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ΗdsZKsZEͬKKZ>K'dsKZEΗ͕ &KZdEdKhtEEsZZ'Ed^>h/dEΗ dŽƚĚĞŽǀĞƌŐĂŶŐǀĂŶŚĞƚsK;ϭϲϬϮͲ ϭϳϵϵͿŶĂĂƌĚĞEĞĚĞƌůĂŶĚƐĞZĞŐĞƌŝŶŐ͕ĐĂ͘ϭϴϬϬ͕njŝũŶĞƌŽŶĚĞƌĚĞ ǀĞƌĂŶƚǁŽŽƌĚŝŶŐǀĂŶĚĞ^ƚĂƚĞŶͲ'ĞŶĞƌĂĂůǀĂŶĚĞsKĞŶĚĞ,ĞĞƌĞŶĞǀĞŶƚŝĞŶǀĂŶĚĞsK͕ ŚŽŶĚĞƌĚĚƵŝnjĞŶĚĞŶĞŝůĂŶĚďĞǁŽŶĞƌƐǀĞƌŵŽŽƌĚ͕ĞŝůĂŶĚĞŶŽŶƚǀŽůŬƚĚŽŽƌĞĞŶ'ĞŶŽĐŝĚĞĞŶ DĞŶƐĞŶƌĞĐŚƚĞŶƐĐŚĞŶĚŝŶŐĞŶǀĞƌĚĞƌƵŝƚŐĞǀŽĞƌĚ͕ĚĂƚůĂƚĞƌĚŽŽƌEĞĚĞƌůĂŶĚĚŽŽƌEĞĚĞƌůĂŶĚƐͲ/ŶĚŝģ͕ƚŽƚĞŶŵĞƚ ĚĞ<K>KE/^d/KKZ>K''tKKEKKZ'/E'͊͊͊ /ŶŚĞƚďĞŐŝŶǀĂŶĚĞsKͲǀĞƌŽǀĞƌŝŶŐĞŶǁĞƌĚĠĠŶǀĂŶĚĞĂŶĚĂĞŝůĂŶĚĞŶǁĞƌĚǀŽůůĞĚŝŐŽŶƚǀŽůŬƚ͕ǀĂŶĚĞ ϭϲ͘ϬϬϬĞŝůĂŶĚďĞǁŽŶĞƌƐnjŝũŶĞƌĚŽŽƌǀĂŶ,ĞƵƚƐnjϭϱ͘ϬϬϬĞŝůĂŶĚďĞǁŽŶĞƌƐǀĞƌŵŽŽƌĚĞŶĚĞďŝũŶĂϭ͘ϬϬϬ ŽǀĞƌůĞĚĞŶĞŶǁĞƌĚĞŶĂůƐƐůĂǀĞŶŐĞĚĞƉŽƌƚĞĞƌĚŶĂĂƌĂƚĂǀŝĂ͘

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ůƐƵĚĂĂƌŽƉĂĂŶǁŽƌĚƚŐĞƐƉƌŽŬĞŶ͕ĚĂŶŝƐƵǁĠŶĞůĞƵŐĞŶŶŽŐŐƌŽƚĞƌĚĂŶĚĞĂŶĚĞƌĞ͕ŽŵŵĂĂƌĂĂŶƚŽŽŶďĂĂƌ ƚĞŵĂŬĞŶĚĂƚƵŵĞƚŽƉůŽƐƐŝŶŐĞŶďĞnjŝŐnjŽƵnjŝũŶ͘

hďĞŶƚĂůůĞĞŶŵĂĂƌďĞnjŝŐŐĞǁĞĞƐƚŽŵŽŽŬĚŝĞƐŝƚƵĂƚŝĞƐŽǀĞƌǀĞƌŬŝĞnjŝŶŐĞŶŚĞĞŶƚĞƐĐŚƵŝǀĞŶ͘

sĂŶĚĂĂŐ͕ϳũĂŶƵĂƌŝϮϬϮϭ͕ŐĞĞĨƚŚĞƚKDƚĞŬĞŶŶĞŶ͗ 'ĞĞŶƐƚƌĂĨƌĞĐŚƚĞůŝũŬŽŶĚĞƌnjŽĞŬnjĂůŬŽŵĞŶŶĂĂƌĚĞŚĂŶĚĞůŝŶŐĞŶǀĂŶĚĞĞůĂƐƚŝŶŐĚŝĞŶƐƚĞŶ ŵďƚĞŶĂƌĞŶǀĂŶĚĞ&ŝƐĐƵƐ͘ ĂƚŬŽŵƚŵŝũŶŝĞƚǀƌĞĞŵĚŽƉĞŶ͕ǁĂŶƚnjŝũĚŽĞŶŚƵŶǁĞƌŬŵŝĚĚĞůƐĚĞĚŽŽƌĚĞŽǀĞƌŚĞŝĚ͗ KW'KhthZ'Z>/:<tdd>/:</ddKZ/>KWKhtsEtdͲ E Z'>'s/E'͘ /:sKZE,hEtZ<h/d͕h/d^dW>^tdͲ EZ'>'s/E'E͘ dtZDZZ:ZE'>E>h/>/:<͗ EDtZ<Z'&Ed,EKW'>'tZ<t/:E/dKZZdt^͗ ĞŝŶĚǀĞƌĂŶƚǁŽŽƌĚŝŶŐůŝŐƚďŝũĚĞDŝŶŝƐƚĞƌǀĂŶ&ŝŶĂŶĐŝģŶĞŶĚĂĂƌďŽǀĞŶĚĞDŝŶŝƐƚĞƌͲWƌĞƐŝĚĞŶƚ

ŶĚĂŶĚŽĞƚƵĂůůĞĞŶŵĂĂƌďĞůŽĨƚĞƐǀŽŽƌŶĂĚĞǀĞƌŬŝĞnjŝŶŐĞŶ͕ǁĂŶƚũĂ͕ ŚĞƚǁŝŶŶĞŶǀĂŶƐƚĞŵŵĞŶ

ŵŽĞƚǀŽŽƌŚĞƚďĞŚŽƵĚǀĂŶƵǁƉůĂĂƚƐŝŶƵǁ

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ŵĂĂƌƚϮϬϮϭ͊͊͊

,ĞƚƐĐŚĞŶĚĞŶǀĂŶĚĞƌĞĐŚƚĞŶǀĂŶŚŽŶĚĞƌĚĚƵŝnjĞŶĚĞŶŝŶǁŽŶĞƌƐǀĂŶĚĞWƌŽǀŝŶĐŝĞ'ƌŽŶŝŶŐĞŶĞŶĂĂŶƐůƵŝƚĞŶĚĞ ĂŶĚĞƌĞƉƌŽǀŝŶĐŝĞĚĞůĞŶ͕ŶĂĂƌĂĂŶůĞŝĚŝŶŐǀĂŶĂůƚŝĞŶƚĂůůĞŶũĂƌĞŶĂĂƌĚďĞǀŝŶŐĞŶǁĂĂƌĚŽŽƌŚƵŶŚƵŝnjĞŶŵĞĞƌĚĂŶ njǁĂĂƌďĞƐĐŚĂĚŝŐĚnjŝũŶĞŶǀĞůĞŚƵŝnjĞŶŽŶďĞǁŽŽŶďĂĂƌnjŝũŶŐĞǁŽƌĚĞŶ͘ EĞĚĞƌůĂŶĚŝƐĚĞŽƉĚƌĂĐŚƚŐĞǀĞƌĞŶǀĞƌĂŶƚǁŽŽƌĚĞůŝũŬǀŽŽƌŽƉůŽƐƐŝŶŐĞŶĞŶŚĞƌƐƚĞů͘ƌnjŝũŶŶŽŐƚŝĞŶĚƵŝnjĞŶĚĞŶ ǁŽŶŝŶŐĞŶĚŝĞŚĞƌƐƚĞůĚĚŝĞŶĞŶƚĞǁŽƌĚĞŶ͘ DĂĂƌũĂ͕ĚĂĂƌŚĞĞĨƚƵĞŶŝŐĞƚŝũĚŐĞůĞĚĞŶ͕ŽŽŬĂůĂĂŶŐĞŐĞǀĞŶĚĂƚĞƌƌƵŝŵϭ͕ϱŵŝůũĂƌĚĞƵƌŽ͕ ŶĂĚĞ ǀĞƌŬŝĞnjŝŶŐĞŶ͕njĂůǁŽƌĚĞŶŐĞďƌƵŝŬƚǀŽŽƌŚĞƌƐƚĞů͘ h^KK<'ZKE/E'Z^h>>E;t>E/dͿKWh^dDDE͘

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Η,ĞƚsĞƌĞŶŝŐĚĞKŶŐĞůŽŽĨǁĂĂƌĚŝŐĞDŝŶŝƐƚĞƌŝĞΗ ĞůĞƵŐĞŶƐĚŝĞĂůƚŝĞŶƚĂůůĞŶũĂƌĞŶǁŽƌĚĞŶƵŝƚŐĞƐƉƌŽŬĞŶŶĂĂƌƚŝĞŶĚƵŝnjĞŶĚĞŶŝŶǁŽŶĞƌƐǀĂŶĚĞWƌŽǀŝŶĐŝĞ'ƌŽŶŝŶŐĞŶ ŵĞƚ ďĞƚƌĞŬŬŝŶŐŽƉŚƵŶďĞƐĐŚĂĚŝŐĚĞǁŽŶŝŶŐĞŶĚŽŽƌĚĞŐĂƐǁŝŶŶŝŶŐ͘

ΗŝĞƚƵĚĞŚĞĞƌtŝĞďĞƐŶŽŐŵĞƚnjŝũŶĂƌŵĞŶnjǁĂĂŝĞŶĞŶŚĞƚŽŶƚĞůďĂƌĞŵĂůĞŶĂĂŶŐĞǀĞŶΗĚĂƚ ŚĞƚǁĞůƐŶĞůŝŶŽƌĚĞŬŽŵƚΗ͍ 'ĞĂĐŚƚĞŚĞĞƌZƵƚƚĞ͕ŽŽŬŚŝĞƌƐĐŚƵŝĨƚƵĚĞŵŽŐĞůŝũŬĞĨŝŶĂŶĐŝģůĞŽƉůŽƐƐŝŶŐĞŶŽŽŬŽǀĞƌĚĞ ǀĞƌŬŝĞnjŝŶŐĞŶŚĞĞŶ͕ŵĂĂƌĂůƐŚĞƚĚĂŶŶŝĞƚŐŽĞĚŐĂĂƚ͗ <ƵŶƚhŚĞƚnjŽǁĞĞƌŵĂĂŶĚĞŶ͕ŬǁĂƌƚĂůĞŶŽĨũĂƌĞŶǀŽŽƌƵŝƚƐĐŚƵŝǀĞŶ͘ ĞůĞƵŐĞŶƐǀĂŶŵĞǀƌŽƵǁǀĂŶEŝĞƵǁĞŶŚƵŝnjĞŶ;ssͿŵĞƚďĞƚƌĞŬŬŝŶŐŽƉŚĂĂƌƵŝƚůĞŐŽǀĞƌŚĂĂƌ >h'E,d/'<>/DdDd/E'E͕ ǀŽŽƌĚĞŐƌŽŽƚƐƚĞ ŬůŝŵĂĂƚǀĞƌǀƵŝůĞƌ͕/ZͲ&ZEͬ<>D ǁŽƌĚƚĞƌŽƉϱŬŵ͘ŚŽŽŐƚĞŐĞŵĞƚĞŶĞŶ ďŝũĚĞďŽĞƌĞŶ ŽƉϯŬŵ͘ŚŽŽŐƚĞ͘

'HERHUHQZRUGHQGHJURRWVWHVODFKWRIIHUV DĞǀƌŽƵǁǀĂŶEŝĞƵǁĞŶŚƵŝnjĞŶ͕hůŝĞŐƚĞŶďĞĚƌŝĞŐƚ͕ŽŽŬŝŶnjĂŬĞŚĞƚǀĞƌĚǁŝũŶĞŶǀĂŶƐƚƵŬŬĞŶďŽƐǀŽŽƌƐŶĞů ;ǁĞŐĞŶͿƵŬǁĞĞŬƚĂĂŶĚĞĠŶĞŬĂŶƚŵĞĞƌůƵĐŚƚǀĞƌǀƵŝůŝŶŐĚŽŽƌĚĞůƵĐŚƚǀĂĂƌƚĞŶnjŽƵǁĞůǀĞĞůďŽĞƌĞŶǁŝůůĞŶƵŝƚŬŽƉĞŶ͕ njŽĚĂƚŚƵŶĞǀĞŶƚƵĞůĞůƵĐŚƚǀĞƌǀƵŝůŝŶŐŶĂĂƌďĞŶĞĚĞŶnjĂůŐĂĂŶ͕ŵĂĂƌŚĞƚǀůŝĞŐǀĞƌŬĞĞƌnjĂůĚŽŽƌƵǁŐĞĚĂĐŚƚĞŶŐĂŶŐŽŵ ŵĞĞƌǀůŝĞŐǀĞƌŬĞĞƌǀĞĞůŵĞĞƌƐƚŝũŐĞŶĚĂŶĚĂƚŚĞƚďŝũĚĞďŽĞƌĞŶĚĂĂůƚ͘

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KŽŬŐĂĨĞĞŶĂůǀŝŶŝƐƚŝƐĐŚĞWƌĞĚŝŬĂŶƚŝŶĞĞůĂŶĚŝŶϭϲϬϮƚŽĞƐƚĞŵŵŝŶŐǀŽŽƌŚĞƚŝŶďĞnjŝƚŶĞŵĞŶǀĂŶƐůĂǀĞŶǀŽŽƌĚĞ ƐůĂǀĞŶŚĂŶĚĞů͘,ŝũŐĂĨĂĂŶĚĂƚĂůƐΗĚĞDKZEΗ;ĚŽŶŬĞƌŐĞƚŝŶƚĞĨƌŝŬĂŶĞŶͿ ŶŝĞƚŚƌŝƐƚĞůŝũŬǁĂƌĞŶŽĨŶŝĞƚŝŶ'ŽĚ ŐĞůŽŽĨĚĞŶ͕ njŝũĂůƐƐůĂĂĨǀĞƌŚĂŶĚĞůĚŵŽĐŚƚĞŶǁŽƌĚĞŶ͘

ŶĚĂƚǁĞƌĚŵĞƚďĞŝĚĞŚĂŶĚĞŶĂĂŶŐĞƉĂŬƚĚŽŽƌ>ŝďĞƌĂĂůͲ ĞŶĂůǀŝŶŝƐƚŝƐĐŚEĞĚĞƌůĂŶĚ͊͊͊͊͊ ZƵŝŵϯϰϬũĂĂƌůĂƚĞƌŝƐĞƌŝŶEĞĚĞƌůĂŶĚŶŽŐŶŝĞƚƐǀĞƌĂŶĚĞƌĚƚĞŶŽƉnjŝĐŚƚĞǀĂŶĚĞŐĞƚŝŶƚĞŵĞŶƐĞŶ͕ ŽƵĚͲ

ŽŽƌůŽŐƐƉƌĞŵŝĞƌWŝĞƚĞƌ'ĞƌďƌĂŶĚLJ;ZWͿ ǀŽĞŐĚĞĚĂĂƌŶŽŐĞĞŶǀŽƌŵǀĂŶƌĂĐŝƐŵĞĂĂŶƚŽĞĞŶĞŶǀůĂŬǀŽŽƌĚĞ

ĞŬŽůŽŶŝƐĂƚŝĞŽŽƌůŽŐŐĂĨŚŝũĂĂŶ͗

ΗƌǁŽƌĚĞŶŐĞĞŶE/<<Zd:^ŝŶŚĞƚE>E^>'ZΗƚŽĞŐĞůĂƚĞŶ͊ DĂĂƌĞƌǁĞƌĚĞŶĞƌŝŶĚĞĞŬŽůŽŶŝƐĂƚŝĞŽŽƌůŽŐǁĞůŚŽŶĚĞƌĚĞŶE/<<Zd:^͗ h/d^hZ/EDEZsKKZD>/'EZ>E^Ͳ/E/!'^dhhZKD͗ KW,hE>EsE,Z<KD^d;:sͿ͊͊͊>E'EKdEdsZDKKZE͕ /E:ZEZKEKDϭϵϭϱͬϭϵϮϬ/:EZsE:sEK'ϭϱ͘ϬϬϬϬƚŽƚϮϬ͘ϬϬϬ >^^>&EZt^dͲ/E/!'WKZdZͬ'dZE^WKZdZKKZEZ>E͘ Ğ^ůĂǀĞƌŶŝũĚƵƵƌĚĞŽƉƐŽŵŵŝŐĞĚĞůĞŶǀĂŶ:ĂǀĂƚŽƚǀůĂŬǀŽŽƌĚĞdǁĞĞĚĞtĞƌĞůĚŽŽƌůŽŐ͘ /ŬnjĂůƵĞŶEĞĚĞƌůĂŶĚĂĂŶŐĞǀĞŶǁĞůŬĞƐŵĞƌŝŐĞŐĞƐĐŚŝĞĚĞŶŝƐŚĂŶĚĞůŝŶŐĞŶŚĂŶĚĞůŝŶŐĞŶĂůƚŝũĚĚŽŽƌĚĞEĞĚĞƌůĂŶĚƐĞ ZĞŐĞƌŝŶŐĞŶŝŶĚĞKK&WKdŐĞƐƚŽƉƚnjŝũŶǀĂŶĂĨĚĞsKƚŽƚĞŶŵĞƚĚĞůĞƵŐĞŶƐĞŶďĞĚƌŽŐǀĂŶŚĞƚ<ĂďŝŶĞƚZƵƚƚĞϯŝŶ ϮϬϮϭ͘ sŝĂEĞĚĞƌůĂŶĚƐͲ/ŶĚŝģŶĂĂƌĚĞĞŬŽůŽŶŝƐĂƚŝĞŽŽƌůŽŐǁĂĂƌŶĂŝŶϭϵϱϬĚĞZĞƉƵďůŝĞŬͲ/ŶĚŽŶĞƐŝģĚĞ DĞŶƐĞŶƌĞĐŚƚĞŶƐĐŚĞŶĚŝŶŐĞŶǀĂŶEĞĚĞƌůĂŶĚŽǀĞƌŶĂŵĚŽŽƌĚĞDĞŶƐĞŶƌĞĐŚƚĞŶƐĐŚĞŶĚŝŶŐĞŶŝŶKŽƐƚͲdŝŵŽƌ͕ŝŶ:ĂǀĂ͕ŝŶ ĚĞDŽůƵŬŬĞŶĞŶŽƉĂŶĚĞƌĞĞŝůĂŶĚĞŶƚŽƚĞŶŵĞƚĚĞ'ĞŶŽĐŝĚĞĚŝĞƚŽƚŽƉĚĞĚĂŐǀĂŶǀĂŶĚĂĂŐŶŽŐŽƉǀŽŽƌŵĂůŝŐ EĞĚĞƌůĂŶĚƐEŝĞƵǁͲ'ƵŝŶĞĂŶŽŐǁŽƌĚƚƵŝƚŐĞǀŽĞƌĚĞŶĂůĂĂŶŵŝŶŝŵĂĂůϲϬϬ͘ϬϬϬWĂƉŽĞĂΖƐŚĞƚůĞǀĞŶŚĞĞĨƚŐĞŬŽƐƚ͕ ŽŽŬ ĚŽŽƌƵǁ<ĂďŝŶĞƚƚĞŶZƵƚƚĞϭ͕ϮĞŶϯ͊͊͊ ϭϲϬϮ͗ KƉϮϬŵĂĂƌƚϭϲϬϮǀĞƌůĞŶĞŶĚĞƚŽĞŶŵĂůŝŐĞ^ƚĂƚĞŶͲ'ĞŶĞƌĂĂůĂĂŶĚĞsĞƌĞŶŝŐĚĞKŽƐƚͲ/ŶĚŝƐĐŚĞŽŵƉĂŐŶŝĞŚĞƚ DKEKWK>/ǀĂŶŚĂŶĚĞůĞŶƐĐŚĞĞƉǀĂĂƌƚŽƉnjŝģ͘,ĞƚĐĞŶƚƌĂůĞďĞůĞŝĚǁŽƌĚƚďĞƉĂĂůĚĚŽŽƌĚĞΗ,ĞƌĞŶĞǀĞŶƚŝĞŶΗ͘ DĂĂƌĚĂŶ͗

ΗsKD'KKZ>K'sKZE͕ &KZdEKhtEEsZZ'E^>h/dE͊͊͊ /ƐŚĞƚĞĞƌƐƚĞŐĞĚĞĞůƚĞ͗ ΗĚĞsKD'KKZ>K'sKZE͊͊͊͊͊Η͘

ƵƐƉƌĞĐŝĞƐŚĞƚnjĞůĨĚĞ͕ĂůƐĚĞŽƉĚƌĂĐŚƚ͕ ĚŝĞĚĞZĞŐĞƌŝŶŐƐůĞŝĚĞƌƐĞĞůĞŶƌĞĞƐ͕ĐĂ͘ϯϰϬũĂĂƌ ůĂƚĞƌ͕ ĂĂŶŚĞƚEĞĚĞƌůĂŶĚƐĞ>ĞŐĞƌŽƉĚƌŽĞŐĞŶŝŶϭϵϰϳĂůƐƐƚĂƌƚǀŽŽƌĚĞĞŬŽůŽŶŝƐĂƚŝĞŽŽƌůŽŐ͗ Η,dEZ>E^>'ZDKdEZ>E^Ͳ/E/!,ZKsZEΗ͕

ŶĚĂĂƌnjŝũŶŐĞŚĞŝŵĞĚŽĐƵŵĞŶƚĞŶǀĂŶ͕ǀĂŶĚĞƚŽĞŶŵĂůŝŐĞZĞŐĞƌŝŶŐĞŶ>ĞŶZ^͘ /ŶĚŝĞƉĞƌŝŽĚĞďĞƐĐŚŝŬƚĞĚĞsKŽǀĞƌϭ͘ϲϬϬEĞĚĞƌůĂŶĚƐĞƐŽůĚĂƚĞŶ͕ϯϬϬ:ĂǀĂĂŶƐĞĚǁĂŶŐĂƌďĞŝĚĞƌƐĞŶĞĞŶďĞŚŽŽƌůŝũŬ ĂĂŶƚĂůǀƌŝũŐĞŬŽĐŚƚĞƐůĂǀĞŶĞŶ:ĂƉĂŶƐĞŐĞǀĞĐŚƚƐŵŽŽƌĚĞŶĂĂƌƐ͕ĚƵƐŚĞƚǁĂƐƚŽĞŶĂůǁĞůŚĞĞůĚƵŝĚĞůŝũŬĚĂƚŚĞƚŽƉĚĂƚ ŵŽŵĞŶƚŽƉĚĞĞĞƌƐƚĞƉůĂĂƚƐŶŝĞƚŐŝŶŐŽŵŚĂŶĚĞů͕ŵĂĂƌ Žŵ͗

ΗKEZ,dDd/'ŝŶďĞnjŝƚƚĞŬŽŵĞŶǀĂŶĚĞĞŝůĂŶĚĞŶŐƌŽĞƉĚŝĞǀĂŶĂĨϭϵϰϱĚĞZĞƉƵďůŝĞŬͲ /ŶĚŽŶĞƐŝģŚĞĞƚΗ͘

DŝũŶŚĞĞƌZƵƚƚĞ͕ĚŝĞĚŽĐƵŵĞŶƚĞŶŬƵŶƚƵŽƉnjŽĞŬĞŶŝŶΗƵǁKK&WKddEΗ͕ŝŬǁŝůƵŽŽŬǁĞůĂĂŶŐĞǀĞŶĚĂƚŝŬŽǀĞƌĞĞŶ ŬŽƉŝĞďĞƐĐŚŝŬǀĂŶĚŝĞŽƉĚƌĂĐŚƚ͕ǁĂĂƌŝŶnjĞůĨƐŶŽŐŝŶŝƐŽƉŐĞŶŽŵĞŶĚĂƚĚŝĞŽƉĚƌĂĐŚƚǀĂŶĞĞůĞŶƌĞĞƐŶŝĞƚŶĂĂƌ ďƵŝƚĞŶŵĂŐ͊͊͊ ΗsKD'&KZdEKhtEΗ͕ĚĂĂƌŚĞďďĞŶnjĞŽŽŬĚƌŝĨƚŝŐŐĞďƌƵŝŬǀĂŶŐĞŵĂĂŬƚ͕ǁĂŶƚǀŽŽƌŶĂŵĞůŝũŬŝŶĚĞŽŶĚĞƌƐƚĞ ŚĞůĨƚǀĂŶĨƌŝŬĂĞŶŽŽŬŝŶƵŝĚKŽƐƚͲnjŝģƐƚĂĂƚŚĞƚĞƌŚĞůĞŵĂĂůǀŽůŵĞĞĞŶŽŽŬŽƉŝŶďĞƐůĂŐŐĞŶŽŵĞŶŐƌŽŶĚĞŶ͘ ΗsKD'sZZ'E^>h/dEΗ͕ĚĂƚǁĂƌĞŶǀŽŽƌŚĞƚŽǀĞƌŐƌŽƚĞĚĞĞůĠĠŶnjŝũĚŝŐŽƉŐĞĚƌŽŶŐĞŶǀĞƌĚƌĂŐĞŶ͕ǀŽŽƌĂůŽƉ ĚĞĞŝůĂŶĚĞŶŐƌŽĞƉĚŝĞŶƵĚĞZĞƉƵďůŝĞŬͲ/ŶĚŽŶĞƐŝģŚĞĞƚ͘ ϭϲϬϯ͗ KŶĚĞƌĂĚŵŝƌĂĂůsĂŶĚĞƌ,ĂŐŚĞŶnjĞŝůƚŝŶĚĞĐĞŵďĞƌϭϲϬϯǀŽŽƌĚĞĞĞƌƐƚĞŵĂĂůĞĞŶǀůŽŽƚƵŝƚŽŶĚĞƌĚĞǀůĂŐǀĂŶĚĞsK͘ WĂƐŝŶǀŽůůĞnjĞĞǀĞƌŶĞĞŵƚĚĞĂĚŵŝƌĂĂůĚĞKKZ>K'^h,d/'KWZ,dsEKDW'E/͘ ĞďĞŬĞŶĚŵĂŬŝŶŐǀĂŶĚĞŝŶƐƚƌƵĐƚŝĞƐǁĞŬƚŐƌŽƚĞďĞƌŽĞƌŝŶŐŽŶĚĞƌŚĞƚƐĐŚĞĞƉƐǀŽůŬ͘9HOHQKHEEHQ]LFKQLHW DDQJHPRQVWHUGRPWHJDDQYHFKWHQ ϭϲϬϱ͗ sĂŶĚĞƌ,ĂŐŚĞŶŶĞĞŵƚŽƉŵďŽŶŝŶĨĞďƌƵĂƌŝϭϲϬϱ͕njŽŶĚĞƌƐůĂŐŽĨƐƚŽŽƚŚĞƚƚŽĞŶŶŽŐŵŽĚĞƌŶĞǀĞƌƐƚĞƌŬƚĞWŽƌƚƵŐĞƐĞ ĨŽƌƚǀĂŶŚĞŶŽǀĞƌĞŶŶŽĞŵƚŚĞƚΗsŝĐƚŽƌŝĂΗ͘ĂĂƌŵĞĞŝƐŚĞƚŽŶƚĞƌĞĐŚƚŝŶďĞnjŝƚŶĞŵĞŶǀĂŶĚĞĞŝůĂŶĚĞŶŐƌŽĞƉ͕ĚŝĞŶƵĚĞ ZĞƉƵďůŝĞŬͲ/ŶĚŽŶĞƐŝģŚĞĞƚ͕ďĞŐŽŶŶĞŶ͘  :ĂŶWŝĞƚĞƌƐnjŽŽŶŽĞŶǀĞƌŽǀĞƌƚ͕;ΗĚƵƐŽŶƌĞĐŚƚŵĂƚŝŐďĞnjŝƚΗͿ͕ƐƚĂƉǀŽŽƌƐƚĂƉĚĞĞŝůĂŶĚĞŶŐƌŽĞƉ͕ƚĞďĞŐŝŶŶĞŶŵĞƚĚĞ

ĂŶĚĂͲĞŝůĂŶĚĞŶ͕ŚĞƚǁĂƐŚĞƚďĞŐŝŶǀĂŶĞĞŶ'EK/ŽƉǀĞĞůĞŝůĂŶĚĞŶ͘ƌǁĂƐĞĞŶĞŝůĂŶĚ͕ ǁĂĂƌĐĂ͘ϭϲ͘ϬϬϬ ĞŝůĂŶĚďĞǁŽŶĞƌƐŐĞǀĞƐƚŝŐĚǁĂƌĞŶ͘

Η,ĞƚŝƐĚŽŽƌĞĞŶ'EK/ĚŽŽƌŚĞƚsKͲ>'ZŚĞůĞŵĂĂůŽŶƚǀŽůŬƚΗ͘ Ă͘ϭϱ͘ϬϬϬĞŝůĂŶĚďĞǁŽŶĞƌƐǁĞƌĚĞŶǀĞƌŵŽŽƌĚĚŽŽƌĚĞsKͲƐŽůĚĂƚĞŶĞŶĚĞŽǀĞƌŝŐĞďĞǁŽŶĞƌƐ͕ĐĂ͘ϴϬϬ͕ ǁĞƌĚĞŶĂůƐƐůĂǀĞŶŶĂĂƌĂƚĂǀŝĂŐĞĚĞƉŽƌƚĞĞƌĚͬŐĞƚƌĂŶƐƉŽƌƚĞĞƌĚ͘ ,ŝĞƌŵĞĚĞĚǁŽŶŐŚĞƚsKŚĞƚĚŽŽƌŚĞŶŐĞǁĞŶƐƚĞŵŽŶŽƉŽůŝĞĂĨ͕ĚƵƐKEZ,dDd/'ĞŶDdE

D^^DKKZ͘

ϭϲϬϵ͗ ĞsKǀĞƌůĂŶŐĚĞĞĞŶǀŽůŬŽŵĞŶƐƉĞĐĞƌŝũĞŶŵŽŶŽƉŽůŝĞ͕ŶĂĂƐƚŵďŽŶǁĞƌĚĞŶǀĞƌǀŽůŐĞŶƐŽŽŬĚĞDŽůƵŬŬĞŶĞŶĂŶĚĂ ŽŶĚĞƌŐĞnjĂŐǀĂŶĚĞsKŐĞďƌĂĐŚƚŵĞƚĞŶnjŽŶĚĞƌŐĞǁĞůĚ͘ dŽĐŚǁĂƐĞƌŝŶĚŝĞƉĂĂƌũĂƌĞŶŽŽŬĂůǀĞĞůǁĞĞƌƐƚĂŶĚŽŶƚƐƚĂĂŶŽŶĚĞƌĚĞďĞǀŽůŬŝŶŐŽǀĞƌĚĞKEZ,dDd/'dd/E' ǀĂŶĚĞĞŝůĂŶĚĞŶĚŽŽƌĚĞsK͘ ŶĚĂƚǁĞƌĚŽŽŬǁĞůĚƵŝĚĞůŝũŬdŽĞŶsĞƌŚŽĞĨĨ;sKͿŽƉĂŶĚĂEĞŝƌĂĞĞŶĨŽƌƚǁŝůĚĞ ŽƉƌŝĐŚƚĞŶǁĂĂƌĚĞĞŝůĂŶĚďĞǁŽŶĞƌƐŚĞƚǀŽůŬŽŵĞŶŵĞĞŽŶĞĞŶƐǁĂƌĞŶ͘ dŽĞŶŚŝũĚĂƚƉƌŽďĞĞƌĚĞĚŽŽƌƚĞĚƌƵŬŬĞŶ͕ǁĞƌĚĞŶŚŝũĞŶϰϲĂŶĚĞƌĞŵĞĚĞǁĞƌŬĞƌƐĚŽŽƌĚĞĂŶĚĂŶĞnjĞŶǀĞƌŵŽŽƌĚ͘ ϭϲϭϲ͗ :ĂŶŝƌŬƐnjŶ͘>ĂŵǀĞƌŽǀĞƌƚWƵůĂƵ͕ĠĠŶǀĂŶĚĞǀĞůĞĂŶĚĂͲĞŝůĂŶĚĞŶ͘ĞŶǀůŽŽƚǀĂŶϵsKͲƐĐŚĞƉĞŶŬŽŵƚŽƉϮϭŵĂĂƌƚϭϲϭϵ ĂĂŶďŝũŚĞƚĂŶĚĂŶĞnjĞͲĞŝůĂŶĚŝ͕ǁĂĂƌǀĂŶĚĂĂŶĚĞǀĞƌŶŝĞƚŝŐŝŶŐĞŶǀĂŶĚĞĂŶĚĂŶĞnjĞŶǀĞƌĚĞƌŐĂĂŶ͘ ϭϲϭϴ͗ EĂĞĞŶŚĞǀŝŐĞƐƚƌŝũĚŵĞƚĚĞĂŶƚĂŵŵĞƌƐ͕ƐůĂĂŐƚ:ĂŶWŝĞƚĞƌƐnjŽŽŶŽĞŶĞƌŝŶŽŵ:ĂŬĂƌƚĂƚĞǀĞƌŽǀĞƌĞŶŵĞƚǀĞůĞŚŽŶĚĞƌĚĞŶ ŐĞĚŽĚĞĞŝůĂŶĚďĞǁŽŶĞƌƐ͘KƉĚĞƉůĂĂƚƐǀĂŶĚĞǀĞƌǁŽĞƐƚƚĞƐƚĂĚ:ĂŬĂƌƚĂǁĞƌĚĂƚĂǀŝĂŐĞƐƚŝĐŚƚ͕ ,d,KK&<tZd/ZsEsK/E/!͕ĚƵƐŽƉŽŶƌĞĐŚƚŵĂƚŝŐŝŶďĞnjŝƚŐĞŶŽŵĞŶŐƌŽŶĚ͘ ϭϲϮϭ͗ dƵƐƐĞŶϮϰĂƉƌŝůϭϲϮϭĞŶϭŵĞŝϭϲϮϭǁĞƌĚĞŶĞƌĚŽŽƌĚĞ,ŽůůĂŶĚĞƌƐŽƉŚĞƚĂŶĚĂŶĞnjĞŶĞŝůĂŶĚ>ŽŶƚŚŽƌ͕ŽŶĚĞƌůĞŝĚŝŶŐǀĂŶ :ĂŶWŝĞƚĞƌƐnjŽŽŶŽĞŶƌƵŝŵϭ͘ϮϬϬďĞǁŽŶĞƌƐǀĞƌŵŽŽƌĚ͘ĂĂƌǀŽŽƌŚĂĚŚŝũŽŽŬĂůŵĞƚĞĞŶůĞŐĞƌǀĂŶϮ͘ϬϬϬƐŽůĚĂƚĞŶĂůŽƉ ĂŶĚĂĞŝůĂŶĚĞŶŽŶƚǀŽůŬƚ͘

ĞsKͲ'ŽƵǀĞƌŶĞƵƌͲ'ĞŶĞƌĂĂů>ĂƵƌĞŶƐZĞĂĂů͕ǀĂŶϭϲϭϲͲϭϲϭϵ͕ŽŽŬĂůĂĂŶŐĞŐĞǀĞŶĚĂƚ,ŽůůĂŶĚΗ,dtZ^d>E

sEtZ>ΗǁĂƐŝŶĚŝĞƚŝũĚ͊͊͊ ĞǀĞƌŽǀĞƌĚĞŐƌŽŶĚĞŶǁĞƌĚĞŶǀĞƌĚĞĞůĚŝŶŐƌŽƚĞƉĞƌŬĞŶ͕ĚŝĞĂĂŶŽƵĚͲĐŽŵƉĂŐŶŝĞĚŝĞŶĂƌĞŶ;njŝũǁĞƌĚĞŶƉĞƌŬĞŶŝĞƌƐͿ ǁŽƌĚĞŶƚŽĞŐĞǁĞnjĞŶĞŶΗ/:<Z'EZ^>sE/:'>sZ͊͊͊Η ϭϲϮϯ͗ 'ŽƵǀĞƌŶĞƵƌǀĂŶ^ƉĞƵůƚǀĂŶĨŽƌƚsŝĐƚŽƌŝĂŽƉŵďŽŶůĂĂƚϭϬŶŐĞůƐĞŬŽŽƉůŝĞĚĞŶKW,E'EŽƉďĞƐĐŚƵůĚŝŐŝŶŐǀĂŶ ƐĂŵĞŶnjǁĞƌŝŶŐƚĞŐĞŶĚĞsK ϭϲϯϰ͗ KŽƌůŽŐĞŶŐĞǁĞůĚĚŽŽƌĚĞsKŝŶĚĞDŽůƵŬŬĞŶŽŵŚĞƚŬƌƵŝĚŶĂŐĞůŵŽŶŽƉŽůŝĞĂĨƚĞĚǁŝŶŐĞŶ͘ĞŚĂƌĚĞŵĂĂƚƌĞŐĞůĞŶǀĂŶ ĚĞsKͲƚƌŽĞƉĞŶŽƉǀĞƌnjĞƚďŝũĚĞŝŶǁŽŶĞƌƐǀĂŶ,ŝƚƵĞŶůĞŝĚĞŶƚŽƚďůŽĞĚŝŐĞŐĞǀĞĐŚƚĞŶ͕ŽƉŐĞƐƚĂƌƚĚŽŽƌĚĞsKĚĂƚůĞŝĚĚĞ ƚŽƚŚŽŶĚĞƌĚĞŶnjŽŶŝĞƚĚƵŝnjĞŶĚǀĞƌŵŽŽƌĚĚĞĞŝůĂŶĚďĞǁŽŶĞƌƐ͘ ϭϲϯϳ͗ sĂŶŝĞƌŵĞŶŽŶĚĞƌŶĞĞŵƚŬĞŝŚĂƌĚĞĂĐƚŝĞŽƉŚĞƚĞŝůĂŶĚĞƌĂŵŝŶĚĞƉůĂĂƚƐ,KDK>͘KŶƚĞůďĂƌĞĚŽĚĞĞŝůĂŶĚďĞǁŽŶĞƌƐ ĞŶǀĞůĞŐĞǁŽŶĚĞŶ͘ ϭϲϰϲ͗ KƉŚĞƚĞŝůĂŶĚ,ŝƚƵŬŽŵƚĞĞŶǀŽŽƌůŽƉŝŐĞŝŶĚĞĂĂŶĚĞƐƚƌŝũĚŝŶĚĞDŽůƵŬŬĞŶŵĞƚĚĞǀĞƌŽǀĞƌŝŶŐĚŽŽƌĚĞsKǀĂŶĚĞ ǀĞƐƚŝŶŐ<ĂƉĂŚĂ͘ KƉĚĞŵďŽŶĞƐĞĞŝůĂŶĚĞŶĚĞĞĚnjŝĐŚŝŶĚŝĞũĂƌĞŶĞĞŶŵĞĞƌĚĂŶĞƌŶƐƚŝŐĞďĞǀŽůŬŝŶŐƐĂĨŶĂŵĞǀŽŽƌ͕ϯϳƉƌŽĐĞŶƚǀĂŶĚĞ ďĞǀŽůŬŝŶŐǁĞƌĚǀĞƌŵŽŽƌĚĞŶĚĂƚǁĂƐƚĞǁŝũƚĞŶĂĂŶĚĞĚŽŽƌĚĞsKƵŝƚŐĞǀŽĞƌĚĞŽŽƌůŽŐĞŶ͘

h^sKsZDKKZ/:EϰϬWZKEdsE/>EtKEZ^͊ ϭϲϱϱ͗ ƌŶŽůĚĚĞsůĂŵŝŶŐŚǀĂŶKƵƚƐŚŽŽƌŶŵĂĂŬƚŵĞƚŐƌŽĨŐĞǁĞůĚĞĞŶĞŝŶĚĞĂĂŶĚĞŽŽƌůŽŐŽƉŚĞƚƐĐŚŝĞƌĞŝůĂŶĚ ,ŽĂŵŽĂů;tĞƐƚͲĞƌĂŵͿ͘ ,ĞƚƐĐŚŝĞƌĞŝůĂŶĚǁŽƌĚƚƚŽƚĂĂůǀĞƌǁŽĞƐƚĞŶŶĂĂƐƚǀĞĞůĚŽĚĞŶǁŽƌĚĞŶĚĞŽǀĞƌŝŐĞĞŝůĂŶĚďĞǁŽŶĞƌƐ ŐĞĚĞƉŽƌƚĞĞƌĚŶĂĂƌŵďŽŶ͘KŽŬďĞǁŽŶĞƌƐǀĂŶdĞƌŶĂƚĞǁŽƌĚĞŶŐĞƐƚƌĂĨƚĞŶǀĞƌǁŝũĚĞƌĚ͘ ϭϲϳϳ͗ <ĂƉŝƚĞŝŶ:ŽŶŬĞƌǀĞƌĚƌŝũĨƚŵĞƚnjŝũŶsKͲƐŽůĚĂƚĞŶĚĞDĂŬĂƐƐĂƌĞŶǀĂŶKŽƐƚͲ:ĂǀĂ͕ǀĞůĞĚŽĚĞŶĞŶŐĞǁŽŶĚĞŶ͘ dŽƚŚĞƚŽƉŚŽƵĚĞŶǀĂŶŚĞƚďĞƐƚĂĂŶǀĂŶĚĞsKŝŶϭϳϵϵnjŽƵŝŬŶŽŐƚŝĞŶƚĂůůĞŶƉĂŐŝŶĂΖƐǀŽůŬƵŶŶĞŶĂĂŶŐĞǀĞŶŵĞƚ ďŽǀĞŶŐĞŶŽĞŵĚĞ'ĞŶŽĐŝĚĞĂĐƚŝǀŝƚĞŝƚĞŶĞŶĚŽĚĞŶĚŝĞǁŽƌĚĞŶǀĞƌŽŽƌnjĂĂŬƚĚŽŽƌĚĞsKͲ,K>>E͘ ,ĞƚŝƐĚĂĂƌŽƉĚĂƚŵŽŵĞŶƚŶŝĞƚĂŶĚĞƌƐĚĂŶĨƌŝŬĂĂŶƐĞůĂŶĚĞŶĚŝĞŽŽŬŐĞŬŽůŽŶŝĂůŝƐĞĞƌĚnjŝũŶͬǁŽƌĚĞŶ͘ĞďĞǁŽŶĞƌƐ ǁŽƌĚĞŶŐĞďƌƵŝŬƚͬŵŝƐďƌƵŝŬƚǀŽŽƌĨŝŶĂŶĐŝĞĞůŐĞǁŝŶǀŽŽƌĚĞsZKsZZ^njŽĂůƐ,K>>EͬEZ>E^Ͳ/E/!͊͊͊ tŝũŚĂĚĚĞŶͬŚĞďďĞŶŝŶEĞĚĞƌůĂŶĚƚĞŵĂŬĞŶǀŽŽƌĂůŵĞƚ>ŝďĞƌĂůĞŶĞŶĂůǀŝŶŝƐƚĞŶ͘sŽŽƌĂůĚĞĂůǀŝŶŝƐƚĞŶ͕ŽŽŬŶƵŶŽŐ͕ĞĞŶƐ ŵŽĞƚĞŶŽǀĞƌĚĞŶŬĞŶǁĂƚnjŝũŚƵŶŶĂĂƐƚĞŶĂĂŶĚŽĞŶ͕ŵĂĂƌũĂĞƌŝƐŶŽŐƐƚĞĞĚƐĚĞƵŝƚƐƉƌĂĂŬ͗ΗKƉnjŽŶĚĂŐŐĂĂŶǁĞŶĂĂƌĚĞ <ĞƌŬĞŶŚĞďďĞŶǁĞŽŶnjĞŶĂĂƐƚĞǁĞůůŝĞĨ͕ŵĂĂƌĚŽŽƌĚĞǁĞĞŬĚŽĞŶǁĞŶĞƚĂůƐŝĞĚĞƌĞĞŶǀƵŝů͕ƐŵĞƌŝŐĞŶŵĞŶƐĞŶƌĞĐŚƚĞŶ ƐĐŚĞŶĚĞŶĚǁĞƌŬ͕ŽŽŬŝŶEĞĚĞƌůĂŶĚnjĞůĨ͘ /ŶϭϳϵϵŽƉϯϭĚĞĐĞŵďĞƌŚŽƵĚƚĚĞsKŽƉĚĞďĞƐƚĂĂŶ͕ŚƵŶŐŽĞĚĞƌĞŶŐĂĂŶŽǀĞƌŶĂĂƌĚĞEĞĚĞƌůĂŶĚƐĞ^ƚĂĂƚĞŶĚĂĂƌĚŽŽƌ

ŝƐEĞĚĞƌůĂŶĚƐͲ/ŶĚŝģŐĞďŽƌĞŶ͕ǁĞůŝƐĚƵŝĚĞůŝũŬĂĂŶƚŽŽŶďĂĂƌĚĂƚĚĞǁĞƌŬǁŝũnjĞǀĂŶEĞĚĞƌůĂŶĚƐͲ/ŶĚŝģŐĞůŝũŬŝƐĂĂŶĚĞsK͘ ƵƐĚĞ/>EE'ZKWŝƐǀĂŶĂĨĚĂƚŵŽŵĞŶƚ;ďĞŐŝŶϭϲϬϬͿKEZ,dDd/'/d sE,d<KE/E<Z/:<Z EZ>EEDdEDEZ>E^Ͳ/E/!͊͊͊ ĂŶŚĞƚĞŝŶĚĞŬƵŶƚƵĞEĞĚĞƌůĂŶĚƐĞKŽƌůŽŐƐŵŝƐĚĂĚĞŶŝŶEĞĚĞƌůĂŶĚƐͲ/ŶĚŝģĞŶĚĞDĞŶƐĞŶƌĞĐŚƚĞŶƐĐŚĞŶĚŝŶŐĞŶǀĂŶ ĚĞZĞƉƵďůŝĞŬͲ/ŶĚŽŶĞƐŝģƚŽƚĞŶŵĞƚĚĞŶŽŐƐƚĞĞĚƐůŽƉĞŶĚĞ'ĞŶŽĐŝĚĞǁĂĂƌŶĞŵĞŶ͘ ссссссссссссссссссссссссссссссссссссссссссссссссссссссссссссссссссс

sŽŽƌǀĞƌƚƌĞŬŬĞŶĚĞWK>/d//͗

:ƵůůŝĞďĞŚŽĞǀĞŶũĞŐĞĞŶnjŽƌŐĞŶƚĞŵĂŬĞŶŽǀĞƌũƵůůŝĞǁĂĐŚƚŐĞůĚ͘:ƵůůŝĞŬƌŝũŐĞŶŚĞƚĞĞƌƐƚĞũĂĂƌD/E/D>ϴϬ ƉƌŽĐĞŶƚǀĂŶũƵůůŝĞŚƵŝĚŝŐĞǀĞƌŐŽĞĚŝŶŐĞŶĚĂŶĚĞǀŽůŐĞŶĚĞϮũĂĂƌD/ED>ϳϬƉƌŽĐĞŶƚ͘:ƵůůŝĞďĞŚŽĞǀĞŶŐĞĞŶ ^ŽĐŝĂůĞŝĞŶƐƚƵŝƚŬĞƌŝŶŐĂĂŶƚĞǀƌĂŐĞŶ͕ǁĂŶƚĞĞŶƵŝƚŬĞƌŝŶŐŝƐŶŝĞƚnjŽŚŽŽŐ͘

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GH9HUHQLJGH2QJHORRIZDDUGLJH0LQLVWHULHV DĞƚnjĂŬĞŶĚŝĞŚĞƚďƵŝƚĞŶůĂŶĚĂĂŶŐĂĂŶ͕ďĞŚŽŽƌƚĚĞŚĞĞƌůŽŬ;ssͿĚĞĂĐƚŝĞǀĞǁĞƌŬĞƌƚĞnjŝũŶǀĂŶŚĞƚ DŝŶŝƐƚĞƌŝĞǀĂŶƵŝƚĞŶůĂŶĚƐĞĂŬĞŶ͕ŵĂĂƌŚŝũŝƐĞĞŶďĞŚŽŽƌůŝũŬĞǀĞƌĂŶƚǁŽŽƌĚŝŶŐǀĞƌƐƚŽƉƉĞƌ͘KŶĚĞƌĚĞ ƐƵƉĞƌǀŝƐŝĞǀĂŶĚĞDŝŶŝƐƚĞƌͲWƌĞƐŝĚĞŶƚŚĞĞĨƚŚŝũŽŽŬ͕ŶĞƚĂůƐĂůnjŝũŶǀŽŽƌŐĂŶŐĞƌƐ͕ŐĞĞŶǀĞƌĂŶƚǁŽŽƌĚŝŶŐŐĞŶŽŵĞŶ ŽŵĚĞDĞŶƐĞŶƌĞĐŚƚĞŶƐĐŚĞŶĚŝŶŐĞŶǀĂŶĚĞZĞƉƵďůŝĞŬͲ/ŶĚŽŶĞƐŝģĂĂŶƚĞƉĂŬŬĞŶ͘EĞĞǁĂŶƚĚĂŶŐĂĂƚEĞĚĞƌůĂŶĚ ĚĞǁĞƌĞůĚŽǀĞƌŵĞƚĂĨŐĞnjĂŬƚĞƐĐŚŽƵĚĞƌƐ

ĞŚĞĞƌZƵƚƚĞ;ssͿĚĞĞŝŶĚǀĞƌĂŶƚǁŽŽƌĚĞůŝũŬĞďĞǁŝŶĚƐŵĂŶ͕ĚŝĞĞŝŶĚǀĞƌĂŶƚǁŽŽƌĚŝŶŐĚŝĞŶƚƚĞ

ĚƌĂŐĞŶǀŽŽƌŚĞƚĚŽĞŶĞŶůĂƚĞŶǀĂŶĂůůĞDŝŶŝƐƚĞƌŝĞƐŝŶEĞĚĞƌůĂŶĚŶĂĂƌŚĞƚWĂƌůĞŵĞŶƚ;ĚĞdǁĞĞĚĞ<ĂŵĞƌĚĞƌ ^ƚĂƚĞŶͲ'ĞŶĞƌĂĂůͿƚŽĞ͕ŵĂĂƌũĂ͕ĚĂĂƌŚĞĞĨƚŚŝũŝŶĚĞĂĨŐĞůŽƉĞŶϭϬũĂĂƌŐĞĞŶďůŝũŬǀĂŶŐĞŐĞǀĞŶ͕ĚĂƚŝƐŽŽŬǁĞů ŐĞďůĞŬĞŶŝŶĚĞďĞǁŝŶĚƐůŝĞĚĞŶŝŶĚŝĞϭϬũĂĂƌǀĞƌƉůŝĐŚƚŵŽĞƐƚĞŶŽƉƐƚĂƉƉĞŶ͕ŚĞƚǁĂƌĞŶǀĞĞůĂůssͲ͕ĞŶͲ ďĞǁŝŶĚƐůŝĞĚĞŶ͘ ŽŚŽŽƌƚŚĞƚƚĞnjŝũŶ͕ ŵĂĂƌďŝũũƵůůŝĞĂůƐƌĞŐĞƌŝŶŐŝƐĚĂƚƚŽƚĂĂůŶŝĞƚǀĂŶƚŽĞƉĂƐƐŝŶŐ͘ŚĞƚŝƐŵĞĞƌĚĞƌŵĂůĞŶ ǀŽŽƌŐĞŬŽŵĞŶĚĂƚĚĞŽƉƉŽƐŝƚŝĞŵĞĚĞĚĞůŝŶŐĞŶ͕ƚĞŬƐƚĞŶƵŝƚůĞŐĞŶďĞƐůŝƐƐŝŶŐĞŶǀĂŶĚĞŽǀĞƌŚĞŝĚƵŝƚĚĞ ĚĂŐďůĂĚĞŶŵŽĞƐƚĞŶůĞnjĞŶ͕ƚĞƌǁŝũůĚĞssͲ͕Ͳ͘ϲϲͲ ĞŶhͲdǁĞĞĚĞ<ĂŵĞƌĨƌĂĐƚŝĞƐǁĞůŽƉĚĞŚŽŽŐƚĞ njŝũŶͬǁĂƌĞŶ͊ ůƐDŝŶŝƐƚĞƌǀĂŶƵŝƚĞŶůĂŶĚƐĞĂŬĞŶŬƵŶũĞŶŝĞƚǀĞƌĂŶƚǁŽŽƌĚĞůŝũŬŐĞƐƚĞůĚǁŽƌĚĞŶǀŽŽƌǁĂƚĚĞǀŽŽƌŐĂŶŐĞƌƐ ŚĞďďĞŶŶĂŐĞůĂƚĞŶ͕ǁĞůǀŽŽƌĚĞĂĐƚŝǀŝƚĞŝƚĞŶĚŝĞƵĚŝĞŶƚƚĞǀĞƌƌŝĐŚƚĞŶŽŵƐŝƚƵĂƚŝĞƐǁĞůnjŽƵŝƚƚĞǀŽĞƌĞŶnjŽĂůƐ ŚĞƚŚŽŽƌƚŽĨƐŝƚƵĂƚŝĞƐƚĞŚĞƌƐƚĞůůĞŶŽĨŽƉŶŝĞƵǁŽƉƚĞƐƚĂƌƚĞŶ͘

tĞůŝƐŚĞƚnjŽ͕ĚĂƚŽŽŬĚĞǀŽƌŝŐĞDŝŶŝƐƚĞƌƐǀĂŶƵŝƚĞŶůĂŶĚƐĞĂŬĞŶŝŶĚĞ<ĂďŝŶĞƚƚĞŶZƵƚƚĞŽŽŬŵĞƚĞĞŶ ŐƌŽƚĞŐŽŵĚĞ'EK/ŝŶWĂƉƵĂͬtĞƐƚͲWĂƉƵĂĞŶĚĞDĞŶƐĞŶƌĞĐŚƚĞŶƐĐŚĞŶĚŝŶŐĞŶŝŶĂŶĚĞƌĞĚĞůĞŶǀĂŶ ĚĞZĞƉƵďůŝĞŬͲ/ŶĚŽŶĞƐŝģ͘ hƌŝZŽƐĞŶƚŚĂů;ssͿ͕&ƌĂŶƐdŝŵŵĞƌŵĂŶƐ;WǀĚͿ͕Ğƌƚ<ŽĞŶĚĞƌƐ;WǀĚͿ͕,ĂůďĞŝũůƐƚƌĂ;ssͿ͕ŵĂĂƌŽŽŬ DŝŶŝƐƚĞƌůŽŬnjĞůĨ;ssͿ͕ŚĞďďĞŶŶŝĞƚƐĐŽŶƐƚƌƵĐƚŝĞĨƐĂĂŶĚŝĞƉƌŽďůĞŵĂƚŝĞŬŐĞĚĂĂŶ͕njŝũnjŝũŶŝŶĨŽƌŵĞĞůŶĞƚnjŽ ǀĞƌĂŶƚǁŽŽƌĚĞůŝũŬǀŽŽƌĚĞ'ĞŶŽĐŝĚĞĚŝĞĚĂĂƌǁŽƌĚƚƵŝƚŐĞǀŽĞƌĚ͘ KŽŬƚŝũĚĞŶƐŚƵŶƉĞƌŝŽĚĞĂůƐDŝŶŝƐƚĞƌǀĂŶƵŝƚĞŶůĂŶĚƐĞĂŬĞŶnjŝũŶĞƌĚƵŝnjĞŶĚĞŶWĂƉŽĞĂΖƐǀĞƌŵŽŽƌĚ͘ ŶnjĞƚĚĂĂƌĚĞDŝŶŝƐƚĞƌƐǀĂŶƵŝƚĞŶůĂŶĚƐĞĂŬĞŶƵŝƚĚĞƉĞƌŝŽĚĞǀĂŶDŝŶŝƐƚĞƌͲWƌĞƐŝĚĞŶƚĂůŬͲĞůůĞŶĚĞ//ŵĂĂƌ ďŝũ͘hŚĞĞĨƚĚĂĂƌŽŽŬĞĞŶĂĂŶƚĂůũĂƌĞŶĂůƐ^ƚĂĂƚƐƐĞĐƌĞƚĂƌŝƐŐĞĨƵŶŐĞĞƌĚ͕ŽŽŬŝŶĚĞƉĞƌŝŽĚĞĚĂƚŚĞƚZĂƉƉŽƌƚ ƌŽŽŐůĞǀĞƌ;E/KͿΗĂĂĚǀĂŶǀƌŝũĞŬĞƵnjĞΗŶŝĞƚĚŽŽƌĞŶŽƚ;ͿŝƐŐĞĂĐĐĞƉƚĞĞƌĚ͘ ĂŶĚĞĠŶĞŬĂŶƚŝƐŚĞƚƚĞďĞŐƌŝũƉĞŶ͕ǁĂŶƚnjŝũŶǀĂĚĞƌǁĂƐĚĞůĂĂƚƐƚĞZ'Z/E'^>/ǀĂŶƵŝƚĚĂƚEĞĚĞƌůĂŶĚƐĞ <ĂďŝŶĞƚŝŶĚĞĐĞŵďĞƌϭϵϲϭĞŶĚŝĞŵĞƚŐƌŽƚĞůĞƵŐĞŶƐĞĞŶEĂƚŝŽŶĂĂůsŽůŬƐůŝĞĚĞŶĞĞŶEĂƚŝŽŶĂůĞsůĂŐ ŽǀĞƌŚĂŶĚŝŐĚĞ͘

KƉǁĞŐ;njŽĂůƐnjŝũĚĂĐŚƚĞŶͿŶĂĂƌ>&^dE/',/͕ΗĚĂƚĚƵƐŶŝĞƚnjŽǁĂƐĞŶĚĂƚǁĂƐŽŽŬ

ĂůŵĞĞƌĚĞƌĞũĂƌĞŶďĞŬĞŶĚďŝũĚĞ^ƚĂĂƚƐƐĞĐƌĞƚĂƌŝƐdŚĞŽŽƚΗ͘ :ŽnjŝĂƐǀĂŶĂƌƚƐĞŶ;ssͿŚĞĞĨƚŚĞƚĚƵƐƚŽĞŶŝŶŽŶƚǀĂŶŐƐƚŐĞŶŽŵĞŶ͘ ,ĞƚŝƐŶŽŽŝƚĂĂŶĚĞdǁĞĞĚĞ<ĂŵĞƌĚĞƌ^ƚĂƚĞŶ'ĞŶĞƌĂĂůǀĞƌƐƚƌĞŬƚ͘

,ĞƚŝƐĚŽŽƌŚĞƚ<ĂďŝŶĞƚĂůŬĞůůĞŶĚĞ//;͕ssĞŶϲϲͿŽǀĞƌĚĞƐĐŚƵƚƚŝŶŐƌŝĐŚƚŝŶŐĂƌĐŚŝĞĨ

ŐĞŐŽŽŝĚ

,ĞďďĞŶnjŝũĞƌŝĞƚƐĂĂŶͲͬŵĞĞŐĞĚĂĂŶ͍

:ĂŚŽŽƌ͗ ŝũŚĞďďĞŶĚĞŽƌĞŶĚŝĐŚƚŐĞŚŽƵĚĞŶ͕ĚĞŽŐĞŶŐĞƐůŽƚĞŶĞŶĞŶĚĞŵŽŶĚĞŶĚŝĐŚƚŐĞŚŽƵĚĞŶ͕ŶĞƚ