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ŵĞĞƚŝŶŐƐ͕ĐŽŶƐƚƌƵĐƚŝŽŶŽďƐĞƌǀĂƚŝŽŶĂŶĚŐĞŶĞƌĂůĐŽŽƌĚŝŶĂƚŝŽŶŽĨĐŽŶƐƚƌƵĐƚŝŽŶƉƌŽŐƌĞƐƐ͘ tŝƚŚƚŚŝƐ͕ǁĞƌĞƐƉĞĐƚĨƵůůǇƌĞƋƵĞƐƚĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌƚŚĞƚĂƐŬƐŶŽƚĞĚĂďŽǀĞĂƐŝŶĚŝĐĂƚĞĚďĞůŽǁ͘ tĂůŬĞƌǁŝůůƉƌŽǀŝĚĞƚŚĞĂĚĚŝƚŝŽŶĂůƐĐŽƉĞŽĨƐĞƌǀŝĐĞƐĨŽƌƚŚĞŽŶƐƚƌƵĐƚŝŽŶŽĐƵŵĞŶƚƐƚĂƐŬĨŽƌĂůƵŵƉƐƵŵĨĞĞĂƐ ŝŶĚŝĐĂƚĞĚŝŶƚŚĞƚĂďůĞďĞůŽǁ͕ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞƉƌŽũĞĐƚ Ͳ ƌĞůĂƚĞĚĞǆƉĞŶƐĞƐĂŶĚƚĞƐƚŝŶŐĐŽƐƚƐ͘dŚĞƐĐŽƉĞŽĨ ƐĞƌǀŝĐĞƐƚŽďĞƉĞƌĨŽƌŵĞĚŝŶƚŚĞŽŶƐƚƌƵĐƚŝŽŶĚŵŝŶŝƐƚƌĂƚŝŽŶƚĂƐŬƐŚĂůůďĞƉĞƌĨŽƌŵĞĚĂƚŽƵƌƐƚĂŶĚĂƌĚŚŽƵƌůǇƌĂƚĞƐ ƉůƵƐƌĞĂƐŽŶĂďůĞƉƌŽũĞĐƚ Ͳ ƌĞůĂƚĞĚĞǆƉĞŶƐĞƐ͘ĞůŽǁŝƐĂƚĂďůĞŽĨƚŚĞƉƌŽƉŽƐĞĚĨĞĞďƌĞĂŬĚŽǁŶ͗ ŽŶƐƚƌƵĐƚŝŽŶŽĐƵŵĞŶƚƐʹĚĚŝƚŝŽŶĂů^ĞƌǀŝĐĞƐ;ůƵŵƉƐƵŵͿΨϲϰ͕ϬϬϬΨϬ ŽŶƐƚƌƵĐƚŝŽŶĚŵŝŶŝƐƚƌĂƚŝŽŶ;ŚŽƵƌůǇ͕ďƵĚŐĞƚͿΨϴϴ͕ϬϬϬΨϰ͕ϬϬϬ dŚĞĂĚĚŝƚŝŽŶĂůƐĞƌǀŝĐĞƐůŝƐƚĞĚĂďŽǀĞĂŶĚƚŚĞŽƌŝŐŝŶĂůĐŽŶƚƌĂĐƚĂŵŽƵŶƚǁŝůůďƌŝŶŐƚŚĞƚŽƚĂůĐŽŵƉĞŶƐĂƚŝŽŶƚŽ ΨϮϬϱ͕ϯϱϱŝŶĐůƵĚŝŶŐĞƐƚŝŵĂƚĞĚĞǆƉĞŶƐĞƐ͘ dŚĞƐĐŚĞĚƵůŝŶŐŽĨƚŚĞǁŽƌŬǁŝůůďĞĚĞƚĞƌŵŝŶĞĚďǇŵƵƚƵĂůĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶtĂůŬĞƌĂŶĚƚŚĞŝƚǇ͘tĞ ƵŶĚĞƌƐƚĂŶĚƚŚĂƚƌĞƉĂŝƌƐĂƌĞĚĞƐŝƌĞĚƚŽďĞƉĞƌĨŽƌŵĞĚƐƚĂƌƚŝŶŐŝŶƚŚĞƐƉƌŝŶŐŽĨϮϬϮϮ͘ 3DFNHW3J )D Dƌ͘ŽŵďƌŽǀƐŬŝ͕ŝƚǇŽĨZŽĐŚĞƐƚĞƌ &ĞďƌƵĂƌǇϯ͕ϮϬϮϮ WĂŐĞϯ dŚĞƐĞƐĞƌǀŝĐĞƐŚĂǀĞďĞĞŶďĂƐĞĚŽŶǀŝƐƵĂůŽďƐĞƌǀĂƚŝŽŶƐĂŶĚůŝŵŝƚĞĚƚĞƐƚŝŶŐŽĨƚŚĞĞǆŝƐƚŝŶŐĐŽŶĚŝƚŝŽŶƐ͘dŚĞƐĞ ŽďƐĞƌǀĂƚŝŽŶƐŵĂǇŶŽƚĚŝƐĐŽǀĞƌŽƌĚŝƐĐůŽƐĞůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐǁŝƚŚŽƵƚƉĞƌĨŽƌŵŝŶŐŵŽƌĞŝŶǀĂƐŝǀĞƚĞƐƚŝŶŐ͘ĞĐĂƵƐĞŽĨ ƚŚŝƐŝŶŚĞƌĞŶƚƵŶĐĞƌƚĂŝŶƚǇĂŶĚƉƌŽďĂďůĞǀĂƌŝĂƚŝŽŶŽĨƚŚĞĂƐƐƵŵƉƚŝŽŶƐ͕ĂĐƚƵĂůƋƵĂŶƚŝƚǇĂŶĚĐŽƐƚŽĨƌĞƉĂŝƌƐǁŝůůǀĂƌǇ ĨƌŽŵĞƐƚŝŵĂƚĞĚŽƌƉƌŽũĞĐƚĞĚƌĞƐƵůƚƐ͘ tŚĞƌĞƐƚƌƵĐƚƵƌĂůƌĞƐƚŽƌĂƚŝŽŶŝƐƌĞƋƵŝƌĞĚ͕ƚŚĞĐĂƉĂĐŝƚǇŽĨƚŚĞƌĞƐƚŽƌĂƚŝŽŶǁŝůůďĞďĂƐĞĚŝŶƚĞƌƉƌĞƚĂƚŝŽŶŽĨƚŚĞ ŽƌŝŐŝŶĂůĚĞƐŝŐŶŝŶƚĞŶƚ͕ĐƵƌƌĞŶƚĐŽŶƐƚƌƵĐƚŝŽŶƐƚĂŶĚĂƌĚƐ͕ĂŶĚĞŶŐŝŶĞĞƌŝŶŐũƵĚŐŵĞŶƚ͘ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞƉƌŽƉŽƐĞĚƐĐŽƉĞĚŽĞƐŶŽƚŝŶĐůƵĚĞƌĞǀŝĞǁĂŶĚƐƵƌǀĞǇŽĨĐŽŶĨŽƌŵĂŶĐĞƚŽŵĞƌŝĐĂŶƐǁŝƚŚŝƐĂďŝůŝƚŝĞƐ Đƚ;ͿŽƌŽƚŚĞƌ&ĞĚĞƌĂůͬƐƚĂƚĞͬůŽĐĂůƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĂĐĐĞƐƐŝďŝůŝƚǇ͕ŝŶĐůƵĚŝŶŐ͕ďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͕ƌĞǀŝĞǁŽĨ ƐƵƌĨĂĐĞƐĨŽƌƐůŝƉ͕ƚƌŝƉ͕ŽƌĨĂůůŚĂǌĂƌĚƐ͕ŽƌƌĞǀŝĞǁĨŽƌĐůĞĂƌĂŶĐĞŽƌŚĞĂĚƌŽŽŵƌĞƋƵŝƌĞŵĞŶƚƐ͘ dŚĞƉƌŽƉŽƐĞĚƐĐŽƉĞĂůƐŽĚŽĞƐŶŽƚŝŶĐůƵĚĞƉƌŽũĞĐƚƐĂĨĞƚǇƌĞƋƵŝƌĞŵĞŶƚƐ͕ŵĞĂŶƐĂŶĚŵĞƚŚŽĚƐŽĨĐŽŶƐƚƌƵĐƚŝŽŶ͕ ĚĞƐŝŐŶŽĨƚĞŵƉŽƌĂƌǇƐŚŽƌŝŶŐŽƌĨĂĐŝůŝƚŝĞƐ͕ĂƐƐĞƐƐŵĞŶƚĨŽƌŚĂǌĂƌĚŽƵƐŵĂƚĞƌŝĂůƐŝŶĐůƵĚŝŶŐ͕ďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͕ƐŝůŝĐĂ ĚƵƐƚ͕ĂƐďĞƐƚŽƐ͕ůĞĂĚ͕ŵŽůĚŽƌW͘ dŚĂŶŬǇŽƵĂŐĂŝŶĨŽƌƚŚĞŽƉƉŽƌƚƵŶŝƚǇƚŽƉƌŽǀŝĚĞƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌǁŝƚŚŽƵƌƐĞƌǀŝĐĞƐĨŽƌƚŚŝƐŝŵƉŽƌƚĂŶƚƉƌŽũĞĐƚ͘ /ĨǇŽƵŶĞĞĚĂĚĚŝƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶ͕ŽƌŝĨǇŽƵŚĂǀĞƋƵĞƐƚŝŽŶƐŽŶƚŚĞŝŶĨŽƌŵĂƚŝŽŶƉƌĞƐĞŶƚĞĚŝŶƚŚŝƐƉƌŽƉŽƐĂů͕ƉůĞĂƐĞ ĚŽŶŽƚŚĞƐŝƚĂƚĞƚŽĐĂůůŵĞĂƚϲϭϮ͘ϱϬϴ͘ϳϱϬϵ͘ ^ŝŶĐĞƌĞůǇ͕ KE^h>dEd^ Ăƌů>͘^ĐŚŶĞĞŵĂŶ͕W WƌŝŶĐŝƉĂů ŶĐůŽƐƵƌĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐŽĨŐƌĞĞŵĞŶƚĨŽƌZĞƐƚŽƌĂƚŝŽŶ ^ƚĂŶĚĂƌĚŝůůŝŶŐZĂƚĞƐ 3DFNHW3J )D Dƌ͘ŽŵďƌŽǀƐŬŝ͕ŝƚǇŽĨZŽĐŚĞƐƚĞƌ &ĞďƌƵĂƌǇϯ͕ϮϬϮϮ WĂŐĞϰ ƵƚŚŽƌŝǌĂƚŝŽŶ dƌƵƐƚŝŶŐƚŚĂƚƚŚŝƐŵĞĞƚƐǁŝƚŚǇŽƵƌĂƉƉƌŽǀĂů͕ǁĞĂƐŬƚŚĂƚǇŽƵƐŝŐŶŝŶƚŚĞƐƉĂĐĞďĞůŽǁƚŽĂĐŬŶŽǁůĞĚŐĞǇŽƵƌ ĂĐĐĞƉƚĂŶĐĞŽĨƚŚĞƚĞƌŵƐĐŽŶƚĂŝŶĞĚŚĞƌĞŝŶ͕ĂŶĚƚŽĐŽŶĨŝƌŵǇŽƵƌĂƵƚŚŽƌŝǌĂƚŝŽŶĨŽƌƵƐƚŽƉƌŽĐĞĞĚ͘WůĞĂƐĞƌĞƚƵƌŶŽŶĞ ƐŝŐŶĞĚŽƌŝŐŝŶĂůŽĨƚŚŝƐĂŐƌĞĞŵĞŶƚĨŽƌŽƵƌƌĞĐŽƌĚƐ͘ ĐĐĞƉƚĞĚďǇ;^ŝŐŶĂƚƵƌĞͿ WƌŝŶƚĞĚEĂŵĞ dŝƚůĞ ĂƚĞ 3DFNHW3J )D Dƌ͘ŽŵďƌŽǀƐŬŝ͕ŝƚǇŽĨZŽĐŚĞƐƚĞƌ &ĞďƌƵĂƌǇϯ͕ϮϬϮϮ WĂŐĞϱ 'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐŽĨŐƌĞĞŵĞŶƚĨŽƌZĞƐƚŽƌĂƚŝŽŶ^ĞƌǀŝĐĞƐ tĂůŬĞƌŽŶƐƵůƚĂŶƚƐ;tĂůŬĞƌͿǁŝůůƉƌŽǀŝĚĞƚŚĞĐůŝĞŶƚƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƚŚĂƚĂƌĞůŝŵŝƚĞĚƚŽƚŚĞǁŽƌŬĚĞƐĐƌŝďĞĚŝŶ ƚŚĞĂƚƚĂĐŚĞĚůĞƚƚĞƌ͘ŶǇĂĚĚŝƚŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵĞƐƚĞĚǁŝůůďĞƉƌŽǀŝĚĞĚĂƚŽƵƌƐƚĂŶĚĂƌĚŚŽƵƌůǇƌĂƚĞƐŽƌĨŽƌĂ ŵƵƚƵĂůůǇĂŐƌĞĞĂďůĞůƵŵƉƐƵŵĨĞĞ͘WƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐĂƌĞƉƌŽǀŝĚĞĚƐŽůĞůǇŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚǁƌŝƚƚĞŶ ŝŶĨŽƌŵĂƚŝŽŶĂŶĚĚŽĐƵŵĞŶƚƐƐƵƉƉůŝĞĚďǇƚŚĞĐůŝĞŶƚ͕ĂŶĚŽƵƌƐĞƌǀŝĐĞƐĂƌĞůŝŵŝƚĞĚƚŽĂŶĚĨƵƌŶŝƐŚĞĚƐŽůĞůǇĨŽƌƚŚĞ ƐƉĞĐŝĨŝĐƵƐĞĚŝƐĐůŽƐĞĚƚŽƵƐŝŶǁƌŝƚŝŶŐďǇƚŚĞĐůŝĞŶƚ͘ tĂůŬĞƌǁŝůůƐƵďŵŝƚŵŽŶƚŚůǇŝŶǀŽŝĐĞƐďĂƐĞĚŽŶǁŽƌŬĐŽŵƉůĞƚĞĚƉůƵƐƌĞŝŵďƵƌƐĂďůĞĞǆƉĞŶƐĞƐ͘ZĞŝŵďƵƌƐĂďůĞ ĞǆƉĞŶƐĞƐǁŝůůďĞďŝůůĞĚĂƚϭ͘ϭϱƚŝŵĞƐƚŚĞĐŽƐƚŽĨƚƌĂǀĞůĂŶĚůŝǀŝŶŐĞǆƉĞŶƐĞƐ͕ƌĞŶƚĂůŽĨƐƉĞĐŝĂůŝǌĞĚĞƋƵŝƉŵĞŶƚ͕ ƉŚŽƚŽŐƌĂƉŚƐĂŶĚƌĞŶĚĞƌŝŶŐƐ͕ĚŽĐƵŵĞŶƚƌĞƉƌŽĚƵĐƚŝŽŶ͕ƉŽƐƚĂŐĞĂŶĚĚĞůŝǀĞƌǇĐŽƐƚƐ͕ůŽŶŐĚŝƐƚĂŶĐĞƚĞůĞƉŚŽŶĞĂŶĚ ĨĂĐƐŝŵŝůĞĐŚĂƌŐĞƐ͕ĂĚĚŝƚŝŽŶĂůƐĞƌǀŝĐĞĐŽŶƐƵůƚĂŶƚƐ͕ĂŶĚŽƚŚĞƌƉƌŽũĞĐƚƌĞůĂƚĞĚĞǆƉĞŶƐĞƐ͘WĂǇŵĞŶƚŝƐĚƵĞƵƉŽŶƌĞĐĞŝƉƚ ŽĨŝŶǀŽŝĐĞ͘ /ĨĨŽƌĂŶǇƌĞĂƐŽŶƚŚĞĐůŝĞŶƚĚŽĞƐŶŽƚĚĞůŝǀĞƌƉĂǇŵĞŶƚƚŽtĂůŬĞƌǁŝƚŚŝŶƚŚŝƌƚǇ;ϯϬͿĚĂǇƐŽĨĚĂƚĞŽĨŝŶǀŽŝĐĞ͕ƚŚĞĐůŝĞŶƚ ĂŐƌĞĞƐƚŽƉĂǇtĂůŬĞƌĂŵŽŶƚŚůǇůĂƚĞĐŚĂƌŐĞŽĨŽŶĞĂŶĚŽŶĞ Ͳ ŚĂůĨƉĞƌĐĞŶƚ;ϭ͘ϱйͿƉĞƌŵŽŶƚŚŽĨĂŶǇƵŶƉĂŝĚďĂůĂŶĐĞ ŽĨƚŚĞŝŶǀŽŝĐĞƉůƵƐĂƚƚŽƌŶĞǇ͛ƐĨĞĞƐĂŶĚŽƚŚĞƌĐŽƐƚƐŝŶĐƵƌƌĞĚƚŽĐŽůůĞĐƚƚŚĞƵŶƉĂŝĚƐƵŵ͘ ůůĚŽĐƵŵĞŶƚƐƉƌĞƉĂƌĞĚŽƌƉƌŽǀŝĚĞĚďǇtĂůŬĞƌĂƌĞĂŶĚƌĞŵĂŝŶƚŚĞƉƌŽƉĞƌƚǇŽĨtĂůŬĞƌĂƐŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞ͘ 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