Loading...
HomeMy WebLinkAboutTB Agenda Sept. 19, 2019dKtEK&s/Z'/> Wh>/,Z/E'ϲ͗ϬϬWD Z'h>ZdKtEKZDd/E'ϲ͗ϯϬWD ^ĞƉƚĞŵďĞƌϭϵ͕ϮϬϭϵ ϲ͗ϬϬWDWh>/,Z/E'>K>>tηϭŽĨϮϬϭϵdKtEK&s/Z'/>dZE^&Z^dd/KE>t >>ηϭŽĨϮϬϭϵdƌĂŶƐĨĞƌ^ƚĂƚŝŽŶ,ĞĂƌŝŶŐ>ĞŐĂůEŽƚŝĐĞ ZĞǀŝƐĞĚWƌŽƉŽƐĞĚ>ŽĐĂů>ĂǁηϭŽĨϮϬϭϵ ϲ͗ϯϬWD>>dKtEKZZ'h>ZDd/E'dKKZZ ͘WWZKsD/Ehd^ ͲϭƌĂĨƚŽĨdŽǁŶŽĂƌĚZĞŐƵůĂƌDĞĞƚŝŶŐDŝŶƵƚĞƐĚĂƚĞĚƵŐ͘Ϭϴ͕ϮϬϭϵ ϬϴͲϬϴͲϮϬϭϵƌĂĨƚdŽǁŶŽĂƌĚDĞĞƚŝŶŐDŝŶƵƚĞƐ ͘hd,KZ/d/KEdKWz/>>^ Ͳϭ'ĞŶĞƌĂůĨƵŶĚďƐƚƌĂĐƚŽĨƵĚŝƚĞĚsŽƵĐŚĞƌƐ'ĞŶĞƌĂů&ƵŶĚϬϴͲϭϵ ͲϮ,ŝŐŚǁĂLJ&ƵŶĚďƐƚƌĂĐƚŽĨƵĚŝƚĞĚsŽƵĐŚĞƌƐ,ŝŐŚǁĂLJ&ƵŶĚϬϴͲϭϵ Ͳϯ^ĞǁĞƌŝƐƚƌŝĐƚηϭďƐƚƌĂĐƚŽĨƵĚŝƚĞĚsŽƵĐŚĞƌƐ^ĞǁĞƌŝƐƚƌŝĐƚ&ƵŶĚϬϴͲϭϵ ͲϰtĂƚĞƌŝƐƚƌŝĐƚηϭďƐƚƌĂĐƚŽĨƵĚŝƚĞĚsŽƵĐŚĞƌƐtĂƚĞƌŝƐƚƌŝĐƚ&ƵŶĚϬϴͲϭϵ ͘DKEd,>zZWKZd^ ͲϭdŽǁŶ^ƵƉĞƌǀŝƐŽƌ͛ƐDŽŶƚŚůLJZĞƉŽƌƚ ^ƵƉĞƌǀŝƐŽƌΖƐZĞƉŽƌƚ>ŽŶŐ&ŽƌŵϬϴͲϭϵ ŽŽŬŬĞĞƉĞƌƐŚĞĐŬZĞƉŽƌƚϬϴͲϭϵ ŽŶƐŽůŝĚĂƚĞĚZĞƐĞƌǀĞ&ƵŶĚZĞƉŽƌƚ ͲϮdŽǁŶůĞƌŬ͛ƐDŽŶƚŚůLJZĞƉŽƌƚ dŽǁŶůĞƌŬΖƐDŽŶƚŚůLJZĞƉŽƌƚϬϴͲϮϬϭϵ Ͳϯ^ĞǁĞƌŝƐƚƌŝĐƚ͛ƐKƉĞƌĂƚŝŽŶƐZĞƉŽƌƚ ĂŵĚĞŶͲDŽŶƚŚůLJZĞƉŽƌƚϬϴͲϭϵ ĂŵĚĞŶͲĚŵƌ^ƵďŵŝƐƐŝŽŶ ĂŵĚĞŶͲsŝƌŐŝůDKZ ͲϰtĂƚĞƌŝƐƚƌŝĐƚ͛ƐKƉĞƌĂƚŝŽŶƐZĞƉŽƌƚ tϮKƉĞƌĂƚŽƌΖƐDŽŶƚŚůLJZĞƉŽƌƚϬϴͲϭϵ ͲϱŶŝŵĂůŽŶƚƌŽůKĨĨŝĐĞƌ͛ƐZĞƉŽƌƚ ŶŝŵĂůŽŶƚƌŽůKĨĨŝĐĞƌΖƐZĞƉŽƌƚϬϴͲϭϵ ͲϲŽĚĞŶĨŽƌĐĞŵĞŶƚKĨĨŝĐĞƌ͛ƐZĞƉŽƌƚ ŽĚĞKĨĨŝĐĞƌΖƐZĞƉŽƌƚϬϴͲϭϵ ͲϳŽƵŶƚLJ>ĞŐŝƐůĂƚŽƌ͛ƐZĞƉŽƌƚ >'/^>dKZZWKZd&KZ^WdDZϮϬϭϵ >ĞŐŝƐůƚŽƌͲhƉĚĂƚĞŽŶŽƵŶƚLJĚŵŝŶ͘WŽƐŝƚŝŽŶ ͲϴsŝƌŐŝůzŽƵƚŚŽŵŵŝƐƐŝŽŶZĞƉŽƌƚ sz^ĞƉƚ͘DĞĞƚŝŶŐŐĞŶĚĂ Ͳϵ,ŽƉĞ>ĂŬĞKƉĞƌĂƚŝŽŶƐZĞƉŽƌƚ ͲϭϬ,ŝŐŚǁĂLJ^ƵƉĞƌŝŶƚĞŶĚĞŶƚZĞƉŽƌƚ ,ŝŐŚǁĂLJ^ƵƉĞƌŝŶƚĞŶĚĞŶƚƐZĞƉŽƌƚϬϴͲϭϵ ͘K>h^/E^^ ͲϭsŽƚĞŽĨ>ŽĐĂů>ĂǁηϭŽĨϮϬϭϵͲdƌĂŶƐĨĞƌ^ƚĂƚŝŽŶ>Ăǁ 5HYLVHG3URSRVHG/RFDO/DZRI ͲϮ^ĐŚŽŽůƵŝůĚŝŶŐhƉĚĂƚĞ ͘Eth^/E^^ ͲϭŝƐĐƵƐƐŝŽŶŽŶ^ĞŶĂƚĞŝůů^ϯϳϱϲͲǁĂǀŝŶŐ^ƚĂƚĞ&ĞĞ͛ƐŽŶDĂƌƌŝĂŐĞ>ŝĐĞŶƐĞƐĨŽƌĂĐƚŝǀĞŵŝůŝƚĂƌLJ 6HQDWH%LOO6:DYLQJ6WDWH)HH VIRU$FWLYH0LOLWDU\IRUPDUULDJH/LFHQVHV &XUUHQW0DUULDJH/LFHQVH)HHV ͲϮsŽƚĞƚŽƉƉŽŝŶƚdŽǁŶƐƐĞƐƐŽƌĨŽƌĂ&ŝǀĞLJĞĂƌƚĞƌŵ ͲϯZĞǀŝĞǁWƌŽƉŽƐĂůĨŽƌĂ<ŽĞƐƚĞƌWƵŵƉ ĂŵĚĞŶͲϮϬϭϵͲWͲϭϮϱϯϯsŝƌŐŝů'ƌƵŶĚĨŽƐƐWƵŵƉϴͲϭϵͲϭϵ ͲϰŝƐĐƵƐƐŝŽŶŽŶ,ŝƐƚŽƌŝĐĂůƵŝůĚŝŶŐĂŶĚzŽƵƚŚŽŵŵŝƐƐŝŽŶƵŝůĚŝŶŐ '͘:KhZEZ'h>ZdKtEKZDd/E' dKtEK&s/Z'/> EKd/K&Wh>/,Z/E' W>^d<EKd/ƚŚĂƚƚŚĞsŝƌŐŝůdŽǁŶŽĂƌĚǁŝůůŚŽůĚĂƐĞĐŽŶĚWƵďůŝĐ,ĞĂƌŝŶŐƌĞŐĂƌĚŝŶŐ ƉƌŽƉŽƐĞĚ>ŽĐĂů>ĂǁηϭŽĨϮϬϭϵ͕ƚŚĞdŽǁŶŽĨsŝƌŐŝůdƌĂŶƐĨĞƌ^ƚĂƚŝŽŶ>Ăǁ ƌĞǀŝƐĞĚ͘dŚĞůŽĐĂůůĂǁǁŝůů ĞƐƚĂďůŝƐŚƉƌŽĐĞĚƵƌĞƐĂŶĚƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƚŚĞƵƐĞŽĨƚŚĞ ^ŽůŝĚtĂƐƚĞdƌĂŶƐĨĞƌ^ƚĂƚŝŽŶ͕ŝŶĐůƵĚŝŶŐ ůŝŵŝƚĂƚŝŽŶƐŽŶƚŚĞƚLJƉĞĂŶĚĂŵŽƵŶƚŽĨƐŽůŝĚ ǁĂƐƚĞ ƚŚĂƚŵĂLJďĞďƌŽƵŐŚƚƚŚĞƌĞ͘dŚĞƉƵďůŝĐŚĞĂƌŝŶŐǁŝůů ďĞ ŚĞůĚŽŶ^ĞƉƚĞŵďĞƌ ϭϮ͕ϮϬϭϵ Ăƚϲ͗ϬϬ WDĂƚƚŚĞsŝƌŐŝůdŽǁŶ,Ăůů͕ϭϭϳϲŚƵƌĐŚ^ƚƌĞĞƚ͕sŝƌŐŝůEzϭϯϬϰϱ͘ ŽƉŝĞƐŽĨƚŚĞƉƌŽƉŽƐĞĚůŽĐĂůůĂǁŵĂLJďĞŽďƚĂŝŶĞĚĂƚ ƚŚĞsŝƌŐŝůƚŽǁŶŚĂůů͕ĂŶĚŵĂLJďĞǀŝĞǁĞĚŽŶƚŚĞ ƚŽǁŶǁĞďƐŝƚĞ͕ǁǁǁ͘ǀŝƌŐŝůŶLJ͘ŽƌŐ͘ ůĂŶĞsĂŶŽŶƐĞů sŝƌŐŝůdŽǁŶůĞƌŬ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¶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¶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¶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ϭͮW Ă Ő Ğ ƚŚĂƚƚŚĞsŝƌŐŝůdŽǁŶŽĂƌĚǁŝůůŚŽůĚĂWƵďůŝĐ,ĞĂƌŝŶŐƌĞŐĂƌĚŝŶŐƉƌŽƉŽƐĞĚ>ŽĐĂů>ĂǁηϭŽĨϮϬϭϵ͕ƚŚĞdŽǁŶŽĨsŝƌŐŝůdƌĂŶƐĨĞƌ^ƚĂƚŝŽŶ>Ăǁ͘dŚĞůŽĐĂůůĂǁǁŝůůĞƐƚĂďůŝƐŚƉƌŽĐĞĚƵƌĞƐĂŶĚƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƚŚĞƵƐĞŽĨƚŚĞ^ŽůŝĚtĂƐƚĞdƌĂŶƐĨĞƌ^ƚĂƚŝŽŶ͕ŝŶĐůƵĚŝŶŐ ůŝŵŝƚĂƚŝŽŶƐŽŶƚŚĞƚLJƉĞĂŶĚĂŵŽƵŶƚŽĨƐŽůŝĚǁĂƐƚĞƚŚĂƚŵĂLJďĞďƌŽƵŐŚƚƚŚĞƌĞ͘dŚĞƉƵďůŝĐŚĞĂƌŝŶŐǁŝůůďĞŚĞůĚŽŶƵŐƵƐƚϴ͕ϮϬϭϵĂƚ ϲ͗ϬϬWDĂƚƚŚĞsŝƌŐŝůdŽǁŶ,Ăůů͕ϭϭϳϲŚƵƌĐŚ^ƚƌĞĞƚ͕sŝƌŐŝůEzϭϯϬϰϱ͘ŽƉŝĞƐŽĨƚŚĞƉƌŽƉŽƐĞĚůŽĐĂůůĂǁŵĂLJďĞŽďƚĂŝŶĞĚĂƚƚŚĞsŝƌŐŝů ƚŽǁŶŚĂůů͕ĂŶĚŵĂLJďĞǀŝĞǁĞĚŽŶƚŚĞƚŽǁŶǁĞďƐŝƚĞ͕ǁǁǁ͘ǀŝƌŐŝůŶLJ͘ŽƌŐ͘ KDDEd^͗ŽŵŵƵŶŝƚLJDĞŵďĞƌ:ŽŚŶDŽƌƐĞĂŶĚŽǁŶĞƌŽĨsŝƌŐŝůZĞĐLJĐůŝŶŐΘZƵďďŝƐŚZĞŵŽǀĂůŚĂĚƐŽŵĞƋƵĞƐƚŝŽŶƐĂďŽƵƚƐĞĐƚŝŽŶ ϱŽĨƚŚĞůŽĐĂůůĂǁ͘DŽƌƐĞƐƚĂƚĞĚƚŚĂƚŚŝƐďƵƐŝŶĞƐƐŝƐŽŶůLJĚŽĞƐďƵƐŝŶĞƐƐŝŶsŝƌŐŝůĂŶĚŚĞŝƐĂƌĞƐŝĚĞŶƚŽĨsŝƌŐŝů͘DŽƌƐĞƌĞĂĚƚŚĞƐĞĐƚŝŽŶ ŽĨƚŚĞůŽĐĂůůĂǁƚŚĂƚŚĞǁĂƐĐŽŶĐĞƌŶĞĚǁŝƚŚ͘/ƚƐĂLJƐŝƚƚŚĞƚƌĂŶƐĨĞƌƐƚĂƚŝŽŶŵĂLJŶŽƚďĞƵƐĞĚďLJĐŽŵŵĞƌĐŝĂůŚĂƵůĞƌƐ͘^ƵƉĞƌǀŝƐŽƌ<ĂŵŝŶƐŬŝ ƐĂŝĚLJŽƵĂƌĞŶŽƚǁŚĂƚǁĞĐŽŶƐŝĚĞƌĂĐŽŵŵĞƌĐŝĂůŚĂƵůĞƌ͕LJŽƵĂƌĞĂƌĞƐŝĚĞŶƚŝĂůŚĂƵůĞƌ͘zŽƵĂƌĞŚĞůƉŝŶŐŽƵƚLJŽƵƌŶĞŝŐŚďŽƌƐĂŶĚLJŽƵ͛ƌĞ ŶŽƚďƌŝŶŐŝŶŐŵŽƌĞƚŚĂŶϯĐƵďŝĐLJĂƌĚƐŽĨƚƌĂƐŚƚŽƚŚĞƚƌĂŶƐĨĞƌƐƚĂƚŝŽŶ͘DĞŵďĞƌWĞůƚŽŶƐĂŝĚŚĞĚŝƐĂŐƌĞĞƐǁŝƚŚƚŚĂƚƐƚĂƚĞŵĞŶƚ͖ƚŚĞLJĂƌĞ ĂĐŽŵŵĞƌĐŝĂůŚĂƵůĞƌ͘<ĂŵŝŶƐŬŝƚŚŽƵŐŚƚƚŚĞLJƐŚŽƵůĚďĞĨŝŶĞƵŶĚĞƌƚŚĞůĂǁ͘ƚƚŽƌŶĞLJWĂƚ^ŶLJĚĞƌƐĂLJƐƚŚĂƚsŝƌŐŝůZĞĐLJĐůŝŶŐĂŶĚZƵďďŝƐŚ ZĞŵŽǀĂůǁŽƵůĚďĞƉƌŽŚŝďŝƚĞĚƵŶĚĞƌƚŚĞůĂǁĂƐŝƚƌĞĂĚƐ͘dŚĞLJǁĂŶƚƚŽƌĞǁŽƌĚŝƚƚŽƐĂLJ͕ŝĨLJŽƵĂƌĞĂƌĞƐŝĚĞŶƚĂŶĚLJŽƵ͛ƌĞŽŶůLJƉŝĐŬŝŶŐƵƉ ƚƌĂƐŚŝŶƚŚĞdŽǁŶŽĨsŝƌŐŝů͘DŽƌƐĞǁĂƐĐŽŶĐĞƌŶĞĚŝĨŚĞŵŝŐŚƚŚĂǀĞƉƌŽďůĞŵƐĚŽŶĞƚŚĞƌŽĂĚ͘DĞŵďĞƌĞŶŶŝƐŽŶƐĂŝĚƚŚĂƚƚŚĞƉƵƌƉŽƐĞ ŽĨƌĞǁƌŝƚŝŶŐƚŚĞůĂǁǁĂƐďĞĐĂƵƐĞƚŚĞLJǁĞƌĞůŽŽŬŝŶŐĂƚƚŚĞĐĂƉĂĐŝƚLJŽĨƚŚĞƐLJƐƚĞŵ͘dŚĞLJǁĂŶƚĞĚƚŽůŝŵŝƚŚŽǁŵƵĐŚƚƌĂƐŚŝƐďĞŝŶŐŚĂƵůĞĚ ŽŶĂŶLJŐŝǀĞŶĚĂLJ͘ĞŶŶŝƐƚŽŶĨĞĞůƐƚŚĞůĂǁŝƐĂŵďŝƚƵƐĂŶĚĨĞĞůƐƚŚĞLJƐŚŽƵůĚůŽŽŬĂƚƚŚĞŝŶƚĞŶƚŽĨƚŚĞůĂǁ͕ŚĞĨĞĞůƐŝƚŚĂƐƚŽĚŽǁŝƚŚĨůŽǁ ĐŽŶƚƌŽů͘^ŶLJĚĞƌǁŽƵůĚƌĂƚŚĞƌƐƚƌŝŬĞƚŚĂƚƐĞŶƚĞŶĐĞ͕ŝĨƚŚĞLJĂƌĞŐŽŝŶŐƚŽĐŽŶƚŝŶƵĞƚŽĂůůŽǁDŽƌƐĞ͛ƐĐŽŵƉĂŶLJƚŽƵƐĞƚŚĞƚƌĂŶƐĨĞƌƐƚĂƚŝŽŶ͘ /ĨLJŽƵƚĂŬĞĂǁĂLJƚŚĂƚƐĞŶƚĞŶĐĞ͕LJŽƵ͛ĚƐƚŝůůďĞŽŬ͘ĞŶŶŝƐƚŽŶƐĂŝĚƚŚĞLJŵŝŐŚƚŚĂǀĞƚŽƉƵƚƐŽŵĞůŝŵŝƚĂƚŝŽŶƐŽŶƚŚĞĂŵŽƵŶƚŽĨƚƌĂƐŚ ĚƵŵƉĞĚĨŽƌĨůŽǁĐŽŶƚƌŽů͘WĞůƚŽŶĨĞĞůƐƚŚĂƚŝĨƚŚĞLJƐƚƌŝŬĞƚŚĂƚůŝŶĞ͕ƚŚĞLJǁŝůůŚĂǀĞƉƌŽďůĞŵƐĚŽǁŶƚŚĞƌŽĂĚ͘WĞůƚŽŶƐĂŝĚŵŽƐƚŽĨƚŚĞ ƉƌŽďůĞŵƐǁĂƐŶ͛ƚũƵƐƚĨƌŽŵĐŽŵŵĞƌĐŝĂůŚĂƵůĞƌƐ͕ŚĞǁĂŶƚĞĚƚŽƚĂŬĞĐĂƌĞŽĨƚŚĞƉƌŽďůĞŵďLJĚĞĂůŝŶŐǁŝƚŚĐŽŵŵĞƌĐŝĂůŚĂƵůĞƌƐĨŝƌƐƚ͘DŽƌƐĞ͕ ƐĂŝĚƚŚĂƚĂůŽƚŽĨƚŚĞƉƌŽďůĞŵƐĐŽŵĞĨƌŽŵďƵŝůĚĞƌƐǁŚŽĂƌĞďƌŝŶŐŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶĚĞďƌŝƐ͘^ƵƉĞƌǀŝƐŽƌ<ĂŵŝŶƐŬŝĂƐŬĞĚƚŚƌĞĞƚŝŵĞƐŝĨ ƚŚĞƌĞǁĞƌĞĂŶLJŽƚŚĞƌĐŽŵŵĞŶƚƐ͕ƚŚĞƌĞǁĞƌĞĚŽŶĞ͘^ƵƉĞƌǀŝƐŽƌĂƐŬĞĚĨŽƌĂŵŽƚŝŽŶƚŽĐůŽƐĞƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘DĞŵďĞƌĞŶŶŝƐƚŽŶ ŵĂĚĞĂŵŽƚŝŽŶƚŽĐůŽƐĞƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘dŚĞŵŽƚŝŽŶǁĂƐƐĞĐŽŶĚĞĚďLJDĞŵďĞƌ^ŶŽǁ͘sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶ ĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐͲEŽŶĞ ZĂůƉŚ<ĞĞŶĞLJǁŚŽƌĞƐŝĚĞƐĂƚϮϬϰϱZŽƵƚĞϯϵϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞďŽĂƌĚƌĞŐĂƌĚŝŶŐǁĂƚĞƌŝƐƐƵĞƐŽŶŚŝƐƉƌŽƉĞƌƚLJ͘^ƵƉĞƌǀŝƐŽƌ<ĂŵŝŶƐŬŝƐĂŝĚ ƚŚĂƚŚĞĂŶĚƚŚĞ,ŝŐŚǁĂLJ^ƵƉĞƌŝŶƚĞŶĚĞŶƚǁŝůůĐŽŵĞůŽŽŬĂƚƚŚĞƐŝƚƵĂƚŝŽŶ͘,ŝŐŚǁĂLJ^ƵƉĞƌŝŶƚĞŶĚĞŶƚDŽƌƐĞƐĂŝĚƚŚĂƚƚŚĞƐƚĂƚĞŚĂƐůŽŽŬĞĚ ĂƚŝƚĂŶĚƚŚĞLJǁŽƵůĚŶĞĞĚƚŽŚĂǀĞƌĞƚĞŶƚŝŽŶƉŽŶĚƐĚƵŐ͘dŚĞLJǁŽƵůĚŚĂǀĞƚŽŐŽŽŶĐƵƌƌĞŶƚƉƌŽƉĞƌƚLJŽǁŶĞƌƐůĂŶĚ͘^ƵƉĞƌǀŝƐŽƌ<ĂŵŝŶƐŬŝ ƐĂŝĚŚĞǁŽƵůĚďĞŝŶĐŽŶƚĂĐƚǁŝƚŚ<ĞĞŶĞLJƚŽƐĞĞŝĨƚŚĞƌĞŝƐĂŶLJƚŚŝŶŐƚŚĂƚĐĂŶďĞĚŽŶĞƚŽŚĞůƉŚŝŵ͘ ϲ͗ϯϬ WDʹd,Z'h>ZDd/E't^>>dKKZZ ^ƵƉĞƌǀŝƐŽƌ<ĂŵŝŶƐŬŝĐĂůůĞĚƚŚĞŵĞĞƚŝŶŐƚŽŽƌĚĞƌ͕ĨŽůůŽǁĞĚďLJƚŚĞƐĂůƵƚĞƚŽƚŚĞĨůĂŐ͘ Z^K>hd/KEηϭϵͲϬϳϮWWZKs>K&D/Ehd^ ƌĂĨƚŽĨƚŚĞZĞŐƵůĂƌdŽǁŶŽĂƌĚDĞĞƚŝŶŐDŝŶƵƚĞƐĚĂƚĞĚ:ƵůLJϭϭ͕ϮϬϭϵ͗DĞŵďĞƌĞŶŶŝƐƚŽŶŵŽǀĞĚƚŽĂƉƉƌŽǀĞƚŚĞŵŝŶƵƚĞƐĨŽƌ:ƵůLJ ϭϭ͕ϮϬϭϵƌĞŐƵůĂƌdŽǁŶŽĂƌĚDĞĞƚŝŶŐǁŝƚŚĐŽƌƌĞĐƚŝŽŶƐ͘DĞŵďĞƌ^ŶŽǁƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ ĞŶŶŝƐƚŽŶĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐͲEŽŶĞ ƌĂĨƚŽĨƚŚĞ^ƉĞĐŝĂůdŽǁŶŽĂƌĚDĞĞƚŝŶŐDŝŶƵƚĞƐĚĂƚĞĚ:ƵůLJϮϵ͕ϮϬϭϵ͗DĞŵďĞƌĞŶŶŝƐƚŽŶŵŽǀĞĚƚŽĂƉƉƌŽǀĞƚŚĞŵŝŶƵƚĞƐĨŽƌ:ƵůLJ Ϯϵ͕ϮϬϭϵƌĞŐƵůĂƌdŽǁŶŽĂƌĚDĞĞƚŝŶŐǁŝƚŚĐŽƌƌĞĐƚŝŽŶƐ͘DĞŵďĞƌ^ŶŽǁƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ ĞŶŶŝƐƚŽŶĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐͲEŽŶĞ Z^K>hd/KEηϭϵͲϬϳϯhd,KZ/d/KEdKWz/>>^ 'EZ>&hE&KZ:h>zϮϬϭϵEhDZϬϬϴ͗DĞŵďĞƌ ĞŶŶŝƐƚŽŶ ŵŽǀĞĚƚŽĂƉƉƌŽǀĞƉĂLJŵĞŶƚŽĨƚŚĞ'ĞŶĞƌĂů&ƵŶĚ͛ƐĂƵĚŝƚĞĚǀŽƵĐŚĞƌƐ ŶƵŵďĞƌĞĚϮϬϯͲϮϯϯŝŶƚŚĞĂŵŽƵŶƚŽĨΨϭϳ͕ϵϴϮ͘ϯϳ͘DĞŵďĞƌ^ŶŽǁƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶ ĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐͲEŽŶĞ ,/',tz&hE&KZ:h>zϮϬϭϵEhDZϬϬϴ͗DĞŵďĞƌĞŶŶŝƐƚŽŶŵŽǀĞĚƚŽĂƉƉƌŽǀĞƉĂLJŵĞŶƚŽĨƚŚĞ,ŝŐŚǁĂLJ&ƵŶĚĂƵĚŝƚĞĚǀŽƵĐŚĞƌƐ ŶƵŵďĞƌĞĚ ϭϭϯϱͲϭϭϰϴ ŝŶ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ΨϵϬ͕Ϭϲϲ͘ϲϲ͘ DĞŵďĞƌ ^ŶŽǁ ƐĞĐŽŶĚĞĚ ƚŚĞ ŵŽƚŝŽŶ͘ sŽƚĞ͗ LJĞƐͲDĞŵďĞƌƐ WĞůƚŽŶ͕ ^ŶŽǁ͕ ĞŶŶŝƐƚŽŶĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐͲEŽŶĞ ^tZ/^dZ/dηϭ&hE&KZ:h>zϮϬϭϵEhDZϬϬϴ͗DĞŵďĞƌĞŶŶŝƐƚŽŶŵŽǀĞĚƚŽĂƉƉƌŽǀĞƉĂLJŵĞŶƚŽĨƚŚĞ^ĞǁĞƌŝƐƚƌŝĐƚηϭ ĂƵĚŝƚĞĚǀŽƵĐŚĞƌ͛ƐŶƵŵďĞƌĞĚϮϬϳϮͲϮϬϴϯŝŶƚŚĞĂŵŽƵŶƚŽĨΨϳ͕ϴϬϬ͘ϰϰ͘DĞŵďĞƌ^ŶŽǁƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐ WĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐͲEŽŶĞ tdZ/^dZ/dηϭ&hE&KZ:h>zϮϬϭϵEhDZϬϬϴ͗DĞŵďĞƌĞŶŶŝƐƚŽŶŵŽǀĞĚƚŽĂƉƉƌŽǀĞƉĂLJŵĞŶƚŽĨƚŚĞtĂƚĞƌŝƐƚƌŝĐƚηϭ ĂƵĚŝƚĞĚǀŽƵĐŚĞƌƐϯϬϯϴͲϯϬϰϭŝŶƚŚĞĂŵŽƵŶƚŽĨΨϯ͕ϳϯϭ͘ϱϳ͘DĞŵďĞƌ^ŶŽǁƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ ĞŶŶŝƐƚŽŶĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐͲEŽŶĞ ϮͮW Ă Ő Ğ ^tZ/^dZ/dKWZd/KE^ZWKZd͗ĂǀĞŽŝƐŚǁĂƐƉƌĞƐĞŶƚĨƌŽŵƚŚĞĂŵĚĞŶ'ƌŽƵƉ͘<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚŚĞĐĂůůĞĚĂďŽƵƚƚŚĞƚĂŶŬĂŶĚŝƚ͛ƐŶŽƚƋƵŝƚĞƌĞĂĚLJLJĞƚ͘,ĞƐĂŝĚŚĞǁŝůůĐĂůůŽŝƐŚĂƐƐŽŽŶĂƐŝƚƐƌĞĂĚLJ͘DĞŵďĞƌ ĞŶŶŝƐƚŽŶŵŽǀĞĚƚŽĂĐĐĞƉƚƚŚĞ^ĞǁĞƌŝƐƚƌŝĐƚƐ ZĞƉŽƌƚ͘DĞŵďĞƌ^ŶŽǁƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐͲEŽŶĞ tdZ/^dZ/dKWZd/KE^ZWKZd͗:ĞŶĞĂtŝƚŚĞLJǁĂƐƉƌĞƐĞŶƚ͘<ĂŵŝŶƐŬŝĂƐŬĞĚŝĨƚŚĞLJǁĞƌĞŐŽŝŶŐƚŽŐĞƚƐƚĂƌƚĞĚŽŶŝŶƐƚĂůůŝŶŐƚŚĞ ŶĞǁŵĞƚĞƌƐ͘tŝƚŚĞLJƐĂŝĚƚŚĞLJƐĞŶƚůĞƚƚĞƌƐƚŽƚŚĞŚŽŵĞŽǁŶĞƌƐŝŶĨŽƌŵŝŶŐƚŚĞŵƚŚĂƚƚŚŝƐũŽďǁŝůůƐƚĂƌƚ͘dŚĞLJĂƌĞǁŽƌŬŝŶŐǁŝƚŚƚŚĞ ŚŽŵĞŽǁŶĞƌƐƚŽƐĞƚƵƉĂƐĐŚĞĚƵůĞƚŽŵĂŬĞƚŚĞƐǁĂƉ͘dŚĞLJǁŝůůďĞƚĂƌŐĞƚŝŶŐƚŚĞŽůĚĞƐƚŵĞƚĞƌƐĨŝƌƐƚ͘DĞŵďĞƌĞŶŶŝƐƚŽŶŵŽǀĞĚƚŽ ĂĐĐĞƉƚƚŚĞtĂƚĞƌŝƐƚƌŝĐƚƐZĞƉŽƌƚ͘DĞŵďĞƌ^ŶŽǁƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶĂŶĚ<ĂŵŝŶƐŬŝ͘ EĂLJƐͲEŽŶĞ E/D>KEdZK>K&&/Z͛^ZWKZd͗DĞŵďĞƌĞŶŶŝƐƚŽŶŵŽǀĞĚƚŽĂĐĐĞƉƚƚŚĞŶŝŵĂůŽŶƚƌŽůKĨĨŝĐĞƌ͛ƐZĞƉŽƌƚ͘DĞŵďĞƌ^ŶŽǁ ƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐͲEŽŶĞ KE&KZDEdEKE/E'K&&/Z^ZWKZd͗ǁƌŝƚƚĞŶƌĞƉŽƌƚǁĂƐƐƵďŵŝƚƚĞĚďLJŽĚĞĂŶĚŽŶŝŶŐKĨĨŝĐĞƌ<ĞǀŝŶDĐDĂŚŽŶ͘ DĞŵďĞƌĞŶŶŝƐƚŽŶŵŽƚŝŽŶĞĚƚŽĂĐĐĞƉƚƚŚĞŽĚĞĂŶĚŽŶŝŶŐKĨĨŝĐĞƌƐƌĞƉŽƌƚ͘dŚĞŵŽƚŝŽŶǁĂƐƐĞĐŽŶĚĞĚDĞŵďĞƌ^ŶŽǁ͘sŽƚĞ͗LJĞƐͲ DĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶ͕ĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐͲEŽŶĞ KhEdz>'/^>dKZ͛^ZWKZd͗ŽƵŶƚLJ>ĞŐŝƐůĂƚŽƌ^ĂŶĚLJWƌŝĐĞƐƵďŵŝƚƚĞĚĂǁƌŝƚƚĞŶƌĞƉŽƌƚ͘^ƵƉĞƌǀŝƐŽƌ<ĂŵŝŶƐŬŝŵĞŶƚŝŽŶĞĚƚŚĂƚWƌŝĐĞ ǁĂƐŶ͛ƚĂǀĂŝůĂďůĞƚŽĂƚƚĞŶĚƚŚĞŵĞĞƚŝŶŐ͘DĞŵďĞƌĞŶŶŝƐƚŽŶŵŽƚŝŽŶĞĚƚŽĂĐĐĞƉƚƚŚĞŽƵŶƚLJ>ĞŐŝƐůĂƚŽƌƐƌĞƉŽƌƚ͘dŚĞŵŽƚŝŽŶǁĂƐ ƐĞĐŽŶĚĞĚDĞŵďĞƌ^ŶŽǁsŽƚĞ͗LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐͲEŽŶĞ ,KW><KWZd/KE^ZWKZd͗tĞƐ<ƌLJŐĞƌƌĞƉŽƌƚĞĚƚŚĂƚĂƚƚĞŶĚĂŶĐĞĂƚƚŚĞƉĂƌŬǁĂƐƵƉƚŚŝƐƐƵŵŵĞƌ͘,ĞƚŚŽƵŐŚƚŝƚŵĂLJďĞĚƵĞ ƚŽƚŚĞĨŝƌĞǁŽƌŬƐĞǀĞŶƚ͘,ĞƐĂŝĚƚŚĂƚŽƉĞƌĂƚŝŽŶƐĂƌĞŐŽŝŶŐǁĞůů͘DĞŵďĞƌWĞůƚŽŶƐĂŝĚŚĞǁŽƵůĚůŝŬĞƚŽŚĂǀĞĂŵĞĞƚŝŶŐŽĨƚŚĞĐŽŵŵŝƚƚĞĞ ĂĨƚĞƌ>ĂďŽƌĂLJĂŶĚŚĞǁŽƵůĚůŝŬĞƚŽƐĞĞƚŚĞƉĂƌŬƐĨŝŶĂŶĐŝĂůƌĞƉŽƌƚĂƚƚŚĂƚƚŝŵĞ͘DĞŵďĞƌĞŶŶŝƐƚŽŶŵŽƚŝŽŶĞĚƚŽĂĐĐĞƉƚƚŚĞ,ŽƉĞ>ĂŬĞ KƉĞƌĂƚŝŽŶƐŽƌĂůƌĞƉŽƌƚ͘dŚĞŵŽƚŝŽŶǁĂƐƐĞĐŽŶĚĞĚDĞŵďĞƌ^ŶŽǁ͘sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐͲ EŽŶĞ ,/',tzWd͘^hWZ/EdEEd^ZWKZd͗,ŝŐŚǁĂLJ^ƵƉĞƌŝŶƚĞŶĚĞŶƚƌŝƚƚDŽƌƐĞǁĂƐƉƌĞƐĞŶƚĂŶĚƐƵďŵŝƚƚĞĚĂǁƌŝƚƚĞŶƌĞƉŽƌƚ͘ DŽƌƐĞƐĂŝĚƚŚĂƚƚŚĞϮϬϬϳŚĞĂĚŐĂƐŬĞƚǀĂůƵĞŶĞĞĚĞĚƚŽďĞƌĞƐĞĂůĞĚ͘,ĞƐĂŝĚƚŚĂƚƚŚĞĐŽƐƚƚŽĨŝdžŝƚŝƐŐŽŝŶŐƚŽďĞďĞƚǁĞĞŶΨϱϱϬϬĂŶĚ ΨϲϭϬϬ͕ďƵƚŚĞĨĞůƚŝƚǁĂƐďĞƚƚĞƌƚŚĂŶƌĞƉůĂĐŝŶŐƚŚĞŚĞĂĚŐĂƐŬĞƚ͘^ƵƉĞƌǀŝƐŽƌ<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚƚŚĞďŽĂƌĚŶĞĞĚƐƚŽĂƉƉƌŽǀĞƚŚĞ,ŝŐŚǁĂLJ ^ƵƉĞƌŝŶƚĞŶĚĞŶƚ͛ƐĂƵƚŚŽƌŝƚLJƚŽĂƉƉƌŽǀĞƌĞƉĂŝƌƐƚŚĂƚĞdžĐĞĞĚƚŚĞƉƌŽĐƵƌĞŵĞŶƚƉŽůŝĐLJ͛ƐĂƉƉƌŽǀĞĚĂŵŽƵŶƚ͘dŚĞĐƵƌƌĞŶƚĂƉƉƌŽǀĂůŝƐĨŽƌ ΨϯϱϬϬǁŝƚŚŽƵƚďŽĂƌĚĂƉƉƌŽǀĂů͘DĞŵďĞƌ^ŶŽǁĂƐŬĞĚŚŽǁƚŚĞƌĞƉĂŝƌƐŽŶtĞƐƚZŝǀĞƌZŽĂĚĂƌĞŐŽŝŶŐ͘DŽƌƐĞƐĂŝĚƚŚĂƚŝƚŚĂƐďĞĞŶŐƌĂĚĞĚ ŽŶĐĞ͕ďƵƚƚŚĞĞŶĚŶĞĂƌZƚĞ͘ϯϵϮŶĞĞĚƐƚŽďĞŚŝƚĂŐĂŝŶ͘,ĞƐĂŝĚƚŚĞLJǁŝůůďĞďĂĐŬŽǀĞƌŝŶĂĐŽƵƉůĞǁĞĞŬƐ͘DĞŵďĞƌĞŶŶŝƐƚŽŶŵŽƚŝŽŶĞĚ ƚŽĂĐĐĞƉƚƚŚĞ,ŝŐŚǁĂLJ^ƵƉĞƌǀŝƐŽƌƌĞƉŽƌƚ͘DĞŵďĞƌ^ŶŽǁƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶĂŶĚ <ĂŵŝŶƐŬŝ͘EĂLJƐ͗EŽŶĞ͘ K>h^/E^^ ^,KK>h/>/E'hWd͗^ƵƉĞƌǀŝƐŽƌ<ĂŵŝŶƐŬŝƐĂŝĚƚŚĞLJĚŝĚŶ͛ƚŵĂŬĞƚŚĞĚĞĂĚůŝŶĞƚŽƉƵƚƚŚĞƐĐŚŽŽůďƵŝůĚŝŶŐǀŽƚĞŽŶƚŚĞEŽǀĞŵďĞƌ ďĂůůŽƚ͘,ĞƐĂŝĚƚŚĂƚƚŚĞƚŽǁŶďŽĂƌĚŚĂƐŵŽƌĞƋƵĞƐƚŝŽŶƐƚŚĞLJǁŽƵůĚůŝŬĞƚŽďĞĂĚĚƌĞƐƐĞĚ͘,ĞƐĂŝĚƚŚĂƚŽŶĞďŽĂƌĚŵĞŵďĞƌƐĞŶƚĂŶĞͲ ŵĂŝůǁŝƚŚϭϵŝƚĞŵƐƚŚĂƚŚĞǁŽƵůĚůŝŬĞƚŽŚĂǀĞĂĚĚƌĞƐƐĞĚ͘>ŽƌŝDĞŐŝǀĞƌŶĂƐŬĞĚŝĨƚŚĞƚŽǁŶƌĞĐĞŝǀĞĚĂŶLJŽƚŚĞƌůĞƚƚĞƌƐĨƌŽŵƚŚĞ ^ƵƉĞƌŝŶƚĞŶĚĞŶƚŽĨƐĐŚŽŽůƐ͘<ĂŵŝŶƐŬŝƐĂŝĚŚĞŚĂĚŶ͛ƚŶŽƌŚĂĚƚŚĞƚŽǁŶĐůĞƌŬ͘<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚŚĞŝƐŐŽŝŶŐƚŽƐƚĂƌƚǁŽƌŬŝŶŐŽŶƚŚĞůŝƐƚ ĂŶĚŚĞ͛ƐŐŽŝŶŐƚŽƚƌLJƚŽƐŽƌƚƚŚŝƐŽƵƚ͘DĞŐŝǀĞƌŶĂƐŬĞĚĂďŽƵƚƚŚĞƐĐŚŽŽůƐŝŐŶ͍<ĂŵŝŶƐŬŝƐĂŝĚŚĞƚĂůŬĞĚƚŽDŝŬĞ,ŽŽƐĞĂŶĚŚĞǁĂƐŶ͛ƚ ĂǁĂƌĞƚŚĂƚƚŚĞĐŽŵƉƵƚĞƌƚŚĂƚƌƵŶƐƚŚĞƐŝŐŶǁĂƐƚĂŬĞŶŽƵƚ͘DĞŐŝǀĞƌŶĂƐŬĞĚŝĨƚŚĞďŽĂƌĚƌĞǀŝĞǁĞĚƚŚĞƐƵŵŵĂƌLJŽĨĨŝŶĚŝŶŐƐĨƌŽŵƚŚĞ ďŽŶĚĐŽƵŶĐŝů͍<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚƚŚĞŽƉŝŶŝŽŶĐĂŵĞƚŚƌŽƵŐŚƚŚĞĐŝƚLJ͘,ĞƐĂŝĚƚŚĂƚƚŚĞƌĞĂƌĞƌĞƐƚƌŝĐƚŝŽŶƐŽŶƚŚĞďƵŝůĚŝŶŐ͕ďƵƚŝĨƚŚĞƚŽǁŶ ďŽƵŐŚƚŝƚ͕ƚŚĂƚǁŽƵůĚůŝŵŝƚƚŚĞƌĞƐƚƌŝĐƚŝŽŶƐ͘<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚƚŚĞƐĐŚŽŽůĚŝƐƚƌŝĐƚŚĂĚƚŚĞďƵŝůĚŝŶŐĂƉƉƌĂŝƐĞĚĂŶĚŝƚĐĂŵĞŝƚĂƚΨϯϲϬ͕ϬϬϬ͘ dŚĞLJŚĂǀĞƚŽƐĞĞŝĨƚŚĞĚŽƌŵŝƚŽƌLJĂƵƚŚŽƌŝƚLJĂŐƌĞĞƐŽŶƚŚĂƚƉƌŝĐĞ͘DĞŵďĞƌĞŶŶŝƐƚŽŶƐĂŝĚƚŚĂƚŝĨƚŚĞƐĐŚŽŽůĚŝƐƚƌŝĐƚĚĞĐŝĚĞĚƚŽƌĞĚĞĞŵ ƚŚĞďŽŶĚƐ͕ƚŚĞLJĐŽƵůĚƌĞůĞĂƐĞƚŚĞďƵŝůĚŝŶŐĨŽƌĂŶŽŵŝŶĂůƉƌŝĐĞ͘^LJůǀŝĂŽŽŬƐĂŝĚƚŚĂƚĂĐĐŽƌĚŝŶŐƚŽƚŚĞďŽŶĚĂƚƚŽƌŶĞLJ͛ƐůĞƚƚĞƌ͕ƚŚĞ ƌĞƐƚƌŝĐƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶƉůĂĐĞƵŶƚŝůƚŚĞďŽŶĚƐĂƌĞŝŶĂĨĨĞĐƚ͘dŚĞƐĐŚŽŽůĚŝƐƚƌŝĐƚĐŽƵůĚƌĞĨŝŶĂŶĐĞƚŚĞďŽŶĚƐ͕ǁŚŝĐŚĐŽƵůĚĞdžƚĞŶĚƚŚĞ ƚĞƌŵƐŽĨƚŚĞďŽŶĚƐ͘ĞŶŶŝƐƚŽŶƐĂŝĚƚŚĂƚƚŚĞŽŶůLJƌĞĂƐŽŶƚŽĚŽƚŚĂƚǁŽƵůĚďĞƚŽŐĞƚŽƵƚĨƌŽŵƵŶĚĞƌƚŚĞďŽŶĚƐ͘^ĂƌĂ^ŝƌŽŝƐĂƐŬĞĚŝĨƚŚĞ ƐĐŚŽŽůĚŝƐƚƌŝĐƚǁŽƵůĚŚĂǀĞƚŽƉĂLJŽĨĨĂůůƚŚĞŵŝůůŝŽŶƐŽĨĚŽůůĂƌƐ͛ǁŽƌƚŚŽĨďŽŶĚƐ͘/ƚǁĂƐŵĞŶƚŝŽŶĞĚƚŚĂƚƚŚĞĚŝƐƚƌŝĐƚŚĂĚŚĂĚƚŚĞƉƌŽƉĞƌƚLJ ĂƉƉƌĂŝƐĞĚ͕ƉĞƌŚĂƉƐƚŽƐĞůůƚŚĞďƵŝůĚŝŶŐŝŶĂŶĂƌŵ͛ƐůĞŶŐƚŚƐĂůĞ͘dŚĞďƵŝůĚŝŶŐŝƐǁŽƌƚŚǁŚĂƚƐŽŵĞŽŶĞŽƌƐŽŵĞĞŶƚŝƚLJŝƐǁŝůůŝŶŐƚŽƉĂLJ͘ ŽŽŬƐĂŝĚƐŚĞǁĂƐůŽŽŬŝŶŐĂƚƚŚĞĐŽŵƉƐŽŶƚŚĞĂƉƉƌĂŝƐĂůĂŶĚƐŚĞĚŝĚŶ͛ƚĨĞĞůƚŚĞLJǁĞƌĞĐŽŵƉĂƌĂďůĞ͘^ŚĞƐĂŝĚŽŶĞďƵŝůĚŝŶŐǁĂƐďƵŝůƚŝŶ ƚŚĞϭϵϱϬ͛Ɛ͕ŽŶĞŚĂƐϮϮĂĐƌĞƐĂŶĚŽŶĞŚĂƐĂϰϬϬϬƐƋ͘ĨƚďƵƐŐĂƌĂŐĞ͘^ŚĞƐĂŝĚƐŚĞŝƐŶŽƚĂƌĞĂůĞƐƚĂƚĞĂŐĞŶƚ͕ďƵƚŚĞƌŵŝŶĚƚŚĞƐĞĂƌĞŶŽƚ ϯͮW Ă Ő Ğ ƉĂĐĞ͘,ĞƐĂŝĚ/ĨƚŚĞƌĞĂƌĞĂŶLJŽƚŚĞƌĐŽŶĐĞƌŶƐ͕ƚŚĞLJĐĂŶďĞĂĚĚĞĚƚŽƚŚĞůŝƐƚ͘dƌŝƐŚĂ:ĞƐƐĞƚ͕ǁŚŽǁŽƌŬƐĨŽƌƚŚĞĐŽƵŶƚLJƐĂŝĚƐŚĞĐĂŶŚĞůƉ ŐĂƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶ͘<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚ^ƚŝůĞƐƚŚŽƵŐŚƚƚŚĞĐŽƐƚŽĨďƵŝůĚŝŶŐƚŚĞǀĂƵůƚƐǁĂƐƵŶĚĞƌĞƐƚŝŵĂƚĞĚ͘dŚĞLJŶĞĞĚƚŽďĞŵĂĚĞ ĨŝƌĞƉƌŽŽĨǁŝƚŚŵĂƐŽŶƌLJ͘,ĞƐĂŝĚƚŚĂƚĂƚƚŚŝƐƉŽŝŶƚƚŚĞƚŽǁŶďŽĂƌĚŚĂƐƚŽĚĞĐŝĚĞŝĨƚŚĞLJǁĂŶƚƚŽƚĂŬĞƚŚĞďƵŝůĚŝŶŐŽǀĞƌĂŶĚŝĨƚŚĞLJǁĂŶƚ ƚŽŐŽŽƵƚƚŽĂǀŽƚĞ͘/ƚǁĂƐƐƚĂƚĞĚƚŚĂƚŚĞĚŝƐƚƌŝĐƚŚĂƐƌĞŶƚĞĚƚŚĞďƵŝůĚŝŶŐŽƵƚĨŽƌƚŚĞŶĞdžƚƐĐŚŽŽůLJĞĂƌĨŽƌƚŚĞďĞĨŽƌĞĂŶĚĂĨƚĞƌƐĐŚŽŽů ĐĂƌĞ͘>ŽƌŝDĞŐŝǀĞƌŶ͕ǁĂƐĐŽŶĐĞƌŶĞĚƚŚĂƚŝĨƚŽǁŶĚŽĞƐŶ͛ƚŚĂǀĞĐŽŶƐƚĂŶƚĐŽŵŵƵŶŝĐĂƚŝŽŶǁŝƚŚƚŚĞƐĐŚŽŽůƐƵƉĞƌŝŶƚĞŶĚĞŶƚ͕ƚŚĞLJǁŝůůƉƵƚ ƚŚĞďƵŝůĚŝŶŐƵƉĨŽƌĂƵĐƚŝŽŶĂŶĚŝƚŵĂLJďĞƉƵƚƵƉĂƐĂŶĂƌŵ͛ƐůĞŶŐƚŚƐĂůĞƚŽƐŽŵĞŽŶĞƚŚĞLJŬŶŽǁ͘<ĂŵŝŶƐŬŝĂƐŬĞĚŚŽǁƚŚĞƚŽǁŶďŽĂƌĚ ĨĞůƚ͘,ĞǁĂŶƚƐƚŽŬŶŽǁŝĨŚĞƐŚŽƵůĚŐŽƚŽƚŚĞŶĞdžƚƐĐŚŽŽůďŽĂƌĚŵĞĞƚŝŶŐ͍ĞŶŶŝƐƚŽŶƐĂŝĚŚĞĚŽĞƐŶ͛ƚŚĂǀĞĂƉƌŽďůĞŵǁŝƚŚƚŚĞ^ƵƉĞƌǀŝƐŽƌ ƐŚĂƌŝŶŐǁŚĞƌĞǁĞĂƌĞĂƚĂŶĚǁŚLJ͘WĞůƚŽŶƐĂŝĚƚŚĂƚƚŚĞĚŝĨĨĞƌĞŶĐĞǁŝƚŚdƌƵdžƚŽŶŝƐƚŚĞLJŚĂĚĂďŝĚĚĞƌƚŚĂƚĐĂŵĞŝŶĂŶĚďŽƵŐŚƚƚŚĞ ďƵŝůĚŝŶŐĂŶĚŐĂǀĞŝƚďĂĐŬƚŽƚŚĞƚŽǁŶ͘,ĞĚŽĞƐŶ͛ƚďĞůŝĞǀĞƚŚĂƚsŝƌŐŝůŚĂƐƚŚĂƚ͘<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚƚǁŽŐŽǀĞƌŶŵĞŶƚĂŐĞŶĐŝĞƐĐĂŶƚƌĂĚĞ ƉƌŽƉĞƌƚLJ͕ǁŚĞŶŝƚŝƐĂƚĨĂŝƌŵĂƌŬĞƚǀĂůƵĞ͘/ĨŝƚǁĞŶƚƚŽďŝĚ͕ďĞĚŽĞƐŶ͛ƚƚŚŝŶŬƚŚĞƚŽǁŶĐŽƵůĚďŝĚĂŐĂŝŶƐƚƐŽŵĞŽŶĞ͘DĞŵďĞƌĞŶŶŝƐƚŽŶ ĂƐŬĞĚDĂĐŬŽŽŬǁŚĂƚǁĂƐŐŽŝŶŐŽŶǁŝƚŚWĂƌŬĞƌƐĐŚŽŽů͘ŽŽŬƐĂŝĚŚĞ͛ƐŶŽƚĂƚƉƌŝǀŝůĞŐĞƚŽƐƉĞĂŬŽŶƚŚĞŵĂƚƚĞƌ͕ďƵƚƚŚĞLJƐŚŽƵůĚďĞ ƐƵďŵŝƚƚŝŶŐĂƉƌŽƉŽƐĂůŝŶĂĨĞǁǁĞĞŬƐ͘dĞƌŝWĞůƚŽŶƐĂŝĚƐŚĞŝƐŶŽƚƵŶĚĞƌƐƚĂŶĚŝŶŐǁŚĂƚŝƐǁƌŽŶŐǁŝƚŚĂŶŽƵƚƐŝĚĞĞŶƚŝƚLJďƵLJŝŶŐƚŚĞ ƉƌŽƉĞƌƚLJ͘^ŚĞƐĂŝĚĚŽĞƐŶ͛ƚƚŚĞƚŽǁŶŚĂǀĞnjŽŶŝŶŐƚŽƉƌŽƚĞĐƚƚŚĞƚŽǁŶ͘D͘ŽŽŬƐĂŝĚŚĞĐĂŶƐƉĞĂŬŽĨƚŚĞĚŽǁŶƐŝĚĞ͘,ĞƐĂŝĚůŽŽŬĂƚĂ ƉƌŽƉĞƌƚLJƚŚĂƚƵƐĞĚƚŽďĞŽŽƉĞƌƐƚŽŽůƐ͘,ĞƐĂŝĚƚŚĂƚƉƌŽƉĞƌƚLJǁĂƐƐŽůĚĂƚĂďĂƌŐĂŝŶƉƌŝĐĞĂŶĚŶŽǁŝƚ͛ƐŶŽƚďĞŝŶŐŵĂŝŶƚĂŝŶĞĚ͘,ĞƐĂŝĚ ƚŚĞŐƌĂƐƐŝƐŽǀĞƌϰĨĞĞƚƚĂůů͘,ĞƐĂŝĚƚŚĞĐŝƚLJŚĂĚƚŽĐŽŶƚƌĂĐƚŽƵƚƚŚĞŵŽǁŝŶŐĂƚΨϰϯϬϬũƵƐƚƚŽďƌŝŶŐďĂĐŬŝŶĐŽĚĞĐŽŵƉůŝĂŶƚ͘,ĞƐĂŝĚLJŽƵ ŚĂǀĞƚŽƚŚŝŶŬĂďŽƵƚƚŚŝƐ͕ŝĨLJŽƵ͛ƌĞŶŽƚŝŶĐŽŶƚƌŽůŽĨĂƉƌŽƉĞƌƚLJ͘,ĞƐĂŝĚƚŚĂƚƚŚĞĐŝƚLJŚĂƐŽǀĞƌϴϬϬǀĂĐĂŶƚƉƌŽƉĞƌƚŝĞƐ͕ĂŶĚƚŚĞLJĂƌĞƉĂLJŝŶŐ ĨŽƌƚŚĞŵĞǀĞŶƚŚŽƵŐŚƚŚĞĐŝƚLJĚŽĞƐŶ͛ƚŽǁŶƚŚĞŵ͘DĞŐŝǀĞƌŶƐĂŝĚƚŚĂƚƐŚĞǁĂƐĂƚĂďŽĂƌĚŵĞĞƚŝŶŐǁŚĞƌĞƚŚĞLJƐĂŝĚƚŚĞLJǁĞƌĞŐŽŝŶŐƚŽ ƐƚŽƉZĞŝŐŶŝŶŐDŝƌĂĐůĞĨƌŽŵďƵŝůĚŝŶŐĂĐƌŽƐƐĨƌŽŵƚŚĞŐŽůĨĐŽƵƌƐĞĂŶĚůŽŽŬĂƚǁŚĂƚƚŚĞLJŚĂǀĞŶŽǁ͘^ŝƌŽŝƐĂƐŬĞĚŝĨƚŚĞƚŽǁŶŚĂĚůĞǀĞƌĂŐĞ ǁŝƚŚŵĂŬŝŶŐƐƵƌĞƉƌŽƉĞƌƚŝĞƐĂƌĞďĞŝŶŐƚĂŬĞŶĐĂƌĞŽĨ͘<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚƚŚĞƚŽǁŶŚĂƐůĂǁƐ͘,ĞƐĂŝĚŚĞƚŽƵƌĞĚůŽǁŝŶĐŽŵĞŚŽƵƐŝŶŐĂŶĚ ŚĞĚŽĞƐŶ͛ƚǁĂŶƚƚŚĂƚďĞďƌŽƵŐŚƚƚŽsŝƌŐŝů͘,ĞƐĂŝĚŚĞǁĂŶƚƐƚŚĞƉůĂLJŐƌŽƵŶĚĂŶĚǁĂůŬŝŶŐƚƌĂŝůĨŽƌƚŚĞĐŽŵŵƵŶŝƚLJ͘,ĞƐƚŝůůĨĞĞůƐƚŚĂƚƚŚĞ ƉĞŽƉůĞƐŚŽƵůĚǀŽƚĞŽŶƚŚŝƐ͘^ŝƌŽŝƐĂƐŬĞĚŝĨƚŚĞůĂǁĨŽƌĐĞĚƉĞŽƉůĞƚŽŬĞĞƉƵƉƚŚĞůĂǁŶ͘<ĂŵŝŶƐŬŝƐĂŝĚLJĞƐ͕ďƵƚƚŚĞůĂǁŶĞĞĚƐƚŽďĞ ĞŶĨŽƌĐĞĚ͘dŚĞƚŽǁŶǁŽƵůĚŚĂǀĞƚŽƐĞŶĚĐŽĚĞƐĂŶĚnjŽŶŝŶŐŽǀĞƌƚŚĞƌĞĂŶĚƚĂŬĞƚŚĞŵŝŶƚŽĐŽƵƌƚŝĨƚŚĞLJĂƌĞŶŽƚĐŽŵƉůŝĂŶƚ͘<ĂŵŝŶƐŬŝƐĂŝĚ ƚŚĂƚŚĞŝƐŐŽŝŶŐƚŽŐŽĚŽǁŶĂŶĚƚĂůŬƚŽƚŚĞƐĐŚŽŽůďŽĂƌĚ͘,ĞǁĂŶƚƐƚŽĂƐŬƚŚĞŵƚŽŐŝǀĞƚŚĞƚŽǁŶĂƚŝŵĞůŝŶĞĂŶĚĂƐŬƚŚĞŵŝĨƚŚĞLJƉůĂŶ ŽŶƐĞůůŝŶŐƚŚĞƉƌŽƉĞƌƚLJ͘<ĂŵŝŶƐŬŝƐĂŝĚŚĞŐĂǀĞŝƚŚŝƐďĞƐƚƐŚŽƚƚŽŐĞƚŝƚŽŶƚŚĞďĂůůŽƚ͕ďƵƚŚĞĨĞĞůƐŚĞĨĂŝůĞĚ͘^ŝƌŽŝƐƐĂŝĚƚŚĂƚďĞĨŽƌĞƚŚĞ ďŽŶĚŝƐƐƵĞĐĂŵĞƵƉ͕ƚŚĞLJŚĂĚŝĚĞĂƐ͕ďƵƚƚŚĞďŽŶĚƐǁĞƌĞĂƚŽƚĂůŐĂŵĞĐŚĂŶŐĞƌ͘^ŚĞĨĞĞůƐŝƚƚŚƌĞǁƚŚĞĐŽŵŵŝƚƚĞĞĂĐƵƌǀĞďĂůů͘:ŽŚŶ DŽƌƐĞƐƵŐŐĞƐƚĞĚƚŚĂƚƚŚĞďŽĂƌĚŝŶĐůƵĚĞƚŚĞĐŽƐƚŽĨĂŶĞŶŐŝŶĞĞƌƚŽĚĞƐŝŐŶǁŚĂƚƚŚĞƚŽǁŶǁŽƵůĚŶĞĞĚƚŽŵĂŬĞƚŚĞďƵŝůĚŝŶŐĨƵŶĐƚŝŽŶĂů ĨŽƌƚŽǁŶŽĨĨŝĐĞƐ͘<ĂŵŝŶƐŬŝďĞůŝĞǀĞĚŝƚǁĂƐďĞƚǁĞĞŶΨϮϴ͕ϬϬϬĂŶĚΨϯϬ͕ϬϬϬĨŽƌĂŶĞŶŐŝŶĞĞƌ͘ Eth^/E^^ /^h^^/KEKEWZKWK^>K>>tηϭK&ϮϬϭϵͲdZE^&Z^dd/KE>t͗dŚĞďŽĂƌĚĚŝƐĐƵƐƐĞĚ>ŽĐĂůůĂǁηϭŽĨϮϬϭϵ͕ďƵƚƚŚĞLJ ĚŝĚŶŽƚƚĂŬĞĂĐƚŝŽŶ͘dŚĞďŽĂƌĚǁŝůůƌĞǁŽƌĚŝƚďĂƐĞĚŽŶĐŽŵŵĞŶƚƐĨƌŽŵƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Z^K>hd/KEηϭϵͲϬϳϰWWZKs>K&^KEWh>/,Z/E'KE>K>>tηϭK&ϮϬϭϵ͗DĞŵďĞƌĞŶŶŝƐƚŽŶŵĂĚĞĂŵŽƚŝŽŶƚŽ ŚŽůĚĂƐĞĐŽŶĚƉƵďůŝĐŚĞĂƌŝŶŐŽŶƉƌŽƉŽƐĞĚůŽĐĂůηϭŽĨϮϬϭϵĂŶĚƚŽŵĂŬĞƌĞǀŝƐŝŽŶƐŽŶƚŚĞůĂǁďĂƐĞĚŽŶĚŝƐĐƵƐƐŝŽŶĨƌŽŵƚŚĞĨŝƌƐƚƉƵďůŝĐ ŚĞĂƌŝŶŐ͘dŚĞƉƵďůŝĐŚĞĂƌŝŶŐǁŝůůďĞŚĞůĚďĞĨŽƌĞƚŚĞŶĞdžƚƐĐŚĞĚƵůĞĚƚŽǁŶďŽĂƌĚŵĞĞƚŝŶŐŽŶ^ĞƉƚĞŵďĞƌϭϮ͕ϮϬϭϵĂƚϲ͗ϬϬWD͘DĞŵďĞƌ ^ŶŽǁƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐ͗EŽŶĞ ^dd^&KZh'dtKZ<^,KW^͗dŚĞdŽǁŶŽĂƌĚƐĞƚƚŚĞŵĞĞƚŝŶŐĚĂƚĞƐĨŽƌƚŚĞďƵĚŐĞƚǁŽƌŬƐŚŽƉƐĂƐ^ĞƉƚĞŵďĞƌϭϳƚŚĂŶĚϮϰƚŚ͕ KĐƚŽďĞƌϭƐƚĂŶĚϭϱƚŚϮϬϭϵ͘dŚĞƌĞǁŝůůďĞĂĚĚŝƚŝŽŶĂůŵĞĞƚŝŶŐƐŚĞůĚŽŶKĐƚŽďĞƌϮϮŶĚĂŶĚϮϵƚŚŝĨŶĞĞĚĞĚ͘ƵĚŐĞƚǁŽƌŬƐŚŽƉƐǁŝůůďĞŚĞůĚ ĂƚƚŚĞsŝƌŐŝůdŽǁŶ,ĂůůϭϭϳϲŚƵƌĐŚ^ƚƌĞĞƚ͕sŝƌŐŝůEzĂƚϲ͗ϬϬWD͘ Z^K>hd/KEηϭϵͲϬϳϱWWZKsdZE^&Z^dd/KEddEEdt'͗DĞŵďĞƌĞŶŶŝƐƚŽŶŵĂĚĞĂŵŽƚŝŽŶƚŽĂƉƉƌŽǀĞƚŚĞƚƌĂŶƐĨĞƌ ƐƚĂƚŝŽŶĂƚƚĞŶĚĂŶƚ͛ƐǁĂŐĞĂƚΨϭϮ͘ϬϬĂŶŚŽƵƌĐĂƉƉŝŶŐƚŚĞŚŽƵƌƐĂƚϮϱŚŽƵƌƐƉĞƌǁĞĞŬ͘DĞŵďĞƌ^ŶŽǁƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘LJĞƐͲ DĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐ͗EŽŶĞ Z^K>hd/KEηϭϵͲϬϳϲWWZKs>K&d,dZKEd>KZ>^͗DĞŵďĞƌĞŶŶŝƐƚŽŶŵŽƚŝŽŶĞĚƚŽĂƉƉƌŽǀĞƚŚĞƚƌĂĚĞͲŝŶŽĨ ƚŚĞd>ŽĂĚĞƌĂŶĚĞdžƚĞŶĚƚŚĞůĞĂƐĞĂƚΨϭϵ͕ϳϬϬ͘DĞŵďĞƌ^ŶŽǁƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶ ĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐ͗EŽŶĞ /^h^^/KEKEEtW/<hWt/d,^EZΘW>Kt͗^ƵƉĞƌǀŝƐŽƌ<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚŚĞǁŽƵůĚůŝŬĞƚŽŐĞƚƚŚĞƐƉĞĐƐŽŶƚŚŝƐƚƌƵĐŬ ĂŶĚƚŚĞLJǁŝůůĚŝƐĐƵƐƐƚŚŝƐĚƵƌŝŶŐƚŚĞďƵĚŐĞƚǁŽƌŬƐŚŽƉƐ͘ ϰͮW Ă Ő Ğ ůĂŶĞsĂŶŽŶƐĞů͕sŝƌŐŝůdŽǁŶůĞƌŬ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¾)DFLOLW\ZDVWHGDSSUR[LPDWHO\JDOORQVRIVOXGJH:HVHQWRXWJDOV ¾&DPGHQ*URXSKDVPHHWZLWK%ULWIURP7RZQ'3:DQGKDVDJRRGJDPHSODQWR SUHSJURXQGIRUQHZWDQNVHWWLQJ:HZLOONHHSSRVWHGZKHQWDQNKDVEHHQ ILQLVKHGDQGUHDG\IRULQVWDOO+ROREURRNVQHHGVWRLQVWDOODEDIIOH7KH\VWDWHGWKLV QHHGVWREHLQWKHWDQNIRULQWHJULW\VWUHQJWKRIWDQN+ROREURRNVZLOOFRQWDFW7RZQ ZKHQILQLVKHGDQGUHDG\IRUGHOLYHU\ ¾&DPGHQ*URXSZLOOEHJHWWLQJWKHQHZYDOYHDQGFXUEVWRSRUGHUHGIRUQHZWDQN 7KHUHZLOODOVREHSLSLQJDQGSDUWVWKDWZLOOEHQHHGHGWRPDNHWKHWUDQVLWLRQ ¾:HKDYHFOHDQHG2[LGDWLRQ'LWFKZDOOVWKURXJKRXWWKHPRQWKDQGFKORULQDWHGIRU SURFHVVFRQWURO ¾3HUIRUPHGDOO30RQQHHGHGHTXLSPHQWDVUHTXLUHG ¾7HUWLDU\)LOWHUVPDLQVWUDLQHUKDVIDLOHGDWWKLVWLPH:HKDYHVHQWLQTXRWHVIRUD OLNHUHSODFHPHQWSXPS(TXLSPHQWLVRXWRIGDWHDQGWKHPDQXIDFWXUHUGRHVQRW PDNHSDUWVDQ\PRUH7KHPDQXIDFWXUHSURYLGHGUHWURILWSDUWTXRWH:HKDYH DWWDFKHGTXRWH ¾/DZQPRZLQJDQGWULPPLQJKDVEHHQGRQHDQGORRNVJRRG:HKDYHFOHDQHGXS IHQFHOLQH ¾3HUIRUPHGKRXVHNHHSLQJRQEXLOGLQJ ¾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ĞƉƚĞŵďĞƌϲ͕ϮϬϭϵ Dƌ͘:ŽŚŶ<ĂŵŝŶƐŬŝ dŽǁŶŽĨsŝƌŐŝů^ƵƉĞƌǀŝƐŽƌ ϭϭϳϲŚƵƌĐŚ^ƚƌĞĞƚ ŽƌƚůĂŶĚ͕EzϭϯϬϰϱ ZĞ͗ƵŐƵƐƚKƉĞƌĂƚŝŽŶƐZĞƉŽƌƚĨŽƌƚŚĞdŽǁŶtĂƚĞƌ^LJƐƚĞŵ Dƌ͘<ĂŵŝŶƐŬŝĂŶĚsŝƌŐŝůdŽǁŶŽĂƌĚDĞŵďĞƌƐ͕ ůůǁĂƚĞƌƐĂŵƉůĞƐĨŽƌƚŚĞŵŽŶƚŚĐĂŵĞďĂĐŬŶŽƌŵĂů͘ tĞŚĂǀĞƌĞƉůĂĐĞĚĂďŽƵƚŚĂůĨŽĨƚŚĞǁĂƚĞƌŵĞƚĞƌƐƐŽĨĂƌ͘tĞĂƌĞŐĞƚƚŝŶŐƉŚŽŶĞŶƵŵďĞƌƐĨƌŽŵ 'ŝŶĂĨŽƌƚŚĞŚŽƵƐĞƐƚŚĂƚŚĂǀĞŶŽƚƐĐŚĞĚƵůĞĚĂŶĂƉƉŽŝŶƚŵĞŶƚǁŝƚŚƵƐƚŽƚƌLJĂŶĚŐĞƚŝŶĐŽŶƚĂĐƚ ǁŝƚŚƚŚĞŵ͘         ^ŝŶĐĞƌĞůLJ͕         :ĞŶĂĞtŝƚŚĞLJ >'/^>dKZZWKZd&KZ^WdDZϮϬϭϵ dŚƌĞĞƉƌŽĐůĂŵĂƚŝŽŶƐǁĞƌĞŐŝǀĞŶ͗EĂƚŝŽŶĂůWƌĞƉĂƌĞĚŶĞƐƐDŽŶƚŚ͕ƌĞĐŽŐŶŝƚŝŽŶŽĨĂŐůĞ^ĐŽƵƚDĂƚƚŚĞǁtĂůƚĞƌ>ĂǁƌĞŶĐĞ ŬƐƚƌŽŵĨŽƌŚŝƐǀŽůƵŶƚĞĞƌǁŽƌŬĂƚǁLJĞƌWĂƌŬ͕ĂŶĚĚĞĐůĂƌĞĚ:ŽƵƌŶĞLJdŚƌŽƵŐŚdŝŵĞĂLJŝŶĐĞůĞďƌĂƚŝŽŶŽĨƚŚĞƐĂůĞŽĨ ƚŚĞŝƌƌĞĐĞŶƚůLJĨŝŶŝƐŚĞĚ,ŝƐƚŽƌŝĐĂů^ŽĐŝĞƚLJŚŝƐƚŽƌLJŬŽŶŽƌƚůĂŶĚŽƵŶƚLJ͘ ,ŽƉĞƚŽƐĞĞLJŽƵƚŚĞƌĞ͗ŝƚŝnjĞŶƐƉƌĞƉĂƌĞĚŶĞƐƐƚƌĂŝŶŝŶŐƉƌŽŐƌĂŵŽŶtĞĚŶĞƐĚĂLJ͕^ĞƉƚĞŵďĞƌϭϴ͕ϲ͗ϯϬĂƚƚŚĞŽƌƚůĂŶĚǀŝůůĞ &ŝƌĞ^ƚĂƚŝŽŶ͘ůůƉĂƌƚŝĐŝƉĂŶƚƐŵƵƐƚƌĞŐŝƐƚĞƌŝŶĂĚǀĂŶĐĞĂƚǁǁǁ͘ƉƌĞƉĂƌĞ͘ŶLJ͘ŐŽǀ ŽƌƚůĂŶĚŽƵŶƚLJ,ŽƵƐĞŚŽůĚ,ĂnjĂƌĚŽƵƐtĂƐƚĞZĞĐLJĐůŝŶŐĂLJŝƐ^ĂƚƵƌĚĂLJ͕^ĞƉƚĞŵďĞƌϮϴĂƚƚŚĞŽƵŶƚLJZĞĐLJĐůŝŶŐĞŶƚĞƌĂƚ ϭϯϳ^ŽƵƚŚWĞŶĚůĞƚŽŶ^ƚƌĞĞƚ͘ĂůůϳϱϲͲϴϬϳϳƚŽƐĐŚĞĚƵůĞĂŶĂƉƉŽŝŶƚŵĞŶƚ͘ <ĂƌĞŶ^ƉĂĨĨŽƌĚǁĂƐƌĞĂƉƉŽŝŶƚĞĚŝƌĞĐƚŽƌŽĨZĞĂůWƌŽƉĞƌƚLJdĂdž^ĞƌǀŝĐĞƐ͘ĂƌůƵůůŽĐŬ ǁŝůůƌĞƚƵƌŶƵŶƚŝůƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ ĂƐsĞƚĞƌĂŶƐ^ĞƌǀŝĐĞŽĨĨŝĐĞƌ͘ŽƚŚŚĂǀĞĂůǁĂLJƐĚŽŶĞĂŶĚǁŝůůĐŽŶƚŝŶƵĞĚŽŝŶŐĂĨŝŶĞũŽďĨŽƌƚŚĞĐŽƵŶƚLJĂŶĚŝƚƐƉĞŽƉůĞ͘ ŽŶŐƌĂƚƵůĂƚŝŽŶƐ͊ ĨŝǀĞͲLJĞĂƌĐŽŶƚƌĂĐƚǁŝƚŚƚŚĞƵŶŝŽŶĨŽƌĞŵĞƌŐĞŶĐLJĐŽŵŵƵŶŝĐĂƚŝŽŶƐǁĂƐƵŶĂŶŝŵŽƵƐůLJƉĂƐƐĞĚǁŝƚŚƌĂŝƐĞƐŝŶLJĞĂƌŽŶĞ ϭ͘ϳϱй͕ƚǁŽƚŚƌŽƵŐŚĨŝǀĞϮй͘ŐŽŽĚĐŽŶƚƌĂĐƚĨŽƌĂůůŝŶǀŽůǀĞĚ͘ hƉƚŽΨϱϬ͕ϬϬϬǁĂƐƚĂŬĞŶĨƌŽŵƚŚĞĂĚŵŝŶŝƐƚƌĂƚŝŽŶĨĞĞĨƌŽŵƚŚĞŽĐĐƵƉĂŶĐLJƚĂdžĨƵŶĚĨŽƌŝŵƉƌŽǀĞŵĞŶƚƐĂƚǁLJĞƌ DĞŵŽƌŝĂůWĂƌŬ͘dŚŝƐŝƐƚŚĞƐĞĐŽŶĚLJĞĂƌƚŽĚŽƚŚŝƐ͘dŚĂƚŵŽŶĞLJ͕ĂƚƚĞŶƚŝŽŶďLJƚŚĞŚŝŐŚǁĂLJƐƵƉĞƌŝŶƚĞŶĚĞŶƚĂŶĚĐƌĞǁĂŶĚ ŵĂŶLJǀŽůƵŶƚĞĞƌĞĨĨŽƌƚƐĂŶĚĚŽŶĂƚŝŽŶƐŚĂǀĞŵĂĚĞŐƌĞĂƚŝŵƉƌŽǀĞŵĞŶƚƐ͘,ŽǁĞǀĞƌ͕ĂĨƚĞƌŵĂŶLJLJĞĂƌƐŽĨŶŽƚĚŽŝŶŐŵƵĐŚ ƚŚĞƌĞŝƐƐƚŝůůĂůŽƚƚŽĚŽ͘^ƚŽƉďLJ͕ǀŝƐŝƚĂŶĚĞŶũŽLJLJŽƵƌĐŽƵŶƚLJƉĂƌŬ͘ tŽƌŬŚĂƐďĞŐƵŶŽŶƚŚĞϮϬϮϬŽƵŶƚLJƵĚŐĞƚ͘/ƚǁŝůůďĞĂĐŚĂůůĞŶŐŝŶŐƉƌŽĐĞƐƐǁŝƚŚƐŽŵĞĚŝĨĨŝĐƵůƚĚĞĐŝƐŝŽŶƐ͘ŶLJŝĚĞĂƐ͍ƚ ƚŚĞůĂƐƚŵĞĞƚŝŶŐ/ĚŝĚŵĂŬĞĂŵŽƚŝŽŶƚŽĐŽŶƐŝĚĞƌŚĂǀŝŶŐĂŚŝƌŝŶŐĂŶĚƐƉĞŶĚŝŶŐĨƌĞĞnjĞ͘/ƵŶĚĞƌƐƚĂŶĚƚŚĂƚƚŚĞƌĞǁŽƵůĚďĞ ƐŽŵĞŝŶĐŽŶǀĞŶŝĞŶĐĞĂŶĚĞǀĞŶĚŝƐƚƌĞƐƐďƵƚǁŚĞŶƚŚĞĨŝŶĂŶĐŝĂůƐŝƚƵĂƚŝŽŶŝƐĂƐ/ƐĞĞŝƚĚƌĂƐƚŝĐŵĞĂƐƵƌĞƐŵƵƐƚďĞƚĂŬĞŶ͘ ,ŽǁĞǀĞƌ͕/ĐŽŵĞĨƌŽŵĨĂƌŵŝŶŐƐƚŽĐŬƐŽ/ĐŽŶƐŝĚĞƌƚŚĂƚ/ƉůĂŶƚĞĚĂƐĞĞĚƚŚĂƚŚŽƉĞĨƵůůLJǁŝůůďĞĐŽŶƐŝĚĞƌĞĚƐŽŽŶĞƌƌĂƚŚĞƌ ƚŚĂŶůĂƚĞƌ͘/ƚǁĂƐĚĞĨĞĂƚĞĚďƵƚ/ĚŽŶΖƚĨĞĞůĚĞĨĞĂƚĞĚ͘ /ƐƚŚĞƌĞĂŶLJƚŚŝŶŐ/ƐŚŽƵůĚďĞĂǁĂƌĞŽĨŽƌĚŽŝŶŐ͍ dŚŽƵŐŚƚĨŽƌƚŚĞŵŽŶƚŚ͗ ŽŶΖƚůĞƚƚŚĞƐŚĂĚŽǁƐŽĨLJĞƐƚĞƌĚĂLJƐƉŽŝůƚŚĞƐƵŶƐŚŝŶĞŽĨƚŽŵŽƌƌŽǁ͘EŽŵĂƚƚĞƌǁŚĂƚLJŽƵƌƐŝƚƵĂƚŝŽŶŝƐŬĞĞƉLJŽƵƌĐŚŝŶƵƉ ĂŶĚƉƵƚĂƐŵŝůĞŽŶLJŽƵƌĨĂĐĞ͘બભમયર ^ĂŶĚLJWƌŝĐĞ ϭϭϴϵŚƵƌĐŚ^ƚƌĞĞƚ͕ŽƌƚůĂŶĚ͕Ez͘ϭϯϬϰϱ ,ŽŵĞƉŚŽŶĞϴϯϱͲϲϳϭϭĐĞůůϰϮϯͲϭϬϭϵ ƐĂŶĚLJƉƌŝĐĞΛĨƌŽŶƚŝĞƌŶĞƚ͘ŶĞƚ hƉĚĂƚĞŽŶƚŚĞŽƵŶƚLJĚŵŝŶŝƐƚƌĂƚŽƌWŽƐŝƚŝŽŶĨŽƌǁĂƌĚĞĚďLJ^ĂŶĚLJWƌŝĐĞϬϴͲϭϯͲϭϵ 'ŽŽĚĂĨƚĞƌŶŽŽŶĞǀĞƌLJŽŶĞ /ǁĂŶƚĞĚƚŽƉƌŽǀŝĚĞLJŽƵĂŶƵƉĚĂƚĞŽŶƚŚĞƐƚĂƚƵƐŽĨƚŚĞŽƵŶƚLJĚŵŝŶŝƐƚƌĂƚŽƌƐĞĂƌĐŚ͘ dŚĞĐŽŵŵŝƚƚĞĞŵĞƚƚŽĚĂLJŝŶŽƌĚĞƌƚŽƌĞǀŝĞǁƚŚĞϮĂƉƉůŝĐĂŶƚƐǁĞŚĂĚďƌŽƵŐŚƚŽŶƐŝƚĞĨŽƌŝŶƚĞƌǀŝĞǁƐ͘tĞŚĂĚĂŶƵŵďĞƌ ŽĨůĞŐŝƐůĂƚŽƌƐũŽŝŶƵƐĂƐǁĞůůĨŽƌƚŚŝƐƌĞǀŝĞǁ͕ǁŚŝĐŚǁĂƐĂƉƉƌĞĐŝĂƚĞĚ͘ƐĞƌŝŽƵƐĂŶĚƚŚŽƵŐŚƚĨƵůĚŝƐĐƵƐƐŝŽŶĂďŽƵƚďŽƚŚ ĐĂŶĚŝĚĂƚĞƐǁĂƐŚĞůĚ͕ǁŝƚŚĞǀĞƌLJŽŶĞďĞŝŶŐĂďůĞƚŽĞdžƉƌĞƐƐƚŚĞŝƌŽƉŝŶŝŽŶƐƐŽĂƐƚŽůĞĂǀĞŶŽƐƚŽŶĞƐƵŶƚƵƌŶĞĚ͘ dŚĞƌĞƐƵůƚŽĨƚŚŝƐŵĞĞƚŝŶŐǁĂƐƚŚĂƚƚŚĞĐŽŵŵŝƚƚĞĞŚĂƐĚĞĐŝĚĞĚŶŽƚƚŽƌĞĐŽŵŵĞŶĚĞŝƚŚĞƌĐĂŶĚŝĚĂƚĞĨŽƌƚŚĞƉŽƐŝƚŝŽŶĂŶĚ ƚŽĐŽŶƚŝŶƵĞŽƵƌƐĞĂƌĐŚ͘&ŝŶĚŝŶŐƚŚĞƌŝŐŚƚƉĞƌƐŽŶĨŽƌŽƌƚůĂŶĚŽƵŶƚLJŝƐĐƌŝƚŝĐĂůĂŶĚŝƐƚŚĞƌĞĂƐŽŶǁĞŚĂǀĞƵŶĚĞƌƚĂŬĞŶƚŚŝƐ ƉƌŽĐĞƐƐ͘dŚĞĐŽŵŵŝƚƚĞĞƌĞŵĂŝŶƐĐŽŵŵŝƚƚĞĚƚŽƚŚĂƚŐŽĂů͘ƐDƌDĂƌĞĂŶĞŵĂĚĞǀĞƌLJĐůĞĂƌƚŽƵƐďĞĨŽƌĞǁĞƐƚĂƌƚĞĚƚŚŝƐ ƐĞĂƌĐŚ͕ďƵŝůĚŝŶŐĐŽŶƐĞŶƐƵƐŽŶĂĐĂŶĚŝĚĂƚĞĂŶĚĐŽŵŝŶŐƚŽŐĞƚŚĞƌŝƐĐƌŝƚŝĐĂů͘ŶĚŝŶƚŚĞĞŶĚ͕ƚŚĞĐŽŵŵŝƚƚĞĞĨĞůƚƚŚĂƚ ŶĞŝƚŚĞƌĐĂŶĚŝĚĂƚĞ͕ƚŚŽƵŐŚĐĞƌƚĂŝŶůLJǁŽƌƚŚLJŽĨĐŽŶƐŝĚĞƌĂƚŝŽŶǁŝƚŚŵĂŶLJĞdžĐĞůůĞŶƚƋƵĂůŝƚŝĞƐ͕ƌĞĂůůLJŐĂǀĞƵƐƚŚĂƚĐŽŶƐĞŶƐƵƐ ŶŽƌǁĂƐŝŶƚŚĞĞŶĚƚŚĞƌŝŐŚƚƉĞƌƐŽŶĨŽƌŽƌƚůĂŶĚŽƵŶƚLJ͘ ^ŽƚŚĞĐŽŵŵŝƚƚĞĞǁŝůůĐŽŶƚŝŶƵĞƚŚĞƐĞĂƌĐŚ͘:ƵƐƚƐŽLJŽƵŬŶŽǁ͕ǁĞŚĂǀĞŚĂĚϭϬϰĂƉƉůŝĐĂƚŝŽŶƐĨŽƌƚŚŝƐƉŽƐŝƚŝŽŶ͘dŚĞƌĞĨŽƌĞ͕ ǁĞŚĂǀĞĂƉŽŽůŽĨĐĂŶĚŝĚĂƚĞƐĂůƌĞĂĚLJƚŽǁŚŝĐŚǁĞǁŝůůƌĞƚƵƌŶ͕ĂƐǁĞůůĂƐĐŽŶƚŝŶƵĞƚŽƐŽůŝĐŝƚŶĞǁĐĂŶĚŝĚĂƚĞƐ͘tĞǁŝůůŬĞĞƉ ǁŽƌŬŝŶŐŽŶƚŚŝƐĨŽƌĞǀĞƌLJŽŶĞ͘ /ǁĂŶƚƚŽƉĞƌƐŽŶĂůůLJƚŚĂŶŬĂůůƚŚĞŵĞŵďĞƌƐŽĨƚŚĞĐŽŵŵŝƚƚĞĞ͕ĂůůƚŚĞůĞŐŝƐůĂƚŽƌƐǁŚŽŚĂǀĞƉĂƌƚŝĐŝƉĂƚĞĚŝŶƚŚĞŝŶƚĞƌǀŝĞǁƐ ĂŶĚĚŝƐĐƵƐƐŝŽŶ͕ŶŶĞƚƚĞĂƌďĞƌĨŽƌďĞŝŶŐĂƚƌŽŽƉĞƌƚŚƌŽƵŐŚƚŚĞƉƌŽĐĞƐƐ͕ĂŶĚĞǀĞƌLJŽŶĞĞůƐĞŝŶŽƌƚůĂŶĚǁŚŽŚĂǀĞ ƉĂƌƚŝĐŝƉĂƚĞĚŝŶƚŚĞƉƌŽĐĞƐƐ͘ &ŝŶĂůůLJ͕/ǁĂŶƚƚŽƐƚĂƚĞƚŚĂƚƚŚĞĚĞƚĂŝůĞĚĚŝƐĐƵƐƐŝŽŶƐŽĨƚŚĞĐŽŵŵŝƚƚĞĞŵĞĞƚŝŶŐǁĞƌĞŚĞůĚŝŶdžĞĐƵƚŝǀĞ^ĞƐƐŝŽŶ͘tĞǁŝůů ŶŽƚďĞƌĞǀĞĂůŝŶŐƚŚŽƐĞĚŝƐĐƵƐƐŝŽŶƐƉƵďůŝĐůLJŶŽƌŶĂŵŝŶŐĂŶLJŽŶĞǁŚŽŚĂƐďĞĞŶƌĞǀŝĞǁĞĚĂƐĂĐĂŶĚŝĚĂƚĞ͘dŚĞƉƵďůŝƐŚĞĚ ŵŝŶƵƚĞƐǁŝůůƌĞĨůĞĐƚƚŚĞŵŽƚŝŽŶƐĂŶĚǀŽƚĞƐƚĂŬĞŶŝŶƚŚĞĐŽŵŵŝƚƚĞĞďƵƚĂŐĂŝŶǁŝůůŶŽƚƌĞǀĞĂůŶĂŵĞƐ͘/ĂƐŬƚŚĂƚƚŚŝƐƉůĞĂƐĞ ƌĞŵĂŝŶĐŽŶĨŝĚĞŶƚŝĂů͘^ƚŝůůǁĞŬŶŽǁƚŚĞƌĞŝƐĂůŽƚŽĨĐŽŵŵƵŶŝƚLJŝŶƚĞƌĞƐƚŝŶƚŚŝƐƐĞĂƌĐŚĂŶĚŝƚŝƐƉĞƌĨĞĐƚůLJĨŝŶĞƚŽƉƌŽǀŝĚĞ ƵƉĚĂƚĞƐŽŶƚŚĞĐƵƌƌĞŶƚƐƚĂƚƵƐ/ŚĂǀĞƐŚĂƌĞĚĂďŽǀĞ͘EĂŵĞůLJ͕ƚŚĞƐĞĂƌĐŚĐŽŶƚŝŶƵĞƐĨŽƌƚŚĞƌŝŐŚƚƉĞƌƐŽŶƚŽůĞĂĚŽƌƚůĂŶĚ ŽƵŶƚLJ͘ /ĨLJŽƵŚĂǀĞĂŶLJƋƵĞƐƚŝŽŶƐ͕ƉůĞĂƐĞĚŽŶŽƚŚĞƐŝƚĂƚĞƚŽƌĞĂĐŚŽƵƚƚŽŵĞ͘ dŚĂŶŬLJŽƵĂůůǀĞƌLJŵƵĐŚĨŽƌLJŽƵƌƐƵƉƉŽƌƚĂŶĚƉĂƚŝĞŶĐĞ͘ ĞĂƵ,ĂƌƉŝŶ dŽǁŶ,ŝŐŚǁĂLJ^ƵƉĞƌŝŶƚĞŶĚĞŶƚƐDŽŶƚŚůLJZĞƉŽƌƚ ƵŐƵƐƚǁĂƐǀĞƌLJďƵƐLJĨŝŶŝƐŚŝŶŐƵƉŽƵƌĐŽůĚŵŝdžƉĂǀŝŶŐƉĂƚĐŚĞƐĂŶĚƚŚĞŶƐƚĂƌƚŝŶŐ ƚŚĞůĂƌŐĞĐƵůǀĞƌƚƉƌŽũĞĐƚŽŶ<ŽŚŶĞƌĚ͘dŚĞƉƌŽũĞĐƚŝƐĐŽŵŝŶŐĂůŽŶŐŶŝĐĞůLJĂŶĚŚĂƐďĞĞŶ ǀĞƌLJďƵƐLJǁĞŚĂĚƚŽĐůĞĂŶŽƵƚƚŚĞĐƌĞĞŬƉƌŝŽƌƚŽƚŚĞƐƚĂƌƚŽĨƚŚĞũŽďǁŚŝĐŚĐŽŶƐŝƐƚĞĚŽĨ ŚĂƵůŝŶŐŽƵƚĂƌŽƵŶĚϯϬϬůŽĂĚƐŽĨĐƌŝĐŬŐƌĂǀĞů͘dŚĞƌŽĂĚĚŝĚŚĂǀĞƚŽďĞĐůŽƐĞĚĨŽƌĂĐŽƵƉůĞ ĚĂLJƐǁŚŝůĞǁĞĐŚĂŶŐĞĚŽƵƚƚŚĞƉŝƉĞ͕ǁĞƚƌŝĞĚƚŽŬĞĞƉŝƚŽƉĞŶďƵƚŝƚǁĂƐũƵƐƚŶŽƚĨĞĂƐŝďůĞ͘ tŝƚŚƐŽŝůĂŶĚǁĂƚĞƌŽŶďŽĂƌĚƚŚĞƉƌŽũĞĐƚďĞĐĂŵĞĂůŝƚƚůĞďŝŐŐĞƌƚŚĂŶĂŶƚŝĐŝƉĂƚĞĚďƵƚŝƐ ƌĞĂůůLJƚƵƌŶŝŶŐŽƵƚŶŝĐĞůLJĂŶĚƐŚŽƵůĚŚŽůĚƵƉĨŽƌĂůŽŶŐǁŚŝůĞ͘tĂůƚǁŝůůďĞƐƚĂƌƚŝŶŐŚŝƐůĂƐƚ ƌŽƵŶĚŽĨŵŽǁŝŶŐĨŽƌƚŚĞLJĞĂƌŶĞdžƚǁĞĞŬĂŶĚŽŶĐĞŚĞŚĂƐĐŽŵƉůĞƚĞĚƚŚĞƌŽĂĚƐŝĚĞ ŵŽǁĞƌǁŝůůďĞǁŝŶƚĞƌŝnjĞĚƐŽŝĨƚŚĞƌĞŝƐĂŶLJƐƉŽƚƐƚŚĂƚŶĞĞĚƚŽďĞƉƵƐŚĞĚďĂĐŬƚŚĂƚǁĞ ŚĂǀĞŽǀĞƌůŽŽŬĞĚƉůĞĂƐĞůĞƚŵĞŬŶŽǁ͘tĞǁŝůůďĞĨŝŶĂůŐƌĂĚŝŶŐƌŽĂĚƐĂŶĚƉĂƚĐŚŝŶŐǁŚĂƚ ǁĞĐĂŶďĞĨŽƌĞƚŚĞĞŶĚŽĨ^ĞƉƚĞŵďĞƌƚŽŐĞƚƌĞĂĚLJĨŽƌǁŝŶƚĞƌ͘/ĨƚŚĞƌĞŝƐĂŶLJƚŚŝŶŐǁĞ ŚĂǀĞŵŝƐƐĞĚƉůĞĂƐĞůĞƚƵƐŬŶŽǁƐŽǁĞĐĂŶƚĂŬĞĐĂƌĞŽĨŝƚďĞĨŽƌĞǁĞƐƚĂƌƚƐƵŝƚŝŶŐƵƉĨŽƌ ǁŝŶƚĞƌ͘ ƌŝƚƚDŽƌƐĞ dŽǁŶŽĨsŝƌŐŝů,ŝŐŚǁĂLJ^ƵƉƚ͘ 67$7(2)1(:<25. BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  5HJXODU6HVVLRQV ,16(1$7( )HEUXDU\ BBBBBBBBBBB ,QWURGXFHGE\6HQ0$<(5UHDGWZLFHDQGRUGHUHGSULQWHGDQGZKHQ SULQWHGWREHFRPPLWWHGWRWKH&RPPLWWHHRQ-XGLFLDU\ $1$&7WRDPHQGWKHGRPHVWLFUHODWLRQVODZLQUHODWLRQWRZDLYLQJWKH IHHIRUPDUULDJHOLFHQVHVIRUDFWLYHGXW\PHPEHUVRIWKHDUPHGIRUFHV 7KH3HRSOHRIWKH6WDWHRI1HZ<RUNUHSUHVHQWHGLQ6HQDWHDQG$VVHP EO\GRHQDFWDVIROORZV 6HFWLRQ6XEGLYLVLRQRIVHFWLRQDRIWKHGRPHVWLFUHODWLRQV ODZDVDPHQGHGE\FKDSWHURIWKHODZVRILVDPHQGHGWRUHDG DVIROORZV 1RIHHVKDOOEHFKDUJHGIRUDQ\FHUWLILFDWHZKHQUHTXLUHGE\WKHD YHWHUDQVDGPLQLVWUDWLRQRUE\WKHGLYLVLRQRIYHWHUDQV DIIDLUVRIWKH VWDWHRI1HZ<RUNWREHXVHGLQGHWHUPLQLQJWKHHOLJLELOLW\RIDQ\ SHUVRQWRSDUWLFLSDWHLQWKHEHQHILWVPDGHDYDLODEOHE\WKHYHWHUDQV DGPLQLVWUDWLRQRUE\WKHVWDWHRI1HZ<RUN E$WRZQRUFLW\PD\HOHFWWRZDLYHWKHIHHIRUDFHUWLILFDWHZKHQ HLWKHURIWKHSDUWLHVPDNLQJDSSOLFDWLRQIRUVXFKFHUWLILFDWHLVD PHPEHURIWKHDUPHGIRUFHVRIWKH8QLWHG6WDWHVRQDFWLYHGXW\ †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†7KLVDFWVKDOOWDNHHIIHFWLPPHGLDWHO\ 352326$/3 '$7( 6HQHFD7XUQSLNH‡&DQDVWRWD‡1<‡ 3KRQH‡)D[‡NRHVWHUDVVRFLDWHVFRP VDOHV#NRHVWHUDVVRFLDWHVFRP‡VHUYLFH#NRHVWHUDVVRFLDWHVFRP‡SDUWV#NRHVWHUDVVRFLDWHVFRP ƵƐƚŽŵĞƌ͗ĂǀĞŽŝƐŚ ^ŝƚĞ>ŽĐĂƚŝŽŶ͗sŝƌŐŝůttdW ͲŵĂŝů͗ďŽdžĞƌůŽǀĞƌƐϭϲϳϯΛŐŵĂŝů͘ĐŽŵ WŚŽŶĞ͗ϲϬϳͲϰϮϳͲϮϴϱϬ :HDUHSOHDVHGWRRIIHUWKHIROORZLQJTXRWDWLRQ  31*UXQGIRVV&5.$:%$$889[+]3XPSHDGHOLYHUHG 1RWH,QVWDOODWLRQDQGVWDUWXSQRWLQFOXGHGKRZHYHUDYDLODEOHXQGHUVHSDUDWHFRYHU 7KDQN\RXIRUWKHRSSRUWXQLW\WRVXEPLWWKLVSURSRVDO x 7RWDO3ULFHGHOLYHUHG x 6KLSPHQWZHHNV$52GHSHQGHQWRQIDFWRU\VWRFNDQGSURGXFWLRQWLPHV x 6WDQGDUG7HUPVDQG&RQGLWLRQVRQWKHDWWDFKHGSDJHDUHLQFRUSRUDWHGLQWKLVTXRWDWLRQ3ULFHVTXRWHG VKDOOUHPDLQILUPGD\V IURPGDWHRILVVXDQFH3D\PHQWLVGXHQHWGD\V ,I\RXZLVKWRSURFHHGZLWKWKLVSURSRVDO SOHDVHVLJQDQGUHWXUQ ,I\RXKDYHDQ\TXHVWLRQV SOHDVHIHHOIUHHWRFRQWDFWPH 6LQFHUHO\ 5RELQ0HDG 3DUWV&RRUGLQDWRU .RHVWHU$VVRFLDWHV,QF 3K   )D[   URELQ#NRHVWHUDVVRFLDWHVFRP 'DWHDFFHSWHGRQ 3XUFKDVHU1DPH VLJQ  3XUFKDVHU1DPH SULQW  %LOOLQJ$GGUHVV 3KRQH 32 dĞƌŵƐĂŶĚŽŶĚŝƚŝŽŶƐ ŶŽƌĚĞƌǁŝůůĐŽŶƐƚŝƚƵƚĞĂĐŽŶƚƌĂĐƚďĞƚǁĞĞŶƚŚĞŽŵƉĂŶLJĂŶĚƚŚĞƵLJĞƌǁŚĞŶĂĐĐĞƉƚĞĚŝŶǁƌŝƚŝŶŐďLJƚŚĞŽŵƉĂŶLJĂƚŝƚƐŚŽŵĞŽĨĨŝĐĞŝŶ ĂŶĂƐƚŽƚĂ͕Ez͘ĐŽŶƚƌĂĐƚƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞĂĐĐĞƉƚĂŶĐĞŽĨĂŶŽƌĚĞƌŵĂLJďĞĐĂŶĐĞůĞĚŽƌĂůƚĞƌĞĚďLJƚŚĞƵLJĞƌŽŶůLJŝĨĂŐƌĞĞĚƚŽŝŶǁƌŝƚŝŶŐďLJƚŚĞ ŽŵƉĂŶLJĂƚŝƚƐŚŽŵĞŽĨĨŝĐĞ͕ƐƵďũĞĐƚƚŽƉĂLJŵĞŶƚŽĨƌĞĂƐŽŶĂďůĞĐŚĂƌŐĞƐŶĞĐĞƐƐĂƌLJƚŽƉƌŽƚĞĐƚƚŚĞŽŵƉĂŶLJĨƌŽŵůŽƐƐ͘hŶƚŝůĂĐĐĞƉƚĞĚ͕ĂƐƉƌŽǀŝĚĞĚ ŚĞƌĞŝŶ͕ĂŶŽƌĚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞĂŶŽĨĨĞƌƚŽƉƵƌĐŚĂƐĞ͘EĞŝƚŚĞƌƚŚĞĂĐĐĞƉƚĂŶĐĞŽĨĂŶLJĚĞƉŽƐŝƚŵĂĚĞǁŝƚŚĂŶŽƌĚĞƌŶŽƌƚŚĞĐĂƐŚŝŶŐŽĨĂŶLJĐŚĞĐŬ ŽƌŽƚŚĞƌŝŶƐƚƌƵŵĞŶƚƚŚĞƌĞĨŽƌĞ͕ŶŽƌƚŚĞŚŽůĚŝŶŐŽĨƐƵĐŚĚĞƉŽƐŝƚďLJƚŚĞŽŵƉĂŶLJƐŚĂůůďĞĚĞĞŵĞĚĂŶĂĐĐĞƉƚĂŶĐĞŽĨĂŶŽƌĚĞƌ͕ďƵƚŝĨƚŚĞŽƌĚĞƌŝƐ ŶŽƚĂĐĐĞƉƚĞĚ͕ƚŚĞŽŵƉĂŶLJǁŝůůƉƌŽŵƉƚůLJƌĞĨƵŶĚƐƵĐŚĚĞƉŽƐŝƚ͘ dŚĞŽŵƉĂŶLJƐŚĂůůŶŽƚďĞůŝĂďůĞĨŽƌĂŶLJĨĂŝůƵƌĞƚŽŵĂŬĞĚĞůŝǀĞƌLJ͕ĨŽƌůĂƚĞĚĞůŝǀĞƌLJ͕ŽƌŽƚŚĞƌĚĞĨĂƵůƚďLJƌĞĂƐŽŶŽĨĂŶLJŽĐĐƵƌƌĞŶĐĞŽƌĐŽŶƚŝŶŐĞŶĐLJ ďĞLJŽŶĚƚŚĞƌĞĂƐŽŶĂďůĞĐŽŶƚƌŽůŽĨƚŚĞŽŵƉĂŶLJŽƌŽĨĂŶLJŽĨŝƚƐƐŽƵƌĐĞƐŽĨƐƵƉƉůLJŽƌĨŽƌĨĂŝůƵƌĞƚŽŐŝǀĞŶŽƚŝĐĞŽĨĂŶLJĚĞůĂLJ͘/ŶƚŚĞĞǀĞŶƚŽĨĂŶLJ ƐƵĐŚŽĐĐƵƌƌĞŶĐĞŽƌĐŽŶƚŝŶŐĞŶĐLJ͕ƚŚĞŽŵƉĂŶLJŵĂLJĞdžƚĞŶĚĚĞůŝǀĞƌLJƐĐŚĞĚƵůĞƐŽƌŵĂLJ͕ĂƚŝƚƐŽƉƚŝŽŶ͕ĐĂŶĐĞůƚŚĞŽƌĚĞƌŝŶǁŚŽůĞŽƌŝŶƉĂƌƚǁŝƚŚŽƵƚ ƚŚĞůŝĂďŝůŝƚLJŽƚŚĞƌƚŚĂŶƚŽƌĞƚƵƌŶĂŶLJĚĞƉŽƐŝƚŽƌƉƌĞͲƉĂLJŵĞŶƚƐŚŽƵůĚƚŚĞǁŚŽůĞŽƌĚĞƌďĞĐĂŶĐĞůĞĚ͘ dŚĞƵLJĞƌǁŝůůƌĞŝŵďƵƌƐĞƚŚĞŽŵƉĂŶLJĨŽƌĂůůƚĂdžĞƐ͕ĞdžĐŝƐĞƐĂŶĚƐŝŵŝůĂƌĐŚĂƌŐĞƐďĂƐĞĚƵƉŽŶŽƌŵĞĂƐƵƌĞĚďLJƚŚĞƉƌŽĚƵĐƚŝŽŶ͕ƐƚŽƌĂŐĞ͕ƐĂůĞ͕ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶŽƌƵƐĞŽĨƚŚĞƉƌŽĚƵĐƚƐĚĞƐĐƌŝďĞĚŚĞƌĞŝŶ͘ dŚĞŽŵƉĂŶLJǁĂƌƌĂŶƚƐƚŚĂƚƚŚĞƉƌŽĚƵĐƚƐ;ĞdžĐĞƉƚƉƌŽĚƵĐƚƐŵĂĚĞďLJƚŚĞŽŵƉĂŶLJƚŽĚƌĂǁŝŶŐƐŽƌƐƉĞĐŝĨŝĐĂƚŝŽŶƐŽĨƚŚĞƵLJĞƌͿǁŝůůŶŽƚŝŶ ƚŚĞŵƐĞůǀĞƐŝŶĨƌŝŶŐĞĂŶLJhŶŝƚĞĚ^ƚĂƚĞƐƉĂƚĞŶƚ͕ďƵƚƚŚĞŽŵƉĂŶLJĂƐƐƵŵĞƐŶŽŽďůŝŐĂƚŝŽŶŝŶƌĞŐĂƌĚƚŽƉĂƚĞŶƚŝŶĨƌŝŶŐĞŵĞŶƚƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞƵƐĞ ŽĨƚŚĞƉƌŽĚƵĐƚƐŝŶĐŽŵďŝŶĂƚŝŽŶǁŝƚŚĞƋƵŝƉŵĞŶƚŽƌŽƚŚĞƌƉƌŽĚƵĐƚƐŶŽƚĨƵƌŶŝƐŚĞĚďLJƚŚĞŽŵƉĂŶLJ͘>ŝĂďŝůŝƚLJƵŶĚĞƌƚŚŝƐǁĂƌƌĂŶƚLJŝƐůŝŵŝƚĞĚƚŽƚŚĞ ĂŐŐƌĞŐĂƚĞĂŵŽƵŶƚ;ĞdžĐůƵƐŝǀĞŽĨƚĂdžĞƐĂŶĚƚƌĂŶƐƉŽƌƚĂƚŝŽŶͿƚŽďĞƉĂŝĚŚĞƌĞƵŶĚĞƌĂŶĚŝƐĐŽŶĚŝƚŝŽŶĞĚƵƉŽŶƚŚĞƵLJĞƌΖƐŐŝǀŝŶŐƚŚĞŽŵƉĂŶLJƉƌŽŵƉƚ ǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĂŶLJĐůĂŝŵŽĨƉĂƚĞŶƚŝŶĨƌŝŶŐĞŵĞŶƚĂŶĚŐƌĂŶƚŝŶŐƚŚĞŽŵƉĂŶLJĞdžĐůƵƐŝǀĞĐŽŶƚƌŽůŽĨƚŚĞƐĞƚƚůĞŵĞŶƚŽƌůŝƚŝŐĂƚŝŽŶ ƚŚĞƌĞŽĨ͘ dŚĞŽŵƉĂŶLJƐŚĂůů ŶŽƚďĞďŽƵŶĚďLJĂŶLJƚĞƌŵƐ͕ĐŽŶĚŝƚŝŽŶƐ͕ŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ǁŚŝĐŚĂƌĞŶŽƚƐƚĂƚĞĚŚĞƌĞŝŶ͘ dŚĞŽŵƉĂŶLJƐŚĂůůŶŽƚďĞŽďůŝŐĂƚĞĚƚŽƉĞƌĨŽƌŵŚĞƌĞƵŶĚĞƌŝĨ͕ĂƚĂŶLJƚŝŵĞ͕ƵLJĞƌΖƐĐƌĞĚŝƚƌĂƚŝŶŐďĞĐŽŵĞƐŝŵƉĂŝƌĞĚ͘ dŚĞŽŵƉĂŶLJƐŚĂůůƌĞƚĂŝŶĂƐĞĐƵƌŝƚLJŝŶƚĞƌĞƐƚŝŶƚŚĞƉƌŽĚƵĐƚƐƐƵƉƉůŝĞĚŚĞƌĞƵŶĚĞƌƚŽƐĞĐƵƌĞƉĞƌĨŽƌŵĂŶĐĞŽĨƵLJĞƌΖƐŽďůŝŐĂƚŝŽŶƐĂŶĚƵLJĞƌƐƐŚĂůů ĞdžĞĐƵƚĞĂůůĨŝŶĂŶĐŝŶŐƐƚĂƚĞŵĞŶƚƐĂŶĚŽƚŚĞƌŝŶƐƚƌƵŵĞŶƚƐƚŚĂƚƚŚĞŽŵƉĂŶLJĚĞĞŵƐŶĞĐĞƐƐĂƌLJƚŽƉƌŽƚĞĐƚŝƚƐƐĞĐƵƌŝƚLJŝŶƚĞƌĞƐƚ͘/Ĩ ƚŚĞƵLJĞƌĚĞĨĂƵůƚƐ ŝŶĂŶLJŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐŚĞƌĞƵŶĚĞƌŽƌŝƐƵŶĂďůĞƚŽƉĂLJŝƚƐĚĞďƚƐĂƐƚŚĞLJŵĂƚƵƌĞ͕ƚŚĞŽŵƉĂŶLJƐŚĂůůŚĂǀĞƚŚĞƌŝŐŚƚƚŽƌĞƉŽƐƐĞƐƐƚŚĞƉƌŽĚƵĐƚƐ͕ ĞdžĞƌĐŝƐĞĂůůůĞŐĂůŽƉƚŝŽŶƐƚŽĐŽůůĞĐƚƚŚĞĚĞďƚ ĂŶĚ ĐĂŶĐĞůƵŶƐŚŝƉƉĞĚďĂůĂŶĐĞƐǁŝƚŚŽƌǁŝƚŚŽƵƚƌĞƐŽƌƚƚŽůĞŐĂůƉƌŽĐĞƐƐ͕ĂŶĚƵLJĞƌĂŐƌĞĞƐƚŽƉĂLJĂůů ƌĞĂƐŽŶĂďůĞĐŽůůĞĐƚŝŽŶĐŽƐƚƐ;ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞLJĨĞĞƐͿŝŶĐƵƌƌĞĚďLJŽŵƉĂŶLJ͘ ůůŵĂƚĞƌŝĂůŝƐƐŽůĚ&͘K͘͘ƐŚŝƉƉŝŶŐƉŽŝŶƚĂŶĚƚŝƚůĞĂŶĚƌŝƐŬŽĨůŽƐƐƉĂƐƐĞƐƚŽƵLJĞƌŽŶĚĞůŝǀĞƌLJƚŽƚŚĞĐŽŵŵŽŶĐĂƌƌŝĞƌĂƚƐŚŝƉƉŝŶŐƉŽŝŶƚ͘KƌĚĞƌƐ ĨŽƌƌĞƉůĂĐĞŵĞŶƚŵĂƚĞƌŝĂůŵƵƐƚďĞĂŶĞǁƉƵƌĐŚĂƐĞŽƌĚĞƌ͘ dŚĞƵLJĞƌƐŚĂůůŚĂǀĞƚŚĞƌŝŐŚƚƚŽŝŶƐƉĞĐƚƚŚĞƉƌŽĚƵĐƚƐƉƌŝŽƌƚŽƉĂLJŵĞŶƚĂŶĚĂĐĐĞƉƚĂŶĐĞĂŶĚŝĨƵLJĞƌΖƐŝŶƐƉĞĐƚŝŽŶƌĞǀĞĂůƐĂŶLJĚĞĨĞĐƚƐŝŶƚŚĞ ƉƌŽĚƵĐƚƐ͕ƵLJĞƌƐŚĂůůŶŽƚŝĨLJƚŚĞŽŵƉĂŶLJǁŝƚŚŝŶƚŚŝƌƚLJ;ϯϬͿĚĂLJƐĂĨƚĞƌƌĞĐĞŝƉƚŽĨƚŚĞƉƌŽĚƵĐƚƐŽĨĂŶLJĐůĂŝŵƵLJĞƌŵŝŐŚƚŚĂǀĞĐŽŶĐĞƌŶŝŶŐƐƵĐŚ ĚĞĨĞĐƚƐ͘ƵLJĞƌΖƐĨĂŝůƵƌĞƚŽŶŽƚŝĨLJƚŚĞŽŵƉĂŶLJǁŝƚŚŝŶƐƵĐŚƚŚŝƌƚLJͲĚĂLJƉĞƌŝŽĚƐŚĂůůĐŽŶƐƚŝƚƵƚĞĂǁĂŝǀĞƌďLJƵLJĞƌŽĨĂůůĐůĂŝŵƐĐŽǀĞƌŝŶŐƐƵĐŚĚĞĨĞĐƚƐ ŝŶƚŚĞƉƌŽĚƵĐƚƐ͘ dŚĞŽŵƉĂŶLJΖƐĂĐĐĞƉƚĂŶĐĞŽĨŽƌĚĞƌĐĂŶĐĞůůĂƚŝŽŶŽƌŽƌĚĞƌƌĞĚƵĐƚŝŽŶƌĞƋƵĞƐƚƐŝƐĐŽŶĚŝƚŝŽŶĞĚƵƉŽŶƌĞĐĞŝǀŝŶŐƵLJĞƌΖƐǁƌŝƚƚĞŶĂŐƌĞĞŵĞŶƚƚŽ ĂƐƐƵŵĞƚĞƌŵŝŶĂƚŝŽŶĐŚĂƌŐĞƐ͘ dŚĞŽŵƉĂŶLJƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽƌĞĨƵƐĞƚŽĂĐĐĞƉƚĂŶLJŽƌĚĞƌǁŚŝĐŚĚŽĞƐŶŽƚŵĞĞƚƋƵĂŶƚŝƚLJƌĞƋƵŝƌĞŵĞŶƚƐǁŚŝĐŚƚŚĞŽŵƉĂŶLJŵĂLJĞƐƚĂďůŝƐŚ ĨŽƌĂŶLJŐŝǀĞŶƉƌŽĚƵĐƚŽƌŐƌŽƵƉŽĨƉƌŽĚƵĐƚƐ͘ WƌŝĐĞƐĂƌĞďĂƐĞĚŽŶƋƵĂůŝƚLJůĞǀĞůƐĐŽŵŵĞŶƐƵƌĂƚĞǁŝƚŚŶŽƌŵĂůƉƌŽĐĞƐƐŝŶŐ͘/ĨĂĚŝĨĨĞƌĞŶƚƋƵĂůŝƚLJůĞǀĞůŝƐƌĞƋƵŝƌĞĚ͕ƵLJĞƌŵƵƐƚ ƐƉĞĐŝĨLJƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƉĂLJĂŶLJĂĚĚŝƚŝŽŶĂů ĐŽƐƚƐƚŚĂƚŵĂLJďĞĂƉƉůŝĐĂďůĞ͘ dŚĞŽŵƉĂŶLJƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽĐŽƌƌĞĐƚĐůĞƌŝĐĂůŽƌƐƚĞŶŽŐƌĂƉŚŝĐĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐ͘ d,WZKhdtZZEdz/^^^hD/dd,Zt/d,͘EKKd,ZtZZEd/^yWZ^^KZ/DW>/͕/E>h/E'/DW>/tZZEd/^ K&DZ,Ed/>/dz E&/dE^^&KZWZd/h>ZWhZWK^͕t/>>WW>z͘ dŚĞƚĞƌŵƐŽĨƚŚŝƐĂŐƌĞĞŵĞŶƚĂŶĚĂůůƌŝŐŚƚƐĂŶĚŽďůŝŐĂƚŝŽŶƐŚĞƌĞƵŶĚĞƌƐŚĂůůďĞŐŽǀĞƌŶĞĚďLJƚŚĞůĂǁƐŽĨƚŚĞ^ƚĂƚĞŽĨEĞǁzŽƌŬ͘ dŚĞĨŽƌĞŐŽŝŶŐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐǁŝůůƉƌĞǀĂŝůŶŽƚǁŝƚŚƐƚĂŶĚŝŶŐĂŶLJǀĂƌŝĂŶĐĞǁŝƚŚƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨ ƵLJĞƌΖƐŽƌĚĞƌĨŽƌƚŚĞƉƌŽĚƵĐƚƐ͘