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2020 Annual Report

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2020 Annual Report 2020 Annual Report DĂLJϮϬϮϭ ĞĂƌůůĞŐŝĂŶƚ^ŚĂƌĞŚŽůĚĞƌ͗ ϮϬϮϬŝƐĂLJĞĂƌǁĞǁŝůůƌĞŵĞŵďĞƌĨŽƌƚŚĞƌĞƐƚŽĨŽƵƌůŝǀĞƐʹǁŚĂƚĂĚŝĨĨĞƌĞŶĐĞĂLJĞĂƌŵĂŬĞƐ͘KƵƌϮϬϭϵ ƐŚĂƌĞŚŽůĚĞƌůĞƚƚĞƌƚĂůŬĞĚĂďŽƵƚĂŶŽƚŚĞƌLJĞĂƌŽĨƌĞĐŽƌĚĞĂƌŶŝŶŐƐŝŶϮϬϭϴʹϲϱƋƵĂƌƚĞƌƐŝŶĂƌŽǁĂƚƚŚĂƚ ƚŝŵĞĂŶĚĂŐĂŝŶůĞĂĚŝŶŐƚŚĞŝŶĚƵƐƚƌLJŝŶŽƉĞƌĂƚŝŶŐŵĂƌŐŝŶƐŝŶϮϬϭϴ͘/ƚǁĂƐĂLJĞĂƌŽĨƚƌĂŶƐŝƚŝŽŶƚŽŽƵƌĂůůͲ ŝƌďƵƐĨůĞĞƚĂŶĚůĞĚƚŽĂŶĞǀĞŶďĞƚƚĞƌLJĞĂƌʹĂϱϬƉĞƌĐĞŶƚŝŶĐƌĞĂƐĞŝŶŽƉĞƌĂƚŝŶŐ ĞĂƌŶŝŶŐƐĨƌŽŵΨϮϰϯ ŵŝůůŝŽŶƚŽΨϯϲϰŵŝůůŝŽŶŝŶϮϬϭϵ͕ĂŶŽƚŚĞƌLJĞĂƌŽĨŝŶĚƵƐƚƌLJůĞĂĚŝŶŐŽƉĞƌĂƚŝŶŐŵĂƌŐŝŶƐĂƚϮϬƉĞƌĐĞŶƚ͘ ƵƚǀĞƌLJƋƵŝĐŬůLJƚŚŝƐůĞƚƚĞƌůĂƐƚLJĞĂƌƚƵƌŶĞĚƚŽƚŚĞƚŽƉŝĐĚŽŵŝŶĂƚŝŶŐƚŚĞǁŽƌůĚ͕ĐĞƌƚĂŝŶůLJŽƵƌǁŽƌůĚʹƚŚĞ ƉĂŶĚĞŵŝĐ͘&ĂƐƚĨŽƌǁĂƌĚĂůŵŽƐƚĂLJĞĂƌƚŽƉƌŝůϮϬϮϭĂŶĚǁĞĂƌĞƐƚŝůůĨŽĐƵƐĞĚŽŶƚŚŝƐǁŽƌůĚƉŚĞŶŽŵĞŶŽŶ ĂŶĚƚŚĞĞĨĨŽƌƚƐƚŽĞŵĞƌŐĞĨƌŽŵƚŚŝƐŶŝŐŚƚŵĂƌĞ͘ŽǀŝĚͲϭϵŚĂƐďĞĞŶƚŚĞŵŽƐƚŝŶƐŝĚŝŽƵƐŽĨĚŝƐĞĂƐĞƐ͘ ǀŝƌƵƐŝƐƚŚĞŵŽƐƚďĂƐŝĐŽĨĐƌĞĂƚƵƌĞƐʹƐŝŵƉůĞŝŶ ŝƚƐƐƚƌƵĐƚƵƌĞ͕ŵĂĚĞŽĨƚŚĞŵŽƐƚďĂƐŝĐŽĨĞůĞŵĞŶƚƐ͕ ƉĞƉƚŝĚĞƐ͕ƉƌŽƚĞŝŶƐĂŶĚƚŚĞďƵŝůĚŝŶŐďůŽĐŬƐŽĨZEĂŶĚE͘dŚŝƐƉĂƌƚŝĐƵůĂƌƐƚƌĂŝŶŚĂƐďĞĞŶƚŚĞŵŽƐƚ ǀŝƌƵůĞŶƚŽĨƚŚĞƌĞĐĞŶƚŐƌŽƵƉʹĞdžƚƌĞŵĞůLJĐŽŶƚĂŐŝŽƵƐ͕ĂĨĨĞĐƚŝŶŐŝƚƐŚŽƐƚŝŶĂŵLJƌŝĂĚŽĨǁĂLJƐ͘^ŽŵĞŶĞǀĞƌ ŬŶŽǁƚŚĞLJŚĂǀĞŚĂĚŝƚǁŚŝůĞƐŽŵĞĚŝĞĨƌŽŵŝƚƐĞĨĨĞĐƚƐ͘/ƚƐDͬKŝƐĨĞĂƌ͘&ĞĂƌŽĨĐŽŶƚƌĂĐƚŝŶŐƚŚĞĚŝƐĞĂƐĞŝƐ ƵŶŝǀĞƌƐĂůʹĂůůƉĂƌƚƐŽĨƚŚĞǁŽƌůĚǁŝĚĞ͘tĞŝŵĂŐŝŶĞƚŚĞǁŽƌƐƚʹĚĞĂƚŚLJĞƚƚŚĞǀĂƐƚŵĂũŽƌŝƚLJĂƌĞŶŽƚ ĂĨĨĞĐƚĞĚŵŽƌĞƚŚĂŶĂŵŝŶŽƌďŽƵƚǁŝƚŚƚŚĞĨůƵ͘tŽƌůĚǁŝĚĞ͕ϭϱϵŵŝůůŝŽŶŚĂǀĞĐŽŶƚƌĂĐƚĞĚƚŚĞĚŝƐĞĂƐĞǁŝƚŚ ϯ͘ϯŵŝůůŝŽŶĚĞĂƚŚƐʹĂϮƉĞƌĐĞŶƚŵŽƌƚĂůŝƚLJƌĂƚĞƉƌŝŵĂƌŝůLJŝŶŽƵƌŽůĚĞƌƉŽƉƵůĂƚŝŽŶ͕ŵĂŶLJŽĨǁŚŽŵŚĂĚ ĐŽŵƉůŝĐĂƚŝŽŶƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞŝƌƉĂƐƐŝŶŐ͘ dŚŝƐƉĂƐƚLJĞĂƌǁĞŚĂǀĞƐƵĨĨĞƌĞĚƚŚƌŽƵŐŚĂǀĂƐƚŝŶƚĞƌƌƵƉƚŝŽŶŝŶŽƵƌĚĂŝůLJůŝǀĞƐʹǁĞŚĂǀĞƐƚŽƉƉĞĚƐĞĞŝŶŐ ƉĞŽƉůĞ͕ŚĂǀĞƐƚŽƉƉĞĚŐĂƚŚĞƌŝŶŐŝŶƉƵďůŝĐƉůĂĐĞƐ͕ĐŽŶŐƌĞŐĂƚŝŶŐǁŝƚŚŽƵƌĨƌŝĞŶĚƐ͕ŽƵƌŶĞŝŐŚďŽƌƐ͘tŚĂƚ ƵƐĞĚƚŽďĞĂ͚ǀĞƌLJƐŽĐŝĂďůĞ͛ƐƉĞĐŝĞƐďĞĐĂŵĞŚĞƌŵŝƚƐ͘&ĞĂƌďƌĞĚŝƐŽůĂƚŝŽŶ͕ŶŽŶͲĐŽŶƚĂĐƚ͘WŽůŝƚŝĐŝĂŶƐ ƐƚĞƉƉĞĚŝŶĂŶĚďĞŐĂŶƌĞŐƵůĂƚŝŶŐŽƵƌĚĂŝůLJůŝǀĞƐ͕ƚĞůůŝŶŐƵƐǁŚĂƚǁĞĐŽƵůĚĚŽǁŚĞŶŝƚĐĂŵĞƚŽŐĂƚŚĞƌŝŶŐ ĂŶĚĂĐƚŝǀŝƚŝĞƐ͘dŚŝƐĨĞĂƌĨƵůƚŝŵĞǁĂƐĐŽŵƉůŝĐĂƚĞĚďLJĂƉƌĞƐŝĚĞŶƚŝĂůĞůĞĐƚŝŽŶĂƐďůƵĞĂŶĚƌĞĚƐƚĂƚĞƐĂŶĚ ƉŽůŝƚŝĐŝĂŶƐƚŽŽŬƚŽĐƌŝƚŝĐŝnjŝŶŐ ĞĂĐŚŽƚŚĞƌĂŶĚƚŚĞŝƌƚĂĐƚŝĐƐƚŽĨŝŐŚƚŽǀŝĚ͘ZĞŐĂƌĚůĞƐƐ͕ĞǀĞƌLJŽŶĞŝŶƚŚĞĞĂƌůLJ ĚĂLJƐŽĨϮϬϮϬǁĂƐǁŝůůŝŶŐƚŽŝƐŽůĂƚĞ͕ƚŽŵŝŶŝŵŝnjĞƚŚĞŝƌŝŶƚĞƌĂĐƚŝŽŶǁŝƚŚŽƚŚĞƌƐ͘ >ŽŽŬŝŶŐďĂĐŬ͕ďLJŵŝĚͲDĂƌĐŚůĂƐƚLJĞĂƌƚŚĞĞĐŽŶŽŵLJǁĂƐŝŶĨƌĞĞĨĂůůĂŶĚďLJƚŚĞĨŝƌƐƚǁĞĞŬŽĨƉƌŝů͕ ƵŶĞŵƉůŽLJŵĞŶƚŚĂĚƐŬLJƌŽĐŬĞƚĞĚƚŽϭϰ͘ϳƉĞƌĐĞŶƚ͕ƵƉŽǀĞƌϭϬƉĞƌĐĞŶƚʹĂŶĂůůͲƚŝŵĞŽŶĞͲŵŽŶƚŚŝŶĐƌĞĂƐĞ͘ WĞŽƉůĞŐŝƌĚĞĚĨŽƌĂǁŝĚĞĂŶĚĚĞĞƉƌĞĐĞƐƐŝŽŶǁŚŝĐŚĂĚĚĞĚƚŽƚŚĞ ĂůƌĞĂĚLJĚĞĞƉĐŽŶĐĞƌŶĂďŽƵƚŚĞĂůƚŚĂŶĚ ŽǀŝĚ͘dŚĞĨĞĚĞƌĂůŐŽǀĞƌŶŵĞŶƚƌĞĂĐƚĞĚƋƵŝĐŬůLJĚƵƌŝŶŐƚŚŝƐƚŝŵĞǁŝƚŚĂΨϮƚƌŝůůŝŽŶƐƚŝŵƵůƵƐƉĂĐŬĂŐĞĂŶĚ ĐŽŶƚŝŶƵĞĚƚŚĞƐĞƌĞůŝĞĨĚŽůůĂƌƐƚŚƌŽƵŐŚŽƵƚƚŚĞLJĞĂƌĂŶĚŝŶƚŽĞĂƌůLJϮϬϮϭƉƵŵƉŝŶŐŽǀĞƌΨϱ ƚƌŝůůŝŽŶŝŶƚŽƚŚĞ ĞĐŽŶŽŵLJŝŶĐůƵĚŝŶŐŽǀĞƌΨϱϬďŝůůŝŽŶŝŶƚŽƚŚĞĂŝƌůŝŶĞƐĞĐƚŽƌ͘ƐƚŚĞLJĞĂƌƉƌŽŐƌĞƐƐĞĚĞǀĞƌLJĚĂLJůŝĨĞĂƐǁĞ ŬŶĞǁŝƚŐƌŽƵŶĚƚŽĂŚĂůƚ͘WĞŽƉůĞ ƐƚŽƉƉĞĚŐŽŝŶŐƚŽǁŽƌŬ͕ǀŝƐŝƚŝŶŐĨƌŝĞŶĚƐĂŶĚŶĞŝŐŚďŽƌƐ͕ŐŽŝŶŐŽƵƚƚŽĞĂƚ͕ ƚƌĂǀĞůŝŶŐʹĞǀĞƌLJƚŚŝŶŐ͘ďĞŶĞĨŝƚƚŽƚŚŝƐďĞŚĂǀŝŽƌǁĂƐƚŚĞƐĂǀŝŶŐƐƌĂƚĞĚƵƌŝŶŐϮϬϮϬƐŽĂƌĞĚĂƐƉĞŽƉůĞ ĐƵƌƚĂŝůĞĚƚŚĞŝƌĂĐƚŝǀŝƚŝĞƐ͘ ƵƚĂƐƚƌĂŶŐĞƚŚŝŶŐŚĂƉƉĞŶĞĚŽŶƚŚĞǁĂLJƚŽĂĚĞƉƌĞƐƐŝŽŶƚŚĂƚƐŽŵĞƚŚŽƵŐŚƚǁĂƐĐŽŵŝŶŐŝŶƚŚĞďĂĐŬŚĂůĨ ŽĨϮϬϮϬ͘LJůĂƚĞϮϬϮϬŝŶƚŽϮϬϮϭƚŚĞƌĞǁĂƐĂĨĞĞůŝŶŐŽĨĂŵĞĐŽŶŽŵLJ͘dŚĞƐƚŽĐŬŵĂƌŬĞƚǁĂƐƚŚĞ ůĞĂĚŝŶŐŝŶĚŝĐĂƚŽƌʹƵƉŽǀĞƌϱϬƉĞƌĐĞŶƚŝŶĂLJĞĂƌ͘/ƚƌĞĂĐŚĞĚĂůůͲƚŝŵĞŚŝŐŚƐĚƵƌŝŶŐƚŚĞĨŝƌƐƚƉĂƌƚŽĨϮϬϮϭ ǁŝƚŚƚŚĞŽǁ:ŽŶĞƐŝŶĚĞdžĐƌĞƐƚŝŶŐĂƚŽǀĞƌϯϰ͕ϬϬϬ͕ƌĞďŽƵŶĚŝŶŐĨƌŽŵĂůŽǁŝŶƚŚĞƐƉƌŝŶŐŽĨϮϬϮϬŽĨďĞůŽǁ ϮϮ͕ϬϬϬʹĂϱϱƉĞƌĐĞŶƚŝŶĐƌĞĂƐĞŝŶũƵƐƚŽǀĞƌĂLJĞĂƌ͘ ƵƌŝŶŐƚŚĞůĂƚƚĞƌƉĂƌƚŽĨ:ĂŶƵĂƌLJŝŶƚŽ&ĞďƌƵĂƌLJϮϬϮϭĐĂƐĞƐŝŶƚŚĞh^ďĞŐĂŶƚŽĚĞĐůŝŶĞ͘sĂĐĐŝŶĞƐďĞĐĂŵĞ ĂǀĂŝůĂďůĞĂŶĚǁĞƌĞďĞŝŶŐĂĚŵŝŶŝƐƚĞƌĞĚƋƵŝĐŬůLJĂŶĚĨŽƌƚŚĞŵŽƐƚ ƉĂƌƚĞĨĨŝĐŝĞŶƚůLJ͘WĞŽƉůĞǁĞƌĞƚŝƌĞĚŽĨ ƚŚĞŝƌƐŽůŝƚĂƌLJŝƐŽůĂƚŝŽŶʹƚŚĞLJǁĂŶƚĞĚŽƵƚ͕ƚŚĞLJǁĂŶƚĞĚƚŽĐŽŶŐƌĞŐĂƚĞ͘&ƵƌƚŚĞƌŵŽƌĞ͕ƚŚĞLJŚĂĚŵŽŶĞLJƚŽ ƐƉĞŶĚďĞƚǁĞĞŶƚŚĞŝƌƐĂǀŝŶŐƐ͕ƐƚŝŵƵůƵƐĐŚĞĐŬƐĂŶĚƚŚĞďĞŶĞĨŝƚƐŽĨƚŚĞƐƚŽĐŬŵĂƌŬĞƚ͘ ƵƚƉĞƌŚĂƉƐƚŚŝŶŐƐŚĂǀĞŐŽƚƚĞŶ ͚ƚŽŽŐŽŽĚ͛͘Ɛ/ǁƌŝƚĞƚŚŝƐůĞƚƚĞƌ͕ŵĂŶLJĂƌĞƚĂůŬŝŶŐĂďŽƵƚŝŶĨůĂƚŝŽŶ͕Ă ǁŽƌĚƚŚĂƚŚĂƐďĞĞŶŵŝƐƐŝŶŐĨƌŽŵŽƵƌůĞdžŝĐŽŶƐŝŶĐĞƚŚĞϭϵϵϬƐ͘^ƵƉƉůLJĐŚĂŝŶƐǁĞƌĞŝŶƚĞƌƌƵƉƚĞĚĂƐ ĨĂĐƚŽƌŝĞƐĐůŽƐĞĚĂŶĚƐŚŝƉƉŝŶŐĞĨĨŽƌƚƐŵŽǀĞĚĨƌŽŵƚƌĂĚŝƚŝŽŶĂůŐŽŽĚƐƚŽŵŽǀŝŶŐŵĞĚŝĐĂůƐƵƉƉůŝĞƐ͘ ŽŶƐƵŵĞƌƐǁĞƌĞŽŶĂƌĂŵƉĂŐĞʹĂƵƚŽƐĂůĞƐŚĂĚĂƌĞĐŽƌĚLJĞĂƌŝŶϮϬϮϬ͖ƌĞĂůĞƐƚĂƚĞĞǀĞƌLJǁŚĞƌĞǁĂƐ 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ĂŶĚ^ŽƵƚŚŵĞƌŝĐĂĂƌĞƐƚŝůůƐƵĨĨĞƌŝŶŐĨƌŽŵŽǀŝĚͲ&ƌĂŶĐĞƌĞĐĞŶƚůLJŝŶƐƚŝƚƵƚĞĚĂŶŽƚŚĞƌĨƵůůůŽĐŬĚŽǁŶ͘ DŽƐƚƌĞĐĞŶƚůLJ/ŶĚŝĂŝƐĞdžƉĞƌŝĞŶĐŝŶŐĂŵĂƐƐŝǀĞǁĂǀĞŽĨŶĞǁŽǀŝĚĐĂƐĞƐ͘dŚĞh^ŚĂƐƐƚŽƉƉĞĚĂůůŝŶďŽƵŶĚ ƚƌĂǀĞůĨƌŽŵ/ŶĚŝĂ͘dŽĐŽŵƉŽƵŶĚ ŵĂƚƚĞƌƐ͕ŝŶůĂƚĞ:ĂŶƵĂƌLJ͕ƚŚĞh^ďĞŐĂŶƌĞƋƵŝƌŝŶŐŽǀŝĚƚĞƐƚƐĨŽƌ ŝŶƚĞƌŶĂƚŝŽŶĂůƚƌĂǀĞůĞƌƐĨůLJŝŶŐƚŽƚŚĞh^͘WĂƐƐĞŶŐĞƌƐŝŶďŽƵŶĚƚŽƚŚĞh^͕ĂƚƚŚĞƚŝŵĞŽĨďŽĂƌĚŝŶŐǁŝƚŚŽƵƚ ƚŚŝƐƉƌŽŽĨĂƌĞŶŽƚĂůůŽǁĞĚƚŽďŽĂƌĚ͘ tŝƚŚŽƵƚŝŵƉƌŽǀĞŵĞŶƚŝŶďƵƐŝŶĞƐƐĂŶĚŝŶƚĞƌŶĂƚŝŽŶĂůƚƌĂǀĞůƚŚĞŝŐϯʹh͕ĂŶĚ>ǁŝůůŶŽƚƐĞĞƚŚĞŝƌ ďƵƐŝŶĞƐƐĞƐŝŵƉƌŽǀĞĂŶLJƚŝŵĞƐŽŽŶ͘dŚĞLJŚĂǀĞďƵŝůƚƚŚĞŝƌďƵƐŝŶĞƐƐŵŽĚĞůƐĂƌŽƵŶĚŚŝŐŚƉĂLJŝŶŐ͕ůƵĐƌĂƚŝǀĞ ďƵƐŝŶĞƐƐĐƵƐƚŽŵĞƌƐ͘dŚĞŝƌƵŶŝƚĐŽƐƚƐƚƌƵĐƚƵƌĞƐĂƌĞĂƐŵƵĐŚĂƐ ƚǁŽƚŝŵĞƐƚŚŽƐĞŽĨƚŚĞh>ĐĂƌƌŝĞƌƐ͘dŚĞ ƉƌŽďůĞŵĂƚŚĂŶĚŝƐǁŚĂƚǁŝůůƚŚĞƐĞůĂƌŐĞĐĂƌƌŝĞƌƐĚŽŝŶƚŚĞĐŽŵŝŶŐŵŽŶƚŚƐĂŶĚLJĞĂƌƐǁŝƚŚŽƵƚƚŚŝƐ ďƵƐŝŶĞƐƐĂŶĚŝŶƚĞƌŶĂƚŝŽŶĂůƚƌĂĨĨŝĐ͍tŝůůƚŚĞLJĐŽŵĞ͚ĚŽǁŶƚŚĞŚŝůů͛ĂŶĚĂƚƚĞŵƉƚƚŽƐŝƉŚŽŶƚƌĂĨĨŝĐĂǁĂLJ ĨƌŽŵƚŚĞh>ůĞŝƐƵƌĞĐĂƌƌŝĞƌƐ͍^ŚŽƌƚƚĞƌŵƚŚĞLJĐŽƵůĚĚĞĨŝŶŝƚĞůLJŚĂǀĞĂŶŝŵƉĂĐƚ͘,ŽǁĞǀĞƌ͕ůŽŶŐĞƌƚĞƌŵ ƚŚĞŝƌĐŽƐƚƐƚƌƵĐƚƵƌĞǁŝůůŶŽƚƐƵƉƉŽƌƚƚƌĂĚŝƚŝŽŶĂůůĞŝƐƵƌĞƚƌĂĨĨŝĐĂŶĚƚŚĞĂƐƐŽĐŝĂƚĞĚƉƌŝĐŝŶŐ͘ĐĐŽƌĚŝŶŐůLJ͕ ƚŚĞLJǁŝůůŚĂǀĞƚŽƐŚƌŝŶŬƚŽĨŝƚƚŚĞĚĞŵĂŶĚƉƌŽĨŝůĞǁŚĞƌĞƚŚĞLJĐĂŶŵĂŬĞŵŽŶĞLJ͘ dŚĞƐƚĂƚĞŽĨƚŚĞŝŐϯďĂůĂŶĐĞƐŚĞĞƚƐŝƐĂůƐŽƉƌŽďůĞŵĂƚŝĐ͘ƵƌŝŶŐƚŚĞƉĂƐƚLJĞĂƌƚŚĞLJƐƵďƐƚĂŶƚŝĂůůLJ ŝŶĐƌĞĂƐĞĚƚŚĞŝƌĚĞďƚůĞǀĞůƐĨƌŽŵΨϴϴďŝůůŝŽŶĂƚƚŚĞĞŶĚŽĨϮϬϭϵƚŽũƵƐƚŽǀĞƌΨϭϯϳďŝůůŝŽŶĂƚƚŚĞĞŶĚŽĨYϭ ϮϬϮϭʹĂůŵŽƐƚĂϱϲƉĞƌĐĞŶƚŝŶĐƌĞĂƐĞ͘^ŚƌŝŶŬŝŶŐƚŚĞŝƌĨůĞĞƚƐŝnjĞǁŽƵůĚŝŵƉĂĐƚƚŚĞŝƌĂůƌĞĂĚLJĚŝĨĨŝĐƵůƚĐŽƐƚ ƐƚƌƵĐƚƵƌĞĂŶĚǁŽƵůĚĞdžĂĐĞƌďĂƚĞƚŚĞŝƌĂďŝůŝƚLJƚŽƐƵƉƉŽƌƚƚŚĞŝŶĐƌĞĂƐĞĚĚĞďƚůĞǀĞůƐĂŶĚƚŚĞĂƐƐŽĐŝĂƚĞĚ ŝŶƚĞƌĞƐƚĐŽƐƚƐ͘ dŚĞŐƌŽƵƉƚŚĂƚĂƉƉĞĂƌƐƚŽďĞŝŶƚŚĞďĞƐƚƉŽƐŝƚŝŽŶĂƌĞƚŚĞh>ĐĂƌƌŝĞƌƐĂŶĚ^ŽƵƚŚǁĞƐƚ͘^ŽƵƚŚǁĞƐƚŚĂƐ ŵĂĚĞĂŚĂďŝƚŝŶƚŚĞŝƌϱϬLJĞĂƌƐŝŶƚŚĞĂŝƌůŝŶĞƐƉĂĐĞŽĨƚĂŬŝŶŐĂĚǀĂŶƚĂŐĞŽĨŽƚŚĞƌĐŽŵƉĂŶŝĞƐ͛ĚŝĨĨŝĐƵůƚŝĞƐŝŶ ĚŽǁŶƚƵƌŶƐͲƚŚŝƐŝƐŶŽĞdžĐĞƉƚŝŽŶ͘dŚĞLJŚĂǀĞƐƚĂƚĞĚƉƵďůŝĐůLJƚŚĞLJĂƌĞŝŶƚĞƌĞƐƚĞĚŝŶƚĂŬŝŶŐĂĚĚŝƚŝŽŶĂů ŵĂƌŬĞƚƐŚĂƌĞŝŶƚŚĞĐŽŵŝŶŐŵŽŶƚŚƐĂŶĚLJĞĂƌƐ͘dŚĞŝƌŶĞĂƌƚĞƌŵƐƚƌĂƚĞŐLJĂƉƉĞĂƌƐƚŽďĞƚŽĐŽŶŶĞĐƚĞŶĚ ƉŽŝŶƚƐƚŽƚŚĞŝƌŶĞƚǁŽƌŬƚŽĨůŽǁŵŽƌĞƚƌĂĨĨŝĐ͘ dŚĞh>ƐĂƉƉĞĂƌƚŽďĞƚŚĞďĞƐƚƉŽƐŝƚŝŽŶĞĚǁŝƚŚƚŚĞŝƌĨŽĐƵƐŽŶ ůĞŝƐƵƌĞƚƌĂĨĨŝĐ͘ůůŚĂǀĞƐƵďƐƚĂŶƚŝĂůůLJ ŝŵƉƌŽǀĞĚƚŚĞŝƌĐĂƐŚƉŽƐŝƚŝŽŶƐĞŝƚŚĞƌƚŚƌŽƵŐŚŝŶŝƚŝĂůƉƵďůŝĐŽĨĨĞƌŝŶŐƐ͕ǁŝƚŚ&ƌŽŶƚŝĞƌƌĂŝƐŝŶŐΨϮϲϲŵŝůůŝŽŶ ĂŶĚ^ƵŶŽƵŶƚƌLJƌĂŝƐŝŶŐΨϮϭϴŵŝůůŝŽŶ͕ŽƌďLJŐŽŝŶŐƚŽƚŚĞŵĂƌŬĞƚƚŽƌĂŝƐĞĂĚĚŝƚŝŽŶĂůĐĂƉŝƚĂů͘^ƉŝƌŝƚƌĂŝƐĞĚ ĐĂƐŚďĂůĂŶĐĞƐƐƵďƐƚĂŶƚŝĂůůLJĨƌŽŵΨϵϳϵŵŝůůŝŽŶĂƚƚŚĞĞŶĚŽĨϮϬϭϵƚŽΨϭ͘ϴďŝůůŝŽŶĂƚƚŚĞĞŶĚŽĨYϭϮϬϮϭďLJ ŐŽŝŶŐƚŽƚŚĞŵĂƌŬĞƚ͘ >ĂƐƚůLJƚŚĞƌĞĂƌĞƚǁŽŶĞǁƐƚĂƌƚƵƉƐ͘ŶĚƌĞǁ>ĞǀLJŚĂƐƌĂŝƐĞĚĂƚůĞĂƐƚΨϭϬϬŵŝůůŝŽŶĂŶĚŚĂƐƐƚĂƌƚĞĚĂůŽǁ ĨĂƌĞŽĞŝŶŐϳϯϳͲϴϬϬŽĨĨĞƌŝŶŐʹǀĞůŽ͘ŶĚƌĞǁǁĂƐĂĨŽƵŶĚŝŶŐƉĂƌƚŶĞƌŽĨůůĞŐŝĂŶƚŝŶƚŚĞĞĂƌůLJϮϬϬϬƐĂŶĚ ŝƐĨĂŵŝůŝĂƌǁŝƚŚŽƵƌďƵƐŝŶĞƐƐŵŽĚĞů͘ĂǀŝĚEĞĞůĞŵĂŶ͕ĂǁĞůůͲŬŶŽǁŶĂŝƌůŝŶĞĞŶƚƌĞƉƌĞŶĞƵƌ͕ĨŽƵŶĚĞƌŽĨ :ĞƚůƵĞǁŝůůƐŚŽƌƚůLJĂŶŶŽƵŶĐĞǁŚĞŶŚŝƐŶĞǁĐĂƌƌŝĞƌƌĞĞnjĞǁŝůůďĞŐŝŶƚŽŽƉĞƌĂƚĞ;ǁĞĞdžƉĞĐƚŝƚǁŝůůďĞ ŽǀĞƌƚŚĞDĞŵŽƌŝĂůĂLJŚŽůŝĚĂLJͿ͘ EĞĞůĞŵĂŶǁŝůůƐƚĂƌƚǁŝƚŚŵďƌĂĞƌϭϵϬĂŶĚϭϵϱĂŝƌĐƌĂĨƚĂĐƋƵŝƌĞĚĨƌŽŵ njƵů͕ĂŶŽƚŚĞƌŽĨŚŝƐƐƚĂƌƚƵƉĐĂƌƌŝĞƌƐ͘dŚĞƐĞĂŝƌĐƌĂĨƚŚĂǀĞďĞƚǁĞĞŶϭϭϬĂŶĚϭϮϬƐĞĂƚƐ͘/ŶĂĚĚŝƚŝŽŶ͕ŚĞŚĂƐ ĂƐƵďƐƚĂŶƚŝĂůŽƌĚĞƌŬŽĨƚŚĞŝƌďƵƐϮϮϬ;ĨŽƌŵĞƌůLJƚŚĞ^ĞƌŝĞƐĨƌŽŵŽŵďĂƌĚŝĞƌͿ͘ tŚĂƚĂďŽƵƚůůĞŐŝĂŶƚ͍ dŚŝƐŚĂƐďĞĞŶƋƵŝƚĞĂLJĞĂƌĨŽƌLJŽƵƌĐŽŵƉĂŶLJ͘>ĂƐƚLJĞĂƌĂƚƚŚŝƐƚŝŵĞǁĞĚŝĚŶŽƚƵŶĚĞƌƐƚĂŶĚǁŚĞƌĞƚŚĞ ďŽƚƚŽŵǁĂƐ͘ƉƌŝůĂŶĚDĂLJϮϬϮϬǁĞƌĞƚŚĞƚǁŽǁŽƌƐƚŵŽŶƚŚƐŝŶƚŚĞĐŽŵƉĂŶLJ͛ƐŚŝƐƚŽƌLJǁŝƚŚƉƌŝůŽŶůLJ ŐĞŶĞƌĂƚŝŶŐΨϴŵŝůůŝŽŶŽĨƌĞǀĞŶƵĞǀĞƌƐƵƐŽǀĞƌΨϭϱϬŵŝůůŝŽŶƚŚĞLJĞĂƌďĞĨŽƌĞ͘LJ:ƵŶĞ͕ǁĞŚĂĚƌĞĐŽǀĞƌĞĚ ƐŽŵĞǁŚĂƚǁŝƚŚƌĞǀĞŶƵĞƐŚŝƚƚŝŶŐŶĞĂƌůLJΨϴϬŵŝůůŝŽŶŽƌŵŽƌĞĨŽƌƚŚĞůĂƐƚƐĞǀĞŶŵŽŶƚŚƐƐĂǀĞƵŐƵƐƚĂŶĚ ^ĞƉƚĞŵďĞƌ͘KƵƌŵŽĚĞůŽŶĐĞĂŐĂŝŶƉƌŽǀĞĚŝƚƐĞůĨʹŝƚƉƌŽǀŝĚĞĚƵƐƚŚĞĨůĞdžŝďŝůŝƚLJƚŽŽĨĨĞƌĂǁŝĚĞŶĞƚŽĨ ĐĂƉĂĐŝƚLJĂŶĚƌĞƐƉŽŶĚƚŽĚĞŵĂŶĚŝŶĂĐŽƐƚͲĞĨĨĞĐƚŝǀĞŵĂŶŶĞƌ͘&ŽƌƚŚĞůĂƐƚƐŝdžŵŽŶƚŚƐŽĨƚŚĞLJĞĂƌĐĂƉĂĐŝƚLJ ǁĂƐŽŶůLJĚŽǁŶϭϮ͘ϱƉĞƌĐĞŶƚĐŽŵƉĂƌĞĚƚŽƚŚĞƐĂŵĞƉĞƌŝŽĚŝŶϮϬϭϵ͘tĞǁĞƌĞƚŚĞŝŶĚƵƐƚƌLJůĞĂĚĞƌŝŶ ĐĂƉĂĐŝƚLJďLJĂƐƵďƐƚĂŶƚŝĂůĂŵŽƵŶƚǁŚĞŶĐŽŵƉĂƌĞĚƚŽϮϬϭϵ^DƐ͘ ƵƚƉĞƌŚĂƉƐŽƵƌďĞƐƚĞĨĨŽƌƚƐǁĞƌĞďĞŚŝŶĚƚŚĞƐĐĞŶĞƐŝŶƚŚĞďĂĐŬŚĂůĨŽĨϮϬϮϬǁŚĞƌĞǁĞǁŽƌŬĞĚŽŶ ƚƌŝŵŵŝŶŐŽƵƌĞdžƉĞŶƐĞďĂƐĞƐŽǁŚĞŶǁĞƌĞƚƵƌŶĞĚǁĞǁŽƵůĚďĞĂďůĞ ƚŽůŽǁĞƌŽƵƌƵŶŝƚĐŽƐƚƐ͘:ŽŚŶ ZĞĚŵŽŶĚ͕'ƌĞŐŶĚĞƌƐŽŶĂŶĚŚŝƐƚĞĂŵĂůŽŶŐǁŝƚŚĂůůŽĨƚŚĞƐĞŶŝŽƌŵĂŶĂŐĞŵĞŶƚĚƵŐŝŶĂŶĚĚŝĚƚŚŝƐ ĚŝĨĨŝĐƵůƚǁŽƌŬ͘/ƚŚĂƐƉĂŝĚĚŝǀŝĚĞŶĚƐ͘hŶůŝŬĞĂŶƵŵďĞƌŽĨŽƵƌŽƚŚĞƌĐŽŵƉĞƚŝƚŽƌƐ͕ǁĞŶŽƚŽŶůLJŚĞůĚŽƵƌ ĐƵƌƌĞŶƚĂĚũƵƐƚĞĚ^DͲĞdžďƵƚŵĂŶĂŐĞĚƚŽƌĞĚƵĐĞƚŚĞŶƵŵďĞƌƚŽϲ͘ϯϲĐĞŶƚƐƉĞƌ^DĚƵƌŝŶŐYϭϮϬϮϭ͘ KƚŚĞƌƐŝŶŽƵƌƐƉĂĐĞŚĂǀĞĂŐƌĞĂƚĞƌĨŝdžĞĚĐŽƐƚƐƚƌƵĐƚƵƌĞĂŶĚǁŝůůŶŽƚďĞĂďůĞƚŽĂƉƉƌŽĂĐŚƚŚĞŝƌŚŝƐƚŽƌŝĐ h>ĐŽƐƚƐƚƌƵĐƚƵƌĞƵŶƚŝůŶĞdžƚLJĞĂƌĂƚƚŚĞĞĂƌůŝĞƐƚ͘ ĐƌŝƚŝĐĂůĐŽŵƉŽŶĞŶƚŽĨƌĞĚƵĐŝŶŐŽƵƌĐŽƐƚƐǁĂƐŽƵƌŵŽĚĞů͛ƐĂďŝůŝƚLJƚŽĨůLJŵŽƐƚŽĨŽƵƌĐĂƉĂĐŝƚLJ͘ƐƐƚĂƚĞĚ͕ ŽƵƌĐĂƉĂĐŝƚLJǁĂƐŽŶůLJĚŽǁŶϭϮ͘ϱ ƉĞƌĐĞŶƚŝŶƚŚĞůĂƐƚƐŝdžŵŽŶƚŚƐŽĨϮϬϮϬĂŶĚĚƵƌŝŶŐƚŚĞĨŝƌƐƚƋƵĂƌƚĞƌŽĨ
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