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May 3, 2021 Agenda Packet
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ŵĂŝů͗ŬŬƵŝƐůĞΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀZĞƐƉŽŶƐŝďŝůŝƚLJ͗WƌŽũĞĐƚDŐƌ͘ /dz͛^ƵƚŚŽƌŝnjĞĚŐĞŶƚǁŝůůŚĂǀĞĂƵƚŚŽƌŝƚLJƚŽĂĐĐĞƉƚŽƌƌĞũĞĐƚ E'/E ZƐƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐ͘/ĨƐƵĐŚ ƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐĂƌĞĂĐĐĞƉƚĂďůĞĂŶĚƐĂƚŝƐĨĂĐƚŽƌLJ͕ƚŚĞ/dz͛^ƵƚŚŽƌŝnjĞĚŐĞŶƚǁŝůůĐĞƌƚŝĨLJĞĂĐŚŝŶǀŽŝĐĞ ƐƵďŵŝƚƚĞĚĨŽƌƉĂLJŵĞŶƚďLJƚŚĞ ŶŐŝŶĞĞƌ͘ 3DFNHW3J )F ' E Z>KE/d/KE^ d ZDK&KEdZd͕K>/'d/KE^ $57,&/( dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĞĨĨĞĐƚŝǀĞƵƉŽŶƚŚĞůĂƚĞƌŽĨƚŚĞĚĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌƵƉŽŶĞdžĞĐƵƚŝŽŶĂŶĚĂƉƉƌŽǀĂůďLJ $ ďŽƚŚƉĂƌƚŝĞƐ͘dŚŝƐŽŶƚƌĂĐƚǁŝůůƌĞŵĂŝŶŝŶĞĨĨĞĐƚƵŶƚŝůƚŚĞ džƉŝƌĂƚŝŽŶĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌƵŶƚŝůĂůů ŽďůŝŐĂƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĨƵůĨŝůůĞĚ͘ &ŽƌĚĞůĂLJƐĞŶĐŽƵŶƚĞƌĞĚƚŚĂƚĂƌĞďĞLJŽŶĚ E'/E Z͛ƐĐŽŶƚƌŽů͕ĂŶĚƵƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚĨƌŽŵ E'/E Z͕ƚŚĞ/dzΖƐ % ƵƚŚŽƌŝnjĞĚŐĞŶƚŵĂLJĞdžƚĞŶĚƚŚĞtŽƌŬŽŵƉůĞƚŝŽŶĂƚĞĞƐƚĂďůŝƐŚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞůĞŶŐƚŚ ŽĨƐƵĐŚƚŝŵĞĞdžƚĞŶƐŝŽŶǁŝůůďĞĚĞƚĞƌŵŝŶĞĚďLJƚŚĞ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚ͘ /ƚǁŝůůďĞ E'/E Z͛ƐƌĞƐƉŽŶƐŝďŝůŝƚLJƚŽƌĞĂƐŽŶĂďůLJŶŽƚŝĨLJ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ŝŶǁƌŝƚŝŶŐ͕ŝĨ E'/E ZŚĂƐƌĞĂƐŽŶƚŽ & ďĞůŝĞǀĞƚŚĞƉƌŽũĞĐƚǁŝůůŶŽƚďĞĐŽŵƉůĞƚĞĚĂƐƐĐŚĞĚƵůĞĚ͘/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚLJƚŽĂĚũƵƐƚƚŚĞ ƐĐŚĞĚƵůĞĂŶĚĨŝŶĂůĐŽƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐƵĐŚĚĞůĂLJƐ͕ĂƐƉƌŽǀŝĚĞĚŝŶƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͘ ŶŐŝŶĞĞƌƐŚĂůůĨƵƌŶŝƐŚĂůůŵĂƚĞƌŝĂůƐ͕ĂůůŶĞĐĞƐƐĂƌLJƚŽŽůƐĂŶĚĞƋƵŝƉŵĞŶƚ͕ĂŶĚƉĞƌĨŽƌŵĂůůǁŽƌŬĂŶĚůĂďŽƌŶĞĐĞƐƐĂƌLJƚŽ ' ĚĞƚĞƌŵŝŶĞŽŶƚƌĂĐƚŽƌ͛ƐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞWƌŽũĞĐƚĐŽŶƐŝƐƚĞŶƚǁŝƚŚŝƚLJĚĞƐŝŐŶƐƉĞĐŝĨŝĐĂƚŝŽŶƐĂŶĚ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂƉƉƌŽǀĞĚĐŝǀŝůĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶƐĨŽƌƚŚĞWƌŽũĞĐƚ͘ /dzƌĞĐŽŐŶŝnjĞƐƚŚĂƚ E'/E ZƉƌŽǀŝĚĞĚƐĞƌǀŝĐĞƐƚŽƚŚĞKǁŶĞƌƵŶĚĞƌĂŝƚLJͲKǁŶĞƌĐŽŶƚƌĂĐƚĂƵƚŚŽƌŝnjŝŶŐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶ ( ŽĨƚŚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐĨŽƌǁŚŝĐŚĐŽŶƐƚƌƵĐƚŝŽŶŝŶƐƉĞĐƚŝŽŶĂŶĚŽďƐĞƌǀĂƚŝŽŶƐĞƌǀŝĐĞƐĂƌĞďĞŝŶŐƌĞƋƵĞƐƚĞĚ͘/dzǁĂŝǀĞƐĂŶLJ ĂŶĚĂůůĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚƌŝŐŚƚƐĂŐĂŝŶƐƚ E'/E ZƌĞůĂƚŝǀĞƚŽƚŚŝƐĂƌƌĂŶŐĞŵĞŶƚ͘ 'Ks ZE/E'>t͕:hZ/^/d/KE͕Es Eh $57,&/( dŚŝƐŽŶƚƌĂĐƚƐŚĂůůďĞŐŽǀĞƌŶĞĚďLJĂŶĚĐŽŶƐƚƌƵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞůĂǁƐŽĨƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͘sĞŶƵĞĨŽƌĂůůůĞŐĂů $ ƉƌŽĐĞĞĚŝŶŐƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞŝŶƚŚĞĂƉƉůŝĐĂďůĞƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶ KůŵƐƚĞĚŽƵŶƚLJĂŶĚDŝŶŶĞƐŽƚĂƌĞƐƉĞĐƚŝǀĞůLJ͘ d ZD^K&' E Z>KE/d/KE^ $57,&/( ŶLJĂŶĚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨŽƌĐĞƵŶůĞƐƐƚŚĞLJĂƌĞƐƉĞĐŝĨŝĐĂůůLJĂŶĚĚĞůŝďĞƌĂƚĞůLJ $ ĐĂŶĐĞůĞĚŽƌŵŽĚŝĨŝĞĚďLJƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŽƚŚĞĞdžƚĞŶƚŽĨĂŶLJŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ % ǁŝůůĐŽŶƚƌŽů͘DŝŶŶĞƐŽƚĂ>ĂǁƐƵƉĞƌƐĞĚĞƐĂŶLJŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ d ZD^K&WzD Ed $57,&/( ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůLJƐƵƉƉůŝĞĚďLJ $ E'/E ZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďLJ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ Zd/> ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂLJŵĞŶƚ͘͟ /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶLJƚŝŵĞƚŚĂƚ E'/E ZǁŝůůĞdžĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ % ŽŶƚƌĂĐƚ͕ E'/E ZŵƵƐƚŶŽƚŝĨLJ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůLJŵĂŶŶĞƌ͘ E'/E ZŵĂLJŶŽƚďĞ ĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞdžĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůLJĞdžĞĐƵƚĞĚ͕ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶLJǁŽƌŬƉĞƌĨŽƌŵĞĚďĞLJŽŶĚƚŚĂƚŝĚĞŶƚŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌǁƌŝƚƚĞŶ ĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďLJ/dzŵĂLJďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌLJĂŶĚ E'/E ZŵĂLJŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌƚŚĞĞdžƚƌĂ ǁŽƌŬ͘ /Ĩ E'/E ZĐůĂŝŵƐĂŶLJŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌŽƚŚĞƌĐŽŶĚŝƚŝŽŶƐĞdžŝƐƚƚŚĂƚƌĞƋƵŝƌĞĞdžƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐ & ŽŶƚƌĂĐƚ͕ E'/E ZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶLJĞdžƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϮϬĂůĞŶĚĂƌĚĂLJƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶ ŽƌŽďƐĞƌǀĂŶĐĞŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďLJƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ ŶLJĐůĂŝŵŵĂĚĞĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂLJďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶLJǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶ 3DFNHW3J )F ĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůLJĂƉƉƌŽǀĞĚĂŶĚĞdžĞĐƵƚĞĚďLJƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚ E'/E ZΖƐŽǁŶƌŝƐŬ͘ ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞdžƉĞŶƐĞƐĂĐƚƵĂůůLJĂŶĚŶĞĐĞƐƐĂƌŝůLJŝŶĐƵƌƌĞĚďLJ E'/E ZĂƐĂƌĞƐƵůƚŽĨ ' ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞdžĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ E'/E ZŵĂLJďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞdžƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͕ĂŶĚŝĚĞŶƚŝĨŝĞĚŝŶ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ƌƚŝĐůĞϯ͘ WZK hZ &KZWzD Ed $57,&/( WĂLJŵĞŶƚƐǁŝůůďĞŵĂĚĞďLJ/dzǁŝƚŚŝŶϯϬĚĂLJƐŽĨ E'/E Z͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨƉƌŽƉĞƌůLJƉƌĞƉĂƌĞĚŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐ $ ƌĞƉŽƌƚƐĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘/dzƐŚĂůůŶŽƚŝĨLJ E'/E ZŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂLJƐŽĨ E'/E Z͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞLJďĞůŝĞǀĞƚŚĞƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůLJƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐǁĞƌĞ ŶŽƚƉƌŽƉĞƌůLJƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽŶƚƌĂĐƚ͘ /ŶǀŽŝĐĞƐĨŽƌƉĂLJŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďLJ E'/E ZŵŽŶƚŚůLJƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚŝŶƚŚĞĨŽƌŵƉƌĞƐĐƌŝďĞĚďLJ % /dz͘/ŶǀŽŝĐĞƐƐŚŽƵůĚŝĚĞŶƚŝĨLJƚŚĞƉƌŽũĞĐƚĂŶĚƚŚĞĐŽƐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚĂŶĚ ŵƵƐƚƐĂƚŝƐĨLJƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ ϭ͘ ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůLJŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐ ĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚ E'/E ZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚ ĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶLJƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚƉĂLJŵĞŶƚ͘ ϯ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌLJĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝnjĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐĂƌĞƉƌŽƉĞƌůLJ ĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌLJĐŽƐƚƐĂƌĞĂŶLJĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐĚŝƌĞĐƚůLJƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬ ŽĨƚŚĞ E'/E Z͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ ϰ͘ E'/E ZŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ ŝƌĞĐƚƐĂůĂƌLJĐŽƐƚƐŽĨĞŵƉůŽLJĞĞƐΖƚŝŵĞĚŝƌĞĐƚůLJĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ D dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂLJƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨLJŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽLJĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂLJ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂLJŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂLJƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽLJĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ E ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽLJĞĞΖƐŶĂŵĞ͕ŚŽƵƌůLJ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂLJƉĞƌŝŽĚ͘ ϱ͘ E'/E ZŵƵƐƚƉƌŽǀŝĚĞĂĐŽƉLJŽĨƚŚĞŝŶǀŽŝĐĞƚŚĞLJĨŽƌǁĂƌĚĞĚƚŽƚŚĞĐŝƚLJƚŽƚŚĞĚĞǀĞůŽƉĞƌĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐ͘ dŚŝƐĚŽĐƵŵĞŶƚƐŚŽƵůĚďĞĐůĞĂƌĞĚƐƚĂƚĞĚƚŚĂƚŝƚ͛ƐĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐŽŶůLJ͘ /Ĩ E'/E ZŝƐĂƵƚŚŽƌŝnjĞĚďLJ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶLJƐƵďĐŽŶƐƵůƚĂŶƚƐ͕ E'/E ZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ & ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶLJƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŽŶƚƌĂĐƚ͕ĂŶĚ E'/E ZŵƵƐƚĐŽŵƉůLJǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůLJƉĂLJŵĞŶƚďLJ E'/E ZŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͛Ɛ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂLJŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞƐƵď ĐŽŶƐƵůƚĂŶƚŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ E'/E ZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ' ĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzD Ed $57,&/( &ŽƌĂůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďLJ E'/E ZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞ ŶŐŝŶĞĞƌƐŚĂůůŵĂŝŶƚĂŝŶŝƚƐĞƚŚŝĐĂůĂŶĚ $ ůĞŐĂůĚƵƚLJŽĨĂƉƌŽĨĞƐƐŝŽŶĂůƚŽĞdžĞƌĐŝƐĞƚŚĞůĞǀĞůŽĨĐĂƌĞ͕ĚŝůŝŐĞŶĐĞ͕ĂŶĚƐŬŝůůƉƌĞƐĐƌŝďĞĚŝŶƚŚĞĐŽĚĞŽĨƉƌĂĐƚŝĐĞŽĨŚŝƐŽƌŚĞƌ ƉƌŽĨĞƐƐŝŽŶ͕ŽƌĂƐŽƚŚĞƌƉƌŽĨĞƐƐŝŽŶĂůƐŝŶƚŚĞƐĂŵĞĚŝƐĐŝƉůŝŶĞǁŽƵůĚŝŶƚŚĞƐĂŵĞŽƌƐŝŵŝůĂƌĐŝƌĐƵŵƐƚĂŶĐĞƐ͘dŚĞ E'/E Z ƐŚĂůůĐŽŵƉůLJǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďLJĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵ E'/E Z͛ƐƐĞƌǀŝĐĞƐ͘ 3DFNHW3J )F E'/E ZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂLJŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ % ƌĞŐƵůĂƚŝŽŶƐ͘ ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďLJƉƌŽŐƌĞƐƐƉĂLJŵĞŶƚƐŵĂĚĞďLJ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚLJŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ & ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐ E'/E ZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂLJŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶLJĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞ E'/E Z͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞLJŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ ƐŚĂůůŝŶĚĞŵŶŝĨLJ E'/E ZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐ E'/E ZĂŶŽŶͲĞdžĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞ ĞdžƚĞŶƚŽĨƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/E ZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶLJǁĂLJƚŽƌĞůŝĞǀĞ E'/E ZĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐĞƌǀŝĐĞƐ ' ĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞdžĐĞĞĚƚŚĂƚŝƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ E'/E ZŝƐŶŽƚĂƵƚŚŽƌŝnjĞĚƚŽĚŝƌĞĐƚƚŚĞǁŽƌŬŽĨŽŶƚƌĂĐƚŽƌ͕ƵŶůĞƐƐŝƚLJŝƐŐŝǀĞŶƐƵĐŚĂƵƚŚŽƌŝƚLJ͕ŝŶǁƌŝƚŝŶŐ͕ďLJKǁŶĞƌ͘ ( E'/E ZĐŽŵŵƵŶŝĐĂƚŝŽŶƐŚĂůůďĞĚŝƌĞĐƚůLJǁŝƚŚKǁŶĞƌ͛ƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞ;ŽŶƐƚƌƵĐƚŝŽŶĨŽƌĞŵĞŶŽƌƐƵƉĞƌŝŶƚĞŶĚĞŶƚŽƌ ŽƚŚĞƌŵĞŵďĞƌŝĚĞŶƚŝĨŝĞĚĂƐWƌŽũĞĐƚDĂŶĂŐĞƌͿ͕ĂŶĚƚŽŝƚLJ ŶŐŝŶĞĞƌŽƌŚŝƐĚĞƐŝŐŶĞĞ͘ ^^/'ED Ed $57,&/(ĞĚŝŶƚŚŝƐ ŽŶƚƌĂĐƚ͘ ĐŽƉLJŽĨĂŶLJĂŶĚĂůůƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚƐŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚĂĨƚĞƌĞdžĞĐƵƚŝŽŶŽĨƚŚĞƐƵď % ĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽǁŽƌŬƐƚĂƌƚŝŶŐƵŶĚĞƌƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚ͘ D ED Ed^͕,E' KZ Z^͕D Z' Z͕KhEd ZWZd^͕Et/s Z $57,&/( ŵĞŶĚŵĞŶƚƐƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĐŽŶƐŝĚĞƌĞĚŽŶůLJĨŽƌƵŶĨŽƌĞƐĞĞŶǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŚĂƚǁĞƌĞĞdžĐůƵĚĞĚŝŶƚŚĞ^ĐŽƉĞŽĨ $ tŽƌŬ͕ĞŶƚŝƚůĞĚ͞ĞƚĂŝůĞĚ^ĐŽƉĞŽĨtŽƌŬ͕͟ĂŶĚƚŚĂƚĂƌĞĐŽŶƐŝĚĞƌĞĚĞƐƐĞŶƚŝĂůƚŽƚŚĞǁŽƌŬ͘ŶLJǁƌŝƚƚĞŶĐůĂŝŵŵĂĚĞďLJ E'/E ZĨŽƌĞdžƚƌĂǁŽƌŬŽƌĐŽƐƚƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐďĞĞŶĂƉƉƌŽǀĞĚďLJƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚŵƵƐƚďĞ ĞǀŝĚĞŶĐĞĚďLJĂŶĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚ͘ŵĞŶĚŵĞŶƚƐŵƵƐƚďĞŝŶǁƌŝƚŝŶŐĂŶĚĞdžĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚďLJƚŚĞƐĂŵĞ ƉĂƌƚŝĞƐĂŶĚŽĨĨŝĐŝĂůƐǁŚŽĞdžĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚƚŚĞŽƌŝŐŝŶĂůŽŶƚƌĂĐƚ͕ŽƌƚŚĞŝƌƐƵĐĐĞƐƐŽƌƐŝŶŽĨĨŝĐĞ͘ E'/E ZŵƵƐƚŶŽƚŝĨLJ /dz͛ƐWƌŽũĞĐƚDĂŶĂŐĞƌŝŶǁƌŝƚŝŶŐŝĨ E'/E ZǁŝůůďĞĚĞůĂLJĞĚŝŶĂŶLJǁĂLJĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂLJďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ % ŽĨ E'/E Z͘ŶLJĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůLJĂŶĚĨƵůůLJĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďLJďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ & ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚLJƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďLJďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůLJŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘ E'/E Z͕ ďLJƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝnjĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďLJĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞ E'/E ZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďLJŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚŵĂLJďĞĞdžĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ' ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞŽŶƚƌĂĐƚ͘ 3DFNHW3J )F KDW>/E t/d,>/ E^ ^͕W ZD/d^͕EKd, ZZ 'h>d/KE^ $57,&/( E'/E ZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ĐĞƌƚŝĨŝĐĂƚŝŽŶƐ͕ĞĚƵĐĂƚŝŽŶ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌLJƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐ $ ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/ ^E/Ed >> dh>WZKW Zdz $57,&/( dŚĞDŝŶŶĞƐŽƚĂ'ŽǀĞƌŶŵĞŶƚĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ $ ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ ŶLJƌĞƉŽƌƚƐ͕ƐƚƵĚŝĞƐ͕ƉŚŽƚŽŐƌĂƉŚƐ͕ŶĞŐĂƚŝǀĞƐ͕ŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐĐƌĞĂƚĞĚĂŶĚƉĂŝĚĨŽƌďLJ E'/E ZŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ % ŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂƌĞŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞŝŶƌĞƐƉĞĐƚƚŽ E'/E Z͛ƐƐĞƌǀŝĐĞƐĂŶĚĂƌĞƚŚĞĞdžĐůƵƐŝǀĞ ƉƌŽƉĞƌƚLJŽĨ/dz͘ E'/E ZŵƵƐƚƌĞŵŝƚĂůůƐƵĐŚŵĂƚĞƌŝĂůƐƚŽ/dzƵƉŽŶĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞ /dzǁŝůůŝŶĚĞŵŶŝĨLJ E'/E ZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵĂŶLJƌĞƵƐĞŽĨƐƵĐŚŵĂƚĞƌŝĂůƐďĞLJŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞŝƚLJƐŚĂůůŐƌĂŶƚƚŚĞ E'/E ZĂŶŽŶͲĞdžĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞĞdžƚĞŶƚŽĨƚŚĞ/dzΖƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/E ZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ E'/E ZǁĂŝǀĞƐĂůůĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞ/dzƌĞƐƵůƚŝŶŐŝŶĂŶLJǁĂLJĨƌŽŵĂŶLJƌĞƵƐĞŽĨ ƚŚĞ E'/E Z͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŝƌĞĐƚĞĚďLJ/dz͕ƚŚĞŽƌŝŐŝŶĂůƐŽĨƌĞƉŽƌƚƐ͕ƚĞƐƚƐ͕ĚƌĂǁŝŶŐƐĂŶĚƉůĂŶƐ͖ĂŶĚůĞŐŝďůLJƌĞƉƌŽĚƵĐŝďůĞĐŽƉŝĞƐŽĨ & ǁŽƌŬƐŚĞĞƚƐ͕ĨŝĞůĚŶŽƚĞƐ͕ĐŽŵƉƵƚĂƚŝŽŶƐ͕ƉŚŽƚŽƐ͕ƚĞƐƚƌĞƐƵůƚƐ͕ĂŶĚŽƚŚĞƌƉƌŽũĞĐƚĚĂƚĂŵƵƐƚďĞƌĞůŝŶƋƵŝƐŚĞĚƚŽ/dz͗ ϭ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ Ϯ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĨŝĐĂƚŝŽŶďLJ/dz͘ ϯ͘WƌŝŽƌƚŽĨŝŶĂůƉĂLJŵĞŶƚďLJ/dzƚŽ E'/E ZĨŽƌƚŚŝƐŽŶƚƌĂĐƚ͘ ͘EŽƚǁŝƚŚƐƚĂŶĚŝŶŐƚŚĞĂďŽǀĞƉĂƌĂŐƌĂƉŚƐ͕ǁŽƌŬƉĂƉĞƌƐ͕ƉƌŽƉƌŝĞƚĂƌLJŝŶĨŽƌŵĂƚŝŽŶ͕ƉƌŽĐĞƐƐĞƐ͕ŵĞƚŚŽĚŽůŽŐŝĞƐ͕ŬŶŽǁͲŚŽǁĂŶĚ ƐŽĨƚǁĂƌĞ;͞ E'/E ZĂƚĂ͟ͿƉƌĞǀŝŽƵƐůLJďĞůŽŶŐŝŶŐŽƌůŝĐĞŶƐĞĚƚŽ E'/E ZĂŶĚƵƐĞĚƚŽƉĞƌĨŽƌŵ E'/E Z͛ƐƐĞƌǀŝĐĞƐƐŚĂůů ƌĞŵĂŝŶƚŚĞƉƌŽƉĞƌƚLJŽĨ E'/E Z͘ E'/E ZƐŚĂůůƌĞƚĂŝŶĂŶŽǁŶĞƌƐŚŝƉĂŶĚƉƌŽƉĞƌƚLJŝŶƚĞƌĞƐƚƚŚĞƌĞŝŶ;ŝŶĐůƵĚŝŶŐƚŚĞĐŽƉLJƌŝŐŚƚ ĂŶĚƚŚĞƌŝŐŚƚŽĨƌĞƵƐĞĂƚƚŚĞĚŝƐĐƌĞƚŝŽŶŽĨƚŚĞ E'/E ZͿ͕ǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞWƌŽũĞĐƚŝƐĐŽŵƉůĞƚĞĚ͘dŽƚŚĞĞdžƚĞŶƚƚŚĞƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚďLJ E'/E ZĐŽŶƚĂŝŶ E'/E ZĂƚĂ͕ E'/E ZŚĞƌĞďLJŐƌĂŶƚƐƚŽ/dzĂŶŽŶͲĞdžĐůƵƐŝǀĞ͕ŶŽŶͲĂƐƐŝŐŶĂďůĞ͕ƌŽLJĂůƚLJͲ ĨƌĞĞ͕ŝƌƌĞǀŽĐĂďůĞůŝĐĞŶƐĞƚŽƵƐĞƐƵĐŚ E'/E ZĂƚĂĨŽƌƚŚĞƉƵƌƉŽƐĞƐƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͕ƐƵďũĞĐƚƚŽƚŚĞĨŽůůŽǁŝŶŐůŝŵŝƚĂƚŝŽŶƐ͗ ƐƵĐŚ E'/E ZĂƚĂĂƌĞŶŽƚŝŶƚĞŶĚĞĚŽƌƌĞƉƌĞƐĞŶƚĞĚƚŽďĞƐƵŝƚĂďůĞĨŽƌƵƐĞŽƌƌĞƵƐĞďLJ/dzŽŶĞdžƚĞŶƐŝŽŶŽĨƚŚĞWƌŽũĞĐƚŽƌ ŽŶĂŶLJŽƚŚĞƌƉƌŽũĞĐƚǁŝƚŚŽƵƚǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďLJ E'/E ZĂŶĚĂŶLJƐƵĐŚƌĞƵƐĞŽƌŵŽĚŝĨŝĐĂƚŝŽŶŽĨƚŚĞ E'/E ZĂƚĂǁŝƚŚŽƵƚƚŚĞǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďLJ E'/E ZƐŚĂůůďĞĚŽŶĞĂƚ/dz͛ƐƐŽůĞƌŝƐŬĂŶĚǁŝƚŚŽƵƚ ůŝĂďŝůŝƚLJƚŽ E'/E Z͘ >//>/dz $57,&/( 'ĞŶĞƌĂůͲ,ĂǀŝŶŐĐŽŶƐŝĚĞƌĞĚƚŚĞƉŽƚĞŶƚŝĂůůŝĂďŝůŝƚŝĞƐƚŚĂƚŵĂLJĞdžŝƐƚĚƵƌŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ^ĞƌǀŝĐĞƐ͕ƚŚĞďĞŶĞĨŝƚƐ $ ŽĨƚŚĞƉƌŽũĞĐƚ͕ĂŶĚƚŚĞ E'/E Z͛ƐĨĞĞĨŽƌƚŚĞ^ĞƌǀŝĐĞƐ͕ĂŶĚŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞƉƌŽŵŝƐĞƐĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ /dzĂŶĚ E'/E ZĂŐƌĞĞƚŽĂůůŽĐĂƚĞĂŶĚůŝŵŝƚƐƵĐŚůŝĂďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐƌƚŝĐůĞ͘ /ŶĚĞŵŶŝĨŝĐĂƚŝŽŶͲ E'/E ZĂŶĚ/dz;ƚŚĞ͞/ŶĚĞŵŶŝĨLJŝŶŐWĂƌƚLJ͟ͿƐŚĂůůďĞůŝĂďůĞĨŽƌŝƚƐŽǁŶŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐĂŶĚ % ŽŵŝƐƐŝŽŶƐƚŽƚŚĞĞdžƚĞŶƚƉƌŽǀŝĚĞĚďLJůĂǁĂŶĚƐƵďũĞĐƚƚŽƚŚĞ/dz͛ƐĐĂƉŽŶŵƵŶŝĐŝƉĂůƚŽƌƚůŝĂďŝůŝƚLJƵŶĚĞƌDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ ^ĞĐƚŝŽŶϰϲϲ͘Ϭϰ͕ĂŶĚŚĞƌĞďLJĂŐƌĞĞƐƚŽĚĞĨĞŶĚ͕ŝŶĚĞŵŶŝĨLJ͕ĂŶĚŚŽůĚŚĂƌŵůĞƐƐƚŚĞŽƚŚĞƌ;͞ƚŚĞ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚLJ͟Ϳ͕ĨƌŽŵ ĂŶLJůŝĂďŝůŝƚLJ͕ĚĂŵĂŐĞƐ͕ĂŶĚĐŽƐƚƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞŶĞŐůŝŐĞŶƚĂĐƚƐŽĨ E'/E ZĂŶĚ/dzĂŶĚĂŶLJŽŶĞĨŽƌǁŚŽƐĞŶĞŐůŝŐĞŶƚ ĂĐƚƐƚŚĞLJŵĂLJďĞůŝĂďůĞĨŽƌŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚŝĐŚƚŚĞ/ŶĚĞŵŶŝĨŝĞĚ WĂƌƚLJ͕ŝƚƐŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽLJĞĞƐŵĂLJŚĞƌĞĂĨƚĞƌƐƵƐƚĂŝŶ͕ŝŶĐƵƌŽƌďĞƌĞƋƵŝƌĞĚƚŽƉĂLJƚŽƚŚĞĨƵůůĞĨĨĞĐƚƉƌŽǀŝĚĞĚďLJ DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϯϯϳ͕ƚŽƚŚĞĞdžƚĞŶƚƚŚĞ E'/E ZĂŶĚ/dzĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐƵĐŚůŝĂďŝůŝƚLJ͕ĐŽƐƚƐ͕ĚĂŵĂŐĞƐ͕ ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞLJƐ͛ĨĞĞƐ͘/ŶƚŚĞĞǀĞŶƚĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌĞdžƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďLJƚŚĞũŽŝŶƚŽƌ ĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨ E'/E ZĂŶĚ/dz͕ƚŚĞLJƐŚĂůůďĞďŽƌŶĞďLJĞĂĐŚƉĂƌƚLJŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ ^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚŝƐŽŶƚƌĂĐƚŝƐ & ƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶLJƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ 3DFNHW3J )F tKZ< Z^ΖKDW E^d/KE $57,&/( ŶLJĂŶĚĂůůĞŵƉůŽLJĞĞƐŽĨ E'/E Z͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ $ ĂŶLJǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďLJ E'/E ZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽLJĞĞƐŽĨ/dz͘ŶLJĂŶĚĂůů ĐůĂŝŵƐƚŚĂƚŵĂLJĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽLJĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐ ǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶLJĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďLJĂŶLJƚŚŝƌĚƉĂƌƚLJĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶLJĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨ E'/E ZΖƐĞŵƉůŽLJĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽĞŶŐĂŐĞĚŽŶĂŶLJŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶŶŽǁĂLJ ďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨ/dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞ ǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂLJĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚ E'/E Z͘ KE^ $57,&/( dŚŝƐƌƚŝĐůĞŝƐŚĞƌĞďLJĚĞůĞƚĞĚ͘ /E^hZE $57,&/( ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞĨŽƌĞĂĐŚƚLJƉĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĨŝůĞĚǁŝƚŚƚŚĞ/dz͛ƐƵƚŚŽƌŝnjĞĚ $ ŐĞŶƚƉƌŝŽƌƚŽĞdžĞĐƵƚŝŽŶŽĨƚŚĞŽŶƚƌĂĐƚďLJŝƚLJ͘ ĂĐŚƉŽůŝĐLJŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ /dzĂϯϬͲĚĂLJŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ E'/E ZŵƵƐƚŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌLJĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗ % ϭ͘ E'/E ZƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƐŝƐƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌLJ ĨŽƌƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐďLJ E'/E ZĂŶĚŝƚƐĞŵƉůŽLJĞĞƐ͘ Ϯ͘dŚĞ E'/E ZƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐƐĞƉĂƌĂƚĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĞŶĚŽƌƐĞŵĞŶƚƐĨŽƌĞĂĐŚƐƵďĐŽŶƐƵůƚĂŶƚ͘ E'/E ZƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐĨƌŽŵŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ tŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͗ ϯ͘ E'/E ZǁŝůůƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌĂůů E'/E Z ĞŵƉůŽLJĞĞƐĂŶĚ͕ŝŶĐĂƐĞĂŶLJǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕ E'/E ZǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌLJƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/dzŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ ͕ ŵƉůŽLJĞƌ͛Ɛ>ŝĂďŝůŝƚLJ͕ĂƚůŝŵŝƚƐŶŽƚůĞƐƐƚŚĂŶΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůLJŝŶũƵƌLJďLJĚŝƐĞĂƐĞƉĞƌĞŵƉůŽLJĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůLJ ŝŶũƵƌLJďLJĚŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůLJŝŶũƵƌLJďLJĂĐĐŝĚĞŶƚ͘ ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͚ƐŝŶƐƵƌĂŶĐĞƐŚĂůů ďĞĨŝůĞĚǁŝƚŚƚŚĞ E'/E Z͘ ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚLJ͗ ϰ͘ E'/E ZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐ E'/E ZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌ ďŽĚŝůLJŝŶũƵƌLJ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚLJ ĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂLJĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďLJ E'/E ZŽƌďLJĂƐƵďĐŽŶƐƵůƚĂŶƚŽƌďLJĂŶLJŽŶĞĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJĞŵƉůŽLJĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ E'/E Z͛Ɛ ůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞƐŚĂůůďĞƉƌŝŵĂƌLJƚŽĂŶLJůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďLJƚŚĞŝƚLJ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶ ƚŚŝƐŽŶƚƌĂĐƚ͕ E'/E Z͛ƐŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ D Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ E /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ ŽĚŝůLJ/ŶũƵƌLJĂŶĚWƌŽƉĞƌƚLJĂŵĂŐĞ D WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚLJ E ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚLJ F EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ G ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚLJ͗ ϱ͘ E'/E ZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐ E'/E ZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐ ĨŽƌďŽĚŝůLJŝŶũƵƌLJ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌ 3DFNHW3J )F ƉƌŽƉĞƌƚLJĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂLJĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďLJ E'/E ZŽƌďLJƐƵďĐŽŶƐƵůƚĂŶƚŽƌďLJĂŶLJŽŶĞĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJĞŵƉůŽLJĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞ E'/E ZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞůŝŵŝƚĨŽƌŽĚŝůLJ/ŶũƵƌLJĂŶĚWƌŽƉĞƌƚLJĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞ͗ ϲ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ E'/E ZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌĐůĂŝŵ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ dŚŝƐƉŽůŝĐLJǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐ E'/E ZǁŝůůďĞĐŽŵĞůĞŐĂůůLJŽďůŝŐĂƚĞĚƚŽƉĂLJƌĞƐƵůƚŝŶŐĨƌŽŵĂŶLJ ĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽ E'/E ZΖƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͘ E'/E ZŵƵƐƚ͗ & ϭ͘/ŶĐůƵĚĞůĞŐĂůĚĞĨĞŶƐĞĨĞĞƐŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐůŝĂďŝůŝƚLJƉŽůŝĐLJůŝŵŝƚƐ͕ǁŝƚŚƚŚĞĞdžĐĞƉƚŝŽŶŽĨWƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞ ĂďŽǀĞ͖ĂŶĚ Ϯ͘KďƚĂŝŶŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨƌŽŵĂŶŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶLJŚĂǀŝŶŐĂŶΗD ^dΗƌĂƚŝŶŐŽĨͲs///ŽƌďĞƚƚĞƌ͘ /dzƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůLJƌĞƐĐŝŶĚƚŚŝƐŽŶƚƌĂĐƚŝĨ E'/E ZŝƐŶŽƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŝŶƐƵƌĂŶĐĞ ' ƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶLJůĞŐĂůƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚ E'/E Z͘hƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚďLJƚŚĞ/dzΖƐ ƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůůďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵĂLJďĞƌĞƋƵĞƐƚĞĚ͘ >/s Z> ^dEZ^ $57,&/( /dzǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚLJƚŽĚŝƐĂƉƉƌŽǀĞŽƌƌĞũĞĐƚƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƚŚĂƚĂƌĞĚĞĨĞĐƚŝǀĞ͘ E'/E ZǁŝůůďĞ $ ƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐLJŽĨŝƚƐǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂŶĚŵƵƐƚŵĂŬĞƚŝŵĞůLJƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐǁŝƚŚŽƵƚ ĐŽŵƉĞŶƐĂƚŝŽŶƌĞƐƵůƚŝŶŐĨƌŽŵĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽŶƚŚĞƉĂƌƚŽĨ E'/E Z͘dŚĞƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚƚŽ/dz ďLJ E'/E ZŵƵƐƚďĞŽĨƐƵĐŚƋƵĂůŝƚLJƚŚĂƚƚŚĞLJĂƌĞƐƵŝƚĂďůĞĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ͘ E'/E Z͛ƐƐĞƌǀŝĐĞƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĂŐƌĞĞĚƚŽŝŶĂŶƚŝĐŝƉĂƚŝŽŶŽĨƚŚĞŽƌĚĞƌůLJĂŶĚ % ĐŽŶƚŝŶƵŽƵƐƉƌŽŐƌĞƐƐŽĨƚŚĞWƌŽũĞĐƚƚŚŽƵŐŚĐŽŵƉůĞƚŝŽŶ͘hŶůĞƐƐƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐĨŽƌƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐĂƌĞƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ E'/E Z͛ƐŽďůŝŐĂƚŝŽŶƚŽƌĞŶĚĞƌƐĞƌǀŝĐĞƐŚĞƌĞƵŶĚĞƌǁŝůůďĞĨŽƌĂƉĞƌŝŽĚǁŚŝĐŚŵĂLJ ƌĞĂƐŽŶĂďůLJďĞƌĞƋƵŝƌĞĨŽƌƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƐĂŝĚƐĞƌǀŝĐĞƐ͘ /ĨŝŶƚŚŝƐŽŶƚƌĂĐƚƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞĨŽƌƌĞŶĚĞƌŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐĞƚĨŽƌƚŚŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐďLJǁŚŝĐŚƐĞƌǀŝĐĞƐĂƌĞƚŽďĞ & ĐŽŵƉůĞƚĞĚĂƌĞƉƌŽǀŝĚĞĚ͕ĂŶĚŝĨƐƵĐŚƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌĚĂƚĞƐĂƌĞĐŚĂŶŐĞĚƚŚƌŽƵŐŚŶŽĨĂƵůƚŽĨ E'/E Z͕ƚŚĞƌĂƚĞƐĂŶĚ ĂŵŽƵŶƚƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽǀŝĚĞĚĨŽƌŚĞƌĞŝŶƐŚĂůůďĞƐƵďũĞĐƚƚŽĞƋƵŝƚĂďůĞĂĚũƵƐƚŵĞŶƚ͘/Ĩ/dzŚĂƐƌĞƋƵĞƐƚĞĚĐŚĂŶŐĞƐŝŶ ƚŚĞƐĐŽƉĞ͕ĞdžƚĞŶƚ͕ŽƌĐŚĂƌĂĐƚĞƌŽĨƚŚĞWƌŽũĞĐƚ͖ƚŚĞƚŝŵĞŽĨƉĞƌĨŽƌŵĂŶĐĞŽĨ E'/E Z͛ƐƐĞƌǀŝĐĞƐƐŚĂůůďĞĂĚũƵƐƚĞĚĞƋƵŝƚĂďůLJ͘ EĞŝƚŚĞƌƉĂƌƚLJǁŝůůďĞŚĞůĚƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞůĂLJŽƌĨĂŝůƵƌĞƚŽƉĞƌĨŽƌŵǁŚĞŶƐƵĐŚĚĞůĂLJŽƌĨĂŝůƵƌĞŝƐĚƵĞƚŽĂŶLJŽĨƚŚĞ ' ĨŽůůŽǁŝŶŐ͕ƵŶůĞƐƐƚŚĞĂĐƚŽƌŽĐĐƵƌƌĞŶĐĞĐŽƵůĚŚĂǀĞďĞĞŶƌĞĂƐŽŶĂďůLJĨŽƌĞƐĞĞŶĂŶĚƌĞĂƐŽŶĂďůĞĂĐƚŝŽŶĐŽƵůĚŚĂǀĞďĞĞŶ ƚĂŬĞŶƚŽƉƌĞǀĞŶƚƚŚĞĚĞůĂLJŽƌĨĂŝůƵƌĞ͗ĨŝƌĞ͕ĨůŽŽĚ͕ĞƉŝĚĞŵŝĐ͕ƐƚƌŝŬĞƐ͕ǁĂƌƐ͕ĂĐƚƐŽĨ'ŽĚ͕ƵŶƵƐƵĂůůLJƐĞǀĞƌĞǁĞĂƚŚĞƌ͕ŽƌĚĞůĂLJƐ ŽƌĚĞĨĂƵůƚƐĐĂƵƐĞĚďLJƉƵďůŝĐĐĂƌƌŝĞƌƐ͕ƉƌŽǀŝĚĞĚƚŚĞĚĞĨĂƵůƚŝŶŐƉĂƌƚLJŐŝǀĞƐǁƌŝƚƚĞŶŶŽƚŝĐĞĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞƚŽƚŚĞŽƚŚĞƌ ƉĂƌƚLJŽĨŝƚƐŝŶĂďŝůŝƚLJƚŽƉĞƌĨŽƌŵ͘ &ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐŽŶƚƌĂĐƚƚŚĞƚĞƌŵ͞ĚĂLJ͟ŵĞĂŶƐĂĐĂůĞŶĚĂƌĚĂLJŽĨϮϰŚŽƵƌƐ͘ ( 3DFNHW3J )F Ed/dZh^d $57,&/(ƌĞĐƚŝŽŶƐ $ ƌĞƐƵůƚŝŶŐĨƌŽŵ E'/E ZΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬ ďLJ/dzǁŝůůŶŽƚƌĞůŝĞǀĞ E'/E ZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶLJĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌ ĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶLJĂŵďŝŐƵŝƚŝĞƐ͘ /ĨŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂƌĞŵĂĚĞďLJ E'/E ZŝŶĂŶLJƉŚĂƐĞŽĨƚŚĞǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨǁŚŝĐŚŵĂLJ % ƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕ E'/E ZǁŝůůďĞƉƌŽŵƉƚůLJŶŽƚŝĨŝĞĚďLJ/dzĂŶĚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƐƵĐŚ ĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂLJďĞŶĞĐĞƐƐĂƌLJƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂLJĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘/ĨƚŚĞ E'/E ZŝƐĂǁĂƌĞŽĨĂŶLJŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞŝŶĂŶLJƉŚĂƐĞ ŽĨŝƚƐǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶƐŽĨǁŚŝĐŚŵĂLJƌĞƋƵŝƌĞĂŶLJĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕ E'/E ZŵƵƐƚƉƌŽŵƉƚůLJƉĞƌĨŽƌŵ ƐƵĐŚĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂLJďĞŶĞĐĞƐƐĂƌLJƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂLJĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘ E'/E ZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶLJĚĂŵĂŐĞƐŝŶĐƵƌƌĞĚĂƐĂƌĞƐƵůƚŽĨŝƚƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂŶĚĨŽƌĂŶLJ & 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dŚŝƐĐŽƵůĚďĞĂďƌŝĞĨŶĂƌƌĂƚŝǀĞƐƵŵŵĂƌLJŽƌƌĞĨĞƌĞŶĐĞĂŶĂƚƚĂĐŚĞĚĚŽĐƵŵĞŶƚĨƌŽŵƚŚĞŝƚŝnjĞŶ WĂƌƚŝĐŝƉĂƚŝŽŶƐĞĐƚŝŽŶŽĨƚŚĞŽŶWůĂŶ͘ dŚĞĨŽůůŽǁŝŶŐĂŐĞŶĐŝĞƐĂƚƚĞŶĚĞĚƚŚĞĨŝƌƐƚƉƵďůŝĐŚĞĂƌŝŶŐŚĞůĚŽŶKĐƚŽďĞƌϱ͕ϮϬϮϬ͗ ĂŵĂƐĐƵƐtĂLJ EĞdžƚŚĂƉƚĞƌDŝŶŝƐƚƌŝĞƐ ZŽĐŚĞƐƚĞƌƌĞĂzD ϲ͘^ƵŵŵĂƌLJŽĨĐŽŵŵĞŶƚƐŽƌǀŝĞǁƐŶŽƚĂĐĐĞƉƚĞĚĂŶĚƚŚĞƌĞĂƐŽŶƐĨŽƌŶŽƚĂĐĐĞƉƚŝŶŐƚŚĞŵ EŽƵŶĂĐĐĞƉƚĞĚǀŝĞǁƐŽƌĐŽŵŵĞŶƚƐƌĞĐĞŝǀĞĚ͘ ϳ͘^ƵŵŵĂƌLJ ŶŶƵĂůĐƚŝŽŶWůĂŶϱ ϮϬϮϭ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞdžƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J 3DFNHW3J *D ĂŐĞŶĐLJͬĞŶƚŝƚLJƌĞƐƉŽŶƐŝďůĞĨŽƌƉƌĞƉĂƌŝŶŐƚŚĞŽŶƐŽůŝĚĂƚĞĚWůĂŶĂŶĚƚŚŽƐĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨĞĂĐŚŐƌĂŶƚ ĞƉĂƌƚŵĞŶƚͬŐĞŶĐLJ ϲ ŝƚLJŽĨZŽĐŚĞƐƚĞƌ͕DE ŐĞŶĐLJͬĞŶƚŝƚLJƌĞƐƉŽŶƐŝďůĞĨŽƌƉƌĞƉĂƌŝŶŐͬĂĚŵŝŶŝƐƚĞƌŝŶŐƚŚĞŽŶƐŽůŝĚĂƚĞĚWůĂŶ ZĞƐƉŽŶƐŝďůĞŐĞŶĐŝĞƐ ŶŶƵĂůĐƚŝŽŶWůĂŶ EĂŵĞ ϮϬϮϭ ʹ ϭ dĂďůĞ ϵϭ͘ϮϬϬ;ďͿ ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚĞƉĂƌƚŵĞŶƚ [[1944,2023,2012,2557][14][B,I,][Arial]]#URFKHVWHUPQJRY ŽŶƐŽůŝĚĂƚĞĚWůĂŶWƵďůŝĐŽŶƚĂĐƚ/ŶĨŽƌŵĂƚŝŽŶ ʹ Ϭϱ>ĞĂĚΘZĞƐƉŽŶƐŝďůĞŐĞŶĐŝĞƐ ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚ^ƉĞĐŝĂůŝƐƚ Ϭϭϭϳ;ĞdžƉ͘ϬϲͬϯϬͬϮϬϭϴͿ Et͕^ƵŝƚĞϭϬϬ ŐĞŶĐLJZŽůĞ ƉƌŽŐƌĂŵĂŶĚĨƵŶĚŝŶŐƐŽƵƌĐĞ͘ YHQE\ 'ĚŵŝŶŝƐƚƌĂƚŽƌϮϬϬϯ ϱϱϵϬϭ EĂƌƌĂƚŝǀĞ;ŽƉƚŝŽŶĂůͿ ϰϬϬϭtZŝǀĞƌWŬǁLJ ʹ Ϯ ŝƚLJŽĨZŽĐŚĞƐƚĞƌ Ͳ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ ϯϮϴ [[1944,2710,2012,2744][14][B,I,][Arial]]V ZŽĐŚĞƐƚĞƌ͕DE E ĞƐĐƌŝďĞƚŚĞ ƌĞŶƚ^ǀĞŶďLJ Ͳ[[1944,2775,2012,2793][14][B,I,][Arial]] WŚŽŶĞ͗ϱϬϳ[[1944,2791,2012,2809][14][B,I,][Arial]] [[1944,2809,2012,2985][14][B,I,][Arial]](PDLO Ͳ WZ ϭ͘ [[1944,2983,2012,3001][14][B,I,][Arial]] 3DFNHW3J *D ϮϬϮϰŽŶƐŽůŝĚĂƚĞĚWůĂŶǁĂƐĂǀĂŝůĂďůĞ ĞƌƐ ŶŽƚŝĐĞǁĂƐƉůĂĐĞĚŝŶƚŚĞůŽĐĂůŶĞǁƐƉĂƉĞƌŝŶǀŝƚŝŶŐŝŶƚĞƌĞƐƚĞĚƉĂƌƚŝĞƐƚŚĞŽƉƉŽƌƚƵŶŝƚLJƚŽǀŽŝĐĞƚŚĞŝƌŽƉŝŶŝŽŶƐƌĞŐĂƌĚŝŶŐƚŚĞ ƌĞŐĂƌĚŝŶŐƚŚĞĂůůŽĐĂƚŝŽŶƐĨŽƌƚŚĞ ƌĞĐƚůLJƚŽƉƵďůŝĐŚŽƵƐŝŶŐ ŝŶŐŽƵƌĂƌĞĂƐŽĨ WƌŽǀŝĚĞĂĐŽŶĐŝƐĞƐƵŵŵĂƌLJŽĨƚŚĞũƵƌŝƐĚŝĐƚŝŽŶ͛ƐĂĐƚŝǀŝƚŝĞƐƚŽĞŶŚĂŶĐĞĐŽŽƌĚŝŶĂƚŝŽŶďĞƚǁĞĞŶƉƵďůŝĐĂŶĚĂƐƐŝƐƚĞĚŚŽƵƐŝŶŐƉƌŽǀŝĚ ĂŶĚƚŚĞĐŝƚLJΖƐǁĞďƐŝƚĞ͘ ƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ͕ĂŽŶƐŽůŝĚĂƚĞĚWůĂŶWƵďůŝĐDĞĞƚŝŶŐǁĂƐĐŽŶĚƵĐƚĞĚŽŶ ƉƌŽƉŽƐĞĚ ĞĚĨŽƌŵŽƌĞŽĨƉƵďůŝĐ Ğ ͕ĂŵĞĚŝĂƌĞůĞĂƐĞ͕ĂŶĚŶŽƚŝĨŝĞĚƉƌĞǀŝŽƵƐ WĂƌƚŶĞƌĞĚǁŝƚŚtŽƌŬĨŽƌĐĞĞǀĞůŽƉŵĞŶƚ͕,ĂǁƚŚŽƌŶĞ ĚƵĐĂƚŝŽŶĞŶƚĞƌ͕ŽŵŵƵŶŝƚLJ,ĞĂůƚŚ^ĞƌǀŝĐĞƐ͕ŚŝůĚƌĞŶ͛ƐĞŶƚĂůƚŽƉƌŽǀŝĚ ,ĞĂůƚŚƚŽƉƌŽǀŝĚĞƉƵďůŝĐŚŽƵƐŝŶŐƚĞŶĂŶƚƐǁŝƚŚĐŽŵŵƵŶŝƚLJŐĂƌĚĞŶƐĨŽƌĨŽŽĚ͕ďƵĚŐĞƚƐĂǀŝŶŐƐ͕ĐŽŵŵƵŶŝƚLJ dŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌĐŽŶĚƵĐƚƐƉƵďůŝĐŚĞĂƌŝŶŐƐƚŽŽďƚĂŝŶĐŝƚŝnjĞŶǀŝĞǁƐ͕ƌĞƐƉŽŶĚƚŽƋƵĞƐƚŝŽŶƐ͕ĚĞǀĞůŽƉŵĞŶƚŶĞĞĚƐĂŶĚƌĞǀŝĞǁŽĨ ϳ ŝŶƚĞƌĞƐƚĞĚŝŶƉĂƌƚŝĐŝƉĂƚŝŶŐĂŶĚĞdžƚĞŶĚŝŶŐĐŽŵŵƵŶŝĐĂƚŝŽŶŽĨƚŚĞĞǀĞŶƚ͘dŽƌĞƐŽůǀĞƚŚŝƐŝŶƚŚĞĨƵƚƵƌĞ͕ǁĞǁŝůůĐŽŶƐŝĚĞƌďƌŽĂĚĞŶ dŚĞKůŵƐƚĞĚŽƵŶƚLJ,ŽƵƐŝŶŐĂŶĚZĞĚĞǀĞůŽƉŵĞŶƚƵƚŚŽƌŝƚLJŚĂƐƉĂƌƚŶĞƌĞĚǁŝƚŚůŽĐĂůŽƌŐĂŶŝnjĂƚŝŽŶƐƚŽďƌŝŶŐƐĞƌǀŝĐĞƐĚŝ ͕ŽƌĂƌĂĚŝŽďƌŽĂĚĐĂƐƚ͘ ĚƐǁŝůůďĞĂǀĂŝůĂďůĞĂƚŝƚLJ,ĂůůdŚĞůŽĐĂƚŝŽŶĂŶĚƚŝŵŝŶŐŽĨƚŚŝƐŵĞĞƚŝŶŐŝƐĂĐĐĞƐƐŝďůĞĂŶĚĨůĞdžŝďůĞƚŽƌĞĂĐŚƚŚĞďƌŽĂĚĞƐƚĂƵĚŝĞŶĐĞ͘dŚĞŝƐƐƵĞŝƐƚŚĞŶĞ ƐĐŚŽŽůƉƌŽŐƌĂŵŵŝŶŐƚŽĐŚŝůĚƌĞŶŝŶƉƵďůŝĐŚŽƵƐŝŶŐ͘ Ő ƉƵďůŝĐŚĞĂƌŝŶ Ͳ Ϭ WĂƌƚŶĞƌĞĚǁŝƚŚZŽĐŚĞƐƚĞƌWƵďůŝĐ^ĐŚŽŽůƐƚŽĞŶŐĂŐĞƉƵďůŝĐŚŽƵƐŝŶŐƉĂƌĞŶƚƐǁŝƚŚƐĐŚŽŽůƉĞƌƐŽŶŶĞů͘ dŚĞĚƌĂĨƚĐŽƉLJŽĨƚŚĞϮϬϮ ĚĂLJƉĞƌŝŽĚďĞŐŝŶŶŝŶŐKĐƚŽďĞƌϭϱ͕ϮϬϭϵƵŶƚŝůEŽǀĞŵďĞƌϭϰ͕ϮϬϭϵ͘ ŶŶƵĂůĐƚŝŽŶWůĂŶ͕ƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌƉƵďůŝƐŚĞĚĂŶŽƚŝĐĞŝŶƚŚĞůŽĐĂůŶĞǁƐƉĂƉĞƌ ĐŽŵŵƵŶŝĐĂƚŝŽŶŽĨƚŚŝƐŵĞĞƚŝŶŐ͘^ŽŵĞĞdžĂŵƉůĞƐŝŶĐůƵĚĞƉŽƐƚŝŶŐƚŚĞĞǀĞŶƚŽŶƚŚĞŝƚLJ͛ƐǁĞďƐŝƚĞ Ă ǀĞƌŶŵĞŶƚĂůŚĞĂůƚŚ͕ŵĞŶƚĂůŚĞĂůƚŚĂŶĚƐĞƌǀŝĐĞĂŐĞŶĐŝĞƐ;ϵϭ͘Ϯϭϱ;ůͿͿ 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ĚƚŚĞƚƌĂĐŬĐŽůůĞŐĞĞĚƵĐĂƚŝŽŶƐ dŚĞŝƚLJǁŝůůĂůƐŽƐƵƉƉŽƌƚƚŚĞƐĞ ŵƐƚĞĚŽƵŶƚLJWƵďůŝĐ,ĞĂůƚŚƚŽƉƌŽŵŽƚĞŚĞĂůƚŚLJĐŽŵŵƵŶŝƚŝĞƐ ƚŚĐŚŝůĚƌĞŶǁŚŽ ͕ ZŽĐŚĞƐƚĞƌ^ĞŶŝŽƌ ĂŶLJĐŽŵŵƵŶŝƚLJƐƚĂŬĞŚŽůĚĞƌƐĚƵƌŝŶŐǀĂƌŝŽƵƐƐĞƐƐŝŽŶƐƚŽĂĐĐŽŵƉůŝƐŚƚŚŝƐƉƵƌƉŽƐĞƐƵĐŚĂƐƚŚĞKůŵƐƚĞĚDĞĚŝĐĂůĞŶƚĞƌ͕DĂLJŽůŝŶŝĐ dŚŝƐƉƌŽĐĞƐƐ ŐŽ ĨƌĞĞŚŽƵƐŝŶŐĂƚĂůůĐŽƵŶƚLJŽǁŶĞĚƌĞŶƚĂůƉƌŽƉĞƌƚŝĞƐ͕ŝŶƐƚĂůůŝŶŐĐŽŵŵƵŶŝƚLJŐĂƌĚĞŶƐĂƚĂůůƚŚƌĞĞƉƵďůŝĐŚŽƵƐŝŶŐƚŽǁŶŚŽŵĞ ƚĂ Ͳ LJŽƵ dŚĞKůŵƐƚĞĚŽƵŶƚLJ,ŽƵƐŝŶŐĂŶĚZĞĚĞǀĞůŽƉŵĞŶƚƵƚŚŽƌŝƚLJŚĂƐƉĂƌƚŶĞƌĞĚǁŝƚŚƚŚĞZŽĐŚĞƐƚĞƌ ŶĞƌŐLJŽŵŵŝƐƐŝŽŶƚŽƌĞĚƵĐĞǁĂƚĞƌĂŶĚ dŚĞKůŵƐƚĞĚŽƵŶƚLJ,ŽƵƐŝŶŐĂŶĚZĞĚĞǀĞůŽƉŵĞŶƚƵƚŚŽƌŝƚLJ;K,ZͿƉĂƌƚŶĞƌĞĚǁŝƚŚKůŵƐƚĞĚŽƵŶƚLJWƵďůŝĐ,ĞĂůƚŚ^ĞƌǀŝĐĞƐƚŽĐŽŶĚƵĐ Ͳ ĂƐ Ͳ ƐĂƉĂLJ ƉƌŝŽƌŝƚŝĞƐĂŶĚŐŽĂůƐ͖ƚŚŝƐĚĂƚĂǁĂƐƵƐĞĚŝŶƌĞƐƉŽŶƐĞƚŚĞKůŵƐƚĞĚŽƵŶƚLJWƵďůŝĐ,ĞĂůƚŚ^ĞƌǀŝĐĞ͛ƐŽŵŵƵŶŝƚLJ,ĞĂůƚŚƐƐĞƐƐŵĞŶƚ͘ dŚĞ:ĞƌĞŵŝĂŚWƌŽŐƌĂŵ͕ĂƉƌŽũĞĐƚďĞŐŝŶŶŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶƚŚŝƐLJĞĂƌ͕ŚĂƐƐĞĐƵƌĞĚůĂŶĚŝŶZŽĐŚĞƐƚĞƌ͕ƐĞƌǀŝŶŐϰϬƐŝŶŐůĞŵŽƚŚĞƌƐǁŝ ϴ ŝŶĨĞĚĞƌĂůůLJĂƐƐŝƐƚĞĚŚŽƵƐŝŶŐƚŚĂƚŵĂLJďĞĞdžƉŽƐĞĚƚŽůĞĂĚ͕ĂŶĚƚŽƉƌŽǀŝĚĞƌĞƐŽƵƌĐĞƐƚŽƚŚĞĨĂŵŝůLJĐŽŶĐĞƌŶŝŶŐůĞĂĚĞdžƉŽƐƵƌĞ͘ ^ƵĐŚĂŐĞŶĐŝĞƐŝŶĐůƵĚĞ͗ 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ĞƐĐƌŝďĞŐĞŶĐŝĞƐ͕ŐƌŽƵƉƐ͕ŽƌŐĂŶŝnjĂƚŝŽŶƐĂŶĚŽƚŚĞƌƐǁŚŽƉĂƌƚŝĐŝƉĂƚĞĚŝŶƚŚĞƉƌŽĐĞƐƐĂŶĚĚĞƐĐƌŝďĞƚŚĞũƵƌŝƐĚŝĐƚŝŽŶ͛Ɛ ƚŚŽƐĞǁŝƚŚƐƉĞĐŝĂůŶĞĞĚƐ͘/ŶĂĚĚŝƚŝŽŶ͕ĂƉƵďůŝĐŵĞĞƚŝŶŐǁĂƐĐŽŶĚƵĐƚĞĚŽŶ ŽŵƉůĞŵĞŶƚƚŚĞ,ZΖƐ Ͳ ƉƌŽƉŽƐĞĚƌĞŚĂďƉƌŽŐƌĂŵĂŶĚƌĞƐƵůƚŽǀĞƌĂůůŝŶĂŚŝŐŚĞƌŶƵŵďĞƌŽĨůŽǁ ĨƵŶĚŝŶŐǀŝĂĞŵĂŝů͘ ϭϬ K>D^d KhEdz,Kh^/E'ΘZ s >KWD Edhd,KZ/dz >ŽĂŶƉƌŽŐƌĂŵƚĂƌŐĞƚĂƌĞĂƚŽďĞĐŝƚLJǁŝĚĞ͘dŚŝƐǁŝůůĐ ϮϬϮϭ ƉƵďůŝĐĂŶĚĂƐƐŝƐƚŝŶŐŚŽƵƐŝŶŐŶĞĞĚƐĂŶĚďĂƌƌŝĞƌƐƚ ƐĞŶƚŝŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐƚŚĞĂǀĂŝůĂďŝůŝƚLJŽĨ Ͳ ŝŶƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͕ƉƌŝŶĐŝƉĂůůLJĨŽƌůŽǁ dŚĞKůŵƐƚĞĚŽƵŶƚLJ,ZƌĞĐĞŶƚůLJ ĨŽƌŵƵůĂƚŝŽŶŽĨƐƵĐŚŶĞĞĚƐ͘ ,ŽƵƐŝŶŐEĞĞĚƐƐĞƐƐŵĞŶƚ ůĚĞƌůLJWĞƌƐŽŶƐ WƵďůŝĐ,ŽƵƐŝŶŐEĞĞĚƐ ŶŶƵĂůĐƚŝŽŶWůĂŶ Ă EŽǀĞŵďĞƌϰ͕ϮϬϭϵ ,ŽƵƐŝŶŐ ŚŝůĚƌĞŶ ĐŽŶƐƵůƚĂƚŝŽŶƐǁŝƚŚŚŽƵƐŝŶŐ͕ƐŽĐŝĂůƐĞƌǀŝĐĞĂŐĞŶĐŝĞƐĂŶĚŽƚŚĞƌĞŶƚŝƚŝĞƐ ϮϬϮϭ Ͳ ͲͲ ^ĞƌǀŝĐĞƐ ,ŽƵƐŝŶŐ^ĞƌǀŝĐĞƐ^ĞƌǀŝĐĞƐ W, ĂƌĞƚŚĞĂŶƚŝĐŝƉĂƚĞĚŽƵƚĐŽŵĞƐŽĨƚŚĞĐŽŶƐƵůƚĂƚŝŽŶŽƌ ŐĞŶĐLJͬ'ƌŽƵƉͬKƌŐĂŶŝnjĂƚŝŽŶǁĂƐĐŽŶƐƵůƚĞĚ͘tŚĂƚ ƉƐ͕ŽƌŐĂŶŝnjĂƚŝŽŶƐǁŚŽƉĂƌƚŝĐŝƉĂƚĞĚ ƐĞĚďLJ tŚĂƚƐĞĐƚŝŽŶŽĨƚŚĞWůĂŶǁĂƐĂĚĚƌĞƐ ŐĞŶĐLJͬ'ƌŽƵƉͬKƌŐĂŶŝnjĂƚŝŽŶdLJƉĞ ĂƌĞĂƐĨŽƌŝŵƉƌŽǀĞĚĐŽŽƌĚŝŶĂƚŝŽŶ͍ ŐĞŶĐLJͬ'ƌŽƵƉͬKƌŐĂŶŝnjĂƚŝŽŶ Ϭϭϭϳ;ĞdžƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ƌŝĞĨůLJĚĞƐĐƌŝďĞŚŽǁƚŚĞ ŐĞŶĐŝĞƐ͕ŐƌŽƵ ŽŶƐƵůƚĂƚŝŽŶ͍ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ ʹ Ϯ dĂďůĞ ϭ Ϯ͘ 3DFNHW3J *D ƌŬĞƚĐŽŶĚŝƚŝŽŶƐ͕ĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐŶĞĞĚƐ͕ŚŽŵĞůĞƐƐ ŶĞĞĚƐ͕ƉƵďůŝĐĂŶĚĂƐƐŝƐƚŝŶŐŚŽƵƐŝŶŐŶĞĞĚƐĂŶĚďĂƌƌŝĞƌƐƚŽĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĂŶĚ ŶĞĞĚƐ͕ŝŶĐůƵĚŝŶŐŚŽƵƐŝŶŐŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐ͕ĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐŶĞĞĚƐ͕ŚŽŵĞůĞƐƐŝŶŐĂŶĚ ǀŽŝĐĞƚŚĞŝƌŽƉŝŶŝŽŶƐƌĞŐĂƌĚŝŶŐƚŚĞŝƚLJΖƐ,ŽƵƐŝŶŐĂŶĚŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚǀŽŝĐĞƚŚĞŝƌŽƉŝŶŝŽŶƐƌĞŐĂƌĚŝŶŐƚŚĞŝƚLJΖƐ,ŽƵƐŝŶŐĂŶĚŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚ ĂŶĚŵŽĚĞƌĂƚĞŝŶĐŽŵĞĞ ĚƉĂƌƚŝĞƐĂŶŽƉƉŽƌƚƵŶŝƚLJƚŽĐŽŶĚƵĐƚĞĚŽŶEŽǀĞŵďĞƌϰ͕ϮϬϭϵĂůůŽǁŝŶŐŝŶƚĞƌĞƐƚĞĚƉĂƌƚŝĞƐĂŶŽƉƉŽƌƚƵŶŝƚLJƚŽ ĂŶĚŵŽĚĞƌĂƚĞŝŶĐŽŵ ƵĞƐƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶĐƌŝƚŝĐĂůŝŶŝĚĞŶƚŝĨLJŝŶŐŶĞĞĚƐĂŶĚƐƵƌǀĞLJǁĂƐƐĞŶƚƚŽƌĞƋƵĞƐƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶĐƌŝƚŝĐĂůŝŶŝĚĞŶƚŝĨLJŝŶŐŶĞĞĚƐĂŶĚ ƌĞƐŝĚĞŶƚƐĂŶĚƚŚŽƐĞǁŝƚŚƐƉĞĐŝĂůŶĞĞĚƐ͘/ŶĂĚĚŝƚŝŽŶ͕ĂƉƵďůŝĐŵĞĞƚŝŶŐǁĂƐƌĞƐŝĚĞŶƚƐĂŶĚƚŚŽƐĞǁŝƚŚƐƉĞĐŝĂůŶĞĞĚƐ͘/ŶĂĚĚŝƚŝŽŶ͕ĂƉƵďůŝĐŵĞĞƚŝŶŐǁĂƐ ŶĞĞĚƐ͕ƉƵďůŝĐĂŶĚĂƐƐŝƐƚŝŶŐŚŽƵƐŝŶŐŶĞĞĚƐĂŶĚďĂƌƌŝĞƌƐƚŽĂĨĨŽƌĚĂďůĞŚŽƵƐ ŐĞŶĐLJƐĞŶƚŝŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐƚŚĞŐĞŶĐLJƐĞŶƚŝŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐƚŚĞ ϭϭ ͲͲ ƉƌŝŽƌŝƚLJŶĞĞĚƐŝŶƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͕ƉƌŝŶĐŝƉĂůůLJĨŽƌůŽǁƉƌŝŽƌŝƚLJŶĞĞĚƐŝŶƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͕ƉƌŝŶĐŝƉĂůůLJĨŽƌůŽǁ ĐŽŶĚƵĐƚĞĚŽŶEŽǀĞŵďĞƌϰ͕ϮϬϭϵĂůůŽǁŝŶŐŝŶƚĞƌĞƐƚĞ WƵďůŝĐůLJ&ƵŶĚĞĚ/ŶƐƚŝƚƵƚŝŽŶͬ^LJƐƚĞŵŽĨĂƌĞ ĨƵŶĚŝŶŐǀŝĂĞŵĂŝů͘ĂǀĂŝůĂďŝůŝƚLJŽĨϮϬϮϭĨƵŶĚŝŶŐǀŝĂĞŵĂŝů͘ ŽŶƚŚĞĨŽƌŵƵůĂƚŝŽŶŽĨƐƵĐŚŶĞĞĚƐ͘ŽŶƚŚĞĨŽƌŵƵůĂƚŝŽŶŽĨƐƵĐŚŶĞĞĚƐ͘ WĞƌƐŽŶƐǁŝƚŚŝƐĂďŝůŝƚŝĞƐ ^>sd/KEZDzZK, ^d Z ŶĞĞĚƐ͕ŝŶĐůƵĚŝŶŐŚŽƵƐŝŶŐŵĂ ,ŽƵƐŝŶŐEĞĞĚƐƐĞƐƐŵĞŶƚƵƐŝŶĞƐƐĂŶĚŝǀŝĐ>ĞĂĚĞƌƐ,ŽƵƐŝŶŐEĞĞĚƐƐĞƐƐŵĞŶƚ ƐƵƌǀĞLJǁĂƐƐĞŶƚƚŽƌĞƋ ZZ <^ Zs/ ^ WƵďůŝĐ,ŽƵƐŝŶŐEĞĞĚƐ ŶŶƵĂůĐƚŝŽŶWůĂŶ ϮϬϮϭ ,ŽƵƐŝŶŐ ϮϬϮϭ ĂǀĂŝůĂďŝůŝƚLJŽĨ &ŽƵŶĚĂƚŝŽŶ Ͳ Ͳ ,ŽƵƐŝŶŐ^ĞƌǀŝĐĞƐ,ŽƵƐŝŶŐ^ĞƌǀŝĐĞƐ ĂƌĞƚŚĞĂŶƚŝĐŝƉĂƚĞĚŽƵƚĐŽŵĞƐŽĨƚŚĞĐŽŶƐƵůƚĂƚŝŽŶŽƌĂƌĞƚŚĞĂŶƚŝĐŝƉĂƚĞĚŽƵƚĐŽŵĞƐŽĨƚŚĞĐŽŶƐƵůƚĂƚŝŽŶŽƌ ŐĞŶĐLJͬ'ƌŽƵƉͬKƌŐĂŶŝnjĂƚŝŽŶǁĂƐĐŽŶƐƵůƚĞĚ͘tŚĂƚĐŽŶƐƵůƚĞĚ͘tŚĂƚ ƐĂĚĚƌĞƐƐĞĚďLJtŚĂƚƐĞĐƚŝŽŶŽĨƚŚĞWůĂŶǁĂƐĂĚĚƌĞƐƐĞĚďLJ ŐĞŶĐLJͬ'ƌŽƵƉͬKƌŐĂŶŝnjĂƚŝŽŶdLJƉĞŐĞŶĐLJͬ'ƌŽƵƉͬKƌŐĂŶŝnjĂƚŝŽŶdLJƉĞ ĂƌĞĂƐĨŽƌŝŵƉƌŽǀĞĚĐŽŽƌĚŝŶĂƚŝŽŶ͍ĂƌĞĂƐĨŽƌŝŵƉƌŽǀĞĚĐŽŽƌĚŝŶĂƚŝŽŶ͍ ŐĞŶĐLJͬ'ƌŽƵƉͬKƌŐĂŶŝnjĂƚŝŽŶǁĂƐ ŐĞŶĐLJͬ'ƌŽƵƉͬKƌŐĂŶŝnjĂƚŝŽŶŐĞŶĐLJͬ'ƌŽƵƉͬKƌŐĂŶŝnjĂƚŝŽŶ tŚĂƚƐĞĐƚŝŽŶŽĨƚŚĞWůĂŶǁĂ 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ƉƌŝŽƌŝƚLJŶĞĞĚƐŝŶƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͕ƉƌŝŶĐŝƉĂůůLJĨŽƌůŽǁƉƌŝŽƌŝƚLJŶĞĞĚƐŝŶƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͕ƉƌŝŶĐŝƉĂůůLJĨŽƌůŽǁ ^ DEĞŶƚĞƌĨŽƌ/ŶĚĞƉĞŶĚĞŶƚ>ŝǀŝŶŐ;^ D/>Ϳ KDDhE/dz,Kh^/E'WZdE Z^,/W͕/E͘ WƵďůŝĐůLJ&ƵŶĚĞĚ/ŶƐƚŝƚƵƚŝŽŶͬ^LJƐƚĞŵŽĨĂƌĞ ƌĞƐŝĚĞŶƚƐĂŶĚƚŚŽƐĞǁŝƚŚƐƉĞĐŝĂůŶĞĞĚ ĂǀĂŝůĂďŝůŝƚLJŽĨϮϬϮϭĨƵŶĚŝŶŐǀŝĂĞŵĂŝů͘ĂǀĂŝůĂďŝůŝƚLJŽĨϮϬϮϭĨƵŶĚŝŶŐǀŝĂĞŵĂŝů͘ ŽŶƚŚĞĨŽƌŵƵůĂƚŝŽŶŽĨƐƵĐŚŶĞĞĚƐ͘ŽŶƚŚĞĨŽƌŵƵůĂƚŝŽŶŽĨƐƵĐŚŶĞĞĚƐ͘ WĞƌƐŽŶƐǁŝƚŚŝƐĂďŝůŝƚŝĞƐ ,ŽŵĞůĞƐƐ^ƉĞĐŝĂůEĞĞĚƐ ,ŽƵƐŝŶŐEĞĞĚƐƐĞƐƐŵĞŶƚ,ŽƵƐŝŶŐEĞĞĚƐƐĞƐƐŵĞŶƚ ŶĞĞĚƐ͕ŝŶĐůƵĚŝŶŐŚŽƵ ŶŶƵĂůĐƚŝŽŶWůĂŶ ĚƵĐĂƚŝŽŶ ,ŽƵƐŝŶŐ ƵƐŝŶĞƐƐ>ĞĂĚĞƌƐ ϮϬϮϭ Ɛ ŝǀŝĐ>ĞĂĚĞƌ Ͳ ͲͲ ^ĞƌǀŝĐĞƐ ^ĞƌǀŝĐĞƐ,ŽƵƐŝŶŐ^ĞƌǀŝĐĞƐ Ͳ EŽŶ ĐŽŵĞƐŽĨƚŚĞĐŽŶƐƵůƚĂƚŝŽŶŽƌĂƌĞƚŚĞĂŶƚŝĐŝƉĂƚĞĚŽƵƚĐŽŵĞƐŽĨƚŚĞĐŽŶƐƵůƚĂƚŝŽŶŽƌ ŽŶǁĂƐĐŽŶƐƵůƚĞĚ͘tŚĂƚ ŐĞŶĐLJͬ'ƌŽƵƉͬKƌŐĂŶŝnjĂƚŝŽŶǁĂƐĐŽŶƐƵůƚĞĚ͘tŚĂƚ tŚĂƚƐĞĐƚŝŽŶŽĨƚŚĞWůĂŶǁĂƐĂĚĚƌĞƐƐĞĚďLJtŚĂƚƐĞĐƚŝŽŶŽĨƚŚĞWůĂŶǁĂƐĂĚĚƌĞƐƐĞĚďLJ ŐĞŶĐLJͬ'ƌŽƵƉͬKƌŐĂŶŝnjĂƚŝŽŶdLJƉĞŐĞŶĐLJͬ'ƌŽƵƉͬKƌŐĂŶŝnjĂƚŝŽŶdLJƉĞ ĂƌĞĂƐĨŽƌŝŵƉƌŽǀĞĚĐŽŽƌĚŝŶĂƚŝŽŶ͍ĂƌĞĂƐĨŽƌŝŵƉƌŽǀĞĚĐŽŽƌĚŝŶĂƚŝŽŶ͍ ŐĞŶĐLJͬ'ƌŽƵƉͬKƌŐĂŶŝnjĂƚŝŽŶŐĞŶĐLJͬ'ƌŽƵƉͬKƌŐĂŶŝnjĂƚŝŽŶ Ϭϭϭϳ;ĞdžƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ŐĞŶĐLJͬ'ƌŽƵƉͬKƌŐĂŶŝnjĂƚŝ ƌŝĞĨůLJĚĞƐĐƌŝďĞŚŽǁƚŚĞƌŝĞĨůLJĚĞƐĐƌŝďĞŚŽǁƚŚĞ ĂƌĞƚŚĞĂŶƚŝĐŝƉĂƚĞĚŽƵƚ ŽŶƐƵůƚĂƚŝŽŶ͍ŽŶƐƵůƚĂƚŝŽŶ͍ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ ϰ ϱ 3DFNHW3J 3DFNHW3J *D ŶĞĞĚƐ͕ƉƵďůŝĐĂŶĚĂƐƐŝƐƚŝŶŐŚŽƵƐŝŶŐŶĞĞĚƐĂŶĚďĂƌƌŝĞƌƐƚŽĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĂŶĚŶĞĞĚƐ͕ƉƵďůŝĐĂŶĚĂƐƐŝƐƚŝŶŐŚŽƵƐŝŶŐŶĞĞĚƐĂŶĚďĂƌƌŝĞƌƐƚŽĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĂŶĚ ŶĞĞĚƐ͕ŝŶĐůƵĚŝŶŐŚŽƵƐŝŶŐŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐ͕ĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐŶĞĞĚƐ͕ŚŽŵĞůĞƐƐŶĞĞĚƐ͕ŝŶĐůƵĚŝŶŐŚŽƵƐŝŶŐŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐ͕ĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐŶĞĞĚƐ͕ŚŽŵĞůĞƐƐ ĂŶĚŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚ ĐĞƚŚĞŝƌŽƉŝŶŝŽŶƐƌĞŐĂƌĚŝŶŐƚŚĞŝƚLJΖƐ,ŽƵƐŝŶŐĂŶĚŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚ ĂŶĚŵŽĚĞƌĂƚĞŝŶĐŽŵĞĂŶĚŵŽĚĞƌĂƚĞŝŶĐŽŵĞ ĐŽŶĚƵĐƚĞĚŽŶEŽǀĞŵďĞƌϰ͕ϮϬϭϵĂůůŽǁŝŶŐŝŶƚĞƌĞƐƚĞĚƉĂƌƚŝĞƐĂŶŽƉƉŽƌƚƵŶŝƚLJƚŽĐŽŶĚƵĐƚĞĚŽŶEŽǀĞŵďĞƌϰ͕ϮϬϭϵĂůůŽǁŝŶŐŝŶƚĞƌĞƐƚĞĚƉĂƌƚŝĞƐĂŶŽƉƉŽƌƚƵŶŝƚLJƚŽ ŝĚĞŶƚŝĨLJŝŶŐŶĞĞĚƐĂŶĚ ƐƵƌǀĞLJǁĂƐƐĞŶƚƚŽƌĞƋƵĞƐƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶĐƌŝƚŝĐĂůŝŶŝĚĞŶƚŝĨLJŝŶŐŶĞĞĚƐĂŶĚ ƌĞƐŝĚĞŶƚƐĂŶĚƚŚŽƐĞǁŝƚŚƐƉĞĐŝĂůŶĞĞĚƐ͘/ŶĂĚĚŝƚŝŽŶ͕ĂƉƵďůŝĐŵĞĞƚŝŶŐǁĂƐƌĞƐŝĚĞŶƚƐĂŶĚƚŚŽƐĞǁŝƚŚƐƉĞĐŝĂůŶĞĞĚƐ͘/ŶĂĚĚŝƚŝŽŶ͕ĂƉƵďůŝĐŵĞĞƚŝŶŐǁĂƐ Ğ ŐĞŶĐLJƐĞŶƚŝŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐƚŚĞ ŐĞŶĐLJƐĞŶƚŝŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐƚŚ ϭϰ ͲͲ ĐŚĞƐƚĞƌĂƌĞĂ͕ƉƌŝŶĐŝƉĂůůLJĨŽƌůŽǁ ƉƌŝŽƌŝƚLJŶĞĞĚƐŝŶƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͕ƉƌŝŶĐŝƉĂůůLJĨŽƌůŽǁ ƐƵƌǀĞLJǁĂƐƐĞŶƚƚŽƌĞƋƵĞƐƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶĐƌŝƚŝĐĂůŝŶ ǀŽŝĐĞƚŚĞŝƌŽƉŝŶŝŽŶƐƌĞŐĂƌĚŝŶŐƚŚĞŝƚLJΖƐ,ŽƵƐŝŶŐ hŶĂĐĐŽŵƉĂŶŝĞĚLJŽƵƚŚ hDZKs>> zD Ed>, >d, Ed Z Ě/ŶƐƚŝƚƵƚŝŽŶͬ^LJƐƚĞŵŽĨĂƌĞ ŚƌŽŶŝĐĂůůLJŚŽŵĞůĞƐƐ ĂǀĂŝůĂďŝůŝƚLJŽĨϮϬϮϭĨƵŶĚŝŶŐǀŝĂĞŵĂŝů͘ĂǀĂŝůĂďŝůŝƚLJŽĨϮϬϮϭĨƵŶĚŝŶŐǀŝĂĞŵĂŝů͘ ŽŶƚŚĞĨŽƌŵƵůĂƚŝŽŶŽĨƐƵĐŚŶĞĞĚƐ͘ƵĐŚŶĞĞĚƐ͘ WĞƌƐŽŶƐǁŝƚŚŝƐĂďŝůŝƚŝĞƐ WĞƌƐŽŶƐǁŝƚŚ,/sͬ/^ EĞŝŐŚďŽƌŚŽŽĚKƌŐĂŶŝnjĂƚŝŽŶ ,ŽƵƐŝŶŐEĞĞĚƐƐĞƐƐŵĞŶƚ ƉƌŝŽƌŝƚLJŶĞĞĚƐŝŶƚŚĞZŽ ŽŶƚŚĞĨŽƌŵƵůĂƚŝŽŶŽĨƐ Ͳ ,ŽŵĞůĞƐƐŶĞƐƐEĞĞĚƐ ŶŶƵĂůĐƚŝŽŶWůĂŶ ŚŽŵĞůĞƐƐ ,ŽƵƐŝŶŐ Ͳ ,ŽŵĞůĞƐƐEĞĞĚƐ WƵďůŝĐůLJ&ƵŶĚĞ ϮϬϮϭ Ͳ ͲͲͲ ^ĞƌǀŝĐĞƐ ,ŽƵƐŝŶŐ^ĞƌǀŝĐĞƐ^ĞƌǀŝĐĞƐ^ĞƌǀŝĐĞƐ ǀŽŝ ĂƌĞƚŚĞĂŶƚŝĐŝƉĂƚĞĚŽƵƚĐŽŵĞƐŽĨƚŚĞĐŽŶƐƵůƚĂƚŝŽŶŽƌĂƌĞƚŚĞĂŶƚŝĐŝƉĂƚĞĚŽƵƚĐŽŵĞƐŽĨƚŚĞĐŽŶƐƵůƚĂƚŝŽŶŽƌ ŐĞŶĐLJͬ'ƌŽƵƉͬKƌŐĂŶŝnjĂƚŝŽŶǁĂƐĐŽŶƐƵůƚĞĚ͘tŚĂƚŐĞŶĐLJͬ'ƌŽƵƉͬKƌŐĂŶŝnjĂƚŝŽŶǁĂƐĐŽŶƐƵůƚĞĚ͘tŚĂƚ tŚĂƚƐĞĐƚŝŽŶŽĨƚŚĞWůĂŶǁĂƐĂĚĚƌĞƐƐĞĚďLJ ŐĞŶĐLJͬ'ƌŽƵƉͬKƌŐĂŶŝnjĂƚŝŽŶdLJƉĞ ĂƌĞĂƐĨŽƌŝŵƉƌŽǀĞĚĐŽŽƌĚŝŶĂƚŝŽŶ͍ĂƌĞĂƐĨŽƌŝŵƉƌŽǀĞĚĐŽŽƌĚŝŶĂƚŝŽŶ͍ ŐĞŶĐLJͬ'ƌŽƵƉͬKƌŐĂŶŝnjĂƚŝŽŶ Ϭϭϭϳ;ĞdžƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ŝĞĨůLJĚĞƐĐƌŝďĞŚŽǁƚŚĞƌŝĞĨůLJĚĞƐĐƌŝďĞŚŽǁƚŚĞ ŽŶƐƵůƚĂƚŝŽŶ͍ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ ƌ ϴ 3DFNHW3J *D ĂŶĚ ŶĞĞĚƐ͕ŝŶĐůƵĚŝŶŐŚŽƵƐŝŶŐŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐ͕ĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐŶĞĞĚƐ͕ŚŽŵĞůĞƐƐ ǀŽŝĐĞƚŚĞŝƌŽƉŝŶŝŽŶƐƌĞŐĂƌĚŝŶŐƚŚĞŝƚLJΖƐ,ŽƵƐŝŶŐĂŶĚŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚ ĂŶĚŵŽĚĞƌĂƚĞŝŶĐŽŵĞ ĂƌƚŝĞƐĂŶŽƉƉŽƌƚƵŶŝƚLJƚŽ ŶĞĞĚƐ͕ƉƵďůŝĐĂŶĚĂƐƐŝƐƚŝŶŐŚŽƵƐŝŶŐŶĞĞĚƐĂŶĚďĂƌƌŝĞƌƐƚŽĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐ ƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶĐƌŝƚŝĐĂůŝŶŝĚĞŶƚŝĨLJŝŶŐŶĞĞĚƐĂŶĚ ƌĞƐŝĚĞŶƚƐĂŶĚƚŚŽƐĞǁŝƚŚƐƉĞĐŝĂůŶĞĞĚƐ͘/ŶĂĚĚŝƚŝŽŶ͕ĂƉƵďůŝĐŵĞĞƚŝŶŐǁĂƐ ŐĞŶĐLJƐĞŶƚŝŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐƚŚĞ ϭϱ Ͳ ƉƌŝŽƌŝƚLJŶĞĞĚƐŝŶƚŚĞZŽĐŚĞƐƚĞƌĂƌĞĂ͕ƉƌŝŶĐŝƉĂůůLJĨŽƌůŽǁ ĐŽŶĚƵĐƚĞĚŽŶEŽǀĞŵďĞƌϰ͕ϮϬϭϵĂůůŽǁŝŶŐŝŶƚĞƌĞƐƚĞĚƉ ZK, ^d ZZ ,/dd&KZ,hDE/dz WƵďůŝĐůLJ&ƵŶĚĞĚ/ŶƐƚŝƚƵƚŝŽŶͬ^LJƐƚĞŵŽĨĂƌĞ sŝĐƚŝŵƐŽĨŽŵĞƐƚŝĐsŝŽůĞŶĐĞ ĂǀĂŝůĂďŝůŝƚLJŽĨϮϬϮϭĨƵŶĚŝŶŐǀŝĂĞŵĂŝů͘ ŽŶƚŚĞĨŽƌŵƵůĂƚŝŽŶŽĨƐƵĐŚŶĞĞĚƐ͘ tŽŵĞŶΖƐ^ŚĞůƚĞƌZŽĐŚĞƐƚĞƌDE ƐƵƌǀĞLJǁĂƐƐĞŶƚƚŽƌĞƋƵĞƐ EĞŝŐŚďŽƌŚŽŽĚKƌŐĂŶŝnjĂƚŝŽŶEĞŝŐŚďŽƌŚŽŽĚKƌŐĂŶŝnjĂƚŝŽŶ ,ŽƵƐŝŶŐEĞĞĚƐƐĞƐƐŵĞŶƚ ƐƐŵĞŶƚ ŶŶƵĂůĐƚŝŽŶWůĂŶ ,ŽƵƐŝŶŐEĞĞĚƐƐĞ ,ŽƵƐŝŶŐ ƵƐŝŶĞƐƐ>ĞĂĚĞƌƐ ϮϬϮϭ Ͳ Ͳ ^ĞƌǀŝĐĞƐ ,ŽƵƐŝŶŐ,ŽƵƐŝŶŐ^ĞƌǀŝĐĞƐ ĂƌĞƚŚĞĂŶƚŝĐŝƉĂƚĞĚŽƵƚĐŽŵĞƐŽĨƚŚĞĐŽŶƐƵůƚĂƚŝŽŶŽƌ ŐĞŶĐLJͬ'ƌŽƵƉͬKƌŐĂŶŝnjĂƚŝŽŶǁĂƐĐŽŶƐƵůƚĞĚ͘tŚĂƚ tŚĂƚƐĞĐƚŝŽŶŽĨƚŚĞWůĂŶǁĂƐĂĚĚƌĞƐƐĞĚďLJtŚĂƚƐĞĐƚŝŽŶŽĨƚŚĞWůĂŶǁĂƐĂĚĚƌĞƐƐĞĚďLJ ƌŽƵƉͬKƌŐĂŶŝnjĂƚŝŽŶdLJƉĞ ŐĞŶĐLJͬ'ƌŽƵƉͬKƌŐĂŶŝnjĂƚŝŽŶdLJƉĞ ĂƌĞĂƐĨŽƌŝŵƉƌŽǀĞĚĐŽŽƌĚŝŶĂƚŝŽŶ͍ ŐĞŶĐLJͬ'ƌŽƵƉͬKƌŐĂŶŝnjĂƚŝŽŶŐĞŶĐLJͬ'ƌŽƵƉͬKƌŐĂŶŝnjĂƚŝŽŶ Ϭϭϭϳ;ĞdžƉ͘ϬϲͬϯϬͬϮϬϭϴͿ ƌŝĞĨůLJĚĞƐĐƌŝďĞŚŽǁƚŚĞ ŽŶƐƵůƚĂƚŝŽŶ͍ŽŶƐƵůƚĂƚŝŽŶ͍ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ ŐĞŶĐLJͬ' ϭϬ ϵ 3DFNHW3J *D ŶĞĞĚƐ͕ƉƵďůŝĐĂŶĚĂƐƐŝƐƚŝŶŐŚŽƵƐŝŶŐŶĞĞĚƐĂŶĚďĂƌƌŝĞƌƐƚŽĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĂŶĚ ŶĞĞĚƐ͕ŝŶĐůƵĚŝŶŐŚŽƵƐŝŶŐŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐ͕ĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐŶĞĞĚƐ͕ŚŽŵĞůĞƐƐŶĞĞĚƐ͕ŝŶĐůƵĚŝŶŐŚŽƵƐŝŶŐŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐ͕ĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐŶĞĞĚƐ͕ŚŽŵĞůĞƐƐĞƌƐƚŽĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĂŶĚ ƉŵĞŶƚ ǀŽŝĐĞƚŚĞŝƌŽƉŝŶŝŽŶƐƌĞŐĂƌĚŝŶŐƚŚĞŝƚLJΖƐ,ŽƵƐŝŶŐĂŶĚŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚ ĂŶĚŵŽĚĞƌĂƚĞŝŶĐŽŵĞĂŶĚŵŽĚĞƌĂƚĞŝŶĐŽŵĞ ĐŽŶĚƵĐƚĞĚŽŶEŽǀĞŵďĞƌϰ͕ϮϬϭϵĂůůŽǁŝŶŐŝŶƚĞƌĞƐƚĞĚƉĂƌƚŝĞƐĂŶŽƉƉŽƌƚƵŶŝƚLJƚŽϬϭϵĂůůŽǁŝŶŐŝŶƚĞƌĞƐƚĞĚƉĂƌƚŝĞƐĂŶŽƉƉŽƌƚƵŶŝƚLJƚŽ ƐƵƌǀĞLJǁĂƐƐĞŶƚƚŽƌĞƋƵĞƐƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶĐƌŝƚŝĐĂůŝŶŝĚĞŶƚŝĨLJŝŶŐŶĞĞĚƐĂŶĚ 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^Žƌƚ ϰ *D džƉĞĐƚĞĚZĞƐŽƵƌĐĞƐ WͲϭϱ džƉĞĐƚĞĚZĞƐŽƵƌĐĞƐʹϵϭ͘ϮϮϬ;ĐͿ;ϭ͕ϮͿ /ŶƚƌŽĚƵĐƚŝŽŶ ŶƚŝĐŝƉĂƚĞĚZĞƐŽƵƌĐĞƐ WƌŽŐƌ^ŽƵƌhƐĞƐŽĨ džƉĞĐƚĞĚŵŽƵŶƚǀĂŝůĂďůĞzĞĂƌϮ džƉĞĐƚĞĚEĂƌƌĂƚŝǀĞ ĂŵĐĞŽĨ&ƵŶĚƐŵŽƵŶƚĞƐĐƌŝƉƚŝŽŶ ŶŶƵĂůWƌŽŐƌĂŵWƌŝŽƌdŽƚĂů͗ &ƵŶĚǀĂŝůĂďůĞ ůůŽĐĂƚŝŽŶ͗Ψ/ŶĐŽŵĞ͗ΨzĞĂƌΨ ƐZĞŵĂŝŶĚĞƌŽĨ ZĞƐŽƵƌĐ ŽŶWůĂŶ ĞƐ͗Ψ Ψ ƉƵďůĐƋƵŝƐŝƚŝŽKƵƌĂŶŶƵĂů 'ŝĐͲŶĂůůŽĐĂƚŝŽŶ ĨĞĚĞĚŵŝŶŝŶĐƌĞĂƐĞĚ ƌĂůĂŶĚƚŚŝƐLJĞĂƌ͕ĂŶĚ WůĂŶŶŝŶŐŽƵƌƉƌŽŐƌĂŵ ĐŽŶŽŵŝĐŝŶĐŽŵĞǁĂƐ ĞǀĞůŽƉŵƉĂƌƚŝĐƵůĂƌůLJ ĞŶƚŚŝŐŚŝŶϮϬϮϬ͘ ,ŽƵƐŝŶŐtĞĞƐƚŝŵĂƚĞ WƵďůŝĐΨϮ͕ϭϬϬ͕ϬϬϬ /ŵƉƌŽǀĞƌĞŵĂŝŶŝŶŐŝŶ ŵĞŶƚƐƚŚĞŽŶWůĂŶ WƵďůŝĐƚĞƌŵ͘͘ ^ĞƌǀŝĐĞƐ ΨϯϮ͕ϳϮ ϯ͘ϯϲ ϳϭϬ͕ϬϮϱϭϬϬ͕ϬϬϬϳϱϬ͕ϬϬϬϴϰϮ͕ϳϰϴ͘ϯϲ dĂďůĞϱͲ džƉĞĐƚĞĚZĞƐŽƵƌĐĞƐʹWƌŝŽƌŝƚLJdĂďůĞ džƉůĂŝŶŚŽǁĨĞĚĞƌĂůĨƵŶĚƐǁŝůůůĞǀĞƌĂŐĞƚŚŽƐĞĂĚĚŝƚŝŽŶĂůƌĞƐŽƵƌĐĞƐ;ƉƌŝǀĂƚĞ͕ƐƚĂƚĞĂŶĚůŽĐĂů ĨƵŶĚƐͿ͕ŝŶĐůƵĚŝŶŐĂĚĞƐĐƌŝƉƚŝŽŶŽĨŚŽǁŵĂƚĐŚŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐǁŝůůďĞƐĂƚŝƐĨŝĞĚ ŐĞŶĐŝĞƐĂǁĂƌĚĞĚ'ĨƵŶĚƐǁŝůůƉƌŽǀŝĚĞƚŚĞĂĚĚŝƚŝŽŶĂůƌĞƐŽƵƌĐĞƐƚŚƌŽƵŐŚƚŚĞŝƌďƵĚŐĞƚǁŚŝĐŚŵĂLJ ŝŶĐůƵĚĞƉƌŝǀĂƚĞ͕ƐƚĂƚĞŽƌůŽĐĂůĨƵŶĚƐƚŽĐŽŵƉůĞƚĞƚŚĞŝƌĂĐƚŝǀŝƚLJ͘ /ĨĂƉƉƌŽƉƌŝĂƚĞ͕ĚĞƐĐƌŝďĞƉƵďůŝĐĂůůLJŽǁŶĞĚůĂŶĚŽƌƉƌŽƉĞƌƚLJůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞũƵƌŝƐĚŝĐƚŝŽŶƚŚĂƚ ŶŶƵĂůĐƚŝŽŶWůĂŶϮϲ ϮϬϭϵ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞdžƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ŵĂLJďĞƵƐĞĚƚŽĂĚĚƌĞƐƐƚŚĞŶĞĞĚƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉůĂŶ Eͬ ŝƐĐƵƐƐŝŽŶ ŐĞŶĐŝĞƐĂƉƉůLJŝŶŐĨŽƌ'ĨƵŶĚƐĂƌĞƌĞƋƵŝƌĞĚƚŽŝŶĐůƵĚĞŝŶĨŽƌŵĂƚŝŽŶŚŽǁƚŚĞLJǁŝůůůĞǀĞƌĂŐĞĂĚĚŝƚŝŽŶĂů ƌĞƐŽƵƌĐĞƐƚŽĐŽŵƉůĞƚĞƚŚĞŝƌĂĐƚŝǀŝƚLJ͘ ŶŶƵĂůĐƚŝŽŶWůĂŶϮϳ ϮϬϭϵ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞdžƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J 3DFNHW3J /ŶĨƌĂƐƚƌƵĐƚƵƌĞĐƚŝǀŝƚŝĞƐŽƚŚĞƌ Ͳ *D WƵďůŝĐƐĞƌǀŝĐĞĂĐƚŝǀŝƚŝĞƐŽƚŚĞƌ ŽŵŵƵŶŝƚLJ ,ŽƵƐĞŚŽůĚ ƚŚĂŶ>ŽǁͬDŽĚĞƌĂƚĞ/ŶĐŽŵĞ ϱ ,ŽŵĞůĞƐƐƉĞƌƐŽŶŽǀĞƌŶŝŐŚƚ ŝƐƚĞĚ ZĞŶƚĂůƵŶŝƚƐƌĞŚĂďŝůŝƚĂƚĞĚ͗ 'ŽĂůKƵƚĐŽŵĞ/ŶĚŝĐĂƚŽƌ ĨŽƌůŽǁͬŵŽĚĞƌĂƚĞŝŶĐŽŵĞ ƐŚĞůƚĞƌ͗ϯϬƉĞƌƐŽŶƐĂƐƐ ĚĂŝůLJƵƉƚŽϮϬϬƚŽƚĂů ^ƉĞĐŝĂůEĞĞĚƐhŶŝƚƐ ͗ϰϮ ϭϬ ,ŽƵƐŝŶŐĞŶĞĨŝƚ͗ ƵďůŝĐ&ĂĐŝůŝƚLJŽƌ ŚŽƵƐŝŶŐďĞŶĞĨŝƚ ƌĞŚĂďŝůŝƚĂƚĞĚ͗Ϯ ZĞŚĂďŝůŝƚĂƚĞĚ͗ ,ŽƵƐŝŶŐhŶŝƚ ŚŽƵƐĞŚŽůĚƐ ǁŝĚĞ W Ϯϴ ϯϵϲ͕ϲϬϬ ϯ͕ϰϮϱ ϵ Ψ &ƵŶĚŝŶŐ '͗Ψ '͗ WƵďůŝĐ&ĂĐŝůŝƚŝĞƐ ^ƉĞĐŝĂůEĞĞĚƐ ZĞŚĂďŝůŝƚĂƚŝŽŶZĞŚĂďŝůŝƚĂƚŝŽŶ ĚĚƌĞƐƐĞĚ ŶŶƵĂů'ŽĂůƐĂŶĚKďũĞĐƚŝǀĞƐ EĞĞĚƐ KĐĐƵƉŝĞĚKĐĐƵƉŝĞĚ ,ŽƵƐŝŶŐ KǁŶĞƌ ZĞŶƚĂů ŶŶƵĂůĐƚŝŽŶWůĂŶ 'ĞŽŐƌĂƉŚŝĐ ƌĞĂ ϭϵ ϮϬ ĞǀĞůŽƉŵĞŶƚ ,ŽƵƐŝŶŐ ĂƚĞŐŽƌLJ ŽŵŵƵŶŝƚLJ ĨĨŽƌĚĂďůĞ ,ŽƵƐŝŶŐ Ͳ EŽŶ ϮϬϮϰϮϬϮϰ ŶĚzĞĂƌ ϮϬŶŶƵĂů'ŽĂůƐĂŶĚKďũĞĐƚŝǀĞƐ ϮϬϮϬϮϬϮϬ ^ƚĂƌƚzĞĂƌ Ϭϭϭϳ;ĞdžƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 'ŽĂůƐ^ƵŵŵĂƌLJ/ŶĨŽƌŵĂƚŝŽŶ 'ŽĂůEĂŵĞ ĨĨŽƌĚĂďůĞ &ĂĐŝůŝƚŝĞƐ ,ŽƵƐŝŶŐ WƵďůŝĐ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ KƌĚĞƌ ^Žƌƚ Ͳ ϭϮ W 3DFNHW3J *D WƵďůŝĐƐĞƌǀŝĐĞĂĐƚŝǀŝƚŝĞƐŽƚŚĞƌ ƚŚĂŶ>ŽǁͬDŽĚĞƌĂƚĞ/ŶĐŽŵĞ ,ŽƵƐŝŶŐĞŶĞĨŝƚ͗ϰWĞƌƐŽŶƐ 'ŽĂůKƵƚĐŽŵĞ/ŶĚŝĐĂƚŽƌ ƐƐŝƐƚĞĚ Ϯϵ ϭϬϱ͕ϬϬϬ &ƵŶĚŝŶŐ '͗Ψ ĚĚƌĞƐƐĞĚ dƌĂŶƐŝƚŝŽŶĂů ĞƌŐĞŶĐLJ EĞĞĚƐ WƌŽŐƌĂŵƐ ŚŽƵƐŝŶŐ ^ŚĞůƚĞƌ zŽƵƚŚ ŵ 'ŽĂůƐ^ƵŵŵĂƌLJ ŶŶƵĂůĐƚŝŽŶWůĂŶ 'ĞŽŐƌĂƉŚŝĐ ƌĞĂ ϭϵ ϮϬ ʹ ϲ dĂďůĞ ĞǀĞůŽƉŵĞŶƚ ,ŽƵƐŝŶŐ ĂƚĞŐŽƌLJ ŽŵŵƵŶŝƚLJ Ͳ EŽŶ ϮϬϮϰ ŶĚzĞĂƌ ĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐ WƵďůŝĐ&ĂĐŝůŝƚŝĞƐ WƵďůŝĐ^ĞƌǀŝĐĞ ϮϬϮϬ ^ƚĂƌƚzĞĂƌ Ϭϭϭϳ;ĞdžƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 'ŽĂůEĂŵĞ 'ŽĂůĞƐĐƌŝƉƚŝŽŶ'ŽĂůĞƐĐƌŝƉƚŝŽŶ'ŽĂůĞƐĐƌŝƉƚŝŽŶ 'ŽĂůĞƐĐƌŝƉƚŝŽŶƐ ^ĞƌǀŝĐĞ WƵďůŝĐ Ͳ KDŽŶƚƌŽůEŽ͗ϮϱϬϲ 'ŽĂůEĂŵĞ'ŽĂůEĂŵĞ'ŽĂůEĂŵĞ KƌĚĞƌ ^Žƌƚ ϯ ϭϮ ϯ *D WƌŽũĞĐƚƐ WͲϯϱWƌŽũĞĐƚƐʹϵϭ͘ϮϮϬ;ĚͿ /ŶƚƌŽĚƵĐƚŝŽŶ dŚƌŽƵŐŚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐƉƌŽĐĞƐƐĂŶĚŝƚƐĂĚŽƉƚĞĚŝƚŝnjĞŶWĂƌƚŝĐŝƉĂƚŝŽŶWůĂŶ͕ƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ ĂůůŽĐĂƚĞĚΨϳϭϬ͕ϬϮϱƚŽƐĞƌǀĞůŽǁĂŶĚŵŽĚĞƌĂƚĞŝŶĐŽŵĞƉĞƌƐŽŶƐͬŚŽƵƐĞŚŽůĚƐǁŝƚŚŝŶƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ͘ WƌŽũĞĐƚƐ ηWƌŽũĞĐƚEĂŵĞ 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ĂŶĚ^DZ>^ƚŽƉƌŽǀŝĚĞƌĞŶƚĂůƌĞŚĂď͕ǁĞĂƚŚĞƌŝnjĂƚŝŽŶ͕ĂŶĚƌĞŶƚĂůƵƉŐƌĂĚĞƐƚŽƋƵĂůŝĨLJŝŶŐůŽǁͲŝŶĐŽŵĞ ŚŽƵƐĞŚŽůĚƐ͘dŚĞŝƚLJŝƐƐĞĞŬŝŶŐŽƚŚĞƌĨƵŶĚŝŶŐŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽĨƵƌƚŚĞƌƚŚŝƐƉƌŽƉŽƐĞĚƉƌŽŐƌĂŵ͕ƉƌŽǀŝĚŝŶŐ ĞdžƉĂŶĚĞĚŽƉƉŽƌƚƵŶŝƚLJƚŽŵĞĞƚƚŚŝƐŶĞĞĚ͘ ŶŶƵĂůĐƚŝŽŶWůĂŶϯϭ ϮϬϭϵ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞdžƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D WͲϯϴWƌŽũĞĐƚ^ƵŵŵĂƌLJ WƌŽũĞĐƚ^ƵŵŵĂƌLJ/ŶĨŽƌŵĂƚŝŽŶ ϭ WƌŽũĞĐƚEĂŵĞ ĂƚŚŽůŝĐŚĂƌŝƚŝĞƐʹtĂƌŵŝŶŐĞŶƚĞƌ dĂƌŐĞƚƌĞĂ 'ŽĂůƐ^ƵƉƉŽƌƚĞĚ WƵďůŝĐ^ĞƌǀŝĐĞ EĞĞĚƐĚĚƌĞƐƐĞĚ ŵĞƌŐĞŶĐLJ^ŚĞůƚĞƌĨŽƌƚŚĞ,ŽŵĞůĞƐƐ &ƵŶĚŝŶŐ '͗ΨϱϬ͕ϬϬϬ ĞƐĐƌŝƉƚŝŽŶ &ƵŶĚƚŚĞŽƉĞƌĂƚŝŽŶƐŽĨĂŶĞǁůLJĞƐƚĂďůŝƐŚĞĚtĂƌŵŝŶŐĞŶƚĞƌ͘ĂƚŚŽůŝĐ ŚĂƌŝƚŝĞƐƉůĂŶƐƚŽŚŝƌĞϭ&d ĐŽŽƌĚŝŶĂƚŽƌ͕Ϯ&d ĚŝƌĞĐƚƐƚĂĨĨ͕ĂŶĚϭ͘ϱ&d ĐĂƐĞŵĂŶĂŐĞƌ͖ĨƵŶĚƐŵĂLJĂůƐŽďĞƵƐĞĚĨŽƌŽƚŚĞƌŽƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞƐ͘dŚĞ tĂƌŵŝŶŐĞŶƚĞƌƐĞƌǀĞĂƐĂŶĞŵĞƌŐĞŶĐLJƐŚĞůƚĞƌĨŽƌƚŚĞŚŽŵĞůĞƐƐĚƵƌŝŶŐ ƚŚĞǁŝŶƚĞƌŵŽŶƚŚƐ;EŽǀĞŵďĞƌƚŚƌŽƵŐŚDĂƌĐŚͿą͎͎ŝƚǁŝůůŝŶĐůƵĚĞϯϬ ďĞĚƐ͘ dĂƌŐĞƚĂƚĞ ϭϮͬϯϭͬϮϬϮϭ ƐƚŝŵĂƚĞƚŚĞŶƵŵďĞƌ ϯϬŚŽŵĞůĞƐƐƉĞƌƐŽŶƐǁŝůůďĞƉƌŽǀŝĚĞĚĞŵĞƌŐĞŶĐLJƐŚĞůƚĞƌĚƵƌŝŶŐƚŚĞ ĂŶĚƚLJƉĞŽĨĨĂŵŝůŝĞƐ ǁŝŶƚĞƌŵŽŶƚŚƐ;EŽǀĞŵďĞƌƚŚƌŽƵŐŚDĂƌĐŚͿ͘ ƚŚĂƚǁŝůůďĞŶĞĨŝƚĨƌŽŵ ƚŚĞƉƌŽƉŽƐĞĚ ĂĐƚŝǀŝƚŝĞƐ >ŽĐĂƚŝŽŶĞƐĐƌŝƉƚŝŽŶ ϮϬϬϰƚŚ^ƚƌĞĞƚ^ ͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰ WůĂŶŶĞĚĐƚŝǀŝƚŝĞƐ &ƵŶĚƚŚĞŽƉĞƌĂƚŝŽŶƐŽĨĂŶĞǁůLJĞƐƚĂďůŝƐŚĞĚtĂƌŵŝŶŐĞŶƚĞƌ͘ĂƚŚŽůŝĐ ŚĂƌŝƚŝĞƐƉůĂŶƐƚŽŚŝƌĞϭ&d ĐŽŽƌĚŝŶĂƚŽƌ͕Ϯ&d ĚŝƌĞĐƚƐƚĂĨĨ͕ĂŶĚϭ͘ϱ&d ĐĂƐĞŵĂŶĂŐĞƌ͖ĨƵŶĚƐŵĂLJĂůƐŽďĞƵƐĞĚĨŽƌŽƚŚĞƌŽƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞƐ͘dŚĞ tĂƌŵŝŶŐĞŶƚĞƌƐĞƌǀĞĂƐĂŶĞŵĞƌŐĞŶĐLJƐŚĞůƚĞƌĨŽƌƚŚĞŚŽŵĞůĞƐƐĚƵƌŝŶŐ ƚŚĞǁŝŶƚĞƌŵŽŶƚŚƐ;EŽǀĞŵďĞƌƚŚƌŽƵŐŚDĂƌĐŚͿʹŝƚǁŝůůŝŶĐůƵĚĞϯϬďĞĚƐ͘ Ϯ WƌŽũĞĐƚEĂŵĞ ĂŵĂƐĐƵƐtĂLJZĞĞŶƚƌLJĞŶƚĞƌ dĂƌŐĞƚƌĞĂ 'ŽĂůƐ^ƵƉƉŽƌƚĞĚ WƵďůŝĐ^ĞƌǀŝĐĞ EĞĞĚƐĚĚƌĞƐƐĞĚ dƌĂŶƐŝƚŝŽŶĂů,ŽƵƐŝŶŐ &ƵŶĚŝŶŐ '͗ΨϮϮ͕ϬϬ ĞƐĐƌŝƉƚŝŽŶ &ƵŶĚĂǀĞŚŝĐůĞƚŽƐƵƉƉŽƌƚΕϰϮ>D/ƉĞƌƐŽŶƐƚƌĂŶƐŝƚŝŽŶŝŶŐŽƵƚŽĨ ŝŶĐĂƌĐĞƌĂƚŝŽŶ͘ dĂƌŐĞƚĂƚĞ ϭϮͬϯϭͬϮϬϮϭ ŶŶƵĂůĐƚŝŽŶWůĂŶϯϰ ϮϬϭϵ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞdžƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D ƐƚŝŵĂƚĞƚŚĞŶƵŵďĞƌ ϰϮ>D/ƉĞƌƐŽŶƐƚƌĂŶƐŝƚŝŽŶŝŶŐŽƵƚŽĨŝŶĐĂƌĐĞƌĂƚŝŽŶ͘ ĂŶĚƚLJƉĞŽĨĨĂŵŝůŝĞƐ ƚŚĂƚǁŝůůďĞŶĞĨŝƚĨƌŽŵ ƚŚĞƉƌŽƉŽƐĞĚ ĂĐƚŝǀŝƚŝĞƐ >ŽĐĂƚŝŽŶĞƐĐƌŝƉƚŝŽŶ ϮϭϭϴĂŵƉƵƐƌŝǀĞ^ ͕ŽŽƌ<͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰ WůĂŶŶĞĚĐƚŝǀŝƚŝĞƐ &ƵŶĚĂǀĞŚŝĐůĞƚŽƐƵƉƉŽƌƚΕϰϮ>D/ƉĞƌƐŽŶƐƚƌĂŶƐŝƚŝŽŶŝŶŐŽƵƚŽĨ ŝŶĐĂƌĐĞƌĂƚŝŽŶ͘ ϯ WƌŽũĞĐƚEĂŵĞ ^ƉŽƌƚƐDĞŶƚŽƌƐŚŝƉĐĂĚĞŵLJ dĂƌŐĞƚƌĞĂ 'ŽĂůƐ^ƵƉƉŽƌƚĞĚ 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ϭϬϮϲ ĞŶƚĞƌ^ƚ͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰ WůĂŶŶĞĚĐƚŝǀŝƚŝĞƐ WƌŽŐƌĂŵŵŝŶŐĨŽƌϳϬϬůŽǁͲŝŶĐŽŵĞLJŽƵƚŚĂŶĚϮϱϬůŽǁͲŝŶĐŽŵĞŚŽƵƐĞŚŽůĚƐ ƉƌŽǀŝĚŝŶŐĂĐĂĚĞŵŝĐƐƵƉƉŽƌƚ͕ŚĞĂůƚŚLJůŝĨĞƐƚLJůĞƉƌŽŐƌĂŵƐ͕ŵĞŶƚŽƌƐŚŝƉ͕ĂŶĚ ĐŚŝůĚĐĂƌĞ͘ ϱ WƌŽũĞĐƚEĂŵĞ 'WƌŽŐƌĂŵĚŵŝŶŝƐƚƌĂƚŝŽŶ dĂƌŐĞƚƌĞĂ 'ŽĂůƐ^ƵƉƉŽƌƚĞĚ EĞĞĚƐĚĚƌĞƐƐĞĚ &ƵŶĚŝŶŐ '͗ΨϱϬ͕ϬϬϬ ĞƐĐƌŝƉƚŝŽŶ &ƵŶĚƐƚŽĂƐƐŝƐƚǁŝƚŚƚŚĞŽǀĞƌĂůůƉƌŽŐƌĂŵ͕ŵĂŶĂŐĞŵĞŶƚ͕ĐŽŽƌĚŝŶĂƚŝŽŶ͕ ŵŽŶŝƚŽƌŝŶŐĂŶĚĞǀĂůƵĂƚŝŽŶŽĨƚŚĞ'ƉƌŽŐƌĂŵĨŽƌƚŚĞŝƚLJŽĨ ZŽĐŚĞƐƚĞƌ͘^ƚĂĨĨŝŶŐŝƐƉƌŽǀŝĚĞĚďLJƚŚĞZŽĐŚĞƐƚĞƌŽŵŵƵŶŝƚLJ ĞǀĞůŽƉŵĞŶƚĞƉĂƌƚŵĞŶƚ͘ dĂƌŐĞƚĂƚĞ ϭϮͬϯϭͬϮϬϮϭ ƐƚŝŵĂƚĞƚŚĞŶƵŵďĞƌ ĂŶĚƚLJƉĞŽĨĨĂŵŝůŝĞƐ ƚŚĂƚǁŝůůďĞŶĞĨŝƚĨƌŽŵ ƚŚĞƉƌŽƉŽƐĞĚ ĂĐƚŝǀŝƚŝĞƐ >ŽĐĂƚŝŽŶĞƐĐƌŝƉƚŝŽŶ WůĂŶŶĞĚĐƚŝǀŝƚŝĞƐ ϲ WƌŽũĞĐƚEĂŵĞ ŝƚLJΖƐϮй,ŽŵĞZĞŚĂď>ŽĂŶWƌŽŐƌĂŵ dĂƌŐĞƚƌĞĂ ŶŶƵĂůĐƚŝŽŶWůĂŶϯϰ ϮϬϭϵ KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞdžƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D 'ŽĂůƐ^ƵƉƉŽƌƚĞĚ ĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐ EĞĞĚƐĚĚƌĞƐƐĞĚ KǁŶĞƌKĐĐƵƉŝĞĚZĞŚĂďŝůŝƚĂƚŝŽŶ &ƵŶĚŝŶŐ '͗Ψϯϭϱ͕ϬϬϬ ĞƐĐƌŝƉƚŝŽŶ dŚĞŝƚLJǁŝůůƉƌŽǀŝĚĞĂƚǁŽƉĞƌĐĞŶƚ;ϮйͿƐŝŵƉůĞŝŶƚĞƌĞƐƚďĞĂƌŝŶŐĚĞĨĞƌƌĞĚ ůŽĂŶŽĨƵƉƚŽΨϯϬ͕ϬϬϬƉĞƌƵŶŝƚƚŽůŽǁͲŵŽĚĞƌĂƚĞŝŶĐŽŵĞŽǁŶĞƌŽĐĐƵƉĂŶƚƐ 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KDŽŶƚƌŽůEŽ͗ϮϱϬϲͲϬϭϭϳ;ĞdžƉ͘ϬϲͬϯϬͬϮϬϭϴͿ 3DFNHW3J *D WͲϲϱ,ŽŵĞůĞƐƐĂŶĚKƚŚĞƌ^ƉĞĐŝĂůEĞĞĚƐĐƚŝǀŝƚŝĞƐʹϵϭ͘ϮϮϬ;ŝͿ /ŶƚƌŽĚƵĐƚŝŽŶ dŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌĚŽĞƐŶŽƚĂĚŵŝŶŝƐƚĞƌŚŽŵĞůĞƐƐĂŶĚŽƚŚĞƌƐƉĞĐŝĂůŶĞĞĚƐĂĐƚŝǀŝƚŝĞƐĚŝƌĞĐƚůLJ͘ ĞƐĐƌŝďĞƚŚĞũƵƌŝƐĚŝĐƚŝŽŶƐŽŶĞͲLJĞĂƌŐŽĂůƐĂŶĚĂĐƚŝŽŶƐĨŽƌƌĞĚƵĐŝŶŐĂŶĚĞŶĚŝŶŐŚŽŵĞůĞƐƐŶĞƐƐ ŝŶĐůƵĚŝŶŐ ZĞĂĐŚŝŶŐŽƵƚƚŽŚŽŵĞůĞƐƐƉĞƌƐŽŶƐ;ĞƐƉĞĐŝĂůůLJƵŶƐŚĞůƚĞƌĞĚƉĞƌƐŽŶƐͿĂŶĚĂƐƐĞƐƐŝŶŐƚŚĞŝƌ ŝŶĚŝǀŝĚƵĂůŶĞĞĚƐ dŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌǁŝůůĐŽŶƚŝŶƵĞƚŽŽĨĨĞƌŽƵƌĐŽŶƐŝĚĞƌĂƚŝŽŶƐŝŶĨƵŶĚŝŶŐƌĞƋƵĞƐƚƐƚŽĂŐĞŶĐŝĞƐƚŚĂƚǁŽƌŬ ǁŝƚŚŚŽŵĞůĞƐƐƉĞƌƐŽŶƐ;ĞƐƉĞĐŝĂůůLJƵŶƐŚĞůƚĞƌĞĚƉĞƌƐŽŶƐͿƚŚĂƚĂƐƐĞƐƐƚŚĞŝƌŝŶĚŝǀŝĚƵĂůŶĞĞĚƐ͘ ŐĞŶĐŝĞƐƚŚĂƚǁŽƌŬǁŝƚŚŚŽŵĞůĞƐƐƉĞƌƐŽŶǁĞƌĞƉƌŽǀŝĚĞĚŝŶĨŽƌŵĂƚŝŽŶƚŚĂƚƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌŝƐ ĐŽŶƐŝĚĞƌŝŶŐƌĞƋƵĞƐƚƐĨŽƌƚŚĞϮϬϮϬ'ƉƌŽŐƌĂŵ͘ ĚĚƌĞƐƐŝŶŐƚŚĞĞŵĞƌŐĞŶĐLJƐŚĞůƚĞƌĂŶĚƚƌĂŶƐŝƚŝŽŶĂůŚŽƵƐŝŶŐŶĞĞĚƐŽĨŚŽŵĞůĞƐƐƉĞƌƐŽŶƐ dŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌǁŝůůĐŽŶƚŝŶƵĞƚŽŽĨĨĞƌĂŶĚĐŽŶƐŝĚĞƌƌĞƋƵĞƐƚƐƚŽĂŐĞŶĐŝĞƐƚŚĂƚǁŽƌŬǁŝƚŚĞŵĞƌŐĞŶĐLJ ƐŚĞůƚĞƌĂŶĚƚƌĂŶƐŝƚŝŽŶĂůŶĞĞĚƐŽĨŚŽŵĞůĞƐƐƉĞƌƐŽŶƐ͘ ŶĞǁůLJĞƐƚĂďůŝƐŚĞĚtĂƌŵŝŶŐĞŶƚĞƌǁĂƐĂǁĂƌĚĞĚ'ĨƵŶĚŝŶŐƚŽƌƵŶƚŚĞŽƉĞƌĂƚŝŽŶƐƚŚƌŽƵŐŚĂƚŚŽůŝĐ 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ŝƚLJŽĨZŽĐŚĞƐƚĞƌ͘DŽƐƚƉƌŽŐƌĂŵƐǁŽƌŬŝŶŐǁŝƚŚƉŽǀĞƌƚLJůĞǀĞůƉĞƌƐŽŶƐ;ŝŶĐůƵĚŝŶŐǁŽƌƐĞͲĐĂƐĞΘ ƵŶĚĞƌƐĞƌǀĞĚŶĞĞĚƐ͕ĂŶĚƉĞƌƐŽŶƐǁŝƚŚĚŝƐĂďŝůŝƚŝĞƐͿĂƌĞĂĚĚƌĞƐƐĞĚƚŚƌŽƵŐŚƚŚĞŽŵŵƵŶŝƚLJ^ĞƌǀŝĐĞƐ ĞƉĂƌƚŵĞŶƚŽĨKůŵƐƚĞĚŽƵŶƚLJ;ŝŶĐůƵĚŝŶŐƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌͿĂŶĚƉƌŝǀĂƚĞŶŽŶͲƉƌŽĨŝƚĂŐĞŶĐŝĞƐ͘ dŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞŵĂũŽƌŽďƐƚĂĐůĞƚŽŵĞĞƚŝŶŐƵŶĚĞƌƐĞƌǀĞĚŶĞĞĚƐŝƐƚŚĞůĂĐŬŽĨ ĨƵŶĚŝŶŐĂŶĚƌĞĐŽŐŶŝnjĞƐƚŚĞŶĞĞĚĨŽƌƐƵĐŚƉƌŽŐƌĂŵƐďLJƐƵƉƉŽƌƚŝŶŐĂŐĞŶĐŝĞƐƚŚĂƚǁŽƌŬǁŝƚŚƐƚĂƚĞĂŶĚ ĨĞĚĞƌĂůƐŽƵƌĐĞƐŽŶŽďƚĂŝŶŝŶŐĨŝŶĂŶĐŝŶŐĨŽƌƚŚĞŝƌƉƌŽŐƌĂŵƐ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌĞŶƐƵƌĞƐ ĐŽŵƉůŝĂŶĐĞǁŝƚŚƉƌŽŐƌĂŵĂŶĚĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶŶŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐ͘ ŐĞŶĐŝĞƐƉƌŽǀŝĚŝŶŐŚŽƵƐŝŶŐĂƐƐŝƐƚĂŶĐĞĐŽŶƚŝŶƵĞƚŽŝŶǀĞƐƚŝŐĂƚĞĨƵŶĚŝŶŐƐŽƵƌĐĞƐƚŽŵĞĞƚƚŚĞŶĞĞĚƐŽĨ ŚŽƵƐŝŶŐ͕ĂŶĚƉƌŽǀŝĚĞƐŽŵĞŝŶĐĞŶƚŝǀĞƐĨŽƌďƵŝůĚĞƌƐ͕ĚĞǀĞůŽƉĞƌƐĂŶĚƉƌŽƉĞƌƚLJŵĂŶĂŐĞŵĞŶƚͬŽǁŶĞƌƐ͘ dŚĞŝƚ LJ͛ƐƉƌŝŵĂƌLJĨŽĐƵƐƚŽŵĞĞƚŝŶŐƵŶĚĞƐĞƌǀĞĚŶĞĞĚƐŝƐƚŽƉƌŽǀŝĚĞĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĨŽƌƉŽǀĞƌƚLJůĞǀĞů ƉĞƌƐŽŶƐ͘,ĞƌĞĂƌĞŽƵƌĂĐƚŝŽŶƐĨŽƌƌĞƐŽůƵƚŝŽŶ͗ x ŽŶƚŝŶƵĞƉƌŽǀŝĚŝŶŐdĂdž/ŶĐƌĞŵĞŶƚ&ŝŶĂŶĐŝŶŐƐƐŝƐƚĂŶĐĞƚŽĚĞǀĞůŽƉĞƌƐĂƐǁĂƌƌĂŶƚĞĚďĂƐĞĚƵƉŽŶ ĞdžŝƐƚŝŶŐŚŽƵƐŝŶŐŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐ͘ x 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ůĞĐƚƌŝĐĂůŝŶƐƉĞĐƚŝŽŶŝƐƌĞƋƵŝƌĞĚďLJŝƚLJŽĨZŽĐŚĞƐƚĞƌƵŝůĚŝŶŐ^ĂĨĞƚLJ;ϱϬϳͿϯϮϴ Ͳ ϮϲϬϬ͘ KƵƚƐŝĚĞŝƚLJ>ŝŵŝƚƐ͗ŽƉLJŽĨDŝŶŶĞƐŽƚĂ ůĞĐƚƌŝĐ/ŶƐƉĞĐƚŝŽŶWĞƌŵŝƚĂĨĨŝĚĂǀŝƚŵƵƐƚĂĐĐŽŵƉĂŶLJĂƉƉůŝĐĂƚŝŽŶ͘ dŚĞĂĚĚƌĞƐƐŽĨƚŚĞůŽĐĂƚŝŽŶƚŽďĞƐƵƉƉůŝĞĚǁŝƚŚƚĞŵƉŽƌĂƌLJƐĞƌǀŝĐĞŵƵƐƚďĞƉĞƌŵĂŶĞŶƚůLJĚŝƐƉůĂLJĞĚĂƚƚŚĞ ůŽĐĂƚŝŽŶĂŶĚŽŶƚŚĞƚĞŵƉŽƌĂƌLJƉĞĚĞƐƚĂůͬŵĞƚĞƌůŽĐĂƚŝŽŶĂŶĚďĞĞĂƐŝůLJƌĞĂĚĂďůĞĨƌŽŵƚŚĞƐƚƌĞĞƚďĞĨŽƌĞZWhǁŝůů ŝŶƐƚĂůůƚŚĞƚĞŵƉŽƌĂƌLJƐĞƌǀŝĐĞΎΎZWhZƵůĞƐΘZĞŐƵůĂƚŝŽŶƐϱϬϭ͘Ϯ d DWKZZz^ Zs/ ϭ Ͳ W,^ ϯ Ͳ W,^ Ks Z, hE Z'ZKhE DW^sK>d' ͬ zĞƐEŽ Z DKs d DWKZZzD d Zt, EW ZDE EdD d Z/^^ d͗ ΨϭϬϬĨŽƌĐĐŽƵŶƚ^ĞƚƵƉ;ƉůƵƐƚĂdžͿ ŽŶƚĂĐƚ ŶŐŝŶĞĞƌŝŶŐ;ϱϬϳͿϮϵϮ͘ϭϮϭϲĨŽƌŝŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐƉŽǁĞƌĂǀĂŝůĂďŝůŝƚLJĂŶĚĂĐĐĞƐƐŝďŝůŝƚLJ W ZDE Ed^ Zs/ &ŽůůŽǁŝŶŐŝŶƐƉĞĐƚŝŽŶ͕ĐŽŶƚĂĐƚZWhĨŽƌƐĞƌǀŝĐĞĐŽŶŶĞĐƚŝŽŶ͘/ĨŽǀĞƌϯϮϬDW^Ͳ ŵƵƐƚƐƵďŵŝƚŽŵƉůĞƚĞ>ŽĂĚĂƚĂ&Žƌŵ͘ ϭ Ͳ W,^ Ks Z, WZ/DZz DW^sK>d' ͬ t/Z ^/ ϯ Ͳ W,^ hE Z'ZKhE^ KEZz , <KE ͗, <>>d,dWW>z͗D/E^KhZ ^hWW> D Ed> /Z^KhZ , dWhDW D d Z ^ Zs/ Ͳ^ƉĞĐŝĨLJ͗ 'ZKhE^KhZ , dWhDW EKE Ͳ D d Z ^ Zs/ Ͳ^ƉĞĐŝĨLJ͗ > dZ/, d;ĂƐĞďŽĂƌĚ͕ĞƚĐͿ EhD ZK&D d Z ^ Zs/ ^ ,Kh^ D d Z͗z ^EK &KZ /Z, 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Ͳ ϮϬϮϭ ƐŚŽƌĞƌ WůƵŵŵĞƌ,ŽƵƐĞ /ŵƉƌŽǀĞŵĞŶƚƐ DĂŶĂŐĞŵĞŶƚ ^ƉŽƌƚƐWĂƌŬ EĞǁWĂƌŬƐ ŵĞƌĂůĚ 3DFNHW3J 3DFNHW3J 3DFNHW3J 3DFNHW3J ϮϬϮϲ ΨϮϱ͕ϬϬϬ ZĞĐƌĞĂƚŝŽŶĞŶƚĞƌ͕'ƌĂŚĂŵƌĞŶĂΘ ϮϬϮϱ ΨϮϱ͕ϬϬϬ /WdŽƚĂůсΨϯ͕ϮϬϬ͕ϬϬϬ DĂLJŽŝǀŝĐĞŶƚĞƌ/W ϮϬϮϭZĞĐƌĞĂƚŝŽŶĞŶƚĞƌ͕'ƌĂŚĂŵƌĞŶĂΘDĂLJŽŝǀŝĐĞŶƚĞƌ/WdŽƚĂůсΨϭ͕ϳϴϭ͕ϬϬϬ ϮϬϮϰ ΨϱϬ͕ϬϬϬ ZĞĐƌĞĂƚŝŽŶĞŶƚĞƌ͕'ƌĂŚĂŵƌĞŶĂΘDĂLJŽŝǀŝĐĞŶƚĞƌ ΨϱϬϬ͕ϬϬϬ ϮϬϮϯ Ψϳϱ͕ϬϬϬ ΨϭϬϬ͕ϬϬϬ ΨϱϬϬ͕ϬϬϬΨϭϮϱ͕ϬϬϬ ϮϬϮϮ Ψϭ͕ϱϬϬ͕ϬϬϬ ΨϭϱϬ͕ϬϬϬ Ψϭϯϭ͕ϬϬϬ ϮϬϮϭ DĂLJŽŝǀŝĐĞŶƚĞƌĂŵƉƵƐ ZĞƉůĂĐĞŵĞŶƚ;ZĞĐĞŶƚĞƌͿ ϮϬϮϲ ŽƌƌŽǁŝŶŐ;ŝƌ,ĂŶĚůŝŶŐͿ ŽĨ/ŶƚĞƌŶĂů Ͳ ϮϬϮϭ ^LJƐƚĞŵ ƌĞŶĂ /ŵƉƌŽǀĞŵĞŶƚƐ/ŵƉƌŽǀĞŵĞŶƚƐ ŝƌ,ĂŶĚůŝŶŐ ZĞƉĂLJŵĞŶƚ 'ƌĂŚĂŵ 3DFNHW3J 3DFNHW3J ϮϬϮϲ ΨϮϰ͕ϬϬϬ ϮϬϮϱ ΨϮϰ͕ϬϬϬ WŽůŝĐĞĞƉĂƌƚŵĞŶƚ/W ϮϬϮϰ ΨϮϰ͕ϬϬϬ ϮϬϮϯ ΨϮϰ͕ϬϬϬ /WdŽƚĂůсΨϮ͕ϰϵϮ͕ϬϬϬ ϮϬϮϭWŽůŝĐĞĞƉĂƌƚŵĞŶƚ/WdŽƚĂůсΨϭ͕Ϭϲϰ͕ϬϬϬ Ψϭ͕ϬϰϬ͕ϬϬϬ ΨϭϱϬ͕ϬϬϬΨϭϭϴ͕ϬϬϬ ϮϬϮϮ ΨϮϰ͕ϬϬϬ WŽůŝĐĞĞƉĂƌƚŵĞŶƚ Ψϭ͕ϬϰϬ͕ϬϬϬ ϮϬϮϭ ΨϮϰ͕ϬϬϬ WƵďůŝĐ^ĂĨĞƚLJĂŵĞƌĂ^LJƐƚĞŵ WŽůŝĐĞZĂŶŐĞDĂŝŶƚĞŶĂŶĐĞ ϮϬϮϲ ^ĞƌǀŝĐĞ &/EdƌĂŝŶŝŶŐΘ Ͳ ϮϬϮϭ EŽƌƚŚ^ƚĂƚŝŽŶΘ ĞƌƚŝĨŝĐĂƚŝŽŶ Ͳ D&/E ĞŶƚĞƌ 3DFNHW3J 3DFNHW3J ΨϮϬϬ͕ϬϬϬ ϮϬϮϲ ΨϮϬ͕ϬϬϬΨϮϬ͕ϬϬϬ ΨϮϬϬ͕ϬϬϬ ϮϬϮϱ ΨϭϬ͕ϬϬϬΨϮϬ͕ϬϬϬΨϭϬ͕ϬϬϬ &ŝƌĞĞƉĂƌƚŵĞŶƚ/W ΨϮϬϬ͕ϬϬϬ ϮϬϮϰ ΨϭϬ͕ϬϬϬΨϮϬ͕ϬϬϬΨϭϬ͕ϬϬϬ ΨϮϬϬ͕ϬϬϬ ϮϬϮϯ ΨϭϬ͕ϬϬϬΨϮϬ͕ϬϬϬΨϭϬ͕ϬϬϬ ϮϬϮϲ&ŝƌĞĞƉĂƌƚŵĞŶƚ/WdŽƚĂůсΨϭ͕ϵϮϬ͕ϬϬϬ ΨϮϬϬ͕ϬϬϬ ϮϬϮϮ ϮϬϮϭ&ŝƌĞĞƉĂƌƚŵĞŶƚ/WdŽƚĂůсΨϮϳϴ͕ϬϬϬ ΨϭϬ͕ϬϬϬΨϮϬ͕ϬϬϬΨϯϬ͕ϬϬϬ Ψϭ͕ϱϬϬ ΨϮϬϬ͕ϬϬϬ ϮϬϮϭ Ψϰϱ͕ϬϬϬΨϮϬ͕ϬϬϬ Ψϯ͕ϬϬϬ &ŝƌĞ^ƚĂƚŝŽŶ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ tĞĂƚŚĞƌ^ƚĂƚŝŽŶ s,&ĂĐŬƵƉZĂĚŝŽWĂŐŝŶŐ ŵĞƌŐĞŶĐLJDĂŶĂŐĞŵĞŶƚ ŵĞƌŐĞŶĐLJKƉĞƌĂƚŝŽŶƐ Ͳ ZĞĐŽƌĚƐ^ŽĨƚǁĂƌĞ ϮϬϮϭ ĞŶƚĞƌdĞĐŚŶŽůŽŐLJ /ŵƉƌŽǀĞŵĞŶƚƐ DĞƐŽŶĞƚ 3DFNHW3J 3DFNHW3J ΨϭϬϮ͕ϬϬϬ ϮϬϮϲ Ψϱϵ͕ϬϬϬ ϮϬϮϱ Ψϴϵ͕ϬϬϬΨϱϵ͕ϬϬϬ ΨϭϵϮ͕ϬϬϬ ϮϬϮϰ Ψϱϵ͕ϬϬϬ >ŝďƌĂƌLJ/W ϮϬϮϯ Ψϴϵ͕ϬϬϬΨϱϵ͕ϬϬϬ Ψϯ͕ϴϬϬ͕ϬϬϬ ΨϮϳϳ͕ϬϬϬ ϮϬϮϮ Ψϱϵ͕ϬϬϬ ϮϬϮϲ>ŝďƌĂƌLJ/WdŽƚĂůсΨϱ͕Ϭϯϯ͕ϬϬϬ ϮϬϮϭ>ŝďƌĂƌLJ/WdŽƚĂůсΨϭϵϬ͕ϬϬϬ Ψϭϯϭ͕ϬϬϬ ϮϬϮϭ Ψϱϵ͕ϬϬϬ ,ĂƌĚǁĂƌĞͬ^ŽĨƚǁĂƌĞWƵƌĐŚĂƐĞ ΘDĂũŽƌ ƋƵŝƉŵĞŶƚ ZĞƉůĂĐĞŵĞŶƚΘƵŝůĚŝŶŐ /ŵƉƌŽǀĞŵĞŶƚƐ Ͳ ϮϬϮϭ ŶǀĞůŽƉĞZĞƉĂŝƌ ŽŵƉƵƚĞƌ ƵŝůĚŝŶŐ ZŽŽĨ 3DFNHW3J 3DFNHW3J ϮϬϮϲ ΨϮϱ͕ϬϬϬΨϮϱ͕ϬϬϬ ϮϬϮϱ ΨϮϱ͕ϬϬϬΨϮϱ͕ϬϬϬ ĚŵŝŶŝƐƚƌĂƚŝŽŶ/W ϮϬϮϰ ΨϮϱ͕ϬϬϬΨϮϱ͕ϬϬϬ ϮϬϮϯ ΨϮϱ͕ϬϬϬΨϮϱ͕ϬϬϬ ϭϭ͕Ϯϱϱ͕ϬϬϬ Ψϰ͕ϱϳϱ͕ϬϬϬ ΨϭϬϬ͕ϬϬϬ ϮϬϮϮ ΨϮϱ͕ϬϬϬΨϮϱ͕ϬϬϬΨϱϬ͕ϬϬϬ Ψϱ͕ϲϮϱ͕ϬϬ ĚŵŝŶŝƐƚƌĂƚŝŽŶ/WdŽƚĂůсΨ ĚŵŝŶŝƐƚƌĂƚŝŽŶ/WdŽƚĂůс Ψϱ͕ϰϮϱ͕ϬϬϬ ϮϬϮϭ ΨϮϱ͕ϬϬϬΨϮϱ͕ϬϬϬΨϳϱ͕ϬϬϬ ZĞƉŽƌƚŝŶŐdŽŽůZĞƉůĂĐĞŵĞŶƚ ϮϬϮϲ ^ŽĨƚǁĂƌĞ;: Ϳ dŚĞĂƚƌĞ ŝƚLJtŝĚĞ/d/ŶƚĞŐƌĂƚŝŽŶ Ͳ ϮϬϮϭ ϮϬϮϭ ƌƚĞŶƚĞƌ ^ƚĞĂŵZĞƉůĂĐĞŵĞŶƚ ZŽĐŚĞƐƚĞƌŝǀŝĐ /ŵƉƌŽǀĞŵĞŶƚƐ/ŵƉƌŽǀĞŵĞŶƚƐ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ ŶƚĞƌƉƌŝƐĞ ZŽĐŚĞƐƚĞƌ 3DFNHW3J 3DFNHW3J ϮϬϮϲ ΨϱϬ͕ϬϬϬ ϮϬϮϱ ΨϱϬ͕ϬϬϬ ϮϬϮϰ ΨϱϬ͕ϬϬϬ dƌĂĨĨŝĐ/W ΨϮϲϬ͕ϬϬϬ ϮϬϮϯ ΨϱϬ͕ϬϬϬ Ψϭ͕ϱϬϬ͕ϬϬϬ ϮϬϮϮ ΨϱϬ͕ϬϬϬΨϰϬ͕ϬϬϬ ϮϬϮϲdƌĂĨĨŝĐ/WdŽƚĂůсΨϱ͕ϵϳϱ͕ϬϬϬ ϮϬϮϭdƌĂĨĨŝĐ/WdŽƚĂůсΨϵϮϱ͕ϬϬϬ ΨϯϬϬ͕ϬϬϬ ΨϱϬϬ͕ϬϬϬ ϮϬϮϭ ΨϱϬ͕ϬϬϬΨϳϱ͕ϬϬϬ ^ƚ͘Et WůEtdƌĂĨĨŝĐ /ŶƚĞƌƐĞĐƚŝŽŶ/ŵƉƌŽǀĞŵĞŶƚƐ ǀĞ tĞƐƚĞŶƚĞƌ/ŶƚĞƌƐĞĐƚŝŽŶ WƌŽŐƌĂŵ ^ Ͳ ƚŚ ϮϬϮϭ ƚŚ /ŵƉƌŽǀĞŵĞŶƚƐĂƚϭϭ ZĞƉůĂĐĞƐŝŐŶĂůĂƚϭϵ ǀĞ ^ŝŐŶĂůZĞƉůĂĐĞŵĞŶƚ ƚŚ ǀĞEt dƌĂĨĨŝĐĂůŵŝŶŐ ^ƚ͘^ Θϭϵ ƚŚ ǀĞΘϰ ƚŚ ϭϵ ƚŚ 3DFNHW3J 3DFNHW3J ΨϮϬϬ͕ϬϬϬ ϮϬϮϲ ϮϬϮϱ ŽŶƚŝŶƵĞĚ Ψϭ͕ϬϬϬ͕ϬϬϬ ΨϮϬϬ͕ϬϬϬ ϮϬϮϰ Ψϭ͕ϮϬϬ͕ϬϬϬ ΨϮϬϬ͕ϬϬϬ ϮϬϮϯ Ͳ dƌĂĨĨŝĐ/W ΨϮϬϬ͕ϬϬϬ ϮϬϮϮ ϮϬϮϲdƌĂĨĨŝĐ/WdŽƚĂůсΨϱ͕ϵϳϱ͕ϬϬϬ ϮϬϮϭdƌĂĨĨŝĐ/WdŽƚĂůсΨϵϮϱ͕ϬϬϬ ϮϬϮϭ E /ŶƚĞƌƐĞĐƚŝŽŶ/ŵƉƌŽǀĞŵĞŶƚ /ŶƚĞƌƐĞĐƚŝŽŶ/ŵƉƌŽǀĞŵĞŶƚƐ ǀĞEt ƌ ZĚΘĞŶƚƵƌLJ,ŝůůƐ ^ƚƌĞĞƚŽƌƌŝĚŽƌ>ŝŐŚƚŝŶŐ Ͳ ϮϬϮϭ ƚŚ EtΘϱϬ ^ƚ͘ sŝŽůĂ ƚŚ 3DFNHW3J 3DFNHW3J 3DFNHW3J ΨϰϬϬ͕ϬϬϬ ΨϱϬϬ͕ϬϬϬ ϮϬϮϲ ΨϭϬϬ͕ϬϬϬ ŽŶƚŝŶƵĞĚ ϮϬϮϱ ΨϯϬϬ͕ϬϬϬ ϮϬϮϰ ϮϬϮϯ Ͳ WĞĚĞƐƚƌŝĂŶ/W ϮϬϮϲWĞĚĞƐƚƌŝĂŶ/WdŽƚĂůсΨϭϮ͕ϳϭϬ͕ϬϬϬ ϮϬϮϮ ϮϬϮϭWĞĚĞƐƚƌŝĂŶ/WdŽƚĂůсΨϮ͕ϰϴϱ͕ϬϬϬ ϮϬϮϭ ĞƐƚŽĨDĂƌŝŽŶZĚ͘ ǀĞE dƌĂŝů'ĂƉ Ͳ ϮϬϮϭ ŽŶƐƚƌƵĐƚWĞĚĞƐƚƌŝĂŶŽŶƐƚƌƵĐƚWĞĚĞƐƚƌŝĂŶ ƚŚ &ĂĐŝůŝƚŝĞƐŽŶϭϭ ƵŵďƌŽ &ĂĐŝůŝƚŝĞƐt ^ŽƵƚŚ 3DFNHW3J 3DFNHW3J 3DFNHW3J 3DFNHW3J ϮϬϮϲ Ψϳ͕ϱϬϬ͕ϬϬϬ ϮϬϮϱ Ψϵ͕ϬϬϬ͕ϬϬϬ ΨϳϱϬ͕ϬϬϬ ϮϬϮϰ ŝƌƉŽƌƚ/W Ψϭ͕ϬϬϬ͕ϬϬϬΨϭ͕ϬϬϬ͕ϬϬϬ ϮϬϮϯ ϮϬϮϮ ϮϬϮϲŝƌƉŽƌƚ/WdŽƚĂůсΨϵϭ͕ϲϳϬ͕ϬϬϬ ϮϬϮϭŝƌƉŽƌƚ/WdŽƚĂůсΨϲϳ͕ϭϮϬ͕ϬϬϬ ΨϭϮ͕ϮϬϬ͕ϬϬϬ Ψϭ͕ϬϬϬ͕ϬϬϬ ϮϬϮϭ Θ&ŝƌĞĨŝŐŚƚŝŶŐ ĞƐŝŐŶΘŽŶƐƚƌƵĐƚ ^ŶŽǁZĞŵŽǀĂů ƋƵŝƉŵĞŶƚ ZƵŶǁĂLJϭϯͬϯϭZĞŚĂďΘ ZƵŶǁĂLJZĞĐŽŶƐƚƌƵĐƚŝŽŶ ƵŝůĚŝŶŐ/ŵƉƌŽǀĞŵĞŶƚƐ Ͳ ϮϬϮϭ ŵĞƌŐĞŶĐLJ dĂdžŝǁĂLJZĞĚĞƐŝŐŶ ŝƌƉŽƌƚZĞƐĐƵĞ 'ĞŶĞƌĂƚŽƌ dĞƌŵŝŶĂů ,ĂŶŐĂƌ sĞŚŝĐůĞ 3DFNHW3J 3DFNHW3J ΨϳϬϬ͕ϬϬϬ ϮϬϮϲ ΨϰϯϬ͕ϬϬϬ ϮϬϮϱ Ψϭ͕ϬϬϬ͕ϬϬϬ Ψϯϳϱ͕ϬϬϬΨϮϱϬ͕ϬϬϬ ϮϬϮϰ WĂƌŬŝŶŐ/W ΨϲϲϬ͕ϬϬϬΨϭϬϬ͕ϬϬϬ ϮϬϮϯ ΨϳϬϬ͕ϬϬϬ ϮϬϮϮ Ψϰϴ͕ϬϬϬ ϮϬϮϲWĂƌŬŝŶŐ/WdŽƚĂůсΨϱ͕ϱϭϴ͕ϬϬϬ ϮϬϮϭWĂƌŬŝŶŐ/WdŽƚĂůсΨϭ͕Ϯϱϱ͕ϬϬϬ ΨϱϰϬ͕ϬϬϬΨϰϬϬ͕ϬϬϬΨϯϬϬ͕ϬϬϬ ϮϬϮϭ ZĞǀĞŶƵĞŽŶƚƌŽů ƋƵŝƉŵĞŶƚ EĞǁDĞƚĞƌdĞĐŚŶŽůŽŐŝĞƐ ZĞĚĞƐŝŐŶΘ>ĂŶĚƐĐĂƉŝŶŐ ĞŶƚĞƌ>Žƚ ΘtĂLJ&ŝŶĚŝŶŐ Ͳ ϮϬϮϭ ZĂŵƉZĞƐƚŽƌĂƚŝŽŶƐ ŚĂƌŐŝŶŐ^ƚĂƚŝŽŶƐ 'ŽǀĞƌŶŵĞŶƚ hƉĚĂƚĞƐ 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