLJ͕>>ƌĞǁĞƌLJϭϬϭϲEtϳ^d͕ZK, ^d Z͕DEϱϱϵϬϭ >ŝƋƵŽƌͲƌĞǁĞƌKĨĨͲ<ƵƚnjŬLJDĂƌŬĞƚ͕&ŽƌĂŐĞƌ 'ϬϬϮϱϬ>^ĂůĞKŶůLJ>ŝĐĞŶƐĞ>>ƌĞǁĞƌLJϭϬϬϱEtϲ^d͕ZK, ^d Z͕DEϱϱϵϬϭ >ŝƋƵŽƌͲƌĞǁĞƌKŶͲ 'ϬϬϭϯϴ>^ĂůĞ>ŝĐĞŶƐĞ>d^ƌĞǁŝŶŐŽŵƉĂŶLJϮϬϬϭϯϮŶĚǀĞEt͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϭ 3DFNHW3J )D KĨĨͲ^ĂůĞ>ŝƋƵŽƌ>ŝĐĞŶƐĞƐ;/ŶĐůƵĚŝŶŐϯ͘ϮKĨĨͲ^ĂůĞͿ h^/E ^^ >/η>/dzW ED >Kd/KE >ŝƋƵŽƌͲKĨĨͲ^ĂůĞĐĐŝĚĞŶƚĂůdŚĞƐŝƐĞĞƌ 'ϬϬϮϮϭ>>ŝĐĞŶƐĞůĞŵĞŶƚƐ͕>>͘WƌŽũĞĐƚϭϵϮϵ^tϮ^d͕ZK, ^d Z͕DEϱϱϵϬϮ >ŝƋƵŽƌͲĞĞƌϯ͘ϮKĨĨ 'ϬϬϭϴϯ>^ĂůĞ>ŝĐĞŶƐĞŶŐĞůŝĐŝ͕ŶŶĂ^ƵŶŶLJDĂƌŬĞƚϭϭϯϵ^tϮ^d͕ZK, ^d Z͕DEϱϱϵϬϮ >ŝƋƵŽƌͲKĨĨͲ^ĂůĞĞƐƚtŝŶĞΘ 'ϬϬϭϭϬ>>ŝĐĞŶƐĞ^ƉŝƌŝƚƐ/ŶĐ͘ƉŽůůŽ>ŝƋƵŽƌĞƐƚϰϬϰϬEϱϮ,tz͕ZK, ^d Z͕DEϱϱϵϬϭ >ŝƋƵŽƌͲKĨĨͲ^ĂůĞĞŶƚƌĂů>ŝƋƵŽƌƉŽůůŽ>ŝƋƵŽƌϰϮϬ^tZK^^ZK^Z͕ZK, ^d Z͕ 'ϬϬϭϬϵ>>ŝĐĞŶƐĞ/ŶĐ͘ĞŶƚƌĂůDEϱϱϵϬϮ >ŝƋƵŽƌͲKĨĨͲ^ĂůĞŽďŽƌŶΖƐ͕ϭϮϬϭ^ZKtzs ͕^d ͕ 'ϬϬϮϲϬ>>ŝĐĞŶƐĞ/ŶĐŽƌƉŽƌĂƚĞĚŶĚLJΖƐ>ŝƋƵŽƌZK, ^d Z͕DEϱϱϵϬϰ ŽƐƚĐŽ >ŝƋƵŽƌͲKĨĨͲ^ĂůĞtŚŽůĞƐĂůĞŽƐƚĐŽtŚŽůĞƐĂůĞϮϭϮϬKDD Z ZEt͕ZK, ^d Z͕ 'ϬϬϬϮϱ>>ŝĐĞŶƐĞŽƌƉŽƌĂƚŝŽŶηϭϭϮϱDEϱϱϵϬϭ >ŝƋƵŽƌͲKĨĨͲ^ĂůĞ ĂƐƚǁŽŽĚƉŽůůŽ>ŝƋƵŽƌϭϱϭϯ^ ϭϮd,;,ǁLJϭϰ Ϳ^d͕ 'ϬϬϭϬϳ>>ŝĐĞŶƐĞ>ŝƋƵŽƌ/ŶĐ͘ ĂƐƚǁŽŽĚZK, ^d Z͕DEϱϱϵϬϰ >ŝƋƵŽƌͲKĨĨͲ^ĂůĞ : ŶƚĞƌƉƌŝƐĞƐ͕ϯϭϲEt >dKE,/>>^Z͕ZK, ^d Z͕ 'ϬϬϬϲϬ>>ŝĐĞŶƐĞ>>tŽŽĚLJΖƐ>ŝƋƵŽƌDEϱϱϵϬϭ >ŝƋƵŽƌͲKĨĨͲ^ĂůĞ ůƵĞŶsŝŶŽ͕ 'ϬϬϭϭϰ>>ŝĐĞŶƐĞ>> ůƵĞŶsŝŶŽϭϴϯϭEtϮϰ^d͕ZK, ^d 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tŽƌŬŽŵƉůĞƚŝŽŶĂƚĞ͗&ĞďƌƵĂƌLJϮϴ͕ϮϬϮϮ džƉŝƌĂƚŝŽŶĂƚĞ͗:ƵŶĞϯϬ͕ϮϬϮϮ Zd/> Ϯ^KW K&tKZ< ͘ĞƚĂŝůĞĚ^ĐŽƉĞŽĨtŽƌŬ͗^ĞĞƚƚĂĐŚĞĚ^ĐŽƉĞĨƌŽŵ^Z&ŽŶƐƵůƚŝŶŐ'ƌŽƵƉ͕/ŶĐ͘ ͘WƌŽũĞĐƚĞůŝǀĞƌĂďůĞƐ͗^ĞĞƚƚĂĐŚĞĚ^ĐŽƉĞĨƌŽŵ^Z&ŽŶƐƵůƚŝŶŐ'ƌŽƵƉ͕/ŶĐ͘ ͘'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͗^ĞĞƚƚĂĐŚĞĚ Zd/> ϯKE^/ Zd/KEK&WzD Ed ŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚďLJ E'/E Z͕ĂƐĚĞĨŝŶĞĚďLJƚŚŝƐĐŽŶƚƌĂĐƚ͕ǁŝůůďĞƉĂŝĚďLJ/dzŽŶĂŶŚŽƵƌůLJ͕ĨĞĞ ƐĐŚĞĚƵůĞďĂƐŝƐ͕ŶŽƚƚŽĞdžĐĞĞĚĨŽƌƚŚĞĨŽůůŽǁŝŶŐŝƚĞŵƐ͗ d^<d^< ^Z/Wd/KEK^d dĂƐŬϭWƌŽũĞĐƚDĂŶĂŐĞŵĞŶƚΨϵ͕ϯϭϮ͘ϬϬ dĂƐŬϮyWͲ^tDDDŽĚĞů'ĞŶĞƌĂƚŝŽŶĂŶĚůƚĞƌŶĂƚŝǀĞŶĂůLJƐŝƐΨϯϲ͕ϭϱϰ͘ϬϬ ;&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJͿ dĂƐŬϯ&ŝŶĂůĞƐŝŐŶĂŶĚWůĂŶWƌĞƉĂƌĂƚŝŽŶΨϮϭ͕ϱϰϲ͘ϬϬ dĂƐŬϰ ŶǀŝƌŽŶŵĞŶƚĂůĂŶĚWĞƌŵŝƚƚŝŶŐΨϭϳ͕Ϭϱϵ͘ϬϬ dĂƐŬϱZŝŐŚƚͲŽĨͲtĂLJŽŽƌĚŝŶĂƚŝŽŶĂŶĚ^ƵƌǀĞLJΨϯ͕ϮϬϮ͘ϬϬ ƐƚŝŵĂƚĞĚ džƉĞŶƐĞƐΨϮϬϯ͘ϬϬ dKd>KEdZdDKhEd͗Ψϴϳ͕ϱϬϯ͘ϬϬ Zd/> ϰ E'/E Z͛^W Z^KEE > E'/E Z͛^ƵƚŚŽƌŝnjĞĚŐĞŶƚ͕Žƌ<ĞLJWĞƌƐŽŶŶĞů͗ EĂŵĞ͗ ƌŝĐZŽĞƌŝƐŚ͕W͘ ͘ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ dŝƚůĞ͗WƌŝŶĐŝƉĂů ĚĚƌĞƐƐ͗ϯϳϬϭtĂLJnjĂƚĂŽƵůĞǀĂƌĚ͕^ƵŝƚĞϭϬϬ͕DŝŶŶĞĂƉŽůŝƐ͕DEϱϱϰϭϲͲϯϳϵϭ WŚŽŶĞ͗;ϳϲϯͿϰϳϱͲϬϬϭϬ ŵĂŝů͗ĞƌŽĞƌŝƐŚΛƐƌĨĐŽŶƐƵůƚŝŶŐ͘ĐŽŵ ZĞƐƉŽŶƐŝďŝůŝƚLJ͗WƌŽũĞĐƚDĂŶĂŐĞƌ /Ĩ E'/E Z͛^ƵƚŚŽƌŝnjĞĚŐĞŶƚĐŚĂŶŐĞƐĂƚĂŶLJƚŝŵĞĚƵƌŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͕ E'/E ZŵƵƐƚŝŵŵĞĚŝĂƚĞůLJŶŽƚŝĨLJ/dz͘ Zd/> ϱ/dz͛^hd,KZ/ ' EdͬWZK: dDE' Z /dz͛^ƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ŽƌWƌŽũĞĐƚDĂŶĂŐĞƌǁŝůůďĞ͗ EĂŵĞ͗dƌŽLJ ƌŝĐŬƐŽŶ͕W͘ ͕͘ Es^W dŝƚůĞ͗tĂƚĞƌZĞƐŽƵƌĐĞƐDĂŶĂŐĞƌ ĚĚƌĞƐƐ͗ϰϬϬϭtĞƐƚZŝǀĞƌWĂƌŬǁĂLJEt͕^ƵŝƚĞϭϬϬ WŚŽŶĞ͗;ϱϬϳͿϯϮϴͲϮϰϭϵ ŵĂŝů͗ƚĞƌŝĐŬƐŽŶΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ZĞƐƉŽŶƐŝďŝůŝƚLJ͗WƌŽũĞĐƚDĂŶĂŐĞƌ /dz͛^ƵƚŚŽƌŝnjĞĚŐĞŶƚǁŝůůŚĂǀĞĂƵƚŚŽƌŝƚLJƚŽĂĐĐĞƉƚŽƌƌĞũĞĐƚ E'/E Z͛^ƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐ͘/ĨƐƵĐŚƐĞƌǀŝĐĞƐ ĂŶĚĚĞůŝǀĞƌĂďůĞƐĂƌĞĂĐĐĞƉƚĂďůĞĂŶĚƐĂƚŝƐĨĂĐƚŽƌLJ͕ƚŚĞ/dz͛^ƵƚŚŽƌŝnjĞĚŐĞŶƚǁŝůůĐĞƌƚŝĨLJĞĂĐŚŝŶǀŽŝĐĞƐƵďŵŝƚƚĞĚĨŽƌ ƉĂLJŵĞŶƚďLJƚŚĞ E'/E Z͘ 3DFNHW3J )D ' E Z>KE/d/KE^ d ZDK&KEdZd $57,&/( dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĞĨĨĞĐƚŝǀĞƵƉŽŶƚŚĞĚĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ŽƌƵƉŽŶĞdžĞĐƵƚŝŽŶĂŶĚĂƉƉƌŽǀĂůďLJƚŚĞ $ ĂƉƉƌŽƉƌŝĂƚĞ/dzŽĨĨŝĐŝĂůƐ͕ƉƵƌƐƵĂŶƚƚŽŝƚLJŽĨZŽĐŚĞƐƚĞƌ,ŽŵĞZƵůĞŚĂƌƚĞƌ͕ĂŶĚƚŚĞĂƉƉƌŽƉƌŝĂƚĞ E'/E ZŽĨĨŝĐŝĂůƐ͕ ǁŚŝĐŚĞǀĞƌĞǀĞŶƚŽĐĐƵƌƐůĂƚĞƌ͘dŚŝƐŽŶƚƌĂĐƚǁŝůůƌĞŵĂŝŶŝŶĞĨĨĞĐƚƵŶƚŝůƚŚĞ džƉŝƌĂƚŝŽŶĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ ŽƌƵŶƚŝůĂůůŽďůŝŐĂƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĨƵůĨŝůůĞĚ͕ǁŚŝĐŚĞǀĞƌĞǀĞŶƚŽĐĐƵƌƐĨŝƌƐƚ͘ &ŽƌĚĞůĂLJƐĞŶĐŽƵŶƚĞƌĞĚƚŚĂƚĂƌĞďĞLJŽŶĚ E'/E Z͛ƐĐŽŶƚƌŽů͕ĂŶĚƵƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚĨƌŽŵ E'/E Z͕ƚŚĞ/dzΖƐ % ƵƚŚŽƌŝnjĞĚŐĞŶƚŵĂLJĞdžƚĞŶĚƚŚĞtŽƌŬŽŵƉůĞƚŝŽŶĂƚĞ͕ĂƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞůĞŶŐƚŚŽĨƐƵĐŚƚŝŵĞĞdžƚĞŶƐŝŽŶǁŝůůďĞĚĞƚĞƌŵŝŶĞĚďLJƚŚĞ/dz͛ƐŐĞŶƚ͘ /ƚǁŝůůďĞ E'/E Z͛ƐƌĞƐƉŽŶƐŝďŝůŝƚLJƚŽƌĞĂƐŽŶĂďůLJŶŽƚŝĨLJ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ŝŶǁƌŝƚŝŶŐ͕ŝĨ E'/E ZŚĂƐƌĞĂƐŽŶƚŽ & ďĞůŝĞǀĞƚŚĞƉƌŽũĞĐƚǁŝůůŶŽƚďĞĐŽŵƉůĞƚĞĚĂƐƐĐŚĞĚƵůĞĚ͘/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚLJƚŽĂĚũƵƐƚƚŚĞ ƐĐŚĞĚƵůĞĂŶĚĨŝŶĂůĐŽƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐƵĐŚĚĞůĂLJƐ͕ŝŶǁƌŝƚŝŶŐ͕ǁŝƚŚŝŶƚŚĞƚĞƌŵƐŽĨƚŚĞŽŶƚƌĂĐƚ͘ 'Ks ZE/E'>t͕:hZ/^/d/KE͕Es Eh $57,&/( dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞŝŶƚĞƌƉƌĞƚĞĚƉƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ>Ăǁ͘ŶLJĐŝƚĂƚŝŽŶƚŽĨĞĚĞƌĂůŽƌƐƚĂƚĞůĂǁŝŶĐŽƌƉŽƌĂƚĞƐƚŚĞ $ ůĂŶŐƵĂŐĞŽĨƚŚĂƚůĂǁŝŶƚŽƚŚŝƐŽŶƚƌĂĐƚĂƐŝĨĨƵůůLJƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͘sĞŶƵĞĨŽƌĂůůůĞŐĂůƉƌŽĐĞĞĚŝŶŐƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŽƌďƌĞĂĐŚ͕ǁŝůůďĞŝŶƚŚĞĂƉƉůŝĐĂďůĞƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶKůŵƐƚĞĚŽƵŶƚLJ͕ DŝŶŶĞƐŽƚĂ͘ d ZD^K&' E Z>KE/d/KE^ $57,&/( ŶLJĂŶĚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨŽƌĐĞƵŶůĞƐƐƚŚĞLJĂƌĞƐƉĞĐŝĨŝĐĂůůLJĂŶĚĚĞůŝďĞƌĂƚĞůLJ $ ĐĂŶĐĞůĞĚŽƌŵŽĚŝĨŝĞĚ͕ŝŶǁƌŝƚŝŶŐ͕ďLJƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŽƚŚĞĞdžƚĞŶƚŽĨĂŶLJŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ % ǁŝůůĐŽŶƚƌŽů͘DŝŶŶĞƐŽƚĂ>ĂǁƐƵƉĞƌƐĞĚĞƐĂŶLJŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ d ZD^K&WzD Ed $57,&/( ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůĂŶĚ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůLJ $ ƐƵƉƉůŝĞĚďLJ E'/E ZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďLJ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͕Zd/> ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂLJŵĞŶƚ͘͟ /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶLJƚŝŵĞƚŚĂƚ E'/E ZǁŝůůĞdžĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ % ŽŶƚƌĂĐƚ͕ E'/E ZŵƵƐƚŶŽƚŝĨLJ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůLJŵĂŶŶĞƌ͘ E'/E ZŵĂLJŶŽƚďĞ ĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞdžĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůLJĞdžĞĐƵƚĞĚ͕ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶLJǁŽƌŬƉĞƌĨŽƌŵĞĚďĞLJŽŶĚƚŚĂƚ͕ǁŚŝĐŚŝƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌ ǁƌŝƚƚĞŶĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďLJ/dz͕ŵĂLJďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌLJĂŶĚ E'/E ZŵĂLJŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌ ƚŚĞĞdžƚƌĂǁŽƌŬ͘ /Ĩ E'/E ZĐůĂŝŵƐĂŶLJŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌĐŽŶĚŝƚŝŽŶƐĞdžŝƐƚƚŚĂƚĐĂƵƐĞĞdžƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ & E'/E ZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶLJĞdžƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐϮϬĂůĞŶĚĂƌĚĂLJƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶŽƌŽďƐĞƌǀĂŶĐĞ ŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďLJƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ŶLJĐůĂŝŵŵĂĚĞ ĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂLJďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶLJǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶĂŵĞŶĚŵĞŶƚƚŽ ƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůLJĂƉƉƌŽǀĞĚĂŶĚĞdžĞĐƵƚĞĚďLJƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚ E'/E ZΖƐŽǁŶƌŝƐŬ͘ ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞdžƉĞŶƐĞƐĂĐƚƵĂůůLJĂŶĚŶĞĐĞƐƐĂƌŝůLJŝŶĐƵƌƌĞĚďLJ E'/E ZĂƐĂƌĞƐƵůƚŽĨ ' ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞdžĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ E'/E ZǁŝůůďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞdžƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͘ *& 3DFNHW3J )D WZK hZ &KZWzD Ed $57,&/( WĂLJŵĞŶƚƐǁŝůůďĞŵĂĚĞďLJ/dzǁŝƚŚŝŶϯϬĚĂLJƐŽĨ E'/E Z͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐ͕ƉƌŽƉĞƌůLJ $ ƉƌĞƉĂƌĞĚ͕ĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐĐŽŶƚƌĂĐƚ͘/dzƐŚĂůůŶŽƚŝĨLJ E'/E ZŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂLJƐ ŽĨ E'/E Z͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞLJďĞůŝĞǀĞƚŚĞƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůLJƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐ ǁĞƌĞŶŽƚƉƌŽƉĞƌůLJƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĐŽŶƚƌĂĐƚ͘ /ŶǀŽŝĐĞƐĨŽƌƉĂLJŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďLJ E'/E ZŵŽŶƚŚůLJƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚŝŶƚŚĞĨŽƌŵƉƌĞƐĐƌŝďĞĚďLJ % /dz͘ƐĂŵƉůĞŝŶǀŽŝĐĞĨŽƌŵĂƚŝƐĂƚƚĂĐŚĞĚƚŽƚŚŝƐ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͘/ŶǀŽŝĐĞƐŵƵƐƚŝĚĞŶƚŝĨLJƚŚĞĐŽƐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚĂŶĚŵƵƐƚƐĂƚŝƐĨLJƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ &ŽƌůƵŵƉƐƵŵĂŶĚŽƚŚĞƌĐŽŶƚƌĂĐƚƐ͗ ϭ͘ ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůLJŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐ ĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚ E'/E ZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚ ĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶLJƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚƉĂLJŵĞŶƚ͘ &ŽƌŽƚŚĞƌĐŽŶƚƌĂĐƚƐŽŶůLJ͗ ϯ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌLJĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝnjĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐĂƌĞƉƌŽƉĞƌůLJ ĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌLJĐŽƐƚƐĂƌĞĂŶLJĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐĚŝƌĞĐƚůLJƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬ ŽĨƚŚĞ E'/E Z͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ ϰ͘ E'/E ZŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ ŝƌĞĐƚƐĂůĂƌLJĐŽƐƚƐŽĨĞŵƉůŽLJĞĞƐΖƚŝŵĞĚŝƌĞĐƚůLJĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ D dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂLJƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨLJŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽLJĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂLJ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂLJŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂLJƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽLJĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ E ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽLJĞĞΖƐŶĂŵĞ͕ŚŽƵƌůLJ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂLJƉĞƌŝŽĚ͘ /Ĩ E'/E ZŝƐĂƵƚŚŽƌŝnjĞĚďLJ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶLJƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ E'/E ZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ & ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶLJƐƵďĐŽŶƐƵůƚĂŶƚΖƐŽŶƚƌĂĐƚ͕ĂŶĚ E'/E ZŵƵƐƚĐŽŵƉůLJǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůLJƉĂLJŵĞŶƚďLJ E'/E ZŽĨƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂLJŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞ ƐƵďĐŽŶƚƌĂĐƚŽƌŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ E'/E ZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƚƌĂĐƚŽƌƐΖŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ' ĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzD Ed $57,&/( ůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďLJ E'/E ZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĞƌĨŽƌŵĞĚŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚ $ ƚŚĂƚĚĞŐƌĞĞŽĨĐĂƌĞĂŶĚƐŬŝůůŽƌĚŝŶĂƌŝůLJĞdžĞƌĐŝƐĞĚďLJŵĞŵďĞƌƐŽĨƚŚĞƐĂŵĞƉƌŽĨĞƐƐŝŽŶĐƵƌƌĞŶƚůLJƉƌĂĐƚŝĐŝŶŐƵŶĚĞƌƐŝŵŝůĂƌ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͘ E'/E ZŵĂŬĞƐŶŽǁĂƌƌĂŶƚŝĞƐ͕ĞdžƉƌĞƐƐĞĚŽƌŝŵƉůŝĞĚ͕ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŽƌŽƚŚĞƌǁŝƐĞ͕ŝŶĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚ E'/E Z͛ƐƐĞƌǀŝĐĞƐdŚĞ E'/E ZĞŶĚĞĂǀŽƌƐƚŽĐŽŵƉůLJǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďLJĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵ E'/E Z͛ƐƐĞƌǀŝĐĞƐ͘ E'/E ZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂLJŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ % ƌĞŐƵůĂƚŝŽŶƐ͘ ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďLJƉƌŽŐƌĞƐƐƉĂLJŵĞŶƚƐŵĂĚĞďLJ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚLJŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ & ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐ E'/E ZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂLJŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶLJĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞ E'/E Z͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞLJŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ *& 3DFNHW3J )D ƐŚĂůůŝŶĚĞŵŶŝĨLJ E'/E ZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐ E'/E ZĂŶŽŶͲĞdžĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞ ĞdžƚĞŶƚŽĨƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/E ZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶLJǁĂLJƚŽƌĞůŝĞǀĞ E'/E ZĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐĞƌǀŝĐĞƐ ' ĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞdžĐĞĞĚƚŚĂƚŝƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ ^^/'ED Ed $57,&/(ĂLJĞĚŝŶĂŶLJǁĂLJĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂLJďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ % ŽĨ E'/E Z͘ŶLJĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůLJĂŶĚĨƵůůLJĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďLJďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ŚĂŶŐĞƐŝŶƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚŽƌƚŚĞŽŶƚƌĂĐƚ džƉŝƌĂƚŝŽŶĂƚĞĂƌĞŶŽƚƉĞƌŵŝƚƚĞĚŝŶĂĐŚĂŶŐĞŽƌĚĞƌ͘ dŚŝƐĐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ & ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚLJƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďLJďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůLJŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘ E'/E Z͕ ďLJƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝnjĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďLJĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞ E'/E ZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďLJŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚŵĂLJďĞĞdžĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ' ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞĐŽŶƚƌĂĐƚ͘ KDW>/E t/d,>/ E^ ^͕W ZD/d^͕EKd, ZZ 'h>d/KE^ $57,&/( E'/E ZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌLJƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶ $ ĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/ ^E/Ed >> dh>WZKW Zdz $57,&/( E'/E ZŵƵƐƚĐŽŵƉůLJǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂ $ ƉƌŽǀŝĚĞĚďLJ/dzŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚĂŶĚĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚ ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ *& 3DFNHW3J )D 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ZĂŶĚ/dzĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐƵĐŚůŝĂďŝůŝƚLJ͕ĐŽƐƚƐ͕ĚĂŵĂŐĞƐ͕ ͕ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞLJƐ͛ĨĞĞƐ͕/ŶƚŚĞĞǀĞŶƚĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌĞdžƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďLJƚŚĞũŽŝŶƚŽƌ ĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨ E'/E ZĂŶĚ/dz͕ƚŚĞLJƐŚĂůůďĞďŽƌŶĞďLJĞĂĐŚƉĂƌƚLJŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ ^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚŝƐŽŶƚƌĂĐƚŝƐ & ƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶLJƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ tKZ< Z^ΖKDW E^d/KE $57,&/( ŶLJĂŶĚĂůůĞŵƉůŽLJĞĞƐŽĨ E'/E Z͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ $ ĂŶLJǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďLJ E'/E ZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽLJĞĞƐŽĨ/dz͘ŶLJĂŶĚĂůů ĐůĂŝŵƐƚŚĂƚŵĂLJĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽLJĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐ ǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶLJĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďLJĂŶLJƚŚŝƌĚƉĂƌƚLJĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶLJĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨ E'/E ZΖƐĞŵƉůŽLJĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽĞŶŐĂŐĞĚŽŶĂŶLJŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶŶŽǁĂLJ ďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨ/dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞ ǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂLJĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚ E'/E Z͘ *& 3DFNHW3J )D KE^ $57,&/( dŚŝƐƌƚŝĐůĞŝƐŚĞƌĞďLJĚĞůĞƚĞĚ͘ /E^hZE $57,&/( ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞĨŽƌĞĂĐŚƚLJƉĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĨŝůĞĚǁŝƚŚƚŚĞ/dz͛ƐƵƚŚŽƌŝnjĞĚ $ ŐĞŶƚǁŝƚŚŝŶϯϬĚĂLJƐŽĨĞdžĞĐƵƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽĐŽŵŵĞŶĐĞŵĞŶƚŽĨĂŶLJǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ ĂĐŚ ƉŽůŝĐLJŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ/dzĂϯϬͲĚĂLJŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ E'/E ZŵƵƐƚŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌLJĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗ % ϭ͘ E'/E ZƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƐŝƐƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌLJ ĨŽƌƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐďLJ E'/E ZĂŶĚŝƚƐĞŵƉůŽLJĞĞƐ͘ Ϯ͘dŚĞ E'/E ZƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐƐĞƉĂƌĂƚĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĞŶĚŽƌƐĞŵĞŶƚƐĨŽƌĞĂĐŚƐƵďĐŽŶƐƵůƚĂŶƚ͘ E'/E ZƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐĨƌŽŵŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ tŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͗ ϯ͘ E'/E ZǁŝůůƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌĂůů E'/E Z ĞŵƉůŽLJĞĞƐĂŶĚ͕ŝŶĐĂƐĞĂŶLJǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕ E'/E ZǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌLJƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/dzŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ ͕ ŵƉůŽLJĞƌ͛Ɛ>ŝĂďŝůŝƚLJ͕ĂƚůŝŵŝƚƐŶŽƚůĞƐƐƚŚĂŶΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůLJŝŶũƵƌLJďLJĚŝƐĞĂƐĞƉĞƌĞŵƉůŽLJĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůLJ ŝŶũƵƌLJďLJĚŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůLJŝŶũƵƌLJďLJĂĐĐŝĚĞŶƚ͘ ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƚƌĂĐƚŽƌ͛ƐŝŶƐƵƌĂŶĐĞƐŚĂůů ďĞĨŝůĞĚǁŝƚŚƚŚĞ E'/E Z͘ ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚLJ͗ ϰ͘ E'/E ZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐ E'/E ZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌ ďŽĚŝůLJŝŶũƵƌLJ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚLJ ĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂLJĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďLJ E'/E ZŽƌďLJĂƐƵďĐŽŶƚƌĂĐƚŽƌŽƌďLJĂŶLJŽŶĞĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJĞŵƉůŽLJĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ E'/E Z͛Ɛ ůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞƐŚĂůůďĞƉƌŝŵĂƌLJƚŽĂŶLJůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďLJƚŚĞŝƚLJ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶ ƚŚŝƐŽŶƚƌĂĐƚ͕ E'/E Z͛ƐŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ D Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ E /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ ŽĚŝůLJ/ŶũƵƌLJĂŶĚWƌŽƉĞƌƚLJĂŵĂŐĞ D WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚLJ E ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚLJ F EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ G ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚLJ͗ ϱ͘ E'/E ZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐ E'/E ZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐ ĨŽƌďŽĚŝůLJŝŶũƵƌLJ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌ ƉƌŽƉĞƌƚLJĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂLJĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďLJ E'/E ZŽƌďLJƐƵďĐŽŶƚƌĂĐƚŽƌŽƌďLJĂŶLJŽŶĞĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJĞŵƉůŽLJĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞ E'/E ZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞůŝŵŝƚĨŽƌŽĚŝůLJ/ŶũƵƌLJĂŶĚWƌŽƉĞƌƚLJĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞ͗ ϲ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ E'/E ZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ *& 3DFNHW3J )D Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌĐůĂŝŵ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ dŚŝƐƉŽůŝĐLJǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐ E'/E ZǁŝůůďĞĐŽŵĞůĞŐĂůůLJŽďůŝŐĂƚĞĚƚŽƉĂLJƌĞƐƵůƚŝŶŐĨƌŽŵĂŶLJ ĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽ E'/E ZΖƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͘ ϳ͘&ŽƌǁŽƌŬŽŶƌĂŝůƌŽĂĚƉƌŽƉĞƌƚLJ͕ E'/E ZŵƵƐƚŽďƚĂŝŶZĂŝůƌŽĂĚWƌŽƚĞĐƚŝǀĞ>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ DŶͬKd^ƉĞĐŝĨŝĐĂƚŝŽŶϭϳϬϴ͘Ϯ;ϭϵϵϱ ĚŝƚŝŽŶͿŽƌĂŶLJƐƵďƐĞƋƵĞŶƚĐŚĂŶŐĞƐŽƌŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽƚŚŝƐƐƉĞĐŝĨŝĐĂƚŝŽŶ͘ E'/E ZŵƵƐƚ͗ & ϭ͘/ŶĐůƵĚĞůĞŐĂůĚĞĨĞŶƐĞĨĞĞƐŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐůŝĂďŝůŝƚLJƉŽůŝĐLJůŝŵŝƚƐ͕ǁŝƚŚƚŚĞĞdžĐĞƉƚŝŽŶŽĨWƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞ ĂďŽǀĞ͖ĂŶĚ Ϯ͘KďƚĂŝŶŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨƌŽŵĂŶŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶLJŚĂǀŝŶŐĂŶΗD ^dΗƌĂƚŝŶŐŽĨͲs///ŽƌďĞƚƚĞƌ͘ /dzƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůLJƌĞƐĐŝŶĚƚŚŝƐŽŶƚƌĂĐƚŝĨ E'/E ZŝƐŶŽƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŝŶƐƵƌĂŶĐĞ ' ƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶLJůĞŐĂůƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚ E'/E Z͘hƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚďLJƚŚĞ/dzΖƐ ƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůůďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵĂLJďĞƌĞƋƵĞƐƚĞĚ͘ >/s Z> ^dEZ^ $57,&/( /dzǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚLJƚŽĚŝƐĂƉƉƌŽǀĞŽƌƌĞũĞĐƚƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƚŚĂƚĂƌĞĚĞĨĞĐƚŝǀĞ͘ E'/E ZǁŝůůďĞ $ ƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐLJŽĨŝƚƐǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂŶĚŵƵƐƚŵĂŬĞƚŝŵĞůLJƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐǁŝƚŚŽƵƚ ĐŽŵƉĞŶƐĂƚŝŽŶƌĞƐƵůƚŝŶŐĨƌŽŵĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽŶƚŚĞƉĂƌƚŽĨ E'/E Z͘dŚĞƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚƚŽ/dz ďLJ E'/E ZŵƵƐƚďĞŽĨƐƵĐŚƋƵĂůŝƚLJƚŚĂƚƚŚĞLJĂƌĞƐƵŝƚĂďůĞĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ͘ E'/E Z͛ƐƐĞƌǀŝĐĞƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĂŐƌĞĞĚƚŽŝŶĂŶƚŝĐŝƉĂƚŝŽŶŽĨƚŚĞŽƌĚĞƌůLJĂŶĚ % ĐŽŶƚŝŶƵŽƵƐƉƌŽŐƌĞƐƐŽĨƚŚĞWƌŽũĞĐƚƚŚŽƵŐŚĐŽŵƉůĞƚŝŽŶ͘hŶůĞƐƐƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐĨŽƌƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐĂƌĞƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ E'/E Z͛ƐŽďůŝŐĂƚŝŽŶƚŽƌĞŶĚĞƌƐĞƌǀŝĐĞƐŚĞƌĞƵŶĚĞƌǁŝůůďĞĨŽƌĂƉĞƌŝŽĚǁŚŝĐŚŵĂLJ ƌĞĂƐŽŶĂďůLJďĞƌĞƋƵŝƌĞĨŽƌƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƐĂŝĚƐĞƌǀŝĐĞƐ͘ /ĨŝŶƚŚŝƐŽŶƚƌĂĐƚƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞĨŽƌƌĞŶĚĞƌŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐĞƚĨŽƌƚŚŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐďLJǁŚŝĐŚƐĞƌǀŝĐĞƐĂƌĞƚŽďĞ & ĐŽŵƉůĞƚĞĚĂƌĞƉƌŽǀŝĚĞĚ͕ĂŶĚŝĨƐƵĐŚƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌĚĂƚĞƐĂƌĞĐŚĂŶŐĞĚƚŚƌŽƵŐŚŶŽĨĂƵůƚŽĨ E'/E Z͕ƚŚĞƌĂƚĞƐĂŶĚ ĂŵŽƵŶƚƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽǀŝĚĞĚĨŽƌŚĞƌĞŝŶƐŚĂůůďĞƐƵďũĞĐƚƚŽĞƋƵŝƚĂďůĞĂĚũƵƐƚŵĞŶƚ͘/Ĩ/dzŚĂƐƌĞƋƵĞƐƚĞĚĐŚĂŶŐĞƐŝŶ ƚŚĞƐĐŽƉĞ͕ĞdžƚĞŶƚ͕ŽƌĐŚĂƌĂĐƚĞƌŽĨƚŚĞWƌŽũĞĐƚ͖ƚŚĞƚŝŵĞŽĨƉĞƌĨŽƌŵĂŶĐĞŽĨ E'/E Z͛ƐƐĞƌǀŝĐĞƐƐŚĂůůďĞĂĚũƵƐƚĞĚĞƋƵŝƚĂďůLJ͘ EĞŝƚŚĞƌƉĂƌƚLJǁŝůůďĞŚĞůĚƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞůĂLJŽƌĨĂŝůƵƌĞƚŽƉĞƌĨŽƌŵǁŚĞŶƐƵĐŚĚĞůĂLJŽƌĨĂŝůƵƌĞŝƐĚƵĞƚŽĂŶLJŽĨƚŚĞ ' ĨŽůůŽǁŝŶŐ͕ƵŶůĞƐƐƚŚĞĂĐƚŽƌŽĐĐƵƌƌĞŶĐĞĐŽƵůĚŚĂǀĞďĞĞŶƌĞĂƐŽŶĂďůLJĨŽƌĞƐĞĞŶĂŶĚƌĞĂƐŽŶĂďůĞĂĐƚŝŽŶĐŽƵůĚŚĂǀĞďĞĞŶ ƚĂŬĞŶƚŽƉƌĞǀĞŶƚƚŚĞĚĞůĂLJŽƌĨĂŝůƵƌĞ͗ĨŝƌĞ͕ĨůŽŽĚ͕ĞƉŝĚĞŵŝĐ͕ƐƚƌŝŬĞƐ͕ǁĂƌƐ͕ĂĐƚƐŽĨ'ŽĚ͕ƵŶƵƐƵĂůůLJƐĞǀĞƌĞǁĞĂƚŚĞƌ͕ŽƌĚĞůĂLJƐ ŽƌĚĞĨĂƵůƚƐĐĂƵƐĞĚďLJƉƵďůŝĐĐĂƌƌŝĞƌƐ͕ƉƌŽǀŝĚĞĚƚŚĞĚĞĨĂƵůƚŝŶŐƉĂƌƚLJŐŝǀĞƐǁƌŝƚƚĞŶŶŽƚŝĐĞĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞƚŽƚŚĞŽƚŚĞƌ ƉĂƌƚLJŽĨŝƚƐŝŶĂďŝůŝƚLJƚŽƉĞƌĨŽƌŵ͘ &ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐŽŶƚƌĂĐƚƚŚĞƚĞƌŵ͞ĚĂLJ͟ŵĞĂŶƐĂĐĂůĞŶĚĂƌĚĂLJŽĨϮϰŚŽƵƌƐ͘ ( Ed/dZh^d $57,&/( )D K&&//>^EKddK E &/d $57,&/( tŝƚŚŽƵƚƉƌŝŽƌǁƌŝƚƚĞŶĐŽŶƐĞŶƚŽĨ/dz͕ E'/E ZŵƵƐƚŶŽƚĞŵƉůŽLJĂŶLJƉƌŽĨĞƐƐŝŽŶĂůŽƌƚĞĐŚŶŝĐĂůƉĞƌƐŽŶŶĞůǁŚŽĂƌĞŽƌ $ ŚĂǀĞďĞĞŶĂƚĂŶLJƚŝŵĞĚƵƌŝŶŐƚŚĞƚŝŵĞƉĞƌŝŽĚŽĨƚŚŝƐŽŶƚƌĂĐƚŝŶƚŚĞĞŵƉůŽLJŽĨ/dz͕ĞdžĐĞƉƚƌĞƚŝƌĞĚ/dzĞŵƉůŽLJĞĞƐ͕ ǁŝƚŚŽƵƚǁƌŝƚƚĞŶĐŽŶƐĞŶƚĨƌŽŵ/dz͘ E'/E ZǁĂƌƌĂŶƚƐƚŚĂƚŝƚŚĂƐŶŽƚĞŵƉůŽLJĞĚŽƌƌĞƚĂŝŶĞĚĂŶLJĐŽŵƉĂŶLJŽƌƉĞƌƐŽŶ͕ŽƚŚĞƌƚŚĂŶĂďŽŶĂĨŝĚĞĞŵƉůŽLJĞĞ % ǁŽƌŬŝŶŐƐŽůĞůLJĨŽƌ E'/E Z͕ƚŽƐŽůŝĐŝƚŽƌƐĞĐƵƌĞƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚƚŚĂƚ E'/E ZŚĂƐŶŽƚƉĂŝĚŽƌĂŐƌĞĞĚƚŽƉĂLJĂŶLJ ĐŽŵƉĂŶLJŽƌƉĞƌƐŽŶ͕ŽƚŚĞƌƚŚĂŶĂďŽŶĂĨŝĚĞĞŵƉůŽLJĞĞǁŽƌŬŝŶŐĨŽƌ E'/E Z͕ĂŶLJĨĞĞ͕ĐŽŵŵŝƐƐŝŽŶƐ͕ƉĞƌĐĞŶƚĂŐĞ͕ ďƌŽŬĞƌĂŐĞĨĞĞ͕ŐŝĨƚƐ͕ŽƌĂŶLJŽƚŚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ĐŽŶƚŝŶŐĞŶƚƵƉŽŶŽƌƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞĂǁĂƌĚŽĨŵĂŬŝŶŐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ E >>d/KE $57,&/( dŚŝƐŽŶƚƌĂĐƚŵĂLJďĞĐĂŶĐĞůĞĚďLJ/dzǁŝƚŚŝŶϯϬĚĂLJƐ͕ĂƚĂŶLJƚŝŵĞ͕ǁŝƚŚŽƌǁŝƚŚŽƵƚĐĂƵƐĞ͕ƵƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞ $ E'/E Z͘/ŶƚŚĞĞǀĞŶƚŽĨƐƵĐŚĐĂŶĐĞůůĂƚŝŽŶ E'/E ZǁŝůůďĞĞŶƚŝƚůĞĚƚŽƉĂLJŵĞŶƚ͕ĚĞƚĞƌŵŝŶĞĚŽŶƉƌŽƌĂƚĂďĂƐŝƐ͕ĨŽƌ ƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉĞƌĨŽƌŵĞĚŽƌĚĞůŝǀĞƌĞĚ͘ /ŶƚŚĞĞǀĞŶƚ/dzĐĂŶŶŽƚŽƌĚŽĞƐŶŽƚŽďƚĂŝŶĨƵŶĚŝŶŐ͕ŽƌĨƵŶĚŝŶŐĐĂŶŶŽƚďĞĐŽŶƚŝŶƵĞĚĂƚĂůĞǀĞůƐƵĨĨŝĐŝĞŶƚƚŽĂůůŽǁĨŽƌƚŚĞ % ƉƵƌĐŚĂƐŝŶŐŽĨƚŚĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐĐŽŶƚĂŝŶĞĚŚĞƌĞŝŶ͕ƚŚŝƐŽŶƚƌĂĐƚŵĂLJďĞĐĂŶĐĞůĞĚǁŝƚŚŝŶϯϬĚĂLJƐ͕Ăƚ/dzΖƐ ŽƉƚŝŽŶ͕ďLJǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶĚĞůŝǀĞƌĞĚŝŶƉĞƌƐŽŶ͕ďLJŵĂŝů͕ŽƌĨĂĐƐŝŵŝůĞƚŽ E'/E ZĂƚƚŚĞĂĚĚƌĞƐƐƐƉĞĐŝĨŝĞĚ ŝŶƚŚŝƐŽŶƚƌĂĐƚ͘/dzǁŝůůŶŽƚďĞŽďůŝŐĂƚĞĚƚŽƉĂLJĨŽƌĂŶLJƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďLJ E'/E ZĂĨƚĞƌƐƵĐŚ ŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ &,I&LW\IDLOVWRPDNHDQ\SD\PHQWGXHWR(1*,1((5IRUVHUYLFHVVDWLVIDFWRULO\SHUIRUPHGDQGH[SHQVHVZLWKLQWKLUW\GD\VDIWHUWKHGDWH RI(1*,1((5¶VLQYRLFH(1*,1((5PD\DIWHUJLYLQJVHYHQGD\VZULWWHQQRWLFHWR&,7<DQGZLWKRXWZDLYLQJDQ\FODLPRUULJKWDJDLQVW &,7<DQGZLWKRXWLQFXUULQJOLDELOLW\ZKDWVRHYHUWR&,7<VXVSHQGVHUYLFHVDQGZLWKKROGSURMHFWGHOLYHUDEOHVGXHXQGHUWKLV&RQWUDFWXQWLO (1*,1((5KDVEHHQSDLGLQIXOODOODPRXQWVGXHIRUVHUYLFHVH[SHQVHVDQGFKDUJHV ZZKZ^KZKD/^^/KE^ $57,&/( E'/E ZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐLJŽĨŝƚƐǁŽƌŬĂŶĚŵƵƐƚƉƌŽŵƉƚůLJŵĂŬĞŶĞĐĞƐƐĂƌLJƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐ $ ƌĞƐƵůƚŝŶŐĨƌŽŵ E'/E ZΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬ ďLJ/dzǁŝůůŶŽƚƌĞůŝĞǀĞ E'/E ZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶLJĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌ ĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶLJĂŵďŝŐƵŝƚŝĞƐ͘ ƚĂŶLJƚŝŵĞĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶŽƌĂŶLJƉŚĂƐĞŽĨǁŽƌŬƉĞƌĨŽƌŵĞĚďLJŽƚŚĞƌƐďĂƐĞĚŽŶĚĂƚĂƉƌŽǀŝĚĞĚďLJ E'/E Z͕ % E'/E ZŵƵƐƚĐŽŶĨĞƌǁŝƚŚ/dzǁŚĞŶŶĞĐĞƐƐĂƌLJĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨŝŶƚĞƌƉƌĞƚŝŶŐƚŚĞŝŶĨŽƌŵĂƚŝŽŶƐĞĐƵƌĞĚĂŶĚͬŽƌƚŽ ĐŽƌƌĞĐƚĂŶLJĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞďLJ E'/E Z͘ E'/E ZŵƵƐƚƉƌĞƉĂƌĞĂŶLJĂŶĚĂůůƉůĂŶƐŽƌĚĂƚĂŶĞĞĚĞĚƚŽ ĐŽƌƌĞĐƚƚŚĞĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚĞĚĐŽŵƉĞŶƐĂƚŝŽŶ͕ĞǀĞŶƚŚŽƵŐŚĨŝŶĂůƉĂLJŵĞŶƚŵĂLJĂůƌĞĂĚLJŚĂǀĞďĞĞŶ ƌĞĐĞŝǀĞĚďLJ E'/E Z͘ E'/E ZŵƵƐƚŐŝǀĞŝŵŵĞĚŝĂƚĞĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŚĂŶŐĞƐƐŽƚŚĞƌĞǁŝůůďĞŵŝŶŝŵĂůĚĞůĂLJƚŽƚŚĞ ƉƌŽũĞĐƚ͘ /ĨŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂƌĞŵĂĚĞďLJ E'/E ZŝŶĂŶLJƉŚĂƐĞŽĨƚŚĞǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨǁŚŝĐŚŵĂLJ & ƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕ E'/E ZǁŝůůďĞƉƌŽŵƉƚůLJŶŽƚŝĨŝĞĚďLJ/dzĂŶĚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƐƵĐŚ ĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂLJďĞŶĞĐĞƐƐĂƌLJƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂLJĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘/ĨƚŚĞ E'/E ZŝƐĂǁĂƌĞŽĨĂŶLJŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞŝŶĂŶLJƉŚĂƐĞ ŽĨŝƚƐǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶƐŽĨǁŚŝĐŚŵĂLJƌĞƋƵŝƌĞĂŶLJĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕ E'/E ZŵƵƐƚƉƌŽŵƉƚůLJƉĞƌĨŽƌŵ ƐƵĐŚĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂLJďĞŶĞĐĞƐƐĂƌLJƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂLJĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘ E'/E ZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶLJĚĂŵĂŐĞƐŝŶĐƵƌƌĞĚĂƐĂƌĞƐƵůƚŽĨŝƚƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂŶĚĨŽƌĂŶLJ ' ůŽƐƐŽƌĐŽƐƚƚŽƌĞƉĂŝƌŽƌƌĞŵĞĚLJ E'/E ZΖƐĞƌƌŽƌƐ͕ŽŵŝƐƐŝŽŶƐŽƌŶĞŐůŝŐĞŶƚĂĐƚƐ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬďLJ/dzǁŝůůŶŽƚ ƌĞůŝĞǀĞ E'/E ZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶLJƐƵĐŚŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐ͕ŽƌŽĨ ůŝĂďŝůŝƚLJĨŽƌůŽƐƐŽƌĚĂŵĂŐĞƌĞƐƵůƚŝŶŐƚŚĞƌĞĨƌŽŵ͘ E'/E ZŵƵƐƚƌĞƐƉŽŶĚƚŽ/dzΖƐŶŽƚŝĐĞŽĨĂŶLJĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŝŶƌĞĂƐŽŶĂďůĞƚŝŵĞĂŶĚŐŝǀĞŝŵŵĞĚŝĂƚĞ ( ĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŽƌƌĞĐƚŝŽŶƐƚŽŵŝŶŝŵŝnjĞĂŶLJĚĞůĂLJƐƚŽƚŚĞ E'/E Z͘ *& 3DFNHW3J )D /^Whd Z ^K>hd/KE $57,&/( DĞĚŝĂƚŝŽŶ͘ŶLJĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐLJŽƌĚŝƐƉƵƚĞĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞƐƵďũĞĐƚƚŽŶŽŶͲďŝŶĚŝŶŐŵĞĚŝĂƚŝŽŶĂƐ $ ĂĐŽŶĚŝƚŝŽŶƉƌĞĐĞĚĞŶƚƚŽƚŚĞŝŶƐƚŝƚƵƚŝŽŶŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐďLJĞŝƚŚĞƌƉĂƌƚLJ͘dŚĞŵĞĚŝĂƚŝŽŶƐŚĂůůďĞ ĐŽŶĚƵĐƚĞĚŝŶKůŵƐƚĞĚŽƵŶƚLJ͕DŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂŝǀŝůDĞĚŝĂƚŝŽŶĐƚ͕DŝŶŶ͘^ƚĂƚ͘ϱϳϮ͘ϯϭ͕ Ğƚ͕͘ƐĞƋ͘ŶLJĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐLJŽƌĚŝƐƉƵƚĞŶŽƚƌĞƐŽůǀĞĚďLJŵĞĚŝĂƚŝŽŶŵĂLJďĞƚŚĞƐƵďũĞĐƚŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐ ĨŝůĞĚďLJĞŝƚŚĞƌƉĂƌƚLJ͘dŚĞůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐŵƵƐƚďĞǀĞŶƵĞĚŝŶKůŵƐƚĞĚŽƵŶƚLJ͕DŝŶŶĞƐŽƚĂ͘dŚĞƉĂƌƚŝĞƐ ǁĂŝǀĞĂůůƌŝŐŚƚƐƚŽĂŶĚĐůĂŝŵƐĨŽƌŵŽŶĞƚĂƌLJĂǁĂƌĚƐŽƚŚĞƌƚŚĂŶĐŽŵƉĞŶƐĂƚŽƌLJĚĂŵĂŐĞƐ͘ & Z>>h^ ^ $57,&/( /Ĩ&ĞĚĞƌĂů&ƵŶĚƐĂƌĞŝŶǀŽůǀĞĚǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞĨŽůůŽǁŝŶŐĂĚĚŝƚŝŽŶĂůĐŽŶĚŝƚŝŽŶƐĂƉƉůLJ͗ ŽŵƉůŝĂŶĐĞǁŝƚŚZĞŐƵůĂƚŝŽŶƐ͘dŚĞƐƵďĐŽŶƐƵůƚĂŶƚƐŚĂůůĐŽŵƉůLJǁŝƚŚZĞŐƵůĂƚŝŽŶƐƌĞůĂƚŝǀĞƚŽŶŽŶͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶŝŶ&ĞĚĞƌĂůůLJ $ ĂƐƐŝƐƚĞĚƉƌŽŐƌĂŵƐŽĨƚŚĞĞƉĂƌƚŵĞŶƚŽĨdƌĂŶƐƉŽƌƚĂƚŝŽŶ͕ŚĞƌĞŝŶĂĨƚĞƌƌĞĨĞƌƌĞĚƚŽĂƐ͞Kd͕͟dŝƚůĞϰϵ͕ŽĚĞŽĨ&ĞĚĞƌĂů ZĞŐƵůĂƚŝŽŶƐ͕WĂƌƚϮ͕ĂƐƚŚĞLJŵĂLJďĞĂŵĞŶĚĞĚĨƌŽŵƚŝŵĞƚŽƚŝŵĞŚĞƌĞŝŶĂĨƚĞƌƌĞĨĞƌƌĞĚƚŽĂƐƚŚĞ͞ZĞŐƵůĂƚŝŽŶƐ͕͟ǁŚŝĐŚĂƌĞ ŚĞƌĞŝŶŝŶĐŽƌƉŽƌĂƚĞĚďLJƌĞĨĞƌĞŶĐĞĂŶĚŵĂĚĞƉĂƌƚŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͘ EŽŶͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶ͘dŚĞƐƵďĐŽŶƐƵůƚĂŶƚ͕ǁŝƚŚƌĞŐĂƌĚƚŽƚŚĞǁŽƌŬƉĞƌĨŽƌŵĞĚďLJŝƚĚƵƌŝŶŐƚŚŝƐĐŽŶƚƌĂĐƚ͕ƐŚĂůůŶŽƚ % 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