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ǁŚŝĐŚĞǀĞƌĞǀĞŶƚŽĐĐƵƌƐůĂƚĞƌ͘dŚŝƐŽŶƚƌĂĐƚǁŝůůƌĞŵĂŝŶŝŶĞĨĨĞĐƚƵŶƚŝůƚŚĞǆƉŝƌĂƚŝŽŶĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ ŽƌƵŶƚŝůĂůůŽďůŝŐĂƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĨƵůĨŝůůĞĚ͕ǁŚŝĐŚĞǀĞƌĞǀĞŶƚŽĐĐƵƌƐĨŝƌƐƚ͘ &ŽƌĚĞůĂǇƐĞŶĐŽƵŶƚĞƌĞĚƚŚĂƚĂƌĞďĞǇŽŶĚE'/EZ͛ƐĐŽŶƚƌŽů͕ĂŶĚƵƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚĨƌŽŵE'/EZ͕ƚŚĞ/dzΖƐ % ƵƚŚŽƌŝǌĞĚŐĞŶƚŵĂǇĞǆƚĞŶĚƚŚĞtŽƌŬŽŵƉůĞƚŝŽŶĂƚĞ͕ĂƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞůĞŶŐƚŚŽĨƐƵĐŚƚŝŵĞĞǆƚĞŶƐŝŽŶǁŝůůďĞĚĞƚĞƌŵŝŶĞĚďǇƚŚĞ/dz͛ƐŐĞŶƚ͘ /ƚǁŝůůďĞE'/EZ͛ƐƌĞƐƉŽŶƐŝďŝůŝƚǇƚŽƌĞĂƐŽŶĂďůǇŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ŝŶǁƌŝƚŝŶŐ͕ŝĨE'/EZŚĂƐƌĞĂƐŽŶƚŽ & ďĞůŝĞǀĞƚŚĞƉƌŽũĞĐƚǁŝůůŶŽƚďĞĐŽŵƉůĞƚĞĚĂƐƐĐŚĞĚƵůĞĚ͘/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĂĚũƵƐƚƚŚĞ ƐĐŚĞĚƵůĞĂŶĚĨŝŶĂůĐŽƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐƵĐŚĚĞůĂǇƐ͕ŝŶǁƌŝƚŝŶŐ͕ǁŝƚŚŝŶƚŚĞƚĞƌŵƐŽĨƚŚĞŽŶƚƌĂĐƚ͘ 'KsZE/E'>t͕:hZ/^/d/KE͕EsEh $57,&/( dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞŝŶƚĞƌƉƌĞƚĞĚƉƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ>Ăǁ͘ŶǇĐŝƚĂƚŝŽŶƚŽĨĞĚĞƌĂůŽƌƐƚĂƚĞůĂǁŝŶĐŽƌƉŽƌĂƚĞƐƚŚĞ $ ůĂŶŐƵĂŐĞŽĨƚŚĂƚůĂǁŝŶƚŽƚŚŝƐŽŶƚƌĂĐƚĂƐŝĨĨƵůůǇƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͘sĞŶƵĞĨŽƌĂůůůĞŐĂůƉƌŽĐĞĞĚŝŶŐƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŽƌďƌĞĂĐŚ͕ǁŝůůďĞŝŶƚŚĞĂƉƉůŝĐĂďůĞƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶKůŵƐƚĞĚŽƵŶƚǇ͕ DŝŶŶĞƐŽƚĂ͘ dZD^K&'EZ>KE/d/KE^ $57,&/( ŶǇĂŶĚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨŽƌĐĞƵŶůĞƐƐƚŚĞǇĂƌĞƐƉĞĐŝĨŝĐĂůůǇĂŶĚĚĞůŝďĞƌĂƚĞůǇ $ ĐĂŶĐĞůĞĚŽƌŵŽĚŝĨŝĞĚ͕ŝŶǁƌŝƚŝŶŐ͕ďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŽƚŚĞĞǆƚĞŶƚŽĨĂŶǇŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ % ǁŝůůĐŽŶƚƌŽů͘DŝŶŶĞƐŽƚĂ>ĂǁƐƵƉĞƌƐĞĚĞƐĂŶǇŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ dZD^K&WzDEd $57,&/( ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůĂŶĚ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůǇ $ ƐƵƉƉůŝĞĚďǇE'/EZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďǇ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͕Zd/>ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂǇŵĞŶƚ͘͟ /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶǇƚŝŵĞƚŚĂƚE'/EZǁŝůůĞǆĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ % ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůǇŵĂŶŶĞƌ͘E'/EZŵĂǇŶŽƚďĞ ĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞǆĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůǇĞǆĞĐƵƚĞĚ͕ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚďĞǇŽŶĚƚŚĂƚ͕ǁŚŝĐŚŝƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌ ǁƌŝƚƚĞŶĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďǇ/dz͕ŵĂǇďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌǇĂŶĚE'/EZŵĂǇŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌ ƚŚĞĞǆƚƌĂǁŽƌŬ͘ /ĨE'/EZĐůĂŝŵƐĂŶǇŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌĐŽŶĚŝƚŝŽŶƐĞǆŝƐƚƚŚĂƚĐĂƵƐĞĞǆƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ & E'/EZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶǇĞǆƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐϮϬĂůĞŶĚĂƌĚĂǇƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶŽƌŽďƐĞƌǀĂŶĐĞ ŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ŶǇĐůĂŝŵŵĂĚĞ ĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂǇďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶĂŵĞŶĚŵĞŶƚƚŽ ƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůǇĂƉƉƌŽǀĞĚĂŶĚĞǆĞĐƵƚĞĚďǇƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚE'/EZΖƐŽǁŶƌŝƐŬ͘ ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐĂĐƚƵĂůůǇĂŶĚŶĞĐĞƐƐĂƌŝůǇŝŶĐƵƌƌĞĚďǇE'/EZĂƐĂƌĞƐƵůƚŽĨ ' ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞǆĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘E'/EZǁŝůůďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͘ *& 3DFNHW3J )F WZKhZ&KZWzDEd $57,&/( WĂǇŵĞŶƚƐǁŝůůďĞŵĂĚĞďǇ/dzǁŝƚŚŝŶϯϬĚĂǇƐŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐ͕ƉƌŽƉĞƌůǇ $ ƉƌĞƉĂƌĞĚ͕ĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐĐŽŶƚƌĂĐƚ͘/dzƐŚĂůůŶŽƚŝĨǇE'/EZŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂǇƐ ŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞǇďĞůŝĞǀĞƚŚĞƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐ ǁĞƌĞŶŽƚƉƌŽƉĞƌůǇƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĐŽŶƚƌĂĐƚ͘ /ŶǀŽŝĐĞƐĨŽƌƉĂǇŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďǇE'/EZŵŽŶƚŚůǇƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶƚŚĞĨŽƌŵƉƌĞƐĐƌŝďĞĚďǇ % /dz͘ƐĂŵƉůĞŝŶǀŽŝĐĞĨŽƌŵĂƚŝƐĂƚƚĂĐŚĞĚƚŽƚŚŝƐ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͘/ŶǀŽŝĐĞƐŵƵƐƚŝĚĞŶƚŝĨǇƚŚĞĐŽƐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚĂŶĚŵƵƐƚƐĂƚŝƐĨǇƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ &ŽƌůƵŵƉƐƵŵĂŶĚŽƚŚĞƌĐŽŶƚƌĂĐƚƐ͗ ϭ͘ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůǇŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐ ĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚE'/EZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚ ĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶǇƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚƉĂǇŵĞŶƚ͘ &ŽƌŽƚŚĞƌĐŽŶƚƌĂĐƚƐŽŶůǇ͗ ϯ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝǌĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐĂƌĞƉƌŽƉĞƌůǇ ĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂƌĞĂŶǇĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐĚŝƌĞĐƚůǇƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬ ŽĨƚŚĞE'/EZ͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ ϰ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ ŝƌĞĐƚƐĂůĂƌǇĐŽƐƚƐŽĨĞŵƉůŽǇĞĞƐΖƚŝŵĞĚŝƌĞĐƚůǇĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ D dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨǇŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽǇĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂǇ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂǇŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽǇĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ E ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽǇĞĞΖƐŶĂŵĞ͕ŚŽƵƌůǇ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂǇƉĞƌŝŽĚ͘ /ĨE'/EZŝƐĂƵƚŚŽƌŝǌĞĚďǇ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶǇƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕E'/EZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ & ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚΖƐŽŶƚƌĂĐƚ͕ĂŶĚE'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůǇƉĂǇŵĞŶƚďǇE'/EZŽĨƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂǇŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞ ƐƵďĐŽŶƚƌĂĐƚŽƌŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ E'/EZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƚƌĂĐƚŽƌƐΖŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ' ĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzDEd $57,&/( ůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĞƌĨŽƌŵĞĚŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚ $ ƚŚĂƚĚĞŐƌĞĞŽĨĐĂƌĞĂŶĚƐŬŝůůŽƌĚŝŶĂƌŝůǇĞǆĞƌĐŝƐĞĚďǇŵĞŵďĞƌƐŽĨƚŚĞƐĂŵĞƉƌŽĨĞƐƐŝŽŶĐƵƌƌĞŶƚůǇƉƌĂĐƚŝĐŝŶŐƵŶĚĞƌƐŝŵŝůĂƌ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͘E'/EZŵĂŬĞƐŶŽǁĂƌƌĂŶƚŝĞƐ͕ĞǆƉƌĞƐƐĞĚŽƌŝŵƉůŝĞĚ͕ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŽƌŽƚŚĞƌǁŝƐĞ͕ŝŶĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚE'/EZ͛ƐƐĞƌǀŝĐĞƐdŚĞE'/EZĞŶĚĞĂǀŽƌƐƚŽĐŽŵƉůǇǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďǇĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐ͘ E'/EZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂǇŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ % ƌĞŐƵůĂƚŝŽŶƐ͘ ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďǇƉƌŽŐƌĞƐƐƉĂǇŵĞŶƚƐŵĂĚĞďǇ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚǇŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ & ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐE'/EZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂǇŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶǇĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞE'/EZ͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ *& 3DFNHW3J )F ƐŚĂůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞ ĞǆƚĞŶƚŽĨƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞE'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶǇǁĂǇƚŽƌĞůŝĞǀĞE'/EZĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐĞƌǀŝĐĞƐ ' ĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞǆĐĞĞĚƚŚĂƚŝƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ ^^/'EDEd $57,&/(ĂǇĞĚŝŶĂŶǇǁĂǇĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ % ŽĨE'/EZ͘ŶǇĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůǇĂŶĚĨƵůůǇĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ŚĂŶŐĞƐŝŶƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚŽƌƚŚĞŽŶƚƌĂĐƚǆƉŝƌĂƚŝŽŶĂƚĞĂƌĞŶŽƚƉĞƌŵŝƚƚĞĚŝŶĂĐŚĂŶŐĞŽƌĚĞƌ͘ dŚŝƐĐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ & ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚǇƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůǇŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͕ ďǇƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝǌĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďǇĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞE'/EZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďǇŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĞǆĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ' ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞĐŽŶƚƌĂĐƚ͘ KDW>/Et/d,>/E^^͕WZD/d^͕EKd,ZZ'h>d/KE^ $57,&/( E'/EZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌǇƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶ $ ĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/^E/Ed>>dh>WZKWZdz $57,&/( E'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂ $ ƉƌŽǀŝĚĞĚďǇ/dzŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚĂŶĚĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚ ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ *& 3DFNHW3J )F ŶǇƌĞƉŽƌƚƐ͕ƐƚƵĚŝĞƐ͕ƉŚŽƚŽŐƌĂƉŚƐ͕ŶĞŐĂƚŝǀĞƐ͕ŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐĐƌĞĂƚĞĚĂŶĚƉĂŝĚĨŽƌďǇE'/EZŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ % ŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂƌĞŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞŝŶƌĞƐƉĞĐƚƚŽE'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĂƌĞƚŚĞĞǆĐůƵƐŝǀĞ ƉƌŽƉĞƌƚǇŽĨ/dz͘E'/EZŵƵƐƚƌĞŵŝƚĂůůƐƵĐŚŵĂƚĞƌŝĂůƐƚŽ/dzƵƉŽŶĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞ /dzǁŝůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇƌĞƵƐĞŽĨƐƵĐŚŵĂƚĞƌŝĂůƐďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞŝƚǇƐŚĂůůŐƌĂŶƚƚŚĞE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞĞǆƚĞŶƚŽĨƚŚĞ/dzΖƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘E'/EZǁĂŝǀĞƐĂůůĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞ/dzƌĞƐƵůƚŝŶŐŝŶĂŶǇǁĂǇĨƌŽŵĂŶǇƌĞƵƐĞŽĨ ƚŚĞE'/EZ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŝƌĞĐƚĞĚďǇ/dz͕ƚŚĞŽƌŝŐŝŶĂůƐŽĨƌĞƉŽƌƚƐ͕ĚƌĂǁŝŶŐƐĂŶĚƉůĂŶƐ͖ĂŶĚůĞŐŝďůǇƌĞƉƌŽĚƵĐŝďůĞĐŽƉŝĞƐŽĨǁŽƌŬ & ƐŚĞĞƚƐ͕ĨŝĞůĚŶŽƚĞƐ͕ĐŽŵƉƵƚĂƚŝŽŶƐ͕ĂŶĚŽƚŚĞƌƉƌŽũĞĐƚĚĂƚĂŵƵƐƚďĞƌĞůŝŶƋƵŝƐŚĞĚƚŽ/dz͗ ϭ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ Ϯ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĨŝĐĂƚŝŽŶďǇ/dz͘ ϯ͘WƌŝŽƌƚŽĨŝŶĂůƉĂǇŵĞŶƚďǇ/dzƚŽE'/EZĨŽƌƚŚŝƐŽŶƚƌĂĐƚ͘ 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'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 ͕ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞǇƐ͛ĨĞĞƐ͕/ŶƚŚĞĞǀĞŶƚĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌĞǆƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďǇƚŚĞũŽŝŶƚŽƌ ĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨE'/EZĂŶĚ/dz͕ƚŚĞǇƐŚĂůůďĞďŽƌŶĞďǇĞĂĐŚƉĂƌƚǇŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ ^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚŝƐŽŶƚƌĂĐƚŝƐ & ƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶǇƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ tKZ<Z^ΖKDWE^d/KE $57,&/( ŶǇĂŶĚĂůůĞŵƉůŽǇĞĞƐŽĨE'/EZ͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ $ ĂŶǇǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽǇĞĞƐŽĨ/dz͘ŶǇĂŶĚĂůů ĐůĂŝŵƐƚŚĂƚŵĂǇĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐ ǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶǇĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďǇĂŶǇƚŚŝƌĚƉĂƌƚǇĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶǇĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨ E'/EZΖƐĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽĞŶŐĂŐĞĚŽŶĂŶǇŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶŶŽǁĂǇ ďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨ/dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞ ǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂǇĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚE'/EZ͘ *& 3DFNHW3J )F KE^ $57,&/( dŚŝƐƌƚŝĐůĞŝƐŚĞƌĞďǇĚĞůĞƚĞĚ͘ /E^hZE $57,&/( ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞĨŽƌĞĂĐŚƚǇƉĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĨŝůĞĚǁŝƚŚƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚ $ ŐĞŶƚǁŝƚŚŝŶϯϬĚĂǇƐŽĨĞǆĞĐƵƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽĐŽŵŵĞŶĐĞŵĞŶƚŽĨĂŶǇǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ĂĐŚ ƉŽůŝĐǇŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ/dzĂϯϬͲĚĂǇŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ E'/EZŵƵƐƚŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌǇĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗ % ϭ͘E'/EZƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƐŝƐƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌǇ ĨŽƌƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐďǇE'/EZĂŶĚŝƚƐĞŵƉůŽǇĞĞƐ͘ Ϯ͘dŚĞE'/EZƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐƐĞƉĂƌĂƚĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĞŶĚŽƌƐĞŵĞŶƚƐĨŽƌĞĂĐŚƐƵďĐŽŶƐƵůƚĂŶƚ͘ E'/EZƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐĨƌŽŵŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ tŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͗ ϯ͘E'/EZǁŝůůƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌĂůůE'/EZ ĞŵƉůŽǇĞĞƐĂŶĚ͕ŝŶĐĂƐĞĂŶǇǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕E'/EZǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌǇƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/dzŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ ͕ŵƉůŽǇĞƌ͛Ɛ>ŝĂďŝůŝƚǇ͕ĂƚůŝŵŝƚƐŶŽƚůĞƐƐƚŚĂŶΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĚŝƐĞĂƐĞƉĞƌĞŵƉůŽǇĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇ ŝŶũƵƌǇďǇĚŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĂĐĐŝĚĞŶƚ͘ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƚƌĂĐƚŽƌ͛ƐŝŶƐƵƌĂŶĐĞƐŚĂůů ďĞĨŝůĞĚǁŝƚŚƚŚĞE'/EZ͘ ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚǇ͗ ϰ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌ ďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚǇ ĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďǇ E'/EZŽƌďǇĂƐƵďĐŽŶƚƌĂĐƚŽƌŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͛Ɛ ůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞƐŚĂůůďĞƉƌŝŵĂƌǇƚŽĂŶǇůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďǇƚŚĞŝƚǇ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶ ƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ D ΨϮ͕ϬϬϬ͕ϬϬϬʹĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ E ΨϮ͕ϬϬϬ͕ϬϬϬʹĂŶŶƵĂůĂŐŐƌĞŐĂƚĞʹWƌŽĚƵĐƚƐͬŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ F /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ WƌĞŵŝƐĞƐĂŶĚKƉĞƌĂƚŝŽŶƐŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ D WĞƌƐŽŶĂůĂŶĚĚǀĞƌƚŝƐŝŶŐ/ŶũƵƌǇ E WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚǇ F ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚǇ G EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ H ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚǇ͗ ϱ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐ ĨŽƌďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌ ƉƌŽƉĞƌƚǇĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďǇE'/EZŽƌďǇƐƵďĐŽŶƚƌĂĐƚŽƌŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞE'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞ>ŝŵŝƚĨŽƌŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ *& 3DFNHW3J )F WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ͗ ϲ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬʹƉĞƌĐůĂŝŵŽƌĞǀĞŶƚ ΨϮ͕ϬϬϬ͕ϬϬϬʹĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ dŚŝƐƉŽůŝĐǇǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐE'/EZǁŝůůďĞĐŽŵĞůĞŐĂůůǇŽďůŝŐĂƚĞĚƚŽƉĂǇƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇ ĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽE'/EZΖƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͘ ϳ͘&ŽƌǁŽƌŬŽŶƌĂŝůƌŽĂĚƉƌŽƉĞƌƚǇ͕E'/EZŵƵƐƚŽďƚĂŝŶZĂŝůƌŽĂĚWƌŽƚĞĐƚŝǀĞ>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ DŶͬKd^ƉĞĐŝĨŝĐĂƚŝŽŶϭϳϬϴ͘Ϯ;ϭϵϵϱĚŝƚŝŽŶͿŽƌĂŶǇƐƵďƐĞƋƵĞŶƚĐŚĂŶŐĞƐŽƌŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽƚŚŝƐƐƉĞĐŝĨŝĐĂƚŝŽŶ͘ E'/EZŵƵƐƚ͗ & ϭ͘/ŶĐůƵĚĞůĞŐĂůĚĞĨĞŶƐĞĨĞĞƐŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐůŝĂďŝůŝƚǇƉŽůŝĐǇůŝŵŝƚƐ͕ǁŝƚŚƚŚĞĞǆĐĞƉƚŝŽŶŽĨWƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ ĂďŽǀĞ͖ĂŶĚ Ϯ͘KďƚĂŝŶŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨƌŽŵĂŶŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶǇŚĂǀŝŶŐĂŶΗD^dΗƌĂƚŝŶŐŽĨͲs///ŽƌďĞƚƚĞƌ͘ /dzƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůǇƌĞƐĐŝŶĚƚŚŝƐŽŶƚƌĂĐƚŝĨE'/EZŝƐŶŽƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŝŶƐƵƌĂŶĐĞ ' ƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶǇůĞŐĂůƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚE'/EZ͘hƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚďǇƚŚĞ/dzΖƐ ƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůůďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵĂǇďĞƌĞƋƵĞƐƚĞĚ͘ >/sZ>^dEZ^ $57,&/( /dzǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĚŝƐĂƉƉƌŽǀĞŽƌƌĞũĞĐƚƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƚŚĂƚĂƌĞĚĞĨĞĐƚŝǀĞ͘E'/EZǁŝůůďĞ $ ƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐǇŽĨŝƚƐǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂŶĚŵƵƐƚŵĂŬĞƚŝŵĞůǇƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐǁŝƚŚŽƵƚ ĐŽŵƉĞŶƐĂƚŝŽŶƌĞƐƵůƚŝŶŐĨƌŽŵĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽŶƚŚĞƉĂƌƚŽĨE'/EZ͘dŚĞƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚƚŽ/dz ďǇE'/EZŵƵƐƚďĞŽĨƐƵĐŚƋƵĂůŝƚǇƚŚĂƚƚŚĞǇĂƌĞƐƵŝƚĂďůĞĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ͘ E'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĂŐƌĞĞĚƚŽŝŶĂŶƚŝĐŝƉĂƚŝŽŶŽĨƚŚĞŽƌĚĞƌůǇĂŶĚ % ĐŽŶƚŝŶƵŽƵƐƉƌŽŐƌĞƐƐŽĨƚŚĞWƌŽũĞĐƚƚŚŽƵŐŚĐŽŵƉůĞƚŝŽŶ͘hŶůĞƐƐƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐĨŽƌƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐĂƌĞƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŽďůŝŐĂƚŝŽŶƚŽƌĞŶĚĞƌƐĞƌǀŝĐĞƐŚĞƌĞƵŶĚĞƌǁŝůůďĞĨŽƌĂƉĞƌŝŽĚǁŚŝĐŚŵĂǇ ƌĞĂƐŽŶĂďůǇďĞƌĞƋƵŝƌĞĨŽƌƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƐĂŝĚƐĞƌǀŝĐĞƐ͘ /ĨŝŶƚŚŝƐŽŶƚƌĂĐƚƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞĨŽƌƌĞŶĚĞƌŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐĞƚĨŽƌƚŚŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐďǇǁŚŝĐŚƐĞƌǀŝĐĞƐĂƌĞƚŽďĞ & ĐŽŵƉůĞƚĞĚĂƌĞƉƌŽǀŝĚĞĚ͕ĂŶĚŝĨƐƵĐŚƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌĚĂƚĞƐĂƌĞĐŚĂŶŐĞĚƚŚƌŽƵŐŚŶŽĨĂƵůƚŽĨE'/EZ͕ƚŚĞƌĂƚĞƐĂŶĚ ĂŵŽƵŶƚƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽǀŝĚĞĚĨŽƌŚĞƌĞŝŶƐŚĂůůďĞƐƵďũĞĐƚƚŽĞƋƵŝƚĂďůĞĂĚũƵƐƚŵĞŶƚ͘/Ĩ/dzŚĂƐƌĞƋƵĞƐƚĞĚĐŚĂŶŐĞƐŝŶ ƚŚĞƐĐŽƉĞ͕ĞǆƚĞŶƚ͕ŽƌĐŚĂƌĂĐƚĞƌŽĨƚŚĞWƌŽũĞĐƚ͖ƚŚĞƚŝŵĞŽĨƉĞƌĨŽƌŵĂŶĐĞŽĨE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůůďĞĂĚũƵƐƚĞĚĞƋƵŝƚĂďůǇ͘ EĞŝƚŚĞƌƉĂƌƚǇǁŝůůďĞŚĞůĚƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞůĂǇŽƌĨĂŝůƵƌĞƚŽƉĞƌĨŽƌŵǁŚĞŶƐƵĐŚĚĞůĂǇŽƌĨĂŝůƵƌĞŝƐĚƵĞƚŽĂŶǇŽĨƚŚĞ ' ĨŽůůŽǁŝŶŐ͕ƵŶůĞƐƐƚŚĞĂĐƚŽƌŽĐĐƵƌƌĞŶĐĞĐŽƵůĚŚĂǀĞďĞĞŶƌĞĂƐŽŶĂďůǇĨŽƌĞƐĞĞŶĂŶĚƌĞĂƐŽŶĂďůĞĂĐƚŝŽŶĐŽƵůĚŚĂǀĞďĞĞŶ ƚĂŬĞŶƚŽƉƌĞǀĞŶƚƚŚĞĚĞůĂǇŽƌĨĂŝůƵƌĞ͗ĨŝƌĞ͕ĨůŽŽĚ͕ĞƉŝĚĞŵŝĐ͕ƐƚƌŝŬĞƐ͕ǁĂƌƐ͕ĂĐƚƐŽĨ'ŽĚ͕ƵŶƵƐƵĂůůǇƐĞǀĞƌĞǁĞĂƚŚĞƌ͕ŽƌĚĞůĂǇƐ ŽƌĚĞĨĂƵůƚƐĐĂƵƐĞĚďǇƉƵďůŝĐĐĂƌƌŝĞƌƐ͕ƉƌŽǀŝĚĞĚƚŚĞĚĞĨĂƵůƚŝŶŐƉĂƌƚǇŐŝǀĞƐǁƌŝƚƚĞŶŶŽƚŝĐĞĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞƚŽƚŚĞŽƚŚĞƌ ƉĂƌƚǇŽĨŝƚƐŝŶĂďŝůŝƚǇƚŽƉĞƌĨŽƌŵ͘ &ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐŽŶƚƌĂĐƚƚŚĞƚĞƌŵ͞ĚĂǇ͟ŵĞĂŶƐĂĐĂůĞŶĚĂƌĚĂǇŽĨϮϰŚŽƵƌƐ͘ ( Ed/dZh^d $57,&/( )F K&&//>^EKddKE&/d $57,&/( tŝƚŚŽƵƚƉƌŝŽƌǁƌŝƚƚĞŶĐŽŶƐĞŶƚŽĨ/dz͕E'/EZŵƵƐƚŶŽƚĞŵƉůŽǇĂŶǇƉƌŽĨĞƐƐŝŽŶĂůŽƌƚĞĐŚŶŝĐĂůƉĞƌƐŽŶŶĞůǁŚŽĂƌĞŽƌ $ ŚĂǀĞďĞĞŶĂƚĂŶǇƚŝŵĞĚƵƌŝŶŐƚŚĞƚŝŵĞƉĞƌŝŽĚŽĨƚŚŝƐŽŶƚƌĂĐƚŝŶƚŚĞĞŵƉůŽǇŽĨ/dz͕ĞǆĐĞƉƚƌĞƚŝƌĞĚ/dzĞŵƉůŽǇĞĞƐ͕ ǁŝƚŚŽƵƚǁƌŝƚƚĞŶĐŽŶƐĞŶƚĨƌŽŵ/dz͘ E'/EZǁĂƌƌĂŶƚƐƚŚĂƚŝƚŚĂƐŶŽƚĞŵƉůŽǇĞĚŽƌƌĞƚĂŝŶĞĚĂŶǇĐŽŵƉĂŶǇŽƌƉĞƌƐŽŶ͕ŽƚŚĞƌƚŚĂŶĂďŽŶĂĨŝĚĞĞŵƉůŽǇĞĞ % ǁŽƌŬŝŶŐƐŽůĞůǇĨŽƌE'/EZ͕ƚŽƐŽůŝĐŝƚŽƌƐĞĐƵƌĞƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚƚŚĂƚE'/EZŚĂƐŶŽƚƉĂŝĚŽƌĂŐƌĞĞĚƚŽƉĂǇĂŶǇ ĐŽŵƉĂŶǇŽƌƉĞƌƐŽŶ͕ŽƚŚĞƌƚŚĂŶĂďŽŶĂĨŝĚĞĞŵƉůŽǇĞĞǁŽƌŬŝŶŐĨŽƌE'/EZ͕ĂŶǇĨĞĞ͕ĐŽŵŵŝƐƐŝŽŶƐ͕ƉĞƌĐĞŶƚĂŐĞ͕ ďƌŽŬĞƌĂŐĞĨĞĞ͕ŐŝĨƚƐ͕ŽƌĂŶǇŽƚŚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ĐŽŶƚŝŶŐĞŶƚƵƉŽŶŽƌƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞĂǁĂƌĚŽĨŵĂŬŝŶŐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ E>>d/KE $57,&/( dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐĂŶĐĞůĞĚďǇ/dzǁŝƚŚŝŶϯϬĚĂǇƐ͕ĂƚĂŶǇƚŝŵĞ͕ǁŝƚŚŽƌǁŝƚŚŽƵƚĐĂƵƐĞ͕ƵƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞ $ E'/EZ͘/ŶƚŚĞĞǀĞŶƚŽĨƐƵĐŚĐĂŶĐĞůůĂƚŝŽŶE'/EZǁŝůůďĞĞŶƚŝƚůĞĚƚŽƉĂǇŵĞŶƚ͕ĚĞƚĞƌŵŝŶĞĚŽŶƉƌŽƌĂƚĂďĂƐŝƐ͕ĨŽƌ ƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉĞƌĨŽƌŵĞĚŽƌĚĞůŝǀĞƌĞĚ͘ /ŶƚŚĞĞǀĞŶƚ/dzĐĂŶŶŽƚŽƌĚŽĞƐŶŽƚŽďƚĂŝŶĨƵŶĚŝŶŐ͕ŽƌĨƵŶĚŝŶŐĐĂŶŶŽƚďĞĐŽŶƚŝŶƵĞĚĂƚĂůĞǀĞůƐƵĨĨŝĐŝĞŶƚƚŽĂůůŽǁĨŽƌƚŚĞ % ƉƵƌĐŚĂƐŝŶŐŽĨƚŚĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐĐŽŶƚĂŝŶĞĚŚĞƌĞŝŶ͕ƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐĂŶĐĞůĞĚǁŝƚŚŝŶϯϬĚĂǇƐ͕Ăƚ/dzΖƐ ŽƉƚŝŽŶ͕ďǇǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶĚĞůŝǀĞƌĞĚŝŶƉĞƌƐŽŶ͕ďǇŵĂŝů͕ŽƌĨĂĐƐŝŵŝůĞƚŽE'/EZĂƚƚŚĞĂĚĚƌĞƐƐƐƉĞĐŝĨŝĞĚ ŝŶƚŚŝƐŽŶƚƌĂĐƚ͘/dzǁŝůůŶŽƚďĞŽďůŝŐĂƚĞĚƚŽƉĂǇĨŽƌĂŶǇƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇE'/EZĂĨƚĞƌƐƵĐŚ ŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ &,I&LW\IDLOVWRPDNHDQ\SD\PHQWGXHWR(1*,1((5IRUVHUYLFHVVDWLVIDFWRULO\SHUIRUPHGDQGH[SHQVHVZLWKLQWKLUW\GD\VDIWHUWKHGDWH RI(1*,1((5¶VLQYRLFH(1*,1((5PD\DIWHUJLYLQJVHYHQGD\VZULWWHQQRWLFHWR&,7<DQGZLWKRXWZDLYLQJDQ\FODLPRUULJKWDJDLQVW &,7<DQGZLWKRXWLQFXUULQJOLDELOLW\ZKDWVRHYHUWR&,7<VXVSHQGVHUYLFHVDQGZLWKKROGSURMHFWGHOLYHUDEOHVGXHXQGHUWKLV&RQWUDFWXQWLO (1*,1((5KDVEHHQSDLGLQIXOODOODPRXQWVGXHIRUVHUYLFHVH[SHQVHVDQGFKDUJHV ZZKZ^KZKD/^^/KE^ $57,&/( E'/EZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐǇŽĨŝƚƐǁŽƌŬĂŶĚŵƵƐƚƉƌŽŵƉƚůǇŵĂŬĞŶĞĐĞƐƐĂƌǇƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐ $ ƌĞƐƵůƚŝŶŐĨƌŽŵE'/EZΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬ ďǇ/dzǁŝůůŶŽƚƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌ ĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶǇĂŵďŝŐƵŝƚŝĞƐ͘ ƚĂŶǇƚŝŵĞĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶŽƌĂŶǇƉŚĂƐĞŽĨǁŽƌŬƉĞƌĨŽƌŵĞĚďǇŽƚŚĞƌƐďĂƐĞĚŽŶĚĂƚĂƉƌŽǀŝĚĞĚďǇE'/EZ͕ % E'/EZŵƵƐƚĐŽŶĨĞƌǁŝƚŚ/dzǁŚĞŶŶĞĐĞƐƐĂƌǇĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨŝŶƚĞƌƉƌĞƚŝŶŐƚŚĞŝŶĨŽƌŵĂƚŝŽŶƐĞĐƵƌĞĚĂŶĚͬŽƌƚŽ ĐŽƌƌĞĐƚĂŶǇĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞďǇE'/EZ͘E'/EZŵƵƐƚƉƌĞƉĂƌĞĂŶǇĂŶĚĂůůƉůĂŶƐŽƌĚĂƚĂŶĞĞĚĞĚƚŽ ĐŽƌƌĞĐƚƚŚĞĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚĞĚĐŽŵƉĞŶƐĂƚŝŽŶ͕ĞǀĞŶƚŚŽƵŐŚĨŝŶĂůƉĂǇŵĞŶƚŵĂǇĂůƌĞĂĚǇŚĂǀĞďĞĞŶ ƌĞĐĞŝǀĞĚďǇE'/EZ͘E'/EZŵƵƐƚŐŝǀĞŝŵŵĞĚŝĂƚĞĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŚĂŶŐĞƐƐŽƚŚĞƌĞǁŝůůďĞŵŝŶŝŵĂůĚĞůĂǇƚŽƚŚĞ ƉƌŽũĞĐƚ͘ /ĨŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂƌĞŵĂĚĞďǇE'/EZŝŶĂŶǇƉŚĂƐĞŽĨƚŚĞǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨǁŚŝĐŚŵĂǇ & ƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZǁŝůůďĞƉƌŽŵƉƚůǇŶŽƚŝĨŝĞĚďǇ/dzĂŶĚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƐƵĐŚ ĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘/ĨƚŚĞE'/EZŝƐĂǁĂƌĞŽĨĂŶǇŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞŝŶĂŶǇƉŚĂƐĞ ŽĨŝƚƐǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶƐŽĨǁŚŝĐŚŵĂǇƌĞƋƵŝƌĞĂŶǇĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZŵƵƐƚƉƌŽŵƉƚůǇƉĞƌĨŽƌŵ ƐƵĐŚĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘ E'/EZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶǇĚĂŵĂŐĞƐŝŶĐƵƌƌĞĚĂƐĂƌĞƐƵůƚŽĨŝƚƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂŶĚĨŽƌĂŶǇ ' ůŽƐƐŽƌĐŽƐƚƚŽƌĞƉĂŝƌŽƌƌĞŵĞĚǇE'/EZΖƐĞƌƌŽƌƐ͕ŽŵŝƐƐŝŽŶƐŽƌŶĞŐůŝŐĞŶƚĂĐƚƐ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬďǇ/dzǁŝůůŶŽƚ ƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇƐƵĐŚŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐ͕ŽƌŽĨ ůŝĂďŝůŝƚǇĨŽƌůŽƐƐŽƌĚĂŵĂŐĞƌĞƐƵůƚŝŶŐƚŚĞƌĞĨƌŽŵ͘ E'/EZŵƵƐƚƌĞƐƉŽŶĚƚŽ/dzΖƐŶŽƚŝĐĞŽĨĂŶǇĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŝŶƌĞĂƐŽŶĂďůĞƚŝŵĞĂŶĚŐŝǀĞŝŵŵĞĚŝĂƚĞ ( ĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŽƌƌĞĐƚŝŽŶƐƚŽŵŝŶŝŵŝǌĞĂŶǇĚĞůĂǇƐƚŽƚŚĞE'/EZ͘ *& 3DFNHW3J )F /^WhdZ^K>hd/KE $57,&/( DĞĚŝĂƚŝŽŶ͘ŶǇĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐǇŽƌĚŝƐƉƵƚĞĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞƐƵďũĞĐƚƚŽŶŽŶͲďŝŶĚŝŶŐŵĞĚŝĂƚŝŽŶĂƐ $ ĂĐŽŶĚŝƚŝŽŶƉƌĞĐĞĚĞŶƚƚŽƚŚĞŝŶƐƚŝƚƵƚŝŽŶŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐďǇĞŝƚŚĞƌƉĂƌƚǇ͘dŚĞŵĞĚŝĂƚŝŽŶƐŚĂůůďĞ ĐŽŶĚƵĐƚĞĚŝŶKůŵƐƚĞĚŽƵŶƚǇ͕DŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂŝǀŝůDĞĚŝĂƚŝŽŶĐƚ͕DŝŶŶ͘^ƚĂƚ͘ϱϳϮ͘ϯϭ͕ Ğƚ͕͘ƐĞƋ͘ŶǇĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐǇŽƌĚŝƐƉƵƚĞŶŽƚƌĞƐŽůǀĞĚďǇŵĞĚŝĂƚŝŽŶŵĂǇďĞƚŚĞƐƵďũĞĐƚŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐ ĨŝůĞĚďǇĞŝƚŚĞƌƉĂƌƚǇ͘dŚĞůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐŵƵƐƚďĞǀĞŶƵĞĚŝŶKůŵƐƚĞĚŽƵŶƚǇ͕DŝŶŶĞƐŽƚĂ͘dŚĞƉĂƌƚŝĞƐ ǁĂŝǀĞĂůůƌŝŐŚƚƐƚŽĂŶĚĐůĂŝŵƐĨŽƌŵŽŶĞƚĂƌǇĂǁĂƌĚƐŽƚŚĞƌƚŚĂŶĐŽŵƉĞŶƐĂƚŽƌǇĚĂŵĂŐĞƐ͘ &Z>>h^^ $57,&/( /Ĩ&ĞĚĞƌĂů&ƵŶĚƐĂƌĞŝŶǀŽůǀĞĚǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞĨŽůůŽǁŝŶŐĂĚĚŝƚŝŽŶĂůĐŽŶĚŝƚŝŽŶƐĂƉƉůǇ͗ ŽŵƉůŝĂŶĐĞǁŝƚŚZĞŐƵůĂƚŝŽŶƐ͘dŚĞƐƵďĐŽŶƐƵůƚĂŶƚƐŚĂůůĐŽŵƉůǇǁŝƚŚZĞŐƵůĂƚŝŽŶƐƌĞůĂƚŝǀĞƚŽŶŽŶͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶŝŶ&ĞĚĞƌĂůůǇ $ ĂƐƐŝƐƚĞĚƉƌŽŐƌĂŵƐŽĨƚŚĞĞƉĂƌƚŵĞŶƚŽĨdƌĂŶƐƉŽƌƚĂƚŝŽŶ͕ŚĞƌĞŝŶĂĨƚĞƌƌĞĨĞƌƌĞĚƚŽĂƐ͞Kd͕͟dŝƚůĞϰϵ͕ŽĚĞŽĨ&ĞĚĞƌĂů ZĞŐƵůĂƚŝŽŶƐ͕WĂƌƚϮ͕ĂƐƚŚĞǇŵĂǇďĞĂŵĞŶĚĞĚĨƌŽŵƚŝŵĞƚŽƚŝŵĞŚĞƌĞŝŶĂĨƚĞƌƌĞĨĞƌƌĞĚƚŽĂƐƚŚĞ͞ZĞŐƵůĂƚŝŽŶƐ͕͟ǁŚŝĐŚĂƌĞ ŚĞƌĞŝŶŝŶĐŽƌƉŽƌĂƚĞĚďǇƌĞĨĞƌĞŶĐĞĂŶĚŵĂĚĞƉĂƌƚŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͘ EŽŶͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶ͘dŚĞƐƵďĐŽŶƐƵůƚĂŶƚ͕ǁŝƚŚƌĞŐĂƌĚƚŽƚŚĞǁŽƌŬƉĞƌĨŽƌŵĞĚďǇŝƚĚƵƌŝŶŐƚŚŝƐĐŽŶƚƌĂĐƚ͕ƐŚĂůůŶŽƚ % ĚŝƐĐƌŝŵŝŶĂƚĞŽŶƚŚĞŐƌŽƵŶĚƐŽĨƌĂĐĞ͕ĐŽůŽƌ͕ŶĂƚŝŽŶĂůŽƌŝŐŝŶ͕ƐĞǆ͕ĚŝƐĂďŝůŝƚŝĞƐ͕ŽƌǀĞƚĞƌĂŶ͛ƐƐƚĂƚƵƐŝŶƚŚĞƐĞůĞĐƚŝŽŶĂŶĚ 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dĂƐŬϯ͘ϬtĂƚĞƌƐŚĞĚ/ŶǀĞŶƚŽƌǇĂŶĚ'/^ŶĂůǇƐŝƐΨϳϮ͕ϳϰϯ dĂƐŬϰ͘ϬǆŝƐƚŝŶŐ/ŶĨƌĂƐƚƌƵĐƚƵƌĞƐƐĞƐƐŵĞŶƚΨϵϵ͕ϰϮϳ ĞƉĂƌƚŵĞŶƚǀĂůƵĂƚŝŽŶͬZŽůĞƐĂŶĚ dĂƐŬϱ͘ϬΨϵ͕ϰϯϬ ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ƐƐĞƚDĂŶĂŐĞŵĞŶƚWůĂŶŶŝŶŐʹƐƐĞƚ>ĞǀĞů dĂƐŬϲ͘ϬΨϯϮ͕ϯϳϮ ŽĨ^ĞƌǀŝĐĞ dĂƐŬϳ͘ϬDĞĞƚŝŶŐƐʹ&ĞĞĚďĂĐŬ>ŽŽƉƉƉƌŽĂĐŚΨϱϭ͕ϮϲϮ /ŶƚĞŐƌĂƚŝǀĞWƌŽĐĞƐƐĚŵŝŶŝƐƚƌĂƚŝŽŶͬ dĂƐŬϴ͘ϬΨϯϯ͕Ϯϰϲ ŽŽƌĚŝŶĂƚŝŽŶ dKd>KEdZdDKhEd͗ΨϯϲϬ͕Ϭϯϵ Zd/>ϰE'/EZ͛^WZ^KEE> E'/EZ͛^ƵƚŚŽƌŝǌĞĚŐĞŶƚ͕Žƌ<ĞǇWĞƌƐŽŶŶĞů͗ EĂŵĞ͗ͺͺĂŵŝůůĂŽƌƌĞůů͕WƌĞƚƚŵŵŽŶƐ͕W͕Es^W͕>W dŝƚůĞ͗ͺͺ^ĞŶŝŽƌŶŐŝŶĞĞƌΘWƌŽũĞĐƚDĂŶĂŐĞƌ^ĞŶŝŽƌWƌŽũĞĐƚDĂŶĂŐĞƌΘWƌŝŶĐŝƉĂůŝŶŚĂƌŐĞ ĚĚƌĞƐƐ͗ͺͺϭϵϭϵhŶŝǀĞƌƐŝƚǇǀĞŶƵĞtĞƐƚ͕^ƵŝƚĞϯϬϬ͕^ƚ͘WĂƵů͕DEϱϱϭϬϰ WŚŽŶĞ͗ͺͺ;ϱϬϳͿϮϴϴͲϲϰϲϰ;ϱϬϳͿϮϴϴͲϲϰϲϰ ŵĂŝů͗ͺͺĐĐŽƌƌĞůůΛĞŽƌŝŶĐ͘ĐŽŵďĞŵŵŽŶƐΛĞŽƌŝŶĐ͘ĐŽŵ ZĞƐƉŽŶƐŝďŝůŝƚǇ͗ͺͺWƌŽũĞĐƚDĂŶĂŐĞƌWƌŝŶĐŝƉĂů /ĨE'/EZ͛^ƵƚŚŽƌŝǌĞĚŐĞŶƚĐŚĂŶŐĞƐĂƚĂŶǇƚŝŵĞĚƵƌŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŝŵŵĞĚŝĂƚĞůǇŶŽƚŝĨǇ/dz͘ Zd/>ϱ/dz͛^hd,KZ/'EdͬWZK:dDE'Z /dz͛^ƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ŽƌWƌŽũĞĐƚDĂŶĂŐĞƌǁŝůůďĞ͗ EĂŵĞ͗ͺͺdƌŽǇƌŝĐŬƐŽŶ͕W͘͘ dŝƚůĞ͗ͺͺtĂƚĞƌZĞƐŽƵƌĐĞƐDĂŶĂŐĞƌ ĚĚƌĞƐƐ͗ͺͺϰϬϬϭtĞƐƚZŝǀĞƌWĂƌŬǁĂǇEt͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϭ WŚŽŶĞ͗ͺͺ;ϱϬϳͿϯϮϴͲϮϰϭϵ ŵĂŝů͗ͺͺƚĞƌŝĐŬƐŽŶΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ZĞƐƉŽŶƐŝďŝůŝƚǇ͗ͺͺWƌŽũĞĐƚDĂŶĂŐĞƌ /dz͛^ƵƚŚŽƌŝǌĞĚŐĞŶƚǁŝůůŚĂǀĞĂƵƚŚŽƌŝƚǇƚŽĂĐĐĞƉƚŽƌƌĞũĞĐƚE'/EZ͛^ƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐ͘/ĨƐƵĐŚƐĞƌǀŝĐĞƐ ĂŶĚĚĞůŝǀĞƌĂďůĞƐĂƌĞĂĐĐĞƉƚĂďůĞĂŶĚƐĂƚŝƐĨĂĐƚŽƌǇ͕ƚŚĞ/dz͛^ƵƚŚŽƌŝǌĞĚŐĞŶƚǁŝůůĐĞƌƚŝĨǇĞĂĐŚŝŶǀŽŝĐĞƐƵďŵŝƚƚĞĚĨŽƌ ƉĂǇŵĞŶƚďǇƚŚĞE'/EZ͘ 3DFNHW3J )D ' EZ>KE/d/KE^ dZDK&KEdZd $57,&/( dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĞĨĨĞĐƚŝǀĞƵƉŽŶƚŚĞĚĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ŽƌƵƉŽŶĞǆĞĐƵƚŝŽŶĂŶĚĂƉƉƌŽǀĂůďǇƚŚĞ $ ĂƉƉƌŽƉƌŝĂƚĞ/dzŽĨĨŝĐŝĂůƐ͕ƉƵƌƐƵĂŶƚƚŽŝƚǇŽĨZŽĐŚĞƐƚĞƌ,ŽŵĞZƵůĞŚĂƌƚĞƌ͕ĂŶĚƚŚĞĂƉƉƌŽƉƌŝĂƚĞE'/EZŽĨĨŝĐŝĂůƐ͕ ǁŚŝĐŚĞǀĞƌĞǀĞŶƚŽĐĐƵƌƐůĂƚĞƌ͘dŚŝƐŽŶƚƌĂĐƚǁŝůůƌĞŵĂŝŶŝŶĞĨĨĞĐƚƵŶƚŝůƚŚĞǆƉŝƌĂƚŝŽŶĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ ŽƌƵŶƚŝůĂůůŽďůŝŐĂƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĨƵůĨŝůůĞĚ͕ǁŚŝĐŚĞǀĞƌĞǀĞŶƚŽĐĐƵƌƐĨŝƌƐƚ͘ &ŽƌĚĞůĂǇƐĞŶĐŽƵŶƚĞƌĞĚƚŚĂƚĂƌĞďĞǇŽŶĚE'/EZ͛ƐĐŽŶƚƌŽů͕ĂŶĚƵƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚĨƌŽŵE'/EZ͕ƚŚĞ/dzΖƐ % ƵƚŚŽƌŝǌĞĚŐĞŶƚŵĂǇĞǆƚĞŶĚƚŚĞtŽƌŬŽŵƉůĞƚŝŽŶĂƚĞ͕ĂƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞůĞŶŐƚŚŽĨƐƵĐŚƚŝŵĞĞǆƚĞŶƐŝŽŶǁŝůůďĞĚĞƚĞƌŵŝŶĞĚďǇƚŚĞ/dz͛ƐŐĞŶƚ͘ /ƚǁŝůůďĞE'/EZ͛ƐƌĞƐƉŽŶƐŝďŝůŝƚǇƚŽƌĞĂƐŽŶĂďůǇŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ŝŶǁƌŝƚŝŶŐ͕ŝĨE'/EZŚĂƐƌĞĂƐŽŶƚŽ & ďĞůŝĞǀĞƚŚĞƉƌŽũĞĐƚǁŝůůŶŽƚďĞĐŽŵƉůĞƚĞĚĂƐƐĐŚĞĚƵůĞĚ͘/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĂĚũƵƐƚƚŚĞ ƐĐŚĞĚƵůĞĂŶĚĨŝŶĂůĐŽƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐƵĐŚĚĞůĂǇƐ͕ŝŶǁƌŝƚŝŶŐ͕ǁŝƚŚŝŶƚŚĞƚĞƌŵƐŽĨƚŚĞŽŶƚƌĂĐƚ͘ 'KsZE/E'>t͕:hZ/^/d/KE͕EsEh $57,&/( dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞŝŶƚĞƌƉƌĞƚĞĚƉƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ>Ăǁ͘ŶǇĐŝƚĂƚŝŽŶƚŽĨĞĚĞƌĂůŽƌƐƚĂƚĞůĂǁŝŶĐŽƌƉŽƌĂƚĞƐƚŚĞ $ ůĂŶŐƵĂŐĞŽĨƚŚĂƚůĂǁŝŶƚŽƚŚŝƐŽŶƚƌĂĐƚĂƐŝĨĨƵůůǇƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͘sĞŶƵĞĨŽƌĂůůůĞŐĂůƉƌŽĐĞĞĚŝŶŐƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŽƌďƌĞĂĐŚ͕ǁŝůůďĞŝŶƚŚĞĂƉƉůŝĐĂďůĞƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶKůŵƐƚĞĚŽƵŶƚǇ͕ DŝŶŶĞƐŽƚĂ͘ dZD^K&'EZ>KE/d/KE^ $57,&/( ŶǇĂŶĚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨŽƌĐĞƵŶůĞƐƐƚŚĞǇĂƌĞƐƉĞĐŝĨŝĐĂůůǇĂŶĚĚĞůŝďĞƌĂƚĞůǇ $ ĐĂŶĐĞůĞĚŽƌŵŽĚŝĨŝĞĚ͕ŝŶǁƌŝƚŝŶŐ͕ďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŽƚŚĞĞǆƚĞŶƚŽĨĂŶǇŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ % ǁŝůůĐŽŶƚƌŽů͘DŝŶŶĞƐŽƚĂ>ĂǁƐƵƉĞƌƐĞĚĞƐĂŶǇŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ dZD^K&WzDEd $57,&/( ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůĂŶĚ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůǇ $ ƐƵƉƉůŝĞĚďǇE'/EZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďǇ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͕Zd/>ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂǇŵĞŶƚ͘͟ /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶǇƚŝŵĞƚŚĂƚE'/EZǁŝůůĞǆĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ % ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůǇŵĂŶŶĞƌ͘E'/EZŵĂǇŶŽƚďĞ ĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞǆĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůǇĞǆĞĐƵƚĞĚ͕ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚďĞǇŽŶĚƚŚĂƚ͕ǁŚŝĐŚŝƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌ ǁƌŝƚƚĞŶĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďǇ/dz͕ŵĂǇďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌǇĂŶĚE'/EZŵĂǇŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌ ƚŚĞĞǆƚƌĂǁŽƌŬ͘ /ĨE'/EZĐůĂŝŵƐĂŶǇŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌĐŽŶĚŝƚŝŽŶƐĞǆŝƐƚƚŚĂƚĐĂƵƐĞĞǆƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ & E'/EZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶǇĞǆƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐϮϬĂůĞŶĚĂƌĚĂǇƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶŽƌŽďƐĞƌǀĂŶĐĞ ŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ŶǇĐůĂŝŵŵĂĚĞ ĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂǇďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶĂŵĞŶĚŵĞŶƚƚŽ ƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůǇĂƉƉƌŽǀĞĚĂŶĚĞǆĞĐƵƚĞĚďǇƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚE'/EZΖƐŽǁŶƌŝƐŬ͘ ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐĂĐƚƵĂůůǇĂŶĚŶĞĐĞƐƐĂƌŝůǇŝŶĐƵƌƌĞĚďǇE'/EZĂƐĂƌĞƐƵůƚŽĨ ' ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞǆĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘E'/EZǁŝůůďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͘ *& 3DFNHW3J )D WZKhZ&KZWzDEd $57,&/( WĂǇŵĞŶƚƐǁŝůůďĞŵĂĚĞďǇ/dzǁŝƚŚŝŶϯϬĚĂǇƐŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐ͕ƉƌŽƉĞƌůǇ $ ƉƌĞƉĂƌĞĚ͕ĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐĐŽŶƚƌĂĐƚ͘/dzƐŚĂůůŶŽƚŝĨǇE'/EZŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂǇƐ ŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞǇďĞůŝĞǀĞƚŚĞƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐ ǁĞƌĞŶŽƚƉƌŽƉĞƌůǇƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĐŽŶƚƌĂĐƚ͘ /ŶǀŽŝĐĞƐĨŽƌƉĂǇŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďǇE'/EZŵŽŶƚŚůǇƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶƚŚĞĨŽƌŵƉƌĞƐĐƌŝďĞĚďǇ % /dz͘ƐĂŵƉůĞŝŶǀŽŝĐĞĨŽƌŵĂƚŝƐĂƚƚĂĐŚĞĚƚŽƚŚŝƐ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͘/ŶǀŽŝĐĞƐŵƵƐƚŝĚĞŶƚŝĨǇƚŚĞĐŽƐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚĂŶĚŵƵƐƚƐĂƚŝƐĨǇƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ &ŽƌůƵŵƉƐƵŵĂŶĚŽƚŚĞƌĐŽŶƚƌĂĐƚƐ͗ ϭ͘ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůǇŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐ ĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚE'/EZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚ ĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶǇƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚƉĂǇŵĞŶƚ͘ &ŽƌŽƚŚĞƌĐŽŶƚƌĂĐƚƐŽŶůǇ͗ ϯ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝǌĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐĂƌĞƉƌŽƉĞƌůǇ ĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂƌĞĂŶǇĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐĚŝƌĞĐƚůǇƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬ ŽĨƚŚĞE'/EZ͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ ϰ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ ŝƌĞĐƚƐĂůĂƌǇĐŽƐƚƐŽĨĞŵƉůŽǇĞĞƐΖƚŝŵĞĚŝƌĞĐƚůǇĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ D dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨǇŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽǇĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂǇ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂǇŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽǇĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ E ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽǇĞĞΖƐŶĂŵĞ͕ŚŽƵƌůǇ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂǇƉĞƌŝŽĚ͘ /ĨE'/EZŝƐĂƵƚŚŽƌŝǌĞĚďǇ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶǇƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕E'/EZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ & ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚΖƐŽŶƚƌĂĐƚ͕ĂŶĚE'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůǇƉĂǇŵĞŶƚďǇE'/EZŽĨƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂǇŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞ ƐƵďĐŽŶƚƌĂĐƚŽƌŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ E'/EZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƚƌĂĐƚŽƌƐΖŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ' ĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzDEd $57,&/( ůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĞƌĨŽƌŵĞĚŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚ $ ƚŚĂƚĚĞŐƌĞĞŽĨĐĂƌĞĂŶĚƐŬŝůůŽƌĚŝŶĂƌŝůǇĞǆĞƌĐŝƐĞĚďǇŵĞŵďĞƌƐŽĨƚŚĞƐĂŵĞƉƌŽĨĞƐƐŝŽŶĐƵƌƌĞŶƚůǇƉƌĂĐƚŝĐŝŶŐƵŶĚĞƌƐŝŵŝůĂƌ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͘E'/EZŵĂŬĞƐŶŽǁĂƌƌĂŶƚŝĞƐ͕ĞǆƉƌĞƐƐĞĚŽƌŝŵƉůŝĞĚ͕ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŽƌŽƚŚĞƌǁŝƐĞ͕ŝŶĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚE'/EZ͛ƐƐĞƌǀŝĐĞƐdŚĞE'/EZĞŶĚĞĂǀŽƌƐƚŽĐŽŵƉůǇǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďǇĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐ͘ E'/EZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂǇŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ % ƌĞŐƵůĂƚŝŽŶƐ͘ ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďǇƉƌŽŐƌĞƐƐƉĂǇŵĞŶƚƐŵĂĚĞďǇ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚǇŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ & ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐE'/EZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂǇŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶǇĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞE'/EZ͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ *& 3DFNHW3J )D ƐŚĂůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞ ĞǆƚĞŶƚŽĨƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞE'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶǇǁĂǇƚŽƌĞůŝĞǀĞE'/EZĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐĞƌǀŝĐĞƐ ' ĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞǆĐĞĞĚƚŚĂƚŝƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ ^^/'EDEd $57,&/(ĂǇĞĚŝŶĂŶǇǁĂǇĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ % ŽĨE'/EZ͘ŶǇĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůǇĂŶĚĨƵůůǇĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ŚĂŶŐĞƐŝŶƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚŽƌƚŚĞŽŶƚƌĂĐƚǆƉŝƌĂƚŝŽŶĂƚĞĂƌĞŶŽƚƉĞƌŵŝƚƚĞĚŝŶĂĐŚĂŶŐĞŽƌĚĞƌ͘ dŚŝƐĐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ & ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚǇƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůǇŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͕ ďǇƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝǌĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďǇĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞE'/EZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďǇŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĞǆĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ' ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞĐŽŶƚƌĂĐƚ͘ KDW>/Et/d,>/E^^͕WZD/d^͕EKd,ZZ'h>d/KE^ $57,&/( E'/EZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌǇƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶ $ ĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/^E/Ed>>dh>WZKWZdz $57,&/( E'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂ $ ƉƌŽǀŝĚĞĚďǇ/dzŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚĂŶĚĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚ ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ *& 3DFNHW3J )D ŶǇƌĞƉŽƌƚƐ͕ƐƚƵĚŝĞƐ͕ƉŚŽƚŽŐƌĂƉŚƐ͕ŶĞŐĂƚŝǀĞƐ͕ŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐĐƌĞĂƚĞĚĂŶĚƉĂŝĚĨŽƌďǇE'/EZŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ % ŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂƌĞŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞŝŶƌĞƐƉĞĐƚƚŽE'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĂƌĞƚŚĞĞǆĐůƵƐŝǀĞ ƉƌŽƉĞƌƚǇŽĨ/dz͘E'/EZŵƵƐƚƌĞŵŝƚĂůůƐƵĐŚŵĂƚĞƌŝĂůƐƚŽ/dzƵƉŽŶĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞ /dzǁŝůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇƌĞƵƐĞŽĨƐƵĐŚŵĂƚĞƌŝĂůƐďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞŝƚǇƐŚĂůůŐƌĂŶƚƚŚĞE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞĞǆƚĞŶƚŽĨƚŚĞ/dzΖƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘E'/EZǁĂŝǀĞƐĂůůĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞ/dzƌĞƐƵůƚŝŶŐŝŶĂŶǇǁĂǇĨƌŽŵĂŶǇƌĞƵƐĞŽĨ ƚŚĞE'/EZ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŝƌĞĐƚĞĚďǇ/dz͕ƚŚĞŽƌŝŐŝŶĂůƐŽĨƌĞƉŽƌƚƐ͕ĚƌĂǁŝŶŐƐĂŶĚƉůĂŶƐ͖ĂŶĚůĞŐŝďůǇƌĞƉƌŽĚƵĐŝďůĞĐŽƉŝĞƐŽĨǁŽƌŬ & ƐŚĞĞƚƐ͕ĨŝĞůĚŶŽƚĞƐ͕ĐŽŵƉƵƚĂƚŝŽŶƐ͕ĂŶĚŽƚŚĞƌƉƌŽũĞĐƚĚĂƚĂŵƵƐƚďĞƌĞůŝŶƋƵŝƐŚĞĚƚŽ/dz͗ ϭ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ Ϯ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĨŝĐĂƚŝŽŶďǇ/dz͘ ϯ͘WƌŝŽƌƚŽĨŝŶĂůƉĂǇŵĞŶƚďǇ/dzƚŽE'/EZĨŽƌƚŚŝƐŽŶƚƌĂĐƚ͘ '1RWZLWKVWDQGLQJWKHDERYHSDUDJUDSKVZRUNSDSHUVSURSULHWDU\LQIRUPDWLRQSURFHVVHVPHWKRGRORJLHVNQRZKRZDQGVRIWZDUH ³(QJLQHHULQJ'DWD´ SUHYLRXVO\EHORQJLQJRUOLFHQVHGWR(QJLQHHUDQGXVHGWRSHUIRUP(1*,1((5¶VVHUYLFHVVKDOOUHPDLQWKHSURSHUW\ RI(1*,1((5(1*,1((5VKDOOUHWDLQDQRZQHUVKLSDQGSURSHUW\LQWHUHVWWKHUHLQ LQFOXGLQJWKHFRS\ULJKWDQGWKHULJKWRIUHXVHDWWKH GLUHFWLRQRIWKH(1*,1((5 ZKHWKHURUQRWWKH3URMHFWLVFRPSOHWHG7RWKHH[WHQWWKHVHUYLFHVSHUIRUPHGE\(1*,1((5FRQWDLQ 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ŽŵŝƐƐŝŽŶƐƚŽƚŚĞĞǆƚĞŶƚƉƌŽǀŝĚĞĚďǇůĂǁĂŶĚƐƵďũĞĐƚƚŽƚŚĞ/dz͛ƐĐĂƉŽŶŵƵŶŝĐŝƉĂůƚŽƌƚůŝĂďŝůŝƚǇƵŶĚĞƌDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ ^ĞĐƚŝŽŶϰϲϲ͘Ϭϰ͕ĂŶĚŚĞƌĞďǇĂŐƌĞĞƐƚŽĚĞĨĞŶĚ͕ŝŶĚĞŵŶŝĨǇ͕ĂŶĚŚŽůĚŚĂƌŵůĞƐƐƚŚĞŽƚŚĞƌ;͞ƚŚĞ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚǇ͟Ϳ͕ĨƌŽŵ ĂŶǇůŝĂďŝůŝƚǇ͕ĚĂŵĂŐĞƐ͕ĂŶĚĐŽƐƚƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞŶĞŐůŝŐĞŶƚĂĐƚƐŽĨE'/EZĂŶĚ/dzĂŶĚĂŶǇŽŶĞĨŽƌǁŚŽƐĞŶĞŐůŝŐĞŶƚ ĂĐƚƐƚŚĞǇŵĂǇďĞůŝĂďůĞĨŽƌŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚŝĐŚƚŚĞ/ŶĚĞŵŶŝĨŝĞĚ WĂƌƚǇ͕ŝƚƐŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽǇĞĞƐŵĂǇŚĞƌĞĂĨƚĞƌƐƵƐƚĂŝŶ͕ŝŶĐƵƌŽƌďĞƌĞƋƵŝƌĞĚƚŽƉĂǇƚŽƚŚĞĨƵůůĞĨĨĞĐƚƉƌŽǀŝĚĞĚďǇ DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϯϯϳ͕ƚŽƚŚĞĞǆƚĞŶƚƚŚĞE'/EZĂŶĚ/dzĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐƵĐŚůŝĂďŝůŝƚǇ͕ĐŽƐƚƐ͕ĚĂŵĂŐĞƐ͕ ͕ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞǇƐ͛ĨĞĞƐ͕/ŶƚŚĞĞǀĞŶƚĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌĞǆƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďǇƚŚĞũŽŝŶƚŽƌ ĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨE'/EZĂŶĚ/dz͕ƚŚĞǇƐŚĂůůďĞďŽƌŶĞďǇĞĂĐŚƉĂƌƚǇŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ ^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚŝƐŽŶƚƌĂĐƚŝƐ & ƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶǇƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ tKZ<Z^ΖKDWE^d/KE $57,&/( ŶǇĂŶĚĂůůĞŵƉůŽǇĞĞƐŽĨE'/EZ͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ $ ĂŶǇǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽǇĞĞƐŽĨ/dz͘ŶǇĂŶĚĂůů ĐůĂŝŵƐƚŚĂƚŵĂǇĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐ ǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶǇĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďǇĂŶǇƚŚŝƌĚƉĂƌƚǇĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶǇĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨ E'/EZΖƐĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽĞŶŐĂŐĞĚŽŶĂŶǇŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶŶŽǁĂǇ ďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨ/dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞ ǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂǇĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚE'/EZ͘ *& 3DFNHW3J )D KE^ $57,&/( dŚŝƐƌƚŝĐůĞŝƐŚĞƌĞďǇĚĞůĞƚĞĚ͘ /E^hZE $57,&/( ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞĨŽƌĞĂĐŚƚǇƉĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĨŝůĞĚǁŝƚŚƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚ $ ŐĞŶƚǁŝƚŚŝŶϯϬĚĂǇƐŽĨĞǆĞĐƵƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽĐŽŵŵĞŶĐĞŵĞŶƚŽĨĂŶǇǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ĂĐŚ ƉŽůŝĐǇŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ/dzĂϯϬͲĚĂǇŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ E'/EZŵƵƐƚŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌǇĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗ % ϭ͘E'/EZƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƐŝƐƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌǇ ĨŽƌƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐďǇE'/EZĂŶĚŝƚƐĞŵƉůŽǇĞĞƐ͘ Ϯ͘dŚĞE'/EZƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐƐĞƉĂƌĂƚĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĞŶĚŽƌƐĞŵĞŶƚƐĨŽƌĞĂĐŚƐƵďĐŽŶƐƵůƚĂŶƚ͘ E'/EZƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐĨƌŽŵŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ tŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͗ ϯ͘E'/EZǁŝůůƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌĂůůE'/EZ ĞŵƉůŽǇĞĞƐĂŶĚ͕ŝŶĐĂƐĞĂŶǇǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕E'/EZǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌǇƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/dzŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ ͕ŵƉůŽǇĞƌ͛Ɛ>ŝĂďŝůŝƚǇ͕ĂƚůŝŵŝƚƐŶŽƚůĞƐƐƚŚĂŶΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĚŝƐĞĂƐĞƉĞƌĞŵƉůŽǇĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇ ŝŶũƵƌǇďǇĚŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĂĐĐŝĚĞŶƚ͘ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƚƌĂĐƚŽƌ͛ƐŝŶƐƵƌĂŶĐĞƐŚĂůů ďĞĨŝůĞĚǁŝƚŚƚŚĞE'/EZ͘ ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚǇ͗ ϰ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌ ďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚǇ ĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďǇ E'/EZŽƌďǇĂƐƵďĐŽŶƚƌĂĐƚŽƌŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͛Ɛ ůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞƐŚĂůůďĞƉƌŝŵĂƌǇƚŽĂŶǇůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďǇƚŚĞŝƚǇ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶ ƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ D ΨϮ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ E ΨϮ͕ϬϬϬ͕ϬϬϬ͘ϬϬ F±DQQXDODJJUHJDWH±3URGXFWV&RPSOHWHG2SHUDWLRQV /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ WƌĞŵŝƐĞƐĂŶĚKƉĞƌĂƚŝŽŶƐŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ D WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚǇ E ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚǇ F EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ G WĞƌƐŽŶĂůĂŶĚĚǀĞƌƚŝƐŝŶŐ/ŶũƵƌǇ H ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚǇ͗ ϱ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐ ĨŽƌďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌ ƉƌŽƉĞƌƚǇĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďǇE'/EZŽƌďǇƐƵďĐŽŶƚƌĂĐƚŽƌŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞE'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞ>ŝŵŝƚĨŽƌŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ *& 3DFNHW3J )D WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ͗ ϲ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌĐůĂŝŵ ΨϮ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ dŚŝƐƉŽůŝĐǇǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐE'/EZǁŝůůďĞĐŽŵĞůĞŐĂůůǇŽďůŝŐĂƚĞĚƚŽƉĂǇƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇ ĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽE'/EZΖƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͘ ϳ͘&ŽƌǁŽƌŬŽŶƌĂŝůƌŽĂĚƉƌŽƉĞƌƚǇ͕E'/EZŵƵƐƚŽďƚĂŝŶZĂŝůƌŽĂĚWƌŽƚĞĐƚŝǀĞ>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ DŶͬKd^ƉĞĐŝĨŝĐĂƚŝŽŶϭϳϬϴ͘Ϯ;ϭϵϵϱĚŝƚŝŽŶͿŽƌĂŶǇƐƵďƐĞƋƵĞŶƚĐŚĂŶŐĞƐŽƌŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽƚŚŝƐƐƉĞĐŝĨŝĐĂƚŝŽŶ͘ E'/EZŵƵƐƚ͗ & ϭ͘/ŶĐůƵĚĞůĞŐĂůĚĞĨĞŶƐĞĨĞĞƐŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐůŝĂďŝůŝƚǇƉŽůŝĐǇůŝŵŝƚƐ͕ǁŝƚŚƚŚĞĞǆĐĞƉƚŝŽŶŽĨWƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ ĂďŽǀĞ͖ĂŶĚ Ϯ͘KďƚĂŝŶŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨƌŽŵĂŶŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶǇŚĂǀŝŶŐĂŶΗD^dΗƌĂƚŝŶŐŽĨͲs///ŽƌďĞƚƚĞƌ͘ /dzƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůǇƌĞƐĐŝŶĚƚŚŝƐŽŶƚƌĂĐƚŝĨE'/EZŝƐŶŽƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŝŶƐƵƌĂŶĐĞ ' ƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶǇůĞŐĂůƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚE'/EZ͘hƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚďǇƚŚĞ/dzΖƐ ƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůůďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵĂǇďĞƌĞƋƵĞƐƚĞĚ͘ >/sZ>^dEZ^ $57,&/( /dzǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĚŝƐĂƉƉƌŽǀĞŽƌƌĞũĞĐƚƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƚŚĂƚĂƌĞĚĞĨĞĐƚŝǀĞ͘E'/EZǁŝůůďĞ $ ƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐǇŽĨŝƚƐǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂŶĚŵƵƐƚŵĂŬĞƚŝŵĞůǇƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐǁŝƚŚŽƵƚ ĐŽŵƉĞŶƐĂƚŝŽŶƌĞƐƵůƚŝŶŐĨƌŽŵĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽŶƚŚĞƉĂƌƚŽĨE'/EZ͘dŚĞƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚƚŽ/dz ďǇE'/EZŵƵƐƚďĞŽĨƐƵĐŚƋƵĂůŝƚǇƚŚĂƚƚŚĞǇĂƌĞƐƵŝƚĂďůĞĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ͘ E'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĂŐƌĞĞĚƚŽŝŶĂŶƚŝĐŝƉĂƚŝŽŶŽĨƚŚĞŽƌĚĞƌůǇĂŶĚ % ĐŽŶƚŝŶƵŽƵƐƉƌŽŐƌĞƐƐŽĨƚŚĞWƌŽũĞĐƚƚŚŽƵŐŚĐŽŵƉůĞƚŝŽŶ͘hŶůĞƐƐƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐĨŽƌƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐĂƌĞƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŽďůŝŐĂƚŝŽŶƚŽƌĞŶĚĞƌƐĞƌǀŝĐĞƐŚĞƌĞƵŶĚĞƌǁŝůůďĞĨŽƌĂƉĞƌŝŽĚǁŚŝĐŚŵĂǇ ƌĞĂƐŽŶĂďůǇďĞƌĞƋƵŝƌĞĨŽƌƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƐĂŝĚƐĞƌǀŝĐĞƐ͘ /ĨŝŶƚŚŝƐŽŶƚƌĂĐƚƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞĨŽƌƌĞŶĚĞƌŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐĞƚĨŽƌƚŚŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐďǇǁŚŝĐŚƐĞƌǀŝĐĞƐĂƌĞƚŽďĞ & ĐŽŵƉůĞƚĞĚĂƌĞƉƌŽǀŝĚĞĚ͕ĂŶĚŝĨƐƵĐŚƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌĚĂƚĞƐĂƌĞĐŚĂŶŐĞĚƚŚƌŽƵŐŚŶŽĨĂƵůƚŽĨE'/EZ͕ƚŚĞƌĂƚĞƐĂŶĚ ĂŵŽƵŶƚƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽǀŝĚĞĚĨŽƌŚĞƌĞŝŶƐŚĂůůďĞƐƵďũĞĐƚƚŽĞƋƵŝƚĂďůĞĂĚũƵƐƚŵĞŶƚ͘/Ĩ/dzŚĂƐƌĞƋƵĞƐƚĞĚĐŚĂŶŐĞƐŝŶ ƚŚĞƐĐŽƉĞ͕ĞǆƚĞŶƚ͕ŽƌĐŚĂƌĂĐƚĞƌŽĨƚŚĞWƌŽũĞĐƚ͖ƚŚĞƚŝŵĞŽĨƉĞƌĨŽƌŵĂŶĐĞŽĨE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůůďĞĂĚũƵƐƚĞĚĞƋƵŝƚĂďůǇ͘ EĞŝƚŚĞƌƉĂƌƚǇǁŝůůďĞŚĞůĚƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞůĂǇŽƌĨĂŝůƵƌĞƚŽƉĞƌĨŽƌŵǁŚĞŶƐƵĐŚĚĞůĂǇŽƌĨĂŝůƵƌĞŝƐĚƵĞƚŽĂŶǇŽĨƚŚĞ ' ĨŽůůŽǁŝŶŐ͕ƵŶůĞƐƐƚŚĞĂĐƚŽƌŽĐĐƵƌƌĞŶĐĞĐŽƵůĚŚĂǀĞďĞĞŶƌĞĂƐŽŶĂďůǇĨŽƌĞƐĞĞŶĂŶĚƌĞĂƐŽŶĂďůĞĂĐƚŝŽŶĐŽƵůĚŚĂǀĞďĞĞŶ ƚĂŬĞŶƚŽƉƌĞǀĞŶƚƚŚĞĚĞůĂǇŽƌĨĂŝůƵƌĞ͗ĨŝƌĞ͕ĨůŽŽĚ͕ĞƉŝĚĞŵŝĐ͕ƐƚƌŝŬĞƐ͕ǁĂƌƐ͕ĂĐƚƐŽĨ'ŽĚ͕ƵŶƵƐƵĂůůǇƐĞǀĞƌĞǁĞĂƚŚĞƌ͕ŽƌĚĞůĂǇƐ ŽƌĚĞĨĂƵůƚƐĐĂƵƐĞĚďǇƉƵďůŝĐĐĂƌƌŝĞƌƐ͕ƉƌŽǀŝĚĞĚƚŚĞĚĞĨĂƵůƚŝŶŐƉĂƌƚǇŐŝǀĞƐǁƌŝƚƚĞŶŶŽƚŝĐĞĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞƚŽƚŚĞŽƚŚĞƌ ƉĂƌƚǇŽĨŝƚƐŝŶĂďŝůŝƚǇƚŽƉĞƌĨŽƌŵ͘ &ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐŽŶƚƌĂĐƚƚŚĞƚĞƌŵ͞ĚĂǇ͟ŵĞĂŶƐĂĐĂůĞŶĚĂƌĚĂǇŽĨϮϰŚŽƵƌƐ͘ ( Ed/dZh^d $57,&/( )D K&&//>^EKddKE&/d $57,&/( tŝƚŚŽƵƚƉƌŝŽƌǁƌŝƚƚĞŶĐŽŶƐĞŶƚŽĨ/dz͕E'/EZŵƵƐƚŶŽƚĞŵƉůŽǇĂŶǇƉƌŽĨĞƐƐŝŽŶĂůŽƌƚĞĐŚŶŝĐĂůƉĞƌƐŽŶŶĞůǁŚŽĂƌĞŽƌ $ ŚĂǀĞďĞĞŶĂƚĂŶǇƚŝŵĞĚƵƌŝŶŐƚŚĞƚŝŵĞƉĞƌŝŽĚŽĨƚŚŝƐŽŶƚƌĂĐƚŝŶƚŚĞĞŵƉůŽǇŽĨ/dz͕ĞǆĐĞƉƚƌĞƚŝƌĞĚ/dzĞŵƉůŽǇĞĞƐ͕ ǁŝƚŚŽƵƚǁƌŝƚƚĞŶĐŽŶƐĞŶƚĨƌŽŵ/dz͘ E'/EZǁĂƌƌĂŶƚƐƚŚĂƚŝƚŚĂƐŶŽƚĞŵƉůŽǇĞĚŽƌƌĞƚĂŝŶĞĚĂŶǇĐŽŵƉĂŶǇŽƌƉĞƌƐŽŶ͕ŽƚŚĞƌƚŚĂŶĂďŽŶĂĨŝĚĞĞŵƉůŽǇĞĞ % ǁŽƌŬŝŶŐƐŽůĞůǇĨŽƌE'/EZ͕ƚŽƐŽůŝĐŝƚŽƌƐĞĐƵƌĞƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚƚŚĂƚE'/EZŚĂƐŶŽƚƉĂŝĚŽƌĂŐƌĞĞĚƚŽƉĂǇĂŶǇ ĐŽŵƉĂŶǇŽƌƉĞƌƐŽŶ͕ŽƚŚĞƌƚŚĂŶĂďŽŶĂĨŝĚĞĞŵƉůŽǇĞĞǁŽƌŬŝŶŐĨŽƌE'/EZ͕ĂŶǇĨĞĞ͕ĐŽŵŵŝƐƐŝŽŶƐ͕ƉĞƌĐĞŶƚĂŐĞ͕ ďƌŽŬĞƌĂŐĞĨĞĞ͕ŐŝĨƚƐ͕ŽƌĂŶǇŽƚŚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ĐŽŶƚŝŶŐĞŶƚƵƉŽŶŽƌƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞĂǁĂƌĚŽĨŵĂŬŝŶŐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ E>>d/KE $57,&/( dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐĂŶĐĞůĞĚďǇ/dzǁŝƚŚŝŶϯϬĚĂǇƐ͕ĂƚĂŶǇƚŝŵĞ͕ǁŝƚŚŽƌǁŝƚŚŽƵƚĐĂƵƐĞ͕ƵƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞ $ E'/EZ͘/ŶƚŚĞĞǀĞŶƚŽĨƐƵĐŚĐĂŶĐĞůůĂƚŝŽŶE'/EZǁŝůůďĞĞŶƚŝƚůĞĚƚŽƉĂǇŵĞŶƚ͕ĚĞƚĞƌŵŝŶĞĚŽŶƉƌŽƌĂƚĂďĂƐŝƐ͕ĨŽƌ ƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉĞƌĨŽƌŵĞĚŽƌĚĞůŝǀĞƌĞĚ͘ /ŶƚŚĞĞǀĞŶƚ/dzĐĂŶŶŽƚŽƌĚŽĞƐŶŽƚŽďƚĂŝŶĨƵŶĚŝŶŐ͕ŽƌĨƵŶĚŝŶŐĐĂŶŶŽƚďĞĐŽŶƚŝŶƵĞĚĂƚĂůĞǀĞůƐƵĨĨŝĐŝĞŶƚƚŽĂůůŽǁĨŽƌƚŚĞ % ƉƵƌĐŚĂƐŝŶŐŽĨƚŚĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐĐŽŶƚĂŝŶĞĚŚĞƌĞŝŶ͕ƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐĂŶĐĞůĞĚǁŝƚŚŝŶϯϬĚĂǇƐ͕Ăƚ/dzΖƐ ŽƉƚŝŽŶ͕ďǇǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶĚĞůŝǀĞƌĞĚŝŶƉĞƌƐŽŶ͕ďǇŵĂŝů͕ŽƌĨĂĐƐŝŵŝůĞƚŽE'/EZĂƚƚŚĞĂĚĚƌĞƐƐƐƉĞĐŝĨŝĞĚ ŝŶƚŚŝƐŽŶƚƌĂĐƚ͘/dzǁŝůůŶŽƚďĞŽďůŝŐĂƚĞĚƚŽƉĂǇĨŽƌĂŶǇƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇE'/EZĂĨƚĞƌƐƵĐŚ ŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ &,I&LW\IDLOVWRPDNHDQ\SD\PHQWGXHWR(1*,1((5IRUVHUYLFHVVDWLVIDFWRULO\SHUIRUPHGDQGH[SHQVHVZLWKLQWKLUW\GD\VDIWHUWKHGDWH RI(1*,1((5¶VLQYRLFH(1*,1((5PD\DIWHUJLYLQJVHYHQGD\VZULWWHQQRWLFHWR&,7<DQGZLWKRXWZDLYLQJDQ\FODLPRUULJKWDJDLQVW &,7<DQGZLWKRXWLQFXUULQJOLDELOLW\ZKDWVRHYHUWR&,7<VXVSHQGVHUYLFHVDQGZLWKKROGSURMHFWGHOLYHUDEOHVGXHXQGHUWKLV&RQWUDFWXQWLO (1*,1((5KDVEHHQSDLGLQIXOODOODPRXQWVGXHIRUVHUYLFHVH[SHQVHVDQGFKDUJHV ZZKZ^KZKD/^^/KE^ $57,&/( E'/EZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐǇŽĨŝƚƐǁŽƌŬĂŶĚŵƵƐƚƉƌŽŵƉƚůǇŵĂŬĞŶĞĐĞƐƐĂƌǇƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐ $ ƌĞƐƵůƚŝŶŐĨƌŽŵE'/EZΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬ ďǇ/dzǁŝůůŶŽƚƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌ ĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶǇĂŵďŝŐƵŝƚŝĞƐ͘ ƚĂŶǇƚŝŵĞĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶŽƌĂŶǇƉŚĂƐĞŽĨǁŽƌŬƉĞƌĨŽƌŵĞĚďǇŽƚŚĞƌƐďĂƐĞĚŽŶĚĂƚĂƉƌŽǀŝĚĞĚďǇE'/EZ͕ % E'/EZŵƵƐƚĐŽŶĨĞƌǁŝƚŚ/dzǁŚĞŶŶĞĐĞƐƐĂƌǇĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨŝŶƚĞƌƉƌĞƚŝŶŐƚŚĞŝŶĨŽƌŵĂƚŝŽŶƐĞĐƵƌĞĚĂŶĚͬŽƌƚŽ ĐŽƌƌĞĐƚĂŶǇĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞďǇE'/EZ͘E'/EZŵƵƐƚƉƌĞƉĂƌĞĂŶǇĂŶĚĂůůƉůĂŶƐŽƌĚĂƚĂŶĞĞĚĞĚƚŽ ĐŽƌƌĞĐƚƚŚĞĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚĞĚĐŽŵƉĞŶƐĂƚŝŽŶ͕ĞǀĞŶƚŚŽƵŐŚĨŝŶĂůƉĂǇŵĞŶƚŵĂǇĂůƌĞĂĚǇŚĂǀĞďĞĞŶ ƌĞĐĞŝǀĞĚďǇE'/EZ͘E'/EZŵƵƐƚŐŝǀĞŝŵŵĞĚŝĂƚĞĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŚĂŶŐĞƐƐŽƚŚĞƌĞǁŝůůďĞŵŝŶŝŵĂůĚĞůĂǇƚŽƚŚĞ ƉƌŽũĞĐƚ͘ /ĨŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂƌĞŵĂĚĞďǇE'/EZŝŶĂŶǇƉŚĂƐĞŽĨƚŚĞǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨǁŚŝĐŚŵĂǇ & ƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZǁŝůůďĞƉƌŽŵƉƚůǇŶŽƚŝĨŝĞĚďǇ/dzĂŶĚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƐƵĐŚ ĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘/ĨƚŚĞE'/EZŝƐĂǁĂƌĞŽĨĂŶǇŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞŝŶĂŶǇƉŚĂƐĞ ŽĨŝƚƐǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶƐŽĨǁŚŝĐŚŵĂǇƌĞƋƵŝƌĞĂŶǇĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZŵƵƐƚƉƌŽŵƉƚůǇƉĞƌĨŽƌŵ ƐƵĐŚĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘ E'/EZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶǇĚĂŵĂŐĞƐŝŶĐƵƌƌĞĚĂƐĂƌĞƐƵůƚŽĨŝƚƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂŶĚĨŽƌĂŶǇ ' ůŽƐƐŽƌĐŽƐƚƚŽƌĞƉĂŝƌŽƌƌĞŵĞĚǇE'/EZΖƐĞƌƌŽƌƐ͕ŽŵŝƐƐŝŽŶƐŽƌŶĞŐůŝŐĞŶƚĂĐƚƐ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬďǇ/dzǁŝůůŶŽƚ ƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇƐƵĐŚŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐ͕ŽƌŽĨ ůŝĂďŝůŝƚǇĨŽƌůŽƐƐŽƌĚĂŵĂŐĞƌĞƐƵůƚŝŶŐƚŚĞƌĞĨƌŽŵ͘ E'/EZŵƵƐƚƌĞƐƉŽŶĚƚŽ/dzΖƐŶŽƚŝĐĞŽĨĂŶǇĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŝŶƌĞĂƐŽŶĂďůĞƚŝŵĞĂŶĚŐŝǀĞŝŵŵĞĚŝĂƚĞ ( ĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŽƌƌĞĐƚŝŽŶƐƚŽŵŝŶŝŵŝǌĞĂŶǇĚĞůĂǇƐƚŽƚŚĞE'/EZ͘ *& 3DFNHW3J )D /^WhdZ^K>hd/KE $57,&/( DĞĚŝĂƚŝŽŶ͘ŶǇĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐǇŽƌĚŝƐƉƵƚĞĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞƐƵďũĞĐƚƚŽŶŽŶͲďŝŶĚŝŶŐŵĞĚŝĂƚŝŽŶĂƐ $ ĂĐŽŶĚŝƚŝŽŶƉƌĞĐĞĚĞŶƚƚŽƚŚĞŝŶƐƚŝƚƵƚŝŽŶŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐďǇĞŝƚŚĞƌƉĂƌƚǇ͘dŚĞŵĞĚŝĂƚŝŽŶƐŚĂůůďĞ ĐŽŶĚƵĐƚĞĚŝŶKůŵƐƚĞĚŽƵŶƚǇ͕DŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂŝǀŝůDĞĚŝĂƚŝŽŶĐƚ͕DŝŶŶ͘^ƚĂƚ͘ϱϳϮ͘ϯϭ͕ Ğƚ͕͘ƐĞƋ͘ŶǇĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐǇŽƌĚŝƐƉƵƚĞŶŽƚƌĞƐŽůǀĞĚďǇŵĞĚŝĂƚŝŽŶŵĂǇďĞƚŚĞƐƵďũĞĐƚŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐ ĨŝůĞĚďǇĞŝƚŚĞƌƉĂƌƚǇ͘dŚĞůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐŵƵƐƚďĞǀĞŶƵĞĚŝŶKůŵƐƚĞĚŽƵŶƚǇ͕DŝŶŶĞƐŽƚĂ͘dŚĞƉĂƌƚŝĞƐ ǁĂŝǀĞĂůůƌŝŐŚƚƐƚŽĂŶĚĐůĂŝŵƐĨŽƌŵŽŶĞƚĂƌǇĂǁĂƌĚƐŽƚŚĞƌƚŚĂŶĐŽŵƉĞŶƐĂƚŽƌǇĚĂŵĂŐĞƐ͘ &Z>>h^^ $57,&/( /Ĩ&ĞĚĞƌĂů&ƵŶĚƐĂƌĞŝŶǀŽůǀĞĚǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞĨŽůůŽǁŝŶŐĂĚĚŝƚŝŽŶĂůĐŽŶĚŝƚŝŽŶƐĂƉƉůǇ͗ ŽŵƉůŝĂŶĐĞǁŝƚŚZĞŐƵůĂƚŝŽŶƐ͘dŚĞƐƵďĐŽŶƐƵůƚĂŶƚƐŚĂůůĐŽŵƉůǇǁŝƚŚZĞŐƵůĂƚŝŽŶƐƌĞůĂƚŝǀĞƚŽŶŽŶͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶŝŶ&ĞĚĞƌĂůůǇ $ ĂƐƐŝƐƚĞĚƉƌŽŐƌĂŵƐŽĨƚŚĞĞƉĂƌƚŵĞŶƚŽĨdƌĂŶƐƉŽƌƚĂƚŝŽŶ͕ŚĞƌĞŝŶĂĨƚĞƌƌĞĨĞƌƌĞĚƚŽĂƐ͞Kd͕͟dŝƚůĞϰϵ͕ŽĚĞŽĨ&ĞĚĞƌĂů ZĞŐƵůĂƚŝŽŶƐ͕WĂƌƚϮ͕ĂƐƚŚĞǇŵĂǇďĞĂŵĞŶĚĞĚĨƌŽŵƚŝŵĞƚŽƚŝŵĞŚĞƌĞŝŶĂĨƚĞƌƌĞĨĞƌƌĞĚƚŽĂƐƚŚĞ͞ZĞŐƵůĂƚŝŽŶƐ͕͟ǁŚŝĐŚĂƌĞ ŚĞƌĞŝŶŝŶĐŽƌƉŽƌĂƚĞĚďǇƌĞĨĞƌĞŶĐĞĂŶĚŵĂĚĞƉĂƌƚŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͘ EŽŶͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶ͘dŚĞƐƵďĐŽŶƐƵůƚĂŶƚ͕ǁŝƚŚƌĞŐĂƌĚƚŽƚŚĞǁŽƌŬƉĞƌĨŽƌŵĞĚďǇŝƚĚƵƌŝŶŐƚŚŝƐĐŽŶƚƌĂĐƚ͕ƐŚĂůůŶŽƚ % ĚŝƐĐƌŝŵŝŶĂƚĞŽŶƚŚĞŐƌŽƵŶĚƐŽĨƌĂĐĞ͕ĐŽůŽƌ͕ŶĂƚŝŽŶĂůŽƌŝŐŝŶ͕ƐĞǆ͕ĚŝƐĂďŝůŝƚŝĞƐ͕ŽƌǀĞƚĞƌĂŶ͛ƐƐƚĂƚƵƐŝŶƚŚĞƐĞůĞĐƚŝŽŶĂŶĚ ƌĞƚĞŶƚŝŽŶŽĨƐƵďĐŽŶƐƵůƚĂŶƚƐ͕ƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ŝŶĐůƵĚŝŶŐƉƌŽĐƵƌĞŵĞŶƚŽĨŵĂƚĞƌŝĂůƐĂŶĚůĞĂƐĞƐŽĨĞƋƵŝƉŵĞŶƚ͘dŚĞ ƐƵďĐŽŶƐƵůƚĂŶƚƐŚĂůůŶŽƚƉĂƌƚŝĐŝƉĂƚĞĞŝƚŚĞƌĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇŝŶƚŚĞĚŝƐĐƌŝŵŝŶĂƚŝŽŶƉƌŽŚŝďŝƚĞĚďǇ^ĞĐƚŝŽŶϮϭ͘ϱŽĨƚŚĞ ZĞŐƵůĂƚŝŽŶƐ͕ŝŶĐůƵĚŝŶŐĞŵƉůŽǇŵĞŶƚƉƌĂĐƚŝĐĞƐǁŚĞŶƚŚĞĐŽŶƚƌĂĐƚĐŽǀĞƌƐĂƉƌŽŐƌĂŵƐĞƚĨŽƌƚŚŝŶƉƉĞŶĚŝǆŽĨƚŚĞ ZĞŐƵůĂƚŝŽŶƐ͘ ^ŽůŝĐŝƚĂƚŝŽŶƐĨŽƌ^ƵďĐŽŶƚƌĂĐƚƐ͕ŝŶĐůƵĚŝŶŐƉƌŽĐƵƌĞŵĞŶƚŽĨŵĂƚĞƌŝĂůƐĂŶĚĞƋƵŝƉŵĞŶƚ͘/ŶĂůůƐŽůŝĐŝƚĂƚŝŽŶƐĞŝƚŚĞƌďǇ & ĐŽŵƉĞƚŝƚŝǀĞďŝĚĚŝŶŐŽƌŶĞŐŽƚŝĂƚŝŽŶŵĂĚĞďǇƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚĨŽƌǁŽƌŬƚŽďĞƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂƐƵďĐŽŶƚƌĂĐƚ͕ŝŶĐůƵĚŝŶŐ ƉƌŽĐƵƌĞŵĞŶƚŽĨŵĂƚĞƌŝĂůƐŽƌůĞĂƐĞƐŽĨĞƋƵŝƉŵĞŶƚ͕ĞĂĐŚƉŽƚĞŶƚŝĂůƐƵďĐŽŶƚƌĂĐƚŽƌŽƌƐƵƉƉůŝĞƌƐŚĂůůďĞŶŽƚŝĨŝĞĚďǇƚŚĞ E'/EZŽĨƚŚĞĐŽŶƚƌĂĐƚŽƌ͛ƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐĐŽŶƚƌĂĐƚĂŶĚƚŚĞZĞŐƵůĂƚŝŽŶƐƌĞůĂƚŝǀĞƚŽŶŽŶͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶŽŶƚŚĞ ŐƌŽƵŶĚƐŽĨƌĂĐĞ͕ĐŽůŽƌ͕ŶĂƚŝŽŶĂůŽƌŝŐŝŶ͕ƐĞǆ͕ĚŝƐĂďŝůŝƚŝĞƐŽƌǀĞƚĞƌĂŶ͛ƐƐƚĂƚƵƐ͘ /ŶĨŽƌŵĂƚŝŽŶĂŶĚZĞƉŽƌƚƐ͘dŚĞƐƵďĐŽŶƐƵůƚĂŶƚƐŚĂůůƉƌŽǀŝĚĞĂůůŝŶĨŽƌŵĂƚŝŽŶĂŶĚƌĞƉŽƌƚƐƌĞƋƵŝƌĞĚďǇƚŚĞZĞŐƵůĂƚŝŽŶƐŽƌ ' ĚŝƌĞĐƚŝǀĞƐŝƐƐƵĞĚƉƵƌƐƵĂŶƚƚŚĞƌĞƚŽĂŶĚƐŚĂůůƉĞƌŵŝƚĂĐĐĞƐƐƚŽŝƚƐďŽŽŬƐ͕ƌĞĐŽƌĚƐ͕ĂĐĐŽƵŶƚƐ͕ŽƚŚĞƌƐŽƵƌĐĞƐŽĨŝŶĨŽƌŵĂƚŝŽŶ͕ ĂŶĚŝƚƐĨĂĐŝůŝƚŝĞƐĂƐŵĂǇďĞĚĞƚĞƌŵŝŶĞĚďǇƚŚĞE'/EZ͕ƐƉŽŶƐŽƌ͕ŽƌƚŚĞ&ĞĚĞƌĂůǀŝĂƚŝŽŶĚŵŝŶŝƐƚƌĂƚŝŽŶ;&ͿƚŽďĞ ƉĞƌƚŝŶĞŶƚƚŽĂƐĐĞƌƚĂŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƐƵĐŚƌĞŐƵůĂƚŝŽŶƐ͕ŽƌĚĞƌƐ͕ĂŶĚŝŶƐƚƌƵĐƚŝŽŶƐ͘tŚĞƌĞĂŶǇŝŶĨŽƌŵĂƚŝŽŶƌĞƋƵŝƌĞĚŽĨ ƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚŝƐŝŶƚŚĞĞǆĐůƵƐŝǀĞƉŽƐƐĞƐƐŝŽŶŽĨĂŶŽƚŚĞƌǁŚŽĨĂŝůƐŽƌƌĞĨƵƐĞƐƚŽĨƵƌŶŝƐŚƚŚŝƐŝŶĨŽƌŵĂƚŝŽŶ͕ƚŚĞ ƐƵďĐŽŶƐƵůƚĂŶƚƐŚĂůůƐŽĐĞƌƚŝĨǇƚŽƚŚĞE'/EZ͕ƐƉŽŶƐŽƌ͕ŽƌƚŚĞ&͕ĂƐĂƉƉƌŽƉƌŝĂƚĞ͕ĂŶĚƐŚĂůůƐĞƚĨŽƌƚŚǁŚĂƚĞĨĨŽƌƚƐŝƚŚĂƐ ŵĂĚĞƚŽŽďƚĂŝŶƚŚĞŝŶĨŽƌŵĂƚŝŽŶ͘ 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ĚŝƐƉƌŽƉŽƌƚŝŽŶĂƚĞŝŵƉĂĐƚĨƌŽŵĞŶǀŝƌŽŶŵĞŶƚĂůĚĞŐƌĂĚĂƚŝŽŶ͘zĞƚ͕ŶŽǁĂŶĚŚŝƐƚŽƌŝĐĂůůǇ͕ƚŚŽƐĞǁŚŽƉĂƌƚŝĐŝƉĂƚĞĂŶĚ ďĞŶĞĨŝƚĨƌŽŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚŝŶDŝŶŶĞƐŽƚĂĂƌĞůĂƌŐĞůǇǁŚŝƚĞĂŶĚĂĨĨůƵĞŶƚ͘ Ϯ 3DFNHW3J )D ǇĞŵƉŚĂƐŝǌŝŶŐƐŽĐŝĂůĞƋƵŝƚǇĂƐĂŐŽĂůĨƌŽŵƚŚĞďĞŐŝŶŶŝŶŐ͕ƐƵƌĨĂĐĞǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚĐŽƵůĚŶŽƚŽŶůǇƌĞĚƵĐĞ ĨůŽŽĚŝŶŐĂŶĚƉŽůůƵƚŝŽŶ͕ďƵƚĂůƐŽŝŵƉƌŽǀĞĂŝƌƋƵĂůŝƚǇ͕ƌĞĚƵĐĞƵƌďĂŶŚĞĂƚŝƐůĂŶĚŝŵƉĂĐƚ͕ƌĞĚƵĐĞĞŶĞƌŐǇďŝůůƐ͕ĂŶĚ ŵŽƌĞ͘ƌĞĂƚŝŶŐĐŽͲďĞŶĞĨŝƚƐĨŽƌĂůůƐƚĂŬĞŚŽůĚĞƌƐƚŚƌŽƵŐŚŝŶƚĞŐƌĂƚĞĚĂŶĚŝŶƚĞƌĚŝƐĐŝƉůŝŶĂƌǇƚŚŝŶŬŝŶŐďĞĐŽŵĞƐ ĨƵŶĚĂŵĞŶƚĂůƚŽƚŚĞƉůĂŶŶŝŶŐƉƌŽĐĞƐƐ͘DĂŬŝŶŐƐƵƌĞƚŚĂƚŽǀĞƌďƵƌĚĞŶĞĚĐŽŵŵƵŶŝƚŝĞƐŚĂǀĞĂƐŚĂƌĞŝŶƚŚŽƐĞďĞŶĞĨŝƚƐ ŵĞĂŶƐƐƚĂŬĞŚŽůĚĞƌĞŶŐĂŐĞŵĞŶƚŝŶĐŽƌƉŽƌĂƚĞƐŝŶǀŝƚŝŶŐƚŚĞŵƚŽƉĂƌƚŝĐŝƉĂƚĞŝŶŶĂŵŝŶŐƚŚĞĐŚĂůůĞŶŐĞƐĂŶĚĐƌĞĂƚŝŶŐ ƚŚĞƐŽůƵƚŝŽŶƐ͘dŚŝƐ͕ĂůŽŶŐǁŝƚŚĐƌŽƐƐͲƐĞĐƚŽƌĂŶĚŝŶƚĞƌĚĞƉĂƌƚŵĞŶƚĂůĐŽŽƌĚŝŶĂƚŝŽŶ͕ƐĞƚƐƚŚĞƐƚĂŐĞĨŽƌƚŚĞĞŵĞƌŐĞŶĐĞ ŽĨŶĞǁŝĚĞĂƐ͕ǁŚŝůĞŵĞĞƚŝŶŐŵƵůƚŝƉůĞďĞŶĞĨŝƚƐ͘ tŚŝůĞĞĨĨŽƌƚǁŝůůďĞŵĂĚĞƚŽŶŽƚŝĨǇĂůůĐŽŵŵƵŶŝƚǇŵĞŵďĞƌƐŽĨƚŚĞŽƉƉŽƌƚƵŶŝƚǇƚŽƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞƉůĂŶŶŝŶŐ ƉƌŽĐĞƐƐ͕ĞǆƚƌĂŝŶƚĞŶƚŝŽŶǁŝůůďĞƉůĂĐĞĚŽŶĞŶŐĂŐŝŶŐůŽǁͲŝŶĐŽŵĞƌĞƐŝĚĞŶƚƐ͕ƉĞŽƉůĞŽĨĐŽůŽƌ͕ĂŶĚĂƌĞĂƐŽĨƚŚĞĐŝƚǇ ŝĚĞŶƚŝĨŝĞĚĂƐ͞ŶǀŝƌŽŶŵĞŶƚĂů:ƵƐƚŝĐĞEĞŝŐŚďŽƌŚŽŽĚƐ͟ďǇƚŚĞZŽĐŚĞƐƚĞƌͲKůŵƐƚĞĚŽƵŶĐŝůŽĨ'ŽǀĞƌŶŵĞŶƚƐϮϬϭϲ ƌĞƉŽƌƚ͕͞DĂƚƚĞƌŽĨ&ĂŝƌŶĞƐƐ͘͟ Ϯ &ŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƚŚŝƐƉůĂŶŶŝŶŐƉƌŽĐĞƐƐ͕ĐŽŵŵƵŶŝƚǇŵĞŵďĞƌƐĐĂŶďĞƌŽƵŐŚůǇďƌŽŬĞŶĚŽǁŶŝŶƚŽĨŽƵƌŐƌŽƵƉƐ͕ ŽƌŐĂŶŝǌĞĚďǇůĞǀĞůŽĨĞĨĨŽƌƚǁĞƌĞĐŽŵŵĞŶĚĨŽƌŽƵƚƌĞĂĐŚĂŶĚĞŶŐĂŐĞŵĞŶƚ;ĨƌŽŵŚŝŐŚĞƐƚƚŽůŽǁĞƐƚͿ͗ /ĚĞŶƚŝĨŝĞĚŶǀŝƌŽŶŵĞŶƚĂů:ƵƐƚŝĐĞ;:ͿĐŽŵŵƵŶŝƚŝĞƐ͗ĂƐĞĚŽŶĐĞŶƐƵƐĚĂƚĂĂŶĚŚŝƐƚŽƌŝĐĂůĚĂƚĂĂďŽƵƚ x ƌĞĚůŝŶŝŶŐ͕ϯǁĞŚĂǀĞĂŶŝĚĞĂŽĨǁŚĞƌĞ:ĐŽŵŵƵŶŝƚŝĞƐĂƌĞŐĞŽŐƌĂƉŚŝĐĂůůǇůŽĐĂƚĞĚŝŶZŽĐŚĞƐƚĞƌďǇƌĂĐĞĂŶĚ ĞƚŚŶŝĐŝƚǇ͖ŝŵŵŝŐƌĂƚŝŽŶƐƚĂƚƵƐ͖ĂŶĚƐŽĐŝŽĞĐŽŶŽŵŝĐƐƚĂƚƵƐĞƐ͘dŚĞƐĞŐĞŽŐƌĂƉŚŝĐůŽĐĂƚŝŽŶƐĂƌĞĂŐŽŽĚƉůĂĐĞƚŽ ƐƚĂƌƚƉůĂŶŶŝŶŐŽƵƚƌĞĂĐŚĨŽƌĞŶŐĂŐĞŵĞŶƚĞǀĞŶƚƐǁŝƚŚĂĨŽĐƵƐďŽƚŚŽŶĐĞŶƐƵƐƚƌĂĐƚƐǁŝƚŚŚŝŐŚ ĐŽŶĐĞŶƚƌĂƚŝŽŶƐŽĨůŽǁĞƌͲŝŶĐŽŵĞĂŶĚ/WKĐŽŵŵƵŶŝƚŝĞƐĂƐǁĞůůĂƐĐŝƚǇͲǁŝĚĞĞŶŐĂŐĞŵĞŶƚĚƵĞƚŽǁŝĚĞ ĚŝƐƚƌŝďƵƚŝŽŶŽĨ:ĐŽŵŵƵŶŝƚŝĞƐŽŶƚŚĞĐŝƚǇďůŽĐŬůĞǀĞů͘ ĞŶƐƵƐƚƌĂĐƚƐ͗dŚĞŚŝƐƚŽƌǇŽĨƌĞĚůŝŶŝŶŐŝŶZŽĐŚĞƐƚĞƌĐŽŶƚŝŶƵĞƐƚŽĚĂǇĂƐĐĞŶƐƵƐƚƌĂĐƚƐ;ŝ͘Ğ͘ϭ͕Ϯ͕ϱ͕ĂŶĚ x ϲͿǁŝƚŚƐŝŐŶŝĨŝĐĂŶƚĂƌĞĂƐůĂďĞůĞĚ͞ĚĞĐůŝŶŝŶŐ͟ĂŶĚ͞ŚĂǌĂƌĚŽƵƐ͟ĐŽŶƚŝŶƵĞƚŽŚŽƐƚ:ĐŽŵŵƵŶŝƚŝĞƐ͘ ϰ 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ƚŽĞǀĞƌǇŽŶĞŝŶZŽĐŚĞƐƚĞƌ͘ŐĂŝŶ͕ĂĐŬŶŽǁůĞĚŐŝŶŐƚŚĂƚĂůůƉĞŽƉůĞŝŵƉĂĐƚĂŶĚĂƌĞͶƚŽĚŝĨĨĞƌŝŶŐĚĞŐƌĞĞƐͶ ŝŵƉĂĐƚĞĚďǇƐƚŽƌŵǁĂƚĞƌĂŶĚƐƵƌĨĂĐĞǁĂƚĞƌĐŚĂůůĞŶŐĞƐ͕ǁĞŵƵƐƚŵĂŬĞƐƵƌĞƚŚĂƚƚŚĞƌĞĂƌĞŽƉƉŽƌƚƵŶŝƚŝĞƐ ĨŽƌĞǀĞƌǇŽŶĞƚŽƉĂƌƚŝĐŝƉĂƚĞ͘ŶŐĂŐŝŶŐƚŚĞŐĞŶĞƌĂůƉƵďůŝĐŝŶĂĚĚŝƚŝŽŶƚŽƚĂƌŐĞƚƉŽƉƵůĂƚŝŽŶƐǁŝůůĂůƐŽŐŝǀĞƵƐ ĂŶŝĚĞĂŽĨǁŚĂƚŝƐĐŽŵŵŽŶĂĐƌŽƐƐĚŝĨĨĞƌĞŶƚĐƵůƚƵƌĞƐ͕ĐŽŵŵƵŶŝƚŝĞƐ͕ĂŶĚƐŽĐŝŽĞĐŽŶŽŵŝĐƐƚĂƚƵƐĞƐ͘Ǉ ĐŽŶƚƌĂƐƚŝŶŐĚĂƚĂĐŽůůĞĐƚĞĚĨƌŽŵƚŚĞŐĞŶĞƌĂůƉƵďůŝĐǁŝƚŚƚŚĞĚĂƚĂĐŽůůĞĐƚĞĚĨƌŽŵƐƉĞĐŝĨŝĐ:ĐŽŵŵƵŶŝƚŝĞƐŽƌ ĐŽŵŵƵŶŝƚŝĞƐĂƚƌŝƐŬ͕ǁĞĐĂŶƐƚĂƌƚƵŶĚĞƌƐƚĂŶĚŝŶŐǁŚĂƚƉƌŽďůĞŵƐĂƌĞƵŶŝƋƵĞƚŽŽƌĂƚĂŚŝŐŚĞƌĚĞŐƌĞĞĨŽƌ ĐŽŵŵƵŶŝƚŝĞƐŵŽƐƚǀƵůŶĞƌĂďůĞƚŽĞŶǀŝƌŽŶŵĞŶƚĂůŚĂƌŵƐŽƌƌŝƐŬ͘ ϰ 3DFNHW3J )D ĐƌŝƚŝĐĂůĐŽŵƉŽŶĞŶƚƚŽĞŶƐƵƌŝŶŐƐƵĐĐĞƐƐŝƐĞŶŐĂŐŝŶŐĂďƌŽĂĚƌĂŶŐĞŽĨƐƚĂŬĞŚŽůĚĞƌƐĨƌŽŵƚŚĞǀĞƌǇďĞŐŝŶŶŝŶŐ͘dŚŝƐ ƐŽƌƚŽĨƉĂƌƚŝĐŝƉĂƚŽƌǇĞŶŐĂŐĞŵĞŶƚƉƌŽǀŝĚĞƐĨŽƵƌŬĞǇďĞŶĞĨŝƚƐĨŽƌƉůĂŶŶŝŶŐĂŶĚĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐ͗ ƋƵĂůŝƚǇŽĨŝŶĨŽƌŵĂƚŝŽŶ ŽůůĂďŽƌĂƚŝǀĞŝŶƉƵƚŝŵƉƌŽǀĞƐƚŚĞŐĞŶĞƌĂƚĞĚ x /ŶĐƌĞĂƐĞĚďƵǇͲŝŶ ĞŶŚĂŶĐĞƐƚŚĞůĞŐŝƚŝŵĂĐǇŽĨĚĞĐŝƐŝŽŶƐ x dƌƵƐƚĂŶĚƌĞůĂƚŝŽŶƐŚŝƉƐ ƚŚĂƚǁŝůůďĞƌĞůŝĞĚŽŶŐŽŝŶŐĨŽƌǁĂƌĚĂƌĞƐƚƌĞŶŐƚŚĞŶĞĚ x ŝŶĐƌĞĂƐĞĚĐĂƉĂĐŝƚǇ dŚŽƐĞŝŶǀŽůǀĞĚŚĂǀĞƚŽƵŶĚĞƌƐƚĂŶĚŝƐƐƵĞƐĂŶĚŵŽǀĞƐŽůƵƚŝŽŶƐĨŽƌǁĂƌĚ x tŝƚŚĂŶǇĐŽůůĂďŽƌĂƚŝǀĞĞĨĨŽƌƚ͕ǁĞĞǆƉĞĐƚĚŝĨĨĞƌĞŶĐĞƐŝŶŽƉŝŶŝŽŶƐĂŶĚƉƌŝŽƌŝƚŝĞƐ͘ǇƉƌŽǀŝĚŝŶŐŵĞĂŶŝŶŐĨƵů ĞŶŐĂŐĞŵĞŶƚ͕ǁĞĐĂŶƐƵƌĨĂĐĞĂŶĚǁŽƌŬƚŚƌŽƵŐŚƚŚĞƐĞĚŝĨĨĞƌĞŶĐĞƐĂŶĚŚŝŐŚůŝŐŚƚƐŚĂƌĞĚŐŽĂůƐĂŶĚƐƚƌĂƚĞŐŝĞƐ͘ EĞǁŝĚĞĂƐĞŵĞƌŐĞƚŚƌŽƵŐŚĐĂƌĞĨƵůůǇĚĞƐŝŐŶĞĚŵĞĞƚŝŶŐƐŽƌĞŶŐĂŐĞŵĞŶƚƉƌŽĐĞƐƐĞƐƚŚĂƚĞŶĐŽƵƌĂŐĞĨƵůů ƉĂƌƚŝĐŝƉĂƚŝŽŶĂŶĚŵŽǀĞƚŚĞŐƌŽƵƉƚŽǁĂƌĚƐƚŚĞƌĞƐƵůƚƐǁĞƐĞĞŬĂƚĞĂĐŚƐƚĞƉŝŶƚŚĞƉƌŽĐĞƐƐ͘/ƚŝƐŝŵƉŽƌƚĂŶƚƚŚĂƚŶŽ ŽŶĞǀŽŝĐĞŽƌƉĞƌƐƉĞĐƚŝǀĞĚŽŵŝŶĂƚĞƐƚŚĞĐŽŶǀĞƌƐĂƚŝŽŶĂŶĚƚŚĂƚĞĂĐŚƐƚĞƉďƵŝůĚƐƚŽǁĂƌĚƐƐŚĂƌĞĚƵŶĚĞƌƐƚĂŶĚŝŶŐĂŶĚ ďƵǇͲŝŶĂƚĐƌŝƚŝĐĂůĚĞĐŝƐŝŽŶƉŽŝŶƚƐ͘WĂƌƚŝĐŝƉĂƚŽƌǇĞŶŐĂŐĞŵĞŶƚƌĞƋƵŝƌĞƐĂŶŽƉĞŶͲĞŶĚĞĚĂƉƉƌŽĂĐŚ͕ĂůůŽǁŝŶŐĨŽƌ ŽƵƚĐŽŵĞƐƚŚĂƚŵĂǇĚŝĨĨĞƌĨƌŽŵǁŚĂƚŝƐĂŶƚŝĐŝƉĂƚĞĚĂƚƚŚĞƐƚĂƌƚŽĨĂƉƌŽĐĞƐƐ͘/dĂůƐŽƌĞƋƵŝƌĞƐƚŚĂƚƉĂƌƚŝĐŝƉĂŶƚƐůĞĂŶ ŝŶƚŽĚŝƐĐŽŵĨŽƌƚĂŶĚĚŝĨĨŝĐƵůƚƚŽƉŝĐƐĂƐƚŚĞǇĂƌŝƐĞƐŽƚŚĞǇĚŽŶ͛ƚůĞĂĚƚŽĂďƌĞĂŬĚŽǁŶŽĨƚŚĞĞĨĨŽƌƚŽƌƐƵƌƉƌŝƐĞƐĂƚƚŚĞ ĞŶĚ͘ ƐƐƵĐŚ͕ĞŶŐĂŐĞŵĞŶƚǁŝůůďĞĚŽŶĞĂůŽŶŐƚŚĞůŝŶĞƐŽĨĂŶŝŶƚĞŐƌĂƚĞĚĂƉƉƌŽĂĐŚƚŚĂƚĞŵƉŚĂƐŝǌĞƐƚŚĞĨŽůůŽǁŝŶŐ ĨĞĂƚƵƌĞƐ͗ ŶŐĂŐĞĞĂƌůǇ͗dŚĞďŝŐŐĞƐƚŽƉƉŽƌƚƵŶŝƚǇĨŽƌŝŵƉĂĐƚďǇĞǆƚĞƌŶĂůƐƚĂŬĞŚŽůĚĞƌƐŝƐĂƚƚŚĞǀĞƌǇďĞŐŝŶŶŝŶŐŽĨĂ x ƉƌŽĐĞƐƐ͘dŚŝƐŝƐǁŚĞŶĂůůŝŶƉƵƚŝƐďĞŝŶŐĂĚĚĞĚƚŽƚŚĞƚĂďůĞĂƐƚŚĞĐŽŶƚĞǆƚĨŽƌƚŚĞǁŽƌŬŝƐďĞŝŶŐƐĞƚ͕ŝƐƐƵĞƐ ĂƌĞũƵƐƚďĞŐŝŶŶŝŶŐƚŽďĞŝĚĞŶƚŝĨŝĞĚ͕ĂŶĚƚŚĞǀŝƐŝŽŶĨŽƌƚŚĞŽǀĞƌĂůůƉůĂŶŶŝŶŐĞĨĨŽƌƚŝƐŝŶĂŶĞŵďƌǇŽŶŝĐƐƚĂƚĞ͘ ŶƐƵƌŝŶŐƌŽďƵƐƚƉĂƌƚŝĐŝƉĂƚŝŽŶĂƚƚŚŝƐĨŝƌƐƚƐƚĂŐĞŝƐĐƌŝƚŝĐĂůƚŽĂǀŽŝĚŵŝƐƐŝŶŐŽƵƚŽŶŬĞǇĐŚĂůůĞŶŐĞƐĂŶĚ ŽƉƉŽƌƚƵŶŝƚŝĞƐ͘ ŶŐĂŐĞŽĨƚĞŶ͗ŽŶƚŝŶƵŝŶŐƚŽďƌŝŶŐƐƚĂŬĞŚŽůĚĞƌƐŝŶƚŽƚŚĞƉůĂŶŶŝŶŐƉƌŽĐĞƐƐͲͲĂŶĚŝŶĨĂĐƚĞǀĞŶĂůůŽǁŝŶŐĨŽƌ x ĐŽͲĚĞƐŝŐŶĂŶĚƉůĂŶŶŝŶŐͲͲǁŝůůƉƌŽǀŝĚĞŽƉƉŽƌƚƵŶŝƚǇƚŽƌĞǀŝĞǁǁŽƌŬƚŚĂƚŚĂƐďĞĞŶŐĞŶĞƌĂƚĞĚ͕ƐŽůŝĐŝƚŝŶƉƵƚĨŽƌ ƚŚĞŶĞǆƚƉŚĂƐĞŽĨƉůĂŶŶŝŶŐ͕ĂŶĚĂůůŽǁĨŽƌĂŶǇŶĞĞĚĞĚĐŽƵƌƐĞĐŽƌƌĞĐƚŝŽŶƐĚƵƌŝŶŐƚŚĞƉůĂŶŶŝŶŐƉƌŽĐĞƐƐ͘dŚŝƐ ĂůƐŽĂůůŽǁƐĨŽƌŝƚĞƌĂƚŝŽŶƚŚĂƚĐĂŶůĞĂĚƚŽƚŚĞĞŵĞƌŐĞŶĐĞŽĨŶĞǁŝĚĞĂƐǁŚŝůĞĐŽŶƚŝŶƵŝŶŐƚŽďƵŝůĚ ƚƌĂŶƐƉĂƌĞŶĐǇ͕ƚƌƵƐƚ͕ƌĞůĂƚŝŽŶƐŚŝƉƐ͕ĂŶĚďƵǇͲŝŶ͘ tŽƌŬƚŚƌŽƵŐŚĞǆŝƐƚŝŶŐŶĞƚǁŽƌŬƐ͕ƌĞůĂƚŝŽŶƐŚŝƉƐ͕ĂŶĚĞǀĞŶƚƐ͗KŶĞŽĨƚŚĞďŝŐŐĞƐƚŚƵƌĚůĞƐŝŶĂŶǇŽƵƚƌĞĂĐŚ x ĞĨĨŽƌƚŝƐŐĞƚƚŝŶŐƉĞŽƉůĞƚŽĂĐƚƵĂůůǇĞŶŐĂŐĞ͘dŚŝƐŝƐĞƐƉĞĐŝĂůůǇƚƌƵĞŝĨƚŚĞƌĞŝƐŶŽĞǆŝƐƚŝŶŐƌĞůĂƚŝŽŶƐŚŝƉ ďĞƚǁĞĞŶƚŚĞƉĞŽƉůĞŽƌĞŶƚŝƚŝĞƐĚŽŝŶŐƚŚĞŽƵƚƌĞĂĐŚĂŶĚƚŚŽƐĞƚŚĞǇĂƌĞƚƌǇŝŶŐƚŽƌĞĂĐŚ͘&ŽƌƚƵŶĂƚĞůǇ͕ǁŝƚŚŝŶ ZŽĐŚĞƐƚĞƌƚŚĞƌĞĂƌĞĂŶƵŵďĞƌŽĨĞǆŝƐƚŝŶŐŶĞƚǁŽƌŬƐĂŶĚĞĨĨŽƌƚƐƚŚĂƚĐĂŶďĞƚĂƉƉĞĚ͕ŝŶĐůƵĚŝŶŐ͗ ŝǀĞƌƐŝƚǇŽƵŶĐŝů x tĞƌĞtĂƚĞƌ x ^ƵƐƚĂŝŶĂďŝůŝƚǇΘZĞƐŝůŝĞŶĐǇdĂƐŬ&ŽƌĐĞ x >ŝďƌĂƌǇƐǇƐƚĞŵ x :ŽƵƚƌĞĂĐŚŽƌŐĂŶŝǌĂƚŝŽŶƐŝĚĞŶƚŝĨŝĞĚŝŶ͞DĂƚƚĞƌŽĨ&ĂŝƌŶĞƐƐ͟ x dŚŝƐĐŽŶƐŝĚĞƌĂƚŝŽŶĂůƐŽůĞŶĚƐĨƵƌƚŚĞƌĐƌĞĚĞŶĐĞƚŽƚŚĞŶĞĞĚƚŽ͞ŐŽƚŽƉĞŽƉůĞǁŚĞƌĞƚŚĞǇĂƌĞ͕͟ŵĞĂŶŝŶŐŝŶ ŶĞŝŐŚďŽƌŚŽŽĚƐ͕ĂƚĐŽŵŵƵŶŝƚǇĐĞŶƚĞƌƐ͕ĂŶĚŝŶŵĞĞƚŝŶŐƐĂŶĚĞǀĞŶƚƐƚŚĂƚĂƌĞĂůƌĞĂĚǇƚĂŬŝŶŐƉůĂĐĞ͘ ϱ 3DFNHW3J )D hƐĞƚŚĞƌŝŐŚƚƚŽŽůĨŽƌƚŚĞƌŝŐŚƚƉŚĂƐĞĂŶĚƚŚĞƌŝŐŚƚƉƵƌƉŽƐĞ͗dŚĞƌĞĂƌĞŵĂŶǇĚŝĨĨĞƌĞŶƚƚǇƉĞƐŽĨ x ĞŶŐĂŐĞŵĞŶƚŵĞƚŚŽĚƐƚŚĂƚĐĂŶďĞƵƐĞĚƚŽƐƵƉƉŽƌƚƚŚŝƐƉůĂŶŶŝŶŐĞĨĨŽƌƚ͘ƚĚŝĨĨĞƌĞŶƚƚŝŵĞƐŝŶƚŚĞƉůĂŶŶŝŶŐ ƉƌŽĐĞƐƐ͕ǁŝƚŚĚŝĨĨĞƌĞŶƚƉƵƌƉŽƐĞƐ͕ĚŝĨĨĞƌĞŶƚĂƵĚŝĞŶĐĞƐ͕ĂŶĚĞǀĞŶĚŝĨĨĞƌĞŶƚĐŽŶƚĞǆƚƐ͕ĚŝĨĨĞƌĞŶƚĂƉƉƌŽĂĐŚĞƐ ǁŝůůďĞŶĞĞĚĞĚ͘/ƚǁŝůůďĞŝŵƉŽƌƚĂŶƚƚŽďĞŽƉĞŶƚŽƚƌǇŝŶŐĚŝĨĨĞƌĞŶƚƚŚŝŶŐƐ͕ĂŶĚĂĚũƵƐƚŝŶŐĂƐƚŝŵĞƉƌŽŐƌĞƐƐĞƐ ďĂƐĞĚŽŶǁŚĂƚŝƐůĞĂƌŶĞĚĨƌŽŵƚŚĞƉĂƌƚŝĐŝƉĂŶƚƐ͘'ĞŶĞƌĂůůǇƐƉĞĂŬŝŶŐ͕ǁĞĐŽŶƐŝĚĞƌƚŚĞĨŽůůŽǁŝŶŐƚŚƌĞĞ ƉůĂŶŶŝŶŐƉŚĂƐĞƐ͕ĞĂĐŚƌĞƋƵŝƌŝŶŐĚŝĨĨĞƌĞŶƚƚĞĐŚŶŝƋƵĞƐ͗ ŝƐĐŽǀĞƌǇ͗^ŽůŝĐŝƚĂƚŝŽŶĂŶĚĞǆƉůŽƌĂƚŝŽŶŽĨŶĞǁŝĚĞĂƐƚŽŐĞƚĂůůƚŚĞŝĚĞĂƐŽƵƚŽŶƚŚĞƚĂďůĞ x ĞƐŝŐŶ͗ŵĞƌŐĞŶĐĞĂŶĚŝĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨƚŚĞŵĞƐĂŶĚƉĂƚƚĞƌŶƐ͕ŶĂƌƌŽǁŝŶŐŽĨƚŚĞĨŽĐƵƐ͕ĂŶĚ x ƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨŚŽǁƚŚŝŶŐƐĂƌĞĐŽŶŶĞĐƚĞĚ ĞĐŝƐŝŽŶ͗&ŝŶĂůĚĞƚĂŝůƐĨŝŐƵƌĞĚŽƵƚ͕ƐŝŐŶŽĨĨŽŶŽƵƚĐŽŵĞƐ͕ƉƌŽũĞĐƚĐŽŵƉůĞƚŝŽŶ x ,ŽǁĞĂĐŚŽĨƚŚĞƐĞǁŝůůďĞǁŽƌŬĞĚƚŚƌŽƵŐŚǁŝůůŝŶŵĂŶǇǁĂǇƐĚĞƉĞŶĚŽŶǁŚĂƚŝƐƉŽƐƐŝďůĞĚƵƌŝŶŐƚŚĞ ĐŽŶƚŝŶƵĞĚĐŽƌŽŶĂǀŝƌƵƐƉĂŶĚĞŵŝĐ͕ĂƐǁĞůůĂƐƚŚĞƌĞƐŽƵƌĐĞƐĂǀĂŝůĂďůĞƚŽƐƵƉƉŽƌƚĚŝĨĨĞƌĞŶƚŵĞƚŚŽĚƐ͘Ɛ ĚŝĨĨĞƌĞŶƚĂƉƉƌŽĂĐŚĞƐŵĂǇďĞƉŽƐƐŝďůĞĚƵƌŝŶŐƚŚĞĐŽƵƌƐĞŽĨƚŚŝƐƉůĂŶŶŝŶŐƉƌŽĐĞƐƐ͕ǁĞĞǆƉůŽƌĞƚǁŽŝŶƚŚĞ ƚĂďůĞďĞůŽǁ͗ĚŝƐƚĂŶĐĞĚĞŶŐĂŐĞŵĞŶƚĂŶĚŝŶͲƉĞƌƐŽŶĞŶŐĂŐĞŵĞŶƚ͘ ŝƐƚĂŶĐĞĚ/ŶƉĞƌƐŽŶ DĞƚŚŽĚŽůŽŐǇ KŶůŝŶĞƐƵƌǀĞǇƐ͕ƉŚŽŶĞĐĂůůƐ͕ǀŝƌƚƵĂůhŶƐƚĂĨĨĞĚĂŶĚƐƚĂĨĨĞĚƉŽƉͲƵƉĞŶŐĂŐĞŵĞŶƚ ĞǆĂŵƉůĞƐ ǁŽƌŬƐŚŽƉƐĂŶĚŵĞĞƚŝŶŐƐ͕ǀŝƌƚƵĂůĨŽĐƵƐĞǀĞŶƚƐĂŶĚďŽĂƌĚƐ͕ǁŽƌŬƐŚŽƉƐ͕ŽƉĞŶ ŐƌŽƵƉƐ͕ǀŝĚĞŽƐŚŽƵƐĞƐ͕ĨŽĐƵƐŐƌŽƵƉƐ͕ĂƚƚĞŶĚĂŶĐĞĂƚŽƚŚĞƌ ŝŶƉĞƌƐŽŶŽƉƉŽƌƚƵŶŝƚŝĞƐ ǆĂŵƉůĞƐŽĨ ZĞĚƵĐĞĚŶĞĞĚĨŽƌƚƌĂǀĞů͕ĐĂŶƌĞĂĐŚŶŚĂŶĐĞĚŝŶƚĞƌĂĐƚŝŽŶďĞƚǁĞĞŶƉĂƌƚŝĐŝƉĂŶƚƐ͕ ďĞŶĞĨŝƚƐ ůĂƌŐĞƌĂƵĚŝĞŶĐĞƐ͕ĞĂƐŝĞƌƚŽƌĞĐŽƌĚĨŽƌŵŽƌĞĞĂƐŝůǇĂůůŽǁƐĨŽƌŶĞǁŝĚĞĂƐƚŽĞŵĞƌŐĞ͕ ĨƵƚƵƌĞƵƐĞ͕ĐŽŶǀĞŶŝĞŶĐĞŽĨĂƐǇŶĐŚƌŽŶŽƵƐĞĂƐŝĞƌƚŽďƵŝůĚƌĞůĂƚŝŽŶƐŚŝƉƐ ƉĂƌƚŝĐŝƉĂƚŝŽŶ ^ŝŶĐĞƚŚĞƉĂŶĚĞŵŝĐĚŽĞƐŶŽƚŵĂŬĞŝŶͲƉĞƌƐŽŶĞŶŐĂŐĞŵĞŶƚĨĞĂƐŝďůĞ͕ďĞŐŝŶŶŝŶŐǁŝƚŚĚŝƐƚĂŶĐĞĚŵĞƚŚŽĚƐǁŝůů ďĞŵŽƐƚĂƉƉƌŽƉƌŝĂƚĞ͘,ŽǁĞǀĞƌ͕ƐŚŽƵůĚŝƚďĞĐŽŵĞƐĂĨĞƚŽĚŽƐŽ͕ŝŶͲƉĞƌƐŽŶŽƉƚŝŽŶƐƐŚŽƵůĚĂůƐŽďĞ ĐŽŶƐŝĚĞƌĞĚŝŶĂŚǇďƌŝĚĂƉƉƌŽĂĐŚǁŝƚŚĐŽŶƚŝŶƵĞĚĚŝƐƚĂŶĐĞĚĞĨĨŽƌƚƐ͕ĂƐƵƐŝŶŐďŽƚŚĐĂŶŝŶĐƌĞĂƐĞĂĐĐĞƐƐŝďŝůŝƚǇ ĨŽƌƉĂƌƚŝĐŝƉĂŶƚƐ͘ ŶŝŵƉŽƌƚĂŶƚŶŽƚĞƚŽŵĂŬĞŝƐƚŚĂƚĂŚŝŐŚĞƌŶƵŵďĞƌŽĨƉĂƌƚŝĐŝƉĂŶƚƐŽƌƌĞƐƉŽŶƐĞƐĚŽĞƐŶŽƚŶĞĐĞƐƐĂƌŝůǇŵĞĂŶďĞƚƚĞƌ ŝŶĨŽƌŵĂƚŝŽŶ͘^ŽŵĞƚŝŵĞƐ͕ĂƐŵĂůůĞƌŶƵŵďĞƌŽĨƌĞƐƉŽŶƐĞƐƚŚĂƚƉƌŽǀŝĚĞƌŝĐŚ͕ĚĞƚĂŝůĞĚŝŶƐŝŐŚƚĐĂŶďĞŵŽƌĞǀĂůƵĂďůĞ ƚŚĂŶ;ŽƌƉƌŽǀŝĚĞŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶƚŽďĞƚƚĞƌŝŶƚĞƌƉƌĞƚͿůĂƌŐĞĂŵŽƵŶƚƐŽĨƋƵĂŶƚŝƚĂƚŝǀĞĚĂƚĂ͘/ƚǁŝůůďĞŝŵƉŽƌƚĂŶƚƚŽ ďĂůĂŶĐĞĞǆƉĞĐƚĂƚŝŽŶƐĨŽƌƚŚĞŶƵŵďĞƌŽĨƉĂƌƚŝĐŝƉĂŶƚƐǁŝƚŚƚŚĞǀĂůŝĚŝƚǇĂŶĚƵƐĞĨƵůŶĞƐƐŽĨƚŚĞĚĂƚĂĐŽůůĞĐƚĞĚ ƚŚƌŽƵŐŚŽƵƚƚŚĞƉƌŽĐĞƐƐ͕ĞƐƉĞĐŝĂůůǇǁŚĞŶƚŚĞƌĞŝƐĂŶĞĞĚƚŽĞŶŐĂŐĞŵŽƌĞĚĞĞƉůǇŽŶĞƋƵŝƚǇŽƌƚŽƉŝĐͲƐƉĞĐŝĨŝĐ ƚŚĞŵĞƐ͘ ϲ 3DFNHW3J )D /ƚŝƐŝŵƉŽƌƚĂŶƚƚŽĂĐŬŶŽǁůĞĚŐĞďĂƌƌŝĞƌƐƚŽĞŶŐĂŐĞŵĞŶƚĨƌŽŵƚŚĞŽƵƚƐĞƚŝŶŽƌĚĞƌƚŽƌĞŵŽǀĞŽƌǁŽƌŬƚŚƌŽƵŐŚƚŚŽƐĞ ďĂƌƌŝĞƌƐĂŶĚĂƌƌŝǀĞĂƚƐƵĐĐĞƐƐĨƵůĞŶŐĂŐĞŵĞŶƚ͘/ŶĚŝƐĐƵƐƐŝŽŶƐǁŝƚŚƚŚĞŽƌĞdĞĂŵĂŶĚĞƉĂƌƚŵĞŶƚdĞĂŵĚƵƌŝŶŐƚŚĞ ƐĐŽƉŝŶŐƉƌŽĐĞƐƐ͕ƚŚƌĞĞƚǇƉĞƐŽĨďĂƌƌŝĞƌƐďĞĐĂŵĞĐůĞĂƌ͗ĂĐĐĞƐƐ͕ƚƌƵƐƚ͕ĂŶĚďƵƌŶŽƵƚ͘dŚĞƚĂďůĞďĞůŽǁĞǆƉůŽƌĞƐĞĂĐŚ ŽĨƚŚŽƐĞďĂƌƌŝĞƌƐĂƐǁĞůůĂƐǁĂǇƐƚŽŽǀĞƌĐŽŵĞƚŚĞŵ͘tŚŝůĞƚŚĞƌĞŝƐƐŽŵĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶŝŶͲƉĞƌƐŽŶĂŶĚ ĚŝƐƚĂŶĐĞĚŵĞƚŚŽĚƐ͕ƚŚĞƌĞĂƌĞĂůƐŽĂŶƵŵďĞƌŽĨĐŽŵŵŽŶĂůŝƚŝĞƐ͘dŚĞƚǁŽŵĞƚŚŽĚƐĂƌĞŶŽƚĚŝĨĨĞƌĞŶƚŝĂƚĞĚŝŶƚŚĞ ƚĂďůĞďĞĐĂƵƐĞŝƚŝƐŝŵƉŽƌƚĂŶƚƚŽƚĂŝůŽƌĞĂĐŚĞŶŐĂŐĞŵĞŶƚĞĨĨŽƌƚƚŽƚŚĞƐƉĞĐŝĨŝĐŽƉƉŽƌƚƵŶŝƚǇ͕ĂŶĚĚŝĨĨĞƌĞŶĐĞƐĐĂŶďĞ ĂĐĐŽƵŶƚĞĚĨŽƌĂƚƚŚĂƚƚŝŵĞ͘ ĂƌƌŝĞƌǆĂŵƉůĞƐŽĨŚŽǁƚŚĞďĂƌƌŝĞƌƉůĂǇƐŽƵƚ^ƚƌĂƚĞŐŝĞƐƚŽŽǀĞƌĐŽŵĞƚŚĞďĂƌƌŝĞƌ ĐĐĞƐƐdŝŵŝŶŐŽĨĞŶŐĂŐĞŵĞŶƚĂĐƚŝǀŝƚŝĞƐ͕ƌĞůŝĂŶĐĞKĨĨĞƌĨŽŽĚ xx ŽŶƐǇŶĐŚƌŽŶŽƵƐĂƉƉƌŽĂĐŚĞƐ͕ŶĞĞĚĨŽƌƚŚĞKĨĨĞƌĐŚŝůĚĐĂƌĞ x ƉƵďůŝĐƚŽĐŽŵĞƚŽĂŶĞǀĞŶƚKĨĨĞƌĐŽŵƉĞŶƐĂƚŝŽŶ;ƐƚŝƉĞŶĚ͕ŐŝĨƚĐĂƌĚƐ͕ x sŝƌƚƵĂůĞŶŐĂŐĞŵĞŶƚƌĞƋƵŝƌŝŶŐĂĐĐĞƐƐƚŽĞƚĐ͘ͿƚŽŚĞůƉĐŽǀĞƌƚƌĂŶƐŝƚ͕ĐŚŝůĚĐĂƌĞ͕ x ǀŝƌƚƵĂůƐƉĂĐĞƐƉĞŽƉůĞ͛ƐƚŝŵĞ >ĂĐŬŽĨƚĞĐŚŶŝĐĂůĨĂŵŝůŝĂƌŝƚǇŽƌKĨĨĞƌŵƵůƚŝƉůĞǁĂǇƐƚŽĞŶŐĂŐĞĞĂĐŚƐƚĞƉ xx ŝŶƚŝŵŝĚĂƚŝŽŶŽĨƚŚĞǁĂǇ >ĂŶŐƵĂŐĞďĂƌƌŝĞƌƐůůŽǁĨŽƌĂƐǇŶĐŚƌŽŶŽƵƐƉĂƌƚŝĐŝƉĂƚŝŽŶ xx 'ŽƚŽŽƚŚĞƌŵĞĞƚŝŶŐƐ͕ƐŽĐŝĂůŵĞĚŝĂ x ƐƉĂĐĞƐ͕ĂŶĚŐĂƚŚĞƌŝŶŐƐƉĂĐĞƐ WƌŽǀŝĚĞƚĞĐŚŶŽůŽŐǇƐƵƉƉŽƌƚĂŶĚŽƉƚŝŽŶƐ x ĨŽƌƉĂƉĞƌŽƌƉŚŽŶĞƉĂƌƚŝĐŝƉĂƚŝŽŶ WƌŽǀŝĚĞƚƌĂŶƐůĂƚŝŽŶƐĞƌǀŝĐĞƐĂŶĚ x ĐŽŵŵƵŶŝĐĂƚĞŝŶŵƵůƚŝƉůĞůĂŶŐƵĂŐĞƐ dƌƵƐƚWĞŽƉůĞǁŚŽŚĂǀĞďĞĞŶŽǀĞƌůŽŽŬĞĚ͕ůĞĨƚtŽƌŬƚŚƌŽƵŐŚĞƐƚĂďůŝƐŚĞĚƌĞůĂƚŝŽŶƐŚŝƉƐ xx ŽƵƚ͕ĚŝƐƌĞŐĂƌĚĞĚ͕ŽƌĨĞůƚƵƐĞĚŵĂǇŚĂǀĞ/ŶǀŝƚĞďŝŐŐĞƐƚĐƌŝƚŝĐƐƚŽƉĂƌƚŝĐŝƉĂƚĞ x ƌĞĂƐŽŶƚŽĚŝƐƚƌƵƐƚŐŽǀĞƌŶŵĞŶƚŵƉŚĂƐŝǌĞƚƌĂŶƐƉĂƌĞŶĐǇĂŶĚƐŚŽǁŚŽǁ x ŝŶƐƚŝƚƵƚŝŽŶƐŝŶƉƵƚǁŝůůďĞĂŶĚŚĂƐďĞĞŶƵƐĞĚ &ŽůůŽǁƵƉ x ƵƌŶŽƵƚWĞŽƉůĞĨĞĞů͞ƉůĂŶŶĞĚ͟Žƌ͞ŵĞĞƚŝŶŐͲĞĚ͟ŽůůĂďŽƌĂƚĞǁŝƚŚĞǆŝƐƚŝŶŐĞĨĨŽƌƚƐĂŶĚ xx ŽƵƚŽƌŐĂŶŝǌĂƚŝŽŶƐ ŽŽŵĨĂƚŝŐƵĞ^ŚĂŬĞŝƚƵƉƚŚƌŽƵŐŚƵƐĞŽĨǀŝĚĞŽ͕ƐŽĐŝĂů xx ŵĞĚŝĂ ŶŐĂŐĞƉĞŽƉůĞǁŚĞƌĞƚŚĞǇĂƌĞ;ďƵƐ x ƐƚŽƉƐ͕ůŝďƌĂƌŝĞƐ͕ƉůĂĐĞƐŽĨǁŽƌƐŚŝƉ͕ĞƚĐ͘Ϳ ŝŶĂĚĚŝƚŝŽŶƚŽŐŽŝŶŐƚŽĞǆŝƐƚŝŶŐĞǀĞŶƚƐ ϳ 3DFNHW3J )D ŶĚĞǀĞůŽƉŝŶŐƚŚĞ ĚŝƐƚƌŝďƵƚŝŽŶƉůĂŶ WŚŽŶĞĐĂůůƐŝĚĞŶƚŝĨŝĞĚĐŽŵŵƵŶŝƚǇůĞĂĚĞƌƐƚŽƐŽůŝĐŝƚŝŶƉƵƚĂŶĚƉƌŽŵŽƚĞƚŚĞĞŶŐĂŐĞŵĞŶƚ ŽƉƉŽƌƚƵŶŝƚŝĞƐ͕ĂƐǁĞůůĂƐĂĚĚƌĞƐƐŐĂƉƐŝŶƌĞƐƉŽŶĚĞŶƚƐĂƐƚŚĞǇďĞĐŽŵĞĂƉƉĂƌĞŶƚ ĞǀĞůŽƉŵĞŶƚĂŶĚƵƐŝŶĞƐƐŽŵŵƵŶŝƚǇ^ƵƌǀĞǇ R WƌĞĚŽŵŝŶĂŶƚůǇŽŶůŝŶĞďƵƚƉƌŝŶƚĞĚĂƐǁĞůůĨŽƌƉŚǇƐŝĐĂůĚŝƐƚƌŝďƵƚŝŽŶ ǀĂŝůĂďůĞŝŶŵƵůƚŝƉůĞůĂŶŐƵĂŐĞƐ tŝĚĞůǇƉƌŽŵŽƚĞĚƚŚƌŽƵŐŚĂŬŝĐŬͲŽĨĨĞǀĞŶƚ͕ƐŽĐŝĂůŵĞĚŝĂ͕ƚƌĂŶƐŝƚƐƚŽƉƐ͕ŝƚǇ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ͕ƉĂƌƚŶĞƌĚŝƐƚƌŝďƵƚŝŽŶ͕ĂŶĚŽƚŚĞƌƌŽƵƚĞƐŝĚĞŶƚŝĨŝĞĚŝŶĚĞǀĞůŽƉŝŶŐƚŚĞ ĚŝƐƚƌŝďƵƚŝŽŶƉůĂŶ ĞƉĂƌƚŵĞŶƚdĞĂŵ^ƵƌǀĞǇ R ǀĂŝůĂďůĞŽŶůŝŶĞ WƌŽŵŽƚĞĚĂƚƚŚĞŬŝĐŬͲŽĨĨĨŽƌƚŚĞĞƉĂƌƚŵĞŶƚdĞĂŵ ŶƚŝĐŝƉĂƚĞĚƚŝŵĞůŝŶĞ͗:ƵŶĞͲƵŐƵƐƚ͕ϮϬϮϭ ϴ 3DFNHW3J )D ƐƐƵŵƉƚŝŽŶƐ͗ &ƌĞƐŚǁĂƚĞƌǁŝůůůĞĂĚĚĞǀĞůŽƉŵĞŶƚŽĨƐƵƌǀĞǇĂŶĚĞǀĞŶƚͬŵĞĞƚŝŶŐƐƚƌƵĐƚƵƌĞƐ͕ƉƌŽŵŽƚŝŽŶĂůůĂŶŐƵĂŐĞ͕ x ŝŶƉƵƚĂŶĂůǇƐŝƐ͕ĂŶĚƐƵŵŵĂƌǇĚĞǀĞůŽƉŵĞŶƚ͘ ŝƚǇŽĨZŽĐŚĞƐƚĞƌƐƚĂĨĨǁŝůůƐƵƉƉŽƌƚƐƚĂŬĞŚŽůĚĞƌĂŶĚĚŝƐƚƌŝďƵƚŝŽŶŶĞƚǁŽƌŬŝĚĞŶƚŝĨŝĐĂƚŝŽŶ͕ƌĞĨŽƌŵĂƚ x ĐŽŶƚĞŶƚǁŝƚŚďƌĂŶĚŝŶŐ͕ƐĞŶĚŽƵƚĐŽŵŵƵŶŝĐĂƚŝŽŶƐƚŚƌŽƵŐŚƚŚĞŝƌĐŚĂŶŶĞůƐ͕ƉƌŽǀŝĚĞŽƌĐŽŽƌĚŝŶĂƚĞ ƚƌĂŶƐůĂƚŝŽŶƐĞƌǀŝĐĞƐ͕ĂŶĚĂƐƐŝƐƚǁŝƚŚƐƵƌǀĞǇĂŶĂůǇƐŝƐ͘/ĨĂŶŝŶƚĞƌŶ;ƐͿŝƐŚŝƌĞĚƚŽƐƵƉƉŽƌƚƉŚŽŶĞĐĂůůƐ ŽƌĐŽŵŵƵŶŝƚǇͲƐƉĞĐŝĨŝĐŽƵƚƌĞĂĐŚ͕ŽǀĞƌƐŝŐŚƚĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝŽŶĨŽƌƚŚĂƚƉŽƐŝƚŝŽŶǁŝůůďĞƉƌŽǀŝĚĞĚďǇ ƚŚĞĐŝƚǇ͘ /ĨƉƵďůŝĐƐƵƌǀĞǇƌĞƐƉŽŶƐĞƐĞǆĐĞĞĚϭϱϬ͕&ƌĞƐŚǁĂƚĞƌǁŝůůƐƵďĐŽŶƚƌĂĐƚǁŝƚŚĂŶŽƵƚƐŝĚĞƉƌŽǀŝĚĞƌƚŽ x ŵĂŶĂŐĞĚĂƚĂĂŶĂůǇƐŝƐŝŶŽƌĚĞƌƚŽĞŶƐƵƌĞƚŚĞƚŝŵĞůŝŶĞĐĂŶďĞŵĞƚ͘ŽŶƚŝŶŐĞŶĐǇŝŶƚŚĞďƵĚŐĞƚǁŝůů ďĞŶĞĞĚĞĚĨŽƌƚŚŝƐƉŽƐƐŝďŝůŝƚǇ͘ ĞůŝǀĞƌĂďůĞƐ͗ ZĞĐŽƌĚŽĨŽƵƚƌĞĂĐŚĐŽŶĚƵĐƚĞĚ x KǀĞƌǀŝĞǁŽĨŽƵƚĐŽŵĞƐĨƌŽŵĞŶŐĂŐĞŵĞŶƚ x ĞŵŽŐƌĂƉŚŝĐƐ R 'ĂƉƐ R 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ĚŵŝŶŝƐƚƌĂƚŽƌŽĨƚŚŝƐZ&WĂŶĚƐŚĂůůĐŽŽƉĞƌĂƚĞŝŶƚŚĞŝƚǇ͛ƐƌĞǀŝĞǁĂŶĚŝŶǀĞƐƚŝŐĂƚŝŽŶŽĨƚŚĞƐĂŵĞ͘/ƐŚĂůůĐŽŵƉůǇǁŝƚŚĂŶǇ ŝŶƐƚƌƵĐƚŝŽŶƐĨƌŽŵƚŚĞŝƚǇŝŶƌĞŐĂƌĚƚŽĂŶǇŵĂƚƚĞƌĂĨĨĞĐƚŝŶŐƚŚŝƐZ&WŽƌƚŚĞŽŶƚƌĂĐƚĐŽŶƚĞŵƉůĂƚĞĚďǇƚŚŝƐZ&W͘ ϳ͘/ƵŶĚĞƌƐƚĂŶĚƚŚĂƚƚŚĞĂǁĂƌĚŽĨĂŶǇĐŽŶƚƌĂĐƚǁŝůůďĞďĂƐĞĚŽŶƚŚĞƌĞůŝĂďŝůŝƚǇŽĨƚŚĞĨŽƌĞŐŽŝŶŐƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐĂŶĚĂůůŽĨ ƚŚĞƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐĐŽŶƚĂŝŶĞĚŝŶƚŚĞZ&WƌĞƐƉŽŶƐĞ͘ sŝĐĞWƌĞƐŝĚĞŶƚͬƐƐŽĐŝĂƚĞ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ƵƚŚŽƌŝǌĞĚ^ŝŐŶĂƚƵƌĞdŝƚůĞ ϰͬϯϬͬϮϬϮϭ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ĂƚĞ 3DFNHW3J )D ŝƐĐůŽƐƵƌĞŽĨĐŽŶƚƌĂĐƚŽƌƌĞƐƉŽŶƐŝďŝůŝƚǇ ŽŶƚƌĂĐƚŽƌŵƵƐƚƉƌŽǀŝĚĞĐŽŵƉůĞƚĞĂŶĚĂĐĐƵƌĂƚĞƌĞƐƉŽŶƐĞƐĨŽƌĂůůŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶĂŶĚĂƚƚĂĐŚŝƚƚŽƚŚŝƐĨŽƌŵ͘ &ĂŝůƵƌĞƚŽĚŝƐĐůŽƐĞƌĞƐƉŽŶƐŝǀĞŝŶĨŽƌŵĂƚŝŽŶǁŝůůďĞŐƌŽƵŶĚƐĨŽƌĚŝƐƋƵĂůŝĨŝĐĂƚŝŽŶĨƌŽŵĐŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌƚŚĞŽŶƚƌĂĐƚŽƌĨŽƌ ƚĞƌŵŝŶĂƚŝŽŶŽĨĂŶǇŽŶƚƌĂĐƚĂǁĂƌĚĞĚƚŽƚŚĞŽŶƚƌĂĐƚŽƌďǇƚŚĞŝƚǇ͘ ϭ͘ŶǇĂŶĚĂůůĐŽŶǀŝĐƚŝŽŶƐĨŽƌĂŶǇŽĨĨĞŶƐĞŽĨĂŶǇƉĞƌƐŽŶ͕ƐƵďƐŝĚŝĂƌǇ͕ŽƌĂĨĨŝůŝĂƚĞŽĨƚŚĞŽŶƚƌĂĐƚŽƌĂƌŝƐŝŶŐŽƵƚŽĨŽďƚĂŝŶŝŶŐ͕ ŽƌĂƚƚĞŵƉƚŝŶŐƚŽŽďƚĂŝŶ͕ĂŶǇƉƵďůŝĐŽƌƉƌŝǀĂƚĞĐŽŶƚƌĂĐƚŽƌƐƵďĐŽŶƚƌĂĐƚŽƌŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞƐĂŵĞ͘ Ϯ͘ŶǇĂŶĚĂůůĐŽŶǀŝĐƚŝŽŶƐŽĨĂŶǇƉĞƌƐŽŶ͕ƐƵďƐŝĚŝĂƌǇ͕ŽƌĂĨĨŝůŝĂƚĞŽĨƚŚĞŽŶƚƌĂĐƚŽƌĨŽƌĞŵďĞǌǌůĞŵĞŶƚ͕ƚŚĞĨƚ͕ĨƌĂƵĚ͕ŽƌĂŶǇ ŽƚŚĞƌŽĨĨĞŶƐĞŝŶĚŝĐĂƚŝŶŐĂůĂĐŬŽĨďƵƐŝŶĞƐƐŝŶƚĞŐƌŝƚǇŽƌŚŽŶĞƐƚǇǁŚŝĐŚŵĂǇĂĨĨĞĐƚƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨƚŚĞŽŶƚƌĂĐƚŽƌ͘ ϯ͘ŶǇĐŽŶǀŝĐƚŝŽŶƐŽƌĐŝǀŝůũƵĚŐĞŵĞŶƚƐƵŶĚĞƌƐƚĂƚĞŽƌĨĞĚĞƌĂůĂŶƚŝƚƌƵƐƚůĂǁƐ͘ ϰ͘ŶǇǀŝŽůĂƚŝŽŶƐŽĨĐŽŶƚƌĂĐƚƉƌŽǀŝƐŝŽŶƐ͕ƐƵĐŚĂƐŬŶŽǁŝŶŐůǇĂŶĚǁŝƚŚŽƵƚŐŽŽĚĐĂƵƐĞĨĂŝůŝŶŐƚŽƉĞƌĨŽƌŵ͕ŽƌĂŶǇ ƵŶƐĂƚŝƐĨĂĐƚŽƌǇƉĞƌĨŽƌŵĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƉĞĐŝĨŝĐĂƚŝŽŶƐŽĨĂĐŽŶƚƌĂĐƚ͘ ϱ͘ŶǇƐƵƐƉĞŶƐŝŽŶƐŽƌĚĞďĂƌŵĞŶƚƐďǇĂŶǇŐŽǀĞƌŶŵĞŶƚĂŐĞŶĐǇ͘ ϲ͘ŶǇĐŽŶƚƌĂĐƚƐŶŽƚĐŽŵƉůĞƚĞĚŽŶƚŝŵĞ͘ ϳ͘ŶǇĚŽĐƵŵĞŶƚĞĚǀŝŽůĂƚŝŽŶƐŽĨĨĞĚĞƌĂůŽƌƐƚĂƚĞůĂďŽƌůĂǁƐ͕ƌĞŐƵůĂƚŝŽŶƐŽƌƐƚĂŶĚĂƌĚƐŽƌŽĐĐƵƉĂƚŝŽŶĂůƐĂĨĞƚǇĂŶĚŚĞĂůƚŚ ƌƵůĞƐŽƌƌĞŐƵůĂƚŝŽŶƐ͘ sŝĐĞWƌĞƐŝĚĞŶƚͬƐƐŽĐŝĂƚĞ <ŝŵůĞǇͲ,ŽƌŶĂŶĚƐƐŽĐŝĂƚĞƐ͕/ŶĐ͘ dŝƚůĞŽŵƉĂŶǇ ĂŶŽǇůĞ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ƵƚŚŽƌŝǌĞĚŽŵƉĂŶǇZĞƉƌĞƐĞŶƚĂƚŝǀĞ;ƉƌŝŶƚĞĚͿƵƚŚŽƌŝǌĞĚŽŵƉĂŶǇZĞƉƌĞƐĞŶƚĂƚŝǀĞ;ƐŝŐŶĂƚƵƌĞͿ ^ƵďƐĐƌŝďĞĚĂŶĚƐǁŽƌŶďĞĨŽƌĞŵĞƚŚŝƐͺͺͺͺͺͺĚĂǇŽĨͺͺͺͺͺͺͺͺ͕ϮϬϮϬ ĚĂƚĞDŽŶƚŚ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ EŽƚĂƌǇWƵďůŝĐ ƵĞƚŽƚŚĞƉĂŶĚĞŵŝĐĂŶĚƚŚĞĞůĞĐƚƌŽŶŝĐŶĂƚƵƌĞŽĨƚŚŝƐƐƵďŵŝƚƚĂů͕ǁĞĂƌĞƵŶĂďůĞƚŽĂƚƚĂŝŶĂŶŽƚĂƌŝǌĞĚ͕ƉŚǇƐŝĐĂůƐŝŐŶĂƚƵƌĞ ĂƚƚŚŝƐƚŝŵĞ͘hƉŽŶƐĞůĞĐƚŝŽŶĨŽƌƚŚĞƉƌŽũĞĐƚ͕ǁĞǁŝůůƐĞŶĚĂŶŽƚĂƌŝǌĞĚǀĞƌƐŝŽŶŝĨƌĞƋƵŝƌĞĚ͘ 3DFNHW3J )D >ŝƐƚŽĨĨŝƌƐƚͲƚŝĞƌƐƵďĐŽŶƚƌĂĐƚŽƌƐ WůĞĂƐĞůŝƐƚĂůůůŝƐƚŽĨĂůůĨŝƌƐƚͲƚŝĞƌƐƵďĐŽŶƚƌĂĐƚŽƌƐƚŚĞWƌŽƉŽƐĞƌŝŶƚĞŶĚƐƚŽƌĞƚĂŝŶĨŽƌǁŽƌŬŽŶƚŚĞƉƌŽũĞĐƚ ;>ĞŐĂůŶĂŵĞŽĨĐŽŵƉĂŶǇĂƐƌĞŐŝƐƚĞƌĞĚǁŝƚŚƚŚĞ^ĞĐƌĞƚĂƌǇŽĨ^ƚĂƚĞͿ;WŽŝŶƚŽĨĐŽŶƚĂĐƚ͕ĞŵĂŝů͕ƉŚŽŶĞŶƵŵďĞƌ͕ĂĚĚƌĞƐƐͿ ůĂŶŶĂDĐ<ĞĞŵĂŶǆŝƐƚŝŶŐŽŶĚŝƚŝŽŶƐŶĂůǇƐŝƐΘ &ŽƵƌƐƋƵĂƌĞ/ŶƚĞŐƌĂƚĞĚdƌĂŶƐƉŽƌƚĂƚŝŽŶWůĂŶŶŝŶŐĂŵĐŬĞĞŵĂŶΛĨŽƵƌƐƋƵĂƌĞŝƚƉ͘ĐŽŵWƵďůŝĐĂŶĚ^ƚĂŬĞŚŽůĚĞƌ ;/dWͿϯϬϭ͘ϲϯϳ͘ϬϮϴϬŶŐĂŐĞŵĞŶƚ ϱϭDŽŶƌŽĞ^ƚƌĞĞƚ ^ƵŝƚĞϭϭϬϯ ZŽĐŬǀŝůůĞ͕DϮϬϴϱϬ ĞŶĞƚƌŝĐŬWŽǁĞƌƐ^ĞƌǀŝĐĞĂŶĚdŝƚůĞs/ŶĂůǇƐŝƐ EKKƉŽǁĞƌƐΛŶĞŽŽƉĂƌƚŶĞƌƐ͘ĐŽŵ ϲϭϮ͘ϮϮϮ͘Ϯϳϵϲ ϯϳϬtĂďĂƐŚĂ^ƚE hŶŝƚϱϬϬ ^ƚWĂƵů͕DEϱϱϭϬϮ 3DFNHW3J )D ϰϵ&ZWZdϮϬͲͲZd/&/d/KEZ'Z/E'>Kz/E' ĞƌƚŝĨŝĐĂƚŝŽŶĨŽƌŽŶƚƌĂĐƚƐ͕'ƌĂŶƚƐ͕>ŽĂŶƐ͕ĂŶĚŽŽƉĞƌĂƚŝǀĞŐƌĞĞŵĞŶƚƐ ;dŽďĞƐƵďŵŝƚƚĞĚǁŝƚŚĞĂĐŚďŝĚŽƌŽĨĨĞƌĞǆĐĞĞĚŝŶŐΨϭϬϬ͕ϬϬϬͿ dŚĞƵŶĚĞƌƐŝŐŶĞĚ΀ŽŶƚƌĂĐƚŽƌ΁ĐĞƌƚŝĨŝĞƐ͕ƚŽƚŚĞďĞƐƚŽĨŚŝƐŽƌŚĞƌŬŶŽǁůĞĚŐĞĂŶĚďĞůŝĞĨ͕ƚŚĂƚ͗ ;ϭͿEŽ&ĞĚĞƌĂůĂƉƉƌŽƉƌŝĂƚĞĚĨƵŶĚƐŚĂǀĞďĞĞŶƉĂŝĚŽƌǁŝůůďĞƉĂŝĚ͕ďǇŽƌŽŶďĞŚĂůĨŽĨƚŚĞƵŶĚĞƌƐŝŐŶĞĚ͕ƚŽĂŶǇƉĞƌƐŽŶĨŽƌ ŝŶĨůƵĞŶĐŝŶŐŽƌĂƚƚĞŵƉƚŝŶŐƚŽŝŶĨůƵĞŶĐĞĂŶŽĨĨŝĐĞƌŽƌĞŵƉůŽǇĞĞŽĨĂŶĂŐĞŶĐǇ͕ĂDĞŵďĞƌŽĨŽŶŐƌĞƐƐ͕ĂŶŽĨĨŝĐĞƌŽƌĞŵƉůŽǇĞĞ ŽĨŽŶŐƌĞƐƐ͕ŽƌĂŶĞŵƉůŽǇĞĞŽĨĂDĞŵďĞƌŽĨŽŶŐƌĞƐƐŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞĂǁĂƌĚŝŶŐŽĨĂŶǇ&ĞĚĞƌĂůĐŽŶƚƌĂĐƚ͕ƚŚĞ ŵĂŬŝŶŐŽĨĂŶǇ&ĞĚĞƌĂůŐƌĂŶƚ͕ƚŚĞŵĂŬŝŶŐŽĨĂŶǇ&ĞĚĞƌĂůůŽĂŶ͕ƚŚĞĞŶƚĞƌŝŶŐŝŶƚŽŽĨĂŶǇĐŽŽƉĞƌĂƚŝǀĞĂŐƌĞĞŵĞŶƚ͕ĂŶĚƚŚĞ ĞǆƚĞŶƐŝŽŶ͕ĐŽŶƚŝŶƵĂƚŝŽŶ͕ƌĞŶĞǁĂů͕ĂŵĞŶĚŵĞŶƚ͕ŽƌŵŽĚŝĨŝĐĂƚŝŽŶŽĨĂŶǇ&ĞĚĞƌĂůĐŽŶƚƌĂĐƚ͕ŐƌĂŶƚ͕ůŽĂŶ͕ŽƌĐŽŽƉĞƌĂƚŝǀĞ ĂŐƌĞĞŵĞŶƚ͘ ;ϮͿ/ĨĂŶǇĨƵŶĚƐŽƚŚĞƌƚŚĂŶ&ĞĚĞƌĂůĂƉƉƌŽƉƌŝĂƚĞĚĨƵŶĚƐŚĂǀĞďĞĞŶƉĂŝĚŽƌǁŝůůďĞƉĂŝĚƚŽĂŶǇƉĞƌƐŽŶĨŽƌŵĂŬŝŶŐůŽďďǇŝŶŐ ĐŽŶƚĂĐƚƐƚŽĂŶŽĨĨŝĐĞƌŽƌĞŵƉůŽǇĞĞŽĨĂŶǇĂŐĞŶĐǇ͕ĂDĞŵďĞƌŽĨŽŶŐƌĞƐƐ͕ĂŶŽĨĨŝĐĞƌŽƌĞŵƉůŽǇĞĞŽĨŽŶŐƌĞƐƐ͕ŽƌĂŶ ĞŵƉůŽǇĞĞŽĨĂDĞŵďĞƌŽĨŽŶŐƌĞƐƐŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐ&ĞĚĞƌĂůĐŽŶƚƌĂĐƚ͕ŐƌĂŶƚ͕ůŽĂŶ͕ŽƌĐŽŽƉĞƌĂƚŝǀĞĂŐƌĞĞŵĞŶƚ͕ƚŚĞ ƵŶĚĞƌƐŝŐŶĞĚƐŚĂůůĐŽŵƉůĞƚĞĂŶĚƐƵďŵŝƚ^ƚĂŶĚĂƌĚ&ŽƌŵͲͲ>>>͕ΗŝƐĐůŽƐƵƌĞ&ŽƌŵƚŽZĞƉŽƌƚ>ŽďďǇŝŶŐ͕ΗŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŝƚƐ ŝŶƐƚƌƵĐƚŝŽŶƐ΀ĂƐĂŵĞŶĚĞĚďǇΗ'ŽǀĞƌŶŵĞŶƚǁŝĚĞ'ƵŝĚĂŶĐĞĨŽƌEĞǁZĞƐƚƌŝĐƚŝŽŶƐŽŶ>ŽďďǇŝŶŐ͕Ηϲϭ&ĞĚ͘ZĞŐ͘ϭϰϭϯ;ϭͬϭϵͬϵϲͿ͘ EŽƚĞ͗>ĂŶŐƵĂŐĞŝŶƉĂƌĂŐƌĂƉŚ;ϮͿŚĞƌĞŝŶŚĂƐďĞĞŶŵŽĚŝĨŝĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ^ĞĐƚŝŽŶϭϬŽĨƚŚĞ>ŽďďǇŝŶŐŝƐĐůŽƐƵƌĞĐƚŽĨ ϭϵϵϱ;W͘>͘ϭϬϰͲϲϱ͕ƚŽďĞĐŽĚŝĨŝĞĚĂƚϮh͘^͘͘ϭϲϬϭ͕ĞƚƐĞƋ͘Ϳ΁ ;ϯͿdŚĞƵŶĚĞƌƐŝŐŶĞĚƐŚĂůůƌĞƋƵŝƌĞƚŚĂƚƚŚĞůĂŶŐƵĂŐĞŽĨƚŚŝƐĐĞƌƚŝĨŝĐĂƚŝŽŶďĞŝŶĐůƵĚĞĚŝŶƚŚĞĂǁĂƌĚĚŽĐƵŵĞŶƚƐĨŽƌĂůů ƐƵďĂǁĂƌĚƐĂƚĂůůƚŝĞƌƐ;ŝŶĐůƵĚŝŶŐƐƵďĐŽŶƚƌĂĐƚƐ͕ƐƵďŐƌĂŶƚƐ͕ĂŶĚĐŽŶƚƌĂĐƚƐƵŶĚĞƌŐƌĂŶƚƐ͕ůŽĂŶƐ͕ĂŶĚĐŽŽƉĞƌĂƚŝǀĞĂŐƌĞĞŵĞŶƚƐͿ ĂŶĚƚŚĂƚĂůůƐƵďƌĞĐŝƉŝĞŶƚƐƐŚĂůůĐĞƌƚŝĨǇĂŶĚĚŝƐĐůŽƐĞĂĐĐŽƌĚŝŶŐůǇ͘ dŚŝƐĐĞƌƚŝĨŝĐĂƚŝŽŶŝƐĂŵĂƚĞƌŝĂůƌĞƉƌĞƐĞŶƚĂƚŝŽŶŽĨĨĂĐƚƵƉŽŶǁŚŝĐŚƌĞůŝĂŶĐĞǁĂƐƉůĂĐĞĚǁŚĞŶƚŚŝƐƚƌĂŶƐĂĐƚŝŽŶǁĂƐŵĂĚĞŽƌ ĞŶƚĞƌĞĚŝŶƚŽ͘^ƵďŵŝƐƐŝŽŶŽĨƚŚŝƐĐĞƌƚŝĨŝĐĂƚŝŽŶŝƐĂƉƌĞƌĞƋƵŝƐŝƚĞĨŽƌŵĂŬŝŶŐŽƌĞŶƚĞƌŝŶŐŝŶƚŽƚŚŝƐƚƌĂŶƐĂĐƚŝŽŶŝŵƉŽƐĞĚďǇϯϭ͕ h͘^͘͘ΑϭϯϱϮ;ĂƐĂŵĞŶĚĞĚďǇƚŚĞ>ŽďďǇŝŶŐŝƐĐůŽƐƵƌĞĐƚŽĨϭϵϵϱͿ͘ŶǇƉĞƌƐŽŶǁŚŽĨĂŝůƐƚŽĨŝůĞƚŚĞƌĞƋƵŝƌĞĚĐĞƌƚŝĨŝĐĂƚŝŽŶ ƐŚĂůůďĞƐƵďũĞĐƚƚŽĂĐŝǀŝůƉĞŶĂůƚǇŽĨŶŽƚůĞƐƐƚŚĂŶΨϭϬ͕ϬϬϬĂŶĚŶŽƚŵŽƌĞƚŚĂŶΨϭϬϬ͕ϬϬϬĨŽƌĞĂĐŚƐƵĐŚĨĂŝůƵƌĞ͘ ΀EŽƚĞ͗WƵƌƐƵĂŶƚƚŽϯϭh͘^͘͘ΑϭϯϱϮ;ĐͿ;ϭͿͲ;ϮͿ;Ϳ͕ĂŶǇƉĞƌƐŽŶǁŚŽŵĂŬĞƐĂƉƌŽŚŝďŝƚĞĚĞǆƉĞŶĚŝƚƵƌĞŽƌĨĂŝůƐƚŽĨŝůĞŽƌĂŵĞŶĚ ĂƌĞƋƵŝƌĞĚĐĞƌƚŝĨŝĐĂƚŝŽŶŽƌĚŝƐĐůŽƐƵƌĞĨŽƌŵƐŚĂůůďĞƐƵďũĞĐƚƚŽĂĐŝǀŝůƉĞŶĂůƚǇŽĨŶŽƚůĞƐƐƚŚĂŶΨϭϬ͕ϬϬϬĂŶĚŶŽƚŵŽƌĞƚŚĂŶ ΨϭϬϬ͕ϬϬϬĨŽƌĞĂĐŚƐƵĐŚĞǆƉĞŶĚŝƚƵƌĞŽƌĨĂŝůƵƌĞ͘΁ <ŝŵůĞǇͲ,ŽƌŶĂŶĚƐƐŽĐŝĂƚĞƐ͕/ŶĐ͘ dŚĞŽŶƚƌĂĐƚŽƌ͕ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͕ĐĞƌƚŝĨŝĞƐŽƌĂĨĨŝƌŵƐƚŚĞƚƌƵƚŚĨƵůŶĞƐƐĂŶĚĂĐĐƵƌĂĐǇŽĨĞĂĐŚƐƚĂƚĞŵĞŶƚŽĨ ŝƚƐĐĞƌƚŝĨŝĐĂƚŝŽŶĂŶĚĚŝƐĐůŽƐƵƌĞ͕ŝĨĂŶǇ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞŽŶƚƌĂĐƚŽƌƵŶĚĞƌƐƚĂŶĚƐĂŶĚĂŐƌĞĞƐƚŚĂƚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨϯϭh͘^͘͘ ϯϴϬϭ͕ĞƚƐĞƋ͕͘ĂƉƉůǇƚŽƚŚŝƐĐĞƌƚŝĨŝĐĂƚŝŽŶĂŶĚĚŝƐĐůŽƐƵƌĞ͕ŝĨĂŶǇ͘ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ^ŝŐŶĂƚƵƌĞŽĨŽŶƚƌĂĐƚŽƌΖƐƵƚŚŽƌŝǌĞĚKĨĨŝĐŝĂů ĂŶŽǇůĞ͕sŝĐĞWƌĞƐŝĚĞŶƚͬƐƐŽĐŝĂƚĞ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ EĂŵĞĂŶĚdŝƚůĞŽĨŽŶƚƌĂĐƚŽƌΖƐƵƚŚŽƌŝǌĞĚKĨĨŝĐŝĂů ϰͬϯϬͬϮϬϮϭ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ĂƚĞ 3DFNHW3J )D ĐŬŶŽǁůĞĚŐĞŵĞŶƚŽĨĂĚĚĞŶĚĂ ĨƚĞƌĚŝƐƚƌŝďƵƚŝŽŶŽĨƚŚĞZ&WĂŶĚƉƌŝŽƌƚŽƚŚĞ^ƵďŵŝƐƐŝŽŶĞĂĚůŝŶĞ͕ƚŚĞDŽĚĞƌĂƚŽƌŵĂǇƉĞƌŝŽĚŝĐĂůůǇŵĂŬĞĐŚĂŶŐĞƐ͕ ĐŽƌƌĞĐƚŝŽŶƐ͕ĐůĂƌŝĨŝĐĂƚŝŽŶƐ͕ŽƌƵƉĚĂƚĞƐƚŽŝŶĨŽƌŵĂƚŝŽŶĐŽŶƚĂŝŶĞĚŝŶƚŚĞZ&WĚŽĐƵŵĞŶƚƐ͘dŚŽƐĞĐŚĂŶŐĞƐ͕ĐŽƌƌĞĐƚŝŽŶƐ͕ ĐůĂƌŝĨŝĐĂƚŝŽŶƐ͕ŽƌƵƉĚĂƚĞƐƚŽŝŶĨŽƌŵĂƚŝŽŶǁŝůůďĞƉƌŽǀŝĚĞĚďǇĞŵĂŝůǁŚĞŶƚŚĞǇĂƌĞĂǀĂŝůĂďůĞƚŽĞĂĐŚŽŶƚƌĂĐƚŽƌǁŚŽ ĐŽŵƉůĞƚĞƐĂZĞĐĞŝƉƚŽŶĨŝƌŵĂƚŝŽŶĨŽƌƚŚŝƐZ&W͘/ĨĂŶǇŽĨƚŚŽƐĞĐŚĂŶŐĞƐ͕ĐŽƌƌĞĐƚŝŽŶƐ͕ĐůĂƌŝĨŝĐĂƚŝŽŶƐ͕ŽƌƵƉĚĂƚĞƐƚŽ ŝŶĨŽƌŵĂƚŝŽŶĂƌĞƚŽďĞĐŽŶƐŝĚĞƌĞĚĂŶĂĚĚĞŶĚƵŵƚŽĂŶĚďĞĐŽŵĞƉĂƌƚŽĨƚŚĞZ&WĚŽĐƵŵĞŶƚƐ͕ƚŚĞǇǁŝůůďĞůŝƐƚĞĚďǇƐƵďũĞĐƚ͕ ƚŝŵĞ͕ĂŶĚĚĂƚĞŝŶĂĨŝŶĂůĞŵĂŝůĨƌŽŵƚŚĞDŽĚĞƌĂƚŽƌƉƌŝŽƌƚŽƚŚĞƐƵďŵŝƐƐŝŽŶĚĞĂĚůŝŶĞĨŽƌƚŚĞZ&W͘ŽŶƚƌĂĐƚŽƌƐŵƵƐƚ ĂĐŬŶŽǁůĞĚŐĞƌĞĐĞŝƉƚŽĨĂŶǇĂŶĚĂůůƐƵĐŚĂĚĚĞŶĚĂ͕ĂŶĚŝŶĐůƵĚĞƐƵĐŚĂĐŬŶŽǁůĞĚŐŵĞŶƚǁŝƚŚƚŚĞZ&WƌĞƐƉŽŶƐĞ͘&ĂŝůƵƌĞƚŽ ĂĐŬŶŽǁůĞĚŐĞƌĞĐĞŝƉƚŽĨĂůůĂĚĚĞŶĚĂŵĂǇĐĂƵƐĞƚŚĞZ&WƌĞƐƉŽŶƐĞƚŽďĞĐŽŶƐŝĚĞƌĞĚŶŽŶƌĞƐƉŽŶƐŝǀĞƚŽƚŚĞƐŽůŝĐŝƚĂƚŝŽŶ͘ dŚĞĨŽůůŽǁŝŶŐĂĐŬŶŽǁůĞĚŐĞŵĞŶƚƐŚĂůůďĞŝŶĐůƵĚĞĚǁŝƚŚƚŚĞŽŶƚƌĂĐƚŽƌ͛ƐZ&WƌĞƐƉŽŶƐĞ͗ dŚĞƵŶĚĞƌƐŝŐŶĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞŚĞƌĞďǇĂĐŬŶŽǁůĞĚŐĞƐƌĞĐĞŝƉƚŽĨĂůůŽĨƚŚĞĨŽůůŽǁŝŶŐĂĚĚĞŶĚĂƚŽƚŚĞZ&W ĚŽĐƵŵĞŶƚƐ͗ dŚĞƵŶĚĞƌƐŝŐŶĞĚĨƵƌƚŚĞƌŚĞƌĞďǇĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞŽŶƚƌĂĐƚŽƌƵŶĚĞƌƐƚĂŶĚƐĂŶĚĂŐƌĞĞƐƚŚĂƚĞĂĐŚƐƵĐŚ ĂĚĚĞŶĚĂĂƌĞƉĂƌƚŽĨƚŚĞZ&WĚŽĐƵŵĞŶƚƐĂŶĚŚĂǀĞďĞĞŶĐŽŶƐŝĚĞƌĞĚĂŶĚŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞŽŶƚƌĂĐƚŽƌ͛ƐZ&W ƌĞƐƉŽŶƐĞ͘ sŝĐĞWƌĞƐŝĚĞŶƚͬƐƐŽĐŝĂƚĞ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ƵƚŚŽƌŝǌĞĚ^ŝŐŶĂƚƵƌĞdŝƚůĞ ϰͬϯϬͬϮϬϮϭ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ĂƚĞ 3DFNHW3J )D ƉĂƌƚŝĐŝƉĂƚŝŽŶĂĨĨŝĚĂǀŝƚ /ŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞďŝĚƐƵďŵŝƚƚĞĚ͕/ĂĨĨŝƌŵƚŚĞĨŽůůŽǁŝŶŐWĂƌƚŝĐŝƉĂƚŝŽŶ͗ KƵƌŽŵƉĂŶǇŚĂƐŵĞƚƚŚĞŽǀĞƌĂůůĐĞƌƚŝĨŝĞĚŝƐĂĚǀĂŶƚĂŐĞĚƵƐŝŶĞƐƐŶƚĞƌƉƌŝƐĞ;ͿƉĂƌƚŝĐŝƉĂƚŝŽŶŐŽĂůŽĨϮ͘Ϭй͘ 9 KƵƌŽŵƉĂŶǇ͛ƐŐŽĂůĨŽƌƚŚŝƐĐŽŶƚƌĂĐƚŝƐ͗Ϯй /ĂŐƌĞĞƚŚĂƚƚŚĞĨŝƌŵƐůŝƐƚĞĚŝŶŽƵƌŽŵƉĂŶǇ͛ƐWĂƌƚŝĐŝƉĂƚŝŽŶ^ĐŚĞĚƵůĞ&Žƌŵ&ͲϭǁŝůůďĞƵƐĞĚƚŽĂĐĐŽŵƉůŝƐŚ ƚŚĞƉĂƌƚŝĐŝƉĂƚŝŽŶŐŽĂůĨŽƌƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƚůĞĂƐƚƚŚĞĚŽůůĂƌĂŵŽƵŶƚƐƐĞƚĨŽƌƚŚƚŚĞƌĞŝŶ͘ dŚĞWĂƌƚŝĐŝƉĂƚŝŽŶ^ĐŚĞĚƵůĞ&Žƌŵ&ͲϭŵƵƐƚƐŚŽǁƚŚĞĨŽůůŽǁŝŶŐ͗ x EĂŵĞƐ͕ĂĚĚƌĞƐƐĞƐ͕ĂŶĚĐŽŶƚĂĐƚŶĂŵĞƐŽĨĂůůDEĐĞƌƚŝĨŝĞĚ͛ƐƚŚĂƚǁŝůůďĞƉĂƌƚŝĐŝƉĂƚŝŶŐŝŶƚŚŝƐĐŽŶƚƌĂĐƚ͘ x ƐƉĞĐŝĨŝĐĚĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞǁŽƌŬĞĂĐŚǁŝůůƉĞƌĨŽƌŵ͘ x 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ƉƉƌŽǀĞĚĂƐƚŽ&ŽƌŵΘǆĞĐƵƚŝŽŶ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ZŽĐŚĞƐƚĞƌŝƚǇƚƚŽƌŶĞǇ 3DFNHW3J )F Zd/>ϭ ĨĨĞĐƚŝǀĞĂƚĞ͗:ƵŶĞϭϱ͕ϮϬϮϭ tŽƌŬŽŵƉůĞƚŝŽŶĂƚĞ͗:ƵŶĞϯϬ͕ϮϬϮϮ ǆƉŝƌĂƚŝŽŶĂƚĞ͗ĞĐĞŵďĞƌϯϭ͕ϮϬϮϮ Zd/>Ϯ ͘'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƚƚĂĐŚŵĞŶƚ ͘&důĂƵƐĞƐƚƚĂĐŚŵĞŶƚ ͘^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐƚƚĂĐŚŵĞŶƚ ͘ƐƚŝŵĂƚĞĚŽƐƚƐƚƚĂĐŚŵĞŶƚ ͘tŽƌŬWůĂŶKƵƚůŝŶĞƚƚĂĐŚŵĞŶƚ &͘&ŽƌŵƐΘĞƌƚŝĨŝĐĂƚŝŽŶƐƚƚĂĐŚŵĞŶƚ& '͘ZĞƋƵĞƐƚĨŽƌWƌŽƉŽƐĂůƐƚƚĂĐŚŵĞŶƚ' Zd/>ϯ ŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚďǇKE^h>dEd͕ĂƐĚĞĨŝŶĞĚďǇƚŚŝƐĐŽŶƚƌĂĐƚ͕ǁŝůůďĞƉĂŝĚďǇ/dzŽŶĂŶ ŚŽƵƌůǇ͕ĨĞĞƐĐŚĞĚƵůĞďĂƐŝƐ͕ŶŽƚƚŽĞǆĐĞĞĚƚŚĞĨŽůůŽǁŝŶŐƚĞƌŵƐ͗ dĂƐŬϭʹWƌŽũĞĐƚDĂŶĂŐĞŵĞŶƚΨϭϱ͕Ϭϴϴ dĂƐŬϮʹWĂƌƚŶĞƌĐŽŽƌĚŝŶĂƚŝŽŶĂŶĚĂŐĞŶĐǇŝŶǀŽůǀĞŵĞŶƚΨϭϭ͕ϮϰϬ dĂƐŬϯʹWƵďůŝĐŶŐĂŐĞŵĞŶƚΨϱϰ͕ϲϱϱ dĂƐŬϰʹǆŝƐƚŝŶŐ^ĞƌǀŝĐĞŶĂůǇƐŝƐĂŶĚWƌŽƉŽƐĞĚŚĂŶŐĞƐΨϰϭ͕ϮϮϱ dĂƐŬϱʹhƉĚĂƚĞDŝƐƐŝŽŶĂŶĚ'ŽĂůƐΨϲ͕ϲϬϬ dĂƐŬϲʹhƉĚĂƚĞWĞƌĨŽƌŵĂŶĐĞDĞĂƐƵƌĞƐĂŶĚ^ĞƌǀŝĐĞ'ƵŝĚĞůŝŶĞƐΨϵ͕Ϭϰϱ dĂƐŬϳʹ^ǇƐƚĞŵWĞƌĨŽƌŵĂŶĐĞŶĂůǇƐŝƐΨϯϮ͕ϮϬϲ dĂƐŬϴʹ^ƚƌĞŶŐƚŚƐ͕/ƐƐƵĞƐ͕ĂŶĚ^ƚƌĂƚĞŐŝĞƐĞǀĞůŽƉŵĞŶƚΨϭϲ͕ϲϲϲ dĂƐŬϵʹĞǀĞůŽƉ&ŝǆĞĚͲZŽƵƚĞ^ĞƌǀŝĐĞůƚĞƌŶĂƚŝǀĞƐΨϰϵ͕ϱϳϲ dĂƐŬϭϬʹĞǀĞůŽƉWĂƌĂƚƌĂŶƐŝƚ^ĞƌǀŝĐĞWůĂŶΨϱ͕ϭϴϬ dĂƐŬϭϭʹdŝƚůĞs/ŶĂůǇƐŝƐΨϴ͕ϱϰϭ dĂƐŬϭϮʹĂƉŝƚĂůƐƐĞƚƐWůĂŶƐΨϭϯ͕ϳϰϬ dĂƐŬϭϯʹ&ŝŶĂŶĐŝĂůWůĂŶΘ&ĂƌĞŶĂůǇƐŝƐΨϭϮ͕ϬϵϬ dĂƐŬϭϰʹKƉĞƌĂƚŝŽŶƐ͕KƌŐĂŶŝǌĂƚŝŽŶ͕ĂŶĚ^ƚĂĨĨŝŶŐWůĂŶΨϲ͕ϵϬϬ dĂƐŬϭϱʹĞǀĞůŽƉ&ŝŶĂůWůĂŶŽĐƵŵĞŶƚƐΨϵ͕ϵϮϱ ZĞŝŵďƵƌƐĂďůĞĞǆƉĞŶƐĞƐΨϲ͕ϵϴϯ ĐƚƵĂůĐŽƐƚĂŶĚĞǆƉĞŶƐĞďĂƐĞĚŽŶƚŚĞĂƚƚĂĐŚĞĚĞƐƚŝŵĂƚĞŽĨĐŽƐƚƐĂŶĚĨĞĞƐƚƌƵĐƚƵƌĞ͕ƚƚĂĐŚŵĞŶƚ Zd/>ϰ KE^h>dEd͛^ƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ŽƌŬĞǇƉĞƌƐŽŶŶĞů͗ EĂŵĞ͗ŚĞůƐĞǇ,ĞŶĚƌŝĐŬƐŽŶ͕/W dŝƚůĞ͗WƌŽũĞĐƚDĂŶĂŐĞƌ ĚĚƌĞƐƐ͗ϳϲϳEŽƌƚŚƵƐƚŝƐ^ƚƌĞĞƚ͕^ƵŝƚĞϭϬϬ͕^ƚ͘WĂƵů͕DEϱϱϭϬϰ WŚŽŶĞ͗ϲϭϮ͘Ϯϵϰ͘ϵϳϯϭ ŵĂŝů͗ŚĞůƐĞǇ͘ŚĞŶĚƌŝĐŬƐŽŶΛŬŝŵůĞǇͲŚŽƌŶ͘ĐŽŵ ZĞƐƉŽŶƐŝďŝůŝƚǇ͗WƌŽũĞĐƚDĂŶĂŐĞƌͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ 3DFNHW3J )F KE^h>dEd͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚĂƐƐŝŐŶĞĚƚŽƚŚŝƐƉƌŽũĞĐƚƐŚĂůůƌĞŵĂŝŶƚŚƌŽƵŐŚŽƵƚƚŚĞƉƌŽũĞĐƚ͕ĂƐůŽŶŐĂƐ ƚŚĞǇĂƌĞƐƚŝůůĞŵƉůŽǇĞĚďǇƚŚĞĨŝƌŵ͕ƵŶůĞƐƐƚŚĞŝƚǇƌĞƋƵĞƐƚƐĂĐŚĂŶŐĞŝŶƉƌŽũĞĐƚŵĂŶĂŐĞƌ͘/Ĩ KE^h>dEd͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚĐŚĂŶŐĞƐĂƚĂŶǇƚŝŵĞĚƵƌŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͕KE^h>dEdŵƵƐƚ ŝŵŵĞĚŝĂƚĞůǇŶŽƚŝĨǇŝƚǇ͘ Zd/>ϱ KE^h>dEd͛^ƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ŽƌŬĞǇƉĞƌƐŽŶŶĞů͗ EĂŵĞ͗ƌĂĚůĞǇŽďďŝƚƚͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ dŝƚůĞ͗dƌĂŶƐŝƚKƉĞƌĂƚŝŽŶƐ^ƉĞĐŝĂůŝƐƚͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ĚĚƌĞƐƐ͗ϰϯϬϬĂƐƚZŝǀĞƌZĚE͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϲͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ WŚŽŶĞ͗ϱϬϳ͘ϯϮϴ͘Ϯϰϴϱͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ŵĂŝů͗ďďŽďďŝƚƚΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ZĞƐƉŽŶƐŝďŝůŝƚǇ͗WƌŽũĞĐƚDĂŶĂŐĞƌͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ /dz͛^ƵƚŚŽƌŝǌĞĚŐĞŶƚǁŝůůŚĂǀĞĂƵƚŚŽƌŝƚǇƚŽĂĐĐĞƉƚŽƌƌĞũĞĐƚKE^h>dEd͛^ƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐ͘ /ĨƐƵĐŚƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐĂƌĞĂĐĐĞƉƚĂďůĞĂŶĚƐĂƚŝƐĨĂĐƚŽƌǇ͕ƚŚĞ/dz͛^ƵƚŚŽƌŝǌĞĚŐĞŶƚǁŝůůĐĞƌƚŝĨǇ ĞĂĐŚŝŶǀŽŝĐĞƐƵďŵŝƚƚĞĚĨŽƌƉĂǇŵĞŶƚďǇƚŚĞKE^h>dEd͘ ͘dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĞĨĨĞĐƚŝǀĞƵƉŽŶƚŚĞĚĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ŽƌƵƉŽŶĞǆĞĐƵƚŝŽŶĂŶĚĂƉƉƌŽǀĂůďǇ ƚŚĞĂƉƉƌŽƉƌŝĂƚĞ/dzŽĨĨŝĐŝĂůƐ͕ƉƵƌƐƵĂŶƚƚŽŝƚǇŽĨZŽĐŚĞƐƚĞƌ,ŽŵĞZƵůĞŚĂƌƚĞƌ͕ĂŶĚƚŚĞĂƉƉƌŽƉƌŝĂƚĞ KE^h>dEdŽĨĨŝĐŝĂůƐ͕ǁŚŝĐŚĞǀĞƌĞǀĞŶƚŽĐĐƵƌƐůĂƚĞƌ͘dŚŝƐŽŶƚƌĂĐƚǁŝůůƌĞŵĂŝŶŝŶĞĨĨĞĐƚƵŶƚŝůƚŚĞǆƉŝƌĂƚŝŽŶ ĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ŽƌƵŶƚŝůĂůůŽďůŝŐĂƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĨƵůĨŝůůĞĚ͕ ǁŚŝĐŚĞǀĞƌĞǀĞŶƚŽĐĐƵƌƐĨŝƌƐƚ͘ ͘dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞƐƵďũĞĐƚƚŽǆƚĞŶĚĞĚdĞƌŵƐŝĨƚŚĞŝƚǇĞǆĞƌĐŝƐĞƐŽƉƚŝŽŶƐƚŽĐŽŶƚŝŶƵĞƚŚĞŽŶƚƌĂĐƚĨŽƌŽŶĞ ĂĚĚŝƚŝŽŶĂůƚŝŵĞƉĞƌŝŽĚŽĨϯŵŽŶƚŚƐ͕ǁŚŝĐŚŵĂǇďĞĨŽůůŽǁĞĚďǇƵƉƚŽŽŶĞĂĚĚŝƚŝŽŶĂůƚŝŵĞƉĞƌŝŽĚŽĨϯŵŽŶƚŚƐ͘ /ŶƚŚĞĞǀĞŶƚƚŚĞŐƌĞĞŵĞŶƚƌĞŵĂŝŶƐŝŶƉůĂĐĞĨŽƌƚŚĞŝŶŝƚŝĂůdĞƌŵĂŶĚĂůůǆƚĞŶĚĞĚdĞƌŵƐ͕ƚŚĞŐƌĞĞŵĞŶƚƐŚĂůů ĐŽŶƚŝŶƵĞƚŚƌŽƵŐŚĞĐĞŵďĞƌϯϭ͕ϮϬϮϮ͘ ͘&ŽƌĚĞůĂǇƐĞŶĐŽƵŶƚĞƌĞĚƚŚĂƚĂƌĞďĞǇŽŶĚKE^h>dEd͛ƐĐŽŶƚƌŽů͕ĂŶĚƵƉŽŶǁƌŝƚƚĞŶƌĞ ƋƵĞƐƚĨƌŽŵ KE^h>dEd͕ƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŵĂǇĞǆƚĞŶĚƚŚĞtŽƌŬŽŵƉůĞƚŝŽŶĂƚĞ͕ĂƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞůĞŶŐƚŚŽĨƐƵĐŚƚŝŵĞĞǆƚĞŶƐŝŽŶǁŝůůďĞĚĞƚĞƌŵŝŶĞĚďǇƚŚĞ/dz͛ƐŐĞŶƚ͘ ͘/ƚǁŝůůďĞKE^h>dEd͛ƐƌĞƐƉŽŶƐŝďŝůŝƚǇƚŽƌĞĂƐŽŶĂďůǇŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ŝŶǁƌŝ ƚŝŶŐ͕ŝĨ KE^h>dEdŚĂƐƌĞĂƐŽŶƚŽďĞůŝĞǀĞƚŚĞƉƌŽũĞĐƚǁŝůůŶŽƚďĞĐŽŵƉůĞƚĞĚĂƐƐĐŚĞĚƵůĞĚ͘/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚ ǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĂĚũƵƐƚƚŚĞƐĐŚĞĚƵůĞĂŶĚĨŝŶĂůĐŽƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐƵĐŚĚĞůĂǇƐ͕ŝŶǁƌŝƚŝŶŐ͕ǁŝƚŚŝŶƚŚĞ ƚĞƌŵƐŽĨƚŚĞŽŶƚƌĂĐƚ͘ ͘dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞŝŶƚĞƌƉƌĞƚĞĚƉƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ>Ăǁ͘ŶǇĐŝƚĂƚŝŽŶƚŽĨĞĚĞƌĂůŽƌƐƚĂƚĞůĂǁŝŶĐŽƌƉŽƌĂƚĞƐ ƚŚĞůĂŶŐƵĂŐĞŽĨƚŚĂƚůĂǁŝŶƚŽƚŚŝƐŽŶƚƌĂĐƚĂƐŝĨĨƵůůǇƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͘sĞŶƵĞĨŽƌĂůůůĞŐĂůƉƌŽĐĞĞĚŝŶŐƐĂƌŝƐŝŶŐ ŽƵƚŽĨƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌďƌĞĂĐŚ͕ǁŝůůďĞŝŶƚŚĞĂƉƉůŝĐĂďůĞƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶ KůŵƐƚĞĚŽƵŶƚǇ͕DŝŶŶĞƐŽƚĂ͘ ͘ŶǇĂŶĚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨŽƌĐĞƵŶůĞƐƐƚŚĞǇĂƌĞƐƉĞĐŝĨŝĐĂůůǇĂŶĚ ĚĞůŝďĞƌĂƚĞůǇĐĂŶĐĞůĞĚŽƌŵŽĚŝĨŝĞĚ͕ŝŶǁƌŝƚŝŶŐ͕ďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ 3DFNHW3J )F ͘dŽƚŚĞĞǆƚĞŶƚŽĨĂŶǇŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐǁŝůůĐŽŶƚƌŽů͘DŝŶŶĞƐŽƚĂ>ĂǁƐƵƉĞƌƐĞĚĞƐĂŶǇŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚ ĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ ͘^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůĂŶĚ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐ ƐĂƚŝƐĨĂĐƚŽƌŝůǇƐƵƉƉůŝĞĚďǇKE^h>dEdƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďǇ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞ ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕Zd/>ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂǇŵĞŶƚ͘͟ ͘/ĨŝƚĂƉƉĞĂƌƐĂƚĂŶǇƚŝŵĞƚŚĂƚKE^h>dEdǁŝůůĞǆĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͕KE^h>dEdŵƵƐƚŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵ ĞůǇŵĂŶŶĞƌ͘ KE^h>dEdŵĂǇŶŽƚďĞĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞǆĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚ ĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůǇĞǆĞĐƵƚĞĚ͕ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚďĞǇŽŶĚƚŚĂƚ͕ǁŚŝĐŚŝƐ ƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌǁƌŝƚƚĞŶĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďǇ/dz͕ŵĂǇďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌǇ ĂŶĚKE^h>dEdŵĂǇŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌƚŚĞĞǆƚƌĂǁŽƌŬ͘ ͘/ĨKE^h>dEdĐůĂŝŵƐĂŶǇŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌĐŽŶĚŝƚŝŽŶƐĞǆŝƐƚƚŚĂƚĐĂƵƐĞĞǆƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͕KE^h>dEdŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶǇĞǆƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐϮϬĂůĞŶĚĂƌĚĂǇƐĂĨƚĞƌƐƵĐŚ ŝŶƐƚƌƵĐƚŝŽŶŽƌŽďƐĞƌǀĂŶĐĞŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďǇƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ŶǇĐůĂŝŵŵĂĚĞĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂǇďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐ ƐŽŵĂĚĞ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůǇĂƉƉƌŽǀĞĚ ĂŶĚĞǆĞĐƵƚĞĚďǇƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚKE^h>dEdΖƐŽǁŶƌŝƐŬ͘ ͘WĂǇŵĞŶƚƐǁŝůůďĞŵĂĚĞďǇ/dzǁŝƚŚŝŶϯϬĚĂǇƐŽĨKE^h>dEd͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐ ƌĞƉŽƌƚƐ͕ƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚ͕ĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐĐŽŶƚƌĂĐƚ͘/dzƐŚĂůůŶŽƚŝĨǇ KE^h>dEdŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂǇƐŽĨKE^h>dEd͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞǇďĞůŝĞǀĞƚŚĞƉƌŽŐƌĞƐƐ ƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐǁĞƌĞŶŽƚƉƌŽƉĞƌůǇƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ ĐŽŶƚƌĂĐƚ͘ ͘/ŶǀŽŝĐĞƐĨŽƌƉĂǇŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďǇKE^h>dEdŵŽŶƚŚůǇƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶƚŚĞĨŽƌŵ ƉƌĞƐĐƌŝďĞĚďǇ/dz͘/ŶǀŽŝĐĞƐŵƵƐƚŝĚĞŶƚŝĨǇƚŚĞĐŽƐƚĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚ ĂŶĚƐĂƚŝƐĨǇƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ ϭ͘ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůǇ ŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚKE^h>dEdΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞ ĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚ ĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶǇƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚĨŽƌƌĞǀŝĞǁ ĂŶĚƉĂǇŵĞŶƚ͘ ϯ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨ ƚŚŝƐŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝǌĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐ ĂƌĞƉƌŽƉĞƌůǇĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂƌĞĂŶǇĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐ ĚŝƌĞĐƚůǇƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬŽĨƚŚĞKE^h>dEd͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂ ŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ ϰ͘KE^h>dEdŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐ ĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ Ă͘ŝƌĞĐƚƐĂůĂƌǇĐŽƐƚƐŽĨĞŵƉůŽǇĞĞƐΖƚŝŵĞĚŝƌĞĐƚůǇĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͘dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨǇŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽǇĞĞ͕ ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂǇ͕ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂǇŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ 3DFNHW3J )F ď͘^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽǇĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ ŽŵƉƵƚĞƌŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ ĞĂĐŚĞŵƉůŽǇĞĞΖƐŶĂŵĞ͕ŚŽƵƌůǇƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚ ƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂǇƉĞƌŝŽĚ͘ ͘/ĨKE^h>dEdŝƐĂƵƚŚŽƌŝǌĞĚďǇ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶǇƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕KE^h>dEdŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞ ĂďŽǀĞƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚΖƐŽŶƚƌĂĐƚ͕ĂŶĚKE^h>dEdŵƵƐƚĐŽŵƉůǇǁŝƚŚ DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ƌĞƋƵŝƌŝŶŐƚŝŵĞůǇƉĂǇŵĞŶƚďǇKE^h>dEdŽĨƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ƉĞŶĂůƚŝĞƐ ĨŽƌůĂƚĞƉĂǇŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌƉƌĞǀĂŝůƐŝŶĂ ůĂǁƐƵŝƚ͘ ͘KE^h>dEdŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƚƌĂĐƚŽƌƐΖŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞ ŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚĨŽƌƚŚĂďŽǀĞ͘ ͘ůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇKE^h>dEdƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĞƌĨŽƌŵĞĚŝŶĂŵĂŶŶĞƌ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĂƚĚĞŐƌĞĞŽĨĐĂƌĞĂŶĚƐŬŝůůŽƌĚŝŶĂƌŝůǇĞǆĞƌĐŝƐĞĚďǇŵĞŵďĞƌƐŽĨƚŚĞƐĂŵĞƉƌŽĨĞƐƐŝŽŶĐƵƌƌĞŶƚůǇ ƉƌĂĐƚŝĐŝŶŐƵŶĚĞƌƐŝŵŝůĂƌĐŝƌĐƵŵƐƚĂŶĐĞƐ͘KE^h>dEdŵĂŬĞƐŶŽǁĂƌƌĂŶƚŝĞƐ͕ĞǆƉƌĞƐƐĞĚŽƌŝŵƉůŝĞĚ͕ƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚŽƌŽƚŚĞƌǁŝƐĞ͕ŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚKE^h>dEd͛ƐƐĞƌǀŝĐĞƐ͘dŚĞKE^h>dEdĞŶĚĞĂǀŽƌƐƚŽĐŽŵƉůǇ ǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďǇĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵ KE^h>dEd͛ƐƐĞƌǀŝĐĞƐ͘ ͘KE^h>dEdǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂǇŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ŽƌƌĞŐƵůĂƚŝŽŶƐ͘ ͘ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďǇƉƌŽŐƌĞƐƐƉĂǇŵĞŶƚƐŵĂĚĞďǇ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚǇŽĨ/dz͘dŚŝƐ ƉƌŽǀŝƐŝŽŶŵƵƐƚŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐKE^h>dEdĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐĞƌǀŝĐĞƐĂŶĚ ĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂǇŵĞŶƚƐŚĂǀĞďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶǇĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐ ƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞ KE^h>dEd͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚƐŚĂůůŝŶĚĞŵŶŝĨǇKE^h>dEd ĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐKE^h>dEdĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞĞǆƚĞŶƚŽĨ ƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞKE^h>dEdĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ ͘EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶǇǁĂǇƚŽƌĞůŝĞǀĞKE^h>dEdĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽĐŽŵƉůĞƚĞ ƚŚĞƐĞƌǀŝĐĞƐĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞǆĐĞĞĚƚŚĂƚŝƐƐĞƚĨŽƌƚŚŝŶƚŚĞ ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ ͘dŚĞ/dzǁŝůůŶŽƚƉĂǇƚŚĞĨŝŶĂůŵŽŶƚŚ͛ƐĐŽŶƚƌĂĐƚƉƌŝĐĞĂŶĚŝŶǀŽŝĐĞĂŵŽƵŶƚƵŶƚŝůĐŽŶƚƌĂĐƚĐůŽƐĞŽƵƚŝƐĐŽŵƉůĞƚĞ ŝŶĐůƵĚŝŶŐƌĞƚƵƌŶŽĨĂŶǇ/dzͲŽǁŶĞĚĞƋƵŝƉŵĞŶƚ͕ƚŚĞƐĂƚŝƐĨĂĐƚŽƌǇƌĞĐĞŝƉƚŽĨǁƌŝƚƚĞŶĂƐƐƵƌĂŶĐĞƚŚĂƚĂůůƉĂǇŵĞŶƚƐ ƚŽĞŵƉůŽǇĞĞƐĂŶĚƐƵƉƉůŝĞƌƐŚĂǀĞďĞĞŶŵĂĚĞďǇƚŚĞKE^h>dEd͘ ͘KE^h>dEdŵĂǇŶĞŝƚŚĞƌĂƐƐŝŐŶŶŽƌƚƌĂŶƐĨĞƌĂŶǇƌŝŐŚƚƐŽƌŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚƉƌŝŽƌ ǁƌŝƚƚĞŶĂƵƚŚŽƌŝǌĂƚŝŽŶĨƌŽŵƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͘dŚĞǁƌŝƚƚĞŶĂƵƚŚŽƌŝƚǇǁŝůůŝŶŶŽǁĂǇƌĞůŝĞǀĞ KE^h>dEdĨƌŽŵƚŚĞƉƌŝŵĂƌǇƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƐƉĞĐŝĨŝĞĚŝŶ ƚŚŝƐŽŶƚƌĂĐƚ͘ ͘KE^h>dEdŵƵƐƚƌĞƋƵŝƌĞĂůůƐƵďĐŽŶƚƌĂĐƚŽƌĐŽŶƚƌĂĐƚƐƚŽĐŽŶƚĂŝŶĂůůĂƉƉƌŽƉƌŝĂƚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚŝŶĐůƵĚŝŶŐ&dƌĞƋƵŝƌĞŵĞŶƚƐ͘dŚĞƵƐĞŽĨƐƵďĐŽŶƚƌĂĐƚŽƌƐĚŽĞƐŶŽƚƌĞůŝĞǀĞƚŚĞKE^h>dEdĨƌŽŵ ƉĞƌĨŽƌŵŝŶŐĂŶĚĚĞůŝǀĞƌŝŶŐƚŚĞǁŽƌŬƐƚĂƚĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ 3DFNHW3J )F ͘ĐŽƉǇŽĨĂŶǇĂŶĚĂůůƐƵďĐŽŶƚƌĂĐƚŽƌĐŽŶƚƌĂĐƚƐŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dz͛ƐƵƚŚŽƌŝǌ ĞĚŐĞŶƚĂĨƚĞƌĞǆĞĐƵƚŝŽŶŽĨ ƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌĐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽǁŽƌŬƐƚĂƌƚŝŶŐƵŶĚĞƌƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌĐŽŶƚƌĂĐƚ͘ ͘ŵĞŶĚŵĞŶƚƐƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĐŽŶƐŝĚĞƌĞĚŽŶůǇĨŽƌƵŶĨŽƌĞƐĞĞŶǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŚĂƚǁĞƌĞĞǆĐůƵĚĞĚŝŶ ƚŚĞ^ĐŽƉĞŽĨtŽƌŬ͕ĞŶƚŝƚůĞĚ͞ĞƚĂŝůĞĚ^ĐŽƉĞŽĨtŽƌŬ͕͟ĂŶĚƚŚĂƚĂƌĞĐŽŶƐŝĚĞƌĞĚĞƐƐĞŶƚŝĂůƚŽƚŚĞǁŽƌŬ͘ŶǇ ǁƌŝƚƚĞŶĐůĂŝŵŵĂĚĞďǇKE^h>dEdĨŽƌĞǆƚƌĂǁŽƌŬŽƌĐŽƐƚƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐďĞĞŶĂƉƉƌŽǀĞĚďǇ ƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŵƵƐƚďĞĞǀŝĚĞŶĐĞĚďǇĂŶĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚ͘ŵĞŶĚŵĞŶƚƐŵƵƐƚďĞŝŶ ǁƌŝƚŝŶŐĂŶĚĞǆĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚďǇƚŚĞƐĂŵĞƉĂƌƚŝĞƐĂŶĚŽĨĨŝĐŝĂůƐǁŚŽĞǆĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚƚŚĞŽƌŝŐŝŶĂů ŽŶƚƌĂĐƚ͕ŽƌƚŚĞŝƌƐƵĐĐĞƐƐŽƌƐŝŶŽĨĨŝĐĞ͘KE^h>dEdŵƵƐƚŶŽƚŝĨǇ/dz͛ƐWƌŽũĞĐƚDĂŶĂŐĞƌŝŶǁƌŝƚŝŶŐŝĨ KE^h>dEdǁŝůůďĞĚĞůĂǇĞĚŝŶĂŶǇǁĂǇĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ ͘dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂů ĐŽŶĐƵƌƌĞŶĐĞŽĨKE^h>dEd͘ŶǇĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůǇĂŶĚĨƵůůǇĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďǇďŽƚŚ ƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů ^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ ͘dŚŝƐĐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞŽĨƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚǇƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚ ǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůǇŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞ ƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚ ƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘KE^h>dEd͕ďǇƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝǌĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďǇĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞKE^h>dEdŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐ ƚŽďĞďŽƵŶĚďǇŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ ͘dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĞǆĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ ďƵƚĂůůŽĨǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞĐŽŶƚƌĂĐƚ͘ ͘KE^h>dEdƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌǇƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ ͘KE^h>dEdŵƵƐƚĐŽŵƉůǇǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƐŝƚ ĂƉƉůŝĞƐƚŽĂůůĚĂƚĂƉƌŽǀŝĚĞĚďǇ/dzŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚĂŶĚĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ ŐĂƚŚĞƌĞĚ͕ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ ͘ŶǇƌĞƉŽƌƚƐ͕ƐƚƵĚŝĞƐ͕ƉŚŽƚŽŐƌĂƉŚƐ͕ŶĞŐĂƚŝǀĞƐ͕ŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐĐƌĞĂƚĞĚĂŶĚƉĂŝĚĨŽƌďǇKE^h>dEdŝŶ ƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂƌĞŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞŝŶƌĞƐƉĞĐƚƚŽKE^h>dEd͛Ɛ ƐĞƌǀŝĐĞƐĂŶĚĂƌĞƚŚĞĞǆĐůƵƐŝǀĞƉƌŽƉĞƌƚǇŽĨ/dz͘KE^h>dEdŵƵƐƚƌĞŵŝƚĂůůƐƵĐŚŵĂƚĞƌŝĂůƐƚŽ/dzƵƉŽŶ ĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞ/dzǁŝůůŝŶĚĞŵŶŝĨǇKE^h>dEdĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵ ĂŶǇƌĞƵƐĞŽĨƐƵĐŚŵĂƚĞƌŝĂůƐďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞŝƚǇƐŚĂůůŐƌĂŶƚƚŚĞKE^h>dEdĂŶŽŶͲ ĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞĞǆƚĞŶƚŽĨƚŚĞ/dzΖƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞKE^h>dEdĂƚĂĨŽƌŽƚŚĞƌ ƉƵƌƉŽƐĞƐ͘KE^h>dEdǁĂŝǀĞƐĂůůĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞ/dzƌĞƐƵůƚŝŶŐŝŶĂŶǇǁĂǇĨƌŽŵĂŶǇƌĞƵƐĞŽĨƚŚĞ KE^h>dEd͘ ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŝƌĞĐƚĞĚďǇ/dz͕ƚŚĞŽƌŝŐŝŶĂůƐŽĨƌĞƉŽƌƚƐ͕ĚƌĂǁŝŶŐƐĂŶĚƉůĂŶƐ͖ĂŶĚůĞŐŝďůǇƌĞƉƌŽĚƵĐŝďůĞ ĐŽƉŝĞƐŽĨǁŽƌŬƐŚĞĞƚƐ͕ĨŝĞůĚŶŽƚĞƐ͕ĐŽŵƉƵƚĂƚŝŽŶƐ͕ĂŶĚŽƚŚĞƌƉƌŽũĞĐƚĚĂƚĂŵƵƐƚďĞƌĞůŝŶƋƵŝƐŚĞĚƚŽ/dz͗ ϭ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ Ϯ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĨŝĐĂƚŝŽŶďǇ/dz͘ ϯ͘WƌŝŽƌƚŽĨŝŶĂůƉĂǇŵĞŶƚďǇ/dzƚŽKE^h>dEdĨŽƌƚŚŝƐŽŶƚƌĂĐƚ͘ 3DFNHW3J )F ͘EŽƚǁŝƚŚƐƚĂŶĚŝŶŐƚŚĞĂďŽǀĞƉĂƌĂŐƌĂƉŚƐ͕ǁŽƌŬƉĂƉĞƌƐ͕ƉƌŽƉƌŝĞƚĂƌǇŝŶĨŽƌŵĂƚŝŽŶ͕ƉƌŽĐĞƐƐĞƐ͕ŵĞƚŚŽĚŽůŽŐŝĞƐ͕ ŬŶŽǁͲŚŽǁĂŶĚƐŽĨƚǁĂƌĞ;͞ŶŐŝŶĞĞƌŝŶŐĂƚĂ͟ͿƉƌĞǀŝŽƵƐůǇďĞůŽŶŐŝŶŐŽƌůŝĐĞŶƐĞĚƚŽŶŐŝŶĞĞƌĂŶĚƵƐĞĚƚŽ ƉĞƌĨŽƌŵKE^h>dEd͛ƐƐĞƌ ǀŝĐĞƐƐŚĂůůƌĞŵĂŝŶƚŚĞƉƌŽƉĞƌƚǇŽĨKE^h>dEd͘KE^h>dEdƐŚĂůůƌĞƚĂŝŶĂŶ ŽǁŶĞƌƐŚŝƉĂŶĚƉƌŽƉĞƌƚǇŝŶƚĞƌĞƐƚƚŚĞƌĞŝŶ;ŝŶĐůƵĚŝŶŐƚŚĞĐŽƉǇƌŝŐŚƚĂŶĚƚŚĞƌŝŐŚƚŽĨƌĞƵƐĞĂƚƚŚĞĚŝƌĞĐƚŝŽŶŽĨƚŚĞ KE^h>dEdͿ͕ǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞWƌŽũĞĐƚŝƐĐŽŵƉůĞƚĞĚ͘dŽƚŚĞĞǆƚĞŶƚƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚďǇ KE^h>dEdĐŽŶƚĂŝŶŶŐŝŶĞĞƌŝŶŐĂƚĂ͕KE^h>dEdŚĞƌĞďǇŐƌĂŶƚƐƚŽ/dzĂŶŽŶͲĞǆĐůƵƐŝǀĞ͕ŶŽŶͲĂƐƐŝŐŶĂďůĞ͕ ƌŽǇĂůƚǇͲĨƌĞĞ͕ŝƌƌĞǀŽĐĂďůĞůŝĐĞŶƐĞƚŽƵƐĞƐƵĐŚŶŐŝŶĞĞƌŝŶŐĂƚĂĨŽƌƚŚĞƉƵƌƉŽƐĞƐƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͕ƐƵďũĞĐƚƚŽƚŚĞ ĨŽůůŽǁŝŶŐůŝŵŝƚĂƚŝŽŶƐ͗ƐƵĐŚŶŐŝŶĞĞƌŝŶŐĂƚĂĂƌĞŶŽƚŝŶƚĞŶĚĞĚŽƌƌĞƉƌĞƐĞŶƚĞĚƚŽďĞƐƵŝƚĂďůĞĨŽƌƵƐĞŽƌƌĞƵƐĞ ďǇ/dzŽŶĞǆƚĞŶƐŝŽŶŽĨƚŚĞWƌŽũĞĐƚŽƌŽŶĂŶǇŽƚŚĞƌƉƌŽũĞĐƚǁŝƚŚŽƵƚǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďǇ KE^h>dEdĂŶĚĂŶǇƐƵĐŚƌĞƵƐĞŽƌŵŽĚŝĨŝĐĂƚŝŽŶŽĨƚŚĞŶŐŝŶĞĞƌŝŶŐĂƚĂǁŝƚŚŽƵƚƚŚĞǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌ ĂĚĂƉƚĂƚŝŽŶďǇKE^h>dEdƐŚĂůůďĞĚŽŶĞĂƚ/dz͛ƐƐŽůĞƌŝƐŬĂŶĚǁŝƚŚŽƵƚůŝĂďŝůŝƚǇƚŽKE^h>dEd͘ ͘dŚĞKE^h>dEdƐŚĂůůŵĂŝŶƚĂŝŶĐŽŵƉůĞƚĞĂŶĚĂĐĐƵƌĂƚĞƌĞĐŽƌĚƐǁŝƚŚƌĞƐƉĞĐƚƚŽĂůůŽǁĂďůĞĐŽƐƚƐŝŶĐƵƌƌĞĚ ƵŶĚĞƌƚŚŝƐĐŽŶƚƌĂĐƚ͘ůůƐƵĐŚƌĞĐŽƌĚƐƐŚĂůůďĞŵĂŝŶƚĂŝŶĞĚŽŶĂŐĞŶĞƌĂůůǇĂĐĐĞƉƚĞĚĂĐĐŽƵŶƚŝŶŐďĂƐŝƐĂŶĚƐŚĂůů ďĞĐůĞĂƌůǇŝĚĞŶƚŝĨŝĞĚĂŶĚƌĞĂĚŝůǇĂĐĐĞƐƐŝďůĞ͘ ͘dŚĞKE^h>dEdƐŚĂůůƉƌŽǀŝĚĞĨƌĞĞĂĐĐĞƐƐƚŽƚŚĞƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐŽĨƚŚĞ/dzŽƌŝƚƐĂƉƉŽŝŶƚĞĞƐĂƚĂůůƉƌŽƉĞƌ ƚŝŵĞƐƐƵĐŚĂƐďŽŽŬƐĂŶĚƌĞĐŽƌĚƐ͕ĂŶĚƚŚĞƌŝŐŚƚƚŽĞǆĂŵŝŶĞĂŶĚĂƵĚŝƚƚŚĞƐĂŵĞ͕ĂŶĚƚŽŵĂŬĞƚƌĂŶƐĐƌŝƉƚƐ ƚŚĞƌĞĨƌŽŵĂƐŶĞĐĞƐƐĂƌǇƚŽĂůůŽǁŝŶƐƉĞĐƚŝŽŶŽĨĂůůǁŽƌŬĚĂƚĂ͕ĚŽĐƵŵĞŶƚƐ͕ƉƌŽĐĞĞĚŝŶŐƐĂŶĚĂĐƚŝǀŝƚŝĞƐƌĞůĂƚĞĚ ƚŽƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƉĞƌŝŽĚŽĨĨŽƵƌǇĞĂƌƐĨƌŽŵƚŚĞĚĂƚĞŽĨĨŝŶĂůƉĂǇŵĞŶƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ ͘ůůƌĞƉŽƌƚƐƌĞƋƵŝƌĞĚďǇƚŚĞŝƚǇƐŚĂůůďĞƐƵďŵŝƚƚĞĚŽŶĨŽƌŵƐŵƵƚƵĂůůǇĂŐƌĞĞĚƵƉŽŶďǇďŽƚŚƉĂƌƚŝĞƐ͘ ͘/ĨƚŚĞ/dzƌĞǀŝĞǁƐKE^h>dEd͛ƐƌĞƉŽƌƚƐ͕KE^h>dEdŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌĞŶƐƵƌŝŶŐƚŚĂƚƚŚĞƉĞƌƐŽŶŶĞů ƌĞƉŽƌƚƐĂŶĚŝŶĨŽƌŵĂƚŝŽŶĐŽŶƚĂŝŶĞĚƚŚĞƌĞŝŶƐŚĂůůďĞůŝŵŝƚĞĚƚŽƚŚĂƚŝŶĨŽƌŵĂƚŝŽŶƉĞƌŵŝƚƚĞĚƚŽďĞƚƌĂŶƐŵŝƚƚĞĚ ƚŽ/dzďǇĨĞĚĞƌĂůĂŶĚƐƚĂƚĞƉƌŝǀĂĐǇůĂǁƐ͘/dzĂŐƌĞĞƐƚŽŝŶĚĞŵŶŝĨǇ͕ŚŽůĚŚĂƌŵůĞƐƐ͕ĂŶĚĚĞĨĞŶĚ KE^h>dEd͕ŝƚƐĚŝƌĞĐƚŽƌƐ͕ŽĨĨŝĐĞƌƐ͕ĞŵƉůŽǇĞĞƐ͕ĂŶĚĂŐĞŶƚƐĨƌŽŵĂŶĚĂŐĂŝŶƐƚĞǀĞƌǇĐůĂŝŵŽƌĚĞŵĂŶĚǁŚŝĐŚ ŵĂǇďĞŵĂĚĞďǇĂŶǇƉĞƌƐŽŶ͕Ĩŝƌŵ͕ŽƌĐŽƌƉŽƌĂƚŝŽŶŽƌĂŶǇŽƚŚĞƌĞŶƚŝƚǇĂƌŝƐŝŶŐĨƌŽŵŽƌĐĂƵƐĞĚďǇĂŶĂĐƚŽĨ ŶĞŐůĞĐƚ͕ĚĞĨĂƵůƚŽƌŽŵŝƐƐŝŽŶŽĨƚŚĞ/dzƌĞůĂƚĞĚƚŽƚŚĞƵƐĞŽĨƐƵĐŚŝŶĨŽƌŵĂƚŝŽŶ ͘'ĞŶĞƌĂůͲ,ĂǀŝŶŐĐŽŶƐŝĚĞƌĞĚƚŚĞƉŽƚĞŶƚŝĂůůŝĂďŝůŝƚŝĞƐƚŚĂƚŵĂǇĞǆŝƐƚĚƵƌŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ^ĞƌǀŝĐĞƐ͕ ƚŚĞďĞŶĞĨŝƚƐŽĨƚŚĞƉƌŽũĞĐƚ͕ĂŶĚƚŚĞKE^h>dEd͛ƐĨĞĞĨŽƌƚŚĞ^ĞƌǀŝĐĞƐ͕ĂŶĚŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞ ƉƌŽŵŝƐĞƐĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕/dzĂŶĚKE^h>dEdĂŐƌĞĞƚŽĂůůŽĐĂƚĞĂŶĚůŝŵŝƚƐƵĐŚůŝĂďŝůŝƚŝĞƐŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐƌƚŝĐůĞ͘ ͘/ŶĚĞŵŶŝĨŝĐĂƚŝŽŶͲKE^h>dEdĂŶĚ/dz;ƚŚĞ͞/ŶĚĞŵŶŝĨǇŝŶŐWĂƌƚǇ͟ͿƐŚĂůůďĞůŝĂďůĞĨŽƌŝƚƐŽǁŶŶĞŐůŝŐĞŶƚĂĐƚƐ͕ ĞƌƌŽƌƐĂŶĚŽŵŝƐ ƐŝŽŶƐƚŽƚŚĞĞǆƚĞŶƚƉƌŽǀŝĚĞĚďǇůĂǁĂŶĚƐƵďũĞĐƚƚŽƚŚĞ/dz͛ƐĐĂƉŽŶŵƵŶŝĐŝƉĂůƚŽƌƚůŝĂ ďŝůŝƚǇ ƵŶĚĞƌDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϰϲϲ͘Ϭϰ͕ĂŶĚŚĞƌĞďǇĂŐƌĞĞƐƚŽĚĞĨĞŶĚ͕ŝŶĚĞŵŶŝĨǇ͕ĂŶĚŚŽůĚŚĂƌŵůĞƐƐƚŚĞ ŽƚŚĞƌ;͞ƚŚĞ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚǇ͟Ϳ͕ĨƌŽŵĂŶǇůŝĂďŝůŝƚǇ͕ĚĂŵĂŐĞƐ͕ĂŶĚĐŽƐƚƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞŶĞŐůŝŐĞŶƚĂĐƚƐŽĨ KE^h>dEdĂŶĚ/dzĂŶĚĂŶǇŽŶĞĨŽƌǁŚŽƐĞŶĞŐůŝŐĞŶƚĂĐƚƐƚŚĞǇŵĂǇďĞůŝĂďůĞĨŽƌŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ ƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚŝĐŚƚŚĞ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚǇ͕ŝƚƐŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽǇĞĞƐ ŵĂǇŚĞƌĞĂĨƚĞƌƐƵƐƚĂŝŶ͕ŝŶĐƵƌŽƌďĞƌĞƋƵŝƌĞĚƚŽƉĂǇƚŽƚŚĞĨƵůůĞĨĨĞĐƚƉƌŽǀŝĚĞĚďǇDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌ ϯϯϳ͕ƚŽƚŚĞĞǆƚĞŶƚƚŚĞKE^h>dEdĂŶĚ/dzĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐƵĐŚůŝĂďŝůŝƚǇ͕ĐŽƐƚƐ͕ĚĂŵĂŐĞƐ͕ŝŶĐůƵĚŝŶŐ ƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞǇƐ͛ĨĞĞƐ͕/ŶƚŚĞĞǀĞŶƚĐ ůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌĞǆƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďǇƚŚĞũŽŝŶƚŽƌ ĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨKE^h>dEdĂŶĚ/dz͕ƚŚĞǇƐŚĂůůďĞďŽƌŶĞďǇĞĂĐŚƉĂƌƚǇŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶ ŶĞŐůŝŐĞŶĐĞ͘ ͘^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚŝƐ ŽŶƚƌĂĐƚŝƐƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶǇƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ 3DFNHW3J )F ͘ŶǇĂŶĚĂůůĞŵƉůŽǇĞĞƐŽĨKE^h>dEd͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞŽĨĂŶǇǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďǇKE^h>dEdƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚ ĞŵƉůŽǇĞĞƐŽĨ/dz͘ŶǇĂŶĚĂůůĐůĂŝŵƐƚŚĂƚŵĂǇĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶ ďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶǇĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďǇĂŶǇƚŚŝƌĚƉĂƌƚǇ ĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶǇĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨKE^h>dEdΖƐĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽ ĞŶŐĂŐĞĚŽŶĂŶǇŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶŶŽǁĂǇďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨ /dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞǁŝƚŚtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂǇĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚKE^h>dEd͘ ͘ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞĨŽƌĞĂĐŚƚǇƉĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĨŝůĞĚǁŝƚŚƚŚĞ /dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚǁŝƚŚŝŶϯϬĚĂǇƐŽĨĞǆĞĐƵƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽĐŽŵŵĞŶĐĞŵĞŶƚŽĨĂŶǇ ǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ĂĐŚƉŽůŝĐǇŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ/dzĂϯϬͲĚĂǇ ŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ ͘KE^h>dEdŵƵƐƚŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌǇĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗ ϭ͘KE^h>dEdƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƐŝƐ ƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌǇĨŽƌƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐďǇKE^h>dEdĂŶĚŝƚƐĞŵƉůŽǇĞĞƐ͘ Ϯ͘dŚĞKE^h>dEdƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐƐĞƉĂƌĂƚĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĞŶĚŽƌƐĞŵĞŶƚƐĨŽƌĞĂĐŚ ƐƵďĐŽŶƐƵůƚĂŶƚ͘KE^h>dEdƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐ ĨƌŽŵŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ ϯ͘KE^h>dEdǁŝůůƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂ ƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌĂůů KE^h>dEdĞŵƉůŽǇĞĞƐĂŶĚ͕ŝŶĐĂƐĞĂŶǇǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕KE^h>dEdǁŝůůƌĞƋƵŝƌĞƚŚĞ ƐƵ ďĐŽŶƚƌĂĐƚŽƌƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌǇ ƌĞƋƵŝƌĞŵĞŶƚƐŽĨ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ͕ŵƉůŽǇĞƌ͛Ɛ>ŝĂďŝůŝƚǇ͕ĂƚůŝŵŝƚƐŶŽƚůĞƐƐ ƚŚĂŶΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĚŝƐĞĂƐĞƉĞƌĞŵƉůŽǇĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĚŝƐĞĂƐĞ ĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĂĐĐŝĚĞŶƚ͘ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƚƌĂĐƚŽƌ͛ƐŝŶƐƵƌĂŶĐĞƐŚĂůůďĞ ĨŝůĞĚǁŝƚŚƚŚĞKE^h>dEd͘ ϰ͘KE^h>dEdǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐKE^h>dEdĨƌŽŵĐůĂŝŵƐ ĨŽƌĚĂŵĂŐĞƐĨŽƌďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐ ǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚǇĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌ ƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďǇKE^h>dEdŽƌďǇĂƐƵďĐŽŶƚƌĂĐƚŽƌŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇ ŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘KE^h>dEd͛ƐůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞƐŚĂůůďĞƉƌŝŵĂƌǇƚŽĂŶǇ ůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďǇƚŚĞŝƚǇ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ KE^h>dEd͛ƐŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ă͘Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ ď͘ΨϮ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ Đ͘ΨϮ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞʹWƌŽĚƵĐƚƐͬŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ Ă͘WƌĞŵŝƐĞƐĂŶĚKƉĞƌĂƚŝŽŶƐŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ ď͘WĞƌƐŽŶĂůĂŶĚĚǀĞƌƚŝƐŝŶŐ/ŶũƵƌǇ Đ͘ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚǇ Ě͘WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚǇ 3DFNHW3J )F dŚĞ/dzŵƵƐƚďĞŶĂŵĞĚĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ ϱ͘KE^h>dEdǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐKE^h>dEdĨƌŽŵ ĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨ ƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚǇĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐǁĞƌĞďǇKE^h>dEdŽƌďǇƐƵďĐŽŶƚƌĂĐƚŽƌŽƌ ďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐ ŽŶƚƌĂĐƚ͕ƚŚĞKE^h>dEdŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞůŝŵŝƚĨŽƌŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ dŚŝƐƉŽůŝĐǇǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐKE^h>dEdǁŝůůďĞĐŽŵĞůĞŐĂůůǇŽďůŝŐĂƚĞĚƚŽƉĂǇ ƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽKE^h>dEdΖƐ ƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ KE^h>dEdŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌĐůĂŝŵ ΨϮ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ ŶǇĚĞĚƵĐƚŝďůĞǁŝůůďĞƚŚĞƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨƚŚĞŽŶƚƌĂĐƚŽƌĂŶĚŵĂǇŶŽƚĞǆĐĞĞĚΨϱϬ͕ϬϬϬǁŝƚŚŽƵƚƚŚĞ ǁƌŝƚƚĞŶĂƉƉƌŽǀĂůŽĨƚŚĞŝƚǇ͘/ĨƚŚĞŽŶƚƌĂĐƚŽƌĚĞƐŝƌĞƐĂƵƚŚŽƌŝƚǇĨƌŽŵƚŚĞŝƚǇƚŽŚĂǀĞĂĚĞĚƵĐƚŝďůĞŝŶĂ ŚŝŐŚĞƌĂŵŽƵŶƚ͕ƚŚĞŽŶƚƌĂĐƚŽƌƐŚĂůůƐŽƌĞƋƵĞƐƚŝŶǁƌŝƚŝŶŐ͕ƐƉĞĐŝĨǇŝŶŐƚŚĞĂŵŽƵŶƚŽĨƚŚĞĚĞƐŝƌĞĚ ĚĞĚƵĐƚŝďůĞĂŶĚƉƌŽǀŝĚŝŶŐĨŝŶĂŶĐŝĂůĚŽĐƵŵĞŶƚĂƚŝŽŶďǇƐƵďŵŝƚƚŝŶŐƚŚĞŵŽƐƚĐƵƌƌĞŶƚĂƵĚŝƚĞĚĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐƐŽƚŚĂƚƚŚĞŝƚǇĐĂŶĂƐĐĞƌƚĂŝŶƚŚĞĂďŝůŝƚǇŽĨƚŚĞŽŶƚƌĂĐƚŽƌƚŽĐŽǀĞƌƚŚĞĚĞĚƵĐƚŝďůĞĨƌŽŵŝƚƐ ŽǁŶƌĞƐŽƵƌĐĞƐ͘ dŚĞƌĞƚƌŽĂĐƚŝǀĞŽƌƉƌŝŽƌĂĐƚƐĚĂƚĞŽĨƐƵĐŚĐŽǀĞƌĂŐĞƐŚĂůůŶŽƚďĞĂĨƚĞƌƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƚŚŝƐŽŶƚƌĂĐƚ ĂŶĚŽŶƚƌĂĐƚŽƌƐŚĂůůŵĂŝŶƚĂŝŶƐƵĐŚŝŶƐƵƌĂŶĐĞĨŽƌĂƉĞƌŝŽĚŽĨĂƚůĞĂƐƚƚŚƌĞĞ;ϯͿǇĞĂƌƐ͕ĨŽůůŽǁŝŶŐ ĐŽŵƉůĞƚŝŽŶŽĨƚŚĞǁŽƌŬ͘/ĨƐƵĐŚŝŶƐƵƌĂŶĐĞŝƐĚŝƐĐŽŶƚŝŶƵĞĚ͕ĞǆƚĞŶĚĞĚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚĐŽǀĞƌĂŐĞŵƵƐƚďĞ ŽďƚĂŝŶĞĚďǇŽŶƚƌĂĐƚŽƌƚŽĨƵůĨŝůůƚŚŝƐƌĞƋƵŝƌĞŵĞŶƚ͘ ϳ͘&ŽƌǁŽƌŬŽŶƌĂŝůƌŽĂĚƉƌŽƉĞƌƚǇ͕KE^h>dEdŵƵƐƚŽďƚĂŝŶZĂŝůƌŽĂĚWƌŽƚĞĐƚŝǀĞ>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚDŶͬKd^ƉĞĐŝĨŝĐĂƚŝŽŶϭϳϬϴ͘Ϯ;ϭϵϵϱĚŝƚŝŽŶͿŽƌĂŶǇƐƵďƐĞƋƵĞŶƚĐŚĂŶŐĞƐŽƌ ŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽƚŚŝƐƐƉĞĐŝĨŝĐĂƚŝŽŶ͘ ͘KE^h>dEdŵƵƐƚ͗ ϭ͘/ŶĐůƵĚĞůĞŐĂůĚĞĨĞŶƐĞĨĞĞƐŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐůŝĂďŝůŝƚǇƉŽůŝĐǇůŝŵŝƚƐ͕ǁŝƚŚƚŚĞĞǆĐĞƉƚŝŽŶŽĨWƌŽĨĞƐƐŝŽŶĂů >ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞĂďŽǀĞ͖ĂŶĚ Ϯ͘KďƚĂŝŶŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨƌŽŵĂŶŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶǇŚĂǀŝŶŐĂŶΗD^dΗƌĂƚŝŶŐŽĨͲs///ŽƌďĞƚƚĞƌ͘ ͘ůůƚŚŝƌĚƉĂƌƚǇĐŽŶƚƌĂĐƚŽƌƐǁŝůůŽďƚĂŝŶŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨƌŽŵĂŶŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶǇŚĂǀŝŶŐĂŶD^dϭ ƌĂƚŝŶŐŽĨͲ;ŵŝŶƵƐͿ͖&ŝŶĂŶĐŝĂů^ŝǌĞĂƚĞŐŽƌǇ;&^Ϳs//ŽƌďĞƚƚĞƌĂŶĚŵƵƐƚďĞĂƵƚŚŽƌŝǌĞĚƚŽĚŽďƵƐŝŶĞƐƐŝŶƚŚĞ ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͘ ͘/dzƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůǇƌĞƐĐŝŶĚƚŚŝƐŽŶƚƌĂĐƚŝĨKE^h>dEdŝƐŶŽƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞ ŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶǇůĞŐĂůƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚKE^h>dEd͘hƉŽŶ ǁƌŝƚƚĞŶƌĞƋƵĞƐƚďǇƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůůďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚĐŽƉŝĞƐ ŽĨƉŽůŝĐŝĞƐŵĂǇďĞƌĞƋƵĞƐƚĞĚ͘ 3DFNHW3J )F ͘/dzǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĚŝƐĂƉƉƌŽǀĞŽƌƌĞũĞĐƚƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƚŚĂƚĂƌĞĚĞĨĞĐƚŝǀĞ͘KE^h>dEd ǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐǇŽĨŝƚƐǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂŶĚŵƵƐƚŵĂŬĞƚŝŵĞůǇƌĞǀŝƐŝŽŶƐŽƌ ĐŽƌƌĞĐƚŝŽŶƐǁŝƚŚŽƵƚĐŽŵƉĞŶƐĂƚŝŽŶƌĞƐƵůƚŝŶŐĨƌŽŵĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽŶƚŚĞƉĂƌƚŽĨKE^h>dEd͘dŚĞ ƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚƚŽ/dzďǇKE^h>dEdŵƵƐƚďĞŽĨƐƵĐŚƋƵĂůŝƚǇƚŚĂƚƚŚĞǇĂƌĞƐƵŝƚĂďůĞĨŽƌ ƚŚĞŝƌŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ͘ ͘KE^h>dEd͛ƐƐĞƌǀŝĐĞƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĂŐƌĞĞĚƚŽŝŶĂŶƚŝĐŝƉĂƚŝŽŶŽĨƚŚĞ ŽƌĚĞƌůǇĂŶĚĐŽŶƚŝŶƵŽƵƐƉƌŽŐƌĞƐƐŽĨƚŚĞWƌŽũĞĐƚƚŚŽƵŐŚĐŽŵƉůĞƚŝŽŶ͘hŶůĞƐƐƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌ ƐƉĞĐŝĨŝĐĚĂƚĞƐĨŽƌƉƌŽǀŝĚŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕KE^h>dEd͛ƐŽďůŝŐĂƚŝŽŶƚŽƌĞŶĚĞƌ ƐĞƌǀŝĐĞƐŚĞƌĞƵŶĚĞƌǁŝůůďĞĨŽƌĂƉĞƌŝŽĚǁŚŝĐŚŵĂǇƌĞĂƐŽŶĂďůǇďĞƌĞƋƵŝƌĞĨŽƌƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƐĂŝĚƐĞƌǀŝĐĞƐ͘ ͘/ĨŝŶƚŚŝƐŽŶƚƌĂĐƚƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞĨŽƌƌĞŶĚĞƌŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐĞƚĨŽƌƚŚŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐďǇǁŚŝĐŚ ƐĞƌǀŝĐĞƐĂƌĞƚŽďĞĐŽŵƉůĞƚĞĚĂƌĞƉƌŽǀŝĚĞĚ͕ĂŶĚŝĨƐƵĐŚƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌĚĂƚĞƐĂƌĞĐŚĂŶŐĞĚƚŚƌŽƵŐŚŶŽ ĨĂƵůƚŽĨKE^h>dEd͕ƚŚĞƌĂƚĞƐĂŶĚĂŵŽƵŶƚƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽǀŝĚĞĚĨŽƌŚĞƌĞŝŶƐŚĂůůďĞƐƵďũĞĐƚƚŽ ĞƋƵŝƚĂďůĞĂĚũƵƐƚŵĞŶƚ͘/Ĩ/dzŚĂƐƌĞƋƵĞƐƚĞĚĐŚĂŶŐĞƐŝŶƚŚĞƐĐŽƉĞ͕ĞǆƚĞŶƚ͕ŽƌĐŚĂƌĂĐƚĞƌŽĨƚŚĞWƌŽũĞĐƚ͖ƚŚĞ ƚŝŵĞŽĨƉĞƌĨŽƌŵĂŶĐĞŽĨKE^h>dEd͛ƐƐĞƌǀŝĐĞƐƐŚĂůůďĞĂĚũƵƐƚĞĚĞƋƵŝƚĂďůǇ͘ ͘EĞŝƚŚĞƌƉĂƌƚǇǁŝůůďĞŚĞůĚƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞůĂǇŽƌĨĂŝůƵƌĞƚŽƉĞƌĨŽƌŵǁŚĞŶƐƵĐŚĚĞůĂǇŽƌĨĂŝůƵƌĞŝƐĚƵĞƚŽĂŶǇ ŽĨƚŚĞĨŽůůŽǁŝŶŐ͕ƵŶůĞƐƐƚŚĞĂĐƚŽƌŽĐĐƵƌƌĞŶĐĞĐŽƵůĚŚĂǀĞďĞĞŶƌĞĂƐŽŶĂďůǇĨŽƌĞƐĞĞŶĂŶĚƌĞĂƐŽŶĂďůĞĂĐƚŝŽŶ ĐŽƵůĚŚĂǀĞďĞĞŶƚĂŬĞŶƚŽƉƌĞǀĞŶƚƚŚĞĚĞůĂǇŽƌĨĂŝůƵƌĞ͗ĨŝƌĞ͕ĨůŽŽĚ͕ĞƉŝĚĞŵŝĐ͕ƐƚƌŝŬĞƐ͕ǁĂƌƐ͕ĂĐƚƐŽĨ'ŽĚ͕ ƵŶƵƐƵĂůůǇƐĞǀĞƌĞǁĞĂƚŚĞƌ͕ŽƌĚĞůĂǇƐŽƌĚĞĨĂƵůƚƐĐĂƵƐĞĚďǇƉƵďůŝĐĐĂƌƌŝĞƌƐ͕ƉƌŽǀŝĚĞĚƚŚĞĚĞĨĂƵůƚŝŶŐƉĂƌƚǇ ŐŝǀĞƐǁƌŝƚƚĞŶŶŽƚŝĐĞĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞƚŽƚŚĞŽƚŚĞƌƉĂƌƚǇŽĨŝƚƐŝŶĂďŝůŝƚǇƚŽƉĞƌĨŽƌŵ͘ ͘&ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐŽŶƚƌĂĐƚƚŚĞƚĞƌŵ͞ĚĂǇ͟ŵĞĂŶƐĂĐĂůĞŶĚĂƌĚĂǇŽĨϮϰŚŽƵƌƐ͘ ͘KE^h>dEdĂƐƐŝŐŶƐƚŽ/dzĂŶǇĂŶĚĂůůĐůĂŝŵƐĨŽƌŽǀĞƌĐŚĂƌŐĞƐĂƐƚŽƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚŝŶ ĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚƌĞƐƵůƚŝŶŐĨƌŽŵĂůůĞŐĞĚĂŶƚŝƚƌƵƐƚǀŝŽůĂƚŝŽŶƐ͕ǁŚŝĐŚĂƌŝƐĞƵŶĚĞƌƚŚĞĂŶƚŝƚƌƵƐƚ ůĂǁƐŽĨƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐĂŶĚƐƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͘ ͘tŝƚŚŽƵƚƉƌŝŽƌǁƌŝƚƚĞŶĐŽŶƐĞŶƚŽĨ/dz͕KE^h>dEdŵƵƐƚŶŽƚĞŵƉůŽǇĂŶǇƉƌŽĨĞƐƐŝŽŶĂůŽƌƚĞĐŚŶŝĐĂů ƉĞƌƐŽŶŶĞůǁŚŽĂƌĞŽƌŚĂǀĞďĞĞŶĂƚĂŶǇƚŝŵĞĚƵƌŝŶŐƚŚĞƚŝŵĞƉĞƌŝŽĚŽĨƚŚŝƐŽŶƚƌĂĐƚŝŶƚŚĞĞŵƉůŽǇŽĨ/dz͕ ĞǆĐĞƉƚƌĞƚŝƌĞĚ/dzĞŵƉůŽǇĞĞƐ͕ǁŝƚŚŽƵƚǁƌŝƚƚĞŶĐŽŶƐĞŶƚĨƌŽŵ/dz͘ ͘KE^h>dEdǁĂƌƌĂŶƚƐƚŚĂƚŝƚŚĂƐŶŽƚĞŵƉůŽǇĞĚŽƌƌĞƚĂŝŶĞĚĂŶǇĐŽŵƉĂŶǇŽƌƉĞƌƐŽŶ͕ŽƚŚĞƌƚŚĂŶĂďŽŶĂĨŝĚĞ ĞŵƉůŽǇĞĞǁŽƌŬŝŶŐƐŽůĞůǇĨŽƌKE^h>dEd͕ƚŽƐŽůŝĐŝƚŽƌƐĞĐƵƌĞƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚƚŚĂƚKE^h>dEdŚĂƐŶŽƚ ƉĂŝĚŽƌĂŐƌĞĞĚƚŽƉĂǇĂŶǇĐŽŵƉĂŶǇŽƌƉĞƌƐŽŶ͕ŽƚŚĞƌƚŚĂŶĂďŽŶĂĨŝĚĞĞŵƉůŽǇĞĞǁŽƌŬŝŶŐĨŽƌKE^h>dEd͕ ĂŶǇĨĞĞ͕ĐŽŵŵŝƐƐŝŽŶƐ͕ƉĞƌĐĞŶƚĂŐĞ͕ďƌŽŬĞƌĂŐĞĨĞĞ͕ŐŝĨƚƐ͕ŽƌĂŶǇŽƚŚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ĐŽŶƚŝŶŐĞŶƚƵƉŽŶŽƌ ƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞĂǁĂƌĚŽĨŵĂŬŝŶŐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ ͘dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐĂŶĐĞůĞĚďǇ/dzǁŝƚŚŝŶϯϬĚĂǇƐ͕ĂƚĂŶǇƚŝŵĞ͕ǁŝƚŚŽƌǁŝƚŚŽƵƚĐĂƵƐĞ͕ƵƉŽŶǁƌŝƚƚĞŶ ŶŽƚŝĐĞƚŽƚŚĞKE^h>dEd͘/ŶƚŚĞĞǀĞŶƚŽĨƐƵĐŚĐĂŶĐĞůůĂƚŝŽŶKE^h>dEdǁŝůůďĞĞŶƚŝƚůĞĚƚŽƉĂǇŵĞŶƚ͕ ĚĞƚĞƌŵŝŶĞĚŽŶƉƌŽƌĂƚĂďĂƐŝƐ͕ĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉĞƌĨŽƌŵĞĚŽƌĚĞůŝǀĞƌĞĚ͘ ͘/ŶƚŚĞĞǀĞŶƚ/dzĐĂŶŶŽƚŽƌĚŽĞƐŶŽƚŽďƚĂŝŶĨƵŶĚŝŶŐ͕ŽƌĨƵŶĚŝŶŐĐĂŶŶŽƚďĞĐŽŶƚŝŶƵĞĚĂƚĂůĞǀĞůƐƵĨĨŝĐŝĞŶƚƚŽ ĂůůŽǁĨŽƌƚŚĞƉƵƌĐŚĂƐŝŶŐŽĨƚŚĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐĐŽŶƚĂŝŶĞĚŚĞƌĞŝŶ͕ƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐĂŶĐĞůĞĚ ǁŝƚŚŝŶϯϬĚĂǇƐ͕Ăƚ/dzΖƐŽƉƚŝŽŶ͕ďǇǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶĚĞůŝǀĞƌĞĚŝŶƉĞƌƐŽŶ͕ďǇŵĂŝů͕ŽƌĨĂĐƐŝŵŝůĞƚŽ KE^h>dEdĂƚƚŚĞĂĚĚƌĞƐƐƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘/dzǁŝůůŶŽƚďĞŽďůŝŐĂƚĞĚƚŽƉĂǇĨŽƌĂŶǇƐĞƌǀŝĐĞƐĂŶĚ ĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇKE^h>dEdĂĨƚĞƌƐƵĐŚŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ ͘/ĨŝƚǇĨĂŝůƐƚŽŵĂŬĞĂŶǇƉĂǇŵĞŶƚĚƵĞƚŽKE^h>dEdĨŽƌƐĞƌǀŝĐĞƐƐĂƚŝƐĨĂĐƚŽƌŝůǇƉĞƌĨŽƌŵĞĚĂŶĚĞǆƉĞŶƐĞƐ ǁŝƚŚŝŶƚŚŝƌƚǇĚĂǇƐĂĨƚĞƌƚŚĞĚĂƚĞŽĨKE^h>dEd͛ƐŝŶǀŽŝĐĞ͕KE^h>dEdŵĂǇ͕ĂĨƚĞƌŐŝǀŝŶŐƐĞǀĞŶĚĂǇƐ 3DFNHW3J )F ǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽ/dz͕ĂŶĚǁŝƚŚŽƵƚǁĂŝǀŝŶŐĂŶǇĐůĂŝŵŽƌƌŝŐŚƚĂŐĂŝŶƐƚ/dzĂŶĚǁŝƚŚŽƵƚŝŶĐƵƌƌŝŶŐůŝĂďŝůŝƚǇ ǁŚĂƚƐŽĞǀĞƌƚŽ/dz͕ƐƵƐƉĞŶĚƐĞƌǀŝĐĞƐĂŶĚǁŝƚŚŚŽůĚƉƌŽũĞĐƚĚĞůŝǀĞƌĂďůĞƐĚƵĞƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚƵŶƚŝů KE^h>dEdŚĂƐďĞĞŶƉĂŝĚŝŶĨƵůůĂůůĂŵŽƵŶƚƐĚƵĞĨŽƌƐĞƌǀŝĐĞƐ͕ĞǆƉĞŶƐĞƐĂŶĚĐŚĂƌŐĞƐ͘ ͘KE^h>dEdǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐǇŽĨŝƚƐǁŽƌŬĂŶĚŵƵƐƚƉƌŽŵƉƚůǇŵĂŬĞŶĞĐĞƐƐĂƌǇƌĞǀŝƐŝŽŶƐ ŽƌĐŽƌƌĞĐƚŝŽŶƐƌĞƐƵůƚŝŶŐĨƌŽŵKE^h>dEdΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂů ĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬďǇ/dzǁŝůůŶŽƚƌĞůŝĞǀĞKE^h>dEdŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌ ƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶǇĂŵďŝŐƵŝƚŝĞƐ͘ ͘ƚĂŶǇƚŝŵĞĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶŽƌĂŶǇƉŚĂƐĞŽĨǁŽƌŬƉĞƌĨŽƌŵĞĚďǇŽƚŚĞƌƐďĂƐĞĚŽŶĚĂƚĂƉƌŽǀŝĚĞĚďǇ KE^h>dEd͕KE^h>dEdŵƵƐƚĐŽŶĨĞƌǁŝƚŚ/dzǁŚĞŶŶĞĐĞƐƐĂƌǇĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨŝŶƚĞƌƉƌĞƚŝŶŐƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶƐĞĐƵƌĞĚĂŶĚͬŽƌƚŽĐŽƌƌĞĐƚĂŶǇĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞďǇKE^h>dEd͘KE^h>dEd ŵƵƐƚƉƌĞƉĂƌĞĂŶǇĂŶĚĂůůƉůĂŶƐŽƌĚĂƚĂŶĞĞĚĞĚƚŽĐŽƌƌĞĐƚƚŚĞĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚĞĚ ĐŽŵƉĞŶƐĂƚŝŽŶ͕ĞǀĞŶƚŚŽƵŐŚĨŝŶĂůƉĂǇŵĞŶƚŵĂǇĂůƌĞĂĚǇŚĂǀĞďĞĞŶƌĞĐĞŝǀĞĚďǇKE^h>dEd͘KE^h>dEd ŵƵƐƚŐŝǀĞŝŵŵĞĚŝĂƚĞĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŚĂŶŐĞƐƐŽƚŚĞƌĞǁŝůůďĞŵŝŶŝŵĂůĚĞůĂǇƚŽƚŚĞƉƌŽũĞĐƚ͘ ͘/ĨŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂƌĞŵĂĚĞďǇKE^h>dEdŝŶĂŶǇƉŚĂƐĞŽĨƚŚĞǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨ ǁŚŝĐŚŵĂǇƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕KE^h>dEdǁŝůůďĞƉƌŽŵƉƚůǇŶŽƚŝĨŝĞĚďǇ/dzĂŶĚǁŝůůďĞ ƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƐƵĐŚĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕Žƌ ŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘/ĨƚŚĞKE^h>dEdŝƐĂǁĂƌĞŽĨĂŶǇ ŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞŝŶĂŶǇƉŚĂƐĞŽĨŝƚƐǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶƐŽĨǁŚŝĐŚŵĂǇƌĞƋƵŝƌĞĂŶǇ ĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕KE^h>dEdŵƵƐƚƉƌŽŵƉƚůǇƉĞƌĨŽƌŵƐƵĐŚĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞ ŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂů ĐŽƐƚƚŽ/dz͘ ͘KE^h>dEdǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶǇĚĂŵĂŐĞƐŝŶĐƵƌƌĞĚĂƐĂƌĞƐƵůƚŽĨŝƚƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕Žƌ ŽŵŝƐƐŝŽŶƐĂŶĚĨŽƌĂŶǇůŽƐƐŽƌĐŽƐƚƚŽƌĞƉĂŝƌŽƌƌĞŵĞĚǇKE^h>dEdΖƐĞƌƌŽƌƐ͕ŽŵŝƐƐŝŽŶƐŽƌŶĞŐůŝŐĞŶƚĂĐƚƐ͘ ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬďǇ/dzǁŝůůŶŽƚƌĞůŝĞǀĞKE^h>dEdŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶ ŽĨĂŶǇƐƵĐŚŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐ͕ŽƌŽĨůŝĂďŝůŝƚǇĨŽƌůŽƐƐŽƌĚĂŵĂŐĞƌĞƐƵůƚŝŶŐƚŚĞƌĞĨƌŽŵ͘ ͘KE^h>dEdŵƵƐƚƌĞƐƉŽŶĚƚŽ/dzΖƐŶŽƚŝĐĞŽĨĂŶǇĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŝŶƌĞĂƐŽŶĂďůĞƚŝŵĞĂŶĚŐŝǀĞ ŝŵŵĞĚŝĂƚĞĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŽƌƌĞĐƚŝŽŶƐƚŽŵŝŶŝŵŝǌĞĂŶǇĚĞůĂǇƐƚŽƚŚĞKE^h>dEd͘ ͘DĞĚŝĂƚŝŽŶ͘ŶǇĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐǇŽƌĚŝƐƉƵƚĞĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞƐƵďũĞĐƚƚŽŶŽŶͲďŝŶĚŝŶŐ 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&ĞĚĞƌĂůĐŽŶƚƌĂĐƚ͕ŐƌĂŶƚŽƌĂŶǇŽƚŚĞƌĂǁĂƌĚĐŽǀĞƌĞĚďǇϯϭh͘^͘͘ϭϯϱϮ͘ĂĐŚƚŝĞƌƐŚĂůůĂůƐŽĚŝƐĐůŽƐĞƚŚĞŶĂŵĞŽĨĂŶǇƌĞŐŝƐƚƌĂŶƚ ƵŶĚĞƌƚŚĞ>ŽďďǇŝŶŐŝƐĐůŽƐƵƌĞĐƚŽĨϭϵϵϱǁŚŽŚĂƐŵĂĚĞůŽďďǇŝŶŐĐŽŶƚĂĐƚƐŽŶŝƚƐďĞŚĂůĨǁŝƚŚŶŽŶͲ&ĞĚĞƌĂůĨƵŶĚƐǁŝƚŚ ƌĞƐƉĞĐƚƚŽƚŚĂƚ&ĞĚĞƌĂůĐŽŶƚƌĂĐƚ͕ŐƌĂŶƚŽƌĂǁĂƌĚĐŽǀĞƌĞĚďǇϯϭh͘^͘͘ϭϯϱϮ͘^ƵĐŚĚŝƐĐůŽƐƵƌĞƐĂƌĞĨŽƌǁĂƌĚĞĚĨƌŽŵƚŝĞƌƚŽƚŝĞƌ ƵƉƚŽƚŚĞƌĞĐŝƉŝĞŶƚ͘ >E/Z ;ϭͿdŚĞŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐƚŽĐŽŵƉůǇǁŝƚŚĂůůĂƉƉůŝĐĂďůĞƐƚĂŶĚĂƌĚƐ͕ŽƌĚĞƌƐŽƌƌĞŐƵůĂƚŝŽŶƐŝƐƐƵĞĚƉƵƌƐƵĂŶƚƚŽƚŚĞůĞĂŶŝƌ Đƚ͕ĂƐĂŵĞŶĚĞĚ͕ϰϮh͘^͘͘ΑΑϳϰϬϭĞƚƐĞƋ͘dŚĞŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐƚŽƌĞƉŽƌƚĞĂĐŚǀŝŽůĂƚŝŽŶƚŽƚŚĞWƵƌĐŚĂƐĞƌĂŶĚƵŶĚĞƌƐƚĂŶĚƐ ĂŶĚĂŐƌĞĞƐƚŚĂƚƚŚĞWƵƌĐŚĂƐĞƌǁŝůů͕ŝŶƚƵƌŶ͕ƌĞƉŽƌƚĞĂĐŚǀŝŽůĂƚŝŽŶĂƐƌĞƋƵŝƌĞĚƚŽĂƐƐƵƌĞŶŽƚŝĨŝĐĂƚŝŽŶƚŽ&dĂŶĚƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞWZĞŐŝŽŶĂůKĨĨŝĐĞ͘ ;ϮͿdŚĞŽŶƚƌĂĐƚŽƌĂůƐŽĂŐƌĞĞƐƚŽŝŶĐůƵĚĞƚŚĞƐĞƌĞƋƵŝƌĞŵĞŶƚƐŝŶĞĂĐŚƐƵďĐŽŶƚƌĂĐƚĞǆĐĞĞĚŝŶŐΨϭϬϬ͕ϬϬϬĨŝŶĂŶĐĞĚŝŶǁŚŽůĞŽƌ ŝŶƉĂƌƚǁŝƚŚ&ĞĚĞƌĂůĂƐƐŝƐƚĂŶĐĞƉƌŽǀŝĚĞĚďǇ&d͘ >EtdZ ;ϭͿdŚĞŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐƚŽĐŽŵƉůǇǁŝƚŚĂůůĂƉƉůŝĐĂďůĞƐƚĂŶĚĂƌĚƐ͕ŽƌĚĞƌƐŽƌƌĞŐƵůĂƚŝŽŶƐŝƐƐƵĞĚƉƵƌƐƵĂŶƚƚŽƚŚĞ&ĞĚĞƌĂů tĂƚĞƌWŽůůƵƚŝŽŶŽŶƚƌŽůĐƚ͕ĂƐĂŵĞŶĚĞĚ͕ϯϯh͘^͘͘ϭϮϱϭĞƚƐĞƋ͘dŚĞŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐƚŽƌĞƉŽƌƚĞĂĐŚǀŝŽůĂƚŝŽŶƚŽƚŚĞ WƵƌĐŚĂƐĞƌĂŶĚƵŶĚĞƌƐƚĂŶĚƐĂŶĚĂŐƌĞĞƐƚŚĂƚƚŚĞWƵƌĐŚĂƐĞƌǁŝůů͕ŝŶƚƵƌŶ͕ƌĞƉŽƌƚĞĂĐŚǀŝŽůĂƚŝŽŶĂƐƌĞƋƵŝƌĞĚƚŽĂƐƐƵƌĞ ŶŽƚŝĨŝĐĂƚŝŽŶƚŽ&dĂŶĚƚŚĞĂƉƉƌŽƉƌŝĂƚĞWZĞŐŝŽŶĂůKĨĨŝĐĞ͘ ;ϮͿdŚĞŽŶƚƌĂĐƚŽƌĂůƐŽĂŐƌĞĞƐƚŽŝŶĐůƵĚĞƚŚĞƐĞƌĞƋƵŝƌĞŵĞŶƚƐŝŶĞĂĐŚƐƵďĐŽŶƚƌĂĐƚĞǆĐĞĞĚŝŶŐΨϭϬϬ͕ϬϬϬĨŝŶĂŶĐĞĚŝŶǁŚŽůĞŽƌ ŝŶƉĂƌƚǁŝƚŚ&ĞĚĞƌĂůĂƐƐŝƐƚĂŶĐĞƉƌŽǀŝĚĞĚďǇ&d͘ EZ'zKE^Zsd/KE dŚĞĐŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐƚŽĐŽŵƉůǇǁŝƚŚŵĂŶĚĂƚŽƌǇƐƚĂŶĚĂƌĚƐĂŶĚƉŽůŝĐŝĞƐƌĞůĂƚŝŶŐƚŽĞŶĞƌŐǇĞĨĨŝĐŝĞŶĐǇǁŚŝĐŚĂƌĞĐŽŶƚĂŝŶĞĚ ŝŶƚŚĞƐƚĂƚĞĞŶĞƌŐǇĐŽŶƐĞƌǀĂƚŝŽŶƉůĂŶŝƐƐƵĞĚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŶĞƌŐǇWŽůŝĐǇĂŶĚŽŶƐĞƌǀĂƚŝŽŶĐƚ͘ 3DFNHW3J )F ^KWK&^Zs/^ /E/s/h>WZK:dKZZ;/WKͿEK͘ϱ dZE^/ds>KWDEdW>EhWd /WKEŽ͘ϱŝƐĨŽƌĂŶƵƉĚĂƚĞŽĨZŽĐŚĞƐƚĞƌ͛ƐƚƌĂŶƐŝƚĚĞǀĞůŽƉŵĞŶƚƉůĂŶ͘dŚŝƐƐĐŽƉĞŽĨƐĞƌǀŝĐĞƐǁĂƐĞǆƚƌĂĐƚĞĚ ĨƌŽŵ<ŝŵůĞǇͲ,ŽƌŶ͛ƐƉƌŽƉŽƐĂůƐƵďŵŝƚƚĞĚƚŽƚŚĞŝƚǇŽŶDĂǇϰ͕ϮϬϮϭ͕ƌĞƐƉŽŶƐŝǀĞƚŽĂŶĚĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞZĞƋƵĞƐƚĨŽƌ WƌŽƉŽƐĂůƐĚĂƚĞĚDĂƌĐŚϭϲ͕ŚĞƌĞŝŶŝŶĐůƵĚĞĚĂƐƚƚĂĐŚŵĞŶƚ'͘ ͻĞƐŝŐŶĂƚĞĚĐŽŶƐƵůƚĂŶƚƉƌŽũĞĐƚŵĂŶĂŐĞƌͬƉŽŝŶƚŽĨĐŽŶƚĂĐƚ ͻĞƚĂŝůĞĚƉƌŽũĞĐƚǁŽƌŬƉůĂŶ ƚƚĞŶĚĂŶĐĞĂƚƚŚĞ dĂƐŬϭʹ'ĞŶĞƌĂůͻĞƚĂŝůĞĚƉƌŽũĞĐƚƐĐŚĞĚƵůĞ ŬŝĐŬͲŽĨĨŵĞĞƚŝŶŐ͖ ƉƌŽũĞĐƚŵĂŶĂŐĞŵĞŶƚͻWƌŽũĞĐƚŬŝĐŬ ͲŽĨĨŵĞĞƚŝŶŐ ƉĂƌƚŝĐŝƉĂƚŝŽŶĂƚƚŚĞ ĂŶĚƋƵĂůŝƚǇĐŽŶƚƌŽů ͻŝ ͲǁĞĞŬůǇĞŵĂŝůͬƉŚŽŶĞƵƉĚĂƚĞƐ;ƵƉƚŽϮϳďŝͲǁĞĞŬůǇƵƉĚĂƚĞƐͿ ƉƌŽŐƌĞƐƐŵĞĞƚŝŶŐƐ ͻDŽŶƚŚůǇƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐĂŶĚŝŶǀŽŝĐĞƐ;ƵƉƚŽϭϮƉƌŽŐƌĞƐƐ ƌĞƉŽƌƚƐĂŶĚŝŶǀŽŝĐĞƐͿ /ĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨ dĂƐŬϮʹWĂƌƚŶĞƌ ͻhƉƚŽϭϮƚĞĐŚŶŝĐĂůǁŽƌŬŝŶŐŐƌŽƵƉĐŽŽƌĚŝŶĂƚŝŽŶŵĞĞƚŝŶŐƐƚĞĐŚŶŝĐĂůǁŽƌŬŝŶŐŐƌŽƵƉ ĐŽŽƌĚŝŶĂƚŝŽŶĂŶĚ ͻĚĚŝƚŝŽŶĂůĐŽŽƌĚŝŶĂƚŝŽŶǁŝƚŚƉƌŽũĞĐƚƉĂƌƚŶĞƌƐĂƐŶĞĞĚĞĚ ŵĞŵďĞƌƐ͖ƉĂƌƚŝĐŝƉĂƚŝŽŶ ŝŶǀŽůǀĞŵĞŶƚ ŝŶŵĞĞƚŝŶŐƐ ͻWƵďůŝĐĞŶŐĂŐĞŵĞŶƚƉůĂŶ ͻŽŵŵƵŶŝƚǇĂĚǀŝƐŽƌǇͬĐŽ ͲĚĞƐŝŐŶƉĂŶĞůŵĞĞƚŝŶŐƐ;ƵƉƚŽϭϬͿ ͻ&ŽĐƵƐŐƌŽƵƉƐ;ƵƉƚŽϰͿ ͻWƵďůŝĐŵĞĞƚŝŶŐƐ;ƵƉƚŽϰͿZĞǀŝĞǁŽĨƉƵďůŝĐ ͻWƌŽũĞĐƚǁĞďƐŝƚĞĞŶŐĂŐĞŵĞŶƚƉůĂŶ͖ ͻWƌŽũĞĐƚŚĂŶĚŽƵƚ͕ǁŝƚŚƵƉƚŽϮƵƉĚĂƚĞƐƌĞǀŝĞǁŽĨĞŶŐĂŐĞŵĞŶƚ dĂƐŬϯʹWƵďůŝĐͻWƌŽũĞĐƚƉŽƐƚĞƌŵĂƚĞƌŝĂůƐ͖ƉĂƌƚŝĐŝƉĂƚŝŽŶ ŶŐĂŐĞŵĞŶƚ ͻDĞĚŝĂƌĞůĞĂƐĞƐĂŶĚƐŽĐŝĂůŵĞĚŝĂƉĂĐŬĂŐĞƐ;ƵƉƚŽϮͿĂƚĞŶŐĂŐĞŵĞŶƚĞǀĞŶƚƐ͖ ͻ^ŽĐŝĂůŵĞĚŝĂĂĚƐǁĞďƐŝƚĞ͕ƐƵƌǀĞǇ͕ĂŶĚ ͻWƵďůŝĐƐƵƌǀĞǇƐŽĐŝĂůŵĞĚŝĂ ͻKƉĞƌĂƚŽƌƐƵƌǀĞǇĐŽŽƌĚŝŶĂƚŝŽŶ ͻĞ ĐŝƐŝŽŶŵĂŬĞƌƐƵƌǀĞǇ ͻ/ŶƚĞƌĂĐƚŝǀĞŵĂƉ ͻWƵďůŝĐĞŶŐĂŐĞŵĞŶƚƐƵŵŵĂƌŝĞƐ;ƵƉƚŽϮͿ ͻƌĂĨƚĂŶĚĨŝŶĂůŽŵŵƵŶŝƚǇWƌŽĨŝůĞ dĂƐŬϰʹƵƌƌĞŶƚWƌŽǀŝĚĞƌŝĚĞƌƐŚŝƉ͕ ͻƌĂĨƚĂŶĚĨŝŶĂůZWdƵƌƌĞŶƚ^ƚĂƚĞWƌŽĨŝůĞ ƐĞƌǀŝĐĞ͕ƌŝĚĞƌƐŚŝƉĂŶĚ͕ƐĞƌǀŝĐĞ͕ĐŽƐƚ͕ĂŶĚ'/^ ͻƌĂĨƚĂŶĚĨŝŶĂůZŝĚĞƌƐŚŝƉWƌŽĨŝůĞ ĐŽŵŵƵŶŝƚǇƉƌŽĨŝůĞĚĂƚĂ ͻƌĂĨƚĂŶĚĨŝŶĂůǆŝƐƚŝŶŐZWdZŽƵƚĞWƌŽĨŝůĞƐ WĂƌƚŝĐŝƉĂƚŝŽŶŝŶ dĂƐŬϱʹhƉĚĂƚĞ ͻƌĂĨƚĂŶĚĨŝŶĂůhƉĚĂƚĞĚDŝƐƐŝŽŶĂŶĚ'ŽĂůƐ ŵĞĞƚŝŶŐƐ͖ƌĞǀŝĞǁŽĨ ŵŝƐƐŝŽŶĂŶĚŐŽĂůƐ ŵĂƚĞƌŝĂůƐ dĂƐŬϲʹhƉĚĂƚĞͻWĞĞƌĐŽŵƉĂƌŝƐŽŶŽĨƐĞƌǀŝĐĞŐƵŝĚĞůŝŶĞƐĂŶĚƉĞƌĨŽƌŵĂŶĐĞ WĂƌƚŝĐŝƉĂƚŝŽŶŝŶ ƉĞƌĨŽƌŵĂŶĐĞŵĞĂƐƵƌĞƐ ŵĞĞƚŝŶŐƐ͖ƌĞǀŝĞǁŽĨ ŵĞĂƐƵƌĞƐĂŶĚƐĞƌǀŝĐĞͻƌĂĨƚĂŶĚĨŝŶĂůhƉĚĂƚĞĚWĞƌĨŽƌŵĂŶĐĞDĞĂƐƵƌĞƐĂŶĚ^ĞƌǀŝĐĞ ŵĂƚĞƌŝĂůƐ ŐƵŝĚĞůŝŶĞƐ'ƵŝĚĞůŝŶĞƐ ͻWĞĞƌŽŵƉĂƌŝƐŽŶŶĂůǇƐŝƐ ͻŶĂůǇƐŝƐŽĨ^ƵƌǀĞǇĂƚĂWĂƌƚŝĐŝƉĂƚŝŽŶŝŶ dĂƐŬϳʹ^ǇƐƚĞŵ ͻǀĂůƵĂƚŝŽŶŽĨ&ŝǆĞĚ ͲZŽƵƚĞ^ĞƌǀŝĐĞWĞƌĨŽƌŵĂŶĐĞŵĞĞƚŝŶŐƐ͖ƌĞǀŝĞǁ ƉĞƌĨŽƌŵĂŶĐĞĂŶĂůǇƐŝƐ ͻǀĂůƵĂƚŝŽŶŽĨWĂ ƌĂƚƌĂŶƐŝƚ^ĞƌǀŝĐĞŽĨŵĂƚĞƌŝĂůƐ ͻƌĂĨƚĂŶĚĨŝŶĂůEĞĞĚƐ/ŶǀĞŶƚŽƌǇZĞƉŽƌƚ 3DFNHW3J )F ͻƌĂĨƚĂŶĚĨŝŶĂů&ŝǆĞĚ ͲZŽƵƚĞ^ǇƐƚĞŵ^ƚƌĞŶŐƚŚƐ͕/ƐƐƵĞƐΘ dĂƐŬϴʹ^ƚƌĞŶŐƚŚƐ͕ KƉƉŽƌƚƵŶŝƚŝĞƐZĞƉŽƌƚWĂƌƚŝĐŝƉĂƚŝŽŶŝŶ ŝƐƐƵĞƐ͕ŽƉƉŽƌƚƵŶŝƚŝĞƐ͕ ͻƌĂĨƚĂŶĚĨŝŶĂůWĂƌĂƚƌĂŶƐŝƚ^ǇƐƚĞŵ^ƚƌĞŶŐƚŚƐ͕/ƐƐƵĞƐΘŵĞĞƚŝŶŐƐ͖ƌĞǀŝĞǁ ĂŶĚƐƚƌĂƚĞŐŝĞƐ KƉƉŽƌƚƵŶŝƚŝĞƐZĞƉŽƌƚŽĨŵĂƚĞƌŝĂůƐ ĚĞǀĞůŽƉŵĞŶƚ ͻƌĂĨƚĂŶĚĨŝŶĂůZĞĐŽŵŵĞŶĚĞĚ^ƚƌĂƚĞŐŝĞƐZĞƉŽƌƚ 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ĞƌƚŝĨŝĐĂƚŝŽŶƐĂŶĚZĞƉƌĞƐĞŶƚĂƚŝŽŶƐ x ŝƐĐůŽƐƵƌĞŽĨĐŽŶƚƌĂĐƚŽƌƌĞƐƉŽŶƐŝďŝůŝƚǇ x >ŝƐƚŽĨ&ŝƌƐƚͲdŝĞƌ^ƵďĐŽŶƚƌĂĐƚŽƌƐ x ϰϵ&ZWĂƌƚϮϬ ͶĞƌƚŝĨŝĐĂƚŝŽŶZĞŐĂƌĚŝŶŐ>ŽďďǇŝŶŐ x ĐŬŶŽǁůĞĚŐĞŵĞŶƚŽĨĚĚĞŶĚĂ x WĂƌƚŝĐŝƉĂƚŝŽŶĨĨŝĚĂǀŝƚ x WĂƌƚŝĐŝƉĂƚŝŽŶ^ĐŚĞĚƵůĞ 3DFNHW3J )F ĞƌƚŝĨŝĐĂƚŝŽŶƐĂŶĚƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ ǇƐƵďŵŝƚƚŝŶŐƚŚŝƐZ&WƌĞƐƉŽŶƐĞ͕ƚŚĞƵŶĚĞƌƐŝŐŶĞĚŵĂŬĞƐƚŚĞĨŽůůŽǁŝŶŐƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͗ ϭ͘/ĂŵĨĂŵŝůŝĂƌǁŝƚŚĂůůƌĞƋƵŝƌĞŵĞŶƚƐ͕ĐŽŶĚŝƚŝŽŶƐ͕ƐƉĞĐŝĨŝĐĂƚŝŽŶƐ͕ĂŶĚŝŶƐƚƌƵĐƚŝŽŶƐŝŶƚŚĞZ&W͘ Ϯ͘/ĂŵĨĂŵŝůŝĂƌǁŝƚŚĂůůŵĂƚƚĞƌƐĂĨĨĞĐƚŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ŝŶĐůƵĚŝŶŐĂůůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ ĂŶĚƌĞŐƵůĂƚŝŽŶƐƚŚĂƚĂĨĨĞĐƚŽƌŵĂǇĂĨĨĞĐƚƚŚĞƐĞƌǀŝĐĞƐƌĞŶĚĞƌĞĚ͕ƌĞůĂƚĞĚƉĞƌĨŽƌŵĂŶĐĞ͕ĂŶĚƚŚĞƉĞƌƐŽŶƐĞŵƉůŽǇĞĚ͘ ϯ͘/ĂŶĚƚŚĞĐŽŵƉĂŶǇ/ƌĞƉƌĞƐĞŶƚĂƌĞŝŶƚŚĞƉƵďůŝĐƚƌĂŶƐƉŽƌƚĂƚŝŽŶďƵƐŝŶĞƐƐĂŶĚŚĂǀĞƚŚĞŬŶŽǁůĞĚŐĞ͕ĞǆƉĞƌŝĞŶĐĞ͕ĂŶĚƐŬŝůůƐ ŶĞĐĞƐƐĂƌǇƚŽƉƌŽǀŝĚĞĂůůĂƐƉĞĐƚƐŽĨƚŚĞƐĞƌǀŝĐĞƐĐŽŶƚĞŵƉůĂƚĞĚŝŶƚŚŝƐZ&WĂŶĚĂƌĞǁŝůůŝŶŐĂŶĚĂďůĞƚŽƐĂƚŝƐĨǇƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐŽĨĂĐŽŶƚƌĂĐƚƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐZ&WĨŽƌƚŚĞĐŽƐƚƐƐƚĂƚĞĚŝŶƚŚĞƉƌŽƉŽƐĂůĂƐƐƵďŵŝƚƚĞĚ͘ ϰ͘dŚĞĐŽŵƉĂŶǇ/ƌĞƉƌĞƐĞŶƚŚĂƐŵĂĚĞĂŶŝŶĚĞƉĞŶĚĞŶƚƉƌŝĐĞĚĞƚĞƌŵŝŶĂƚŝŽŶĨŽƌƚŚŝƐZ&WƌĞƐƉŽŶƐĞĂŶĚŚĂƐŶŽƚĐŽůůƵĚĞĚ͕ ĐŽŶƐƉŝƌĞĚ͕ŽƌĂŐƌĞĞĚ͕ĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇ͕ǁŝƚŚĂŶǇŽƚŚĞƌŽŶƚƌĂĐƚŽƌ͕ƉĞƌƐŽŶ͕ŽƌĞŶƚŝƚǇƚŽƌĞĨƌĂŝŶĨƌŽŵƐƵďŵŝƚƚŝŶŐĂ ƌĞƐƉŽŶƐĞƚŽƚŚĞZ&W͘&ƵƌƚŚĞƌ͕ŶĞŝƚŚĞƌ/ŶŽƌƚŚĞĐŽŵƉĂŶǇ/ƌĞƉƌĞƐĞŶƚŚĂǀĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇƐŽƵŐŚƚďǇĂŐƌĞĞŵĞŶƚ͕ ĐŽůůƵƐŝŽŶ͕ĐŽŵŵƵŶŝĐĂƚŝŽŶ͕ŽƌĐŽŶĨĞƌĞŶĐĞǁŝƚŚĂŶǇƉĞƌƐŽŶŽƌĞŶƚŝƚǇƚŽĨŝǆƚŚĞŽƐƚWƌŽƉŽƐĂůĂŵŽƵŶƚŚĞƌĞŝŶŽƌƚŚĂƚŽĨĂŶǇ ŽƚŚĞƌŽŶƚƌĂĐƚŽƌ͕ŽƌƚŽĨŝǆĂŶǇŽǀĞƌŚĞĂĚ͕ƉƌŽĨŝƚ͕ŽƌĐŽƐƚĞůĞŵĞŶƚŽĨƐƵĐŚƉƌŽƉŽƐĂůĂŵŽƵŶƚŽƌƚŚĂƚŽĨĂŶǇŽƚŚĞƌŽŶƚƌĂĐƚŽƌ͕ ŽƌƚŽƐĞĐƵƌĞĂŶǇĂĚǀĂŶƚĂŐĞĂŐĂŝŶƐƚƚŚĞŝƚǇŽƌĂŶǇƉĞƌƐŽŶŝŶƚĞƌĞƐƚĞĚŝŶƚŚĞƉƌŽƉŽƐĞĚŽŶƚƌĂĐƚ͘ ϱ͘/ĚŽŶŽƚŚĂǀĞĂŶǇŝŶƚĞƌĞƐƚŶŽƌƐŚĂůů/ĂĐƋƵŝƌĞĂŶǇŝŶƚĞƌĞƐƚ͕ĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇ͕ƚŚĂƚǁŽƵůĚĐŽŶĨůŝĐƚŝŶĂŶǇŵĂŶŶĞƌŽƌ ĚĞŐƌĞĞǁŝƚŚƚŚĞĨĂŝƚŚĨƵůƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞŽŶƚƌĂĐƚĐŽŶƚĞŵƉůĂƚĞĚďǇƚŚŝƐZ&W͘dŽƚŚĞďĞƐƚŽĨŵǇŬŶŽǁůĞĚŐĞĂĨƚĞƌ ĚŝůŝŐĞŶƚŝŶƋƵŝƌǇ͕ŶŽĚŝƌĞĐƚŽƌ͕ŽĨĨŝĐĞƌ͕ŽǁŶĞƌ͕ŽƌĞŵƉůŽǇĞĞŽĨƚŚĞĐŽŵƉĂŶǇ/ƌĞƉƌĞƐĞŶƚŚĂƐĂŶǇŝŶƚĞƌĞƐƚ͕ĚŝƌĞĐƚůǇŽƌ ŝŶĚŝƌĞĐƚůǇ͕ƚŚĂƚǁŽƵůĚĐŽŶĨůŝĐƚŝŶĂŶǇŵĂŶŶĞƌŽƌĚĞŐƌĞĞǁŝƚŚƚŚĞĨĂŝƚŚĨƵůƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞŽŶƚƌĂĐƚĐŽŶƚĞŵƉůĂƚĞĚďǇƚŚŝƐ Z&W͘ ϲ͘/Ĩ/ĂĐƋƵŝƌĞŝŶĨŽƌŵĂƚŝŽŶǁŚŝĐŚŝŶĚŝĐĂƚĞƐĂŶǇĂĐƚƵĂůŽƌĂƉƉĂƌĞŶƚĐŚĂŶŐĞƚŽƚŚĞĨŽƌĞŐŽŝŶŐ͕/ƐŚĂůůƉƌŽŵƉƚůǇŝŶĨŽƌŵƚŚĞZ&W ĚŵŝŶŝƐƚƌĂƚŽƌŽĨƚŚŝƐZ&WĂŶĚƐŚĂůůĐŽŽƉĞƌĂƚĞŝŶƚŚĞŝƚǇ͛ƐƌĞǀŝĞǁĂŶĚŝŶǀĞƐƚŝŐĂƚŝŽŶŽĨƚŚĞƐĂŵĞ͘/ƐŚĂůůĐŽŵƉůǇǁŝƚŚĂŶǇ ŝŶƐƚƌƵĐƚŝŽŶƐĨƌŽŵƚŚĞŝƚǇŝŶƌĞŐĂƌĚƚŽĂŶǇŵĂƚƚĞƌĂĨĨĞĐƚŝŶŐƚŚŝƐZ&WŽƌƚŚĞŽŶƚƌĂĐƚĐŽŶƚĞŵƉůĂƚĞĚďǇƚŚŝƐZ&W͘ ϳ͘/ƵŶĚĞƌƐƚĂŶĚƚŚĂƚƚŚĞĂǁĂƌĚŽĨĂŶǇĐŽŶƚƌĂĐƚǁŝůůďĞďĂƐĞĚŽŶƚŚĞƌĞůŝĂďŝůŝƚǇŽĨƚŚĞĨŽƌĞŐŽŝŶŐƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐĂŶĚĂůůŽĨ ƚŚĞƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐĐŽŶƚĂŝŶĞĚŝŶƚŚĞZ&WƌĞƐƉŽŶƐĞ͘ sŝĐĞWƌĞƐŝĚĞŶƚͬƐƐŽĐŝĂƚĞ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ƵƚŚŽƌŝǌĞĚ^ŝŐŶĂƚƵƌĞdŝƚůĞ ϰͬϯϬͬϮϬϮϭ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ĂƚĞ 3DFNHW3J )F ŝƐĐůŽƐƵƌĞŽĨĐŽŶƚƌĂĐƚŽƌƌĞƐƉŽŶƐŝďŝůŝƚǇ ŽŶƚƌĂĐƚŽƌŵƵƐƚƉƌŽǀŝĚĞĐŽŵƉůĞƚĞĂŶĚĂĐĐƵƌĂƚĞƌĞƐƉŽŶƐĞƐĨŽƌĂůůŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶĂŶĚĂƚƚĂĐŚŝƚƚŽƚŚŝƐĨŽƌŵ͘ &ĂŝůƵƌĞƚŽĚŝƐĐůŽƐĞƌĞƐƉŽŶƐŝǀĞŝŶĨŽƌŵĂƚŝŽŶǁŝůůďĞŐƌŽƵŶĚƐĨŽƌĚŝƐƋƵĂůŝĨŝĐĂƚŝŽŶĨƌŽŵĐŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌƚŚĞŽŶƚƌĂĐƚŽƌĨŽƌ ƚĞƌŵŝŶĂƚŝŽŶŽĨĂŶǇŽŶƚƌĂĐƚĂǁĂƌĚĞĚƚŽƚŚĞŽŶƚƌĂĐƚŽƌďǇƚŚĞŝƚǇ͘ 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ƵƚŚŽƌŝǌĞĚŽŵƉĂŶǇZĞƉƌĞƐĞŶƚĂƚŝǀĞ;ƉƌŝŶƚĞĚͿƵƚŚŽƌŝǌĞĚŽŵƉĂŶǇZĞƉƌĞƐĞŶƚĂƚŝǀĞ;ƐŝŐŶĂƚƵƌĞͿ ^ƵďƐĐƌŝďĞĚĂŶĚƐǁŽƌŶďĞĨŽƌĞŵĞƚŚŝƐͺͺͺͺͺͺĚĂǇŽĨͺͺͺͺͺͺͺͺ͕ϮϬϮϬ ĚĂƚĞDŽŶƚŚ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ EŽƚĂƌǇWƵďůŝĐ ƵĞƚŽƚŚĞƉĂŶĚĞŵŝĐĂŶĚƚŚĞĞůĞĐƚƌŽŶŝĐŶĂƚƵƌĞŽĨƚŚŝƐƐƵďŵŝƚƚĂů͕ǁĞĂƌĞƵŶĂďůĞƚŽĂƚƚĂŝŶĂŶŽƚĂƌŝǌĞĚ͕ƉŚǇƐŝĐĂůƐŝŐŶĂƚƵƌĞ ĂƚƚŚŝƐƚŝŵĞ͘hƉŽŶƐĞůĞĐƚŝŽŶĨŽƌƚŚĞƉƌŽũĞĐƚ͕ǁĞǁŝůůƐĞŶĚĂŶŽƚĂƌŝǌĞĚǀĞƌƐŝŽŶŝĨƌĞƋƵŝƌĞĚ͘ 3DFNHW3J )F >ŝƐƚŽĨĨŝƌƐƚͲƚŝĞƌƐƵďĐŽŶƚƌĂĐƚŽƌƐ WůĞĂƐĞůŝƐƚĂůůůŝƐƚŽĨĂůůĨŝƌƐƚͲƚŝĞƌƐƵďĐŽŶƚƌĂĐƚŽƌƐƚŚĞWƌŽƉŽƐĞƌŝŶƚĞŶĚƐƚŽƌĞƚĂŝŶĨŽƌǁŽƌŬŽŶƚŚĞƉƌŽũĞĐƚ ;>ĞŐĂůŶĂŵĞŽĨĐŽŵƉĂŶǇĂƐƌĞŐŝƐƚĞƌĞĚǁŝƚŚƚŚĞ^ĞĐƌĞƚĂƌǇŽĨ^ƚĂƚĞͿ;WŽŝŶƚŽĨĐŽŶƚĂĐƚ͕ĞŵĂŝů͕ƉŚŽŶĞŶƵŵďĞƌ͕ĂĚĚƌĞƐƐͿ ůĂŶŶĂDĐ<ĞĞŵĂŶǆŝƐƚŝŶŐŽŶĚŝƚŝŽŶƐŶĂůǇƐŝƐΘ &ŽƵƌƐƋƵĂƌĞ/ŶƚĞŐƌĂƚĞĚdƌĂŶƐƉŽƌƚĂƚŝŽŶWůĂŶŶŝŶŐĂŵĐŬĞĞŵĂŶΛĨŽƵƌƐƋƵĂƌĞŝƚƉ͘ĐŽŵWƵďůŝĐĂŶĚ^ƚĂŬĞŚŽůĚĞƌ ;/dWͿϯϬϭ͘ϲϯϳ͘ϬϮϴϬŶŐĂŐĞŵĞŶƚ ϱϭDŽŶƌŽĞ^ƚƌĞĞƚ ^ƵŝƚĞϭϭϬϯ ZŽĐŬǀŝůůĞ͕DϮϬϴϱϬ ĞŶĞƚƌŝĐŬWŽǁĞƌƐ^ĞƌǀŝĐĞĂŶĚdŝƚůĞs/ŶĂůǇƐŝƐ EKKƉŽǁĞƌƐΛŶĞŽŽƉĂƌƚŶĞƌƐ͘ĐŽŵ ϲϭϮ͘ϮϮϮ͘Ϯϳϵϲ ϯϳϬtĂďĂƐŚĂ^ƚE hŶŝƚϱϬϬ ^ƚWĂƵů͕DEϱϱϭϬϮ 3DFNHW3J )F ϰϵ&ZWZdϮϬͲͲZd/&/d/KEZ'Z/E'>Kz/E' 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ĨƚĞƌĚŝƐƚƌŝďƵƚŝŽŶŽĨƚŚĞZ&WĂŶĚƉƌŝŽƌƚŽƚŚĞ^ƵďŵŝƐƐŝŽŶĞĂĚůŝŶĞ͕ƚŚĞDŽĚĞƌĂƚŽƌŵĂǇƉĞƌŝŽĚŝĐĂůůǇŵĂŬĞĐŚĂŶŐĞƐ͕ ĐŽƌƌĞĐƚŝŽŶƐ͕ĐůĂƌŝĨŝĐĂƚŝŽŶƐ͕ŽƌƵƉĚĂƚĞƐƚŽŝŶĨŽƌŵĂƚŝŽŶĐŽŶƚĂŝŶĞĚŝŶƚŚĞZ&WĚŽĐƵŵĞŶƚƐ͘dŚŽƐĞĐŚĂŶŐĞƐ͕ĐŽƌƌĞĐƚŝŽŶƐ͕ ĐůĂƌŝĨŝĐĂƚŝŽŶƐ͕ŽƌƵƉĚĂƚĞƐƚŽŝŶĨŽƌŵĂƚŝŽŶǁŝůůďĞƉƌŽǀŝĚĞĚďǇĞŵĂŝůǁŚĞŶƚŚĞǇĂƌĞĂǀĂŝůĂďůĞƚŽĞĂĐŚŽŶƚƌĂĐƚŽƌǁŚŽ ĐŽŵƉůĞƚĞƐĂZĞĐĞŝƉƚŽŶĨŝƌŵĂƚŝŽŶĨŽƌƚŚŝƐZ&W͘/ĨĂŶǇŽĨƚŚŽƐĞĐŚĂŶŐĞƐ͕ĐŽƌƌĞĐƚŝŽŶƐ͕ĐůĂƌŝĨŝĐĂƚŝŽŶƐ͕ŽƌƵƉĚĂƚĞƐƚŽ ŝŶĨŽƌŵĂƚŝŽŶĂƌĞƚŽďĞĐŽŶƐŝĚĞƌĞĚĂŶĂĚĚĞŶĚƵŵƚŽĂŶĚďĞĐŽŵĞƉĂƌƚŽĨƚŚĞZ&WĚŽĐƵŵĞŶƚƐ͕ƚŚĞǇǁŝůůďĞůŝƐƚĞĚďǇƐƵďũĞĐƚ͕ ƚŝŵĞ͕ĂŶĚĚĂƚĞŝŶĂĨŝŶĂůĞŵĂŝůĨƌŽŵƚŚĞDŽĚĞƌĂƚŽƌƉƌŝŽƌƚŽƚŚĞƐƵďŵŝƐƐŝŽŶĚĞĂĚůŝŶĞĨŽƌƚŚĞZ&W͘ŽŶƚƌĂĐƚŽƌƐŵƵƐƚ ĂĐŬŶŽǁůĞĚŐĞƌĞĐĞŝƉƚŽĨĂŶǇĂŶĚĂůůƐƵĐŚĂĚĚĞŶĚĂ͕ĂŶĚŝŶĐůƵĚĞƐƵĐŚĂĐŬŶŽǁůĞĚŐŵĞŶƚǁŝƚŚƚŚĞZ&WƌĞƐƉŽŶƐĞ͘&ĂŝůƵƌĞƚŽ ĂĐŬŶŽǁůĞĚŐĞƌĞĐĞŝƉƚŽĨĂůůĂĚĚĞŶĚĂŵĂǇĐĂƵƐĞƚŚĞZ&WƌĞƐƉŽŶƐĞƚŽďĞĐŽŶƐŝĚĞƌĞĚŶŽŶƌĞƐƉŽŶƐŝǀĞƚŽƚŚĞƐŽůŝĐŝƚĂƚŝŽŶ͘ dŚĞĨŽůůŽǁŝŶŐĂĐŬŶŽǁůĞĚŐĞŵĞŶƚƐŚĂůůďĞŝŶĐůƵĚĞĚǁŝƚŚƚŚĞŽŶƚƌĂĐƚŽƌ͛ƐZ&WƌĞƐƉŽŶƐĞ͗ dŚĞƵŶĚĞƌƐŝŐŶĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞŚĞƌĞďǇĂĐŬŶŽǁůĞĚŐĞƐƌĞĐĞŝƉƚŽĨĂůůŽĨƚŚĞĨŽůůŽǁŝŶŐĂĚĚĞŶĚĂƚŽƚŚĞZ&W ĚŽĐƵŵĞŶƚƐ͗ 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dŚĞĚŽůůĂƌĂŵŽƵŶƚŽĨƚŚĞƉĂƌƚŝĐŝƉĂƚŝŽŶŽĨĞĂĐŚĨŝƌŵƉĂƌƚŝĐŝƉĂƚŝŶŐ /ŚĂǀĞĂƚƚĂĐŚĞĚǁƌŝƚƚĞŶĐŽŶĨŝƌŵĂƚŝŽŶĨƌŽŵĞĂĐŚŽĨƚŚĞ͛ƐůŝƐƚĞĚŽŶƚŚĞWĂƌƚŝĐŝƉĂƚŝŽŶ^ĐŚĞĚƵůĞ&Žƌŵ&Ͳϭ ŝŶĚŝĐĂƚŝŶŐƚŚĂƚƚŚĞǇĂƌĞƉĂƌƚŝĐŝƉĂƚŝŶŐŝŶƚŚĞŽŶƚƌĂĐƚĂƐƉƌŽǀŝĚĞĚ͘ /ĐŽŶĐůƵĚĞƚŚĂƚŵǇŽŵƉĂŶǇŝƐƵŶĂďůĞƚŽĂĐŚŝĞǀĞƚŚĞƉĂƌƚŝĐŝƉĂƚŝŽŶŐŽĂůŽĨϮ͘Ϭй KƵƌŽŵƉĂŶǇ͛ƐŐŽĂůĨŽƌƚŚŝƐĐŽŶƚƌĂĐƚŝƐͺͺͺͺͺͺй͘/ŚĞƌĞďǇƌĞƋƵĞƐƚĂǁĂŝǀĞƌŽĨƚŚĞŽǀĞƌĂůůŐŽĂů͘/ŚĂǀĞ ĂƚƚĂĐŚĞĚƚŚĞĞƌƚŝĨŝĐĂƚŝŽŶŽĨ'ŽŽĚ&ĂŝƚŚĨĨŽƌƚƐ&Žƌŵ&ͲϮĂƐĞǀŝĚĞŶĐĞŽĨŽƵƌŽŵƉĂŶǇ͛ƐŐŽŽĚĨĂŝƚŚĞĨĨŽƌƚƚŽ ĂƚƚĞŵƉƚƚŽĂĐŚŝĞǀĞƚŚĞƉĂƌƚŝĐŝƉĂƚŝŽŶŐŽĂůŽĨϮ͘ϬйǁŚŝĐŚƐŚŽǁƐƚŚĞĨŽůůŽǁŝŶŐ͗ x ŽĐƵŵĞŶƚĂƚŝŽŶƐŚŽǁŝŶŐĞĨĨŽƌƚƐƵƐĞĚƚŽŝĚĞŶƚŝĨǇĂŶĚƐŽůŝĐŝƚŽĨƐ͕ŝŶĐůƵĚŝŶŐǁƌŝƚƚĞŶƐŽůŝĐŝƚĂƚŝŽŶƐ;ǁŝƚŚ ďŝĚĚŝŶŐŝŶƐƚƌƵĐƚŝŽŶƐͿ x ^ĞůĞĐƚŝŶŐƉŽƌƚŝŽŶƐŽĨƚŚĞǁŽƌŬƚŽďĞƉĞƌĨŽƌŵĞĚďǇƐ x WƌŽǀŝĚŝŶŐƐǁŝƚŚƉůĂŶŝŶĨŽƌŵĂƚŝŽŶĂŶĚƐƉĞĐŝĨŝĐĂƚŝŽŶŝŶĂƚŝŵĞůǇŵĂŶŶĞƌ x ŽĐƵŵĞŶƚŝŶŐĞǀŝĚĞŶĐĞŽĨŶĞŐŽƚŝĂƚŝŽŶƐ /ŶƚŚĞƐŽůŝĐŝƚĂƚŝŽŶŽĨƐƵďĐŽŶƚƌĂĐƚƋƵŽƚĂƚŝŽŶƐŽƌŽĨĨĞƌƐ͕ĨŝƌŵƐǁĞƌĞƉƌŽǀŝĚĞĚŶŽƚůĞƐƐƚŚĂŶƚŚĞƐĂŵĞ ŝŶĨŽƌŵĂƚŝŽŶĂŶĚĂŵŽƵŶƚŽĨƚŝŵĞƚŽƌĞƐƉŽŶĚĂƐǁĞƌĞŶŽŶͲĨŝƌŵƐ͘ /ĂĨĨŝƌŵƵŶĚĞƌƚŚĞƉĞŶĂůƚŝĞƐŽĨƉĞƌũƵƌǇƚŚĂƚƚŚĞŝŶĨŽƌŵĂƚŝŽŶŝŶƚŚŝƐĂĨĨŝĚĂǀŝƚŝƐƚƌƵĞƚŽƚŚĞďĞƐƚŽĨŵǇŬŶŽǁůĞĚŐĞ͕ 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hƐŝŶŐƉĞƌĨŽƌŵĂŶĐĞĚĂƚĂĂŶĚŝŶĨŽƌŵĂƚŝŽŶĨƌŽŵƉƵďůŝĐĞŶŐĂŐĞŵĞŶƚĞĨĨŽƌƚƐĨƌŽŵdĂƐŬƐϮͲϲƚŚĞŽŶƐƵůƚĂŶƚƐŚĂůůĞŶŐĂŐĞǁŝƚŚ ŝƚǇƐƚĂĨĨ͕ƉƌŽũĞĐƚƉĂƌƚŶĞƌƐ͕ĂŶĚĐŽŵŵƵŶŝƚǇŵĞŵďĞƌƐƚŽŝĚĞŶƚŝĨǇƉĞƌĨŽƌŵĂŶĐĞŝƐƐƵĞƐĂŶĚĚĞǀĞůŽƉƐƚƌĂƚĞŐŝĞƐĨŽƌĂĚĚƌĞƐƐŝŶŐ ƚŚŽƐĞŝƐƐƵĞƐĨŽƌϭͿĨŝǆĞĚͲƌŽƵƚĞƐĞƌǀŝĐĞĂŶĚϮͿƉĂƌĂƚƌĂŶƐŝƚƐĞƌǀŝĐĞŽǀĞƌƚŚĞϱͲǇĞĂƌƉĞƌŝŽĚŽĨƚŚĞdWĂŶĚƚŚĞĨŽůůŽǁŝŶŐĨŝǀĞ ǇĞĂƌƐ͘dŚŝƐƉƌŽĐĞƐƐƐŚŽƵůĚŝŶĐůƵĚĞƌĞǀŝĞǁƚŚĞWdEĂƐĂƉŽƚĞŶƚŝĂůƐƚƌĂƚĞŐǇĨŽƌďŽƚŚƚŝŵĞƉĞƌŝŽĚƐ͘&ŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƚŚŝƐ ƉƌŽũĞĐƚ͕ZWdŝƐĚĞĨŝŶŝŶŐĂƐƚƌĂƚĞŐǇĂƐĂŐĞŶĞƌĂůĂƉƉƌŽĂĐŚŽƌƉŽůŝĐǇĚĞƐŝŐŶĞĚƚŽĂĐŚŝĞǀĞĂŶŽǀĞƌĂƌĐŚŝŶŐŐŽĂů͘/ĚĞĂůůǇ͕ZWd ǁŽƵůĚůŝŬĞĨŽƌƐƚƌĂƚĞŐŝĞƐƚŽďĞĂĐĐĞƉƚĂďůĞƚŽĂůůƉĂƌƚŶĞƌƐ͕ŵĞĂŶŝŶŐƚŚĞǇĐĂŶůŝǀĞǁŝƚŚƚŚĞƐƚƌĂƚĞŐŝĞƐĂŶĚǁŝůůŶŽƚĂĐƚŝǀĞůǇ ǁŽƌŬĂŐĂŝŶƐƚƚŚĞŵ͘dŚĞĐŽŶƐƵůƚĂŶƚƐŚĂůůŝĚĞŶƚŝĨǇĂŶǇĚĞƉĞŶĚĞŶĐǇƌĞůĂƚŝŽŶƐŚŝƉƐďĞƚǁĞĞŶƐƚƌĂƚĞŐŝĞƐŝŶƚŚĞZĞĐŽŵŵĞŶĚĞĚ ^ƚƌĂƚĞŐŝĞƐƌĞƉŽƌƚƉƌŽĚƵĐĞĚĨŽƌƚŚŝƐƚĂƐŬ͘ >/sZ>^͗ x &ŝǆĞĚͲZŽƵƚĞƐǇƐƚĞŵƐƚƌĞŶŐƚŚƐ͕ŝƐƐƵĞƐ͕ΘŽƉƉŽƌƚƵŶŝƚŝĞƐƌĞƉŽƌƚ x WĂƌĂƚƌĂŶƐŝƚƐǇƐƚĞŵƐƚƌĞŶŐƚŚƐ͕ŝƐƐƵĞƐ͕ΘŽƉƉŽƌƚƵŶŝƚŝĞƐƌĞƉŽƌƚ 3DFNHW3J )F x ZĞĐŽŵŵĞŶĚĞĚƐƚƌĂƚĞŐŝĞƐƌĞƉŽƌƚ dĂƐŬϵs>KW&/yZKhd^Zs/>dZEd/s^ dŚĞĐŽŶƐƵůƚĂŶƚƐŚĂůůĚĞǀĞůŽƉĂƚůĞĂƐƚƚǁŽƐĞƌǀŝĐĞƉůĂŶĂůƚĞƌŶĂƚŝǀĞƐĨŽƌŝŵƉƌŽǀŝŶŐĨŝǆĞĚͲƌŽƵƚĞƐĞƌǀŝĐĞŽǀĞƌƚŚĞĨŝǀĞͲǇĞĂƌdW ŶĚ ƉĞƌŝŽĚĨŽƌĞĂĐŚŽĨƚŚĞĨŽůůŽǁŝŶŐƐĐĞŶĂƌŝŽƐ͖ϭͿWƌŝŽƌƚŽŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞϮ^ƚZĂƉŝĚdƌĂŶƐŝƚWƌŽũĞĐƚ͕ϮͿĨƚĞƌ ŶĚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨϮ^ƚZĂƉŝĚdƌĂŶƐŝƚWƌŽũĞĐƚ͘ĞǀĞůŽƉŵĞŶƚŽĨƐĞƌǀŝĐĞĂůƚĞƌŶĂƚŝǀĞƐƐŚŽƵůĚďĞŝŶĨŽƌŵĞĚďǇƌĞůĞǀĂŶƚŝƚǇƉůĂŶƐ͕ ƉŽůŝĐŝĞƐ͕ĂŶĚƐƚƌĂƚĞŐŝĞƐŝŶĐůƵĚŝŶŐƚŚĞWƌŝŵĂƌǇdƌĂŶƐŝƚEĞƚǁŽƌŬ͘dŚĞŽŶƐƵůƚĂŶƚƐŚĂůůĂůƐŽƵƐĞƉƌĞǀŝŽƵƐůǇŐĂƚŚĞƌĞĚƉƵďůŝĐŝŶƉƵƚ͕ ĐŽŵŵƵŶŝƚǇƉƌŽĨŝůĞĚĂƚĂ͕ĂŶĚƉĞƌĨŽƌŵĂŶĐĞĚĂƚĂƚŽǁŽƌŬǁŝƚŚZWdƐƚĂĨĨĂŶĚƉƌŽũĞĐƚƉĂƌƚŶĞƌƐŝŶĚĞǀĞůŽƉŝŶŐƚŚĞƐĐĞŶĂƌŝŽƐ͘ dŚĞŽŶƐƵůƚĂŶƚƐŚĂůůĐŽŵƉůĞƚĞĂĨŝǆĞĚͲƌŽƵƚĞƌŝĚĞƌƐŚŝƉĚĞŵĂŶĚĨŽƌĞĐĂƐƚƚŽƐƵƉƉŽƌƚĂŶĂůǇƐŝƐŽĨƚŚĞƐĞƐĐĞŶĂƌŝŽƐŝĚĞŶƚŝĨǇŝŶŐ ĂƌĞĂƐƌĞĂĚǇĨŽƌƚƌĂŶƐŝƚƐĞƌǀŝĐĞ͕ƚŚŽƐĞŶĞĞĚŝŶŐƐĞƌǀŝĐĞǁŝƚŚŝŶƚŚĞŶĞǆƚĨŝǀĞǇĞĂƌƐ͕ĂŶĚƚŚŽƐĞƚŚĂƚŵĂǇŶĞĞĚƐĞƌǀŝĐĞŝŶϲͲϭϬ ǇĞĂƌƐ͘/ŶĂĚĚŝƚŝŽŶƚŽƚŚĞƐĐĞŶĂƌŝŽƐĚĞǀĞůŽƉĞĚĨŽƌƚŚŝƐdW͕ƚŚĞĐŽŶƐƵůƚĂŶƚƐŚĂůůĂůƐŽĂŶĂůǇǌĞƚŚĞƉůĂŶŶĞĚƐĞƌǀŝĐĞĞǆƉĂŶƐŝŽŶ ĨƌŽŵƚŚĞϮϬϭϳdWĂƐĂƐĐĞŶĂƌŝŽ͘ŶŝŵƉŽƌƚĂŶƚĂƐƉĞĐƚŽĨƚŚŝƐƚĂƐŬǁŝůůďĞĂŶĂůǇǌŝŶŐŚŽǁďƵƐůĂǇŽǀĞƌůŽĐĂƚŝŽŶƐĨĂĐŝůŝƚŝĞƐǁŝůů ŶĚ ĂĨĨĞĐƚŽƉĞƌĂƚŝŽŶƐƐƵĐŚĂƐƚŚĞtĞƐƚdƌĂŶƐŝƚsŝůůĂŐĞŽŶƚŚĞϮ^ƚƌĞĞƚZdůŝŶĞ͘dŚĞĐŽŶƐƵůƚĂŶƚƐŚĂůůĂŶĂůǇǌĞƉĞƌĨŽƌŵĂŶĐĞŽĨ ƚŚĞĂůƚĞƌŶĂƚŝǀĞƐĐĞŶĂƌŝŽƐĂŶĚĚĞǀĞůŽƉĂƌĞƉŽƌƚĚĞƚĂŝůŝŶŐƐĐĞŶĂƌŝŽƉĞƌĨŽƌŵĂŶĐĞƚƌĂĚĞͲŽĨĨƐ͘ƐƉĂƌƚŽĨƚŚŝƐƚĂƐŬ͕ĐŽŶƐƵůƚĂŶƚƐ ƐŚĂůůǁŽƌŬǁŝƚŚZWdƐƚĂĨĨƚŽĚĞǀĞůŽƉĂŶĂĚĂƉƚŝǀĞŵĂŶĂŐĞŵĞŶƚƉůĂŶĨŽƌŵĂŶĂŐŝŶŐƚƌĂŶƐŝƚƐĞƌǀŝĐĞŝŶƌĞƐƉŽŶƐĞƚŽKs/Ͳϭϵ͘ ŽŶƐƵůƚĂŶƚƐƐŚĂůůƉƌĞƐĞŶƚƐĞƌǀŝĐĞĂůƚĞƌŶĂƚŝǀĞƐƚŽƉƌŽũĞĐƚƉĂƌƚŶĞƌƐĂŶĚƚŚĞĐŽŵŵƵŶŝƚǇĂĚǀŝƐŽƌǇͬĐŽͲĚĞƐŝŐŶƉĂŶĞů͘ ŽŶƐƵůƚĂŶƚƐƐŚĂůůĂůƐŽĐŽŶĚƵĐƚƵƉƚŽƚǁŽƉƵďůŝĐĞŶŐĂŐĞŵĞŶƚĞǀĞŶƚƐĂƉƉƌŽƉƌŝĂƚĞƚŽKs/ĐŽŶĚŝƚŝŽŶƐĂƚƚŚĞƚŝŵĞ;ŵĂǇďĞ ŽŶůŝŶĞŝĨŶĞĞĚĞĚͿƚŽŐĂƚŚĞƌĨĞĞĚďĂĐŬĨƌŽŵƚŚĞŐĞŶĞƌĂůĐŽŵŵƵŶŝƚǇ͘ >/sZ>^͗ x Ks/ͲϭϵƚƌĂŶƐŝƚƐĞƌǀŝĐĞĂĚĂƉƚŝǀĞŵĂŶĂŐĞŵĞŶƚƉůĂŶ x &ŝǆĞĚͲZŽƵƚĞƌŝĚĞƌƐŚŝƉĚĞŵĂŶĚĨŽƌĞĐĂƐƚ x hƉƚŽƚǁŽƐĞƌǀŝĐĞĂůƚĞƌŶĂƚŝǀĞƐĐĞŶĂƌŝŽƐĞĂĐŚĨŽƌ R ŶĚ WƌĞͲϮ^ƚƌĞĞƚZd R ŶĚ ĨƚĞƌϮ^ƚƌĞĞƚZdŝƐŝŵƉůĞŵĞŶƚĞĚ x ŶĂůǇƐŝƐŽĨƉĞƌĨŽƌŵĂŶĐĞƚƌĂĚĞͲŽĨĨƐŽĨĚĞǀĞůŽƉĞĚƐĞƌǀŝĐĞƐĐĞŶĂƌŝŽƐĂŶĚϮϬϭϳdWƐĞƌǀŝĐĞĞǆƉĂŶƐŝŽŶƉůĂŶ x ŶŐĂŐĞŵĞŶƚdĂƐŬ͗hƉƚŽƚǁŽƉƵďůŝĐĞŶŐĂŐĞŵĞŶƚĞǀĞŶƚƐƚŽŐĂƚŚĞƌĨĞĞĚďĂĐŬŽŶƐĞƌǀŝĐĞĂůƚĞƌŶĂƚŝǀĞƉůĂŶƐ x ƌĞĐŽŵŵĞŶĚĞĚĨŝǆĞĚͲƌŽƵƚĞƐĞƌǀŝĐĞƉůĂŶĨŽƌ R ŶĚ WƌĞͲϮ^ƚƌĞĞƚZd R ŶĚ ĨƚĞƌϮ^ƚƌĞĞƚZdŝƐŝŵƉůĞŵĞŶƚĞĚ dĂƐŬϭϬs>KWWZdZE^/d^Zs/W>E hƐŝŶŐĚĂƚĂĂŶĚƉƵďůŝĐŝŶƉƵƚŐĂƚŚĞƌĞĚŝŶƉƌŝŽƌƚĂƐŬƐ͕ƚŚĞĐŽŶƐƵůƚĂŶƚƐŚĂůůǁŽƌŬǁŝƚŚZWdƐƚĂĨĨĂŶĚƉƌŽũĞĐƚƉĂƌƚŶĞƌƐƚŽ ĚĞǀĞůŽƉĂƉůĂŶĨŽƌWĂƌĂƚƌĂŶƐŝƚƐĞƌǀŝĐĞŽǀĞƌƚŚĞϱͲǇĞĂƌdWƉĞƌŝŽĚ͘dŚŝƐƉůĂŶƐŚŽƵůĚďĞƌĞƐƉŽŶƐŝǀĞƚŽƉƵďůŝĐŝŶƉƵƚƌĞĐĞŝǀĞĚ ŝŶƉƌŝŽƌƚĂƐŬƐ͘ŽŶƐƵůƚĂŶƚƐƐŚĂůůĐŽŶĚƵĐƚĂĚĚŝƚŝŽŶĂůĞŶŐĂŐĞŵĞŶƚǁŝƚŚƉĂƌĂƚƌĂŶƐŝƚƐǇƐƚĞŵƵƐĞƌƐĂŶĚƉĂƌƚŶĞƌĂŐĞŶĐŝĞƐŝĨ ŶĞĞĚĞĚ͘dŚĞŽŶƐƵůƚĂŶƚƐŚĂůůĐŽŵƉůĞƚĞĂƉĂƌĂƚƌĂŶƐŝƚƌŝĚĞƌƐŚŝƉĚĞŵĂŶĚĨŽƌĞĐĂƐƚƚŽƐƵƉƉŽƌƚĂŶĂůǇƐŝƐŽĨƚŚĞƐĞƐĐĞŶĂƌŝŽƐƚŚĂƚ ƉƌŽũĞĐƚƐĚĞŵĂŶĚĨŽƌϭͿƚŚĞŶĞǆƚĨŝǀĞǇĞĂƌƐĂŶĚϮͿƚŚĞŶĞǆƚϲͲϭϬǇĞĂƌƐ͘ZĞĐŽŵŵĞŶĚĞĚƐĞƌǀŝĐĞƉůĂŶƐƐŚĂůůŝŶĐůƵĚĞƌŝĚĞƌƐŚŝƉ ĨŽƌĞĐĂƐƚƐ͕ĐŽƐƚĞƐƚŝŵĂƚĞƐ͕ƐĞƌǀŝĐĞŚŽƵƌƐ͕ƚĂĐƚŝĐƐĨŽƌƉĞƌĨŽƌŵĂŶĐĞŝŵƉƌŽǀĞŵĞŶƚ͕ƐƚƌĂƚĞŐŝĞƐĨŽƌŝŵƉƌŽǀĞĚĐŽŵƉůŝĂŶĐĞǁŝƚŚ ƌĞƋƵŝƌĞŵĞŶƚƐ͕ĂŶĚĂŶǇƉŽůŝĐǇĐŚĂŶŐĞƐŶĞĐĞƐƐĂƌǇƚŽĞĨĨĞĐƚƚŚĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ͘ >/sZ>^͗ x WĂƌĂƚƌĂŶƐŝƚƌŝĚĞƌƐŚŝƉĚĞŵĂŶĚĨŽƌĞĐĂƐƚ x WĂƌĂƚƌĂŶƐŝƚƐĞƌǀŝĐĞƉůĂŶ dĂƐŬϭϭd/d>s/E>z^/^ dŚĞŽŶƐƵůƚĂŶƚƐŚĂůůĐŽŵƉůĞƚĞĂdŝƚůĞs/ĂŶĂůǇƐŝƐŽĨƌĞĐŽŵŵĞŶĚĞĚƐĞƌǀŝĐĞƉůĂŶƐƚŽĞŶƐƵƌĞƚŚĞǇŵĞĞƚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů ƌĞƋƵŝƌĞŵĞŶƚƐ͘ĨƚĞƌĐŽŵƉůĞƚŝŽŶĂŶĚƌĞǀŝĞǁďǇƚŚĞŝƚǇ͕ƚŚĞĐŽŶƐƵůƚĂŶƚƐŚĂůůĂƐƐŝƐƚŝƚǇƐƚĂĨĨǁŝƚŚƐƵďŵŝƐƐŝŽŶŽĨƚŚĞĂŶĂůǇƐŝƐ ƚŽĂƉƉƌŽƉƌŝĂƚĞĂŐĞŶĐŝĞƐ͘ >/sZ>^͗ x dŝƚůĞs/ŶĂůǇƐŝƐŽĨƌĞĐŽŵŵĞŶĚĞĚƐĞƌǀŝĐĞƉůĂŶƐ 3DFNHW3J )F dŚĞĐŽŶƐƵůƚĂŶƚƐŚĂůůĚĞǀĞůŽƉϭͿĂϭϬͲǇĞĂƌĐĂƉŝƚĂůĂƐƐĞƚŵĂŶĂŐĞŵĞŶƚƉůĂŶƚŚĂƚŝŶĐůƵĚĞƐƐĐŚĞĚƵůĞƐĂŶĚĐŽƐƚĞƐƚŝŵĂƚĞƐĨŽƌ ŵĂŝŶƚĞŶĂŶĐĞ͕ƉƌĞƐĞƌǀĂƚŝŽŶĂŶĚƌĞƉůĂĐĞŵĞŶƚŽĨƐǇƐƚĞŵĂƐƐĞƚƐĂŶĚϮͿĂϭϬͲǇĞĂƌĐĂƉŝƚĂůŝŵƉƌŽǀĞŵĞŶƚƉůĂŶƚŚĂƚŝŶĐůƵĚĞƐ ƐĐŚĞĚƵůĞƐĂŶĚĐŽƐƚĞƐƚŝŵĂƚĞƐĨŽƌĞǆƉĂŶƐŝŽŶŽĨĨĂĐŝůŝƚŝĞƐĂŶĚŝŶƚƌŽĚƵĐƚŝŽŶŽĨŶĞǁƚĞĐŚŶŽůŽŐŝĞƐ͘ŽƚŚƉůĂŶƐƐŚŽƵůĚŝĚĞŶƚŝĨǇ ĚĞƉĞŶĚĞŶĐǇƌĞůĂƚŝŽŶƐŚŝƉƐďĞƚǁĞĞŶƉƌŽũĞĐƚƐ͘ƚĂŵŝŶŝŵƵŵƚŚĞĨŽůůŽǁŝŶŐĞůĞŵĞŶƚƐƐŚĂůůďĞŝŶĐůƵĚĞĚ͗ x ƵƐĨůĞĞƚ R &ůĞĞƚĞůĞĐƚƌŝĨŝĐĂƚŝŽŶ R sĞŚŝĐůĞƐŝǌĞ x ƵƐƐƚŽƉƐΘƐŚĞůƚĞƌƐŝŶǀĞŶƚŽƌǇ R ^ƚŽƉƐΘƐŚĞůƚĞƌƐůĞǀĞůŽĨƐĞƌǀŝĐĞŝŵƉƌŽǀĞŵĞŶƚƉůĂŶ R dƌĂŶƐŝƚĐĞŶƚĞƌƐĂŶĚďƵƐůĂǇŽǀĞƌĨĂĐŝůŝƚŝĞƐ x 'ĂƌĂŐĞĂŶĚDĂŝŶƚĞŶĂŶĐĞ&ĂĐŝůŝƚŝĞƐ R ^ŽůĂƌƉŽǁĞƌΘĞŶĞƌŐǇƐƚŽƌĂŐĞ R EĞǁŐĂƌĂŐĞĨĂĐŝůŝƚŝĞƐĂƐƉĂƌƚŽĨZdƉƌŽũĞĐƚ x WĂƌŬĂŶĚZŝĚĞĨĂĐŝůŝƚŝĞƐ x /ŶƚĞůůŝŐĞŶƚƚƌĂŶƐƉŽƌƚĂƚŝŽŶƐǇƐƚĞŵƐ R /ŶĨŽƌŵĂƚŝŽŶͬŽŵŵƵŶŝĐĂƚŝŽŶƐ R dƌĂŶƐŝƚ^ŝŐŶĂůWƌŝŽƌŝƚǇ R ƵƚŽŵĂƚŝĐWĂƐƐĞŶŐĞƌŽƵŶƚĞƌƐ R ZĞĂůͲƚŝŵĞƐŝŐŶĂŐĞ x &ĂƌĞĐŽůůĞĐƚŝŽŶ R &ĂƌĞďŽǆƐǇƐƚĞŵ R DŽďŝůĞƚŝĐŬĞƚŝŶŐ x ZĂƉŝĚdƌĂŶƐŝƚ>ŝŶĞ R &ĂĐŝůŝƚŝĞƐ R &ĂƌĞĐŽůůĞĐƚŝŽŶΘǀĂůŝĚĂƚŝŽŶĞƋƵŝƉŵĞŶƚ x EĞǁƚĞĐŚŶŽůŽŐŝĞƐ >/sZ>^͗ x ϭϬͲǇĞĂƌdƌĂŶƐŝƚƐƐĞƚDĂŶĂŐĞŵĞŶƚWůĂŶ x ϭϬͲǇĞĂƌĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWůĂŶ dŚĞĐŽŶƐƵůƚĂŶƚƐŚĂůůĚĞǀĞůŽƉĂĨŝŶĂŶĐŝĂůƉůĂŶƚŚĂƚŝŶĐůƵĚĞƐƉƌŽũĞĐƚŝŽŶƐŽĨƚŚĞŽƉĞƌĂƚŝŶŐĐŽƐƚƐĂŶĚƌĞǀĞŶƵĞƐŽŶĂŶĂŶŶƵĂů ďĂƐŝƐĨŽƌĞĂĐŚƉƌŽƉŽƐĞĚƐĞƌǀŝĐĞĐŚĂŶŐĞĂŶĚĨŽƌƉƌŽƉŽƐĞĚĐĂƉŝƚĂůŝŵƉƌŽǀĞŵĞŶƚƐ͘dŚĞĨŝŶĂŶĐŝĂůƉůĂŶƐŚĂůůĂůƐŽŝĚĞŶƚŝĨǇĂŶĚ ƌĞĐŽŵŵĞŶĚĂŶĂŶŶƵĂůĨŝŶĂŶĐŝŶŐƉůĂŶĨŽƌŽƉĞƌĂƚŝŽŶƐĂŶĚĐĂƉŝƚĂůŝŵƉƌŽǀĞŵĞŶƚƐďĂƐĞĚŽŶĐƵƌƌĞŶƚĂŶĚĞǆƉĞĐƚĞĚĨƵŶĚŝŶŐ ƐŽƵƌĐĞƐ͘ĚĚŝƚŝŽŶĂůůǇ͕ƚŚĞĐŽŶƐƵůƚĂŶƚƐŚĂůůƌĞǀŝĞǁZWd͛ƐĐƵƌƌĞŶƚĨĂƌĞƐƚƌƵĐƚƵƌĞĂŶĚƌĞĐŽŵŵĞŶĚŽƉƚŝŽŶƐĨŽƌŝŵƉƌŽǀĞŵĞŶƚƐ͘ >/sZ>^͗ x &ŝŶĂŶĐŝĂůWůĂŶ x &ĂƌĞŶĂůǇƐŝƐ dŚĞĐŽŶƐƵůƚĂŶƚƐŚĂůůƌĞǀŝĞǁĂŶĚŵĂŬĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐƌĞŐĂƌĚŝŶŐƚŚĞŶƵŵďĞƌĂŶĚƌŽůĞƐŽĨŝƚǇƐƚĂĨĨĂŶĚƚŚĞĐŽŶƚƌĂĐƚĞĚ ŶĚ ŽƉĞƌĂƚŽƌŝŶƚŚĞƉƌŽǀŝƐŝŽŶŽĨƐĞƌǀŝĐĞƐĨŽƌƚŚĞƉĞƌŝŽĚƉƌŝŽƌƚŽŝŵƉůĂŶƚĂƚŝŽŶŽĨƚŚĞϮ^ƚƌĞĞƚZdůŝŶĞĂŶĚĂĨƚĞƌ͘dŚŝƐƌĞǀŝĞǁ ƐŚŽƵůĚŝŶĐůƵĚĞǁŚŝĐŚƚĂƐŬƐĂƌĞďĞƚƚĞƌŚĂŶĚůĞĚďǇŝƚǇƐƚĂĨĨǀĞƌƐƵƐƚŚĞĐŽŶƚƌĂĐƚĞĚŽƉĞƌĂƚŽƌ͘dŚĞŽƌŐĂŶŝǌĂƚŝŽŶĂůĂŶĚƐƚĂĨĨŝŶŐ 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WƌŽǀŝĚĞƚŚĞĂŶŶƵĂůĂǀĞƌĂŐĞƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞǀĞŶƵĞƐĨŽƌůĂƐƚƚŚƌĞĞǇĞĂƌƐĨŽƌ&ĞĚĞƌĂůĂŶĚEŽŶͲ&ĞĚĞƌĂůǁŽƌŬ͘ x WƌŽǀŝĚĞƌĞĨĞƌĞŶĐĞƐĨƌŽŵƚŚƌĞĞƉƌŽĨĞƐƐŝŽŶĂůďƵƐŝŶĞƐƐĞƐŽƌĂŐĞŶĐŝĞƐĨŽƌǁŚŝĐŚƚŚĞƉƌŽƉŽƐŝŶŐĐŽŵƉĂŶǇŚĂƐ ĐŽŵƉůĞƚĞĚƐŝŵŝůĂƌƉƌŽũĞĐƚƐ͘hƐĞƚŚĞ^ƚĂƚĞŵĞŶƚŽĨYƵĂůŝĨŝĐĂƚŝŽŶƐĂŶĚZĞůĞǀĂŶƚŽŶƚƌĂĐƚŽƌǆƉĞƌŝĞŶĐĞĨŽƌŵ͕ĨŽƵŶĚ ŝŶƚƚĂĐŚŵĞŶƚ͕ƚŽƉƌŽǀŝĚĞƚŚŝƐŝŶĨŽƌŵĂƚŝŽŶ͘ ϱ͘WƌŽũĞĐƚͲƐƉĞĐŝĨŝĐƋƵĂůŝĨŝĐĂƚŝŽŶƐ Wƌ ŽǀŝĚĞĂƐƵŵŵĂƌǇŽĨƚŚĞƉƌŽƉŽƐŝŶŐĐŽŵƉĂŶǇ͛ƐĞǆƉĞƌŝĞŶĐĞǁŝƚŚƉƌŽũĞĐƚƐƚŚĂƚƐŚŽǁƌĞůĞǀĂŶƚŽƌƐŝŵŝůĂƌǁŽƌŬ ĞǆƉĞƌŝĞŶĐĞǁŝƚŚƚŚĞƚĂƐŬƐĂŶĚĂĐƚŝǀŝƚŝĞƐŽƵƚůŝŶĞĚǁŝƚŚŝŶƚŚŝƐZ&W͛ƐƐĐŽƉĞŽĨǁŽƌŬ͘ ϲ͘WƌŽũĞĐƚƐƚĂĨĨ WƌŽǀŝĚĞĂŶŽǀĞƌǀŝĞǁŽĨƚŚĞƚĞĂŵƚŚĂƚǁŝůůďĞǁŽƌŬŝŶŐŽŶƚŚĞƉƌŽũĞĐƚŝŶĐůƵĚŝŶŐƚŚĞƉƌŽũĞĐƚŵĂŶĂŐĞƌ͕ŬĞǇƉĞƌƐŽŶŶĞů͕ ĂŶĚĂŶǇ^ƵďŽŶƚƌĂĐƚŽƌƐ͘WƌŽƉŽƐĞƌƐĂƌĞĞŶĐŽƵƌĂŐĞƚŽƐƉĞĂŬƚŽƚŚĞŝƌƚĞĂŵ͛ƐĂďŝůŝƚǇƚŽĐŽŵƉůĞƚĞƚŚĞƉƌŽũĞĐƚĂŶĚƐƚĂǇ ǁŝƚŚŝŶƚŚĞƐĐŚĞĚƵůĞĂŶĚďƵĚŐĞƚ͘WƌŽƉŽƐĞƌƐŵƵƐƚŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐĂĚĚŝƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶ͗ 3DFNHW3J )F x ŶŽƌŐĂŶŝǌĂƚŝŽŶĂůĐŚĂƌƚŽĨƚŚĞƉƌŽƉŽƐĞĚƚĞĂŵ͕ƐŚŽǁŝŶŐƚŚĞŶĂŵĞƐĂŶĚƌŽůĞƐŽĨĂůůŬĞǇƉĞƌƐŽŶŶĞůĂŶĚƚŚĞ ŽŶƚƌĂĐƚŽƌƚŚĞǇĂƌĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚ͘ x 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ďĞŝŶĐůƵĚĞĚŝŶƚŚĞĐŽƐƚƉƌŽƉŽƐĂůďƵƚĐůĞĂƌůǇŝĚĞŶƚŝĨŝĞĚĂƐĂĚĚŝƚŝŽŶĂůĐŽƐƚƐ͕ƐĞƉĂƌĂƚĞĚĨƌŽŵƚŚĞƌĞƋƵŝƌĞĚŝƚĞŵƐ͕ ĂŶĚŶŽƚŝŶĐůƵĚĞĚŝŶƚŚĞƚŽƚĂůƉƌŽũĞĐƚĐŽƐƚƐ͘ x ƐƵŵŵĂƌǇŽĨƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐĨĞĞƐƌĞĐĞŝǀĞĚĨŽƌƐŝŵŝůĂƌƉƌŽũĞĐƚƐĨŽƌƚŚĞůĂƐƚƚŚƌĞĞǇĞĂƌƐ͘ x ^ŝŐŶĂƚƵƌĞĨƌŽŵĂŶĂƵƚŚŽƌŝǌĞĚŵĞŵďĞƌŽĨƚŚĞĨŝƌŵ͘ WƌŽƉŽƐĞƌƐŵƵƐƚŶŽƚŝŶĐůƵĚĞĂŶǇĐŽƐƚŝŶĨŽƌŵĂƚŝŽŶǁŝƚŚŝŶƚŚĞďŽĚǇŽĨƚŚĞƚĞĐŚŶŝĐĂůƉƌŽƉŽƐĂů͘ dŚĞŝƚǇĚŽĞƐŶŽƚŵĂŬĞƌĞŐƵůĂƌƉĂǇŵĞŶƚƐďĂƐĞĚƵƉŽŶƚŚĞƉĂƐƐĂŐĞŽĨƚŝŵĞ͖ŝƚǁŝůůŽŶůǇƉĂǇĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŽƌǁŽƌŬ ĚĞůŝǀĞƌĞĚĂĨƚĞƌŝƚŝƐĂĐĐŽŵƉůŝƐŚĞĚ͘dĞƌŵƐŽĨƚŚĞƉƌŽƉŽƐĂůĂƐƐƚĂƚĞĚŵƵƐƚďĞǀĂůŝĚĨŽƌƚŚĞůĞŶŐƚŚŽĨƚŚĞƉƌŽũĞĐƚ͘ WƌŽƉŽƐĂůĨŽƌŵĂƚ WƌŽƉŽƐĂůƐƐŚŽƵůĚĂĚŚĞƌĞƚŽƚŚĞĨŽůůŽǁŝŶŐĨŽƌŵĂƚƌĞƋƵŝƌĞŵĞŶƚƐ͗ x WƌŽƉŽƐĂůƐŵƵƐƚďĞƐƵďŵŝƚƚĞĚĂƐ͘W&ĚŽĐƵŵĞŶƚƐ͘ x dŚĞWƌŽƉŽƐĞƌ͛ƐƐƵďŵŝƚƚĂůŵƵƐƚĂĚŚĞƌĞƚŽƚŚĞƉĂŐĞůŝŵŝƚ ĂƚŝŽŶƐĂŶĚĨŽƌŵĂƚƚŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƚĂďůĞ ďĞůŽǁ͘/ĨĂĚŽĐƵŵĞŶƚĞǆĐĞĞĚƐƚŚĞƉĂŐĞůŝŵŝƚƐ͕ƚŚĞĞǆĐĞƐƐƉĂŐĞƐŵĂǇŶŽƚďĞƌĞǀŝĞǁĞĚƌĞŐĂƌĚůĞƐƐŽĨĐŽŶƚĞŶƚ͘ x ^ƵďŵŝƚƚŚĞƚĞĐŚŶŝĐĂůƉƌŽƉŽƐĂůĂŶĚĐŽƐƚƉƌŽƉŽƐĂůĂƐƐĞƉĂƌĂƚĞ͘W&Ɛ͘ŽĐƵŵĞŶƚƐŵĂǇďĞƐƵďŵŝƚƚĞĚŝŶƚŚĞƐĂŵĞĞŵĂŝů͘ x &ŝůĞƐƐŚŽƵůĚďĞŶĂŵĞĚƵƐŝŶŐƚŚĞĨŽůůŽǁŝŶŐĨŽƌŵĂƚ͗ R dĞĐŚŶŝĐĂůƉƌŽƉŽƐĂůʹ͞;ŽŵƉĂŶǇEĂŵĞͿͺdWhƉĚĂƚĞͺdĞĐŚŶŝĐĂůWƌŽƉŽƐĂů͖͟ĞǆĂŵƉůĞ͗,ƐƐŽĐŝĂƚĞƐͺdW hƉĚĂƚĞͺdĞĐŚŶŝĐĂůWƌŽƉŽƐĂů R ŽƐƚƉƌŽƉŽƐĂůʹ͞;ŽŵƉĂŶǇEĂŵĞͿͺdWhƉĚĂƚĞͺŽƐƚWƌŽƉŽƐĂů͖͟Ğǆ ĂŵƉůĞ͗,ƐƐŽĐŝĂƚĞƐͺdW hƉĚĂƚĞͺŽƐƚWƌŽƉŽƐĂů x ͘W&&ŽƌŵĂƚ x ŽŶŽƚĚŝƐĐƵƐƐĐŽƐƚŝŶƚĞĐŚŶŝĐĂůƉƌŽƉŽƐĂů x ϴ͘ϱ͟ǆϭϭ͟ƉĂŐĞůĂǇŽƵƚ͕ŶŽƐŵĂůůĞƌƚŚĂŶ͘ϱ͟ŵĂƌŐŝŶƐ͘WƌŽũĞĐƚ ϯϬƉĂŐĞƐ^ĐŚĞĚƵůĞŵĂǇƵƐĞϭϭ͟ǆϭϳ͘͟ x ŶŽƐŵĂůůĞƌƚŚĂŶϭϭƉŽŝŶƚĨŽŶƚ x ŽǀĞƌƉĂŐĞ͕ĐŚĞĐŬůŝƐƚ͕ĐŽǀĞƌůĞƚƚĞƌ͕ƌĞƋƵŝƌĞĚĨŽƌŵƐ͕ĂŶĚ ǁƌŝƚŝŶŐĞǆĂŵƉůĞĂƚƚĂĐŚŵĞŶƚƐĚŽŶŽƚĐŽƵŶƚĂŐĂŝŶƐƚƉĂŐĞůŝŵŝƚ x ͘W&&ŽƌŵĂƚ x DĂǇƵƐĞƵƉƚŽϭϭ͟ǆϭϳ͟ƉĂŐĞƐŝǌĞ͕ŶŽƐŵĂůůĞƌƚŚĂŶ͘ϱ͟ ϭϬƉĂŐĞƐ ŵĂƌŐŝŶƐ x ŶŽƐŵĂůůĞƌƚŚĂŶϭϭƉŽŝŶƚĨŽŶƚ 3DFNHW3J )F WƌŽƉŽƐĂů^ƵďŵŝƐƐŝŽŶ/ŶƐƚƌƵĐƚŝŽŶƐ WƌŽƉŽƐĂůƐŵƵƐƚďĞƐƵďŵŝƚƚĞĚŶŽůĂƚĞƌƚŚĂŶϭϮ͗ϬϬƉŵ;ŶŽŽŶͿĐĞŶƚƌĂůƚŝŵĞŽŶDĂǇϯ͕ϮϬϮϭ͘WƌŽƉŽƐĂůƐƌĞĐĞŝǀĞĚďĞĨŽƌĞŚĂŶĚ ǁŝůůŶŽƚďĞƌĞǀŝĞǁĞĚƵŶƚŝůĂĨƚĞƌƚŚĞĚĞĂĚůŝŶĞ͘WƌŽƉŽƐĂůƐƌĞĐĞŝǀĞĚĂĨƚĞƌƚŚĞƐƉĞĐŝĨŝĞĚƚŝŵĞĂŶĚĚĂƚĞǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚ͘ WƌŽƉŽƐĂůƐŵĂǇďĞǁŝƚŚĚƌĂǁŶŽƌŵŽĚŝĨŝĞĚƵƐŝŶŐƚŚĞƉƌŽĐĞĚƵƌĞĚĞƐĐƌŝďĞĚƵŶĚĞƌƚŚĞt/d,Zt>KZDK/&/d/KEK& WZKWK^>^ŚĞĂĚŝŶŐŝŶƚŚĞ'ĞŶĞƌĂůZĞƋƵŝƌĞŵĞŶƚƐƐĞĐƚŝŽŶ;ƉĂŐĞϮϬͿ͘ 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ĞŶĚƐ͕ƚŚĞZ&WƉƌŽĐĞƐƐŝƐĨŝŶŝƐŚĞĚĂŶĚƚŚĞZ&WǁŝůůŶŽƚďĞĚŝƐĐƵƐƐĞĚĨƵƌƚŚĞƌǁŝƚŚƚŚĞŽŶƚƌĂĐƚŽƌĂƚĂŶǇƚŝŵĞ͘ ^hKEdZd/E' hƚŝůŝǌŝŶŐĂƐƵďĐŽŶƚƌĂĐƚŽƌ͕ǁŚŽŵƵƐƚďĞĐůĞĂƌůǇŝĚĞŶƚŝĨŝĞĚ͕ƚŽƌĞŵĞĚǇĚĞĨŝĐŝĞŶĐŝĞƐŝŶƚŚĞƉƌŝŵĞŽŶƚƌĂĐƚŽƌ͛ƐƉƌŽĚƵĐƚŽƌ ƐĞƌǀŝĐĞŝƐĂĐĐĞƉƚĂďůĞ͘dŚŝƐĂůƐŽŝŶĐůƵĚĞƐĂũŽŝŶƚƐƵďŵŝƐƐŝŽŶďǇƚǁŽŽŶƚƌĂĐƚŽƌƐŚĂǀŝŶŐŶŽĨŽƌŵĂůĐŽƌƉŽƌĂƚĞůŝŶŬƐ͘,ŽǁĞǀĞƌ͕ ŝŶƐƵĐŚĂĐĂƐĞ͕ŽŶĞŽĨƚŚĞƐĞŽŶƚƌĂĐƚŽƌƐŵƵƐƚďĞƉƌĞƉĂƌĞĚƚŽƚĂŬĞŽǀĞƌĂůůƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵĐĐĞƐƐĨƵůŝŶƚĞƌĐŽŶŶĞĐƚŝŽŶŽĨ ƚŚĞƚǁŽƉƌŽĚƵĐƚͬƐĞƌǀŝĐĞůŝŶĞƐĂŶĚƚŚŝƐƌĞƐƉŽŶƐŝďŝůŝƚǇŵƵƐƚďĞĚĞĨŝŶĞĚŝŶƚŚĞƉƌŽƉŽƐĂů͘^ƵďĐŽŶƚƌĂĐƚŝŶŐƚŽĂŶǇĐŽŶƐƵůƚŝŶŐ ĨŝƌŵŽƌŝŶĚŝǀŝĚƵĂůŝŶǀŽůǀĞĚŝŶƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚŝƐZ&WŝƐŶŽƚƉĞƌŵŝƚƚĞĚ͘ 3DFNHW3J )F &/E/d/KEK&KEdZd dŚĞŝƚǇŵĂǇ͕ĂƚŝƚƐŽƉƚŝŽŶ͕ŶŽƚŝĨǇĂŽŶƚƌĂĐƚŽƌŝŶǁƌŝƚŝŶŐƚŚĂƚŝƚƐƉƌŽƉŽƐĂůŚĂƐďĞĞŶĂĐĐĞƉƚĞĚĂŶĚƐƵĐŚĂĐĐĞƉƚĂŶĐĞƐŚĂůů͕Ăƚ ƚŚĞŝƚǇ͛ƐŽƉƚŝŽŶ͕ĐŽŶƐƚŝƚƵƚĞƚŚĞŵĂŬŝŶŐŽĨĂĨŽƌŵĂůĐŽŶƚƌĂĐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐƐĞƚŽƵƚŝŶƚŚĞZ&W͘ůƚĞƌŶĂƚŝǀĞůǇ͕ƚŚĞ ƐƵďƐĞƋƵĞŶƚĨƵůůĞǆĞĐƵƚŝŽŶŽĨĂǁƌŝƚƚĞŶĐŽŶƚƌĂĐƚƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞŵĂŬŝŶŐŽĨĂĐŽŶƚƌĂĐƚĨŽƌƐĞƌǀŝĐĞƐ͕ĂŶĚŶŽŽŶƚƌĂĐƚŽƌ ƐŚĂůůĂĐƋƵŝƌĞĂŶǇůĞŐĂůŽƌĞƋƵŝƚĂďůĞƌŝŐŚƚƐŽƌƉƌŝǀŝůĞŐĞƐǁŚĂƚĞǀĞƌƌĞůĂƚŝǀĞƚŽƚŚĞƐĞƌǀŝĐĞƐƵŶƚŝůƚŚĞŝƚǇŚĂƐĚĞůŝǀĞƌĞĚĂĨƵůůǇ ĞǆĞĐƵƚĞĚǁƌŝƚƚĞŶĂŐƌĞĞŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚŽƌ͘ǁĂƌĚŽĨŽŶƚƌĂĐƚŽĐĐƵƌƐǁŚĞŶĂĨŽƌŵĂůĐŽŶƚƌĂĐƚŚĂƐďĞĞŶĨŝŶĂůŝǌĞĚ͘ ZĞĐŽŵŵĞŶĚĂƚŝŽŶŽĨǁĂƌĚĚŽĞƐŶŽƚĐŽŶƐƚŝƚƵƚĞĂǁĂƌĚŽĨĐŽŶƚƌĂĐƚ͘/ĨĂŽŶƚƌĂĐƚŝƐĂǁĂƌĚĞĚ͕ŝƚƐŚĂůůďĞĂǁĂƌĚĞĚƚŽƚŚĞ ƌĞƐƉŽŶƐŝǀĞĂŶĚƌĞƐƉŽŶƐŝďůĞŽŶƚƌĂĐƚŽƌǁŚŽƐĞŽĨĨĞƌĐŽŶĨŽƌŵŝŶŐƚŽƚŚĞZ&WǁŝůůďĞŵŽƐƚĂĚǀĂŶƚĂŐĞŽƵƐƚŽƚŚĞŝƚǇ͕ŝŶƚŚĞ ŝƚǇ͛ƐũƵĚŐŵĞŶƚ͕ĂƐƐĞƚĨŽƌƚŚŝŶƚŚĞǀĂůƵĂƚŝŽŶƌŝƚĞƌŝĂ͘ WW>^EZD/^ ŶǇĂĐƚƵĂůŽƌƉƌŽƐƉĞĐƚŝǀĞŽŶƚƌĂĐƚŽƌŽƌŝŶĚŝǀŝĚƵĂůǁŚŽŝƐĂŐŐƌŝĞǀĞĚŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞƐŽůŝĐŝƚĂƚŝŽŶŽƌĂǁĂƌĚŽĨĂ ĐŽŶƚƌĂĐƚƉƵƌƐƵĂŶƚƚŽƚŚŝƐZ&WŵĂǇƉƌŽƚĞƐƚŝŶƚŚĞŵĂŶŶĞƌƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶŝŶƚŚŝƐZ&W͘ůůŽƚŚĞƌŵĞĂŶƐŽƌŵĞƚŚŽĚƐŽĨ ƉƌŽƚĞƐƚĂƌĞǁĂŝǀĞĚĂŶĚŶŽŽƚŚĞƌƉƌŽƚĞƐƚƉƌŽĐĞĚƵƌĞƐĂƌĞĂǀĂŝůĂďůĞ͘ >KZ/^ZhWd/KE^ ŶǇĐŽŶƚƌĂĐƚƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐZ&WƉƌŽĐĞƐƐŝƐƐƵďũĞĐƚƚŽƚŚĞƌŝŐŚƚŽĨƚŚĞŝƚǇƚŽƉŽƐƚƉŽŶĞĂĐĐĞƉƚĂŶĐĞŽĨĚĞůŝǀĞƌǇĂŶĚ ƉĂǇŵĞŶƚďǇƚŚĞŝƚǇŝŶƚŚĞĞǀĞŶƚŽĨĂŶǇĨŽƌŵŽĨůĂďŽƌĚŝƐƌƵƉƚŝŽŶ͘ KEdZdD/E/^dZdKZ dŚĞŝƚǇ͛ƐWƌŽũĞĐƚDĂŶĂŐĞƌ͕ĂŶĚƚŚĞŝƌĚĞƐŝŐŶĞĞ͕ƐŚĂůůŽǀĞƌƐĞĞƚŚĞĐŽŶƚƌĂĐƚĂǁĂƌĚĞĚƚŽƚŚĞƐƵĐĐĞƐƐĨƵůŽŶƚƌĂĐƚŽƌ͘/Ŷ ĂĚĚŝƚŝŽŶ͕ƚŚĞƐƵĐĐĞƐƐĨƵůŽŶƚƌĂĐƚŽƌǁŝů ůďĞĞǆƉĞĐƚĞĚƚŽŶĂŵĞĂĐŽƵŶƚĞƌƉĂƌƚƉƌŽũĞĐƚŵĂŶĂŐĞƌ͘dŚĞŽŶƚƌĂĐƚŽƌ͛ƐƉƌŽũĞĐƚ ŵĂŶĂŐĞƌǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƉƌŽǀŝĚŝŶŐƐĐŚĞĚƵůĞĚƐƚĂƚƵƐƌĞƉŽƌƚƐƚŽƚŚĞŝƚǇ͘ KDW>/Et/d,>t^ ŽŶƚƌĂĐƚŽƌƐŚĂůůŐŝǀĞĂůůŶŽƚŝĐĞƐĂŶĚŽďƚĂŝŶĂůůƚŚĞůŝĐĞŶƐĞƐĂŶĚƉĞƌŵŝƚƐƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƚŚĞǁŽƌŬ͘ŽŶƚƌĂĐƚŽƌƐŚĂůů ĐŽŵƉůǇǁŝƚŚĂůůƚŚĞůĂǁƐĂƉƉůŝĐĂďůĞƚŽƚŚĞǁŽƌŬĂŶĚƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞŽŶƚƌĂĐƚ͘ &KZ/'EEd/KE>^ ŵƉůŽǇĞƌƐĂƌĞƌĞƋƵŝƌĞĚďǇ&ĞĚĞƌĂůůĂǁƚŽǀĞƌŝĨǇƚŚĂƚĂůůĞŵƉůŽǇĞĞƐĂƌĞůĞŐĂůůǇĞŶƚŝƚůĞĚƚŽǁŽƌŬŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ͘ ĐĐŽƌĚŝŶŐůǇ͕ƚŚĞŝƚǇƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽƌĞƋƵĞƐƚůĞŐĂůůǇŵĂŶĚĂƚĞĚĞŵƉůŽǇĞƌŚĞůĚĚŽĐƵŵĞŶƚĂƚŝŽŶĂƚƚĞƐƚŝŶŐƚŽƚŚĞƐĂŵĞ ĨŽƌĞĂĐŚĐŽŶƐƵůƚĂŶƚĂƐƐŝŐŶĞĚǁŽƌŬƵŶĚĞƌĂŶǇĐŽŶƚƌĂĐƚĂǁĂƌĚĞĚĂƐĂƌĞƐƵůƚŽĨƚŚŝƐƐŽůŝĐŝƚĂƚŝŽŶ͘/ŶĂĐĐŽƌĚǁŝƚŚƐƵĐŚůĂǁƐ͕ƚŚĞ ŝƚǇĚŽĞƐŶŽƚĚŝƐĐƌŝŵŝŶĂƚĞĂŐĂŝŶƐƚŝŶĚŝǀŝĚƵĂůƐŽŶƚŚĞďĂƐŝƐŽĨŶĂƚŝŽŶĂůŽƌŝŐŝŶŽƌĐŝƚŝǌĞŶƐŚŝƉ͘ 'KsZE/E'>t dŚŝƐZ&WĂŶĚĂŶǇĐŽŶƚƌĂĐƚĞŶƚĞƌĞĚŝŶƚŽďĞƚǁĞĞŶƚŚĞŽŶƚƌĂĐƚŽƌĂŶĚƚŚĞŝƚǇƐŚĂůůďĞŐŽǀĞƌŶĞĚďǇĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ ƚŚĞůĂǁƐŽĨƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂĂŶĚƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŽĨŵĞƌŝĐĂ͕ĂŶĚĂŶǇĚŝƐƉƵƚĞƐĨŽůůŽǁŝŶŐƚŚĞĐŽŵƉůĞƚŝŽŶŽĨĂ 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ŽŶƚƌĂĐƚŽƌĨĂŝůƐƚŽƌĞĨƵŶĚĂŵŽƵŶƚƐĚƵĞƚŚĞŝƚǇƵŶĚĞƌƚŚŝƐŽƌĂŶǇŽƚŚĞƌŐƌĞĞŵĞŶƚ͕ƚŚĞŝƚǇŵĂǇ͕ĂƚŝƚƐƐŽůĞĚŝƐĐƌĞƚŝŽŶ͕ ǁŝƚŚŚŽůĚƉĂǇŵĞŶƚƐĚƵĞƚŚĞŽŶƚƌĂĐƚŽƌƵŶƚŝůƐƵĐŚƚŝŵĞƚŚĂƚƚŚĞŽŶƚƌĂĐƚŽƌŚĂƐŵĂĚĞĂůůƉĂǇŵĞŶƚƐĚƵĞƚŚĞŝƚǇƵŶĚĞƌƚŚŝƐ ŽƌĂŶǇŽƚŚĞƌŐƌĞĞŵĞŶƚŽƌĚĞĚƵĐƚĨƌŽŵƉĂǇŵĞŶƚƐĚƵĞƚŚĞŽŶƚƌĂĐƚŽƌĨŽƌĐŽŶƚƌĂĐƚƐĞƌǀŝĐĞƐƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚŽƌĂŶǇ ƌĞŶĞǁĂůƚŚĞƌĞŽĨ͕ĞŝƚŚĞƌŝŶŝŶƐƚĂůůŵĞŶƚƐŽƌŝŶŽŶĞůƵŵƉƐƵŵ͕ƚŚĞĂŵŽƵŶƚĚƵĞƚŚĞŝƚǇƵŶĚĞƌƚŚŝƐŽƌĂŶǇŽƚŚĞƌŐƌĞĞŵĞŶƚ͘ dŚĞŽŶƚƌĂĐƚŽƌ͛ƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐƐĞĐƚŝŽŶƐŚĂůůĐ ŽŶƚŝŶƵĞďĞǇŽŶĚĂŶĚƐŚĂůůƐƵƌǀŝǀĞƚŚĞĞǆƉŝƌĂƚŝŽŶŽƌƚĞƌŵŝŶĂƚŝŽŶŽĨ ƚŚŝƐŐƌĞĞŵĞŶƚ͘ 3DFNHW3J )F >/E^^ ŽŶƚƌĂĐƚŽƌƐŚĂůůŶŽƚďĞĞŶƚŝƚůĞĚƚŽƌĞĐĞŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌĂŶǇƉŽƌƚŝŽŶŽƌƚŚĞƚĞƌŵŽĨƚŚŝƐŐƌĞĞŵĞŶƚĚƵƌŝŶŐǁŚŝĐŚŝƚ ĨĂŝůƐƚŽŵĂŝŶƚĂŝŶĂŶǇƌĞƋƵŝƌĞĚĐĞƌƚŝĨŝĐĂƚŝŽŶ͕ƌĞŐŝƐƚƌĂƚŝŽŶ͕ŽƌůŝĐĞŶƐĞĂŶĚŽŶƚƌĂĐƚŽƌƐŚĂůůƌĞŝŵďƵƌƐĞƚŚĞŝƚǇĨŽƌĂŶǇ ĐŽŵƉĞŶƐĂƚŝŽŶƌĞĐĞŝǀĞĚĨŽƌƐƵĐŚƉŽƌƚŝŽŶŽĨƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͘ KhEd/E'WZKhZ^Eh/d^ ŽŶƚƌĂĐƚŽƌƐŚĂůůŵĂŝŶƚĂŝŶĨƵůůĂŶĚĐŽŵƉůĞƚĞďŽŽŬƐĂŶĚƌĞĐŽƌĚƐŽĨĂĐĐŽƵŶƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŐĞŶĞƌĂůůǇĂĐĐĞƉƚĞĚ ĂĐĐŽƵŶƚŝŶŐƉƌĂĐƚŝĐĞƐ͘^ƵĐŚďŽŽŬƐĂŶĚƌĞĐŽƌĚƐƐŚĂůůďĞƌĞƚĂŝŶĞĚĨŽƌĂƉĞƌŝŽĚŽĨƐĞǀĞŶǇĞĂƌƐĨƌŽŵƚŚĞƚĞƌŵŝŶĂƚŝŽŶŽƌ ĞǆƉŝƌĂƚŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚŽƌůŽŶŐĞƌŝĨƌĞƋƵŝƌĞĚďǇůŽĐĂů͕ƐƚĂƚĞ͕ŽƌĨĞĚĞƌĂůůĂǁ͕ƌƵůĞŽƌƌĞŐƵůĂƚŝŽŶ͘ŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐƚŚĂƚ ƚŚĞŝƚǇŽƌŝƚƐĚƵůǇĚĞƐŝŐŶĂƚĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐŚĂůůŚĂǀĞŝŵŵĞĚŝĂƚĞĂĐĐĞƐƐƚŽĂŶĚƚŚĞƌŝŐŚƚƚŽĞǆĂŵŝŶĞ͕ĂƵĚŝƚ͕ĞǆĐĞƌƉƚ͕ ĐŽƉǇŽƌƚƌĂŶƐĐƌŝďĞƌĞĐŽƌĚƐŽĨĂŶǇƉĞƌƚŝŶĞŶƚƚƌĂŶƐĂĐƚŝŽŶƐŽƌŽƚŚĞƌƌĞĐŽƌĚƐƌĞůĂƚŝŶŐƚŽĐŽŶƚƌĂĐƚƐĞƌǀŝĐĞƐƵŶĚĞƌƚŚŝƐ ŐƌĞĞŵĞŶƚ͘ŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐƚŽƉƌŽǀŝĚĞĂĐĐĞƐƐƚŽĂůůĨŝƐĐĂůƌĞĐŽƌĚƐƌĞůĂƚĞĚƚŽƚŚĞƉƌŽǀŝƐŝŽŶŽĨƐĞƌǀŝĐĞƐƵŶĚĞƌƚŚŝƐ ĂŐƌĞĞŵĞŶƚ͘ >/D^Eh/d^ WƌŝŽƌƚŽƚŚĞŵĂŬŝŶŐŽĨĂŶǇƉĂǇŵĞŶƚƐŚĞƌĞƵŶĚĞƌ͕ƚŚĞŝƚǇŵĂǇ͕ĂƚŝƚƐŽƉƚŝŽŶĂŶĚƵƉŽŶŶŽƚŝĐĞ͕ĂƵĚŝƚŽŶƚƌĂĐƚŽƌ͛ƐďŽŽŬ ƐĂŶĚ ƌĞĐŽƌĚƐĂƐĂƌĞƌĞĂƐŽŶĂďůǇƉĞƌƚŝŶĞŶƚƚŽƚŚŝƐŐƌĞĞŵĞŶƚƚŽƐƵďƐƚĂŶƚŝĂƚĞƚŚĞďĂƐŝƐĨŽƌƉĂǇŵĞŶƚ͘dŚĞŝƚǇŵĂǇǁŝƚŚŚŽůĚ ƉĂǇŵĞŶƚĨŽƌĐĂƵƐĞĨŽƵŶĚŝŶƚŚĞĐŽƵƌƐĞŽĨƐƵĐŚĂƵĚŝƚŽƌďĞĐĂƵƐĞŽĨĨĂŝůƵƌĞŽĨƚŚĞŽŶƚƌĂĐƚŽƌƚŽĐŽŽƉĞƌĂƚĞǁŝƚŚƐƵĐŚĂƵĚŝƚ͘ dŚĞŝƚǇƐŚĂůů͕ŝŶĂĚĚŝƚŝŽŶ͕ŚĂǀĞƚŚĞƌŝŐŚƚƚŽĂƵĚŝƚƐƵĐŚďŽŽŬƐĂŶĚƌĞĐŽƌĚƐƐƵďƐĞƋƵĞŶƚƚŽƉĂǇŵĞŶƚ͕ĂŶĚŝŶƚŚĞĞǀĞŶƚĂŶ ĂƵĚŝƚƌĞĨůĞĐƚƐŽǀĞƌƉĂǇŵĞŶƚďǇƚŚĞŝƚǇŽƌƚŚĂƚĨƵŶĚƐǁĞƌĞŶŽƚĨƵůůǇĞǆƉĞŶĚĞĚŽƌƚŚĂƚĨƵŶĚƐǁĞƌĞŝŵƉƌŽƉĞƌůǇĞǆƉĞŶĚĞĚ͕ ŽŶƚƌĂĐƚŽƌƐŚĂůůƌĞŝŵďƵƌƐĞƚŽƚŚĞŝƚǇƚŚĞĐŽƐƚŽĨƐƵĐŚĂƵĚŝƚ͕ĂŶĚƚŚĞĂŵŽƵŶƚŽĨƐƵĐŚŽǀĞƌƉĂǇŵĞŶƚŽƌŝŵƉƌŽƉĞƌƉĂǇŵĞŶƚ͕ ĂƐƚŚĞĐĂƐĞŵĂǇďĞ͕ǁŝƚŚŝŶϯϬĚĂǇƐŽĨŶŽƚŝĐĞĨƌŽŵƚŚĞŝƚǇ͘/ŶĂĚĚŝƚŝŽŶƚŽĂŶǇŽƚŚĞƌƌĞŵĞĚŝĞƐŝƚŵĂǇŚĂǀĞ͕ƚŚĞŝƚǇƐŚĂůů ŚĂǀĞƚŚĞƌŝŐŚƚƚŽĚĞĚƵĐƚĨƌŽŵĨƵƚƵƌĞĐŽŶƚƌĂĐƚƉĂǇŵĞŶƚƐƵŶĚĞƌĂŶǇĐŽŶƚƌĂĐƚƐƚŚĞŝƚǇŵĂǇŚĂǀĞǁŝƚŚƚŚĞŽŶƚƌĂĐƚŽƌĂŶǇ ĨƵŶĚƐƚŚĞŝƚǇŵĂǇĚĞƚĞƌŵŝŶĞĂƌĞŽǁĞĚƚŽƚŚĞŝƚǇƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͘ ZWKZd^ hƉŽŶƌĞƋƵĞƐƚ͕ŽŶƚƌĂĐƚŽƌƐŚĂůůƐƵďŵŝƚƚŽƚŚĞŝƚǇ͕ǁŝƚŚŝŶƚĞŶĚĂǇƐ͕ĂŶǇƐƚĂƚŝƐƚŝĐĂů͕ĨŝŶĂŶĐŝĂů͕ĂŶĚŽƚŚĞƌƌĞƉŽƌƚƐĂŶĚ ĚŽĐƵŵĞŶƚĂƚŝŽŶƚŚĂƚŵĂǇďĞƌĞƋƵŝƌĞĚƚŽďĞƐƵƉƉůŝĞĚƉƵƌƐƵĂŶƚƚŽƚŚŝƐŐƌĞĞŵĞŶƚ͘ ^/ds/^/d^ dŚĞŝƚǇĂŶĚŝƚƐĂƵƚŚŽƌŝǌĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐƐŚĂůůŚĂǀĞƚŚĞƌŝŐŚƚƚŽǀŝƐŝƚ͕ĂƚĂŶǇƚŝŵĞ͕ĂŶǇƐŝƚĞǁŚĞƌĞƐĞƌǀŝĐĞƐĂƌĞďĞŝŶŐ ĚĞůŝǀĞƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂŶĚĐŽŶĚƵĐƚĂŶŝŶƐƉĞĐƚŝŽŶŽĨƚŚĞĨĂĐŝůŝƚŝĞƐĂŶĚƌĞĐŽƌĚƐ͕ŽďƐĞƌǀĞŝƚƐƉƌŽŐƌĂŵƐ͕ĨƵŶĐƚŝŽŶƐ͕ĂŶĚ ƐĞƌǀŝĐĞƐ͘^ƵĐŚǀŝƐŝƚƐŵĂǇďĞƵŶĂŶŶŽƵŶĐĞĚ͘ŽŶƚƌĂĐƚŽƌƐŚĂůůŚĂǀĞƚŚĞƌŝŐŚƚƚŽƌĞƐƉŽŶĚŝŶǁƌŝƚŝŶŐƚŽĂŶǇǁƌŝƚƚĞŶĂƵĚŝƚƌĞƉŽƌƚ ĂŶĚͬŽƌĞǀĂůƵĂƚŝŽŶŝƐƐƵĞĚďǇƚŚĞŝƚǇŽƌŽƚŚĞƌĞŶƚŝƚǇǁŝƚŚŝŶƚŝŵĞĨƌĂŵĞƐĂůůŽǁĞĚďǇƚŚĞĂƵĚŝƚŝŶŐĞŶƚŝƚǇ͘ŽŶƚƌĂĐƚŽƌǁŝůů ƐƵďŵŝƚƉůĂŶƐĨŽƌĐŽƌƌĞĐƚŝǀĞĂĐƚŝŽŶĂƐƌĞƋƵĞƐƚĞĚ͘ EKE/^Z/D/Ed/KE͖Yh>DW>KzDEdKWWKZdhE/d/^ ŽŶƚƌĂĐƚŽƌĞǆƉƌĞƐƐůǇĂŐƌĞĞƐƚŚĂƚŶĞŝƚŚĞƌŝƚŶŽƌĂŶǇƉĞƌƐŽŶŽŶŝƚƐďĞŚĂůĨƐŚĂůů͕ŝŶĂŶǇŵĂŶŶĞƌ͕ĚŝƐĐƌŝŵŝŶĂƚĞĂŐĂŝŶƐƚŽƌ ŝŶƚŝŵŝĚĂƚĞĂŶǇĞŵƉůŽǇĞĞŚŝƌĞĚĨŽƌƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨǁŽƌŬƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚŽŶĂĐĐŽƵŶƚŽĨƌĂĐĞ͕ĐƌĞĞĚ͕ĐŽůŽƌ͕ƐĞǆ͕ ĂŐĞ͕ƉŚǇƐŝĐĂůĚŝƐĂďŝůŝƚǇŽƌŶĂƚŝŽŶĂůŽƌŝŐŝŶ͘ WĞƌdŝƚůĞs//ŽĨƚŚĞŝǀŝůZŝŐŚƚƐĐƚ͕ĂƐĂŵĞŶĚĞĚ͕ϰϮh͘^͘͘ΑϮϬϬϬĞ͕ĂŶĚ&ĞĚĞƌĂůƚƌĂŶƐŝƚůĂǁƐĂƚϰϵh͘^͘͘ΑϱϯϯϮΗƋƵĂů ŵƉůŽǇŵĞŶƚKƉƉŽƌƚƵŶŝƚǇΗ͕ĂŵĞŶĚKĐƚ͘ϭϵϲϳ͕ƉƌŽŚŝďŝƚƐĚŝƐĐƌŝŵŝŶĂƚŝŽŶŝŶĞŵƉůŽǇŵĞŶƚŽŶƚŚĞďĂƐŝƐŽĨƌĂĐĞ͕ĐŽůŽƌ͕ƌĞůŝŐŝŽŶ͕ ƐĞǆ͕ŽƌŶĂƚŝŽŶĂůŽƌŝŐŝŶ WĞƌdŝƚůĞs/ŽĨƚŚĞŝǀŝůZŝŐŚƚƐĐƚ͕ĂƐĂŵĞŶĚĞĚ͕ϰϮh͘^͘͘ΑϮϬϬϬĚ͕ƐĞĐƚŝŽŶϯϬϯŽĨƚŚĞŐĞŝƐĐƌŝŵŝŶĂƚŝŽŶĐƚŽĨϭϵϳϱ͕ĂƐ ĂŵĞŶĚĞĚ͕ϰϮh͘^͘͘ΑϲϭϬϮ͕ƐĞĐƚŝŽŶϮϬϮŽĨƚŚĞŵĞƌŝĐĂŶƐǁŝƚŚŝƐĂďŝůŝƚŝĞƐĐƚŽĨϭϵϵϬ͕ϰϮh͘^͘͘ΑϭϮϭϯϮ͕ĂŶĚ&ĞĚĞƌĂů ƚƌĂŶƐŝƚůĂǁĂƚϰϵh͘^͘͘ΑϱϯϯϮΗŐĞŝƐĐƌŝŵŝŶĂƚŝŽŶĐƚΗƉƌŽŚŝďŝƚƐĚŝƐĐƌŝŵŝŶĂƚŝŽŶďǇƉĂƌƚŝĐŝƉĂŶƚƐŝŶĨĞĚĞƌĂůůǇĂƐƐŝƐƚĞĚ ƉƌŽŐƌĂŵƐĂŐĂŝŶƐƚŝŶĚŝǀŝĚƵĂůƐŽŶƚŚĞďĂƐŝƐŽĨĂŐĞ͘ WĞƌ^ĞĐƚŝŽŶϭϬϮŽĨƚŚĞŵĞƌŝĐĂŶƐǁŝƚŚŝƐĂďŝůŝƚŝĞƐĐƚ͕ĂƐĂŵĞŶĚĞĚ͕ϰϮh͘^͘͘ΑϭϮϭϭϮΗŵĞƌŝĐĂŶƐǁŝƚŚŝƐĂďŝůŝƚŝĞƐĐƚΗ ƉƌŽŚŝďŝƚƐĚŝƐĐƌŝŵŝŶĂƚŝŽŶĂŐĂŝŶƐƚƚŚĞƋƵĂůŝĨŝĞĚŝŶĚŝǀŝĚƵĂůƐǁŝƚŚĚŝƐĂďŝůŝƚŝĞƐŝŶƉƌŽŐƌĂŵƐ͕ĂĐƚŝǀŝƚŝĞƐĂŶĚƐĞƌǀŝĐĞƐ͘ 3DFNHW3J )F EKEͲK>>h^/KE ŽŶƚƌĂĐƚŽƌŚĞƌĞďǇǁĂƌƌĂŶƚƐĂŶĚƌĞƉƌĞƐĞŶƚƐƚŚĂƚƚŚŝƐŐƌĞĞŵĞŶƚŚĂƐŶŽƚďĞĞŶƐŽůŝĐŝƚĞĚ͕ƐĞĐƵƌĞĚ͕ŽƌƉƌĞƉĂƌĞĚĚŝƌĞĐƚůǇŽƌ ŝŶĚŝƌĞĐƚůǇ͕ŝŶĂŶǇŵĂŶŶĞƌĐŽŶƚƌĂƌǇƚŽƚŚĞůĂǁƐĂŶĚŽƌĚŝŶĂŶĐĞƐŽĨƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŽĨŵĞƌŝĐĂ͕ƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͕ ĂŶĚƚŚĞŝƚǇ͕ĂŶĚƚŚĂƚƐĂŝĚůĂǁƐĂŶĚŽƌĚŝŶĂŶĐĞƐŚĂǀĞŶŽƚďĞĞŶǀŝŽůĂƚĞĚĂŶĚƐŚĂůůŶŽƚďĞǀŝŽůĂƚĞĚĂƐƚŚĞǇƌĞůĂƚĞƚŽƚŚĞ ƉƌŽĐƵƌĞŵĞŶƚŽƌƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞŐƌĞĞŵĞŶƚďǇĂŶǇĐŽŶĚƵĐƚ͕ŝŶĐůƵĚŝŶŐƚŚĞƉĂǇŝŶŐŽƌƚŚĞŐŝǀŝŶŐŽĨĂŶǇĨĞĞ͕ĐŽŵŵŝƐƐŝŽŶ͕ ĐŽŵƉĞŶƐĂƚŝŽŶ͕ŐŝĨƚ͕ŐƌĂƚƵŝƚǇŽƌĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨĂŶǇŬŝŶĚ͕ĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇ͕ƚŽĂŶǇŝƚǇĞŵƉůŽǇĞĞ͕ŽĨĨŝĐĞƌ͕ŽƌŽĨĨŝĐŝĂů͘ KE&>/dK&/EdZ^d dŚĞĂǁĂƌĚŽĨƚŚŝƐŽŶƚƌĂĐƚŝƐƐƵďũĞĐƚƚŽƉƌŽǀŝƐŝŽŶƐŽĨĂůůĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐĂŶĚŽƌĚŝŶĂŶĐĞƐ͘ůůƉƌŽƐƉĞĐƚŝǀĞ ĐŽŶƚƌĂĐƚŽƌƐŵƵƐƚĚŝƐĐůŽƐĞƚŚĞŶĂŵĞŽĨĂŶǇŝƚǇĞŵƉůŽǇĞĞŽƌŽĨĨŝĐŝĂůǁŚŽŚĂƐĂ&ŝŶĂŶĐŝĂů/ŶƚĞƌĞƐƚŝŶƐƵĐŚƉƌŽƐƉĞĐƚŝǀĞ ĐŽŶƚƌĂĐƚŽƌ͘ ŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐƚŚĂƚŝƚŚĂƐŶŽŝŶƚĞƌĞƐƚĂŶĚƚŚĂƚŝƚǁŝůůŶŽƚĂĐƋƵŝƌĞĂŶǇŝŶƚĞƌĞƐƚ͕ĚŝƌĞĐƚŽƌŝŶĚŝƌĞĐƚ͕ƚŚĂƚǁŽƵůĚĐŽŶĨůŝĐƚŝŶ ĂŶǇŵĂŶŶĞƌŽƌĚĞŐƌĞĞǁŝƚŚƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞƐĞƌǀŝĐĞƐĂŶĚĚƵƚŝĞƐĐŽŶƚĞŵƉůĂƚĞĚďǇƚŚŝƐZ&W͘ŽŶƚƌĂĐƚŽƌĨƵƌƚŚĞƌ ĂŐƌĞĞƐƚŚĂƚ͕ŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚ͕ŶŽƉĞƌƐŽŶŚĂǀŝŶŐĂŶǇƐƵĐŚŝŶƚĞƌĞƐƚƐŚĂůůďĞĞŵƉůŽǇĞĚďǇŝƚ͘ŽŶƚƌĂĐƚŽƌ ƌĞƉƌĞƐĞŶƚƐĂŶĚǁĂƌƌĂŶƚƐƚŚĂƚŝƚŚĂƐŶŽƚĞŵƉůŽǇĞĚŽƌƌĞƚĂŝŶĞĚĂŶǇƉĞƌƐŽŶ͕ŽƚŚĞƌƚŚĂŶĂďŽŶĂĨŝĚĞĨƵůůƚŝŵĞƐĂůĂƌŝĞĚ ĞŵƉůŽǇĞĞǁŽƌŬŝŶŐƐŽůĞůǇĨŽƌƚŚĞƉƌŽǀŝĚĞƌ͕ƚŽƐŽůŝĐŝƚŽƌƐĞĐƵƌĞƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚƚŚĂƚŝƚŚĂƐŶŽƚƉĂŝĚŽƌĂŐƌĞĞĚƚŽƉĂǇĂŶǇ ƉĞƌƐŽŶ;ŽƚŚĞƌƚŚĂŶƉĂǇŵĞŶƚƐŽĨĨŝǆĞĚƐĂůĂƌǇƚŽĂďŽŶĂĨŝĚĞĨƵůůƚŝŵĞƐĂůĂƌŝĞĚĞŵƉůŽǇĞĞǁŽƌŬŝŶŐƐŽůĞůǇĨŽƌƚŚĞŽŶƚƌĂĐƚŽƌͿ ĂŶǇĨĞĞ͕ĐŽŵŵŝƐƐŝŽŶ͕ƉĞƌĐĞŶƚĂŐĞ͕ŐŝĨƚŽƌŽƚŚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ĐŽŶƚŝŶŐĞŶƚƵƉŽŶŽƌƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞĂǁĂƌĚŽƌŵĂŬŝŶŐŽĨ ƚŚŝƐŽŶƚƌĂĐƚ͘ dZD/Ed/KE dĞƌŵŝŶĂƚŝŽŶĨŽƌĂƵƐĞ͘/ŶƚŚĞĞǀĞŶƚƚŚĞŽŶƚƌĂĐƚŽƌĚĞĨĂƵůƚƐŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨĂŶǇŽĨƚŚĞĐŽǀĞŶĂŶƚƐĂŶĚĂŐƌĞĞŵĞŶƚƐ ƚŽďĞƉĞƌĨŽƌŵĞĚďǇƚŚĞŽŶƚƌĂĐƚŽƌ͕ŽƌŝĨƚŚĞŽŶƚƌĂĐƚŽƌĨĂŝůƐƚŽĐŽŵƉůǇǁŝƚŚĂŶǇĨĞĚĞƌĂů͕ƐƚĂƚĞŽƌůŽĐĂůůĂǁƐ͕ƐƚĂƚƵƚĞƐ͕ ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ŽƌĚĞƌƐ͕ƌĞŐƵůĂƚŝŽŶƐ͕ŽƌƌĞƋƵŝƌĞŵĞŶƚƐ͕ŽƌŝĨƚŚĞŽŶƚƌĂĐƚŽƌĨŝůĞƐĂƉĞƚŝƚŝŽŶŝŶďĂŶŬƌƵƉƚĐǇŽƌďĞĐŽŵĞƐ 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ƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌƚŽĐŽůůĞĐƚĚĂŵĂŐĞƐĨŽƌĂĚĞĨĂƵůƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞƉƌĞǀĂŝůŝŶŐƉĂƌƚǇƐŚĂůůďĞĞŶƚŝƚůĞĚƚŽĂůůĐŽƐƚƐĂŶĚ ĞǆƉĞŶƐĞƐ͕ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞǇƐ͛ĨĞĞƐ͕ŝŶĐƵƌƌĞĚŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƐ ƵĐŚůŝƚŝŐĂƚŝŽŶ͘ WZKWK^>KEdEd^Zd/&/d/KE ǇƐƵďŵŝƚƚŝŶŐĂƉƌŽƉŽƐĂů͕ƌĞƐƉŽŶĚĞƌƐǁĂƌƌĂŶƚƚŚĂƚƚŚĞŝŶĨŽƌŵĂƚŝŽŶƉƌŽǀŝĚĞĚŝƐƚƌƵĞ͕ĐŽƌƌĞĐƚĂŶĚƌĞůŝĂďůĞĨŽƌƉƵƌƉŽƐĞƐŽĨ ĞǀĂůƵĂƚŝŽŶĨŽƌƉŽƚĞŶƚŝĂůĐŽŶƚƌĂĐƚĂǁĂƌĚ͘dŚĞƐƵďŵŝƐƐŝŽŶŽĨŝŶĂĐĐƵƌĂƚĞŽƌŵŝƐůĞĂĚŝŶŐŝŶĨŽƌŵĂƚŝŽŶŵĂǇďĞŐƌŽƵŶĚƐĨŽƌ ĚŝƐƋƵĂůŝĨŝĐĂƚŝŽŶĨƌŽŵĐŽŶƚƌĂĐƚĂǁĂƌĚĂŶĚŵĂǇƐƵďũĞĐƚƚŚĞƌĞƐƉŽŶĚĞƌƚŽƐƵƐƉĞŶƐŝŽŶŽƌĚĞďĂƌŵĞŶƚƉƌŽĐĞĞĚŝŶŐƐ͕ĂƐǁĞůůĂƐ ŽƚŚĞƌƌĞŵĞĚŝĞƐĂǀĂŝůĂďůĞƚŽƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕ďǇůĂǁ͘ KZ'E/d/KE>KE&>/d^K&/EdZ^d dŚĞƌĞƐƉŽŶĚĞƌǁĂƌƌĂŶƚƐƚŚĂƚ͕ƚŽƚŚĞďĞƐƚŽĨŝƚƐŬŶŽǁůĞĚŐĞĂŶĚďĞůŝĞĨ͕ĂŶĚĞǆĐĞƉƚĂƐŽƚŚĞƌǁŝƐĞĚŝƐĐůŽƐĞĚ͕ƚŚĞƌĞĂƌĞŶŽ ƌĞůĞǀĂŶƚĨĂĐƚƐŽƌĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ǁŚŝĐŚĐŽƵůĚŐŝǀĞƌŝƐĞƚŽŽƌŐĂŶŝǌĂƚŝŽŶĂůĐŽŶĨůŝĐƚƐŽĨŝŶƚĞƌĞƐƚ͘ŶŽƌŐĂŶŝǌĂƚŝŽŶĂůĐŽŶĨůŝĐƚŽĨ 3DFNHW3J )F ŝŶƚĞƌĞƐƚĞǆŝƐƚƐǁŚĞŶ͕ďĞĐĂƵƐĞŽĨĞǆŝƐƚŝŶŐŽƌƉůĂŶŶĞĚĂĐƚŝǀŝƚŝĞƐŽƌďĞĐĂƵƐĞŽĨƌĞůĂƚŝŽŶƐŚŝƉƐǁŝƚŚŽƚŚĞƌƉĞƌƐŽŶƐ͕ĂǀĞŶĚŽƌŝƐ 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ď͘dŚĞĐŽŶƚƌĂĐƚŽƌƐŚĂůůŶŽƚĚŝƐĐƌŝŵŝŶĂƚĞŽŶƚŚĞďĂƐŝƐŽĨƌĂĐĞ͕ĐŽůŽƌ͕ŶĂƚŝŽŶĂůŽƌŝŐŝŶ͕ŽƌƐĞǆŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͘ dŚĞĐŽŶƚƌĂĐƚŽƌƐŚĂůůĐĂƌƌǇŽƵƚĂƉƉůŝĐĂďůĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨϰϵ&ZWĂƌƚϮϲŝŶƚŚĞĂǁĂƌĚĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨƚŚŝƐKdͲ ĂƐƐŝƐƚĞĚĐŽŶƚƌĂĐƚ͘&ĂŝůƵƌĞďǇƚŚĞĐŽŶƚƌĂĐƚŽƌƚŽĐĂƌƌǇŽƵƚƚŚĞƐĞƌĞƋƵŝƌĞŵĞŶƚƐŝƐĂŵĂƚĞƌŝĂůďƌĞĂĐŚŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ǁŚŝĐŚŵĂǇ ƌĞƐƵůƚŝŶƚŚĞƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚŝƐĐŽŶƚƌĂĐƚŽƌƐƵĐŚŽƚŚĞƌƌĞŵĞĚǇĂƐƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĚĞĞŵƐĂƉƉƌŽƉƌŝĂƚĞ͘ĂĐŚƐƵďĐŽŶƚƌĂĐƚ ƚŚĞĐŽŶƚƌĂĐƚŽƌƐŝŐŶƐǁŝƚŚĂƐƵďĐŽŶƚƌĂĐƚŽƌŵƵƐƚŝŶĐůƵĚĞƚŚĞĂƐƐƵƌĂŶĐĞŝŶƚŚŝƐƉĂƌĂŐƌĂƉŚ;ƐĞĞϰϵ&ZϮϲ͘ϭϯ;ďͿͿ͘ /ŶĐŽƌƉŽƌĂƚŝŽŶŽĨ&ddĞƌŵƐ dŚĞƉƌĞĐĞĚŝŶŐƉƌŽǀŝƐŝŽŶƐŝŶĐůƵĚĞ͕ŝŶƉĂƌƚ͕ĐĞƌƚĂŝŶ^ƚĂŶĚĂƌĚdĞƌŵƐĂŶĚŽŶĚŝƚŝŽŶƐƌĞƋƵŝƌĞĚďǇKd͕ǁŚĞƚŚĞƌŽƌŶŽƚ ĞǆƉƌĞƐƐůǇƐĞƚĨŽƌƚŚŝŶƚŚĞƉƌĞĐĞĚŝŶŐĐŽŶƚƌĂĐƚƉƌŽǀŝƐŝŽŶƐ͘ůůĐŽŶƚƌĂĐƚƵĂůƉƌŽǀŝƐŝŽŶƐƌĞƋƵŝƌĞĚďǇKd͕ĂƐƐĞƚĨŽƌƚŚŝŶ&d ŝƌĐƵůĂƌϰϮϮϬ͘ϭ͕ĂƌĞŚĞƌĞďǇŝŶĐŽƌƉŽƌĂƚĞĚďǇƌĞĨĞƌĞŶĐĞ͘ŶǇƚŚŝŶŐƚŽƚŚĞĐŽŶƚƌĂƌǇŚĞƌĞŝŶŶŽƚǁŝƚŚƐƚĂŶĚŝŶŐ͕Ăůů&d ŵĂŶĚĂƚĞĚƚĞƌŵƐƐŚĂůůďĞĚĞĞŵĞĚƚŽĐŽŶƚƌŽůŝŶƚŚĞĞǀĞŶƚŽĨĂĐŽŶĨůŝĐƚǁŝƚŚŽƚŚĞƌƉƌŽǀŝƐŝŽŶƐĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐŐƌĞĞŵĞŶƚ͘ 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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 )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 )ƚƚŚĞƌĞŝŶ;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 )ĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌǇƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/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 )/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 )ƌĞĐƚŝŽŶƐ $ ƌĞƐƵůƚŝŶŐĨƌŽŵE'/EZΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬ ďǇ/dzǁŝůůŶŽƚƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌ ĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶǇĂŵďŝŐƵŝƚŝĞƐ͘ /ĨŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂƌĞŵĂĚĞďǇE'/EZŝŶĂŶǇƉŚĂƐĞŽĨƚŚĞǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨǁŚŝĐŚŵĂǇ % 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ŽƵŶƚǇĚŵŝŶŝƐƚƌĂƚŽƌŝƐƚƌŝĐƚDĂŶĂŐĞƌ ϯϮϬdŚŝƌĚ^ƚƌĞĞƚEtϭϴϭϬϯϬ^ƚEt ƚŚ &ĂƌŝďĂƵůƚ͕DEϱϱϬϮϭ&ĂƌŝďĂƵůƚ͕DEϱϱϬϮϭ dĞůĞƉŚŽŶĞ͗;ϱϬϳͿϯϯϮͲϲϭϬϬdĞůĞƉŚŽŶĞ͗;ϱϬϳͿϯϯϮͲϱϰϬϴ tĂďĂƐŚĂŽƵŶƚǇtĂďĂƐŚĂŽƵŶƚǇ^ŽŝůĂŶĚtĂƚĞƌŽŶƐĞƌǀĂƚŝŽŶŝƐƚƌŝĐƚ DŝĐŚĂĞůWůĂŶƚĞŽƌƐƵĐĐĞƐƐŽƌdĞƌƌŝWĞƚĞƌƐŽƌƐƵĐĐĞƐƐŽƌ ŽƵŶƚǇĚŵŝŶŝƐƚƌĂƚŽƌŝƐƚƌŝĐƚDĂŶĂŐĞƌ ϲϮϱ:ĞĨĨĞƌƐŽŶǀĞϲϭϭƌŽĂĚǁĂǇǀĞ͘^ƵŝƚĞϭϬ tĂďĂƐŚĂ͕DEϱϱϵϴϭtĂďĂƐŚĂ͕DEϱϱϵϴϭ dĞůĞƉŚŽŶĞ͗;ϲϱϭͿϱϲϱͲϯϬϳϯdĞůĞƉŚŽŶĞ͗;ϲϱϭͿϱϲϱͲϰϲϳϯ ĞĂƌsĂůůĞǇtĂƚĞƌƐŚĞĚŝƐƚƌŝĐƚŝƚǇŽĨZŽĐŚĞƐƚĞƌ WĂƵů,ƵŶĞŬĞŽƌƐƵĐĐĞƐƐŽƌůŝƐŽŶĞůŵƐŽƌƐƵĐĐĞƐƐŽƌ tĂƚĞƌƐŚĞĚŝƐƚƌŝĐƚŽĂƌĚDĞŵďĞƌŝƚǇĚŵŝŶŝƐƚƌĂƚŽƌ ϮϱϰϬϵϬŽϭϲůǀĚϮϬϭϰ^ƚƌĞĞƚ^ ƚŚ 'ŽŽĚŚƵĞ͕DEϱϱϬϮϳZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰ dĞůĞƉŚŽŶĞ͗;ϲϱϭͿϵϮϯͲϰϵϯϳdĞůĞƉŚŽŶĞ͗;ϱϬϳͿϯϮϴͲϮϬϬϬ ϳ ϮϮ WĂŐĞŽĨ 3DFNHW3J )D ^ƚĞĞůĞŽƵŶƚǇ^ŽŝůĂŶĚtĂƚĞƌŽŶƐĞƌǀĂƚŝŽŶŝƐƚƌŝĐƚ ƌŝĐ'ƵůďƌĂŶƐĞŶŽƌƐƵĐĐĞƐƐŽƌ ŝƐƚƌŝĐƚDĂŶĂŐĞƌ ϮϯϱĞĚĂƌĚĂůĞƌŝǀĞ^ KǁĂƚŽŶŶĂ͕DEϱϱϬϲϬ dĞůĞƉŚŽŶĞ͗;ϱϬϳͿϰϱϭͲϲϳϯϬĞǆƚ͘ϯ ϴ ϮϮ WĂŐĞŽĨ 3DFNHW3J )D /Ed^d/DKEzt,ZK& ƚŚĞWĂƌƚŝĞƐŚĂǀĞĚƵůǇĞǆĞĐƵƚĞĚƚŚŝƐĂŐƌĞĞŵĞŶƚďǇƚŚĞŝƌĚƵůǇĂƵƚŚŽƌŝǌĞĚŽĨĨŝĐĞƌƐ͘ K'KhEdz WZdEZ͗ WWZKs͗ z͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ŽĂƌĚŚĂŝƌĂƚĞ z͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ŽƵŶƚǇĚŵŝŶŝƐƚƌĂƚŽƌĂƚĞ WWZKs^dK&KZD z͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ŽƵŶƚǇƚƚŽƌŶĞǇĂƚĞ ϵ ϮϮ WĂŐĞŽĨ 3DFNHW3J )D /Ed^d/DKEzt,ZK& ƚŚĞWĂƌƚŝĞƐŚĂǀĞĚƵůǇĞǆĞĐƵƚĞĚƚŚŝƐĂŐƌĞĞŵĞŶƚďǇƚŚĞŝƌĚƵůǇĂƵƚŚŽƌŝǌĞĚŽĨĨŝĐĞƌƐ͘ K'^K/>EtdZKE^Zsd/KE/^dZ/d WZdEZ͗ WWZKs͗ z͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ŽĂƌĚŚĂŝƌĂƚĞ z͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ŝƐƚƌŝĐƚDĂŶĂŐĞƌĂƚĞ ϭϬ ϮϮ WĂŐĞŽĨ 3DFNHW3J )D /Ed^d/DKEzt,ZK& ƚŚĞWĂƌƚŝĞƐŚĂǀĞĚƵůǇĞǆĞĐƵƚĞĚƚŚŝƐĂŐƌĞĞŵĞŶƚďǇƚŚĞŝƌĚƵůǇĂƵƚŚŽƌŝǌĞĚŽĨĨŝĐĞƌƐ͘ 'KK,hKhEdz WZdEZ͗ WWZKs͗ z͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ŽĂƌĚŚĂŝƌĂƚĞ z͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ŽƵŶƚǇĚŵŝŶŝƐƚƌĂƚŽƌĂƚĞ WWZKs^dK&KZD z͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ŽƵŶƚǇƚƚŽƌŶĞǇĂƚĞ ϭϭ ϮϮ WĂŐĞŽĨ 3DFNHW3J )D /Ed^d/DKEzt,ZK& ƚŚĞWĂƌƚŝĞƐŚĂǀĞĚƵůǇĞǆĞĐƵƚĞĚƚŚŝƐĂŐƌĞĞŵĞŶƚďǇƚŚĞŝƌĚƵůǇĂƵƚŚŽƌŝǌĞĚŽĨĨŝĐĞƌƐ͘ 'KK,h^K/>EtdZKE^Zsd/KE/^dZ/d WZdEZ͗ WWZKs͗ z͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ŽĂƌĚŚĂŝƌĂƚĞ 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W,KE >dZ/>KEdZdKZ W,KE WƌŝŽƌƚŽĞŶĞƌŐŝǌĂƚŝŽŶ͗ tŝƚŚŝŶŝƚǇ>ŝŵŝƚƐ͗ůĞĐƚƌŝĐĂůŝŶƐƉĞĐƚŝŽŶŝƐƌĞƋƵŝƌĞĚďǇŝƚǇŽĨZŽĐŚĞƐƚĞƌƵŝůĚŝŶŐ^ĂĨĞƚǇ;ϱϬϳͿϯϮϴ Ͳ ϮϲϬϬ͘ KƵƚƐŝĚĞŝƚǇ>ŝŵŝƚƐ͗ŽƉǇŽĨDŝŶŶĞƐŽƚĂůĞĐƚƌŝĐ/ŶƐƉĞĐƚŝŽŶWĞƌŵŝƚĂĨĨŝĚĂǀŝƚŵƵƐƚĂĐĐŽŵƉĂŶǇĂƉƉůŝĐĂƚŝŽŶ͘ dŚĞĂĚĚƌĞƐƐŽĨƚŚĞůŽĐĂƚŝŽŶƚŽďĞƐƵƉƉůŝĞĚǁŝƚŚƚĞŵƉŽƌĂƌǇƐĞƌǀŝĐĞŵƵƐƚďĞƉĞƌŵĂŶĞŶƚůǇĚŝƐƉůĂǇĞĚĂƚƚŚĞ ůŽĐĂƚŝŽŶĂŶĚŽŶƚŚĞƚĞŵƉŽƌĂƌǇƉĞĚĞƐƚĂůͬŵĞƚĞƌůŽĐĂƚŝŽŶĂŶĚďĞĞĂƐŝůǇƌĞĂĚĂďůĞĨƌŽŵƚŚĞƐƚƌĞĞƚďĞĨŽƌĞZWhǁŝůů ŝŶƐƚĂůůƚŚĞƚĞŵƉŽƌĂƌǇƐĞƌǀŝĐĞΎΎZWhZƵůĞƐΘZĞŐƵůĂƚŝŽŶƐϱϬϭ͘Ϯ dDWKZZz^Zs/ ϭ Ͳ W,^ϯ Ͳ W,^KsZ,hEZ'ZKhE DW^sK>d'ͬ zĞƐEŽ ZDKsdDWKZZzDdZt,EWZDEEdDdZ/^^d͗ ΨϭϬϬĨŽƌĐĐŽƵŶƚ^ĞƚƵƉ;ƉůƵƐƚĂǆͿ ŽŶƚĂĐƚŶŐŝŶĞĞƌŝŶŐ;ϱϬϳͿϮϵϮ͘ϭϮϭϲĨŽƌŝŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐƉŽǁĞƌĂǀĂŝůĂďŝůŝƚǇĂŶĚĂĐĐĞƐƐŝďŝůŝƚǇ WZDEEd^Zs/ &ŽůůŽǁŝŶŐŝŶƐƉĞĐƚŝŽŶ͕ĐŽŶƚĂĐƚZWhĨŽƌƐĞƌǀŝĐĞĐŽŶŶĞĐƚŝŽŶ͘/ĨŽǀĞƌϯϮϬDW^Ͳ ŵƵƐƚƐƵďŵŝƚŽŵƉůĞƚĞ>ŽĂĚĂƚĂ&Žƌŵ͘ ϭ Ͳ W,^KsZ,WZ/DZz DW^sK>d'ͬ t/Z^/ ϯ Ͳ W,^hEZ'ZKhE^KEZz ,<KE͗,<>>d,dWW>z͗D/E^KhZ^hWW>DEd> /Z^KhZ,dWhDW DdZ^Zs/Ͳ^ƉĞĐŝĨǇ͗ 'ZKhE^KhZ,dWhDW EKE Ͳ DdZ^Zs/Ͳ^ƉĞĐŝĨǇ͗ >dZ/,d;ĂƐĞďŽĂƌĚ͕ĞƚĐͿ EhDZK&DdZ^Zs/^ ,Kh^DdZ͗z^EK &KZ/Z,d;'ĂƐͿ 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