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Home My WebLink AboutFebruary 19, 2025 Agenda Packet ! " ! 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ƐŝŐŶŝĨŝĐĂŶƚůǇ͘dŚĞƌĞĨŽƌĞ͕ZWdŝƐƌĞĐŽŵŵĞŶĚĞĚƚŽƌĞǀŝƐŝƚƚŚŝƐĂŶĂůǇƐŝƐŝĨĞŝƚŚĞƌŽŶĞŽĨƚŚĞƐĞĨĂĐƚŽƌƐĐŚĂŶŐĞ͘ &ŽƌƚŚĞƉĂƌĂƚƌĂŶƐŝƚƐĞƌǀŝĐĞ͕ƚŚĞĂƐƐĞƐƐŵĞŶƚŽĨĂǌĞƌŽĞŵŝƐƐŝŽŶƐƚƌĂŶƐŝƚŝŽŶǁĂƐůŝŵŝƚĞĚƚŽƚŚĞĨĞĂƐŝďŝůŝƚǇŽĨ ŝŵƉůĞŵĞŶƚŝŶŐĞůĞĐƚƌŝĐǀĞŚŝĐůĞƐ͘/ŶƚŽĚĂǇ͛ƐǀĞŚŝĐůĞŵĂƌŬĞƚ͕ďĂƚƚĞƌǇĞůĞĐƚƌŝĐŝƐƚŚĞŽŶůǇǀŝĂďůĞƚĞĐŚŶŽůŽŐǇ ŽƉƚŝŽŶĂǀĂŝůĂďůĞĨŽƌƚŚĞĐůĂƐƐŽĨǀĞŚŝĐůĞƐƵƐĞĚďǇZWdĨŽƌŝƚƐƉĂƌĂƚƌĂŶƐŝƚƐĞƌǀŝĐĞ͘ƵĞƚŽƚŚĞƐŵĂůůĞƌĐĂƉĂĐŝƚǇ ďĂƚƚĞƌŝĞƐŽŶƚŚĞĞůĞĐƚƌŝĐĐƵƚĂǁĂǇƐĂǀĂŝůĂďůĞŽŶƚŚĞŵĂƌŬĞƚ͕ŽŶůǇϭŽƵƚŽĨϵĐƵƚĂǁĂǇƐĂƐƐŝŐŶĞĚƚŽƉĂƌĂƚƌĂŶƐŝƚ ƐĞƌǀŝĐĞĐĂŶďĞĐŽŶǀĞƌƚĞĚƚŽĞůĞĐƚƌŝĐ͘&ŽƌƚŚĞƚƌĂŶƐŝƚŝŽŶŽĨ^hsƐĂŶĚƐĞĚĂŶƐƵƐĞĚŝŶZWd͛ƐƉĂƌĂƚƌĂŶƐŝƚƐĞƌǀŝĐĞ͕ ŶĞĂƌůǇĂůů^hsƐĂŶĚƐĞĚĂŶƐĐĂŶďĞĐŽŶǀĞƌƚĞĚƚŽ^hsƐďĂƐĞĚŽŶƚŚĞĂŶĂůǇƐŝƐŽĨƚŚĞĚĂŝůǇƚƌŝƉƐ͘ WĂŐĞϯ Ξ,ĂƚĐŚϮϬϮϰůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͕ŝŶĐůƵĚŝŶŐĂůůƌŝŐŚƚƐƌĞůĂƚŝŶŐƚŽƚŚĞƵƐĞŽĨƚŚŝƐĚŽĐƵŵĞŶƚŽƌŝƚƐĐŽŶƚĞŶƚƐ͘ ͳǤ ZŽĐŚĞƐƚĞƌWƵďůŝĐdƌĂŶƐŝƚ;ZWdͿƉƌŽǀŝĚĞƐƉƵďůŝĐƚƌĂŶƐƉŽƌƚĂƚŝŽŶŝŶƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͘ZWd ŽĨĨĞƌƐƌĞůŝĂďůĞĂŶĚĂĨĨŽƌĚĂďůĞƚƌĂŶƐŝƚŽƉƚŝŽŶƐĨŽƌƌĞƐŝĚĞŶƚƐĂŶĚǀŝƐŝƚŽƌƐĂůŝŬĞƚŚƌŽƵŐŚŝƚƐĨŝǆĞĚƌŽƵƚĞĂŶĚ ƉĂƌĂƚƌĂŶƐŝƚƐĞƌǀŝĐĞƐ͘ tŝƚŚƚŚĞŝŶƚƌŽĚƵĐƚŝŽŶŽĨϲϬ͛ĂƌƚŝĐƵůĂƚĞĚƐŝŶƚŽŝƚƐĨůĞĞƚ͕ZWdŚĂƐďĞŐƵŶƚƌĂŶƐŝƚŝŽŶŝŶŐƚŽǌĞƌŽĞŵŝƐƐŝŽŶ ďƵƐĞƐĨŽƌŝƚƐǀĂƌŝŽƵƐďĞŶĞĨŝƚƐĂŶĚƚŽƌĞĚƵĐĞŝƚƐŐƌĞĞŶŚŽƵƐĞŐĂƐ;','ͿĞŵŝƐƐŝŽŶƐ͘dŚĞƚƌĂŶƐŝƚŝŽŶĂůƐŽĂůŝŐŶƐ ǁŝƚŚƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͛ƐŐŽĂůƐƚŽƌĞĚƵĐĞ','ƐďǇϱϬйďǇϮϬϯϬĂŶĚϭϬϬйďǇϮϬϱϬ ϭ͘ ,ĂƚĐŚƉĞƌĨŽƌŵĞĚŽƉĞƌĂƚŝŽŶƐ͕ĨůĞĞƚ͕ĂŶĚĨĂĐŝůŝƚǇĂŶĂůǇƐĞƐ͕ĂŶĚĨŝŶĂŶĐŝĂůĂŶĚĞŵŝƐƐŝŽŶƐŝŵƉĂĐƚŵŽĚĞůŝŶŐƚŽ ĞǀĂůƵĂƚĞƚŚĞĨĞĂƐŝďŝůŝƚǇŽĨĨƵůůǇƚƌĂŶƐŝƚŝŽŶŝŶŐZWd͛ƐĨůĞĞƚƚŽďĂƚƚĞƌǇĞůĞĐƚƌŝĐĂŶĚŚǇĚƌŽŐĞŶĨƵĞůĐĞůůĞůĞĐƚƌŝĐ ǀĞŚŝĐůĞƐ͘dŚŝƐƌĞƉŽƌƚĂŶĂůǇǌĞƐŝĨZWdƐŚŽƵůĚĐŽŶƚŝŶƵĞƚƌĂŶƐŝƚŝŽŶŝŶŐƚŽǁĂƌĚĞůĞĐƚƌŝĐǀĞŚŝĐůĞƐŽƌŝĨŝƚƐŚŽƵůĚ ĐŽŶƐŝĚĞƌƉŝǀŽƚŝŶŐƚŽǁĂƌĚƐĨƵĞůĐĞůůĞůĞĐƚƌŝĐǀĞŚŝĐůĞƚĞĐŚŶŽůŽŐǇĨŽƌƐŽŵĞŽƌĂůůŽĨŝƚƐƚƌĂŶƐŝƚďƵƐĨůĞĞƚ͘dŚŝƐ ƌĞƉŽƌƚĂůƐŽĞǀĂůƵĂƚĞƐǁŚĂƚŝŶĨƌĂƐƚƌƵĐƚƵƌĞƐƚƌĂƚĞŐŝĞƐZWdƐŚŽƵůĚĐŽŶƐŝĚĞƌĨŽƌďŽƚŚƐĂŶĚ&Ɛ͘&ŝŶĂůůǇ͕ ͳǤͳǤ ƚŚĞƌĞƉŽƌƚĂŶĂůǇǌĞƐƉĂƌĂƚƌĂŶƐŝƚŽƉĞƌĂƚŝŽŶĨŽƌŝƚƐĨĞĂƐŝďŝůŝƚǇƚŽƚƌĂŶƐŝƚŝŽŶƚŽďĂƚƚĞƌǇĞůĞĐƚƌŝĐǀĞŚŝĐůĞƐ͘ ZWdĐƵƌƌĞŶƚůǇŽƉĞƌĂƚĞƐϳϱǀĞŚŝĐůĞƐ͕ǁŝƚŚϳϭ/ŶƚĞƌŶĂůŽŵďƵƐƚŝŽŶŶŐŝŶĞ;/ͿƉŽǁĞƌƚƌĂŝŶǀĞŚŝĐůĞƐ͕ĂŶĚϰ ϲϬ͛ĂƌƚŝĐƵůĂƚĞĚďĂƚƚĞƌǇĞůĞĐƚƌŝĐďƵƐĞƐ;ƐͿ͘ZWd͛Ɛ/ĨůĞĞƚĐŽŶƐŝƐƚƐŽĨϱϮƚƌĂŶƐŝƚďƵƐĞƐ͕ϭϭŵŝŶŝďƵƐĞƐ 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ĂĐŚŝĞǀĞĚǁŝƚŚŵŝĚͲĚĂǇĚĞƉŽƚĐŚĂƌŐŝŶŐĂŶĚǀĞŚŝĐůĞƐǁĂƉƉŝŶŐ͕ĂƐĚŝƐĐƵƐƐĞĚŝŶƚŚĞdĞĐŚŶŝĐĂůsŝĂďŝůŝƚǇƐĞĐƚŝŽŶŽĨ ƚŚŝƐƌĞƉŽƌƚ͘ WĂŐĞϲ Ξ,ĂƚĐŚϮϬϮϰůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͕ŝŶĐůƵĚŝŶŐĂůůƌŝŐŚƚƐƌĞůĂƚŝŶŐƚŽƚŚĞƵƐĞŽĨƚŚŝƐĚŽĐƵŵĞŶƚŽƌŝƚƐĐŽŶƚĞŶƚƐ͘ dŚĞ^ĐĞŶĂƌŝŽϰ͗&ƵĞůĞůůůĞĐƚƌŝĐƵƐĞƐ;&ƵĞůŝŶŐĂƚƚŚĞĞƉŽƚͿǁĂƐĂůƐŽŶŽƚƉƵƌƐƵĞĚĨƵƌƚŚĞƌďĞĐĂƵƐĞZWdŚĂƐ ĂůƌĞĂĚǇƐƚĂƌƚĞĚƚƌĂŶƐŝƚŝŽŶŝŶŐƐŽŵĞŽĨŝƚƐĨůĞĞƚƚŽƐ͘ZWdŚĂƐĂůƌĞĂĚǇƉƌŽĐƵƌĞĚĨŽƵƌƐĂŶĚĐŚĂƌŐŝŶŐ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝŶƐƚĂůůĞĚǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶĨŽƌĂĨƵƚƵƌĞĐŚĂƌŐŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞĞǆƉĂŶƐŝŽŶ͘dŚƵƐ͕ĂďĂŶĚŽŶŝŶŐƚŚĞ ĐƵƌƌĞŶƚƐĂŶĚĐŚĂƌŐŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞǁŽƵůĚďĞŝŵƉƌĂĐƚŝĐĂů͘ƚĂŵŝŶŝŵƵŵ͕ZWdǁŝůůŚĂǀĞƐŝŶƚŚĞŝƌ ŽƉĞƌĂƚŝŽŶĨŽƌƚŚĞĨŽƌĞƐĞĞĂďůĞĨƵƚƵƌĞ͘ /ŶƚŚĞĐĂƐĞŽĨĐƵƚĂǁĂǇƐĂŶĚƐŵĂůůĞƌǀĞŚŝĐůĞƐƵƐĞĚĨŽƌƚŚĞƉĂƌĂƚƌĂŶƐŝƚƐĞƌǀŝĐĞ͕ŽŶůǇďĂƚƚĞƌǇĞůĞĐƚƌŝĐǀĞŚŝĐůĞƐǁŝƚŚ ĚĞƉŽƚĐŚĂƌŐŝŶŐǁĞƌĞĐŽŶƐŝĚĞƌĞĚĚƵĞƚŽƚŚĞůĂĐŬŽĨŚŝŐŚͲƐƉĞĞĚŽǀĞƌŚĞĂĚĐŚĂƌŐŝŶŐŽƉƚŝŽŶƐĂŶĚŚǇĚƌŽŐĞŶĨƵĞů ĐĞůůǀĞŚŝĐůĞŽƉƚŝŽŶƐŝŶƚŚĞŵĂƌŬĞƚ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞŵƵůƚŝĐƌŝƚĞƌŝĂĞǀĂůƵĂƚŝŽŶŝŶƚŚŝƐƌĞƉŽƌƚŽŶůǇĨŽĐƵƐĞƐŽŶZWdƐ ĨŝǆĞĚƌŽƵƚĞŽƉĞƌĂƚŝŽŶ͘dŚĞƚĞĐŚŶŝĐĂůǀŝĂďŝůŝƚǇĂŶĚƚƌĂŶƐŝƚŝŽŶĨĞĂƐŝďŝůŝƚǇĨŽƌƉĂƌĂƚƌĂŶƐŝƚŽƉĞƌĂƚŝŽŶŝƐĚŝƐĐƵƐƐĞĚŝŶ ͳǤͶǤ ^ĞĐƚŝŽŶϮ͘Ϯ͘ϮŽĨƚŚŝƐƌĞƉŽƌƚ͘ dŽƐǇƐƚĞŵĂƚŝĐĂůůǇĞǀĂůƵĂƚĞƚŚĞƚŚƌĞĞƚƌĂŶƐŝƚŝŽŶƐĐĞŶĂƌŝŽƐĨŽƌĨŝǆĞĚƌŽƵƚĞŽƉĞƌĂƚŝŽŶ͕ĂŵƵůƚŝĐƌŝƚĞƌŝĂĚĞĐŝƐŝŽŶͲ ŵĂŬŝŶŐĨƌĂŵĞǁŽƌŬǁĂƐĞŵƉůŽǇĞĚ͘hŶĚĞƌƚŚŝƐĨƌĂŵĞǁŽƌŬ͕ĞĂĐŚƐĐĞŶĂƌŝŽǁĂƐĂƐƐŝŐŶĞĚĂƐĐŽƌĞŽŶĞĂĐŚŽĨƚŚĞ ĞǀĂůƵĂƚŝŽŶĐƌŝƚĞƌŝĂŽƵƚůŝŶĞĚŝŶdĂďůĞϮďĞůŽǁ͘ dϮ^ >EZ/Ks>hd/KEZ/dZ/ dĞĐŚŶŽůŽŐǇDĂƚƵƌŝƚǇ sĞŚŝĐůĞƐdĞĐŚŶŝĐĂůsŝĂďŝůŝƚǇ KƉĞƌĂƚŝŽŶĂů/ŵƉĂĐƚƐ ^ƉĂƚŝĂů/ŵƉĂĐƚƐ /ŶĨƌĂƐƚƌƵĐƚƵƌĞŶĞƌŐǇ^ƵƉƉůǇ/ŵƉĂĐƚƐ ǆƚĞƌŶĂů/ŵƉĂĐƚƐ DĂŝŶƚĞŶĂŶĐĞΘtŽƌŬĨŽƌĐĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶZŝƐŬDŝƚŝŐĂƚŝŽŶ WŚĂƐŝŶŐ WŽůŝĐǇůŝŐŶŵĞŶƚ WĞƌĨŽƌŵĂŶĐĞŵŝƐƐŝŽŶƐZĞĚƵĐƚŝŽŶ ŽƐƚ/ŵƉĂĐƚ ƐĐŽƌĞďĞƚǁĞĞŶϭĂŶĚϱǁĂƐĂƐƐŝŐŶĞĚƚŽĞĂĐŚƐĐĞŶĂƌŝŽĨŽƌĞĂĐŚŽĨƚŚĞĐƌŝƚĞƌŝĂĚŝƐĐƵƐƐĞĚĂďŽǀĞ͘ŚŝŐŚĞƌƐĐŽƌĞ ŝŶĚŝĐĂƚĞƐĂŚŝŐŚĞƌƉƌĞĨĞƌĞŶĐĞĨŽƌƚŚĞŽƉƚŝŽŶĨŽƌƚŚĞŐŝǀĞŶĐƌŝƚĞƌŝĂ͘ĚĞƐĐƌŝƉƚŝŽŶĂŶĚĐƌŝƚĞƌŝĂĨŽƌƚŚĞƐĐŽƌĞ ĂƐƐŝŐŶŵĞŶƚŝƐƉƌŽǀŝĚĞĚŝŶdĂďůĞϯďĞůŽǁ͘ WĂŐĞϳ Ξ,ĂƚĐŚϮϬϮϰůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͕ŝŶĐůƵĚŝŶŐĂůůƌŝŐŚƚƐƌĞůĂƚŝŶŐƚŽƚŚĞƵƐĞŽĨƚŚŝƐĚŽĐƵŵĞŶƚŽƌŝƚƐĐŽŶƚĞŶƚƐ͘ dϯ^D >KZ/E'dZ/y ^ĐŽƌĞĞƐĐƌŝƉƚŝŽŶƌŝƚĞƌŝĂ ϭ/ŶĨĞƌŝŽƌ^ŝŐŶŝĨŝĐĂŶƚůǇǁŽƌƐĞƚŚĂŶŽƚŚĞƌŽƉƚŝŽŶƐ ϮĞůŽǁǀĞƌĂŐĞ,ĂƐŶŽƚŝĐĞĂďůĞĚƌĂǁďĂĐŬƐĐŽŵƉĂƌĞĚƚŽƚŚĞŽƚŚĞƌŽƉƚŝŽŶƐ 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ŵĂŝŶƚĞŶĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌŚǇĚƌŽŐĞŶĨƵĞůĐĞůůƐ͕^ĐĞŶĂƌŝŽϱ͗DŝǆĞĚ&ůĞĞƚ;DŝǆƚƵƌĞŽĨƐĂŶĚ&^Ϳ ʹǤʹǤ ǁĂƐĂƐƐŝŐŶĞĚĂƐĐŽƌĞŽĨϮ͘ ZWd͛ƐĐƵƌƌĞŶƚŽƉĞƌĂƚŝŶŐŵŽĚĞů͕ĨŽƌďŽƚŚĨŝǆĞĚͲƌŽƵƚĞĂŶĚĚĞŵĂŶĚͲƌĞƐƉŽŶƐĞƐĞƌǀŝĐĞƐ͕ŝƐƐŝŵŝůĂƌƚŽƚŚĂƚŽĨŵĂŶǇ ƚƌĂŶƐŝƚĂƵƚŚŽƌŝƚŝĞƐĂĐƌŽƐƐƚŚĞĐŽƵŶƚƌǇ͘sĞŚŝĐůĞƐƚǇƉŝĐĂůůǇůĞĂǀĞƚŚĞĚĞƉŽƚĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞŽƉĞƌĂƚŽƌ͛ƐƐŚŝĨƚ͕ ŽƉĞƌĂƚĞĨŽƌĂƐůŽŶŐĂƐƚŚĞŽƉĞƌĂƚŽƌŝƐŽŶĚƵƚǇ͕ĂŶĚƚŚĞŶƌĞƚƵƌŶƚŽƚŚĞĚĞƉŽƚĂƚƚŚĞĐŽŶĐůƵƐŝŽŶŽĨƚŚĞƐŚŝĨƚ͘dŚŝƐ ŚĂƐĂĚǀĂŶƚĂŐĞƐŝŶƚŚĞĐŽŶƚĞǆƚŽĨǌĞƌŽĞŵŝƐƐŝŽŶƐǀĞŚŝĐůĞŽƉĞƌĂƚŝŽŶ͕ďĞĐĂƵƐĞŝƚůŝŵŝƚƐƌĞƋƵŝƌĞĚǀĞŚŝĐůĞƌĂŶŐĞƚŽ ƚŚĞĚŝƐƚĂŶĐĞƚƌĂǀĞůĞĚŽǀĞƌĂŶĞŝŐŚƚͲƚŽͲƚĞŶͲŚŽƵƌƐŚŝĨƚ͕ďƵƚĞǀĞŶƚŚŝƐƚǇƉĞŽĨƐĐŚĞĚƵůĞĚŽĞƐŶŽƚĂůůŽǁϭ͗ϭ ƐƵďƐƚŝƚƵƚŝŽŶŽĨǌĞƌŽĞŵŝƐƐŝŽŶƐǀĞŚŝĐůĞƐ͘ŽƚŚŚǇĚƌŽŐĞŶĂŶĚďĂƚƚĞƌŝĞƐĂƌĞůŽǁͲĚĞŶƐŝƚǇŵĞĂŶƐŽĨĞŶĞƌŐǇƐƚŽƌĂŐĞ ƚŚĂƚĚŽŶŽƚƉƌŽǀŝĚĞƚŚĞƐĂŵĞǀĞŚŝĐůĞƌĂŶŐĞĂƐŐĂƐŽůŝŶĞŽƌĚŝĞƐĞůĨƵĞů͘/ŶĂĚĚŝƚŝŽŶ͕ƐĞĂƐŽŶĂůĨĂĐƚŽƌƐĂĨĨĞĐƚŝŶŐ ƌĂŶŐĞďĞĐŽŵĞŵƵĐŚŵŽƌĞƐŝŐŶŝĨŝĐĂŶƚĨŽƌǌĞƌŽͲĞŵŝƐƐŝŽŶƐǀĞŚŝĐůĞƐ͕ƉĂƌƚŝĐƵůĂƌůǇƐ͘ǀĞŶǁŚĞŶĚŝĞƐĞůŚĞĂƚĞƌƐ ĂƌĞŝŶƐƚĂůůĞĚŝŶďĂƚƚĞƌǇĞůĞĐƚƌŝĐďƵƐĞƐ͕ĂƐǁĂƐĂƐƐƵŵĞĚŝŶƚŚŝƐƐƚƵĚǇ͕ŝĐǇƌŽĂĚĐŽŶĚŝƚŝŽŶƐĂŶĚĐŽůĚƚĞŵƉĞƌĂƚƵƌĞƐ ĚĞŐƌĂĚĞƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞǀĞŚŝĐůĞƐ͘ dŽĂƐƐĞƐƐƚŚĞƚĞĐŚŶŝĐĂůǀŝĂďŝůŝƚǇŽĨƐĂŶĚ&Ɛ͕ĂƐŝŵƵůĂƚŝŽŶǁĂƐĐŽŶĚƵĐƚĞĚƚŽƉƌĞĚŝĐƚŚŽǁǌĞƌŽͲĞŵŝƐƐŝŽŶƐ ǀĞŚŝĐůĞƐǁŽƵůĚƉĞƌĨŽƌŵŽŶZWd͛ƐƌŽƵƚĞƐ͘^ŝŵƵůĂƚŝŽŶǁĂƐŶĞĐĞƐƐĂƌǇďĞĐĂƵƐĞƚŚĞĂǀĂŝůĂďůĞƌĂŶŐĞĞƐƚŝŵĂƚĞƐʹ ƚǇƉŝĐĂůůǇƉƌŽǀŝĚĞĚďǇǀĞŚŝĐůĞŵĂŶƵĨĂĐƚƵƌĞƌƐʹĂƌĞŵĂǆŝŵƵŵǀĂůƵĞƐƚŚĂƚŝŐŶŽƌĞƚŚĞĞĨĨĞĐƚƐŽĨŐƌĂĚŝĞŶƚƐ͕ƌŽĂĚ ĐŽŶŐĞƐƚŝŽŶ͕ĚƌŝǀĞƌƉĞƌĨŽƌŵĂŶĐĞ͕ƐĞǀĞƌĞǁĞĂƚŚĞƌ͕ĂŶĚŽƚŚĞƌĂŐĞŶĐǇͲƐƉĞĐŝĨŝĐĨĂĐƚŽƌƐ͘ZWd͛ƐŶĞƚǁŽƌŬǁĂƐ ĂŶĂůǇǌĞĚŽŶĂƌŽƵƚĞͲďǇͲ ƌŽƵƚĞďĂƐŝƐƚŚƌŽƵŐŚƚŚĞĐƌĞĂƚŝŽŶŽĨ͞ĚƌŝǀĞĐǇĐůĞƐ͟ĨŽƌƐĞǀĞƌĂůƌŽ ƵƚĞƐƌĞƉƌĞƐĞŶƚŝŶŐƚŚĞ ĂŐĞŶĐǇ͛ƐƚǇƉŝĐĂůŵŽĚĞƐŽĨŽƉĞƌĂƚŝŽŶ͕ƌĂŶŐŝŶŐĨƌŽŵƐůŽǁĞƌ ͲƐƉĞĞĚƵƌďĂŶƌŽƵƚĞƐƚŽŚŝŐŚĞƌͲƐƉĞĞĚƌŽƵƚĞƐƚŚƌŽƵŐŚ ŵŽƌĞƌƵƌĂůĂƌĞĂƐ͘&ŽƌĞĂĐŚƌĞƉƌĞƐĞŶƚĂƚŝǀĞƌŽƵƚĞ͕ƚŚĞĨƵůůŐĞŽŐƌĂƉŚǇ;ŚŽƌŝǌŽŶƚĂůĂŶĚǀĞƌƚŝĐĂůĂůŝŐŶŵĞŶƚͿ͕ƚƌĂŶƐŝƚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ;ůŽĐĂƚŝŽŶŽĨŬĞǇƐƚŽƉƐĂŶĚƚƌĂŶƐŝƚŚƵďƐͿ͕ĂŶĚƌŽĂĚĐŽŶĚŝƚŝŽŶƐ;ǀĞŚŝĐůĞĐŽŶŐĞƐƚŝŽŶ͕ƚƌĂĨĨŝĐůŝŐŚƚƐ͕ ƐƚŽƉƐŝŐŶƐ͕ĐƌŽƐƐǁĂůŬƐ͕ĞƚĐ͘ͿǁĞƌĞŵŽĚĞůĞĚ͘dŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨďŽƚŚďĂƚƚĞƌǇͲĞůĞĐƚƌŝĐĂŶĚĨƵĞůĐĞůůǀĞŚŝĐůĞƐǁĂƐ ƐŝŵƵůĂƚĞĚŝŶǁŽƌƐƚͲĐĂƐĞǁĞĂƚŚĞƌĐŽŶĚŝƚŝŽŶƐƚŽĐƌĞĂƚĞĂĚƌŝǀĞĐǇĐůĞ͘dŚĞƐĞZWdƐƉĞĐŝĨŝĐĚƌŝǀĞĐǇĐůĞƐǁĞƌĞƵƐĞĚ 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dŚĞĂďŽǀĞƌĞͲďůŽĐŬŝŶŐƉƌŽǀŝĚĞƐĐŚĂƌŐŝŶŐǁŝŶĚŽǁƐĂƚƚŚĞĚĞƉŽƚƚŚƌŽƵŐŚŽƵƚƚŚĞĚĂǇ͘dŚĞǀĞŚŝĐůĞƐŶĞĞĚƚŽĚƌŝǀĞ ďĂĐŬƚŽƚŚĞĚĞƉŽƚĚƵƌŝŶŐƚŚĞƐĞĐŚĂƌŐŝŶŐǁŝŶĚŽǁƐ͕ƌĞƐƵůƚŝŶŐŝŶĂŶĂĚĚŝƚŝŽŶĂůϵϲĚĞĂĚŚĞĂĚŵŝůĞƐĂŶĚϭϰŽƉĞƌĂƚŽƌ ŚŽƵƌƐĨŽƌĂǁĞĞŬĚĂǇŽƉĞƌĂƚŝŽŶ͘dŚĞƐĐŚĞĚƵůĞĐĂŶďĞŽƉƚŝŵŝǌĞĚƚŽĂůŝŐŶǁŝƚŚĚƌŝǀĞƌƐŚŝĨƚĐŚĂŶŐĞƐƚŽƌĞĚƵĐĞƚŚĞ ŶƵŵďĞƌŽĨĂĚĚŝƚŝŽŶĂůĚƌŝǀĞƌƐƌĞƋƵŝƌĞĚ͘ ^ĐĞŶĂƌŝŽϭ͗Ɛ;ŚĂƌŐŝŶŐKŶůǇKǀĞƌŶŝŐŚƚĂƚƚŚĞĞƉŽƚͿǁŽƵůĚƌĞƋƵŝƌĞǀĞŚŝĐůĞƌŽƚĂƚŝŽŶǁŚŝůĞ^ĐĞŶĂƌŝŽϮ͗Ɛ ;ŚĂƌŐŝŶŐŽƚŚKǀĞƌŶŝŐŚƚĂŶĚDŝĚͲĂǇĂƚƚŚĞĞƉŽƚͿǁŽƵůĚƌĞƋƵŝƌĞŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽďůŽĐŬƐĐŚĞĚƵůĞ͘/ŶĂĚĚŝƚŝŽŶ͕ ZWdǁŽƵůĚůŝŬĞůǇŶĞĞĚƐŽĨƚǁĂƌĞƚŽŽůƐƚŚĂƚĐĂŶŽƌĐŚĞƐƚƌĂƚĞƚŚĞǀĞŚŝĐůĞĚŝƐƉĂƚĐŚ͕ǀĞŚŝĐůĞĐŚĂƌŐŝŶŐĂŶĚĚĞƉŽƚ ŵŽǀĞŵĞŶƚƐŝŶďŽƚŚĐĂƐĞƐ͘,ĞŶĐĞ͕ƚŚĞƐĞƐĐĞŶĂƌŝŽƐǁĞƌĞĂƐƐŝŐŶĞĚĂůŽǁƌĂŶŬŽĨϮ͘^ĐĞŶĂƌŝŽϱ͗DŝǆĞĚ&ůĞĞƚ ;DŝǆƚƵƌĞŽĨƐĂŶĚ&^ͿǁĂƐĂƐƐŝŐŶĞĚĂƐĐŽƌĞŽĨϱďĞĐĂƵƐĞŝƚĚŽĞƐŶŽƚŝŵƉĂĐƚŽƉĞƌĂƚŝŽŶŝŶĂŶǇƐŝŐŶŝĨŝĐĂŶƚ ǁĂǇĐŽŵƉĂƌĞĚƚŽĚŝĞƐĞůŽƉĞƌĂƚŝŽŶ͘ WĂŐĞϭϳ Ξ,ĂƚĐŚϮϬϮϰůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͕ŝŶĐůƵĚŝŶŐĂůůƌŝŐŚƚƐƌĞůĂƚŝŶŐƚŽƚŚĞƵƐĞŽĨƚŚŝƐĚŽĐƵŵĞŶƚŽƌŝƚƐĐŽŶƚĞŶƚƐ͘ ͵Ǥ ĂĐŚŽĨƚŚĞƚǁŽƚĞĐŚŶŽůŽŐŝĞƐƚŚĂƚĂƌĞĞǀĂůƵĂƚĞĚĨŽƌZWdŚĂƐƚŚĞŝƌŽǁŶƵŶŝƋƵĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞƌĞƋƵŝƌĞŵĞŶƚƐ͘ Ɛ͕ǁŚŝĐŚĂƌĞĞǀĂůƵĂƚĞĚĂƐƉĂƌƚŽĨ^ĐĞŶĂƌŝŽϭĂŶĚ^ĐĞŶĂƌŝŽ ͗Ɛ;ŚĂƌŐŝŶŐKŶůǇKǀĞƌŶŝŐŚƚĂƚƚŚĞĞƉŽƚͿ Ϯ͕ƌĞƋƵŝƌĞĐŚĂƌŐŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂƚƚŚĞĚĞƉŽƚ͕ ͗Ɛ;ŚĂƌŐŝŶŐŽƚŚKǀĞƌŶŝŐŚƚĂŶĚDŝĚͲĂǇĂƚƚŚĞĞƉŽƚͿ ǁŚŝůĞ&Ɛ͕ǁŚŝĐŚĂƌĞĞǀĂůƵĂƚĞĚƵŶĚĞƌ^ĐĞŶĂƌŝŽϱ͗DŝǆĞĚ&ůĞĞƚ;DŝǆƚƵƌĞŽĨƐĂŶĚ&^Ϳ͕ƌĞƋƵŝƌĞ ĨƵĞůŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞďƵŝůĚŽƵƚ͘ĚĚŝƚŝŽŶĂůůǇ͕&ƐǁŽƵůĚƌĞƋƵŝƌĞĂƐŝŐŶŝĨŝĐĂŶƚĨĂĐŝůŝƚǇŵŽĚŝĨŝĐĂƚŝŽŶƚŽ ͵ǤͳǤ ĐŽŵƉůǇǁŝƚŚďƵŝůĚŝŶŐĐŽĚĞE&WϮĨŽƌƚŚĞƐƚŽƌĂŐĞŽĨŚǇĚƌŽŐĞŶǀĞŚŝĐůĞƐŝŶĚŽŽƌƐ͘ ZWdŚĂƐŽŶĞŵĂŝŶŽƉĞƌĂƚŝŽŶƐĂŶĚŵĂŝŶƚĞŶĂŶĐĞĨĂĐŝůŝƚǇůŽĐĂƚĞĚĂƚϰϯϬϬĂƐƚZŝǀĞƌZŽĂĚEZŽĐŚĞƐƚĞƌ͕DE ϱϱϵϬϲ͘dŚŝƐĨĂĐŝůŝƚǇǁŝůůƌĞƋƵŝƌĞŵŽĚŝĨŝĐĂƚŝŽŶƐĂĐĐŽƌĚŝŶŐƚŽƚŚĞƐĐĞŶĂƌŝŽĂŶĚƚĞĐŚŶŽůŽŐǇƐĞůĞĐƚĞĚ͘/ƚŝƐ ŝŵƉŽƌƚĂŶƚƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞĐƵƌƌĞŶƚĨĂĐŝůŝƚǇĐĂŶƐƵĨĨŝĐŝĞŶƚůǇƐƵƉƉŽƌƚZWd͛ƐŶĞĂƌĂŶĚůŽŶŐͲƚĞƌŵŽƉĞƌĂƚŝŽŶĂů ŶĞĞĚƐĂŶĚƐƚƌĂƚĞŐŝĐĚŝƌĞĐƚŝŽŶ͕ŝŶĐůƵĚŝŶŐƚŚĞĂďŝůŝƚǇƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚĞƌĞƋƵŝƌĞĚƵƉŐƌĂĚĞƐĂƐǁĞůůĂƐƚŚĞ ĂďŝůŝƚǇƚŽƐƚŽƌĞĂůůĨƵƚƵƌĞǌĞƌŽĞŵŝƐƐŝŽŶǀĞŚŝĐůĞƐ͘ ƵƌƌĞŶƚůǇ͕ĂůůǀĞŚŝĐůĞƐĐĂŶďĞƐƚŽƌĞĚŝŶƐŝĚĞƚŚĞĨĂĐŝůŝƚǇ͘dŚŝƐŝŶĐůƵĚĞƐϰϲϬ͛ƚƌĂŶƐŝƚďƵƐĞƐ͕ϱϭϰϬ͛ƚƌĂŶƐŝƚďƵƐĞƐ ĂŶĚϭϭĐƵƚĂǁĂǇƐ͘dŚŝƐĨůĞĞƚĐŽŵƉŽƐŝƚŝŽŶŝƐŐŽŝŶŐƚŽĐŚĂŶŐĞƐŝŐŶŝĨŝĐĂŶƚůǇŝŶƚŚĞĨƵƚƵƌĞ͘dŚĞ>/E<ZdƐĞƌǀŝĐĞ 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Ɛ;ŚĂƌŐŝŶŐKŶůǇKǀĞƌŶŝŐŚƚƐ;ŚĂƌŐŝŶŐŽƚŚKǀĞƌŶŝŐŚƚ ĂƚƚŚĞĞƉŽƚͿĂŶĚDŝĚͲĂǇĂƚƚŚĞĞƉŽƚͿ ǆŝƐƚŝŶŐŚĂƌŐĞƌƐϯϯ ZĞƋƵŝƌĞĚŚĂƌŐĞƌƐϮϮϭϵ dŽƚĂůŚĂƌŐĞƌƐϮϱϮϮ WĂŐĞϮϮ Ξ,ĂƚĐŚϮϬϮϰůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͕ŝŶĐůƵĚŝŶŐĂůůƌŝŐŚƚƐƌĞůĂƚŝŶŐƚŽƚŚĞƵƐĞŽĨƚŚŝƐĚŽĐƵŵĞŶƚŽƌŝƚƐĐŽŶƚĞŶƚƐ͘ ƐƐƵŵŝŶŐƚŚĞŶĞǁĐŚĂƌŐĞƌƐǁŝůůŚĂǀĞĂƐŝŵŝůĂƌƌĂƚŝŶŐƚŽĞǆŝƐƚŝŶŐŽŶĞƐ͕ƚŚĞĞƐƚŝŵĂƚĞĚƚŽƚĂůĐŽŶŶĞĐƚĞĚ ĞůĞĐƚƌŝĐĂůůŽĂĚǁĂƐĞƐƚŝŵĂƚĞĚ͘dŚĞ &ŝŐƵƌĞďĞůŽǁƐŚŽǁƐƚŚĞĞƐƚŝŵĂƚĞĚĐŽŶŶĞĐƚĞĚůŽĂĚĨŽƌĞĂĐŚƐĐĞŶĂƌŝŽ͘ ϵ &ϵ> /'hZ^d/DdKEEd>dZ/>K dŚĞĐŚĂƌŐŝŶŐƐƚĂƚŝŽŶƐĨŽƌƚŚĞĐƵƌƌĞŶƚϲϬ͛ƐĂƌĞƐƵƉƉůŝĞĚďǇĂĚĞĚŝĐĂƚĞĚϮϱϬϬŬsƚƌĂŶƐĨŽƌŵĞƌ͕ƐŚŽǁŶ ŝŶ&ŝŐƵƌĞϭϬďĞůŽǁ͘dŚĞƉŽǁĞƌĨƌŽŵƚŚŝƐϰϴϬsƐĞƌǀŝĐĞŝƐĚŝƐƚƌŝďƵƚĞĚƚŽƚŚĞĞǆŝƐƚŝŶŐ,ĞůŝŽǆĐŚĂƌŐĞƌƐŝŶƐŝĚĞ ƚŚĞĨĂĐŝůŝƚǇƵƐŝŶŐĂŶĚŝŶĚŽŽƌϰϴϬsƐǁŝƚĐŚŐĞĂƌ͘ WĂŐĞϮϯ Ξ,ĂƚĐŚϮϬϮϰůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͕ŝŶĐůƵĚŝŶŐĂůůƌŝŐŚƚƐƌĞůĂƚŝŶŐƚŽƚŚĞƵƐĞŽĨƚŚŝƐĚŽĐƵŵĞŶƚŽƌŝƚƐĐŽŶƚĞŶƚƐ͘ &ϭϬh/^KΘD& /'hZd/>/dzdZE^&KZDZ&KZd,,Z'/E'E&Z^dZhdhZhWW>zdd,/>/dz dŚĞĐƵƌƌĞŶƚƚƌĂŶƐĨŽƌŵĞƌĂŶĚƐǁŝƚĐŚŐĞĂƌŚĂǀĞƐƉĂƌĞĐĂƉĂĐŝƚǇƚŽƐƵƉƉŽƌƚĂĚĚŝƚŝŽŶĂůĐŚĂƌŐŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ ,ŽǁĞǀĞƌ͕ƚŽƐƵƉƉŽƌƚƚŚĞĐŚĂƌŐŝŶŐŽƉĞƌĂƚŝŽŶŽĨƚŚĞĞŶƚŝƌĞĨůĞĞƚ͕ĂŶĂĚĚŝƚŝŽŶĂůϮϱϬϬŬsƚƌĂŶƐĨŽƌŵĞƌĂŶĚĂ ƐĞĐŽŶĚƐǁŝƚĐŚŐĞĂƌǁŝůůďĞƌĞƋƵŝƌĞĚ͘ dŚĞĐƵƌƌĞŶƚĨĂĐŝůŝƚǇĂůƌĞĂĚǇŚĂƐƚŚĞƉƌŽǀŝƐŝŽŶĨŽƌƚŚŝƐĞǆƉĂŶƐŝŽŶ͘ZWhŚĂƐĂůƐŽĐŽŶĨŝƌŵĞĚƚŚĂƚƚŚĞůŽĐĂů ĚŝƐƚƌŝďƵƚŝŽŶĨĞĞĚĞƌ;WDͲϵͿŚĂƐĂĚĚŝƚŝŽŶĂůĐĂƉĂĐŝƚǇƚŽƐƵƉƉŽƌƚƚŚĞĞǆƉĂŶƐŝŽŶŽĨƐĞƌǀŝĐĞďǇϮϱϬϬŬsƚŽƚŚĞ ĨĂĐŝůŝƚǇ͘ ĂƐĞĚŽŶƚŚĞĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞĞǆŝƐƚŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĨƵƚƵƌĞƉƌŽǀŝƐŝŽŶƐ͕ĂŶĚƵƚŝůŝƚǇĐĂƉĂĐŝƚǇ͕ƚŚĞƌŝƐŬ ĂƌŽƵŶĚƐĞĐƵƌŝŶŐĞŶĞƌŐǇƐƵƉƉůǇĨŽƌƐŝƐŵŝŶŝŵĂů͘dŚĞƌĞŝƐĂĐŚĂŶĐĞƚŚĂƚƚŚĞƵƚŝůŝƚǇĐĂƉĂĐŝƚǇŝƐƵƐĞĚƵƉ ďǇŽƚŚĞƌĐƵƐƚŽŵĞƌƐŝŶƚŚĞĂƌĞĂŝŶƚŚĞĨƵƚƵƌĞǁŚŝĐŚǁŽƵůĚƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůŝŶǀĞƐƚŵĞŶƚƐĨƌŽŵZWh͘dŚƵƐ͕ ďŽƚŚ^ĐĞŶĂƌŝŽϭ͗ĂŶĚ^ĐĞŶĂƌŝŽϮ Ɛ;ŚĂƌŐŝŶŐKŶůǇKǀĞƌŶŝŐŚƚĂƚƚŚĞĞƉŽƚͿ͗Ɛ;ŚĂƌŐŝŶŐŽƚŚKǀĞƌŶŝŐŚƚ ǁĞƌĞĂƐƐŝŐŶĞĚĂƐĐŽƌĞŽĨϰŝŶƐƚĞĂĚŽĨĂƉĞƌĨĞĐƚƐĐŽƌĞŽĨϱ͘ ĂŶĚDŝĚͲĂǇĂƚƚŚĞĞƉŽƚͿ &ŽƌƚŚĞ&Ɛ͕ĞůĞĐƚƌŝĐŝƚǇŝƐƌĞƋƵŝƌĞĚƚŽƐƵƉƉŽƌƚƚŚĞĨƵĞůŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞĞƐƉĞĐŝĂůůǇƚŚĞĐƌǇŽŐĞŶŝĐƉƵŵƉƐ͘ dŚĞĞŶĞƌŐǇĚĞŵĂŶĚŝƐ͕ŚŽǁĞǀĞƌ͕ŵŝŶŝŵĂůĐŽŵƉĂƌĞĚƚŽƐ͘dŚĞĐƵƌƌĞŶƚƚƌĂŶƐĨŽƌŵĞƌĂŶĚƐǁŝƚĐŚŐĞĂƌ ŚĂǀĞŵŽƌĞƚŚĂŶƐƵĨĨŝĐŝĞŶƚĐĂƉĂĐŝƚǇƚŽƐƵƉƉŽƌƚƚŚŝƐŽƉĞƌĂƚŝŽŶ͘ďŝŐŐĞƌĐŽŶĐĞƌŶǁŝƚŚ&ƐŝƐƚŚĞƐƵƉƉůǇŽĨ ŚǇĚƌŽŐĞŶ͘ƐĚŝƐĐƵƐƐĞĚŝŶƚŚĞ^ĞĐƚŝŽŶϮ͘ϭ͕ƚŚĞƐƵƉƉůǇĐŚĂŝŶĨŽƌŚǇĚƌŽŐĞŶŝƐŶŽƚǁĞůůĚĞǀĞůŽƉĞĚĂƚƚŚŝƐ ƐƚĂŐĞ͘ůƚŚŽƵŐŚƚŚĞƌĞĂƌĞŵĂŶǇŝŶŝƚŝĂƚŝǀĞƐƐƵĐŚĂƐ,ǇĚƌŽŐĞŶ,ƵďƐŝŶǁŽƌŬƐ͕ƚŚĞƌŝƐŬƐŽĨĨĂŝůƵƌĞƐŽĨƚŚĞƐĞ ŝŶŝƚŝĂƚŝǀĞƐƌĞŵĂŝŶƐ͘WƌŽĚƵĐŝŶŐŚǇĚƌŽŐĞŶŽŶƐŝƚĞŝƐĂůƐŽĐŚĂůůĞŶŐŝŶŐĚƵĞƚŽƚŚĞŚŝŐŚƵƉĨƌŽŶƚĐŽƐƚƐ͕ ƉĞƌŵŝƚƚŝŶŐĂŶĚƐƉĂĐĞƌĞƋƵŝƌĞŵĞŶƚƐ͘dŚĞƌĞĨŽƌĞ͕&ƐǁĞƌĞƐĐŽƌĞĚϭŽŶƚŚŝƐĐƌŝƚĞƌŝŽŶ͘ WĂŐĞϮϰ Ξ,ĂƚĐŚϮϬϮϰůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͕ŝŶĐůƵĚŝŶŐĂůůƌŝŐŚƚƐƌĞůĂƚŝŶŐƚŽƚŚĞƵƐĞŽĨƚŚŝƐĚŽĐƵŵĞŶƚŽƌŝƚƐĐŽŶƚĞŶƚƐ͘ ͵Ǥ͵Ǥ /ŶĂĚĚŝƚŝŽŶƚŽƵƚŝůŝƚŝĞƐĂŶĚŚǇĚƌŽŐĞŶƐƵƉƉůŝĞƌƐ͕ƚŚĞƌĞĂƌĞĂǀĂƌŝĞƚǇŽĨŽƚŚĞƌĞǆƚĞƌŶĂůƐƚĂŬĞŚŽůĚĞƌƐƚŚĂƚŵƵƐƚ ďĞĐŽŶƐŝĚĞƌĞĚŝŶĂŶǇǌĞƌŽĞŵŝƐƐŝŽŶƐƚƌĂŶƐŝƚŝŽŶ͘DŽƐƚƉƌŽŵŝŶĞŶƚůǇ͕ƚŚĞůŽĐĂůĐŽŵŵƵŶŝƚǇĂŶĚůŽĐĂůĨŝƌƐƚ ƌĞƐƉŽŶĚĞƌƐ͘dŚĞůŽĐĂůĐŽŵŵƵŶŝƚǇďĞŶĞĨŝƚƐƚƌĞŵĞŶĚŽƵƐůǇǁŝƚŚďŽƚŚƚĞĐŚŶŽůŽŐŝĞƐ͘dŚĞƌĞĚƵĐƚŝŽŶŝŶůŽĐĂů ƚĂŝůƉŝƉĞĞŵŝƐƐŝŽŶƐƌĞƐƵůƚƐŝŶĂďĞƚƚĞƌĂŝƌƋƵĂůŝƚǇĂŶĚƋƵŝĞƚĞƌĞůĞĐƚƌŝĐƉƌŽƉƵůƐŝŽŶƚĞĐŚŶŽůŽŐŝĞƐƌĞƐƵůƚŝŶůĞƐƐ ŶŽŝƐĞƉŽůůƵƚŝŽŶŝŶƚŚĞŶĞŝŐŚďŽƵƌŚŽŽĚƐ͘ůƚŚŽƵŐŚƐƵƐĞĚŝĞƐĞůŚĞĂƚŝŶŐŝŶĞǆƚƌĞŵĞůǇĐŽůĚĐŽŶĚŝƚŝŽŶƐ͕ƚŚĞ ŽǀĞƌĂůůĞŵŝƐƐŝŽŶƐĂƌĞƐŝŐŶŝĨŝĐĂŶƚůǇůŽǁĞƌǁŚĞŶĐŽŵƉĂƌĞĚƚŽĂĚŝĞƐĞůďƵƐ͘ ĚĚŝƚŝŽŶĂůůǇ͕ǌĞƌŽĞŵŝƐƐŝŽŶƐǀĞŚŝĐůĞƐŝŶƚƌŽĚƵĐĞŶĞǁƐĂĨĞƚǇŚĂǌĂƌĚƐ͕ƉĂƌƚŝĐƵůĂƌůǇƌĞůĂƚĞĚƚŽĨŝƌĞĂŶĚ ĞǆƉůŽƐŝŽŶƌŝƐŬ͘dŚĞƐĞǁŝůůƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůƚƌĂŝŶŝŶŐĨŽƌůŽĐĂůĨŝƌƐƚƌĞƐƉŽŶĚĞƌƐ͘ZWdǁŝůůƌĞƋƵŝƌĞ ĐŽůůĂďŽƌĂƚŝŶŐǁŝƚŚƚŚĞĨŝƌƐƚƌĞƐƉŽŶĚĞƌƐƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞĨĂĐŝůŝƚǇŵŽĚŝĨŝĐĂƚŝŽŶƐĂƌĞĂƉƉƌŽǀĞĚďǇƚŚĞĨŝƌĞ ŵĂƌƐŚĂůĂŶĚĂŶǇĂĚĚŝƚŝŽŶĂůƚƌĂŝŶŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐĂƌĞƵŶĚĞƌƐƚŽŽĚ͘ ŽƚŚƚĞĐŚŶŽůŽŐŝĞƐǁŝůůŚĂǀĞĂŶŝŵƉĂĐƚƚŽĞǆƚĞƌŶĂůƐƚĂŬĞŚŽůĚĞƌƐǁŚŝĐŚǁŝůůŶĞĞĚƚŽďĞĂĚĚƌĞƐƐĞĚ͘,ŽǁĞǀĞƌ͕ ŶĞŝƚŚĞƌŽĨƚŚĞƚĞĐŚŶŽůŽŐŝĞƐŚĂǀĞƐŝŐŶŝĨŝĐĂŶƚůǇŚŝŐŚĞƌƌŝƐŬĐŽŵƉĂƌĞĚƚŽŽƚŚĞƌǁŝƚŚƌĞŐĂƌĚƐƚŽĞǆƚĞƌŶĂů ͶǤ ƐƚĂŬĞŚŽůĚĞƌƐ͘dŚĞƌĞĨŽƌĞ͕ĂƐĐŽƌĞŽĨϯǁĂƐĂƐƐŝŐŶĞĚĂĐƌŽƐƐƚŚĞďŽĂƌĚĨŽƌƚŚŝƐĐƌŝƚĞƌŝŽŶ͘ ͶǤͳǤ ƬĞĂůŽƚŽĨĐŽŵƉŽŶĞŶƚƐǁŝƚŚƐ͕ůŝŬĞƚŚĞĞůĞĐƚƌŝĐƉƌŽƉƵůƐŝŽŶƐǇƐƚĞŵ͕ŚŝŐŚǀŽůƚĂŐĞďĂƚƚĞƌŝĞƐ ĂŶĚŚŝŐŚǀŽůƚĂŐĞĐŽŵƉŽŶĞŶƚƐ͕&ƐǁŝůůƌĞƋƵŝƌĞĚĞǀĞůŽƉŵĞŶƚŽĨŶĞǁƐŬŝůůƐĞƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚŵĂŝŶƚĂŝŶŝŶŐĂŶĚ ƚƌŽƵďůĞƐŚŽŽƚŝŶŐŽĨĨƵĞůĐĞůůĐŽŵƉŽŶĞŶƚƐĂŶĚĨƵĞůŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘KƉĞƌĂƚŝŽŶƐƐƚĂĨĨǁŝůůĂůƐŽŶĞĞĚƚŽŚĂǀĞ ƚƌĂŝŶŝŶŐŽŶŶĞǁĨƵĞůŝŶŐƉƌŽĐĞĚƵƌĞƐ͘ dŚƵƐ͕ĨƌŽŵĂŵĂŝŶƚĞŶĂŶĐĞĂŶĚǁŽƌŬĨŽƌĐĞŝŵƉĂĐƚƉĞƌƐƉĞĐƚŝǀĞ͕^ĐĞŶĂƌŝŽƐϭ͗Ɛ;ŚĂƌŐŝŶŐKŶůǇKǀĞƌŶŝŐŚƚĂƚ ƚŚĞĞƉŽƚͿĂŶĚ^ĐĞŶĂƌŝŽϮ͗Ɛ;ŚĂƌŐŝŶŐŽƚŚKǀĞƌŶŝŐŚƚĂŶĚDŝĚͲĂǇĂƚƚŚĞĞƉŽƚͿĂƌĞŵŽƐƚĨĂǀŽƵƌĂďůĞ͘ KƚŚĞƌƚŚĂŶƚƌĂŝŶŝŶŐŵŽƌĞŽĨƚŚĞƐƚĂĨĨ͕ŶŽŶĞǁƐŬŝůůƐĞƚƐǁŝůůŶĞĞĚƚŽďĞŝŶƚƌŽĚƵĐĞĚƚŽZWdƐƚĂĨĨ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞƐĞ ƐĐĞŶĂƌŝŽƐǁĞƌĞŐŝǀĞŶƐĐŽƌĞƐŽĨϰ͘^ĐĞŶĂƌŝŽϱ͗DŝǆĞĚ&ůĞĞƚ;DŝǆƚƵƌĞŽĨƐĂŶĚ&^ͿǁĂƐĂƐƐŝŐŶĞĚĂƐĐŽƌĞŽĨ ϮďĞĐĂƵƐĞĂĚĚŝƚŝŽŶĂůƚƌĂŝŶŝŶŐǁŝůůďĞŶĞĞĚĞĚĨŽƌĨƵĞůĐĞůůƐƉĞĐŝĨŝĐĐŽŵƉŽŶĞŶƚƐĂŶĚĨƵĞůŝŶŐ͘ WĂŐĞϮϱ Ξ,ĂƚĐŚϮϬϮϰůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͕ŝŶĐůƵĚŝŶŐĂůůƌŝŐŚƚƐƌĞůĂƚŝŶŐƚŽƚŚĞƵƐĞŽĨƚŚŝƐĚŽĐƵŵĞŶƚŽƌŝƚƐĐŽŶƚĞŶƚƐ͘ ͶǤʹǤ /ŵƉůĞŵĞŶƚŝŶŐďŽƚŚƐĂŶĚ&ƐŝŶǀŽůǀĞƐƌŝƐŬƐ͕ƉĂƌƚŝĐƵůĂƌůǇĐŽŶĐĞƌŶŝŶŐĞŶĞƌŐǇƐƵƉƉůǇ͕ǀĞŶĚŽƌͬƐƵƉƉůŝĞƌ͕ĂŶĚ ƐĂĨĞƚǇ͘/ƚŝƐŝŵƉŽƌƚĂŶƚƚŽĞǀĂůƵĂƚĞƚŚĞƐĞƌŝƐŬƐĂŶĚƚŚĞƐƚƌĂƚĞŐŝĞƐƚŽĞĨĨĞĐƚŝǀĞůǇŵŝƚŝŐĂƚĞŽƌŵŝŶŝŵŝǌĞƚŚĞŵĨŽƌ ĞĂĐŚŝŵƉůĞŵĞŶƚĂƚŝŽŶƐĐĞŶĂƌŝŽ͘ ŶĞƌŐǇƐƵƉƉůǇƌĞƐŝůŝĞŶĐǇŝƐĂŶŝŵƉŽƌƚĂŶƚĐŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌďŽƚŚƚĞĐŚŶŽůŽŐŝĞƐ͘dŽĞŶƐƵƌĞƚŚĂƚĂƌĞůŝĂďůĞƐĞƌǀŝĐĞ ĐĂŶďĞŵĂŝŶƚĂŝŶĞĚ͕ƚŚĞĞŶĞƌŐǇƐƵƉƉůǇĨŽƌďŽƚŚƚĞĐŚŶŽůŽŐŝĞƐŵƵƐƚďĞƌŽďƵƐƚ͘ƐĚĞƉĞŶĚŽŶĂƐƚĂďůĞĂŶĚ ĞǆƚĞŶƐŝǀĞĞůĞĐƚƌŝĐŐƌŝĚĨŽƌĐŚĂƌŐŝŶŐ͕ǁŚŝĐŚĐĂŶďĞǀƵůŶĞƌĂďůĞƚŽŽƵƚĂŐĞƐĂŶĚƉĞĂŬĚĞŵĂŶĚƐƚƌĞƐƐĞƐǁŚŝůĞ&Ɛ ƌĞůǇŽŶĂĐŽŶƐŝƐƚĞŶƚƐƵƉƉůǇŽĨŚǇĚƌŽŐĞŶ͕ǁŚŝĐŚŶĞĐĞƐƐŝƚĂƚĞƐĂƌĞƐŝůŝĞŶƚŚǇĚƌŽŐĞŶƉƌŽĚƵĐƚŝŽŶĂŶĚĚŝƐƚƌŝďƵƚŝŽŶ 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&Žƌ&Ɛ͕ƚŚĞƐĞĞŵŝƐƐŝŽŶƐĚĞƉĞŶĚŽŶƚŚĞ,ǇĚƌŽŐĞŶƉƌŽĚƵĐƚŝŽŶŵĞƚŚŽĚ͘dŚĞĞŵŝƐƐŝŽŶƐƉƌŽĨŝůĞŝƐĚĞƉĞŶĚĞŶƚ ŽŶǁŚĞƚŚĞƌ,ǇĚƌŽŐĞŶŝƐƉƌŽĚƵĐĞĚƵƐŝŶŐƐƚĞĂŵŵĞƚŚĂŶĞƌĞĨŽƌŵŽƌĞůĞĐƚƌŽůǇƐŝƐ͘&ŽƌŐƌĞǇŚǇĚƌŽŐĞŶ͕ƚŚĞ ĞŵŝƐƐŝŽŶƐĂƌĞƌĞůĂƚĞĚƚŽƚŚĞĨŽƐƐŝůĨƵĞůƚŚĂƚŝƐďƵƌŶĞĚĚƵƌŝŶŐƉƌŽĚƵĐƚŝŽŶ͘ůƚŚŽƵŐŚƚŚĞůĂƌŐĞƐĐĂůĞŽĨƐƵĐŚ ĨĂĐŝůŝƚŝĞƐŝŶĐƌĞĂƐĞƐƚŚĞĞĨĨŝĐŝĞŶĐǇŽĨĨŽƐƐŝůĨƵĞůďƵƌŶŝŶŐĐŽŵƉĂƌĞĚƚŽƚŚĞƐŵĂůůĚŝĞƐĞůĞŶŐŝŶĞƐĨŽƵŶĚŽŶďƵƐĞƐ͕ ƚŚĞƌĞĂƌĞƐƚŝůůŝŶĞĨĨŝĐŝĞŶĐŝĞƐƌĞůĂƚĞĚƚŽƚŚĞƐƚĞĂŵŵĞƚŚĂŶĞƌĞĨŽƌŵĂƚŝŽŶƉƌŽĐĞƐƐƵƐĞĚƚŽƉƌŽĚƵĐĞŐƌĞǇŚǇĚƌŽŐĞŶ͘ 'ƌĞĞŶŚǇĚƌŽŐĞŶƵƐĞƐĞůĞĐƚƌŝĐŝƚǇƚŽƐĞƉĂƌĂƚĞŚǇĚƌŽŐĞŶŵŽůĞĐƵůĞƐĨƌŽŵŽǆǇŐĞŶŵŽůĞĐƵůĞƐŝŶǁĂƚĞƌ͘,ĞŶĐĞ͕ůŝŬĞ Ɛ͕ƚŚĞĞŵŝƐƐŝŽŶƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚŐƌĞĞŶŚǇĚƌŽŐĞŶĂƌĞĂůƐŽĂƐƐŽĐŝĂƚĞĚǁŝƚŚĞůĞĐƚƌŝĐŝƚǇŐĞŶĞƌĂƚŝŽŶ͘dĂďůĞϳ ďĞůŽǁƉƌĞƐĞŶƚƐƚŚĞƚǇƉĞƐŽĨĞŵŝƐƐŝŽŶƐƚŚĂƚĂƌĞĐŽŶƐŝĚĞƌĞĚĨŽƌĞĂĐŚĐĂƐĞ͘ dϳd >zW^K&D/^^/KE^ ŝĞƐĞůĂƚƚĞƌǇͲůĞĐƚƌŝĐ,ǇĚƌŽŐĞŶ&ƵĞůĞůů &ƵĞůŝĞƐĞůŚĞĂƚĞƌ &ƵĞůƉƌŽĚƵĐƚŝŽŶ͕ƉƌŽĐĞƐƐŝŶŐ͕ĂŶĚĚĞůŝǀĞƌǇĨŽƌ ƉƌŽĚƵĐƚŝŽŶ͕ĨƵĞůƉƌŽĚƵĐƚŝŽŶ͕ ŚǇĚƌŽŐĞŶƚƌĂŶƐƉŽƌƚƚƌƵĐŬ;EĞĂƌĞƐƚƉƌŽƉŽƐĞĚ tĞůůͲƚŽͲƚĂŶŬ ƉƌŽĐĞƐƐŝŶŐ͕ƉƌŽĐĞƐƐŝŶŐ͕ĂŶĚ ŚǇĚƌŽŐĞŶŚƵďƚŽZWdͿ ĂŶĚĚĞůŝǀĞƌǇĚĞůŝǀĞƌǇ hƐĞŽĨĚŝĞƐĞůhƐĞŽĨĚŝĞƐĞůhƐĞŽĨĚŝĞƐĞůĨƵĞůĨŽƌƉƌŽƉƵůƐŝŽŶĨŽƌŚǇĚƌŽŐĞŶ dĂŶŬͲƚŽͲ ĨƵĞůĨŽƌĨƵĞůĨŽƌĐĂďŝŶƚƌĂŶƐƉŽƌƚƚƌƵĐŬ;EĞĂƌĞƐƚƉƌŽƉŽƐĞĚŚǇĚƌŽŐĞŶŚƵďƚŽ ǁŚĞĞů ƉƌŽƉƵůƐŝŽŶŚĞĂƚŝŶŐZWdͿ 'ƌĞǇ,ǇĚƌŽŐĞŶ͗ŵŝƐƐŝŽŶƐĨƌŽŵŚǇĚƌŽŐĞŶ ůĞĐƚƌŝĐŝƚǇ ƉƌŽĚƵĐƚŝŽŶƵƐŝŶŐ^DZ ƉƌŽĚƵĐƚŝŽŶĨƌŽŵ ŶĞƌŐǇ Eͬ 'ĞŶĞƌĂƚŝŽŶŶŽŶͲƌĞŶĞǁĂďůĞ 'ƌĞĞŶ,ǇĚƌŽŐĞŶ͗ůĞĐƚƌŝĐŝƚǇƉƌŽĚƵĐƚŝŽŶĨƌŽŵŶŽŶͲ ƐŽƵƌĐĞƐ ƌĞŶĞǁĂďůĞƐŽƵƌĐĞƐƚŽƉŽǁĞƌŚǇĚƌŽŐĞŶƉƌŽĚƵĐƚŝŽŶ &ŝŐƵƌĞϭϭƐƵŵŵĂƌŝǌĞƐƚŚĞƌĞƐƵůƚƐŽĨƚŚĞĞŵŝƐƐŝŽŶƐĐĂůĐƵůĂƚŝŽŶƐ͘dŚĞƐĞƌĞƐƵůƚƐĚĞŵŽŶƐƚƌĂƚĞƚŚĞĐƌŝƚŝĐĂůŝŵƉĂĐƚ ƚŚĂƚĞůĞĐƚƌŝĐŝƚǇƉƌŽĚƵĐƚŝŽŶƚĞĐŚŶŽůŽŐǇŚĂƐŽŶĞŵŝƐƐŝŽŶƐƌĞĚƵĐƚŝŽŶ͕ĞƐƉĞĐŝĂůůǇǁŚĞŶ&ƐĂƌĞƵƐĞĚ͘ WĂŐĞϮϵ Ξ,ĂƚĐŚϮϬϮϰůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͕ŝŶĐůƵĚŝŶŐĂůůƌŝŐŚƚƐƌĞůĂƚŝŶŐƚŽƚŚĞƵƐĞŽĨƚŚŝƐĚŽĐƵŵĞŶƚŽƌŝƚƐĐŽŶƚĞŶƚƐ͘ &ϭϭ /'hZD/^^/KE^^d/Dd^ ŽƚŚƐƐĐĞŶĂƌŝŽƐ͕^ĐĞŶĂƌŝŽϭ͗Ɛ;ŚĂƌŐŝŶŐKŶůǇKǀĞƌŶŝŐŚƚĂƚƚŚĞĞƉŽƚͿĂŶĚ^ĐĞŶĂƌŝŽϮ͗Ɛ;ŚĂƌŐŝŶŐ ŽƚŚKǀĞƌŶŝŐŚƚĂŶĚDŝĚͲĂǇĂƚƚŚĞĞƉŽƚͿ͕ǁŽƵůĚǇŝĞůĚĂϱϳйƌĞĚƵĐƚŝŽŶŝŶĞŵŝƐƐŝŽŶƐǁŝƚŚƚŚĞĐƵƌƌĞŶƚ DŝŶŶĞƐŽƚĂĞůĞĐƚƌŝĐŝƚǇƉƌŽĚƵĐƚŝŽŶŵŝǆ͘hŶĚĞƌ^ĐĞŶĂƌŝŽϱ͗DŝǆĞĚ&ůĞĞƚ;DŝǆƚƵƌĞŽĨƐĂŶĚ&^Ϳ͕ĚĞƉĞŶĚŝŶŐ ŽŶǁŚĞƚŚĞƌƚŚĞŚǇĚƌŽŐĞŶŝƐƉƌŽĚƵĐĞĚƵƐŝŶŐ^DZŽƌĞůĞĐƚƌŽůǇƐŝƐ͕ƚŚĞĞŵŝƐƐŝŽŶƐƌĞĚƵĐƚŝŽŶŝƐĞǆƉĞĐƚĞĚƚŽďĞϱϭй ĂŶĚϮϱйƌĞƐƉĞĐƚŝǀĞůǇ͘&ŽƌƚŚĞĐƵƌƌĞŶƚƉƌŽĚƵĐƚŝŽŶŵŝǆŝŶDŝŶŶĞƐŽƚĂ͕^ĐĞŶĂƌŝŽƐϭĂŶĚϮĂƌĞƚŚĞŵŽƐƚĐůŝŵĂƚĞ ĨƌŝĞŶĚůǇ͘ ,ŽǁĞǀĞƌ͕ZWhŚĂƐĂůƐŽŵĂĚĞĂĐŽŵŵŝƚŵĞŶƚƚŽƌĞĂĐŚϭϬϬйƌĞŶĞǁĂďůĞĞůĞĐƚƌŝĐŝƚǇďǇϮϬϯϬ͘/ĨZWhŵĞĞƚƐŝƚƐ ϲ ƌĞŶĞǁĂďůĞĞŶĞƌŐǇƚĂƌŐĞƚƐ͕ƚŚĞĞŵŝƐƐŝŽŶƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚĞůĞĐƚƌŝĐŝƚǇƉƌŽĚƵĐƚŝŽŶǁŽƵůĚďĞǌĞƌŽǁŚĞŶZWd͛ƐĨůĞĞƚ ƚƌĂŶƐŝƚŝŽŶŝƐĐŽŵƉůĞƚĞ͘,ĞŶĐĞ͕ŽŶĐĞĨƵůůƌĞŶĞǁĂďůĞĞŶĞƌŐǇƉƌŽĚƵĐƚŝŽŶŝƐĂĐŚŝĞǀĞĚ͕^ĐĞŶĂƌŝŽƐϭĂŶĚϮŝƐĞǆƉĞĐƚĞĚ ƚŽƌĞĚƵĐĞZWd͛ƐĞŵŝƐƐŝŽŶƐďǇϵϬй͘hŶĚĞƌ^ĐĞŶĂƌŝŽϱ͕ǁŚĞƌĞŐƌĞĞŶŚǇĚƌŽŐĞŶŝƐƵƐĞĚ͕ƚŚĞƌĞĚƵĐƚŝŽŶŝƐĞǆƉĞĐƚĞĚ ƚŽďĞϵϱй͘ĞĐĂƵƐĞ&ƐĚŽŶŽƚŚĂǀĞĞŵŝƐƐŝŽŶƐƌĞƐƵůƚŝŶŐĨƌŽŵĂƵǆŝůŝĂƌǇŚĞĂƚĞƌƐ͕ƚŚĞǇŽĨĨĞƌƚŚĞŚŝŐŚĞƐƚĚĞŐƌĞĞ ŽĨĞŵŝƐƐŝŽŶƐƌĞĚƵĐƚŝŽŶ͘&ŝŐƵƌĞϭϮƐƵŵŵĂƌŝǌĞƐƚŚĞƌĞƐƵůƚƐŽĨƚŚĞĞŵŝƐƐŝŽŶƐĐĂůĐƵůĂƚŝŽŶƐǁŝƚŚϭϬϬйƌĞŶĞǁĂďůĞ ĞůĞĐƚƌŝĐŝƚǇ͘ ϲŝƚǇŽĨZŽĐŚĞƐƚĞƌĚŽƉƚƐEĞǁ'ƌĞĞŶŚŽƵƐĞ'ĂƐŵŝƐƐŝŽŶƐZĞĚƵĐƚŝŽŶ'ŽĂůƐͮEĞǁƐΘŶŶŽƵŶĐĞŵĞŶƚƐͮ ZŽĐŚĞƐƚĞƌ͕DE;ƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀͿ WĂŐĞϯϬ Ξ,ĂƚĐŚϮϬϮϰůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͕ŝŶĐůƵĚŝŶŐĂůůƌŝŐŚƚƐƌĞůĂƚŝŶŐƚŽƚŚĞƵƐĞŽĨƚŚŝƐĚŽĐƵŵĞŶƚŽƌŝƚƐĐŽŶƚĞŶƚƐ͘ &ϭϮ;ϭϬϬйZWͿ /'hZD/^^/KE^^d/DdEt>ZKhd/KE ,ŽǁĞǀĞƌ͕ƚŚĞƌĞĂƌĞƐƚŝůůĞŵŝƐƐŝŽŶƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐŚŝƉƉŝŶŐƚŚĞ,ǇĚƌŽŐĞŶƚŽƚŚĞƵƐĞƐŝƚĞ͘,ĞŶĐĞ͕^ĐĞŶĂƌŝŽϱ͗ DŝǆĞĚ&ůĞĞƚ;DŝǆƚƵƌĞŽĨƐĂŶĚ&^ͿŝƐĂƐƐŝŐŶĞĚĂƐĐŽƌĞŽĨϰŽŶĞŵŝƐƐŝŽŶƐŝŵƉĂĐƚĐƌŝƚĞƌŝĂ͘^ĐĞŶĂƌŝŽϭ͗Ɛ ;ŚĂƌŐŝŶŐKŶůǇKǀĞƌŶŝŐŚƚĂƚƚŚĞĞƉŽƚͿĂŶĚ^ĐĞŶĂƌŝŽϮ͗Ɛ;ŚĂƌŐŝŶŐŽƚŚKǀĞƌŶŝŐŚƚĂŶĚDŝĚͲĂǇĂƚƚŚĞ ĞƉŽƚͿĂƌĞĞĂĐŚĂƐƐŝŐŶĞĚĂϯďĞĐĂƵƐĞĞǀĞŶǁŝƚŚϭϬϬйƌĞŶĞǁĂďůĞŐƌŝĚ͕ƚŚĞƚĞĐŚŶŽůŽŐǇĐĂŶŶŽƚƌĞĚƵĐĞĂƐŵƵĐŚ ͷǤ͵Ǥ ĞŵŝƐƐŝŽŶƐĂƐƚŚĞ&Ɛ͘ dŽƵŶĚĞƌƐƚĂŶĚƚŚĞĐŽƐƚŝŵƉĂĐƚŽĨƚŚĞƚŚƌĞĞƐĐĞŶĂƌŝŽƐ͕ŝƚŝƐŝŵƉŽƌƚĂŶƚƚŽĐŽŶƐŝĚĞƌĂůůƚŚĞĐŽƐƚƐŝŶǀŽůǀĞĚǁŝƚŚ ĂĐƋƵŝƌŝŶŐĂŶĚŽƉĞƌĂƚŝŶŐƚŚĞŶĞǁƚĞĐŚŶŽůŽŐǇĂŶĚĐŽŵƉĂƌĞŝƚƚŽƚŚĞĐŽƐƚŽĨĂĐƋƵŝƌŝŶŐĂŶĚŽƉĞƌĂƚŝŶŐƚŚĞĐƵƌƌĞŶƚ ƐǇƐƚĞŵŝŶŬŝŶĚ͘dŽĚŽƚŚŝƐ͕ĂůŝĨĞĐǇĐůĞĐŽƐƚ;>ͿŵŽĚĞůǁĂƐĐŽŶƐƚƌƵĐƚĞĚ͘dŚĞ>ŝŶĐůƵĚĞƐŝŶŝƚŝĂůĐĂƉŝƚĂůĂƐǁĞůů ĂƐŽƉĞƌĂƚŝŽŶƐĂŶĚŵĂŝŶƚĞŶĂŶĐĞĐŽƐƚƐŽĨƚŚĞƐ͕&Ɛ͕ĂŶĚ/ǀĞŚŝĐůĞƐĂŶĚƐƵƉƉŽƌƚŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞƵŶĚĞƌ ĞĂĐŚƐĐĞŶĂƌŝŽ͘dŚĞƐĞĐŽƐƚƐǁĞƌĞƚŚĞŶĐŽŵƉĂƌĞĚƚŽƚŚĞĐŽƐƚƐŽĨƌĞƉůĂĐŝŶŐƚŚĞĞǆŝƐƚŝŶŐĨŽƐƐŝůĨƵĞůͲďĂƐĞĚŽƉĞƌĂƚŝŽŶ ǁŝƚŚĂŶŽƚŚĞƌƌŽƵŶĚŽĨ/ǀĞŚŝĐůĞƐ͘dŚĞŽƉĞƌĂƚŝŽŶƐĂŶĚŵĂŝŶƚĞŶĂŶĐĞĐŽƐƚƐĂƌĞďĂƐĞĚŽŶƚŚĞƉĞĂŬƐĞƌǀŝĐĞůĞǀĞůƐ ĂŶĂůǇǌĞĚĂďŽǀĞĂŶĚƐĐĂůĞĚƚŽĂĐĐŽƵŶƚĨŽƌŽĨĨͲƉĞĂŬ͘ dĂďůĞϴďĞůŽǁŽƵƚůŝŶĞƐƚŚĞ>ŵŽĚĞůĐŽŵƉŽŶĞŶƚƐ͕ŽƌŐĂŶŝǌĞĚďǇďĂƐŝĐĐŽƐƚĞůĞŵĞŶƚƐĨŽƌ/͕ďĂƚƚĞƌǇͲĞůĞĐƚƌŝĐ͕ ĂŶĚĨƵĞůĐĞůůǀĞŚŝĐůĞƐ͘ WĂŐĞϯϭ Ξ,ĂƚĐŚϮϬϮϰůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͕ŝŶĐůƵĚŝŶŐĂůůƌŝŐŚƚƐƌĞůĂƚŝŶŐƚŽƚŚĞƵƐĞŽĨƚŚŝƐĚŽĐƵŵĞŶƚŽƌŝƚƐĐŽŶƚĞŶƚƐ͘ dϴWsd >Z/DZzK^dd'KZ/^z,/>zW ĂƚĞŐŽƌǇ/ŶƚĞƌŶĂůĂƚƚĞƌǇͲůĞĐƚƌŝĐ,ǇĚƌŽŐĞŶĨƵĞůĐĞůů ŽŵďƵƐƚŝŽŶ ;ďĂƐĞůŝŶĞͿ ĂƉŝƚĂůsĞŚŝĐůĞƉƵƌĐŚĂƐĞsĞŚŝĐůĞƉƵƌĐŚĂƐĞsĞŚŝĐůĞƉƵƌĐŚĂƐĞ ĂƚƚĞƌǇǁĂƌƌĂŶƚǇ&ƵĞůĞůůKǀĞƌŚĂƵů ŚĂƌŐŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ&ƵĞůŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ůĞĐƚƌŝĐĂůŝŶĨƌĂƐƚƌƵĐƚƵƌĞ&ĂĐŝůŝƚǇƵƉŐƌĂĚĞƐĂŶĚĐŽĚĞ ƵƉŐƌĂĚĞƐĐŽŵƉůŝĂŶĐĞǁŽƌŬ KƉĞƌĂƚŝŽŶƐ&ŽƐƐŝůĨƵĞůůĞĐƚƌŝĐŝƚǇ,ǇĚƌŽŐĞŶĨƵĞů ,ǇĚƌŽŐĞŶƚƌƵĐŬŝŶŐ KƉĞƌĂƚŽƌ͛ƐĐŽƐƚKƉĞƌĂƚŽƌ͛ƐĐŽƐƚKƉĞƌĂƚŽƌ͛ƐĐŽƐƚ ĞŵĂŶĚĐŚĂƌŐĞƐĨŽƌĞůĞĐƚƌŝĐŝƚǇ ŝĞƐĞůĨƵĞůĨŽƌĂƵǆŝůŝĂƌǇŚĞĂƚĞƌƐ DĂŝŶƚĞŶĂŶĐĞsĞŚŝĐůĞsĞŚŝĐůĞŵĂŝŶƚĞŶĂŶĐĞsĞŚŝĐůĞŵĂŝŶƚĞŶĂŶĐĞ ŵĂŝŶƚĞŶĂŶĐĞ ŚĂƌŐĞƌŵĂŝŶƚĞŶĂŶĐĞ,ǇĚƌŽŐĞŶƐƚŽƌĂŐĞĂŶĚĨƵĞůŝŶŐ ƐǇƐƚĞŵŵĂŝŶƚĞŶĂŶĐĞ &ŽƌƚŚĞĂďŽǀĞĐŽƐƚĐĂƚĞŐŽƌŝĞƐ͕ĐĞƌƚĂŝŶďĂƐĞĂƐƐƵŵƉƚŝŽŶƐǁĞƌĞĚĞǀĞůŽƉĞĚƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞĐŽƐƚŵŽĚĞů ƌĞĨůĞĐƚĞĚƌĞĂůͲǁŽƌůĚƉƌĂĐƚŝĐĞƐ͘dŚĞƐĞĂƐƐƵŵƉƚŝŽŶƐǁĞƌĞĚĞƌŝǀĞĚĨƌŽŵǀĂƌŝŽƵƐƐŽƵƌĐĞƐŝŶĐůƵĚŝŶŐŝŶĚƵƐƚƌǇ ƉƌĂĐƚŝĐĞƐĂŶĚZWdƐƚĂĨĨŝŶƉƵƚƐ͘ ĂƉŝƚĂů/ŶǀĞƐƚŵĞŶƚ dŚĞůŝĨĞƐƉĂŶŽĨƚƌĂŶƐŝƚďƵƐŝƐϭϮǇĞĂƌƐ͘ ZWdĐŽŶƚŝŶƵĞƐŽƉĞƌĂƚŝŶŐŽƵƚŽĨƚŚĞĐƵƌƌĞŶƚĨĂĐŝůŝƚǇ͘ ϭϮͲǇĞĂƌďĂƚƚĞƌǇǁĂƌƌĂŶƚŝĞƐĂƌĞƉƵƌĐŚĂƐĞĚǁŝƚŚƚŚĞďƵƐ͕ƐŽďĂƚƚĞƌǇƌĞƉůĂĐĞŵĞŶƚĂƚǀĞŚŝĐůĞŵŝĚůŝĨĞŝƐ ƵŶŶĞĐĞƐƐĂƌǇ͘ ůůƚƌĂŶƐŝƚŝŽŶŝŶŐďƵƐĞƐǁĞƌĞĂƐƐƵŵĞĚƚŽďĞϰϬ͛͘ &ƵŶĚŝŶŐĨƌŽŵ&dŽƌĂŶǇŽƚŚĞƌƐŽƵƌĐĞǁĂƐŶŽƚŝŶĐůƵĚĞĚŝŶƚŚĞĐĂůĐƵůĂƚŝŽŶƐ͘ /ŶĂĚĚŝƚŝŽŶƚŽƚŚĞĂďŽǀĞĂƐƐƵŵƉƚŝŽŶƐ͕dĂďůĞϵůŝƐƚƐĂůůƚŚĞŽƉĞƌĂƚŝŶŐĂŶĚĐĂƉŝƚĂůĐŽƐƚƐĂƐƐƵŵĞĚĨŽƌƚŚŝƐƐƚƵĚǇ͘ dŚĞƐĞĂƌĞďĂƐĞĚŽŶĨĞĞĚďĂĐŬĨƌŽŵZWdĂŶĚŐĞŶĞƌĂůŝŶĚƵƐƚƌǇƚƌĞŶĚƐ͘ WĂŐĞϯϮ Ξ,ĂƚĐŚϮϬϮϰůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͕ŝŶĐůƵĚŝŶŐĂůůƌŝŐŚƚƐƌĞůĂƚŝŶŐƚŽƚŚĞƵƐĞŽĨƚŚŝƐĚŽĐƵŵĞŶƚŽƌŝƚƐĐŽŶƚĞŶƚƐ͘ dϵ >K^d^^hDWd/KE^ ƐƐĞƚƐƚŝŵĂƚĞĚŽƐƚWĞƌhŶŝƚ /& ϰϬ͛dƌĂŶƐŝƚƵƐΨϱϱϬ͕ϬϬϬΨϴϱϬ͕ϬϬϬΨϭ͕ϮϬϬ͕ϬϬϬ ƵƐDĂŝŶƚĞŶĂŶĐĞ͕ƉĞƌŵŝůĞΨϭ͘ϯϬΨϬ͘ϵϲΨϭ͘ϭϵ ƵƐĂƚƚĞƌǇtĂƌƌĂŶƚǇΨϳϱ͕ϬϬϬ &ƵĞůĞůůKǀĞƌŚĂƵůΨϱϬ͕ϬϬϬ ϭϴϬŬt&;ϯŝƐƉĞŶƐĞƌƐͿΨϭϱϬ͕ϬϬϬ KƉĞƌĂƚŽƌtĂŐĞƐ͕ĞŶĞĨŝƚƐ͕ĂŶĚKǀĞƌŚĞĂĚ͕ƉĞƌŚŽƵƌΨϴϬ͘ϵϳΨϴϬ͘ϵϳΨϴϬ͘ϵϳ ŝĞƐĞů&ƵĞů͕ƉĞƌŐĂůůŽŶΨϯ͘ϯϭ ůĞĐƚƌŝĐŝƚǇZĂƚĞZWh>ĂƌŐĞ 'ĞŶĞƌĂů ^ĞƌǀŝĐĞZĂƚĞƐ ϳ ĞůŝǀĞƌĞĚ,ǇĚƌŽŐĞŶWƌŝĐĞΨϵ ΎƚŝŵĞͲŽĨͲƵƐĞƌĂƚĞŽƉƚŝŽŶŝƐŶŽƚĂǀĂŝůĂďůĞĨƌŽŵZWhĐƵƌƌĞŶƚůǇĨŽƌƚŚŝƐĐĂƚĞŐŽƌǇ͘ dŚĞ>ĂŶĂůǇƐŝƐĚĞƚĞƌŵŝŶĞƐƚŚĞƌĞůĂƚŝǀĞĐŽƐƚĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞďĂƐĞůŝŶĞ;/ͿƐĐĞŶĂƌŝŽĂŶĚƚŚĞƉƌŽƉŽƐĞĚ ƐĐĞŶĂƌŝŽƐ͘dŚĞƌĞĨŽƌĞ͕ŝƚŽŶůǇŝŶĐůƵĚĞƐĐŽƐƚƐǁŚŝĐŚĂƌĞĞǆƉĞĐƚĞĚƚŽďĞĚŝĨĨĞƌĞŶƚďĞƚǁĞĞŶƚŚĞŽƉƚŝŽŶƐ͘ŽƐƚƐ ĐŽŵŵŽŶƚŽĂůůĂůƚĞƌŶĂƚŝǀĞƐ͕ƐƵĐŚĂƐďƵƐƐƚŽƉŵĂŝŶƚĞŶĂŶĐĞ͕ĂƌĞŶŽƚŝŶĐůƵĚĞĚĂƐƚŚĞǇĚŽŶŽƚŚĂǀĞĂŶĞƚĞĨĨĞĐƚ ŽŶƚŚĞ>ĐŽŵƉĂƌŝƐŽŶ͘dŚƵƐ͕ƚŚĞŵŽĚĞůŝŶĚŝĐĂƚĞƐƚŚĞŵŽƐƚĞĐŽŶŽŵŝĐĂůŽƉƚŝŽŶďƵƚĚŽĞƐŶŽƚƌĞƉƌĞƐĞŶƚƚŚĞĨƵůů ŽƌƚƌƵĞĐŽƐƚŽĨŽǁŶŝŶŐĞŝƚŚĞƌŽĨƚŚĞŽƉƚŝŽŶƐ͘dĂďůĞϭϬĂŶĚ&ŝŐƵƌĞϭϯĐŽŵƉĂƌĞƚŚĞ>ŽĨƚŚĞĨƵƚƵƌĞĨůĞĞƚǁŝƚŚ ƚŚĞĐƵƌƌĞŶƚĨŽƐƐŝůĨƵĞůďĂƐĞůŝŶĞ͘ ϳϮϬϮϰZWhZĂƚĞ^ĐŚĞĚƵůĞϭϬͲϭϮ͘ƉĚĨ;ĐǁƐ͘ŶĞƚͿ WĂŐĞϯϯ Ξ,ĂƚĐŚϮϬϮϰůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͕ŝŶĐůƵĚŝŶŐĂůůƌŝŐŚƚƐƌĞůĂƚŝŶŐƚŽƚŚĞƵƐĞŽĨƚŚŝƐĚŽĐƵŵĞŶƚŽƌŝƚƐĐŽŶƚĞŶƚƐ͘ dϭϬ> >/&z>K^d^d/Dd^ ^ĐĞŶĂƌŝŽϮ͗ ^ĐĞŶĂƌŝŽϭ͗ ĂƚƚĞƌǇ ĂƚƚĞƌǇ^ĐĞŶĂƌŝŽϱ͗ ůĞĐƚƌŝĐƵƐĞƐ ůĞĐƚƌŝĐƵƐĞƐDŝǆĞĚ&ůĞĞƚ ;ŚĂƌŐŝŶŐ ĂƐĞůŝŶĞͲ/;ŚĂƌŐŝŶŐ;DŝǆƚƵƌĞŽĨ ŽƚŚ KŶůǇƐĂŶĚ KǀĞƌŶŝŐŚƚĂŶĚ KǀĞƌŶŝŐŚƚĂƚ&^Ϳ DŝĚͲĂǇĂƚ ƚŚĞĞƉŽƚͿ ƚŚĞĞƉŽƚͿ sĞŚŝĐůĞĂƉŝƚĂůŽƐƚΨϮϲ͕ϯϵϯ͕ϲϱϲΨϰϯ͕Ϯϴϰ͕ϭϳϴΨϯϲ͕ϳϭϱ͕ϯϴϱΨϲϮ͕ϳϳϬ͕ϭϱϵ /ŶĨƌĂƐƚƌƵĐƚƵƌĞĂƉŝƚĂůŽƐƚΨϬΨϲ͕ϭϴϴ͕ϮϳϴΨϱ͕ϯϴϭ͕ϭϭϭΨϳ͕Ϯϴϵ͕ϵϱϭ sĞŚŝĐůĞDĂŝŶƚĞŶĂŶĐĞŽƐƚΨϮϯ͕ϰϬϲ͕ϬϴϰΨϭϳ͕ϱϵϵ͕ϬϭϴΨϭϳ͕ϱϵϵ͕ϬϭϴΨϮϭ͕ϯϳϬ͕ϳϳϮ /ŶĨƌĂƐƚƌƵĐƚƵƌĞDĂŝŶƚĞŶĂŶĐĞŽƐƚΨϬΨϲϭϯ͕ϱϳϭΨϱϯϯ͕ϱϰϬΨϮ͕ϭϲϬ͕ϬϬϬ KƉĞƌĂƚŝŽŶƐŽƐƚΨϭϯϳ͕ϯϭϴ͕ϵϱϳΨϭϯϴ͕ϬϭϬ͕ϲϳϱΨϭϰϭ͕ϰϬϰ͕ϱϮϱΨϭϰϰ͕ϰϯϰ͕ϬϮϰ dŽƚĂůΨϭϴϳ͕ϭϭϴ͕ϲϵϳΨϮϬϱ͕ϲϵϱ͕ϳϮϬΨϮϬϭ͕ϲϯϯ͕ϱϳϵΨϮϯϴ͕ϬϮϰ͕ϵϬϲ &ϭϯ> /'hZ/&z>K^d^d/Dd^ ƐƐŚŽǁŶŝŶ&ŝŐƵƌĞϭϯ͕ƚŚĞƌĞŝƐĂƐŝŐŶŝĨŝĐĂŶƚŝŶĐƌĞĂƐĞŝŶƚŚĞƵƉĨƌŽŶƚĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚĨŽƌǀĞŚŝĐůĞƉƌŽĐƵƌĞŵĞŶƚ ƵŶĚĞƌĂůůƚŚƌĞĞƐĐĞŶĂƌŝŽƐ͘ZWdǁŝůůŶĞĞĚĂŶĂĚĚŝƚŝŽŶĂůĐĂƉŝƚĂůŝŶǀĞƐƚŵĞŶƚŽĨϲϰй͕ϯϵйŽƌϭϯϴйƚŽƉƌŽĐƵƌĞĨŝǆĞĚ ƌŽƵƚĞǀĞŚŝĐůĞƐƵŶĚĞƌ^ĐĞŶĂƌŝŽϭ͗Ɛ;ŚĂƌŐŝŶŐKŶůǇKǀĞƌŶŝŐŚƚĂƚƚŚĞĞƉŽƚͿ͕^ĐĞŶĂƌŝŽϮ͗Ɛ;ŚĂƌŐŝŶŐŽƚŚ KǀĞƌŶŝŐŚƚĂŶĚDŝĚͲĚĂǇĂƚƚŚĞĞƉŽƚͿĂŶĚ^ĐĞŶĂƌŝŽϱ͗DŝǆĞĚ&ůĞĞƚ;DŝǆƚƵƌĞŽĨƐĂŶĚ&^ͿƌĞƐƉĞĐƚŝǀĞůǇ͘/Ŷ WĂŐĞϯϰ Ξ,ĂƚĐŚϮϬϮϰůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͕ŝŶĐůƵĚŝŶŐĂůůƌŝŐŚƚƐƌĞůĂƚŝŶŐƚŽƚŚĞƵƐĞŽĨƚŚŝƐĚŽĐƵŵĞŶƚŽƌŝƚƐĐŽŶƚĞŶƚƐ͘ ĂĚĚŝƚŝŽŶ͕ZWdǁŝůůŶĞĞĚĂĚĚŝƚŝŽŶĂůĐĂƉŝƚĂůŝŶǀĞƐƚŵĞŶƚŝŶĐŚĂƌŐŝŶŐŽƌĨƵĞůůŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂƚƚŚĞŽƉĞƌĂƚŝŽŶƐ ĂŶĚŵĂŝŶƚĞŶĂŶĐĞĨĂĐŝůŝƚǇ͘ ,ŽǁĞǀĞƌ͕ǌĞƌŽĞŵŝƐƐŝŽŶǀĞŚŝĐůĞƐĂƌĞĞǆƉĞĐƚĞĚƚŽƌĞĚƵĐĞƌĞĐƵƌƌŝŶŐĐŽƐƚƐĨŽƌďŽƚŚŵĂŝŶƚĞŶĂŶĐĞĂŶĚĚĂŝůǇ ŽƉĞƌĂƚŝŽŶƐ͘DĂŝŶƚĞŶĂŶĐĞĐŽƐƚƐǁŝůůůŝŬĞůǇĚĞĐůŝŶĞďĞĐĂƵƐĞŽĨƚŚĞƐŝŵƉůŝĨŝĞĚŶĂƚƵƌĞŽĨǌĞƌŽĞŵŝƐƐŝŽŶǀĞŚŝĐůĞ͛Ɛ 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Ξ,ĂƚĐŚϮϬϮϰůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͕ŝŶĐůƵĚŝŶŐĂůůƌŝŐŚƚƐƌĞůĂƚŝŶŐƚŽƚŚĞƵƐĞŽĨƚŚŝƐĚŽĐƵŵĞŶƚŽƌŝƚƐĐŽŶƚĞŶƚƐ͘ dϭϭDͲD >h>d/Z/dZ//^/KEdZ/y ^ĐĞŶĂƌŝŽϭ͗^ĐĞŶĂƌŝŽϮ͗^ĐĞŶĂƌŝŽϯ͗^ĐĞŶĂƌŝŽϰ͗^ĐĞŶĂƌŝŽϱ͗ ĂƚƚĞƌǇ ĂƚƚĞƌǇ ůĞĐƚƌŝĐ ĂƚƚĞƌǇůĞĐƚƌŝĐ ƵƐĞƐ ůĞĐƚƌŝĐƵƐĞƐ&ƵĞůĞůů ;ŚĂƌŐŝŶŐDŝǆĞĚ&ůĞĞƚ ƵƐĞƐ;ŚĂƌŐŝŶŐůĞĐƚƌŝĐ ŽƚŚ;DŝǆƚƵƌĞŽĨ ;ŚĂƌŐŝŶŐŽƚŚƵƐĞƐ KǀĞƌŶŝŐŚƚĂƚƐĂŶĚ KŶůǇKǀĞƌŶŝŐŚƚ;&ƵĞůŝŶŐĂƚ ƚŚĞĞƉŽƚ&^Ϳ KǀĞƌŶŝŐŚƚĂƚĂŶĚDŝĚͲƚŚĞĞƉŽƚͿ ĂŶĚĂƚDŝĚͲ ƚŚĞĞƉŽƚͿĂǇĂƚƚŚĞ ĂǇKŶͲ ĞƉŽƚͿ ZŽƵƚĞͿ dĞĐŚŶŽůŽŐǇDĂƚƵƌŝƚǇϰϰϮ dĞĐŚŶŝĐĂůsŝĂďŝůŝƚǇϰϱϱ KƉĞƌĂƚŝŽŶĂů/ŵƉĂĐƚƐϮϮϱ ^ƉĂƚŝĂů/ŵƉĂĐƚƐϭϰϮ ŶĞƌŐǇ^ƵƉƉůǇ/ŵƉĂĐƚƐϰϰϭ ǆƚĞƌŶĂů/ŵƉĂĐƚƐϯϯϯ DĂŝŶƚĞŶĂŶĐĞΘtŽƌŬĨŽƌĐĞϰϰϮ ZŝƐŬDŝƚŝŐĂƚŝŽŶϰϰϯ WŚĂƐŝŶŐϰϰϮ WŽůŝĐǇůŝŐŶŵĞŶƚϰϰϰ ŵŝƐƐŝŽŶƐZĞĚƵĐƚŝŽŶϯϯϰ ŽƐƚ/ŵƉĂĐƚϰϯϮ dŽƚĂůϰϭϰϰϬϬϯϱ dŚĞĂďŽǀĞƐĐŽƌĞƐŝŶĚŝĐĂƚĞƚŚĂƚ^ĐĞŶĂƌŝŽϮ͗ĂƚƚĞƌǇůĞĐƚƌŝĐƵƐĞƐ;ŚĂƌŐŝŶŐŽƚŚKǀĞƌŶŝŐŚƚĂŶĚDŝĚͲĂǇĂƚƚŚĞ ĞƉŽƚͿǁŝůůďĞŵŽƐƚďĞŶĞĨŝĐŝĂůƐĐĞŶĂƌŝŽĨŽƌZWd͘^ĐĞŶĂƌŝŽϮǁŽƵůĚĂůůŽǁĨƵůůĐŽŶǀĞƌƐŝŽŶƚŽǌĞƌŽĞŵŝƐƐŝŽŶƐ ƚĞĐŚŶŽůŽŐǇǁŝƚŚŶŽŝŵƉĂĐƚŽŶĨůĞĞƚƐŝǌĞ͘ZWdĐĂŶŝŵƉůĞŵĞŶƚƚŚŝƐƐŽůƵƚŝŽŶĂƚŝƚƐĐƵƌƌĞŶƚĨĂĐŝůŝƚǇ͘dŚĞŽƉƚŝŽŶŝƐ 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ŽƵƚƐŝĚĞƚŚĞĐŽŶƚƌŽůŽĨZWd͕ƐŽŵĞŽĨƚŚĞĨĂĐƚŽƌƐĞǀĂůƵĂƚĞĚŝŶƚŚŝƐƐƚƵĚǇĐĂŶĐŚĂŶŐĞ͕ƉŽƚĞŶƚŝĂůůǇƌĞƐƵůƚŝŶŐŝŶĂ ĚŝĨĨĞƌĞŶƚŽƵƚĐŽŵĞ͘ZWdŝƐƚŚĞƌĞĨŽƌĞĞŶĐŽƵƌĂŐĞĚƚŽŵŽŶŝƚŽƌƚŚĞƐĞĞǆƚĞƌŶĂůĨĂĐƚŽƌƐĂŶĚƌĞǀŝƐŝƚƚŚŝƐĂŶĂůǇƐŝƐŝŶ ƚŚĞĨƵƚƵƌĞĂƐŶĞĞĚĞĚ͘ĚĚŝƚŝŽŶĂůůǇ͕ƚŚĞƐƚƵĚǇƐŚŽƵůĚďĞƌĞǀŝƐŝƚĞĚǁŝƚŚĂŶǇŶĞǁƐĞƌǀŝĐĞĞǆƉĂŶƐŝŽŶƉůĂŶƐ͘ &ŽƌƉĂƌĂƚƌĂŶƐŝƚŽƉĞƌĂƚŝŽŶ͕ŝƚŝƐƌĞĐŽŵŵĞŶĚĞĚƚŚĂƚZWdƉƵƌĐŚĂƐĞŽŶĞĞůĞĐƚƌŝĐĐƵƚĂǁĂǇƚŚĂƚĐĂŶďĞĚĞƉůŽǇĞĚŽŶ ƚŚĞϭϰйĨĞĂƐŝďŝůŝƚǇƌŽƵƚĞ͘ƵĞƚŽƚŚĞŵŝŶŝŵĂůŶƵŵďĞƌŽĨĞƐƚĂďůŝƐŚĞĚƐƵƉƉůŝĞƌƐĨŽƌĞůĞĐƚƌŝĐĐƵƚĂǁĂǇƐ͕ZWdĐĂŶ ƚĞƐƚŽƵƚƉƌŽĚƵĐƚƐŝŶƚŚŝƐŽƉĞƌĂƚŝŽŶǁŚŝůĞŵŽƌĞƉƌŽĚƵĐƚŽĨĨĞƌŝŶŐƐĂƌĞĚĞǀĞůŽƉĞĚ͘ZWdƐŚŽƵůĚĐŽŶƚŝŶƵĞ ŵŽŶŝƚŽƌŝŶŐƚŚĞŶĞǁƉƌŽĚƵĐƚŽĨĨĞƌŝŶŐƐŝŶƚŚŝƐƐƉĂĐĞĂŶĚĞǀĂůƵĂƚĞƚŚĞƉĂƌĂƚƌĂŶƐŝƚƚƌĂŶƐŝƚŝŽŶĨƵƌƚŚĞƌŝĨƉƌŽĚƵĐƚƐ ǁŝƚŚƐŝŐŶŝĨŝĐĂŶƚůǇďŝŐŐĞƌďĂƚƚĞƌǇƉĂĐŬƐďĞĐŽŵĞĂǀĂŝůĂďůĞ͘dŚĞ^hsƐĂŶĚƐĞĚĂŶƐĐĂŶďĞĐŽŶǀĞƌƚĞĚƚŽďĂƚƚĞƌǇ ͹Ǥ ĞůĞĐƚƌŝĐĂƐƐŽŽŶĂƐƚŚĞƌĞƐŽƵƌĐĞƐďĞĐŽŵĞĂǀĂŝůĂďůĞ͘ dŚĞƐĞůĞĐƚĞĚƐĐĞŶĂƌŝŽĐĂŶďĞŝŵƉůĞŵĞŶƚĞĚŽǀĞƌĚŝĨĨĞƌĞŶƚƚŝŵĞĨƌĂŵĞƐďĂƐĞĚŽŶǀĂƌŝŽƵƐĨĂĐƚŽƌƐŝŶĐůƵĚŝŶŐ ŽƉĞƌĂƚŝŽŶĂůƵƐĂŐĞ͕ǀĞŚŝĐůĞĂŐĞĂŶĚƉůĂŶŶĞĚƌĞƉůĂĐĞŵĞŶƚŽĨƚŚĞĞǆŝƐƚŝŶŐĨůĞĞƚ͕ZWd͛ƐŵĂŶĂŐĞŵĞŶƚƉƌĞĨĞƌĞŶĐĞ ĂŶĚƌĞƐŽƵƌĐĞĂǀĂŝůĂďŝůŝƚǇ͘ 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ƌĞůĂƚĞĚƚŽĨůĞĞƚ͕ƌĞƐŽƵƌĐĞ͕ƉŽůŝĐǇ͕ůĞŐŝƐůĂƚŝŽŶ͕ĨĂĐŝůŝƚǇ͕ƐƵƉƉůŝĞƌƉĂƌƚŶĞƌƐŚŝƉƐ͕ĂŶĚǁŽƌŬĨŽƌĐĞĚĞǀĞůŽƉŵĞŶƚ͕ĂƐ ƉƌĞƐĐƌŝďĞĚďǇƚŚĞ&d͘ƐƵŵŵĂƌǇŽĨƚŚĞƚƌĂŶƐŝƚŝŽŶƉůĂŶŶŝŶŐĞĨĨŽƌƚƐƵŶĚĞƌƚĂŬĞŶďǇZWdŝƐƉƌŽǀŝĚĞĚďĞůŽǁ͗ ZWdĚĞǀĞůŽƉĞĚĂůŽŶŐƚĞƌŵĨůĞĞƚŵĂŶĂŐĞŵĞŶƚƉůĂŶĂƐƉĂƌƚŽĨƚŚŝƐƌĞƉŽƌƚ͘dŚĞĨůĞĞƚƉůĂŶĐĂůůƐĨŽƌZWd ƚŽĨƵůůǇƚƌĂŶƐŝƚŝŽŶŝƚƐĨƵůůͲƐŝǌĞďƵƐĨůĞĞƚƚŽƐďǇϮϬϰϭďǇƉƌŽĐƵƌŝŶŐĂŶĂĚĚŝƚŝŽŶĂůϰϴďĂƚƚĞƌǇĞůĞĐƚƌŝĐ ǀĞŚŝĐůĞƐ͘hŶĨŽƌƚƵŶĂƚĞůǇ͕ZWd͛ƐƉĂƌĂƚƌĂŶƐŝƚŽƉĞƌĂƚŝŽŶƐĂŶĚƚŚĞĐƵƌƌĞŶƚŵĂƌŬĞƚŽĨĨĞƌŝŶŐŽĨŵĞĚŝƵŵ Ͳ ĚƵƚǇďĂƚƚĞƌǇĞůĞĐƚƌŝĐǀĞŚŝĐůĞƐĂƌĞŝŶĐŽŵƉĂƚŝďůĞĚƵĞƚŽƌĂŶŐĞƌĞƋƵŝƌĞŵĞŶƚƐ͘dŚĞƌĞĨŽƌĞ͕ZWdƉůĂŶƐƚŽ ŽŶůǇƉƵƌĐŚĂƐĞƚǁŽĞůĞĐƚƌŝĐĐƵƚĂǁĂǇǀĞŚŝĐůĞƐĂƐĂƉŝůŽƚƉƌŽŐƌĂŵĨŽƌƉĂƌĂƚƌĂŶƐŝƚƐĞƌǀŝĐĞ͘ZWdƉůĂŶƐƚŽ ƌĞĞǀĂůƵĂƚĞƚŚŝƐƚƌĂŶƐŝƚŝŽŶĂƉƉƌŽĂĐŚĨŽƌƚŚĞƉĂƌĂƚƌĂŶƐŝƚƐĞƌǀŝĐĞĂƐǀĞŚŝĐůĞŽĨĨĞƌŝŶŐƐŝŵƉƌŽǀĞĂŶĚĂƐ ƌĞƐƵůƚƐĨƌŽŵƚŚĞƉŝůŽƚďĞĐŽŵĞĂǀĂŝůĂďůĞ͘ ZWdĂůƐŽĞǀĂůƵĂƚĞĚƌĞƐŽƵƌĐĞĂǀĂŝůĂďŝůŝƚǇ͕ƉŽůŝĐŝĞƐĂŶĚůĞŐŝƐůĂƚŝŽŶĂƐƉĂƌƚŽĨƚŚŝƐƚƌĂŶƐŝƚŝŽŶĞĨĨŽƌƚ͘dŚĞ ƌĞƐƵůƚŽĨƚŚĂƚĂŶĂůǇƐŝƐĚĞƚĞƌŵŝŶĞĚƚŚĂƚZWdǁŝůůŶĞĞĚĂĚĚŝƚŝŽŶĂůƌĞƐŽƵƌĐĞƐƚŽŚĞůƉƐƵƉƉŽƌƚĂƚƌĂŶƐŝƚŝŽŶ ƚŽƐ͘/ƚŝƐĞƐƚŝŵĂƚĞĚƚŚĂƚZWdǁŝůůŶĞĞĚƚŽƐĞĐƵƌĞϲϴйŽƌΨϯϴϱ͕ϬϬϬŝŶĂĚĚŝƚŝŽŶĂůĨƵŶĚŝŶŐƉĞƌ ǀĞŚŝĐůĞƐƚŽƚƌĂŶƐŝƚŝŽŶƚŽƐǁŚĞŶĐŽŵƉĂƌĞĚƚŽƉƌŽĐƵƌŝŶŐĚŝĞƐĞůĞƋƵŝǀĂůĞŶƚ͘&ƵŶĚŝŶŐƐƚƌĞĂŵƐƐƵĐŚ ĂƐƚŚĞ&d͛Ɛ>ŽǁͬEŽŵŝƐƐŝŽŶƐĂŶĚƵƐĂŶĚƵƐ&ĂĐŝůŝƚŝĞƐŐƌĂŶƚƐǁĞƌĞŝĚĞŶƚŝĨŝĞĚĂƐƉƌŝŵĂƌǇ ŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌZWdƚŽƐĞĐƵƌĞƚŚĞĂĚĚŝƚŝŽŶĂůƌĞƋƵŝƌĞĚƌĞƐŽƵƌĐĞƐ͘ZWdĂůƐŽĚĞǀĞůŽƉĞĚƚŚŝƐƚƌĂŶƐŝƚŝŽŶ WĂŐĞϯ Ξ,ĂƚĐŚϮϬϮϰůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͕ŝŶĐůƵĚŝŶŐĂůůƌŝŐŚƚƐƌĞůĂƚŝŶŐƚŽƚŚĞƵƐĞŽĨƚŚŝƐĚŽĐƵŵĞŶƚŽƌŝƚƐĐŽŶƚĞŶƚƐ͘ ƉůĂŶƚŽĨƵůůǇĐŽŵƉůǇǁŝƚŚůŽĐĂů͕ƐƚĂƚĞĂŶĚĨĞĚĞƌĂůƉŽůŝĐŝĞƐĂŶĚůĞŐŝƐůĂƚŝŽŶƌĞůĂƚĞĚƚŽƐƵƐƚĂŝŶĂďůĞƚƌĂŶƐŝƚ ŽƉĞƌĂƚŝŽŶƐ͘ ŶŽƚŚĞƌĐŽŵƉŽŶĞŶƚŽĨZWd͛ƐƚƌĂŶƐŝƚŝŽŶƉůĂŶŶŝŶŐĞĨĨŽƌƚƐǁĂƐĂ&ĂĐŝůŝƚǇĞǀĂůƵĂƚŝŽŶ͘ZWdĐƵƌƌĞŶƚůǇŚĂƐ ƚŚĞƐƉĂƚŝĂůĐĂƉĂĐŝƚǇƚŽŚŽƵƐĞƚŚĞƉƌŽƉŽƐĞĚŶĞǁĨůĞĞƚǁŝƚŚŝŶŝƚƐŵĂŝŶĚĞƉŽƚ͘ŵŝŶŝŵĂůĂŵŽƵŶƚŽĨĐŝǀŝů ĂŶĚƐƚƌƵĐƚƵƌĂůǁŽƌŬǁŽƵůĚĂůƐŽďĞƌĞƋƵŝƌĞĚĨŽƌƚŚĞŝŶƐƚĂůůĂƚŝŽŶŽĨƚŚĞŶĞǁĞůĞĐƚƌŝĐĂůŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂƚ ƚŚĞĐƵƌƌĞŶƚĨĂĐŝůŝƚǇ͘&ƌŽŵĂŶĞůĞĐƚƌŝĐĂůƐƚĂŶĚƉŽŝŶƚ͕ZWdŚĂƐƚŚĞĐĂƉĂĐŝƚǇŝŶĂŶĞǆŝƐƚŝŶŐƚƌĂŶƐĨŽƌŵĞƌ ƚŚĂƚŝƐĐĂůůĞĚĨŽƌŝŶƚŚŝƐƉůĂŶƵŶƚŝůϮϬϯϭ͕ĂĨƚĞƌǁŚŝĐŚZWdǁŝůůŶĞĞĚƚŽŝŶƐƚĂůůĂŶŽƚŚĞƌƚƌĂŶƐĨŽƌŵĞƌĂŶĚ ŵĂŬĞĞůĞĐƚƌŝĐĂůƵƉŐƌĂĚĞƐƚŽĐŽŵƉůĞƚĞƚŚĞƚƌĂŶƐŝƚŝŽŶƚŽƐ͘ dŽƐƵƉƉŽƌƚƚŚŝƐƚƌĂŶƐŝƚŝŽŶƉůĂŶ͕ZWdŚĂƐĨŽƌŵĞĚĂƐƵƉƉůŝĞƌƉĂƌƚŶĞƌƐŚŝƉǁŝƚŚƚŚĞůŽĐĂůƵƚŝůŝƚǇ͗ ZŽĐŚĞƐƚĞƌWƵďůŝĐhƚŝůŝƚŝĞƐ;ZWhͿ͘ZWdĐŽŵƉůĞƚĞĚĂŶĂŶĂůǇƐŝƐŝŶĐŽŽƉĞƌĂƚŝŽŶǁŝƚŚZWhƚŚĂƚĚĞƚĞƌŵŝŶĞĚ ƚŚĂƚƚŚĞůŽĐĂůĚŝƐƚƌŝďƵƚŝŽŶĨĞĞĚĞƌĐƵƌƌĞŶƚůǇŚĂƐƐƵĨĨŝĐŝĞŶƚĂĚĚŝƚŝŽŶĂůĐĂƉĂĐŝƚǇƚŽƐƵƉƉŽƌƚƚŚĞƉƌŽƉŽƐĞĚ ƚƌĂŶƐŝƚŝŽŶĂŶĚŝŶƐƚĂůůĂƚŝŽŶŽĨĂĚĚŝƚŝŽŶĂůĐŚĂƌŐŝŶŐƐǇƐƚĞŵƐĂƚZWd͛ƐĨĂĐŝůŝƚǇ͘ZWdƉůĂŶƐƚŽĐŽŶƚŝŶƵĞŝƚƐ ƉĂƌƚŶĞƌƐŚŝƉǁŝƚŚZWhƚŚƌŽƵŐŚŽƵƚƚŚĞƚƌĂŶƐŝƚŝŽŶƚŽĐŽŶĨŝƌŵƵƚŝůŝƚǇĐĂƉĂĐŝƚǇĂŶĚƌĞůŝĂďŝůŝƚǇŝƐ ŵĂŝŶƚĂŝŶĞĚ͘ dŚĞĨŝŶĂůĐŽŵƉŽŶĞŶƚŽĨZWd͛ƐƚƌĂŶƐŝƚŝŽŶƉůĂŶǁĂƐĐŽŶƐŝĚĞƌĂƚŝŽŶƐĨŽƌǁŽƌŬĨŽƌĐĞĚĞǀĞůŽƉŵĞŶƚĂŶĚ ƚƌĂŝŶŝŶŐ͘ZWdĂůƌĞĂĚǇƌĞĐĞŝǀĞĚƚƌĂŝŶŝŶŐĂƐƐŽĐŝĂƚĞĚǁŝƚŚŝƚ͛ƐĨŝƌƐƚĨůĞĞƚƉƌŽĐƵƌĞŵĞŶƚ͘ZWdƉůĂŶƐƚŽ ĞǆƉĂŶĚƚŚŽƐĞĞĨĨŽƌƚƐƚŽƚƌĂŝŶŝƚƐĞŶƚŝƌĞƐƚĂĨĨĂŶĚĞƐƚĂďůŝƐŚƌĞĐƵƌƌŝŶŐƉƌŽŐƌĂŵƐƚŽĞŶƐƵƌĞĞǆŝƐƚŝŶŐƐƚĂĨĨ ĂƌĞƌĞƚĂŝŶĞĚĂŶĚƚŚĂƚĂƚĂůĞŶƚƉŝƉĞůŝŶĞŝƐĞƐƚĂďůŝƐŚĞĚƚŽŵĂŝŶƚĂŝŶŽƉĞƌĂƚŝŽŶƐŽŶĐĞƚŚĞĨůĞĞƚĂŶĚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂƌĞĨƵůůǇƚƌĂŶƐŝƚŝŽŶĞĚ͘ ZWd͛ƐƚƌĂŶƐŝƚŝŽŶĨƌŽŵĂ Ŷ/ƉŽǁĞƌĞĚďƵƐĨůĞĞƚƚŽĂĨůĞĞƚǁŝůůďĞĂŵƵůƚŝͲǇĞĂƌ͕ŵƵůƚŝͲĚĞƉĂƌƚŵĞŶƚĂů ƉƌŽĐĞƐƐ͘dŚƌŽƵŐŚƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚŝƐƚƌĂŶƐŝƚŝŽŶƉůĂŶ͕ZWdŚĂƐƉŽƐŝƚŝŽŶĞĚŝƚƐĞůĨƚŽƐƵĐĐĞƐƐĨƵůůǇĚĞƉůŽǇ ĞůĞĐƚƌŝĐǀĞŚŝĐůĞƐĂŶĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ZWdŚĂƐĂƐƐĞƐƐĞĚƚŚĞƉƌŝŵĂƌǇĨĂĐƚŽƌƐŝŶĨůƵĞŶĐŝŶŐƚŚĞƚƌĂŶƐŝƚŝŽŶĂŶĚŵĂĚĞ ƉůĂŶƐƚŽŽƉƚŝŵŝǌĞƉŽƚĞŶƚŝĂůďĞŶĞĨŝƚƐĂŶĚƌĞĚƵĐĞƉŽƐƐŝďůĞƌŝƐŬƐ͘ǇĨŽůůŽǁŝŶŐƚŚŝƐƉůĂŶ͕ZWdƉůĂŶƐƚŽƚƌĂŶƐŝƚŝŽŶ ƚŽĂϭϬϬйǌĞƌŽͲĞŵŝƐƐŝŽŶƐĨƵůůͲƐŝǌĞďƵƐĨůĞĞƚďǇϮϬϰϭ͘ WĂŐĞϰ Ξ,ĂƚĐŚϮϬϮϰůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͕ŝŶĐůƵĚŝŶŐĂůůƌŝŐŚƚƐƌĞůĂƚŝŶŐƚŽƚŚĞƵƐĞŽĨƚŚŝƐĚŽĐƵŵĞŶƚŽƌŝƚƐĐŽŶƚĞŶƚƐ͘ ͳǤ ZŽĐŚĞƐƚĞƌWƵďůŝĐdƌĂŶƐŝƚ;ZWdͿƉƌŽǀŝĚĞƐƉƵďůŝĐƚƌĂŶƐƉŽƌƚĂƚŝŽŶŝŶƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂĂŶĚ ŽĨĨĞƌƐƌĞůŝĂďůĞĂŶĚĂĨĨŽƌĚĂďůĞƚƌĂŶƐŝƚŽƉƚŝŽŶƐĨŽƌƌĞƐŝĚĞŶƚƐĂŶĚǀŝƐŝƚŽƌƐƚŚƌŽƵŐŚŝƚƐĨŝǆĞĚƌŽƵƚĞĂŶĚ ƉĂƌĂƚƌĂŶƐŝƚƐĞƌǀŝĐĞƐ͘tŝƚŚƚŚĞŝŶƚƌŽĚƵĐƚŝŽŶŽĨϲϬ͛ĂƌƚŝĐƵůĂƚĞĚƐŝŶƚŽŝƚƐĨůĞĞƚ͕ZWdŚĂƐďĞŐƵŶ ƚƌĂŶƐŝƚŝŽŶŝŶŐƚŽǌĞƌŽĞŵŝƐƐŝŽŶďƵƐĞƐĚƵĞƚŽǀĂƌŝŽƵƐďĞŶĞĨŝƚƐŝŶĐůƵĚŝŶŐƌĞĚƵĐĞĚĞŵŝƐƐŝŽŶƐŽĨŐƌĞĞŶŚŽƵƐĞ ŐĂƐĞƐ;','Ϳ͘dƌĂŶƐŝƚŝŽŶŝŶŐƚŽƐĂůƐŽĂůŝŐŶƐǁŝƚŚƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͛ƐŐŽĂůƐƚŽƌĞĚƵĐĞ','ƐďǇϱϬй ďǇϮϬϯϬĂŶĚϭϬϬйďǇϮϬϱϬ ϭ͘ WƌŝŽƌƚŽƚŚŝƐƌĞƉŽƌƚ͕,ĂƚĐŚĞǀĂůƵĂƚĞĚƚŚĞĨĞĂƐŝďŝůŝƚǇŽĨĨƵůůǇƚƌĂŶƐŝƚŝŽŶŝŶŐZWd͛ƐĨůĞĞƚƚŽďĂƚƚĞƌǇĞůĞĐƚƌŝĐ ĂŶĚͬŽƌŚǇĚƌŽŐĞŶĨƵĞůĐĞůůĞůĞĐƚƌŝĐǀĞŚŝĐůĞƐŝŶĂƐĞƉĂƌĂƚĞƐƐĞƐƐŵĞŶƚZĞƉŽƌƚ͘dŚĞƌĞƉŽƌƚŽƵƚůŝŶĞĚĂ 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ŵŝƐƐŝŽŶƐ͟ďƵƐƉƌŽũĞĐƚƐƵŶĚĞƌƚŚĞŐƌĂŶƚƐĨŽƌƵƐĞƐĂŶĚƵƐ&ĂĐŝůŝƚŝĞƐŽŵƉĞƚŝƚŝǀĞWƌŽŐƌĂŵ;ϰϵh͘^͘͘Αϱϯϯϵ;ďͿͿ ϭŝƚǇŽĨZŽĐŚĞƐƚĞƌĚŽƉƚƐEĞǁ'ƌĞĞŶŚŽƵƐĞ'ĂƐŵŝƐƐŝŽŶƐZĞĚƵĐƚŝŽŶ'ŽĂůƐͮEĞǁƐΘŶŶŽƵŶĐĞŵĞŶƚƐͮ ZŽĐŚĞƐƚĞƌ͕DE;ƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀͿ WĂŐĞϱ Ξ,ĂƚĐŚϮϬϮϰůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͕ŝŶĐůƵĚŝŶŐĂůůƌŝŐŚƚƐƌĞůĂƚŝŶŐƚŽƚŚĞƵƐĞŽĨƚŚŝƐĚŽĐƵŵĞŶƚŽƌŝƚƐĐŽŶƚĞŶƚƐ͘ ĂŶĚƚŚĞ>ŽǁŽƌEŽŵŝƐƐŝŽŶWƌŽŐƌĂŵ;ϰϵh͘^͘͘Αϱϯϯϵ;ĐͿͿŚĂǀĞĐŽŵƉůĞƚĞĚĂƚƌĂŶƐŝƚŝŽŶƉůĂŶĨŽƌƚŚĞŝƌĨůĞĞƚ͘ ^ƉĞĐŝĨŝĐĂůůǇ͕ƚŚĞ&dƌĞƋƵŝƌĞƐƚŚĂƚĞĂĐŚƚƌĂŶƐŝƚŝŽŶƉůĂŶĂĚĚƌĞƐƐƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽƵƚůŝŶĞĚŝŶdĂďůĞϭďĞůŽǁ͘ dϭ&ddWZ >ZE^/d/KE>EYh/ZDEd^ dŽƉŝĐƐƚŽĞŽǀĞƌĞĚĞƚĂŝůƐ ĞŵŽŶƐƚƌĂƚĞĂůŽŶŐͲƚĞƌŵĨůĞĞƚŵĂŶĂŐĞŵĞŶƚƉůĂŶǁŝƚŚĂƐƚƌĂƚĞŐǇ >ŽŶŐdĞƌŵ&ůĞĞƚDĂŶĂŐĞŵĞŶƚWůĂŶĨŽƌŚŽǁƚŚĞĂƉƉůŝĐĂŶƚŝŶƚĞŶĚƐƚŽƵƐĞƚŚĞĐƵƌƌĞŶƚƌĞƋƵĞƐƚĨŽƌ ƌĞƐŽƵƌĐĞƐĂŶĚĨƵƚƵƌĞĂĐƋƵŝƐŝƚŝŽŶƐ͘ ĚĚƌĞƐƐƚŚĞĂǀĂŝůĂďŝůŝƚǇŽĨĐƵƌƌĞŶƚĂŶĚĨƵƚƵƌĞƌĞƐŽƵƌĐĞƐƚŽŵĞĞƚ ZĞƐŽƵƌĐĞǀĂŝůĂďŝůŝƚǇ ĐŽƐƚƐĨŽƌƚŚĞƚƌĂŶƐŝƚŝŽŶĂŶĚŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘ WŽůŝĐǇĂŶĚ>ĞŐŝƐůĂƚŝŽŶŽŶƐŝĚĞƌƉŽůŝĐǇĂŶĚůĞŐŝƐůĂƚŝŽŶŝŵƉĂĐƚŝŶŐƌĞůĞǀĂŶƚƚĞĐŚŶŽůŽŐŝĞƐ͘ /ŶĐůƵĚĞĂŶĞǀĂůƵĂƚŝŽŶŽĨĞǆŝƐƚŝŶŐĂŶĚĨƵƚƵƌĞĨĂĐŝůŝƚŝĞƐĂŶĚƚŚĞŝƌ &ĂĐŝůŝƚǇǀĂůƵĂƚŝŽŶ ƌĞůĂƚŝŽŶƐŚŝƉƚŽƚŚĞƚĞĐŚŶŽůŽŐǇƚƌĂŶƐŝƚŝŽŶ͘ ĞƐĐƌŝďĞƚŚĞƉĂƌƚŶĞƌƐŚŝƉŽĨƚŚĞĂƉƉůŝĐĂŶƚǁŝƚŚƚŚĞƵƚŝůŝƚǇŽƌ ^ƵƉƉůŝĞƌWĂƌƚŶĞƌƐŚŝƉ ĂůƚĞƌŶĂƚŝǀĞĨƵĞůƉƌŽǀŝĚĞƌ͘ ǆĂŵŝŶĞƚŚĞŝŵƉĂĐƚŽĨƚŚĞƚƌĂŶƐŝƚŝŽŶŽŶƚŚĞĂƉƉůŝĐĂŶƚΖƐĐƵƌƌĞŶƚ ǁŽƌŬĨŽƌĐĞďǇŝĚĞŶƚŝĨǇŝŶŐƐŬŝůůŐĂƉƐ͕ƚƌĂŝŶŝŶŐŶĞĞĚƐ͕ĂŶĚƌĞƚƌĂŝŶŝŶŐ tŽƌŬĨŽƌĐĞdƌĂŝŶŝŶŐŶĞĞĚƐŽĨƚŚĞĞǆŝƐƚŝŶŐǁŽƌŬĞƌƐŽĨƚŚĞĂƉƉůŝĐĂŶƚƚŽŽƉĞƌĂƚĞĂŶĚ ŵĂŝŶƚĂŝŶǌĞƌŽͲĞŵŝƐƐŝŽŶƐǀĞŚŝĐůĞƐĂŶĚƌĞůĂƚĞĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚ ĂǀŽŝĚĚŝƐƉůĂĐĞŵĞŶƚŽĨƚŚĞĞǆŝƐƚŝŶŐǁŽƌŬĨŽƌĐĞ͘ dŚŝƐdƌĂŶƐŝƚŝŽŶƉůĂŶĂĚĚƌĞƐƐĞƐƚŚĞĂďŽǀĞͲŵĞŶƚŝŽŶĞĚƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚŝƐŽƌŐĂŶŝǌĞĚĂƌŽƵŶĚƚŚĞƐŝǆƉƌŝŵĂƌǇ ʹǤ ĂƌĞĂƐĐĂůůĞĚĨŽƌďǇƚŚĞ&dƵŶĚĞƌϰϵh͘^͘͘Αϱϯϯϵ͘ ůĞĐƚƌŝĐĂŶĚŝŶƚĞƌŶĂůĐŽŵďƵƐƚŝŽŶǀĞŚŝĐůĞƐǀĂƌǇŝŶŵĂŶǇǁĂǇƐĂŶĚƚŚĞƌĞĨŽƌĞƚƌĂŶƐŝƚŽƉĞƌĂƚŽƌƐŵƵƐƚĐŽŶĚƵĐƚ ĐĂƌĞĨƵůƉůĂŶŶŝŶŐĂŶĚĞǆĂŵŝŶĂƚŝŽŶǁŚŝůĞŵĂŬŝŶŐĂƚƌĂŶƐŝƚŝŽŶƚŽƐ͘&ŽƌĞǆĂŵƉůĞ͕ŽƉĞƌĂƚŽƌƐŵƵƐƚĐŽŶƐŝĚĞƌƚŚĞ ŽƉĞƌĂƚŝŽŶƐ͕ŵĂŝŶƚĞŶĂŶĐĞ͕ĐŚĂƌŐŝŶŐůŽŐŝƐƚŝĐƐ͕ĂŶĚƌĂŶŐĞĚŝĨĨĞƌĞŶĐĞƐďĞƚǁĞĞŶƚŚĞǀĞŚŝĐůĞƚĞĐŚŶŽůŽŐŝĞƐƚŽŵĂŬĞ ĂƐƵĐĐĞƐƐĨƵůƚƌĂŶƐŝƚŝŽŶ͘ZWdŚĂƐĐŽŵƉůĞƚĞĚƚŚĞƌĞƋƵŝƌĞĚƉůĂŶŶŝŶŐǁŽƌŬ͕ĂŶĚƚŚŝƐƐĞĐƚŝŽŶŽĨƚŚĞƌĞƉŽƌƚ ĚŽĐƵŵĞŶƚƐƚŚĞĂŐĞŶĐǇ͛ƐƌĞƐƵůƚŝŶŐůŽŶŐͲƚĞƌŵĨůĞĞƚŵĂŶĂŐĞŵĞŶƚƉůĂŶ͘ WĂŐĞϲ Ξ,ĂƚĐŚϮϬϮϰůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͕ŝŶĐůƵĚŝŶŐĂůůƌŝŐŚƚƐƌĞůĂƚŝŶŐƚŽƚŚĞƵƐĞŽĨƚŚŝƐĚŽĐƵŵĞŶƚŽƌŝƚƐĐŽŶƚĞŶƚƐ͘ ʹǤͳ ZWdĐƵƌƌĞŶƚůǇŽƉĞƌĂƚĞƐϳϱǀĞŚŝĐůĞƐ͕ǁŝƚŚϳϭ/ŶƚĞƌŶĂůŽŵďƵƐƚŝŽŶŶŐŝŶĞ;/ͿƉŽǁĞƌƚƌĂŝŶǀĞŚŝĐůĞƐ͕ĂŶĚϰ ϲϬ͛ĂƌƚŝĐƵůĂƚĞĚďĂƚƚĞƌǇĞůĞĐƚƌŝĐďƵƐĞƐ;ƐͿ͘ZWd͛Ɛ/ĨůĞĞƚĐŽŶƐŝƐƚƐŽĨϱϮƚƌĂŶƐŝƚďƵƐĞƐ͕ϭϭŵŝŶŝďƵƐĞƐ ;ĐƵƚĂǁĂǇƐͿĂŶĚϴƐŵĂůůƉĂƐƐĞŶŐĞƌǀĞŚŝĐůĞƐ͘dŚĞƐŵĂůůƉĂƐƐĞŶŐĞƌǀĞŚŝĐůĞƐŝŶĐůƵĚĞϯĐĂƌƐĂŶĚϱŵŝŶŝǀĂŶƐ͘/Ŷ ĂĚĚŝƚŝŽŶ͕ZWdĂůƐŽƵƚŝůŝǌĞƐϱdƌĂŶƐĚĞǀŽǁŶĞĚǀĞŚŝĐůĞƐ͘,ŽǁĞǀĞƌ͕ƚŚĞĂŐĞŶĐǇƉůĂŶƐƚŽĚŝƐĐŽŶƚŝŶƵĞŝƚƐƵƐĞŽĨ dƌĂŶƐĚĞǀǀĞŚŝĐůĞƐŝŶƚŚĞĨƵƚƵƌĞ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞƐĞǀĞŚŝĐůĞƐǁĞƌĞŶŽƚĐŽŶƐŝĚĞƌĞĚŝŶƚŚŝƐĂŶĂůǇƐŝƐ͘dŚĞϭϮϲϬ͛ ZdǀĞŚŝĐůĞƐǁĞƌĞĂůƐŽĞǆĐůƵĚĞĚĨƌŽŵƚŚŝƐĂŶĂůǇƐŝƐ͘ƐƵŵŵĂƌǇŽĨZWd͛ƐĐƵƌƌĞŶƚƌĞǀĞŶƵĞĨůĞĞƚŝƐƉƌŽǀŝĚĞĚ ŝŶdĂďůĞϮďĞůŽǁ͘ dϮ&^ >>dhDDZz sĞŚŝĐůĞdǇƉĞ&ŝǆĞĚZŽƵƚĞĞŵĂŶĚZĞƐƉŽŶƐĞdŽƚĂů ϰϬΖdƌĂŶƐŝƚƵƐϱϮͲϱϮ ϲϬΖdƌĂŶƐŝƚƵƐ;ůĞĐƚƌŝĐͿϰͲϰ ϮϯΖƵƚĂǁĂǇͲϮϮ ϮϳΖƵƚĂǁĂǇϮϳϵ Ăƌͬ^hsƐͲϴϴ ʹǤʹ dŚĞƚŝŵĞĨƌĂŵĞĨŽƌƚƌĂŶƐŝƚŝŽŶŝŶŐƚŽƐĚĞƉĞŶĚƐŽŶƐĞǀĞƌĂůĨĂĐƚŽƌƐ͗ŽƉĞƌĂƚŝŽŶĂůƵƐĂŐĞ͕ǀĞŚŝĐůĞĂŐĞĂŶĚƉůĂŶŶĞĚ ƌĞƉůĂĐĞŵĞŶƚŽĨƚŚĞĞǆŝƐƚŝŶŐĨůĞĞƚ͕ĂŶĚƉƌŽƉŽƐĞĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞƵƉŐƌĂĚĞƐ͘ŽŶƐŝĚĞƌĂƚŝŽŶƐĨŽƌƚŚĞƐĞĨĂĐƚŽƌƐĂƌĞ ĚĞƐĐƌŝďĞĚďĞůŽǁ͗ KƉĞƌĂƚŝŽŶĂůhƐĂŐĞ͗ƐƉĂƌƚŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƐƐĞƐƐŵĞŶƚƌĞƉŽƌƚ͕ZWdĐŽŵƉůĞƚĞĚĂĚĞƚĂŝůĞĚ ŽƉĞƌĂƚŝŽŶĂůĂŶĂůǇƐŝƐŝŶĐůƵĚŝŶŐƐŝŵƵůĂƚŝŽŶƐŽĨŝƚ͛ƐĨŝǆĞĚƌŽƵƚĞĂŶĚƉĂƌĂƚƌĂŶƐŝƚƐĞƌǀŝĐĞ͘dŚĞƌĞƐƵůƚŽĨƚŚĂƚĞĨĨŽƌƚ ǁĂƐĂĚĞƚĞƌŵŝŶĂƚŝŽŶƚŚĂƚŽŶůǇϳϬйŽĨZWd͛ƐĨŝǆĞĚƌŽƵƚĞŽƉĞƌĂƚŝŽŶƐĐĂŶďĞĐŽŶǀĞƌƚĞĚƚŽŽƉĞƌĂƚŝŽŶƐ͘tŝƚŚ ŽƉĞƌĂƚŝŽŶĂůĐŚĂŶŐĞƐ͕ŚŽǁĞǀĞƌ͕ĂůůŽĨZWd͛ƐƐĞƌǀŝĐĞĐĂŶďĞƐƵƉƉŽƌƚĞĚďǇƐ͘dŚĞƌĞĨŽƌĞ͕ZWd͛ƐƚƌĂŶƐŝƚŝŽŶƉůĂŶ ĂƐƐƵŵĞƐƚŚĂƚƚŚĞĨƵůůĨůĞĞƚŽĨĨƵůůͲƐŝǌĞĚďƵƐĞƐƚŚĂƚƐƵƉƉŽƌƚĨŝǆĞĚƌŽƵƚĞŽƉĞƌĂƚŝŽŶƐǁŝůůďĞƚƌĂŶƐŝƚŝŽŶĞĚƚŽƐ͘ KŶĐĞŽƉĞƌĂƚŝŽŶĂůĐŚĂŶŐĞƐŚĂǀĞďĞĞŶŵĂĚĞƚŚĞ͛ƐǁŝůůďĞĂďůĞƚŽŽƉĞƌĂƚĞŽŶĂůůZWdƐĞƌǀŝĐĞ͘ dŚĞƉĂƌĂƚƌĂŶƐŝƚŽƉĞƌĂƚŝŽŶĂůĂŶĂůǇƐŝƐĚĞƚĞƌŵŝŶĞĚƚŚĂƚĚƵĞƚŽƚŚĞůĂĐŬŽĨƌĂŶŐĞŽŶĐƵƌƌĞŶƚďĂƚƚĞƌǇͲĞůĞĐƚƌŝĐ ƉĂƌĂƚƌĂŶƐŝƚǀĞŚŝĐůĞƐ͕ŽŶůǇŽŶĞĐƵƚĂǁĂǇĐĂŶďĞĐŽŶǀĞƌƚĞĚƚŽďĂƚƚĞƌǇͲĞůĞĐƚƌŝĐƚŽŵĂŝŶƚĂŝŶĐƵƌƌĞŶƚŽƉĞƌĂƚŝŽŶƐ͘/Ŷ ůŝŶĞǁŝƚŚƚŚŝƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶ͕ZWdƉůĂŶƐƚŽƉƵƌĐŚĂƐĞƚǁŽďĂƚƚĞƌǇͲĞůĞĐƚƌŝĐĐƵƚĂǁĂǇƐĨŽƌƚĞƐƚŝŶŐĂŶĚĞǀĂůƵĂƚŝŽŶ͘ /ƚŝƐƌĞĐŽŵŵĞŶĚĞĚƚŚĂƚƚŚĞƉŝůŽƚƉƌŽŐƌĂŵĐŽŶƐŝƐƚŽĨƚǁŽǀĞŚŝĐůĞƐŝŶƐƚĞĂĚŽĨŽŶĞƚŽŵĂǆŝŵŝǌĞǀĞŚŝĐůĞĂǀĂŝůĂďŝůŝƚǇ ĂŶĚůĞĂƌŶŝŶŐŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌZWd͛ƐƐƚĂĨĨ͘tŝƚŚĂŽŶĞ ͲǀĞŚŝĐůĞĞůĞĐƚƌŝĐĨůĞĞƚ͕ƚŚĞǀĞŚŝĐůĞŝƐĨƌĞƋƵĞŶƚůǇŽŶƚŚĞ ƌŽĂĚ͕ĐŚĂƌŐŝŶŐ͕ŽƌƵŶĚĞƌŐŽŝŶŐŵĂŝŶƚĞŶĂŶĐĞ͕ůĞĂǀŝŶŐůŝŵŝƚĞĚƚŝŵĞĨŽƌŚĂŶĚƐͲŽŶĞǆĂŵŝŶĂƚŝŽŶĂŶĚŽƉĞƌĂƚŝŶŐ WĂŐĞϳ Ξ,ĂƚĐŚϮϬϮϰůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͕ŝŶĐůƵĚŝŶŐĂůůƌŝŐŚƚƐƌĞůĂƚŝŶŐƚŽƚŚĞƵƐĞŽĨƚŚŝƐĚŽĐƵŵĞŶƚŽƌŝƚƐĐŽŶƚĞŶƚƐ͘ ĞǆƉĞƌŝĞŶĐĞ͕ƉĂƌƚŝĐƵůĂƌůǇĚƵƌŝŶŐƚŚĞŝŶŝƚŝĂůůĞĂƌŶŝŶŐƉŚĂƐĞ͘ƚƚŚŝƐƚŝŵĞ͕ZWdĚŽĞƐŶŽƚƉůĂŶƚŽƉƵƌĐŚĂƐĞĂĚĚŝƚŝŽŶĂů ďĂƚƚĞƌǇͲĞůĞĐƚƌŝĐĐƵƚĂǁĂǇƐĚƵĞƚŽƚŚĞůĂĐŬŽĨƐƵŝƚĂďůĞǀĞŚŝĐůĞƐ͘,ŽǁĞǀĞƌ͕ƚŚĞďĂƚƚĞƌǇĐĂƉĂĐŝƚǇĂŶĚƌĂŶŐĞŽĨ ďĂƚƚĞƌǇͲĞůĞĐƚƌŝĐĐƵƚĂǁĂǇƐŝƐĞǆƉĞĐƚĞĚƚŽŝŶĐƌĞĂƐĞŝŶƚŚĞĐŽŵŝŶŐǇĞĂƌƐ͘/ƚŝƐƌĞĐŽŵŵĞŶĚĞĚƚŚĂƚZWdƌĞͲĞǀĂůƵĂƚĞ ƚŚĞĨĞĂƐŝďŝůŝƚǇŽĨďĂƚƚĞƌǇͲĞůĞĐƚƌŝĐĐƵƚĂǁĂǇƐĂƚĂĨƵƚƵƌĞĚĂƚĞ͘KŶĐĞůŽŶŐĞƌƌĂŶŐĞĐƵƚĂǁĂǇƐďĞĐŽŵĞĂǀĂŝůĂďůĞ͕ ĂĚĚŝƚŝŽŶĂůǀĞŚŝĐůĞƐĐĂŶďĞƉƵƌĐŚĂƐĞĚƚŽƚƌĂŶƐŝƚŝŽŶZWd͛ƐĞŶƚŝƌĞƌĞǀĞŶƵĞĨůĞĞƚƚŽǌĞƌŽͲĞŵŝƐƐŝŽŶƐ &ůĞĞƚŐĞ͗dŚĞ&dĞƐƚŝŵĂƚĞƐƚŚĂƚĨƵůůͲƐŝǌĞƚƌĂŶƐŝƚďƵƐĞƐŚĂǀĞĂƐĞƌǀŝĐĞůŝĨĞŽĨϭϮǇĞĂƌƐ͘dŚŝƐƉůĂŶĂƐƐƵŵĞƐƚŚĂƚ ZWdǁŝůůƌĞƉůĂĐĞŝƚƐĨƵůůͲƐŝǌĞĚŝĞƐĞůďƵƐĞƐǁŝƚŚƐĂƐƚŚĞǇƌĞĂĐŚƚŚĞĞŶĚŽĨƚŚĞŝƌϭϮͲǇĞĂƌƌĞĐŽŵŵĞŶĚĞĚƐĞƌǀŝĐĞ ůŝĨĞ͘dŚĞ&dĞƐƚŝŵĂƚĞƐƚŚĂƚĐƵƚĂǁĂǇƐĂŶĚŽƚŚĞƌƉĂƌĂƚƌĂŶƐŝƚǀĞŚŝĐůĞƐŚĂǀĞĂƐĞƌǀŝĐĞůŝĨĞŽĨϳǇĞĂƌƐ͘dŚŝƐƉůĂŶ 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ŝŶĐůƵĚĞƚŚĞ>ŝŶŬZdsƐ͘ WĂŐĞϴ Ξ,ĂƚĐŚϮϬϮϰůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͕ŝŶĐůƵĚŝŶŐĂůůƌŝŐŚƚƐƌĞůĂƚŝŶŐƚŽƚŚĞƵƐĞŽĨƚŚŝƐĚŽĐƵŵĞŶƚŽƌŝƚƐĐŽŶƚĞŶƚƐ͘ &ϭsWd /'hZ,/>ZKhZDEd/D>/E ƐƐŚŽǁŶŽŶƚŚŝƐŐƌĂƉŚ͕ZWdƉůĂŶƐƚŽƉƵƌĐŚĂƐĞŶĞǁƐĂƚĂƌĞůĂƚŝǀĞůǇĐŽŶƐƚĂŶƚƌĂƚĞĞǀĞƌǇϯǇĞĂƌƐƚĂƌƚŝŶŐŝŶ ϮϬϮϲƚŽϮϬϰϭ͘ƵƌŝŶŐƚŚŝƐϭϱͲǇĞĂƌƉĞƌŝŽĚ͕ZWdǁŝůůƉƵƌĐŚĂƐĞϭϲƐŝŶWŚĂƐĞϭĨƌŽŵϮϬϮϲƚŽϮϬϮϵƚŽĂĚĚƚŽŝƚƐ ĞǆŝƐƚŝŶŐĨůĞĞƚŽĨϰƐ͘/ŶWŚĂƐĞϮ͕ďĞƚǁĞĞŶϮϬϯϮĂŶĚϮϬϰϭ͕ZWdǁŝůůƉƌŽĐƵƌĞĂŶĂĚĚŝƚŝŽŶĂůϯϮƐƚŽĐŽŵƉůĞƚĞ ŝƚƐƚƌĂŶƐŝƚŝŽŶ͘ĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚƚŝŵĞůŝŶĞǁĂƐĂůƐŽĚĞǀĞůŽƉĞĚƚŽŚĞůƉZWdĚĞǀĞůŽƉĂĨƵŶĚŝŶŐƉůĂŶƚŽ ƉƵƌĐŚĂƐĞƚŚĞǀĞŚŝĐůĞƐĂƐƉĞƌƚŚŝƐƚƌĂŶƐŝƚŝŽŶƚŝŵĞůŝŶĞ͘dŚĞĨŽůůŽǁŝŶŐ&ŝŐƵƌĞϮƐŚŽǁƐƚŚŝƐĞƐƚŝŵĂƚĞĚǇĞĂƌͲŽǀĞƌͲ ǇĞĂƌĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚĨŽƌǀĞŚŝĐůĞƉƌŽĐƵƌĞŵĞŶƚ͘ WĂŐĞϵ Ξ,ĂƚĐŚϮϬϮϰůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͕ŝŶĐůƵĚŝŶŐĂůůƌŝŐŚƚƐƌĞůĂƚŝŶŐƚŽƚŚĞƵƐĞŽĨƚŚŝƐĚŽĐƵŵĞŶƚŽƌŝƚƐĐŽŶƚĞŶƚƐ͘ &ϮsW /'hZ,/>W/d>>E ZWdŵŝŐŚƚĐŽŶƐŝĚĞƌƉƌŽĐƵƌĞŵĞŶƚŽĨĚŝĞƐĞůͲŚǇďƌŝĚǀĞŚŝĐůĞƐĨŽƌƚŚĞŝŶŝƚŝĂůƉƌŽĐƵƌĞŵĞŶƚƌŽƵŶĚƐƉƌĞƐĞŶĚĞĚŝŶƚŚĞ ĂďŽǀĞƚŝŵĞůŝŶĞďĂƐĞĚŽŶƚŚĞǀĞŚŝĐůĞƉĞƌĨŽƌŵĂŶĐĞ͕ƐƚĂĨĨƚƌĂŝŶŝŶŐ͕ĨĂĐŝůŝƚǇƌĞĂĚŝŶĞƐƐ͕ĨƵŶĚŝŶŐĂǀĂŝůĂďŝůŝƚǇĂŶĚ ʹǤ͵ 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ĨƵŶĚŝŶŐƐƚƌĞĂŵƐƚŚĂƚĐŽƵůĚďĞĂĐĐĞƐƐĞĚƚŽƐƵƉƉŽƌƚƚŚĞƚƌĂŶƐŝƚŝŽŶ͘dŚĞĂŶĂůǇƐŝƐĚĞƚĞƌŵŝŶĞĚƚŚĂƚZWd͛ƐƉŽƚĞŶƚŝĂů ĨƵŶĚŝŶŐƐŽƵƌĐĞƐǁŝůůďĞĂŵŝǆƚƵƌĞŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůƐŽƵƌĐĞƐ͘>ĞĂĚĞƌƐĂƚďŽƚŚƚŚĞƐƚĂƚĞĂŶĚĨĞĚĞƌĂů ůĞǀĞůƐƌĞĐŽŐŶŝǌĞƚŚĞďĞŶĞĨŝƚƐŽĨsƐĂŶĚŚĂǀĞŝŵƉůĞŵĞŶƚĞĚƐƚƌŽŶŐƉůĂŶƐƚŽŝŶĐƌĞĂƐĞĂĚŽƉƚŝŽŶŽĨƚŚĞŵ͘dŚĞƐĞ WĂŐĞϭϮ Ξ,ĂƚĐŚϮϬϮϰůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͕ŝŶĐůƵĚŝŶŐĂůůƌŝŐŚƚƐƌĞůĂƚŝŶŐƚŽƚŚĞƵƐĞŽĨƚŚŝƐĚŽĐƵŵĞŶƚŽƌŝƚƐĐŽŶƚĞŶƚƐ͘ ƉůĂŶƐŝŶĐůƵĚĞďŽƚŚƚŝŵĞůŝŶĞƐƚŽĂĐŚŝĞǀĞĐĂƌďŽŶĞŵŝƐƐŝŽŶƐƌĞĚƵĐƚŝŽŶƐĂŶĚŐƌĂŶƚƉƌŽŐƌĂŵƐƚŽƉƌŽǀŝĚĞƚŚĞĨƵŶĚŝŶŐ ŶĞĐĞƐƐĂƌǇĨŽƌƚŚĞƐĞƌĞĚƵĐƚŝŽŶƐ͘ZWd͛ƐĚĞĐŝƐŝŽŶƚŽĐŽŶǀĞƌƚŝƚƐĨůĞĞƚƚŽsƐĂůŝŐŶƐǁĞůůǁŝƚŚƚŚĞƐĞƉŽůŝĐŝĞƐĂŶĚ ŝŶĐĞŶƚŝǀĞƐ͘ZdWǁŝůůďĞƌĞůǇŝŶŐŽŶƚŚĞůŽĐĂů͕ƐƚĂƚĞĂŶĚĨĞĚĞƌĂůĨƵŶĚŝŶŐŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽŽǀĞƌĐŽŵĞƚŚĞŐĂƉ ďĞƚǁĞĞŶŝƚƐĐƵƌƌĞŶƚĚŝĞƐĞůǀĞŚŝĐůĞĨƵŶĚŝŶŐĂŶĚƚŚĞĂĚĚŝƚŝŽŶĂůĨƵŶĚƐƌĞƋƵŝƌĞĚƚŽƐƵƉƉŽƌƚƚŚĞƚƌĂŶƐŝƚŝŽŶ͘ ,ŽǁĞǀĞƌ͕ĚĞƐƉŝƚĞƚŚĞůĂƌŐĞŶƵŵďĞƌŽĨƉŽƚĞŶƚŝĂůĨƵŶĚŝŶŐŽƉƉŽƌƚƵŶŝƚŝĞƐĂǀĂŝůĂďůĞƚŽƚƌĂŶƐŝƚĂŐĞŶĐŝĞƐƐĞĞŬŝŶŐƚŽ ƚƌĂŶƐŝƚŝŽŶƚŽďĂƚƚĞƌǇĞůĞĐƚƌŝĐƚĞĐŚŶŽůŽŐŝĞƐ͕ƚŚĞƐĞƉƌŽŐƌĂŵƐĂƌĞĐŽŵƉĞƚŝƚŝǀĞĂŶĚĚŽŶŽƚƉƌŽǀŝĚĞZWdǁŝƚŚ ŐƵĂƌĂŶƚĞĞĚĨƵŶĚŝŶŐƐŽƵƌĐĞƐ͘ZWdŝƐŶŽƚĂůŽŶĞŝŶƌĞĐŽŐŶŝǌŝŶŐƚŚĞŝŵŵĞĚŝĂƚĞŶĞĞĚƚŽƌĞĚƵĐĞĐĂƌďŽŶĞŵŝƐƐŝŽŶƐ ĂŶĚƉŽůůƵƚŝŽŶƚŽĞŶƐƵƌĞĂŚĞĂůƚŚŝĞƌĐůŝŵĂƚĞ͘ZWdĐĂŶĞǆƉĞĐƚƚŽƌĞĐĞŝǀĞĂŶĞƐƚŝŵĂƚĞĚϴϬйŽĨƚŚĞĐĂƉŝƚĂůƌĞƋƵŝƌĞĚ ƚŽĐŽŵƉůĞƚĞƚŚĞǀĞŚŝĐůĞ͕ĐŚĂƌŐŝŶŐƐǇƐƚĞŵ͕ĂŶĚƐƵƉƉŽƌƚŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞƉƌŽĐƵƌĞŵĞŶƚƐŽƵƚůŝŶĞĚŝŶƚŚŝƐ ƚƌĂŶƐŝƚŝŽŶƉůĂŶƚŚƌŽƵŐŚƚŚĞĨŽůůŽǁŝŶŐŵĂũŽƌŐƌĂŶƚƉƌŽŐƌĂŵƐ͗ >ŽǁŽƌEŽŵŝƐƐŝŽŶ'ƌĂŶƚWƌŽŐƌĂŵ;&dϱϯϯϵ;ĐͿ ƵƐĞƐĂŶĚƵƐ&ĂĐŝůŝƚŝĞƐŽŵƉĞƚŝƚŝǀĞWƌŽŐƌĂŵ;ϰϵh͘^͘͘ϱϯϯϵ;ďͿͿ dŚĞĨĞĚĞƌĂůŐŽǀĞƌŶŵĞŶƚƉƌŽǀŝĚĞƐƐĞǀĞƌĂůƚǇƉĞƐŽĨŝŶĐĞŶƚŝǀĞƐĨŽƌƚƌĂŶƐŝƚĂƵƚŚŽƌŝƚŝĞƐƚŽĐŽŶǀĞƌƚƚŚĞŝƌĨůĞĞƚƐƚŽ ǌĞƌŽͲĞŵŝƐƐŝŽŶƐǀĞŚŝĐůĞƐ͕ƚŚĞŵŽƐƚǁĞůůͲŬŶŽǁŶŽĨǁŚŝĐŚŝƐƚŚĞ>ŽǁŽƌEŽŵŝƐƐŝŽŶ'ƌĂŶƚWƌŽŐƌĂŵ;ϰϵh͘^͘͘ ϱϯϯϵ;ĐͿͿ͕ŽƌƚŚĞ͞>Žǁ Ͳ EŽ͟ƉƌŽŐƌĂŵ͘/ƚŝƐĂƐƐƵŵĞĚƚŚĂƚĂůůŽƚŚĞƌĨƵŶĚŝŶŐƌĞƋƵŝƌĞĚƚŽĐŽŵƉůĞƚĞƚŚŝƐƚƌĂŶƐŝƚŝŽŶ ǁŝůůŶĞĞĚƚŽďĞƉƌŽǀŝĚĞĚƚŚƌŽƵŐŚƐƚĂƚĞŽƌůŽĐĂůĨƵŶĚƐ͘ůůƚǇƉĞƐŽĨƉŽƐƐŝďůĞĨƵŶĚŝŶŐŝŶŝƚŝĂƚŝǀĞƐĂǀĂŝůĂďůĞƚŽZWd Ͷ ĂƌĞƐƵŵŵĂƌŝǌĞĚŝŶƚŚĞŶĞǆƚƐĞĐƚŝŽŶ͘ dƌĂŶƐƉŽƌƚĂƚŝŽŶŝƐŽŶĞŽĨƚŚĞůĞĂĚŝŶŐƐĞĐƚŽƌƐƉƌŽĚƵĐŝŶŐĐĂƌďŽŶĞŵŝƐƐŝŽŶƐ͘ĞŝŶŐƚŚĂƚƚƌĂŶƐŝƚĂŐĞŶĐŝĞƐĂƌĞĂŵĂũŽƌ ƉĂƌƚŽĨƚŚĞƚƌĂŶƐƉŽƌƚĂƚŝŽŶƐĞĐƚŽƌŝŶƚŚĞh^͕ŝƚŝƐĞǆƉĞĐƚĞĚƚŚĂƚƚŚĞǇůĞĂĚƚŚĞĂĚŽƉƚŝŽŶŽĨŐƌĞĞŶŝŶŝƚŝĂƚŝǀĞƐ͘ dŚĞƌĞĨŽƌĞ͕ŝƚŝƐŝŵƉŽƌƚĂŶƚƚŽĂƐƐĞƐƐŚŽǁǌĞƌŽĞŵŝƐƐŝŽŶƚĞĐŚŶŽůŽŐǇĂŶĚŝƚƐŝŵƉůĞŵĞŶƚĂƚŝŽŶĂůŝŐŶƐǁŝƚŚƚŚĞůŽĐĂů͕ ƐƚĂƚĞĂŶĚĨĞĚĞƌĂůĚĞĐĂƌďŽŶŝǌĂƚŝŽŶŐŽĂůƐ͘ dŚĞĨŽůůŽǁŝŶŐĂƌĞƚŚĞƐƵƐƚĂŝŶĂďŝůŝƚǇŐŽĂůƐƐĞƚĨŽƌƚŚďǇƚŚĞůŽĐĂů͕ƐƚĂƚĞ͕ĂŶĚĨĞĚĞƌĂůŐŽǀĞƌŶŵĞŶƚƐ͗ ZŽĐŚĞƐƚĞƌŝƚǇ'ŽĂů͗ϭϬϬйďǇϮϬϱϬĂŶĚϱϬйďǇϮϬϯϬ Ϯ Ϯ^ƵƐƚĂŝŶĂďŝůŝƚǇͮZŽĐŚĞƐƚĞƌ͕DE;ƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀͿ WĂŐĞϭϯ Ξ,ĂƚĐŚϮϬϮϰůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͕ŝŶĐůƵĚŝŶŐĂůůƌŝŐŚƚƐƌĞůĂƚŝŶŐƚŽƚŚĞƵƐĞŽĨƚŚŝƐĚŽĐƵŵĞŶƚŽƌŝƚƐĐŽŶƚĞŶƚƐ͘ ^ƚĂƚĞŐŽĂů͗ϭϬϬйďǇϮϬϱϬ ϯ &ĞĚĞƌĂůŐŽĂů͗ϭϬϬйďǇϮϬϱϬĂŶĚϱϬͲϱϮйďǇϮϬϯϬ ϰ dŚĞĨƵůůͲƐŝǌĞďƵƐĨůĞĞƚŝŵƉůĞŵĞŶƚĂƚŝŽŶƚŝŵĞůŝŶĞĞǆƉůĂŝŶĞĚŝŶƚŚĞƉƌĞǀŝŽƵƐƐĞĐƚŝŽŶŽĨƚŚŝƐƌĞƉŽƌƚĂůŝŐŶƐǁŝƚŚƚŚĞ ƐƚĂƚĞĚŐŽĂůƐĂƚĂůůƚŚƌĞĞůĞǀĞůƐ͕ĂůƚŚŽƵŐŚƚƌƵĞŶĞƚǌĞƌŽĞŵŝƐƐŝŽŶƐĐĂŶŶŽƚďĞĂĐŚŝĞǀĞĚĂƚƚŚŝƐƚŝŵĞĚƵĞƚŽƚŚĞ ͶǤͳ ƌĞůŝĂŶĐĞŽŶƚŚĞĞůĞĐƚƌŝĐĂůŐƌŝĚĂŶĚĚŝĞƐĞůƉŽǁĞƌŚĞĂƚŝŶŐ͘ ƐZWdƚƌĂŶƐŝƚŝŽŶƐƚŽďĂƚƚĞƌǇĞůĞĐƚƌŝĐƚĞĐŚŶŽůŽŐǇ͕ĂĚĚŝƚŝŽŶĂůƉŽůŝĐŝĞƐĂŶĚƌĞƐŽƵƌĐĞƐǁŝůůďĞĐŽŵĞĂƉƉůŝĐĂďůĞ͘ dĂďůĞϯƉƌŽǀŝĚĞƐĂƐƵŵŵĂƌǇŽĨĐƵƌƌĞŶƚƉŽůŝĐŝĞƐ͕ƌĞƐŽƵƌĐĞƐĂŶĚůĞŐŝƐůĂƚŝŽŶƚŚĂƚĂƌĞƌĞůĞǀĂŶƚƚŽZWd͛ƐĨůĞĞƚ ƚƌĂŶƐŝƚŝŽŶ͘ dϯWZZWd >K>//^E^KhZ^s/>>dK ZĞůĞǀĂŶĐĞƚŽƵƚŚŽƌŝƚǇ WŽůŝĐǇĞƚĂŝůƐdƌĂŶƐŝƚŝŽŶ &ŝŶĂŶĐŝĂůĂƐƐŝƐƚĂŶĐĞŝƐĂǀĂŝůĂďůĞƚŽůŽĐĂů͕ƐƚĂƚĞ͕ĂŶĚ ĨĞĚĞƌĂůŐŽǀĞƌŶŵĞŶƚĞŶƚŝƚŝĞƐ͖ƉƵďůŝĐƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ƉƌŽǀŝĚĞƌƐ͖ƉƌŝǀĂƚĞĂŶĚŶŽŶͲƉƌŽĨŝƚŽƌŐĂŶŝǌĂƚŝŽŶƐ͖ĂŶĚ h͘^͘ĞƉĂƌƚŵĞŶƚŽĨ ŚŝŐŚĞƌĞĚƵĐĂƚŝŽŶŝŶƐƚŝƚƵƚŝŽŶƐĨŽƌƌĞƐĞĂƌĐŚ͕ dƌĂŶƐƉŽƌƚĂƚŝŽŶΖƐWƵďůŝĐĂŶďĞƵƐĞĚƚŽĨƵŶĚĞůĞĐƚƌŝĐǀĞŚŝĐůĞ ĚĞŵŽŶƐƚƌĂƚŝŽŶ͕ĂŶĚĚĞƉůŽǇŵĞŶƚƉƌŽũĞĐƚƐŝŶǀŽůǀŝŶŐůŽǁ dƌĂŶƐƉŽƌƚĂƚŝŽŶĚĞƉůŽǇŵĞŶƚƐĂŶĚƌĞƐĞĂƌĐŚƉƌŽũĞĐƚƐ͘ ŽƌǌĞƌŽĞŵŝƐƐŝŽŶƉƵďůŝĐƚƌĂŶƐƉŽƌƚĂƚŝŽŶǀĞŚŝĐůĞƐ͘ůŝŐŝďůĞ /ŶŶŽǀĂƚŝŽŶWƌŽŐƌĂŵ ;ΎŽŵƉĞƚŝƚŝǀĞĨƵŶĚŝŶŐͿ ǀĞŚŝĐůĞƐŵƵƐƚďĞĚĞƐŝŐŶĂƚĞĚĨŽƌƉƵďůŝĐƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ƵƐĞĂŶĚƐŝŐŶŝĨŝĐĂŶƚůǇƌĞĚƵĐĞĞŶĞƌŐǇĐŽŶƐƵŵƉƚŝŽŶŽƌ ŚĂƌŵĨƵůĞŵŝƐƐŝŽŶƐĐŽŵƉĂƌĞĚƚŽĂĐŽŵƉĂƌĂďůĞƐƚĂŶĚĂƌĚ ŽƌůŽǁĞŵŝƐƐŝŽŶǀĞŚŝĐůĞ͘ &ŝŶĂŶĐŝĂůĂƐƐŝƐƚĂŶĐĞŝƐĂǀĂŝůĂďůĞƚŽůŽĐĂůĂŶĚƐƚĂƚĞ ĂŶďĞƵƐĞĚĨŽƌƚŚĞƉƌŽĐƵƌĞŵĞŶƚŽĨ h͘^͘ĞƉĂƌƚŵĞŶƚŽĨ ŐŽǀĞƌŶŵĞŶƚĞŶƚŝƚŝĞƐĨŽƌƚŚĞƉƵƌĐŚĂƐĞŽƌůĞĂƐĞŽĨůŽǁͲ ĞůĞĐƚƌŝĐǀĞŚŝĐůĞƐĂŶĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ dƌĂŶƐƉŽƌƚĂƚŝŽŶΖƐ>ŽǁŽƌ ĞŵŝƐƐŝŽŶŽƌǌĞƌŽͲĞŵŝƐƐŝŽŶƚƌĂŶƐŝƚďƵƐĞƐ͕ŝŶĂĚĚŝƚŝŽŶƚŽ ϯdƌĂŶƐƉŽƌƚĂƚŝŽŶ'ƌĞĞŶŚŽƵƐĞ'ĂƐŵŝƐƐŝŽŶƐ>ĞŐŝƐůĂƚŝŽŶͲ^ƵƐƚĂŝŶĂďŝůŝƚǇĂŶĚWƵďůŝĐ,ĞĂůƚŚͲDŶKd ;ƐƚĂƚĞ͘ŵŶ͘ƵƐͿ ϰKdZĞƉŽƌƚƚŽŽŶŐƌĞƐƐ͗ĞĐĂƌďŽŶŝǌŝŶŐh͘^͘dƌĂŶƐƉŽƌƚĂƚŝŽŶ WĂŐĞϭϰ Ξ,ĂƚĐŚϮϬϮϰůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͕ŝŶĐůƵĚŝŶŐĂůůƌŝŐŚƚƐƌĞůĂƚŝŶŐƚŽƚŚĞƵƐĞŽĨƚŚŝƐĚŽĐƵŵĞŶƚŽƌŝƚƐĐŽŶƚĞŶƚƐ͘ EŽŵŝƐƐŝŽŶ'ƌĂŶƚ ƚŚĞĂĐƋƵŝƐŝƚŝŽŶ͕ĐŽŶƐƚƌƵĐƚŝŽŶ͕ŽƌůĞĂƐĞŽĨƐƵƉƉŽƌƚŝŶŐ;ΎŽŵƉĞƚŝƚŝǀĞĨƵŶĚŝŶŐͿ WƌŽŐƌĂŵ ĨĂĐŝůŝƚŝĞƐ͘ůŝŐŝďůĞǀĞŚŝĐůĞƐŵƵƐƚďĞĚĞƐŝŐŶĂƚĞĚĨŽƌƉƵďůŝĐ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶƵƐĞĂŶĚƐŝŐŶŝĨŝĐĂŶƚůǇƌĞĚƵĐĞĞŶĞƌŐǇ ĐŽŶƐƵŵƉƚŝŽŶŽƌŚĂƌŵĨƵůĞŵŝƐƐŝŽŶƐĐŽŵƉĂƌĞĚƚŽĂ ĐŽŵƉĂƌĂďůĞƐƚĂŶĚĂƌĚŽƌůŽǁĞŵŝƐƐŝŽŶǀĞŚŝĐůĞ h͘^͘ĞƉĂƌƚŵĞŶƚŽĨ dŚŝƐŐƌĂŶƚŵĂŬĞƐĨĞĚĞƌĂůƌĞƐŽƵƌĐĞƐĂǀĂŝůĂďůĞƚŽƐƚĂƚĞƐ dŚŝƐŝƐŽŶĞŽĨƚŚĞƉƌŝŵĂƌǇŐƌĂŶƚ dƌĂŶƐƉŽƌƚĂƚŝŽŶΖƐ'ƌĂŶƚƐ ĂŶĚĚŝƌĞĐƚƌĞĐŝƉŝĞŶƚƐƚŽƌĞƉůĂĐĞ͕ƌĞŚĂďŝůŝƚĂƚĞĂŶĚ ĨŽƌƵƐĞƐĂŶĚƵƐƐŽƵƌĐĞƐĐƵƌƌĞŶƚůǇƵƐĞĚďǇƚƌĂŶƐŝƚ ƉƵƌĐŚĂƐĞďƵƐĞƐĂŶĚƌĞůĂƚĞĚĞƋƵŝƉŵĞŶƚĂŶĚƚŽĐŽŶƐƚƌƵĐƚ ĂŐĞŶĐŝĞƐƚŽƉƌŽĐƵƌĞǀĞŚŝĐůĞƐĂŶĚƚŽ &ĂĐŝůŝƚŝĞƐŽŵƉĞƚŝƚŝǀĞ ďƵƐͲƌĞůĂƚĞĚĨĂĐŝůŝƚŝĞƐ͕ŝŶĐůƵĚŝŶŐƚĞĐŚŶŽůŽŐŝĐĂůĐŚĂŶŐĞƐŽƌ ďƵŝůĚͬƌĞŶŽǀĂƚĞĨĂĐŝůŝƚŝĞƐ͘ WƌŽŐƌĂŵ;ϰϵh͘^͘͘ ŝŶŶŽǀĂƚŝŽŶƐƚŽŵŽĚŝĨǇůŽǁŽƌŶŽĞŵŝƐƐŝŽŶǀĞŚŝĐůĞƐŽƌ ϱϯϯϵ;ďͿͿ ĨĂĐŝůŝƚŝĞƐ͘&ƵŶĚŝŶŐŝƐƉƌŽǀŝĚĞĚƚŚƌŽƵŐŚĨŽƌŵƵůĂ ;ΎŽŵƉĞƚŝƚŝǀĞĨƵŶĚŝŶŐͿ ĂůůŽĐĂƚŝŽŶƐĂŶĚĐŽŵƉĞƚŝƚŝǀĞŐƌĂŶƚƐ͘ KŶDĂƌĐŚϮϵ͕ϮϬϮϰ͕ƚŚĞh͘^͘ŶǀŝƌŽŶŵĞŶƚĂůWƌŽƚĞĐƚŝŽŶ ŐĞŶĐǇ;WͿĂŶŶŽƵŶĐĞĚĂĨŝŶĂůƌƵůĞ͕͞'ƌĞĞŶŚŽƵƐĞ'ĂƐ ŵŝƐƐŝŽŶƐ^ƚĂŶĚĂƌĚƐĨŽƌ,ĞĂǀǇͲƵƚǇsĞŚŝĐůĞƐʹWŚĂƐĞϯ͕͟ h͘^͘W'ƌĞĞŶŚŽƵƐĞ'ĂƐ ^ĞƚƐƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌ',' ƚŚĂƚƐĞƚƐƐƚƌŽŶŐĞƌƐƚĂŶĚĂƌĚƐƚŽƌĞĚƵĐĞŐƌĞĞŶŚŽƵƐĞŐĂƐ ŵŝƐƐŝŽŶƐ^ƚĂŶĚĂƌĚƐĨŽƌ ŵŝƐƐŝŽŶƐŽŶŶĞǁůǇƉƵƌĐŚĂƐĞĚ ĞŵŝƐƐŝŽŶƐĨƌŽŵŚĞĂǀǇͲĚƵƚǇ;,ͿǀĞŚŝĐůĞƐďĞŐŝŶŶŝŶŐŝŶ ,ĞĂǀǇͲƵƚǇsĞŚŝĐůĞƐʹ ƚƌĂŶƐŝƚďƵƐĞƐƚŽƐƚĂƌƚƉŚĂƐŝŶŐŝŶĨŽƌ ŵŽĚĞůǇĞĂƌ;DzͿϮϬϮϳ͘dŚĞŶĞǁƐƚĂŶĚĂƌĚƐǁŝůůďĞ WŚĂƐĞϯ ϮϬϮϳŵŽĚĞůǇĞĂƌǀĞŚŝĐůĞƐ͘ ĂƉƉůŝĐĂďůĞƚŽ,ǀŽĐĂƚŝŽŶĂůǀĞŚŝĐůĞƐ;ƐƵĐŚĂƐĚĞůŝǀĞƌǇ ƚƌƵĐŬƐ͕ƌĞĨƵƐĞŚĂƵůĞƌƐ͕ƉƵďůŝĐƵƚŝůŝƚǇƚƌƵĐŬƐ͕ƚƌĂŶƐŝƚ͕ ƐŚƵƚƚůĞ͕ƐĐŚŽŽůďƵƐĞƐ͕ĞƚĐ͘ͿĂŶĚƚƌĂĐƚŽƌƐ͘ ƵƐŝŶĞƐƐĞƐĂŶĚƚĂǆͲĞǆĞŵƉƚŽƌŐĂŶŝǌĂƚŝŽŶƐƚŚĂƚďƵǇĂ /Z^ŽŵŵĞƌĐŝĂůůĞĂŶ ƋƵĂůŝĨŝĞĚĐŽŵŵĞƌĐŝĂůĐůĞĂŶǀĞŚŝĐůĞŵĂǇƋƵĂůŝĨǇĨŽƌĂWƌŽǀŝĚĞƐĂƚĂǆĐƌĞĚŝƚĨŽƌĐŽŵŵĞƌĐŝĂů sĞŚŝĐůĞƌĞĚŝƚ ĐůĞĂŶǀĞŚŝĐůĞƚĂǆĐƌĞĚŝƚŽĨƵƉƚŽΨϰϬ͕ϬϬϬƵŶĚĞƌ/ŶƚĞƌŶĂůĐůĞĂŶǀĞŚŝĐůĞƉƵƌĐŚĂƐĞƐ͘ ZĞǀĞŶƵĞŽĚĞ;/ZͿϰϱt͘ KǁŝůůŝƐƐƵĞŐƌĂŶƚƐĨŽƌƌĞƐĞĂƌĐŚ͕ĚĞǀĞůŽƉŵĞŶƚ͕ĂŶĚ h͘^͘ĞƉĂƌƚŵĞŶƚŽĨ ĚĞŵŽŶƐƚƌĂƚŝŽŶŽĨĞůĞĐƚƌŝĐǀĞŚŝĐůĞ;sͿďĂƚƚĞƌǇƌĞĐǇĐůŝŶŐ ŶĞƌŐǇ;KͿdŝƚůĞ ĂŶďĞƵƐĞĚƚŽĨƵŶĚƚŚĞĐŽŶǀĞƌƐŝŽŶ 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ĞůĞĐƚƌŝĨŝĐĂƚŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐ͕ƚƌĂŶƐƉŽƌƚĂƚŝŽŶƉƌŝĐŝŶŐ ƉƌŽŐƌĂŵƐ͕ĂŶĚǌĞƌŽĞŵŝƐƐŝŽŶǀĞŚŝĐůĞŝŶĐĞŶƚŝǀĞ ƉƌŽŐƌĂŵƐ͘ůŝŐŝďůĞĂƉƉůŝĐĂŶƚƐŝŶĐůƵĚĞƐƚĂƚĞĂŶĚůŽĐĂů ŐŽǀĞƌŶŵĞŶƚƐ͕ƚƌŝďĂůŐŽǀĞƌŶŵĞŶƚƐ͕ĂŶĚĐŽĂůŝƚŝŽŶƐŽĨ ƚŚĞƐĞĞŶƚŝƚŝĞƐ͘ dŚĞh͘^͘ĞƉĂƌƚŵĞŶƚŽĨŶĞƌŐǇ;KͿŵƵƐƚĞƐƚĂďůŝƐŚĂŶ ŶĞƌŐǇ^ƚŽƌĂŐĞ^ǇƐƚĞŵZĞƐĞĂƌĐŚ͕ĞǀĞůŽƉŵĞŶƚ͕ĂŶĚ ĞƉůŽǇŵĞŶƚWƌŽŐƌĂŵ͘dŚĞŝŶŝƚŝĂůƉƌŽŐƌĂŵĨŽĐƵƐŝƐƚŽ ŶĞƌŐǇ^ƚŽƌĂŐĞ^ǇƐƚĞŵ ĨƵƌƚŚĞƌƚŚĞƌĞƐĞĂƌĐŚ͕ĚĞǀĞůŽƉŵĞŶƚ͕ĂŶĚĚĞƉůŽǇŵĞŶƚŽĨĂŶďĞƵƐĞĚƚŽĨƵŶĚĞŶĞƌŐǇƐƚŽƌĂŐĞ ZĞƐĞĂƌĐŚ͕ĞǀĞůŽƉŵĞŶƚ͕ ƐŚŽƌƚͲĂŶĚůŽŶŐͲĚƵƌĂƚŝŽŶůĂƌŐĞͲƐĐĂůĞĞŶĞƌŐǇƐƚŽƌĂŐĞƐǇƐƚĞŵƐĨŽƌƚŚĞƵƚŚŽƌŝƚǇ͘ ĂŶĚĞƉůŽǇŵĞŶƚWƌŽŐƌĂŵ ƐǇƐƚĞŵƐ͕ŝŶĐůƵĚŝŶŐ͕ďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͕ĚŝƐƚƌŝďƵƚĞĚĞŶĞƌŐǇ ƐƚŽƌĂŐĞƚĞĐŚŶŽůŽŐŝĞƐĂŶĚƚƌĂŶƐƉŽƌƚĂƚŝŽŶĞŶĞƌŐǇƐƚŽƌĂŐĞ ƚĞĐŚŶŽůŽŐŝĞƐ͘ dŚĞh͘^͘ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚĚŵŝŶŝƐƚƌĂƚŝŽŶΖƐ;Ϳ ^dDdĂůĞŶƚŚĂůůĞŶŐĞĂŝŵƐƚŽďƵŝůĚƐĐŝĞŶĐĞ͕ ƚĞĐŚŶŽůŽŐǇ͕ĞŶŐŝŶĞĞƌŝŶŐ͕ĂŶĚŵĂƚŚĞŵĂƚŝĐƐ;^dDͿ h͘^͘ĐŽŶŽŵŝĐ ƚĂůĞŶƚƚƌĂŝŶŝŶŐƐǇƐƚĞŵƐƚŽƐƚƌĞŶŐƚŚĞŶƌĞŐŝŽŶĂů ĞǀĞůŽƉŵĞŶƚ ŝŶŶŽǀĂƚŝŽŶĞĐŽŶŽŵŝĞƐƚŚƌŽƵŐŚƉƌŽũĞĐƚƐƚŚĂƚƵƐĞǁŽƌŬͲ ĂŶďĞƵƐĞĚƚŽĨƵŶĚsƚƌĂŝŶŝŶŐ ĚŵŝŶŝƐƚƌĂƚŝŽŶΖƐ ďĂƐĞĚůĞĂƌŶŝŶŐŵŽĚĞůƐƚŽĞǆƉĂŶĚƌĞŐŝŽŶĂů^dDͲĐĂƉĂďůĞ ƉƌŽŐƌĂŵƐ͘ /ŶŶŽǀĂƚŝǀĞtŽƌŬĨŽƌĐĞ 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ƐŬŝůůƐŽĨƚŚĞŝƌǁŽƌŬĨŽƌĐĞ͘^ŽŵĞĂŐĞŶĐŝĞƐŚĂǀĞŽƉƚĞĚƚŽƵƐĞĐĂƉŝƚĂůĨƵŶĚƐĨŽƌŝŶŝƚŝĂůƚƌĂŝŶŝŶŐďǇŝŶĐůƵĚŝŶŐϲ ŵŽŶƚŚƐŽĨKDƚƌĂŝŶŝŶŐŝŶĐůƵĚĞĚŝŶƚŚĞŶĞǁĞƋƵŝƉŵĞŶƚƉƌŽĐƵƌĞŵĞŶƚĐŽŶƚƌĂĐƚ͘dŚŝƐŐŝǀĞƐƚŚĞĂŐĞŶĐŝĞƐ ĞŶŽƵŐŚƚŝŵĞĨŽƌŬŶŽǁůĞĚŐĞƚƌĂŶƐĨĞƌ͕ĂĨƚĞƌǁŚŝĐŚƚŚĞƚƌĂŝŶŝŶŐŝƐƚĂŬĞŶŽǀĞƌďǇƚŚĞĂŐĞŶĐǇ͛ƐŝŶ ͲŚŽƵƐĞ ƚƌĂŝŶŝŶŐƐƚĂĨĨƚŽŝŵƉĂƌƚŵŽƌĞŚĂŶĚƐͲŽŶƚƌĂŝŶŝŶŐŽŶǀĂƌŝŽƵƐƐǇƐƚĞŵƐĂŶĚƐƵďƐǇƐƚĞŵƐ͘/ĨƌĞƋƵŝƌĞĚ͕ƚŚĞƚƌĂŶƐŝƚ ĂŐĞŶĐŝĞƐĐĂŶƉƌŽĐƵƌĞŵŽƌĞĂĚǀĂŶĐĞĚůĞǀĞůƚƌĂŝŶŝŶŐĨƌŽŵƚŚĞƐǇƐƚĞŵƐKDƐĚŝƌĞĐƚůǇƵƐŝŶŐŽƉĞƌĂƚŝŶŐĨƵŶĚƐ͘ WĂŐĞϮϰ Ξ,ĂƚĐŚϮϬϮϰůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͕ŝŶĐůƵĚŝŶŐĂůůƌŝŐŚƚƐƌĞůĂƚŝŶŐƚŽƚŚĞƵƐĞŽĨƚŚŝƐĚŽĐƵŵĞŶƚŽƌŝƚƐĐŽŶƚĞŶƚƐ͘ EĞǁƚĞĐŚŶŽůŽŐǇƌĞƋƵŝƌĞƐƐƚƌŽŶŐƉĂƌƚŶĞƌƐŚŝƉƐǁŝƚŚďŽƚŚKDĂŶĚƐƵďͲĐŽŵƉŽŶĞŶƚƐƵƉƉůŝĞƌƐ͘dŚĞůĞĂƌŶŝŶŐ ͹Ǥʹ ďĂƚƚĞƌǇĞůĞĐƚƌŝĐǀĞŚŝĐůĞƐ͘ dŚĞƉƌŽŐƌĂŵǁŽƵůĚƉƌŽǀŝĚĞŽŶͲƚŚĞͲũŽďƚƌĂŝŶŝŶŐĂŶĚƌĞůĂƚĞĚĐůĂƐƐƌŽŽŵŝŶƐƚƌƵĐƚŝŽŶ͕ŐŝǀŝŶŐǁŽƌŬĞƌƐĂ ĐŽŵƉƌĞŚĞŶƐŝǀĞƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚĞĐŚŶŽůŽŐŝĞƐƌĞůĂƚĞĚƚŽďĂƚƚĞƌǇĞůĞĐƚƌŝĐǀĞŚŝĐůĞƐ͘dŚĞƉƌŽŐƌĂŵǁŝůůŚĞůƉ ǁŽƌŬĞƌƐůĞĂƌŶŚŽǁƚŽŽƉĞƌĂƚĞ͕ŵĂŝŶƚĂŝŶ͕ĂŶĚƌĞƉĂŝƌƚŚĞƐĞŶĞǁƚĞĐŚŶŽůŽŐŝĞƐ͕ĂƐǁĞůůĂƐƚŚĞƐĂĨĞƚǇƉƌŽƚŽĐŽůƐ ĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞŵ͘ dŚĞƉƌŽŐƌĂŵǁŝůůŚĞůƉZWdĚĞǀĞůŽƉĂƉŝƉĞůŝŶĞŽĨƐŬŝůůĞĚǁŽƌŬĞƌƐǁŚŽĂƌĞĐŽŵŵŝƚƚĞĚƚŽƐƚĂǇŝŶŐǁŝƚŚƚŚĞ ĂŐĞŶĐǇůŽŶŐͲƚĞƌŵ͘ƉƉƌĞŶƚŝĐĞƐǁŝůůďĞƉĂƌƚŶĞƌĞĚǁŝƚŚĂŶŝŶĐƵŵďĞŶƚƵŶŝŽŶĞŵƉůŽǇĞĞƚƌĂŝŶĞƌĂŶĚŵĞŶƚŽƌ WĂŐĞϮϱ Ξ,ĂƚĐŚϮϬϮϰůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͕ŝŶĐůƵĚŝŶŐĂůůƌŝŐŚƚƐƌĞůĂƚŝŶŐƚŽƚŚĞƵƐĞŽĨƚŚŝƐĚŽĐƵŵĞŶƚŽƌŝƚƐĐŽŶƚĞŶƚƐ͘ ƚŽƐƵƉƉŽƌƚƚŚĞŵǁŚŝůĞŝŶƚŚĞƉƌŽŐƌĂŵ͘dŚĞǇĐĂŶďĞƉĂŝĚĂƉƌŽŐƌĞƐƐŝǀĞǁĂŐĞĚƵƌŝŶŐƚŚĞŝƌŵĂƚƌŝĐƵůĂƚŝŽŶ ͹ǤͶ Ƭ ƚŚƌŽƵŐŚƚŚĞƉƌŽŐƌĂŵ͘ tŝƚŚŝŶƚĞƌͲĂŐĞŶĐǇĐŽůůĂďŽƌĂƚŝŽŶ͕ƚŚĞǁŽƌŬĨŽƌĐĞƚƌĂŝŶŝŶŐŵŽĚĞůƐĂĚŽƉƚĞĚďǇŽƚŚĞƌƚƌĂŶƐŝƚĂŐĞŶĐŝĞƐŝŶƚŚĞ ƌĞŐŝŽŶĐĂŶďĞƐƵĐĐĞƐƐĨƵůůǇĂĚŽƉƚĞĚďǇZWdǁŝƚŚƌĞĚƵĐĞĚĞĨĨŽƌƚ͘ĨƚĞƌŝĚĞŶƚŝĨǇŝŶŐƚŚĞƐŬŝůůůĞǀĞůƐŽĨƚŚĞŝƌ ƚĞĐŚŶŝĐŝĂŶƐŽƌƚƌĂŝŶĞƌƐ͕ZWdĐĂŶĐŽůůĂďŽƌĂƚĞǁŝƚŚƚŚĞŽƚŚĞƌĂŐĞŶĐŝĞƐŽŶƚŚĞŝƌĐƵƌƌŝĐƵůƵŵƚŽŐĞƚĂŶŝŶͲĚĞƉƚŚ ƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚƌĂŝŶŝŶŐŵŽĚƵůĞƐĂŶĚŚĂŶĚƐͲŽŶƚƌĂŝŶŝŶŐ͘ZWdǁŝůůŚĂǀĞƚŚĞŽƉƉŽƌƚƵŶŝƚǇƚŽƚƌĂŝŶƚŚĞŝƌ ƚƌĂŝŶĞƌƐĂƚƚŚĞƐĞĂŐĞŶĐŝĞƐ͘ &dŚĂƐĨƵŶĚĞĚƚŚĞ/d>;/ŶƚĞƌŶĂƚŝŽŶĂůdƌĂŶƐƉŽƌƚĂƚŝŽŶ>ĞĂƌŶŝŶŐĞŶƚĞƌͿĨŽƌƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚƌĂŝŶŝŶŐ ƉƌŽŐƌĂŵƐĨŽƌƐ͘/d>ƉƌĞƐĞŶƚƐĚŝƐƚĂŶĐĞͲďĂƐĞĚĐŽƵƌƐĞƐƚŽŚĞůƉƚƌĂŶƐŝƚďƵƐƚĞĐŚŶŝĐŝĂŶƐŐĂŝŶĂ 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