Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
1-10-2019 Town Board Organizational Meeting Agenda Packet
dKtEK&s/Z'/> KZ'E/d/KE>dKtEKZD d/E' :EhZzϭϬd,͕ϮϬϭϵϲ͗ϬϬWD ϲ͗ϬϬWD>>dKtEKZKZ'E/d/KE>D d/E'dKKZ Z ͘KZ'E/d/KE>D d/E' Ͳϭ ^ĞƚdŽǁŶŽĂƌĚDĞĞƚŝŶŐĂƚĞƐĂŶĚdŝŵĞƐ͗ ϮŶĚdŚƵƌƐĚĂLJŽĨĞĂĐŚŵŽŶƚŚĂƚϲ͗ϯϬWDǁŝƚŚĂƐĞĐŽŶĚŵĞĞƚŝŶŐƚŚĞϰƚŚdŚƵƌƐĚĂLJŝĨŶĞĞĚĞĚ ͲϮ KĨĨŝĐŝĂůĞƉŽƐŝƚŽƌLJ͗ WƌŝŽƌLJĞĂƌƐ͗&ŝƌƐƚEĂƚŝŽŶĂůĂŶŬŽĨ ƌLJĚĞŶĨŽƌƚŚĞsŝƌŐŝů'ĞŶĞƌĂů&ƵŶĚ͕,ŝŐŚǁĂLJ&ƵŶĚ͕ĂƉŝƚĂů&ƵŶĚ͕ dŽǁŶůĞƌŬͬdĂdžŽůůĞĐƚŽƌ&ƵŶĚ͕ĂŶĚdŽǁŶ:ƵƐƚŝĐĞ&ƵŶĚ͕ĨŽƌƚŚĞsŝƌŐŝůŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚ&ƵŶĚ͘ ͲϯWĂLJ^ĐŚĞĚƵůĞĨŽƌĞůĞĐƚĞĚĂŶĚĂƉƉŽŝŶƚĞĚŽĨĨŝĐŝĂůƐ͗ WŽƐŝƚŝŽŶ WĂLJ WĂLJ^ĐŚĞĚƵůĞ ^ƵƉĞƌǀŝƐŽƌ Ψϲ͕ϬϬϬ͘ϬϬ YƵĂƌƚĞƌůLJ ůĞƌŬͬdĂdžŽůůĞĐƚŽƌ ΨϮϳ͕ϵϬϬ͘ϬϬ ŝͲǁĞĞŬůLJ Ͳ^ĞǁĞƌͬtĂƚĞƌ Ψϰ͕ϴϰϬ͘ϬϬ ŝͲǁĞĞŬůLJ dŽǁŶŽĂƌĚ;ϰͿ ΨϮ͕ϭϬϬ͘ϬϬ YƵĂƌƚĞƌůLJ dŽǁŶ:ƵĚŐĞ Ψϭϯ͕ϬϬϬ͘ϬϬ DŽŶƚŚůLJ ,ŝŐŚǁĂLJ ^ƵƉĞƌ͘Ψϰϴ͕ϬϬϬ͘ϬϬ ŝͲǁĞĞŬůLJ ͲdƌĂŶƐĨĞƌ Ψϱ͕ϬϬϬ͘ϬϬ ŝͲǁĞĞŬůLJ ŶŝŵĂůŽŶƚƌŽů Ψϭϭ͕ϬϬϬ͘ϬϬDŽŶƚŚůLJ ŽŽŬŬĞĞƉĞƌ Ψϭϱ͕ϱϬϬ͘ϬϬ ŝͲǁĞĞŬůLJ ͲƐĞǁĞƌͬǁĂƚĞƌ ΨϭϮ͕ϬϬϬ͘ϬϬ ŝͲǁĞĞŬůLJ ŽĚĞ ŶĨŽƌĐĞƌ ΨϮϲ͕ϬϬϬ͘ϬϬ ŝͲǁĞĞŬůLJ ŽƵƌƚůĞƌŬ Ψϭϭ͕ϱϬϬ͘ϬϬ ŝͲǁĞĞŬůLJ ƵƐƚŽĚŝĂŶ Ψϲ͕ϮϬϬ͘ϬϬ ŝͲǁĞĞŬůLJ ĞƉƵƚLJůĞƌŬ ΨϭϮ͘ϬϬͬŚƌ ŝͲǁĞĞŬůLJ ͲƐĞǁĞƌͬǁĂƚĞƌ ΨϭϮ͘ϬϬͬŚƌ ŝͲǁĞĞŬůLJ ,ŝƐƚŽƌŝĂŶ Ψϭ͕ϱϬϬ͘ϬϬ YƵĂƌƚĞƌůLJ ŽĂƌĚŽĨƉƉĞĂůƐ ΨϭϮϱ͘ϬϬ ŶŶƵĂůůLJ WůĂŶŶŝŶŐŽĂƌĚ Ψϭϱ͘ϬϬͬŵƚŶŐ ŶŶƵĂůůLJ ŽŶŝŶŐŽĂƌĚ Ψϭϱ͘ϬϬͬŵƚŶŐ ŶŶƵĂůůLJ dƌĂŶƐĨĞƌƚƚĞŶĚĂŶƚ Ψϭϳ͘ϬϬͬŚƌ ŝͲǁĞĞŬůLJ ͲƐƐŝƐƚĂŶƚ Ψϭϰ͘ϬϬͬŚƌ ŝͲǁĞĞŬůLJ ͲƐƐŝƐƚĂŶƚ Ψϭϭ͘ϭϬͬŚƌ ŝͲǁĞĞŬůLJ ͲϰZĂƚĞŽĨƉĂLJĨŽƌ,ŝŐŚǁĂLJ ŵƉůŽLJĞĞƐ ĂŶŽƵƌƚŶĞLJ Ψϭϴ͘ϳϱĂŶŚŽƵƌ ŚĂĚĂƐƐĞƚƚ Ψϭϴ͘ϱϬĂŶŚŽƵƌ :ĂŵĞƐ<ůŝŶŐůĞΨϭϴ͘ϱϬĂŶŚŽƵƌ ĞŵŽŶƚ>ĂŶŐΨϭϴ͘ϱϬĂŶŚŽƵƌ tĂůƚEŝĐŚŽůƐΨϭϴ͘ϳϱĂŶŚŽƵƌ Ͳϱ,ŝŐŚǁĂLJƉƵƌĐŚĂƐĞƐĂƵƚŚŽƌŝnjĂƚŝŽŶ͗ dŚĞ,ŝŐŚǁĂLJ^ƵƉĞƌŝŶƚĞŶĚĞŶƚŝƐĂƵƚŚŽƌŝnjĞĚƚŽƉƵƌĐŚĂƐĞŶĞǁĞƋƵŝƉŵĞŶƚ͕ƚŽŽůƐĂŶĚŽƚŚĞƌŝŵƉůĞŵĞŶƚƐŶŽƚ ƚŽĞdžĐĞĞĚ;ΨϰϱϬϬWƌŝŽƌzĞĂƌƐͿĂŶĚĂůůŽǁƌĞƉĂŝƌƐƵƉƚŽ;Ψϯ͕ϬϬϬWƌŝŽƌLJĞĂƌƐͿǁŝƚŚŽƵƚďŽĂƌĚĂƉƉƌŽǀĂů͘ Ͳϲ,ŝŐŚǁĂLJ^ƵƉĞƌŝŶƚĞŶĚĞŶƚĞƋƵŝƉŵĞŶƚƉƵƌĐŚĂƐĞĂƵƚŚŽƌŝnjĂƚŝŽŶ dŚĞ,ŝŐŚǁĂLJ^ƵƉĞƌŝŶƚĞŶĚĞŶƚŝƐĂƵƚŚŽƌŝnjĞĚƚŽƉƵƌĐŚĂƐĞĞƋƵŝƉŵĞŶƚƚŚƌŽƵŐŚŽƌƚůĂŶĚŽƵŶƚLJĂŶĚEĞǁ zŽƌŬ^ƚĂƚĞďŝĚƐ͘ ͲϳDŝůĞĂŐĞƌĞŝŵďƵƌƐĞŵĞŶƚ͗ dŚĞŵŝůĞĂŐĞƌĞŝŵďƵƌƐĞŵĞŶƚƌĂƚĞǁŝůůďĞƚŚĞĐƵƌƌĞŶƚ/Z^ƌĂƚĞĂƚĂŶLJŐŝǀĞŶƚŝŵĞ͘ ͲϴKĨĨŝĐŝĂůŶĞǁƐƉĂƉĞƌ͗ dŚĞŽĨĨŝĐŝĂůŶĞǁƐƉĂƉĞƌĨŽƌƚŚĞdŽǁŶŽĨsŝƌŐŝůƐŚĂůůďĞƚŚĞ;WƌŝŽƌLJĞĂƌƐŽƌƚůĂŶĚ^ƚĂŶĚĂƌĚͿ ͲϵƉƉŽŝŶƚŵĞŶƚŽĨdŽǁŶƚƚŽƌŶĞLJ͗ WƌŝŽƌzĞĂƌWĂƚƌŝĐŬD͘^ŶLJĚĞƌ ƐƋ͘ ͲϭϬƉƉŽŝŶƚŵĞŶƚŽĨŽŽŬŬĞĞƉĞƌ͗ WƌŝŽƌzĞĂƌ'ŝŶĂEŽƵƌƐĞ ͲϭϭŽŽŬŬĞĞƉĞƌĂƵƚŚŽƌŝnjĂƚŝŽŶƚŽƉĂLJďŝůůƐ͗ dŚĞdŽǁŶ͛ƐŬŬĞĞƉĞƌƐŚĂůůďĞĂƵƚŚŽƌŝnjĞĚƚŽƉĂLJƵƚŝůŝƚLJĂŶĚĐŽŶƚƌĂĐƚƵĂůŝŶƐƵƌĂŶĐĞďŝůůƐƉƌŝŽƌƚŽ ŽĂƌĚĂƉƉƌŽǀĂůƚŽĂǀŽŝĚĂŶĚůĂƚĞƉĂLJŵĞŶƚĨĞĞƐ͘ ͲϭϮdŽǁŶŽĂƌĚĂŐƌĞĞŵĞŶƚƚŽƉĂLJƉŽƌƚŝŽŶŽĨŽŽŬŬĞĞƉĞƌƐŚĞĂůƚŚŝŶƐƵƌĂŶĐĞ͗ dŚĞdŽǁŶŽĂƌĚĂƵƚŚŽƌŝnjĞƐƚŚĞdŽǁŶƚŽƉĂLJĂŶĂŐƌĞĞĚƉŽƌƚŝŽŶŽĨƚŚĞŽŽŬŬĞĞƉĞƌ͛ƐŚĞĂůƚŚŝŶƐƵƌĂŶĐĞ ŝŶĐŽŽƉĞƌĂƚŝŽŶǁŝƚŚƚŚĞƚŽǁŶŽĨtŝůůĞƚ͘ ͲϭϯƉƉŽŝŶƚŵĞŶƚŽĨĞƉƵƚLJůĞƌŬ͗ dŽǁŶůĞƌŬĂƉƉŽŝŶƚƐĂĚĞƉƵƚLJĐůĞƌŬDĂŬĞŶnjŝĞDŽƌŐĂŶ DŽŶŝĐĂsĂŶŽŶƐĞů ŝĂŶĞDŝĐŚĂƵĚ ͲϭϰƉƉŽŝŶƚŵĞŶƚŽĨZĞŐŝƐƚƌĂƌŽĨsŝƚĂůZĞĐŽƌĚƐ͗ ;WƌŝŽƌzĞĂƌůĂŶĞsĂŶŽŶƐĞůͿ ͲϭϱƉƉŽŝŶƚŵĞŶƚŽĨĞƉƵƚLJZĞŐŝƐƚƌĂƌ͗ ZĞŐŝƐƚƌĂƌŽĨsŝƚĂůZĞĐŽƌĚƐĂƉƉŽŝŶƚƐĂĚĞƉƵƚLJZĞŐŝƐƚƌĂƌDĂŬĞŶnjŝĞDŽƌŐĂŶ ͲϭϲƉƉŽŝŶƚŵĞŶƚŽĨZĞĐŽƌĚƐDĂŶĂŐĞŵĞŶƚKĨĨŝĐĞƌ͗ dŽǁŶůĞƌŬŝƐŐĞŶĞƌĂůůLJƚŚĞZĞĐŽƌĚƐKĨĨŝĐĞDĂŶĂŐĞƌ;WƌŝŽƌzĞĂƌůĂŶĞsĂŶŽŶƐĞůͿ ͲϭϳƉƉŽŝŶƚŵĞŶƚŽĨĞƉƵƚLJ^ƵƉĞƌǀŝƐŽƌ͗ ^ƵƉĞƌǀŝƐŽƌ<ĂŵŝŶƐŬŝƐŚĂůůĂƉƉŽŝŶƚĂĞƉƵƚLJdŽǁŶ^ƵƉĞƌǀŝƐŽƌ͘;WƌŝŽƌzĞĂƌ:ĞƌĞŵĞ^ƚŝůĞƐͿ ͲϭϴƉƉŽŝŶƚŵĞŶƚŽĨŽƵƌƚůĞƌŬ͗ dŽǁŶ:ƵƐƚŝĐĞ^ĐŽƚƚ ůƐƚŽŶƐŚĂůůĂƉƉŽŝŶƚĂŽƵƌƚůĞƌŬ;WƌŝŽƌzĞĂƌĞď'ĂůůĂŐŚĞƌͿ ͲϭϵƉƉŽŝŶƚŵĞŶƚŽĨĞƉƵƚLJ,ŝŐŚǁĂLJ^ƵƉĞƌŝŶƚĞŶĚĞŶƚ͗ ,ŝŐŚǁĂLJ^ƵƉĞƌŝŶƚĞŶĚĞŶƚĂƉƉŽŝŶƚƐĂĞƉƵƚLJ^ƵƉĞƌŝŶƚĞŶĚĞŶƚĂŶŽƵƌƚŶĞLJ ͲϮϬƉƉŽŝŶƚŵĞŶƚŽĨŶŝŵĂůŽŶƚƌŽůKĨĨŝĐĞƌĂŶĚĞƉƵƚLJŶŝŵĂůŽŶƚƌŽůKĨĨŝĐĞƌ͗ ;WƌŝŽƌzĞĂƌ>ŝŶĚƐĂLJŶĚĞƌƐŽŶŽĨŽƵŶƚƌLJĐƌĞƐŶŝŵĂů^ŚĞůƚĞƌĂŶĚƚŚĞĞƉƵƚLJǁĂƐ^ƵnjnjŝĞEĂůůĞLJͿ ͲϮϭƉƉŽŝŶƚŵĞŶƚŽĨŽĚĞ ŶĨŽƌĐĞŵĞŶƚKĨĨŝĐĞƌ͗<ĞǀŝŶDĐDĂŚŽŶ $6HWWKHPHHWLQJ'DWHVIRUWKH=RQLQJDQG3ODQQLQJ%RDUGV ͲϮϯƉƉŽŝŶƚŵĞŶƚŽĨWůĂŶŶŝŶŐŽĂƌĚ^ĞĐƌĞƚĂƌLJ͗ dŚĞWůĂŶŶŝŶŐŽĂƌĚĂƉƉŽŝŶƚƐƚŚĞŝƌŽǁŶƐĞĐƌĞƚĂƌLJ;WƌŝŽƌzĞĂƌ:ŽĂŶ&ŝƚĐŚͿ ͲϮϰƉƉŽŝŶƚWůĂŶŝŶŐŽĂƌĚDĞŵďĞƌ͗ ĂůĞdĂLJůŽƌǁĂƐĨŝůůŝŶŐŝŶĨŽƌ'ĂƌLJtŽŽĚ͕ǁŚŽƐĞƚĞƌŵĞdžƉŝƌĞĚŽŶĞĐ͘ϯϭƐƚϮϬϭϴ ƵƌƌĞŶƚDĞŵďĞƌƐdĞƌŵ džƉŝƌĂƚŝŽŶ :ĞĨĨƌĞLJƌĞĞĚϭϮͬϮϬϮϮ ĞŶŝƐĞ^ĐŚƵůƚnjĞ ϭϮͬϮϬϮϮͲůƚĞƌŶĂƚĞ ĂƌŽů>ĂƚŚƌŽƉ ϭϮͬϮϬϭϵ ŶŶĞ,ŽǁĞ ϭϮͬϮϬϮϭ DĂƌŬĂƌĂŶĞůůŽ ϭϮͬϮϬϮϬ ĂůĞdĂLJůŽƌ ϭϮͬϮϬϭϴ ͲϮϱƉƉŽŝŶƚŵĞŶƚŽĨDĞŵďĞƌ͗ :ĞĂŶŶŝŶĞ^ƉƌĂŐƵĞƚĞƌŵĞdžƉŝƌĞĚĞĐ͘ϯϭƐƚϮϬϭϴ ƵƌƌĞŶƚDĞŵďĞƌƐ dĞƌŵ džƉŝƌĂƚŝŽŶ ^ĂƌĂŚĞĂŶ ϭϮͬϮϬϭϵ ^ŚĞŝůĂDŽƌƐĞ ϭϮͬϮϬϮϭ :ĞĂŶŶŝŶĞ^ƉƌĂŐƵĞ ϭϮͬϮϬϭϴ :ĞĨĨ,Ăůů ϭϮͬϮϬϮϬ ^ƚĞǀĞdĞƌǁŝůůŝŐĞƌ ϭϮͬϮϬϮϮ ĂǀŝĚ'ŽǁĞƌ;ůƚĞƌŶĂƚĞͿ ϭϮͬϮϬϮϮ ͲϮϲƉƉŽŝŶƚŵĞŶƚŽĨ^ĞĐƌĞƚĂƌLJ͗ dŚĞĂƉƉŽŝŶƚƐƚŚĞŝƌŽǁŶƐĞĐƌĞƚĂƌLJ ͲϮϳŽĂƌĚŽĨƐƐĞƐƐŵĞŶƚZĞǀŝĞǁƉƉŽŝŶƚŵĞŶƚ͗ dŚĞLJĂƌĞĂůůĐƵƌƌĞŶƚ ƵƌƌĞŶƚDĞŵďĞƌƐ dĞƌŵ džƉŝƌĂƚŝŽŶ ^ĂƌĂŚĞĂŶ ϬϵͬϮϬϮϰ :ĂŵĞƐDƵƌƉŚLJ ϬϵͬϮϬϭϵ ^ƚĞǀĞdĞƌǁŝůůŝŐĞƌ ϬϵͬϮϬϮϭ ^ŚĞŝůĂDŽƌƐĞ ϬϵͬϮϬϮϯ :ĂŵĞƐWŽǀĞƌŽ ϬϵͬϮϬϮϬ ͲϮϴdŽǁŶ,ĂůůƵƐƚŽĚŝĂŶƉƉŽŝŶƚŵĞŶƚ͗ WƌŝŽƌzĞĂƌ:ŽŚŶ>ĞůůŝŐ ͲϮϵŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚ>ŽĂŶĨƵŶĚDĞŵďĞƌƐŚŝƉ͗ WƌŝŽƌzĞĂƌDĞŵďĞƌƐ͗ ^ŚĞůŝĂDŽƌƐĞ ZŽŶĂůĚĞŶŶŝƐƚŽŶ ,ŽǁĂƌĚ&ŽƌĚ dĞƌƌŝ&ůĂƚƚ >ŝĂŝƐŽŶ:ĞƌĞŵĞ^ƚŝůĞƐ ͲϯϬ,ŽƉĞ>ĂŬĞWĂƌŬĚǀŝƐŽƌLJŽŵŵŝƚƚĞĞ͗ ϮϬϭϴŽŵŵŝƚƚĞĞ DĞŵďĞƌƐ 'ĂƌLJWĞůƚŽŶ ĂƌLJůĂǁƐŽŶ ,ĂŶŬ&ĂďĞƌ DĂƌŐĞ,ƵďďĞƌƚ ĂƌŽůĞZĞŬŬƵŐůĞƌ ͲϯϭŽĂƌĚŽĨ ƚŚŝĐƐ͗ WƌŝŽƌzĞĂƌDĞŵďĞƌƐ ĂƌŽůĞZĞŬƵŐŐůĂĞƌ dĞƌƌŝWĞůƚŽŶ ĂůĞdĂLJůŽƌ >ŝĂƐŽŶŽĂƌĚDĞŵĞďƌ ͲϯϮŽĚĞŽĨ ƚŚŝĐƐ͗ ĐŽƉLJŽĨƚŚĞĐŽĚĞŽĨ ƚŚŝĐƐĂŶĚŶŽƚĞƚŚĂƚĞĂĐŚŶĞǁŵĞŵďĞƌŽĨĂůůƚŚĞsŝƌŐŝůdŽǁŶŽĂƌĚƐƐŚĂůů ƌĞĐĞŝǀĞĂĐŽƉLJŽĨƚŚĞŽĚĞŽĨ ƚŚŝĐƐĨƌŽŵƚŚĞdŽǁŶůĞƌŬ͘ƐŝŐŶĞĚƌĞĐĞŝƉƚƐŚĂůůďĞŐŝǀĞŶƚŽƚŚĞĐůĞƌŬ ĨƌŽŵĞĂĐŚďŽĂƌĚŵĞŵďĞƌ͘ Ͳϯϯ^ĞǁĞƌĂŶĚtĂƚĞƌŝƐƚƌŝĐƚKƉĞƌĂƚŽƌ͗ WƌŝŽƌzĞĂƌ͗^ĞǁĞƌŝƐƚƌŝĐƚηϭĂŵĚĞŶ'ƌŽƵƉ>> tĂƚĞƌŝƐƚƌŝĐƚηϭtϮKƉĞƌĂƚŽƌƐ ͲϯϰtĂƚĞƌYƵĂůŝƚLJŽŵŵŝƚƚĞĞĂŶĚ>ĂďŽƌĂƚŽƌLJdĞƐƚŝŶŐ͗ WƌŝŽƌzĞĂƌƐƚŚĞƌĞƉƌĞƐĞŶƚĂƚŝǀĞĨŽƌƚŚĞtĂƚĞƌYƵĂůŝƚLJŽŽƌĚŝŶĂƚŝŽŶŽŵŵŝƚƚĞĞǁĂƐŽƵŐůĂƐtŝƚŚĞLJ͘ dŚĞƚĞƐƚŝŶŐ>ĂďŽƌĂƚŽƌLJĨŽƌƚŚĞdŽǁŶŽĨsŝƌŐŝůtĂƚĞƌĂŶĚ^ĞǁĞƌŝƐƚƌŝĐƚƐηϭǁĂƐW ͲϯϱŶŶƵĂůZĞƉŽƌƚ͗ WƌŝŽƌzĞĂƌƚŚĞdŽǁŶ^ƵƉĞƌǀŝƐŽƌǁĂƐĂƵƚŚŽƌŝnjĞĚƚŽƉƵďůŝƐŚƚŚĞĂŶŶƵĂůƌĞƉŽƌƚŝŶƚŚĞŶĞǁƐƉĂƉĞƌďƌŝĞĨ͕ ĂƐŽƉƉŽƐĞĚƚŽƚŚĞůŽŶŐĨŽƌŵ͘ ͲϯϲƵĚŝƚŽƌ͗ WƌŝŽƌzĞĂƌƚŚĞdŽǁŶďŽĂƌĚŐĂǀĞĂƵƚŚŽƌŝnjĂƚŝŽŶƚŽƚŚĞdŽǁŶ^ƵƉĞƌǀŝƐŽƌƚŽŚŝƌĞĂŶĂƵĚŝƚŽƌ͕ŝĨĚĞĞŵĞĚ ŶĞĐĞƐƐĂƌLJ͘ Ͳϯϳ ŵĞƌŐĞŶĐLJĂǁĂƌĞŶĞƐƐΘ,DdŝŶĨŽƌŵĂƚŝŽŶ͗ dŚĞdŽǁŶůĞƌŬǁŝůůŵĂŬĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞŶĂŵĞĐŚĂŶŐĞƐĨŽƌƚŚĞ ŵĞƌŐĞŶĐLJǁĂƌĞŶĞƐƐ/ŶĨŽƌŵĂƚŝŽŶ ĨŽƌ,Dd Ͳϯϴ^ĞĂƐŽŶĂůZŽĂĚůŽƐŝŶŐƐ͗ dŚĞdŽǁŶďŽĂƌĚƐŚĂůůĂƵƚŚŽƌŝnjĞƚŚĞ,ŝŐŚǁĂLJƐƵƉĞƌŝŶƚĞŶĚĞŶƚƚŽĂĚǀĞƌƚŝnjĞ^ĞĂƐŽŶĂůZŽĂĚĐůŽƐŝŶŐƐŝŶ KĐƚŽďĞƌ͘ Ͳϯϵ,ŝŐŚǁĂLJ&ƵŶĚƐ͗ dŚĞďŽĂƌĚƐŚĂůůĂĐĐĞƉƚƚŚĞ,ŝŐŚǁĂLJ&ƵŶĚƐŐƌĞĞŵĞŶƚĂƐƉƌĞƐĞŶƚĞĚďLJƚŚĞ,ŝŐŚǁĂLJ^ƵƉĞƌŝŶƚĞŶĚĞŶƚ ^ĞĐƚŝŽŶϮϴϰŽĨ,ŝŐŚǁĂLJ>Ăǁ͘ ͲϰϬdŽǁŶ/ŶǀĞƐƚŵĞŶƚWŽůŝĐLJ͗ dŚĞdŽǁŶďŽĂƌĚƐŚĂůůĂĨĨŝƌŵƚŚĞdŽǁŶŽĨsŝƌŐŝů͛Ɛ/ŶǀĞƐƚŵĞŶƚWŽůŝĐLJ͘ /ŶǀĞƐƚŵĞŶƚWŽůŝĐLJͲZĞǀŝĞǁ ͲϰϭdŽǁŶ͛Ɛ>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞ͗ dŚĞdŽǁŶ͛Ɛ>ŝĂďŝůŝƚLJWŽůŝĐLJƐŚĂůůďĞƌĞǀŝĞǁĞĚĂƚƚŚĞŽĂƌĚƐĚŝƐĐƌĞƚŝŽŶ͘ ͲϰϮWƌŽĐƵƌĞŵĞŶƚWŽůŝĐLJ͗ dŚĞdŽǁŶďŽĂƌĚƐŚĂůůĂĨĨŝƌŵƚŚĞdŽǁŶŽĨsŝƌŐŝů͛ƐWƌŽĐƵƌĞŵĞŶƚWŽůŝĐLJ͘ WƌŽĐƵƌĞŵĞŶƚͺWŽůŝĐLJĨŽƌZĞǀŝĞǁ Ͳϰϯ ƐƚĂďůŝƐŚϮϬϭϵtĂƚĞƌĂŶĚ^ĞǁĞƌZĂƚĞƐ͗ DŝŶŝŵƵŵƌĂƚĞĨŽƌǁĂƚĞƌƐŚĂůůďĞΨϲϬ͘ϬϬƋƵĂƌƚĞƌůLJĂŶĚŵŝŶŝŵƵŵƌĂƚĞĨŽƌƐĞǁĞƌƐŚĂůůďĞΨϭϭϱ͘ϬϬ ƋƵĂƌƚĞƌůLJ ͲϰϰZĞĂĨĨŝƌŵdŽǁŶŽĨsŝƌŐŝů^ĞdžƵĂů,ĂƌĂƐƐŵĞŶƚWŽůŝĐLJ ^ĞdžƵĂů,ĂƌĂƐƐŵĞŶƚWŽůŝĐLJZĞǀŝĞǁ ͲϰϱZĞĂĨĨŝƌŵdŽǁŶŽĨsŝƌŐŝůtŽƌŬƉůĂĐĞsŝŽůĞŶĐĞWƌĞǀĞŶƚŝŽŶWŽůŝĐLJ^ƚĂƚĞŵĞŶƚ tKZ<W> WZ s Ed/KEWK>/z^dd D EdZĞǀŝĞǁ ͲϰϲtĂƚĞƌĂŶĚ^ĞǁĞƌŝƐƚƌŝĐƚƐηϭWŽůŝĐŝĞƐ tĂƚĞƌŝƐƚƌŝĐƚZƵůĞƐZĞǀŝĞǁ ^ t ZŝƐƚƌŝĐƚZh> ^ZĞǀŝĞǁ ͲϰϳƉƉŽŝŶƚ ƌŝĐ^ŶŽǁĂƐƚŚĞƌĞƉƌĞƐĞŶƚĂƚŝǀĞĨŽƌƚŚĞdŽǁŶŽĨsŝƌŐŝůŽŶƚŚĞ'ƌĞĂƚĞƌdŽŵƉŬŝŶƐŽƵŶƚLJ DƵŶŝĐŝƉĂů,ĞĂůƚŚ/ŶƐƵƌĂŶĐĞŽŶƐŽƌƚŝƵŵ ͲϰϴƉƉŽŝŶƚĂůĞdĂLJůŽƌĂƐƚŚĞĞƉƵƚLJƌĞƉƌĞƐĞŶƚĂƚŝǀĞĨŽƌƚŚĞdŽǁŶŽĨsŝƌŐŝůŽŶƚŚĞ'ƌĞĂƚĞƌdŽŵƉŬŝŶƐ ŽƵŶƚLJDƵŶŝĐŝƉĂů,ĞĂůƚŚ/ŶƐƵƌĂŶĐĞŽŶƐŽƌƚŝƵŵ ͲϰϵZĞĂĨĨŝƌŵdŽǁŶΖƐWĞƌƐŽŶŶĞůWŽůŝĐLJ WĞƌƐŽŶŶĞůWŽůŝĐLJŵĞŶĚŵĞŶƚƐ ͘:KhZEKZ'E/d/KE>D d/E' ƌƚŝĐůĞϯϯϵ 'ĞŶĞƌĂůDƵŶŝĐŝƉĂů >>KE^K>/d ' E Z>DhE//W>Zd/> ϯ ^ d/KEϯϵ Αϯϵ͘/ŶǀĞƐƚŵĞŶƚƉŽůŝĐŝĞƐĨŽƌůŽĐĂůŐŽǀĞƌŶŵĞŶƚƐ͘ϭ͘ ĂĐŚůŽĐĂůŐŽǀĞƌŶŵĞŶƚ͕ǁŚŝĐŚĨŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐƐĞĐƚŝŽŶƐŚĂůů ŝŶĐůƵĚĞĐŽƵŶƚŝĞƐ͕ĐŝƚŝĞƐ͕ƚŽǁŶƐ͕ǀŝůůĂŐĞƐ͕ƐĐŚŽŽůĚŝƐƚƌŝĐƚƐŝŶĐůƵĚŝŶŐďŽĂƌĚƐŽĨĐŽŽƉĞƌĂƚŝǀĞĞĚƵĐĂƚŝŽŶĂůƐĞƌǀŝĐĞƐĂŶĚĚŝƐƚƌŝĐƚ ĐŽƌƉŽƌĂƚŝŽŶƐ͕ǁŝƚŚŝŶƚŚĞŵĞĂŶŝŶŐŽĨƚŚĂƚƚĞƌŵĂƐƐĞƚŽƵƚŝŶƐƵďĚŝǀŝƐŝŽŶƚŚƌĞĞŽĨƐĞĐƚŝŽŶƐŝdžƚLJͲƐŝdžŽĨƚŚĞŐĞŶĞƌĂů ĐŽŶƐƚƌƵĐƚŝŽŶůĂǁ͕ŽƌĂŶLJŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚĂůƐƵďĚŝǀŝƐŝŽŶŽĨƚŚĞƐƚĂƚĞ͕ƐŚĂůůďLJƌĞƐŽůƵƚŝŽŶĂĚŽƉƚĂĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶǀĞƐƚŵĞŶƚƉŽůŝĐLJǁŚŝĐŚĚĞƚĂŝůƐƚŚĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚΖƐŽƉĞƌĂƚŝǀĞƉŽůŝĐLJĂŶĚŝŶƐƚƌƵĐƚŝŽŶƐƚŽŽĨĨŝĐĞƌƐĂŶĚƐƚĂĨĨƌĞŐĂƌĚŝŶŐ ƚŚĞŝŶǀĞƐƚŝŶŐ͕ŵŽŶŝƚŽƌŝŶŐĂŶĚƌĞƉŽƌƚŝŶŐŽĨĨƵŶĚƐŽĨƚŚĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚ͘dŚĞŝŶǀĞƐƚŵĞŶƚƉŽůŝĐLJƐŚĂůůďĞĂŶŶƵĂůůLJ ƌĞǀŝĞǁĞĚďLJƚŚĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚ͘ Ϯ͘&ƵŶĚƐŽĨƚŚĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚ͕ĨŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐƐĞĐƚŝŽŶ͕ƐŚĂůůĐŽŶƐŝƐƚŽĨĂůůŵŽŶĞLJƐĂŶĚŽƚŚĞƌĨŝŶĂŶĐŝĂůƌĞƐŽƵƌĐĞƐ ĂǀĂŝůĂďůĞĨŽƌŝŶǀĞƐƚŵĞŶƚďLJƚŚĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚŽŶŝƚƐŽǁŶďĞŚĂůĨŽƌŽŶďĞŚĂůĨŽĨĂŶLJŽƚŚĞƌĞŶƚŝƚLJŽƌŝŶĚŝǀŝĚƵĂů͘ ϯ͘dŚĞŝŶǀĞƐƚŵĞŶƚƉŽůŝĐLJĂĚŽƉƚĞĚďLJƚŚĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚƐŚĂůůŝŶĐůƵĚĞ͕ďƵƚŶŽƚďĞůŝŵŝƚĞĚƚŽ͕ƚŚĞĨŽůůŽǁŝŶŐ͗ ;ĂͿůŝƐƚŽĨƚŚĞƉĞƌŵŝƚƚĞĚƚLJƉĞƐŽĨŝŶǀĞƐƚŵĞŶƚƐŽĨƚŚĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚ͕ǁŚŝĐŚƐŚĂůůďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂƉƉƌŽƉƌŝĂƚĞ ƉƌŽǀŝƐŝŽŶƐŽĨůĂǁƌĞůĂƚŝŶŐƚŽƚŚĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚĂŶĚĂŶLJĂĚĚŝƚŝŽŶĂůƌĞƋƵŝƌĞŵĞŶƚƐƉƵƌƐƵĂŶƚƚŽĂŶLJĐŽŶƚƌĂĐƚǁŝƚŚ ďŽŶĚŚŽůĚĞƌƐĂŶĚŶŽƚĞŚŽůĚĞƌƐŽƌĞƐƚĂďůŝƐŚĞĚďLJƚŚĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚ͘ ;ďͿWƌŽĐĞĚƵƌĞƐĂŶĚƉƌŽǀŝƐŝŽŶƐƚŽƐĞĐƵƌĞŝŶĂƐĂƚŝƐĨĂĐƚŽƌLJŵĂŶŶĞƌƚŚĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚΖƐĨŝŶĂŶĐŝĂůŝŶƚĞƌĞƐƚŝŶŝŶǀĞƐƚŵĞŶƚƐ͘ ;ĐͿ^ƚĂŶĚĂƌĚƐĨŽƌǁƌŝƚƚĞŶĂŐƌĞĞŵĞŶƚƐƉƵƌƐƵĂŶƚƚŽǁŚŝĐŚŝŶǀĞƐƚŵĞŶƚƐĂƌĞŵĂĚĞ͘^ƵĐŚƐƚĂŶĚĂƌĚƐƐŚĂůůďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚ ƚŚĞĂƉƉƌŽƉƌŝĂƚĞƉƌŽǀŝƐŝŽŶƐŽĨůĂǁƌĞůĂƚŝŶŐƚŽƚŚĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚĂŶĚĂŶLJĂĚĚŝƚŝŽŶĂůƌĞƋƵŝƌĞŵĞŶƚƐƉƵƌƐƵĂŶƚƚŽĂŶLJ ĐŽŶƚƌĂĐƚǁŝƚŚďŽŶĚŚŽůĚĞƌƐĂŶĚŶŽƚĞŚŽůĚĞƌƐŽƌĞƐƚĂďůŝƐŚĞĚďLJƚŚĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚ͘ ;ĚͿWƌŽĐĞĚƵƌĞƐĨŽƌƚŚĞŵŽŶŝƚŽƌŝŶŐ͕ĐŽŶƚƌŽů͕ĚĞƉŽƐŝƚĂŶĚƌĞƚĞŶƚŝŽŶŽĨŝŶǀĞƐƚŵĞŶƚƐĂŶĚĐŽůůĂƚĞƌĂů͘ ;ĞͿ^ƚĂŶĚĂƌĚƐĨŽƌƐĞĐƵƌŝƚLJĂŐƌĞĞŵĞŶƚƐĂŶĚĐƵƐƚŽĚŝĂůĂŐƌĞĞŵĞŶƚƐǁŝƚŚďĂŶŬƐŽƌƚƌƵƐƚĐŽŵƉĂŶŝĞƐĂƵƚŚŽƌŝnjĞĚƚŽĚŽ ďƵƐŝŶĞƐƐŝŶƚŚĞƐƚĂƚĞŽĨEĞǁzŽƌŬ͕ƉƵƌƐƵĂŶƚƚŽǁŚŝĐŚŽďůŝŐĂƚŝŽŶƐĂŶĚĐŽůůĂƚĞƌĂůĂƌĞŚĞůĚďLJƐƵĐŚďĂŶŬƐĂŶĚƚƌƵƐƚ ĐŽŵƉĂŶŝĞƐĨŽƌƚŚĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚ͘^ƵĐŚƐƚĂŶĚĂƌĚƐƐŚĂůůďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂƉƉƌŽƉƌŝĂƚĞƉƌŽǀŝƐŝŽŶƐŽĨůĂǁƌĞůĂƚŝŶŐ ƚŽƚŚĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚĂŶĚĂŶLJĂĚĚŝƚŝŽŶĂůƌĞƋƵŝƌĞŵĞŶƚƐƉƵƌƐƵĂŶƚƚŽĂŶLJĐŽŶƚƌĂĐƚǁŝƚŚďŽŶĚŚŽůĚĞƌƐĂŶĚŶŽƚĞŚŽůĚĞƌƐŽƌ ĞƐƚĂďůŝƐŚĞĚďLJƚŚĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚ͘ ;ĨͿ^ƚĂŶĚĂƌĚƐĨŽƌƚŚĞĚŝǀĞƌƐŝĨŝĐĂƚŝŽŶŽĨŝŶǀĞƐƚŵĞŶƚƐ͕ŝŶĐůƵĚŝŶŐĚŝǀĞƌƐŝĨŝĐĂƚŝŽŶǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞƉĞƌŵŝƚƚĞĚƚLJƉĞƐŽĨ ŝŶǀĞƐƚŵĞŶƚƐůŝƐƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƉĂƌĂŐƌĂƉŚ;ĂͿŽĨƚŚŝƐƐƵďĚŝǀŝƐŝŽŶĂŶĚƚŽƚŚĞĨŝƌŵƐǁŝƚŚǁŚŽŵƚŚĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚ ƚƌĂŶƐĂĐƚƐďƵƐŝŶĞƐƐ͘^ƵĐŚƐƚĂŶĚĂƌĚƐŵĂLJĂůƐŽƐƉĞĐŝĨLJƚŚĞŵĂdžŝŵƵŵƉĞƌĐĞŶƚĂŐĞŽĨŵŽŶĞLJƐĂǀĂŝůĂďůĞĨŽƌƚĞŵƉŽƌĂƌLJ ŝŶǀĞƐƚŵĞŶƚŽƌƚŚĞŵĂdžŝŵƵŵĚŽůůĂƌĂŵŽƵŶƚƚŚĂƚƚŚĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚŝƐĂƵƚŚŽƌŝnjĞĚƚŽŝŶǀĞƐƚŝŶĂŶLJŽŶĞƉĞƌŵŝƚƚĞĚƚLJƉĞ ŽĨŝŶǀĞƐƚŵĞŶƚŽƌƉƵƌƐƵĂŶƚƚŽƚƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚĂŶLJŽŶĞĨŝƌŵ͘ ;ŐͿ^ƚĂŶĚĂƌĚƐĨŽƌƚŚĞƋƵĂůŝĨŝĐĂƚŝŽŶŽĨĨŝƌŵƐǁŝƚŚǁŚŽŵƚŚĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚƚƌĂŶƐĂĐƚƐďƵƐŝŶĞƐƐ͕ƐƵĐŚĂƐĐƌŝƚĞƌŝĂĐŽǀĞƌŝŶŐ ĐƌĞĚŝƚǁŽƌƚŚŝŶĞƐƐ͕ĞdžƉĞƌŝĞŶĐĞ͕ĐĂƉŝƚĂůŝnjĂƚŝŽŶ͕ƐŝnjĞĂŶĚĂŶLJŽƚŚĞƌĨĂĐƚŽƌƐƚŚĂƚŵĂŬĞĂĨŝƌŵĐĂƉĂďůĞĂŶĚƋƵĂůŝĨŝĞĚƚŽ ƚƌĂŶƐĂĐƚďƵƐŝŶĞƐƐǁŝƚŚƚŚĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚ͘ ;ŚͿ&ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐƐĞĐƚŝŽŶ͕ƚŚĞƚĞƌŵΗĨŝƌŵΗƐŚĂůůŝŶĐůƵĚĞ͕ďƵƚŶŽƚďĞůŝŵŝƚĞĚƚŽ͕ĂďĂŶŬŽƌƚƌƵƐƚĐŽŵƉĂŶLJĂƐĚĞĨŝŶĞĚ ŝŶƐƵďĚŝǀŝƐŝŽŶŽŶĞŽĨƐĞĐƚŝŽŶƚĞŶŽĨƚŚŝƐĐŚĂƉƚĞƌ͕ƚŚĞůĞĂĚƉĂƌƚŝĐŝƉĂŶƚŽĨĂĐŽŽƉĞƌĂƚŝǀĞŝŶǀĞƐƚŵĞŶƚĂŐƌĞĞŵĞŶƚĂƐĚĞĨŝŶĞĚ ŝŶƐƵďĚŝǀŝƐŝŽŶŽŶĞŽĨƐĞĐƚŝŽŶĨŽƌƚLJͲŶŝŶĞͲĐŽĨƚŚŝƐĐŚĂƉƚĞƌ͕ĂŶĚƚŚĞƐĞůůĞƌŽĨĂŶŽďůŝŐĂƚŝŽŶƚŚĂƚŝƐƉƵƌĐŚĂƐĞĚƉƵƌƐƵĂŶƚƚŽĂ ƌĞƉƵƌĐŚĂƐĞĂŐƌĞĞŵĞŶƚ͘ ϰ͘ ĂĐŚůŽĐĂůŐŽǀĞƌŶŵĞŶƚƐŚĂůůŚĂǀĞƚŚĞƉŽǁĞƌƚŽĂŵĞŶĚŝƚƐŝŶǀĞƐƚŵĞŶƚƉŽůŝĐLJĨƌŽŵƚŝŵĞƚŽƚŝŵĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ ƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐƐĞĐƚŝŽŶ dKtEK&s/Z'/>/Es ^dD EdWK>/z /͘dŚŝƐŝŶǀĞƐƚŵĞŶƚƉŽůŝĐLJĂƉƉůŝĞƐƚŽĂůůŵŽŶĞLJƐĂŶĚŽƚŚĞƌĨŝŶĂŶĐŝĂůƌĞƐŽƵƌĐĞƐĂǀĂŝůĂďůĞĨŽƌŝŶǀĞƐƚŵĞŶƚŽŶŝƚƐŽǁŶďĞŚĂůĨ ŽƌŽŶďĞŚĂůĨŽĨĂŶLJŽƚŚĞƌĞŶƚŝƚLJŽƌŝŶĚŝǀŝĚƵĂů͘ //͘dŚĞƉƌŝŵĂƌLJŽďũĞĐƚŝǀĞƐŽĨƚŚĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚ͛ƐŝŶǀĞƐƚŵĞŶƚĂĐƚŝǀŝƚŝĞƐ ĂƌĞ͕ŝŶŽƌĚĞƌŽĨƉƌŝŽƌŝƚLJ͗ i ƚŽĐŽŶĨŽƌŵǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞĂŶĚŽƚŚĞƌůĞŐĂůƌĞƋƵŝƌĞŵĞŶƚƐ͖ i ƚŽĂĚĞƋƵĂƚĞůLJƐĂĨĞŐƵĂƌĚƉƌŝŶĐŝƉĂů͖ i ƚŽƉƌŽǀŝĚĞƐƵĨĨŝĐŝĞŶƚůŝƋƵŝĚŝƚLJƚŽŵĞĞƚĂůůŽƉĞƌĂƚŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐ͖ i ƚŽŽďƚĂŝŶĂƌĞĂƐŽŶĂďůĞƌĂƚĞŽĨƌĞƚƵƌŶ͘ ///͘dŚĞŐŽǀĞƌŶŝŶŐďŽĂƌĚ͛ƐƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌĂĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚƉƌŽŐƌĂŵŝƐĚĞůĞŐĂƚĞĚƚŽƚŚĞdŽǁŶ ^ƵƉĞƌǀŝƐŽƌ͕ǁŚŽƐŚĂůůĞƐƚĂďůŝƐŚǁƌŝƚƚĞŶƉƌŽĐĞĚƵƌĞƐĨŽƌƚŚĞŽƉĞƌĂƚŝŽŶŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚƉƌŽŐƌĂŵĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƐĞ ŝŶǀĞƐƚŵĞŶƚŐƵŝĚĞůŝŶĞƐ͘^ƵĐŚƉƌŽĐĞĚƵƌĞƐƐŚĂůůŝŶĐůƵĚĞĂŶĂĚĞƋƵĂƚĞŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐƚƌƵĐƚƵƌĞƚŽƉƌŽǀŝĚĞĂƐĂƚŝƐĨĂĐƚŽƌLJ ůĞǀĞůŽĨĂĐĐŽƵŶƚĂďŝůŝƚLJďĂƐĞĚŽŶĂĚĂƚĂďĂƐĞŽƌƌĞĐŽƌĚƐŝŶĐŽƌƉŽƌĂƚŝŶŐĚĞƐĐƌŝƉƚŝŽŶĂŶĚĂŵŽƵŶƚƐŽĨŝŶǀĞƐƚŵĞŶƚƐ͕ ƚƌĂŶƐĂĐƚŝŽŶĚĂƚĞƐĂŶĚŽƚŚĞƌƌĞůĞǀĂŶƚŝŶĨŽƌŵĂƚŝŽŶ͕ĂŶĚƌĞŐƵůĂƚĞƚŚĞĂĐƚŝǀŝƚŝĞƐŽĨƐƵďŽƌĚŝŶĂƚĞĞŵƉůŽLJĞĞƐ͘ /s͘ůůƉĂƌƚŝĐŝƉĂŶƚƐŝŶƚŚĞŝŶǀĞƐƚŵĞŶƚƉƌŽĐĞƐƐƐŚĂůůƐĞĞŬƚŽĂĐƚƌĞƐƉŽŶƐŝďůLJĂƐĐƵƐƚŽĚŝĂŶƐŽĨƚŚĞƉƵďůŝĐƚƌƵƐƚĂŶĚƐŚĂůů ĂǀŽŝĚĂŶLJƚƌĂŶƐĂĐƚŝŽŶƚŚĂƚŵŝŐŚƚŝŵƉĂŝƌƉƵďůŝĐĐŽŶĨŝĚĞŶĐĞŝŶƚŚĞdŽǁŶŽĨsŝƌŐŝůƚŽŐŽǀĞƌŶĞĨĨĞĐƚŝǀĞůLJ͘/ŶǀĞƐƚŵĞŶƚƐƐŚĂůů ďĞŵĂĚĞǁŝƚŚũƵĚŐŵĞŶƚĂŶĚĐĂƌĞ͕ƵŶĚĞƌĐŝƌĐƵŵƐƚĂŶĐĞƐƚŚĞŶƉƌĞǀĂŝůŝŶŐ͕ǁŚŝĐŚƉĞƌƐŽŶƐŽĨƉƌƵĚĞŶĐĞ͕ĚŝƐĐƌĞƚŝŽŶĂŶĚ ŝŶƚĞůůŝŐĞŶĐĞĞdžĞƌĐŝƐĞŝŶ ƚŚĞŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞŝƌŽǁŶĂĨĨĂŝƌƐ͕ŶŽƚĨŽƌƐƉĞĐƵůĂƚŝŽŶ͕ďƵƚĨŽƌŝŶǀĞƐƚŵĞŶƚ͕ĐŽŶƐŝĚĞƌŝŶŐƚŚĞ ƐĂĨĞƚLJŽĨƚŚĞƉƌŝŶĐŝƉĂůĂƐǁĞůůĂƐƚŚĞƉƌŽďĂďůĞŝŶĐŽŵĞƚŽďĞĚĞƌŝǀĞĚ͘ůůƉĂƌƚŝĐŝƉĂŶƚƐŝŶǀŽůǀĞĚŝŶƚŚĞŝŶǀĞƐƚŵĞŶƚƉƌŽĐĞƐƐ ƐŚĂůůƌĞĨƌĂŝŶĨƌŽŵƉĞƌƐŽŶĂůďƵƐŝŶĞƐƐĂĐƚŝǀŝƚLJƚŚĂƚĐŽƵůĚĐŽŶĨůŝĐƚǁŝƚŚƉƌŽƉĞƌĞdžĞĐƵƚŝŽŶŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚƉƌŽŐƌĂŵ͕Žƌ ǁŚŝĐŚĐŽƵůĚŝŵƉĂŝƌƚŚĞŝƌĂďŝůŝƚLJƚŽŵĂŬĞŝŵƉĂƌƚŝĂůŝŶǀĞƐƚŵĞŶƚĚĞĐŝƐŝŽŶƐ͘ s͘/ƚŝƐƚŚĞƉŽůŝĐLJŽĨƚŚĞdŽǁŶŽĨsŝƌŐŝůƚŽĚŝǀĞƌƐŝĨLJŝƚƐĚĞƉŽƐŝƚƐĂŶĚŝŶǀĞƐƚŵĞŶƚƐďLJĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶ͕ďLJŝŶǀĞƐƚŵĞŶƚ ŝŶƐƚƌƵŵĞŶƚĂŶĚďLJŵĂƚƵƌŝƚLJƐĐŚĞĚƵůŝŶŐ͘ s/͘/ƚŝƐƚŚĞƉŽůŝĐLJŽĨƚŚĞdŽǁŶŽĨsŝƌŐŝůĨŽƌĂůůŵŽŶĞLJƐĐŽůůĞĐƚĞĚďLJĂŶLJŽĨĨŝĐĞƌ ŽƌĞŵƉůŽLJĞĞŽĨƚŚĞŐŽǀĞƌŶŵĞŶƚƚŽ ƚƌĂŶƐĨĞƌƚŚŽƐĞĨƵŶĚƐƚŽƚŚĞ^ƵƉĞƌǀŝƐŽƌǁŝƚŚŝŶͺͺĚĂLJƐŽĨĚĞƉŽƐŝƚ͕ŽƌǁŝƚŚŝŶƚŚĞƚŝŵĞƉĞƌŝŽĚƐƉĞĐŝĨŝĞĚŝŶůĂǁ͕ǁŚŝĐŚĞǀĞƌŝƐ ƐŚŽƌƚĞƌ͘dŚĞ^ƵƉĞƌǀŝƐŽƌŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌ ĞƐƚĂďůŝƐŚŝŶŐĂŶĚŵĂŝŶƚĂŝŶŝŶŐĂŶŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐƚƌƵĐƚƵƌĞƚŽƉƌŽǀŝĚĞ ƌĞĂƐŽŶĂďůĞ͕ďƵƚŶŽƚĂďƐŽůƵƚĞ͕ĂƐƐƵƌĂŶĐĞƚŚĂƚĚĞƉŽƐŝƚƐĂŶĚŝŶǀĞƐƚŵĞŶƚ ĂƌĞƐĂĨĞŐƵĂƌĚĞĚĂŐĂŝŶƐƚůŽƐƐĨƌŽŵƵŶĂƵƚŚŽƌŝnjĞĚ ƵƐĞŽƌĚŝƐƉŽƐŝƚŝŽŶ͕ƚŚĂƚƚƌĂŶƐĂĐƚŝŽŶƐĂƌĞĞdžĞĐƵƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŵĂŶĂŐĞŵĞŶƚ͛ƐĂƵƚŚŽƌŝnjĂƚŝŽŶĂŶĚƌĞĐŽƌĚĞĚ ƉƌŽƉĞƌůLJ͕ĂŶĚĂƌĞŵĂŶĂŐĞĚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚ ĂƉƉůŝĐĂďůĞůĂǁƐĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ s//͘dŚĞďĂŶŬƐĂŶĚƚƌƵƐƚĐŽŵƉĂŶŝĞƐĂƵƚŚŽƌŝnjĞĚĨŽƌƚŚĞĚĞƉŽƐŝƚŽĨŵŽŶŝĞƐƵƉƚŽƚŚĞĨŽůůŽǁŝŶŐŵĂdžŝŵƵŵĂŵŽƵŶƚƐĂƌĞ͗ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ s///͘/ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨ'ĞŶĞƌĂůDƵŶŝĐŝƉĂů>Ăǁ͕^ĞĐƚŝŽŶ ϭϬ͕ĂůůĚĞƉŽƐŝƚƐŽĨƚŚĞdŽǁŶŽĨsŝƌŐŝů͕ŝŶĐůƵĚŝŶŐ ĐĞƌƚŝĨŝĐĂƚĞƐŽĨĚĞƉŽƐŝƚ ĂŶĚƐƉĞĐŝĂůƚŝŵĞĚĞƉŽƐŝƚƐ͕ŝŶĞdžĐĞƐƐŽĨƚŚĞĂŵŽƵŶƚŝŶƐƵƌĞĚƵŶĚĞƌƚŚĞ ƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ&ĞĚĞƌĂů ĞƉŽƐŝƚ/ŶƐƵƌĂŶĐĞĐƚƐŚĂůůďĞƐĞĐƵƌĞĚďLJ͗ ͘ƉůĞĚŐĞŽĨ͞ĞůŝŐŝďůĞƐĞĐƵƌŝƚŝĞƐ͟ǁŝƚŚĂŶĂŐŐƌĞŐĂƚĞ͞ŵĂƌŬĞƚǀĂůƵĞŽƌĂƐƉƌŽǀŝĚĞĚďLJ'ĞŶĞƌĂůDƵŶŝĐŝƉĂů>Ăǁ͕ ^ĞĐƚŝŽŶϭϬ͕ĞƋƵĂůƚŽƚŚĞĂŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨĚĞƉŽƐŝƚƐĨƌŽŵƚŚĞĐĂƚĞŐŽƌŝĞƐĚĞƐŝŐŶĂƚĞĚŝŶ ƉƉĞŶĚŝdžƚŽƚŚĞƉŽůŝĐLJ͘ ͘ŶĞůŝŐŝďůĞ͞ŝƌƌĞǀŽĐĂďůĞůĞƚƚĞƌŽĨĐƌĞĚŝƚ͟ŝƐƐƵĞĚďLJĂƋƵĂůŝĨŝĞĚďĂŶŬŽƚŚĞƌƚŚĂŶƚŚĞďĂŶŬǁŝƚŚƚŚĞĚĞƉŽƐŝƚƐŝŶĨĂǀŽƌ ŽĨƚŚĞŐŽǀĞƌŶŵĞŶƚĨŽƌĂƚĞƌŵŶŽƚƚŽĞdžĐĞĞĚϵϬĚĂLJƐǁŝƚŚĂŶĂŐŐƌĞŐĂƚĞǀĂůƵĞĞƋƵĂůƚŽϭϰϬйŽĨƚŚĞĂŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨ ĚĞƉŽƐŝƚƐĂŶĚƚŚĞĂŐƌĞĞĚƵƉŽŶŝŶƚĞƌĞƐƚ͕ŝĨĂŶLJ͘ƋƵĂůŝĨŝĞĚďĂŶŬŝƐŽŶĞǁŚŽƐĞĐŽŵŵĞƌĐŝĂůƉĂƉĞƌĂŶĚŽƚŚĞƌƵŶƐĞĐƵƌĞĚ ƐŚŽƌƚͲƚĞƌŵĚĞďƚŽďůŝŐĂƚŝŽŶƐĂƌĞƌĂƚĞĚŝŶŽŶĞŽĨƚŚĞƚŚƌĞĞŚŝŐŚĞƐƚƌĂƚŝŶŐĐĂƚĞŐŽƌŝĞƐďLJĂƚůĞĂƐƚŽŶĞŶĂƚŝŽŶĂůůLJƌĞĐŽŐŶŝnjĞĚ ƐƚĂƚŝƐƚŝĐĂůƌĂƚŝŶŐŽƌŐĂŶŝnjĂƚŝŽŶŽƌďLJĂďĂŶŬƚŚĂƚŝƐŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůŵŝŶŝŵƵŵƌŝƐŬͲďĂƐĞĚĐĂƉŝƚĂů ƌĞƋƵŝƌĞŵĞŶƚƐ͘ ͘ŶĞůŝŐŝďůĞƐƵƌĞƚLJďŽŶĚƉĂLJĂďůĞƚŽƚŚĞŐŽǀĞƌŶŵĞŶƚĨŽƌĂŶĂŵŽƵŶƚĂƚůĞĂƐƚĞƋƵĂůƚŽϭϬϬйŽĨƚŚĞĂŐŐƌĞŐĂƚĞĂŵŽƵŶƚ ŽĨ ĚĞƉŽƐŝƚƐĂŶĚƚŚĞĂŐƌĞĞĚƵƉŽŶŝŶƚĞƌĞƐƚ͕ŝĨĂŶLJ͕ĞdžĞĐƵƚĞĚďLJĂŶŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶLJĂƵƚŚŽƌŝnjĞĚƚŽĚŽďƵƐŝŶĞƐƐŝŶEĞǁzŽƌŬ ^ƚĂƚĞ͕ǁŚŽƐĞĐůĂŝŵƐͲƉĂLJŝŶŐĂďŝůŝƚLJŝƐƌĂƚĞĚŝŶƚŚĞŚŝŐŚĞƐƚƌĂƚŝŶŐĐĂƚĞŐŽƌLJďLJĂƚůĞĂƐƚƚǁŽŶĂƚŝŽŶĂůůLJƌĞĐŽŐŶŝnjĞĚƐƚĂƚŝƐƚŝĐĂů ƌĂƚŝŶŐŽƌŐĂŶŝnjĂƚŝŽŶƐ͘ /y͘ ůŝŐŝďůĞƐĞĐƵƌŝƚŝĞƐƵƐĞĚĨŽƌĐŽůůĂƚĞƌĂůŝnjŝŶŐĚĞƉŽƐŝƚƐƐŚĂůůďĞŚĞůĚďLJƚŚĞ ĚĞƉŽƐŝƚĂƌLJ;ĂƚŚŝƌĚƉĂƌƚLJͿďĂŶŬŽƌƚƌƵƐƚ ĐŽŵƉĂŶLJƐƵďũĞĐƚƚŽƐĞĐƵƌŝƚLJĂŶĚ ĐƵƐƚŽĚŝĂůĂŐƌĞĞŵĞŶƚƐ͘dŚĞƐĞĐƵƌŝƚLJĂŐƌĞĞŵĞŶƚƐŚĂůůƉƌŽǀŝĚĞƚŚĂƚĞůŝŐŝďůĞƐĞĐƵƌŝƚŝĞƐĂƌĞ ďĞŝŶŐƉůĞĚŐĞĚƚŽƐĞĐƵƌĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚĚĞƉŽƐŝƚƐ ƚŽŐĞƚŚĞƌǁŝƚŚĂŐƌĞĞĚƵƉŽŶŝŶƚĞƌĞƐƚ͕ŝĨĂŶLJ͕ĂŶĚĂŶLJĐŽƐƚƐŽƌĞdžƉĞŶƐĞƐ ĂƌŝƐŝŶŐŽƵƚŽĨƚŚĞĐŽůůĞĐƚŝŽŶŽĨƐƵĐŚĚĞƉŽƐŝƚƐƵƉŽŶĚĞĨĂƵůƚ͘/ƚƐŚĂůůĂůƐŽ ƉƌŽǀŝĚĞƚŚĞĐŽŶĚŝƚŝŽŶƐƵŶĚĞƌǁŚŝĐŚƚŚĞƐĞĐƵƌŝƚŝĞƐ ŵĂLJďĞƐŽůĚ͕ƉƌĞƐĞŶƚĞĚĨŽƌƉĂLJŵĞŶƚ͕ƐƵďƐƚŝƚƵƚĞĚ͕ŽƌƌĞůĞĂƐĞĚĂŶĚƚŚĞĞǀĞŶƚƐǁŚŝĐŚ ǁŝůůĞŶĂďůĞƚŚĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚƚŽ ĞdžĞƌĐŝƐĞŝƚƐƌŝŐŚƚƐĂŐĂŝŶƐƚƚŚĞƉůĞĚŐĞĚƐĞĐƵƌŝƚŝĞƐ͘/ŶƚŚĞĞǀĞŶƚƚŚĂƚƚŚĞƐĞĐƵƌŝƚŝĞƐƐŚĂůůďĞĚĞůŝǀĞƌĞĚ ŝŶĂĨŽƌŵƐƵŝƚĂďůĞĨŽƌ ƚƌĂŶƐĨĞƌŽƌǁŝƚŚĂŶĂƐƐŝŐŶŵĞŶƚŝŶďůĂŶŬƚŽƚŚĞdŽǁŶŽĨsŝƌŐŝůŽƌŝƚƐĐƵƐƚŽĚŝĂůďĂŶŬ͘dŚĞĐƵƐƚŽĚŝĂůĂŐƌĞĞŵĞŶƚƐŚĂůů ƉƌŽǀŝĚĞ ƚŚĂƚƐĞĐƵƌŝƚŝĞƐŚĞůĚďLJƚŚĞďĂŶŬŽƌƚƌƵƐƚĐŽŵƉĂŶLJ͕ŽƌĐƵƐƚŽĚŝĂů ĂŐĞŶƚ͕ŽĨĂŶĚĨŽƌƚŚĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚ ǁŝůůďĞŬĞƉƚ ƐĞƉĂƌĂƚĞĂŶĚĂƉĂƌƚĨƌŽŵƚŚĞŐĞŶĞƌĂůĂƐƐĞƚƐŽĨƚŚĞĐƵƐƚŽĚŝĂůďĂŶŬŽƌƚƌƵƐƚĐŽŵƉĂŶLJĂŶĚǁŝůů ŶŽƚ͕ŝŶĂŶLJĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ďĞ ĐŽŵŵŝŶŐůĞĚǁŝƚŚŽƌďĞĐŽŵĞƉĂƌƚŽĨƚŚĞŵďĂĐŬŝŶŐĨŽƌĂŶLJŽƚŚĞƌĚĞƉŽƐŝƚŽƌŽƚŚĞƌůŝĂďŝůŝƚŝĞƐ͘dŚĞĂŐƌĞĞŵĞŶƚƐŚŽƵůĚ ƉƌŽǀŝĚĞĨŽƌƚŚĞĨƌĞƋƵĞŶĐLJŽĨƌĞǀĂůƵĂƚŝŽŶŽĨĞůŝŐŝďůĞƐĞĐƵƌŝƚŝĞƐĂŶĚĨŽƌƚŚĞƐƵďƐƚŝƚƵƚŝŽŶŽĨƐĞĐƵƌŝƚŝĞƐǁŚĞŶĂĐŚĂŶŐĞŝŶƚŚĞ ƌĂƚŝŶŐŽĨĂƐĞĐƵƌŝƚLJ ŵĂLJĐĂƵƐĞŝŶĞůŝŐŝďŝůŝƚLJ͘^ƵĐŚĂŐƌĞĞŵĞŶƚƐŚĂůůŝŶĐůƵĚĞĂůůƉƌŽǀŝƐŝŽŶŶĞĐĞƐƐĂƌLJƚŽƉƌŽǀŝĚĞƚŚĞůŽĐĂů ŐŽǀĞƌŶŵĞŶƚĂƉĞƌĨĞĐƚĞĚŝŶƚĞƌĞƐƚŝŶƚŚĞ ƐĞĐƵƌŝƚŝĞƐ͘ y͘ƐĂƵƚŚŽƌŝnjĞĚďLJ'ĞŶĞƌĂůDƵŶŝĐŝƉĂů>Ăǁ͕^ĞĐƚŝŽŶϭϭ͕ƚŚĞdŽǁŶŽĨ sŝƌŐŝůĂƵƚŚŽƌŝnjĞƐƚŚĞdŽǁŶ^ƵƉĞƌǀŝƐŽƌƚŽŝŶǀĞƐƚ ŵŽŶĞLJƐŶŽƚƌĞƋƵŝƌĞĨŽƌŝŵŵĞĚŝĂƚĞĞdžƉĞŶĚŝƚƵƌĞĨŽƌƚĞƌŵƐŶŽƚƚŽĞdžĐĞĞĚŝƚƐƉƌŽũĞĐƚĞĚĐĂƐŚ ĨůŽǁŶĞĞĚƐŝŶƚŚĞĨŽůůŽǁŝŶŐ ƚLJƉĞƐŽĨŝŶǀĞƐƚŵĞŶƚƐ͗ i ^ƉĞĐŝĂůƚŝŵĞĚĞƉŽƐŝƚĂĐĐŽƵŶƚƐ͖ i ĞƌƚŝĨŝĐĂƚĞƐŽĨĚĞƉŽƐŝƚ͖ i KďůŝŐĂƚŝŽŶƐŽĨƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŽĨŵĞƌŝĐĂ͖ i KďůŝŐĂƚŝŽŶƐŐƵĂƌĂŶƚĞĞĚďLJĂŐĞŶĐŝĞƐŽĨƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŽĨŵĞƌŝĐĂǁŚĞƌĞƚŚĞƉĂLJŵĞŶƚŽĨƉƌŝŶĐŝƉĂůĂŶĚŝŶƚĞƌĞƐƚ ĂƌĞŐƵĂƌĂŶƚĞĞĚďLJƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŽĨŵĞƌŝĐĂ͖ i KďůŝŐĂƚŝŽŶƐŽĨƚŚĞ^ƚĂƚĞŽĨEĞǁzŽƌŬ͖ i KďůŝŐĂƚŝŽŶƐŝƐƐƵĞĚƉƵƌƐƵĂŶƚƚŽ>ŽĐĂů&ŝŶĂŶĐĞ>Ăǁ͕^ĞĐƚŝŽŶϮϰ͘ϬϬŽƌϮϱ͘ϬϬ;ǁŝƚŚĂƉƉƌŽǀĂůŽĨƚŚĞ^ƚĂƚĞ ŽŵƉƚƌŽůůĞƌͿďLJĂŶLJŵƵŶŝĐŝƉĂůŝƚLJ͕ƐĐŚŽŽůĚŝƐƚƌŝĐƚŽƌĚŝƐƚƌŝĐƚĐŽƌƉŽƌĂƚŝŽŶŽƚŚĞƌƚŚĂŶƚŚĞdŽǁŶŽĨsŝƌŐŝů͖ i KďůŝŐĂƚŝŽŶƐŽĨƉƵďůŝĐĂƵƚŚŽƌŝƚŝĞƐ͕ƉƵďůŝĐŚŽƵƐŝŶŐĂƵƚŚŽƌŝƚŝĞƐ͕ƵƌďĂŶƌĞŶĞǁĂůĂŐĞŶĐŝĞƐĂŶĚŝŶĚƵƐƚƌŝĂůĚĞǀĞůŽƉŵĞŶƚ ĂŐĞŶĐŝĞƐǁŚĞƌĞƚŚĞŐĞŶĞƌĂů^ƚĂƚĞƐƚĂƚƵƚĞƐŐŽǀĞƌŶŝŶŐƐƵĐŚĞŶƚŝƚŝĞƐŽƌǁŚŽƐĞƐƉĞĐŝĨŝĐĞŶĂďůŝŶŐůĞŐŝƐůĂƚŝŽŶĂƵƚŚŽƌŝnjĞƐƐƵĐŚ ŝŶǀĞƐƚŵĞŶƚƐ͖ i ĞƌƚŝĨŝĐĂƚĞƐŽĨWĂƌƚŝĐŝƉĂƚŝŽŶ;WƐͿŝƐƐƵĞĚƉƵƌƐƵĂŶƚƚŽ'ĞŶĞƌĂůDƵŶŝĐŝƉĂů>Ăǁ͕^ĞĐƚŝŽŶϭϬϵͲď͖ i KďůŝŐĂƚŝŽŶƐŽĨƚŚŝƐůŽĐĂůŐŽǀĞƌŶŵĞŶƚ͕ďƵƚŽŶůLJǁŝƚŚĂŶLJŵŽŶĞLJƐŝŶĂƌĞƐĞƌǀĞĨƵŶĚĞƐƚĂďůŝƐŚĞĚƉƵƌƐƵĂŶƚƚŽ 'ĞŶĞƌĂůDƵŶŝĐŝƉĂů>Ăǁ͕^ĞĐƚŝŽŶϲͲĐ͕ϲͲĚ͕ϲͲĞ͕ϲͲŐ͕ϲͲŚ͕ϲͲũ͕ϲͲŬ͕ϲͲů͕ϲͲŵŽƌϲͲŶ͘ ůůŝŶǀĞƐƚŵĞŶƚŽďůŝŐĂƚŝŽŶƐƐŚĂůůďĞƉĂLJĂďůĞŽƌƌĞĚĞĞŵĂďůĞĂƚƚŚĞŽƉƚŝŽŶŽĨƚŚĞdŽǁŶŽĨsŝƌŐŝůǁŝƚŚŝŶƐƵĐŚƚŝŵĞƐĂƐƚŚĞ ƉƌŽĐĞĞĚƐǁŝůůďĞŶĞĞĚĞĚƚŽŵĞĞƚĞdžƉĞŶĚŝƚƵƌĞƐĨŽƌƉƵƌƉŽƐĞƐĨŽƌǁŚŝĐŚƚŚĞŵŽŶĞLJƐǁĞƌĞƉƌŽǀŝĚĞĚĂŶĚ͕ŝŶƚŚĞĐĂƐĞŽĨ ŽďůŝŐĂƚŝŽŶƐƉƵƌĐŚĂƐĞĚǁŝƚŚƚŚĞƉƌŽĐĞĞĚƐŽĨďŽŶĚƐŽƌŶŽƚĞƐ͕ƐŚĂůůďĞƉĂLJĂďůĞŽƌƌĞĚĞĞŵĂďůĞĂƚƚŚĞŽƉƚŝŽŶŽĨƚŚĞdŽǁŶŽĨ sŝƌŐŝůǁŝƚŚŝŶƚǁŽLJĞĂƌƐŽĨƚŚĞĚĂƚĞŽĨƉƵƌĐŚĂƐĞ͘ y/͘dŚĞdŽǁŶŽĨsŝƌŐŝůƐŚĂůůŵĂŝŶƚĂŝŶĂůŝƐƚŽĨĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶƐĂŶĚĚĞĂůĞƌƐĂƉƉƌŽǀĞĚĨŽƌŝŶǀĞƐƚŵĞŶƚƉƵƌƉŽƐĞƐĂŶĚ ĞƐƚĂďůŝƐŚĂƉƉƌŽƉƌŝĂƚĞůŝŵŝƚƐƚŽƚŚĞĂŵŽƵŶƚŽĨŝŶǀĞƐƚŵĞŶƚƐǁŚŝĐŚĐĂŶďĞŵĂĚĞǁŝƚŚĞĂĐŚĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶŽƌĚĞĂůĞƌ͘ ůůĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶƐǁŝƚŚǁŚŝĐŚƚŚĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚĐŽŶĚƵĐƚƐďƵƐŝŶĞƐƐŵƵƐƚďĞĐƌĞĚŝƚǁŽƌƚŚLJ͘ĂŶŬƐƐŚĂůůƉƌŽǀŝĚĞ ƚŚĞŝƌŵŽƐƚƌĞĐĞŶƚŽŶƐŽůŝĚĂƚĞĚZĞƉŽƌƚŽĨŽŶĚŝƚŝŽŶ;ĂůůZĞƉŽƌƚͿĂƚƚŚĞƌĞƋƵĞƐƚŽĨƚŚĞdŽǁŶŽĨsŝƌŐŝů͘^ĞĐƵƌŝƚLJĚĞĂůĞƌƐ ŶŽƚĂĨĨŝůŝĂƚĞĚǁŝƚŚĂďĂŶŬƐŚĂůůďĞƌĞƋƵŝƌĞĚƚŽďĞĐůĂƐƐŝĨŝĞĚĂƐƌĞƉŽƌƚŝŶŐĚĞĂůĞƌƐĂĨĨŝůŝĂƚĞĚǁŝƚŚƚŚĞEĞǁzŽƌŬ&ĞĚĞƌĂů ZĞƐĞƌǀĞĂŶŬĂƐƉƌŝŵĂƌLJĚĞĂůĞƌ͘dŚĞdŽǁŶ^ƵƉĞƌǀŝƐŽƌŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌĞǀĂůƵĂƚŝŶŐƚŚĞĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂŶĚŵĂŝŶƚĂŝŶŝŶŐ ĂůŝƐƚŝŶŐŽĨƉƌŽƉŽƐĞĚĚĞƉŽƐŝƚŽƌŝĞƐ͕ƚƌĂĚŝŶŐƉĂƌƚŶĞƌƐĂŶĚĐƵƐƚŽĚŝĂŶƐ͘^ƵĐŚůŝƐƚŝŶŐƐŚĂůůďĞĞǀĂůƵĂƚĞĚĂƚůĞĂƐƚĂŶŶƵĂůůLJ͘ y//͘dŚĞdŽǁŶ^ƵƉĞƌǀŝƐŽƌŝƐĂƵƚŚŽƌŝnjĞĚƚŽĐŽŶƚƌĂĐƚĨŽƌƚŚĞƉƵƌĐŚĂƐĞŽĨŝŶǀĞƐƚŵĞŶƚƐ͗ ͘ŝƌĞĐƚůLJ͕ŶŽƚŝŶĐůƵĚŝŶŐƚŚƌŽƵŐŚĂƌĞƉƵƌĐŚĂƐĞĂŐƌĞĞŵĞŶƚ͕ĨƌŽŵĂŶĂƵƚŚŽƌŝnjĞĚƚƌĂĚŝŶŐƉĂƌƚŶĞƌ͘ ͘LJƉĂƌƚŝĐŝƉĂƚŝŽŶŝŶĂĐŽŽƉĞƌĂƚŝǀĞŝŶǀĞƐƚŵĞŶƚƉƌŽŐƌĂŵǁŝƚŚĂŶŽƚŚĞƌ ĂƵƚŚŽƌŝnjĞĚŐŽǀĞƌŶŵĞŶƚĂůĞŶƚŝƚLJƉƵƌƐƵĂŶƚƚŽ ƌƚŝĐůĞϱ'ŽĨƚŚĞ'ĞŶĞƌĂůDƵŶŝĐŝƉĂů>ĂǁǁŚĞƌĞƐƵĐŚƉƌŽŐƌĂŵŵĞĞƚƐĂůůƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐƐĞƚĨŽƌƚŚŝŶƚŚĞKĨĨŝĐĞŽĨƚŚĞ ^ƚĂƚĞŽŵƉƚƌŽůůĞƌKƉŝŶŝŽŶEŽ͘ϴϴͲϰϲ͕ĂŶĚƚŚĞƐƉĞĐŝĨŝĐƉƌŽŐƌĂŵŚĂƐďĞĞŶĂƵƚŚŽƌŝnjĞĚďLJƚŚĞŐŽǀĞƌŶŝŶŐďŽĂƌĚ͘ ͘LJƵƚŝůŝnjŝŶŐĂŶŽŶŐŽŝŶŐŝŶǀĞƐƚŵĞŶƚƉƌŽŐƌĂŵǁŝƚŚĂŶĂƵƚŚŽƌŝnjĞƚƌĂĐŬŝŶŐƉĂƌƚŶĞƌƉƵƌƐƵĂŶƚƚŽĂĐŽŶƚƌĂĐƚĂƵƚŚŽƌŝnjĞĚďLJ ƚŚĞŐŽǀĞƌŶŝŶŐďŽĂƌĚ͘ ůůƉƵƌĐŚĂƐĞĚŽďůŝŐĂƚŝŽŶƐ͕ƵŶůĞƐƐƌĞŐŝƐƚĞƌĞĚŽƌŝŶƐĐƌŝďĞĚŝŶƚŚĞŶĂŵĞŽĨƚŚĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚ͕ƐŚĂůůďĞƉƵƌĐŚĂƐĞĚ ƚŚƌŽƵŐŚ͕ĚĞůŝǀĞƌĞĚƚŽĂŶĚŚĞůĚŝŶƚŚĞĐƵƐƚŽĚLJŽĨĂďĂŶŬŽƌƚƌƵƐƚĐŽŵƉĂŶLJ͘^ƵĐŚŽďůŝŐĂƚŝŽŶƐƐŚĂůůďĞƉƵƌĐŚĂƐĞĚ͕ƐŽůĚŽƌ ƉƌĞƐĞŶƚĞĚĨŽƌƌĞĚĞŵƉƚŝŽŶŽƌƉĂLJŵĞŶƚďLJƐƵĐŚďĂŶŬŽƌƚƌƵƐƚĐŽŵƉĂŶLJŽŶůLJŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƉƌŝŽƌǁƌŝƚƚĞŶ ĂƵƚŚŽƌŝnjĂƚŝŽŶĨƌŽŵƚŚĞŽĨĨŝĐĞƌĂƵƚŚŽƌŝnjĞĚƚŽŵĂŬĞƚŚĞŝŶǀĞƐƚŵĞŶƚ͘ůůƐƵĐŚƚƌĂŶƐĂĐƚŝŽŶƐƐŚĂůůďĞĐŽŶĨŝƌŵĞĚŝŶǁƌŝƚŝŶŐƚŽ ƚŚĞdŽǁŶŽĨsŝƌŐŝůďLJƚŚĞďĂŶŬŽƌƚƌƵƐƚĐŽŵƉĂŶLJ͘ŶLJŽďůŝŐĂƚŝŽŶ ŚĞůĚŝŶƚŚĞĐƵƐƚŽĚLJŽĨĂďĂŶŬŽƌƚƌƵƐƚĐŽŵƉĂŶLJƐŚĂůůďĞ ŚĞůĚƉƵƌƐƵĂŶƚƚŽĂǁƌŝƚƚĞŶĐƵƐƚŽĚŝĂůĂŐƌĞĞŵĞŶƚ ĂƐĚĞƐĐƌŝďĞĚŝŶ'ĞŶĞƌĂůDƵŶŝĐŝƉĂů>Ăǁ͕^ĞĐƚŝŽŶϭϬ͘dŚĞĐƵƐƚŽĚŝĂů ĂŐƌĞĞŵĞŶƚƐŚĂůůƉƌŽǀŝĚĞƚŚĂƚƐĞĐƵƌŝƚŝĞƐŚĞůĚďLJƚŚĞďĂŶŬŽƌƚƌƵƐƚĐŽŵƉĂŶLJ͕ĂƐĐƵƐƚŽĚŝĂůĂŐĞŶƚ͕ŽĨĂŶĚĨŽƌƚŚĞůŽĐĂů ŐŽǀĞƌŶŵĞŶƚǁŝůůďĞŬĞƉƚƐĞƉĂƌĂƚĞĂŶĚĂƉĂƌƚĨƌŽŵƚŚĞŐĞŶĞƌĂůĂƐƐĞƚƐŽĨƚŚĞĐƵƐƚŽĚŝĂůďĂŶŬŽƌƚƌƵƐƚĐŽŵƉĂŶLJĂŶĚǁŝůůŶŽƚ͕ ŝŶĂŶLJĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ďĞĐŽŵŵŝŶŐůĞĚ ǁŝƚŚŽƌďĞĐŽŵĞƉĂƌƚŽĨƚŚĞďĂĐŬŝŶŐ ĨŽƌĂŶLJŽƚŚĞƌĚĞƉŽƐŝƚŽƌŽƚŚĞƌ ůŝĂďŝůŝƚŝĞƐ͘dŚĞ ĂŐƌĞĞŵĞŶƚƐŚĂůůĚĞƐĐƌŝďĞŚŽǁƚŚĞĐƵƐƚŽĚŝĂŶƐŚĂůůĐŽŶĨŝƌŵƚŚĞƌĞĐĞŝƉƚĂŶĚƌĞůĞĂƐĞŽĨƚŚĞƐĞĐƵƌŝƚŝĞƐ͘^ƵĐŚĂŐƌĞĞŵĞŶƚƐŚĂůů ŝŶĐůƵĚĞĂůůƉƌŽǀŝƐŝŽŶƐŶĞĐĞƐƐĂƌLJƚŽ ƉƌŽǀŝĚĞƚŚĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚĂ ƉĞƌĨĞĐƚĞĚŝŶƚĞƌĞƐƚŝŶƚŚĞƐĞĐƵƌŝƚŝĞƐ͘ y///͘ZĞƉƵƌĐŚĂƐĞĂŐƌĞĞŵĞŶƚƐĂƌĞĂƵƚŚŽƌŝnjĞĚĨŽƌƚŚĞdŽǁŶŽĨsŝƌŐŝů͘ ƉƉĞŶĚŝdž^ĐŚĞĚƵůĞŽĨ ůŝŐŝďůĞ^ĞĐƵƌŝƚŝĞƐ ;ŝͿKďůŝŐĂƚŝŽŶƐŝƐƐƵĞĚ͕ŽƌĨƵůůLJŝŶƐƵƌĞĚŽƌŐƵĂƌĂŶƚĞĞĚĂƐƚŽƚŚĞƉĂLJŵĞŶƚŽĨ ƉƌŝŶĐŝƉĂůĂŶĚŝŶƚĞƌĞƐƚ͕ďLJƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŽĨ ŵĞƌŝĐĂ͕ĂŶĂŐĞŶĐLJƚŚĞƌĞŽĨŽƌĂhŶŝƚĞĚ^ƚĂƚĞƐŐŽǀĞƌŶŵĞŶƚƐƉŽŶƐŽƌĞĚĐŽƌƉŽƌĂƚŝŽŶ͘ ;ŝŝͿKďůŝŐĂƚŝŽŶƐƉĂƌƚŝĂůůLJŝŶƐƵƌĞĚŽƌŐƵĂƌĂŶƚĞĞĚďLJĂŶLJĂŐĞŶĐLJŽĨƚŚĞhŶŝƚĞĚ ^ƚĂƚĞƐŽĨŵĞƌŝĐĂ͕ĂƚĂƉƌŽƉŽƌƚŝŽŶŽĨƚŚĞ ŵĂƌŬĞƚǀĂůƵĞŽĨƚŚĞŽďůŝŐĂƚŝŽŶ ƚŚĂƚƌĞƉƌĞƐĞŶƚƐƚŚĞĂŵŽƵŶƚŽĨƚŚĞŝŶƐƵƌĂŶĐĞŽƌŐƵĂƌĂŶƚLJ͘ ;ŝŝŝͿKďůŝŐĂƚŝŽŶƐŝƐƐƵĞĚŽƌĨƵůůLJŝŶƐƵƌĞĚŽƌŐƵĂƌĂŶƚĞĞĚďLJƚŚĞ^ƚĂƚĞŽĨEĞǁzŽƌŬ͕ŽďůŝŐĂƚŝŽŶƐŝƐƐƵĞĚďLJĂŵƵŶŝĐŝƉĂů ĐŽƌƉŽƌĂƚŝŽŶ͕ƐĐŚŽŽůĚŝƐƚƌŝĐƚŽĨĚŝƐƚƌŝĐƚĐŽƌƉŽƌĂƚŝŽŶŽĨƐƵĐŚ^ƚĂƚĞŽƌŽďůŝŐĂƚŝŽŶƐŽĨĂŶLJƉƵďůŝĐďĞŶĞĨŝƚ ĐŽƌƉŽƌĂƚŝŽŶǁŚŝĐŚ͕ ƵŶĚĞƌĂƐƉĞĐŝĨŝĐ^ƚĂƚĞƐƚĂƚƵƚĞ͕ŵĂLJďĞĂĐĐĞƉƚĞĚĂƐ ƐĞĐƵƌŝƚLJĨŽƌĚĞƉŽƐŝƚŽĨƉƵďůŝĐŵŽŶĞLJƐ͘ ;ŝǀͿKďůŝŐĂƚŝŽŶƐŝƐƐƵĞĚďLJƐƚĂƚĞƐ;ŽƚŚĞƌƚŚĂŶƚŚĞ^ƚĂƚĞŽĨEĞǁzŽƌŬͿŽĨƚŚĞ hŶŝƚĞĚ^ƚĂƚĞƐŽĨŵĞƌŝĐĂƌĂƚĞĚŝŶŽŶĞŽĨƚŚĞ ƚŚƌĞĞŚŝŐŚĞƐƚƌĂƚŝŶŐĐĂƚĞŐŽƌŝĞƐďLJĂƚůĞĂƐƚŽŶĞŶĂƚŝŽŶĂůůLJƌĞĐŽŐŶŝnjĞĚƐƚĂƚŝƐƚŝĐĂůƌĂƚŝŶŐŽƌŐĂŶŝnjĂƚŝŽŶ͘ ;ǀͿKďůŝŐĂƚŝŽŶƐŽĨĐŽƵŶƚŝĞƐ͕ĐŝƚŝĞƐĂŶĚŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚĂůĞŶƚŝƚŝĞƐŽĨĂƐƚĂƚĞŽƚŚĞƌƚŚĂŶƚŚĞ^ƚĂƚĞŽĨEĞǁzŽƌŬŚĂǀŝŶŐƚŚĞ ƉŽǁĞƌƚŽůĞǀLJƚĂdžĞƐƚŚĂƚ ĂƌĞďĂĐŬĞĚďLJƚŚĞĨƵůůĨĂŝƚŚĂŶĚĐƌĞĚŝƚŽĨƐƵĐŚŐŽǀĞƌŶŵĞŶƚĂůĞŶƚŝƚLJĂŶĚ ƌĂƚĞĚŝŶŽŶĞŽĨƚŚĞƚŚƌĞĞ ŚŝŐŚĞƐƚƌĂƚŝŶŐĐĂƚĞŐŽƌŝĞƐďLJĂƚůĞĂƐƚŽŶĞ ŶĂƚŝŽŶĂůůLJƌĞĐŽŐŶŝnjĞĚ ƐƚĂƚŝƐƚŝĐĂůƌĂƚŝŶŐŽƌŐĂŶŝnjĂƚŝŽŶ͘ ϭ ͮW Ă Ő Ğ Z ^K>hd/KEKWd/E'WZKhZ D EdWK>/z&KZd, dKtEK&s/Z'/>͕E tzKZ< ƵƌŝŶŐĂƌĞŐƵůĂƌŵĞĞƚŝŶŐŽĨƚŚĞdŽǁŶŽĂƌĚŽĨƚŚĞdŽǁŶŽĨsŝƌŐŝů͕ŽƌƚůĂŶĚŽƵŶƚLJ͕^ƚĂƚĞŽĨ EĞǁzŽƌŬ͕ŚĞůĚĂƚƚŚĞsŝƌŐŝůdŽǁŶ,Ăůů͕ϭϭϳϲŚƵƌĐŚ^ƚƌĞĞƚ͕ŽƌƚůĂŶĚ͕Ez ͕ŽŶ^ĞƉƚĞŵďĞƌϭϭ͕ϮϬϭϰ ƚŚĞĨŽůůŽǁŝŶŐƌĞƐŽůƵƚŝŽŶǁĂƐĚƵůLJŵĂĚĞŽŶƚŚĞŵŽƚŝŽŶŽĨDĞŵďĞƌĂůĞdĂLJůŽƌ ͕ĂŶĚƐĞĐŽŶĚĞĚďLJDĞŵďĞƌ ŚƌŝƐƚŝŶĞƉƉůĞŐĂƚĞ ͕ĂŶĚ ƚŚĞƌŽůůĐĂůůǀŽƚĞǁĂƐĂƐĨŽůůŽǁƐ͗LJĞƐͲ ϱ͕EĂLJƐͲ Ϭ͘ t, Z ^͕^ĞĐƚŝŽŶϭϬϰͲďŽĨƚŚĞ'ĞŶĞƌĂůDƵŶŝĐŝƉĂů>ĂǁƌĞƋƵŝƌĞƐƚŚĞŐŽǀĞƌŶŝŶŐďŽĚLJŽĨĞǀĞƌLJŵƵŶŝĐŝƉĂůŝƚLJƚŽ ĂĚŽƉƚŝŶƚĞƌŶĂůƉŽůŝĐŝĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐŐŽǀĞƌŶŝŶŐĂůůƉƌŽĐƵƌĞŵĞŶƚŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐǁŚŝĐŚĂƌĞ ŶŽƚƐƵďũĞĐƚ ƚŽƚŚĞďŝĚĚŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞ'ĞŶĞƌĂůDƵŶŝĐŝƉĂů>Ăǁ^ĞĐƚŝŽŶϭϬϯŽƌĂŶLJŽ ƚŚĞƌůĂǁ͖ĂŶĚ t, Z ^͕ĐŽŵŵĞŶƚƐ ŚĂǀĞďĞĞŶƐŽůŝĐŝƚĞĚĨƌŽŵƚŚŽƐĞŽĨĨŝĐĞƌƐŽĨƚŚĞƚŽǁŶŝŶǀŽůǀĞĚǁŝƚŚƚŚĞƉƌŽĐƵƌĞŵĞŶƚŝŶ ĂŶĚĨŽƌƚŚĞdŽǁŶŽĨsŝƌŐŝů͖ŶŽǁ͕ƚŚĞƌĞĨŽƌĞ /dZ ^K>s ͕ƚŚĂƚƚŚĞdŽǁŶŽĂƌĚŽĨƚŚĞdŽǁŶŽĨsŝƌŐŝůĚŽĞƐŚĞƌĞďLJ ĂĚŽƉƚƚŚĞĨŽůůŽǁŝŶŐƉƌŽĐƵƌĞŵĞŶƚ ƉŽůŝĐLJǁŚŝĐŚŝƐŝŶƚĞŶĚĞĚƚŽĂƉƉůLJƚŽĂůůŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐǁŚŝĐŚĂƌĞŶŽƚƌĞƋƵŝƌĞĚďLJůĂǁƚŽďĞƐƵďũĞĐƚƚŽƚŚĞ ďŝĚĚŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐŽĨ'ĞŶĞƌĂůDƵŶŝĐŝƉĂů>Ăǁ^ĞĐƚŝŽŶϭϬϯŽƌĂŶLJŽƚŚĞƌ>Ăǁ͘ ĂƚĞĚ͗ dŚĞƵŶĚĞƌƐŝŐŶĞĚ͕ůĂŶĞsĂŶŽŶƐĞů͕dŽǁŶůĞƌŬŽĨ ƚŚĞdŽǁŶŽĨsŝƌŐŝů͕ŚĞƌĞďLJĐĞƌƚŝĨŝĞƐƚŚĂƚƚŚĞĨŽƌĞŐŽŝŶŐ ƌĞƐŽůƵƚŝŽŶŝƐĂƚƌƵĞĂŶĚĐŽƌƌĞĐƚĐŽƉLJŽĨƚŚĞŽƌŝŐŝŶĂůZ ^K>hd/KEKWd/E'WZKhZ D EdWK>/z&KZd, dKtEK&s/Z'/>͕E tzKZ<͕ĂĚŽƉƚĞĚďLJƚŚĞsŝƌŐŝůdŽǁŶŽĂƌĚĂƐĂŵĞĞƚŝŶŐŽĨƐĂŝĚŽĂƌĚŚĞůĚĂƚƚ ŚĞsŝƌŐŝů dŽǁŶ,ĂůůŽŶ ^ĞƉƚĞŵďĞƌϭϭ͕ϮϬϭϰ͕ĂŶĚƚŚĂƚƐĂŝĚƌĞƐŽůƵƚŝŽŶǁĂƐĚƵůLJĂĚŽƉƚĞĚďLJƚŚĞsŝƌŐŝůdŽǁŶŽĂƌĚĂƚĂ ƌĞŐƵůĂƌŵĞĞƚŝŶŐĚƵůLJĐĂůůĞĚĂŶĚŚĞůĚŽŶ^ĞƉƚĞŵďĞƌϭϭ͕ϮϬϭϰ ͘/ŶǁŝƚŶĞƐƐǁŚĞƌĞŽĨ͕/ŚĂǀĞŚĞƌĞƵŶƚŽƐĞƚŵLJ ŚĂŶĚĂŶĚƐĞĂůŽĨƚŚĞdŽǁŶŽĨsŝƌŐŝůƚŚŝƐϭϱƚŚĚĂLJŽĨ^ĞƉƚĞŵďĞƌ ͕ϮϬϭϰ͘ ůĂŶĞsĂŶŽŶƐĞů sŝƌŐŝůdŽǁŶůĞƌŬ Ϯ ͮW Ă Ő Ğ WZKhZ D Ed WK>/z &KZd, dKtEK&s/Z'/> ^ d/KE/ ͘ ǀĞƌLJƉƌŽƐƉĞĐƚŝǀĞƉƵƌĐŚĂƐĞŽĨŐŽŽĚƐŽƌĐŽŶƚƌĂĐƚĨŽƌƐĞƌǀŝĐĞŵƵƐƚďĞŝŶŝƚŝĂůůLJƌĞǀŝĞǁĞĚƚŽĚĞƚĞƌŵŝŶĞ ǁŚĞƚŚĞƌŝƚŝƐĂƉƵƌĐŚĂƐĞŽƌĂƉƵďůŝĐǁŽƌŬƐĐŽŶƚƌĂĐƚ͘KŶĐĞƚŚĂƚĚĞƚĞƌŵŝŶĂƚŝŽŶŝƐŵĂĚĞ͕ĂŐŽŽĚĨĂŝƚŚ ĞĨĨŽƌƚƐŚĂůůďĞŵĂĚĞƚŽĚĞƚĞƌŵŝŶĞǁŚĞƚŚĞƌŝƚŝƐŬŶŽǁŶŽƌĐĂŶƌĞĂƐŽŶĂďůLJďĞĞdžƉĞĐƚĞĚƚŚĂƚƚŚĞ ĂŐŐƌĞŐĂƚĞĂŵŽƵŶƚƚŽďĞƐƉĞŶƚŽŶƚŚĞŝƚĞŵŽĨƐƵƉƉůLJŽƌƐĞƌǀŝĐĞŝƐŽƌŝƐŶŽƚƐƵďũĞĐƚƚŽĐŽŵƉĞƚŝƚŝǀĞ ďŝĚĚŝŶŐ͕ƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƉĂƐƚƉƵƌĐŚĂƐĞƐĂŶĚƚŚĞĂŐŐƌĞŐĂƚĞĂŵŽƵŶƚƚŽďĞƐƉĞŶƚŝŶĂLJĞĂƌ͘ ͘dŚĞĨŽůůŽǁŝŶŐĂƌĞŶŽƚƐƵďũĞĐƚƚŽĐŽŵƉĞƚŝƚŝǀĞďŝĚĚŝŶŐƉƵƌƐƵĂŶƚƚŽƚŚĞ'ĞŶĞƌĂůDƵŶŝĐŝƉĂů>Ăǁ;'D>Ϳ͕ďƵƚ ĂƌĞƐƵďũĞĐƚƚŽƚŚŝƐƉƌŽĐƵƌĞŵĞŶƚƉŽůŝĐLJ͗ ;ϭͿ WƵƌĐŚĂƐĞĐŽŶƚƌĂĐƚƐƵŶĚĞƌΨϮϬ͕ϬϬϬ͘ϬϬ;'D>^ĞĐƚŝŽŶϭϬϯͿ͖ ;ϮͿ WƵďůŝĐǁŽƌŬƐĐŽŶƚƌĂĐƚƐƵŶĚĞƌΨϯϱ͕ϬϬϬ͘ϬϬ;'D>^ĞĐƚŝŽŶϭϬϯͿ͖ ;ϯͿ WƵƌĐŚĂƐĞŽŶƐƚĂƚĞĐŽŶƚƌĂĐƚƚŚƌŽƵŐŚƚŚĞKĨĨŝĐĞŽĨ'ĞŶĞƌĂů^ĞƌǀŝĐĞƐ;'D>^ĞĐƚŝŽŶ ϭϬϰͿ ;ϰͿ WƵƌĐŚĂƐĞŽƌǁŽƌŬŝƐƌĞƋƵŝƌĞĚďLJǀŝƌƚƵĞŽĨĂƉƵďůŝĐĞŵĞƌŐĞŶĐLJĂƌŝƐŝŶŐŽƵƚŽĨĂŶĂĐĐŝĚĞŶƚ ŽƌƵŶĨŽƌĞƐĞĞŶŽĐĐƵƌƌĞŶĐĞ;'D>^ĞĐƚŝŽŶ ϭϬϯͿ͖ ;ϱͿ WƵƌĐŚĂƐĞŽĨƐƵƌƉůƵƐŽƌƐĞĐŽŶĚʹŚĂŶĚƐƵƉƉůŝĞƐ͕ŵĂƚĞƌŝĂůƐŽƌĞƋƵŝƉŵĞŶƚ ĨƌŽŵƚŚĞĨĞĚĞƌĂů ŐŽǀĞƌŶŵĞŶƚ͕ƚŚĞ^ƚĂƚĞŽĨEĞǁzŽƌŬ ŽƌĂŶLJŽƚŚĞƌƉŽůŝƚŝĐĂůƐƵďĚŝǀŝƐŝŽŶ͕ĚŝƐƚƌŝĐƚŽƌƉƵďůŝĐ ďĞŶĞĨŝƚĐŽƌƉŽƌĂƚŝŽŶ;'D>^ĞĐƚŝŽŶϭϬϯͿ͖ ;ϲͿ ŽŶƚƌĂĐƚƐĨŽƌƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐŽƌƚŚŽƐĞƌĞƋƵŝƌŝŶŐƐƉĞĐŝĂůŽƌƚĞĐŚŶŝĐĂůƐŬŝůůŽƌ ĞdžƉĞƌƚŝƐĞ͖ ;ϳͿ tŚĞƌĞƚŚĞƐƵďũĞĐƚŽĨƚŚĞĐŽŶƚƌĂĐƚŝƐĐŽŶƚƌŽůůĞĚďLJĂƐŽůĞƐŽƵƌĐĞƐŽƚŚĂƚƚŚĞƌĞŝƐŶŽ ƉŽƐƐŝďŝůŝƚLJŽĨĐŽŵƉĞƚŝƚŝŽŶ͖ ;ϴͿ WƵƌĐŚĂƐĞƐŵĂĚĞƵŶĚĞƌĐŽƵŶƚLJĐŽŶƚƌĂĐƚ;'D>^ĞĐƚŝŽŶϭϬϯͿ͖ĂŶĚ ;ϵͿ dƌƵĞůĞĂƐĞƐ;'D>^ĞĐƚŝŽŶϭϬϯͿ͘ ;ϭϬͿ WƵƌĐŚĂƐĞƐǁŚŝĐŚĐŽŵƉůLJǁŝƚŚƚŚĞĂƚƚĂĐŚĞĚWŝŐŐLJďĂĐŬŝŶŐWŽůŝĐLJ ͘dŚĞĚĞĐŝƐŝŽŶƚŚĂƚĂƉƵƌĐŚĂƐĞŽƌƉƵďůŝĐǁŽƌŬƐĐŽŶƚƌĂĐƚŝƐŶŽƚƐƵďũĞĐƚƚŽĐŽŵƉĞƚŝƚŝǀĞďŝĚĚŝŶŐŵƵƐƚďĞ ĚŽĐƵŵĞŶƚĞĚŝŶǁƌŝƚŝŶŐďLJƚŚĞƉĞƌƐŽŶŵĂŬŝŶŐƚŚĞƉƵƌĐŚĂƐĞŽƌĐŽŶƚƌĂĐƚĨŽƌƐĞƌǀŝĐĞƐ;͞ƉƵƌĐŚĂƐĞƌ͟Ϳ͘dŚŝƐ ĚŽĐƵŵĞŶƚĂƚŝŽŶŵĂLJŝŶĐůƵĚĞdŽǁŶŽĂƌĚƌĞƐŽůƵƚŝŽŶƐ͕ŵŝŶƵƚĞƐŽƌŵĞŵŽƌĂŶĚĂ͕ǁƌŝƚƚĞŶŽƌǀĞƌďĂůƋƵŽƚĞƐ ĨƌŽŵǀĞŶĚŽƌƐ͕ƚĞůĞƉŚŽŶĞůŽŐƐ;ĨŽƌǀĞƌďĂůƋƵŽƚĞƐͿ͕ƌĞƋƵĞƐƚƐĨŽƌƉƌŽƉŽƐĂůƐ;Z&WͿ͕ǁƌŝƚƚĞŶŽƌǀĞƌďĂů ƉƌŽƉŽƐĂůĨƌŽŵĐŽŶƚƌĂĐƚŽƌƐ͕ĐŽŶƚƌĂĐƚƐ;Ğ͘Ő͘ĐŽƉŝĞƐŽĨ^ƚĂƚĞͬŽƵŶƚLJ ĐŽŶƚƌĂĐƚƐͿ͕ĂĐŽƉLJŽĨƚŚĞĐŽŶƚƌĂĐƚŽƌ ƉƌŽƉŽƐĂůŝŶĚŝĐĂƚŝŶŐƚŚĞƐŽƵƌĐĞǁŚŝĐŚŵĂŬĞƐƚŚĞŝƚĞŵŽƌǁŚŝĐŚǁŝůůƉƌŽǀŝĚĞƚŚĞƐĞƌǀŝĐĞ͕ĐŚĞĐŬůŝƐƚƐ͕ ĨůŽǁĐŚĂƌƚƐ͕ĂŵĞŵŽĨƌŽŵƚŚĞƉƵƌĐŚĂƐĞƌŝŶĚŝĐĂƚŝŽŶŚŽǁƚŚĞĚĞĐŝƐŝŽŶǁĂƐĂƌƌŝǀĞĚĂƚ͕ĂŶĚ ͬŽƌĚĞƚĂŝůŝŶŐ ƚŚĞĐŝƌĐƵŵƐƚĂŶĐĞƐǁŚŝĐŚůĞĚƚŽĂŶĞŵĞƌŐĞŶĐLJƉƵƌĐŚĂƐĞ͕ŽƌĂŶLJŽƚŚĞƌǁƌŝƚƚĞŶĚŽĐƵŵĞŶƚĂƚŝŽŶƚŚŝƐŝƐ ĂƉƉƌŽƉƌŝĂƚĞ͘ ϯ ͮW Ă Ő Ğ ^ d/KE// ůůŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐǁŚŝĐŚĂƌĞŶŽƚƐƵďũĞĐƚƚŽĐŽŵƉůĞƚŝǀĞďŝĚĚŝŶŐ ŽƌŽƚŚĞƌǁŝƐĞƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚĞ ƉŽůŝĐLJǁŝůůďĞƐĞĐƵƌĞĚďLJƵƐĞŽĨǁƌŝƚƚĞŶZĞƋƵĞƐƚƐĨŽƌWƌŽƉŽƐĂů;Z&WͿ͕ǁƌŝƚƚĞŶƋƵŽƚĂƚŝŽŶƐŽƌĂŶLJŽƚŚĞƌ ŵĞƚŚŽĚƚŚĂƚĂƐƐƵƌĞƐŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐǁŝůůďĞƉƌŽĐƵƌĞĚĂƚƚŚĞůŽǁĞƐƚƉƌŝĐĞĂŶĚƚŚĂƚĨĂǀŽƌŝƚŝƐŵǁŝůůďĞ ĂǀŽŝĚĞĚ͘ ^ d/KE/// ͘dŚĞĨŽůůŽǁŝŶŐŵĞƚŚŽĚƐŽĨƉƌŽĐƵƌĞŵĞŶƚǁŝůůďĞƵƐĞĚǁŚĞŶƌĞƋƵŝƌĞĚďLJƚŚŝƐƉƌŽĐƵƌĞŵĞŶƚƉŽůŝĐLJŝŶ ŽƌĚĞƌƚŽĂĐŚŝĞǀĞƚŚĞŚŝŐŚĞƐƚƐĂǀŝŶŐƐ͗ ƐƚŝŵĂƚĞĚŵŽƵŶƚŽĨƉƵƌĐŚĂƐĞĐŽŶƚƌĂĐƚDĞƚŚŽĚ hƉƚŽΨϯϬϬ͘ϬϬ ĚŝƐĐƌĞƚŝŽŶŽĨƉƵƌĐŚĂƐĞƌ ΨϯϬϬ͘ϬϬƚŽΨϮ͕ϬϬϬ͘ϬϬŽƌĂůƌĞƋƵĞƐƚĨŽƌŐŽŽĚƐ͕ŽƌĂůƋƵŽƚĞƐ &ƌŽŵĂƚůĞĂƐƚƚǁŽǀĞŶĚŽƌƐ ΨϮ͕ϬϬϬ͘ϬϬƚŽΨϰ͕ϬϬϬ͘ϬϬ ŽƌĂůƌĞƋƵĞƐƚĨŽƌŐŽŽĚƐ͕ǁƌŝƚƚĞŶŽƌĨĂdž YƵŽƚĞƐĨƌŽŵĂƚůĞĂƐƚƚǁŽǀĞŶĚŽƌƐ Ψϰ͕ϬϬϬ͘ϬϬƚŽΨϮϬ͕ϬϬϬ͘ϬϬǁƌŝƚƚĞŶZ&W͕ǁƌŝƚƚĞŶŽƌĨĂdžƋƵŽƚĞƐ &ƌŽŵƚŚƌĞĞŽƌŵŽƌĞǀĞŶĚŽƌƐ ƐƚŝŵĂƚĞĚĂŵŽƵŶƚŽĨƉƵďůŝĐǁŽƌŬƐĐŽŶƚƌĂĐƚ DĞƚŚŽĚ hƉƚŽΨϲϬϬ͘ϬϬ ĚŝƐĐƌĞƚŝŽŶŽĨƉƵƌĐŚĂƐĞƌ ΨϲϬϬ͘ϬϬƚŽΨϯ͕ϬϬϬ͘ϬϬ ŽƌĂůƌĞƋƵĞƐƚ͕ŽƌĂůƉƌŽƉŽƐĂůĨƌŽŵ ĐŽŶƚĂĐƚŽƌ Ψϯ͕ϬϬϬ͘ϬϬƚŽΨϭϮ͕ϬϬϬ͘ϬϬǁƌŝƚƚĞŶZ&W͕ǁƌŝƚƚĞŶŽƌĨĂdžƉƌŽƉŽƐĂůƐ ĨƌŽŵĂƚůĞĂƐƚƚǁŽĐŽŵƉĞƚŝƚŽƌƐ ϰ ͮW Ă Ő Ğ ΨϭϮ͕ϬϬϬ͘ϬϬƚŽΨϯϱ͕ϬϬϬ͘ϬϬ ǁƌŝƚƚĞŶZ&W͕ǁƌŝƚƚĞŶŽĨĨĂdžƉƌŽƉŽƐĂůƐ ĨƌŽŵƚŚƌĞĞŽƌŵŽƌĞĐŽŵƉĞƚŝƚŽƌƐ ͘ǁƌŝƚƚĞŶZ&WƐŚĂůůĚĞƐĐƌŝďĞƚŚĞĚĞƐŝƌĞĚŐŽŽĚŽƌƐĞƌǀŝĐĞƐƚŽďĞƉĞƌĨŽƌŵĞĚ͕ŝŶĐůƵĚŝŶŐƚŚĞƋƵĂůŝƚLJĂŶĚ ƉĂƌƚŝĐƵůĂƌƐŽĨĚĞůŝǀĞƌLJŽƌƉĞƌĨŽƌŵĂŶĐĞ͘dŚĞƉƵƌĐŚĂƐĞƌƐŚĂůůĐŽŵƉŝůĞĂůŝƐƚŽĨĂůůǀĞŶĚŽƌƐĨƌŽŵǁŚŽŵ ƉƌŽƉŽƐĂůͬƋƵŽƚĞƐŚĂǀĞďĞĞŶƌĞƋƵĞƐƚĞĚĂŶĚĨƌŽŵǁŚŽŵƉƌŽƉŽƐĂůƐͬƋƵŽƚĞƐĂƌĞƌĞĐĞŝǀĞĚ͘ ͘ŐŽŽĚĨĂŝƚŚĞĨĨŽƌƚƐŚĂůůďĞŵĂĚĞƚŽŽďƚĂŝŶƚŚĞƌĞƋƵŝƌĞĚŶƵŵďĞƌŽĨƉƌŽƉŽƐĂůƐŽƌƋƵŽƚĂƚŝŽŶ Ɛ͘/ĨƚŚĞ ƉƵƌĐŚĂƐĞƌŝƐƵŶĂďůĞƚŽŽďƚĂŝŶƚŚĞƌĞƋƵŝƌĞĚŶƵŵďĞƌŽĨƉƌŽƉŽƐĂůƐŽƌƋƵŽƚĂƚŝŽŶƐ͕ƚŚĞƉƵƌĐŚĂƐĞƌǁŝůů ĚŽĐƵŵĞŶƚƚŚĞĂƚƚĞŵƉƚŵĂĚĞƚŽŽďƚĂŝŶƐƵĐŚƉƌŽƉŽƐĂůƐŽƌƋƵŽƚĂƚŝŽŶƐ͘/ŶŶŽĞǀĞŶƚƐŚĂůůĂĨĂŝůƵƌĞŽƌ ŝŶĂďŝůŝƚLJƚŽŽďƚĂŝŶƉƌŽƉŽƐĂůƐŽƌƋƵŽƚĂƚŝŽŶƐďĞĂďĂƌƚŽƉƌŽĐƵƌĞŵĞŶƚ͘ ͘ůůŝŶĨŽƌŵĂƚŝŽŶŐĂƚŚĞƌĞĚŝŶĐŽŵƉůLJŝŶŐǁŝƚŚƚŚĞƉƌŽĐĞĚƵƌĞƐŽĨƚŚŝƐƉŽůŝĐLJƐŚĂůůďĞƉƌĞƐĞƌǀĞĚĂŶĚ ĨŝůĞĚǁŝƚŚƚŚĞĚŽĐƵŵĞŶƚĂƚŝŽŶƐƵƉƉŽƌƚŝŶŐƚŚĞƐƵďƐĞƋƵĞŶƚƉƵƌĐŚĂƐĞŽƌƉƵďůŝĐǁŽƌŬƐĐŽŶƚƌĂĐƚ͘ ^ d/KE/s dŚĞůŽǁĞƐƚƌĞƐƉŽŶƐŝďůĞ ƋƵŽƚĞŽƌƉƌŽƉŽƐĂůƐŚĂůůďĞĂǁĂƌĚĞĚƚŚĞƉƵƌĐŚĂƐĞŽƌƉƵďůŝĐǁŽƌŬƐĐŽŶƚƌĂĐƚ ƵŶůĞƐƐƚŚĞƉƵƌĐŚĂƐĞƌƉƌĞƉĂƌĞƐĂǁƌŝƚƚĞŶũƵƐƚŝĨŝĐĂƚŝŽŶƉƌŽǀŝĚŝŶŐƌĞĂƐŽŶƐǁŚLJŝƚŝŶƚŚĞďĞƐƚŝŶƚĞƌĞƐƚŽĨƚŚĞ dŽǁŶĂŶĚŝƚƐƚĂdžƉĂLJĞƌƐƚŽŵĂŬĞĂŶĂǁĂƌĚƚŽŽƚŚĞƌƚŚĂŶƚŚĞůŽǁĞƐƚďŝĚĚĞƌŽƚƉƌŽƉŽƐĞƌ͘/Ĩ ĂďŝĚĚĞƌŝƌ ƉƌŽƉŽƐĞƌŝƐŶŽƚĚĞĞŵĞĚƌĞƐƉŽŶƐŝďůĞ͕ĨĂĐƚƐƐƵƉƉŽƌƚŝŶŐƚŚĞũƵĚŐŵĞŶƚƐŚĂůůďĞĚŽĐƵŵĞŶƚĞĚĂŶĚĨŝůĞĚǁŝƚŚ ƚŚĞƌĞĐŽƌĚƐƐƵƉƉŽƌƚŝŶŐƚŚĞƉƌŽĐƵƌĞŵĞŶƚ͘ ^ d/KEs /ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ'ĞŶĞƌĂůDƵŶŝĐŝƉĂů>Ăǁ^ĞĐƚŝŽŶϭϬϰͲď;ϮͿ;ĨͿ͕ƚŚĞƐŽůŝĐŝƚĂƚŝŽŶŽĨĂůƚĞƌŶĂƚŝǀĞ ƋƵŽƚĂƚŝŽŶƐŽƌƉƌŽƉŽƐĂůƐǁŝůůŶŽƚďĞƌĞƋƵŝƌĞĚďƵƚŵƵƐƚďĞĚŽĐƵŵĞŶƚĞĚŝŶǁƌŝƚŝŶŐǁŚĞƌĞ͕ŝŶƚŚĞďĞƐƚ ŝŶƚĞƌĞƐƚŽĨƚŚĞŵƵŶŝĐŝƉĂůŝƚLJ͕ƉƌŽƉĞƌƋƵĂůŝĨŝĐĂƚŝŽŶƐĂƌĞŶŽƚŶĞĐĞƐƐĂƌŝůLJĨŽƵŶĚŝŶƚŚĞŝŶĚŝǀŝĚƵĂůŽƌ ĐŽŵƉĂŶLJƚŚĂƚŽĨĨĞƌƐƚŚĞůŽǁĞƐƚƉƌŝĐĞ͕ĂŶĚƚŚĞŶ ĂƚƵƌĞŽĨŐŽŽĚƐŽƌƐĞƌǀŝĐĞƐĂƌĞƐƵĐŚƚŚĂƚƚŚĞLJĚŽŶŽƚ ƌĞĂĚŝůLJůĞŶĚƚŚĞŵƐĞůǀĞƐƚŽĐŽŵƉĞƚŝƚŝǀĞƉƌŽĐƵƌĞŵĞŶƚƉƌŽĐĞĚƵƌĞƐ͕ĂƐŝŶƚŚĞĨŽůůŽǁŝŶŐĐŝƌĐƵŵƐƚĂŶĐĞ͗ ͘WƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌŝŶŐƐƉĞĐŝĂůŽƌƚĞĐŚŶŝĐĂůƐŬŝůů͕ƚƌĂŝŶŝŶŐŽƌĞdžƉĞƌƚŝƐĞ͘ WƌŽĨĞƐƐŝŽŶĂůĂŶĚƚĞĐŚŶŝĐĂůƐĞƌǀŝĐĞƐƐŚĂůůŝŶĐůƵĚĞ͕ďƵƚŶŽƚůŝŵŝƚĞĚƚŽƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘^ĞƌǀŝĐĞƐŽĨĂŶĂƚƚŽƌŶĞLJ͖ Ϯ͘^ĞƌǀŝĐĞƐŽĨĂƉŚLJƐŝĐŝĂŶ͖ ϱ ͮW Ă Ő Ğ ϯ͘dĞĐŚŶŝĐĂůƐĞƌǀŝĐĞƐŽĨĂŶĞŶŐŝŶĞĞƌŽƌĂƌĐŚŝƚĞĐƚĞŶŐĂŐĞĚƚŽƉƌĞƉĂƌĞƉůĂŶƐ͕ŵĂƉƐĂŶĚ ĞƐƚŝŵĂƚĞƐ͗ ϰ͘^ĞĐƵƌŝŶŐŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚͬŽƌƐĞƌǀŝĐĞƐŽĨĂŶŝŶƐƵƌĂŶĐĞďƌŽŬĞƌ͖ ϱ͘^ĞƌǀŝĐĞƐŽĨĂĐĞƌƚŝĨŝĞĚƉƵďůŝĐĂĐĐŽƵŶƚĂŶƚ͖ ϲ͘/ŶǀĞƐƚŵĞŶƚŵĂŶĂŐĞŵĞŶƚƐĞƌǀŝĐĞƐ͖ ϳ͘WƌŝŶƚŝŶŐƐĞƌǀŝĐĞƐŝŶǀŽůǀŝŶŐĞdžƚĞŶƐŝǀĞǁƌŝƚŝŶŐ͕ĞĚŝƚŝŶŐŽƌĂƌƚǁŽƌŬ͖ ϴ͘DĂŶĂŐĞŵĞŶƚŽĨŵƵŶŝĐŝƉĂůůLJŽǁŶĞĚƉƌŽƉĞƌƚLJ͖ĂŶĚ ϵ͘ŽŵƉƵƚĞƌƐŽĨƚǁĂƌĞ ŽƌƉƌŽŐƌĂŵŵŝŶŐƐĞƌǀŝĐĞƐĨŽƌĐƵƐƚŽŵŝnjĞĚƉƌŽŐƌĂŵƐŽƌƐĞƌǀŝĐĞƐŝŶǀŽůǀĞĚ ŝŶƐƵďƐƚĂŶƚŝĂůŵŽĚŝĨŝĐĂƚŝŽŶƐĂŶĚĐƵƐƚŽŵŝnjŝŶŐŽƌƉƌĞƉĂĐŬĂŐĞĚƐŽĨƚǁĂƌĞ͘ ͘dŚĞŝŶĚŝǀŝĚƵĂůŽƌĐŽŵƉĂŶLJŵƵƐƚďĞĐŚŽƐĞŶďĂƐĞĚŽŶĂĐĐŽƵŶƚĂďŝůŝƚLJ͕ƌĞůŝĂďŝůŝƚLJ͕ƌĞƐƉŽŶƐŝďŝůŝƚLJ͕ƐŬŝůů͕ ĞĚƵĐĂƚŝŽŶĂŶĚ ƚƌĂŝŶŝŶŐ͕ũƵĚŐŵĞŶƚ͕ŝŶƚĞŐƌŝƚLJĂŶĚŵŽƌĂůǁŽƌƚŚ͘/ŶĚĞƚĞƌŵŝŶŝŶŐǁŚĞƚŚĞƌĂƐĞƌǀŝĐĞĨŝƚƐ ŝŶƚŽƚŚŝƐĐĂƚĞŐŽƌLJ͕ƚŚĞdŽǁŶŽĂƌĚƐŚĂůůƚĂŬĞŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶƚŚĞĨŽůůŽǁŝŶŐŐƵŝĚĞůŝŶĞƐ͗ ϭ͘tŚĞƚŚĞƌƚŚĞƐĞƌǀŝĐĞƐĂƌĞƐƵďũĞĐƚƚŽƐƚĂƚĞůŝĐĞŶƐŝŶŐŽƌƚĞƐƚŝŶŐƌĞƋƵŝƌĞŵĞŶƚ͖ Ϯ͘tŚĞƚŚĞƌƐƵďƐƚĂŶƚŝĂůĨŽƌŵĂůĞĚƵĐĂƚŝŽŶŽƌƚƌĂŝŶŝŶŐŝƐĂŶĞĐĞƐƐĂƌLJƉƌĞƌĞƋƵŝƐŝƚĞƚŽƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞƐĞƌǀŝĐĞƐ͖ĂŶĚ ϯ͘tŚĞƚŚĞƌƚŚĞƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĂƉĞƌƐŽŶĂůƌĞůĂƚŝŽŶƐŚŝƉďĞƚǁĞĞŶƚŚĞŝŶĚŝǀŝĚƵĂů ĂŶĚŵƵŶŝĐŝƉĂů ŽĨĨŝĐŝĂůƐ͘ ^ d/KEs/ džĐĞƉƚ ǁŚĞŶĚŝƌĞĐƚĞĚďLJ ƚŚĞdŽǁŶŽĂƌĚ͕ŶŽƐŽůŝĐŝƚĂƚŝŽŶŽĨǁƌŝƚƚĞŶƉƌŽƉŽƐĂůƐŽƌƋƵŽƚĂƚŝŽŶĂƐ ŽƚŚĞƌǁŝƐĞƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐƉŽůŝĐLJƐŚĂůůďĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚĞĨŽůůŽǁŝŶŐĐŝƌĐƵŵƐƚĂŶĐĞƐ͗ ͘ŽŶƚƌĂĐƚƐĨŽƌĞŵĞƌŐĞŶĐLJƉƵƌĐŚĂƐĞŽƌƐĞƌǀŝĐĞƐƉƵƌƐƵĂŶƚƚŽ'ĞŶĞƌĂůDƵŶŝĐŝƉĂů>Ăǁ^ĞĐƚŝŽŶϭϬϰ;ϰͿ͘ ƵĞƚŽƚŚĞŶĂƚƵƌĞŽĨƚŚŝƐĞdžĐĞƉƚŝŽŶ͕ƚŚĞƐĞŐŽŽĚƐŽƌƐĞƌǀŝĐĞƐŵƵƐƚďĞƉƵƌĐŚĂƐĞĚŝŵŵĞĚŝĂƚĞůLJĂŶĚĂ ϲ ͮW Ă Ő Ğ ĚĞůĂLJŝŶŽƌĚĞƌƚŽƐĞĞŬĂůƚĞƌŶĂƚŝǀĞƉƌŽƉŽƐĂůƐŵĂLJƚŚƌĞĂƚĞŶůŝĨĞ͕ŚĞĂůƚŚ͕ƐĂĨĞƚLJŽƌǁĞůĨĂƌĞŽĨƚŚĞ ƌĞƐŝĚĞŶƚƐŽĨƚŚĞdŽǁŶ͘dŚŝƐƐĞĐƚŝŽŶĚŽĞƐŶŽƚƉƌĞĐůƵĚĞĂůƚĞƌ ŶĂƚĞƉƌŽƉŽƐĂůƐŝƚƚŝŵĞƉĞƌŵŝƚƐ͘ ͘WƌŽĐƵƌĞŵĞŶƚƐĨŽƌǁŚŝĐŚƚŚĞƌĞŝƐŶŽƉŽƐƐŝďŝůŝƚLJŽĨĐŽŵƉĞƚŝƚŝŽŶ;ƐŽůĞƐŽƵƌĐĞŝƚĞŵƐͿ͘ ͘'ŽŽĚƐƵŶĚĞƌΨϯϬϬ͘ϬϬĂŶĚƉƵďůŝĐǁŽƌŬƐĐŽŶƚƌĂĐƚƐĨŽƌůĞƐƐƚŚĂŶΨϲϬϬ͘ϬϬ͘dŚĞƚŝŵĞĂŶĚ ĚŽĐƵŵĞŶƚĂƚŝŽŶƌĞƋƵŝƌĞĚƚŽƉƵƌĐŚĂƐĞƚŚƌŽƵŐŚƚŚŝƐƉƌŽĐƵƌĞŵĞŶƚƉŽůŝĐLJŵĂLJďĞŵŽƌĞĐŽƐƚůLJƚŚĂŶƚŚĞ ŝƚĞŵŝƚƐĞůĨĂŶĚƚŚĞƌĞĨŽƌĞŶŽƚďĞŝŶƚŚĞďĞƐƚŝŶƚĞƌĞƐƚŽĨƚŚĞƚĂdžƉĂLJĞƌƐ͘/ŶĂĚĚŝƚŝŽŶ͕ŝƚŶŽƚůŝŬĞůLJƚŚĂƚ ƚŚĞ ĂǁĂƌĚŝŶŐ ŽĨƐƵĐŚĚĞŵŝŶŝŵŝƐĐŽŶƚƌĂĐƚƐ ǁŽƵůĚďĞďĂƐĞĚŽŶĨĂǀŽƌŝƚŝƐŵ͘ ^ d/KEs// EŽƉŽƌƚŝŽŶŽĨƚŚŝƐƉŽůŝĐLJƐŚĂůůďĞĐŽŶƐƚƌƵĞĚĂƐƉƌĞǀĞŶƚŝŶŐƚŚĞĐŽŵƉĞƚŝƚŝǀĞďŝĚĚŝŶŐŽĨƉƵƌĐŚĂƐĞ ĐŽŶƚƌĂĐƚƐƵŶĚĞƌΨϮϬ͕ϬϬϬ͘ϬϬŽƌƉƵďůŝĐǁŽƌŬƐĐŽŶƚƌĂĐƚƐƵŶĚĞƌΨϯϱ͕ϬϬϬ͘ϬϬŝĨƐŽĚĞƐŝƌĞĚ͘ ^ d/KEs/// dŚŝƐƉŽůŝĐLJƐŚĂůůďĞƌĞǀŝĞǁĞĚƉĞƌŝŽĚŝĐĂůůLJ ďLJƚŚĞdŽǁŶŽĂƌĚ ^ d/KE/y dKtEK&s/Z'/>WZKhZ D EdWK>/zdK>>Kt W/''z</E' DĂŶLJůŽĐĂůŐŽǀĞƌŶŵĞŶƚƐŚĂǀĞďĞĞŶĂƉƉƌŽĂĐŚĞĚďLJǀĞŶĚŽƌƐŽĨĨĞƌŝŶŐŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐƵŶĚĞƌŽƚŚĞƌ ŐŽǀĞƌŶŵĞŶƚĂůĐŽŶƚƌĂĐƚƐĂŶĚ͕ŝŶƐŽŵĞĐĂƐĞƐ͕ǀĞŶĚŽƌƐŚĂǀĞĂƐƐĞƌƚĞĚƚŚĂƚƚŚĞĐŽŶƚƌĂĐƚĨĂůůƐǁŝƚŚŝŶƚŚĞ ĞdžĐĞƉƚŝŽŶŝŶ'D>ΑϭϬϯ͘/ƚŝƐƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨsŝƌŐŝůdŽǁŶŽĂƌĚƚŽƌĞǀŝĞǁĞĂĐŚƉƌŽƉŽƐĞĚ ƉƌŽĐƵƌĞŵĞŶƚƚŽĚĞƚĞƌŵŝŶĞ͕ŽŶĂĚǀŝĐĞŽĨƚŚĞƚŽǁŶ͛ƐĐŽƵŶƐĞůǁŚĂƚ͛ƐĂƉƉƌŽƉƌŝĂƚĞĂŶĚ ǁŚĞƚŚĞƌƚŚĞ ƉƌŽĐƵƌĞŵĞŶƚƐĨĂůůƐǁŝƚŚŝŶƚŚĞĞdžĐĞƉƚŝŽŶ͘ dŚĞƚŚƌĞĞƉƌĞƌĞƋƵŝƐŝƚĞƐƚŚĂƚŵƵƐƚďĞŵĞƚŝŶŽƌĚĞƌĨŽƌĂƉƌŽĐƵƌĞŵĞŶƚŽĨĂƉƉĂƌĂƚƵƐ͕ŵĂƚĞƌŝĂůƐ͕ ĞƋƵŝƉŵĞŶƚĂŶĚƐƵƉƉůŝĞƐ͕ĂŶĚƌĞůĂƚĞĚŝŶƐƚĂůůĂƚŝŽŶ͕ƌĞƉĂŝƌĂŶĚŵĂŝŶƚĞŶĂŶĐĞƐĞƌǀŝĐĞƐ ͕ƚŽĨĂůůǁŝƚŚŝŶƚŚŝƐ ĞdžĐĞƉƚŝŽŶ͗ ϳ ͮW Ă Ő Ğ ϭ͘dŚĞĐŽŶƚƌĂĐƚŵƵƐƚŚĂǀĞďĞĞŶůĞƚďLJƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŽƌĂŶLJĂŐĞŶĐLJƚŚĞƌĞŽĨ͕ĂŶLJƐƚĂƚĞŽƌĂŶLJŽƚŚĞƌ ƉŽůŝƚŝĐĂůƐƵďĚŝǀŝƐŝŽŶŽƌĚŝƐƚƌŝĐƚƚŚĞƌĞŝŶ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞƌĞŵƵƐƚďĞĂŶƵŶĚĞƌůLJŝŶŐĐŽŶƚƌĂĐƚůĞƚďLJŽŶĞ ŽĨƚŚĞůŝƐƚĞĚŐŽǀĞƌŶŵĞŶƚĂůĞŶƚŝƚŝĞƐ͘ŽŶƚƌĂĐƚƐĚĞǀĞůŽƉĞĚĨŽƌƵƐĞďLJůŽĐĂůŐŽǀĞƌŶŵĞŶƚƐƚŚĂƚĂƌĞůĞƚ ďLJƉƌŝǀĂƚĞƉĂƌƚŝĞƐ;Ğ͘Ő͕͘ĂƉƌŝǀĂƚĞĐŽŵƉĂŶLJ͕ĂƐƐŽĐŝĂƚŝŽŶŽƌŶŽƚͲĨŽƌͲƉƌŽĨŝƚĐŽƌƉŽƌĂƚŝŽŶŝƐƚŚĞƉĂƌƚLJ ĂǁĂƌĚŝŶŐƚŚĞĐŽŶƚƌĂĐƚƚŽƚŚĞǀĞŶĚŽƌͿ͕ĂŶĚŶŽƚďLJƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŽƌĂŶLJĂŐĞŶĐLJƚŚĞƌĞŽĨ͕ĂŶLJƐƚĂƚĞ ŽƌĂŶLJŽƚŚĞƌƉŽůŝƚŝĐĂůƐƵďĚŝǀŝƐŝŽŶŽƌĚŝƐƚƌŝĐƚƚŚĞƌĞŝŶ͕ǁŽƵůĚŶŽƚĨĂůůǁŝƚŚŝŶƚŚĞĞdžĐĞƉƚŝŽŶ͘ dŚĞƉŚƌĂƐĞ͞ĂŶLJƐƚĂƚĞŽƌŽƚŚĞƌƉŽůŝƚŝĐĂůƐƵďĚŝǀŝƐŝŽŶŽƌĚŝƐƚƌŝĐƚƚŚĞƌĞŝŶ͟ĐůĞĂƌůLJŝŶĐůƵĚĞƐŽƚŚĞƌƐƚĂƚĞƐ͕ ĂŶĚƉŽůŝƚŝĐĂůƐƵďĚŝǀŝƐŝŽŶƐŝŶŽƚŚĞƌƐƚĂƚĞƐ͘/ŶŽƵƌǀŝĞǁ͕ŝƚĂůƐŽŝŶĐůƵĚĞƐEĞǁzŽƌŬ^ƚĂƚĞƉŽůŝƚŝĐĂů ƐƵďĚŝǀŝƐŝŽŶƐ͘dŚĞƌĞĨŽƌĞ͕ŝŶĂĚĚŝƚŝŽŶƚŽƚŚĞĐƵƌƌĞŶƚĐŽŵƉĞƚŝƚŝǀĞďŝĚĚŝŶŐĞdžĐĞƉƚŝŽŶĨŽƌĐĞƌƚĂŝŶ ƉƵƌĐŚĂƐĞƐƚŚƌŽƵŐŚĐŽŶƚƌĂĐƚƐŽĨEĞǁzŽƌŬ^ƚĂƚĞĐŽƵŶƚŝĞƐ;ŽƵŶƚLJ>ĂǁΑϰϬϴͲĂ͖'D>ΑϭϬϯϯͿ͕ůŽĐĂů ŐŽǀĞƌŶŵĞŶƚƐĂůƐŽŵĂLJƉƵƌĐŚĂƐĞƚŚƌŽƵŐŚƋƵĂůŝĨLJŝŶŐĐŽŶƚƌĂĐƚƐůĞƚďLJŽƚŚĞƌEĞǁzŽƌŬ^ƚĂƚĞƉŽůŝƚŝĐĂů ƐƵďĚŝǀŝƐŝŽŶƐƵŶĚĞƌƚŚŝƐĞdžĐĞƉƚŝŽŶ͘ Ϯ͘dŚĞĐŽŶƚƌĂĐƚŵƵƐƚŚĂǀĞďĞĞŶŵĂĚĞĂǀĂŝůĂďůĞĨŽƌƵƐĞďLJŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚĂůĞŶƚŝƚŝĞƐ͘dŚŝ ƐŵĞĂŶƐ ƚŚĂƚƚŚĞŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚĂůĞŶƚŝƚLJŚĂƐƚĂŬĞŶƐƚĞƉƐƚŽŵĂŬĞŝƚƐĐŽŶƚƌĂĐƚĂǀĂŝůĂďůĞĨŽƌEĞǁzŽƌŬ ůŽĐĂůŐŽǀĞƌŶŵĞŶƚƐ͘/ŶŐĞŶĞƌĂů͕ƚŚŝƐǁŽƵůĚŽĐĐƵƌďLJŝŶĐůƵƐŝŽŶŝŶƚŚĞĐŽŶƚƌĂĐƚůĞƚďLJƚŚĞŽƚŚĞƌĞŶƚŝƚLJ ŽĨĂĐůĂƵƐĞĞdžƚĞŶĚŝŶŐƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚĞĐŽŶƚƌĂĐƚƚŽŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚĂůĞŶƚŝƚŝĞƐ͘ hŶŝůĂƚĞƌĂůŽĨĨĞƌƐďLJǀĞŶĚŽƌƐƚŽĞdžƚĞŶĚĐŽŶƚƌĂĐƚƉƌŝĐŝŶŐĂŶĚŽƚŚĞƌƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐǁŽƵůĚŶŽƚ ĨĂůůǁŝƚŚŝŶƚŚĞĞdžĐĞƉƚŝŽŶ͘ ϯ͘dŚĞĐŽŶƚƌĂĐƚŵƵƐƚŚĂǀĞďĞĞŶ͞ůĞƚƚŽƚŚĞůŽǁĞƐƚƌĞƐƉŽŶƐŝďůĞďŝĚĚĞƌŽƌŽŶƚŚĞďĂƐŝƐŽĨďĞ ƐƚǀĂůƵĞŝŶĂ ŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚŝƐƐĞĐƚŝŽŶ͘͟dŚĞƚĞƌŵ͞ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚŝƐƐĞĐƚŝŽŶ͟ƌĞĨĞƌƐƚŽ'ĞŶĞƌĂů DƵŶŝĐŝƉĂů>ĂǁΑϭϬϯ;ĂŶĚƌĞůĂƚĞĚĐĂƐĞůĂǁͿĂƉƉůŝĐĂďůĞƚŽEĞǁzŽƌŬ^ƚĂƚĞƉŽůŝƚŝĐĂůƐƵďĚŝǀŝƐŝŽŶƐ͘dŚĞ ƉƵƌĐŚĂƐŝŶŐůŽĐĂůŐŽǀĞƌŶŵĞŶƚǁŽƵůĚŶĞĞĚƚŽŽďƚĂŝŶďĂĐŬŐƌŽƵŶĚŝŶĨŽƌŵĂƚŝŽŶŽŶƚŚĞƉƌŽĐĞĚƵƌĞƐ ƵƐĞĚƚŽůĞƚƚŚĞĐŽŶƚƌĂĐƚĂŶĚ͕ĂƐŶĞĐĞƐƐĂƌLJ͕ĐŽŶƐƵůƚǁŝƚŚŝƚƐĐŽƵŶƐĞů͕ƚŽĚĞƚĞƌŵŝŶĞǁŚĞƚŚĞƌƚŚŝƐ ƉƌĞƌĞƋƵŝƐŝƚĞŝƐŵĞƚ͘ĚĚŝƚŝŽŶĂůŐƵŝĚĂŶĐĞŽŶĐŽŵƉůLJŝŶŐǁŝƚŚƚŚŝƐƉƌĞƌĞƋƵŝƐŝƚĞĨŽůůŽǁƐ͘ d ZD/E/E'KE^/^d Ezt/d,'D>ΑϭϬϯ /ŶŽƌĚĞƌĨŽƌĂŶŽŶͲEĞǁzŽƌŬĐŽŶƚƌĂĐƚƚŽŚĂǀĞďĞĞŶůĞƚƚŽƚŚĞůŽǁĞƐƚƌĞƐƉŽŶƐŝďůĞďŝĚĚĞƌŽƌŽŶƚŚĞďĂƐŝƐ ŽĨďĞƐƚǀĂůƵĞ;ĐŽŵƉĞƚŝƚŝǀĞŽĨĨĞƌŝŶŐͿϯŝŶĂŵĂŶŶĞƌ͞ĐŽŶƐŝƐƚĞŶƚ͟ǁŝƚŚ'D>ΑϭϬϯ͕ƚŚĞƉƌŽĐĞĚƵƌĞƐƵƐĞĚ ďLJƚŚĂƚŐŽǀĞƌŶŵĞŶƚŶĞĞĚŶŽƚďĞĞdžĂĐƚůLJƚŚĞƐĂŵĞĂƐƚŚŽƐĞƵŶĚĞƌ'D>ΑϭϬϯ͘ZĂƚŚĞƌ͕ƚŚĞƉƌŽĐĞĚƵƌĞƐ ĨŽƌůĞƚƚŝŶŐƚŚĞŶŽŶͲEĞǁzŽƌŬĐŽŶƚƌĂĐƚŵƵƐƚďĞŝŶŚĂƌŵŽŶLJŽƌŐĞŶĞƌĂůĂŐƌĞĞŵĞŶƚǁŝƚŚ͕ĂŶĚĨƵƌƚŚĞƌƚŚĞ ƐĂŵĞƉƌŝŶĐŝƉůĞƐĂƐƚŚĞĐŽŵƉĞƚŝƚŝǀĞďŝĚĚŝŶŐŽƌďĞƐƚǀĂůƵĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨ'D>ΑϭϬϯ͘ϰ/ŶƚŚŝƐƌĞŐĂƌĚ ͕ ƚŚĞĐŽƵƌƚƐŝŶƚŚŝƐƐƚĂƚĞŚĂǀĞƐƚĂƚĞĚƚŚĂƚƚŚĞƵŶĚĞƌůLJŝŶŐƉƵƌƉŽƐĞƐŽĨ'D>ΑϭϬϯĂƌĞƚŽŐƵĂƌĚĂŐĂŝŶƐƚ ĨĂǀŽƌŝƚŝƐŵ͕ŝŵƉƌŽǀŝĚĞŶĐĞ͕ĞdžƚƌĂǀĂŐĂŶĐĞ͕ĨƌĂƵĚĂŶĚĐŽƌƌƵƉƚŝŽŶ͕ĂŶĚƚŽĨŽƐƚĞƌŚŽŶĞƐƚĐŽŵƉĞƚŝƚŝŽŶŝŶ ŽƌĚĞƌƚŚĂƚƚŚĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚŵĂLJŽďƚĂŝŶƚŚĞďĞƐƚŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐĂƚƚŚĞůŽǁĞƐƚƉŽƐƐŝďůĞƉƌŝĐĞƚŽ ƉƌŽƚĞĐƚƚŚĞƉƵďůŝĐĨŝƐĐĂůůLJ͘ ĂƐĞĚŽŶƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨ'D>ΑϭϬϯĂƐĐŽŶƐƚƌƵĞĚďLJƚŚĞĐŽƵƌƚƐŝŶƚŚŝƐ^ƚĂƚĞ͕ĂŶĚƚŚĞƵŶĚĞƌůLJŝŶŐ ƉƵƌƉŽƐĞƐŽĨ'D>ΑϭϬϯ͕ǁĞďĞůŝĞǀĞƚŚĞƌĞĂƌĞĨŽƵƌĨƵŶĚĂŵĞŶƚĂůĞůĞŵĞŶƚƐƚŚĂƚƐŚŽƵůĚďĞƉƌĞƐĞŶƚŝŶƚŚĞ ƉƌŽĐĞĚƵƌĞƐƵƐĞĚďLJƚŚĞŶŽŶͲEĞǁzŽƌŬĞŶƚŝƚLJŝŶůĞƚƚŝŶŐŝƚƐĐŽŶƚƌĂĐƚŝŶŽƌĚĞƌĨŽƌƚŚĞƉƌŽĐĞƐƐƚŽŚĂǀĞ ϴ ͮW Ă Ő Ğ ďĞĞŶůĞƚƚŽƚŚĞůŽǁĞƐƚƌĞƐƉŽŶƐŝďůĞďŝĚĚĞƌŽƌŽŶƚŚĞďĂƐŝƐŽĨďĞƐƚǀĂůƵĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚ'D>ΑϭϬϯ͘ dŚĞƐĞĞůĞŵĞŶƚƐĂƌĞ͗ WƵďůŝĐƐŽůŝĐŝƚĂƚŝŽŶŽĨďŝĚƐŽƌ͕ŝŶƚŚĞĐĂƐĞŽĨďĞƐƚǀĂůƵĞ͕ŽĨĨĞƌƐ͘ƉƵďůŝĐƐŽůŝĐŝƚĂƚŝŽŶŝƐĐ ŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞ ƐƚĂƚƵƚŽƌLJĂĚǀĞƌƚŝƐŝŶŐƌĞƋƵŝƌĞŵĞŶƚŝŶ'D>ΑϭϬϯ͕ĂŶĚƐĞƌǀĞƐƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞƉƵƌƉŽƐĞƐŽĨ'D>ΑϭϬϯ ĂƌĞĨƵƌƚŚĞƌĞĚ͘ ^ƵďŵŝƐƐŝŽŶŽĨƐĞĂůĞĚďŝĚƐŽƌŽĨĨĞƌƐ͕ŽƌĂŶĂůŽŐŽƵƐƉƌŽĐĞĚƵƌĞƐƚŽƐĞĐƵƌĞĂŶĚƉƌĞƐĞƌǀĞƚŚĞŝŶƚĞŐƌŝƚLJŽĨ ƚŚĞƉƌŽĐĞƐƐĂŶĚĐŽŶĨŝĚĞŶƚŝĂůŝƚLJŽĨƚŚĞďŝĚƐŽƌŽĨĨĞƌƐƐƵďŵŝƚƚĞĚ͘ƐĞĐƵƌĞĐŽŵƉĞƚŝƚŝǀĞďŝĚĚŝŶŐŽƌďĞƐƚ ǀĂůƵĞƉƌŽĐĞƐƐŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƐĞĂůĞĚĐŽŵƉĞƚŝƚŝǀĞďŝĚĚŝŶŐĂŶĚĐŽŵƉĞƚŝƚŝǀĞŽĨĨĞƌŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ'D>ΑϭϬϯϳĂŶĚŚĞůƉƐĨŽƐƚĞƌŚŽŶĞƐƚĐŽŵƉĞƚŝƚŝŽŶĂŶĚŐƵĂƌĚĂŐĂŝŶƐƚĐŽů ůƵƐŝŽŶ͘ WƌĞƉĂƌĂƚŝŽŶŽĨƐƉĞĐŝĨŝĐĂƚŝŽŶƐ ŽƌĂƐŝŵŝůĂƌĚŽĐƵŵĞŶƚĂƚŝŽŶ ƉƌŽǀŝĚĞƐĂĐŽŵŵŽŶ ƐƚĂŶĚĂƌĚĨŽƌďŝĚĚĞƌƐŽƌ ƉƌŽƉŽƐĞƌƐƚŽĐŽŵƉĞƚĞĨĂŝƌůLJ͘ŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƉƵƌƉŽƐĞƐŽĨ'D>ΑϭϬϯ͕ƚŚĞĐŽŶƚƌĂĐƚŝŶŐĞŶƚŝƚLJ͕ŝŶ ĂĚǀĂŶĐĞŽĨƚŚĞƐƵďŵŝƐƐŝŽŶŽĨďŝĚƐŽƌŽĨĨĞƌƐ͕ƐŚŽƵůĚĐŽŶǀĞLJƚŚĞŶĂƚƵƌĞŽĨƚŚĞŐŽŽĚƐŽƌƐĞƌǀŝĐĞƐĂŶĚ ŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶŶĞĐĞƐƐĂƌLJĨŽƌƉƌŽƐƉĞĐƚŝǀĞďŝĚĚĞƌƐŽƌƉƌŽƉŽƐĞƌƐƚŽŵĂŬĞĂŶŝŶƚĞůůŝŐĞŶƚĞǀĂůƵĂƚŝŽŶĂŶĚ ďŝĚŽƌŽĨĨĞƌ͕ǁŝƚŚŽƵƚďĞŝŶŐƵŶĚƵůLJƌĞƐƚƌŝĐƚŝǀĞ͘/ŶƚŚĞĐĂƐĞŽĨĂďĞƐƚǀĂůƵĞƉƌŽĐĞƐƐ͕ƚŚŝƐŐĞŶĞƌĂůůLJƐ ŚŽƵůĚ ŝŶĐůƵĚĞĂĚĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞŵĂŶŶĞƌŝŶǁŚŝĐŚƚŚĞĞǀĂůƵĂƚŝŽŶŽĨƚŚĞŽĨĨĞƌƐĂŶĚĂǁĂƌĚŽĨƚŚĞĐŽŶƚƌĂĐƚǁŝůů ďĞĐŽŶĚƵĐƚĞĚĂŶĚ͕ĂƐĂƉƉƌŽƉƌŝĂƚĞ͖ŝĚĞŶƚŝĨLJƚŚĞƌĞůĂƚŝǀĞŝŵƉŽƌƚĂŶĐĞŽƌǁĞŝŐŚƚŽĨƉƌŝĐĞĂŶĚŶŽŶ ͲƉƌŝĐĞ ĨĂĐƚŽƌƐ͘ ǁĂƌĚƚŽƚŚĞůŽǁĞƐƚďŝĚĚĞƌǁŚŽŵĂƚĞƌŝĂůůLJŽƌƐƵďƐƚĂŶƚŝĂůůLJŵĞĞƚƐƚŚĞďŝĚƐƉĞĐŝĨŝĐĂƚŝŽŶƐĂŶĚŝƐ ĚĞƚĞƌŵŝŶĞĚƚŽďĞĂƌĞƐƉŽŶƐŝďůĞďŝĚĚĞƌ͕ŽƌŝŶƚŚĞĐĂƐĞŽĨĂďĞƐƚǀĂůƵĞƉƌŽĐĞƐƐ͕ĂŶĂǁĂƌĚƚŽƚŚĞ ƌĞƐƉŽŶƐŝǀĞĂŶĚƌĞƐƉŽŶƐŝďůĞƉƌŽƉŽƐĞƌ ǁŚŝĐŚŽƉƚŝŵŝnjĞƐƋƵĂůŝƚLJ͕ĐŽƐƚĂŶĚĞĨĨŝĐŝĞŶĐLJ͕ƌĞĨůĞĐƚŝŶŐŽďũĞĐƚŝǀĞ ĂŶĚƋƵĂŶƚŝĨŝĂďůĞĂŶĂůLJƐŝƐ͕ǁŚĞŶĞǀĞƌƉŽƐƐŝďůĞ͘ĐŽŶƚƌĂĐƚĂǁĂƌĚĞĚƚŚƌŽƵŐŚĂŶĞŐŽƚŝĂƚŝŽŶƉƌŽĐĞƐƐǁŽƵůĚ ŶŽƚďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƉƵƌƉŽƐĞƐŽĨĂǁĂƌĚŝŶŐƚŽƚŚĞůŽǁĞƐƚƌĞƐƉŽŶƐŝďůĞďŝĚĚĞƌŽƌ ŽŶƚŚĞďĂƐŝƐŽĨďĞƐƚǀĂůƵĞŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ'D>ΑϭϬϯ͘ Kd, Z&dKZ^dKKE^/ Z͖/Ed ZE>KEdZK>^ ŽŶƚƌĂĐƚƵĂůZĞůĂƚŝŽŶƐŚŝƉ͗LJƉůĂĐŝŶŐĂŶŽƌĚĞƌǁŝƚŚƚŚĞĐŽŶƚƌĂĐƚǀĞŶĚŽƌ͕ƚŚĞWƵƌĐŚĂƐŝŶŐ ůŽĐĂů ŐŽǀĞƌŶŵĞŶƚŐĞŶĞƌĂůůLJǁŝůůďĞĞŶƚĞƌŝŶŐŝŶƚŽĂĐŽŶƚƌĂĐƚƵĂůƌĞůĂƚŝŽŶƐŚŝƉǁŝƚŚƚŚĂƚǀĞŶĚŽƌŝŶĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚĞĐŽŶƚƌĂĐƚ͘ĐĐŽƌĚŝŶŐůLJ͕ůŽĐĂůŽĨĨŝĐŝĂůƐ͕ŝŶĐŽŶƐƵůƚĂƚŝŽŶǁŝƚŚƚŚĞ ĂƚƚŽƌŶĞLJĨŽƌƚŚĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚĂƐŶĞĐĞƐƐĂƌLJ͕ƐŚŽƵůĚĐĂƌĞĨƵůůLJƌĞǀŝĞǁƚŚŽƐĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ ďĞĨŽƌĞŵĂŬŝŶŐƚŚĞƉƵƌĐŚĂƐĞ͘/ŶƐŽŵĞĐĂƐĞƐ͕ƚŚĞĐŽŶƚƌĂĐƚŵĂLJŚĂǀĞďĞĞŶůĞƚŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ'D>ΑϭϬϯ͕ďƵƚƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚĞĐŽŶƚƌĂĐƚŵĂLJĐŽŶĨůŝĐƚǁŝƚŚŽƚŚĞƌEĞǁzŽƌŬ^ƚĂƚĞ ůĂǁƐŽƌƌĞŐƵůĂƚŝŽŶƐ͘dŚŝƐĐŽƵůĚƌĞƐƵůƚŝŶƚŚĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚďĞŝŶŐƵŶĂďůĞƚŽƵƐĞƚŚĞĐŽŶƚƌĂĐƚ͘ ƵĚŝƚŽĨůĂŝŵƐ͗dŚĞƉĂLJŵĞŶƚƚŽƚŚĞĐŽŶƚƌĂĐƚǀĞŶĚŽƌǁŝůůďĞƐƵďũĞĐƚƚŽƐƚĂŶĚĂƌĚƉƌŽĐĞĚƵƌĞƐĨŽƌĐůĂŝŵƐ ƉƌŽĐĞƐƐŝŶŐ͕ŝŶĐůƵĚŝŶŐĂƵĚŝƚŽĨĐůĂŝŵƐƉƌŽĐĞĚƵƌĞƐ͘ ŽƐƚ^ĂǀŝŶŐƐ:ƵƐƚŝĨŝĐĂƚŝŽŶ͗hŶůŝŬĞƌĞĐĞŶƚĂŵĞŶĚŵĞŶƚƐƚŽ'D>ΑΑϭϬϯĂŶĚ ϭϬϰ ϵ ͮW Ă Ő Ğ ƉĞƌƚĂŝŶŝŶŐƚŽĐŽƵŶƚLJĂŶĚĐĞƌƚĂŝŶĨĞĚĞƌĂůĐŽŶƚƌĂĐƚƐ;Ğ͘Ő͘>ϮϬϬϯ͕ĐŚϲϮ͖>ϮϬϭϭ͕ĐŚϵϳͿ͕'D>ΑϭϬϯĚŽĞƐ ŶŽƚĞdžƉƌĞƐƐůLJƌĞƋƵŝƌĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚƐƚŽĐŽŶƐŝĚĞƌǁŚĞƚŚĞƌƚŚĞĐŽŶƚƌĂĐƚǁŝůůƌĞƐƵůƚŝŶĐŽƐƚƐĂǀŝŶŐƐ͘ EŽŶĞƚŚĞůĞƐƐ͕ůŽĐĂůŽĨĨŝĐŝĂůƐƐŚŽƵůĚƉĞƌĨŽƌŵĂĐŽƐƚͲďĞŶĞĨŝƚĂŶĂůLJƐŝƐďĞĨŽƌĞƵƚŝůŝnjŝŶŐƚŚŝƐĞdžĐĞƉƚŝŽŶ͘dŚŝƐ ǁŝůůŚĞůƉĞŶƐƵƌĞƚŚĂƚƚŚĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚŝƐĨƵƌƚŚĞƌŝŶŐƚŚĞƵŶĚĞƌůLJŝŶŐƉƵƌƉŽƐĞƐŽĨƚŚĞŶĞǁůĂǁ͕ĂŶĚ ƚŚĂƚƚŚĞƉƌŽĐƵƌĞŵĞŶƚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƉƵƌƉŽƐĞƐŽĨ'D>ΑϭϬϯ͘dŚĞĂŶĂůLJƐŝƐƐŚŽƵůĚďĞƵƐĞĚƚŽ ĚĞŵŽŶƐƚƌĂƚĞǁŚĞƚŚĞƌ͞ƉŝŐŐLJďĂĐŬŝŶŐ͟ŝƐĐŽƐƚĞĨĨĞĐƚŝǀĞĂŶĚƐŚŽƵůĚĐŽŶƐŝĚĞƌĂůůƉĞƌƚŝŶĞŶƚĐŽƐƚĨĂĐƚŽƌƐ͕ ŝŶĐůƵĚŝŶŐĂŶLJƉŽƚĞŶƚŝĂůƐĂǀŝŶŐƐŽŶƚŚĞĂĚŵŝŶŝƐƚƌĂƚŝǀĞĞdžƉĞŶƐĞƚŚĂƚǁŽƵůĚďĞŝŶĐƵƌƌĞĚŝĨƚŚĞůŽĐ Ăů ŐŽǀĞƌŶŵĞŶƚŝŶŝƚŝĂƚĞĚŝƚƐŽǁŶĐŽŵƉĞƚŝƚŝǀĞďŝĚĚŝŶŐŽƌďĞƐƚǀĂůƵĞƉƌŽĐĞƐƐ͘ ŽĐƵŵĞŶƚĂƚŝŽŶ͗>ŽĐĂůŐŽǀĞƌŶŵĞŶƚƐƐŚŽƵůĚŵĂŝŶƚĂŝŶĂƉƉƌŽƉƌŝĂƚĞĚŽĐƵŵĞŶƚĂƚŝŽŶƚŽĂůůŽǁĨŽƌĂ ƚŚŽƌŽƵŐŚƌĞǀŝĞǁŽĨƚŚĞĚĞĐŝƐŝŽŶƚŽƵƐĞƚŚŝƐĞdžĐĞƉƚŝŽŶƚŽĐŽŵƉĞƚŝƚŝǀĞďŝĚĚŝŶŐďLJůŽĐĂů ŐŽǀĞƌŶŵĞŶƚ ŽĨĨŝĐŝĂůƐ͕ĞdžƚĞƌŶĂůĂƵĚŝƚŽƌƐĂŶĚƚĂdžƉĂLJĞƌƐ͘dŚŝƐĚŽĐƵŵĞŶƚĂƚŝŽŶŵĂLJŝŶĐůƵĚĞƐƵĐŚŝƚĞŵƐĂƐĐŽƉŝĞƐŽĨƚŚĞ ĐŽŶƚƌĂĐƚ͕ĂŶĂůLJƐŝƐŽĨƚŚĞĐŽŶƚƌĂĐƚƚŽĞŶƐƵƌĞŝƚŵĞĞƚƐƚŚĞƚŚƌĞĞƉƌĞƌĞƋƵŝƐŝƚĞƐƐƚĂƚĞĚĂďŽǀĞ͕ĂŶĚĐŽƐƚ ƐĂǀŝŶŐƐĂŶĂůLJƐŝƐŝŶĐůƵĚŝŶŐĐŽŶƐŝĚĞƌĂƚŝŽŶ ŽĨŽƚŚĞƌƉƌŽĐƵƌĞŵĞŶƚŵĞƚŚŽĚƐ͘ WZKhZ D Ed^ >Ktd, //E'DKE dZzd,Z ^,K>͖WK>// ^EWZK hZ ^ ƐŶŽƚĞĚ͕'D>ΑϭϬϯƉƌŽǀŝĚĞƐ ĂŶĞdžĐĞƉƚŝŽŶƚŽƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƐƵďĚŝǀŝƐŝŽŶŽŶĞŽĨƚŚĂƚƐĞĐƚŝŽŶ͘ ,ŽǁĞǀĞƌ͕ƉƌŽĐƵƌĞŵĞŶƚƐƚŚĂƚĂƌĞďĞůŽǁƚŚĞŵŽŶĞƚĂƌLJƚŚƌĞƐŚŽůĚƐƐĞƚĨŽƌƚŚŝŶ^ĞĐƚŝŽŶϭϬϯ;ϭͿϭϯ;Žƌ ŽƚŚĞƌǁŝƐĞĨĂůůǁŝƚŚŝŶĂŶŽƚŚĞƌĞdžĐĞƉƚŝŽŶ͕ƐƵĐŚĂƐĞŵĞƌŐĞŶĐLJƉƵƌĐŚĂƐĞƐͿϭϰĂůƌĞĂĚLJĂƌĞĞdžĞŵƉƚĨƌŽŵƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐŽĨ'D>ΑϭϬϯ͘dŚŽƐĞƉƌŽĐƵƌĞŵĞŶƚƐ͕ŝŶƐƚĞĂĚ͕ĂƌĞƐƵďũĞĐƚƚŽƚŚĞůŽĐĂůŐŽǀĞƌŶŵĞŶƚ͛ƐŽǁŶ ƉƌŽĐƵƌĞŵĞŶƚƉŽůŝĐŝĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐĂĚŽƉƚĞĚƉƵƌƐƵĂŶƚƚŽ'D>ΑϭϬϰ Ͳď͘dŚĞƌĞĨŽƌĞ͕ǁŚĞƚŚĞƌĂůŽĐĂů ŐŽǀĞƌŶŵĞŶƚŵĂLJŵĂŬĞƉƵƌĐŚĂƐĞƐƚŚĂƚĂƌĞďĞůŽǁƚŚĞƐƚĂƚƵƚŽƌLJƚŚƌĞƐŚŽůĚƐďLJ͞ƉŝŐŐLJďĂĐŬŝŶŐ͟ŽŶ ĐŽŶƚƌĂĐƚƐůĞƚďLJŐŽǀĞƌŶŵĞŶƚĂůĞŶƚŝƚŝĞƐůŝƐƚĞĚŝŶ'D>ΑϭϬϯ;ϭϲͿǁŝůůďĞŐŽǀĞƌŶĞĚďLJƚŚĞůŽĐĂů ŐŽǀĞƌŶŵĞŶƚ͛ƐŽǁŶƉƌŽĐƵƌĞŵĞŶƚƉŽůŝĐŝĞƐ͘ ^ d/KEy dŽǁŶŽĨsŝƌŐŝůƉƌŽĐƵƌĞŵĞŶƚƉŽůŝĐLJĐŽŶĐĞƌŶŝŶŐ E:W͘ dŚĞdŽǁŶŽĨsŝƌŐŝůƌĞĐŽŐŶŝnjĞƐƚŚĞEĂƚŝŽŶĂů:ŽŝŶƚWŽǁĞƌƐůůŝĂŶĐĞΠĂƐĂŶĂƚŝŽŶĂůƉƵďůŝĐƐĞƌǀŝĐĞĂŐĞŶĐLJ ĐŽŵŵŝƚƚĞĚƚŽƐĞƌǀŝŶŐŝƚƐ DĞŵďĞƌƐŶĂƚŝŽŶĂůůLJĂŶĚůŽĐĂůůLJƚŚƌŽƵŐŚĂǀĂƌŝĞƚLJŽĨǀĂůƵĞĚƉƌŽŐƌĂŵƐ͘ƐĂ ƉƵďůŝĐĂŐĞŶĐLJ͕ƚŚĞLJĂƌĞĐŽŵŵŝƚƚĞĚƚŽƉƌŽǀŝĚŝŶŐĐŽŽƉĞƌĂƚŝǀĞƐŽůƵƚŝŽŶƐƚŚĂƚĂƐƐŝƐƚ'ŽǀĞƌŶŵĞŶƚĂŶĚ ĚƵĐĂƚŝŽŶĞŶƚŝƚŝĞƐĂƐƚŚĞLJƐƚƌŝǀĞĨŽƌĞĨĨŝĐŝĞŶƚƉƵďůŝĐƐĞƌǀŝĐĞ͘ dŚĞƚŽǁŶŽĨsŝƌŐŝů͛ƐDĞŵďĞƌŶƵŵďĞƌŝƐϵϰϰϭϳ͘ WĞƌ͘E͘z͘' E͘DhE͘ΑϭϬϯ džƉŝƌĞƐĂŶĚĚĞĞŵĞĚƌĞƉĞĂůĞĚƵŐ͘ϭ͕ϮϬϭϳ͕ƉƵƌƐƵĂŶƚƚŽ >͘ϮϬϭϮ͕Đ͘ϯϬϴ͕ΑϮ͘ EŽƚǁŝƚŚƐƚĂŶĚŝŶŐƚŚĞ ƉƌŽǀŝƐŝŽŶƐŽĨƐƵďĚŝǀŝƐŝŽŶƐŽŶĞ͕ƚǁŽĂŶĚƚŚƌĞĞŽĨƚŚŝƐƐĞĐƚŝŽŶ͕ĂŶĚ ƐĞĐƚŝŽŶŽŶĞŚƵŶĚƌĞĚĨŽƵƌ ŽĨƚŚŝƐ ϭϬ ͮW Ă Ő Ğ ĂƌƚŝĐůĞ͕ĂŶLJŽĨĨŝĐĞƌ͕ďŽĂƌĚŽƌĂŐĞŶĐLJŽĨĂĐŽƵŶƚLJ͕ƉŽůŝƚŝĐĂůƐƵďĚŝǀŝƐŝŽŶŽƌŽĨĂŶLJĚŝƐƚƌŝĐƚƚŚĞƌĞŝŶ ĂƵƚŚŽƌŝnjĞĚƚŽŵĂŬĞƉƵƌĐŚĂƐĞƐŽĨĂƉƉĂƌĂƚƵƐ͕ŵĂƚĞƌŝĂůƐ͕ĞƋƵŝƉŵĞŶƚŽƌƐƵƉƉůŝĞƐ͕ŽƌƚŽĐŽŶƚƌĂĐƚĨŽƌ ƐĞƌǀŝĐĞƐƌĞůĂƚĞĚƚŽƚŚĞŝŶƐƚĂůůĂƚŝŽŶ͕ŵĂŝŶƚĞŶĂŶĐĞŽƌƌĞƉĂŝƌŽĨĂƉƉĂƌĂƚƵƐ͕ŵĂƚĞƌŝĂůƐ͕ĞƋƵŝƉŵĞŶƚ͕ĂŶĚ ƐƵƉƉůŝĞƐ͕ŵĂLJŵĂŬĞƐƵĐŚƉƵƌĐŚĂƐĞƐ͕ŽƌŵĂLJĐŽŶƚƌĂĐƚĨŽƌƐƵĐŚƐĞƌǀŝĐĞƐƌĞůĂƚĞĚƚŽƚŚĞŝŶƐƚĂůůĂƚŝŽŶ͕ ŵĂŝŶƚĞŶĂŶĐĞŽƌƌĞƉĂŝƌŽĨĂƉƉĂƌĂƚƵƐ͕ŵĂƚĞƌŝĂůƐ͕ĞƋƵŝƉŵĞŶƚ͕ĂŶĚƐƵƉƉůŝĞƐ͕ĂƐŵĂLJďĞƌĞƋƵŝƌĞĚďLJƐƵĐŚ ĐŽƵŶƚLJ͕ƉŽůŝƚŝĐĂůƐƵďĚŝǀŝƐŝŽŶŽƌĚŝƐƚƌŝĐƚƚŚĞƌĞŝŶƚŚƌŽƵŐŚƚŚĞƵƐĞŽĨĂĐŽŶƚƌĂĐƚůĞƚďLJƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŽĨ ŵĞƌŝĐĂŽƌĂŶLJĂŐĞŶĐLJƚŚĞƌĞŽĨ͕ĂŶLJƐƚĂƚĞŽƌĂŶLJŽƚŚĞƌĐŽƵŶƚLJŽƌƉŽůŝƚŝĐĂůƐƵďĚŝǀŝƐŝŽŶŽƌĚŝƐƚƌŝĐƚ ƚŚĞƌĞŝŶ ŝĨƐƵĐŚĐŽŶƚƌĂĐƚǁĂƐůĞƚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽŶƐƚŝƚƵƚĞƐĐŽŵƉĞƚŝƚŝǀĞďŝĚĚŝŶŐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƐƚĂƚĞůĂǁĂŶĚ ŵĂĚĞĂǀĂŝůĂďůĞĨŽƌƵƐĞďLJŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚĂůĞŶƚŝƚŝĞƐ͘ dŚĞĂƵƚŚŽƌŝƚLJƉƌŽǀŝĚĞĚƚŽĐŽƵŶƚŝĞƐ͕ƉŽůŝƚŝĐĂůƐƵďĚŝǀŝƐŝŽŶƐĂŶĚĚŝƐƚƌŝĐƚƐƚŚĞƌĞŝŶƉƵƌƐƵĂŶƚƚŽƚŚŝƐ ƐƵďĚŝǀŝƐŝŽŶƐŚĂůůŶŽƚƌĞůŝĞǀĞĂŶLJŽďůŝŐĂƚŝŽŶŽĨƐƵĐŚĐŽƵŶƚLJ͕ƉŽůŝƚŝĐĂůƐƵďĚŝǀŝƐŝŽŶŽƌĚŝƐƚƌŝĐƚƚŚĞƌĞŝŶƚŽ ĐŽŵƉůLJǁŝƚŚĂŶLJĂƉƉůŝĐĂďůĞŵŝŶŽƌŝƚLJĂŶĚǁŽŵĞŶͲŽǁŶĞĚďƵƐŝŶĞƐƐĞŶƚĞƌƉƌŝƐĞƉƌŽŐƌĂŵŵĂŶĚĂƚĞƐĂŶĚ ƚŚĞƉƌĞĨĞƌƌĞĚƐŽƵƌĐĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨ ƐĞĐƚŝŽŶŽŶĞŚƵŶĚƌĞĚƐŝdžƚLJͲƚǁŽŽĨƚŚĞƐƚĂƚĞĨŝŶĂŶĐĞůĂǁ͘ /ƚŝƐƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨsŝƌŐŝůdŽǁŶŽĂƌĚƚŽƌĞǀŝĞǁĞĂĐŚƉƌŽƉŽƐĞĚƉƌŽĐƵƌĞŵĞŶƚƚŽĚĞƚĞƌŵŝŶĞŽŶĂĚǀŝĐĞ ŽĨƚŚĞƚŽǁŶ͛ƐĐŽƵŶƐĞůǁŚĂƚ͛ƐĂƉƉƌŽƉƌŝĂƚĞĂŶĚ ǁŚĞƚŚĞƌƚŚĞƉƌŽĐƵƌĞŵĞŶƚƐĨĂůůƐǁŝƚŚŝŶƚŚĞĞdžĐĞƉƚŝŽŶ͘ ϭϭ ͮW Ă Ő Ğ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±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¶V6H[XDO+DUDVVPHQW3ROLF\7KHPRWLRQZDVVHFRQGHGE\0HPEHU6QRZ$WWRUQH\6Q\GHUVDLGKHORRNHGDWLWDQGLW DOOORRNHGILQHWRKLP9RWH $\HV0HPEHUV6QRZ'HQQLVWRQ6WLOHV3HOWRQDQG.DPLQVNL1D\V1RQH 5H$GRSWHG%\WKH9LUJLO7RZQ%RDUG-DQWK $ODQH9DQ'RQVHO 9LUJLO7RZQ&OHUN dKtEK&s/Z'/> tKZ<W> s/K>E WZ s Ed/KEWK>/z^dd D Ed ƉƉƌŽǀĞĚďLJƚŚĞsŝƌŐŝůdŽǁŶŽĂƌĚŽŶDĂLJϭϮƚŚ͕ϮϬϭϲZĞƐŽůƵƚŝŽŶηϭϲͲϬϱϮ dŚĞdŽǁŶŽĨsŝƌŐŝůŝƐĐŽŵŵŝƚƚĞĚƚŽƚŚĞƐĂĨĞƚLJĂŶĚƐĞĐƵƌŝƚLJŽĨŽƵƌĞŵƉůŽLJĞĞƐ͘tŽƌŬƉůĂĐĞǀŝŽůĞŶĐĞƉƌĞƐĞŶƚƐĂ ƐĞƌŝŽƵƐŽĐĐƵƉĂƚŝŽŶĂůƐĂĨĞƚLJŚĂnjĂƌĚƚŽŽƵƌĂŐĞŶĐLJ͕ƐƚĂĨĨĂŶĚĐůŝĞŶƚƐ͘ tŽƌŬƉůĂĐĞsŝŽůĞŶĐĞ ŝƐĚĞĨŝŶĞĚĂƐĂŶLJƉŚLJƐŝĐĂůĂƐƐĂƵůƚ ŽƌĂĐƚŽĨĂŐŐƌĞƐƐŝǀĞ ďĞŚĂǀŝŽƌŽĐĐƵƌƌŝŶŐǁŚĞƌĞĂƉƵďůŝĐ ĞŵƉůŽLJĞĞƉĞƌĨŽƌŵƐĂŶLJǁŽƌŬͲƌĞůĂƚĞĚĚƵƚLJŝŶƚŚĞĐŽƵƌƐĞŽĨŚŝƐŽƌŚĞƌĞŵƉůŽLJŵĞŶƚŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽ ĂŶĂƚƚĞŵƉƚŽƌƚŚƌĞĂƚ͕ǁŚĞƚŚĞƌǀĞƌďĂůŽƌƉŚLJƐŝĐĂů͕ƚŽŝŶĨůŝĐƚƉŚLJƐŝĐĂůŝŶũƵƌLJƵƉŽŶĂŶĞŵƉůŽLJĞĞ͖ĂŶLJŝŶƚĞŶƚŝŽŶĂů ĚŝƐƉůĂLJŽĨĨŽƌĐĞǁŚŝĐŚǁŽƵůĚŐŝǀĞĂŶĞŵƉůŽLJĞĞƌĞĂƐŽŶƚŽĨĞĂƌŽƌĞdžƉĞĐƚďŽĚŝůLJŚĂƌŵ͖ŝŶƚĞŶƚŝŽŶĂůĂŶĚǁƌŽŶŐĨƵů ƉŚLJƐŝĐĂůĐŽŶƚĂĐƚǁŝƚŚĂƉĞƌƐŽŶǁŝƚŚŽƵƚŚŝƐŽƌŚĞƌĐŽŶƐĞŶƚƚŚĂƚĞŶƚĂŝůƐƐŽŵĞŝŶũƵƌLJ͖ŽƌƐƚĂůŬŝŶŐĂŶĞŵƉůŽLJĞĞ ǁŝƚŚƚŚĞŝŶƚĞŶƚŽĨĐĂƵƐŝŶŐĨĞĂƌŽĨŵĂƚĞƌŝĂůŚĂƌŵƚŽƚŚĞƉŚLJƐŝĐĂůƐĂĨĞƚLJĂŶĚŚĞĂůƚŚŽĨƐƵĐŚĞŵƉůŽLJĞĞǁŚĞŶƐƵĐŚ ƐƚĂůŬŝŶŐŚĂƐĂƌŝƐĞŶƚŚƌŽƵŐŚĂŶĚŝŶƚŚĞĐŽƵƌƐĞŽĨĞŵƉůŽLJŵĞŶƚ͘ ĐƚƐŽĨǀŝŽůĞŶĐĞĂŐĂŝŶƐƚĂŶLJŽĨŽƵƌĞŵƉůŽLJĞĞƐǁŚĞƌĞĂŶLJǁŽƌŬƌĞůĂƚĞĚĚƵƚLJŝƐƉĞƌĨŽƌŵĞĚǁŝůůďĞƚŚŽƌŽƵŐŚůLJ ŝŶǀĞƐƚŝŐĂƚĞĚ ĂŶĚ ĂƉƉƌŽƉƌŝĂƚĞ ĂĐƚŝŽŶ ǁŝůů ďĞ ƚĂŬĞŶ͕ ŝŶĐůƵĚŝŶŐ ŝŶǀŽůǀŝŶŐ ůĂǁ ĞŶĨŽƌĐĞŵĞŶƚ ĂƵƚŚŽƌŝƚŝĞƐ ǁŚĞŶ ǁĂƌƌĂŶƚĞĚ͘ůůĞŵƉůŽLJĞĞƐĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌŚĞůƉŝŶŐƚŽĐƌĞĂƚĞĂŶĚĞŶǀŝƌŽŶŵĞŶƚŽĨŵƵƚƵĂůƌĞƐƉĞĐƚĨŽƌĞĂĐŚ ŽƚŚĞƌ ĂƐ ǁĞůů ĂƐ ĐůŝĞŶƚƐ ĂŶĚ ǀŝƐŝƚŽƌƐ͕ ĨŽůůŽǁŝŶŐ Ăůů ƉŽůŝĐŝĞƐ͕ ƉƌŽĐĞĚƵƌĞƐ ĂŶĚ ƉƌĂĐƚŝĐĞƐ͕ ĂŶĚĨŽƌ ĂƐƐŝƐƚŝŶŐ ŝŶ ŵĂŝŶƚĂŝŶŝŶŐĂƐĂĨĞĂŶĚƐĞĐƵƌĞǁŽƌŬĞŶǀŝƌŽŶŵĞŶƚ͘ dŚŝƐƉŽůŝĐLJŝƐĚĞƐŝŐŶĞĚƚŽŵĞĞƚƌĞƋƵŝƌĞŵĞŶƚƐŽĨEĞǁzŽƌŬ^ƚĂƚĞ>ĂďŽƌ>ĂǁĐƚϮ ϮϳͲďĂŶĚŚŝŐŚůŝŐŚƚƐƐŽŵĞŽĨ ƚŚĞ ĞůĞŵĞŶƚƐ ƚŚĂƚ ĂƌĞ ĨŽƵŶĚ ǁŝƚŚŝŶ ŽƵƌ tŽƌŬƉůĂĐĞ ĞǀĂůƵĂƚŝŽŶ ƚŚĂƚ ŝƐ ĚĞƐŝŐŶĞĚ ƚŽ ŝĚĞ ŶƚŝĨLJ ƚŚĞ ƌŝƐŬƐ ŽĨ ǁŽƌŬƉůĂĐĞǀŝŽůĞŶĐĞƚŽǁŚŝĐŚŽƵƌĞŵƉůŽLJĞĞƐĐŽƵůĚďĞĞdžƉŽƐĞĚ͘ƵƚŚŽƌŝnjĞĚ ŵƉůŽLJĞĞZĞƉƌĞƐĞŶƚĂƚŝǀĞ;ƐͿǁŝůů͕Ăƚ ĂŵŝŶŝŵƵŵ͕ďĞŝŶǀŽůǀĞĚŝŶ͗ x ǀĂůƵĂƚŝŶŐƚŚĞƉŚLJƐŝĐĂůĞŶǀŝƌŽŶŵĞŶƚ x ĞǀĞůŽƉŝŶŐƚŚĞtŽƌŬƉůĂĐĞWƌĞǀĞŶƚŝŽŶWƌŽŐƌĂŵ͖ĂŶĚ x ZĞǀŝĞǁŝŶŐ ǁŽƌŬƉůĂĐĞ ǀŝŽůĞŶĐĞ ŝŶĐŝĚĞŶƚ ƌĞƉŽƌƚƐ Ăƚ ůĞĂƐƚ ĂŶŶƵĂůůLJ ƚŽ ŝĚĞŶƚŝĨLJ ƚƌĞŶĚƐŝŶ ƚŚĞ ƚLJƉĞƐ ŽĨ ŝŶĐŝĚĞŶƚƐƌĞƉŽƌƚĞĚ͕ŝĨĂŶLJ͕ĂŶĚƌĞǀŝĞǁŝŶŐŚĞĞĨĨĞĐƚŝǀĞŶĞƐƐŽĨƚŚĞŵŝƚŝŐĂƚŝŽŶĂĐƚŝŽŶƐƚĂŬĞŶ͘ ůůĞŵƉůŽLJĞĞƐǁŝůůƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞĂŶŶƵĂůtŽƌŬƉůĂĐĞWƌĞǀĞŶƚŝŽŶdƌĂŝŶŝŶŐWƌŽŐƌĂŵ͘dŚĞŐŽĂůŽĨƚŚŝƐƉŽůŝĐLJŝƐ ƚŽƉƌŽŵŽƚĞƚŚĞƐĂĨĞƚLJĂŶĚǁĞůůͲďĞŝŶŐŽĨĂůůƉĞŽƉůĞŝŶŽƵƌǁŽƌŬƉůĂĐĞ͘ůůŝŶĐŝĚĞŶƚƐŽĨǀŝŽůĞŶĐĞŽƌƚŚƌĞĂƚĞŶŝŶŐ ďĞŚĂǀŝŽƌǁŝůůďĞƌĞƐƉŽŶĚĞĚƚŽŝŵŵĞĚŝĂƚĞůLJƵƉŽŶŶŽƚŝĨŝĐĂƚŝŽŶ͘ůůƉĞƌƐŽŶŶĞůĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌŶŽƚŝĨLJŝŶŐƚŚĞ ĐŽŶƚĂĐƚƉĞƌƐŽŶĚĞƐŝŐŶĂƚĞĚďĞůŽǁŽĨĂŶLJǀŝŽůĞŶƚŝŶĐŝĚĞŶƚƐ͕ƚŚƌĞĂƚĞŶŝŶŐďĞŚĂǀŝŽƌ͕ŝŶĐůƵĚŝŶŐƚŚƌĞĂƚƐƚŚĞLJŚĂǀĞ ǁŝƚŶĞƐƐĞĚ͕ƌĞĐĞŝǀĞĚ͕ŽƌŚĂǀĞďĞĞŶƚŽůĚƚŚĂƚĂŶŽƚŚĞƌƉĞƌƐŽŶŚĂƐǁŝƚŶĞƐƐĞĚŽƌƌĞĐĞŝǀĞĚ͘ ĞƐŝŐŶĂƚĞĚŽŶƚĂĐƚWĞƌƐŽŶ͗dŽǁŶŽĨsŝƌŐŝů^ƵƉĞƌǀŝƐŽƌ:ŽŚŶ<ĂŵŝŶƐŬŝ WŚŽŶĞ͗,ŽŵĞϲϬϳͲϴϯϱͲϲϭϳϰ͕ĞůůϲϬϳͲϰϮϯͲϮϱϲϱ ͲŵĂŝů͗<ĂŵŝŶƐŬŝΛĨƌŽŶƚŝĞƌŶĞƚ͘ŶĞƚ Z ^K>hd/KEηϭϲͲϬϱϮ dKtEK&s/Z'/>tKZ<W> WZ s Ed/KEWK>/z͗DĞŵďĞƌ^ƚŝůĞƐŵŽƚŝŽŶĞĚƚŽ ĂƉƉƌŽǀĞƚŚĞdŽǁŶŽĨsŝƌŐŝů͛Ɛ tŽƌŬƉůĂĐĞWƌĞǀĞŶƚŝŽŶWŽůŝĐLJ͘dŚĞŵŽƚŝŽŶǁĂƐƐĞĐŽŶĚĞĚďLJDĞŵďĞƌĞŶŶŝƐƚŽŶ͘ ŐĂŝŶƚƚŽƌŶĞLJ^ŶLJĚĞƌƐĂŝĚŚĞůŽŽŬĞĚŽǀĞƌƚŚĞtŽƌŬƉůĂĐĞWƌĞǀĞŶƚŝŽŶWŽůŝĐLJĂŶĚŝƚůŽŽŬĞĚŐŽŽĚƚŽŚŝŵ͘sŽƚĞ͗ LJĞƐͲDĞŵďĞƌƐ^ŶŽǁ͕ĞŶŶŝƐƚŽŶ͕^ƚŝůĞƐ͕WĞůƚŽŶĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐͲ EŽŶĞ͘ ZĞͲĚŽƉƚĞĚLJƚŚĞsŝƌŐŝůdŽǁŶŽĂƌĚŽŶ:ĂŶ͘ϭϭ͕ϮϬϭϴ ůĂŶĞsĂŶŽŶƐĞů sŝƌŐŝůdŽǁŶůĞƌŬ ϭ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Ϯ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¶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ϯ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ϰ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ϱ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ϲ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ϳ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¶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ϴ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hdKEηϭϰͲϬϵϲ td Z/^dZ/dWK>/z͗^ƵƉĞƌǀŝƐŽƌ<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚƚŚĞtĂƚĞƌŝƐƚƌŝĐƚWŽůŝĐLJŚĂƐďĞĞŶĞĚŝƚĞĚďLJĂƚƚŽƌŶĞLJ ^ŶLJĚĞƌ͘DĞŵďĞƌ^ƚŝůĞƐDŽƚŝŽŶĞĚƚŽĂĐĐĞƉƚƚŚĞtĂƚĞƌŝƐƚƌŝĐƚηϭWŽůŝĐLJĂƐƉ ƌĞƐĞŶƚĞĚ͘dŚĞŵŽƚŝŽŶǁĂƐƐĞĐŽŶĚĞĚďLJŵĞŵďĞƌ^ŶŽǁ͘ sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐ dĂLJůŽƌ͕^ŶŽǁ͕^ƚŝůĞƐ͕ƉƉůĞŐĂƚĞĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐͲ EŽŶĞ ĂƚĞĚ͗ĞĐ͘ϭϭƚŚ ϮϬϭϰ 9LUJLO7RZQ&OHUN 6(:(5 58/(65(*8/$7,216$1'67$1'$5'6 72:12)9,5*,/ 6(:(5 ',675,&7 9LUJLO1HZ<RUN &RUWODQG&RXQW\ 7RZQRI9LUJLO &KXUFK6WUHHW 9LUJLO1HZ<RUN $GRSWHGE\WKH9LUJLO7RZQ%RDUGRQ-DQXDU\WK 7$%/(2)&217(176 ,5XOHV3DUWRI&RQWUDFW ,,$33,&$7,216 $1'3(50,76)256(:(5 6(59,&( ,,,6(59,&(6 ,9*(1(5$/&21',7,216$1'5(675,&7,216 90(7(56 9,%,//6$1'3$<01(76 9)((6$1'3(1$/7,(6 ,5XOHV3DUWRI&RQWUDFW 7KHIROORZLQJUXOHVDQGUHJXODWLRQVDUHDGRSWHGE\WKH7RZQ%RDUGRI9LUJLO1<DQGVKDOOEHDSDUW RIWKHFRQWUDFWZLWKDQ\SHUVRQZKR¶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¶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¶VELOOIRUWXUQLQJWKHZDWHURII$IHH ZLOOEHFKDUJHGIRUWXUQLQJWKHZDWHUEDFNRQWRJHWKHUZLWKDQ\H[SHQVHVWKDWPD\EHLQFXUUHGRU UHSDLULQJUDLVLQJ WRJUDGHRUSODFLQJRIDQHZFXUEFRFNDQGER[RQVHUYLFHLQRUGHUWRWXUQLWRII :KHUHWKHZDWHULVWXUQHGRQDWWKHFXUEWKHXVHIURPDOOIL[WXUHVFRQQHFWHGZLWKWKHSLSHVPXVWEH SDLGIRUZKHWKHUWKH\DUHLQDFWXDOVHUYLFHRUQRW,QFDVHDQ\SDUWLFXODUIL[WXUHLVQRWGHVLUHGIRUXVH \HWVXFKIL[WXUHVPXVWEHSDLGIRUXQWLOWKHVDPHLVGLVFRQQHFWHGIURPWKHVHUYLFHE\WKH9LUJLO7RZQ 6HZHU'LVWULFWUHSUHVHQWDWLYHDQGKLV UHSRUWLVILOHGDWWKHLURIILFH 0HWHUUHDGLQJVZLOORQO\EHHQWHUHGRQWKHERRNVRIWKH9LUJLO :DWHU DQG6HZHU 'LVWULFWRQWKHILUVW GD\VRI-DQXDU\$SULO-XO\DQG2FWREHUHDFK\HDUDQGPXVWEHSDLGE\WKHSHUVRQRZQLQJWKHSUHPLVHV RQVXFKGDWHVIURPWKHWLPHRIODVWUHDGLQJUHJDUGOHVVRIZKRPD\KDYHXVHGWKHZDWHU 9,,)HHVDQG3HQDOWLHV $Q\SHUVRQIRXQGWREHJXLOW\RIYLRODWLQJRIDQ\SURYLVLRQRIWKHVHUXOHVDQGUHJXODWLRQVVKDOOEH JXLOW\RIDQRIIHQVH7KH3HQDOW\IRUVXFKDQRIIHQVHVKDOOEHQRPRUHWKDQSHUYLRODWLRQ $SSOLFDWLRQIHHVIHHVWRFRPPHQFHRUWHUPLQDWHZDWHUDQGVHZHUVHUYLFHLQVSHFWLRQIHHVDQGDOO RWKHUIHHVZLOOEHVHWIURPWLPHWRWLPHE\UHVROXWLRQRIWKH9LUJLO7RZQ%RDUG $SSURYHGE\WKH9LUJLO7RZQ%RDUGRQ-DQXDU\WK 5HVROXWLRQ $ODQH9DQ'RQVHO'DWH 9LUJLO7RZQ&OHUN 72:12)9,5*,/ +LJKZD\'HSDUWPHQW3HUVRQDO3ROLF\5XOHVDQG5HJXODWLRQV :RUNLQJ+RXUV:RUNLQJKRXUVZLOOEHVHWE\WKHKLJKZD\VXSHULQWHQGHQWDQGZLOOEHJRYHUQHGE\WKH VHDVRQRIWKH\HDU$ZRUNZHHNLV)RUW\ +RXUV$QHPSOR\HHZKRLVXQDEOHWRVKRZXSIRUZRUNLVWR QRWLI\WKHKLJKZD\VXSHULQWHQGHQWDVPXFKLQDGYDQFHRIVWDUWLQJWLPHDVLVSRVVLEOHXQGHUWKHFLUFXPVWDQFHV 3UREDWLRQDU\VWDWXV1HZHPSOR\HHVVKDOOZRUNDVSUREDWLRQDU\HPSOR\HHVIRU GD\VWKHKLJKZD\ VXSHULQWHQGHQWPD\WHUPLQDWHZLWKLQWKDWSHULRG WKH GD\V LIQRWVXLWHGIRUWKHMRE$IWHUWKLVSHULRG\RX ZLOOEHHOLJLEOHIRUWKHVHEHQHILWV LIWKH\DUHRIIHUHG +HDOWK,QVXUDQFH 5HWLUHPHQW D)XOOWLPH^0DQGDWRU\` E3DUWWLPH^2SWLRQDO` 2YHUWLPH3D\2YHUWLPHZLOOEHSDLGWLPHDQGRQHKDOIKRXURYHUIRUW\ KUVLQDZRUNZHHN 0RQGD\ 6XQGD\ +ROLGD\9DFDWLRQ3HUVRQDO6LFNDQG&RPSWLPHZLOOEHFRXQWHGDVWLPHZRUNHG2UPD\EH FRPSHQVDWHGE\WLPHRIIDWWKHGLVFUHWLRQRIWKHKLJKZD\VXSHULQWHQGHQW &RPSHQVDWRU\WLPHRII,VXSWRWKHGLVFUHWLRQRIWKHKLJKZD\VXSHULQWHQGHQW&RPSHQVDWRU\WLPHRIIZLOO EHXVHGLQSODFHRISD\PHQWRIRYHUWLPH7KHWLPHWDNHQZLOOHTXDOWKHWLPHDQGRQHKDOI1RFDSRQEDQNLQJ FRPSHQVDWRU\WLPH (PHUJHQF\/HDYH7KUHHGD\VIRUDQ\GHDWKLQWKHHPSOR\HH¶VIDPLO\ VSRXVHFKLOGUHQIDWKHUPRWKHU VLVWHUEURWKHUVSRXVH¶VIDWKHUDQGPRWKHUDQGJUDQGSDUHQWV 3DLG7LPH2II±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¶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¶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