Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
May 19, 2025 Agenda Packet
! " ! " ) !(&''% *+ $ 1 ) $'< ! "+ "8$'C 0 / I A?)% J/ - H $: " "2C" # &"''% 1'C 8 7''% '8F!8)"3) 2 $ ! 5/ ˅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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¶V5HSRUW ' 0D\RU¶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±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³5&2´ VWDWHVWKDW VSHFLILHGRQVDOHLQWR[LFDWLQJOLTXRUOLFHQVHHVPD\GLVSHQVHLQWR[LFDWLQJOLTXRURIISUHPLVHV DWD&RPPXQLW\)HVWLYDOKHOGZLWKWKH&LW\RI5RFKHVWHU DQG :+(5($65&26HF E GHILQHVD³&RPPXQLW\)HVWLYDO´WRPHDQDFRPPXQLW\ HYHQWFHOHEUDWLQJWKHSHRSOHKLVWRU\IRRGFXOWXUHPXVLFRUHYHQWVRIWKH&LW\RI5RFKHVWHU DVGHFODUHGE\UHVROXWLRQRIWKH&RPPRQ&RXQFLO DQG :+(5($65&26HF F GRHVHPSRZHUWKH&LW\&RXQFLOWR³ZDLYHWKHPD[LPXP DOORZDEOHVRXQGSUHVVXUHOHYHOSURYLGHGLQVXEVHFWLRQ E RIWKLVVHFWLRQDQGUHSODFHLWZLWK DUHVWULFWLRQUHTXLULQJWKHDPSOLILHGVRXQGWRWHUPLQDWHQRODWHUWKDQ SPRQWKHGD\ RIHDFKHYHQWFRYHUHGE\WKHSHUPLW´ DQG :+(5($6WKHIRU:$5'1HLJKERUKRRG3DUN&RQFHUW ³WKH(YHQW´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¶V2IILFHRI$HURQDXWLFVDQGDUH LQFRUSRUDWHGLQWRWKLV$JUHHPHQWE\UHIHUHQFH ([KLELWV([KLELW³$´*UDQW5HTXHVW/HWWHU ([KLELW³%´&UHGLW$SSOLFDWLRQDQG([KLELW³&´&RVWVSOLWDUH DWWDFKHGDQGLQFRUSRUDWHGLQWRWKLV$JUHHPHQW *UDQWHH¶V'XWLHV *UDQWHHZLOOFRPSOHWHWKH3URMHFWLQDFFRUGDQFHZLWKWKHSODQVVSHFLILFDWLRQVDQGGHWDLOHGGHVFULSWLRQRIWKH 3URMHFWZKLFKDUHRQILOHZLWKWKH6WDWH¶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¶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¶V H[SHQGLWXUHV 7KH6WDWH¶V$XWKRUL]HG5HSUHVHQWDWLYHZLOOQRWLI\*UDQWHH¶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¶V$XWKRUL]HG5HSUHVHQWDWLYHKDV WKHVROHULJKWWRDSSURYHGLVDSSURYHRUPRGLI\DQ\VROLFLWDWLRQFRQWUDFWRUVXEFRQWUDFWVXEPLWWHGE\*UDQWHH $OOFRQWUDFWVDQGVXEFRQWUDFWVEHWZHHQ*UDQWHHDQGWKLUGSDUWLHVPXVWFRQWDLQDOODSSOLFDEOHSURYLVLRQVRIWKLV $JUHHPHQW6WDWH¶V$XWKRUL]HG5HSUHVHQWDWLYHZLOOUHVSRQGWRDVROLFLWDWLRQFRQWUDFWRUVXEFRQWUDFWVXEPLWWHG E\*UDQWHHZLWKLQWHQEXVLQHVVGD\V &RQGLWLRQVRI3D\PHQW $OOVHUYLFHVSURYLGHGE\*UDQWHHXQGHUWKLVDJUHHPHQWPXVWEHSHUIRUPHGWRWKH6WDWH¶VVDWLVIDFWLRQDVGHWHUPLQHGDW WKHVROHGLVFUHWLRQRIWKH6WDWH¶V$XWKRUL]HG5HSUHVHQWDWLYHDQGLQDFFRUGDQFHZLWKDOODSSOLFDEOHIHGHUDOVWDWHDQG ORFDOODZVRUGLQDQFHVUXOHVDQGUHJXODWLRQV7KH*UDQWHHZLOOQRWUHFHLYHSD\PHQWIRUZRUNIRXQGE\WKH6WDWHWREH XQVDWLVIDFWRU\RUSHUIRUPHGLQYLRODWLRQRIIHGHUDOVWDWHRUORFDOODZ,QDGGLWLRQ*UDQWHHZLOOQRWUHFHLYHSD\PHQW IRU$LUSRUW¶VIDLOXUHWRSDVVSHULRGLFLQVSHFWLRQVE\DUHSUHVHQWDWLYHRIWKH6WDWH¶V2IILFHRI$HURQDXWLFV $XWKRUL]HG5HSUHVHQWDWLYHV 7KH6WDWH /XNH%RXUDVVD6RXWK5HJLRQ$LUSRUWV(QJLQHHU OXNHERXUDVVD#VWDWHPQXV DQGRU %ULDQ&RQNOLQ5HJLRQDO$LUSRUW6SHFLDOLVW6U EULDQFRQNOLQ#VWDWHPQXV DWLVIDFWRU\WKH6WDWH V$XWKRUL]HG 5HSUHVHQWDWLYHZLOOFHUWLI\DFFHSWDQFHRQHDFKLQYRLFHVXEPLWWHGIRUSD\PHQW *UDQWHH¶V$XWKRUL]HG5HSUHVHQWDWLYHLV .XUW&ODXVVHQ'HSXW\$LUSRUW'LUHFWRU 0Q'27&RQWUDFW 6WDWH$XGLWV 8QGHU0LQQ6WDW% 6XEGWKH*UDQWHH¶VERRNVUHFRUGVGRFXPHQWVDQGDFFRXQWLQJSURFHGXUHVDQG SUDFWLFHVRI*UDQWHHRURWKHUSDUW\UHOHYDQWWRWKLVJUDQWDJUHHPHQWRUWUDQVDFWLRQDUHVXEMHFWWRH[DPLQDWLRQE\WKH 6WDWHDQGRUWKH6WDWH$XGLWRURU/HJLVODWLYH$XGLWRUDVDSSURSULDWHIRUDPLQLPXPRIVL[\HDUVIURPWKHHQGRIWKLV DJUHHPHQWUHFHLSWDQGDSSURYDORIDOOILQDOUHSRUWVRUWKHUHTXLUHGSHULRGRIWLPHWRVDWLVI\DOOVWDWHDQGSURJUDP UHWHQWLRQUHTXLUHPHQWVZKLFKHYHULVODWHU*UDQWHHZLOOWDNHWLPHO\DQGDSSURSULDWHDFWLRQRQDOOGHILFLHQFLHV LGHQWLILHGE\DQDXGLW *RYHUQPHQW'DWH3UDFWLFHVDQG,QWHOOHFWXDO3URSHUW\5LJKWV *RYHUQPHQW'DWD3UDFWLFHV*UDQWHHDQG6WDWHPXVWFRPSO\ZLWKWKH0LQQHVRWD*RYHUQPHQW'DWD3UDFWLFHV $FW0LQQ6WDW&KDVLWDSSOLHVWRDOOGDWDSURYLGHGE\WKH6WDWHXQGHUWKLVJUDQWDJUHHPHQWDQGDVLW DSSOLHVWRDOOGDWDFUHDWHGFROOHFWHGUHFHLYHGVWRUHGXVHGPDLQWDLQHGRUGLVVHPLQDWHGE\WKH*UDQWHHXQGHU WKLVDJUHHPHQW7KHFLYLOUHPHGLHVRI0LQQ6WDWDSSO\WRWKHUHOHDVHRIWKHGDWDUHIHUUHGWRLQWKLVFODXVH E\HLWKHU*UDQWHHRUWKH6WDWH,I*UDQWHHUHFHLYHVDUHTXHVWWRUHOHDVHWKHGDWDUHIHUUHGWRLQWKLVVHFWLRQ *UDQWHHPXVWLPPHGLDWHO\QRWLI\WKH6WDWH7KH6WDWHZLOOJLYH*UDQWHHLQVWUXFWLRQVFRQFHUQLQJWKHUHOHDVHRI WKHGDWDWRWKHUHTXHVWLQJSDUW\EHIRUHWKHGDWDLVUHOHDVHG*UDQWHH¶VUHVSRQVHWRWKHUHTXHVWVKDOOFRPSO\ZLWK DSSOLFDEOHODZ ,QWHOOHFWXDO3URSHUW\5LJKWV ,QWHOOHFWXDO3URSHUW\5LJKWV6WDWHRZQVDOOULJKWVWLWOHDQGLQWHUHVWLQDOOWKHLQWHOOHFWXDOSURSHUW\ULJKWV LQFOXGLQJFRS\ULJKWVSDWHQWVWUDGHVHFUHWVWUDGHPDUNVDQGVHUYLFHPDUNVLQWKH:RUNVDQG'RFXPHQWV FUHDWHGDQGSDLGIRUXQGHUWKLVDJUHHPHQW³:RUNV´PHDQVDOOLQYHQWLRQVLPSURYHPHQWVGLVFRYHULHV ZKHWKHURUQRWSDWHQWDEOH GDWDEDVHVFRPSXWHUSURJUDPVUHSRUWVQRWHVVWXGLHVSKRWRJUDSKV QHJDWLYHVGHVLJQVGUDZLQJVVSHFLILFDWLRQVPDWHULDOVWDSHVDQGGLVNVFRQFHLYHGUHGXFHGWRSUDFWLFH FUHDWHGRURULJLQDWHGE\*UDQWHHLWVHPSOR\HHVDJHQWVDQGVXEFRQWUDFWRUVHLWKHULQGLYLGXDOO\RUMRLQWO\ ZLWKRWKHUVLQWKHSHUIRUPDQFHRIWKLVDJUHHPHQW:RUNVLQFOXGHV'RFXPHQWV³'RFXPHQWV´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³ZRUNVPDGHIRUKLUH´*UDQWHHDVVLJQVDOOULJKWWLWOHDQGLQWHUHVWLWPD\KDYHLQWKH:RUNV DQGWKH'RFXPHQWVWR6WDWH*UDQWHHPXVWDWWKHUHTXHVWRI6WDWHH[HFXWHDOOSDSHUVDQGSHUIRUPDOORWKHU DFWVQHFHVVDU\WRWUDQVIHURUUHFRUGWKH6WDWH¶VRZQHUVKLSLQWHUHVWLQWKH:RUNVDQG'RFXPHQWV 2EOLJDWLRQV 1RWLILFDWLRQ:KHQHYHUDQ\LQYHQWLRQLPSURYHPHQWRUGLVFRYHU\ ZKHWKHURUQRWSDWHQWDEOH LV PDGHRUFRQFHLYHGIRUWKHILUVWWLPHRUDFWXDOO\RUFRQVWUXFWLYHO\UHGXFHGWRSUDFWLFHE\*UDQWHH LQFOXGLQJLWVHPSOR\HHVDQGVXEFRQWUDFWRUVLQWKHSHUIRUPDQFHRIWKLVDJUHHPHQW*UDQWHHZLOO LPPHGLDWHO\JLYH6WDWH¶V$XWKRUL]HG5HSUHVHQWDWLYHZULWWHQQRWLFHWKHUHRIDQGPXVWSURPSWO\ IXUQLVK6WDWH¶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¶VH[SHQVHIURPDQ\DFWLRQRUFODLPEURXJKWDJDLQVW6WDWHWRWKH H[WHQWWKDWLWLVEDVHGRQDFODLPWKDWDOORUSDUWRIWKH:RUNVRU'RFXPHQWVLQIULQJHXSRQWKH LQWHOOHFWXDOSURSHUW\ULJKWVRIRWKHUV*UDQWHHZLOOEHUHVSRQVLEOHIRUSD\PHQWRIDOOVXFKFODLPV GHPDQGVREOLJDWLRQVOLDELOLWLHVFRVWVDQGGDPDJHVLQFOXGLQJEXWQRWOLPLWHGWRDWWRUQH\IHHV,I VXFKDFODLPRUDFWLRQDULVHVRULQ*UDQWHH¶VRU6WDWH¶VRSLQLRQLVOLNHO\WRDULVH*UDQWHHPXVWDW 6WDWH¶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¶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¶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¶VFRQVXOWDQWVDQGFRQWUDFWRUVDUHQRWLQWHQGHGWREHWKLUG SDUW\EHQHILFLDULHVRIWKLV$JUHHPHQW %ODQN $GGLWLRQDO3URYLVLRQV 1RWZLWKVWDQGLQJVHFWLRQRIWKLVDJUHHPHQWLIDQGRUZKHQWKHVWDWHIXQGHGHTXLSPHQWSXUFKDVHGXQGHUWKLV DJUHHPHQWLVVROGRUWUDGHGLQ*UDQWHHPXVWQRWLI\6WDWH¶V$XWKRUL]HG5HSUHVHQWDWLYHDQG6WDWHZLOOEHHQWLWOHGWR UHFDSWXUHLWVVKDUHRIWKHVDOHSURFHHGV6WDWH¶VVKDUHRIWKHSURFHHGVZLOOEHHTXLYDOHQWWRWKHSHUFHQWDJHRI6WDWH¶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dΗΗ ŝƌƉŽƌƚ͗ZŽĐŚĞƐƚĞƌ/ŶƚĞƌŶĂƚŝŽŶĂůŝƌƉŽƌƚ /ĚĞŶƚ͗Z^d ^ƉŽŶƐŽƌ͗ŝƚLJŽĨZŽĐŚĞƐƚĞƌ ^ƚĂƚĞWƌŽũĞĐƚ͗ϱϱϬϭͲϮϰϯ ^ƚĂƚĞŐƌĞĞŵĞŶƚη͗ ĞƐĐƌŝƉƚŝŽŶ͗WƌŽƚĞĐŚ^ŶŽWƵƐŚĞƌ sĞƌƐŝŽŶĂƚĞ͗ ϱͬϮͬϮϬϮϱ ĞƐĐƌŝƉƚŝŽŶ ŽŶƐƚƌƵĐƚŝŽŶdŽƚĂů^ƚĂƚĞ&ƵŶĚŝŶŐZĂƚĞ^ƚĂƚĞ>ŽĐĂů Ψϭϴ͕ϱϮϴ͘ϬϬϳϬйΨϭϮ͕ϵϲϵ͘ϲϬΨϱ͕ϱϱϴ͘ϰϬ WƌŽƚĞĐŚ>ŝǀĞ ĚŐĞ^ŶŽWƵƐŚĞƌ> ϭϲ> ΨͲϬйΨͲΨͲ ΨͲϳϬйΨͲΨͲ KE^dZhd/KE^hdKd>Ψϭϴ͕ϱϮϴ͘ϬϬΨϭϮ͕ϵϲϵ͘ϲϬΨϱ͕ϱϱϴ͘ϰϬ ĞƐĐƌŝƉƚŝŽŶ ŶŐŝŶĞĞƌŝŶŐdŽƚĂů^ƚĂƚĞ>ŽĐĂů ΨͲϬйΨͲΨͲ ΨͲϳϬйΨͲΨͲ ΨͲϳϬйΨͲΨͲ E'/E Z/E'^hdKd>ΨͲΨͲΨͲ ĞƐĐƌŝƉƚŝŽŶ ĚŵŝŶŝƐƚƌĂƚŝŽŶdŽƚĂů^ƚĂƚĞ>ŽĐĂů ΨͲϬйΨͲΨͲ ΨͲϬйΨͲΨͲ ΨͲϳϬйΨͲΨͲ D/E/^dZd/KE^hdKd>ΨͲΨͲΨͲ 'ƌĂŶƚŵŽƵŶƚƐΨϭϴ͕ϱϮϴ͘ϬϬΨϭϮ͕ϵϲϵ͘ϲϬΨϱ͕ϱϱϴ͘ϰϬ 'ƌĂŶƚWĞƌĐĞŶƚĂŐĞƐϭϬϬ͘ϬϬйϳϬ͘ϬϬйϯϬ͘ϬϬй 5HY +3 )* + ! *,& $#&!$ -."# ! "$ = : ::7 *$*$$(= , ; $('( ( # $ ;#% $(# !"# $ $ %&'& ' DQG $QQ.DVHO&LW\&OHUN $SULO 'HFHPEHU :ϱϲϮϲΘ:ϱϲϰϮͲ,ĂĚůĞLJƌĞĞŬ ƐƚĂƚĞƐϱƚŚΘϲƚŚ KďƐĞƌǀĂƚŝŽŶĂŶĚKǀĞƌƐŝŐŚƚŽƐƚ ƐƚŝŵĂƚĞͲϬϯͬϮϳͬϮϬϮϱ ƉƉƌŽdžŝŵĂƚĞƉƉƌŽdžŝŵĂƚĞƉƉƌŽdžŝŵĂƚĞ tŽƌŬ /ƚĞŵKΘK&ĞĞ YƵĂŶƚŝƚLJtŽƌŬZĂƚĞ,ŽƵƌƐ ĂLJƐ WƌĞĐŽŶƐƚƌƵĐƚŝŽŶDĞĞƚŝŶŐϭ͘Ϭϴ͘ϬΨϭ͕ϮϴϬ͘ϬϬ 'ƌĂĚŝŶŐϱϬϬϬϬzϭϬϬϬϬzϱ͘ϬϰϬ͘ϬΨϲ͕ϮϬϬ͘ϬϬ dLJƉĞ^Wϵ͘ϱtĞĂƌŽƵƌƐĞŝƚƵŵŝŶŽƵƐWĂǀĞŵĞŶƚϮϭϱϬdKEϴϬϬdKEϮ͘ϳϮϭ͘ϱΨϯ͕ϯϯϮ͘ϱϬ ϭϮΗŐŐƌĞŐĂƚĞĂƐĞ͕ůĂƐƐϱϲϳϬϬdKEϮϬϬϬdKEϯ͘ϰϮϲ͘ϴΨϰ͕ϭϱϰ͘ϬϬ ϭϮΗ^ĞůĞĐƚ'ƌĂŶƵůĂƌŽƌƌŽǁϰϬϬϬzϮϬϬϬzϮ͘Ϭϭϲ͘ϬΨϮ͕ϰϴϬ͘ϬϬ 'ĞŽƚĞdžƚŝůĞ&ĂďƌŝĐdLJƉĞsϭϭϵϬϬ^zϭϬϬϬϬ^zϭ͘Ϯϵ͘ϱΨϭ͕ϰϳϱ͘ϲϬ ƵƌďĂŶĚ'ƵƚƚĞƌϲϰϬϬ>&ϭϬϬϬ>&ϲ͘ϰϱϭ͘ϮΨϳ͕ϵϯϲ͘ϬϬ ϰΗ^ŝĚĞǁĂůŬϵϬϬ>&ϭϲϬ>&ϱ͘ϲϰϱ͘ϬΨϲ͕ϵϳϱ͘ϬϬ ZW^ƚŽƌŵ^ĞǁĞƌϯϵϬϬ>&ϮϱϬ>&ϭϱ͘ϲϭϮϰ͘ϴΨϭϵ͕ϯϰϰ͘ϬϬ ^ƚŽƌŵ^ƚƌƵĐƚƵƌĞϲϭ ϲ ϭϬ͘Ϯϴϭ͘ϯΨϭϮ͕ϲϬϲ͘ϲϳ ŽŶŶĞĐƚŝŽŶƚŽ^ƚŽƌŵΘ^ĂŶŝƚĂƌLJ^ĞǁĞƌϲ ϯ Ϯ͘Ϭϭϲ͘ϬΨϮ͕ϰϴϬ͘ϬϬ ϴΗWs^ĞǁĞƌWŝƉĞϯϮϱϬ>&ϮϱϬ>&ϭϯ͘ϬϭϬϰ͘ϬΨϭϲ͕ϭϮϬ͘ϬϬ ^ĂŶŝƚĂƌLJ^ƚƌƵĐƚƵƌĞϮϰ Ϯ ϭϮ͘Ϭϵϲ͘ϬΨϭϰ͕ϴϴϬ͘ϬϬ ,LJĚƌĂŶƚϴ Ϯ ϰ͘ϬϯϮ͘ϬΨϰ͕ϵϲϬ͘ϬϬ ϲΗtĂƚĞƌŵĂŝŶϵϱ>&ϱϬ ϭ͘ϵϭϱ͘ϮΨϮ͕ϯϱϲ͘ϬϬ ϴΗtĂƚĞƌŵĂŝŶ͗ϮϯϬϬ>&ϮϱϬ>&ϵ͘Ϯϳϯ͘ϲΨϭϭ͕ϰϬϴ͘ϬϬ ϭϮΗtĂƚĞƌŵĂŝŶ͗ϵϬϬ>&ϮϱϬ>&ϯ͘ϲϮϴ͘ϴΨϰ͕ϰϲϰ͘ϬϬ ŽŶŶĞĐƚŝŽŶƚŽ džŝƐƚŝŶŐtͬDϮ Ϯ ϭ͘Ϭϴ͘ϬΨϭ͕ϮϰϬ͘ϬϬ ϲΗsĂůǀĞ͗ϴ ϲ ϭ͘ϯϭϬ͘ϳΨϭ͕ϲϱϯ͘ϯϯ ϴΗsĂůǀĞ͗ϳ ϱ ϭ͘ϰϭϭ͘ϮΨϭ͕ϳϯϲ͘ϬϬ ϭϮΗsĂůǀĞ͗ϰ ϱ Ϭ͘ϴϲ͘ϰΨϵϵϮ͘ϬϬ ϲΗWs^ƵďĚƌĂŝŶϲϰϬϬ>&ϰϬϬ>&ϭϲ͘ϬϭϮϴ͘ϬΨϭϵ͕ϴϰϬ͘ϬϬ hƚŝůŝƚLJ^ĞƌǀŝĐĞƐϱϳ ϱ ϭϭ͘ϰϵϭ͘ϮΨϭϰ͕ϭϯϲ͘ϬϬ dĞƐƚŝŶŐKǀĞƌƐŝŐŚƚϭ Ϭ͘ϱ Ϯ͘Ϭϭϲ͘ϬΨϮ͕ϰϴϬ͘ϬϬ ŶŐŝŶĞĞƌΖƐKǀĞƌƐŝŐŚƚĂŶĚŽĐƵŵĞŶƚĂƚŝŽŶϮ͘Ϭϭϲ͘ϬΨϮ͕ϱϲϬ͘ϬϬ &ŝŶĂůdĞƐƚŝŶŐZĞƉŽƌƚŝŶŐĂŶĚŽĐƵŵĞŶƚĂƚŝŽŶϮ͘Ϭϭϲ͘ϬΨϮ͕ϱϲϬ͘ϬϬ DĂƚĞƌŝĂůƐ&ŝĞůĚdĞƐƚŝŶŐͲ>ƵŵƉ^ƵŵΨϭϰ͕ϮϬϬ͘ϬϬ dŽƚĂůϭϯϳϭϬϵϯΨϭϴϯ͕ϴϰϵ ' E Z>KE/d/KE^ d ZDK&KEdZd͕K>/'d/KE^ $57,&/( dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĞĨĨĞĐƚŝǀĞƵƉŽŶƚŚĞůĂƚĞƌŽĨƚŚĞĚĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌƵƉŽŶĞdžĞĐƵƚŝŽŶĂŶĚĂƉƉƌŽǀĂůďLJ $ ďŽƚŚƉĂƌƚŝĞƐ͘dŚŝƐŽŶƚƌĂĐƚǁŝůůƌĞŵĂŝŶŝŶĞĨĨĞĐƚƵŶƚŝůƚŚĞ džƉŝƌĂƚŝŽŶĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌƵŶƚŝůĂůů ŽďůŝŐĂƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĨƵůĨŝůůĞĚ͘ &ŽƌĚĞůĂLJƐĞŶĐŽƵŶƚĞƌĞĚƚŚĂƚĂƌĞďĞLJŽŶĚ E'/E Z͛ƐĐŽŶƚƌŽů͕ĂŶĚƵƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚĨƌŽŵ E'/E Z͕ƚŚĞ/dzΖƐ % ƵƚŚŽƌŝnjĞĚŐĞŶƚŵĂLJĞdžƚĞŶĚƚŚĞtŽƌŬŽŵƉůĞƚŝŽŶĂƚĞĞƐƚĂďůŝƐŚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞůĞŶŐƚŚ ŽĨƐƵĐŚƚŝŵĞĞdžƚĞŶƐŝŽŶǁŝůůďĞĚĞƚĞƌŵŝŶĞĚďLJƚŚĞ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚ͘ /ƚǁŝůůďĞ E'/E Z͛ƐƌĞƐƉŽŶƐŝďŝůŝƚLJƚŽƌĞĂƐŽŶĂďůLJŶŽƚŝĨLJ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ŝŶǁƌŝƚŝŶŐ͕ŝĨ E'/E ZŚĂƐƌĞĂƐŽŶƚŽ & ďĞůŝĞǀĞƚŚĞƉƌŽũĞĐƚǁŝůůŶŽƚďĞĐŽŵƉůĞƚĞĚĂƐƐĐŚĞĚƵůĞĚ͘/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚLJƚŽĂĚũƵƐƚƚŚĞ ƐĐŚĞĚƵůĞĂŶĚĨŝŶĂůĐŽƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐƵĐŚĚĞůĂLJƐ͕ĂƐƉƌŽǀŝĚĞĚŝŶƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͘ ŶŐŝŶĞĞƌƐŚĂůůĨƵƌŶŝƐŚĂůůŵĂƚĞƌŝĂůƐ͕ĂůůŶĞĐĞƐƐĂƌLJƚŽŽůƐĂŶĚĞƋƵŝƉŵĞŶƚ͕ĂŶĚƉĞƌĨŽƌŵĂůůǁŽƌŬĂŶĚůĂďŽƌŶĞĐĞƐƐĂƌLJƚŽ ' ĚĞƚĞƌŵŝŶĞŽŶƚƌĂĐƚŽƌ͛ƐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞWƌŽũĞĐƚĐŽŶƐŝƐƚĞŶƚǁŝƚŚŝƚLJĚĞƐŝŐŶƐƉĞĐŝĨŝĐĂƚŝŽŶƐĂŶĚ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂƉƉƌŽǀĞĚĐŝǀŝůĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶƐĨŽƌƚŚĞWƌŽũĞĐƚ͘ /dzƌĞĐŽŐŶŝnjĞƐƚŚĂƚ E'/E ZƉƌŽǀŝĚĞĚƐĞƌǀŝĐĞƐƚŽƚŚĞKǁŶĞƌƵŶĚĞƌĂŝƚLJͲKǁŶĞƌĐŽŶƚƌĂĐƚĂƵƚŚŽƌŝnjŝŶŐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶ ( ŽĨƚŚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐĨŽƌǁŚŝĐŚĐŽŶƐƚƌƵĐƚŝŽŶŝŶƐƉĞĐƚŝŽŶĂŶĚŽďƐĞƌǀĂƚŝŽŶƐĞƌǀŝĐĞƐĂƌĞďĞŝŶŐƌĞƋƵĞƐƚĞĚ͘/dzǁĂŝǀĞƐĂŶLJ ĂŶĚĂůůĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚƌŝŐŚƚƐĂŐĂŝŶƐƚ E'/E ZƌĞůĂƚŝǀĞƚŽƚŚŝƐĂƌƌĂŶŐĞŵĞŶƚ͘ 'Ks ZE/E'>t͕:hZ/^/d/KE͕Es Eh $57,&/( dŚŝƐŽŶƚƌĂĐƚƐŚĂůůďĞŐŽǀĞƌŶĞĚďLJĂŶĚĐŽŶƐƚƌƵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞůĂǁƐŽĨƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͘sĞŶƵĞĨŽƌĂůůůĞŐĂů $ ƉƌŽĐĞĞĚŝŶŐƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞŝŶƚŚĞĂƉƉůŝĐĂďůĞƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶ KůŵƐƚĞĚŽƵŶƚLJĂŶĚDŝŶŶĞƐŽƚĂƌĞƐƉĞĐƚŝǀĞůLJ͘ d ZD^K&' E Z>KE/d/KE^ $57,&/( ŶLJĂŶĚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨŽƌĐĞƵŶůĞƐƐƚŚĞLJĂƌĞƐƉĞĐŝĨŝĐĂůůLJĂŶĚĚĞůŝďĞƌĂƚĞůLJ $ ĐĂŶĐĞůĞĚŽƌŵŽĚŝĨŝĞĚďLJƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŽƚŚĞĞdžƚĞŶƚŽĨĂŶLJŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ % ǁŝůůĐŽŶƚƌŽů͘DŝŶŶĞƐŽƚĂ>ĂǁƐƵƉĞƌƐĞĚĞƐĂŶLJŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ d ZD^K&WzD Ed $57,&/( ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůLJƐƵƉƉůŝĞĚďLJ $ E'/E ZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďLJ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ Zd/> ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂLJŵĞŶƚ͘͟ /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶLJƚŝŵĞƚŚĂƚ E'/E ZǁŝůůĞdžĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ % ŽŶƚƌĂĐƚ͕ E'/E ZŵƵƐƚŶŽƚŝĨLJ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůLJŵĂŶŶĞƌ͘ E'/E ZŵĂLJŶŽƚďĞ ĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞdžĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůLJĞdžĞĐƵƚĞĚ͕ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶLJǁŽƌŬƉĞƌĨŽƌŵĞĚďĞLJŽŶĚƚŚĂƚŝĚĞŶƚŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌǁƌŝƚƚĞŶ ĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďLJ/dzŵĂLJďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌLJĂŶĚ E'/E ZŵĂLJŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌƚŚĞĞdžƚƌĂ ǁŽƌŬ͘ /Ĩ E'/E ZĐůĂŝŵƐĂŶLJŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌŽƚŚĞƌĐŽŶĚŝƚŝŽŶƐĞdžŝƐƚƚŚĂƚƌĞƋƵŝƌĞĞdžƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐ & ŽŶƚƌĂĐƚ͕ E'/E ZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶLJĞdžƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϮϬĂůĞŶĚĂƌĚĂLJƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶ ŽƌŽďƐĞƌǀĂŶĐĞŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďLJƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ ŶLJĐůĂŝŵŵĂĚĞĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂLJďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶLJǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶ ĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůLJĂƉƉƌŽǀĞĚĂŶĚĞdžĞĐƵƚĞĚďLJƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚ E'/E ZΖƐŽǁŶƌŝƐŬ͘ ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞdžƉĞŶƐĞƐĂĐƚƵĂůůLJĂŶĚŶĞĐĞƐƐĂƌŝůLJŝŶĐƵƌƌĞĚďLJ E'/E ZĂƐĂƌĞƐƵůƚŽĨ ' ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞdžĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ E'/E ZŵĂLJďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞdžƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͕ĂŶĚŝĚĞŶƚŝĨŝĞĚŝŶ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ƌƚŝĐůĞϯ͘ WZK hZ &KZWzD Ed $57,&/( WĂLJŵĞŶƚƐǁŝůůďĞŵĂĚĞďLJ/dzǁŝƚŚŝŶϯϬĚĂLJƐŽĨ E'/E Z͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨƉƌŽƉĞƌůLJƉƌĞƉĂƌĞĚŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐ $ ƌĞƉŽƌƚƐĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘/dzƐŚĂůůŶŽƚŝĨLJ E'/E ZŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂLJƐŽĨ E'/E Z͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞLJďĞůŝĞǀĞƚŚĞƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůLJƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐǁĞƌĞ ŶŽƚƉƌŽƉĞƌůLJƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽŶƚƌĂĐƚ͘ /ŶǀŽŝĐĞƐĨŽƌƉĂLJŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďLJ E'/E ZŵŽŶƚŚůLJƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚŝŶƚŚĞĨŽƌŵƉƌĞƐĐƌŝďĞĚďLJ % /dz͘/ŶǀŽŝĐĞƐƐŚŽƵůĚŝĚĞŶƚŝĨLJƚŚĞƉƌŽũĞĐƚĂŶĚƚŚĞĐŽƐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚĂŶĚ ŵƵƐƚƐĂƚŝƐĨLJƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ ϭ͘ ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůLJŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐ ĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚ E'/E ZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚ ĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶLJƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚƉĂLJŵĞŶƚ͘ ϯ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌLJĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝnjĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐĂƌĞƉƌŽƉĞƌůLJ ĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌLJĐŽƐƚƐĂƌĞĂŶLJĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐĚŝƌĞĐƚůLJƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬ ŽĨƚŚĞ E'/E Z͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ ϰ͘ E'/E ZŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ ŝƌĞĐƚƐĂůĂƌLJĐŽƐƚƐŽĨĞŵƉůŽLJĞĞƐΖƚŝŵĞĚŝƌĞĐƚůLJĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ D dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂLJƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨLJŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽLJĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂLJ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂLJŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂLJƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽLJĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ E ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽLJĞĞΖƐŶĂŵĞ͕ŚŽƵƌůLJ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂLJƉĞƌŝŽĚ͘ ϱ͘ E'/E ZŵƵƐƚƉƌŽǀŝĚĞĂĐŽƉLJŽĨƚŚĞŝŶǀŽŝĐĞƚŚĞLJĨŽƌǁĂƌĚĞĚƚŽƚŚĞĐŝƚLJƚŽƚŚĞĚĞǀĞůŽƉĞƌĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐ͘ dŚŝƐĚŽĐƵŵĞŶƚƐŚŽƵůĚďĞĐůĞĂƌĞĚƐƚĂƚĞĚƚŚĂƚŝƚ͛ƐĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐŽŶůLJ͘ /Ĩ E'/E ZŝƐĂƵƚŚŽƌŝnjĞĚďLJ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶLJƐƵďĐŽŶƐƵůƚĂŶƚƐ͕ E'/E ZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ & ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶLJƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŽŶƚƌĂĐƚ͕ĂŶĚ E'/E ZŵƵƐƚĐŽŵƉůLJǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůLJƉĂLJŵĞŶƚďLJ E'/E ZŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͛Ɛ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂLJŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞƐƵď ĐŽŶƐƵůƚĂŶƚŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ E'/E ZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ' ĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzD Ed $57,&/( &ŽƌĂůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďLJ E'/E ZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞ ŶŐŝŶĞĞƌƐŚĂůůŵĂŝŶƚĂŝŶŝƚƐĞƚŚŝĐĂůĂŶĚ $ ůĞŐĂůĚƵƚLJŽĨĂƉƌŽĨĞƐƐŝŽŶĂůƚŽĞdžĞƌĐŝƐĞƚŚĞůĞǀĞůŽĨĐĂƌĞ͕ĚŝůŝŐĞŶĐĞ͕ĂŶĚƐŬŝůůƉƌĞƐĐƌŝďĞĚŝŶƚŚĞĐŽĚĞŽĨƉƌĂĐƚŝĐĞŽĨŚŝƐŽƌŚĞƌ ƉƌŽĨĞƐƐŝŽŶ͕ŽƌĂƐŽƚŚĞƌƉƌŽĨĞƐƐŝŽŶĂůƐŝŶƚŚĞƐĂŵĞĚŝƐĐŝƉůŝŶĞǁŽƵůĚŝŶƚŚĞƐĂŵĞŽƌƐŝŵŝůĂƌĐŝƌĐƵŵƐƚĂŶĐĞƐ͘dŚĞ E'/E Z ƐŚĂůůĐŽŵƉůLJǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďLJĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵ E'/E Z͛ƐƐĞƌǀŝĐĞƐ͘ E'/E ZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂLJŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ % ƌĞŐƵůĂƚŝŽŶƐ͘ ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďLJƉƌŽŐƌĞƐƐƉĂLJŵĞŶƚƐŵĂĚĞďLJ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚLJŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ & ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐ E'/E ZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂLJŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶLJĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞ E'/E Z͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞLJŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ ƐŚĂůůŝŶĚĞŵŶŝĨLJ E'/E ZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐ E'/E ZĂŶŽŶͲĞdžĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞ ĞdžƚĞŶƚŽĨƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/E ZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶLJǁĂLJƚŽƌĞůŝĞǀĞ E'/E ZĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐĞƌǀŝĐĞƐ ' ĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞdžĐĞĞĚƚŚĂƚŝƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ E'/E ZŝƐŶŽƚĂƵƚŚŽƌŝnjĞĚƚŽĚŝƌĞĐƚƚŚĞǁŽƌŬŽĨŽŶƚƌĂĐƚŽƌ͕ƵŶůĞƐƐŝƚLJŝƐŐŝǀĞŶƐƵĐŚĂƵƚŚŽƌŝƚLJ͕ŝŶǁƌŝƚŝŶŐ͕ďLJKǁŶĞƌ͘ ( E'/E ZĐŽŵŵƵŶŝĐĂƚŝŽŶƐŚĂůůďĞĚŝƌĞĐƚůLJǁŝƚŚKǁŶĞƌ͛ƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞ;ŽŶƐƚƌƵĐƚŝŽŶĨŽƌĞŵĞŶŽƌƐƵƉĞƌŝŶƚĞŶĚĞŶƚŽƌ ŽƚŚĞƌŵĞŵďĞƌŝĚĞŶƚŝĨŝĞĚĂƐWƌŽũĞĐƚDĂŶĂŐĞƌͿ͕ĂŶĚƚŽŝƚLJ ŶŐŝŶĞĞƌŽƌŚŝƐĚĞƐŝŐŶĞĞ͘ ^^/'ED Ed $57,&/(ŝƐ ŽŶƚƌĂĐƚ͘ ĐŽƉLJŽĨĂŶLJĂŶĚĂůůƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚƐŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚĂĨƚĞƌĞdžĞĐƵƚŝŽŶŽĨƚŚĞƐƵď % ĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽǁŽƌŬƐƚĂƌƚŝŶŐƵŶĚĞƌƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚ͘ D ED Ed^͕,E' KZ Z^͕D Z' Z͕KhEd ZWZd^͕Et/s Z $57,&/( ŵĞŶĚŵĞŶƚƐƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĐŽŶƐŝĚĞƌĞĚŽŶůLJĨŽƌƵŶĨŽƌĞƐĞĞŶǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŚĂƚǁĞƌĞĞdžĐůƵĚĞĚŝŶƚŚĞ^ĐŽƉĞŽĨ $ tŽƌŬ͕ĞŶƚŝƚůĞĚ͞ĞƚĂŝůĞĚ^ĐŽƉĞŽĨtŽƌŬ͕͟ĂŶĚƚŚĂƚĂƌĞĐŽŶƐŝĚĞƌĞĚĞƐƐĞŶƚŝĂůƚŽƚŚĞǁŽƌŬ͘ŶLJǁƌŝƚƚĞŶĐůĂŝŵŵĂĚĞďLJ E'/E ZĨŽƌĞdžƚƌĂǁŽƌŬŽƌĐŽƐƚƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐďĞĞŶĂƉƉƌŽǀĞĚďLJƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚŵƵƐƚďĞ ĞǀŝĚĞŶĐĞĚďLJĂŶĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚ͘ŵĞŶĚŵĞŶƚƐŵƵƐƚďĞŝŶǁƌŝƚŝŶŐĂŶĚĞdžĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚďLJƚŚĞƐĂŵĞ ƉĂƌƚŝĞƐĂŶĚŽĨĨŝĐŝĂůƐǁŚŽĞdžĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚƚŚĞŽƌŝŐŝŶĂůŽŶƚƌĂĐƚ͕ŽƌƚŚĞŝƌƐƵĐĐĞƐƐŽƌƐŝŶŽĨĨŝĐĞ͘ E'/E ZŵƵƐƚŶŽƚŝĨLJ /dz͛ƐWƌŽũĞĐƚDĂŶĂŐĞƌŝŶǁƌŝƚŝŶŐŝĨ E'/E ZǁŝůůďĞĚĞůĂLJĞĚŝŶĂŶLJǁĂLJĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂLJďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ % ŽĨ E'/E Z͘ŶLJĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůLJĂŶĚĨƵůůLJĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďLJďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ & ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚLJƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďLJďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůLJŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘ E'/E Z͕ ďLJƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝnjĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďLJĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞ E'/E ZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďLJŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚŵĂLJďĞĞdžĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ' ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞŽŶƚƌĂĐƚ͘ KDW>/E t/d,>/ E^ ^͕W ZD/d^͕EKd, ZZ 'h>d/KE^ $57,&/( E'/E ZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ĐĞƌƚŝĨŝĐĂƚŝŽŶƐ͕ĞĚƵĐĂƚŝŽŶ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌLJƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐ $ ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/ ^E/Ed >> dh>WZKW Zdz $57,&/( dŚĞDŝŶŶĞƐŽƚĂ'ŽǀĞƌŶŵĞŶƚĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ $ ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ ŶLJƌĞƉŽƌƚƐ͕ƐƚƵĚŝĞƐ͕ƉŚŽƚŽŐƌĂƉŚƐ͕ŶĞŐĂƚŝǀĞƐ͕ŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐĐƌĞĂƚĞĚĂŶĚƉĂŝĚĨŽƌďLJ E'/E ZŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ % ŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂƌĞŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞŝŶƌĞƐƉĞĐƚƚŽ E'/E Z͛ƐƐĞƌǀŝĐĞƐĂŶĚĂƌĞƚŚĞĞdžĐůƵƐŝǀĞ ƉƌŽƉĞƌƚLJŽĨ/dz͘ E'/E ZŵƵƐƚƌĞŵŝƚĂůůƐƵĐŚŵĂƚĞƌŝĂůƐƚŽ/dzƵƉŽŶĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞ /dzǁŝůůŝŶĚĞŵŶŝĨLJ E'/E ZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵĂŶLJƌĞƵƐĞŽĨƐƵĐŚŵĂƚĞƌŝĂůƐďĞLJŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞŝƚLJƐŚĂůůŐƌĂŶƚƚŚĞ E'/E ZĂŶŽŶͲĞdžĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞĞdžƚĞŶƚŽĨƚŚĞ/dzΖƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/E ZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ E'/E ZǁĂŝǀĞƐĂůůĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞ/dzƌĞƐƵůƚŝŶŐŝŶĂŶLJǁĂLJĨƌŽŵĂŶLJƌĞƵƐĞŽĨ ƚŚĞ E'/E Z͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŝƌĞĐƚĞĚďLJ/dz͕ƚŚĞŽƌŝŐŝŶĂůƐŽĨƌĞƉŽƌƚƐ͕ƚĞƐƚƐ͕ĚƌĂǁŝŶŐƐĂŶĚƉůĂŶƐ͖ĂŶĚůĞŐŝďůLJƌĞƉƌŽĚƵĐŝďůĞĐŽƉŝĞƐŽĨ & ǁŽƌŬƐŚĞĞƚƐ͕ĨŝĞůĚŶŽƚĞƐ͕ĐŽŵƉƵƚĂƚŝŽŶƐ͕ƉŚŽƚŽƐ͕ƚĞƐƚƌĞƐƵůƚƐ͕ĂŶĚŽƚŚĞƌƉƌŽũĞĐƚĚĂƚĂŵƵƐƚďĞƌĞůŝŶƋƵŝƐŚĞĚƚŽ/dz͗ ϭ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ Ϯ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĨŝĐĂƚŝŽŶďLJ/dz͘ ϯ͘WƌŝŽƌƚŽĨŝŶĂůƉĂLJŵĞŶƚďLJ/dzƚŽ E'/E ZĨŽƌƚŚŝƐŽŶƚƌĂĐƚ͘ ͘EŽƚǁŝƚŚƐƚĂŶĚŝŶŐƚŚĞĂďŽǀĞƉĂƌĂŐƌĂƉŚƐ͕ǁŽƌŬƉĂƉĞƌƐ͕ƉƌŽƉƌŝĞƚĂƌLJŝŶĨŽƌŵĂƚŝŽŶ͕ƉƌŽĐĞƐƐĞƐ͕ŵĞƚŚŽĚŽůŽŐŝĞƐ͕ŬŶŽǁͲŚŽǁĂŶĚ ƐŽĨƚǁĂƌĞ;͞ E'/E ZĂƚĂ͟ͿƉƌĞǀŝŽƵƐůLJďĞůŽŶŐŝŶŐŽƌůŝĐĞŶƐĞĚƚŽ E'/E ZĂŶĚƵƐĞĚƚŽƉĞƌĨŽƌŵ E'/E Z͛ƐƐĞƌǀŝĐĞƐƐŚĂůů ƌĞŵĂŝŶƚŚĞƉƌŽƉĞƌƚLJŽĨ E'/E Z͘ E'/E ZƐŚĂůůƌĞƚĂŝŶĂŶŽǁŶĞƌƐŚŝƉĂŶĚƉƌŽƉĞƌƚLJŝŶƚĞƌĞƐƚƚŚĞƌĞŝŶ;ŝŶĐůƵĚŝŶŐƚŚĞĐŽƉLJƌŝŐŚƚ ĂŶĚƚŚĞƌŝŐŚƚŽĨƌĞƵƐĞĂƚƚŚĞĚŝƐĐƌĞƚŝŽŶŽĨƚŚĞ E'/E ZͿ͕ǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞWƌŽũĞĐƚŝƐĐŽŵƉůĞƚĞĚ͘dŽƚŚĞĞdžƚĞŶƚƚŚĞƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚďLJ E'/E ZĐŽŶƚĂŝŶ E'/E ZĂƚĂ͕ E'/E ZŚĞƌĞďLJŐƌĂŶƚƐƚŽ/dzĂŶŽŶͲĞdžĐůƵƐŝǀĞ͕ŶŽŶͲĂƐƐŝŐŶĂďůĞ͕ƌŽLJĂůƚLJͲ ĨƌĞĞ͕ŝƌƌĞǀŽĐĂďůĞůŝĐĞŶƐĞƚŽƵƐĞƐƵĐŚ E'/E ZĂƚĂĨŽƌƚŚĞƉƵƌƉŽƐĞƐƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͕ƐƵďũĞĐƚƚŽƚŚĞĨŽůůŽǁŝŶŐůŝŵŝƚĂƚŝŽŶƐ͗ ƐƵĐŚ E'/E ZĂƚĂĂƌĞŶŽƚŝŶƚĞŶĚĞĚŽƌƌĞƉƌĞƐĞŶƚĞĚƚŽďĞƐƵŝƚĂďůĞĨŽƌƵƐĞŽƌƌĞƵƐĞďLJ/dzŽŶĞdžƚĞŶƐŝŽŶŽĨƚŚĞWƌŽũĞĐƚŽƌ ŽŶĂŶLJŽƚŚĞƌƉƌŽũĞĐƚǁŝƚŚŽƵƚǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďLJ E'/E ZĂŶĚĂŶLJƐƵĐŚƌĞƵƐĞŽƌŵŽĚŝĨŝĐĂƚŝŽŶŽĨƚŚĞ E'/E ZĂƚĂǁŝƚŚŽƵƚƚŚĞǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďLJ E'/E ZƐŚĂůůďĞĚŽŶĞĂƚ/dz͛ƐƐŽůĞƌŝƐŬĂŶĚǁŝƚŚŽƵƚ ůŝĂďŝůŝƚLJƚŽ E'/E Z͘ >//>/dz $57,&/( 'ĞŶĞƌĂůͲ,ĂǀŝŶŐĐŽŶƐŝĚĞƌĞĚƚŚĞƉŽƚĞŶƚŝĂůůŝĂďŝůŝƚŝĞƐƚŚĂƚŵĂLJĞdžŝƐƚĚƵƌŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ^ĞƌǀŝĐĞƐ͕ƚŚĞďĞŶĞĨŝƚƐ $ ŽĨƚŚĞƉƌŽũĞĐƚ͕ĂŶĚƚŚĞ E'/E Z͛ƐĨĞĞĨŽƌƚŚĞ^ĞƌǀŝĐĞƐ͕ĂŶĚŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞƉƌŽŵŝƐĞƐĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ /dzĂŶĚ E'/E ZĂŐƌĞĞƚŽĂůůŽĐĂƚĞĂŶĚůŝŵŝƚƐƵĐŚůŝĂďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐƌƚŝĐůĞ͘ /ŶĚĞŵŶŝĨŝĐĂƚŝŽŶͲ E'/E ZĂŶĚ/dz;ƚŚĞ͞/ŶĚĞŵŶŝĨLJŝŶŐWĂƌƚLJ͟ͿƐŚĂůůďĞůŝĂďůĞĨŽƌŝƚƐŽǁŶŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐĂŶĚ % ŽŵŝƐƐŝŽŶƐƚŽƚŚĞĞdžƚĞŶƚƉƌŽǀŝĚĞĚďLJůĂǁĂŶĚƐƵďũĞĐƚƚŽƚŚĞ/dz͛ƐĐĂƉŽŶŵƵŶŝĐŝƉĂůƚŽƌƚůŝĂďŝůŝƚLJƵŶĚĞƌDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ ^ĞĐƚŝŽŶϰϲϲ͘Ϭϰ͕ĂŶĚŚĞƌĞďLJĂŐƌĞĞƐƚŽĚĞĨĞŶĚ͕ŝŶĚĞŵŶŝĨLJ͕ĂŶĚŚŽůĚŚĂƌŵůĞƐƐƚŚĞŽƚŚĞƌ;͞ƚŚĞ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚLJ͟Ϳ͕ĨƌŽŵ ĂŶLJůŝĂďŝůŝƚLJ͕ĚĂŵĂŐĞƐ͕ĂŶĚĐŽƐƚƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞŶĞŐůŝŐĞŶƚĂĐƚƐŽĨ E'/E ZĂŶĚ/dzĂŶĚĂŶLJŽŶĞĨŽƌǁŚŽƐĞŶĞŐůŝŐĞŶƚ ĂĐƚƐƚŚĞLJŵĂLJďĞůŝĂďůĞĨŽƌŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚŝĐŚƚŚĞ/ŶĚĞŵŶŝĨŝĞĚ WĂƌƚLJ͕ŝƚƐŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽLJĞĞƐŵĂLJŚĞƌĞĂĨƚĞƌƐƵƐƚĂŝŶ͕ŝŶĐƵƌŽƌďĞƌĞƋƵŝƌĞĚƚŽƉĂLJƚŽƚŚĞĨƵůůĞĨĨĞĐƚƉƌŽǀŝĚĞĚďLJ DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϯϯϳ͕ƚŽƚŚĞĞdžƚĞŶƚƚŚĞ E'/E ZĂŶĚ/dzĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐƵĐŚůŝĂďŝůŝƚLJ͕ĐŽƐƚƐ͕ĚĂŵĂŐĞƐ͕ ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞLJƐ͛ĨĞĞƐ͘/ŶƚŚĞĞǀĞŶƚĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌĞdžƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďLJƚŚĞũŽŝŶƚŽƌ ĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨ E'/E ZĂŶĚ/dz͕ƚŚĞLJƐŚĂůůďĞďŽƌŶĞďLJĞĂĐŚƉĂƌƚLJŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ ^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚŝƐŽŶƚƌĂĐƚŝƐ & ƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶLJƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ tKZ< Z^ΖKDW E^d/KE $57,&/( ŶLJĂŶĚĂůůĞŵƉůŽLJĞĞƐŽĨ E'/E Z͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ $ ĂŶLJǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďLJ E'/E ZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽLJĞĞƐŽĨ/dz͘ŶLJĂŶĚĂůů ĐůĂŝŵƐƚŚĂƚŵĂLJĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽLJĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐ ǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶLJĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďLJĂŶLJƚŚŝƌĚƉĂƌƚLJĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶLJĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨ E'/E ZΖƐĞŵƉůŽLJĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽĞŶŐĂŐĞĚŽŶĂŶLJŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶŶŽǁĂLJ ďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨ/dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞ ǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂLJĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚ E'/E Z͘ KE^ $57,&/( dŚŝƐƌƚŝĐůĞŝƐŚĞƌĞďLJĚĞůĞƚĞĚ͘ /E^hZE $57,&/( ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞĨŽƌĞĂĐŚƚLJƉĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĨŝůĞĚǁŝƚŚƚŚĞ/dz͛ƐƵƚŚŽƌŝnjĞĚ $ ŐĞŶƚƉƌŝŽƌƚŽĞdžĞĐƵƚŝŽŶŽĨƚŚĞŽŶƚƌĂĐƚďLJŝƚLJ͘ ĂĐŚƉŽůŝĐLJŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ /dzĂϯϬͲĚĂLJŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ E'/E ZŵƵƐƚŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌLJĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗ % ϭ͘ E'/E ZƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƐŝƐƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌLJ ĨŽƌƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐďLJ E'/E ZĂŶĚŝƚƐĞŵƉůŽLJĞĞƐ͘ Ϯ͘dŚĞ E'/E ZƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐƐĞƉĂƌĂƚĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĞŶĚŽƌƐĞŵĞŶƚƐĨŽƌĞĂĐŚƐƵďĐŽŶƐƵůƚĂŶƚ͘ E'/E ZƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐĨƌŽŵŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ ϯ͘tŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͗ E'/E ZǁŝůůƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌĂůů E'/E Z ĞŵƉůŽLJĞĞƐĂŶĚ͕ŝŶĐĂƐĞĂŶLJǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕ E'/E ZǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌLJƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/dzŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ ͕ ŵƉůŽLJĞƌ͛Ɛ>ŝĂďŝůŝƚLJ͕ĂƚůŝŵŝƚƐŶŽƚůĞƐƐƚŚĂŶΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůLJŝŶũƵƌLJďLJĚŝƐĞĂƐĞƉĞƌĞŵƉůŽLJĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůLJ ŝŶũƵƌLJďLJĚŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůLJŝŶũƵƌLJďLJĂĐĐŝĚĞŶƚ͘ ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͚ƐŝŶƐƵƌĂŶĐĞƐŚĂůů ďĞĨŝůĞĚǁŝƚŚƚŚĞ E'/E Z͘ ϰ͘ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚLJ͗ E'/E ZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐ E'/E ZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌ ďŽĚŝůLJŝŶũƵƌLJ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚLJ ĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂLJĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďLJ E'/E ZŽƌďLJĂƐƵďĐŽŶƐƵůƚĂŶƚŽƌďLJĂŶLJŽŶĞĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJĞŵƉůŽLJĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ E'/E Z͛Ɛ ůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞƐŚĂůůďĞƉƌŝŵĂƌLJƚŽĂŶLJůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďLJƚŚĞŝƚLJ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶ ƚŚŝƐŽŶƚƌĂĐƚ͕ E'/E Z͛ƐŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ D Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ E /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ ŽĚŝůLJ/ŶũƵƌLJĂŶĚWƌŽƉĞƌƚLJĂŵĂŐĞ D WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚLJ E ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚLJ F EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ G ϱ͘ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚLJ͗ E'/E ZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐ E'/E ZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐ ĨŽƌďŽĚŝůLJŝŶũƵƌLJ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌ ƉƌŽƉĞƌƚLJĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂLJĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďLJ E'/E ZŽƌďLJƐƵďĐŽŶƐƵůƚĂŶƚŽƌďLJĂŶLJŽŶĞĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJĞŵƉůŽLJĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞ E'/E ZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞůŝŵŝƚĨŽƌŽĚŝůLJ/ŶũƵƌLJĂŶĚWƌŽƉĞƌƚLJĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ ϲ͘WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞ͗ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ E'/E ZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌĐůĂŝŵ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ dŚŝƐƉŽůŝĐLJǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐ E'/E ZǁŝůůďĞĐŽŵĞůĞŐĂůůLJŽďůŝŐĂƚĞĚƚŽƉĂLJƌĞƐƵůƚŝŶŐĨƌŽŵĂŶLJ ĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽ E'/E ZΖƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͘ E'/E ZŵƵƐƚ͗ & ϭ͘/ŶĐůƵĚĞůĞŐĂůĚĞĨĞŶƐĞĨĞĞƐŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐůŝĂďŝůŝƚLJƉŽůŝĐLJůŝŵŝƚƐ͕ǁŝƚŚƚŚĞĞdžĐĞƉƚŝŽŶŽĨWƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞ ĂďŽǀĞ͖ĂŶĚ Ϯ͘KďƚĂŝŶŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨƌŽŵĂŶŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶLJŚĂǀŝŶŐĂŶΗD ^dΗƌĂƚŝŶŐŽĨͲs///ŽƌďĞƚƚĞƌ͘ /dzƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůLJƌĞƐĐŝŶĚƚŚŝƐŽŶƚƌĂĐƚŝĨ E'/E ZŝƐŶŽƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŝŶƐƵƌĂŶĐĞ ' ƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶLJůĞŐĂůƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚ E'/E Z͘hƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚďLJƚŚĞ/dzΖƐ ƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůůďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵĂLJďĞƌĞƋƵĞƐƚĞĚ͘ >/s Z> ^dEZ^ $57,&/( /dzǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚLJƚŽĚŝƐĂƉƉƌŽǀĞŽƌƌĞũĞĐƚƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƚŚĂƚĂƌĞĚĞĨĞĐƚŝǀĞ͘ E'/E ZǁŝůůďĞ $ ƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐLJŽĨŝƚƐǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂŶĚŵƵƐƚŵĂŬĞƚŝŵĞůLJƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐǁŝƚŚŽƵƚ ĐŽŵƉĞŶƐĂƚŝŽŶƌĞƐƵůƚŝŶŐĨƌŽŵĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽŶƚŚĞƉĂƌƚŽĨ E'/E Z͘dŚĞƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚƚŽ/dz ďLJ E'/E ZŵƵƐƚďĞŽĨƐƵĐŚƋƵĂůŝƚLJƚŚĂƚƚŚĞLJĂƌĞƐƵŝƚĂďůĞĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ͘ E'/E Z͛ƐƐĞƌǀŝĐĞƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĂŐƌĞĞĚƚŽŝŶĂŶƚŝĐŝƉĂƚŝŽŶŽĨƚŚĞŽƌĚĞƌůLJĂŶĚ % ĐŽŶƚŝŶƵŽƵƐƉƌŽŐƌĞƐƐŽĨƚŚĞWƌŽũĞĐƚƚŚŽƵŐŚĐŽŵƉůĞƚŝŽŶ͘hŶůĞƐƐƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐĨŽƌƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐĂƌĞƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ E'/E Z͛ƐŽďůŝŐĂƚŝŽŶƚŽƌĞŶĚĞƌƐĞƌǀŝĐĞƐŚĞƌĞƵŶĚĞƌǁŝůůďĞĨŽƌĂƉĞƌŝŽĚǁŚŝĐŚŵĂLJ ƌĞĂƐŽŶĂďůLJďĞƌĞƋƵŝƌĞĨŽƌƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƐĂŝĚƐĞƌǀŝĐĞƐ͘ /ĨŝŶƚŚŝƐŽŶƚƌĂĐƚƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞĨŽƌƌĞŶĚĞƌŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐĞƚĨŽƌƚŚŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐďLJǁŚŝĐŚƐĞƌǀŝĐĞƐĂƌĞƚŽďĞ & ĐŽŵƉůĞƚĞĚĂƌĞƉƌŽǀŝĚĞĚ͕ĂŶĚŝĨƐƵĐŚƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌĚĂƚĞƐĂƌĞĐŚĂŶŐĞĚƚŚƌŽƵŐŚŶŽĨĂƵůƚŽĨ E'/E Z͕ƚŚĞƌĂƚĞƐĂŶĚ ĂŵŽƵŶƚƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽǀŝĚĞĚĨŽƌŚĞƌĞŝŶƐŚĂůůďĞƐƵďũĞĐƚƚŽĞƋƵŝƚĂďůĞĂĚũƵƐƚŵĞŶƚ͘/Ĩ/dzŚĂƐƌĞƋƵĞƐƚĞĚĐŚĂŶŐĞƐŝŶ ƚŚĞƐĐŽƉĞ͕ĞdžƚĞŶƚ͕ŽƌĐŚĂƌĂĐƚĞƌŽĨƚŚĞWƌŽũĞĐƚ͖ƚŚĞƚŝŵĞŽĨƉĞƌĨŽƌŵĂŶĐĞŽĨ E'/E Z͛ƐƐĞƌǀŝĐĞƐƐŚĂůůďĞĂĚũƵƐƚĞĚĞƋƵŝƚĂďůLJ͘ EĞŝƚŚĞƌƉĂƌƚLJǁŝůůďĞŚĞůĚƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞůĂLJŽƌĨĂŝůƵƌĞƚŽƉĞƌĨŽƌŵǁŚĞŶƐƵĐŚĚĞůĂLJŽƌĨĂŝůƵƌĞŝƐĚƵĞƚŽĂŶLJŽĨƚŚĞ ' ĨŽůůŽǁŝŶŐ͕ƵŶůĞƐƐƚŚĞĂĐƚŽƌŽĐĐƵƌƌĞŶĐĞĐŽƵůĚŚĂǀĞďĞĞŶƌĞĂƐŽŶĂďůLJĨŽƌĞƐĞĞŶĂŶĚƌĞĂƐŽŶĂďůĞĂĐƚŝŽŶĐŽƵůĚŚĂǀĞďĞĞŶ ƚĂŬĞŶƚŽƉƌĞǀĞŶƚƚŚĞĚĞůĂLJŽƌĨĂŝůƵƌĞ͗ĨŝƌĞ͕ĨůŽŽĚ͕ĞƉŝĚĞŵŝĐ͕ƐƚƌŝŬĞƐ͕ǁĂƌƐ͕ĂĐƚƐŽĨ'ŽĚ͕ƵŶƵƐƵĂůůLJƐĞǀĞƌĞǁĞĂƚŚĞƌ͕ŽƌĚĞůĂLJƐ ŽƌĚĞĨĂƵůƚƐĐĂƵƐĞĚďLJƉƵďůŝĐĐĂƌƌŝĞƌƐ͕ƉƌŽǀŝĚĞĚƚŚĞĚĞĨĂƵůƚŝŶŐƉĂƌƚLJŐŝǀĞƐǁƌŝƚƚĞŶŶŽƚŝĐĞĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞƚŽƚŚĞŽƚŚĞƌ ƉĂƌƚLJŽĨŝƚƐŝŶĂďŝůŝƚLJƚŽƉĞƌĨŽƌŵ͘ &ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐŽŶƚƌĂĐƚƚŚĞƚĞƌŵ͞ĚĂLJ͟ŵĞĂŶƐĂĐĂůĞŶĚĂƌĚĂLJŽĨϮϰŚŽƵƌƐ͘ ( Ed/dZh^d $57,&/( $ ƌĞƐƵůƚŝŶŐĨƌŽŵ E'/E ZΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬ ďLJ/dzǁŝůůŶŽƚƌĞůŝĞǀĞ E'/E ZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶLJĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌ ĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶLJĂŵďŝŐƵŝƚŝĞƐ͘ /ĨŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂƌĞŵĂĚĞďLJ E'/E ZŝŶĂŶLJƉŚĂƐĞŽĨƚŚĞǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨǁŚŝĐŚŵĂLJ % ƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕ E'/E ZǁŝůůďĞƉƌŽŵƉƚůLJŶŽƚŝĨŝĞĚďLJ/dzĂŶĚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƐƵĐŚ ĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂLJďĞŶĞĐĞƐƐĂƌLJƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂLJĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘/ĨƚŚĞ E'/E ZŝƐĂǁĂƌĞŽĨĂŶLJŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞŝŶĂŶLJƉŚĂƐĞ ŽĨŝƚƐǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶƐŽĨǁŚŝĐŚŵĂLJƌĞƋƵŝƌĞĂŶLJĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕ E'/E ZŵƵƐƚƉƌŽŵƉƚůLJƉĞƌĨŽƌŵ ƐƵĐŚĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂLJďĞŶĞĐĞƐƐĂƌLJƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂLJĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘ E'/E ZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶLJĚĂŵĂŐĞƐŝŶĐƵƌƌĞĚĂƐĂƌĞƐƵůƚŽĨŝƚƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂŶĚĨŽƌĂŶLJ & ůŽƐƐŽƌĐŽƐƚƚŽƌĞƉĂŝƌŽƌƌĞŵĞĚLJ E'/E ZΖƐĞƌƌŽƌƐ͕ŽŵŝƐƐŝŽŶƐŽƌŶĞŐůŝŐĞŶƚĂĐƚƐ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬďLJ/dzǁŝůůŶŽƚ ƌĞůŝĞǀĞ E'/E ZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶLJƐƵĐŚŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐ͕ŽƌŽĨ ůŝĂďŝůŝƚLJĨŽƌůŽƐƐŽƌĚĂŵĂŐĞƌĞƐƵůƚŝŶŐƚŚĞƌĞĨƌŽŵ͘ E'/E ZŵƵƐƚƌĞƐƉŽŶĚƚŽ/dzΖƐŶŽƚŝĐĞŽĨĂŶLJĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŝŶƌĞĂƐŽŶĂďůĞƚŝŵĞĂŶĚŐŝǀĞŝŵŵĞĚŝĂƚĞ ' ĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŽƌƌĞĐƚŝŽŶƐƚŽŵŝŶŝŵŝnjĞĂŶLJĚĞůĂLJƐƚŽƚŚĞ E'/E Z͘ /^Whd Z ^K>hd/KE $57,&/( DĞĚŝĂƚŝŽŶ͘ŶLJĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐLJŽƌĚŝƐƉƵƚĞĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞƐƵďũĞĐƚƚŽŶŽŶͲďŝŶĚŝŶŐŵĞĚŝĂƚŝŽŶĂƐ $ ĂĐŽŶĚŝƚŝŽŶƉƌĞĐĞĚĞŶƚƚŽƚŚĞŝŶƐƚŝƚƵƚŝŽŶŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐďLJĞŝƚŚĞƌƉĂƌƚLJ͘dŚĞŵĞĚŝĂƚŝŽŶƐŚĂůůďĞ ĐŽŶĚƵĐƚĞĚŝŶKůŵƐƚĞĚŽƵŶƚLJ͕DŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂŝǀŝůDĞĚŝĂƚŝŽŶĐƚ͕DŝŶŶ͘^ƚĂƚ͘ϱϳϮ͘ϯϭ͕ Ğƚ͕͘ƐĞƋ͘ŶLJĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐLJŽƌĚŝƐƉƵƚĞŶŽƚƌĞƐŽůǀĞĚďLJŵĞĚŝĂƚŝŽŶŵĂLJďĞƚŚĞƐƵďũĞĐƚŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐ ĨŝůĞĚďLJĞŝƚŚĞƌƉĂƌƚLJ͘dŚĞůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐŵƵƐƚďĞǀĞŶƵĞĚŝŶKůŵƐƚĞĚŽƵŶƚLJ͕DŝŶŶĞƐŽƚĂ͘dŚĞƉĂƌƚŝĞƐ ǁĂŝǀĞĂůůƌŝŐŚƚƐƚŽĂŶĚĐůĂŝŵƐĨŽƌŵŽŶĞƚĂƌLJĂǁĂƌĚƐŽƚŚĞƌƚŚĂŶĐŽŵƉĞŶƐĂƚŽƌLJĚĂŵĂŐĞƐ͘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³&RQWUDFW´ 7+,6$*5((0(17PDGHWKLVBBBBGD\RIBBBBBBBBB &LW\RI5RFKHVWHU EHWZHHQWKHD0LQQHVRWDPXQLFLSDOFRUSRUDWLRQ KHUHLQDIWHU ³&LW\´ )DUPODQG//& UHIHUUHGWRDVD0LQQHVRWDOLPLWHGOLDELOLW\FRPSDQ\ KHUHLQDIWHU UHIHUUHGWRDV³2ZQHU´ DQG 'H&RRN([FDYDWLQJ,QF D0LQQHVRWDFRUSRUDWLRQ KHUHLQDIWHUUHIHUUHGWRDV³&RQWUDFWRU´ DQG :LGVHWK6PLWK1ROWLQJ $VVRFLDWHV KHUHLQDIWHUUHIHUUHGWRDV³'HVLJQ ,QFGED:LGVHWK D0LQQHVRWDFRUSRUDWLRQ (QJLQHHU´ DQGWRJHWKHU2ZQHU&RQWUDFWRUDQG'HVLJQ(QJLQHHUVKDOOKHUHLQDIWHU ³´ FROOHFWLYHO\EHUHIHUUHGWRDVWKH3DUWLHVXQGHUWKHJHQHUDOWHUPVDQGFRQGLWLRQVRIWKLV &RQWUDFW :,71(66(7+7+$7:+(5($6 2ZQHURZQVUHDOSURSHUW\SODWWHGDV2XWORWV$% &+DGOH\&UHHN2XWORWV EHLQJUHSODWWHGLQWRISUHSDUHGE\'HVLJQ(QJLQHHU ³3XEOLF ,PSURYHPHQWVWR6HUYH+DGOH\&UHHN JHQHUDOO\UHIHUUHGWRDV ±-´ (VWDWHV6L[WK KHUHLQDIWHU- WKHSODQFRYHUVKHHWVIRUVDLG µ$¶ -DQG-GHSLFWHGIRUUHIHUHQFHDVDWWDFKHG([KLELWDQG ³3URMHFW´ KHUHLQDIWHUFROOHFWLYHO\UHIHUUHGWRDVWKH ϭ &LW\LVZLOOLQJWRJUDQW2ZQHUSHUPLVVLRQWRSHUIRUPWKHSXEOLFLPSURYHPHQWV ZRUNIRUWKH3URMHFWXWLOL]LQJ&RQWUDFWRUDWLWVRZQFRVWDQGH[SHQVH XQOHVV RWKHUZLVHVSHFLILFDOO\QRWHGKHUHLQ DQGVXEMHFWWRWKHWHUPVDQGFRQGLWLRQV KHUHLQLQFOXGLQJIXOOFRPSOLDQFHZLWKWKHDSSURYHGFLYLOFRQVWUXFWLRQSODQVIRU UHIHUUHGWRDV³´ WKH3URMHFW KHUHLQDIWHU3URMHFW3ODQV DQGLQDGKHUHQFHWRWKH &LW\¶V 6WDQGDUG'HVLJQ6SHFLILFDWLRQV 12:7+(5()25(LWLVKHUHE\PXWXDOO\DJUHHGEHWZHHQ&LW\DQG3DUWLHVDV IROORZV 2:1(5¶6 63(&,),&2%/,*$7,216 , 2ZQHU¶V $GDP3OHVFKRXUW:LGVHWK UHSUHVHQWDWLYHZLOOVHUYHDV D ³´ 3URMHFW0DQDJHUIRUWKH3URMHFW7KH3URMHFW0DQDJHULVUHVSRQVLEOHIRU DOOFRRUGLQDWLRQRIWKHZRUNHOHPHQWVLQFOXGLQJ3URMHFWFORVHRXW 2ZQHUKDVE\VHSDUDWHGRFXPHQWUHWDLQHGWKHSURIHVVLRQDOVHUYLFHVRI E ³*HRWHFKQLFDO3URIHVVLRQDO´ &KRVHQ9DOOH\7HVWLQJ KHUHLQDIWHUWR KHUHLQDIWHU³5HSRUW´ SUHSDUHD*HRWHFKQLFDO5HSRUWIRUWKH3URMHFW2ZQHU LVREOLJDWHGWRPDNHWKHUHVXOWVRIVDLG5HSRUWDYDLODEOHWRWKH&LW\DQGLWV GHVLJQHHVIRUWKHSXUSRVHRIHYDOXDWLQJWKHGHVLJQRIWKH3URMHFWHOHPHQWV &RQWUDFWRU¶V 2ZQHUVKDOORYHUVHHWKHFRPSOHWLRQRIDOO3URMHFWZRUN F ³ 'HFHPEHU HOHPHQWVE\KHUHLQDIWHUUHIHUUHGWRDV&RPSOHWLRQ ´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³2EVHUYDWLRQ(QJLQHHU´ :LGVHWK KHUHLQDIWHUUHIHUUHGWRDV 2YHUVLJKW KDVEHHQUHWDLQHGE\&LW\WKURXJKDVHSDUDWHDUUDQJHPHQWWRSHUIRUP FRQVWUXFWLRQREVHUYDWLRQDQGRYHUVLJKWIRUWKH3URMHFW&RQFXUUHQWZLWK 2ZQHU¶V¶V H[HFXWLRQRIWKLV&RQWUDFW2ZQHURU2ZQHUUHSUHVHQWDWLYHVKDOO 2ZQHU¶V SD\WR&LW\WKHDPRXQWRIUHSUHVHQWLQJILQDQFLDO REOLJDWLRQUHODWHGWRREVHUYDWLRQDQGRYHUVLJKWVHUYLFHVIRUWKH3URMHFWWKDW DUHWREHSHUIRUPHGE\2EVHUYDWLRQ 2YHUVLJKW(QJLQHHU2ZQHUVKDOOKDYH QRRWKHUILQDQFLDOREOLJDWLRQUHODWHGWRFRQVWUXFWLRQREVHUYDWLRQDQG RYHUVLJKWIRUWKH3URMHFWVXEMHFWWRWKHZRUNHOHPHQWVIRUWKH3URMHFWEHLQJ FRPSOHWHGE\&RPSOHWLRQ'DWHLQWKHHYHQWWKHREVHUYDWLRQDQGRYHUVLJKW Ϯ H[SHQVHVIRUWKH3URMHFWDVGRFXPHQWHGE\2EVHUYDWLRQDQG2YHUVLJKW (QJLQHHUDQGDSSURYHGE\&LW\DUHOHVVWKDQWKHDPRXQWVSHFLILHGDERYH 2ZQHU¶V DQGFROOHFWHGIURP2ZQHU&LW\ZLOOUHLPEXUVHUHSUHVHQWDWLYHZKR &LW\¶V PDGHLQLWLDOSD\PHQWWKHQHWGLIIHUHQFHXSRQFRQILUPDWLRQWKDWDOO DSSOLFDEOHH[SHQVHVLQFXUUHGE\2EVHUYDWLRQ 2YHUVLJKW(QJLQHHUKDYH EHHQFODLPHGYHULILHGDQGSDLGE\&LW\ 2ZQHUVKDOOQRWSURYLGHZRUNGLUHFWLRQRULQWHUIHUHZLWK2EVHUYDWLRQ H 2YHUVLJKW(QJLQHHUSHUIRUPLQJLWVGXWLHVUHODWHGWRWKH3URMHFW,QWKHHYHQW (QJLQHHU¶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ϯ )DLOXUHWRGRHYHU\WKLQJUHTXLUHGE\WKLV&RQWUDFWDVLWSHUWDLQVWRWKH K 2ZQHU¶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ϰ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¶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ϱ &RQWUDFWRU¶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ϳ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¶ FRPSHQVDWLRQ,QWKHHYHQWWKDWDOORUDSRUWLRQRIWKHZRUN FRQWHPSODWHGE\WKLV&RQWUDFWVKDOOEHGRQHE\&RQWUDFWRUWKURXJK VXEFRQWUDFWRUVLWVKDOOEHWKHUHVSRQVLELOLW\RI&RQWUDFWRUWR GHWHUPLQHDQGUHTXLUHWKDWVXFKVXEFRQWUDFWRUVPDLQWDLQDXWRPRELOH DQGZRUNHU¶VFRPSHQVDWLRQLQVXUDQFHDVVHWIRUWKDERYHDQGWKDW FHUWLILFDWHVWRWKLVHIIHFWDUHILOHGZLWKWKH&LW\&OHUN&RQWUDFWRUVKDOO DOVRHQVXUHWKDWLWVVXEFRQWUDFWRUVDUHDZDUHRIDQGDELGHE\WKH SURYLVLRQVRIWKH&LW\2ZQHU&RQWUDFW,QVSHFWLRQVDQG$SSURYDOV UHTXLUHPHQWV$OOSROLFLHVRILQVXUDQFHVKDOOEHHQGRUVHGLQGLFDWLQJ WKDWLQWKHHYHQWRIFDQFHOODWLRQRUWHUPLQDWLRQRIDQ\LQVXUDQFH ERYHGHVFULEHG&LW\RI5RFKHVWHULVWRUHFHLYHWKLUW\GD\V¶ZULWWHQ D QRWLFHRIWKHLQVXUDQFHFRPSDQ\RUFRPSDQLHV¶LQWHQWLRQWRFDQFHORU WHUPLQDWHDQ\SROLF\SROLFLHVRUDQ\SRUWLRQWKHUHRI,IDQ\LQVXUDQFH FHUWLILFDWHLQGLFDWHVWKHSROLF\ZLOOH[SLUHSULRUWRWKHHQGRIWKH PDLQWHQDQFHSHULRG&RQWUDFWRUDQG2ZQHUVKDOOSURYLGHQHZ FHUWLILFDWH V RILQVXUDQFHSULRUWRWKHH[SLUDWLRQGDWHLQGLFDWHGRQWKH RULJLQDOFHUWLILFDWH V DQGLQDQ\HYHQWVKDOOPDLQWDLQLQVXUDQFH GXULQJVXFKPDLQWHQDQFHSHULRG )DLOXUHWRGRHYHU\WKLQJUHTXLUHGE\WKLV&RQWUDFWPD\EHXVHGDVD EDVLVIRUGHQ\LQJ&RQWUDFWRUWKHRSSRUWXQLW\WRFRQVWUXFWRWKHUSXEOLF LPSURYHPHQWSURMHFWVZLWKLQWKH&LW\ (1*,1((5¶6 '(6,*163(&,),&2%/,*$7,216 ,9 6WDQGDUGRI&DUH,QSHUIRUPDQFHRILWVGXWLHV'HVLJQ(QJLQHHUVKDOO D PDLQWDLQLWVHWKLFDODQGOHJDOGXW\RIDSURIHVVLRQDOWRH[HUFLVHWKHOHYHORI FDUHGLOLJHQFHDQGVNLOOSUHVFULEHGLQWKHFRGHRISUDFWLFHRIKLVRUKHU SURIHVVLRQRUDVRWKHUSURIHVVLRQDOVLQWKHVDPHGLVFLSOLQHZRXOGLQWKH VDPHRUVLPLODUFLUFXPVWDQFHV 'HVLJQ(QJLQHHUVKDOOPDLQWDLQ(UURUV 2PLVVLRQV,QVXUDQFHIRUDOORILWV E GHVLJQSODQDQGVSHFLILFDWLRQSUHSDUDWLRQDQGUHFRUGGUDZLQJVUHODWHGWR WKH3URMHFW7KHPLQLPXPDJJUHJDWHFRYHUDJHVKDOOEHQRWOHVVWKDQ ϴ 'HVLJQ(QJLQHHUVKDOOSURYLGHUHFRUGGUDZLQJVIRUDOO3URMHFWUHODWHGSXEOLF F LQIUDVWUXFWXUHDQGFULWLFDOJUDGLQJHOHPHQWV6DLGUHFRUGGUDZLQJVVKDOOEH SURYLGHGWR&LW\LQDIRUPDWDFFHSWDEOHWRWKH&LW\(QJLQHHU )DLOXUHWRGRHYHU\WKLQJUHTXLUHGE\WKLV&RQWUDFWPD\EHXVHGDVDEDVLVIRU G GHQ\LQJ'HVLJQ(QJLQHHUWKHRSSRUWXQLW\WRSHUIRUPRWKHUHQJLQHHULQJ VHUYLFHVIRUSXEOLFLQIUDVWUXFWXUHZLWKLQWKH&LW\RI5RFKHVWHU &2175$&7'2&80(176 7KHFRQWUDFWGRFXPHQWVIRUWKH3URMHFWZKLFK 9 DUHPDGHDSDUWKHUHRIWRWKHVDPHH[WHQWDVLIIXOO\VHWIRUWKKHUHLQ FRQVLVWRIWKLV&RQWUDFWWKHDSSURYHG3URMHFW3ODQVDQGWKH&LW\RI 5RFKHVWHU¶V 6WDQGDUGVIRU6WUHHWDQG8WLOLW\&RQVWUXFWLRQLQHIIHFWDWWKHWLPHRI FRQWUDFWH[HFXWLRQDOORIZKLFKDUHLQFRUSRUDWHGKHUHLQE\UHIHUHQFH:RUN VKDOOQRWFRPPHQFHRQWKH3URMHFWXQWLOWKH3URMHFW3ODQVKDYHEHHQDSSURYHG DQGWKHVHDSSURYHG3URMHFW3ODQVDQGVSHFLILFDWLRQVIRUWKH3URMHFWDUH RQILOHZLWKWKH&LW\(QJLQHHU$QRQVLWHPHHWLQJEHWZHHQ2ZQHU &LW\¶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¶V HVWDEOLVKHGE\WKLV&RQWUDFW$FFHSWDQFHRIWKHZRUNVKDOOEH (QJLQHHU¶V PHPRULDOL]HGE\WKH&LW\H[HFXWLRQRIDVHSDUDWH&LW\$FFHSWDQFH DQH[DPSOH$FFHSWDQFHLVSURYLGHGIRUUHIHUHQFHRQWKHDWWDFKHG([KLELW& 2ZQHU¶V(QJLQHHU¶V&RQWUDFWRU¶V &LW\(QJLQHHUPD\DFFHSW'HVLJQRUZRUN ¶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¶V SXUSRVHZKDWVRHYHULQFOXGLQJEXWQRWOLPLWHGWRFRPSHQVDWLRQ FRYHUDJHXQHPSOR\PHQWLQVXUDQFHEHQHILWVVRFLDOVHFXULW\FRYHUDJH UHWLUHPHQWPHPEHUVKLSRUFUHGLWDQGDQ\DQGDOOVXFKFODLPVDQGDQ\DFW SDUW\¶V RURPLVVLRQRQWKHSDUWRIDQ\HPSOR\HHVZKLOHHQJDJHGLQDQ\ZRUN ϵ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¶V SD\DOOFRVWVLQGHIHQGLQJWKHVHFODLPVLQFOXGLQJIHHV &RQWUDFWRUDJUHHVWRGHIHQGLQGHPQLI\DQGKROGKDUPOHVV&LW\LWVRIILFLDOV RIILFHUVDJHQWVDQGHPSOR\HHVIURPDOOFODLPVVXLWVRUDFWLRQVRIZKDWVRHYHU QDWXUHUHVXOWLQJIURPRUDULVLQJRXWRIWKHQHJOLJHQWRURWKHUZLVHWRUWLRXV DFWLYLWLHVRI&RQWUDFWRURULWVVXEFRQWUDFWRUVDJHQWVRUHPSOR\HHVXQGHUWKLV &RQWUDFW&RQWUDFWRUDJUHHVWRGHIHQGDQGSD\DOOFRVWVLQGHIHQGLQJWKHVH DWWRUQH\¶V FODLPVLQFOXGLQJIHHV 'HVLJQ(QJLQHHUDJUHHVWRLQGHPQLI\DQGKROGKDUPOHVV&LW\LWVRIILFLDOV RIILFHUVDJHQWVDQGHPSOR\HHVIURPDOOFODLPVVXLWVRUDFWLRQVUHVXOWLQJ IURPRUDULVLQJRXWRIWKHQHJOLJHQWDFWLYLWLHVRI'HVLJQ(QJLQHHURULWV VXEFRQWUDFWRUVDJHQWVRUHPSOR\HHVXQGHUWKLV&RQWUDFW'HVLJQ(QJLQHHU LQFOXGLQJDWWRUQH\¶V DJUHHVWRUHLPEXUVHDOOFRVWVRIWKHVHFODLPVIHH :$,9(5 7KHIDLOXUHRI&LW\WRHQIRUFHDQ\SURYLVLRQVRIWKLVFRQWUDFWVKDOO ;,, QRWFRQVWLWXWHDZDLYHUE\&LW\RIWKDWRUDQ\RWKHUSURYLVLRQ 0(5*(5&/$86( 7KLV&RQWUDFWFRQVWLWXWHVWKHILQDOH[SUHVVLRQRIWKH ;,,, ¶ 3DUWLHVDJUHHPHQWDQGWKHFRPSOHWHDQGH[FOXVLYHVWDWHPHQWRIWKHWHUPV DJUHHGXSRQ7KLVLQVWUXPHQWVXSHUVHGHVDOOSULRUQHJRWLDWLRQV XQGHUVWDQGLQJVDJUHHPHQWVDQGUHSUHVHQWDWLRQV7KHUHDUHQRRUDORU ZULWWHQXQGHUVWDQGLQJVDJUHHPHQWVRUUHSUHVHQWDWLRQVQRWVSHFLILHGKHUHLQ )XUWKHUPRUHQRZDLYHUFRQVHQWPRGLILFDWLRQRUFKDQJHRIWHUPVRIWKLV &RQWUDFWVKDOOELQGHLWKHUSDUW\XQOHVVLQZULWLQJDQGVLJQHGE\WKH3DUWLHV 6XFKZDLYHUFRQVHQWPRGLILFDWLRQRUFKDQJHVKDOOEHHIIHFWLYHRQO\LQWKH VSHFLILFLQVWDQFHDQGIRUWKHVSHFLILFSXUSRVHJLYHQ ϭϬ &21&855(1&( %\H[HFXWLQJWKLV&RQWUDFW2ZQHU&RQWUDFWRUDQG ;,9 'HVLJQ(QJLQHHUDFNQRZOHGJHWKDWKHVKH D HQWHUVLQWRDQGH[HFXWHV WKLV&RQWUDFWNQRZLQJO\YROXQWDULO\DQGZLOOLQJO\RIKLVKHULWVRZQYROLWLRQ ZLWKVXFKFRQVXOWDWLRQZLWKOHJDOFRXQVHODVKHVKHLWGHHPVDSSURSULDWH E &RQWUDFW¶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ϭϭ ,1:,71(66:+(5(2)WKH&LW\DQG3DUWLHVKDYHFDXVHGWKLV&RQWUDFWWREHGXO\ H[HFXWHG &,7< &,7<2)52&+(67(50,11(627$ D0LQQHVRWDPXQLFLSDOFRUSRUDWLRQ %< .LP1RUWRQ 0D\RU 'DWHG $77(67 $QQ.DVHO &LW\&OHUN 'DWHG ϭϮ 2:1(5 )DUPODQG//& D0LQQHVRWDOLPLWHGOLDELOLW\FRPSDQ\ %\ ,WV 67$7(2)0,11(627$ 66 &2817<2)2/067(' 7KHIRUHJRLQJLQVWUXPHQWZDVDFNQRZOHGJHGEHIRUHPHWKLVGD\RI E\BBBBBBBBBBBBBBBBBBBBBBBBWKH )DUPODQG//& RID0LQQHVRWDOLPLWHGOLDELOLW\FRPSDQ\ DQGZKRLVSHUVRQDOO\NQRZQE\PHWREHWKHSHUVRQZKRH[HFXWHGWKHIRUHJRLQJ LQVWUXPHQWDQGDFNQRZOHGJHGWKDWWKH\H[HFXWHGWKHVDPHDVWKHLUIUHHDFWDQGGHHGDQG RQEHKDOIRIWKHFRPSDQ\ 1RWDU\3XEOLF ϭϯ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ϭϰ &2175$&725 'H&RRN([FDYDWLQJ,QF D0LQQHVRWDFRUSRUDWLRQ %\ ,WV 67$7(2)0,11(627$ 66 &2817<2)2/067(' 7KHIRUHJRLQJLQVWUXPHQWZDVDFNQRZOHGJHGEHIRUHPHWKLVGD\RI E\WKHRI 'H&RRN([FDYDWLQJ,QF D0LQQHVRWDFRUSRUDWLRQNQRZQE\PHWREHWKHSHUVRQZKR H[HFXWHGWKHIRUHJRLQJLQVWUXPHQWDQGDFNQRZOHGJHGWKDWWKH\H[HFXWHGWKHVDPHDVWKHLU IUHHDFWDQGGHHGDQGRQEHKDOIRIWKHFRUSRUDWLRQ 1RWDU\3XEOLF &RXQW\ 0\&RPPLVVLRQ([SLUHV ϭϱ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ϭϲ '(6,*1(1*,1((5 :LGVHWK6PLWK1ROWLQJ $VVRFLDWHV,QF GED:LGVHWK D0LQQHVRWDFRUSRUDWLRQ %\ ,WV 67$7(2)0,11(627$ 66 &2817<2)2/067(' 7KHIRUHJRLQJLQVWUXPHQWZDVDFNQRZOHGJHGEHIRUHPHWKLVBBBBBGD\RI E\WKHRI :LGVHWK6PLWK1ROWLQJ $VVRFLDWHV,QF D0LQQHVRWDFRUSRUDWLRQ GED:LGVHWKDQGZKRLVSHUVRQDOO\NQRZQE\PHWREHWKHSHUVRQZKRH[HFXWHG WKHIRUHJRLQJLQVWUXPHQWDQGDFNQRZOHGJHGWKDWWKH\H[HFXWHGWKHVDPHDVWKHLUIUHH DFWDQGGHHGDQGRQEHKDOIRIWKHFRUSRUDWLRQ 1RWDU\3XEOLF &RXQW\ 0\&RPPLVVLRQ([SLUHV ϭϳ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¶V2IILFH 5RFKHVWHU&LW\$WWRUQH\ WK6WUHHW6(6XLWH (;+,%,7$ 5HIHUHQFHGUDZLQJRI&RQVWUXFWLRQ3ODQIRU-+DGOH\9DOOH\(VWDWHVWK 5HIHUHQFHGUDZLQJRI&RQVWUXFWLRQ3ODQIRU-+DGOH\9DOOH\(VWDWHVWK ϭϵ (;+,%,7% &RQWUDFWRU¶V(VWLPDWHG&RQVWUXFWLRQ6FKHGXOH IRU-DQG- ϮϬ ([KLELW& (QJLQHHU¶V %ODQN([DPSOHRI&HUWLILFDWLRQRI$FFHSWDQFH Ϯϭ +5 8 )* + ! !$ ,-"# ! "$ # - 0@, 5AB 0 <#% $(# " # %&' &,7<2:1(5&2175$&7 ³&RQWUDFW´ 7+,6$*5((0(17PDGHWKLVBBBBGD\RIBBBBBBBBB &LW\RI5RFKHVWHU EHWZHHQWKHD0LQQHVRWDPXQLFLSDOFRUSRUDWLRQ KHUHLQDIWHU ³&LW\´ )DUPODQG//& UHIHUUHGWRDVD0LQQHVRWDOLPLWHGOLDELOLW\FRPSDQ\ KHUHLQDIWHU UHIHUUHGWRDV³2ZQHU´ DQG ,&21&RQVWUXFWRUV//& D0LQQHVRWDOLPLWHGOLDELOLW\ KHUHLQDIWHUUHIHUUHGWRDV³&RQWUDFWRU´ DQG :LGVHWK6PLWK1ROWLQJ FRPSDQ\ $VVRFLDWHV,QFGED:LGVHWK D0LQQHVRWDFRUSRUDWLRQ KHUHLQDIWHUUHIHUUHGWRDV ³'HVLJQ(QJLQHHU´ DQGWRJHWKHU2ZQHU&RQWUDFWRUDQG'HVLJQ(QJLQHHUVKDOO ³´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³ &RQVWUXFWLRQRIWKH+DGOH\&UHHN 'HVLJQ(QJLQHHUJHQHUDOO\UHIHUUHGWRDV ±´ %ULGJH- WKHSODQFRYHUVKHHWLVGHSLFWHGIRUUHIHUHQFHDVDWWDFKHG µ$¶³3URMHFW´ ([KLELWDQGKHUHLQDIWHUUHIHUUHGWRDVWKH &LW\LVZLOOLQJWRJUDQW2ZQHUSHUPLVVLRQWRSHUIRUPWKHSXEOLFLPSURYHPHQWV ZRUNIRUWKH3URMHFWXWLOL]LQJ&RQWUDFWRUDWLWVRZQFRVWDQGH[SHQVH XQOHVV RWKHUZLVHVSHFLILFDOO\QRWHGKHUHLQ DQGVXEMHFWWRWKHWHUPVDQGFRQGLWLRQV KHUHLQLQFOXGLQJIXOOFRPSOLDQFHZLWKWKHDSSURYHGFLYLOFRQVWUXFWLRQSODQVIRU UHIHUUHGWRDV³´ WKH3URMHFW KHUHLQDIWHU3URMHFW3ODQV DQGLQDGKHUHQFHWRWKH &LW\¶V 6WDQGDUG'HVLJQ6SHFLILFDWLRQV 12:7+(5()25(LWLVKHUHE\PXWXDOO\DJUHHGEHWZHHQ&LW\DQG3DUWLHVDV IROORZV 2:1(5¶6 63(&,),&2%/,*$7,216 , 2ZQHU¶V $GDP3OHVFKRXUW:LGVHWK UHSUHVHQWDWLYHZLOOVHUYHDV D ³´ 3URMHFW0DQDJHUIRUWKH3URMHFW7KH3URMHFW0DQDJHULVUHVSRQVLEOHIRU DOOFRRUGLQDWLRQRIWKHZRUNHOHPHQWVLQFOXGLQJ3URMHFWFORVHRXW ϭ 2ZQHUKDVE\VHSDUDWHGRFXPHQWUHWDLQHGWKHSURIHVVLRQDOVHUYLFHVRI E ³*HRWHFKQLFDO3URIHVVLRQDO´ &KRVHQ9DOOH\7HVWLQJ KHUHLQDIWHUWR KHUHLQDIWHU³5HSRUW´ SUHSDUHD*HRWHFKQLFDO5HSRUWIRUWKH3URMHFW2ZQHU LVREOLJDWHGWRPDNHWKHUHVXOWVRIVDLG5HSRUWDYDLODEOHWRWKH&LW\DQGLWV GHVLJQHHVIRUWKHSXUSRVHRIHYDOXDWLQJWKHGHVLJQRIWKH3URMHFWHOHPHQWV &RQWUDFWRU¶V 2ZQHUVKDOORYHUVHHWKHFRPSOHWLRQRIDOO3URMHFWZRUN F ³ 6HSWHPEHU HOHPHQWVE\KHUHLQDIWHUUHIHUUHGWRDV&RPSOHWLRQ ´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³2EVHUYDWLRQ(QJLQHHU´ :LGVHWK KHUHLQDIWHUUHIHUUHGWRDV 2YHUVLJKW KDVEHHQUHWDLQHGE\&LW\WKURXJKDVHSDUDWHDUUDQJHPHQWWRSHUIRUP FRQVWUXFWLRQREVHUYDWLRQDQGRYHUVLJKWIRUWKH3URMHFW&RQFXUUHQWZLWK 2ZQHU¶V¶V H[HFXWLRQRIWKLV&RQWUDFW2ZQHURU2ZQHUUHSUHVHQWDWLYHVKDOO 2ZQHU¶V SD\WR&LW\WKHDPRXQWRIUHSUHVHQWLQJILQDQFLDO REOLJDWLRQUHODWHGWRREVHUYDWLRQDQGRYHUVLJKWVHUYLFHVIRUWKH3URMHFWWKDW DUHWREHSHUIRUPHGE\2EVHUYDWLRQ 2YHUVLJKW(QJLQHHU2ZQHUVKDOOKDYH QRRWKHUILQDQFLDOREOLJDWLRQUHODWHGWRFRQVWUXFWLRQREVHUYDWLRQDQG RYHUVLJKWIRUWKH3URMHFWVXEMHFWWRWKHZRUNHOHPHQWVIRUWKH3URMHFWEHLQJ FRPSOHWHGE\&RPSOHWLRQ'DWHLQWKHHYHQWWKHREVHUYDWLRQDQGRYHUVLJKW H[SHQVHVIRUWKH3URMHFWDVGRFXPHQWHGE\2EVHUYDWLRQDQG2YHUVLJKW (QJLQHHUDQGDSSURYHGE\&LW\DUHOHVVWKDQWKHDPRXQWVSHFLILHGDERYH 2ZQHU¶V DQGFROOHFWHGIURP2ZQHU&LW\ZLOOUHLPEXUVHUHSUHVHQWDWLYHZKR &LW\¶V PDGHLQLWLDOSD\PHQWWKHQHWGLIIHUHQFHXSRQFRQILUPDWLRQWKDWDOO DSSOLFDEOHH[SHQVHVLQFXUUHGE\2EVHUYDWLRQ 2YHUVLJKW(QJLQHHUKDYH EHHQFODLPHGYHULILHGDQGSDLGE\&LW\ 2ZQHUVKDOOQRWSURYLGHZRUNGLUHFWLRQRULQWHUIHUHZLWK2EVHUYDWLRQ H 2YHUVLJKW(QJLQHHUSHUIRUPLQJLWVGXWLHVUHODWHGWRWKH3URMHFW,QWKHHYHQW (QJLQHHU¶V 2ZQHUKDVDQ\FRQFHUQVUHJDUGLQJ2EVHUYDWLRQ 2YHUVLJKW GXWLHV2ZQHUVKDOOFRPPXQLFDWHGLUHFWO\ZLWKWKH&LW\(QJLQHHURUKLVKHU GHVLJQHHWRUHVROYHDQ\FRQFHUQV I 'HYHORSPHQW&KDUJHV 1RWDSSOLFDEOHDVLWUHODWHVWRWKLV&RQWUDFW Ϯ )DLOXUHWRGRHYHU\WKLQJUHTXLUHGE\WKLV&RQWUDFWDVLWSHUWDLQVWRWKH J 2ZQHU¶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¶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ϯ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¶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¶V GHWHUPLQHVLVDGHTXDWHWRJXDUDQWHHSD\PHQWWR&RQWUDFWRU IRUDOO3URMHFWZRUNHOHPHQWVSHUIRUPHGE\&RQWUDFWRUXQGHUWKH DQGPD\QRWODWHUFODLP&LW\KDVYLRODWHG WHUPVRIWKLV&RQWUDFW 0LQQ6WDWWHVRIVXFKDXWRPRELOHLQVXUDQFHZLWK WKH&LW\&OHUN7KHOLDELOLW\LQVXUDQFHSROLFLHVRI&RQWUDFWRUDQG 2ZQHUVKDOOEHSULPDU\WRDQ\OLDELOLW\LQVXUDQFHPDLQWDLQHGE\WKH &LW\&RQWUDFWRUDQG2ZQHUVKDOODOVRILOHZLWKWKH&LW\&OHUN FHUWLILFDWH V LQGLFDWLQJLQVXUDQFHLVLQHIIHFWIRUZRUNHUV¶ FRPSHQVDWLRQ,QWKHHYHQWWKDWDOORUDSRUWLRQRIWKHZRUN FRQWHPSODWHGE\WKLV&RQWUDFWVKDOOEHGRQHE\&RQWUDFWRUWKURXJK VXEFRQWUDFWRUVLWVKDOOEHWKHUHVSRQVLELOLW\RI&RQWUDFWRUWR GHWHUPLQHDQGUHTXLUHWKDWVXFKVXEFRQWUDFWRUVPDLQWDLQDXWRPRELOH DQGZRUNHU¶VFRPSHQVDWLRQLQVXUDQFHDVVHWIRUWKDERYHDQGWKDW FHUWLILFDWHVWRWKLVHIIHFWDUHILOHGZLWKWKH&LW\&OHUN&RQWUDFWRUVKDOO DOVRHQVXUHWKDWLWVVXEFRQWUDFWRUVDUHDZDUHRIDQGDELGHE\WKH SURYLVLRQVRIWKH&LW\2ZQHU&RQWUDFW,QVSHFWLRQVDQG$SSURYDOV UHTXLUHPHQWV$OOSROLFLHVRILQVXUDQFHVKDOOEHHQGRUVHGLQGLFDWLQJ ϱ WKDWLQWKHHYHQWRIFDQFHOODWLRQRUWHUPLQDWLRQRIDQ\LQVXUDQFH DERYHGHVFULEHG&LW\RI5RFKHVWHULVWRUHFHLYHWKLUW\GD\V¶ZULWWHQ QRWLFHRIWKHLQVXUDQFHFRPSDQ\RUFRPSDQLHV¶LQWHQWLRQWRFDQFHORU WHUPLQDWHDQ\SROLF\SROLFLHVRUDQ\SRUWLRQWKHUHRI,IDQ\LQVXUDQFH FHUWLILFDWHLQGLFDWHVWKHSROLF\ZLOOH[SLUHSULRUWRWKHHQGRIWKH PDLQWHQDQFHSHULRG&RQWUDFWRUDQG2ZQHUVKDOOSURYLGHQHZ FHUWLILFDWH V RILQVXUDQFHSULRUWRWKHH[SLUDWLRQGDWHLQGLFDWHGRQWKH RULJLQDOFHUWLILFDWH V DQGLQDQ\HYHQWVKDOOPDLQWDLQLQVXUDQFH GXULQJVXFKPDLQWHQDQFHSHULRG )DLOXUHWRGRHYHU\WKLQJUHTXLUHGE\WKLV&RQWUDFWPD\EHXVHGDVD EDVLVIRUGHQ\LQJ&RQWUDFWRUWKHRSSRUWXQLW\WRFRQVWUXFWRWKHUSXEOLF LPSURYHPHQWSURMHFWVZLWKLQWKH&LW\ (1*,1((5¶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¶V 6WDQGDUGVIRU6WUHHWDQG8WLOLW\&RQVWUXFWLRQLQHIIHFWDWWKHWLPHRI FRQWUDFWH[HFXWLRQDOORIZKLFKDUHLQFRUSRUDWHGKHUHLQE\UHIHUHQFH:RUN VKDOOQRWFRPPHQFHRQWKH3URMHFWXQWLOWKH3URMHFW3ODQVKDYHEHHQDSSURYHG DQGWKHVHDSSURYHG3URMHFW3ODQVDQGVSHFLILFDWLRQVIRUWKH3URMHFWDUH RQILOHZLWKWKH&LW\(QJLQHHU$QRQVLWHPHHWLQJEHWZHHQ2ZQHU &LW\¶V &RQWUDFWRU'HVLJQ(QJLQHHU2EVHUYDWLRQ 2YHUVLJKW(QJLQHHUDQG UHSUHVHQWDWLYHVKDOOEHKHOGSULRUWRFRPPHQFLQJZRUNRQWKH3URMHFWWR GLVFXVVSURMHFWVFRSHHURVLRQFRQWURODQGJHQHUDOVFKHGXOH &,7<$&&(37$1&(0$,17(1$1&(2:1(56+,3 &LW\DFFHSWVQR 9, UHVSRQVLELOLW\IRUWKHPDLQWHQDQFHRIWKH3URMHFWHOHPHQWVXQWLOVXFKZRUNLV FHUWLILHGE\2EVHUYDWLRQ 2YHUVLJKW(QJLQHHUDQGLVVXEVHTXHQWO\DFFHSWHG E\&LW\:KHQDFFHSWHGE\&LW\WKH3URMHFWHOHPHQWVVKDOOEHFRPHWKH SURSHUW\RI&LW\ZLWKRXWDQ\IXUWKHUDFWVRUGHHGVRI2ZQHUH[FHSWWKDW ϲ &RQWUDFWRUJXDUDQWHHVDQGDJUHHVWRPDLQWDLQWKHVWDELOLW\RIDOOZRUNGRQH DQGPDWHULDOVIXUQLVKHGDQGLQVWDOOHGSXUVXDQWWRWKLVFRQWUDFWIRUWKHGXUDWLRQ &LW\¶V HVWDEOLVKHGE\WKLV&RQWUDFW$FFHSWDQFHRIWKHZRUNVKDOOEH (QJLQHHU¶V PHPRULDOL]HGE\WKH&LW\H[HFXWLRQRIDVHSDUDWH&LW\$FFHSWDQFH DQH[DPSOH$FFHSWDQFHLVSURYLGHGIRUUHIHUHQFHRQWKHDWWDFKHG([KLELW& 2ZQHU¶V(QJLQHHU¶V&RQWUDFWRU¶V &LW\(QJLQHHUPD\DFFHSW'HVLJQRUZRUN ¶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¶V SXUSRVHZKDWVRHYHULQFOXGLQJEXWQRWOLPLWHGWRFRPSHQVDWLRQ FRYHUDJHXQHPSOR\PHQWLQVXUDQFHEHQHILWVVRFLDOVHFXULW\FRYHUDJH UHWLUHPHQWPHPEHUVKLSRUFUHGLWDQGDQ\DQGDOOVXFKFODLPVDQGDQ\DFW SDUW\¶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¶V SD\DOOFRVWVLQGHIHQGLQJWKHVHFODLPVLQFOXGLQJIHHV ϳ &RQWUDFWRUDJUHHVWRGHIHQGLQGHPQLI\DQGKROGKDUPOHVV&LW\LWVRIILFLDOV RIILFHUVDJHQWVDQGHPSOR\HHVIURPDOOFODLPVVXLWVRUDFWLRQVRIZKDWVRHYHU QDWXUHUHVXOWLQJIURPRUDULVLQJRXWRIWKHQHJOLJHQWRURWKHUZLVHWRUWLRXV DFWLYLWLHVRI&RQWUDFWRURULWVVXEFRQWUDFWRUVDJHQWVRUHPSOR\HHVXQGHUWKLV &RQWUDFW&RQWUDFWRUDJUHHVWRGHIHQGDQGSD\DOOFRVWVLQGHIHQGLQJWKHVH DWWRUQH\¶V FODLPVLQFOXGLQJIHHV 'HVLJQ(QJLQHHUDJUHHVWRLQGHPQLI\DQGKROGKDUPOHVV&LW\LWVRIILFLDOV RIILFHUVDJHQWVDQGHPSOR\HHVIURPDOOFODLPVVXLWVRUDFWLRQVUHVXOWLQJ IURPRUDULVLQJRXWRIWKHQHJOLJHQWDFWLYLWLHVRI'HVLJQ(QJLQHHURULWV VXEFRQWUDFWRUVDJHQWVRUHPSOR\HHVXQGHUWKLV&RQWUDFW'HVLJQ(QJLQHHU LQFOXGLQJDWWRUQH\¶V DJUHHVWRUHLPEXUVHDOOFRVWVRIWKHVHFODLPVIHH :$,9(5 7KHIDLOXUHRI&LW\WRHQIRUFHDQ\SURYLVLRQVRIWKLVFRQWUDFWVKDOO ;,, QRWFRQVWLWXWHDZDLYHUE\&LW\RIWKDWRUDQ\RWKHUSURYLVLRQ 0(5*(5&/$86( 7KLV&RQWUDFWFRQVWLWXWHVWKHILQDOH[SUHVVLRQRIWKH ;,,, ¶ 3DUWLHVDJUHHPHQWDQGWKHFRPSOHWHDQGH[FOXVLYHVWDWHPHQWRIWKHWHUPV DJUHHGXSRQ7KLVLQVWUXPHQWVXSHUVHGHVDOOSULRUQHJRWLDWLRQV XQGHUVWDQGLQJVDJUHHPHQWVDQGUHSUHVHQWDWLRQV7KHUHDUHQRRUDORU ZULWWHQXQGHUVWDQGLQJVDJUHHPHQWVRUUHSUHVHQWDWLRQVQRWVSHFLILHGKHUHLQ )XUWKHUPRUHQRZDLYHUFRQVHQWPRGLILFDWLRQRUFKDQJHRIWHUPVRIWKLV &RQWUDFWVKDOOELQGHLWKHUSDUW\XQOHVVLQZULWLQJDQGVLJQHGE\WKH3DUWLHV 6XFKZDLYHUFRQVHQWPRGLILFDWLRQRUFKDQJHVKDOOEHHIIHFWLYHRQO\LQWKH VSHFLILFLQVWDQFHDQGIRUWKHVSHFLILFSXUSRVHJLYHQ &21&855(1&( %\H[HFXWLQJWKLV&RQWUDFW2ZQHU&RQWUDFWRUDQG ;,9 'HVLJQ(QJLQHHUDFNQRZOHGJHWKDWKHVKH D HQWHUVLQWRDQGH[HFXWHV WKLV&RQWUDFWNQRZLQJO\YROXQWDULO\DQGZLOOLQJO\RIKLVKHULWVRZQYROLWLRQ ZLWKVXFKFRQVXOWDWLRQZLWKOHJDOFRXQVHODVKHVKHLWGHHPVDSSURSULDWH E &RQWUDFW¶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ϴ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rial]]>6LJQDWXUH3DJHV [[1378,1917,1392,1974][12][,I,][Arial]] [[1390,1917,1545,1974][12][,I,][Arial]])ROORZ@ [[1543,1917,1557,1974][12][,,][Arial]] ϵ ,1:,71(66:+(5(2)WKH&LW\DQG3DUWLHVKDYHFDXVHGWKLV&RQWUDFWWREHGXO\ H[HFXWHG &,7< &,7<2)52&+(67(50,11(627$ D0LQQHVRWDPXQLFLSDOFRUSRUDWLRQ %< .LP1RUWRQ 0D\RU 'DWHG $77(67 $QQ.DVHO &LW\&OHUN 'DWHG ϭϬ 2:1(5 )DUPODQG//& D0LQQHVRWDOLPLWHGOLDELOLW\FRPSDQ\ %\ ,WV 67$7(2)0,11(627$ 66 &2817<2)2/067(' 7KHIRUHJRLQJLQVWUXPHQWZDVDFNQRZOHGJHGEHIRUHPHWKLVGD\RI E\BBBBBBBBBBBBBBBBBBBBBBBBWKH )DUPODQG//& RID0LQQHVRWDOLPLWHGOLDELOLW\FRPSDQ\ DQGZKRLVSHUVRQDOO\NQRZQE\PHWREHWKHSHUVRQZKRH[HFXWHGWKHIRUHJRLQJ LQVWUXPHQWDQGDFNQRZOHGJHGWKDWWKH\H[HFXWHGWKHVDPHDVWKHLUIUHHDFWDQGGHHGDQG RQEHKDOIRIWKHFRPSDQ\ 1RWDU\3XEOLF ϭϭ $&.12:/('*(0(172)/,0,7('/,$%,/,7< &203$1<$87+25,=$7,216,*1$785()252:1(5 67$7(2)BBBBBBBBBBBBBBBBBBBB &2817<2)BBBBBBBBBBBBBBBBBB 2QWKLVBBBBBBBBBBBBBBBBBGD\RIBBBBBBBBBBBBBBBBBBBBEHIRUHPH DSSHDUHGBBBBBBBBBBBBBBBBBBBBBBBBBWRPHSHUVRQDOO\NQRZQZKREHLQJE\PHGXO\ 1DPHRI2IILFHU VZRUQGLGVD\WKDWWKH\DUHWKHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBRI 7LWOH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1DPHRI&RPSDQ\ $GGUHVV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBDOLPLWHGOLDELOLW\FRPSDQ\ZKRKDV &LW\ 6WDWH =LS&RGH LQGLFDWHGWKHWKH\DUHDXWKRUL]HGXQGHUWKHDUWLFOHVRIRUJDQL]DWLRQRURSHUDWLQJDJUHHPHQW WRH[HFXWHWKHDWWDFKHGLQVWUXPHQWIRUDQGRQEHKDOIRIWKHOLPLWHGOLDELOLW\FRPSDQ\DQG WKDWWKH\KHUHE\H[HFXWHVDLGLQVWUXPHQWIRUDQGRQEHKDOIRIWKHOLPLWHGOLDELOLW\ FRPSDQ\ 1RWDU\3XEOLF &RXQW\ 0\&RPPLVVLRQ([SLUHV ϭϮ &2175$&725 ,&21&RQVWUXFWRUV//& D0LQQHVRWDOLPLWHGOLDELOLW\FRPSDQ\ %\ ,WV 67$7(2)0,11(627$ 66 &2817<2)BBBBBBBBBBB 7KHIRUHJRLQJLQVWUXPHQWZDVDFNQRZOHGJHGEHIRUHPHWKLVGD\RI E\WKHRI ,&21&RQVWUXFWRUV//& D0LQQHVRWDOLPLWHGOLDELOLW\FRPSDQ\NQRZQE\PHWREHWKH SHUVRQZKRH[HFXWHGWKHIRUHJRLQJLQVWUXPHQWDQGDFNQRZOHGJHGWKDWWKH\H[HFXWHGWKH VDPHDVWKHLUIUHHDFWDQGGHHGDQGRQEHKDOIRIWKHFRPSDQ\ 1RWDU\3XEOLF &RXQW\ 0\&RPPLVVLRQ([SLUHV ϭϯ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ϭϰ '(6,*1(1*,1((5 :LGVHWK6PLWK1ROWLQJ $VVRFLDWHV,QF GED:LGVHWK D0LQQHVRWDFRUSRUDWLRQ %\ ,WV 67$7(2)0,11(627$ 66 &2817<2)2/067(' 7KHIRUHJRLQJLQVWUXPHQWZDVDFNQRZOHGJHGEHIRUHPHWKLVBBBBBGD\RI E\WKHRI :LGVHWK6PLWK1ROWLQJ $VVRFLDWHV,QF D0LQQHVRWDFRUSRUDWLRQ GED:LGVHWKDQGZKRLVSHUVRQDOO\NQRZQE\PHWREHWKHSHUVRQZKRH[HFXWHG WKHIRUHJRLQJLQVWUXPHQWDQGDFNQRZOHGJHGWKDWWKH\H[HFXWHGWKHVDPHDVWKHLUIUHH DFWDQGGHHGDQGRQEHKDOIRIWKHFRUSRUDWLRQ 1RWDU\3XEOLF &RXQW\ 0\&RPPLVVLRQ([SLUHV ϭϱ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¶V2IILFH 5RFKHVWHU&LW\$WWRUQH\ WK6WUHHW6(6XLWH (;+,%,7$ 5HIHUHQFHGUDZLQJRI&RQVWUXFWLRQ3ODQIRU-+DGOH\&UHHN%ULGJH ϭϳ (;+,%,7% &RQWUDFWRU¶V(VWLPDWHG&RQVWUXFWLRQ6FKHGXOH IRU- ϭϴ ([KLELW& (QJLQHHU¶V %ODQN([DPSOHRI&HUWLILFDWLRQRI$FFHSWDQFH ϭϵ &RQVWUXFWLRQRI+DGOH\&UHHN%ULGJH RQ+DGOH\&UHVW'U1( 0D\ 'HFHPEHU% :ϱϲϰϲͲŽŶƐƚƌƵĐƚŝŽŶŽĨ,ĂĚůĞLJƌĞĞŬƌŝĚŐĞ;ϱϱϲϬϭͿŽŶ,ĂĚůĞLJƌĞƐƚƌE KďƐĞƌǀĂƚŝŽŶĂŶĚKǀĞƌƐŝŐŚƚŽƐƚ ƐƚŝŵĂƚĞͲϬϱͬϬϲͬϮϬϮϱ dĞƐƚŝŶŐ/ƚĞŵƐͲsd Ɛƚ͘,ŽƵƌƐͬLJůƐ͘ dŽƚĂů /ƚĞŵ^ŝƚĞsŝƐŝƚƐͬWŽƵƌƐhŶŝƚŽƐƚ&ĞĞ WĞƌsŝƐŝƚͬWŽƵƌ ,ŽƵƌƐͬ^ĞƚƐ WƌĞĐŽŶƐƚƌƵĐƚŝŽŶDĞĞƚŝŶŐϭϰϰ͘ϬΨϭϳϱ͘ϬϬΨϳϬϬ͘ϬϬ ƌŝĚŐĞďƵƚŵĞŶƚƐϮϮϰ͘ϬΨϲϰ͘ϬϬΨϮϱϲ͘ϬϬ ƌŝĚŐĞĞĐŬϮϰϴ͘ϬΨϲϰ͘ϬϬΨϱϭϮ͘ϬϬ ƌŝĚŐĞďƵƚŵĞŶƚƐͲdĞƐƚLJůŝŶĚĞƌƐϮϱϭϬ͘ϬΨϮϱ͘ϬϬΨϮϱϬ͘ϬϬ ƌŝĚŐĞĞĐŬͲdĞƐƚLJůŝŶĚĞƌƐϮϱϭϬ͘ϬΨϮϱ͘ϬϬΨϮϱϬ͘ϬϬ WůĂŶƚDŽŶŝƚŽƌŝŶŐϰϱϮϬ͘ϬΨϴϬ͘ϬϬΨϭ͕ϲϬϬ͘ϬϬ ^ƚƌƵĐƚƵƌĂů&ŝůů'ƌĂĚĂƚŝŽŶϭϭϭ͘ϬΨϭϳϱ͘ϬϬΨϭϳϱ͘ϬϬ WƌŽũĞĐƚŵĂŶĂŐĞŵĞŶƚͲdĞƐƚŝŶŐ;>^ͿͲͲͲͲΨϮϬϬ͘ϬϬ dŽƚĂů;dĞƐƚŝŶŐͿ͗Ψϯ͕ϵϰϯ KďƐĞƌǀĂƚŝŽŶ/ƚĞŵƐ /ƚĞŵKΘK&ĞĞ^ŝƚĞsŝƐŝƚƐ Ɛƚ͘,ŽƵƌƐͬsŝƐŝƚdŽƚĂů,ŽƵƌƐhŶŝƚŽƐƚ WƌĞĐŽŶƐƚƌƵĐƚŝŽŶDĞĞƚŝŶŐϭϰϰ͘ϬΨϭϲϱ͘ϬϬΨϲϲϬ͘ϬϬ WŝůĞKďƐĞƌǀĂƚŝŽŶƐͲsdϯϭϬΨϲϰ͘ϬϬ ϯϬ͘ϬΨϭ͕ϵϮϬ͘ϬϬ &ŽƌŵǁŽƌŬ/ŶƐƉĞĐƚŝŽŶͲƌŝĚŐĞďƵƚŵĞŶƚƐͬWŝĞƌƐϭϲϲ͘ϬΨϭϲϱ͘ϬϬΨϵϵϬ͘ϬϬ ZĞďĂƌ/ŶƐƉĞĐƚŝŽŶͲƌŝĚŐĞďƵƚŵĞŶƚƐͬWŝĞƌƐϭϲϲ͘ϬΨϭϲϱ͘ϬϬΨϵϵϬ͘ϬϬ &ĂůƐĞǁŽƌŬ/ŶƐƉĞĐƚŝŽŶͲƌŝĚŐĞ^ůĂďϭϭϬΨϭϲϱ͘ϬϬ ϭϬ͘ϬΨϭ͕ϲϱϬ͘ϬϬ ZĞďĂƌ/ŶƐƉĞĐƚŝŽŶͲƌŝĚŐĞ^ůĂďϭϭϬΨϭϲϱ͘ϬϬ ϭϬ͘ϬΨϭ͕ϲϱϬ͘ϬϬ DŝƐĐĞůůĂŶĞŽƵƐ/ŶƐƉĞĐƚŝŽŶƐͲWŚŽƚŽƐͲĂŝůLJŚĞĐŬ/ŶƐϰϬϬ͘ϱΨϭϮϬ͘ϬϬ ϮϬ͘ϬϮ͕ϰϬϬ͘ϬϬΨ ŶŐŝŶĞĞƌΖƐKǀĞƌƐŝŐŚƚĂŶĚŽĐƵŵĞŶƚĂƚŝŽŶϭϲΨϭϲϱ͘ϬϬ ϭϲ͘ϬΨϮ͕ϲϰϬ͘ϬϬ &ŝŶĂůZĞƉŽƌƚŝŶŐĂŶĚŽĐƵŵĞŶƚĂƚŝŽŶΘƐďƵŝůƚϭϲΨϭϲϱ͘ϬϬ ϭϲ͘ϬϮ͕ϲϰϬ͘ϬϬΨ dŽƚĂů;KďƐĞƌǀĂƚŝŽŶͿ͗Ψϭϱ͕ϱϰϬ KǀĞƌĂůůdŽƚĂů͗Ψϭϵ͕ϰϴϯ ' E Z>KE/d/KE^ d ZDK&KEdZd͕K>/'d/KE^ $57,&/( dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĞĨĨĞĐƚŝǀĞƵƉŽŶƚŚĞůĂƚĞƌŽĨƚŚĞĚĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌƵƉŽŶĞdžĞĐƵƚŝŽŶĂŶĚĂƉƉƌŽǀĂůďLJ $ ďŽƚŚƉĂƌƚŝĞƐ͘dŚŝƐŽŶƚƌĂĐƚǁŝůůƌĞŵĂŝŶŝŶĞĨĨĞĐƚƵŶƚŝůƚŚĞ džƉŝƌĂƚŝŽŶĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌƵŶƚŝůĂůů ŽďůŝŐĂƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĨƵůĨŝůůĞĚ͘ &ŽƌĚĞůĂLJƐĞŶĐŽƵŶƚĞƌĞĚƚŚĂƚĂƌĞďĞLJŽŶĚ E'/E Z͛ƐĐŽŶƚƌŽů͕ĂŶĚƵƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚĨƌŽŵ E'/E Z͕ƚŚĞ/dzΖƐ % ƵƚŚŽƌŝnjĞĚŐĞŶƚŵĂLJĞdžƚĞŶĚƚŚĞtŽƌŬŽŵƉůĞƚŝŽŶĂƚĞĞƐƚĂďůŝƐŚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞůĞŶŐƚŚ ŽĨƐƵĐŚƚŝŵĞĞdžƚĞŶƐŝŽŶǁŝůůďĞĚĞƚĞƌŵŝŶĞĚďLJƚŚĞ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚ͘ /ƚǁŝůůďĞ E'/E Z͛ƐƌĞƐƉŽŶƐŝďŝůŝƚLJƚŽƌĞĂƐŽŶĂďůLJŶŽƚŝĨLJ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ŝŶǁƌŝƚŝŶŐ͕ŝĨ E'/E ZŚĂƐƌĞĂƐŽŶƚŽ & ďĞůŝĞǀĞƚŚĞƉƌŽũĞĐƚǁŝůůŶŽƚďĞĐŽŵƉůĞƚĞĚĂƐƐĐŚĞĚƵůĞĚ͘/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚLJƚŽĂĚũƵƐƚƚŚĞ ƐĐŚĞĚƵůĞĂŶĚĨŝŶĂůĐŽƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐƵĐŚĚĞůĂLJƐ͕ĂƐƉƌŽǀŝĚĞĚŝŶƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͘ ŶŐŝŶĞĞƌƐŚĂůůĨƵƌŶŝƐŚĂůůŵĂƚĞƌŝĂůƐ͕ĂůůŶĞĐĞƐƐĂƌLJƚŽŽůƐĂŶĚĞƋƵŝƉŵĞŶƚ͕ĂŶĚƉĞƌĨŽƌŵĂůůǁŽƌŬĂŶĚůĂďŽƌŶĞĐĞƐƐĂƌLJƚŽ ' ĚĞƚĞƌŵŝŶĞŽŶƚƌĂĐƚŽƌ͛ƐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞWƌŽũĞĐƚĐŽŶƐŝƐƚĞŶƚǁŝƚŚŝƚLJĚĞƐŝŐŶƐƉĞĐŝĨŝĐĂƚŝŽŶƐĂŶĚ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂƉƉƌŽǀĞĚĐŝǀŝůĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶƐĨŽƌƚŚĞWƌŽũĞĐƚ͘ /dzƌĞĐŽŐŶŝnjĞƐƚŚĂƚ E'/E ZƉƌŽǀŝĚĞĚƐĞƌǀŝĐĞƐƚŽƚŚĞKǁŶĞƌƵŶĚĞƌĂŝƚLJͲKǁŶĞƌĐŽŶƚƌĂĐƚĂƵƚŚŽƌŝnjŝŶŐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶ ( ŽĨƚŚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐĨŽƌǁŚŝĐŚĐŽŶƐƚƌƵĐƚŝŽŶŝŶƐƉĞĐƚŝŽŶĂŶĚŽďƐĞƌǀĂƚŝŽŶƐĞƌǀŝĐĞƐĂƌĞďĞŝŶŐƌĞƋƵĞƐƚĞĚ͘/dzǁĂŝǀĞƐĂŶLJ ĂŶĚĂůůĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚƌŝŐŚƚƐĂŐĂŝŶƐƚ E'/E ZƌĞůĂƚŝǀĞƚŽƚŚŝƐĂƌƌĂŶŐĞŵĞŶƚ͘ 'Ks ZE/E'>t͕:hZ/^/d/KE͕Es Eh $57,&/( dŚŝƐŽŶƚƌĂĐƚƐŚĂůůďĞŐŽǀĞƌŶĞĚďLJĂŶĚĐŽŶƐƚƌƵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞůĂǁƐŽĨƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͘sĞŶƵĞĨŽƌĂůůůĞŐĂů $ ƉƌŽĐĞĞĚŝŶŐƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞŝŶƚŚĞĂƉƉůŝĐĂďůĞƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶ KůŵƐƚĞĚŽƵŶƚLJĂŶĚDŝŶŶĞƐŽƚĂƌĞƐƉĞĐƚŝǀĞůLJ͘ d ZD^K&' E Z>KE/d/KE^ $57,&/( ŶLJĂŶĚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨŽƌĐĞƵŶůĞƐƐƚŚĞLJĂƌĞƐƉĞĐŝĨŝĐĂůůLJĂŶĚĚĞůŝďĞƌĂƚĞůLJ $ ĐĂŶĐĞůĞĚŽƌŵŽĚŝĨŝĞĚďLJƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŽƚŚĞĞdžƚĞŶƚŽĨĂŶLJŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ % ǁŝůůĐŽŶƚƌŽů͘DŝŶŶĞƐŽƚĂ>ĂǁƐƵƉĞƌƐĞĚĞƐĂŶLJŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ d ZD^K&WzD Ed $57,&/( ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůLJƐƵƉƉůŝĞĚďLJ $ E'/E ZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďLJ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ Zd/> ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂLJŵĞŶƚ͘͟ /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶLJƚŝŵĞƚŚĂƚ E'/E ZǁŝůůĞdžĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ % ŽŶƚƌĂĐƚ͕ E'/E ZŵƵƐƚŶŽƚŝĨLJ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůLJŵĂŶŶĞƌ͘ E'/E ZŵĂLJŶŽƚďĞ ĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞdžĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůLJĞdžĞĐƵƚĞĚ͕ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶLJǁŽƌŬƉĞƌĨŽƌŵĞĚďĞLJŽŶĚƚŚĂƚŝĚĞŶƚŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌǁƌŝƚƚĞŶ ĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďLJ/dzŵĂLJďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌLJĂŶĚ E'/E ZŵĂLJŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌƚŚĞĞdžƚƌĂ ǁŽƌŬ͘ /Ĩ E'/E ZĐůĂŝŵƐĂŶLJŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌŽƚŚĞƌĐŽŶĚŝƚŝŽŶƐĞdžŝƐƚƚŚĂƚƌĞƋƵŝƌĞĞdžƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐ & ŽŶƚƌĂĐƚ͕ E'/E ZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶLJĞdžƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϮϬĂůĞŶĚĂƌĚĂLJƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶ ŽƌŽďƐĞƌǀĂŶĐĞŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďLJƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ ŶLJĐůĂŝŵŵĂĚĞĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂLJďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶLJǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶ ĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůLJĂƉƉƌŽǀĞĚĂŶĚĞdžĞĐƵƚĞĚďLJƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚ E'/E ZΖƐŽǁŶƌŝƐŬ͘ ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞdžƉĞŶƐĞƐĂĐƚƵĂůůLJĂŶĚŶĞĐĞƐƐĂƌŝůLJŝŶĐƵƌƌĞĚďLJ E'/E ZĂƐĂƌĞƐƵůƚŽĨ ' ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞdžĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ E'/E ZŵĂLJďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞdžƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͕ĂŶĚŝĚĞŶƚŝĨŝĞĚŝŶ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ƌƚŝĐůĞϯ͘ WZK hZ &KZWzD Ed $57,&/( WĂLJŵĞŶƚƐǁŝůůďĞŵĂĚĞďLJ/dzǁŝƚŚŝŶϯϬĚĂLJƐŽĨ E'/E Z͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨƉƌŽƉĞƌůLJƉƌĞƉĂƌĞĚŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐ $ ƌĞƉŽƌƚƐĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘/dzƐŚĂůůŶŽƚŝĨLJ E'/E ZŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂLJƐŽĨ E'/E Z͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞLJďĞůŝĞǀĞƚŚĞƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůLJƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐǁĞƌĞ ŶŽƚƉƌŽƉĞƌůLJƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽŶƚƌĂĐƚ͘ /ŶǀŽŝĐĞƐĨŽƌƉĂLJŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďLJ E'/E ZŵŽŶƚŚůLJƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚŝŶƚŚĞĨŽƌŵƉƌĞƐĐƌŝďĞĚďLJ % /dz͘/ŶǀŽŝĐĞƐƐŚŽƵůĚŝĚĞŶƚŝĨLJƚŚĞƉƌŽũĞĐƚĂŶĚƚŚĞĐŽƐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚĂŶĚ ŵƵƐƚƐĂƚŝƐĨLJƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ ϭ͘ ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůLJŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐ ĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚ E'/E ZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚ ĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶLJƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚƉĂLJŵĞŶƚ͘ ϯ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌLJĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝnjĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐĂƌĞƉƌŽƉĞƌůLJ ĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌLJĐŽƐƚƐĂƌĞĂŶLJĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐĚŝƌĞĐƚůLJƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬ ŽĨƚŚĞ E'/E Z͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ ϰ͘ E'/E ZŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ ŝƌĞĐƚƐĂůĂƌLJĐŽƐƚƐŽĨĞŵƉůŽLJĞĞƐΖƚŝŵĞĚŝƌĞĐƚůLJĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ D dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂLJƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨLJŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽLJĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂLJ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂLJŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂLJƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽLJĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ E ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽLJĞĞΖƐŶĂŵĞ͕ŚŽƵƌůLJ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂLJƉĞƌŝŽĚ͘ ϱ͘ E'/E ZŵƵƐƚƉƌŽǀŝĚĞĂĐŽƉLJŽĨƚŚĞŝŶǀŽŝĐĞƚŚĞLJĨŽƌǁĂƌĚĞĚƚŽƚŚĞĐŝƚLJƚŽƚŚĞĚĞǀĞůŽƉĞƌĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐ͘ dŚŝƐĚŽĐƵŵĞŶƚƐŚŽƵůĚďĞĐůĞĂƌĞĚƐƚĂƚĞĚƚŚĂƚŝƚ͛ƐĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐŽŶůLJ͘ /Ĩ E'/E ZŝƐĂƵƚŚŽƌŝnjĞĚďLJ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶLJƐƵďĐŽŶƐƵůƚĂŶƚƐ͕ E'/E ZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ & ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶLJƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŽŶƚƌĂĐƚ͕ĂŶĚ E'/E ZŵƵƐƚĐŽŵƉůLJǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůLJƉĂLJŵĞŶƚďLJ E'/E ZŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͛Ɛ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂLJŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞƐƵď ĐŽŶƐƵůƚĂŶƚŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ E'/E ZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ' ĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzD Ed $57,&/( &ŽƌĂůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďLJ E'/E ZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞ ŶŐŝŶĞĞƌƐŚĂůůŵĂŝŶƚĂŝŶŝƚƐĞƚŚŝĐĂůĂŶĚ $ ůĞŐĂůĚƵƚLJŽĨĂƉƌŽĨĞƐƐŝŽŶĂůƚŽĞdžĞƌĐŝƐĞƚŚĞůĞǀĞůŽĨĐĂƌĞ͕ĚŝůŝŐĞŶĐĞ͕ĂŶĚƐŬŝůůƉƌĞƐĐƌŝďĞĚŝŶƚŚĞĐŽĚĞŽĨƉƌĂĐƚŝĐĞŽĨŚŝƐŽƌŚĞƌ ƉƌŽĨĞƐƐŝŽŶ͕ŽƌĂƐŽƚŚĞƌƉƌŽĨĞƐƐŝŽŶĂůƐŝŶƚŚĞƐĂŵĞĚŝƐĐŝƉůŝŶĞǁŽƵůĚŝŶƚŚĞƐĂŵĞŽƌƐŝŵŝůĂƌĐŝƌĐƵŵƐƚĂŶĐĞƐ͘dŚĞ E'/E Z ƐŚĂůůĐŽŵƉůLJǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďLJĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵ E'/E Z͛ƐƐĞƌǀŝĐĞƐ͘ E'/E ZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂLJŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ % ƌĞŐƵůĂƚŝŽŶƐ͘ ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďLJƉƌŽŐƌĞƐƐƉĂLJŵĞŶƚƐŵĂĚĞďLJ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚLJŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ & ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐ E'/E ZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂLJŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶLJĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞ E'/E Z͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞLJŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ ƐŚĂůůŝŶĚĞŵŶŝĨLJ E'/E ZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐ E'/E ZĂŶŽŶͲĞdžĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞ ĞdžƚĞŶƚŽĨƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/E ZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶLJǁĂLJƚŽƌĞůŝĞǀĞ E'/E ZĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐĞƌǀŝĐĞƐ ' ĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞdžĐĞĞĚƚŚĂƚŝƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ E'/E ZŝƐŶŽƚĂƵƚŚŽƌŝnjĞĚƚŽĚŝƌĞĐƚƚŚĞǁŽƌŬŽĨŽŶƚƌĂĐƚŽƌ͕ƵŶůĞƐƐŝƚLJŝƐŐŝǀĞŶƐƵĐŚĂƵƚŚŽƌŝƚLJ͕ŝŶǁƌŝƚŝŶŐ͕ďLJKǁŶĞƌ͘ ( E'/E ZĐŽŵŵƵŶŝĐĂƚŝŽŶƐŚĂůůďĞĚŝƌĞĐƚůLJǁŝƚŚKǁŶĞƌ͛ƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞ;ŽŶƐƚƌƵĐƚŝŽŶĨŽƌĞŵĞŶŽƌƐƵƉĞƌŝŶƚĞŶĚĞŶƚŽƌ ŽƚŚĞƌŵĞŵďĞƌŝĚĞŶƚŝĨŝĞĚĂƐWƌŽũĞĐƚDĂŶĂŐĞƌͿ͕ĂŶĚƚŽŝƚLJ ŶŐŝŶĞĞƌŽƌŚŝƐĚĞƐŝŐŶĞĞ͘ ^^/'ED Ed $57,&/(ŝƐ ŽŶƚƌĂĐƚ͘ ĐŽƉLJŽĨĂŶLJĂŶĚĂůůƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚƐŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚĂĨƚĞƌĞdžĞĐƵƚŝŽŶŽĨƚŚĞƐƵď % ĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽǁŽƌŬƐƚĂƌƚŝŶŐƵŶĚĞƌƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚ͘ D ED Ed^͕,E' KZ Z^͕D Z' Z͕KhEd ZWZd^͕Et/s Z $57,&/( ŵĞŶĚŵĞŶƚƐƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĐŽŶƐŝĚĞƌĞĚŽŶůLJĨŽƌƵŶĨŽƌĞƐĞĞŶǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŚĂƚǁĞƌĞĞdžĐůƵĚĞĚŝŶƚŚĞ^ĐŽƉĞŽĨ $ tŽƌŬ͕ĞŶƚŝƚůĞĚ͞ĞƚĂŝůĞĚ^ĐŽƉĞŽĨtŽƌŬ͕͟ĂŶĚƚŚĂƚĂƌĞĐŽŶƐŝĚĞƌĞĚĞƐƐĞŶƚŝĂůƚŽƚŚĞǁŽƌŬ͘ŶLJǁƌŝƚƚĞŶĐůĂŝŵŵĂĚĞďLJ E'/E ZĨŽƌĞdžƚƌĂǁŽƌŬŽƌĐŽƐƚƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐďĞĞŶĂƉƉƌŽǀĞĚďLJƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚŵƵƐƚďĞ ĞǀŝĚĞŶĐĞĚďLJĂŶĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚ͘ŵĞŶĚŵĞŶƚƐŵƵƐƚďĞŝŶǁƌŝƚŝŶŐĂŶĚĞdžĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚďLJƚŚĞƐĂŵĞ ƉĂƌƚŝĞƐĂŶĚŽĨĨŝĐŝĂůƐǁŚŽĞdžĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚƚŚĞŽƌŝŐŝŶĂůŽŶƚƌĂĐƚ͕ŽƌƚŚĞŝƌƐƵĐĐĞƐƐŽƌƐŝŶŽĨĨŝĐĞ͘ E'/E ZŵƵƐƚŶŽƚŝĨLJ /dz͛ƐWƌŽũĞĐƚDĂŶĂŐĞƌŝŶǁƌŝƚŝŶŐŝĨ E'/E ZǁŝůůďĞĚĞůĂLJĞĚŝŶĂŶLJǁĂLJĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂLJďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ % ŽĨ E'/E Z͘ŶLJĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůLJĂŶĚĨƵůůLJĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďLJďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ & ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚLJƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďLJďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůLJŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘ E'/E Z͕ ďLJƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝnjĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďLJĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞ E'/E ZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďLJŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚŵĂLJďĞĞdžĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ' ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞŽŶƚƌĂĐƚ͘ KDW>/E t/d,>/ E^ ^͕W ZD/d^͕EKd, ZZ 'h>d/KE^ $57,&/( E'/E ZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ĐĞƌƚŝĨŝĐĂƚŝŽŶƐ͕ĞĚƵĐĂƚŝŽŶ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌLJƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐ $ ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/ ^E/Ed >> dh>WZKW Zdz $57,&/( dŚĞDŝŶŶĞƐŽƚĂ'ŽǀĞƌŶŵĞŶƚĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ $ ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ ŶLJƌĞƉŽƌƚƐ͕ƐƚƵĚŝĞƐ͕ƉŚŽƚŽŐƌĂƉŚƐ͕ŶĞŐĂƚŝǀĞƐ͕ŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐĐƌĞĂƚĞĚĂŶĚƉĂŝĚĨŽƌďLJ E'/E ZŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ % ŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂƌĞŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞŝŶƌĞƐƉĞĐƚƚŽ E'/E Z͛ƐƐĞƌǀŝĐĞƐĂŶĚĂƌĞƚŚĞĞdžĐůƵƐŝǀĞ ƉƌŽƉĞƌƚLJŽĨ/dz͘ E'/E ZŵƵƐƚƌĞŵŝƚĂůůƐƵĐŚŵĂƚĞƌŝĂůƐƚŽ/dzƵƉŽŶĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞ /dzǁŝůůŝŶĚĞŵŶŝĨLJ E'/E ZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵĂŶLJƌĞƵƐĞŽĨƐƵĐŚŵĂƚĞƌŝĂůƐďĞLJŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞŝƚLJƐŚĂůůŐƌĂŶƚƚŚĞ E'/E ZĂŶŽŶͲĞdžĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞĞdžƚĞŶƚŽĨƚŚĞ/dzΖƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/E ZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ E'/E ZǁĂŝǀĞƐĂůůĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞ/dzƌĞƐƵůƚŝŶŐŝŶĂŶLJǁĂLJĨƌŽŵĂŶLJƌĞƵƐĞŽĨ ƚŚĞ E'/E Z͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŝƌĞĐƚĞĚďLJ/dz͕ƚŚĞŽƌŝŐŝŶĂůƐŽĨƌĞƉŽƌƚƐ͕ƚĞƐƚƐ͕ĚƌĂǁŝŶŐƐĂŶĚƉůĂŶƐ͖ĂŶĚůĞŐŝďůLJƌĞƉƌŽĚƵĐŝďůĞĐŽƉŝĞƐŽĨ & ǁŽƌŬƐŚĞĞƚƐ͕ĨŝĞůĚŶŽƚĞƐ͕ĐŽŵƉƵƚĂƚŝŽŶƐ͕ƉŚŽƚŽƐ͕ƚĞƐƚƌĞƐƵůƚƐ͕ĂŶĚŽƚŚĞƌƉƌŽũĞĐƚĚĂƚĂŵƵƐƚďĞƌĞůŝŶƋƵŝƐŚĞĚƚŽ/dz͗ ϭ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ Ϯ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĨŝĐĂƚŝŽŶďLJ/dz͘ ϯ͘WƌŝŽƌƚŽĨŝŶĂůƉĂLJŵĞŶƚďLJ/dzƚŽ E'/E ZĨŽƌƚŚŝƐŽŶƚƌĂĐƚ͘ ͘EŽƚǁŝƚŚƐƚĂŶĚŝŶŐƚŚĞĂďŽǀĞƉĂƌĂŐƌĂƉŚƐ͕ǁŽƌŬƉĂƉĞƌƐ͕ƉƌŽƉƌŝĞƚĂƌLJŝŶĨŽƌŵĂƚŝŽŶ͕ƉƌŽĐĞƐƐĞƐ͕ŵĞƚŚŽĚŽůŽŐŝĞƐ͕ŬŶŽǁͲŚŽǁĂŶĚ ƐŽĨƚǁĂƌĞ;͞ E'/E ZĂƚĂ͟ͿƉƌĞǀŝŽƵƐůLJďĞůŽŶŐŝŶŐŽƌůŝĐĞŶƐĞĚƚŽ E'/E ZĂŶĚƵƐĞĚƚŽƉĞƌĨŽƌŵ E'/E Z͛ƐƐĞƌǀŝĐĞƐƐŚĂůů ƌĞŵĂŝŶƚŚĞƉƌŽƉĞƌƚLJŽĨ E'/E Z͘ E'/E ZƐŚĂůůƌĞƚĂŝŶĂŶŽǁŶĞƌƐŚŝƉĂŶĚƉƌŽƉĞƌƚLJŝŶƚĞƌĞƐƚƚŚĞƌĞŝŶ;ŝŶĐůƵĚŝŶŐƚŚĞĐŽƉLJƌŝŐŚƚ ĂŶĚƚŚĞƌŝŐŚƚŽĨƌĞƵƐĞĂƚƚŚĞĚŝƐĐƌĞƚŝŽŶŽĨƚŚĞ E'/E ZͿ͕ǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞWƌŽũĞĐƚŝƐĐŽŵƉůĞƚĞĚ͘dŽƚŚĞĞdžƚĞŶƚƚŚĞƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚďLJ E'/E ZĐŽŶƚĂŝŶ E'/E ZĂƚĂ͕ E'/E ZŚĞƌĞďLJŐƌĂŶƚƐƚŽ/dzĂŶŽŶͲĞdžĐůƵƐŝǀĞ͕ŶŽŶͲĂƐƐŝŐŶĂďůĞ͕ƌŽLJĂůƚLJͲ ĨƌĞĞ͕ŝƌƌĞǀŽĐĂďůĞůŝĐĞŶƐĞƚŽƵƐĞƐƵĐŚ E'/E ZĂƚĂĨŽƌƚŚĞƉƵƌƉŽƐĞƐƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͕ƐƵďũĞĐƚƚŽƚŚĞĨŽůůŽǁŝŶŐůŝŵŝƚĂƚŝŽŶƐ͗ ƐƵĐŚ E'/E ZĂƚĂĂƌĞŶŽƚŝŶƚĞŶĚĞĚŽƌƌĞƉƌĞƐĞŶƚĞĚƚŽďĞƐƵŝƚĂďůĞĨŽƌƵƐĞŽƌƌĞƵƐĞďLJ/dzŽŶĞdžƚĞŶƐŝŽŶŽĨƚŚĞWƌŽũĞĐƚŽƌ ŽŶĂŶLJŽƚŚĞƌƉƌŽũĞĐƚǁŝƚŚŽƵƚǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďLJ E'/E ZĂŶĚĂŶLJƐƵĐŚƌĞƵƐĞŽƌŵŽĚŝĨŝĐĂƚŝŽŶŽĨƚŚĞ E'/E ZĂƚĂǁŝƚŚŽƵƚƚŚĞǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďLJ E'/E ZƐŚĂůůďĞĚŽŶĞĂƚ/dz͛ƐƐŽůĞƌŝƐŬĂŶĚǁŝƚŚŽƵƚ ůŝĂďŝůŝƚLJƚŽ E'/E Z͘ >//>/dz $57,&/( 'ĞŶĞƌĂůͲ,ĂǀŝŶŐĐŽŶƐŝĚĞƌĞĚƚŚĞƉŽƚĞŶƚŝĂůůŝĂďŝůŝƚŝĞƐƚŚĂƚŵĂLJĞdžŝƐƚĚƵƌŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ^ĞƌǀŝĐĞƐ͕ƚŚĞďĞŶĞĨŝƚƐ $ ŽĨƚŚĞƉƌŽũĞĐƚ͕ĂŶĚƚŚĞ E'/E Z͛ƐĨĞĞĨŽƌƚŚĞ^ĞƌǀŝĐĞƐ͕ĂŶĚŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞƉƌŽŵŝƐĞƐĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ /dzĂŶĚ E'/E ZĂŐƌĞĞƚŽĂůůŽĐĂƚĞĂŶĚůŝŵŝƚƐƵĐŚůŝĂďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐƌƚŝĐůĞ͘ /ŶĚĞŵŶŝĨŝĐĂƚŝŽŶͲ E'/E ZĂŶĚ/dz;ƚŚĞ͞/ŶĚĞŵŶŝĨLJŝŶŐWĂƌƚLJ͟ͿƐŚĂůůďĞůŝĂďůĞĨŽƌŝƚƐŽǁŶŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐĂŶĚ % ŽŵŝƐƐŝŽŶƐƚŽƚŚĞĞdžƚĞŶƚƉƌŽǀŝĚĞĚďLJůĂǁĂŶĚƐƵďũĞĐƚƚŽƚŚĞ/dz͛ƐĐĂƉŽŶŵƵŶŝĐŝƉĂůƚŽƌƚůŝĂďŝůŝƚLJƵŶĚĞƌDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ ^ĞĐƚŝŽŶϰϲϲ͘Ϭϰ͕ĂŶĚŚĞƌĞďLJĂŐƌĞĞƐƚŽĚĞĨĞŶĚ͕ŝŶĚĞŵŶŝĨLJ͕ĂŶĚŚŽůĚŚĂƌŵůĞƐƐƚŚĞŽƚŚĞƌ;͞ƚŚĞ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚLJ͟Ϳ͕ĨƌŽŵ ĂŶLJůŝĂďŝůŝƚLJ͕ĚĂŵĂŐĞƐ͕ĂŶĚĐŽƐƚƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞŶĞŐůŝŐĞŶƚĂĐƚƐŽĨ E'/E ZĂŶĚ/dzĂŶĚĂŶLJŽŶĞĨŽƌǁŚŽƐĞŶĞŐůŝŐĞŶƚ ĂĐƚƐƚŚĞLJŵĂLJďĞůŝĂďůĞĨŽƌŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚŝĐŚƚŚĞ/ŶĚĞŵŶŝĨŝĞĚ WĂƌƚLJ͕ŝƚƐŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽLJĞĞƐŵĂLJŚĞƌĞĂĨƚĞƌƐƵƐƚĂŝŶ͕ŝŶĐƵƌŽƌďĞƌĞƋƵŝƌĞĚƚŽƉĂLJƚŽƚŚĞĨƵůůĞĨĨĞĐƚƉƌŽǀŝĚĞĚďLJ DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϯϯϳ͕ƚŽƚŚĞĞdžƚĞŶƚƚŚĞ E'/E ZĂŶĚ/dzĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐƵĐŚůŝĂďŝůŝƚLJ͕ĐŽƐƚƐ͕ĚĂŵĂŐĞƐ͕ ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞLJƐ͛ĨĞĞƐ͘/ŶƚŚĞĞǀĞŶƚĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌĞdžƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďLJƚŚĞũŽŝŶƚŽƌ ĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨ E'/E ZĂŶĚ/dz͕ƚŚĞLJƐŚĂůůďĞďŽƌŶĞďLJĞĂĐŚƉĂƌƚLJŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ ^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚŝƐŽŶƚƌĂĐƚŝƐ & ƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶLJƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ tKZ< Z^ΖKDW E^d/KE $57,&/( ŶLJĂŶĚĂůůĞŵƉůŽLJĞĞƐŽĨ E'/E Z͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ $ ĂŶLJǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďLJ E'/E ZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽLJĞĞƐŽĨ/dz͘ŶLJĂŶĚĂůů ĐůĂŝŵƐƚŚĂƚŵĂLJĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽLJĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐ ǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶLJĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďLJĂŶLJƚŚŝƌĚƉĂƌƚLJĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶLJĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨ E'/E ZΖƐĞŵƉůŽLJĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽĞŶŐĂŐĞĚŽŶĂŶLJŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶŶŽǁĂLJ ďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨ/dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞ ǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂLJĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚ E'/E Z͘ KE^ $57,&/( dŚŝƐƌƚŝĐůĞŝƐŚĞƌĞďLJĚĞůĞƚĞĚ͘ /E^hZE $57,&/( ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞĨŽƌĞĂĐŚƚLJƉĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĨŝůĞĚǁŝƚŚƚŚĞ/dz͛ƐƵƚŚŽƌŝnjĞĚ $ ŐĞŶƚƉƌŝŽƌƚŽĞdžĞĐƵƚŝŽŶŽĨƚŚĞŽŶƚƌĂĐƚďLJŝƚLJ͘ ĂĐŚƉŽůŝĐLJŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ /dzĂϯϬͲĚĂLJŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ E'/E ZŵƵƐƚŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌLJĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗ % ϭ͘ E'/E ZƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƐŝƐƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌLJ ĨŽƌƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐďLJ E'/E ZĂŶĚŝƚƐĞŵƉůŽLJĞĞƐ͘ Ϯ͘dŚĞ E'/E ZƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐƐĞƉĂƌĂƚĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĞŶĚŽƌƐĞŵĞŶƚƐĨŽƌĞĂĐŚƐƵďĐŽŶƐƵůƚĂŶƚ͘ E'/E ZƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐĨƌŽŵŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ ϯ͘tŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͗ E'/E ZǁŝůůƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌĂůů E'/E Z ĞŵƉůŽLJĞĞƐĂŶĚ͕ŝŶĐĂƐĞĂŶLJǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕ E'/E ZǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌLJƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/dzŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ ͕ ŵƉůŽLJĞƌ͛Ɛ>ŝĂďŝůŝƚLJ͕ĂƚůŝŵŝƚƐŶŽƚůĞƐƐƚŚĂŶΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůLJŝŶũƵƌLJďLJĚŝƐĞĂƐĞƉĞƌĞŵƉůŽLJĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůLJ ŝŶũƵƌLJďLJĚŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůLJŝŶũƵƌLJďLJĂĐĐŝĚĞŶƚ͘ ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͚ƐŝŶƐƵƌĂŶĐĞƐŚĂůů ďĞĨŝůĞĚǁŝƚŚƚŚĞ E'/E Z͘ ϰ͘ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚLJ͗ E'/E ZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐ E'/E ZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌ ďŽĚŝůLJŝŶũƵƌLJ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚLJ ĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂLJĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďLJ E'/E ZŽƌďLJĂƐƵďĐŽŶƐƵůƚĂŶƚŽƌďLJĂŶLJŽŶĞĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJĞŵƉůŽLJĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ E'/E Z͛Ɛ ůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞƐŚĂůůďĞƉƌŝŵĂƌLJƚŽĂŶLJůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďLJƚŚĞŝƚLJ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶ ƚŚŝƐŽŶƚƌĂĐƚ͕ E'/E Z͛ƐŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ D Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ E /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ ŽĚŝůLJ/ŶũƵƌLJĂŶĚWƌŽƉĞƌƚLJĂŵĂŐĞ D WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚLJ E ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚLJ F EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ G ϱ͘ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚLJ͗ E'/E ZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐ E'/E ZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐ ĨŽƌďŽĚŝůLJŝŶũƵƌLJ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌ ƉƌŽƉĞƌƚLJĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂLJĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďLJ E'/E ZŽƌďLJƐƵďĐŽŶƐƵůƚĂŶƚŽƌďLJĂŶLJŽŶĞĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJĞŵƉůŽLJĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞ E'/E ZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞůŝŵŝƚĨŽƌŽĚŝůLJ/ŶũƵƌLJĂŶĚWƌŽƉĞƌƚLJĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ ϲ͘WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞ͗ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ E'/E ZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌĐůĂŝŵ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ dŚŝƐƉŽůŝĐLJǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐ E'/E ZǁŝůůďĞĐŽŵĞůĞŐĂůůLJŽďůŝŐĂƚĞĚƚŽƉĂLJƌĞƐƵůƚŝŶŐĨƌŽŵĂŶLJ ĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽ E'/E ZΖƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͘ E'/E ZŵƵƐƚ͗ & ϭ͘/ŶĐůƵĚĞůĞŐĂůĚĞĨĞŶƐĞĨĞĞƐŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐůŝĂďŝůŝƚLJƉŽůŝĐLJůŝŵŝƚƐ͕ǁŝƚŚƚŚĞĞdžĐĞƉƚŝŽŶŽĨWƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞ ĂďŽǀĞ͖ĂŶĚ Ϯ͘KďƚĂŝŶŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨƌŽŵĂŶŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶLJŚĂǀŝŶŐĂŶΗD ^dΗƌĂƚŝŶŐŽĨͲs///ŽƌďĞƚƚĞƌ͘ /dzƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůLJƌĞƐĐŝŶĚƚŚŝƐŽŶƚƌĂĐƚŝĨ E'/E ZŝƐŶŽƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŝŶƐƵƌĂŶĐĞ ' ƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶLJůĞŐĂůƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚ E'/E Z͘hƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚďLJƚŚĞ/dzΖƐ ƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůůďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵĂLJďĞƌĞƋƵĞƐƚĞĚ͘ >/s Z> ^dEZ^ $57,&/( /dzǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚLJƚŽĚŝƐĂƉƉƌŽǀĞŽƌƌĞũĞĐƚƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƚŚĂƚĂƌĞĚĞĨĞĐƚŝǀĞ͘ E'/E ZǁŝůůďĞ $ ƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐLJŽĨŝƚƐǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂŶĚŵƵƐƚŵĂŬĞƚŝŵĞůLJƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐǁŝƚŚŽƵƚ ĐŽŵƉĞŶƐĂƚŝŽŶƌĞƐƵůƚŝŶŐĨƌŽŵĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽŶƚŚĞƉĂƌƚŽĨ E'/E Z͘dŚĞƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚƚŽ/dz ďLJ E'/E ZŵƵƐƚďĞŽĨƐƵĐŚƋƵĂůŝƚLJƚŚĂƚƚŚĞLJĂƌĞƐƵŝƚĂďůĞĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ͘ E'/E Z͛ƐƐĞƌǀŝĐĞƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĂŐƌĞĞĚƚŽŝŶĂŶƚŝĐŝƉĂƚŝŽŶŽĨƚŚĞŽƌĚĞƌůLJĂŶĚ % ĐŽŶƚŝŶƵŽƵƐƉƌŽŐƌĞƐƐŽĨƚŚĞWƌŽũĞĐƚƚŚŽƵŐŚĐŽŵƉůĞƚŝŽŶ͘hŶůĞƐƐƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐĨŽƌƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐĂƌĞƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ E'/E Z͛ƐŽďůŝŐĂƚŝŽŶƚŽƌĞŶĚĞƌƐĞƌǀŝĐĞƐŚĞƌĞƵŶĚĞƌǁŝůůďĞĨŽƌĂƉĞƌŝŽĚǁŚŝĐŚŵĂLJ ƌĞĂƐŽŶĂďůLJďĞƌĞƋƵŝƌĞĨŽƌƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƐĂŝĚƐĞƌǀŝĐĞƐ͘ /ĨŝŶƚŚŝƐŽŶƚƌĂĐƚƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞĨŽƌƌĞŶĚĞƌŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐĞƚĨŽƌƚŚŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐďLJǁŚŝĐŚƐĞƌǀŝĐĞƐĂƌĞƚŽďĞ & ĐŽŵƉůĞƚĞĚĂƌĞƉƌŽǀŝĚĞĚ͕ĂŶĚŝĨƐƵĐŚƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌĚĂƚĞƐĂƌĞĐŚĂŶŐĞĚƚŚƌŽƵŐŚŶŽĨĂƵůƚŽĨ E'/E Z͕ƚŚĞƌĂƚĞƐĂŶĚ ĂŵŽƵŶƚƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽǀŝĚĞĚĨŽƌŚĞƌĞŝŶƐŚĂůůďĞƐƵďũĞĐƚƚŽĞƋƵŝƚĂďůĞĂĚũƵƐƚŵĞŶƚ͘/Ĩ/dzŚĂƐƌĞƋƵĞƐƚĞĚĐŚĂŶŐĞƐŝŶ ƚŚĞƐĐŽƉĞ͕ĞdžƚĞŶƚ͕ŽƌĐŚĂƌĂĐƚĞƌŽĨƚŚĞWƌŽũĞĐƚ͖ƚŚĞƚŝŵĞŽĨƉĞƌĨŽƌŵĂŶĐĞŽĨ E'/E Z͛ƐƐĞƌǀŝĐĞƐƐŚĂůůďĞĂĚũƵƐƚĞĚĞƋƵŝƚĂďůLJ͘ EĞŝƚŚĞƌƉĂƌƚLJǁŝůůďĞŚĞůĚƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞůĂLJŽƌĨĂŝůƵƌĞƚŽƉĞƌĨŽƌŵǁŚĞŶƐƵĐŚĚĞůĂLJŽƌĨĂŝůƵƌĞŝƐĚƵĞƚŽĂŶLJŽĨƚŚĞ ' ĨŽůůŽǁŝŶŐ͕ƵŶůĞƐƐƚŚĞĂĐƚŽƌŽĐĐƵƌƌĞŶĐĞĐŽƵůĚŚĂǀĞďĞĞŶƌĞĂƐŽŶĂďůLJĨŽƌĞƐĞĞŶĂŶĚƌĞĂƐŽŶĂďůĞĂĐƚŝŽŶĐŽƵůĚŚĂǀĞďĞĞŶ ƚĂŬĞŶƚŽƉƌĞǀĞŶƚƚŚĞĚĞůĂLJŽƌĨĂŝůƵƌĞ͗ĨŝƌĞ͕ĨůŽŽĚ͕ĞƉŝĚĞŵŝĐ͕ƐƚƌŝŬĞƐ͕ǁĂƌƐ͕ĂĐƚƐŽĨ'ŽĚ͕ƵŶƵƐƵĂůůLJƐĞǀĞƌĞǁĞĂƚŚĞƌ͕ŽƌĚĞůĂLJƐ ŽƌĚĞĨĂƵůƚƐĐĂƵƐĞĚďLJƉƵďůŝĐĐĂƌƌŝĞƌƐ͕ƉƌŽǀŝĚĞĚƚŚĞĚĞĨĂƵůƚŝŶŐƉĂƌƚLJŐŝǀĞƐǁƌŝƚƚĞŶŶŽƚŝĐĞĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞƚŽƚŚĞŽƚŚĞƌ ƉĂƌƚLJŽĨŝƚƐŝŶĂďŝůŝƚLJƚŽƉĞƌĨŽƌŵ͘ &ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐŽŶƚƌĂĐƚƚŚĞƚĞƌŵ͞ĚĂLJ͟ŵĞĂŶƐĂĐĂůĞŶĚĂƌĚĂLJŽĨϮϰŚŽƵƌƐ͘ ( Ed/dZh^d $57,&/( $ ƌĞƐƵůƚŝŶŐĨƌŽŵ E'/E ZΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬ ďLJ/dzǁŝůůŶŽƚƌĞůŝĞǀĞ E'/E ZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶLJĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌ ĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶLJĂŵďŝŐƵŝƚŝĞƐ͘ /ĨŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂƌĞŵĂĚĞďLJ E'/E ZŝŶĂŶLJƉŚĂƐĞŽĨƚŚĞǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨǁŚŝĐŚŵĂLJ % ƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕ E'/E ZǁŝůůďĞƉƌŽŵƉƚůLJŶŽƚŝĨŝĞĚďLJ/dzĂŶĚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƐƵĐŚ ĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂLJďĞŶĞĐĞƐƐĂƌLJƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂLJĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘/ĨƚŚĞ E'/E ZŝƐĂǁĂƌĞŽĨĂŶLJŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞŝŶĂŶLJƉŚĂƐĞ ŽĨŝƚƐǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶƐŽĨǁŚŝĐŚŵĂLJƌĞƋƵŝƌĞĂŶLJĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕ E'/E ZŵƵƐƚƉƌŽŵƉƚůLJƉĞƌĨŽƌŵ ƐƵĐŚĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂLJďĞŶĞĐĞƐƐĂƌLJƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂLJĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘ E'/E ZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶLJĚĂŵĂŐĞƐŝŶĐƵƌƌĞĚĂƐĂƌĞƐƵůƚŽĨŝƚƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂŶĚĨŽƌĂŶLJ & ůŽƐƐŽƌĐŽƐƚƚŽƌĞƉĂŝƌŽƌƌĞŵĞĚLJ E'/E ZΖƐĞƌƌŽƌƐ͕ŽŵŝƐƐŝŽŶƐŽƌŶĞŐůŝŐĞŶƚĂĐƚƐ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬďLJ/dzǁŝůůŶŽƚ ƌĞůŝĞǀĞ E'/E ZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶLJƐƵĐŚŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐ͕ŽƌŽĨ ůŝĂďŝůŝƚLJĨŽƌůŽƐƐŽƌĚĂŵĂŐĞƌĞƐƵůƚŝŶŐƚŚĞƌĞĨƌŽŵ͘ E'/E ZŵƵƐƚƌĞƐƉŽŶĚƚŽ/dzΖƐŶŽƚŝĐĞŽĨĂŶLJĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŝŶƌĞĂƐŽŶĂďůĞƚŝŵĞĂŶĚŐŝǀĞŝŵŵĞĚŝĂƚĞ ' ĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŽƌƌĞĐƚŝŽŶƐƚŽŵŝŶŝŵŝnjĞĂŶLJĚĞůĂLJƐƚŽƚŚĞ E'/E Z͘ /^Whd Z ^K>hd/KE $57,&/( DĞĚŝĂƚŝŽŶ͘ŶLJĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐLJŽƌĚŝƐƉƵƚĞĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞƐƵďũĞĐƚƚŽŶŽŶͲďŝŶĚŝŶŐŵĞĚŝĂƚŝŽŶĂƐ $ ĂĐŽŶĚŝƚŝŽŶƉƌĞĐĞĚĞŶƚƚŽƚŚĞŝŶƐƚŝƚƵƚŝŽŶŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐďLJĞŝƚŚĞƌƉĂƌƚLJ͘dŚĞŵĞĚŝĂƚŝŽŶƐŚĂůůďĞ ĐŽŶĚƵĐƚĞĚŝŶKůŵƐƚĞĚŽƵŶƚLJ͕DŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂŝǀŝůDĞĚŝĂƚŝŽŶĐƚ͕DŝŶŶ͘^ƚĂƚ͘ϱϳϮ͘ϯϭ͕ Ğƚ͕͘ƐĞƋ͘ŶLJĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐLJŽƌĚŝƐƉƵƚĞŶŽƚƌĞƐŽůǀĞĚďLJŵĞĚŝĂƚŝŽŶŵĂLJďĞƚŚĞƐƵďũĞĐƚŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐ ĨŝůĞĚďLJĞŝƚŚĞƌƉĂƌƚLJ͘dŚĞůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐŵƵƐƚďĞǀĞŶƵĞĚŝŶKůŵƐƚĞĚŽƵŶƚLJ͕DŝŶŶĞƐŽƚĂ͘dŚĞƉĂƌƚŝĞƐ ǁĂŝǀĞĂůůƌŝŐŚƚƐƚŽĂŶĚĐůĂŝŵƐĨŽƌŵŽŶĞƚĂƌLJĂǁĂƌĚƐŽƚŚĞƌƚŚĂŶĐŽŵƉĞŶƐĂƚŽƌLJĚĂŵĂŐĞƐ͘ +8 < )* + ! !$ ,-"# ! "$ 3< 33( -(&(& /# &# * (D## .D 3 3$ ( 6DD$8 3( 3 ( (& (&&0#3)3D " 3& B(-(&(* 07 #3( *+3(" 3" *( < ' $# 1+ "& $ " " &,7<2:1(5&2175$&7 7+,6$*5((0(17 ³&RQWUDFW´ PDGHWKLV GD\RI &LW\RI5RFKHVWHU EHWZHHQWKHD0LQQHVRWDPXQLFLSDOFRUSRUDWLRQ KHUHLQDIWHU UHIHUUHGWRDV³&LW\´ DQG 0D\R&OLQLF D0LQQHVRWDQRQSURILWFRUSRUDWLRQ KHUHLQDIWHUUHIHUUHGWRDV³2ZQHU´ DQG .QXWVRQ&RQVWUXFWLRQ6HUYLFHV KHUHLQDIWHUUHIHUUHGWRDV³&RQWUDFWRU´ 5RFKHVWHU,QF D0LQQHVRWDFRUSRUDWLRQ :6%//& DQGD0LQQHVRWDOLPLWHGOLDELOLW\FRPSDQ\ KHUHLQDIWHUUHIHUUHGWRDV ³'HVLJQ(QJLQHHU´ DQGWRJHWKHU2ZQHU&RQWUDFWRUDQG'HVLJQ(QJLQHHUVKDOO ³´ KHUHLQDIWHUFROOHFWLYHO\EHUHIHUUHGWRDVWKH3DUWLHVXQGHUWKHJHQHUDOWHUPVDQG FRQGLWLRQVRIWKLV&RQWUDFW :,71(66(7+7+$7:+(5($6 2ZQHUKDVSURJUDPPHGLPSURYHPHQWVFRQVLVWHQWZLWK0D\R838,3ODQV DQGLVUHTXHVWLQJSHUPLVVLRQWRDWLWVRZQH[SHQVHFRQVWUXFWSXEOLF LQIUDVWUXFWXUHRUSHUIRUPRWKHUSULYDWHZRUNZLWKLQWKHSXEOLFULJKWRIZD\ RUSXEOLFHDVHPHQWVFRQVLVWHQWZLWKWKHDSSURYHGFLYLOFRQVWUXFWLRQSODQV 5*) DQGVSHFLILFDWLRQVWKHUHRISUHSDUHGE\'HVLJQ(QJLQHHU ³ 3XEOLF,PSURYHPHQWVWR)DFLOLWDWHWKHN9 JHQHUDOO\UHIHUUHGWRDV ± 'LVWULEXWLRQ7XQQHOV 'LVWULEXWLRQ0DULRQ%XV)HHGHU ±´ ([WHQVLRQ 3DFNDJH% - WKHFRYHUVKHHWGHSLFWHGIRUUHIHUHQFH DFKHG([KLELWµ$¶DQGKHUHLQDIWHUUHIHUUHGWRDVWKH³3URMHFW´ DVDWW7KH IRUHJRLQJSXEOLFLPSURYHPHQWVZRUNIRUWKH3URMHFWLVUHIHUUHGWRDVWKH ³:RUN´XQGHUWKLV&RQWUDFW &LW\KHUHE\JUDQWLQJ2ZQHU D WHPSRUDU\DFFHVVRYHUXQGHUDQGDFURVV DQ\DSSOLFDEOHULJKWVRIZD\GHGLFDWHGWRWKHSXEOLFIRUSXUSRVHRIWKH:RUN ZKLFKZLOOWHUPLQDWHXSRQ&LW\DFFHSWDQFHRIWKH:RUNDQG E SHUPLVVLRQ WRSHUIRUPWKHSXEOLFLPSURYHPHQWV:RUNIRUWKH3URMHFWXWLOL]LQJ &RQWUDFWRUDWLWVRZQFRVWDQGH[SHQVH XQOHVVRWKHUZLVHVSHFLILFDOO\QRWHG KHUHLQ DQGVXEMHFWWRWKHWHUPVDQGFRQGLWLRQVKHUHLQLQFOXGLQJIXOO FRPSOLDQFHZLWKWKHDSSURYHGFLYLOFRQVWUXFWLRQSODQVIRUWKH3URMHFW ³´ KHUHLQDIWHUUHIHUUHGWRDVWKH3URMHFW3ODQV DQGLQDGKHUHQFHWRWKH &LW\¶V6WDQGDUG'HVLJQ6SHFLILFDWLRQV 12:7+(5()25(LWLVKHUHE\PXWXDOO\DJUHHGEHWZHHQ&LW\DQG3DUWLHVDV IROORZV 2:1(5¶663(&,),&2%/,*$7,216 , 2ZQHU¶VUHSUHVHQWDWLYHVHUYHDV³3URMHFW -DFN5RO0D\R&OLQLF ZLOO D 0DQDJHU´IRUWKH3URMHFW7KH3URMHFW0DQDJHULVUHVSRQVLEOHIRUDOO FRRUGLQDWLRQRIWKH:RUNHOHPHQWVLQFOXGLQJ3URMHFWFORVHRXW 2ZQHUKDVE\VHSDUDWHGRFXPHQWUHWDLQHGWKHSURIHVVLRQDOVHUYLFHVRI E D0LQQHVRWDOLPLWHGOLDELOLW\FRPSDQ\ KHUHLQDIWHU³*HRWHFKQLFDO :6%//& 3URIHVVLRQDO´ WRSUHSDUHD*HRWHFKQLFDO5HSRUW KHUHLQDIWHU³5HSRUW´ IRU WKH3URMHFW2ZQHULVREOLJDWHGWRPDNHWKHUHVXOWVRIVDLG5HSRUWDYDLODEOH WR&LW\DQGLWVGHVLJQHHVIRUWKHSXUSRVHRIHYDOXDWLQJWKHGHVLJQRIWKH 3URMHFWHOHPHQWV 2ZQHUVKDOORYHUVHH&RQWUDFWRU¶VFRPSOHWLRQRIDOO3URMHFW :RUNHOHPHQWV F ³&RPSOHWLRQ´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¶VUHDVRQDEOHFRQWURO HDFKDQ³([FXVHG \´ WKHQ 'HODWKH&RPSOHWLRQ'DWHVKDOOEHH[WHQGHGIRUVXFKUHDVRQDEOH SHULRGRIWLPHWRDFFRXQWIRUVXFK([FXVHG'HOD\WRWKH&RPSOHWLRQ'DWH 2ZQHUVKDOOUHLPEXUVH&LW\IRULWVDFWXDOFRVWVFDXVHGE\DQ([FXVHG 'HOD\H[FHSWWKDW2ZQHUVKDOOQRWEHUHVSRQVLEOHIRUFRVWVH[SHQVHVRU GDPDJHVLQFXUUHGE\&LW\WRWKHH[WHQWWKH([FXVHG'HOD\IDOOVVROHO\XQGHU , F L DERYH KHUHLQDIWHUUHIHUUHGWRDV³2EVHUYDWLRQ 2YHUVLJKW(QJLQHHU´ :6%//& G KDVEHHQUHWDLQHGE\&LW\WKURXJKDVHSDUDWHDUUDQJHPHQWWRSHUIRUP FRQVWUXFWLRQREVHUYDWLRQDQGRYHUVLJKWIRUWKH3URMHFW&RQFXUUHQWZLWK 2ZQHU¶VH[HFXWLRQRIWKLV&RQWUDFW2ZQHURU2ZQHU¶VUHSUHVHQWDWLYHVKDOO UHSUHVHQWLQJ2ZQHU¶VILQDQFLDO RYHUVLJKWH[SHQVHVIRUWKH3URMHFWDVGRFXPHQWHGE\2EVHUYDWLRQDQG 2YHUVLJKW(QJLQHHUDQGDSSURYHGE\&LW\DUHOHVVWKDQWKHDPRXQW VSHFLILHGDERYHDQGFROOHFWHGIURP2ZQHU&LW\ZLOOUHLPEXUVH2ZQHU¶V HWGLIIHUHQFHXSRQ&LW\¶V UHSUHVHQWDWLYHZKRPDGHLQLWLDOSD\PHQWWKHQ FRQILUPDWLRQWKDWDOODSSOLFDEOHH[SHQVHVLQFXUUHGE\2EVHUYDWLRQ 2YHUVLJKW(QJLQHHUKDYHEHHQFODLPHGYHULILHGDQGSDLGE\&LW\ 2ZQHUVKDOOQRWSURYLGHGLUHFWLRQRULQWHUIHUHZLWK2EVHUYDWLRQ 2YHUVLJKW H (QJLQHHUSHUIRUPLQJLWVGXWLHVUHODWHGWRWKH3URMHFW6SHFLILFDOO\2ZQHUZLOO QRWSURYLGHGLUHFWLRQIRUZRUNSHUIRUPHGRQEHKDOIRI&LW\,QWKHHYHQW 2ZQHUKDVDQ\FRQFHUQVUHJDUGLQJ2EVHUYDWLRQ 2YHUVLJKW(QJLQHHU¶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¶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¶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¶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¶V OLDELOLW\LQVXUDQFHVKDOOEHSULPDU\WRDQ\OLDELOLW\ LQVXUDQFHPDLQWDLQHGE\WKH&LW\&RQWUDFWRUVKDOODOVRILOHZLWKWKH FHUWLILFDWHLQGLFDWLQJLQVXUDQFHLVLQHIIHFWIRUZRUNHUV¶ &LW\&OHUND FRPSHQVDWLRQ,QWKHHYHQWWKDWDOORUDSRUWLRQRIWKH:RUN FRQWHPSODWHGE\WKLV&RQWUDFWVKDOOEHGRQHE\&RQWUDFWRUWKURXJK VXEFRQWUDFWRUVLWVKDOOEHWKHUHVSRQVLELOLW\RI&RQWUDFWRUWR GHWHUPLQHDQGUHTXLUHWKDWVXFKVXEFRQWUDFWRUVPDLQWDLQDXWRPRELOH DQGZRUNHU¶VFRPSHQVDWLRQLQVXUDQFHDVVHWIRUWKDERYHDQGWKDW FHUWLILFDWHVWRWKLVHIIHFWDUHILOHGZLWKWKH&LW\&OHUN&RQWUDFWRUVKDOO DOVRHQVXUHWKDWLWVVXEFRQWUDFWRUVDUHDZDUHRIDQGDELGHE\WKH SURYLVLRQVRIWKH&LW\2ZQHU&RQWUDFW,QVSHFWLRQVDQG$SSURYDOV UHTXLUHPHQWV$OOSROLFLHVRILQVXUDQFHVKDOOEHHQGRUVHGLQGLFDWLQJ WKDWLQWKHHYHQWRIFDQFHOODWLRQRUWHUPLQDWLRQRIDQ\LQVXUDQFHDERYH GHVFULEHG&LW\RI5RFKHVWHULVWRUHFHLYHWKLUW\GD\V¶ZULWWHQQRWLFH RIWKHLQVXUDQFHFRPSDQ\RUFRPSDQLHV¶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¶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¶V6WDQGDUGVIRU6WUHHWDQG &RQVWUXFWLRQ&RQWUDFW 8WLOLW\&RQVWUXFWLRQLQHIIHFWDWWKHWLPHRI&RQWUDFWH[HFXWLRQDOORIZKLFK DUHLQFRUSRUDWHGKHUHLQE\UHIHUHQFH:RUNVKDOOQRWFRPPHQFHRQWKH 3URMHFWXQWLOWKH3URMHFW3ODQVKDYHEHHQDSSURYHGDQGWKHVHDSSURYHG 3URMHFW3ODQVDQGVSHFLILFDWLRQVIRUWKH3URMHFWDUHRQILOHZLWKWKH&LW\ (QJLQHHU$QRQVLWHPHHWLQJEHWZHHQ2ZQHU&RQWUDFWRU'HVLJQ(QJLQHHU 2EVHUYDWLRQ 2YHUVLJKW(QJLQHHUDQG&LW\¶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¶V WKHGXUDWLRQHVWDEOLVKHGE\WKLV&RQWUDFWDFFHSWDQFHRIWKHZRUNVKDOO EHPHPRULDOL]HGE\WKH&LW\(QJLQHHU¶VH[HFXWLRQRIDVHSDUDWH(QJLQHHU¶V &HUWLILFDWLRQRI$FFHSWDQFH DQH[DPSOHLVSURYLGHGIRUUHIHUHQFHRQWKH &LW\(QJLQHHUPD\DFFHSW2ZQHU¶V'HVLJQ(QJLQHHU¶V DWWDFKHG([KLELW& RU&RQWUDFWRU¶VZRUNLQGHSHQGHQWRIWKHFRPSOHWLRQRIWKHUHPDLQLQJ3DUWLHV¶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¶V FRPSHQVDWLRQFRYHUDJHXQHPSOR\PHQWLQVXUDQFHEHQHILWVVRFLDOVHFXULW\ FRYHUDJHUHWLUHPHQWPHPEHUVKLSRUFUHGLWDQGDQ\DQGDOOVXFKFODLPV DQGDQ\DFWRURPLVVLRQRQWKHSDUWRIDQ\SDUW\¶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¶VIHHV &RQWUDFWRUDJUHHVWRGHIHQGLQGHPQLI\DQGKROGKDUPOHVV2ZQHU&LW\DQG WKHLURIILFLDOVRIILFHUVDJHQWVDQGHPSOR\HHVIURPDOOFODLPVVXLWVRU DFWLRQVRIZKDWVRHYHUQDWXUHUHVXOWLQJIURPRUDULVLQJRXWRIWKHQHJOLJHQWRU RWKHUZLVHWRUWLRXVDFWLYLWLHVRI&RQWUDFWRURULWVVXEFRQWUDFWRUVDJHQWVRU HPSOR\HHVXQGHUWKLV&RQWUDFW&RQWUDFWRUDJUHHVWRGHIHQGDQGSD\DOO FRVWVLQGHIHQGLQJWKHVHFODLPVLQFOXGLQJDWWRUQH\¶VIHHV 'HVLJQ(QJLQHHUDJUHHVWRLQGHPQLI\DQGKROGKDUPOHVV2ZQHU&LW\DQG WKHLURIILFLDOVRIILFHUVDJHQWVDQGHPSOR\HHVIURPDOOFODLPVVXLWVRU DFWLRQVUHVXOWLQJIURPRUDULVLQJRXWRIWKHQHJOLJHQWDFWLYLWLHVRI'HVLJQ (QJLQHHURULWVVXEFRQWUDFWRUVDJHQWVRUHPSOR\HHVXQGHUWKLV&RQWUDFW 'HVLJQ(QJLQHHUDJUHHVWRUHLPEXUVHDOOFRVWVRIWKHVHFODLPVLQFOXGLQJ DWWRUQH\¶VIHH V :$,9(5 7KHIDLOXUHRI&LW\RUDQ\RWKHU3DUW\WRHQIRUFHDQ\SURYLVLRQVRI ;,, WKLV&RQWUDFWVKDOOQRWFRQVWLWXWHDZDLYHUE\DQ\VXFK3DUW\LQFOXGLQJ&LW\ RIWKDWRUDQ\RWKHUSURYLVLRQ 0(5*(5&/$86( 7KLV&RQWUDFWFRQVWLWXWHVWKHILQDOH[SUHVVLRQRIWKH ;,,, SDUWLHV¶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¶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³´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¶V2IILFH WK6WUHHW6(6XLWH (;+,%,7$ 5HIHUHQFHGUDZLQJRI&RQVWUXFWLRQ3ODQIRU- (;+,%,7% &RQWUDFWRU¶V(VWLPDWHG6FKHGXOHIRU-± 3DFNDJH% 3DJHRI (;+,%,7% &RQWUDFWRU¶V(VWLPDWHG6FKHGXOHIRU-± 3DFNDJH% 3DJHRI (;+,%,7% &RQWUDFWRU¶V(VWLPDWHG6FKHGXOHIRU-± 3DFNDJH% 3DJHRI (;+,%,7% &RQWUDFWRU¶V(VWLPDWHG6FKHGXOHIRU-± 3DFNDJH% 3DJHRI (;+,%,7% &RQWUDFWRU¶V(VWLPDWHG6FKHGXOHIRU-± 3DFNDJH% 3DJHRI (;+,%,7& %ODQN([DPSOHRI(QJLQHHU¶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d/KE^ d ZDK&KEdZd͕K>/'d/KE^ $57,&/( dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĞĨĨĞĐƚŝǀĞƵƉŽŶƚŚĞůĂƚĞƌŽĨƚŚĞĚĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌƵƉŽŶĞdžĞĐƵƚŝŽŶĂŶĚĂƉƉƌŽǀĂůďLJ $ ďŽƚŚƉĂƌƚŝĞƐ͘dŚŝƐŽŶƚƌĂĐƚǁŝůůƌĞŵĂŝŶŝŶĞĨĨĞĐƚƵŶƚŝůƚŚĞ džƉŝƌĂƚŝŽŶĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌƵŶƚŝůĂůů ŽďůŝŐĂƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĨƵůĨŝůůĞĚ͘ &ŽƌĚĞůĂLJƐĞŶĐŽƵŶƚĞƌĞĚƚŚĂƚĂƌĞďĞLJŽŶĚ E'/E Z͛ƐĐŽŶƚƌŽů͕ĂŶĚƵƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚĨƌŽŵ E'/E Z͕ƚŚĞ/dzΖƐ % ƵƚŚŽƌŝnjĞĚŐĞŶƚŵĂLJĞdžƚĞŶĚƚŚĞtŽƌŬŽŵƉůĞƚŝŽŶĂƚĞĞƐƚĂďůŝƐŚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞůĞŶŐƚŚ ŽĨƐƵĐŚƚŝŵĞĞdžƚĞŶƐŝŽŶǁŝůůďĞĚĞƚĞƌŵŝŶĞĚďLJƚŚĞ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚ͘ /ƚǁŝůůďĞ E'/E Z͛ƐƌĞƐƉŽŶƐŝďŝůŝƚLJƚŽƌĞĂƐŽŶĂďůLJŶŽƚŝĨLJ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ŝŶǁƌŝƚŝŶŐ͕ŝĨ E'/E ZŚĂƐƌĞĂƐŽŶƚŽ & ďĞůŝĞǀĞƚŚĞƉƌŽũĞĐƚǁŝůůŶŽƚďĞĐŽŵƉůĞƚĞĚĂƐƐĐŚĞĚƵůĞĚ͘/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚLJƚŽĂĚũƵƐƚƚŚĞ ƐĐŚĞĚƵůĞĂŶĚĨŝŶĂůĐŽƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐƵĐŚĚĞůĂLJƐ͕ĂƐƉƌŽǀŝĚĞĚŝŶƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͘ ŶŐŝŶĞĞƌƐŚĂůůĨƵƌŶŝƐŚĂůůŵĂƚĞƌŝĂůƐ͕ĂůůŶĞĐĞƐƐĂƌLJƚŽŽůƐĂŶĚĞƋƵŝƉŵĞŶƚ͕ĂŶĚƉĞƌĨŽƌŵĂůůǁŽƌŬĂŶĚůĂďŽƌŶĞĐĞƐƐĂƌLJƚŽ ' ĚĞƚĞƌŵŝŶĞŽŶƚƌĂĐƚŽƌ͛ƐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞWƌŽũĞĐƚĐŽŶƐŝƐƚĞŶƚǁŝƚŚŝƚLJĚĞƐŝŐŶƐƉĞĐŝĨŝĐĂƚŝŽŶƐĂŶĚ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂƉƉƌŽǀĞĚĐŝǀŝůĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶƐĨŽƌƚŚĞWƌŽũĞĐƚ͘ /dzƌĞĐŽŐŶŝnjĞƐƚŚĂƚ E'/E ZƉƌŽǀŝĚĞĚƐĞƌǀŝĐĞƐƚŽƚŚĞKǁŶĞƌƵŶĚĞƌĂŝƚLJͲKǁŶĞƌĐŽŶƚƌĂĐƚĂƵƚŚŽƌŝnjŝŶŐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶ ( ŽĨƚŚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐĨŽƌǁŚŝĐŚĐŽŶƐƚƌƵĐƚŝŽŶŝŶƐƉĞĐƚŝŽŶĂŶĚŽďƐĞƌǀĂƚŝŽŶƐĞƌǀŝĐĞƐĂƌĞďĞŝŶŐƌĞƋƵĞƐƚĞĚ͘/dzǁĂŝǀĞƐĂŶLJ ĂŶĚĂůůĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚƌŝŐŚƚƐĂŐĂŝŶƐƚ E'/E ZƌĞůĂƚŝǀĞƚŽƚŚŝƐĂƌƌĂŶŐĞŵĞŶƚ͘ 'Ks ZE/E'>t͕:hZ/^/d/KE͕Es Eh $57,&/( dŚŝƐŽŶƚƌĂĐƚƐŚĂůůďĞŐŽǀĞƌŶĞĚďLJĂŶĚĐŽŶƐƚƌƵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞůĂǁƐŽĨƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͘sĞŶƵĞĨŽƌĂůůůĞŐĂů $ ƉƌŽĐĞĞĚŝŶŐƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞŝŶƚŚĞĂƉƉůŝĐĂďůĞƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶ KůŵƐƚĞĚŽƵŶƚLJĂŶĚDŝŶŶĞƐŽƚĂƌĞƐƉĞĐƚŝǀĞůLJ͘ d ZD^K&' E Z>KE/d/KE^ $57,&/( ŶLJĂŶĚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨŽƌĐĞƵŶůĞƐƐƚŚĞLJĂƌĞƐƉĞĐŝĨŝĐĂůůLJĂŶĚĚĞůŝďĞƌĂƚĞůLJ $ ĐĂŶĐĞůĞĚŽƌŵŽĚŝĨŝĞĚďLJƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŽƚŚĞĞdžƚĞŶƚŽĨĂŶLJŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ % ǁŝůůĐŽŶƚƌŽů͘DŝŶŶĞƐŽƚĂ>ĂǁƐƵƉĞƌƐĞĚĞƐĂŶLJŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ d ZD^K&WzD Ed $57,&/( ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůLJƐƵƉƉůŝĞĚďLJ $ E'/E ZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďLJ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ Zd/> ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂLJŵĞŶƚ͘͟ /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶLJƚŝŵĞƚŚĂƚ E'/E ZǁŝůůĞdžĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ % ŽŶƚƌĂĐƚ͕ E'/E ZŵƵƐƚŶŽƚŝĨLJ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůLJŵĂŶŶĞƌ͘ E'/E ZŵĂLJŶŽƚďĞ ĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞdžĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůLJĞdžĞĐƵƚĞĚ͕ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶLJǁŽƌŬƉĞƌĨŽƌŵĞĚďĞLJŽŶĚƚŚĂƚŝĚĞŶƚŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌǁƌŝƚƚĞŶ ĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďLJ/dzŵĂLJďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌLJĂŶĚ E'/E ZŵĂLJŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌƚŚĞĞdžƚƌĂ ǁŽƌŬ͘ /Ĩ E'/E ZĐůĂŝŵƐĂŶLJŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌŽƚŚĞƌĐŽŶĚŝƚŝŽŶƐĞdžŝƐƚƚŚĂƚƌĞƋƵŝƌĞĞdžƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐ & ŽŶƚƌĂĐƚ͕ E'/E ZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶLJĞdžƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϮϬĂůĞŶĚĂƌĚĂLJƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶ ŽƌŽďƐĞƌǀĂŶĐĞŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďLJƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ ŶLJĐůĂŝŵŵĂĚĞĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂLJďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶLJǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶ ĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůLJĂƉƉƌŽǀĞĚĂŶĚĞdžĞĐƵƚĞĚďLJƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚ E'/E ZΖƐŽǁŶƌŝƐŬ͘ ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞdžƉĞŶƐĞƐĂĐƚƵĂůůLJĂŶĚŶĞĐĞƐƐĂƌŝůLJŝŶĐƵƌƌĞĚďLJ E'/E ZĂƐĂƌĞƐƵůƚŽĨ ' ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞdžĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ E'/E ZŵĂLJďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞdžƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͕ĂŶĚŝĚĞŶƚŝĨŝĞĚŝŶ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ƌƚŝĐůĞϯ͘ WZK hZ &KZWzD Ed $57,&/( WĂLJŵĞŶƚƐǁŝůůďĞŵĂĚĞďLJ/dzǁŝƚŚŝŶϯϬĚĂLJƐŽĨ E'/E Z͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨƉƌŽƉĞƌůLJƉƌĞƉĂƌĞĚŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐ $ ƌĞƉŽƌƚƐĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘/dzƐŚĂůůŶŽƚŝĨLJ E'/E ZŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂLJƐŽĨ E'/E Z͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞLJďĞůŝĞǀĞƚŚĞƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůLJƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐǁĞƌĞ ŶŽƚƉƌŽƉĞƌůLJƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽŶƚƌĂĐƚ͘ /ŶǀŽŝĐĞƐĨŽƌƉĂLJŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďLJ E'/E ZŵŽŶƚŚůLJƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚŝŶƚŚĞĨŽƌŵƉƌĞƐĐƌŝďĞĚďLJ % /dz͘/ŶǀŽŝĐĞƐƐŚŽƵůĚŝĚĞŶƚŝĨLJƚŚĞƉƌŽũĞĐƚĂŶĚƚŚĞĐŽƐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚĂŶĚ ŵƵƐƚƐĂƚŝƐĨLJƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ ϭ͘ ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůLJŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐ ĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚ E'/E ZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚ ĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶLJƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚƉĂLJŵĞŶƚ͘ ϯ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌLJĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝnjĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐĂƌĞƉƌŽƉĞƌůLJ ĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌLJĐŽƐƚƐĂƌĞĂŶLJĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐĚŝƌĞĐƚůLJƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬ ŽĨƚŚĞ E'/E Z͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ ϰ͘ E'/E ZŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ ŝƌĞĐƚƐĂůĂƌLJĐŽƐƚƐŽĨĞŵƉůŽLJĞĞƐΖƚŝŵĞĚŝƌĞĐƚůLJĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ D dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂLJƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨLJŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽLJĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂLJ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂLJŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂLJƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽLJĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ E ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽLJĞĞΖƐŶĂŵĞ͕ŚŽƵƌůLJ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂLJƉĞƌŝŽĚ͘ ϱ͘ E'/E ZŵƵƐƚƉƌŽǀŝĚĞĂĐŽƉLJŽĨƚŚĞŝŶǀŽŝĐĞƚŚĞLJĨŽƌǁĂƌĚĞĚƚŽƚŚĞĐŝƚLJƚŽƚŚĞĚĞǀĞůŽƉĞƌĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐ͘ dŚŝƐĚŽĐƵŵĞŶƚƐŚŽƵůĚďĞĐůĞĂƌĞĚƐƚĂƚĞĚƚŚĂƚŝƚ͛ƐĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐŽŶůLJ͘ /Ĩ E'/E ZŝƐĂƵƚŚŽƌŝnjĞĚďLJ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶLJƐƵďĐŽŶƐƵůƚĂŶƚƐ͕ E'/E ZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ & ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶLJƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŽŶƚƌĂĐƚ͕ĂŶĚ E'/E ZŵƵƐƚĐŽŵƉůLJǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůLJƉĂLJŵĞŶƚďLJ E'/E ZŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͛Ɛ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂLJŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞƐƵď ĐŽŶƐƵůƚĂŶƚŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ E'/E ZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ' ĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzD Ed $57,&/( &ŽƌĂůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďLJ E'/E ZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞ ŶŐŝŶĞĞƌƐŚĂůůŵĂŝŶƚĂŝŶŝƚƐĞƚŚŝĐĂůĂŶĚ $ ůĞŐĂůĚƵƚLJŽĨĂƉƌŽĨĞƐƐŝŽŶĂůƚŽĞdžĞƌĐŝƐĞƚŚĞůĞǀĞůŽĨĐĂƌĞ͕ĚŝůŝŐĞŶĐĞ͕ĂŶĚƐŬŝůůƉƌĞƐĐƌŝďĞĚŝŶƚŚĞĐŽĚĞŽĨƉƌĂĐƚŝĐĞŽĨŚŝƐŽƌŚĞƌ ƉƌŽĨĞƐƐŝŽŶ͕ŽƌĂƐŽƚŚĞƌƉƌŽĨĞƐƐŝŽŶĂůƐŝŶƚŚĞƐĂŵĞĚŝƐĐŝƉůŝŶĞǁŽƵůĚŝŶƚŚĞƐĂŵĞŽƌƐŝŵŝůĂƌĐŝƌĐƵŵƐƚĂŶĐĞƐ͘dŚĞ E'/E Z ƐŚĂůůĐŽŵƉůLJǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďLJĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵ E'/E Z͛ƐƐĞƌǀŝĐĞƐ͘ E'/E ZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂLJŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ % ƌĞŐƵůĂƚŝŽŶƐ͘ ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďLJƉƌŽŐƌĞƐƐƉĂLJŵĞŶƚƐŵĂĚĞďLJ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚLJŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ & ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐ E'/E ZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂLJŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶLJĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞ E'/E Z͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞLJŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ ƐŚĂůůŝŶĚĞŵŶŝĨLJ E'/E ZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐ E'/E ZĂŶŽŶͲĞdžĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞ ĞdžƚĞŶƚŽĨƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/E ZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶLJǁĂLJƚŽƌĞůŝĞǀĞ E'/E ZĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐĞƌǀŝĐĞƐ ' ĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞdžĐĞĞĚƚŚĂƚŝƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ E'/E ZŝƐŶŽƚĂƵƚŚŽƌŝnjĞĚƚŽĚŝƌĞĐƚƚŚĞǁŽƌŬŽĨŽŶƚƌĂĐƚŽƌ͕ƵŶůĞƐƐŝƚLJŝƐŐŝǀĞŶƐƵĐŚĂƵƚŚŽƌŝƚLJ͕ŝŶǁƌŝƚŝŶŐ͕ďLJKǁŶĞƌ͘ ( E'/E ZĐŽŵŵƵŶŝĐĂƚŝŽŶƐŚĂůůďĞĚŝƌĞĐƚůLJǁŝƚŚKǁŶĞƌ͛ƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞ;ŽŶƐƚƌƵĐƚŝŽŶĨŽƌĞŵĞŶŽƌƐƵƉĞƌŝŶƚĞŶĚĞŶƚŽƌ ŽƚŚĞƌŵĞŵďĞƌŝĚĞŶƚŝĨŝĞĚĂƐWƌŽũĞĐƚDĂŶĂŐĞƌͿ͕ĂŶĚƚŽŝƚLJ ŶŐŝŶĞĞƌŽƌŚŝƐĚĞƐŝŐŶĞĞ͘ ^^/'ED Ed $57,&/(ŝƐ ŽŶƚƌĂĐƚ͘ ĐŽƉLJŽĨĂŶLJĂŶĚĂůůƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚƐŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚĂĨƚĞƌĞdžĞĐƵƚŝŽŶŽĨƚŚĞƐƵď % ĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽǁŽƌŬƐƚĂƌƚŝŶŐƵŶĚĞƌƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚ͘ D ED Ed^͕,E' KZ Z^͕D Z' Z͕KhEd ZWZd^͕Et/s Z $57,&/( ŵĞŶĚŵĞŶƚƐƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĐŽŶƐŝĚĞƌĞĚŽŶůLJĨŽƌƵŶĨŽƌĞƐĞĞŶǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŚĂƚǁĞƌĞĞdžĐůƵĚĞĚŝŶƚŚĞ^ĐŽƉĞŽĨ $ tŽƌŬ͕ĞŶƚŝƚůĞĚ͞ĞƚĂŝůĞĚ^ĐŽƉĞŽĨtŽƌŬ͕͟ĂŶĚƚŚĂƚĂƌĞĐŽŶƐŝĚĞƌĞĚĞƐƐĞŶƚŝĂůƚŽƚŚĞǁŽƌŬ͘ŶLJǁƌŝƚƚĞŶĐůĂŝŵŵĂĚĞďLJ E'/E ZĨŽƌĞdžƚƌĂǁŽƌŬŽƌĐŽƐƚƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐďĞĞŶĂƉƉƌŽǀĞĚďLJƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚŵƵƐƚďĞ ĞǀŝĚĞŶĐĞĚďLJĂŶĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚ͘ŵĞŶĚŵĞŶƚƐŵƵƐƚďĞŝŶǁƌŝƚŝŶŐĂŶĚĞdžĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚďLJƚŚĞƐĂŵĞ ƉĂƌƚŝĞƐĂŶĚŽĨĨŝĐŝĂůƐǁŚŽĞdžĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚƚŚĞŽƌŝŐŝŶĂůŽŶƚƌĂĐƚ͕ŽƌƚŚĞŝƌƐƵĐĐĞƐƐŽƌƐŝŶŽĨĨŝĐĞ͘ E'/E ZŵƵƐƚŶŽƚŝĨLJ /dz͛ƐWƌŽũĞĐƚDĂŶĂŐĞƌŝŶǁƌŝƚŝŶŐŝĨ E'/E ZǁŝůůďĞĚĞůĂLJĞĚŝŶĂŶLJǁĂLJĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂLJďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ % ŽĨ E'/E Z͘ŶLJĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůLJĂŶĚĨƵůůLJĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďLJďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ & ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚLJƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďLJďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůLJŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘ E'/E Z͕ ďLJƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝnjĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďLJĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞ E'/E ZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďLJŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚŵĂLJďĞĞdžĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ' ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞŽŶƚƌĂĐƚ͘ KDW>/E t/d,>/ E^ ^͕W ZD/d^͕EKd, ZZ 'h>d/KE^ $57,&/( E'/E ZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ĐĞƌƚŝĨŝĐĂƚŝŽŶƐ͕ĞĚƵĐĂƚŝŽŶ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌLJƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐ $ ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/ ^E/Ed >> dh>WZKW Zdz $57,&/( dŚĞDŝŶŶĞƐŽƚĂ'ŽǀĞƌŶŵĞŶƚĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ $ ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ ŶLJƌĞƉŽƌƚƐ͕ƐƚƵĚŝĞƐ͕ƉŚŽƚŽŐƌĂƉŚƐ͕ŶĞŐĂƚŝǀĞƐ͕ŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐĐƌĞĂƚĞĚĂŶĚƉĂŝĚĨŽƌďLJ E'/E ZŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ % ŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂƌĞŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞŝŶƌĞƐƉĞĐƚƚŽ E'/E Z͛ƐƐĞƌǀŝĐĞƐĂŶĚĂƌĞƚŚĞĞdžĐůƵƐŝǀĞ ƉƌŽƉĞƌƚLJŽĨ/dz͘ E'/E ZŵƵƐƚƌĞŵŝƚĂůůƐƵĐŚŵĂƚĞƌŝĂůƐƚŽ/dzƵƉŽŶĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞ /dzǁŝůůŝŶĚĞŵŶŝĨLJ E'/E ZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵĂŶLJƌĞƵƐĞŽĨƐƵĐŚŵĂƚĞƌŝĂůƐďĞLJŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞŝƚLJƐŚĂůůŐƌĂŶƚƚŚĞ E'/E ZĂŶŽŶͲĞdžĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞĞdžƚĞŶƚŽĨƚŚĞ/dzΖƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/E ZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ E'/E ZǁĂŝǀĞƐĂůůĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞ/dzƌĞƐƵůƚŝŶŐŝŶĂŶLJǁĂLJĨƌŽŵĂŶLJƌĞƵƐĞŽĨ ƚŚĞ E'/E Z͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŝƌĞĐƚĞĚďLJ/dz͕ƚŚĞŽƌŝŐŝŶĂůƐŽĨƌĞƉŽƌƚƐ͕ƚĞƐƚƐ͕ĚƌĂǁŝŶŐƐĂŶĚƉůĂŶƐ͖ĂŶĚůĞŐŝďůLJƌĞƉƌŽĚƵĐŝďůĞĐŽƉŝĞƐŽĨ & ǁŽƌŬƐŚĞĞƚƐ͕ĨŝĞůĚŶŽƚĞƐ͕ĐŽŵƉƵƚĂƚŝŽŶƐ͕ƉŚŽƚŽƐ͕ƚĞƐƚƌĞƐƵůƚƐ͕ĂŶĚŽƚŚĞƌƉƌŽũĞĐƚĚĂƚĂŵƵƐƚďĞƌĞůŝŶƋƵŝƐŚĞĚƚŽ/dz͗ ϭ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ Ϯ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĨŝĐĂƚŝŽŶďLJ/dz͘ ϯ͘WƌŝŽƌƚŽĨŝŶĂůƉĂLJŵĞŶƚďLJ/dzƚŽ E'/E ZĨŽƌƚŚŝƐŽŶƚƌĂĐƚ͘ ͘EŽƚǁŝƚŚƐƚĂŶĚŝŶŐƚŚĞĂďŽǀĞƉĂƌĂŐƌĂƉŚƐ͕ǁŽƌŬƉĂƉĞƌƐ͕ƉƌŽƉƌŝĞƚĂƌLJŝŶĨŽƌŵĂƚŝŽŶ͕ƉƌŽĐĞƐƐĞƐ͕ŵĞƚŚŽĚŽůŽŐŝĞƐ͕ŬŶŽǁͲŚŽǁĂŶĚ ƐŽĨƚǁĂƌĞ;͞ E'/E ZĂƚĂ͟ͿƉƌĞǀŝŽƵƐůLJďĞůŽŶŐŝŶŐŽƌůŝĐĞŶƐĞĚƚŽ E'/E ZĂŶĚƵƐĞĚƚŽƉĞƌĨŽƌŵ E'/E Z͛ƐƐĞƌǀŝĐĞƐƐŚĂůů ƌĞŵĂŝŶƚŚĞƉƌŽƉĞƌƚLJŽĨ E'/E Z͘ E'/E ZƐŚĂůůƌĞƚĂŝŶĂŶŽǁŶĞƌƐŚŝƉĂŶĚƉƌŽƉĞƌƚLJŝŶƚĞƌĞƐƚƚŚĞƌĞŝŶ;ŝŶĐůƵĚŝŶŐƚŚĞĐŽƉLJƌŝŐŚƚ ĂŶĚƚŚĞƌŝŐŚƚŽĨƌĞƵƐĞĂƚƚŚĞĚŝƐĐƌĞƚŝŽŶŽĨƚŚĞ E'/E ZͿ͕ǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞWƌŽũĞĐƚŝƐĐŽŵƉůĞƚĞĚ͘dŽƚŚĞĞdžƚĞŶƚƚŚĞƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚďLJ E'/E ZĐŽŶƚĂŝŶ E'/E ZĂƚĂ͕ E'/E ZŚĞƌĞďLJŐƌĂŶƚƐƚŽ/dzĂŶŽŶͲĞdžĐůƵƐŝǀĞ͕ŶŽŶͲĂƐƐŝŐŶĂďůĞ͕ƌŽLJĂůƚLJͲ ĨƌĞĞ͕ŝƌƌĞǀŽĐĂďůĞůŝĐĞŶƐĞƚŽƵƐĞƐƵĐŚ E'/E ZĂƚĂĨŽƌƚŚĞƉƵƌƉŽƐĞƐƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͕ƐƵďũĞĐƚƚŽƚŚĞĨŽůůŽǁŝŶŐůŝŵŝƚĂƚŝŽŶƐ͗ ƐƵĐŚ E'/E ZĂƚĂĂƌĞŶŽƚŝŶƚĞŶĚĞĚŽƌƌĞƉƌĞƐĞŶƚĞĚƚŽďĞƐƵŝƚĂďůĞĨŽƌƵƐĞŽƌƌĞƵƐĞďLJ/dzŽŶĞdžƚĞŶƐŝŽŶŽĨƚŚĞWƌŽũĞĐƚŽƌ ŽŶĂŶLJŽƚŚĞƌƉƌŽũĞĐƚǁŝƚŚŽƵƚǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďLJ E'/E ZĂŶĚĂŶLJƐƵĐŚƌĞƵƐĞŽƌŵŽĚŝĨŝĐĂƚŝŽŶŽĨƚŚĞ E'/E ZĂƚĂǁŝƚŚŽƵƚƚŚĞǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďLJ E'/E ZƐŚĂůůďĞĚŽŶĞĂƚ/dz͛ƐƐŽůĞƌŝƐŬĂŶĚǁŝƚŚŽƵƚ ůŝĂďŝůŝƚLJƚŽ E'/E Z͘ >//>/dz $57,&/( 'ĞŶĞƌĂůͲ,ĂǀŝŶŐĐŽŶƐŝĚĞƌĞĚƚŚĞƉŽƚĞŶƚŝĂůůŝĂďŝůŝƚŝĞƐƚŚĂƚŵĂLJĞdžŝƐƚĚƵƌŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ^ĞƌǀŝĐĞƐ͕ƚŚĞďĞŶĞĨŝƚƐ $ ŽĨƚŚĞƉƌŽũĞĐƚ͕ĂŶĚƚŚĞ E'/E Z͛ƐĨĞĞĨŽƌƚŚĞ^ĞƌǀŝĐĞƐ͕ĂŶĚŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞƉƌŽŵŝƐĞƐĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ /dzĂŶĚ E'/E ZĂŐƌĞĞƚŽĂůůŽĐĂƚĞĂŶĚůŝŵŝƚƐƵĐŚůŝĂďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐƌƚŝĐůĞ͘ /ŶĚĞŵŶŝĨŝĐĂƚŝŽŶͲ E'/E ZĂŶĚ/dz;ƚŚĞ͞/ŶĚĞŵŶŝĨLJŝŶŐWĂƌƚLJ͟ͿƐŚĂůůďĞůŝĂďůĞĨŽƌŝƚƐŽǁŶŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐĂŶĚ % ŽŵŝƐƐŝŽŶƐƚŽƚŚĞĞdžƚĞŶƚƉƌŽǀŝĚĞĚďLJůĂǁĂŶĚƐƵďũĞĐƚƚŽƚŚĞ/dz͛ƐĐĂƉŽŶŵƵŶŝĐŝƉĂůƚŽƌƚůŝĂďŝůŝƚLJƵŶĚĞƌDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ ^ĞĐƚŝŽŶϰϲϲ͘Ϭϰ͕ĂŶĚŚĞƌĞďLJĂŐƌĞĞƐƚŽĚĞĨĞŶĚ͕ŝŶĚĞŵŶŝĨLJ͕ĂŶĚŚŽůĚŚĂƌŵůĞƐƐƚŚĞŽƚŚĞƌ;͞ƚŚĞ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚLJ͟Ϳ͕ĨƌŽŵ ĂŶLJůŝĂďŝůŝƚLJ͕ĚĂŵĂŐĞƐ͕ĂŶĚĐŽƐƚƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞŶĞŐůŝŐĞŶƚĂĐƚƐŽĨ E'/E ZĂŶĚ/dzĂŶĚĂŶLJŽŶĞĨŽƌǁŚŽƐĞŶĞŐůŝŐĞŶƚ ĂĐƚƐƚŚĞLJŵĂLJďĞůŝĂďůĞĨŽƌŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚŝĐŚƚŚĞ/ŶĚĞŵŶŝĨŝĞĚ WĂƌƚLJ͕ŝƚƐŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽLJĞĞƐŵĂLJŚĞƌĞĂĨƚĞƌƐƵƐƚĂŝŶ͕ŝŶĐƵƌŽƌďĞƌĞƋƵŝƌĞĚƚŽƉĂLJƚŽƚŚĞĨƵůůĞĨĨĞĐƚƉƌŽǀŝĚĞĚďLJ DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϯϯϳ͕ƚŽƚŚĞĞdžƚĞŶƚƚŚĞ E'/E ZĂŶĚ/dzĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐƵĐŚůŝĂďŝůŝƚLJ͕ĐŽƐƚƐ͕ĚĂŵĂŐĞƐ͕ ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞLJƐ͛ĨĞĞƐ͘/ŶƚŚĞĞǀĞŶƚĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌĞdžƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďLJƚŚĞũŽŝŶƚŽƌ ĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨ E'/E ZĂŶĚ/dz͕ƚŚĞLJƐŚĂůůďĞďŽƌŶĞďLJĞĂĐŚƉĂƌƚLJŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ ^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚŝƐŽŶƚƌĂĐƚŝƐ & ƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶLJƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ tKZ< Z^ΖKDW E^d/KE $57,&/( ŶLJĂŶĚĂůůĞŵƉůŽLJĞĞƐŽĨ E'/E Z͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ $ ĂŶLJǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďLJ E'/E ZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽLJĞĞƐŽĨ/dz͘ŶLJĂŶĚĂůů ĐůĂŝŵƐƚŚĂƚŵĂLJĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽLJĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐ ǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶLJĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďLJĂŶLJƚŚŝƌĚƉĂƌƚLJĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶLJĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨ E'/E ZΖƐĞŵƉůŽLJĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽĞŶŐĂŐĞĚŽŶĂŶLJŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶŶŽǁĂLJ ďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨ/dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞ ǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂLJĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚ E'/E Z͘ KE^ $57,&/( dŚŝƐƌƚŝĐůĞŝƐŚĞƌĞďLJĚĞůĞƚĞĚ͘ /E^hZE $57,&/( ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞĨŽƌĞĂĐŚƚLJƉĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĨŝůĞĚǁŝƚŚƚŚĞ/dz͛ƐƵƚŚŽƌŝnjĞĚ $ ŐĞŶƚƉƌŝŽƌƚŽĞdžĞĐƵƚŝŽŶŽĨƚŚĞŽŶƚƌĂĐƚďLJŝƚLJ͘ ĂĐŚƉŽůŝĐLJŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ /dzĂϯϬͲĚĂLJŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ E'/E ZŵƵƐƚŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌLJĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗ % ϭ͘ E'/E ZƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƐŝƐƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌLJ ĨŽƌƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐďLJ E'/E ZĂŶĚŝƚƐĞŵƉůŽLJĞĞƐ͘ Ϯ͘dŚĞ E'/E ZƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐƐĞƉĂƌĂƚĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĞŶĚŽƌƐĞŵĞŶƚƐĨŽƌĞĂĐŚƐƵďĐŽŶƐƵůƚĂŶƚ͘ E'/E ZƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐĨƌŽŵŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ ϯ͘tŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͗ E'/E ZǁŝůůƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌĂůů E'/E Z ĞŵƉůŽLJĞĞƐĂŶĚ͕ŝŶĐĂƐĞĂŶLJǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕ E'/E ZǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌLJƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/dzŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ ͕ ŵƉůŽLJĞƌ͛Ɛ>ŝĂďŝůŝƚLJ͕ĂƚůŝŵŝƚƐŶŽƚůĞƐƐƚŚĂŶΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůLJŝŶũƵƌLJďLJĚŝƐĞĂƐĞƉĞƌĞŵƉůŽLJĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůLJ ŝŶũƵƌLJďLJĚŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůLJŝŶũƵƌLJďLJĂĐĐŝĚĞŶƚ͘ ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͚ƐŝŶƐƵƌĂŶĐĞƐŚĂůů ďĞĨŝůĞĚǁŝƚŚƚŚĞ E'/E Z͘ ϰ͘ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚLJ͗ E'/E ZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐ E'/E ZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌ ďŽĚŝůLJŝŶũƵƌLJ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚLJ ĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂLJĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďLJ E'/E ZŽƌďLJĂƐƵďĐŽŶƐƵůƚĂŶƚŽƌďLJĂŶLJŽŶĞĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJĞŵƉůŽLJĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ E'/E Z͛Ɛ ůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞƐŚĂůůďĞƉƌŝŵĂƌLJƚŽĂŶLJůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďLJƚŚĞŝƚLJ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶ ƚŚŝƐŽŶƚƌĂĐƚ͕ E'/E Z͛ƐŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ D Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ E /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ ŽĚŝůLJ/ŶũƵƌLJĂŶĚWƌŽƉĞƌƚLJĂŵĂŐĞ D WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚLJ E ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚLJ F EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ G ϱ͘ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚLJ͗ E'/E ZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐ E'/E ZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐ ĨŽƌďŽĚŝůLJŝŶũƵƌLJ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌ ƉƌŽƉĞƌƚLJĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂLJĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďLJ E'/E ZŽƌďLJƐƵďĐŽŶƐƵůƚĂŶƚŽƌďLJĂŶLJŽŶĞĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJĞŵƉůŽLJĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞ E'/E ZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞůŝŵŝƚĨŽƌŽĚŝůLJ/ŶũƵƌLJĂŶĚWƌŽƉĞƌƚLJĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ ϲ͘WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞ͗ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ E'/E ZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌĐůĂŝŵ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ dŚŝƐƉŽůŝĐLJǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐ E'/E ZǁŝůůďĞĐŽŵĞůĞŐĂůůLJŽďůŝŐĂƚĞĚƚŽƉĂLJƌĞƐƵůƚŝŶŐĨƌŽŵĂŶLJ ĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽ E'/E ZΖƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͘ E'/E ZŵƵƐƚ͗ & ϭ͘/ŶĐůƵĚĞůĞŐĂůĚĞĨĞŶƐĞĨĞĞƐŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐůŝĂďŝůŝƚLJƉŽůŝĐLJůŝŵŝƚƐ͕ǁŝƚŚƚŚĞĞdžĐĞƉƚŝŽŶŽĨWƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞ ĂďŽǀĞ͖ĂŶĚ Ϯ͘KďƚĂŝŶŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨƌŽŵĂŶŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶLJŚĂǀŝŶŐĂŶΗD ^dΗƌĂƚŝŶŐŽĨͲs///ŽƌďĞƚƚĞƌ͘ /dzƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůLJƌĞƐĐŝŶĚƚŚŝƐŽŶƚƌĂĐƚŝĨ E'/E ZŝƐŶŽƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŝŶƐƵƌĂŶĐĞ ' ƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶLJůĞŐĂůƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚ E'/E Z͘hƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚďLJƚŚĞ/dzΖƐ ƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůůďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵĂLJďĞƌĞƋƵĞƐƚĞĚ͘ >/s Z> ^dEZ^ $57,&/( /dzǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚLJƚŽĚŝƐĂƉƉƌŽǀĞŽƌƌĞũĞĐƚƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƚŚĂƚĂƌĞĚĞĨĞĐƚŝǀĞ͘ E'/E ZǁŝůůďĞ $ ƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐLJŽĨŝƚƐǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂŶĚŵƵƐƚŵĂŬĞƚŝŵĞůLJƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐǁŝƚŚŽƵƚ ĐŽŵƉĞŶƐĂƚŝŽŶƌĞƐƵůƚŝŶŐĨƌŽŵĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽŶƚŚĞƉĂƌƚŽĨ E'/E Z͘dŚĞƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚƚŽ/dz ďLJ E'/E ZŵƵƐƚďĞŽĨƐƵĐŚƋƵĂůŝƚLJƚŚĂƚƚŚĞLJĂƌĞƐƵŝƚĂďůĞĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ͘ E'/E Z͛ƐƐĞƌǀŝĐĞƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĂŐƌĞĞĚƚŽŝŶĂŶƚŝĐŝƉĂƚŝŽŶŽĨƚŚĞŽƌĚĞƌůLJĂŶĚ % ĐŽŶƚŝŶƵŽƵƐƉƌŽŐƌĞƐƐŽĨƚŚĞWƌŽũĞĐƚƚŚŽƵŐŚĐŽŵƉůĞƚŝŽŶ͘hŶůĞƐƐƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐĨŽƌƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐĂƌĞƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ E'/E Z͛ƐŽďůŝŐĂƚŝŽŶƚŽƌĞŶĚĞƌƐĞƌǀŝĐĞƐŚĞƌĞƵŶĚĞƌǁŝůůďĞĨŽƌĂƉĞƌŝŽĚǁŚŝĐŚŵĂLJ ƌĞĂƐŽŶĂďůLJďĞƌĞƋƵŝƌĞĨŽƌƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƐĂŝĚƐĞƌǀŝĐĞƐ͘ /ĨŝŶƚŚŝƐŽŶƚƌĂĐƚƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞĨŽƌƌĞŶĚĞƌŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐĞƚĨŽƌƚŚŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐďLJǁŚŝĐŚƐĞƌǀŝĐĞƐĂƌĞƚŽďĞ & ĐŽŵƉůĞƚĞĚĂƌĞƉƌŽǀŝĚĞĚ͕ĂŶĚŝĨƐƵĐŚƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌĚĂƚĞƐĂƌĞĐŚĂŶŐĞĚƚŚƌŽƵŐŚŶŽĨĂƵůƚŽĨ E'/E Z͕ƚŚĞƌĂƚĞƐĂŶĚ ĂŵŽƵŶƚƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽǀŝĚĞĚĨŽƌŚĞƌĞŝŶƐŚĂůůďĞƐƵďũĞĐƚƚŽĞƋƵŝƚĂďůĞĂĚũƵƐƚŵĞŶƚ͘/Ĩ/dzŚĂƐƌĞƋƵĞƐƚĞĚĐŚĂŶŐĞƐŝŶ ƚŚĞƐĐŽƉĞ͕ĞdžƚĞŶƚ͕ŽƌĐŚĂƌĂĐƚĞƌŽĨƚŚĞWƌŽũĞĐƚ͖ƚŚĞƚŝŵĞŽĨƉĞƌĨŽƌŵĂŶĐĞŽĨ E'/E Z͛ƐƐĞƌǀŝĐĞƐƐŚĂůůďĞĂĚũƵƐƚĞĚĞƋƵŝƚĂďůLJ͘ EĞŝƚŚĞƌƉĂƌƚLJǁŝůůďĞŚĞůĚƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞůĂLJŽƌĨĂŝůƵƌĞƚŽƉĞƌĨŽƌŵǁŚĞŶƐƵĐŚĚĞůĂLJŽƌĨĂŝůƵƌĞŝƐĚƵĞƚŽĂŶLJŽĨƚŚĞ ' ĨŽůůŽǁŝŶŐ͕ƵŶůĞƐƐƚŚĞĂĐƚŽƌŽĐĐƵƌƌĞŶĐĞĐŽƵůĚŚĂǀĞďĞĞŶƌĞĂƐŽŶĂďůLJĨŽƌĞƐĞĞŶĂŶĚƌĞĂƐŽŶĂďůĞĂĐƚŝŽŶĐŽƵůĚŚĂǀĞďĞĞŶ ƚĂŬĞŶƚŽƉƌĞǀĞŶƚƚŚĞĚĞůĂLJŽƌĨĂŝůƵƌĞ͗ĨŝƌĞ͕ĨůŽŽĚ͕ĞƉŝĚĞŵŝĐ͕ƐƚƌŝŬĞƐ͕ǁĂƌƐ͕ĂĐƚƐŽĨ'ŽĚ͕ƵŶƵƐƵĂůůLJƐĞǀĞƌĞǁĞĂƚŚĞƌ͕ŽƌĚĞůĂLJƐ ŽƌĚĞĨĂƵůƚƐĐĂƵƐĞĚďLJƉƵďůŝĐĐĂƌƌŝĞƌƐ͕ƉƌŽǀŝĚĞĚƚŚĞĚĞĨĂƵůƚŝŶŐƉĂƌƚLJŐŝǀĞƐǁƌŝƚƚĞŶŶŽƚŝĐĞĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞƚŽƚŚĞŽƚŚĞƌ ƉĂƌƚLJŽĨŝƚƐŝŶĂďŝůŝƚLJƚŽƉĞƌĨŽƌŵ͘ &ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐŽŶƚƌĂĐƚƚŚĞƚĞƌŵ͞ĚĂLJ͟ŵĞĂŶƐĂĐĂůĞŶĚĂƌĚĂLJŽĨϮϰŚŽƵƌƐ͘ ( Ed/dZh^d $57,&/( $ ƌĞƐƵůƚŝŶŐĨƌŽŵ E'/E ZΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬ ďLJ/dzǁŝůůŶŽƚƌĞůŝĞǀĞ E'/E ZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶLJĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌ ĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶLJĂŵďŝŐƵŝƚŝĞƐ͘ /ĨŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂƌĞŵĂĚĞďLJ E'/E ZŝŶĂŶLJƉŚĂƐĞŽĨƚŚĞǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨǁŚŝĐŚŵĂLJ % ƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕ E'/E ZǁŝůůďĞƉƌŽŵƉƚůLJŶŽƚŝĨŝĞĚďLJ/dzĂŶĚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƐƵĐŚ ĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂLJďĞŶĞĐĞƐƐĂƌLJƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂLJĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘/ĨƚŚĞ E'/E ZŝƐĂǁĂƌĞŽĨĂŶLJŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞŝŶĂŶLJƉŚĂƐĞ ŽĨŝƚƐǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶƐŽĨǁŚŝĐŚŵĂLJƌĞƋƵŝƌĞĂŶLJĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕ E'/E ZŵƵƐƚƉƌŽŵƉƚůLJƉĞƌĨŽƌŵ ƐƵĐŚĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂLJďĞŶĞĐĞƐƐĂƌLJƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂLJĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘ E'/E ZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶLJĚĂŵĂŐĞƐŝŶĐƵƌƌĞĚĂƐĂƌĞƐƵůƚŽĨŝƚƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂŶĚĨŽƌĂŶLJ & ůŽƐƐŽƌĐŽƐƚƚŽƌĞƉĂŝƌŽƌƌĞŵĞĚLJ E'/E ZΖƐĞƌƌŽƌƐ͕ŽŵŝƐƐŝŽŶƐŽƌŶĞŐůŝŐĞŶƚĂĐƚƐ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬďLJ/dzǁŝůůŶŽƚ ƌĞůŝĞǀĞ E'/E ZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶLJƐƵĐŚŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐ͕ŽƌŽĨ ůŝĂďŝůŝƚLJĨŽƌůŽƐƐŽƌĚĂŵĂŐĞƌĞƐƵůƚŝŶŐƚŚĞƌĞĨƌŽŵ͘ E'/E ZŵƵƐƚƌĞƐƉŽŶĚƚŽ/dzΖƐŶŽƚŝĐĞŽĨĂŶLJĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŝŶƌĞĂƐŽŶĂďůĞƚŝŵĞĂŶĚŐŝǀĞŝŵŵĞĚŝĂƚĞ ' ĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŽƌƌĞĐƚŝŽŶƐƚŽŵŝŶŝŵŝnjĞĂŶLJĚĞůĂLJƐƚŽƚŚĞ E'/E Z͘ /^Whd Z ^K>hd/KE $57,&/( DĞĚŝĂƚŝŽŶ͘ŶLJĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐLJŽƌĚŝƐƉƵƚĞĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞƐƵďũĞĐƚƚŽŶŽŶͲďŝŶĚŝŶŐŵĞĚŝĂƚŝŽŶĂƐ $ ĂĐŽŶĚŝƚŝŽŶƉƌĞĐĞĚĞŶƚƚŽƚŚĞŝŶƐƚŝƚƵƚŝŽŶŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐďLJĞŝƚŚĞƌƉĂƌƚLJ͘dŚĞŵĞĚŝĂƚŝŽŶƐŚĂůůďĞ ĐŽŶĚƵĐƚĞĚŝŶKůŵƐƚĞĚŽƵŶƚLJ͕DŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂŝǀŝůDĞĚŝĂƚŝŽŶĐƚ͕DŝŶŶ͘^ƚĂƚ͘ϱϳϮ͘ϯϭ͕ Ğƚ͕͘ƐĞƋ͘ŶLJĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐLJŽƌĚŝƐƉƵƚĞŶŽƚƌĞƐŽůǀĞĚďLJŵĞĚŝĂƚŝŽŶŵĂLJďĞƚŚĞƐƵďũĞĐƚŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐ ĨŝůĞĚďLJĞŝƚŚĞƌƉĂƌƚLJ͘dŚĞůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐŵƵƐƚďĞǀĞŶƵĞĚŝŶKůŵƐƚĞĚŽƵŶƚLJ͕DŝŶŶĞƐŽƚĂ͘dŚĞƉĂƌƚŝĞƐ ǁĂŝǀĞĂůůƌŝŐŚƚƐƚŽĂŶĚĐůĂŝŵƐĨŽƌŵŽŶĞƚĂƌLJĂǁĂƌĚƐŽƚŚĞƌƚŚĂŶĐŽŵƉĞŶƐĂƚŽƌLJĚĂŵĂŐĞƐ͘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ŽĐŚĞƐƚĞƌ>ŝŶŬZdʹŝƚLJWƌŽũĞĐƚ:ϴϳϬϳ ĂƌůLJWƌŽĐƵƌĞŵĞŶƚʹZĞďĂƌʹsŽůƵŵĞ ZĞƋƵĞƐƚĨŽƌYƵŽƚĂƚŝŽŶ ĞƐĐƌŝƉƚŝŽŶ͗ &ƵƌŶŝƐŚĂŶĚĚĞůŝǀĞƌƌĞŝŶĨŽƌĐŝŶŐƐƚĞĞůŽĨǀĂƌŝŽƵƐƐŚĂƉĞƐ͕ůĞŶŐƚŚƐ͕ĂŶĚƐŝnjĞƐĨŽƌƚŚĞ^ƚ͘DĂƌLJ͛ƐdƌĂŶƐŝƚ ĞŶƚĞƌŝŶZŽĐŚĞƐƚĞƌ͕DEĂƐƐŚŽǁŶŝŶƚŚĞĂƚƚĂĐŚĞĚƉůĂŶƐ͘ /ƚĞŵƐ͗ DEKd/ƚĞŵ/ƚĞŵĞƐĐƌŝƉƚŝŽŶYƵĂŶƚŝƚLJhŶŝƚhŶŝƚWƌŝĐĞWƌŝĐĞ EƵŵďĞƌ džƚĞŶƐŝŽŶ ϮϰϬϭ͘ϱϬϴZĞŝŶĨŽƌĐĞŵĞŶƚĂƌƐϴϱ͕ϬϬϬ> OE ϮϰϬϭ͘ϱϬϴZĞŝŶĨŽƌĐĞŵĞŶƚĂƌƐ; ƉŽdžLJϴϱ͕ϬϬϬ> YƵĂŶƚŝƚŝĞƐĂďŽǀĞĂƌĞĞƐƚŝŵĂƚĞƐďĂƐĞĚŽŶϭϱϬůďƐƉĞƌĐƵďŝĐLJĂƌĚŽĨƌĞŝŶĨŽƌĐĞĚĐŽŶĐƌĞƚĞ͘ĐƚƵĂů ϱ ƋƵĂŶƚŝƚŝĞƐǁŝůůďĞĚĞƚĞƌŵŝŶĞĚŽŶĐĞĚĞƚĂŝůŝŶŐŚĂƐďĞĞŶĐŽŵƉůĞƚĞĚ͘ hŶŝƚƉƌŝĐĞƐĂďŽǀĞƐŚĂůůŝŶĐůƵĚĞĚĞůŝǀĞƌLJƚŽZŽĐŚĞƐƚĞƌ͕DE͘EƵŵďĞƌŽĨůŽĂĚƐƐŚĂůůďĞďĂƐĞĚŽŶ ϱ ϯϬ͕ϬϬϬůďƐƉĞƌůŽĂĚ͘hŶůŽĂĚŝŶŐĂŶĚŚĂŶĚůŝŶŐŝŶZŽĐŚĞƐƚĞƌǁŝůůďĞďLJŽƚŚĞƌƐ͘ ůůƐƚĞĞůƐŚĂůůďĞĂǀĂŝůĂďůĞĨŽƌĚĞůŝǀĞƌLJŶŽůĂƚĞƌƚŚĂŶ:ƵůLJϭϱ͕ϮϬϮϱĂƚƐĐŚĞĚƵůĞƌĞƋƵĞƐƚĞĚďLJŝƚLJ ϱ ŽĨZŽĐŚĞƐƚĞƌWƌŽũĞĐƚDĂŶĂŐĞƌ͘ůůĚĞůŝǀĞƌŝĞƐǁŝůůďĞĐŽŵƉůĞƚĞďLJKĐƚŽďĞƌϯϭ͕ϮϬϮϱ͘ /ĨĂĚĚŝƚŝŽŶĂůƌĞŝŶĨŽƌĐŝŶŐƐƚĞĞůŝƐŶĞĞĚĞĚďĞLJŽŶĚǁŚĂƚŝƐŝŶŝƚŝĂůůLJĚĞƚĂŝůĞĚ͕ƉĂLJŵĞŶƚǁŝůůďĞŵĂĚĞ ϱ ĂƚƵŶŝƚƉƌŝĐĞƐĂďŽǀĞ͘ĞůŝǀĞƌLJŽĨĂĚĚŝƚŝŽŶĂůƌĞŝŶĨŽƌĐŝŶŐƐƚĞĞůǁŝůůďĞƉĂŝĚĂƚƉĞƌůŽĂĚƉƌŝĐĞ ĞƐƚĂďůŝƐŚŝŶŝƚĞŵϮϰϬϭ͘ϲϬϭĂďŽǀĞ͘ dŚŝƐƉƌŽũĞĐƚŝƐƐĂůĞƐƚĂdžĞdžĞŵƉƚ͘ ϱ &ŽƌƋƵĞƐƚŝŽŶƐŽŶƚŚŝƐƐŽůŝĐŝƚĂƚŝŽŶ͕ƉůĞĂƐĞĐŽŶƚĂĐƚ:ŽƐŚĞ&ƌĂŶŐĂƚϱϬϳͲϯϮϴͲϮϰϰϱŽƌ ϱ ũĚĞĨƌĂŶŐΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ YƵŽƚĞƐĚƵĞDĂLJϭϯ͕ϮϬϮϱĂƚϱ͗ϬϬ^d͖ƚĞŶƚĂƚŝǀĞĐŽŶƚƌĂĐƚĂǁĂƌĚĂƚDĂLJϭϵ͕ϮϬϮϱŝƚLJŽƵŶĐŝů ϱ ŵĞĞƚŝŶŐ͘WƌŝĐĞƐƐŚĂůůƌĞŵĂŝŶǀĂůŝĚĨŽƌϲϬĚĂLJƐ͘ dŚĞŝƚLJŝƐŶŽƚŽďůŝŐĂƚĞĚƚŽĂǁĂƌĚƚŚŝƐĐŽŶƚƌĂĐƚƚŽĂŶLJƉƌŽƉŽƐĞƌ͘ ϱ Z Yh/Z D Ed^^hDDZz zĞƐEŽ dŚĞƋƵŽƚĞŝƐ͕ǁŝƚŚŽƵƚĞdžĐĞƉƚŝŽŶ͕ŝŶĞdžĂĐƚĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƉĞĐŝĨŝĐĂƚŝŽŶƐ͘;/Ĩ ŶŽ͕ĂƚƚĂĐŚƐĞƉĂƌĂƚĞƉĂŐĞǁŝƚŚĐůĂƌŝĨŝĐĂƚŝŽŶƐͿ WƌŝĐŝŶŐǁŝůůƌĞŵĂŝŶǀĂůŝĚĨŽƌĂĐĐĞƉƚĂŶĐĞĨŽƌϲϬĚĂLJƐĂŶĚŝƐŶŽƚƐƵďũĞĐƚƚŽ ĞƐĐĂůĂƚŝŽŶ͍ ŝĚLJŽƵŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐƐŝŐŶĞĚĐĞƌƚŝĨŝĐĂƚŝŽŶƐ͗ĞďĂƌŵĞŶƚĂŶĚ^ƵƐƉĞŶƐŝŽŶ͕ ƵLJŵĞƌŝĐĂ͕>ŽďďLJŝŶŐĂŶĚdĂdž>ŝĂďŝůŝƚLJ dŚĞƵŶĚĞƌƐŝŐŶĞĚŝƐĨƵůůLJŝŶĨŽƌŵĞĚǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞĐŽŶƚĞŶƚƐŽĨƚŚĞĂƚƚĂĐŚĞĚƐƉĞĐŝĨŝĐĂƚŝŽŶƐĂŶĚŚĂƐ ƌĞǀŝĞǁĞĚĂůůĚŽĐƵŵĞŶƚƐĨŽƌĂĐĐƵƌĂĐLJƉƌŝŽƌƚŽƐƵďŵŝƐƐŝŽŶŽĨƚŚŝƐƋƵŽƚĞ͘ ŽŵƉĂŶLJEĂŵĞ͗ĚĚƌĞƐƐ͗ $%&&2$7,1* &2817<52$'% &203$1<2)01,1& :(67'225$ WŚŽŶĞ͗ŝƚLJͬ^ƚĂƚĞͬŝƉ 526(9,//(01 $%&&2$7,1*&22)0,11(627$,1& :HVW&RXQW\5G%'RRU$ 5RVHYLOOH01 5RFKHVWHU/LQN%57&3-VWULNHVHOHFWULFSRZHURXWDJHIORRGILUH WUDIILFDFFLGHQWVPDFKLQHU\EUHDNDJHRURWKHUVLPLODUHYHQWV ,QFOXVLRQV $*UDGH'RPHVWLF0LOO&HUWLILHG6WHHO $*UDGH'RPHVWLF0LOO&HUWLILHG6WHHO(SR[\&RDWHGSHU$670$ $%&&2$7,1*&22)0,11(627$,1& :HVW&RXQW\5G%'RRU$ 5RVHYLOOH01 5RFKHVWHU/LQN%57&3- 5(62/87,21 $ZDUGLQJ&RQWUDFWIRU- 6HDORIWKH&LW\RI 5RFKHVWHU0LQQHVRWD ,0 ; *+ , ! ! "$ @ )./<= 0 1 *=1 > B > " 1 ! !,%' k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x 7ZHOYH 6WHHOVWRUDJHDQGVKLSSLQJSDOOHWV IRUHDFKFRXUW /RJRV 1R/RJRV 7UDLQLQJ x *HUIORU7HFKQLFDO0DQDJHURQVLWHIRULQLWLDOVHWXSWRSURYLGH 0IJ¶VRYHUVLJKWRI R ORFDOSURIHVVLRQDOLQVWDOODWLRQFUHZ R 2ZQHULQVWUXFWLRQVIRUVHWXSVWRUDJHDQGPDLQWHQDQFH /DERU x /RFDO,QVWDOODWLRQ7HFKQLFLDQV RQVLWHIRULQLWLDOVHWXSWRSURYLGH R 5ROORXWPDWHULDOIRUDFFOLPDWLRQ R 0HDVXUHVTXDUHDQGSUHSWKHFRXUW ³)LW´7DUDIOH[LQWRSRVLWLRQDQGFXWWRH[DFWVL]H R R &XWRSHQLQJVIRUIORRUVOHHYHV R $SSO\6HDPWDSH R $SSO\*DPHOLQHWDSH x &XVWRPHUWRSURYLGH SHUVRQFUHZGXULQJLQLWLDOVHWXS R 7RIDPLOLDUL]HWKHFOLHQWZLWK2ZQHU,QVWUXFWLRQVIRUVHWXSVWRUDJHDQG PDLQWHQDQFH R 3URYLGHIDFLOLW\ORJLVWLFVDQGEDVLFODERUDVVLVWDQFHDVGLUHFWHGE\*HUIORU R 5HTXLUHVZRUNPHQIRUGD\VGXULQJLQLWLDOLQVWDOODWLRQ 6SHFLDO1RWHV 7KLVSURMHFWLVEHLQJSXUFKDVHGWKURXJKWKH6RXUFHZHOOFRRSHUDWLYHSXUFKDVLQJFRQWUDFW *HUIORU¶V *(5 D 6RXUFHZHOOFRQWUDFWQXPEHULV E 7KHEX\HUVKRXOGLQFOXGHWKHLU6RXUFHZHOOPHPEHU,'QXPEHURQWKHSXUFKDVHRUGHU 1RWD[LQFOXGHG&XVWRPHUWRSURYLGHWD[H[HPSWFHUWLILFDWH 3ULFLQJLVEDVHGRQGHOLYHU\LQ 1RORFDOIHHVSHUPLWVRURWKHUFKDUJHVLQFOXGHG$GGLIUHTXLUHG )UHLJKWLQFOXGHG 2ZQHUWRUHFHLYHDQGXQORDGWKHFRXUWVKLSPHQW *2 ()!* + !##('+ !# 2 7 ! " !+( #1 ( ! !)* !8 9:6 %62 4( ;9':=' && "4* D/EE ^Kd,Kh^/E'&/EE ' Ez ,Kh^/E'dyZ /dD/E/^dZd/KE :K/EdWKt Z^'Z D Ed t, Z ^͕^ĞĐƚŝŽŶϰϮŽĨƚŚĞ/ŶƚĞƌŶĂůZĞǀĞŶƵĞŽĚĞŽĨϭϵϴϲ͕ĂƐĂŵĞŶĚĞĚ͕;^ĞĐƚŝŽŶϰϮͿ ƉƌŽǀŝĚĞƐĨŽƌůŽǁͲŝŶĐŽŵĞŚŽƵƐŝŶŐƚĂdžĐƌĞĚŝƚƐ;,dƐͿƚŽďĞĂůůŽĐĂƚĞĚďLJ,ŽƵƐŝŶŐƌĞĚŝƚ ŐĞŶĐŝĞƐĂƐƚŚĂƚƚĞƌŵŝƐĚĞĨŝŶĞĚŝŶ^ĞĐƚŝŽŶϰϮ;ŚͿ;ϴͿ;Ϳ͕ƉƵƌƐƵĂŶƚƚŽĂYƵĂůŝĨŝĞĚůůŽĐĂƚŝŽŶ WůĂŶ;YWͿĂƐƚŚĂƚƚĞƌŵŝƐĚĞĨŝŶĞĚŝŶ^ĞĐƚŝŽŶϰϮ;ŵͿ;ϭͿ͖ĂŶĚ t, Z ^͕ƵŶĚĞƌDŝŶŶĞƐŽƚĂůĂǁ͕ƚŚĞDŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐ&ŝŶĂŶĐĞŐĞŶĐLJ;DŝŶŶĞƐŽƚĂ ,ŽƵƐŝŶŐͿĂŶĚĐĞƌƚĂŝŶĐŽƵŶƚŝĞƐĂŶĚĐŝƚŝĞƐĂƌĞĂƵƚŚŽƌŝnjĞĚƚŽĂůůŽĐĂƚĞ,dƐĂŶĚƚŚĞ^ƚĂƚĞ ,ŽƵƐŝŶŐƌĞĚŝƚĞŝůŝŶŐ͕ĂƐƚŚĂƚƚĞƌŵŝƐĚĞĨŝŶĞĚŝŶϮϲ&ZΑϭ͘ϰϮͲϭϰ͕ŝƐĚŝǀŝĚĞĚďLJƐƚĂƚƵƚŽƌLJ ĨŽƌŵƵůĂĂŶĚƌĞƐĞƌǀĞĚĨŽƌĂůůŽĐĂƚŝŽŶďLJƚŚĞƌĞƐƉĞĐƚŝǀĞĞŶƚŝƚŝĞƐ͖ĂŶĚ t, Z ^͕ƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌŝƐĂĐŝƚLJǁŚŝĐŚŝƐĞůŝŐŝďůĞƚŽƌĞĐĞŝǀĞĂƌĞƐĞƌǀĂƚŝŽŶŽĨ,dƐ ƵŶĚĞƌDŝŶŶ͘^ƚĂƚ͘ΑϰϲϮ͘ϮϮϮ͕ƐƵďĚ͘ϭ͖ĂŶĚ t, Z ^͕DŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐĂŶĚƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌǁŝƐŚƚŽĞŶƚĞƌŝŶƚŽĂũŽŝŶƚƉŽǁĞƌƐ ĂŐƌĞĞŵĞŶƚ;ƚŚĞ͞ŐƌĞĞŵĞŶƚ͟ͿƵŶĚĞƌDŝŶŶ͘^ƚĂƚ͘Αϰϳϭ͘ϱϵ͕ƉƵƌƐƵĂŶƚƚŽǁŚŝĐŚ͕ĞdžĐĞƉƚĨŽƌ ĐĞƌƚĂŝŶĨƵŶĐƚŝŽŶƐĞdžƉƌĞƐƐůLJƐĞƚĨŽƌƚŚŝŶƚŚŝƐŐƌĞĞŵĞŶƚ͕DŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐǁŝůůƉĞƌĨŽƌŵ ĂůůŽĨƚŚĞ,dĂůůŽĐĂƚŝŽŶ͕ĂǁĂƌĚĂŶĚĐŽŵƉůŝĂŶĐĞŵŽŶŝƚŽƌŝŶŐĨƵŶĐƚŝŽŶƐŽŶďĞŚĂůĨŽĨƚŚĞŝƚLJ ŽĨZŽĐŚĞƐƚĞƌǁŝƚŚƌĞƐƉĞĐƚƚŽ,dƐĂůůŽĐĂƚĞĚĨŽƌƚŚĞĐĂůĞŶĚĂƌLJĞĂƌϮϬϮϲ^ƚĂƚĞ,ŽƵƐŝŶŐ ƌĞĚŝƚĞŝůŝŶŐŽƌĂǁĂƌĚĞĚŝŶĐĂůĞŶĚĂƌLJĞĂƌϮϬϮϲƚŽĚĞǀĞůŽƉŵĞŶƚƐĨŝŶĂŶĐĞĚǁŝƚŚǀŽůƵŵĞ ůŝŵŝƚĞĚƚĂdžĞdžĞŵƉƚďŽŶĚƐ͖ĂŶĚ t, Z ^͕ƉƵƌƐƵĂŶƚƚŽ^ĞĐƚŝŽŶϰϮ͕DŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐĂĚŽƉƚƐYWƐǁŚŝĐŚŝŶĐůƵĚĞďŽƚŚ ƉƌŽĐĞĚƵƌĞƐĨŽƌƚŚĞĂůůŽĐĂƚŝŽŶĂŶĚĂǁĂƌĚŽĨ,dƐĂŶĚĐŽŵƉůŝĂŶĐĞŵŽŶŝƚŽƌŝŶŐƉƌŽĐĞĚƵƌĞƐ ĂŶĚĂůƐŽĐŽŶƚĞŵƉůĂƚĞĂũŽŝŶƚƉŽǁĞƌƐĂŐƌĞĞŵĞŶƚĂƐƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͖ĂŶĚ t, Z ^͕ƚŚĞDŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐϮϬϮϲͲϮϬϮϳ,ŽƵƐŝŶŐdĂdžƌĞĚŝƚYƵĂůŝĨŝĞĚůůŽĐĂƚŝŽŶ WůĂŶ;ϮϬϮϲͲϮϬϮϳYWͿ͕ĂŶĚĂŶLJƌĞǀŝƐŝŽŶƐĂŶĚĂŵĞŶĚŵĞŶƚƐƚŚĞƌĞƚŽ͕ĂƌĞŚĞƌĞďLJ ŝŶĐŽƌƉŽƌĂƚĞĚŝŶŝƚƐĞŶƚŝƌĞƚLJŝŶƚŽƚŚŝƐŐƌĞĞŵĞŶƚďLJƌĞĨĞƌĞŶĐĞ͘ EKt͕d, Z &KZ ͕/d/^'Z ͗ ϭ͘ůůŽĐĂƚŝŽŶĂŶĚǁĂƌĚ͘ Ă͘ŝƚLJŽĨZŽĐŚĞƐƚĞƌĂŐƌĞĞƐƚŽƚƌĂŶƐĨĞƌŝƚƐĞŶƚŝƌĞϮϬϮϲ,dĂŶŶƵĂůƚĂdžĐƌĞĚŝƚ ĚŝƐƚƌŝďƵƚŝŽŶƚŽDŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐƵƐŝŶŐƚŚĞĨŽƌŵĂƚƚĂĐŚĞĚŚĞƌĞƚŽ͘^ĂŝĚ ĐƌĞĚŝƚƐďĞĐŽŵĞƉĂƌƚŽĨƚŚĞƉŽƌƚŝŽŶŽĨƚŚĞϮϬϮϲ^ƚĂƚĞ,ŽƵƐŝŶŐƌĞĚŝƚĞŝůŝŶŐ ƚŽďĞĂůůŽĐĂƚĞĚďLJDŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐƉƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ ^ĞĐƚŝŽŶϰϲϮ͘ϮϮϯ͘ ď͘tŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ,dƐ͕ƚŚĞƉĂƌƚŝĞƐĂŐƌĞĞƚŚĂƚƚŚĞ ϮϬϮϲͲϮϬϮϳYWǁŝůůĂƉƉůLJƚŽĂůůƉƌŽũĞĐƚƐĂŶĚƚŚĂƚDŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐƐŚĂůů ϮϬϮϲ,d:ŽŝŶƚWŽǁĞƌƐŐƌĞĞŵĞŶƚ ϭDĂƌĐŚϮϬϮϱ ƉĞƌĨŽƌŵĂůůŽĨƚŚĞĂůůŽĐĂƚŝŽŶĚƵƚŝĞƐŽŶďĞŚĂůĨŽĨƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌƵƐŝŶŐ ƚŚĞϮϬϮϲͲϮϬϮϳYW͘ůůĂƉƉůŝĐĂŶƚƐƐŚĂůůƵƐĞƚŚĞĂƉƉůŝĐĂƚŝŽŶĨŽƌŵƐŝŶĐůƵĚĞĚ ŝŶƚŚĞϮϬϮϲͲϮϬϮϳYW͘ Đ͘tŝƚŚƌĞƐƉĞĐƚƚŽƉƌŽũĞĐƚƐĨŝŶĂŶĐĞĚǁŝƚŚƚĂdžͲĞdžĞŵƉƚďŽŶĚƐůŽĐĂƚĞĚŝŶŝƚLJŽĨ ZŽĐŚĞƐƚĞƌƚŚĂƚĂƉƉůLJĨŽƌĂŶĂǁĂƌĚŽĨ,dƐ͕ƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŵƉůLJǁŝƚŚ ƚŚĞDŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐYWŝŶĞĨĨĞĐƚĨŽƌƚŚĞLJĞĂƌƚŚĂƚƐƵĨĨŝĐŝĞŶƚďŽŶĚƐĂƌĞ ŝƐƐƵĞĚ͘dŚĞƉĂƌƚŝĞƐĂŐƌĞĞƚŚĂƚDŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐƐŚĂůůĐŽŶĚƵĐƚĂůů ĂƉƉůŝĐĂďůĞƌĞǀŝĞǁƐƵŶĚĞƌ^ĞĐƚŝŽŶϰϮ;ŵͿĂŶĚƚŚĞŝƐƐƵĞƌŵƵƐƚƉƌŽǀŝĚĞ ĚŽĐƵŵĞŶƚĂƚŝŽŶŽĨŝƚƐƌĞǀŝĞǁƉƵƌƐƵĂŶƚƚŽ^ĞĐƚŝŽŶϰϮ;ŵͿ;ϮͿ;ĚͿ͘ Ě͘hŶĚĞƌZŽƵŶĚƐϭĂŶĚϮŽĨƚŚĞϮϬϮϲͲϮϬϮϳYW͕DŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐƐŚĂůů ŵĂŬĞƐĞůĞĐƚŝŽŶƐĂĐĐŽƌĚŝŶŐƚŽƚŚĞƐĞůĞĐƚŝŽŶƉƌŽĐĞƐƐĞƐĞƐƚĂďůŝƐŚĞĚďLJƚŚĞ ϮϬϮϲͲϮϬϮϳYWĂŶĚƐŚĂůůĂůůŽĐĂƚĞ,dƐŝŶZŽƵŶĚϭĂŶĚ͕ŝĨĂƉƉůŝĐĂďůĞ͕ ZŽƵŶĚϮ͕ƉƵƌƐƵĂŶƚƚŽƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚůŝŵŝƚĂƚŝŽŶƐĐŽŶƚĂŝŶĞĚŝŶƚŚĞ ϮϬϮϲͲϮϬϮϳYW͘ Ϯ͘ŽŵƉůŝĂŶĐĞDŽŶŝƚŽƌŝŶŐ͘&ŽƌĂůůƉƌŽũĞĐƚƐƌĞĐĞŝǀŝŶŐƚŚĞŝƌŝŶŝƚŝĂůĂůůŽĐĂƚŝŽŶŽĨ,dƐ ĨƌŽŵDŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐ͕ĂůůĐŽŵƉůŝĂŶĐĞŵŽŶŝƚŽƌŝŶŐĨƵŶĐƚŝŽŶƐƚŚƌŽƵŐŚŽƵƚƚŚĞ ŽŵƉůŝĂŶĐĞWĞƌŝŽĚĂŶĚ džƚĞŶĚĞĚhƐĞWĞƌŝŽĚĨŽƌĞĂĐŚƉƌŽũĞĐƚ͕ĂƐƚŚŽƐĞƚĞƌŵƐĂƌĞ ĚĞĨŝŶĞĚŝŶ^ĞĐƚŝŽŶϰϮ;ŝͿ;ůͿ;ŝͿĂŶĚ^ĞĐƚŝŽŶϰϮ;ŚͿ;ϲͿ;Ϳ͕ƐŚĂůůďĞƉĞƌĨŽƌŵĞĚďLJ DŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐ͘DŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐƐŚĂůůƉĞƌĨŽƌŵƚŚĞĐŽŵƉůŝĂŶĐĞŵŽŶŝƚŽƌŝŶŐ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĨŽƌƚŚĞƉƌŽũĞĐƚƐƉƵƌƐƵĂŶƚƚŽƚŚĞĐŽŵƉůŝĂŶĐĞŵŽŶŝƚŽƌŝŶŐƉƌŽǀŝƐŝŽŶƐ ŽĨƚŚĞϮϬϮϲͲϮϬϮϳYW͕ƚŚĞDŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐdĂdžƌĞĚŝƚWƌŽŐƌĂŵŽŵƉůŝĂŶĐĞ 'ƵŝĚĞ;ŽŵƉůŝĂŶĐĞ'ƵŝĚĞͿĂŶĚϮϲ&ZΑϭ͘ϰϮͲϱ[[1463,1754,1489,1814][12][,I,][Calibri]]͕ [[1490,1754,2183,1814][12][,,][Calibri]]ĂůůĂƐŵĂLJďĞĂŵĞŶĚĞĚĨƌŽŵƚŝŵĞ ƚŽƚŝŵĞ͘ ϯ͘ŽŵƉĞŶƐĂƚŝŽŶ͘KŶůLJDŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐƐŚĂůůĐŚĂƌŐĞĂŶĚƌĞĐĞŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶ ĨŽƌƚŚĞĂůůŽĐĂƚŝŽŶĂŶĚĐŽŵƉůŝĂŶĐĞĚƵƚŝĞƐĂŶĚƐŚĂůůĚŽƐŽŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ ϮϬϮϲͲϮϬϮϳYWĂŶĚƚŚĞŽŵƉůŝĂŶĐĞ'ƵŝĚĞ͘dŚĞĐŽŵƉĞŶƐĂƚŝŽŶƐŚĂůůďĞƉĂŝĚƚŽ DŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐĚŝƌĞĐƚůLJďLJƚŚĞ,dĂƉƉůŝĐĂŶƚͬŽǁŶĞƌĂƚƚŚĞƚŝŵĞƐĂŶĚŝŶƚŚĞ ĂŵŽƵŶƚƐƐĞƚĨŽƌƚŚƚŚĞƌĞŝŶ͘ ϰ[[405,2249,418,2309][12][,I,][Calibri]]͘ [[529,2249,914,2309][12][B,,][Calibri]]dĞƌŵŽĨŽŶƚƌĂĐƚ͘ [[919,2249,2182,2309][12][,,][Calibri]]^ƵďũĞĐƚƚŽĞdžĞĐƵƚŝŽŶďLJĂůůŽĨƚŚĞƉĂƌƚŝĞƐ͛ŚĞƌĞŝŶďĞůŽǁ͕ƚŚŝƐ ŐƌĞĞŵĞŶƚƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶ:ƵŶĞϭ͕ϮϬϮϱ͘tŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞĂůůŽĐĂƚŝŽŶ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŚĞƌĞŝŶ͕ƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůŶŽƚƚĞƌŵŝŶĂƚĞƵŶƚŝůĂůůĂůůŽĐĂƚŝŽŶ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚŚĂǀĞďĞĞŶĐŽŵƉůĞƚĞĚ͘tŝƚŚƌĞƐƉĞĐƚƚŽ ĂǁĂƌĚƐŽĨ,dƐƚŽĚĞǀĞůŽƉŵĞŶƚƐĨŝŶĂŶĐĞĚǁŝƚŚƚĂdžĞdžĞŵƉƚďŽŶĚƐ͕ƚŚŝƐŐƌĞĞŵĞŶƚ ƐŚĂůůŶŽƚƚĞƌŵŝŶĂƚĞƵŶƚŝůĂůůĂǁĂƌĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŚĂǀĞďĞĞŶĐŽŵƉůĞƚĞĚ͘tŝƚŚ ƌĞƐƉĞĐƚƚŽƚŚĞĐŽŵƉůŝĂŶĐĞŵŽŶŝƚŽƌŝŶŐƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŚĞƌĞŝŶ͕ƐĂŝĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ƐŚĂůůĐŽŶƚŝŶƵĞĨƌŽŵƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞŽŵƉůŝĂŶĐĞWĞƌŝŽĚƚŚƌŽƵŐŚƚŚĞĞŶĚŽĨ ƚŚĞ džƚĞŶĚĞĚhƐĞWĞƌŝŽĚ͕ĂƐƚŚŽƐĞƚĞƌŵƐĂƌĞĚĞĨŝŶĞĚƵŶĚĞƌ/Z^ĞĐƚŝŽŶϰϮ͘ ϱ͘ĚĚƌĞƐƐĞƐĨŽƌEŽƚŝĐĞƐ͘ůůŶŽƚŝĐĞƐƚŽďĞŐŝǀĞŶďLJĞŝƚŚĞƌƉĂƌƚLJƚŽƚŚĞŽƚŚĞƌ ŚĞƌĞƵŶĚĞƌƐŚĂůůďĞŝŶǁƌŝƚŝŶŐĂĚĚƌĞƐƐĞĚĂƐĨŽůůŽǁƐ͗ ϮϬϮϲ,d:ŽŝŶƚWŽǁĞƌƐŐƌĞĞŵĞŶƚ ϮDĂƌĐŚϮϬϮϱ ;ĂͿdŽƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌĂƚ͗ ƚŚ ϮϬϭϰ^ƚƌĞĞƚ^ ͕ZŽŽŵϮϲϲ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰ ƚƚŶ͗ŝƚLJĚŵŝŶŝƐƚƌĂƚŽƌ ;ďͿdŽDŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐĂƚ[[1184,668,1198,728][12][,I,][Calibri]]͗ DŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐ&ŝŶĂŶĐĞŐĞŶĐLJ ϰϬϬtĂďĂƐŚĂ^ƚƌĞĞƚEŽƌƚŚ͕^ƵŝƚĞϰϬϬ ^ƚ͘WĂƵů͕DŝŶŶĞƐŽƚĂϱϱϭϬϮ ŽƌĂĚĚƌĞƐƐĞĚƚŽĂŶLJƐƵĐŚƉĂƌƚLJĂƚƐƵĐŚŽƚŚĞƌĂĚĚƌĞƐƐĂƐƐƵĐŚƉĂƌƚLJƐŚĂůůŚĞƌĞĂĨƚĞƌ ĨƵƌŶŝƐŚďLJŶŽƚŝĐĞƚŽƚŚĞŽƚŚĞƌƉĂƌƚLJ͘ ϲ͘ZĞĐŽƌĚƐ͘ŽƚŚDŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐĂŶĚƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌĂŐƌĞĞƚŚĂƚŝƚǁŝůů ŵĂŬĞĂǀĂŝůĂďůĞĂůůƉĞƌƚŝŶĞŶƚŝŶĨŽƌŵĂƚŝŽŶ͕ĚĂƚĂĂŶĚƌĞĐŽƌĚƐƵŶĚĞƌƚŚĞŝƌƌĞƐƉĞĐƚŝǀĞ ĐŽŶƚƌŽůĨŽƌĞĂĐŚŽƚŚĞƌ͛ƐƵƐĞŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͕ĂŶĚǁŝůůĂƐƐŝƐƚ ƚŚĞŽƚŚĞƌ͕ǁŚĞŶĞǀĞƌƉŽƐƐŝďůĞ͕ƚŽŽďƚĂŝŶƐƵĐŚƌĞĐŽƌĚƐ͕ĚĂƚĂĂŶĚŝŶĨŽƌŵĂƚŝŽŶ͘ ϳ͘>ŝĂďŝůŝƚLJ͘ ĂĐŚƉĂƌƚLJƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŝƚƐŽǁŶĂĐƚƐĂŶĚŽŵŝƐƐŝŽŶƐ͕ƚŚĞĂĐƚƐ ĂŶĚŽŵŝƐƐŝŽŶƐŽĨŝƚƐĞŵƉůŽLJĞĞƐ͕ĂŶĚƌĞƐƵůƚƐƚŚĞƌĞŽĨƚŽƚŚĞĞdžƚĞŶƚĂƵƚŚŽƌŝnjĞĚďLJ ůĂǁ͘dŚĞƉĂƌƚŝĞƐƐŚĂůůŶŽƚďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐƚƐŽĨĂŶLJŽƚŚĞƌƐĂŶĚƚŚĞƌĞƐƵůƚƐ ƚŚĞƌĞŽĨ͘ ϴ͘ƐƐŝŐŶŵĞŶƚ͘EĞŝƚŚĞƌƉĂƌƚLJƐŚĂůůĂƐƐŝŐŶĂŶLJŝŶƚĞƌĞƐƚŝŶƚŚŝƐŐƌĞĞŵĞŶƚǁŝƚŚŽƵƚ ƉƌŝŽƌǁƌŝƚƚĞŶĐŽŶƐĞŶƚŽĨƚŚĞƉĂƌƚŝĞƐĂŶĚƐƵďũĞĐƚƚŽƐƵĐŚĐŽŶĚŝƚŝŽŶƐĂŶĚƉƌŽǀŝƐŝŽŶƐ ĂƐĂƌĞĚĞĞŵĞĚŶĞĐĞƐƐĂƌLJ͘ ϵ͘/ŶĚĞƉĞŶĚĞŶƚŽŶƚƌĂĐƚŽƌƐ͘dŚĞƉĂƌƚŝĞƐĂŐƌĞĞƚŚĂƚƚŚĞĞŵƉůŽLJĞĞƐŽĨDŝŶŶĞƐŽƚĂ ,ŽƵƐŝŶŐƐŚĂůůĂůǁĂLJƐďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽLJĞĞƐŽĨDŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐĨŽƌĂůů ƉƵƌƉŽƐĞƐŝŶĐůƵĚŝŶŐǁŽƌŬĞƌƐ͛ĐŽŵƉĞŶƐĂƚŝŽŶĂŶĚƚŚĞĞŵƉůŽLJĞĞƐŽĨƚŚĞŝƚLJŽĨ ZŽĐŚĞƐƚĞƌƐŚĂůůĂůǁĂLJƐďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽLJĞĞƐŽĨƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌĨŽƌĂůů ƉƵƌƉŽƐĞƐŝŶĐůƵĚŝŶŐǁŽƌŬĞƌƐ͛ĐŽŵƉĞŶƐĂƚŝŽŶ͘EŽĞŵƉůŽLJĞĞŽĨĞŝƚŚĞƌƉĂƌƚLJƐŚĂůůďĞ ĞŶƚŝƚůĞĚƚŽĂŶLJĐůĂŝŵŽƌďĞŶĞĨŝƚĨƌŽŵƚŚĞŽƚŚĞƌƉĂƌƚLJĨƌŽŵĂŶLJĞǀĞŶƚŽƌŽĐĐƵƌƌĞŶĐĞ ĂƌŝƐŝŶŐŽƵƚŽĨƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘dŚŝƐŐƌĞĞŵĞŶƚŝƐŶŽƚŝŶƚĞŶĚĞĚ ĂŶĚƐŚŽƵůĚŶŽƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶLJŵĂŶŶĞƌĂƐĐƌĞĂƚŝŶŐŽƌĞƐƚĂďůŝƐŚŝŶŐĂ ƌĞůĂƚŝŽŶƐŚŝƉŽĨĐŽͲƉĂƌƚŶĞƌƐďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐŚĞƌĞƚŽ͘EĞŝƚŚĞƌƉĂƌƚLJƵŶĚĞƌĂŶLJ ĐŝƌĐƵŵƐƚĂŶĐĞƐƐŚĂůůďĞůŝĂďůĞĨŽƌĂŶLJĞŵƉůŽLJĞĞďĞŶĞĨŝƚƐŽĨƚŚĞŽƚŚĞƌƉĂƌƚLJ͛Ɛ ĞŵƉůŽLJĞĞƐ͘dŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞĐŽŶƐƚƌƵĞĚŝŶƐƵĐŚĂŵĂŶŶĞƌĂƐƚŽŶŽƚ ŝŶƚĞƌĨĞƌĞǁŝƚŚƚŚĞĐŽŶƚƌĂĐƚƵĂůŽďůŝŐĂƚŝŽŶƐŽĨĞŝƚŚĞƌƉĂƌƚLJǁŝƚŚŝƚƐĞŵƉůŽLJĞĞƐƵŶĚĞƌ ĂŶLJǀĂůŝĚĐŽůůĞĐƚŝǀĞďĂƌŐĂŝŶŝŶŐĂŐƌĞĞŵĞŶƚ͘ ϮϬϮϲ,d:ŽŝŶƚWŽǁĞƌƐŐƌĞĞŵĞŶƚ ϯDĂƌĐŚϮϬϮϱ ϭϬ͘ŵĞŶĚŵĞŶƚƐ͘dŚŝƐŐƌĞĞŵĞŶƚŵĂLJďĞĂŵĞŶĚĞĚŽŶůLJŝŶǁƌŝƚŝŶŐƐŝŐŶĞĚďLJƚŚĞ ƉĂƌƚŝĞƐ͘ ϭϭ͘ƵƚŚŽƌŝƚLJƚŽ ŶƚĞƌŝŶƚŽŐƌĞĞŵĞŶƚ͘ ĂĐŚWĂƌƚLJƌĞƉƌĞƐĞŶƚƐƚŚĂƚƚŚĞŝŶĚŝǀŝĚƵĂů ĞdžĞĐƵƚŝŶŐƚŚŝƐŐƌĞĞŵĞŶƚŚĂƐďĞĞŶĂƵƚŚŽƌŝnjĞĚƚŽĚŽƐŽďLJŝƚƐŐŽǀĞƌŶŝŶŐďŽĚLJ͘ /dzK&ZK, ^d Z LJ͗ /ƚƐ͗DĂLJŽƌ ĂƚĞ͗ D/EE ^Kd,Kh^/E'&/EE ' Ez LJ͗ /ƚƐ͗ ĂƚĞ͗ ŝƚLJůĞƌŬ LJ͗ /ƚƐ͗ŝƚLJůĞƌŬ ĂƚĞ͗ ϮϬϮϲ,d:ŽŝŶƚWŽǁĞƌƐŐƌĞĞŵĞŶƚ ϰDĂƌĐŚϮϬϮϱ +5 )* + ! #( # 5(92&$%/(3(50,7$1'$*5((0(17 $*5((0(17 KHUHLQDIWHU³3HUPLW´RU³$JUHHPHQW´ 7+,65(92&$%/(3(50,7$1'GHSHQGLQJ &LW\RI5RFKHVWHU RQWKHFRQWH[WXVHG PDGHWKLVBBBBBGD\RIBBBBBBBBBBBBBBBBBEHWZHHQWKH DQG0D\R&OLQLF D0LQQHVRWDPXQLFLSDOFRUSRUDWLRQKHUHLQDIWHUUHIHUUHGWRDV&LW\D0LQQHVRWDQRQSURILW FRUSRUDWLRQKHUHLQDIWHUUHIHUUHGWRDV0D\R 5(&,7$/6 $0D\RRZQVFHUWDLQUHDOSURSHUW\GHVFULEHGDV KHUHLQDIWHUNQRZQDVWKH3URSHUW\ 0F&XOORXJK¶V$GG /RWVDQGDOOLQ%ORFN :PLWLRQWR5RFKHVWHU 2OPVWHG&RXQW\0LQQHVRWD %0D\RKDVDSSOLHGWRWKH&LW\IRUDUHYRFDEOHSHUPLWWRDOORZYDULRXVSULYDWHLPSURYHPHQWVWR UG EHFRQVWUXFWHGZLWKLQWKHSXEOLFULJKWRIZD\RIQG6WUHHW6:VW6WUHHW1::HVW&HQWHU6WUHHW UHIHUUHGWRDV³5LJKWRI:D\´ DVSDUWRI0D\R¶V WK $YHQXH6:DQG$YHQXH6: KHUHLQDIWHUFROOHFWLYHO\ ± NY'LVWULEXWLRQ0DULRQ%XV)HHGHU([WHQVLRQ3DFNDJH% DQG &7KH&LW\LVZLOOLQJWRJUDQWWKLV3HUPLWXSRQWKHWHUPVDQGFRQGLWLRQVFRQWDLQHGKHUHLQZKLFK WHUPVDQGFRQGLWLRQVDSSO\WR0D\RLWVVXFFHVVRUVDQGDVVLJQ 12:7+(5()25(,7,60878$//<$*5(('E\WKH&LW\DQG0D\RDVIROORZV ¶VIXOOFRPSOLDQFHZLWKWKHWHUPVRIWKLV$JUHHPHQWWKH&LW\FRQVHQWVWR 6XEMHFWWR0D\RSODFHPHQWRI ³´ WKHIROORZLQJSULYDWHLPSURYHPHQWV KHUHLQDIWHU3ULYDWH,PSURYHPHQWV GHVFULEHGEHORZLQWKH5LJKW RI:D\LQDPDQQHUFRQVLVWHQWZLWKGHWDLOVRIWKHDSSURYHG&LYLO&RQVWUXFWLRQSODQVDVVRFLDWHGZLWK (;+,%,76$%& *UDGLQJ3HUPLW5*)DQGDVGHSLFWHGIRUJHQHUDOORFDWLRQUHIHUHQFHZLWKLQ '() DQGRIWKLV$JUHHPHQW 3ULYDWH,PSURYHPHQWV x QGVWUG )LEHUGXFWEDQNDORQJ6WUHHW6:6WUHHW1::HVW&HQWHU6WUHHWDQG$YHQXH6:ULJKW RIZD\ x WK (OHFWULFDOGXFWEDQNDORQJ:HVW&HQWHU6WUHHWDQG$YHQXH1:ULJKWRIZD\ x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¶VLQIUDVWUXFWXUH 0D\RVKDOOKROGWKH&LW\KDUPOHVVDQGGHIHQGWKH&LW\IRUDQ\DQGDOOGDPDJHVRUIURPDQ\DQGDOOFODLPV ¶XVHRIWKH&LW\¶V RUFDXVHVRIDFWLRQPDGHE\DQ\SDUW\UHVXOWLQJIURPWKH0D\RULJKWRIZD\XQGHUWKH &LW\¶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¶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¶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¶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¶VXVHRIWKH&LW\¶VULJKW RIWKH3RIZD\XQGHUWKHJUDQWRIDXWKRULW\ FRQWDLQHGKHUHLQRUUHVXOWLQJIURPWKH&LW\¶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#0'27*#0) -!#0 #," ,#+ '*2-7-30',"'4'"3 *-3,!'*+#+ #0±$',"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 / )*!+ ,%- / $ 7 2 "$ 3$ $ $($ % % $ $ # 2 ($$ ( #$ ) * : . $ 7 2 " %$ 7 %& ' C :HEVLWH ZZZURFKHVWHUPQJRYFG &LW\RI5RFKHVWHU (PDLO :HVW5LYHU3DUNZD\1:67( FRPPXQLW\GHYHORSPHQW#URFKHVWHUPQJRY 3KRQH QWKHQRUWKSURSHUW\OLQHLQDOLJQPHQWZLWKWKHSURSRVHGURDGZD\LQ WKHDSSURYHG%DGJHU+LOOV*'3IRUWKHDGMDFHQWSURSHUW\WRWKHQRUWK ϮϮϬϮϱͲϬϬϳW>d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ϯϮϬϮϱͲϬϬϳW>d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¶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ĚŵŝŶŝƐƚƌĂƚŝǀĞ %XLOGLQJ ĚŵŝŶŝƐƚƌĂƚŝǀĞ &LYLO3ODQ 5HYLHZ ĚŵŝŶŝƐƚƌĂƚŝǀĞ %XLOGLQJ 3HUPLW :ƵĚŝĐŝĂů )LQDO3ODW Ͳ YƵĂƐŝ 'HYHORSPHQW 6WUHHW6(5RFKHVWHU01 +HLJKWV $JUHHPHQW :ƵĚŝĐŝĂů 'ĞŶĞƌĂůůLJ W 3OD :ƵĚŝĐŝĂů Ͳ YƵĂƐŝ 3UHOLPLQDU\ %DGJHU Ͳ YƵĂƐŝ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ϯ ϭϬ & ' ϰ ϯϮϭ $ ϱ 2 5 ϵ ϲ Khd>Kd 52$'' ϳ ϴ Khd>Kd ϳ ϴ ϵ ϴ ϲ >K<Ϯ ϭϬ ϵ ϳ ϭ Ϯ ϰ ϯ ϱ ϭϭ ϭϬ ϲ 52$'( ϭϮ ϭϭ ϱ >K<ϰ >K<ϯ ϭϯ ϭϮ ϰ Ϯϭ &6$+12 52$'' Ϯϱ Ϯϰ Ϯϯ ϮϮ ϭϰ ϭϯ ϯϮϬ Khd>Kd 52$'& ϭϱ ϭϰ Ϯϭϵ >K<ϭ ϭϲ ϭϳ ϭϱ ϭϭϴ ϭϲ 52$'% ϭϱ ϰϲϳϴ ϯϱ ϭϮ ϵ ϭϰ >K<ϱ ϭϯ ϭϬ ϭϰϭϯϭϮϭϭ ϭϲϭϱ ϭϴϭϳ ϭϮ 52$'% ϭϭ 9$//(<+,*+5'1: $/3+$3$5.:$<1: ϭϬ 38%/,& ϵ ϰϲϳϴ Ϯϯϱ ϭ >K<ϭ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ϭϬ & ' Ϯ ϭ $ 2 5 ϵ Khd>Kd ϴ Khd>Kd ϳ ϵ ϲ >K<Ϯ ϭ Ϯ ϰ ϯ ϱ 52$'( Ϯϭ &6$+12 Ϯϱ Ϯϰ Ϯϯ ϮϮ ϭϰ ϮϬ Khd>Kd 52$'& ϭϱ ϭϵ >K<ϭ ϭϲ ϭϳ ϭϴ ϭϲ ϭϱ ϴ ϲϳ ϵ ϭϰ ϭϯ ϭϬ ϭϯϭϮϭϭ ϭϮ ϭϭ 9$//(<+,*+5'1: ϭϬ 38%/,& ϴϵ ϲϳ >K<ϭ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ϯ ϭϬ & ' Ϯ ϯ ϰϭ $ ϱ 2 5 ϵ ϲ Khd>Kd 52$'' ϳ ϴ ϳ ϴ ϵ ϴ ϲ >K<Ϯ ϭϬ ϵ ϳ ϭ Ϯ ϰ ϯ ϱ ϭϭ ϭϬ ϲ 52$'( ϭϮ ϭϭ ϱ>K<ϰ >K<ϯ ϭϯ ϭϮ ϰ Ϯϭ 52$'' Ϯϱ Ϯϰ Ϯϯ ϮϮ ϭϰ ϭϯ ϯϮϬ 52$'& ϭϱ ϭϰ Ϯ ϭϵ >K<ϭ ϭϲ ϭϳ ϭϱ ϭϴ ϭ ϭϲ 52$'% ϭϱ ϴ ϲϳ ϯϰϱ Ϯ ϭ ϵ ϭϰ >K<ϱ ϭϯ ϭϬ ϭϰϭϯϭϮϭϭ ϭϲ ϭϴϭϱ ϭϳ ϭϮ 52$'% ϭϭ $/3+$3$5.:$<1: ϭϬ ϴϵ ϲϳ ϯϰϱ Ϯ ϭ >K<ϭ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ϯ ϭϬ & ' ϰϮ ϯϭ$ ϱ 2 5 ϵ ϲ Khd>Kd 52$'' ϳ ϴ Khd>Kd ϳ ϴ ϵ ϴ ϲ >K<Ϯ ϭϬ ϵ ϳ ϭ Ϯ ϰ ϯ ϱ ϭϭ ϭϬ ϲ 52$'( ϭϮ ϭϭ ϱ >K<ϰ >K<ϯ ϭϯ ϭϮ ϰ Ϯϭ &6$+12 52$'' Ϯϱ Ϯϰ Ϯϯ ϮϮ ϭϰ ϭϯ ϯϮϬ Khd>Kd 52$'& ϭϱ ϭϰ Ϯϭϵ >K<ϭ ϭϲϭϳ ϭϱ ϭϭϴ ϭϲ 52$'% ϭϱ ϰϱϲϳϴ Ϯϯ ϭ ϵ ϭϰ >K<ϱ ϭϯ ϭϬ ϭϰϭϯϭϮϭϭ ϭϲϭϱ ϭϴϭϳ ϭϮ 52$'% ϭϭ 9$//(<+,*+5'1: $/3+$3$5.:$<1: ϭϬ 38%/,& ϵ ϰϱϲϳϴ Ϯϯ ϭ >K<ϭ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ϭϬ & ' Ϯ ϭ $ 2 5 ϵ Khd>Kd ϴ Khd>Kd ϳ ϵ ϲ >K<Ϯ ϭ Ϯ ϰ ϯ ϱ 52$'( Ϯϭ &6$+12 Ϯϱ Ϯϰ Ϯϯ ϮϮ ϭϰ ϮϬ Khd>Kd 52$'& ϭϱ ϭϵ >K<ϭ ϭϲ ϭϳ ϭϴ ϭϲ ϭϱ ϴ ϲϳ ϵ ϭϰ ϭϯ ϭϬ ϭϯϭϮϭϭ ϭϮ ϭϭ 9$//(<+,*+5'1: ϭϬ 38%/,& ϴϵ ϲϳ >K<ϭ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ϯ ϭϬ & ' Ϯ ϯ ϰϭ $ ϱ 2 5 ϵ ϲ Khd>Kd 52$'' ϳ ϴ ϳ ϴ ϵ ϴ ϲ >K<Ϯ ϭϬ ϵ ϳ ϭ Ϯ ϰ ϯ ϱ ϭϭ ϭϬ ϲ 52$'( ϭϮ ϭϭ ϱ>K<ϰ >K<ϯ ϭϯ ϭϮ ϰ Ϯϭ 52$'' Ϯϱ Ϯϰ Ϯϯ ϮϮ ϭϰ ϭϯ ϯϮϬ 52$'& ϭϱ ϭϰ Ϯ ϭϵ >K<ϭ ϭϲ ϭϳ ϭϱ ϭϴ ϭ ϭϲ 52$'% ϭϱ ϴ ϲϳ ϯϰϱ Ϯ ϭ ϵ ϭϰ >K<ϱ ϭϯ ϭϬ ϭϰϭϯϭϮϭϭ ϭϲ ϭϴϭϱ ϭϳ ϭϮ 52$'% ϭϭ $/3+$3$5.:$<1: ϭϬ ϴϵ ϲϳ ϯϰϱ Ϯ ϭ >K<ϭ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ϴ ϲϳ ϵ ϭϰ 6: ϭϯ 6: ϭϬ ϭϯϭϮϭϭ $% ϭϮ -/ 6: 3206 &+ &+ 3) -/ $% &+ ϭϭ 9$//(<+,*+5'1: -/ 32 06 8$3)32 ϭϬ 38%/,& ϴϵ ϲϳ >K<ϭ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ϭϯ ϯϮϬ -/ 3) 8$ -/ 52$'& 8$ 3)-/ ϭϱ&+ 32 ϭϰ Ϯ ϭϵ 06 3) 8$ >K<ϭ 32 &+ ϭϲ32 06 ϭϳ -/ ϭϱ ϭϴ ϭ &+ 06 32 ϭϲ 3) 6: -/ 52$'% $%8$ 3) 3)-/ 32 -/ 8$ ϭϱ 8$ 06 328$ -/ 3) 06&+ $%32 $% 6: ϴ ϲϳ ϯϰϱ Ϯ ϭ ϵ ϭϰ 6: >K<ϱ ϭϯ 6: ϭϬ ϭϰϭϯϭϮϭϭ ϭϲ ϭϴϭϱ ϭϳ $% ϭϮ -/ 6: 6: 6:8$ 3206 32&+ 06&+ 3) 063) 3)-/ -/ $% &+ 52$'% ϭϭ $/3+$3$5.:$<1: -/ 32 06 6:6:8$-/8$3)32 $%-/3)06 $% 06 ϭϬ ϴϵ ϲϳ ϯϰϱ Ϯ ϭ >K<ϭ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xxxxxxx /$1'6&$3(6&+('8/( /$1'6&$3(127(6 E 211@-8;:3-@-:31:@5-8/A>B1/;:/-B1@;@41C1?@4-B5:3->-05A?;2 211@-:0-/1:@>-8-:381;2 013>11? 95:A@1? ?1/;:0?@;@415:@1>?1/@5;:C5@4-85:1 <->-8818C5@4-:0 211@1-?@;2@41C1?@85:1;2?-50%;A@4C1?@#A->@1>;2@41 ;>@4C1?@ #A->@1>-:0?-5085:1@41>1@1>95:-@5:3 ">;<1>@E5?.?@>-/@ ::1D-@5;:">18595:->E"8-@%A.95@@-8-:0 -?? 00>1?? (-881E4534$;-0$;/41?@1> "$ -/>1? &;@-8/>1? -/ D5?@5:3%5@11?/>5<@5;: &4101B18;<91:@?5@1/;:?5?@?;2 <->/18@;@-85:3 -/>1?5:?5F1&41<>;<1>@E5?/A>>1:@8EC5@45: -?/-01&;C:?45<4;C1B1>5@5??A>>;A:010.E<>;<1>@51?-88C5@45:@415@E8595@?&41?5@15?.;A:0 .E(-881E4534$;-0 )% @;@41?;A@4 B1:A1 )@;@41C1?@-031>588? 005@5;:@; @4>0 @411-?@1D5?@5:3?5:3812-958E4;91?-:0B-/-:@8-:0@;@41:;>@4C5@4-:-<<>;B109-??3>-05:3<8-: 2;>@;C:4;91?&41?5@14-?-:1D5?@5:34;91-:0;A@.A5805:3?-:0>1/1:@8E.11:A?102;>-3>5/A8@A>1 <>;0A/@5;:-:04-?->;885:3@;<;3>-<4EC5@445341?@181B-@5;:5:@41:;>@41-?@?5@1/;>:1>-:00>;<<5:3 @;@41?;A@4-:0C1?@C5@4-8;C<;5:@181B-@5;:5:@41?;A@4C1?@<>;<1>@E/;>:1> C45/4-88;C?2;>@41<>;<;?10A?1?&4101B18;<91:@<8-:C5885:/8A01-<->@91:@A?1?C5@45:@41$ F;:5:3->1--:0?5:3812-958E8;@?5:@41$ 1B18;<91:@"8-:>1-%A99->E )1@8-:0 -/>1? 1@1B18;<91:@/>1-31 -/>1? ,;:5:3%@-:0->0?<1>$;/41?@1>':525101B18;<91:@;01$ ± ;C1:?5@E%9-88 ;@ ;@>1- 5:59A9 ?2 ;@)50@4 5:59A9 ¶95: >;:@A5805:3%1@.-/7 5:59A9 ¶ :@1>5;>%501A5805:3%1@.-/7 5:59A9¶ %@>11@%501A5805:3%1@.-/7 5:59A9¶ 5:59A9%A9;2 :@1>5;>%501+->0?¶ $1->A5805:3%1@.-/7 5:59A9¶ ,;:5:3%@-:0->0?<1>$;/41?@1>':525101B18;<91:@;01$ ± 105A91:?5@E$1?501:@5-8 ;@>1- 5:59A9 ?2 ;@)50@4 5:59A9 ¶PLQ >;:@A5805:3%1@.-/7 5:59A9 ¶ :@1>5;>%501A5805:3%1@.-/7 5:59A9¶ %@>11@%501A5805:3%1@.-/7 5:59A9¶ 5:59A9%A9;2 :@1>5;>%501+->0?¶ $1->A5805:3%1@.-/7 5:59A9¶ ">;<;?101B18;<91:@%5:381-958E ;@1?53: ;@>1- 5:59A9 ?2 ;@)50@4 5:59A9 ¶PLQ >;:@A5805:3%1@.-/7 5:59A9 ¶ :@1>5;>%501A5805:3%1@.-/7 5:59A9¶ %@>11@%501A5805:3%1@.-/7 5:59A9¶ 5:59A9%A9;2 :@1>5;>%501+->0?¶ $1->A5805:3%1@.-/7 5:59A9¶ ">;<;?101B18;<91:@<->@91:@%5@11?53: &4101B18;<91:@-<<85/-@5;:5?<>;<;?5:3/>1-@5;:;2-<->@91:@?5@18;@?;:8E-@@45?@591C5@4-<->@91:@ 01?53:-:0/;:?@>A/@5;:<8-:?@;.1<>;B50108-@1>A:01>?1<->-@12A@A>1-<<85/-@5;:&41<>18595:->E<8-@ 01?53:<8-:?0;?4;C/;:/1<@A-8-<->@91:@?5@101?53:?4;C1B1>-<<85/-:@5?/A>>1:@8EC;>75:3@;25:0 <->@:1>?2;>01B18;<91:@;2@41 -<->@91:@8;@?;:@45??5@1&41-<->@91:@?5@1?C588.19-??3>-010 C5@4@41>1?@;2@41<>;61/@5:<4-?1 4;C1B1>2A@A>1-<<85/-@5;:C588.1<>;B50102;>-<->@91:@8;@?-:0 C5885:/8A01-88<>;<;?108;@0591:?5;:?@-:0->0?2;>@4;?18;@? >/45@1/@A>1-:019;3>-<45/?@59-@1%5:381-958E ;@? &41<>;<;?10?5:3814;91?C5885:/8A01-95D;2;:1-:0@C;?@;>E4;91?C5@441534@?:;@@;1D/110 2@&41?5:3812-958E8;@?C588.1-95D;22A88.-?191:@4;91?8;;7;A@?-:0C-87;A@?&41/A>>1:@<8-: 4-? 2A88.-?191:@4;91? 8;;7;A@?-:0 C-87;A@?&414;91?4-B1.11:01?53:105:>-2@?9-: ">-5>51-:0 ;01>:->9;A?1@4191?&414;91?>-:315:?=A->1211@2>;9 ?2@; ?2C5@4 .10>;;9?A<@; .10>;;9?/-@1>5:3@;-C501019;3>-<45/>-:31884;91?C5884-B1-@C;/-> ::1D-@5;:">18595:->E"8-@%A.95@@-8-:0 -?? -@@-/4103->-31C5@4-:;<@5;:-8@45>0/->3->-31&41-<<85/-:@1?@59-@1?@41<;@1:@5-8<;<A8-@5;:;2@41 01B18;<91:@-@ :1C>1?501:@?.-?10;:-:-B1>-31;2 <1;<81<1>4;91 D ::1D-@5;:">18595:->E"8-@%A.95@@-8-:0 -?? %5@1//1??"101?@>5-:5>/A8-@5;:-:0"->75:3 (145/A8->-//1??2>;9<A.85/>534@;2C-E5:-:0;A@;2@41<>;<;?1001B18;<91:@C588;//A>B5-@4>11 -06-/1:@<A.85/>;-0C-E? //1??@;@41?5@12>;9@41?;A@4C588;//A>B5-(-881E4534> )% 5:@41950081;2@41 <>;<1>@E>;-0C-E/;::1/@5;:@;% 4-?.11:<8-::102;>@45?8;/-@5;:1B501:/10.E@41 1D5?@5:3@A>:8-:1?-8>1-0E5:<8-/1 //1??@;@41?5@12>;9@411-?@C588;//A>B5- %@>11@ )&41-//1??8;/-@5;:<>;<;?105?-: @4 1D5?@5:301-01:0>;-02>;9-031>588? 005@5;: >0 //1??@;@41?5@12>;9@41C1?@C588;//A>B5- B1:A1 )5:@41:;>@4C1?@/;>:1>;2@41?5@1 @4 C41>1@411D5?@5:3>;-0?@A.C-?/;:?@>A/@10)14-B1/;;>05:-@10C5@4@415@E-:0@41 <>;<1>@E;C:1>@;@41:;>@4;:@41>;-0C-E-:0@>-58-853:91:@ &41<>;<;?105:@1>:-8>;-0C-E:1@C;>75?01?53:10C5@4¶IDFHWRIDFHURDGZD\ZLWKD¶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¶VGHVLUHWR<>;/110C5@4-:-<<85/-@5;:2;>25:-8<8-@-:025:-8A@585@E <8-:?5:?A991> C;>75:3@;C->0?5:2>-?@>A/@A>1/;:?@>A/@5;:?@->@5: &41-<<85/-:@>1?<1/@2A88E/;:/8A01?@4-@@41>1=A1?@2;>-:-::1D-@5;:-<<>;B-8<>18595:->E<8-@ -<<>;B-8-:09-??3>-05:3<1>95@C588-88;C2;>->1?501:@5-88-:0A?1/;:?5?@1:@C5@4/LW\¶V3;-8?-:0 ;.61/@5B1?2;>@45?->1--:0/;:?5?@1:@C5@4@413A505:32;>@41<>;<1>@E&4195D10A?14;A?5:3 /;99A:5@EC5@4>1:@-8-:02;>?-814;91?-:0A:5@?;29A8@5<81@E<1?C588<>;B501-C501B->51@E;2 4;A?5:3;<@5;:?2;>@415@E;2$;/41?@1> ::1D-@5;:">18595:->E"8-@%A.95@@-8-:0 -?? ŪııÍŘƅϡ ϙ ϙ ϙŕŘĺŕĺŜÍīϙċĺŘϙÍϙıÍĤĺŘϙīÍIJîϙŜŪæîĖŽĖŜĖĺIJϙÍIJîϙÍIJIJôƄÍťĖĺIJϙĺċϙÍϙ͔͒ϱÍèŘôϙŜĖťôϙſÍŜϙîĖŜèŪŜŜôîϠϙ ÍĖıĖIJČϙťĺϙèŘôÍťôϙÍŕŕŘĺƄĖıÍťôīƅϙ͓͗ϙīĺťŜϙŕŘĖıÍŘĖīƅϙċĺŘϙŜĖIJČīôϱċÍıĖīƅϙēĺıôŜϠϙÍīĺIJČϙſĖťēϙťſĺϙ͒ϙ īĺťŜϙċĺŘϙıŪīťĖċÍıĖīƅϙēĺŪŜĖIJČϟϙVôƯϙ $JHQF\5HYLHZ&RPPHQWV $SSOLFDWLRQ1R &' 72 &RPPXQLW\'HYHORSPHQW :HVW5LYHU3DUNZD\1:6XLWH 5RFKHVWHU01 WR $YHQXH1:WKDWDUHORFDWHGRQSULYDWHSURSHUW\ 2WKHUFRPPHQWVWKDWDUHQRWFRQGLWLRQVRIDSSURYDO ([HFXWLRQRID&LW\2ZQHU&RQWUDFWDQGGHGLFDWLRQRIDQ\DSSOLFDEOHRQDQGRIIVLWHSXEOLFHDVHPHQWVLVUHTXLUHG SULRUWRFRQVWUXFWLRQRIWKHSXEOLFLQIUDVWUXFWXUHIRUGHYHORSPHQWRIWKH3URSHUW\ 3XEOLF:RUNVFROOHFWHGGHYHORSPHQWFKDUJHVIHHVDSSOLFDEOHWRWKH3URSHUW\LQFOXGHD7UXQN6DQLWDU\6HZHU5DWH ±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ϰ͘dŚĞƉƌŽƉŽƐĞĚĞŵĞƌŐĞŶĐLJǀĞŚŝĐůĞĂĐĐĞƐƐƌŽĂĚŵƵƐƚŵĞĞƚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨ ^ĞĐƚŝŽŶϱϬϯŽĨƚŚĞDŝŶŶĞƐŽƚĂ^ƚĂƚĞ&ŝƌĞŽĚĞ͘ ϱ͘ŽŶƚĂĐƚƚŚĞ&ŝƌĞDĂƌƐŚĂůƐŽĨĨŝĐĞĨŽƌƚŚĞƚƵƌŶŝŶŐƌĂĚŝƵƐƐƉĞĐŝĨŝĐĂƚŝŽŶƐĨŽƌŽƵƌ ĂƉƉĂƌĂƚƵƐ͘ dŚŝƐŶĞǁĚĞǀĞůŽƉŵĞŶƚŝƐŝŶƐŝĚĞŽĨŽƵƌϰͲŵŝŶƵƚĞƌĞƐƉŽŶƐĞĂƌĞĂĂŶĚƚŚĞ/^KƌĂƚŝŶŐŝƐϮ͘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ϳ ϴ Khd>Kd 6(:(5 2)&5266,1*:,7+ 12:0%(1'6:,7+,1 6$16$1'67250 ϳ 6$1:067250 ϴ ϵ ϴ &(17(5+<'21 /27/,1(.((3 ',3:0 $:$<)520 '5,9(:$<6 ϲ 6(:(5 >K<Ϯ ϭϬ ',3:0 ϵ ϳ ',3:0 ϭ Ϯ ϰ ϯ ϱ ϭϭ ϭϬ ϲ 52$'( ϭϮ ϭϭ ϱ >K<ϰ >K<ϯ ϭϯ ϭϮ ',3:0 ϰ Ϯϭ &6$+12 52$'' Ϯϱ Ϯϰ Ϯϯ ϮϮ ϭϰ ϭϯ ϯϮϬ Khd>Kd ',3:0 52$'& ',3:0 ϭϱ ',3:0 ϭϰ Ϯϭϵ ',3:0 >K<ϭ ϭϲ ϭϳ ϭϱ ϭϭϴ ϭϲ 52$'% ',3:0 ϭϱ ϰϲϳϴ ϯϱ ϭϮ 5($/7<5(6,'(17,$/'(9(/230(17:+,&++$'$35('(9(/230(170((7,1*21 %$6,16758&785(6 /2&$7(+<'+<' 3523(57<:,7+7+(352326(''(9(/230(17727+(1257+5()(55('72$67+($/3+$ ϵ ϭϰ /$7(5$/6 0,1 &/($52)&$7&+ &5$,*%5,7721#:,'6(7+&20 72&225',1$7(7+('(9(/230(172)7+,66287+(51 ',3:0 2)&5266,1*:,7+ 12:0%(1'6:,7+,1 6$16$1'67250 ',3:0 ',3:0 >K<ϱ ',3:0 ϭϯ &2168/7$176+28/'&217$&7&5$,*%5,7721$7:,'6(7+ 35(/,0,1$5< ϭϬ 38%/,& ϵ ϰϱϲϳϴ Ϯϯ ϭ 0,1&/($5"" >K<ϭ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±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ĂĐĐĞƐƐƌŽĂĚƐĂƌĞĐůĞĂƌůLJůĂďĞůĞĚŽŶĂůůƌĞƋƵŝƌĞĚƐƵďĚŝǀŝƐŝŽŶĚƌĂǁŝŶŐƐĂŶĚƉůĂƫŶŐĚŽĐƵŵĞŶƚƐ͖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ŚŽŶĞ͗ϱϬϳͲϯϮϴͲϮϵϱϬ ŝƚLJŽĨZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ &Ădž͗ϱϬϳͲϯϮϴͲϮϰϬϭ ϰϬϬϭtZŝǀĞƌWĂƌŬǁĂLJEt͕^ƵŝƚĞϭϬϬ ŵĂŝů͗ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϭͲϳϬϵϬ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³$QQH[DWLRQE\2UGLQDQFH´ ± &'$1;=21,1*6800$5<7$%/( ϮϮϬϮϱͲϬϬϮEy /DQG8VH=RQLQJ 7KHVXEMHFWSDUFHOLVGHVLJQDWHGDV/RZ'HQVLW\DQG0HGLXP 'HQVLW\5HVLGHQWLDOLQWKH&LW\¶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ϯϮϬϮϱͲϬϬϮEy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³3URSHUW\7D[HV´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± ;C1:?5@E%9-88 ;@ ;@>1- 5:59A9 ?2 ;@)50@4 5:59A9 ¶95: >;:@A5805:3%1@.-/7 5:59A9 ¶ :@1>5;>%501A5805:3%1@.-/7 5:59A9¶ %@>11@%501A5805:3%1@.-/7 5:59A9¶ 5:59A9%A9;2 :@1>5;>%501+->0?¶ $1->A5805:3%1@.-/7 5:59A9¶ ,;:5:3%@-:0->0?<1>$;/41?@1>':525101B18;<91:@;01$ ± 105A91:?5@E$1?501:@5-8 ;@>1- 5:59A9 ?2 ;@)50@4 5:59A9 ¶PLQ >;:@A5805:3%1@.-/7 5:59A9 ¶ :@1>5;>%501A5805:3%1@.-/7 5:59A9¶ %@>11@%501A5805:3%1@.-/7 5:59A9¶ 5:59A9%A9;2 :@1>5;>%501+->0?¶ $1->A5805:3%1@.-/7 5:59A9¶ ">;<;?101B18;<91:@%5:381-958E ;@1?53: ;@>1- 5:59A9 ?2 ;@)50@4 5:59A9 ¶PLQ >;:@A5805:3%1@.-/7 5:59A9 ¶ :@1>5;>%501A5805:3%1@.-/7 5:59A9¶ %@>11@%501A5805:3%1@.-/7 5:59A9¶ 5:59A9%A9;2 :@1>5;>%501+->0?¶ $1->A5805:3%1@.-/7 5:59A9¶ ">;<;?101B18;<91:@<->@91:@%5@11?53: &4101B18;<91:@-<<85/-@5;:5?<>;<;?5:3/>1-@5;:;2-<->@91:@?5@18;@?;:8E-@@45?@591C5@4-<->@91:@ 01?53:-:0/;:?@>A/@5;:<8-:?@;.1<>;B50108-@1>A:01>?1<->-@12A@A>1-<<85/-@5;:&41<>18595:->E<8-@ 01?53:<8-:?0;?4;C/;:/1<@A-8-<->@91:@?5@101?53:?4;C1B1>-<<85/-:@5?/A>>1:@8EC;>75:3@;25:0 <->@:1>?2;>01B18;<91:@;2@41 -<->@91:@8;@?;:@45??5@1&41-<->@91:@?5@1?C588.19-??3>-010 C5@4@41>1?@;2@41<>;61/@5:<4-?1 4;C1B1>2A@A>1-<<85/-@5;:C588.1<>;B50102;>-<->@91:@8;@?-:0 C5885:/8A01-88<>;<;?108;@0591:?5;:?@-:0->0?2;>@4;?18;@? >/45@1/@A>1-:019;3>-<45/?@59-@1%5:381-958E ;@? &41<>;<;?10?5:3814;91?C5885:/8A01-95D;2;:1-:0@C;?@;>E4;91?C5@441534@?:;@@;1D/110 2@&41?5:3812-958E8;@?C588.1-95D;22A88.-?191:@4;91?8;;7;A@?-:0C-87;A@?&41/A>>1:@<8-: 4-? 2A88.-?191:@4;91? 8;;7;A@?-:0 C-87;A@?&414;91?4-B1.11:01?53:105:>-2@?9-: ">-5>51-:0 ;01>:->9;A?1@4191?&414;91?>-:315:?=A->1211@2>;9 ?2@; ?2C5@4 .10>;;9?A<@; .10>;;9?/-@1>5:3@;-C501019;3>-<45/>-:31884;91?C5884-B1-@C;/-> ::1D-@5;:">18595:->E"8-@%A.95@@-8-:0 -?? -@@-/4103->-31C5@4-:;<@5;:-8@45>0/->3->-31&41-<<85/-:@1?@59-@1?@41<;@1:@5-8<;<A8-@5;:;2@41 01B18;<91:@-@ :1C>1?501:@?.-?10;:-:-B1>-31;2 <1;<81<1>4;91 D ::1D-@5;:">18595:->E"8-@%A.95@@-8-:0 -?? %5@1//1??"101?@>5-:5>/A8-@5;:-:0"->75:3 (145/A8->-//1??2>;9<A.85/>534@;2C-E5:-:0;A@;2@41<>;<;?1001B18;<91:@C588;//A>B5-@4>11 -06-/1:@<A.85/>;-0C-E? //1??@;@41?5@12>;9@41?;A@4C588;//A>B5-(-881E4534> )% 5:@41950081;2@41 <>;<1>@E>;-0C-E/;::1/@5;:@;% 4-?.11:<8-::102;>@45?8;/-@5;:1B501:/10.E@41 1D5?@5:3@A>:8-:1?-8>1-0E5:<8-/1 //1??@;@41?5@12>;9@411-?@C588;//A>B5- %@>11@ )&41-//1??8;/-@5;:<>;<;?105?-: @4 1D5?@5:301-01:0>;-02>;9-031>588? 005@5;: >0 //1??@;@41?5@12>;9@41C1?@C588;//A>B5- B1:A1 )5:@41:;>@4C1?@/;>:1>;2@41?5@1 @4 C41>1@411D5?@5:3>;-0?@A.C-?/;:?@>A/@10)14-B1/;;>05:-@10C5@4@415@E-:0@41 <>;<1>@E;C:1>@;@41:;>@4;:@41>;-0C-E-:0@>-58-853:91:@ &41<>;<;?105:@1>:-8>;-0C-E:1@C;>75?01?53:10C5@4¶IDFHWRIDFHURDGZD\ZLWKD¶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¶VGHVLUHWR<>;/110C5@4-:-<<85/-@5;:2;>25:-8<8-@-:025:-8A@585@E <8-:?5:?A991> C;>75:3@;C->0?5:2>-?@>A/@A>1/;:?@>A/@5;:?@->@5: &41-<<85/-:@>1?<1/@2A88E/;:/8A01?@4-@@41>1=A1?@2;>-:-::1D-@5;:-<<>;B-8<>18595:->E<8-@ -<<>;B-8-:09-??3>-05:3<1>95@C588-88;C2;>->1?501:@5-88-:0A?1/;:?5?@1:@C5@4/LW\¶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ēôϙĺŪťēſôŜťϙŪÍŘťôŘϙĺċϙťēôϙbĺŘťēſôŜťϙŪÍŘťôŘϙĺċϙôèťĖĺIJϙ͑͏ϠϙĺſIJŜēĖŕϙ͐͏͖ϙbĺŘťēϠϙÍIJČôϙ͓͐ϙ ®ôŜťϠϙiīıŜťôîϙ ĺŪIJťƅϠϙaĖIJIJôŜĺťÍϠϙ(³ (ϙťēôϙċĺīīĺſĖIJČϙťſĺϙŕÍŘèôīŜϡ ϙ ϙ ϙÍŘťϙĺċϙťēôϙĺŪťēſôŜťϙŪÍŘťôŘϙĺċϙťēôϙbĺŘťēſôŜťϙŪÍŘťôŘϙÍIJîϙťēôϙbĺŘťēſôŜťϙŪÍŘťôŘϙĺċϙťēôϙ ĺŪťēſôŜťϙŪÍŘťôŘϠϙôèťĖĺIJϙ͑͏ϠϙĺſIJŜēĖŕϙ͐͏͖ϠϙÍIJČôϙ͓͐ϠϙiīıŜťôîϙ ĺŪIJťƅϠϙaĖIJIJôŜĺťÍϠϙīƅĖIJČϙ ſôŜťôŘīƅϙĺċϙťēôϙċĺīīĺſĖIJČϙîôŜèŘĖæôîϙīĖIJôϡ ϙ ϙ $JHQF\5HYLHZ&RPPHQWV $SSOLFDWLRQ1R &'$1; &RXQW\(QYLURQPHQWDO 5HVRXUFHV $JHQF\GLGQRWVXEPLWFRPPHQWV&ORVHG%\6FULSW &RXQW\*,6( 7KHUHDUHQRFRPPHQWVDWWKLVWLPHIURPWKH( $GGUHVVLQJ'LYLVLRQ6WDII &RXQW\/RQJ5DQJH3ODQQLQJ $JHQF\GLGQRWVXEPLWFRPPHQWV&ORVHG%\6FULSW &RXQW\3URSHUW\5HFRUGV $JHQF\GLGQRWVXEPLWFRPPHQWV&ORVHG%\6FULSW &RXQW\3XEOLF:RUNV $JHQF\GLGQRWVXEPLWFRPPHQWV&ORVHG%\6FULSW )LUH5HYLHZ 7KHSURSRVHGODQGWREHDQQH[HGLVZLWKLQWKHPLQXWHVUHVSRQVHWLPHDQGKDVDQ,62UDWLQJRI /*8 $ZHWODQGGHOLQHDWLRQKDVEHHQDSSURYHGDQGDZHWODQGGHPLQLPLVUHSODFHPHQWSODQLVLQSURFHVV 3DUNDQG5HF5HYLHZ 7KHUHDUHQRFRPPHQWVIURPWKLVDJHQF\DWWKLVWLPH 3XEOLF:RUNV5HYLHZ 6HHDWWDFKHGFRPPHQWLQ$FFHODVRIWZDUH 538(OHFWULF5HYLHZ 72 &RPPXQLW\'HYHORSPHQW :HVW5LYHU3DUNZD\1:6XLWH 5RFKHVWHU01 3ODQQLQJ =RQLQJ&RPPLVVLRQ$SULO &,7<2)52&+(67(50,11(627$ 3ODQQLQJ =RQLQJ&RPPLVVLRQ0,187(6 --$6 2(.-$2(2(.-. !7.02'."*$ +12 2$ .4$0 &$ .,,3-(27$4$+./,$-2$,. .02'."*$ +12 2$ .2(%(" 2(.- / .02'."*$ +12 2$ 8< () * ! $ , ) 8456 (8% 9 ( $:8*4 9 8 */1*#!*#2 4 * DƵŶŝĐŝƉĂůŽŶƐĞŶƚ,ĞĂƌŝŶŐ ,ǁLJϭϰΘƌŽĂĚǁĂLJ dŽŵƵƐƚŝŶͮDŶKdWƌŽũĞĐƚDĂŶĂŐĞƌ ͕ϮϬϮϱ ƚŚ DĂLJϭϵ ŐĞŶĚĂ ŝƚLJ͛Ɛ ƐƚŝŵĂƚĞĚWƌŽũĞĐƚŽƐƚƐKǀĞƌǀŝĞǁŽĨWƌŽũĞĐƚ^ĐŚĞĚƵůĞ WƌŽũĞĐƚĞǀĞůŽƉŵĞŶƚ,ŝƐƚŽƌLJ DƵŶŝĐŝƉĂůŽŶƐĞŶƚWƌŽĐĞƐƐ dŽƚĂůWƌŽũĞĐƚŽƐƚƐ ZĞǀŝĞǁ>ĂLJŽƵƚ YƵĞƐƚŝŽŶƐ dŽƉŝĐ DƵŶŝĐŝƉĂůŽŶƐĞŶƚ ŽƌĂƉƌŽũĞĐƚ ŽĨǁĂLJ LJ^ƚĂƚĞ ƵŐŚ dŚĞƉƌŽũĞĐƚŝŶĐƌĞĂƐĞƐŽƌƌĞĚƵĐĞƐƚŚĞŶƵŵďĞƌŽĨƚŚƌŽ dŚĞƉƌŽũĞĐƚƌĞƋƵŝƌĞƐĂĐƋƵŝƐŝƚŝŽŶŽĨƉĞƌŵĂŶĞŶƚƌŝŐŚƚ ŽŶĂdƌƵŶŬ,ŝŐŚǁĂLJǁŚĞŶƐƵĐŚĂƉƉƌŽǀĂůŝƐƌĞƋƵŝƌĞĚď ŵƵŶŝĐŝƉĂůŝƚLJ͛ƐĂƉƉƌŽǀĂůŽĨDŶKd͛ƐĨŝŶĂůůĂLJŽƵƚĨ dŚĞƉƌŽũĞĐƚĂůƚĞƌƐĂĐĐĞƐƐƚŽƚŚĞdƌƵŶŬ,ŝŐŚǁĂLJ tŚĂƚŝŶŝƚŝĂƚĞƐDƵŶŝĐŝƉĂůŽŶƐĞŶƚĨŽƌĂƉƌŽũĞĐƚ͍ ^ƚĂƚƵƚĞ;DE^ƚĂƚƵƚĞƐϭϲϭ͘ϭϲϮƚŚƌŽƵŐŚϭϲϭ͘ϭϲϳͿ ůĂŶĞƐŽŶƚŚĞdƌƵŶŬ,ŝŐŚǁĂLJ ĞĨŝŶŝƚŝŽŶ͗ DƵŶŝĐŝƉĂůŽŶƐĞŶƚWƌŽĐĞĚƵƌĞ ůĞƚƚĞƌƌĞƋƵĞƐƚŝŶŐ ǀŝŶŐƚŚĞ ŶϲϬĚĂLJƐŽĨ ͕ϮϬϮϱ ϯͿdŚĞĐŝƚLJƉĂƐƐĞƐĂƌĞƐŽůƵƚŝŽŶĂƉƉƌŽǀŝŶŐŽƌĚŝƐĂƉƉƌŽ ƚŚ DĂƌĐŚϮϰ ϭͿDŶKdƐƵďŵŝƚƐƚŽƚŚĞĐŝƚLJƚŚĞĨŝŶĂůůĂLJŽƵƚǁŝƚŚĂ ϮͿdŚĞĐŝƚLJƐĐŚĞĚƵůĞƐĂŶĚŚŽůĚƐƉƵďůŝĐŚĞĂƌŝŶŐǁŝƚŚŝ ůĂLJŽƵƚǁŝƚŚŝŶϵϬͲĚĂLJƐŽĨƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ ͕ϮϬϮϱ &ŽƌŵĂůƐƵďŵŝƚƚĂůƚŽƚŚĞĐŝƚLJǁĂƐŵĂĚĞŽŶ ƚŚ DĂLJϭϵ WƵďůŝĐ,ĞĂƌŝŶŐŚĞůĚƚŽĚĂLJ͕ ͕ϮϬϮϱ ƚŚ ƵŐƵƐƚϭϳ ĐŝƚLJĂƉƉƌŽǀĂů ƐƵďŵŝƚƚĂů LJ DƵŶŝĐŝƉĂůŽŶƐĞŶƚKƵƚĐŽŵĞƐ ŽǀĞĚ͕ƵŐƵƐƚϭϳƚŚ͕ϮϬϮϱ ƐŝŐŶĂĐƚŝǀŝƚŝĞƐ ϵϬͲĚĂLJƐĂĨƚĞƌƚŚĞŚĞĂƌŝŶŐƚŚĞůĂLJŽƵƚŝƐĚĞĞŵĞĚĂƉƉƌ dŚĞƉƌŽũĞĐƚĐŽŶƚŝŶƵĞƐƚŽŵŽǀĞĨŽƌǁĂƌĚǁŝƚŚĨŝŶĂůĚĞ ƉƌŽũĞĐƚ͕DŶKdĐĂŶ͗ ƉƌŽũĞĐƚ͗ ͗ DĞĞƚƚŚĞĐŝƚLJ͛ƐĐŽŶĚŝƚŝŽŶƐ 'ŽƚŽƚŚĞĂƉƉĞĂůƐƉƌŽĐĞƐƐ ŶŽĂĐƚŝŽŶ ĚŝƐĂƉƉƌŽǀĞƐ ĂƉƉƌŽǀĞƐ ^ƚŽƉƚŚĞƉƌŽũĞĐƚ /ĨƚŚĞĐŝƚLJƚĂŬĞƐ /ĨƚŚĞŝƚLJ/ĨƚŚĞŝƚLJ WƌŽũĞĐƚĞǀĞůŽƉŵĞŶƚ,ŝƐƚŽƌLJ WƌŽũĞĐƚ>ŽĐĂƚŝŽŶ ,ŝŐŚƐƉĞĞĚ͕ƌƵƌĂůƚLJƉĞĚĞƐŝŐŶ ^ŽƵƚŚƌŽĂĚǁĂLJǁĂƚĞƌŵĂŝŶ /ŶƚĞƌƐĞĐƚŝŽŶĞƐŝŐŶ WƌŽũĞĐƚĞǀĞůŽƉŵĞŶƚ,ŝƐƚŽƌLJ WƌŽũĞĐƚEĞĞĚŝƚLJhƚŝůŝƚLJhƉŐƌĂĚĞƐ džŝƐƚŝŶŐŝŶƚĞƌƐĞĐƚŝŽŶ ĐŽŶƐƚƌƵĐƚĞĚŝŶϭϵϲϬ ƌĞƉůĂĐĞŵĞŶƚ KďƐŽůĞƚĞdƌĂĨĨŝĐ^ŝŐŶĂů^LJƐƚĞŵ /ŶĂĚĞƋƵĂƚĞƉĞĚĞƐƚƌŝĂŶĨĂĐŝůŝƚŝĞƐ ŽŵƉůĞƚĞ^ƚƌĞĞƚƐƉƉƌŽĂĐŚ džŝƐƚŝŶŐƚƌĂĨĨŝĐƐŝŐŶĂůƐLJƐƚĞŵ ůŝŵŝŶĂƚĞŽŶƐƚƌĞĞƚďŝĐLJĐůĞ >ŝŵŝƚĞĚĐƌŽƐƐŝŶŐƐ ŝŶƐƚĂůůĞĚŝŶϭϵϴϱ ĨĂĐŝůŝƚŝĞƐ ϭϱϮǀĞŚŝĐůĞĐƌĂƐŚĞƐʹǁŝƚŚ ;:ĂŶϮϬϭϰʹĞĐϮϬϮϯͿ >ĂƐƚŽǀĞƌůĂLJǁĂƐϮϬϭϭ ŵŽƐƚďĞŝŶŐĂƐƐŽĐŝĂƚĞĚ WĂǀĞŵĞŶƚŽŶĚŝƚŝŽŶ ϭƉĞĚĞƐƚƌŝĂŶĐƌĂƐŚ͕ϰ ǁŝƚŚƚŚĞƌŝŐŚƚƚƵƌŶƐ ďŝĐLJĐůĞĐƌĂƐŚĞƐ ^ĂĨĞƚLJ WƵďůŝĐ ŶŐĂŐĞŵĞŶƚ WƌŽũĞĐƚĞǀĞůŽƉŵĞŶƚ,ŝƐƚŽƌLJ WƌŽƉŽƐĞĚƵƌƌĞŶƚWƌŽƉŽƐĞĚƵƌƌĞŶƚWƌŽƉŽƐĞĚƵƌƌĞŶƚWƌŽƉŽƐ WƵďůŝĐ ŶŐĂŐĞŵĞŶƚ WƌŽũĞĐƚĞǀĞůŽƉŵĞŶƚ,ŝƐƚŽƌLJ ϮϬйϲϳйϮϯйϳϭйϮϳйϱϵйϮϲйϱϵйϯϭйϭϰйϯϭйϴйϯϭйϭϱйϯϭйϭϰйϰϵйϭϵйϰϲйϮϭйϰϮйϭϲйϰϯйϮϳй ĺŕĺŜôîϙîôŜĖČIJϙæƅϙıĺîôϙĺċϙťŘÍIJŜŕĺ؝͝ĖĺIJ ŝĐLJĐůŝƐƚWĞĚĞƐƚƌŝĂŶsĞŚŝĐůĞKǀĞƌĂůů IJŜŕĺ؝͝ĖĺIJ ƅ aĺŜťϙŕôĺŕīôϙŽĖôſϙťēôϙèŪŘŘôIJťϙĖIJťôŘŜôèťĖĺIJϙIJôČÍťĖŽôī aĺŜťϙŕôĺŕīôϙŽĖôſϙťēôϙŕŘĺŕĺŜôîϙîôŜĖČIJϙċÍŽĺŘÍæīƅϟ ēĖŜϙſÍŜϙÍϙèĺIJŜĖŜťôIJťϙťēôıôϙÍèŘĺŜŜϙÍīīϙıĺîôŜϙĺċϙťŘÍ <ĞLJƚĂŬĞĂǁĂLJƐĨƌŽŵƉƵďůŝĐĞŶŐĂŐĞŵĞŶƚ͗ ĺıŕÍŘĖŜĺIJϙĺċϙŘÍťĖIJČϙĺċϙèŪŘŘôIJťϙĖIJťôŘŜôèťĖĺIJϙŽŜϟϙŕŘ ĞĚƵƌƌĞŶƚ EĞŐĂƚŝǀĞ WŽƐŝƚŝǀĞ EĞƵƚƌĂů WƌŽũĞĐƚĞǀĞůŽƉŵĞŶƚ,ŝƐƚŽƌLJ WƵďůŝĐ ŶŐĂŐĞŵĞŶƚŽŶƚ͘ ƌĞůŝŬĞĂƚƌĂĚŝƚŝŽŶĂůƌŝŐŚƚƚƵƌŶ͘ŶƚŽĨƵŶĐƚŝŽŶŵŽƌĞĞĨĨŝĐŝĞŶƚůLJ͘ ,ǁLJϭϰďĞƚǁĞĞŶƌŽĂĚǁĂLJ Ĩ,ǁLJϭϰďĞƚǁĞĞŶƌŽĂĚǁĂLJ ƌŽĂĚǁĂLJ;ĐƵƌƌĞŶƚůLJƚŚĞƌĞĂƌĞ ƐǁĞůů͘ZĞĚƵĐŝŶŐ/ĚůŝŶŐƚŝŵĞ͘ ŐƌŽĂĚǁĂLJǁŝĚƚŚͿ ŽƌŚŽŽĚ ĐĐŽŵŵŽĚĂƚĞƐƐĞŵŝͲƚƵƌŶĨŽƌďƵƐŝŶĞƐƐĞƐŝŶƚŚĞŶĞŝŐŚď ZĞƉůĂĐĞĚǁŝĚĞƐŚŽƵůĚĞƌƐǁŝƚŚĐƵƌďΘŐƵƚƚĞƌ;ƌĞĚƵĐŝŶ ĚĚĞĚϭϬͲĨŽŽƚƐŚĂƌĞĚͲƵƐĞƉĂƚŚŽŶƚŚĞŶŽƌƚŚƐŝĚĞŽĨ ĞƐŝŐŶĞĚƚŝŐŚƚĞƌƌŝŐŚƚƚƵƌŶƐ;͞^ŵĂƌƚŚĂŶŶĞůƐ͟Ϳ͕ŵŽ ĚĚĞĚ ĂŶĚtĚƵĂůůĞĨƚƚƵƌŶƐƚŽŚĞůƉŝŶƚĞƌƐĞĐƚŝŽ ZĞďƵŝůĚŝŶŐĞdžŝƐƚŝŶŐϱͲĨŽŽƚǁĂůŬŽŶƚŚĞƐŽƵƚŚƐŝĚĞŽ WĞĚĞƐƚƌŝĂŶĐƌŽƐƐŝŶŐĨŽƌĂůůĐƌŽƐƐŝŶŐƐĂƚ,ǁLJϭϰΘ ǀĞ͘ǁŚĞƌĞŶŽĐŽŶŶĞĐƚŝŽŶĐƵƌƌĞŶƚůLJĞdžŝƐƚƐ ƵĂůůĞĨƚƚƵƌŶůĂŶĞƐƌĞĚƵĐĞƐŽǀĞƌĂůůĐLJĐůĞůĞŶŐƚŚĂ ǀĞƚŽƉƌŽǀŝĚĞĂϭϬͲĨŽŽƚƐŚĂƌĞĚͲƵƐĞƉĂƚŚ ZĞƉůĂĐĞĚǁŝĚĞƐŚŽƵůĚĞƌƐǁŝƚŚĐƵƌďΘŐƵƚƚĞƌ WƌŽũĞĐƚĨĞĂƚƵƌĞƐƚŚĂƚǁĞƌĞĂůƌĞĂĚLJŝŶĐůƵĚĞĚ͗ ƉĞĚĞƐƚƌŝĂŶĐƌŽƐƐŝŶŐĨŽƌŽŶůLJƚǁŽĐƌŽƐƐŝŶŐͿ ZĞĚƵĐĞĚůĂŶĞǁŝĚƚŚƐƚŽϭϭͲĨĞĞƚ ZĞĚƵĐĞĚůĂŶĞǁŝĚƚŚƐƚŽϭϭĨĞĞƚ ǀĞ͘ Ɛƚ ĚĚĞĚZŝŐŚƚͲŝŶŽŶůLJĂƚϭ tŚĂƚǁĞĚŝĚtŚĂƚǁĞŚĞĂƌĚ ƌĚƌĚ ĂŶĚϯĂŶĚϯ >ĞĂƌŶĞĚϯƌĚǀĞ͘ƚƌĂĨĨŝĐŵĂĚĞŝƚĐŚĂůůĞŶŐŝŶŐ EĞŝŐŚďŽƌŚŽŽĚƐĚĞƐŝƌĞĚŵŽƌĞĐŽŶŶĞĐƚŝǀŝƚLJ ZĞŵŽǀĞƚŚĞƐǁĞĞƉŝŶŐĨƌĞĞƌŝŐŚƚƚƵƌŶƐĂŶĚ ƚŽŐĞƚŝŶƚŽƚŚĞ^ƵŶŶLJ^ŝĚĞŶĞŝŐŚďŽƌŚŽŽĚ ĂŶĚĐŽŶƚŝŶƵŝƚLJŽĨƉĞĚĞƐƚƌŝĂŶĂŶĚďŝŬĞ ĞƐŝƌĞĨŽƌƐůŽǁĞƌƚƌĂĨĨŝĐƐƉĞĞĚƐ ƌŽƐƐŝŶŐŽĨ,ǁLJϭϰŝƐƚŽŽǁŝĚĞ /ŶĂĚĞƋƵĂƚĞůĞĨƚƚƵƌŶůĂŶĞƐ ƌĞŵŽǀĞƚŚĞŵŽƵŶĚƐ ĨĂĐŝůŝƚŝĞƐ dŽƚĂůƉƌŽũĞĐƚĞƐƚŝŵĂƚĞĚĐŽŶƐƚƌƵĐƚŝŽŶĐŽƐƚ WƌŽũĞĐƚŽƐƚƐ ^ƚ͘ ;ŝŶĐůƵĚĞƐϭϱйĐŽŶƚŝŶŐĞŶĐLJĂŶĚϴйĨŽƌŝŶĨůĂƚŝŽŶͿ ƚŚ ƌŽĂĚƐĞŶƚƌĂŶĐĞƚŽϵ ǀĞ͘ Ψϭϵ͘ϱϲŵŝůůŝŽŶ ĐƌŽƐƐŝŶŐĂƌŵƐ ƌĚ ƌ͘ƚŽϯ ŽŵƉůĞƚĞƌĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨ,ǁLJϭϰĨƌŽŵƌŽƐƐƌŽĂĚƐ ŽŵƉůĞƚĞƌĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƌŽĂĚǁĂLJǀĞ͘ĨƌŽŵƌŽƐƐ ZĂŝůƌŽĂĚĐƌŽƐƐŝŶŐǁŝƚŚŽǀĞƌŚĞĂĚƐŝŐŶĂůƐͬůŝŐŚƚƐĂŶĚ tĂƚĞƌŵĂŝŶ;ƌŽĂĚǁĂLJǀĞ͘Ϳ dƌĂĨĨŝĐƐŝŐŶĂůƐLJƐƚĞŵ ŽŶĐƌĞƚĞƉĂǀĞŵĞŶƚ WĞĚĞƐƚƌŝĂŶĨĂĐŝůŝƚŝĞƐ dŚŝƐŝŶĐůƵĚĞƐŶĞǁ͗ ƌĂŝŶĂŐĞ >ŝŐŚƚŝŶŐ WƌŽũĞĐƚ^ĐŽƉĞ ^ŝŐŶŝŶŐ ŽĨ'ŽǀĞƌŶŵĞŶƚŵĂŶƵĂů ŽŶ͕ϮйƐƵƌǀĞLJƐĂŶĚƐƚĂŬŝŶŐ͕ϭйDĂƚĞƌŝĂůƐ/ŶƐƉĞĐƚŝŽŶ ŝƚLJ͛Ɛ ƐƚŝŵĂƚĞĚWƌŽũĞĐƚŽƐƚƐ WƌŽũĞĐƚŽƐƚƐ Ψϱ͕ϮϵϮ͕ϰϴϱ͘ϲϵ ΨϮ͕ϵϴϱ͕Ϯϯϯ͘ϬϱΨϱ͕ϳϭϱ͕ϴϴϰ͘ϱϱ Ψϱϭϭ͕ϯϮϬ͘ϳϰ ΨϮϰϯ͕ϯϵϰ͘ϭϳΨϭϮϯ͕ϵϵϬ͘ϵϬΨϮϴϱ͕ϰϭϬ͘ϬϬΨϰϱϬ͕ϬϬϬ͘ϬϬΨϲϵϬ͕ϯϮϰ͘ϯϮ ΨϮ͕ϴϭϮ͘ϱϬ ŝƚLJŽƐƚ/ƚĞŵ ŽƐƚWĂƌƚŝĐŝƉĂƚŝŽŶĂŶĚDĂŝŶƚĞŶĂŶĐĞǁŝƚŚ>ŽĐĂůhŶŝƚƐ ŝƚLJƵƚŝůŝƚŝĞƐ ĞŶŐŝŶĞĞƌŝŶŐ dƌĂĨĨŝĐŽŶƚƌŽů^ŝŐŶĂů^LJƐƚĞŵ;ƌŽĂĚǁĂLJǀĞͿ ŽŵďŝŶĂƚŝŽŶ&ŝĞůĚ>ĂďŽƌĂƚŽƌLJͲKĨĨŝĐĞ ŽŶƚĂŵŝŶĂƚĞĚŵĂƚĞƌŝĂůƐŵŝƚŝŐĂƚŝŽŶĂƐƐŽĐŝĂƚĞĚǁŝƚŚĐ ŝƚLJZŽĂĚǁĂLJΘƌĂŝŶĂŐĞ/ƚĞŵƐ dŽƚĂůŝƚLJŽƐƚƐǁŝƚŚ/ŶĨůĂƚŝŽŶ hƉƚŽϴйŽĨƚŚĞŝƚLJΖƐĐŽƐƚƐŚĂƌĞĨŽƌĐŽŶƐƚƌƵĐƚŝŽŶ ϭϱйŽŶƚŝŶŐĞŶĐLJ ŝƚLJtĂƚĞƌŵĂŝŶ dŽƚĂůŝƚLJŽƐƚƐ dƌĂĨĨŝĐŽŶƚƌŽů ϯйĐŽŶƚƌĂĐƚĂĚŵŝŶŝƐƚƌĂƚŝŽŶ͕ϮйĐŽŶƐƚƌƵĐƚŝŽŶŝŶƐƉĞĐƚŝ DŽďŝůŝnjĂƚŝŽŶ ŝƚLJ>ŝŐŚƚŝŶŐ ĂƐĞĚŽŶDŶKdΖƐĐŽƐƚƉĂƌƚŝĐŝƉĂƚŝŽŶƉŽůŝĐLJĂŶĚƚŚĞ ŝƚLJΖƐĞƐƚŝŵĂƚĞĚƉƌŽũĞĐƚĐŽƐƚƐ͗ Ψϱ͘ϳϭϲŵŝůůŝŽŶ KƚŚĞƌƉŽƚĞŶƚŝĂůĐŽƐƚƐ͗ ĚĚŝƚŝŽŶĂůĐŽƐƚƐ͗ >ĂLJŽƵƚZĞǀŝĞǁ >ĂLJŽƵƚZĞǀŝĞǁ^ŵĂƌƚŚĂŶŶĞůƐ >ĂLJŽƵƚZĞǀŝĞǁ >ĂLJŽƵƚZĞǀŝĞǁ&ŝƌƐƚǀĞŶƵĞ WĞĚĞƐƚƌŝĂŶ&ĂĐŝůŝƚŝĞƐ >ĂLJŽƵƚZĞǀŝĞǁ WĞĚĞƐƚƌŝĂŶŽŶŶĞĐƚŝǀŝƚLJ >ĂLJŽƵƚZĞǀŝĞǁ >ĂLJŽƵƚZĞǀŝĞǁ ϭϭͲ&ŽŽƚ>ĂŶĞƐŽŶŽƚŚƌŽĂĚǁĂLJĂŶĚ,ǁLJϭϰ ,ǁLJϭϰDĞĞƚƐϯϬŵƉŚĞƐŝŐŶZĞƋƵŝƌĞŵĞŶƚƐ ƵƌďZĞĂĐƚŝŽŶǁŝƚŚEŽĂĚĚŝƚŝŽŶĂů^ŚŽƵůĚĞƌƐ WƌŽũĞĐƚ^ĐŚĞĚƵůĞ YƵĞƐƚŝŽŶƐŽƌŽŵŵĞŶƚƐ ĞŵĞŶƚƐͮ>ĞƚΖƐdĂůŬdƌĂŶƐƉŽƌƚĂƚŝŽŶͲDŶKd dŽŵƵƐƚŝŶͮDŶKdWƌŽũĞĐƚDĂŶĂŐĞƌ dŚĂŶŬLJŽƵĂŐĂŝŶ͊ ƚŽŵ͘ĂƵƐƚŝŶΛƐƚĂƚĞ͘ŵŶ͘ƵƐ WƌŽũĞĐƚtĞďƐŝƚĞ͗ ϱϬϳͲϮϴϲͲϳϱϱϵ ,ǁLJϭϰĂŶĚƌŽĂĚǁĂLJǀĞ͘/ŶƚĞƌƐĞĐƚŝŽŶ^ĂĨĞƚLJ/ŵƉƌŽǀ dŽŵƵƐƚŝŶ WƌŽũĞĐƚDĂŶĂŐĞƌ DŶKdŝƐƚƌŝĐƚϲ ϮϵϬϬϰϴ ƚŚ^ƚƌĞĞƚEt ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϭ DĂƌĐŚϮϰ͕ϮϬϮϱ ƚŚ ŝůůŽŶŽŵďƌŽǀƐŬŝ ĞƉƵƚLJWƵďůŝĐtŽƌŬƐŝƌĞĐƚŽƌͬŝƚLJ ŶŐŝŶĞĞƌ ŝƚLJŽĨZŽĐŚĞƐƚĞƌ ϰϬϬϭtĞƐƚZŝǀĞƌWĂƌŬǁĂLJEt ^ƵŝƚĞϭϬϬ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϭ Z ͗ZĞƋƵĞƐƚĨŽƌŝƚLJƉƉƌŽǀĂů;DƵŶŝĐŝƉĂůŽŶƐĞŶƚͿŽĨƚŚĞ&ŝŶĂů>ĂLJŽƵƚĨŽƌ^WϱϱϬϮͲϭϬϵ ĞĂƌŝůůŽŶ͕ DŶKdŝƐƉƌŽĐĞĞĚŝŶŐǁŝƚŚƉůĂŶƐƚŽĐŽŵƉůĞƚĞ^ƚĂƚĞWƌŽũĞĐƚϱϱϬϮͲϭϬϵ͕h^ϭϰΘƌŽĂĚǁĂLJǀĞ/ŶƚĞƌƐĞĐƚŝŽŶ ZĞĐŽŶƐƚƌƵĐƚŝŽŶ͘/ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞϭϲϭ͘ϭϲϰ͕/ĂŵƐƵďŵŝƚƚŝŶŐĨŽƌŝƚLJĂƉƉƌŽǀĂůƚŚĞƉƌŽũĞĐƚ͛Ɛ &ŝŶĂů>ĂLJŽƵƚ͕ŝĚĞŶƚŝĨŝĞĚĂƐ>ĂLJŽƵƚEŽ͘ϭ͕^͘W͘ϱϱϬϮͲϭϬϵ͘ dŚĞŝƚLJ͛ƐĂƉƉƌŽǀĂů;ŵƵŶŝĐŝƉĂůĐŽŶƐĞŶƚͿŝƐƌĞƋƵŝƌĞĚĨŽƌƚŚŝƐƉƌŽũĞĐƚďĞĐĂƵƐĞŝƚĂůƚĞƌƐĂĐĐĞƐƐĂƚϭ ƐƚǀĞƚŽƌŝŐŚƚͲŝŶ ŽŶůLJ͘DƵŶŝĐŝƉĂůĐŽŶƐĞŶƚŽĨDŶKdƉƌŽũĞĐƚƐŝƐĚĞƐĐƌŝďĞĚŝŶDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϲϭ͘ϭϲϮƚŚƌŽƵŐŚϭϲϭ͘ϭϲϳ ;ĂƚƚĂĐŚĞĚͿ͘ ƉƉƌŽǀĂůŽƌĚŝƐĂƉƉƌŽǀĂůŽĨƚŚĞĨŝŶĂůůĂLJŽƵƚŝƐďLJƌĞƐŽůƵƚŝŽŶŽĨƚŚĞŝƚLJŽƵŶĐŝů͘;ƐĂŵƉůĞƌĞƐŽůƵƚŝŽŶŝƐĂƚƚĂĐŚĞĚͿ͘ ,ŽǁĞǀĞƌ͕ŝĨƚŚĞŝƚLJŶĞŝƚŚĞƌĂƉƉƌŽǀĞƐŶŽƌĚŝƐĂƉƉƌŽǀĞƐƚŚĞĨŝŶĂůůĂLJŽƵƚǁŝƚŚŝŶϵϬĚĂLJƐŽĨƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͕ƚŚĞ ůĂLJŽƵƚŝƐĚĞĞŵĞĚĂƉƉƌŽǀĞĚ;ƉĞƌDE^ƚĂƚƵƚĞϭϲϭ͘ϭϲϰͿ͘ dŚĞĚĞĂĚůŝŶĞƐ;ƉĞƌDE^ƚĂƚƵƚĞϭϲϭ͘ϭϲϰͿĨŽƌƚŚĞŝƚLJ͛ƐƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐƌĞŐĂƌĚŝŶŐŵƵŶŝĐŝƉĂůĐŽŶƐĞŶƚŽĨƚŚĞ ĂƚƚĂĐŚĞĚůĂLJŽƵƚĂƌĞĂƐĨŽůůŽǁƐ͕ďĂƐĞĚŽŶĂƐƵďŵŝƚƚĂůĚĂƚĞŽĨƚŚĞĨŝŶĂůůĂLJŽƵƚƚŽƚŚĞŝƚLJŽĨϬϯͬϮϰͬϮϱ͗ tŝƚŚŝŶϭϱĚĂLJƐŽĨƌĞĐĞŝǀŝŶŐƚŚĞĨŝŶĂůůĂLJŽƵƚ͕ƐĐŚĞĚƵůĞĂƉƵďůŝĐŚĞĂƌŝŶŐ;ďLJϬϰͬϬϴͬϮϱͿ͘ x tŝƚŚŝŶϲϬĚĂLJƐŽĨƌĞĐĞŝǀŝŶŐƚŚĞĨŝŶĂůůĂLJŽƵƚ͕ĐŽŶĚƵĐƚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ;ďLJϬϱͬϮϯͬϮϱͿ͘ x WƌŽǀŝĚĞĂƚůĞĂƐƚϯϬͲĚĂLJƐ͛ŶŽƚŝĐĞŽĨƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ x tŝƚŚŝŶϵϬĚĂLJƐŽĨƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͕ĂƉƉƌŽǀĞŽƌĚŝƐĂƉƉƌŽǀĞƚŚĞůĂLJŽƵƚďLJƌĞƐŽůƵƚŝŽŶ;ďLJůĂƚĞƐƚ x ϴͬϮϭͬϮϬϮϱͿ͘ DŶKdǁŝůůĂƚƚĞŶĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐƚŽƉƌĞƐĞŶƚƚŚĞĨŝŶĂůůĂLJŽƵƚĂŶĚĂŶƐǁĞƌƋƵĞƐƚŝŽŶƐ͕ĂƐƌĞƋƵŝƌĞĚďLJƐƚĂƚƵƚĞ͘ WƌŽũĞĐƚWƵƌƉŽƐĞ dŚĞƉƵƌƉŽƐĞŽĨƚŚĞƉƌŽũĞĐƚŝƐƚŽƌĞƉůĂĐĞƚŚĞĂŐŝŶŐƐŝŐŶĂůĂƚƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶĂŶĚŝŵƉƌŽǀĞƚƌĂĨĨŝĐŽƉĞƌĂƚŝŽŶƐĂŶĚ ƐĂĨĞƚLJĂƚƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶ͕ƐƉĞĐŝĨŝĐĂůůLJƐĂĨĞƚLJĨŽƌƉĞĚĞƐƚƌŝĂŶƐĂŶĚďŝĐLJĐůŝƐƚƐ͘ WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶ dŚĞƉƌŽũĞĐƚŝƐůŽĐĂƚĞĚŝŶKůŵƐƚĞĚŽƵŶƚLJŽŶh^,ŝŐŚǁĂLJϭϰ;d,ϭϰͿĂƚƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶŽĨƌŽĂĚǁĂLJ ǀĞŝŶZŽĐŚĞƐƚĞƌ͕DE͘dŚĞƉƌŽũĞĐƚǁŝůůĂĚĚĚƵĂůůĞĨƚƚƵƌŶůĂŶĞƐĂůŽŶŐd,ϭϰĂŶĚǁŝůůŝŶĐůƵĚĞƌĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨd, ϭϰĨƌŽŵϰƚŚǀĞ^tƚŽϯƌĚǀĞ^ ͕ĂŶĚƌĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƌŽĂĚǁĂLJǀĞĨƌŽŵϲϭϬ͛ŶŽƌƚŚŽĨϭϰƚŚ^ƚ^tƚŽϵƚŚ^ ͘ ŝŵƉƌŽǀĞŵĞŶƚƐĂŶĚƚƌĂŝůƐLJƐƚĞŵƌĞĐŽŶƐƚƌƵĐƚŝŽŶǁŝůůĂůƐŽďĞŝŶĐůƵĚĞĚ͘dŚĞĞdžŝƐƚŝŶŐĂƚͲŐƌĂĚĞƌĂŝůƌŽĂĚĐƌŽƐƐŝŶŐ ŽŶƚŚĞĞĂƐƚůĞŐŽĨd,ϭϰǁŝůůďĞƵƉŐƌĂĚĞĚƚŽŝŶĐůƵĚĞŽǀĞƌŚĞĂĚƌĂŝůƌŽĂĚƐŝŐŶĂůƐͬůŝŐŚƚƐĂƐǁĞůůĂƐƌĂŝůƌŽĂĚĐƌŽƐƐ ĂƌŵƐ͘ WůĂŶŶĞĚWƌŽũĞĐƚ^ĐŚĞĚƵůĞ dŚĞƉƌŽũĞĐƚůĞƚƚŝŶŐŝƐƉůĂŶŶĞĚĨŽƌKĐƚŽďĞƌϮϴ͕ϮϬϮϲ͘dŚĞĐŽŶƐƚƌƵĐƚŝŽŶŝƐĂŶƚŝĐŝƉĂƚĞĚƚŽůĂƐƚĨƌŽŵDĂƌĐŚϮϬϮϳƚŽ EŽǀĞŵďĞƌϮϬϮϳ͘ /ŵƉĂĐƚƐƚŽƚƌĂĨĨŝĐĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶǁŝůůŝŶĐůƵĚĞůĂŶĞĐůŽƐƵƌĞƐĂŶĚƉŽƚĞŶƚŝĂůůLJƌĞĚƵĐĞĚƚƵƌŶŝŶŐŵŽǀĞŵĞŶƚƐ;ŝ͘Ğ͘ ƌŝŐŚƚŽƌůĞĨƚƚƵƌŶƐͿĂƚƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶŽƌĂĚũĂĐĞŶƚŝŶƚĞƌƐĞĐƚŝŽŶƐ͘ƐŝŶŐůĞůĂŶĞŝŶĞĂĐŚĚŝƌĞĐƚŝŽŶĨŽƌd,ϭϰĂŶĚ ƌŽĂĚǁĂLJǀĞŶƵĞǁŝůůďĞŵĂŝŶƚĂŝŶĞĚĂƚĂůůƚŝŵĞƐ͘DŶKdǁŝůůŚŽůĚƐƚĂŐŝŶŐĂŶĚƚƌĂĨĨŝĐĐŽŶƚƌŽůǁŽƌŬƐŚŽƉƐǁŝƚŚ ƚŚĞĐŝƚLJĞŶŐŝŶĞĞƌŝŶŐƐƚĂĨĨĚƵƌŝŶŐƚŚĞĨŝŶĂůĚĞƐŝŐŶƉŚĂƐĞƚŽƐŚĂƌĞƉƌŽƉŽƐĞĚƉůĂŶƐĂŶĚŐĂƚŚĞƌŝŵƉŽƌƚĂŶƚŝŶƉƵƚĨƌŽŵ ƚŚĞĐŝƚLJĂŶĚƚŚĞůŽĐĂůƌĞƐŝĚĞŶƚƐĂŶĚďƵƐŝŶĞƐƐĞƐƚŽƌĞĨŝŶĞƚŚĞĨŝŶĂůƉůĂŶƐ͘ ŝƚLJ͛Ɛ ƐƚŝŵĂƚĞĚWƌŽũĞĐƚŽƐƚƐ dŚĞĐƵƌƌĞŶƚĐŽŶƐƚƌƵĐƚŝŽŶĞƐƚŝŵĂƚĞŝƐΨϭϵ͕ϱϱϲ͕ϱϲϮ͘ϮϰĨŽƌ^ƚĂƚĞWƌŽũĞĐƚϱϬϬϮͲϭϬϵǁŚŝĐŚŝŶĐůƵĚĞƐϭϱйĐŽŶƚŝŶŐĞŶĐLJ ĂŶĚϴйĨŽƌŝŶĨůĂƚŝŽŶ͘dŚŝƐŝƐĂƉƌĞůŝŵŝŶĂƌLJŐŽŽĚĨĂŝƚŚĞƐƚŝŵĂƚĞ͘ dŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ͛ƐƐŚĂƌĞŽĨĐŽŶƐƚƌƵĐƚŝŽŶĐŽƐƚƐǁĂƐĞƐƚŝŵĂƚĞĚƵƐŝŶŐDŶͬKd͛ƐĐŽƐƚƉĂƌƚŝĐŝƉĂƚŝŽŶƉŽůŝĐLJĂŶĚ ƚŚĞŽƐƚWĂƌƚŝĐŝƉĂƚŝŽŶĂŶĚDĂŝŶƚĞŶĂŶĐĞǁŝƚŚ>ŽĐĂůhŶŝƚƐŽĨ'ŽǀĞƌŶŵĞŶƚDĂŶƵĂů ;W&Ϳ͘zŽƵĐĂŶĨŝŶĚďŽƚŚƚŚĞ ƉŽůŝĐLJĂŶĚƚŚĞŵĂŶƵĂůĂƚŚƚƚƉ͗ͬͬǁǁǁ͘ĚŽƚ͘ƐƚĂƚĞ͘ŵŶ͘ƵƐͬƉŽůŝĐLJͬĨŝŶĂŶĐŝĂůͬĨŵϬϭϭ͘Śƚŵů͘dŚŝƐƉŽůŝĐLJŝƐƵƐĞĚƐƚĂƚĞǁŝĚĞ ƚŽĐĂůĐƵůĂƚĞƉĂƌƚŝĐŝƉĂƚŝŽŶŽĨůŽĐĂůƵŶŝƚƐŽĨŐŽǀĞƌŶŵĞŶƚŽŶDŶͬKdĐŽŶƐƚƌƵĐƚŝŽŶƉƌŽũĞĐƚƐ͘ dŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ͛ƐĐŽƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞƉƌŽƉŽƐĞĚĐŽŶƐƚƌƵĐƚŝŽŶĂƐƐŚŽǁŶŽŶƚŚĞĂƚƚĂĐŚĞĚ&ŝŶĂů 'ĞŽŵĞƚƌŝĐ>ĂLJŽƵƚŝƐĞƐƚŝŵĂƚĞĚƚŽďĞΨϱ͕ϳϭϱ͕ϴϴϰ͘ϱϱ͘dŚĞŵĂũŽƌĐŝƚLJĐŽƐƚŝƚĞŵƐĂƌĞƐƵŵŵĂƌŝnjĞĚŝŶƚŚĞĐŚĂƌƚ ďĞůŽǁĂŶĚŽŶƚŚĞĂƚƚĂĐŚĞĚĚĞƚĂŝůĞĚƉƌĞůŝŵŝŶĂƌLJŐŽŽĚĨĂŝƚŚĞƐƚŝŵĂƚĞ͘ DŶKdǁŝůůůĞĂĚĐŽŶƐƚƌƵĐƚŝŽŶĞŶŐŝŶĞĞƌŝŶŐ͕ŚŽǁĞǀĞƌ͕ƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌǁŝůůƉĂLJDŶKd͕ĂĚĚŝƚŝŽŶĂůůLJ͕ƵƉƚŽ ϴйŽĨƚŚĞŝƚLJ͛ƐĐŽƐƚƐŚĂƌĞĨŽƌĐŽŶƐƚƌƵĐƚŝŽŶĞŶŐŝŶĞĞƌŝŶŐ;ϯйŽŶƚƌĂĐƚĚŵŝŶŝƐƚƌĂƚŝŽŶ͕ϮйŽŶƐƚƌƵĐƚŝŽŶ /ŶƐƉĞĐƚŝŽŶ͕Ϯй^ƵƌǀĞLJƐĂŶĚ^ƚĂŬŝŶŐ͕ϭйDĂƚĞƌŝĂůƐ/ŶƐƉĞĐƚŝŽŶͿ͘ /ƚĞŵŝƚLJŽƐƚ DŽďŝůŝnjĂƚŝŽŶΨϮϰϯ͕ϯϵϰ͘ϭϳ ŽŵďŝŶĂƚŝŽŶ&ŝĞůĚ>ĂďŽƌĂƚŽƌLJͲKĨĨŝĐĞΨϮ͕ϴϭϮ͘ϱϬ ŝƚLJZŽĂĚǁĂLJΘƌĂŝŶĂŐĞ/ƚĞŵƐΨϮ͕ϵϴϱ͕Ϯϯϯ͘Ϭϱ dƌĂĨĨŝĐŽŶƚƌŽůΨϭϮϯ͕ϵϵϬ͘ϵϬ ŝƚLJ>ŝŐŚƚŝŶŐΨϱϭϭ͕ϯϮϬ͘ϳϰ ŝƚLJtĂƚĞƌŵĂŝŶΨϮϴϱ͕ϰϭϬ͘ϬϬ dƌĂĨĨŝĐŽŶƚƌŽů^ŝŐŶĂů^LJƐƚĞŵ;ƌŽĂĚǁĂLJǀĞͿΨϰϱϬ͕ϬϬϬ͘ϬϬ ϭϱйŽŶƚŝŶŐĞŶĐLJΨϲϵϬ͕ϯϮϰ͘ϯϮ dŽƚĂůŝƚLJŽƐƚƐΨϱ͕ϮϵϮ͕ϰϴϱ͘ϲϵ dŽƚĂůŝƚLJŽƐƚƐǁŝƚŚ/ŶĨůĂƚŝŽŶΨϱ͕ϳϭϱ͕ϴϴϰ͘ϱϱ dƌƵŶŬ,ŝŐŚǁĂLJϭϰ DŶͬKdǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌϭϬϬйŽĨƚŚĞĐŽƐƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞƌĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨd,ϭϰƚŚƌŽƵŐŚƚŚĞŝƚLJ ŽĨZŽĐŚĞƐƚĞƌĂƐŝƐƐŚŽǁŶŽŶƚŚĞƐƵďŵŝƚƚĞĚ&ŝŶĂů'ĞŽŵĞƚƌŝĐ>ĂLJŽƵƚ͘ /ŶƚĞƌƐĞĐƚŝŶŐŝƚLJ^ƚƌĞĞƚƐ DŶͬKdŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌϭϬϬйŽĨĐŽƐƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƌĞƐƚŽƌŝŶŐŝŶƚĞƌƐĞĐƚŝŶŐƐŝĚĞƐƚƌĞĞƚƐƚŽƚŚĞŝƌĐƵƌƌĞŶƚ ǁŝĚƚŚ͘dŚĞŝƚLJŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌϭϬϬйŽĨĂĚĚŝƚŝŽŶĂůĐŽƐƚƐƚŽǁŝĚĞŶƐŝĚĞƐƚƌĞĞƚƐ͘ ^ŝŐŶĂůƐĂŶĚ>ŝŐŚƚŝŶŐ dŚĞƉƌŽũĞĐƚƉƌŽƉŽƐĞƐƚŚĞƌĞƉůĂĐĞŵĞŶƚŽĨŽŶĞƐŝŐŶĂůŝnjĞĚŝŶƚĞƌƐĞĐƚŝŽŶĂƚd,ϭϰĂŶĚƌŽĂĚǁĂLJǀĞ͘dŚĞŝƚLJ͛Ɛ ƐŚĂƌĞŝƐĞƐƚŝŵĂƚĞĚĂƚΨϰϱϬ͕ϬϬϬ͘dŚŝƐŝƐďĂƐĞĚŽŶDŶKdĐŽƐƚƉĂƌƚŝĐŝƉĂƚŝŽŶƉŽůŝĐLJĂŶĚĂĐŽƐƚŽĨΨϵϬϬ͕ϬϬϬƉĞƌ ƐŝŐŶĂůƐLJƐƚĞŵŝŶĐůƵĚŝŶŐƌĞŵŽǀĂůŽĨƚŚĞĞdžŝƐƚŝŶŐƐŝŐŶĂůƐLJƐƚĞŵ͘ dŚĞƉƌŽũĞĐƚƉƌŽƉŽƐĞƐƚŚĞƌĞƉůĂĐĞŵĞŶƚŽĨůŝŐŚƚŝŶŐĂůŽŶŐd,ϭϰĨƌŽŵϰƚŚǀĞŶƵĞ^tƚŽϯƌĚǀĞŶƵĞ^ ĂŶĚ ƌŽĂĚǁĂLJǀĞĨƌŽŵϲϭϬ͛ŶŽƌƚŚŽĨϭϰƚŚ^ƚ^tƚŽϵƚŚ^ ͘dŚĞƉƌĞůŝŵŝŶĂƌLJĞƐƚŝŵĂƚĞĨŽƌůŝŐŚƚŝŶŐǁŽƵůĚĐŽƐƚ ĂƉƉƌŽdžŝŵĂƚĞůLJΨϲϳϵ͕ϵϰϰ͘ϬϬ͘dŚĞĐŝƚLJ͛ƐƐŚĂƌĞŝƐĞƐƚŝŵĂƚĞĚĂƚΨϱϭϭ͕ϯϮϬ͘ϳϰ͘>ŝŐŚƚŝŶŐŽŶƐŝĚĞƐƚƌĞĞƚƐǁŽƵůĚďĞ ϭϬϬйĐŝƚLJĐŽƐƚ͘ ŝƚLJhƚŝůŝƚŝĞƐ dŚĞŝƚLJǁŝůůŝŶĐůƵĚĞŵƵŶŝĐŝƉĂůƵƚŝůŝƚLJǁŽƌŬŝŶƚŽDŶKdĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶƐŝĨŝƚĨĂůůƐǁŝƚŚŝŶƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶ ĐŽƌƌŝĚŽƌ͘dŚĞƉůĂŶƐǁŝůůďĞƉƌĞƉĂƌĞĚďLJůůŝĂŶƚ ŶŐŝŶĞĞƌŝŶŐ͕/ŶĐ͘ĨŽƌƚŚĞŝƚLJĂŶĚŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽDŶKdƉůĂŶƐ ďĞĨŽƌĞůĞƚƚŝŶŐ͘hƚŝůŝƚLJƉůĂŶƐǁŝůůďĞƉƌŽǀŝĚĞĚƚŽDŶͬKdĨŽƌƌĞǀŝĞǁĂŶĚǀĞƌŝĨŝĐĂƚŝŽŶĂƚDŶͬKdŵŝůĞƐƚŽŶĞƐ͘dŚĞ ĐŝƚLJǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌϭϬϬйŽĨŵƵŶŝĐŝƉĂůƵƚŝůŝƚLJǁŽƌŬ͘ ƌĂŝŶĂŐĞŽƐƚƐ DŶͬKdǁŝůůƉĂLJĨŽƌĐŽƐƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƉĞƌƉĞƚƵĂƚŝŶŐƚŚĞĞdžŝƐƚŝŶŐĚƌĂŝŶĂŐĞƉĂƚƚĞƌŶƐĂƐŵƵĐŚĂƐƉŽƐƐŝďůĞĂƐ ŽƵƚůŝŶĞĚŝŶDŶKdĐŽƐƚƐŚĂƌŝŶŐƉŽůŝĐLJ͘/ĨƚŚĞŝƚLJŽƌďƵƐŝŶĞƐƐǁĂŶƚƐƚŽĂĚĚĂĚĚŝƚŝŽŶĂůĨůŽǁƚŽƚŚĞDŶKd ƐLJƐƚĞŵ͕ƚŚĞĂĚĚĞĚĐŽƐƚǁŽƵůĚďĞϭϬϬйůŽĐĂůĨŽƌƚŚĞĂĚĚĞĚĨůŽǁ͘ &LW\¶V0DLQWHQDQFH5HVSRQVLELOLWLHV dƌĂĨĨŝĐ^ŝŐŶĂů^LJƐƚĞŵ DŶKdǁŝůůŽǁŶƚŚĞƚƌĂĨĨŝĐƐŝŐŶĂůƐLJƐƚĞŵĂƚd,ϭϰΘƌŽĂĚǁĂLJǀĞŶƵĞ͘dŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌǁŝůůďĞƌĞƐƉŽŶƐŝďůĞ ĨŽƌŶŽŶͲƌŽƵƚŝŶĞŵĂŝŶƚĞŶĂŶĐĞ͕ƌŽƵƚŝŶĞŵĂŝŶƚĞŶĂŶĐĞ͕ĂŶĚŽƉĞƌĂƚŝŽŶŝŶǀŽůǀŝŶŐƚŚĞƚƌĂĨĨŝĐƐŝŐŶĂůƐLJƐƚĞŵ͘ ^ƚŽƌŵ^ĞǁĞƌ^LJƐƚĞŵ DŶKdǁŝůůŽǁŶƚŚĞƐƚŽƌŵƐĞǁĞƌƐLJƐƚĞŵĂŶĚĨŝůƚƌĂƚŝŽŶďĂƐŝŶǁŝƚŚŝŶDŶKd͛ƐZKt͘dŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌǁŝůůďĞ ƌĞƐƉŽŶƐŝďůĞĨŽƌĂůůŵĂŝŶƚĞŶĂŶĐĞŝŶǀŽůǀŝŶŐƐƚŽƌŵƐĞǁĞƌƐLJƐƚĞŵĂŶĚĨŝůƚƌĂƚŝŽŶďĂƐŝŶǁŝƚŚŝŶƚŚĞƉƌŽũĞĐƚĂƌĞĂ͘ ^ŝĚĞǁĂůŬͬdƌĂŝů /ŶƐŝĚĞŝƚLJůŝŵŝƚƐ͕ƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐŝĚĞǁĂůŬĂŶĚƐŚĂƌĞĚͲƵƐĞƉĂƚŚŵĂŝŶƚĞŶĂŶĐĞ͘ DĂŝŶƚĞŶĂŶĐĞŝŶĐůƵĚĞƐ͕ďƵƚŝƐŶŽƚůŝŵŝƚĞĚƚŽƐŶŽǁ͕ŝĐĞĂŶĚĚĞďƌŝƐƌĞŵŽǀĂů͕ƉĂƚĐŚŝŶŐ͕ĐƌĂĐŬƌĞƉĂŝƌ͕ƉĂŶĞů ƌĞƉůĂĐĞŵĞŶƚ͕ĐƌŽƐƐƐƚƌĞĞƚƉĞĚĞƐƚƌŝĂŶĐƌŽƐƐǁĂůŬŵĂƌŬŝŶŐƐ͕ǀĞŐĞƚĂƚŝŽŶĐŽŶƚƌŽůŽĨďŽƵůĞǀĂƌĚ;ŝĨĂŶLJͿĂŶĚĂŶLJŽƚŚĞƌ ŵĂŝŶƚĞŶĂŶĐĞĂĐƚŝǀŝƚŝĞƐŶĞĐĞƐƐĂƌLJƚŽƉĞƌƉĞƚƵĂƚĞƚŚĞƐŝĚĞǁĂůŬƐŝŶĂƐĂĨĞ͕ƵƐĞĂďůĞ͕ĂŶĚĂĞƐƚŚĞƚŝĐĂůůLJĂĐĐĞƉƚĂďůĞ ĐŽŶĚŝƚŝŽŶ͘ >ŝŐŚƚŝŶŐ dŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌǁŝůůŽǁŶĂŶĚďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂůůŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞůŝŐŚƚŝŶŐƐLJƐƚĞŵŝŶƚŚĞƉƌŽũĞĐƚĂƌĞĂ͘ /ŶĐůƵĚŝŶŐ͕ďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͕ƉŽǁĞƌĐŽƐƚƐ͕ƌĞƉůĂĐĞŵĞŶƚĂĨƚĞƌŬŶŽĐŬĚŽǁŶƐ͕ĂŶĚƌĞͲůĂŵƉŝŶŐ͘ >ĂŶĚƐĐĂƉŝŶŐ tŝƚŚŝŶƚŚĞŝƚLJůŝŵŝƚƐ͕ƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞŶĂƚŝǀĞŐƌĂƐƐĞƐ͕ƉůĂŶƚŝŶŐƐ͕ ĂŶĚƵŶŝƋƵĞůĂŶĚƐĐĂƉŝŶŐŝƚĞŵƐŝĨŝƚŝƐĚĞƚĞƌŵŝŶĞĚƚŚĂƚůĂŶĚƐĐĂƉŝŶŐǁŝůůďĞƉĂƌƚŽĨƚŚĞƉƌŽũĞĐƚ͘ dŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĐŽŵƉůĞƚĞŵĂŝŶƚĞŶĂŶĐĞŽĨƌŽĂĚǁĂLJǀĞŶƵĞĂŶĚĂůůĂĚũĂĐĞŶƚ ƐŝĚĞǁĂůŬƐĂŶĚƐŚĂƌĞĚͲƵƐĞƉĂƚŚƐ͘ WůĞĂƐĞĨĞĞůĨƌĞĞƚŽĐŽŶƚĂĐƚŵĞŝĨLJŽƵŚĂǀĞĂŶLJƋƵĞƐƚŝŽŶƐĂďŽƵƚƚŚŝƐƐƵďŵŝƚƚĂů͘ ^ŝŶĐĞƌĞůLJ͕ dŽŵƵƐƚŝŶ WƌŽũĞĐƚDĂŶĂŐĞƌ ϮϵϬϬϰϴ ƚŚ^ƚƌĞĞƚEt ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϭ ƚƚĂĐŚŵĞŶƚƐ͗ &ŝŶĂů>ĂLJŽƵƚĨŽƌ^WϱϱϬϮͲϭϬϵ͕ĚĂƚĞĚϬϮͬϮϭͬϮϱ ŚƚƚƉƐ͗ͬͬĞĚŽĐƐͲƉƵďůŝĐ͘ĚŽƚ͘ƐƚĂƚĞ͘ŵŶ͘ƵƐͬĞĚŽĐƐͺƉƵďůŝĐͬDZĞƐƵůƚ^ĞƚͬĚŽǁŶůŽĂĚ͍ĚŽĐ/ĚсϯϴϳϲϴϬϲϳ DE^ƚĂƚƵƚĞƐϭϲϭ͘ϭϲϮʹϭϲϭ͘ϭϲϳ ƐƚŝŵĂƚĞĚWƌŽũĞĐƚŽƐƚƐ ^ĂŵƉůĞŝƚLJZĞƐŽůƵƚŝŽŶ Đ͗'ƌĞŐWĂƵůƐŽŶ͕ WƌŽŐƌĂŵĞůŝǀĞƌLJ dŽŶLJtĂŐŶĞƌ͕WƌŽũĞĐƚDĂŶĂŐĞŵĞŶƚ DĂƌŬ^ĐŚŽĞŶĨĞůĚĞƌ͕ŝƐƚƌŝĐƚ ŶŐŝŶĞĞƌ ƌĂŝŐ>ĞŶnj͕ŐƌĞĞŵĞŶƚƐ ƋƵĂůKƉƉŽƌƚƵŶŝƚLJ ŵƉůŽLJĞƌ ΨΨϭϵ͕ϱϱϲ͕ϱϲϮ͘Ϯϰ ΨΨϵ͕ϳϴϰ͕ϯϵϮ͘ϬϬΨΨϱ͕ϵϲϭ͕ϲϯϮ͘ϬϬ Ψϭϱ͕ϳϰϲ͕ϬϮϰ͘ϬϬΨΨϮ͕ϯϲϭ͕ϵϬϰ͘ϬϬ ΨΨϭϴ͕ϭϬϳ͕ϵϮϴ͘ϬϬ ^d/Dd K^d ΨϮϵ͕ϮϴϬ͘ϬϬΨϭϲ͕ϲϳϱ͘ϬϬΨϴϳϱ͕ϬϬϬ͘ϬϬΨϮϵϯ͕ϱϯϮ͘ϬϬΨϮϵϯ͕ϱϯϮ͘ϬϬΨϭϵϱ͕ϲϴϴ͘ϬϬΨϭϵϱ͕ϲϴϴ͘ϬϬ Ψϰϵϲ͕ϮϬϬ͘ϬϬΨϴϵ͕ϲϲϴ͘ϬϬΨϮϴ͕ϱϲϮ͘ϬϬΨϵϰ͕ϭϭϲ͘ϬϬΨϱϬ͕ϬϬϬ͘ϬϬΨϮϳ͕ϵϬϬ͘ϬϬΨϲϬϲ͕ϬϳϮ͘ϬϬΨϲϱϮ͕ϳϬϴ͘ϬϬΨϭϯϵ͕ϴϲϲ͘ϬϬΨ ϰϮϭ͕ϳϬϰ͘ϬϬΨϯ͕ϱϭϰ͕Ϯϵϭ͘ϬϬΨϳϳϯ͕ϰϵϲ͘ϬϬΨϱϵϬ͕ϰϬϬ͘ϬϬΨϮϳϬ͕ϵϰϰ͘ϬϬΨϴϱϬ͕ϬϬϬ͘ϬϬΨϮϭϳ͕ϮϴϬ͘ϬϬΨϵϲϬ͕ϯϯϵ͘ϬϬΨϭϭ͕ϮϱϬ͘ϬϬΨϰϴϵ͕ϮϮϬ͘ϬϬΨ ϲϴϰ͕ϵϬϴ͘ϬϬΨϮ͕ϯϰϴ͕Ϯϱϱ͘ϬϬΨϰϴϵ͕ϮϮϬ͘ϬϬ Ψϵ͕ϬϬϬ͘ϬϬΨϭ͕ϬϬϬ͘ϬϬΨϯ͕ϬϬϬ͘ϬϬΨϲ͕ϱϬϬ͘ϬϬΨϰ͕ϬϬϬ͘ϬϬΨϳ͕ϱϬϬ͘ϬϬΨϳ͕ϴϯϬ͘ϬϬΨϭ͕ϰϬϬ͘ϬϬ dKd> ΨΨΨΨΨΨΨΨ ΨΨΨΨΨΨΨΨ ΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨ ΨΨ Ψϭϭϲϯϳϭϭϲ͕ϯϳϬ͘ϬϬΨϭϭϯϯϴϭϯϲ͕Ϭϱϲ͘ϬϬΨϱϮϯϯϭϰϲ͕ϱϮϰ͘ϬϬΨϱϮϯϯϯϭ͕ϯϵϴ͘ϬϬΨϮϲϯϱϵϰ͕ϴϲϬ͘ϬϬΨϳϰϵϬϳϬϬ͕ϯϭϱ͘ϬϬΨϭϱϳϳϬϭϴϵ͕ϮϰϬ͘ϬϬΨϱϵϯϬϭϴϵ ͕ϳϲϬ͘ϬϬΨϭϳϲϬϳϳϬ͕ϰϮϴ͘ϬϬΨϬ͘ϱϰϮϱ͕ϬϬϬ͘ϬϬΨϮ͕ϰϳϵ͕ϴϭϲ͘ϬϬΨϮ͕ϴϭϮ͘ϱϬΨϴϲϴ͕ϴϱϰ͘ϯϱΨϮ͕ϭϮϮ͕ϯϰϱ͘ϯϳΨϲϵϬ͕ϯϮϰ͘ϯϮ /dz ^d/Dd ΨϮϬϱϳϵϰϭ͕ϭϱϴ͘ϬϬΨϭϭϰϰϯϭϭ͕ϰϰϯ͘ϬϬΨϮϴϬϵϭϲ͕ϴϱϰ͘ϬϬΨϬ͘ϱϮϱ͕ϬϬϬ͘ϬϬΨϭϱϱϬϮϳ͕ϵϬϬ͘ϬϬΨϯϵ͕ϬϬϬ ͘ϬϬΨϭϭ͕ϬϬϬ͘ϬϬΨϮϯ͕ϬϬϬ͘ϬϬΨϭϲ͕ϱϬϬ͘ϬϬΨϭϰ͕ϬϬϬ͘ϬϬΨϭϳ͕ϱϬϬ͘ϬϬΨ ϰϯϱϳ͕ϴϯϬ͘ϬϬΨϭϬϭ͕ϰϬϬ͘ϬϬΨϭϱϱϮϮϭϳ͕ϮϴϬ͘ϬϬΨϮϰϯ͕ϯϵϰ͘ϭϳΨϭϮϯ͕ϵϵϬ͘ϵϬΨϳϰ͕ϯϵϰ͘ϱϰΨϱϭϭ͕ϯϮϬ͘ϳϰΨϳϰ͕ϯϵϰ͘ϱ ϰΨϰϵ͕ϱϵϲ͘ϯϲΨϰϵ͕ϱϵϲ͘ϯϲΨϭϮϯ͕ϵϵϬ͘ϵϬΨϰ͕ϲϬϮ͕ϭϲϭ͘ϯϳ Ψϱ͕ϳϭϱ͕ϴϴϰ͘ϱϱ Ψϱ͕ϮϵϮ͕ϰϴϱ͘ϲϵ ΨͲΨͲΨͲ K^d Ψ ^d/Dd YhEd/dz /dz Z DKs /dhD/EKh^Ws D Ed^YzΨϭϬ͘ϬϬϯϳϵϴϯϯϳϵ͕ϴϯϬ͘ϬϬZ DKs KEZ d t><ͬD /E^Y&dΨϮ͘ϬϬϮϰϮϱϱϰϴ͕ϱϭϬ͘ϬϬZ DKs /dhD/EKh^t><^Y&dΨϭ͘ϬϬϭϳϭϭϵϭϳ͕ϭϭϵ͘ϬϬZ DKs hZE'hdd Z>/E&dΨϲ͘ϬϬϭϮϴϳϳϳϳ͕ϮϲϮ͘ϬϬZ D Ks ^/'E>^z^d D ,ΨϱϬ͕ϬϬϬ͘ϬϬϬ͘ϱϮϱ͕ϬϬϬ͘ϬϬ^ > d'ZEh>Z DE<D Ed^hW Z^E;sͿhzΨϮϴ͘ϬϬϭϴϬϳϴϱϬϲ͕ϭϴϰ͘ϬϬϴΗKEZ d Z/s tzWs D Ed^YzΨϭϭϱ͘ϬϬϭϰϱϭϲ͕ϲϳϱ͘ϬϬϰΗ/dhD/EKh^t><ͬdZ/>^Y&dΨϰ͘ϬϬϱ ϬϭϮϵϮϬϬ͕ϱϭϲ͘ϬϬ^/'E>^z^d D^z^ΨϴϱϬ͕ϬϬϬ͘ϬϬϬ͘ϱϰϮϱ͕ϬϬϬ͘ϬϬZ/>ZKZK^^/E'Z W> D Ed>/E&dΨϱ͕ϬϬϬ͘ϬϬϭϳϱϴϳϱ͕ϬϬϬ͘ϬϬϳ͕ϯϬϰ͕ϱϳϲ͘ϬϬEKEYhEd/&/ D/EKZ/d D^ϱйϯϲϱ͕ϮϮϵ͘ϭϬϯйϮϭϵ͕ϭϯϳ͘ϰϲϳйϭϳϯ͕ϱϴϳ͘ϮϲϮйϭϰϲ͕Ϭϵϭ͘ϲϰϮй ϭϰϲ͕Ϭϵϭ͘ϲϰϮϰйϭ͕ϰϳϵ͕ϰϬϬ͘ϲϱϱйϯϲϱ͕ϮϮϵ͘ϭϬϯ͕ϴϯϵ͕Ϯϴϲ͘ϲϯϭϭ͕ϭϰϯ͕ϴϲϮ͘ϲϯϭ͕ϲϳϭ͕ϱϳϵ͘ϲϴ ysd/KEͲKDDKEΘ^h'Z hzΨϭϮ͘ϬϬϯϵϭϲϴϰϳϬ͕Ϭϭϲ͘ϬϬKDDKE DE<D Ed;sͿhzΨϲ͘ϬϬϭϴϬϳϴϭϬϴ͕ϰϲϴ͘ϬϬ''Z 'd ^ hzΨϯϲ͘ϬϬϵϬϳϵϯϮϲ͕ϴϰϰ͘ϬϬ''Z 'd ^hZ&/E'hzΨϲϬ͘ϬϬϰϴϴϮϵ͕ϮϴϬ͘ϬϬKEZ d Ws D Edϴ͘ϬΗ^YzΨϵϯ͘ϱϬϯϬϬϵϲϮ͕ϴϭϯ͕ϵϳϲ͘ϬϬKEZ d t><ͬdZ/>ͬZ/^ D /E^Y&dΨϭϮ͘ϬϬϰϴϲϴϴϱϴϰ͕Ϯϱϲ͘ϬϬKEZ d hZE'hdd Z>/E&dΨϯϮ͘ϬϬϭϮϱϮϬϰϬϬ͕ϲϰϬ͘ϬϬϲ͘ϱйϳϭϲ͕ϵϰϰ͘ϴϯdZ&&/DE' D Ed^z^d DϯйϮϭϵ͕ϭϯϳ͘ϰϲϭϮ ͕ϴϭϱ͕ϰϰϮ͘ϯϭ ϭϯ͕ϴϰϬ͕ϲϳϳ͘ϲϵ dKZzͲK&&/ Ψϭϭ͕ϮϱϬ͘ϬϬϴ͕ϰϯϳ͘ϱϬ ^d/Dd K^d Z DKs td ZD/E>/E&dΨϭϴ͘ϬϬͲϴΗ^> s ,Ψϭ͕ϬϬϬ͘ϬϬͲϭϮΗ^> s ,Ψϭ͕ϱϬϬ͘ϬϬͲϭϮΗyϴΗd &/dd/E' ,Ψϲ͕ϱϬϬ͘ϬϬͲϴΗ'd s>s ΘKy ,Ψϰ͕ϬϬϬ͘ϬϬͲϭϮΗhdd Z&>zs>s ΘKy ,Ψϳ͕ϱϬϬ͘ϬϬͲϴΗtd ZD/EZ W> D Ed>/E&dΨϭϰϬ͘ϬϬͲϭϮΗtd ZD/EZ W> D Ed>/E&dΨϭϰϬ͘ϬϬͲ KEE ddK y/^d/E'td ZD/E ,Ψϯ͕ϬϬϬ͘ϬϬͲtd ZD/E&/dd/E'^>Ψϭϴ͘ϬϬͲ DŶKd ^d/Dd YhEd/dz DŶKd ϭϱйŽŶƚŝŶŐĞŶĐLJWůƵƐŽŶƚŝŶŐĞŶĐLJϭ͘Ϭϴ ^ƵďƚŽƚĂů'ƌĂĚŝŶŐΘZŽĂĚǁĂLJŽƐƚƐ^ƵďƚŽƚĂůDŝƐĐĞůůĂŶĞŽƵƐŽƐƚƐ ŽŶƐƚƌƵĐƚŝŽŶ^ƵďƚŽƚĂů &ĞďƌƵĂƌLJϭϮ͕ϮϬϮϱ ĂƚĞWƌĞƉĂƌĞĚ͗ /ƚĞŵηĞƐĐƌŝƉƚŝŽŶhŶŝƚhŶŝƚWƌŝĐĞ ŽŶƐƚƌƵĐƚŝŽŶŽƐƚ E'/E ZΖ^KE Wdh>KW/E/KEK&WZK> K^d ^WϱϱϬϮͲϭϬϵ;d,ϭϰͿWZ >/DK^d ^d/Dd ^/'E/E'ΘWs D EdDZ</E' KD/Ed/KE&/ >>KZ /E&>d/KEͲ&zϮϳ&dKZ dhZ& ^d>/^,D Ed ZK^/KEKEdZK> 'ƌĂĚŝŶŐΘZŽĂĚǁĂLJŽƐƚƐ dZ&&/KEdZK> DK/>/d/KE Z/E' >/',d/E' >ƵŵƉ^ƵŵŽƐƚƐ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b|o=!o1_;v|;u -ƐƖķƑƏƑƔ vѴb7; vѴb7; ƒ %RQGLQJ7LPHOLQH 2SSRUWXQLWLHVIRU)HHGEDFN 5HVROXWLRQRI6XSSRUWIURP&RXQFLO UDQNHGSULRULW\RIERQGLQJUHTXHVWV 'HVLJQ3ODQQLQJ&RQVWUXFWLRQ)XQGLQJ3KDVH2SWLRQV VWDWHPDWFK :KDWPDNHVDJRRGERQGLQJSURMHFW" %HDEOHWRSURYLGHDWOHDVWORFDO QRQ 3XEOLFO\RZQHGSXEOLFO\VHUYLQJDFFHVV ,QIUDVWUXFWXUH&DSLWDO QRQRSHUDWLRQV 8UJHQF\5HDGLQHVV 3KDVHDEOH 5HJLRQDO %21',1*5(48(676 vѴb7; Ɣ r_-v; m;|v|-];ou 3RWHQWLDO%RQGLQJ5HTXHVWV ";;uş"|u;;|omƒu7;m;m;-ubmh!$ -v|$;ulbmv burou| -uhbm]m=u-v|u1|u;ş m;u]olrom;m|vŖ Ŋ Ѵ-mmbm]=oubb1;m|;u ub;ņ"o|_uo-7- Ŗ rrou|mb|b;v m;|r_-v; m=u-v|u1|u;=ouovbm] -;m=ou1;l;m||u-bmbm]vr-1;v Ō Ŗ !;7;;Ѵorl;m| :RUNLQJ/LVW !b;u=uom| |_;uvĵ ";;u 6HZHU,QIUDVWUXFWXUH,QYHVWPHQWV ;1omolb17;;Ѵorl;m|ĺmou7;u|obm1u;-v;|_;--bѴ-0Ѵ;Ѵ-m7=ou_ovbm]o=-ѴѴ DQGFDQEHEURNHQLQWRSODQQLQJDQGFRQVWUXFWLRQFRPSRQHQWV $_;b|o=!o1_;v|;uv;;hv=m7bm]|obm1u;-v;--bѴ-0Ѵ;Ѵo|v=ou_ovbm]-m7 m-77b|bom-ѴƐķƏƏƏ-1u;vo=u;vb7;m|b-Ѵ-m71oll;u1b-Ѵņbm7v|ub-ѴѴ-m7v1oѴ70; vѴb7; IRU+RXVLQJ2SSRUWXQLWLHV 6WDWH5HTXHVW ,PSURYH$'$DFFHVVLELOLW\HQVXUHXQLYHUVDODFFHVVDQGFRQQHFWLYLW\WRVWUHHWVFDSHV /HYHUDJHWKHULYHUIURQWDVDGHVWLQDWLRQDQGQDWXUDOFRUULGRUWKDWEHWWHUFRQQHFWVWKH (QKDQFHGFRQQHFWLRQWRGRZQWRZQ8QLYHUVLW\RI0LQQHVRWD5RFKHVWHU 805 FLW\ ! $( !( )$_;b|o=!o1_;v|;uv;;hv=m7bm]|ou;rurov;;bv|bm] ;];m7vruor;u|ķruob7;m;;7;7 -11;vvb0bѴb|blruo;l;m|vbmvh-ķ vѴb7; 5LYHUIURQW5HGHYHORSPHQW([SDQGHFRQRPLFGHYHORSPHQWRSSRUWXQLWLHVDQGDFWLYDWHWKHSXEOLFUHDOP )XWXUH3KDVHV 6WDWH5HTXHVW PLOOLRQ RISODQQLQJFRVWV r0Ѵb1u;-Ѵlblruo;l;m|vĺ ŪѶĺƔ VN\ZD\VVXEZD\VEXLOGLQJVDQGWKHULYHUZD\ vѴb7; Ŋ -uhbm]!-lr ;loş"h-!;0bѴ7 ŪƐƔ ŪƐѶĺƒ VHUYLFHVDQGUHJLRQDODWWUDFWLRQV Ŋ !;7;;Ѵorl;m|ş r-mvbom ),1$1&,$/,1)250$7,21 Ŋ ŪƓĺƕƔ !b;u=uom| 0Ѵb1!;-Ѵl WUDLOV\VWHPWRGRZQWRZQ 6XSSRUWVHQWLUHSURMHFW ,03$&76%(1(),76 -m7o|_;u!b;u=uom| Ŋ !b;u=uom|$u-bѴ &RQQHFWVZLWKSUHYLRXVIHGHUDODQGUHJLRQDOLQYHVWPHQWLQWK6WUHHWFRQQHFWLYLW\ )XUWKHUVLQYHVWPHQWLQ/LQN%57HDVWHUQPRVWWUDQVLWVWDWLRQ HDVWWUDQVLWYLOODJH /HYHUDJHVGHYHORSPHQWDQGRSSRUWXQLWLHVIRUIRUPHU$03,VLWH5LYHUIURQWDQG )oѴ7-ѴѴo|_; om|om)-|;u=uom|"o|_"l-ѴѴu;- Ѵ-mŐ=oul;u vѴb7; Ѵ-m-m77;vb]m=oum;;7;7r]u-7;v|ov;;u-m7uo-7bm=u-v|u1|u; $YHQXH6(6WUHHWDQG6HZHU SURMHFWDQG5$,6(%8,/'SODQQLQJDQGGHVLJQJUDQWIRU6RXWK%URDGZD\ 0 (3$RU86'27 1omolb17;;Ѵorl;m|mѴo1hbm]_ovbm]-m71oll;u1b-Ѵvvr-1;v=ou ,QIUDVWUXFWXUH8SJUDGHV 'RZQWRZQ:DWHUIURQW6RXWK ':6( SODQQLQJHIIRUWV &RPPXQLW\)XQGHG3URMHFW5HTXHVWDPRXQWa vѴb7; )XWXUH6WDWH%RQGLQJIRU3ODQQLQJ a;;; u;7;;Ѵorl;m|bmѵƏ-1u;Ƴvb|; ),1$1&,$/,1)250$7,21 352-(&729(59,(: ,03$&76%(1(),76 vb|;ő|o1ol;|oѴb=;ĺ UG vѴb7; 5HOHYDQWWRH[SHFWHGWUDIILFFKDQJHVIURPQHDUE\GHYHORSPHQWDQGVWUHHW 3ODQQLQJIRU&LYLF&HQWHU'ULYH IRXU\HDUVLQFOXGLQJSHGHVWULDQDQGELF\FOHLQFLGHQWV &RPSOHWH6WUHHWVRSSRUWXQLW\IRUDGGHGVDIHW\DQGPXOWLPRGDOXVH7KLV VHJPHQWRI6RXWK%URDGZD\LVFXUUHQWO\OLVWHGLQ0Q'27¶V9XOQHUDEOH ;1omolb17;;Ѵorl;m|-m7_b]_1ollmb|-m7u;]bom-Ѵv;ĺ |u-mvrou|-|bom|_ouo]_=-u;vbm|_;1b|-m7-uom7om;vo= 86'275$,6(*UDQWDZDUGHG-DQ 0 3ODQQLQJ)RFXV Ѵ-m-m77;vb]m=oum;;7;7=|u;u;1omv|u1|bomo=l-bm 6RXWK%URDGZD\$YH (VWLPDWHGIXOOSODQQLQJDQGGHVLJQFRVW 0 vѴb7; YHKLFOHXVDJHHDFKGD\ 5RDG8VHU+LJK,QMXU\1HWZRUN 3URYLGHVJDWHZD\VWRWKHFLW\ ),1$1&,$/,1)250$7,21 352-(&729(59,(: ,03$&76%(1(),76 FUDVKHVLQSDVW 6RXWK%URDGZD\ JULGPRGLILFDWLRQV vѴb7; 2SSRUWXQLW\IRUSRWHQWLDOSDUWQHUVKLSZLWKRWKHUDJHQFLHVLQUHJLRQDQG -;m=ou1;l;m||u-bmbm]=-1bѴb|b;v|ovrrou|u-m];-m7u;Ѵ-|;7 6WDWH%RQGLQJ5HTXHVW RIWRWDOSURMHFWUHTXHVW aIRU /DZ(QIRUFHPHQW7UDLQLQJ uu;m|=-1bѴb|b;vu;-1_bm];m7o=v;=ѴѴb=;-m7u-|;7roouom|_; $GGHGVDIHW\DQGWUDLQLQJRSSRUWXQLWLHVZLWKLPSURYHGIDFLOLWLHV )DFLOLWLHV vѴb7; ),1$1&,$/,1)250$7,21 -1bѴb|b;vom7b|bomm7; ,03$&76%(1(),76 GHVLJQDQGDFTXLVLWLRQ uof;1|;ub;Ĺ m;;7vĺ VWDWH vѴb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