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:ƵůLJϭϵ͕ϮϬϮϭ^ŽůŝĐŝƚĂƚŝŽŶĂŶŶŽƵŶĐĞŵĞŶƚĚŝƐƚƌŝďƵƚĞĚ x  :ƵůLJϭϵ͕ϮϬϮϭʹƉƉůŝĐĂƚŝŽŶƐƉƌĞƉĂƌĞĚ x  KĐƚŽďĞƌϮϵ͕ϮϬϮϭ͗ ƵŐƵƐƚϭϴ͕ϮϬϮϭ͗KŶůŝŶĞ/ŶĨŽƌŵĂƚŝŽŶĂů^ĞƐƐŝŽŶ x  KĐƚŽďĞƌϮϵ͕ϮϬϮϭ͗ƉƉůŝĐĂƚŝŽŶƐĚƵĞƚŽ x  ĞĐĞŵďĞƌϮϬϮϭ͗WƌŽũĞĐƚƐƐĞůĞĐƚĞĚĂŶĚĂƉƉƌŽǀĞĚ x   WZK'ZDͬWW>/d/KE/E&KZDd/KE>^^^/KE ŶŝŶĨŽƌŵĂƚŝŽŶƐĞƐƐŝŽŶŽŶƚŚĞƉƌŽŐƌĂŵĂŶĚƚŚĞĂƉƉůŝĐĂƚŝŽŶƉƌŽĐĞƐƐǁŝůůďĞŚĞůĚ ĂƚĞ>ŝŶŬƚŽDĞĞƚŝŶŐdŝŵĞ ƵŐƵƐƚϭϴůŝĐŬ,ĞƌĞƚŽ:ŽŝŶƚŚĞϮϬϮϭ/Z/ŶĨŽƌŵĂƚŝŽŶĂů^ĞƐƐŝŽŶϭϬ͗ϬϬDʹϭϭ͗ϬϬD  DĞĞƚŝŶŐůŝŶŬĂůƐŽĂǀĂŝůĂďůĞŽŶƚŚĞǁĞďƐŝƚĞ  /ĨLJŽƵĐĂŶŶŽƚŵĂŬĞƚŚĂƚŵĞĞƚŝŶŐ͕ƚŚĞƉƌĞƐĞŶƚĂƚŝŽŶǁŝůůďĞĂǀĂŝůĂďůĞĂĨƚĞƌƚŚĞŵĞĞƚŝŶŐŽŶƚŚĞ ǁĞďƐŝƚĞĂƚŚƚƚƉƐ͗ͬͬŵŶ͘ŐŽǀͬĚĞĞĚͬŐŽǀĞƌŶŵĞŶƚͬĨŝŶĂŶĐŝĂůͲĂƐƐŝƐƚĂŶĐĞͬďƵƐŝŶĞƐƐͲĨƵŶĚŝŶŐͬĂŝƌƉŽƌƚͬ͘WĞƌƐŽŶƐ ĐŽŶƐŝĚĞƌŝŶŐĂƉƉůLJŝŶŐĂƌĞĞŶĐŽƵƌĂŐĞĚƚŽĐĂůůƐƚĂĨĨĚŝƐĐƵƐƐƚŚĞŝƌĂƉƉůŝĐĂƚŝŽŶ͘  Kd,Z/DWKZdEdWZK'ZD/E&KZDd/KE dŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶŝƐŶŽƚĚŝƌĞĐƚůLJĂĚĚƌĞƐƐĞĚŝŶĂƵƚŚŽƌŝnjŝŶŐůĞŐŝƐůĂƚŝŽŶ͕ďƵƚĂƌĞŚĞůƉĨƵůƚŝƉƐĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞŐƵŝĚĂŶĐĞĨŽƌĂƉƉůLJŝŶŐĂŶĚĂĚŵŝŶŝƐƚĞƌŝŶŐĂŶ/ZŐƌĂŶƚ͘  ůŝŐŝďůĞĂƉƉůŝĐĂŶƚƐĐŽŶƐŝĚĞƌŝŶŐĂŶĂƉƉůŝĐĂƚŝŽŶĂƌĞĞŶĐŽƵƌĂŐĞĚƚŽĐŽŶƚĂĐƚƐƚĂĨĨƉƌŝŽƌƚŽĐŽŵƉůĞƚŝŶŐ ƚŚĞĂƉƉůŝĐĂƚŝŽŶ͘/ŶƚĞƌĂĐƚŝŽŶǁŝƚŚƐƚĂĨĨĐŽƵůĚƉƌŽǀŝĚĞǀĂůƵĂďůĞŝŶƉƵƚƌĞŐĂƌĚŝŶŐĞůŝŐŝďŝůŝƚLJ͕ƐĞůĞĐƚŝŽŶ͕ ĂǀĂŝůĂďŝůŝƚLJŽĨĨƵŶĚƐ͕ĂŶĚĂĚĚŝƚŝŽŶĂůƉƌŽŐƌĂŵƐƚŚĂƚŵĂLJĂƐƐŝƐƚǁŝƚŚƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚ͘   /Ĩ/ZŐƌĂŶƚĨƵŶĚƐǁŝůůďĞƵƐĞĚŽŶĨĂĐŝůŝƚŝĞƐŽƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞŶŽƚŽǁŶĞĚďLJƚŚĞĂƉƉůŝĐĂŶƚ͕ƚŚĞĨƵŶĚƐ ƉƌŽǀŝĚĞĚƚŽƚŚĞĨĂĐŝůŝƚŝĞƐŽƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞŽǁŶĞƌŵƵƐƚďĞƉƌŽǀŝĚĞĚĂƐĂŐƌĂŶƚĂŶĚŶŽƚĂůŽĂŶ͘Ŷ ĂŐƌĞĞŵĞŶƚŵƵƐƚďĞŝŶƉůĂĐĞďĞƚǁĞĞŶƚŚĞĂƉƉůŝĐĂŶƚĂŶĚƚŚĞŽǁŶĞƌƌĞƋƵŝƌŝŶŐƚŚĞŽǁŶĞƌƚŽŵĞĞƚ/Z ŐƵŝĚĞůŝŶĞƐ͘/ĨƚŚĞŽǁŶĞƌĚŽĞƐŶŽƚŵĞĞƚĂŶĚŬĞĞƉƌĞƋƵŝƌĞĚ/ZƉƌŽŐƌĂŵƌĞƋƵŝƌĞŵĞŶƚƐ͕ƚŚĞĂƉƉůŝĐĂŶƚǁŝůů ďĞůŝĂďůĞĨŽƌĂůůƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐƚŚĂƚŵĂLJŝŶĐůƵĚĞŐƌĂŶƚƌĞƉĂLJŵĞŶƚƚŽ͘  ŽŶƐƚƌƵĐƚŝŽŶƉƌŽũĞĐƚƐĐĂŶŶŽƚďĞƐƚĂƌƚĞĚƉƌŝŽƌƚŽĂŐƌĂŶƚĂŐƌĞĞŵĞŶƚďĞŝŶŐĨƵůůLJĞdžĞĐƵƚĞĚ͘  dŚĞƌĞƋƵŝƌĞĚϱϬƉĞƌĐĞŶƚŶŽŶͲƐƚĂƚĞŵĂƚĐŚŵƵƐƚďĞƵƐĞĚŽŶŐƌĂŶƚĞůŝŐŝďůĞĐĂƉŝƚĂůĐŽƐƚƐ͘   3DFNHW3J )D /ZŐƌĂŶƚĨƵŶĚƐǁŝůůďĞƚŚĞůĂƐƚĨƵŶĚƐĐŽŵŵŝƚƚĞĚƚŽĂƉƌŽũĞĐƚ͘dŚĞŵĂƚĐŚ͕ĂŶĚĂŶLJŽƚŚĞƌĨƵŶĚƐƚŚĂƚĂƌĞ ŶĞĐĞƐƐĂƌLJƚŽĐŽŵƉůĞƚĞƚŚĞƉƌŽũĞĐƚ͕ǁŝůůŶĞĞĚƚŽďĞĐŽŵŵŝƚƚĞĚĂŶĚĚŽĐƵŵĞŶƚĞĚĂƐĨƵůůĨƵŶĚŝŶŐĂƚƚŚĞƚŝŵĞ ŽĨƚŚĞĂƉƉůŝĐĂƚŝŽŶ͘&ƵůůĨƵŶĚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶĨŽƌƚŚĞƉƌŽũĞĐƚǁŝůůŶĞĞĚƚŽďĞĂƉƉƌŽǀĞĚďLJƉƌŝŽƌƚŽ ĂŶĂǁĂƌĚŶŽƚŝĐĞ͘  džĂŵƉůĞƐŽĨ&Ƶůů&ƵŶĚŝŶŐŽĐƵŵĞŶƚĂƚŝŽŶ ĂƐŚŝŶŚĂŶĚʹďĂŶŬƐƚĂƚĞŵĞŶƚƐĨŽƌƐĞŐƌĞŐĂƚĞĚĂĐĐŽƵŶƚƐ͕ĐŽƉŝĞƐŽĨĐŚĞĐŬƐ &ĞĚĞƌĂůĨƵŶĚƐʹůŝŶĞŝƚĞŵƐŝŶĂƉƉƌŽǀĞĚĨĞĚĞƌĂůďƵĚŐĞƚƐ͕ŐƌĂŶƚĂǁĂƌĚůĞƚƚĞƌƐĨƌŽŵĨĞĚĞƌĂů ĂŐĞŶĐŝĞƐ >ŽĐĂůŐŽǀĞƌŶŵĞŶƚŵĂƚĐŚʹůŝŶĞŝƚĞŵƐŝŶĂƉƉƌŽǀĞĚůŽĐĂůŐŽǀĞƌŶŵĞŶƚďƵĚŐĞƚƐ͕ĞdžĞĐƵƚĞĚůŽĂŶ ĂŐƌĞĞŵĞŶƚƐǁŝƚŚůĞŶĚĞƌƐ WƌŝǀĂƚĞĐŽŶƚƌŝďƵƚŝŽŶƐʹƉůĞĚŐĞƐǁŚŝĐŚŚĂǀĞďĞĞŶƌĞĐĞŝǀĞĚŝŶĐĂƐŚ;ƐĞĞĚŽĐƵŵĞŶƚĂƚŝŽŶĨŽƌ ͞ĂƐŚ͟ĂďŽǀĞͿŽƌƚŚĂƚĂƌĞďĂĐŬĞĚďLJĂůŽĂŶŽƌŝƌƌĞǀŽĐĂďůĞůĞƚƚĞƌŽĨĐƌĞĚŝƚ͖ĨƵƚƵƌĞƉůĞĚŐĞƐďLJ ƚŚĞŵƐĞůǀĞƐĂƌĞŶŽƚƐƵĨĨŝĐŝĞŶƚ /ŶͲŬŝŶĚĐŽŶƚƌŝďƵƚŝŽŶƐ;ĂĐƋƵŝƐŝƚŝŽŶĂŶĚͬŽƌƐŝƚĞƉƌĞƉͿʹĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƌĞĐĞŝǀĞĚǁŝƚŚ ƚŚĞŶĂŵĞŽĨƚŚĞĐŽŶƚƌŝďƵƚŽƌ͕ĂĚĞƐĐƌŝƉƚŝŽŶĂŶĚƚŚĞǀĂůƵĞŽĨƚŚĞĐŽŶƚƌŝďƵƚŝŽŶ͕ĂŶĚĚĞƚĂŝůƐŽĨ ŚŽǁƚŚĞǀĂůƵĞǁĂƐĚĞƚĞƌŵŝŶĞĚ >ŽĐĂůŽŶĚŝŶŐʹŽŶĚƐĂůĞƌĞƐŽůƵƚŝŽŶƐĂŶĚĞǀŝĚĞŶĐĞŽĨĂďŽŶĚƉƵƌĐŚĂƐĞĂŐƌĞĞŵĞŶƚ  ZWKZd/E'ZYh/ZDEd^ ǁŝůůƉƌŽǀŝĚĞĞĂĐŚŐƌĂŶƚĞĞǁŝƚŚƚŚĞŶĞĐĞƐƐĂƌLJƌĞƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚƐ͘ZĞƉŽƌƚƐŵƵƐƚďĞƉƌŽǀŝĚĞĚƚŽ ƵƉŽŶƌĞƋƵĞƐƚ͘  WW>/d/KE^hD/dd> ŽŶĞŽƌŝŐŝŶĂůĂŶĚŽŶĞĐŽƉLJŽĨ ůŝŐŝďůĞĂƉƉůŝĐĂŶƚƐŵƵƐƚƐƵďŵŝƚƚŚĞĂƉƉůŝĐĂƚŝŽŶƚŽďĞĐŽŶƐŝĚĞƌĞĚĨŽƌĨƵŶĚŝŶŐ ƚŽƚŚĞĂĚĚƌĞƐƐůŝƐƚĞĚďĞůŽǁ͘  DŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨŵƉůŽLJŵĞŶƚĂŶĚĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ ϭEĂƚŝŽŶĂůĂŶŬƵŝůĚŝŶŐ Ɛƚ ϯϯϮDŝŶŶĞƐŽƚĂ^ƚƌĞĞƚ͕^ƵŝƚĞϮϬϬ ^ƚ͘WĂƵů͕DŝŶŶĞƐŽƚĂϱϱϭϬϭͲϭϯϱϭ ƚƚŶ͗:ĞƌĞŵLJ>ĂƌŽŝdž  Ύ,ĞĂĚƋƵĂƌƚĞƌƐŝƐŵŽǀŝŶŐĨƌŽŵ&ŝƌƐƚEĂƚŝŽŶĂůĂŶŬƵŝůĚŝŶŐ͘ƚƚŚŝƐƚŝŵĞǁĞĂƌĞƵŶĐĞƌƚĂŝŶƚŽƚŚĞ ĚĂƚĞŽĨƚŚĞŵŽǀĞ͘WůĞĂƐĞĐŽŶĨŝƌŵƉƌŝŽƌƚŽŵĂŝůŝŶŐŽƌĚĞůŝǀĞƌŝŶŐLJŽƵƌĂƉƉůŝĐĂƚŝŽŶƚŚĂƚƚŚĞĂĚĚƌĞƐƐƉƌŽǀŝĚĞĚ ŝƐĐŽƌƌĞĐƚ͘ůƐŽ͕ƉůĞĂƐĞĐŽŶĨŝƌŵĂĨƚĞƌEŽǀĞŵďĞƌϯ͕ϮϬϮϭƚŚĂƚLJŽƵƌĂƉƉůŝĐĂƚŝŽŶǁĂƐƌĞĐĞŝǀĞĚ͘dŚĂŶŬLJŽƵĨŽƌ LJŽƵƌƵŶĚĞƌƐƚĂŶĚŝŶŐŝŶƚŚŝƐƚŝŵĞŽĨƚƌĂŶƐŝƚŝŽŶ͘   ƉƉůŝĐĂƚŝŽŶƐŵƵƐƚďĞƌĞĐĞŝǀĞĚďLJďLJϰ͗ϬϬƉŵŽŶKĐƚŽďĞƌϮϵ͕ϮϬϮϭ͘EŽĨĂdžĞƐŽƌĞŵĂŝůƐǁŝůůďĞ ĂĐĐĞƉƚĞĚ͘  KEdd^  :ĞƌĞŵLJ>ĂƌŽŝdžWĂƚƌŵŽŶ ϲϱϭͲϮϱϵͲϳϰϱϳϲϱϭͲϮϱϵͲϳϮϰϱ ũĞƌĞŵLJ͘ůĂĐƌŽŝdžΛƐƚĂƚĞ͘ŵŶ͘ƵƐƉĂƚƌŝĐŬ͘ĂƌŵŽŶΛƐƚĂƚĞ͘ŵŶ͘ƵƐ  WW>/d/KE/E^dZhd/KE^ ůŝŐŝďůĞƉƉůŝĐĂŶƚƐŵĂLJĂƉƉůLJĨŽƌĂƐƐŝƐƚĂŶĐĞĨƌŽŵƚŚĞ/Z'ƌĂŶƚWƌŽŐƌĂŵƵƐŝŶŐƚŚĞ/ZƉƉůŝĐĂƚŝŽŶŝĨƚŚĞLJ ŚĂǀĞĂŶĞůŝŐŝďůĞƉƌŽũĞĐƚ͘   3DFNHW3J )D ͕ǁŝƚŚƚŚĞĂƐƐŝƐƚĂŶĐĞŽĨDŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨdƌĂŶƐƉŽƌƚĂƚŝŽŶ͕ĞƌŽŶĂƵƚŝĐƐ͕ƐŚĂůůĂŶĂůLJnjĞĂůů ĂƉƉůŝĐĂƚŝŽŶƐĂŶĚďĂƐĞƚŚĞŝƌĨƵŶĚŝŶŐĚĞĐŝƐŝŽŶŽŶƚŚĞŝŶĨŽƌŵĂƚŝŽŶƉƌŽǀŝĚĞĚǁŝƚŚŝŶĞĂĐŚĂƉƉůŝĐĂƚŝŽŶ͘dŚĞƌĞ ŵĂLJďĞŝŶƐƚĂŶĐĞƐǁŚĞŶƐƚĂĨĨǁŝůůƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶƉƌŝŽƌƚŽŵĂŬŝŶŐĂĨƵŶĚŝŶŐĚĞĐŝƐŝŽŶ͘  WůĞĂƐĞĚŽŶŽƚƐƵďŵŝƚWƌŽŐƌĂŵŽŶĐĞƉƚĂŶĚƉƉůŝĐĂƚŝŽŶ/ŶƐƚƌƵĐƚŝŽŶƐǁŝƚŚLJŽƵƌĂƉƉůŝĐĂƚŝŽŶ͘  WůĞĂƐĞĂŶƐǁĞƌĂůůƋƵĞƐƚŝŽŶƐ͘&ĂŝůƵƌĞƚŽĚŽƐŽǁŝůůĂĨĨĞĐƚĂƉƉůŝĐĂƚŝŽŶƐĐŽƌŝŶŐ͘  /ĨƚŚĞƉƌŽƉŽƐĂůƐƵďŵŝƚƚĞĚŝƐŶŽƚĞůŝŐŝďůĞĨŽƌ/ZŐƌĂŶƚĨƵŶĚŝŶŐ͕ŽƌDŶKdŵĂLJƌĞĐŽŵŵĞŶĚ ĂůƚĞƌŶĂƚŝǀĞĨƵŶĚŝŶŐƌĞƐŽƵƌĐĞƐ͘  EĂŵĞƐĂŶĚĂĚĚƌĞƐƐĞƐŽĨŐƌĂŶƚĂƉƉůŝĐĂŶƚƐ͕ĂŶĚĂŵŽƵŶƚƌĞƋƵĞƐƚĞĚǁŝůůďĞƉƵďůŝĐĚĂƚĂŽŶĐĞƉƌŽƉŽƐĂů ƌĞƐƉŽŶƐĞƐĂƌĞŽƉĞŶĞĚ͘  ůůƌĞŵĂŝŶŝŶŐĚĂƚĂŝŶƉƌŽƉŽƐĂůƌĞƐƉŽŶƐĞƐ;ĞdžĐĞƉƚƚƌĂĚĞƐĞĐƌĞƚĚĂƚĂĂƐĚĞĨŝŶĞĚĂŶĚĐůĂƐƐŝĨŝĞĚŝŶΑϭϯ͘ϯϳͿ ǁŝůůďĞƉƵďůŝĐĚĂƚĂĂĨƚĞƌƚŚĞĞǀĂůƵĂƚŝŽŶƉƌŽĐĞƐƐŝƐĐŽŵƉůĞƚĞĚ;ĨŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƚŚŝƐŐƌĂŶƚ͕ǁŚĞŶĂůů ŐƌĂŶƚĂŐƌĞĞŵĞŶƚƐŚĂǀĞďĞĞŶĨƵůůLJĞdžĞĐƵƚĞĚͿ͘  ůůĚĂƚĂĐƌĞĂƚĞĚŽƌŵĂŝŶƚĂŝŶĞĚďLJƚŚĞĞƉĂƌƚŵĞŶƚĂƐƉĂƌƚŽĨƚŚĞĞǀĂůƵĂƚŝŽŶƉƌŽĐĞƐƐ;ĞdžĐĞƉƚƚƌĂĚĞƐĞĐƌĞƚ ĚĂƚĂĂƐĚĞĨŝŶĞĚĂŶĚĐůĂƐƐŝĨŝĞĚŝŶΑϭϯ͘ϯϳͿǁŝůůďĞƉƵďůŝĐĚĂƚĂĂĨƚĞƌƚŚĞĞǀĂůƵĂƚŝŽŶƉƌŽĐĞƐƐŝƐĐŽŵƉůĞƚĞĚ;ĨŽƌ ƚŚĞƉƵƌƉŽƐĞƐŽĨƚŚŝƐŐƌĂŶƚ͕ǁŚĞŶĂůůŐƌĂŶƚĂŐƌĞĞŵĞŶƚƐŚĂǀĞďĞĞŶĨƵůůLJĞdžĞĐƵƚĞĚͿ͘      3DFNHW3J )D      ŝƌƉŽƌƚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞZĞŶĞǁĂů;/ZͿ'ƌĂŶƚWƌŽŐƌĂŵ ƉƉůŝĐĂƚŝŽŶŽǀĞƌ^ŚĞĞƚ dŚĞŽǀĞƌ^ŚĞĞƚŵƵƐƚďĞĐŽŵƉůĞƚĞĚďLJĂůůĂƉƉůŝĐĂŶƚƐƌĞƋƵĞƐƚŝŶŐĨŝŶĂŶĐŝĂůĂƐƐŝƐƚĂŶĐĞ͘  WƌŽũĞĐƚEĂŵĞ͗    WƌŽũĞĐƚĚĚƌĞƐƐ  Kƌ>ŽĐĂƚŝŽŶ͗   /ZZĞƋƵĞƐƚDE,ŽƵƐĞŝƐƚƌŝĐƚ dŽƚĂůWƌŽũĞĐƚŽƐƚƐDEŽŶŐƌĞƐƐŝŽŶĂůŝƐƚƌŝĐƚ   ƉƉůŝĐĂŶƚ͗ WƌŽũĞĐƚŽŶƚĂĐƚWĞƌƐŽŶ͗ dŝƚůĞ͗ŵĂŝůĂĚĚƌĞƐƐ͗ ĚĚƌĞƐƐ͗WŚŽŶĞ͗ ŝƚLJ͗DE͕ŝƉŽĚĞ͗ DŝŶŶĞƐŽƚĂdĂdž/ĚĞŶƚŝĨŝĐĂƚŝŽŶEƵŵďĞƌ͗  &ĞĚĞƌĂůdĂdž/ĚĞŶƚŝĨŝĐĂƚŝŽŶEƵŵďĞƌ͗  WƌŽũĞĐƚDĂŶĂŐĞƌ͗ dŝƚůĞ͗ŵĂŝůĂĚĚƌĞƐƐ͗ ĚĚƌĞƐƐ͗WŚŽŶĞ͗ ŝƚLJ͗DE͕ŝƉŽĚĞ͗  ůŝŐŝďŝůŝƚLJƌŝƚĞƌŝĂ dLJƉĞŽĨWƌŽũĞĐƚ͘ŚĞĐŬĂůůƚŚĂƚĂƉƉůLJ͘ DĂŶƵĨĂĐƚƵƌŝŶŐdĞĐŚŶŽůŽŐLJtĂƌĞŚŽƵƐŝŶŐĂŶĚĚŝƐƚƌŝďƵƚŝŽŶ ܆܆܆  ZĞƐĞĂƌĐŚĂŶĚĚĞǀĞůŽƉŵĞŶƚ ܆  ƉƉůŝĐĂŶƚŝƐĂĐŽƵŶƚLJ͕ĂŝƌƉŽƌƚĂƵƚŚŽƌŝƚLJŽƌĐŝƚLJůŽĐĂƚĞĚŽƵƚƐŝĚĞŽĨ zĞƐEŽ ܆܆ ŵĞƚƌŽƉŽůŝƚĂŶĂƌĞĂ hƐĞŽĨĨƵŶĚƐǁŽƵůĚďĞĨŽƌĂŶĞůŝŐŝďůĞĨĂĐŝůŝƚLJŽƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞƉƌŽũĞĐƚ zĞƐEŽ ܆܆ ZĞƋƵĞƐƚŝƐϱϬйŽƌůĞƐƐŽĨĐĂƉŝƚĂůĐŽƐƚƐŽĨĨĂĐŝůŝƚLJŽƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞ zĞƐEŽ ܆܆   )D  ŝƌƉŽƌƚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞZĞŶĞǁĂů;/ZͿ'ƌĂŶƚƉƉůŝĐĂƚŝŽŶ  WƌŽũĞĐƚ^ƵŵŵĂƌLJ WƌŽǀŝĚĞĂďƌŝĞĨWƌŽũĞĐƚ^ƵŵŵĂƌLJƚŚĂƚ͕ĂƚĂŵŝŶŝŵƵŵ͕ŝŶĐůƵĚĞƐĂŶƐǁĞƌƐƚŽƚŚĞƐĞƋƵĞƐƚŝŽŶƐ͘WůĞĂƐĞŬĞĞƉ  LJŽƵƌƐƵŵŵĂƌLJĚŝǀŝĚĞĚďLJƚŚĞƋƵĞƐƚŝŽŶƐƉƌŽǀŝĚĞĚ͘ ƌŝĞĨůLJĚĞƐĐƌŝďĞƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚĂŶĚũƵƐƚŝĨŝĐĂƚŝŽŶĂŶĚŶĞĞĚĨŽƌĨƵŶĚŝŶŐ͘WůĞĂƐĞŝŶĚŝĐĂƚĞŚŽǁ x  LJŽƵƌƉƌŽũĞĐƚŵĞĞƚƐƚŚĞƉƌŽŐƌĂŵƉƵƌƉŽƐĞĂŶĚĞůŝŐŝďŝůŝƚLJƌĞƋƵŝƌĞŵĞŶƚƐ͘ tŝůůƚŚĞĂƉƉůŝĐĂŶƚŽǁŶĂŶĚŵĂŝŶƚĂŝŶƚŚĞĨĂĐŝůŝƚŝĞƐͬŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͍/ĨŶŽƚ͕ĞdžƉůĂŝŶǁŚŽǁŝůůĂŶĚ x  ŚŽǁƚŚĞŐƌĂŶƚǁŝůůďĞƐƚƌƵĐƚƵƌĞĚǁŝƚŚƚŚĞŽǁŶĞƌŽĨƚŚĞĨĂĐŝůŝƚŝĞƐͬŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ ŽĞƐƚŚĞĂƉƉůŝĐĂŶƚŚĂǀĞƐŝƚĞĐŽŶƚƌŽůŽĨƚŚĞĨĂĐŝůŝƚŝĞƐͬŝŶĨƌĂƐƚƌƵĐƚƵƌĞƉƌŽũĞĐƚĂƌĞĂ͍/ĨŶŽƚ͕ĞdžƉůĂŝŶ͘ x  ,ĂƐƚŚĞƉƌŽũĞĐƚďĞĞŶĂǁĂƌĚĞĚƚŽĂĐŽŶƚƌĂĐƚŽƌŽƌƐƚĂƌƚĞĚĐŽŶƐƚƌƵĐƚŝŽŶ͍/ĨLJĞƐ͕ĞdžƉůĂŝŶ͘ x  dŚĞ/ZƉŽƌƚŝŽŶŽĨƚŚĞƉƌŽũĞĐƚĐĂŶŶŽƚďĞĂƐƐĞƐƐĞĚŽƌƌĞŝŵďƵƌƐĞĚĨƌŽŵŽƚŚĞƌƐŽƵƌĐĞƐ͘tŝůůƚŚĞ x  ƉƌŽũĞĐƚďĞĂƐƐĞƐƐĞĚ͍ /ƐƚŚĞƉƌŽũĞĐƚƌĞůŽĐĂƚŝŶŐƐƵďƐƚĂŶƚŝĂůůLJƚŚĞƐĂŵĞŽƉĞƌĂƚŝŽŶĨƌŽŵĂŶŽƚŚĞƌůŽĐĂƚŝŽŶŝŶƚŚĞƐƚĂƚĞ͍/Ĩ x  LJĞƐ͕ƉůĞĂƐĞĞdžƉůĂŝŶǁŚLJƚŚĞƉƌŽũĞĐƚĐĂŶŶŽƚďĞƌĞĂƐŽŶĂďůLJĂĐĐŽŵŵŽĚĂƚĞĚǁŝƚŚŝŶƚŚĞĐŽƵŶƚLJŽƌ ĐŝƚLJŝŶǁŚŝĐŚƚŚĞďƵƐŝŶĞƐƐŝƐĐƵƌƌĞŶƚůLJůŽĐĂƚĞĚ͘ ĞƐĐƌŝďĞƚŚĞƐƚĂƚƵƐŽĨƉĞƌŵŝƚƚŝŶŐŶĞĐĞƐƐĂƌLJĨŽƌƚŚĞƉƌŽũĞĐƚďĞŝŶŐƐĞĐƵƌĞĚ͘/ŶĐůƵĚĞƉĞƌŵŝƚ x  ĞdžƉĞĐƚĂƚŝŽŶƐĂŶĚƚŝŵĞĨƌĂŵĞƐĨŽƌĂƉƉƌŽǀĂů͘  ĂƉŝƚĂů/ŶǀĞƐƚŵĞŶƚĂŶĚĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ WĂƌƚϭ ,ŽǁŵƵĐŚƉƌŝǀĂƚĞĐĂƉŝƚĂůŝŶǀĞƐƚŵĞŶƚŝƐĐŽŵŵŝƚƚĞĚƚŽƚŚĞƉƌŽũĞĐƚ͍WůĞĂƐĞƉƌŽǀŝĚĞĂďƌŝĞĨ x  ĞdžƉůĂŶĂƚŝŽŶ͘ ,ŽǁŵƵĐŚŶŽŶͲƐƚĂƚĞƉƵďůŝĐĐĂƉŝƚĂůŝŶǀĞƐƚŵĞŶƚŝƐĐŽŵŵŝƚƚĞĚƚŽƚŚĞƉƌŽũĞĐƚ͍WůĞĂƐĞƉƌŽǀŝĚĞĂ x  ďƌŝĞĨĞdžƉůĂŶĂƚŝŽŶ͘  ŽŵƉůĞƚĞdĂďůĞĂŶĚƉƌŽǀŝĚĞĚŽĐƵŵĞŶƚĂƚŝŽŶŽĨĐŽŵŵŝƚƚĞĚĐĂƉŝƚĂů͘  d>ʹ/ŵŵĞĚŝĂƚĞŽŵŵŝƚƚĞĚĂƉŝƚĂů/ŶǀĞƐƚŵĞŶƚ ^ŽƵƌĐĞƐ&ĂĐŝůŝƚŝĞƐͬ/ŶĨƌĂƐƚƌƵĐƚƵƌĞdKd>^ ŽŵŵŝƚƚĞĚWƌŝǀĂƚĞĂƉŝƚĂů ŽŵŵŝƚƚĞĚŶŽŶͲƐƚĂƚĞWƵďůŝĐĂƉŝƚĂů dKd>^   ,ŽǁŵƵĐŚƉƌŝǀĂƚĞĐĂƉŝƚĂůŝŶǀĞƐƚŵĞŶƚŝƐĞdžƉĞĐƚĞĚƚŽďĞĂƚƚƌĂĐƚĞĚƚŽƚŚĞƉƌŽũĞĐƚǁŝƚŚŝŶϱLJĞĂƌƐŽĨ x  ŐƌĂŶƚĐůŽƐĞŽƵƚ͍;/ŶĐůƵĚĞĨƵŶĚƐĨƌŽŵdĂďůĞͿWůĞĂƐĞƉƌŽǀŝĚĞďƌŝĞĨĞdžƉůĂŶĂƚŝŽŶ͘ ,ŽǁŵƵĐŚƉƵďůŝĐĐĂƉŝƚĂůŝŶǀĞƐƚŵĞŶƚŝƐĞdžƉĞĐƚĞĚƚŽďĞĂƚƚƌĂĐƚĞĚƚŽƚŚĞƉƌŽũĞĐƚǁŝƚŚŝŶϱLJĞĂƌƐŽĨ x  ŐƌĂŶƚĐůŽƐĞŽƵƚ͍;/ŶĐůƵĚĞĨƵŶĚƐĨƌŽŵdĂďůĞͿWůĞĂƐĞƉƌŽǀŝĚĞďƌŝĞĨĞdžƉůĂŶĂƚŝŽŶ͘  ŽŵƉůĞƚĞdĂďůĞĂŶĚƉƌŽǀŝĚĞĚĞƚĂŝůĂŶĚƚŝŵŝŶŐŽĨƉƌŽũĞĐƚĞĚĐĂƉŝƚĂůŝŶǀĞƐƚŵĞŶƚ͘  d>ʹdžƉĞĐƚĞĚϱzĞĂƌĂƉŝƚĂů/ŶǀĞƐƚŵĞŶƚ ^ŽƵƌĐĞƐ&ĂĐŝůŝƚŝĞƐͬ/ŶĨƌĂƐƚƌƵĐƚƵƌĞdKd>^ ŽŵŵŝƚƚĞĚWƌŝǀĂƚĞĂƉŝƚĂů ŽŵŵŝƚƚĞĚŶŽŶͲƐƚĂƚĞWƵďůŝĐĂƉŝƚĂů dKd>^   WĂƌƚϮ tŚĂƚŝƐƚŚĞĐƵƌƌĞŶƚƚĂdžĂďůĞǀĂůƵĞŽĨƚŚĞĂƌĞĂƉƌŽƉŽƐĞĚĨŽƌĚĞǀĞůŽƉŵĞŶƚ͍ x  tŚĂƚŝƐƚŚĞĞdžƉĞĐƚĞĚƚĂdžĂďůĞǀĂůƵĞŽĨƚŚĞWƌŽũĞĐƚǁŝƚŚĐŽŵŵŝƚƚĞĚďƵƐŝŶĞƐƐ;ĞƐͿ͍ x   3DFNHW3J )D tŚĂƚŝƐƚŚĞĞdžƉĞĐƚĞĚƚĂdžĂďůĞǀĂůƵĞŽĨƚŚĞƉƌŽũĞĐƚϱLJĞĂƌƐĂĨƚĞƌŐƌĂŶƚĐůŽƐĞŽƵƚ͍ x   ŽŵƉůĞƚĞdĂďůĞƚŽĐĂůĐƵůĂƚĞŝŶĐƌĞĂƐĞŝŶƚĂdžĂďůĞƉƌŽƉĞƌƚLJǀĂůƵĞ͘KŶƚŚĞƚĂďůĞ͕ůŝƐƚďƵƐŝŶĞƐƐ;ĞƐͿƚŚĂƚ ĂƌĞŝĚĞŶƚŝĨŝĞĚĂŶĚƐƉĞĐƵůĂƚĞĚĂŶĚǁŚĂƚƚŚĞƉƌŽũĞĐƚĞĚƚĂdžĂďůĞǀĂůƵĞƐŽĨƚŚĞŝƌĚĞǀĞůŽƉĞĚƉƌŽƉĞƌƚLJ;ƐͿ ǁŝůůďĞĂĨƚĞƌŽŶĞLJĞĂƌĂŶĚĨŝǀĞLJĞĂƌƐ͘>ŝƐƚƚŚĞĐƵƌƌĞŶƚƚĂdžĂďůĞǀĂůƵĞŽĨǁŚĂƚƚŚĞƉƌŽũĞĐƚĂƌĞĂŝƐŶŽǁ ;ƵƐƵĂůůLJƵŶĚĞǀĞůŽƉĞĚůĂŶĚͿ͘^ƵďƚƌĂĐƚƚŚĞĐƵƌƌĞŶƚƚĂdžĂďůĞǀĂůƵĞĨƌŽŵƚŚĞƚŽƚĂůƉƌŽũĞĐƚĞĚŶĞǁ ;ĚĞǀĞůŽƉĞĚͿƉƌŽƉĞƌƚLJǀĂůƵĞƐƚŽĐĂůĐƵůĂƚĞƉƌŽũĞĐƚĞĚŝŶĐƌĞĂƐĞĚŝŶƚĂdžĂďůĞǀĂůƵĞ͘ĚĚĂĚĚŝƚŝŽŶĂůƌŽǁƐ ƚŽƚŚĞƚĂďůĞŝĨŶĞĐĞƐƐĂƌLJ͘  /ĨLJŽƵƌƉƌŽũĞĐƚŝƐƚĂdžĞdžĞŵƉƚ͕ƉůĞĂƐĞƉƌŽǀŝĚĞƚŚĞĐƵƌƌĞŶƚ͕ĨŝƌƐƚLJĞĂƌ͕ĂŶĚĨŝǀĞLJĞĂƌĞƐƚŝŵĂƚĞĚŵĂƌŬĞƚ ǀĂůƵĞŽĨƚŚĞƉƌŽƉĞƌƚLJďĞŝŶŐŝŵƉƌŽǀĞĚ͘ŽĐƵŵĞŶƚĂƚŝŽŶŽĨƚŚĞƐĞĞƐƚŝŵĂƚĞƐƐŚŽƵůĚďĞƉƌŽǀŝĚĞĚ͘  d>ʹ/ŶĐƌĞĂƐĞŝŶdĂdžĂďůĞsĂůƵĞŽĨWƌŽƉĞƌƚLJ ƵƐŝŶĞƐƐĞƐ;ŝŶĐůƵĚĞ&ŝƌƐƚzĞĂƌʹƐƚŝŵĂƚĞĚdĂdžĂďůĞ&ŝǀĞzĞĂƌʹƐƚŝŵĂƚĞĚdĂdžĂďůĞ ƵŶŝĚĞŶƚŝĨŝĞĚƉƌŽũĞĐƚŝŽŶƐͿsĂůƵĞŽĨWƌŽƉĞƌƚLJsĂůƵĞŽĨWƌŽƉĞƌƚLJ    dKd>^  ͲƵƌƌĞŶƚdĂdžĂďůĞsĂůƵĞ  с/ŶĐƌĞĂƐĞĚdĂdžĂďůĞsĂůƵĞ   WƌŽǀŝĚĞĂůĞƚƚĞƌĨƌŽŵƚŚĞĐŽƵŶƚLJĂƵĚŝƚŽƌ͛ƐŽĨĨŝĐĞĚŽĐƵŵĞŶƚŝŶŐƚŚĞĐƵƌƌĞŶƚĂŶĚƉƌŽũĞĐƚĞĚ x  ĞƐƚŝŵĂƚĞĚŵĂƌŬĞƚǀĂůƵĞƐ͘   /ƐƚŚĞƌĞĂŶLJĂĚĚŝƚŝŽŶĂůƐƵďƐƚĂŶƚŝĂůĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƉƌŽǀŝĚĞĚƚŽƚŚĞĐŽƵŶƚLJŽƌĐŝƚLJĨƌŽŵƚŚĞ x  ĞůŝŐŝďůĞƉƌŽũĞĐƚŶŽƚĞdžƉůĂŝŶĞĚŝŶWĂƌƚϭŽƌWĂƌƚϮ͍  ƌĞĂƚŝŶŐŽƌZĞƚĂŝŶŝŶŐ&ƵůůͲƚŝŵĞ:ŽďƐ ,ŽǁŵĂŶLJĨƵůůͲƚŝŵĞũŽďƐǁŝůůďĞĐƌĞĂƚĞĚĂŶĚƌĞƚĂŝŶĞĚďLJŝĚĞŶƚŝĨŝĞĚďƵƐŝŶĞƐƐ;ĞƐͿ͍ x  ,ŽǁŵĂŶLJĨƵůůͲƚŝŵĞũŽďƐǁŝůůďĞĐƌĞĂƚĞĚĂŶĚƌĞƚĂŝŶĞĚǁŝƚŚŝŶϱLJĞĂƌƐďLJŝĚĞŶƚŝĨŝĞĚĂŶĚ x  ƵŶŝĚĞŶƚŝĨŝĞĚďƵƐŝŶĞƐƐ;ĞƐͿ͍/ŶĐůƵĚĞũŽďƐĨƌŽŵƚŚĞĨŝƌƐƚƋƵĞƐƚŝŽŶ͘  WůĞĂƐĞĐŽŵƉůĞƚĞdĂďůĞ͘ĚĚĂĚĚŝƚŝŽŶĂůƌŽǁƐƚŽƚŚĞƚĂďůĞŝĨŶĞĐĞƐƐĂƌLJ͘  d>ʹƌĞĂƚĞĚĂŶĚZĞƚĂŝŶĞĚ:ŽďƐ ƵƐŝŶĞƐƐ;ĞƐͿ&ŝƌƐƚzĞĂƌĨƚĞƌϱzĞĂƌƐ  :ŽďƐ:ŽďƐ     dKd>^  WƌŽũĞĐƚZĞĂĚŝŶĞƐƐ hƐĞƚŚĞĨŽůůŽǁŝŶŐĞdžĂŵƉůĞĨŽƌŵĂƚƉƌŽũĞĐƚƐŽƵƌĐĞƐĂŶĚƵƐĞƐďƵĚŐĞƚ͘ĚĚƌŽǁƐŽƌĐŽůƵŵŶƐĂƐŶĞĐĞƐƐĂƌLJ͘ ĨŝŶĂůƐŽƵƌĐĞƐĂŶĚƵƐĞƐŽƵƚůŝŶĞǁŝůůďĞƉƌŽǀŝĚĞĚƚŽĂǁĂƌĚĞĚƉƌŽũĞĐƚƐďLJǁŝƚŚĂŐƌĂŶƚĂŐƌĞĞŵĞŶƚ͘  d>ʹ&ĂĐŝůŝƚŝĞƐͬ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ^ŽƵƌĐĞƐĂŶĚhƐĞƐ WƌŽũĞĐƚĐƚŝǀŝƚŝĞƐŝƚLJͬŽƵŶƚLJ&ĞĚĞƌĂůWƌŝǀĂƚĞdŽƚĂů ƵŝůĚŝŶŐΨϮϱϬ͕ϬϬϬΨϮϱϬ͕ϬϬϬ  3DFNHW3J )D d>ʹ&ĂĐŝůŝƚŝĞƐͬ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ^ŽƵƌĐĞƐĂŶĚhƐĞƐ 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,ŝŐŚĞĚƵĐƚŝďůĞWůĂŶĨĨĞĐƚŝǀĞϮϬϭϵĨĨĞĐƚŝǀĞϮϬϮϬĨĨĞĐƚŝǀĞϮϬϮϭ ŵƉůŽLJĞĞKŶůLJϵϮ͘ϬйϵϬ͘ϳϱйϴϵ͘ϳϱй ŵƉůŽLJĞĞн^ƉŽƵƐĞϴϴ͘ϱйϴϳ͘Ϯϱйϴϲ͘Ϯϱй  ϭ 3DFNHW3J )E  ŵƉůŽLJĞĞнŚŝůĚ;ƌĞŶͿϴϴ͘ϱйϴϳ͘Ϯϱйϴϲ͘Ϯϱй &ĂŵŝůLJϴϴ͘ϱйϴϳ͘Ϯϱйϴϲ͘Ϯϱй  DĞĚŝĐĂůWůĂŶKƉƚŝŽŶŝƚLJ͛ƐŽŶƚƌŝďƵƚŝŽŶƚŽDŽŶƚŚůLJWƌĞŵŝƵŵ ĂƐŝĐKƉƚŝŽŶdŝĞƌĨĨĞĐƚŝǀĞϮϬϮϮĨĨĞĐƚŝǀĞϮϬϮϯĨĨĞĐƚŝǀĞϮϬϮϰ ŵƉůŽLJĞĞKŶůLJϴϴ͘ϱϬйϴϴ͘ϬϬйϴϳ͘ϱϬй ŵƉůŽLJĞĞн^ƉŽƵƐĞϴϱ͘ϬϬйϴϰ͘ϱϬйϴϰ͘ϬϬй ŵƉůŽLJĞĞнŚŝůĚ;ƌĞŶͿϴϱ͘ϬϬйϴϰ͘ϱϬйϴϰ͘ϬϬй &ĂŵŝůLJϴϱ͘ϬϬйϴϰ͘ϱϬйϴϰ͘ϬϬй  ,ŝŐŚĞĚƵĐƚŝďůĞKƉƚŝŽŶdŝĞƌĨĨĞĐƚŝǀĞϮϬϮϮĨĨĞĐƚŝǀĞϮϬϮϯĨĨĞĐƚŝǀĞϮϬϮϰ ŵƉůŽLJĞĞKŶůLJϴϴ͘ϱϬйϴϴ͘ϬϬйϴϳ͘ϱϬй ŵƉůŽLJĞĞн^ƉŽƵƐĞϴϱ͘ϬϬйϴϰ͘ϱϬйϴϰ͘ϬϬй ŵƉůŽLJĞĞнŚŝůĚ;ƌĞŶͿϴϱ͘ϬϬйϴϰ͘ϱϬйϴϰ͘ϬϬй &ĂŵŝůLJϴϱ͘ϬϬйϴϰ͘ϱϬйϴϰ͘ϬϬй   ϰ͘ƌƚŝĐůĞϲ͕hŶŝĨŽƌŵƐĂŶĚ^ĂĨĞƚLJƋƵŝƉŵĞŶƚ͕^ĞĐƚŝŽŶϲ͘Ϭϭ͕^ĂĨĞƚLJƋƵŝƉŵĞŶƚdžƉĞŶƐĞZĞŝŵďƵƌƐĞŵĞŶƚƐ͕  ŵŽĚŝĨLJĂƐĨŽůůŽǁƐ͗  dŚĞŝƚLJǁŝůůƌĞŝŵďƵƌƐĞĂŶĞůŝŐŝďůĞĞŵƉůŽLJĞĞƵƉƚŽĂŵĂdžŝŵƵŵŽĨĨŽƵƌŚƵŶĚƌĞĚƐĞǀĞŶƚLJͲĨŝǀĞĨŝĨƚLJĚŽůůĂƌƐ ;ΨϰϳϱϬ͘ϬϬͿĚƵƌŝŶŐƚŚĞƚĞƌŵŽĨƚŚŝƐĐŽŶƚƌĂĐƚĨŽƌƚŚĞƉƵƌĐŚĂƐĞŽĨE^/Žƌ^dDĂƉƉƌŽǀĞĚƐĂĨĞƚLJƐŚŽĞƐ ŽƌŽƚŚĞƌƐƵƉĞƌǀŝƐŽƌLJĂƉƉƌŽǀĞĚƐĂĨĞƚLJǁĞĂƌƉƌŽǀŝĚĞĚĂŶŽƌŝŐŝŶĂůƌĞĐĞŝƉƚŝƐƐƵďŵŝƚƚĞĚǁŚĞŶƌĞƋƵĞƐƚŝŶŐ ƌĞŝŵďƵƌƐĞŵĞŶƚ͘ůŝŐŝďůĞĞŵƉůŽLJĞĞƐŝŶĐůƵĚĞƚŚŽƐĞƌĞƋƵŝƌĞĚƚŽǁĞĂƌƐĂĨĞƚLJƐŚŽĞƐĂƐƉĂƌƚŽĨƚŚĞŝƌũŽď ĚƵƚŝĞƐŽƌŽƚŚĞƌĞŵƉůŽLJĞĞƐ͕ĂƚƚŚĞĚŝƐĐƌĞƚŝŽŶŽĨƚŚĞĞƉĂƌƚŵĞŶƚ,ĞĂĚ͕ǁŚŽƉĞƌĨŽƌŵǁŽƌŬǁŚĞƌĞƐĂĨĞƚLJ ƐŚŽĞƐŵĂLJƉƌŽǀŝĚĞďĞŶĞĨŝƚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞŝƌũŽďĚƵƚŝĞƐ͘Ŷ͘͘͘  ϱ͘ƌƚŝĐůĞϴ͕Z^DĞŵďĞƌ>ŝƐƚŝŶŐ͕ŵŽĚŝĨLJƚŚĞƐĞĐŽŶĚƉĂƌĂŐƌĂƉŚĂŶĚŵŽǀĞƚŚŝƐƉĂƌĂŐƌĂƉŚƚŽƌƚŝĐůĞϯ͕  ^ĞĐƚŝŽŶϯ͘Ϭϯ͕ZĞĐůĂƐƐŝĨŝĐĂƚŝŽŶƐ͕ŶĞǁƐĞĐŽŶĚƉĂƌĂŐƌĂƉŚ͘hƉĚĂƚĞƚŚĞůĂŶŐƵĂŐĞƚŽƌĞĨůĞĐƚƚŚĞƌĞĐůĂƐƐŝͲ ĨŝĐĂƚŝŽŶĂƉƉƌŽǀĂůƉƌŽĐĞƐƐŚĂƐƉƌĞǀŝŽƵƐůLJďĞĞŶĚĞůĞŐĂƚĞĚďLJƚŚĞŽƵŶĐŝůƚŽƚŚĞŝƚLJĚŵŝŶŝƐƚƌĂƚŽƌĂŶĚ ƚŚĞŝƌĞĐƚŽƌŽĨ,ƵŵĂŶZĞƐŽƵƌĐĞƐ͗  /ŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐĐŚĂŶŐĞƐƚŽƉŽƐŝƚŝŽŶƐǁŝƚŚŝŶƚŚĞZ^ďĂƌŐĂŝŶŝŶŐƵŶŝƚǁŝůůďĞƉƌŽǀŝĚĞĚƚŽƚŚĞZ^ WƌĞƐŝĚĞŶƚƉƌŝŽƌƚŽďĞŝŶŐƉƌĞƐĞŶƚĞĚƚŽƚŚĞŝƚLJŽƵŶĐŝůĨŽƌƌĞǀŝĞǁĂŶĚĂƉƉƌŽǀĂů͘Z^ƌĞĐŽŐŶŝnjĞƐƚŚĞŝƚLJ͛Ɛ ƌŝŐŚƚƚŽŵĂŬĞĂƉƉƌŽƉƌŝĂƚĞƵƉǁĂƌĚƌĞĐůĂƐƐŝĨŝĐĂƚŝŽŶƐĂŶĚǁĂŐĞŝŶĐƌĞĂƐĞƐĨŽůůŽǁŝŶŐƚŚŽƐĞƌĞĐůĂƐƐŝĨŝĐĂͲ ƚŝŽŶƐ͘  ϲ͘ƌƚŝĐůĞϭϬ͕dĞƌŵŽĨŐƌĞĞŵĞŶƚ͕^ĞĐƚŝŽŶϭϬ͘Ϭϭ͕ŵŽĚŝĨLJĚĂƚĞƐƚŽƌĞĨůĞĐƚĂƚŚƌĞĞͲLJĞĂƌĐŽŶƚƌĂĐƚĨŽƌ:ĂŶͲ  ƵĂƌLJϭ͕ϮϬϮϮƚŚƌŽƵŐŚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͘  ϳ͘ƌƚŝĐůĞϭϮ͕tŽƌŬŝŶŐ,ŽƵƌƐĂŶĚŽŵƉĞŶƐĂƚŝŽŶ͕^ĞĐƚŝŽŶϭϮ͘ϬϮ͕ŵŽĚŝĨLJĂƐĨŽůůŽǁƐ͗   džĞŵƉƚƉŽƐŝƚŝŽŶƐĂƌĞŶŽƚĞůŝŐŝďůĞĨŽƌŽǀĞƌƚŝŵĞ͘,ŽǁĞǀĞƌ͕ƚŚĞƌĞŵĂLJďĞƚŝŵĞƐǁŚĞŶĂŶĞdžĞŵƉƚĞŵͲ ƉůŽLJĞĞŝƐĂƐƐŝŐŶĞĚĞdžƚƌĂŽƌĚŝŶĂƌLJĂŶĚƵŶŝƋƵĞƚĂƐŬƐĂƐƉĂƌƚŽĨĂƐƉĞĐŝĂůƉƌŽũĞĐƚƌĞƋƵŝƌŝŶŐĂŶĞdžĐĞƐƐŝǀĞ  Ϯ 3DFNHW3J )E  ŽƌƵŶƵƐƵĂůĂŵŽƵŶƚŽĨǁŽƌŬƚŝŵĞƚŽďĞƐĐŚĞĚƵůĞĚŽǀĞƌĂŶĞdžƚĞŶĚĞĚƉĞƌŝŽĚŽĨƚŝŵĞ͘/ŶƐƉĞĐŝĂůƉƌŽũĞĐƚ ĐĂƐĞƐ͕ƚŚĞĞƉĂƌƚŵĞŶƚ,ĞĂĚ͕ǁŝƚŚĐŽŶĐƵƌƌĞŶĐĞŽĨƚŚĞŝƚLJĚŵŝŶŝƐƚƌĂƚŽƌŽƌƚŚĞŝƌĚĞƐŝŐŶĞĞ͕ŵĂLJĂƵͲ ƚŚŽƌŝnjĞƉĂLJŵĞŶƚŽĨĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌĞdžĞŵƉƚͲůĞǀĞůƐƵƉĞƌǀŝƐŽƌƐ͘dŚĞĂƵƚŚŽƌŝnjĂƚŝŽŶĨŽƌĂĚͲ ĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶŵƵƐƚŽĐĐƵƌďĞĨŽƌĞƚŚĞĞdžĞŵƉƚĞŵƉůŽLJĞĞƉĞƌĨŽƌŵƐƚŚĞƐƉĞĐŝĂůƉƌŽũĞĐƚ͛ƐĞdžͲ ƚƌĂŽƌĚŝŶĂƌLJĂŶĚƵŶŝƋƵĞƚĂƐŬƐ͘  ϴ͘ƌƚŝĐůĞϭϮ͕tŽƌŬŝŶŐ,ŽƵƌƐĂŶĚŽŵƉĞŶƐĂƚŝŽŶ͕^ĞĐƚŝŽŶϭϮ͘Ϭϱ͕ŽŵƉĞŶƐĂƚŝŽŶ͕ŵŽĚŝĨLJĂƐĨŽůůŽǁƐĂŶĚ  ŵĂŬĞƐĂŵĞĐŚĂŶŐĞƐƚŽǁĂŐĞŐƌŝĚƐŝŶĂƉƉĞŶĚŝdž͖ƵƉĚĂƚĞũŽďůŝƐƚŝŶŐŝŶdžŚŝďŝƚƚŽƌĞĨůĞĐƚĐƵƌƌĞŶƚƉŽƐŝͲ ƚŝŽŶƐ͘  ZĞĨĞƌĞŶĐĞdžŚŝďŝƚǁŝƚŚƌĞŐĂƌĚƚŽZ^ŵĞŵďĞƌůŝƐƚŝŶŐĂŶĚƐĂůĂƌLJŐƌĂĚĞ͘ZĞĨĞƌĞŶĐĞdžŚŝďŝƚǁŝƚŚ ƌĞŐĂƌĚƚŽƐĂůĂƌLJƌĂŶŐĞƐĨŽƌϮϬϭϮϮϵͲϮϬϮϰϭ͘  ŶLJĂŶĚĂůůďĞŐŝŶŶŝŶŐŽĨLJĞĂƌƉĂLJĂĚũƵƐƚŵĞŶƚƐĂŶĚƌĂŶŐĞĂĚũƵƐƚŵĞŶƚƐŝŶĚŝĐĂƚĞĚĨŽƌƚŚĞϮϬϮϮϭϵͲ 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ĨŽŽĚĂŶĚďĞǀĞƌĂŐĞ͘dŚĞƐĞƐƉĂĐĞƐƉƌŽǀŝĚĞƚĂďůĞƐĂŶĚĐŚĂŝƌƐĨŽƌƉĂƚƌŽŶƐĂŶĚĂƌĞƚLJƉŝĐĂůůLJ ĚĞĨŝŶĞĚďLJƐƚĂŶĐŚŝŽŶƐƚŽƐĞƉĂƌĂƚĞƚŚĞŵĨƌŽŵƚŚĞƉĞĚĞƐƚƌŝĂŶĐŽƌƌŝĚŽƌ͘ ͞^ƚƌĞĞƚĂĨĠ͟ʹ>ŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞƉƵďůŝĐƌŝŐŚƚͲŽĨͲǁĂLJŝŶƉĂƌŬŝŶŐůĂŶĞƐĂŶĚƵƚŝůŝnjŝŶŐĂ x  ƐƚƌƵĐƚƵƌĞĨŽƌŽƵƚĚŽŽƌƐĞĂƚŝŶŐďLJĂŶĂĚũĂĐĞŶƚďƵƐŝŶĞƐƐƚŚĂƚƐĞƌǀĞƐĨŽŽĚĂŶĚďĞǀĞƌĂŐĞ͘ dŚĞƐĞŝŶƐƚĂůůĂƚŝŽŶƐĂƌĞƐŽŵĞƚŝŵĞƐĂůƐŽƌĞĨĞƌƌĞĚƚŽĂƐĂ^ƚƌĞĂƚĞƌŝĞƐ͘ ĂƉƉůLJƚŽƉĂƌŬůĞƚƐ͕ƐƚƌĞĞƚĐĂĨĞƐ͕ĂŶĚƚŚĞŝƌƐƚƌƵĐƚƵƌĞƐ dŚĞĨŽůůŽǁŝŶŐƐƚĂŶĚĂƌĚƐΘƌĞƋƵŝƌĞŵĞŶƚƐ ĚŽŶŽƚĂƉƉůLJ ůŽĐĂƚĞĚǁŝƚŚŝŶƉƵďůŝĐƌŝŐŚƚƐŽĨǁĂLJ͘dŚĞLJƚŽ͗ ϭ͘KƵƚĚŽŽƌƐĞĂƚŝŶŐŽŶƉƌŝǀĂƚĞƉƌŽƉĞƌƚLJ;ŝŶƐƚĞĂĚnjŽŶŝŶŐΘďƵŝůĚŝŶŐĐŽĚĞƌĞƋƵŝƌĞŵĞŶƚƐ  ĂƉƉůLJͿ͘ Ϯ͘'ŽǀĞƌŶŵĞŶƚŽǁŶĞĚŽƌŵĂŶĂŐĞĚƐƉĂĐĞƚŚĂƚŚĂƐďĞĞŶĚĞǀĞůŽƉĞĚĨŽƌƉƵďůŝĐƉĂƌŬ͕ŵĂůůŽƌ  ƉůĂnjĂƵƐĞ͕ŝŶĐůƵĚŝŶŐ,ĞĂƌƚŽĨƚŚĞŝƚLJͬWĞĂĐĞWůĂnjĂ͘ ϯ͘ĞŶĐŚĞƐŽƌƐŝŵŝůĂƌƐĞĂƚŝŶŐƚŚĂƚŝƐůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞZKt͕ǁŝƚŚŶŽƐƉĞĐŝĨŝĐƉƌĞƐĐƌŝďĞĚ  ƵƐĞŽƌƵƐĞƌƐ;ƚLJƉŝĐĂůůLJƉƌŽǀŝĚĞĚďLJŝƚLJŽƌZͿ͘ dŚĞƐĞĐƵƌŝƚLJŽĨĨƵƌŶŝƐŚŝŶŐƐĂŶĚŽƚŚĞƌĂŵĞŶŝƚŝĞƐŝŶƐƚƌĞĞƚĐĂĨĞƐ͕ƉĂƌŬůĞƚƐ͕ĂŶĚƚŚĞŝƌĂƐƐŽĐŝĂƚĞĚ ƐƚƌƵĐƚƵƌĞƐŝƐƚŚĞƌĞƐƉŽŶƐŝďůLJŽĨƚŚĞƐƉĂĐĞƐ͛ƐƉŽŶƐŽƌĂŶĚƚŚĞŝƚLJƐŚĂůůŶŽƚďĞŚĞůĚůŝĂďůĞĨŽƌĂŶLJ ƚŚĞĨƚŽƌǀĂŶĚĂůŝƐŵŽĨƚŚĞƐƚƌƵĐƚƵƌĞƐŽƌĂƐƐŽĐŝĂƚĞĚĨĞĂƚƵƌĞƐ͘  ^ƚƌĞĞƚĂĨĞƐ DƵƐƚďĞůŽĐĂƚĞĚĂĚũĂĐĞŶƚƚŽƚŚĞƌĞƐƚĂƵƌĂŶƚͬďĂƌƐƉŽŶƐŽƌŝŶŐƚŚĞƐƉĂĐĞ͕ǁŚŽǁŝůůŽǀĞƌƐĞĞ ϭ͘  ĂůůĚĞǀĞůŽƉŵĞŶƚ͕ŽƉĞƌĂƚŝŽŶƐ͕ĂŶĚŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞƐƉĂĐĞ͘/ƚŝƐƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨ ƚŚĞďƵƐŝŶĞƐƐŽƉĞƌĂƚŽƌƚŽŵĂŝŶƚĂŝŶĐůĞĂŶůŝŶĞƐƐŽĨƚŚĞƐƉĂĐĞ͘  Ϯ͘>ŝƋƵŽƌƐĂůĞƐͬƐĞƌǀŝĐĞŝƐĂůůŽǁĞĚǁŚĞŶƚŚĞƐƉŽŶƐŽƌ͛ƐůŝƋƵŽƌůŝĐĞŶƐĞĂŶĚŝŶƐƵƌĂŶĐĞƉƌŽǀŝĚĞ  ĐŽǀĞƌĂŐĞĨŽƌƚŚĞĚĞĨŝŶĞĚƐƚƌĞĞƚĐĂĨĠƐƉĂĐĞ͘ KƵƚĚŽŽƌƐĞĂƚŝŶŐŵƵƐƚďĞŝŶĐůƵĚĞĚŝŶĐĂůĐƵůĂƚŝŽŶƐƚŽŵĞĞƚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌ͗ƉĂƌŬŝŶŐ͕ ϯ͘  ƌĞƐƚƌŽŽŵĨĂĐŝůŝƚŝĞƐĂŶĚ&K';&Ăƚ͕Kŝů͕ĂŶĚ'ƌĞĂƐĞͿƉƌŽŐƌĂŵ͘  WĂƌŬůĞƚƐ ϭ͘WĂƌŬůĞƚƐǁŝůůďĞŽƉĞŶĨŽƌƵƐĞďLJƚŚĞƉƵďůŝĐǁŝƚŚŶŽŽďůŝŐĂƚŝŽŶĨŽƌƚŚĞŵƚŽƉƵƌĐŚĂƐĞ  ƉƌŽĚƵĐƚƐŽƌƐĞƌǀŝĐĞƐĨƌŽŵƚŚĞƐƉŽŶƐŽƌŽƌĂĚũĂĐĞŶƚďƵƐŝŶĞƐƐ͘ Ϯ͘&ŽŽĚĂŶĚŶŽŶͲĂůĐŽŚŽůŝĐďĞǀĞƌĂŐĞƐŵĂLJďĞďƌŽƵŐŚƚŽŶƚŽƚŚĞƉĂƌŬůĞƚƐĨŽƌĐŽŶƐƵŵƉƚŝŽŶ  ƉŐ͘Ϯ ϭϬͬϬϴͬϮϬϮϭ 3DFNHW3J )D ǁŝƚŚŽƵƚĂŶLJƉƌĞǀŝŽƵƐĂƌƌĂŶŐĞŵĞŶƚƐŽƌĂƉƉƌŽǀĂůƐŶĞĞĚĞĚ͘ ŝĨ ϯ͘^ƉŽŶƐŽƌƐŵĂLJŚŽůĚƐƉĞĐŝĂůĞǀĞŶƚƐŽŶƉĂƌŬůĞƚƐĂŶĚƐĞƌǀĞĨŽŽĚĂŶĚĂůĐŽŚŽůŝĐďĞǀĞƌĂŐĞƐ͕  ƚŚĞůŽĐĂƚŝŽŶƋƵĂůŝĨŝĞƐĨŽƌĂƐƉĞĐŝĂůĞǀĞŶƚƉĞƌŵŝƚĂŶĚŽŶĞŝƐŝƐƐƵĞĚďLJƚŚĞŝƚLJůĞƌŬ͛Ɛ KĨĨŝĐĞ͘ ϭ͘ZŽĐŚĞƐƚĞƌWƵďůŝĐtŽƌŬƐŚĂƐĂƵƚŚŽƌŝƚLJŽǀĞƌůŽĐĂƚŝŽŶƐĂŶĚĂƉƉƌŽǀĂůĂĨƚĞƌƌĞǀŝĞǁƐ͘  Ϯ͘dŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌŵĂŝŶƚĂŝŶƐƌŝŐŚƚƚŽƌĞĨƵƐĞĂƌĞƋƵĞƐƚĨŽƌƵƐĞŽĨZKtĨŽƌƌĞĂƐŽŶƐŽĨ  ƐĂĨĞƚLJ͕ĞƋƵŝƚĂďůĞƵƐĞŽĨZKt͕ĂŶĚͬŽƌŵĂŝŶƚĞŶĂŶĐĞŽĨƉƵďůŝĐĨĂĐŝůŝƚŝĞƐ͘ ϯ͘dŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌŚĂƐƌŝŐŚƚƚŽƌĞŵŽǀĞƐƚƌƵĐƚƵƌĞƐ͘  ϰ͘ŶĂĐĐĞƐƐŝďůĞƉĞĚĞƐƚƌŝĂŶƌŽƵƚĞ͕ĂƐĚĞĨŝŶĞĚďLJƚŚĞWƵďůŝĐtŽƌŬƐĚĞƉĂƌƚŵĞŶƚ͕ƐŚĂůůďĞ  ƉƌŽǀŝĚĞĚĂŶĚŵĂŝŶƚĂŝŶĞĚĂƌŽƵŶĚŽƌƚŚƌŽƵŐŚƚŚĞĂƌĞĂŽĨ^ƚƌĞĞƚĂĨĞƐĂŶĚWĂƌŬůĞƚƐĂƚĂůů ƚŝŵĞƐ͘ ϱ͘dŚĞĨŽůůŽǁŝŶŐŝƐŶŽƚĂůůŽǁĞĚ͕ƵŶůĞƐƐƐƉĞĐŝĨŝĐĂůůLJĂƵƚŚŽƌŝnjĞĚŝŶǁƌŝƚŝŶŐ  Ă͘ZĞŵŽǀĂůŽƌĐŽǀĞƌŝŶŐŽĨůĂŶĚƐĐĂƉŝŶŐŽƌƚƌĞĞƐ͘  ď͘,ĂŶŐŝŶŐŽƌĐŽŶŶĞĐƚŝŽŶŽĨŝƚĞŵƐĨƌŽŵŽƌŝŶƐŝĚĞŽĨƚƌĞĞƐ͕ŝŶĐůƵĚŝŶŐůŝŐŚƚƐ͕ďĂŶŶĞƌƐ͕  ĚĞĐŽƌĂƚŝŽŶƐ͕ĨĞŶĐŝŶŐŽƌŽƚŚĞƌŝƚĞŵƐ͘ Đ͘ZĞŵŽǀĂůŽƌƌĞůŽĐĂƚŝŽŶŽĨĐŝƚLJƉƌŽǀŝĚĞĚďĂŶŶĞƌƐ͕ƚƌĂƐŚƌĞĐĞƉƚĂĐůĞƐ͕ďĞŶĐŚĞƐ͕  ƉůĂŶƚĞƌƐŽƌŽƚŚĞƌƉƵďůŝĐĂŵĞŶŝƚŝĞƐ͘ Ě͘ZĞŵŽǀĂůŽƌƌĞůŽĐĂƚŝŽŶŽĨĐŝƚLJƐŝŐŶĂŐĞĂůŽŶŐƚŚĞƌŝŐŚƚŽĨǁĂLJ͘   ůŝŐŝďůĞůŽĐĂƚŝŽŶƐ ϭ͘^ƚƌĞĞƚƐǁŝƚŚƚƌĂĨĨŝĐƐƉĞĞĚƐŽĨϯϬŵƉŚŽƌůĞƐƐ͘  Ϯ͘ŽŵŵĞƌĐŝĂůŽƌŵŝdžĞĚƵƐĞnjŽŶŝŶŐĚŝƐƚƌŝĐƚƐ͘  ϯ͘hŶƌĞƐƚƌŝĐƚĞĚƉĂƌŬŝŶŐůĂŶĞƐĂĚũĂĐĞŶƚƚŽƚŚĞƐŝĚĞǁĂůŬ͘  ϰ͘^ƚƌƵĐƚƵƌĞƐĐĂŶŶŽƚďůŽĐŬƉƵďůŝĐƵƚŝůŝƚŝĞƐ͕ďŝĐLJĐůĞůĂŶĞƐŽƌŽƚŚĞƌƉƵďůŝĐĂŵĞŶŝƚŝĞƐ͘  ϱ͘^ƚƌƵĐƚƵƌĞƐĐĂŶŶŽƚƵŶƌĞĂƐŽŶĂďůLJŝŵƉĞĚĞĞdžŝƐƚŝŶŐĚƌĂŝŶĂŐĞƉĂƚƚĞƌŶƐ͘  ϲ͘ϮϬ͛ďƵĨĨĞƌĨƌŽŵƌĞƐŝĚĞŶƚŝĂůƉƌŽƉĞƌƚLJŵƵƐƚďĞŵĂŝŶƚĂŝŶĞĚ͘  ϳ͘D ŝŶŝŵƵŵŽĨϰϬ͛ĂǁĂLJĨƌŽŵĂďƵƐƐƚŽƉnjŽŶĞ͘  ϴ͘DŝŶŝŵƵŵŽĨϭϱ͛ĂǁĂLJĨƌŽŵĂĐĂƚĐŚďĂƐŝŶ͘  ϵ͘DŝŶŝŵƵŵŽĨϮϬ͛ĂǁĂLJĨƌŽŵƚŚĞŶĞĂƌĞƐƚŝŶƚĞƌƐĞĐƚŝŽŶ͘  ϭϬ͘DĂLJŽĐĐƵƉLJŶŽŵŽƌĞƚŚĂŶƚŚƌĞĞƉĂƌŬŝŶŐƐƉĂĐĞƐ;ŶŽŵĂƚƚĞƌƚŚĞŝƌĐŽŶĨŝŐƵƌĂƚŝŽŶͿ͘  ϭϭ͘ĂŶŶŽƚďĞůŽĐĂƚĞĚŽŶƐƚƌĞĞƚƐǁŝƚŚƐƚĞĞƉƐůŽƉĞƐ͘  ϭϮ͘ƉƉůŝĐĂƚŝŽŶŝŶĐůƵĚĞƐ͞ƐŝŐŶŽĨĨ͟ĨƌŽŵĂů ůďƵƐŝŶĞƐƐĞƐŽƌƉƌŽƉĞƌƚLJŽǁŶĞƌƐĚŝƌĞĐƚůLJĂĚũĂĐĞŶƚ  ƚŽƚŚĞƉĂƌŬŝŶŐƐƉĂĐĞ;͚ƐͿďĞŝŶŐŽĐĐƵƉŝĞĚ͘ ĞƐŝŐŶ ϭ͘DƵƐƚŵĞĞƚ^ƚĂƚĞĐĐĞƐƐŝďŝůŝƚLJŽĚĞĂŶĚďĞĐŽŵƉůŝĂŶƚ͘  Ϯ͘DƵƐƚŵĂŝŶƚĂŝŶĐůĞĂƌ͕ƵŶŽďƐƚƌƵĐƚĞĚƐŝŐŚƚůŝŶĞƐƚŽĂŶĚĨƌŽŵƚŚĞƐƚƌĞĞƚ͘  ϯ͘WůĂƚĨŽƌŵ;ĨůŽŽƌŽĨƐƚƌƵĐƚƵƌĞͿ  Ă͘DĂdžŝŵƵŵǁŝĚƚŚŽĨϴ͛;ǁŚĞŶƉůĂĐĞĚŽŶƉĂƌĂůůĞůƉĂƌŬŝŶŐƐƉĂĐĞƐͿ  ƉŐ͘ϯ ϭϬͬϬϴͬϮϬϮϭ 3DFNHW3J )D ď͘DƵƐƚďĞĨůƵƐŚǁŝƚŚƚŚĞƐŝĚĞǁĂůŬƵƐŝŶŐƐůŝƉƌĞƐŝƐƚĂŶƚŵĂƚĞƌŝĂůƐ͘dŚĞƌĞŵƵƐƚďĞĂ  ƐĞĂŵůĞƐƐĐŽŶŶĞĐƚŝŽŶƚŽƚŚĞĞdžŝƐƚŝŶŐĐƵƌď͘DĂdžŝŵƵŵŐĂƉďĞƚǁĞĞŶƚŚĞĐƵƌďĂŶĚ ƚŚĞƉůĂƚĨŽƌŵŝƐЪŝŶĐŚ͘dLJƉŝĐĂůĐƵƌďŚĞŝ ŐŚƚŝƐϲ͘͟ Đ͘DĂLJďĞďŽůƚĞĚŝŶƚŽƚŚĞƌŽĂĚǁĂLJǁŝƚŚƐƵďŵŝƚƚĂůĂŶĚĂƉƉƌŽǀĂůŽĨĂƌĞƐƚŽƌĂƚŝŽŶ  ƉůĂŶĂŶĚďŽŶĚ͘ Ě͘ĂŶŶŽƚďĞďŽůƚĞĚƚŽƚŚĞĐƵƌďŽƌŐƵƚƚĞƌ͘  Ğ͘dŚĞƐƉĂĐĞďĞŶĞĂƚŚƚŚĞƉůĂƚĨŽƌŵŵƵƐƚďĞĂĐĐĞƐƐŝďůĞĨŽƌĐůĞĂŶŝŶŐĂŶĚĐůĞĂƌŝŶŐ  ĚĞďƌŝƐ͘ Ĩ͘ĂŶŶŽƚďůŽĐŬĐƵƌďƐŝĚĞĚƌĂŝŶĂŐĞ͕ƉƵďůŝĐƵƚŝůŝƚŝĞƐ͕ŚLJĚƌĂŶƚƐ͕ĂůůĞLJƐŽƌĚƌŝǀĞǁĂLJƐ͘  ϰ͘ŶĐůŽƐƵƌĞ;ǁĂůůƐŽĨƐƚƌƵĐƚƵƌĞͿ  Ă͘DƵƐƚďĞĂĐŽŶƚŝŶƵŽƵƐƉŚLJƐŝĐĂůďĂƌƌŝĞƌĂůŽŶŐĂůůƐƚƌĞĞƚƐŝĚĞĞĚŐĞƐ͘  ď͘:ĞƌƐĞLJďĂƌƌŝĞƌƐĂŶĚͬŽƌƉůĂŶƚĞƌƐŽĨĐŽŵƉĂƌĂďůĞǁĞŝŐŚƚĂŶĚŚĞŝŐŚƚ͕ǁŝůůďĞ  ƌĞƋƵŝƌĞĚĂƌŽƵŶĚƚŚĞƉĞƌŝŵĞƚĞƌďĂƐĞĚŽŶƐƉĞĐŝĨŝĐƐŝƚĞĐŽŶĚŝƚŝŽŶƐ;ƌŽĂĚ ĐŽŶĨŝŐƵƌĂƚŝŽŶĂŶĚƚƌĂĨĨŝĐĐŽŶĚŝƚŝŽŶƐͿ͘ZĞƋƵŝƌĞŵĞŶƚƐǁŝůůďĞŽƵƚůŝŶĞĚĨŽůůŽǁŝŶŐ ƌĞǀŝĞǁďLJWƵďůŝĐtŽƌŬƐĂŶĚƚŚĞWŽůŝĐĞĞƉĂƌƚŵĞŶƚ͘ Đ͘^ŝĚĞǁĂůŬĨĂĐŝŶŐĞĚŐĞŽĨƉůĂƚĨŽƌŵŵƵƐƚďĞŽƉĞŶƚŽƉĞĚĞƐƚƌŝĂŶƐƚŽĂůůŽǁĨŽƌ  ĂĚĞƋƵĂƚĞĞŵĞƌŐĞŶĐLJĞdžŝƚ;ŶŽůĞƐƐƚŚĂŶϱϬйŽĨƚŚĞƐƚƌƵĐƚƵƌĞƐůĞŶŐƚŚͿ͘ Ě͘,ĞŝŐŚƚŽĨĞŶĐůŽƐƵƌĞǁĂůůƐŚĂůůďĞĂŵŝŶŝŵƵŵŽĨϯϲ͟ĨƌŽŵŐƌĂĚĞ͘  Ğ͘sĞƌƚŝĐĂůĞůĞŵĞŶƚƐŵƵƐƚďĞǀŝƐŝďůĞƚŽƉĂƐƐŝŶŐǀĞŚŝĐůĞƐ͘  Ĩ͘dŚĞƌĞŵƵƐƚďĞĂŵŝŶŝŵƵŵǀĞƌƚŝĐĂůĐůĞĂƌĂŶĐĞŽĨϴϰ͟ďĞƚǁĞĞŶƚŚĞƉůĂƚĨŽƌŵĂŶĚ  ŽǀĞƌŚĞĂĚĞůĞŵĞŶƚƐ͘ Ő͘dŚĞĞŶĐůŽƐƵƌĞǁĂůůƐŽŶƚŚĞƚǁŽƐŚŽƌƚƐŝĚĞƐŽĨƚŚĞƉůĂƚĨŽƌŵĚŽŶŽƚŶĞĞĚƚŽĞdžƚĞŶĚ  ƚŽƚŚĞĐƵƌď͘DĂdžŝŵƵŵƐĞƚďĂĐŬĨƌŽŵĐƵƌďŝƐϭϴ͘͟ Ś͘DĂdžŝŵƵŵŚĞŝŐŚƚŽĨĂŶLJƉĂƌƚŽĨƚŚĞƐƚƌƵĐƚƵƌĞŝƐϭϬϴ͘͟  ϱ͘ŵĞŶŝƚŝĞƐ  Ă͘^ĞĂƚŝŶŐĂŶĚƚĂďůĞƐŵĂLJďĞďƵŝůƚŝŶƚŽƚŚĞƐƚƌƵĐƚƵƌĞŽƌŵŽǀĂďůĞ͘  ď͘ϱйŽƌĂŵŝŶŝŵƵŵŽĨŽŶĞ;ϭͿƚĂďůĞ;ŝĨƉƌĞƐĞŶƚͿŵƵƐƚďĞĂĐĐĞƐƐŝďůĞ͘  Đ͘^ŚĂĚĞĂǁŶŝŶŐƐĂŶĚƵŵďƌĞůůĂƐǁŚŝĐŚĚŽŶŽƚŝŶĨƌŝŶŐĞŽŶƚƌĂĨĨŝĐƐŝŐŚƚůŝŶĞƐŽƌ  ĞdžƚĞŶĚďĞLJŽŶĚƚŚĞƉůĂƚĨŽƌŵƉĞƌŝŵĞƚĞƌĂƌĞĂůůŽǁĞĚ͘ Ě͘>ŝŐŚƚŝŶŐĂŶĚĂƵdžŝůŝĂƌLJŚĞĂƚŝŶŐŵĂLJďĞĂƉƉƌŽǀĞĚǁŚĞŶƚŚĞƉůĂŶƉƌŽǀŝĚĞƐĨŽƌ  ĞůĞĐƚƌŝĐĂůĞdžƚĞŶƐŝŽŶĐŽƌĚƐƚŚĂƚĂƌĞƉƌŽƚĞĐƚĞĚĨƌŽŵƉŚLJƐŝĐĂůĚĂŵĂŐĞ͕ǁŝůůŶŽƚ ĐĂƵƐĞĂƚƌŝƉƉŝŶŐŚĂnjĂƌĚ͕ĂŶĚĂƌĞƚŚĞĐŽƌƌĞĐƚƐŝnjĞĂŶĚƚLJƉĞ;ŐĨĐŝƉƌŽƚĞĐƚŝŽŶͿĨŽƌ ƉƌŽƉŽƐĞĚƵƐĞ͘ Ğ͘ƵdžŝůŝĂƌLJŚĞĂƚŝŶŐƐŽƵƌĐĞƐƚŚĂƚƵƚŝůŝnjĞĂĐŽŵďƵƐƚŝďůĞĨƵĞůƐŽƵƌĐĞŵĂLJďĞĂůůŽǁĞĚ  ǁŚĞŶĂƉƉƌŽǀĞĚďLJƚŚĞZŽĐŚĞƐƚĞƌ&ŝƌĞĞƉĂƌƚŵĞŶƚ͘ ϲ͘dŚĞƵƐĞŽĨWĂƌŬůĞƚͬĂĨĞƐƚƌƵĐƚƵƌĞƐďĞƚǁĞĞŶEŽǀĞŵďĞƌϭĂŶĚDĂLJϭŵĂLJďĞĂƉƉƌŽǀĞĚ  ĚĞƉĞŶĚŝŶŐŽŶůŽĐĂƚŝŽŶĂŶĚƐŝƚĞĐŽŶĚŝƚŝŽŶƐ͘ƉƉƌŽǀĂůǁŝůůŽŶůLJďĞŐƌĂŶƚĞĚǁŚĞŶƚŚĞƌĞŝƐ ĂŶĂŐƌĞĞŵĞŶƚŽĨƚŚĞƐƉŽŶƐŽƌĨŽƌƐŶŽǁƌĞŵŽǀĂůĂŶĚŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞĨĂĐŝůŝƚLJĨŽƌƚŚĞ ĞŶƚŝƌĞƐĞĂƐŽŶĂŶĚƚŚĞƐƚƌƵĐƚƵƌĞŚĂƐďĞĞŶĚĞƐŝŐŶĞĚƚŽŵĞĞƚƐŶŽǁůŽĂĚƌĞƋƵŝƌĞŵĞŶƚƐ͘ 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ΎŶŽƉůĂƚŽŽŶŝŶŐŽďƐĞƌǀĞĚ ƌŽƐƐŝŶŐdƌĞĂƚŵĞŶƚzŝĞůĚZĂƚĞ /ŶƉƵƚdĂďůĞ͗ DсŵŽƚŽƌŝƐƚLJŝĞůĚƌĂƚĞ;ĚĞĐŝŵĂůͿDс ϴϰй cc ŶƚĞƌŝŶŐĚĂƚĂŝŶƚŽƚŚĞƚĂďůĞƐĂďŽǀĞǁŝůůƉŽƉƵůĂƚĞƚŚĞĞǀĂůƵĂƚŝŽŶƚĂďůĞƐŝŶDŝĐƌŽƐŽĨƚdžĐĞů͘ ZĞƐƵůƚƐ͗ ϭϲ͘ϮƐĞĐͬƉĞĚ ǀĞƌĂŐĞĞůĂLJ  >K^ ĞǀĞůŽƉĞĚďLJŽůƚŽŶΘDĞŶŬ͕/ŶĐ͘ /ŶƉƵƚƐĂŶĚZĞƐƵůƚƐWĂŐĞϮŽĨϱ ĨŽƌƚŚĞ>ŽĐĂůZŽĂĚZĞƐĞĂƌĐŚŽĂƌĚ ,DǀĂůƵĂƚŝŽŶtŽƌŬƐŚĞĞƚ 3DFNHW3J )E ,ŝŐŚǁĂLJĂƉĂĐŝƚLJDĂŶƵĂů;,DͿ WĞĚĞƐƚƌŝĂŶ>ĞǀĞůŽĨ^ĞƌǀŝĐĞ;>K^ͿĂƚhŶĐŽŶƚƌŽůůĞĚƌŽƐƐŝŶŐ>ŽĐĂƚŝŽŶƐ /ŶƚĞƌƐĞĐƚŝŽŶĂŶĚDŝĚͲůŽĐŬƌŽƐƐŝŶŐƐ ƌŽƐƐŝŶŐ>ŽĐĂƚŝŽŶ͗͘ůĞŐsŝŽůĂΘĂƐƐŝĚLJĂƚĞ͗ϱͬϱͬϮϬϮϭ ŝƚLJ͕^ƚĂƚĞ͗ZŽĐŚĞƐƚĞƌ͕DE^ĐĞŶĂƌŝŽ͗ϮϬϮϬDWĞĂŬϮdžϭ ZĞǀŝĞǁĞƌ;ƐͿ͗:ĞŶŶŝĨĞƌDĐŽLJŐĞŶĐLJ͗ŽůƚŽŶΘDĞŶŬ WƌŽũĞĐƚEƵŵďĞƌ͗dϰϯϭϮϬϱϲϯ/η͗^ŝŐŶƐĂŶĚ^ƚƌŝƉŝŶŐ dŚĞĨŽůůŽǁŝŶŐŝƐƚŚĞďĂƐĞŝŶĨŽƌŵĂƚŝŽŶŶĞĞĚĞĚƚŽĐŽŵƉůĞƚĞƚŚĞĂŶĂůLJƐŝƐ͘ /ĨƚŚŝƐŝƐĂŽŶĞͲƐƚĂŐĞĐƌŽƐƐŝŶŐ͕ƵƐĞŽŶůLJƌŽƐƐŝŶŐϭ͘ /ĨƚŚŝƐŝƐĂƚǁŽͲƐƚĂŐĞĐƌŽƐƐŝŶŐ͕ĞĂĐŚƐƚĂŐĞŵƵƐƚďĞĞǀĂůƵĂƚĞĚƐĞƉĂƌĂƚĞůLJƵƐŝŶŐƌŽƐƐŝŶŐϭĂŶĚƌŽƐƐŝŶŐϮ͘ ƌŽƐƐŝŶŐϭ͗ ǀĂůƵĂƚŝŽŶ/ŶƉƵƚƐ͗ĚĞĨĂƵůƚƐ͗/ŶƉƵƚdĂďůĞ͗ >сĐƌŽƐƐǁĂůŬůĞŶŐƚŚ;ĨƚͿ>сϯϭ ^сĂǀĞƌĂŐĞƉĞĚĞƐƚƌŝĂŶǁĂůŬŝŶŐƐƉĞĞĚ;ĨƚͬƐͿ^сϯ͘ϱ^с ϯ͘ϱ ƉƉƉ ƚсƉĞĚĞƐƚƌŝĂŶƐƚĂƌƚͲƵƉĂŶĚĞŶĚĐůĞĂƌĂŶĐĞƚŝŵĞ;ƐͿƚсϯ͘Ϭƚс ϯ ƐƐƐ sсǀĞŚŝĐƵůĂƌŚŽƵƌůLJǀŽůƵŵĞ;ǀĞŚͬŚƌͿsсϰϴϰ сƉĞĚĞƐƚƌŝĂŶĨůŽǁƌĂƚĞ;ƉĞĚͬƐͿсϬΎс ``` Ϭ͘ϬϬ ƉƉƉ сǀĞŚŝĐƵůĂƌĨůŽǁƌĂƚĞ;ǀĞŚͬƐͿсsͬϯϲϬϬсsͬϯϲϬϬс ``` Ϭ͘ϭϯϰ tсĐƌŽƐƐǁĂůŬǁŝĚƚŚ;ĨƚͿtсtϴ͘Ϭс ϴ͘Ϭ ĐĐĐ /Ed;>ͬϭϭͿ EсŶƵŵďĞƌŽĨƚŚƌŽƵŐŚůĂŶĞƐĐƌŽƐƐĞĚ;/ŶƚĞŐĞƌͿEсEсϮ ΎŶŽƉůĂƚŽŽŶŝŶŐŽďƐĞƌǀĞĚ ƌŽƐƐŝŶŐϮ͗ ;ŽŶůLJƵƐĞĚĨŽƌƚǁŽͲƐƚĂŐĞĐƌŽƐƐŝŶŐƐͿ ǀĂůƵĂƚŝŽŶ/ŶƉƵƚƐ͗ĚĞĨĂƵůƚƐ͗/ŶƉƵƚdĂďůĞ͗ >сĐƌŽƐƐǁĂůŬůĞŶŐƚŚ;ĨƚͿ>сϯϭ ^сĂǀĞƌĂŐĞƉĞĚĞƐƚƌŝĂŶǁĂůŬŝŶŐƐƉĞĞĚ;ĨƚͬƐͿ^с^с ϯ͘ϱ ϰ ƉƉƉ ƚсƉĞĚĞƐƚƌŝĂŶƐƚĂƌƚͲƵƉĂŶĚĞŶĚĐůĞĂƌĂŶĐĞƚŝŵĞ;ƐͿƚсƚϯ͘Ϭс ϯ ƐƐƐ sсǀĞŚŝĐƵůĂƌŚŽƵƌůLJǀŽůƵŵĞ;ǀĞŚͬŚƌͿsсϮϯϬ сƉĞĚĞƐƚƌŝĂŶĨůŽǁƌĂƚĞ;ƉĞĚͬƐͿсϬΎс ``` Ϭ͘ϬϬ ƉƉƉ сǀĞŚŝĐƵůĂƌĨůŽǁƌĂƚĞ;ǀĞŚͬƐͿсsͬϯϲϬϬсsͬϯϲϬϬс ``` Ϭ͘Ϭϲϰ tсĐƌŽƐƐǁĂůŬǁŝĚƚŚ;ĨƚͿtсtϴ͘Ϭс ϴ͘Ϭ ĐĐĐ /Ed;>ͬϭϭͿ EсŶƵŵďĞƌŽĨƚŚƌŽƵŐŚůĂŶĞƐĐƌŽƐƐĞĚ;/ŶƚĞŐĞƌͿEсEсϮ ΎŶŽƉůĂƚŽŽŶŝŶŐŽďƐĞƌǀĞĚ ƌŽƐƐŝŶŐdƌĞĂƚŵĞŶƚzŝĞůĚZĂƚĞ /ŶƉƵƚdĂďůĞ͗ DсŵŽƚŽƌŝƐƚLJŝĞůĚƌĂƚĞ;ĚĞĐŝŵĂůͿDс ϱϳй cc ŶƚĞƌŝŶŐĚĂƚĂŝŶƚŽƚŚĞƚĂďůĞƐĂďŽǀĞǁŝůůƉŽƉƵůĂƚĞƚŚĞĞǀĂůƵĂƚŝŽŶƚĂďůĞƐŝŶDŝĐƌŽƐŽĨƚdžĐĞů͘ ZĞƐƵůƚƐ͗ ϭϵ͘ϬƐĞĐͬƉĞĚ ǀĞƌĂŐĞĞůĂLJ  >K^ ĞǀĞůŽƉĞĚďLJŽůƚŽŶΘDĞŶŬ͕/ŶĐ͘ /ŶƉƵƚƐĂŶĚZĞƐƵůƚƐWĂŐĞϮŽĨϱ ĨŽƌƚŚĞ>ŽĐĂůZŽĂĚZĞƐĞĂƌĐŚŽĂƌĚ ,DǀĂůƵĂƚŝŽŶtŽƌŬƐŚĞĞƚ 3DFNHW3J )E ,ŝŐŚǁĂLJĂƉĂĐŝƚLJDĂŶƵĂů;,DͿ WĞĚĞƐƚƌŝĂŶ>ĞǀĞůŽĨ^ĞƌǀŝĐĞ;>K^ͿĂƚhŶĐŽŶƚƌŽůůĞĚƌŽƐƐŝŶŐ>ŽĐĂƚŝŽŶƐ /ŶƚĞƌƐĞĐƚŝŽŶĂŶĚDŝĚͲůŽĐŬƌŽƐƐŝŶŐƐ ƌŽƐƐŝŶŐ>ŽĐĂƚŝŽŶ͗t͘ůĞŐsŝŽůĂΘĂƐƐŝĚLJĂƚĞ͗ϱͬϱͬϮϬϮϭ ŝƚLJ͕^ƚĂƚĞ͗ZŽĐŚĞƐƚĞƌ͕DE^ĐĞŶĂƌŝŽ͗ϮϬϮϬDWĞĂŬϮdžϭ ZĞǀŝĞǁĞƌ;ƐͿ͗:ĞŶŶŝĨĞƌDĐŽLJŐĞŶĐLJ͗ŽůƚŽŶΘDĞŶŬ WƌŽũĞĐƚEƵŵďĞƌ͗dϰϯϭϮϬϱϲϯ/η͗ZZ& dŚĞĨŽůůŽǁŝŶŐŝƐƚŚĞďĂƐĞŝŶĨŽƌŵĂƚŝŽŶŶĞĞĚĞĚƚŽĐŽŵƉůĞƚĞƚŚĞĂŶĂůLJƐŝƐ͘ /ĨƚŚŝƐŝƐĂŽŶĞͲƐƚĂŐĞĐƌŽƐƐŝŶŐ͕ƵƐĞŽŶůLJƌŽƐƐŝŶŐϭ͘ /ĨƚŚŝƐŝƐĂƚǁŽͲƐƚĂŐĞĐƌŽƐƐŝŶŐ͕ĞĂĐŚƐƚĂŐĞŵƵƐƚďĞĞǀĂůƵĂƚĞĚƐĞƉĂƌĂƚĞůLJƵƐŝŶŐƌŽƐƐŝŶŐϭĂŶĚƌŽƐƐŝŶŐϮ͘ ƌŽƐƐŝŶŐϭ͗ ǀĂůƵĂƚŝŽŶ/ŶƉƵƚƐ͗ĚĞĨĂƵůƚƐ͗/ŶƉƵƚdĂďůĞ͗ >сĐƌŽƐƐǁĂůŬůĞŶŐƚŚ;ĨƚͿ>сϯϭ ^сĂǀĞƌĂŐĞƉĞĚĞƐƚƌŝĂŶǁĂůŬŝŶŐƐƉĞĞĚ;ĨƚͬƐͿ^сϯ͘ϱ^с ϯ͘ϱ ƉƉƉ ƚсƉĞĚĞƐƚƌŝĂŶƐƚĂƌƚͲƵƉĂŶĚĞŶĚĐůĞĂƌĂŶĐĞƚŝŵĞ;ƐͿƚсϯ͘Ϭƚс ϯ ƐƐƐ sсǀĞŚŝĐƵůĂƌŚŽƵƌůLJǀŽůƵŵĞ;ǀĞŚͬŚƌͿsсϲϵϰ сƉĞĚĞƐƚƌŝĂŶĨůŽǁƌĂƚĞ;ƉĞĚͬƐͿсϬΎс ``` Ϭ͘ϬϬ ƉƉƉ сǀĞŚŝĐƵůĂƌĨůŽǁƌĂƚĞ;ǀĞŚͬƐͿсsͬϯϲϬϬсsͬϯϲϬϬс ``` Ϭ͘ϭϵϯ tсĐƌŽƐƐǁĂůŬǁŝĚƚŚ;ĨƚͿtсtϴ͘Ϭс ϴ͘Ϭ ĐĐĐ /Ed;>ͬϭϭͿ EсŶƵŵďĞƌŽĨƚŚƌŽƵŐŚůĂŶĞƐĐƌŽƐƐĞĚ;/ŶƚĞŐĞƌͿEсEсϮ ΎŶŽƉůĂƚŽŽŶŝŶŐŽďƐĞƌǀĞĚ ƌŽƐƐŝŶŐϮ͗ ;ŽŶůLJƵƐĞĚĨŽƌƚǁŽͲƐƚĂŐĞĐƌŽƐƐŝŶŐƐͿ ǀĂůƵĂƚŝŽŶ/ŶƉƵƚƐ͗ĚĞĨĂƵůƚƐ͗/ŶƉƵƚdĂďůĞ͗ >сĐƌŽƐƐǁĂůŬůĞŶŐƚŚ;ĨƚͿ>сϯϭ ^сĂǀĞƌĂŐĞƉĞĚĞƐƚƌŝĂŶǁĂůŬŝŶŐƐƉĞĞĚ;ĨƚͬƐͿ^с^с ϯ͘ϱ ϰ ƉƉƉ ƚсƉĞĚĞƐƚƌŝĂŶƐƚĂƌƚͲƵƉĂŶĚĞŶĚĐůĞĂƌĂŶĐĞƚŝŵĞ;ƐͿƚсƚϯ͘Ϭс ϯ ƐƐƐ sсǀĞŚŝĐƵůĂƌŚŽƵƌůLJǀŽůƵŵĞ;ǀĞŚͬŚƌͿsсϯϮϬ сƉĞĚĞƐƚƌŝĂŶĨůŽǁƌĂƚĞ;ƉĞĚͬƐͿсϬΎс ``` Ϭ͘ϬϬ ƉƉƉ сǀĞŚŝĐƵůĂƌĨůŽǁƌĂƚĞ;ǀĞŚͬƐͿсsͬϯϲϬϬсsͬϯϲϬϬс ``` Ϭ͘Ϭϴϵ tсĐƌŽƐƐǁĂůŬǁŝĚƚŚ;ĨƚͿtсtϴ͘Ϭс ϴ͘Ϭ ĐĐĐ /Ed;>ͬϭϭͿ EсŶƵŵďĞƌŽĨƚŚƌŽƵŐŚůĂŶĞƐĐƌŽƐƐĞĚ;/ŶƚĞŐĞƌͿEсEсϮ ΎŶŽƉůĂƚŽŽŶŝŶŐŽďƐĞƌǀĞĚ ƌŽƐƐŝŶŐdƌĞĂƚŵĞŶƚzŝĞůĚZĂƚĞ /ŶƉƵƚdĂďůĞ͗ DсŵŽƚŽƌŝƐƚLJŝĞůĚƌĂƚĞ;ĚĞĐŝŵĂůͿDс ϴϰй cc ŶƚĞƌŝŶŐĚĂƚĂŝŶƚŽƚŚĞƚĂďůĞƐĂďŽǀĞǁŝůůƉŽƉƵůĂƚĞƚŚĞĞǀĂůƵĂƚŝŽŶƚĂďůĞƐŝŶDŝĐƌŽƐŽĨƚdžĐĞů͘ ZĞƐƵůƚƐ͗ ϭϱ͘ϭƐĞĐͬƉĞĚ ǀĞƌĂŐĞĞůĂLJ  >K^ ĞǀĞůŽƉĞĚďLJŽůƚŽŶΘDĞŶŬ͕/ŶĐ͘ /ŶƉƵƚƐĂŶĚZĞƐƵůƚƐWĂŐĞϮŽĨϱ ĨŽƌƚŚĞ>ŽĐĂůZŽĂĚZĞƐĞĂƌĐŚŽĂƌĚ ,DǀĂůƵĂƚŝŽŶtŽƌŬƐŚĞĞƚ 3DFNHW3J )E ,ŝŐŚǁĂLJĂƉĂĐŝƚLJDĂŶƵĂů;,DͿ WĞĚĞƐƚƌŝĂŶ>ĞǀĞůŽĨ^ĞƌǀŝĐĞ;>K^ͿĂƚhŶĐŽŶƚƌŽůůĞĚƌŽƐƐŝŶŐ>ŽĐĂƚŝŽŶƐ /ŶƚĞƌƐĞĐƚŝŽŶĂŶĚDŝĚͲůŽĐŬƌŽƐƐŝŶŐƐ ƌŽƐƐŝŶŐ>ŽĐĂƚŝŽŶ͗t͘ůĞŐsŝŽůĂΘĂƐƐŝĚLJĂƚĞ͗ϱͬϱͬϮϬϮϭ ŝƚLJ͕^ƚĂƚĞ͗ZŽĐŚĞƐƚĞƌ͕DE^ĐĞŶĂƌŝŽ͗DWĞĂŬϮdžϭ ZĞǀŝĞǁĞƌ;ƐͿ͗:ĞŶŶŝĨĞƌDĐŽLJŐĞŶĐLJ͗ŽůƚŽŶΘDĞŶŬ WƌŽũĞĐƚEƵŵďĞƌ͗dϰϯϭϮϬϱϲϯ/η͗^ŝŐŶƐͬ^ƚƌŝƉĞƐKŶůLJ dŚĞĨŽůůŽǁŝŶŐŝƐƚŚĞďĂƐĞŝŶĨŽƌŵĂƚŝŽŶŶĞĞĚĞĚƚŽĐŽŵƉůĞƚĞƚŚĞĂŶĂůLJƐŝƐ͘ /ĨƚŚŝƐŝƐĂŽŶĞͲƐƚĂŐĞĐƌŽƐƐŝŶŐ͕ƵƐĞŽŶůLJƌŽƐƐŝŶŐϭ͘ /ĨƚŚŝƐŝƐĂƚǁŽͲƐƚĂŐĞĐƌŽƐƐŝŶŐ͕ĞĂĐŚƐƚĂŐĞŵƵƐƚďĞĞǀĂůƵĂƚĞĚƐĞƉĂƌĂƚĞůLJƵƐŝŶŐƌŽƐƐŝŶŐϭĂŶĚƌŽƐƐŝŶŐϮ͘ ƌŽƐƐŝŶŐϭ͗ ǀĂůƵĂƚŝŽŶ/ŶƉƵƚƐ͗ĚĞĨĂƵůƚƐ͗/ŶƉƵƚdĂďůĞ͗ >сĐƌŽƐƐǁĂůŬůĞŶŐƚŚ;ĨƚͿ>сϯϭ ^сĂǀĞƌĂŐĞƉĞĚĞƐƚƌŝĂŶǁĂůŬŝŶŐƐƉĞĞĚ;ĨƚͬƐͿ^сϯ͘ϱ^с ϯ͘ϱ ƉƉƉ ƚсƉĞĚĞƐƚƌŝĂŶƐƚĂƌƚͲƵƉĂŶĚĞŶĚĐůĞĂƌĂŶĐĞƚŝŵĞ;ƐͿƚсϯ͘Ϭƚс ϯ ƐƐƐ sсǀĞŚŝĐƵůĂƌŚŽƵƌůLJǀŽůƵŵĞ;ǀĞŚͬŚƌͿsсϲϵϰ сƉĞĚĞƐƚƌŝĂŶĨůŽǁƌĂƚĞ;ƉĞĚͬƐͿсϬΎс ``` Ϭ͘ϬϬ ƉƉƉ сǀĞŚŝĐƵůĂƌĨůŽǁƌĂƚĞ;ǀĞŚͬƐͿсsͬϯϲϬϬсsͬϯϲϬϬс ``` Ϭ͘ϭϵϯ tсĐƌŽƐƐǁĂůŬǁŝĚƚŚ;ĨƚͿtсtϴ͘Ϭс ϴ͘Ϭ ĐĐĐ /Ed;>ͬϭϭͿ EсŶƵŵďĞƌŽĨƚŚƌŽƵŐŚůĂŶĞƐĐƌŽƐƐĞĚ;/ŶƚĞŐĞƌͿEсEсϮ ΎŶŽƉůĂƚŽŽŶŝŶŐŽďƐĞƌǀĞĚ ƌŽƐƐŝŶŐϮ͗ ;ŽŶůLJƵƐĞĚĨŽƌƚǁŽͲƐƚĂŐĞĐƌŽƐƐŝŶŐƐͿ ǀĂůƵĂƚŝŽŶ/ŶƉƵƚƐ͗ĚĞĨĂƵůƚƐ͗/ŶƉƵƚdĂďůĞ͗ >сĐƌŽƐƐǁĂůŬůĞŶŐƚŚ;ĨƚͿ>сϯϭ ^сĂǀĞƌĂŐĞƉĞĚĞƐƚƌŝĂŶǁĂůŬŝŶŐƐƉĞĞĚ;ĨƚͬƐͿ^с^с ϯ͘ϱ ϰ ƉƉƉ ƚсƉĞĚĞƐƚƌŝĂŶƐƚĂƌƚͲƵƉĂŶĚĞŶĚĐůĞĂƌĂŶĐĞƚŝŵĞ;ƐͿƚсƚϯ͘Ϭс ϯ ƐƐƐ sсǀĞŚŝĐƵůĂƌŚŽƵƌůLJǀŽůƵŵĞ;ǀĞŚͬŚƌͿsсϯϮϬ сƉĞĚĞƐƚƌŝĂŶĨůŽǁƌĂƚĞ;ƉĞĚͬƐͿсϬΎс ``` Ϭ͘ϬϬ ƉƉƉ сǀĞŚŝĐƵůĂƌĨůŽǁƌĂƚĞ;ǀĞŚͬƐͿсsͬϯϲϬϬсsͬϯϲϬϬс ``` Ϭ͘Ϭϴϵ tсĐƌŽƐƐǁĂůŬǁŝĚƚŚ;ĨƚͿtсtϴ͘Ϭс ϴ͘Ϭ ĐĐĐ /Ed;>ͬϭϭͿ EсŶƵŵďĞƌŽĨƚŚƌŽƵŐŚůĂŶĞƐĐƌŽƐƐĞĚ;/ŶƚĞŐĞƌͿEсEсϮ ΎŶŽƉůĂƚŽŽŶŝŶŐŽďƐĞƌǀĞĚ ƌŽƐƐŝŶŐdƌĞĂƚŵĞŶƚzŝĞůĚZĂƚĞ /ŶƉƵƚdĂďůĞ͗ DсŵŽƚŽƌŝƐƚLJŝĞůĚƌĂƚĞ;ĚĞĐŝŵĂůͿDс ϱϳй cc ŶƚĞƌŝŶŐĚĂƚĂŝŶƚŽƚŚĞƚĂďůĞƐĂďŽǀĞǁŝůůƉŽƉƵůĂƚĞƚŚĞĞǀĂůƵĂƚŝŽŶƚĂďůĞƐŝŶDŝĐƌŽƐŽĨƚdžĐĞů͘ ZĞƐƵůƚƐ͗ ϮϮ͘ϴƐĞĐͬƉĞĚ ǀĞƌĂŐĞĞůĂLJ  >K^ ĞǀĞůŽƉĞĚďLJŽůƚŽŶΘDĞŶŬ͕/ŶĐ͘ /ŶƉƵƚƐĂŶĚZĞƐƵůƚƐWĂŐĞϮŽĨϱ ĨŽƌƚŚĞ>ŽĐĂůZŽĂĚZĞƐĞĂƌĐŚŽĂƌĚ ,DǀĂůƵĂƚŝŽŶtŽƌŬƐŚĞĞƚ 3DFNHW3J )E ,ŝŐŚǁĂLJĂƉĂĐŝƚLJDĂŶƵĂů;,DͿ WĞĚĞƐƚƌŝĂŶ>ĞǀĞůŽĨ^ĞƌǀŝĐĞ;>K^ͿĂƚhŶĐŽŶƚƌŽůůĞĚƌŽƐƐŝŶŐ>ŽĐĂƚŝŽŶƐ /ŶƚĞƌƐĞĐƚŝŽŶĂŶĚDŝĚͲůŽĐŬƌŽƐƐŝŶŐƐ ƌŽƐƐŝŶŐ>ŽĐĂƚŝŽŶ͗͘ůĞŐsŝŽůĂΘĂƐƐŝĚLJĂƚĞ͗ϱͬϱͬϮϬϮϭ ŝƚLJ͕^ƚĂƚĞ͗ZŽĐŚĞƐƚĞƌ͕DE^ĐĞŶĂƌŝŽ͗ϮϬϮϬWDWĞĂŬϮdžϭ ZĞǀŝĞǁĞƌ;ƐͿ͗:ĞŶŶŝĨĞƌDĐŽLJŐĞŶĐLJ͗ŽůƚŽŶΘDĞŶŬ WƌŽũĞĐƚEƵŵďĞƌ͗dϰϯϭϮϬϱϲϯ/η͗ZZ& dŚĞĨŽůůŽǁŝŶŐŝƐƚŚĞďĂƐĞŝŶĨŽƌŵĂƚŝŽŶŶĞĞĚĞĚƚŽĐŽŵƉůĞƚĞƚŚĞĂŶĂůLJƐŝƐ͘ /ĨƚŚŝƐŝƐĂŽŶĞͲƐƚĂŐĞĐƌŽƐƐŝŶŐ͕ƵƐĞŽŶůLJƌŽƐƐŝŶŐϭ͘ /ĨƚŚŝƐŝƐĂƚǁŽͲƐƚĂŐĞĐƌŽƐƐŝŶŐ͕ĞĂĐŚƐƚĂŐĞŵƵƐƚďĞĞǀĂůƵĂƚĞĚƐĞƉĂƌĂƚĞůLJƵƐŝŶŐƌŽƐƐŝŶŐϭĂŶĚƌŽƐƐŝŶŐϮ͘ ƌŽƐƐŝŶŐϭ͗ ǀĂůƵĂƚŝŽŶ/ŶƉƵƚƐ͗ĚĞĨĂƵůƚƐ͗/ŶƉƵƚdĂďůĞ͗ >сĐƌŽƐƐǁĂůŬůĞŶŐƚŚ;ĨƚͿ>сϯϭ ^сĂǀĞƌĂŐĞƉĞĚĞƐƚƌŝĂŶǁĂůŬŝŶŐƐƉĞĞĚ;ĨƚͬƐͿ^сϯ͘ϱ^с ϯ͘ϱ ƉƉƉ ƚсƉĞĚĞƐƚƌŝĂŶƐƚĂƌƚͲƵƉĂŶĚĞŶĚĐůĞĂƌĂŶĐĞƚŝŵĞ;ƐͿƚсϯ͘Ϭƚс ϯ ƐƐƐ sсǀĞŚŝĐƵůĂƌŚŽƵƌůLJǀŽůƵŵĞ;ǀĞŚͬŚƌͿsсϮϭϴ сƉĞĚĞƐƚƌŝĂŶĨůŽǁƌĂƚĞ;ƉĞĚͬƐͿсϬΎс ``` Ϭ͘ϬϬ ƉƉƉ сǀĞŚŝĐƵůĂƌĨůŽǁƌĂƚĞ;ǀĞŚͬƐͿсsͬϯϲϬϬсsͬϯϲϬϬс ``` Ϭ͘Ϭϲϭ tсĐƌŽƐƐǁĂůŬǁŝĚƚŚ;ĨƚͿtсtϴ͘Ϭс ϴ͘Ϭ ĐĐĐ /Ed;>ͬϭϭͿ EсŶƵŵďĞƌŽĨƚŚƌŽƵŐŚůĂŶĞƐĐƌŽƐƐĞĚ;/ŶƚĞŐĞƌͿEсEсϮ ΎŶŽƉůĂƚŽŽŶŝŶŐŽďƐĞƌǀĞĚ ƌŽƐƐŝŶŐϮ͗ ;ŽŶůLJƵƐĞĚĨŽƌƚǁŽͲƐƚĂŐĞĐƌŽƐƐŝŶŐƐͿ ǀĂůƵĂƚŝŽŶ/ŶƉƵƚƐ͗ĚĞĨĂƵůƚƐ͗/ŶƉƵƚdĂďůĞ͗ >сĐƌŽƐƐǁĂůŬůĞŶŐƚŚ;ĨƚͿ>сϯϭ ^сĂǀĞƌĂŐĞƉĞĚĞƐƚƌŝĂŶǁĂůŬŝŶŐƐƉĞĞĚ;ĨƚͬƐͿ^с^с ϯ͘ϱ ϰ ƉƉƉ ƚсƉĞĚĞƐƚƌŝĂŶƐƚĂƌƚͲƵƉĂŶĚĞŶĚĐůĞĂƌĂŶĐĞƚŝŵĞ;ƐͿƚсƚϯ͘Ϭс ϯ ƐƐƐ sсǀĞŚŝĐƵůĂƌŚŽƵƌůLJǀŽůƵŵĞ;ǀĞŚͬŚƌͿsсϮϯϵ сƉĞĚĞƐƚƌŝĂŶĨůŽǁƌĂƚĞ;ƉĞĚͬƐͿсϬΎс ``` Ϭ͘ϬϬ ƉƉƉ сǀĞŚŝĐƵůĂƌĨůŽǁƌĂƚĞ;ǀĞŚͬƐͿсsͬϯϲϬϬсsͬϯϲϬϬс ``` Ϭ͘Ϭϲϲ tсĐƌŽƐƐǁĂůŬǁŝĚƚŚ;ĨƚͿtсtϴ͘Ϭс ϴ͘Ϭ ĐĐĐ /Ed;>ͬϭϭͿ EсŶƵŵďĞƌŽĨƚŚƌŽƵŐŚůĂŶĞƐĐƌŽƐƐĞĚ;/ŶƚĞŐĞƌͿEсEсϮ ΎŶŽƉůĂƚŽŽŶŝŶŐŽďƐĞƌǀĞĚ ƌŽƐƐŝŶŐdƌĞĂƚŵĞŶƚzŝĞůĚZĂƚĞ /ŶƉƵƚdĂďůĞ͗ DсŵŽƚŽƌŝƐƚLJŝĞůĚƌĂƚĞ;ĚĞĐŝŵĂůͿDс ϴϰй cc ŶƚĞƌŝŶŐĚĂƚĂŝŶƚŽƚŚĞƚĂďůĞƐĂďŽǀĞǁŝůůƉŽƉƵůĂƚĞƚŚĞĞǀĂůƵĂƚŝŽŶƚĂďůĞƐŝŶDŝĐƌŽƐŽĨƚdžĐĞů͘ ZĞƐƵůƚƐ͗ ϭϱ͘ϳƐĞĐͬƉĞĚ ǀĞƌĂŐĞĞůĂLJ  >K^ ĞǀĞůŽƉĞĚďLJŽůƚŽŶΘDĞŶŬ͕/ŶĐ͘ /ŶƉƵƚƐĂŶĚZĞƐƵůƚƐWĂŐĞϮŽĨϱ ĨŽƌƚŚĞ>ŽĐĂůZŽĂĚZĞƐĞĂƌĐŚŽĂƌĚ ,DǀĂůƵĂƚŝŽŶtŽƌŬƐŚĞĞƚ 3DFNHW3J )E ,ŝŐŚǁĂLJĂƉĂĐŝƚLJDĂŶƵĂů;,DͿ WĞĚĞƐƚƌŝĂŶ>ĞǀĞůŽĨ^ĞƌǀŝĐĞ;>K^ͿĂƚhŶĐŽŶƚƌŽůůĞĚƌŽƐƐŝŶŐ>ŽĐĂƚŝŽŶƐ /ŶƚĞƌƐĞĐƚŝŽŶĂŶĚDŝĚͲůŽĐŬƌŽƐƐŝŶŐƐ ƌŽƐƐŝŶŐ>ŽĐĂƚŝŽŶ͗͘ůĞŐsŝŽůĂΘĂƐƐŝĚLJĂƚĞ͗ϱͬϱͬϮϬϮϭ ŝƚLJ͕^ƚĂƚĞ͗ZŽĐŚĞƐƚĞƌ͕DE^ĐĞŶĂƌŝŽ͗ϮϬϮϬWDWĞĂŬϮdžϭ ZĞǀŝĞǁĞƌ;ƐͿ͗:ĞŶŶŝĨĞƌDĐŽLJŐĞŶĐLJ͗ŽůƚŽŶΘDĞŶŬ WƌŽũĞĐƚEƵŵďĞƌ͗dϰϯϭϮϬϱϲϯ/η͗^ŝŐŶƐĂŶĚ^ƚƌŝƉŝŶŐ dŚĞĨŽůůŽǁŝŶŐŝƐƚŚĞďĂƐĞŝŶĨŽƌŵĂƚŝŽŶŶĞĞĚĞĚƚŽĐŽŵƉůĞƚĞƚŚĞĂŶĂůLJƐŝƐ͘ /ĨƚŚŝƐŝƐĂŽŶĞͲƐƚĂŐĞĐƌŽƐƐŝŶŐ͕ƵƐĞŽŶůLJƌŽƐƐŝŶŐϭ͘ /ĨƚŚŝƐŝƐĂƚǁŽͲƐƚĂŐĞĐƌŽƐƐŝŶŐ͕ĞĂĐŚƐƚĂŐĞŵƵƐƚďĞĞǀĂůƵĂƚĞĚƐĞƉĂƌĂƚĞůLJƵƐŝŶŐƌŽƐƐŝŶŐϭĂŶĚƌŽƐƐŝŶŐϮ͘ ƌŽƐƐŝŶŐϭ͗ ǀĂůƵĂƚŝŽŶ/ŶƉƵƚƐ͗ĚĞĨĂƵůƚƐ͗/ŶƉƵƚdĂďůĞ͗ >сĐƌŽƐƐǁĂůŬůĞŶŐƚŚ;ĨƚͿ>сϯϭ ^сĂǀĞƌĂŐĞƉĞĚĞƐƚƌŝĂŶǁĂůŬŝŶŐƐƉĞĞĚ;ĨƚͬƐͿ^сϯ͘ϱ^с ϯ͘ϱ ƉƉƉ ƚсƉĞĚĞƐƚƌŝĂŶƐƚĂƌƚͲƵƉĂŶĚĞŶĚĐůĞĂƌĂŶĐĞƚŝŵĞ;ƐͿƚсϯ͘Ϭƚс ϯ ƐƐƐ sсǀĞŚŝĐƵůĂƌŚŽƵƌůLJǀŽůƵŵĞ;ǀĞŚͬŚƌͿsсϮϭϴ сƉĞĚĞƐƚƌŝĂŶĨůŽǁƌĂƚĞ;ƉĞĚͬƐͿсϬΎс ``` Ϭ͘ϬϬ ƉƉƉ сǀĞŚŝĐƵůĂƌĨůŽǁƌĂƚĞ;ǀĞŚͬƐͿсsͬϯϲϬϬсsͬϯϲϬϬс ``` Ϭ͘Ϭϲϭ tсĐƌŽƐƐǁĂůŬǁŝĚƚŚ;ĨƚͿtсtϴ͘Ϭс ϴ͘Ϭ ĐĐĐ /Ed;>ͬϭϭͿ EсŶƵŵďĞƌŽĨƚŚƌŽƵŐŚůĂŶĞƐĐƌŽƐƐĞĚ;/ŶƚĞŐĞƌͿEсEсϮ ΎŶŽƉůĂƚŽŽŶŝŶŐŽďƐĞƌǀĞĚ ƌŽƐƐŝŶŐϮ͗ ;ŽŶůLJƵƐĞĚĨŽƌƚǁŽͲƐƚĂŐĞĐƌŽƐƐŝŶŐƐͿ ǀĂůƵĂƚŝŽŶ/ŶƉƵƚƐ͗ĚĞĨĂƵůƚƐ͗/ŶƉƵƚdĂďůĞ͗ >сĐƌŽƐƐǁĂůŬůĞŶŐƚŚ;ĨƚͿ>сϯϭ ^сĂǀĞƌĂŐĞƉĞĚĞƐƚƌŝĂŶǁĂůŬŝŶŐƐƉĞĞĚ;ĨƚͬƐͿ^с^с ϯ͘ϱ ϰ ƉƉƉ ƚсƉĞĚĞƐƚƌŝĂŶƐƚĂƌƚͲƵƉĂŶĚĞŶĚĐůĞĂƌĂŶĐĞƚŝŵĞ;ƐͿƚсƚϯ͘Ϭс ϯ ƐƐƐ sсǀĞŚŝĐƵůĂƌŚŽƵƌůLJǀŽůƵŵĞ;ǀĞŚͬŚƌͿsсϮϯϵ сƉĞĚĞƐƚƌŝĂŶĨůŽǁƌĂƚĞ;ƉĞĚͬƐͿсϬΎс ``` Ϭ͘ϬϬ ƉƉƉ сǀĞŚŝĐƵůĂƌĨůŽǁƌĂƚĞ;ǀĞŚͬƐͿсsͬϯϲϬϬсsͬϯϲϬϬс ``` Ϭ͘Ϭϲϲ tсĐƌŽƐƐǁĂůŬǁŝĚƚŚ;ĨƚͿtсtϴ͘Ϭс ϴ͘Ϭ ĐĐĐ /Ed;>ͬϭϭͿ EсŶƵŵďĞƌŽĨƚŚƌŽƵŐŚůĂŶĞƐĐƌŽƐƐĞĚ;/ŶƚĞŐĞƌͿEсEсϮ ΎŶŽƉůĂƚŽŽŶŝŶŐŽďƐĞƌǀĞĚ ƌŽƐƐŝŶŐdƌĞĂƚŵĞŶƚzŝĞůĚZĂƚĞ /ŶƉƵƚdĂďůĞ͗ DсŵŽƚŽƌŝƐƚLJŝĞůĚƌĂƚĞ;ĚĞĐŝŵĂůͿDс ϱϳй cc ŶƚĞƌŝŶŐĚĂƚĂŝŶƚŽƚŚĞƚĂďůĞƐĂďŽǀĞǁŝůůƉŽƉƵůĂƚĞƚŚĞĞǀĂůƵĂƚŝŽŶƚĂďůĞƐŝŶDŝĐƌŽƐŽĨƚdžĐĞů͘ ZĞƐƵůƚƐ͗ ϭϰ͘ϯƐĞĐͬƉĞĚ ǀĞƌĂŐĞĞůĂLJ  >K^ ĞǀĞůŽƉĞĚďLJŽůƚŽŶΘDĞŶŬ͕/ŶĐ͘ /ŶƉƵƚƐĂŶĚZĞƐƵůƚƐWĂŐĞϮŽĨϱ ĨŽƌƚŚĞ>ŽĐĂůZŽĂĚZĞƐĞĂƌĐŚŽĂƌĚ ,DǀĂůƵĂƚŝŽŶtŽƌŬƐŚĞĞƚ 3DFNHW3J )E ,ŝŐŚǁĂLJĂƉĂĐŝƚLJDĂŶƵĂů;,DͿ WĞĚĞƐƚƌŝĂŶ>ĞǀĞůŽĨ^ĞƌǀŝĐĞ;>K^ͿĂƚhŶĐŽŶƚƌŽůůĞĚƌŽƐƐŝŶŐ>ŽĐĂƚŝŽŶƐ /ŶƚĞƌƐĞĐƚŝŽŶĂŶĚDŝĚͲůŽĐŬƌŽƐƐŝŶŐƐ ƌŽƐƐŝŶŐ>ŽĐĂƚŝŽŶ͗t͘ůĞŐsŝŽůĂΘĂƐƐŝĚLJĂƚĞ͗ϱͬϱͬϮϬϮϭ ŝƚLJ͕^ƚĂƚĞ͗ZŽĐŚĞƐƚĞƌ͕DE^ĐĞŶĂƌŝŽ͗ϮϬϮϬWDWĞĂŬϮdžϭ ZĞǀŝĞǁĞƌ;ƐͿ͗:ĞŶŶŝĨĞƌDĐŽLJŐĞŶĐLJ͗ŽůƚŽŶΘDĞŶŬ WƌŽũĞĐƚEƵŵďĞƌ͗dϰϯϭϮϬϱϲϯ/η͗ZZ& dŚĞĨŽůůŽǁŝŶŐŝƐƚŚĞďĂƐĞŝŶĨŽƌŵĂƚŝŽŶŶĞĞĚĞĚƚŽĐŽŵƉůĞƚĞƚŚĞĂŶĂůLJƐŝƐ͘ /ĨƚŚŝƐŝƐĂŽŶĞͲƐƚĂŐĞĐƌŽƐƐŝŶŐ͕ƵƐĞŽŶůLJƌŽƐƐŝŶŐϭ͘ /ĨƚŚŝƐŝƐĂƚǁŽͲƐƚĂŐĞĐƌŽƐƐŝŶŐ͕ĞĂĐŚƐƚĂŐĞŵƵƐƚďĞĞǀĂůƵĂƚĞĚƐĞƉĂƌĂƚĞůLJƵƐŝŶŐƌŽƐƐŝŶŐϭĂŶĚƌŽƐƐŝŶŐϮ͘ ƌŽƐƐŝŶŐϭ͗ ǀĂůƵĂƚŝŽŶ/ŶƉƵƚƐ͗ĚĞĨĂƵůƚƐ͗/ŶƉƵƚdĂďůĞ͗ >сĐƌŽƐƐǁĂůŬůĞŶŐƚŚ;ĨƚͿ>сϯϭ ^сĂǀĞƌĂŐĞƉĞĚĞƐƚƌŝĂŶǁĂůŬŝŶŐƐƉĞĞĚ;ĨƚͬƐͿ^сϯ͘ϱ^с ϯ͘ϱ ƉƉƉ ƚсƉĞĚĞƐƚƌŝĂŶƐƚĂƌƚͲƵƉĂŶĚĞŶĚĐůĞĂƌĂŶĐĞƚŝŵĞ;ƐͿƚсϯ͘Ϭƚс ϯ ƐƐƐ sсǀĞŚŝĐƵůĂƌŚŽƵƌůLJǀŽůƵŵĞ;ǀĞŚͬŚƌͿsсϯϯϬ сƉĞĚĞƐƚƌŝĂŶĨůŽǁƌĂƚĞ;ƉĞĚͬƐͿсϬΎс ``` Ϭ͘ϬϬ ƉƉƉ сǀĞŚŝĐƵůĂƌĨůŽǁƌĂƚĞ;ǀĞŚͬƐͿсsͬϯϲϬϬсsͬϯϲϬϬс ``` Ϭ͘ϬϵϮ tсĐƌŽƐƐǁĂůŬǁŝĚƚŚ;ĨƚͿtсtϴ͘Ϭс ϴ͘Ϭ ĐĐĐ /Ed;>ͬϭϭͿ EсŶƵŵďĞƌŽĨƚŚƌŽƵŐŚůĂŶĞƐĐƌŽƐƐĞĚ;/ŶƚĞŐĞƌͿEсEсϮ ΎŶŽƉůĂƚŽŽŶŝŶŐŽďƐĞƌǀĞĚ ƌŽƐƐŝŶŐϮ͗ ;ŽŶůLJƵƐĞĚĨŽƌƚǁŽͲƐƚĂŐĞĐƌŽƐƐŝŶŐƐͿ ǀĂůƵĂƚŝŽŶ/ŶƉƵƚƐ͗ĚĞĨĂƵůƚƐ͗/ŶƉƵƚdĂďůĞ͗ >сĐƌŽƐƐǁĂůŬůĞŶŐƚŚ;ĨƚͿ>сϯϭ ^сĂǀĞƌĂŐĞƉĞĚĞƐƚƌŝĂŶǁĂůŬŝŶŐƐƉĞĞĚ;ĨƚͬƐͿ^с^с ϯ͘ϱ ϰ ƉƉƉ ƚсƉĞĚĞƐƚƌŝĂŶƐƚĂƌƚͲƵƉĂŶĚĞŶĚĐůĞĂƌĂŶĐĞƚŝŵĞ;ƐͿƚсƚϯ͘Ϭс ϯ ƐƐƐ sсǀĞŚŝĐƵůĂƌŚŽƵƌůLJǀŽůƵŵĞ;ǀĞŚͬŚƌͿsсϯϵϮ сƉĞĚĞƐƚƌŝĂŶĨůŽǁƌĂƚĞ;ƉĞĚͬƐͿсϬΎс ``` Ϭ͘ϬϬ ƉƉƉ сǀĞŚŝĐƵůĂƌĨůŽǁƌĂƚĞ;ǀĞŚͬƐͿсsͬϯϲϬϬсsͬϯϲϬϬс ``` Ϭ͘ϭϬϵ tсĐƌŽƐƐǁĂůŬǁŝĚƚŚ;ĨƚͿtсtϴ͘Ϭс ϴ͘Ϭ ĐĐĐ /Ed;>ͬϭϭͿ EсŶƵŵďĞƌŽĨƚŚƌŽƵŐŚůĂŶĞƐĐƌŽƐƐĞĚ;/ŶƚĞŐĞƌͿEсEсϮ ΎŶŽƉůĂƚŽŽŶŝŶŐŽďƐĞƌǀĞĚ ƌŽƐƐŝŶŐdƌĞĂƚŵĞŶƚzŝĞůĚZĂƚĞ /ŶƉƵƚdĂďůĞ͗ DсŵŽƚŽƌŝƐƚLJŝĞůĚƌĂƚĞ;ĚĞĐŝŵĂůͿDс ϴϰй cc ŶƚĞƌŝŶŐĚĂƚĂŝŶƚŽƚŚĞƚĂďůĞƐĂďŽǀĞǁŝůůƉŽƉƵůĂƚĞƚŚĞĞǀĂůƵĂƚŝŽŶƚĂďůĞƐŝŶDŝĐƌŽƐŽĨƚdžĐĞů͘ ZĞƐƵůƚƐ͗ ϭϱ͘ϱƐĞĐͬƉĞĚ ǀĞƌĂŐĞĞůĂLJ  >K^ ĞǀĞůŽƉĞĚďLJŽůƚŽŶΘDĞŶŬ͕/ŶĐ͘ /ŶƉƵƚƐĂŶĚZĞƐƵůƚƐWĂŐĞϮŽĨϱ ĨŽƌƚŚĞ>ŽĐĂůZŽĂĚZĞƐĞĂƌĐŚŽĂƌĚ ,DǀĂůƵĂƚŝŽŶtŽƌŬƐŚĞĞƚ 3DFNHW3J )E ,ŝŐŚǁĂLJĂƉĂĐŝƚLJDĂŶƵĂů;,DͿ WĞĚĞƐƚƌŝĂŶ>ĞǀĞůŽĨ^ĞƌǀŝĐĞ;>K^ͿĂƚhŶĐŽŶƚƌŽůůĞĚƌŽƐƐŝŶŐ>ŽĐĂƚŝŽŶƐ /ŶƚĞƌƐĞĐƚŝŽŶĂŶĚDŝĚͲůŽĐŬƌŽƐƐŝŶŐƐ ƌŽƐƐŝŶŐ>ŽĐĂƚŝŽŶ͗t͘ůĞŐsŝŽůĂΘĂƐƐŝĚLJĂƚĞ͗ϱͬϱͬϮϬϮϭ ŝƚLJ͕^ƚĂƚĞ͗ZŽĐŚĞƐƚĞƌ͕DE^ĐĞŶĂƌŝŽ͗WDWĞĂŬϮdžϭ ZĞǀŝĞǁĞƌ;ƐͿ͗:ĞŶŶŝĨĞƌDĐŽLJŐĞŶĐLJ͗ŽůƚŽŶΘDĞŶŬ WƌŽũĞĐƚEƵŵďĞƌ͗dϰϯϭϮϬϱϲϯ/η͗^ŝŐŶƐͬ^ƚƌŝƉĞƐKŶůLJ dŚĞĨŽůůŽǁŝŶŐŝƐƚŚĞďĂƐĞŝŶĨŽƌŵĂƚŝŽŶŶĞĞĚĞĚƚŽĐŽŵƉůĞƚĞƚŚĞĂŶĂůLJƐŝƐ͘ /ĨƚŚŝƐŝƐĂŽŶĞͲƐƚĂŐĞĐƌŽƐƐŝŶŐ͕ƵƐĞŽŶůLJƌŽƐƐŝŶŐϭ͘ 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ĂŶƚŝĐŝƉĂƚĞƵƉƚŽϲWDdŵĞĞƚŝŶŐƐ͘  Ϯ͘ϯWƌŽũĞĐƚDĂŝůŝŶŐƐ DĂŝůŝŶŐƐĂƌĞƐƵĐĐĞƐƐĨƵůŝŶŐĞƚƚŝŶŐƚŚĞǁŽƌĚŽƵƚĂďŽƵƚƉƵďůŝĐŵĞĞƚŝŶŐƐ͘tĞǁŝůůƐĞŶĚŶŽƚŝĨŝĐĂƚŝŽŶƐƚŽ ƐƚĂŬĞŚŽůĚĞƌƐƉƌŝŽƌƚŽĞĂĐŚƉƵďůŝĐŵĞĞƚŝŶŐ;ƵƉƚŽƚǁŽŵĂŝůŝŶŐƐͿ͘  Ϯ͘ϰWƵďůŝĐKƉĞŶ,ŽƵƐĞƐ ƚƚŚĞƉƵďůŝĐŽƉĞŶŚŽƵƐĞƐ͕ǁĞǁŝůůŐĂƚŚĞƌŝŶƉƵƚĨƌŽŵĂƚƚĞŶĚĞĞƐƚŽƵŶĚĞƌƐƚĂŶĚǁŚŽŝƐĂƚƚĞŶĚŝŶŐ ŵĞĞƚŝŶŐƐ͕ƚŚĞŝƌƉĞƌƐƉĞĐƚŝǀĞŽŶŝŵƉŽƌƚĂŶƚĂƐƉĞĐƚƐŝŶƚŚĞƉƌŽũĞĐƚĂƌĞĂĂƐŝƚƌĞůĂƚĞƐƚŽƚŚĞĐŝƚLJ͛Ɛ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶƐLJƐƚĞŵ͕ĞĚƵĐĂƚĞŽŶƚŚĞƉƌŽĐĞƐƐƚŚĂƚůĞĂĚƚŽĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨĂƐŽůƵƚŝŽŶ͕ĂŶĚĨĞĞĚďĂĐŬŽŶ ƚŚĞƉƌŽƉŽƐĞĚƐŽůƵƚŝŽŶ͘  ŽůƚŽŶΘDĞŶŬǁŝůůĐŽŽƌĚŝŶĂƚĞ͕ƐĐŚĞĚƵůĞ͕ĂŶĚůĞĂĚƚǁŽŽƉĞŶŚŽƵƐĞƐƚŚĂƚĂůŝŐŶǁŝƚŚŵĂũŽƌƉƌŽũĞĐƚ ŵŝůĞƐƚŽŶĞƐ͘ĂĐŚŽƉĞŶŚŽƵƐĞǁŝůůŚĂǀĞƚǁŽƐĞƐƐŝŽŶƐ͕ŽŶĞĂƚŵŝĚͲĚĂLJĂŶĚŽŶĞŝŶƚŚĞĞǀĞŶŝŶŐ͕ǁŝƚŚŽŶĞŽĨ ƚŚĞƐĞƐƐŝŽŶƐďĞŝŶŐŝŶƉĞƌƐŽŶ͕ĂŶĚƚŚĞŽƚŚĞƌďĞŝŶŐǀŝƌƚƵĂů͘tĞǁŝůůĚĞǀĞůŽƉĂŶĚƉƌĞƉĂƌĞĂůůƉƌĞƐĞŶƚĂƚŝŽŶ ŵĂƚĞƌŝĂůƐĂŶĚĨŽůůŽǁƵƉǁŝƚŚĂƐƵŵŵĂƌLJŽĨĐŽŵŵĞŶƚƐ͘ůůŝŶĨŽƌŵĂƚŝŽŶĂůŵĂƚĞƌŝĂůƐŝŶƚĞŶĚĞĚĨŽƌŶŽŶͲ ƚĞĐŚŶŝĐĂůĂƵĚŝĞŶĐĞƐǁŝůůƵƐĞƉůĂŝŶůĂŶŐƵĂŐĞ͘dŚĞLJǁŝůůďĞǀŝƐƵĂůůLJĂƉƉĞĂůŝŶŐǁŝƚŚĐŽŶƚĞŶƚƚŚĂƚŝƐĐůĞĂƌ͕ ĐŽŶƐŝƐƚĞŶƚ͕ĂŶĚĐŽŶĐŝƐĞ͘ŽŵŵĞŶƚĐĂƌĚƐǁŝůůďĞƐƵƉƉůĞŵĞŶƚĞĚďLJĂƵĚŝĞŶĐĞƉŽůůŝŶŐ͕ŝŶƚĞƌĂĐƚŝǀĞƐƚĂƚŝŽŶƐ͕ ŽƌŽƚŚĞƌŵĞĂŶƐƚŽŐĂƚŚĞƌŝŶƉƵƚ͘tĞŚĂǀĞĚĞƐĐƌŝďĞĚƚŚĞƉůĂŶŶĞĚĐŽŶƚĞŶƚĨŽƌĞĂĐŚƉƵďůŝĐŽƉĞŶŚŽƵƐĞĂŶĚ ĨŽĐƵƐŐƌŽƵƉŵĞĞƚŝŶŐ͘  KƉĞŶ,ŽƵƐĞηϭʹ&ĂůůϮϬϮϭ  dŚĞŽƉĞŶŚŽƵƐĞǁŝƚŚƌĞƐŝĚĞŶƚƐ͕ƉƌŽƉĞƌƚLJŽǁŶĞƌƐ͕ĂŶĚŽƚŚĞƌƐƚĂŬĞŚŽůĚĞƌƐǁŝůůďĞŚĞůĚƚŽƐŚĂƌĞƚŚĞ ƉƌŽũĞĐƚƉƵƌƉŽƐĞ͕ĞdžƉůĂŝŶŚŽǁƚŚĞƉƌŽƉŽƐĞĚƐŽůƵƚŝŽŶĂĚĚƌĞƐƐĞƐĞdžŝƐƚŝŶŐŝƐƐƵĞƐ͕ĂŶĚŐĂƚŚĞƌŝŶƉƵƚŽŶ ŝƐƐƵĞƐ͕ŶĞĞĚƐ͕ĂŶĚŽƉƉŽƌƚƵŶŝƚŝĞƐĂƐƚŚĞƉƵďůŝĐƌĞůĂƚĞƐƚŚĞŵƚŽƚŚĞƌĞĐŽŵŵĞŶĚĞĚŝŵƉƌŽǀĞŵĞŶƚƐŽůƵƚŝŽŶ͘ KƵƌƚĞĂŵǁŝůůƐŚĂƌĞĂŐĞŶĐLJǁŽƌŬĐŽŵƉůĞƚĞĚƚŽĚĂƚĞĂƐĂƉĂƌƚŽĨƚŚĞsŝŽůĂZŽĂĚĂŶĚĂƐƐŝĚLJƌŝǀĞ /ŶƚĞƌƐĞĐƚŝŽŶŽŶƚƌŽůǀĂůƵĂƚŝŽŶ͘  tĞǁŝůůƵƐĞǀŝƐƵĂůŝnjĂƚŝŽŶƐƚŽĐŽŵŵƵŶŝĐĂƚĞƚŚĞƉƌŽƉŽƐĞĚƐŽůƵƚŝŽŶĂŶĚĂŶƚŝĐŝƉĂƚĞĚďĞŶĞĨŝƚƐĂŶĚŝŵƉĂĐƚƐ ƚŽƉƌŽǀŝĚĞĨŽƌĞĨĨĞĐƚŝǀĞĞŶŐĂŐĞŵĞŶƚ͘tĞǁŝůůŐĂƚŚĞƌŝŶƉƵƚŽŶǁŚŽŝƐĂƚƚĞŶĚŝŶŐƚŚĞŵĞĞƚŝŶŐ͕ǁŚĂƚƚŚĞŝƌ ŝŶƚĞƌĞƐƚƐĂƌĞ͕ĂŶĚŐĂƵŐĞƉƌŽũĞĐƚƐƵƉƉŽƌƚ͘  KƉĞŶ,ŽƵƐĞηϮʹ^ƉƌŝŶŐϮϬϮϮ   ǣ̳”‘’‘•ƒŽ•̳‘ Š‡•–‡”̳‹‘Žƒƒ†ƒ••‹†›‘—†ƒ„‘—–Ͳͻͳ͹ʹͳ̳‘ Š‡•–‡”Ǧ‹‘Žƒƒ†ƒ••‹†›‘—†ƒ„‘—–”‘’‘•ƒŽǦ‡˜‹•‡†ͳͲͲ͹ʹͲʹͳǤ†‘ š 3DFNHW3J )D Dƌ͘ƌĞƚƚ:ĞŶŬŝŶƐŽŶʹsŝŽůĂZŽĂĚEĂŶĚĂƐƐŝĚLJƌŝǀĞE/ŶƚĞƌƐĞĐƚŝŽŶ/ŵƉƌŽǀĞŵĞŶƚƐ KĐƚŽďĞƌϴ͕ϮϬϮϭ 3DJH  dŚĞƐĞĐŽŶĚŽƉĞŶŚŽƵƐĞǁŝůůƉƌĞƐĞŶƚĨŝŶĂůĚĞƐŝŐŶƌĞĨŝŶĞŵĞŶƚƐĚĞǀĞůŽƉĞĚĂƐĂƌĞƐƵůƚŽĨŝŶƉƵƚŐĂƚŚĞƌĞĚĂƚ ƚŚĞĨŝƌƐƚŽƉĞŶŚŽƵƐĞ͘dŚŝƐǁŝůůĂůƐŽƉƌŽǀŝĚĞƚŚĞŽƉƉŽƌƚƵŶŝƚLJƚŽĐŽŵŵƵŶŝĐĂƚĞĐŽŶƐƚƌƵĐƚŝŽŶƐƚĂŐŝŶŐĂŶĚ ƚŝŵŝŶŐŝŵƉĂĐƚƐƚŽƚŚĞĂĚũĂĐĞŶƚďƵƐŝŶĞƐƐĞƐĂŶĚĞĚƵĐĂƚŝŽŶĂůĨĂĐŝůŝƚŝĞƐŝŶĂĚĚŝƚŝŽŶƚŽƚŚĞŐĞŶĞƌĂůƉƵďůŝĐ͘  Ϯ͘ϱŐĞŶĐLJĂŶĚWƌŽƉĞƌƚLJKǁŶĞƌŽŽƌĚŝŶĂƚŝŽŶ tĞǁŝůůŚĂǀĞŽŶŐŽŝŶŐĐŽŵŵƵŶŝĐĂƚŝŽŶǁŝƚŚĂŐĞŶĐŝĞƐĂŶĚƉƌŽƉĞƌƚLJŽǁŶĞƌƐĂƐŶĞĞĚĞĚƚŽŵŽǀĞƚŚĞƉƌŽũĞĐƚ ĨŽƌǁĂƌĚ;ƵƉƚŽϯŵĞĞƚŝŶŐƐͿ͘KƵƌƚĞĂŵǁŝůůƵƐĞƚŚĞƐĞŵĞĞƚŝŶŐƐƚŽůĞĂĚƚŚĞĚĞƐŝŐŶƉƌŽĐĞƐƐƚŚƌŽƵŐŚ ĐŽŶƐŝƐƚĞŶƚĐŽŵŵƵŶŝĐĂƚŝŽŶ͕ĨŝƌŵƐĐŚĞĚƵůĞƐ͕ĂŶĚĞƐƚĂďůŝƐŚĞĚŵŝůĞƐƚŽŶĞƐǁŚŝůĞďƵŝůĚŝŶŐĐŽŶƐĞŶƐƵƐĂůŽŶŐ ƚŚĞǁĂLJ͘tĞǁŝůůƐĐŚĞĚƵůĞĂůůŵĞĞƚŝŶŐƐ͕ĐŽŵƉůĞƚĞĂůůĂŐĞŶĚĂƐ͕ƉƌĞƉĂƌĞŵĂƚĞƌŝĂůƐĂŶĚƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ ŵĂŝŶƚĂŝŶŵĞĞƚŝŶŐƌĞĐŽƌĚƐ͕ĂŶĚŽĨĨĞƌƌĞŐƵůĂƌƵƉĚĂƚĞƐŽŶŶĞdžƚƐƚĞƉƐĂŶĚƵƉĐŽŵŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐ͘  Ϯ͘ϲhƚŝůŝƚLJŽŽƌĚŝŶĂƚŝŽŶ tĞǁŝůůĐŽŶĨŝƌŵƚŚĞůŽĐĂƚŝŽŶŽĨĂůůƵƚŝůŝƚŝĞƐǁŝƚŚŝŶƚŚĞĐŽƌƌŝĚŽƌ͕ŝĚĞŶƚŝĨLJĂůůĨƵƚƵƌĞŝŵƉƌŽǀĞŵĞŶƚƐƉůĂŶŶĞĚ ďLJĞĂĐŚƵƚŝůŝƚLJ͕ŝĚĞŶƚŝĨLJĐŽŶĨůŝĐƚƐĂŶĚĚĞƚĞƌŵŝŶĞŵŝƚŝŐĂƚŝŽŶƐ͕ĂŶĚĚĞǀĞůŽƉĂƐƚƌĂƚĞŐLJƚŽŝŶĐŽƌƉŽƌĂƚĞƚŚŝƐ ǁŽƌŬŝŶƚŽĐŽŶƐƚƌƵĐƚŝŽŶƉŚĂƐŝŶŐ͘&ŝŶĂůĚĞƐŝŐŶƉůĂŶƐǁŝůůďĞƐĞŶƚƚŽƵƚŝůŝƚLJŽǁŶĞƌƐĨŽƌƌĞůŽĐĂƚŝŽŶƉůĂŶŶŝŶŐ ĂŶĚĐŽŽƌĚŝŶĂƚŝŽŶĂƚƚŚĞϳϬйĂŶĚϵϱйƉůĂŶůĞǀĞůƐ͘  Ϯ͘ϳKŶůŝŶĞͬŝŐŝƚĂůŶŐĂŐĞŵĞŶƚdŽŽůƐ KƵƌŽŶůŝŶĞͬĚŝŐŝƚĂůĞŶŐĂŐĞŵĞŶƚƚŽŽůƐĂƌĞĐŽƐƚͲĞĨĨĞĐƚŝǀĞĂŶĚƉƌŽǀĞƚŽĞŶŐĂŐĞƐƚĂŬĞŚŽůĚĞƌƐƚŚĂƚĚŽŶ͛ƚ ƚLJƉŝĐĂůůLJĂƚƚĞŶĚŽƉĞŶŚŽƵƐĞƐŽƌĨŽĐƵƐŐƌŽƵƉŵĞĞƚŝŶŐƐĂŶĚͬŽƌůŝǀĞŽƵƚƐŝĚĞƚŚĞƉƌŽũĞĐƚ͞ŶŽƚŝĨŝĐĂƚŝŽŶĂƌĞĂ͘͟ tĞǁŝůůĂĚǀĞƌƚŝƐĞƚŚĞƐĞŽƉƉŽƌƚƵŶŝƚŝĞƐŽŶŵĞĞƚŝŶŐŶŽƚŝĨŝĐĂƚŝŽŶƐĂŶĚƉƌŽǀŝĚĞůŝŶŬƐƚŽďĞƐŚĂƌĞĚŽŶƚŚĞĐŝƚLJ ĂŶĚƐƚĂŬĞŚŽůĚĞƌƐŽĐŝĂůŵĞĚŝĂƐŝƚĞƐ͘  Ϯ͘ϴWƌŽũĞĐƚtĞďƐŝƚĞ tĞǁŝůůĚĞǀĞůŽƉŚŝŐŚůLJǀŝƐƵĂůĐŽŶƚĞŶƚĨŽƌƚŚĞƉƌŽũĞĐƚǁĞďƐŝƚĞ͕ŚŽƐƚĞĚďLJŽůƚŽŶΘDĞŶŬŽƌƚŚĞĐŝƚLJ͕ƚŚĂƚ ĐůĞĂƌůLJĐŽŶǀĞLJƐŵĞĂŶŝŶŐ͘dŚĞǁĞďƐŝƚĞǁŝůůďĞĂŶŝŶĨŽƌŵĂƚŝŽŶŚƵďƚŚĂƚĂůůŽǁƐƚŚĞƉƵďůŝĐƚŽƚƌĂĐŬƉƌŽũĞĐƚ ƉƌŽŐƌĞƐƐ͕ĂĐĐĞƐƐŵĞĞƚŝŶŐŵĂƚĞƌŝĂůƐ͕ĂĐĐĞƐƐĚŝŐŝƚĂůĞŶŐĂŐĞŵĞŶƚƚŽŽůƐ͕ĂŶĚůĞĂƌŶĂďŽƵƚƵƉĐŽŵŝŶŐƉƵďůŝĐ ŝŶǀŽůǀĞŵĞŶƚŽƉƉŽƌƚƵŶŝƚŝĞƐ͘  dĂƐŬϮĞůŝǀĞƌĂďůĞƐ͗ WƵďůŝĐŝŶǀŽůǀĞŵĞŶƚƉůĂŶ͕ŵĞĞƚŝŶŐŵĂƚĞƌŝĂůƐ͕ŶĞǁƐůĞƚƚĞƌƐ͕ǁĞďƐŝƚĞŵĂƚĞƌŝĂůƐ  dĂƐŬϯ͗'ĞŽƚĞĐŚŶŝĐĂů^ƚƵĚŝĞƐ  tĞŚĂǀĞŝŶĐůƵĚĞĚŵĞƌŝĐĂŶŶŐŝŶĞĞƌŝŶŐdĞƐƚŝŶŐŽŶŽƵƌƉƌŽũĞĐƚƚĞĂŵƚŽĐŽŵƉůĞƚĞƚŚĞŐĞŽƚĞĐŚŶŝĐĂů ƐƚƵĚŝĞƐ͘d͛ƐƐĞƌǀŝĐĞƐǁŝůůŝŶĐůƵĚĞĐŽŵƉůĞƚŝŽŶŽĨĂŐĞŽƚĞĐŚŶŝĐĂůĞǀĂůƵĂƚŝŽŶĂůŽŶŐƚŚĞĐŽƌƌŝĚŽƌǁŝƚŚĨŽƵƌ ;ϰͿďŽƌŝŶŐƐ͕ƚŽĂĚĞƉƚŚŽĨϭϰ͘ϱĨƚĞĂĐŚ͕ĂƚƐĞůĞĐƚĞĚůŽĐĂƚŝŽŶƐƚŽĞǀĂůƵĂƚĞƐƵďƐƵƌĨĂĐĞĐŽŶĚŝƚŝŽŶƐĂŶĚ ƉƌŽǀŝĚĞŐĞŽƚĞĐŚŶŝĐĂůƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌĚĞƐŝŐŶĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞƉƌŽũĞĐƚ͘  ϯ͘ϭ'ĞŽƚĞĐŚŶŝĐĂůŶŐŝŶĞĞƌŝŶŐŽŽƌĚŝŶĂƚŝŽŶ ŽůƚŽŶΘDĞŶŬǁŝůůŚĂǀĞƌĞŐƵůĂƌĐŽŵŵƵŶŝĐĂƚŝŽŶƐǁŝƚŚdƚŽĞŶƐƵƌĞƚŚĞƉƌŽƉĞƌĂƌĞĂƐĂƌĞƚĞƐƚĞĚ͕ ƉƌŽƉĞƌƌĞƉŽƌƚƐĂŶĚƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĂƌĞŵĂĚĞ͕ĂŶĚƌĞƐƵůƚƐĂƌĞŝŶƚĞŐƌĂƚĞĚŝŶƚŽƚŚĞƉƌŽũĞĐƚĚĞƐŝŐŶ͘ ŽůƚŽŶΘDĞŶŬƐƵƌǀĞLJŽƌƐǁŝůůƚŝĞŝŶƐŽŝůďŽƌŝŶŐůŽĐĂƚŝŽŶƐĂŶĚĞůĞǀĂƚŝŽŶƐŽŶƚŚĞƚŽƉŽŐƌĂƉŚŝĐƐƵƌǀĞLJ͘  dĂƐŬϯĞůŝǀĞƌĂďůĞƐ͗ 'ĞŽƚĞĐŚŶŝĐĂůŶŐŝŶĞĞƌŝŶŐZĞƉŽƌƚ     ǣ̳”‘’‘•ƒŽ•̳‘ Š‡•–‡”̳‹‘Žƒƒ†ƒ••‹†›‘—†ƒ„‘—–Ͳͻͳ͹ʹͳ̳‘ Š‡•–‡”Ǧ‹‘Žƒƒ†ƒ••‹†›‘—†ƒ„‘—–”‘’‘•ƒŽǦ‡˜‹•‡†ͳͲͲ͹ʹͲʹͳǤ†‘ š 3DFNHW3J )D Dƌ͘ƌĞƚƚ:ĞŶŬŝŶƐŽŶʹsŝŽůĂZŽĂĚEĂŶĚĂƐƐŝĚLJƌŝǀĞE/ŶƚĞƌƐĞĐƚŝŽŶ/ŵƉƌŽǀĞŵĞŶƚƐ KĐƚŽďĞƌϴ͕ϮϬϮϭ 3DJH  dĂƐŬϰ͗^ƵƌǀĞLJƐĂŶĚDĂƉƉŝŶŐ ϰ͘ϭZĞƐĞĂƌĐŚ ZĞƐĞĂƌĐŚǁŝůůŝŶĐůƵĚĞŐĂƚŚĞƌŝŶŐƐĞĐƚŝŽŶĐŽƌŶĞƌŝŶĨŽƌŵĂƚŝŽŶ͕ŽďƚĂŝŶŝŶŐĂŶĚƌĞǀŝĞǁŝŶŐƚŝƚůĞƌĞƉŽƌƚƐĂŶĚ ƉůĂƚƐ͕ĂŶĚŝŶŝƚŝĂƚŝŶŐƵƚŝůŝƚLJůŽĐĂƚĞƐĂůŽŶŐƚŚĞƉƌŽũĞĐƚĐŽƌƌŝĚŽƌ͘   ϰ͘ϮĂƐĞDĂƉ ĂƐĞĚŽŶƚŚĞƌĞƐĞĂƌĐŚ͕ĂďĂƐĞŵĂƉǁŝůůďĞƉƌĞƉĂƌĞĚƐŚŽǁŝŶŐƐĞĐƚŝŽŶůŝŶĞƐ͕ƉůĂƚƐ͕ƌŝŐŚƚͲŽĨͲǁĂLJ͕ĂŶĚ ĞĂƐĞŵĞŶƚƐ͘  ϰ͘ϯ,ŽƌŝnjŽŶƚĂůĂŶĚsĞƌƚŝĐĂůŽŶƚƌŽů^ƵƌǀĞLJƐ &ŝĞůĚƐƵƌǀĞLJƐǁŝůůďĞĐŽŵƉůĞƚĞĚƚŽĞƐƚĂďůŝƐŚŚŽƌŝnjŽŶƚĂůĂŶĚǀĞƌƚŝĐĂůĐŽŶƚƌŽůƉŽŝŶƚƐĂůŽŶŐƚŚĞĐŽƌƌŝĚŽƌ͘  ϰ͘ϰdŽƉŽŐƌĂƉŚŝĐ^ƵƌǀĞLJ ŽůƚŽŶΘDĞŶŬǁŝůůĐŽŵƉůĞƚĞĂĚĞƚĂŝůĞĚƚŽƉŽŐƌĂƉŚŝĐƐƵƌǀĞLJŽĨƚŚĞĐŽƌƌŝĚŽƌ͘  ϰ͘ϱWƌŽĐĞƐƐdŽƉŽŐƌĂƉŚŝĐĂƚĂ dŽƉŽŐƌĂƉŚŝĐĚĂƚĂĐŽůůĞĐƚĞĚŝŶƚŚĞĨŝĞůĚǁŝůůďĞƉƌŽĐĞƐƐĞĚĂŶĚĐŽŵďŝŶĞĚǁŝƚŚƚŚĞďĂƐĞŵĂƉĂŶĚƵƚŝůŝƚLJ ĚĂƚĂƚŽĐƌĞĂƚĞĂǁŽƌŬŝŶŐĞdžŝƐƚŝŶŐĐŽŶĚŝƚŝŽŶƐŵĂƉĨŽƌƵƐĞŝŶƚŚĞĚĞƐŝŐŶ͘  dĂƐŬϰĞůŝǀĞƌĂďůĞƐ͗ ĂƐĞŵĂƉĂŶĚƚŽƉŽŐƌĂƉŚŝĐƐƵƌǀĞLJ͕ĚŝŐŝƚĂůĨŝůĞƐŝŶĐůƵĚŝŶŐĞdžŝƐƚŝŶŐĂŶĚƉƌŽƉŽƐĞĚ ƐƵƌĨĂĐĞŵŽĚĞůƐ͕ƐƵƌǀĞLJĐŽŶƚƌŽůƉŽŝŶƚƐĂŶŶŽƚĂƚĞĚŽŶƚŚĞƉůĂŶƐĞƚ͘  dĂƐŬϱ͗WƌĞůŝŵŝŶĂƌLJ/ŶƚĞƌƐĞĐƚŝŽŶĂŶĚhƚŝůŝƚLJĞƐŝŐŶ ϱ͘ϭWƌĞůŝŵŝŶĂƌLJ'ĞŽŵĞƚƌŝĐ>ĂLJŽƵƚ ŽůƚŽŶΘDĞŶŬǁŝůůƉƌĞƉĂƌĞĂƉƌĞůŝŵŝŶĂƌLJŐĞŽŵĞƚƌŝĐůĂLJŽƵƚĨŽƌƚŚĞƌŽƵŶĚĂďŽƵƚ͕ďĂƐĞĚŽŶƚŚĞƐĞůĞĐƚĞĚ ĂůƚĞƌŶĂƚŝǀĞŝŶƚŚĞ/ƌĞƉŽƌƚ͘ŶƚƌLJƉŽŝŶƚƐĂŶĚŐĞŽŵĞƚƌLJǁŝůůďĞĂĚĂƉƚĞĚƚŽŵŝŶŝŵŝnjĞƌŝŐŚƚͲŽĨͲǁĂLJĂŶĚ ƵƚŝůŝƚLJŝŵƉĂĐƚƐ͘  ϱ͘ϮdLJƉŝĐĂů^ĞĐƚŝŽŶƐ dLJƉŝĐĂůƐĞĐƚŝŽŶƐǁŝůůďĞƉƌĞƉĂƌĞĚƚŚĂƚĐŽƌƌĞƐƉŽŶĚǁŝƚŚƚŚĞĂůƚĞƌŶĂƚŝǀĞůĂLJŽƵƚƐ͘  ϱ͘ϯWůĂŶŶŝŶŐ>ĞǀĞů>ĂLJŽƵƚƐĂŶĚŽƐƚƐƚŝŵĂƚĞƐ dŚĞĂůƚĞƌŶĂƚŝǀĞƐǁŝůůďĞĨƵƌƚŚĞƌĚĞǀĞůŽƉĞĚŝŶƉůĂŶŶŝŶŐůĞǀĞůůĂLJŽƵƚƐ͘ŽƌƌĞƐƉŽŶĚŝŶŐĐŽƐƚĞƐƚŝŵĂƚĞƐǁŝůůďĞ ƉƌĞƉĂƌĞĚĨŽƌĞĂĐŚĂůƚĞƌŶĂƚŝǀĞ͘  ϱ͘ϰhƚŝůŝƚLJ/ŵƉĂĐƚƐĂŶĚZĞůŽĐĂƚŝŽŶ KƵƌƚĞĂŵǁŝůůŝĚĞŶƚŝĨLJƚŚĞůŽĐĂƚŝŽŶĂŶĚƉŽƚĞŶƚŝĂůŝŵƉĂĐƚƐŽĨŬŶŽǁŶĞdžŝƐƚŝŶŐƉƵďůŝĐĂŶĚƉƌŝǀĂƚĞƵƚŝůŝƚŝĞƐ ǁŝƚŚŝŶƚŚĞƉƌŽũĞĐƚĂƌĞĂ͘  ϱ͘ϱWƌĞůŝŵŝŶĂƌLJ,LJĚƌĂƵůŝĐƐǀĂůƵĂƚŝŽŶ ŽůƚŽŶΘDĞŶŬǁŝůůĐŽŵƉůĞƚĞŚLJĚƌŽůŽŐŝĐŵŽĚĞůŝŶŐƵƐŝŶŐĐƵƌƌĞŶƚDŶKdͬĐŽƵŶƚLJͬĐŝƚLJĚƌĂŝŶĂŐĞ ƉĂƌĂŵĞƚĞƌƐ;ŝ͘Ğ͕͘ƚůĂƐϭϰƌĂŝŶĨĂůůĚĂƚĂĨŽƌƚŚĞĂƉƉƌŽƉƌŝĂƚĞĚĞƐŝŐŶƐƚŽƌŵƌŽƵƚŝŶŐͿƚŽƐŝŵƵůĂƚĞƚŚĞĞdžŝƐƚŝŶŐ ĐŽŶĚŝƚŝŽŶƐ͘  ŚLJĚƌĂƵůŝĐƐĞǀĂůƵĂƚŝŽŶǁŝůůďĞĐŽŵƉůĞƚĞĚƚŽĚĞǀĞůŽƉĂƉƌŽƉŽƐĞĚĚƌĂŝŶĂŐĞƐLJƐƚĞŵŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ ƐƚĂƚĞĂŝĚƐƚĂŶĚĂƌĚƐ͘  ǣ̳”‘’‘•ƒŽ•̳‘ Š‡•–‡”̳‹‘Žƒƒ†ƒ••‹†›‘—†ƒ„‘—–Ͳͻͳ͹ʹͳ̳‘ Š‡•–‡”Ǧ‹‘Žƒƒ†ƒ••‹†›‘—†ƒ„‘—–”‘’‘•ƒŽǦ‡˜‹•‡†ͳͲͲ͹ʹͲʹͳǤ†‘ š 3DFNHW3J )D Dƌ͘ƌĞƚƚ:ĞŶŬŝŶƐŽŶʹsŝŽůĂZŽĂĚEĂŶĚĂƐƐŝĚLJƌŝǀĞE/ŶƚĞƌƐĞĐƚŝŽŶ/ŵƉƌŽǀĞŵĞŶƚƐ KĐƚŽďĞƌϴ͕ϮϬϮϭ 3DJH   ϱ͘ϲƌĂŝŶĂŐĞZĞƉŽƌƚ ŽůƚŽŶΘDĞŶŬǁŝůůƐƵŵŵĂƌŝnjĞƚŚĞƐƚƵĚLJƉƌŽĐĞƐƐĂŶĚƌĞƐƵůƚƐŝŶĂĚƌĂŝŶĂŐĞƌĞƉŽƌƚƐƵŝƚĂďůĞĨŽƌƐƵďŵŝƚƚĂů ƚŽDŶKdƐƚĂƚĞĂŝĚĨŽƌĂƉƉƌŽǀĂů͘  dĂƐŬϱĞůŝǀĞƌĂďůĞƐ͗ WƌĞůŝŵŝŶĂƌLJůĂLJŽƵƚ͕ƚLJƉŝĐĂůƐĞĐƚŝŽŶƐ͕ĞǀĂůƵĂƚŝŽŶŵĂƚƌŝdž͕ĐŽƐƚĞƐƚŝŵĂƚĞƐ͕ƵƚŝůŝƚLJ ĐŽŽƌĚŝŶĂƚŝŽŶĂŶĚŵĞĞƚŝŶŐĨĂĐŝůŝƚĂƚŝŽŶ͕ĚƌĂĨƚĂŶĚĨŝŶĂůĚƌĂŝŶĂŐĞƌĞƉŽƌƚ  dĂƐŬϲ͗ŶǀŝƌŽŶŵĞŶƚĂůŽĐƵŵĞŶƚĂƚŝŽŶĂŶĚWĞƌŵŝƚƐ  ϲ͘ϭŶǀŝƌŽŶŵĞŶƚĂů^ĐƌĞĞŶŝŶŐ ŽůƚŽŶΘDĞŶŬǁŝůůĐŽŶĚƵĐƚĂŚŝŐŚͲůĞǀĞůƐĐƌĞĞŶŝŶŐĂŶĂůLJƐŝƐƚŽŝĚĞŶƚŝĨLJƉŽƚĞŶƚŝĂůĐƵůƚƵƌĂů͕ĞŶǀŝƌŽŶŵĞŶƚĂů͕ ĂŶĚƐŽĐŝĂůŝŵƉĂĐƚƐƚŚĂƚǁŝůůďĞƵƐĞĚƚŽĂŝĚŝŶƚŚĞƐĐƌĞĞŶŝŶŐŽĨĂůƚĞƌŶĂƚŝǀĞƐ͘ ϲ͘ϮWĞƌŵŝƚƐ tĞǁŝůůƉƌĞƉĂƌĞĂŶĚĐŽŽƌĚŝŶĂƚĞĂůůŶĞĐĞƐƐĂƌLJƉĞƌŵŝƚƐĨŽƌƚŚĞƉƌŽũĞĐƚ͘  dĂƐŬϲĞůŝǀĞƌĂďůĞƐ͗ ŶǀŝƌŽŶŵĞŶƚĂůƐĐƌĞĞŶŝŶŐ͕ƉĞƌŵŝƚĂƉƉůŝĐĂƚŝŽŶƐ  dĂƐŬϳ͗&ŝŶĂůĞƐŝŐŶ͕ŽŶƐƚƌƵĐƚŝŽŶŽĐƵŵĞŶƚWƌĞƉĂƌĂƚŝŽŶ͕ĂŶĚŝĚĚŝŶŐ  KƵƌƚĞĂŵǁŝůůĐŽŵƉůĞƚĞƚŚĞĚĞƚĂŝůĞĚĚĞƐŝŐŶŽĨƚŚĞƉƌŽƉŽƐĞĚŝŵƉƌŽǀĞŵĞŶƚƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞůĂƚĞƐƚ DŶKdĚĞƐŝŐŶƌĞƋƵŝƌĞŵĞŶƚƐ͕ĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂůůƐƚĂƚĞůĂǁƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘  ϳ͘ϭWůĂŶ^ŚĞĞƚƐ ŽŵƉƌĞŚĞŶƐŝǀĞ͕ĚĞƚĂŝůĞĚĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶƐƚŚĂƚĂƌĞůĞŐŝďůĞĂŶĚĐŽŶƐƚƌƵĐƚŝďůĞǁŝůůďĞƉƌŽĚƵĐĞĚŝŶ ƵƚŽŝǀŝůϯƵƐŝŶŐƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ͛ƐƚĞŵƉůĂƚĞ͘ŽŶƐƚƌƵĐƚŝŽŶƉůĂŶĚĞƚĂŝůƐǁŝůůĐŽŵƉůLJǁŝƚŚƐƚĂƚĞ ĂŝĚƌĞƋƵŝƌĞŵĞŶƚƐ͘dŚŝƐƚĂƐŬŝŶĐůƵĚĞƐƉƌĞƉĂƌĂƚŝŽŶŽĨĂƉƉůŝĐĂďůĞƉůĂŶƐĞĐƚŝŽŶƐƐƵĐŚĂƐ  dŝƚůĞ^ŚĞĞƚ  'ĞŶĞƌĂů>ĂLJŽƵƚ  ^ƚĂƚĞŵĞŶƚŽĨƐƚŝŵĂƚĞĚYƵĂŶƚŝƚŝĞƐ  dĂďƵůĂƚŝŽŶƐ  dLJƉŝĐĂů^ĞĐƚŝŽŶƐͬŽŶƐƚƌƵĐƚŝŽŶĞƚĂŝůƐ  džŝƐƚŝŶŐŽŶĚŝƚŝŽŶƐĂŶĚhƚŝůŝƚŝĞƐWůĂŶƐ  ZĞŵŽǀĂůWůĂŶƐ  ŽŶƐƚƌƵĐƚŝŽŶĂŶĚ'ƌĂĚŝŶŐWůĂŶƐ  ŽŶĐƌĞƚĞWĂǀĞŵĞŶƚ:ŽŝŶƚŝŶŐWůĂŶ  hƚŝůŝƚLJĂŶĚ^ƚŽƌŵ^ĞǁĞƌWůĂŶƐ  ZZ&WůĂŶƐ  dƵƌĨƐƚĂďůŝƐŚŵĞŶƚĂŶĚƌŽƐŝŽŶŽŶƚƌŽůWůĂŶƐ  ^ŝŐŶŝŶŐĂŶĚ^ƚƌŝƉŝŶŐWůĂŶƐ  ƌĂŝŶĂŐĞWůĂŶƐ  >ŝŐŚƚŝŶŐWůĂŶƐ  dĞŵƉŽƌĂƌLJdƌĂĨĨŝĐŽŶƚƌŽůĂŶĚĞƚŽƵƌWůĂŶƐ  ϳ͘ϮWƌŽũĞĐƚ^ƉĞĐŝĨŝĐĂƚŝŽŶƐ KƵƌƚĞĂŵǁŝůůƉƌĞƉĂƌĞƐƉĞĐŝĂůƉƌŽǀŝƐŝŽŶƐŝŶD^tŽƌĚĂŶĚW&ĨŽƌŵĂƚƚŽƐƵďŵŝƚǁŝƚŚƚŚĞĨŝŶĂů ĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶ͘  ǣ̳”‘’‘•ƒŽ•̳‘ Š‡•–‡”̳‹‘Žƒƒ†ƒ••‹†›‘—†ƒ„‘—–Ͳͻͳ͹ʹͳ̳‘ Š‡•–‡”Ǧ‹‘Žƒƒ†ƒ••‹†›‘—†ƒ„‘—–”‘’‘•ƒŽǦ‡˜‹•‡†ͳͲͲ͹ʹͲʹͳǤ†‘ š 3DFNHW3J )D Dƌ͘ƌĞƚƚ:ĞŶŬŝŶƐŽŶʹsŝŽůĂZŽĂĚEĂŶĚĂƐƐŝĚLJƌŝǀĞE/ŶƚĞƌƐĞĐƚŝŽŶ/ŵƉƌŽǀĞŵĞŶƚƐ KĐƚŽďĞƌϴ͕ϮϬϮϭ 3DJH ŽůƚŽŶΘDĞŶŬǁŝůůƉƌĞƉĂƌĞƐƵƌǀĞLJƐŬĞƚĐŚĞƐĂŶĚĚĞƐĐƌŝƉƚŝŽŶƐĂŶĚǁŝůůĂƐƐŝƐƚƚŚĞŝƚLJŝŶŶĞŐŽƚŝĂƚŝŽŶƐǁŝƚŚ 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