Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
July 7, 2025 Agenda Packet
! " ! " + % !*'(() &, $ + / = $ ";1 <?" # &# < #+ " $9+#" $( " 0 :(+== ˅ˢ˖˛˘˦˧˘˥ ˜˦˔ʶ˜˧ˬ˧˛˔˧˖˔˥˘˦ʡˊ˛˘˥˘˔˟˟ˣ˘ˢˣ˟˘˔˥˘˧˥˘˔˧˘˗˪˜˧˛˗˜˚ˡ˜˧ˬ˔ˡ˗˥˘˦ˣ˘˖˧ʡ ˊ˛˘˥˘˥˘˦˜˗˘ˡ˧˦ʟ˘ˠˣ˟ˢˬ˘˘˦ʟ˔ˡ˗˩˜˦˜˧ˢ˥˦˘ˡ˝ˢˬ˔˛˜˚˛ˤ˨˔˟˜˧ˬˢ˙˟˜˙˘ʡˊ˛˘˥˘˕˨˦˜ˡ˘˦˦ ˔ˡ˗˜ˡ˗˨˦˧˥ˬ˧˛˥˜˩˘ʟ˔ˡ˗˪˛˘˥˘˧˛˘˟˔ˡ˗˔ˡ˗˘ˡ˩˜˥ˢˡˠ˘ˡ˧˔˥˘˥˘ˡ˘˪˘˗˔ˡ˗˦˨˦˧˔˜ˡ˘˗ ˙ˢ˥˧˛˘˕˘ˡ˘Ѓ˧ˢ˙˔˟˟ʡʼ˧˜˦˔˪˘˟˖ˢˠ˜ˡ˚˔ˡ˗˗˜˩˘˥˦˘˖ˢˠˠ˨ˡ˜˧ˬʡ ˅˘ˡˢ˪ˡ˘˗ ˙ˢ˥˜˧˦˥˘ˣ˨˧˔˧˜ˢˡ˔˦˔˖˘ˡ˧˘˥˙ˢ˥˚˥ˢ˪˧˛˔ˡ˗˜ˡˡˢ˩˔˧˜ˢˡʡ ʶ˜˧ˬ ʶ˛˔˥˔˖˧˘˥˜˭˘˗ ˕ˬ˜˧˦˦˔˙˘˔ˡ˗˙˥˜˘ˡ˗˟ˬˡ˘˜˚˛˕ˢ˥˛ˢˢ˗˦ʡ ˉ˜˦˜ˢˡ ʶˢˠˠ˜˧˧˘˗ ˧ˢ˛˘˔˟˧˛˔ˡ˗˪˘˟˟ˡ˘˦˦˙ˢ˥˜˧˦ˣ˘ˢˣ˟˘ʡ ʶˢˡˡ˘˖˧˘˗ ˕ˢ˧˛ˣ˛ˬ˦˜˖˔˟˟ˬ˔ˡ˗˦ˢ˖˜˔˟˟ˬʡ ʷ˘˗˜˖˔˧˘˗ ˧ˢ˧˛˘˦˨˦˧˔˜ˡ˔˕˟˘˔ˡ˗˥˘˦ˣˢˡ˦˜˕˟˘˨˦˘ˢ˙ˣ˨˕˟˜˖˥˘˦ˢ˨˥˖˘˦ʡ ˂˥˚˔ˡ˜˭˔˧˜ˢˡ˔˟ ʴ˩˜˕˥˔ˡ˧ʟ˖ˢˠˣ˔˦˦˜ˢˡ˔˧˘ʟ ˉ˜˦˜ˢˡ ˜ˡˡˢ˩˔˧˜˩˘˧˘˔ˠʡ ʹˢ˨ˡ˗˔˧˜ˢˡ˔˟ ʠʸˡ˩˜˥ˢˡˠ˘ˡ˧˔˟ʠ˃˨˕˟˜˖ˆ˔˙˘˧ˬ ˆ˧˘˪˔˥˗˦˛˜ˣ ˃˥˜ˡ˖˜ˣ˟˘˦ ʠˆˢ˖˜˔˟ʸˤ˨˜˧ˬ ʠʹ˜˦˖˔˟˅˘˦ˣˢˡ˦˜˕˜˟˜˧ˬʙ ʠʶˢˠˣ˔˦˦˜ˢˡ ˆ˨˦˧˔˜ˡ˔˕˜˟˜˧ˬ ˆ˧˥˔˧˘˚˜˖˃˥˜ˢ˥˜˧˜˘˦ ʠʴ˙˙ˢ˥˗˔˕˟˘ʿ˜˩˜ˡ˚ ʠʸ˖ˢˡˢˠ˜˖ˉ˜˕˥˔ˡ˖ˬ˔ˡ˗ʺ˥ˢ˪˧˛ˀ˔ˡ˔˚˘ˠ˘ˡ˧ ʠ˄˨˔˟˜˧ˬˆ˘˥˩˜˖˘˦ ʴ˖˧˜ˢˡ˃˟˔ˡ ʴ˖˧˜ˢˡ˃˟˔ˡ˦˪˜˟˟˕˘˗˘˩˘˟ˢˣ˘˗˧ˢ˜˗˘ˡ˧˜˙ˬ ˚ˢ˔˟˦ʟ˔˖˧˜ˢˡ˦ʟ˔ˡ˗ˣ˘˥˙ˢ˥ˠ˔ˡ˖˘ ˜ˡ˗˜˖˔˧ˢ˥˦˧˛˔˧˛˘˟ˣ˔˗˩˔ˡ˖˘ˣ˥˜ˢ˥˜˧˜˘˦ʡ ˆ˧˥˔˧˘˚˜˖˃˥˜ˢ˥˜˧ˬʭˆ˧˥˔˧˘˚˜˖˃˥˜ˢ˥˜˧ˬʭ ˆ˧˥˔˧˘˚˜˖˃˥˜ˢ˥˜˧ˬʭ ʸ˖ˢˡˢˠ˜˖ˉ˜˕˥˔ˡ˖ˬ˔ˡ˗˄˨˔˟˜˧ˬˆ˘˥˩˜˖˘˦ ʴ˙˙ˢ˥˗˔˕˟˘ʿ˜˩˜ˡ˚ ʺ˥ˢ˪˧˛ˀ˔ˡ˔˚˘ˠ˘ˡ˧ ʴ˥˘˔˦ˢ˙ʹˢ˖˨˦ʴ˥˘˔˦ˢ˙ʹˢ˖˨˦ʴ˥˘˔˦ˢ˙ʹˢ˖˨˦ ϧʶ˥˘˔˧˘˖˟˔˥˜˧ˬʟ˔˟˜˚ˡˠ˘ˡ˧ʟ˔ˡ˗˨ˡ˜˧ˬ˪˜˧˛ ϧʻˢ˨˦˜ˡ˚˩˔˥˜˘˧ˬ˔ˡ˗˔˙˙ˢ˥˗˔˕˜˟˜˧ˬ ϧʶ˨˟˧˨˥˔˟˔ˡ˗˥˘˖˥˘˔˧˜ˢˡ˔˟ ˘˖ˢˡˢˠ˜˖˗˘˩˘˟ˢˣˠ˘ˡ˧ˣ˔˥˧ˡ˘˥˦˜ˡ˗˘Ѓˡ˜ˡ˚ ˢˣˣˢ˥˧˨ˡ˜˧˜˘˦˧˛˔˧ˣ˥ˢ˩˜˗˘˔˖˖˘˦˦ ϧˇ˥˔ˡ˦ˣˢ˥˧˔˧˜ˢˡˢˣ˧˜ˢˡ˦˔ˡ˗˔˖˖˘˦˦ʶ˜˧ˬ˟˘˔˗˘˥˦˛˜ˣ˔ˡ˗˖ˢˠˠ˨ˡ˜˧ˬ˩˔˟˨˘˦ ˔ˡ˗˘ˤ˨˜˧ˬ ϧʸˤ˨˜˧˔˕˟˘˥˘˚˨˟˔˧ˢ˥ˬ˟˔ˡ˗˦˖˔ˣ˘˔ˡ˗ϧʸ˦˧˔˕˟˜˦˛˖ˢˠˣ˘˧˜˧˜˩˘˔ˡ˗˦˨˦˧˔˜ˡ˔˕˟˘ ϧˇ˛˘ˢ˥˚˔ˡ˜˭˔˧˜ˢˡ˔ˡ˗˦˘˥˩˜˖˘˦˥˘Є˘˖˧ ˔ˣˣ˥ˢ˔˖˛˧ˢ˘˙˙˘˖˧˜˩˘˟ˬ˔˟˟ˢ˖˔˧˘ʷˀʶ ˖˥˘˔˧˜˩˘˜ˡ˖˘ˡ˧˜˩˘˦ ˖˛˔ˡ˚˜ˡ˚˗˘ˠˢ˚˥˔ˣ˛˜˖˦˔ˡ˗ˡ˘˘˗˦ ˥˘˦ˢ˨˥˖˘˦ʟʿ˘˚˜˦˟˔˧˜˩˘˔˟˟ˢ˖˔˧˜ˢˡ˦ʟ˔ˡ˗ʶ˜˧ˬ ˜˗˘ˡ˧˜Ѓ˘˗˕ˬ˧˛˘˖ˢˠˠ˨ˡ˜˧ˬ ϧʴ˖˖˘˦˦˧ˢˢˣˣˢ˥˧˨ˡ˜˧˜˘˦˔ˡ˗ ˥˘˩˘ˡ˨˘ ˔ˠ˘ˡ˜˧˜˘˦ ϧ˂ˣ˘˥˔˧˜ˢˡ˦˔˥˘˦˨˦˧˔˜ˡ˔˕˟˘ʟ ϧʷ˘˩˘˟ˢˣ˜ˠˣ˟˘ˠ˘ˡ˧˔˧˜ˢˡ˧ˢˢ˟˦˔ˡ˗ ˜ˡ˧˘˚˥˔˧˘˗ʟ˔ˡ˗˘˔˦ˬ˧ˢˡ˔˩˜˚˔˧˘ ϧ˂˪ˡ˘˥ʠˢ˖˖˨ˣ˜˘˗˔˙˙ˢ˥˗˔˕˟˘˛ˢ˨˦˜ˡ˚ ˦˧˥˔˧˘˚˜˘˦˙ˢ˥ʶˢˠˣ˥˘˛˘ˡ˦˜˩˘˃˟˔ˡ˧ˢ˘ˡ˦˨˥˘ ˖˨˥˥˘ˡ˧˗˘˖˜˦˜ˢˡ˦˥˘Є˘˖˧˙˨˧˨˥˘ˣ˥ˢ˝˘˖˧˜ˢˡ˦ ϧˆ˘˥˩˜˖˘˗˘˟˜˩˘˥ˬ˜˦ˢˣ˧˜ˠ˜˭˘˗ʟ ϧʼˡ˖˥˘˔˦˜ˡ˚ˢ˪ˡ˘˥˦˛˜ˣˢˣˣˢ˥˧˨ˡ˜˧˜˘˦ ˖ˢ˦˧˘˙˙˘˖˧˜˩˘ʟ˔ˡ˗˥˘Є˘˖˧ˢ˨˥ ˙ˢ˥ʵ˟˔˖˞ʟʼˡ˗˜˚˘ˡˢ˨˦ʟ˃˘ˢˣ˟˘ˢ˙ʶˢ˟ˢ˥ʟ ϧʴ˗ˢˣ˧˗˘˦˜˚ˡ˚˨˜˗˘˟˜ˡ˘˦˧˛˔˧˕˘˧˧˘˥˥˘Є˘˖˧ ʹˢ˨ˡ˗˔˧˜ˢˡ˔˟˃˥˜ˡ˖˜ˣ˟˘˦ ˔ˡ˗ˆ˘ˡ˜ˢ˥˦ ʶˢ˨ˡ˖˜˟˔ˡ˗˖ˢˠˠ˨ˡ˜˧ˬ˩˔˟˨˘˦ .*.$!"/''*/)%'.%.3*/)%',*$!-.!,()#*0 9 4XHVWLRQV"&RQWDFWWKH&LW\&OHUN¶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¶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±5HJLRQDO6WRUP:DWHU0DQDJHPHQW)DFLOLW\3RQG .XHKO 5HJLRQDO3RQG ±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¶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¶VUHPDUNVIDLOWRFRPSO\ZLWKWKHVHUXOHVRUH[FHHGWKHVFRSHRI WKHGHVLJQDWHGIRUXP7KHSUHVLGLQJRIILFHUVKDOOKDYHWKHDXWKRULW\WR VXVSHQGVXFKSHUVRQ¶VULJKWWRVSHDNVXEMHFWWRWKHFRXQFLO¶VULJKWWR RYHUUXOHVXFKGHFLVLRQ %&$EVHQFHRI0D\RU ,QWKH0D\RU¶VDEVHQFHWKHFRXQFLOSUHVLGHQWVKDOOEHWKH DFWLQJPD\RUDQGVKDOOKDYHDOOSRZHUVRIWKHPD\RUH[FHSWWKHSRZHUWRYHWR ϙ 58/(62)352&('85( &2'(2)&21'8&7 IRU 7+(52&+(67(501&,7<&281&,/ $V$GRSWHG 3URSRVHG±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¶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¶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¶V UHPDUNVIDLOWRFRPSO\ZLWKWKHVHUXOHVRUH[FHHGWKHVFRSHRIWKHGHVLJQDWHG IRUXP7KH3UHVLGLQJ2IILFHUVKDOOKDYHWKHDXWKRULW\WRVXVSHQGVXFK SHUVRQ¶VULJKWWRVSHDNVXEMHFWWRWKH&RXQFLO¶VULJKWWRRYHUUXOHVXFK GHFLVLRQ &$EVHQFHRI0D\RU ,QWKH0D\RU¶VDEVHQFHWKH&RXQFLO3UHVLGHQWVKDOOEHWKH DFWLQJ0D\RUDQGVKDOOKDYHDOOSRZHUVRIWKH0D\RUH[FHSWWKHSRZHUWRYHWR 5XOH5HPDUNVDQG'HEDWH $6SHDNLQJWRWKH0RWLRQ &RXQFLOPHPEHUUHPDUNVDUHOLPLWHGWRDWRWDORIHLJKW PLQXWHVRQHDFKDJHQGDLWHP&RXQFLOPHPEHUVPD\IRUIHLWWKHLUWLPHWRVSHDNWR DQRWKHU&RXQFLOPHPEHUZLWKRXWDYRWH)RUSXUSRVHVRIWKLVVHFWLRQTXHVWLRQV DVNHGRI&LW\WHDPPDWHVDSSOLFDQWVRUWKHSXEOLFDUHQRWLQFOXGHGLQWKHOLPLWDWLRQRQ WKHQXPEHURIWLPHVVSRNHQRUWKHOHQJWKRIWLPHVSRNHQ %,QWHUUXSWLRQ 1RPHPEHURIWKH&RXQFLOVKDOOLQWHUUXSWRUDUJXHZLWKDQ\RWKHU PHPEHUZKLOHVXFKPHPEHUKDVWKHIORRU &&RXUWHV\ 0HPEHUVRIWKH&RXQFLOVKDOOEHFRXUWHRXVLQWKHLUODQJXDJHDQG GHPHDQRULQWKHGLVFXVVLRQFRPPHQWVRUGHEDWHRIDQ\PDWWHUDQGVKDOOQRW HQJDJHLQGLVRUGHUO\EHKDYLRUPDNHSHUVRQDOFRPPHQWVGHURJDWRU\UHPDUNVRU LQVLQXDWLRQVLQUHVSHFWWRDQ\RWKHUPHPEHURIWKH&RXQFLODQ\&LW\WHDPPDWHRU WKHSXEOLF ''LVFLSOLQH ,IDPHPEHURIWKH&RXQFLOYLRODWHVWKHVHUXOHVWKH3UHVLGLQJ2IILFHU VKDOOFDOOVXFKPHPEHUWRRUGHULQZKLFKFDVHVXFKPHPEHUVKDOOEHVLOHQWH[FHSW WRH[SODLQRUFRQWLQXHLQRUGHU$Q\RWKHUPHPEHURIWKH&RXQFLOPD\XQGHUD SRLQWRIRUGHUFDOOWKH3UHVLGLQJ2IILFHURURWKHUPHPEHUWRRUGHU$GGLWLRQDO GLVFLSOLQHPD\LQFOXGHEXWLVQRWOLPLWHGWRDYHUEDODGPRQLWLRQSXEOLFUHSULPDQG DQGH[SXOVLRQIURPWKHPHHWLQJDWZKLFKWKHFRQGXFWLVRFFXUULQJ (&KDOOHQJH $Q\PHPEHURIWKH&RXQFLOVKDOOKDYHWKHULJKWWRFKDOOHQJHDQ\DFWLRQ RUUXOLQJRIWKH3UHVLGLQJ2IILFHURUPHPEHULQZKLFKFDVHWKHGHFLVLRQRIWKH PDMRULW\RIWKHPHPEHUVRIWKH&RXQFLOSUHVHQWLQFOXGLQJWKH3UHVLGLQJ2IILFHU VKDOOJRYHUQ )&LW\7HDPPDWHV 7KH&LW\$GPLQLVWUDWRU&LW\$WWRUQH\DQGWKH&LW\&OHUNRUWKHLU GHVLJQHHVVKDOOKDYHWKHULJKWWRHQWHULQWRDGLVFXVVLRQRIDQ\PDWWHUFRPLQJEHIRUH 3DJH_ WKH&RXQFLO2WKHU&LW\7HDPPDWHVPD\HQWHULQWRDGLVFXVVLRQWKURXJKWKH&LW\ $GPLQLVWUDWRURUGHVLJQHHRUZKHQDVNHGDGLUHFWTXHVWLRQE\DPHPEHURIWKH &RXQFLO:KHQ&LW\7HDPPDWHVSURYLGHSUHVHQWHGPDWHULDOVRQDJHQGDLWHPV SUHVHQWDWLRQVVKRXOGEHEULHIQRWWRH[FHHGPLQXWHV&LW\7HDPPDWHVPD\ DWWHQGPHHWLQJVYLUWXDOO\EXWPXVWEHDEOHWREHFOHDUO\KHDUGDQGVHHQZKLOHJLYLQJ WHVWLPRQ\EHIRUHWKH&RXQFLO 5XOH2UGHURI%XVLQHVV $2UGHURI%XVLQHVV 7KHRUGHURIEXVLQHVVVKDOOEHDVIROORZV 3OHGJHRI$OOHJLDQFH 2SHQ&RPPHQW3HULRG &DOOWR2UGHU5ROO&DOO &LW\$GPLQLVWUDWRU5HSRUW 0D\RU5HSRUW 2UGHURI$JHQGD FRQVHQWRIWKHVHFRQGHU:KHQDVHFRQGLVPDGHWKH3UHVLGLQJ2IILFHUZLOOVWDWH WKHQDPHVRIWKHUHVSHFWLYH&RXQFLOPHPEHUVPDNLQJDQGVHFRQGLQJWKHPRWLRQ :KHQDPRWLRQGRHVQRWUHFHLYHDVHFRQGLWGLHV &0RWLRQV±1R6HFRQG5HTXLUHG 7KHIROORZLQJPRWLRQVGRQRWUHTXLUHDVHFRQG &DOOIRU1RPLQDWLRQV 5HTXHVWIRUD5ROO&DOOYRWH 3RLQWRI2UGHU VHH5XOH( :LWKGUDZLQJD0RWLRQ EHIRUHDVHFRQGKDVRFFXUUHG &DOOLQJWKH3UHYLRXV4XHVWLRQ RUFROORTXLDOO\³FDOOLQJWKHTXHVWLRQ´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¶VUXOLQJWRWKH&RXQFLOZKLFKPD\DIILUPRURYHUUXOHWKH3UHVLGLQJ 2IILFHU¶VUXOLQJE\DPDMRULW\YRWHRIWKH&RXQFLOPHPEHUVSUHVHQW7KHLQLWLDO SRLQWRIRUGHUGLUHFWHGWRWKH3UHVLGLQJ2IILFHURUWKH&RXQFLOGRHVQRWUHTXLUH DVHFRQGDQGLVQRWVXEMHFWWRDPHQGPHQW 5HFRQVLGHUDWLRQ 1RPRWLRQWRUHFRQVLGHUDYRWHVKDOOEHLQRUGHUH[FHSWE\ D&RXQFLOPHPEHUZKRYRWHGRQWKHSUHYDLOLQJVLGHGXULQJWKHVDPHRUQH[W PHHWLQJ$Q\PHPEHURIWKH&RXQFLOVKDOOKDYHWKHULJKWWRFKDQJHWKHLUYRWH DWDQ\WLPHEHIRUHILQDODFWLRQLVWDNHQ &DOOLQJWKH3UHYLRXV4XHVWLRQ $Q\&RXQFLOPHPEHUPD\FDOODYRWHRQWKH PRWLRQ &DOOLQJWKH³3UHYLRXV4XHVWLRQ´ ,ID&RXQFLOPHPEHU³FDOOVWKH TXHVWLRQ´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¶V5XOHVRI2UGHU 5REHUW¶V5XOHVRI2UGHU QHZHVWUHYLVLRQ VKDOOJRYHUQDQ\TXHVWLRQVRISUDFWLFHRU SURFHGXUHQRWSURYLGHGIRUE\WKHVHUXOHV 5XOH$PHQGLQJWKHVH5XOHV $PHQGPHQWVWRWKHVHUXOHVVKDOOEHPDGHE\UHVROXWLRQDQGVKDOOUHTXLUHDYRWHLQWKH DIILUPDWLYHE\WKH&RXQFLOPHPEHUVSUHVHQWDWWKHPHHWLQJ 3DJH_ $57,&/(&RGHRI&RQGXFW &+$37(55ROHVDQG5HVSRQVLELOLWLHV :KROH&RXQFLO 7KH&RXQFLODVDZKROHLVDSROLF\PDNLQJERDUGDQGDVVXFKLWLVQRWWKHGXW\RIWKH &RXQFLOWRDGPLQLVWHUWKHGD\WRGD\RSHUDWLRQVRIWKH&LW\0DQ\LWHPVZLOOFRPHEHIRUH WKH&RXQFLODVUHTXLUHGE\&LW\RUGLQDQFHEXWPDQ\LVVXHVDUHPRUHGLVFUHWLRQDU\LQQDWXUH ,WLVLPSRUWDQWWKDWWKH&RXQFLODQGWKH&LW\7HDPPDWHVZRUNWRJHWKHUWRGLIIHUHQWLDWH EHWZHHQDGPLQLVWUDWLYHGXWLHVZKLFKDUHUHOHYDQWWR7HDPPDWHVDQGWKRVHGHFLVLRQVZKLFK DUHRIDSROLF\PDNLQJQDWXUHDQGVKRXOGFRPHEHIRUHWKH&RXQFLO$OO&RXQFLOPHPEHUV LQFOXGLQJWKRVHVHUYLQJDV3UHVLGLQJ2IILFHUKDYHHTXDOYRWHV1R&RXQFLOPHPEHUKDV PRUHSRZHUWKDQDQ\RWKHU&RXQFLOPHPEHUDQGDOOVKRXOGEHWUHDWHGZLWKHTXDOUHVSHFW &RXQFLO3UHVLGHQW ,QDGGLWLRQWR6HFWLRQWKH&RXQFLO3UHVLGHQWSUHVLGHVRYHURIILFLDO&RXQFLOPHHWLQJV $QQXDO$SSRLQWPHQWVWR9DULRXV&RPPLWWHHV6HDWLQJ8SRQWKH'DLV $ $WWKHILUVWPHHWLQJRIWKH&LW\&RXQFLODQQXDOO\&RXQFLOPHPEHUVVKDOO DSSURYHWKHLUDSSRLQWHGSRVLWLRQVWRYDULRXVERDUGVFRPPLVVLRQVRUFRPPLWWHHV DVGLFWDWHGE\&LW\2UGLQDQFH&LW\&KDUWHUVWDWHODZDQGYDULRXVMRLQWSRZHUV DJUHHPHQWV7KH&RXQFLO3UHVLGHQWZLOOSURYLGHDOLVWRIUHFRPPHQGHGDSSRLQWPHQWV WDNLQJLQWRDFFRXQWDVXUYH\RI&RXQFLOPHPEHUSUHIHUHQFHVDVFRQGXFWHGE\&LW\ $GPLQLVWUDWLRQDQGVKDUHGZLWKWKH&RXQFLO3UHVLGHQW % 7KHGRFXPHQWOLVWLQJWKHDQQXDODSSRLQWPHQWVWRYDULRXVFRPPLWWHHV SURYLGHGDWWKHPHHWLQJVKDOOGHQRWHZKLFKDSSRLQWPHQWVKDYHIXOOYRWLQJ SULYLOHJHVYVYROXQWDU\LQYROYHPHQWDQGRUDGYLVRU\FDSDFLW\RQO\$ &RXQFLOPHPEHUVHUYLQJLQDYROXQWDU\FDSDFLW\DQGDVDQLQIRUPDWLRQDOFRQGXLW IRUWKH&RXQFLOVKRXOGQRWDWWHPSWWRLQIOXHQFHWKHYRWHVRIRWKHUERDUG FRPPLVVLRQRUFRPPLWWHHPHPEHUV & 7KHVHDWLQJRQWKHGDLVRIWKH0D\RUDQGWKH&RXQFLOPHPEHUVVKDOOEHE\ FRQVHFXWLYH&RXQFLOZDUGQXPEHUIURPOHIWWRULJKWDQGIURPVPDOOHVWQXPEHUWR ODUJHVWQXPEHUZKHQIDFLQJWKHGDLVVWDUWLQJZLWKWKH0D\RU7KH&RXQFLO 3UHVLGHQWVKDOOEHLQWKHPLGGOH7KH&LW\$GPLQLVWUDWRUVKDOOEHVHDWHGRQWKH RSSRVLWHHQGIURPWKH0D\RU 3DJH_ &+$37(5,QWHUQDO&RXQFLO&RQGXFW 7KH&RXQFLOH[LVWVWRZRUNLQWKHLQWHUHVWRIWKHSXEOLF7KH&RXQFLOVKRXOGVWULYHWRZRUN DVDWHDPLQDFKLHYLQJWKHEHVWRXWFRPHIRUWKHFRPPXQLW\7KH&RXQFLOVKRXOGFRQGXFW EXVLQHVVLQDFLYLOHIILFLHQWDQGFRRSHUDWLYHPDQQHUZLWKRWKHUPHPEHUVRIWKH&RXQFLO DQG&LW\7HDPPDWHV,WLVLQFXPEHQWXSRQWKHPHPEHUVRI&RXQFLOWROLVWHQWRRQHDQRWKHU DQGJLYHIXOORSSRUWXQLW\IRUDOOYLHZSRLQWVWREHKHDUG$OOGLVDJUHHPHQWVVKRXOGEHKDQGOHG LQDFLYLOIDVKLRQ &LW\7HDPPDWHVDQGWKH3XEOLF 3XEOLFGHFLVLRQPDNLQJPXVWEHIDLUDQGLPSDUWLDODQGVKDOOQRWEHGLVFULPLQDWRU\RQWKH EDVLVRIWKRVHSURWHFWHGFODVVHVRXWOLQHGLQIHGHUDOVWDWHDQG&LW\ODZVDQGRUGLQDQFHV &LW\RI5RFKHVWHUSROLF\GLFWDWHVWKDWHOHFWHGRIILFLDOVDQGDGYLVRU\ERDUGPHPEHUVFRQGXFW EXVLQHVVLQDPDQQHUZKLFKERWKLQWHUQDOO\DQGLQUHODWLRQWRHDFKRWKHUDQGWKHLU FRQVWLWXHQFLHVLVIUHHIURPLOOHJDOGLVFULPLQDWLRQEDVHGRQUDFHFRORUFUHHGUHOLJLRQ QDWLRQDORULJLQVH[GLVDELOLW\DJHPDULWDOVWDWXVVRFLRHFRQRPLFVWDWXVRUVH[XDO RULHQWDWLRQ 5HFRUGLQJ/LYHVWUHDPLQJDQG%URDGFDVWLQJ0HHWLQJV $ $OOUHJXODUEXVLQHVVPHHWLQJVDQGVSHFLDOEXVLQHVVPHHWLQJVRIWKH&LW\ &RXQFLODUHSXEOLFPHHWLQJVXQGHUWKHSURYLVLRQVRI0LQQHVRWD6WDWH6WDWXWHV ([HFXWLYH FORVHG VHVVLRQVRIWKHVHPHHWLQJVPD\H[FOXGHWKHSXEOLFIURP DWWHQGDQFHSURYLGHGWKDWWKHVWDWXWRU\PDQGDWHVDUHPHWLQDQQRXQFLQJWKH PHHWLQJVDQGFRQIRUPDQFHZLWKWKHUHTXLUHPHQWVGXULQJWKHPHHWLQJVKDV RFFXUUHG0LQXWHVRIDOOPHHWLQJVRIWKH&RXQFLODUHUHTXLUHGWREHPDGHDQG UHWDLQHGE\WKH&LW\&OHUN0LQXWHVRIUHJXODUEXVLQHVVPHHWLQJVDQGVSHFLDO EXVLQHVVPHHWLQJVH[FOXGLQJWKHH[HFXWLYHVHVVLRQVDUHDYDLODEOHWRWKHSXEOLF IROORZLQJDSSURYDORIWKHPLQXWHVE\WKH&RXQFLO(DFKRIWKH&RXQFLOPHHWLQJVLV WREHEURDGFDVWLQUHDOWLPHRQWKH&LW\&RXQFLO0HHWLQJ/LYHVWUHDPDQG DXGLRYLGHRUHFRUGHGYLDWKHVDPH&RXQFLOOLYHVWUHDP7KRVHUHFRUGLQJVRI PHHWLQJVZLOOEHFRPHDQRIILFLDOSDUWRIWKHDSSURYHGPLQXWHV$XGLRYLGHR ³YLGHR´ UHFRUGLQJRIHDFKPHHWLQJZLOOWKHQEHPDGHDYDLODEOHWRWKHSXEOLF WKURXJKWKH&LW\¶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¶VRIILFLDOOLYHVWUHDPDQGRUWKH&LW\¶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³&RQVHQW $JHQGD´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¶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¶VZHEVLWHDVVRRQDVWKHDJHQGDLVSXEOLVKHGW\SLFDOO\WKH:HGQHVGD\SULRUWR WKHPHHWLQJDIWHUSP &23,(62)$*(1'$,7(06 $JHQGDLWHPVPD\EHGRZQORDGHGIURPWKH&LW\¶VZHEVLWH$Q\ZULWLQJVGLVWULEXWHGGXULQJ DSXEOLFPHHWLQJZLOOEHDYDLODEOHIRUSXEOLFLQVSHFWLRQDWWKHPHHWLQJLISUHSDUHGE\&LW\ 7HDPPDWHVRUD&RXQFLOPHPEHU0DWHULDOVSUHSDUHGE\VRPHRQHHOVHDUHDYDLODEOHDIWHU WKHPHHWLQJDVDWWDFKPHQWVWRWKHPHHWLQJPLQXWHV 38%/,&3$57,&,3$7,21±23(1&200(173(5,2' 7KH&RXQFLOZHOFRPHVVXJJHVWLRQVDQGFRPPHQWVWKDWPHHWWKHQHHGVRIWKH&LW\DQG LPSURYHLWVRSHUDWLRQ7KH&RXQFLODOVRZHOFRPHVTXHVWLRQVDERXWLWVUHVSRQVLELOLWLHVRU GHFLVLRQV3DUWLFLSDQWVPD\QRWVSHDNGXULQJWKHRSHQFRPPHQWSHULRGRQLWHPV RWKHUZLVHVFKHGXOHGIRUDSXEOLFKHDULQJDWWKHVDPHPHHWLQJ3DUWLFLSDQWVDUHIXUWKHU HQFRXUDJHGWROLPLWFRPPHQWVJHQHUDOO\WRWRSLFVWKDWDUHZLWKLQWKHVFRSHDQGMXULVGLFWLRQ RIWKH&RXQFLO¶VDELOLW\WRDIIHFWSROLF\ 7RDGGUHVVWKH&RXQFLOSXW\RXUQDPHRQWKHRSHQFRPPHQWVLJQXSVKHHWSULRUWRWKH PHHWLQJORFDWHGRQDWDEOHLQWKHURWXQGDRXWVLGHWKHFKDPEHU6LJQXSVKHHWVDUH DYDLODEOHPLQXWHVSULRUWRWKHPHHWLQJ(DUO\VLJQXSLVQRWDYDLODEOH6LJQXSLVILUVW FRPHILUVWVHUYHG:KHQ\RXUQDPHLVFDOOHGSOHDVHVWHSWRWKHSRGLXPDQGVSHDNLQWR WKHPLFURSKRQHWRDGGUHVVWKH&RXQFLO,IXQDEOHWRVLJQXSEHIRUHWKHPHHWLQJDQ RSSRUWXQLW\WRVSHDNDIWHUWKHVLJQXSVKHHWLVH[KDXVWHGPD\EHJLYHQLIWLPHSHUPLWV 3DJH_ 38%/,&3$57,&,3$7,21±38%/,&+($5,1*6 7KH&RXQFLOKROGVSXEOLFKHDULQJVDVUHTXLUHGE\&LW\RUGLQDQFHDQGVWDWHVWDWXWH$OO PHPEHUVRIWKHFRPPXQLW\ZLVKLQJWRVSHDNDERXWLWHPVGXULQJDSXEOLFKHDULQJPD\GR VRHLWKHULQSHUVRQYLUWXDOO\RULQZULWLQJ,IDWWHQGLQJLQSHUVRQVLJQLQRQWKHSXEOLF KHDULQJVLJQXSVKHHWSULRUWRWKHPHHWLQJORFDWHGLQWKHURWXQGDRXWVLGHWKHFKDPEHU 6LJQXSVKHHWVDUHDYDLODEOHPLQXWHVSULRUWRWKHPHHWLQJ(DUO\VLJQXSLVQRW DYDLODEOH6LJQXSLVILUVWFRPHILUVWVHUYH:KHQ\RXUQDPHLVFDOOHGSOHDVHVWHSWRWKH SRGLXPDQGVSHDNLQWRWKHPLFURSKRQHWRDGGUHVVWKH&RXQFLO,IXQDEOHWRVLJQXSEHIRUH WKHPHHWLQJDQRSSRUWXQLW\WRVSHDNDIWHUWKHVLJQXSVKHHWLVH[KDXVWHGZLOOEHJLYHQE\ WKH3UHVLGLQJ2IILFHUEHIRUHFORVLQJWKHSXEOLFKHDULQJ 5(&25'2)63($.(56 $VLJQXSVKHHWLVSURYLGHGRXWVLGHRIWKH&RXQFLOFKDPEHUSULRUWRWKHPHHWLQJ0HPEHUV RIWKHFRPPXQLW\VKDOOZULWHWKHLUQDPHRQWKHVLJQXSVKHHWVRWKH\PD\EHUHFRUGHGLQ WKHPHHWLQJPLQXWHV7KH3UHVLGLQJ2IILFHUZLOODVNHDFKSHUVRQWRVWDWHWKHLUQDPHWR LQWURGXFHWKHPVHOYHVEHIRUHVSHDNLQJ&RPPXQLW\PHPEHUVLQDWWHQGDQFHZKRGLGQRW VLJQXSRQWKHGHVLJQDWHGVKHHWDKHDGRIWLPHZLOOEHDVNHGWRFKHFNLQZLWKWKH&LW\ &OHUNDIWHUWKHLUFRPPHQWVWRSURYLGHWKHLUQDPHIRUWKHUHFRUG :5,77(10$7(5,$/ $Q\SHUVRQSURYLGLQJZULWWHQRURWKHUPDWHULDOWRWKH&RXQFLODWWKHPHHWLQJVKDOOSURYLGH WKHPDWHULDOGLUHFWO\WRWKH&LW\&OHUNDQGUHIUDLQIURPDSSURDFKLQJWKHGDLV7KH&LW\&OHUN VKDOOWKHQGLVVHPLQDWHWKHPDWHULDOWR&RXQFLOPHPEHUVDQG7HDPPDWHVDVQHFHVVDU\DQG UHWDLQDFRS\IRUWKHRIILFLDO&LW\UHFRUG :5,77(138%/,&&200(176 3XEOLFFRPPHQWVRQDQ\WRSLFPD\EHVXEPLWWHGLQZULWLQJWRWKH&LW\&OHUNE\PDLORU HPDLOXQWLOSPRQWKHGD\RIWKHPHHWLQJRULQSHUVRQDWWKHPHHWLQJ:ULWWHQ FRPPHQWIRUPVZLOOEHDYDLODEOHDWWKHVLJQLQWDEOHVKRXOGDQ\SHUVRQSUHVHQWDWWKH PHHWLQJSUHIHUWRVXEPLWDFRPPHQWLQZULWLQJDVRSSRVHGWRVSHDNLQJLQSHUVRQ :ULWWHQSXEOLFFRPPHQWVRIIHUHGRQDWRSLFQRWFXUUHQWO\LQIURQWRIWKH &RXQFLO $ZULWWHQSXEOLFFRPPHQWUHFHLYHGUHJDUGLQJQRQDJHQGDLWHPV DQ ³RSHQFRPPHQW´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¶VRIILFHDWOHDVWEXVLQHVVGD\VLQDGYDQFH RIDPHHWLQJ7KH&LW\&OHUN¶VRIILFHPD\EHUHDFKHGDWYLVHGZKHQKHOGLQWKH&RXQFLOFKDPEHU7R HQVXUHDFOHDUDXGLRVLJQDOSXEOLFVSHDNHUVPXVWXVHWKHSRGLXPPLFURSKRQHZKHQ DGGUHVVLQJWKH&RXQFLO 7,0(/,0,76 7KHRSHQFRPPHQWVHFWLRQRIWKHDJHQGDLVOLPLWHGWRPLQXWHVDQGHDFKVSHDNHULV OLPLWHGWRDWRWDORIWZR PLQXWHV6SHDNHUVPD\QRW\LHOGWLPHWRRWKHUVSHDNHUVGXULQJ WKHRSHQFRPPHQWSHULRG3HUVRQVPD\RQO\VSHDNDWRQHRSHQFRPPHQWSHULRGSHU FDOHQGDUPRQWK)RUDOOSXEOLFFRPPHQWVWKH3UHVLGLQJ2IILFHUDQGWKHFOHUNVKDOOPRQLWRU DWLPHU7KHWLPHUZLOOGLVSOD\DJUHHQOLJKWWRVWDUW7KHWLPHUZLOOFKDQJHWR\HOORZZKHQ 3DJH_ WKHVSHDNHUKDVRQHPLQXWHOHIW7KHWLPHUZLOOGLVSOD\UHGZKHQWKHVSHDNHU¶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¶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± 6HUYLFHVIRU/DUJH'LDPHWHU6DQLWDU\6HZHU,QVSHFWLRQV3KDVH 2YHUYLHZ 7KH&LW\RI5RFKHVWHUUHTXHVWHGDSURSRVDOIURP:+.6 &RWRSURYLGHHQJLQHHULQJVHUYLFHVIRUWKH ±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¶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± 3KDVH0DQKROH,QVSHFWLRQV 0DQKROH,QVSHFWLRQ $OOPDQKROHVZLWKLQWKHSURMHFWDUHDZLOOEHLQVSHFWHGIURPWKHVWUHHWVXUIDFH DFFRUGLQJWR1$66&20DQKROH$VVHVVPHQWDQG&HUWLILFDWLRQ3URJUDP 0$&3 SURWRFRO,QVSHFWLRQ JHQHUDOO\LQFOXGHVWKHFRQGLWLRQDQGOHDNLQHVVRIWKHPDQKROHFDVWLQJEDUUHOVHFWLRQVEDVHDQGSLSH FRQQHFWLRQV0HDVXUHPHQWIURPWKHULPWRLQYHUWRIHDFKSLSHZLOOEHPDGHZLWKRXWHQWHULQJWKHPDQKROH $GLJLWDOSKRWRJUDSKRIWKHOLGDQGLQWHULRURIWKHVWUXFWXUHZLOOEHWDNHQ$OOREVHUYDWLRQVRIPDQKROH $FFHVVGDWDEDVHFUHDWHGE\:+.6EDVHGRQWKH&LW\¶V FRQGLWLRQDQGOHDNLQHVVZLOOEHUHFRUGHGLQDQ VXLWDEOHIRUXVHZLWKWKH&LW\¶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d/KE^ dZDK&KEdZd $57,&/( dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĞĨĨĞĐƚŝǀĞƵƉŽŶƚŚĞĚĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ŽƌƵƉŽŶĞdžĞĐƵƚŝŽŶĂŶĚĂƉƉƌŽǀĂůďLJƚŚĞ $ ĂƉƉƌŽƉƌŝĂƚĞ/dzŽĨĨŝĐŝĂůƐ͕ƉƵƌƐƵĂŶƚƚŽŝƚLJŽĨZŽĐŚĞƐƚĞƌ,ŽŵĞZƵůĞŚĂƌƚĞƌ͕ĂŶĚƚŚĞĂƉƉƌŽƉƌŝĂƚĞE'/EZŽĨĨŝĐŝĂůƐ͕ ǁŚŝĐŚĞǀĞƌĞǀĞŶƚŽĐĐƵƌƐůĂƚĞƌ͘dŚŝƐŽŶƚƌĂĐƚǁŝůůƌĞŵĂŝŶŝŶĞĨĨĞĐƚƵŶƚŝůƚŚĞdžƉŝƌĂƚŝŽŶĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ ŽƌƵŶƚŝůĂůůŽďůŝŐĂƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĨƵůĨŝůůĞĚ͕ǁŚŝĐŚĞǀĞƌĞǀĞŶƚŽĐĐƵƌƐĨŝƌƐƚ͘ &ŽƌĚĞůĂLJƐĞŶĐŽƵŶƚĞƌĞĚƚŚĂƚĂƌĞďĞLJŽŶĚE'/EZ͛ƐĐŽŶƚƌŽů͕ĂŶĚƵƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚĨƌŽŵE'/EZ͕ƚŚĞ/dzΖƐ % ƵƚŚŽƌŝnjĞĚŐĞŶƚŵĂLJĞdžƚĞŶĚƚŚĞtŽƌŬŽŵƉůĞƚŝŽŶĂƚĞ͕ĂƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞůĞŶŐƚŚŽĨƐƵĐŚƚŝŵĞĞdžƚĞŶƐŝŽŶǁŝůůďĞĚ ĞƚĞƌŵŝŶĞĚďLJƚŚĞ/dz͛ƐŐĞŶƚ͘ /ƚǁŝůůďĞE'/EZ͛ƐƌĞƐƉŽŶƐŝďŝůŝƚLJƚŽƌĞĂƐŽŶĂďůLJŶŽƚŝĨLJ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ŝŶǁƌŝƚŝŶŐ͕ŝĨE'/EZŚĂƐƌĞĂƐŽŶƚŽ & ďĞůŝĞǀĞƚŚĞƉƌŽũĞĐƚǁŝůůŶŽƚďĞĐŽŵƉůĞƚĞĚĂƐƐĐŚĞĚƵůĞĚ͘/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚLJƚŽĂĚũƵƐƚƚŚĞ ƐĐŚĞĚƵůĞĂŶĚĨŝŶĂůĐŽƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐƵĐŚĚĞůĂLJƐ͕ŝŶǁƌŝƚŝŶŐ͕ǁŝƚŚŝŶƚŚĞƚĞƌŵƐŽĨƚŚĞŽŶƚƌĂĐƚ͘ 'KsZE/E'>t͕:hZ/^/d/KE͕EsEh $57,&/( dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞŝŶƚĞƌƉƌĞƚĞĚƉƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ>Ăǁ͘ŶLJĐŝƚĂƚŝŽŶƚŽĨĞĚĞƌĂůŽƌƐƚĂƚĞůĂǁŝŶĐŽƌƉŽƌĂƚĞƐƚŚĞ $ ůĂŶŐƵĂŐĞŽĨƚŚĂƚůĂǁŝŶƚŽƚŚŝƐŽŶƚƌĂĐƚĂƐŝĨĨƵůůLJƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͘sĞŶƵĞĨŽƌĂůůůĞŐĂůƉƌŽĐĞĞĚŝŶŐƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŽƌďƌĞĂĐŚ͕ǁŝůůďĞŝŶƚŚĞĂƉƉůŝĐĂďůĞƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶKůŵƐƚĞĚŽƵŶƚLJ͕ DŝŶŶĞƐŽƚĂ͘ dZD^K&'EZ>KE/d/KE^ $57,&/( ŶLJĂŶĚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨŽƌĐĞƵŶůĞƐƐƚŚĞLJĂƌĞƐƉĞĐŝĨŝĐĂůůLJĂŶĚĚĞůŝďĞƌĂƚĞůLJ $ ĐĂŶĐĞůĞĚŽƌŵŽĚŝĨŝĞĚ͕ŝŶǁƌŝƚŝŶŐ͕ďLJƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŽƚŚĞĞdžƚĞŶƚŽĨĂŶLJŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ % ǁŝůůĐŽŶƚƌŽů͘DŝŶŶĞƐŽƚĂ>ĂǁƐƵƉĞƌƐĞĚĞƐĂŶLJŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ dZD^K&WzDEd $57,&/( ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůĂŶĚ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůLJ $ ƐƵƉƉůŝĞĚďLJE'/EZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďLJ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͕Zd/>ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂLJŵĞŶƚ͘͟ /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶLJƚŝŵĞƚŚĂƚE'/EZǁŝůůĞdžĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ % ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŶŽƚŝĨLJ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůLJŵĂŶŶĞƌ͘E'/EZŵĂLJŶŽƚďĞ ĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞdžĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůLJĞdžĞĐƵƚĞĚ͕ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶLJǁŽƌŬƉĞƌĨŽƌŵĞĚďĞLJŽŶĚƚŚĂƚ͕ǁŚŝĐŚŝƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌ ǁƌŝƚƚĞŶĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďLJ/dz͕ŵĂLJďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌLJĂŶĚE'/EZŵĂLJŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌ ƚŚĞĞdžƚƌĂǁŽƌŬ͘ /ĨE'/EZĐůĂŝŵƐĂŶLJŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌĐŽŶĚŝƚŝŽŶƐĞdžŝƐƚƚŚĂƚĐĂƵƐĞĞdžƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ & E'/EZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶLJĞdžƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐϮϬĂůĞŶĚĂƌĚĂLJƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶŽƌŽďƐĞƌǀĂŶĐĞ ŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďLJƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ŶLJĐůĂŝŵŵĂĚĞ ĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂLJďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶLJǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶĂŵĞŶĚŵĞŶƚƚŽ ƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůLJĂƉƉƌŽǀĞĚĂŶĚĞdžĞĐƵƚĞĚďLJƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚE'/EZΖƐŽǁŶƌŝƐŬ͘ ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞdžƉĞŶƐĞƐĂĐƚƵĂůůLJĂŶĚŶĞĐĞƐƐĂƌŝůLJŝŶĐƵƌƌĞĚďLJE'/EZĂƐĂƌĞƐƵůƚŽĨ ' ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞdžĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘E'/EZǁŝůůďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞdžƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͘ *& WZKhZ&KZWzDEd $57,&/( WĂLJŵĞŶƚƐǁŝůůďĞŵĂĚĞďLJ/dzǁŝƚŚŝŶϯϬĚĂLJƐŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐ͕ƉƌŽƉĞƌůLJ $ ƉƌĞƉĂƌĞĚ͕ĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐĐŽŶƚƌĂĐƚ͘/dzƐŚĂůůŶŽƚŝĨLJE'/EZŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂLJƐ ŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞLJďĞůŝĞǀĞƚŚĞƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůLJƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐ ǁĞƌĞŶŽƚƉƌŽƉĞƌůLJƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĐŽŶƚƌĂĐƚ͘ /ŶǀŽŝĐĞƐĨŽƌƉĂLJŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďLJE'/EZŵŽŶƚŚůLJƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚŝŶƚŚĞĨŽƌŵƉƌĞƐĐƌŝďĞĚďLJ % /dz͘ƐĂŵƉůĞŝŶǀŽŝĐĞĨŽƌŵĂƚŝƐĂƚƚĂĐŚĞĚƚŽƚŚŝƐ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͘/ŶǀŽŝĐĞƐŵƵƐƚŝĚĞŶƚŝĨLJƚŚĞĐŽƐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚĂŶĚŵƵƐƚƐĂƚŝƐĨLJƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ &ŽƌůƵŵƉƐƵŵĂŶĚŽƚŚĞƌĐŽŶƚƌĂĐƚƐ͗ ϭ͘ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůLJŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐ ĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚE'/EZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚ ĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶLJƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚƉĂLJŵĞŶƚ͘ &ŽƌŽƚŚĞƌĐŽŶƚƌĂĐƚƐŽŶůLJ͗ ϯ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌLJĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝnjĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐĂƌĞƉƌŽƉĞƌůLJ ĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌLJĐŽƐƚƐĂƌĞĂŶLJĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐĚŝƌĞĐƚůLJƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬ ŽĨƚŚĞE'/EZ͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ ϰ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ ŝƌĞĐƚƐĂůĂƌLJĐŽƐƚƐŽĨĞŵƉůŽLJĞĞƐΖƚŝŵĞĚŝƌĞĐƚůLJĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ D dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂLJƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨLJŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽLJĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂLJ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂLJŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂLJƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽLJĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ E ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽLJĞĞΖƐŶĂŵĞ͕ŚŽƵƌůLJ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂLJƉĞƌŝŽĚ͘ /ĨE'/EZŝƐĂƵƚŚŽƌŝnjĞĚďLJ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶLJƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕E'/EZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ & ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶLJƐƵďĐŽŶƐƵůƚĂŶƚΖƐŽŶƚƌĂĐƚ͕ĂŶĚE'/EZŵƵƐƚĐŽŵƉůLJǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůLJƉĂLJŵĞŶƚďLJE'/EZŽĨƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂLJŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞ ƐƵďĐŽŶƚƌĂĐƚŽƌŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ E'/EZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƚƌĂĐƚŽƌƐΖŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ' ĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzDEd $57,&/( ůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďLJE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĞƌĨŽƌŵĞĚŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚ $ ƚŚĂƚĚĞŐƌĞĞŽĨĐĂƌĞĂŶĚƐŬŝůůŽƌĚŝŶĂƌŝůLJĞdžĞƌĐŝƐĞĚďLJŵĞŵďĞƌƐŽĨƚŚĞƐĂŵĞƉƌŽĨĞƐƐŝŽŶĐƵƌƌĞŶƚůLJƉƌĂĐƚŝĐŝŶŐƵŶĚĞƌƐŝŵŝůĂƌ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͘E'/EZŵĂŬĞƐŶŽǁĂƌƌĂŶƚŝĞƐ͕ĞdžƉƌĞƐƐĞĚŽƌŝŵƉůŝĞĚ͕ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŽƌŽƚŚĞƌǁŝƐĞ͕ŝŶĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚE'/EZ͛ƐƐĞƌǀŝĐĞƐdŚĞE'/EZĞŶĚĞĂǀŽƌƐƚŽĐŽŵƉůLJǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďLJĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐ͘ E'/EZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂLJŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ % ƌĞŐƵůĂƚŝŽŶƐ͘ ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďLJƉƌŽŐƌĞƐƐƉĂLJŵĞŶƚƐŵĂĚĞďLJ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚLJŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ & ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐE'/EZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂLJŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶLJĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞE'/EZ͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞLJŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ *& ƐŚĂůůŝŶĚĞŵŶŝĨLJE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐE'/EZĂŶŽŶͲĞdžĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞ ĞdžƚĞŶƚŽĨƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞE'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶLJǁĂLJƚŽƌĞůŝĞǀĞE'/EZĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐĞƌǀŝĐĞƐ ' ĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞdžĐĞĞĚƚŚĂƚŝƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ ^^/'EDEd $57,&/(ŶĂŶLJǁĂLJĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂLJďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ % ŽĨE'/EZ͘ŶLJĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůLJĂŶĚĨƵůůLJĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďLJďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ŚĂŶŐĞƐŝŶƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚŽƌƚŚĞŽŶƚƌĂĐƚdžƉŝƌĂƚŝŽŶĂƚĞĂƌĞŶŽƚƉĞƌŵŝƚƚĞĚŝŶĂĐŚĂŶŐĞŽƌĚĞƌ͘ dŚŝƐĐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ & ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚLJƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďLJďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůLJŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͕ ďLJƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝnjĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďLJĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞE'/EZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďLJŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚŵĂLJďĞĞdžĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ' ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞĐŽŶƚƌĂĐƚ͘ KDW>/Et/d,>/E^^͕WZD/d^͕EKd,ZZ'h>d/KE^ $57,&/( E'/EZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌLJƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶ $ ĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/^E/Ed>>dh>WZKWZdz $57,&/( E'/EZŵƵƐƚĐŽŵƉůLJǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂ $ ƉƌŽǀŝĚĞĚďLJ/dzŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚĂŶĚĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚ ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ *& ŶLJƌĞƉŽƌƚƐ͕ƐƚƵĚŝĞƐ͕ƉŚŽƚŽŐƌĂƉŚƐ͕ŶĞŐĂƚŝǀĞƐ͕ŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐĐƌĞĂƚĞĚĂŶĚƉĂŝĚĨŽƌďLJE'/EZŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ % ŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂƌĞŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞŝŶƌĞƐƉĞĐƚƚŽE'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĂƌĞƚŚĞĞdžĐůƵƐŝǀĞ ƉƌŽƉĞƌƚLJŽĨ/dz͘E'/EZŵƵƐƚƌĞŵŝƚĂůůƐƵĐŚŵĂƚĞƌŝĂůƐƚŽ/dzƵƉŽŶĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞ /dzǁŝůůŝŶĚĞŵŶŝĨLJE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵĂŶLJƌĞƵƐĞŽĨƐƵĐŚŵĂƚĞƌŝĂůƐďĞLJŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞŝƚLJƐŚĂůůŐƌĂŶƚƚŚĞE'/EZĂŶŽŶͲĞdžĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞĞdžƚĞŶƚŽĨƚŚĞ/dzΖƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘E'/EZǁĂŝǀĞƐĂůůĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞ/dzƌĞƐƵůƚŝŶŐŝŶĂŶLJǁĂLJĨƌŽŵĂŶLJƌĞƵƐĞŽĨ ƚŚĞE'/EZ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŝƌĞĐƚĞĚďLJ/dz͕ƚŚĞŽƌŝŐŝŶĂůƐŽĨƌĞƉŽƌƚƐ͕ĚƌĂǁŝŶŐƐĂŶĚƉůĂŶƐ͖ĂŶĚůĞŐŝďůLJƌĞƉƌŽĚƵĐŝďůĞĐŽƉŝĞƐŽĨǁŽƌŬ & ƐŚĞĞƚƐ͕ĨŝĞůĚŶŽƚĞƐ͕ĐŽŵƉƵƚĂƚŝŽŶƐ͕ĂŶĚŽƚŚĞƌƉƌŽũĞĐƚĚĂƚĂŵƵƐƚďĞƌĞůŝŶƋƵŝƐŚĞĚƚŽ/dz͗ ϭ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ Ϯ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĨŝĐĂƚŝŽŶďLJ/dz͘ ϯ͘WƌŝŽƌƚŽĨŝŶĂůƉĂLJŵĞŶƚďLJ/dzƚŽE'/EZĨŽƌƚŚŝƐŽŶƚƌĂĐƚ͘ '1RWZLWKVWDQGLQJWKHDERYHSDUDJUDSKVZRUNSDSHUVSURSULHWDU\LQIRUPDWLRQSURFHVVHVPHWKRGRORJLHVNQRZKRZDQGVRIWZDUH ³(QJLQHHULQJ'DWD´ SUHYLRXVO\EHORQJLQJRUOLFHQVHGWR(QJLQHHUDQGXVHGWRSHUIRUP(1*,1((5¶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¶VVROHULVNDQGZLWKRXWOLDELOLW\WR(1*,1((5 >//>/dz $57,&/( 'ĞŶĞƌĂůͲ,ĂǀŝŶŐĐŽŶƐŝĚĞƌĞĚƚŚĞƉŽƚĞŶƚŝĂůůŝĂďŝůŝƚŝĞƐƚŚĂƚŵĂLJĞdžŝƐƚĚƵƌŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ^ĞƌǀŝĐĞƐ͕ƚŚĞďĞŶĞĨŝƚƐ $ ŽĨƚŚĞƉƌŽũĞĐƚ͕ĂŶĚƚŚĞE'/EZ͛ƐĨĞĞĨŽƌƚŚĞ^ĞƌǀŝĐĞƐ͕ĂŶĚŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞƉƌŽŵŝƐĞƐĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ /dzĂŶĚE'/EZĂŐƌĞĞƚŽĂůůŽĐĂƚĞĂŶĚůŝŵŝƚƐƵĐŚůŝĂďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐƌƚŝĐůĞ͘ /ŶĚĞŵŶŝĨŝĐĂƚŝŽŶͲE'/EZĂŶĚ/dz;ƚŚĞ͞/ŶĚĞŵŶŝĨLJŝŶŐWĂƌƚLJ͟ͿƐŚĂůůďĞůŝĂďůĞĨŽƌŝƚƐŽǁŶŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐĂŶĚ % ŽŵŝƐƐŝŽŶƐƚŽƚŚĞĞdžƚĞŶƚƉƌŽǀŝĚĞĚďLJůĂǁĂŶĚƐƵďũĞĐƚƚŽƚŚĞ/dz͛ƐĐĂƉŽŶŵƵŶŝĐŝƉĂůƚŽƌƚůŝĂďŝůŝƚLJƵŶĚĞƌDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ ^ĞĐƚŝŽŶϰϲϲ͘Ϭϰ͕ĂŶĚŚĞƌĞďLJĂŐƌĞĞƐƚŽĚĞĨĞŶĚ͕ŝŶĚĞŵŶŝĨLJ͕ĂŶĚŚŽůĚŚĂƌŵůĞƐƐƚŚĞŽƚŚĞƌ;͞ƚŚĞ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚLJ͟Ϳ͕ĨƌŽŵ ĂŶLJůŝĂďŝůŝƚLJ͕ĚĂŵĂŐĞƐ͕ĂŶĚĐŽƐƚƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞŶĞŐůŝŐĞŶƚĂĐƚƐŽĨE'/EZĂŶĚ/dzĂŶĚĂŶLJŽŶĞĨŽƌǁŚŽƐĞŶĞŐůŝŐĞŶƚ ĂĐƚƐƚŚĞLJŵĂLJďĞůŝĂďůĞĨŽƌŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚŝĐŚƚŚĞ/ŶĚĞŵŶŝĨŝĞĚ WĂƌƚLJ͕ŝƚƐŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽLJĞĞƐŵĂLJŚĞƌĞĂĨƚĞƌƐƵƐƚĂŝŶ͕ŝŶĐƵƌŽƌďĞƌĞƋƵŝƌĞĚƚŽƉĂLJƚŽƚŚĞĨƵůůĞĨĨĞĐƚƉƌŽǀŝĚĞĚďLJ DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϯϯϳ͕ƚŽƚŚĞĞdžƚĞŶƚƚŚĞE'/EZĂŶĚ/dzĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐƵĐŚůŝĂďŝůŝƚLJ͕ĐŽƐƚƐ͕ĚĂŵĂŐĞƐ͕ ͕ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞLJƐ͛ĨĞĞƐ͕/ŶƚŚĞĞǀĞŶƚĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌĞdžƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďLJƚŚĞũŽŝŶƚŽƌ ĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨE'/EZĂŶĚ/dz͕ƚŚĞLJƐŚĂůůďĞďŽƌŶĞďLJĞĂĐŚƉĂƌƚLJŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ ^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚŝƐŽŶƚƌĂĐƚŝƐ & ƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶLJƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ tKZ<Z^ΖKDWE^d/KE $57,&/( ŶLJĂŶĚĂůůĞŵƉůŽLJĞĞƐŽĨE'/EZ͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ $ ĂŶLJǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďLJE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽLJĞĞƐŽĨ/dz͘ŶLJĂŶĚĂůů ĐůĂŝŵƐƚŚĂƚŵĂLJĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽLJĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐ ǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶLJĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďLJĂŶLJƚŚŝƌĚƉĂƌƚLJĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶLJĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨ E'/EZΖƐĞŵƉůŽLJĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽĞŶŐĂŐĞĚŽŶĂŶLJŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶŶŽǁĂLJ ďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨ/dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞ ǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂLJĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚE'/EZ͘ *& KE^ $57,&/( dŚŝƐƌƚŝĐůĞŝƐŚĞƌĞďLJĚĞůĞƚĞĚ͘ /E^hZE $57,&/( ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞĨŽƌĞĂĐŚƚLJƉĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĨŝůĞĚǁŝƚŚƚŚĞ/dz͛ƐƵƚŚŽƌŝnjĞĚ $ ŐĞŶƚǁŝƚŚŝŶϯϬĚĂLJƐŽĨĞdžĞĐƵƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽĐŽŵŵĞŶĐĞŵĞŶƚŽĨĂŶLJǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ĂĐŚ ƉŽůŝĐLJŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ/dzĂϯϬͲĚĂLJŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ E'/EZŵƵƐƚŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌLJĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗ % ϭ͘E'/EZƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƐŝƐƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌLJ ĨŽƌƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐďLJE'/EZĂŶĚŝƚƐĞŵƉůŽLJĞĞƐ͘ Ϯ͘dŚĞE'/EZƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐƐĞƉĂƌĂƚĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĞŶĚŽƌƐĞŵĞŶƚƐĨŽƌĞĂĐŚƐƵďĐŽŶƐƵůƚĂŶƚ͘ E'/EZƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐĨƌŽŵŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ tŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͗ ϯ͘E'/EZǁŝůůƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌĂůůE'/EZ ĞŵƉůŽLJĞĞƐĂŶĚ͕ŝŶĐĂƐĞĂŶLJǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕E'/EZǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌLJƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/dzŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ ͕ŵƉůŽLJĞƌ͛Ɛ>ŝĂďŝůŝƚLJ͕ĂƚůŝŵŝƚƐŶŽƚůĞƐƐƚŚĂŶΨ ϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůLJŝŶũƵƌLJďLJĚŝƐĞĂƐĞƉĞƌĞŵƉůŽLJĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůLJ ŝŶũƵƌLJďLJĚŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϱϬϬ͕ϬϬ Ϭ͘ϬϬďŽĚŝůLJŝŶũƵƌLJďLJĂĐĐŝĚĞŶƚ͘ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƚƌĂĐƚŽƌ͛ƐŝŶƐƵƌĂŶĐĞƐŚĂůů ďĞĨŝůĞĚǁŝƚŚƚŚĞE'/EZ͘ ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚLJ͗ ϰ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌ ďŽĚŝůLJŝŶũƵƌLJ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚLJ ĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂLJĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďLJ E'/EZŽƌďLJĂƐƵďĐŽŶƚƌĂĐƚŽƌŽƌďLJĂŶLJŽŶĞĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJĞŵƉůŽLJĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͛Ɛ ůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞƐŚĂůůďĞƉƌŝŵĂƌLJƚŽĂŶLJůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďLJƚŚĞŝƚLJ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶ ƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ D ΨϮ͕ϬϬϬ͕ϬϬϬʹĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ E ΨϮ͕ϬϬϬ͕ϬϬϬʹĂŶŶƵĂůĂŐŐƌĞŐĂƚĞʹWƌŽĚƵĐƚƐͬŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ F /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ WƌĞŵŝƐĞƐĂŶĚKƉĞƌĂƚŝŽŶƐŽĚŝůLJ/ŶũƵƌLJĂŶĚWƌŽƉĞƌƚLJĂŵĂŐĞ D WĞƌƐŽŶĂůĂŶĚĚǀĞƌƚŝƐŝŶŐ/ŶũƵƌLJ E WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚLJ F ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚLJ G EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ H ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚLJ͗ ϱ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐ ĨŽƌďŽĚŝůLJŝŶũƵƌLJ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌ ƉƌŽƉĞƌƚLJĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂLJĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďLJE'/EZŽƌďLJƐƵďĐŽŶƚƌĂĐƚŽƌŽƌďLJĂŶLJŽŶĞĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJĞŵƉůŽLJĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞE'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞ>ŝŵŝƚĨŽƌŽĚŝůLJ/ŶũƵƌLJĂŶĚWƌŽƉĞƌƚLJĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ *& WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞ͗ ϲ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬʹƉĞƌĐůĂŝŵŽƌĞǀĞŶƚ ΨϮ͕ϬϬϬ͕ϬϬϬʹĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ dŚŝƐƉŽůŝĐLJǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐE'/EZǁŝůůďĞĐŽŵĞůĞŐĂůůLJŽďůŝŐĂƚĞĚƚŽƉĂLJƌĞƐƵůƚŝŶŐĨƌŽŵĂŶLJ ĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽE'/EZΖƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͘ ϳ͘&ŽƌǁŽƌŬŽŶƌĂŝůƌŽĂĚƉƌŽƉĞƌƚLJ͕E'/EZŵƵƐƚŽďƚĂŝŶZĂŝůƌŽĂĚWƌŽƚĞĐƚŝǀĞ>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ DŶͬKd^ƉĞĐŝĨŝĐĂƚŝŽŶϭϳϬϴ͘Ϯ;ϭϵϵϱĚŝƚŝŽŶͿŽƌĂŶLJƐƵďƐĞƋƵĞŶƚĐŚĂŶŐĞƐŽƌŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽƚŚŝƐƐƉĞĐŝĨŝĐĂƚŝŽŶ͘ E'/EZŵƵƐƚ͗ & ϭ͘/ŶĐůƵĚĞůĞŐĂůĚĞĨĞŶƐĞĨĞĞƐŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐůŝĂďŝůŝƚLJƉŽůŝĐLJůŝŵŝƚƐ͕ǁŝƚŚƚŚĞĞdžĐĞƉƚŝŽŶŽĨWƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞ ĂďŽǀĞ͖ĂŶĚ Ϯ͘KďƚĂŝŶŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨƌŽŵĂŶŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶLJŚĂǀŝŶŐĂŶΗD^dΗƌĂƚŝŶŐŽĨͲs///ŽƌďĞƚƚĞƌ͘ /dzƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůLJƌĞƐĐŝŶĚƚŚŝƐŽŶƚƌĂĐƚŝĨE'/EZŝƐŶŽƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŝŶƐƵƌĂŶĐĞ ' ƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶLJůĞŐĂůƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚE'/EZ͘hƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚďLJƚŚĞ/dzΖƐ ƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůůďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵĂLJďĞƌĞƋƵĞƐƚĞĚ͘ >/sZ>^dEZ^ $57,&/( /dzǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚLJƚŽĚŝƐĂƉƉƌŽǀĞŽƌƌĞũĞĐƚƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƚŚĂƚĂƌĞĚĞĨĞĐƚŝǀĞ͘E'/EZǁŝůůďĞ $ ƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐLJŽĨŝƚƐǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂŶĚŵƵƐƚŵĂŬĞƚŝŵĞůLJƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐǁŝƚŚŽƵƚ ĐŽŵƉĞŶƐĂƚŝŽŶƌĞƐƵůƚŝŶŐĨƌŽŵĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽŶƚŚĞƉĂƌƚŽĨE'/EZ͘dŚĞƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚƚŽ/dz ďLJE'/EZŵƵƐƚďĞŽĨƐƵĐŚƋƵĂůŝƚLJƚŚĂƚƚŚĞLJĂƌĞƐƵŝƚĂďůĞĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ͘ E'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĂŐƌĞĞĚƚ ŽŝŶĂŶƚŝĐŝƉĂƚŝŽŶŽĨƚŚĞŽƌĚĞƌůLJĂŶĚ % ĐŽŶƚŝŶƵŽƵƐƉƌŽŐƌĞƐƐŽĨƚŚĞWƌŽũĞĐƚƚŚŽƵŐŚĐŽŵƉůĞƚŝŽŶ͘hŶůĞƐƐƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐĨŽƌƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐĂƌĞƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŽďůŝŐĂƚŝŽŶƚŽƌĞŶĚĞƌƐĞƌǀŝĐĞƐŚĞƌĞƵŶĚĞƌǁŝůůďĞĨ ŽƌĂƉĞƌŝŽĚǁŚŝĐŚŵĂLJ ƌĞĂƐŽŶĂďůLJďĞƌĞƋƵŝƌĞĨŽƌƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƐĂŝĚƐĞƌǀŝĐĞƐ͘ /ĨŝŶƚŚŝƐŽŶƚƌĂĐƚƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞĨŽƌƌĞŶĚĞƌŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐĞƚĨŽƌƚŚŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐďLJǁŚŝĐŚƐĞƌǀŝĐĞƐĂƌĞƚŽďĞ & ĐŽŵƉůĞƚĞĚĂƌĞƉƌŽǀŝĚĞĚ͕ĂŶĚŝĨƐƵĐŚƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌĚĂƚĞƐĂƌĞĐŚĂŶŐĞĚƚŚƌŽƵŐŚŶŽĨĂƵůƚŽĨE'/EZ͕ƚŚĞƌĂƚĞƐĂŶĚ ĂŵŽƵŶƚƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽǀŝĚĞĚĨŽƌŚĞƌĞŝŶƐŚĂůůďĞƐƵďũĞĐƚƚŽĞƋƵŝƚĂďůĞĂĚũƵƐƚŵĞŶƚ͘/Ĩ/dzŚĂƐƌĞƋƵĞƐƚĞĚĐŚĂŶŐĞƐŝŶ ƚŚĞƐĐŽƉĞ͕ĞdžƚĞŶƚ͕ŽƌĐŚĂƌĂĐƚĞƌŽĨƚŚĞWƌŽũĞĐƚ͖ƚŚĞƚŝŵĞŽĨƉĞƌĨŽƌŵĂŶĐĞŽĨE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůůďĞĂĚũƵƐƚĞĚĞƋƵŝƚĂďůLJ͘ EĞŝƚŚĞƌƉĂƌƚLJǁŝůůďĞŚĞůĚƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞůĂLJŽƌĨĂŝůƵƌĞƚŽƉĞƌĨŽƌŵǁŚĞŶƐƵĐŚĚĞůĂLJŽƌĨĂŝůƵƌĞŝƐĚƵĞƚŽĂŶLJŽĨƚŚĞ ' ĨŽůůŽǁŝŶŐ͕ƵŶůĞƐƐƚŚĞĂĐƚŽƌŽĐĐƵƌƌĞŶĐĞĐŽƵůĚŚĂǀĞďĞĞŶƌĞĂƐŽŶĂďůLJĨŽƌĞƐĞĞŶĂŶĚƌĞĂƐŽŶĂďůĞĂĐƚŝŽŶĐŽƵůĚŚĂǀĞďĞĞŶ ƚĂŬĞŶƚŽƉƌĞǀĞŶƚƚŚĞĚĞůĂLJŽƌĨĂŝůƵƌĞ͗ĨŝƌĞ͕ĨůŽŽĚ͕ĞƉŝĚĞŵŝĐ͕ƐƚƌŝŬĞƐ͕ǁĂƌƐ͕ĂĐƚƐŽĨ'ŽĚ͕ƵŶƵƐƵĂůůLJƐĞǀĞƌĞǁĞĂƚŚĞƌ͕ŽƌĚĞůĂLJƐ ŽƌĚĞĨĂƵůƚƐĐĂƵƐĞĚďLJƉƵďůŝĐĐĂƌƌŝĞƌƐ͕ƉƌŽǀŝĚĞĚƚŚĞĚĞĨĂƵůƚŝŶŐƉĂƌƚLJŐŝǀĞƐǁƌŝƚƚĞŶŶŽƚŝĐĞĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞƚŽƚŚĞŽƚŚĞƌ ƉĂƌƚLJŽĨŝƚƐŝŶĂďŝůŝƚLJƚŽƉĞƌĨŽƌŵ͘ &ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐŽŶƚƌĂĐƚƚŚĞƚĞƌŵ͞ĚĂLJ͟ŵĞĂŶƐĂĐĂůĞŶĚĂƌĚĂLJŽĨϮϰŚŽƵƌƐ͘ ( Ed/dZh^d $57,&/( K&&//>^EKddKE&/d $57,&/( tŝƚŚŽƵƚƉƌŝŽƌǁƌŝƚƚĞŶĐŽŶƐĞŶƚŽĨ/dz͕E'/EZŵƵƐƚŶŽƚĞŵƉůŽLJĂŶLJƉƌŽĨĞƐƐŝŽŶĂůŽƌƚĞĐŚŶŝĐĂůƉĞƌƐŽŶŶĞůǁŚŽĂƌĞŽƌ $ ŚĂǀĞďĞĞŶĂƚĂŶLJƚŝŵĞĚƵƌŝŶŐƚŚĞƚŝŵĞƉĞƌŝŽĚŽĨƚŚŝƐŽŶƚƌĂĐƚŝŶƚŚĞĞŵƉůŽLJŽĨ/dz͕ĞdžĐĞƉƚƌĞƚŝƌĞĚ/dzĞŵƉůŽLJĞĞƐ͕ ǁŝƚŚŽƵƚǁƌŝƚƚĞŶĐŽŶƐĞŶƚĨƌŽŵ/dz͘ E'/EZǁĂƌƌĂŶƚƐƚŚĂƚŝƚŚĂƐŶŽƚĞŵƉůŽLJĞĚŽƌƌĞƚĂŝŶĞĚĂŶLJĐŽŵƉĂŶLJŽƌƉĞƌƐŽŶ͕ŽƚŚĞƌƚŚĂŶĂďŽŶĂĨŝĚĞĞŵƉůŽLJĞĞ % ǁŽƌŬŝŶŐƐŽůĞůLJĨŽƌE'/EZ͕ƚŽƐŽůŝĐŝƚŽƌƐĞĐƵƌĞƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚƚŚĂƚE'/EZŚĂƐŶŽƚƉĂŝĚŽƌĂŐƌĞĞĚƚŽƉĂLJĂŶLJ ĐŽŵƉĂŶLJŽƌƉĞƌƐŽŶ͕ŽƚŚĞƌƚŚĂŶĂďŽŶĂĨŝĚĞĞŵƉůŽLJĞĞǁŽƌŬŝŶŐĨŽƌE'/EZ͕ĂŶLJĨĞĞ͕ĐŽŵŵŝƐƐŝŽŶƐ͕ƉĞƌĐĞŶƚĂŐĞ͕ ďƌŽŬĞƌĂŐĞĨĞĞ͕ŐŝĨƚƐ͕ŽƌĂŶLJŽƚŚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ĐŽŶƚŝŶŐĞŶƚƵƉŽŶŽƌƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞĂǁĂƌĚŽĨŵĂŬŝŶŐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ E>>d/KE $57,&/( dŚŝƐŽŶƚƌĂĐƚŵĂLJďĞĐĂŶĐĞůĞĚďLJ/dzǁŝƚŚŝŶϯϬĚĂLJƐ͕ĂƚĂŶLJƚŝŵĞ͕ǁŝƚŚŽƌǁŝƚŚŽƵƚĐĂƵƐĞ͕ƵƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞ $ E'/EZ͘/ŶƚŚĞĞǀĞŶƚŽĨƐƵĐŚĐĂŶĐĞůůĂƚŝŽŶE'/EZǁŝůůďĞĞŶƚŝƚůĞĚƚŽƉĂLJŵĞŶƚ͕ĚĞƚĞƌŵŝŶĞĚŽŶƉƌŽƌĂƚĂďĂƐŝƐ͕ĨŽƌ ƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉĞƌĨŽƌŵĞĚŽƌĚĞůŝǀĞƌĞĚ͘ /ŶƚŚĞĞǀĞŶƚ/dzĐĂŶŶŽƚŽƌĚŽĞƐŶŽƚŽďƚĂŝŶĨƵŶĚŝŶŐ͕ŽƌĨƵŶĚŝŶŐĐĂŶŶŽƚďĞĐŽŶƚŝŶƵĞĚĂƚĂůĞǀĞůƐƵĨĨŝĐŝĞŶƚƚŽĂůůŽǁĨŽƌƚŚĞ % ƉƵƌĐŚĂƐŝŶŐŽĨƚŚĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐĐŽŶƚĂŝŶĞĚŚĞƌĞŝŶ͕ƚŚŝƐŽŶƚƌĂĐƚŵĂLJďĞĐĂŶĐĞůĞĚǁŝƚŚŝŶϯϬĚĂLJƐ͕Ăƚ/dzΖƐ ŽƉƚŝŽŶ͕ďLJǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶĚĞůŝǀĞƌĞĚŝŶƉĞƌƐŽŶ͕ďLJŵĂŝů͕ŽƌĨĂĐƐŝŵŝůĞƚŽE'/EZĂƚƚŚĞĂĚĚƌĞƐƐƐƉĞĐŝĨŝĞĚ ŝŶƚŚŝƐŽŶƚƌĂĐƚ͘/dzǁŝůůŶŽƚďĞŽďůŝŐĂƚĞĚƚŽƉĂLJĨŽƌĂŶLJƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďLJE'/EZĂĨƚĞƌƐƵĐŚ ŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ &,I&LW\IDLOVWRPDNHDQ\SD\PHQWGXHWR(1*,1((5IRUVHUYLFHVVDWLVIDFWRULO\SHUIRUPHGDQGH[SHQVHVZLWKLQWKLUW\GD\VDIWHUWKHGDWH RI(1*,1((5¶VLQYRLFH(1*,1((5PD\DIWHUJLYLQJVHYHQGD\VZULWWHQQRWLFHWR&,7<DQGZLWKRXWZDLYLQ JDQ\FODLPRUULJKWDJDLQVW &,7<DQGZLWKRXWLQFXUULQJOLDELOLW\ZKDWVRHYHUWR&,7<VXVSHQGVHUYLFHVDQGZLWKKROGSURMHFWGHOLYHUDEOHVGXHXQGHUWKLV&RQWUDFWXQWLO (1*,1((5KDVEHHQSDLGLQIXOODOODPRXQWVGXHIRUVHUYLFHVH[SHQVHVDQGFKDUJHV ZZKZ^KZKD/^^/KE^ $57,&/( E'/EZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐLJŽĨŝƚƐǁŽƌŬĂŶĚŵƵƐƚƉƌŽŵƉƚůLJŵĂŬĞŶĞĐĞƐƐĂƌLJƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐ $ ƌĞƐƵůƚŝŶŐĨƌŽŵE'/EZΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬ ďLJ/dzǁŝůůŶŽƚƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶLJĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌ ĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶLJĂŵďŝŐƵŝƚŝĞƐ͘ ƚĂŶLJƚŝŵĞĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶŽƌĂŶLJƉŚĂƐĞŽĨǁŽƌŬƉĞƌĨŽƌŵĞĚďLJŽƚŚĞƌƐďĂƐĞĚŽŶĚĂƚĂƉƌŽǀŝĚĞĚďLJE'/EZ͕ % E'/EZŵƵƐƚĐŽŶĨĞƌǁŝƚŚ/dzǁŚĞŶŶĞĐĞƐƐĂƌLJĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨŝŶƚĞƌƉƌĞƚŝŶŐƚŚĞŝŶĨŽƌŵĂƚŝŽŶƐĞĐƵƌĞĚĂŶĚͬŽƌƚŽ ĐŽƌƌĞĐƚĂŶLJĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞďLJE'/EZ͘E'/EZŵƵƐƚƉƌĞƉĂƌĞĂŶLJĂŶĚĂůůƉůĂŶƐŽƌĚĂƚĂŶĞĞĚĞĚƚŽ ĐŽƌƌĞĐƚƚŚĞĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚĞĚĐŽŵƉĞŶƐĂƚŝŽŶ͕ĞǀĞŶƚŚŽƵŐŚĨŝŶĂůƉĂLJŵĞŶƚŵĂLJĂůƌĞĂĚLJŚĂǀĞďĞĞŶ ƌĞĐĞŝǀĞĚďLJE'/EZ͘E'/EZŵƵƐƚŐŝǀĞŝŵŵĞĚŝĂƚĞĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŚĂŶŐĞƐƐŽƚŚĞƌĞǁŝůůďĞŵŝŶŝŵĂůĚĞůĂLJƚŽƚŚĞ ƉƌŽũĞĐƚ͘ /ĨŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂƌĞŵĂĚĞďLJE'/EZŝŶĂŶLJƉŚĂƐĞŽĨƚŚĞǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨǁŚŝĐŚŵĂLJ & ƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZǁŝůůďĞƉƌŽŵƉƚůLJŶŽƚŝĨŝĞĚďLJ/dzĂŶĚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƐƵĐŚ ĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂLJďĞŶĞĐĞƐƐĂƌLJƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂLJĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘/ĨƚŚĞE'/EZŝƐĂǁĂƌĞŽĨĂŶLJŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞŝŶĂŶLJƉŚĂƐĞ ŽĨŝƚƐǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶƐŽĨǁŚŝĐŚŵĂLJƌĞƋƵŝƌĞĂŶLJĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZŵƵƐƚƉƌŽŵƉƚůLJƉĞƌĨŽƌŵ ƐƵĐŚĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂLJďĞŶĞĐĞƐƐĂƌLJƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂLJĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘ E'/EZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶLJĚĂŵĂŐĞƐŝŶĐƵƌƌĞĚĂƐĂƌĞƐƵůƚŽĨŝƚƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂŶĚĨŽƌĂŶLJ ' ůŽƐƐŽƌĐŽƐƚƚŽƌĞƉĂŝƌŽƌƌĞŵĞĚLJE'/EZΖƐĞƌƌŽƌƐ͕ŽŵŝƐƐŝŽŶƐŽƌŶĞŐůŝŐĞŶƚĂĐƚƐ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬďLJ/dzǁŝůůŶŽƚ ƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶLJƐƵĐŚŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐ͕ŽƌŽĨ ůŝĂďŝůŝƚLJĨŽƌůŽƐƐŽƌĚĂŵĂŐĞƌĞƐƵůƚŝŶŐƚŚĞƌĞĨƌŽŵ͘ E'/EZŵƵƐƚƌĞƐƉŽŶĚƚŽ/dzΖƐŶŽƚŝĐĞŽĨĂŶLJĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŝŶƌĞĂƐŽŶĂďůĞƚŝŵĞĂŶĚŐŝǀĞŝŵŵĞĚŝĂƚĞ ( ĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŽƌƌĞĐƚŝŽŶƐƚŽŵŝŶŝŵŝnjĞĂŶLJĚĞůĂLJƐƚŽƚŚĞE'/EZ͘ *& /^WhdZ^K>hd/KE $57,&/( DĞĚŝĂƚŝŽŶ͘ŶLJĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐLJŽƌĚŝƐƉƵƚĞĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞƐƵďũĞĐƚƚŽŶŽŶͲďŝŶĚŝŶŐŵĞĚŝĂƚŝŽŶĂƐ $ ĂĐŽŶĚŝƚŝŽŶƉƌĞĐĞĚĞŶƚƚŽƚŚĞŝŶƐƚŝƚƵƚŝŽŶŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐďLJĞŝƚŚĞƌƉĂƌƚLJ͘dŚĞŵĞĚŝĂƚŝŽŶƐŚĂůůďĞ ĐŽŶĚƵĐƚĞĚŝŶKůŵƐƚĞĚŽƵŶƚLJ͕DŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂŝǀŝůDĞĚŝĂƚŝŽŶĐƚ͕DŝŶŶ͘^ƚĂƚ͘ϱϳϮ͘ϯϭ͕ Ğƚ͕͘ƐĞƋ͘ŶLJĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐLJŽƌĚŝƐƉƵƚĞŶŽƚƌĞƐŽůǀĞĚďLJŵĞĚŝĂƚŝŽŶŵĂLJďĞƚŚĞƐƵďũĞĐƚŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐ ĨŝůĞĚďLJĞŝƚŚĞƌƉĂƌƚLJ͘dŚĞůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐŵƵƐƚďĞǀĞŶƵĞĚŝŶKůŵƐƚĞĚŽƵŶƚLJ͕DŝŶŶĞƐŽƚĂ͘dŚĞƉĂƌƚŝĞƐ ǁĂŝǀĞĂůůƌŝŐŚƚƐƚŽĂŶĚĐůĂŝŵƐĨŽƌŵŽŶĞƚĂƌLJĂǁĂƌĚƐŽƚŚĞƌƚŚĂŶĐŽŵƉĞŶƐĂƚŽƌLJĚĂŵĂŐĞƐ͘ &Z>>h^^ $57,&/( /Ĩ&ĞĚĞƌĂů&ƵŶĚƐĂƌĞŝŶǀŽůǀĞĚǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞĨŽůůŽǁŝŶŐĂĚĚŝƚŝŽŶĂůĐŽŶĚŝƚŝŽŶƐĂƉƉůLJ͗ ŽŵƉůŝĂŶĐĞǁŝƚŚZĞŐƵůĂƚŝŽŶƐ͘dŚĞƐƵďĐŽŶƐƵůƚĂŶƚƐŚĂůůĐŽŵƉůLJǁŝƚŚZĞŐƵůĂƚŝŽŶƐƌĞůĂƚŝǀĞƚŽŶŽŶͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶŝŶ&ĞĚĞƌĂůůLJ $ ĂƐƐŝƐƚĞĚƉƌŽŐƌĂŵƐŽĨƚŚĞĞƉĂƌƚŵĞŶƚŽĨdƌĂŶƐƉŽƌƚĂƚŝŽŶ͕ŚĞƌĞŝŶĂĨƚĞƌƌĞĨĞƌƌĞĚƚŽĂƐ͞Kd͕͟dŝƚůĞϰϵ͕ŽĚĞŽĨ&ĞĚĞƌĂů ZĞŐƵůĂƚŝŽŶƐ͕WĂƌƚϮ͕ĂƐƚŚĞLJŵĂLJďĞĂŵĞŶĚĞĚĨƌ ŽŵƚŝŵĞƚŽƚŝŵĞŚĞƌĞŝŶĂĨƚĞƌƌĞĨĞƌƌĞĚƚŽĂƐƚŚĞ͞ZĞŐƵůĂƚŝŽŶƐ͕͟ǁŚŝĐŚĂƌĞ ŚĞƌĞŝŶŝŶĐŽƌƉŽƌĂƚĞĚďLJƌĞĨĞƌĞŶĐĞĂŶĚŵĂĚĞƉĂƌƚŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͘ EŽŶͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶ͘dŚĞƐƵďĐŽŶƐƵůƚĂŶƚ͕ǁŝƚŚƌĞŐĂƌĚƚŽƚŚĞǁŽƌŬƉĞƌĨŽƌŵĞĚďLJŝƚĚƵƌŝŶŐƚŚŝƐĐŽŶƚƌĂĐƚ͕ƐŚĂůůŶŽƚ % ĚŝƐĐƌŝŵ ŝŶĂƚĞŽŶƚŚĞŐƌŽƵŶĚƐŽĨƌĂĐĞ͕ĐŽůŽƌ͕ŶĂƚŝŽŶĂůŽƌŝŐŝŶ͕ƐĞdž͕ĚŝƐĂďŝůŝƚŝĞƐ͕ŽƌǀĞƚĞƌĂŶ͛ƐƐƚĂƚƵƐŝŶƚŚĞƐĞůĞĐƚŝŽŶĂŶĚ ƌĞƚĞŶƚŝŽŶŽĨƐƵďĐŽŶƐƵůƚĂŶƚƐ͕ƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ŝŶĐůƵĚŝŶŐƉƌŽĐƵƌĞŵĞŶƚŽĨŵĂƚĞƌŝĂůƐĂŶĚůĞĂƐĞƐŽĨĞƋƵŝƉŵĞŶƚ͘dŚĞ ƐƵďĐŽŶƐƵůƚĂŶƚƐŚĂůůŶŽƚƉĂƌƚŝĐŝƉĂƚĞĞŝƚŚĞƌĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJŝŶƚŚĞĚŝƐĐƌŝŵŝŶĂƚŝŽŶƉƌŽŚŝďŝƚĞĚďLJ^ĞĐƚŝŽŶϮϭ͘ϱŽĨƚŚĞ ZĞŐƵůĂƚŝŽŶƐ͕ŝŶĐůƵĚŝŶŐĞŵƉůŽLJŵĞŶƚƉƌĂĐƚŝĐĞƐǁŚĞŶƚŚĞĐŽŶƚƌĂĐƚĐŽǀĞƌƐĂƉƌŽŐƌĂŵƐĞƚĨŽƌƚŚŝŶƉƉĞŶĚŝdžŽĨƚŚĞ ZĞŐƵůĂƚŝŽŶƐ͘ ^ŽůŝĐŝƚĂƚŝŽŶƐĨŽƌ^ƵďĐŽŶƚƌĂĐƚƐ͕ŝŶĐůƵĚŝŶŐƉƌŽĐƵƌĞŵĞŶƚŽĨŵĂƚĞƌŝĂůƐĂŶĚĞƋƵŝƉŵĞŶƚ͘/ŶĂůůƐŽůŝĐŝƚĂƚŝŽŶƐĞŝƚŚĞƌďLJ & ĐŽŵƉĞƚŝƚŝǀĞďŝĚĚŝŶŐŽƌŶĞŐŽƚŝĂƚŝŽŶŵĂĚĞďLJƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚĨŽƌǁŽƌŬƚŽďĞƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂƐƵďĐŽŶƚƌĂĐƚ͕ŝŶĐůƵĚŝŶŐ ƉƌŽĐƵƌĞŵĞŶƚŽĨŵĂƚĞƌŝĂůƐŽƌůĞĂƐĞƐŽĨĞƋƵŝƉŵĞŶƚ͕ĞĂĐŚƉŽƚĞŶƚŝĂůƐƵďĐŽŶƚƌĂĐƚŽƌŽƌƐƵƉƉůŝĞƌƐŚĂůůďĞŶŽƚŝĨŝĞĚďLJƚŚĞ E'/EZŽĨƚŚĞĐŽŶƚƌĂĐƚŽƌ͛ƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐĐŽŶƚƌĂĐƚĂŶĚƚŚĞZĞŐƵůĂƚŝŽŶƐƌĞůĂƚŝǀĞƚŽŶŽŶ ͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶŽŶƚŚĞ ŐƌŽƵŶĚƐŽĨƌĂĐĞ͕ĐŽůŽƌ͕ŶĂƚŝŽŶĂůŽƌŝŐŝŶ͕ƐĞdž͕ĚŝƐĂďŝůŝƚŝĞƐŽƌǀĞƚĞƌĂŶ͛ƐƐƚĂƚƵƐ͘ /ŶĨŽƌŵĂƚŝŽŶĂŶĚZĞƉŽƌƚƐ͘dŚĞƐƵďĐŽŶƐƵůƚĂŶƚƐŚĂůůƉƌŽǀŝĚĞĂůůŝŶĨŽƌŵĂƚŝŽŶĂŶĚƌĞƉŽƌƚƐƌĞƋƵŝƌĞĚďLJƚŚĞZĞŐƵůĂƚŝŽŶƐŽƌ ' ĚŝƌĞĐƚŝǀĞƐŝƐƐƵĞĚƉƵƌƐƵĂŶƚƚŚĞƌĞƚŽĂŶĚƐŚĂůůƉĞƌŵŝƚĂĐĐĞƐƐƚŽŝƚƐŬƐ͕ƌĞĐŽƌĚƐ͕ĂĐĐŽƵŶƚƐ͕ŽƚŚĞƌƐŽƵƌĐĞƐŽĨŝŶĨŽƌŵĂƚŝŽŶ͕ ĂŶĚŝƚƐĨĂĐŝůŝƚŝĞƐĂƐŵĂLJďĞĚĞƚĞƌŵŝŶĞĚďLJƚŚĞE'/EZ͕ƐƉŽŶƐŽƌ͕ŽƌƚŚĞ&ĞĚĞƌĂůǀŝĂƚŝŽŶĚŵŝŶŝƐƚƌĂƚŝŽŶ;&ͿƚŽďĞ ƉĞƌƚŝŶĞŶƚƚŽĂƐĐĞƌƚĂŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƐƵĐŚƌĞŐƵůĂƚŝŽŶƐ͕ŽƌĚĞƌƐ͕ĂŶĚŝŶƐƚƌƵĐƚŝŽŶƐ͘tŚĞƌĞĂŶLJŝŶĨŽƌŵĂƚŝŽŶƌĞƋƵŝƌĞĚŽĨ ƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚŝƐŝŶƚŚĞĞdžĐůƵƐŝǀĞƉŽƐƐĞƐƐŝŽŶŽĨĂŶŽƚŚĞƌǁŚŽĨĂŝůƐŽƌƌĞĨƵƐĞƐƚŽĨƵƌŶŝƐŚƚŚŝƐŝŶĨŽƌŵĂƚŝŽŶ͕ƚŚĞ ƐƵďĐŽŶƐƵůƚĂŶƚƐŚĂůůƐŽĐĞƌƚŝĨLJƚŽƚŚĞE'/EZ͕ƐƉŽŶƐŽƌ͕ŽƌƚŚĞ&͕ĂƐĂƉƉƌŽƉƌŝĂƚĞ͕ĂŶĚƐŚĂůůƐĞƚĨŽƌƚŚǁŚĂƚĞĨĨŽƌƚƐŝƚŚĂƐ ŵĂĚĞƚŽŽďƚĂŝŶƚŚĞŝŶĨŽƌŵĂƚŝŽŶ͘ ^ĂŶĐƚŝŽŶƐĨŽƌEŽŶĐŽŵƉůŝĂŶĐĞ͘/ŶƚŚĞĞǀĞŶƚŽĨƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŶŽŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŶŽŶ ͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶƉƌŽǀŝƐŝŽŶƐ ( ŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ƚŚĞ/dzƐŚĂůůŝŵƉŽƐĞƐƵĐŚĐŽŶƚƌĂĐƚƐĂŶĐƚŝŽŶƐĂƐŝƚŵĂLJĚĞƚĞƌŵŝŶĞƚŽďĞĂƉƉƌŽƉƌŝĂƚĞ͕ŝŶĐůƵĚŝŶŐ͕ďƵƚŶŽƚ ůŝŵŝƚĞĚƚŽ͗ ϭ͘tŝƚŚŚŽůĚŝŶŐŽĨƉĂLJŵĞŶƚƐƚŽƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƵŶĚĞƌƚŚĞĐŽŶƚƌĂĐƚƵŶƚŝůƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚĐŽŵƉůŝĞƐ͕ĂŶĚͬŽƌ͕ Ϯ͘ĂŶĐĞůůĂƚŝŽŶ͕ƚĞƌŵŝŶĂƚŝŽŶŽƌƐƵƐƉĞŶƐŝŽŶŽĨƚŚĞĐŽŶƚƌĂĐƚ͕ŝŶǁŚŽůĞŽƌŝŶƉĂƌƚ͘ WŽůŝĐLJ͘/ƚŝƐƚŚĞƉŽůŝĐLJŽĨƚŚĞKdƚŚĂƚŵŝŶŽƌŝƚLJďƵƐŝŶĞƐƐĞŶƚĞƌƉƌŝƐĞƐĂƐĚĞĨŝŶĞĚŝŶϰϵ&ZWĂƌƚϮϯƐŚĂůůŚĂǀĞƚŚĞŵĂdžŝŵƵŵ ) ŽƉƉŽƌƚƵŶŝƚLJƚŽƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨĐŽŶƚƌĂĐƚƐĨŝŶĂŶĐĞĚŝŶǁŚŽůĞŽƌŝŶƉĂƌƚǁŝƚŚ&ĞĚĞƌĂůĨƵŶĚƐƵŶĚĞƌƚŚŝƐ ĐŽŶƚƌĂĐƚ͘;ŽŶƐĞƋƵĞŶƚůLJ͕ƚŚĞDƌĞƋƵŝƌĞŵĞŶƚƐŽĨϰϵ&ZWĂƌƚϮϯĂƉƉůLJƚŽƚŚŝƐĐŽŶƚƌĂĐƚĂŶĚƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚŚĞƌĞďLJ ĂŐƌĞĞƐƚŽĂďŝĚĞďLJƚŚĞƐĞƌĞƋƵŝƌĞŵĞŶƚƐ͘Ϳ KďůŝŐĂƚŝŽŶ͘dŚĞƐƵďĐŽŶƐƵůƚĂŶƚĂŐƌĞĞƐƚŽĞŶƐƵƌĞƚŚĂƚŵŝŶŽƌŝƚLJďƵƐŝŶĞƐƐĞŶƚĞƌƉƌŝƐĞƐĂƐĚĞĨŝŶĞĚŝŶϰϵ&ZWĂƌƚϮϯŚĂǀĞ * ƚŚĞŵĂdžŝŵƵŵŽƉƉŽƌƚƵŶŝƚLJƚŽƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨĐŽŶƚƌĂĐƚƐĂŶĚƐƵďĐŽŶƚƌĂĐƚƐĨŝŶĂŶĐĞĚŝŶǁŚŽůĞŽƌŝŶƉĂƌƚ ǁŝƚŚ&ĞĚĞƌĂůĨƵŶĚƐƉƌŽǀŝĚĞĚƵŶĚĞƌƚŚŝƐĐŽŶƚƌĂĐƚ͘/ŶƚŚŝƐƌĞŐĂƌĚ͕ĂůůĐŽŶƚƌĂĐƚŽƌƐƐŚĂůůƚĂŬĞĂůůŶĞĐĞƐƐĂƌLJĂŶĚƌĞƐƉŽŶƐŝďůĞ ƐƚĞƉƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚϰϵ&ZWĂƌƚϮϯƚŽĐŽŵƉĞƚĞĨŽƌĂŶĚƉĞƌĨŽƌŵĐŽŶƚƌĂĐƚƐ͘ŽŶƚƌĂĐƚŽƌƐƐŚĂůůŶŽƚĚŝƐĐƌŝŵŝŶĂƚĞŽŶƚŚĞ *& ďĂƐŝƐŽĨƌĂĐĞ͕ĐŽůŽƌ͕ŶĂƚŝŽŶĂůŽƌŝŐŝŶ͕ƐĞdž͕ĚŝƐĂďŝůŝƚLJ͕ŽƌǀĞƚĞƌĂŶ͛ƐƐƚĂƚƵƐŝŶƚŚĞĂǁĂƌĚĂŶĚƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐKdĂƐƐŝƐƚĞĚ ĐŽŶƚƌĂĐƚ͘ *& / EsK/ ŝƚLJWƌŽũĞĐƚEƵŵďĞƌ;:ϳϴϯϲͲϰͿ dŽ͗ZƵƐƐ<Ğůŵ͕WƐƚŝŵĂƚĞĚŽŵƉůĞƚŝŽŶ͗й tĂƚĞƌZĞĐůĂŵĂƚŝŽŶWůĂŶƚ ϯϬϭϯϳ^ƚEt͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϭWĞƌŝŽĚŶĚŝŶŐ͗ /ŶǀŽŝĐĞĂƚĞ͗ /EsK/EK͘ͺͺͺͺͺͺͺ ZĞ͗/dzŽŶƚƌĂĐƚEŽ͘:ϳϴϯϲͲϰWƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ͗ - ŝƚLJŽĨZŽĐŚĞƐƚĞƌ WZK&^^/KE>d,E/>;EKE/dzDW>KzͿ^Zs/^ WƌŽũĞĐƚ/ĚĞŶƚŝĨŝĐĂƚŝŽŶ͗:ϳϴϯϲͲϰ͗ϮϬϮϱ>ĂƌŐĞŝĂŵĞƚĞƌdƌƵŶŬůŝŶĞ/ŶƐƉĞĐƚŝŽŶWƌŽũĞĐƚ ĐĐŽƵŶƚŝŶŐ/ŶĨŽƌŵĂƚŝŽŶ͗ &ŝƐĐĂůzĞĂƌ͗ϮϬϮϱ&ƵŶĚ͗^ĞǁĞƌhƚŝůŝƚLJWƌŽũĞĐƚEŽ͗͘ dŽƚĂůŽŶƚƌĂĐƚŵƚ͗Ψϳϱ͕ϱϯϬ^ƚĂƚĞŝĚWƌŽũĞĐƚEŽ͗͘:ŽďEŽ͗͘:ϳϴϯϲͲϰ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ dŚŝƐŽŶƚƌĂĐƚďĞƚǁĞĞŶƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ͕DE;/dzͿĂŶĚt,<^ΘŽ͘;͞E'/EZ͟Ϳ͖ ĚĚƌĞƐƐ͗ϮϵϬϱ^ŽƵƚŚƌŽĂĚǁĂLJ͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰͲϱϱϭϱ t,Z^͕ /dzĚŽĞƐŶŽƚŚĂǀĞĂǀĂŝůĂďůĞŶĞĐĞƐƐĂƌLJĂŶĚͬŽƌƋƵĂůŝĨŝĞĚƉĞƌƐŽŶŶĞůƚŽĐŽŶĚƵĐƚƚŚĞƐĞƌǀŝĐĞƐĂƐĚĞƐĐƌŝďĞĚ ŚĞƌĞŝŶ͖ĂŶĚ t,Z^͕ E'/EZƌĞƉƌĞƐĞŶƚƐƚŚĂƚŝƚŝƐůŝĐĞŶƐĞĚĂŶĚĂŐƌĞĞƐƚŽƉĞƌĨŽƌŵĂůůƐĞƌǀŝĐĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ EKt͕d,Z&KZ ŝƚŝƐĂŐƌĞĞĚƚŚĂƚE'/EZ͕ǁŚŽŝƐŶŽƚĂĐŝƚLJĞŵƉůŽLJĞĞ͕ǁŝůůƉĞƌĨŽƌŵƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͕ŝŶĐůƵĚŝŶŐƚŚĞ^ƉĞĐŝĂůĂŶĚ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐĂŶĚĂŶLJĞdžŚŝďŝƚƐŽƌŽƚŚĞƌĐŽŶĚŝƚŝŽŶƐǁŚŝĐŚĂƌĞĂƚƚĂĐŚĞĚĂŶĚ ŝŶĐŽƌƉŽƌĂƚĞĚ͘ :ƵůLJϳ͕ϮϬϮϱ:ƵůLJϳ͕ϮϬϮϲ ĨĨĞĐƚŝǀĞĂƚĞ͗džƉŝƌĂƚŝŽŶĂƚĞ͗ ͺͺ /Et/dE^^t,ZK&͕ ƚŚĞƉĂƌƚŝĞƐŚĂǀĞĞdžĞĐƵƚĞĚƚŚŝƐĐŽŶƚƌĂĐƚŝŶƚĞŶĚŝŶŐƚŽďĞďŽƵŶĚ͘ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ E'/EZ LJ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ tŝůůŝĂŵŶŐĞƌŵĂŶ͕W dŝƚůĞ͗ͺͺdžĞĐƵƚŝǀĞsŝĐĞWƌĞƐŝĚĞŶƚ͕KKͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ /dzK&ZK,^dZ LJ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺŶĚLJ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺ <ŝŵEŽƌƚŽŶ͕DĂLJŽƌŶŶ<ĂƐĞů͕ŝƚLJůĞƌŬ ƉƉƌŽǀĞĚĂƐƚŽ&ŽƌŵΘdžĞĐƵƚŝŽŶ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ DŝĐŚĂĞů^ƉŝŶĚůĞƌͲ<ƌĂŐĞ͕ŝƚLJƚƚŽƌŶĞLJ ^W/>KE/d/KE^ dZDK&KEdZd Zd/>ϭ ĨĨĞĐƚŝǀĞĂƚĞ͗:ƵůLJϳ͕ϮϬϮϱ tŽƌŬŽŵƉůĞƚŝŽŶĂƚĞ͗:ƵůLJϳ͕ϮϬϮϲ džƉŝƌĂƚŝŽŶĂƚĞ͗:ƵůLJϳ͕ϮϬϮϲ ^KWK&tKZ< Zd/>Ϯ ͘ĞƚĂŝůĞĚ^ĐŽƉĞŽĨtŽƌŬ͗ƚƚĂĐŚŵĞŶƚ ͘tŽƌŬWůĂŶKƵƚůŝŶĞ͗ƚƚĂĐŚŵĞŶƚ ͘>ŽĐĂƚŝŽŶDĂƉƚƚĂĐŚŵĞŶƚ ͘'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͗^ĞĞĂƚƚĂĐŚĞĚ͘ ͘^ƵƌǀĞLJĂŶĚ^ƚĂŶĚĂƌĚƐ͗^ĞĞĂƚƚĂĐŚĞĚ͘ KE^/Zd/KEK&WzDEd Zd/>ϯ ŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚďLJE'/EZ͕ĂƐĚĞĨŝŶĞĚďLJƚŚŝƐĐŽŶƚƌĂĐƚ͕ǁŝůůďĞƉĂŝĚďLJ/dzŽŶĂŶŚŽƵƌůLJ͕ĨĞĞ ƐĐŚĞĚƵůĞďĂƐŝƐ͕ŶŽƚƚŽĞdžĐĞĞĚĨŽƌƚŚĞĨŽůůŽǁŝŶŐŝƚĞŵƐ͗ E'/EZ ^ĞƌǀŝĐĞƐŽƐƚ ŶŐŝŶĞĞƌŝŶŐƐĞƌǀŝĐĞƐĨŽƌůĂƌŐĞĐƚƵĂůĐŽƐƚĂŶĚĞdžƉĞŶƐĞďĂƐĞĚŽŶƚŚĞΨϳϱ͕ϱϯϬ ĚŝĂŵĞƚĞƌƉŝƉĞůŝŶĞdsĂƚƚĂĐŚĞĚĞƐƚŝŵĂƚĞŽĨĐŽƐƚƐĂŶĚĨĞĞ ŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚŵĂŶŚŽůĞƐƚƌƵĐƚƵƌĞ͕ƚƚĂĐŚŵĞŶƚ ŝŶƐƉĞĐƚŝŽŶ͘ dKd>KEdZdDKhEd͗Ψϳϱ͕ϱϯϬ E'/EZ͛^WZ^KEE> Zd/>ϰ E'/EZ͛^ƵƚŚŽƌŝnjĞĚŐĞŶƚ͕Žƌ<ĞLJWĞƌƐŽŶŶĞů͗ EĂŵĞ͗ͺtŝůůŝĂŵ<͘ŶŐĞƌŵĂŶ͕W dŝƚůĞ͗ͺdžĞĐƵƚŝǀĞsŝĐĞWƌĞƐŝĚĞŶƚ͕KK ĚĚƌĞƐƐ͗ͺϮϵϬϱ^ŽƵƚŚƌŽĂĚǁĂLJ͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰͲϱϱϭϱ ; WŚŽŶĞ͗ͺϱϬϳͿϮϴϴͲϯϵϮϯ ŵĂŝů͗ͺďĂŶŐĞƌŵĂŶΛǁŚŬƐ͘ĐŽŵ ZĞƐƉŽŶƐŝďŝůŝƚLJͺWƌŽũĞĐƚWƌŝŶĐŝƉĂůͺ /ĨE'/EZ͛^ƵƚŚŽƌŝnjĞĚŐĞŶƚĐŚĂŶŐĞƐĂƚĂŶLJƚŝŵĞĚƵƌŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŝŵŵĞĚŝĂƚĞůLJŶŽƚŝĨLJ/dz͘ /dz͛^hd,KZ/'EdͬWZK:dDE'Z Zd/>ϱ /dz͛^ƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ŽƌWƌŽũĞĐƚDĂŶĂŐĞƌǁŝůůďĞ͗ ZƵƐƐ<Ğůŵ͕W EĂŵĞ͗ͺͺ /ŶĨƌĂƐƚƌƵĐƚƵƌĞDĂŝŶƚĞŶĂŶĐĞŶŐŝŶĞĞƌ dŝƚůĞ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ϯϬϭϯϳ^ƚEt͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϲ ĚĚƌĞƐƐ͗ͺͺͺͺ ϱϬϳͿϯϮϴͲϮϰϭϳ WŚŽŶĞ͗ͺͺ;ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ƌŬĞůŵΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ŵĂŝů͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ͗WƌŽũĞĐƚDĂŶĂŐĞƌ ZĞƐƉŽŶƐŝďŝůŝƚLJͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ /dz͛^ƵƚŚŽƌŝnjĞĚŐĞŶƚǁŝůůŚĂǀĞĂƵƚŚŽƌŝƚLJƚŽĂĐĐĞƉƚŽƌƌĞũĞĐƚE'/EZ͛^ƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐ͘/ĨƐƵĐŚƐĞƌǀŝĐĞƐĂŶĚ ĚĞůŝǀĞƌĂďůĞƐĂƌĞĂĐĐĞƉƚĂďůĞĂŶĚƐĂƚŝƐĨĂĐƚŽƌLJ͕ƚŚĞ/dz͛^ƵƚŚŽƌŝnjĞĚŐĞŶƚǁŝůůĐĞƌƚŝĨLJĞĂĐŚŝŶǀŽŝĐĞƐƵďŵŝƚƚĞĚĨŽƌƉĂLJŵĞŶƚďLJƚŚĞ E'/EZ͘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�" #!: '' !#!$&$"'"!# ;& 47" 78.?$ @ )61 * 2 ,'&7 7877?$ @ ) '1 2 * 2 20 787/?$ @ )$ 4: "88 888 F3 $ $PHQGPHQW1RWR3URSRVDORI'HVLJQ6HUYLFHVIRU&LW\3URMHFW%HWZHHQ&OLHQWDQG&RQVXOWDQW ,QDFFRUGDQFHZLWKWKH3URSRVDORI'HVLJQ6HUYLFHVIRU&LW\3URMHFW%HWZHHQWKH&LW\RI5RFKHVWHU &OLHQW DQG 6KRUW(OOLRWW+HQGULFNVRQ,QF &RQVXOWDQW GDWHG0DUFKWKLV$PHQGPHQW1RWRWKH3URSRVDORI 'HVLJQ6HUYLFHVIRU&LW\3URMHFWLVHIIHFWLYHDVRI-XQHDQGDXWKRUL]HVDQGGHVFULEHVDPHQGPHQWVWR WKHVFRSHVFKHGXOHDQGSD\PHQWFRQGLWLRQVIRU&RQVXOWDQW¶VZRUNRQWKH3URMHFWGHVFULEHGDV $PHQGPHQW1R ± WR3URSRVDORI'HVLJQ6HUYLFHVIRU&LW\3URMHFW%HWZHHQ&OLHQWDQG&RQVXOWDQW(&HQWHU6WUHHW 5HFRQVWUXFWLRQ &OLHQW·V$XWKRUL]HG5HSUHVHQWDWLYH $P\.UHRIVN\3( $GGUHVV :HVW5LYHU3DUNZD\1:6XLWH 5RFKHVWHU01 7HOHSKRQHHPDLO UNLQJORWFRQFHSWVDW(&HQWHU6WZDVUHTXHVWHGWREHSURYLGHGWRGHWHUPLQHWKHIHDVLELOLW\RI UHPRYLQJWKHGULYHZD\DWWKLVDGGUHVVWRDVVLVWLQWKHURXQGDERXWGHVLJQ ± 7DVN)LQDO'HVLJQ&RQVWUXFWLRQ'RFXPHQW3UHSDQG%LGGLQJ [[230,2487,816,2534][10][,I,][Arial]]6XEWDVNV5(48(67('72%( [[817,2487,1082,2534][10][,I,][Arial]]3(5)250(' [[1083,2487,1095,2534][10][,I,][Arial]] x ,PSOHPHQWLQJILEHUDQGFRQGXLWIRUIXWXUHILEHURSWLFXVHDQGVHFXULW\DVUHTXHVWHGE\&LW\RI5RFKHVWHU 3ROLFH'HSDUWPHQWDQG3DUNV 5HFUHDWLRQ x )LQDOGHVLJQUHTXLUHGRQWKHURXQGDERXWGXHWRWKHSUHOLPLQDU\PRGLILFDWLRQVSHUIRUPHGGXULQJWKH SUHOLPLQDU\GHVLJQSKDVH x &RPSOHWHSUHDFTXLVLWLRQDFWLYLWLHVIRUWHPSRUDU\HDVHPHQWVQHHGHG x &RPSOHWHGLUHFWSXUFKDVHDFWLYLWLHVIRUWHPSRUDU\HDVHPHQWVSDUFHOV x 6XEFRQVXOWDQW 6SULQJHU$SSUDLVDOV WRFRPSOHWHDSSUDLVDOUHSRUWVIRUWHPSRUDU\HDVHPHQWSDUFHOV x 6XEFRQVXOWDQW 5RFKHVWHU7LWOH WRFRPSOHWHWLWOHVHDUFKIRUWHPSRUDU\HDVHPHQWSDUFHOV x &RPSOHWHULJKWRIHQWU\DFWLYLWLHVIRUVHUYLFHFRQQHFWLRQSDUFHOV $PHQGPHQW1RWR3URSRVDORI'HVLJQ6HUYLFHVIRU&LW\3URMHFW%HWZHHQ&OLHQWDQG&RQVXOWDQW $IILUPDWLYH$FWLRQ(TXDO2SSRUWXQLW\(PSOR\HU 5HYDD x 3URYLGHOHJDOGHVFULSWLRQVIRUWHPSRUDU\HDVHPHQWSDUFHOV x 3URYLGHSDUFHOVNHWFKIRUWHPSRUDU\HDVHPHQWSDUFHOV $VVXPSWLRQV1RWHV x SDUFHOVDUHDVVXPHGIRUWKLVSURMHFW DOOWHPSRUDU\HDVHPHQWV x ULJKWRIHQWULHVDUHDVVXPHGIRUWKLVSURMHFW x $VVXPHVDSSUDLVDOVIRUWHPSRUDU\HDVHPHQWZLWKQRVHYHUDQFHGDPDJHV ±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¶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ϙ ,1:,71(66:+(5(2)WKHSDUWLHVWRWKLV$JUHHPHQWKDYHKHUHXQWRVHWWKHLUKDQGVDQG VHDOVDVRIWKHGD\DQG\HDUILUVWDERYHZULWWHQ 7KH&LW\RI5RFKHVWHU0LQQHVRWD %\ .LP1RUWRQ0D\RU $WWHVW $QQ.DVHO&LW\&OHUN (OFRU&RQVWUXFWLRQ,QF %\ 7LWOH ϙ ͑ϙ ϙ [ĖIJôώbŪıæôŘIťôıώIJŪıæôŘ"ôŜèŘĖŕťĖĺIJIJĖťŜŪÍIJťĖťƅIJĖťώŘĖèôIťôıώĺťÍī ͐͑͏͐͐ϟ͕͏͐ώb[͐щ͓͖͑Ϡ͓͔͓ϟ͒͏щ͓͖͑Ϡ͓͔͓ϟ͒͏ ͑͒͑͐͏͏ϟ͕͏͐F´"ibIώbi®a([ώ´(aώ"ώϱώ͑b"ώ«(ώIib[͐щ͖͑͑Ϡ͕͕͒ϟ͏͏щ͖͑͑Ϡ͕͕͒ϟ͏͏ ͓͑͑͐͏͏ϟ͕͏͐F´"ibIώbi®a([ώ´(aώFώϱώ[i[ώIibώ͐ώ«([͐щ͖͑͑Ϡ͕͕͒ϟ͏͏щ͖͑͑Ϡ͕͕͒ϟ͏͏ ͔͑͑͐͏͏ϟ͕͏͐([(Iώbi®a([ώ´(aώ(ώϱώI«Iώ(b(ώIib[͐щ͔͖͗Ϡ͔͖͘ϟ͑͏щ͔͖͗Ϡ͔͖͘ϟ͑͏ ͕͑͑͐͏͏ϟ͕͏͐([(Iώbi®a([ώ´(aώ>ώϱώ͕FώώIib[͐щ͑͗͗Ϡ͔͖͗ϟ͑͏щ͑͗͗Ϡ͔͖͗ϟ͑͏ ͖͑͑͐͏͏ϟ͕͏͐([(Iώbi®a([ώ´(aώ@ώϱώ®(ώbIώ«[[@( [[1530,1442,1561,1484][8][,,][FEF4B094895]][ [[1789,1442,1804,1484][8][,,][FEF4B094895]]͐ [[1872,1442,2035,1484][8][,,][FEF4B094895]]щ͔͑͗Ϡ͑ ͓͘ϟ͐͏ [[2116,1442,2279,1484][8][,,][FEF4B094895]]щ͔͑͗Ϡ͓͑͘ϟ͐͏ ͑͗͑͐͏͏ϟ͕͏͐(ai«(ώF([(ώ(I[[͐щ͑͏Ϡ͏͏͏ϟ͏͏щ͑͏Ϡ͏͏͏ϟ͏͏ ͑͑͐͘͏͒ϟ͔͏͐ ͕͒͑͐͏͓ϟ͕͐͗[«@(ώ͕ϟ͏͏ ͕͔͗͑͏͑ϟ͔͏͕͒Гώ(>ώ«ώI(ώ"Ib[ώ>͖͖͐щ͓͐͐ϟ͏͏щ͑͏Ϡ͖͐͗ϟ͏͏ ͖͔͗͑͏͑ϟ͕͏͕͑Гώ«ώI(ώ"Ibώ[(bi(F͒щ͐Ϡ͏͑͏ϟ͏͏щ͒Ϡ͏͕͏ϟ͏͏ ͔͗͗͑͏͒ϟ͔͏͒͐͑ГώώI(ώ(®(ώ"(ώ͒͏͏͕ώ[ώ«[ώ>͖͓͗щ͐͐͘ϟ͏͏щ͗͘Ϡ͏͐͑ϟ͏͏ ͔͗͑͘͏͒ϟ͔͏͔͒͐ГώώI(ώ(®(ώ"(ώ͒͏͏͕ώ[ώ«[ώ>͕͘щ͐͑͒ϟ͏͏щ͗Ϡ͓͖͗ϟ͏͏ ͘͏͔͑͏͒ϟ͔͏͓͒͑ГώώI(ώ(®(ώ"(ώ͒͏͏͕[ώ>͕͒щ͐͒͘ϟ͏͏щ͐͑Ϡ͔͐͘ϟ͏͏ ͔͐͑͘͏͒ϟ͔͏͖͒͑ГώώI(ώ(®(ώ"(ώ͒͏͏͕[ώ>͔͐͒щ͑͏͗ϟ͏͏щ͑͗Ϡ͏͗͏ϟ͏͏ ͔͑͑͘͏͒ϟ͔͏͓͒͑ГώώI(ώ(®(ώ"(ώ͒͏͏͕[ώ>͑͐͗щ͔͔͒ϟ͏͏щ͖͖Ϡ͒͘͏ϟ͏͏ ͔͒͑͘͏͒ϟ͕͏͑ibb(ώiώ(³IIb@ώiaώ(®((F͐͑щ͐Ϡ͔͔͏ϟ͏͏щ͐͗Ϡ͕͏͏ϟ͏͏ ͓͔͑͘͏͒ϟ͕͏͒͐͑Гώ«ώI(ώ(®([ώ>͑͐щ͕͑͒ϟ͏͏щ͓Ϡ͔͕͘ϟ͏͏ ͔͔͑͘͏͒ϟ͕͏͗"I[(ώIibώ>IIb@[ ͕͔͐͑͑͑͐ϟ͕͏͒ib((ώF("(ώ,][FEF4B094895]]щ͕͖͑ϟ͔͏ [[2173,1531,2279,1573][8][,,][FEF4B094895]]щ͗͏͑ϟ͔͏ ͔͕͔͓͐͑͏ϟ͕͏͑I@bώ(I[ώ´(ώ(F͑щ͓͑͐ϟ͏͏щ͓͑͗ϟ͏͏ ͔͖͔͓͐͑͏ϟ͕͏͑Ib[[ώ[(ώϼI«Iώ(b(Ͻ [[1530,1621,1602,1663][8][,,][FEF4B094895]](F [[1789,1621,1804,1663][8][,,][FEF4B094895]]͐ [[1905,1621,2035,1663][8][,,][FEF4B094895]]щ͔Ϡ͏͏͏ϟ͏͏ [[2148,1621,2278,1663][8][,,][FEF4B094895]]щ͔Ϡ͏͏͏ϟ͏͏ ͔͔͓͐͗͑͏ϟ͕͏͒[b"(ώ("@([ώ>͐͒͘щ͕͐ϟ͐͏щ͑Ϡ͖͑͒ϟ͘͏ ͔͔͓͐͑͘͏ϟ͕͐͗ib((ώ«(ώ´(ώώ>͓͑͏щ͑͘ϟ͒͏щ͐͑Ϡ͒͏͕ϟ͏͏ ͕͐͏͔͓͑͏ϟ͕͐͗ib((ώ«(ώ´(ώώ>͐͏͏щ͕͏ϟ͖͏щ͕Ϡ͏͖͏ϟ͏͏ ͕͔͓͐͐͑͏ϟ͕͐͗ib((ώ«(ώ´(ώ"ώ>͐͏͏͏щ͓͏ϟ͏͏щ͓͏Ϡ͏͏͏ϟ͏͏ ͕͔͓͐͑͑͏ϟ͕͐͗Ib[[ώ ͔͕͐͗͑͒͘ϟ͕͏͔͖͔͑͗͑ϟ͔͑͒®(a@[͒͏͏щ͓͑ϟ͗͏щ͐͑Ϡ͓͗͏ϟ͏͏ ͔͖͔͑͐͑͘ϟ͕͏͖a[Fώa(I[ώ´(ώ͘ώ´͒͑щ͓͑͐ϟ͏͏щ͕Ϡ͓͗͗ϟ͏͏ ͑͑͏͑͏͐͐ϟ͕͏͐«I 5(62/87,21 $SSURYLQJ(OFRU&RQVWUXFWLRQ,QF¶V/LQN%XV5DSLG7UDQVLW %57 $UFKLWHFWXUH6WDWLRQV DQG7UDQVLW&HQWHU3URMHFW%LG([WHQVLRQ$JUHHPHQW 12:7+(5()25(%(,75(62/9('E\WKH&RPPRQ&RXQFLORIWKH&LW\RI5RFKHVWHU 0LQQHVRWDWKDWWKH&LW\H[HFXWHD%LG([WHQVLRQ$JUHHPHQWZLWK(OFRU&RQVWUXFWLRQ,QF HIIHFWLYH-XO\ ),-. '( ) *$*#"+ $*#**% )!%$ 0! *%$% WŚŽŶĞ͗ϱϬϳͲϯϮϴͲϮϵϱϬ ŝƚLJŽĨZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ &Ădž͗ϱϬϳͲϯϮϴͲϮϰϬϭ ϰϬϬϭtZŝǀĞƌWĂƌŬǁĂLJEt͕^ƵŝƚĞϭϬϬ ŵĂŝů͗ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϭͲϳϬϵϬ 5RFKHVWHU&LW\&RXQFLO-XO\1 6WDIILVLQVXSSRUWRIWKH%RXOHYDUG7UHH*UHHQ)DFLOLWLHV$JUHHPHQWDVWKHSKDVHG SODQWLQJZLOOSURWHFWWKHLQYHVWPHQWLQERXOHYDUGWUHHVZKLOHSURYLGLQJWUHHVRQGHYHORSHG ORWVSULRUWRIXOOEXLOGRIWKHVXEGLYLVLRQ $77$&+0(176 /RFDWLRQ0DS %RXOHYDUG7UHH*UHHQ)DFLOLWLHV$JUHHPHQWDQG3ODQWLQJ([KLELW %28/(9$5'75((3/$129(59,(: %28/(9$5'75((3(50,7 35$,5,(5,'*( >K<ϭ >K<ϭ td>EϮ Khd>Kd Khd>Kd ϭϭϭϮϮϴϮϵ +:/ Ϯϳ ϭϬ Khd>Kd 1:/ ϯϬ ϵ 321' Ϯϲ ϭϯ +:/ ϯϮϭϲϱϰϯ ϭϲϱϰϯϮϭϰ ϱ Ϯ ϯ >K<ϰϯ ϰ>K<ϰϰ >K<ϰϱ ϱ >K<ϭϰ ϱ Khd>Kd/ ϭ ϭ+://$1'6&$3(5(48,5(0(176 ϱ ϰ 1:/ ϭ >K<ϭϯ >K<ϵ 321' %28/(9$5'75((3/$19,(:$ %28/(9$5'75((3(50,7 35$,5,(5,'*( 7+$9(18(1: %* >K<ϵ Khd>Kd< ϯϰ ϱ+:/Khd>Kd ϱϭϮ 1:/ Ϯ >K<ϴ ϭ ϰ ϭ 321' ϯ Ϯ ϰ ϯ ϯ>K<ϰ ϱ ϰ ϲ Ϯ ϳ ϭ $/ $/ 3* ϭ ϴ ϱ 7+ Ϯ 3* ϰ >K<ϳ ϯ ϭϰϯ Ϯϭ >K<ϱ ϵ ϴ ϯ >K<ϭϯ ϰ ϳ Ϯ ϲ .& ϱ>K<ϭ ϭϬ ϱ %* Khd>Kd& ϭ ϲ ϱ Khd>Kd/ >K<Ϯ 06 ϰ ϭϭ %2 >K<ϭϰ >K<ϲ ϯ 3* ϲ ϱ ./ ϰ ϯ Ϯϰ ϭ 3+ ϯ Ϯ >K<ϭϱ Ϯ ϭ ϰ ϭϮ ϯ %2 ϭ Ϯ )0 ϭ )0 ./ $/ϭϯ 3* %2 %2 06 7+ 06 ϭϰ 06 )0 ϭϱ ϭϴ ϭϵ ϲ ϭϳ ϭϲ ϭ Ϯ ϯ ϰ ϱ ϲ ϱ >K<ϯϵ ϭ Khd>Kd >K<ϰϱ +:/ %28/(9$5'75((3/$19,(:% %28/(9$5'75((3(50,7 35$,5,(5,'*( 7+$9(18(1: .& Khd>Kd $/ >K<ϵ >K<ϭϬ >K<ϭϭ +:/ ϯϰ 3*ϰϱ ϱϭϮ ϭϮϯϰ 1:/ ϯ 321' Ϯ ϭ )0 $/ %* >K<ϱϰ ϱ %* >K<ϮϮ 3* ϰ >Kdϭ ϯ Ϯϭϰϯ ϰϯ Ϯϭ Ϯ ./ ϭ >K<ϭϮ>K<ϭϯ ϰ Khd>Kd& >K<Ϯϯ ϯ Khd>Kd/ Ϯ ϭ ϭ Ϯ Khd>Kd' >K<Ϯϭ ϯ >K<ϭϱ ϰ ϰ >K<ϱϰ ϯ >Kdϭ Ϯ ϲ ϭ ϱ ϱ >K<ϭϲ %2 >K<Ϯϰ ϰ ϰϭ 7+ Khd>Kd, Khd>Kd& ϯ ϯϮ Ϯ ϭ >K<ϮϬ Ϯ ϯ )0 ϰ ϰ ϭ >K<ϭϳ ϯ ϱ ϭ Ϯ Ϯ ϲ ϲ ϭ ϯ >K<ϰϲ ϰ ϱ 3* ϱ ϰ >K<Ϯϱ >K<ϭϴ )0 ϰ ϭϲ $/ ϯ >K<ϭϵ ϯ Ϯ Ϯ ϭ ϭ Ϯ ϯ Ϯ ./ %2 ϯ ϭ ϰ >K<ϰϳ ϰ ϱ ϲ Khd>Kd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ϙ ViIbϙi®(ϙ@((a(bϙƅϙ ŜēÍīīϙîôŘĖŽôϙēôŘôċŘĺıϠϙťēôϙĖťƅϙÍIJîϙĺſIJŜēĖŕϙēôŘôæƅϙôIJťôŘϙĖIJťĺϙťēĖŜϙČŘôôıôIJťϙċĺŘϙťēôϙæôIJôƱťϙĺċϙ ıŪťŪÍīϙôIJŽĖŘĺIJıôIJťÍīϙŘôŽĖôſϠϙŕŪŘŜŪÍIJťϙťĺϙťēôϙťôŘıŜϙĺċϙťēĖŜϙČŘôôıôIJťϟϙ ϙ ϙ ϙ I[(ϙIϙϳϙi(ϙb"ϙ@(i@FIϙ(ϙ ϙ ϟŪŘŕĺŜôϟϙēôϙÍŘťĖôŜϙîôŜĖŘôϙťĺϙèĺĺŕôŘÍťôϙĖIJϙťēôϙĤĺĖIJťϙôIJŽĖŘĺIJıôIJťÍīϙŘôŽĖôſϙĺċϙťēôϙiīıŜťôîϙ ČČŘôČÍťôϙŕŘĺĤôèťϙſĖťēĖIJϙťēôϙĖťƅϙÍIJîϙĺſIJŜēĖŕϠϙŜŕôèĖƱèϙťĺϙťēôϙŕŘĺĤôèťϟ ϙ ϙ ͐ϙ VϙϳϙĖťƅϙĺċϙĺèēôŜťôŘϙÍIJîϙFĖČēϙ>ĺŘôŜťϙĺſIJŜēĖŕ ϙ ϙ ôϙ(®ϟϙ ϙ ϙ ͑ϟēôϙĺſIJŜēĖŕϙŜēÍīīϙæôϙèĺŕĖôîϙĺIJϙÍīīϙèĺııŪIJĖèÍťĖĺIJŜϙæôťſôôIJϙťēôϙĖťƅϙÍIJîϙťēôϙ (IJŽĖŘĺIJıôIJťÍīϙŪÍīĖťƅϙ ϙ ϙ ͕ϟēôϙĺſIJŜēĖŕϙŜēÍīīϙæôϙČĖŽôIJϙťēôϙĺŕŕĺŘťŪIJĖťƅϙťĺϙŘôŽĖôſϙÍIJîϙèĺııôIJťϙĺIJϙťēôϙ(®ϙ ŕŘĖĺŘϙťĺϙĖťŜϙŕŪæīĖèÍťĖĺIJϙĖIJϙťēôϙ(ôϙÍŘťĖôŜϠϙÍIJîϙIJĺϙôıŕīĺƅôôϙĺċϙôĖťēôŘϙŕÍŘťƅϙŜēÍīīϙæôϙèĺIJŜĖîôŘôîϙÍIJϙ ôıŕīĺƅôôϙĺċϙťēôϙĺťēôŘϙÍŘťƅϟϙ ϙ ϙ I[(ϙ«IϙϳϙIb"(abI>IIibϙb"ϙIbb(ϙ ϙ ϟIIJîôıIJĖƱèÍťĖĺIJϟϙŪŘŜŪÍIJťϙťĺϙaĖIJIJϟϙťÍťϟϙЯϙ͓͖͐ϟ͔͘ϠϙŜŪæîϟϙ͐ÍϼÍϽϠϙÍŜϙÍıôIJîôîϠϙťēĖŜϙČŘôôıôIJťϙ ŜēÍīīϙæôϙèĺIJŜťŘŪôîϙÍŜϙÍϙЊèĺĺŕôŘÍťĖŽôϙÍèťĖŽĖťƅϠЋϙÍIJîϙťēôϙÍŘťĖôŜϙŜēÍīīϙæôϙîôôıôîϙÍϙЊŜĖIJČīôϙ ČĺŽôŘIJıôIJťÍīϙŪIJĖťЋϙċĺŘϙťēôϙŕŪŘŕĺŜôŜϙĺċϙīĖÍæĖīĖťƅϠϙŕŘĺŽĖîôîϙťēÍťϙôÍèēϙÍŘťƅϙôƄŕŘôŜŜīƅϙîôèīĖIJôŜϙ ŘôŜŕĺIJŜĖæĖīĖťƅϙċĺŘϙťēôϙÍèťŜϙĺŘϙĺıĖŜŜĖĺIJŜϙĺċϙťēôϙĺťēôŘϟϙbĺťēĖIJČϙĖIJϙťēĖŜϙČŘôôıôIJťϙŜēÍīīϙæôϙ èĺIJŜťŘŪôîϙťĺϙſÍĖŽôϙĺŘϙīĖıĖťϙÍIJƅϙĖııŪIJĖťƅϙċŘĺıϠϙĺŘϙīĖıĖťÍťĖĺIJϙĺIJϠϙťēôϙīĖÍæĖīĖťƅϙĺċϙôĖťēôŘϙÍŘťƅϙÍŜϙ ŕŘĺŽĖîôîϙæƅϙīÍſϟϙ ϙ ϙ ϙ ôƄŕôIJŜôϙÍŘĖŜĖIJČϙŪIJîôŘϙťēôϙŕŘĺŽĖŜĖĺIJŜϙĺċϙťēĖŜϙČŘôôıôIJťϙÍIJîϙèÍŜôîϙæƅϙĺŘϙŘôŜŪīťĖIJČϙċŘĺıϙ IJôČīĖČôIJťϙÍèťŜϙĺŘϙĺıĖŜŜĖĺIJŜϙĺċϙťēôϙIIJîôıIJĖċƅĖIJČϙÍŘťƅϙÍIJîϯĺŘϙťēĺŜôϙĺċϙťēôϙIIJîôıIJĖċƅĖIJČϙ ÍŘťĖôŜЍϙôıŕīĺƅôôŜϙĺŘϙÍČôIJťŜϙŕŘĺŽĖîôîϠϙēĺſôŽôŘϠϙťēÍťϙŪIJîôŘϙIJĺϙèĖŘèŪıŜťÍIJèôŜϙŜēÍīīϙÍIJϙ IIJîôıIJĖċƅĖIJČϙÍŘťƅϙæôϙŘôŗŪĖŘôîϙťĺϙŕÍƅϙĺIJϙæôēÍīċϙĺċϙĖťŜôīċϙÍIJîϙťēôϙĺťēôŘϙŕÍŘťƅϙÍIJƅϙÍıĺŪIJťŜϙĖIJϙ ôƄèôŜŜϙĺċϙťēôϙīĖıĖťŜϙĺIJϙīĖÍæĖīĖťƅϙôŜťÍæīĖŜēôîϙĖIJϙaĖIJIJôŜĺťÍϙťÍťŪťôŜϙēÍŕťôŘϙ͓͕͕ϙÍŕŕīĖèÍæīôϙťĺϙ ÍIJƅϙĺIJôϙÍŘťƅϟϙēôϙīĖıĖťŜϙĺċϙīĖÍæĖīĖťƅϙċĺŘϙÍīīϙÍŘťĖôŜϙıÍƅϙIJĺťϙæôϙÍîîôîϙťĺČôťēôŘϙťĺϙîôťôŘıĖIJôϙ ťēôϙıÍƄĖıŪıϙÍıĺŪIJťϙĺċϙīĖÍæĖīĖťƅϙċĺŘϙôĖťēôŘϙÍŘťƅϟϙēôϙťÍťŪťĺŘƅϙīĖıĖťŜϙĺċϙīĖÍæĖīĖťƅϙıÍƅϙIJĺťϙæôϙ ÍîîôîϙťĺϙĖIJèŘôÍŜôϙťēôϙıÍƄĖıŪıϙīĖÍæĖīĖťƅϙċĺŘϙÍIJƅϙŕÍŘťƅϟϙēôϙĖIJťôIJťϙĺċϙťēĖŜϙŕÍŘÍČŘÍŕēϙĖŜϙťĺϙ ĖıŕĺŜôϙĺIJϙôÍèēϙÍŘťƅϙÍϙīĖıĖťôîϙîŪťƅϙťĺϙîôċôIJîϙÍIJîϙĖIJîôıIJĖċƅϙťēôϙĺťēôŘϠϙŜŪæĤôèťϙťĺϙťēôϙīĖıĖťŜϙ ĺċϙīĖÍæĖīĖťƅϙŪIJîôŘϙaĖIJIJôŜĺťÍϙťÍťŪťôŜϙēÍŕťôŘϙ͓͕͕ϟϙēôϙŕŪŘŕĺŜôϙĺċϙèŘôÍťĖIJČϙťēĖŜϙîŪťƅϙťĺϙ îôċôIJîϙÍIJîϙĖIJîôıIJĖċƅϙĖŜϙťĺϙŜĖıŕīĖċƅϙťēôϙîôċôIJŜôϙĺċϙèīÍĖıŜϙæƅϙôīĖıĖIJÍťĖIJČϙèĺIJƲĖèťŜϙÍıĺIJČϙ ťēôϙÍŘťĖôŜϙÍIJîϙťĺϙŕôŘıĖťϙīĖÍæĖīĖťƅϙèīÍĖıŜϙÍČÍĖIJŜťϙæĺťēϙŕÍŘťĖôŜϙċŘĺıϙÍϙŜĖIJČīôϙĺèèŪŘŘôIJèôϙťĺϙæôϙ îôċôIJîôîϙæƅϙÍϙŜĖIJČīôϙÍťťĺŘIJôƅϟϙ ϙ ϙ ϟIIJŜŪŘÍIJèôϟϙēôϙÍŘťĖôŜϙŜŪæĤôèťϙťĺϙaĖIJIJôŜĺťÍϙťÍťŪťôŜϙēÍŕťôŘϙ͓͕͕ϙŜēÍīīϙıÍĖIJťÍĖIJϙĖIJŜŪŘÍIJèôϙ ĖIJϙÍIJϙÍıĺŪIJťϙIJĺϙīôŜŜϙťēÍIJϙťēôϙīĖıĖťŜϙĺċϙīĖÍæĖīĖťƅϙŪIJîôŘϙaĖIJIJôŜĺťÍϙťÍťŪťôŜϙôèťĖĺIJϙ͓͕͕ϟ͏͓Ϡϙ Ūæîϙ͐ϙϼ͖ϽϙÍIJîϙϼ͗Ͻϟ ϙ ϙ "ϟēĺŪīîϙÍIJƅϙīĖťĖČÍťĖĺIJϙæôϙèĺııôIJèôîϙÍČÍĖIJŜťϙťēôϙĺſIJŜēĖŕϙæƅϙÍϙťēĖŘîϙŕÍŘťƅϙŘôīÍťôîϙťĺϙťēôϙ ŕŘĺèôîŪŘôŜϙĺŘϙîÍťÍϙŪŜôîϙĖIJϙŕôŘċĺŘıĖIJČϙťēôϙ(®ϠϙťēôϙèĺIJèīŪŜĖĺIJŜϙŘôÍèēôîϙĖIJϙťēôϙ(®ϠϙĺŘϙťēôϙ èĺIJèīŪŜĖĺIJŜϙĺċϙťēôϙĖťƅϙŘôīÍťôîϙťĺϙťēôϙIJôôîϙċĺŘϙċŪŘťēôŘϙôIJŽĖŘĺIJıôIJťÍīϙŜťŪîĖôŜϙÍċťôŘϙťēôϙ(®ϙ ĖŜϙèĺıŕīôťôîϠϙťēôϙĖťƅϙŜēÍīīϙîôċôIJîϙÍIJîϙĖIJîôıIJĖċƅϙťēôϙĺſIJŜēĖŕϙċĺŘϙÍīīϙèĺŜťŜϙĖťϙıÍƅϙĺèèŪŘϙÍŜϙ ÍϙŘôŜŪīťϙĺċϙŜŪèēϙīĖťĖČÍťĖĺIJϟϙ ϙ ϙ I[(ϙ«IIϙϳϙa(@(ϙai"I>IIibϙb"ϙ(«(ÍťĖĺIJϟϙēĖŜϙČŘôôıôIJťϙıÍƅϙæôϙıĺîĖƱôîϙĺŘϙÍıôIJîôîϙĺIJīƅϙĖIJϙÍIJîϙŪŕĺIJϙŜĖČIJÍťŪŘôŜϙæƅϙ ťēôϙÍŘťĖôŜϟ ϙ ϙ ϟôŽôŘÍæĖīĖťƅϟϙēôϙŕŘĺŽĖŜĖĺIJŜϙĺċϙťēĖŜϙČŘôôıôIJťϙÍŘôϙîôôıôîϙŜôŽôŘÍæīôϟϙIċϙÍIJƅϙŕÍŘťϙĺċϙťēĖŜϙ ČŘôôıôIJťϙĖŜϙŘôIJîôŘôîϙŽĺĖîϠϙĖIJŽÍīĖîϠϙĺŘϙŪIJôIJċĺŘèôÍæīôϠϙŜŪèēϙƱIJîĖIJČϙŜēÍīīϙēÍŽôϙIJĺϙôƯôèťϙĺIJϙ ÍIJƅϙĺťēôŘϙŕĺŘťĖĺIJϙĺċϙťēĖŜϙČŘôôıôIJťϟϙ ϙ ϙ I[(ϙ«IIIϙϳϙaI[[b(i [[934,2402,935,2461][11][,,][FEFCB7100D1]]ϙ ϙ ϟFôÍîĖIJČŜϙÍIJîϙÍŕťĖĺIJŜϟϙēôϙÍŘťĖôŜϙÍČŘôôϙťēÍťϙťēôϙēôÍîĖIJČŜϙÍIJîϙèÍŕťĖĺIJŜϙèĺIJťÍĖIJôîϙĖIJϙťēĖŜϙ ČŘôôıôIJťϙÍŘôϙċĺŘϙèĺIJŽôIJĖôIJèôϙĺIJīƅϙÍIJîϙÍŘôϙIJĺťϙĖIJťôIJîôîϙťĺϙÍīťôŘϙÍIJƅϙĺċϙťēôϙŕŘĺŽĖŜĖĺIJŜϙĺċϙ ťēĖŜϙČŘôôıôIJťϟϙ ϙ ϙ ϙ iīıŜťôîϠϙťÍťôϙĺċϙaĖIJIJôŜĺťÍϟϙ[ĖťĖČÍťĖĺIJϠϙēĺſôŽôŘϠϙĖIJϙťēôϙċôîôŘÍīϙèĺŪŘťŜϙĖIJŽĺīŽĖIJČϙťēôϙÍŘťĖôŜϙ ſĖīīϙæôϙĖIJϙťēôϙÍŕŕŘĺŕŘĖÍťôϙċôîôŘÍīϙèĺŪŘťϙſĖťēĖIJϙťēôϙťÍťôϙĺċϙaĖIJIJôŜĺťÍϟϙ ϙ ϙ ϟēĖŘîϙÍŘťĖôŜϟϙēĖŜϙČŘôôıôIJťϙĖŜϙæôťſôôIJϙťēôϙĺſIJŜēĖŕϙÍIJîϙťēôϙĖťƅϙÍŜϙťēôϙĺIJīƅϙÍŘťĖôŜϙÍIJîϙ IJĺϙŕŘĺŽĖŜĖĺIJϙĺċϙťēĖŜϙČŘôôıôIJťϙŜēÍīīϙĖIJϙÍIJƅſÍƅϙĖIJŪŘôϙťĺϙťēôϙæôIJôƱťϙĺċϙÍIJƅϙťēĖŘîϙŕôŘŜĺIJϙ ϼĖIJèīŪîĖIJČϙťēôϙŕŪæīĖèϙÍťϙīÍŘČôϙÍIJîϙÍIJƅϙŕŘĺŕôŘťƅϙĺſIJôŘϠϙťôIJÍIJťϙĺŘϙŘôŜĖîôIJťϙſĖťēĖIJϙťēôϙ @ôĺČŘÍŕēĖèϙŘôÍϽϙŜĺϙÍŜϙťĺϙèĺIJŜťĖťŪťôϙÍIJƅϙŜŪèēϙŕôŘŜĺIJϙÍŜϙÍϙťēĖŘîϙŕÍŘťƅϙæôIJôƱèĖÍŘƅϙĺċϙťēôϙ ČŘôôıôIJťϙĺŘϙĺċϙÍIJƅĺIJôϙĺŘϙıĺŘôϙĺċϙťēôϙťôŘıŜϙēôŘôĺċϠϙĺŘϙĺťēôŘſĖŜôϙČĖŽôϙŘĖŜôϙťĺϙÍIJƅϙèÍŪŜôϙĺċϙ ÍèťĖĺIJϙĖIJϙÍIJƅϙŕôŘŜĺIJϙIJĺťϙÍϙŕÍŘťƅϙēôŘôťĺϟϙ ϙ ϙ >ÍĖīŪŘôϙæƅϙÍIJƅϙŕÍŘťƅϙťĺϙĖIJŜĖŜťϙŪŕĺIJϙťēôϙŜťŘĖèťϙŕôŘċĺŘıÍIJèôϙĺċϙÍIJƅϙťôŘıϠϙèĺŽôIJÍIJťϠϙĺŘϙ èĺIJîĖťĖĺIJϙĺċϙťēĖŜϙČŘôôıôIJťϙŜēÍīīϙIJĺťϙæôϙèĺIJŜťŘŪôîϙÍŜϙÍϙſÍĖŽôŘϙĺŘϙÍϙŘôīĖIJŗŪĖŜēıôIJťϙċĺŘϙťēôϙ ċŪťŪŘôϙĺċϙŜŪèēϙťôŘıϠϙèĺŽôIJÍIJťϠϙèĺIJîĖťĖĺIJϠϙĺŘϙĺŕťĖĺIJϟϙēôϙÍŘťĖôŜϙŜēÍīīϙIJĺťϙæôϙîôôıôîϙťĺϙēÍŽôϙ ſÍĖŽôîϙÍIJƅϙŕŘĺŽĖŜĖĺIJϙĺċϙťēĖŜϙČŘôôıôIJťϙŪIJťĖīϙôƄŕŘôŜŜôîϙĖIJϙÍϙŜĖČIJôîϙſŘĖťĖIJČϟϙēĖŜϙČŘôôıôIJťϙ ıÍƅϙæôϙôƄôèŪťôîϙĖIJϙŜôŽôŘÍīϙèĺŪIJťôŘŕÍŘťŜϠϙôÍèēϙĺċϙſēĖèēϙŜēÍīīϙæôϙÍIJϙĺŘĖČĖIJÍīϙÍIJîϙÍīīϙĺċϙſēĖèēϙ ŜēÍīīϙèĺIJŜťĖťŪťôϙæŪťϙĺIJôϙÍIJîϙťēôϙŜÍıôϙĖIJŜťŘŪıôIJťϟϙ ϙ ϙ IċϙÍIJƅϙťôŘıϙĺŘϙŕŘĺŽĖŜĖĺIJϙĖIJϙťēĖŜϙČŘôôıôIJťϙĖŜϙîôôıôîϙĖIJŽÍīĖîϙĺŘϙŪIJôIJċĺŘèôÍæīôϙæƅϙÍIJƅϙ ŘôèĺČIJĖƏôîϙťŘĖæŪIJÍīϠϙťēôϙŘôıÍĖIJîôŘϙĺċϙťēĖŜϙČŘôôıôIJťϙŜēÍīīϙæôϙŽÍīĖîϙÍIJîϙôIJċĺŘèôÍæīôϙťĺϙťēôϙ ôƄťôIJťϙŕôŘıĖťťôîϙæƅϙīÍſϟϙ ϙ ϙ ēĖŜϙČŘôôıôIJťϙĖŜϙîôèīÍŘôîϙťĺϙæôϙÍϙaĖIJIJôŜĺťÍϙèĺIJťŘÍèťϠϙÍIJîϙÍīīϙĺċϙĖťŜϙťôŘıŜϙŜēÍīīϙæôϙ èĺIJŜťŘŪôîϙĖIJϙÍèèĺŘîÍIJèôϙſĖťēϙaĖIJIJôŜĺťÍϙīÍſϟϙIJƅϙÍèťĖĺIJϙťĺϙôIJċĺŘèôϙŘĖČēťŜϙĺŘϙĺæīĖČÍťĖĺIJŜϙ ŪIJîôŘϙťēĖŜϙČŘôôıôIJťϙŜēÍīīϙæôϙæŘĺŪČēťϙĖIJϙiīıŜťôîϙĺŪIJťƅϟϙ ϙ ϙ IJƅϙŕôŘŜĺIJϙôIJČÍČôîϙĖIJϙſĺŘħϙċĺŘϙťēôϙĖťƅϙŜēÍīīϙIJĺťϙæôϙèĺIJŜĖîôŘôîϙÍIJϙôıŕīĺƅôôϙĺċϙťēôϙ ĺſIJŜēĖŕϙċĺŘϙÍIJƅϙŕŪŘŕĺŜôϠϙÍIJîϙÍIJƅϙŕôŘŜĺIJϙôIJČÍČôîϙĖIJϙſĺŘħϙċĺŘϙťēôϙĺſIJŜēĖŕϙŜēÍīīϙIJĺťϙæôϙ èĺIJŜĖîôŘôîϙÍIJϙôıŕīĺƅôôϙĺċϙťēôϙĖťƅϙċĺŘϙÍIJƅϙŕŪŘŕĺŜôϟϙ ϙ ϙ ŪŘŜŪÍIJťϙťĺϙaĖIJIJôŜĺťÍϙťÍťŪťôŜϙЯϙ͕͐ϟ͏͔ϠϙŪæîϟϙ͔ϠϙÍIJƅϙæĺĺħŜϠϙŘôèĺŘîŜϠϙîĺèŪıôIJťŜϠϙÍIJîϙ ÍèèĺŪIJťĖIJČϙŕŘĺèôîŪŘôŜϙÍIJîϙŕŘÍèťĖèôŜϙĺċϙťēôϙĖťƅϙÍIJîϙťēôϙĺſIJŜēĖŕϙŘôīôŽÍIJťϙťĺϙťēôϙ ČŘôôıôIJťϙÍŘôϙŜŪæĤôèťϙťĺϙôƄÍıĖIJÍťĖĺIJϙæƅϙťēôϙĖťƅϠϙťēôϙĺſIJŜēĖŕϠϙÍIJîϙôĖťēôŘϙťēôϙ[ôČĖŜīÍťĖŽôϙ ŪîĖťĺŘϙĺŘϙťēôϙťÍťôϙŪîĖťĺŘϙÍŜϙÍŕŕŘĺŕŘĖÍťôϟϙēôϙÍŘťĖôŜϙŜēÍīīϙıÍĖIJťÍĖIJϙťēôŜôϙŘôèĺŘîŜϙċĺŘϙÍϙ ŕôŘĖĺîϙĺċϙŜĖƄϙϼ͕ϽϙƅôÍŘŜϙċŘĺıϙťēôϙîÍťôϙĺċϙŕôŘċĺŘıÍIJèôϙĺċϙÍīīϙŜôŘŽĖèôŜϙèĺŽôŘôîϙŪIJîôŘϙťēĖŜϙ ČŘôôıôIJťϟϙ ϙ ϙ ēôϙÍŘťĖôŜϙÍƯĖŘıϙÍIJîϙÍèħIJĺſīôîČôϙťēÍťϙťēôƅϙēÍŽôϙċŪīīƅϙŘôÍîϙťēĖŜϙČŘôôıôIJťϙÍIJîϙôÍèēϙēÍŜϙ æôôIJϙŘôŕŘôŜôIJťôîϙæƅϙīôČÍīϙèĺŪIJŜôīϟϙ ϙ ϙ ϙ ϙ ϙ ϙ ϙ ϙ ϙ ϙ ϙ ͔ϙ VϙϳϙĖťƅϙĺċϙĺèēôŜťôŘϙÍIJîϙFĖČēϙ>ĺŘôŜťϙĺſIJŜēĖŕ ϙ ϙ I´ϙi>ϙiF((ϙ ϶϶϶϶϶϶϶϶϶϶϶϶϶϶϶϶϶϶϶϶϶϶϶϶϶϶϶϶϶϶϶϶϶϶϶϶϶ϙ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³3URSHUW\´ FRPSULVLQJWZRSDUFHOVRIVTXDUHIHHW ([LVWLQJ 3URSRVHG3DUFHO DQGRU-XO\LIFORVLQJLVH[WHQGHGGRHVQRW RFFXUDOOHDUQHVWPRQLHVDUHIRUIHLWHGWRWKH6HOOHUDQGWKLVSXUFKDVHDJUHHPHQWLV FRQVLGHUHG1XOODQG9RLG 5($/(67$7(7$;(6 5HDOHVWDWHWD[HVIRUWKH3URSHUW\DUHFXUUHQWO\H[HPSW $FFRUGLQJO\QRSURUDWLRQRIWKHWD[HVLQWKH\HDURIFORVLQJZLOOEHUHTXLUHG5HDO HVWDWHWD[HVLIDQ\SD\DEOHLQWKH\HDUVSULRUWRFORVLQJVKDOOEHSDLGE\6HOOHU5HDO HVWDWHWD[HVSD\DEOHLQWKH\HDUVVXEVHTXHQWWRFORVLQJVKDOOEHSDLGE\%X\HU 63(&,$/$66(660(1766(//(56+$//3$< RQWKH&ORVLQJ'DWHDOO LQVWDOOPHQWVRIVSHFLDODVVHVVPHQWVFHUWLILHGIRUSD\PHQWZLWKWKHUHDOHVWDWHWD[HVGXH 6(//(56+$//3$<21'$7(2)&/26,1* DQGSD\DEOHLQWKH\HDURIFORVLQJ DOORWKHUVSHFLDODVVHVVPHQWVOHYLHGDVRIWKHGDWHRIWKLV$JUHHPHQW 6(//(56+$//3529,'(3$<0(172) VSHFLDODVVHVVPHQWVSHQGLQJDVRIWKH GDWHRIWKLV$JUHHPHQWIRULPSURYHPHQWVWKDWKDYHEHHQRUGHUHGE\WKH&LW\&RXQFLORU RWKHUJRYHUQPHQWDODVVHVVLQJDXWKRULWLHV 6HOOHU¶VSURYLVLRQIRUSD\PHQWVKDOOEHE\ SD\PHQWLQWRHVFURZRIWLPHVWKHHVWLPDWHGDPRXQWRIWKHDVVHVVPHQWV DIWHUEHIRUH ,IDVSHFLDODVVHVVPHQWEHFRPHVSHQGLQJWKHGDWHRIWKLV$JUHHPHQWDQGWKH &ORVLQJ'DWH%X\HUPD\DW%X\HU¶VRSWLRQ D $VVXPHSD\PHQWRIWKHSHQGLQJVSHFLDO DVVHVVPHQWZLWKRXWDGMXVWPHQWWRWKHSXUFKDVHSULFHRU E 5HTXLUH6HOOHUWRSD\WKH SHQGLQJVSHFLDODVVHVVPHQW RUHVFURZIRUSD\PHQWRIVDPHDVXPHTXDOWRò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¶VREOLJDWLRQXQGHUWKLV$JUHHPHQWLVFRQWLQJHQW XSRQWKH%X\HU¶VDSSURYDOLQLWVVROHGLVFUHWLRQRIWKHIROORZLQJ D$SSURYDOE\WKH%X\HURIWKH6HOOHU'HOLYHUDEOHVGHOLYHUHGLQ DFFRUGDQFHZLWK6HFWLRQ G EHORZ E$Q\VXUYH\HQYLURQPHQWDOUHSRUWVDQGVRLOUHSRUWVRUGHUHGDQG REWDLQHGE\WKH%X\HUUHODWLQJWRWKH3URSHUW\DQG F%X\HU¶VUHFHLSWRIFRQILUPDWLRQRIWKHIROORZLQJLWHPVDVVRFLDWHGZLWK %X\HU¶VFRQWHPSODWHGPXOWLIDPLO\KRXVLQJSURMHFW L7KHFXUUHQW]RQLQJIRUWKHPDMRULW\RIWKHSURSHUW\LV0;7 &RUULGRU7KHSURSHUW\XSRQFRQVROLGDWLQJORWVLQDSODWZLOOEH FRQVLGHUHG0;7&RUULGRU]RQHG LL5HYLVLRQRIWKH5HVROXWLRQIRU9DFDWLRQRIWK$YHQXH6( WK DGMRLQLQJ%X\HU¶VSURSHUW\FRQILUPLQJWKHSRUWLRQVRI $YHQXH6(FRQWHPSODWHGWKHUHLQDUHYDFDWHGDQG LLL$SSURYDORIWKHUHSODWWLQJRIWKH3URSHUW\DQGWKH%X\HU¶V SURSHUW\LQFOXGLQJ7D[,'3DUFHO¶V E %X\HUVKDOOGHVLJQVXFKFRQWHPSODWHGEXLOGLQJWRPHHWIORRGVWDQGDUGVDQGHOHYDWLRQV DVGLUHFWHGE\WKH&LW\ F %X\HUVKDOOSURYLGHDQGSODQIRUDQ\DQGDOOUHORFDWLRQRIXWLOLWLHVDVVRFLDWHGZLWKWKH WK FRQWHPSODWHGYDFDWLRQRI$YHQXH6($GGLWLRQDOO\%X\HUVKDOOSURYLGHHDVHPHQW V UHTXLUHGE\WKH&LW\RURWKHUXWLOLW\RZQHUDVVRFLDWHGZLWKVDLGXWLOLW\UHORFDWLRQ G %X\HUVKDOOSODWWKHLUSURSHUW\DQGSD\DOOFRVWVDVVRFLDWHGZLWKSODWWLQJRIWKH%X\HU¶V SURSHUW\DQGWKH3URSHUW\ZKLFKSODWWLQJPD\RFFXUVLPXOWDQHRXVO\ZLWKWKHFORVLQJ KHUHXQGHU H %X\HUVKDOOFRQVROLGDWHRZQHUVKLSRIYDULRXVSURSHUWLHVFRQWDLQHGZLWKLQWKHSODWSULRU WRRUVLPXOWDQHRXVO\ZLWK6HOOHUFRQYH\LQJSURSHUW\WR%X\HU OOSD\WKHSUHPLXPIRUDQ\RZQHU¶VSROLF\RU OHQGHU¶VSROLF\LVVXHGE\WKHWLWOHLQVXUDQFHFRPSDQ\WKHWLWOHH[DPLQDWLRQIHHDQGWKH IHHIRUDQ\HQGRUVHPHQWVRURWKHUFRYHUDJHVUHTXHVWHGE\%X\HU %X\HUVKDOOKDYHWHQ EXVLQHVVGD\VDIWHUUHFHLSWRIWKHWLWOHLQVXUDQFHFRPPLWPHQW WRSURYLGH6HOOHURUOLFHQVHHUHSUHVHQWLQJRUDVVLVWLQJ6HOOHUZLWKZULWWHQREMHFWLRQVWR WLWOH%X\HUVKDOOEHGHHPHGWRKDYHZDLYHGDQ\WLWOHREMHFWLRQVQRWPDGHZLWKLQVXFK WHQ GD\SHULRGH[FHSWWKDWWKLVVKDOOQRWRSHUDWHDVDZDLYHURI6HOOHU¶VFRYHQDQWWR GHOLYHUD/LPLWHG:DUUDQW\'HHG6HOOHUVKDOOXVH6HOOHU¶VEHVWHIIRUWVWRFRUUHFWDQ\ WLWOHREMHFWLRQVQRWHGE\%X\HUDQGWRSURYLGHPDUNHWDEOHWLWOHE\WKHGDWHRIFORVLQJ,Q WKHHYHQW6HOOHUKDVQRWFXUHGWKHWLWOHREMHFWLRQVRURWKHUZLVHSURYLGHGPDUNHWDEOHWLWOH E\WKHGDWHRIFORVLQJ6HOOHUVKDOOKDYHDQDGGLWLRQDOWKLUW\ GD\VWRFRUUHFWWKHWLWOH REMHFWLRQRURWKHUZLVHPDNHWLWOHPDUNHWDEOH%X\HUPD\ZDLYHWLWOHREMHFWLRQVRURWKHU GHIHFWVE\ZULWWHQQRWLFHWR6HOOHURUOLFHQVHHUHSUHVHQWLQJRUDVVLVWLQJ6HOOHU,QDGGLWLRQ WRWKHWKLUW\ GD\H[WHQVLRQ%X\HUDQG6HOOHUPD\E\PXWXDODJUHHPHQWIXUWKHU H[WHQGWKHGDWHRIFORVLQJ/DFNLQJVXFKH[WHQVLRQHLWKHUSDUW\PD\GHFODUHWKLV 3XUFKDVH$JUHHPHQWWHUPLQDWHGDQGQHLWKHUSDUW\VKDOOEHOLDEOHIRUGDPDJHVWRWKHRWKHU %X\HUDQG6HOOHUVKDOOLPPHGLDWHO\VLJQDFDQFHOODWLRQRISXUFKDVHDJUHHPHQWGLUHFWLQJ DOOHDUQHVWPRQH\SDLGKHUHXQGHUWREHUHIXQGHGWR%X\HU 3266(66,21 6HOOHUVKDOOGHOLYHUSRVVHVVLRQRIWKH3URSHUW\RQWKH&ORVLQJ'DWH 5(35(6(17$7,216$1':$55$17,(6 $VWRWKHFRQGLWLRQRIWKHSURSHUW\ QRQH%X\HUSXUFKDVLQJWKHSURSHUW\³DVLV´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¶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ϙ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¶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͕ϯ͔͑ϯ͔͑ϙ ôŽĖŜôîϙÍŘħŜϙЭϙ>ĺŘôŜťŘƅϙèĺŜťŜϙťĺϙĖIJèīŪîôϙÍîîĖťĖĺIJÍīϙ>īôôťϙ ÍŘħŜϙЭϙ>ĺŘôŜťŘƅϙbôſϙ ÍŘħŜϙЭϙ>ĺŘôŜťŘƅϙbôſϙ IťôıŜϙIJĺſϙĖIJèīŪîôîϙĖIJϙ@aϡϙ ͐ϟîîĖťĖĺIJÍīϙċīôôťϙæÍƅϙ ͑ϟĺĺċĖIJČϙ ÍϟaôèēÍIJĖèÍīīƅϙċÍŜťôIJϙèĺŽôŘϙæĺÍŘîϙĖIJϙīĖôŪϙĺċϙÍîēôŘĖIJČϙ æϟ>ÍæŘĖèÍťôϙŕÍŘÍŕôťϙèÍŕϙĖIJϙaôŘĖťЍŜϙŜēĺŕϙϼIJĺťϙŕŘôıÍIJŪċÍèťŪŘôîϽ ϙ èϟIIJŜťÍīīϙĖIJîŪŜťŘƅϙŜťÍIJîÍŘîϙèŘĖèħôťŜϙ ͒ϟaôèēÍIJĖèÍīϙ ÍϟſĖťèēϙťĺϙ"ÍĖħôIJϙĺŘϙIIJIJĺŽôIJťϙFϙ æϟēÍIJČôϙŜťĺŘıϙŕĖŕĖIJČϙťĺϙ«ϙĖIJϙīĖôŪϙĺċϙıôťÍīīĖèϙ èϟēÍČôϙťĺϙŕŘĺϱŕŘôŜŜϙŕĖŕôϙĤĺĖIJĖIJČϙĖIJϙīĖôŪϙĺċϙŜĺīîôŘôîϙèĺIJIJôèťĖĺIJŜϙċĺŘϙ ČôĺťēôŘıÍīϠϙēĺťϙÍIJîϙèēĖīīôîϙſÍťôŘϙŜƅŜťôıŜϙĺIJϙŕĖŕôŜϙ͑Ћ ϙÍIJîϙŜıÍīīôŘϙ ϙ IťôıŜϙbiϙĖIJèīŪîôîϙĖIJϙĺŜťŜϡϙ ͐ϟôŜťĖIJČϙÍIJîϙŜŕôèĖÍīϙĖIJŜŕôèťĖĺIJŜϙ ͑ϟ>>(ϙ ÍϟÍĖIJťϯèēôıĖèÍīϙŕÍīīôťϙŘÍèħĖIJČϠϙôŗŪĖŕıôIJťϙi>iIϙ æϟťÍĖIJīôŜŜϙŜťôôīϙèÍŜôſĺŘħϙi>iIϙ èϟŘĺĤôèťĺŘŜϙi>Iϙ îϟaĺIJĖťĺŘŜϙÍIJîϙæŘÍèħôťŜϙi>Iϙ ôϟŪîĖĺϯ«ĖŜŪÍīϙi>iIϙ ċϟ>īÍČŜϙi>iIϙ ČϟĖèIJĖèϙťÍæīôŜϠϙæôIJèēôŜϠϙťŘÍŜēϙèĺIJťÍĖIJôŘŜϙi>iIϙ ēϟĺÍŕϙîĖŜŕôIJŜôŘŜϠϙŕÍŕôŘϙťĺſôīϙîĖŜŕôIJŜôŘŜϠϙťĺĖīôťϙŕÍŕôŘϙîĖŜŕôIJŜôŘŜϙi>Iϙ ĖϟŕŕīĖÍIJèôŜϙ ϳ ϙıĖèŘĺſÍŽôŜϠϙŘôċŘĖČôŘÍťĺŘŜϠϙîĖŜēſÍŜēôŘϠϙſÍŜēôŘϠϙîŘƅôŘϙi>Iϙ Ĥϟ[ĖċťŜϠϙīŪæôϙŜƅŜťôıϠϙıÍťôŘĖÍīϙťôŜťĖIJČϙôŗŪĖŕıôIJťϠϙÍĖŘϙèĺıŕŘôŜŜĺŘϠϙèĺıŕŘôŜŜôîϙ ÍĖŘϙēĺŜôŜϠϙèĺŘîϙŘôôīϙîŘĺŕŜϠϙŕŘôŜŜŪŘôϙſÍŜēôŘϙŜƅŜťôıϠϙŘÍîĖĺϙŜƅŜťôıϠϙèôIJťŘÍīϙ ŽÍèŪŪıϙŜƅŜťôıϙi>iIϙ ͒ϟťŘôôťϙŕÍťèēĖIJČϙ ͓ϟŘÍŜēϙôIJèīĺŜŪŘôϙ ͔ϟϯ®ϙċôôŜϙ ͕ϟťĺŘıϙſÍťôŘϙèēÍŘČôϙċôôŜϙ ͖ϟÍĖIJťϙæĺĺťēϙŽôIJťĖīÍťĖĺIJϙ ͗ϟ"ÍŘèƅϙŜƅŜťôıϙ ͘ϟÍČĖIJČϙŜƅŜťôıϙ ͐͏ϟIIJťŘŪŜĖĺIJϙîôťôèťĖĺIJϙŜƅŜťôıϙ ϳ ϙſÍŜϙîôťôŘıĖIJôîϙťēĖŜϙĖŜϙIJĺťϙIJôôîôîϙ ͐͐ϟ«ϙŜƅŜťôıϙ ͐͑ϟÍıôŘÍŜϙϱϙi>Iϙ ĺııôIJťŜ ͔͓͏͏͏͔͒͏ èèôŕťôîώĖIJèīŪîôîώÍæĺŽôèèôŕťôîώĖIJèīŪîôîώÍæĺŽôèèôŕťôîώĖIJèīŪîôîώÍæĺŽôèèôŕťôîώĖIJèīŪîôîώÍæĺŽôèèôŕťôîώĖIJèīŪîôîώÍæĺŽôèèôŕťôîώĖIJèīŪîôîώÍæĺŽôèèôŕťôîώĖIJèīŪîôîώÍæĺŽôèèôŕťôîώĖIJèīŪîôîώÍæĺŽôèèôŕťôîώĖIJèīŪî ôîώÍæĺŽôèèôŕťôîώĖIJèīŪîôîώÍæĺŽô ôĤôèťôî ώώώώώщώώώώώώώώώώώώώώώώώώώώώ͔͓͒Ϡ͐͏͏ώώώώώώщώώώώώώώώώώώώώώώώώώώώώ͔͖͑Ϡ͏͏͏ώώώώώώщώώώώώώώώώώώώώώώώώώώώώ͐͐͏Ϡ͘͏͏ώώώώώώщώώώώώώώώώώώώώώώώώώώώώ͔͒͒Ϡ͕͏͏ώώώώώώщώώώώώώώώώώώώώώώώώώώώώ͓͖͘Ϡ͕͏͏ώώώώώώщώώώώώώώώώώώώώώώώώ͐ Ϡ͔͗͐Ϡ͕͏͏ώώώώώώщώώώώώώώώώώώώώώώώώώώώώ͑͏͒Ϡ͗͏͏ώ щώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώ͒Ϡ͒͑͑Ϡ͕͏͏ ώèèôŕťôîώώôIJîĖIJČώôĤôèťôî ώщώώώώώώώώώώώώώώώώώώώώώώώϼ͘Ϡ͖͔͑Ͻώώώώώώώщώώώώώώώώώώώώώώώώώώώώώώώϼ͗Ϡ͘͏͏Ͻώώώώώώώώώώώώώώώώώώώщώώώώώώώώώώώώώώώώ͐Ϡ͖͔͗Ϡ͑͏͏ώώώώώώώώώώώώώώщώώώώώώώώώώώώώώώώώώώώώώώϼ͐Ϡ͔͑͏Ͻώώώώώώώщώώώώώώώώώώώώώώώώώώώώώώώϼ͐Ϡ͔͒͏Ͻώ ώώώώώώώώώώώώώώώώώ ώщώώώώώώώώώώώώώώώώώώώώϼ͐͏Ϡ͑͗͐Ͻώώώώώώώщώώώώώώώώώώώώώώώώώϼ͐͏͗Ϡ͐͐͒Ͻώώώώώώώщώώώώώώώώώώώώώώώώώώώώϼ͔͒Ϡ͕͑͘Ͻώώώώώώώщώώώώώώώώώώώώώώώώώώώώϼ͔͓Ϡ͖͐͏Ͻώώώώώώώщώώώώώώώώώώώώώώώώώϼ͔͖͑Ϡ͕͗͘Ͻώώώώώώώщώώώώώώώώώώώώώώώώώϼ͐͑͏ Ϡ͏͏͏Ͻώώώώώώώщώώώώώώώώώώώώώώώώώώώώϼ͖͐Ϡ͖͖͘Ͻώώώώώώ щώώώώώώώώώώώώώώώώώ щώώώώώώώώώώώώ͑͘Ϡ͘͏͓Ϡ͏͏͓щώώώώώώώώώώώώ͑͘Ϡ͘͏͓Ϡ͏͏͓щώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώϱ щώώώώώώώώώώώώ͑͘Ϡ͗͐͏Ϡ͖͓͖щώώώώώώώώώώώώώώώώώώώώώ͒͘Ϡ͔͖͑ щώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώϱ щώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώώ èèôŕťôîώIťôıŜώôIJîĖIJČώIťôıŜώ щώώώώώώώώώώώώώώώώώώώώώ ώώώώ щώώώώώώώώώώώώ щώώώώώώώώώώώώщώώώώώώώώώώώώ ͑͘Ϡ͘͏͓Ϡ͏͏͓ @aώĺIJťŘÍèť͑͘Ϡ͗͐͏Ϡ͖͓͖ èĺŕôώîĤŪŜťıôIJťŜϱîĤŪŜťôîώ(ŜťĖıÍťô͑͘Ϡ͘͏͓Ϡ͏͏͓щώώώώώώώώώώώώώώώϱ "ôīťÍ͒͘Ϡ͔͖͑ >ĖIJÍīώ@aώĺIJŜťŘŪèťĖĺIJώώ͏ώ®ĖIJîĺſŜώťĺώ͓͐ДώŜťĺŘôώċŘĺIJťώ͑ώƄώ͕ϟ͔ώċŘÍ >ÍæŘĖèÍťôώŕÍŘÍŕôťώèÍŕώĖIJώŜēĺŕώϼIJĺťώıÍIJŪċÍèťŪŘôîϽ aôèēÍIJĖèÍīώ>ÍŜťôIJώèĺŽôŘώæĺÍŘîώĖIJώīĖôŪώĺċώÍîēôŘĖIJČ ŘĺϱŕŘôŜŜώŕĖŕôώĤĺĖIJĖIJČώĖIJώīĖôŪώĺċώŜĺīîôŘôîώèĺIJIJôèťĖ Iťôı"ôŜèŘĖŕťĖĺIJ īťôŘIJÍťôώ͗ϡώ®iώIIJťôŘĖĺŘώaÍĖIJťôIJÍIJèôώ -0 +, - $ $!! !!.(!.(%/#! "! #% : %! *)*+*96! 7 1 3$ ! < ! # % 9*+*(6! 7 $ *+*97*+*8 => - !-++#,2,2&#+'*2- '27-$-!#0'27*#0) -!#0 #,",#+'*2-7-30',"'4'"3*-3,!'*+#+ #0±$',"2&#'0#+'*""0#11#1-,2&# &LW\¶VZHEVLWHXQGHU'27-3,!'*±-3,!'*#+ #01 #,",#+'*2-2&#$3**-3,!'*2!'27!-3,!'*0-!#0+,%-4 4XHVWLRQV"&RQWDFWWKH&LW\&OHUN¶V2IILFH /3 *+ , $-%.$ ='#'A '!?7&) # " ' !? ! " WŚŽŶĞ͗ϱϬϳͲϯϮϴͲϮϵϱϬ ŝƚLJŽĨZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ &Ădž͗ϱϬϳͲϯϮϴͲϮϰϬϭ ϰϬϬϭtZŝǀĞƌWĂƌŬǁĂLJEt͕^ƵŝƚĞϭϬϬ ŵĂŝů͗ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϭͲϳϬϵϬ 5RFKHVWHU3ODQQLQJDQG=RQLQJ&RPPLVVLRQ-XQH 3UHSDUHG%\ 5RFKHVWHU&RPPXQLW\'HYHORSPHQW'HSDUWPHQW 5HTXHVW 0DMRU/DQG6XEGLYLVLRQ&'3/$7)DUPODQG//&WREH NQRZQDV0HUF\+LOO7KLUGIRUWKHVXEGLYLVLRQRIDFUHVLQWR UHVLGHQWLDOORWV /RFDWLRQ 7KHVLWHLVORFDWHGZHVWRI5RPH&LUFOH1: $SSOLFDQW )DUPODQG//& &RQVXOWDQW :LGVHWK$GDP3OHVFKRXUW 3/$11,1*&200,66,21&281&,/6800$5< $SSOLFDWLRQ7\SH 0DMRU/DQG6XEGLYLVLRQ :KDWLV&RQVLGHUHG 7KH0DMRU/DQG6XEGLYLVLRQLVWKHLQLWLDOGRFXPHQWDXWKRUL]LQJWKH FUHDWLRQRIDVXEGLYLVLRQ'XULQJWKH0DMRU/DQG6XEGLYLVLRQUHYLHZWKH3ODQQLQJ &RPPLVVLRQDQG&LW\&RXQFLOHYDOXDWHVWKHVXEGLYLVLRQIRUFRQIRUPDQFHZLWKORW GHYHORSPHQWVWDQGDUGVVXFKDVORWVL]HYHKLFOHDQGSHGHVWULDQDFFHVVFRQQHFWLYLW\ SXEOLFXWLOLW\QHHGVDQGWKHIXWXUHIRUGHYHORSPHQWRQDGMDFHQWXQGHYHORSHGODQG 6LWHGHVLJQVWDQGDUGVVXFKDVEXLOGLQJDQGSDUNLQJORWORFDWLRQKHLJKWDQGVHWEDFNV DUHQRWSDUWRIWKHSUHOLPLQDU\SODWUHYLHZ $ILQDOSODWZLOOIROORZWKH0DMRU/DQG6XEGLYLVLRQDQGZLOOHQVXUHIXOOFRPSOLDQFHZLWK IXWXUHFRQVWUXFWLRQXWLOLW\DQGJUDGLQJSODQV $SSURYDO%RG\ 5RFKHVWHU&LW\&RXQFLO 'HYHORSPHQW5HYLHZ7HDP5HFRPPHQGDWLRQ $SSURYDOZLWKFRQGLWLRQV 3ULRUWRDFFHSWDQFHRID)LQDO3ODW$SSOLFDWLRQD&LYLO(QJLQHHULQJ,PSURYHPHQW 3ODQV*UDGLQJ3HUPLWDQG6WRUPZDWHU0DQDJHPHQW3ODQVKDOOEHDSSURYHGE\ 5RFKHVWHU3XEOLF:RUNV 538 3ULRUWRUHFRUGDWLRQRIWKH)LQDO3ODWWKHDSSOLFDQWVKDOOPHHWWKHLUSDUNODQG REOLJDWLRQUHTXLUHPHQW 352-(&76800$5< 7KHSURSRVHG0DMRU/DQG6XEGLYLVLRQ0HUF\+LOO7KLUG6XEGLYLVLRQLVWKHVHFRQGSKDVH RIDDFUHUHVLGHQWLDOVXEGLYLVLRQFRQVLVWLQJRIDWRWDORIVLQJOHIDPLO\UHVLGHQWLDO ORWV0HUF\+LOO7KLUGHQFRPSDVVHVDWRWDORIDFUHV7KHGHYHORSPHQWDUHDLVORFDWHG HDVWRIWKH2UFKDUG5LGJHVXEGLYLVLRQDQG ϮϮϬϮϱͲϬϮϬW>d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ϯϮϬϮϱͲϬϮϬW>d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¶VHWEDFNEXIIHU :HWODQGORFDWHGLQWKHVRXWKZHVWFRUQHURIWKHGHYHORSPHQWLV QDWXUDOO\RFFXUULQJDQGUHTXLUHVD¶VHWEDFNEXIIHU :HWODQGORFDWHGLQWKHQRUWKZHVWFRUQHURIWKHGHYHORSPHQWLV LQFLGHQWDODQGFDQEHLPSDFWHG:HWODQGGRHVQRWUHTXLUHD¶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±67$1'$5'6)25$33529$/ 7KH&RPPXQLW\'HYHORSPHQW7HDPKDVUHYLHZHGWKH0DMRU/DQG6XEGLYLVLRQIRU FRQIRUPDQFHZLWKWKH8QLILHG'HYHORSPHQW&RGHDQGUHFRPPHQGVWKDWDOO0DMRU/DQG 6XEGLYLVLRQILQGLQJVDUHPHW 6HFWLRQ* 7KH&RPPXQLW\'HYHORSPHQW7HDPUHFRPPHQGV$33529$/:,7+&21',7,216 DVRXWOLQHGLQWKH3ODQQLQJ&RPPLVVLRQ6XPPDU\DERYH ϰϮϬϮϱͲϬϮϬW>d $77$&+0(176 1RWLILFDWLRQ0DS /RFDWLRQ0DS 0DMRU/DQG6XEGLYLVLRQ([KLELW $SSOLFDQW1DUUDWLYH 1HLJKERUKRRG,QIRUPDWLRQ0HHWLQJ0LQXWHV $SSURYHG0HUF\+LOO*HQHUDO'HYHORSPHQW3ODQ &'*'3 %XLOGLQJ3HUPLW ZZZURFKHVWHUPQJRY ,QVSHFWLRQV ĚŵŝŶŝƐƚƌĂƚŝǀĞ 3UHOLPLQDU\3ODW 6XEGLYLVLRQ 0DMRU/DQG :ƵĚŝĐŝĂů Ͳ YƵĂƐŝ 6XEGLYLVLRQ 0DMRU/DQG :ƵĚŝĐŝĂů )LQDO3ODW 0DMRU/DQG6XEGLYLVLRQ Ͳ YƵĂƐŝ 'HYHORSPHQW ĚŵŝŶŝƐƚƌĂƚŝǀĞ *HQHUDO 3ODQ 'HYHORSPHQW $JUHHPHQW :ƵĚŝĐŝĂů 'ĞŶĞƌĂůůLJ Ͳ YƵĂƐŝ 1HLJKERUKRRG ,QIRUPDWLRQ ĚŵŝŶŝƐƚƌĂƚŝǀĞ 0HHWLQJ 0HUF\+LOO7KLUG 6WUHHW6(5RFKHVWHU01 ĚŵŝŶŝƐƚƌĂƚŝǀĞ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¾ RUGLQDQFHZLWKRXWDQ\0LQRU0RGLILFDWLRQV0DMRU0RGLILFDWLRQVRU9DULDQFHVWR WKHVWDQGDUGVRIWKH8'& 7KHSURSRVHGODQGVXEGLYLVLRQSHUPLWLVFRQVLVWHQWZLWKDQ\DSSURYHGDQGDSSOLFDEOH F *HQHUDO'HYHORSPHQW3ODQ&RQGLWLRQDO8VH3HUPLWDQGRU7UDIILF,PSDFW6WXG\ 7KH*HQHUDO'HYHORSPHQW3ODQZDVDSSURYHGLQ'HFHPEHU7KLVSODQ ¾ IROORZVWKDW*'3ZLWKRQO\PLQRUDGMXVWPHQWVWRORWOLQHVDQGHDVHPHQWV$WUDIILF ,PSDFW6WXG\ZDVZDLYHGE\WKHFLW\WUDIILFHQJLQHHURQ 7KHSURSRVHGODQGVXEGLYLVLRQZLOOQRWUHVXOWLQDYLRODWLRQRIIHGHUDORUVWDWHODZRU G FLW\RUFRXQW\RUGLQDQFH 7KHUHLVQRWKLQJDVSDUWRIWKLVSURSRVDOWKDWZRXOGUHVXOWLQDQ\IHGHUDOVWDWH ¾ FLW\RUFRXQW\YLRODWLRQV 7KHSURSRVHGZDWHUV\VWHPDQGVDQLWDU\VHZHUV\VWHPDUHDGHTXDWHWRVHUYHWKH H QRUPDODQGILUHSURWHFWLRQGHPDQGVRISURSRVHGGHYHORSPHQWDQGWRSURYLGHIRUWKH HIILFLHQWDQGWLPHO\H[WHQVLRQWRVHUYHIXWXUHGHYHORSPHQW $SUHGHYHORSPHQWPHHWLQJZDVKHOGRQDQGSUHOLPLQDU\SODQVKDYH ¾ EHHQVHQWWRWKHUHYLHZLQJDJHQFLHVIRUZDWHUDQGVDQLWDU\7KH\KDYHGHHPHG WKHVL]LQJWREHDGHTXDWH7KHFXUUHQWSODQKDVFDSDFLW\WRVHUYHZKDWLVEHLQJ SURSRVHGERWKQRZDQGLQWKHIXWXUH 7KHSODQIRUVRLOHURVLRQDQGVWRUPZDWHUPDQDJHPHQWPHHWVWKHDGRSWHGVWDQGDUGV I RIWKH&LW\RI5RFKHVWHUDQGLVFRQVLVWHQWZLWKWKHDGRSWHG6WRUPZDWHU0DQDJHPHQW 3ODQRUDGRSWHGGUDLQDJHRUVWRUPZDWHUSROLFLHV $VWRUPZDWHUDQDO\VLVKDVEHHQSHUIRUPHGIRUWKHVLWHDQGVZDOHVDQG ¾ HDVHPHQWVKDYHEHHQLQFOXGHGWRVKRZWKHGUDLQDJHSDWWHUQV3LSHVZLOOEHVL]HG WRDFFRPPRGDWHWKHORFDOVWDQGDUGV7KH\HDUKLJKZDWHUOHYHOZLOOEH FRQWDLQHGLQWKHSURSRVHGGUDLQDJHHDVHPHQWV 7KHYHKLFXODUSHGHVWULDQWUDQVLWDQGQRQPRWRUL]HGV\VWHPLVFRQVLVWHQWZLWK J DGRSWHGWUDQVSRUWDWLRQSODQVDQGLVFRQVLVWHQWZLWKWKHVWUHHWOD\RXWVWDQGDUGVOLVWHG LQ6HFWLRQ&6XEGLYLVLRQ/HYHO&RQQHFWLYLW\DQG&LUFXODWLRQDQG DSSOLFDEOHWUDIILFVHUYLFHVWDQGDUGV 7KHFLW\VWDIIKDVUHYLHZHGWKHJHQHUDOGHYHORSPHQWSODQDQGKDVPDGH ¾ FRPPHQWVUHODWLQJWRSHGHVWULDQDQGQRQPRWRUL]HGWUDQVLW7KH\KDYHEHHQ DGGUHVVHG'XHWRWKHFRQWRXUVRIWKHVLWHDQGWKHQDWXUHRILWVOD\RXWSHGHVWULDQ WK WUDLOVEHWZHHQLFDOUHSRUWKDVEHHQGUDIWHG7KH ¾ VWXG\GHWHUPLQHGWKDWZKDWLVEHLQJSURSRVHGLVIHDVLEOHZLWKWKHJLYHQVRLOV 5HFRPPHQGDWLRQVKDYHEHHQPDGHE\WKHJHRWHFKQLFDOHQJLQHHUIRUSDYHPHQW VHFWLRQVJUDGLQJRSHUDWLRQVHWF6RPHJURXQGZDWHUZDVHQFRXQWHUHGEXW VWDQGDUGGHZDWHULQJWHFKQLTXHVDUHDQWLFLSDWHGWREHVXIILFLHQWIRUXWLOLW\ LQVWDOODWLRQ 7KHSURSRVHGVXEGLYLVLRQZLOOQRWKDYHRIIVLWHLPSDFWVRQWKHVWUHHWGUDLQDJH L ZDWHURUZDVWHZDWHUV\VWHPVWKDWH[FHHGDGRSWHGVWDQGDUGV 2IIVLWHLPSDFWVRIWKHFRQVWUXFWLRQKDYHEHHQHYDOXDWHGDQGPHDVXUHVDUH ¾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¾ SODQDQGFRPPHQWVUHODWLQJWRWKHOD\RXWKDYHEHHQDGGUHVVHG%RWKPRWRUL]HG DQGQRQPRWRUL]HGWUDYHOSDWKVKDYHEHHQDQDO\]HGERWKE\WKHHQJLQHHUV GHVLJQLQJWKHVLWHDVZHOODVFLW\VWDII7KH]RQLQJGLVWULFWUHTXLUHPHQWVKDYH EHHQVWXGLHGDQGEXLOGLQJVHWEDFNVDUHEHLQJDELGHGE\IRUWKH5GLVWULFW 7KHSURSRVHGVXEGLYLVLRQKDVWDNHQLQWRDFFRXQWWKHFXUUHQWVL[\HDUDQGRWKHU N /RQJ5DQJH&DSLWDO,PSURYHPHQWV3URJUDPVDQGWKHHOHPHQWVOLVWHGLQWKRVH SURJUDPVLQWKHGHVLJQRIWKHVXEGLYLVLRQ 7KHSURSRVHGUHVLGHQWLDOGHYHORSPHQWKDVFRQVLGHUHGWKHVHZHUDQGZDWHU ¾ LQIUDVWUXFWXUHWKDWKDVEHHQSXWLQWRSODFHE\WKH&LW\RI5RFKHVWHU,QDGGLWLRQ RWKHUSXEOLFXWLOLWLHVDUHSODQQHGDVSDUWRIWKLVGHYHORSPHQW 7KHSURSRVHGVXEGLYLVLRQZLOOQRWKDYHDGYHUVHLPSDFWVRQWKHVDIHW\RUYLDELOLW\RI O SHUPLWWHGXVHVRQRUWKHHIILFLHQWFRQWLQXHGGHYHORSPHQWRIDGMDFHQWSURSHUWLHV 7KHSURSRVHGVXEGLYLVLRQZLOOKHOSLQFUHDVHVDIHW\RIDGMDFHQWSURSHUWLHVE\ ¾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¾ WUDIILFHQJLQHHU8WLOLW\HDVHPHQWVZHUHFUHDWHGDWWKHGLUHFWLRQRI538(OHFWULF 538:DWHUDQG3XEOLF:RUNV'UDLQDJHHDVHPHQWVZHUHLQFOXGHGDORQJ GUDLQDJHVZDOHVDQGDUHLQWHQGHGWRHQFRPSDVVWKH\HDU+:/ 7KHSURSRVHGSDUNVWUDLOWKRURXJKIDUHVDQGRSHQVSDFHGHGLFDWLRQVDUHFRQVLVWHQW Q ZLWKDGRSWHGSODQVSROLFLHVDQGUHJXODWLRQV 7KHUHLVDGHTXDWHSDUNWUDLODQGRSHQVSDFHDOUHDG\LQH[LVWHQFHDVSDUWRIWKH ¾ RULJLQDOGHYHORSPHQWRIWKLVDUHDDQGLVFRQVLVWHQWZLWKWKHDGRSWHGSODQV SROLFLHVDQGUHJXODWLRQV ,IORFDWHGLQDUHVLGHQWLDO]RQLQJGLVWULFWWKHVXEGLYLVLRQDGGUHVVHVWKHQHHGWRDYRLG R VSLOORYHUSDUNLQJIURPVXEGLYLVLRQUHVLGHQWVLQWRVXUURXQGLQJUHVLGHQWLDOGLVWULFWV 2QVWUHHWSDUNLQJZDVDQDO\]HGE\WKHFLW\WUDIILFHQJLQHHU7KHUHZLOOQRWEHDQ\ ¾ SDUNLQJRQ:LQHVDSEXWWKHUHDUHQ¶WDQ\GULYHZD\VRQWKDWURDGHLWKHU7KHUH ZLOOEHRQHVLGHVWUHHWSDUNLQJRQ(OHQD&W7KLVFRPELQHGZLWKWKH GULYHZD\JDUDJHSDUNLQJRIWKHKRXVHVLVH[SHFWHGWRDFFRPPRGDWHWKH SURSRVHGGHYHORSPHQWSDUNLQJUHTXLUHPHQWV ± )RUDQ\ODQGORFDWHGZLWKLQWKH6SHFLDO)ORRG+D]DUG$UHDRIWKH)32)ORRGSODLQ S 2YHUOD\ 7KHSURSHUW\LVLQWKH)LUP3DQHO=RQH;DQGQRWORFDWHGLQWKH 6SHFLDO)ORRG+D]DUG$UHD 7KHSURSRVHGVXEGLYLVLRQDGHTXDWHO\PLWLJDWHVWKHULVNVRIIORRGLQJLQDGHTXDWH ¾ GUDLQDJHVRLODQGURFNIRUPDWLRQVZLWKVHYHUHOLPLWDWLRQVIRUGHYHORSPHQWVHYHUH HURVLRQSRWHQWLDORUDQ\RWKHUIORRGSODLQUHODWHGULVNVWRWKHKHDOWKVDIHW\RU ZHOIDUHRIWKHIXWXUHUHVLGHQWVRIWKHSURSRVHGVXEGLYLVLRQLQDPDQQHUFRQVLVWHQW ZLWKWKLVRUGLQDQFH1$ (DFKORWFRQWDLQVDSRWHQWLDOEXLOGLQJVLWHORFDWHGRXWVLGHRIWKH)ORRGZD\ ¾ 'LVWULFWDWRUDERYHWKHUHJXODWRU\IORRGSURWHFWLRQHOHYDWLRQ1$ $GHTXDWHGUDLQDJHLVSURYLGHGWRUHGXFHH[SRVXUHRIIORRGKD]DUG1$ ¾ )RUDOOVXEGLYLVLRQVFRQWDLQLQJODQGZLWKLQWKH)ORRGZD\DQGRU)ORRG)ULQJH ¾ 'LVWULFWERXQGDULHVWKHUHJXODWRU\IORRGSURWHFWLRQHOHYDWLRQDQGWKHUHTXLUHG HOHYDWLRQRIDOODFFHVVURDGVDUHFOHDUO\ODEHOHGRQDOOUHTXLUHGVXEGLYLVLRQ GUDZLQJVDQGSODWWLQJGRFXPHQWV1$ 7KHVXEGLYLVLRQSURYLGHVURDGDFFHVVERWKWRWKHVXEGLYLVLRQDQGWRWKHLQGLYLGXDO ¾ EXLOGLQJVLWHVQRORZHUWKDQWZRIHHWEHORZWKHUHJXODWRU\IORRGSURWHFWLRQ HOHYDWLRQDQG1$ $OOSXEOLFXWLOLWLHVDQGIDFLOLWLHVVXFKDVVHZHUJDVHOHFWULFDODQGZDWHUV\VWHPV ¾ DUHORFDWHGDQGFRQVWUXFWHGWRPLQLPL]HRUHOLPLQDWHIORRGGDPDJH1$ 'HFHPEHU :,'6(7+ $771/RJDQ7MRVVHP WK ± 5RFKHVWHU3XEOLF8WLOLWLHV(OHFWULF ,IEXLOGLQJVVHWEDFNIWIURPIURQWSURSHUW\OLQHPD\EHLPSRVVLEOHWRJHWWUDQVIRUPHUSODFHPHQW GXHWREXLOGLQJDQGHJUHVVFOHDUDQFHUHTXLUHPHQWV $SHUORWUHVLGHQWLDOOLQHH[WHQVLRQIHHZLOOEHFROOHFWHGDWWKDWWLPHWKHVXEGLYLVLRQLVUHDG\IRU XWLOLW\LQVWLOODWLRQ ± 5RFKHVWHU3XEOLF8WLOLWLHV:DWHU 7KHUHLVDQH[LVWLQJ´ZDWHUPDLQUXQQLQJHDVW ZHVWDFURVVWKHQRUWKHQGRI*'3DQGWKUHH H[LVWLQJ´ZDWHUPDLQVWXEV2QHVWXELVORFDWHGRIIWKHH[LVWLQJ´ZDWHUPDLQQHDUWKHQRUWKHDVW FRUQHURIWKH*'3WKHVHFRQGLVORFDWHGDWWKHHQGRI%ORVVRP6WUHHW1:DQGWKHWKLUGLVORFDWHG LQWKHVRXWKZHVWFRUQHURIWKH*'3(DFKVWXEZLOOEHUHTXLUHGWREHFRQQHFWHGZLWKWKH GHYHORSPHQWRI0HUF\+LOO6HFRQG6XEGLYLVLRQ $QWLFLSDWHGVWDWLFZDWHUSUHVVXUHVZLOOUDQJHIURPWRWKH36,ZLWKLQWKLVDUHD)RUKRPHVZLWK PDLQILQLVKHGIORRUVDWORUORZHUWKDQHOHYDWLRQ DSSUR[36, WKHEXLOGHUVPXVWLQVWDOO SUHVVXUHUHGXFLQJGHYLFHVQHDUWKHGRPHVWLFZDWHUPHWHUVDVUHTXLUHGE\WKH0LQQHVRWD3OXPELQJ &RGH VDFVWUHHWPXVWEHORRSHGWRWKHH[LVWLQJ´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ϰ͘dŚĞƉƌŽƉŽƐĞĚĞŵĞƌŐĞŶĐLJǀĞŚŝĐůĞĂĐĐĞƐƐƌŽĂĚŵƵƐƚŵĞĞƚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨ ^ĞĐƚŝŽŶϱϬϯŽĨƚŚĞDŝŶŶĞƐŽƚĂ^ƚĂƚĞ&ŝƌĞŽĚĞ͘ ϱ͘ŽŶƚĂĐƚƚŚĞ&ŝƌĞDĂƌƐŚĂůƐŽĨĨŝĐĞĨŽƌƚŚĞƚƵƌŶŝŶŐƌĂĚŝƵƐƐƉĞĐŝĨŝĐĂƚŝŽŶƐĨŽƌŽƵƌ ĂƉƉĂƌĂƚƵƐ͘ dŚŝƐŶĞǁĚĞǀĞůŽƉŵĞŶƚŝƐŽƵƚƐŝĚĞŽĨŽƵƌϰͲŵŝŶƵƚĞƌĞƐƉŽŶƐĞĂƌĞĂĂŶĚƚŚĞ/^KƌĂƚŝŶŐŝƐϮ͘ #) $! '( ) * (+&, +-' (.*,,/* 0 10*&** '0 '0' 0+ '*,,' / ,' *% &' * '0 * $ - ;;444$ $% &;% @ *%' * ( ' ',, 40* - 1,* *% 4'($/**, 0 ' '1 4 '0 *04',6$*%1 04* *04',6 *,,'&00*' 0 *% *0 $ @ '4 * '&'*,'1,*% A'( / -,' *% 1 * - & *% -,' *% -'( 4*,,1'0 * ( 5 * 0 1 '0 4*,,1 -,' 0*' , ' * 01( ' 6'0 ' * DŝŶŶĞƐŽƚĂtĞƚůĂŶĚŽŶƐĞƌǀĂƚŝŽŶĐƚ EŽƚŝĐĞŽĨĞĐŝƐŝŽŶ >ŽĐĂů'ŽǀĞƌŶŵĞŶƚhŶŝƚ͗ŽƵŶƚLJ͗ 2OPVWHG &LW\RI5RFKHVWHU ƉƉůŝĐĂŶƚEĂŵĞ͗ƉƉůŝĐĂŶƚZĞƉƌĞƐĞŶƚĂƚŝǀĞ͗ (OOD.RKOV:LGVHWK 1HZ/LIH:RUVKLS&HQWHU)DUPODQG//& WƌŽũĞĐƚEĂŵĞ͗>'hWƌŽũĞĐƚEŽ͘;ŝĨĂŶLJͿ͗ 0HUF\+LOO6XEGLYLVLRQ5:(7 ĂƚĞŽŵƉůĞƚĞƉƉůŝĐĂƚŝŽŶZĞĐĞŝǀĞĚďLJ>'h͗ ĂƚĞŽĨ>'hĞĐŝƐŝŽŶ͗ ĂƚĞƚŚŝƐEŽƚŝĐĞǁĂƐ^ĞŶƚ͗ ƉƉƌŽǀĞĚĞŶŝĞĚ ϭϭ ܆ >ŝƐƚŽŶĚŝƚŝŽŶƐ͗ 7KH/*8DJUHHVZLWKWKHUHSRUWDQGDPHQGHGVLWHPDSVXEPLWWHGRQ-XQH %RWKDUHDWWDFKHG տ ĞĐŝƐŝŽŶͲDĂŬĞƌĨŽƌƚŚŝƐƉƉůŝĐĂƚŝŽŶ͗ ^ƚĂĨĨ'ŽǀĞƌŶŝŶŐŽĂƌĚͬŽƵŶĐŝůKƚŚĞƌ͗ ܆܆ տ ĞĐŝƐŝŽŶŝƐǀĂůŝĚĨŽƌ͗ ϱLJĞĂƌƐ;ĚĞĨĂƵůƚͿKƚŚĞƌ;ƐƉĞĐŝĨLJͿ͗ ܆ ϭ tĞƚůĂŶĚZĞƉůĂĐĞŵĞŶƚWůĂŶĂƉƉƌŽǀĂůŝƐŶŽƚǀĂůŝĚƵŶƚŝůt^ZĐŽŶĨŝƌŵƐƚŚĞǁŝƚŚĚƌĂǁĂůŽĨĂŶLJƌĞƋƵŝƌĞĚǁĞƚůĂŶĚďĂŶŬĐƌĞĚŝƚƐ͘&ŽƌƉƌŽũĞĐƚͲ ƐƉĞĐŝĨŝĐƌĞƉůĂĐĞŵĞŶƚĂĨŝŶĂŶĐŝĂůĂƐƐƵƌĂŶĐĞƉĞƌDEZƵůĞϴϰϮϬ͘ϬϱϮϮ͕^ƵďƉ͘ϵĂŶĚĞǀŝĚĞŶĐĞƚŚĂƚĂůůƌĞƋƵŝƌĞĚĨŽƌŵƐŚĂǀĞďĞĞŶƌĞĐŽƌĚĞĚŽŶ ƚŚĞƚŝƚůĞŽĨƚŚĞƉƌŽƉĞƌƚLJŽŶǁŚŝĐŚƚŚĞƌĞƉůĂĐĞŵĞŶƚǁĞƚůĂŶĚŝƐůŽĐĂƚĞĚŵƵƐƚďĞƉƌŽǀŝĚĞĚƚŽƚŚĞ>'hĨŽƌƚŚĞĂƉƉƌŽǀĂůƚŽďĞǀĂůŝĚ͘ >'h&ŝŶĚŝŶŐƐ ʹƚƚĂĐŚĚŽĐƵŵĞŶƚ;ƐͿĂŶĚͬŽƌŝŶƐĞƌƚŶĂƌƌĂƚŝǀĞƉƌŽǀŝĚŝŶŐƚŚĞďĂƐŝƐĨŽƌƚŚĞ>'hĚĞĐŝƐŝŽŶ͘ ϭ տ ƚƚĂĐŚŵĞŶƚ;ƐͿ;ƐƉĞĐŝĨLJͿ͗ 1R$$SSOLFDWLRQ'HOLQHDWLRQ5HSRUWDQGDPHQGHG6LWH0DS տ ^ƵŵŵĂƌLJ͗ 7KH7(3ZDONHGDQGUHYLHZHGWKHVLWHRQ-XQH ƚƚĂĐŚĞĚWƌŽũĞĐƚŽĐƵŵĞŶƚƐ ^ŝƚĞ>ŽĐĂƚŝŽŶDĂƉWƌŽũĞĐƚWůĂŶ;ƐͿͬĞƐĐƌŝƉƚŝŽŶƐͬZĞƉŽƌƚƐ;ƐƉĞĐŝĨLJͿ͗ ܆܆ ƉƉĞĂůƐŽĨ>'hĞĐŝƐŝŽŶƐ /ĨLJŽƵǁŝƐŚƚŽĂƉƉĞĂůƚŚŝƐĚĞĐŝƐŝŽŶ͕LJŽƵŵƵƐƚƉƌŽǀŝĚĞĂǁƌŝƚƚĞŶƌĞƋƵĞƐƚǁŝƚŚŝŶϯϬĐĂůĞŶĚĂƌĚĂLJƐŽĨƚŚĞĚĂƚĞLJŽƵ ƌĞĐĞŝǀĞĚƚŚĞŶŽƚŝĐĞ͘ůůĂƉƉĞĂůƐŵƵƐƚďĞƐƵďŵŝƚƚĞĚƚŽƚŚĞŽĂƌĚŽĨtĂƚĞƌĂŶĚ^ŽŝůZĞƐŽƵƌĐĞƐdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌ ĂůŽŶŐǁŝƚŚĂĐŚĞĐŬƉĂLJĂďůĞƚŽt^ZĨŽƌΨϱϬϬƵŶůĞƐƐƚŚĞ>'hŚĂƐĂĚŽƉƚĞĚĂůŽĐĂůĂƉƉĞĂůƉƌŽĐĞƐƐĂƐŝĚĞŶƚŝĨŝĞĚ ďĞůŽǁ͘dŚĞĐŚĞĐŬŵƵƐƚďĞƐĞŶƚďLJŵĂŝůĂŶĚƚŚĞǁƌŝƚƚĞŶƌĞƋƵĞƐƚƚŽĂƉƉĞĂůĐĂŶďĞƐƵďŵŝƚƚĞĚďLJŵĂŝůŽƌĞͲŵĂŝů͘ dŚĞĂƉƉĞĂůƐŚŽƵůĚŝŶĐůƵĚĞĂĐŽƉLJŽĨƚŚŝƐŶŽƚŝĐĞ͕ŶĂŵĞĂŶĚĐŽŶƚĂĐƚŝŶĨŽƌŵĂƚŝŽŶŽĨĂƉƉĞůůĂŶƚ;ƐͿĂŶĚƚŚĞŝƌ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ;ŝĨĂƉƉůŝĐĂďůĞͿ͕ĂƐƚĂƚĞŵĞŶƚĐůĂƌŝĨLJŝŶŐƚŚĞŝŶƚĞŶƚƚŽĂƉƉĞĂůĂŶĚƐƵƉƉŽƌƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶĂƐƚŽǁŚLJ ƚŚĞĚĞĐŝƐŝŽŶŝƐŝŶĞƌƌŽƌ͘^ĞŶĚƚŽ͗ ƉƉĞĂůƐΘZĞŐƵůĂƚŽƌLJŽŵƉůŝĂŶĐĞŽŽƌĚŝŶĂƚŽƌ DŝŶŶĞƐŽƚĂŽĂƌĚŽĨtĂƚĞƌΘ^ŽŝůƐZĞƐŽƵƌĐĞƐ ϱϮϬ>ĂĨĂLJĞƚƚĞZŽĂĚEŽƌƚŚ ^ƚ͘WĂƵů͕DEϱϱϭϱϱ ƚƌĂǀŝƐ͘ŐĞƌŵƵŶĚƐŽŶΛƐƚĂƚĞ͘ŵŶ͘ƵƐ ŽĞƐƚŚĞ>'hŚĂǀĞĂůŽĐĂůĂƉƉĞĂůƉƌŽĐĞƐƐĂƉƉůŝĐĂďůĞƚŽƚŚŝƐĚĞĐŝƐŝŽŶ͍ zĞƐ ϭEŽ ܆܆ ϭ /ĨLJĞƐ͕ĂůůĂƉƉĞĂůƐŵƵƐƚĨŝƌƐƚďĞĐŽŶƐŝĚĞƌĞĚǀŝĂƚŚĞůŽĐĂůĂƉƉĞĂůƐƉƌŽĐĞƐƐ͘ >ŽĐĂůƉƉĞĂůƐ^ƵďŵŝƚƚĂůZĞƋƵŝƌĞŵĞŶƚƐ ;>'hŵƵƐƚĚĞƐĐƌŝďĞŚŽǁƚŽĂƉƉĞĂů͕ƐƵďŵŝƚƚĂůƌĞƋƵŝƌĞŵĞŶƚƐ͕ĨĞĞƐ͕ĞƚĐ͘ĂƐĂƉƉůŝĐĂďůĞͿ 3OHDVHUHIHUWR5RFKHVWHU 8'&6HFWLRQ':HWODQG&RQVHUYDWLRQDQGWKH'(2 'HFRUDK(GJH2YHUOD\ EŽƚŝĐĞŝƐƚƌŝďƵƚŝŽŶ;ŝŶĐůƵĚĞŶĂŵĞͿ ZĞƋƵŝƌĞĚŽŶĂůůŶŽƚŝĐĞƐ͗ տտ ^tdWDĞŵďĞƌ͗t^ZdWDĞŵďĞƌ͗ 6NLS/DQJHU -HG&KHVQXW տ >'hdWDĞŵďĞƌ;ŝĨĚŝĨĨĞƌĞŶƚƚŚĂŶ>'hĐŽŶƚĂĐƚͿ͗ տ EZZĞƉƌĞƐĞŶƚĂƚŝǀĞ͗ 1LFROH/HKPDQ տ tĂƚĞƌƐŚĞĚŝƐƚƌŝĐƚŽƌtĂƚĞƌƐŚĞĚDŐŵƚ͘KƌŐ͗͘ տտ ƉƉůŝĐĂŶƚ͗ŐĞŶƚͬŽŶƐƵůƚĂŶƚ͗ 0LNH3HGHUVRQ:LGVHWK KƉƚŝŽŶĂůŽƌƐƉƉůŝĐĂďůĞ͗ տ ŽƌƉƐŽĨŶŐŝŶĞĞƌƐ͗ 'DYLG6WXGHQVNL տ t^ZtĞƚůĂŶĚDŝƚŝŐĂƚŝŽŶŽŽƌĚŝŶĂƚŽƌ;ƌĞƋƵŝƌĞĚĨŽƌďĂŶŬƉůĂŶĂƉƉůŝĐĂƚŝŽŶƐŽŶůLJͿ͗ տ DĞŵďĞƌƐŽĨƚŚĞWƵďůŝĐ;ŶŽƚŝĐĞŽŶůLJͿ͗KƚŚĞƌ͗ ܆ /LQGV\%DUWKRORPHL 7UR\(ULFNVRQ ^ŝŐŶĂƚƵƌĞ͗ĂƚĞ͗ dŚŝƐŶŽƚŝĐĞĂŶĚĂĐĐŽŵƉĂŶLJŝŶŐĂƉƉůŝĐĂƚŝŽŶŵĂƚĞƌŝĂůƐŵĂLJďĞƐĞŶƚĞůĞĐƚƌŽŶŝĐĂůůLJŽƌďLJŵĂŝů͘dŚĞ>'hŵĂLJŽƉƚƚŽƐĞŶĚĂ ƐƵŵŵĂƌLJŽĨƚŚĞĂƉƉůŝĐĂƚŝŽŶƚŽŵĞŵďĞƌƐŽĨƚŚĞƉƵďůŝĐƵƉŽŶƌĞƋƵĞƐƚƉĞƌϴϰϮϬ͘ϬϮϱϱ͕^ƵďƉ͘ϯ͘ t^ZEK&ŽƌŵʹEŽǀĞŵďĞƌϭϮ͕ϮϬϭϵϮ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±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ĂĐĐĞƐƐƌŽĂĚƐĂƌĞĐůĞĂƌůLJůĂďĞůĞĚŽŶĂůůƌĞƋƵŝƌĞĚƐƵďĚŝǀŝƐŝŽŶĚƌĂǁŝŶŐƐĂŶĚƉůĂƫŶŐĚŽĐƵŵĞŶƚƐ͖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ϙ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ŚŽŶĞ͗ϱϬϳͲϯϮϴͲϮϵϱϬ ŝƚLJŽĨZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ &Ădž͗ϱϬϳͲϯϮϴͲϮϰϬϭ ϰϬϬϭtZŝǀĞƌWĂƌŬǁĂLJEt͕^ƵŝƚĞϭϬϬ ŵĂŝů͗ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϭͲϳϬϵϬ 5RFKHVWHU3ODQQLQJDQG=RQLQJ&RPPLVVLRQ-XQH 3UHSDUHG%\ 5RFKHVWHU&RPPXQLW\'HYHORSPHQW'HSDUWPHQW 5HTXHVW 0DMRU/DQG6XEGLYLVLRQ&'3/$7 ,QWHULP8VH3HUPLW &',83E\/HQQDUWREHNQRZQDV3HEEOH&UHHN6L[WK IRUWKHVXEGLYLVLRQRIDFUHVLQWRVLQJOHIDPLO\ORWVDQG RXWORWVDQGVXEVWDQWLDOODQGDOWHUDWLRQ,83 /RFDWLRQ 7KHVLWHLVORFDWHGQRUWKRI%HKUHQV/Q1: ZHVWRIWK$YH1: 3,1SSURYDOVZLOOEHUHTXLUHGIRUWKHUHYLHZDQGDSSURYDORI 5RFKHVWHU3XEOLF:RUNVDQG5RFKHVWHU3XEOLF8WLOLWLHVDVSDUWRIWKHVXEGLYLVLRQ DSSURYDOSURFHVV ϮϮϬϮϱͲϬϮϮW>d ϮϬϮϱͲϬϬϭ/h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³6SHFLDO'LVWULFW´]RQHDQGH[LVWLQJ *HQHUDO'HYHORSPHQW3ODQZKLFKKDVEHHQDWWDFKHGWRWKLVUHSRUWIRUUHIHUHQFH $WWDFKPHQW ϯϮϬϮϱͲϬϮϮW>d ϮϬϮϱͲϬϬϭ/h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¶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¶VVKRUWDJHRIVLQJOHIDPLO\ KRXVLQJXQLWV7KHSURSRVHGORZGHQVLW\VXEGLYLVLRQGHYHORSPHQWLVFRQVLVWHQWZLWKWKH ϰϮϬϮϱͲϬϮϮW>d ϮϬϮϱͲϬϬϭ/hW 36&RPSUHKHQVLYH3ODQ/RZ'HQVLW\5HVLGHQWLDOODQGXVHGHVLJQDWLRQWKH5]RQLQJ GLVWULFWWKDWZLOOEHDSSOLHGRYHUWKHDUHDDQGWKHVXEPLWWHG*HQHUDO'HYHORSPHQW3ODQ $PHQGPHQWXQGHUJRLQJUHYLHZ '(9(/230(175(9,(: /DQG8VH=RQLQJ7KH36FRPSUHKHQVLYHSODQLGHQWLILHVPRVWRIWKHVXEMHFW SURSHUW\DV³/RZ'HQVLW\5HVLGHQWLDO´$DVWDQGWKH WK 6W1:DOLJQPHQWRQWKHQRUWKVLGHRIWKHVLWH7KH&LW\RI WK 5RFKHVWHUZLOOEHFRQVWUXFWLQJ6W1:DQDUWHULDOURDG WK DOLJQPHQWRQWKHQRUWKVLGHRIWKHGHYHORSPHQW3HEEOH&UHHN 6L[WKZLOODGGWZRPRUHDFFHVVSRLQWVWR$YH1:LQDGGLWLRQ WK WRWKHH[LVWLQJDFFHVVWR$YH1:WKURXJKWKH3HEEOH&UHHN WK ILUVW 6XEGLYLVLRQ7KHUHLVRQHSRLQWRIDFFHVVIRUWKLV VXEGLYLVLRQSURSRVHGRQWKHQRUWKVLGHRIWKHSODWYLDWKHIXWXUH 6W1:DUWHULDOURDG WK 7KHUHDUHWZRFROOHFWRUURDGVWKURXJKWKHSURSRVHGIRUWKH SURMHFWLGHQWLILHGDV³3DUNZD\+´UXQQLQJHDVWWRZHVWDQG ³3DUNZD\2´ ³$YHQXH$´RQWKHSUHOLPLQDU\SODW$VQRWHGLQ WKH3XEOLF:RUNV0HPRDWUDIILFVWXG\LVUHTXLUHGIRUWKHSURMHFW ZKLFKPD\UHVXOWLQFKDQJHVWRSXEOLFURDGZD\DOLJQPHQWVDQG FRQQHFWLRQVRUWKHSRWHQWLDOQHHGIRUDGGLWLRQDO ϱϮϬϮϱͲϬϮϮW>d ϮϬϮϱͲϬϬϭ/h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ϲϮϬϮϱͲϬϮϮW>d ϮϬϮϱͲϬϬϭ/h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³$YHQXH1´ WK LQWHUVHFWLRQDQG6WUHHW1:DWWKH³$YHQXH$´LQWHUVHFWLRQ WK +RZHYHU3XEOLF6DQLWDU\6HZHULVQRWDYDLODEOHWRVHUYHWKH HQWLUHSODWWHGDUHDDWWKHSUHVHQWWLPH'HYHORSPHQWRIWKH SURSHUW\ZLOOQHHGWREHSKDVHGLQEDVHGSXEOLFLQIUDVWUXFWXUH DYDLODEOHWRVHUYHWKHSURMHFW $SRUWLRQRIWKHSODWWHGDUHDLVORFDWHGZLWKLQWKH1:+LJK 3UHVVXUH/HYHO:DWHU6\VWHP$UHDZKLFKLVFXUUHQWO\DYDLODEOH YLDH[LVWLQJ´',3ZDWHUPDLQVWXEVDWWKHHQGVRI6DQGVWRQH 6WUHHW1:7DOXV$YHQXH1:6WUHHW1:7RZQ6TXDUH VW 3ODFH1:DQGERWKHQGVRIVW$YHQXH1:$VZHOODVDQ H[LVWLQJ´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¶V HQJLQHHULQJFRQVXOWDQWWRGHYHORSWKHQHFHVVDU\ZDWHUV\VWHP OD\RXWWRVHUYHWKHSURMHFW7KHDSSOLFDQWRZQHUZLOOEH UHVSRQVLEOHIRUWKHH[WHQVLRQRIWKHH[LVWLQJSXEOLFZDWHUPDLQOLQH WRWKHVLWH 3DUNODQG'HGLFDWLRQ3DUNODQGGHGLFDWLRQLVSUHGLFDWHGRQWKHVXEGLYLVLRQRIODQGIRU UHVLGHQWLDOSXUSRVHVDQGZLOOEHDSSOLFDEOHWRWKHUHVLGHQWLDO GHYHORSPHQWRIWKHVHORWV3HEEOH&UHHN6L[WKZLOOEHLV ϳϮϬϮϱͲϬϮϮW>d ϮϬϮϱͲϬϬϭ/h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ϴϮϬϮϱͲϬϮϮW>d ϮϬϮϱͲϬϬϭ/hW &RXQFLO6LWHJUDGLQJLQYROYHVGLVWXUEDQFHRIDSSUR[LPDWHO\DFUHVDQGLQYROYHV FXWWLQJDSSUR[LPDWHO\VFULWHULRQLVQRWDSSOLFDEOHDVWKLVUHTXHVWLVEHLQJPDGHWRIDFLOLWDWH WKHLVVXDQFHRIDJUDGLQJSHUPLWLQDFFRUGDQFHZLWK6HFWLRQ ,IRIWKH8'& ϵϮϬϮϱͲϬϮϮW>d ϮϬϮϱͲϬϬϭ/h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ϭϬϮϬϮϱͲϬϮϮW>d ϮϬϮϱͲϬϬϭ/h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͘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ϭϬ͘ %XLOGLQJ3HUPLW ZZZURFKHVWHUPQJRY ,QVSHFWLRQV ĚŵŝŶŝƐƚƌĂƚŝǀĞ 3UHOLPLQDU\3ODW 6XEGLYLVLRQ 0DMRU/DQG :ƵĚŝĐŝĂů Ͳ YƵĂƐŝ 6XEGLYLVLRQ 0DMRU/DQG :ƵĚŝĐŝĂů )LQDO3ODW /DQG6XEGLYLVLRQ Ͳ YƵĂƐŝ 'HYHORSPHQW ĚŵŝŶŝƐƚƌĂƚŝǀĞ *HQHUDO 3ODQ 'HYHORSPHQW $JUHHPHQW :ƵĚŝĐŝĂů 'ĞŶĞƌĂůůLJ Ͳ YƵĂƐŝ 0DMRU 1HLJKERUKRRG ,QIRUPDWLRQ ĚŵŝŶŝƐƚƌĂƚŝǀĞ WK 0HHWLQJ 6WUHHW6(5RFKHVWHU01 3HEEOH&UHHN ĚŵŝŶŝƐƚƌĂƚŝǀĞ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dK^E/dZzΘtdZͲ^,dϯ ^E/dZz^tZ ^dKZD^tZ Z&ZdK^dKZD^tZͲ^,dϯ tdZD/E Z&ZdK^E/dZzΘtdZͲ^,dϭ Z&ZdK^dKZD^tZͲ^,dϭ Z&ZdK^E/dZzΘtdZͲ^,dϰ Z&ZdK^dKZD^tZͲ^,dϰ >'E WZKWK^ ϭϮ ϭϯ ϭϰ ϭϲ ϭϳ ϭϭ ϭϱ ϭϴ Ϯϭ ϭϵϮϬϮϮϮϯϮϰϮϱϮϲϮϳϮϴϮϵϯϬϯϭ ϭϰ ϭϬ ϭϵ ϲ ϭϯ ϵϭϴ ϭϰϭϱϭϳ ϭϴ ϱ ϭϮ ϭϳ ϴ ϭϯϭϲ ϭϲ ϭϵ ϰ ϭϭ ϭϲ ϭϮϭϳϭϱ ϳ ϮϬ ϭϬ ϯ ϭϱ ϭϭϭϴ ϭϰ ϲ Ϯϭ ϵ Ϯ ϭϵϭϯϭϰ ϮϮ ϱϴ ϮϬϭϮ ϭϯ ϵ ϭ Ϯϯ ϳ Ϯϭ ϭϭ ϰϭϮ ϴ ϲ Ϯϰ ϮϮϭϬ ϭϭ ϯϳ ϭϭ ϱ ϭϰ ϱ ϮϯϮϱ ϵ ϯ Ϯ ϭϬ ϲ ϭϬ Ϯ ϰϮϰ ϰ ϴϮϲ ϭϯ ϰ ϵ ϱϱ ϭ ϵ ϯϮϱ ϳ ϲ ϭϮϳ ϭϭϭϮ Ϯ ϰϴ ϯ ϯ Ϯϲ Ϯϲ ϴϮϴ ϰ ϯϳ ϭϭϭϭ Ϯϳ ϱϱ ϭϲ Ϯϭ ϳϮϵ Ϯ ϯϰ ϲϮϲ Ϯϴ ϭ ϭϬ ϲϭϬϰ ϱ ϭϱ ϭϯϯϬ ϭϰ ϭ ϭ ϳ ϭϮ Ϯϵ ϱ ϯ ϯϭ ϵ ϵ ϴϯϬ ϵ ϰ ϮϯϮ ϭϭ ϭϬ ϴ ϴ ϭϭ ϯ ϯϯ ϭϭ ϭϮ ϭϬ ϭϯ ϭϲϭϱϭϰ ϭϳϳ ϳ ϯϰ Ϯ ϮϮϮ ϴ ϵ ϲ ϲ ϳ Ϯϭ ϭ ϯ ϲ ϭϮ ϴ ϱ ϱ ϭ ϱ ϭϮϬ ϰ Ϯϯϭ ϭϭ ϭϯ ϰ ϳ ϭϵ ϭϬ ϰϰ ϱϭϰ ϮϮϯ ϲ ϭϴ ϭϳ ϭϵϭ ϭϴ ϭϲ ϵ ϮϬ ϲϮ ϭϱ ϭϱ ϱ ϯ ϮϮ ϭϳ ϯ Ϯ ϯ ϭϰϴ ϳ ϭ ϰ ϰ ϴϭϯϭϲϭϲ ϮϱϮϭ ϵϭϬϭϭ ϳ Ϯ ϭϮ ϯ ϭϲ ϰϭϱ ϯ ϳϭϳ ϭϭ ϲ ϯϭϭ ϱϮϬ ϴ ϲ ϭϬϮϭϰ ϵ ϱ ϭϴ Ϯ ϭϬ ϳϭϵ ϭϴ ϰϭϭ ϭϰ ϴ ϭϰ ϭϵ ϯϭϮ ϵϭϳϭϴ ϭϯ ϭϯϯ ϮϰϮϬ ϭ ϱ ϭ ϭϲ ϭϮ ϭϳ ϯ ϲϮ ϭ ϱ ϰ ϭϱϮϭ ϭϭϮ ϱ ϭ Ϯϭϴϭϲ ϲ ϮϮ ϲ ϭϰ ϯ ϭϬϯϭϳ ϳ ϭϱ ϳ ϭϯ ϴϵϰ ϵ ϭϲ ϴ ϭ ϭϰ ϭϮ ϱ ϴ ϭϱ ϵ ϭϯ Ϯ ϭϬ ϭϭϭϮ ϭϭ ϲ ϳ ϭϰ ϯ ϭ ϭϬϳ ϲ ϭϯ ϰ Ϯ ϴ ϱ ϭϮ ϵ ϯ ϱ ϵ ϰ ϭϭ ϴ ϰ ϲϯ ϳϭ ϭϬ ϱ Ϯ Ϯ ϲ ϭϬ ϭ ϭ ϯ ϭ ϵ ϮϮ Ϯ Ϯϳ ϰ Ϯ ϴ Ϯϲ Ϯϭ ϯ ϯ ϱ Ϯϱ ϳ ϰ ϮϬ ϰ Ϯϰ ϱ ϭϵ ϲ ϱ ϲ Ϯϯ ϭϴ ϳ ϲ ϭϳ ϮϮ ϴ ϭϲ ϳ ϭϱ ϵ ϭϰ Ϯϭ ϴ ϵϮϬ ϭϯ ϭϮ ϭϬ ϭϵ ϭϭ ϭϮ ϭϯ ϭϳ ϭϰ ϭϲ ϭϱ dzW/>^ZdzWϭ^dZhdhZ^WZ^WϭͲϬϭt/d,dzWs^d/E'WZ^W WZKWK^^W/E'/^ϱΖ>Z&ZKD^E/dZzD/EEϯΖD/E/DhD&ZKD>/W K&hZhE>^^Kd,Zt/^^,KtEt,ZZK^^/E'W^dZ/EhDWKhd^͘ WZKWK^^W/E'/^ϭϬΖ>Z&ZKD^E/dZzD/EEϯΖD/E/DhD&ZKD &KZ^E/dZzD/EWZKWK^Khd^/K&Wh>/^dZd>/'EDEd^͕d,WZKWK^/EsZd>sd/KE^ZWZKWK^dKZ>Kty/^d/E''Z WZKWK^^dZhdhZW>DEd/^>KE'EdZ>/EKZt/d,/Eϱ͘ϱΖKE dzW/>DE,K>^ZdzWϰ;ϰϴ͟Ϳ^dZhdhZ^WZ^WϭͲϬϰt/d,dzWϮϭͲϭϮ͘dzWs'Zd^Z>Kdd>KtWK/Ed^EdzW>'Zd^ZdzW/>DE,K>^ZdzWϰ;ϰϴ͟Ϳ^dZhdhZ^WZ^WϭͲϬϰt/d, dzWϮ Z&ZdK^E/dZzΘtdZͲ^,dϮZ&ZdK^dKZD^tZͲ^,dϮ WZKWK^^E/dZzD/E^Z^ZϮϲWshE>^^Kd,Zt/^EKd͘ >/WK&hZhE>^^Kd,Zt/^^,KtEt,ZZK^^/E'hDWKhd^͘ hZs/>/EZ^dZd^WZd,ZK,^dZE'/EZ/E'^dEZ^͘ WZKWK^tdZD/E/^ϵϬϬWs&KZd,Ed/ZW>Z< 'EZ>hd/>/dzEKd^ >>WZKWK^^dKZD^tZ/^Wh>/͘ t/d,<&/>>KsZK&ϲΖD/E/DhD͘ >KdKEͲ'ZWZ^WϭͲϭϮ͘ >>^E/dZzD/E^ZWh>/͘ WZKWK^^dKZD^tZ/^ZW͘ >>tdZD/E/^Wh>/͘ KsZWZ^WϭͲϭϭ͘KsZWZ^WϭͲϭϭ͘ s>KWDEd͘ ^E/dZz͗ ^dKZD͗ tdZ͗ 52&+(67(50,11(627$ 3(%%/(&5((. 6&$/(,1)((7 ^E/dZz^tZ ^dKZD^tZ tdZD/E >'E WZKWK^ ϭϭϭϱ ϭϭϭϬ ^D,ϱϱ ϭϭϬϱ ^D,ϱϰ ^D,ϱϮ ϭϭϬϱ ^D,ϱϯ ^D,ϱϭ ϭϭϬϱ ^D,ϱϬ ϭϭϬϬ ϭϭϯϬ ϭϭϮϱ ϭϭϰϬ ϭϭϮϬ ϭϭ ϱ ϭϭϯϱ ϭϭϭϬ ϭϬ ϭϭϯϬ ϰ ϵ ^D,Ϯ ϭϭϭϱ ^D,ϭ ^D,ϯ ϭϭ Ϯ ϯ ϯ ^D,ϰ ϴ ϰ ϭϭϮϱ ^D,ϱ ϱ Ϯ ϳ ϯϰ Ϯ ϲ ϭ ϲ ϱ ϭϭϮϬ ϭϭϰϬ ϭ ϳ ^D,ϲ ^D,ϲϰ ϭϭϯϱ ϭϭϯϬ ϴ ϭϭϮϱ ϵ ^D,ϲϯ ϭϭϮϬ ϭϬ ϭϭϱϬ ^D,ϲϮ ϭϭ ϭϭϰϱ ^D,ϳ ^D,ϲϭ ^D,ϲϬ ϭϭϭϰϬ ϭϮ ϭϭϯϱ ϭϲϭϰϭϯ ϭϱ ϭϳ ϭϭϯϬ ϭϭϮϱ Ϯ ϴ ϳ ϯ ϲ ϱ ϭϭϭϱ ϭϭϱϱ ^D,ϴ ϭ ϭϭϲϬ ϭ ϭϭϭϬ ϰ ϯ Ϯϭ ϭϭϱϬ ϰ ϭϭϮϱ ϭϭϲϱ ϭϭϬϱ ϭϭϰϱ ϭϭϲϱ ϭϭϬϱ ^D,ϵ ^D,ϭϴ ϱ ϭϭϭϬ^D,ϭϳ Ϯ ϭϭϯϬ ^D,ϭϲ ϭϴ ϭϳ ϭϭϭϬ ϭϭϰϬ ϭϵ ^D,ϭϵ ϭϲ ϭϭϯϱ ^D,ϭϬ ϮϬ ϲ ϭϱ ^D,ϭϱ ϭϭϳϬ ϭϭϴϬ Ϯ ϭϭϬϱ ϭϭϳϱ ^D,ϭϭ ϭϰ ϳ ^D,ϭϮ ^D,ϭϯ ϭϭϳϱ ϭϭϭϳϬ ^D,ϭϰ ϭϭϲϱ ^D,ϮϬ ϴϭϯ ϭϭϲϬ ϭϬϭϭ ϵϭϭϱϱ Ϯ ϭϭϱϬ ϭϮ ϯ ϭ ϭϭϰϱ ϭϭϰϬ ϰ ϭϭϯϱ ^D,ϯϳ ϭϭ ϭϭϯϬ ϯ ϱ ϭϭϮϱ ϭϭϮϬ ϲ ϭϬ ϭϭϲϬ ϳ ϰ ϴ ϭϭϲϱ ^D,ϯϲ ϵ ^D,ϯϮ ^D,ϯϯ ^D,ϯϰ ϭϭϳϱ ^D,ϯϱ ^D,ϯϭ Ϯ ϭ ϱϭϭϲϬ ϯ ϭϭϳϬ ϲ ϭϭϱϱ ϰ ϱ ϭϭϱϬ ϲ ϳ ϭϭϰϱ ^D,ϯϬ ϵ ϴ ϭϭϰϬ ϭϭϱϬ ϭϭϯϱ ϭϭϯϬ ϭϭϰϱ ^D,ϯϬ ϭϭϰϱ ϭϭϰϱ ϭϭϮϱ ^D,ϯϬ ϱ ϭϭϰϬ ϲ ϭϭϱϱ ϭϭϯϱ ϭϭϯϬ ϭϭϱϬ ϭ ϭϭϰϱ ϭϭϯϱ 52&+(67(50,11(627$ 3(%%/(&5((. ϮϬ ϭ ϭϭϴϬ ϭϭϵϬ ϭϭϲϱ 6&$/(,1)((7 ϳ ϭϭϳϱ ϭϭϵϱ ϭϵ ϭϮϬϬ ϭϮϬϱ ϰϭϮϬϱ ϰ ϭϭϴϱ Ϯ ϭϮϭϬ ϲ ^D,ϭϱϬ ϭ ϭϴ ϭϮϬϬ ϭϮϭϬ ϭϮϬϬ Ϯ ^D,ϰϱ ϭϭϳϬ ϱ ϯ ϭϳ ϯ ϯ ϭϮϬϬ ϭϭϳϱ ϭϭϵϱ ϭϭϴϬ ϰ ϰ ^D,ϮϬ ϭϯ ϭϲ ϱ Ϯ ^E/dZz^tZ ϭϭϴϬ ^dKZD^tZ ϭϮ ^D,ϭϱϮ ϲ tdZD/E ^D,ϭϱϬ ϭϱ ϯ ^D,ϯϳ ϳ ϭϭ ϭϭϵϱ ϭ ϭ ϴ ϭϰ Ϯ ϭϬ ϵ Ϯ ^D,ϵϯ ϭϬ ^D,ϭϱϭ ϳ ϭϭϴϬ ϭϭϵϬ ϭϴ ϭϮϬϱ^D,ϭϱϯ ϭϮϬϱ ϭϭ ^D,ϮϮ >'E ϭ ^D,Ϯϭ ϴ ϭϰ ϯ ^D,ϯϲ ϭϮ WZKWK^ ϭϮϬϬ ϵ ϭϳ^D,ϭϯϮ ϭϯ ϭϭϴϬ ϭϯ ϭϭϳϱ ϭϭϵϱ ϰ ^D,ϭϯϯ ϭϭϳϱ ϭ ϭϲ ϭϮ ^D,ϭϰϮ ϭϭϴϱ ϭϮϭϬ ϭϭϳϬ ϭϭϵϬ ϭ ϱ ϭϭϳϬ ϭϮϬϬ ϭϱ Ϯ ϭϭ ϭϭϴϱ ϭ Ϯϭϴ ϭϭϲϱ ϭϮϭϬ ϲ ϮϮ ϭϭϴϬ ϲ ϭϰ ϯ ϭϭϲϬ ϯ ϭϬϭϳ ϭϮϭϬ ϭϮϭϬ ϳ ϭϭϱϱ ϳϭϭϳϱ ϭϭϴϬ ϭϯ ϰ ϵ ϴ ϭϮϬϱ ϵ ϭϲ ϭϮϬϱ ϭϭϱϬ ϭϭϳϬϴ ϭ ϭϮ ϭϭϵϱ ϱ ϭϮϬϱ ϴ ^D,ϭϭϭ ϭϱ ϭϮϬϬ ϭϭϰϱ ϭϭϳϱ ϵ ^D,ϳϴ Ϯ ϭϬ ϭϭ ϭϭ ^D,ϳϳ ϲ ^D,ϯϬ ϳ ϭϰ ϭϭϵϱ ^D,ϭϰϭ ϯ ϭϮϭϬ ϭ ϭϬ ϳ ϭϭϳϬ ϭϭϵϬ^D,ϭϯϭ ϲ ϭϯ ϭϭϰϱ ϭϭϵϬ ϭϮϬϬ ϰ Ϯ ϴ ϭϭϰϱ ϱ ϭϮ ϵ ϭϭϴϱ ϯ ^D,ϯϬ ϭϭϴϱ ϱ ϵ ϭϮϬϱ ϰ ϭϭ ϭϭϴϬ ϴ ϭϮϭϱ ϭϭϰϬ^D,ϭϯϬ ϰ ϭϭϵϱ ϭϭϲϬ ϭϭϲϱ ϲ ϯ ϭ ϳ ϭϬ ϭϭϴϬ ϭϭϳϱ ϱ ϭϭϱϱ Ϯ Ϯ ϲ ϭϭϱϬ ϭϬ ϭϭϳϬ ϭ ϭ ϯ ϭϭϳϱ ϭϭϵϬ ϭϭϰϱϭϮϭϱ ^D,ϭϰϬ ϭ ^D,ϭϭϬ ϵ ϮϮ Ϯ Ϯϳ ϰ Ϯ ϭϭϲϬ ϭϭϰϬ ϴ ^D,ϭϮϬ Ϯϲ Ϯϭ ϯ ϯ ^D,ϭϬϭ ϭϮϬϬ ϭϭϴϱ ϱ ^D,ϭϬϬ Ϯϱ ϰϳ ϮϬ ϰ ^D,ϭϮϭ^D,ϭϮϯ ϭϭϲϱ Ϯϰ ϱ ϭϭϲϬϭϵ ϲ ϭϭϳϱ ϱ ϭϭϵϱ ϭϭϱϱ ϲ Ϯϯ ϭϴ ϭϭϱϬ ϭϭϴϬ ϭϭϰϬ ϳ ϲ ϭϭϴϬ ^D,ϭϮϮ ϭϭϵϬ ϭϳ ϮϮ ϴ ϭϲ ϭϭϴϱ ^D,ϭϬϵ ϳ ϭϱ ϵ ϭϰ ^D,ϭϬϮ Ϯϭ ϭϭϴϬ ϴ ϭϭϲϬ ϭϭϳϱ ϵϮϬ ϭϯ ϭϭϳϱ ϭϮ ϭϬ ϭϭϳϬ ϭϭϲϱ ^D,ϭϬϯ ϭϵ ϭϭϰϬ ^D,ϭϬϴ ϭϭ ϭϭϳϬ ϭϮ ϭϭϰϬ ϭϭϲϱ ^D,ϭϬϳ ϭϭϳϬ ϭϯ ^D,ϭϬϰ ϭϭϲϱ ϭϳ ^D,ϭϬϲ ϭϭϲϬ ϭϰ ϭϭϲϬ ϭϭϲϬ ϭϭϱϱ ^D,ϭϬϱ ϭϲ ϭϱ ϭϭϰϱ ϭϭϱϬ ϭϭϲϬ ϭϭϱϱ ϭϭϲϬ ϭϭϲϱ ϭϭϲϬ ϭϭϳϬ ϭϭϲϱ ϭϭϳϱ 52&+(67(50,11(627$ 3(%%/(&5((. 6&$/(,1)((7 ^E/dZz^tZ ^dKZD^tZ tdZD/E >'E WZKWK^ ϭϭϯϬ ϭϭϯϱ ϭϮ ϭϯ ϭϰ ϭϭϱϱϭϭϲϬ ϭϭϲϱ ϭϭϳϬϭϭϴϬϭϭϵϬ ϭϭϳϱϭϭϴϱ ϭϲ ϭϭϰϬ ϭϳ ϭϭ ϭϱ ϭϴ Ϯϰ ϭϵϮϬϮϭϮϮϮϯ ϭϭϯϱ ϭϰ ϭϬ ϭϭϰϱ ϭϭϴϱ ϲ ϭϯ ^D,ϰϭ ^D,y/^d/E'Ͳϭ ϵ ϭϭϰϬ ϭϭϰϬ ϭϭϱϱ ϭϰ ϭϱ ϭϭϲϬ ϱ ϭϭϱϬ ϭϮ^D,ϴϮ ^D,ϴϭ ϭϭϰϱ ϴ ϭϯϭϲ ϭϭϱϬ ϰ ϭϭ ϭϭϰϱ ϭϭϱϱ ϭϮ ϭϳ ϭϭϲϱ ϳ ϭϭϱϱ ϭϬ ϯ ϭϭϳϬ ϭϭϭϴ ϭϭϲϬ ϲ ϭϭϲϬ ϭϭϱϬ ϭϭϴϱ ϵ Ϯ ϭϵ ϭϭϳϬ ϭϭϳϱ ϭϭϲϬ ϱ ϴ ϮϬ ϵ ϭ ϭϭϲϱ ϳ Ϯϭ ϰϭϭϴϬ ϴ ϭϭϲϱ ϭϭϳϱ ϲ ϮϮ ^D,ϰϮ ^D,ϴϯ ϳ ϭϭϱϱ ϯ ϭϭϳϬ ϭϭϴϱ ϭϰ ϱ Ϯϯ ϯ ϭϭϳϬ Ϯ ϭϭϴϬ ϲ Ϯ ϰ Ϯϰ ϰϭϭϵϬ ϭϭϳϱ ϭϯ ϭϭϳϱ ϱ ϱ ϭ Ϯϱ ϯ ϭϭϵϱ ϲ ϭ ϭϭϴϬ ϭϮ ϭϭϵϬ ϭϭϴϱ ϰ Ϯϲ ϭϭϲϬ Ϯ ϭϭϴϬ ϭϮϬϬ ϭϭϱϱ ϭϭϴϱ ϯ ϭϭ ϭϭ Ϯϳ ϭϲ ϭϭϴϱ ϭ ϭϭϲϬ Ϯ ^D,ϴϳ Ϯϴ ϭϬ ϭϬ ϭϭϵϬϭϱ ϭϯ ϭϰ ϭ ϭϭϵϬ ^D,ϰϯ ϭϮ Ϯϵ ϭϭϵϬ ϭϭϲϱ ϵ ϭϭϵϬ ϵ ϭϭϵϱ ^D,ϴϲ ^D,ϴϱ ^D,ϵϮ ϯϬ ^D,ϴϰ ϭϭ ϴ ϴ ϭϭϲϱ ^D,ϴϰ ϭϭϵϱ ϭϭϵϬ ϭϬ ϳ ϳ ϭϭϳϬ ϭϭϳϬ ϮϮ ϭϮϬϬ ϵ ϭϭϵϬ ϲ ϲ ϭϭϳϱ ^D,ϰϰ Ϯϭ ϴ ϱ ϱ ϭ ϮϬ ϭ ϭϭϴϬ ϭϭϵϬ ϭϭϲϱ ϳ ϭϭϳϱ ϭϭϵϱ ϭϵ ϭϮϬϬ ϭϮϬϱ ϰϭϮϬϱ ϰ ϭϭϵϱ ϭϭϴϱ Ϯ ϭϮϭϬ ϲ ^D,ϭϱϬ ϭ ϭϴ ϭϮϬϬ ϭϮϭϬ ϵ ϭϮϬϬ Ϯ ^D,ϰϱ ϭϭϳϬ ϱ ϯ ϭϳ ϯ ϯ ϴ ϭϮϬϬ ϭϭϳϱ ϭϭϵϱ ϭϭϴϬ ϰ ϰ ^D,ϮϬ ϭϯ ϭϲ ϱ Ϯ ϭϮϬϬ ϳ ϭϭϴϬ ϭϮ ^D,ϭϱϮ ϲ ^D,ϭϱϬ ϭϱ ϯ ^D,ϯϳ ϳ ϭϭ ϭϭϵϱ ϲ ϭ ϭ ϴ ϭϰ Ϯ ϭϬ ϵ ϭϮϬϬ ϱ Ϯ ^D,ϵϯ ϭϬ ^D,ϭϱϭ ϳ ϭϭϴϬ ϭϭϵϬ ϭϴ ^D,ϭϱϯ ϭϮϬϱ ϭϮϬϱ ϭϭ ^D,ϮϮ ϭ ϰ ϴ^D,Ϯϭ ϭϰ ϯ ^D,ϯϲ ϭϮ ϭϮϬϱ ϭϮϬϬ ϵ ϭϳ ^D,ϭϯϮ ϭϯ ϭϭϴϬ ϯ ϭϯ ϭϭϳϱ ϭϭϵϱ ^D,ϵϰ ϰ ^D,ϭϯϯ ϭϭϳϱ ϭ ϭϲ ϭϮ ^D,ϭϰϮ ϭϭϴϱ ϭϮϭϬ Ϯ ϭϭϳϬ ϭϭϵϬ ϭ ϱ ϭϭϳϬ ϭϮϬϬ ϭϱ Ϯ ϭϭ ϭϭϴϱ ϭ Ϯ ϭϭϲϱϭϴ ϭϮϭϬ ϲ ϮϮ ϭϭϴϬ ϲ ϭϰ ϯ ϭϭϲϬ ϯ ϭϬϭϳ 52&+(67(50,11(627$ 3(%%/(&5((. 6&$/(,1)((7 ϭϭϳϬϭϭϴϬϭϭϵϬ ϭϭϳϱϭϭϴϱϭϭϳϬ ϭϭϴϱϭϭϴϬ ϭϭϵϬ ϭϭϳϱ ^E/dZz^tZ ^dKZD^tZ tdZD/E ϭϴ Ϯϰ ϭϵϮϬϮϭϮϮϮϯϮϱϮϲϮϳ ϮϴϮϵϯϬϯϭ ϭϭϳϱϭϭϳϱ ϭϵ ϭϭϴϱ ϭϭϴϬ ϭϭϴϱ >'E WZKWK^ ϭϴ ϭϰ ϭϱ ϭϳ ϭϴ ϭϭϰϱ ^D,ϴϭ ^D,ϴϬ ϭϳ ^D,ϳϬ ϭϯϭϲ ϭϲϭϭϳϬ ϭϵ ϭϲ ϭϮϭϳ ϭϱ ϮϬ ϭϭϳϬ ϭϭϵϬ ϭϱ ϭϭ ϭϴϭϰ ϭϭϳϱ ϮϭϭϭϱϬ ϭϰ ϭϵ ϭϯ ϭϭϳϱ ^D,ϵϬ ϮϮ ϮϬ ϭϮ ϭϯ ϵ ϭϭϱϱ Ϯϯ Ϯϭ ϭϭ ϭϭϴϬ ϭϮ ϴ ϭϭϲϬ Ϯϰ ϮϮ ϭϬ ϭϭ ϳ ϭϭϴϱ Ϯϯ Ϯϱ ϵ ^D,ϳϭ ϭϬ ϲ ϭϭϲϱ Ϯϰ ϭϭϵϬ ϴ Ϯϲ ϭϭϴϬ ϵ ϱ Ϯϱ ϭϭϵϱ ϳ Ϯϳ ϰϴ Ϯϲ ϲ ϭϮϬϬ ϭϭϴϱ Ϯϴ ϳ ϭϭϱϱ ^D,ϵϭ Ϯϳ ϱ Ϯϵ ϭϭϵϬ ϲ Ϯϴ ϭϭϲϬ ϰ ϯϬ Ϯϵ ϭϭϲϱ ϱ ϭϭϵϬ ϯ ^D,ϳϮ ϯϭ ^D,ϵϮ ϭϭϳϬ ϯϬ ϰ ϮϯϮ ϭϭϳϱ ϯ ϯϯ ϭ ϭϭϴϬ ϭϭϵϬ ϯϰ Ϯ ϮϮ ϭϭϴϬ ϭϭϴϱ ϭϭϵϬ ϭϭϴϱ Ϯϭ ϭ ϭϮϭϭϲϱ ϭϭϵϬ ϮϬ ϭϭϴϬ ϭϭ ϭϯ ϭϭϵϱ ϭϭϵϬ ϭϭϵϱ ϭϵ ϭϭϴϬ ϭϬ ϭϭϵϱ ϭϰ Ϯϯ ^D,ϳϯ ϭϴ ϵ ϭϭϴϱ ϭϭϴϱ ϭϱ ϮϮ ϭϳ ϴ ϭϭϳϬ ϭϭϵϬ ϭϲϭϲ Ϯϭ ϭϮϬϬ ϳ ϭϭϵϱ ϭϱ ϭϳ ϲ ϮϬ ϭϭϵϬ ϭϰ ϭϭϳϱ ϭϮϬϬ ϱ ϭϴ ^D,ϵϯ ϭϵ ϭϮϬϱ ϰ ϭϵ ϭϮϬϱ ϭϴ ϭϯ ϭϭϴϬ ϯ ϭϭϵϱ ^D,ϵϰ ϮϬ ϭϳ ϭϮϭϬ Ϯ Ϯϭ ϭ ϭϲ ϭϮϭϬ ϮϮ ϭϮϬϬ ϭϭϴϱ ϭϮϭϬ ϭϱ ^D,ϳϰ ϭϮϬϱ ϵϭϭϵϬ ϭϰ ϴ ϭϭϵϱ ^D,ϳϱ ^D,ϳϴ ϭϯ ϭϬ ϭϭϭϮ ^D,ϳϲ ^D,ϳϳ ϳ ϭϮϬϬ ϭϮϭϬ ϭϮϬϱ ϭϮϭϬ ϭϮϭϱ ϭϮϭϱ 52&+(67(50,11(627$ 3(%%/(&5((. W/W>E'd, ;&dͿ ϰϭϰ ϮϱϴϯϵϱϮϵϯϯϯϵϮϬϳϯϴϱϱϰϱϯϲϴ ϭϰϯϭϳϱϭϲϬϭϵϱϭϲϴ ϲϰϴϰϲϰϲϰ ϰϴϰϮϳϲϯϲϲϵϵϭϳϮϲϱϴϯϴϭϴϯϮϴ W/W^>KW ͲϬ͘ϭϲй ϱ͘ϬϵйϮ͘ϲϬйϰ͘ϱϰйϯ͘Ϭϴйϯ͘ϵϮйϰ͘ϳϱйϮ͘Ϭϭйϯ͘ϴϵйϯ͘ϵϱйϯ͘ϵϰйϯ͘ϵϵйϰ͘ϳϵйϰ͘ϴϯйϰ͘ϳϱйϰ͘ϳϱйϰ͘ϳϯйϬ͘ϰϬйϬ͘ϰϲйϬ͘ϰϳйϮ͘ϮϲйϮ͘ϳϱйϱ͘ϰϭйϯ͘ϭϬйϯ͘ϭϭйϮ͘ϴϮй ϭ͘Ϯϭйϭ͘Ϯϴйϭ͘ϮϮйϭ͘ϰϱй y/^d/E'Ͳϭ Z/E^dK ^dhͲϭ ϰϰ ϯϰϰϭϰϮϰϯϱϰϳϰ ϯϯϯϱϯϲϱϬϱϭϱϮϱϯϲϬϲϭϲϮϲϯϳϬϳϭϳϮϳϯϳϱϳϲϳϳϳϬ ϰ ϳ K&&^d ϭϯ͘ϭϮϭϯ͘ϭϮ ͲϬ͘Ϯϰ Ͳϭ͘ϬϮͲϬ͘ϵϲ Ϭ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϯ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϯ͘ϬϬϮ͘ϬϬϮ͘ϬϬϮ͘ϬϬϬ͘ϬϬϬ͘ϬϬϰ͘ϱϬϬ͘ϬϬϰ͘ϱϬϰ͘ϱϬϰ͘ϱϬϰ͘ϱϬϰ͘ϱϬϬ͘ϬϬ ^E/dZz^tZ^dZhdhZd> ϭϯϰнϭϲ͘ϴϰ ϭϯϴнϯϯ͘ϵϮϭϯϰнϰϴ͘ϱϳϭϯϬнϯϱ͘ϬϬϭϮϴнϲϳ͘ϴϬϭϮϯнϮϯ͘ϳϱϭϮϮнϰϮ͘ϰϭϭϮϭнϲϯ͘ϬϲϭϮϬнϴϭ͘ϮϲϭϮϬнϱϰ͘ϭϵ ^dd/KE ϮϬнϯϰ͘ϰϰϮϯнϲϱ͘Ϭϰ ϯϭнϭϴ͘ϲϭϮϳнϯϬ͘ϰϬϮϰнϯϳ͘ϰϱϮϬнϵϴ͘ϯϴϮϭнϳϱ͘ϱϮϮϮнϭϭ͘ϴϯϮϮнϴϬ͘ϵϬϮϰнϮϵ͘ϰϲϮϱнϴϵ͘ϭϳϯϭнϵϬ͘ϵϱϯϯнϵϳ͘ϲϯϯϰнϲϬ͘ϵϯϯϱнϯϮ͘ϲϯϯϱнϵϲ͘ϴϮ ϭϮнϳϭ͘ϴϬϭϯнϭϰ͘Ϭϱϭϱнϲϱ͘ϳϯϭϳнϬϮ͘Ϯϯ >/'EDEd >ͺ>ͺ>ͺ>ͺ>ͺ>ͺE>ͺE>ͺE>ͺE>ͺE>ͺE>ͺE>ͺE>ͺE>ͺ, >ͺ>ͺ>ͺ>ͺ>ͺ>ͺ >ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ h/>,/',d ;&dͿ ϭϰ͘ϭϬϭϮ͘ϵϭϭϬ͘ϭϲϭϬ͘ϬϮϭϬ͘ϮϮϭϬ͘ϵϯϭϬ͘ϬϬϭϬ͘ϭϮϭϭ͘ϵϭϭϬ͘ϬϬϭϬ͘ϬϬϭϬ͘ϬϬϭϬ͘ϬϬϭϲ͘ϴϳ ϴ͘ϳϰ ϵ͘Ϯϴϵ͘ϴϳϵ͘ϲϱϳ͘ϳϴϵ͘ϴϵϳ͘ϵϮϴ͘ϱϱϵ͘ϯϬϴ͘Ϭϱϵ͘ϬϮϵ͘ϯϭϵ͘ϲϱϵ͘ϵϱϴ͘ϳϱϴ͘ϴϬ /EsZd;^Ϳ ϭϭϱϰ͘ϰϰϭϭϱϰ͘ϱϰϭϭϮϱ͘ϵϰϭϭϮϲ͘Ϭϰϭϭϭϱ͘ϴϰϭϭϭϱ͘ϳϰ ϭϭϱϯ͘ϴϬϭϭϱϯ͘ϵϬϭϭϱϳ͘ϲϵϭϭϱϳ͘ϳϵϭϭϲϱ͘Ϭϴϭϭϰϯ͘ϵϲϭϭϰϰ͘Ϭϲϭϭϱϯ͘Ϭϴϭϭϱϯ͘ϭϴϭϭϲϲ͘ϰϲϭϭϲϲ͘ϱϲϭϭϲϲ͘ϰϲϭϭϲϲ͘ϱϲϭϭϬϴ͘ϴϬϭϭϬϴ͘ϳϬϭϭϬϵ͘ϲϯϭϭϬϵ͘ϱϯϭϭϭϮ͘ϰϮϭϭϭϮ͘ϯϮϭϭϭϴ͘ϰϴϭϭϭϴ͘ϯϴϭϭϮϰ͘ϴϲϭϭϭϰ͘ϰϳϭϭϭϰ͘ϱϳϭϭϮϰ͘ϱϲϭϭϮϰ͘ϲϲϭϭϮϳ͘ϲϵϭϭϮϳ͘ϳϵϭϭϯ ϭ͘Ϯϭϭϭϯϭ͘ϯϭϭϭϯϰ͘ϯϲϭϭϲϲ͘ϴϬϭϭϲϲ͘ϴϬϭϭϲϲ͘ϳϬϭϭϲϴ͘ϱϴϭϭϲϴ͘ϲϴϭϭϳϬ͘ϲϭϭϭϳϬ͘ϳϭϭϭϳϰ͘ϱϬϭϭϳϭ͘ϲϬϭϭϴϲ͘ϳϬϭϭϴϲ͘ϲϬϭϭϵϭ͘Ϯϳϭϭϵϭ͘ϭϳϭϭϵϯ͘ϴϳϭϭϵϯ͘ϳϳϭϭϵϲ͘ϱϱϭϭϵϲ͘ϰϱϭϭϵϳ͘ϯϯϭϭϳϯ͘Ϯϯϭϭϳϯ͘ϮϯϭϭϳϮ͘ϭϯ ;&dͿ Z/D>sd/KE ;&dͿ ϭϭϳϰ͘Ϯϰ ϭϭϲϯ͘Ϭϴϭϭϲϰ͘ϯϭϭϭϳϭ͘ϳϵϭϭϳϳ͘ϵϵϭϭϯϲ͘ϭϬϭϭϱϯ͘ϵϴϭϭϲϮ͘ϳϯϭϭϳϲ͘ϯϱϭϭϭϲ͘ϲϮϭϭϭϴ͘ϬϴϭϭϮϭ͘ϲϮϭϭϮϱ͘ϵϲϭϭϮϵ͘ϯϭϭϭϯϰ͘ϴϲϭϭϮϮ͘ϱϮϭϭϯϯ͘ϱϴϭϭϯϳ͘ϬϬϭϭϰϬ͘ϴϲϭϭϰϰ͘ϯϭϭϭϳϱ͘ϰϱϭϭϳϳ͘ϯϴϭϭϳϵ͘ϯϱϭϭϴϭ͘ϳϮϭϭϵϴ͘ϱϭϭϮϬϭ͘ϭϳϭϮϬϯ͘ϳϳϭϮϬϲ͘ϰϱϭϮϬϳ͘ϯϯϭϭϴ ϵ͘ϬϬ ^dZhdhZED ϯϰϰϰϱϰϲϰϳϰ ϯϱϯϲϯϳϰϭϰϮϰϯϰϱϱϬϱϭϱϮϱϯϱϱϲϬϲϭϲϮϲϯϳϬϳϭϳϮϳϯϳϱϳϲϳϳϳϴϴϬ W/W>E'd, ;&dͿ ϮϵϴϯϲϱϯϬϱϯϭϯϯϭϱ ϭϳϵϭϭϵϭϬϲϭϰϲϭϮϮϭϯϮϭϬϴϭϬϵϭϵϬ ϵϰϴϰ ϵϳϵϴϰϲϰϯϴϳϴϲϳϲϱϳϲϱϵϴϯϵ W/W^>KW ϭϯ͘ϭϰй ϯ͘ϴϮйϯ͘ϰϰйϰ͘ϳϭйϰ͘ϲϵйϲ͘ϲϳйϬ͘ϰϲйϰ͘ϱϲйϰ͘Ϯϴйϯ͘ϭϵйϯ͘Ϯϯйϯ͘ϯϴйϬ͘ϰϬйϬ͘ϰϬйϬ͘ϰϭйϬ͘ϰϬй Ϯ͘ϯϬйϮ͘ϭϴйϮ͘ϮϮйϭ͘ϱϲйϭ͘ϳϲйϭ͘ϳϳйϭ͘ϵϯйϭ͘ϲϭйϭ͘ϴϴйϮ͘Ϯϲйϭ͘ϭϬй Z/E^dK ϯϬ ϭϰϮϬϮϭϯϬϯϭϯϭϯϮ ϭϬϭϭϭϮϭϯϭϱϭϲϭϳϭϴϭϵϭϱ ϰ Ϯϯϱϲϳϴϵ ϭ K&&^d ϮϬϱ͘ϲϰ ϭϵϬ͘ϬϬϭϳϵ͘ϰϱ Ͳϭ͘ϳϰͲϭ͘ϱϰ Ͳϭ͘ϯϴͲϭ͘ϳϯͲϭ͘ϮϱͲϭ͘ϱϬ Ϭ͘Ϭϰ ϭ͘ϮϱϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϮ͘ϴϴϮ͘ϴϯϯ͘ϳϯϬ͘ϬϬϬ͘ϴϲϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬ ^E/dZz^tZ^dZhdhZd> ϭϰϬнϮϴ͘ϵϮ ^dd/KE ϯϮнϴϲ͘ϯϰ ϭϰнϵϯ͘ϯϰϮϮнϲϱ͘ϭϴϮϲнϯϬ͘ϭϴϵϱнϴϯ͘ϰϬϭϮнϮϯ͘ϳϰ ϭϬнϮϭ͘ϭϭϭϭнϬϲ͘ϴϬϭϭнϴϮ͘ϭϭϭϯнϬϰ͘ϭϱϭϯнϲϭ͘ϱϳϭϱнϱϴ͘ϱϲϭϲнϱϲ͘ϰϲϭϳнϲϰ͘ϯϮϭϴнϱϴ͘ϱϯϭϵнϲϳ͘Ϭϴϭϱнϰϴ͘ϮϯϭϭнϬϬ͘ϬϬϭϭнϬϬ͘ϬϬϭϭнϴϰ͘ϰϴ Ϯнϳϵ͘ϯϰϰнϳϰ͘ϵϬ ϯнϳϲ͘ϯϵϱнϮϬ͘ϯϮϲнϰϬ͘ϬϮϳнϰϲ͘ϯϴϴнϵϮ͘ϯϴϵнϯϰ͘ϵϱ ϭнϬϬ͘ϬϬ >/'EDEd >ͺE>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ, >ͺ>ͺ>ͺ>ͺ>ͺ>ͺ h/>,/',d ;&dͿ ϭϬ͘Ϭϰ ϭϬ͘ϬϬϭϬ͘ϬϬϭϬ͘ϬϱϭϬ͘ϬϬϭϬ͘ϲϮϭϭ͘ϯϵϭϮ͘ϰϱϭϭ͘ϯϵϭϬ͘Ϯϱϭϭ͘ϭϭϭϬ͘ϭϮϭϰ͘ϵϱϭϬ͘ϬϬϭϳ͘ϱϯ ϵ͘ϵϬϴ͘Ϯϲϵ͘ϵϵϵ͘ϵϬϵ͘ϵϵϵ͘ϵϵϵ͘ϵϵϱ͘ϯϲϴ͘ϭϴϵ͘ϭϳϳ͘ϬϬϴ͘ϵϯϳ͘ϬϬϴ͘ϭϯϴ͘ϱϴ /EsZd;^Ϳ ϭϭϰϱ͘Ϭϰϭϭϰϱ͘ϭϰϭϭϰϭ͘ϱϰϭϭϰϭ͘ϱϰϭϭϰϭ͘ϰϰ ϭϭϮϭ͘ϰϬϭϭϲϱ͘ϵϮϭϬϵϲ͘ϰϬϭϭϬϬ͘ϱϮϭϭϬϬ͘ϲϮϭϭϬϮ͘ϴϯϭϭϬϮ͘ϳϯϭϭϬϱ͘ϬϭϭϭϬϱ͘ϭϭϭϭϬϱ͘ϭϭϭϭϬϱ͘ϵϮϭϭϬϱ͘ϴϮϭϭϬϴ͘ϭϮϭϭϬϴ͘ϬϮϭϭϭϬ͘ϭϭϭϭϭϬ͘ϬϭϭϭϭϬ͘ϭϭϭϭϭϯ͘ϬϯϭϭϭϮ͘ϵϯϭϭϭϯ͘ϴϮϭϭϭϯ͘ϳϮϭϭϭϱ͘ϱϱϭϭϭϱ͘ϰϱϭϭϭϵ͘ϵϱϭϭϭϴ͘ϴϱϭϭϮϮ͘ϲϱϭϭϮϮ͘ϱϱϭϭϮϴ͘ϱϬϭϭϮ ϴ͘ϰϬϭϭϯϭ͘Ϯϵϭϭϯϭ͘ϭϵϭϭϰϬ͘ϭϴϭϭϰϬ͘ϬϴϭϭϰϬ͘ϭϴϭϭϰϬ͘ϰϴϭϭϰϬ͘ϱϴϭϭϰϵ͘ϳϲϭϭϰϵ͘ϴϲϭϭϱϮ͘ϴϳϭϭϱϮ͘ϵϳϭϭϱϲ͘ϰϴϭϭϱϲ͘ϱϴϭϭϲϲ͘ϲϱϭϭϲϲ͘ϳϱϭϭϳϱ͘ϬϬϭϭϳϱ͘ϭϬϭϭϰϯ͘ϲϮϭϭϰϯ͘ϳϮϭϭϰϮ͘ϯϬϭϭϰϮ͘ϰϬϭϭϰϰ͘ϵϵϭϭϰϱ͘ϬϵϭϭϱϮ͘ϱϵϭϭϱϮ͘ϲϵϭϭϱϯ͘ϭϮϭϭϱϯ͘ϮϮ ;&dͿ Z/D>sd/KE ;&dͿ ϭϭϯϭ͘ϰϰϭϭϮϱ͘ϰϰϭϭϯϯ͘ϵϰϭϭϰϱ͘ϰϰ ϭϭϲϲ͘ϲϱϭϭϬϲ͘ϰϬϭϭϬϴ͘ϳϴϭϭϭϮ͘ϳϯϭϭϭϱ͘ϬϬϭϭϭϱ͘ϴϳϭϭϭϳ͘ϵϮϭϭϮϬ͘ϬϬϭϭϮϮ͘ϵϮϭϭϮϯ͘ϳϮϭϭϮϵ͘ϰϳϭϭϰϬ͘ϴϱϭϭϰϮ͘ϱϴϭϭϰϴ͘ϲϲϭϭϱϰ͘ϮϭϭϭϲϬ͘Ϭϭϭϭϲϯ͘ϵϴϭϭϲϲ͘ϲϬϭϭϴϭ͘ϲϬϭϭϴϱ͘ϬϬϭϭϱϬ͘ϲϮϭϭϱϭ͘Ϯϯϭϭϱϭ͘ϵϵϭϭϱϴ͘ϵϳϭϭϲϬ͘ϳϮϭϭϲϭ͘ϳϬ ^dZhdhZED y/^d/E'Ͳϭ ^dhͲϭ ϯϬ ϯϬ ϭϭϭϮϭϯϭϰϭϱϭϳϭϴϭϵϮϬϮϭϮϮϯϬϯϭϯϮϯϯ ϭϬϭϲ ϰ Ϯϯϱϲϳϴϵ ϭ 52&+(67(50,11(627$ 3(%%/(&5((. W/W>E'd, ;&dͿ ϮϳϰϮϰϰ ϯϵϲϯϴϯϯϳϯ ϭϳϱϭϱϳϭϳϭϭϵϱϭϲϭ ϲϬ W/W^>KW ϰ͘ϯϰйϬ͘ϰϬйϳ͘ϭϴйϰ͘Ϭϵйϯ͘ϴϲйϯ͘ϭϴй Ϯ͘ϰϯйϮ͘ϯϬйϭ͘ϯϮйϭ͘Ϭϳйϭ͘ϱϭй Z/E^dK ϴϰ ϯϬ ϭϯϬϭϯϭϭϯϮϭϰϬϭϰϭϭϱϬϭϱϭϭϱϮ ϮϮ K&&^d ͲϮ͘ϬϬͲϮ͘ϬϬͲϮ͘ϬϬ ϰ͘ϱϬϰ͘ϱϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬ ϯ͘ϬϬ ^E/dZz^tZ^dZhdhZd> ϭϬϬнϰϲ͘ϭϵϭϬϯнϭϵ͘ϵϱϭϬϯнϳϵ͘ϵϱϭϭϮнϵϱ͘ϯϭϭϭϰнϱϲ͘ϭϲϭϭϳнϬϬ͘ϬϬ ^dd/KE ϵϱнϴϯ͘ϰϬϵϰнϮϳ͘ϲϯϵϬнϰϱ͘ϰϲϴϱнϳϳ͘ϵϯϴϰнϳϬ͘ϵϭ >/'EDEd >ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺE>ͺE>ͺE >ͺ:>ͺ:>ͺ: h/>,/',d ;&dͿ ϭϬ͘ϬϱϭϬ͘ϯϯϭϬ͘ϯϱϭϳ͘ϳϬϭϬ͘ϬϬϭϬ͘ϬϬϭϬ͘ϬϬϭϬ͘ϱϬϭϬ͘ϬϬ ϳ͘ϬϬϵ͘ϵϭ /EsZd;^Ϳ ϭϭϵϮ͘ϯϰ ϭϭϴϰ͘ϭϬϭϭϴϰ͘ϮϬϭϭϵϬ͘ϵϲϭϭϵϬ͘ϴϲϭϭϰϱ͘ϴϵϭϭϰϱ͘ϴϵϭϭϰϱ͘ϳϵϭϭϰϱ͘ϴϵϭϭϱϳ͘ϭϮϭϭϱϳ͘ϮϮϭϭϳϮ͘ϴϱϭϭϴϵ͘ϱϬϭϭϴϵ͘ϲϬϭϭϵϰ͘ϰϵϭϭϵϮ͘ϮϴϭϭϵϮ͘ϭϴϭϭϵϰ͘ϬϬϭϭϵϰ͘ϭϬϭϭϵϳ͘ϳϳ ;&dͿ Z/D>sd/KE ;&dͿ ϭϭϵϰ͘ϭϱϭϮϬϭ͘ϭϵϭϮϬϮ͘ϲϵϭϭϲϯ͘ϰϵϭϭϲϳ͘ϭϮϭϭϴϮ͘ϴϱϭϭϵϵ͘ϱϬϭϮϬϭ͘ϰϵϭϮϬϮ͘ϬϵϭϮϬϰ͘ϱϬϭϮϬϳ͘ϳϳ ^dZhdhZED ϭϱϬ ϭϯϭϭϯϮϭϯϯϭϰϭϭϰϮϭϱϭϭϱϮϭϱϯ ϭϰϬϭϱϬ W/W>E'd, ;&dͿ ϭϴϰϭϴϰϯϮϭϰϬϲϯϮϴϯϮϴϱϲϯϳϮϭϯϲϵ ϮϯϬϮϱϬϮϱϱϭϵϲϭϬϯϭϮϮϭϱϭϭϱϭϭϰϱϮϭϱϭϳϳϮϬϯϭϮϵϭϭϲϭϭϭ ϴϵϵϬϴϴϵϳϱϲ ϭϭ W/W^>KW ͲϬ͘Ϭϴй Ϭ͘ϰϬйϬ͘ϰϬйϬ͘ϱϯйϬ͘ϯϵйϰ͘ϭϮйϬ͘ϰϬйϬ͘ϰϱйϬ͘ϰϬйϬ͘ϰϬйϬ͘ϯϵйϬ͘ϯϰйϬ͘ϰϬйϬ͘ϰϬйϰ͘ϲϰйϬ͘ϰϬйϬ͘ϰϬй ϭ͘ϴϯйϮ͘ϳϬйϯ͘ϬϮйϯ͘ϯϲйϮ͘ϰϴйϮ͘ϰϳйϮ͘ϱϯйϮ͘ϰϱйϮ͘ϲϯйϮ͘ϵϭйϯ͘ϬϬйϭ͘ϲϴйϲ͘ϱϱй Z/E^dK ϭϬϰ ϭϰϬϭϬϬϭϬϭϭϬϮϭϬϯϭϬϱϭϬϲϭϬϳϭϬϴϭϬϵϭϭϬϭϰϬϭϮϬϭϮϭϭϮϮϭϮϬ ϴϰ ϴϬϴϭϴϮϴϯϴϱϴϱϴϲϴϬϵϬϵϭϵϮϵϯ K&&^d Ͳϭϯ͘ϭϯͲϭϬ͘ϭϵ ϭϭ͘ϬϬ Ͳϳ͘ϰϰ Ͳϯ͘ϬϬͲϲ͘ϱϬͲϲ͘ϱϬͲϲ͘ϱϬ ϰ͘ϱϬϰ͘ϱϬϰ͘ϱϬϰ͘ϱϬϰ͘ϱϬϰ͘ϱϬϰ͘ϱϬϰ͘ϱϬϰ͘ϱϬϰ͘ϱϬϰ͘ϳϳϰ͘ϱϬ Ϭ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϴϳϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬ ^E/dZz^tZ^dZhdhZd> ϭϬϰнϵϰ͘ϮϰϭϮϬнϬϮ͘ϴϰ ϭϬϵнϴϱ͘ϰϳϭϬϴнϬϴ͘ϮϳϭϯϬнϴϴ͘ϵϬϭϮϳнϲϭ͘ϰϯϭϮϱнϲϱ͘ϱϵϭϭϵнϬϬ͘ϮϬϭϬϬнϬϲ͘ϭϭϭϬϭнϱϬ͘ϳϮϭϬϯнϲϱ͘ϰϭϭϬϰнϱϮ͘ϳϴϭϬϱнϰϭ͘ϬϲϭϬϲнϮϳ͘ϴϴϭϬϳнϮϯ͘ϳϬϭϬϴнϵϵ͘ϳϯϭϭϭнϬϮ͘ϯϭϭϭϴнϮϮ͘ϵϬ ^dd/KE ϴϲнϬϱ͘ϬϭϴϯнϬϬ͘ϬϬϴϬнϲϵ͘ϵϮϴϬнϱϴ͘ϵϮϴϭнϬϬ͘ϬϬϵϳнϬϱ͘ϭϲϵϴнϱϱ͘ϲϲϵϱнϵϲ͘ϲϮϵϰнϳϬ͘ϯϱϵϯнϱϲ͘ϰϭϵϮнϰϳ͘ϱϬϵϲнϱϭ͘ϭϯ >/'EDEd >ͺK>ͺK >ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ, >ͺW>ͺW>ͺW >ͺ:>ͺ:>ͺ:>ͺ:>ͺ: h/>,/',d ;&dͿ ϭϬ͘ϯϰ ϭϭ͘ϱϬϭϯ͘ϳϮϭϭ͘ϳϯϭϭ͘ϭϴϭϬ͘ϬϬϭϰ͘ϴϱϭϬ͘ϬϮϭϭ͘ϳϵϭϬ͘ϮϯϭϬ͘ϮϵϭϬ͘ϯϱϭϬ͘ϯϱϭϬ͘ϰϲϭϭ͘Ϭϴϭϭ͘ϮϭϭϬ͘ϬϬ ϴ͘ϯϰ ϵ͘ϴϭϵ͘ϱϯϵ͘ϳϮϴ͘ϭϭϴ͘ϱϴϵ͘ϵϲϵ͘ϰϮϵ͘ϰϮ ϳ͘ϭϬϳ͘ϵϳϳ͘ϬϬϳ͘ϯϭ /EsZd;^Ϳ ϭϭϴϬ͘ϲϰϭϭϴϬ͘ϳϰϭϭϲϬ͘ϰϰϭϭϲϬ͘ϱϰ ϭϭϳϯ͘ϵϳϭϭϳϰ͘Ϭϳϭϭϳϰ͘ϵϭϭϭϳϰ͘ϴϭϭϭϳϲ͘ϳϬϭϭϳϲ͘ϲϬϭϭϳϴ͘ϯϴϭϭϳϴ͘Ϯϴϭϭϴϴ͘ϵϲϭϭϴϵ͘Ϭϲϭϭϳϵ͘ϯϴϭϭϳϵ͘ϰϴϭϭϳϵ͘ϰϴϭϭϳϵ͘ϲϯϭϭϳϵ͘ϱϯϭϭϴϬ͘ϲϱϭϭϳϵ͘ϯϯϭϭϳϵ͘Ϯϯϭϭϴϭ͘ϱϬϭϭϴϭ͘ϲϬϭϭϵϲ͘ϴϵϭϭϵϲ͘ϳϵϭϮϬϬ͘ϬϬϭϭϰϱ͘ϳϵϭϭϰϲ͘ϲϬϭϭϰϳ͘ϭϭϭϭϰϳ͘Ϯϭϭϭϰϳ͘ϴϮϭϭϰ ϳ͘ϵϮϭϭϰϴ͘ϱϬϭϭϰϴ͘ϲϬϭϭϱϱ͘ϴϯϭϭϱϱ͘ϵϯϭϭϱϴ͘ϭϯϭϭϱϴ͘ϮϯϭϭϲϮ͘ϳϳϭϭϲϮ͘ϴϳϭϭϲϱ͘Ϯϱϭϭϲϱ͘ϯϱϭϭϳϬ͘ϬϬϭϭϳϬ͘ϭϬϭϭϳϱ͘ϵϵϭϭϳϲ͘Ϭϵϭϭϵϳ͘ϲϵϭϭϲϯ͘ϭϯϭϭϲϯ͘ϭϯϭϭϲϯ͘Ϭϯϭϭϲϯ͘ϳϱϭϭϲϯ͘ϲϱϭϭϲϰ͘ϯϭϭϭϲϰ͘Ϯϭϭϭϲϲ͘ϭϴϭϭϲϲ͘ϴϮϭϭϲϲ͘ϵϮ ;&dͿ Z/D>sd/KE ;&dͿ ϭϭϲϬ͘ϲϰϭϭϳϰ͘Ϯϰ ϭϭϴϱ͘ϰϳϭϭϴϭ͘ϵϭϭϭϴϲ͘ϰϭϭϭϵϮ͘ϬϬϭϭϵϴ͘ϰϵϭϭϴϳ͘ϳϮϭϭϴϳ͘ϱϬϭϭϴϳ͘ϲϱϭϭϵϬ͘ϵϲϭϭϵϬ͘ϯϲϭϭϴϵ͘ϲϭϭϮϬϳ͘ϵϳϭϮϭϬ͘ϬϬϭϭϱϳ͘ϭϯϭϭϱϲ͘ϰϬϭϭϲϬ͘Ϯϵϭϭϲϲ͘Ϭϲϭϭϲϴ͘ϰϮϭϭϳϬ͘ϳϵϭϭϳϯ͘ϭϮϭϭϳϱ͘ϳϭϭϭϳϵ͘ϵϲϭϭϴϱ͘ϰϭϭϮϬϴ͘ϳϳϭϭϳϬ͘ϵϲϭϭϳϯ͘ϲϯϭϭϳϲ͘ϱϮϭϭϳϲ͘ϴϮ ^dZhdhZED ϴϰ ϭϬϰ ϭϬϬϭϬϭϭϬϮϭϬϯϭϬϱϭϬϲϭϬϳϭϬϴϭϬϵϭϭϬϭϭϭϭϮϬϭϮϭϭϮϮϭϮϯϭϯϬ ϴϭϴϮϴϯϴϰϴϱϵϭϵϮϵϯϵϰ ϴϲϴϳϵϬ 52&+(67(50,11(627$ 3(%%/(&5((. 6&$/(,1)((7 ^E/dZz^tZ ^dKZD^tZ tdZD/E >'E WZKWK^ ϭϭϭϱ ϭϭϭϬ ^dD,ϯϮ ϭϭϬϱD,ϯϰ ^dD,ϯϰ ϭϭϬϱD,ϯϮ ^dD,ϯϭ ϭϭϬϱ D,ϭ ϭϭϬϬ ϭϭϯϬ ϭϭϮϱ ^dD,ϯϬ D,ϯϬ ^dD,ϭ ϭϭϰϬ ϭϭϮϬ ϭϭ ϱ D,ϯϰ ^dD,ϯϯ ϭϭϯϱ ϭϭϭϬ D,ϯϮ ϭϬ ϭϭϯϬ ϰ D,ϯϬ D,ϭ ^dD,Ϯ ^dD,ϱ ϵ ϭϭϭϱ ^dD,ϯ ϭϭ Ϯ ϯ ϯ ϴ ϰ ^dD,ϰ ϭϭϮϱ D,ϰ ϱ D,ϰϮ Ϯ ϳ ^dD,ϰϬ D,ϰϬ ^dD,ϰϮ ϯϰ Ϯ ϲ ϭ^dD,ϰϭ ϲ ϱ ϭϭϮϬ ϭϭϰϬ ϭ ϳ ^dD,ϲ ϭϭϯϱ &^ϭ /͗ϭϭϬϬ͘ϬϬ ϭϭϯϬ ϴ ϭϭϮϱ ϵ ϭϭϮϬ ϭϬ ϭϭϱϬ ^dD,ϳ ϭϭ ϭϭϰϱ D,ϰϮ ϭϭϭϰϬ ϭϮ D,ϰϬ ϭϭϯϱ ϭϲϭϰϭϯD,ϭϳ ϭϱ D,ϴ ϭϳ ϭϭϯϬ D,ϴ ϭϭϮϱ Ϯ ϴ ^dD,ϴ^dD,ϭϱ ϳ ϯ ϲ D,ϭϰ D,ϭϮϱ ϭϭϭϱ ϭϭϱϱ ϭ ϭϭϲϬ ϭ ϭϭϭϬ ϰ ϯ Ϯϭ ϭϭϱϬ ϰ ϭϭϮϱ ϭϭϲϱ ϭϭϬϱ ^dD,ϵ ϭϭϰϱ ϭϭϲϱ D,ϭϵ ϭϭϬϱ ϱ^dD,ϭϲ D,ϭϳ^dD,ϭϳ ϭϭϭϬϮ ϭϭϯϬ D,ϭϱ ϭϴ ϭϳ ϭϭϭϬ ϭϭϰϬ ϭϵ ϭϲ ϭϭϯϱ ^dD,ϭϬ ^dD,ϭϴ ϮϬ ϲ ϭϱ ϭϭϳϬ ϭϭϴϬ Ϯ ϭϭϬϱ ^dD,ϭϰ ϭϭϳϱ ϭϰ ϳ ^dD,ϭϭ D,ϭϮ ϭϭϳϱ ^dD,ϭϮ ϭϭϭϳϬ ^dD,ϭϯ ϭϭϲϱ ϴϭϯ D,ϲϯ D,ϭϵ ϭϭϲϬ ϭϬϭϭ ϵϭϭϱϱ ^dD,ϭϵ Ϯ ϭϭϱϬ ϭϮ ϯ ϭ ϭϭϰϱ ϭϭϰϬ ϰ ϭϭϯϱ ϭϭ ϭϭϯϬ ϯ ϱ ϭϭϮϱ ϭϭϮϬ ϲ ϭϬ ϭϭϲϬ ϳ D,ϲϳ ϰ ϴ D,ϲϳ ϭϭϲϱ ^dD,ϲϳ ^dD,ϲϰ ϵ ^dD,ϲϱ ϭϭϳϱ ^dD,ϲϯ Ϯ ϭ^dD,ϲϲ ϱϭϭϲϬ ^dD,ϲϭ D,ϲϮ ϯ ϭϭϳϬ ϲ ϭϭϱϱ ϰ ϱ ϭϭϱϬ ϲ ϳ ϭϭϰϱ ϵ ϴ ϭϭϰϬ ϭϭϱϬ ϭϭϯϱ ϭϭϯϬ &^ϲϬ/͗ϭϭϯϮ͘ϬϬ ϭϭϰϱ ϭϭϰϱ ϭϭϰϱ ϭϭϮϱ ϱ ^dD,ϭϲϬ ϭϭϰϬ ϲ ϭϭϱϱ ϭϭϯϱ ϭϭϯϬ &^ϭϲϬ /͗ϭϭϯϮ͘ϬϬ ϭϭϱϬ ϭ ϭϭϰϱ ϭϭϯϱ 52&+(67(50,11(627$ 3(%%/(&5((. ϮϬ ϭ ϭϭϴϬ ϭϭϵϬ ϭϭϲϱ 6&$/(,1)((7 ϳ D,Ϯϱ ϭϭϳϱ ϭϭϵϱ ϭϵ D,ϭϵ ϭϮϬϬ D,Ϯϱ ϭϮϬϱ ϰϭϮϬϱ ϰ ϭϭϴϱ Ϯ ϭϮϭϬ ϲ ϭ ϭϴ ϭϮϬϬ D,ϭϰϯ ϭϮϭϬ ϭϮϬϬ Ϯ ϭϭϳϬ ϱ ϯ ϭϳ ϯ D,ϱϳ ϯ ϭϮϬϬ ϭϭϳϱ ϭϭϵϱ ϭϭϴϬ ϰ D,ϮϬ ϰ ϭϯ ϭϲ D,ϭϵ ϱ Ϯ ^dD,ϭϵ ^E/dZz^tZ ϭϭϴϬ ^dKZD^tZ ϭϮ ^dD,Ϯϯ ϲ tdZD/E D,Ϯϰ ϭϱ ϯ ϳ ϭϭ ϭϭϵϱ ^dD,Ϯϰ ϭ ϭ ^dD,Ϯϱ ϴ ϭϰ Ϯ ϭϬ ϵ Ϯ ϭϬ ϳ ϭϭϴϬ ϭϭϵϬ ϭϴ ^dD,Ϯϭ ϭϮϬϱ D,ϲϳ ϭϮϬϱ ϭϭ >'E ϭ ϴ ϭϰ D,ϲϳ D,ϮϬ ϯ ϭϮ WZKWK^ ^dD,ϮϬ ^dD,ϲϳ ϭϮϬϬ D,Ϯϯ ϵ ϭϳ ϭϯ ϭϭϴϬ ϭϯ ^dD,ϮϬϱ ϭϭϳϱ ϭϭϵϱ ϰ D,ϮϬϲ ϭϭϳϱ ϭ ϭϲ ϭϮ ϭϭϴϱ ϭϮϭϬ ϭϭϳϬ ϭϭϵϬ ϭ D,ϮϮ ϱ ϭϭϳϬD,ϮϮ ^dD,ϮϮ ϭϮϬϬ ϭϱ Ϯ ϭϭ ϭϭϴϱ ϭ Ϯϭϴ ϭϭϲϱ ϭϮϭϬ ϲ ϮϮ ϭϭϴϬ ϲ ϭϰ ϯ ϭϭϲϬ ϯ ϭϬϭϳ D,ϮϬϰ ϭϮϭϬ ϭϮϭϬ ^dD,ϭϲϰ ϳ ϭϭϱϱ ϳϭϭϳϱ ϭϭϴϬ ϭϯ ϰ ϵ ^dD,ϭϴϲ ϴ ϭϮϬϱ ϵ ϭϲ ϭϮϬϱ ϭϭϱϬ ϭϭϳϬϴ ϭ D,ϭϲϯϭϮ ϭϭϵϱ ϱ ϭϮϬϱ ϴ ϭϱ ϭϮϬϬ ϭϭϰϱ ϭϭϳϱ ϵ Ϯ ϭϬ ^dD,ϭϲϯ D,ϭϲϱ ϭϭ ϭϭ ϲ ϳ ϭϰ D,ϮϬϰ ^dD,ϮϬϯ ϭϭϵϱ D,ϭϴϱ ϯ ϭϮϭϬ ^dD,ϮϬϰ ϭ ϭϬ D,ϭϴϳ ϳ ^dD,ϭϲϮ ϭϭϳϬ ϭϭϵϬ ϲ ϭϯ ϭϭϰϱ ϭϭϵϬ ϭϮϬϬ ϰ Ϯ ϴ ϭϭϰϱ ϱ ϭϮ ϵ ϭϭϴϱ ^dD,ϮϬϮ D,ϮϬϮ ϯ ϭϭϴϱ ϱ D,ϭϲϭ ϵ ϭϮϬϱ ^dD,ϭϲϬD,ϭϲϯϰ ϭϭ ϭϭϴϬ ϴ D,ϮϬϯϭϮϭϱ D,ϭϲϭ ϭϭϰϬ D,ϭϴϱ ϰ ϭϭϵϱ ^dD,ϮϬϭ ϭϭϲϬ ϭϭϲϱ ϲ ϯ ϭ ϳ ϭϬ ^dD,ϭϴϱ D,ϮϬϬ ϭϭϴϬ ϭϭϳϱ ϱ D,ϭϴϯ ϭϭϱϱ Ϯ Ϯ ϲ D,ϮϬϮ ϭϭϱϬ ^dD,ϭϴϯ ϭϬ ϭϭϳϬ ϭ ϭ ϯ ^dD,ϭϴϮ ϭϭϳϱ ϭϭϵϬ D,ϭϳϬ ϭϭϰϱϭϮϭϱ ϭ ϵ D,ϭϵϭ ^dD,ϭϴϰ ϮϮ D,ϭϴϰ Ϯ Ϯϳ ^dD,ϭϵϬ ϰ Ϯ ϭϭϲϬ ϭϭϰϬ ϴ Ϯϲ Ϯϭ ϯ ϯ ^dD,ϭϳϬ ϭϮϬϬ ϭϭϴϱ ^dD,ϭϳϮ ϱ Ϯϱ D,ϭϴϯ ϰϳ D,ϭϵϭ D,ϭϴϭ ϮϬ D,ϭϳϬ ϰ D,ϭϵϰ D,ϭϴϭ ϭϭϲϱ Ϯϰ ϱ ϭϭϲϬϭϵ ϲ ϭϭϳϱ ϱ ^dD,ϭϳϭ D,ϭϵϮ ϭϭϵϱ ϭϭϱϱ ϲ Ϯϯ ϭϴ ϭϭϱϬ D,ϭϳϮ ϭϭϴϬ ϭϭϰϬ ϳ ϲ ϭϭϴϬ ϭϭϵϬ ϭϳ D,ϭϵϯ D,ϭϳϰ ϮϮ ^dD,ϭϴϭ ϴ D,ϭϳϮ ϭϲ ϭϭϴϱ ϳ ϭϱ ϵ ϭϰ Ϯϭ ϭϭϴϬ ^dD,ϭϳϯ ϴ ϭϭϲϬ D,ϭϳϱ ϭϭϳϱ ϵϮϬ ϭϯ ϭϭϳϱ ϭϮ ^dD,ϭϳϰ ^dD,ϭϴϬ ϭϬ ϭϭϳϬ ϭϭϲϱ ϭϵ ϭϭϰϬ ϭϭ ϭϭϳϬ ϭϮ ^dD,ϭϳϵ ϭϭϰϬ ^dD,ϭϳϱ ϭϭϲϱ D,ϭϳϱ ϭϭϳϬ ϭϯ D,ϭϳϴ ^dD,ϭϳϲ ϭϭϲϱ ϭϳ ϭϭϲϬ ^dD,ϭϳϳ ϭϰ ϭϭϲϬ ϭϭϲϬ ϭϭϱϱ ϭϲ ϭϱ ϭϭϰϱ ϭϭϱϬ ϭϭϲϬ ϭϭϱϱ ϭϭϲϬ ϭϭϲϱ ϭϭϲϬ ϭϭϳϬ ϭϭϲϱ ϭϭϳϱ ϱ ϰ D,ϮϬϲ ϭϭϳϱ ϭ ϭϲ ϭϮ ϭϭϴϱ ϭϮϭϬ Ϯ ϭϭϳϬ ϭϭϵϬ ϭ D,ϮϮ ϱ ϭϭϳϬD,ϮϮ ^dD,ϮϮ ϭϮϬϬ ϭϱ Ϯ ϭϭ ϭϭϴϱ ϭ Ϯ ϭϭϲϱϭϴ ϭϮϭϬ ϲ ϮϮ ϭϭϴϬ ϲ ϭϰ ϯ ϭϭϲϬ ϯ ϭϬϭϳ 52&+(67(50,11(627$ 3(%%/(&5((. 6&$/(,1)((7 ^dD,ϭϬϯ D,ϭϬϮ D,ϭϬϯ ϭϭϳϬϭϭϴϬϭϭϵϬ ϭϭϳϱϭϭϴϱϭϭϳϬ ϭϭϴϱϭϭϴϬ ϭϭϵϬ ϭϭϳϱ D,ϵϭ ^E/dZz^tZ ^dD,ϭϯϬD,ϭϯϬ ^dKZD^tZ tdZD/E ϭϴ^dD,ϭϯϭ Ϯϰ ϭϵϮϬϮϭϮϮϮϯϮϱϮϲϮϳ ϮϴϮϵϯϬϯϭ ϭϭϳϱϭϭϳϱ ϭϵ ϭϭϴϱ ϭϭϴϬ ϭϭϴϱ ^dD,ϭϬϭ >'E WZKWK^ ϭϴ ^dD,ϭϬϰ D,ϭϯϬ ϭϰ ϭϱ ϭϳ D,ϵϭ ^dD,ϵϭ ϭϴ ϭϭϰϱ D,ϭϬϱD,ϭϬϱ ϭϳ &^ϭϬϬ/͗ϭϭϰϮ͘ϬϬ ^dD,ϭϬϱ D,ϭϯϮ ϭϯϭϲ ϭϲϭϭϳϬ ϭϵ ^dD,ϭϯϮ ϭϲ ϭϮϭϳ ϭϱ D,ϭϯϮ ϮϬ ϭϭϳϬ ϭϭϵϬ D,ϭϬϲ ϭϱ ϭϭ ϭϴϭϰ ^dD,ϭϬϲ ϭϭϳϱ ϮϭϭϭϱϬ ϭϰ ϭϵ ϭϯ ϭϭϳϱ ϮϮ ϮϬD,ϭϬϳ ϭϮ ϭϯ ϵ ϭϭϱϱ ^dD,ϭϬϳ Ϯϯ Ϯϭ ϭϭ ϭϭϴϬ ϭϮ ϴ ϭϭϲϬ Ϯϰ ϮϮ ϭϬ D,ϭϬϴ ϭϭ ϳ ϭϭϴϱ^dD,ϭϬϴ D,ϭϬϴ Ϯϯ Ϯϱ ϵ ϭϬ ϲ ϭϭϲϱ Ϯϰ ϭϭϵϬ ϴ Ϯϲ ϭϭϴϬ ϵ D,ϭϬϵ ϱ ^dD,ϭϬϵ Ϯϱ ϭϭϵϱ ϳ Ϯϳ ^dD,ϭϭϬ ϰϴ Ϯϲ ϲ ϭϮϬϬ ϭϭϴϱ Ϯϴ ^dD,ϭϭϭ D,ϭϭϬ ϳ ϭϭϱϱ Ϯϳ ϱ Ϯϵ D,ϭϱϬϭϭϵϬ ^dD,ϭϭϮ ϲ Ϯϴ ϭϭϲϬ ϰ ^dD,ϭϱϬ D,ϭϱϬ ϯϬ Ϯϵ D,ϭϭϮϭϭϲϱ ϱ ϭϭϵϬ ^dD,ϭϰϭ D,ϭϭϭ ϯ ϯϭ ϭϭϳϬ ϯϬ ϰ ϮϯϮ ϭϭϳϱ D,ϭϭϮ D,ϭϭϰ ϯ D,ϭϰϬ ϯϯ ϭ ϭϭϴϬ ϭϭϵϬ ^dD,ϭϭϯ ϯϰ Ϯ ϮϮ ϭϭϴϬ ϭϭϴϱ ϭϭϵϬ ϭϭϴϱ^dD,ϭϭϰ D,ϭϰϮ Ϯϭ ϭ ^dD,ϭϰϮ ϭϮϭϭϲϱ D,ϭϰϮ ϭϭϵϬ ϮϬ ϭϭϴϬ ϭϭ ϭϯ ϭϭϵϱ ϭϭϵϬ ϭϭϵϱ ^dD,ϭϰϬ ϭϵ D,ϭϰϬ ϭϭϴϬ ϭϬ ϭϭϵϱ ϭϰ Ϯϯ D,ϭϭϲ ϭϴ D,ϭϰϯ D,ϭϭϳ ϵ ϭϭϴϱ ϭϭϴϱ ^dD,ϭϭϱ ^dD,ϭϭϲ ϭϱ ϮϮ ϭϳ ϴ ϭϭϳϬ ϭϭϵϬ ϭϲϭϲ Ϯϭ ϭϮϬϬ ϳ ϭϭϵϱ ϭϱ ϭϳ ϲ ϮϬ ϭϭϵϬ D,ϭϰϯ ^dD,ϭϰϯ ^dD,ϭϭϳ D,ϭϭϴ ϭϰ ϭϭϳϱ ϭϮϬϬ ϱ ϭϴ ϭϵ ϭϮϬϱ ϰ ϭϵ ϭϮϬϱ ϭϴ ϭϯ ϭϭϴϬ ϯ ϭϭϵϱ ϮϬ ^dD,ϭϭϴ ϭϳ ϭϮϭϬ Ϯ D,ϭϭϴ D,ϭϮϮ Ϯϭ ϭ ϭϲ ϭϮϭϬ ϮϮ ϭϮϬϬ ϭϭϴϱ ^dD,ϭϭϵ ϭϮϭϬ ϭϱ ϭϮϬϱ ϵϭϭϵϬ ^dD,ϭϮϬ ϭϰ ϴ ϭϭϵϱ D,ϭϮϭ ϭϯ ϭϬ ϭϭϭϮ ϳ ϭϮϬϬ ϭϮϭϬ ϭϮϬϱ ϭϮϭϬ ϭϮϭϱ ϭϮϭϱ 52&+(67(50,11(627$ 3(%%/(&5((. W/W>E'd, ;&dͿ ϭϬϰϭϬϰ ϯϬϯϮϵϴϭϲϯϭϯϯ ϮϰϮϰϮϰϮϰ ϭϭϮϲϲϭϭϭϮϲϮϲϮϲϭϮϮϲϱϱϲϯϳϱϳϵϵϬϱϱϲϳϮϮϮϯ ϵϵϵϵ W/W^>KW ϰ͘ϴϬйϰ͘ϵϵйϬ͘ϲϴйϰ͘ϵϵйϰ͘ϯϯйϰ͘ϴϯйϬ͘Ϯϵй Ϯ͘ϮϬйϮ͘ϬϰйϮ͘ϮϬйϮ͘ϮϬйϮ͘ϮϰйϮ͘Ϭϭйϱ͘ϯϭйϮ͘Ϯϰйϭ͘ϰϲйϲ͘ϱϴйϮ͘ϱϵйϯ͘ϯϳйϱ͘Ϯϴйϲ͘ϲϬйϮ͘ϱϵйϱ͘ϯϭйϱ͘Ϯϯйϲ͘ϱϴйϮ͘ϱϵйϲ͘ϰϴйϮ͘ϱϱйϱ͘ϭϵйϱ͘ϰϰйϳ͘ϮϳйϮ͘ϱϴй Z/E^dK ϯϰϯϰ ϮϰϮϰϯϬϯϬϯϬϯϭϯϮϯϮϯϮϯϯϰϬϰϬϰϬϰϭϰϮϰϮ ϭϵϮϬϮϬϮϬϮϭϮϮϮϮϮϮϮϯϮϯϮϱϮϱ ϰ ϳ K&&^d ^dKZD^tZ^dZhdhZd> Ͳϭϴ͘ϲϳͲϭϴ͘ϲϳͲϭϴ͘ϲϳͲϭϴ͘ϲϳͲϭϴ͘ϲϳͲϭϲ͘ϲϳͲϭϲ͘ϲϳͲϭϲ͘ϲϳͲϭϲ͘ϲϲͲϭϲ͘ϲϳ ϭϴ͘ϲϳϭϴ͘ϲϳϭϴ͘ϱϵϭϲ͘ϲϳϭϲ͘ϲϳϭϲ͘ϲϳϭϲ͘ϲϲϭϲ͘ϲϴ ϳ͘Ϯϱϳ͘Ϯϱϳ͘Ϯϱϳ͘Ϯϱϳ͘Ϯϱϳ͘Ϯϱϳ͘Ϯϱϳ͘Ϭϯϳ͘Ϯϴϲ͘ϴϱϳ͘Ϯϱϳ͘Ϯϱϴ͘ϵϲϲ͘ϲϬ >/'EDEd >ͺ>ͺ>ͺ>ͺ>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ >ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ h/>,/',d ;&dͿ ϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬ ϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬ /EsZd;^Ϳ ϭϭϭϮ͘ϵϰϭϭϭϮ͘ϵϰ ϭϭϳϳ͘ϲϱϭϭϳϳ͘ϲϱϭϭϳϳ͘ϲϱϭϭϳϳ͘ϲϱϭϭϳϴ͘ϮϮϭϭϳϴ͘ϮϮϭϭϳϵ͘ϲϵϭϭϳϵ͘ϲϵϭϭϴϬ͘ϵϯϭϭϴϬ͘ϵϯϭϭϴϬ͘ϵϯϭϭϴϬ͘ϵϯϭϭϴϭ͘ϱϬϭϭϴϭ͘ϱϬϭϭϴϱ͘ϰϯϭϭϴϱ͘ϰϯϭϭϴϱ͘ϰϯϭϭϴϲ͘ϬϬϭϭϵϯ͘ϯϬϭϭϵϯ͘ϯϬϭϭϵϯ͘ϯϬϭϭϵϯ͘ϴϴϭϭϵϱ͘ϯϴϭϭϵϱ͘ϯϴϭϭϵϱ͘ϯϴϭϭϵϲ͘ϬϮϭϭϵϱ͘ϵϲϭϭϭϬ͘ϴϬϭϭϭ Ϭ͘ϴϬϭϭϭϬ͘ϴϬϭϭϭϬ͘ϴϬϭϭϭϭ͘ϰϮϭϭϭϭ͘ϰϮϭϭϭϲ͘ϵϬϭϭϭϲ͘ϵϬϭϭϭϲ͘ϵϬϭϭϭϲ͘ϵϬϭϭϭϳ͘ϱϮϭϭϭϳ͘ϱϮϭϭϮϭ͘ϬϴϭϭϮϭ͘ϬϴϭϭϮϱ͘ϳϴϭϭϮϱ͘ϳϴϭϭϮϱ͘ϳϴϭϭϮϱ͘ϳϴϭϭϮϲ͘ϰϬϭϭϮϲ͘ϰϬϭϭϭϱ͘ϭϲϭϭϭϱ͘ϭϲϭϭϭϱ͘ϭϲϭϭϭϱ͘ϭϲϭϭϭϱ͘ϳϳϭϭϭϱ͘ϳϳϭϭϭϴ͘ϲϱϭϭϭϴ͘ϲϱϭϭϮϱ͘ϵϭϭϭϮϱ͘ϵ ϭϭϭϮϱ͘ϵϭϭϭϮϳ͘ϱϯϭϭϮϲ͘ϱϭ ;&dͿ Z/D>sd/KE ;&dͿ ϭϭϭϳ͘ϵϰ ϭϭϴϮ͘ϲϱϭϭϴϮ͘ϮϮϭϭϴϮ͘ϮϮϭϭϴϰ͘ϲϵϭϭϴϱ͘ϵϯϭϭϴϱ͘ϱϬϭϭϴϱ͘ϱϬϭϭϵϬ͘ϰϯϭϭϵϬ͘ϬϬϭϭϵϴ͘ϯϬϭϭϵϳ͘ϴϴϭϮϬϬ͘ϯϴϭϮϬϬ͘ϬϮϭϭϵϵ͘ϵϲϭϭϭϱ͘ϴϬϭϭϭϱ͘ϰϮϭϭϭϱ͘ϰϮϭϭϮϭ͘ϵϬϭϭϮϭ͘ϱϮϭϭϮϭ͘ϱϮϭϭϮϲ͘ϬϴϭϭϯϬ͘ϳϴϭϭϯϬ͘ϰϬϭϭϯϬ͘ϰϬϭϭϮϬ͘ϭϲϭϭϭϵ͘ϳϳϭϭϭϵ͘ϳϳϭϭϮϯ͘ϲϱϭϭϯ Ϭ͘ϵϭϭϭϯϭ͘ϱϯϭϭϯϬ͘ϱϭ ^dZhdhZED ϮϬϮϮϮϯϮϰϮϱϯϬϯϮϯϰϰϬϰϮ ϮϬϮϮϮϱϯϬϯϮϯϰϰϬϰϮ Ϯϰϯϰ ϮϬϮϭϮϮϮϯϮϱϯϬϯϭϯϮϯϯϰϬϰϭϰϮ W/W>E'd, ;&dͿ ϮϬϰ ϭϬϰ ϭϭϵϭϭϯϭϯϯϭϰϲϭϰϴϭϭϬϭϲϮ ϮϲϵϵϵϴϲϱϴϴϰϱϮϲϵϱϵϬϳϱϮϲϴϭϮϲϮϱϴϴϮϲ ϭϭϭϵϭϭϭϭϭϭϭϮϭϭ W/W^>KW Ϭ͘ϲϬйϰ͘ϭϵйϮ͘Ϯϴйϰ͘ϳϮйϮ͘Ϭϭйϱ͘ϬϮйϮ͘ϭϵйϰ͘ϰϵйϱ͘ϲϵйϱ͘ϬϬйϮ͘ϮϬйϱ͘ϯϮйϮ͘ϯϬйϮ͘ϮϬйϯ͘Ϯϯйϰ͘ϵϵйϱ͘ϴϰйϱ͘ϰϲйϰ͘ϱϰйϮ͘Ϯϰйϰ͘ϯϭйϮ͘ϱϴйϱ͘ϬϴйϮ͘ϮϬй ϭ͘ϬϬйϭ͘ϬϬйϭ͘ϵϭйϭ͘ϵϴйϭ͘ϳϴйϭ͘ϵϭйϭ͘ϵϭйϭ͘ϵϰй Z/E^dK ϭϭϰϭϰ ϭϭϬϭϭϭϮϭϮϭϮϭϯϭϱϭϱϭϲϭϳϭϳϭϳϭϴϭϵϭϵ ϰϰ Ϯϯϱϲϳϴϴϴϵ ϭϭ K&&^d ^dKZD^tZ^dZhdhZd> Ͳϭϴ͘ϲϳͲϭϴ͘ϲϳͲϭϴ͘ϲϴͲϭϴ͘ϲϳͲϭϴ͘ϲϳͲϭϴ͘ϲϳ ϭϴ͘ϲϳϭϴ͘ϲϳϭϴ͘ϲϳϭϭ͘ϯϱϭϬ͘Ϯϱϭϭ͘ϭϳϭϴ͘ϲϳϭϭ͘Ϭϴϭϴ͘ϲϳϭϴ͘ϲϳϭϴ͘ϲϳ ϲ͘ϯϰ ϳ͘Ϯϲϳ͘Ϯϵϲ͘ϵϮϳ͘ϰϵϵ͘ϲϭϱ͘ϲϮϳ͘Ϯϱϳ͘ϯϮϳ͘Ϯϳϳ͘Ϯϱϳ͘Ϯϱϳ͘Ϯϵϱ͘ϴϬϳ͘Ϯϱ >/'EDEd >ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ h/>,/',d ;&dͿ ϰ͘ϯϭϯ͘ϲϯϰ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϰ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϰ͘ϬϬϰ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϰ͘ϬϬϰ͘ϬϬϱ͘ϬϬϱ͘ϬϬϰ͘ϬϬϱ͘ϬϬϰ͘ϬϬϱ͘ϬϬϱ͘ϬϬϰ͘ϬϬϰ͘ϬϬϱ͘ϬϬϱ͘ϬϬϰ͘ϬϬϰ͘ϬϬ /EsZd;^Ϳ ϭϭϬϭ͘ϯϰϭϭϬϭ͘ϯϰϭϭϬϭ͘ϯϰ ϭϭϬϭ͘ϲϬϭϭϬϭ͘ϮϯϭϭϬϭ͘ϮϯϭϭϬϯ͘ϲϭϭϭϬϯ͘ϲϭϭϭϬϳ͘ϳϲϭϭϬϳ͘ϳϲϭϭϭϬ͘ϬϬϭϭϭϬ͘ϬϬϭϭϭϬ͘ϬϬϭϭϭϬ͘ϬϬϭϭϭϬ͘ϵϬϭϭϭϭ͘Ϯϴϭϭϭϭ͘ϮϴϭϭϭϮ͘ϴϱϭϭϭϮ͘ϴϱϭϭϭϱ͘ϬϬϭϭϭϱ͘ϬϬϭϭϭϱ͘ϬϬϭϭϭϱ͘ϵϭϭϭϭϱ͘ϵϭϭϭϭϱ͘ϵϭϭϭϭϱ͘ϵϭϭϭϭϲ͘ϰϴϭϭϭϲ͘ϰϴϭϭϭϴ͘ϰϲϭϭϭϴ͘ϰϲϭϭϮϬ͘ϯϬϭϭϮ Ϭ͘ϯϬϭϭϮϰ͘ϯϯϭϭϮϰ͘ϯϯϭϭϮϴ͘ϲϮϭϭϮϴ͘ϲϮϭϭϮϴ͘ϲϮϭϭϮϴ͘ϲϮϭϭϮϵ͘ϭϵϭϭϮϵ͘ϭϵϭϭϯϲ͘ϰϬϭϭϯϲ͘ϰϬϭϭϯϴ͘Ϯϲϭϭϯϴ͘Ϯϲϭϭϯϴ͘Ϯϲϭϭϯϴ͘ϴϯϭϭϰϯ͘Ϭϯϭϭϰϯ͘Ϭϯϭϭϰϯ͘Ϭϯϭϭϰϯ͘ϲϬϭϭϰϵ͘ϰϯϭϭϰϵ͘ϰϯϭϭϱϱ͘ϭϬϭϭϱϱ͘ϭϬϭϭϱϱ͘ϭϬϭϭϱϱ͘ϭϬϭϭϱϱ͘ϲϲϭϭϱϱ͘ϲϲϭϭϱϴ͘ϵϬϭϭϱϴ͘ϵ Ϭϭϭϲϯ͘Ϭϵϭϭϲϯ͘Ϭϵϭϭϲϯ͘Ϭϵϭϭϲϯ͘Ϭϵϭϭϲϯ͘ϲϳϭϭϲϯ͘ϲϲ ;&dͿ Z/D>sd/KE ;&dͿ ϭϭϬϱ͘ϲϱϭϭϬϱ͘ϮϯϭϭϬϱ͘ϮϯϭϭϬϴ͘ϲϭϭϭϭϮ͘ϳϲϭϭϭϱ͘ϬϬϭϭϭϰ͘ϵϬϭϭϭϲ͘Ϯϴϭϭϭϳ͘ϴϱϭϭϮϬ͘ϬϬϭϭϮϬ͘ϵϭϭϭϮϬ͘ϰϴϭϭϮϬ͘ϰϴϭϭϮϯ͘ϰϲϭϭϮϱ͘ϯϬϭϭϮϵ͘ϯϯϭϭϯϯ͘ϲϮϭϭϯϯ͘ϭϵϭϭϯϯ͘ϭϵϭϭϰϭ͘ϰϬϭϭϰϯ͘ϮϲϭϭϰϮ͘ϴϯϭϭϰϴ͘Ϭϯϭϭϰϳ͘ϲϬϭϭϱϰ͘ϰϯϭϭϲϬ͘ϭϬϭϭϱϵ͘ϲϲϭϭϱϵ͘ϲϲϭϭϲ ϯ͘ϵϬϭϭϲϴ͘Ϭϵϭϭϲϳ͘ϲϳϭϭϲϳ͘ϲϲ ^dZhdhZED ϭϮϭϰϭϱϭϳϭϵ ϭϮϭϳϭϵ ϰϴ ϭϭϯϭϰ ϭϴϭϬϭϭϭϮϭϱϭϲϭϳϭϴϭϵ ϰ Ϯϯϱϳϴϵ ϭϲ 52&+(67(50,11(627$ 3(%%/(&5((. W/W>E'd, ;&dͿ ϭϳϰϭϯϰ ϭϭϭϭϳϵϭϬϭϭϳϳϭϴϱϭϵϵϭϰϵϭϭϲ ϴϰ ϰϵϰϴϯϰϰϵϮϰϮϰ ϯϲϯϭϯϯϱϬϯϲϱϱϮϱϮϲϮϲϭϮ ϴϵϵ ϳϳ W/W^>KW ϭϮ͘ϴϱйϭϵ͘ϵϮй Ϭ͘ϵϳйϬ͘ϵϬйϰ͘Ϭϰйϰ͘ϰϱйϬ͘ϯϴйϬ͘ϴϵйϰ͘Ϭϯй ϱ͘Ϯϴйϭ͘ϯϳйϱ͘ϭϲйϭ͘ϵϳйϭ͘ϬϬйϭ͘ϱϳйϭ͘ϰϲйϵ͘Ϭϰйϭ͘ϴϱйϴ͘ϵϬйϭ͘ϰϴйϭ͘ϴϳйϳ͘ϰϳйϭ͘ϭϲйϭ͘ϲϯйϭ͘Ϭϭйϲ͘ϰϴйϮ͘ϭϯйϮ͘ϱϵйϱ͘ϬϬйϮ͘ϭϰйϯ͘ϬϬйϮ͘ϱϵй Z/E^dK ϳϲ ϭϬϬϭϬϭϭϬϯϭϬϮ ϳϰϴϰϴϰ ϳϯϳϱϳϲϳϱϳϲϳϳϴϬϳϮϴϬϴϭϴϯϴϮϴϯϴϱϴϲϴϱϴϲϴϳϴϴϵϬϴϮϵϭϵϭϵϬ K&&^d ^dKZD^tZ^dZhdhZd> ϭϯϮ͘ϴϬ ͲϮϰ͘ϲϳͲϭϲ͘ϲϳͲϮϰ͘ϲϳͲϮϰ͘ϲϳͲϮϰ͘ϲϳͲϱϮ͘ϲϯͲϭϲ͘ϲϳͲϮϰ͘ϲϳͲϭϲ͘ϲϳͲϭϲ͘ϲϳ Ϯϰ͘ϲϳϮϰ͘ϲϳ ϭϭ͘ϬϬϭϭ͘ϬϬϭϲ͘ϲϳϭϭ͘ϬϬϭϲ͘ϲϳϭϲ͘ϲϳϭϲ͘ϲϲϭϲ͘ϲϳϭϲ͘ϲϳϭϲ͘ϲϳϭϲ͘ϲϳ ͲϮ͘Ϭϭ ϴ͘Ϯϰ ϵ͘ϯϳϵ͘ϯϳϳ͘ϰϬϳ͘Ϯϱϳ͘Ϯϱϳ͘Ϯϱ >/'EDEd >ͺK>ͺK>ͺK>ͺK>ͺK>ͺK >ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺE>ͺE>ͺE>ͺE >ͺW>ͺW>ͺW>ͺW>ͺW>ͺW>ͺW>ͺW>ͺW>ͺW>ͺW>ͺW>ͺW>ͺW>ͺW>ͺW h/>,/',d ;&dͿ ϭϮ͘ϬϬ ϰ͘ϬϬϰ͘ϯϬϰ͘ϬϬϰ͘ϰϵϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϱϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϭϴϰ͘ϬϬ ϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘Ϭϳϱ͘ϱϭϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬ /EsZd;^Ϳ ϭϭϴϮ͘ϱϰϭϭϴϮ͘ϱϰϭϭϳϳ͘ϲϰϭϭϳϵ͘ϵϰϭϭϳϵ͘ϵϰϭϭϳϵ͘ϵϰ ϭϭϳϬ͘ϮϭϭϭϳϬ͘Ϯϭϭϭϳϱ͘ϬϮϭϭϳϰ͘ϱϯϭϭϳϰ͘ϱϯϭϭϳϰ͘ϱϯϭϭϴϭ͘ϴϱϭϭϴϭ͘ϴϱϭϭϴϮ͘ϭϱϭϭϴϭ͘ϱϱϭϭϴϭ͘ϱϱϭϭϴϭ͘ϱϱϭϭϴϯ͘Ϭϯϭϭϱϰ͘ϵϭϭϭϱϮ͘ϳϲϭϭϱϮ͘ϳϲϭϭϱϮ͘ϳϲϭϭϳϱ͘ϳϮϭϭϳϱ͘ϳϮϭϭϳϲ͘ϱϮϭϭϳϲ͘ϱϮϭϭϳϲ͘ϱϮϭϭϳϲ͘ϵϴϭϭϳϲ͘ϵϴϭϭϳϲ͘ϵϴϭϭϳϵ͘ϭϯϭϭϳϴ͘ϰϴϭϭϳϴ͘ϰϴϭϭϳ ϴ͘ϰϴϭϭϴϭ͘ϵϯϭϭϴϭ͘ϴϬϭϭϴϭ͘ϴϬϭϭϴϭ͘ϴϬϭϭϴϰ͘ϱϴϭϭϴϯ͘ϵϱϭϭϴϯ͘ϵϱϭϭϴϯ͘ϵϱϭϭϴϳ͘ϭϴϭϭϴϳ͘ϭϴϭϭϴϳ͘ϰϭϭϭϴϳ͘ϰϭϭϭϴϳ͘ϵϭϭϭϳϳ͘ϲϴϭϭϳϳ͘Ϭϳϭϭϳϳ͘Ϭϳϭϭϳϳ͘ϬϳϭϭϴϬ͘ϱϲϭϭϴϬ͘ϱϲϭϭϰϲ͘ϰϲϭϭϰϲ͘ϰϲϭϭϲϵ͘ϱϵϭϭϲϵ͘ϱϵϭϭϳϬ͘ϱϵϭϭϲϵ͘ϵϳϭϭϲϵ͘ϵϳϭϭϲϵ͘ϵϳ ;&dͿ Z/D>sd/KE ;&dͿ ϭϭϴϭ͘ϲϰϭϭϴϰ͘ϳϰϭϭϴϰ͘ϵϰ ϭϭϳϱ͘Ϯϭϭϭϳϵ͘ϬϮϭϭϳϵ͘ϱϯϭϭϴϲ͘ϭϱϭϭϴϲ͘ϭϱϭϭϴϲ͘ϱϱϭϭϴϳ͘Ϭϯϭϭϴϳ͘Ϭϯϭϭϱϴ͘ϵϭϭϭϱϲ͘ϳϲϭϭϴϬ͘ϳϵϭϭϴϮ͘Ϭϯϭϭϴϭ͘ϵϴϭϭϴϯ͘ϭϯϭϭϴϯ͘ϰϴϭϭϴϱ͘ϵϯϭϭϴϱ͘ϴϬϭϭϴϴ͘ϱϴϭϭϴϴ͘ϵϱϭϭϵϮ͘ϭϴϭϭϵϭ͘ϵϭϭϭϵϭ͘ϵϭϭϭϴϭ͘ϲϴϭϭϴϮ͘Ϭϳϭϭϴϰ͘ϱϲϭϭϱϴ͘ϰϲϭϭϳϰ͘ϱϵϭϭϳϰ͘ϱϵϭϭϳ ϰ͘ϵϳ ^dZhdhZED ϭϬϯ ϳϱϳϲϴϬϴϯϴϰϴϱϴϲϵϬϵϭ ϳϲϵϭϭϬϭϭϬϮϭϬϯ ϳϰϴϰ ϳϱϳϲϳϳϳϴϴϬϴϭϴϮϴϯϴϱϴϲϴϳϴϴϴϵϵϬϵϭ W/W>E'd, ;&dͿ ϮϰϭϮϰϬϭϭϰϮϰϮ ϭϲϳϭϴϳϭϯϭϭϵϬϭϳϱϭϴϭϭϬϬϭϰϮ ϮϰϮϰϱϰϴϰ ϯϵϮϱϯϲϰϲϱϴϮϴϮϵϭϰϭϰϯϲ ϵϵϵϵϴ W/W^>KW ϭϯ͘ϴϬй Ϯ͘ϳϭйϮ͘ϱϮйϲ͘ϰϴйϰ͘ϲϲйϲ͘ϱϴйϯ͘ϵϮйϮ͘ϱϱйϲ͘ϰϴйϮ͘ϳϲйϲ͘ϴϰйϯ͘ϯϵйϴ͘ϬϬйϮ͘ϱϯйϯ͘ϯϴйϯ͘ϲϴйϮ͘ϳϱйϮ͘ϳϱйϯ͘ϬϵйϬ͘ϱϴйϰ͘ϭϵйϮ͘ϵϱйϳ͘ϯϵйϯ͘ϱϴйϱ͘ϬϮй ϭ͘ϬϬйϭ͘ϵϵйϭ͘Ϯϭйϭ͘ϱϭйϭ͘Ϭϱйϭ͘ϯϳй Z/E^dK ϱϰϱϰϱϰϲϰ ϱϬϱϭϱϬϱϮϱϭϱϯϱϮϱϯϱϱϱϲϱϲϱϱϱϲϲϬϲϭϲϯϲϮϲϯϲϱϲϳϲϳϲϲϳϬϳϭϳϯϳϯϳϮ K&&^d ^dKZD^tZ^dZhdhZd> ϭϴϳ͘Ϭϴ Ͳϭϲ͘ϲϳͲϭϲ͘ϲϳͲϭϲ͘ϲϳͲϰϱ͘ϰϯͲϭϲ͘ϲϳͲϮϰ͘ϲϳ ϱϱ͘Ϭϴϰϰ͘ϵϬϯϰ͘Ϯϭ Ϯϯ͘ϯϳϭϲ͘ϲϳϭϲ͘ϲϳϭϲ͘ϲϳϭϲ͘ϲϳϭϲ͘ϲϳϭϲ͘ϲϳϮϰ͘ϲϳϭϭ͘ϬϬϮϰ͘ϲϳϭϭ͘ϬϬ ϳ͘Ϯϱϳ͘Ϯϱϳ͘Ϯϱϳ͘Ϯϱϳ͘ϲϬϴ͘ϲϳϴ͘ϵϵϴ͘ϱϳϴ͘ϵϴϳ͘ϱϴϴ͘Ϭϭ >/'EDEd >ͺ,>ͺ,>ͺ,>ͺ,>ͺ, >ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ>ͺ h/>,/',d ;&dͿ ϭϳ͘ϳϯ ϰ͘ϬϬϱ͘ϬϬϰ͘ϬϬϱ͘ϬϬϰ͘ϬϬϱ͘ϬϬϰ͘ϬϬϱ͘ϬϬϰ͘ϬϬϰ͘ϬϬϱ͘ϬϬϰ͘ϬϬϱ͘ϬϬϰ͘ϬϬϰ͘ϬϬϱ͘ϬϬϰ͘ϬϬϱ͘ϬϬϰ͘ϬϬϰ͘ϱϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϰ͘ϬϬϰ͘ϬϬϱ͘ϬϬϱ͘ϱϬϱ͘ϬϬϰ͘ϬϬϰ͘ϬϬϱ͘ϬϬ /EsZd;^Ϳ ϭϭϰϵ͘ϯϰϭϭϰϵ͘ϯϰϭϭϰϵ͘ϯϰϭϭϱϯ͘ϲϰϭϭϱϯ͘ϲϰ ϭϭϮϳ͘ϲϯϭϭϮϲ͘ϵϴϭϭϮϲ͘ϵϴϭϭϯϭ͘ϱϴϭϭϯϭ͘ϭϵϭϭϯϭ͘ϭϵϭϭϯϭ͘ϭϵϭϭϰϬ͘ϰϵϭϭϯϵ͘ϴϴϭϭϯϵ͘ϴϴϭϭϯϵ͘ϴϴϭϭϰϵ͘ϵϲϭϭϱϯ͘ϱϴϭϭϱϯ͘ϱϴϭϭϱϮ͘ϵϳϭϭϱϮ͘ϵϳϭϭϱϮ͘ϵϳϭϭϱϮ͘ϵϳϭϭϲϬ͘ϬϮϭϭϱϵ͘ϰϬϭϭϱϵ͘ϰϬϭϭϱϵ͘ϰϬϭϭϲϱ͘ϵϳϭϭϲϱ͘ϵϳϭϭϲϱ͘ϯϯϭϭϲϱ͘ϯϯϭϭϲϱ͘ϯϯϭϭϲϱ͘ϯϯϭϭϳ Ϯ͘ϬϬϭϭϯϰ͘ϬϬϭϭϯϰ͘ϬϬϭϭϱϱ͘Ϯϵϭϭϱϰ͘ϲϯϭϭϱϰ͘ϲϯϭϭϱϰ͘ϲϯϭϭϱϱ͘ϴϵϭϭϱϱ͘ϴϵϭϭϱϳ͘ϭϱϭϭϱϳ͘ϭϱϭϭϱϴ͘ϵϱϭϭϱϴ͘ϵϱϭϭϲϲ͘ϭϵϭϭϲϳ͘Ϯϯϭϭϲϲ͘Ϭϯϭϭϲϲ͘Ϭϯϭϭϲϲ͘Ϭϯϭϭϱϭ͘ϭϵϭϭϱϭ͘ϭϵϭϭϱϮ͘ϮϬϭϭϱϮ͘ϮϬϭϭϱϮ͘ϮϬϭϭϲϰ͘ϴϱϭϭϲϰ͘ϴϱϭϭϲϰ͘ϯϲϭϭϲϰ͘ϯϲϭϭϲϰ͘ϯϲϭϭϲϰ͘ϯ ϲ ;&dͿ Z/D>sd/KE ;&dͿ ϭϭϱϰ͘ϯϰϭϭϱϴ͘ϲϰ ϭϭϯϭ͘ϲϯϭϭϯϭ͘ϵϴϭϭϯϱ͘ϱϴϭϭϯϲ͘ϭϵϭϭϰϰ͘ϰϵϭϭϰϰ͘ϴϴϭϭϱϯ͘ϵϲϭϭϱϳ͘ϱϴϭϭϱϳ͘ϱϴϭϭϱϳ͘ϵϳϭϭϲϰ͘ϬϮϭϭϲϰ͘ϰϬϭϭϲϵ͘ϵϳϭϭϲϵ͘ϵϳϭϭϳϬ͘ϯϯϭϭϳϲ͘ϬϬϭϭϱϭ͘ϳϯϭϭϱϵ͘Ϯϵϭϭϱϵ͘ϭϯϭϭϲϬ͘ϴϵϭϭϲϮ͘ϭϱϭϭϲϯ͘ϵϱϭϭϳϬ͘ϭϵϭϭϳϭ͘Ϯϯϭϭϳϭ͘Ϭϯϭϭϱϲ͘ϲϵϭϭϱϳ͘ϮϬϭϭϲϴ͘ϴϱϭϭϲ ϴ͘ϴϱϭϭϲϵ͘ϯϲ ^dZhdhZED ϱϬϱϭϱϮϱϯϱϰϱϱϱϲϲϯϲϳϳϯ ϱϰϱϲϳϯ ϲϳ ϱϰϲϰ ϱϬϱϭϱϮϱϯϱϱϱϲϱϳϲϭϲϮϲϯϲϱϲϲϲϳϳϭϳϮϳϯ 52&+(67(50,11(627$ 3(%%/(&5((. W/W>E'd, ;&dͿ ϯϭϰ ϯϱϬϮϵϳϮϮϭϮϮϬ ϭϯϱ ϱϰϮϰϮϰϰϬϰϭϮϰϮϰϮϰϮϰ ϳϳϯϳϯϵϯϵϭϰϯϲϲϯϯϯϯϮϮϱ ϭϲ ϵϵϵϵϵϴ W/W^>KW ϭϬ͘ϯϵйϭϭ͘ϵϬйϭϯ͘ϱϴй ϯ͘ϭϱйϰ͘ϴϵйϲ͘ϰϴйϮ͘ϱϱйϯ͘ϵϴйϬ͘ϵϳйϲ͘ϲϳйϮ͘ϱϴйϯ͘ϱϴйϮ͘Ϯϴйϲ͘ϱϴйϮ͘ϱϵйϯ͘ϯϰйϲ͘ϰϳйϮ͘ϳϮйϬ͘ϯϳйϲ͘ϲϯйϮ͘ϱϴйϳ͘ϰϬйϴ͘ϳϵйϮ͘ϱϬйϯ͘ϵϴйϰ͘ϭϮйϰ͘ϲϴй ϭ͘ϳϯйϭ͘ϲϳйϭ͘Ϭϵйϭ͘ϯϳйϭ͘ϭϳй Z/E^dK ϭϲϬ ϭϬϰϭϲϰ ϭϭϵϭϮϬϭϮϭϭϯϬϭϯϬϭϯϬϭϯϭϭϯϮϭϯϮϭϭϱϭϰϬϭϰϬϭϰϬϭϰϭϭϰϮϭϰϮϭϰϮϭϰϯϭϰϯϭϰϭϭϱϬϭϱϬϭϲϬϭϲϭϭϲϭϭϲϮϭϲϯϭϲϯϭϲϯ K&&^d ^dKZD^tZ^dZhdhZd> Ͳϭϲ͘ϲϰ Ͳϭϲ͘ϲϴͲϭϲ͘ϲϳͲϭϲ͘ϲϳͲϮϰ͘ϲϴͲϭϲ͘ϲϳͲϭϲ͘ϲϳͲϭϲ͘ϲϳͲϭϲ͘ϲϴͲϭϲ͘ϲϳ ϮϬ͘ϯϰ Ϯϰ͘ϲϴ ϭϬ͘ϰϬϭϲ͘ϲϳϭϲ͘ϲϳϭϲ͘ϲϳϭϭ͘ϬϬϭϲ͘ϲϳϭϲ͘ϲϳϭϲ͘ϲϳϭϲ͘ϲϳϭϭ͘ϰϱϭϲ͘ϲϳ ϳ͘Ϯϱϳ͘Ϯϲϳ͘ϯϴϳ͘Ϯϱϳ͘Ϯϱϳ͘Ϯϱϳ͘ϯϮϴ͘Ϯϵϳ͘Ϯϱ >/'EDEd >ͺK>ͺK>ͺK >ͺE>ͺE>ͺE>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ, >ͺW>ͺW>ͺW h/>,/',d ;&dͿ ϭϱ͘ϱϱϭϯ͘ϱϬ ϱ͘ϬϬϰ͘ϬϬϰ͘ϬϬϱ͘ϬϬϰ͘ϬϬϰ͘ϬϬϱ͘ϬϬϱ͘ϬϬϰ͘ϬϬϰ͘ϬϬϱ͘ϬϬϰ͘ϬϬϰ͘ϬϬϱ͘ϬϬϱ͘ϬϬϰ͘ϬϬϰ͘ϬϬϱ͘ϬϬϰ͘ϬϬϰ͘ϬϬϱ͘ϬϬϰ͘ϬϬϰ͘ϬϬϵ͘ϱϬϱ͘ϬϬϱ͘ϬϬϯ͘ϱϬϯ͘ϱϬϱ͘ϬϬϯ͘ϱϬ /EsZd;^Ϳ ϭϭϳϭ͘Ϯϰϭϭϳϭ͘Ϯϰϭϭϳϭ͘Ϯϰϭϭϳϭ͘Ϯϰϭϭϴϱ͘Ϯϰϭϭϴϱ͘Ϯϰϭϭϱϰ͘Ϭϰ ϭϭϵϱ͘ϴϬϭϭϵϱ͘ϴϬϭϭϵϳ͘ϱϵϭϭϵϳ͘ϱϵϭϭϵϴ͘Ϯϳϭϭϳϭ͘ϴϱϭϭϳϭ͘ϴϱϭϭϴϯ͘ϳϱϭϭϴϯ͘ϳϱϭϭϴϰ͘ϭϯϭϭϴϰ͘ϭϯϭϭϴϰ͘ϭϯϭϭϴϰ͘ϳϱϭϭϴϰ͘ϳϱϭϭϳϲ͘ϰϮϭϭϳϲ͘ϰϮϭϭϳϲ͘ϰϮϭϭϳϲ͘ϰϮϭϭϳϲ͘ϵϭϭϭϳϲ͘ϵϭϭϭϴϰ͘ϯϵϭϭϴϰ͘ϯϵϭϭϴϰ͘ϯϵϭϭϴϰ͘ϴϳϭϭϴϰ͘ϴϳϭϭϴϰ͘ϴϳϭϭϴϰ͘ϴϳϭϭϴϱ͘ϰϵϭϭϴ ϱ͘ϰϵϭϭϵϰ͘ϳϳϭϭϵϰ͘ϳϳϭϭϵϰ͘ϳϳϭϭϵϱ͘ϯϴϭϭϵϱ͘ϰϮϭϭϴϰ͘ϲϮϭϭϴϰ͘ϲϮϭϭϴϰ͘ϲϮϭϭϰϴ͘ϯϴϭϭϰϴ͘ϯϴϭϭϰϴ͘ϯϴϭϭϰϴ͘ϯϴϭϭϱϬ͘ϬϳϭϭϱϬ͘ϬϳϭϭϱϬ͘Ϭϳϭϭϲϭ͘ϵϱϭϭϲϭ͘ϵϱϭϭϲϮ͘ϳϲϭϭϲϮ͘ϳϲϭϭϲϮ͘ϳϲϭϭϲϮ͘ϳϲϭϭϲϯ͘ϵϬϭϭϲϯ͘ϳϳϭϭϳϭ͘ϴϱϭϭϳϭ͘ϴϱϭϭϳϮ͘ϵϳ ;&dͿ Z/D>sd/KE ;&dͿ ϭϭϳϲ͘Ϯϰϭϭϴϵ͘Ϯϰϭϭϴϵ͘Ϯϰϭϭϲϯ͘ϱϰ ϭϮϬϬ͘ϴϬϭϮϬϭ͘ϱϵϭϮϬϮ͘Ϯϳϭϭϳϱ͘ϴϱϭϭϳϱ͘ϴϱϭϭϴϴ͘ϳϱϭϭϴϵ͘ϭϯϭϭϴϴ͘ϳϱϭϭϴϴ͘ϳϱϭϭϴϭ͘ϰϮϭϭϴϬ͘ϵϭϭϭϴϬ͘ϵϭϭϭϴϵ͘ϯϵϭϭϴϵ͘ϴϳϭϭϴϵ͘ϰϵϭϭϴϵ͘ϰϵϭϭϵϵ͘ϳϳϭϭϵϵ͘ϯϴϭϭϵϵ͘ϰϮϭϭϴϵ͘ϲϮϭϭϲϯ͘ϵϯϭϭϲϯ͘ϱϳϭϭϲϲ͘ϵϱϭϭϲϳ͘ϳϲϭϭϲϳ͘ϰϬϭϭϲϳ͘Ϯϳϭϭϳϲ͘ϴϱϭϭϳϲ͘ϰϳ ^dZhdhZED ϭϯϬϭϯϮϭϰϬϭϰϮϭϰϯϭϱϬϭϲϭϭϲϯ ϭϯϬϭϯϮϭϰϬϭϰϮϭϰϯϭϱϬϭϲϯ ϭϮϬϭϮϭϭϮϮϭϯϬϭϯϭϭϯϮϭϰϬϭϰϭϭϰϮϭϰϯϭϱϬϭϲϬϭϲϭϭϲϮϭϲϯϭϲϰϭϲϱ W/W>E'd, ;&dͿ ϭϬϱϭϬϬϭϬϬϭϬϬϭϬϬϭϬϬϭϬϮϭϬϬϭϳϳϭϴϬϭϰϵ ϮϰϮϰϮϰϮϰϮϰϮϰϮϰϮϰϲϰϮϰϮϰϮϰ ϳϳϯϵϮϭϱϮϰϭϮϮ ϭϴ ϵϵ W/W^>KW Ϭ͘ϰϴйϬ͘ϱϭйϬ͘ϱϬйϬ͘ϱϬйϬ͘ϰϵйϯ͘ϯϲйϬ͘ϱϭйϬ͘ϱϬйϬ͘ϰϵйϬ͘ϰϵйϯ͘ϵϱйϬ͘ϯϳйϬ͘ϳϰйϯ͘ϰϰйϯ͘Ϭϰйϯ͘Ϯϴйϱ͘ϳϰйϯ͘ϭϳй Ϯ͘ϱϱйϲ͘ϰϴйϮ͘ϱϱйϮ͘ϱϱйϮ͘ϱϵйϮ͘ϱϱйϮ͘ϱϱйϮ͘ϱϵйϮ͘ϲϬйϮ͘ϱϵйϭ͘Ϯϲйϲ͘ϱϴйϮ͘ϱϵйϮ͘ϱϱй Z/E^dK ϭϬϰϭϭϰϭϭϰ ϭϬϯϭϬϱϭϬϱϭϬϱϭϬϲϭϬϲϭϬϳϭϬϳϭϬϴϭϬϴϭϬϴϭϬϵϭϬϵϭϭϬϭϭϬϭϭϭϭϭϭϭϭϮϭϭϮϭϭϮϭϭϯϭϭϱϭϭϲϭϭϲϭϭϳϭϭϳϭϭϴϭϭϴϭϭϴ K&&^d ^dKZD^tZ^dZhdhZd> Ͳϭϲ͘ϲϱͲϭϲ͘ϲϲͲϭϲ͘ϲϲͲϭϲ͘ϲϲͲϭϲ͘ϲϲͲϭϲ͘ϲϲͲϭϲ͘ϲϳͲϭϲ͘ϲϳͲϭϲ͘ϲϳͲϭϲ͘ϲϳͲϭϲ͘ϲϳ ϭϲ͘ϲϳϭϲ͘ϲϳϭϲ͘ϲϳϭϭ͘ϭϲϭϲ͘ϲϳϭϲ͘ϲϳϭϭ͘ϵϭ ϳ͘Ϯϰϳ͘ϱϰ ϳ͘Ϯϱϳ͘Ϯϱϳ͘ϮϮϳ͘Ϯϯϳ͘Ϯϱϳ͘Ϯϱϳ͘Ϯϱϳ͘Ϯϱϳ͘Ϯϱϳ͘Ϯϱϳ͘Ϯϱϳ͘Ϯϱ >/'EDEd >ͺE>ͺE>ͺE>ͺE>ͺE>ͺE>ͺE>ͺE>ͺE>ͺE>ͺE>ͺE>ͺE>ͺE>ͺE>ͺE>ͺE>ͺE>ͺE>ͺE>ͺE>ͺE>ͺE>ͺE>ͺE>ͺE>ͺE>ͺE>ͺE>ͺE>ͺE>ͺE h/>,/',d ;&dͿ ϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬ ϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϱϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬ /EsZd;^Ϳ ϭϭϳϬ͘ϯϰϭϭϳϬ͘ϯϰϭϭϳϬ͘ϯϰϭϭϳϬ͘ϱϰϭϭϳϬ͘ϱϰϭϭϳϬ͘ϱϰϭϭϳϬ͘ϱϰϭϭϳϱ͘ϯϰ ϭϭϳϭ͘ϭϱϭϭϳϭ͘ϭϱϭϭϳϭ͘Ϭϳϭϭϳϭ͘Ϭϳϭϭϳϭ͘Ϭϳϭϭϳϭ͘ϲϴϭϭϳϭ͘ϱϳϭϭϳϭ͘ϱϳϭϭϳϭ͘ϱϳϭϭϳϮ͘ϭϴϭϭϳϮ͘ϬϲϭϭϳϮ͘ϬϲϭϭϳϮ͘ϬϲϭϭϳϮ͘ϬϲϭϭϳϮ͘ϲϴϭϭϳϮ͘ϳϳϭϭϳϮ͘ϱϳϭϭϳϮ͘ϱϳϭϭϳϮ͘ϱϳϭϭϳϯ͘ϭϴϭϭϳϯ͘Ϭϳϭϭϳϯ͘Ϭϳϭϭϳϯ͘Ϭϳϭϭϳϯ͘ϲϴϭϭϳϯ͘ϱϲϭϭϳϯ͘ϱϲϭϭϳϯ͘ϱϲϭϭϳϰ͘ϭϴϭϭϳ ϰ͘Ϭϲϭϭϳϰ͘Ϭϲϭϭϳϰ͘Ϭϲϭϭϳϰ͘Ϭϲϭϭϳϰ͘ϲϵϭϭϳϰ͘ϳϲϭϭϳϰ͘Ϯϱϭϭϳϰ͘Ϯϱϭϭϳϰ͘ϳϮϭϭϳϰ͘ϳϮϭϭϳϰ͘ϳϮϭϭϳϱ͘ϵϴϭϭϳϱ͘ϵϴϭϭϳϱ͘ϵϴϭϭϳϳ͘ϯϵϭϭϳϳ͘ϯϵϭϭϳϳ͘ϯϵϭϭϳϴ͘ϬϭϭϭϴϮ͘ϳϱϭϭϴϮ͘ϳϱϭϭϴϮ͘ϳϱϭϭϴϯ͘ϯϳϭϭϴϴ͘ϲϱϭϭϴϴ͘ϲϱϭϭϴϴ͘ϲϱϭϭϴϴ͘ϲϱϭϭϴϵ͘ϵϮϭϭϴϵ͘Ϯϲϭϭϵϯ͘ϯ ϲϭϭϵϯ͘ϯϲ ;&dͿ Z/D>sd/KE ;&dͿ ϭϭϳϱ͘ϯϰϭϭϳϱ͘ϱϰϭϭϳϵ͘ϯϰ ϭϭϳϱ͘ϭϱϭϭϳϱ͘ϭϱϭϭϳϲ͘Ϭϳϭϭϳϱ͘ϲϴϭϭϳϲ͘ϱϳϭϭϳϲ͘ϭϴϭϭϳϳ͘Ϭϲϭϭϳϲ͘ϲϴϭϭϳϲ͘ϳϳϭϭϳϳ͘ϱϳϭϭϳϳ͘ϭϴϭϭϳϴ͘Ϭϳϭϭϳϳ͘ϲϴϭϭϳϴ͘ϱϲϭϭϳϴ͘ϭϴϭϭϳϵ͘Ϭϲϭϭϳϴ͘ϲϵϭϭϳϴ͘ϳϲϭϭϳϵ͘Ϯϱϭϭϳϵ͘ϳϮϭϭϴϭ͘ϰϴϭϭϴϮ͘ϯϵϭϭϴϮ͘Ϭϭϭϭϴϳ͘ϳϱϭϭϴϳ͘ϯϳϭϭϵϯ͘ϲϱϭϭϵϯ͘ϵϮϭϭϵϯ͘Ϯϲϭϭϵ ϴ͘ϯϲ ^dZhdhZED ϭϬϱϭϬϲϭϬϳϭϬϴϭϬϵϭϭϬϭϭϭϭϭϮϭϭϰϭϭϲϭϭϳϭϭϴ ϭϬϱϭϬϴϭϭϮϭϭϴ ϭϬϰϭϭϰ ϭϬϱϭϬϲϭϬϳϭϬϴϭϬϵϭϭϬϭϭϭϭϭϮϭϭϯϭϭϱϭϭϲϭϭϳϭϭϴϭϭϵ 52&+(67(50,11(627$ 3(%%/(&5((. W/W>E'd, ;&dͿ ϯϳϱϭϬϰϮϬϯ ϭϮϴϭϬϭϭϳϬϭϴϭ ϰϰϯϰ ϯϯϰϮϰϱϮϲϮϴϮϴ ϭϯ ϳϳ W/W^>KW ϭϰ͘ϳϭй ϰ͘ϲϰйϬ͘ϱϵйϬ͘ϰϴйϵ͘ϰϲйϰ͘ϱϰйϰ͘ϵϯйϴ͘ϵϬйϰ͘ϲϬйϰ͘Ϭϯйϴ͘ϵϲй ϭ͘ϴϴйϮ͘ϰϴйϭ͘ϲϮйϮ͘ϱϱйϯ͘ϯϯйϮ͘ϱϱйϮ͘ϰϵй Z/E^dK ϮϬϰϮϬϰϮϬϰ ϮϬϬϮϬϭϮϬϮϮϬϮϮϬϮϮϬϯϮϬϯϮϬϱ ϭϲϬϭϵϬϭϵϭϭϵϭϭϵϮϭϵϯϭϵϬ K&&^d ^dKZD^tZ^dZhdhZd> ͲϮϬ͘ϯϯͲϭϲ͘ϲϳͲϭϲ͘ϲϳͲϭϲ͘ϲϳͲϭϲ͘ϲϳͲϭϮ͘ϳϭͲϭϲ͘ϲϳͲϭϲ͘ϲϳͲϭϭ͘ϰϱ ϭϲ͘ϲϳϭϲ͘ϲϳϭϲ͘ϲϳϭϲ͘ϲϳϭϲ͘ϲϳϭϲ͘ϲϵ Ͳϵ͘ϮϱͲϵ͘ϮϱͲϵ͘ϯϬ >/'EDEd >ͺ:>ͺ:>ͺ:>ͺ:>ͺ:>ͺ:>ͺ:>ͺ:>ͺ:>ͺ:>ͺ:>ͺ:>ͺ:>ͺ:>ͺ:>ͺ:>ͺ:>ͺ: h/>,/',d ;&dͿ ϵ͘ϭϱϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬϰ͘ϬϬ ϯ͘ϵϳϯ͘ϴϭϳ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬ /EsZd;^Ϳ ϭϭϲϱ͘ϴϬϭϭϲϱ͘ϴϬϭϭϲϱ͘ϴϬϭϭϲϲ͘ϱϱϭϭϲϲ͘ϱϱϭϭϲϲ͘ϱϱϭϭϲϲ͘ϳϭϭϭϲϴ͘ϱϭϭϭϲϴ͘ϱϭϭϭϳϭ͘ϬϮϭϭϳϭ͘ϬϮϭϭϳϭ͘ϳϭϭϭϲϳ͘ϳϴϭϭϲϳ͘ϳϴϭϭϳϭ͘ϵϵϭϭϳϭ͘ϵϵϭϭϳϯ͘ϵϵϭϭϳϯ͘ϵϵϭϭϳϯ͘ϵϵϭϭϳϯ͘ϵϵϭϭϳϱ͘ϲϴϭϭϳϰ͘ϲϱϭϭϴϭ͘ϴϯϭϭϴϭ͘ϴϯϭϭϴϭ͘ϴϯϭϭϴϮ͘ϰϵϭϭϴϵ͘ϭϮϭϭϴϵ͘ϭϮϭϭϴ ϵ͘ϭϮϭϭϴϵ͘ϭϮϭϭϵϬ͘Ϭϲϭϭϴϵ͘ϳϴϭϭϵϰ͘ϯϬϭϭϵϰ͘ϯϬϭϭϵϱ͘ϬϬ ;&dͿ Z/D>sd/KE ;&dͿ ϭϭϳϰ͘ϵϱϭϭϳϬ͘ϱϮϭϭϳϬ͘ϱϮϭϭϳϮ͘ϱϭϭϭϳϱ͘ϬϮϭϭϳϱ͘ϳϭϭϭϳϰ͘ϳϴϭϭϳϲ͘ϵϵϭϭϳϴ͘ϵϵϭϭϳϵ͘ϲϴϭϭϳϴ͘ϲϱϭϭϴϲ͘ϴϯϭϭϴϲ͘ϰϵϭϭϵϰ͘ϭϮϭϭϵϰ͘Ϭϲϭϭϵϯ͘ϳϴϭϭϵϵ͘ϯϬϭϭϵϵ͘ϬϬ ^dZhdhZED ϮϬϮϮϬϯϮϬϰ ϭϵϭ ϮϬϮϮϬϰ ϭϵϰϮϬϰ ϭϵϬϭϵϭϭϵϮϭϵϯϮϬϬϮϬϭϮϬϮϮϬϯϮϬϱϮϬϲ W/W>E'd, ;&dͿ ϭϱϰ ϭϯϴϭϯϲϭϳϱϭϭϳϮϮϮϭϱϮϭϰϴϭϳϳϮϬϳ ϰϯϮϰϰϮϮϰ ϮϳϴϲϮϲϴϬϮϵϮϲϳϮϱϭϴϮϵϱϱϯϭϴ ϳϳϵϵϵϵ W/W^>KW ϭϰ͘ϳϴйϭϰ͘Ϭϴйϭϱ͘ϳϴйϭϮ͘Ϭϲйϭϭ͘ϳϵйϭϭ͘ϳϵйϭϭ͘ϵϬй ϰ͘ϰϲйϰ͘ϲϲйϰ͘ϲϴй Ϭ͘ϱϳйϲ͘ϵϭйϬ͘ϱϴйϬ͘ϲϰйϯ͘ϴϭйϮ͘ϲϱйϯ͘ϮϴйϮ͘ϲϵйϮ͘ϱϳйϮ͘ϱϰйϯ͘ϱϳйϮ͘ϱϵйϮ͘Ϯϵйϯ͘Ϯϯйϯ͘ϭϵйϱ͘ϯϮйϯ͘Ϯϲйϯ͘Ϯϲйϵ͘ϭϭйϯ͘Ϯϲй ϭ͘ϰϲйϭ͘Ϭϴй Z/E^dK ϭϳϰϭϳϰϭϴϰϭϴϰ ϭϲϬϭϳϬϭϳϬϭϳϬϭϳϭϭϳϮϭϳϮϭϳϮϭϳϯϭϳϱϭϳϱϭϳϱϭϳϲϭϳϳϭϳϴϭϳϵϭϴϬϭϴϭϭϴϭϭϴϭϭϴϮϭϴϯϭϴϯϭϴϯϭϴϱϭϴϱϭϴϱϭϴϲ K&&^d ^dKZD^tZ^dZhdhZd> Ͳϭϲ͘ϲϳͲϭϲ͘ϲϳͲϭϲ͘ϲϳͲϭϲ͘ϲϳͲϭϲ͘ϲϳͲϭϲ͘ϲϳͲϭϲ͘ϲϳ ϭϬ͘ϭϮϭϲ͘ϲϳϭϭ͘Ϯϴϭϲ͘ϳϭϭϭ͘ϭϯϭϬ͘ϴϳϭϲ͘ϲϳϭϭ͘ϱϴϭϭ͘ϱϯϭϲ͘ϲϴϭϬ͘ϴϵϭϬ͘ϱϳϭϲ͘ϲϳϭϲ͘ϲϳϭϲ͘ϲϳϭϲ͘ϲϳϭϲ͘ϲϳ ϵ͘ϲϭϵ͘ϯϮϳ͘ϯϴϰ͘ϯϴϳ͘Ϯϲϳ͘Ϯϲϳ͘Ϯϲϳ͘Ϯϲ >/'EDEd >ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ,>ͺ, h/>,/',d ;&dͿ ϭϬ͘ϳϵ ϲ͘ϱϬϲ͘ϱϬϲ͘ϴϬϰ͘ϴϯϯ͘ϱϬϯ͘ϱϬϱ͘ϬϬϱ͘ϬϬϯ͘ϱϬϱ͘ϬϬϯ͘ϱϬϯ͘ϱϬϱ͘ϬϬϱ͘ϬϬϯ͘ϱϬϱ͘ϬϬϱ͘ϬϬϱ͘ϬϬϯ͘ϱϬϯ͘ϱϬϱ͘ϬϬϱ͘ϬϬϯ͘ϱϬϯ͘ϱϬϱ͘ϬϬϯ͘ϱϬϱ͘ϬϬϯ͘ϱϬϯ͘ϱϬϱ͘ϬϬϯ͘ϱϬ /EsZd;^Ϳ ϭϭϱϮ͘Ϯϰ ϭϭϰϵ͘Ϯϱϭϭϰϵ͘Ϯϱϭϭϰϵ͘Ϯϱϭϭϰϵ͘Ϯϱϭϭϱϯ͘ϮϭϭϭϱϬ͘ϬϱϭϭϱϬ͘ϬϱϭϭϱϬ͘ϲϬϭϭϱϬ͘ϲϬϭϭϱϬ͘ϲϬϭϭϱϬ͘ϲϬϭϭϱϭ͘ϲϬϭϭϱϭ͘ϲϬϭϭϱϭ͘ϳϲϭϭϱϭ͘ϳϲϭϭϱϱ͘ϯϱϭϭϱϱ͘ϯϱϭϭϱϱ͘ϯϱϭϭϱϲ͘ϯϬϭϭϲϬ͘ϬϱϭϭϲϬ͘ϬϱϭϭϲϬ͘ϬϱϭϭϲϬ͘Ϭϱϭϭϲϭ͘Ϯϭϭϭϲϭ͘Ϯϭϭϭϲϭ͘ϵϬϭϭϲϭ͘ϵϬϭϭϲϯ͘ϮϬϭϭϲ ϯ͘ϮϬϭϭϲϳ͘ϯϳϭϭϲϳ͘ϯϳϭϭϲϴ͘Ϯϱϭϭϲϴ͘ϮϱϭϭϳϬ͘ϳϬϭϭϳϬ͘ϳϬϭϭϳϱ͘ϳϴϭϭϳϱ͘ϳϴϭϭϳϱ͘ϳϴϭϭϳϱ͘ϳϴϭϭϳϲ͘ϵϬϭϭϳϲ͘ϵϬϭϭϴϬ͘ϰϬϭϭϴϬ͘ϳϬϭϭϴϮ͘ϬϴϭϭϴϮ͘ϬϴϭϭϴϮ͘ϬϴϭϭϴϮ͘Ϭϴϭϭϴϯ͘ϭϵϭϭϴϰ͘ϯϯϭϭϴϲ͘ϵϭϭϭϴϲ͘ϵϭϭϭϴϲ͘ϵϭϭϭϴϴ͘ϬϮϭϭϵϮ͘ϲϴϭϭϵϮ͘ϲϴϭϭϵϮ͘ϲϴϭϭϵϮ͘ϲ ϴϭϭϵϰ͘Ϯϴϭϭϵϯ͘ϴϬϭϭϵϵ͘ϰϯϭϭϵϵ͘ϰϯϭϮϬϬ͘ϱϱ ;&dͿ Z/D>sd/KE ;&dͿ ϭϭϲϬ͘Ϭϰϭϭϱϴ͘ϳϰ ϭϭϱϵ͘ϳϭϭϭϱϲ͘ϴϱϭϭϱϱ͘ϰϯϭϭϱϱ͘ϭϬϭϭϱϱ͘ϭϬϭϭϱϲ͘ϳϲϭϭϲϬ͘ϯϱϭϭϱϵ͘ϴϬϭϭϲϱ͘Ϭϱϭϭϲϰ͘ϳϭϭϭϲϰ͘ϳϭϭϭϲϲ͘ϵϬϭϭϲϴ͘ϮϬϭϭϳϬ͘ϴϳϭϭϳϯ͘Ϯϱϭϭϳϱ͘ϳϬϭϭϴϬ͘ϳϴϭϭϴϬ͘ϰϬϭϭϴϬ͘ϰϬϭϭϴϱ͘ϰϬϭϭϴϳ͘Ϭϴϭϭϴϲ͘ϲϵϭϭϴϳ͘ϴϯϭϭϵϭ͘ϵϭϭϭϵϭ͘ϱϮϭϭϵϳ͘ϲϴϭϭϵϳ͘ϳϴϭϭϵϳ͘ϯϬϭϮϬ ϰ͘ϰϯϭϮϬϰ͘Ϭϱ ^dZhdhZED ϭϳϬϭϳϮϭϳϰϭϳϱϭϴϭϭϴϯϭϴϰϭϴϱ ϭϳϬϭϳϮϭϳϱϭϴϭϭϴϯϭϴϱ ϭϳϰϭϴϰ ϭϳϬϭϳϭϭϳϮϭϳϯϭϳϱϭϳϲϭϳϳϭϳϴϭϳϵϭϴϬϭϴϭϭϴϮϭϴϯϭϴϱϭϴϲϭϴϳ 2/067('&2817<0,11(627$ 3(%%/(&5((.6,;7+ 35(/,0,1$5<3/$7 67 6 6&$/(,1)((7 6 6 6 2/067('&2817<0,11(627$ 3(%%/(&5((.6,;7+ 35(/,0,1$5<3/$7 t^D^^zE'/EZ/E'Θ^hZsz/E'͕>d ϭϳϲϱZĞƐƚŽƌĂƚŝŽŶZŽĂĚ^tZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ ϱϬϳ͘ϲϯϰ͘ϰϱϬϱͮt^͘E'/EZ/E' ϭϰDĂLJϮϬϮϱ ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚ ϰϬϬϭtĞƐƚZŝǀĞƌWĂƌŬǁĂLJ ^Eds/>dZKE/D/> ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϭ ŽŵŵƵŶŝƚLJĚĞǀĞůŽƉŵĞŶƚΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ZĞ͗WĞďďůĞƌĞĞŬDĂũŽƌ>ĂŶĚ^ƵďĚŝǀŝƐŝŽŶ;WƌĞůŝŵŝŶĂƌLJWůĂƚͿ ĞĂƌŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚ͗ KŶďĞŚĂůĨŽĨŽƵƌĐůŝĞŶƚ͕>ĞŶŶĂƌ͕ǁĞĂƌĞƐƵďŵŝƫŶŐƚŚĞƉƌĞůŝŵŝŶĂƌLJƉůĂƚĂŶĚĂƐƐŽĐŝĂƚĞĚĚŽĐƵŵĞŶƚƐĨŽƌ ƌĞǀŝĞǁĂŶĚĂƉƉƌŽǀĂůŽĨƚŚĞŵĂũŽƌůĂŶĚƐƵďĚŝǀŝƐŝŽŶƉĞƌŵŝƚ͘ t^ŚĂƐƉƌĞƉĂƌĞĚƚŚĞƉƌĞůŝŵŝŶĂƌLJƉůĂƚĂŶĚĚŽĐƵŵĞŶƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞh͕DĂũŽƌ>ĂŶĚ ^ƵďĚŝǀŝƐŝŽŶĐŚĞĐŬůŝƐƚ͕ĂŶĚƚŚĞƉƌĞͲĚĞǀĞůŽƉŵĞŶƚŵĞĞƟŶŐŚĞůĚŽŶDĂƌĐŚϲ͕ϮϬϮϱ͘dŚŝƐĐŽǀĞƌůĞƩĞƌƐĞƌǀĞƐ ƚŚ ĂƐƚŚĞŶĂƌƌĂƟǀĞĂŶĚƐƵŵŵĂƌLJŽĨƚŚĞƉƌŽũĞĐƚ͘ EĂƌƌĂƟǀĞ͗ dŚĞƉƌŽũĞĐƚŝƐŝŵŵĞĚŝĂƚĞůLJĂĚũĂĐĞŶƚƚŽƚŚĞĞdžŝƐƟŶŐWĞďďůĞƌĞĞŬĚĞǀĞůŽƉŵĞŶƚĂůŽŶŐϲϬǀĞEt͘dŚĞ ƚŚ ƌĞŵĂŝŶĚĞƌŽĨƚŚĞƵŶĚĞǀĞůŽƉĞĚůĂŶĚŝƐƵƐĞĚĨŽƌĂŐƌŝĐƵůƚƵƌĂůƌŽǁĐƌŽƉƉƌŽĚƵĐƟŽŶ͘/ŶϮϬϮϱƚŚĞŝƚLJŽĨ ZŽĐŚĞƐƚĞƌĂƉƉƌŽǀĞĚĂŶĂŶŶĞdžĂƟŽŶŽĨƚŚĞƌĞŵĂŝŶĚĞƌŽĨƚŚĞWĞďďůĞƌĞĞŬƉƌŽƉĞƌƚLJƚŚĂƚůŝĞƐŽƵƚƐŝĚĞŽĨƚŚĞ ĐŝƚLJ͘tŚĞŶĂŶŶĞdžĞĚƚŚĞƉƌŽƉĞƌƚLJĐĂƌƌŝĞƐĂnjŽŶŝŶŐĚĞƐŝŐŶĂƟŽŶŽĨZͲϮ>ŽǁĞŶƐŝƚLJ^ŵĂůů>Žƚ͘dŚĞ ƉƌŽƉŽƐĞĚƉůĂƚĂƌĞĂĐŽŶƚĂŝŶƐĂƉƉƌŽdžŝŵĂƚĞůLJϰϱϰůŽƚƐŽŶϭϴϱĂĐƌĞƐ͘ dŚĞWĞďďůĞƌĞĞŬĚĞǀĞůŽƉŵĞŶƚǁĂƐŽƌŝŐŝŶĂůůLJĂƉƉƌŽǀĞĚŝŶƚŚĞĞĂƌůLJϮϬϬϬ͛ƐĂŶĚŚĂƐďĞĞŶĚĞǀĞůŽƉŝŶŐ ƵŶĚĞƌĂŶĂƉƉƌŽǀĞĚ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶ;'WͿ͘ŶŶǀŝƌŽŶŵĞŶƚĂůƐƐĞƐƐŵĞŶƚtŽƌŬƐŚĞĞƚǁĂƐĂůƐŽ ĂƉƉƌŽǀĞĚĂƚƚŚĂƚƟŵĞĨŽƌƚŚĞĂƐƚĞƌůLJƉĂƌƚŽĨƚŚĞ'W͕ƉĂƌƟĐƵůĂƌůLJƚŚĞĂƌĞĂĐŽŶƚĂŝŶĞĚǁŝƚŚŝŶƚŚŝƐ ƉƌĞůŝŵŝŶĂƌLJƉůĂƚ͘ǁĞƚůĂŶĚĚĞůŝŶĞĂƟŽŶĂŶĚƚƌĂĸĐƐƚƵĚLJǁĞƌĞĂůƐŽĐŽŵƉůĞƚĞĚǁŝƚŚĂƉƉƌŽǀĂůŽĨƚŚĞ ƉƌĞǀŝŽƵƐ'W͘ >ĞŶŶĂƌĂŶĚt^ĂƌĞŝŶƚŚĞƉƌŽĐĞƐƐŽĨƵƉĚĂƟŶŐƚŚĞ'WǁŝƚŚ>ĞŶŶĂƌ͛ƐƉƌŽĚƵĐƚƚLJƉĞƐƚŽŵĞĞƚƚŚĞůŽĐĂů ŵĂƌŬĞƚĚĞŵĂŶĚƐĂŶĚĐƵƌƌĞŶƚĐŝƚLJƐƚĂŶĚĂƌĚƐ͘/ŶĐůƵĚĞĚǁŝƚŚƚŚŝƐƵƉĚĂƚĞŝƐĂŶĞǁƚƌĂĸĐƐƚƵĚLJĂŶĚƵƉĚĂƚĞĚ ǁĞƚůĂŶĚĚĞůŝŶĞĂƟŽŶ͘dŚĞ'W͕dƌĂĸĐ^ƚƵĚLJ͕ĂŶĚtĞƚůĂŶĚĞůŝŶĞĂƟŽŶĂƌĞŝŶƉƌŽĐĞƐƐĂŶĚǁŝůůďĞƐƵƉƉůŝĞĚ ƉƌŝŽƌƚŽƚŚĞWůĂŶŶŝŶŐŽŵŵŝƐƐŝŽŶŵĞĞƟŶŐŽŶ:ƵŶĞϭϭ ƚŚ͘ WƵďůŝĐƵƟůŝƟĞƐƌƵŶĂĚũĂĐĞŶƚƚŽƚŚĞƉƌŽũĞĐƚĂŶĚƚŚĞŝƚLJŚĂƐĐŽŶĮƌŵĞĚƚŚĞLJĂƌĞĂĚĞƋƵĂƚĞƚŽƐĞƌǀŝĐĞƚŚĞ ůŽƚƐ͘>ĞŶŶĂƌǁŝůůĞdžƚĞŶĚƚŚĞƐĞƵƟůŝƟĞƐĂƐŶĞĞĚĞĚĚƵƌŝŶŐĞĂĐŚĚĞǀĞůŽƉŵĞŶƚƉŚĂƐĞ͘>ĞŶŶĂƌĂŶĚZWhǁŝůů ũŽŝŶƚůLJĚĞƐŝŐŶĂŶĚĐŽŶƐƚƌƵĐƚĂƐƚĞƌƐƚĂƟŽŶƚŽƐĞƌǀĞƉĂƌƚŽĨƚŚŝƐƉƌĞůŝŵŝŶĂƌLJƉůĂƚ͘^ƚŽƌŵǁĂƚĞƌ ƚƌĞĂƚŵĞŶƚǁŝůůďĞŚĂŶĚůĞĚŽŶͲƐŝƚĞ͘ %9HWHUDQV0HPRULDO+LJKZD\(32 EĞŝŐŚďŽƌŚŽŽĚ/ŶĨŽƌŵĂƟŽŶĂůDĞĞƟŶŐǁĂƐŚĞůĚDĂLJϲ͕ϮϬϮϱ͘ yWd dŚĞĨŽůůŽǁŝŶŐŝƚĞŵƐĂƌĞďĞŝŶŐƚƌĂŶƐŵŝƩĞĚĞůĞĐƚƌŽŶŝĐĂůůLJ͕͕ƚŚĞĐŚĞĐŬƐĨŽƌƚŚĞĨĞĞƐǁŚŝĐŚǁŝůůďĞ ƉĞƌƐŽŶĂůůLJĚĞůŝǀĞƌĞĚƚŽŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚĂŶĚKůŵƐƚĞĚŽƵŶƚLJWůĂŶŶŝŶŐ͘ ϭ͘ŽǀĞƌ>ĞƩĞƌĂŶĚEĂƌƌĂƟǀĞ;dŚŝƐŽĐƵŵĞŶƚͿ Ϯ͘^ŝŐŶĞĚƉƌĞůŝŵŝŶĂƌLJƉůĂƚĂƉƉůŝĐĂƟŽŶĂŶĚĨĞĞ͘;&ĞĞƚŽďĞƉĂŝĚƚŽŝƚLJŽĨZŽĐŚĞƐƚĞƌĂŌĞƌ ĂĐĐĞƉƚĂŶĐĞͿ ϯ͘hDĂũŽƌůĂŶĚƐƵďĚŝǀŝƐŝŽŶĐŚĞĐŬůŝƐƚ ϰ͘ZĞƐƉŽŶƐĞƚŽDĂũŽƌ>ĂŶĚ^ƵďĚŝǀŝƐŝŽŶƉƉƌŽǀĂůƌŝƚĞƌŝĂ ϱ͘WƌĞůŝŵŝŶĂƌLJƉůĂƚĞdžŚŝďŝƚ ϲ͘WƌĞůŝŵŝŶĂƌLJĐŽŶƐƚƌƵĐƟŽŶƉůĂŶƐ ϳ͘EĞŝŐŚďŽƌŚŽŽĚŝŶĨŽƌŵĂƟŽŶŵĞĞƟŶŐŵŝŶƵƚĞƐ ϴ͘KůŵƐƚĞĚŽƵŶƚLJ'/^ŝŵƉĂĐƚĨŽƌŵĂŶĚĨĞĞ͘;&ĞĞƚŽďĞƉĂŝĚƚŽKůŵƐƚĞĚŽƵŶƚLJĂŌĞƌĂĐĐĞƉƚĂŶĐĞͿ ϵ͘WůĂŶƟŶŐWĞƌŵŝƚ WůĞĂƐĞĐŽŶƚĂĐƚƵƐŝĨƚŚĞƌĞĂƌĞĂŶLJƋƵĞƐƟŽŶƐĚƵƌŝŶŐƚŚĞƌĞǀŝĞǁŽĨƚŚŝƐĂƉƉůŝĐĂƟŽŶ͘tĞŬŝŶĚůLJƌĞƋƵĞƐƚƚŚŝƐ ĂƉƉůŝĐĂƟŽŶďĞĐŽŶƐŝĚĞƌĞĚĐŽŵƉůĞƚĞĂŶĚƉůĂĐĞĚŽŶƚŚĞ:ƵŶĞϭϭ ƚŚWůĂŶŶŝŶŐŽŵŵŝƐƐŝŽŶŐĞŶĚĂ͘ ^ŝŶĐĞƌĞůLJ͕ t^DĂƐƐĞLJŶŐŝŶĞĞƌŝŶŐ ZLJĂŶ^ĐŚŽĞŶĨĞůĚĞƌ͕/d WůĂŶŶŝŶŐĂŶĚĞƐŝŐŶ Đ ^ƚĞǀĞdƌŽƐŬĞLJ͕/Wʹ>ĞŶŶĂƌ %9HWHUDQV0HPRULDO+LJKZD\(32 Z^WKE^dKZ/dZ/&KZD:KZ>E^h/s/^/KEWZD/dWWZKs> ϰ͘ƌŝƚĞƌŝĂĨŽƌDĂũŽƌ>ĂŶĚ^ƵďĚŝǀŝƐŝŽŶWĞƌŵŝƚƉƉƌŽǀĂů dŚĞWůĂŶŶŝŶŐŽŵŵŝƐƐŝŽŶƐŚĂůůƌĞĐŽŵŵĞŶĚ͕ĂŶĚŝƚLJŽƵŶĐŝůƐŚĂůůĂƉƉƌŽǀĞ͕ĂDĂũŽƌ>ĂŶĚ ^ƵďĚŝǀŝƐŝŽŶWĞƌŵŝƚ͕ŝĨŝƚĚĞƚĞƌŵŝŶĞƐƚŚĂƚƚŚĞĨŽůůŽǁŝŶŐĐƌŝƚĞƌŝĂĂƌĞŵĞƚ͗ Ă͘dŚĞƉƌŽƉŽƐĞĚůĂŶĚƐƵďĚŝǀŝƐŝŽŶŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂĚŽƉƚĞĚŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ͘ dŚĞƉƌŽƉŽƐĞĚƉůĂƚĐŽŶĨŽƌŵƐƚŽƚŚĞĂĚŽƉƚĞĚŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ͘ ď͘dŚĞƉƌŽƉŽƐĞĚůĂŶĚƐƵďĚŝǀŝƐŝŽŶĐŽŶĨŽƌŵƐƚŽĂůůƐƚĂŶĚĂƌĚƐŝŶƚŚŝƐh͕ƵŶůĞƐƐĂDŝŶŽƌ DŽĚŝĮĐĂƟŽŶ͕DĂũŽƌDŽĚŝĮĐĂƟŽŶ͕ŽƌsĂƌŝĂŶĐĞĨŽƌĂŶLJĚĞǀŝĂƟŽŶĨƌŽŵƚŚĞƐƚĂŶĚĂƌĚƐŝŶ ƚŚŝƐhŚĂƐďĞĞŶĂƉƉƌŽǀĞĚƉƵƌƐƵĂŶƚƚŽƚŚŝƐh͘ dŚĞůĂŶĚƐƵďĚŝǀŝƐŝŽŶŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƐƚĂŶĚĂƌĚƐŽĨƚŚĞhĂŶĚǁŝůůŶŽƚƌĞƋƵŝƌĞ ĂŶLJŵŽĚŝĮĐĂƟŽŶƐŽƌǀĂƌŝĂŶĐĞƐ͘ Đ͘dŚĞƉƌŽƉŽƐĞĚůĂŶĚƐƵďĚŝǀŝƐŝŽŶƉĞƌŵŝƚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚĂŶLJĂƉƉƌŽǀĞĚĂŶĚĂƉƉůŝĐĂďůĞ 'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶ͕ŽŶĚŝƟŽŶĂůhƐĞWĞƌŵŝƚ͕ĂŶĚͬŽƌdƌĂĸĐ/ŵƉĂĐƚ^ƚƵĚLJ͘ dŚĞƉƌĞůŝŵŝŶĂƌLJƉůĂƚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂĚŽƉƚĞĚ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶ͘dŚĞ ƉƌŽƉŽƐĞĚƉůĂƚŝƐƉĂƌƚŽĨĂƉƌĞǀŝŽƵƐůLJĂƉƉƌŽǀĞĚŶǀŝƌŽŶŵĞŶƚĂůƐƐĞƐƐŵĞŶƚtŽƌŬƐŚĞĞƚ͘ Ě͘dŚĞƉƌŽƉŽƐĞĚůĂŶĚƐƵďĚŝǀŝƐŝŽŶǁŝůůŶŽƚƌĞƐƵůƚŝŶĂǀŝŽůĂƟŽŶŽĨĨĞĚĞƌĂůŽƌƐƚĂƚĞůĂǁŽƌ ĐŝƚLJŽƌĐŽƵŶƚLJŽƌĚŝŶĂŶĐĞ͘ dŚĞƉƌŽƉŽƐĞĚůĂŶĚƐƵďĚŝǀŝƐŝŽŶǁŝůůŶŽƚďĞŝŶǀŝŽůĂƟŽŶŽĨĨĞĚĞƌĂůŽƌƐƚĂƚĞůĂǁƐĂŶĚǁŝůů ĐŽŵƉůLJǁŝƚŚůŽĐĂůŽƌĚŝŶĂŶĐĞƐ͘ Ğ͘dŚĞƉƌŽƉŽƐĞĚǁĂƚĞƌƐLJƐƚĞŵĂŶĚƐĂŶŝƚĂƌLJƐĞǁĞƌƐLJƐƚĞŵĂƌĞĂĚĞƋƵĂƚĞƚŽƐĞƌǀĞƚŚĞ ŶŽƌŵĂůĮƌĞƉƌŽƚĞĐƟŽŶĚĞŵĂŶĚƐŽĨƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚĂŶĚƚŽƉƌŽǀŝĚĞĨŽƌƚŚĞ ĞĸĐŝĞŶƚĂŶĚƟŵĞůLJĞdžƚĞŶƐŝŽŶƚŽƐĞƌǀĞƚŚĞĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚ͘ dŚĞƌĞŝƐĞdžŝƐƟŶŐƉƵďůŝĐƐĂŶŝƚĂƌLJƐĞǁĞƌĂŶĚǁĂƚĞƌŵĂŝŶĂĚũĂĐĞŶƚƚŽƚŚĞďŽƵŶĚĂƌLJŽĨƚŚĞ ƉƌŽƉŽƐĞĚƉƌĞůŝŵŝŶĂƌLJƉůĂƚƚŚĂƚĐĂŶďĞĞĂƐŝůLJĞdžƚĞŶĚĞĚƚŽƐĞƌǀĞƚŚĞŶĞǁƐƵďĚŝǀŝƐŝŽŶ͘/Ŷ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƉƌĞͲĚĞǀĞůŽƉŵĞŶƚŵĞĞƟŶŐĨŽƌƚŚĞ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶ͕ŝƚ ǁĂƐĚĞƚĞƌŵŝŶĞĚƚŚĂƚƚŚĞƌĞŝƐƐƵĸĐŝĞŶƚƐĞǁĞƌĐĂƉĂĐŝƚLJĂŶĚǁĂƚĞƌƉƌĞƐƐƵƌĞƚŽƐĞƌǀĞƚŚĞ ƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶ͘ Ĩ͘dŚĞƉůĂŶĨŽƌƐŽŝůĞƌŽƐŝŽŶĂŶĚƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚŵĞĞƚƐƚŚĞĂĚŽƉƚĞĚƐƚĂŶĚĂƌĚƐ ŽĨƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌĂŶĚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂĚŽƉƚĞĚ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚ WůĂŶŽƌĂĚŽƉƚĞĚĚƌĂŝŶĂŐĞŽƌƐƚŽƌŵǁĂƚĞƌƉŽůŝĐŝĞƐ͘ dŚĞƉƌĞůŝŵŝŶĂƌLJĚĞƐŝŐŶĨŽƌƐƚŽƌŵǁĂƚĞƌƚƌĞĂƚŵĞŶƚŚĂƐďĞĞŶĐŽŵƉůĞƚĞĚĂŶĚǁŝůůŵĞĞƚƚŚĞ ĂĚŽƉƚĞĚƐƚĂŶĚĂƌĚƐĨŽƌƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ͘dŚĞƉƌĞůŝŵŝŶĂƌLJƉůĂŶƐĂƌĞĚĞǀĞůŽƉĞĚ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƐƚŽƌŵǁĂƚĞƌƉŽůŝĐŝĞƐ͘&ŝŶĂůƉůĂŶƐĂƌĞŝŶƉƌŽĐĞƐƐĂŶĚǁŝůůďĞƌĞǀŝĞǁĞĚŝŶ ĚĞƚĂŝůďLJŝƚLJWƵďůŝĐtŽƌŬƐ͘ Ő͘dŚĞǀĞŚŝĐƵůĂƌ͕ƉĞĚĞƐƚƌŝĂŶ͕ƚƌĂŶƐŝƚ͕ĂŶĚŶŽŶͲŵŽƚŽƌŝnjĞĚƐLJƐƚĞŵŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚ ĂĚŽƉƚĞĚƚƌĂŶƐƉŽƌƚĂƟŽŶƉůĂŶƐĂŶĚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƐƚƌĞĞƚůĂLJŽƵƚƐƚĂŶĚĂƌĚƐůŝƐƚĞĚ ŝŶ^ĞĐƟŽŶϲϬ͘ϰϬϬ͘ϬϰϬ^ƵďĚŝǀŝƐŝŽŶ>ĞǀĞůŽŶŶĞĐƟǀŝƚLJĂŶĚŝƌĐƵůĂƟŽŶĂŶĚĂƉƉůŝĐĂďůĞ ƚƌĂĸĐƐĞƌǀŝĐĞƐƚĂŶĚĂƌĚƐ͘ dŚĞƉƌĞůŝŵŝŶĂƌLJƐƚƌĞĞƚĚĞƐŝŐŶƐƚĂŶĚĂƌĚƐĂƌĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĐƌŝƚĞƌŝĂŝŶƚŚĞh͘dŚĞ ůŽĐĂƟŽŶŽĨƐƚƌĞĞƚĂĐĐĞƐƐƌĞƋƵŝƌĞŵĞŶƚƐƚŽŽƵŶƚLJZŽĂĚϰϰŚĂǀĞĐŚĂŶŐĞĚƐŝŶĐĞƚŚĞ ĂĚŽƉƟŽŶŽĨƚŚĞŽƌŝŐŝŶĂů'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚƚŚĞĂƉƉƌŽǀĞĚĞǀĞůŽƉŵĞŶƚ ŐƌĞĞŵĞŶƚďLJKůŵƐƚĞĚŽƵŶƚLJWƵďůŝĐtŽƌŬƐ͘ Ś͘dŚĞƐŽŝůƐ͕ƚŽƉŽŐƌĂƉŚLJ͕ĂŶĚǁĂƚĞƌƚĂďůĞƐŚĂǀĞďĞĞŶĂĚĞƋƵĂƚĞůLJƐƚƵĚŝĞĚƚŽĞŶƐƵƌĞƚŚĂƚ ĂůůůŽƚƐĂƌĞĚĞǀĞůŽƉĂďůĞĨŽƌƚŚĞŝƌĚĞƐŝŐŶĂƚĞĚƉƵƌƉŽƐĞƐ͘ dŚĞŐĞŶĞƌĂůƐŽŝůĐůĂƐƐŝĮĐĂƟŽŶĂŶĚĚĞƉƚŚƚŽǁĂƚĞƌĂďůĞĂƌĞŬŶŽǁŶĂŶĚĂůůůŽƚƐĂƌĞ ĚĞĞŵĞĚĚĞǀĞůŽƉĂďůĞ͘ ŝ͘dŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶǁŝůůŶŽƚŚĂǀĞŽīͲƐŝƚĞŝŵƉĂĐƚƐŽŶƚŚĞƐƚƌĞĞƚ͕ĚƌĂŝŶĂŐĞ͕ǁĂƚĞƌ͕ ŽƌǁĂƐƚĞǁĂƚĞƌƐLJƐƚĞŵƐƚŚĂƚĞdžĐĞĞĚĂĚŽƉƚĞĚƐƚĂŶĚĂƌĚƐ͘ ŽƵŶƚLJZŽĂĚηϰϰŚĂƐƌĞĐĞŶƚůLJďĞĞŶƵƉŐƌĂĚĞĚĂŶĚŝƐĐĂƉĂďůĞŽĨŚĂŶĚůŝŶŐƚŚĞƚƌĂĸĐ ĨƌŽŵƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨWĞďďůĞƌĞĞŬ͘tĂƐƚĞǁĂƚĞƌĞdžƚĞŶƐŝŽŶƐƚŽƐĞƌǀĞƚŚĞ ƉƌĞůŝŵŝŶĂƌLJƉůĂƚŚĂǀĞĂĚĞƋƵĂƚĞĐĂƉĂĐŝƚLJĂŶĚƚŚĞƉƵďůŝĐǁĂƚĞƌŵĂŝŶǁŝůůŚĂǀĞĂĚĞƋƵĂƚĞ ƉƌĞƐƐƵƌĞĂŶĚƐƵƉƉůLJƚŽƐĞƌǀĞƚŚĞƉƌĞůŝŵŝŶĂƌLJƉůĂƚ͘ ũ͘dŚĞůŽƚĂŶĚďůŽĐŬůĂLJŽƵƚƉƌŽǀŝĚĞĨŽƌƐĂĨĞĂŶĚĐŽŶǀĞŶŝĞŶƚƉĞĚĞƐƚƌŝĂŶ͕ŶŽŶͲŵŽƚŽƌŝnjĞĚ ǀĞŚŝĐůĞ͕ƚƌĂŶƐŝƚ͕ǀĞŚŝĐƵůĂƌ͕ƐĞƌǀŝĐĞĂŶĚĞŵĞƌŐĞŶĐLJĂĐĐĞƐƐ͕ĞĸĐŝĞŶƚƵƟůŝƚLJƐĞƌǀŝĐĞ ĐŽŶŶĞĐƟŽŶƐ͕ĂŶĚĂĚĞƋƵĂƚĞďƵŝůĚĂďůĞĂƌĞĂŝŶĞĂĐŚůŽƚĨŽƌƉůĂŶŶĞĚƵƐĞƐ͘ dŚĞůŽƚƐĂŶĚďůŽĐŬƐĂƌĞůĂŝĚŽƵƚƚŽĂĐĐŽŵŵŽĚĂƚĞďŽƚŚǀĞŚŝĐƵůĂƌƚƌĂǀĞůĂŶĚƉĞĚĞƐƚƌŝĂŶ ĐŝƌĐƵůĂƟŽŶ͘DŝĚͲďůŽĐŬƉĞĚĞƐƚƌŝĂŶĐŽŶŶĞĐƟǀŝƚLJŝƐƐŚŽǁŶŽŶƚŚĞƉƌĞůŝŵŝŶĂƌLJƉůĂƚ͘ /ŶƚĞƌŶĂůƐƚƌĞĞƚĐŝƌĐƵůĂƟŽŶĂŶĚĐŽŶŶĞĐƟǀŝƚLJƚŽƚŚĞŵĂũŽƌƉĞƌŝŵĞƚĞƌƌŽĂĚƐLJƐƚĞŵ ƉƌŽǀŝĚĞƐŵƵůƟƉůĞĂĐĐĞƐƐƉŽŝŶƚƐĨŽƌĞŵĞƌŐĞŶĐLJǀĞŚŝĐůĞĂĐĐĞƐƐ͘ Ŭ͘dŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶŚĂƐƚĂŬĞŶŝŶƚŽĂĐĐŽƵŶƚƚŚĞĐƵƌƌĞŶƚƐŝdžͲLJĞĂƌĂŶĚŽƚŚĞƌ>ŽŶŐͲ ZĂŶŐĞĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚƐWƌŽŐƌĂŵƐĂŶĚƚŚĞĞůĞŵĞŶƚƐůŝƐƚĞĚŝŶƚŚŽƐĞƉƌŽŐƌĂŵƐŝŶ ƚŚĞĚĞƐŝŐŶŽĨƚŚĞƐƵďĚŝǀŝƐŝŽŶ͘ dŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶŚĂƐƚĂŬĞŶŝŶƚŽĐŽŶƐŝĚĞƌĂƟŽŶƚŚĞ>ŽŶŐͲdĞƌŵZĂŶŐĞĂƉŝƚĂů /ŵƉƌŽǀĞŵĞŶƚƐWƌŽŐƌĂŵƐĨŽƌƚŚĞĚĞƐŝŐŶŽĨƚŚĞƐƵďĚŝǀŝƐŝŽŶ͘dŚĞǁĞƐƚĞƌůLJĞdžƚĞŶƐŝŽŶŽĨ ϱϱƚŚ^ƚƌĞĞƚEtĂůŽŶŐƚŚĞŶŽƌƚŚƉƌŽƉĞƌƚLJůŝŶĞŝƐŝŶƚŚĞhW͘ ů͘dŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶǁŝůůŶŽƚŚĂǀĞĂĚǀĞƌƐĞŝŵƉĂĐƚƐŽŶƚŚĞƐĂĨĞƚLJŽƌǀŝĂďŝůŝƚLJŽĨ ƉĞƌŵŝƩĞĚƵƐĞƐŽŶ͕ŽƌƚŚĞĞĸĐŝĞŶƚĐŽŶƟŶƵĞĚĚĞǀĞůŽƉŵĞŶƚŽĨ͕ĂĚũĂĐĞŶƚƉƌŽƉĞƌƟĞƐ͘ ĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƉƌĞůŝŵŝŶĂƌLJƉůĂƚĨŽƌůŽǁĚĞŶƐŝƚLJƌĞƐŝĚĞŶƟĂůƵƐĞŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚ ƚŚĞƐƵƌƌŽƵŶĚŝŶŐĚĞǀĞůŽƉĞĚƉŽƌƟŽŶŽĨWĞďďůĞƌĞĞŬĂŶĚŝƐƐŝŵŝůĂƌƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚ ƚŽƚŚĞĞĂƐƚ͘dŚĞůĂŶĚƵƐĞƚŽƚŚĞǁĞƐƚĂŶĚŶŽƌƚŚĂƌĞĂůƐŽĚĞƐŝŐŶĂƚĞĚĨŽƌůŽǁĚĞŶƐŝƚLJ ƌĞƐŝĚĞŶƟĂů͘ ĞǀĞůŽƉŵĞŶƚĂƐůŽǁͲĚĞŶƐŝƚLJƌĞƐŝĚĞŶƟĂůƵƐĞƐǁŝůůŶŽƚŚĂǀĞĂĚǀĞƌƐĞŝŵƉĂĐƚƐŽŶƚŚĞ ƐĂĨĞƚLJ͘ ŵ͘ZŝŐŚƚƐͲŽĨͲǁĂLJĂŶĚĞĂƐĞŵĞŶƚƐŽĨĂĚĞƋƵĂƚĞƐŝnjĞĂŶĚĚŝŵĞŶƐŝŽŶĂƌĞƉƌŽǀŝĚĞĚĨŽƌƚŚĞ ƉƵƌƉŽƐĞŽĨĐŽŶƐƚƌƵĐƟŶŐƚŚĞƐƚƌĞĞƚ͕ƵƟůŝƚLJ͕ĂŶĚĚƌĂŝŶĂŐĞĨĂĐŝůŝƟĞƐŶĞĞĚĞĚƚŽƐĞƌǀĞƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ͘ WƵďůŝĐĞĂƐĞŵĞŶƚƐĂŶĚƐƚƌĞĞƚƌŝŐŚƚŽĨǁĂLJǁŝĚƚŚƐĂƌĞĂĚĞƋƵĂƚĞƐŝnjĞƚŽƉƌŽǀŝĚĞĨŽƌƐƚƌĞĞƚ ĂŶĚƵƟůŝƚLJůĂLJŽƵƚ͘dŚĞĐŽŶƐƚƌƵĐƟŽŶŽĨƚŚĞĚƌĂŝŶĂŐĞĨĂĐŝůŝƟĞƐƚŽƐĞƌǀĞƚŚŝƐĚĞǀĞůŽƉŵĞŶƚ ǁŝůůďĞĐŽŵƉŽƐĞĚǁŝƚŚĂĚĞƋƵĂƚĞƐŝnjĞĞĂƐĞŵĞŶƚƐŽŶƚŚĞĮŶĂůƉůĂƚ͘ Ŷ͘dŚĞƉƌŽƉŽƐĞĚƉĂƌŬƐ͕ƚƌĂŝůƚŚŽƌŽƵŐŚĨĂƌĞƐ͕ĂŶĚŽƉĞŶƐƉĂĐĞĚĞĚŝĐĂƟŽŶƐĂƌĞĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚĂĚŽƉƚĞĚƉůĂŶƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƌĞŐƵůĂƟŽŶƐ͘ ŶĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞĚĞǀĞůŽƉĞƌĂŶĚZŽĐŚĞƐƚĞƌWĂƌŬĂŶĚZĞĐƌĞĂƟŽŶĞƉĂƌƚŵĞŶƚ ŚĂƐďĞĞŶƌĞĂĐŚĞĚĨŽƌƚŚĞƐŝnjĞĂŶĚůŽĐĂƟŽŶŽĨƉƵďůŝĐƉĂƌŬƐ͘ Ž͘/ĨůŽĐĂƚĞĚŝŶĂƌĞƐŝĚĞŶƟĂůnjŽŶŝŶŐĚŝƐƚƌŝĐƚ͕ƚŚĞƐƵďĚŝǀŝƐŝŽŶĂĚĚƌĞƐƐĞƐƚŚĞŶĞĞĚƚŽĂǀŽŝĚ ƐƉŝůůŽǀĞƌƉĂƌŬŝŶŐĨƌŽŵƐƵďĚŝǀŝƐŝŽŶƌĞƐŝĚĞŶƚƐŝŶƚŽƐƵƌƌŽƵŶĚŝŶŐƌĞƐŝĚĞŶƟĂůĚŝƐƚƌŝĐƚƐ͘ dŚĞǀĂƐƚŵĂũŽƌŝƚLJŽĨƚŚĞƌĞƐŝĚĞŶƟĂůĚĞǀĞůŽƉŵĞŶƚǁŝůůďĞƐŝŶŐůĞĨĂŵŝůLJĚĞƚĂĐŚĞĚǁŝƚŚϮͲ ĐĂƌŐĂƌĂŐĞƐǁŚŝĐŚǁŝůůďĞĂĚĞƋƵĂƚĞƉĂƌŬŝŶŐǁŝƚŚŽƵƚƉƌŽǀŝĚŝŶŐĂĚĚŝƟŽŶĂůƉĂƌŬŝŶŐ͘dŚĞ ƉƵďůŝĐƐƚƌĞĞƚǁŝĚƚŚƐǁŝůůďĞĂĚĞƋƵĂƚĞĨŽƌƐŽŵĞŽŶͲƐƚƌĞĞƚƉĂƌŬŝŶŐĚĞƉĞŶĚŝŶŐŽŶƚŚĞ ƐƚƌĞĞƚǁŝĚƚŚ͘ ϭͿdŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶĂĚĞƋƵĂƚĞůLJŵŝƟŐĂƚĞƐƚŚĞƌŝƐŬƐŽĨŇŽŽĚŝŶŐ͕ ŝŶĂĚĞƋƵĂƚĞĚƌĂŝŶĂŐĞ͕ƐŽŝůĂŶĚƌŽĐŬĨŽƌŵĂƟŽŶƐǁŝƚŚƐĞǀĞƌĞůŝŵŝƚĂƟŽŶƐĨŽƌ ĚĞǀĞůŽƉŵĞŶƚ͕ƐĞǀĞƌĞĞƌŽƐŝŽŶƉŽƚĞŶƟĂů͕ŽƌĂŶLJŽƚŚĞƌŇŽŽĚƉůĂŝŶƌĞůĂƚĞĚƌŝƐŬƐƚŽ ƚŚĞŚĞĂůƚŚ͕ƐĂĨĞƚLJ͕ŽƌǁĞůĨĂƌĞŽĨƚŚĞĨƵƚƵƌĞƌĞƐŝĚĞŶƚƐŽĨƚŚĞƉƌŽƉŽƐĞĚ ƐƵďĚŝǀŝƐŝŽŶŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚŝƐŽƌĚŝŶĂŶĐĞ͖ E ϮͿĂĐŚůŽƚĐŽŶƚĂŝŶƐĂƉŽƚĞŶƟĂůďƵŝůĚŝŶŐƐŝƚĞůŽĐĂƚĞĚŽƵƚƐŝĚĞŽĨƚŚĞ&ůŽŽĚǁĂLJ ŝƐƚƌŝĐƚĂƚŽƌĂďŽǀĞƚŚĞƌĞŐƵůĂƚŽƌLJŇŽŽĚƉƌŽƚĞĐƟŽŶĞůĞǀĂƟŽŶ͖ E ϯͿĚĞƋƵĂƚĞĚƌĂŝŶĂŐĞŝƐƉƌŽǀŝĚĞĚƚŽƌĞĚƵĐĞĞdžƉŽƐƵƌĞŽĨŇŽŽĚŚĂnjĂƌĚ͖ E ϰͿ&ŽƌĂůůƐƵďĚŝǀŝƐŝŽŶƐĐŽŶƚĂŝŶŝŶŐůĂŶĚǁŝƚŚŝŶƚŚĞ&ůŽŽĚǁĂLJĂŶĚͬŽƌ&ůŽŽĚ&ƌŝŶŐĞ ŝƐƚƌŝĐƚďŽƵŶĚĂƌŝĞƐ͕ƚŚĞƌĞŐƵůĂƚŽƌLJŇŽŽĚƉƌŽƚĞĐƟŽŶĞůĞǀĂƟŽŶĂŶĚƚŚĞƌĞƋƵŝƌĞĚ ĞůĞǀĂƟŽŶŽĨĂůůĂĐĐĞƐƐƌŽĂĚƐĂƌĞĐůĞĂƌůLJůĂďĞůĞĚŽŶĂůůƌĞƋƵŝƌĞĚƐƵďĚŝǀŝƐŝŽŶ ĚƌĂǁŝŶŐƐĂŶĚƉůĂƫŶŐĚŽĐƵŵĞŶƚƐ͘ E ϱͿdŚĞƐƵďĚŝǀŝƐŝŽŶƉƌŽǀŝĚĞƐƌŽĂĚĂĐĐĞƐƐďŽƚŚƚŽƚŚĞƐƵďĚŝǀŝƐŝŽŶĂŶĚƚŽƚŚĞ ŝŶĚŝǀŝĚƵĂůďƵŝůĚŝŶŐƐŝƚĞŶŽůŽǁĞƌƚŚĂŶƚǁŽĨĞĞƚďĞůŽǁƚŚĞƌĞŐƵůĂƚŽƌLJŇŽŽĚ ƉƌŽƚĞĐƟŽŶĞůĞǀĂƟŽŶ͖ĂŶĚ E ϲͿůůƉƵďůŝĐƵƟůŝƟĞƐĂŶĚĨĂĐŝůŝƟĞƐ͕ƐƵĐŚĂƐƐĞǁĞƌ͕ŐĂƐ͕ĞůĞĐƚƌŝĐĂů͕ĂŶĚǁĂƚĞƌ ƐLJƐƚĞŵƐ͕ĂƌĞůŽĐĂƚĞĚĂŶĚĐŽŶƐƚƌƵĐƚĞĚƚŽŵŝŶŝŵŝnjĞŽƌĞůŝŵŝŶĂƚĞŇŽŽĚĚĂŵĂŐĞ͘ E ϯϯ^dsdZE^DDKZ/>,/',tz<^^KE͕DEϱϱϵϰϰ ϯϮϬt^dZKtzW>/Es/t͕DEϱϱϵϲϰ ϭϳϲϱZ^dKZd/KEZK^tZK,^dZ͕DEϱϱϵϬϮ D/>/E'Z^^͗WKKyϭϬϬ<^^KE͕DEϱϱϵϰϰ ϱϬϳ͘ϲϯϰ͘ϰϱϬϱt^͘E'/EZ/E' ͮ DĂLJϮϴ͕ϮϬϮϱ ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚ ϰϬϬϭtĞƐƚZŝǀĞƌWĂƌŬǁĂLJEt ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϭ ůĞĐƚƌŽŶŝĐDĂŝů;ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀͿ ZĞ͗WĞďďůĞƌĞĞŬ;WŚĂƐĞ/WƌĞůŝŵŝŶĂƌLJWůĂƚͿ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚƉƉůŝĐĂƚŝŽŶ dŽǁŚŽŵŝƚŵĂLJĐŽŶĐĞƌŶ͕ KŶďĞŚĂůĨŽĨŽƵƌĐůŝĞŶƚ͕ǁĞĂƌĞƐƵďŵŝƚƚŝŶŐĂŶĂƉƉůŝĐĂƚŝŽŶĨŽƌĂŶ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚĨŽƌWĞďďůĞƌĞĞŬ ;WŚĂƐĞ/ƉƌĞůŝŵŝŶĂƌLJƉůĂƚͿďLJ>ĞŶŶĂƌ͘dŚŝƐƉĞƌŵŝƚŝƐĚƵĞƚŽƚŚĞƐƵďƐƚĂŶƟĂůůĂŶĚĂůƚĞƌĂƟŽŶĚĞĮŶŝƟŽŶǁŚŝĐŚ ůŝƐƚƐϱƚŚƌĞƐŚŽůĚƐ͘dŚĞŵĂƐƐŐƌĂĚŝŶŐĨŽƌƚŚŝƐƉƌŽũĞĐƚŝƐĂŶƟĐŝƉĂƚĞĚƚŽĞdžĐĞĞĚƚŚƌĞƐŚŽůĚƐϰΘϱ͘^ƵďƐƚĂŶƟĂů >ĂŶĚůƚĞƌĂƟŽŶ͗ϰ͘ŵŽǀĞŵĞŶƚŽĨϱϬϬĐƵďŝĐLJĂƌĚƐŽƌŵŽƌĞŽĨĞĂƌƚŚƚŚĂƚŝŶǀŽůǀĞƐĂĐŚĂŶŐĞŝŶŶĂƚƵƌĂůŽƌ ƉƌĞĞdžŝƐƟŶŐŐƌĂĚĞƐŽĨƚĞŶŽƌŵŽƌĞǀĞƌƟĐĂůĨĞĞƚ͖ϱ͘ŶLJŵŽǀĞŵĞŶƚŽĨĞĂƌƚŚŽŶƚŚĞĞŶƟƌĞƉĂƌĐĞůŝŶĞdžĐĞƐƐŽĨ ϭϬϬ͕ϬϬϬĐƵďŝĐLJĂƌĚƐ͘ t^нDĂƐƐĞLJŶŐŝŶĞĞƌŝŶŐĂŶĚŝƚƐƉĂƌƚŶĞƌƐŚĂǀĞƉƌŽǀŝĚĞĚƚŚĞĨŽůůŽǁŝŶŐŵĂƚĞƌŝĂůƐŝŶƐƵƉƉŽƌƚŽĨƚŚŝƐ ĂƉƉůŝĐĂƚŝŽŶ͘ ϭ͘ŽǀĞƌ>ĞƚƚĞƌĂŶĚEĂƌƌĂƚŝǀĞ;dŚŝƐĚŽĐƵŵĞŶƚͿ Ϯ͘>ĂŶĚĞǀĞůŽƉŵĞŶƚƉƉůŝĐĂƚŝŽŶ͗/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚ ϯ͘E/DDĞĞƚŝŶŐDŝŶƵƚĞƐ ϰ͘WƌĞůŝŵŝŶĂƌLJDĂƐƐ'ƌĂĚŝŶŐƉůĂŶ ϱ͘DĂƐƐ'ƌĂĚŝŶŐůĞǀĂƚŝŽŶŚĂŶŐĞDĂƉ ϲ͘WĞƌŵŝƚĨĞĞ;ƚŽďĞƉƌŽǀŝĚĞĚƵƉŽŶĂĐĐĞƉƚĂŶĐĞŽĨƚŚŝƐĂƉƉůŝĐĂƚŝŽŶͿ t^ŚĂƐƉƌĞƉĂƌĞĚƚŚĞŝŶƚĞƌŝŵƵƐĞƉĞƌŵŝƚĚŽĐƵŵĞŶƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞhƐĞĐƚŝŽŶϲϬ͘ϱϬϬ͘ϬϰϬ͘D͘ dŚĞĨŽůůŽǁŝŶŐŶĂƌƌĂƚŝǀĞŝƐƉƌŽǀŝĚĞĚŝŶƐƵƉƉŽƌƚŽĨƚŚĞĂƉƉůŝĐĂƚŝŽŶĂĐĐŽƌĚŝŶŐƚŽƚŚĞƌŝƚĞƌŝĂůŝƐƚĞĚŝŶ ϲϬ͘ϱϬϬ͘ϬϰϬ͘D͘ϰǁŝƚŚĂĚĚŝƚŝŽŶĂůƐƵƉƉŽƌƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶĂƐĐŽŶƐŝĚĞƌĞĚƌĞůĞǀĂŶƚďLJŽƵƌƚĞĂŵ͘ ĂĐŬŐƌŽƵŶĚ dŚĞƉƌŽũĞĐƚƐŝƚĞŝƐŝŵŵĞĚŝĂƚĞůLJĂĚũĂĐĞŶƚƚŽƚŚĞĞdžŝƐƟŶŐWĞďďůĞƌĞĞŬĚĞǀĞůŽƉŵĞŶƚĂůŽŶŐϲϬ ƚŚǀĞEt͘ dŚĞƌĞŵĂŝŶĚĞƌŽĨƚŚĞƵŶĚĞǀĞůŽƉĞĚůĂŶĚŝƐƵƐĞĚĨŽƌĂŐƌŝĐƵůƚƵƌĂůƌŽǁĐƌŽƉƉƌŽĚƵĐƟŽŶ͘/ŶϮϬϮϱƚŚĞŝƚLJŽĨ ZŽĐŚĞƐƚĞƌĂƉƉƌŽǀĞĚĂŶĂŶŶĞdžĂƟŽŶŽĨƚŚĞƌĞŵĂŝŶĚĞƌŽĨƚŚĞWĞďďůĞƌĞĞŬƉƌŽƉĞƌƚLJƚŚĂƚůŝĞƐŽƵƚƐŝĚĞŽĨƚŚĞ ĐŝƚLJ͘tŚĞŶĂŶŶĞdžĞĚƚŚĞƉƌŽƉĞƌƚLJĐĂƌƌŝĞƐĂnjŽŶŝŶŐĚĞƐŝŐŶĂƟŽŶŽĨZͲϮ>ŽǁĞŶƐŝƚLJ^ŵĂůů>Žƚ͘dŚĞ ƉƌŽƉŽƐĞĚ͞WŚĂƐĞ/͟ƉůĂƚĂƌĞĂĐŽŶƚĂŝŶƐĂƉƉƌŽdžŝŵĂƚĞůLJϰϱϰůŽƚƐŽŶϭϴϱĂĐƌĞƐ͘dŚŝƐ/hWŝƐĂƉƉůŝĐĂƟŽŶŝƐ ĂƉƉůŝĐĂďůĞƚŽƚŚŝƐ͞WŚĂƐĞ/͟ƉƌĞůŝŵŝŶĂƌLJƉůĂƚĂƌĞĂ͘dŚĞĚĞǀĞůŽƉĞƌǁŝůůďĞƉƵƌƐƵŝŶŐĂŵĂƐƐŐƌĂĚŝŶŐƉĞƌŵŝƚ ŝŶĐŽŶũƵŶĐƟŽŶǁŝƚŚĂƉƉƌŽǀĂůŽĨƚŚŝƐ/hWĂƉƉůŝĐĂƟŽŶ͘ dŚĞWĞďďůĞƌĞĞŬĚĞǀĞůŽƉŵĞŶƚǁĂƐŽƌŝŐŝŶĂůůLJĂƉƉƌŽǀĞĚŝŶƚŚĞĞĂƌůLJϮϬϬϬ͛ƐĂŶĚŚĂƐďĞĞŶĚĞǀĞůŽƉŝŶŐ ƵŶĚĞƌĂŶĂƉƉƌŽǀĞĚ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶ;'WͿ͘ŶŶǀŝƌŽŶŵĞŶƚĂůƐƐĞƐƐŵĞŶƚtŽƌŬƐŚĞĞƚǁĂƐĂůƐŽ ĂƉƉƌŽǀĞĚĂƚƚŚĂƚƟŵĞĨŽƌƚŚĞĂƐƚĞƌůLJƉĂƌƚŽĨƚŚĞ'W͕ƉĂƌƟĐƵůĂƌůLJƚŚĞĂƌĞĂĐŽŶƚĂŝŶĞĚǁŝƚŚŝŶƚŚĞ͞WŚĂƐĞ /͟ƉƌĞůŝŵŝŶĂƌLJƉůĂƚ͘ǁĞƚůĂŶĚĚĞůŝŶĞĂƟŽŶĂŶĚƚƌĂĸĐƐƚƵĚLJǁĞƌĞĂůƐŽĐŽŵƉůĞƚĞĚǁŝƚŚĂƉƉƌŽǀĂůŽĨƚŚĞ ƉƌĞǀŝŽƵƐ'W͘ >ĞŶŶĂƌĂŶĚt^ĂƌĞŝŶƚŚĞƉƌŽĐĞƐƐŽĨƵƉĚĂƟŶŐƚŚĞ'WǁŝƚŚ>ĞŶŶĂƌ͛ƐƉƌŽĚƵĐƚƚLJƉĞƐƚŽŵĞĞƚƚŚĞůŽĐĂů ŵĂƌŬĞƚĚĞŵĂŶĚƐĂŶĚĐƵƌƌĞŶƚĐŝƚLJƐƚĂŶĚĂƌĚƐ͘/ŶĐůƵĚĞĚǁŝƚŚƚŚŝƐƵƉĚĂƚĞŝƐĂŶĞǁƚƌĂĸĐƐƚƵĚLJĂŶĚƵƉĚĂƚĞĚ ǁĞƚůĂŶĚĚĞůŝŶĞĂƟŽŶ͘dŚĞ'W͕dƌĂĸĐ^ƚƵĚLJ͕ĂŶĚtĞƚůĂŶĚĞůŝŶĞĂƟŽŶĂƌĞĐƵƌƌĞŶƚůLJŝŶƉƌŽĐĞƐƐ͘ WƌĞǀĂůĞŶĐĞ DĂƐƐŐƌĂĚŝŶŐĂŶĚƐƵďĚŝǀŝƐŝŽŶĐŽŶƐƚƌƵĐƚŝŽŶĂƌĞƐƚĂŶĚĂƌĚƉƌĂĐƚŝĐĞƐŝŶƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ͘dŚĞƉƌŽƉŽƐĞĚ ŵĂƐƐŐƌĂĚŝŶŐƚƌŝŐŐĞƌƐƚŚĞŶĞĞĚĨŽƌĂŶ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚďĂƐĞĚŽŶƚŚĞƐĐĂůĞŽĨƚŚĞƉƌŽƉŽƐĞĚ ĚĞǀĞůŽƉŵĞŶƚĂŶĚĐŚĂŶŐĞƐƚŽĞdžŝƐƚŝŶŐŐƌĂĚĞƚŚĂƚĂƌĞŶĞĐĞƐƐĂƌLJƚŽƉƌŽǀŝĚĞĐŽŶƚŝŶƵŝƚLJŽĨŐƌĂǀŝƚLJƐĂŶŝƚĂƌLJ ŵĂŝŶƐƚŽĞdžŝƐƚŝŶŐĐŽŶŶĞĐƚŝŽŶƉŽŝŶƚƐǁŝƚŚĞdžŝƐƚŝŶŐƐĂŶŝƚĂƌLJŵĂŝŶĂďƵƚƚŝŶŐƚŚĞƉƌŽƉĞƌƚLJ͘dŚĞƐŝƚĞŐƌĂĚŝŶŐ ŝŶǀŽůǀĞƐĚŝƐƚƵƌďĂŶĐĞŽĨĂƉƉƌŽdžŝŵĂƚĞůLJϭϱϵĂĐƌĞƐĂŶĚŝŶǀŽůǀĞƐĐƵƚƚŝŶŐĂƉƉƌŽdžŝŵĂƚĞůLJϳϬϮ͕ϬϬϬLJĂƌĚƐŽĨ ŵĂƚĞƌŝĂůĂŶĚĨŝůůŝŶŐĂƉƉƌŽdžŝŵĂƚĞůLJϴϰϰ͕ϬϬϬLJĂƌĚƐ͘/ŶŝƐŽůĂƚĞĚůŽĐĂƚŝŽŶƐ͕ĐƵƚƐĂŶĚĨŝůůƐĂƌĞŵŽƌĞƚŚĂŶϮϬ ĨĞĞƚ͘ŶĞůĞǀĂƚŝŽŶŵĂƉŝŶĐůƵĚĞĚǁŝƚŚƚŚŝƐĂƉƉůŝĐĂƚŝŽŶŝĚĞŶƚŝĨŝĞƐƚŚĞĂƌĞĂƐŽĨƉƌŽƉŽƐĞĚĐŚĂŶŐĞŝŶ ĞůĞǀĂƚŝŽŶďLJĨŝǀĞͲĨŽŽƚŝŶĐƌĞŵĞŶƚƐ͘ EĞŝŐŚďŽƌŚŽŽĚ/ŶĨŽƌŵĂƚŝŽŶDĞĞƚŝŶŐ /ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞhƉƌŽĐĞƐƐ͕ĂEĞŝŐŚďŽƌŚŽŽĚ/ŶĨŽƌŵĂƚŝŽŶDĞĞƚŝŶŐ;E/DͿǁĂƐŚŽƐƚĞĚƉƌŝŽƌƚŽ ƚŚŝƐĂƉƉůŝĐĂƚŝŽŶ͘dŚĞŵĞĞƚŝŶŐǁĂƐŚĞůĚĂƚ'ŝďďƐůĞŵĞŶƚĂƌLJĂŶĚŽŶůŝŶĞǀŝĂdĞĂŵƐŽŶϱͬϲͬϮϬϮϱ͘/ŶǀŝƚĞƐ ǁĞƌĞĚŝƐƚƌŝďƵƚĞĚďLJŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚƚŽŶĞŝŐŚďŽƌŝŶŐƉƌŽƉĞƌƚŝĞƐ͘dŚĞƌĞǁĞƌĞĂƉƉƌŽdžŝŵĂƚĞůLJĂ ĚŽnjĞŶĂƚƚĞŶĚĞĞƐƉƌĞƐĞŶƚ͘dŚĞƌĞǁĞƌĞŶŽƐƉĞĐŝĨŝĐĐŽŵŵĞŶƚƐƌĞĐĞŝǀĞĚƌĞůĂƚĞĚƚŽƚŚĞŵĂƐƐŐƌĂĚŝŶŐŽĨƚŚĞ ƐŝƚĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚ͘dŚĞŵĞĞƚŝŶŐŵŝŶƵƚĞƐĂƌĞŝŶĐůƵĚĞĚǁŝƚŚƚŚŝƐĂƉƉůŝĐĂƚŝŽŶ ƐƵďŵŝƚƚĂů͘ ƌŝƚĞƌŝĂĨŽƌƉƉƌŽǀĂů dŚĞĨŽůůŽǁŝŶŐŝƚĞŵƐĂ͘ͲĨ͘ŽĨƐĞĐƚŝŽŶϲϬ͘ϱϬϬ͘ϰϬ͘D͘ϰĂƌĞƚŚĞĐƌŝƚĞƌŝĂĨŽƌĂƉƉƌŽǀĂůŽĨĂŶ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚ͘ dŚŝƐ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚŝƐĂŶĂŶƚŝĐŝƉĂƚĞĚƌĞƋƵŝƌĞŵĞŶƚŽĨƚŚĞŵĂƐƐŐƌĂĚŝŶŐƉĞƌŵŝƚďĞŝŶŐƉƌĞƉĂƌĞĚĨŽƌ ƐƵďŵŝƐƐŝŽŶƚŽWƵďůŝĐtŽƌŬƐ͘dŚĞƉƌŽƉŽƐĞĚǁŽƌŬŝƐůĂŶĚĚŝƐƚƵƌďĂŶĐĞĂĐƚŝǀŝƚŝĞƐƚŚĂƚƚŚĞŝƚLJŶŐŝŶĞĞƌ ĚĞƚĞƌŵŝŶĞƐ͞ŵĂLJŚĂǀĞƐƵďƐƚĂŶƚŝĂůŝŵƉĂĐƚƐŽŶƐƵƌƌŽƵŶĚŝŶŐƉƌŽƉĞƌƚŝĞƐ͟ĨƌŽŵƐĞĐƚŝŽŶϲϬ͘ϱϬϬ͘ϬϲϬ͘/͘Ϯ͘ĐŽĨ ƚŚĞh͘ WĞƌƚŚĞĚĞĨŝŶŝƚŝŽŶŽĨĂ^ƵďƐƚĂŶƚŝĂů>ĂŶĚůƚĞƌĂƚŝŽŶ;^>Ϳ͗ ĚĞǀĞůŽƉŵĞŶƚĂĐƚŝǀŝƚLJƚŚĂƚĞdžĐĞĞĚƐĂŶLJŽĨƚŚĞĨŽůůŽǁŝŶŐƚŚƌĞƐŚŽůĚƐĞdžĐĞĞĚƐƉƌĂĐƚŝĐĞƐĂůůŽǁĞĚƚŚƌŽƵŐŚ ƚŚĞ'ƌĂĚŝŶŐWĞƌŵŝƚƉƌŽĐĞƐƐ͗ ϭ͘'ƌĂĚŝŶŐĂĐƚŝǀŝƚŝĞƐĚĞƐŝŐŶĞĚƚŽŽĐĐƵƌĨŽƌŵŽƌĞƚŚĂŶϮϰŵŽŶƚŚƐĂŶĚůĞƐƐƚŚĂŶϰϴŵŽŶƚŚƐ͖ Ϯ͘dŚĞƌĞŵŽǀĂůĨƌŽŵĂƐŝƚĞŽĨŵŽƌĞƚŚĂŶϭϬ͕ϬϬϬŐƌŽƐƐĐƵďŝĐLJĂƌĚƐŽĨĞĂƌƚŚŵĂƚĞƌŝĂůƉĞƌĂĐƌĞĂŶĚ ůĞƐƐƚŚĂŶϮϬ͕ϬϬϬŐƌŽƐƐĐƵďŝĐLJĂƌĚƐŽĨĞĂƌƚŚŵĂƚĞƌŝĂůƉĞƌĂĐƌĞ͖ ϯ͘ŶĞdžƉŽƐĞĚďĞĚƌŽĐŬƐůŽƉĞƐƚĞĞƉĞƌƚŚĂŶϯ͗ϭƚŚĂƚŝƐŽǀĞƌƚĞŶĨĞĞƚĂŶĚůĞƐƐƚŚĂŶϮϱĨĞĞƚŝŶŚĞŝŐŚƚ ŽĐĐƵƌƌŝŶŐĂƚĂŶLJƚŝŵĞĚƵƌŝŶŐŽƌĨŽůůŽǁŝŶŐĞdžĐĂǀĂƚŝŽŶ͖ ϰ͘ŵŽǀĞŵĞŶƚŽĨϱϬϬĐƵďŝĐLJĂƌĚƐŽƌŵŽƌĞŽĨĞĂƌƚŚƚŚĂƚŝŶǀŽůǀĞƐĂĐŚĂŶŐĞŝŶŶĂƚƵƌĂůŽƌƉƌĞͲ ĞdžŝƐƚŝŶŐŐƌĂĚĞƐŽĨƚĞŶŽƌŵŽƌĞǀĞƌƚŝĐĂůĨĞĞƚĨŽƌĂŶLJƉŽƌƚŝŽŶŽĨĂƉĂƌĐĞů͖Žƌ ϱ͘ŶLJŵŽǀĞŵĞŶƚŽĨĞĂƌƚŚŽŶƚŚĞĞŶƚŝƌĞƉĂƌĐĞůŝŶĞdžĐĞƐƐŽĨϭϬϬ͕ϬϬϬĐƵďŝĐLJĂƌĚƐ͘ /ƚĞŵƐϰĂŶĚϱŽĨƚŚĞĂďŽǀĞĚĞĨŝŶŝƚŝŽŶĂƌĞƚƌŝŐŐĞƌĞĚǁŝƚŚƚŚĞƉƌŽƉŽƐĞĚŵĂƐƐŐƌĂĚŝŶŐƉůĂŶ͖ŵŽǀĞŵĞŶƚŽĨ ϱϬϬĐƵďŝĐLJĂƌĚƐŽƌŵŽƌĞŽĨĞĂƌƚŚƚŚĂƚŝŶǀŽůǀĞƐĂĐŚĂŶŐĞŝŶŶĂƚƵƌĂůŽƌƉƌĞͲĞdžŝƐƚŝŶŐŐƌĂĚĞƐŽĨƚĞŶŽƌŵŽƌĞ ǀĞƌƚŝĐĂůĨĞĞƚĨŽƌĂŶLJƉŽƌƚŝŽŶŽĨĂƉĂƌĐĞů͖ĂŶĚŵŽǀĞŵĞŶƚŽĨĞĂƌƚŚŽŶƚŚĞĞŶƚŝƌĞƉĂƌĐĞůŝŶĞdžĐĞƐƐŽĨϭϬϬ͕ϬϬϬ ĐƵďŝĐLJĂƌĚƐ͘ ďŽůĚ /ƚĂůŝĐŝnjĞĚŝƚĞŵƐĂƌĞƌĞĨĞƌĞŶĐĞĚĨƌŽŵƚŚĞhĂŶĚƚĞdžƚďĞůŽǁĞĂĐŚŝƚĞŵĂƌĞƚŚĞĂƉƉůŝĐĂďŝůŝƚLJŽƌ ĐŽŶĨŽƌŵĂŶĐĞǁŝƚŚƚŚĞĐƌŝƚĞƌŝĂ͘ ϰ͘ƌŝƚĞƌŝĂĨŽƌ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚƉƉƌŽǀĂůdŚĞWůĂŶŶŝŶŐŽŵŵŝƐƐŝŽŶƐŚĂůůƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂů͕ĂŶĚƚŚĞ ŝƚLJŽƵŶĐŝůƐŚĂůůĂƉƉƌŽǀĞƚŚĞĂƉƉůŝĐĂƚŝŽŶ͕ŽƌĂƉƉƌŽǀĞŝƚǁŝƚŚĐŽŶĚŝƚŝŽŶƐ͕ŝĨŝƚĐŽŵƉůŝĞƐǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ ĐƌŝƚĞƌŝĂ͗ Ă͘dŚĞĂƉƉůŝĐĂƚŝŽŶĐŽŵƉůŝĞƐǁŝƚŚĂůůĂƉƉůŝĐĂďůĞƉƌŽǀŝƐŝŽŶƐŽĨŚĂƉƚĞƌϳͲϱ͕ZĞŶƚĂůhŶŝƚ ZĞŐŝƐƚƌĂƚŝŽŶ͕ŽĨƚŚĞZŽĐŚĞƐƚĞƌŽĚĞŽĨKƌĚŝŶĂŶĐĞƐĂŶĚƚŚĞĐƌŝƚĞƌŝĂŝŶ^ĞĐƚŝŽŶϲϬ͘ϱϬϬ͘ϬϯϬ͘ϯ͘Ă͘ϯͿ͕ ĞdžĐĞƉƚƚŚĂƚƚŚĞŝŶƚĞƌŝŵƵƐĞŽĨƚŚĞƉƌŽƉĞƌƚLJŶĞĞĚŶŽƚďĞĂWĞƌŵŝƚƚĞĚŽƌŽŶĚŝƚŝŽŶĂůhƐĞŽĨƚŚĞ ƉƌŽƉĞƌƚLJĂůůŽǁĞĚŝŶƚŚĞnjŽŶŝŶŐĚŝƐƚƌŝĐƚǁŚĞƌĞƚŚĞƉƌŽƉĞƌƚLJŝƐůŽĐĂƚĞĚ͖ dŚŝƐŝƚĞŵĚŽĞƐŶŽƚĂƉƉůLJ͘EŽƌĞŶƚĂůƵŶŝƚƐĂƌĞƉƌŽƉŽƐĞĚ͘ ď͘dŚĞƉƌŽƉŽƐĞĚƵƐĞĐŽŵƉůŝĞƐǁŝƚŚĂůůĂƉƉůŝĐĂďůĞƐƚĂŶĚĂƌĚƐĨŽƌƚŚĂƚƵƐĞůŝƐƚĞĚŝŶ^ĞĐƚŝŽŶ ϲϬ͘ϯϬϬ͘ϬϮϬ͕hƐĞͲ^ƉĞĐŝĨŝĐ^ƚĂŶĚĂƌĚƐ͕ŝŶƚŚĞnjŽŶŝŶŐĚŝƐƚƌŝĐƚŵŽƐƚƐŝŵŝůĂƌƚŽƚŚĂƚŝŶǁŚŝĐŚƚŚĞ ŝŶƚĞƌŝŵƵƐĞŝƐůŽĐĂƚĞĚ͕ĂƐĚĞƚĞƌŵŝŶĞĚďLJƚŚĞŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚŝƌĞĐƚŽƌ͖ dŚĞƉƌŽƉŽƐĞĚƵƐĞĨŽƌƚŚĞƉůĂŶŶĞĚĚĞǀĞůŽƉŵĞŶƚŝƐůŽǁĚĞŶƐŝƚLJƌĞƐŝĚĞŶƚŝĂůĂŶĚŝƐĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶĂŶĚnjŽŶŝŶŐŽĨƚŚĞƉƌŽƉĞƌƚLJ͘ Đ͘dŚĞĂƉƉůŝĐĂƚŝŽŶĚŽĞƐŶŽƚŝŶǀŽůǀĞŽƌƌĞƋƵŝƌĞƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨĂŶLJƉĞƌŵĂŶĞŶƚƐƚƌƵĐƚƵƌĞǁŝƚŚĂ ƵƐĞĨƵůĞĐŽŶŽŵŝĐůŝĨĞůŽŶŐĞƌƚŚĂŶƚŚĞƚĞƌŵŽĨƚŚĞ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚ͖ dŚĞƌĞŝƐŶŽƚĞƌŵŝĚĞŶƚŝĨŝĞĚĨŽƌŝŶƚĞƌŝŵƵƐĞ͘džĐĂǀĂƚŝŽŶĂĐƚŝǀŝƚŝĞƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚƚŽŽĐĐƵƌ ǁŝƚŚŝŶŽŶĞĐŽŶƐƚƌƵĐƚŝŽŶƐĞĂƐŽŶ͘ Ě͘WƵƌƐƵĂŶƚƚŽ^ĞĐƚŝŽŶϲϬ͘ϱϬϬ͘ϬϯϬ͘ϳ&ŝŶĂŶĐŝĂůƐƐƵƌĂŶĐĞƐ͕ƚŚĞĂƉƉůŝĐĂŶƚŚĂƐƉƌŽǀŝĚĞĚĨŝŶĂŶĐŝĂů ĂƐƐƵƌĂŶĐĞĂĚĞƋƵĂƚĞŝĨƚŚĞŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚŝƌĞĐƚŽƌĚĞƚĞƌŵŝŶĞƐƚŚĂƚƐƵĐŚĂƐƐƵƌĂŶĐĞĂƌĞ ŶĞĐĞƐƐĂƌLJƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞ/ŶƚĞƌŝŵhƐĞǁŝůůďĞƚĞƌŵŝŶĂƚĞĚĂŶĚĂŶLJƐƚƌƵĐƚƵƌĞƐƌĞůĂƚĞĚƚŽƚŚĞ ŝŶƚĞƌŝŵƵƐĞďĞƌĞŵŽǀĞĚ;ƵŶůĞƐƐƚŚĞŝƚLJĐŽŶƐĞŶƚƐƚŽƚŚĞĐŽŶƚŝŶƵĞĚĞdžŝƐƚĞŶĐĞŽĨƚŚŽƐĞƐƚƌƵĐƚƵƌĞƐͿ ĂƚƚŚĞĞŶĚŽĨƚŚĞŝŶƚĞƌŝŵƵƐĞƉĞƌŝŽĚ͖ĂŶĚ EŽĨŝŶĂŶĐŝĂůĂƐƐƵƌĂŶĐĞƐŚĂǀĞďĞĞŶƌĞƋƵŝƌĞĚďLJƚŚĞŝƚLJŝŶƌĞůĂƚŝŽŶƚŽƚŚŝƐƉƌŽũĞĐƚĂƚƚŚŝƐƚŝŵĞ͘ EŽŝŶƚĞƌŝŵƐƚƌƵĐƚƵƌĞƐĂƌĞƉƌŽƉŽƐĞĚƚŚĂƚĐŽƵůĚƌĞƋƵŝƌĞƌĞŵŽǀĂů͘dŚĞƉƌŽƉŽƐĞĚŵĂƐƐŐƌĂĚŝŶŐŝƐ ĂŶƚŝĐŝƉĂƚĞĚƚŽŽĐĐƵƌǁŝƚŚŝŶŽŶĞĐŽŶƐƚƌƵĐƚŝŽŶƐĞĂƐŽŶ͘ Ğ͘/ĨƚŚĞĂƉƉůŝĐĂƚŝŽŶƌĞůĂƚĞĚƚŽůĂŶĚĚŝƐƚƵƌďŝŶŐĂĐƚŝǀŝƚŝĞƐƚŚĂƚƚŚĞŝƚLJŶŐŝŶĞĞƌĚĞƚĞƌŵŝŶĞƐ͕ ƉƵƌƐƵĂŶƚƚŽ^ĞĐƚŝŽŶϲϬ͘ϱϬϬ͘ϬϲϬ/͘Ϯ͘Đ͕ƌĞƋƵŝƌĞĂŶĂƉƉůŝĐĂƚŝŽŶĨŽƌĂŶ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚ͕ƚŚĞ ĂƉƉůŝĐĂŶƚŚĂƐŐŝǀĞŶƚŚĞŝƚLJĂĚĞƋƵĂƚĞĂƐƐƵƌĂŶĐĞƐ;ǁŚŝĐŚŵĂLJŝŶĐůƵĚĞĨŝŶĂŶĐŝĂůĂƐƐƵƌĂŶĐĞƐͿƚŚĂƚ ƚŚĞĂĐƚŝǀŝƚLJǁŝůůŶŽƚ ϭͿĐƌĞĂƚĞƐƵďƐƚĂŶƚŝĂůĂĚǀĞƌƐĞŝŵƉĂĐƚƐŽŶƐƵƌƌŽƵŶĚŝŶŐƉƌŽƉĞƌƚŝĞƐĚƵƌŝŶŐŽƌĂĨƚĞƌƚŚĞ /ŶƚĞƌŝŵhƐĞƉĞƌŝŽĚŽƌ dŚĞƉƌŽƉŽƐĞĚŐƌĂĚŝŶŐĂĐƚŝǀŝƚŝĞƐĂƌĞƚLJƉŝĐĂůŽĨƐƵďĚŝǀŝƐŝŽŶĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚĚŽŶŽƚĐƌĞĂƚĞĂ ƐƵďƐƚĂŶƚŝĂůĂĚǀĞƌƐĞŝŵƉĂĐƚ͘ŽŶƐƚƌƵĐƚŝŽŶĂĐƚŝǀŝƚLJǁŝůůƉƌŝŵĂƌŝůLJƌĞŵĂŝŶǁŝƚŚŝŶƚŚĞƐŝƚĞĂƐŵĂƐƐ ŐƌĂĚŝŶŐĚŽĞƐŶŽƚŝŶǀŽůǀĞƚŚĞĚĞůŝǀĞƌLJŽĨŝŶĨƌĂƐƚƌƵĐƚƵƌĞŵĂƚĞƌŝĂůƐ͘ŽŶǀĞƌƐĞůLJ͕ŵĂƐƐŐƌĂĚŝŶŐĂƚ ĂƐŵĂůůĞƌƐĐĂůĞǁŽƵůĚŝŶǀŽůǀĞƌĞĐƵƌƌŝŶŐŐƌĂĚŝŶŐĂĐƚŝǀŝƚŝĞƐĨŽƌĞĂĐŚƵƉĐŽŵŝŶŐƉŚĂƐĞŽĨƉƵďůŝĐ ŝŵƉƌŽǀĞŵĞŶƚƐ͘ ϮͿĂůůŽǁƚŚĞůĂŶĚƚŽďĞƵƐĞĚĨŽƌƉƵƌƉŽƐĞƐŝŶĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶĂĨƚĞƌ ƚŚĞ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚƉĞƌŝŽĚ͕ĂŶĚ dŚĞƉƌŽƉŽƐĞĚƵƐĞĨŽƌƚŚĞƉůĂŶŶĞĚĚĞǀĞůŽƉŵĞŶƚŝƐůŽǁĚĞŶƐŝƚLJƌĞƐŝĚĞŶƚŝĂůĂŶĚŝƐĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶĂŶĚnjŽŶŝŶŐŽĨƚŚĞƉƌŽƉĞƌƚLJ͘ ϯͿĂĚǀĞƌƐĞůLJĂĨĨĞĐƚƚŚĞƐĐĞŶŝĐƋƵĂůŝƚLJŽĨZŽĐŚĞƐƚĞƌŽƌƚŚĞŶĂƚƵƌĂůůĂŶĚƐĐĂƉĞƐ͕ ĞŶǀŝƌŽŶŵĞŶƚ͕ǁŝůĚůŝĨĞŚĂďŝƚĂƚ͖ŽƌŝĨƐƵĐŚĞĨĨĞĐƚƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚƚŽŽĐĐƵƌ͕ƚŚĞƌĞĐůĂŵĂƚŝŽŶƉůĂŶ ƉƌŽǀŝĚĞƐĨŽƌĂĚĞƋƵĂƚĞƌĞƐƚŽƌĂƚŝŽŶŽĨƚŚĞƐŝƚĞĨŽůůŽǁŝŶŐƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƚŚĞĞdžĐĂǀĂƚŝŽŶĂĐƚŝǀŝƚLJ͘ dŚĞƉƌŽƉŽƐĞĚŐƌĂĚŝŶŐĂĐƚŝǀŝƚŝĞƐǁŝůůĚŝƐƚƵƌďĞdžŝƐƚŝŶŐǀĞŐĞƚĂƚŝŽŶĚƵƌŝŶŐŐƌĂĚŝŶŐĂŶĚƌĞƐŚĂƉĞƚŚĞ ŐƌĂĚĞƚŽƐƵƉƉŽƌƚƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͘ŝƐƚƵƌďĞĚĂƌĞĂƐǁŝůůďĞƌĞĞƐƚĂďůŝƐŚĞĚǁŝƚŚ ǀĞŐĞƚĂƚŝŽŶƵƉŽŶĐŽŵƉůĞƚŝŽŶŽĨŐƌĂĚŝŶŐ͘dŚĞĞdžŝƐƚŝŶŐĚƌĂŝŶĂŐĞĐŽƌƌŝĚŽƌƐĂƌĞŶŽƚƉƌŽƉŽƐĞĚƚŽ ďĞŝŵƉĂĐƚĞĚǁŝƚŚƚŚĞŐƌĂĚŝŶŐĂĐƚŝǀŝƚŝĞƐ͘hƉŽŶĐŽŵƉůĞƚŝŽŶŽĨƚŚĞƐƵďĚŝǀŝƐŝŽŶ͕ƚŚĞƌĞƐŝĚĞŶƚŝĂů ĚĞǀĞůŽƉŵĞŶƚǁŝůůďĞƐŝŵŝůĂƌĂĐŚĂƌĂĐƚĞƌƚŽƚŚĞĞdžŝƐƚŝŶŐƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚŽŶĂĚũĂĐĞŶƚ ƉƌŽƉĞƌƚŝĞƐƚŽƚŚĞĞĂƐƚ͘ Ĩ͘dŚĞĚĂƚĞŽƌĞǀĞŶƚƚŚĂƚǁŝůůƚĞƌŵŝŶĂƚĞƚŚĞƵƐĞĐĂŶďĞŝĚĞŶƚŝĨŝĞĚǁŝƚŚĐĞƌƚĂŝŶƚLJ͘ dŚĞŵĂƐƐŐƌĂĚŝŶŐŝƐƉůĂŶŶĞĚƚŽďĞŐŝŶĂŶĚĐŽŶĐůƵĚĞǁŝƚŚŝŶŽŶĞĐŽŶƐƚƌƵĐƚŝŽŶƐĞĂƐŽŶ͘ ĂƐĞĚŽŶĐŽŶĨŽƌŵĂŶĐĞǁŝƚŚĂůůĐƌŝƚĞƌŝĂƉƌĞƐĞŶƚĞĚĨŽƌ/hWĂƉƉƌŽǀĂůĂŶĚĚŽĐƵŵĞŶƚĂƚŝŽŶŽĨĂƐƚĂďůĞ ĞdžĐĂǀĂƚŝŽŶďLJĂůŝĐĞŶƐĞĚƉƌŽĨĞƐƐŝŽŶĂůŐĞŽůŽŐŝƐƚ͕ĂŶĚŐƌĂĚŝŶŐƉůĂŶƐĚĞǀĞůŽƉĞĚďLJĂůŝĐĞŶƐĞĚƉƌŽĨĞƐƐŝŽŶĂů ĞŶŐŝŶĞĞƌ͖ǁĞĂƌĞƌĞƋƵĞƐƚŝŶŐĂƉƉƌŽǀĂůŽĨƚŚŝƐ/hWĂƉƉůŝĐĂƚŝŽŶŽŶďĞŚĂůĨŽĨƚŚĞƉƌŽƉĞƌƚLJŽǁŶĞƌ͘ ^ŝŶĐĞƌĞůLJ͕ dLJůĞƌDĂŶĚůĞƌ͕W͘͘ t^нDĂƐƐĞLJŶŐŝŶĞĞƌŝŶŐ ϯϯ^dsdZE^DDKZ/>,/',tz<^^KE͕DEϱϱϵϰϰ ϯϮϬt^dZKtzW>/Es/t͕DEϱϱϵϲϰ D/>/E'Z^^͗WKKyϭϬϬ<^^KE͕DEϱϱϵϰϰ ϱϬϳ͘ϲϯϰ͘ϰϱϬϱͮt^͘E'/EZ/E' DĞĞƚŝŶŐDŝŶƵƚĞƐ WĞďďůĞƌĞĞŬ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶ͕DĂũŽƌ>ĂŶĚ^ƵďĚŝǀŝƐŝŽŶ͕^> WƌŽũĞĐƚ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ KǁŶĞƌͲŚĂƌůĞƐĞtŝƚnj͕ƉƉůŝĐĂŶƚͲ>ĞŶŶĂƌ KǁŶĞƌ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ t^нD^^zE'/EZ/E'Θ^hZsz/E' ŽŶƐƵůƚŝŶŐŶŐƌͬ&ŝƌŵ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ϲ͗ϯϬWDŽŶdƵĞƐĚĂLJDĂLJϲ͕ϮϬϮϱ;'ĞŽƌŐĞ'ŝďďƐůĞŵĞŶƚĂƌLJ^ĐŚŽŽůʹϱϱϮϱϱϲ^ƚƌĞĞƚEtͿ ƚŚ DĞĞƚŝŶŐĂƚĞͬ>ŽĐĂƚŝŽŶ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ƚƚĞŶĚĞĞƐ ;^ĞĞĂƚƚĂĐŚĞĚE/DƐŝŐŶŝŶƐŚĞĞƚͿ ϭ͘/ŶƚƌŽĚƵĐƚŝŽŶ DĞĞƚŝŶŐůĞĚďLJZLJĂŶ^ĐŚŽĞŶĨĞůĚĞƌ;t^DĂƐƐĞLJͿ͕ƚŚĞƉůĂŶŶŝŶŐĂŶĚĞŶŐŝŶĞĞƌŝŶŐ x ĐŽŶƐƵůƚĂŶƚĨŽƌƚŚĞƉƌŽũĞĐƚ͘KƚŚĞƌŵĞŵďĞƌƐŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚƚĞĂŵŝŶĐůƵĚĞĚdLJůĞƌ DĂŶĚůĞƌ;t^DĂƐƐĞLJͿ͕ŝůůdŽŝŶƚŽŶ;t^DĂƐƐĞLJͿ͕ĂŶĚ^ƚĞǀĞdƌŽƐŬĞLJ;>ĞŶŶĂƌͿ͘ WƵƌƉŽƐĞ͗ĐŝƚLJͲƌĞƋƵŝƌĞĚEĞŝŐŚďŽƌŚŽŽĚ/ŶĨŽƌŵĂƚŝŽŶDĞĞƚŝŶŐ;E/DͿƚŽĚŝƐĐƵƐƐƉƌŽũĞĐƚ x ŚŝŐŚůŝŐŚƚƐĂŶĚŐĂƚŚĞƌƉƵďůŝĐĨĞĞĚďĂĐŬ͘ DĞĞƚŝŶŐŶŽƚĞƐǁŝůůďĞƐƵďŵŝƚƚĞĚƚŽƚŚĞĐŝƚLJĨŽƌĨƵƚƵƌĞĂƉƉůŝĐĂƚŝŽŶƐ͕ĂƚƚĞŶĚĞĞƐǁĞƌĞĂƐŬĞĚ x ƚŽƐŝŐŶƚŚĞĂƚƚĞŶĚĂŶĐĞƐŚĞĞƚ͘ Ϯ͘WƌŽũĞĐƚKǀĞƌǀŝĞǁ ^ŝnjĞΘ>ĂLJŽƵƚ ͗ϯϳϬĐƌĞƐ x dŽƚĂůĞǀĞůŽƉŵĞŶƚ^ŝnjĞ͗ WŚĂƐĞ/ʹƉƉƌŽdžŝŵĂƚĞůLJϭϳϮĂĐƌĞƐ͕WŚĂƐĞ//ʹϭϵϴĐƌĞƐ͘ x :HVW%URDGZD\6WH >ĂŶĚhƐĞƌĞĂŬĚŽǁŶ͗ x ϵϬϬͲϵϲϬƐŝŶŐůĞͲĨĂŵŝůLJƌĞƐŝĚĞŶƚŝĂůůŽƚƐ R >ŽƚƐŝnjĞƐƌĂŶŐĞĨƌŽŵϱ͕ϬϬϬͲϭϱ͕ϬϬϬƐƋƵĂƌĞĨĞĞƚ͘ R <ĞLJĂƐƉĞĐƚƐ͗ ZĞƐŝĚĞŶƚŝĂůƵŶŝƚƐ͕ƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚ͕ƌŽĂĚǁĂLJƐ͕ĂŶĚnjŽŶŝŶŐ x ƌĞŐƵůĂƚŝŽŶƐ͘ ϯ͘WŚĂƐĞƐĂŶĚĞǀĞůŽƉŵĞŶƚWƌŽĐĞƐƐ ƵƌƌĞŶƚƉŚĂƐĞ͗ 'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶŽŶƚŚĞĞŶƚŝƌĞƐŝƚĞ͕DĂũŽƌ>ĂŶĚ^ƵďĚŝǀŝƐŝŽŶ x ;WŚĂƐĞ/Ϳ͕^ƵďƐƚĂŶƚŝĂů>ĂŶĚůƚĞƌĂƚŝŽŶ;ŶƚŝĐŝƉĂƚĞĚͿ͘ EĞdžƚ^ƚĞƉƐ͗ x ^ƵďŵŝƐƐŝŽŶŽĨĂƉƉůŝĐĂƚŝŽŶƐǁŝƚŚŝŶϯϬĚĂLJƐ R ŝƚLJƌĞǀŝĞǁƉƌŽĐĞƐƐ;ΕϯǁĞĞŬƐͿ R WůĂŶŶŝŶŐŽŵŵŝƐƐŝŽŶŵĞĞƚŝŶŐ;ŶŽƉƵďůŝĐŚĞĂƌŝŶŐƌĞƋƵŝƌĞĚĨŽƌƉƌĞůŝŵŝŶĂƌLJƉůĂŶƐͿ R ŝƚLJŽƵŶĐŝůŵĞĞƚŝŶŐ;ŝŶĐůƵĚĞƐƉƵďůŝĐŚĞĂƌŝŶŐͿ R ϮͲϯLJĞĂƌƐĨŽƌƚŚĞWŚĂƐĞ/ƉůĂƚ͘ ƐƚŝŵĂƚĞĚƚŝŵĞůŝŶĞĨŽƌĨƵůůďƵŝůĚͲŽƵƚ͗ x ϰ͘<ĞLJĞǀĞůŽƉŵĞŶƚƌĞĂƐ WŚĂƐĞϭ͗ ϯϳϱͲϰϯϱhŶŝƚƐƐƚŝŵĂƚĞĚ x WŚĂƐĞϮ;&ŽůůŽǁŝŶŐtĐĐĞƉƚĂŶĐĞͿ͗ ϱϮϱͲϱϴϱhŶŝƚƐƐƚŝŵĂƚĞĚ x ϱ͘dƌĂĨĨŝĐĂŶĚĐĐĞƐƐŝďŝůŝƚLJ WƌŝŵĂƌLJĐĐĞƐƐWŽŝŶƚƐ͗ dǁŽŶĞǁĂĐĐĞƐƐƉŽŝŶƚƐƚŽϲϬǀĞEt͕ƚǁŽƚŽĞŚƌĞŶƐ>ŶEt͕Ϯ ƚŚ x ƚŽϱϱ ƚŚ^ƚEt͕ϮƚŽKůŵƐƚĞĚŽƵŶƚLJϭϱϴ͘ dƌĂĨĨŝĐ^ƚƵĚLJΘ/ŵƉƌŽǀĞŵĞŶƚƐ͗ x ƚƌĂĨĨŝĐƐƚƵĚLJŝƐƵŶĚĞƌǁĂLJƚŽĚĞƚĞƌŵŝŶĞĨƵƚƵƌĞŝŵƉƌǀĞŵĞŶƚƐ͘ R ϲ͘ŶǀŝƌŽŶŵĞŶƚĂů&ĞĂƚƵƌĞƐ džŝƐƚŝŶŐŽŶĚŝƚŝŽŶƐ͗ x :HVW%URDGZD\6WH tĞƚůĂŶĚƐƉƌĞƐĞŶƚ͖ƉƌŽũĞĐƚĂĚũƵƐƚĞĚƚŽŵŝŶŝŵŝnjĞŝŵƉĂĐƚƐ R ^ƚŽƌŵǁĂƚĞƌƚƌĞĂƚŵĞŶƚďĂƐŝŶƐ R ŽƵůĞǀĂƌĚdƌĞĞƐ R WƌĞƐĞƌǀĂƚŝŽŶĨĨŽƌƚƐ͗ x ŶǀŝƌŽŶŵĞŶƚĂůŽƌƌŝĚŽƌƉůĂŶŶĞĚǁŝƚŚĂĚũĂĐĞŶƚƉĂƌŬůĂŶĚ͘ R ϳ͘ŽŶĐĞƌŶƐĂŶĚYƵĞƐƚŝŽŶƐ ,ŽŵĞdLJƉĞƐĂŶĚƚĂƌŐĞƚŵĂƌŬĞƚ͗ĞĞĚZĞƐƚƌŝĐƚĞĚϱϱн͕&ŝƌƐƚƚŝŵĞŚŽŵĞďƵLJĞƌƐ͕ĂŶĚƵƉƉĞƌ x ůĞǀĞůŚŽŵĞƐ͘ dƌĂĨĨŝĐ^ĂĨĞƚLJ͗YƵĞƐƚŝŽŶƐƌĞŐĂƌĚŝŶŐĐƵƌƌĞŶƚWĞďďůĞƌĞĞŬĂĐĐĞƐƐ͘ x 'ƌĞĞŶ^ƉĂĐĞƐ͗ϮƉƵďůŝĐƉĂƌŬƐ͘ x ŽŶƐƚƌƵĐƚŝŽŶdŝŵĞůŝŶĞ͗,ŽƉĞƚŽďĞŐŝŶŐƌĂĚŝŶŐŝŶϮϬϮϲ͘ x ϴ͘&ƵƚƵƌĞ^ƚĞƉƐ EĞdžƚŶĞŝŐŚďŽƌŚŽŽĚͬƉƵďůŝĐŵĞĞƚŝŶŐƚŽďĞƐĐŚĞĚƵůĞĚ x &ƵƌƚŚĞƌĂƉƉƌŽǀĂůƐĂŶĚŵŽĚŝĨŝĐĂƚŝŽŶƐďĂƐĞĚŽŶĐŝƚLJƌĞǀŝĞǁ x ŽŶƚŝŶƵĞĚĐŽŵŵƵŶŝĐĂƚŝŽŶǁŝƚŚƌĞƐŝĚĞŶƚƐ x ϵ͘KƚŚĞƌEŽƚĞƐ EŽŶĞ x ĚũŽƵƌŶŵĞŶƚ DĞĞƚŝŶŐĐŽŶĐůƵĚĞĚǁŝƚŚYΘƐĞƐƐŝŽŶ͘ x ƚƚĞŶĚĞĞƐǁĞƌĞƚŚĂŶŬĞĚĨŽƌƚŚĞŝƌƉĂƌƚŝĐŝƉĂƚŝŽŶ͘ x :HVW%URDGZD\6WH :HVW%URDGZD\6WH $SSURYHG3HEEOH&UHHN*'3 *'3 $SSURYHG3HEEOH&UHHN*'3 *'3 % ϯϯ^dsdZE^DDKZ/>,/',tz<^^KE͕DEϱϱϵϰϰ ϯϮϬt^dZKtzW>/Es/t͕DEϱϱϵϲϰ ϭϳϲϱZ^dKZd/KEZK^tZK,^dZ͕DEϱϱϵϬϮ D/>/E'Z^^͗WKKyϭϬϬ<^^KE͕DEϱϱϵϰϰ ϱϬϳ͘ϲϯϰ͘ϰϱϬϱt^͘E'/EZ/E' ͮ DĂLJϮϴ͕ϮϬϮϱ 3XEOLF:RUNV&RPPHQWV&',83 ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚ ϰϬϬϭtĞƐƚZŝǀĞƌWĂƌŬǁĂLJEt ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϭ ůĞĐƚƌŽŶŝĐDĂŝů;ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀͿ ZĞ͗WĞďďůĞƌĞĞŬ;WŚĂƐĞ/WƌĞůŝŵŝŶĂƌLJWůĂƚͿ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚƉƉůŝĐĂƚŝŽŶ dŽǁŚŽŵŝƚŵĂLJĐŽŶĐĞƌŶ͕ KŶďĞŚĂůĨŽĨŽƵƌĐůŝĞŶƚ͕ǁĞĂƌĞƐƵďŵŝƚƚŝŶŐĂŶĂƉƉůŝĐĂƚŝŽŶĨŽƌĂŶ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚĨŽƌWĞďďůĞƌĞĞŬ ;WŚĂƐĞ/ƉƌĞůŝŵŝŶĂƌLJƉůĂƚͿďLJ>ĞŶŶĂƌ͘dŚŝƐƉĞƌŵŝƚŝƐĚƵĞƚŽƚŚĞƐƵďƐƚĂŶƟĂůůĂŶĚĂůƚĞƌĂƟŽŶĚĞĮŶŝƟŽŶǁŚŝĐŚ ůŝƐƚƐϱƚŚƌĞƐŚŽůĚƐ͘dŚĞŵĂƐƐŐƌĂĚŝŶŐĨŽƌƚŚŝƐƉƌŽũĞĐƚŝƐĂŶƟĐŝƉĂƚĞĚƚŽĞdžĐĞĞĚƚŚƌĞƐŚŽůĚƐϰΘϱ͘^ƵďƐƚĂŶƟĂů >ĂŶĚůƚĞƌĂƟŽŶ͗ϰ͘ŵŽǀĞŵĞŶƚŽĨϱϬϬĐƵďŝĐLJĂƌĚƐŽƌŵŽƌĞŽĨĞĂƌƚŚƚŚĂƚŝŶǀŽůǀĞƐĂĐŚĂŶŐĞŝŶŶĂƚƵƌĂůŽƌ ƉƌĞĞdžŝƐƟŶŐŐƌĂĚĞƐŽĨƚĞŶŽƌŵŽƌĞǀĞƌƟĐĂůĨĞĞƚ͖ϱ͘ŶLJŵŽǀĞŵĞŶƚŽĨĞĂƌƚŚŽŶƚŚĞĞŶƟƌĞƉĂƌĐĞůŝŶĞdžĐĞƐƐŽĨ ϭϬϬ͕ϬϬϬĐƵďŝĐLJĂƌĚƐ͘ t^нDĂƐƐĞLJŶŐŝŶĞĞƌŝŶŐĂŶĚŝƚƐƉĂƌƚŶĞƌƐŚĂǀĞƉƌŽǀŝĚĞĚƚŚĞĨŽůůŽǁŝŶŐŵĂƚĞƌŝĂůƐŝŶƐƵƉƉŽƌƚŽĨƚŚŝƐ ĂƉƉůŝĐĂƚŝŽŶ͘ ϭ͘ŽǀĞƌ>ĞƚƚĞƌĂŶĚEĂƌƌĂƚŝǀĞ;dŚŝƐĚŽĐƵŵĞŶƚͿ Ϯ͘>ĂŶĚĞǀĞůŽƉŵĞŶƚƉƉůŝĐĂƚŝŽŶ͗/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚ ϯ͘E/DDĞĞƚŝŶŐDŝŶƵƚĞƐ ϰ͘WƌĞůŝŵŝŶĂƌLJDĂƐƐ'ƌĂĚŝŶŐƉůĂŶ ϱ͘DĂƐƐ'ƌĂĚŝŶŐůĞǀĂƚŝŽŶŚĂŶŐĞDĂƉ ϲ͘WĞƌŵŝƚĨĞĞ;ƚŽďĞƉƌŽǀŝĚĞĚƵƉŽŶĂĐĐĞƉƚĂŶĐĞŽĨƚŚŝƐĂƉƉůŝĐĂƚŝŽŶͿ t^ŚĂƐƉƌĞƉĂƌĞĚƚŚĞŝŶƚĞƌŝŵƵƐĞƉĞƌŵŝƚĚŽĐƵŵĞŶƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞhƐĞĐƚŝŽŶϲϬ͘ϱϬϬ͘ϬϰϬ͘D͘ dŚĞĨŽůůŽǁŝŶŐŶĂƌƌĂƚŝǀĞŝƐƉƌŽǀŝĚĞĚŝŶƐƵƉƉŽƌƚŽĨƚŚĞĂƉƉůŝĐĂƚŝŽŶĂĐĐŽƌĚŝŶŐƚŽƚŚĞƌŝƚĞƌŝĂůŝƐƚĞĚŝŶ ϲϬ͘ϱϬϬ͘ϬϰϬ͘D͘ϰǁŝƚŚĂĚĚŝƚŝŽŶĂůƐƵƉƉŽƌƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶĂƐĐŽŶƐŝĚĞƌĞĚƌĞůĞǀĂŶƚďLJŽƵƌƚĞĂŵ͘ 3XEOLF:RUNV&RPPHQWV&',83 ĂĐŬŐƌŽƵŶĚ dŚĞƉƌŽũĞĐƚƐŝƚĞŝƐŝŵŵĞĚŝĂƚĞůLJĂĚũĂĐĞŶƚƚŽƚŚĞĞdžŝƐƟŶŐWĞďďůĞƌĞĞŬĚĞǀĞůŽƉŵĞŶƚĂůŽŶŐϲϬ ƚŚǀĞEt͘ dŚĞƌĞŵĂŝŶĚĞƌŽĨƚŚĞƵŶĚĞǀĞůŽƉĞĚůĂŶĚŝƐƵƐĞĚĨŽƌĂŐƌŝĐƵůƚƵƌĂůƌŽǁĐƌŽƉƉƌŽĚƵĐƟŽŶ͘/ŶϮϬϮϱƚŚĞŝƚLJŽĨ ZŽĐŚĞƐƚĞƌĂƉƉƌŽǀĞĚĂŶĂŶŶĞdžĂƟŽŶŽĨƚŚĞƌĞŵĂŝŶĚĞƌŽĨƚŚĞWĞďďůĞƌĞĞŬƉƌŽƉĞƌƚLJƚŚĂƚůŝĞƐŽƵƚƐŝĚĞŽĨƚŚĞ ĐŝƚLJ͘tŚĞŶĂŶŶĞdžĞĚƚŚĞƉƌŽƉĞƌƚLJĐĂƌƌŝĞƐĂnjŽŶŝŶŐĚĞƐŝŐŶĂƟŽŶŽĨZͲϮ>ŽǁĞŶƐŝƚLJ^ŵĂůů>Žƚ͘dŚĞ ƉƌŽƉŽƐĞĚ͞WŚĂƐĞ/͟ƉůĂƚĂƌĞĂĐŽŶƚĂŝŶƐĂƉƉƌŽdžŝŵĂƚĞůLJϰϱϰůŽƚƐŽŶϭϴϱĂĐƌĞƐ͘dŚŝƐ/hWŝƐĂƉƉůŝĐĂƟŽŶŝƐ ĂƉƉůŝĐĂďůĞƚŽƚŚŝƐ͞WŚĂƐĞ/͟ƉƌĞůŝŵŝŶĂƌLJƉůĂƚĂƌĞĂ͘dŚĞĚĞǀĞůŽƉĞƌǁŝůůďĞƉƵƌƐƵŝŶŐĂŵĂƐƐŐƌĂĚŝŶŐƉĞƌŵŝƚ ŝŶĐŽŶũƵŶĐƟŽŶǁŝƚŚĂƉƉƌŽǀĂůŽĨƚŚŝƐ/hWĂƉƉůŝĐĂƟŽŶ͘ dŚĞWĞďďůĞƌĞĞŬĚĞǀĞůŽƉŵĞŶƚǁĂƐŽƌŝŐŝŶĂůůLJĂƉƉƌŽǀĞĚŝŶƚŚĞĞĂƌůLJϮϬϬϬ͛ƐĂŶĚŚĂƐďĞĞŶĚĞǀĞůŽƉŝŶŐ ƵŶĚĞƌĂŶĂƉƉƌŽǀĞĚ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶ;'WͿ͘ŶŶǀŝƌŽŶŵĞŶƚĂůƐƐĞƐƐŵĞŶƚtŽƌŬƐŚĞĞƚǁĂƐĂůƐŽ ĂƉƉƌŽǀĞĚĂƚƚŚĂƚƟŵĞĨŽƌƚŚĞĂƐƚĞƌůLJƉĂƌƚŽĨƚŚĞ'W͕ƉĂƌƟĐƵůĂƌůLJƚŚĞĂƌĞĂĐŽŶƚĂŝŶĞĚǁŝƚŚŝŶƚŚĞ͞WŚĂƐĞ /͟ƉƌĞůŝŵŝŶĂƌLJƉůĂƚ͘ǁĞƚůĂŶĚĚĞůŝŶĞĂƟŽŶĂŶĚƚƌĂĸĐƐƚƵĚLJǁĞƌĞĂůƐŽĐŽŵƉůĞƚĞĚǁŝƚŚĂƉƉƌŽǀĂůŽĨƚŚĞ ƉƌĞǀŝŽƵƐ'W͘ >ĞŶŶĂƌĂŶĚt^ĂƌĞŝŶƚŚĞƉƌŽĐĞƐƐŽĨƵƉĚĂƟŶŐƚŚĞ'WǁŝƚŚ>ĞŶŶĂƌ͛ƐƉƌŽĚƵĐƚƚLJƉĞƐƚŽŵĞĞƚƚŚĞůŽĐĂů ŵĂƌŬĞƚĚĞŵĂŶĚƐĂŶĚĐƵƌƌĞŶƚĐŝƚLJƐƚĂŶĚĂƌĚƐ͘/ŶĐůƵĚĞĚǁŝƚŚƚŚŝƐƵƉĚĂƚĞŝƐĂŶĞǁƚƌĂĸĐƐƚƵĚLJĂŶĚƵƉĚĂƚĞĚ ǁĞƚůĂŶĚĚĞůŝŶĞĂƟŽŶ͘dŚĞ'W͕dƌĂĸĐ^ƚƵĚLJ͕ĂŶĚtĞƚůĂŶĚĞůŝŶĞĂƟŽŶĂƌĞĐƵƌƌĞŶƚůLJŝŶƉƌŽĐĞƐƐ͘ 0HQWLRQVKRXOGEHPDGHRIDQH[LVWLQJGHYHORSPHQWDJUHHPHQWWKDWVWLSXODWHVPRUHUHVWULFWLYHVWRUPZDWHU PDQDJHPHQWUHTXLUHPHQWV7KHVHUHTXLUHPHQWVKDYHQRWEHHQDFNQRZOHGJHGWRGDWH WƌĞǀĂůĞŶĐĞ FRPPRQ DĂƐƐŐƌĂĚŝŶŐĂŶĚƐƵďĚŝǀŝƐŝŽŶĐŽŶƐƚƌƵĐƚŝŽŶĂƌĞƐƚĂŶĚĂƌĚƉƌĂĐƚŝĐĞƐŝŶƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ͘dŚĞƉƌŽƉŽƐĞĚ ŵĂƐƐŐƌĂĚŝŶŐƚƌŝŐŐĞƌƐƚŚĞŶĞĞĚĨŽƌĂŶ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚďĂƐĞĚŽŶƚŚĞƐĐĂůĞŽĨƚŚĞƉƌŽƉŽƐĞĚ ĚĞǀĞůŽƉŵĞŶƚĂŶĚĐŚĂŶŐĞƐƚŽĞdžŝƐƚŝŶŐŐƌĂĚĞƚŚĂƚĂƌĞŶĞĐĞƐƐĂƌLJƚŽƉƌŽǀŝĚĞĐŽŶƚŝŶƵŝƚLJŽĨŐƌĂǀŝƚLJƐĂŶŝƚĂƌLJ ŵĂŝŶƐƚŽĞdžŝƐƚŝŶŐĐŽŶŶĞĐƚŝŽŶƉŽŝŶƚƐǁŝƚŚĞdžŝƐƚŝŶŐƐĂŶŝƚĂƌLJŵĂŝŶĂďƵƚƚŝŶŐƚŚĞƉƌŽƉĞƌƚLJ͘dŚĞƐŝƚĞŐƌĂĚŝŶŐ ŝŶǀŽůǀĞƐĚŝƐƚƵƌďĂŶĐĞŽĨĂƉƉƌŽdžŝŵĂƚĞůLJϭϱϵĂĐƌĞƐĂŶĚŝŶǀŽůǀĞƐĐƵƚƚŝŶŐĂƉƉƌŽdžŝŵĂƚĞůLJϳϬϮ͕ϬϬϬLJĂƌĚƐŽĨ ŵĂƚĞƌŝĂůĂŶĚĨŝůůŝŶŐĂƉƉƌŽdžŝŵĂƚĞůLJϴϰϰ͕ϬϬϬLJĂƌĚƐ͘/ŶŝƐŽůĂƚĞĚůŽĐĂƚŝŽŶƐ͕ĐƵƚƐĂŶĚĨŝůůƐĂƌĞŵŽƌĞƚŚĂŶϮϬ ĨĞĞƚ͘ŶĞůĞǀĂƚŝŽŶŵĂƉŝŶĐůƵĚĞĚǁŝƚŚƚŚŝƐĂƉƉůŝĐĂƚŝŽŶŝĚĞŶƚŝĨŝĞƐƚŚĞĂƌĞĂƐŽĨƉƌŽƉŽƐĞĚĐŚĂŶŐĞŝŶ ĞůĞǀĂƚŝŽŶďLJĨŝǀĞͲĨŽŽƚŝŶĐƌĞŵĞŶƚƐ͘ EĞŝŐŚďŽƌŚŽŽĚ/ŶĨŽƌŵĂƚŝŽŶDĞĞƚŝŶŐ /ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞhƉƌŽĐĞƐƐ͕ĂEĞŝŐŚďŽƌŚŽŽĚ/ŶĨŽƌŵĂƚŝŽŶDĞĞƚŝŶŐ;E/DͿǁĂƐŚŽƐƚĞĚƉƌŝŽƌƚŽ ƚŚŝƐĂƉƉůŝĐĂƚŝŽŶ͘dŚĞŵĞĞƚŝŶŐǁĂƐŚĞůĚĂƚ'ŝďďƐůĞŵĞŶƚĂƌLJĂŶĚŽŶůŝŶĞǀŝĂdĞĂŵƐŽŶϱͬϲͬϮϬϮϱ͘/ŶǀŝƚĞƐ ǁĞƌĞĚŝƐƚƌŝďƵƚĞĚďLJŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚƚŽŶĞŝŐŚďŽƌŝŶŐƉƌŽƉĞƌƚŝĞƐ͘dŚĞƌĞǁĞƌĞĂƉƉƌŽdžŝŵĂƚĞůLJĂ ĚŽnjĞŶĂƚƚĞŶĚĞĞƐƉƌĞƐĞŶƚ͘dŚĞƌĞǁĞƌĞŶŽƐƉĞĐŝĨŝĐĐŽŵŵĞŶƚƐƌĞĐĞŝǀĞĚƌĞůĂƚĞĚƚŽƚŚĞŵĂƐƐŐƌĂĚŝŶŐŽĨƚŚĞ ƐŝƚĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚ͘dŚĞŵĞĞƚŝŶŐŵŝŶƵƚĞƐĂƌĞŝŶĐůƵĚĞĚǁŝƚŚƚŚŝƐĂƉƉůŝĐĂƚŝŽŶ ƐƵďŵŝƚƚĂů͘ 3XEOLF:RUNV&RPPHQWV&',83 ƌŝƚĞƌŝĂĨŽƌƉƉƌŽǀĂů dŚĞĨŽůůŽǁŝŶŐŝƚĞŵƐĂ͘ͲĨ͘ŽĨƐĞĐƚŝŽŶϲϬ͘ϱϬϬ͘ϰϬ͘D͘ϰĂƌĞƚŚĞĐƌŝƚĞƌŝĂĨŽƌĂƉƉƌŽǀĂůŽĨĂŶ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚ͘ dŚŝƐ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚŝƐĂŶĂŶƚŝĐŝƉĂƚĞĚƌĞƋƵŝƌĞŵĞŶƚŽĨƚŚĞŵĂƐƐŐƌĂĚŝŶŐƉĞƌŵŝƚďĞŝŶŐƉƌĞƉĂƌĞĚĨŽƌ ƐƵďŵŝƐƐŝŽŶƚŽWƵďůŝĐtŽƌŬƐ͘dŚĞƉƌŽƉŽƐĞĚǁŽƌŬŝƐůĂŶĚĚŝƐƚƵƌďĂŶĐĞĂĐƚŝǀŝƚŝĞƐƚŚĂƚƚŚĞŝƚLJŶŐŝŶĞĞƌ ĚĞƚĞƌŵŝŶĞƐ͞ŵĂLJŚĂǀĞƐƵďƐƚĂŶƚŝĂůŝŵƉĂĐƚƐŽŶƐƵƌƌŽƵŶĚŝŶŐƉƌŽƉĞƌƚŝĞƐ͟ĨƌŽŵƐĞĐƚŝŽŶϲϬ͘ϱϬϬ͘ϬϲϬ͘/͘Ϯ͘ĐŽĨ ƚŚĞh͘ WĞƌƚŚĞĚĞĨŝŶŝƚŝŽŶŽĨĂ^ƵďƐƚĂŶƚŝĂů>ĂŶĚůƚĞƌĂƚŝŽŶ;^>Ϳ͗ ĚĞǀĞůŽƉŵĞŶƚĂĐƚŝǀŝƚLJƚŚĂƚĞdžĐĞĞĚƐĂŶLJŽĨƚŚĞĨŽůůŽǁŝŶŐƚŚƌĞƐŚŽůĚƐĞdžĐĞĞĚƐƉƌĂĐƚŝĐĞƐĂůůŽǁĞĚƚŚƌŽƵŐŚ ƚŚĞ'ƌĂĚŝŶŐWĞƌŵŝƚƉƌŽĐĞƐƐ͗ ϭ͘'ƌĂĚŝŶŐĂĐƚŝǀŝƚŝĞƐĚĞƐŝŐŶĞĚƚŽŽĐĐƵƌĨŽƌŵŽƌĞƚŚĂŶϮϰŵŽŶƚŚƐĂŶĚůĞƐƐƚŚĂŶϰϴŵŽŶƚŚƐ͖ Ϯ͘dŚĞƌĞŵŽǀĂůĨƌŽŵĂƐŝƚĞŽĨŵŽƌĞƚŚĂŶϭϬ͕ϬϬϬŐƌŽƐƐĐƵďŝĐLJĂƌĚƐŽĨĞĂƌƚŚŵĂƚĞƌŝĂůƉĞƌĂĐƌĞĂŶĚ ůĞƐƐƚŚĂŶϮϬ͕ϬϬϬŐƌŽƐƐĐƵďŝĐLJĂƌĚƐŽĨĞĂƌƚŚŵĂƚĞƌŝĂůƉĞƌĂĐƌĞ͖ ϯ͘ŶĞdžƉŽƐĞĚďĞĚƌŽĐŬƐůŽƉĞƐƚĞĞƉĞƌƚŚĂŶϯ͗ϭƚŚĂƚŝƐŽǀĞƌƚĞŶĨĞĞƚĂŶĚůĞƐƐƚŚĂŶϮϱĨĞĞƚŝŶŚĞŝŐŚƚ ŽĐĐƵƌƌŝŶŐĂƚĂŶLJƚŝŵĞĚƵƌŝŶŐŽƌĨŽůůŽǁŝŶŐĞdžĐĂǀĂƚŝŽŶ͖ ϰ͘ŵŽǀĞŵĞŶƚŽĨϱϬϬĐƵďŝĐLJĂƌĚƐŽƌŵŽƌĞŽĨĞĂƌƚŚƚŚĂƚŝŶǀŽůǀĞƐĂĐŚĂŶŐĞŝŶŶĂƚƵƌĂůŽƌƉƌĞͲ ĞdžŝƐƚŝŶŐŐƌĂĚĞƐŽĨƚĞŶŽƌŵŽƌĞǀĞƌƚŝĐĂůĨĞĞƚĨŽƌĂŶLJƉŽƌƚŝŽŶŽĨĂƉĂƌĐĞů͖Žƌ ϱ͘ŶLJŵŽǀĞŵĞŶƚŽĨĞĂƌƚŚŽŶƚŚĞĞŶƚŝƌĞƉĂƌĐĞůŝŶĞdžĐĞƐƐŽĨϭϬϬ͕ϬϬϬĐƵďŝĐLJĂƌĚƐ͘ /ƚĞŵƐϰĂŶĚϱŽĨƚŚĞĂďŽǀĞĚĞĨŝŶŝƚŝŽŶĂƌĞƚƌŝŐŐĞƌĞĚǁŝƚŚƚŚĞƉƌŽƉŽƐĞĚŵĂƐƐŐƌĂĚŝŶŐƉůĂŶ͖ŵŽǀĞŵĞŶƚŽĨ ϱϬϬĐƵďŝĐLJĂƌĚƐŽƌŵŽƌĞŽĨĞĂƌƚŚƚŚĂƚŝŶǀŽůǀĞƐĂĐŚĂŶŐĞŝŶŶĂƚƵƌĂůŽƌƉƌĞͲĞdžŝƐƚŝŶŐŐƌĂĚĞƐŽĨƚĞŶŽƌŵŽƌĞ ǀĞƌƚŝĐĂůĨĞĞƚĨŽƌĂŶLJƉŽƌƚŝŽŶŽĨĂƉĂƌĐĞů͖ĂŶĚŵŽǀĞŵĞŶƚŽĨĞĂƌƚŚŽŶƚŚĞĞŶƚŝƌĞƉĂƌĐĞůŝŶĞdžĐĞƐƐŽĨϭϬϬ͕ϬϬϬ ĐƵďŝĐLJĂƌĚƐ͘ ďŽůĚ /ƚĂůŝĐŝnjĞĚŝƚĞŵƐĂƌĞƌĞĨĞƌĞŶĐĞĚĨƌŽŵƚŚĞhĂŶĚƚĞdžƚďĞůŽǁĞĂĐŚŝƚĞŵĂƌĞƚŚĞĂƉƉůŝĐĂďŝůŝƚLJŽƌ ĐŽŶĨŽƌŵĂŶĐĞǁŝƚŚƚŚĞĐƌŝƚĞƌŝĂ͘ ϰ͘ƌŝƚĞƌŝĂĨŽƌ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚƉƉƌŽǀĂůdŚĞWůĂŶŶŝŶŐŽŵŵŝƐƐŝŽŶƐŚĂůůƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂů͕ĂŶĚƚŚĞ ŝƚLJŽƵŶĐŝůƐŚĂůůĂƉƉƌŽǀĞƚŚĞĂƉƉůŝĐĂƚŝŽŶ͕ŽƌĂƉƉƌŽǀĞŝƚǁŝƚŚĐŽŶĚŝƚŝŽŶƐ͕ŝĨŝƚĐŽŵƉůŝĞƐǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ ĐƌŝƚĞƌŝĂ͗ Ă͘dŚĞĂƉƉůŝĐĂƚŝŽŶĐŽŵƉůŝĞƐǁŝƚŚĂůůĂƉƉůŝĐĂďůĞƉƌŽǀŝƐŝŽŶƐŽĨŚĂƉƚĞƌϳͲϱ͕ZĞŶƚĂůhŶŝƚ ZĞŐŝƐƚƌĂƚŝŽŶ͕ŽĨƚŚĞZŽĐŚĞƐƚĞƌŽĚĞŽĨKƌĚŝŶĂŶĐĞƐĂŶĚƚŚĞĐƌŝƚĞƌŝĂŝŶ^ĞĐƚŝŽŶϲϬ͘ϱϬϬ͘ϬϯϬ͘ϯ͘Ă͘ϯͿ͕ ĞdžĐĞƉƚƚŚĂƚƚŚĞŝŶƚĞƌŝŵƵƐĞŽĨƚŚĞƉƌŽƉĞƌƚLJŶĞĞĚŶŽƚďĞĂWĞƌŵŝƚƚĞĚŽƌŽŶĚŝƚŝŽŶĂůhƐĞŽĨƚŚĞ ƉƌŽƉĞƌƚLJĂůůŽǁĞĚŝŶƚŚĞnjŽŶŝŶŐĚŝƐƚƌŝĐƚǁŚĞƌĞƚŚĞƉƌŽƉĞƌƚLJŝƐůŽĐĂƚĞĚ͖ dŚŝƐŝƚĞŵĚŽĞƐŶŽƚĂƉƉůLJ͘EŽƌĞŶƚĂůƵŶŝƚƐĂƌĞƉƌŽƉŽƐĞĚ͘ ď͘dŚĞƉƌŽƉŽƐĞĚƵƐĞĐŽŵƉůŝĞƐǁŝƚŚĂůůĂƉƉůŝĐĂďůĞƐƚĂŶĚĂƌĚƐĨŽƌƚŚĂƚƵƐĞůŝƐƚĞĚŝŶ^ĞĐƚŝŽŶ ϲϬ͘ϯϬϬ͘ϬϮϬ͕hƐĞͲ^ƉĞĐŝĨŝĐ^ƚĂŶĚĂƌĚƐ͕ŝŶƚŚĞnjŽŶŝŶŐĚŝƐƚƌŝĐƚŵŽƐƚƐŝŵŝůĂƌƚŽƚŚĂƚŝŶǁŚŝĐŚƚŚĞ ŝŶƚĞƌŝŵƵƐĞŝƐůŽĐĂƚĞĚ͕ĂƐĚĞƚĞƌŵŝŶĞĚďLJƚŚĞŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚŝƌĞĐƚŽƌ͖ dŚĞƉƌŽƉŽƐĞĚƵƐĞĨŽƌƚŚĞƉůĂŶŶĞĚĚĞǀĞůŽƉŵĞŶƚŝƐůŽǁĚĞŶƐŝƚLJƌĞƐŝĚĞŶƚŝĂůĂŶĚŝƐĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶĂŶĚnjŽŶŝŶŐŽĨƚŚĞƉƌŽƉĞƌƚLJ͘ 3XEOLF:RUNV&RPPHQWV&',83 Đ͘dŚĞĂƉƉůŝĐĂƚŝŽŶĚŽĞƐŶŽƚŝŶǀŽůǀĞŽƌƌĞƋƵŝƌĞƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨĂŶLJƉĞƌŵĂŶĞŶƚƐƚƌƵĐƚƵƌĞǁŝƚŚĂ ƵƐĞĨƵůĞĐŽŶŽŵŝĐůŝĨĞůŽŶŐĞƌƚŚĂŶƚŚĞƚĞƌŵŽĨƚŚĞ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚ͖ dŚĞƌĞŝƐŶŽƚĞƌŵŝĚĞŶƚŝĨŝĞĚĨŽƌŝŶƚĞƌŝŵƵƐĞ͘džĐĂǀĂƚŝŽŶĂĐƚŝǀŝƚŝĞƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚƚŽŽĐĐƵƌ ǁŝƚŚŝŶŽŶĞĐŽŶƐƚƌƵĐƚŝŽŶƐĞĂƐŽŶ͘ Ě͘WƵƌƐƵĂŶƚƚŽ^ĞĐƚŝŽŶϲϬ͘ϱϬϬ͘ϬϯϬ͘ϳ&ŝŶĂŶĐŝĂůƐƐƵƌĂŶĐĞƐ͕ƚŚĞĂƉƉůŝĐĂŶƚŚĂƐƉƌŽǀŝĚĞĚĨŝŶĂŶĐŝĂů ĂƐƐƵƌĂŶĐĞĂĚĞƋƵĂƚĞŝĨƚŚĞŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚŝƌĞĐƚŽƌĚĞƚĞƌŵŝŶĞƐƚŚĂƚƐƵĐŚĂƐƐƵƌĂŶĐĞĂƌĞ ŶĞĐĞƐƐĂƌLJƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞ/ŶƚĞƌŝŵhƐĞǁŝůůďĞƚĞƌŵŝŶĂƚĞĚĂŶĚĂŶLJƐƚƌƵĐƚƵƌĞƐƌĞůĂƚĞĚƚŽƚŚĞ ŝŶƚĞƌŝŵƵƐĞďĞƌĞŵŽǀĞĚ;ƵŶůĞƐƐƚŚĞŝƚLJĐŽŶƐĞŶƚƐƚŽƚŚĞĐŽŶƚŝŶƵĞĚĞdžŝƐƚĞŶĐĞŽĨƚŚŽƐĞƐƚƌƵĐƚƵƌĞƐͿ ĂƚƚŚĞĞŶĚŽĨƚŚĞŝŶƚĞƌŝŵƵƐĞƉĞƌŝŽĚ͖ĂŶĚ 7KLVZRXOGDSSO\WRH[WHQVLYHVLJQLILFDQWJUDGLQJRSHUDWLRQVDORQJZLWKHURVLRQDQGVHGLPHQWFRQWUROLIWKH SURMHFWZHUHWRVWDOO7KLVZRXOGQRWW\SLFDOO\EHUHTXLUHGLHWKHUHLVOLWWOHSHUFHLYHGULVNWKDWWKLVZRXOGKDSSHQ EŽĨŝŶĂŶĐŝĂůĂƐƐƵƌĂŶĐĞƐŚĂǀĞďĞĞŶƌĞƋƵŝƌĞĚďLJƚŚĞŝƚLJŝŶƌĞůĂƚŝŽŶƚŽƚŚŝƐƉƌŽũĞĐƚĂƚƚŚŝƐƚŝŵĞ͘ EŽŝŶƚĞƌŝŵƐƚƌƵĐƚƵƌĞƐĂƌĞƉƌŽƉŽƐĞĚƚŚĂƚĐŽƵůĚƌĞƋƵŝƌĞƌĞŵŽǀĂů͘dŚĞƉƌŽƉŽƐĞĚŵĂƐƐŐƌĂĚŝŶŐŝƐ ĂŶƚŝĐŝƉĂƚĞĚƚŽŽĐĐƵƌǁŝƚŚŝŶŽŶĞĐŽŶƐƚƌƵĐƚŝŽŶƐĞĂƐŽŶ͘ Ğ͘/ĨƚŚĞĂƉƉůŝĐĂƚŝŽŶƌĞůĂƚĞĚƚŽůĂŶĚĚŝƐƚƵƌďŝŶŐĂĐƚŝǀŝƚŝĞƐƚŚĂƚƚŚĞŝƚLJŶŐŝŶĞĞƌĚĞƚĞƌŵŝŶĞƐ͕ ƉƵƌƐƵĂŶƚƚŽ^ĞĐƚŝŽŶϲϬ͘ϱϬϬ͘ϬϲϬ/͘Ϯ͘Đ͕ƌĞƋƵŝƌĞĂŶĂƉƉůŝĐĂƚŝŽŶĨŽƌĂŶ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚ͕ƚŚĞ ĂƉƉůŝĐĂŶƚŚĂƐŐŝǀĞŶƚŚĞŝƚLJĂĚĞƋƵĂƚĞĂƐƐƵƌĂŶĐĞƐ;ǁŚŝĐŚŵĂLJŝŶĐůƵĚĞĨŝŶĂŶĐŝĂůĂƐƐƵƌĂŶĐĞƐͿƚŚĂƚ ƚŚĞĂĐƚŝǀŝƚLJǁŝůůŶŽƚ ϭͿĐƌĞĂƚĞƐƵďƐƚĂŶƚŝĂůĂĚǀĞƌƐĞŝŵƉĂĐƚƐŽŶƐƵƌƌŽƵŶĚŝŶŐƉƌŽƉĞƌƚŝĞƐĚƵƌŝŶŐŽƌĂĨƚĞƌƚŚĞ /ŶƚĞƌŝŵhƐĞƉĞƌŝŽĚŽƌ dŚĞƉƌŽƉŽƐĞĚŐƌĂĚŝŶŐĂĐƚŝǀŝƚŝĞƐĂƌĞƚLJƉŝĐĂůŽĨƐƵďĚŝǀŝƐŝŽŶĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚĚŽŶŽƚĐƌĞĂƚĞĂ :KDWXQVXEVWDQWLDO ƐƵďƐƚĂŶƚŝĂůĂĚǀĞƌƐĞŝŵƉĂĐƚ͘ŽŶƐƚƌƵĐƚŝŽŶĂĐƚŝǀŝƚLJǁŝůůƉƌŝŵĂƌŝůLJƌĞŵĂŝŶǁŝƚŚŝŶƚŚĞƐŝƚĞĂƐŵĂƐƐ DGYHUVHLPSDFWVDUH FUHDWHG" ŐƌĂĚŝŶŐĚŽĞƐŶŽƚŝŶǀŽůǀĞƚŚĞĚĞůŝǀĞƌLJŽĨŝŶĨƌĂƐƚƌƵĐƚƵƌĞŵĂƚĞƌŝĂůƐ͘ŽŶǀĞƌƐĞůLJ͕ŵĂƐƐŐƌĂĚŝŶŐĂƚ ĂƐŵĂůůĞƌƐĐĂůĞǁŽƵůĚŝŶǀŽůǀĞƌĞĐƵƌƌŝŶŐŐƌĂĚŝŶŐĂĐƚŝǀŝƚŝĞƐĨŽƌĞĂĐŚƵƉĐŽŵŝŶŐƉŚĂƐĞŽĨƉƵďůŝĐ ŝŵƉƌŽǀĞŵĞŶƚƐ͘ 3UHVXPDEO\WKHSURSRVHGPDVVJUDGLQJZLOOQHJDWLYHO\LPSDFWVWRUPZDWHUUXQRIIYROXPHVGXHWRZHWODQGORVVHV FRPSDFWLRQRIVRLOVORVVRIYHJHWDWLRQHWF)XUWKHUPRUHWKHUHTXLUHPHQWVRIWKHH[LVWLQJGHYHORSPHQW DJUHHPHQWDQGFXUUHQWVWRUPZDWHUPDQDJHPHQWUHTXLUHPHQWVHJKDYHQRWEHHQFRQVLGHUHGWRRXU NQRZOHGJH+RZGRWKHVHIDFWRUVDIIHFWVXUURXQGLQJSURSHUWLHV ϮͿĂůůŽǁƚŚĞůĂŶĚƚŽďĞƵƐĞĚĨŽƌƉƵƌƉŽƐĞƐŝŶĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶĂĨƚĞƌ ƚŚĞ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚƉĞƌŝŽĚ͕ĂŶĚ dŚĞƉƌŽƉŽƐĞĚƵƐĞĨŽƌƚŚĞƉůĂŶŶĞĚĚĞǀĞůŽƉŵĞŶƚŝƐůŽǁĚĞŶƐŝƚLJƌĞƐŝĚĞŶƚŝĂůĂŶĚŝƐĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶĂŶĚnjŽŶŝŶŐŽĨƚŚĞƉƌŽƉĞƌƚLJ͘ ϯͿĂĚǀĞƌƐĞůLJĂĨĨĞĐƚƚŚĞƐĐĞŶŝĐƋƵĂůŝƚLJŽĨZŽĐŚĞƐƚĞƌŽƌƚŚĞŶĂƚƵƌĂůůĂŶĚƐĐĂƉĞƐ͕ ĞŶǀŝƌŽŶŵĞŶƚ͕ǁŝůĚůŝĨĞŚĂďŝƚĂƚ͖ŽƌŝĨƐƵĐŚĞĨĨĞĐƚƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚƚŽŽĐĐƵƌ͕ƚŚĞƌĞĐůĂŵĂƚŝŽŶƉůĂŶ ƉƌŽǀŝĚĞƐĨŽƌĂĚĞƋƵĂƚĞƌĞƐƚŽƌĂƚŝŽŶŽĨƚŚĞƐŝƚĞĨŽůůŽǁŝŶŐƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƚŚĞĞdžĐĂǀĂƚŝŽŶĂĐƚŝǀŝƚLJ͘ dŚĞƉƌŽƉŽƐĞĚŐƌĂĚŝŶŐĂĐƚŝǀŝƚŝĞƐǁŝůůĚŝƐƚƵƌďĞdžŝƐƚŝŶŐǀĞŐĞƚĂƚŝŽŶĚƵƌŝŶŐŐƌĂĚŝŶŐĂŶĚƌĞƐŚĂƉĞƚŚĞ ŐƌĂĚĞƚŽƐƵƉƉŽƌƚƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͘ŝƐƚƵƌďĞĚĂƌĞĂƐǁŝůůďĞƌĞĞƐƚĂďůŝƐŚĞĚǁŝƚŚ ǀĞŐĞƚĂƚŝŽŶƵƉŽŶĐŽŵƉůĞƚŝŽŶŽĨŐƌĂĚŝŶŐ͘dŚĞĞdžŝƐƚŝŶŐĚƌĂŝŶĂŐĞĐŽƌƌŝĚŽƌƐĂƌĞŶŽƚƉƌŽƉŽƐĞĚƚŽ ďĞŝŵƉĂĐƚĞĚǁŝƚŚƚŚĞŐƌĂĚŝŶŐĂĐƚŝǀŝƚŝĞƐ͘hƉŽŶĐŽŵƉůĞƚŝŽŶŽĨƚŚĞƐƵďĚŝǀŝƐŝŽŶ͕ƚŚĞƌĞƐŝĚĞŶƚŝĂů ĚĞǀĞůŽƉŵĞŶƚǁŝůůďĞƐŝŵŝůĂƌĂĐŚĂƌĂĐƚĞƌƚŽƚŚĞĞdžŝƐƚŝŶŐƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚŽŶĂĚũĂĐĞŶƚ ƉƌŽƉĞƌƚŝĞƐƚŽƚŚĞĞĂƐƚ͘ 7KHH[LVWLQJGUDLQDJHFRUULGRUVDUHSURSRVHGWREHHQFURDFKHGXSRQTXLWHVXEVWDQWLDOO\DVILOOLVEHLQJSODFHG ZLWKLQWKHFKDQQHOVWRPD[LPL]HGHYHORSDEOHDUHD7KLVZLOODGYHUVHO\DIIHFWWKHGUDLQDJHFRUULGRUE\ FRQFHQWUDWLQJGLVFKDUJHVDQGH[DFHUEDWLQJWKHHURVLRQSRWHQWLDO,QDGGLWLRQWKHYROXPHORVWZLWKLQWKHFKDQQHO ZLOOOLNHO\KDYHWREHUHSODFHGZLWKEXLOWLQIUDVWUXFWXUHWKDWKDVOLPLWHGFDSDFLW\UHODWLYHWRWKHQDWXUDOGUDLQDJHFRUULGRU 3XEOLF:RUNV&RPPHQWV&',83 Ĩ͘dŚĞĚĂƚĞŽƌĞǀĞŶƚƚŚĂƚǁŝůůƚĞƌŵŝŶĂƚĞƚŚĞƵƐĞĐĂŶďĞŝĚĞŶƚŝĨŝĞĚǁŝƚŚĐĞƌƚĂŝŶƚLJ͘ dŚĞŵĂƐƐŐƌĂĚŝŶŐŝƐƉůĂŶŶĞĚƚŽďĞŐŝŶĂŶĚĐŽŶĐůƵĚĞǁŝƚŚŝŶŽŶĞĐŽŶƐƚƌƵĐƚŝŽŶƐĞĂƐŽŶ͘ ĂƐĞĚŽŶĐŽŶĨŽƌŵĂŶĐĞǁŝƚŚĂůůĐƌŝƚĞƌŝĂƉƌĞƐĞŶƚĞĚĨŽƌ/hWĂƉƉƌŽǀĂůĂŶĚĚŽĐƵŵĞŶƚĂƚŝŽŶŽĨĂƐƚĂďůĞ ĞdžĐĂǀĂƚŝŽŶďLJĂůŝĐĞŶƐĞĚƉƌŽĨĞƐƐŝŽŶĂůŐĞŽůŽŐŝƐƚ͕ĂŶĚŐƌĂĚŝŶŐƉůĂŶƐĚĞǀĞůŽƉĞĚďLJĂůŝĐĞŶƐĞĚƉƌŽĨĞƐƐŝŽŶĂů ĞŶŐŝŶĞĞƌ͖ǁĞĂƌĞƌĞƋƵĞƐƚŝŶŐĂƉƉƌŽǀĂůŽĨƚŚŝƐ/hWĂƉƉůŝĐĂƚŝŽŶŽŶďĞŚĂůĨŽĨƚŚĞƉƌŽƉĞƌƚLJŽǁŶĞƌ͘ ^ŝŶĐĞƌĞůLJ͕ dLJůĞƌDĂŶĚůĞƌ͕W͘͘ t^нDĂƐƐĞLJŶŐŝŶĞĞƌŝŶŐ (/(9$7,21&+$1*((;+,%,7 6&$/(,1)((7 QDUURZEDQGDWVRLW HDVHPHQWIRU538VR DSSHDUV\RXKDYHDV UHWDLQLQJZDOOULJKWDW 52:"OLNHO\QHHGDW WKHERXQGDU\"ODUJH PXFKDV RIILOODW LVREYLRXVZKDW\RX FXWWLQJ " DUHWLHLQJRXWWR"LW RIIVHWDWPLQLPXP ZRXOGQHHGWREH PLQLPXP WKDWPXFK 3XEOLF:RUNV&RPPHQWV&',83 3XEOLF:RUNV&RPPHQWV&',83 52&+(67(50,11(627$ 3(%%/(&5((. 3XEOLF:RUNV&RPPHQWV&',83 87,/,7<48$/,7</(9(/ D^^'Z/E'W>E^d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dƵƌďŝĚŽƌƐĞĚŝŵĞŶƚͲůĂĚĞŶǁĂƚĞƌƐƌĞůĂƚĞĚƚŽĚĞǁĂƚĞƌŝŶŐŽƌďĂƐŝŶĚƌĂŝŶĂŐĞ;Ğ͘Ő͕͘ƉƵŵƉĞĚĚŝƐĐŚĂƌŐĞƐ͕ƚƌĞŶĐŚͬĚŝƚĐŚ d,>Kd/KEK&hEZ'ZKhEEKsZ,&/>/d/^KZ^dZhdhZ^^^,KtEKEd,W>E^Z ĂŵŽƵŶƚ͕ĨŝŶĚŝŶŐƐŽĨŝŶƐƉĞĐƚŝŽŶƐ͕ĐŽƌƌĞĐƚŝǀĞĂĐƚŝŽŶƐƚĂŬĞŶ;ŝŶĐůƵĚŝŶŐĚĂƚĞƐĂŶĚƚŝŵĞƐͿ͕ĂŶĚĚŽĐƵŵĞŶƚĂƚŝŽŶŽĨĂŶLJƐƚƵĐĐŽ͕ƉĂŝŶƚ͕ĨŽƌŵƌĞůĞĂƐĞŽŝůƐ͕ĐƵƌŝŶŐĐŽŵƉŽƵŶĚƐĂŶĚŽƚŚĞƌĐŽŶƐƚƌƵĐƚŝŽŶŵĂƚĞƌŝĂůƐͿƌĞů ĂƚĞĚƚŽƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶ ĨĨĞĐƚŝǀĞĐŽŶƚĂŝŶŵĞŶƚŝƐƌĞƋƵŝƌĞĚĨŽƌĂůůůŝƋƵŝĚĂŶĚƐŽůŝĚǁĂƐƚĞŐĞŶĞƌĂƚĞĚďLJǁĂƐŚŽƵƚŽƉĞƌĂƚŝŽŶƐ;Ğ͘Ő͕͘ĐŽŶĐƌĞƚĞ͕ ĞƌŽƐŝŽŶĐŽŶƚƌŽůĚĞǀŝĐĞƐ͘/ĨĚĂŵĂŐĞĚŽƌŝŶĞĨĨĞĐƚŝǀĞĞƌŽƐŝŽŶĐŽŶƚƌŽůĚĞǀŝĐĞƐĂƌĞĚŝƐĐŽǀĞƌĞĚ͕ƚŚĞLJƐŚĂůůďĞƌĞƉĂŝƌĞĚ KDW>dKZKZZd͘d,ZDz/d/KE>hEZ'ZKhEEKsZ,hd/>/d/^EKd^,KtE dŚĞĐŽŶƚƌĂĐƚŽƌƐŚĂůůŝŶƐƉĞĐƚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶƐŝƚĞŽŶĐĞĞǀĞƌLJƐĞǀĞŶĚĂLJƐĂŶĚǁŝƚŚŝŶϮϰŚŽƵƌƐĂĨƚĞƌƌĂŝŶĞǀĞŶƚƐ^KEs/>>ZKZ^dd,d/Dd,W>E^tZWZWZEZEKd'hZEddK ŝŶĨĞĂƐŝďůĞ͘WĞƌŵŝƚƚĞĞƐŵĂLJĚĞǁĂƚĞƌƚŽƐƵƌĨĂĐĞǁĂƚĞƌƐŝĨƚŚĞLJǀŝƐƵĂůůLJĐŚĞĐŬƚŽĞŶƐƵƌĞĂĚĞƋƵĂƚĞƚƌĞĂƚŵĞŶƚŚĂƐ ŽŶƐƚƌƵĐƚŝŽŶŽĨƐŝůƚĨĞŶĐĞĂŶĚĂůůŽƚŚĞƌĞƌŽƐŝŽŶĐŽŶƚƌŽůŵĞĂƐƵƌĞƐƐŚĂůůďĞĐŽŵƉůĞƚĞďĞĨŽƌĞŽƚŚĞƌĐŽŶƐƚƌƵĐƚŝŽŶdŚĞĐŽŶƚƌĂĐƚŽƌƐŚĂůůŵĂŝŶƚĂŝŶŝŶƐƉĞĐƚŝŽŶƌĞĐŽƌĚƐ͕ǁŚŝĐŚŝŶĐůƵĚĞĚĂƚĞĂŶĚƚŝŵĞŽĨŝŶƐƉĞĐƚŝŽ ŶƐ͕ĚĂƚĞƐŽĨƌĂŝŶĨĂůů ďĞĞŶŽďƚĂŝŶĞĚĂŶĚŶƵŝƐĂŶĐĞĐŽŶĚŝƚŝŽŶƐ;ƐĞĞDŝŶŶ͘Z͘ϳϬϱϬ͘ϬϮϭϬ͕ƐƵďƉ͘ϮͿǁŝůůŶŽƚƌĞƐƵůƚĨƌŽŵƚŚĞĚŝƐĐŚĂƌŐĞ͘ ƌŽƐŝŽŶĂŶĚƐĞĚŝŵĞŶƚĐŽŶƚƌŽůŵĞĂƐƵƌĞƐƐŚŽǁŶĂƌĞŵŝŶŝŵƵŵ͕ĂŶĚĂĚĚŝƚŝŽŶĂůŵĞĂƐƵƌĞƐŵƵƐƚďĞŝŶƐƚĂůůĞĚĂƐ ĐƵƚƐĨŽƌĚƌĂŝŶĂŐĞͿŵƵƐƚĚŝƐĐŚĂƌŐĞƚŽĂƚĞŵƉŽƌĂƌLJŽƌƉĞƌŵĂŶĞŶƚƐĞĚŝŵĞŶƚďĂƐŝŶŽŶƚŚĞƉƌŽũĞĐƚƐŝƚĞƵŶůĞƐƐ KEdZdKZdKZYh^d'KW,Z^ddKE>>WZ/KZdKd,^dZdK&EzKE^dZhd/KEdK dŝŵĞƌĞĂĂŶZĞŵĂŝŶKƉĞŶtŝƚŚŽƵƚĞŝŶŐĐƚŝǀĞůLJtŽƌŬĞĚ dƵƌĨĞƐƚĂďůŝƐŚŵĞŶƚŽƌƚĞŵƉŽƌĂƌLJƐĞĞĚŝŶŐŽĨĂůůĞdžƉŽƐĞĚƐŽŝůŶŽƚďĞŝŶŐĂĐƚŝǀĞůLJǁŽƌŬĞĚƐŚĂůůďĞƐƚĂďŝůŝnjĞĚ͗ dZD/Ed,yd>Kd/KEK&>>&/>/d/^EdKWZKs/YhdWZKdd/KEK&^/ hƐĞƉŚĂƐĞĚĐŽŶƐƚƌƵĐƚŝŽŶǁŚĞŶĞǀĞƌƉƌĂĐƚŝĐĂůĂŶĚĞƐƚĂďůŝƐŚƚƵƌĨĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞƚŽŵŝŶŝŵŝnjĞƐĞĚŝŵĞŶƚ ^ƉĞĐŝĂůͬ/ŵƉĂŝƌĞĚtĂƚĞƌ KEd,W>Ed,dDzZYh/ZZ>Kd/KEKZZDKs>͘/d/^d,Z^WKE^//>/dzK&d, ϳĂLJƐϳĂLJƐϳĂLJƐϳĂLJƐ ϭĂLJϭĂLJ dĞŵƉŽƌĂƌLJƐƚŽĐŬƉŝůĞƐƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůƐĞĚŝŵĞŶƚĐŽŶƚƌŽůĂŶĚƚĞŵƉŽƌĂƌLJĐŽǀĞƌĂĨƚĞƌϳĚĂLJƐ͘ ƚĞŵƉŽƌĂƌLJŽƌƉĞƌŵĂŶĞŶƚĞƌŽƐŝŽŶĐŽŶƚƌŽůƉůĂŶƐŵĂĚĞĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͘ EŽƌŵĂůtĂƚĞƌ ϭϰĂLJƐϭϰĂLJƐϭϰĂLJƐϭϰĂLJƐ ϭĂLJϭĂLJ hd/>/d/^hZ/E'd,KhZ^K&tKZ<͘ ŶĞĞĚĞĚƚŽĐŽŶƚƌŽůĞƌŽƐŝŽŶĂŶĚƐĞĚŝŵĞŶƚ͘ dLJƉĞŽĨ^ůŽƉĞŽƌŝƐƚƵƌďĂŶĐĞƌĞĂ tŝƚŚŝŶϮϬϬĨĞĞƚŽĨ^ƵƌĨĂĐĞtĂƚĞƌ dKd,/ZKZ/'/E>͕/&EKdddZ d,/^Dd,K^,>>KE^/^dK&dzWϭDh>,;ϮdKEWZZͿt/d,/^E,KZ/E'^WZ /^EWd>DW&KZ/^dhZZ^:EddKEs/ZKEDEd>>z^E^/d/sZ^͘^hZ&tdZ^͕Et/d,/Ed, KD/Ed/KEt/d,DEKd^D/yϮϮͲϭϭϭ;Ϯ>^WZϭϬϬ^Y͘z͘ͿEdzWϯ^>KtZ>^&Zd/>/Z;ϴ>^WZϭϬϬ^Y͘z͘Ϳd,/^ d,/^tKZ<^,>>KE^/^dK&KWZd/KE^E^^ZzdKZW/>z^d/>/^D>>Z/d/>Z d,/^Dd,K^,>>KE^/^dK&d'KZzϯZK^/KEKEdZK>>E<d;EdhZ>EdKE>zͿ/E D/yͬ&Zd/>/ZdK>>Z^^>KWdϰ͗ϭKZ'ZdZEϰ͗ϭ^>KW^>KE'Zd,EϯϬΖ͕,/',WZ/KZ/dzZ^͕^t>>^/EKZ 'ZKhEZ^WZDEh&dhZZ^^W/&/d/KE^͘WZDEEdKsZ^,>>,sϰΗD/E/DhDdKW^K/>͕^D/y͕E/^< /d/^d,Z^WKE^//>/dzK&d,KEdZdKZdKE^hZd,d^/DEdK^EKd>sd,/^^/d͘/d/^ZYh/Zd,dd, t/d,/EϮϬϬ&dK&^hZ&tdZ^͕dKWZsEdK&&^/d^/DEdd/KEEKZdKKDW>zt/d,WZD/dZYh/ZDEd^͘ Z^K&yWK^^K/>^d,dZEKdKDW>d&KZd,t/EdZt/>>^d/>/t/d,dzWηϯDh>,;Zd/&/^ /EZ^d,d,sEhEtKZ<&KZϭϰz^͘d,/^Dd,K^,>>h^KE^>KW^K&ϯ͗ϭE>^^͘KWZdKZDh^d t&ZͿ:EddKtd>EKZ^dKZDtdZWKE^͘>>Kd,Z/^dhZZ^^,>>^d/>/t/d,dzWηϭ d,KEdZdKZ^,>>EKd/&z>>WWZKWZ/dE'/EZ/E'WZdDEd^Ehd/>/dzKDWE/^ϳϮ,KhZ^WZ/KZdK d,^/d,^EKdE^^Z/>zE^/'EdK>Ed,KEͲ^/dDdZ/>^͘d,KEdZdKZ/^Z^WKE^/>&KZ DEKd^D/yEͬKZ^Kt/d,WWZKWZ/dDEKd&Zd/>/Zt/>>h^^WZDEEdKsZ&KZ>>yWK^ DEKd>^^/&/ZK^/KEKEdZK>>E<d^,>>/EKD/Ed/KEt/d,^ zd,/dz WW>zDh>,/EhE/&KZDWddZEKsZd,/^dhZ^K/>^dK,/sD/E/DhDK&ϵϬй'ZKhEKsZ͘ E,KZ͕KZϰΗD/E/DhDdKW^K/>E^K͘ZYh/ZKE>>^>KW>KE'Zd,EϮϬϬΖKZ'ZdZd,Eϱ͘Ϭй͘ KE^dZhd/KE͘>>E^^ZzWZhd/KE^^,>>d<EdKsK/D'dKy/^d/E'hd/>/d/^͘ Dh>,͘>>yWK^^K/>^^,>>^d/>/&KZKE^dZhd/KE/^KDW>d&KZd,^^KE͘ 'Z/E'd/s/dzt,/,>K<^dZ&&/K&Ez^dZd͕>>z͕KZZ/s/^^h:ddKWWZKs> ZYh/Z>sd/KE^͕t,/,t/>>WZKDKdWK^/d/sZ/E'd,ZKh',Khdd,WZK:d^/d͘ KEdZdKZ/E^d>>^d/>/s,/>y/ddK<W^/DEddZ</E'dKD/E/DhD͘ &>Kt>/E>sd/KE^dKKd/Ed,dKWK&hZ>sd/KE^͕hE>^^EKdKd,Zt/^͘ '/EE^,>>ZD/E/EW>hEd/>&/E>^d/>/d/KE,^E^d>/^,͘ ^>KW^'ZdZd,Eϰ͗ϭZ^d>&ZKD>E^>//E'EZK^/KE͘ >>EKEͲWsZ^^,>>Z/s&KhZͲ/E,;ϰΗͿ>zZK&dKW^K/> EZ/d,KddKD^dK^d>/^,WZDEEdZK^/KEKEdZK>͘ KtEZ/DD/d>z/&hE^h/d>^K/>^ZEKhEdZ͘ KEdZdKZ/^Z^WKE^/>dKEKd/&zd,/dzEd, KE/d/KE͘EKd/&zKtEZK&EzKE&>/d^͘ ^,>>/DWKZd^h/d>DdZ/>^E͘ /E^d>>WZDEKd^W/&/d/KE^Ϯϱϳϱ͘ϯE͘ >^dϮϬϬ&dKZ/d,KddKD^͘ ZW/^d/>/d/KEDd,Kηϭ͗ ZW/^d/>/d/KEDd,KηϮ͗ZW/^d/>/d/KEDd,Kηϯ͗ ZK^/KEWZsEd/KEWZd/^͗ ZK^/KEKEdZK>>E<d͗dDWKZZzt/EdZKsZ͗ KE^dZhd/KE͘ ^Kͬ^D/y͗ 'Z/E'EKd^͗ EKd͘ EKd ϭϬ͘ϭϭ͘ϭϮ͘ ϰ͘ Ϯ͘ϯ͘ϱ͘ϲ͘ϳ͘ϴ͘ϵ͘ ϭ͘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ϱ͘ŽŶƚĂĐƚƚŚĞ&ŝƌĞDĂƌƐŚĂůƐŽĨĨŝĐĞĨŽƌƚŚĞƚƵƌŶŝŶŐƌĂĚŝƵƐƐƉĞĐŝĨŝĐĂƚŝŽŶƐĨŽƌŽƵƌ ĂƉƉĂƌĂƚƵƐ͘ dŚŝƐŶĞǁĚĞǀĞůŽƉŵĞŶƚŝƐŽƵƚƐŝĚĞŽĨŽƵƌϰͲŵŝŶƵƚĞƌĞƐƉŽŶƐĞĂƌĞĂĂŶĚƚŚĞ/^KƌĂƚŝŶŐŝƐϮ͘ & ! !!!"" ! 52&+(67(53$5.$1'5(&5($7,21 '(3$570(17 5()(55$/&200(176)250 '$7( 0D\ 72 &RPPXQLW\'HYHORSPHQW 5( 3HEEOH&UHHN &'3ODW $FUHDJHRISODW««««««««««««««««««« 1XPEHURIGZHOOLQJXQLWV«««««««««««««« 'HQVLW\IDFWRU«««««««««««««««««««« 'HGLFDWLRQ«««««««««««««««««««««DFUHV )DLUPDUNHWYDOXHRIODQG««««««««««««««« 3$5.'(',&$7,215(48,5(0(176 7KHFXUUHQWSODWLVUHVSRQVLEOHIRUDFUHVRISDUNODQGGHGLFDWLRQ7KHSUHYLRXVILYH x 3HEEOH&UHHNSODWVDUHUHVSRQVLEOHIRUDFUHV VHHVXPPDU\EHORZ ,QWRWDO3HEEOH &UHHNZLOOEHUHVSRQVLEOHIRUDFUHVRIGHGLFDWLRQ7KH3HEEOH&UHHN)RXUWKSODW GHGLFDWHGDFUHVRISDUNODQGWRWKH&LW\ZKLFKZLOOEHWUDQVIHUUHGEDFNWRWKH GHYHORSHULQH[FKDQJHIRUSDUNODQGGHGLFDWLRQDVSDUWRIWKHFXUUHQWSODW 3DUNVWDIIDUHLQJHQHUDODJUHHPHQWZLWKWKHORFDWLRQVRIWKHSDUNVVKRZQLQWKHSODW x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±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ĂĐĐĞƐƐƌŽĂĚƐĂƌĞĐůĞĂƌůLJůĂďĞůĞĚŽŶĂůůƌĞƋƵŝƌĞĚƐƵďĚŝǀŝƐŝŽŶĚƌĂǁŝŶŐƐĂŶĚƉůĂƫŶŐĚŽĐƵŵĞŶƚƐ͖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ŚŽŶĞ͗ϱϬϳͲϯϮϴͲϮϵϱϬ ŝƚLJŽĨZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ &Ădž͗ϱϬϳͲϯϮϴͲϮϰϬϭ ϰϬϬϭtZŝǀĞƌWĂƌŬǁĂLJEt͕^ƵŝƚĞϭϬϬ ŵĂŝů͗ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϭͲϳϬϵϬ 5RFKHVWHU3ODQQLQJDQG=RQLQJ&RPPLVVLRQ-XQH 3UHSDUHG%\ 5RFKHVWHU&RPPXQLW\'HYHORSPHQW'HSDUWPHQW 5HTXHVW 0DMRU/DQG6XEGLYLVLRQ&'3/$7 ,QWHULP8VH3HUPLW &',83E\/HQQDUWREHNQRZQDV3HEEOH&UHHN6L[WK IRUWKHVXEGLYLVLRQRIDFUHVLQWRVLQJOHIDPLO\ORWVDQG RXWORWVDQGVXEVWDQWLDOODQGDOWHUDWLRQ,83 /RFDWLRQ 7KHVLWHLVORFDWHGQRUWKRI%HKUHQV/Q1: ZHVWRIWK$YH1: 3,1SSURYDOVZLOOEHUHTXLUHGIRUWKHUHYLHZDQGDSSURYDORI 5RFKHVWHU3XEOLF:RUNVDQG5RFKHVWHU3XEOLF8WLOLWLHVDVSDUWRIWKHVXEGLYLVLRQ DSSURYDOSURFHVV ϮϮϬϮϱͲϬϮϮW>d ϮϬϮϱͲϬϬϭ/h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³6SHFLDO'LVWULFW´]RQHDQGH[LVWLQJ *HQHUDO'HYHORSPHQW3ODQZKLFKKDVEHHQDWWDFKHGWRWKLVUHSRUWIRUUHIHUHQFH $WWDFKPHQW ϯϮϬϮϱͲϬϮϮW>d ϮϬϮϱͲϬϬϭ/h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¶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¶VVKRUWDJHRIVLQJOHIDPLO\ KRXVLQJXQLWV7KHSURSRVHGORZGHQVLW\VXEGLYLVLRQGHYHORSPHQWLVFRQVLVWHQWZLWKWKH ϰϮϬϮϱͲϬϮϮW>d ϮϬϮϱͲϬϬϭ/hW 36&RPSUHKHQVLYH3ODQ/RZ'HQVLW\5HVLGHQWLDOODQGXVHGHVLJQDWLRQWKH5]RQLQJ GLVWULFWWKDWZLOOEHDSSOLHGRYHUWKHDUHDDQGWKHVXEPLWWHG*HQHUDO'HYHORSPHQW3ODQ $PHQGPHQWXQGHUJRLQJUHYLHZ '(9(/230(175(9,(: /DQG8VH=RQLQJ7KH36FRPSUHKHQVLYHSODQLGHQWLILHVPRVWRIWKHVXEMHFW SURSHUW\DV³/RZ'HQVLW\5HVLGHQWLDO´$DVWDQGWKH WK 6W1:DOLJQPHQWRQWKHQRUWKVLGHRIWKHVLWH7KH&LW\RI WK 5RFKHVWHUZLOOEHFRQVWUXFWLQJ6W1:DQDUWHULDOURDG WK DOLJQPHQWRQWKHQRUWKVLGHRIWKHGHYHORSPHQW3HEEOH&UHHN 6L[WKZLOODGGWZRPRUHDFFHVVSRLQWVWR$YH1:LQDGGLWLRQ WK WRWKHH[LVWLQJDFFHVVWR$YH1:WKURXJKWKH3HEEOH&UHHN WK ILUVW 6XEGLYLVLRQ7KHUHLVRQHSRLQWRIDFFHVVIRUWKLV VXEGLYLVLRQSURSRVHGRQWKHQRUWKVLGHRIWKHSODWYLDWKHIXWXUH 6W1:DUWHULDOURDG WK 7KHUHDUHWZRFROOHFWRUURDGVWKURXJKWKHSURSRVHGIRUWKH SURMHFWLGHQWLILHGDV³3DUNZD\+´UXQQLQJHDVWWRZHVWDQG ³3DUNZD\2´ ³$YHQXH$´RQWKHSUHOLPLQDU\SODW$VQRWHGLQ WKH3XEOLF:RUNV0HPRDWUDIILFVWXG\LVUHTXLUHGIRUWKHSURMHFW ZKLFKPD\UHVXOWLQFKDQJHVWRSXEOLFURDGZD\DOLJQPHQWVDQG FRQQHFWLRQVRUWKHSRWHQWLDOQHHGIRUDGGLWLRQDO ϱϮϬϮϱͲϬϮϮW>d ϮϬϮϱͲϬϬϭ/hW FRQQHFWLRQVLQWHUVHFWLRQV7KHXSGDWHGWUDIILFVWXG\ZLOOQHHGWR EHUHYLHZHGDQGDFFHSWHGE\ERWKWKH3XEOLF:RUNV'HSDUWPHQW DQG2OPVWHG&RXQW\3XEOLF:RUNV *UDGLQJ 6WRUPZDWHU7KHGHYHORSPHQWVWRUPZDWHUUXQRIIZLOOEHFDSWXUHGRQVLWHDQG 0DQDJHPHQWFROOHFWHGLQVWRUPGUDLQVZKLFKDUHURXWHGWRVWRUPZDWHU PDQDJHPHQWSRQGVORFDWHGRQWKHQRUWKDQGHDVWVLGHVRIWKH 0DMRU/DQG6XEGLYLVLRQ3UHOLPLQDU\3ODW 2XWORW%) 0 7KHJUDGLQJSHUPLWPXVWEHUHYLHZHGDQGDSSURYHGE\3XEOLF :RUNVSULRUWRWKHVXEPLVVLRQRIDILQDOSODW :HWODQGV'HFRUDK7KH/RFDO*RYHUQPHQWDO5HYLHZRIWKHDSSOLFDWLRQQRWHVWKDW (GJH)ORRGSODLQWKHUHDUHVHYHUDODUHDVRIK\GULFVRLOVZLWKLQWKHGHYHORSPHQW$ ZHWODQGGHOLQHDWLRQKDVQRW\HWEHHQVXEPLWWHGDQGZLOOQHHGWR EHFRPSOHWHGDQGUHYLHZHGE\WKH7HFKQLFDO(YDOXDWLRQ3DQHO 7(3 EHIRUHWKHVXEPLVVLRQRI&LYLO(QJLQHHULQJ,PSURYHPHQW 3ODQDQG*UDGLQJ3ODQVXEPLWWDOV 3XEOLF)DFLOLWLHV7KLV3URSHUW\LVVXEMHFWWRDQH[LVWLQJ'HYHORSPHQW$JUHHPHQW DQG6XSSOHPHQWDO'HYHORSPHQW$JUHHPHQW+RZHYHUH[LVWLQJ WHUPVLQWKHFXUUHQW'HYHORSPHQW$JUHHPHQWDQG6XSSOHPHQWDO 'HYHORSPHQW$JUHHPHQWZHUHEDVHGRQWKHSUHYLRXVO\DGRSWHG *HQHUDO'HYHORSPHQW3ODQ7KHH[HFXWLRQRIDQHZXSGDWHG 'HYHORSPHQW$JUHHPHQWWRUHSODFHWKHH[LVWLQJDJUHHPHQWVLV ϲϮϬϮϱͲϬϮϮW>d ϮϬϮϱͲϬϬϭ/h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³$YHQXH1´ WK LQWHUVHFWLRQDQG6WUHHW1:DWWKH³$YHQXH$´LQWHUVHFWLRQ WK +RZHYHU3XEOLF6DQLWDU\6HZHULVQRWDYDLODEOHWRVHUYHWKH HQWLUHSODWWHGDUHDDWWKHSUHVHQWWLPH'HYHORSPHQWRIWKH SURSHUW\ZLOOQHHGWREHSKDVHGLQEDVHGSXEOLFLQIUDVWUXFWXUH DYDLODEOHWRVHUYHWKHSURMHFW $SRUWLRQRIWKHSODWWHGDUHDLVORFDWHGZLWKLQWKH1:+LJK 3UHVVXUH/HYHO:DWHU6\VWHP$UHDZKLFKLVFXUUHQWO\DYDLODEOH YLDH[LVWLQJ´',3ZDWHUPDLQVWXEVDWWKHHQGVRI6DQGVWRQH 6WUHHW1:7DOXV$YHQXH1:6WUHHW1:7RZQ6TXDUH VW 3ODFH1:DQGERWKHQGVRIVW$YHQXH1:$VZHOODVDQ H[LVWLQJ´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¶V HQJLQHHULQJFRQVXOWDQWWRGHYHORSWKHQHFHVVDU\ZDWHUV\VWHP OD\RXWWRVHUYHWKHSURMHFW7KHDSSOLFDQWRZQHUZLOOEH UHVSRQVLEOHIRUWKHH[WHQVLRQRIWKHH[LVWLQJSXEOLFZDWHUPDLQOLQH WRWKHVLWH 3DUNODQG'HGLFDWLRQ3DUNODQGGHGLFDWLRQLVSUHGLFDWHGRQWKHVXEGLYLVLRQRIODQGIRU UHVLGHQWLDOSXUSRVHVDQGZLOOEHDSSOLFDEOHWRWKHUHVLGHQWLDO GHYHORSPHQWRIWKHVHORWV3HEEOH&UHHN6L[WKZLOOEHLV ϳϮϬϮϱͲϬϮϮW>d ϮϬϮϱͲϬϬϭ/h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ϴϮϬϮϱͲϬϮϮW>d ϮϬϮϱͲϬϬϭ/hW &RXQFLO6LWHJUDGLQJLQYROYHVGLVWXUEDQFHRIDSSUR[LPDWHO\DFUHVDQGLQYROYHV FXWWLQJDSSUR[LPDWHO\VFULWHULRQLVQRWDSSOLFDEOHDVWKLVUHTXHVWLVEHLQJPDGHWRIDFLOLWDWH WKHLVVXDQFHRIDJUDGLQJSHUPLWLQDFFRUGDQFHZLWK6HFWLRQ ,IRIWKH8'& ϵϮϬϮϱͲϬϮϮW>d ϮϬϮϱͲϬϬϭ/hW F 7KHDSSOLFDWLRQGRHVQRWLQYROYHRUUHTXLUHWKHFRQVWUXFWLRQRIDQ\SHUPDQHQW VWUXFWXUHZLWKDXVHIXOHFRQRPLFOLIHORQJHUWKDQWKHWHUPRIWKH,QWHULP8VH 3HUPLW 7KLVFULWHULRQLVQRWDSSOLFDEOHDVWKLVUHTXHVWLVEHLQJPDGHWRIDFLOLWDWH WKHLVVXDQFHRIDJUDGLQJSHUPLWLQDFFRUGDQFHZLWK6HFWLRQ ,IRIWKH8'& G 3XUVXDQWWR6HFWLRQ(UPLWSHULRGDQG 7KH,83LVFRQFXUUHQWO\XQGHUJRLQJUHYLHZZLWKD0DMRU/DQG 6XEGLYLVLRQIRUWKHVL[WKSKDVHRIGHYHORSPHQWRIWKH3HEEOH&UHHN 'HYHORSPHQW7KLVDSSOLFDWLRQZLOODOORZIRUWKHIXWXUHGHYHORSPHQW RIUHVLGHQWLDOXVHVDWWKLVORFDWLRQDOLJQLQJZLWKWKH36 &RPSUHKHQVLYH3ODQVWUDWHJLHV$GGLWLRQDOO\WKHFRPSUHKHQVLYH SODQVWDWHVWKHVLJQLILFDQFHRIWKH)XWXUH/DQG8VH0DSWRJXLGH IXWXUHGHFLVLRQPDNLQJ7KHSURSRVHGGHYHORSPHQWDWWKLVVLWHLV FRQVLVWHQWZLWKWKHLGHQWLILHG)XWXUH/DQG8VH/RZ'HQVLW\ 5HVLGHQWLDODQG7UDQVLW6XSSRUWLYH1HLJKERUKRRG ϭϬϮϬϮϱͲϬϮϮW>d ϮϬϮϱͲϬϬϭ/h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͘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ϭϬ͘ %XLOGLQJ3HUPLW ZZZURFKHVWHUPQJRY ,QVSHFWLRQV ĚŵŝŶŝƐƚƌĂƚŝǀĞ 3UHOLPLQDU\3ODW 6XEGLYLVLRQ 0DMRU/DQG :ƵĚŝĐŝĂů Ͳ YƵĂƐŝ 6XEGLYLVLRQ 0DMRU/DQG :ƵĚŝĐŝĂů )LQDO3ODW /DQG6XEGLYLVLRQ Ͳ YƵĂƐŝ 'HYHORSPHQW ĚŵŝŶŝƐƚƌĂƚŝǀĞ *HQHUDO 3ODQ 'HYHORSPHQW $JUHHPHQW :ƵĚŝĐŝĂů 'ĞŶĞƌĂůůLJ Ͳ YƵĂƐŝ 0DMRU 1HLJKERUKRRG ,QIRUPDWLRQ ĚŵŝŶŝƐƚƌĂƚŝǀĞ WK 0HHWLQJ 6WUHHW6(5RFKHVWHU01 3HEEOH&UHHN ĚŵŝŶŝƐƚƌĂƚŝǀĞ &LYLO3ODQ 5HYLHZ WK 0DMRU/DQG6XEGLYLVLRQ&'3/$7E\/HQQDUWR EHNQRZQDV3HEEOH&UHHN6L[WKIRUWKHVXEGLYLVLRQRI DFUHVLQWRUHVLGHQWLDOORWVDQGRXWORWV7KHVLWHLV ORFDWHGQRUWKRI%HKUHQV/Q1:DQGZHVWRIWK$YH1: ,QWHULP8VH3HUPLW&',83E\/HQQDUWRDOORZ ODQGDOWHUDWLRQWRVXSSRUWWKHSKDVLQJRIWKH3HEEOH&UHHN GHYHORSPHQW7KHVLWHLVORFDWHGQRUWKRI%HKUHQV/Q1: DQGZHVWRIWK$YH1: 3,1V (/(9$7,21&+$1*((;+,%,7 6&$/(,1)((7 ϯϯ^dsdZE^DDKZ/>,/',tz<^^KE͕DEϱϱϵϰϰ ϯϮϬt^dZKtzW>/Es/t͕DEϱϱϵϲϰ ϭϳϲϱZ^dKZd/KEZK^tZK,^dZ͕DEϱϱϵϬϮ D/>/E'Z^^͗WKKyϭϬϬ<^^KE͕DEϱϱϵϰϰ ϱϬϳ͘ϲϯϰ͘ϰϱϬϱt^͘E'/EZ/E' ͮ DĂLJϮϴ͕ϮϬϮϱ ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚ ϰϬϬϭtĞƐƚZŝǀĞƌWĂƌŬǁĂLJEt ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϭ ůĞĐƚƌŽŶŝĐDĂŝů;ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀͿ ZĞ͗WĞďďůĞƌĞĞŬ;WŚĂƐĞ/WƌĞůŝŵŝŶĂƌLJWůĂƚͿ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚƉƉůŝĐĂƚŝŽŶ dŽǁŚŽŵŝƚŵĂLJĐŽŶĐĞƌŶ͕ KŶďĞŚĂůĨŽĨŽƵƌĐůŝĞŶƚ͕ǁĞĂƌĞƐƵďŵŝƚƚŝŶŐĂŶĂƉƉůŝĐĂƚŝŽŶĨŽƌĂŶ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚĨŽƌWĞďďůĞƌĞĞŬ ;WŚĂƐĞ/ƉƌĞůŝŵŝŶĂƌLJƉůĂƚͿďLJ>ĞŶŶĂƌ͘dŚŝƐƉĞƌŵŝƚŝƐĚƵĞƚŽƚŚĞƐƵďƐƚĂŶƟĂůůĂŶĚĂůƚĞƌĂƟŽŶĚĞĮŶŝƟŽŶǁŚŝĐŚ ůŝƐƚƐϱƚŚƌĞƐŚŽůĚƐ͘dŚĞŵĂƐƐŐƌĂĚŝŶŐĨŽƌƚŚŝƐƉƌŽũĞĐƚŝƐĂŶƟĐŝƉĂƚĞĚƚŽĞdžĐĞĞĚƚŚƌĞƐŚŽůĚƐϰΘϱ͘^ƵďƐƚĂŶƟĂů >ĂŶĚůƚĞƌĂƟŽŶ͗ϰ͘ŵŽǀĞŵĞŶƚŽĨϱϬϬĐƵďŝĐLJĂƌĚƐŽƌŵŽƌĞŽĨĞĂƌƚŚƚŚĂƚŝŶǀŽůǀĞƐĂĐŚĂŶŐĞŝŶŶĂƚƵƌĂůŽƌ ƉƌĞĞdžŝƐƟŶŐŐƌĂĚĞƐŽĨƚĞŶŽƌŵŽƌĞǀĞƌƟĐĂůĨĞĞƚ͖ϱ͘ŶLJŵŽǀĞŵĞŶƚŽĨĞĂƌƚŚŽŶƚŚĞĞŶƟƌĞƉĂƌĐĞůŝŶĞdžĐĞƐƐŽĨ ϭϬϬ͕ϬϬϬĐƵďŝĐLJĂƌĚƐ͘ t^нDĂƐƐĞLJŶŐŝŶĞĞƌŝŶŐĂŶĚŝƚƐƉĂƌƚŶĞƌƐŚĂǀĞƉƌŽǀŝĚĞĚƚŚĞĨŽůůŽǁŝŶŐŵĂƚĞƌŝĂůƐŝŶƐƵƉƉŽƌƚŽĨƚŚŝƐ ĂƉƉůŝĐĂƚŝŽŶ͘ ϭ͘ŽǀĞƌ>ĞƚƚĞƌĂŶĚEĂƌƌĂƚŝǀĞ;dŚŝƐĚŽĐƵŵĞŶƚͿ Ϯ͘>ĂŶĚĞǀĞůŽƉŵĞŶƚƉƉůŝĐĂƚŝŽŶ͗/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚ ϯ͘E/DDĞĞƚŝŶŐDŝŶƵƚĞƐ ϰ͘WƌĞůŝŵŝŶĂƌLJDĂƐƐ'ƌĂĚŝŶŐƉůĂŶ ϱ͘DĂƐƐ'ƌĂĚŝŶŐůĞǀĂƚŝŽŶŚĂŶŐĞDĂƉ ϲ͘WĞƌŵŝƚĨĞĞ;ƚŽďĞƉƌŽǀŝĚĞĚƵƉŽŶĂĐĐĞƉƚĂŶĐĞŽĨƚŚŝƐĂƉƉůŝĐĂƚŝŽŶͿ t^ŚĂƐƉƌĞƉĂƌĞĚƚŚĞŝŶƚĞƌŝŵƵƐĞƉĞƌŵŝƚĚŽĐƵŵĞŶƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞhƐĞĐƚŝŽŶϲϬ͘ϱϬϬ͘ϬϰϬ͘D͘ dŚĞĨŽůůŽǁŝŶŐŶĂƌƌĂƚŝǀĞŝƐƉƌŽǀŝĚĞĚŝŶƐƵƉƉŽƌƚŽĨƚŚĞĂƉƉůŝĐĂƚŝŽŶĂĐĐŽƌĚŝŶŐƚŽƚŚĞƌŝƚĞƌŝĂůŝƐƚĞĚŝŶ ϲϬ͘ϱϬϬ͘ϬϰϬ͘D͘ϰǁŝƚŚĂĚĚŝƚŝŽŶĂůƐƵƉƉŽƌƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶĂƐĐŽŶƐŝĚĞƌĞĚƌĞůĞǀĂŶƚďLJŽƵƌƚĞĂŵ͘ ĂĐŬŐƌŽƵŶĚ dŚĞƉƌŽũĞĐƚƐŝƚĞŝƐŝŵŵĞĚŝĂƚĞůLJĂĚũĂĐĞŶƚƚŽƚŚĞĞdžŝƐƟŶŐWĞďďůĞƌĞĞŬĚĞǀĞůŽƉŵĞŶƚĂůŽŶŐϲϬ ƚŚǀĞEt͘ dŚĞƌĞŵĂŝŶĚĞƌŽĨƚŚĞƵŶĚĞǀĞůŽƉĞĚůĂŶĚŝƐƵƐĞĚĨŽƌĂŐƌŝĐƵůƚƵƌĂůƌŽǁĐƌŽƉƉƌŽĚƵĐƟŽŶ͘/ŶϮϬϮϱƚŚĞŝƚLJŽĨ ZŽĐŚĞƐƚĞƌĂƉƉƌŽǀĞĚĂŶĂŶŶĞdžĂƟŽŶŽĨƚŚĞƌĞŵĂŝŶĚĞƌŽĨƚŚĞWĞďďůĞƌĞĞŬƉƌŽƉĞƌƚLJƚŚĂƚůŝĞƐŽƵƚƐŝĚĞŽĨƚŚĞ ĐŝƚLJ͘tŚĞŶĂŶŶĞdžĞĚƚŚĞƉƌŽƉĞƌƚLJĐĂƌƌŝĞƐĂnjŽŶŝŶŐĚĞƐŝŐŶĂƟŽŶŽĨZͲϮ>ŽǁĞŶƐŝƚLJ^ŵĂůů>Žƚ͘dŚĞ ƉƌŽƉŽƐĞĚ͞WŚĂƐĞ/͟ƉůĂƚĂƌĞĂĐŽŶƚĂŝŶƐĂƉƉƌŽdžŝŵĂƚĞůLJϰϱϰůŽƚƐŽŶϭϴϱĂĐƌĞƐ͘dŚŝƐ/hWŝƐĂƉƉůŝĐĂƟŽŶŝƐ ĂƉƉůŝĐĂďůĞƚŽƚŚŝƐ͞WŚĂƐĞ/͟ƉƌĞůŝŵŝŶĂƌLJƉůĂƚĂƌĞĂ͘dŚĞĚĞǀĞůŽƉĞƌǁŝůůďĞƉƵƌƐƵŝŶŐĂŵĂƐƐŐƌĂĚŝŶŐƉĞƌŵŝƚ ŝŶĐŽŶũƵŶĐƟŽŶǁŝƚŚĂƉƉƌŽǀĂůŽĨƚŚŝƐ/hWĂƉƉůŝĐĂƟŽŶ͘ dŚĞWĞďďůĞƌĞĞŬĚĞǀĞůŽƉŵĞŶƚǁĂƐŽƌŝŐŝŶĂůůLJĂƉƉƌŽǀĞĚŝŶƚŚĞĞĂƌůLJϮϬϬϬ͛ƐĂŶĚŚĂƐďĞĞŶĚĞǀĞůŽƉŝŶŐ ƵŶĚĞƌĂŶĂƉƉƌŽǀĞĚ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶ;'WͿ͘ŶŶǀŝƌŽŶŵĞŶƚĂůƐƐĞƐƐŵĞŶƚtŽƌŬƐŚĞĞƚǁĂƐĂůƐŽ ĂƉƉƌŽǀĞĚĂƚƚŚĂƚƟŵĞĨŽƌƚŚĞĂƐƚĞƌůLJƉĂƌƚŽĨƚŚĞ'W͕ƉĂƌƟĐƵůĂƌůLJƚŚĞĂƌĞĂĐŽŶƚĂŝŶĞĚǁŝƚŚŝŶƚŚĞ͞WŚĂƐĞ /͟ƉƌĞůŝŵŝŶĂƌLJƉůĂƚ͘ǁĞƚůĂŶĚĚĞůŝŶĞĂƟŽŶĂŶĚƚƌĂĸĐƐƚƵĚLJǁĞƌĞĂůƐŽĐŽŵƉůĞƚĞĚǁŝƚŚĂƉƉƌŽǀĂůŽĨƚŚĞ ƉƌĞǀŝŽƵƐ'W͘ >ĞŶŶĂƌĂŶĚt^ĂƌĞŝŶƚŚĞƉƌŽĐĞƐƐŽĨƵƉĚĂƟŶŐƚŚĞ'WǁŝƚŚ>ĞŶŶĂƌ͛ƐƉƌŽĚƵĐƚƚLJƉĞƐƚŽŵĞĞƚƚŚĞůŽĐĂů ŵĂƌŬĞƚĚĞŵĂŶĚƐĂŶĚĐƵƌƌĞŶƚĐŝƚLJƐƚĂŶĚĂƌĚƐ͘/ŶĐůƵĚĞĚǁŝƚŚƚŚŝƐƵƉĚĂƚĞŝƐĂŶĞǁƚƌĂĸĐƐƚƵĚLJĂŶĚƵƉĚĂƚĞĚ ǁĞƚůĂŶĚĚĞůŝŶĞĂƟŽŶ͘dŚĞ'W͕dƌĂĸĐ^ƚƵĚLJ͕ĂŶĚtĞƚůĂŶĚĞůŝŶĞĂƟŽŶĂƌĞĐƵƌƌĞŶƚůLJŝŶƉƌŽĐĞƐƐ͘ WƌĞǀĂůĞŶĐĞ DĂƐƐŐƌĂĚŝŶŐĂŶĚƐƵďĚŝǀŝƐŝŽŶĐŽŶƐƚƌƵĐƚŝŽŶĂƌĞƐƚĂŶĚĂƌĚƉƌĂĐƚŝĐĞƐŝŶƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ͘dŚĞƉƌŽƉŽƐĞĚ ŵĂƐƐŐƌĂĚŝŶŐƚƌŝŐŐĞƌƐƚŚĞŶĞĞĚĨŽƌĂŶ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚďĂƐĞĚŽŶƚŚĞƐĐĂůĞŽĨƚŚĞƉƌŽƉŽƐĞĚ ĚĞǀĞůŽƉŵĞŶƚĂŶĚĐŚĂŶŐĞƐƚŽĞdžŝƐƚŝŶŐŐƌĂĚĞƚŚĂƚĂƌĞŶĞĐĞƐƐĂƌLJƚŽƉƌŽǀŝĚĞĐŽŶƚŝŶƵŝƚLJŽĨŐƌĂǀŝƚLJƐĂŶŝƚĂƌLJ ŵĂŝŶƐƚŽĞdžŝƐƚŝŶŐĐŽŶŶĞĐƚŝŽŶƉŽŝŶƚƐǁŝƚŚĞdžŝƐƚŝŶŐƐĂŶŝƚĂƌLJŵĂŝŶĂďƵƚƚŝŶŐƚŚĞƉƌŽƉĞƌƚLJ͘dŚĞƐŝƚĞŐƌĂĚŝŶŐ ŝŶǀŽůǀĞƐĚŝƐƚƵƌďĂŶĐĞŽĨĂƉƉƌŽdžŝŵĂƚĞůLJϭϱϵĂĐƌĞƐĂŶĚŝŶǀŽůǀĞƐĐƵƚƚŝŶŐĂƉƉƌŽdžŝŵĂƚĞůLJϳϬϮ͕ϬϬϬLJĂƌĚƐŽĨ ŵĂƚĞƌŝĂůĂŶĚĨŝůůŝŶŐĂƉƉƌŽdžŝŵĂƚĞůLJϴϰϰ͕ϬϬϬLJĂƌĚƐ͘/ŶŝƐŽůĂƚĞĚůŽĐĂƚŝŽŶƐ͕ĐƵƚƐĂŶĚĨŝůůƐĂƌĞŵŽƌĞƚŚĂŶϮϬ ĨĞĞƚ͘ŶĞůĞǀĂƚŝŽŶŵĂƉŝŶĐůƵĚĞĚǁŝƚŚƚŚŝƐĂƉƉůŝĐĂƚŝŽŶŝĚĞŶƚŝĨŝĞƐƚŚĞĂƌĞĂƐŽĨƉƌŽƉŽƐĞĚĐŚĂŶŐĞŝŶ ĞůĞǀĂƚŝŽŶďLJĨŝǀĞͲĨŽŽƚŝŶĐƌĞŵĞŶƚƐ͘ EĞŝŐŚďŽƌŚŽŽĚ/ŶĨŽƌŵĂƚŝŽŶDĞĞƚŝŶŐ /ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞhƉƌŽĐĞƐƐ͕ĂEĞŝŐŚďŽƌŚŽŽĚ/ŶĨŽƌŵĂƚŝŽŶDĞĞƚŝŶŐ;E/DͿǁĂƐŚŽƐƚĞĚƉƌŝŽƌƚŽ ƚŚŝƐĂƉƉůŝĐĂƚŝŽŶ͘dŚĞŵĞĞƚŝŶŐǁĂƐŚĞůĚĂƚ'ŝďďƐůĞŵĞŶƚĂƌLJĂŶĚŽŶůŝŶĞǀŝĂdĞĂŵƐŽŶϱͬϲͬϮϬϮϱ͘/ŶǀŝƚĞƐ ǁĞƌĞĚŝƐƚƌŝďƵƚĞĚďLJŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚƚŽŶĞŝŐŚďŽƌŝŶŐƉƌŽƉĞƌƚŝĞƐ͘dŚĞƌĞǁĞƌĞĂƉƉƌŽdžŝŵĂƚĞůLJĂ ĚŽnjĞŶĂƚƚĞŶĚĞĞƐƉƌĞƐĞŶƚ͘dŚĞƌĞǁĞƌĞŶŽƐƉĞĐŝĨŝĐĐŽŵŵĞŶƚƐƌĞĐĞŝǀĞĚƌĞůĂƚĞĚƚŽƚŚĞŵĂƐƐŐƌĂĚŝŶŐŽĨƚŚĞ ƐŝƚĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚ͘dŚĞŵĞĞƚŝŶŐŵŝŶƵƚĞƐĂƌĞŝŶĐůƵĚĞĚǁŝƚŚƚŚŝƐĂƉƉůŝĐĂƚŝŽŶ ƐƵďŵŝƚƚĂů͘ ƌŝƚĞƌŝĂĨŽƌƉƉƌŽǀĂů dŚĞĨŽůůŽǁŝŶŐŝƚĞŵƐĂ͘ͲĨ͘ŽĨƐĞĐƚŝŽŶϲϬ͘ϱϬϬ͘ϰϬ͘D͘ϰĂƌĞƚŚĞĐƌŝƚĞƌŝĂĨŽƌĂƉƉƌŽǀĂůŽĨĂŶ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚ͘ dŚŝƐ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚŝƐĂŶĂŶƚŝĐŝƉĂƚĞĚƌĞƋƵŝƌĞŵĞŶƚŽĨƚŚĞŵĂƐƐŐƌĂĚŝŶŐƉĞƌŵŝƚďĞŝŶŐƉƌĞƉĂƌĞĚĨŽƌ ƐƵďŵŝƐƐŝŽŶƚŽWƵďůŝĐtŽƌŬƐ͘dŚĞƉƌŽƉŽƐĞĚǁŽƌŬŝƐůĂŶĚĚŝƐƚƵƌďĂŶĐĞĂĐƚŝǀŝƚŝĞƐƚŚĂƚƚŚĞŝƚLJŶŐŝŶĞĞƌ ĚĞƚĞƌŵŝŶĞƐ͞ŵĂLJŚĂǀĞƐƵďƐƚĂŶƚŝĂůŝŵƉĂĐƚƐŽŶƐƵƌƌŽƵŶĚŝŶŐƉƌŽƉĞƌƚŝĞƐ͟ĨƌŽŵƐĞĐƚŝŽŶϲϬ͘ϱϬϬ͘ϬϲϬ͘/͘Ϯ͘ĐŽĨ ƚŚĞh͘ WĞƌƚŚĞĚĞĨŝŶŝƚŝŽŶŽĨĂ^ƵďƐƚĂŶƚŝĂů>ĂŶĚůƚĞƌĂƚŝŽŶ;^>Ϳ͗ ĚĞǀĞůŽƉŵĞŶƚĂĐƚŝǀŝƚLJƚŚĂƚĞdžĐĞĞĚƐĂŶLJŽĨƚŚĞĨŽůůŽǁŝŶŐƚŚƌĞƐŚŽůĚƐĞdžĐĞĞĚƐƉƌĂĐƚŝĐĞƐĂůůŽǁĞĚƚŚƌŽƵŐŚ ƚŚĞ'ƌĂĚŝŶŐWĞƌŵŝƚƉƌŽĐĞƐƐ͗ ϭ͘'ƌĂĚŝŶŐĂĐƚŝǀŝƚŝĞƐĚĞƐŝŐŶĞĚƚŽŽĐĐƵƌĨŽƌŵŽƌĞƚŚĂŶϮϰŵŽŶƚŚƐĂŶĚůĞƐƐƚŚĂŶϰϴŵŽŶƚŚƐ͖ Ϯ͘dŚĞƌĞŵŽǀĂůĨƌŽŵĂƐŝƚĞŽĨŵŽƌĞƚŚĂŶϭϬ͕ϬϬϬŐƌŽƐƐĐƵďŝĐLJĂƌĚƐŽĨĞĂƌƚŚŵĂƚĞƌŝĂůƉĞƌĂĐƌĞĂŶĚ ůĞƐƐƚŚĂŶϮϬ͕ϬϬϬŐƌŽƐƐĐƵďŝĐLJĂƌĚƐŽĨĞĂƌƚŚŵĂƚĞƌŝĂůƉĞƌĂĐƌĞ͖ ϯ͘ŶĞdžƉŽƐĞĚďĞĚƌŽĐŬƐůŽƉĞƐƚĞĞƉĞƌƚŚĂŶϯ͗ϭƚŚĂƚŝƐŽǀĞƌƚĞŶĨĞĞƚĂŶĚůĞƐƐƚŚĂŶϮϱĨĞĞƚŝŶŚĞŝŐŚƚ ŽĐĐƵƌƌŝŶŐĂƚĂŶLJƚŝŵĞĚƵƌŝŶŐŽƌĨŽůůŽǁŝŶŐĞdžĐĂǀĂƚŝŽŶ͖ ϰ͘ŵŽǀĞŵĞŶƚŽĨϱϬϬĐƵďŝĐLJĂƌĚƐŽƌŵŽƌĞŽĨĞĂƌƚŚƚŚĂƚŝŶǀŽůǀĞƐĂĐŚĂŶŐĞŝŶŶĂƚƵƌĂůŽƌƉƌĞͲ ĞdžŝƐƚŝŶŐŐƌĂĚĞƐŽĨƚĞŶŽƌŵŽƌĞǀĞƌƚŝĐĂůĨĞĞƚĨŽƌĂŶLJƉŽƌƚŝŽŶŽĨĂƉĂƌĐĞů͖Žƌ ϱ͘ŶLJŵŽǀĞŵĞŶƚŽĨĞĂƌƚŚŽŶƚŚĞĞŶƚŝƌĞƉĂƌĐĞůŝŶĞdžĐĞƐƐŽĨϭϬϬ͕ϬϬϬĐƵďŝĐLJĂƌĚƐ͘ /ƚĞŵƐϰĂŶĚϱŽĨƚŚĞĂďŽǀĞĚĞĨŝŶŝƚŝŽŶĂƌĞƚƌŝŐŐĞƌĞĚǁŝƚŚƚŚĞƉƌŽƉŽƐĞĚŵĂƐƐŐƌĂĚŝŶŐƉůĂŶ͖ŵŽǀĞŵĞŶƚŽĨ ϱϬϬĐƵďŝĐLJĂƌĚƐŽƌŵŽƌĞŽĨĞĂƌƚŚƚŚĂƚŝŶǀŽůǀĞƐĂĐŚĂŶŐĞŝŶŶĂƚƵƌĂůŽƌƉƌĞͲĞdžŝƐƚŝŶŐŐƌĂĚĞƐŽĨƚĞŶŽƌŵŽƌĞ ǀĞƌƚŝĐĂůĨĞĞƚĨŽƌĂŶLJƉŽƌƚŝŽŶŽĨĂƉĂƌĐĞů͖ĂŶĚŵŽǀĞŵĞŶƚŽĨĞĂƌƚŚŽŶƚŚĞĞŶƚŝƌĞƉĂƌĐĞůŝŶĞdžĐĞƐƐŽĨϭϬϬ͕ϬϬϬ ĐƵďŝĐLJĂƌĚƐ͘ ďŽůĚ /ƚĂůŝĐŝnjĞĚŝƚĞŵƐĂƌĞƌĞĨĞƌĞŶĐĞĚĨƌŽŵƚŚĞhĂŶĚƚĞdžƚďĞůŽǁĞĂĐŚŝƚĞŵĂƌĞƚŚĞĂƉƉůŝĐĂďŝůŝƚLJŽƌ ĐŽŶĨŽƌŵĂŶĐĞǁŝƚŚƚŚĞĐƌŝƚĞƌŝĂ͘ ϰ͘ƌŝƚĞƌŝĂĨŽƌ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚƉƉƌŽǀĂůdŚĞWůĂŶŶŝŶŐŽŵŵŝƐƐŝŽŶƐŚĂůůƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂů͕ĂŶĚƚŚĞ ŝƚLJŽƵŶĐŝůƐŚĂůůĂƉƉƌŽǀĞƚŚĞĂƉƉůŝĐĂƚŝŽŶ͕ŽƌĂƉƉƌŽǀĞŝƚǁŝƚŚĐŽŶĚŝƚŝŽŶƐ͕ŝĨŝƚĐŽŵƉůŝĞƐǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ ĐƌŝƚĞƌŝĂ͗ Ă͘dŚĞĂƉƉůŝĐĂƚŝŽŶĐŽŵƉůŝĞƐǁŝƚŚĂůůĂƉƉůŝĐĂďůĞƉƌŽǀŝƐŝŽŶƐŽĨŚĂƉƚĞƌϳͲϱ͕ZĞŶƚĂůhŶŝƚ ZĞŐŝƐƚƌĂƚŝŽŶ͕ŽĨƚŚĞZŽĐŚĞƐƚĞƌŽĚĞŽĨKƌĚŝŶĂŶĐĞƐĂŶĚƚŚĞĐƌŝƚĞƌŝĂŝŶ^ĞĐƚŝŽŶϲϬ͘ϱϬϬ͘ϬϯϬ͘ϯ͘Ă͘ϯͿ͕ ĞdžĐĞƉƚƚŚĂƚƚŚĞŝŶƚĞƌŝŵƵƐĞŽĨƚŚĞƉƌŽƉĞƌƚLJŶĞĞĚŶŽƚďĞĂWĞƌŵŝƚƚĞĚŽƌŽŶĚŝƚŝŽŶĂůhƐĞŽĨƚŚĞ ƉƌŽƉĞƌƚLJĂůůŽǁĞĚŝŶƚŚĞnjŽŶŝŶŐĚŝƐƚƌŝĐƚǁŚĞƌĞƚŚĞƉƌŽƉĞƌƚLJŝƐůŽĐĂƚĞĚ͖ dŚŝƐŝƚĞŵĚŽĞƐŶŽƚĂƉƉůLJ͘EŽƌĞŶƚĂůƵŶŝƚƐĂƌĞƉƌŽƉŽƐĞĚ͘ ď͘dŚĞƉƌŽƉŽƐĞĚƵƐĞĐŽŵƉůŝĞƐǁŝƚŚĂůůĂƉƉůŝĐĂďůĞƐƚĂŶĚĂƌĚƐĨŽƌƚŚĂƚƵƐĞůŝƐƚĞĚŝŶ^ĞĐƚŝŽŶ ϲϬ͘ϯϬϬ͘ϬϮϬ͕hƐĞͲ^ƉĞĐŝĨŝĐ^ƚĂŶĚĂƌĚƐ͕ŝŶƚŚĞnjŽŶŝŶŐĚŝƐƚƌŝĐƚŵŽƐƚƐŝŵŝůĂƌƚŽƚŚĂƚŝŶǁŚŝĐŚƚŚĞ ŝŶƚĞƌŝŵƵƐĞŝƐůŽĐĂƚĞĚ͕ĂƐĚĞƚĞƌŵŝŶĞĚďLJƚŚĞŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚŝƌĞĐƚŽƌ͖ dŚĞƉƌŽƉŽƐĞĚƵƐĞĨŽƌƚŚĞƉůĂŶŶĞĚĚĞǀĞůŽƉŵĞŶƚŝƐůŽǁĚĞŶƐŝƚLJƌĞƐŝĚĞŶƚŝĂůĂŶĚŝƐĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶĂŶĚnjŽŶŝŶŐŽĨƚŚĞƉƌŽƉĞƌƚLJ͘ Đ͘dŚĞĂƉƉůŝĐĂƚŝŽŶĚŽĞƐŶŽƚŝŶǀŽůǀĞŽƌƌĞƋƵŝƌĞƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨĂŶLJƉĞƌŵĂŶĞŶƚƐƚƌƵĐƚƵƌĞǁŝƚŚĂ ƵƐĞĨƵůĞĐŽŶŽŵŝĐůŝĨĞůŽŶŐĞƌƚŚĂŶƚŚĞƚĞƌŵŽĨƚŚĞ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚ͖ dŚĞƌĞŝƐŶŽƚĞƌŵŝĚĞŶƚŝĨŝĞĚĨŽƌŝŶƚĞƌŝŵƵƐĞ͘džĐĂǀĂƚŝŽŶĂĐƚŝǀŝƚŝĞƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚƚŽŽĐĐƵƌ ǁŝƚŚŝŶŽŶĞĐŽŶƐƚƌƵĐƚŝŽŶƐĞĂƐŽŶ͘ Ě͘WƵƌƐƵĂŶƚƚŽ^ĞĐƚŝŽŶϲϬ͘ϱϬϬ͘ϬϯϬ͘ϳ&ŝŶĂŶĐŝĂůƐƐƵƌĂŶĐĞƐ͕ƚŚĞĂƉƉůŝĐĂŶƚŚĂƐƉƌŽǀŝĚĞĚĨŝŶĂŶĐŝĂů ĂƐƐƵƌĂŶĐĞĂĚĞƋƵĂƚĞŝĨƚŚĞŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚŝƌĞĐƚŽƌĚĞƚĞƌŵŝŶĞƐƚŚĂƚƐƵĐŚĂƐƐƵƌĂŶĐĞĂƌĞ ŶĞĐĞƐƐĂƌLJƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞ/ŶƚĞƌŝŵhƐĞǁŝůůďĞƚĞƌŵŝŶĂƚĞĚĂŶĚĂŶLJƐƚƌƵĐƚƵƌĞƐƌĞůĂƚĞĚƚŽƚŚĞ ŝŶƚĞƌŝŵƵƐĞďĞƌĞŵŽǀĞĚ;ƵŶůĞƐƐƚŚĞŝƚLJĐŽŶƐĞŶƚƐƚŽƚŚĞĐŽŶƚŝŶƵĞĚĞdžŝƐƚĞŶĐĞŽĨƚŚŽƐĞƐƚƌƵĐƚƵƌĞƐͿ ĂƚƚŚĞĞŶĚŽĨƚŚĞŝŶƚĞƌŝŵƵƐĞƉĞƌŝŽĚ͖ĂŶĚ EŽĨŝŶĂŶĐŝĂůĂƐƐƵƌĂŶĐĞƐŚĂǀĞďĞĞŶƌĞƋƵŝƌĞĚďLJƚŚĞŝƚLJŝŶƌĞůĂƚŝŽŶƚŽƚŚŝƐƉƌŽũĞĐƚĂƚƚŚŝƐƚŝŵĞ͘ EŽŝŶƚĞƌŝŵƐƚƌƵĐƚƵƌĞƐĂƌĞƉƌŽƉŽƐĞĚƚŚĂƚĐŽƵůĚƌĞƋƵŝƌĞƌĞŵŽǀĂů͘dŚĞƉƌŽƉŽƐĞĚŵĂƐƐŐƌĂĚŝŶŐŝƐ ĂŶƚŝĐŝƉĂƚĞĚƚŽŽĐĐƵƌǁŝƚŚŝŶŽŶĞĐŽŶƐƚƌƵĐƚŝŽŶƐĞĂƐŽŶ͘ Ğ͘/ĨƚŚĞĂƉƉůŝĐĂƚŝŽŶƌĞůĂƚĞĚƚŽůĂŶĚĚŝƐƚƵƌďŝŶŐĂĐƚŝǀŝƚŝĞƐƚŚĂƚƚŚĞŝƚLJŶŐŝŶĞĞƌĚĞƚĞƌŵŝŶĞƐ͕ ƉƵƌƐƵĂŶƚƚŽ^ĞĐƚŝŽŶϲϬ͘ϱϬϬ͘ϬϲϬ/͘Ϯ͘Đ͕ƌĞƋƵŝƌĞĂŶĂƉƉůŝĐĂƚŝŽŶĨŽƌĂŶ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚ͕ƚŚĞ ĂƉƉůŝĐĂŶƚŚĂƐŐŝǀĞŶƚŚĞŝƚLJĂĚĞƋƵĂƚĞĂƐƐƵƌĂŶĐĞƐ;ǁŚŝĐŚŵĂLJŝŶĐůƵĚĞĨŝŶĂŶĐŝĂůĂƐƐƵƌĂŶĐĞƐͿƚŚĂƚ ƚŚĞĂĐƚŝǀŝƚLJǁŝůůŶŽƚ ϭͿĐƌĞĂƚĞƐƵďƐƚĂŶƚŝĂůĂĚǀĞƌƐĞŝŵƉĂĐƚƐŽŶƐƵƌƌŽƵŶĚŝŶŐƉƌŽƉĞƌƚŝĞƐĚƵƌŝŶŐŽƌĂĨƚĞƌƚŚĞ /ŶƚĞƌŝŵhƐĞƉĞƌŝŽĚŽƌ dŚĞƉƌŽƉŽƐĞĚŐƌĂĚŝŶŐĂĐƚŝǀŝƚŝĞƐĂƌĞƚLJƉŝĐĂůŽĨƐƵďĚŝǀŝƐŝŽŶĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚĚŽŶŽƚĐƌĞĂƚĞĂ ƐƵďƐƚĂŶƚŝĂůĂĚǀĞƌƐĞŝŵƉĂĐƚ͘ŽŶƐƚƌƵĐƚŝŽŶĂĐƚŝǀŝƚLJǁŝůůƉƌŝŵĂƌŝůLJƌĞŵĂŝŶǁŝƚŚŝŶƚŚĞƐŝƚĞĂƐŵĂƐƐ ŐƌĂĚŝŶŐĚŽĞƐŶŽƚŝŶǀŽůǀĞƚŚĞĚĞůŝǀĞƌLJŽĨŝŶĨƌĂƐƚƌƵĐƚƵƌĞŵĂƚĞƌŝĂůƐ͘ŽŶǀĞƌƐĞůLJ͕ŵĂƐƐŐƌĂĚŝŶŐĂƚ ĂƐŵĂůůĞƌƐĐĂůĞǁŽƵůĚŝŶǀŽůǀĞƌĞĐƵƌƌŝŶŐŐƌĂĚŝŶŐĂĐƚŝǀŝƚŝĞƐĨŽƌĞĂĐŚƵƉĐŽŵŝŶŐƉŚĂƐĞŽĨƉƵďůŝĐ ŝŵƉƌŽǀĞŵĞŶƚƐ͘ ϮͿĂůůŽǁƚŚĞůĂŶĚƚŽďĞƵƐĞĚĨŽƌƉƵƌƉŽƐĞƐŝŶĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶĂĨƚĞƌ ƚŚĞ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚƉĞƌŝŽĚ͕ĂŶĚ dŚĞƉƌŽƉŽƐĞĚƵƐĞĨŽƌƚŚĞƉůĂŶŶĞĚĚĞǀĞůŽƉŵĞŶƚŝƐůŽǁĚĞŶƐŝƚLJƌĞƐŝĚĞŶƚŝĂůĂŶĚŝƐĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶĂŶĚnjŽŶŝŶŐŽĨƚŚĞƉƌŽƉĞƌƚLJ͘ ϯͿĂĚǀĞƌƐĞůLJĂĨĨĞĐƚƚŚĞƐĐĞŶŝĐƋƵĂůŝƚLJŽĨZŽĐŚĞƐƚĞƌŽƌƚŚĞŶĂƚƵƌĂůůĂŶĚƐĐĂƉĞƐ͕ ĞŶǀŝƌŽŶŵĞŶƚ͕ǁŝůĚůŝĨĞŚĂďŝƚĂƚ͖ŽƌŝĨƐƵĐŚĞĨĨĞĐƚƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚƚŽŽĐĐƵƌ͕ƚŚĞƌĞĐůĂŵĂƚŝŽŶƉůĂŶ ƉƌŽǀŝĚĞƐĨŽƌĂĚĞƋƵĂƚĞƌĞƐƚŽƌĂƚŝŽŶŽĨƚŚĞƐŝƚĞĨŽůůŽǁŝŶŐƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƚŚĞĞdžĐĂǀĂƚŝŽŶĂĐƚŝǀŝƚLJ͘ dŚĞƉƌŽƉŽƐĞĚŐƌĂĚŝŶŐĂĐƚŝǀŝƚŝĞƐǁŝůůĚŝƐƚƵƌďĞdžŝƐƚŝŶŐǀĞŐĞƚĂƚŝŽŶĚƵƌŝŶŐŐƌĂĚŝŶŐĂŶĚƌĞƐŚĂƉĞƚŚĞ ŐƌĂĚĞƚŽƐƵƉƉŽƌƚƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͘ŝƐƚƵƌďĞĚĂƌĞĂƐǁŝůůďĞƌĞĞƐƚĂďůŝƐŚĞĚǁŝƚŚ ǀĞŐĞƚĂƚŝŽŶƵƉŽŶĐŽŵƉůĞƚŝŽŶŽĨŐƌĂĚŝŶŐ͘dŚĞĞdžŝƐƚŝŶŐĚƌĂŝŶĂŐĞĐŽƌƌŝĚŽƌƐĂƌĞŶŽƚƉƌŽƉŽƐĞĚƚŽ ďĞŝŵƉĂĐƚĞĚǁŝƚŚƚŚĞŐƌĂĚŝŶŐĂĐƚŝǀŝƚŝĞƐ͘hƉŽŶĐŽŵƉůĞƚŝŽŶŽĨƚŚĞƐƵďĚŝǀŝƐŝŽŶ͕ƚŚĞƌĞƐŝĚĞŶƚŝĂů ĚĞǀĞůŽƉŵĞŶƚǁŝůůďĞƐŝŵŝůĂƌĂĐŚĂƌĂĐƚĞƌƚŽƚŚĞĞdžŝƐƚŝŶŐƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚŽŶĂĚũĂĐĞŶƚ ƉƌŽƉĞƌƚŝĞƐƚŽƚŚĞĞĂƐƚ͘ Ĩ͘dŚĞĚĂƚĞŽƌĞǀĞŶƚƚŚĂƚǁŝůůƚĞƌŵŝŶĂƚĞƚŚĞƵƐĞĐĂŶďĞŝĚĞŶƚŝĨŝĞĚǁŝƚŚĐĞƌƚĂŝŶƚLJ͘ dŚĞŵĂƐƐŐƌĂĚŝŶŐŝƐƉůĂŶŶĞĚƚŽďĞŐŝŶĂŶĚĐŽŶĐůƵĚĞǁŝƚŚŝŶŽŶĞĐŽŶƐƚƌƵĐƚŝŽŶƐĞĂƐŽŶ͘ ĂƐĞĚŽŶĐŽŶĨŽƌŵĂŶĐĞǁŝƚŚĂůůĐƌŝƚĞƌŝĂƉƌĞƐĞŶƚĞĚĨŽƌ/hWĂƉƉƌŽǀĂůĂŶĚĚŽĐƵŵĞŶƚĂƚŝŽŶŽĨĂƐƚĂďůĞ ĞdžĐĂǀĂƚŝŽŶďLJĂůŝĐĞŶƐĞĚƉƌŽĨĞƐƐŝŽŶĂůŐĞŽůŽŐŝƐƚ͕ĂŶĚŐƌĂĚŝŶŐƉůĂŶƐĚĞǀĞůŽƉĞĚďLJĂůŝĐĞŶƐĞĚƉƌŽĨĞƐƐŝŽŶĂů ĞŶŐŝŶĞĞƌ͖ǁĞĂƌĞƌĞƋƵĞƐƚŝŶŐĂƉƉƌŽǀĂůŽĨƚŚŝƐ/hWĂƉƉůŝĐĂƚŝŽŶŽŶďĞŚĂůĨŽĨƚŚĞƉƌŽƉĞƌƚLJŽǁŶĞƌ͘ ^ŝŶĐĞƌĞůLJ͕ dLJůĞƌDĂŶĚůĞƌ͕W͘͘ t^нDĂƐƐĞLJŶŐŝŶĞĞƌŝŶŐ ϯϯ^dsdZE^DDKZ/>,/',tz<^^KE͕DEϱϱϵϰϰ ϯϮϬt^dZKtzW>/Es/t͕DEϱϱϵϲϰ D/>/E'Z^^͗WKKyϭϬϬ<^^KE͕DEϱϱϵϰϰ ϱϬϳ͘ϲϯϰ͘ϰϱϬϱͮt^͘E'/EZ/E' DĞĞƚŝŶŐDŝŶƵƚĞƐ WĞďďůĞƌĞĞŬ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶ͕DĂũŽƌ>ĂŶĚ^ƵďĚŝǀŝƐŝŽŶ͕^> WƌŽũĞĐƚ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ KǁŶĞƌͲŚĂƌůĞƐĞtŝƚnj͕ƉƉůŝĐĂŶƚͲ>ĞŶŶĂƌ KǁŶĞƌ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ t^нD^^zE'/EZ/E'Θ^hZsz/E' ŽŶƐƵůƚŝŶŐŶŐƌͬ&ŝƌŵ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ϲ͗ϯϬWDŽŶdƵĞƐĚĂLJDĂLJϲ͕ϮϬϮϱ;'ĞŽƌŐĞ'ŝďďƐůĞŵĞŶƚĂƌLJ^ĐŚŽŽůʹϱϱϮϱϱϲ^ƚƌĞĞƚEtͿ ƚŚ DĞĞƚŝŶŐĂƚĞͬ>ŽĐĂƚŝŽŶ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ƚƚĞŶĚĞĞƐ ;^ĞĞĂƚƚĂĐŚĞĚE/DƐŝŐŶŝŶƐŚĞĞƚͿ ϭ͘/ŶƚƌŽĚƵĐƚŝŽŶ DĞĞƚŝŶŐůĞĚďLJZLJĂŶ^ĐŚŽĞŶĨĞůĚĞƌ;t^DĂƐƐĞLJͿ͕ƚŚĞƉůĂŶŶŝŶŐĂŶĚĞŶŐŝŶĞĞƌŝŶŐ x ĐŽŶƐƵůƚĂŶƚĨŽƌƚŚĞƉƌŽũĞĐƚ͘KƚŚĞƌŵĞŵďĞƌƐŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚƚĞĂŵŝŶĐůƵĚĞĚdLJůĞƌ DĂŶĚůĞƌ;t^DĂƐƐĞLJͿ͕ŝůůdŽŝŶƚŽŶ;t^DĂƐƐĞLJͿ͕ĂŶĚ^ƚĞǀĞdƌŽƐŬĞLJ;>ĞŶŶĂƌͿ͘ WƵƌƉŽƐĞ͗ĐŝƚLJͲƌĞƋƵŝƌĞĚEĞŝŐŚďŽƌŚŽŽĚ/ŶĨŽƌŵĂƚŝŽŶDĞĞƚŝŶŐ;E/DͿƚŽĚŝƐĐƵƐƐƉƌŽũĞĐƚ x ŚŝŐŚůŝŐŚƚƐĂŶĚŐĂƚŚĞƌƉƵďůŝĐĨĞĞĚďĂĐŬ͘ DĞĞƚŝŶŐŶŽƚĞƐǁŝůůďĞƐƵďŵŝƚƚĞĚƚŽƚŚĞĐŝƚLJĨŽƌĨƵƚƵƌĞĂƉƉůŝĐĂƚŝŽŶƐ͕ĂƚƚĞŶĚĞĞƐǁĞƌĞĂƐŬĞĚ x ƚŽƐŝŐŶƚŚĞĂƚƚĞŶĚĂŶĐĞƐŚĞĞƚ͘ Ϯ͘WƌŽũĞĐƚKǀĞƌǀŝĞǁ ^ŝnjĞΘ>ĂLJŽƵƚ ͗ϯϳϬĐƌĞƐ x dŽƚĂůĞǀĞůŽƉŵĞŶƚ^ŝnjĞ͗ WŚĂƐĞ/ʹƉƉƌŽdžŝŵĂƚĞůLJϭϳϮĂĐƌĞƐ͕WŚĂƐĞ//ʹϭϵϴĐƌĞƐ͘ x :HVW%URDGZD\6WH >ĂŶĚhƐĞƌĞĂŬĚŽǁŶ͗ x ϵϬϬͲϵϲϬƐŝŶŐůĞͲĨĂŵŝůLJƌĞƐŝĚĞŶƚŝĂůůŽƚƐ R >ŽƚƐŝnjĞƐƌĂŶŐĞĨƌŽŵϱ͕ϬϬϬͲϭϱ͕ϬϬϬƐƋƵĂƌĞĨĞĞƚ͘ R <ĞLJĂƐƉĞĐƚƐ͗ ZĞƐŝĚĞŶƚŝĂůƵŶŝƚƐ͕ƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚ͕ƌŽĂĚǁĂLJƐ͕ĂŶĚnjŽŶŝŶŐ x ƌĞŐƵůĂƚŝŽŶƐ͘ ϯ͘WŚĂƐĞƐĂŶĚĞǀĞůŽƉŵĞŶƚWƌŽĐĞƐƐ ƵƌƌĞŶƚƉŚĂƐĞ͗ 'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶŽŶƚŚĞĞŶƚŝƌĞƐŝƚĞ͕DĂũŽƌ>ĂŶĚ^ƵďĚŝǀŝƐŝŽŶ x ;WŚĂƐĞ/Ϳ͕^ƵďƐƚĂŶƚŝĂů>ĂŶĚůƚĞƌĂƚŝŽŶ;ŶƚŝĐŝƉĂƚĞĚͿ͘ EĞdžƚ^ƚĞƉƐ͗ x ^ƵďŵŝƐƐŝŽŶŽĨĂƉƉůŝĐĂƚŝŽŶƐǁŝƚŚŝŶϯϬĚĂLJƐ R ŝƚLJƌĞǀŝĞǁƉƌŽĐĞƐƐ;ΕϯǁĞĞŬƐͿ R WůĂŶŶŝŶŐŽŵŵŝƐƐŝŽŶŵĞĞƚŝŶŐ;ŶŽƉƵďůŝĐŚĞĂƌŝŶŐƌĞƋƵŝƌĞĚĨŽƌƉƌĞůŝŵŝŶĂƌLJƉůĂŶƐͿ R ŝƚLJŽƵŶĐŝůŵĞĞƚŝŶŐ;ŝŶĐůƵĚĞƐƉƵďůŝĐŚĞĂƌŝŶŐͿ R ϮͲϯLJĞĂƌƐĨŽƌƚŚĞWŚĂƐĞ/ƉůĂƚ͘ ƐƚŝŵĂƚĞĚƚŝŵĞůŝŶĞĨŽƌĨƵůůďƵŝůĚͲŽƵƚ͗ x ϰ͘<ĞLJĞǀĞůŽƉŵĞŶƚƌĞĂƐ WŚĂƐĞϭ͗ ϯϳϱͲϰϯϱhŶŝƚƐƐƚŝŵĂƚĞĚ x WŚĂƐĞϮ;&ŽůůŽǁŝŶŐtĐĐĞƉƚĂŶĐĞͿ͗ ϱϮϱͲϱϴϱhŶŝƚƐƐƚŝŵĂƚĞĚ x ϱ͘dƌĂĨĨŝĐĂŶĚĐĐĞƐƐŝďŝůŝƚLJ WƌŝŵĂƌLJĐĐĞƐƐWŽŝŶƚƐ͗ dǁŽŶĞǁĂĐĐĞƐƐƉŽŝŶƚƐƚŽϲϬǀĞEt͕ƚǁŽƚŽĞŚƌĞŶƐ>ŶEt͕Ϯ ƚŚ x ƚŽϱϱ ƚŚ^ƚEt͕ϮƚŽKůŵƐƚĞĚŽƵŶƚLJϭϱϴ͘ dƌĂĨĨŝĐ^ƚƵĚLJΘ/ŵƉƌŽǀĞŵĞŶƚƐ͗ x ƚƌĂĨĨŝĐƐƚƵĚLJŝƐƵŶĚĞƌǁĂLJƚŽĚĞƚĞƌŵŝŶĞĨƵƚƵƌĞŝŵƉƌǀĞŵĞŶƚƐ͘ R ϲ͘ŶǀŝƌŽŶŵĞŶƚĂů&ĞĂƚƵƌĞƐ džŝƐƚŝŶŐŽŶĚŝƚŝŽŶƐ͗ x :HVW%URDGZD\6WH tĞƚůĂŶĚƐƉƌĞƐĞŶƚ͖ƉƌŽũĞĐƚĂĚũƵƐƚĞĚƚŽŵŝŶŝŵŝnjĞŝŵƉĂĐƚƐ R ^ƚŽƌŵǁĂƚĞƌƚƌĞĂƚŵĞŶƚďĂƐŝŶƐ R ŽƵůĞǀĂƌĚdƌĞĞƐ R WƌĞƐĞƌǀĂƚŝŽŶĨĨŽƌƚƐ͗ x ŶǀŝƌŽŶŵĞŶƚĂůŽƌƌŝĚŽƌƉůĂŶŶĞĚǁŝƚŚĂĚũĂĐĞŶƚƉĂƌŬůĂŶĚ͘ R ϳ͘ŽŶĐĞƌŶƐĂŶĚYƵĞƐƚŝŽŶƐ ,ŽŵĞdLJƉĞƐĂŶĚƚĂƌŐĞƚŵĂƌŬĞƚ͗ĞĞĚZĞƐƚƌŝĐƚĞĚϱϱн͕&ŝƌƐƚƚŝŵĞŚŽŵĞďƵLJĞƌƐ͕ĂŶĚƵƉƉĞƌ x ůĞǀĞůŚŽŵĞƐ͘ dƌĂĨĨŝĐ^ĂĨĞƚLJ͗YƵĞƐƚŝŽŶƐƌĞŐĂƌĚŝŶŐĐƵƌƌĞŶƚWĞďďůĞƌĞĞŬĂĐĐĞƐƐ͘ x 'ƌĞĞŶ^ƉĂĐĞƐ͗ϮƉƵďůŝĐƉĂƌŬƐ͘ x ŽŶƐƚƌƵĐƚŝŽŶdŝŵĞůŝŶĞ͗,ŽƉĞƚŽďĞŐŝŶŐƌĂĚŝŶŐŝŶϮϬϮϲ͘ x ϴ͘&ƵƚƵƌĞ^ƚĞƉƐ EĞdžƚŶĞŝŐŚďŽƌŚŽŽĚͬƉƵďůŝĐŵĞĞƚŝŶŐƚŽďĞƐĐŚĞĚƵůĞĚ x &ƵƌƚŚĞƌĂƉƉƌŽǀĂůƐĂŶĚŵŽĚŝĨŝĐĂƚŝŽŶƐďĂƐĞĚŽŶĐŝƚLJƌĞǀŝĞǁ x ŽŶƚŝŶƵĞĚĐŽŵŵƵŶŝĐĂƚŝŽŶǁŝƚŚƌĞƐŝĚĞŶƚƐ x ϵ͘KƚŚĞƌEŽƚĞƐ EŽŶĞ x ĚũŽƵƌŶŵĞŶƚ DĞĞƚŝŶŐĐŽŶĐůƵĚĞĚǁŝƚŚYΘƐĞƐƐŝŽŶ͘ x ƚƚĞŶĚĞĞƐǁĞƌĞƚŚĂŶŬĞĚĨŽƌƚŚĞŝƌƉĂƌƚŝĐŝƉĂƚŝŽŶ͘ x :HVW%URDGZD\6WH :HVW%URDGZD\6WH $SSURYHG3HEEOH&UHHN*'3 *'3 $SSURYHG3HEEOH&UHHN*'3 *'3 % ϯϯ^dsdZE^DDKZ/>,/',tz<^^KE͕DEϱϱϵϰϰ ϯϮϬt^dZKtzW>/Es/t͕DEϱϱϵϲϰ ϭϳϲϱZ^dKZd/KEZK^tZK,^dZ͕DEϱϱϵϬϮ D/>/E'Z^^͗WKKyϭϬϬ<^^KE͕DEϱϱϵϰϰ ϱϬϳ͘ϲϯϰ͘ϰϱϬϱt^͘E'/EZ/E' ͮ DĂLJϮϴ͕ϮϬϮϱ 3XEOLF:RUNV&RPPHQWV&',83 ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚ ϰϬϬϭtĞƐƚZŝǀĞƌWĂƌŬǁĂLJEt ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϭ ůĞĐƚƌŽŶŝĐDĂŝů;ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀͿ ZĞ͗WĞďďůĞƌĞĞŬ;WŚĂƐĞ/WƌĞůŝŵŝŶĂƌLJWůĂƚͿ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚƉƉůŝĐĂƚŝŽŶ dŽǁŚŽŵŝƚŵĂLJĐŽŶĐĞƌŶ͕ KŶďĞŚĂůĨŽĨŽƵƌĐůŝĞŶƚ͕ǁĞĂƌĞƐƵďŵŝƚƚŝŶŐĂŶĂƉƉůŝĐĂƚŝŽŶĨŽƌĂŶ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚĨŽƌWĞďďůĞƌĞĞŬ ;WŚĂƐĞ/ƉƌĞůŝŵŝŶĂƌLJƉůĂƚͿďLJ>ĞŶŶĂƌ͘dŚŝƐƉĞƌŵŝƚŝƐĚƵĞƚŽƚŚĞƐƵďƐƚĂŶƟĂůůĂŶĚĂůƚĞƌĂƟŽŶĚĞĮŶŝƟŽŶǁŚŝĐŚ ůŝƐƚƐϱƚŚƌĞƐŚŽůĚƐ͘dŚĞŵĂƐƐŐƌĂĚŝŶŐĨŽƌƚŚŝƐƉƌŽũĞĐƚŝƐĂŶƟĐŝƉĂƚĞĚƚŽĞdžĐĞĞĚƚŚƌĞƐŚŽůĚƐϰΘϱ͘^ƵďƐƚĂŶƟĂů >ĂŶĚůƚĞƌĂƟŽŶ͗ϰ͘ŵŽǀĞŵĞŶƚŽĨϱϬϬĐƵďŝĐLJĂƌĚƐŽƌŵŽƌĞŽĨĞĂƌƚŚƚŚĂƚŝŶǀŽůǀĞƐĂĐŚĂŶŐĞŝŶŶĂƚƵƌĂůŽƌ ƉƌĞĞdžŝƐƟŶŐŐƌĂĚĞƐŽĨƚĞŶŽƌŵŽƌĞǀĞƌƟĐĂůĨĞĞƚ͖ϱ͘ŶLJŵŽǀĞŵĞŶƚŽĨĞĂƌƚŚŽŶƚŚĞĞŶƟƌĞƉĂƌĐĞůŝŶĞdžĐĞƐƐŽĨ ϭϬϬ͕ϬϬϬĐƵďŝĐLJĂƌĚƐ͘ t^нDĂƐƐĞLJŶŐŝŶĞĞƌŝŶŐĂŶĚŝƚƐƉĂƌƚŶĞƌƐŚĂǀĞƉƌŽǀŝĚĞĚƚŚĞĨŽůůŽǁŝŶŐŵĂƚĞƌŝĂůƐŝŶƐƵƉƉŽƌƚŽĨƚŚŝƐ ĂƉƉůŝĐĂƚŝŽŶ͘ ϭ͘ŽǀĞƌ>ĞƚƚĞƌĂŶĚEĂƌƌĂƚŝǀĞ;dŚŝƐĚŽĐƵŵĞŶƚͿ Ϯ͘>ĂŶĚĞǀĞůŽƉŵĞŶƚƉƉůŝĐĂƚŝŽŶ͗/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚ ϯ͘E/DDĞĞƚŝŶŐDŝŶƵƚĞƐ ϰ͘WƌĞůŝŵŝŶĂƌLJDĂƐƐ'ƌĂĚŝŶŐƉůĂŶ ϱ͘DĂƐƐ'ƌĂĚŝŶŐůĞǀĂƚŝŽŶŚĂŶŐĞDĂƉ ϲ͘WĞƌŵŝƚĨĞĞ;ƚŽďĞƉƌŽǀŝĚĞĚƵƉŽŶĂĐĐĞƉƚĂŶĐĞŽĨƚŚŝƐĂƉƉůŝĐĂƚŝŽŶͿ t^ŚĂƐƉƌĞƉĂƌĞĚƚŚĞŝŶƚĞƌŝŵƵƐĞƉĞƌŵŝƚĚŽĐƵŵĞŶƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞhƐĞĐƚŝŽŶϲϬ͘ϱϬϬ͘ϬϰϬ͘D͘ dŚĞĨŽůůŽǁŝŶŐŶĂƌƌĂƚŝǀĞŝƐƉƌŽǀŝĚĞĚŝŶƐƵƉƉŽƌƚŽĨƚŚĞĂƉƉůŝĐĂƚŝŽŶĂĐĐŽƌĚŝŶŐƚŽƚŚĞƌŝƚĞƌŝĂůŝƐƚĞĚŝŶ ϲϬ͘ϱϬϬ͘ϬϰϬ͘D͘ϰǁŝƚŚĂĚĚŝƚŝŽŶĂůƐƵƉƉŽƌƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶĂƐĐŽŶƐŝĚĞƌĞĚƌĞůĞǀĂŶƚďLJŽƵƌƚĞĂŵ͘ 3XEOLF:RUNV&RPPHQWV&',83 ĂĐŬŐƌŽƵŶĚ dŚĞƉƌŽũĞĐƚƐŝƚĞŝƐŝŵŵĞĚŝĂƚĞůLJĂĚũĂĐĞŶƚƚŽƚŚĞĞdžŝƐƟŶŐWĞďďůĞƌĞĞŬĚĞǀĞůŽƉŵĞŶƚĂůŽŶŐϲϬ ƚŚǀĞEt͘ dŚĞƌĞŵĂŝŶĚĞƌŽĨƚŚĞƵŶĚĞǀĞůŽƉĞĚůĂŶĚŝƐƵƐĞĚĨŽƌĂŐƌŝĐƵůƚƵƌĂůƌŽǁĐƌŽƉƉƌŽĚƵĐƟŽŶ͘/ŶϮϬϮϱƚŚĞŝƚLJŽĨ ZŽĐŚĞƐƚĞƌĂƉƉƌŽǀĞĚĂŶĂŶŶĞdžĂƟŽŶŽĨƚŚĞƌĞŵĂŝŶĚĞƌŽĨƚŚĞWĞďďůĞƌĞĞŬƉƌŽƉĞƌƚLJƚŚĂƚůŝĞƐŽƵƚƐŝĚĞŽĨƚŚĞ ĐŝƚLJ͘tŚĞŶĂŶŶĞdžĞĚƚŚĞƉƌŽƉĞƌƚLJĐĂƌƌŝĞƐĂnjŽŶŝŶŐĚĞƐŝŐŶĂƟŽŶŽĨZͲϮ>ŽǁĞŶƐŝƚLJ^ŵĂůů>Žƚ͘dŚĞ ƉƌŽƉŽƐĞĚ͞WŚĂƐĞ/͟ƉůĂƚĂƌĞĂĐŽŶƚĂŝŶƐĂƉƉƌŽdžŝŵĂƚĞůLJϰϱϰůŽƚƐŽŶϭϴϱĂĐƌĞƐ͘dŚŝƐ/hWŝƐĂƉƉůŝĐĂƟŽŶŝƐ ĂƉƉůŝĐĂďůĞƚŽƚŚŝƐ͞WŚĂƐĞ/͟ƉƌĞůŝŵŝŶĂƌLJƉůĂƚĂƌĞĂ͘dŚĞĚĞǀĞůŽƉĞƌǁŝůůďĞƉƵƌƐƵŝŶŐĂŵĂƐƐŐƌĂĚŝŶŐƉĞƌŵŝƚ ŝŶĐŽŶũƵŶĐƟŽŶǁŝƚŚĂƉƉƌŽǀĂůŽĨƚŚŝƐ/hWĂƉƉůŝĐĂƟŽŶ͘ dŚĞWĞďďůĞƌĞĞŬĚĞǀĞůŽƉŵĞŶƚǁĂƐŽƌŝŐŝŶĂůůLJĂƉƉƌŽǀĞĚŝŶƚŚĞĞĂƌůLJϮϬϬϬ͛ƐĂŶĚŚĂƐďĞĞŶĚĞǀĞůŽƉŝŶŐ ƵŶĚĞƌĂŶĂƉƉƌŽǀĞĚ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶ;'WͿ͘ŶŶǀŝƌŽŶŵĞŶƚĂůƐƐĞƐƐŵĞŶƚtŽƌŬƐŚĞĞƚǁĂƐĂůƐŽ ĂƉƉƌŽǀĞĚĂƚƚŚĂƚƟŵĞĨŽƌƚŚĞĂƐƚĞƌůLJƉĂƌƚŽĨƚŚĞ'W͕ƉĂƌƟĐƵůĂƌůLJƚŚĞĂƌĞĂĐŽŶƚĂŝŶĞĚǁŝƚŚŝŶƚŚĞ͞WŚĂƐĞ /͟ƉƌĞůŝŵŝŶĂƌLJƉůĂƚ͘ǁĞƚůĂŶĚĚĞůŝŶĞĂƟŽŶĂŶĚƚƌĂĸĐƐƚƵĚLJǁĞƌĞĂůƐŽĐŽŵƉůĞƚĞĚǁŝƚŚĂƉƉƌŽǀĂůŽĨƚŚĞ ƉƌĞǀŝŽƵƐ'W͘ >ĞŶŶĂƌĂŶĚt^ĂƌĞŝŶƚŚĞƉƌŽĐĞƐƐŽĨƵƉĚĂƟŶŐƚŚĞ'WǁŝƚŚ>ĞŶŶĂƌ͛ƐƉƌŽĚƵĐƚƚLJƉĞƐƚŽŵĞĞƚƚŚĞůŽĐĂů ŵĂƌŬĞƚĚĞŵĂŶĚƐĂŶĚĐƵƌƌĞŶƚĐŝƚLJƐƚĂŶĚĂƌĚƐ͘/ŶĐůƵĚĞĚǁŝƚŚƚŚŝƐƵƉĚĂƚĞŝƐĂŶĞǁƚƌĂĸĐƐƚƵĚLJĂŶĚƵƉĚĂƚĞĚ ǁĞƚůĂŶĚĚĞůŝŶĞĂƟŽŶ͘dŚĞ'W͕dƌĂĸĐ^ƚƵĚLJ͕ĂŶĚtĞƚůĂŶĚĞůŝŶĞĂƟŽŶĂƌĞĐƵƌƌĞŶƚůLJŝŶƉƌŽĐĞƐƐ͘ 0HQWLRQVKRXOGEHPDGHRIDQH[LVWLQJGHYHORSPHQWDJUHHPHQWWKDWVWLSXODWHVPRUHUHVWULFWLYHVWRUPZDWHU PDQDJHPHQWUHTXLUHPHQWV7KHVHUHTXLUHPHQWVKDYHQRWEHHQDFNQRZOHGJHGWRGDWH WƌĞǀĂůĞŶĐĞ FRPPRQ DĂƐƐŐƌĂĚŝŶŐĂŶĚƐƵďĚŝǀŝƐŝŽŶĐŽŶƐƚƌƵĐƚŝŽŶĂƌĞƐƚĂŶĚĂƌĚƉƌĂĐƚŝĐĞƐŝŶƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ͘dŚĞƉƌŽƉŽƐĞĚ ŵĂƐƐŐƌĂĚŝŶŐƚƌŝŐŐĞƌƐƚŚĞŶĞĞĚĨŽƌĂŶ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚďĂƐĞĚŽŶƚŚĞƐĐĂůĞŽĨƚŚĞƉƌŽƉŽƐĞĚ ĚĞǀĞůŽƉŵĞŶƚĂŶĚĐŚĂŶŐĞƐƚŽĞdžŝƐƚŝŶŐŐƌĂĚĞƚŚĂƚĂƌĞŶĞĐĞƐƐĂƌLJƚŽƉƌŽǀŝĚĞĐŽŶƚŝŶƵŝƚLJŽĨŐƌĂǀŝƚLJƐĂŶŝƚĂƌLJ ŵĂŝŶƐƚŽĞdžŝƐƚŝŶŐĐŽŶŶĞĐƚŝŽŶƉŽŝŶƚƐǁŝƚŚĞdžŝƐƚŝŶŐƐĂŶŝƚĂƌLJŵĂŝŶĂďƵƚƚŝŶŐƚŚĞƉƌŽƉĞƌƚLJ͘dŚĞƐŝƚĞŐƌĂĚŝŶŐ ŝŶǀŽůǀĞƐĚŝƐƚƵƌďĂŶĐĞŽĨĂƉƉƌŽdžŝŵĂƚĞůLJϭϱϵĂĐƌĞƐĂŶĚŝŶǀŽůǀĞƐĐƵƚƚŝŶŐĂƉƉƌŽdžŝŵĂƚĞůLJϳϬϮ͕ϬϬϬLJĂƌĚƐŽĨ ŵĂƚĞƌŝĂůĂŶĚĨŝůůŝŶŐĂƉƉƌŽdžŝŵĂƚĞůLJϴϰϰ͕ϬϬϬLJĂƌĚƐ͘/ŶŝƐŽůĂƚĞĚůŽĐĂƚŝŽŶƐ͕ĐƵƚƐĂŶĚĨŝůůƐĂƌĞŵŽƌĞƚŚĂŶϮϬ ĨĞĞƚ͘ŶĞůĞǀĂƚŝŽŶŵĂƉŝŶĐůƵĚĞĚǁŝƚŚƚŚŝƐĂƉƉůŝĐĂƚŝŽŶŝĚĞŶƚŝĨŝĞƐƚŚĞĂƌĞĂƐŽĨƉƌŽƉŽƐĞĚĐŚĂŶŐĞŝŶ ĞůĞǀĂƚŝŽŶďLJĨŝǀĞͲĨŽŽƚŝŶĐƌĞŵĞŶƚƐ͘ EĞŝŐŚďŽƌŚŽŽĚ/ŶĨŽƌŵĂƚŝŽŶDĞĞƚŝŶŐ /ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞhƉƌŽĐĞƐƐ͕ĂEĞŝŐŚďŽƌŚŽŽĚ/ŶĨŽƌŵĂƚŝŽŶDĞĞƚŝŶŐ;E/DͿǁĂƐŚŽƐƚĞĚƉƌŝŽƌƚŽ ƚŚŝƐĂƉƉůŝĐĂƚŝŽŶ͘dŚĞŵĞĞƚŝŶŐǁĂƐŚĞůĚĂƚ'ŝďďƐůĞŵĞŶƚĂƌLJĂŶĚŽŶůŝŶĞǀŝĂdĞĂŵƐŽŶϱͬϲͬϮϬϮϱ͘/ŶǀŝƚĞƐ ǁĞƌĞĚŝƐƚƌŝďƵƚĞĚďLJŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚƚŽŶĞŝŐŚďŽƌŝŶŐƉƌŽƉĞƌƚŝĞƐ͘dŚĞƌĞǁĞƌĞĂƉƉƌŽdžŝŵĂƚĞůLJĂ ĚŽnjĞŶĂƚƚĞŶĚĞĞƐƉƌĞƐĞŶƚ͘dŚĞƌĞǁĞƌĞŶŽƐƉĞĐŝĨŝĐĐŽŵŵĞŶƚƐƌĞĐĞŝǀĞĚƌĞůĂƚĞĚƚŽƚŚĞŵĂƐƐŐƌĂĚŝŶŐŽĨƚŚĞ ƐŝƚĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚ͘dŚĞŵĞĞƚŝŶŐŵŝŶƵƚĞƐĂƌĞŝŶĐůƵĚĞĚǁŝƚŚƚŚŝƐĂƉƉůŝĐĂƚŝŽŶ ƐƵďŵŝƚƚĂů͘ 3XEOLF:RUNV&RPPHQWV&',83 ƌŝƚĞƌŝĂĨŽƌƉƉƌŽǀĂů dŚĞĨŽůůŽǁŝŶŐŝƚĞŵƐĂ͘ͲĨ͘ŽĨƐĞĐƚŝŽŶϲϬ͘ϱϬϬ͘ϰϬ͘D͘ϰĂƌĞƚŚĞĐƌŝƚĞƌŝĂĨŽƌĂƉƉƌŽǀĂůŽĨĂŶ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚ͘ dŚŝƐ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚŝƐĂŶĂŶƚŝĐŝƉĂƚĞĚƌĞƋƵŝƌĞŵĞŶƚŽĨƚŚĞŵĂƐƐŐƌĂĚŝŶŐƉĞƌŵŝƚďĞŝŶŐƉƌĞƉĂƌĞĚĨŽƌ ƐƵďŵŝƐƐŝŽŶƚŽWƵďůŝĐtŽƌŬƐ͘dŚĞƉƌŽƉŽƐĞĚǁŽƌŬŝƐůĂŶĚĚŝƐƚƵƌďĂŶĐĞĂĐƚŝǀŝƚŝĞƐƚŚĂƚƚŚĞŝƚLJŶŐŝŶĞĞƌ ĚĞƚĞƌŵŝŶĞƐ͞ŵĂLJŚĂǀĞƐƵďƐƚĂŶƚŝĂůŝŵƉĂĐƚƐŽŶƐƵƌƌŽƵŶĚŝŶŐƉƌŽƉĞƌƚŝĞƐ͟ĨƌŽŵƐĞĐƚŝŽŶϲϬ͘ϱϬϬ͘ϬϲϬ͘/͘Ϯ͘ĐŽĨ ƚŚĞh͘ WĞƌƚŚĞĚĞĨŝŶŝƚŝŽŶŽĨĂ^ƵďƐƚĂŶƚŝĂů>ĂŶĚůƚĞƌĂƚŝŽŶ;^>Ϳ͗ ĚĞǀĞůŽƉŵĞŶƚĂĐƚŝǀŝƚLJƚŚĂƚĞdžĐĞĞĚƐĂŶLJŽĨƚŚĞĨŽůůŽǁŝŶŐƚŚƌĞƐŚŽůĚƐĞdžĐĞĞĚƐƉƌĂĐƚŝĐĞƐĂůůŽǁĞĚƚŚƌŽƵŐŚ ƚŚĞ'ƌĂĚŝŶŐWĞƌŵŝƚƉƌŽĐĞƐƐ͗ ϭ͘'ƌĂĚŝŶŐĂĐƚŝǀŝƚŝĞƐĚĞƐŝŐŶĞĚƚŽŽĐĐƵƌĨŽƌŵŽƌĞƚŚĂŶϮϰŵŽŶƚŚƐĂŶĚůĞƐƐƚŚĂŶϰϴŵŽŶƚŚƐ͖ Ϯ͘dŚĞƌĞŵŽǀĂůĨƌŽŵĂƐŝƚĞŽĨŵŽƌĞƚŚĂŶϭϬ͕ϬϬϬŐƌŽƐƐĐƵďŝĐLJĂƌĚƐŽĨĞĂƌƚŚŵĂƚĞƌŝĂůƉĞƌĂĐƌĞĂŶĚ ůĞƐƐƚŚĂŶϮϬ͕ϬϬϬŐƌŽƐƐĐƵďŝĐLJĂƌĚƐŽĨĞĂƌƚŚŵĂƚĞƌŝĂůƉĞƌĂĐƌĞ͖ ϯ͘ŶĞdžƉŽƐĞĚďĞĚƌŽĐŬƐůŽƉĞƐƚĞĞƉĞƌƚŚĂŶϯ͗ϭƚŚĂƚŝƐŽǀĞƌƚĞŶĨĞĞƚĂŶĚůĞƐƐƚŚĂŶϮϱĨĞĞƚŝŶŚĞŝŐŚƚ ŽĐĐƵƌƌŝŶŐĂƚĂŶLJƚŝŵĞĚƵƌŝŶŐŽƌĨŽůůŽǁŝŶŐĞdžĐĂǀĂƚŝŽŶ͖ ϰ͘ŵŽǀĞŵĞŶƚŽĨϱϬϬĐƵďŝĐLJĂƌĚƐŽƌŵŽƌĞŽĨĞĂƌƚŚƚŚĂƚŝŶǀŽůǀĞƐĂĐŚĂŶŐĞŝŶŶĂƚƵƌĂůŽƌƉƌĞͲ ĞdžŝƐƚŝŶŐŐƌĂĚĞƐŽĨƚĞŶŽƌŵŽƌĞǀĞƌƚŝĐĂůĨĞĞƚĨŽƌĂŶLJƉŽƌƚŝŽŶŽĨĂƉĂƌĐĞů͖Žƌ ϱ͘ŶLJŵŽǀĞŵĞŶƚŽĨĞĂƌƚŚŽŶƚŚĞĞŶƚŝƌĞƉĂƌĐĞůŝŶĞdžĐĞƐƐŽĨϭϬϬ͕ϬϬϬĐƵďŝĐLJĂƌĚƐ͘ /ƚĞŵƐϰĂŶĚϱŽĨƚŚĞĂďŽǀĞĚĞĨŝŶŝƚŝŽŶĂƌĞƚƌŝŐŐĞƌĞĚǁŝƚŚƚŚĞƉƌŽƉŽƐĞĚŵĂƐƐŐƌĂĚŝŶŐƉůĂŶ͖ŵŽǀĞŵĞŶƚŽĨ ϱϬϬĐƵďŝĐLJĂƌĚƐŽƌŵŽƌĞŽĨĞĂƌƚŚƚŚĂƚŝŶǀŽůǀĞƐĂĐŚĂŶŐĞŝŶŶĂƚƵƌĂůŽƌƉƌĞͲĞdžŝƐƚŝŶŐŐƌĂĚĞƐŽĨƚĞŶŽƌŵŽƌĞ ǀĞƌƚŝĐĂůĨĞĞƚĨŽƌĂŶLJƉŽƌƚŝŽŶŽĨĂƉĂƌĐĞů͖ĂŶĚŵŽǀĞŵĞŶƚŽĨĞĂƌƚŚŽŶƚŚĞĞŶƚŝƌĞƉĂƌĐĞůŝŶĞdžĐĞƐƐŽĨϭϬϬ͕ϬϬϬ ĐƵďŝĐLJĂƌĚƐ͘ ďŽůĚ /ƚĂůŝĐŝnjĞĚŝƚĞŵƐĂƌĞƌĞĨĞƌĞŶĐĞĚĨƌŽŵƚŚĞhĂŶĚƚĞdžƚďĞůŽǁĞĂĐŚŝƚĞŵĂƌĞƚŚĞĂƉƉůŝĐĂďŝůŝƚLJŽƌ ĐŽŶĨŽƌŵĂŶĐĞǁŝƚŚƚŚĞĐƌŝƚĞƌŝĂ͘ ϰ͘ƌŝƚĞƌŝĂĨŽƌ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚƉƉƌŽǀĂůdŚĞWůĂŶŶŝŶŐŽŵŵŝƐƐŝŽŶƐŚĂůůƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂů͕ĂŶĚƚŚĞ ŝƚLJŽƵŶĐŝůƐŚĂůůĂƉƉƌŽǀĞƚŚĞĂƉƉůŝĐĂƚŝŽŶ͕ŽƌĂƉƉƌŽǀĞŝƚǁŝƚŚĐŽŶĚŝƚŝŽŶƐ͕ŝĨŝƚĐŽŵƉůŝĞƐǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ ĐƌŝƚĞƌŝĂ͗ Ă͘dŚĞĂƉƉůŝĐĂƚŝŽŶĐŽŵƉůŝĞƐǁŝƚŚĂůůĂƉƉůŝĐĂďůĞƉƌŽǀŝƐŝŽŶƐŽĨŚĂƉƚĞƌϳͲϱ͕ZĞŶƚĂůhŶŝƚ ZĞŐŝƐƚƌĂƚŝŽŶ͕ŽĨƚŚĞZŽĐŚĞƐƚĞƌŽĚĞŽĨKƌĚŝŶĂŶĐĞƐĂŶĚƚŚĞĐƌŝƚĞƌŝĂŝŶ^ĞĐƚŝŽŶϲϬ͘ϱϬϬ͘ϬϯϬ͘ϯ͘Ă͘ϯͿ͕ ĞdžĐĞƉƚƚŚĂƚƚŚĞŝŶƚĞƌŝŵƵƐĞŽĨƚŚĞƉƌŽƉĞƌƚLJŶĞĞĚŶŽƚďĞĂWĞƌŵŝƚƚĞĚŽƌŽŶĚŝƚŝŽŶĂůhƐĞŽĨƚŚĞ ƉƌŽƉĞƌƚLJĂůůŽǁĞĚŝŶƚŚĞnjŽŶŝŶŐĚŝƐƚƌŝĐƚǁŚĞƌĞƚŚĞƉƌŽƉĞƌƚLJŝƐůŽĐĂƚĞĚ͖ dŚŝƐŝƚĞŵĚŽĞƐŶŽƚĂƉƉůLJ͘EŽƌĞŶƚĂůƵŶŝƚƐĂƌĞƉƌŽƉŽƐĞĚ͘ ď͘dŚĞƉƌŽƉŽƐĞĚƵƐĞĐŽŵƉůŝĞƐǁŝƚŚĂůůĂƉƉůŝĐĂďůĞƐƚĂŶĚĂƌĚƐĨŽƌƚŚĂƚƵƐĞůŝƐƚĞĚŝŶ^ĞĐƚŝŽŶ ϲϬ͘ϯϬϬ͘ϬϮϬ͕hƐĞͲ^ƉĞĐŝĨŝĐ^ƚĂŶĚĂƌĚƐ͕ŝŶƚŚĞnjŽŶŝŶŐĚŝƐƚƌŝĐƚŵŽƐƚƐŝŵŝůĂƌƚŽƚŚĂƚŝŶǁŚŝĐŚƚŚĞ ŝŶƚĞƌŝŵƵƐĞŝƐůŽĐĂƚĞĚ͕ĂƐĚĞƚĞƌŵŝŶĞĚďLJƚŚĞŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚŝƌĞĐƚŽƌ͖ dŚĞƉƌŽƉŽƐĞĚƵƐĞĨŽƌƚŚĞƉůĂŶŶĞĚĚĞǀĞůŽƉŵĞŶƚŝƐůŽǁĚĞŶƐŝƚLJƌĞƐŝĚĞŶƚŝĂůĂŶĚŝƐĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶĂŶĚnjŽŶŝŶŐŽĨƚŚĞƉƌŽƉĞƌƚLJ͘ 3XEOLF:RUNV&RPPHQWV&',83 Đ͘dŚĞĂƉƉůŝĐĂƚŝŽŶĚŽĞƐŶŽƚŝŶǀŽůǀĞŽƌƌĞƋƵŝƌĞƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨĂŶLJƉĞƌŵĂŶĞŶƚƐƚƌƵĐƚƵƌĞǁŝƚŚĂ ƵƐĞĨƵůĞĐŽŶŽŵŝĐůŝĨĞůŽŶŐĞƌƚŚĂŶƚŚĞƚĞƌŵŽĨƚŚĞ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚ͖ dŚĞƌĞŝƐŶŽƚĞƌŵŝĚĞŶƚŝĨŝĞĚĨŽƌŝŶƚĞƌŝŵƵƐĞ͘džĐĂǀĂƚŝŽŶĂĐƚŝǀŝƚŝĞƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚƚŽŽĐĐƵƌ ǁŝƚŚŝŶŽŶĞĐŽŶƐƚƌƵĐƚŝŽŶƐĞĂƐŽŶ͘ Ě͘WƵƌƐƵĂŶƚƚŽ^ĞĐƚŝŽŶϲϬ͘ϱϬϬ͘ϬϯϬ͘ϳ&ŝŶĂŶĐŝĂůƐƐƵƌĂŶĐĞƐ͕ƚŚĞĂƉƉůŝĐĂŶƚŚĂƐƉƌŽǀŝĚĞĚĨŝŶĂŶĐŝĂů ĂƐƐƵƌĂŶĐĞĂĚĞƋƵĂƚĞŝĨƚŚĞŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚŝƌĞĐƚŽƌĚĞƚĞƌŵŝŶĞƐƚŚĂƚƐƵĐŚĂƐƐƵƌĂŶĐĞĂƌĞ ŶĞĐĞƐƐĂƌLJƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞ/ŶƚĞƌŝŵhƐĞǁŝůůďĞƚĞƌŵŝŶĂƚĞĚĂŶĚĂŶLJƐƚƌƵĐƚƵƌĞƐƌĞůĂƚĞĚƚŽƚŚĞ ŝŶƚĞƌŝŵƵƐĞďĞƌĞŵŽǀĞĚ;ƵŶůĞƐƐƚŚĞŝƚLJĐŽŶƐĞŶƚƐƚŽƚŚĞĐŽŶƚŝŶƵĞĚĞdžŝƐƚĞŶĐĞŽĨƚŚŽƐĞƐƚƌƵĐƚƵƌĞƐͿ ĂƚƚŚĞĞŶĚŽĨƚŚĞŝŶƚĞƌŝŵƵƐĞƉĞƌŝŽĚ͖ĂŶĚ 7KLVZRXOGDSSO\WRH[WHQVLYHVLJQLILFDQWJUDGLQJRSHUDWLRQVDORQJZLWKHURVLRQDQGVHGLPHQWFRQWUROLIWKH SURMHFWZHUHWRVWDOO7KLVZRXOGQRWW\SLFDOO\EHUHTXLUHGLHWKHUHLVOLWWOHSHUFHLYHGULVNWKDWWKLVZRXOGKDSSHQ EŽĨŝŶĂŶĐŝĂůĂƐƐƵƌĂŶĐĞƐŚĂǀĞďĞĞŶƌĞƋƵŝƌĞĚďLJƚŚĞŝƚLJŝŶƌĞůĂƚŝŽŶƚŽƚŚŝƐƉƌŽũĞĐƚĂƚƚŚŝƐƚŝŵĞ͘ EŽŝŶƚĞƌŝŵƐƚƌƵĐƚƵƌĞƐĂƌĞƉƌŽƉŽƐĞĚƚŚĂƚĐŽƵůĚƌĞƋƵŝƌĞƌĞŵŽǀĂů͘dŚĞƉƌŽƉŽƐĞĚŵĂƐƐŐƌĂĚŝŶŐŝƐ ĂŶƚŝĐŝƉĂƚĞĚƚŽŽĐĐƵƌǁŝƚŚŝŶŽŶĞĐŽŶƐƚƌƵĐƚŝŽŶƐĞĂƐŽŶ͘ Ğ͘/ĨƚŚĞĂƉƉůŝĐĂƚŝŽŶƌĞůĂƚĞĚƚŽůĂŶĚĚŝƐƚƵƌďŝŶŐĂĐƚŝǀŝƚŝĞƐƚŚĂƚƚŚĞŝƚLJŶŐŝŶĞĞƌĚĞƚĞƌŵŝŶĞƐ͕ ƉƵƌƐƵĂŶƚƚŽ^ĞĐƚŝŽŶϲϬ͘ϱϬϬ͘ϬϲϬ/͘Ϯ͘Đ͕ƌĞƋƵŝƌĞĂŶĂƉƉůŝĐĂƚŝŽŶĨŽƌĂŶ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚ͕ƚŚĞ ĂƉƉůŝĐĂŶƚŚĂƐŐŝǀĞŶƚŚĞŝƚLJĂĚĞƋƵĂƚĞĂƐƐƵƌĂŶĐĞƐ;ǁŚŝĐŚŵĂLJŝŶĐůƵĚĞĨŝŶĂŶĐŝĂůĂƐƐƵƌĂŶĐĞƐͿƚŚĂƚ ƚŚĞĂĐƚŝǀŝƚLJǁŝůůŶŽƚ ϭͿĐƌĞĂƚĞƐƵďƐƚĂŶƚŝĂůĂĚǀĞƌƐĞŝŵƉĂĐƚƐŽŶƐƵƌƌŽƵŶĚŝŶŐƉƌŽƉĞƌƚŝĞƐĚƵƌŝŶŐŽƌĂĨƚĞƌƚŚĞ /ŶƚĞƌŝŵhƐĞƉĞƌŝŽĚŽƌ dŚĞƉƌŽƉŽƐĞĚŐƌĂĚŝŶŐĂĐƚŝǀŝƚŝĞƐĂƌĞƚLJƉŝĐĂůŽĨƐƵďĚŝǀŝƐŝŽŶĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚĚŽŶŽƚĐƌĞĂƚĞĂ :KDWXQVXEVWDQWLDO ƐƵďƐƚĂŶƚŝĂůĂĚǀĞƌƐĞŝŵƉĂĐƚ͘ŽŶƐƚƌƵĐƚŝŽŶĂĐƚŝǀŝƚLJǁŝůůƉƌŝŵĂƌŝůLJƌĞŵĂŝŶǁŝƚŚŝŶƚŚĞƐŝƚĞĂƐŵĂƐƐ DGYHUVHLPSDFWVDUH FUHDWHG" ŐƌĂĚŝŶŐĚŽĞƐŶŽƚŝŶǀŽůǀĞƚŚĞĚĞůŝǀĞƌLJŽĨŝŶĨƌĂƐƚƌƵĐƚƵƌĞŵĂƚĞƌŝĂůƐ͘ŽŶǀĞƌƐĞůLJ͕ŵĂƐƐŐƌĂĚŝŶŐĂƚ ĂƐŵĂůůĞƌƐĐĂůĞǁŽƵůĚŝŶǀŽůǀĞƌĞĐƵƌƌŝŶŐŐƌĂĚŝŶŐĂĐƚŝǀŝƚŝĞƐĨŽƌĞĂĐŚƵƉĐŽŵŝŶŐƉŚĂƐĞŽĨƉƵďůŝĐ ŝŵƉƌŽǀĞŵĞŶƚƐ͘ 3UHVXPDEO\WKHSURSRVHGPDVVJUDGLQJZLOOQHJDWLYHO\LPSDFWVWRUPZDWHUUXQRIIYROXPHVGXHWRZHWODQGORVVHV FRPSDFWLRQRIVRLOVORVVRIYHJHWDWLRQHWF)XUWKHUPRUHWKHUHTXLUHPHQWVRIWKHH[LVWLQJGHYHORSPHQW DJUHHPHQWDQGFXUUHQWVWRUPZDWHUPDQDJHPHQWUHTXLUHPHQWVHJKDYHQRWEHHQFRQVLGHUHGWRRXU NQRZOHGJH+RZGRWKHVHIDFWRUVDIIHFWVXUURXQGLQJSURSHUWLHV ϮͿĂůůŽǁƚŚĞůĂŶĚƚŽďĞƵƐĞĚĨŽƌƉƵƌƉŽƐĞƐŝŶĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶĂĨƚĞƌ ƚŚĞ/ŶƚĞƌŝŵhƐĞWĞƌŵŝƚƉĞƌŝŽĚ͕ĂŶĚ dŚĞƉƌŽƉŽƐĞĚƵƐĞĨŽƌƚŚĞƉůĂŶŶĞĚĚĞǀĞůŽƉŵĞŶƚŝƐůŽǁĚĞŶƐŝƚLJƌĞƐŝĚĞŶƚŝĂůĂŶĚŝƐĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶĂŶĚnjŽŶŝŶŐŽĨƚŚĞƉƌŽƉĞƌƚLJ͘ ϯͿĂĚǀĞƌƐĞůLJĂĨĨĞĐƚƚŚĞƐĐĞŶŝĐƋƵĂůŝƚLJŽĨZŽĐŚĞƐƚĞƌŽƌƚŚĞŶĂƚƵƌĂůůĂŶĚƐĐĂƉĞƐ͕ ĞŶǀŝƌŽŶŵĞŶƚ͕ǁŝůĚůŝĨĞŚĂďŝƚĂƚ͖ŽƌŝĨƐƵĐŚĞĨĨĞĐƚƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚƚŽŽĐĐƵƌ͕ƚŚĞƌĞĐůĂŵĂƚŝŽŶƉůĂŶ ƉƌŽǀŝĚĞƐĨŽƌĂĚĞƋƵĂƚĞƌĞƐƚŽƌĂƚŝŽŶŽĨƚŚĞƐŝƚĞĨŽůůŽǁŝŶŐƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƚŚĞĞdžĐĂǀĂƚŝŽŶĂĐƚŝǀŝƚLJ͘ dŚĞƉƌŽƉŽƐĞĚŐƌĂĚŝŶŐĂĐƚŝǀŝƚŝĞƐǁŝůůĚŝƐƚƵƌďĞdžŝƐƚŝŶŐǀĞŐĞƚĂƚŝŽŶĚƵƌŝŶŐŐƌĂĚŝŶŐĂŶĚƌĞƐŚĂƉĞƚŚĞ ŐƌĂĚĞƚŽƐƵƉƉŽƌƚƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͘ŝƐƚƵƌďĞĚĂƌĞĂƐǁŝůůďĞƌĞĞƐƚĂďůŝƐŚĞĚǁŝƚŚ ǀĞŐĞƚĂƚŝŽŶƵƉŽŶĐŽŵƉůĞƚŝŽŶŽĨŐƌĂĚŝŶŐ͘dŚĞĞdžŝƐƚŝŶŐĚƌĂŝŶĂŐĞĐŽƌƌŝĚŽƌƐĂƌĞŶŽƚƉƌŽƉŽƐĞĚƚŽ ďĞŝŵƉĂĐƚĞĚǁŝƚŚƚŚĞŐƌĂĚŝŶŐĂĐƚŝǀŝƚŝĞƐ͘hƉŽŶĐŽŵƉůĞƚŝŽŶŽĨƚŚĞƐƵďĚŝǀŝƐŝŽŶ͕ƚŚĞƌĞƐŝĚĞŶƚŝĂů ĚĞǀĞůŽƉŵĞŶƚǁŝůůďĞƐŝŵŝůĂƌĂĐŚĂƌĂĐƚĞƌƚŽƚŚĞĞdžŝƐƚŝŶŐƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚŽŶĂĚũĂĐĞŶƚ ƉƌŽƉĞƌƚŝĞƐƚŽƚŚĞĞĂƐƚ͘ 7KHH[LVWLQJGUDLQDJHFRUULGRUVDUHSURSRVHGWREHHQFURDFKHGXSRQTXLWHVXEVWDQWLDOO\DVILOOLVEHLQJSODFHG ZLWKLQWKHFKDQQHOVWRPD[LPL]HGHYHORSDEOHDUHD7KLVZLOODGYHUVHO\DIIHFWWKHGUDLQDJHFRUULGRUE\ FRQFHQWUDWLQJGLVFKDUJHVDQGH[DFHUEDWLQJWKHHURVLRQSRWHQWLDO,QDGGLWLRQWKHYROXPHORVWZLWKLQWKHFKDQQHO ZLOOOLNHO\KDYHWREHUHSODFHGZLWKEXLOWLQIUDVWUXFWXUHWKDWKDVOLPLWHGFDSDFLW\UHODWLYHWRWKHQDWXUDOGUDLQDJHFRUULGRU 3XEOLF:RUNV&RPPHQWV&',83 Ĩ͘dŚĞĚĂƚĞŽƌĞǀĞŶƚƚŚĂƚǁŝůůƚĞƌŵŝŶĂƚĞƚŚĞƵƐĞĐĂŶďĞŝĚĞŶƚŝĨŝĞĚǁŝƚŚĐĞƌƚĂŝŶƚLJ͘ dŚĞŵĂƐƐŐƌĂĚŝŶŐŝƐƉůĂŶŶĞĚƚŽďĞŐŝŶĂŶĚĐŽŶĐůƵĚĞǁŝƚŚŝŶŽŶĞĐŽŶƐƚƌƵĐƚŝŽŶƐĞĂƐŽŶ͘ ĂƐĞĚŽŶĐŽŶĨŽƌŵĂŶĐĞǁŝƚŚĂůůĐƌŝƚĞƌŝĂƉƌĞƐĞŶƚĞĚĨŽƌ/hWĂƉƉƌŽǀĂůĂŶĚĚŽĐƵŵĞŶƚĂƚŝŽŶŽĨĂƐƚĂďůĞ ĞdžĐĂǀĂƚŝŽŶďLJĂůŝĐĞŶƐĞĚƉƌŽĨĞƐƐŝŽŶĂůŐĞŽůŽŐŝƐƚ͕ĂŶĚŐƌĂĚŝŶŐƉůĂŶƐĚĞǀĞůŽƉĞĚďLJĂůŝĐĞŶƐĞĚƉƌŽĨĞƐƐŝŽŶĂů ĞŶŐŝŶĞĞƌ͖ǁĞĂƌĞƌĞƋƵĞƐƚŝŶŐĂƉƉƌŽǀĂůŽĨƚŚŝƐ/hWĂƉƉůŝĐĂƚŝŽŶŽŶďĞŚĂůĨŽĨƚŚĞƉƌŽƉĞƌƚLJŽǁŶĞƌ͘ ^ŝŶĐĞƌĞůLJ͕ dLJůĞƌDĂŶĚůĞƌ͕W͘͘ t^нDĂƐƐĞLJŶŐŝŶĞĞƌŝŶŐ (/(9$7,21&+$1*((;+,%,7 6&$/(,1)((7 QDUURZEDQGDWVRLW HDVHPHQWIRU538VR DSSHDUV\RXKDYHDV UHWDLQLQJZDOOULJKWDW 52:"OLNHO\QHHGDW WKHERXQGDU\"ODUJH PXFKDV RIILOODW LVREYLRXVZKDW\RX FXWWLQJ " DUHWLHLQJRXWWR"LW RIIVHWDWPLQLPXP ZRXOGQHHGWREH PLQLPXP WKDWPXFK 3XEOLF:RUNV&RPPHQWV&',83 3XEOLF:RUNV&RPPHQWV&',83 52&+(67(50,11(627$ 3(%%/(&5((. 3XEOLF:RUNV&RPPHQWV&',83 87,/,7<48$/,7</(9(/ D^^'Z/E'W>E^d&KZ /2&$7,210$3 1( 6( 7 52&+(67(50,11(627$ 3(%%/(&5((. *(1(5$/127(6 dƵƌďŝĚŽƌƐĞĚŝŵĞŶƚͲůĂĚĞŶǁĂƚĞƌƐƌĞůĂƚĞĚƚŽĚĞǁĂƚĞƌŝŶŐŽƌďĂƐŝŶĚƌĂŝŶĂŐĞ;Ğ͘Ő͕͘ƉƵŵƉĞĚĚŝƐĐŚĂƌŐĞƐ͕ƚƌĞŶĐŚͬĚŝƚĐŚ d,>Kd/KEK&hEZ'ZKhEEKsZ,&/>/d/^KZ^dZhdhZ^^^,KtEKEd,W>E^Z ĂŵŽƵŶƚ͕ĨŝŶĚŝŶŐƐŽĨŝŶƐƉĞĐƚŝŽŶƐ͕ĐŽƌƌĞĐƚŝǀĞĂĐƚŝŽŶƐƚĂŬĞŶ;ŝŶĐůƵĚŝŶŐĚĂƚĞƐĂŶĚƚŝŵĞƐͿ͕ĂŶĚĚŽĐƵŵĞŶƚĂƚŝŽŶŽĨĂŶLJƐƚƵĐĐŽ͕ƉĂŝŶƚ͕ĨŽƌŵƌĞůĞĂƐĞŽŝůƐ͕ĐƵƌŝŶŐĐŽŵƉŽƵŶĚƐĂŶĚŽƚŚĞƌĐŽŶƐƚƌƵĐƚŝŽŶŵĂƚĞƌŝĂůƐͿƌĞů ĂƚĞĚƚŽƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶ ĨĨĞĐƚŝǀĞĐŽŶƚĂŝŶŵĞŶƚŝƐƌĞƋƵŝƌĞĚĨŽƌĂůůůŝƋƵŝĚĂŶĚƐŽůŝĚǁĂƐƚĞŐĞŶĞƌĂƚĞĚďLJǁĂƐŚŽƵƚŽƉĞƌĂƚŝŽŶƐ;Ğ͘Ő͕͘ĐŽŶĐƌĞƚĞ͕ ĞƌŽƐŝŽŶĐŽŶƚƌŽůĚĞǀŝĐĞƐ͘/ĨĚĂŵĂŐĞĚŽƌŝŶĞĨĨĞĐƚŝǀĞĞƌŽƐŝŽŶĐŽŶƚƌŽůĚĞǀŝĐĞƐĂƌĞĚŝƐĐŽǀĞƌĞĚ͕ƚŚĞLJƐŚĂůůďĞƌĞƉĂŝƌĞĚ KDW>dKZKZZd͘d,ZDz/d/KE>hEZ'ZKhEEKsZ,hd/>/d/^EKd^,KtE dŚĞĐŽŶƚƌĂĐƚŽƌƐŚĂůůŝŶƐƉĞĐƚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶƐŝƚĞŽŶĐĞĞǀĞƌLJƐĞǀĞŶĚĂLJƐĂŶĚǁŝƚŚŝŶϮϰŚŽƵƌƐĂĨƚĞƌƌĂŝŶĞǀĞŶƚƐ^KEs/>>ZKZ^dd,d/Dd,W>E^tZWZWZEZEKd'hZEddK ŝŶĨĞĂƐŝďůĞ͘WĞƌŵŝƚƚĞĞƐŵĂLJĚĞǁĂƚĞƌƚŽƐƵƌĨĂĐĞǁĂƚĞƌƐŝĨƚŚĞLJǀŝƐƵĂůůLJĐŚĞĐŬƚŽĞŶƐƵƌĞĂĚĞƋƵĂƚĞƚƌĞĂƚŵĞŶƚŚĂƐ ŽŶƐƚƌƵĐƚŝŽŶŽĨƐŝůƚĨĞŶĐĞĂŶĚĂůůŽƚŚĞƌĞƌŽƐŝŽŶĐŽŶƚƌŽůŵĞĂƐƵƌĞƐƐŚĂůůďĞĐŽŵƉůĞƚĞďĞĨŽƌĞŽƚŚĞƌĐŽŶƐƚƌƵĐƚŝŽŶdŚĞĐŽŶƚƌĂĐƚŽƌƐŚĂůůŵĂŝŶƚĂŝŶŝŶƐƉĞĐƚŝŽŶƌĞĐŽƌĚƐ͕ǁŚŝĐŚŝŶĐůƵĚĞĚĂƚĞĂŶĚƚŝŵĞŽĨŝŶƐƉĞĐƚŝŽ ŶƐ͕ĚĂƚĞƐŽĨƌĂŝŶĨĂůů ďĞĞŶŽďƚĂŝŶĞĚĂŶĚŶƵŝƐĂŶĐĞĐŽŶĚŝƚŝŽŶƐ;ƐĞĞDŝŶŶ͘Z͘ϳϬϱϬ͘ϬϮϭϬ͕ƐƵďƉ͘ϮͿǁŝůůŶŽƚƌĞƐƵůƚĨƌŽŵƚŚĞĚŝƐĐŚĂƌŐĞ͘ ƌŽƐŝŽŶĂŶĚƐĞĚŝŵĞŶƚĐŽŶƚƌŽůŵĞĂƐƵƌĞƐƐŚŽǁŶĂƌĞŵŝŶŝŵƵŵ͕ĂŶĚĂĚĚŝƚŝŽŶĂůŵĞĂƐƵƌĞƐŵƵƐƚďĞŝŶƐƚĂůůĞĚĂƐ ĐƵƚƐĨŽƌĚƌĂŝŶĂŐĞͿŵƵƐƚĚŝƐĐŚĂƌŐĞƚŽĂƚĞŵƉŽƌĂƌLJŽƌƉĞƌŵĂŶĞŶƚƐĞĚŝŵĞŶƚďĂƐŝŶŽŶƚŚĞƉƌŽũĞĐƚƐŝƚĞƵŶůĞƐƐ KEdZdKZdKZYh^d'KW,Z^ddKE>>WZ/KZdKd,^dZdK&EzKE^dZhd/KEdK dŝŵĞƌĞĂĂŶZĞŵĂŝŶKƉĞŶtŝƚŚŽƵƚĞŝŶŐĐƚŝǀĞůLJtŽƌŬĞĚ dƵƌĨĞƐƚĂďůŝƐŚŵĞŶƚŽƌƚĞŵƉŽƌĂƌLJƐĞĞĚŝŶŐŽĨĂůůĞdžƉŽƐĞĚƐŽŝůŶŽƚďĞŝŶŐĂĐƚŝǀĞůLJǁŽƌŬĞĚƐŚĂůůďĞƐƚĂďŝůŝnjĞĚ͗ dZD/Ed,yd>Kd/KEK&>>&/>/d/^EdKWZKs/YhdWZKdd/KEK&^/ hƐĞƉŚĂƐĞĚĐŽŶƐƚƌƵĐƚŝŽŶǁŚĞŶĞǀĞƌƉƌĂĐƚŝĐĂůĂŶĚĞƐƚĂďůŝƐŚƚƵƌĨĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞƚŽŵŝŶŝŵŝnjĞƐĞĚŝŵĞŶƚ ^ƉĞĐŝĂůͬ/ŵƉĂŝƌĞĚtĂƚĞƌ KEd,W>Ed,dDzZYh/ZZ>Kd/KEKZZDKs>͘/d/^d,Z^WKE^//>/dzK&d, ϳĂLJƐϳĂLJƐϳĂLJƐϳĂLJƐ ϭĂLJϭĂLJ dĞŵƉŽƌĂƌLJƐƚŽĐŬƉŝůĞƐƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůƐĞĚŝŵĞŶƚĐŽŶƚƌŽůĂŶĚƚĞŵƉŽƌĂƌLJĐŽǀĞƌĂĨƚĞƌϳĚĂLJƐ͘ ƚĞŵƉŽƌĂƌLJŽƌƉĞƌŵĂŶĞŶƚĞƌŽƐŝŽŶĐŽŶƚƌŽůƉůĂŶƐŵĂĚĞĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͘ EŽƌŵĂůtĂƚĞƌ ϭϰĂLJƐϭϰĂLJƐϭϰĂLJƐϭϰĂLJƐ ϭĂLJϭĂLJ hd/>/d/^hZ/E'd,KhZ^K&tKZ<͘ ŶĞĞĚĞĚƚŽĐŽŶƚƌŽůĞƌŽƐŝŽŶĂŶĚƐĞĚŝŵĞŶƚ͘ dLJƉĞŽĨ^ůŽƉĞŽƌŝƐƚƵƌďĂŶĐĞƌĞĂ tŝƚŚŝŶϮϬϬĨĞĞƚŽĨ^ƵƌĨĂĐĞtĂƚĞƌ dKd,/ZKZ/'/E>͕/&EKdddZ d,/^Dd,K^,>>KE^/^dK&dzWϭDh>,;ϮdKEWZZͿt/d,/^E,KZ/E'^WZ /^EWd>DW&KZ/^dhZZ^:EddKEs/ZKEDEd>>z^E^/d/sZ^͘^hZ&tdZ^͕Et/d,/Ed, KD/Ed/KEt/d,DEKd^D/yϮϮͲϭϭϭ;Ϯ>^WZϭϬϬ^Y͘z͘ͿEdzWϯ^>KtZ>^&Zd/>/Z;ϴ>^WZϭϬϬ^Y͘z͘Ϳd,/^ d,/^tKZ<^,>>KE^/^dK&KWZd/KE^E^^ZzdKZW/>z^d/>/^D>>Z/d/>Z d,/^Dd,K^,>>KE^/^dK&d'KZzϯZK^/KEKEdZK>>E<d;EdhZ>EdKE>zͿ/E D/yͬ&Zd/>/ZdK>>Z^^>KWdϰ͗ϭKZ'ZdZEϰ͗ϭ^>KW^>KE'Zd,EϯϬΖ͕,/',WZ/KZ/dzZ^͕^t>>^/EKZ 'ZKhEZ^WZDEh&dhZZ^^W/&/d/KE^͘WZDEEdKsZ^,>>,sϰΗD/E/DhDdKW^K/>͕^D/y͕E/^< /d/^d,Z^WKE^//>/dzK&d,KEdZdKZdKE^hZd,d^/DEdK^EKd>sd,/^^/d͘/d/^ZYh/Zd,dd, t/d,/EϮϬϬ&dK&^hZ&tdZ^͕dKWZsEdK&&^/d^/DEdd/KEEKZdKKDW>zt/d,WZD/dZYh/ZDEd^͘ Z^K&yWK^^K/>^d,dZEKdKDW>d&KZd,t/EdZt/>>^d/>/t/d,dzWηϯDh>,;Zd/&/^ /EZ^d,d,sEhEtKZ<&KZϭϰz^͘d,/^Dd,K^,>>h^KE^>KW^K&ϯ͗ϭE>^^͘KWZdKZDh^d t&ZͿ:EddKtd>EKZ^dKZDtdZWKE^͘>>Kd,Z/^dhZZ^^,>>^d/>/t/d,dzWηϭ d,KEdZdKZ^,>>EKd/&z>>WWZKWZ/dE'/EZ/E'WZdDEd^Ehd/>/dzKDWE/^ϳϮ,KhZ^WZ/KZdK d,^/d,^EKdE^^Z/>zE^/'EdK>Ed,KEͲ^/dDdZ/>^͘d,KEdZdKZ/^Z^WKE^/>&KZ DEKd^D/yEͬKZ^Kt/d,WWZKWZ/dDEKd&Zd/>/Zt/>>h^^WZDEEdKsZ&KZ>>yWK^ DEKd>^^/&/ZK^/KEKEdZK>>E<d^,>>/EKD/Ed/KEt/d,^ zd,/dz WW>zDh>,/EhE/&KZDWddZEKsZd,/^dhZ^K/>^dK,/sD/E/DhDK&ϵϬй'ZKhEKsZ͘ E,KZ͕KZϰΗD/E/DhDdKW^K/>E^K͘ZYh/ZKE>>^>KW>KE'Zd,EϮϬϬΖKZ'ZdZd,Eϱ͘Ϭй͘ KE^dZhd/KE͘>>E^^ZzWZhd/KE^^,>>d<EdKsK/D'dKy/^d/E'hd/>/d/^͘ Dh>,͘>>yWK^^K/>^^,>>^d/>/&KZKE^dZhd/KE/^KDW>d&KZd,^^KE͘ 'Z/E'd/s/dzt,/,>K<^dZ&&/K&Ez^dZd͕>>z͕KZZ/s/^^h:ddKWWZKs> ZYh/Z>sd/KE^͕t,/,t/>>WZKDKdWK^/d/sZ/E'd,ZKh',Khdd,WZK:d^/d͘ KEdZdKZ/E^d>>^d/>/s,/>y/ddK<W^/DEddZ</E'dKD/E/DhD͘ &>Kt>/E>sd/KE^dKKd/Ed,dKWK&hZ>sd/KE^͕hE>^^EKdKd,Zt/^͘ '/EE^,>>ZD/E/EW>hEd/>&/E>^d/>/d/KE,^E^d>/^,͘ ^>KW^'ZdZd,Eϰ͗ϭZ^d>&ZKD>E^>//E'EZK^/KE͘ >>EKEͲWsZ^^,>>Z/s&KhZͲ/E,;ϰΗͿ>zZK&dKW^K/> EZ/d,KddKD^dK^d>/^,WZDEEdZK^/KEKEdZK>͘ KtEZ/DD/d>z/&hE^h/d>^K/>^ZEKhEdZ͘ KEdZdKZ/^Z^WKE^/>dKEKd/&zd,/dzEd, KE/d/KE͘EKd/&zKtEZK&EzKE&>/d^͘ ^,>>/DWKZd^h/d>DdZ/>^E͘ /E^d>>WZDEKd^W/&/d/KE^Ϯϱϳϱ͘ϯE͘ >^dϮϬϬ&dKZ/d,KddKD^͘ ZW/^d/>/d/KEDd,Kηϭ͗ ZW/^d/>/d/KEDd,KηϮ͗ZW/^d/>/d/KEDd,Kηϯ͗ ZK^/KEWZsEd/KEWZd/^͗ ZK^/KEKEdZK>>E<d͗dDWKZZzt/EdZKsZ͗ KE^dZhd/KE͘ ^Kͬ^D/y͗ 'Z/E'EKd^͗ EKd͘ EKd ϭϬ͘ϭϭ͘ϭϮ͘ ϰ͘ Ϯ͘ϯ͘ϱ͘ϲ͘ϳ͘ϴ͘ϵ͘ ϭ͘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ϱ͘ŽŶƚĂĐƚƚŚĞ&ŝƌĞDĂƌƐŚĂůƐŽĨĨŝĐĞĨŽƌƚŚĞƚƵƌŶŝŶŐƌĂĚŝƵƐƐƉĞĐŝĨŝĐĂƚŝŽŶƐĨŽƌŽƵƌ ĂƉƉĂƌĂƚƵƐ͘ dŚŝƐŶĞǁĚĞǀĞůŽƉŵĞŶƚŝƐŽƵƚƐŝĚĞŽĨŽƵƌϰͲŵŝŶƵƚĞƌĞƐƉŽŶƐĞĂƌĞĂĂŶĚƚŚĞ/^KƌĂƚŝŶŐŝƐϮ͘ & ! !!!"" ! 52&+(67(53$5.$1'5(&5($7,21 '(3$570(17 5()(55$/&200(176)250 '$7( 0D\ 72 &RPPXQLW\'HYHORSPHQW 5( 3HEEOH&UHHN &'3ODW $FUHDJHRISODW««««««««««««««««««« 1XPEHURIGZHOOLQJXQLWV«««««««««««««« 'HQVLW\IDFWRU«««««««««««««««««««« 'HGLFDWLRQ«««««««««««««««««««««DFUHV )DLUPDUNHWYDOXHRIODQG««««««««««««««« 3$5.'(',&$7,215(48,5(0(176 7KHFXUUHQWSODWLVUHVSRQVLEOHIRUDFUHVRISDUNODQGGHGLFDWLRQ7KHSUHYLRXVILYH x 3HEEOH&UHHNSODWVDUHUHVSRQVLEOHIRUDFUHV VHHVXPPDU\EHORZ ,QWRWDO3HEEOH &UHHNZLOOEHUHVSRQVLEOHIRUDFUHVRIGHGLFDWLRQ7KH3HEEOH&UHHN)RXUWKSODW GHGLFDWHGDFUHVRISDUNODQGWRWKH&LW\ZKLFKZLOOEHWUDQVIHUUHGEDFNWRWKH GHYHORSHULQH[FKDQJHIRUSDUNODQGGHGLFDWLRQDVSDUWRIWKHFXUUHQWSODW 3DUNVWDIIDUHLQJHQHUDODJUHHPHQWZLWKWKHORFDWLRQVRIWKHSDUNVVKRZQLQWKHSODW x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Ϭ͛ϭϲϬ͛ϯϮϬ͛ 5RFKHVWHU565& /2&$7,210$3 Z^ZWƌŽƉĞƌƚLJ ϭϱϴ͘ϮϭĐƌĞƐ Z^ZWƌŽƉĞƌƚLJ ϭϱϴ͘ϮϭĐƌĞƐ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iŕŕĺŘťŪIJĖťĖôŜ ±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a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Ƒ &20,1*6221 'URQHVDV)LUVW5HVSRQGHU ')5 RXWGRRUGURQHV LQGRRUGURQHV 6:$7GURQHV GURQHSLORWV 72'$< 'URQH3URJUDP2YHUYLHZ )LUVWGURQH ƒ &RPPXQLW\(QJDJHPHQW*UDQW $SSOLHGIRU0D\R&OLQLF ')5LPSOHPHQWDWLRQ *UDQWDSSURYHG 1RYHPEHU 'URQH3URJUDP([SDQVLRQ 0DUFK 0D\ 'URQHVDV)LUVW5HVSRQGHU ')5 Ɠ Ɣ &DVH6WXG\&KXOD9LVWD3' '521(6$6),5675(6321'(5 &DOOVUHVSRQGHGE\D'URQH 5HVSRQVH7LPHV &DOOV&OHDUHGE\D'URQH ')5$VVLVWHG$UUHVWV 3ULRULW\ ѵ Ѷ 7(&+12/2*<72675($0/,9()((' :$,9(572)/<%(<21'/,1(2) 3(50$1(17/<'2&.(''521(6 675$7(*,&$//</2&$7(' 5$3,''(3/2<0(17 &,7<:,'(6833257 6,*+7 'URQH3URJUDP([SDQVLRQ н '521(6$6),5675(6321'(56 &855(17)/((7 Ɩ ± WLPHLQIRUPDWLRQRIILFHUV :LWKWZRGRFNLQJVWDWLRQVLQWKHFLW\DGURQHZLOOEH DEOHWRUHVSRQGWRDFDOOLQOHVVWKDQWKUHHPLQXWHV KDYHPRUHGHWDLOVWRGHWHUPLQHWKHEHVWPHWKRGWR 'URQHVLQFUHDVHRIILFHUVDIHW\E\EHLQJWKHILUVWWR UHVSRQGWRFDOOVSURYLGLQJRIILFHUVZLWKDGGLWLRQDO LQIRUPDWLRQEHIRUHDUULYLQJRQVFHQH WKDW¶VIDVWHUWKDQDQRIILFHU :LWKGURQHVSURYLGLQJUHDO 5HVSRQVH7LPHV 6DIHU2XWFRPHV HVFDODWHDVLWXDWLRQ 2IILFHU6DIHW\ GH )LUVW5HVSRQGHUV" DV 'URQHV :K\ ƐƏ 'URQH3URJUDP([SDQVLRQ '521(6$6),5675(6321'(56 ƐƐ &DPHUDVZLOOEHSRLQWHGDWWKHKRUL]RQ 3ULYDF\6DIHW\&RQFHUQV 1RGURQHVZLOOEHXWLOL]HGIRUJHQHUDO FULPLQDOGURQHYLGHRLVGHOHWHG $QQXDOUHSRUWLQJWRWKH01%&$LV )OLJKWGDWDZLOOEHPDGHDYDLODEOH Ѵ͒ϙıĖIJ SUHYHQWLQJ $6$3QRODWHUWKDQVHYHQGD\V WKURXJKDWUDQVSDUHQF\SRUWDO GXULQJWUDQVLWWRFDOOORFDWLRQV 5HVSRQVLEOHXVHRIDLUVSDFH '521(6$6),5675(6321'(56 UHTXLUHGRQDOOGURQHXVH 'URQHVLQFOXGHFUDVK VXUYHLOODQFH SDUDFKXWHV Ѵ͒ϙıĖIJ 1RQ ƐƑ (QWHUSULVHIRU')5GURQHVGRFNV DSSURYDORIWKHFRQWUDFWZLWK$[RQ &RPPXQLW\(QJDJHPHQW*UDQW ')5FRYHUHGIRU\HDUV 53'LVUHTXHVWLQJ&LW\&RXQFLO Ѵ͒ϙıĖ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±6PDOO/RW DQG5 0HGLXP 'HQVLW\ 6HFWLRQ7KLVRUGLQDQFHVKDOOWDNHHIIHFWDQGEHLQIRUFHIURPDQGDIWHULWVRIILFLDO SXEOLFDWLRQDQGIURPDQGDIWHUWKHILOLQJRIDFHUWLILHGFRS\KHUHRIZLWKWKH0LQQHVRWD2IILFH RI$GPLQLVWUDWLYH+HDULQJV±0XQLFLSDO%RXQGDU\$GMXVWPHQWVWKH&DVFDGH7RZQVKLS &OHUNWKH&RXQW\$XGLWRUDQGWKH6HFUHWDU\RI6WDWH 3$66('$1'$'237('%<7+(&20021&281&,/2)7+(&,7<2) 52&+(67(50,11(627$7+,6BBBBBBBBBB'$<2)BBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 35(6,'(172)6$,'&20021&281&,/ $77(67BBBBBBBBBBBBBBBBBBBBBBBBBB &,7<&/(5. $33529('7+,6BBBBB'$<2)BBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 0$<252)6$,'&,7< 6HDORIWKH&LW\RI 5RFKHVWHU0LQQHVRWD 2UG?&'$1;