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October 4, 2021 Agenda Packet
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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,&/(ĚŝŶƚŚŝƐ 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,&/(ĞĐƚŝŽŶƐ $ 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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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 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&ŽůůŽǁŝŶŐŽƵƌƌĞƐƉŽŶƐĞ͕LJŽƵǁŝůůŚĂǀĞϯϬďƵƐŝŶĞƐƐĚĂLJƐƚŽĞŝƚŚĞƌĂƌƌĂŶŐĞƚŽƐĞĞ ƚŚĞĚĂƚĂŽƌƉĂLJĨŽƌĐŽƉŝĞƐ͘/ĨLJŽƵĚŽŶŽƚƌĞƐƉŽŶĚǁŝƚŚŝŶϯϬĚĂLJƐ͕ǁĞǁŝůůĐůŽƐĞ LJŽƵƌƌĞƋƵĞƐƚ͘ tŚĞŶǁĞŚĂǀĞƚŚĞĚĂƚĂĂŶĚŝƚŝƐƉƵďůŝĐ͕LJŽƵĐĂŶĞŝƚŚĞƌĂƌƌĂŶŐĞĂĚĂƚĞĂŶĚƚŝŵĞƚŽǀŝĞǁƚŚĞĚĂƚĂ ĂƚŽƵƌŝƚLJůĞƌŬ͛ƐŽĨĨŝĐĞ͕ŽƌƌĞƋƵĞƐƚƉŚLJƐŝĐĂůŽƌĞůĞĐƚƌŽŶŝĐĐŽƉŝĞƐŽĨƚŚĞĚĂƚĂ͘ zŽƵŵĂLJƉŝĐŬƵƉLJŽƵƌĐŽƉŝĞƐĨƌŽŵƚŚĞůĞƌŬ͛ƐKĨĨŝĐĞ͘tĞĐĂŶĂůƐŽŵĂŝůƚŚĞŵƚŽLJŽƵ͕ŽƌǁĞĐĂŶ ƵƉůŽĂĚĐŽƉŝĞƐŝŶƚŽƚŚĞWƵďůŝĐZĞĐŽƌĚƐĞŶƚĞƌĨŽƌLJŽƵƚŽĂĐĐĞƐƐ͘tĞĐĂŶƉƌŽǀŝĚĞĞůĞĐƚƌŽŶŝĐĐŽƉŝĞƐ ;ƐƵĐŚĂƐĞŵĂŝůŽƌͲZKDͿƵƉŽŶƌĞƋƵĞƐƚ͕ŝĨǁĞďŽƚŚŬĞĞƉƚŚĞĚĂƚĂŝŶƚŚĂƚĨŽƌŵĂƚĂŶĚĐĂŶ ƌĞĂƐŽŶĂďůLJŵĂŬĞĂĐŽƉLJ͘ZĞƐƉŽŶƐĞƚŝŵĞŵĂLJďĞŝŵƉĂĐƚĞĚďLJďŽƚŚƚŚĞƐŝnjĞŽƌĐŽŵƉůĞdžŝƚLJŽĨLJŽƵƌ ƌĞƋƵĞƐƚĂŶĚƚŚĞŶƵŵďĞƌŽĨƌĞƋƵĞƐƚƐLJŽƵŵĂŬĞ͘ 3DFNHW3J )D ,ŽǁƚŽƐŬYƵĞƐƚŝŽŶƐĂďŽƵƚZĞĐŽƌĚƐ /ĨLJŽƵĚŽŶŽƚƵŶĚĞƌƐƚĂŶĚƐŽŵĞŽĨƚŚĞĚĂƚĂ;ƚĞĐŚŶŝĐĂůƚĞƌŵŝŶŽůŽŐLJ͕ĂďďƌĞǀŝĂƚŝŽŶƐ͕ŽƌĂĐƌŽŶLJŵƐͿ͕ ƉůĞĂƐĞƚĞůůƚŚĞŝƚLJĞŵƉůŽLJĞĞǁŚŽŐĂǀĞLJŽƵƚŚĞĚĂƚĂ͘tĞǁŝůůŐŝǀĞLJŽƵĂŶĞdžƉůĂŶĂƚŝŽŶŝĨLJŽƵĂƐŬ͘ tĞĂƌĞĂůƐŽŶŽƚƌĞƋƵŝƌĞĚƚŽƌĞƐƉŽŶĚƚŽƋƵĞƐƚŝŽŶƐƚŚĂƚĂƌĞŶŽƚĂďŽƵƚLJŽƵƌĚĂƚĂƌĞƋƵĞƐƚƐ͕Žƌ ĂďŽƵƚƌĞƋƵĞƐƚƐĨŽƌŐŽǀĞƌŶŵĞŶƚĚĂƚĂ͘ ZĞƋƵĞƐƚƐĨŽƌ^ƵŵŵĂƌLJĂƚĂ ^ƵŵŵĂƌLJĚĂƚĂĂƌĞƐƚĂƚŝƐƚŝĐĂůƌĞĐŽƌĚƐŽƌƌĞƉŽƌƚƐĐƌĞĂƚĞĚďLJƌĞŵŽǀŝŶŐŝĚĞŶƚŝĨLJŝŶŐŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚ ŝŶĚŝǀŝĚƵĂůƐĨƌŽŵĞŶƚŝƌĞůLJƉƌŝǀĂƚĞŽƌĐŽŶĨŝĚĞŶƚŝĂůĚĂƚĂ͘ [[483,1210,571,1267][12][,I,][Arial]]:H [[572,1210,1135,1267][12][,I,][Arial]]ZLOOFRQVLGHUUHTXHVWVIRU [[1137,1210,2079,1267][12][,I,][Arial]]VXPPDU\GDWDLI\RXPDNH\RXUUHTXHVWLQ [[558,1272,812,1329][12][,I,][Arial]]ZULWLQJDQG [[814,1272,1010,1329][12][,I,][Arial]]DJUHHWR [[1012,1272,1082,1329][12][,I,][Arial]]SUH [[1084,1272,1101,1329][12][,I,][Arial]] [[1100,1272,1183,1329][12][,I,][Arial]]SD\ [[1178,1272,1277,1329][12][,I,][Arial]]SD\ [[1276,1272,1289,1329][12][,I,][Arial]] [[1290,1272,1991,1329][12][,I,][Arial]]IRUWKHFRVWRIFUHDWLQJWKHGD WD [[1992,1272,2005,1329][12][,I,][Arial]] WƵďůŝĐZĞĐŽƌĚƐĞŶƚĞƌ zŽƵŵĂLJƵƐĞƚŚĞƚŽƌĞƋƵĞƐƚƐƵŵŵĂƌLJĚĂƚĂ͘tĞǁŝůůƌĞƐƉŽŶĚƚŽLJŽƵƌƌĞƋƵĞƐƚ ǁŝƚŚŝŶƚĞŶďƵƐŝŶĞƐƐĚĂLJƐǁŝƚŚƚŚĞĚĂƚĂŽƌĚĞƚĂŝůƐŽĨǁŚĞŶƚŚĞĚĂƚĂǁŝůůďĞƌĞĂĚLJĂŶĚŚŽǁŵƵĐŚǁĞǁŝůů ĐŚĂƌŐĞLJŽƵĨŽƌĐƌĞĂƚŝŶŐƚŚĞĚĂƚĂ͘ 'DWD3UDFWLFHV&RQWDFWV 5HVSRQVLEOH$XWKRULW\ <ĞůůLJ<͘'ĞŝƐƚůĞƌ ŝƚLJůĞƌŬ ϮϬϭϰƚŚ^ƚƌĞĞƚ^ ZŽŽŵϭϯϱ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰ ϱϬϳͲϯϮϴͲϮϵϬϬ ZĞĐŽƌĚƐΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ 'DWD3UDFWLFHV&RPSOLDQFH2IILFLDO DŝĐŚĂĞů^ƉŝŶĚůĞƌͲ<ƌĂŐĞ /ŶƚĞƌŝŵŝƚLJƚƚŽƌŶĞLJ ϮϬϭϰƚŚ^ƚƌĞĞƚ^ ZŽŽŵϮϰϳ ZŽĐŚĞƐƚĞƌ͕DŶϱϱϵϬϰ WŚŽŶĞ͗ϱϬϳͲϯϮϴͲϮϭϬϬ ŝƚLJƚƚŽƌŶĞLJŽŶƚĂĐƚ>ŝƐƚ 3DFNHW3J )D 'DWD3UDFWLFHV&LW\5HFRUGV0DQDJHU :ĞŶŶŝĨĞƌ<ĞůůŽŐŐ ŝƚLJZĞĐŽƌĚƐDĂŶĂŐĞƌ ϮϬϭϰƚŚ^ƚƌĞĞƚ^ ZŽŽŵϭϯϱ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰͲϯϳϰϮ WŚŽŶĞ͗ϱϬϳͲϯϮϴͲϮϵϬϵ :ŬĞůůŽŐŐΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ 'HSDUWPHQW'DWD3UDFWLFHV'HVLJQHHV ĞƉĂƌƚŵĞŶƚZĞƐƉŽŶƐŝďůĞƵƚŚŽƌŝƚLJĞƐŝŐŶĞĞ ĚŵŝŶŝƐƚƌĂƚŝŽŶΎ<ĞůůLJ<͘'ĞŝƐƚůĞƌΎĂƌŽŶWĂƌƌŝƐŚ ŝƚLJůĞƌŬΎ<ĞůůLJ<͘'ĞŝƐƚůĞƌ:ĞŶŶŝĨĞƌ<ĞůůŽŐŐ ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚΎ<ĞůůLJ<͘'ĞŝƐƚůĞƌ>ĞƐůŝĞƵƌŚŵĂŶ &ŝŶĂŶĐĞΎ<ĞůůLJ<͘'ĞŝƐƚůĞƌ:ĞŶŶŝĨĞƌ<ĞůůŽŐŐ ,ƵŵĂŶZĞƐŽƵƌĐĞƐΎ<ĞůůLJ<͘'ĞŝƐƚůĞƌΎ>ŝŶĚĂ,ŝůůĞŶďƌĂŶĚ DĂLJŽŝǀŝĐĞŶƚĞƌΎ<ĞůůLJ<͘'ĞŝƐƚůĞƌΎ:ŽĞtĂƌĚ DĂLJŽƌ͛ƐKĨĨŝĐĞΎ<ĞůůLJ<͘'ĞŝƐƚůĞƌDŝĐŚŽŶZŽŐĞƌƐ WƵďůŝĐtŽƌŬƐΎ<ĞůůLJ<͘'ĞŝƐƚůĞƌ:ĞŶŶŝĨĞƌ<ĞůůŽŐŐ ZŽĐŚĞƐƚĞƌWƵďůŝĐ>ŝďƌĂƌLJΎ<ĞůůLJ<͘'ĞŝƐƚůĞƌWƵƌŶĂ'ƵƌƵŶŐ ZŽĐŚĞƐƚĞƌWŽůŝĐĞΎ<ĞůůLJ<͘'ĞŝƐƚůĞƌdĂŵŵLJ,ĞůŐĞƐŽŶ ĞƉĂƌƚŵĞŶƚ ZŽĐŚĞƐƚĞƌ&ŝƌĞĞƉĂƌƚŵĞŶƚΎ<ĞůůLJ<͘'ĞŝƐƚůĞƌ:ƵůŝĞ>ĂĚĂŐĞ ZŽĐŚĞƐƚĞƌŝƌƉŽƌƚŽŵƉĂŶLJΎ<ĞůůLJ<͘'ĞŝƐƚůĞƌĚĂŵ,Žůnj ZŽĐŚĞƐƚĞƌWĂƌŬƐΎ<ĞůůLJ<͘'ĞŝƐƚůĞƌDŝŬĞEŝŐďƵƌ ZŽĐŚĞƐƚĞƌŝǀŝĐDƵƐŝĐΎ<ĞůůLJ<͘'ĞŝƐƚůĞƌDĂƌLJ&ƵŚƌŵĞŝƐƚĞƌ ZŽĐŚĞƐƚĞƌWƵďůŝĐhƚŝůŝƚŝĞƐΎ<ĞůůLJ<͘'ĞŝƐƚůĞƌΎ^ƚĞǀĞŶELJŚƵƐ tĂƚĞƌZĞĐůĂŵĂƚŝŽŶWůĂŶƚΎ<ĞůůLJ<͘'ĞŝƐƚůĞƌŽƌĞLJũŽƌŶďĞƌŐ ΎŶĂŵĞŝŶŝƚĂůŝĐƐĂŶĚďŽůĚĚĞƐŝŐŶĂƚĞƐĂĚĞƉĂƌƚŵĞŶƚŚĞĂĚ͘ 3DFNHW3J )D &RS\&RVWV±:KHQ<RX5HTXHVW3XEOLF'DWD DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ͕ƐĞĐƚŝŽŶϭϯ͘Ϭϯ͕ƐƵďĚŝǀŝƐŝŽŶϯ;ĐͿĂůůŽǁƐƵƐƚŽĐŚĂƌŐĞĨŽƌĐŽƉŝĞƐ͘ /ĨƉŽƐƐŝďůĞ͕ĂŶĚƵƉŽŶƌĞƋƵĞƐƚ͕ǁĞǁŝůůƉƌŽǀŝĚĞLJŽƵǁŝƚŚĂŶĞƐƚŝŵĂƚŝŽŶŽĨƚŚĞ ƚŽƚĂůĐŽƐƚŽĨƐƵƉƉůLJŝŶŐĐŽƉŝĞƐ͘ &ĞĞƐƚŽƚĂůŝŶŐΨϱϬ͘ϬϬŽƌŵŽƌĞƐŚĂůůďĞĐŽůůĞĐƚĞĚďĞĨŽƌĞƌĞůĞĂƐŝŶŐĐŽƉŝĞƐ͕ƵŶůĞƐƐ ƉƌŝŽƌĂƌƌĂŶŐĞŵĞŶƚƐŚĂǀĞďĞĞŶŵĂĚĞ͘ ŝƚLJŽĨZŽĐŚĞƐƚĞƌ^ĐŚĞĚƵůĞŽĨ&ĞĞƐĂŶĚŚĂƌŐĞƐ /ƚŝƐƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ͛ƐƉŽůŝĐLJƚŽĐŚĂƌŐĞĨŽƌĐŽƉŝĞƐ͘dŚĞŝƚLJĚŽĞƐŶŽƚǁĂŝǀĞĨĞĞƐĨŽƌŵĞĚŝĂ ƌĞƋƵĞƐƚƐ͘EŽĨĞĞƐŚĂůůďĞĐŚĂƌŐĞĚƚŽŝŶƐƉĞĐƚĚĂƚĂĂƚƚŚĞZŽĐŚĞƐƚĞƌŝƚLJ,ĂůůZĞĐŽƌĚƐ/ŶƐƉĞĐƚŝŽŶ ZŽŽŵ͘ ŽƉŝĞƐŽƌdƌĂŶƐŵŝƐƐŝŽŶŽĨ ůĞĐƚƌŽŶŝĐZĞĐŽƌĚƐсĐƚƵĂůŽƐƚ ŽƉŝĞƐŽƌdƌĂŶƐŵŝƐƐŝŽŶŽĨWĂƉĞƌZĞĐŽƌĚƐƵƉƚŽϭϬϬƉĂŐĞƐсΨϬ͘ϮϱƉĞƌƉĂŐĞ ŽƉŝĞƐŽƌdƌĂŶƐŵŝƐƐŝŽŶŽĨWĂƉĞƌZĞĐŽƌĚƐŽǀĞƌϭϬϬƉĂŐĞƐсĐƚƵĂůŽƐƚ dŚĞD'W;DŝŶŶ͘^ƚĂƚ͘Αϭϯ͘Ϭϯ͕ƐƵďĚ͘ϯ͕ƌĞĨĞƌĞŶĐŝŶŐŵĞŵďĞƌƐŽĨƚŚĞƉƵďůŝĐͿĂůůŽǁƐƚŚĞŝƚLJƚŽ ĐŚĂƌŐĞĂĐƚƵĂůĐŽƐƚƐĨŽƌƌĞƐĞĂƌĐŚŝŶŐĂŶĚĐŽŵƉŝůŝŶŐŐŽǀĞƌŶŵĞŶƚĚĂƚĂ͘,ŽǁĞǀĞƌ͕ƚŚĞƉƌŽĐĞƐƐŽĨ ƐĞƉĂƌĂƚŝŶŐƉƵďůŝĐĨƌŽŵŶŽƚƉƵďůŝĐĚĂƚĂŝƐŶĞǀĞƌĐŚĂƌŐĞĚ͘&ĞĞƐƐŚĂůůďĞƌĞĂƐŽŶĂďůĞĂŶĚƌĞĨůĞĐƚ ŽŶůLJƚŚĞĂĐƚƵĂůĐŽƐƚŽĨŐĂƚŚĞƌŝŶŐ͕ĚƵƉůŝĐĂƚŝŶŐ͕ĂŶĚƐĞŶĚŝŶŐŽƌƚƌĂŶƐŵŝƚƚŝŶŐƚŚĞĚĂƚĂ͘ĐƚƵĂůĐŽƐƚƐ ƐŚĂůůďĞĐĂůĐƵůĂƚĞĚďĂƐĞĚŽŶƚŚĞĐƵƌƌĞŶƚŚŽƵƌůLJǁĂŐĞŽĨƚŚĞůŽǁĞƐƚͲƉĂŝĚĞŵƉůŽLJĞĞǁŚŽĐŽƵůĚ ĐŽŵƉůĞƚĞƚŚĞƚĂƐŬ͘ DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ͕ƐĞĐƚŝŽŶƐϭϯ͘ϬϮϱĂŶĚϭϯ͘ϬϯƌĞƋƵŝƌĞƚŚŝƐƉŽůŝĐLJ͘ 3DFNHW3J )D EŽƚŝĐĞŽĨĚŽƉƚŝŽŶŽĨDŽĚĞůWŽůŝĐŝĞƐ DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ͕ƐĞĐƚŝŽŶϭϯ͘ϬϮϱ͕ƐƵďĚŝǀŝƐŝŽŶƐϮĂŶĚϯ͕ƌĞƋƵŝƌĞŐŽǀĞƌŶŵĞŶƚĞŶƚŝƚŝĞƐƚŽ ƉƌĞƉĂƌĞǁƌŝƚƚĞŶƉŽůŝĐŝĞƐƚŚĂƚƌĞůĂƚĞƚŽƉƵďůŝĐĂĐĐĞƐƐƚŽŐŽǀĞƌŶŵĞŶƚĚĂƚĂ͕ĂŶĚƌŝŐŚƚƐŽĨƐƵďũĞĐƚƐ ŽĨĚĂƚĂĂŶĚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ͕ƐĞĐƚŝŽŶϭϯ͘Ϭϯ͕ƐƵďĚŝǀŝƐŝŽŶϮ͕ƌĞƋƵŝƌĞƐĞŶƚŝƚŝĞƐƚŽĞƐƚĂďůŝƐŚ ƉƌŽĐĞĚƵƌĞƐƐŽƚŚĂƚĚĂƚĂƌĞƋƵĞƐƚƐĂƌĞĐŽŵƉůŝĞĚǁŝƚŚĂƉƉƌŽƉƌŝĂƚĞůLJĂŶĚƉƌŽŵƉƚůLJ͘ DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ͕ƐĞĐƚŝŽŶϭϯ͘Ϭϳϯ͕ƐƵďĚ͘ϲ͕ƌĞƋƵŝƌĞƐƚŚĞŽŵŵŝƐƐŝŽŶĞƌŽĨĚŵŝŶŝƐƚƌĂƚŝŽŶƚŽ ƉƌĞƉĂƌĞŵŽĚĞůƉŽůŝĐŝĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐƚŽŚĞůƉŐŽǀĞƌŶŵĞŶƚĞŶƚŝƚŝĞƐĐŽŵƉůLJǁŝƚŚƚŚŽƐĞ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ ŶƚŝƚŝĞƐƚŚĂƚĐŚŽŽƐĞƚŽĂĚŽƉƚƚŚĞŽŵŵŝƐƐŝŽŶĞƌ͛ƐŵŽĚĞůƉŽůŝĐŝĞƐŵƵƐƚŶŽƚŝĨLJƚŚĞ ŽŵŵŝƐƐŝŽŶĞƌ͘WůĞĂƐĞƵƐĞƚŚĞĨŽůůŽǁŝŶŐƐƚĂƚĞŵĞŶƚƚŽŶŽƚŝĨLJƚŚĞŽŵŵŝƐƐŝŽŶĞƌŝĨLJŽƵĐŚŽŽƐĞƚŽ ĂĚŽƉƚƚŚĞŵŽĚĞůƉŽůŝĐŝĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐ͘Ύ EŽƚŝĐĞƚŽŽŵŵŝƐƐŝŽŶĞƌŽĨĚŵŝŶŝƐƚƌĂƚŝŽŶ͗ĚŽƉƚŝŽŶŽĨDŽĚĞůWŽůŝĐŝĞƐ dŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ͕DEŚĂƐĂĚŽƉƚĞĚƚŚĞŽŵŵŝƐƐŝŽŶĞƌ͛ƐDŽĚĞůWŽůŝĐLJĨŽƌƚŚĞWƵďůŝĐĂŶĚ DŽĚĞůWŽůŝĐLJĨŽƌĂƚĂ^ƵďũĞĐƚƐ͘dŚŝƐŶŽƚŝĐĞƚŽƚŚĞŽŵŵŝƐƐŝŽŶĞƌƐĂƚŝƐĨŝĞƐƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ͛Ɛ ŽďůŝŐĂƚŝŽŶƵŶĚĞƌDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ͕ƐĞĐƚŝŽŶϭϯ͘Ϭϳϯ͕ƐƵďĚŝǀŝƐŝŽŶϲ͘ .HOO\.*HLVWOHU-'0&0& &LW\&OHUN 2FWREHU Ύ'ŽǀĞƌŶŵĞŶƚĞŶƚŝƚŝĞƐŵĂLJƐƵďŵŝƚƚŚŝƐŶŽƚŝĨŝĐĂƚŝŽŶďLJŵĂŝůŽƌĞŵĂŝů͗ ŽŵŵŝƐƐŝŽŶĞƌŽĨĚŵŝŶŝƐƚƌĂƚŝŽŶ ĐͬŽĂƚĂWƌĂĐƚŝĐĞƐKĨĨŝĐĞ ϲϱϴĞĚĂƌ^ƚƌĞĞƚ ^ƵŝƚĞϯϮϬ ^ƚ͘WĂƵů͕DEϱϱϭϱϱ ŝŶĨŽ͘ĚƉŽΛƐƚĂƚĞ͘ŵŶ͘ƵƐ 3DFNHW3J )E ĂƚĂWƌĂĐƚŝĐĞƐWŽůŝĐLJ͗ ZĞƋƵĞƐƚŝŶŐĂƚĂďŽƵƚzŽƵĂŶĚzŽƵƌZŝŐŚƚƐĂƐ ĂĂƚĂ^ƵďũĞĐƚ ĚŽƉƚĞĚďLJŝƚLJŽƵŶĐŝů KĐƚŽďĞƌϰ͕ϮϬϮϭ <ĞůůLJ<͘'ĞŝƐƚůĞƌ ŝƚLJůĞƌŬ 3DFNHW3J )E :KDWLVD³'DWD6XEMHFW´" tŚĞŶŐŽǀĞƌŶŵĞŶƚŚĂƐŝŶĨŽƌŵĂƚŝŽŶƌĞĐŽƌĚĞĚŝŶĂŶLJĨŽƌŵ;ƉĂƉĞƌ͕ŚĂƌĚͲĚƌŝǀĞ͕ǀŽŝĐĞŵĂŝů͕ǀŝĚĞŽ͕ 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ĨŽƌƐƵďͲĚŝƐƚƌŝĐƚƉƵďůŝĐƌĞĂůŵ;^ŽůĚŝĞƌƐ&ŝĞůĚͿ ŽǁŶƚŽǁŶtĂƚĞƌĨƌŽŶƚ͗ĞǀĞůŽƉĐŽŵŵƵŶŝƚLJͲƐƵƉƉŽƌƚĞĚ ƉƵďůŝĐƌĞĂůŵĐŽŶĐĞƉƚ W>E/DW> D Edd/KE͗DZ< d/E'Eh^/E ^^ s >KWD Ed ϮϬϯϱ'ŽĂůWŚĂƐĞϮ;ϮϬϮϱͿ'ŽĂůϮϬϮϮKƵƚĐŽŵĞ dĂƌŐĞƚĞĚDĂƌŬĞƚŝŶŐ͗ŽŶƚŝŶƵĞŵĂƌŬĞƚŝŶŐƚŽƚĂƌŐĞƚĂƵĚŝĞŶĐĞƐ ŝŶĐůƵĚŝŶŐŝŐŝƚĂů,ĞĂůƚŚ͕ ŶƚƌĞƉƌĞŶĞƵƌƐĂŶĚZĞƚĂŝů͕ŝŶŝŶŐĂŶĚ DŽƌĞƚŚĂŶΨϭďŝůůŝŽŶŽĨ ƚƚƌĂĐƚŵŽƌĞƚŚĂŶ ŶƚĞƌƚĂŝŶŵĞŶƚ ŶĞǁƉƌŝǀĂƚĞ ΨϱďŝůůŝŽŶŝŶ >ĞĂĚ'ĞŶĞƌĂƚŝŽŶ͗'ĞŶĞƌĂƚĞĂŵŝŶŝŵƵŵŽĨϭϬϬďƵƐŝŶĞƐƐĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ƉƌŝǀĂƚĞŝŶǀĞƐƚŵĞŶƚ ĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚůĞĂĚƐƉĞƌƋƵĂƌƚĞƌ ƵŶĚĞƌǁĂLJ DĞĚŝĂŽǀĞƌĂŐĞ͗/ŶĐƌĞĂƐĞĞĂƌŶĞĚŵĞĚŝĂĐŽǀĞƌĂŐĞďLJϭϬйƵƐŝŶŐ ǀĂƌŝŽƵƐĐŽŵŵƵŶŝĐĂƚŝŽŶƚĂĐƚŝĐƐ ZĞƚĂŝů͕ŝŶŝŶŐ͕ ŶƚĞƌƚĂŝŶŵĞŶƚ;Z Ϳ͗/ŵƉůĞŵĞŶƚƌĞĐƌƵŝƚŵĞŶƚĂŶĚ ZĞƚĂŝůĚĞǀĞůŽƉŵĞŶƚƐ ZĞƚĂŝůƐƚƌĂƚĞŐLJ ƌĞƚĞŶƚŝŽŶƐƚƌĂƚĞŐLJ͕ǁŝƚŚĂĨŽĐƵƐŽŶŝŶŶŽǀĂƚŝǀĞĂƉƉƌŽĂĐŚĞƐƚŽ,ĞĂƌƚ ĂĐƚŝǀĞĂĐƌŽƐƐĂůůD ŝŵƉůĞŵĞŶƚĞĚŝŶ ŽĨƚŚĞŝƚLJĂŶĚŝƐĐŽǀĞƌLJ^ƋƵĂƌĞƚŚĂƚƐƵƉƉŽƌƚƌĞƐŝĚĞŶƚƐ͕ǀŝƐŝƚŽƌƐĂŶĚ ƐƵďĚŝƐƚƌŝĐƚƐ DĚŝƐƚƌŝĐƚ ǁŽƌŬĞƌƐ ŝƐĐŽǀĞƌLJ^ƋƵĂƌĞƵƐŝŶĞƐƐĞǀĞůŽƉŵĞŶƚ͗ĞǀĞůŽƉĂŶĚĞdžĞĐƵƚĞĂ ůĞĂĚͲŐĞŶĞƌĂƚŝŽŶƐƚƌĂƚĞŐLJƚŚĂƚĐŽŵƉůĞŵĞŶƚƐĞdžŝƐƚŝŶŐůĞĂĚĐŚĂŶŶĞůƐ ƌĞĂƚĞϯϱ͕ϬϬϬͲϰϱ͕ϬϬϬĞǀĞůŽƉϯϯϬ͕ϬϬϬ^& ŶĞǁũŽďƐ͕ŝŶĐůƵĚŝŶŐŽĨŝŽͲDĞĚͲdĞĐŚ ŝŽͲŵĞĚͲƚĞĐŚtŽƌŬĨŽƌĐĞĞǀĞůŽƉŵĞŶƚ͗^ƵƉƉŽƌƚƉĂƌƚŶĞƌͲůĞĚĞĨĨŽƌƚƐ ϯ͕ϮϯϬŝŶďŝŽͲŵĞĚͲƚĞĐŚƐƉĂĐĞ ƚŽĚĞƐŝŐŶŝŶŶŽǀĂƚŝǀĞĐůŝŶŝĐĂůƚƌĂŝŶŝŶŐ͕ĞĚƵĐĂƚŝŽŶĂŶĚǁŽƌŬĨŽƌĐĞ ĚĞǀĞůŽƉŵĞŶƚƐƉĂĐĞ 3DFNHW3J +F dZE^&KZDd/s WZ/sd s >KWD Ed WŚĂƐĞϮ;ϮϬϮϱͿ'ŽĂů ϮϬϯϱ'ŽĂů ϮϬϮϮKƵƚĐŽŵĞ ^ŚŽǁƋƵĂŶƚŝĨŝĂďůĞŝŵƉƌŽǀĞŵĞŶƚƐŝŶƚŚĞĂǀĂŝůĂďŝůŝƚLJŽĨ ŚŽƵƐŝŶŐŝŶDŝƐƚƌŝĐƚ͕ŝŶĐůƵƐŝǀĞŽĨŚŽƵƐŝŶŐƚLJƉĞĂŶĚ,ŽƵƐŝŶŐ͗ĚǀĂŶĐĞŽŶĞĚĞǀĞůŽƉŵĞŶƚŝŶƚŽĂƉƉƌŽǀĂůƉƌŽĐĞƐƐ ĂĨĨŽƌĚĂďŝůŝƚLJ ϰϰϵƵŶŝƚƐďĞƚǁĞĞŶϯϬйƚŽϭϱϬƵŶŝƚƐďĞƚǁĞĞŶϯϬͲ ϱϬйD/ϱϬйD/ ,ŽƵƐŝŶŐ͗ƵůƚŝǀĂƚĞƌĞůĂƚŝŽŶƐŚŝƉƐǁŝƚŚĨŝǀĞĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐ ĚĞǀĞůŽƉĞƌƐ ϲϯϬƵŶŝƚƐďĞƚǁĞĞŶϱϬйƚŽϮϭϬƵŶŝƚƐďĞƚǁĞĞŶϱϬͲ ϴϬйD/ϴϬйD/ ŝƐĐŽǀĞƌLJ^ƋƵĂƌĞ͗ŽŵƉůĞƚĞdǁŽŝƐĐŽǀĞƌLJ^ƋƵĂƌĞĐŽƌĞĂŶĚ ƐŚĞůů͖ĚĞǀĞůŽƉƐŚĂƌĞĚŵƵůƚŝƉůĞͲƉƵƌƉŽƐĞǁĞƚůĂďƐƉĂĐĞ ĞǀĞůŽƉϭ͘ϬϮD^&ŶĞǁŝŽͲĞǀĞůŽƉϯϯϬ͕ϬϬϬ^&ŽĨ DĞĚͲdĞĐŚƐƉĂĐĞŝŽͲDĞĚͲdĞĐŚƐƉĂĐĞ ŝƐĐŽǀĞƌLJ^ƋƵĂƌĞ͗ZĞĨƌĞƐŚŵĂƐƚĞƌƉůĂŶ͕ŝŶĐůƵĚŝŶŐŝĚĞŶƚŝĨŝĐĂƚŝŽŶ ŽĨŚŝŐŚͲƉŽƚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚŝŶŝƚŝĂƚŝǀĞƐ ƚƚƌĂĐƚŵŽƌĞƚŚĂŶΨϱ tĞƐƚdƌĂŶƐŝƚsŝůůĂŐĞ͗^ĞĐƵƌĞĚĞǀĞůŽƉŵĞŶƚƉĂƌƚŶĞƌĂŶĚ ďŝůůŝŽŶŝŶƉƌŝǀĂƚĞ ĞƐƚĂďůŝƐŚƐƚĂŬĞŚŽůĚĞƌͲƐƵƉƉŽƌƚĞĚǀŝƐŝŽŶ DŽƌĞƚŚĂŶΨϭďŝůůŝŽŶŽĨ ŝŶǀĞƐƚŵĞŶƚ 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ĞƉĂƌƚŵĞŶƚ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ/W;hϴϲϬϬͿ ŝǀŝƐŝŽŶ͗WƌŽũĞĐƚEƵŵďĞƌ͗ ϴϲϮϱ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ WƌŽũĞĐƚĂƚĞŐŽƌLJ͗ ϵ ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚLJ͗tĂƌĚ͗ E WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ dŚĞŚĞĂƌƚŽĨƚŚĞĚŽǁŶƚŽǁŶ͕ƚŚŝƐƐƵďͲĚŝƐƚƌŝĐƚĐƌĞĂƚĞƐĂƚƌƵĞĐĞŶƚĞƌŽĨƚŚĞĐŝƚLJ͕ĂĐƌŽƐƐͲƌŽĂĚƐǁŚĞƌĞDĂLJŽůŝŶŝĐ͕ĐŽŵŵĞƌĐŝĂů͕ŚŽƐƉŝƚĂůŝƚLJ͕ ƌĞƚĂŝůĂŶĚƌĞƐŝĚĞŶƚŝĂůŵĞĞƚ͘dŚĞ,ĞĂƌƚŽĨƚŚĞŝƚLJŝƐĐŽŶŶĞĐƚĞĚďLJĂƉƌŝŵĂƌLJƐƉŝŶĞǁŚŝĐŚĞdžƚĞŶĚƐĂŶĚĞŶŚĂŶĐĞƐƚŚĞWĞĂĐĞWůĂnjĂƚŽĐƌĞĂƚĞ ĂĐƚŝǀĞĞdžƉĞƌŝĞŶĐĞƐĂŶĚĞŶŐĂŐŝŶŐŐĂƚĞǁĂLJƐƚŽƚŚĞŽƚŚĞƌĚŝƐƚƌŝĐƚƐĚŽǁŶƚŽǁŶ͘dŚĞƉƌŽũĞĐƚďƵĚŐĞƚŝŶĐůƵĚĞĚŚĞƌĞŝƐŝŶƚĞŶĚĞĚĨŽƌƚŚĞ ĐŽŵƉůĞƚŝŽŶŽĨƉŚĂƐĞŽŶĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞƉƵďůŝĐƌĞĂůŵƉƌŽũĞĐƚůŽĐĂƚĞĚŝŶƚŚĞ,ĞĂƌƚŽĨƚŚĞŝƚLJƐƵďͲĚŝƐƚƌŝĐƚ͘ WƵƌƉŽƐĞ͕:ƵƐƚŝĨŝĐĂƚŝŽŶΘĞŶĞĨŝƚƐ͗ dŽĂĐŚŝĞǀĞƚŚĞǀŝƐŝŽŶĂŶĚŐŽĂůƐƐĞƚĨŽƌƚŚŝŶƚŚĞĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ;DͿĞǀĞůŽƉŵĞŶƚWůĂŶ͘ƐƚĂƚĞĚŽďũĞĐƚŝǀĞǁŝƚŚŝŶƚŚĞD ĞǀĞůŽƉŵĞŶƚWůĂŶŝƐƚŽĐŽŶƐƚƌƵĐƚĂƐŝŐŶĂƚƵƌĞƉƵďůŝĐƌĞĂůŵƐƉĂĐĞĨŽƌĞĂĐŚƐƵďͲĚŝƐƚƌŝĐƚ͘dŚŝƐďƵĚŐĞƚǁŝůůďĞƵƐĞĚƚŽĐŽŵƉůĞƚĞƚŚĞ ĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞĨŝƌƐƚƉŚĂƐĞŽĨƚŚŝƐƐƵďͲĚŝƐƚƌŝĐƚΖƐƐŝŐŶĂƚƵƌĞƉƵďůŝĐƌĞĂůŵƐƉĂĐĞ͘ EŽƚƉƉůŝĐĂďůĞ tŚĂƚŝƐƚŚĞŐƌĂŶƚƐƚĂƚƵƐĨŽƌƚŚĞƉƌŽũĞĐƚ͍͗ &ŽƵŶĚĂƚŝŽŶWƌŝŶĐŝƉůĞƐ^ƵƉƉŽƌƚĞĚ͗ &ŝƐĐĂůZĞƐƉŽŶƐŝďŝůŝƚLJΘ^ƵƐƚĂŝŶĂďŝůŝƚLJ͕^ŽĐŝĂů ƋƵŝƚLJ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚŝĞƐ^ƵƉƉŽƌƚĞĚ͗ ŶŚĂŶĐĞYƵĂůŝƚLJŽĨ>ŝĨĞ͕DĂŶĂŐĞ'ƌŽǁƚŚĂŶĚĞǀĞůŽƉŵĞŶƚ +H ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϲϮϬϮϳ ϮϬϮϯϮϬϮϰϮϬϮϱ ϮϬϮϮ Ϭ ^ƚĂƚĞD&ƵŶĚƐϲϬϬ͕ϬϬϬϬ ϬϲϬϬ͕ϬϬϬ ϬϬ Ϭ ϲϬϬ͕ϬϬϬϬϬ ϬϲϬϬ͕ϬϬϬ Ϭ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ DĂũŽƌ džƉĞŶƐĞĂƚĞŐŽƌLJ ϮϬϮϰ ϮϬϮϯϮϬϮϱϮϬϮϲϮϬϮϳ ϮϬϮϮ ŽŶƐƚƌƵĐƚŝŽŶ Ϭ Ϭ Ϭ ϲϬϬ͕ϬϬϬϬ ϬϲϬϬ͕ϬϬϬ ϲϬϬ͕ϬϬϬϬ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶZŽǁdŽƚĂů͗Ϭ ϲϬϬ͕ϬϬϬ Ϭ Ϭ Ϭ ĞƐĐƌŝďĞŚŽǁƚŚŝƐƉƌŽũĞĐƚŝŵƉůĞŵĞŶƚƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨƌŽŵŽƚŚĞƌƉůĂŶƐĂĚŽƉƚĞĚďLJƚŚĞŝƚLJĂŶĚƌĞůĂƚĞĚŐƌŽƵƉƐ͗ DƉƌŽũĞĐƚƐƐƵƉƉŽƌƚƚŚĞDĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚƚĂŬĞŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶŽƚŚĞƌŝƚLJƉůĂŶƐƐƵĐŚĂƐƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶ͕ďŝĐLJĐůĞ ŵĂƐƚĞƌƉůĂŶ͕ƉĂƌŬŵĂƐƚĞƌƉůĂŶ͕ĞƚĐ͘ KƉĞƌĂƚŝŽŶƐΘĂƉŝƚĂůƐƐĞƚDĂŝŶƚĞŶĂŶĐĞ͗ EĞǁ /ƐƚŚŝƐƌĞƋƵĞƐƚĨŽƌŶĞǁŽƌĞdžŝƐƚŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͗ ϱϬ tŚĂƚŝƐƚŚĞĞdžƉĞĐƚĞĚƵƐĞĨƵůůŝĨĞŽĨƚŚĞƉƌŽũĞĐƚͬŝŵƉƌŽǀĞŵĞŶƚ;ŝŶLJĞĂƌƐͿ͗ Ϭ tŚĂƚŝƐƚŚĞĞƐƚŝŵĂƚĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞ;ĞĐƌĞĂƐĞͿĨŽƌƚŚŝƐƉƌŽũĞĐƚ;ΨͿ͗ ĞƐĐƌŝďĞŚŽǁŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞƐͬĞĐƌĞĂƐĞƐĂŶĚŝŶĐůƵĚĞĚĞƚĂŝůƐƐƵĐŚĂƐƉĞƌƐŽŶŶĞůĐŽƐƚƐ͕ŵĂƚĞƌŝĂůƐ͕ĐŽŶƚƌĂĐƚƐ͕ĞŶĞƌŐLJƐĂǀŝŶŐƐ͕ĞƚĐ͗͘ dŚĞŝŶĐƌĞĂƐĞŝŶŽƉĞƌĂƚŝŶŐĐŽƐƚƐǁŝůůĚĞƉĞŶĚŽŶƚŚĞĨŝŶĂůĚĞƐŝŐŶĂŶĚĂŵĞŶŝƚŝĞƐŝŶƐƚĂůůĞĚ͘dŚĞĞƐƚŝŵĂƚĞƐĨŽƌƚŚĞƐĞĞůĞŵĞŶƚƐĂƌĞďĞŝŶŐ ĐŽŶƐŝĚĞƌĞĚĂƐƉĂƌƚŽĨƚŚĞƉƌŽũĞĐƚĚĞƐŝŐŶĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶ͘ /ĨŶĞǁŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĚŝƐĐƵƐƐŚŽǁƚŚĞĚĞƉĂƌƚŵĞŶƚǁŝůůƉĂLJĨŽƌƚŚĞŝŶĐƌĞĂƐĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͗ 3DFNHW3J +H Ϯϭϲ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWůĂŶ ϮϬϮϮ ŚĂƚĞĂƵdŚĞĂƚƌĞ/ŵƉƌŽǀĞŵĞŶƚƐ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ϴϲϬϬ /WƵƐŝŶĞƐƐhŶŝƚ͗ ĞƉĂƌƚŵĞŶƚ͗ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗WƌŽũĞĐƚEƵŵďĞƌ͗ ϴϲϭϯ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌͲŚĂƚĞĂƵdŚĞĂƚƌĞ >ŽĐĂƚŝŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ WƌŽũĞĐƚĂƚĞŐŽƌLJ͗ ϱ ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚLJ͗tĂƌĚ͗ E WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ ŚĂƚĞĂƵƌĞƐƚƌŽŽŵƌĞŶŽǀĂƚŝŽŶƐǁŝůůďĞĐŽŵƉůĞƚĞĚŝŶϮϬϮϮ͘DĂũŽƌƵƉŐƌĂĚĞƐƚŽƚŚĞ,sƐLJƐƚĞŵĂƌĞƉůĂŶŶĞĚĨŽƌϮϬϮϯ͘ WƵƌƉŽƐĞ͕:ƵƐƚŝĨŝĐĂƚŝŽŶΘĞŶĞĨŝƚƐ͗ dŚĞƌĞĂƌĞĂƐƉĞĐƚƐŽĨƚŚĞďƵŝůĚŝŶŐƚŚĂƚŶĞĞĚƌĞƉĂŝƌŽƌĞŶŚĂŶĐĞŵĞŶƚŝŶŽƌĚĞƌƚŽŵĂŝŶƚĂŝŶĂŶĚƵƚŝůŝnjĞƚŚĞĞdžŝƐƚŝŶŐĂƐƐĞƚ͘ EŽƚƉƉůŝĐĂďůĞ tŚĂƚŝƐƚŚĞŐƌĂŶƚƐƚĂƚƵƐĨŽƌƚŚĞƉƌŽũĞĐƚ͍͗ &ŽƵŶĚĂƚŝŽŶWƌŝŶĐŝƉůĞƐ^ƵƉƉŽƌƚĞĚ͗ &ŝƐĐĂůZĞƐƉŽŶƐŝďŝůŝƚLJΘ^ƵƐƚĂŝŶĂďŝůŝƚLJ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚŝĞƐ^ƵƉƉŽƌƚĞĚ͗ ĂůĂŶĐĞWƵďůŝĐ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ/ŶǀĞƐƚŵĞŶƚ 3DFNHW3J +H ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϲϮϬϮϳ ϮϬϮϯϮϬϮϰϮϬϮϱ ϮϬϮϮ ϭ͕ϬϬϬ͕ϬϬϬ ^ĂůĞƐdĂdžDϯϱϬ͕ϬϬϬϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬϭ͕ϳϱϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬϭϬϬ͕ϬϬϬ ϭ͕ϬϬϬ͕ϬϬϬ ϯϱϬ͕ϬϬϬϭϬϬ͕ϬϬϬϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬϭ͕ϳϱϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ DĂũŽƌ džƉĞŶƐĞĂƚĞŐŽƌLJ ϮϬϮϰ ϮϬϮϯϮϬϮϱϮϬϮϲϮϬϮϳ ϮϬϮϮ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ϭ͕ϬϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ϯϱϬ͕ϬϬϬϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬϭ͕ϳϱϬ͕ϬϬϬ ϯϱϬ͕ϬϬϬϭ͕ϬϬϬ͕ϬϬϬ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶZŽǁdŽƚĂů͗ϭϬϬ͕ϬϬϬ ϭ͕ϳϱϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ĞƐĐƌŝďĞŚŽǁƚŚŝƐƉƌŽũĞĐƚŝŵƉůĞŵĞŶƚƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨƌŽŵŽƚŚĞƌƉůĂŶƐĂĚŽƉƚĞĚďLJƚŚĞŝƚLJĂŶĚƌĞůĂƚĞĚŐƌŽƵƉƐ͗ Eͬ KƉĞƌĂƚŝŽŶƐΘĂƉŝƚĂůƐƐĞƚDĂŝŶƚĞŶĂŶĐĞ͗ džŝƐƚŝŶŐ /ƐƚŚŝƐƌĞƋƵĞƐƚĨŽƌŶĞǁŽƌĞdžŝƐƚŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͗ ϭ tŚĂƚŝƐƚŚĞĞdžƉĞĐƚĞĚƵƐĞĨƵůůŝĨĞŽĨƚŚĞƉƌŽũĞĐƚͬŝŵƉƌŽǀĞŵĞŶƚ;ŝŶLJĞĂƌƐͿ͗ Ϭ tŚĂƚŝƐƚŚĞĞƐƚŝŵĂƚĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞ;ĞĐƌĞĂƐĞͿĨŽƌƚŚŝƐƉƌŽũĞĐƚ;ΨͿ͗ ĞƐĐƌŝďĞŚŽǁŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞƐͬĞĐƌĞĂƐĞƐĂŶĚŝŶĐůƵĚĞĚĞƚĂŝůƐƐƵĐŚĂƐƉĞƌƐŽŶŶĞůĐŽƐƚƐ͕ŵĂƚĞƌŝĂůƐ͕ĐŽŶƚƌĂĐƚƐ͕ĞŶĞƌŐLJƐĂǀŝŶŐƐ͕ĞƚĐ͗͘ dŚĞƐĞŝŵƉƌŽǀĞŵĞŶƚƐůŝŬĞůLJŚĂǀĞŵŝŶŝŵĂůŝŵƉĂĐƚŽŶŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͘WŽƚĞŶƚŝĂůůLJƐŽŵĞŽĨƚŚĞŝŵƉƌŽǀĞŵĞŶƚƐŵĂLJŵĂƌŐŝŶĂůůLJĚĞĐƌĞĂƐĞ ŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͘ /ĨŶĞǁŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĚŝƐĐƵƐƐŚŽǁƚŚĞĚĞƉĂƌƚŵĞŶƚǁŝůůƉĂLJĨŽƌƚŚĞŝŶĐƌĞĂƐĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͗ +H Ϯϭϴ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWůĂŶ ϮϬϮϮ ŝƐĐŽǀĞƌLJtĂůŬ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ /WƵƐŝŶĞƐƐhŶŝƚ͗ ĞƉĂƌƚŵĞŶƚ͗ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗WƌŽũĞĐƚEƵŵďĞƌ͗ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ WƌŽũĞĐƚĂƚĞŐŽƌLJ͗ ϳ ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚLJ͗tĂƌĚ͗ E WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ ŝƐĐŽǀĞƌLJtĂůŬŝƐĂƚƌĂĚŝƚŝŽŶĂůƉƵďůŝĐƐƚƌĞĞƚŝŶƚŚĞĐĞŶƚĞƌŽĨĚŽǁŶƚŽǁŶZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂŶĞĂƌƚŚĞǁŽƌůĚͲƌĞŶŽǁŶĞĚDĂLJŽůŝŶŝĐ͘ džƚĞŶĚŝŶŐĨƌŽŵƚŚĞĐĞŶƚĞƌŽĨĚŽǁŶƚŽǁŶZŽĐŚĞƐƚĞƌƚŚƌŽƵŐŚŝƐĐŽǀĞƌLJ^ƋƵĂƌĞ͕ƐŽƵƚŚƚŽ^ŽůĚŝĞƌΖƐ&ŝĞůĚĂŶĚŽŶƚŽZŽĐŚĞƐƚĞƌΖƐŝƚLJ>ŽŽƉ͕ ƚŚŝƐƉƌŽũĞĐƚƌĞŝŵĂŐŝŶĞƐƚŚĞƐƚƌĞĞƚĂƐĂŐƌĞĞŶƉĂƌŬǁĂLJƐĞƌǀŝŶŐƉĞĚĞƐƚƌŝĂŶƐĂŶĚĐLJĐůŝƐƚƐĂůŝŬĞ͘dŚĞƵůƚŝŵĂƚĞŝŶƚĞŶƚŝƐĨŽƌƚŚŝƐƚŽƚƌĂŶƐĨŽƌŵ ŝŶƚŽĂƉůĂĐĞƚŽůƵŶĐŚŽƌǁŽƌŬŽƵƚƐŝĚĞŽǀĞƌĐŽĨĨĞĞ͕ĨŽƌĨĂŵŝůŝĞƐƚŽďƌŝŶŐĐŚŝůĚƌĞŶƚŽĨŽƵŶƚĂŝŶƐŝŶƚŚĞƐƵŵŵĞƌĂŶĚƐǁŝŶŐƐŝŶƚŚĞǁŝŶƚĞƌ͕ĂŶĚ ĨŽƌƌĞƐŝĚĞŶƚƐƚŽǁĂůŬƚŚĞŝƌĚŽŐƐĂŶĚĞŶŐĂŐĞǁŝƚŚŶĞŝŐŚďŽƌƐ͘ WƵƌƉŽƐĞ͕:ƵƐƚŝĨŝĐĂƚŝŽŶΘĞŶĞĨŝƚƐ͗ dŽĂĐŚŝĞǀĞƚŚĞǀŝƐŝŽŶĂŶĚŐŽĂůƐƐĞƚĨŽƌƚŚŝŶƚŚĞĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ;DͿĞǀĞůŽƉŵĞŶƚWůĂŶ͘dŚĞƉƌŽƉŽƐĞĚƐƚƌĞĞƚĚĞƐŝŐŶǁŝůů ĞůŝŵŝŶĂƚĞĐƵƌďƐĂůůŽǁŝŶŐĨŽƌŵĂdžŝŵƵŵĨůĞdžŝďŝůŝƚLJĂŶĚŵƵůƚŝƉůĞƵƐĞƐĚƵƌŝŶŐĞĂĐŚŽĨDŝŶŶĞƐŽƚĂ͛ƐĨŽƵƌĚŝƐƚŝŶĐƚƐĞĂƐŽŶƐ͘ĞƉĞŶĚŝŶŐŽŶƚŚĞ ĚĂLJ͕ƚŚĞƐƚƌĞĞƚĐŽƵůĚŚĂǀĞƚǁŽͲǁĂLJƚƌĂĨĨŝĐ͕ŽŶĞͲǁĂLJƚƌĂĨĨŝĐ͕ŽƌďĞĐůŽƐĞĚŽĨĨĨŽƌĂĨƵŶĂŶĚĞŶŐĂŐŝŶŐĐŽŵŵƵŶŝƚLJĞǀĞŶƚ͘ EŽƚƉƉůŝĐĂďůĞ tŚĂƚŝƐƚŚĞŐƌĂŶƚƐƚĂƚƵƐĨŽƌƚŚĞƉƌŽũĞĐƚ͍͗ &ŽƵŶĚĂƚŝŽŶWƌŝŶĐŝƉůĞƐ^ƵƉƉŽƌƚĞĚ͗ &ŝƐĐĂůZĞƐƉŽŶƐŝďŝůŝƚLJΘ^ƵƐƚĂŝŶĂďŝůŝƚLJ͕WƵďůŝĐ^ĂĨĞƚLJ͕^ŽĐŝĂů ƋƵŝƚLJ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚŝĞƐ^ƵƉƉŽƌƚĞĚ͗ ŶŚĂŶĐĞYƵĂůŝƚLJŽĨ>ŝĨĞ͕DĂŶĂŐĞ'ƌŽǁƚŚĂŶĚĞǀĞůŽƉŵĞŶƚ +H ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϲϮϬϮϳ ϮϬϮϯϮϬϮϰϮϬϮϱ ϮϬϮϮ ϭ͕ϳ ϮϬ͕ϬϬϬ ^ƚĂƚĞD&ƵŶĚƐ ϳ͕ϬϬϬ͕ϬϬϬ Ϭ Ϭ ϴ͕ϳ ϮϬ͕ϬϬϬ ϬϬ ϭ͕ϯϮϬ͕ϬϬϬ ϳ͕ϬϬϬ͕ϬϬϬ ϬϬ Ϭ ϴ͕ϯϮϬ͕ϬϬϬ Ϭ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ DĂũŽƌ džƉĞŶƐĞĂƚĞŐŽƌLJ ϮϬϮϰ ϮϬϮϯϮϬϮϱϮϬϮϲϮϬϮϳ ϮϬϮϮ ŽŶƐƚƌƵĐƚŝŽŶ ϭ͕ϯϮϬ͕ϬϬϬ Ϭ Ϭ ϳ͕ϬϬϬ͕ϬϬϬ Ϭ Ϭ ϴ͕ϯϮϬ͕ϬϬϬ ϳ͕ϬϬϬ͕ϬϬϬϭ͕ϯϮϬ͕ϬϬϬ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶZŽǁdŽƚĂů͗Ϭ ϴ͕ϯϮϬ͕ϬϬϬ Ϭ Ϭ Ϭ ĞƐĐƌŝďĞŚŽǁƚŚŝƐƉƌŽũĞĐƚŝŵƉůĞŵĞŶƚƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨƌŽŵŽƚŚĞƌƉůĂŶƐĂĚŽƉƚĞĚďLJƚŚĞŝƚLJĂŶĚƌĞůĂƚĞĚŐƌŽƵƉƐ͗ DƉƌŽũĞĐƚƐƐƵƉƉŽƌƚƚŚĞDĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚƚĂŬĞŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶŽƚŚĞƌŝƚLJƉůĂŶƐƐƵĐŚĂƐƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶ͕ďŝĐLJĐůĞ ŵĂƐƚĞƌƉůĂŶ͕ƉĂƌŬŵĂƐƚĞƌƉůĂŶ͕ĞƚĐ͘ KƉĞƌĂƚŝŽŶƐΘĂƉŝƚĂůƐƐĞƚDĂŝŶƚĞŶĂŶĐĞ͗ džŝƐƚŝŶŐ /ƐƚŚŝƐƌĞƋƵĞƐƚĨŽƌŶĞǁŽƌĞdžŝƐƚŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͗ ϱϬ tŚĂƚŝƐƚŚĞĞdžƉĞĐƚĞĚƵƐĞĨƵůůŝĨĞŽĨƚŚĞƉƌŽũĞĐƚͬŝŵƉƌŽǀĞŵĞŶƚ;ŝŶLJĞĂƌƐͿ͗ Ϭ tŚĂƚŝƐƚŚĞĞƐƚŝŵĂƚĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞ;ĞĐƌĞĂƐĞͿĨŽƌƚŚŝƐƉƌŽũĞĐƚ;ΨͿ͗ ĞƐĐƌŝďĞŚŽǁŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞƐͬĞĐƌĞĂƐĞƐĂŶĚŝŶĐůƵĚĞĚĞƚĂŝůƐƐƵĐŚĂƐƉĞƌƐŽŶŶĞůĐŽƐƚƐ͕ŵĂƚĞƌŝĂůƐ͕ĐŽŶƚƌĂĐƚƐ͕ĞŶĞƌŐLJƐĂǀŝŶŐƐ͕ĞƚĐ͗͘ dŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌĂŶĚDƚĞĂŵƐĂƌĞŝŶƚŚĞƉƌŽĐĞƐƐŽĨĞǀĂůƵĂƚŝŶŐǁŚĂƚƐŽƵƌĐĞƐĂƌĞŵŽƐƚĂƉƉƌŽƉƌŝĂƚĞƚŽƉĂLJĨŽƌĂŶLJĂŶŶƵĂůŝŶĐƌĞĂƐĞ ŝŶŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͘ /ĨŶĞǁŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĚŝƐĐƵƐƐŚŽǁƚŚĞĚĞƉĂƌƚŵĞŶƚǁŝůůƉĂLJĨŽƌƚŚĞŝŶĐƌĞĂƐĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͗ +H ϯϯϲ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWůĂŶ ϮϬϮϮ ŝƐĐŽǀĞƌLJtĂůŬͲWŚĂƐĞϮ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ /WƵƐŝŶĞƐƐhŶŝƚ͗ ĞƉĂƌƚŵĞŶƚ͗ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗WƌŽũĞĐƚEƵŵďĞƌ͗ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ WƌŽũĞĐƚĂƚĞŐŽƌLJ͗ ϴ ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚLJ͗tĂƌĚ͗ E WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ WŚĂƐĞϮŽĨŝƐĐŽǀĞƌLJtĂůŬǁŝůůĞdžƚĞŶĚƚŚĞƉƌŽũĞĐƚŝŶƚŽ^ŽůĚŝĞƌƐ&ŝĞůĚƚŽƚŚĞƵŵďƌŽZŝǀĞƌĂŶĚĞĂƐƚĚŽǁŶƚŽϲƚŚ^ƚƌĞĞƚƚŽƌŽĂĚǁĂLJ͘dŚŝƐ ĞdžƚĞŶƐŝŽŶŽĨƚŚĞƉƌŽũĞĐƚǁŝůůŵĂŬĞĂƉŚLJƐŝĐĂůĐŽŶŶĞĐƚŝŽŶƚŽƚŚĞƵƌďĂŶĐŽƌĞŽĨĚŽǁŶƚŽǁŶƚŽƚŚĞƉĂƌŬĂŵĞŶŝƚŝĞƐŽĨ^ŽůĚŝĞƌƐ&ŝĞůĚĂŶĚƚŚĞ ŶĂƚƵƌĂůĨĞĂƚƵƌĞƐŽĨƚŚĞƵŵďƌŽZŝǀĞƌ͘dŚŝƐĨƵƚƵƌĞŝŶƚĞŐƌĂƚŝŽŶ͕ŝŶĂĚĚŝƚŝŽŶƚŽĂƉƌŽƉŽƐĞĚϲƚŚ^ƚƌĞĞƚďƌŝĚŐĞ͕ǁŝůůĞŶŚĂŶĐĞĂĐĐĞƐƐƚŽƚŚĞ ^ůĂƚƚĞƌůLJWĂƌŬĂŶĚ^ƵŶŶLJƐŝĚĞŶĞŝŐŚďŽƌŚŽŽĚƐƐŽƵƚŚĞĂƐƚŽĨĚŽǁŶƚŽǁŶ͖ŝƚǁŝůůĂůƐŽĨƵƌƚŚĞƌŝŶƚĞŐƌĂƚĞDƐƵďͲĚŝƐƚƌŝĐƚƐůŝŬĞƚŚĞhDZĂŶĚ ZĞĐƌĞĂƚŝŽŶƐŝƐƚƌŝĐƚĂŶĚƚŚĞŽǁŶƚŽǁŶtĂƚĞƌĨƌŽŶƚŝƐƚƌŝĐƚ͘ WƵƌƉŽƐĞ͕:ƵƐƚŝĨŝĐĂƚŝŽŶΘĞŶĞĨŝƚƐ͗ ĐŽŶƐŝƐƚĞŶƚƚŚĞŵĞĞdžƉƌĞƐƐĞĚĚƵƌŝŶŐĐŽŵŵƵŶŝƚLJĞŶŐĂŐĞŵĞŶƚŝƐƚŚĂƚŝƐĐŽǀĞƌLJtĂůŬƐŚŽƵůĚŶŽƚƚĞƌŵŝŶĂƚĞĂƚϲƚŚ^ƚƌĞĞƚĂŶĚŝŶƐƚĞĂĚ ƐŚŽƵůĚĞdžƚĞŶĚŝŶƚŽ^ŽůĚŝĞƌƐ&ŝĞůĚƚŽĐƌĞĂƚĞĐŽŶŶĞĐƚŝǀŝƚLJƚŽŶĂƚƵƌĞĂŶĚƚŚĞƌŝǀĞƌ͘ĂƐĞĚŽŶƚŚĂƚĨĞĞĚďĂĐŬ͕ǁĞŝŶĐůƵĚĞĚĂĚĞƐŝŐŶƐĐŽƉĞĨŽƌ ŶŽƌƚŚĞƌŶ^ŽůĚŝĞƌƐ&ŝĞůĚĂƐĂƉĂƌƚŽĨƚŚĞƉŚĂƐĞϮĞdžƚĞŶƐŝŽŶŽĨŝƐĐŽǀĞƌLJtĂůŬ͘ƐŚŝŐŚĞƌĚĞŶƐŝƚLJĚĞǀĞůŽƉŵĞŶƚĐŽŶƚŝŶƵĞƐƚŽŽĐĐƵƌĂůŽŶŐƚŚĞ ŝƐĐŽǀĞƌLJtĂůŬĂŶĚƚŚƌŽƵŐŚŽƵƚƚŚĞDĚŝƐƚƌŝĐƚ͕ĂĐĐĞƐƐƚŽƋƵĂůŝƚLJƉƵďůŝĐŽƉĞŶƐƉĂĐĞďĞĐŽŵĞƐĞƐƐĞŶƚŝĂůƚŽŵĞĞƚŽƵŶĐŝůƉƌŝŽƌŝƚŝĞƐĨŽƌ ĞƋƵŝƚĂďůĞŚŽƵƐŝŶŐĂŶĚĚĞǀĞůŽƉŵĞŶƚ͘ŝƐĐŽǀĞƌLJtĂůŬƉŚĂƐĞϮƉůĂLJƐĂǀŝƚĂůƌŽůĞŝŶůŝŶŬŝŶŐĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚŽƉƉŽƌƚƵŶŝƚŝĞƐĞĂƐƚŽĨ ƌŽĂĚǁĂLJǀŝĂĂŶĞŶǀŝƐŝŽŶĞĚϲƚŚ^ƚƌĞĞƚƌŝĚŐĞ͘ĚĚŝƚŝŽŶĂůůLJ͕ŝƐĐŽǀĞƌLJtĂůŬWŚĂƐĞϮĨƵƌƚŚĞƌĞŶŚĂŶĐĞƐƚŚĞŶĞƚǁŽƌŬŽĨDƐƵďͲĚŝƐƚƌŝĐƚƐ͕ ƚƌĂŶƐŝƚůŽĐĂƚŝŽŶƐ͕ĂŶĚĨƵƚƵƌĞƌŝǀĞƌĨƌŽŶƚŝŵƉƌŽǀĞŵĞŶƚƐ͘ EŽƚƉƉůŝĐĂďůĞ tŚĂƚŝƐƚŚĞŐƌĂŶƚƐƚĂƚƵƐĨŽƌƚŚĞƉƌŽũĞĐƚ͍͗ &ŽƵŶĚĂƚŝŽŶWƌŝŶĐŝƉůĞƐ^ƵƉƉŽƌƚĞĚ͗ WƵďůŝĐ^ĂĨĞƚLJ͕^ŽĐŝĂů ƋƵŝƚLJ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚŝĞƐ^ƵƉƉŽƌƚĞĚ͗ ŶŚĂŶĐĞYƵĂůŝƚLJŽĨ>ŝĨĞ͕DĂŶĂŐĞ'ƌŽǁƚŚĂŶĚĞǀĞůŽƉŵĞŶƚ +H ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϲϮϬϮϳ ϮϬϮϯϮϬϮϰϮϬϮϱ ϮϬϮϮ ϰ͕ϱϬϬ͕ϬϬϬ ^ƚĂƚĞD&ƵŶĚƐ ϱϬϬ͕ϬϬϬ Ϭ Ϭ ϱ͕ϬϬϬ͕ϬϬϬ ϬϬ ϰ͕ϱϬϬ͕ϬϬϬ ϱϬϬ͕ϬϬϬ ϬϬ Ϭ ϱ͕ϬϬϬ͕ϬϬϬ Ϭ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ DĂũŽƌ džƉĞŶƐĞĂƚĞŐŽƌLJ ϮϬϮϰ ϮϬϮϯϮϬϮϱϮϬϮϲϮϬϮϳ ϮϬϮϮ ŽŶƐƵůƚŝŶŐŽƌ^ƚƵĚLJ Ϭ Ϭ Ϭ ϱϬϬ͕ϬϬϬ Ϭ Ϭ ϱϬϬ͕ϬϬϬ ϰ͕ϱϬϬ͕ϬϬϬ Ϭ ŽŶƐƚƌƵĐƚŝŽŶϬ Ϭ Ϭ Ϭ ϰ͕ϱϬϬ͕ϬϬϬ ϱϬϬ͕ϬϬϬϰ͕ϱϬϬ͕ϬϬϬ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶZŽǁdŽƚĂů͗Ϭ ϱ͕ϬϬϬ͕ϬϬϬ Ϭ Ϭ Ϭ ĞƐĐƌŝďĞŚŽǁƚŚŝƐƉƌŽũĞĐƚŝŵƉůĞŵĞŶƚƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨƌŽŵŽƚŚĞƌƉůĂŶƐĂĚŽƉƚĞĚďLJƚŚĞŝƚLJĂŶĚƌĞůĂƚĞĚŐƌŽƵƉƐ͗ dŚŝƐǁŽƵůĚďĞŝŶĂůŝŐŶŵĞŶƚǁŝƚŚƚŚĞŝƚLJΖƐĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶĂƐǁĞůůĂƐƚŚĞŵĂƐƚĞƌƉĂƌŬƉůĂŶ͘ KƉĞƌĂƚŝŽŶƐΘĂƉŝƚĂůƐƐĞƚDĂŝŶƚĞŶĂŶĐĞ͗ EĞǁ /ƐƚŚŝƐƌĞƋƵĞƐƚĨŽƌŶĞǁŽƌĞdžŝƐƚŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͗ ϱϬ tŚĂƚŝƐƚŚĞĞdžƉĞĐƚĞĚƵƐĞĨƵůůŝĨĞŽĨƚŚĞƉƌŽũĞĐƚͬŝŵƉƌŽǀĞŵĞŶƚ;ŝŶLJĞĂƌƐͿ͗ Ϭ tŚĂƚŝƐƚŚĞĞƐƚŝŵĂƚĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞ;ĞĐƌĞĂƐĞͿĨŽƌƚŚŝƐƉƌŽũĞĐƚ;ΨͿ͗ ĞƐĐƌŝďĞŚŽǁŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞƐͬĞĐƌĞĂƐĞƐĂŶĚŝŶĐůƵĚĞĚĞƚĂŝůƐƐƵĐŚĂƐƉĞƌƐŽŶŶĞůĐŽƐƚƐ͕ŵĂƚĞƌŝĂůƐ͕ĐŽŶƚƌĂĐƚƐ͕ĞŶĞƌŐLJƐĂǀŝŶŐƐ͕ĞƚĐ͗͘ KƉĞƌĂƚŝŶŐĐŽƐƚƐǁŝůůďĞĞƐƚŝŵĂƚĞĚƚŚƌŽƵŐŚƚŚĞĚĞƐŝŐŶƉŚĂƐĞŽĨƚŚĞƉƌŽũĞĐƚ͘ /ĨŶĞǁŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĚŝƐĐƵƐƐŚŽǁƚŚĞĚĞƉĂƌƚŵĞŶƚǁŝůůƉĂLJĨŽƌƚŚĞŝŶĐƌĞĂƐĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͗ +H Ϯϯϳ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWůĂŶ ϮϬϮϮ ƌƌŝǀĞZŽĐŚĞƐƚĞƌ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ /WƵƐŝŶĞƐƐhŶŝƚ͗ ĞƉĂƌƚŵĞŶƚ͗ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗WƌŽũĞĐƚEƵŵďĞƌ͗ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ WƌŽũĞĐƚĂƚĞŐŽƌLJ͗ ϭϰ ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚLJ͗tĂƌĚ͗ E WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ WƌŽǀŝĚĞŶĞǁƉƌŽŐƌĂŵƐƚŽŵĂŬĞŝƚĞĂƐŝĞƌĨŽƌĐŽŵŵƵƚĞƌƐƚŽƚƌĂǀĞůŝŶĐĂƌƉŽŽůƐ͕ďLJďƵƐ͕ŽŶĨŽŽƚŽƌďLJďŝŬĞ͘dŚĞƐŽĨƚǁĂƌĞŝƐŵĞĂŶƚƚŽ ĞŶĐŽƵƌĂŐĞĂŵŽĚĞƐŚŝĨƚĂŵŽŶŐƚŚĞĐŽŵŵƵŶŝƚLJ͘ WƵƌƉŽƐĞ͕:ƵƐƚŝĨŝĐĂƚŝŽŶΘĞŶĞĨŝƚƐ͗ ƌƌŝǀĞZŽĐŚĞƐƚĞƌƚĂŬĞƐĂůĞĂĚĞƌƐŚŝƉƌŽůĞŝŶŝŵƉůĞŵĞŶƚŝŶŐdƌĂǀĞůĞŵĂŶĚDĂŶĂŐĞŵĞŶƚĞĨĨŽƌƚƐ͘ŝŵƚŽƌĞĚƵĐĞƚŚĞŶƵŵďĞƌŽĨƉĞŽƉůĞ ĚƌŝǀŝŶŐĂůŽŶĞƚŽǁŽƌŬŝŶZŽĐŚĞƐƚĞƌƚŽĞĂƐĞƚƌĂĨĨŝĐĐŽŶŐĞƐƚŝŽŶĂŶĚŝŵƉƌŽǀĞĂŝƌƋƵĂůŝƚLJ͘dŚŝƐƚĂĐƚŝĐǁĂƐĂůƐŽŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞĂƉƉƌŽǀĞĚ /ŶƚĞŐƌĂƚĞĚdƌĂŶƐŝƚ^ƚƵĚLJƉůĂŶĂƐĂŬĞLJƚŽĞŶƐƵƌĞƚŚĞĐŽŵŵƵŶŝƚLJƌĞĂůŝnjĞƐŝƚƐŵŽĚĞƐŚŝĨƚŽǀĞƌƚŝŵĞ͘dŚŝƐǁŽƌŬǁŝůůŚĞůƉĞŶƐƵƌĞƚŚĞ ŝŶǀĞƐƚŵĞŶƚƐŵĂĚĞŝŶŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂƌĞƌĞĂĚŝůLJƵŶĚĞƌƐƚŽŽĚďLJƚŚĞĐŽŵŵƵŶŝƚLJĂŶĚƵůƚŝŵĂƚĞůLJƵƐĞĚĂƚƚŚĞůĞǀĞůƐŝŶƚĞŶĚĞĚ͘ EŽƚƉƉůŝĐĂďůĞ tŚĂƚŝƐƚŚĞŐƌĂŶƚƐƚĂƚƵƐĨŽƌƚŚĞƉƌŽũĞĐƚ͍͗ &ŽƵŶĚĂƚŝŽŶWƌŝŶĐŝƉůĞƐ^ƵƉƉŽƌƚĞĚ͗ ŶǀŝƌŽŶŵĞŶƚĂů^ƚĞǁĂƌĚƐŚŝƉ͕&ŝƐĐĂůZĞƐƉŽŶƐŝďŝůŝƚLJΘ^ƵƐƚĂŝŶĂďŝůŝƚLJ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚŝĞƐ^ƵƉƉŽƌƚĞĚ͗ ŶŚĂŶĐĞYƵĂůŝƚLJŽĨ>ŝĨĞ͕DĂŶĂŐĞ'ƌŽǁƚŚĂŶĚĞǀĞůŽƉŵĞŶƚ͕ĂůĂŶĐĞWƵďůŝĐ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ/ŶǀĞƐƚŵĞŶƚ +H ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϲϮϬϮϳ ϮϬϮϯϮϬϮϰϮϬϮϱ ϮϬϮϮ ϭϴϬ͕ϬϬϬ ^ĂůĞƐdĂdžDϭϴϬ͕ϬϬϬϭϴϬ͕ϬϬϬ ϭϴϬ͕ϬϬϬϭ͕ϬϴϬ͕ϬϬϬ ϭϴϬ͕ϬϬϬϭϴϬ͕ϬϬϬ ϭϴϬ͕ϬϬϬ ϭϴϬ͕ϬϬϬϭϴϬ͕ϬϬϬϭϴϬ͕ϬϬϬ ϭϴϬ͕ϬϬϬϭ͕ϬϴϬ͕ϬϬϬ ϭϴϬ͕ϬϬϬ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ DĂũŽƌ džƉĞŶƐĞĂƚĞŐŽƌLJ ϮϬϮϰ ϮϬϮϯϮϬϮϱϮϬϮϲϮϬϮϳ ϮϬϮϮ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ϭϴϬ͕ϬϬϬ ϭϴϬ͕ϬϬϬ ϭϴϬ͕ϬϬϬ ϭϴϬ͕ϬϬϬϭϴϬ͕ϬϬϬ ϭϴϬ͕ϬϬϬϭ͕ϬϴϬ͕ϬϬϬ ϭϴϬ͕ϬϬϬϭϴϬ͕ϬϬϬ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶZŽǁdŽƚĂů͗ϭϴϬ͕ϬϬϬ ϭ͕ϬϴϬ͕ϬϬϬ ϭϴϬ͕ϬϬϬ ϭϴϬ͕ϬϬϬ ϭϴϬ͕ϬϬϬ ĞƐĐƌŝďĞŚŽǁƚŚŝƐƉƌŽũĞĐƚŝŵƉůĞŵĞŶƚƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨƌŽŵŽƚŚĞƌƉůĂŶƐĂĚŽƉƚĞĚďLJƚŚĞŝƚLJĂŶĚƌĞůĂƚĞĚŐƌŽƵƉƐ͗ DƉƌŽũĞĐƚƐƐƵƉƉŽƌƚƚŚĞDĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚƚĂŬĞŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶŽƚŚĞƌŝƚLJƉůĂŶƐƐƵĐŚĂƐƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶ͕ďŝĐLJĐůĞ ŵĂƐƚĞƌƉůĂŶ͕ƉĂƌŬŵĂƐƚĞƌƉůĂŶ͕ĞƚĐ͘ KƉĞƌĂƚŝŽŶƐΘĂƉŝƚĂůƐƐĞƚDĂŝŶƚĞŶĂŶĐĞ͗ EĞǁ 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ďƵƐŝŶĞƐƐĞƐ͕ƉĂƚŝĞŶƚƐ͕ƐƚƵĚĞŶƚƐ͕ĂŶĚǀŝƐŝƚŽƌƐƚŚĂƚǁŝůůƐƵƉƉŽƌƚƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌĂŶĚĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ;DͿĚŝƐƚƌŝĐƚ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ͕ĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ͕ĂŶĚůŝǀĂďŝůŝƚLJŐŽĂůƐĂŶĚƐƵďƐƚĂŶƚŝĂůůLJŝŶĐƌĞĂƐĞƉƵďůŝĐƚƌĂŶƐƉŽƌƚĂƚŝŽŶƵƐĞĚŽǁŶƚŽǁŶ͘ WƵƌƉŽƐĞ͕:ƵƐƚŝĨŝĐĂƚŝŽŶΘĞŶĞĨŝƚƐ͗ /ŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞĐŝƌĐƵůĂƚŽƌƌŽƵƚĞǁĂƐĂƚŽƉƉƌŝŽƌŝƚLJŽĨƚŚĞ/ŶƚĞŐƌĂƚĞĚdƌĂŶƐŝƚ^ƚƵĚŝĞƐ͘dŚĞĐŝƌĐƵůĂƚŽƌƌŽƵƚĞŝƐŝŶƚĞŶĚĞĚƚŽĚĞǀĞůŽƉĂ ĐŽƐƚͲĞĨĨĞĐƚŝǀĞƚƌĂŶƐŝƚǁĂLJƚŚĂƚŝŶĐƌĞĂƐĞƐƚƌĂŶƐŝƚƵƐĞĂŵŽŶŐĐŽƌƌŝĚŽƌƌĞƐŝĚĞŶƚƐ͕ĐŽŵŵƵƚĞƌƐ͕ďƵƐŝŶĞƐƐĞƐ͕ƉĂƚŝĞŶƚƐ͕ƐƚƵĚĞŶƚƐ͕ĂŶĚǀŝƐŝƚŽƌƐ͘ ůƐŽ͕ƚŽĐĂƚĂůLJnjĞĂŶĚƐƵƉƉŽƌƚŚŽƵƐŝŶŐĂŶĚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚĂůŽŶŐƚŚĞĐŽƌƌŝĚŽƌ͘>ĂƐƚ͕ƚŽƐƵƉƉŽƌƚŚĞĂůƚŚLJ͕ĂĐƚŝǀĞĐŽŵŵƵŶŝƚŝĞƐĂŶĚ ĞŶĐŽƵƌĂŐĞƐƵƐƚĂŝŶĂďŝůŝƚLJ͘ EŽƚƉƉůŝĐĂďůĞ tŚĂƚŝƐƚŚĞŐƌĂŶƚƐƚĂƚƵƐĨŽƌƚŚĞƉƌŽũĞĐƚ͍͗ &ŽƵŶĚĂƚŝŽŶWƌŝŶĐŝƉůĞƐ^ƵƉƉŽƌƚĞĚ͗ ŶǀŝƌŽŶŵĞŶƚĂů^ƚĞǁĂƌĚƐŚŝƉ͕&ŝƐĐĂůZĞƐƉŽŶƐŝďŝůŝƚLJΘ^ƵƐƚĂŝŶĂďŝůŝƚLJ͕WƵďůŝĐ^ĂĨĞƚLJ͕^ŽĐŝĂů ƋƵŝƚLJ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚŝĞƐ^ƵƉƉŽƌƚĞĚ͗ ŶŚĂŶĐĞYƵĂůŝƚLJŽĨ>ŝĨĞ͕DĂŶĂŐĞ'ƌŽǁƚŚĂŶĚĞǀĞůŽƉŵĞŶƚ͕ĂůĂŶĐĞWƵďůŝĐ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ/ŶǀĞƐƚŵĞŶƚ +H ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϲϮϬϮϳ ϮϬϮϯϮϬϮϰϮϬϮϱ ϮϬϮϮ Ϯϯ͕ϵϯϵ͕ϯϮϭ &ĞĚĞƌĂů&ƵŶĚƐϮ͕ϭϬϬ͕ϬϬϬϮϲ͕ϯϱϮ͕ϵϳϵ Ϭ ϱϲ͕Ϭϴϲ͕ϯϬϬ ϯ͕ϲϵϰ͕ϬϬϬ Ϭ ^ƚĂƚĞD&ƵŶĚƐ ϭ͕ϵϱϯ͕ϬϬϬ Ϯ͕ϬϰϬ͕Ϯϳϳϭ͕ϳϴϬ͕ϰϲϯ Ϭ ϬϬϱ͕ϳϳϯ͕ϳϰϬ Ϭ tĂƚĞƌhƚŝůŝƚLJ Ϭ ϭϱϬ͕ϬϬϬ Ϭ Ϭ ϬϭϱϬ͕ϬϬϬ Ϭ ^ƉĞĐŝĂůƐƐĞƐƐŵĞŶƚŽŶĚƐϬϳϱϬ͕ϬϬϬ Ϭ ϬϬϳϱϬ͕ϬϬϬ Ϭ KƉĞƌĂƚŝŶŐdƌĂŶƐĨĞƌʹ&ƌŽŵ^ĞǁĞƌhƚŝůŝƚLJϬϮϮϱ͕ϬϬϬ Ϭ ϬϬϮϮϱ͕ϬϬϬ ϭϭ͕ϯϱϲ͕ϰϱϭ dƌĂŶƐŝƚŝĚ^ƚĂƚĞDϭϬ͕ϯϴϴ͕ϴϯϲϴ͕ϰϮϭ͕ϰϳϬ Ϭ ϬϬ ϯϬ͕ϭϲϲ͕ϳϱϳ ϰ͕ϱϰϮ͕ϱϴϭ dƌĂŶƐŝƚŝĚŽƵŶƚLJDϰ͕ϭϱϱ͕ϱϯϰϯ͕ϯϲϴ͕ϱϴϴ ϬϭϮ͕Ϭϲϲ͕ϳϬϯ ϬϬ ϰϭ͕ϳϵϭ͕ϯϱϯ ϭϴ͕ϲϴϰ͕ϲϰϳϰϭ͕Ϭϰϴ͕ϱϬϬ Ϭ ϯ͕ϲϵϰ͕ϬϬϬϭϬϱ͕Ϯϭϴ͕ϱϬϬ Ϭ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ DĂũŽƌ džƉĞŶƐĞĂƚĞŐŽƌLJ ϮϬϮϰ ϮϬϮϯϮϬϮϱϮϬϮϲϮϬϮϳ ϮϬϮϮ /ŵƉůĞŵĞŶƚĂƚŝŽŶ Ϯϱ͕ϬϬϬ͕ϬϬϬ Ϭ Ϭ ϬϵϬϬ͕ϬϬϬ Ϭ Ϯϱ͕ϵϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ Ϭ ƌĐŚŝƚĞĐƚͬĞƐŝŐŶϭ͕ϮϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ Ϭ Ϭ ϭ͕ϰϬϬ͕ϬϬϬ ϭ͕ϬϬϬ͕ϬϬϬ WƌŽũĞĐƚDĂŶĂŐĞŵĞŶƚϬ ϱϬ͕ϬϬϬϬ ϭ͕ϬϬϬ͕ϬϬϬϬ Ϯ͕ϬϱϬ͕ϬϬϬ ϭϱ͕ϲϵϭ͕ϯϱϯ Ϭ ŽŶƐƚƌƵĐƚŝŽŶϭϳ͕ϰϯϰ͕ϲϰϳϯϵ͕Ϭϰϴ͕ϱϬϬϯ͕ϲϵϰ͕ϬϬϬ Ϭ ϳϱ͕ϴϲϴ͕ϱϬϬ ϭϴ͕ϲϴϰ͕ϲϰϳϰϭ͕ϳϵϭ͕ϯϱϯ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶZŽǁdŽƚĂů͗Ϭ ϭϬϱ͕Ϯϭϴ͕ϱϬϬ ϰϭ͕Ϭϰϴ͕ϱϬϬ Ϭ ϯ͕ϲϵϰ͕ϬϬϬ ĞƐĐƌŝďĞŚŽǁƚŚŝƐƉƌŽũĞĐƚŝŵƉůĞŵĞŶƚƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨƌŽŵŽƚŚĞƌƉůĂŶƐĂĚŽƉƚĞĚďLJƚŚĞŝƚLJĂŶĚƌĞůĂƚĞĚŐƌŽƵƉƐ͗ DƉƌŽũĞĐƚƐƐƵƉƉŽƌƚƚŚĞDĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚƚĂŬĞŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶŽƚŚĞƌŝƚLJƉůĂŶƐƐƵĐŚĂƐƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶ͕ďŝĐLJĐůĞ ŵĂƐƚĞƌƉůĂŶ͕ƉĂƌŬŵĂƐƚĞƌƉůĂŶ͕ĞƚĐ͘ KƉĞƌĂƚŝŽŶƐΘĂƉŝƚĂůƐƐĞƚDĂŝŶƚĞŶĂŶĐĞ͗ EĞǁ /ƐƚŚŝƐƌĞƋƵĞƐƚĨŽƌŶĞǁŽƌĞdžŝƐƚŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͗ ϱϬ tŚĂƚŝƐƚŚĞĞdžƉĞĐƚĞĚƵƐĞĨƵůůŝĨĞŽĨƚŚĞƉƌŽũĞĐƚͬŝŵƉƌŽǀĞŵĞŶƚ;ŝŶLJĞĂƌƐͿ͗ ϰ͕ϮϮϴ͕ϯϭϭ tŚĂƚŝƐƚŚĞĞƐƚŝŵĂƚĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞ;ĞĐƌĞĂƐĞͿĨŽƌƚŚŝƐƉƌŽũĞĐƚ;ΨͿ͗ ĞƐĐƌŝďĞŚŽǁŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞƐͬĞĐƌĞĂƐĞƐĂŶĚŝŶĐůƵĚĞĚĞƚĂŝůƐƐƵĐŚĂƐƉĞƌƐŽŶŶĞůĐŽƐƚƐ͕ŵĂƚĞƌŝĂůƐ͕ĐŽŶƚƌĂĐƚƐ͕ĞŶĞƌŐLJƐĂǀŝŶŐƐ͕ĞƚĐ͗͘ dŚŝƐĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚĞƐƚŝŵĂƚĞƐƚĂƌƚƐǁŝƚŚƚŚĞĐƵƌƌĞŶƚŚŽƵƌůLJŽƉĞƌĂƚŝŶŐƌĂƚĞƉĂŝĚďLJZWdƚŽ&ŝƌƐƚdƌĂŶƐŝƚ͘dŚŝƐŚŽƵƌůLJƌĂƚĞŚĂƐďĞĞŶ ĞƐĐĂůĂƚĞĚďLJϯϬйƚŽĂĐĐŽƵŶƚĨŽƌŝŶĨůĂƚŝŽŶĂŶĚĐŚĂŶŐĞƐƚŽĐŽŶƚƌĂĐƚ͘dŚĞŶƐĞƌǀŝĐĞǁĂƐĞdžƉĂŶĚĞĚĨƌŽŵϱĂŵƚŽŵŝĚŶŝŐŚƚ͘ /ĨŶĞǁŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĚŝƐĐƵƐƐŚŽǁƚŚĞĚĞƉĂƌƚŵĞŶƚǁŝůůƉĂLJĨŽƌƚŚĞŝŶĐƌĞĂƐĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͗ +H Ϯϴϰ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWůĂŶ ϮϬϮϮ /d^/ŵƉůĞŵĞŶƚĂƚŝŽŶWŚĂƐĞ// ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ /WƵƐŝŶĞƐƐhŶŝƚ͗ ĞƉĂƌƚŵĞŶƚ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ/W;hϴϲϬϬͿ ŝǀŝƐŝŽŶ͗WƌŽũĞĐƚEƵŵďĞƌ͗ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ WƌŽũĞĐƚĂƚĞŐŽƌLJ͗ ϭϳ ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚLJ͗tĂƌĚ͗ E WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ dŚĞĚĞƚĂŝůƐŽĨƚŚŝƐƚƌĂŶƐƉŽƌƚĂƚŝŽŶƌĞůĂƚĞĚƉƌŽũĞĐƚŚĂǀĞŶŽƚLJĞƚďĞĞŶĚĞƚĞƌŵŝŶĞĚ͕ďƵƚƚŚĞƉƌŽũĞĐƚĂŶĚƚŚĞƐĞĨƵŶĚƐƌĞƉƌĞƐĞŶƚĂƉŚĂƐĞƚǁŽ ƉƌŽũĞĐƚŝŵƉůĞŵĞŶƚĂƚŝŽŶŝŶƌĞůĂƚŝŽŶƚŽƚŚĞ/ŶƚĞŐƌĂƚĞĚdƌĂŶƐŝƚ^ƚƵĚŝĞƐ͘&ƵŶĚŝŶŐLJĞĂƌƐĂŶĚĂŵŽƵŶƚƐǁŝůůĐŽŶƚŝŶƵĞƚŽĞǀŽůǀĞĂƐƚŚĞ ĚĞǀĞůŽƉŵĞŶƚŽĨĂƉŚĂƐĞ//ƉůĂŶŝƐĨŝŶĂůŝnjĞĚ͘WŚĂƐĞϮŽĨƚŚĞƚƌĂŶƐŝƚƉůĂŶǁŝůůĞdžƉůŽƌĞƚŚĞĞdžƚĞŶƐŝŽŶŽĨƚŚĞZĂƉŝĚdƌĂŶƐŝƚƐLJƐƚĞŵƚŽƚŚĞ ƐŽƵƚŚĞĂƐƚƉŽƌƚŝŽŶŽĨƚŚĞĐŝƚLJ͘ WƵƌƉŽƐĞ͕:ƵƐƚŝĨŝĐĂƚŝŽŶΘĞŶĞĨŝƚƐ͗ tŝůůĞŶŚĂŶĐĞŵŽďŝůŝƚLJĨŽƌĐŝƚŝnjĞŶƐ͕ǀŝƐŝƚŽƌƐ͕ǁŽƌŬĞƌƐ͕ĞƚĐ͘ĐŽŵŵƵƚŝŶŐƚŽĂƌĞĂƐǁŝƚŚŝŶƚŚĞĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ͘ EŽƚƉƉůŝĐĂďůĞ tŚĂƚŝƐƚŚĞŐƌĂŶƚƐƚĂƚƵƐĨŽƌƚŚĞƉƌŽũĞĐƚ͍͗ &ŽƵŶĚĂƚŝŽŶWƌŝŶĐŝƉůĞƐ^ƵƉƉŽƌƚĞĚ͗ ŶǀŝƌŽŶŵĞŶƚĂů^ƚĞǁĂƌĚƐŚŝƉ͕&ŝƐĐĂůZĞƐƉŽŶƐŝďŝůŝƚLJΘ^ƵƐƚĂŝŶĂďŝůŝƚLJ͕WƵďůŝĐ^ĂĨĞƚLJ͕^ŽĐŝĂů ƋƵŝƚLJ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚŝĞƐ^ƵƉƉŽƌƚĞĚ͗ ŶŚĂŶĐĞYƵĂůŝƚLJŽĨ>ŝĨĞ͕DĂŶĂŐĞ'ƌŽǁƚŚĂŶĚĞǀĞůŽƉŵĞŶƚ͕ĂůĂŶĐĞWƵďůŝĐ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ/ŶǀĞƐƚŵĞŶƚ +H ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϲϮϬϮϳ ϮϬϮϯϮϬϮϰϮϬϮϱ ϮϬϮϮ Ϭ dƌĂŶƐŝƚŝĚŽƵŶƚLJDϬ Ϭ ϰϬϬ͕ϬϬϬϯ͕ϰϬϬ͕ϬϬϬ Ϭ ϯ͕ϬϬϬ͕ϬϬϬ dƌĂŶƐŝƚŝĚ^ƚĂƚĞD Ϭ ϬϬ ϲϬϬ͕ϬϬϬ Ϭ ϰ͕ϱϬϬ͕ϬϬϬϱ͕ϭϬϬ͕ϬϬϬ ϯϬϬ͕ϬϬϬ ^ĂůĞƐdĂdžDϮϬϬ͕ϬϬϬ Ϭ Ϭ Ϭ Ϭ ϱϬϬ͕ϬϬϬ ϯϬϬ͕ϬϬϬ ϮϬϬ͕ϬϬϬ Ϭ ϭ͕ϬϬϬ͕ϬϬϬ Ϭ ϵ͕ϬϬϬ͕ϬϬϬ ϳ͕ϱϬϬ͕ϬϬϬ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ DĂũŽƌ džƉĞŶƐĞĂƚĞŐŽƌLJ ϮϬϮϰ ϮϬϮϯϮϬϮϱϮϬϮϲϮϬϮϳ ϮϬϮϮ /ŵƉůĞŵĞŶƚĂƚŝŽŶ Ϭ ϳ͕ϱϬϬ͕ϬϬϬ Ϭ Ϭ Ϭ ϭ͕ϬϬϬ͕ϬϬϬϴ͕ϱϬϬ͕ϬϬϬ ϯϬϬ͕ϬϬϬ Ϭ ŽŶƐƵůƚŝŶŐŽƌ^ƚƵĚLJϮϬϬ͕ϬϬϬ Ϭ Ϭ Ϭ ϱϬϬ͕ϬϬϬ ϮϬϬ͕ϬϬϬϯϬϬ͕ϬϬϬ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶZŽǁdŽƚĂů͗ϳ͕ϱϬϬ͕ϬϬϬ ϵ͕ϬϬϬ͕ϬϬϬ Ϭ ϭ͕ϬϬϬ͕ϬϬϬ Ϭ ĞƐĐƌŝďĞŚŽǁƚŚŝƐƉƌŽũĞĐƚŝŵƉůĞŵĞŶƚƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨƌŽŵŽƚŚĞƌƉůĂŶƐĂĚŽƉƚĞĚďLJƚŚĞŝƚLJĂŶĚƌĞůĂƚĞĚŐƌŽƵƉƐ͗ DƉƌŽũĞĐƚƐƐƵƉƉŽƌƚƚŚĞDĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚƚĂŬĞŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶŽƚŚĞƌŝƚLJƉůĂŶƐƐƵĐŚĂƐƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶ͕ďŝĐLJĐůĞ ŵĂƐƚĞƌƉůĂŶ͕ƉĂƌŬŵĂƐƚĞƌƉůĂŶ͕ĞƚĐ͘ KƉĞƌĂƚŝŽŶƐΘĂƉŝƚĂůƐƐĞƚDĂŝŶƚĞŶĂŶĐĞ͗ EĞǁ /ƐƚŚŝƐƌĞƋƵĞƐƚĨŽƌŶĞǁŽƌĞdžŝƐƚŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͗ ϳϱ tŚĂƚŝƐƚŚĞĞdžƉĞĐƚĞĚƵƐĞĨƵůůŝĨĞŽĨƚŚĞƉƌŽũĞĐƚͬŝŵƉƌŽǀĞŵĞŶƚ;ŝŶLJĞĂƌƐͿ͗ Ϭ tŚĂƚŝƐƚŚĞĞƐƚŝŵĂƚĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞ;ĞĐƌĞĂƐĞͿĨŽƌƚŚŝƐƉƌŽũĞĐƚ;ΨͿ͗ ĞƐĐƌŝďĞŚŽǁŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞƐͬĞĐƌĞĂƐĞƐĂŶĚŝŶĐůƵĚĞĚĞƚĂŝůƐƐƵĐŚĂƐƉĞƌƐŽŶŶĞůĐŽƐƚƐ͕ŵĂƚĞƌŝĂůƐ͕ĐŽŶƚƌĂĐƚƐ͕ĞŶĞƌŐLJƐĂǀŝŶŐƐ͕ĞƚĐ͗͘ KƉĞƌĂƚŝŶŐĐŽƐƚƐĂŶĚĐŽƐƚƌĞĐŽǀĞƌLJƐŚĂůůďĞƉƌŽũĞĐƚĞĚĂŶĚĐŽŶƐŝĚĞƌĞĚĂƐƉĂƌƚŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƉŚĂƐĞ//ƉůĂŶĂŶĚŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƐƚƌĂƚĞŐLJ͘ /ĨŶĞǁŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĚŝƐĐƵƐƐŚŽǁƚŚĞĚĞƉĂƌƚŵĞŶƚǁŝůůƉĂLJĨŽƌƚŚĞŝŶĐƌĞĂƐĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͗ 3DFNHW3J +H Ϯϴϴ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWůĂŶ ϮϬϮϮ ^ƚƌĂƚĞŐŝĐZĞĚĞǀĞůŽƉŵĞŶƚ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ϴϲϬϬ /WƵƐŝŶĞƐƐhŶŝƚ͗ ĞƉĂƌƚŵĞŶƚ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ/W;hϴϲϬϬͿ ŝǀŝƐŝŽŶ͗WƌŽũĞĐƚEƵŵďĞƌ͗ ϴϲϯϯ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ WƌŽũĞĐƚĂƚĞŐŽƌLJ͗ ϭϬ ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚLJ͗tĂƌĚ͗ E WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ ^ƚƌĂƚĞŐŝĐZĞĚĞǀĞůŽƉŵĞŶƚǁŽƵůĚŝŶĐůƵĚĞĂŶLJŽƉƉŽƌƚƵŶŝƚLJĨŽƌƌĞĚĞǀĞůŽƉŵĞŶƚǁŝƚŚŝŶƚŚĞDďŽƵŶĚĂƌŝĞƐƚŚĂƚƚŚĞDĂŶĚŝƚLJŽĨ ZŽĐŚĞƐƚĞƌƐĞĞĂƐǀĂůƵĂďůĞƚŽƚŚĞŝƌĐŽůůĂďŽƌĂƚŝǀĞůŽŶŐƚĞƌŵŐŽĂůƐĂŶĚƐƚƌĂƚĞŐŝĐƉůĂŶƐ͘ WƵƌƉŽƐĞ͕:ƵƐƚŝĨŝĐĂƚŝŽŶΘĞŶĞĨŝƚƐ͗ ^ŽŵĞƌĞĚĞǀĞůŽƉŵĞŶƚŽƉƉŽƌƚƵŶŝƚŝĞƐĂƌĞŶŽƚŬŶŽǁŶŝŶĂĚǀĂŶĐĞĂŶĚƚŚĞƌĞĨŽƌĞ͕ƚŚĞƐĞĨƵŶĚƐǁŽƵůĚďĞĂǀĂŝůĂďůĞŝĨͬǁŚĞŶĂǀĂůƵĂďůĞ ŽƉƉŽƌƚƵŶŝƚLJĂƌŝƐĞƐƚŽĂůůŽǁƚŚĞŝƚLJĂŶĚDƚŽŝŶǀĞƐƚŝŶƚŚĞĐŽŵŵƵŶŝƚLJ͘dŚĞĨƵŶĚƐǁŽƵůĚďĞƵƐĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĂƉƉƌŽǀĞĚ ĞdžƉĞŶĚŝƚƵƌĞƐŽƵƚůŝŶĞĚŝŶƚŚĞDůĞŐŝƐůĂƚŝŽŶĂŶĚƐƚƌĂƚĞŐŝĐĂůůLJƵƐĞĚƚŽŝŶǀĞƐƚŝŶƚŚĞĚŽǁŶƚŽǁŶĂƌĞĂŽƌĂƌĞĂƐƚŚĂƚĂƌŝƐĞǁŚŝĐŚǁŽƵůĚ ĂĚǀĂŶĐĞƚŚĞDŽĂƌĚΖƐƐƚĂƚĞĚƉƌŝŽƌŝƚŝĞƐƐƵĐŚĂƐƚƌĂŶƐŝƚ͕ǁŽƌŬĨŽƌĐĞ͕ĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĂŶĚĂǀĂƌŝĞƚLJŽĨŽƚŚĞƌƐ͘ EŽƚƉƉůŝĐĂďůĞ tŚĂƚŝƐƚŚĞŐƌĂŶƚƐƚĂƚƵƐĨŽƌƚŚĞƉƌŽũĞĐƚ͍͗ &ŽƵŶĚĂƚŝŽŶWƌŝŶĐŝƉůĞƐ^ƵƉƉŽƌƚĞĚ͗ ŽŵƉĂƐƐŝŽŶ͕ ŶǀŝƌŽŶŵĞŶƚĂů^ƚĞǁĂƌĚƐŚŝƉ͕&ŝƐĐĂůZĞƐƉŽŶƐŝďŝůŝƚLJΘ^ƵƐƚĂŝŶĂďŝůŝƚLJ͕WƵďůŝĐ^ĂĨĞƚLJ͕^ŽĐŝĂů ƋƵŝƚLJ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚŝĞƐ^ƵƉƉŽƌƚĞĚ͗ ŶŚĂŶĐĞYƵĂůŝƚLJŽĨ>ŝĨĞ͕&ŽƐƚĞƌĂdĞĂŵͲKƌŝĞŶƚĞĚƵůƚƵƌĞ͕DĂŶĂŐĞ'ƌŽǁƚŚĂŶĚĞǀĞůŽƉŵĞŶƚ͕ĂůĂŶĐĞWƵďůŝĐ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ/ŶǀĞƐƚŵĞŶƚ 3DFNHW3J +H ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϲϮϬϮϳ ϮϬϮϯϮϬϮϰϮϬϮϱ ϮϬϮϮ ϯ͕ϬϬϬ͕ϬϬϬ ^ƚĂƚĞD&ƵŶĚƐ ϯ͕ϬϬϬ͕ϬϬϬ ϯ͕ϬϬϬ͕ϬϬϬ ϯ͕ϬϬϬ͕ϬϬϬϭϴ͕ϬϬϬ͕ϬϬϬ ϯ͕ϬϬϬ͕ϬϬϬ ϯ͕ϬϬϬ͕ϬϬϬ ϯ͕ϬϬϬ͕ϬϬϬ ϯ͕ϬϬϬ͕ϬϬϬϯ͕ϬϬϬ͕ϬϬϬϯ͕ϬϬϬ͕ϬϬϬ ϯ͕ϬϬϬ͕ϬϬϬϭϴ͕ϬϬϬ͕ϬϬϬ ϯ͕ϬϬϬ͕ϬϬϬ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ DĂũŽƌ džƉĞŶƐĞĂƚĞŐŽƌLJ ϮϬϮϰ ϮϬϮϯϮϬϮϱϮϬϮϲϮϬϮϳ ϮϬϮϮ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ϯ͕ϬϬϬ͕ϬϬϬ ϯ͕ϬϬϬ͕ϬϬϬ ϯ͕ϬϬϬ͕ϬϬϬ ϯ͕ϬϬϬ͕ϬϬϬϯ͕ϬϬϬ͕ϬϬϬ ϯ͕ϬϬϬ͕ϬϬϬϭϴ͕ϬϬϬ͕ϬϬϬ ϯ͕ϬϬϬ͕ϬϬϬϯ͕ϬϬϬ͕ϬϬϬ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶZŽǁdŽƚĂů͗ϯ͕ϬϬϬ͕ϬϬϬ ϭϴ͕ϬϬϬ͕ϬϬϬ ϯ͕ϬϬϬ͕ϬϬϬ ϯ͕ϬϬϬ͕ϬϬϬ ϯ͕ϬϬϬ͕ϬϬϬ ĞƐĐƌŝďĞŚŽǁƚŚŝƐƉƌŽũĞĐƚŝŵƉůĞŵĞŶƚƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨƌŽŵŽƚŚĞƌƉůĂŶƐĂĚŽƉƚĞĚďLJƚŚĞŝƚLJĂŶĚƌĞůĂƚĞĚŐƌŽƵƉƐ͗ tŽƵůĚŝŶǀĞƐƚŝŶƉƌŽũĞĐƚƐͬŽƉƉŽƌƚƵŶŝƚŝĞƐƚŚĂƚĂƌĞŝŶĂůŝŐŶŵĞŶƚǁŝƚŚƚŚĞƐƚƌĂƚĞŐŝĐƉůĂŶƐŽĨďŽƚŚƚŚĞDĂŶĚŝƚLJŽĨZŽĐŚĞƐƚĞƌ͘ KƉĞƌĂƚŝŽŶƐΘĂƉŝƚĂůƐƐĞƚDĂŝŶƚĞŶĂŶĐĞ͗ EĞǁ /ƐƚŚŝƐƌĞƋƵĞƐƚĨŽƌŶĞǁŽƌĞdžŝƐƚŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͗ ϱϬ tŚĂƚŝƐƚŚĞĞdžƉĞĐƚĞĚƵƐĞĨƵůůŝĨĞŽĨƚŚĞƉƌŽũĞĐƚͬŝŵƉƌŽǀĞŵĞŶƚ;ŝŶLJĞĂƌƐͿ͗ Ϭ tŚĂƚŝƐƚŚĞĞƐƚŝŵĂƚĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞ;ĞĐƌĞĂƐĞͿĨŽƌƚŚŝƐƉƌŽũĞĐƚ;ΨͿ͗ ĞƐĐƌŝďĞŚŽǁŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞƐͬĞĐƌĞĂƐĞƐĂŶĚŝŶĐůƵĚĞĚĞƚĂŝůƐƐƵĐŚĂƐƉĞƌƐŽŶŶĞůĐŽƐƚƐ͕ŵĂƚĞƌŝĂůƐ͕ĐŽŶƚƌĂĐƚƐ͕ĞŶĞƌŐLJƐĂǀŝŶŐƐ͕ĞƚĐ͗͘ ŶLJŝŶĐƌĞĂƐĞŝŶŽƉĞƌĂƚŝŶŐĐŽƐƚƐǁŽƵůĚŚĂǀĞƚŽďĞƉƌŽũĞĐƚĞĚΘĐŽŶƐŝĚĞƌĞĚĂƚƚŚĞƚŝŵĞĨƵŶĚƐǁĞƌĞďĞŝŶŐĐŽŶƐŝĚĞƌĞĚƚŽďĞĞdžƉĞŶĚĞĚŽŶĂ ƌĞĚĞǀĞůŽƉŵĞŶƚŽƉƉŽƌƚƵŶŝƚLJ͘ /ĨŶĞǁŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĚŝƐĐƵƐƐŚŽǁƚŚĞĚĞƉĂƌƚŵĞŶƚǁŝůůƉĂLJĨŽƌƚŚĞŝŶĐƌĞĂƐĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͗ 3DFNHW3J +H Ϯϴϲ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWůĂŶ ϮϬϮϮ ŽǁŶƚŽǁŶŝƐƚƌŝĐƚ ŶĞƌŐLJ^LJƐƚĞŵ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ /WƵƐŝŶĞƐƐhŶŝƚ͗ ĞƉĂƌƚŵĞŶƚ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ/W;hϴϲϬϬͿ ŝǀŝƐŝŽŶ͗WƌŽũĞĐƚEƵŵďĞƌ͗ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ WƌŽũĞĐƚĂƚĞŐŽƌLJ͗ ϭϭ ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚLJ͗tĂƌĚ͗ E WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ dŚŝƐƉƌŽũĞĐƚǁŽƵůĚĂĚĚŚĞĂƚŝŶŐĂŶĚĐŽŽůŝŶŐĐĂƉĂĐŝƚLJƚŽĂƌĞĂƐŝŶƚŚĞĚŽǁŶƚŽǁŶĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌĚŝƐƚƌŝĐƚ͘ ƋƵŝƉŵĞŶƚĞǀĂůƵĂƚĞĚ ĨŽƌƚŚŝƐĐŽŶĐĞƉƚĐĂŶĐƌĞĂƚĞďŽƚŚŚĞĂƚŝŶŐĂŶĚĐŽŽůŝŶŐĞŶĞƌŐLJƐŝŵƵůƚĂŶĞŽƵƐůLJĂŶĚŝŶĂǀĞƌLJĞĨĨŝĐŝĞŶƚŵĂŶŶĞƌ͘ŽǁŶƚŽǁŶŐŽǀĞƌŶŵĞŶƚ ďƵŝůĚŝŶŐƐ;>ŝďƌĂƌLJ͕ŝƚLJ,Ăůů͕DĂLJŽŝǀŝĐĞŶƚĞƌ͕ŝǀŝĐdŚĞĂƚĞƌĂŶĚƌƚĞŶƚĞƌͿǁŝůůďĞƚŚĞĨŝƌƐƚĨĂĐŝůŝƚŝĞƐƚŽďĞŚĞĂƚĞĚĂŶĚĐŽŽůĞĚďLJƚŚŝƐ ƐLJƐƚĞŵ͘&ƵƚƵƌĞƉƌŝǀĂƚĞĨĂĐŝůŝƚŝĞƐŽƌĚĞǀĞůŽƉŵĞŶƚƐĐŽƵůĚĂůƐŽďĞƐĞƌǀĞĚďLJƚŚĞƐLJƐƚĞŵ͘ WƵƌƉŽƐĞ͕:ƵƐƚŝĨŝĐĂƚŝŽŶΘĞŶĞĨŝƚƐ͗ ŝƐƚƌŝĐƚĞŶĞƌŐLJǁŝůůƌĞƉůĂĐĞůĞƐƐĞĨĨŝĐŝĞŶƚƐLJƐƚĞŵƐĂŶĚƌĞĚƵĐĞŽƵƌĐĂƌďŽŶĨŽŽƚƉƌŝŶƚ͘ƐLJƐƚĞŵƐƵĐŚĂƐƚŚŝƐǁŽƵůĚƌĞĚƵĐĞĐŽƐƚĂŶĚŽŶŐŽŝŶŐ ŽƉĞƌĂƚŝŽŶƐĂŶĚŵĂŝŶƚĞŶĂŶĐĞĨĞĞƐ͕ǁŚŝůĞƉƌŽǀŝĚŝŶŐĂŶĞĨĨŝĐŝĞŶƚ͕ƌĞůŝĂďůĞ͕ĂŶĚĐĂƌďŽŶͲĨƌĞĞŚĞĂƚŝŶŐĂŶĚĐŽŽůŝŶŐƐŽƵƌĐĞďLJϮϬϯϬ͘dŚĞĐŽŶĐĞƉƚ 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ŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽŵĂŬĞĚŽǁŶƚŽǁŶƐŝĚĞǁĂůŬƐŵŽƌĞŝŶǀŝƚŝŶŐĂŶĚĂůůŽǁĨŽƌĐƌĞĂƚŝǀĞĂĐƚŝǀĂƚŝŽŶŽĨƐŝĚĞǁĂůŬĂƌĞĂƐ͘ WƵƌƉŽƐĞ͕:ƵƐƚŝĨŝĐĂƚŝŽŶΘĞŶĞĨŝƚƐ͗ DĂŶLJĂƌĞĂƐŽĨƚŚĞƐŝĚĞǁĂůŬƐŝŶĚŽǁŶƚŽǁŶĂƌĞĚĞŐƌĂĚŝŶŐŽǀĞƌƚŝŵĞ͕ĞƐƉĞĐŝĂůůLJƐƵƌƌŽƵŶĚŝŶŐďƌŝĐŬŝŶůĂLJƐƚŚĂƚǁĞƌĞŝŶƐƚĂůůĞĚĂƐƉĂƌƚŽĨĂŶ ŽƵƚĚĂƚĞĚƐƚĂŶĚĂƌĚĚĞƚĂŝůƵƐĞĚďĞĨŽƌĞƉĂƐƐĂŐĞŽĨƚŚĞ͘ƌĂĐŬƐĂŶĚďƌŝĐŬƉŽƉͲŽƵƚƐĂƌĞĂƐĂĨĞƚLJŚĂnjĂƌĚĂŶĚŐĞŶĞƌĂƚĞƚƌŝƉͬĨĂůůĐŽŵƉůĂŝŶƚƐ ĂƚĂŵƵĐŚŚŝŐŚĞƌƌĂƚĞƚŚĂŶŽƚŚĞƌƉĞĚĞƐƚƌŝĂŶĨĂĐŝůŝƚŝĞƐ͘dŚĞƐĞĐĂůůƐƐƉƵƌƌĞƉĞĂƚĞĚƚĞŵƉŽƌĂƌLJŵĂŝŶƚĞŶĂŶĐĞƚŚĂƚĚŽĞƐŶΖƚƐŽůǀĞƚŚĞƵŶĚĞƌůLJŝŶŐ ƉĞƌĨŽƌŵĂŶĐĞŝƐƐƵĞƐ͘dŚĞƌĞĐŽŶƐƚƌƵĐƚŝŽŶǁŝůůŝŶĐůƵĚĞŝŵƉƌŽǀĞŵĞŶƚƐ͕ĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨŝŶĐƌĞĂƐĞĚƉƵďůŝĐƌĞĂůŵƐƉĂĐĞ͕ĂŶĚŽƚŚĞƌ ĂĞƐƚŚĞƚŝĐŝŶƚĞŐƌĂƚŝŽŶĂƐƉĞĐƚƐ͘ EŽƚƉƉůŝĐĂďůĞ tŚĂƚŝƐƚŚĞŐƌĂŶƚƐƚĂƚƵƐĨŽƌƚŚĞƉƌŽũĞĐƚ͍͗ &ŽƵŶĚĂƚŝŽŶWƌŝŶĐŝƉůĞƐ^ƵƉƉŽƌƚĞĚ͗ WƵďůŝĐ^ĂĨĞƚLJ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚŝĞƐ^ƵƉƉŽƌƚĞĚ͗ ŶŚĂŶĐĞYƵĂůŝƚLJŽĨ>ŝĨĞ͕ĂůĂŶĐĞWƵďůŝĐ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ/ŶǀĞƐƚŵĞŶƚ 3DFNHW3J +H ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϲϮϬϮϳ ϮϬϮϯϮϬϮϰϮϬϮϱ ϮϬϮϮ Ϭ ^ƚĂƚĞD&ƵŶĚƐ Ϯ͕Ϭϱϭ͕ϲϮϱ Ϭ Ϭ Ϯ͕Ϭϱϭ͕ϲϮϱ ϬϬ Ϭ Ϯ͕Ϭϱϭ͕ϲϮϱ ϬϬ Ϭ Ϯ͕Ϭϱϭ͕ϲϮϱ Ϭ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ DĂũŽƌ džƉĞŶƐĞĂƚĞŐŽƌLJ ϮϬϮϰ ϮϬϮϯϮϬϮϱϮϬϮϲϮϬϮϳ ϮϬϮϮ ŽŶƐƚƌƵĐƚŝŽŶ Ϭ Ϭ Ϭ ϭ͕ϴϱϭ͕ϲϮϱ Ϭ Ϭ ϭ͕ϴϱϭ͕ϲϮϱ Ϭ Ϭ ƌĐŚŝƚĞĐƚͬĞƐŝŐŶ ϮϬϬ͕ϬϬϬ Ϭ Ϭ Ϭ ϮϬϬ͕ϬϬϬ Ϯ͕Ϭϱϭ͕ϲϮϱ Ϭ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶZŽǁdŽƚĂů͗Ϭ Ϯ͕Ϭϱϭ͕ϲϮϱ Ϭ Ϭ Ϭ ĞƐĐƌŝďĞŚŽǁƚŚŝƐƉƌŽũĞĐƚŝŵƉůĞŵĞŶƚƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨƌŽŵŽƚŚĞƌƉůĂŶƐĂĚŽƉƚĞĚďLJƚŚĞŝƚLJĂŶĚƌĞůĂƚĞĚŐƌŽƵƉƐ͗ DĂŝŶƚĂŝŶƐĂŶĚŝŵƉƌŽǀĞƐǁĂůŬĂďŝůŝƚLJŽĨĚŽǁŶƚŽǁŶ͘ĚĚƌĞƐƐĞƐĂƉƵďůŝĐƐĂĨĞƚLJŝƐƐƵĞ͘ KƉĞƌĂƚŝŽŶƐΘĂƉŝƚĂůƐƐĞƚDĂŝŶƚĞŶĂŶĐĞ͗ džŝƐƚŝŶŐ /ƐƚŚŝƐƌĞƋƵĞƐƚĨŽƌŶĞǁŽƌĞdžŝƐƚŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͗ ϱϬ tŚĂƚŝƐƚŚĞĞdžƉĞĐƚĞĚƵƐĞĨƵůůŝĨĞŽĨƚŚĞƉƌŽũĞĐƚͬŝŵƉƌŽǀĞŵĞŶƚ;ŝŶLJĞĂƌƐͿ͗ Ϭ tŚĂƚŝƐƚŚĞĞƐƚŝŵĂƚĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞ;ĞĐƌĞĂƐĞͿĨŽƌƚŚŝƐƉƌŽũĞĐƚ;ΨͿ͗ ĞƐĐƌŝďĞŚŽǁŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞƐͬĞĐƌĞĂƐĞƐĂŶĚŝŶĐůƵĚĞĚĞƚĂŝůƐƐƵĐŚĂƐƉĞƌƐŽŶŶĞůĐŽƐƚƐ͕ŵĂƚĞƌŝĂůƐ͕ĐŽŶƚƌĂĐƚƐ͕ĞŶĞƌŐLJƐĂǀŝŶŐƐ͕ĞƚĐ͗͘ tŝůůŐƌĞĂƚůLJƌĞĚƵĐĞŽŶŐŽŝŶŐƚĞŵƉŽƌĂƌLJŵĂŝŶƚĞŶĂŶĐĞŵĞĂƐƵƌĞƐĂŶĚĚĞĐƌĞĂƐĞƐƚĂĨĨƚŝŵĞŶĞĞĚĞĚƚŽƌĞƐƉŽŶĚƚŽŚŝŐŚƚƌŝƉͬĨĂůůƌĂƚĞƐ͘ /ĨŶĞǁŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĚŝƐĐƵƐƐŚŽǁƚŚĞĚĞƉĂƌƚŵĞŶƚǁŝůůƉĂLJĨŽƌƚŚĞŝŶĐƌĞĂƐĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͗ 3DFNHW3J +H ϯϯϵ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWůĂŶ ϮϬϮϮ ůŽĐŬϲ^ƚƌĞĞƚWƌŽũĞĐƚ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ /WƵƐŝŶĞƐƐhŶŝƚ͗ ĞƉĂƌƚŵĞŶƚ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ/W;hϴϲϬϬͿ ŝǀŝƐŝŽŶ͗WƌŽũĞĐƚEƵŵďĞƌ͗ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ WƌŽũĞĐƚĂƚĞŐŽƌLJ͗ ϭϮ ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚLJ͗tĂƌĚ͗ ůů WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ dŚĞƐĂŶŝƚĂƌLJƐĞǁĞƌĂŶĚǁĂƚĞƌŵĂŝŶƵƚŝůŝƚŝĞƐŝŶϯƌĚǀĞŶƵĞ^t͕ϰƚŚǀĞŶƵĞ^t͕ĂŶĚϱƚŚ^ƚƌĞĞƚ^tǁŝůůďĞƌĞƉůĂĐĞĚĂŶĚƵƉŐƌĂĚĞĚĂƐ ŶĞĞĚĞĚƚŽĂĐĐŽŵŵŽĚĂƚĞƌĞĐĞŶƚĂŶĚĨƵƚƵƌĞƌĞĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞĂƌĞĂ͘dŚĞƉƌŽũĞĐƚǁŝůůĂůƐŽŝŶĐůƵĚĞƌĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞƐƚƌĞĞƚƐĂŶĚ ƐŝĚĞǁĂůŬƐŝŶƚŚĞƉƌŽũĞĐƚĂƌĞĂ͘ŽŶƐƚƌƵĐƚŝŽŶŝƐĐƵƌƌĞŶƚůLJƉůĂŶŶĞĚĨŽƌϮϬϮϯ͘ WƵƌƉŽƐĞ͕:ƵƐƚŝĨŝĐĂƚŝŽŶΘĞŶĞĨŝƚƐ͗ ^ĂŶŝƚĂƌLJƐĞǁĞƌĂŶĚǁĂƚĞƌŵĂŝŶƵƚŝůŝƚŝĞƐŝŶƚŚĞĂƌĞĂŽĨƚŚĞŝƐĐŽǀĞƌLJ^ƋƵĂƌĞ^ƵďͲŝƐƚƌŝĐƚŽĨĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ;DͿŚĂǀĞ ƌĞĂĐŚĞĚƚŚĞĞŶĚŽĨƚŚĞŝƌƵƐĞĨƵůůŝĨĞ͘ĚĚŝƚŝŽŶĂůůLJ͕ƚŚĞLJƐŚŽƵůĚďĞƵƉŐƌĂĚĞĚƚŽĂĐĐŽŵŵŽĚĂƚĞƌĞĐĞŶƚĂŶĚĨƵƚƵƌĞƌĞĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞ ĂƌĞĂ͘ EŽƚƉƉůŝĐĂďůĞ tŚĂƚŝƐƚŚĞŐƌĂŶƚƐƚĂƚƵƐĨŽƌƚŚĞƉƌŽũĞĐƚ͍͗ &ŽƵŶĚĂƚŝŽŶWƌŝŶĐŝƉůĞƐ^ƵƉƉŽƌƚĞĚ͗ ŶǀŝƌŽŶŵĞŶƚĂů^ƚĞǁĂƌĚƐŚŝƉ͕&ŝƐĐĂůZĞƐƉŽŶƐŝďŝůŝƚLJΘ^ƵƐƚĂŝŶĂďŝůŝƚLJ͕WƵďůŝĐ^ĂĨĞƚLJ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚŝĞƐ^ƵƉƉŽƌƚĞĚ͗ ŶŚĂŶĐĞYƵĂůŝƚLJŽĨ>ŝĨĞ͕DĂŶĂŐĞ'ƌŽǁƚŚĂŶĚĞǀĞůŽƉŵĞŶƚ͕ĂůĂŶĐĞWƵďůŝĐ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ/ŶǀĞƐƚŵĞŶƚ +H ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϲϮϬϮϳ ϮϬϮϯϮϬϮϰϮϬϮϱ ϮϬϮϮ Ϭ ^ƚĂƚĞD&ƵŶĚƐ ϳϴϵ͕ϬϬϬ Ϭ Ϭ ϳϴϵ͕ϬϬϬ ϬϬ KƉĞƌĂƚŝŶŐdƌĂŶƐĨĞƌʹ&ƌŽŵ^ĞǁĞƌhƚŝůŝƚLJ Ϭ ϮϮϯ͕ϬϬϬ Ϭ Ϭ ϬϬ ϮϮϯ͕ϬϬϬ Ϭ tĂƚĞƌhƚŝůŝƚLJ ϮϬϲ͕ϬϬϬ Ϭ Ϭ Ϭ Ϭ ϮϬϲ͕ϬϬϬ Ϭ KƉĞƌĂƚŝŶŐdƌĂŶƐĨĞƌʹ&ƌŽŵ^ƚŽƌŵtĂƚĞƌϭϭϴ͕ϬϬϬ Ϭ Ϭ ϬϬ ϭϭϴ͕ϬϬϬ Ϭ WƌŽũĞĐƚZĞƐĞƌǀĞƐϮϰϮ͕ϬϬϬ Ϭ Ϭ ϬϬ ϮϰϮ͕ϬϬϬ Ϭ ϭ͕ϱϳϴ͕ϬϬϬ ϬϬ Ϭ ϭ͕ϱϳϴ͕ϬϬϬ Ϭ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ DĂũŽƌ džƉĞŶƐĞĂƚĞŐŽƌLJ ϮϬϮϰ ϮϬϮϯϮϬϮϱϮϬϮϲϮϬϮϳ ϮϬϮϮ ƌĐŚŝƚĞĐƚͬĞƐŝŐŶ Ϭ Ϭ Ϭ ϯϭϱ͕ϬϬϬ Ϭ Ϭ ϯϭϱ͕ϬϬϬ Ϭ Ϭ ŽŶƐƚƌƵĐƚŝŽŶ ϭ͕Ϯϲϯ͕ϬϬϬ Ϭ Ϭ Ϭ ϭ͕Ϯϲϯ͕ϬϬϬ ϭ͕ϱϳϴ͕ϬϬϬ Ϭ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶZŽǁdŽƚĂů͗Ϭ ϭ͕ϱϳϴ͕ϬϬϬ Ϭ Ϭ Ϭ ĞƐĐƌŝďĞŚŽǁƚŚŝƐƉƌŽũĞĐƚŝŵƉůĞŵĞŶƚƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨƌŽŵŽƚŚĞƌƉůĂŶƐĂĚŽƉƚĞĚďLJƚŚĞŝƚLJĂŶĚƌĞůĂƚĞĚŐƌŽƵƉƐ͗ ,ĞůƉƐƐƵƉƉŽƌƚƚŚĞĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌƐƚƌĂƚĞŐŝĐƉůĂŶ͘ KƉĞƌĂƚŝŽŶƐΘĂƉŝƚĂůƐƐĞƚDĂŝŶƚĞŶĂŶĐĞ͗ EĞǁ /ƐƚŚŝƐƌĞƋƵĞƐƚĨŽƌŶĞǁŽƌĞdžŝƐƚŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͗ ϱϬ tŚĂƚŝƐƚŚĞĞdžƉĞĐƚĞĚƵƐĞĨƵůůŝĨĞŽĨƚŚĞƉƌŽũĞĐƚͬŝŵƉƌŽǀĞŵĞŶƚ;ŝŶLJĞĂƌƐͿ͗ Ϭ tŚĂƚŝƐƚŚĞĞƐƚŝŵĂƚĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞ;ĞĐƌĞĂƐĞͿĨŽƌƚŚŝƐƉƌŽũĞĐƚ;ΨͿ͗ ĞƐĐƌŝďĞŚŽǁŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞƐͬĞĐƌĞĂƐĞƐĂŶĚŝŶĐůƵĚĞĚĞƚĂŝůƐƐƵĐŚĂƐƉĞƌƐŽŶŶĞůĐŽƐƚƐ͕ŵĂƚĞƌŝĂůƐ͕ĐŽŶƚƌĂĐƚƐ͕ĞŶĞƌŐLJƐĂǀŝŶŐƐ͕ĞƚĐ͗͘ KƉĞƌĂƚŝŶŐĐŽƐƚƐƐŚŽƵůĚŶĞŝƚŚĞƌŝŶĐƌĞĂƐĞŽƌĚĞĐƌĞĂƐĞǁŝƚŚƚŚŝƐƉƌŽũĞĐƚ͘ /ĨŶĞǁŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĚŝƐĐƵƐƐŚŽǁƚŚĞĚĞƉĂƌƚŵĞŶƚǁŝůůƉĂLJĨŽƌƚŚĞŝŶĐƌĞĂƐĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͗ 3DFNHW3J +H ϮϭϬ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWůĂŶ ϮϬϮϮ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌŽƌƉŽƌĂƚŝŽŶ džƉĞŶƐĞƐ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ϴϲϬϬ /WƵƐŝŶĞƐƐhŶŝƚ͗ ĞƉĂƌƚŵĞŶƚ͗ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗WƌŽũĞĐƚEƵŵďĞƌ͗ ϴϲϬϮ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ WƌŽũĞĐƚĂƚĞŐŽƌLJ͗ ϭ ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚLJ͗tĂƌĚ͗ E WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ ŽŶƚƌŝďƵƚŝŽŶƐƚŽƚŚĞĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌŽƌƉŽƌĂƚŝŽŶ;DͿĨŽƌDĞdžƉĞŶƐĞƐ͘ WƵƌƉŽƐĞ͕:ƵƐƚŝĨŝĐĂƚŝŽŶΘĞŶĞĨŝƚƐ͗ dŽƐƵƉƉŽƌƚƚŚĞĞĨĨŽƌƚƐŽĨƚŚĞDŽŶĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ;DͿĂĐƚŝǀŝƚŝĞƐ͘ EŽƚƉƉůŝĐĂďůĞ tŚĂƚŝƐƚŚĞŐƌĂŶƚƐƚĂƚƵƐĨŽƌƚŚĞƉƌŽũĞĐƚ͍͗ &ŽƵŶĚĂƚŝŽŶWƌŝŶĐŝƉůĞƐ^ƵƉƉŽƌƚĞĚ͗ &ŝƐĐĂůZĞƐƉŽŶƐŝďŝůŝƚLJΘ^ƵƐƚĂŝŶĂďŝůŝƚLJ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚŝĞƐ^ƵƉƉŽƌƚĞĚ͗ &ŽƐƚĞƌĂdĞĂŵͲKƌŝĞŶƚĞĚƵůƚƵƌĞ 3DFNHW3J +H ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϲϮϬϮϳ ϮϬϮϯϮϬϮϰϮϬϮϱ ϮϬϮϮ Ϯϱϯ͕ϬϬϬ ^ĂůĞƐdĂdžDϮϰϳ͕ϬϬϬϮϱϵ͕ϬϬϬ ϮϳϮ͕ϬϬϬϭ͕ϱϳϱ͕ϬϬϬ Ϯϲϱ͕ϬϬϬϮϳϵ͕ϬϬϬ Ϯϱϯ͕ϬϬϬ Ϯϰϳ͕ϬϬϬϮϱϵ͕ϬϬϬϮϳϮ͕ϬϬϬ Ϯϲϱ͕ϬϬϬϭ͕ϱϳϱ͕ϬϬϬ Ϯϳϵ͕ϬϬϬ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ DĂũŽƌ džƉĞŶƐĞĂƚĞŐŽƌLJ ϮϬϮϰ ϮϬϮϯϮϬϮϱϮϬϮϲϮϬϮϳ ϮϬϮϮ KǀĞƌŚĞĂĚ Ϯϱϯ͕ϬϬϬ Ϯϳϵ͕ϬϬϬ Ϯϲϱ͕ϬϬϬ Ϯϰϳ͕ϬϬϬϮϱϵ͕ϬϬϬ ϮϳϮ͕ϬϬϬϭ͕ϱϳϱ͕ϬϬϬ Ϯϰϳ͕ϬϬϬϮϱϯ͕ϬϬϬ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶZŽǁdŽƚĂů͗Ϯϳϵ͕ϬϬϬ ϭ͕ϱϳϱ͕ϬϬϬ Ϯϱϵ͕ϬϬϬ ϮϳϮ͕ϬϬϬ Ϯϲϱ͕ϬϬϬ ĞƐĐƌŝďĞŚŽǁƚŚŝƐƉƌŽũĞĐƚŝŵƉůĞŵĞŶƚƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨƌŽŵŽƚŚĞƌƉůĂŶƐĂĚŽƉƚĞĚďLJƚŚĞŝƚLJĂŶĚƌĞůĂƚĞĚŐƌŽƵƉƐ͗ DƉƌŽũĞĐƚƐƐƵƉƉŽƌƚƚŚĞDĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚƚĂŬĞŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶŽƚŚĞƌŝƚLJƉůĂŶƐƐƵĐŚĂƐƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶ͕ďŝĐLJĐůĞ ŵĂƐƚĞƌƉůĂŶ͕ƉĂƌŬŵĂƐƚĞƌƉůĂŶ͕ĞƚĐ͘ KƉĞƌĂƚŝŽŶƐΘĂƉŝƚĂůƐƐĞƚDĂŝŶƚĞŶĂŶĐĞ͗ džŝƐƚŝŶŐ /ƐƚŚŝƐƌĞƋƵĞƐƚĨŽƌŶĞǁŽƌĞdžŝƐƚŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͗ ϭ tŚĂƚŝƐƚŚĞĞdžƉĞĐƚĞĚƵƐĞĨƵůůŝĨĞŽĨƚŚĞƉƌŽũĞĐƚͬŝŵƉƌŽǀĞŵĞŶƚ;ŝŶLJĞĂƌƐͿ͗ Ϭ tŚĂƚŝƐƚŚĞĞƐƚŝŵĂƚĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞ;ĞĐƌĞĂƐĞͿĨŽƌƚŚŝƐƉƌŽũĞĐƚ;ΨͿ͗ ĞƐĐƌŝďĞŚŽǁŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞƐͬĞĐƌĞĂƐĞƐĂŶĚŝŶĐůƵĚĞĚĞƚĂŝůƐƐƵĐŚĂƐƉĞƌƐŽŶŶĞůĐŽƐƚƐ͕ŵĂƚĞƌŝĂůƐ͕ĐŽŶƚƌĂĐƚƐ͕ĞŶĞƌŐLJƐĂǀŝŶŐƐ͕ĞƚĐ͗͘ dŚĞĂŵŽƵŶƚďĞŝŶŐďƵĚŐĞƚĞĚĨŽƌϮϬϮϮŝƐĂŶŝŶĐƌĞĂƐĞĨƌŽŵƚŚĞƉƌŝŽƌLJĞĂƌ;ϮϬϮϭͿŽĨĂƉƉƌŽdžŝŵĂƚĞůLJΨϴ͕ϬϬϬ͘ /ĨŶĞǁŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĚŝƐĐƵƐƐŚŽǁƚŚĞĚĞƉĂƌƚŵĞŶƚǁŝůůƉĂLJĨŽƌƚŚĞŝŶĐƌĞĂƐĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͗ 3DFNHW3J +H Ϯϭϯ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWůĂŶ ϮϬϮϮ ĚŵŝŶŝƐƚƌĂƚŝǀĞŽƐƚƐĨŽƌĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌWƌŽũĞĐƚƐ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ϴϲϬϬ /WƵƐŝŶĞƐƐhŶŝƚ͗ ĞƉĂƌƚŵĞŶƚ͗ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗WƌŽũĞĐƚEƵŵďĞƌ͗ ϴϲϬϭ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ WƌŽũĞĐƚĂƚĞŐŽƌLJ͗ ϰ ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚLJ͗tĂƌĚ͗ E WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ dŚŝƐďƵĚŐĞƚŝƚĞŵƌĞƉƌĞƐĞŶƚƐƚŚĞĂĚŵŝŶŝƐƚƌĂƚŝǀĞĐŽƐƚƐƚŚĂƚŵĂLJďĞŝŶĐƵƌƌĞĚďLJƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌŝŶƚŚĞĂĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨĞƐƚŝŶĂƚŝŽŶ DĞĚŝĐĂůĞŶƚĞƌ;DͿƉƌŽũĞĐƚƐ͘ WƵƌƉŽƐĞ͕:ƵƐƚŝĨŝĐĂƚŝŽŶΘĞŶĞĨŝƚƐ͗ dŚĞƌĞĂƌĞĂǀĂƌŝĞƚLJŽĨĞdžƉĞŶĚŝƚƵƌĞƐƚŚĂƚĂƌŝƐĞŝŶƚŚĞƉƌŽũĞĐƚƉƌŽĐĞƐƐĂŶĚƚŚĞƐĞĨƵŶĚƐĂƌĞĂǀĂŝůĂďůĞƚŽĐŽǀĞƌƚŚĞŵŽƌĞŵŝŶŽƌŝƚĞŵƐƚŚĂƚ ǁŽƵůĚďĞĐŽŶƐŝĚĞƌĞĚĂĚŵŝŶŝƐƚƌĂƚŝǀĞƚŽĐĂƌƌLJŝŶŐŽƵƚĂDƉƌŽũĞĐƚ͘ EŽƚƉƉůŝĐĂďůĞ tŚĂƚŝƐƚŚĞŐƌĂŶƚƐƚĂƚƵƐĨŽƌƚŚĞƉƌŽũĞĐƚ͍͗ &ŽƵŶĚĂƚŝŽŶWƌŝŶĐŝƉůĞƐ^ƵƉƉŽƌƚĞĚ͗ &ŝƐĐĂůZĞƐƉŽŶƐŝďŝůŝƚLJΘ^ƵƐƚĂŝŶĂďŝůŝƚLJ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚŝĞƐ^ƵƉƉŽƌƚĞĚ͗ ŶŚĂŶĐĞYƵĂůŝƚLJŽĨ>ŝĨĞ͕DĂŶĂŐĞ'ƌŽǁƚŚĂŶĚĞǀĞůŽƉŵĞŶƚ 3DFNHW3J +H ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϲϮϬϮϳ ϮϬϮϯϮϬϮϰϮϬϮϱ ϮϬϮϮ ϭϬϬ͕ϬϬϬ ^ĂůĞƐdĂdžDϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ϲϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ϲϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ DĂũŽƌ džƉĞŶƐĞĂƚĞŐŽƌLJ ϮϬϮϰ ϮϬϮϯϮϬϮϱϮϬϮϲϮϬϮϳ ϮϬϮϮ KǀĞƌŚĞĂĚ ϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ϲϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬϭϬϬ͕ϬϬϬ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶZŽǁdŽƚĂů͗ϭϬϬ͕ϬϬϬ ϲϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ϭϬϬ͕ϬϬϬ ĞƐĐƌŝďĞŚŽǁƚŚŝƐƉƌŽũĞĐƚŝŵƉůĞŵĞŶƚƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨƌŽŵŽƚŚĞƌƉůĂŶƐĂĚŽƉƚĞĚďLJƚŚĞŝƚLJĂŶĚƌĞůĂƚĞĚŐƌŽƵƉƐ͗ DƉƌŽũĞĐƚƐƐƵƉƉŽƌƚƚŚĞDĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚƚĂŬĞŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶŽƚŚĞƌŝƚLJƉůĂŶƐƐƵĐŚĂƐƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶ͕ďŝĐLJĐůĞ ŵĂƐƚĞƌƉůĂŶ͕ƉĂƌŬŵĂƐƚĞƌƉůĂŶ͕ĞƚĐ͘ KƉĞƌĂƚŝŽŶƐΘĂƉŝƚĂůƐƐĞƚDĂŝŶƚĞŶĂŶĐĞ͗ džŝƐƚŝŶŐ /ƐƚŚŝƐƌĞƋƵĞƐƚĨŽƌŶĞǁŽƌĞdžŝƐƚŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͗ ϭ tŚĂƚŝƐƚŚĞĞdžƉĞĐƚĞĚƵƐĞĨƵůůŝĨĞŽĨƚŚĞƉƌŽũĞĐƚͬŝŵƉƌŽǀĞŵĞŶƚ;ŝŶLJĞĂƌƐͿ͗ Ϭ tŚĂƚŝƐƚŚĞĞƐƚŝŵĂƚĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞ;ĞĐƌĞĂƐĞͿĨŽƌƚŚŝƐƉƌŽũĞĐƚ;ΨͿ͗ ĞƐĐƌŝďĞŚŽǁŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞƐͬĞĐƌĞĂƐĞƐĂŶĚŝŶĐůƵĚĞĚĞƚĂŝůƐƐƵĐŚĂƐƉĞƌƐŽŶŶĞůĐŽƐƚƐ͕ŵĂƚĞƌŝĂůƐ͕ĐŽŶƚƌĂĐƚƐ͕ĞŶĞƌŐLJƐĂǀŝŶŐƐ͕ĞƚĐ͗͘ dŚĞĂĚŵŝŶŝƐƚƌĂƚŝǀĞďƵĚŐĞƚďĞŝŶŐƉƌĞƐĞŶƚĞĚĨŽƌϮϬϮϮŝƐĞƋƵĂůƚŽƚŚĞƉƌŝŽƌLJĞĂƌ;ϮϬϮϭͿ͘ /ĨŶĞǁŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĚŝƐĐƵƐƐŚŽǁƚŚĞĚĞƉĂƌƚŵĞŶƚǁŝůůƉĂLJĨŽƌƚŚĞŝŶĐƌĞĂƐĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͗ 3DFNHW3J +H Ϯϭϭ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWůĂŶ ϮϬϮϮ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌŽƌƉŽƌĂƚŝŽŶ džƉĞŶƐĞƐ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ϴϲϬϬ /WƵƐŝŶĞƐƐhŶŝƚ͗ ĞƉĂƌƚŵĞŶƚ͗ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗WƌŽũĞĐƚEƵŵďĞƌ͗ ϴϲϬϮ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ WƌŽũĞĐƚĂƚĞŐŽƌLJ͗ Ϯ ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚLJ͗tĂƌĚ͗ E WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ ŽŶƚƌŝďƵƚŝŽŶƐƚŽƚŚĞĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ;DͿ ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚƵƚŚŽƌŝƚLJ; ͿĨŽƌĞdžƉĞŶƐĞƐŝŶĐƵƌƌĞĚƚŽŝŵƉůĞŵĞŶƚƚŚĞ ǁŽƌŬƉůĂŶŽĨƚŚĞĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌŽƌƉŽƌĂƚŝŽŶ;DͿ͘ WƵƌƉŽƐĞ͕:ƵƐƚŝĨŝĐĂƚŝŽŶΘĞŶĞĨŝƚƐ͗ dŽƐƵƉƉŽƌƚƚŚĞĞĨĨŽƌƚƐŽĨƚŚĞD ŽŶDĂĐƚŝǀŝƚŝĞƐĂŶĚĂƉƉƌŽǀĞĚϮϬϮϭǁŽƌŬƉůĂŶŽďũĞĐƚŝǀĞƐ͘ EŽƚƉƉůŝĐĂďůĞ tŚĂƚŝƐƚŚĞŐƌĂŶƚƐƚĂƚƵƐĨŽƌƚŚĞƉƌŽũĞĐƚ͍͗ &ŽƵŶĚĂƚŝŽŶWƌŝŶĐŝƉůĞƐ^ƵƉƉŽƌƚĞĚ͗ &ŝƐĐĂůZĞƐƉŽŶƐŝďŝůŝƚLJΘ^ƵƐƚĂŝŶĂďŝůŝƚLJ ^ƚƌĂƚĞŐŝĐWƌŝŽƌŝƚŝĞƐ^ƵƉƉŽƌƚĞĚ͗ ŶŚĂŶĐĞYƵĂůŝƚLJŽĨ>ŝĨĞ͕&ŽƐƚĞƌĂdĞĂŵͲKƌŝĞŶƚĞĚƵůƚƵƌĞ͕DĂŶĂŐĞ'ƌŽǁƚŚĂŶĚĞǀĞůŽƉŵĞŶƚ͕ĂůĂŶĐĞWƵďůŝĐ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ/ŶǀĞƐƚŵĞŶƚ 3DFNHW3J +H ĞƉĂƌƚŵĞŶƚ&ƵŶĚŝŶŐZĞƋƵĞƐƚ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ ŶƚŝĐŝƉĂƚĞĚ&ƵŶĚŝŶŐ^ŽƵƌĐĞ ϮϬϮϲϮϬϮϳ ϮϬϮϯϮϬϮϰϮϬϮϱ ϮϬϮϮ Ϯ͕Ϯϰϰ͕ϳϱϬ ^ĂůĞƐdĂdžDϮ͕ϭϵϬ͕ϬϬϬϮ͕ϯϬϬ͕ϴϳϬ Ϯ͕ϰϭϳ͕ϯϱϬϭϯ͕ϵϴϵ͕ϭϰϬ Ϯ͕ϯϱϴ͕ϯϵϬϮ͕ϰϳϳ͕ϳϴϬ Ϯ͕Ϯϰϰ͕ϳϱϬ Ϯ͕ϭϵϬ͕ϬϬϬϮ͕ϯϬϬ͕ϴϳϬϮ͕ϰϭϳ͕ϯϱϬ Ϯ͕ϯϱϴ͕ϯϵϬϭϯ͕ϵϴϵ͕ϭϰϬ Ϯ͕ϰϳϳ͕ϳϴϬ &ƵŶĚŝŶŐZĞƋƵĞƐƚZŽǁdŽƚĂů͗ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶ͗ dŽƚĂůƵƌƌĞŶƚϲzƌƐ DĂũŽƌ džƉĞŶƐĞĂƚĞŐŽƌLJ ϮϬϮϰ ϮϬϮϯϮϬϮϱϮϬϮϲϮϬϮϳ ϮϬϮϮ KǀĞƌŚĞĂĚ Ϯ͕Ϯϰϰ͕ϳϱϬ Ϯ͕ϰϳϳ͕ϳϴϬ Ϯ͕ϯϱϴ͕ϯϵϬ Ϯ͕ϭϵϬ͕ϬϬϬϮ͕ϯϬϬ͕ϴϳϬ Ϯ͕ϰϭϳ͕ϯϱϬϭϯ͕ϵϴϵ͕ϭϰϬ Ϯ͕ϭϵϬ͕ϬϬϬϮ͕Ϯϰϰ͕ϳϱϬ WƌŽũĞĐƚŽƐƚƌĞĂŬĚŽǁŶZŽǁdŽƚĂů͗Ϯ͕ϰϳϳ͕ϳϴϬ ϭϯ͕ϵϴϵ͕ϭϰϬ Ϯ͕ϯϬϬ͕ϴϳϬ Ϯ͕ϰϭϳ͕ϯϱϬ Ϯ͕ϯϱϴ͕ϯϵϬ ĞƐĐƌŝďĞŚŽǁƚŚŝƐƉƌŽũĞĐƚŝŵƉůĞŵĞŶƚƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨƌŽŵŽƚŚĞƌƉůĂŶƐĂĚŽƉƚĞĚďLJƚŚĞŝƚLJĂŶĚƌĞůĂƚĞĚŐƌŽƵƉƐ͗ DƉƌŽũĞĐƚƐƐƵƉƉŽƌƚƚŚĞDĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚƚĂŬĞŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶŽƚŚĞƌŝƚLJƉůĂŶƐƐƵĐŚĂƐƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶ͕ďŝĐLJĐůĞ ŵĂƐƚĞƌƉůĂŶ͕ƉĂƌŬŵĂƐƚĞƌƉůĂŶ͕ĞƚĐ͘ KƉĞƌĂƚŝŽŶƐΘĂƉŝƚĂůƐƐĞƚDĂŝŶƚĞŶĂŶĐĞ͗ džŝƐƚŝŶŐ /ƐƚŚŝƐƌĞƋƵĞƐƚĨŽƌŶĞǁŽƌĞdžŝƐƚŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͗ ϭ tŚĂƚŝƐƚŚĞĞdžƉĞĐƚĞĚƵƐĞĨƵůůŝĨĞŽĨƚŚĞƉƌŽũĞĐƚͬŝŵƉƌŽǀĞŵĞŶƚ;ŝŶLJĞĂƌƐͿ͗ Ϭ tŚĂƚŝƐƚŚĞĞƐƚŝŵĂƚĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞ;ĞĐƌĞĂƐĞͿĨŽƌƚŚŝƐƉƌŽũĞĐƚ;ΨͿ͗ ĞƐĐƌŝďĞŚŽǁŽƉĞƌĂƚŝŶŐĐŽƐƚŝŶĐƌĞĂƐĞƐͬĞĐƌĞĂƐĞƐĂŶĚŝŶĐůƵĚĞĚĞƚĂŝůƐƐƵĐŚĂƐƉĞƌƐŽŶŶĞůĐŽƐƚƐ͕ŵĂƚĞƌŝĂůƐ͕ĐŽŶƚƌĂĐƚƐ͕ĞŶĞƌŐLJƐĂǀŝŶŐƐ͕ĞƚĐ͗͘ dŚĞĂŵŽƵŶƚďĞŝŶŐďƵĚŐĞƚĞĚĨŽƌŝŶϮϬϮϮŝƐĂƉƉƌŽdžŝŵĂƚĞůLJΨϲϳ͕ϬϬϬŚŝŐŚĞƌƚŚĂŶƚŚĞƉƌŝŽƌLJĞĂƌ;ϮϬϮϭͿďƵĚŐĞƚĂŵŽƵŶƚ͘ /ĨŶĞǁŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĚŝƐĐƵƐƐŚŽǁƚŚĞĚĞƉĂƌƚŵĞŶƚǁŝůůƉĂLJĨŽƌƚŚĞŝŶĐƌĞĂƐĞĚĂŶŶƵĂůŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͗ 3DFNHW3J +H ϮϭϮ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWůĂŶ ϮϬϮϮ ŝƚLJDWƌŽũĞĐƚDĂŶĂŐĞŵĞŶƚ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ϴϲϬϬ /WƵƐŝŶĞƐƐhŶŝƚ͗ ĞƉĂƌƚŵĞŶƚ͗ ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝǀŝƐŝŽŶ͗WƌŽũĞĐƚEƵŵďĞƌ͗ ϴϲϭϰ EŽůŽĂŶ>^ĐŚŝůĚ ŽŶƚĂĐƚWĞƌƐŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ >ŽĐĂƚŝŽŶ͗ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ WƌŽũĞĐƚĂƚĞŐŽƌLJ͗ ϯ ĞƉĂƌƚŵĞŶƚWƌŝŽƌŝƚLJ͗tĂƌĚ͗ E WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ 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