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ĚĞƚĞƌŵŝŶĞŽŶƚƌĂĐƚŽƌ͛ƐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞWƌŽũĞĐƚĐŽŶƐŝƐƚĞŶƚǁŝƚŚŝƚǇĚĞƐŝŐŶƐƉĞĐŝĨŝĐĂƚŝŽŶƐĂŶĚ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂƉƉƌŽǀĞĚĐŝǀŝůĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶƐĨŽƌƚŚĞWƌŽũĞĐƚ͘ /dzƌĞĐŽŐŶŝǌĞƐƚŚĂƚE'/EZƉƌŽǀŝĚĞĚƐĞƌǀŝĐĞƐƚŽƚŚĞKǁŶĞƌƵŶĚĞƌĂŝƚǇͲKǁŶĞƌĐŽŶƚƌĂĐƚĂƵƚŚŽƌŝǌŝŶŐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶ ( ŽĨƚŚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐĨŽƌǁŚŝĐŚĐŽŶƐƚƌƵĐƚŝŽŶŝŶƐƉĞĐƚŝŽŶĂŶĚŽďƐĞƌǀĂƚŝŽŶƐĞƌǀŝĐĞƐĂƌĞďĞŝŶŐƌĞƋƵĞƐƚĞĚ͘/dzǁĂŝǀĞƐĂŶǇ ĂŶĚĂůůĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚƌŝŐŚƚƐĂŐĂŝŶƐƚE'/EZƌĞůĂƚŝǀĞƚŽƚŚŝƐĂƌƌĂŶŐĞŵĞŶƚ͘ 'KsZE/E'>t͕:hZ/^/d/KE͕EsEh $57,&/( dŚŝƐŽŶƚƌĂĐƚƐŚĂůůďĞŐŽǀĞƌŶĞĚďǇĂŶĚĐŽŶƐƚƌƵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞůĂǁƐŽĨƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͘sĞŶƵĞĨŽƌĂůůůĞŐĂů $ ƉƌŽĐĞĞĚŝŶŐƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞŝŶƚŚĞĂƉƉůŝĐĂďůĞƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶ KůŵƐƚĞĚŽƵŶƚǇĂŶĚDŝŶŶĞƐŽƚĂƌĞƐƉĞĐƚŝǀĞůǇ͘ dZD^K&'EZ>KE/d/KE^ $57,&/( ŶǇĂŶĚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨŽƌĐĞƵŶůĞƐƐƚŚĞǇĂƌĞƐƉĞĐŝĨŝĐĂůůǇĂŶĚĚĞůŝďĞƌĂƚĞůǇ $ ĐĂŶĐĞůĞĚŽƌŵŽĚŝĨŝĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŽƚŚĞĞǆƚĞŶƚŽĨĂŶǇŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ % ǁŝůůĐŽŶƚƌŽů͘DŝŶŶĞƐŽƚĂ>ĂǁƐƵƉĞƌƐĞĚĞƐĂŶǇŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ dZD^K&WzDEd $57,&/( ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůǇƐƵƉƉůŝĞĚďǇ $ E'/EZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďǇ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ Zd/>ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂǇŵĞŶƚ͘͟ /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶǇƚŝŵĞƚŚĂƚE'/EZǁŝůůĞǆĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ % ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůǇŵĂŶŶĞƌ͘E'/EZŵĂǇŶŽƚďĞ ĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞǆĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůǇĞǆĞĐƵƚĞĚ͕ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚďĞǇŽŶĚƚŚĂƚŝĚĞŶƚŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌǁƌŝƚƚĞŶ ĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďǇ/dzŵĂǇďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌǇĂŶĚE'/EZŵĂǇŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌƚŚĞĞǆƚƌĂ ǁŽƌŬ͘ /ĨE'/EZĐůĂŝŵƐĂŶǇŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌŽƚŚĞƌĐŽŶĚŝƚŝŽŶƐĞǆŝƐƚƚŚĂƚƌĞƋƵŝƌĞĞǆƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐ & ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶǇĞǆƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϮϬĂůĞŶĚĂƌĚĂǇƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶ ŽƌŽďƐĞƌǀĂŶĐĞŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ ŶǇĐůĂŝŵŵĂĚĞĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂǇďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶ 3DFNHW3J )F ĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůǇĂƉƉƌŽǀĞĚĂŶĚĞǆĞĐƵƚĞĚďǇƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚ E'/EZΖƐŽǁŶƌŝƐŬ͘ ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐĂĐƚƵĂůůǇĂŶĚŶĞĐĞƐƐĂƌŝůǇŝŶĐƵƌƌĞĚďǇE'/EZĂƐĂƌĞƐƵůƚŽĨ ' ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞǆĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘E'/EZŵĂǇďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͕ĂŶĚŝĚĞŶƚŝĨŝĞĚŝŶ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ƌƚŝĐůĞϯ͘ WZKhZ&KZWzDEd $57,&/( WĂǇŵĞŶƚƐǁŝůůďĞŵĂĚĞďǇ/dzǁŝƚŚŝŶϯϬĚĂǇƐŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐ $ ƌĞƉŽƌƚƐĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘/dzƐŚĂůůŶŽƚŝĨǇE'/EZŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂǇƐŽĨ E'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞǇďĞůŝĞǀĞƚŚĞƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐǁĞƌĞ ŶŽƚƉƌŽƉĞƌůǇƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽŶƚƌĂĐƚ͘ /ŶǀŽŝĐĞƐĨŽƌƉĂǇŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďǇE'/EZŵŽŶƚŚůǇƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶƚŚĞĨŽƌŵƉƌĞƐĐƌŝďĞĚďǇ % /dz͘/ŶǀŽŝĐĞƐƐŚŽƵůĚŝĚĞŶƚŝĨǇƚŚĞƉƌŽũĞĐƚĂŶĚƚŚĞĐŽƐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚĂŶĚ ŵƵƐƚƐĂƚŝƐĨǇƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ ϭ͘ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůǇŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐ ĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚE'/EZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚ ĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶǇƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚƉĂǇŵĞŶƚ͘ ϯ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝǌĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐĂƌĞƉƌŽƉĞƌůǇ ĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂƌĞĂŶǇĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐĚŝƌĞĐƚůǇƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬ ŽĨƚŚĞE'/EZ͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ ϰ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ ŝƌĞĐƚƐĂůĂƌǇĐŽƐƚƐŽĨĞŵƉůŽǇĞĞƐΖƚŝŵĞĚŝƌĞĐƚůǇĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ D dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨǇŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽǇĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂǇ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂǇŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽǇĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ E ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽǇĞĞΖƐŶĂŵĞ͕ŚŽƵƌůǇ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂǇƉĞƌŝŽĚ͘ ϱ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞĂĐŽƉǇŽĨƚŚĞŝŶǀŽŝĐĞƚŚĞǇĨŽƌǁĂƌĚĞĚƚŽƚŚĞĐŝƚǇƚŽƚŚĞĚĞǀĞůŽƉĞƌĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐ͘ dŚŝƐĚŽĐƵŵĞŶƚƐŚŽƵůĚďĞĐůĞĂƌĞĚƐƚĂƚĞĚƚŚĂƚŝƚ͛ƐĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐŽŶůǇ͘ /ĨE'/EZŝƐĂƵƚŚŽƌŝǌĞĚďǇ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚƐ͕E'/EZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ & ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŽŶƚƌĂĐƚ͕ĂŶĚE'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůǇƉĂǇŵĞŶƚďǇE'/EZŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͛Ɛ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂǇŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞƐƵď ĐŽŶƐƵůƚĂŶƚŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ E'/EZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ' ĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzDEd $57,&/( &ŽƌĂůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞŶŐŝŶĞĞƌƐŚĂůůŵĂŝŶƚĂŝŶŝƚƐĞƚŚŝĐĂůĂŶĚ $ ůĞŐĂůĚƵƚǇŽĨĂƉƌŽĨĞƐƐŝŽŶĂůƚŽĞǆĞƌĐŝƐĞƚŚĞůĞǀĞůŽĨĐĂƌĞ͕ĚŝůŝŐĞŶĐĞ͕ĂŶĚƐŬŝůůƉƌĞƐĐƌŝďĞĚŝŶƚŚĞĐŽĚĞŽĨƉƌĂĐƚŝĐĞŽĨŚŝƐŽƌŚĞƌ ƉƌŽĨĞƐƐŝŽŶ͕ŽƌĂƐŽƚŚĞƌƉƌŽĨĞƐƐŝŽŶĂůƐŝŶƚŚĞƐĂŵĞĚŝƐĐŝƉůŝŶĞǁŽƵůĚŝŶƚŚĞƐĂŵĞŽƌƐŝŵŝůĂƌĐŝƌĐƵŵƐƚĂŶĐĞƐ͘dŚĞE'/EZ ƐŚĂůůĐŽŵƉůǇǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďǇĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐ͘ 3DFNHW3J )F E'/EZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂǇŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ % ƌĞŐƵůĂƚŝŽŶƐ͘ ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďǇƉƌŽŐƌĞƐƐƉĂǇŵĞŶƚƐŵĂĚĞďǇ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚǇŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ & ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐE'/EZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂǇŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶǇĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞE'/EZ͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ ƐŚĂůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞ ĞǆƚĞŶƚŽĨƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞE'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶǇǁĂǇƚŽƌĞůŝĞǀĞE'/EZĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐĞƌǀŝĐĞƐ ' ĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞǆĐĞĞĚƚŚĂƚŝƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ E'/EZŝƐŶŽƚĂƵƚŚŽƌŝǌĞĚƚŽĚŝƌĞĐƚƚŚĞǁŽƌŬŽĨŽŶƚƌĂĐƚŽƌ͕ƵŶůĞƐƐŝƚǇŝƐŐŝǀĞŶƐƵĐŚĂƵƚŚŽƌŝƚǇ͕ŝŶǁƌŝƚŝŶŐ͕ďǇKǁŶĞƌ͘ ( E'/EZĐŽŵŵƵŶŝĐĂƚŝŽŶƐŚĂůůďĞĚŝƌĞĐƚůǇǁŝƚŚKǁŶĞƌ͛ƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞ;ŽŶƐƚƌƵĐƚŝŽŶĨŽƌĞŵĞŶŽƌƐƵƉĞƌŝŶƚĞŶĚĞŶƚŽƌ ŽƚŚĞƌŵĞŵďĞƌŝĚĞŶƚŝĨŝĞĚĂƐWƌŽũĞĐƚDĂŶĂŐĞƌͿ͕ĂŶĚƚŽŝƚǇŶŐŝŶĞĞƌŽƌŚŝƐĚĞƐŝŐŶĞĞ͘ ^^/'EDEd $57,&/(ĞĚŝŶƚŚŝƐ ŽŶƚƌĂĐƚ͘ ĐŽƉǇŽĨĂŶǇĂŶĚĂůůƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚƐŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚĂĨƚĞƌĞǆĞĐƵƚŝŽŶŽĨƚŚĞƐƵď % ĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽǁŽƌŬƐƚĂƌƚŝŶŐƵŶĚĞƌƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚ͘ DEDEd^͕,E'KZZ^͕DZ'Z͕KhEdZWZd^͕Et/sZ $57,&/( ŵĞŶĚŵĞŶƚƐƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĐŽŶƐŝĚĞƌĞĚŽŶůǇĨŽƌƵŶĨŽƌĞƐĞĞŶǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŚĂƚǁĞƌĞĞǆĐůƵĚĞĚŝŶƚŚĞ^ĐŽƉĞŽĨ $ tŽƌŬ͕ĞŶƚŝƚůĞĚ͞ĞƚĂŝůĞĚ^ĐŽƉĞŽĨtŽƌŬ͕͟ĂŶĚƚŚĂƚĂƌĞĐŽŶƐŝĚĞƌĞĚĞƐƐĞŶƚŝĂůƚŽƚŚĞǁŽƌŬ͘ŶǇǁƌŝƚƚĞŶĐůĂŝŵŵĂĚĞďǇ E'/EZĨŽƌĞǆƚƌĂǁŽƌŬŽƌĐŽƐƚƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐďĞĞŶĂƉƉƌŽǀĞĚďǇƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŵƵƐƚďĞ ĞǀŝĚĞŶĐĞĚďǇĂŶĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚ͘ŵĞŶĚŵĞŶƚƐŵƵƐƚďĞŝŶǁƌŝƚŝŶŐĂŶĚĞǆĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚďǇƚŚĞƐĂŵĞ ƉĂƌƚŝĞƐĂŶĚŽĨĨŝĐŝĂůƐǁŚŽĞǆĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚƚŚĞŽƌŝŐŝŶĂůŽŶƚƌĂĐƚ͕ŽƌƚŚĞŝƌƐƵĐĐĞƐƐŽƌƐŝŶŽĨĨŝĐĞ͘E'/EZŵƵƐƚŶŽƚŝĨǇ /dz͛ƐWƌŽũĞĐƚDĂŶĂŐĞƌŝŶǁƌŝƚŝŶŐŝĨE'/EZǁŝůůďĞĚĞůĂǇĞĚŝŶĂŶǇǁĂǇĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ % ŽĨE'/EZ͘ŶǇĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůǇĂŶĚĨƵůůǇĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ & ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚǇƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůǇŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͕ ďǇƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝǌĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďǇĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞE'/EZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďǇŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĞǆĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ' ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞŽŶƚƌĂĐƚ͘ 3DFNHW3J )F KDW>/Et/d,>/E^^͕WZD/d^͕EKd,ZZ'h>d/KE^ $57,&/( E'/EZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ĐĞƌƚŝĨŝĐĂƚŝŽŶƐ͕ĞĚƵĐĂƚŝŽŶ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌǇƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐ $ ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/^E/Ed>>dh>WZKWZdz $57,&/( dŚĞDŝŶŶĞƐŽƚĂ'ŽǀĞƌŶŵĞŶƚĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ $ ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ ŶǇƌĞƉŽƌƚƐ͕ƐƚƵĚŝĞƐ͕ƉŚŽƚŽŐƌĂƉŚƐ͕ŶĞŐĂƚŝǀĞƐ͕ŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐĐƌĞĂƚĞĚĂŶĚƉĂŝĚĨŽƌďǇE'/EZŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ % ŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂƌĞŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞŝŶƌĞƐƉĞĐƚƚŽE'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĂƌĞƚŚĞĞǆĐůƵƐŝǀĞ ƉƌŽƉĞƌƚǇŽĨ/dz͘E'/EZŵƵƐƚƌĞŵŝƚĂůůƐƵĐŚŵĂƚĞƌŝĂůƐƚŽ/dzƵƉŽŶĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞ /dzǁŝůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇƌĞƵƐĞŽĨƐƵĐŚŵĂƚĞƌŝĂůƐďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞŝƚǇƐŚĂůůŐƌĂŶƚƚŚĞE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞĞǆƚĞŶƚŽĨƚŚĞ/dzΖƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘E'/EZǁĂŝǀĞƐĂůůĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞ/dzƌĞƐƵůƚŝŶŐŝŶĂŶǇǁĂǇĨƌŽŵĂŶǇƌĞƵƐĞŽĨ ƚŚĞE'/EZ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŝƌĞĐƚĞĚďǇ/dz͕ƚŚĞŽƌŝŐŝŶĂůƐŽĨƌĞƉŽƌƚƐ͕ƚĞƐƚƐ͕ĚƌĂǁŝŶŐƐĂŶĚƉůĂŶƐ͖ĂŶĚůĞŐŝďůǇƌĞƉƌŽĚƵĐŝďůĞĐŽƉŝĞƐŽĨ & ǁŽƌŬƐŚĞĞƚƐ͕ĨŝĞůĚŶŽƚĞƐ͕ĐŽŵƉƵƚĂƚŝŽŶƐ͕ƉŚŽƚŽƐ͕ƚĞƐƚƌĞƐƵůƚƐ͕ĂŶĚŽƚŚĞƌƉƌŽũĞĐƚĚĂƚĂŵƵƐƚďĞƌĞůŝŶƋƵŝƐŚĞĚƚŽ/dz͗ ϭ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ Ϯ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĨŝĐĂƚŝŽŶďǇ/dz͘ ϯ͘WƌŝŽƌƚŽĨŝŶĂůƉĂǇŵĞŶƚďǇ/dzƚŽE'/EZĨŽƌƚŚŝƐŽŶƚƌĂĐƚ͘ ͘EŽƚǁŝƚŚƐƚĂŶĚŝŶŐƚŚĞĂďŽǀĞƉĂƌĂŐƌĂƉŚƐ͕ǁŽƌŬƉĂƉĞƌƐ͕ƉƌŽƉƌŝĞƚĂƌǇŝŶĨŽƌŵĂƚŝŽŶ͕ƉƌŽĐĞƐƐĞƐ͕ŵĞƚŚŽĚŽůŽŐŝĞƐ͕ŬŶŽǁͲŚŽǁĂŶĚ ƐŽĨƚǁĂƌĞ;͞E'/EZĂƚĂ͟ͿƉƌĞǀŝŽƵƐůǇďĞůŽŶŐŝŶŐŽƌůŝĐĞŶƐĞĚƚŽE'/EZĂŶĚƵƐĞĚƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůů ƌĞŵĂŝŶƚŚĞƉƌŽƉĞƌƚǇŽĨE'/EZ͘E'/EZƐŚĂůůƌĞƚĂŝŶĂŶŽǁŶĞƌƐŚŝƉĂŶĚƉƌŽƉĞƌƚǇŝŶƚĞƌĞƐƚƚŚĞƌĞŝŶ;ŝŶĐůƵĚŝŶŐƚŚĞĐŽƉǇƌŝŐŚƚ ĂŶĚƚŚĞƌŝŐŚƚŽĨƌĞƵƐĞĂƚƚŚĞĚŝƐĐƌĞƚŝŽŶŽĨƚŚĞE'/EZͿ͕ǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞWƌŽũĞĐƚŝƐĐŽŵƉůĞƚĞĚ͘dŽƚŚĞĞǆƚĞŶƚƚŚĞƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚďǇE'/EZĐŽŶƚĂŝŶE'/EZĂƚĂ͕E'/EZŚĞƌĞďǇŐƌĂŶƚƐƚŽ/dzĂŶŽŶͲĞǆĐůƵƐŝǀĞ͕ŶŽŶͲĂƐƐŝŐŶĂďůĞ͕ƌŽǇĂůƚǇͲ ĨƌĞĞ͕ŝƌƌĞǀŽĐĂďůĞůŝĐĞŶƐĞƚŽƵƐĞƐƵĐŚE'/EZĂƚĂĨŽƌƚŚĞƉƵƌƉŽƐĞƐƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͕ƐƵďũĞĐƚƚŽƚŚĞĨŽůůŽǁŝŶŐůŝŵŝƚĂƚŝŽŶƐ͗ ƐƵĐŚE'/EZĂƚĂĂƌĞŶŽƚŝŶƚĞŶĚĞĚŽƌƌĞƉƌĞƐĞŶƚĞĚƚŽďĞƐƵŝƚĂďůĞĨŽƌƵƐĞŽƌƌĞƵƐĞďǇ/dzŽŶĞǆƚĞŶƐŝŽŶŽĨƚŚĞWƌŽũĞĐƚŽƌ ŽŶĂŶǇŽƚŚĞƌƉƌŽũĞĐƚǁŝƚŚŽƵƚǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďǇE'/EZĂŶĚĂŶǇƐƵĐŚƌĞƵƐĞŽƌŵŽĚŝĨŝĐĂƚŝŽŶŽĨƚŚĞ E'/EZĂƚĂǁŝƚŚŽƵƚƚŚĞǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďǇE'/EZƐŚĂůůďĞĚŽŶĞĂƚ/dz͛ƐƐŽůĞƌŝƐŬĂŶĚǁŝƚŚŽƵƚ ůŝĂďŝůŝƚǇƚŽE'/EZ͘ >//>/dz $57,&/( 'ĞŶĞƌĂůͲ,ĂǀŝŶŐĐŽŶƐŝĚĞƌĞĚƚŚĞƉŽƚĞŶƚŝĂůůŝĂďŝůŝƚŝĞƐƚŚĂƚŵĂǇĞǆŝƐƚĚƵƌŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ^ĞƌǀŝĐĞƐ͕ƚŚĞďĞŶĞĨŝƚƐ $ ŽĨƚŚĞƉƌŽũĞĐƚ͕ĂŶĚƚŚĞE'/EZ͛ƐĨĞĞĨŽƌƚŚĞ^ĞƌǀŝĐĞƐ͕ĂŶĚŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞƉƌŽŵŝƐĞƐĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ /dzĂŶĚE'/EZĂŐƌĞĞƚŽĂůůŽĐĂƚĞĂŶĚůŝŵŝƚƐƵĐŚůŝĂďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐƌƚŝĐůĞ͘ /ŶĚĞŵŶŝĨŝĐĂƚŝŽŶͲE'/EZĂŶĚ/dz;ƚŚĞ͞/ŶĚĞŵŶŝĨǇŝŶŐWĂƌƚǇ͟ͿƐŚĂůůďĞůŝĂďůĞĨŽƌŝƚƐŽǁŶŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐĂŶĚ % ŽŵŝƐƐŝŽŶƐƚŽƚŚĞĞǆƚĞŶƚƉƌŽǀŝĚĞĚďǇůĂǁĂŶĚƐƵďũĞĐƚƚŽƚŚĞ/dz͛ƐĐĂƉŽŶŵƵŶŝĐŝƉĂůƚŽƌƚůŝĂďŝůŝƚǇƵŶĚĞƌDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ ^ĞĐƚŝŽŶϰϲϲ͘Ϭϰ͕ĂŶĚŚĞƌĞďǇĂŐƌĞĞƐƚŽĚĞĨĞŶĚ͕ŝŶĚĞŵŶŝĨǇ͕ĂŶĚŚŽůĚŚĂƌŵůĞƐƐƚŚĞŽƚŚĞƌ;͞ƚŚĞ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚǇ͟Ϳ͕ĨƌŽŵ ĂŶǇůŝĂďŝůŝƚǇ͕ĚĂŵĂŐĞƐ͕ĂŶĚĐŽƐƚƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞŶĞŐůŝŐĞŶƚĂĐƚƐŽĨE'/EZĂŶĚ/dzĂŶĚĂŶǇŽŶĞĨŽƌǁŚŽƐĞŶĞŐůŝŐĞŶƚ ĂĐƚƐƚŚĞǇŵĂǇďĞůŝĂďůĞĨŽƌŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚŝĐŚƚŚĞ/ŶĚĞŵŶŝĨŝĞĚ WĂƌƚǇ͕ŝƚƐŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽǇĞĞƐŵĂǇŚĞƌĞĂĨƚĞƌƐƵƐƚĂŝŶ͕ŝŶĐƵƌŽƌďĞƌĞƋƵŝƌĞĚƚŽƉĂǇƚŽƚŚĞĨƵůůĞĨĨĞĐƚƉƌŽǀŝĚĞĚďǇ DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϯϯϳ͕ƚŽƚŚĞĞǆƚĞŶƚƚŚĞE'/EZĂŶĚ/dzĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐƵĐŚůŝĂďŝůŝƚǇ͕ĐŽƐƚƐ͕ĚĂŵĂŐĞƐ͕ ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞǇƐ͛ĨĞĞƐ͘/ŶƚŚĞĞǀĞŶƚĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌĞǆƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďǇƚŚĞũŽŝŶƚŽƌ ĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨE'/EZĂŶĚ/dz͕ƚŚĞǇƐŚĂůůďĞďŽƌŶĞďǇĞĂĐŚƉĂƌƚǇŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ ^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚŝƐŽŶƚƌĂĐƚŝƐ & ƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶǇƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ 3DFNHW3J )F tKZ<Z^ΖKDWE^d/KE $57,&/( ŶǇĂŶĚĂůůĞŵƉůŽǇĞĞƐŽĨE'/EZ͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ $ ĂŶǇǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽǇĞĞƐŽĨ/dz͘ŶǇĂŶĚĂůů ĐůĂŝŵƐƚŚĂƚŵĂǇĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐ ǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶǇĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďǇĂŶǇƚŚŝƌĚƉĂƌƚǇĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶǇĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨ E'/EZΖƐĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽĞŶŐĂŐĞĚŽŶĂŶǇŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶŶŽǁĂǇ ďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨ/dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞ ǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂǇĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚE'/EZ͘ KE^ $57,&/( dŚŝƐƌƚŝĐůĞŝƐŚĞƌĞďǇĚĞůĞƚĞĚ͘ /E^hZE $57,&/( ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞĨŽƌĞĂĐŚƚǇƉĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĨŝůĞĚǁŝƚŚƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚ $ ŐĞŶƚƉƌŝŽƌƚŽĞǆĞĐƵƚŝŽŶŽĨƚŚĞŽŶƚƌĂĐƚďǇŝƚǇ͘ĂĐŚƉŽůŝĐǇŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ /dzĂϯϬͲĚĂǇŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ E'/EZŵƵƐƚŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌǇĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗ % ϭ͘E'/EZƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƐŝƐƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌǇ ĨŽƌƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐďǇE'/EZĂŶĚŝƚƐĞŵƉůŽǇĞĞƐ͘ Ϯ͘dŚĞE'/EZƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐƐĞƉĂƌĂƚĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĞŶĚŽƌƐĞŵĞŶƚƐĨŽƌĞĂĐŚƐƵďĐŽŶƐƵůƚĂŶƚ͘ E'/EZƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐĨƌŽŵŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ tŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͗ ϯ͘E'/EZǁŝůůƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌĂůůE'/EZ ĞŵƉůŽǇĞĞƐĂŶĚ͕ŝŶĐĂƐĞĂŶǇǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕E'/EZǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌǇƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/dzŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ ͕ŵƉůŽǇĞƌ͛Ɛ>ŝĂďŝůŝƚǇ͕ĂƚůŝŵŝƚƐŶŽƚůĞƐƐƚŚĂŶΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĚŝƐĞĂƐĞƉĞƌĞŵƉůŽǇĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇ ŝŶũƵƌǇďǇĚŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĂĐĐŝĚĞŶƚ͘ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͚ƐŝŶƐƵƌĂŶĐĞƐŚĂůů ďĞĨŝůĞĚǁŝƚŚƚŚĞE'/EZ͘ ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚǇ͗ ϰ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌ ďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚǇ ĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďǇ E'/EZŽƌďǇĂƐƵďĐŽŶƐƵůƚĂŶƚŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͛Ɛ ůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞƐŚĂůůďĞƉƌŝŵĂƌǇƚŽĂŶǇůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďǇƚŚĞŝƚǇ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶ ƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ D Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ E /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ ŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ D WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚǇ E ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚǇ F EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ G ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚǇ͗ ϱ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐ ĨŽƌďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌ 3DFNHW3J )F ƉƌŽƉĞƌƚǇĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďǇE'/EZŽƌďǇƐƵďĐŽŶƐƵůƚĂŶƚŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞE'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞůŝŵŝƚĨŽƌŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ͗ ϲ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌĐůĂŝŵ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ dŚŝƐƉŽůŝĐǇǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐE'/EZǁŝůůďĞĐŽŵĞůĞŐĂůůǇŽďůŝŐĂƚĞĚƚŽƉĂǇƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇ ĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽE'/EZΖƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͘ E'/EZŵƵƐƚ͗ & ϭ͘/ŶĐůƵĚĞůĞŐĂůĚĞĨĞŶƐĞĨĞĞƐŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐůŝĂďŝůŝƚǇƉŽůŝĐǇůŝŵŝƚƐ͕ǁŝƚŚƚŚĞĞǆĐĞƉƚŝŽŶŽĨWƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ ĂďŽǀĞ͖ĂŶĚ Ϯ͘KďƚĂŝŶŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨƌŽŵĂŶŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶǇŚĂǀŝŶŐĂŶΗD^dΗƌĂƚŝŶŐŽĨͲs///ŽƌďĞƚƚĞƌ͘ /dzƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůǇƌĞƐĐŝŶĚƚŚŝƐŽŶƚƌĂĐƚŝĨE'/EZŝƐŶŽƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŝŶƐƵƌĂŶĐĞ ' ƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶǇůĞŐĂůƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚE'/EZ͘hƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚďǇƚŚĞ/dzΖƐ ƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůůďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵĂǇďĞƌĞƋƵĞƐƚĞĚ͘ >/sZ>^dEZ^ $57,&/( /dzǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĚŝƐĂƉƉƌŽǀĞŽƌƌĞũĞĐƚƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƚŚĂƚĂƌĞĚĞĨĞĐƚŝǀĞ͘E'/EZǁŝůůďĞ $ ƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐǇŽĨŝƚƐǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂŶĚŵƵƐƚŵĂŬĞƚŝŵĞůǇƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐǁŝƚŚŽƵƚ ĐŽŵƉĞŶƐĂƚŝŽŶƌĞƐƵůƚŝŶŐĨƌŽŵĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽŶƚŚĞƉĂƌƚŽĨE'/EZ͘dŚĞƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚƚŽ/dz ďǇE'/EZŵƵƐƚďĞŽĨƐƵĐŚƋƵĂůŝƚǇƚŚĂƚƚŚĞǇĂƌĞƐƵŝƚĂďůĞĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ͘ E'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĂŐƌĞĞĚƚŽŝŶĂŶƚŝĐŝƉĂƚŝŽŶŽĨƚŚĞŽƌĚĞƌůǇĂŶĚ % ĐŽŶƚŝŶƵŽƵƐƉƌŽŐƌĞƐƐŽĨƚŚĞWƌŽũĞĐƚƚŚŽƵŐŚĐŽŵƉůĞƚŝŽŶ͘hŶůĞƐƐƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐĨŽƌƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐĂƌĞƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŽďůŝŐĂƚŝŽŶƚŽƌĞŶĚĞƌƐĞƌǀŝĐĞƐŚĞƌĞƵŶĚĞƌǁŝůůďĞĨŽƌĂƉĞƌŝŽĚǁŚŝĐŚŵĂǇ 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ƌĞƐƵůƚŝŶŐĨƌŽŵE'/EZΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬ ďǇ/dzǁŝůůŶŽƚƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌ ĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶǇĂŵďŝŐƵŝƚŝĞƐ͘ /ĨŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂƌĞŵĂĚĞďǇE'/EZŝŶĂŶǇƉŚĂƐĞŽĨƚŚĞǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨǁŚŝĐŚŵĂǇ % ƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZǁŝůůďĞƉƌŽŵƉƚůǇŶŽƚŝĨŝĞĚďǇ/dzĂŶĚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƐƵĐŚ ĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘/ĨƚŚĞE'/EZŝƐĂǁĂƌĞŽĨĂŶǇŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞŝŶĂŶǇƉŚĂƐĞ ŽĨŝƚƐǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶƐŽĨǁŚŝĐŚŵĂǇƌĞƋƵŝƌĞĂŶǇĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZŵƵƐƚƉƌŽŵƉƚůǇƉĞƌĨŽƌŵ ƐƵĐŚĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘ E'/EZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶǇĚĂŵĂŐĞƐŝŶĐƵƌƌĞĚĂƐĂƌĞƐƵůƚŽĨŝƚƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂŶĚĨŽƌĂŶǇ & 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ŽĨƚŚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐĨŽƌǁŚŝĐŚĐŽŶƐƚƌƵĐƚŝŽŶŝŶƐƉĞĐƚŝŽŶĂŶĚŽďƐĞƌǀĂƚŝŽŶƐĞƌǀŝĐĞƐĂƌĞďĞŝŶŐƌĞƋƵĞƐƚĞĚ͘/dzǁĂŝǀĞƐĂŶǇ ĂŶĚĂůůĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚƌŝŐŚƚƐĂŐĂŝŶƐƚE'/EZƌĞůĂƚŝǀĞƚŽƚŚŝƐĂƌƌĂŶŐĞŵĞŶƚ͘ 'KsZE/E'>t͕:hZ/^/d/KE͕EsEh $57,&/( dŚŝƐŽŶƚƌĂĐƚƐŚĂůůďĞŐŽǀĞƌŶĞĚďǇĂŶĚĐŽŶƐƚƌƵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞůĂǁƐŽĨƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͘sĞŶƵĞĨŽƌĂůůůĞŐĂů $ ƉƌŽĐĞĞĚŝŶŐƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞŝŶƚŚĞĂƉƉůŝĐĂďůĞƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶ KůŵƐƚĞĚŽƵŶƚǇĂŶĚDŝŶŶĞƐŽƚĂƌĞƐƉĞĐƚŝǀĞůǇ͘ dZD^K&'EZ>KE/d/KE^ $57,&/( ŶǇĂŶĚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨŽƌĐĞƵŶůĞƐƐƚŚĞǇĂƌĞƐƉĞĐŝĨŝĐĂůůǇĂŶĚĚĞůŝďĞƌĂƚĞůǇ $ ĐĂŶĐĞůĞĚŽƌŵŽĚŝĨŝĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŽƚŚĞĞǆƚĞŶƚŽĨĂŶǇŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ % ǁŝůůĐŽŶƚƌŽů͘DŝŶŶĞƐŽƚĂ>ĂǁƐƵƉĞƌƐĞĚĞƐĂŶǇŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ dZD^K&WzDEd $57,&/( ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůǇƐƵƉƉůŝĞĚďǇ $ E'/EZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďǇ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ Zd/>ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂǇŵĞŶƚ͘͟ /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶǇƚŝŵĞƚŚĂƚE'/EZǁŝůůĞǆĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ % ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůǇŵĂŶŶĞƌ͘E'/EZŵĂǇŶŽƚďĞ ĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞǆĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůǇĞǆĞĐƵƚĞĚ͕ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚďĞǇŽŶĚƚŚĂƚŝĚĞŶƚŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌǁƌŝƚƚĞŶ ĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďǇ/dzŵĂǇďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌǇĂŶĚE'/EZŵĂǇŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌƚŚĞĞǆƚƌĂ ǁŽƌŬ͘ /ĨE'/EZĐůĂŝŵƐĂŶǇŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌŽƚŚĞƌĐŽŶĚŝƚŝŽŶƐĞǆŝƐƚƚŚĂƚƌĞƋƵŝƌĞĞǆƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐ & ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶǇĞǆƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϮϬĂůĞŶĚĂƌĚĂǇƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶ ŽƌŽďƐĞƌǀĂŶĐĞŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ ŶǇĐůĂŝŵŵĂĚĞĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂǇďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶ 3DFNHW3J )F ĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůǇĂƉƉƌŽǀĞĚĂŶĚĞǆĞĐƵƚĞĚďǇƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚ E'/EZΖƐŽǁŶƌŝƐŬ͘ ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐĂĐƚƵĂůůǇĂŶĚŶĞĐĞƐƐĂƌŝůǇŝŶĐƵƌƌĞĚďǇE'/EZĂƐĂƌĞƐƵůƚŽĨ ' ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞǆĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘E'/EZŵĂǇďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͕ĂŶĚŝĚĞŶƚŝĨŝĞĚŝŶ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ƌƚŝĐůĞϯ͘ WZKhZ&KZWzDEd $57,&/( WĂǇŵĞŶƚƐǁŝůůďĞŵĂĚĞďǇ/dzǁŝƚŚŝŶϯϬĚĂǇƐŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐ $ ƌĞƉŽƌƚƐĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘/dzƐŚĂůůŶŽƚŝĨǇE'/EZŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂǇƐŽĨ E'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞǇďĞůŝĞǀĞƚŚĞƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐǁĞƌĞ ŶŽƚƉƌŽƉĞƌůǇƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽŶƚƌĂĐƚ͘ /ŶǀŽŝĐĞƐĨŽƌƉĂǇŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďǇE'/EZŵŽŶƚŚůǇƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶƚŚĞĨŽƌŵƉƌĞƐĐƌŝďĞĚďǇ % /dz͘/ŶǀŽŝĐĞƐƐŚŽƵůĚŝĚĞŶƚŝĨǇƚŚĞƉƌŽũĞĐƚĂŶĚƚŚĞĐŽƐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚĂŶĚ ŵƵƐƚƐĂƚŝƐĨǇƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ ϭ͘ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůǇŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐ ĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚE'/EZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚ ĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶǇƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚƉĂǇŵĞŶƚ͘ ϯ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝǌĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐĂƌĞƉƌŽƉĞƌůǇ ĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂƌĞĂŶǇĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐĚŝƌĞĐƚůǇƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬ ŽĨƚŚĞE'/EZ͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ ϰ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ ŝƌĞĐƚƐĂůĂƌǇĐŽƐƚƐŽĨĞŵƉůŽǇĞĞƐΖƚŝŵĞĚŝƌĞĐƚůǇĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ D dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨǇŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽǇĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂǇ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂǇŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽǇĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ E ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽǇĞĞΖƐŶĂŵĞ͕ŚŽƵƌůǇ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂǇƉĞƌŝŽĚ͘ ϱ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞĂĐŽƉǇŽĨƚŚĞŝŶǀŽŝĐĞƚŚĞǇĨŽƌǁĂƌĚĞĚƚŽƚŚĞĐŝƚǇƚŽƚŚĞĚĞǀĞůŽƉĞƌĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐ͘ dŚŝƐĚŽĐƵŵĞŶƚƐŚŽƵůĚďĞĐůĞĂƌĞĚƐƚĂƚĞĚƚŚĂƚŝƚ͛ƐĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐŽŶůǇ͘ /ĨE'/EZŝƐĂƵƚŚŽƌŝǌĞĚďǇ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚƐ͕E'/EZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ & ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŽŶƚƌĂĐƚ͕ĂŶĚE'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůǇƉĂǇŵĞŶƚďǇE'/EZŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͛Ɛ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂǇŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞƐƵď ĐŽŶƐƵůƚĂŶƚŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ E'/EZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ' ĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzDEd $57,&/( &ŽƌĂůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞŶŐŝŶĞĞƌƐŚĂůůŵĂŝŶƚĂŝŶŝƚƐĞƚŚŝĐĂůĂŶĚ $ ůĞŐĂůĚƵƚǇŽĨĂƉƌŽĨĞƐƐŝŽŶĂůƚŽĞǆĞƌĐŝƐĞƚŚĞůĞǀĞůŽĨĐĂƌĞ͕ĚŝůŝŐĞŶĐĞ͕ĂŶĚƐŬŝůůƉƌĞƐĐƌŝďĞĚŝŶƚŚĞĐŽĚĞŽĨƉƌĂĐƚŝĐĞŽĨŚŝƐŽƌŚĞƌ ƉƌŽĨĞƐƐŝŽŶ͕ŽƌĂƐŽƚŚĞƌƉƌŽĨĞƐƐŝŽŶĂůƐŝŶƚŚĞƐĂŵĞĚŝƐĐŝƉůŝŶĞǁŽƵůĚŝŶƚŚĞƐĂŵĞŽƌƐŝŵŝůĂƌĐŝƌĐƵŵƐƚĂŶĐĞƐ͘dŚĞE'/EZ ƐŚĂůůĐŽŵƉůǇǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďǇĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐ͘ 3DFNHW3J )F E'/EZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂǇŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ % ƌĞŐƵůĂƚŝŽŶƐ͘ ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďǇƉƌŽŐƌĞƐƐƉĂǇŵĞŶƚƐŵĂĚĞďǇ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚǇŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ & ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐE'/EZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂǇŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶǇĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞE'/EZ͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ ƐŚĂůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞ ĞǆƚĞŶƚŽĨƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞE'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶǇǁĂǇƚŽƌĞůŝĞǀĞE'/EZĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐĞƌǀŝĐĞƐ ' ĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞǆĐĞĞĚƚŚĂƚŝƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ E'/EZŝƐŶŽƚĂƵƚŚŽƌŝǌĞĚƚŽĚŝƌĞĐƚƚŚĞǁŽƌŬŽĨŽŶƚƌĂĐƚŽƌ͕ƵŶůĞƐƐŝƚǇŝƐŐŝǀĞŶƐƵĐŚĂƵƚŚŽƌŝƚǇ͕ŝŶǁƌŝƚŝŶŐ͕ďǇKǁŶĞƌ͘ ( E'/EZĐŽŵŵƵŶŝĐĂƚŝŽŶƐŚĂůůďĞĚŝƌĞĐƚůǇǁŝƚŚKǁŶĞƌ͛ƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞ;ŽŶƐƚƌƵĐƚŝŽŶĨŽƌĞŵĞŶŽƌƐƵƉĞƌŝŶƚĞŶĚĞŶƚŽƌ ŽƚŚĞƌŵĞŵďĞƌŝĚĞŶƚŝĨŝĞĚĂƐWƌŽũĞĐƚDĂŶĂŐĞƌͿ͕ĂŶĚƚŽŝƚǇŶŐŝŶĞĞƌŽƌŚŝƐĚĞƐŝŐŶĞĞ͘ ^^/'EDEd $57,&/(ĞĚŝŶƚŚŝƐ ŽŶƚƌĂĐƚ͘ ĐŽƉǇŽĨĂŶǇĂŶĚĂůůƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚƐŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚĂĨƚĞƌĞǆĞĐƵƚŝŽŶŽĨƚŚĞƐƵď % ĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽǁŽƌŬƐƚĂƌƚŝŶŐƵŶĚĞƌƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚ͘ DEDEd^͕,E'KZZ^͕DZ'Z͕KhEdZWZd^͕Et/sZ $57,&/( ŵĞŶĚŵĞŶƚƐƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĐŽŶƐŝĚĞƌĞĚŽŶůǇĨŽƌƵŶĨŽƌĞƐĞĞŶǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŚĂƚǁĞƌĞĞǆĐůƵĚĞĚŝŶƚŚĞ^ĐŽƉĞŽĨ $ tŽƌŬ͕ĞŶƚŝƚůĞĚ͞ĞƚĂŝůĞĚ^ĐŽƉĞŽĨtŽƌŬ͕͟ĂŶĚƚŚĂƚĂƌĞĐŽŶƐŝĚĞƌĞĚĞƐƐĞŶƚŝĂůƚŽƚŚĞǁŽƌŬ͘ŶǇǁƌŝƚƚĞŶĐůĂŝŵŵĂĚĞďǇ E'/EZĨŽƌĞǆƚƌĂǁŽƌŬŽƌĐŽƐƚƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐďĞĞŶĂƉƉƌŽǀĞĚďǇƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŵƵƐƚďĞ ĞǀŝĚĞŶĐĞĚďǇĂŶĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚ͘ŵĞŶĚŵĞŶƚƐŵƵƐƚďĞŝŶǁƌŝƚŝŶŐĂŶĚĞǆĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚďǇƚŚĞƐĂŵĞ ƉĂƌƚŝĞƐĂŶĚŽĨĨŝĐŝĂůƐǁŚŽĞǆĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚƚŚĞŽƌŝŐŝŶĂůŽŶƚƌĂĐƚ͕ŽƌƚŚĞŝƌƐƵĐĐĞƐƐŽƌƐŝŶŽĨĨŝĐĞ͘E'/EZŵƵƐƚŶŽƚŝĨǇ /dz͛ƐWƌŽũĞĐƚDĂŶĂŐĞƌŝŶǁƌŝƚŝŶŐŝĨE'/EZǁŝůůďĞĚĞůĂǇĞĚŝŶĂŶǇǁĂǇĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ % ŽĨE'/EZ͘ŶǇĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůǇĂŶĚĨƵůůǇĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ & ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚǇƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůǇŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͕ ďǇƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝǌĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďǇĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞE'/EZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďǇŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĞǆĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ' ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞŽŶƚƌĂĐƚ͘ 3DFNHW3J )F KDW>/Et/d,>/E^^͕WZD/d^͕EKd,ZZ'h>d/KE^ $57,&/( E'/EZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ĐĞƌƚŝĨŝĐĂƚŝŽŶƐ͕ĞĚƵĐĂƚŝŽŶ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌǇƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐ $ ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/^E/Ed>>dh>WZKWZdz $57,&/( dŚĞDŝŶŶĞƐŽƚĂ'ŽǀĞƌŶŵĞŶƚĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ $ ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ ŶǇƌĞƉŽƌƚƐ͕ƐƚƵĚŝĞƐ͕ƉŚŽƚŽŐƌĂƉŚƐ͕ŶĞŐĂƚŝǀĞƐ͕ŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐĐƌĞĂƚĞĚĂŶĚƉĂŝĚĨŽƌďǇE'/EZŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ % ŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂƌĞŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞŝŶƌĞƐƉĞĐƚƚŽE'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĂƌĞƚŚĞĞǆĐůƵƐŝǀĞ ƉƌŽƉĞƌƚǇŽĨ/dz͘E'/EZŵƵƐƚƌĞŵŝƚĂůůƐƵĐŚŵĂƚĞƌŝĂůƐƚŽ/dzƵƉŽŶĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞ /dzǁŝůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇƌĞƵƐĞŽĨƐƵĐŚŵĂƚĞƌŝĂůƐďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞŝƚǇƐŚĂůůŐƌĂŶƚƚŚĞE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞĞǆƚĞŶƚŽĨƚŚĞ/dzΖƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘E'/EZǁĂŝǀĞƐĂůůĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞ/dzƌĞƐƵůƚŝŶŐŝŶĂŶǇǁĂǇĨƌŽŵĂŶǇƌĞƵƐĞŽĨ ƚŚĞE'/EZ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŝƌĞĐƚĞĚďǇ/dz͕ƚŚĞŽƌŝŐŝŶĂůƐŽĨƌĞƉŽƌƚƐ͕ƚĞƐƚƐ͕ĚƌĂǁŝŶŐƐĂŶĚƉůĂŶƐ͖ĂŶĚůĞŐŝďůǇƌĞƉƌŽĚƵĐŝďůĞĐŽƉŝĞƐŽĨ & ǁŽƌŬƐŚĞĞƚƐ͕ĨŝĞůĚŶŽƚĞƐ͕ĐŽŵƉƵƚĂƚŝŽŶƐ͕ƉŚŽƚŽƐ͕ƚĞƐƚƌĞƐƵůƚƐ͕ĂŶĚŽƚŚĞƌƉƌŽũĞĐƚĚĂƚĂŵƵƐƚďĞƌĞůŝŶƋƵŝƐŚĞĚƚŽ/dz͗ ϭ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ Ϯ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĨŝĐĂƚŝŽŶďǇ/dz͘ ϯ͘WƌŝŽƌƚŽĨŝŶĂůƉĂǇŵĞŶƚďǇ/dzƚŽE'/EZĨŽƌƚŚŝƐŽŶƚƌĂĐƚ͘ ͘EŽƚǁŝƚŚƐƚĂŶĚŝŶŐƚŚĞĂďŽǀĞƉĂƌĂŐƌĂƉŚƐ͕ǁŽƌŬƉĂƉĞƌƐ͕ƉƌŽƉƌŝĞƚĂƌǇŝŶĨŽƌŵĂƚŝŽŶ͕ƉƌŽĐĞƐƐĞƐ͕ŵĞƚŚŽĚŽůŽŐŝĞƐ͕ŬŶŽǁͲŚŽǁĂŶĚ ƐŽĨƚǁĂƌĞ;͞E'/EZĂƚĂ͟ͿƉƌĞǀŝŽƵƐůǇďĞůŽŶŐŝŶŐŽƌůŝĐĞŶƐĞĚƚŽE'/EZĂŶĚƵƐĞĚƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůů ƌĞŵĂŝŶƚŚĞƉƌŽƉĞƌƚǇŽĨE'/EZ͘E'/EZƐŚĂůůƌĞƚĂŝŶĂŶŽǁŶĞƌƐŚŝƉĂŶĚƉƌŽƉĞƌƚǇŝŶƚĞƌĞƐƚƚŚĞƌĞŝŶ;ŝŶĐůƵĚŝŶŐƚŚĞĐŽƉǇƌŝŐŚƚ ĂŶĚƚŚĞƌŝŐŚƚŽĨƌĞƵƐĞĂƚƚŚĞĚŝƐĐƌĞƚŝŽŶŽĨƚŚĞE'/EZͿ͕ǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞWƌŽũĞĐƚŝƐĐŽŵƉůĞƚĞĚ͘dŽƚŚĞĞǆƚĞŶƚƚŚĞƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚďǇE'/EZĐŽŶƚĂŝŶE'/EZĂƚĂ͕E'/EZŚĞƌĞďǇŐƌĂŶƚƐƚŽ/dzĂŶŽŶͲĞǆĐůƵƐŝǀĞ͕ŶŽŶͲĂƐƐŝŐŶĂďůĞ͕ƌŽǇĂůƚǇͲ ĨƌĞĞ͕ŝƌƌĞǀŽĐĂďůĞůŝĐĞŶƐĞƚŽƵƐĞƐƵĐŚE'/EZĂƚĂĨŽƌƚŚĞƉƵƌƉŽƐĞƐƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͕ƐƵďũĞĐƚƚŽƚŚĞĨŽůůŽǁŝŶŐůŝŵŝƚĂƚŝŽŶƐ͗ ƐƵĐŚE'/EZĂƚĂĂƌĞŶŽƚŝŶƚĞŶĚĞĚŽƌƌĞƉƌĞƐĞŶƚĞĚƚŽďĞƐƵŝƚĂďůĞĨŽƌƵƐĞŽƌƌĞƵƐĞďǇ/dzŽŶĞǆƚĞŶƐŝŽŶŽĨƚŚĞWƌŽũĞĐƚŽƌ ŽŶĂŶǇŽƚŚĞƌƉƌŽũĞĐƚǁŝƚŚŽƵƚǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďǇE'/EZĂŶĚĂŶǇƐƵĐŚƌĞƵƐĞŽƌŵŽĚŝĨŝĐĂƚŝŽŶŽĨƚŚĞ E'/EZĂƚĂǁŝƚŚŽƵƚƚŚĞǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďǇE'/EZƐŚĂůůďĞĚŽŶĞĂƚ/dz͛ƐƐŽůĞƌŝƐŬĂŶĚǁŝƚŚŽƵƚ ůŝĂďŝůŝƚǇƚŽE'/EZ͘ >//>/dz $57,&/( 'ĞŶĞƌĂůͲ,ĂǀŝŶŐĐŽŶƐŝĚĞƌĞĚƚŚĞƉŽƚĞŶƚŝĂůůŝĂďŝůŝƚŝĞƐƚŚĂƚŵĂǇĞǆŝƐƚĚƵƌŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ^ĞƌǀŝĐĞƐ͕ƚŚĞďĞŶĞĨŝƚƐ $ ŽĨƚŚĞƉƌŽũĞĐƚ͕ĂŶĚƚŚĞE'/EZ͛ƐĨĞĞĨŽƌƚŚĞ^ĞƌǀŝĐĞƐ͕ĂŶĚŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞƉƌŽŵŝƐĞƐĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ /dzĂŶĚE'/EZĂŐƌĞĞƚŽĂůůŽĐĂƚĞĂŶĚůŝŵŝƚƐƵĐŚůŝĂďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐƌƚŝĐůĞ͘ /ŶĚĞŵŶŝĨŝĐĂƚŝŽŶͲE'/EZĂŶĚ/dz;ƚŚĞ͞/ŶĚĞŵŶŝĨǇŝŶŐWĂƌƚǇ͟ͿƐŚĂůůďĞůŝĂďůĞĨŽƌŝƚƐŽǁŶŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐĂŶĚ % ŽŵŝƐƐŝŽŶƐƚŽƚŚĞĞǆƚĞŶƚƉƌŽǀŝĚĞĚďǇůĂǁĂŶĚƐƵďũĞĐƚƚŽƚŚĞ/dz͛ƐĐĂƉŽŶŵƵŶŝĐŝƉĂůƚŽƌƚůŝĂďŝůŝƚǇƵŶĚĞƌDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ ^ĞĐƚŝŽŶϰϲϲ͘Ϭϰ͕ĂŶĚŚĞƌĞďǇĂŐƌĞĞƐƚŽĚĞĨĞŶĚ͕ŝŶĚĞŵŶŝĨǇ͕ĂŶĚŚŽůĚŚĂƌŵůĞƐƐƚŚĞŽƚŚĞƌ;͞ƚŚĞ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚǇ͟Ϳ͕ĨƌŽŵ ĂŶǇůŝĂďŝůŝƚǇ͕ĚĂŵĂŐĞƐ͕ĂŶĚĐŽƐƚƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞŶĞŐůŝŐĞŶƚĂĐƚƐŽĨE'/EZĂŶĚ/dzĂŶĚĂŶǇŽŶĞĨŽƌǁŚŽƐĞŶĞŐůŝŐĞŶƚ ĂĐƚƐƚŚĞǇŵĂǇďĞůŝĂďůĞĨŽƌŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚŝĐŚƚŚĞ/ŶĚĞŵŶŝĨŝĞĚ WĂƌƚǇ͕ŝƚƐŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽǇĞĞƐŵĂǇŚĞƌĞĂĨƚĞƌƐƵƐƚĂŝŶ͕ŝŶĐƵƌŽƌďĞƌĞƋƵŝƌĞĚƚŽƉĂǇƚŽƚŚĞĨƵůůĞĨĨĞĐƚƉƌŽǀŝĚĞĚďǇ DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϯϯϳ͕ƚŽƚŚĞĞǆƚĞŶƚƚŚĞE'/EZĂŶĚ/dzĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐƵĐŚůŝĂďŝůŝƚǇ͕ĐŽƐƚƐ͕ĚĂŵĂŐĞƐ͕ ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞǇƐ͛ĨĞĞƐ͘/ŶƚŚĞĞǀĞŶƚĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌĞǆƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďǇƚŚĞũŽŝŶƚŽƌ ĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨE'/EZĂŶĚ/dz͕ƚŚĞǇƐŚĂůůďĞďŽƌŶĞďǇĞĂĐŚƉĂƌƚǇŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ ^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚŝƐŽŶƚƌĂĐƚŝƐ & ƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶǇƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ 3DFNHW3J )F tKZ<Z^ΖKDWE^d/KE $57,&/( ŶǇĂŶĚĂůůĞŵƉůŽǇĞĞƐŽĨE'/EZ͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ $ ĂŶǇǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽǇĞĞƐŽĨ/dz͘ŶǇĂŶĚĂůů ĐůĂŝŵƐƚŚĂƚŵĂǇĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐ ǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶǇĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďǇĂŶǇƚŚŝƌĚƉĂƌƚǇĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶǇĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨ E'/EZΖƐĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽĞŶŐĂŐĞĚŽŶĂŶǇŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶŶŽǁĂǇ ďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨ/dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞ ǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂǇĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚE'/EZ͘ KE^ $57,&/( dŚŝƐƌƚŝĐůĞŝƐŚĞƌĞďǇĚĞůĞƚĞĚ͘ /E^hZE $57,&/( ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞĨŽƌĞĂĐŚƚǇƉĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĨŝůĞĚǁŝƚŚƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚ $ ŐĞŶƚƉƌŝŽƌƚŽĞǆĞĐƵƚŝŽŶŽĨƚŚĞŽŶƚƌĂĐƚďǇŝƚǇ͘ĂĐŚƉŽůŝĐǇŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ /dzĂϯϬͲĚĂǇŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ E'/EZŵƵƐƚŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌǇĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗ % ϭ͘E'/EZƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƐŝƐƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌǇ ĨŽƌƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐďǇE'/EZĂŶĚŝƚƐĞŵƉůŽǇĞĞƐ͘ Ϯ͘dŚĞE'/EZƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐƐĞƉĂƌĂƚĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĞŶĚŽƌƐĞŵĞŶƚƐĨŽƌĞĂĐŚƐƵďĐŽŶƐƵůƚĂŶƚ͘ E'/EZƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐĨƌŽŵŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ tŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͗ ϯ͘E'/EZǁŝůůƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌĂůůE'/EZ ĞŵƉůŽǇĞĞƐĂŶĚ͕ŝŶĐĂƐĞĂŶǇǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕E'/EZǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌǇƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/dzŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ ͕ŵƉůŽǇĞƌ͛Ɛ>ŝĂďŝůŝƚǇ͕ĂƚůŝŵŝƚƐŶŽƚůĞƐƐƚŚĂŶΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĚŝƐĞĂƐĞƉĞƌĞŵƉůŽǇĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇ ŝŶũƵƌǇďǇĚŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĂĐĐŝĚĞŶƚ͘ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͚ƐŝŶƐƵƌĂŶĐĞƐŚĂůů ďĞĨŝůĞĚǁŝƚŚƚŚĞE'/EZ͘ ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚǇ͗ ϰ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌ ďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚǇ ĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďǇ E'/EZŽƌďǇĂƐƵďĐŽŶƐƵůƚĂŶƚŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͛Ɛ ůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞƐŚĂůůďĞƉƌŝŵĂƌǇƚŽĂŶǇůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďǇƚŚĞŝƚǇ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶ ƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ D Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ E /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ ŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ D WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚǇ E ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚǇ F EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ G ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚǇ͗ ϱ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐ ĨŽƌďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌ 3DFNHW3J )F ƉƌŽƉĞƌƚǇĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďǇE'/EZŽƌďǇƐƵďĐŽŶƐƵůƚĂŶƚŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞE'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞůŝŵŝƚĨŽƌŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ͗ ϲ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌĐůĂŝŵ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ dŚŝƐƉŽůŝĐǇǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐE'/EZǁŝůůďĞĐŽŵĞůĞŐĂůůǇŽďůŝŐĂƚĞĚƚŽƉĂǇƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇ ĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽE'/EZΖƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͘ E'/EZŵƵƐƚ͗ & ϭ͘/ŶĐůƵĚĞůĞŐĂůĚĞĨĞŶƐĞĨĞĞƐŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐůŝĂďŝůŝƚǇƉŽůŝĐǇůŝŵŝƚƐ͕ǁŝƚŚƚŚĞĞǆĐĞƉƚŝŽŶŽĨWƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ ĂďŽǀĞ͖ĂŶĚ Ϯ͘KďƚĂŝŶŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨƌŽŵĂŶŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶǇŚĂǀŝŶŐĂŶΗD^dΗƌĂƚŝŶŐŽĨͲs///ŽƌďĞƚƚĞƌ͘ /dzƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůǇƌĞƐĐŝŶĚƚŚŝƐŽŶƚƌĂĐƚŝĨE'/EZŝƐŶŽƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŝŶƐƵƌĂŶĐĞ ' ƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶǇůĞŐĂůƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚE'/EZ͘hƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚďǇƚŚĞ/dzΖƐ ƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůůďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵĂǇďĞƌĞƋƵĞƐƚĞĚ͘ >/sZ>^dEZ^ $57,&/( /dzǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĚŝƐĂƉƉƌŽǀĞŽƌƌĞũĞĐƚƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƚŚĂƚĂƌĞĚĞĨĞĐƚŝǀĞ͘E'/EZǁŝůůďĞ $ ƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐǇŽĨŝƚƐǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂŶĚŵƵƐƚŵĂŬĞƚŝŵĞůǇƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐǁŝƚŚŽƵƚ ĐŽŵƉĞŶƐĂƚŝŽŶƌĞƐƵůƚŝŶŐĨƌŽŵĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽŶƚŚĞƉĂƌƚŽĨE'/EZ͘dŚĞƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚƚŽ/dz ďǇE'/EZŵƵƐƚďĞŽĨƐƵĐŚƋƵĂůŝƚǇƚŚĂƚƚŚĞǇĂƌĞƐƵŝƚĂďůĞĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ͘ E'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĂŐƌĞĞĚƚŽŝŶĂŶƚŝĐŝƉĂƚŝŽŶŽĨƚŚĞŽƌĚĞƌůǇĂŶĚ % ĐŽŶƚŝŶƵŽƵƐƉƌŽŐƌĞƐƐŽĨƚŚĞWƌŽũĞĐƚƚŚŽƵŐŚĐŽŵƉůĞƚŝŽŶ͘hŶůĞƐƐƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐĨŽƌƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐĂƌĞƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŽďůŝŐĂƚŝŽŶƚŽƌĞŶĚĞƌƐĞƌǀŝĐĞƐŚĞƌĞƵŶĚĞƌǁŝůůďĞĨŽƌĂƉĞƌŝŽĚǁŚŝĐŚŵĂǇ ƌĞĂƐŽŶĂďůǇďĞƌĞƋƵŝƌĞĨŽƌƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƐĂŝĚƐĞƌǀŝĐĞƐ͘ /ĨŝŶƚŚŝƐŽŶƚƌĂĐƚƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞĨŽƌƌĞŶĚĞƌŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐĞƚĨŽƌƚŚŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐďǇǁŚŝĐŚƐĞƌǀŝĐĞƐĂƌĞƚŽďĞ & 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dZD^K&'EZ>KE/d/KE^ $57,&/( ŶǇĂŶĚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨŽƌĐĞƵŶůĞƐƐƚŚĞǇĂƌĞƐƉĞĐŝĨŝĐĂůůǇĂŶĚĚĞůŝďĞƌĂƚĞůǇ $ ĐĂŶĐĞůĞĚŽƌŵŽĚŝĨŝĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŽƚŚĞĞǆƚĞŶƚŽĨĂŶǇŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ % ǁŝůůĐŽŶƚƌŽů͘DŝŶŶĞƐŽƚĂ>ĂǁƐƵƉĞƌƐĞĚĞƐĂŶǇŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ dZD^K&WzDEd $57,&/( ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůǇƐƵƉƉůŝĞĚďǇ $ E'/EZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďǇ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ Zd/>ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂǇŵĞŶƚ͘͟ /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶǇƚŝŵĞƚŚĂƚE'/EZǁŝůůĞǆĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ % ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůǇŵĂŶŶĞƌ͘E'/EZŵĂǇŶŽƚďĞ ĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞǆĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůǇĞǆĞĐƵƚĞĚ͕ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚďĞǇŽŶĚƚŚĂƚŝĚĞŶƚŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌǁƌŝƚƚĞŶ ĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďǇ/dzŵĂǇďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌǇĂŶĚE'/EZŵĂǇŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌƚŚĞĞǆƚƌĂ ǁŽƌŬ͘ /ĨE'/EZĐůĂŝŵƐĂŶǇŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌŽƚŚĞƌĐŽŶĚŝƚŝŽŶƐĞǆŝƐƚƚŚĂƚƌĞƋƵŝƌĞĞǆƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐ & ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶǇĞǆƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϮϬĂůĞŶĚĂƌĚĂǇƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶ ŽƌŽďƐĞƌǀĂŶĐĞŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ ŶǇĐůĂŝŵŵĂĚĞĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂǇďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶ 3DFNHW3J )F ĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůǇĂƉƉƌŽǀĞĚĂŶĚĞǆĞĐƵƚĞĚďǇƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚ E'/EZΖƐŽǁŶƌŝƐŬ͘ ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐĂĐƚƵĂůůǇĂŶĚŶĞĐĞƐƐĂƌŝůǇŝŶĐƵƌƌĞĚďǇE'/EZĂƐĂƌĞƐƵůƚŽĨ ' ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞǆĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘E'/EZŵĂǇďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͕ĂŶĚŝĚĞŶƚŝĨŝĞĚŝŶ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ƌƚŝĐůĞϯ͘ WZKhZ&KZWzDEd $57,&/( WĂǇŵĞŶƚƐǁŝůůďĞŵĂĚĞďǇ/dzǁŝƚŚŝŶϯϬĚĂǇƐŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐ $ ƌĞƉŽƌƚƐĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘/dzƐŚĂůůŶŽƚŝĨǇE'/EZŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂǇƐŽĨ E'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞǇďĞůŝĞǀĞƚŚĞƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐǁĞƌĞ ŶŽƚƉƌŽƉĞƌůǇƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽŶƚƌĂĐƚ͘ /ŶǀŽŝĐĞƐĨŽƌƉĂǇŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďǇE'/EZŵŽŶƚŚůǇƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶƚŚĞĨŽƌŵƉƌĞƐĐƌŝďĞĚďǇ % /dz͘/ŶǀŽŝĐĞƐƐŚŽƵůĚŝĚĞŶƚŝĨǇƚŚĞƉƌŽũĞĐƚĂŶĚƚŚĞĐŽƐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚĂŶĚ ŵƵƐƚƐĂƚŝƐĨǇƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ ϭ͘ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůǇŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐ ĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚE'/EZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚ ĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶǇƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚƉĂǇŵĞŶƚ͘ ϯ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝǌĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐĂƌĞƉƌŽƉĞƌůǇ ĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂƌĞĂŶǇĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐĚŝƌĞĐƚůǇƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬ ŽĨƚŚĞE'/EZ͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ ϰ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ ŝƌĞĐƚƐĂůĂƌǇĐŽƐƚƐŽĨĞŵƉůŽǇĞĞƐΖƚŝŵĞĚŝƌĞĐƚůǇĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ D dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨǇŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽǇĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂǇ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂǇŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽǇĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ E ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽǇĞĞΖƐŶĂŵĞ͕ŚŽƵƌůǇ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂǇƉĞƌŝŽĚ͘ ϱ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞĂĐŽƉǇŽĨƚŚĞŝŶǀŽŝĐĞƚŚĞǇĨŽƌǁĂƌĚĞĚƚŽƚŚĞĐŝƚǇƚŽƚŚĞĚĞǀĞůŽƉĞƌĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐ͘ dŚŝƐĚŽĐƵŵĞŶƚƐŚŽƵůĚďĞĐůĞĂƌĞĚƐƚĂƚĞĚƚŚĂƚŝƚ͛ƐĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐŽŶůǇ͘ /ĨE'/EZŝƐĂƵƚŚŽƌŝǌĞĚďǇ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚƐ͕E'/EZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ & ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŽŶƚƌĂĐƚ͕ĂŶĚE'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůǇƉĂǇŵĞŶƚďǇE'/EZŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͛Ɛ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂǇŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞƐƵď ĐŽŶƐƵůƚĂŶƚŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ E'/EZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ' ĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzDEd $57,&/( &ŽƌĂůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞŶŐŝŶĞĞƌƐŚĂůůŵĂŝŶƚĂŝŶŝƚƐĞƚŚŝĐĂůĂŶĚ $ ůĞŐĂůĚƵƚǇŽĨĂƉƌŽĨĞƐƐŝŽŶĂůƚŽĞǆĞƌĐŝƐĞƚŚĞůĞǀĞůŽĨĐĂƌĞ͕ĚŝůŝŐĞŶĐĞ͕ĂŶĚƐŬŝůůƉƌĞƐĐƌŝďĞĚŝŶƚŚĞĐŽĚĞŽĨƉƌĂĐƚŝĐĞŽĨŚŝƐŽƌŚĞƌ ƉƌŽĨĞƐƐŝŽŶ͕ŽƌĂƐŽƚŚĞƌƉƌŽĨĞƐƐŝŽŶĂůƐŝŶƚŚĞƐĂŵĞĚŝƐĐŝƉůŝŶĞǁŽƵůĚŝŶƚŚĞƐĂŵĞŽƌƐŝŵŝůĂƌĐŝƌĐƵŵƐƚĂŶĐĞƐ͘dŚĞE'/EZ ƐŚĂůůĐŽŵƉůǇǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďǇĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐ͘ 3DFNHW3J )F E'/EZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂǇŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ % ƌĞŐƵůĂƚŝŽŶƐ͘ ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďǇƉƌŽŐƌĞƐƐƉĂǇŵĞŶƚƐŵĂĚĞďǇ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚǇŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ & ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐE'/EZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂǇŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶǇĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞE'/EZ͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ ƐŚĂůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞ ĞǆƚĞŶƚŽĨƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞE'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶǇǁĂǇƚŽƌĞůŝĞǀĞE'/EZĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐĞƌǀŝĐĞƐ ' ĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞǆĐĞĞĚƚŚĂƚŝƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ E'/EZŝƐŶŽƚĂƵƚŚŽƌŝǌĞĚƚŽĚŝƌĞĐƚƚŚĞǁŽƌŬŽĨŽŶƚƌĂĐƚŽƌ͕ƵŶůĞƐƐŝƚǇŝƐŐŝǀĞŶƐƵĐŚĂƵƚŚŽƌŝƚǇ͕ŝŶǁƌŝƚŝŶŐ͕ďǇKǁŶĞƌ͘ ( E'/EZĐŽŵŵƵŶŝĐĂƚŝŽŶƐŚĂůůďĞĚŝƌĞĐƚůǇǁŝƚŚKǁŶĞƌ͛ƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞ;ŽŶƐƚƌƵĐƚŝŽŶĨŽƌĞŵĞŶŽƌƐƵƉĞƌŝŶƚĞŶĚĞŶƚŽƌ ŽƚŚĞƌŵĞŵďĞƌŝĚĞŶƚŝĨŝĞĚĂƐWƌŽũĞĐƚDĂŶĂŐĞƌͿ͕ĂŶĚƚŽŝƚǇŶŐŝŶĞĞƌŽƌŚŝƐĚĞƐŝŐŶĞĞ͘ ^^/'EDEd $57,&/(ĞĚŝŶƚŚŝƐ ŽŶƚƌĂĐƚ͘ ĐŽƉǇŽĨĂŶǇĂŶĚĂůůƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚƐŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚĂĨƚĞƌĞǆĞĐƵƚŝŽŶŽĨƚŚĞƐƵď % ĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽǁŽƌŬƐƚĂƌƚŝŶŐƵŶĚĞƌƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚ͘ DEDEd^͕,E'KZZ^͕DZ'Z͕KhEdZWZd^͕Et/sZ $57,&/( ŵĞŶĚŵĞŶƚƐƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĐŽŶƐŝĚĞƌĞĚŽŶůǇĨŽƌƵŶĨŽƌĞƐĞĞŶǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŚĂƚǁĞƌĞĞǆĐůƵĚĞĚŝŶƚŚĞ^ĐŽƉĞŽĨ $ tŽƌŬ͕ĞŶƚŝƚůĞĚ͞ĞƚĂŝůĞĚ^ĐŽƉĞŽĨtŽƌŬ͕͟ĂŶĚƚŚĂƚĂƌĞĐŽŶƐŝĚĞƌĞĚĞƐƐĞŶƚŝĂůƚŽƚŚĞǁŽƌŬ͘ŶǇǁƌŝƚƚĞŶĐůĂŝŵŵĂĚĞďǇ E'/EZĨŽƌĞǆƚƌĂǁŽƌŬŽƌĐŽƐƚƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐďĞĞŶĂƉƉƌŽǀĞĚďǇƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŵƵƐƚďĞ ĞǀŝĚĞŶĐĞĚďǇĂŶĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚ͘ŵĞŶĚŵĞŶƚƐŵƵƐƚďĞŝŶǁƌŝƚŝŶŐĂŶĚĞǆĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚďǇƚŚĞƐĂŵĞ ƉĂƌƚŝĞƐĂŶĚŽĨĨŝĐŝĂůƐǁŚŽĞǆĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚƚŚĞŽƌŝŐŝŶĂůŽŶƚƌĂĐƚ͕ŽƌƚŚĞŝƌƐƵĐĐĞƐƐŽƌƐŝŶŽĨĨŝĐĞ͘E'/EZŵƵƐƚŶŽƚŝĨǇ /dz͛ƐWƌŽũĞĐƚDĂŶĂŐĞƌŝŶǁƌŝƚŝŶŐŝĨE'/EZǁŝůůďĞĚĞůĂǇĞĚŝŶĂŶǇǁĂǇĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ % ŽĨE'/EZ͘ŶǇĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůǇĂŶĚĨƵůůǇĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ & ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚǇƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůǇŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͕ ďǇƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝǌĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďǇĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞE'/EZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďǇŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĞǆĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ' ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞŽŶƚƌĂĐƚ͘ 3DFNHW3J )F KDW>/Et/d,>/E^^͕WZD/d^͕EKd,ZZ'h>d/KE^ $57,&/( E'/EZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ĐĞƌƚŝĨŝĐĂƚŝŽŶƐ͕ĞĚƵĐĂƚŝŽŶ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌǇƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐ $ ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/^E/Ed>>dh>WZKWZdz $57,&/( dŚĞDŝŶŶĞƐŽƚĂ'ŽǀĞƌŶŵĞŶƚĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ $ ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ ŶǇƌĞƉŽƌƚƐ͕ƐƚƵĚŝĞƐ͕ƉŚŽƚŽŐƌĂƉŚƐ͕ŶĞŐĂƚŝǀĞƐ͕ŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐĐƌĞĂƚĞĚĂŶĚƉĂŝĚĨŽƌďǇE'/EZŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ % ŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂƌĞŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞŝŶƌĞƐƉĞĐƚƚŽE'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĂƌĞƚŚĞĞǆĐůƵƐŝǀĞ ƉƌŽƉĞƌƚǇŽĨ/dz͘E'/EZŵƵƐƚƌĞŵŝƚĂůůƐƵĐŚŵĂƚĞƌŝĂůƐƚŽ/dzƵƉŽŶĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞ /dzǁŝůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇƌĞƵƐĞŽĨƐƵĐŚŵĂƚĞƌŝĂůƐďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞŝƚǇƐŚĂůůŐƌĂŶƚƚŚĞE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞĞǆƚĞŶƚŽĨƚŚĞ/dzΖƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘E'/EZǁĂŝǀĞƐĂůůĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞ/dzƌĞƐƵůƚŝŶŐŝŶĂŶǇǁĂǇĨƌŽŵĂŶǇƌĞƵƐĞŽĨ ƚŚĞE'/EZ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŝƌĞĐƚĞĚďǇ/dz͕ƚŚĞŽƌŝŐŝŶĂůƐŽĨƌĞƉŽƌƚƐ͕ƚĞƐƚƐ͕ĚƌĂǁŝŶŐƐĂŶĚƉůĂŶƐ͖ĂŶĚůĞŐŝďůǇƌĞƉƌŽĚƵĐŝďůĞĐŽƉŝĞƐŽĨ & ǁŽƌŬƐŚĞĞƚƐ͕ĨŝĞůĚŶŽƚĞƐ͕ĐŽŵƉƵƚĂƚŝŽŶƐ͕ƉŚŽƚŽƐ͕ƚĞƐƚƌĞƐƵůƚƐ͕ĂŶĚŽƚŚĞƌƉƌŽũĞĐƚĚĂƚĂŵƵƐƚďĞƌĞůŝŶƋƵŝƐŚĞĚƚŽ/dz͗ ϭ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ Ϯ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĨŝĐĂƚŝŽŶďǇ/dz͘ ϯ͘WƌŝŽƌƚŽĨŝŶĂůƉĂǇŵĞŶƚďǇ/dzƚŽE'/EZĨŽƌƚŚŝƐŽŶƚƌĂĐƚ͘ ͘EŽƚǁŝƚŚƐƚĂŶĚŝŶŐƚŚĞĂďŽǀĞƉĂƌĂŐƌĂƉŚƐ͕ǁŽƌŬƉĂƉĞƌƐ͕ƉƌŽƉƌŝĞƚĂƌǇŝŶĨŽƌŵĂƚŝŽŶ͕ƉƌŽĐĞƐƐĞƐ͕ŵĞƚŚŽĚŽůŽŐŝĞƐ͕ŬŶŽǁͲŚŽǁĂŶĚ ƐŽĨƚǁĂƌĞ;͞E'/EZĂƚĂ͟ͿƉƌĞǀŝŽƵƐůǇďĞůŽŶŐŝŶŐŽƌůŝĐĞŶƐĞĚƚŽE'/EZĂŶĚƵƐĞĚƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůů ƌĞŵĂŝŶƚŚĞƉƌŽƉĞƌƚǇŽĨE'/EZ͘E'/EZƐŚĂůůƌĞƚĂŝŶĂŶŽǁŶĞƌƐŚŝƉĂŶĚƉƌŽƉĞƌƚǇŝŶƚĞƌĞƐƚƚŚĞƌĞŝŶ;ŝŶĐůƵĚŝŶŐƚŚĞĐŽƉǇƌŝŐŚƚ ĂŶĚƚŚĞƌŝŐŚƚŽĨƌĞƵƐĞĂƚƚŚĞĚŝƐĐƌĞƚŝŽŶŽĨƚŚĞE'/EZͿ͕ǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞWƌŽũĞĐƚŝƐĐŽŵƉůĞƚĞĚ͘dŽƚŚĞĞǆƚĞŶƚƚŚĞƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚďǇE'/EZĐŽŶƚĂŝŶE'/EZĂƚĂ͕E'/EZŚĞƌĞďǇŐƌĂŶƚƐƚŽ/dzĂŶŽŶͲĞǆĐůƵƐŝǀĞ͕ŶŽŶͲĂƐƐŝŐŶĂďůĞ͕ƌŽǇĂůƚǇͲ ĨƌĞĞ͕ŝƌƌĞǀŽĐĂďůĞůŝĐĞŶƐĞƚŽƵƐĞƐƵĐŚE'/EZĂƚĂĨŽƌƚŚĞƉƵƌƉŽƐĞƐƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͕ƐƵďũĞĐƚƚŽƚŚĞĨŽůůŽǁŝŶŐůŝŵŝƚĂƚŝŽŶƐ͗ ƐƵĐŚE'/EZĂƚĂĂƌĞŶŽƚŝŶƚĞŶĚĞĚŽƌƌĞƉƌĞƐĞŶƚĞĚƚŽďĞƐƵŝƚĂďůĞĨŽƌƵƐĞŽƌƌĞƵƐĞďǇ/dzŽŶĞǆƚĞŶƐŝŽŶŽĨƚŚĞWƌŽũĞĐƚŽƌ ŽŶĂŶǇŽƚŚĞƌƉƌŽũĞĐƚǁŝƚŚŽƵƚǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďǇE'/EZĂŶĚĂŶǇƐƵĐŚƌĞƵƐĞŽƌŵŽĚŝĨŝĐĂƚŝŽŶŽĨƚŚĞ E'/EZĂƚĂǁŝƚŚŽƵƚƚŚĞǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďǇE'/EZƐŚĂůůďĞĚŽŶĞĂƚ/dz͛ƐƐŽůĞƌŝƐŬĂŶĚǁŝƚŚŽƵƚ ůŝĂďŝůŝƚǇƚŽE'/EZ͘ >//>/dz $57,&/( 'ĞŶĞƌĂůͲ,ĂǀŝŶŐĐŽŶƐŝĚĞƌĞĚƚŚĞƉŽƚĞŶƚŝĂůůŝĂďŝůŝƚŝĞƐƚŚĂƚŵĂǇĞǆŝƐƚĚƵƌŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ^ĞƌǀŝĐĞƐ͕ƚŚĞďĞŶĞĨŝƚƐ $ ŽĨƚŚĞƉƌŽũĞĐƚ͕ĂŶĚƚŚĞE'/EZ͛ƐĨĞĞĨŽƌƚŚĞ^ĞƌǀŝĐĞƐ͕ĂŶĚŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞƉƌŽŵŝƐĞƐĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ /dzĂŶĚE'/EZĂŐƌĞĞƚŽĂůůŽĐĂƚĞĂŶĚůŝŵŝƚƐƵĐŚůŝĂďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐƌƚŝĐůĞ͘ /ŶĚĞŵŶŝĨŝĐĂƚŝŽŶͲE'/EZĂŶĚ/dz;ƚŚĞ͞/ŶĚĞŵŶŝĨǇŝŶŐWĂƌƚǇ͟ͿƐŚĂůůďĞůŝĂďůĞĨŽƌŝƚƐŽǁŶŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐĂŶĚ % ŽŵŝƐƐŝŽŶƐƚŽƚŚĞĞǆƚĞŶƚƉƌŽǀŝĚĞĚďǇůĂǁĂŶĚƐƵďũĞĐƚƚŽƚŚĞ/dz͛ƐĐĂƉŽŶŵƵŶŝĐŝƉĂůƚŽƌƚůŝĂďŝůŝƚǇƵŶĚĞƌDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ ^ĞĐƚŝŽŶϰϲϲ͘Ϭϰ͕ĂŶĚŚĞƌĞďǇĂŐƌĞĞƐƚŽĚĞĨĞŶĚ͕ŝŶĚĞŵŶŝĨǇ͕ĂŶĚŚŽůĚŚĂƌŵůĞƐƐƚŚĞŽƚŚĞƌ;͞ƚŚĞ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚǇ͟Ϳ͕ĨƌŽŵ ĂŶǇůŝĂďŝůŝƚǇ͕ĚĂŵĂŐĞƐ͕ĂŶĚĐŽƐƚƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞŶĞŐůŝŐĞŶƚĂĐƚƐŽĨE'/EZĂŶĚ/dzĂŶĚĂŶǇŽŶĞĨŽƌǁŚŽƐĞŶĞŐůŝŐĞŶƚ ĂĐƚƐƚŚĞǇŵĂǇďĞůŝĂďůĞĨŽƌŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚŝĐŚƚŚĞ/ŶĚĞŵŶŝĨŝĞĚ WĂƌƚǇ͕ŝƚƐŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽǇĞĞƐŵĂǇŚĞƌĞĂĨƚĞƌƐƵƐƚĂŝŶ͕ŝŶĐƵƌŽƌďĞƌĞƋƵŝƌĞĚƚŽƉĂǇƚŽƚŚĞĨƵůůĞĨĨĞĐƚƉƌŽǀŝĚĞĚďǇ DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϯϯϳ͕ƚŽƚŚĞĞǆƚĞŶƚƚŚĞE'/EZĂŶĚ/dzĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐƵĐŚůŝĂďŝůŝƚǇ͕ĐŽƐƚƐ͕ĚĂŵĂŐĞƐ͕ ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞǇƐ͛ĨĞĞƐ͘/ŶƚŚĞĞǀĞŶƚĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌĞǆƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďǇƚŚĞũŽŝŶƚŽƌ ĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨE'/EZĂŶĚ/dz͕ƚŚĞǇƐŚĂůůďĞďŽƌŶĞďǇĞĂĐŚƉĂƌƚǇŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ ^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚŝƐŽŶƚƌĂĐƚŝƐ & ƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶǇƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ 3DFNHW3J )F tKZ<Z^ΖKDWE^d/KE $57,&/( ŶǇĂŶĚĂůůĞŵƉůŽǇĞĞƐŽĨE'/EZ͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ $ ĂŶǇǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽǇĞĞƐŽĨ/dz͘ŶǇĂŶĚĂůů ĐůĂŝŵƐƚŚĂƚŵĂǇĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐ ǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶǇĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďǇĂŶǇƚŚŝƌĚƉĂƌƚǇĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶǇĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨ E'/EZΖƐĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽĞŶŐĂŐĞĚŽŶĂŶǇŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶŶŽǁĂǇ ďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨ/dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞ ǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂǇĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚE'/EZ͘ KE^ $57,&/( dŚŝƐƌƚŝĐůĞŝƐŚĞƌĞďǇĚĞůĞƚĞĚ͘ /E^hZE $57,&/( ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞĨŽƌĞĂĐŚƚǇƉĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĨŝůĞĚǁŝƚŚƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚ $ ŐĞŶƚƉƌŝŽƌƚŽĞǆĞĐƵƚŝŽŶŽĨƚŚĞŽŶƚƌĂĐƚďǇŝƚǇ͘ĂĐŚƉŽůŝĐǇŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ /dzĂϯϬͲĚĂǇŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ E'/EZŵƵƐƚŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌǇĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗ % ϭ͘E'/EZƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƐŝƐƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌǇ ĨŽƌƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐďǇE'/EZĂŶĚŝƚƐĞŵƉůŽǇĞĞƐ͘ Ϯ͘dŚĞE'/EZƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐƐĞƉĂƌĂƚĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĞŶĚŽƌƐĞŵĞŶƚƐĨŽƌĞĂĐŚƐƵďĐŽŶƐƵůƚĂŶƚ͘ E'/EZƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐĨƌŽŵŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ tŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͗ ϯ͘E'/EZǁŝůůƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌĂůůE'/EZ ĞŵƉůŽǇĞĞƐĂŶĚ͕ŝŶĐĂƐĞĂŶǇǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕E'/EZǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌǇƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/dzŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ ͕ŵƉůŽǇĞƌ͛Ɛ>ŝĂďŝůŝƚǇ͕ĂƚůŝŵŝƚƐŶŽƚůĞƐƐƚŚĂŶΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĚŝƐĞĂƐĞƉĞƌĞŵƉůŽǇĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇ ŝŶũƵƌǇďǇĚŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĂĐĐŝĚĞŶƚ͘ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͚ƐŝŶƐƵƌĂŶĐĞƐŚĂůů ďĞĨŝůĞĚǁŝƚŚƚŚĞE'/EZ͘ ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚǇ͗ ϰ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌ ďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚǇ ĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďǇ E'/EZŽƌďǇĂƐƵďĐŽŶƐƵůƚĂŶƚŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͛Ɛ ůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞƐŚĂůůďĞƉƌŝŵĂƌǇƚŽĂŶǇůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďǇƚŚĞŝƚǇ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶ ƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ D Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ E /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ ŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ D WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚǇ E ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚǇ F EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ G ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚǇ͗ ϱ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐ ĨŽƌďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌ 3DFNHW3J )F ƉƌŽƉĞƌƚǇĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďǇE'/EZŽƌďǇƐƵďĐŽŶƐƵůƚĂŶƚŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞE'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞůŝŵŝƚĨŽƌŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ͗ ϲ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌĐůĂŝŵ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ dŚŝƐƉŽůŝĐǇǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐE'/EZǁŝůůďĞĐŽŵĞůĞŐĂůůǇŽďůŝŐĂƚĞĚƚŽƉĂǇƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇ ĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽE'/EZΖƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͘ E'/EZŵƵƐƚ͗ & ϭ͘/ŶĐůƵĚĞůĞŐĂůĚĞĨĞŶƐĞĨĞĞƐŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐůŝĂďŝůŝƚǇƉŽůŝĐǇůŝŵŝƚƐ͕ǁŝƚŚƚŚĞĞǆĐĞƉƚŝŽŶŽĨWƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ ĂďŽǀĞ͖ĂŶĚ Ϯ͘KďƚĂŝŶŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨƌŽŵĂŶŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶǇŚĂǀŝŶŐĂŶΗD^dΗƌĂƚŝŶŐŽĨͲs///ŽƌďĞƚƚĞƌ͘ /dzƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůǇƌĞƐĐŝŶĚƚŚŝƐŽŶƚƌĂĐƚŝĨE'/EZŝƐŶŽƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŝŶƐƵƌĂŶĐĞ ' ƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶǇůĞŐĂůƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚE'/EZ͘hƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚďǇƚŚĞ/dzΖƐ ƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůůďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵĂǇďĞƌĞƋƵĞƐƚĞĚ͘ >/sZ>^dEZ^ $57,&/( /dzǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĚŝƐĂƉƉƌŽǀĞŽƌƌĞũĞĐƚƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƚŚĂƚĂƌĞĚĞĨĞĐƚŝǀĞ͘E'/EZǁŝůůďĞ $ ƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐǇŽĨŝƚƐǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂŶĚŵƵƐƚŵĂŬĞƚŝŵĞůǇƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐǁŝƚŚŽƵƚ ĐŽŵƉĞŶƐĂƚŝŽŶƌĞƐƵůƚŝŶŐĨƌŽŵĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽŶƚŚĞƉĂƌƚŽĨE'/EZ͘dŚĞƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚƚŽ/dz ďǇE'/EZŵƵƐƚďĞŽĨƐƵĐŚƋƵĂůŝƚǇƚŚĂƚƚŚĞǇĂƌĞƐƵŝƚĂďůĞĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ͘ E'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĂŐƌĞĞĚƚŽŝŶĂŶƚŝĐŝƉĂƚŝŽŶŽĨƚŚĞŽƌĚĞƌůǇĂŶĚ % ĐŽŶƚŝŶƵŽƵƐƉƌŽŐƌĞƐƐŽĨƚŚĞWƌŽũĞĐƚƚŚŽƵŐŚĐŽŵƉůĞƚŝŽŶ͘hŶůĞƐƐƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐĨŽƌƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐĂƌĞƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŽďůŝŐĂƚŝŽŶƚŽƌĞŶĚĞƌƐĞƌǀŝĐĞƐŚĞƌĞƵŶĚĞƌǁŝůůďĞĨŽƌĂƉĞƌŝŽĚǁŚŝĐŚŵĂǇ ƌĞĂƐŽŶĂďůǇďĞƌĞƋƵŝƌĞĨŽƌƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƐĂŝĚƐĞƌǀŝĐĞƐ͘ /ĨŝŶƚŚŝƐŽŶƚƌĂĐƚƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞĨŽƌƌĞŶĚĞƌŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐĞƚĨŽƌƚŚŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐďǇǁŚŝĐŚƐĞƌǀŝĐĞƐĂƌĞƚŽďĞ & ĐŽŵƉůĞƚĞĚĂƌĞƉƌŽǀŝĚĞĚ͕ĂŶĚŝĨƐƵĐŚƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌĚĂƚĞƐĂƌĞĐŚĂŶŐĞĚƚŚƌŽƵŐŚŶŽĨĂƵůƚŽĨE'/EZ͕ƚŚĞƌĂƚĞƐĂŶĚ ĂŵŽƵŶƚƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽǀŝĚĞĚĨŽƌŚĞƌĞŝŶƐŚĂůůďĞƐƵďũĞĐƚƚŽĞƋƵŝƚĂďůĞĂĚũƵƐƚŵĞŶƚ͘/Ĩ/dzŚĂƐƌĞƋƵĞƐƚĞĚĐŚĂŶŐĞƐŝŶ ƚŚĞƐĐŽƉĞ͕ĞǆƚĞŶƚ͕ŽƌĐŚĂƌĂĐƚĞƌŽĨƚŚĞWƌŽũĞĐƚ͖ƚŚĞƚŝŵĞŽĨƉĞƌĨŽƌŵĂŶĐĞŽĨE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůůďĞĂĚũƵƐƚĞĚĞƋƵŝƚĂďůǇ͘ EĞŝƚŚĞƌƉĂƌƚǇǁŝůůďĞŚĞůĚƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞůĂǇŽƌĨĂŝůƵƌĞƚŽƉĞƌĨŽƌŵǁŚĞŶƐƵĐŚĚĞůĂǇŽƌĨĂŝůƵƌĞŝƐĚƵĞƚŽĂŶǇŽĨƚŚĞ ' ĨŽůůŽǁŝŶŐ͕ƵŶůĞƐƐƚŚĞĂĐƚŽƌŽĐĐƵƌƌĞŶĐĞĐŽƵůĚŚĂǀĞďĞĞŶƌĞĂƐŽŶĂďůǇĨŽƌĞƐĞĞŶĂŶĚƌĞĂƐŽŶĂďůĞĂĐƚŝŽŶĐŽƵůĚŚĂǀĞďĞĞŶ ƚĂŬĞŶƚŽƉƌĞǀĞŶƚƚŚĞĚĞůĂǇŽƌĨĂŝůƵƌĞ͗ĨŝƌĞ͕ĨůŽŽĚ͕ĞƉŝĚĞŵŝĐ͕ƐƚƌŝŬĞƐ͕ǁĂƌƐ͕ĂĐƚƐŽĨ'ŽĚ͕ƵŶƵƐƵĂůůǇƐĞǀĞƌĞǁĞĂƚŚĞƌ͕ŽƌĚĞůĂǇƐ ŽƌĚĞĨĂƵůƚƐĐĂƵƐĞĚďǇƉƵďůŝĐĐĂƌƌŝĞƌƐ͕ƉƌŽǀŝĚĞĚƚŚĞĚĞĨĂƵůƚŝŶŐƉĂƌƚǇŐŝǀĞƐǁƌŝƚƚĞŶŶŽƚŝĐĞĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞƚŽƚŚĞŽƚŚĞƌ ƉĂƌƚǇŽĨŝƚƐŝŶĂďŝůŝƚǇƚŽƉĞƌĨŽƌŵ͘ &ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐŽŶƚƌĂĐƚƚŚĞƚĞƌŵ͞ĚĂǇ͟ŵĞĂŶƐĂĐĂůĞŶĚĂƌĚĂǇŽĨϮϰŚŽƵƌƐ͘ ( 3DFNHW3J )F Ed/dZh^d $57,&/(ƌĞĐƚŝŽŶƐ $ ƌĞƐƵůƚŝŶŐĨƌŽŵE'/EZΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬ ďǇ/dzǁŝůůŶŽƚƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌ ĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶǇĂŵďŝŐƵŝƚŝĞƐ͘ /ĨŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂƌĞŵĂĚĞďǇE'/EZŝŶĂŶǇƉŚĂƐĞŽĨƚŚĞǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨǁŚŝĐŚŵĂǇ % ƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZǁŝůůďĞƉƌŽŵƉƚůǇŶŽƚŝĨŝĞĚďǇ/dzĂŶĚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƐƵĐŚ ĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘/ĨƚŚĞE'/EZŝƐĂǁĂƌĞŽĨĂŶǇŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞŝŶĂŶǇƉŚĂƐĞ ŽĨŝƚƐǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶƐŽĨǁŚŝĐŚŵĂǇƌĞƋƵŝƌĞĂŶǇĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZŵƵƐƚƉƌŽŵƉƚůǇƉĞƌĨŽƌŵ 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OLYLQJVSDFHVDQGYLHZIRFXVSRLQWVZLWKH[WHULRURSHQVSDFHV VXUURXQGLQJWKHVWUXFWXUH)RUFRPPHUFLDOXVHV$UFKLWHFWXUDO %OHQGLQJSURYLGHVEHWWHUH[SRVXUHWRSDVVLQJWUDIILFHQFRXUDJLQJ SRWHQWLDOFXVWRPHUVWRXVHD+LJKODQG3UHVHUYHEXVLQHVV [[343,1837,589,1887][11][,I,][Arial]]$UFKLWHFWXUDO [[587,1837,599,1887][11][,I,][Arial]] [[600,1837,762,1887][11][,I,][Arial]]6KDSLQJ [[761,1837,773,1887][11][,,][Arial]] [[773,1837,805,1887][11][, ,][Arial]]LV [[805,1837,817,1887][11][,,][Arial]] [[818,1837,842,1887][11][,,][Arial]]D [[842,1837,854,1887][11][,,][Arial]] [[855,1837,891,1887][11][,,][Arial]]P [[892,1837,1000,1887][11][,,][Aria l]]HWKRG [[1001,1837,1013,1887][11][,,][Arial]] [[1014,1837,1086,1887][11][,,][Arial]]WKDW [[1087,1837,1099,1887][11][,,][Arial]] [[1099,1837,1131,1887][11][,,][Arial]]LV [[1131,1837,1143,1887][11] [,,][Arial]] [[1144,1837,1374,1887][11][,,][Arial]]HQFRXUDJHG [[1375,1837,1387,1887][11][,,][Arial]] [[1388,1837,1423,1887][11][,,][Arial]]WR [[1425,1837,1437,1887][11][,,][Arial]] DGGFKDUDFWHUOLYDELOLW\DQGYDOXHE\WDNLQJDGYDQWDJHRIDORW VKDSHRQQRQUHFWDQJXODUORWV2QKLJKHUGHQVLW\KRXVLQJDV KRPHVJHWQDUURZDQGGHHSW\SLFDORIHPSW\QHVWKRPHV DUFKLWHFWXUDOVKDSLQJDGGVZLGWKWRFUHDWHDPRUHIXQFWLRQDOIORRU SODQFUHDWHPRUHYLHZRSSRUWXQLWLHVIURPZLWKLQOLYLQJVSDFHV UHGXFHWKHQHHGIRUH[FHVVKDOOZD\VDQGLQFUHDVHWKHFXUE DSSHDORIWKHKRPHV [[194,2407,206,2457][11][,I,][Arial]] ϱ 3DFNHW3J *I ,/',>EWZ^ZsD^dZW>E [[194,317,385,367][11][,I,][Arial]]%D\+RPH [[386,317,398,367][11][,,][Arial]] [[407,317,538,367][11][,,][Arial]]PHDQV [[539,317,551,367][11][,,][Arial]] [[560,317,584,367][11][,,][Arial]]D [[584,317,596,367][11][,,][Arial]] [[605,317,718,367][11][,,][Arial]]VLQJOH [[719,317,731,367][11][,,][Arial]] [[740,317,854,367][11][,,][Arial]]IDPLO\ [[855,317,867,367][11][,,][Arial]] [[876,317,1046,367][11][,,][Arial]]VWUXFWXUH [[1046,317,1058,367][11][,,][Arial]] [[1067,317,1170,367][11][,,][Arial]]XVLQJ [[1172,317,1184,367][11][,,][Arial]] [[1193,317,1226,367][11][,,][Arial] ]LQ [[1227,317,1239,367][11][,,][Arial]] [[1248,317,1406,367][11][,,][Arial]]JHQHUDO [[1406,317,1418,367][11][,,][Arial]] [[1427,317,1518,367][11][,,][Arial]]PXOWL [[1520,317,1534,367][11][,,][Ari al]] [[1534,317,1648,367][11][,,][Arial]]IDPLO\ [[1649,317,1661,367][11][,,][Arial]] [[1670,317,1899,367][11][,,][Arial]] 7RZQKRPH [[1900,317,1914,367][11][,,][Arial]] [[1915,317,1927,367][11][,,][Arial]] [[1936,317,1952,367][11][,,][Arial]]U [[1950,317,2147,367][11][,,][Arial]]HVWULFWLRQV [[2148,317,2160,367][11][,,][Arial]] [[2169,317,2241,367][11][,,][Arial]] DQG [[2241,317,2253,367][11][,,][Arial]] [[2262,317,2390,367][11][,,][Arial]]GHVLJQ [[2391,317,2403,367][11][,,][Arial]] VWDQGDUGVWKDWHQFRXUDJHLQQRYDWLRQLQGHVLJQE\FRRUGLQDWLQJVLWHSODQRSHQVSDFHVLQWHULRUOLYLQJVSDFHVDQG YLHZVLQDPDQQHUWKDWSURYLGHVDSDQRUDPLFYLHZRIRSHQVSDFHIRUDWOHDVWRIWKHLQGLYLGXDOGZHOOLQJXQLWV (DFKVWUXFWXUHPXVWKDYHDIXOOIURQWSRUFKDPLQLPXPIRRWLQGHSWKDQGIRRWLQZLGWKDVZHOODVSDUNLQJ DVVRFLDWHGLQWKHUHDURIWKHXQLWZLWKRUWKUHHFDUJDUDJHV RSSRVLWHRIWKHSRUFKVLGH 7KLVQH[WLPDJHGHSLFWV%D\+RPHVDORQJWKHSRQGVLQ3KDVH2QH [[344,2020,356,2070][11][,I,][Arial]] [[344,2135,481,2185][11][,I,][Arial]]&RYLQJ [[480,2135,492,2185][11][,,][Arial]] [[493,2135,634,2185][11][,,][Arial]]GHILQHV [[635,2135,647,2185][11][,,][Arial]] [[648,2135,672,2185][11][,,][Arial] ]D [[672,2135,684,2185][11][,,][Arial]] [[685,2135,821,2185][11][,,][Arial]]SDWWHUQ [[822,2135,834,2185][11][,,][Arial]] [[834,2135,1000,2185][11][,,][Arial]]ZKHUHDV [[1001,2135,1013,2185][11][,,][ Arial]] [[1014,2135,1074,2185][11][,,][Arial]]WKH [[1075,2135,1087,2185][11][,,][Arial]] [[1088,2135,1175,2185][11][,,][Arial]]IURQW [[1175,2135,1187,2185][11][,,][Arial]] [[1188,2135,1339,2185][1 1][,,][Arial]]VHWEDFN [[1339,2135,1351,2185][11][,,][Arial]] [[1352,2135,1547,2185][11][,,][Arial]]PHDQGHUV [[1548,2135,1560,2185][11][,,][Arial]] [[1561,2135,1594,2185][11][,,][Arial]]LQ [[1595,2135,1607,2185][11][,,][Arial]] [[1608,2135,1632,2185][11][,,][Arial]]D [[1632,2135,1644,2185][11][,,][Arial]] [[1645,2135,1795,2185][11][,,][Arial]]PDQQHU [[1794,2135,1806,2185][11][,,][Ar ial]] [[1806,2135,1926,2185][11][,,][Arial]]ZKHUH [[1927,2135,1939,2185][11][,,][Arial]] [[1940,2135,2034,2185][11][,,][Arial]]HDFK [[2035,2135,2047,2185][11][,,][Arial]] [[2048,2135,2157,2185][11 ][,,][Arial]]KRPH [[2158,2135,2170,2185][11][,,][Arial]] [[2171,2135,2258,2185][11][,,][Arial]]IURQW [[2258,2135,2270,2185][11][,,][Arial]] [[2271,2135,2303,2185][11][,,][Arial]]LV [[2303,2135,2315,2185][11][,,][Arial]] [[2316,2135,2391,2185][11][,,][Arial]]SDUW [[2391,2135,2403,2185][11][,,][Arial]] RIDFXUYHGSDWWHUQWKDWIRUPVDVKDSHVHSDUDWHRIWKHVWUHHWULJKWRIZD\OLQH8QLTXHWRFRYHGGHVLJQDOOPLQLPXP VHWEDFNVDUHWREHKHOGSHUWKLVUHJXODWRU\ERG\DQGHIILFLHQF\LVJDLQHGE\H[FHHGLQJWKHPLQLPXPV 7KHIURQWVHWEDFNOLQHRIDFRYHGORWLVGLPHQVLRQHGDORQJWKHVLGHORWOLQHVZKHUHWKHIURQWOLQHH[FHHGVWKH PLQLPXPVHWEDFN7KLVIURQWVHWEDFNLVWKHEXLOGWROLQHUHTXLULQJWKHKRPHVWREHDWWKHVDPHDQJOHDVWKHIURQW VHWEDFNRUFORVHWRLWDVSRVVLEOH 7KLVQH[WLPDJHGHSLFWVDVFRYHGVHWEDFNLQ3KDVH2QH ϲ 3DFNHW3J *I ,/',>EWZ^ZsD^dZW>E [[344,1605,465,1655][11][,I,][Arial]]&\EHU [[461,1605,473,1655][11][,I,][Arial]] [[473,1605,604,1655][11][,I,][Arial]]9LOODJH [[605,1605,617,1655][11][,,][Arial]] [[616,1605,747,1655][11][,,][Arial ]]PHDQV [[748,1605,760,1655][11][,,][Arial]] [[760,1605,784,1655][11][,,][Arial]]D [[785,1605,797,1655][11][,,][Arial]] [[797,1605,952,1655][11][,,][Arial]]QHLJKER [[953,1605,1063,1655][11][,,][Ari al]]UKRRG [[1065,1605,1077,1655][11][,,][Arial]] [[1077,1605,1150,1655][11][,,][Arial]]SRG [[1150,1605,1162,1655][11][,,][Arial]] [[1162,1605,1234,1655][11][,,][Arial]]WKDW [[1235,1605,1247,1655][1 1][,,][Arial]] [[1247,1605,1279,1655][11][,,][Arial]]LV [[1279,1605,1291,1655][11][,,][Arial]] [[1291,1605,1577,1655][11][,,][Arial]]LQWHUFRQQHFWHG [[1579,1605,1591,1655][11][,,][Arial]] [[1591,1605,1626,1655][11][,,][Arial]]WR [[1627,1605,1639,1655][11][,,][Arial]] [[1639,1605,1663,1655][11][,,][Arial]]D [[1664,1605,1676,1655][11][,,][Arial]] [[1676,1605,1806,1655][11][,,][Arial] ]FHQWUDO [[1808,1605,1820,1655][11][,,][Arial]] [[1820,1605,2031,1655][11][,,][Arial]]FRPPXQLW\ [[2032,1605,2044,1655][11][,,][Arial]] [[2044,1605,2165,1655][11][,,][Arial]]IDFLOLW\ [[2165,1605,2177,1655][11][,,][Arial]] [[2177,1605,2249,1655][11][,,][Arial]]WKDW [[2250,1605,2262,1655][11][,,][Arial]] [[2262,1605,2391,1655][11][,,][Arial]]VHUYHV [[2391,1605,2403,1655][11][,,] [Arial]] WRFHQWUDOL]HERWKKRPHEDVHGEXVLQHVVIRUGHOLYHULHVPHHWLQJVDQGJDWKHULQJVDVZHOODVFDQFHQWUDOL]HDPHGLFDO IDFLOLW\WRVHUYHWKHQHLJKERUKRRGVHOGHUO\DQGPHGLFDOO\LQILUP7KH&\EHU9LOODJHFRQFHSWFDQEHDSSOLHGWRDQ\ UHVLGHQWLDOQHLJKERUKRRGLQWKH+LJKODQG3UHVHUYH0DVWHU3ODQQHG&RPPXQLW\RUEHVKDUHGE\PXOWLSOH QHLJKERUKRRGV [[344,1980,460,2030][11][,I,][Arial]]'HSWK [[461,1980,473,2030][11][,I,][Arial]] [[472,1980,514,2030][11][,I,][Arial]]RI [[509,1980,521,2030][11][,I,][Arial]] [[520,1980,568,2030][11][,I,][Arial]]O RW [[567,1980,579,2030][11][,,][Arial]] [[578,1980,709,2030][11][,,][Arial]]PHDQV [[710,1980,722,2030][11][,,][Arial]] [[721,1980,781,2030][11][,,][Arial]]WKH [[782,1980,794,2030][11][,,][Arial]] [[793,1980,902,2030][11][,,][Arial]]PHDQ [[903,1980,915,2030][11][,,][Arial]] [[915,1980,963,2030][11][,,][Arial]]KH [[964,1980,976,2030][11][,,][Arial]] [[975,1980,1151,2030][11][,,][Arial]]PLQLP XP [[1153,1980,1165,2030][11][,,][Arial]] [[1164,1980,1321,2030][11][,,][Arial]]DYHUDJH [[1322,1980,1334,2030][11][,,][Arial]] [[1334,1980,1522,2030][11][,,][Arial]]KRUL]RQWDO [[1524,1980,1536,2030 ][11][,,][Arial]] [[1535,1980,1697,2030][11][,,][Arial]]GLVWDQFH [[1698,1980,1710,2030][11][,,][Arial]] [[1710,1980,1874,2030][11][,,][Arial]]EHWZHHQ [[1875,1980,1887,2030][11][,,][Arial]] [[1886,1980,1946,2030][11][,,][Arial]]WKH [[1947,1980,1959,2030][11][,,][Arial]] [[1959,1980,2046,2030][11][,,][Arial]]IURQW [[2046,1980,2058,2030][11][,,][Arial]] [[2058,1980,2106,2030][11][,,][A rial]]DQ [[2107,1980,2131,2030][11][,,][Arial]]G [[2131,1980,2143,2030][11][,,][Arial]] [[2143,1980,2221,2030][11][,,][Arial]]UHDU [[2220,1980,2232,2030][11][,,][Arial]] [[2232,1980,2278,2030][11][ ,,][Arial]]ORW [[2278,1980,2290,2030][11][,,][Arial]] [[2290,1980,2391,2030][11][,,][Arial]]OLQHV [[2391,1980,2403,2030][11][,,][Arial]] [[2403,1980,2415,2030][11][,,][Arial]] [[2416,1980,2428,20 30][11][,,][Arial]] [[344,2095,511,2145][11][,I,][Arial]]'ZHOOLQJ [[510,2095,522,2145][11][,I,][Arial]] [[522,2095,594,2145][11][,I,][Arial]]XQLW [[592,2095,604,2145][11][,,][Arial]] [[604,2095,735,2145][11][,,][Arial ]]PHDQV [[736,2095,748,2145][11][,,][Arial]] [[748,2095,772,2145][11][,,][Arial]]D [[772,2095,784,2145][11][,,][Arial]] [[784,2095,993,2145][11][,,][Arial]]SHUPDQHQW [[994,2095,1006,2145][11][,,][A rial]] [[1006,2095,1176,2145][11][,,][Arial]]VWUXFWXUH [[1176,2095,1188,2145][11][,,][Arial]] [[1188,2095,1282,2145][11][,,][Arial]]XVHG [[1283,2095,1295,2145][11][,,][Arial]] [[1295,2095,1347,214 5][11][,,][Arial]]IRU [[1346,2095,1358,2145][11][,,][Arial]] [[1358,2095,1556,2145][11][,,][Arial]]UHVLGHQWLDO [[1558,2095,1570,2145][11][,,][Arial]] [[1570,2095,1652,2145][11][,,][Arial]]XVH [[1652,2095,1664,2145][11][,,][Arial]] [[344,2210,460,2260][11][,I,][Arial]]+RPH [[461,2210,473,2260][11][,I,][Arial]] [[473,2210,645,2260][11][,I,][Arial]]EXVLQHVV [[646,2210,658,2260][11][,I,][Arial]] [[658,2210,789,2260][11][,,][Aria l]]PHDQV [[790,2210,802,2260][11][,,][Arial]] [[803,2210,827,2260][11][,,][Arial]]D [[827,2210,839,2260][11][,,][Arial]] [[839,2210,985,2260][11][,,][Arial]]SULPDU\ [[986,2210,998,2260][11][,,][Ari al]] [[998,2210,1170,2260][11][,,][Arial]]EXVLQHVV [[1171,2210,1183,2260][11][,,][Arial]] [[1183,2210,1273,2260][11][,,][Arial]]DFWLY [[1273,2210,1316,2260][11][,,][Arial]]LW\ [[1317,2210,1329,2260 ][11][,,][Arial]] [[1329,2210,1462,2260][11][,,][Arial]]FDUULHG [[1463,2210,1475,2260][11][,,][Arial]] [[1476,2210,1524,2260][11][,,][Arial]]RQ [[1525,2210,1537,2260][11][,,][Arial]] [[1537,2210,1583,2260][11][,,][Arial]]E\ [[1584,2210,1596,2260][11][,,][Arial]] [[1596,2210,1656,2260][11][,,][Arial]]WKH [[1657,2210,1669,2260][11][,,][Arial]] [[1669,2210,1789,2260][11][,,][Aria l]]RZQHU [[1789,2210,1801,2260][11][,,][Arial]] [[1801,2210,1839,2260][11][,,][Arial]]RI [[1837,2210,1849,2260][11][,,][Arial]] [[1850,2210,1910,2260][11][,,][Arial]]WKH [[1911,2210,1923,2260][11][ ,,][Arial]] [[1923,2210,2121,2260][11][,,][Arial]]UHVLGHQWLDO [[2123,2210,2135,2260][11][,,][Arial]] [[2136,2210,2306,2260][11][,,][Arial]]VWUXFWXUH [[2306,2210,2318,2260][11][,,][Arial]] [[2319,2210,2391,2260][11][,,][Arial]]WKDW [[2391,2210,2403,2260][11][,,][Arial]] WKHEXVLQHVVRZQHUDOVRXVHVDVWKHLUSULPDU\UHVLGHQFH,QJHQHUDOWKHKRPHEXVLQHVVLVDWUDQVLWLRQEHWZHHQ 2IILFH=RQLQJDQG5HVLGHQWLDO=RQLQJZLWKORZHUWUDIILFDFWLYLWLHVVXFKDVDWWRUQH\DFFRXQWDQWDUFKLWHFWHWFEHLQJ WKHRZQHURIWKHUHVLGHQFH7KLVLVDQLGHDOVROXWLRQIRUVLPLODUEXVLQHVVHVWKDWGRQRWFDUU\KHDY\WUDIILF,QWKH DJHRISDQGHPLFDQGSHRSOHWUDQVLWLRQLQJWRKRPHHPSOR\PHQWWKLVDOWHUQDWLYHSURYLGHVDJRRGDOWHUQDWHVROXWLRQ WRKDYLQJDKRPHDQGDVHSDUDWHRIILFHVSDFH1RKRPHEXVLQHVVLVDOORZHGWKDWFDQEHDQRLVHQXLVDQFH ϳ 3DFNHW3J *I ,/',>EWZ^ZsD^dZW>E [[344,317,439,367][11][,I,][Arial]])ORZ [[437,317,452,367][11][,I,][Arial]] [[451,317,560,367][11][,I,][Arial]]&\FOH [[561,317,573,367][11][,,][Arial]] [[573,317,604,367][11][,,][Arial]]LV [[605,317,617,367][11][,,][Arial]] [[617,317,677,367][11][,,][Arial]]WKH [[678,317,690,367][11][,,][Arial]] [[691,317,853,367][11][,,][Arial]]GLVWDQFH [[854,317,866,367][11][,,][Arial]] [[866,317,888,367][11][,,][Arial]]LW [[888,317,900,367][11][,,][Arial]] [[901,317,1005,367][11][,,][Arial]]WDNHV [[1006,317,1018,367][11][,,][Arial]] [[1018,317,1053,367][11][,,][Arial]]WR [[1055,317,1067,367][11][,,][Arial]] [[1067,317,1268,367][11][,,][Arial]]DFFHOHUDWH [[1270,317,1282,367][11][,,][Arial]] [[1282,317,1306,367][11][,,][Arial]]D [[1307,317,1319,367][11][,,][Arial]] [[1319,317,1454,367][11][,,][Arial]]YHKLFOH [[1456,317,1468,367][11][,,][Arial]] [[1468,317,1503,367][11][,,][Arial]]WR [[1505,317,1517,367][11][,,][Arial]] [[1517,317,1606,367][11][,,][Arial]]ORF DO [[1608,317,1620,367][11][,,][Arial]] [[1620,317,1818,367][11][,,][Arial]]UHVLGHQWLDO [[1820,317,1832,367][11][,,][Arial]] [[1832,317,1950,367][11][,,][Arial]]VSHHG [[1952,317,1964,367][11][,,][A rial]] [[1964,317,2036,367][11][,,][Arial]]DQG [[2037,317,2049,367][11][,,][Arial]] [[2050,317,2151,367][11][,,][Arial]]DOORZ [[2150,317,2162,367][11][,,][Arial]] [[2162,317,2214,367][11][,,][Aria l]]IRU [[2213,317,2225,367][11][,,][Arial]] [[2226,317,2390,367][11][,,][Arial]]VWRSSLQJ [[2391,317,2403,367][11][,,][Arial]] DWWKHQH[WLQWHUVHFWLRQRUGHVWLQDWLRQ ZKLFKHYHUFRPHVILUVW )RUWKHSXUSRVHVRIWKH+LJKODQG3UHVHUYH0DVWHU µ)ORZ&\FOH¶ 3ODQDLVGHHPHGWREHIHHWDORQJDYHKLFXODUSDWK$YHKLFOHGRHVQRWUHDFKWLPHDQGHQHUJ\ HIILFLHQWFUXLVHVSHHGXQOHVVWKHYHKLFXODUSDWKLVJUHDWHUWKDQOLQHDUIHHWWKXVWKHORQJHUWKHVHJPHQWLVWKDW µ¶ 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[[1770,2200,1835,2250][11][,,][Arial]]OLQN [[1836,2200,1848,2250][11][,,] [Arial]] [[1851,2200,1886,2250][11][,,][Arial]]WR [[1888,2200,1900,2250][11][,,][Arial]] [[1904,2200,1964,2250][11][,,][Arial]]WKH [[1965,2200,1977,2250][11][,,][Arial]] [[1981,2200,2184,2250][11] [,,][Arial]]SHGHVWULDQ [[2185,2200,2197,2250][11][,,][Arial]] [[2201,2200,2338,2250][11][,,][Arial]]V\VWHP [[2340,2200,2352,2250][11][,,][Arial]] [[2355,2200,2393,2250][11][,,][Arial]]RI [[2391,2200,2403,2250][11][,,][Arial]] VXUURXQGLQJUHVLGHQWLDOXVHVDQGUHGXFHVRUHOLPLQDWHVORDGLQJGRFNVLQUHWDLOUHDUORWVLQVWHDGUHSODFLQJWKHVH SDWLR¶V DUHDVZLWKSHGHVWULDQRULHQWHGVWRUHDFFHVVDQGVRFLDOVHWWLQJV [[194,2405,206,2455][11][,I,][Arial]] [[344,2480,450,2530][11][,I,][Arial]]2SHQ [[451,2480,463,2530][11][,I,][Arial]] [[462,2480,598,2530][11][,I,][Arial]]6SDFH [[599,2480,611,2530][11][,,][Arial]] [[610,2480,642,2530][11][,,][Arial]] LV [[642,2480,654,2530][11][,,][Arial]] [[653,2480,796,2530][11][,,][Arial]]GHILQHG [[797,2480,809,2530][11][,,][Arial]] [[808,2480,854,2530][11][,,][Arial]]DV [[854,2480,866,2530][11][,,][Arial]] [[865,2480,889,2530][11][,,][Arial]]D [[889,2480,901,2530][11][,,][Arial]] [[900,2480,1077,2530][11][,,][Arial]]PLQLPXP [[1079,2480,1091,2530][11][,,][Arial]] [[1090,2480,1237,2530][11][,,][Arial] ]DOORZHG [[1238,2480,1250,2530][11][,,][Arial]] [[1249,2480,1336,2530][11][,,][Arial]]DUHD [[1337,2480,1349,2530][11][,,][Arial]] [[1347,2480,1459,2530][11][,,][Arial]]ZLWKLQ [[1461,2480,1473,2530] [11][,,][Arial]] [[1472,2480,1496,2530][11][,,][Arial]]D [[1496,2480,1508,2530][11][,,][Arial]] [[1507,2480,1774,2530][11][,,][Arial]]QHLJKERUKRRG [[1775,2480,1787,2530][11][,,][Arial]] [[1786,2480,1956,2530][11][,,][Arial]]UHVHUYHG [[1957,2480,1969,2530][11][,,][Arial]] [[1968,2480,2020,2530][11][,,][Arial]]IRU [[2019,2480,2031,2530][11][,,][Arial]] [[2030,2480,2090,2530][11][,, ][Arial]]WKH [[2091,2480,2103,2530][11][,,][Arial]] [[2102,2480,2391,2530][11][,,][Arial]]QHLJKERUKRRGV [[2391,2480,2403,2530][11][,,][Arial]] FRPPXQLW\IDFLOLWLHVSDUNVODQGVFDSHGEXIIHUVGHFRUDWLYHSRQGLQJWUDIILFLVODQGVDQGSHGHVWULDQZD\V&UHGLW IRURIDFRYHGIURQW\DUGWKDWH[WHQGVEH\RQGWKHPLQLPXPFDQDSSO\WRZDUGVWKHRSHQVSDFHPLQLPXPV [[344,2760,552,2810][11][,I,][Arial]]3HGHVWULDQ [[553,2760,565,2810][11][,I,][Arial]] [[571,2760,662,2810][11][,I,][Arial]]:D\ [[659,2760,671,2810][11][,I,][Arial]] [[671,2760,683,2810][11][,,][Ari al]] [[689,2760,856,2810][11][,,][Arial]]PHDQLQJ [[857,2760,869,2810][11][,,][Arial]] [[875,2760,899,2810][11][,,][Arial]]D [[899,2760,911,2810][11][,,][Arial]] [[916,2760,1004,2810][11][,,][Arial ]]ZDON [[1005,2760,1017,2810][11][,,][Arial]] [[1022,2760,1134,2810][11][,,][Arial]]ZLWKLQ [[1135,2760,1147,2810][11][,,][Arial]] [[1153,2760,1177,2810][11][,,][Arial]]D [[1178,2760,1190,2810][11][ ,,][Arial]] [[1196,2760,1338,2810][11][,,][Arial]]GHILQHG [[1339,2760,1351,2810][11][,,][Arial]] [[1357,2760,1549,2810][11][,,][Arial]]HDVHPHQW [[1549,2760,1561,2810][11][,,][Arial]] [[1567,2760,1607,2810][11][,,][Arial]]RU [[1606,2760,1618,2810][11][,,][Arial]] [[1624,2760,1709,2810][11][,,][Arial]]ULJKW [[1710,2760,1724,2810][11][,,][Arial]] [[1724,2760,1762,2810][11][,,][Ar ial]]RI [[1761,2760,1775,2810][11][,,][Arial]] [[1774,2760,1852,2810][11][,,][Arial]]ZD\ [[1853,2760,1865,2810][11][,,][Arial]] [[1871,2760,1943,2810][11][,,][Arial]]WKDW [[1944,2760,1956,2810][11] [,,][Arial]] [[1962,2760,2091,2810][11][,,][Arial]]VHUYHV [[2091,2760,2103,2810][11][,,][Arial]] [[2109,2760,2155,2810][11][,,][Arial]]DV [[2156,2760,2168,2810][11][,,][Arial]] [[2174,2760,2222,28 10][11][,,][Arial]]DQ [[2222,2760,2234,2810][11][,,][Arial]] [[2240,2760,2390,2810][11][,,][Arial]]LQWHUOLQN [[2391,2760,2403,2810][11][,,][Arial]] WKURXJKDEORFNRUQHLJKERUKRRGWKDWFDQEHFRQVWUXFWHGWRKDQGOHHPHUJHQF\YHKLFOHDFFHVVLIGHVLUHG ϵ 3DFNHW3J *I ,/',>EWZ^ZsD^dZW>E [[344,317,581,367][11][,I,][Arial]]6KRZFDVLQJ [[580,317,592,367][11][,I,][Arial]] [[592,317,604,367][11][,,][Arial]] [[604,317,771,367][11][,,][Arial]]PHDQLQJ [[773,317,785,367][11][,,][Arial]] [[784,317,877,367][11][,,][Arial]]ZKDW [[877,317,889,367][11][,,][Arial]] [[890,317,950,367][11][,,][Arial]]WKH [[951,317,963,367][11][,,][Arial]] [[963,317,1230,367][11][,,][Arial]]QHLJKERUKRRG [[1231,317,1243,367][11][,,][Arial]] [[1242,317,1356,367][11][,,][Arial]]ZRXOG [[1358,317,1370,367][11][,,][Arial]] [[1370,317,1507,367][11][,,][Arial]]DSSHDU [[1507,317,1519,367][11][,,][Arial]] [[1519,317,1565,367][11][,,][Arial]]DV [[1566,317,1578,367][11][,,][Arial]] [[1577,317,1677,367][11][,,][Arial]]ZKLOH [[1678,317,1690,367][11][,,][Arial]] [[1690,317,1854,367][11][,,][Arial]]WUDYH OLQJ [[1855,317,1867,367][11][,,][Arial]] [[1868,317,1974,367][11][,,][Arial]]DORQJ [[1975,317,1987,367][11][,,][Arial]] [[1988,317,2047,367][11][,,][Arial]]WKH [[2048,317,2060,367][11][,,][Arial]] [[2061,317,2247,367][11][,,][Arial]]SHULPHWHU [[2246,317,2258,367][11][,,][Arial]] [[2258,317,2390,367][11][,,][Arial]]DUWHULDO [[2391,317,2403,367][11][,,][Arial]] VWUHHWVDVZHOODVDQ\LQWHUQDOPLQRUFROOHFWRUVWUHHWV7KLVUHGXFHVKDYLQJGRXEOHIURQWDJHORWVWKDWH[SRVHKRPH WK UHDUVDORQJWKRVHVWUHHWV)RUH[DPSOHWKHVKRZFDVLQJRIKRPHVLQ3KDVH2QHDORQJLVGHSLFWHGEHORZ [[344,1563,614,1613][11][,I,][Arial]]6XVWDLQDELOLW\ [[614,1563,626,1613][11][,,][Arial]] [[628,1563,680,1613][11][,,][Arial]]IRU [[679,1563,691,1613][11][,,][Arial]] [[693,1563,753,1613][11][,,][A rial]]WKH [[754,1563,766,1613][11][,,][Arial]] [[768,1563,925,1613][11][,,][Arial]]SXUSRVH [[926,1563,938,1613][11][,,][Arial]] [[940,1563,978,1613][11][,,][Arial]]RI [[977,1563,989,1613][11][,,][A rial]] [[991,1563,1059,1613][11][,,][Arial]]WKLV [[1059,1563,1071,1613][11][,,][Arial]] [[1073,1563,1264,1613][11][,,][Arial]]GRFXPHQW [[1265,1563,1277,1613][11][,,][Arial]] [[1279,1563,1529,1613] [11][,,][Arial]]VXVWDLQDELOLW\ [[1529,1563,1541,1613][11][,,][Arial]] [[1543,1563,1575,1613][11][,,][Arial]]LV [[1575,1563,1587,1613][11][,,][Arial]] [[1589,1563,1731,1613][11][,,][Arial]]GHILQHG [[1733,1563,1745,1613][11][,,][Arial]] [[1747,1563,1793,1613][11][,,][Arial]]DV [[1793,1563,1805,1613][11][,,][Arial]] [[1807,1563,1831,1613][11][,,][Arial]]D [[1831,1563,1843,1613][11][,,][Arial] ] [[1845,1563,2112,1613][11][,,][Arial]]QHLJKERUKRRG [[2113,1563,2125,1613][11][,,][Arial]] [[2127,1563,2206,1613][11][,,][Arial]]GHVL [[2207,1563,2303,1613][11][,,][Arial]]JQHG [[2305,1563,2317,16 13][11][,,][Arial]] [[2319,1563,2391,1613][11][,,][Arial]]DQG [[2391,1563,2403,1613][11][,,][Arial]] FRQVWUXFWHGZLWKDEDODQFHRIHFRQRPLFH[LVWHQFHDQGHQYLURQPHQWDOEHQHILWV[[1760,1628,1953,1678][11][,I,][Arial]](FRQRPLF [[1952,1628,1964,1678][11][,,][Arial]] [[1965,1628,1997,1678][11][,,][ Arial]]LV [[1997,1628,2009,1678][11][,,][Arial]] [[2009,1628,2151,1678][11][,,][Arial]]GHILQHG [[2153,1628,2165,1678][11][,,][Arial]] [[2165,1628,2211,1678][11][,,][Arial]]DV [[2211,1628,2223,1678] [11][,,][Arial]] [[2223,1628,2247,1678][11][,,][Arial]]D [[2248,1628,2260,1678][11][,,][Arial]] [[2260,1628,2391,1678][11][,,][Arial]]EHQHILW [[2391,1628,2403,1678][11][,,][Arial]] IRUWKHUHVLGHQWEXVLQHVVRZQHU+LJKODQG3UHVHUYH$VVRFLDWLRQDQGRUWKH&LW\RI5RFKHVWHUGXHWRGHVLJQDQG FRQVWUXFWLRQWKDWLVDERYHWKHQRUP[[900,1758,1089,1808][11][,I,][Arial]]([LVWHQFH [[1090,1758,1102,1808][11][,,][Arial]] [[1101,1758,1132,1808][11][,,][Arial]]LV [[1132,1758,1144,1808][11][,,][A rial]] [[1143,1758,1285,1808][11][,,][Arial]]GHILQHG [[1286,1758,1298,1808][11][,,][Arial]] [[1297,1758,1343,1808][11][,,][Arial]]DV [[1343,1758,1355,1808][11][,,][Arial]] [[1354,1758,1423,1808][1 1][,,][Arial]]VHOI [[1422,1758,1436,1808][11][,,][Arial]] [[1435,1758,1554,1808][11][,,][Arial]]ZRUWK [[1555,1758,1567,1808][11][,,][Arial]] [[1566,1758,1606,1808][11][,,][Arial]]RU [[1605,1758,1617,1808][11][,,][Arial]] [[1615,1758,1731,1808][11][,,][Arial]]VHQVH [[1732,1758,1744,1808][11][,,][Arial]] [[1743,1758,1781,1808][11][,,][Arial]]RI [[1779,1758,1791,1808][11][,,][Ar ial]] [[1790,1758,1887,1808][11][,,][Arial]]SULGH [[1888,1758,1900,1808][11][,,][Arial]] [[1898,1758,1970,1808][11][,,][Arial]]WKDW [[1971,1758,1983,1808][11][,,][Arial]] [[1981,1758,2013,1808][11 ][,,][Arial]]LV [[2013,1758,2025,1808][11][,,][Arial]] [[2024,1758,2215,1808][11][,,][Arial]]HQKDQFHG [[2216,1758,2228,1808][11][,,][Arial]] [[2226,1758,2391,1808][11][,,][Arial]]EHFDXVH [[2391,1758,2403,1808][11][,,][Arial]] RIWKHQHLJKERUKRRGWKDWLQGLYLGXDOOLYHVZLWKLQQRPDWWHUZKDWSULFHSRLQWRUVRFLDOVWDWXV[[1947,1823,2194,1873][11][,I,][Arial]](QYLURQPHQW [[2193,1823,2205,1873][11][,,][Arial]] [[2204,1823,2236,1873][11][,,][Arial]]LV [[2236,1823,2248,1873][11][,,][Arial]] [[2248,1823,2391,1873][11][,,][Arial]]GHILQHG [[2391,1823,2403,1873][11][,,][Arial]] DVYLDEOHQRQWUHQG\VROXWLRQVWKDWUHGXFHHQYLURQPHQWDOLPSDFWZLWKRXWXQGXHHFRQRPLFRUH[LVWHQFHLPSDFWV $EDODQFHRI[[446,1963,672,2013][11][,I,][Arial]](FRQRPLFV [[673,1963,685,2013][11][,I,][Arial]] [[683,1963,884,2013][11][,I,][Arial]]([LVWHQFH [[885,1963,897,2013][11][,I,][Arial]] [[896,1963,971,2013][11][,I,][Arial]]DQG [[970,1963,982,2013][11][,I,][Arial]] [[981,1963,1227,2013][11][,I,][Arial]](QYLURQPHQW [[1226,1963,1238,2013][11][,,][Arial]] [[1236,1963,1297,2013][11][, ,][Arial]]ZLOO [[1298,1963,1310,2013][11][,,][Arial]] [[1309,1963,1415,2013][11][,,][Arial]]UHVXOW [[1416,1963,1428,2013][11][,,][Arial]] [[1427,1963,1460,2013][11][,,][Arial]]LQ [[1461,1963,1473,2 013][11][,,][Arial]] [[1472,1963,1572,2013][11][,,][Arial]]PRUH [[1572,1963,1584,2013][11][,,][Arial]] [[1583,1963,1803,2013][11][,,][Arial]]VXVWDLQDEOH [[1805,1963,1817,2013][11][,,][Arial]] [[1816,1963,2066,2013][11][,,][Arial]]GHYHORSPHQW [[2066,1963,2078,2013][11][,,][Arial]] [[2077,1963,2161,2013][11][,,][Arial]]WKDQ [[2163,1963,2175,2013][11][,,][Arial]] [[2174,1963,2299,2013][11 ][,,][Arial]]SRVVLE [[2300,1963,2333,2013][11][,,][Arial]]OH [[2334,1963,2346,2013][11][,,][Arial]] [[2345,1963,2391,2013][11][,,][Arial]]E\ [[2391,1963,2403,2013][11][,,][Arial]] VLPSO\IROORZLQJ5RFKHVWHU0LQQHVRWDUHJXODWRU\PLQLPXPV [[344,2103,569,2153][11][,I,][Arial]]7RZQKRXVH [[570,2103,582,2153][11][,,][Arial]] [[582,2103,713,2153][11][,,][Arial]]PHDQV [[714,2103,726,2153][11][,,][Arial]] [[726,2103,750,2153][11][,,][Arial ]]D [[750,2103,762,2153][11][,,][Arial]] [[762,2103,875,2153][11][,,][Arial]]VLQJOH [[876,2103,890,2153][11][,,][Arial]] [[891,2103,1005,2153][11][,,][Arial]]IDPLO\ [[1005,2103,1017,2153][11][,,][A rial]] [[1017,2103,1174,2153][11][,,][Arial]]GZHOOLQJ [[1176,2103,1188,2153][11][,,][Arial]] [[1187,2103,1257,2153][11][,,][Arial]]XQLW [[1258,2103,1270,2153][11][,,][Arial]] [[1270,2103,1495,2153 ][11][,,][Arial]]FRQVWUXFWHG [[1496,2103,1508,2153][11][,,][Arial]] [[1508,2103,1542,2153][11][,,][Arial]]LQ [[1542,2103,1554,2153][11][,,][Arial]] [[1554,2103,1578,2153][11][,,][Arial]]D [[1578,2103,1590,2153][11][,,][Arial]] [[1590,2103,1706,2153][11][,,][Arial]]VHULHV [[1707,2103,1719,2153][11][,,][Arial]] [[1719,2103,1759,2153][11][,,][Arial]]RU [[1758,2103,1770,2153][11][,,][A rial]] [[1770,2103,1794,2153][11][,,][Arial]]D [[1794,2103,1806,2153][11][,,][Arial]] [[1806,2103,1917,2153][11][,,][Arial]]JURXS [[1918,2103,1930,2153][11][,,][Arial]] [[1930,2103,1968,2153][11][ ,,][Arial]]RI [[1967,2103,1979,2153][11][,,][Arial]] [[1979,2103,2071,2153][11][,,][Arial]]XQLWV [[2071,2103,2083,2153][11][,,][Arial]] [[2083,2103,2211,2153][11][,,][Arial]]KDYLQJ [[2212,2103,2224,2153][11][,,][Arial]] [[2224,2103,2390,2153][11][,,][Arial]]FRPPRQ [[2391,2103,2403,2153][11][,,][Arial]] ZDOOVRULQWKHFDVHRI%D\+RPHVFDQKDYHVHSDUDWHGZDOOVDWDPLQLPXPRIIHHWDSDUWHDFKRQDVHSDUDWHORW [[344,2269,466,2319][11][,I,][Arial]]7UDIILF [[466,2269,478,2319][11][,I,][Arial]] [[479,2269,634,2319][11][,I,][Arial]]'LIIXVHU [[630,2269,642,2319][11][,,][Arial]] [[644,2269,676,2319][11][,,][Ar ial]]LV [[676,2269,688,2319][11][,,][Arial]] [[689,2269,713,2319][11][,,][Arial]]D [[714,2269,726,2319][11][,,][Arial]] [[727,2269,957,2319][11][,,][Arial]]PHDQGHULQJ [[958,2269,970,2319][11][,,][A rial]] [[972,2269,1079,2319][11][,,][Arial]]WUDIILF [[1079,2269,1091,2319][11][,,][Arial]] [[1092,2269,1206,2319][11][,,][Arial]]LVODQG [[1207,2269,1219,2319][11][,,][Arial]] [[1221,2269,1293,2319 ][11][,,][Arial]]WKDW [[1294,2269,1306,2319][11][,,][Arial]] [[1307,2269,1436,2319][11][,,][Arial]]VHUYHV [[1436,2269,1448,2319][11][,,][Arial]] [[1450,2269,1485,2319][11][,,][Arial]]WR [[1486,2269,1498,2319][11][,,][Arial]] [[1500,2269,1670,2319][11][,,][Arial]]SUHVHUYH [[1670,2269,1682,2319][11][,,][Arial]] [[1684,2269,1860,2319][11][,,][Arial]]YHKLFXODU [[1859,2269,1871,2319][ 11][,,][Arial]] [[1872,2269,1952,2319][11][,,][Arial]]IORZ [[1951,2269,1963,2319][11][,,][Arial]] [[1964,2269,2012,2319][11][,,][Arial]]RQ [[2013,2269,2025,2319][11][,,][Arial]] [[2027,2269,2087,2 319][11][,,][Arial]]WKH [[2088,2269,2100,2319][11][,,][Arial]] [[2101,2269,2195,2319][11][,,][Arial]]PDLQ [[2196,2269,2208,2319][11][,,][Arial]] 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;ďͿdŚĞŽŵŵŝƐƐŝŽŶƐŚĂůůĐŽŶƐŝƐƚŽĨϵǀŽƚŝŶŐŵĞŵďĞƌƐ͕ǁŚŽŵƵƐƚƌĞƐŝĚĞǁŝƚŚŝŶƚŚĞĐŝƚǇ͘/ĨĂǀĂŝůĂďůĞ͕Ă ŵĞŵďĞƌŽĨƚŚĞĐŽƵŶƚǇŚŝƐƚŽƌŝĐĂůƐŽĐŝĞƚǇ;,ŝƐƚŽƌǇĞŶƚĞƌŽĨKůŵƐƚĞĚŽƵŶƚǇͿƐŚĂůůďĞĂƉƉŽŝŶƚĞĚĂƐĂ ŶŽŶͲǀŽƚŝŶŐŵĞŵďĞƌ͘dŚŝƐŝŶĚŝǀŝĚƵĂůǁŝůůďĞŝŶĐůƵĚĞĚŝŶĚŝƐĐƵƐƐŝŽŶĂŶĚĚĞůŝďĞƌĂƚŝŽŶŽĨŽŶŐŽŝŶŐ ďƵƐŝŶĞƐƐĂŶĚďĞƉƌĞƐĞŶƚĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨďƵŝůĚŝŶŐĐŽůůĂďŽƌĂƚŝŽŶďĞƚǁĞĞŶƚŚĞƚǁŽŽƌŐĂŶŝǌĂƚŝŽŶƐ͘ ;ĐͿŽŵŵŝƐƐŝŽŶŵĞŵďĞƌƐƐŚĂůůƐĞƌǀĞƐƚĂŐŐĞƌĞĚƚŚƌĞĞͲǇĞĂƌƚĞƌŵƐ͘ ϭ Z&dϲ͘ϭϰ͘ϮϬϮϭ 3DFNHW3J +E ;ϭͿůůĂƉƉŽŝŶƚŵĞŶƚƐǁŝůůďĞŵĂĚĞĨŽƌƚŚƌĞĞͲǇĞĂƌƚĞƌŵƐĂŶĚƐĞƌǀĞĂŵĂǆŝŵƵŵŽĨϮĨƵůůƚĞƌŵƐ͘/Ĩ ĨŝůůŝŶŐĂǀĂĐĂŶĐǇ͕ƚŚĂƚĐŽŵŵŝƐƐŝŽŶĞƌƐŚĂůůďĞĞůŝŐŝďůĞƚŽĨŝůůĂŶĂĚĚŝƚŝŽŶĂůƚǁŽĨƵůůƚĞƌŵƐ͘ůů ŵĞŵďĞƌƐƐŚĂůůƐĞƌǀĞƵŶƚŝůƚŚĞŝƌƐƵĐĐĞƐƐŽƌƐŚĂǀĞďĞĞŶĂƉƉŽŝŶƚĞĚĂŶĚƋƵĂůŝĨŝĞĚ͘ ;ϮͿtŚĞŶĂǀĂĐĂŶĐǇŽĐĐƵƌƐ͕ƚŚĞŵĂǇŽƌƐŚĂůůŶŽŵŝŶĂƚĞĂƐƵĐĐĞƐƐŽƌĨŽƌĂƉƉƌŽǀĂůďǇƚŚĞĐŽƵŶĐŝůƚŽĨŝůů ƚŚĞƵŶĞǆƉŝƌĞĚƚĞƌŵŽĨƚŚĞŽĨĨŝĐĞ͘/ĨĂǀĂĐĂŶĐǇŽĐĐƵƌƐŝŶĂƚĞƌŵǁŝƚŚůĞƐƐƚŚĂŶϰϱĚĂǇƐƌĞŵĂŝŶŝŶŐ͕ ƚŚĞŵĂǇŽƌŵĂǇĂůůŽǁƚŚĞƚĞƌŵƚŽĞǆƉŝƌĞǁŝƚŚŽƵƚŶŽŵŝŶĂƚŝŶŐĂƐƵĐĐĞƐƐŽƌ͘ ;ĚͿDĞŵďĞƌƐǁŝůůŶŽƚƌĞĐĞŝǀĞĂƐĂůĂƌǇĨŽƌƚŚĞŝƌƐĞƌǀŝĐĞƐ͕ďƵƚŵĂǇďĞĐŽŵƉĞŶƐĂƚĞĚĨŽƌĂŶǇĂƉƉƌŽǀĞĚ ĞǆƉĞŶƐĞƐŝŶĐƵƌƌĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞŝƌĚƵƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŐƵŝĚĞůŝŶĞƐĞƐƚĂďůŝƐŚĞĚďǇƚŚĞ ĐŽƵŶĐŝů͘ ;ĞͿdŚĞŽŵŵŝƐƐŝŽŶƐŚĂůůŵĞĞƚĂƚůĞĂƐƚĨŽƵƌƚŝŵĞƐĂǇĞĂƌ͘ ;ĨͿdŚĞŽŵŵŝƐƐŝŽŶƐŚĂůůĞůĞĐƚĨƌŽŵŝƚƐŵĞŵďĞƌƐƐƵĐŚŽĨĨŝĐĞƌƐĂƐŝƚŵĂǇĚĞĞŵŶĞĐĞƐƐĂƌǇ͘dŚĞŽŵŵŝƐƐŝŽŶ ƐŚĂůůŚĂǀĞƚŚĞƉŽǁĞƌƚŽĚĞƐŝŐŶĂƚĞĂŶĚĂƉƉŽŝŶƚĨƌŽŵŝƚƐŵĞŵďĞƌƐǀĂƌŝŽƵƐĐŽŵŵŝƚƚĞĞƐ͘ ;ŐͿdŚĞŽŵŵŝƐƐŝŽŶƐŚĂůůĨŽůůŽǁĂĚŽƉƚĞĚŝƚǇƉŽůŝĐǇĨŽƌƚŚĞĐŽŶĚƵĐƚŽĨŝƚƐĂĨĨĂŝƌƐĂŶĚĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨ ĐĂƌƌǇŝŶŐŽƵƚƚŚĞŝŶƚĞŶƚŽĨƚŚŝƐĐŚĂƉƚĞƌ͘ ;ŽĚĞϭϵϲϱ͕Αϭϵ͘ϬϮͿ ^ĞĐ͘ϰͲϳͲϯ͘ͲŽŵŵŝƐƐŝŽŶĚƵƚŝĞƐ͘ ;ĂͿWƌŽǀŝĚĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĂŶĚĐŽŶƐƵůƚĂƚŝŽŶƚŽƚŚĞĐŝƚǇĨŽƌĂĚŽƉƚŝŽŶ͕ĂŵĞŶĚŵĞŶƚĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ŽĨƚŚĞŚĞƌŝƚĂŐĞƉƌĞƐĞƌǀĂƚŝŽŶƉƌŽŐƌĂŵ͘ ;ďͿWƌĞƉĂƌĞĂŶĚŵĂŝŶƚĂŝŶĂĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶǀĞŶƚŽƌǇŽĨĂůůƉƌŽƉĞƌƚǇǁŝƚŚŝŶƚŚĞĐŝƚǇďǇŝĚĞŶƚŝĨǇŝŶŐĂŶĚ ĞǀĂůƵĂƚŝŶŐƉƌŽƉĞƌƚŝĞƐĨŽƌŚŝƐƚŽƌŝĐƐŝŐŶŝĨŝĐĂŶĐĞĂŶĚƉŽƐƐŝďůĞĚĞƐŝŐŶĂƚŝŽŶ͘ ;ĐͿŶƐƵƌĞƚŚĂƚƚŚĞƌĞŝƐĂŶƵƉĚĂƚĞĚůŝƐƚŽĨĂůůďƵŝůĚŝŶŐƐ͕ƐƚƌƵĐƚƵƌĞƐ͕ƐŝƚĞƐ͕ŽƌůĂŶĚŵĂƌŬĚŝƐƚƌŝĐƚƐǁŚŝĐŚŚĂǀĞ ďĞĞŶĚĞƐŝŐŶĂƚĞĚ͘ ;ĚͿZĞĐŽŵŵĞŶĚƚŚĞĂůůŽĐĂƚŝŽŶŽĨƐƵĐŚƐƵďƐŝĚŝĞƐ͕ƚĂǆĂďĂƚĞŵĞŶƚ͕ŐƌĂŶƚƐ͕ƌĞǀŽůǀŝŶŐůŽĂŶĨƵŶĚƐ͕ĂŶĚŽƚŚĞƌ ĨƵŶĚƐƚŚĂƚŵĂǇďĞƉƌŽǀŝĚĞĚďǇƚŚĞĐŝƚǇƉƵƌƐƵĂŶƚƚŽƚŚĞŚĞƌŝƚĂŐĞƉƌĞƐĞƌǀĂƚŝŽŶƉƌŽŐƌĂŵ͘ ;ĞͿZĞǀŝĞǁƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚĂŶĚĂůƚĞƌĂƚŝŽŶƐĨŽƌƐƵďŵŝƚƚĞĚƉĞƌŵŝƚƐĂŶĚƌĞƋƵĞƐƚƐĨŽƌĞƌƚŝĨŝĐĂƚĞƐŽĨ ƉƉƌŽƉƌŝĂƚĞŶĞƐƐ͕ŝŶǀŽůǀŝŶŐĚĞƐŝŐŶĂƚĞĚƉƌŽƉĞƌƚŝĞƐ͘ ;ŽĚĞϭϵϲϱ͕Αϭϵ͘ϬϯͿ ^ĞĐ͘ϰͲϳͲϰ͘ͲĞĨŝŶŝƚŝŽŶƐ͘ dŚĞĨŽůůŽǁŝŶŐǁŽƌĚƐ͕ƚĞƌŵƐĂŶĚƉŚƌĂƐĞƐ͕ǁŚĞŶƵƐĞĚŝŶƚŚŝƐĐŚĂƉƚĞƌ͕ƐŚĂůůŚĂǀĞƚŚĞŵĞĂŶŝŶŐƐĂƐĐƌŝďĞĚƚŽ ƚŚĞŵŝŶƚŚŝƐƐĞĐƚŝŽŶ͕ĞǆĐĞƉƚǁŚĞƌĞƚŚĞĐŽŶƚĞǆƚĐůĞĂƌůǇŝŶĚŝĐĂƚĞƐĂĚŝĨĨĞƌĞŶƚŵĞĂŶŝŶŐ͗ ůƚĞƌŽƌĂůƚĞƌĂƚŝŽŶŵĞĂŶƐĂĐŚĂŶŐĞƚŽƚŚĞĞǆƚĞƌŝŽƌŽĨĂŶĞǆŝƐƚŝŶŐďƵŝůĚŝŶŐ͕ƐƚƌƵĐƚƵƌĞ͕ŽƌĨĞĂƚƵƌĞƚŚĂƚ ŵĂƚĞƌŝĂůůǇŵŽĚŝĨŝĞƐŝƚƐĂƉƉĞĂƌĂŶĐĞŽƌĐŽŶƐƚƌƵĐƚŝŽŶ͘ ƵŝůĚŝŶŐŵĞĂŶƐĂŶǇƐƚƌƵĐƚƵƌĞŚĂǀŝŶŐĂƌŽŽĨƐƵƉƉŽƌƚĞĚďǇĐŽůƵŵŶƐŽƌǁĂůůƐŝŶƚĞŶĚĞĚĨŽƌƚŚĞƐŚĞůƚĞƌ ŽƌĞŶĐůŽƐƵƌĞŽĨƉĞƌƐŽŶƐŽƌƉƌŽƉĞƌƚǇ͘ ĞƌƚŝĨŝĐĂƚĞŽĨƉƉƌŽƉƌŝĂƚĞŶĞƐƐŵĞĂŶƐĂĚŽĐƵŵĞŶƚĞǀŝĚĞŶĐŝŶŐĂƉƉƌŽǀĂůďǇƚŚĞ,WŽĨĂƉƌŽƉŽƐĞĚ ĂůƚĞƌĂƚŝŽŶƚŽĂĚĞƐŝŐŶĂƚĞĚƉƌŽƉĞƌƚǇŽƌŽŶĞĐŽŶƚƌŝďƵƚŝŶŐƚŽĂĚĞƐŝŐŶĂƚĞĚŚŝƐƚŽƌŝĐĚŝƐƚƌŝĐƚ͘ Ϯ Z&dϲ͘ϭϰ͘ϮϬϮϭ 3DFNHW3J +E ŽŶƚƌŝďƵƚŝŶŐƉƌŽƉĞƌƚǇŵĞĂŶƐĂďƵŝůĚŝŶŐ͕ƐŝƚĞ͕ƐƚƌƵĐƚƵƌĞ͕ŽƌŽďũĞĐƚƚŚĂƚĂĚĚƐƚŽƚŚĞŚŝƐƚŽƌŝĐ ĂƌĐŚŝƚĞĐƚƵƌĂůƋƵĂůŝƚŝĞƐŽƌĂƌĐŚĂĞŽůŽŐŝĐĂůǀĂůƵĞƐĨŽƌǁŚŝĐŚĂƉƌŽƉĞƌƚǇŽƌůĂŶĚŵĂƌŬĚŝƐƚƌŝĐƚŝƐĐŽŶƐŝĚĞƌĞĚ ƐŝŐŶŝĨŝĐĂŶƚ͘ ĞŵŽůŝƚŝŽŶŵĞĂŶƐĂŶǇĂĐƚŽƌƉƌŽĐĞƐƐƚŚĂƚĚĞƐƚƌŽǇƐŝŶƉĂƌƚŽƌŝŶǁŚŽůĞĂŚŝƐƚŽƌŝĐƉƌŽƉĞƌƚǇ͘dŚŝƐ ŝŶĐůƵĚĞƐƚŚĞƌĞŵŽǀĂůŽĨĂŶǇŵĂƚĞƌŝĂůĐŽŶƐƚŝƚƵƚŝŶŐƉĂƌƚŽĨĂƐƚƌƵĐƚƵƌĞƚŚĂƚĂĨĨĞĐƚƐƚŚĞĞǆƚĞƌŝŽƌĂƉƉĞĂƌĂŶĐĞ ŽĨƚŚĞƐƚƌƵĐƚƵƌĞ͕ŽƚŚĞƌƚŚĂŶĨŽƌƉƵƌƉŽƐĞƐŽĨŽƌĚŝŶĂƌǇŵĂŝŶƚĞŶĂŶĐĞŽƌƌĞƉĂŝƌ͕ĂƐǁĞůůĂƐŝŶĂĚĞƋƵĂƚĞ ŵĂŝŶƚĞŶĂŶĐĞŽƌĂŶǇŽƚŚĞƌĂĐƚŝŽŶƚŚĂƚƌĞĚƵĐĞƐƚŚĞƐƚĂďŝůŝƚǇŽƌůŽŶŐĞǀŝƚǇŽĨĂƐƚƌƵĐƚƵƌĞŽƌŝŵƉĂŝƌƐŝƚƐ ŚŝƐƚŽƌŝĐŽƌĂƌĐŚŝƚĞĐƚƵƌĂůŝŶƚĞŐƌŝƚǇ͘ ĞŵŽůŝƚŝŽŶďǇŶĞŐůĞĐƚŵĞĂŶƐƚŚĞĚĞůŝďĞƌĂƚĞŶĞŐůĞĐƚŽĨĂŚŝƐƚŽƌŝĐƐƚƌƵĐƚƵƌĞƚŚĂƚĐŽŶƚƌŝďƵƚĞƐƚŽĂ ůĞǀĞůŽĨĚŝůĂƉŝĚĂƚŝŽŶƐŽƐĞǀĞƌĞƚŚĂƚƌĞŚĂďŝůŝƚĂƚŝŽŶŽĨƚŚĞƐƚƌƵĐƚƵƌĞŶŽůŽŶŐĞƌƐĞƌǀĞƐĂƐĂǀŝĂďůĞŽƉƚŝŽŶĂŶĚ ĚĞŵŽůŝƚŝŽŶŵƵƐƚďĞĐŽŶƐŝĚĞƌĞĚŽŶĂĐĐŽƵŶƚŽĨƚŚĞƉƵďůŝĐŚĞĂůƚŚ͕ƐĂĨĞƚǇĂŶĚǁĞůĨĂƌĞ͘ ĞŵŽůŝƚŝŽŶƉĞƌŵŝƚŵĞĂŶƐĂďƵŝůĚŝŶŐƉĞƌŵŝƚƚŚĂƚĂƵƚŚŽƌŝǌĞƐƚŚĞĚĞŵŽůŝƚŝŽŶŽƌƌĞŵŽǀĂůŽĨĂŶĞǆŝƐƚŝŶŐ ďƵŝůĚŝŶŐŽƌƐƚƌƵĐƚƵƌĞĨƌŽŵĂƐŝƚĞ͘dŚŝƐƉĞƌŵŝƚŝƐŝƐƐƵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨŝƚǇĂŶĚ ^ƚĂƚĞƌĞŐƵůĂƚŝŽŶƐ͘ ĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐĂůŽĐĂůůǇƐƉĞĐŝĨŝĐĚŽĐƵŵĞŶƚƉƌŽǀŝĚŝŶŐĂĚĚŝƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶĨŽƌƚŚĞƌĞǀŝĞǁŽĨ ƉƌŽƉŽƐĞĚĂůƚĞƌĂƚŝŽŶŽƌĂĚĚŝƚŝŽŶƐƚŽĚĞƐŝŐŶĂƚĞĚůĂŶĚŵĂƌŬƐŽƌůĂŶĚŵĂƌŬŝƐƚƌŝĐƚƐ͘ ĞƐŝŐŶĂƚŝŽŶŵĞĂŶƐƚŚĞĨŽƌŵĂůƉƌŽĐĞƐƐƉĞƌ^ĞĐƚŝŽŶƐϰͲϳͲϳĂŶĚϰͲϳͲϭϬŽĨƚŚŝƐĐŚĂƉƚĞƌƚŽƌĞĐŽŐŶŝǌĞĂ ƉƌŽƉĞƌƚǇĂƐŚŝƐƚŽƌŝĐĂůůǇƐŝŐŶŝĨŝĐĂŶƚĂŶĚĞůŝŐŝďůĞĨŽƌďĞŶĞĨŝƚƐĂŶĚƐƵďũĞĐƚƚŽƚŚĞƚĞƌŵƐŽĨƚŚŝƐĐŚĂƉƚĞƌ͘ ŵĞƌŐĞŶĐǇƌĞƉĂŝƌŵĞĂŶƐǁŽƌŬŶĞĐĞƐƐĂƌǇƚŽƉƌĞǀĞŶƚĚĞƐƚƌƵĐƚŝŽŶŽƌĚŝůĂƉŝĚĂƚŝŽŶƚŽƌĞĂůƉƌŽƉĞƌƚǇŽƌ ƐƚƌƵĐƚƵƌĂůĂƉƉƵƌƚĞŶĂŶĐĞƐƚŚĞƌĞƚŽŝŵŵĞĚŝĂƚĞůǇƚŚƌĞĂƚĞŶĞĚŽƌĚĂŵĂŐĞĚďǇĨŝƌĞ͕ĨůŽŽĚ͕ƚŽƌŶĂĚŽŽƌŽƚŚĞƌ ĚŝƐĂƐƚĞƌ͘ ,ĞƌŝƚĂŐĞWƌĞƐĞƌǀĂƚŝŽŶWƌŽŐƌĂŵŵĞĂŶƐĂƉůĂŶĞƐƚĂďůŝƐŚĞĚďǇƚŚĞĐŝƚǇƚŚĂƚĐŽŶƚĞŵƉůĂƚĞƐĂǀŝƐŝŽŶĨŽƌ ƚŚĞĐŝƚǇ͛ƐŚŝƐƚŽƌŝĐƉƌĞƐĞƌǀĂƚŝŽŶƉƌŽŐƌĂŵ͕ƐĞƚƚŝŶŐŶĞĂƌͲƚĞƌŵĂŶĚůŽŶŐͲƚĞƌŵƉƌŝŽƌŝƚŝĞƐĨŽƌƚŚĞƉƌŽŐƌĂŵ͕ĂŶĚ ŝĚĞŶƚŝĨŝĞƐƉƌŽĂĐƚŝǀĞĂŶĚŝŶŶŽǀĂƚŝǀĞƐƚƌĂƚĞŐŝĞƐĨŽƌĂĐŚŝĞǀŝŶŐƚŚĞŝĚĞŶƚŝĨŝĞĚŐŽĂůƐĂŶĚŽďũĞĐƚŝǀĞƐ͘ /ŶƚĞŐƌŝƚǇ͕,ŝƐƚŽƌŝĐŵĞĂŶƐƚŚĞĂďŝůŝƚǇŽĨĂƉƌŽƉĞƌƚǇƚŽĐŽŶǀĞǇŝƚƐƐŝŐŶŝĨŝĐĂŶĐĞƌĞůĂƚŝǀĞƚŽƚŚĞĂƐƉĞĐƚƐŽĨ ůŽĐĂƚŝŽŶ͕ƐĞƚƚŝŶŐ͕ĚĞƐŝŐŶ͕ŵĂƚĞƌŝĂůƐ͕ǁŽƌŬŵĂŶƐŚŝƉĂŶĚĂƐƐŽĐŝĂƚŝŽŶ͘ /ŶǀĞŶƚŽƌǇ͕ůŝƐƚŽĨƉƌŽƉĞƌƚŝĞƐŝĚĞŶƚŝĨŝĞĚďǇƚŚĞ,ĞƌŝƚĂŐĞWƌĞƐĞƌǀĂƚŝŽŶŽŵŵŝƐƐŝŽŶǁŚŝĐŚŵĂǇďĞ ĞǀĂůƵĂƚĞĚĨŽƌŚŝƐƚŽƌŝĐƐŝŐŶŝĨŝĐĂŶĐĞĂŶĚĚĞƐŝŐŶĂƚŝŽŶĂƚĂĨƵƚƵƌĞƚŝŵĞĂŶĚǁŚŝĐŚƐŚĂůůƉƌŽǀŝĚĞĂŶŝŶƚĞƌŝŵ ƉƌŽƚĞĐƚŝŽŶŝĨĚĞŵŽůŝƚŝŽŶƉĞƌŵŝƚŝƐƐƵďŵŝƚƚĞĚ͘ >ĂŶĚŵĂƌŬŵĞĂŶƐĂĚŝƐƚƌŝĐƚ͕ƐŝƚĞ͕ďƵŝůĚŝŶŐ͕ƐƚƌƵĐƚƵƌĞŽďũĞĐƚŽƌŽƚŚĞƌƉƌŽƉĞƌƚǇŽĨŚŝƐƚŽƌŝĐƐŝŐŶŝĨŝĐĂŶĐĞ ĚĞƐŝŐŶĂƚĞĚůŽĐĂůůǇƉƵƌƐƵĂŶƚƚŽƐĞĐƚŝŽŶϰͲϳͲϭϬ͘ >ĂŶĚƐĐĂƉĞ͕ƵůƚƵƌĂůŝƐĂŐĞŽŐƌĂƉŚŝĐĂƌĞĂŝŶĐůƵĚŝŶŐďŽƚŚĐƵůƚƵƌĂůĂŶĚŶĂƚƵƌĂůƌĞƐŽƵƌĐĞƐĂŶĚƚŚĞ ǁŝůĚůŝĨĞŽƌĚŽŵĞƐƚŝĐĂŶŝŵĂůƐƚŚĞƌĞŝŶ͕ĂƐƐŽĐŝĂƚĞĚǁŝƚŚĂŚŝƐƚŽƌŝĐĞǀĞŶƚ͕ĂĐƚŝǀŝƚǇ͕ŽƌƉĞƌ ƐŽŶ;͚ƐͿŽƌĞǆŚŝďŝƚŝŶŐ ŽƚŚĞƌĐƵůƚƵƌĂůŽƌĂĞƐƚŚĞƚŝĐǀĂůƵĞƐ EŽŶĐŽŶƚƌŝďƵƚŝŶŐƉƌŽƉĞƌƚǇŵĞĂŶƐĂďƵŝůĚŝŶŐ͕ƐŝƚĞ͕ƐƚƌƵĐƚƵƌĞ͕ŽƌŽďũĞĐƚǁŝƚŚŝŶĂĚĞƐŝŐŶĂƚĞĚĚŝƐƚƌŝĐƚ ƚŚĂƚĚŽĞƐŶŽƚĐŽŶƚƌŝďƵƚĞƚŽƚŚĞŚŝƐƚŽƌŝĐƐŝŐŶŝĨŝĐĂŶĐĞĨŽƌǁŚŝĐŚĂůĂŶĚŵĂƌŬĚŝƐƚƌŝĐƚŝƐĐŽŶƐŝĚĞƌĞĚ ƐŝŐŶŝĨŝĐĂŶƚĚƵĞƚŽĂůƚĞƌĂƚŝŽŶƐŽƌďĞĐĂƵƐĞŝƚǁĂƐŶŽƚƉƌĞƐĞŶƚĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚŽĨƐŝŐŶŝĨŝĐĂŶĐĞ͘ KďũĞĐƚ͕>ĂŶĚŵĂƌŬŵĞĂŶƐĂĐŽŶƐƚƌƵĐƚŝŽŶŽƚŚĞƌƚŚĂŶĂďƵŝůĚŝŶŐŽƌƐƚƌƵĐƚƵƌĞƚŚĂƚŝƐƐŵĂůůŝŶƐĐĂůĞĂŶĚ ƐŝŵƉůǇĐŽŶƐƚƌƵĐƚĞĚŽƌƉƌŝŵĂƌŝůǇĂƌƚŝƐƚŝĐŝŶŶĂƚƵƌĞ͘/ƚŵĂǇďĞďǇŶĂƚƵƌĞŽƌĚĞƐŝŐŶŵŽǀĂďůĞ͕ďƵƚŝƚŝƐ ĂƐƐŽĐŝĂƚĞĚǁŝƚŚĂƐƉĞĐŝĨŝĐƐĞƚƚŝŶŐĂŶĚĞŶǀŝƌŽŶŵĞŶƚ͘ WŽƚĞŶƚŝĂůůĂŶĚŵĂƌŬƉƌŽƉĞƌƚǇŵĞĂŶƐĂŚŝƐƚŽƌŝĐƌĞƐŽƵƌĐĞĚĞƐŝŐŶĂƚĞĚůŽĐĂůůǇƉƵƌƐƵĂŶƚƚŽƐĞĐƚŝŽŶϰͲϳͲϳ͘ ϯ Z&dϲ͘ϭϰ͘ϮϬϮϭ 3DFNHW3J +E WƌĞƐĞƌǀĂƚŝŽŶŵĞĂŶƐĂĐƚŝǀĞŵĂŝŶƚĞŶĂŶĐĞĂŶĚƌĞƉĂŝƌŽĨĞǆŝƐƚŝŶŐŚŝƐƚŽƌŝĐŵĂƚĞƌŝĂůƐĂŶĚƌĞƚĞŶƚŝŽŶŽĨĂ ƉƌŽƉĞƌƚǇΖƐĨŽƌŵĂƐŝƚŚĂƐĞǀŽůǀĞĚŽǀĞƌƚŝŵĞ͘ ZĞŚĂďŝůŝƚĂƚŝŽŶ͕ŵĞĂŶƐĂůƚĞƌŝŶŐĂƉƌŽƉĞƌƚǇƚŽŵĞĞƚĐŽŶƚŝŶƵŝŶŐŽƌĐŚĂŶŐŝŶŐƵƐĞƐǁŚŝůĞƌĞƚĂŝŶŝŶŐƚŚĞ ƉƌŽƉĞƌƚǇΖƐŚŝƐƚŽƌŝĐĐŚĂƌĂĐƚĞƌͲĚĞĨŝŶŝŶŐĨĞĂƚƵƌĞƐ͘ ZĞĐŽŶƐƚƌƵĐƚŝŽŶ͕ŵĞĂŶƐƚŚĞĂĐƚŽƌƉƌŽĐĞƐƐŽĨĚĞƉŝĐƚŝŶŐ͕ďǇŵĞĂŶƐŽĨŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶ͕ƚŚĞĨŽƌŵ͕ ĨĞĂƚƵƌĞƐ͕ĂŶĚĚĞƚĂŝůŝŶŐŽĨĂŶŽŶͲƐƵƌǀŝǀŝŶŐƐŝƚĞ͕ůĂŶĚƐĐĂƉĞ͕ďƵŝůĚŝŶŐ͕ƐƚƌƵĐƚƵƌĞ͕ŽƌŽďũĞĐƚĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨ ƌĞƉůŝĐĂƚŝŶŐŝƚƐĂƉƉĞĂƌĂŶĐĞĂƚĂƐƉĞĐŝĨŝĐƉĞƌŝŽĚŽĨƚŝŵĞ ͘ ZĞůŽĐĂƚŝŽŶŵĞĂŶƐŵŽǀŝŶŐĂďƵŝůĚŝŶŐ͕ƐƚƌƵĐƚƵƌĞŽƌŽďũĞĐƚĨƌŽŵŝƚƐŽƌŝŐŝŶĂůŚŝƐƚŽƌŝĐĂůůǇƐŝŐŶŝĨŝĐĂŶƚŽƌ ĞǆŝƐƚŝŶŐůŽĐĂƚŝŽŶƚŽĂŶŽƚŚĞƌůŽĐĂƚŝŽŶ͘ ZĞƉĂŝƌŵĞĂŶƐƚŚĞůŝŵŝƚĞĚƌĞƉůĂĐĞŵĞŶƚŝŶŬŝŶĚ͕ŽƌǁŝƚŚĐŽŵƉĂƚŝďůĞƐƵďƐƚŝƚƵƚĞŵĂƚĞƌŝĂů͕ŽĨ ĞǆƚĞŶƐŝǀĞůǇĚĞƚĞƌŝŽƌĂƚĞĚŽƌŵŝƐƐŝŶŐƉĂƌƚƐŽĨĨĞĂƚƵƌĞƐ͘ ZĞƐŽƵƌĐĞ͕,ŝƐƚŽƌŝĐŵĞĂŶƐƉƌŽƉĞƌƚŝĞƐŝŶĐůƵĚŝŶŐŽďũĞĐƚƐ͕ďƵŝůĚŝŶŐƐ͕ƐƚƌƵĐƚƵƌĞƐ͕ƐŝƚĞƐ͕ůĂŶĚƐĐĂƉĞƐ͕ĂŶĚ ĚŝƐƚƌŝĐƚƐ ZĞƐƚŽƌĂƚŝŽŶŵĞĂŶƐĂůƚĞƌĂƚŝŽŶŽĨƚŚĞƉƌŽƉĞƌƚǇƚŽĚĞƉŝĐƚĂƉƌŽƉĞƌƚǇĂƚĂƉĂƌƚŝĐƵůĂƌƉĞƌŝŽĚŽĨƚŝŵĞŝŶ ŝƚƐŚŝƐƚŽƌǇ͕ǁŚŝůĞƌĞŵŽǀŝŶŐĞǀŝĚĞŶĐĞŽĨŽƚŚĞƌƉĞƌŝŽĚƐ͘ ^ŝŐŶŝĨŝĐĂŶĐĞ͕,ŝƐƚŽƌŝĐŵĞĂŶƐƚŚĞĚŽĐƵŵĞŶƚĞĚŝŵƉŽƌƚĂŶĐĞŽĨĂƉƌŽƉĞƌƚǇŽƌĨĞĂƚƵƌĞĨŽƌŝƚƐ ĐŽŶƚƌŝďƵƚŝŽŶƚŽŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶŽĨďƌŽĂĚƉĂƚƚĞƌŶƐŽĨŶĂƚŝŽŶĂů͕ƌĞŐŝŽŶĂů͕ŽƌůŽĐĂůŚŝƐƚŽƌǇ͕ĂƌĐŚŝƚĞĐƚƵƌĞ͕ ĞŶŐŝŶĞĞƌŝŶŐ͕ĂƌĐŚĂĞŽůŽŐǇĂŶĚĐƵůƚƵƌĞ͘ ^ŝƚĞ͕ŚŝƐƚŽƌŝĐŵĞĂŶƐƚŚĞůŽĐĂƚŝŽŶŽĨĂƐŝŐŶŝĨŝĐĂŶƚĞǀĞŶƚ͕ĂƉƌĞŚŝƐƚŽƌŝĐŽƌŚŝƐƚŽƌŝĐŽĐĐƵƉĂƚŝŽŶŽƌĂĐƚŝǀŝƚǇ ŽƌĂďƵŝůĚŝŶŐŽƌƐƚƌƵĐƚƵƌĞ͕ǁŚĞƚŚĞƌƐƚĂŶĚŝŶŐ͕ƌƵŝŶĞĚŽƌǀĂŶŝƐŚĞĚ͕ǁŚĞƌĞƚŚĞůŽĐĂƚŝŽŶŝƚƐĞůĨƉŽƐƐĞƐƐĞƐ ŚŝƐƚŽƌŝĐ͕ĐƵůƚƵƌĂůŽƌĂƌĐŚĂĞŽůŽŐŝĐĂůǀĂůƵĞƌĞŐĂƌĚůĞƐƐŽĨƚŚĞǀĂůƵĞŽĨĂŶǇĞǆŝƐƚŝŶŐƐƚƌƵĐƚƵƌĞ͘ ^ĞĐƌĞƚĂƌǇŽĨƚŚĞ/ŶƚĞƌŝŽƌΖƐ^ƚĂŶĚĂƌĚƐ;ĨŽƌdƌĞĂƚŵĞŶƚŽĨ,ŝƐƚŽƌŝĐWƌŽƉĞƌƚŝĞƐͿŝƐĂƐĞƌŝĞƐŽĨĐŽŶĐĞƉƚƐ ƉƵďůŝƐŚĞĚďǇƚŚĞEĂƚŝŽŶĂůWĂƌŬ^ĞƌǀŝĐĞĂďŽƵƚŵĂŝŶƚĂŝŶŝŶŐ͕ƌĞƉĂŝƌŝŶŐ͕ĂŶĚƌĞƉůĂĐŝŶŐŚŝƐƚŽƌŝĐŵĂƚĞƌŝĂůƐ͕ĂƐ ǁĞůůĂƐĚĞƐŝŐŶŝŶŐŶĞǁĂĚĚŝƚŝŽŶƐŽƌŵĂŬŝŶŐĂůƚĞƌĂƚŝŽŶƐƚŽŚŝƐƚŽƌŝĐƉƌŽƉĞƌƚŝĞƐĂŶĚŝŶĐůƵĚĞƐĂƉƉƌŽĂĐŚĞƐĨŽƌ WƌĞƐĞƌǀĂƚŝŽŶ͕ZĞŚĂďŝůŝƚĂƚŝŽŶ͕ZĞƐƚŽƌĂƚŝŽŶĂŶĚZĞĐŽŶƐƚƌƵĐƚŝŽŶ͘ ^ƚƌƵĐƚƵƌĞŵĞĂŶƐĂĐŽŵďŝŶĂƚŝŽŶŽĨŵĂƚĞƌŝĂůƐƚŽĨŽƌŵĐŽŶƐƚƌƵĐƚŝŽŶĨŽƌƵƐĞ͕ŽĐĐƵƉĂŶĐǇ͕Žƌ ŽƌŶĂŵĞŶƚĂƚŝŽŶ͕ǁŚĞƚŚĞƌŝŶƐƚĂůůĞĚŽŶ͕ĂďŽǀĞ͕ŽƌďĞůŽǁƚŚĞƐƵƌĨĂĐĞŽĨůĂŶĚŽƌǁĂƚĞƌ͘ ;ŽĚĞϭϵϲϱ͕Αϭϵ͘ϬϰͿ ^ĞĐ͘ϰͲϳͲϱ͘Ͳ/ĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨŚŝƐƚŽƌŝĐƉƌŽƉĞƌƚŝĞƐ͘ ;ĂͿdŚĞŽŵŵŝƐƐŝŽŶƐŚĂůůĐŽŶĚƵĐƚ͕ĐĂƵƐĞƚŽďĞĐŽŶĚƵĐƚĞĚ͕ŽƌĂĐĐĞƉƚƐƵďŵŝƚƚĂůƐŽĨƐƵĐŚƉƌĞůŝŵŝŶĂƌǇ ƐƵƌǀĞǇƐ͕ƐƚƵĚŝĞƐŽƌŝŶǀĞƐƚŝŐĂƚŝŽŶƐĂƐĚĞĞŵĞĚŶĞĐĞƐƐĂƌǇŽƌĂĚǀŝƐĂďůĞƚŽĂĚĞƋƵĂƚĞůǇŝŶĨŽƌŵƚŚĞ ŽŵŵŝƐƐŝŽŶĂŶĚƚŚĞĐŽƵŶĐŝůŽĨƐŝŐŶŝĨŝĐĂŶƚŚŝƐƚŽƌŝĐƉƌŽƉĞƌƚŝĞƐůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞĐŝƚǇ͘ ;ďͿ,ŝƐƚŽƌŝĐĚĂƚĂƐŚĂůůďĞƵƐĞĚƚŽĚĞǀĞůŽƉĂŶĚƵŶĚĞƌƐƚĂŶĚŚŝƐƚŽƌŝĐĐŽŶƚĞǆƚƐŽĨƚŚĞŝƚǇ͕ŐƵŝĚĞƐƚĂĨĨ͕ƚŚĞ ŽŵŵŝƐƐŝŽŶ͕ĂŶĚƚŚĞĐŽƵŶĐŝůŝŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞŚŝƐƚŽƌŝĐƐŝŐŶŝĨŝĐĂŶĐĞŽĨĚŝƐƚƌŝĐƚƐĂŶĚƉƌŽƉĞƌƚŝĞƐŝŶƚŚĞ ĐŝƚǇ͘,ŝƐƚŽƌŝĐĚĂƚĂŝŶĐůƵĚŝŶŐƐƵƌǀĞǇƐ͕ĐŽŶƚĞǆƚƐƚƵĚŝĞƐ͕ŝŶǀĞŶƚŽƌŝĞƐŽĨŝĚĞŶƚŝĨŝĞĚƉƌŽƉĞƌƚŝĞƐĂŶĚŽƚŚĞƌ ŬŶŽǁŶƉƵďůŝĐĂƚŝŽŶƐ͕ĂƌƚŝĐůĞƐ͕ďŽŽŬƐ͕ƉĂŵƉŚůĞƚƐ͕ƉŽůŝĐŝĞƐ͕ŽƌŽƚŚĞƌŵĂƚĞƌŝĂůƐŚĂǀŝŶŐĂĚŝƌĞĐƚďĞĂƌŝŶŐŽŶ ƚŚĞŚĞƌŝƚĂŐĞƉƌĞƐĞƌǀĂƚŝŽŶƉƌŽŐƌĂŵƐŚĂůůďĞŬĞƉƚĂŶĚŵĂĚĞĂǀĂŝůĂďůĞƚŽƚŚĞƉƵďůŝĐ͘ ;ĐͿdŚĞƉƌŽƉĞƌƚǇŽǁŶĞƌ͕ƚŚĞŽŵŵŝƐƐŝŽŶ͕ƚŚĞDĂǇŽƌ͕ƚŚĞŝƚǇŽƵŶĐŝů͕ŽƌĂŶǇŵĞŵďĞƌŽĨƚŚĞŐĞŶĞƌĂů ƉƵďůŝĐŵĂǇŝĚĞŶƚŝĨǇĂŶĚŵĂŬĞŬŶŽǁŶƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͕ŚŝƐƚŽƌŝĐƉƌŽƉĞƌƚŝĞƐ͕ŽĨǁŚŝĐŚƚŚĞŽŵŵŝƐƐŝŽŶ ƐŚĂůůĚŽŽŶĞŽĨƚŚĞĨŽůůŽǁŝŶŐ͗ ϰ Z&dϲ͘ϭϰ͘ϮϬϮϭ 3DFNHW3J +E ;ϭͿdĂŬĞŶŽĂĐƚŝŽŶŽĨƚŚĞƐƵďŵŝƚƚĞĚŝŶĨŽƌŵĂƚŝŽŶ͘ ;ϮͿWůĂĐĞŽŶŝŶǀĞŶƚŽƌǇ͕ǁŚŝĐŚƐŚĂůůƉƌŽǀŝĚĞŝŶƚĞƌŝŵƉƌŽƚĞĐƚŝŽŶĨŽƌƉŽƐƐŝďůĞĨƵƚƵƌĞĚĞŵŽůŝƚŝŽŶ͘ ;ϯͿĞŐŝŶƉƌŽĐĞƐƐŽĨĞǀĂůƵĂƚŝŽŶ;ƉĞƌ^ĞĐƚŝŽŶƐϰͲϳͲϲͿĨŽƌƉŽƐƐŝďůĞĨƵƚƵƌĞĚĞƐŝŐŶĂƚŝŽŶ͘ ;ĚͿdŚĞŽŵŵŝƐƐŝŽŶŵĂǇƉůĂĐĞĂƉƌŽƉĞƌƚǇŽŶƚŚĞŝŶǀĞŶƚŽƌǇĨŽƌĨƵƚƵƌĞŝŶƚĞƌŝŵƉƌŽƚĞĐƚŝŽŶĨƌŽŵĚĞŵŽůŝƚŝŽŶ͘ /ĨĂĚĞŵŽůŝƚŝŽŶƉĞƌŵŝƚŝƐƐƵďŵŝƚƚĞĚĨŽƌĂƉƌŽƉĞƌƚǇŽŶƚŚĞŝŶǀĞŶƚŽƌǇ͕ƚŚĞŽŵŵŝƐƐŝŽŶƐŚĂůůĞǀĂůƵĂƚĞƚŚĞ ƉƌŽƉĞƌƚǇĨŽƌƉŽƐƐŝďůĞůĂŶĚŵĂƌŬĚĞƐŝŐŶĂƚŝŽŶ͘dŚĞŝƚǇƐŚĂůůŚĂǀĞƵƉƚŽϲϬĚĂǇƐƚŽŵĂŬĞĂĚĞĐŝƐŝŽŶ ƌĞŐĂƌĚŝŶŐůĂŶĚŵĂƌŬĚĞƐŝŐŶĂƚŝŽŶŽĨƚŚĞƉƌŽƉĞƌƚǇĨŽůůŽǁŝŶŐƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨ^ĞĐ͘ϰͲϳͲϭϬ͘dŚĞ ƉƌŽƚĞĐƚŝŽŶƉĞƌŝŽĚŵĂǇďĞĞǆƚĞŶĚĞĚĂŶĂĚĚŝƚŝŽŶĂůϲϬĚĂǇƐƵƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞŽǁŶĞƌ͘dŚĞ ǁƌŝƚƚĞŶŶŽƚŝĐĞƐŚĂůůŝŶĚŝĐĂƚĞƚŚĞƌĞĂƐŽŶĨŽƌƚŚĞĞǆƚĞŶƐŝŽŶ͘ůŽŶŐĞƌĞǆƚĞŶƐŝŽŶŵĂǇŽĐĐƵƌŝĨŵƵƚƵĂůůǇ ĂĐĐĞƉƚĂďůĞƚŽďŽƚŚƚŚĞŝƚǇŽƵŶĐŝůĂŶĚƚŚĞƉƌŽƉĞƌƚǇŽǁŶĞƌ͘ ;ŽĚĞϭϵϲϱ͕Αϭϵ͘ϬϱͿ ^ĞĐ͘ϰͲϳͲϲ͘ʹǀĂůƵĂƚŝŽŶŽĨWƌŽƉĞƌƚŝĞƐ ;ĂͿdŚĞŽŵŵŝƐƐŝŽŶƐŚĂůůĞǀĂůƵĂƚĞŝĚĞŶƚŝĨŝĞĚŚŝƐƚŽƌŝĐƉƌŽƉĞƌƚŝĞƐďĂƐĞĚŽŶƚŚĞĨŽůůŽǁŝŶŐĐƌŝƚĞƌŝĂ͕ƚŽ ĚĞƚĞƌŵŝŶĞŚŝƐƚŽƌŝĐƐŝŐŶŝĨŝĐĂŶĐĞĂŶĚŚŝƐƚŽƌŝĐŝŶƚĞŐƌŝƚǇ͘ ;ďͿ,ŝƐƚŽƌŝĐƉƌŽƉĞƌƚŝĞƐďĞŝŶŐĐŽŶƐŝĚĞƌĞĚĨŽƌůĂŶĚŵĂƌŬĚĞƐŝŐŶĂƚŝŽŶǁŝůůďĞĨŽƵŶĚƚŽŚĂǀĞĂƚůĞĂƐƚŽŶĞŽĨ ƚŚĞĨŽůůŽǁŝŶŐĐƌŝƚĞƌŝĂ͗ ;ϭͿ/ƚƐĐŚĂƌĂĐƚĞƌ͕ŝŶƚĞƌĞƐƚ͕ŽƌǀĂůƵĞĂƐƉĂƌƚŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ͕ŚĞƌŝƚĂŐĞ͕ŽƌĐƵůƚƵƌĂůĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ ŽĨƚŚĞĐŝƚǇ͕ƐƚĂƚĞŽƌhŶŝƚĞĚ^ƚĂƚĞƐ͖ ;ϮͿ/ƚƐůŽĐĂƚŝŽŶĂƐĂƉůĂĐĞŽĨĂƐŝŐŶŝĨŝĐĂŶƚŚŝƐƚŽƌŝĐĞǀĞŶƚ͖ ;ϯͿ/ƚƐůŽĐĂƚŝŽŶǁŝƚŚŝŶĂŶĚĐŽŶƚƌŝďƵƚŝŽŶĂƐĂŶĞůĞŵĞŶƚŽĨĂůĂŶĚŵĂƌŬĚŝƐƚƌŝĐƚŽƌƉŽƐƐŝďůĞĨƵƚƵƌĞ ĚŝƐƚƌŝĐƚ͖ ;ϰͿ/ƚƐŝĚĞŶƚŝĨŝĐĂƚŝŽŶǁŝƚŚĂƉĞƌƐŽŶǁŚŽƐŝŐŶŝĨŝĐĂŶƚůǇĐŽŶƚƌŝďƵƚĞĚƚŽƚŚĞĐƵůƚƵƌĞĂŶĚĚĞǀĞůŽƉŵĞŶƚŽĨ ƚŚĞĐŝƚǇ͖ ;ϱͿ/ƚƐĞŵďŽĚŝŵĞŶƚŽĨĚŝƐƚŝŶŐƵŝƐŚŝŶŐĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨĂŶĂƌĐŚŝƚĞĐƚƵƌĂůƐƚǇůĞ͕ƉĞƌŝŽĚ͕ĨŽƌŵ͕Žƌ ƚƌĞĂƚŵĞŶƚ͖ ;ϲͿ/ƚƐŝĚĞŶƚŝĨŝĐĂƚŝŽŶĂƐƚŚĞǁŽƌŬŽĨĂŶĂƌĐŚŝƚĞĐƚŽƌŵĂƐƚĞƌďƵŝůĚĞƌǁŚŽƐĞŝŶĚŝǀŝĚƵĂůĞĨĨŽƌƚƐŚĂǀĞ ŝŶĨůƵĞŶĐĞĚƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞĐŝƚǇŽƌŚĂǀĞĐŽŶƚƌŝďƵƚĞĚƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨĂŶĂƚŝŽŶĂůůǇͲ ŽƌŝŶƚĞƌŶĂƚŝŽŶĂůůǇͲƌĞĐŽŐŶŝǌĞĚƐƚǇůĞŽƌŵŽǀĞŵĞŶƚ͖ ;ϳͿ/ƚƐĞŵďŽĚŝŵĞŶƚŽĨĞůĞŵĞŶƚƐŽĨĂƌĐŚŝƚĞĐƚƵƌĂůĚĞƐŝŐŶ͕ĚĞƚĂŝů͕ŵĂƚĞƌŝĂů͕ŽƌĐƌĂĨƚƐŵĂŶƐŚŝƉƚŚĂƚ ƌĞƉƌĞƐĞŶƚĂƐŝŐŶŝĨŝĐĂŶƚĂƌĐŚŝƚĞĐƚƵƌĂůŝŶŶŽǀĂƚŝŽŶ͖ĂŶĚ ;ϴͿ/ƚƐůŽĐĂƚŝŽŶ͕ƐĐĂůĞ͕ŽƌŽƚŚĞƌƉŚǇƐŝĐĂůĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐƌĞƉƌĞƐĞŶƚŝŶŐĂŶĞƐƚĂďůŝƐŚĞĚĂŶĚĨĂŵŝůŝĂƌ ǀŝƐƵĂůĨĞĂƚƵƌĞŽƌĂŶĞŝŐŚďŽƌŚŽŽĚ͕ĂĚŝƐƚƌŝĐƚ͕ƚŚĞĐŽŵŵƵŶŝƚǇ͕ŽƌƚŚĞĐŝƚǇ͘ ;ĐͿ&ŽƌĂůĂŶĚŵĂƌŬĚŝƐƚƌŝĐƚĚĞƐŝŐŶĂƚŝŽŶ͕ŝŶĂĚĚŝƚŝŽŶƚŽŽŶĞŽƌŵŽƌĞŽĨƚŚĞĂďŽǀĞĐƌŝƚĞƌŝĂϭͲϴŽĨƚŚŝƐƐĞĐƚŝŽŶ͕ ƚŚĞŵĂũŽƌŝƚǇŽĨƚŚĞĐŽŶƚƌŝďƵƚŝŶŐƉƌŽƉĞƌƚŝĞƐŝŶƚŚĞƉƌŽƉŽƐĞĚůĂŶĚŵĂƌŬĚŝƐƚƌŝĐƚŵƵƐƚĂůƐŽďĞůŽĐĂƚĞĚŝŶ ĂŐĞŽŐƌĂƉŚŝĐĂůůǇͲĚĞĨŝŶĂďůĞĂƌĞĂǁŚŝĐŚƉŽƐƐĞƐƐĂĐŽŶĐĞŶƚƌĂƚŝŽŶŽĨŝĚĞŶƚŝĨŝĞĚŚŝƐƚŽƌŝĐĂůůǇƐŝŐŶŝĨŝĐĂŶƚ ƌĞƐŽƵƌĐĞƐ͘dŚĞƐĞŵƵƐƚďĞƵŶŝƚĞĚŽƌůŝŶŬĞĚďǇƚŚĞŝƌŝŶƚĞƌƌĞůĂƚŝŽŶƐŚŝƉ͕ďǇƉůĂŶŽƌƉŚǇƐŝĐĂůĚĞǀĞůŽƉŵĞŶƚ͕ ĂĞƐƚŚĞƚŝĐĂůůǇŽƌƚŚƌŽƵŐŚƉĂƐƚĞǀĞŶƚƐ͘ ;ĚͿ/ŶĂĚĚŝƚŝŽŶƚŽƚŚĞĐƌŝƚĞƌŝĂĂďŽǀĞ͕ĐŽŶƐŝĚĞƌĂƚŝŽŶƐŚĂůůďĞŐŝǀĞŶƚŽƚŚĞŚŝƐƚŽƌŝĐ/ŶƚĞŐƌŝƚǇŽĨƉƌŽƉĞƌƚŝĞƐ͕ ďĂƐĞĚŽŶƚŚĞŝƌ͗>ŽĐĂƚŝŽŶ͕ĞƐŝŐŶ͕^ĞƚƚŝŶŐ͕DĂƚĞƌŝĂůƐ͕tŽƌŬŵĂŶƐŚŝƉ͕&ĞĞůŝŶŐ͕ΘƐƐŽĐŝĂƚŝŽŶ͘ ^ĞĐ͘ϰͲϳͲϳ͘ͲĞƐŝŐŶĂƚŝŽŶŽĨWŽƚĞŶƚŝĂů>ĂŶĚŵĂƌŬƐ ϱ Z&dϲ͘ϭϰ͘ϮϬϮϭ 3DFNHW3J +E ;ĂͿůŝƐƚŽĨŚŝƐƚŽƌŝĐƉƌŽƉĞƌƚŝĞƐĐŽŵƉŝůĞĚďǇƚŚĞ,W͕ƚŚĂƚŚĂǀĞŶŽƚǇĞƚďĞĞŶĨŽƵŶĚƚŽŵĞĞƚƚŚĞĐƌŝƚĞƌŝĂĨŽƌ ůĂŶĚŵĂƌŬĚĞƐŝŐŶĂƚŝŽŶďƵƚŚĂǀĞŚŝƐƚŽƌŝĐŽƌƉŽƚĞŶƚŝĂůůǇŚŝƐƚŽƌŝĐƐŝŐŶŝĨŝĐĂŶĐĞǁŝƚŚŝŶƚŚĞĐŝƚǇĂŶĚǁŚŝĐŚ ŵĂǇďĞĐŽŶƐŝĚĞƌĞĚĞůŝŐŝďůĞĨŽƌůĂŶĚŵĂƌŬĚĞƐŝŐŶĂƚŝŽŶĂƚĂĨƵƚƵƌĞĚĂƚĞ͕ƐŚĂůůďĞĐŽŶƐŝĚĞƌĞĚĂƐƉŽƚĞŶƚŝĂů ůĂŶĚŵĂƌŬƐ͘ ;ďͿdŽďĞĞůŝŐŝďůĞĨŽƌĚĞƐŝŐŶĂƚŝŽŶĂƐĂƉŽƚĞŶƚŝĂůůĂŶĚŵĂƌŬ͕ƚŚĞŝŶĚŝǀŝĚƵĂůďƵŝůĚŝŶŐ͕ƐŝƚĞ͕ƐƚƌƵĐƚƵƌĞŽƌŽďũĞĐƚ͕ ŽƌĂĐŽůůĞĐƚŝŽŶƚŚĞƌĞŽĨ͕ŵƵƐƚŚĂǀĞĂĚĞŵŽŶƐƚƌĂƚĞĚƋƵĂůŝƚǇŽĨƐŝŐŶŝĨŝĐĂŶĐĞĂƐĚĞƚĞƌŵŝŶĞĚďǇƚŚĞĐƌŝƚĞƌŝĂ ƉƌŽǀŝĚĞĚŝŶƐĞĐƚŝŽŶϰͲϳͲϲ͘dŚĞŽŵŵŝƐƐŝŽŶƐŚĂůůĚĞƚĞƌŵŝŶĞŝĨƚŚĞƉƌŽƉĞƌƚǇƐŚŽƵůĚďĞĚĞƐŝŐŶĂƚĞĚĂƐĂ ƉŽƚĞŶƚŝĂůůĂŶĚŵĂƌŬƉƌŽƉĞƌƚǇďĂƐĞĚŽŶƚŚĞĚĞƐŝŐŶĂƚŝŽŶĐƌŝƚĞƌŝĂ͘ ;ĐͿdŚĞŽŵŵŝƐƐŝŽŶŵĂǇĚĞƐŝŐŶĂƚĞĂďƵŝůĚŝŶŐ͕ĐŽŶƚƌŝďƵƚŝŶŐďƵŝůĚŝŶŐ͕ƐŝƚĞ͕ƐƚƌƵĐƚƵƌĞ͕ŽƌŽďũĞĐƚĂƐĂ ƉŽƚĞŶƚŝĂůůĂŶĚŵĂƌŬƉƌŽƉĞƌƚǇďĂƐĞĚŽŶƚŚĞĨŽůůŽǁŝŶŐ͗ ;ϭͿŽƵŶĚĂƌǇŵĂƉ͖ ;ϮͿĞƐĐƌŝƉƚŝŽŶŝŶĐůƵĚŝŶŐŶĂƌƌĂƚŝǀĞƚĞǆƚƉŚŽƚŽŐƌĂƉŚƐŽƌŽƚŚĞƌŐƌĂƉŚŝĐŵĂƚĞƌŝĂůƐƚŚĂƚĚŽĐƵŵĞŶƚŝƚƐ ŚŝƐƚŽƌǇĂŶĚƉŚǇƐŝĐĂůĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ͖ĂŶĚ͕ ;ϯͿtƌŝƚƚĞŶĚĞƐĐƌŝƉƚŝŽŶŽĨŚŽǁƚŚĞƌĞƐŽƵƌĐĞŵĞĞƚƐƚŚĞĐƌŝƚĞƌŝĂĨŽƌĚĞƐŝŐŶĂƚŝŽŶ͘ ;ŽĚĞϭϵϲϱ͕Αϭϵ͘ϭϰ͖KƌĚ͘EŽ͕͘Αϭ͕ϮͲϰͲϮϬϭϵͿ ^ĞĐ͘ϰͲϳͲϴ͘ͲWŽƚĞŶƚŝĂů>ĂŶĚŵĂƌŬWƌŽƚĞĐƚŝŽŶ ;ĂͿdŚĞƉƵƌƉŽƐĞŽĨƚŚĞƉŽƚĞŶƚŝĂůůĂŶĚŵĂƌŬĚĞƐŝŐŶĂƚŝŽŶŝƐƚŽƉƌŽƚĞĐƚƚŚĞŚŝƐƚŽƌŝĐƌĞƐŽƵƌĐĞĨƌŽŵĂůƚĞƌĂƚŝŽŶ ŽƌĚĞŵŽůŝƚŝŽŶǁŚŝůĞƚŚĞĐŝƚǇŵĂŬĞƐĂĚĞƚĞƌŵŝŶĂƚŝŽŶŝĨƚŚĞƉƌŽƉĞƌƚǇƐŚŽƵůĚďĞĚĞƐŝŐŶĂƚĞĚĂƐĂůĂŶĚŵĂƌŬ ƉƌŽƉĞƌƚǇŽƌĂƐƉĂƌƚŽĨĂůĂŶĚŵĂƌŬĚŝƐƚƌŝĐƚ͘ ;ďͿ/ĨĂďƵŝůĚŝŶŐƉĞƌŵŝƚ͕ůĂŶĚƵƐĞĂƉƉůŝĐĂƚŝŽŶ͕ŽƌĂĚĞŵŽůŝƚŝŽŶĂƉƉůŝĐĂƚŝŽŶŝƐƐƵďŵŝƚƚĞĚĨŽƌĂƉŽƚĞŶƚŝĂů ůĂŶĚŵĂƌŬƉƌŽƉĞƌƚǇ͕ŽƌŝĨĂŶŽǁŶĞƌĂƉƉůŝĞƐĨŽƌĂĐĞƌƚŝĨŝĐĂƚĞŽĨĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐ͕ƚŚĞĨŽůůŽǁŝŶŐƐŚĂůů ŽĐĐƵƌ͗ ;ϭͿdŚĞŝƚǇƐŚĂůůŝŶĨŽƌŵƚŚĞƉƌŽƉĞƌƚǇŽǁŶĞƌŽĨƚŚĞƉŽƚĞŶƚŝĂůůĂŶĚŵĂƌŬƐƚĂƚƵƐĂŶĚĐŽŵŵƵŶŝĐĂƚĞ ďĞŶĞĨŝƚƐĂŶĚƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞŚĞƌŝƚĂŐĞƉƌĞƐĞƌǀĂƚŝŽŶƉƌŽŐƌĂŵ͘ ;ϮͿ/Ĩ͕ĚƵƌŝŶŐĂƉĞŶĚŝŶŐƉĞƌŵŝƚ͕ƚŚĞƉƌŽƉĞƌƚǇŽǁŶĞƌŽďũĞĐƚƐƚŽƚŚĞƉŽƚĞŶƚŝĂůůĂŶĚŵĂƌŬĚĞƐŝŐŶĂƚŝŽŶ ŝŶǁƌŝƚŝŶŐ͕ƚŚĞĐŝƚǇƐŚĂůůŚĂǀĞƵƉƚŽϲϬĚĂǇƐƚŽŵĂŬĞĂĚĞĐŝƐŝŽŶƌĞŐĂƌĚŝŶŐůĂŶĚŵĂƌŬĚĞƐŝŐŶĂƚŝŽŶ ŽĨƚŚĞƉƌŽƉĞƌƚǇĨŽůůŽǁŝŶŐƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨ^ĞĐ͘ϰͲϳͲϭϬ͘dŚĞƉŽƚĞŶƚŝĂůůĂŶĚŵĂƌŬƉƌŽƉĞƌƚǇ ƉƌŽƚĞĐƚŝŽŶƉĞƌŝŽĚŵĂǇďĞĞǆƚĞŶĚĞĚĂŶĂĚĚŝƚŝŽŶĂůϲϬĚĂǇƐǁŚĞŶĂŶŽƚŝĐĞŝƐƉƌŽǀŝĚĞƚŽƚŚĞŽǁŶĞƌ ŝŶǁƌŝƚŝŶŐ͕ŝŶĚŝĐĂƚŝŶŐƌĞĂƐŽŶĨŽƌĞǆƚĞŶƐŝŽŶ͘ůŽŶŐĞƌĞǆƚĞŶƐŝŽŶŵĂǇŽĐĐƵƌŝĨŵƵƚƵĂůůǇĂĐĐĞƉƚĂďůĞ ƚŽďŽƚŚƚŚĞŝƚǇĂŶĚƚŚĞƉƌŽƉĞƌƚǇŽǁŶĞƌ͘ EŽƚŚŝŶŐŚĞƌĞŝŶƐŚĂůůƉƌĞǀĞŶƚƚŚĞĐŝƚǇĨƌŽŵƌĞǀŝĞǁŝŶŐĂŶǇĐĞƌƚŝĨŝĐĂƚĞŽĨĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐ͕ůĂŶĚ ;ϯͿ ƵƐĞĂƉƉůŝĐĂƚŝŽŶ͕ĚĞŵŽůŝƚŝŽŶŽƌďƵŝůĚŝŶŐƉĞƌŵŝƚĂĨĨĞĐƚŝŶŐƚŚĞƐƵďũĞĐƚƉƌŽƉĞƌƚǇĚƵƌŝŶŐƚŚĞ ƉŽƚĞŶƚŝĂůůĂŶĚŵĂƌŬƉƌŽƉĞƌƚǇƉƌŽƚĞĐƚŝŽŶƉĞƌŝŽĚ͘ƉƉƌŽǀĂůŽĨƐƵĐŚĂƉƉůŝĐĂƚŝŽŶƐŚĂůůŽŶůǇďĞŵĂĚĞ ĂĨƚĞƌƌĞǀŝĞǁŽĨƚŚĞƉƌŽƉŽƐĂůŚĂƐŽĐĐƵƌƌĞĚďǇ,WƉĞƌ^ĞĐ͘ϰͲϳͲϭϮĂŶĚĂĚĞĐŝƐŝŽŶŝƐŵĂĚĞƚŽĂůůŽǁ ƚŚĞůĂŶĚƵƐĞĂƉƉůŝĐĂƚŝŽŶŽƌĚĞŵŽůŝƚŝŽŶĂƉƉůŝĐĂƚŝŽŶƚŽĐŽŶƚŝŶƵĞ͘ ;ŽĚĞϭϵϲϱ͕Αϭϵ͘ϭϱ͖KƌĚ͘EŽ͘ϰϯϲϮ͕Αϭ͕ϮͲϰͲϮϬϭϵͿ ^ĞĐ͘ϰͲϳͲϵ͘ͲZĞŵŽǀĂůŽĨƉŽƚĞŶƚŝĂůůĂŶĚŵĂƌŬĚĞƐŝŐŶĂƚŝŽŶ͘ dŚĞŽǁŶĞƌŽĨĂƉŽƚĞŶƚŝĂůůĂŶĚŵĂƌŬŵĂǇĂƉƉůǇƚŽƚŚĞŽŵŵŝƐƐŝŽŶĨŽƌƌĞŵŽǀĂůŽĨƚŚĞƉŽƚĞŶƚŝĂůůĂŶĚŵĂƌŬ ƉƌŽƉĞƌƚǇĚĞƐŝŐŶĂƚŝŽŶďǇƉƌŽǀŝĚŝŶŐĞǀŝĚĞŶĐĞƚŚĂƚƚŚĞƉƌŽƉĞƌƚǇĚŽĞƐŶŽƚŵĞĞƚĐƌŝƚĞƌŝĂĨŽƌĚĞƐŝŐŶĂƚŝŽŶĂƐĂ ϲ Z&dϲ͘ϭϰ͘ϮϬϮϭ 3DFNHW3J +E ůĂŶĚŵĂƌŬƉƌŽƉĞƌƚǇ͘ĨƚĞƌĐŽŶĚƵĐƚŝŶŐĂƉƵďůŝĐŚĞĂƌŝŶŐ͕ŝĨƚŚĞŽŵŵŝƐƐŝŽŶĚĞƚĞƌŵŝŶĞƐƚŚĂƚƚŚĞ ĚĞƐŝŐŶĂƚŝŽŶƐŚŽƵůĚďĞƌĞŵŽǀĞĚĨƌŽŵƚŚĞƉŽƚĞŶƚŝĂůůĂŶĚŵĂƌŬƉƌŽƉĞƌƚǇ͕ƚŚĞĂƐƐŝŐŶĞĚƐƚĂĨĨƐŚĂůůŝƐƐƵĞƚŚĞ ŽǁŶĞƌĂĐĞƌƚŝĨŝĐĂƚĞĚŽĐƵŵĞŶƚŝŶŐƚŚĞƌĞŵŽǀĂůŽĨƚŚĞƉŽƚĞŶƚŝĂůůĂŶĚŵĂƌŬƉƌŽƉĞƌƚǇĚĞƐŝŐŶĂƚŝŽŶ͘dŚĞ ƐƵďũĞĐƚƉƌŽƉĞƌƚǇƐŚĂůůŶŽƚďĞĞůŝŐŝďůĞĨŽƌŚŝƐƚŽƌŝĐĚĞƐŝŐŶĂƚŝŽŶŝŶƚŚĞĐŝƚǇĨŽƌĂƉĞƌŝŽĚŽĨƚǁŽǇĞĂƌƐĨƌŽŵ ƚŚĞĚĂƚĞŽĨŝƐƐƵĂŶĐĞŽĨƚŚŝƐĐĞƌƚŝĨŝĐĂƚĞ͘dŚĞĐĞƌƚŝĨŝĐĂƚĞƐŚĂůůƌƵŶǁŝƚŚƚŚĞůĂŶĚĂŶĚŵĂǇďĞƌĞĐŽƌĚĞĚŝŶƚŚĞ ĐŽƵŶƚǇ͘ ;ŽĚĞϭϵϲϱ͕Αϭϵ͘ϭϲͿ ^ĞĐ͘ϰͲϳͲϭϬʹ>ĂŶĚŵĂƌŬĞƐŝŐŶĂƚŝŽŶ͘ ;ĂͿdŚĞƉƌŽƉĞƌƚǇŽǁŶĞƌ͕ƚŚĞŽŵŵŝƐƐŝŽŶ͕ƚŚĞDĂǇŽƌŽƌƚŚĞŝƚǇŽƵŶĐŝů͕ŵĂǇŝŶŝƚŝĂƚĞůĂŶĚŵĂƌŬ ĚĞƐŝŐŶĂƚŝŽŶ͘ ;ϭͿWƌŽƉĞƌƚǇŽǁŶĞƌƐ͕ƚŽŝŶŝƚŝĂƚĞůĂŶĚŵĂƌŬ͕ƐŚĂůůƐƵďŵŝƚĂŶĂƉƉůŝĐĂƚŝŽŶŝŶĐůƵĚŝŶŐĐŽŵƉůĞƚĞĚ ĂƉƉůŝĐĂƚŝŽŶĨŽƌŵ͕ĂŶǇĨĞĞĞƐƚĂďůŝƐŚĞĚďǇƚŚĞŝƚǇŽƵŶĐŝůĂŶĚĂƉƌŽĨĞƐƐŝŽŶĂůůǇĐŽŵƉůĞƚĞ ĚĞƐŝŐŶĂƚŝŽŶƐƚƵĚǇďĂƐĞĚŽŶŽďũĞĐƚŝǀĞĞǀŝĚĞŶĐĞĂŶĚƌĞƐĞĂƌĐŚ͘ƐƐŝŐŶĞĚĐŝƚǇƉĞƌƐŽŶŶĞůŝƐ ĂƵƚŚŽƌŝǌĞĚƚŽƌĞũĞĐƚĂŶǇĂƉƉůŝĐĂƚŝŽŶĚĞĞŵĞĚŝŶĐŽŵƉůĞƚĞŝŶĐůƵĚŝŶŐĨŽƌůĂĐŬŽĨĂĚĞƋƵĂƚĞ ŝŶĨŽƌŵĂƚŝŽŶĂŶĚĚŽĐƵŵĞŶƚĞĚƐŽƵƌĐĞƐ͘/ĨĚĞĞŵĞĚŝŶĐŽŵƉůĞƚĞďǇĐŝƚǇƉĞƌƐŽŶŶĞů͕ƚŚĞŽǁŶĞƌŵĂǇ ƐƵďŵŝƚŝĚĞŶƚŝĨŝĞĚŝŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐƉƌŽƉĞƌƚǇƚŽƚŚĞ,WƉĞƌ^ĞĐƚŝŽŶϰͲϳͲϱ;ĐͿ ;ϮͿWƌŝŽƌƚŽůĂŶĚŵĂƌŬĚĞƐŝŐŶĂƚŝŽŶ͕ƚŚĞƉƌŽƉŽƐĂůƐŚĂůůďĞƐƵďŵŝƚƚĞĚƚŽƚŚĞ^ƚĂƚĞ,ŝƐƚŽƌŝĐWƌĞƐĞƌǀĂƚŝŽŶ KĨĨŝĐĞĨŽƌĂϲϬͲĚĂǇƌĞǀŝĞǁƉĞƌŝŽĚ͘dŚĞƐƚĂƚĞŚŝƐƚŽƌŝĐƉƌĞƐĞƌǀĂƚŝŽŶŽĨĨŝĐĞΖƐŶŽŶďŝŶĚŝŶŐĐŽŵŵĞŶƚƐ ƐŚĂůůďĞƐĞŶƚƚŽƚŚĞŽŵŵŝƐƐŝŽŶĨŽƌŝƚƐƌĞǀŝĞǁ͘ ;ďͿdŚĞŽŵŵŝƐƐŝŽŶƐŚĂůůĐŽŶƐŝĚĞƌƌĞĐŽŵŵĞŶĚŝŶŐƚŽƚŚĞŝƚǇŽƵŶĐŝů͕ƚŚĞĚĞƐŝŐŶĂƚŝŽŶŽĨĂďƵŝůĚŝŶŐ͕ƐŝƚĞ͕ ƐƚƌƵĐƚƵƌĞ͕ŽƌŽďũĞĐƚ͕ŽƌĂŶǇĐŽůůĞĐƚŝŽŶƚŚĞƌĞŽĨ͕ĂƐĂůĂŶĚŵĂƌŬƉƌŽƉĞƌƚǇŽƌůĂŶĚŵĂƌŬĚŝƐƚƌŝĐƚǁŚĞŶƚŚĞ ŽŵŵŝƐƐŝŽŶĚĞƚĞƌŵŝŶĞƐ͕ĂĨƚĞƌƚĞƐƚŝŵŽŶǇƌĞĐĞŝǀĞĚĂƚĂƉƵďůŝĐŚĞĂƌŝŶŐ͕ŝƚŵĞĞƚƐϭŽƌŵŽƌĞĐƌŝƚĞƌŝĂ ĨŽƵŶĚŝŶ^ĞĐϰͲϳͲϲŽĨƚŚŝƐŚĂƉƚĞƌ͘ ;ĐͿ/ŶƚĞƌŝŵƉƌŽƚĞĐƚŝŽŶƐŚĂůůďĞƉƌŽǀŝĚĞĚƚŽĂŶǇƉƌŽƉĞƌƚǇƵŶĚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨůĂŶĚŵĂƌŬĚĞƐŝŐŶĂƚŝŽŶ ĂƐĨŽůůŽǁƐ͗ ;ϭͿ/ŶƚĞƌŝŵƉƌŽƚĞĐƚŝŽŶŝƐĞƐƚĂďůŝƐŚĞĚƚŽƉƌŽƚĞĐƚĂŶŽŵŝŶĂƚĞĚƉƌŽƉĞƌƚǇĨƌŽŵĚĞƐƚƌƵĐƚŝŽŶŽƌ ŝŶĂƉƉƌŽƉƌŝĂƚĞĂůƚĞƌĂƚŝŽŶĚƵƌŝŶŐƚŚĞĚĞƐŝŐŶĂƚŝŽŶƉƌŽĐĞƐƐ͘ ;ϮͿ/ŶƚĞƌŝŵƉƌŽƚĞĐƚŝŽŶƐŚĂůůďĞŝŶĞĨĨĞĐƚĨƌŽŵƚŚĞĚĂƚĞŽĨƚŚĞŽŵŵŝƐƐŝŽŶΖƐĚĞĐŝƐŝŽŶƚŽƌĞĐŽŵŵĞŶĚ ůĂŶĚŵĂƌŬĚĞƐŝŐŶĂƚŝŽŶƚŽƚŚĞŝƚǇŽƵŶĐŝůŽƌƚŚĞĚĞĐŝƐŝŽŶƚŽĐŽŵŵĞŶĐĞĂĚĞƐŝŐŶĂƚŝŽŶƐƚƵĚǇŽĨĂ ŶŽŵŝŶĂƚĞĚƉƌŽƉĞƌƚǇĂŶĚƐŚĂůůůĂƐƚƵŶƚŝůƚŚĞŝƚǇŽƵŶĐŝůŵĂŬĞƐĂĚĞĐŝƐŝŽŶƌĞŐĂƌĚŝŶŐƚŚĞ ĚĞƐŝŐŶĂƚŝŽŶŽĨƚŚĞƉƌŽƉĞƌƚǇ͕ŽƌĨŽƌϭǇĞĂƌ͕ǁŚŝĐŚĞǀĞƌĐŽŵĞƐĨŝƌƐƚ͘/ŶƚĞƌŝŵƉƌŽƚĞĐƚŝŽŶŵĂǇďĞ ĞǆƚĞŶĚĞĚĨŽƌƐƵĐŚĂĚĚŝƚŝŽŶĂůƉĞƌŝŽĚƐĂƐƚŚĞŽŵŵŝƐƐŝŽŶŵĂǇĚĞĞŵĂƉƉƌŽƉƌŝĂƚĞĂŶĚŶĞĐĞƐƐĂƌǇ ƚŽƉƌŽƚĞĐƚƚŚĞĚĞƐŝŐŶĂƚŝŽŶƉƌŽĐĞƐƐ͕ŶŽƚĞǆĐĞĞĚŝŶŐĂƚŽƚĂůƉĞƌŝŽĚŽĨĞŝŐŚƚĞĞŶ;ϭϴͿŵŽŶƚŚƐ͘dŚĞ ŽŵŵŝƐƐŝŽŶƐŚĂůůŚŽůĚĂƉƵďůŝĐŚĞĂƌŝŶŐŽŶĂƉƌŽƉŽƐĞĚĞǆƚĞŶƐŝŽŶŽĨŝŶƚĞƌŝŵƉƌŽƚĞĐƚŝŽŶĂƐ ƉƌŽǀŝĚĞĚŝŶ^ĞĐƚŝŽŶϰͲϳͲϭϰ͘ ;ϯͿƵƌŝŶŐƚŚĞŝŶƚĞƌŝŵƉƌŽƚĞĐƚŝŽŶƉĞƌŝŽĚ͕ŶŽĂůƚĞƌĂƚŝŽŶƐŽĨĂŶŽŵŝŶĂƚĞĚƉƌŽƉĞƌƚǇƐŚĂůůďĞĂůůŽǁĞĚ ĞǆĐĞƉƚƚŚŽƐĞĂƵƚŚŽƌŝǌĞĚďǇƚŚĞ,W͘ZĞǀŝĞǁĂŶĚĂƵƚŚŽƌŝǌĂƚŝŽŶƐŚĂůůĨŽůůŽǁƉƌŽĐĞĚƵƌĞƐŽĨ^ĞĐ͘ ϰͲϳͲϭϮ͘ ;ĚͿ>ĂŶĚŵĂƌŬĚĞƐŝŐŶĂƚŝŽŶƐŚĂůůŽĐĐƵƌďǇŽƌĚŝŶĂŶĐĞĂĚŽƉƚĞĚďǇƚŚĞĐŽƵŶĐŝů͕ĂĨƚĞƌǁŚŝĐŚ͕ƚŚĞƉƌŽƉĞƌƚǇŽƌ ĚŝƐƚƌŝĐƚŝƐƐƵďũĞĐƚƚŽƚŚĞƚĞƌŵƐŽĨƚŚŝƐĐŚĂƉƚĞƌ͘ůĂŶĚŵĂƌŬƉƌŽƉĞƌƚǇŽƌůĂŶĚŵĂƌŬĚŝƐƚƌŝĐƚƐŚĂůůďĞ ĞůŝŐŝďůĞĨŽƌĐĞƌƚĂŝŶƉƌĞƐĞƌǀĂƚŝŽŶďĞŶĞĨŝƚƐĂŶĚŵĂǇďĞĂǁĂƌĚĞĚƉƌĞƐĞƌǀĂƚŝŽŶŝŶĐĞŶƚŝǀĞƐƉƵƌƐƵĂŶƚƚŽ ƚŚĞŚĞƌŝƚĂŐĞƉƌĞƐĞƌǀĂƚŝŽŶƉƌŽŐƌĂŵŝŶ^ĞĐ͘ϰͲϳͲϭϱ͘ ϳ Z&dϲ͘ϭϰ͘ϮϬϮϭ 3DFNHW3J +E ;ĞͿWƌŽƉĞƌƚŝĞƐĚĞƐŝŐŶĂƚĞĚĂƐůĂŶĚŵĂƌŬƐƐŚĂůůďĞĂĚĚĞĚƚŽƚŚĞŽĨĨŝĐŝĂůůŝƐƚĂŶĚƐŚŽǁŶŽŶĂŵĂƉĂƐůĂŶĚŵĂƌŬ ƉƌŽƉĞƌƚŝĞƐŽƌĚŝƐƚƌŝĐƚƐ͘dŚŝƐĚĞƐŝŐŶĂƚŝŽŶƐŚĂůůŶŽƚĐŚĂŶŐĞŽƌŵŽĚŝĨǇƚŚĞƵŶĚĞƌůǇŝŶŐǌŽŶĞĐůĂƐƐŝĨŝĐĂƚŝŽŶ͘ ;ĨͿdŚĞŝƚǇůĞƌŬƐŚĂůůƌĞĐŽƌĚǁŝƚŚƌĞĂůĞƐƚĂƚĞƌĞĐŽƌĚƐŽĨƚŚĞĐŽƵŶƚǇĂĐĞƌƚŝĨŝĞĚĐŽƉǇŽĨƚŚĞŽƌĚŝŶĂŶĐĞ ĚĞƐŝŐŶĂƚŝŶŐƚŚĞƉƌŽƉĞƌƚǇŝŶĐůƵĚŝŶŐŝƚƐůĞŐĂůĚĞƐĐƌŝƉƚŝŽŶ͘ǆ ^ĞĐ͘ϰͲϳͲϭϭ͘ͲZĞŵŽǀĂůŽĨůĂŶĚŵĂƌŬƉƌŽƉĞƌƚǇŽƌůĂŶĚŵĂƌŬĚŝƐƚƌŝĐƚĚĞƐŝŐŶĂƚŝŽŶ͘ ;ĂͿŶĂƉƉůŝĐĂƚŝŽŶĨŽƌƚŚĞƌĞŵŽǀĂůŽĨĂůĂŶĚŵĂƌŬƉƌŽƉĞƌƚǇŽƌůĂŶĚŵĂƌŬĚŝƐƚƌŝĐƚĨƌŽŵĚĞƐŝŐŶĂƚŝŽŶƐŚĂůů ĨŽůůŽǁƚŚĞƐĂŵĞƐƵďŵŝƐƐŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĚĞƐŝŐŶĂƚŝŽŶĚĞƐĐƌŝďĞĚŝŶƚŚŝƐĐŚĂƉƚĞƌ͕ĞǆĐĞƉƚƚŚĂƚƚŚĞ ĂƉƉůŝĐĂƚŝŽŶƐŚĂůůŝŶĐůƵĚĞĂŶĞǆƉůĂŶĂƚŝŽŶĚĞƐĐƌŝďŝŶŐǁŚǇƚŚĞƉƌŽƉĞƌƚǇŶŽůŽŶŐĞƌŵĞĞƚƐƚŚĞĐƌŝƚĞƌŝĂĨŽƌ ĚĞƐŝŐŶĂƚŝŽŶĂƐĂůĂŶĚŵĂƌŬƉƌŽƉĞƌƚǇŽƌůĂŶĚŵĂƌŬĚŝƐƚƌŝĐƚ͘ĨƚĞƌĂƉƵďůŝĐŚĞĂƌŝŶŐŽŶƚŚĞŵĂƚƚĞƌ͕ƚŚĞ ŽŵŵŝƐƐŝŽŶƐŚĂůůĚĞƚĞƌŵŝŶĞŝĨƐƵĨĨŝĐŝĞŶƚĞǀŝĚĞŶĐĞĞǆŝƐƚƐƐŚŽǁŝŶŐƚŚĞƉƌŽƉĞƌƚǇŶŽůŽŶŐĞƌŵĞĞƚƐƚŚĞ ĐƌŝƚĞƌŝĂĨŽƌĚĞƐŝŐŶĂƚŝŽŶ͘/ĨƐŽ͕ƚŚĞŽŵŵŝƐƐŝŽŶƐŚĂůůƌĞĐŽŵŵĞŶĚƌĞŵŽǀĂůƚŽƚŚĞĐŽƵŶĐŝů͘ƉƉƌŽǀĂůďǇ ŝƚǇŽƵŶĐŝůƐŚĂůůŽĐĐƵƌďǇŽƌĚŝŶĂŶĐĞƚŽƌĞƉĞĂůƚŚĞŽƌĚŝŶĂŶĐĞǁŚŝĐŚĚĞƐŝŐŶĂƚĞĚƚŚĞƉƌŽƉĞƌƚǇ͘ ;ďͿ/ĨĂƌĞƋƵĞƐƚĨŽƌƌĞƐĐŝŶĚŝŶŐĚĞƐŝŐŶĂƚŝŽŶŝƐĚĞŶŝĞĚ͕ĂŶĂƉƉůŝĐĂƚŝŽŶĐĂŶŶŽƚďĞĨŝůĞĚĂŐĂŝŶĨŽƌĂƉĞƌŝŽĚŽĨ ƚǁŽǇĞĂƌƐĨƌŽŵƚŚĞĚĂƚĞŽĨƚŚĞĚĞŶŝĂůďǇƚŚĞĐŽƵŶĐŝů͘ ;ŽĚĞϭϵϲϱ͕Αϭϵ͘ϬϵͿ ^ĞĐ͘ϰͲϳͲϭϮ͘ʹůƚĞƌĂƚŝŽŶƐĂŶĚĚĞǀĞůŽƉŵĞŶƚŝŶǀŽůǀŝŶŐůĂŶĚŵĂƌŬƉƌŽƉĞƌƚǇĂŶĚĚŝƐƚƌŝĐƚƐ ;ĂͿǆĐĞƉƚĂƐƉƌŽǀŝĚĞĚŝŶƐƵďƐĞĐƚŝŽŶ;ďͿǁŚŝĐŚĨŽůůŽǁƐ͕ŶŽƉĞƌŵŝƚƐŚĂůůďĞŝƐƐƵĞĚƚŽĞƌĞĐƚ͕ĐŽŶƐƚƌƵĐƚ͕ ĞŶůĂƌŐĞ͕ĂůƚĞƌ͕ƌĞůŽĐĂƚĞŽƌŝŵƉƌŽǀĞĂůĂŶĚŵĂƌŬƉƌŽƉĞƌƚǇŽƌĂĐŽŶƚƌŝďƵƚŝŶŐƉƌŽƉĞƌƚǇǁŝƚŚŝŶĂůĂŶĚŵĂƌŬ ĚŝƐƚƌŝĐƚ͕ƵŶƚŝůƌĞǀŝĞǁŝƐĐŽŶĚƵĐƚĞĚĂŶĚĂƉƉƌŽǀĂůŐŝǀĞŶƉĞƌƚŚĞ^ĞĐƌĞƚĂƌǇŽĨ/ŶƚĞƌŝŽƌ^ƚĂŶĚĂƌĚƐĂŶĚ ůŽĐĂůůǇĂĚŽƉƚĞĚĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐ͘ ;ďͿǆĞŵƉƚĂĐƚŝǀŝƚŝĞƐ͘ ;ϭͿ/ŶƚĞƌŝŽƌƌĞŵŽĚĞůŝŶŐĂŶĚŵŽĚŝĨŝĐĂƚŝŽŶƐ͘ ;ϮͿǆƚĞƌŝŽƌƌĞƉĂŝŶƚŝŶŐ;ĐŽůŽƌƐĞůĞĐƚŝŽŶͿ͕ŽƌƌĞͲƉůĂƐƚĞƌŝŶŐƐŝŵŝůĂƌƚŽƚŚĞĞǆŝƐƚŝŶŐĨŝŶŝƐŚ ;ϯͿZŽƵƚŝŶĞƌĞƉĂŝƌŽƌŵĂŝŶƚĞŶĂŶĐĞƐƵĐŚĂƐĐĂƵůŬŝŶŐ͕ƌĞƉůĂĐĞŵĞŶƚŽĨĨĂƐƚĞŶĞƌƐ͕ƌĞƉĂŝƌŽĨǁŝŶĚŽǁ ŐůĂǌŝŶŐŽƌŽƚŚĞƌƐƵĐŚŵŝŶŝŵĂůůǇŝŶƚƌƵƐŝǀĞǁŽƌŬ͘ ;ϰͿhƉŐƌĂĚŝŶŐŽĨŵĞĐŚĂŶŝĐĂů͕ĞůĞĐƚƌŝĐĂů͕ĂŶĚƉůƵŵďŝŶŐƐǇƐƚĞŵƐĂŶĚŽƚŚĞƌĐŽĚĞͲƌĞƋƵŝƌĞĚǁŽƌŬƚŽ ŵĂŬĞƉƌŽƉĞƌƚŝĞƐĨƵŶĐƚŝŽŶĂů͕ǁŚĞŶŝƚŚĂƐŶŽǀŝƐƵĂůŝŵƉĂĐƚƚŽƚŚĞƉƌŽƉĞƌƚǇĂƐƐĞĞŶĨƌŽŵŽĨĨƐŝƚĞ ŽĨƚŚĞƉƌŽƉĞƌƚǇ ;ϱͿ/ĨƚŚĞƌĞŝƐĂŶǇƋƵĞƐƚŝŽŶǁŚĞƚŚĞƌĂŶĂĐƚŝǀŝƚǇƋƵĂůŝĨŝĞƐĂƐĞǆĞŵƉƚ͕ƚŚĞŽŵŵŝƐƐŝŽŶƐŚĂůůŵĂŬĞƚŚĞ ĚĞƚĞƌŵŝŶĂƚŝŽŶĂƐƚŽŝƚƐƐƚĂƚƵƐ͘ ;ϲͿ/ŶĂŶĞŵĞƌŐĞŶĐǇƐŝƚƵĂƚŝŽŶǁŚĞƌĞŝŵŵĞĚŝĂƚĞƌĞƉĂŝƌŝƐŶĞĞĚĞĚƚŽƉƌŽƚĞĐƚƚŚĞƐĂĨĞƚǇŽĨĂďƵŝůĚŝŶŐ ŽƌƐƚƌƵĐƚƵƌĞĂŶĚŝƚƐŝŶŚĂďŝƚĂŶƚƐ͕ƚŚĞĐŝƚǇĂĚŵŝŶŝƐƚƌĂƚŽƌĂŶĚĐŝƚǇďƵŝůĚŝŶŐŽĨĨŝĐŝĂůŵĂǇĂƉƉƌŽǀĞƚŚĞ ĂůƚĞƌĂƚŝŽŶǁŝƚŚŽƵƚƉƌŝŽƌŽŵŵŝƐƐŝŽŶĂĐƚŝŽŶ ;ĐͿŶĂƉƉůŝĐĂƚŝŽŶĨŽƌĐĞƌƚŝĨŝĐĂƚĞŽĨĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐƐŚĂůůďĞĨŝůĞĚǁŝƚŚƚŚĞŝƚǇĂŶĚƐŚĂůůƉƌŽǀŝĚĞƐƵĨĨŝĐŝĞŶƚ ŝŶĨŽƌŵĂƚŝŽŶŝŶĐůƵĚŝŶŐ͗ ;ϭͿŽŵƉůĞƚĞĚĨŽƌŵƐĂŶĚĨĞĞƐĂƐĞƐƚĂďůŝƐŚĞĚďǇƚŚĞŝƚǇ͘ ;ϮͿDĂƉƐ͕ƐŝƚĞƉůĂŶƐĂŶĚͬŽƌƉŚŽƚŽƐƐŚŽǁŝŶŐĞǆŝƐƚŝŶŐƌĞƐŽƵƌĐĞ;͚ƐͿĂŶĚůŽĐĂƚŝŽŶƐŽĨƚŚĞƉƌŽƉŽƐĞĚ ĂůƚĞƌĂƚŝŽŶƐ͕ĂĚĚŝƚŝŽŶƐŽƌĚĞŵŽůŝƚŝŽŶ͘ ;ϯͿĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞƉƌŽƉŽƐĞĚǁŽƌŬŝŶĐůƵĚŝŶŐƉƌŽƉŽƐĞĚƉƌŽĚƵĐƚŝŶĨŽƌŵĂƚŝŽŶ͕ĞǆƚĞŶƚĂŶĚƚŝŵŝŶŐ ĨŽƌǁŽƌŬƉƌŽƉŽƐĞĚ͘ ϴ Z&dϲ͘ϭϰ͘ϮϬϮϭ 3DFNHW3J +E ;ϰͿ^ŬĞƚĐŚĞƐ͕ĂƌĐŚŝƚĞĐƚƵƌĂůƌĞŶĚĞƌŝŶŐƐ͕ƉůĂŶƐ͕ƐĞĐƚŝŽŶƐ͕ĞůĞǀĂƚŝŽŶƐŽƌƐŝŵŝůĂƌŝůůƵƐƚƌĂƚŝŽŶƐƐŚŽǁŝŶŐƚŚĞ ƉƌŽƉĞƌƚǇĂƉƉĞĂƌĂŶĐĞĂĨƚĞƌƉƌŽƉŽƐĞĚĂůƚĞƌĂƚŝŽŶƐ͘ ;ĚͿZĞǀŝĞǁĂŶĚĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƉƌŽƉŽƐĞĚĂĐƚŝǀŝƚǇƐŚĂůůďĞďĂƐĞĚŽŶƚŚĞ^ĞĐƌĞƚĂƌǇŽĨ/ŶƚĞƌŝŽƌ͛Ɛ^ƚĂŶĚĂƌĚƐ ĂŶĚůŽĐĂůůǇĂĚŽƉƚĞĚĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐ͘ ;ĞͿ,WƌĞǀŝĞǁƐƐŚĂůůŽĐĐƵƌĂƚĂƉƵďůŝĐŵĞĞƚŝŶŐǁŚŝĐŚĂůůŽǁƐĨŽƌƉƵďůŝĐĐŽŵŵĞŶƚ͘ ;ŽĚĞϭϵϲϱ͕Αϭϵ͘ϭϭͿ ^ĞĐ͘ϰͲϳͲϭϯ͘ͲĞŵŽůŝƚŝŽŶŽĨůĂŶĚŵĂƌŬƉƌŽƉĞƌƚǇ͘ ;ĂͿƉƉůŝĐĂƚŝŽŶƚŽƚŚĞŝƚǇĨŽƌĂĚĞŵŽůŝƚŝŽŶƉĞƌŵŝƚŽĨĂůĂŶĚŵĂƌŬƉƌŽƉĞƌƚǇŽƌŽĨĂĐŽŶƚƌŝďƵƚŝŶŐŚŝƐƚŽƌŝĐ ƌĞƐŽƵƌĐĞǁŝƚŚŝŶĂůĂŶĚŵĂƌŬĚŝƐƚƌŝĐƚ͕ƐŚĂůůŶŽƚďĞŝƐƐƵĞĚƵŶƚŝůĚĞŵŽůŝƚŝŽŶŝƐĂƉƉƌŽǀĞĚďǇƚŚĞŝƚǇ ŽƵŶĐŝů͘ĨƚĞƌĂƉƵďůŝĐŚĞĂƌŝŶŐŽŶƚŚĞŵĂƚƚĞƌ͕ƚŚĞ,WƐŚĂůůĚĞƚĞƌŵŝŶĞŝĨƐƵĨĨŝĐŝĞŶƚĞǀŝĚĞŶĐĞĞǆŝƐƚƐ ŵĞĞƚŝŶŐŽŶĞŽĨƚŚĞƚŚƌĞĞĐƌŝƚĞƌŝĂĨƌŽŵϰͲϳͲϭϯ;ďͿ͕ǁŚŝĐŚĨŽůůŽǁƐ͘/ĨƐŽ͕ƚŚĞŽŵŵŝƐƐŝŽŶƐŚĂůů ƌĞĐŽŵŵĞŶĚƌĞŵŽǀĂůŽĨůĂŶĚŵĂƌŬĚĞƐŝŐŶĂƚŝŽŶƚŽƚŚĞĐŽƵŶĐŝů͘ƉƉƌŽǀĂůŽĨĚĞŵŽůŝƚŝŽŶďǇŝƚǇŽƵŶĐŝů ŽĐĐƵƌďǇŽƌĚŝŶĂŶĐĞƚŽƌĞƉĞĂůƚŚĞŽƌĚŝŶĂŶĐĞǁŚŝĐŚĚĞƐŝŐŶĂƚĞĚƚŚĞƉƌŽƉĞƌƚǇ͘ŶĂƉƉůŝĐĂƚŝŽŶĨŽƌ ĚĞŵŽůŝƚŝŽŶƐŚĂůůŝŶĐůƵĚĞŝŶĨŽƌŵĂƚŝŽŶƐƵĨĨŝĐŝĞŶƚƚŽƌĞǀŝĞǁĐƌŝƚĞƌŝĂŝŶĐůƵĚŝŶŐ͗ ;ϭͿWŚŽƚŽŐƌĂƉŚŝĐĞǀŝĚĞŶĐĞĂŶĚǁƌŝƚƚĞŶĚŽĐƵŵĞŶƚĂƚŝŽŶƚŚĂƚƚŚĞďƵŝůĚŝŶŐŝƐĂŶŝŵŵŝŶĞŶƚŚĂǌĂƌĚ͘ ;ϮͿEĂƌƌĂƚŝǀĞƚĞǆƚ͕ŐƌĂƉŚŝĐŝůůƵƐƚƌĂƚŝŽŶƐĂŶĚͬŽƌŽƚŚĞƌĞǆŚŝďŝƚƐƚŚĂƚƉƌŽǀŝĚĞĞǀŝĚĞŶĐĞƚŚĂƚƚŚĞ ƉƌŽƉĞƌƚǇŚĂƐŶŽŚŝƐƚŽƌŝĐƐŝŐŶŝĨŝĐĂŶĐĞƉĞƌƚŚĞĐƌŝƚĞƌŝĂĞƐƚĂďůŝƐŚĞĚŝŶƐĞĐƚŝŽŶϰͲϳͲϲ͘ ;ϯͿǀŝĚĞŶĐĞŽĨĞĐŽŶŽŵŝĐŚĂƌĚƐŚŝƉĂƐĚĞƚĞƌŵŝŶĞĚƉĞƌ^ĞĐ͘ϰͲϳͲϭϯ;ďͿ;ϯͿ;ďĞůŽǁͿ ;ďͿƌŝƚĞƌŝĂ͘dŚĞĚĞŵŽůŝƚŝŽŶƐŚĂůůďĞĂƉƉƌŽǀĞĚŝĨĂŶǇŽŶĞŽĨƚŚĞĨŽůůŽǁŝŶŐƚŚƌĞĞĐƌŝƚĞƌŝĂĂƌĞŵĞƚ͘ ;ϭͿdŚĞƉƌŽƉĞƌƚǇŚĂƐďĞĞŶĚĞƚĞƌŵŝŶĞĚďǇƚŚĞĐŝƚǇƚŽďĞƐƚƌƵĐƚƵƌĂůůǇƵŶƐŽƵŶĚŽƌŝƐĂŶŝŵŵŝŶĞŶƚ ŚĂǌĂƌĚƚŽƉƵďůŝĐƐĂĨĞƚǇĂŶĚŶŽŽŶĞŝƐĂďůĞƚŽŵĂŬĞƚŚĞŶĞĞĚĞĚƌĞƉĂŝƌƐŝŶĂƚŝŵĞůǇŵĂŶŶĞƌ͘dŚĞ ƐƚƌƵĐƚƵƌĂůŝŶƐƚĂďŝůŝƚǇŽƌĚĞƚĞƌŝŽƌĂƚŝŽŶŽĨĂƉƌŽƉĞƌƚǇĚĞŵŽŶƐƚƌĂƚĞĚƚŚƌŽƵŐŚĂƌĞƉŽƌƚďǇĂ ƐƚƌƵĐƚƵƌĂůĞŶŐŝŶĞĞƌŽƌĂƌĐŚŝƚĞĐƚƐŚĂůůďĞƐƵďŵŝƚƚĞĚďǇĂƉƉůŝĐĂŶƚ͘^ƵĐŚĂƌĞƉŽƌƚŵƵƐƚĐůĞĂƌůǇĚĞƚĂŝů ƚŚĞƉƌŽƉĞƌƚǇ͛ƐƉŚǇƐŝĐĂůĐŽŶĚŝƚŝŽŶ͕ƌĞĂƐŽŶƐǁŚǇƌĞŚĂďŝůŝƚĂƚŝŽŶŝƐŶŽƚĨĞĂƐŝďůĞ͕ĂŶĚĐŽƐƚĞƐƚŝŵĂƚĞƐ ĨŽƌƌĞŚĂďŝůŝƚĂƚŝŽŶǀĞƌƐƵƐĚĞŵŽůŝƚŝŽŶ͘ ;ϮͿdŚĞƉƌŽƉĞƌƚǇůĂĐŬƐŚŝƐƚŽƌŝĐƐŝŐŶŝĨŝĐĂŶĐĞĂƐĂƌĐŚŝƚĞĐƚƵƌĂů͕ĂƌĐŚĂĞŽůŽŐŝĐĂů͕ĞŶŐŝŶĞĞƌŝŶŐŽƌĐƵůƚƵƌĂů ƐŝŐŶŝĨŝĐĂŶĐĞƉĞƌƚŚĞĐƌŝƚĞƌŝĂŽĨ^ĞĐ͘ϰͲϳͲϲ͘ůůƚŚƌĞĞŽĨƚŚĞĨŽůůŽǁŝŶŐĨŝŶĚŝŶŐƐƐŚĂůůďĞŵĂĚĞďǇ ƚŚĞ,WĂŶĚƉƌŽǀŝĚĞĚƚŽŝƚǇŽƵŶĐŝůĨŽƌƚŚĞŝƌĚĞƚĞƌŵŝŶĂƚŝŽŶ͗ Ă͘dŚĞƐƚƌƵĐƚƵƌĞƉƌŽƉŽƐĞĚĨŽƌĚĞŵŽůŝƚŝŽŶĚŽĞƐŶŽƚĐŽŶƚƌŝďƵƚĞƚŽƚŚĞƐŝŐŶŝĨŝĐĂŶĐĞŽĨƚŚĞ ƉƌŽƉĞƌƚǇŽƌůĂŶĚŵĂƌŬĚŝƐƚƌŝĐƚŝŶǁŚŝĐŚŝƚŝƐůŽĐĂƚĞĚ͖ ď͘dŚĞůŽƐƐŽĨƚŚĞďƵŝůĚŝŶŐ͕ƐƚƌƵĐƚƵƌĞŽƌŽďũĞĐƚǁŽƵůĚŶŽƚĂĚǀĞƌƐĞůǇĂĨĨĞĐƚƚŚĞŝŶƚĞŐƌŝƚǇŽĨƚŚĞ ůĂŶĚŵĂƌŬƉƌŽƉĞƌƚǇŽƌůĂŶĚŵĂƌŬĚŝƐƚƌŝĐƚŽƌŝƚƐŚŝƐƚŽƌŝĐ͕ĂƌĐŚŝƚĞĐƚƵƌĂůŽƌĂĞƐƚŚĞƚŝĐ ƌĞůĂƚŝŽŶƐŚŝƉƚŽĂĚũĂĐĞŶƚĚĞƐŝŐŶĂƚĞĚƉƌŽƉĞƌƚŝĞƐ͖ĂŶĚ Đ͘ĞŵŽůŝƚŝŽŶŽĨƚŚĞƐƚƌƵĐƚƵƌĞǁŝůůďĞŝŶĐŽŶƐĞƋƵĞŶƚŝĂůƚŽƚŚĞŚŝƐƚŽƌŝĐƉƌĞƐĞƌǀĂƚŝŽŶŶĞĞĚƐŽĨ ƚŚĞŝƚǇ͕ĚŝƐƚƌŝĐƚŽƌŶĞŝŐŚďŽƌŚŽŽĚ͘ ;ϯͿhŶƌĞĂƐŽŶĂďůĞĞĐŽŶŽŵŝĐŚĂƌĚƐŚŝƉ͕ǁŚŝĐŚƐŚĂůůďĞĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶƚŚĞĨŽůůŽǁŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ͗ Ă͘ƵƌƌĞŶƚůĞǀĞůŽĨĞĐŽŶŽŵŝĐƌĞƚƵƌŶ͘ ď͘ŵŽƵŶƚƉĂŝĚĨŽƌƚŚĞƉƌŽƉĞƌƚǇ͕ĚĂƚĞŽĨƉƵƌĐŚĂƐĞ͕ƉĂƌƚǇĨƌŽŵǁŚŽŵƉƵƌĐŚĂƐĞĚ͕ĂŶĚ ƌĞůĂƚŝŽŶƐŚŝƉďĞƚǁĞĞŶƚŚĞŽǁŶĞƌŽĨƌĞĐŽƌĚ͕ƚŚĞĂƉƉůŝĐĂŶƚ͕ĂŶĚƉĞƌƐŽŶĨƌŽŵǁŚŽŵƚŚĞ ƉƌŽƉĞƌƚǇǁĂƐƉƵƌĐŚĂƐĞĚ͘ ϵ Z&dϲ͘ϭϰ͘ϮϬϮϭ 3DFNHW3J +E Đ͘ŶŶƵĂůŐƌŽƐƐĂŶĚŶĞƚŝŶĐŽŵĞĨƌŽŵƚŚĞƉƌŽƉĞƌƚǇĂŶĚĨŽƌƚŚĞƉƌĞǀŝŽƵƐƚŚƌĞĞǇĞĂƌƐ͕ ŝƚĞŵŝǌĞĚŽƉĞƌĂƚŝŶŐĂŶĚŵĂŝŶƚĞŶĂŶĐĞĞǆƉĞŶƐĞƐĨŽƌƚŚĞƉƌĞǀŝŽƵƐƚŚƌĞĞǇĞĂƌƐ͕ĂŶĚ ĚĞƉƌĞĐŝĂƚŝŽŶĚĞĚƵĐƚŝŽŶĂŶĚĂŶŶƵĂůĐĂƐŚĨůŽǁďĞĨŽƌĞĂŶĚĂĨƚĞƌĚĞďƚƐĞƌǀŝĐĞ͕ŝĨĂŶǇ͕ĚƵƌŝŶŐ ƚŚĞƐĂŵĞƉĞƌŝŽĚ͘ Ě͘ZĞŵĂŝŶŝŶŐďĂůĂŶĐĞŽŶƚŚĞŵŽƌƚŐĂŐĞŽƌŽƚŚĞƌĨŝŶĂŶĐŝŶŐƐĞĐƵƌĞĚďǇƚŚĞƉƌŽƉĞƌƚǇĂŶĚ ĂŶŶƵĂůĚĞďƚƐĞƌǀŝĐĞƐ͕ŝĨĂŶǇ͕ĚƵƌŝŶŐƚŚĞƉƌŝŽƌƚŚƌĞĞǇĞĂƌƐ͘ Ğ͘ZĞĂůĞƐƚĂƚĞƚĂǆĞƐĨŽƌƚŚĞƉƌĞǀŝŽƵƐĨŽƵƌǇĞĂƌƐĂŶĚĂƐƐĞƐƐĞĚǀĂůƵĞŽĨƚŚĞƉƌŽƉĞƌƚǇ ĂĐĐŽƌĚŝŶŐƚŽƚŚĞƚǁŽŵŽƐƚƌĞĐĞŶƚĂƐƐĞƐƐĞĚǀĂůƵĂƚŝŽŶƐ͘ Ĩ͘ůůĂƉƉƌĂŝƐĂůƐŽďƚĂŝŶĞĚǁŝƚŚŝŶƚŚĞůĂƐƚƚǁŽǇĞĂƌƐďǇƚŚĞŽǁŶĞƌŽƌĂƉƉůŝĐĂŶƚŝŶĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚƚŚĞƉƵƌĐŚĂƐĞ͕ĨŝŶĂŶĐŝŶŐ͕ŽƌŽǁŶĞƌƐŚŝƉŽĨƚŚĞƉƌŽƉĞƌƚǇ͘ Ő͘&ŽƌŵŽĨŽǁŶĞƌƐŚŝƉŽƌŽƉĞƌĂƚŝŽŶŽĨƚŚĞƉƌŽƉĞƌƚǇ͕ǁŚĞƚŚĞƌƐŽůĞƉƌŽƉƌŝĞƚŽƌƐŚŝƉ͕ĨŽƌͲƉƌŽĨŝƚ ŽƌŶŽƚͲĨŽƌͲƉƌŽĨŝƚĐŽƌƉŽƌĂƚŝŽŶ͕ůŝŵŝƚĞĚƉĂƌƚŶĞƌƐŚŝƉ͕ũŽŝŶƚǀĞŶƚƵƌĞ͕ŽƌŽƚŚĞƌ͘ 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ŝŝŝ͘ĨƚĞƌƌĞŶŽǀĂƚŝŽŶŽĨƚŚĞĞǆŝƐƚŝŶŐƉƌŽƉĞƌƚǇĨŽƌĐŽŶƚŝŶƵĞĚƵƐĞ͘ Ŷ͘ǆƉĞƌƚƚĞƐƚŝŵŽŶǇŽƌŽƉŝŶŝŽŶŽŶƚŚĞĨĞĂƐŝďŝůŝƚǇŽĨƌĞŚĂďŝůŝƚĂƚŝŽŶŽƌƌĞƵƐĞŽĨƚŚĞĞǆŝƐƚŝŶŐ ƐƚƌƵĐƚƵƌĞďǇĂŶĂƌĐŚŝƚĞĐƚǁŚŽŵĞĞƚƐƉƌŽĨĞƐƐŝŽŶĂůƋƵĂůŝĨŝĐĂƚŝŽŶƐĞƐƚĂďůŝƐŚĞĚďǇƚŚĞ ƐƚĂŶĚĂƌĚƐ͘ Ž͘ĂƚĂƉƌŽǀŝĚĞĚďǇƚŚĞƉƌŽƉĞƌƚǇŽǁŶĞƌƐŚŽǁŝŶŐĞĐŽŶŽŵŝĐŚĂƌĚƐŚŝƉ͘ Ɖ͘ƉƌŽƉĞƌƚǇŽǁŶĞƌƐŚŽƵůĚĐŽŶĚƵĐƚƌŽƵƚŝŶĞŵĂŝŶƚĞŶĂŶĐĞĂŶĚŵĂũŽƌƌĞƉĂŝƌƐŽŶĂ ĚĞƐŝŐŶĂƚĞĚƉƌŽƉĞƌƚǇŝŶŽƌĚĞƌƚŽĞŶƐƵƌĞƚŚĞŝƌƉƌĞƐĞƌǀĂƚŝŽŶ͘ĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨĞĐŽŶŽŵŝĐ ŚĂƌĚƐŚŝƉǁŝůůŶŽƚďĞŝƐƐƵĞĚƚŽĂƉƌŽƉĞƌƚǇŽǁŶĞƌǁŚŽŚĂƐĞŶŐĂŐĞĚŝŶĚĞŵŽůŝƚŝŽŶďǇ ŶĞŐůĞĐƚ͘ ;ŽĚĞϭϵϲϱ͕Αϭϵ͘ϭϯͿ ^ĞĐ͘ϰͲϳͲϭϰ͘ͲEŽƚŝĐĞĂŶĚƉƵďůŝĐŚĞĂƌŝŶŐƐ͘ ;ĂͿ&ŽƌĂŶǇĂĐƚŝŽŶŝŶƚŚŝƐĐŚĂƉƚĞƌƌĞƋƵŝƌŝŶŐĂƉƵďůŝĐŚĞĂƌŝŶŐ͕ĂƉƉůŝĐĂƚŝŽŶƐƐŚĂůůďĞƌĞǀŝĞǁĞĚďǇŝƚǇ ƉĞƌƐŽŶŶĞůƚŽĚĞƚĞƌŵŝŶĞŝĨƚŚĞǇĂƌĞĐŽŵƉůĞƚĞ͘&ŽƌĂĐŽŵƉůĞƚĞĂƉƉůŝĐĂƚŝŽŶ͕ĂƉƵďůŝĐŚĞĂƌŝŶŐŶŽƚŝĐĞǁŝůů ďĞƉŽƐƚĞĚĂŶĚĂƌĞƉŽƌƚǁŝůůďĞƉƌĞƉĂƌĞĚďǇƉĞƌƐŽŶŶĞůĨŽƌƚƌĂŶƐŵŝƚƚĂůƚŽƚŚĞŽŵŵŝƐƐŝŽŶǁŝƚŚƚŚĞ ƌĞůĞǀĂŶƚŝŶĨŽƌŵĂƚŝŽŶŽŶƚŚĞƉƌŽƉŽƐĂů͘ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƚŽĂƉƉƌŽǀĞ͕ĂƉƉƌŽǀĞǁŝƚŚĐŽŶĚŝƚŝŽŶƐŽƌ ĚĞŶǇƚŚĞƌĞƋƵĞƐƚ͕ĂŶĚƚŚĞƌĞĂƐŽŶƐĨŽƌƚŚĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶǁŝůůďĞŝŶĐůƵĚĞĚ͘ ϭϬ Z&dϲ͘ϭϰ͘ϮϬϮϭ 3DFNHW3J +E 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