Shameless and Its Dubbing Into Italian and Spanish

UNIVERSIDAD DE MURCIA

ESCUELA INTERNACIONAL DE DOCTORADO

Contrastive and Diachronic Analysis of Discrimination, Stereotypes and Ideological Manipulation in the television series Shameless and its dubbing into Italian and Spanish

Análisis Contrastivo y Diacrónico de la discriminación, los estereotipos y la manipulación ideológica en la serie Shameless y en su doblaje Italiano y Español

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23Available online: https://edition.cnn.com/2018/01/11/politics/president-trump-racial-comments- tweets/index.html?no-st=1563987667

24Available online: https://www.nytimes.com/2018/05/16/us/politics/trump-undocumented-immi- grants-animals.html

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Z/D /dK^,/> ƐŽǁĂŶĚƚŚŽƵƐŚĂůů ĐŝžĐŚĞƐĞŵŝŶŝ Yh/s>E ƵŶŽƌĞĐŽŐĞůŽƋƵĞ Yh/s>E ' ƌĞĂƉ͘ƐŚĞĚŝĚŶΖƚƌĞĂƉ ƌĂĐĐŽŐůŝĞƌĂŝ͘ĞůĞŝŶŽŶ Yh/s>E ƐŝĞŵďƌĂ͕ĂƵŶƋƵĞ Yh/s>E ƚŚŝƐĨƌŽŵŵĞ͕ŝΖůůƚĞůů ŚĂƌĂĐĐŽůƚŽĚĂŵĞ͕ğ ĞƐƚŽŶŽůŽŚĞ ǇŽƵƚŚĂƚ͘ ƐŝĐƵƌŽ͘ ƐĞŵďƌĂĚŽǇŽ͕ĞƐŽ ƐĞŐƵƌŽ

<ĂƐŚΖƐƐƚŽƌĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Z^ >/E ůĂƐƚǁĂƌŶŝŶŐ͕ǇŽƵŐĞƚ ƵůƚŝŵŽĂǀǀĞƌƚŝŵĞŶƚŽ͕ D/d/'d/KE ƉŽƌƷůƚŝŵĂǀĞǌ͕ Yh/s>E ǇŽƵƌƐĞůĨƚŽƚŚĂƚ ǀŝĞŶŝŝŶŵŽƐĐŚĞĂĐŽƐŞ ĂƉĂƌĞĐĞƉŽƌůĂ ŵŽƐƋƵĞƐŽǇŽƵƌĚĂĚ ƚƵŽƉĂĚƌĞůĂƉŝĂŶƚĂ ŵĞǌƋƵŝƚĂƉĂƌĂƋƵĞƚƵ ƐƚŽƉƐďůĂŵŝŶŐŵĞĨŽƌ ĚŝŝŶĐŽůƉĂƌĞŵĞƉĞƌŝů ƉĂĚƌĞĚĞũĞĚĞ ƚŚĞĨĂĐƚƚŚĂƚǁĞĂƌĞ ĨĂƚƚŽĐŚĞƐĞŝƵŶ ĐƵůƉĂƌŵĞĚĞƋƵĞ ŐŽŝŶŐƚŽŚĞůů͕ĂŶĚƚĂůŬ ĐĂƚƚŝǀŽŵƵƐƵůŵĂŶŽ͘ ǀĂǇĂŵŽƐĂŝƌĂů ƚŽǇŽƵƌŵŽƚŚĞƌ͘ ĞƉĂƌůĂĐŽŶƚƵĂ ŝŶĨŝĞƌŶŽǇŚĂďůĂĐŽŶ ŵĂĚƌĞ͘ ƚƵŵĂĚƌĞ͘

<^, ƐŚĞǁŽŶΖƚƚĂůŬƚŽŵĞ͕ ğůĞŝĐŚĞŶŽŶŵŝ ŶŽƉƵĞĚŽŽďůŝŐĂƌůĂĂ ŝĐĂŶΖƚĨŽƌĐĞŚĞƌƚŽ ƉĂƌůĂ͘ŶŽŶƉŽƐƐŽŵŝĐĂ ƋƵĞƐĞƚŽŵĞůĂ ƚĂŬĞŚĞƌŵĞĚƐ͘ ŽďďůŝŐĂƌůĂ͘ ŵĞĚŝĐŝŶĂ͘

Z^ >/E ǁĞůů͕ŝĚŽŶΖƚǁĂŶƚƚŚĞ ĞŝŽŶŽŶǀŽŐůŝŽĐŚĞůĂ Yh/s>E ƉƵĞƐŶŽƋƵŝĞƌŽƋƵĞ Yh/s>E

ĐŽƉƐĚƌĂŐŐŝŶŐŵĞ ƉŽůŝǌŝĂŵŝƐǀĞŐůŝ ůĂƉŽůŝǀƵĞůǀĂĂ ŽƵƚŽĨďĞĚĂŐĂŝŶĂƚϰ ƵŶΖĂůƚƌĂǀŽůƚĂĂůůĞ ƐĂĐĂƌŵĞĚĞůĂĐĂŵĂ ĂŵďĞĐĂƵƐĞƐŚĞΖƐŽƵƚ ƋƵĂƚƚƌŽĚŝŶŽƚƚĞ ĚĞŵĂĚƌƵŐĂĚĂ ŝŶƚŚĞĂůůĞǇǇĞůůŝŶŐ ƉĞƌĐŚĠůĞŝğŶĞů ƉŽƌƋƵĞĞƐƚĄĞŶĞů ƚŚĂƚƚŚĞĐŝĂŝƐ ǀŝĐŽůŽĂƵƌůĂƌĞĐŚĞůĂ ĐĂůůĞũſŶŐƌŝƚĂŶĚŽƋƵĞ ƐƚĞĂůŝŶŐŚĞƌƚƌĂƐŚ͘ ĐŝĂůĞƌƵďĂůĂ ůĂĐŝĂůĞƌŽďĂůĂ ƐƉĂǌǌĂƚƵƌĂ͘ ďĂƐƵƌĂ͘

/E ďƵƚ͕ƚŚĂƚŚĂƉƉĞŶĞĚ͕ ƉĞƌž͕ğƐƵĐĐĞƐƐŽ͕ŶŽŶ ƉĞƌŽĞƐŽŶŽƉĂƐſ ĚŝĚŶΖƚŝƚ͍ ğǀĞƌŽ͍ ǀĞƌĚĂĚ͍

>/EdK/E ŽŶĐĞ͕ĨŽƵƌǇĞĂƌƐĂŐŽ͕ ƵŶĂǀŽůƚĂ͕ƋƵĂƚƚƌŽ ƵŶĂǀĞǌ͕ŚĂĐĞĐƵĂƚƌŽ ǇĞƐ͊ďƵƚ͕ŶŽǁƐŚĞΖƐ ĂŶŶŝĨĂ͕ƐŝŵĂ͕ŽƌĂƐŝğ ĂŹŽƐ͕Ɛş͕ƉĞƌŽ͕ĂŚŽƌĂ ůŽĐŬĞĚŝŶƚŚĞ ĐŚŝƵƐĂŝŶĐĂŶƚŝŶĂĂ ĞƐƚĄĞŶĞůƐſƚĂŶŽ ďĂƐĞŵĞŶƚŵĂŬŝŶŐĂ ĐŽƐƚƌƵŝƌĞƵŶĐĂƐĐŽ ŚĂĐŝĠŶĚŽƐĞƵŶĐĂƐĐŽ ŚĞůŵĞƚŽƵƚŽĨƚŝŶĨŽŝů͘ ĐŽŶŝĨŽŐůŝ ĚĞƉĂƉĞůĚĞƉůĂƚĂǇ ĚΖĂůůƵŵŝŶŝŽ͘ĂĚĞƐƐŽğ ĞƐŽŵĞĂƐƵƐƚĂ͘ ƚƌŽƉƉŽ

Z^ >/EdK ŶŽǁŝŚĂǀĞƚŽƚĂŬĞ ŽƌĂĚĞǀŽƉŽƌƚĂƌĞŝ D/d/'d/KE ǀŽǇĂůůĞǀĂƌǇĂĂůŽƐ Yh/s>E <^, ƚŚĞďŽǇƐƚŽĐƵď ďĂŵďŝŶŝŐŝƶĂůůĂ ŶŝŹŽƐĂůŽƐƐĐŽƵƚƐĚĞ ƐĐŽƵƚƐĂƚƚŚĞŵŽƐƋƵĞ ŵŽƐĐŚĞĂƉƌŝŵĂĐŚĞ ůĂŵĞǌƋƵŝƚĂŽŶŽ ďĞĨŽƌĞĂůůƚŚĞĐĂƌƉĞƚƐ ŽĐĐƵƉŝŶŽŝƚĂƉƉĞƚŝ͘ğ ŚĂďƌĄĂůĨŽŵďƌĂƐ͘ ĂƌĞƚĂŬĞŶ͘ ƚƵĂŵĂĚƌĞ͕ĨĂůůĞ ŚĂďůĂĐŽŶƚƵŵĂĚƌĞ͕ ƐŚĞΖƐǇŽƵƌŵŽƚŚĞƌ͕ ƉƌĞŶĚĞƌĞůĂƚŽƌĂǌŝŶĂ͘ ƋƵĞƐĞƚŽŵĞůĂ ŐĞƚŚĞƌƚŽƚĂŬĞŚĞƌ ƚŽƌĂĐŝŶĂ͘ ƚŚŽƌĂǌŝŶĞ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

>/WdK/E ŚĞΖƐŵĂƌƌŝĞĚ͘ǁŝƚŚ ğƐƉŽƐĂƚŽ͊ŚĂĚĞŝĨŝŐůŝ͘ ĞƐƚĄĐĂƐĂĚŽ͕ƚŝĞŶĞ ŬŝĚƐ͘ǁŚĂƚĞůƐĞĚŝĚŚĞ ĐŚĞĂůƚƌŽƚŝŚĂ ŚŝũŽƐ͘ƋƵĠŵĄƐƚĞŚĂ ďƵǇǇŽƵ͕ŝĂŶ͍ ĐŽŵƉƌĂƚŽŝĂŶ͍ ĐŽŵƉƌĂĚŽŝĂŶ͍

' >/WdK/E ĨƵĐŬŝŶŐŬĞƉƚďŽǇĂƚ ƵŶĐĂǌǌŽĚŝ Yh/s>E ĞŶƵŶƉƵƚŽ Yh/s>E ďĞƐƚ͘ ŵĂŶƚĞŶƵƚŽ͊ ŵĂŶƚĞŶŝĚŽĚĞ ŵŝĞƌĚĂ͊

Z/D >/WdK/E ĨĂŬĞŵƵƐůŝŵ͊ĐŚĞĂƚƐ ĨĂůƐŽŵƵƐƵůŵĂŶŽ͘ Yh/s>E ĨĂůƐŽŵƵƐƵůŵĄŶ͘ Yh/s>E ŽŶǁŚŝƚĞ ƚƌĂĚŝƐĐĞŵŽŐůŝĞ ĞŶŐĂŹĂĂĞƐƉŽƐĂ ĨƵŶĚĂŵĞŶƚĂůŝƐƚǁŝĨĞ ŝŶƚĞŐƌĂůŝƐƚĂĐŽŶ ĨƵŶĚĂŵĞŶƚĂůŝƐƚĂĐŽŶ Z/D ǁŝƚŚŐƵƚůĞƐƐŐĂǇďŽǇ͘ ƌĂŐĂǌǌŽĨŝĨŽŶĞŐĂǇ͘ D/d/'d/KE ŐĂǇƐŝŶĂŐĂůůĂƐ͘ĞƐŽ Yh/s>E ƐĂǇƐŵŽƌĞĂďŽƵƚ ƋƵĞƐƚŽůĂĚŝĐĞůƵŶŐĂ ƌĞƚƌĂƚĂŵƵǇďŝĞŶĂůŽƐ ǁŚŝƚĞƐŽǆĨĂŶƐƚŚĂŶŝƚ ƐƵŝĨĂŶĚĞŝƌĞĚƐŽǆƉŝƶ ĨĂŶƐĚĞůŽƐǁŚŝƚĞƐŽǆ͘ ^K/D ĚŽĞƐĨŽƌƚŚĞƌĞƐƚŽĨ ĚŝƚƵƚƚŽŝů͘͘͘ Yh/s>E Yh/s>E ƵƐ͘

^ƚĞǀĞŵĞĞƚƐ&ƌĂŶŬĨŽƌƚŚĞĨŝƌƐƚƚŝŵĞ͘'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

' &ZE< ǁŚŽΖƐďĞĞŶĞĂƚŝŶŐ ĐŚŝğĐŚĞŚĂŵĂŶŐŝĂƚŽ Yh/s>E ĂǀĞƌƋƵŝĠŶƐĞŚĂ Yh/s>E ŵǇƉŽƌƌŝĚŐĞ͍ ůĂŵŝĂƉĂƉƉĂ͍ ĐŽŵŝĚŽŵŝƐŽƉĂ͍

&/KE Śŝ͕ĚĂĚ͘ƚŚŝƐŝƐƐƚĞǀĞ͘ ĐŝĂŽƉĂƉă͘ůƵŝğƐƚĞǀĞ͘ ŚŽůĂƉĂƉĄ͕ĞƐƚĞĞƐ ƐƚĞǀĞ͘

>ŝƉƚĂůŬŝŶŐƚŽ/ĂŶĂďŽƵƚďĞŝŶŐŐĂǇ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

'^ >/W ĨƵĐŬŝŶŐĚŽŶŬĞǇͲĚŝĐŬ ƌŽŐĞƌƐƉŝŬĞǇ͍ƵĐĐĞůůŽ Yh/s>E ƌŽŐĞƌƐƉŝŬĞǇ͍ƌŽŐĞƌ Yh/s>E ƌŽŐĞƌƐƉŝŬĞǇ͍ƚŚĞ ĚĂŵƵůŽƌŽŐĞƌ ƐƉŝŬĞǇƌĂďŽĚĞ ŽƌŐŝŶĂůďĞĞĨͲŵĞŝƐƚĞƌ͍ ƐƉŝŬĞǇ͍ŝůƐƵƉĞƌ ĐĂďĂůůŽ͍ĞƐĞƋƵĞŶŽ ĚŝĚŚĞƐƚĂƌƚƚŚĞ ƉĂůĞƐƚƌĂƚŽ͍ůΖŚĂ ƉĂƌĂďĂĚĞĐŽŵĞƌ͍ ƌƵŵŽƌ͍ ŵĞƐƐĂŝŶŐŝƌŽůƵŝůĂ ĐƌĞŽƋƵĞĠůƐĞƉƵƐŽĞů ǀŽĐĞ͍ ŵŽƚĞ͘

/E ŶŽƚĂƌƵŵŽƌ͘ ŶŽŶĞƌĂƵŶĂǀŽĐĞ ǇŶŽĞǆĂŐĞƌſŶĂĚĂ

^K >/W ǁĞůů͕ƚŚĂƚǁĂƐĂďŝƚ ƋƵĞƐƚŽğƵŶƉŽΖŐĂǇ Yh/s>E ĞƐŽŚĂƐŝĚŽŵƵǇŐĂǇ͕ DW>/&/d/KE ŐĂǇ͘ǁŚĂƚǇŽƵũƵƐƚ ƋƵĞůůŽĐŚĞŚĂŝĨĂƚƚŽ ůŽƋƵĞŚĂƐŚĞĐŚŽĐŽŶ ĚŝĚƚŚĞƌĞǁŝƚŚǇŽƵƌ ĐŽŶŝůƐŽƉƌĂĐĐŝŐůŝŽ͘ ůĂƐĐĞũĂƐ͕ĚĞďĞƌşĂƐ ĞǇĞďƌŽǁƐ͘͘ǇŽƵ ŵĞŐůŝŽĐŚĞĐŝĨĂŝ ƚĞŶĞƌĐƵŝĚĂĚŽ͘ ǁĂŶŶĂǁĂƚĐŚƚŚĂƚ͘ ĂƚƚĞŶǌŝŽŶĞ͘

^K/D >/W ďƵƚƐĞƌŝŽƵƐůǇůŝŬĞ͘ ŵĂƐƵůƐĞƌŝŽ͕ĐŝŽğƐƵ Yh/s>E ĞǆƉůşĐĂŵĞƵŶĂĐŽƐĂ͕ Yh/s>E ůŝŬĞ͕ƵƉƚŚĞĂƐƐ͍ĚŽ ƉĞƌŝůĐƵůŽ͍ƉĞƌĐŚĠ ůŽŚĂĐĞƐƉŽƌĂƚƌĄƐ͍ƚĞ ǇŽƵŐĞƚƵƐĞĚƚŽƚŚĂƚ͍ ƵŶŽĐŝƐŝĂďŝƚƵĂ͍ĐŝƐŝ ĂĐŽƐƚƵŵďƌĂƐĂĞƐŽ͍ ĐĂŶƐŽŵĞŽŶĞŐĞƚ ƉƵžĂďŝƚƵĂƌĞ͍ ƉƵĞĚĞĂůŐƵŝĞŶ ƵƐĞĚƚŽƚŚĂƚ͍ŝŵĞĂŶ͕ ŝŶƐŽŵŵĂůŽƐĐŽƉŽ ĂĐŽƐƚƵŵďƌĂƌƐĞ

ŝŵĞĂŶƚŚĞǁŚŽůĞ ƉƌŝŶĐŝƉĂůĞĚĞů ƉŽƌƋƵĞ͘͘ĂŶŝǀĞů ƉŽŝŶƚŽĨƚŚĞĚŝŐĞƐƚŝǀĞ ƐŝƐƚĞŵĂĚŝŐĞƌĞŶƚĞğŝů ďŝŽůſŐŝĐŽĞůĂƉĂƌĂƚŽ ƐǇƐƚĞŵŝƐŽŶĞͲǁĂǇ ƚƌĂĨĨŝĐŽĂƐĞŶƐŽ ĚŝŐĞƐƚŝǀŽĞƐĚĞƵŶ ƚƌĂĨĨŝĐ͘ũƵƐƚŝƐ͘ ƵŶŝĐŽ͘ğĐŽƐŞ͘ ƐŽůŽƐĞŶƚŝĚŽ͘ĞƐƚĄ ŚĞĐŚŽĂƐş͘

/E ũƵƐƚŝƐ͘ůŝŬĞǁĞΖƌĞŽŶůǇ ğĐŽƐŞ͕ĐŽŵĞ͕ĐĂǌǌŽ ĞƐƚĄŚĞĐŚŽĂƐş͕ĐŽŵŽ ŐŝǀĞŶŽƵƌůƵŶŐƐƚŽ ĐŽŵĞƐĞĂǀĞƐƐŝŵŽŝ ƐŝůŽƐƉƵůŵŽŶĞƐ ĨƌĞĂŬŝŶŐƐŵŽŬĞƌŝŐŚƚ͍ ƉŽůŵŽŶŝƐŽůŽƉĞƌ ĞƐƚƵǀŝĞƌĂŶŚĞĐŚŽƐ ĨƵŵĂƌĞ͘ ƉĂƌĂĨƵŵĂƌ͘

)UDQNWKHSODQN 6HDVRQ(SLVRGH &ƌĂŶŬĂƌŐƵŝŶŐǁŝƚŚ^ƚĞǀĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZEE ƚŝƉŽĚƵƌŽ͍ƉŽƌƋƵĞ Yh/s>E E ďĞĐĂƵƐĞǇŽƵůŽŽŬůŝŬĞ ƉŝƶƵŶĂĨŝůŝƉƉŝŶĂŝŶ Yh/s>E ƉĂƌĞĐĞƐƵŶĂĨŝůŝƉŝŶĂ Yh/s>E ĂƉƌĞͲŵĞŶƐƚƌƵĂů ƐŝŶĚƌŽŵĞ ĐŽŶƐşŶĚƌŽŵĞ ĨŝůŝƉŝŶŽ͊ ƉƌĞŵĞƐƚƌƵĂůĞ͘ ƉƌĞŵĞŶƐƚƌƵĂů͘

' &ZE/D/Ed/KE ƉĂŶƚƐ͘ƉƵƐƐǇ͘ ĂĚĚŽƐƐŽ͕ĨƌŽĐĞƚƚŽ͍ ĞŶĐŝŵĂ͕ŵŝĞƌĚĞĐŝůůĂ͊

' &ZE

>ŝƉƚĂůŬŝŶŐƚŽ/ĂŶĂďŽƵƚŐŽŝŶŐƚŽũĂŝůĨŽƌĞǀĞŶƚƵĂůůǇŬŝůůŝŶŐ&ƌĂŶŬ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ƌĂŶŬŝŶĂĐĂŶĂĚŝĂŶũĂŝů͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ŝŚĂƚĞĨƵĐŬŝŶŐĐĂŶĂĚĂ͘ ŝŽŽĚŝŽŝůĐĂŶĂĚĂ͕ ǇŽŽĚŝŽĞůƉƵƚŽ ĐĂǌǌŽ͘ ĐĂŶĂĚĂ͕ũŽĚĞƌ͊

K&&/Z ŬĞĞƉŝƚĚŽǁŶŝŶ ĂďďĂƐƐĂůĂǀŽĐĞ ĚĞũĞĚĞĚĂƌǀŽĐĞƐ͊ ƚŚĞƌĞ͘ ůĂŐŐŝƶ͘

&ZE< ŝΖŵĂŶĂŵĞƌŝĐĂŶ͘ ŝŽƐŽŶŽĂŵĞƌŝĐĂŶŽ͘ ǇŽƐŽǇ ĂƉƉůĞƉŝĞ͕ůŽǁĞƌ ůĂƚŽƌƚĂĚŝŵĞůĞ͕ŝ ĞƐƚĂĚŽƵŶŝĚĞŶƐĞ͘ E^ ĨŽƌƚǇĞŝŐŚƚ͕Ăŝƌ ƋƵĂƌĂŶƚŽƚƚŽƐƚĂƚŝ͕ŝů Yh/s>E ƚĂƌƚĂĚĞŵĂŶǌĂŶĂ͕ Yh/s>E E^ ƐƵƉƉůǇ͘ ƐƵƉĞƌďŽǁů͘ Yh/s>E ůĂƐďĂƌƌĂƐǇůĂƐ ^h^d/dhd/KE E^ ^h^d/dhd/KE ĞƐƚƌĞůůĂƐ͕ůŽƐ ^h^d/dhd/KE ĂŵĂŶƚĞƐĚĞůĂƐ ĂƌŵĂƐ͘

K&&/Z ŝĨǇŽƵΖƌĞĂŶĂŵĞƌŝĐĂŶ͕ ĂůůŽƌĂĚŽǀΖğŝů ǇĚſŶĚĞĞƐƚĄƐƵ ǁŚĞƌĞΖƐǇŽƵƌ ƉĂƐƐĂƉŽƌƚŽ͍ ƉĂƐĂƉŽƌƚĞ͍ ƉĂƐƐƉŽƌƚ͍

&ZE< ŝĚŽŶΖƚŚĂǀĞŽŶĞ͊ŝ ŶŽŶĐĞůΖŚŽ͘ŐůŝĞůΖŚŽ ǇĂůĞŚĞĚŝĐŚŽƋƵĞŶŽ ƚŽůĚǇŽƵ͕ŝŶĞǀĞƌŚĂĚ ĚĞƚƚŽ͕ŶŽŶŚŽŵĂŝ ƚĞŶŐŽ͕ũŽĚĞƌ͊ůĞŚĞ ĂƉĂƐƐƉŽƌƚ͘ ĂǀƵƚŽƵŶƉĂƐƐĂƉŽƌƚŽ͘ ĚŝĐŚŽƋƵĞǇŽŶƵŶĐĂ ŝĚŽŶΖƚǁĂŶƚĂ ŝŽŶŽŶůŽǀŽŐůŝŽŝů ŚĞƚĞŶŝĚŽƉĂƐĂƉŽƌƚĞ͘ ƉĂƐƐƉŽƌƚ͘ ƉĂƐƐĂƉŽƌƚŽ͘ ŶŽƋƵŝĞƌŽƚĞŶĞƌ ƉĂƐĂƉŽƌƚĞ͘

K&&/Z ƐŚƵƚƵƉĂŶĚƐůĞĞƉŝƚ ĐŚŝƵĚŝƋƵĞůůĂďŽĐĐĂĞ ĐĄůůĞƐĞǇĚƵĞƌŵĂůĂ ŽĨĨ͕ŽŬĂǇ͍ ĚŽƌŵŝĐŝƐŽƉƌĂ͘ ŵŽŶĂ͘

&ZE< ǁŚǇǁŽƵůĚŝǁĂŶƚƚŽ ƉĞƌĐŚĠƐĂƌĞŝĚŽǀƵƚŽ ƉĂƌĂƋƵĠŝďĂĂ ĐŽŵĞƚŽĐĂŶĂĚĂ͍ƐŽ ǀĞŶŝƌĞŝŶĐĂŶĂĚĂ͍ ƋƵĞƌĞƌǀĞŶŝƌĂ ǇŽƵƌŶĂƚŝŽŶĂůŚĞĂůƚŚ ƉĞƌĐŚĠŝǀŽƐƚƌŝ ĐĂŶĂĚĄ͍ƉĂƌĂƋƵĞƐƵ ĐĂƌĞĐĂŶŵĂŬĞŵĞ ŽƐƉĞĚĂůŝŵŝĨĂƌĂŶŶŽ ƐĞŐƵƌŝĚĂĚƐŽĐŝĂůŵĞ

ǁĂŝƚƐŝǆƚǇǇĞĂƌƐĨŽƌĂ ĂƐƉĞƚƚĂƌĞ ŚĂŐĂĞƐƉĞƌĂƌƐĞƐĞŶƚĂ ŶĞǁŬŝĚŶĞǇ͍ ƐĞƐƐĂŶƚΖĂŶŶŝƉĞƌƵŶ ĂŹŽƐƉŽƌƵŶƌŝŹſŶ͍ E^ ƚŚĞǁŚŽůĞĐŽƵŶƚƌǇΖƐ ƌĞŶĞŶƵŽǀŽ͍ƐŝĞƚĞƵŶ Yh/s>E ƚŽĚŽĞƐƚĞƉĂşƐĞƐƚĄ Yh/s>E ĂďƵŶĐŚŽĨƉĂƌŬĂͲ ƉĂĞƐĞĚŝŐĞŶƚĞĐŚĞƐŝ ŚĂƐƚĂĂƌƌŝďĂĚĞ ǁĞĂƌŝŶŐ͕ĚƌĂĨƚͲ ǀĞƐƚĞĐŽůƉĂƌŬĂ͕ĞĐŚĞ ĐŽďĂƌĚĞƐĚĞŵŝĞƌĚĂ ĚŽĚŐŝŶŐ͕ĐŚŝĐŬĞŶƐŚŝƚ ĞǀŝƚĂŝůƐĞƌǀŝǌŝŽ ƋƵĞŚƵǇĞƌŽŶĚĞů ĐŽǁĂƌĚƐǁŚŽĚŝĚŶΖƚ ŵŝůŝƚĂƌĞ͘ƐŝĞƚĞƐŽůŽ ƌĞĐůƵƚĂŵŝĞŶƚŽ ŚĂǀĞƚŚĞďĂůůƐƚŽƐƚĂǇ ĚĞŝĐŽĚĂƌĚŝĐĂĐĂͲ ƉŽƌƋƵĞŶŽƚĞŶşĂŶ E^ ŚŽŵĞĂŶĚĨŝŐŚƚƚŚĞ ƐŽƚƚŽĐŚĞŶŽŶŚĂŶŶŽ Yh/s>E ŚƵĞǀŽƐǇǀŝŶŝĞƌŽŶ >/D/Ed/KE ǀŝĞƚĐŽŶŐƚŽƉƌĞƐĞƌǀĞ ĂǀƵƚŽůĞƉĂůůĞĚŝ ĂƋƵşƉĂƌĂŶŽůƵĐŚĂƌ ŽƵƌĂŵĞƌŝĐĂŶǁĂǇŽĨ ǀĞŶŝƌĞĂĐŽŵďĂƚƚĞƌĞŝ ĐŽŶƚƌĂĞůǀŝĞƚĐŽŶŐŶŝ ůŝĨĞ͘ŶŽƐŶŽǁĂƚƚŚĞ ǀŝĞƚĐŽŶŐƉĞƌ ƉƌŽƚĞŐĞƌůĂĨŽƌŵĂĚĞ ǁŝŶƚĞƌŽůǇŵƉŝĐƐ͍ ƉƌĞƐĞƌǀĂƌĞŝůŶŽƐƚƌŽ ǀŝĚĂĂŵĞƌŝĐĂŶĂ͘Ŷŝ E^ ǁŚĂƚƚŚĞŚĞůůǁĂƐ ƐƚŝůĞĚŝǀŝƚĂ Yh/s>E ƐŝƋƵŝĞƌĂƚƵǀŝƐƚĞŝƐ Yh/s>E ƚŚĂƚ͍ ĂŵĞƌŝĐĂŶŽ͘ŶŽŶ ŶŝĞǀĞĞŶůĂ ĂǀĞƚĞŶĞŵŵĞŶŽůĂ ŽůŝŵƉŝĂĚĂƐĚĞ ŶĞǀĞƉĞƌůĞŽůŝŵƉŝĂĚŝ ŝŶǀŝĞƌŶŽ͘ĐŽŵŽĐŽŹŽ ŝŶǀĞƌŶĂůŝ͘ ƐĞĐŽŵĞĞƐŽ͍

E^ Yh/s>E Yh/s>E

K&&/Z ŽĐĂŶĂĚĂ͊ ŽĐĂŶĂĚĂ͊ ŽŚĐĂŶĂĚĄ͊

&ZE< ŝƚΖƐƚŚĞǁŝŶƚĞƌ ĐŚĞĂĐĐŝĚĞŶƚŝĂǀĞƚĞ ƋƵĞĞƌĂŶůĂƐ ŽůǇŵƉŝĐƐ͊ ĐŽŵďŝŶĂƚŽ͍ ŽůŝŵƉŝĂĚĂƐĚĞ ŶĞŵŵĞŶŽůĂŶĞǀĞ ŝŶǀŝĞƌŶŽ͘ũŽĚĞƌ͊ǇƋƵĞ ƉĞƌůĞŽůŝŵƉŝĂĚŝ ŚĂĐĠŝƐ͍ ŝŶǀĞƌŶĂůŝ͘

K&&/Z ŽƵƌŚŽŵĞĂŶĚŶĂƚŝǀĞ ŽŚĐĂŶĂĚĂ͊ ŶƵĞƐƚƌĂƉĂƚƌŝĂǇ ůĂŶĚ ŶƵĞƐƚƌŽŚŽŐĂƌ͘

&ZE< ǁŚĂƚĂƌĞǇŽƵĚŽŝŶŐ͍ ĞǀŽŝĐŚĞĨĂĐĞǀĂƚĞ͍ ƚŽĐĂƌŽƐůŽƐŚƵĞǀŽƐǇ ŚŽůĚŝŶŐǇŽƵƌĐŽĐŬƐ͕ ǀĞŶĞƐďĂƚƚĞǀĂƚĞĞ ƌĞƉĂƌƚŝƌƉĂŶĞĐŝůůŽƐ ŚĂŶĚŝŶŐŽƵƚŵĂƉůĞ ĚŝƐƚƌŝďƵŝǀĂƚĞĚŽůĐĞƚƚŝ ĐŽŶůĂŚŽũĂĚĞĂƌĐĞ͘ ůĞĂĨƐƵŐĂƌůŽĂĨƐ͍ ĂĨŽƌŵĂĚŝĨŽŐůŝĂ E^ ĚΖĂĐĞƌŽ͘ Yh/s>E Yh/s>E

K&&/Z ƚƌƵĞƉĂƚƌŝŽƚůŽǀĞ ƚƌƵĞƉĂƚƌŝŽƚůŽǀĞ ĞƐŶƵĞƐƚƌŽĂŵŽƌ͘

&ZE< ǇŽƵĐŽƵůĚŶΖƚĞǀĞŶŐĞƚ ŶŽŶƐŝĞƚĞŶĞĂŶĐŚĞ ŶŝƐŝƋƵŝĞƌĂĨƵŝƐƚĞŝƐ ƚŚĞŽůǇŵƉŝĐƚŽƌĐŚƚŽ ƌŝƵƐĐŝƚŝĂĚĂĐĐĞŶĚĞƌĞ ĐĂƉĂĐĞƐĚĞŚĂĐĞƌƋƵĞ ĨƵĐŬŝŶŐůŝŐŚƚ͊ ĐŽŵĞƐŝĚĞǀĞƋƵĞůůĂ ƐĞĞŶĐĞŶĚŝĞƐĞůĂ ƚŽƌĐŝĂŽůŝŵƉŝĐĂĚŝ ƉƵŹĞƚĞƌĂĂŶƚŽƌĐŚĂ͘ ŵĞƌĚĂ͘

K&&/Z ŝŶĂůůƚŚǇƐŽŶƐ ŝŶĂůůƚŚǇƐŽŶƐ ĞůŵĂǇŽƌƐŝŶĚƵĚĂƌ͘ ĐŽŵŵĂŶĚ͘ ĐŽŵŵĂŶĚ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

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&ZEE ƉĂƌĞĐĞŶůĂŽƌŝŶĂǇůĂ Yh/s>E ŝŶĐŽŵŵŽŶ͍ƚŚĞǇ ŵĞƌĚĂŝŶĐŽŵƵŶĞ͍ ďŝƌƌĂĐĂŶĂĚŝĞŶƐĞ͍ĞŶ ďŽƚŚĐŽŵĞĨƌŽŵ ƐŽŶŽĨĂƚƚĞƚƵƚƚĞĞ ůĂƐŚĂĐĞŶĐĂƉƵůůŽƐ͘ ƉƵƐƐŝĞƐ͘ ĚƵĞĐŽůĐƵůŽ͘

' >/D/Ed/KE >/D/Ed/KE

&ƌĂŶŬƚĂůŬŝŶŐĂďŽƵƚĂĨŽƌŵĞƌĨƌŝĞŶĚ;ďůĂĐŬŐƵǇͿ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ŝΖǀĞďĞĞŶŶŽƚŚŝŶŐďƵƚ ĞƌĂǀĂŵŽĂŵŝĐŝĐŽŶ ĐŽŶůĂĚĞĨĂǀŽƌĞƐƋƵĞ ĂĨƌŝĞŶĚƚŽƚŚĂƚĨĂƚ ƋƵĞůĐŝĐĐŝŽŶĞƚĞƐƚĂĚŝ ůĞŚĞŚĞĐŚŽĂĞƐĞ ũŝŐŐĂƉƌŝĐŬ͘ ĐĂǌǌŽ͘ ŐŽƌĚŽĐĂƉƵůůŽ͘ Z >/D/Ed/KE >/D/Ed/KE

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

>> ŽĐĂŶĂĚĂŽƵƌŚŽŵĞ ŽĐĂŶĂĚĂŽƵƌŚŽŵĞ ŽŚĐĂŶĂĚĄ͕ŶƵĞƐƚƌĂ ĂŶĚŶĂƚŝǀĞůĂŶĚ ĂŶĚŶĂƚŝǀĞůĂŶĚ ƉĂƚƌŝĂǇŶƵĞƐƚƌŽ ΀ůĂƵŐŚƚĞƌ΁ƚƌƵĞ ΀ůĂƵŐŚƚĞƌ΁ƚƌƵĞ ŚŽŐĂƌ΀ůĂƵŐŚƚĞƌ΁ĞƐ ƉĂƚƌŝŽƚƐůŽǀĞŝŶĂůůƚŚǇ ƉĂƚƌŝŽƚƐůŽǀĞŝŶĂůůƚŚǇ ŶƵĞƐƚƌŽĂŵŽƌ͕Ğů

ƐŽŶƐ ƐŽŶƐ ŵĂǇŽƌƐŝŶĚƵĚĂƌ͘

E^ <s/E ŚŽǁǇŽƵĚŽŝŶŐ͕ ĐŽŵĞƐƚĂŝĨƌĂŶŬ͍ƚŝ Yh/s>E ƋƵĠƚĂůĨƌĂŶŬ͍ƚĞ Yh/s>E ĨƌĂŶŬ͍ĐĂŶŝƉŽƵƌǇŽƵ ǀĞƌƐŽƵŶĂŵŽůƐŽŶ ƉŽŶŐŽƵŶĂĐĞƌǀĞǌĂ ĂŶŝĐĞƚĂůů͕ĨƌŽƐƚǇ ĐĂŶĂĚĞƐĞĐŽŶƚĂŶƚĂ ĐĂŶĂĚŝĞŶƐĞ ŵŽůƐŽŶ͍ ƐĐŚŝƵŵĂ͍ ĨƌĞƐƋƵŝƚĂ͍

&ZE< ŽůĚƐƚǇůĞ͕ũďďĂĐŬ͘ ƵŶĂŽůĚͲƐƚǇůĞĐŽŶƵŶ ƚƵƉŽŶŵĞƵŶĐŚƵƉŝƚŽ ũď͘ ĐŽŵŽƐŝĞŵƉƌĞ͘

E^ <s/E ŽŚ͕ŚŽǁĂďŽƵƚĂ ĐŽŵĞůĂǀĞĚŝƵŶĂ Yh/s>E ǇŶŽƉƌĞĨŝĞƌĞƐƵŶ Yh/s>E ůĂďĂƚƚĂŶĚĂ ůĂďĂƚƚĐŽŶƵŶ ůĂďĂƚƚŽƵŶĐĂŶĂĚŝĂŶ ĐĂŶĂĚŝĂŶĐůƵď͘ ĐĂŶĂĚŝĂŶĐůƵď͍ ĐůƵď͍΀ůĂƵŐŚƐ΁ ΀ůĂƵŐŚƐ΁ ΀ůĂƵŐŚƐ΁

ůŝďŝ͘

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Z/D / ƚǁŽŚĂƌĚǁŽƌŬŝŶŐ͕ ĚƵĞŐƌĂŶůĂǀŽƌĂƚŽƌŝ͕ Yh/s>E ĚŽƐƚƌĂďĂũĂĚŽƌĞƐ Yh/s>E ŐŽĚͲĨĞĂƌŝŶŐŵĞŶ͘ǁĞ ƚŝŵŽƌĂƚŝĚŝĚŝŽ͘ ƚĞŵĞƌŽƐŽƐĚĞůƐĞŹŽƌ͕ ƌĂŝƐĞĚŽƵƌŬŝĚƐŝŶĂ ĂďďŝĂŵŽĐƌĞƐĐŝƵƚŽŝ ƋƵĞĐƌŝĂŵŽƐĂ ƐƚƌĂŝŐŚƚůŝŶĞǁŝƚŚ ĨŝŐůŝĞĚƵĐĂŶĚŽůŝĐŽŶ ŶƵĞƐƚƌŽƐĐŚŝĐŽƐĐŽŶ ĚŝƐĐŝƉůŝŶĞĂŶĚǁŝƚŚ ĚŝƐĐŝƉůŝŶĂĞƐŽƚƚŽůĂ ƌĞĐƚŝƚƵĚ͕ĚŝƐĐŝƉůŝŶĂ͕Ǉ ŐŽĚΖƐŐŽŽĚŐƵŝĚĂŶĐĞ͘ ŐƵŝĚĂĚŝĚŝŽ͘ůĂŵŝĂ ĐŽŶůĂĂǇƵĚĂĚĞů ŵǇŬĂƌĞŶǁĂƐƚǁĞůǀĞ ŬĂƌĞŶ͕ĂĚŽĚŝĐŝĂŶŶŝ ƐĞŹŽƌ͘ŵŝŬĂƌĞŶ͕ĂůŽƐ ǁŚĞŶŝŚĞĂƌĚŚĞƌƵƐĞ ĚŝƐƐĞƋƵĞůůĂƉĂƌŽůĂ ĚŽĐĞĂŹŽƐĚŝũŽĞƐĂ ƚŚĞĐͲǁŽƌĚ͕ ĐŚĞŝŶŝǌŝĂƉĞƌĐ͕ĞĚŝ ƉĂůĂďƌĂĐŽŶũ͕ǇĞŶ ĂŶĚŽŶĂƐƵŶĚĂǇ͘ ĚŽŵĞŶŝĐĂ͘ ĚŽŵŝŶŐŽ͘

&ZE< ĨƵĐŬ͊ ĐĂǌǌŽ͊ ũŽĚĞƌ͊

$XQW*LQJHU 6HDVRQ(SLVRGH 'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

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^K/D <s/E ůĂƐƚƚŝŵĞŝĐŚĞĐŬĞĚ͕ ƉĞƌƋƵĂŶƚŽŶĞƐŽ͕ Yh/s>E ƉŽƌůŽƋƵĞŚĞŽşĚŽĞƐ Yh/s>E ƉĞŶŝƐŐŽĞƐŝŶƚŽ ƉŝƐĞůůŽĚĞŶƚƌŽůĂ ĐƵĂŶĚŽĞůƉĞŶĞƐĞ ǀĂŐŝŶĂ͘ ǀĂŐŝŶĂ͘ ŵĞƚĞĞŶůĂǀĂŐŝŶĂ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

sZKE/ ǀĞƌŐŝŶ͍ ǀĞƌŐŝŶĞ͍ ǀŝƌŐĞŶ͍

&/KE ǇĞƉ͊ ĞŐŝă͊ Ɛş͊

'^ sZKE/ ŚŽůǇƐŚŝƚ͘ǇŽƵƉŽƉƉĞĚ ƉŽƌĐĂƉƵƚƚĂŶĂ͊ Yh/s>E ŶŽŵĞũŽĚĂƐ͊ůĞŚĂƐ Yh/s>E ŚŝƐĐŚĞƌƌǇ͍ĂŶĚŚŽǁ ŚĂŝĐŽůƚŽŝůƐƵŽ ĚĞƐǀŝƌŐĂĚŽ͍ ǁĂƐƚŚĞƚŚŝƌƚǇ ĨŝŽƌĞůůŝŶŽ͍ƚƌĞŶƚĂ ĐſŵŽĨƵĞƌŽŶůŽƐ ƐĞĐŽŶĚƐŽĨďůŝƐƐ͍ ƐĞĐŽŶĚŝĚŝƉĂƌĂĚŝƐŽ͍ ƚƌĞŝŶƚĂƐĞŐƵŶĚŽƐĚĞ ƉůĂĐĞƌ͍

&/KE ŚĞĂĐƚƵĂůůǇůĂƐƚĞĚĂ ŶŽ͕ğĚƵƌĂƚŽƵŶďĞů ĞŶƌĞĂůŝĚĂĚĚƵƌſ ǁŚŝůĞ͘ ƉŽΖ͘ ďĂƐƚĂŶƚĞ͘

'^ sZKE/ ĚŝĚŚĞĐƌǇĂĨƚĞƌ͍ ĞĚŽƉŽŚĂƉŝĂŶƚŽ͍ Yh/s>E ǇůůŽƌſĚĞƐƉƵĠƐ͍ Yh/s>E

>ŝƉƚĂůŬŝŶŐƚŽDŝĐŬĞǇĂďŽƵƚDĂŶĚǇ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

' >/W ǁĞůů͕ŵĂǇďĞ͕ƵŚ͕ ďĞŚ͕ŵĂŐĂƌŝ͕ŵĂŶĚǇ Yh/s>E ŽǇĞĞƐƉŽƐŝďůĞƋƵĞ Yh/s>E ŵĂŶĚǇΖƐĐŽŶĨƵƐŝŶŐ ĐŽŶĨŽŶĚĞŝĂŶĐŽŶƵŶ ŵĂŶĚǇĐŽŶĨƵŶĚĂĂ ŝĂŶǁŝƚŚĂŶǇŽŶĞŽĨ ĂůƚƌŽĚĞŝ ŝĂŶĐŽŶĂůŐƵŶŽĚĞůŽƐ ƚŚĞŽƚŚĞƌĨŽƵƌ ƋƵĂƚƚƌŽĐĞŶƚŽƌĂŐĂǌǌŝ ĐƵĂƚƌŽĐŝĞŶƚŽƐƚşŽƐĂ ŚƵŶĚƌĞĚĚƵĚĞƐŝŶ ĂĐƵŝŚĂŐŝăĨĂƚƚŽƵŶ ůŽƐƋƵĞƐĞůĂŚĂ ƚŚĞƚĞŶƚŚŐƌĂĚĞƐŚĞΖƐ ƉŽŵƉŝŶŽ͘ ĐŚƵƉĂĚŽ͘ ĂůƌĞĂĚǇďůŽǁŶ͘

dŽŶǇĞǆƉůĂŝŶŝŶŐ&ŝŽŶĂǁŚǇŚĞǁĂƐĂǀĞƌŐŝŶ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Z^ dKEzdK&/KE ŬĂƚŝĞũŽƌĚĂŶǁĂƐ ŬĂƚŝĞũŽƌĚĂŶĞƌĂ Yh/s>E ŬĂƚŝĞĞƌĂƐƵƉĞƌ Yh/s>E ƐƵƉĞƌĐĂƚŚŽůŝĐƐŽƐŚĞ ƐƵƉĞƌĐĂƚƚŽůŝĐĂ ĐĂƚſůŝĐĂǇƐŽůŽŵĞ ŽŶůǇůĞƚŵĞƐƚŝĐŬŝƚ ƋƵŝŶĚŝƐĞůŽĨĂĐĞǀĂ ĚĞũĂďĂŵĞƚĠƌƐĞůĂ ŝŶ͘͘ ŵĞƚƚĞƌĞƐŽůŽ͘͘ ƉŽƌ͘͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^K/D >/W ŵĂǇďĞǇŽƵƐŚŽƵůĚ ĨŽƌƐĞĚŽǀƌĞƐƚŝ Yh/s>E ĂůŽŵĞũŽƌ͕ƐŝƚĞůĂ Yh/s>E ƚŚƌŽǁŝƚŝŶŚĞƌ͕ǇŽƵ ƐďĂƚƚĞŐůŝĞƌůŽĚĞŶƚƌŽ͕ ƋƵŝůĂƐďŝĞŶ͕ŶŽƐĠ͘͘ ŬŶŽǁ͍ ŶŽ͍

/E ǇĞĂŚ͘ǇĞĂŚ͕ĂŶĚ Ɛŝ͕Ɛŝ͕ĞĨŽƌƐĞƚƵ Ɛş͕Ɛş͕ǇĂůŽŵĞũŽƌƚƵ ŵĂǇďĞ͕ƵŚ͕ǇŽƵ ĚŽǀƌĞƐƚŝƐďĂƚƚĞƌůŽ ĚĞďĞƌşĂƐƋƵŝůĂƌƚĞĂ ƐŚŽƵůĚƚŚƌŽǁŝƚŝŶ ĚĞŶƚƌŽĂŬĂƐŚ͕ƐĂŝ͍ ŬĂƐŚ͕ǀĂůĞ͍ ŬĂƐŚ͕ƌŝŐŚƚ͍

/ĂŶĂŶĚDĂŶĚǇƚĂůŬŝŶŐĂďŽƵƚ/ĂŶďĞŝŶŐŐĂǇ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^K DEz ĨŽƌŚŽǁůŽŶŐ͍ ĚĂƋƵĂŶƚŽƚĞŵƉŽ͍ Yh/s>E ĚĞƐĚĞĐƵĄŶĚŽ͍ Yh/s>E

/E ŝĚŽŶΖƚŬŶŽǁ͘ŵǇ ŶŽŶůŽƐŽ͕ĚĂƐĞŵƉƌĞ ŶŽůŽƐĠ͕ĚĞƐĚĞ ǁŚŽůĞůŝĨĞ͕ŝŐƵĞƐƐ͘ ĐƌĞĚŽ͘ĚĂũƵƐƚŝŶ ƐŝĞŵƉƌĞ͘ƉƵĞĚĞƋƵĞ ŵĂǇďĞƐŝŶĐĞũƵƐƚŝŶ ƚŝŵďĞƌůĂŬĞŝŶƉŽŝ͘ ĚĞƐĚĞũƵƐƚŝŶ ƚŝŵďĞƌůĂŬĞ͘ ƚŝŵďĞƌůĂŬĞ͘

^K^ Yh/s>E Yh/s>E

DEz Ğǁ͊ŶŽ͕ũĐĐŚĂƐĞǌ͘ ĐŚĞƐĐŚŝĨŽ͊ŶŽ͕ũĐ ƋƵĠĂƐĐŽ͊ŶŽ͕ũĐŵŽůĂ ĐŚĂƐĞǌ͘ ŵĄƐ͘

/E ŶŽ͕ĂƌĞǇŽƵŬŝĚĚŝŶŐ͍ ŶŽ͕ƐĐŚĞƌǌŝ͍ĞƚƌŽƉƉŽ ƋƵĠĚŝĐĞƐ͍ƐŝĞƐ ŚĞΖƐƚŽƚĂůůǇŐĂǇ͘ ŐĂǇ͊ ƚŽƚĂůŵĞŶƚĞŐĂǇ͊

DEz ŶŽ͕ŚĞŝƐŶΖƚ͘ ŶŽ͕ŶŽŶğǀĞƌŽ͘ ŶŽůŽĞƐ͘

/E ŚĂ͕ŚĂ͕ŚĞůůŽ͍ǇĞƐ͕ŚĞ ƉƌŽŶƚŽ͍ĐĞƌƚŽĐŚĞƐŝ͘ ƉŽƌƐƵƉƵĞƐƚŽƋƵĞůŽ ŝƐ͘ ĞƐ͊

^K DEz ĂƌĞǇŽƵƐƵƌĞǇŽƵΖƌĞ ƐŝĐƵƌŽĐŚĞŶŽŶƚĞůŽ Yh/s>E ƐĞŐƵƌŽƋƵĞŶŽƚĞůŽ Yh/s>E ŶŽƚũƵƐƚŵĂŬŝŶŐƚŚŝƐ ƐƚĂŝŝŶǀĞŶƚĂŶĚŽ͍ ŚĂƐŝŶǀĞŶƚĂĚŽ͍ ƵƉ͍

/E ĂďŽƵƚũĐĐŚĂƐĞǌ͍ ĚŝũĐĐŚĂƐĞǌ͍ ƋƵĞũĐĞƐŐĂǇ͍

DEz ŶŽ͕ĂďŽƵƚďĞŝŶŐŐĂǇ͘ ŶŽ͕ĐŚĞƐĞŝƵŶŐĂǇ͘ ŶŽ͕ƋƵĞƚƵĞƌĞƐŐĂǇ͘

^^ /E ŝŶƚŚŝƐ ŝŶƋƵĞƐƚŽƋƵĂƌƚŝĞƌĞ͍ Yh/s>E ĐƌĞĞƐƋƵĞĞŶĞƐƚĞ Yh/s>E ŶĞŝŐŚďŽƌŚŽŽĚ͍ǁŚǇ ƉĞƌĐŚĠĚŽǀƌĞŝĨĂƌůŽ͍ ďĂƌƌŝŽǇŽŵĞ ǁŽƵůĚŝŵĂŬĞƚŚĂƚ ŝŶǀĞŶƚĂƌşĂĞƐŽ͍ ƵƉ͍

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘&ƌĂŶŬƚĂůŬŝŶŐƚŽĚŝƐĂďŝůŝƚǇŽĨĨŝĐĞƌ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ǇĞĂŚ͕ďĞĐĂƵƐĞƚŚŝƐŝƐ ƐŝƉĞƌĐŚĠƋƵĞƐƚŽğƵŶ ĐůĂƌŽ͕ƉŽƌƋƵĞ ƐƵĐŚĂŐƌĞĂƚƵƐĞŽĨ ŽƚƚŝŵŽƵƐŽĚĞŝĨŽŶĚŝ ƉƌĞĐŝƐĂŵĞŶƚĞƉĂƌĂ ŐŽǀĞƌŶŵĞŶƚĨƵŶĚƐ͘ ĚĞůŐŽǀĞƌŶŽ͘ŚĞǇ͕ ĞƐŽƐŝƌǀĞŶůŽƐĨŽŶĚŽƐ ŚĞǇ͘ŵĂǇďĞŶĞǆƚƚŝŵĞ ŵĂŐĂƌŝůĂƉƌŽƐƐŝŵĂ ĚĞůŐŽďŝĞƌŶŽ͘ĞŚ͕ůĂ ǇŽƵĐĂŶĐŚĞĐŬƚŚĂƚ ǀŽůƚĂĐŽŶƚƌŽůůĂƚĞƐĞ ƉƌſǆŝŵĂǀĞǌƉƵĞĚĞ ŵǇƵŶĐůĞŚĂƌŽůĚŝƐ ŵŝŽǌŝŽŚĂƌŽůĚ ĐŽŵƉƌŽďĂƌƋƵĞŵŝƚşŽ ƚĂŬŝŶŐŚŝƐůŝƉŝƚŽƌ͘ŽŚ͕ ƉƌĞŶĚĞŝůůŝƉŝƚŽƌ͘ŽŚ͕ ŚĂƌŽůĚƐĞƚŽŵĂƐƵƐ ǁĂŝƚ͕ƚŚĂƚΖƐƌŝŐŚƚ͕ŚĞ ŶŽ͕ğǀĞƌŽŶŽŶůŽ ŵĞĚŝĐŝŶĂƐ͕ŽŚĞƐƉĞƌĞ͕ ĚŽĞƐŶΖƚŐĞƚůŝƉŝƚŽƌ ƉƌĞŶĚĞƉŝƶŝůůŝƉŝƚŽƌ ĞƐǀĞƌĚĂĚ͕ĞůĚĞũſĚĞ ĂŶǇŵŽƌĞƐŝŶĐĞǇŽƵ ƉĞƌĐŚĠŐůŝĂǀĞƚĞƚŽůƚŽ ƚŽŵĂƌƐƵƐŵĞĚŝĐŝŶĂƐ ĐĂŶĐĞůĞĚŚŝƐ ůΖĂƐƐŝƐƚĞŶǌĂŵĞĚŝĐĂ͘ ŚĂĐĞŵƵĐŚŽ͕ĚĞƐĚĞ ŵĞĚŝĐĂƌĞ͘ ŵĞŶŽŵĂůĞĐŚĞŚŽ ƋƵĞƵƐƚĞĚĞƐůĞ ŐŽŽĚƚŚŝŶŐŝŐŽƚ ĚĞŐůŝĂŵŝŐŽƐŐŝƶŝŶ ƋƵŝƚĂƌŽŶƐƵƐĞŐƵƌŽ͘ ƐŽŵĞĂŵŝŐŽƐĚŽǁŶ ŵĞƐƐŝĐŽ͘ ƉŽƌƐƵĞƌƚĞƋƵĞƚĞŶŐŽ ŝŶŵĞǆŝĐŽ͘ ĂŵŝŐŽƐĞŶŵĠǆŝĐŽ͘

E^ Yh/s>E Yh/s>E

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&DVH\&DGHQ 6HDVRQ(SLVRGH ^ŚĞŝůĂΖƐŚŽƵƐĞ͘&ƌĂŶŬǁĂƚĐŚŝŶŐƚǀ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ƉĞŽƉůĞƐƚĞĂůŬŝĚƐ ůĂŐĞŶƚĞƌƵďĂŝ ƋƵĞůĂŐĞŶƚĞƌŽďĂ ĂŶĚƌĂƐƚĂĨĂƌŝĂŶƐĂƌĞ ďĂŵďŝŶŝĞĂŝ ŶŝŹŽƐ͕ǇĂůŽƐ ĂůůŽǁĞĚƚŽƌŽĂŵ ƌĂƐƚĂĨĂƌŝĂŶŝğ ƌĂƐƚĂĨĂƌŝƐƐĞůĞƐĚĞũĂ ĨƌĞĞ͘ŝĚŽŶ͛ƚŵĞĂŶ ƉĞƌŵĞƐƐŽĚŝŐŝƌĂƌĞ ǀĂŐĂƌůŝďƌĞŵĞŶƚĞ͕ŶŽ ƌĞĂůƌĂƐƚĂĨĂƌŝĂŶƐ͘ŝ ůŝďĞƌŝ͘ŶŽŶŝǀĞƌŝ ĂůŽƐƌĂƐƚĂĨĂƌŝƐĚĞ ŵĞĂŶƌĂƐƚĂŵĂŶ ƌĂƐƚĂĨĂƌŝĂŶŝ͕ŝ ǀĞƌĚĂĚ͕ƐŝŶŽĂĞƐŽƐ ŐŽůĚďĞƌŐƐĨƌŽŵůĂŬĞ ƌĂƐƚĂŵĂŶŐŽůĚďĞƌŐĚŝ ďůĂŶĐŽƐĐŽŶƌĂƐƚĂƐ͕ ĨŽƌĞƐƚǁŝƚŚƌŝĐŚ ůĂŬĞĨŽƌĞƐƚ͕ĐŽŶŝ ĚĞďƵĞŶŽƐďĂƌƌŝŽƐ ^^ ƉĂƌĞŶƚƐǁŚŽŐĞƚ ŐĞŶŝƚŽƌŝƌŝĐĐŚŝ͕ĐŚĞ Yh/s>E ĐŽŶƉĂĚƌĞƐƌŝĐŽƐƋƵĞ Yh/s>E ĚƌŽƉƉĞĚŽĨĨŝŶƚŽǁŶ ǀĞŶŐŽŶŽƐĐĂƌŝĐĂƚŝĚĂ ůŽƐďĂũĂŶĂůĐĞŶƚƌŽĞŶ ĐĂƌƐƚŚĞŶŐŽďĞŐĨŽƌ ĂƵƚŽĚŝůƵƐƐŽƉĞƌ ĐŽĐŚĞǇƋƵĞůƵĞŐŽ ŵŽŶĞǇŽŶƚŚĞ ĂŶĚĂƌĞĂĐŚŝĞĚĞƌĞ ƉŝĚĞŶĞŶůĂƐ ƐƚƌĞĞƚƐ͘ǁŚĂƚĂůŽĂĚ ů͛ĞůĞŵŽƐŝŶĂƉĞƌ ĞƐƋƵŝŶĂƐ͘ŵĞŶƵĚĂ ŽĨĐƌĂƉ͘ŽďĂŵĂͲĐĂƌĞ ƐƚƌĂĚĂ͕ƋƵĂŶƚĞ ŵŝĞƌĚĂŚĂǇƋƵĞ ŵǇĂƐƐ͊ǁŚĂƚƚŚĞ ƐƚƌŽŶǌĂƚĞ͊ĂŽďĂŵĂ ĂŐƵĂŶƚĂƌ͊ǇŽďĂŵĂ ŶĞǁƐƉĞŽƉůĞĚŽŶ͛ƚ ŶŽŶĨƌĞŐĂƵŶĐĂǌǌŽ͊ ƚĂŶƚƌĂŶƋƵŝůŽ͘ůŽƋƵĞ ƚĞůůǇŽƵ͗ƚŚĞǇůŽǀĞŝƚ ƋƵĞůůŽĐŚĞŝŵĞĚŝĂ ůŽƐƉĞƌŝŽĚŝƐƚĂƐŶŽƚĞ ǁŚĞŶŬŝĚƐŐĞƚƐƚŽůĞŶ͘ ŶŽŶĚŝĐŽŶŽğĐŚĞůŽƌŽ ĚŝĐĞŶĞƐƋƵĞĂĞůůŽƐ ƚŚĞǇ͛ƌĞũƵƐƚůŽŽŬŝŶŐ ĂĚŽƌĂŶŽƋƵĂŶĚŽŝ ůĞƐĞŶĐĂŶƚĂĐƵĂŶĚŽ ĨŽƌĂŐŽŽĚƐƚŽƌǇƚŽ ƌĂŐĂǌǌŝŶŝǀĞŶŐŽŶŽ ƐĞĐƵĞƐƚƌĂŶĂĂůŐƷŶ ƐĂƚƵƌĂƚĞŽƵƌĂŝƌǁĂǀĞƐ ƌĂƉŝƚŝ͕ŶŽŶĂƐƉĞƚƚĂŶŽ ŶŝŹŽ͕ůŽƷŶŝĐŽƋƵĞ ǁŝƚŚ͘ĂŶĚǁŚǇĂƌĞĂůů ĂůƚƌŽĐŚĞƵŶĂďƵŽŶĂ ƋƵŝĞƌĞŶĞƐƚĞŶĞƌ ƚŚĞŶĞǁƐůĂĚŝĞƐ ƐƚŽƌŝĂĐŽŶĐƵŝ ďƵĞŶĂƐŚŝƐƚŽƌŝĂƐĐŽŶ ĐŚŝŶĞƐĞ͍ƚŚĞǇƐŚŽƵůĚ ƐĂƚƵƌĂƌĐŝůĞŶŽƐƚƌĞǀŝĞ ůĂƐƋƵĞƉŽĚĞƌƐĂƚƵƌĂƌ ƐƚŝĐŬƚŽǁŚĂƚƚŚĞǇ ƌĞƐƉŝƌĂƚŽƌŝĞ͘ĞƉĞƌĐŚĠ ŶƵĞƐƚƌĂƐŽŶĚĂƐ͘ǇƉŽƌ ŬŶŽǁ͗ƌĂŝůƌŽĂĚƐ͕ ƚƵƚƚĞůĞŐŝŽƌŶĂůŝƐƚĞ ƋƵĠƚŽĚĂƐůĂƐ ƐƵƐŚŝĂŶĚĚŝŵƐƵŵ͘ ƐŽŶŽĐŝŶĞƐŝ͍Ɛŝ ůŽĐƵƚŽƌĂƐƐŽŶĐŚŝŶĂƐ͍ ŽĐĐƵƉĂƐƐĞƌŽĚŝĂůƚƌĞ ƋƵĠƐĞĚĞĚŝƋƵĞŶĂůŽ ĐŽƐĞ͗ŝďŝŶĂƌŝ ƋƵĞƐĂďĞŶ͗ĂƉŽŶĞƌ ĨĞƌƌŽǀŝĂƌŝ͕ŝůƐƵƐŚŝ͕Ěŝ ƌĂŝůĞƐ͕ĂŚĂĐĞƌƐƵƐŚŝŽ ƉĂŶĚĂ͘ ƌŽůůŝƚŽƐ͘

E^ Yh/s>E Yh/s>E

^ŚĞŝůĂΖƐŚŽƵƐĞ͘&ƌĂŶŬƚĂůŬŝŶŐŽƵƚƐŝĚĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ǇŽƵŬŶŽǁ͕ǇŽƵ͛ƌĞƚŽŽ ƐĂŝ͕ĨŽƌƐĞŶŽŶůŽ ŽŝŐĂ͕ƵƐƚĞĚĞƐŵƵǇ ǇŽƵŶŐƚŽƌĞŵĞŵďĞƌ ƌŝĐŽƌĚŝŵĂĐ͛ğƐƚĂƚŽ ũŽǀĞŶƉĂƌĂƐĂďĞƌůŽ ƚŚŝƐďƵƚƚŚĞƌĞǁĂƐĂ ƵŶƚĞŵƉŽŝŶĐƵŝŝ ƉĞƌŽŚƵďŽƵŶƚŝĞŵƉŽ ƚŝŵĞǁŚĞŶƉŽůŝĐĞŵĞŶ ƉŽůŝǌŝŽƚƚŝǀĞŶŝǀĂŶŽ ĞŶƋƵĞƐĞƌĞƐƉĞƚĂďĂ ǁĞƌĞƌĞƐƉĞĐƚĞĚ͘ ƌŝƐƉĞƚƚĂƚŝ͕ĞŝƌĂŐĂǌǌŝ ĂůĂƉŽůŝĐşĂǇůŽƐ ǁŚĞŶǇŽƵŶŐŵĞŶ ĐŽŵďĂƚƚĞǀĂŶŽƉĞƌŝů ũſǀĞŶĞƐƋƵĞƌşĂŶ ǁĂŶƚĞĚƚŽĨŝŐŚƚĨŽƌ ůŽƌŽƉĂĞƐĞ͘ƋƵĂŶĚŽƐŝ ůƵĐŚĂƌƉŽƌƐƵƉĂşƐ͘ ƚŚĞŝƌĐŽƵŶƚƌǇ͘ǁŚĞŶ ƉŽƚĞǀĂǀŽƚĂƌĞĚƵĞ ĐƵĂŶĚŽƉŽĚşĂƐǀŽƚĂƌ ǇŽƵĐŽƵůĚŐŽǀŽƚĞ ǀŽůƚĞƉĞƌŝůƐŝŶĚĂĐŽ ĚŽƐǀĞĐĞƐĂƵŶ ƚǁŝĐĞĨŽƌŵĂǇŽƌĚĂůĞǇ ĚĂůĞǇŐŝƶĂů ĂůĐĂůĚĞĚĂůĞǇŽĂƵŶ ĚŽǁŶĂƚƚŚĞĞůĞǀĞŶƚŚ ŵƵŶŝĐŝƉŝŽ͘ƉƌŝŵĂĐŚĞ ƉƌĞƐŝĚĞŶƚĞ͘ĂŶƚĞƐĚĞ ǁĂƌĚ͘ďĞĨŽƌĞƐŽŵĞ ĚĞŝĐŽŐůŝŽŶŝ ƋƵĞƵŶŽƐĐĂƉƵůůŽƐ

ůŝďĞƌĂůƉƌŝĐŬƐĞůĞĐƚĞĚ ĚĞŵŽĐƌĂƚŝĐŝ ůŝďĞƌĂůĞƐĞůŝŐŝĞƌĂŶĂ ĂŵƵƐůŝŵǁŚŽŝƐŶ͛ƚ ĞůĞŐŐĞƐƐĞƌŽƵŶ ƵŶŵƵƐƵůŵĄŶƋƵĞŶŝ ĞǀĞŶĂŵĞƌŝĐĂŶ͘ ƉƌĞƐŝĚĞŶƚĞ ƐŝƋƵŝĞƌĂĞƐ ŵƵƐƵůŵĂŶŽĐŚĞŶŽŶ ĂŵĞƌŝĐĂŶŽ͘ ğŶĞĂŶĐŚĞ ĂŵĞƌŝĐĂŶŽ͘

Z Yh/s>E Yh/s>E E Yh/s>E Yh/s>E

7KUHHER\V 6HDVRQ(SLVRGH <ĞǀŝŶĂŶĚsĞƌŽŶŝĐĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

<s/E ǇŽƵŬŶŽǁ͕ĂŶĚ ĞƉŽŝĨŝŶĐŚĠŝŐĂǇŶŽŶ ĂĚĞŵĄƐǇŽŵĞ ďĞƐŝĚĞƐ͕ƵŶƚŝůŐĂǇ ƐŝƉŽƚƌĂŶŶŽ͘͘ƐƉŽƐĂƌĞ ƐŽůŝĚĂƌŝǌŽĐŽŶůŽƐ ƉĞŽƉůĞĐĂŶ͛ƚŐĞƚ ŝŶƋƵĞƐƚŽƐƚĂƚŽ͕ ŐĂǇƐ͕ĐƵĂŶĚŽůĞƐ ŵĂƌƌŝĞĚŝŶƚŚŝƐƐƚĂƚĞ͕ ŶĞĂŶĐŚ͛ŝŽůŽĨĂƌž͘ ĚĞũĞŶĐĂƐĂƌƐĞĂĞůůŽƐ͕ ŝ͛ŵŶŽƚŐŽŶŶĂ͘ ůŽŚĂƌĠǇŽ͘

<s/E ŚĞŚ͕ďƵƚǁŚĂƚĂďŽƵƚ ŵĂĐŽŶŝŐĂǇĐŽŵĞůĂ ƉĞƌŽƋƵĠƉĂƐĂĐŽŶůĂƐ ƚŚĞŐĂǇƉĞŽƉůĞ͍ ŵĞƚƚŝĂŵŽ͍ ďŽĚĂƐĚĞůŽƐŐĂǇƐ͍

^K sZKE/ ƚŚĞǇŐŽƚƚŚĞŝƌ ŚĂŶŶŽŝůŐĂǇƉƌŝĚĞ͕Ğ Yh/s>E ĞůůŽƐƚŝĞŶĞŶƐƵƐ Yh/s>E ƉĂƌĂĚĞƐ͕ƚŚĞǇĐĂŶ ƐŝĂĐĐŽŶƚĞŶƚĂƐƐĞƌŽ͊ ĚĞƐĨŝůĞƐ͕ƋƵĠƐĞ ǁĂŝƚ͘ ĞƐƉĞƌĞŶ͊

<ĂƐŚΖƐƐƚŽƌĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/E ƚŚĞǇŚĂǀĞŵƵƐůŝŵ ďŽǇƐĐŽƵƚ ŚĂǇƐĐŽƵƚƐ ďŽǇƐĐŽƵƚƐ͍ ŵƵƐƵůŵĂŶŝ͍ ŵƵƐƵůŵĂŶĞƐ͍

<^, ƐŝŵŝůĂƌ͘ŵŽƚƚŽŝƐƐƚŝůů ƐŽŶŽƐŝŵŝůŝ͕ŝůŵŽƚƚŽğ ƐŽŶƉĂƌĞĐŝĚŽƐĂůŽƐ ͞ďĞƉƌĞƉĂƌĞĚ͘͟ďƵƚ ĐŽŵƵŶƋƵĞĞƐĞŵƉƌĞ ŶŽƌŵĂůĞƐƉĞƌŽĞŶ ǇŽƵůĞĂƌŶŚŽǁƚŽ ƉƌŽŶƚŝŵĂŝŶƐĞŐŶĂŶŽ ůƵŐĂƌĚĞŚĂĐĞƌŶƵĚŽƐ Z^ ǁŽƌŬǁŝƚŚĐŚĞŵŝĐĂůƐ ĂĨĂƌĞĞƐƉůŽƐŝǀŝ DW>/&/d/KE ƚĞĞŶƐĞŹĂŶĂĨĂďƌŝĐĂƌ DW>/&/d/KE ŝŶƐƚĞĂĚŽĨƚǇŝŶŐ ŝŶǀĞĐĞĚĞŝŶŽĚŝ͘ ďŽŵďĂƐ͘ ŬŶŽƚƐ͘

>/E ƚŚĞƚƌŽŽƉŝƐ ŝůŐƌƵƉƉŽğ ĞƐƚĄŶƉĂƚƌŽĐŝŶĂĚŽƐ ƐƉŽŶƐŽƌĞĚďǇƚŚĞ ƐƉŽŶƐŽƌŝǌǌĂƚŽĚĂůůĂ ƉŽƌůĂŝŐůĞƐŝĂďĂƉƚŝƐƚĂ͘ ďĂƉƚŝƐƚĐŚƵƌĐŚ͘ƚŚĞǇ ĐŚŝĞƐĂďĂƚƚŝƐƚĂ͘Đŝ ĞůůŽƐƉĂŐĂŶůŽƐ ŐŝǀĞƵƐĨƌĞĞŽƵƚĨŝƚƐ ĚĂŶŶŽĚŝǀŝƐĞĞĂůůŽŐŐŝ ƵŶŝĨŽƌŵĞƐ͕ŶŽƐŽƚƌŽƐ ĂŶĚŽǀĞƌŶŝŐŚƚƐ͕ĂŶĚ ŐƌĂƚŝƐĞŶŽŝŐůŝ ůĞƐŚĂĐĞŵŽƐĐƌĞĞƌ ǁĞůĞƚΖĞŵƚŚŝŶŬ ůĂƐĐŝĂŵŽĐƌĞĚĞƌĞĐŚĞ ƋƵĞŶŽƐŝŶƚĞŐƌĂŵŽƐǇ ǁĞΖƌĞĂƐƐŝŵŝůĂƚŝŶŐ͘ ĐŝƐƚŝĂŵŽŝŶƚĞŐƌĂŶĚŽ͘ ƚŽĚŽƐĐŽŶƚĞŶƚŽƐ͘ Z^ ĞǀĞƌǇďŽĚǇǁŝŶƐ͘ Yh/s>E Yh/s>E

^ŚĞŝůĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

sZKE/ ŽŚ͕ƐŚĞŝůĂ͕ǇŽƵ͛ƌĞ ŽŚ͕ƐŚĞŝůĂ͕ŵŝĨĂŝ ŽŚ͕ƐŚĞŝůĂ͕ŚĂĐĞƐƋƵĞ ŵĂŬŝŶŐŵĞĨĞĞůůŝŬĞ ƐĞŶƚŝƌĞĐŽŵĞ ŵĞƐŝĞŶƚĂĐŽŵŽ ĐŝŶĚĞƌĞůůĂ͘ ĐĞŶĞƌĞŶƚŽůĂ͘ ĐĞŶŝĐŝĞŶƚĂ͘ '^ Yh/s>E Yh/s>E

^,/> ŝƚŚŝŶŬĐŝŶĚĞƌĞůůĂǁĂƐ ƐĞĐŽŶĚŽŵĞ ǇŽĐƌĞŽƋƵĞ ĂĨĞŵŝŶŝƐƚ͘ ĐĞŶĞƌĞŶƚŽůĂğƵŶĂ ĐĞŶŝĐŝĞŶƚĂĞƌĂ ĨĞŵŵŝŶŝƐƚĂ͘ ĨĞŵŝŶŝƐƚĂ͘

/ ŚŽǁǁŽƵůĚǇŽƵ ĞĐŚĞĐŽƐĂŶĞƐĂŝƚƵ͍ ǇƋƵĠƐĂďĞƐƚƷĚĞ

ŬŶŽǁ͍ ĞƐŽ͍

/ ŽŚ͕ƐŽŽŶĞĞǆĂŵƉůĞ ŽŚ͕ƋƵŝŶĚŝďĂƐƚĂƐŽůŽ ŽŚ͕ǇĞůĞũĞŵƉůŽĚĞ ŽĨĂďĂĚŽŶĞŵĂŬĞƐ ƵŶďƌƵƚƚŽŵĂƚƌŝŵŽŶŝŽ ƵŶŽŵĂůŽŚĂĐĞƋƵĞ ƚŚĞŵĂůůďĂĚ͕Śŵŵ͍ ƉĞƌƌŽǀŝŶĂƌůŝƚƵƚƚŝ͍ ƚŽĚŽƐƐĞĂŶŵĂůŽƐ͍ Śŵŵ͍ Śŵŵ͍Śŵŵ͍ Śŵŵ͍Śŵŵ͍

'/D &/KE ŵĂǇďĞǇŽƵΖƌĞďĞŝŶŐ ĨŽƌƐĞƐĞŝƵŶƉŽ͛ Yh/s>E ĐƌĞŽƋƵĞĞƌĞƐ Yh/s>E ĂůŝƚƚůĞƉĞƐƐŝŵŝƐƚŝĐ͘ ƚƌŽƉƉŽƉĞƐƐŝŵŝƐƚĂ͘ ĚĞŵĂƐŝĂĚŽ ƉĞƐŝŵŝƐƚĂ͘

/ ĂďŝƌƚŚĐĞƌƚŝĨŝĐĂƚĞŝƐ ĂŶĐŚĞƵŶĐĞƌƚŝĨŝĐĂƚŽ ƵŶĂƉĂƌƚŝĚĂĚĞ ũƵƐƚĂƉŝĞĐĞŽĨƉĂƉĞƌ͘ ĚŝŶĂƐĐŝƚĂğƵŶƉĞǌǌŽ ŶĂĐŝŵŝĞŶƚŽƐŽůŽĞƐƵŶ ĂŶĚŵŽŶĞǇ͕ŵŽŶĞǇŝƐ ĚŝĐĂƌƚĂĞďĂƐƚĂ͘ ƉĞĚĂǌŽĚĞƉĂƉĞů͘Ǉ ũƵƐƚĂƉŝĞĐĞŽĨƉĂƉĞƌ͘ ĞŝƐŽůĚŝƐŽŶŽƉĞǌǌŝĚŝ ƵŶďŝůůĞƚĞ͕ůŽƐďŝůůĞƚĞƐ ďƵƚƚŚŽƐĞĂƌĞƉƌĞƚƚǇ ĐĂƌƚĂĞďĂƐƚĂ͘ƉĞƌžŵŝ ƐŽŶƐŽůŽƉĞĚĂǌŽƐĚĞ ǀĂůƵĂďůĞ͘ ƐĞŵďƌĂĐŚĞǀĂůŐĂŶŽ ƉĂƉĞů͘ƉĞƌŽƚŝĞŶĞŶƵŶ ƉĂƌĞĐĐŚŝŽ͘ ŵŽŶƚŽŶĂǌŽĚĞǀĂůŽƌ͘

^,/> ƚƌƵĞ͊ ğǀĞƌŽ͊ ĞƐĐŝĞƌƚŽ͊

'^ sZKE/ ŚĞǇ͕ŐůŽƌŝĂƐƚĞŝŶĞŵ͕ ŚĞǇ͕ƉŝĐĐŽůĂ ^h^d/dhd/KE ĞŚ͕ƚƷ͕ĨĞŵŝŶŝƐƚĂ͕ǇĂ DW>/&/d/KE ĞŶŽƵŐŚŽĨƚŚĞďůĂŚͲ ĂŶĂƌĐŚŝĐĂ͕ďĂƐƚĂ ďĂƐƚĂďůĂďůĂǇ ďůĂŚ͘ůĞƚΖƐƚĂůŬ ďůĂƚĞƌĂƌĞ͘ƉĂƌůŝĂŵŽ ŚĂďůĞŵŽƐĚĞůĂ ďĂĐŚĞůŽƌĞƚƚĞƉĂƌƚǇ͘ ĚĞůů͛ĂĚĚŝŽĂůŶƵďŝůĂƚŽ͘ ĚĞƐƉĞĚŝĚĂĚĞƐŽůƚĞƌĂ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘dĂůŬŝŶŐĂďŽƵƚsĞƌŽŶŝĐĂΖƐďƌŽƚŚĞƌ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

>/WdKsZKE/ ŽŚ͕ŝƐƚŚĂƚ͕ůŝŬĞ͕Ă ĂŵĂŝŶƚĞŶĚŝ͕ĨƌĂƚĞůůŽ ƋƵĠƚŝƉŽĚĞ ƐŝďůŝŶŐďƌŽƚŚĞƌ͕Žƌ ĚŝĨĂŵŝŐůŝĂŽĨƌĂƚĞůůŽ ŚĞƌŵĂŶŽ͍ŚĞƌŵĂŶŽ Z^ ũƵƐƚĂďůĂĐŬͲŐƵǇ ĚŝƉĞůůĞ͍ Yh/s>E ĚĞĨĂŵŝůŝĂ͕Ž Yh/s>E ďƌŽƚŚĞƌ͍ ŚĞƌŵĂŶŽĚĞĐŽůĞŐĂ͍

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Z/D WZ/^d ƚŚĞďŝďůĞŝƐƚŚĞǁŽƌĚ ůĂďŝďďŝĂğůĂƉĂƌŽůĂ Yh/s>E ůĂďŝďůŝĂĞƐůĂƉĂůĂďƌĂ Yh/s>E ŽĨŐŽĚ͘ ĚĞůƐŝŐŶŽƌĞ͘ ĚĞŶƵĞƐƚƌŽƐĞŹŽƌ͘

Z/D &ZE< ŚŽǁĐĂŶŝƚďĞƚŚĞ ĐŽŵĞƉƵžĞƐƐĞƌĞůĂ ^h^d/dhd/KE ĐſŵŽǀĂĂƐĞƌůĂ ^h^d/dhd/KE ǁŽƌĚŽĨŐŽĚŝĨŝƚǁĂƐ ƉĂƌŽůĂĚĞůƐŝŐŶŽƌĞƐĞ ƉĂůĂďƌĂĚĞĚŝŽƐƐŝůĂ ƌĞͲǁƌŝƚƚĞŶďǇŬŝŶŐ ğƐƚĂƚĂƐĐƌŝƚƚĂĚĂ ĞƐĐƌŝďŝſĞůƌĞǇĐƌĂƚŽ͍ ũĂŵĞƐ͍ ƋƵĂƚƚƌŽƉĞƌƐŽŶĞ ŶŽƐĞŹŽƌ͊ ĚŝǀĞƌƐĞ͍

WZ/^d ƉĂƐƐĞĚĚŽǁŶĨƌŽŵ ƚƌĂŵĂŶĚĂƚĂŶĞŝƐĞĐŽůŝ ƋƵĞŶŽƐŚĂƐŝĚŽ ŐĞŶĞƌĂƚŝŽŶƚŽ ĚĂŐĞŶĞƌĂǌŝŽŶĞĂ ƚƌĂŶƐŵŝƚŝĚĂĂƚƌĂǀĠƐ ŐĞŶĞƌĂƚŝŽŶ͊ ŐĞŶĞƌĂǌŝŽŶĞ͘ ĚĞůĂƐŐĞŶĞƌĂĐŝŽŶĞƐ

.LOOHU&DUO 6HDVRQ(SLVRGH ^ŚĞŝůĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ĂƌƚƐĂŶĚůĞŝƐƵƌĞ͍ ĂƌƚĞĞƐǀĂŐŽ͍ ĞƐƉĞĐƚĄĐƵůŽ͍

/ ƐŽŝĐĂŶƌĞĂĚĂďŽƵƚ ƉĞƌůĞŐŐĞƌĞĚŝĂƚƚŽƌŝ ƉĂƌĂůĞĞƌƐŽďƌĞ Z^ ƉĂŐĂŶͲǁŽƌƐŚŝƉƉŝŶŐ ŝĚŽůĂƚƌĂƚŝĐŚĞƐŝ >/D/Ed/KE ĂĐƚŽƌĞƐƋƵĞƐĞĐƌĞĞŶ >/D/Ed/KE ĂĐƚŽƌƐĐŽŵƉůĂŝŶŝŶŐ ůĂŵĞŶƚĂŶŽĚŝƋƵĂŶƚŽ ĚŝŽƐĞƐƉĂŐĂŶŽƐǇƋƵĞ ĂďŽƵƚŚŽǁĂŵĞƌŝĐĂ ĨĂƐĐŚŝĨŽů͛ĂŵĞƌŝĐĂ͍ ƐĞƋƵĞũĂŶĚĞƋƵĞ ƐƵĐŬƐ͍ŝΖůůƐƚŝĐŬƚŽŵǇ ƉƌĞĨĞƌŝƐĐŽŝŵŝĞŝĂƚůĞƚŝ ĂŵĞƌŝĐĂĚĂĂƐĐŽ͍ŵĞ ƐƚĞƌŽŝĚͲƌŝĚĚůĞĚ ƉŽŵƉĂƚŝĚŝƐƚĞƌŽŝĚŝ͘ ƋƵĞĚŽĐŽŶŵŝƐ

ĂƚŚůĞƚĞƐ͕ƚŚĂŶŬǇŽƵ͘ ĂƚůĞƚĂƐůůĞŶŽƐĚĞ ĞƐƚĞƌŽŝĚĞƐ͘ 'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

tZZE ΀ŬŽƌĞĂŶ΁ ΀ŬŽƌĞĂŶ΁ ΀ŬŽƌĞĂŶ΁

>/W ŽŚ͕ǁĂƌƌĞŶ͕ŽŶĐĞ ĂŚ͕ǁĂƌƌĞŶ͕ĂŶĐŽƌĂ ĂŚ͕ǁĂƌƌĞŶ͕ŵĞ ĂŐĂŝŶƉƌŽǀŝŶŐƚŚĂƚ ƵŶĂǀŽůƚĂĚŝŵŽƐƚƌŝ ǀƵĞůǀĞƐĂĚĞŵŽƐƚƌĂƌ ŬŽƌĞĂŶƐĂƌĞƚŚĞĂƐŝĂŶ ĐŚĞŝĐŽƌĞĂŶŝƐŽŶŽŐůŝ ƋƵĞůŽƐĐŽƌĞĂŶŽƐƐŽŝƐ E ũĞǁƐ͘ ĞďƌĞŝĂƐŝĂƚŝĐŝ͘ Yh/s>E ůŽƐũƵĚşŽƐĚĞĂƐŝĂ͘ Yh/s>E Z Yh/s>E Yh/s>E d, Yh/s>E Yh/s>E

tZZE ƚŚĂƚ͛ƐƌĂĐŝƐƚ͘ ƚƵƐĞŝƌĂǌǌŝƐƚĂ͊ ĞƐŽĞƐƌĂĐŝƐƚĂ͊

>/W ŶŽ͕ĨĂĐƚƐĐĂŶŶŽƚďĞ ŶŽ͕ƐŽŶŽŝĨĂƚƚŝ͘ŶŽŶ ŶŽ͕ůŽƐŚĞĐŚŽƐŶŽƐŽŶ ƌĂĐŝƐƚ͘ŵĂŶǇŝƌŝƐŚĂƌĞ ĚĂƌŵŝĚĞůƌĂǌǌŝƐƚĂ͘ ũĂŵĄƐƌĂĐŝƐƚĂƐ͘ ĚƌƵŶŬƐ͕ŵĂŶǇĨƌĞŶĐŚ ŵŽůƚŝŝƌůĂŶĚĞƐŝƐŽŶŽ ŵƵĐŚŽƐŝƌůĂŶĚĞƐĞƐ ƐŵĞůů͕ŵŽƐƚĐŚŝŶĞƐĞ ƵďƌŝĂĐŽŶŝ͕ŵŽůƚŝ ƐŽŶĂůĐŽŚſůŝĐŽƐ͕ E^ ŚĂƚĞĐŚŝůĚƌĞŶ͘ƚŚĂƚ͛Ɛ ĨƌĂŶĐĞƐŝƉƵǌǌĂŶŽ͕ Yh/s>E ŵƵĐŚŽƐĨƌĂŶĐĞƐĞƐ Yh/s>E E^ ǁŚǇƚŚĞǇƐĞůůƚŚĞŵ ŵŽůƚŝĐŝŶĞƐŝŽĚŝĂŶŽŝ Yh/s>E ĂƉĞƐƚĂŶ͕ŵƵĐŚŽƐ Yh/s>E E^ ƚŽĂŵĞƌŝĐĂŶƐ͘ ďĂŵďŝŶŝ͕ĞĐĐŽƉĞƌĐŚĠ Yh/s>E ĐŚŝŶŽƐŽĚŝĂŶĂůŽƐ Yh/s>E ůŝǀĞŶĚŽŶŽĂŐůŝ ŶŝŹŽƐƉŽƌĞƐŽƐĞůŽƐ ĂŵĞƌŝĐĂŶŝ͘ ǀĞŶĚĞŶĂůŽƐ ĂŵĞƌŝĐĂŶŽƐ͘

KƵƚƐŝĚĞ'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

s> ĐĂƚŚŽůŝĐƐ͘ůŽŽŬĂƚ ĐĂƚƚŽůŝĐŝ͘ŐƵĂƌĚĂůŝ͕Ɛŝ ĐĂƚſůŝĐŽƐ͘ŵşƌĂůŽƐ͕ƐĞ ƚŚĞŵĂůů͘ƚŚĞǇ ƌŝƉƌŽĚƵĐŽŶŽĐŽŵĞ ƌĞƉƌŽĚƵĐĞŶĐŽŵŽ Z^ ƌĞƉůŝĐĂƚĞůŝŬĞƌĂďďŝƚƐ͘ ĐŽŶŝŐůŝ͘ƉĞƌžƐĞŝů Yh/s>E ĐŽŶĞũŽƐ͘ƉĞƌŽƐĂďĞƐ͕ Yh/s>E ďƵƚǇŽƵŬŶŽǁ͕ŝĨƚŚĞ ƉĂƉĂƵŶŐŝŽƌŶŽ ƐŝĞůƉĂƉĂĂƉƌƵĞďĂ ƉŽƉĞĞǀĞƌĂƉƉƌŽǀĞƐ ĂƉƉƌŽǀĂŝ ĂůŐƷŶĚşĂĞůƵƐŽĚĞ ŽĨĐŽŶĚŽŵƐ͕ŝŐĞƚ ƉƌĞƐĞƌǀĂƚŝǀŝ͕ŵŝĨĂĐĐŝŽ ĐŽŶĚŽŶĞƐ͕ĐŽƌƌĞƌĠĂ ďĂƉƚŝǌĞĚ͘ĂůŽƚŝůŝŬĞ ďĂƚƚĞǌǌĂƌĞ͘ŵŝƉŝĂĐĞ ďĂƵƚŝǌĂƌŵĞ͘ůĂŵŝƐĂ ĂďŽƵƚƚŚĞĐĂƚŚŽůŝĐ ƵŶƐĂĐĐŽůĂŵĞƐƐĂ ĐĂƚſůŝĐĂƚŝĞŶĞĐŽƐĂƐ ŵĂƐƐ͘ ĐĂƚƚŽůŝĐĂ͘ ďƵĞŶĂƐ͘

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ŝĂŵĨĞĚƵƉǁŝƚŚ ŝŽƐŽŶŽĚĂǀǀĞƌŽƐƚƵĨŽ ĞƐƚŽǇŚĂƌƚŽĚĞĞƐŽƐ ƚŚĞƐĞƉĂŶͲŐĞŶĚĞƌ ĚŝƋƵĞƐƚŝĞƌŵĂĨƌŽĚŝƚŝ ŚĞƌŵĂĨƌŽĚŝƚĂƐƚĂŶ ' ŚĞƌŵĂƉŚƌŽĚŝƚĞƐǁŚŽ ƐĞŶǌĂƉĂůůĞĐŚĞŶŽŶ DW>/&/d/KE ŐĞŶĠƌŝĐŽƐƋƵĞŶŽ Yh/s>E ŚĂƚĞƚŚĂƚŚƵŵĂŶ ƐŽƉƉŽƌƚĂŶŽĐŚĞŐůŝ ƚŝĞŶĞŶŝŶƚĞŶĐŝſŶĚĞ '/D ďĞŝŶŐƐĂƌĞĂƐƉĞĐŝĞƐ ĞƐƐĞƌŝƵŵĂŶŝƐŝĂŶŽ D/d/'d/KE ĂĐĞƉƚĂƌƋƵĞĞŶ D/d/'d/KE ǁŝƚŚƚǁŽĚŝƐƚŝŶĐƚ ƵŶĂƐƉĞĐŝĞĐŽŶĐĞƉŝƚĂ ŶƵĞƐƚƌĂĞƐƉĞĐŝĞŚĂǇ ŐĞŶĚĞƌƐ͘ŝƚ͛ƐůŝŬĞ ĐŽŶĚƵĞƐĞƐƐŝĚŝƐƚŝŶƚŝ͘ ĚŽƐƐĞǆŽƐďŝĞŶ ƚŚĞǇ͛ǀĞĚĞĐůĂƌĞĚǁĂƌ ğĐŽŵĞƐĞĂǀĞƐƐĞƌŽ ĚŝƐƚŝŶƚŽƐ͘ĞƐĂŐĞŶƚĞ ŽŶƚĞƐƚŝĐůĞƐ͘ƚŚĞǇ ĚŝĐŚŝĂƌĂƚŽŐƵĞƌƌĂĂŝ ůĞŚĂĚĞĐůĂƌĂĚŽůĂ ǁĂŶŶĂƌĞŵŽǀĞĂůů ƚĞƐƚŝĐŽůŝ͘ǀŽŐůŝŽŶŽ ŐƵĞƌƌĂĂůŽƐ ƚŚĞŵĂƐĐƵůŝŶŝƚǇĨƌŽŵ ĐĂŶĐĞůůĂƌĞŽŐŶŝ ƚĞƐƚşĐƵůŽƐ͘ƋƵŝĞƌĞŶ '/D ƚŚĞƐĐŚŽŽůƐ͘ĨŝůůƚŚĞ ƚƌĂĐĐŝĂĚŝǀŝƌŝůŝƚă Yh/s>E ĞůŝŵŝŶĂƌƚŽĚĂůĂ Yh/s>E ǁŽƌůĚǁŝƚŚǇŽŐƵƌƚͲ ĚĂůůĞƐĐƵŽůĞ͘Ğ ŵĂƐĐƵůŝŶŝĚĂĚĚĞůŽƐ ĞĂƚĞƌƐ͘ǁĞůůĚŽǇŽƵƌ ƌŝĞŵƉŝƌĞŝůŵŽŶĚŽĚŝ ĐŽůĞŐŝŽƐ͘ǇůůĞŶĂƌĞů ƌĞƐĞĂƌĐŚ͘ǁĞ͛ƌĞĂůů ŵĂŶŐŝĂͲǇŽŐƵƌƚ͘ďĞŚ͕ ŵƵŶĚŽĚĞ ĚĞƐĐĞŶĚĞŶƚƐŽĨ ĨĂƚĞƵŶĂďĞůůĂƌŝĐĞƌĐĂ͘ ĚĞǀŽƌĂĚŽƌĞƐĚĞ ďĂƌďĂƌŝĂŶƐĂŶĚƚŚĞ ĚŝƐĐĞŶĚŝĂŵŽƚƵƚƚŝ ǇŽŐƵƌĞƐ͘ƉƵĞƐ͕ĂǀĞƌ ƐŽŽŶĞƌǁĞĨĂĐĞŝƚƚŚĞ ƋƵĂŶƚŝĚĂŝďĂƌďĂƌŝĞ ƐŝŝŶǀĞƐƚŝŐĂŶƵŶƉŽĐŽ͘ ƐŽŽŶĞƌǁĞ͛ůůŚĂǀĞĂ ƉƌŝŵĂůŽĂĐĐĞƚƚŝĂŵŽĞ ƚŽĚŽƐĚĞƐĐĞŶĚĞŵŽƐ ĐŝǀŝůŝǌĂƚŝŽŶǁŽƌƚŚ ƉƌŝŵĂĂǀƌĞŵŽƵŶĂ ĚĞůŽƐďĄƌďĂƌŽƐǇ ĐĞůĞďƌĂƚŝŶŐ͘ ĐŝǀŝůƚăĐŚĞǀĂůŐĂůĂ ĐƵĂŶƚŽĂŶƚĞƐůŽ ƉĞŶĂĚŝĐĞůĞďƌĂƌĞ͘ ĂĐĞƉƚĞŵŽƐĂŶƚĞƐ ƚĞŶĚƌĞŵŽƐƵŶĂ ĐŝǀŝůŝǌĂĐŝſŶƋƵĞĚĞ ǀĞƌĚĂĚǀĂůŐĂůĂƉĞŶĂ͘

^ĐŚŽŽů͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

>/WdKE ĂůŽƐƋƵĞůĞƐĂƐƵƐƚĂ Yh/s>E ĞƚŝĐŚĞƚƚĂƚĂĐŽŵĞ ĚŝƐĞŶƚŝƌǇƋƵĞůŽƐ ŝŶƚŽůůĞƌĂŶƚĞ͘ ĂĐƵƐĞŶĚĞŝŶƚŽůĞƌĂŶƚĞƐ͘

^ĐŚŽŽů͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

E^ >/W ŝďĞůŝĞǀĞǁĞ͛ƌĞũƵƐƚ ďĞŚƐƚŝĂŵŽƐŽůŽ Yh/s>E ŵĞƉĂƌĞĐĞƋƵĞ Yh/s>E ƚĂŬŝŶŐŽƵƌĐƵĞĨƌŽŵ ƉƌĞŶĚĞŶĚŽƐƉƵŶƚŽ ƉŽƌƋƵĞůŽŚĞŵŽƐ ĂŵĞƌŝĐĂŶĨŽƌĞŝŐŶ ĚĂůůĂƉŽůŝƚŝĐĂĞƐƚĞƌĂ ĂƉƌĞŶĚŝĚŽĚĞ ƉŽůŝĐǇ͘ ĂŵĞƌŝĐĂŶĂ͘ ŶƵĞƐƚƌĂƉŽůşƚŝĐĂ ĞǆƚĞƌŝŽƌ͘

)UDQN*DOODJKHUORYLQJKXVEDQGGHYRWHGIDWKHU 6HDVRQ(SLVRGH 'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

sZKE/ ŐŽƚƚĂĚŽƐŽŵĞƚŚŝŶŐ ďŝƐŽŐŶĂĨĂƌĞƋƵĂůĐŽƐĂ ŚĂǇƋƵĞŚĂĐĞƌĂůŐŽ ĂďŽƵƚƚŚĂƚƚŽŝůĞƚ͘ ƉĞƌŝůǁĂƚĞƌ͘ ĐŽŶĞƐĞƌĞƚƌĞƚĞ͘

&/KE ǁŚĂƚΖƐǁƌŽŶŐǁŝƚŚŝƚ͍ ĐŽƐ͛ŚĂĐŚĞŶŽŶǀĂ͍ ƋƵĠůĞƉĂƐĂ͍

sZKE/ ŶŽƚŚŝŶŐ͕ŝĨǇŽƵĚŽŶΖƚ ŶŝĞŶƚĞ͕ƐĞƚŝƉŝĂĐĞ ŶĂĚĂƐŝŶŽƚĞŝŵƉŽƌƚĂ ŵŝŶĚƐƋƵĂƚƚŝŶŐ ƌŝŵĂŶĞƌĞĂƉƉĞƐĂ ƉŽŶĞƌƚĞĞŶĐƵĐůŝůůĂƐ E^ ĂďŽǀĞƚŚĞƐĞĂƚůŝŬĞĂ ĐŽŵĞƵŶŽƉĞƌĂŝŽ ^h^d/dhd/KE ŚĂĐŝĞŶĚŽĨƵĞƌǌĂƉĂƌĂ >/D/Ed/KE ůĂŽƚŝĂŶĐŽŽůŝĞƐŽǇŽƵƌ ǀŝĞƚŶĂŵŝƚĂƉĞƌŶŽŶ ƋƵĞƚƵĐƵůŽŶŽƚŽƋƵĞ ĂƐƐĚŽĞƐŶΖƚƚŽƵĐŚƚŚĞ ƚŽĐĐĂƌĞů͛ĂĐƋƵĂĐŽů ĞůĂŐƵĂ͘ ǁĂƚĞƌ͘ ĐƵůŽ͘

:ĞǁĞůƌǇ͘&ƌĂŶŬƚƌǇŝŶŐƚŽƐĞůůĂǁĂƚĐŚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

E^ &ZE< ĚĂŵŶƉĂůĞƐƚŝŶŝĂŶƐ͕ ŵĂůĞĚĞƚƚŝ Yh/s>E ŵĂůĚŝƚŽƐƉĂůĞƐƚŝŶŽƐ͕ Yh/s>E E ŚƵŚ͍ŝƚ͛ƐůŝŬĞƚŚĞǇ ƉĂůĞƐƚŝŶĞƐŝ͕ĞŚ͍ Yh/s>E ĞŚ͍ĞƐĐŽŵŽƐŝ Yh/s>E Z^ ĐŽŵĞŽƵƚŽĨƚŚĞ ƐĞŵďƌĂĐŚĞŶĂƐĐŽŶŽ Yh/s>E ƐĂůŝĞƌĂŶĚĞůƷƚĞƌŽ Yh/s>E Z ǁŽŵďǁĞĂƌŝŶŐĂ ĚŝƌĞƚƚĂŵĞŶƚĞĐŽŶůĂ Yh/s>E ĐŽŶƵŶĐŚĂůĞĐŽĚĞ Yh/s>E ƐƵŝĐŝĚĞǀĞƐƚ͕Ăŵŝ ĐŝŶƚƵƌĂĚĂŬĂŵŝŬĂǌĞ͕ ĞǆƉůŽƐŝǀŽƐ͕ĂƋƵĠĞƐ ƌŝŐŚƚ͕ŚĂ͕ŚĂ͍͘͘͘ǇŽƵ ŵŝƐďĂŐůŝŽ ǀĞƌĚĂĚ͍͘͘͘ĞŶŵŝ ĂƐŬŵĞ͕ǁĞƐŚŽƵůĚ ĨŽƌƐĞ͍͘͘͘ƐĞĐŽŶĚŽŵĞ ŵŽĚĞƐƚĂŽƉŝŶŝſŶ ũƵƐƚŐŝǀĞǇŽƵŐƵǇƐƚŚĞ ĚŽǀƌĞŵŵŽĚĂƌǀŝǀŝĂ ĚĞďĞƌşĂŵŽƐĚĞũĂƌůĞƐ ŐƌĞĞŶůŝŐŚƚ͕ƚĂŬĞ ůŝďĞƌĂĞůĂƐĐŝĂƌǀĞůŝ ƋƵĞĂĐĂďĂƌĂŶĐŽŶ ƚŚĞŵĂůůŽƵƚ͘ ĞůŝŵŝŶĂƌĞƚƵƚƚŝ͘ ƚŽĚŽƐ͘

:t>>Z ŝďĞůŝĞǀĞŝŶĂƚǁŽͲ ĐƌĞĚŽŶĞůůĂ ĐƌĞŽĞŶůĂƐŽůƵĐŝſŶĚĞ ƐƚĂƚĞƐŽůƵƚŝŽŶ͘ ĐŽŶǀŝǀĞŶǌĂƚƌĂŝĚƵĞ ůŽƐĚŽƐĞƐƚĂĚŽƐ͘ ƐƚĂƚŝ͘

&ZE< ĚŽŶ͛ƚŬŶŽǁǁŚǇǇŽƵ ĚĂǀǀĞƌŽŶŽŶĐĂƉŝƐĐŽ ŶŽƐĠƉŽƌƋƵĠƚŝĞŶĞŶ ǇŝĚƐŐĞƚƐƵĐŚĂďĂĚ ƉĞƌĐŚĠǀŽŝĞďƌĞŝ ƵƐƚĞĚĞƐƚĂŶŵĂůĂ ƌĞƉĨŽƌďĞŝŶŐŐƌĞĞĚǇ͕ ĂǀĞƚĞůĂĨĂŵĂĚŝ ĨĂŵĂƋƵĞƐŝƐŽŶ ĐŽŶƚƌŽůůŝŶŐƚŚĞ ƋƵĞůůŝĂǀŝĚŝ͕ĐŚĞ ĂǀĂƌŽƐ͕ƋƵĞƐŝ Z^ ŵĞĚŝĂ͕ŵĂŬŝŶŐ ĐŽŶƚƌŽůůĂŶŽŝŵĞĚŝĂĞ Yh/s>E ĐŽŶƚƌŽůĂŶůĂƉƌĞŶƐĂ͕ Yh/s>E d,^ ĞǀĞƌǇŽŶĞŐĞƚƚŚĞŝƌ ĨĂŶŶŽƚĂŐůŝĂƌĞ Yh/s>E ƋƵĞƐŝůĞƐĐŽƌƚĂŶůĂ Yh/s>E ĚŝĐŬƐĐƵƚ͘ŬŝůůŝŶŐŽƵƌ ů͛ƵĐĐĞůůŽĂƚƵƚƚŝ͘Ğ ĐŽůĂĂůŽƐƚşŽƐ͘Ǉ ůŽƌĚĂŶĚƐĂǀŝŽƌ͍ ů͛ƵĐĐŝƐŝŽŶĞĚŝŶŽƐƚƌŽ ƚŽĚŽƐƐĂďĞŶƋƵĞĞů ĞǀĞƌǇŽŶĞŬŶŽǁƐƚŚĂƚ ƐŝŐŶŽƌĞ͍ƐŝƐĂĐŚĞğ ƋƵĞƐĞĐĂƌŐſĂ ǁĂƐƉŽŶƚŝƵƐƉŝůĂƚĞ͕ ƐƚĂƚŽƉŽŶǌŝŽƉŝůĂƚŽ͕ ŶƵĞƐƚƌŽƐĞŹŽƌĨƵĞ ŶŽƚǇŽƵ͘ ŵŝĐĂǀŽŝ͘ ƉŽŶĐŝŽƉŝůĂƚŽ͕ŶŽ

ƵƐƚĞĚĞƐ͘

ũĞǁĞůƌǇ͘ĨƌĂŶŬƚƌǇŝŶŐƚŽŐĞƚĂďĞƚƚĞƌƉƌŝĐĞĨŽƌƚŚĞǁĂƚĐŚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ǇŽƵ͛ƌĞƐƵƉƉŽƐĞĚƚŽ ůŽƐĂŝĐŚĞĚŽǀƌĞƐƚŝ ƐĞƐƵƉŽŶĞƋƵĞ ŶĞŐŽƚŝĂƚĞ͘ ŵĞƌĐĂŶƚĞŐŐŝĂƌĞ͍ůĂ ƵƐƚĞĚĞƐƌĞŐĂƚĞĂŶ͘ ƚŚĞƉŚƌĂƐĞ͞ũĞǁŵĞ ĨƌĂƐĞ͞ĨĂƌĞŝů ͞ƌĞŐĂƚĞĂƌĐŽŵŽƵŶ ĚŽǁŶ͟ŽŶůǇǁŽƌŬƐŝĨ ƌĂďďŝŶŽ͟ĨƵŶǌŝŽŶĂ ũƵĚşŽ͟ƐĞĚŝĐĞ Z^ ǇŽƵƚĂŬĞƚŚĞĨĂŝƌ ƐŽůŽƐĞƉĂƌƚŝĚĂůŵŝŽ Yh/s>E ĐƵĂŶĚŽƵƐƚĞĚĞƐ Yh/s>E d,^ ƉƌŝĐĞŝƐƚĂƌƚǁŝƚŚĂŶĚ ƉƌĞǌǌŽŽŶĞƐƚŽĞ Yh/s>E ĐŽŐĞŶĞůƉƌĞĐŝŽũƵƐƚŽ Yh/s>E ǇŽƵƐůŽǁůǇũĞǁŵĞ ůĞŶƚĂŵĞŶƚĞ͞ĨĂŝŝů ƋƵĞǇŽƉŝĚŽǇůŽǀĂŶ ĚŽǁŶƚŽĂŶ ƌĂďďŝŶŽ͟ƉŽƌƚĂŶĚŽŵŝ ŚĂĐŝĞŶĚŽďĂũĂƌ ƵŶĂĐĐĞƉƚĂďůĞ ĂƵŶĂĐŝĨƌĂ ĚĞƐƉĂĐŝŽŚĂƐƚĂƵŶĂ ŶƵŵďĞƌ͘ ŝŶĂĐĐĞƚƚĂďŝůĞ͘ ĐŝĨƌĂŝŶĂĐĞƉƚĂďůĞ͘

:t>>Z ƚŚŝƌƚǇĨŝǀĞ͊ĂŶĚŵǇ ƚƌĞŶƚĂĐŝŶƋƵĞ͊ĞŝŽĞŝ ƚƌĞŝŶƚĂǇĐŝŶĐŽ͊ǇŵŝƐ ĂŶĐĞƐƚŽƌƐĂŶĚŝƚĂŬĞ ŵŝĞŝĂŶƚĞŶĂƚŝĐĞůŽ ĂŶĐĞƐƚƌŽƐǇǇŽŶŽƐ ĨƵůůĐƌĞĚŝƚĨŽƌ ƌŝǀĞŶĚŝĐŚŝĂŵŽĚŝĂǀĞƌ ĞŶŽƌŐƵůůĞĐĞŵŽƐĚĞ ĐƌƵĐŝĨǇŝŶŐƚŚĂƚĐŚƌŝƐƚ ĐƌŽĐŝĨŝƐƐŽƋƵĞůůŽ ŚĂďĞƌĐƌƵĐŝĨŝĐĂĚŽĂ ƉƵƚǌ͘ƐŽǇŽƵǁĂŶƚƚŚĞ ƐƚƌĂĐĐŝŽŶĞĚŝĐƌŝƐƚŽ͘ ĞƐĞĐƌŝƐƚŽǀƵĞƐƚƌŽ͘ĂƐş ƚŚŝƌƚǇĨŝǀĞĚŽůůĂƌƐŽƌ ĂůůŽƌĂůŝǀƵŽŝ ƋƵĞƋƵŝĞƌĞƐůŽƐ ŶŽƚ͍ ƚƌĞŶƚĂĐŝŶƋƵĞŽŶŽ͍ ƚƌĞŝŶƚĂǇĐŝŶĐŽ ĚſůĂƌĞƐŽŶŽ͍

&ZE< ŵĞůŐŝďƐŽŶǁĂƐƌŝŐŚƚ͊ ŵĞůŐŝďƐŽŶĂǀĞǀĂ ŵĞůŐŝďƐŽŶƚĞŶşĂ ƌĂŐŝŽŶĞ͊ ƌĂǌſŶ͊

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ŵĞĂŶǁŚŝůĞ͕ƐŽŵĞ ĞŝŶƚĂŶƚŽƋƵĂůĐƵŶŽĚŝ ŵŝĞŶƚƌĂƐƚĂŶƚŽĂůŐƷŶ ŐƵǇŶĂŵĞĚƉĂĐŽŝƐ ŶŽŵĞƉĂĐŽŚĂ ƚşŽůůĂŵĂĚŽƉĂĐŽ E^ ũƵŵƉŝŶŐĂĨĞŶĐĞĂŶĚ ƐĂůƚĂƚŽůĂĨƌŽŶƚŝĞƌĂ Yh/s>E ĐƌƵǌĂůĂĨƌŽŶƚĞƌĂĚĞ Yh/s>E ƚĂŬŝŶŐŵǇũŽď͘ ĞĚğǀĞŶƵƚŽĂƌƵďĂƌĞ ĞǆƚƌĂŶũŝƐ͘ĚſŶĚĞĞƐƚĄ ǁŚĞƌĞ͛ƐƚŚĞũƵƐƚŝĐĞ͍ ŝůůĂǀŽƌŽĂŵĞ͘ğ ůĂũƵƐƚŝĐŝĂ͍ůƵĞŐŽƐĞ E^ ƐĞŶĚƐĨŽƌŚŝƐǁŚŽůĞ ŐŝƵƐƚŝǌŝĂƋƵĞƐƚĂ͍ĨĂ Yh/s>E ƚƌĂĞĂƐƵĨĂŵŝůŝĂǇƐĞ >/D/Ed/KE ĨĂŵŝůǇ͕ƉĂĐŬƐƚŚĞŵ ǀĞŶŝƌĞĂŶĐŚĞůĂ ƉŽŶĞŶĂǀŝǀŝƌǀĞŝŶƚĞ ŝŶ͕ƚǁĞŶƚǇƚŽĂƌŽŽŵ͘ ĨĂŵŝŐůŝĂ͕ůŝĨŝĐĐĂƚƵƚƚŝ ĞŶƵŶĂŚĂďŝƚĂĐŝſŶǇ E^ ŐƵĞƐƐǁŚŽ͛Ɛ ĞǀĞŶƚŝĚĞŶƚƌŽĂƵŶĂ Yh/s>E ĂĚŝǀŝŶĂƋƵŝĞŶůŽƐ Yh/s>E ƐƵƉƉŽƌƚŝŶŐƚŚĞŵ͘ ƐƚĂŶǌĂ͘ŝŶĚŽǀŝŶĂĐŚŝ ĂĐĂďĂŵĂŶƚĞŶŝĞŶĚŽ͍ ŵĞ͘ŵǇƚĂǆĞƐ͘ ƉĂŐĂƉĞƌůŽƌŽ͍ ǇŽ͕ĐŽŶŵŝƐ ƐĞŵƉƌĞŝŽ͕ŝŽĐŽŶůĞ ŝŵƉƵĞƐƚŽƐ͘ ŵŝĞƚĂƐƐĞ͘

E/D Yh/s>E Yh/s>E

&/KE ŶĞǀĞƌƵƐĞƚŚĞŝƌ ŶŽŶƵƐĂƌĞŵĂŝƉŝƶŝ ŶŽǀƵĞůǀĂƐĂƵƐĂƌƐƵƐ ŶĂŵĞƐĂŐĂŝŶ͊ ůŽƌŽŶŽŵŝ͘ ŶŽŵďƌĞƐ͘

&ZE< ǇŽƵ͛ƌĞĂůŝďĞƌĂů͊ ƐĞŝƵŶĂůŝďĞƌĂůĞ͊ ĞƌĞƐƵŶĂůŝďĞƌĂů͘

<ĂƐŚΖƐƐƚŽƌĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

>/E ŚŽǁĚŽĞƐĂŐƌŽǁŶ ĐŽŵĞĨĂƵŶƵŽŵŽĂ ĐſŵŽƉƵĞĚĞƵŶ ŵĂŶůĞƚĂƚĞĞŶĂŐĞƌ ĨĂƌƐŝƉƌĞŶĚĞƌĞůĂ ŚŽŵďƌĞĚĞũĂƌƋƵĞƵŶ ƚĂŬĞĂŐƵŶĨƌŽŵŚŝŵ͍ ƉŝƐƚŽůĂĚĂƵŶ ĐŚĂǀĂůůĞƋƵŝƚĞƵŶ ŚŽǁĐĂŶĂŵĂŶǁŚŽ ƌĂŐĂǌǌŝŶŽ͍ĐŽŵĞƉƵž ĂƌŵĂ͍ĐſŵŽƉƵĞĚĞ ŚĂƐĨĂƚŚĞƌĞĚƚǁŽ ƋƵĂůĐƵŶŽƉĂĚƌĞĚŝ ƵŶŚŽŵďƌĞƋƵĞŚĂ ' ĐŚŝůĚƌĞŶŚĂǀĞŶŽ ĚƵĞĨŝŐůŝŶŽŶĂǀĞƌĞ Yh/s>E ƚĞŶŝĚŽĚŽƐŚŝũŽƐŶŽ Yh/s>E ďĂůůƐ͍ŝƚ͛ƐĂŵĞĚŝĐĂů ƚƌĂĐĐŝĂĚŝƉĂůůĞ͍ğƵŶ ƚĞŶĞƌŚƵĞǀŽƐ͍ĞƐƵŶ ŵŝƐƚĞƌǇ͘ ŵŝƐƚĞƌŽĚĞůůĂ ŵŝƐƚĞƌŝŽŵĠĚŝĐŽ͘ ŵĞĚŝĐŝŶĂ͘

<^, ǁŚĂƚĚŽǇŽƵǁĂŶƚŵĞ ŵĂĐŚĞǀƵŽŝĚĂŵĞ͍ ƋƵĠƋƵĞƌşĂƐƋƵĞ ƚŽĚŽ͍ ŚŝĐŝĞƌĂ͍

>/E ƌĞƐƚŽĐŬƚŚĞĨĞŵŝŶŝŶĞ ƌŝĞŵƉŝŝůƌĞƉĂƌƚŽ ĐŽůŽĐĂůĂƐĐĂũĂƐĚĞ ŚǇŐŝĞŶĞ͘ ŝŐŝĞŶĞŝŶƚŝŵĂ͘ ĐŽŵƉƌĞƐĂƐ͘

<^, ǁŚĂƚĚŝĚǇŽƵǁĂŶƚ ƉĂƌůŽĚŝŵŝĐŬĞǇ͕ ĚŝƋƵĠƋƵĞƌşĂƐƋƵĞ ŵĞƚŽĚŽ͕ƐŚŽŽƚƚŚĞ ǀŽůĞǀŝĐŚĞŐůŝ ŚŝĐŝĞƌĂ͕ĚŝƐƉĂƌĂƌůĞ͍ ŬŝĚ͍ ƐƉĂƌĂƐƐŝ͍

>/E ǇŽƵ͛ĚƉƌŽďĂďůǇŐĞƚ ƚŝŵĂŶĚĞƌăƵŶ ƚĞůŽŚĂďƌşĂ

ƚŚĂŶŬͲǇŽƵĐĂƌĚƐ͘ ďŝŐůŝĞƚƚŽƉĞƌ ĂŐƌĂĚĞĐŝĚŽŵƵĐŚĂ ǇŽƵ͛ƌĞĂƵƐĐŝƚŝǌĞŶ͘ ƌŝŶŐƌĂǌŝĂƌƚŝ͘ƐĞŝƵŶ ŐĞŶƚĞ͘ĞƌĞƐ ǇŽƵŚĂǀĞƚŚĞƌŝŐŚƚƚŽ ĐŝƚƚĂĚŝŶŽĂŵĞƌŝĐĂŶŽ͕ ĐŝƵĚĂĚĂŶŽ ďĞĂƌĂƌŵƐ͕ĂƌŝŐŚƚ ŚĂŝŝůĚŝƌŝƚƚŽĚŝ ĂŵĞƌŝĐĂŶŽ͕ƚŝĞŶĞƐ ƚŚĂƚŶŽŶĞŽĨƚŚŽƐĞ ƉŽƌƚĂƌĞƵŶ͛ĂƌŵĂ͘ƵŶ ĚĞƌĞĐŚŽĂůůĞǀĂƌ ĨŽƵŶĚŝŶŐĨĂƚŚĞƌƐ ĚŝƌŝƚƚŽĐŚĞŝƉĂĚƌŝ ĂƌŵĂƐ͘ƵŶĚĞƌĞĐŚŽ ĞǀĞƌƚŚŽƵŐŚƚǁŽƵůĚ ĨŽŶĚĂƚŽƌŝŶŽŶ ƋƵĞůŽƐƉĂĚƌĞƐ ƚƌŝĐŬůĞĚŽǁŶƚŽĂ ƉĞŶƐĂǀĂŶŽƐĂƌĞďďĞ ĨƵŶĚĂĚŽƌĞƐŶƵŶĐĂ Z^ ĐŽƵƉůĞŽĨŚĞĂƚŚĞŶƐ ĨŝŶŝƚŽŝŶŵĂŶŽĂĚƵĞ Yh/s>E ƉĞŶƐĂƌŽŶƋƵĞ Yh/s>E ůŝŬĞƵƐ͕ďƵƚƚŚĞŶ ŝŶĨĞĚĞůŝĐŽŵĞŶŽŝ͕ ƉƵĚŝĞƌĂďĞŶĞĨŝĐŝĂƌĂ ƚŚĂƚΖƐƚŚĞŝƌĨĂƵůƚ͘ ŵĂůĂĐŽůƉĂğůĂůŽƌŽ͘ ƵŶŽƐŝŶĨŝĞůĞƐĐŽŵŽ ǁĞ͛ƌĞŐĞƚƚŝŶŐƌŽďďĞĚ ĐŝƐƚĂŶŶŽůĂƐĐŝĂŶĚŽŝŶ ŶŽƐŽƚƌŽƐ͕ƉĞƌŽƉĞŽƌ ďůŝŶĚ͊ ŵƵƚĂŶĚĞ͘ ƉĂƌĂĞůůŽƐƉŽƌƋƵĞŶŽƐ ĞƐƚĄŶƌŽďĂŶĚŽ͘

<ĂƐŚΖƐƐƚŽƌĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

>/E ďƵƚƚŚĞŶŝΖĚŵŝƐƐƚŚĞ ŵĂĐŽƐŞŵŝƉĞƌĚĞƌĞŝ ƉĞƌŽĞŶƚŽŶĐĞƐŵĞ ƉĂƌƚǁŚĞƌĞǇŽƵƚĂŬĞ ůĂƉĂƌƚĞŝŶĐƵŝƵŶ ƉĞƌĚĞƌşĂůĂƉĂƌƚĞĞŶ ŝƚƵƉƚŚĞĂƐƐĨƌŽŵĂ ƌĂŐĂǌǌŝŶŽƚĞůŽŵĞƚƚĞ ůĂƋƵĞƵŶ ƚĞĞŶĂŐĞďŽǇ͘ŚĞƌĞŝƚ ƐƵƉĞƌŝůĐƵůŽ͘ĞĐĐŽůŽ ĂĚŽůĞƐĐĞŶƚĞƚĞĚĂƉŽƌ ŝƐ͘ďŝůůǇĞůůŝŽƚƚ ƋƵŝ͘ďŝůůǇĞůůŝŽƚƚĐŚĞƐŝ ĞůĐƵůŽ͘ĂŚşĞƐƚĄ͘ďŝůůǇ ĐŽƌŶŚŽůŝŶŐƚŚĞĨĂƚŚĞƌ ƐƚĂŝŶĐƵůĂŶĚŽŝů ĞůůŝŽƚƚĐůĂǀĄŶĚŽƐĞůĂ ŽĨŵǇĐŚŝůĚƌĞŶ͘ŵƵƐƚ ƉĂĚƌĞĚĞŝŵŝĞŝĨŝŐůŝ͘ ĂůƉĂĚƌĞĚĞŵŝƐŚŝũŽƐ͘ ^K^ ďĞďŝŐ͕ũƵĚŐŝŶŐĨƌŽŵ ĐĞů͛ŚĂŐƌŽƐƐŽĂ Yh/s>E ǇĚĞďĞĚĞƚĞŶĞƌůĂ Yh/s>E ƚŚĞŐƌŝŵĂĐĞŽŶǇŽƵƌ ŐŝƵĚŝĐĂƌĞ ŐƌĂŶĚĞĂũƵǌŐĂƌƉŽƌůĂ ĨĂĐĞ͘ǁŚĂƚ͍ǁĞǁĞƌĞ ĚĂůů͛ĞƐƉƌĞƐƐŝŽŶĞƐƵůůĂ ĐĂƌĂƋƵĞƉŽŶĞƐ͘ƋƵĠ͍ ũƵƐƚŐĞƚƚŝŶŐƚŽƚŚĞ ƚƵĂĨĂĐĐŝĂ͘ĐŚĞĨĂŝ͍ ĂŚŽƌĂŝďĂĂůůĞŐĂƌĞů ĐůŝŵĂǆ͘ůŝƚĞƌĂůůǇ͘ ĞƌĂŝůŵŽŵĞŶƚŽƉŝƶ ĐůşŵĂǆ͘ůŝƚĞƌĂůŵĞŶƚĞ͘ ŐŽĚŝďŝůĞ͕ ůĞƚƚĞƌĂůŵĞŶƚĞ͘

/E ůŝŶĚĂ͕ŝũƵƐƚŐŽƚǇŽƵƌ ůŝŶĚĂ͕ŚŽĂǀƵƚŽŝůƚƵŽ ůŝŶĚĂ͕ƌĞĐŝďşƚƵ ŵĞƐƐĂŐĞ͘ǁŚĂƚΖƐƵƉ͍ ŵĞƐƐĂŐŐŝŽ͘ ŵĞŶƐĂũĞ͘

>/E ƚŚĂƚΖƐĨŽƌƐĐƌĞǁŝŶŐ ƋƵĞƐƚŽğƉĞƌĐŚĠƚŝ ĞƐŽƉŽƌƚŝƌĂƌƚĞĂŵŝ ŵǇŚƵƐďĂŶĚ͊ ƐĐŽƉŝŵŝŽŵĂƌŝƚŽ͘ ŵĂƌŝĚŽ͘

<^, ǁŚĂƚĂƌĞǇŽƵŐŽŶŶĂ ĐŚĞĚŝƌĂŝĂŝƌĂŐĂǌǌŝ͍ ƋƵĠůĞƐĚŝƌĄƐĂůŽƐ ƚĞůůƚŚĞŬŝĚƐ͍ ŶŝŹŽƐ͍

>/E ŝΖŵŶŽƚ͘ ŶŽŶĚŝƌžŶŝĞŶƚĞ͘ ŶĂĚĂ͘

<^, ǁŚĂƚĂďŽƵƚŵǇ ĞĂŵŝĂŵĂĚƌĞ͍ ǇĂŵŝŵĂĚƌĞ͍ ŵŽŵ͍

>/E ǇŽƵďĂƐƚĂƌĚ͊ǁŚĂƚ ďƌƵƚƚŽďĂƐƚĂƌĚŽ͊Ă ĞƌĞƐƵŶĐĂďƌſŶ͘ǇƋƵĠ ĂďŽƵƚŵĞ͍ ŵĞŶŽŶĐŝƉĞŶƐŝ͍ ƉĂƐĂĐŽŶŵŝŐŽ͍

<^, ĚŽǇŽƵǁĂŶƚŵĞƚŽ ǀƵŽŝĐŚĞŵĞŶĞǀĂĚĂ͍ ƋƵŝĞƌĞƐƋƵĞŵĞǀĂǇĂ͍ ŐŽ͍

' >/E ǁŚǁŚĞƌĞĚŽĞƐƚŚĂƚ ĞĂŵĞĐŚĞ Yh/s>E ƋƵĠ͍ǇƋƵĠŵĞ Yh/s>E ůĞĂǀĞŵĞ͍ƐƚĂƌƚŝŶŐ ůĂƐĐĞƌĞƐƚŝ͍ĚŽǀƌĞŝ ƋƵĞĚĂƌşĂĂŵş͍ ŽǀĞƌ͍ŝΖŵĂǁŚŝƚĞ ƌŝĐŽŵŝŶĐŝĂƌĞ͘ƐŽŶŽ ĞŵƉĞǌĂƌĚĞĐĞƌŽ͍ Z ŵƵƐůŝŵ͘ŝǁĂŶƚ ƵŶĂďŝĂŶĐĂ Yh/s>E ƐŽǇƵŶĂŵƵƐƵůŵĂŶĂ Yh/s>E Z ĂŶŽƚŚĞƌďĂďǇ͘ ŵƵƐƵůŵĂŶĂ͘ǀŽŐůŝŽ Yh/s>E ďůĂŶĐĂ͘ƋƵŝĞƌŽƚĞŶĞƌ Yh/s>E ƵŶĂůƚƌŽďĂŵďŝŶŽ͘ ŽƚƌŽŚŝũŽ͘

<^, ǁŚĂƚ͍ ĐŽƐĂ͍ ƋƵĠ͍

>/E ŝŐĞƚǁŚĂƚŝǁĂŶƚ͕ĂŶĚ ƐĞŝŽĂǀƌžƋƵĞůůŽĐŚĞ ƐŝŵĞĚĂƐůŽƋƵŝĞƌŽ͕ ǇŽƵĐĂŶŚĂǀĞǁŚĂƚ ǀŽŐůŝŽĂůůŽƌĂƉŽƚƌĂŝ ƚƷƉŽĚƌĄƐƚĞŶĞƌůŽ ǇŽƵǁĂŶƚďĞŚŝŶĚ ĂǀĞƌůŽĂŶĐŚĞƚƵ͘ ƋƵĞƋƵŝĞƌĞƐ͕ĂƉƵĞƌƚĂ ĐůŽƐĞĚĚŽŽƌƐ͘ŝĚŽŶΖƚ ŽǀǀŝĂŵĞŶƚĞĚŝ ĐĞƌƌĂĚĂ͕ŶŽƋƵŝĞƌŽ ǁĂŶƚƚŽďĞƚŚĞ ŶĂƐĐŽƐƚŽ͕ŶŽŶǀŽŐůŝŽ ƐĞƌĞůŚĂǌŵĞƌƌĞşƌĚĞ ůĂƵŐŚŝŶŐƐƚŽĐŬŽĨƚŚĞ ĞƐƐĞƌĞůŽǌŝŵďĞůůŽ ůĂŵĞǌƋƵŝƚĂ͘ǇŶŽ ŵŽƐƋƵĞ͘ďƵƚŶŽ ĚĞůůĂŵŽƐĐŚĞĂ͘ŵĂ ƚŽĐĂƌĄƐůĂĨƌƵƚĂ ƚŽƵĐŚŝŶŐƚŚĞ ŶŽŶƚŽĐĐŚĞƌĂŝŝů ƉƌŽŚŝďŝĚĂŚĂƐƚĂƋƵĞ ĨŽƌďŝĚĚĞŶĨƌƵŝƚƵŶƚŝů ĨƌƵƚƚŽƉƌŽŝďŝƚŽĨŝŶ ǇŽŵĞƋƵĞĚĞ ŝΖŵŬŶŽĐŬĞĚƵƉ͘ǁĞ ƋƵĂŶĚŽŶŽŶƐĂƌž ƉƌĞŹĂĚĂ͘ĞƐƚĄĐůĂƌŽ͍ ĐůĞĂƌ͍ ŝŶĐŝŶƚĂ͘ƚŝğĐŚŝĂƌŽ͍ Z^ Yh/s>E Yh/s>E

,W VWLPHWRNLOOWKHWXUWOH 6HDVRQ(SLVRGH hŶŝǀĞƌƐŝƚǇĐĂŵƉƵƐ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^dWZK&^^KZ ǁĞůůƚŚĂƚŐŝƌůƚŚĂƚ ďĞŚ͕ƋƵĞůůĂğůĂƚƵĂ ŵŝƌĂ͕ĞƐĂĐŚŝĐĂĐŽŶůĂ

ǇŽƵΖƌĞǁŝƚŚ ƌĂŐĂǌǌĂ͍ ƋƵĞǀŝĞŶĞƐ

>/W ƵŚͲŚƵŚ͘ ƵŚͲŚƵŚ͘ ƵŚͲŚƵŚ͘

^dWZK&^^KZ ǇŽƵΖůůŬŶŽĐŬŚĞƌƵƉ͕ ůĂŵĞƚƚĞƌĂŝŝŶĐŝŶƚĂ͕Ž ůĂĂĐĂďĂƌĄƐ ŽƌƐŽŵĞŽŶĞůŝŬĞŚĞƌ͘ ůĞŝŽƵŶĂĐŽŵĞůĞŝ͘ ƉƌĞŹĂŶĚŽ͕ŽĂŽƚƌĂ ĂŶĚƐŚĞΖůůƐĂǇŝƚ ĚŝƌăĐŚĞğƐƚĂƚŽƵŶ ĐŽŵŽĞůůĂ͘ǇƚĞĚŝƌĄ ' ŚĂƉƉĞŶĞĚ ŝŶĐŝĚĞŶƚĞŵĂƚŝ Yh/s>E ƋƵĞŚĂƐŝĚŽƵŶ Yh/s>E '^ ĂĐĐŝĚĞŶƚĂůůǇ͘ďƵƚ ĐŚŝĞĚĞƌĂŝƐĞŵƉƌĞƐĞ Yh/s>E ĂĐĐŝĚĞŶƚĞƉĞƌŽƚƷ Yh/s>E ǇŽƵΖůůĂůǁĂǇƐǁŽŶĚĞƌ ŝŶǀĞĐĞŶŽŶƚŝĂďďŝĂ ƐŝĞŵƉƌĞƚĞ ŝĨŝƚŚĂƉƉĞŶĞĚ ŝŶĐĂƐƚƌĂƚŽ͘ĂŶĚƌĂŝĂ ƉƌĞŐƵŶƚĂƌĄƐƐŝůŽŚĂ ĂĐĐŝĚĞŶƚĂůůǇŽŶ ůĂǀŽƌĂƌĞĚĂďĞƐƚďƵǇ ŚĞĐŚŽĂƉŽƐƚĂ͘ ƉƵƌƉŽƐĞ͘ǇŽƵΖůůŐĞƚĂ ĞƐĞƐĞŝĨŽƌƚƵŶĂƚŽ ĐŽŶƐĞŐƵŝƌĄƐƵŶ ũŽďĂƚďĞƐƚďƵǇ͘ĂŶĚ ĚŝǀĞŶƚĞƌĂŝǀŝĐĞͲ ĞŵƉůĞŽĚĞĐĂũĞƌŽǇ ǁŝƚŚůƵĐŬ͕ǇŽƵΖůů ĚŝƌĞƚƚŽƌĞŶŽŶƉƌŝŵĂ ĐŽŶĂůŐŽĚĞƐƵĞƌƚĞ ŵĂŬĞĂƐƐŝƐƚĂŶƚ ĚĞŝƚƌĞŶƚΖĂŶŶŝ͘ ƐĞƌĄƐĂǇƵĚĂŶƚĞĚĞů ŵĂŶĂŐĞƌďǇƚŚĞƚŝŵĞ ĂůŵĞŶŽĐŚĞ͕ ŐĞƌĞŶƚĞĐƵĂŶĚŽ ǇŽƵΖƌĞƚŚŝƌƚǇ͘ƵŶůĞƐƐ͕ ŽǀǀŝĂŵĞŶƚĞ͕ůĂƚƵĂ ĐƵŵƉůĂƐůŽƐƚƌĞŝŶƚĂ͕Ă ŽĨĐŽƵƌƐĞ͕ƚŚĞĂŶŐĞƌ ƌĂďďŝĂƌĞƉƌĞƐƐĂƉĞƌ ŵĞŶŽƐ͕ĐůĂƌŽĞƐƚĄ͕ ^ ƚŚĂƚǇŽƵΖǀĞ ĂŶŶŝŶŽŶĞƐƉůŽĚĂ Yh/s>E ƋƵĞůĂŝƌĂƋƵĞƚĞŚĂƐ DW>/&/d/KE ^^ ƐƵƉƉƌĞƐƐĞĚĨŝŶĂůůǇ Ăůů͛ŝŵƉƌŽǀǀŝƐŽĞ Yh/s>E ƚƌĂŐĂĚŽĂĐĂďĞ DW>/&/d/KE ďƵďďůĞƐŽǀĞƌĂŶĚǇŽƵ ůŝƚŝŐĂŶĚŽĐŽŶŝůĐĂƉŽ ŚĂĐŝĠŶĚŽƐĞǀŝƐŝďůĞǇ ŵŽƵƚŚŽĨĨƚŽƚŚĞ ƚŝĨĂƌĂŝůŝĐĞŶǌŝĂƌĞ͘ĞĚĂ ƚĞŚĂŐĂĐŽŶƚĞƐƚĂƌŵĂů ǁƌŽŶŐƉĞƌƐŽŶĂŶĚ ƋƵĞůŵŽŵĞŶƚŽŶŽŶ ĂĂůŐƵŝĞŶǇƚĞ ǇŽƵŐĞƚǇŽƵƌĂƐƐ ƌŝƵƐĐŝƌĂŝĂƚĞŶĞƌĞƵŶ ĚĞƐƉŝĚĂŶ͘ĚĞƐĚĞĞƐĞ ĨŝƌĞĚ͘ĂŶĚĨƌŽŵƚŚĂƚ ůĂǀŽƌŽĂůƵŶŐŽƉĞƌĐŚĠ ŵŽŵĞŶƚŽǇĂŶŽ ƉŽŝŶƚŽŶ͕ǇŽƵǁŽŶΖƚ ƐĂƉƌĂŝůĂǀĞƌŝƚă͘ ĐŽŶƐĞƌǀĂƌĄƐŶŝŶŐƷŶ ďĞĂďůĞƚŽŚŽůĚĂũŽď ƚƌĂďĂũŽƉŽƌƋƵĞ ǀĞƌǇůŽŶŐďĞĐĂƵƐĞ ƐĂďƌĄƐůĂǀĞƌĚĂĚ͘ ǇŽƵΖůůŬŶŽǁƚŚĞƚƌƵƚŚ͘

<ĞǀŝŶĂŶĚsĞƌŽŶŝĐĂΖƐŚŽƵƐĞ͘

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<s/E ŝŵĞĂŶ͕ǁĞΖƌĞ ĚŽǀƌĞŵŵŽƉƌĞŶĚĞƌĐŝ ƚĞŶĚƌşĂŵŽƐƋƵĞ ƐƵƉƉŽƐĞĚƚŽďĞ ĐƵƌĂĚŝůĞŝ͕ŶŽŶ ĐƵŝĚĂƌĚĞĞůůĂ͕ŶŽ ƚĂŬŝŶŐĐĂƌĞŽĨŚĞƌ͘ŶŽƚ ĂƉƉƌŽĨŝƚƚĂƌĐĞŶĞ͘ ĂƉƌŽǀĞĐŚĂƌŶŽƐĚĞ ƚĂŬŝŶŐĂĚǀĂŶƚĂŐĞŽĨ ĞůůĂ͘ ŚĞƌ͘

sZKE/ ǇŽƵƐĂŝĚŝƚŵĂŬĞƐŚĞƌ ƐŝƐĞŶƚĞĨĞůŝĐĞƋƵĂŶĚŽ ŵĞŚĂƐĚŝĐŚŽƋƵĞ ŚĂƉƉǇǁŚĞŶƐŚĞ ƉƵůŝƐĐĞ͘ ĐƵĂŶĚŽůŝŵƉŝĂ͕ĞƐ ĐůĞĂŶƐ͘ ĨĞůŝǌ͘

<s/E ƐŚĞΖƐŶŽƚŽƵƌƐůĂǀĞ͕ǀ͘ ŶŽŶğůĂŶŽƐƚƌĂ ŶŽŶĞƐŶƵĞƐƚƌĂ ƐĐŚŝĂǀĂ͘ ĞƐĐůĂǀĂ͕ǀĞƌŽ͘

Z^ sZKE/ ĚŽǇŽƵƐĞĞŚĞƌ ƐƚĂƌĂĐĐŽŐůŝĞŶĚŽ Yh/s>E ƚĂŵƉŽĐŽŶŽƐƌĞĐŽŐĞ Yh/s>E ƉŝĐŬŝŶŐĐŽƚƚŽŶ͍ ĐŽƚŽŶĞ͍ ĞůĂůŐŽĚſŶ͘

d,> ĐĂŶŝŚĞůƉǇŽƵǁŝƚŚ ƚŝĂŝƵƚŽĐŽŶůĞƚƵĞ ƚĞĂǇƵĚŽĐŽŶƚƵƐ ǇŽƵƌĐŚŽƌĞƐŶŽǁ͕ ĨĂĐĐĞŶĚĞǀĞƌŽŶŝĐĂ͍Ă ƋƵĞŚĂĐĞƌĞƐ ǀĞƌŽŶŝĐĂ͍ĂƚŵǇ ĐĂƐĂŵŝĂƚƵƚƚĞůĞ ǀĞƌŽŶŝĐĂ͍ĞŶŵŝĐĂƐĂ '/D ŚŽƵƐĞ͕ĂůůƚŚĞǁŝǀĞƐ ŵŽŐůŝĐŽůůĂďŽƌĂŶŽ͘ Yh/s>E ƚŽĚĂƐůĂƐĞƐƉŽƐĂƐŶŽƐ Yh/s>E '^ ƐƉůŝƚƚŚĞĐŚŽƌĞƐ͘ Yh/s>E ĂǇƵĚĂŵŽƐ͘ Yh/s>E

<ĞǀŝŶĂŶĚsĞƌŽŶŝĐĂΖƐŚŽƵƐĞ͘

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<s/E ůŽŽŬ͕ŝŬŶŽǁƚŚĞ ƐĞŶƚŝ͕ƐŽĐŚĞůĂďŝďďŝĂ ŽǇĞ͕ǇĂƐĠƋƵĞůĂ Z/D ďŝďůĞƐĂǇƐǇŽƵŐĞƚ ĚŝĐĞĐŚĞƚŝ D/d/'d/KE ďŝďůŝĂĚŝĐĞƋƵĞƚĞ Yh/s>E ĐůŽƐĞƌƚŽŐŽĚĂŶĚ ĂǀǀŝĐŝŶĞƌĂŝĂĚŝŽŽ ĂĐĞƌĐĂƐĂĚŝŽƐǇĞƐĂƐ ĐƌĂƉŝĨǇŽƵƐĞǁƚŚĞ ƌŽďĂĚĞůŐĞŶĞƌĞƐĞ ŵŝĞƌĚĂƐƐŝŵĞǌƵƌĐĞƐ ŚŽůĞƐŝŶŵǇƐŽĐŬƐ͕ ŵŝƌĂŵŵĞŶĚŝŝĐĂůǌŝŶŝ ůŽƐĐĂůĐĞƚŝŶĞƐƉĞƌŽ ďƵƚƚŚŝƐŝƐũƵƐƚ ŵĂŽŐŐŝŶŽ͕ŽŐŐŝğ ĞƐƚŽŶŽĞƐƚĄďŝĞŶ͕ ǁƌŽŶŐ͘ŝƚΖƐƐĂƚƵƌĚĂǇ͊ ƐĂďĂƚŽ͕ĞŶĞůůĂŵŝĂ ŚŽǇĞƐƐĄďĂĚŽǇĞŶ ĂŶĚŝŶŵǇŚŽƵƐĞ͕ƚŚĞ ĐĂƐĂŝůƐĂďĂƚŽĐŝ ŵŝĐĂƐĂŶŽƐ Z/D ǁĂǇƚŽŐĞƚĐůŽƐĞƌƚŽ ĂǀǀŝĐŝŶŝĂŵŽĂĚŝŽ >/D/Ed/KE ĂĐĞƌĐĂŵŽƐĂĚŝŽƐůŽƐ Yh/s>E ŐŽĚŽŶƐĂƚƵƌĚĂǇŝƐƚŽ ŐŝŽĐĂŶĚŽŝŶƐŝĞŵĞ͘ ƐĄďĂĚŽƐũƵŐĂŶĚŽĂ ƉůĂǇ͘ ůŽƐďŽůŽƐ͘

d,> ŝƐƚŚĂƚŝŶĞǌĞŬŝĞů͍ ƐŝƚƌŽǀĂŝŶĞǌĞĐŚŝĞůĞ͍ ĞƐŽĞƐƚĄĞŶĞǌĞƋƵŝĞů͍

<s/E ǇĞĂŚ͕ƚŚĞƵƉĚĂƚĞĚ ƐŞ͕ŶĞůůĂǀĞƌƐŝŽŶĞ Ɛş͕ĞŶůĂǀĞƌƐŝſŶ ǀĞƌƐŝŽŶ͘ŶŽǁŐŽ ĂŐŐŝŽƌŶĂƚĂ͘ŽƌĂůĞǀĂƚŝ ŵŽĚĞƌŶĂ͘ǇĂŚŽƌĂ ĐŚĂŶŐĞŽƵƚŽĨƚŚĂƚ ƋƵĞŝǀĞƐƚŝƚŝĚĂĐĂƐĂ ƋƵşƚĂƚĞĞƐĞǀĞƐƚŝĚŽ ůĂƵƌĂŝŶŐĂůůƐĚƌĞƐƐ͘ ŶĞůůĂƉƌĂƚĞƌŝĂ͘ ĚĞůĂƵƌĂŝŶŐĂůůƐ͘

d,> ŽŚ͕ǇĞƐ͕Ɛŝƌ͘ ŽŚ͕ƐŝƐŝŐŶŽƌĞ͘ Ɛş͕ƐĞŹŽƌ͘

<s/E ĂŶĚĚŽŶΖƚĐĂůůŵĞƐŝƌ͘ ĞŶŽŶĐŚŝĂŵĂƌŵŝ ǇŶŽŵĞůůĂŵĞƐƐĞŹŽƌ͘ ǁĞĂƌĞŐŽŶŶĂŚĂǀĞƐŽ ƐŝŐŶŽƌĞ͘ŽŐŐŝĐŝ ĐŚŝĐĂ͕ŶŽƐĂďĞƐůŽ ŵƵĐŚĨƵŶ͊ǇĞĂŚ͕ŝƚΖƐ ĚŝǀĞƌƚŝƌĞŵŽĚĂ ďŝĞŶƋƵĞůŽǀĂŵŽƐĂ ŽƉĞŶ͊ŚĞǇ͕ĞƚŚĞů͕ůĞƚΖƐ ŵŽƌŝƌĞ͕ĚĂǀǀĞƌŽ͘ ƉĂƐĂƌ͘Ɛş͕ĞƐƚĄĂďŝĞƌƚŽ͊ ŐĞƚĂŵŽǀĞŽŶ͕ŚƵŚ͍ ĂǀĂŶƚŝğĂƉĞƌƚŽ͊ŚĞǇ ǀĞŶŐĂĞƚŚĞů͕ĚĂƚĞ

ŚŽůǇĨƵĐŬ͊ ĞƚŚĞů͕ǀŽŐůŝĂŵŽĚĂƌĐŝ ƉƌŝƐŝƚĂŐƵĂƉĂ͘ŶŽŵĞ ƵŶĂŵŽƐƐĂ͍ŽŚƉŽƌĐĂ ũŽĚĂƐ͘ ƉƵƚƚĂŶĂ͊

d,> ŝΖŵƌĞĂĚǇĨŽƌǇŽƵ͕Ɛŝƌ͘ ƐŽŶŽƉƌŽŶƚĂƐŝŐŶŽƌĞ͊ ĞƐƚŽǇƉƌĞƉĂƌĂĚĂƉĂƌĂ ƵƐƚĞĚ͘

<s/E ǁŚĂƚĂƌĞǇŽƵĚŽŝŶŐ͍ ĐŚĞƐƚĂŝĨĂĐĞŶĚŽ͍ ƉĞƌŽƋƵĠŚĂĐĞƐ͍

' d,> ĐůǇĚĞƵƐƵĂůůǇŚĂĚŵĞ ĐůǇĚĞŵŝƉƌĞŶĚĞǀĂŝů Yh/s>E ĐůǇĚĞŵĞƉŽƐĞşĂůŽƐ Yh/s>E ŽŶƚƵĞƐĚĂǇƐ͕ďƵƚŝĨ ŵĂƌƚĞĚŞŵĂƐĞůĞŝ ŵĂƌƚĞƐƉĞƌŽƐŝƵƐƚĞĚ ǇŽƵǁĂŶƚŵĞŽŶ ƉƌĞĨĞƌŝƐĐĞŝůƐĂďĂƚŽ͘ ŵĞƋƵŝĞƌĞůŽƐ ƐĂƚƵƌĚĂǇƐ͘ ƐĄďĂĚŽƐ

<s/E ŶŽ͕ŝĚŽŶΖƚǁĂŶƚǇŽƵ ŶŽŶǀŽŐůŝŽƉƌĞŶĚĞƌƚŝ ŶŽŶŽŶŽƚĞƋƵŝĞƌŽ ŽŶƐĂƚƵƌĚĂǇƐ͕ŝĚŽŶΖƚ ŝůƐĂďĂƚŽ͕ŶŽŶǀŽŐůŝŽ ůŽƐƐĄďĂĚŽƐ͕ŶŽƚĞ ǁĂŶƚǇŽƵ͕ĞǀĞƌ͘ ƉƌĞŶĚĞƌƚŝĞďĂƐƚĂ͘ ƋƵŝĞƌŽŶƵŶĐĂ͘

%XWDWODVWFDPHDNQRFN 6HDVRQ(SLVRGH ^ŚĞŝůĂΖƐŚŽƵƐĞ͘

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^,/> ŽŚ͕ŽŚ͕ǇŽƵĂƌĞƌŝƉĞ͘ ŽŚ͕ŽŚ͕ƋƵĂŶƚŽƉƵǌǌŝ͊ ŽŚ͕ŽŚ͕ƋƵĠŽůŽƌƚĂŶ ĚĞƐĂŐƌĂĚĂďůĞ͊

E &ZE< ŽŚ͕ŶŽƚŚŝŶŐĂůŝƚƚůĞ ŽŚ͕ŶŝĞŶƚĞĐŚĞƵŶ >/D/Ed/KE ŽŚ͕ŶĂĚĂƋƵĞŶŽ >/D/Ed/KE ƉƵĞƌƚŽƌŝĐĂŶďĂƚŚ ďƵŽŶĚĞŽĚŽƌĂŶƚĞ ĂƌƌĞŐůĞƵŶďƵĞŶ ĐĂŶΖƚĨŝǆ͘ ŶŽŶƉŽƐƐĂ ďĂŹŽĞŶƉĂƌĞũĂ͘ ĐĂŶĐĞůůĂƌĞ͘

^ƵƉĞƌŵĂƌŬĞƚƉĂƌŬŝŶŐůŽƚ͘

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&ZE< ŵŽŶŝĐĂ͛ƐďĂƚƚŝŶŐĨŽƌ ŵŽŶŝĐĂŐŝŽĐĂƉĞƌ ŵŽŶŝĐĂƐĞŚĂŝĚŽĂůĂ ƚŚĞŽƚŚĞƌƚĞĂŵ͘ ů͛ĂůƚƌĂƐƋƵĂĚƌĂ͘ ĂĐĞƌĂĚĞĞŶĨƌĞŶƚĞ͘

<s/E ǁŚĂƚ͍ ĐŽƐĂ͍ ƋƵĠ͍

^K &ZE< ŵǇǁŝĨĞΖƐĂĨƵĐŬŝŶŐ ŵŝĂŵŽŐůŝĞğƵŶĂ Yh/s>E ŵŝŵƵũĞƌĞƐƵŶĂƉƵƚĂ Yh/s>E ůĞƐďŝĂŶ͘ ůĞƐďŝĐĂĚĞůĐĂǌǌŽ͘ ůĞƐďŝĂŶĂ͘

^ƵƉĞƌŵĂƌŬĞƚƉĂƌŬŝŶŐůŽƚ͘

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^K &ZE< ĨƵĐŬŽĨĨ͕ůĞƐďŽƐ͊ ĨĂŶĐƵůŽ͕ůĞƐďŝĐŚĞ͊ Yh/s>E ƋƵĠŽƐĚĞŶ͕ďŽůůĞƌĂƐ͊ Yh/s>E

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&/KE ǁŚĂƚ͍ ĐŚĞĐŽƐĂ͍ ƋƵĠ͍

&ZE< ŽǀĞƌŵǇĚĞĂĚďŽĚǇ͘ ĚŽǀƌĞƚĞƉĂƐƐĂƌĞƐƵů ĞƐŽƐĞƌĄƉŽƌĞŶĐŝŵĂ ŵŝŽĐĂĚĂǀĞƌĞ͘ ĚĞŵŝĐĂĚĄǀĞƌ͘

&ZE< ĚŽŶĞ͘ ĚΖĂĐĐŽƌĚŽ͘ ŚĞĐŚŽ͘

DKE/ ǁŚǇƚŚĞŚĞůůŶŽƚ͍ ĞƉĞƌĐŚĠŶŽ͍ŶŽŶğ ǇƉŽƌƋƵĠŶŽ͍ƐŝŶŝ ŚĞΖƐŶŽƚĞǀĞŶĨƌĂŶŬΖƐ͘ ŶĞŵŵĞŶŽĚŝĨƌĂŶŬ͘ ƐŝƋƵŝĞƌĂĞƐŚŝũŽĚĞ ĨƌĂŶŬ͘

ZKZd ĨĂĐƚŝƐ͕ůŝĂŵŝƐďůĂĐŬ͘ ƌŝŵĂŶĞŝůĨĂƚƚŽĐŚĞ ĞůŚĞĐŚŽĐŝĞƌƚŽĞƐ ĂůůǇŽƵǁŚŝƚĞĨŽůŬƐ ůŝĂŵğŶĞƌŽ͘ǀŽŝ ƋƵĞůŝĂŵĞƐŶĞŐƌŽ͘ ƐĐŽŽƉŝŶŐƵƉďůĂĐŬ ďŝĂŶĐŚŝĐŚĞŐŝƌĂƚĞ ĂůŐƷŶĚşĂƚŽĚŽƐůŽƐ Z ďĂďŝĞƐůŝŬĞĨĂƐŚŝŽŶ ĐŽŶĚĞŝďĂŵďŝŶŝŶĞƌŝ Yh/s>E ďůĂŶĐŽƐƋƵĞŽƐ Yh/s>E ĂĐĐĞƐƐŽƌŝĞƐŚĂǀĞĂ ĐŽŵĞĨŽƐƐĞƌŽƐĐĂƌƉĞ ůůĞǀĄŝƐďĞďĠƐŶĞŐƌŽƐ ƌƵĚĞĂǁĂŬĞŶŝŶŐ ĂůůĂŵŽĚĂĂǀƌĞƚĞƵŶĂ ĐŽŵŽƐŝĨƵĞƌĂŶƵŶ ĐŽŵŝŶŐ͘ƚŚĞƌĞǁŝůůďĞ ŐƌĂŶďƌƵƚƚĂƐŽƌƉƌĞƐĂ͘ ĂĐĐĞƐŽƌŝŽǀĂŝƐĂƐĂďĞƌ ĂďĂĐŬůĂƐŚŝĨƉĞŽƉůĞ ƐƵĐĐĞĚĞƌăƋƵĂůĐŽƐĂ ůŽƋƵĞĞƐďƵĞŶŽ͘ǇĞƐ ĚŽŶΖƚƐƚŽƉ ĚŝŵŽůƚŽďƌƵƚƚŽƐĞ ƋƵĞǀĂĂŚĂďĞƌ ƵŶĚĞƌĞƐƚŝŵĂƚŝŶŐƚŚĞ ŶŽŶůĂƐŵĞƚƚĞƚĞĚŝ ĐŽŶƐĞĐƵĞŶĐŝĂƐŐƌĂǀĞƐ ĐƵůƚƵƌĂůŝŵƉŽƌƚĂŶĐĞ ƐŽƚƚŽǀĂůƵƚĂƌĞƋƵĂŶƚŽ ƐŝĞůŵƵŶĚŽƐŝŐƵĞ ŽĨĂďůĂĐŬƉĂƌĞŶƚ ƐŝĂĐƵůƚƵƌĂůŵĞŶƚĞ ƐƵďĞƐƚŝŵĂŶĚŽůĂ ƌĂŝƐŝŶŐĂďůĂĐŬďĂďǇ͘ ŝŵƉŽƌƚĂŶƚĞĐŚĞƵŶ ŝŵƉŽƌƚĂŶĐŝĂĐƵůƚƵƌĂů ůŝĂŵŶĞĞĚƐŵĞĂŶĚ ďĂŵďŝŶŽĚŝĐŽůŽƌĞ ĚĞƋƵĞƐĞĂŶƉĂĚƌĞƐ ŚĞΖƐĐŽŵŝŶŐǁŝƚŚƵƐ͘ ƐŝĂĂůůĞǀĂƚŽĚĂƵŶ ŶĞŐƌŽƐůŽƐƋƵĞĐƌşĞŶ ŐĞŶŝƚŽƌĞŶĞƌŽ͘ůŝĂŵ ĂůŽƐŶŝŹŽƐŶĞŐƌŽƐ͘ ŚĂďŝƐŽŐŶŽĚŝŵĞĞ ůŝĂŵŵĞŶĞĐĞƐŝƚĂǇƐĞ ǀĞƌƌăĐŽŶŶŽŝ͘ ǀĂĂǀĞŶŝƌĐŽŶ ŶŽƐŽƚƌĂƐ͘ Z/D DW>/&/d/KE Yh/s>E

1DQD*DOODJKHUKDGDQDIIDLU 6HDVRQ(SLVRGH 'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ŽŚͲŚŽ͘ŝŚŽƉĞŝΖŵŶŽƚ ŽŚͲŚŽ͘ƐƉĞƌŽĚŝŶŽŶ ŽŚͲŚŽ͘ĞƐƉĞƌŽŶŽ ŝŶƚĞƌƌƵƉƚŝŶŐĂ ĂǀĞƌŝŶƚĞƌƌŽƚƚŽŝůƚƵŽ ŝŶƚĞƌƌƵŵƉŝƌĞƐƚĂ ƉĂũĂŵĂƉĂƌƚǇ͕ŵŽŶŝ͘ ƉŝŐŝĂŵĂƉĂƌƚǇ ƉƌĞĐŝŽƐĂĨŝĞƐƚĂĚĞ ^K ƚŚĂƚΖƐǁŚĂƚǇŽƵ ŵŽŶŝĐĂ͘ğƋƵĞƐƚŽ Yh/s>E ƉŝũĂŵĂƐŵŽŶŝ͘ DW>/&/d/KE ůĂĚŝĞƐĚŽǁŚĞŶ ƋƵĞůůŽĐŚĞĨĂƚĞ ƉŽƌƋƵĞĞƐůŽƋƵĞ ǇŽƵΖƌĞƚŽŐĞƚŚĞƌ͕ ƋƵĂŶĚŽƐƚĂƚĞ ŚĂĐĠŝƐĐƵĂŶĚŽĞƐƚĄŝƐ ^K^ ƌŝŐŚƚ͍ƉŝůůŽǁĨŝŐŚƚƐ ŝŶƐŝĞŵĞ͕ŐƵĞƌƌĞĐŽŶŝ Yh/s>E ũƵŶƚĂƐ͕ŶŽ͍ŚĂĐĠŝƐ Yh/s>E ĂŶĚƚŚĞůŝŬĞ͍ ĐƵƐĐŝŶŝĞĐŽƐĞĚĞů ƉĞůĞĂƐĚĞ ŐĞŶĞƌĞ͍ ĂůŵŽŚĂĚĂƐ͍

'/D ZKZd ǇŽƵǁŝƐŚǇŽƵŚĂĚĂ ƚŝƉŝĂĐĞƌĞďďĞĚĂ Yh/s>E ǇĂƚĞŐƵƐƚĂƌşĂƚĞŶĞƌ Yh/s>E ĚŝĐŬĂƐďŝŐĂƐŵŝŶĞ͘ ŵŽƌŝƌĞĂǀĞƌĞƵŶ ƵŶƌĂďŽƚĂŶŐƌĂŶĚĞ ĐĂǌǌŽŐƌŽƐƐŽĐŽŵĞŝů ĐŽŵŽĞůŵşŽ͘ ŵŝŽ͘

^ĐŚŽŽů͘KƵƚƐŝĚĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/E ŚŽǁΖƐŵŝĐŬĞǇĚŽŝŶŐ͍ ĐŽŵĞƐƚĂŵŝĐŬĞǇ͍ ĐſŵŽƐŝŐƵĞŵŝĐŬĞǇ͍

/E ǇŽƵďĞĞŶŽǀĞƌƚŽǀŝƐŝƚ ƐĞŝĂŶĚĂƚĂĂǀŝƐŝƚĂƌůŽ͍ ŚĂƐŝĚŽĂǀĞƌůĞ͍ Śŝŵ͍

DEz ŶĂŚ͘ƚŚŽƐĞĚǇŬĞ ŶŽ͕ƋƵĞůůĞŐƵĂƌĚŝĞ ŶŽ͕ĞƐĂƐŐƵĂƌĚŝĂƐ ^K ŐƵĂƌĚƐƉĂƚǇŽƵĚŽǁŶ ůĞƐďŝĐŚĞƚŝ Yh/s>E ďŽůůĞƌĂƐƚĞŵĞƚĞŶ Yh/s>E ^K^ ůŝŬĞĂŵĂƚĞƵƌ ƉĞƌƋƵŝƐŝƐĐŽŶŽĐŽŵĞ Yh/s>E ŵĂŶŽĐŽŵŽƐŝĨƵĞƌĂŶ Yh/s>E ŐǇŶĞĐŽůŽŐŝƐƚƐ͘ŚŽǁΖƐ ƵŶŐŝŶĞĐŽůŽŐŽ͘Ğ ŐŝŶĞĐſůŽŐĂƐ͘ǇƋƵĠƚĂů ŬĂƐŚ͍ ĐŽŵĞƐƚĂŬĂƐŚ͍ ŬĂƐŚ͍

/E ŚĞΖƐĨƌŽŵĞǀĂŶƐƚŽŶ͘ ğĚŝĞǀĂŶƐƚŽŶ͘ ĞƐĚĞĞǀĂŶƐƚŽŶ͘

DEz ǁŽŶΖƚďĞŶĞĂƌůǇĨĂƌ ďĞŚ͕ŶŽŶğ ĞƐŽŶŽĞƐƚĄůŽ ĞŶŽƵŐŚ͘ ĂďďĂƐƚĂŶǌĂůŽŶƚĂŶŽ͘ ďĂƐƚĂŶƚĞůĞũŽƐ͘

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE/D/Ed/KE ůŽũƵƐƚŽƉĂƌĂƋƵĞ DW>/&/d/KE ĨŽŐůŝŽ͘ ĨŝƌŵĞĞůƉƵƚŽƉĂƉĞů͘ ' >/D/Ed/KE DW>/&/d/KE

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

<s/EdK&ZE< ƚǁŽůĞƐďŝĂŶƐĂƚ ĚƵĞůĞƐďŝĐŚĞŝŶĐĂƐĂ ĚŽƐůĞƐďŝĂŶĂƐĞŶĐĂƐĂ ^K/D ŚŽŵĞĂŶĚƚŚĞ ĐŚĞƚŝŚĂŶŶŽ Yh/s>E ǇƵŶĨƵƚƵƌŽĐŽŶ Yh/s>E ^K^ ƉƌŽŵŝƐĞŽĨĐĂƐŚ͘ ƉƌŽŵĞƐƐŽĚĞŝƐŽůĚŝ͘ Yh/s>E ƉĂƐƚĂ͘ĂůŽŵĞũŽƌƐĞ Yh/s>E ŵĂǇďĞǇŽƵƌůƵĐŬŚĂƐ ŵĂŐĂƌŝğĚĂǀǀĞƌŽŝů ŚĂĐĂŵďŝĂĚŽƚƵ ĐŚĂŶŐĞĚ͕ĨƌĂŶŬ͘ ƚƵŽŵŽŵĞŶƚŽ͘ ƐƵĞƌƚĞ͘

^ŚĞŝůĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/ ǁĞůů͕ŝƚΖƐĂĐŚƌŝƐƚŝĂŶ ğƵŶĞǀĞŶƚŽĐƌŝƐƚŝĂŶŽ ĞƐƵŶĂƌĞƵŶŝſŶ ĞǀĞŶƚĚĞƐŝŐŶĞĚƚŽ ŝĚĞĂƚŽƉĞƌƌĂĨĨŽƌǌĂƌĞ ĐƌŝƐƚŝĂŶĂƋƵĞƐĞ ƐƚƌĞŶŐƚŚĞŶƚŚĞďŽŶĚ ŝůĞŐĂŵŝĨƌĂƉĂĚƌŝĞ ĐĞůĞďƌĂƉĂƌĂ ďĞƚǁĞĞŶĨĂƚŚĞƌƐĂŶĚ ĨŝŐůŝĞ͘ĨĂĐĐŝĂŵŽƵŶ ĞƐƚƌĞĐŚĂƌůĂǌŽƐĞŶƚƌĞ ĚĂƵŐŚƚĞƌƐ͘ǁĞŵĂŬĞ ƉĂƚƚŽ͕ĚŝƉƵƌĞǌǌĂ͕ ƉĂĚƌĞƐĞŚŝũĂƐ͘ǇƐĞ ĂĐŽǀĞŶĂŶƚ͘ŽĨƉƵƌŝƚǇ͘ ĐŽŵĞƵŶŐŝƵƌĂŵĞŶƚŽ͘ ŚĂĐĞƵŶĐŽŵƉƌŽŵŝƐŽ ůŝŬĞĂŶŽĂƚŚ͍ĂŶĚ ĞƉŽŝĐŝƐĐĂŵďŝĂŵŽ ĚĞƉƵƌĞǌĂ͕ƵŶ Z^ ƚŚĞŶǁĞĞǆĐŚĂŶŐĞ ŐůŝĂŶĞůůŝĚĞůůĂ ũƵƌĂŵĞŶƚŽ͘ůƵĞŐŽŶŽƐ ƉƌŽŵŝƐĞƌŝŶŐƐĂŶĚ͕ ƉƌŽŵĞƐƐĂĞĚŝĐŝĂŵŽ Yh/s>E ŝŶƚĞƌĐĂŵďŝĂŵŽƐůŽƐ Yh/s>E ƵŚ͕ǁĞĚŽƐŽŵĞ ĚĞůůĞƉƌĞŐŚŝĞƌĞƐƵůůĂ ĂŶŝůůŽƐĚĞĐĂƐƚŝĚĂĚ͕Ǉ ĐŚĂƐƚŝƚǇƉƌĂǇĞƌƐ͘ŝƚΖƐ ĐĂƐƚŝƚă͘ĚŝǀĞƌƚĞŶƚĞ͘ ůƵĞŐŽƌĞǌĂŵŽƐƉŽƌůĂ ĨƵŶ͘ ƉƵƌĞǌĂ͘ĞƐĚŝǀĞƌƚŝĚŽ͘

Z/D Yh/s>E Yh/s>E

' / ǁŚǇǁŽƵůĚƚŚĞǇ͍ ƉĞƌĐŚĠĚŽǀƌĞďďĞƌŽ͍ Yh/s>E ƉĂƌĂƋƵĠ͍ Yh/s>E '/D Yh/s>E Yh/s>E

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

>/W ĐŽŶŐƌĂƚƵůĂƚŝŽŶƐ͕ ĐŽŶŐƌĂƚƵůĂǌŝŽŶŝ͕ƐĞŝŝů ͋ĞŶŚŽƌĂďƵĞŶĂ͊ƐŝŐƵĞƐ ǇŽƵΖƌĞƐƚŝůůƚŚĞĨĂƚŚĞƌ͘ ƉĂĚƌĞ͘ ƐŝĞŶĚŽĞůƉĂĚƌĞ͘

Z^ DW>/&/d/KE Yh/s>E

&/KE ƉƌŽŵŝƐĞǇŽƵǁŽŶΖƚ ƉƌŽŵĞƚƚŝĚŝŶŽŶ ƉƌŽŵĠƚĞŶŽƐƋƵĞŶŽ ƐŝŐŶĂŶǇƚŚŝŶŐ ĨŝƌŵĂƌĞŶŝĞŶƚĞĐŚĞƚŝ ǀĂƐĂƌĞŶƵŶĐŝĂƌĂƚƵƐ ĨŽƌĨĞŝƚŝŶŐƉĂƌĞŶƚĂů ƌĞǀŽĐŚŝůĂƉĂƚƌŝĂ ĚĞƌĞĐŚŽƐƉĂƚĞƌŶĂůĞƐ͘ ƌŝŐŚƚƐ͘ ƉŽƚĞƐƚă͘

&ZE< ĐŽŵĞŽŶ͊ǇŽƵŬŶŽǁ ŽŚ͕ĂŶĚŝĂŵŽ͘ƐĂƉĞƚĞ ƉĞƌŽ͕ƋƵĠĞƐƚĄƐ ǁŚĂƚĂďĂĚŵŽƚŚĞƌ ďĞŶĞĐŚĞƌĂǌǌĂĚŝ ĚŝĐŝĞŶĚŽ͍ǇĂƐĂďĠŝƐůŽ ŵŽŶŝĐĂŝƐ͘ŝΖŵũƵƐƚ ŵĂĚƌĞğŵŽŶŝĐĂ͕ ŵĂůĂŵĂĚƌĞƋƵĞĞƐ ůĞƚƚŝŶŐŚĞƌƉƌĞƚĞŶĚ ƌĂŐĂǌǌŝ͘ůĞĨĂĐĐŝŽ ŵŽŶŝĐĂ͘ƐŽůŽůĞŚĂŐŽ ƚŚĂƚƐŚĞĐĂŶŚĂǀĞ ĐƌĞĚĞƌĞĐŚĞƉƵž ĐƌĞĞƌƋƵĞůŽŚĂƌĠ ŚŝŵƐŽŝĐĂŶŐĞƚŵǇ ĂǀĞƌůŽƐŽůŽƉĞƌĨĂƌůĞ ƉĂƌĂƋƵĞĨŝƌŵĞĞƐŽƐ ƐĞƚƚůĞŵĞŶƚ͘ ĨŝƌŵĂƌĞů͛ĂĐĐŽƌĚŽ͘ ƉĂƉĞůĞƐ͘

&/KE ǁŚĂƚŝĨƐŚĞĚŽĞƐŶΖƚ ĞƐĞŶŽŶƐŝ ǇƐŝĂůĨŝŶĂůƐĞůŽ ŐŝǀĞƵƉƚŚĂƚĞĂƐǇ͍ ĂƌƌĞŶĚĞƐƐĞ ĂĐĂďĂůůĞǀĂŶĚŽ͍ ĨĂĐŝůŵĞŶƚĞ͍

&ZE< ŶŽ͕ŶŽ͘ŶŽ͕ƚŚŝƐŝƐĂ ŶŽ͕ŶŽ͕ŶŽ͕ŶŽ͕ŶŽ͕ŶŽ͘ ŶŽ͕ŶŽ͕ŶŽ͕ǇĂǀĞƌĄƐ ǁŝŶͲǁŝŶƐŝƚƵĂƚŝŽŶ͘ŝ ĐƌĞĚĞƚĞŵŝƐĂƌĞďďĞ ĐŽŵŽƚŽĚŽƐĞĂĐĂďĂ ŵĞĂŶ͕ĞǀĞŶŝĨƐŚĞ ĐŽŵƵŶƋƵĞƵŶĂďĞůůĂ ĂƌƌĞŐůĂŶĚŽ͘ĂƵŶƋƵĞ ƚĂŬĞƐŚŝŵĨŽƌũƵƐƚĂ ǀŝƚƚŽƌŝĂ͘ŝŶƐŽŵŵĂ͕ ƐĞůůĞǀĞĂůĐƌşŽĂůŐƷŶ ůŝƚƚůĞǁŚŝůĞ͕ƐŚĞΖůůďĞ ĂŶĐŚĞƐĞůŽ ƚŝĞŵƉŽ͕ĞůůĂǀŽůǀĞƌĄ͘ ďĂĐŬ͘ĐƌǇŝŶŐĂďŽƵƚ ƉƌĞŶĚĞƐƐĞƉĞƌƵŶƉŽ͕͛ ǀĞŶĚƌĄůůŽƌŝƋƵĞĂŶĚŽ ŚĞƌůŽǁƐĞůĨͲĞƐƚĞĞŵ͕ ĐĞůŽƌŝƉŽƌƚĞƌĞďďĞ͕ ǇĚŝĐŝĞŶĚŽƋƵĞŶŽ ŽƌŚŽǁďŽǇƐĂĐƚƵĂůůǇ ůĂŵĞŶƚĂŶĚŽƐŝĂĐĂƵƐĂ ƚŝĞŶĞĂƵƚŽĞƐƚŝŵĂ͕Ž ŶĞĞĚƚŚĞŝƌĨĂƚŚĞƌƐ͕Žƌ ĚĞůůĂƐƵĂƉŽĐĂ ƋƵĞůŽƐŶŝŹŽƐ ƉĞŶŝƐŐƌŝĞĨ͘ƚŚĂƚΖƐ ĂƵƚŽƐƚŝŵĂ͕ĚŝĐŽŵĞŝ ŶĞĐĞƐŝƚĂŶƵŶƉĂĚƌĞŽ ǁŚĞŶǇŽƵǁĂŬĞƵƉŝŶ ďĂŵďŝŶŝŚĂŶŶŽ ƋƵĞƋƵŝĞƌĞƵŶƉĞŶĞ͘ ƚŚĞŵŝĚĚůĞŽĨƚŚĞ ďŝƐŽŐŶŽĚĞůƉĂĚƌĞ͕Ğ ŚĞŚ͕ƐƵĞůĞƉĂƐĂƌ ' ŶŝŐŚƚĂŶĚǇŽƵůŽŽŬĂƚ ĚĞůůĂƐƵĂŝŶǀŝĚŝĂĚĞů Yh/s>E ĐƵĂŶĚŽƚĞĚĞƐƉŝĞƌƚĂƐ Yh/s>E ƚŚĞƉĞƌƐŽŶŶĞǆƚƚŽ ƉĞŶĞ͘ŚĞŚĞ͕ğ ĚĞŶŽĐŚĞ͕ŵŝƌĂƐůŽ ^K ǇŽƵ͕ĂŶĚǇŽƵƐĂǇ͕ ƋƵĂŶĚŽƵŶĂĚŽŶŶĂƐŝ Yh/s>E ƋƵĞƚŝĞŶĞƐĂůůĂĚŽǇ Yh/s>E ΗƐŽŵĞďŽĚǇŚĞůƉŵĞ͊ ƐǀĞŐůŝĂĚŝŶŽƚƚĞ͕ ƚĞĚŝĐĞƐ͞ĞƐƚŽǇ ŝũƵƐƚĨƵĐŬĞĚĂůĂĚǇ͘Η ŐƵĂƌĚĂĐŚŝŚĂŶĞů ĞŶĨĞƌŵĂ͕ŵĞŚĞ ůĞƚƚŽĞĚŝĐĞ͗͞ĐŚĞ ĨŽůůĂĚŽĂƵŶĂƚşĂ͘͟ ƋƵĂůĐƵŶŽŵŝĂŝƵƚŝŚŽ ƐĐŽƉĂƚŽƵŶĂ ĨĞŵŵŝŶĂ͘͟

^K Yh/s>E DW>/&/d/KE ^K/D Yh/s>E DW>/&/d/KE

WƵƌŝƚǇďĂůů͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

'/D D/d/'d/KE Yh/s>E

WƵƌŝƚǇďĂůů͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

>/EΖ^ ŐŽĚ͕ǁŚǇĚŝĚǇŽƵůĞƚ ĚŝŽ͕ƉĞƌĐŚĠŚĂŝ ĚŝŽƐ͕ƉŽƌƋƵĠŚĂƐ ŵǇĚĂƵŐŚƚĞƌďĞĐŽŵĞ ƉĞƌŵĞƐƐŽĐŚĞŵŝĂ ĚĞũĂĚŽƋƵĞŵŝŚŝũĂƐĞ Z/D ĂƐůĂǀĞƚŽƚŚĞĨůĞƐŚ͍ ĨŝŐůŝĂĚŝǀĞŶƚĂƐƐĞƵŶĂ Yh/s>E ĐŽŶǀŝĞƌƚĂĞŶĞƐĐůĂǀĂ Yh/s>E ' ƐĐŚŝĂǀĂĚĞůůĂĐĂƌŶĞ͍ Yh/s>E ĚĞůĂĐĂƌŶĞ͍ Yh/s>E

>/E ŝǁĂƐŐŽŝŶŐƚŽŐĞƚŚŝƚ ŵŝĂǀƌĞďďĞƌŽĐŽůƉŝƚĂ ŝďĂŶĂƉĞŐĂƌŵĞĐŽŶ ǁŝƚŚĂƉŝƉĞ͊ ĐŽŶƵŶƚƵďŽĚŝ ƵŶƉĂůŽ͕ƉĂƉĄ͘ ŵĞƚĂůůŽ͘

WƵƌŝƚǇďĂůů͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/D/Ed/KE ŝŵƉƌŽƉŝŽƐĞŝŶĚŝŐŶŽƐ Yh/s>E '/D ďĂƐĞŝŶŶĂƚƵƌĞ͕ĂŶĚ ǀŝůŝĞƉĞƌƋƵĞƐƚŽ Yh/s>E ĚĞƵŶĂƐĞŹŽƌŝƚĂǇƉŽƌ Yh/s>E ĨŽƌƚŚĂƚŝĂŵƚƌƵůǇ ŵŽƚŝǀŽƐŽŶŽƚĂŶƚŽ ĞƐŽŵĞĂƌƌĞƉŝĞŶƚŽ͘ ƐŽƌƌǇ͘ ĚŝƐƉŝĂĐŝƵƚĂ͘

Dd/E'KZ'E/Z ŬĂƌĞŶ͘ŝŶŽƌĚĞƌĨŽƌ ŬĂƌĞŶ͕ƉĞƌƌŝĐĞǀĞƌĞ ŬĂƌĞŶ͕ƐĂďĞƐƋƵĞƉĂƌĂ ǇŽƵƚŽƌĞĐĞŝǀĞƚŚĞ ƉŝĞŶĂŵĞŶƚĞŝůŐƌĂŶĚĞ ƌĞĐŝďŝƌĞůĚŽŶĚĞůĂ ĨƵůůŐŝĨƚŽĨƉƵƌŝƚǇ͕ǇŽƵ ĚŽŶŽĚĞůůĂƉƵƌĞǌǌĂ ƉƵƌĞǌĂŚĂƐĚĞĚĂƌůŽƐ Z/D ŶĞĞĚƚŽďĞĂƐŚŽŶĞƐƚ ĚĞǀŝĞƐƐĞƌĞƉŝƶ DW>/&/d/KE ĚĞƚĂůůĞƐƋƵĞƉƵĞĚĂƐ͘ D/d/'d/KE ĂƐǇŽƵĐĂŶ͘ ƐŝŶĐĞƌĂĐŚĞƉƵŽŝ͘

/ ŝƚΖƐŽŬĂǇ͕ƐǁĞĞƚŚĞĂƌƚ͘ ğƚƵƚƚŽŽŬ͕ƚĞƐŽƌŽ͕ ƚƌĂŶƋƵŝůĂ͕ĐŝĞůŽ͕ƚƵĚŝ ũƵƐƚƚĞůůǁŚĂƚ ƌĂĐĐŽŶƚĂĐŚĞğ ůŽƋƵĞƉĂƐſ͘ ŚĂƉƉĞŶĞĚ͘ ƐƵĐĐĞƐƐŽ͘

/&/d/KE ŽƌŐşĂƐƉĞƌŽƐşƋƵĞ DW>/&/d/KE Z/D ĂůŽƚŽĨŶĂŬĞĚďŽĚǇ ƵŶ͛ŽƌŐŝĂ͕ŵĂĐ͛ĞƌĂ DW>/&/d/KE ŚĂďşĂƵŶŵŽŶƚſŶĚĞ DW>/&/d/KE ƉĂƌƚƐĨůǇŝŶŐĂƌŽƵŶĚ͕ ƉĂƌĞĐĐŚŝŽ ĐƵĞƌƉŽƐĚĞƐŶƵĚŽƐ ǁŚŝĐŚĨĞůƚǀĞƌǇŐŽŽĚ ƐƚƌŽĨŝŶĂŵĞŶƚŽƚƌĂ ũƵŶƚŽƐǇĞƐŽŵĞŚĂĐşĂ ďƵƚŬŝŶĚŽĨďĂĚĂůůĂƚ ǀĂƌŝĞƉĂƌƚŝĚĞůĐŽƌƉŽ͕ ƐĞŶƚŝƌďŝĞŶƉĞƌŽĂůĂ ƚŚĞƐĂŵĞƚŝŵĞ͘ĂŶĚ ĐŽƐĂŵŽůƚŽ ǀĞǌŵĞƐĞŶƚşĂŵĂů ƚŚĞŶƚŚĞƌĞǁĂƐƚŚĞ ƉŝĂĐĞǀŽůĞ͕ŵĂ ƉŽƌĚĞŶƚƌŽ͘ůƵĞŐŽ ƚŝŵĞĂƚŵŝŶĚǇ ƐďĂŐůŝĂƚĂĂůůŽƐƚĞƐƐŽ ĞƐƚƵǀŽůĂĨŝĞƐƚĂĚĞ ĐĂƌůƐŽŶΖƐƐůĞĞƉŽǀĞƌ ƚĞŵƉŽ͘ĞƉŽŝĐ͛ğƐƚĂƚĂ ƉŝũĂŵĂƐĚĞŵŝŶĚǇ ǁŚĞŶǁĞĂůůŐŽƚŝŶ ƋƵĞůůĂǀŽůƚĂĂĐĂƐĂĚŝ ĐĂƌůƐŽŶ͘ĐƵĂŶĚŽŶŽƐ ƚŚĞƐŚŽǁĞƌĂŶĚ ŵŝŶĚǇ͕ƋƵĂŶĚŽƐŝĂŵŽ ŵĞƚŝŵŽƐĞŶůĂĚƵĐŚĂ ƐƚĂƌƚĞĚƐŽĂƉŝŶŐĞĂĐŚ ĞŶƚƌĂƚĞŶĞůůĂĚŽĐĐŝĂĞ ǇĞŵƉĞǌĂŵŽƐĂ ŽƚŚĞƌƵƉ͕ĂŶĚƚŚĞŶ ĂďďŝĂŵŽŝŶŝǌŝĂƚŽĂ ĞŶũĂďŽŶĂƌŶŽƐƵŶĂƐĂ ŚĞƌŵŽŵǁĂůŬĞĚŝŶ ŝŶƐĂƉŽŶĂƌĐŝĞƉŽŝƐƵĂ ŽƚƌĂƐ͘ƐƵŵĂĚƌĞĞŶƚƌſ ĂŶĚĨƌĞĂŬĞĚŽƵƚ ŵĂĚƌĞğĞŶƚƌĂƚĂĞŚĂ ĚĞƌĞƉĞŶƚĞǇƐĞƉƵƐŽ ǁŚĞŶƐŚĞƐĂǁŵŝŶĚǇ ĐŽŵŝŶĐŝĂƚŽĂƵƌůĂƌĞ ĂĐŚŝůůĂƌĂůǀĞƌĂ ŝŶƚŚĞƐŚŽǁĞƌǁŝƚŚĂ ƋƵĂŶĚŽŚĂǀŝƐƚŽ ŵŝŶĚǇĐŽŶƵŶ ďŝŐ͕ďůĂĐŬƐƚƌĂƉͲŽŶ ŵŝŶĚǇĐŽŶƵŶ ǀŝďƌĂĚŽƌĞŶŽƌŵĞ

ĚŝůĚŽ͘ ĞŶŽƌŵĞĚŝůĚŽŶĞƌŽ͘ ĂƚĂĚŽĚĞůĂŶƚĞ͘

'/D DW>/&/d/KE Yh/s>E Z/D DW>/&/d/KE Yh/s>E

^K/D Yh/s>E Yh/s>E '/D Yh/s>E Yh/s>E

' / ǇŽƵǁŚŽƌĞ͊ǁŚŽƌĞƐ ƐĞŝƵŶĂƉƵƚƚĂŶĂ͊ůĞ Yh/s>E ƌĂŵĞƌĂ͊ůĂƐƌĂŵĞƌĂƐ Yh/s>E ĚŽŶΖƚŐĞƚĐĂƌƐ͊ ƉƵƚƚĂŶĞŶŽŶ ŶŽƚŝĞŶĞŶĐŽĐŚĞ͊ ŵĞƌŝƚĂŶŽƵŶ͛ĂƵƚŽ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ŶŽƚŽŶůǇĚŝĚǇŽƵůŝĞƚŽ ĚŝĐŽ͕ŶŽŶƐŽůŽƚŝƐĞŝ ŶŽƐŽůĂŵĞŶƚĞƚĞ ŵĞĂďŽƵƚƚŚĞƉĐ͕ǇŽƵ ĨĂƚƚĂĚŝƉŽůǀĞƌĞ ĂƚƌĞǀŝƐƚĞĂŵĞŶƚŝƌŵĞ ĨƵĐŬĞĚŵǇďƌŽƚŚĞƌ͊ Ě͛ĂŶŐĞůŽƐĞŶǌĂĚŝŵĞ͕ ƐŽďƌĞĞůƉŽůǀŽĚĞ ǁŚĂƚΖƐŶĞǆƚ͍ǇŽƵ ƚŝƐĞŝƐĐŽƉĂƚĂŵŝŽ ĄŶŐĞů͘ĞŶĐŝŵĂƚĞ ŐŽŶŶĂƚĂŬĞƵƉǁŝƚŚĂ ĨƌĂƚĞůůŽ͘ĞŽƌĂĐŚĞ ĨŽůůĂƐƚĞĂŵŝ ďůĂĐŬůĂĚǇͬŵĂŶ͍ŽŚ͕ ĨĂƌĂŝ͍ƐĐĂƉƉĞƌĂŝĐŽŶ ŚĞƌŵĂŶŽ͘ůƵĞŐŽƋƵĠ ŝĨŽƌŐŽƚ͕ƚŚĂƚΖƐ ƵŶĂĚŽŶŶĂͲƵŽŵŽĚŝ ŚĂƌĄƐ͍ƚĞĞŶƌŽůůĂƌĄƐ ĂůƌĞĂĚǇŚĂƉƉĞŶĞĚ͘ ĐŽůŽƌĞ͍ŵĂŐĂƌŝ͕ĂŚ͕ ĐŽŶƵŶƉĞĚĂǌŽĚĞ ' ŚŽǁĐĂŶǁĞŐĞƚďĂĐŬ ĚŝŵĞŶƚŝĐĂǀŽ͕ƋƵĞƐƚŽ Yh/s>E ŶĞŐƌĂĞŶŽƌŵĞ͍ŽŚ͕ůŽ >/D/Ed/KE ^K ƚŽŐĞƚŚĞƌŶŽǁ͍ ğŐŝăƐƵĐĐĞƐƐŽ͘ĐŽŵĞ Yh/s>E ŽůǀŝĚĂďĂ͕ƌĞƐƵůƚĂƋƵĞ >/D/Ed/KE ĨĂĐĐŝĂŵŽĂƚŽƌŶĂƌĞ ĞƐƚŽǇĂŚĂŽĐƵƌƌŝĚŽ͘ ŝŶƐŝĞŵĞŽƌĂ͍ ĚĞƐƉƵĠƐĚĞĞƐƚŽ ĐſŵŽǀĂŵŽƐĂǀŽůǀĞƌ ĂĞƐƚĂƌũƵŶƚŽƐ͍

DKE/ ŝŚĂǀĞŶĞǀĞƌ͕ĞǀĞƌŚĂĚ ŶŽŶŚŽŵĂŝ͕ĚŝĐŽŵĂŝ ǇŽũĂŵĄƐ͕ũĂŵĄƐŚĞ ĂŶǇŝŶƚĞŶƚŝŽŶŽĨ ĂǀƵƚŽĂůĐƵŶĂ ƚĞŶŝĚŽŝŶƚĞŶĐŝſŶĚĞ ŐĞƚƚŝŶŐďĂĐŬƚŽŐĞƚŚĞƌ ŝŶƚĞŶǌŝŽŶĞĚŝƚŽƌŶĂƌĞ ǀŽůǀĞƌĂĞƐƚĂƌ ǁŝƚŚǇŽƵ͕ĨƌĂŶŬ͘ĨŽƌ ĐŽŶƚĞĨƌĂŶŬ͘ƐĂŶƚŽ ĐŽŶƚŝŐŽ͕ĨƌĂŶŬ͘ƉŽƌ ĐŚƌŝƐƚƐĂŬĞ͕ǇŽƵŽŶůǇ ĐŝĞůŽ͕ŵŝŚĂŝĨĂƚƚŽ ĚŝŽƐ͕ƐŽůŽŵĞ ƚƌŝĐŬĞĚŵĞŝŶƚŽ ǀĞŶŝƌĞƐŽůŽƉĞƌ ĞŶŐĂŹĂƐƚĞƉĂƌĂƋƵĞ ĐŽŵŝŶŐŚĞƌĞƚŽŐĞƚ ĨŝƌŵĂƌĞƋƵĞůůĞĐĂƌƚĞ͘ ǀŝŶŝĞƌĂǇĂƐşŚĂĐĞƌƚĞ ƐŽŵĞƐĞƚƚůĞŵĞŶƚ ƚƵŵŝŚĂŝŵĞŶƚŝƚŽ͘ ĐŽŶƐĞŐƵŝƌĞƐĞĚŝŶĞƌŽ͘ ŵŽŶĞǇ͊

&ZE< ŝǁĂŶƚĞĚƚŽƐĞĞǇŽƵ ƚƵŶŽŶĐĂƉŝƐĐŝ͕ǀŽůĞǀŽ ǇŽƚĞŶşĂŵƵĐŚĂƐ ĂŐĂŝŶ͘ ǀĞĚĞƌƚŝĚŝŶƵŽǀŽ͘ ŐĂŶĂƐĚĞǀŽůǀĞƌĂ ǀĞƌƚĞ͘

ZKZd ƐŽǇŽƵƉƌĞƚĞŶĚĞĚ ƉĞƌƋƵĞƐƚŽŚĂŝĨĂƚƚŽ ǇƉĂƌĂĞƐŽĨŝŶŐĞƐƋƵĞ ƚŚĂƚƐŚĞǁŽŶĂƚĞĚĚǇ ĨŝŶƚĂĐŚĞĂǀĞƐƐĞǀŝŶƚŽ ŚĂŐĂŶĂĚŽƵŶŽƐŝƚŽ ďĞĂƌ͍ ƵŶŽƌƐĂĐĐŚŝŽƚƚŽ͍ ĚĞƉĞůƵĐŚĞ͍

DKE/ ǇŽƵŬŶŽǁŚŽǁŵƵĐŚ ŵŝĐŽŶŽƐĐŝ͕ƐĂŝ ǇĂƐĂďĞƐĐƵĄŶƚŽŵĞ ŝůŽǀĞƚĞĚĚǇďĞĂƌƐ͘ ƋƵĂŶƚŽĂĚŽƌŽŐůŝ ŐƵƐƚĂŶůŽƐŽƐŝƚŽƐĚĞ ŽƌƐĂĐĐŚŝŽƚƚŝ͘ ƉĞůƵĐŚĞ͘

ZKZd ǇŽƵĂŶĚŵŽŶŝĐĂĂƌĞ ƚƌĂƚĞĞŵŽŶŝĐĂğ ůŽƚƵǇŽĐŽŶŵŽŶŝĐĂƐĞ ŽǀĞƌ͕ĨƌĂŶŬ͘ŵĞĂŶĚ ĨŝŶŝƚĂ͕ĨƌĂŶŬ͘ŝŽĞ ĂĐĂďſ͕ĨƌĂŶŬ͘ŵŽŶŝĐĂ ŵŽŶŝĐĂĂƌĞŐĞƚƚŝŶŐ ŵŽŶŝĐĂƐƚŝĂŵŽƉĞƌ ǇǇŽǀĂŵŽƐĂ ŵĂƌƌŝĞĚ͘ ƐƉŽƐĂƌĐŝ͘ ĐĂƐĂƌŶŽƐ͘

&ZE< ĂĂŚ͊ƐŚĞΖƐƐƚŝůů ĂĂŚ͊ůĞŝĂůŵŽŵĞŶƚŽ ƚĞƌĞĐƵĞƌĚŽƋƵĞĞůůĂ ŵĂƌƌŝĞĚƚŽŵĞ͘ ğĂŶĐŽƌĂƐƉŽƐĂƚĂĐŽŶ ƐŝŐƵĞĐĂƐĂĚĂ ŵĞ͘ ĐŽŶŵŝŐŽ͘

ZKZd ŶŽƚĨŽƌůŽŶŐ͘ƐŚĞΖƐ ŶŽŶƉĞƌŵŽůƚŽ͕ǀƵŽůĞ ĚĞŵŽŵĞŶƚŽ͕ƉĞƌŽƐĞ ŐĞƚƚŝŶŐĂĚŝǀŽƌĐĞ͘ ĐŚŝĞĚĞƌĞŝůĚŝǀŽƌǌŝŽ͘ ǀĂĂĚŝǀŽƌĐŝĂƌ͘

/ ǇŽƵƚǁŽĂƌĞƐƚŝůů ǀŽŝƐŝĞƚĞĂŶĐŽƌĂ ǀŽƐŽƚƌŽƐƐĞŐƵşƐ ŵĂƌƌŝĞĚ͍ ƐƉŽƐĂƚŝ͍ ĐĂƐĂĚŽƐ͍

^K Z> ŚŽǁĐĂŶƚǁŽůĂĚŝĞƐ ĐŽŵĞĨĂŶŶŽĚƵĞ Yh/s>E ĐſŵŽƐĞǀĂŶĂĐĂƐĂƌ Yh/s>E ŐĞƚŵĂƌƌŝĞĚ͍ ĚŽŶŶĞĂƐƉŽƐĂƌƐŝ͍ ĚŽƐŵƵũĞƌĞƐ͍

/ ƚŚĞǇΖƌĞůĞƐďŝĂŶƐ͘ ƐŽŶŽůĞƐďŝĐŚĞ͕ůĂ ƐŽŶůĞƐďŝĂŶĂƐ͘ŶŽ ƉĞŶĞƚƌĂƚŝŽŶŝƐŶΖƚ ƉĞŶĞƚƌĂǌŝŽŶĞŶŽŶğ ŚĂĐĞĨĂůƚĂ ƌĞƋƵŝƌĞĚĨŽƌƐĞǆƚŽ ŶĞĐĞƐƐĂƌŝĂƉĞƌůŽƌŽ͘ ƉĞŶĞƚƌĂĐŝſŶƉĂƌĂƋƵĞ ŽĐĐƵƌ͘ǁŚĂƚ͍ŝƚΖƐůĞŐĂů ĐŚĞĐ͛ğ͍ŽƌĂğůĞŐĂůĞ ŚĂǇĂƐĞǆŽ͘ƋƵĠ͍ǇĂĞƐ ŶŽǁŝŶƐĞǀĞƌĂůƐƚĂƚĞƐ͘ ŝŶƚĂŶƚŝƐƚĂƚŝ͘ ůĞŐĂůĞŶǀĂƌŝŽƐ ĞƐƚĂĚŽƐ͘

'DGG\]JLUO 6HDVRQ(SLVRGH dŽŶǇƐƉǇŝŶŐŽŶ&ŝŽŶĂĨƌŽŵŽƵƚƐŝĚĞŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

dKEz ǁŚĂƚĚŽĞƐƐŚĞƐĞĞŝŶ ŵĂĐŚĞĐŝƚƌŽǀĂŝŶůƵŝ͍ ƉĞƌŽ͕ƋƵĠǀĞĞŶĠů͍ Śŝŵ͍

'^ WK>/K&&/Z ĂƐƐ͕ŐĂƐĂŶĚĐĂƐŚ͘ĚŝĚ ŵƵƐĐŽůŝ͕ŵŽƚŽƌŝĞ Yh/s>E ĂƵŶĐŚƵůŽĐŽŶƉĂƐƚĂ Yh/s>E ǇŽƵƐĞĞŚŝƐƉŽƌƐĐŚĞ͍ ŵŽŶĞƚĂ͘ŚĂŝǀŝƐƚŽůĂ ǇƵŶďƵĞŶĐƵůŽ͘ŚĂƐ ƉŽƌƐĐŚĞ͍ ǀŝƐƚŽƋƵĞƉŽƌƐĐŚĞ͍

dKEz ĨŝŽŶĂΖƐŶŽƚůŝŬĞƚŚĂƚ͘ ŶŽ͕ĨŝŽŶĂŶŽŶğĐŽƐŞ͘ ĨŝŽŶĂŶŽĞƐĂƐş͘

WK>/K&&/Z ĨĂĐĞŝƚ͕ǁŽŵĞŶƚŚŝŶŬ ĂĐĐĞƚƚĂůŽ͕ůĞĚŽŶŶĞ ĂĐĠƉƚĂůŽ͕ůĂƐŵƵũĞƌĞƐ '^ ǁŝƚŚƚŚĞŝƌǀĂŐŝŶĂƐ͘ ƉĞŶƐĂŶŽĐŽŶůĂ Yh/s>E ƉŝĞŶƐĂŶĐŽŶůĂ Yh/s>E ŶŽǁůĞƚΖƐǀĂŵŽŶŽƐ͘ ǀĂŐŝŶĂ͘ƐƵŵƵŽǀŝĂŵŽ ǀĂŐŝŶĂ͘ĂŶĚĂ͕ ǁĞΖůůĨŝŶĚǇŽƵ ŝůĐƵůŽ͕ƚŝƚƌŽǀĞƌĞŵŽ ǀĄŵŽŶŽƐ͘ǇĂ ĂŶŽƚŚĞƌƐŬĂŶŬǇŚŽŽĚ ƵŶ͛ĂůƚƌĂƚƌŽŝĞƚƚĂ ĞŶĐŽŶƚƌĂƌĄƐĂŽƚƌĂ ŐŝƌůƚŽŽďƐĞƐƐĂďŽƵƚ͘ ƐďĂůůĂƚĂƐƵĐƵŝ ŵĂĐĂƌƌŝƚĂĐŽŶůĂƋƵĞ ƐďĂǀĂƌĞ͘ ŽďƐĞƐŝŽŶĂƌƚĞ͘

&ŝŽŶĂƉĂƌƚŝĐŝƉĂƚŝŶŐĂƚĞďďŝĞΖƐƐĐŚŽŽůĂĐƚŝǀŝƚŝĞƐ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^EKDK ŵƵƐƚďĞŶŝĐĞŶŽƚƚŽ ĚĞǀ͛ĞƐƐĞƌĞďĞůůŽŶŽŶ ĚĞďĞĚĞĞƐƚĂƌďŝĞŶŶŽ ŽǁŶĂŚŽŵĞĂŶĚ ƉŽƐƐĞĚĞƌĞƵŶĂĐĂƐĂ͕ ƚĞŶĞƌĐĂƐĂƉƌŽƉŝĂǇ ŚĂǀĞƚŽĚĞĂůǁŝƚŚƚŚŝƐ ŶŽŶĂǀĞƌĞ ĞǀŝƚĂƌƚĞĞƐƚŽƐůşŽƐ͘ ƐƚƵĨĨ͘ ƉƌĞŽĐĐƵƉĂǌŝŽŶŝ͘

&/KE ǇĞĂŚ͘ŝƚŐŝǀĞƐŵĞ ƐŞ͕ĐŝůĂƐĐŝĂƉŝƶƚĞŵƉŽ Ɛş͕ĂƐşƚĞŶŐŽŵĄƐ ŵŽƌĞƚŝŵĞƚŽďƵǇ ƉĞƌĐŽŵƉƌĂƌĞĚƌŽŐŚĞ ƚŝĞŵƉŽƉĂƌĂĐŽŵƉƌĂƌ ^^ ĚƌƵŐƐĂŶĚĨĞŶĐĞ ĞƌŝǀĞŶĚĞƌĞƋƵĞůůŽ Yh/s>E ĚƌŽŐĂƐǇǀĞŶĚĞƌůŽ Yh/s>E ƐƚŽůĞŶŐŽŽĚƐ͘ ĐŚĞƌƵďŝĂŵŽ͘ ƋƵĞŵĂŶŐĂŵŽƐ͘

KƵƚƐŝĚĞ͘&ƌĂŶŬƚƌǇŝŶŐĂĚĂŶŐĞƌŽƵƐũŽď͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ŝƉƌĞĨĞƌƚŽƚŚŝŶŬŽĨŝƚ ŝŽůŽǀĞĚŽĐŽŵĞƵŶ ǇŽĚŝƌşĂŵĄƐďŝĞŶƋƵĞ ĂƐŚĞůƉŝŶŐ͘ ƐĞƌǀŝǌŝŽƉƵďďůŝĐŽ͘ ĞƐĂǇƵĚĂƌ͘

/ ǇŽƵĚŽ͍ ĚĂǀǀĞƌŽ͍ ĂǇƵĚĂƌ͍

&ƌĂŶŬƚƌǇŝŶŐĂƐĞĐŽŶĚĚĂŶŐĞƌŽƵƐũŽď͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

DE ǇŽƵŵĂǇŚĂǀĞŚĞĂƌĚ ĂǀƌăƐĞŶƚŝƚŽĚŝĐŽŵĞ ůĞŚĂďƌĄŶĚŝĐŚŽůŽ ŚŽǁĚĂŶŐĞƌŽƵƐƚŚŝƐ ğƉĞƌŝĐŽůŽƐŽůĂǀŽƌĂƌĞ ĂƌƌŝĞƐŐĂĚŽƋƵĞĞƌĂ ƉůĂĐĞŚĂƐďĞĞŶƚŽ ƋƵŝ͘ ƚƌĂďĂũĂƌĂƋƵş͘ ǁŽƌŬ͘

&ZE< ŶŽƚĂĨƌĂŝĚ͘ ŶŽŶŚŽƉĂƵƌĂ͘ ŶŽŵĞĚĂŵŝĞĚŽ͘

DE ŵĞĚŝĐĂůǁĂƐƚĞ ƐŵĂůƚŝŵĞŶƚŽƌŝĨŝƵƚŝ ƚƌĂƚĂŵŽƐƌĞƐŝĚƵŽƐ ĚŝƐƉŽƐĂů͘ďůŽŽĚͲ ŵĞĚŝĐŝ͘ďĞŶĚĞŝŶƚƌŝƐĞ ŵĠĚŝĐŽƐ͘ǀĞŶĚĂƐ ƐŽĂŬĞĚďĂŶĚĂŐĞƐ͘ ĚŝƐĂŶŐƵĞ͕ĂŐŚŝ ĞŶƐĂŶŐƌĞŶƚĂĚĂƐ͕ ĐŽŶƚĂŵŝŶĂƚĞĚ ĐŽŶƚĂŵŝŶĂƚŝ͕ƉĂƌƚŝĚŝ ĂŐƵũĂƐĐŽŶƚĂŵŝŶĂĚĂƐ͕ ŶĞĞĚůĞƐ͘ďŽĚǇƉĂƌƚƐ͘ ĐĂĚĂǀĞƌŝ͘ ƚƌŽǌŽƐĚĞĐƵĞƌƉŽƐ͘

Z> ĐŽŽů͊ ĨŝĐŽ͊ ƋƵĠŐƵĂǇ͊

E^ DE ƵƐĞĚƚŽďĞǁĞĐŽƵůĚ ƐŽůŽŝŵŵŝŐƌĂƚŝ Yh/s>E ƐŽůŽůŽƐŝŶŵŝŐƌĂŶƚĞƐ Yh/s>E ŽŶůǇŐĞƚŝůůĞŐĂů ŝƌƌĞŐŽůĂƌŝ ŝůĞŐĂůĞƐĂĐĞƉƚĂďĂŶ ŝŵŵŝŐƌĂŶƚƐƚŽǁŽƌŬ ĂĐĐĞƚƚĂǀĂŶŽĚŝ ĞƐƚĞƚƌĂďĂũŽ͘ ŚĞƌĞ͘ ůĂǀŽƌĂƌĞƋƵŝ͘

E^ &ZE< ůŽŽŬŝŶŐĂƚĂƚƌƵĞͲ ŚĂĚŝĨƌŽŶƚĞƵŶ Yh/s>E ǇŽƐŽǇƵŶĂŵĞƌŝĐĂŶŽ Yh/s>E ďůƵĞĂŵĞƌŝĐĂŶ͘ ĂŵĞƌŝĐĂŶŽ ĚĞƉƌŝŵĞƌĂ͘ ƉƵƌŽƐĂŶŐƵĞ͘

^ŚĞŝůĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/E ŵǇĚĂĚĚǇĂŶĚŝ ŝŽĞŝůŵŝŽƉĂƉŝŶŽ ŵŝƉĂƉĄǇǇŽ DZ ƌĞĐĞŶƚůǇǁĞŶƚƚŽĂ ƐŝĂŵŽĂŶĚĂƚŝĂƵŶ ĞƐƚƵǀŝŵŽƐĞŶƵŶ ƉƵƌŝƚǇďĂůů͕ǁŚĞƌĞŚĞ ďĂůůŽĚĞůůĂƉƵƌĞǌǌĂ͘ůŞ ďĂŝůĞĚĞůĂĐĂƐƚŝĚĂĚǇ ĂƐŬĞĚŵĞƚŽĐŽŶĨĞƐƐ ŵŝŚĂĐŚŝĞƐƚŽĚŝ ĂůůşŵĞĚŝũŽƋƵĞ ŵǇƐĞǆƵĂůƐŝŶƐƐŽ ĐŽŶĨĞƐƐĂƌĞŝŵŝĞŝ ĐŽŶĨĞƐĂƌĂŵŝƐ Z/D ƚŚĂƚǁĞĐĂŶďĞ ƉĞĐĐĂƚŝƐĞƐƐƵĂůŝ͕ƉĞƌ Yh/s>E ƉĞĐĂĚŽƐƐĞǆƵĂůĞƐ͘ Yh/s>E ĐůŽƐĞƌ͘ďƵƚǁŚĞŶŝ ƌŝĂǀǀŝĐŝŶĂƌĐŝ͕ŵĂ ƋƵĞĞƐŽŶŽƐƵŶŝƌşĂ͕ ĚŝĚ͕ŐƵĞƐƐǁŚĂƚŚĞ ƋƵĂŶĚŽů͛ŚŽĨĂƚƚŽ͕ ƉĞƌŽĐƵĂŶĚŽůŽŚŝĐĞ͕ ĚŝĚ͘ŚĞĐĂůůĞĚŵĞĂ ŝŶĚŽǀŝŶĂƚĞƵŶƉŽ͍͛ŵŝ ƐĂďĠŝƐůŽƋƵĞŚŝǌŽ͍ ǁŚŽƌĞ͘ŝŶĨƌŽŶƚŽĨĂ ŚĂĚĂƚŽĚĞůůĂ ĚŝũŽƋƵĞĞƌĂƵŶĂ ƌŽŽŵĨƵůůŽĨƉĞŽƉůĞ͘Ă ƉƵƚƚĂŶĂ͕ĚŝĨƌŽŶƚĞĂ ƌĂŵĞƌĂǇůŽĚŝũŽ ǁŚŽƌĞ͘ǇĞůůĞĚŝƚ͘ ƵŶƐĂĐĐŽĚŝƉĞƌƐŽŶĞ͘ ĚĞůĂŶƚĞĚĞƚŽĚŽĞů ƵŶĂƉƵƚƚĂŶĂ͕ů͛ŚĂ ŵƵŶĚŽ͘ŵĞůůĂŵſ ƵƌůĂƚŽ͘ ƉƵƚĂĂŐƌŝƚŽƐ͘

)DWKHU)UDQNIXOORI*UDFH 6HDVRQ(SLVRGH 'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

sZKE/ ǁŚĂƚĂďŽƵƚĂůĂǁǇĞƌ͍ ĐŚŝĂŵĂƌĞƵŶ ƚŝĞŶĞƵŶĂďŽŐĂĚŽ͍ ĂǀǀŽĐĂƚŽ͍

&/KE ƚŚĞǇŐĂǀĞƚŚĞŵĂ ŚĂŶŶŽƵŶĚŝĨĞŶƐŽƌĞ ůĞƐŚĂŶƉƵĞƐƚŽƵŶŽ ƉƵďůŝĐĚĞĨĞŶĚĞƌĨŽƌ Ě͛ƵĨĨŝĐŝŽƉĞƌůĂƉƌŝŵĂ ĚĞŽĨŝĐŝŽƉĂƌĂůĂ ƚŚĞŝƌĨŝƌƐƚĐŽƵƌƚ ƵĚŝĞŶǌĂ͘ ƉƌŝŵĞƌĂǀŝƐƚĂ͘ ĂƉƉĞĂƌĂŶĐĞ͘

sZKE/ ĨƵĐŬƚŚĂƚ͘ǁĞŶĞĞĚĂ ĂĂĂŚ͕ĨĂŶĐƵůŽ͊ĐĞŶĞ ĂŚ͕ǀĞŶŐĂǇĂ͊ ƌĞĂůŽŶĞ͕ŶŽƚƐŽŵĞ ƐĞƌǀĞƵŶŽǀĞƌŽ͕ŶŽŶ ŶĞĐĞƐŝƚĂŵŽƐĂƵŶŽĚĞ ũƵƐƚͲŐŽƚͲŽƵƚͲŽĨͲůĂǁͲ ƵŶŽĨƌĞƐĐŽĚŝĨĂĐŽůƚă ǀĞƌĚĂĚ͕ŶŽƵŶ ƐĐŚŽŽůůŝďĞƌĂůĚŽͲ ĚŝůĞŐŐĞĐŽŶĚƵĞŵŝůĂ ũŽǀĞŶĐŝƚŽƌĞĐŝĠŶ ŐŽŽĚĞƌǁŝƚŚĂƚǁŽ ĐĂƐŝĚŝƌĂŐĂǌǌŝĚŝ ƐĂůŝĚŽĚĞůĂĨĂĐƵůƚĂĚ ƚŚŽƵƐĂŶĚŐŚĞƚƚŽͲŬŝĚ ƉĞƌŝĨĞƌŝĂ͘ ƋƵĞŝŶƚĞŶƚĂĂǇƵĚĂƌĂ ĐĂƐĞůŽĂĚ͘ ĚŽƐŵŝůĐŚĂǀĂůŝŶĞƐĚĞ ^^ D/d/'d/KE ůŽƐŐƵĞƚŽƐ͘ Yh/s>E

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ŚĂŶŶĂŚŵŽŶƚĂŶĂ͍ ŚĂŶŶĂŚŵŽŶƚĂŶĂ͍ ŚĂŶŶĂŚŵŽŶƚĂŶĂ͘ ƚŚŽƐĞŽǀĞƌƐĞǆĞĚŬŝĚƐ ƋƵĞŝƌĂŐĂǌǌŝŶŝ ĞƐŽƐĐŚŝĐŽƐƚĂŶ ŽŶŐůĞĞ͍ƚŚŝŶŬƚŚĞǇΖƌĞ ƐĞƐƐƵŽŵĂŶŝĚŝŐůĞĞ͍ ƐĞǆƵĂůĞƐƋƵĞƐĂůĞŶĞŶ ƐĞůůŝŶŐŐŽŽĚ͕ ĐƌĞĚŝĐŚĞǀĞŶĚĂŶŽŝů ŐůĞĞ͘ĐƌĞĞƐƋƵĞ ǁŚŽůĞƐŽŵĞ͕ĂůůͲ ďƵŽŶǀĞĐĐŚŝŽ ǀĞŶĚĞŶůĂƚƌĂĚŝĐŝŽŶĂů ĂŵĞƌŝĐĂŶĨƵŶ͍ŚĞůů͕ ĚŝǀĞƌƚŝŵĞŶƚŽƚƵƚƚŽ ǇƐĂůƵĚĂďůĞĚŝǀĞƌƐŝſŶ ŶŽ͊ĨůĞƐŚĂŶĚ ĂŵĞƌŝĐĂŶŽ͍ĐŽů ĂŵĞƌŝĐĂŶĂ͍ĐůĂƌŽƋƵĞ ƵŶĚĞƌĂŐĞ ĐĂǀŽůŽ͊ĐŽƌƉŝĚŝ ŶŽ͘ǀĞŶĚĞŶĐĂƌŶĞǇ ƚĞŵƉƚĂƚŝŽŶ͘ǇŽƵĐĂŶ ŵŝŶŽƌĞŶŶŝĞ ƚĞŶƚĂĐŝŽŶĞƐ ůŽŽŬ͕ďƵƚ͕ŽŚ͕ŶŽ͕ ƚĞŶƚĂǌŝŽŶŝ͘ƉƵŽŝ ƉƌĞŵĂƚƵƌĂƐ͘ƉƵĞĚĞƐ ĚŽŶΖƚƚŽƵĐŚ͘ ŐƵĂƌĚĂƌĞŵĂŽŚ͕ŽŚ͕ ŵŝƌĂƌ͕ƉĞƌŽ͕ŽŚ͕ŶŽ͕Ŷŝ ŽŚ͕ŶŽŶĚĞǀŝƚŽĐĐĂƌĞ͘ ƐĞƚĞŽĐƵƌƌĂƚŽĐĂƌ͘

<s/E ĨƵĐŬŽĨĨ͕ĨƌĂŶŬ͘ ǀĂĨĨĂŶĐƵůŽ͕ĨƌĂŶŬ͊ ĂŚ͕ĐŝĞƌƌĂĞůƉŝĐŽ͕

ĨƌĂŶŬ͘

&ZE< ǁĞƐĞĞĨŝƌŵǇŽƵŶŐ ǀĞĚŝĂŵŽĐŽƌƉŝ ĐƵĂŶĚŽǀĞŵŽƐ͕ƐƵƐ ďŽĚŝĞƐ͕ĞǀĞƌǇ ŐŝŽǀĂŶŝĞĨƌĞƐĐŚŝĞ ũſǀĞŶĞƐĐƵĞƌƉŽƐ ƐǇŶĂƉƐĞŝŶŽƵƌ ŽŐŶŝƐŝŶĂƉƐŝĚĞů ƚŽĚĂƐǇĐĂĚĂƵŶĂĚĞ ĐĞƌĞďĞůůƵŵƐĐƌĞĂŵƐ͕ ŶŽƐƚƌŽĐĞƌǀĞůůŽƐŝ ůĂƐƐŝŶĂƉƐŝƐĚĞ ΗƉƌŽĐƌĞĂƚĞ͕ ŵĞƚƚĞĂƵƌůĂƌĞ͗ ŶƵĞƐƚƌŽĐĞƌĞďĞůŽŶŽƐ ŝŵƉƌĞŐŶĂƚĞ͊ΗŝƚΖƐŶŽƚ ͞ƉƌŽĐƌĞĂƌĞ͕ ŐƌŝƚĂŶ͗͞ƉƌŽĐƌĞĂ͕ ŽƵƌĨĂƵůƚ͘ǁĞΖƌĞ ŝŶŐƌĂǀŝĚĂƌĞ͊͟ŶŽŶğ ĨĞĐƷŶĚĂůĂ͊͘͟ŶŽĞƐ ĚƌŝǀĞŶďǇƚŚĞĚĞĞƉ͕ ĐŽůƉĂŶŽƐƚƌĂ͘ƐŝĂŵŽ ĐƵůƉĂŶƵĞƐƚƌĂ͕ůĂ ŝŶǀĂůƵĂďůĞ͕ ŐƵŝĚĂƚŝĚĂůůĂ ĐƵůƉĂĚĞƚŽĚŽůĂ ĞǀŽůƵƚŝŽŶĂƌǇŶĞĞĚƚŽ ƉƌŽĨŽŶĚĂ ƚŝĞŶĞůĂƉƌŽĨƵŶĚĂ '/D ƉĞƌƉĞƚƵĂƚĞƚŚĞ ŝŶŐŝƵĚŝĐĂďŝůĞ Yh/s>E ŶĞĐĞƐŝĚĂĚŝŵƉƵĞƐƚĂ Yh/s>E ƐƉĞĐŝĞƐ͘ ŶĞĐĞƐƐŝƚăĞǀŽůƵƚŝǀĂĂ ƉŽƌĞůƉƌŽĐĞƐŽ ƉĞƌƉĞƚƌĂƌĞůĂŶŽƐƚƌĂ ĞǀŽůƵƚŝǀŽĚĞ ƐƉĞĐŝĞ͘ ƉĞƌƉĞƚƵĂƌŶƵĞƐƚƌĂ ĞƐƉĞĐŝĞ͘

dKDDz ŵǇďƌŽƚŚĞƌďĞŶŶŝĞΖƐ ĞůĂĨŝŐůŝĂĚŝŵŝŽ ůĂŚŝũĂĚĞŵŝ ŐŝƌůĨŝĨƚĞĞŶ͘ƌƵŶŶŝŶŐ ĨƌĂƚĞůůŽďĞŶŶǇ͍ ŚĞƌŵĂŶŽďĞŶŶǇ ĂƌŽƵŶĚŚŝƐŚŽƵƐĞŝŶ ƋƵŝŶĚŝĐŝĂŶŶŝ͕ĐŽƌƌĞ ƚŝĞŶĞƋƵŝŶĐĞĂŹŽƐǇ ƐŚŽƌƚƐŚŽƌƚƐ͕ůĂĐĞ ƉĞƌĐĂƐĂĐŽŝ ĐŽƌƌĞƚĞĂƉŽƌƚŽĚĂůĂ ďƌĂ͕ƵŶĚĞƌǁĞĂƌ ƉĂŶƚĂůŽŶĐŝŶŝŶĞů ĐĂƐĂĞŶƉĂŶƚĂůŽŶĐŝƚŽ ŚĂŶŐŝŶŐŽƵƚ͘ŝ ĐƵůŽ͕ƌĞŐŐŝƐĞŶŽ ĐŽƌƚŽǇƐƵũĞƚĂĚŽƌ ďĂŶŐĞĚĨŝůŝƉŝŶŽ ƐůĂĐĐŝĂƚŽĞůĞ ĚĞũĂŶĚŽƋƵĞƐĞůĞ ŚŽŽŬĞƌƐŝŶƚŚĞŶĂǀǇ ŵƵƚĂŶĚĞĚŝĨƵŽƌŝ͘ŝŶ ǀĞĂŶůĂƐďƌĂŐĂƐ͘ǇŽ ůŽŽŬĞĚŵŽƌĞ ŵĂƌŝŶĂŚŽƐĐŽƉĂƚŽ ŵĞĨŽůůĠĂƉƵƚĂƐĞŶ ŝŶŶŽĐĞŶƚƚŚĂŶŵǇ ƉƌŽƐƚŝƚƵƚĞĨŝůŝƉƉŝŶĞ ĨŝůŝƉŝŶĂƐŵĄƐ '/D ŶŝĞĐĞ͘ ƉŝƶŝŶŶŽĐĞŶƚŝĚŝŵŝĂ Yh/s>E ƌĞĐĂƚĂĚĂƐƋƵĞŵŝ Yh/s>E ŶŝƉŽƚĞ͘ ƐŽďƌŝŶĂ͘

<s/E ĂůůƌŝŐŚƚ͕ǇŽƵƚǁŽƐŝĐŬ Ě͛ĂĐĐŽƌĚŽ͕ǀŽŝĚƵĞ ǇĂǀĂůĞ͕ǀŽƐŽƚƌŽƐĚŽƐ ĨƵĐŬƐĂƌĞĐƵƚŽĨĨ͘ ƉĞƌǀĞƌƚŝƚŝŶŽŶďĞǀĞƚĞ ŶŽďĞďĠŝƐŶŝƵŶĂŐŽƚĂ Ɖŝƶ͘ ŵĄƐ͘

&ZE< ǁŝůůƉŽǁĞƌ͕ŵǇĨƌŝĞŶĚ͊ ĨŽƌǌĂĚŝǀŽůŽŶƚă͕ ĨƵĞƌǌĂĚĞǀŽůƵŶƚĂĚ͕ ǁŝůůƉŽǁĞƌ͊ǁĞĂƌĞ ĂŵŝĐŽŵŝŽ͕ĨŽƌǌĂĚŝ ĂŵŝŐŽŵşŽ͘ĨƵĞƌǌĂĚĞ ǁĂƌƌŝŽƌƐďĂƚƚůŝŶŐ ǀŽůŽŶƚă͘ŶŽŝƐŝĂŵŽ ǀŽůƵŶƚĂĚ͘ŶŽƐŽƚƌŽƐ ĂŐĂŝŶƐƚƚŚĞĚĂƌŬ ŐƵĞƌƌŝĞƌŝŝŶůŽƚƚĂĐŽŶ ƐŽŵŽƐŐƵĞƌƌĞƌŽƐ͕ '/D ĨŽƌĐĞƐŽĨŽƵƌƉƌŝŵĂů ůĞĨŽƌǌĞŽƐĐƵƌĞĚĞůůĂ Yh/s>E ĞƐƚĂŵŽƐĞŶ Yh/s>E ŶĂƚƵƌĞ͘ŬŶŝŐŚƚƐ ŶŽƐƚƌĂŶĂƚƵƌĂ ĐŽŶƐƚĂŶƚĞůƵĐŚĂ ƚĂŬŝŶŐƵƉĂƌŵƐ ƉƌŝŵŝŐĞŶŝĂ͘ĐĂǀĂůŝĞƌŝ ĐŽŶƚƌĂůĂƐĨƵĞƌǌĂƐ ĂŐĂŝŶƐƚŽƵƌ ĐŚĞŝŵƉƵŐŶĂŶŽůĞ ŽƐĐƵƌĂƐĚĞŶƵĞƐƚƌĂ ĂŶŝŵĂůŝƐƚŝĐŝŵƉƵůƐĞƐ ĂƌŵŝĐŽŶƚƌŽŝŶŽƐƚƌŝ ŶĂƚƵƌĂůĞǌĂƉƌŝŵĂƌŝĂ͘ ŝŶĂĚĞďĂƵĐŚĞĚ ŝŵƉƵůƐŝĂŶŝŵĂůĞƐĐŚŝ͕ ĐĂďĂůůĞƌŽƐƋƵĞ ĐƵůƚƵƌĞ͘ĚŽŝŶŐďĂƚƚůĞ ŝŶƵŶĂĐƵůƚƵƌĂ ĞŵƉƵŹĞŶůĂƐĂƌŵĂƐǇ ĞǀĞƌǇĚĂǇ͕ ĚŝƐƐŽůƵƚĂ͕ĚŝĂŵŽ ůĂƐĞŵƉůĞĂŶĐŽŶƚƌĂ ŐĞŶƚůĞŵĞŶ͘ĞǀĞƌǇ ďĂƚƚĂŐůŝĂŽŐŶŝŐŝŽƌŶŽ ƐƵƐŝŵƉƵůƐŽƐ ƐŝŶŐůĞĚĂǇ͊ ƐŝŐŶŽƌŝŵŝĞŝ͕ŽŐŶŝ ĂŶŝŵĂůĞƐ͕ĞŶƵŶ ƐŝŶŐŽůŽŐŝŽƌŶŽ͘ ŵƵŶĚŽĚĞ ĐŽƌƌƵƉĐŝſŶ͕ůŝďƌĂŵŽƐ ůĂďĂƚĂůůĂƚŽĚŽƐůŽƐ ĚşĂƐ͕ƐĞŹŽƌĞƐ͕ƚŽĚŽƐ ǇĐĂĚĂƵŶŽĚĞůŽƐ ĚşĂƐ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^dsdK&/KE ůŽŽŬĂƚŵĞ͘ŝĐĂŶΖƚŐŽ ŐƵĂƌĚĂŵŝ͘ŶŽŶƉŽƐƐŽ ŵşƌĂŵĞ͕ŶŽƉƵĞĚŽŝƌ ƚŽũĂŝů͘ŝŵŝŐŚƚĂƐǁĞůů ĂŶĚĂƌĞŝŶƉƌŝŐŝŽŶĞ͕ůŽ ĂůĂĐĄƌĐĞů͕ƐĞƌşĂ ^K^ ǁĞĂƌŚĞĞůƐ͘ ƐĂŝƋƵĞůůŽĐŚĞŵŝ D/d/'d/KE ĐŽŵŽĞŶƚƌĂƌĐŽŶ Yh/s>E ĨĂƌĞďďĞƌŽ͘ ŵŝŶŝĨĂůĚĂ͘

6XPPHUWLPH 6HDVRQ(SLVRGH EŝŐŚƚĐůƵď͘&ŝŽŶĂĂŶĚsĞƌŽŶŝĐĂǁŽƌŬŝŶŐ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&/KE ǁŚĂƚĂďŽƵƚŚĂů͍ ŵĂƐĐƵƐĂ͕ŚĂů͍ ǇƋƵĠƉĂƐĂĐŽŶŚĂů͍

:^D/E ĂŶŶƵĂůŵŝĐŚŝŐĂŶ ŐŝƚĂĚŝƉĞƐĐĂĂŶŶƵĂůĞ ĞƐƚĄĞŶƐƵĞǆĐƵƌƐŝſŶ ĨŝƐŚŝŶŐƚƌŝƉǁŝƚŚƚŚĞ ŝŶŵŝĐŚŝŐĂŶĐŽŶŐůŝ ĚĞƉĞƐĐĂĂŶƵĂůĐŽŶ ƐŽĨƚďĂůůďƵĚĚŝĞƐ͘ ĂŵŝĐŝĚĞůƐŽĨƚďĂůů͘ ƐƵƐĂŵŝŐŽƐĚĞů ŵŽƐƋƵŝƚŽƐ͕ďƌĂƚǁƵƌƐƚ ǌĂŶǌĂƌĞ͕ƐĂůƐŝĐĐĞĞ ďĂƐĞďĂůů͘ŵŽƐƋƵŝƚŽƐ͕ ĂŶĚŐĂůůŽŶƐŽĨ ůŝƚƌŝĚŝďƵĚǁĞŝƐĞƌ͘ ƐĂůĐŚŝĐŚĂƐǇůŝƚƌŽƐĚĞ ďƵĚǁĞŝƐĞƌ͘ ďƵĚǁĞŝƐĞƌ͘

^K^ sZKE/ ƐŽƵŶĚƐƉƌĞƚƚǇ ŵŝƌŝĐŽƌĚĂďƌŽŬĞďĂĐŬ Yh/s>E ŵĞƐƵĞŶĂĂ Yh/s>E ďƌŽŬĞďĂĐŬƚŽŵĞ͘ ŵŽƵŶƚĂŝŶ͘ ďƌŽŬĞďĂĐŬŵŽƵŶƚĂŝŶ͘

/ůůĞŐĂůĨŝŐŚƚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/E ŬŝĐŬŚŝŵďĂĐŬ͕ǇŽƵΖƌĞ ĞĐŽůƉŝƐĐŝůŽ͕ĐŽŵďĂƚƚŝ ƉĠŐĂůĞ͘ƉĞůĞĂƐĐŽŵŽ ƉƵŶĐŚŝŶŐůŝŬĞĂĨĂŐ͘ ĐŽŵĞƵŶĨŝŶŽĐĐŚŝŽ͘ ƵŶŵĂƌŝĐĂ͘ ^K Yh/s>E Yh/s>E

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

<s/E ŽŚ͕ǇĞƐƚĞƌĚĂǇŝƚǁĂƐ ŽŚ͕ŝĞƌŝĐĞů͛ĂǀĞǀĂĐŽŶ ŽŚ͕ĂǇĞƌĞƌĂŶŶŝǆŽŶǇ ŶŝǆŽŶĂŶĚũŝŵŵǇ ŶŝǆŽŶĞũŝŵŵǇĐĂƌƚĞƌ͘ ũŝŵŵǇĐĂƌƚĞƌ͘ƋƵĠůĞ ĐĂƌƚĞƌ͘ǁŚĂƚΖƐŝƚ ŽŐŐŝĂĐŚŝƚŽĐĐĂ͍ ŽĐƵƌƌĞŚŽǇ͍ ƚŽĚĂǇ͍

E ŵŝĞƌĚĂ͘͟ƐŝƐŝŐƵĞ DW>/&/d/KE ůŝŬĞƚŚŝƐ͕ǇŽƵΖƌĞŐŽŝŶŐ ƉĞŐŐŝŽƌĂƌĞƚŝ ǇĞŶĚŽĂƉĞŽƌŚĂďƌĄ ƚŽŚĂǀĞƚŽĐĂůůďĞĐŬǇ͘ ƚŽĐĐŚĞƌăĐŚŝĂŵĂƌĞ ƋƵĞůůĂŵĂƌĂďĞĐŬǇ͘ ďĞĐŬǇ͘

^ƚĂŶΖƐŚŽƵƐĞ;ĂďŽǀĞƚŚĞĂůŝďŝͿ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^dE ŶŽ͘ŶŶŽ͕ŝĚŽŶΖƚǁĂŶƚ ŶŽ͕ŶŽ͕ŶŽŶǀŽŐůŝŽ ŶŽ͕ŶŽ͕ŶŽ͕ŶŽ͕ŶŽ ƚŽǁĂƚĐŚŵǇ ďĂĚĂƌĞĂĐŽŵĞƉĂƌůŽ͘ ƋƵŝĞƌŽĐƵŝĚĂƌůŽƋƵĞ ůĂŶŐƵĂŐĞ͘ŝΖǀĞďĞĞŶ ŚŽƉĂƌůĂƚŽŝŶƋƵĞƐƚŽ ĚŝŐŽ͘ŚĞŚĂďůĂĚŽĂƐş ƐƉĞĂŬŝŶŐƚŚŝƐ ŵŽĚŽƉĞƌŐůŝƵůƚŝŵŝ ĚĞƐĚĞŚĂĐĞĐŝŶĐƵĞŶƚĂ ůĂŶŐƵĂŐĞĨŽƌƚŚĞůĂƐƚ ĐĂǌǌŽĚŝĐŝŶƋƵĂŶƚĂ ĂŹŽƐ͕ũŽĚĞƌ͘ŶŽ͕ ĨŝĨƚǇŐŽĚĚĂŵŶǇĞĂƌƐ͘ ĂŶŶŝ͘ŽƌĂƐƚĂŵŵŝĂ ĞƐĐƷĐŚĂŵĞƚƷ ŶŽ͕ǇŽƵůŝƐƚĞŶƚŽŵĞ͕ ƐĞŶƚŝƌĞďƌƵƚƚĂĨŝŐůŝĂ ŵĂůĚŝƚĂŚŝũĂĚĞƵŶĂ ǇŽƵĨƵĐŬŝŶŐĚĂƵŐŚƚĞƌ ĚŝƵŶĂƉƵƚƚĂŶĂŐŝĂůůĂ͘ ƉƵƚĂĂŵĂƌŝůůĂ͘ŚŽůĂ͍ ŽĨĂĐŚŝŶŬǁŚŽƌĞ͘ ƉƌŽŶƚŽ͍ŵĂůĞĚĞƚƚĂ͕ ƉƵƚĞƌĂ͘ĐŽŹŽ͕ƐĞƌĄ ŚĞůůŽ͍ŐŽĚĚĂŵŶĐƵŶƚ͕ ƚƌŽŝĂ͕ƚƌŽŝĂ͕ƚƌŽŝĂ͘ŚĂ ǌŽƌƌĂ͍ĞƐĂƚşĂŵĞŚĂ Z ĐƵŶƚ͕ĐƵŶƚ͘ƐŚĞŚƵŶŐ ĐŚŝƵƐŽŝůƚĞůĞĨŽŶŽ͘ Yh/s>E ĐŽůŐĂĚŽ͘ǇůĂŵƵǇ Yh/s>E ƵƉŽŶŵĞ͘ƚŚĞďŝƚĐŚ ƋƵĞůůĂƉƵƚƚĂŶĂŶŽŶ ƉƵƚĂŶŽƐĂďşĂŶŝ ĚŝĚŶΖƚƐƉĞĂŬŽŶĞ ĐŽŶŽƐĐĞǀĂŶĞŵŵĞŶŽ ŚĂďůĂƌĞŶĐƌŝƐƚŝĂŶŽ͘ ǁŽƌĚŽĨĞŶŐůŝƐŚ͘ ůĂůŝŶŐƵĂ͘ƐĞŶĞƐƚĂƌă ƉƌŽďĂďůĞŵĞŶƚĞĞƐƚĠ ƐŚĞΖƐƉƌŽďĂďůǇŝŶƚŚĞ ŶĞůƐĞŵŝŶƚĞƌƌĂƚŽĚŝ ĞŶĞůƐſƚĂŶŽĚĞĂůŐƷŶ ďĂƐĞŵĞŶƚŽĨƐŽŵĞ ƵŶďŽƌĚĞůůŽĂ ďƵƌĚĞůĚĞĐĂůĐƵƚĂ͘ǇǇ ǁŚŽƌĞŚŽƵƐĞŝŶ ĐĂůĐƵƚƚĂĞĞƉŽŝ ƚĞƉƵĞĚĞƐĐƌĞĞƌĞƐƚĂ ĐĂůĐƵƚƚĂ͘ĂĂŶĚǁŽƵůĚ ƋƵĞƐƚĂƐƚƌŽŶǌĂƚĂ͍ ŵŝĞƌĚĂ͍ ǇŽƵďĞůŝĞǀĞƚŚŝƐƐŚŝƚ͍ Z^ Yh/s>E DW>/&/d/KE

Z^ Yh/s>E Yh/s>E

<s/E ǁŚĂƚƐŚŝƚ͍ ĐŚĞƐƚƌŽŶǌĂƚĂ͍ ƋƵĠŵŝĞƌĚĂ͍

^dE ŵǇĞůĞĐƚƌŝĐďŝůů͘ ůĂŵŝĂďŽůůĞƚƚĂĚĞůůĂ ŵŝĨĂĐƚƵƌĂĚĞůĂůƵǌ͘ ĞŝŐŚƚǇͲƐĞǀĞŶŚƵŶĚƌĞĚ ůƵĐĞ͘ŽƚƚŽĐĞŶƚŽ ŽĐŚŽŵŝůƐĞƚĞĐŝĞŶƚŽƐ ďƵĐŬƐĨŽƌĞůĞĐƚƌŝĐŝƚǇ͘ ƐĞƚƚĂŶƚĂĚŽůůĂƌŝĚŝ ƉĂǀŽƐĞŶĞůĞĐƚƌŝĐŝĚĂĚ͘ ǇŽƵŬŶŽǁ͕ŝΖǀĞďĞĞŶ ĞůĞƚƚƌŝĐŝƚă͘ŝŽŚŽ ƐĂďĞƐ͍ůůĞǀŽĐŽŶĞƐƚĞ ƌƵŶŶŝŶŐƚŚŝƐďĂƌĨŽƌ ŐĞƐƚŝƚŽƋƵĞƐƚŽďĂƌ ďĂƌĐƵĂƌĞŶƚĂĂŹŽƐǇ ĨŽƌƚǇǇĞĂƌƐĂŶĚŝ ƉĞƌƋƵĂƌĂŶƚĂĂŶŶŝĞ ŶŝŶŐƵŶĂĚĞůĂƐ ŶĞǀĞƌŐŽƚĂďŝůůƚŚĂƚ ŶŽŶŚŽŵĂŝƌŝĐĞǀƵƚŽ ĨĂĐƚƵƌĂƐŚĂůůĞŐĂĚŽ ǁĂƐĞǀĞŶĐůŽƐĞƚŽĂ ƵŶĂďŽůůĞƚƚĂĚŝƋƵĂƐŝ ƐŝƋƵŝĞƌĂĂŵŝůƉĂǀŽƐ͘ ŐƌĂŶĚ͘ĂůůŝǁĂŶƚŝƐ ƵŶƚĞƐƚŽŶĞ͘ƚƵƚƚŽ ǇƐŽůŽƋƵŝĞƌŽƋƵĞ ĨŽƌƚŚĞŵƚŽƐĞŶĚŵĞ ƋƵĞůůŽĐŚĞŐůŝĐŚŝĞĚŽ ĞŶǀşĞŶĂƵŶŽĚĞƐƵƐ ŽŶĞŽĨƚŚĞŝƌƚĂĐŽͲ ğĚŝŵĂŶĚĂƌŵŝƵŶŽ ŝŶŵŝŐƌĂŶƚĞƐŝůĞŐĂůĞƐ ĞĂƚŝŶŐ͕ǁĞƚďĂĐŬ ĚŝƋƵĞŝŵĂŶŐŝĂĨĂŐŝŽůŝ ůŽĐŽƐƉŽƌůŽƐƚĂĐŽƐĂ ŵĞƚĞƌƌĞĂĚĞƌƐƚŽ ŝŵŵŝŐƌĂƚŝŵĞƐƐŝĐĂŶŝ ǀĞƌĞůĐŽŶƚĂĚŽƌǇ ĐŽŵĞŚĞƌĞĂŶĚĐŚĞĐŬ ĂĐŽŶƚƌŽůůĂƌĞŝůŵŝŽ ĐŽŵƉƌŽďĂƌĞůƉƵƚŽ ŽƵƚƚŚĞĨƵĐŬŝŶŐ ĐĂǌǌŽĚŝĐŽŶƚĂƚŽƌĞ͘ ĐŚŝƐŵĞ͘ƐĞĂĐĂďſ͘ ƚŚŝŶŐ͊ŶĂŚ͕ƚŚĂƚΖƐŝƚ͕ ŶĂĂŚ͕ŽƌĂďĂƐƚĂ͕ ĚĂŵĞŵŝƌŝĨůĞ͕ǀŽǇĂŝƌ ŐĞƚŵĞŵǇƐŚŽƚŐƵŶ͘ ƉĂƐƐĂŵŝŝůĨƵĐŝůĞĂ ĂůůşĂǀŽůĂƌůĞůĂĐĂďĞǌĂ ŝΖŵŐŽŝŶŐƚŽŐŽĚŽǁŶ ƉŽŵƉĂ͕ĂĚĞƐƐŽǀĂĚŽ ĂĞƐĂǌŽƌƌĂ͘ Z^ ƚŚĞƌĞĂŶĚďůŽǁƚŚĞ ůŞĞĨĂĐĐŝŽƐĂůƚĂƌĞůĂ ^h^d/dhd/KE Yh/s>E Z ĐƵŶƚΖƐŚĞĂĚŽĨĨ͘ ƚĞƐƚĂĂƋƵĞůůĂƚƌŽŝĂ͘ DW>/&/d/KE DW>/&/d/KE

<s/E ŝΖŵŐŽŶŶĂƚĂŬĞĐĂƌĞ ŵĞŶĞŽĐĐƵƉŽŝŽ͕ ǇŽŵĞĞŶĐĂƌŐĂƌĠĚĞ ŽĨƚŚŝƐ͕ĂůůƌŝŐŚƚ͍ Ě͛ĂĐĐŽƌĚŽ͍ ĞƐƚŽ͕ǀĂůĞ͍

^dE ĂƌŝǌŽŶĂΖƐŐŽƚƚŚĞ ƌĂŐĂǌǌŽ͕ŝŶĂƌŝǌŽŶĂ ĞŶĂƌŝǌŽŶĂƐĂďĞŶůŽ

ƌŝŐŚƚŝĚĞĂ͕ďŽǇƚĂŬĞ ŚĂŶŶŽĐĂƉŝƚŽƚƵƚƚŽ͘ ƋƵĞƐĞŚĂĐĞ͕ĐŚĂǀĂů͘ ΖĞŵĚŽǁŶƚŽƚŚĞ ƉŽƌƚĂƌůŝĨŝŶŽĂů ůůĞǀĂƌůŽƐĂůĂĨƌŽŶƚĞƌĂ ďŽƌĚĞƌĂŶĚƚŚƌŽǁ ĐŽŶĨŝŶĞĞďƵƚƚĂƌůŝ ǇĞĐŚĂƌůŽƐƉŽƌ Z/D ΖĞŵŽǀĞƌƚŚĞ ĚĂůů͛ĂůƚƌĂƉĂƌƚĞĚĞůůĂ Yh/s>E ĞŶĐŝŵĂĚĞůĂƉƵƚĂ Yh/s>E Z ŐŽĚĚĂŵŶĨĞŶĐĞ͊ ŐƌĂƚĂ͘ĞĐĐŽĨĂƚƚŽ͘ Yh/s>E ǀĂůůĂ͘ǇǇĂĞƐƚĄ͘ Yh/s>E ƚŚĂƚΖƐŝƚ͘

hŶŝǀĞƌƐŝƚǇĐĂŵƉƵƐ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

d,Z ŝůĂŶĚĞĚĂ ŚŽďĞĐĐĂƚŽƵŶ ŚĞƌĞĐŝďŝĚŽƵŶĂďĞĐĂ ĚĞƉĂƌƚŵĞŶƚŽĨ ĂƉƉĂůƚŽĚĞů ĚĞůĚĞƉĂƌƚĂŵĞŶƚŽĚĞ ĚĞĨĞŶƐĞŐƌĂŶƚ͘ŵŝĐƌŽͲ ĚŝƉĂƌƚŝŵĞŶƚŽĚĞůůĂ ĚĞĨĞŶƐĂ͘ƉƌŽƚŽƚŝƉŽƐ ƌŽďŽƚŝĐƐƐƵƌǀĞŝůůĂŶĐĞ ĚŝĨĞƐĂƉĞƌĚĞŝ ĚĞǀŝŐŝůĂŶĐŝĂŵŝĐƌŽͲ ĚƌŽŶĞƉƌŽƚŽƚǇƉĞƐ͘ ƉƌŽƚŽƚŝƉŝĚŝŵŝĐƌŽ ƌŽďſƚŝĐĂ͘ ĚƌŽŶŝĚŝƐŽƌǀĞŐůŝĂŶǌĂ͘

>/W ĚĂǀǀĞƌŽ͍ Ɛş͍

d,Z ůŝƐƚĞŶ͕ǁŚǇĚŽŶΖƚǇŽƵ ƐŞ͕ďĞŚ͕ƐĞ Ɛş͕ďƵĞŶŽ͕ŶŽƐĠƐŝ ŚĞůƉƵƐǁŝƚŚŝƚ͍ŝ ĨƵŶǌŝŽŶĞƌĂŶŶŽŵŝ ůůĞŐĂƌĄĂĂůŐŽƉĞƌŽ ĐŽƵůĚƉƌŽďĂďůǇ ŵĞƚƚĞƌžŝŶƚĂƐĐĂƵŶ ƉŽƌůŽŵĞŶŽƐŵĞ ǁƌĂŶŐůĞǇŽƵƐŽŵĞĂƉ ďĞůƉŽ͛ĚŝƐŽůĚŝŶŝĚĞů ůůĞǀĂƌĠƵŶĂƉĂƐƚĂĚĞů ĞŶŐŝŶĞĞƌŝŶŐŽƌ ŐŽǀĞƌŶŽ͘ƐĞŶƚŝ͕ ŐŽďŝĞƌŶŽ͘ŽǇĞ͕ƉŽƌ ƉŚǇƐŝĐƐĐƌĞĚŝƚƐ͘ ƉĞƌĐŚĠŶŽŶĐŝĚĂŝƵŶĂ ƋƵĠŶŽŶŽƐĂǇƵĚĂƐ͍ ŵĂŶŽ͍ĨŽƌƐĞƉŽƚƌĞŝ ƉŽĚƌşĂĚĂƌƚĞƵŶŽƐ ƌŝŵĞĚŝĂƌƚŝĚĞŝĐƌĞĚŝƚŝ ĐƌĠĚŝƚŽƐĚĞŝŶŐĞŶŝĞƌşĂ ĞǆƚƌĂƉĞƌĨŝƐŝĐĂŽƉĞƌ ŽĨşƐŝĐĂĂƉůŝĐĂĚĂ͘ ŝŶŐĞŐŶĞƌŝĂ͘

>/W ĂŚ͕ŶŽ͕ƚŚĂŶŬƐ͘ǇŽƵΖƌĞ ĞŚ͕ŶŽ͕ŐƌĂǌŝĞ͘ ŶŽ͕ŐƌĂĐŝĂƐ͘ƚĞŶĚƌĄƐ ŐŽŶŶĂŚĂǀĞƚŽĨŝŐƵƌĞ ĚŽǀƌĞƚĞĨĂƌƐĂůƚĂƌĞŝŶ ƋƵĞĂǀĞƌŝŐƵĂƌĐſŵŽ ŽƵƚŚŽǁƚŽďůŽǁƵƉ ĂƌŝĂĂůƚƌŝƉĂƐƚŽƌŝ ĐĂƌŐĂƌƚĞĂůŽƐ ĂĨŐŚĂŶƐŚĞƉŚĞƌĚƐĂůů ĂĨŐŚĂŶŝĚĂƐŽůŝ͘ ƉĂƐƚŽƌĞƐĚĞ E^ ŽŶǇŽƵƌŽǁŶ͘ Yh/s>E ĂĨŐŚĂŶŝƐƚĂŶƐŽůŝƚŽ͘ Yh/s>E

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

>/W ǇŽƵΖƌĞĂĐƚƵĂůůǇ ŵĂ͕ĨĂŝƐƵůƐĞƌŝŽĐŽŶ ǀĂƐĞŶƐĞƌŝŽĐŽŶĞƐĂ ƐĞƌŝŽƵƐĂďŽƵƚƚŚŝƐ ƋƵĞƐƚĂƐƚƌŽŶǌĂƚĂ͍ ŵŝĞƌĚĂ͍ ƐŚŝƚ͍

/E ǁĞůů͕ŝǁĂƐŝŶƌŽƚĐĨŽƌ ƐŽŶŽƐƚĂƚŽŶĞŝŐŝŽǀĂŶŝ ďƵĞŶŽ͕ŚĞĞƐƚĂĚŽ ƚǁŽǇĞĂƌƐ͕ƐŽ͕ǁŚĂƚ ƉĂƌăƉĞƌĚƵĞĂŶŶŝ͕ ĞŶƚƌĞŶĂŶĚŽĚƵƌĂŶƚĞ ĚŝĚǇŽƵƚŚŝŶŬ͕ůŝƉ͍ ƐĞĐŽŶĚŽƚĞ͍ ĚŽƐĂŹŽƐ͕ƚƷƋƵĠ ĐƌĞĞƐ͍

>/W ŝĚŽŶΖƚŬŶŽǁ͘ŝ ŶŽŶƐĂƉƌĞŝ͕ĐƌĞĚĞǀŽ ƋƵĠƐĞǇŽ͘ĐƌĞşĂƋƵĞ ƚŚŽƵŐŚƚŝƚǁĂƐƐŽŵĞ ĨŽƐƐĞƵŶĂƐƚƵƉŝĚĂ ĞƌĂƵŶĂĨĂƐĞĞƐƚƷƉŝĚĂ ŬŝŶĚŽĨƐƚƵƉŝĚ͕ ĨĂƐĞĂĚŽůĞƐĐĞŶǌŝĂůĞĞ ĚĞĞƐĂƐƋƵĞƉĂƐĂŶĞŶ ĨƵĐŬĞĚͲƵƉĂĚŽůĞƐĐĞŶƚ ŝŶǀĞĐĞǀŽƌƌĞƐƚŝ ůĂĂĚŽůĞƐĐĞŶĐŝĂ͕ƉĞƌŽ ƉŚĂƐĞ͘ŝŵĞĂŶ͕ǇŽƵ ĚĂǀǀĞƌŽĨĂƌƚŝƐƉĂƌĂƌĞ ĚĞǀĞƌĚĂĚƋƵŝĞƌĞƐ ƌĞĂůůǇǁĂŶƚƚŽŐĞƚ ŶĞůĐƵůŽŝŶƋƵĂůĐŚĞ ǀŽůĂƌĞŶƉĞĚĂǌŽƐĞŶ ǇŽƵƌĂƐƐƐŚŽƚŽĨĨŝŶ ͚ƐƚĂŶŶĞůŵŽŶĚŽ͍ ĂůŐƷŶ͚ƐƚĂŶĚĞĞƐŽƐ͍ ƐŽŵĞΖƐƚĂŶ ƐŽŵĞǁŚĞƌĞ͍

E Yh/s>E Yh/s>E

/E ƐƚĂŶ͍ ƐƚĂŶ͍ ƐƚĂŶ͍

>/W ǇĞĂŚ͕ƉĂŬŝƐƚĂŶ͕ ƐŞ͕ƉĂŬŝƐƚĂŶ͕ Ɛş͕ƉĂŬŝƐƚĂŶ͕ ĂĨŐŚĂŶŝƐƚĂŶ͕ ĂĨŐŚĂŶŝƐƚĂŶ͕ ĂĨŐŚĂŶŝƐƚĂŶ͕ ŝƌĂƋŝƐƚĂŶ͘ ŝƌĂƋŝƐƚĂŶ͘ ŝƌĂƋŝƐƚĂŶ͘

E^ /E ŝŐƵĞƐƐŝΖŵĂƉĂƚƌŝŽƚ͘ ĨŽƌƐĞƐŽŶŽƵŶ Yh/s>E ŽǇĞ͕ƐŽǇƵŶƉĂƚƌŝŽƚĂ͘ Yh/s>E ƉĂƚƌŝŽƚĂ͘

>/W ĨƵĐŬ͘ ĐĂǌǌŽ͘ ŶŽŵĞũŽĚĂƐ͘

ůŝďŝ;ďĂƐĞŵĞŶƚͿ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

sZKE/ ƚŚŝƐŝƐŶΖƚ͕ŐŽƚƉƵůůĞĚ ƋƵĞƐƚŽŶŽŶğŵŝ ĞƐƚŽŶŽĞƐĐŽŵŽƐŝƚĞ ŽǀĞƌǁŝƚŚĂŚĂůĨũŽŝŶƚ ĂǀĞƚĞďĞĐĐĂƚŽĐŽŶ ƉŝůůĂŶĐŽŶƵŶĂƉĂǀĂ ŝŶĂŶĂƐŚƚƌĂǇƉŽƚ͘ƚŚŝƐ ŵĞǌǌĂĐĂŶŶĂŶĞů ĚĞĐĂŶƵƚŽĞŶĞů ŝƐŵĞǆŝĐĂŶĐĂƌƚĞů͕ ƉŽƌƚĂĐĞŶĞƌĞ͘ƋƵĞƐƚŽ ĐĞŶŝĐĞƌŽ͘ĞƐƚŽĞƐĚĞ ƐŝǆƚǇǇĞĂƌƐŝŶƚŚĞ ğŶĂƌĐŽƚƌĂĨĨŝĐŽ ŶŝǀĞůĐĂƌƚĞů

E^ ĨĞĚĞƌĂůƐůĂŵŵĞƌƉŽƚ͘ ŵĞƐƐŝĐĂŶŽ͕ Yh/s>E ŵĞǆŝĐĂŶŽ͕ĚĞƉĂƐĂƌ Yh/s>E ƐĞƐƐĂŶƚΖĂŶŶŝŝŶƵŶ ƐĞŝƐĂŹŽƐĞŶĞůƚƌƵůůŽ͘ ĐĂƌĐĞƌĞĨĞĚĞƌĂůĞ͘

<s/E ǁĂŝƚ͕ǁĂŝƚ͘ ŵĂĐŚĞƚŝĚŝĐĞůĂ ĞƐƉĞƌĂ͕ƋƵĠƋƵŝĞƌĞƐ ǁŚĂƚĂƌĞǇŽƵƚĂůŬŝŶŐ ƚĞƐƚĂ͍ůĂǀƵŽŝ ĚĞĐŝƌ͕ĚĞƐƚƌƵŝƌůŽ͍ ĂďŽƵƚ͍ĚĞƐƚƌŽǇŝƚ͍ ĚŝƐƚƌƵŐŐĞƌĞ͍

Z^ sZKE/ ŬĞǀŝŶ͕ƚŚĞƌĞΖƐĂ ŬĞǀŝŶ͕ƐĂƌĂŶŶŽĚƵĞ Yh/s>E ŬĞǀŝŶ͕ĂƋƵşŚĂǇĐŽŵŽ Yh/s>E ĐŽƵƉůĞŽĨƚŽŶƐŽĨ ƋƵŝŶƚĂůŝĚ͛ĞƌďĂĞŝŽ ĚŽƐƚŽŶĞůĂĚĂƐĚĞ ǁĞĞĚĚŽǁŶŚĞƌĞ͕ ƐŽŶŽŶĞƌĂ͘ ŵĂƌşĂǇǇŽƐŽǇŶĞŐƌĂ͘ ĂŶĚŝΖŵďůĂĐŬ͘

6XPPHU/RYLQJ 6HDVRQ(SLVRGH 'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&/KE ƵŶĨŽƌƚƵŶĂƚĞůǇĨƌĂŶŬ ĨƌĂŶŬŚĂƉĞŶƐĂƚŽĚŝ ƉŽƌĚĞƐŐƌĂĐŝĂĨƌĂŶŬ ŚĂƐƌĞŶƚĞĚŽƵƚŚŝƐ ĂĨĨŝƚƚĂƌĞůĂƐƵĂƐƚĂŶǌĂ ŚĂĂůƋƵŝůĂĚŽƐƵ ƌŽŽŵƚŽĂƉƌĞŐŶĂŶƚ ĂƵŶĂĚŽŶŶĂŝŶĐŝŶƚĂ͕ ĐƵĂƌƚŽĂƵŶĂ ǁŽŵĂŶ͘ ƉƵƌƚƌŽƉƉŽ͘ ĞŵďĂƌĂǌĂĚĂ͘

/ ŝĂůƌĞĂĚǇƚŽůĚƚŚĞŵ͘ ŐŝăŐůŝĞů͛ŚŽĚĞƚƚŽ͘ ǇĂƐĞůŽŚĞĚŝĐŚŽǇŽ͘

&/KE ǇŽƵůĞƚŚĞƌŝŶůĂƐƚ ů͛ŚĂŝĨĂƚƚĂĞŶƚƌĂƌĞƚƵ͍ ƚƷůĂĚĞũĂƐƚĞĞŶƚƌĂƌ͍ ŶŝŐŚƚ͍

/ ƐŚĞůĞƚŚĞƌƐĞůĨŝŶ͘ƐŚĞ ğĞŶƚƌĂƚĂĚĂƐŽůĂ͘ŚĂ ŶŽ͕ĞŶƚƌſƐŽůĂ͕ƚŝĞŶĞ ŚĂƐĂŬĞǇ͘ďĞƐŝĚĞƐ͕ ůĂĐŚŝĂǀĞ͘ĞƉŽŝǀŝĞŶĞ ůůĂǀĞ͘ĂĚĞŵĄƐ͕ĞƐ ƐŚĞΖƐĨƌŽŵĐŚŝŶĂ͘ ĚĂůůĂĐŝŶĂ͕ůŞ ĐŚŝŶĂ͘ĂůůşŵĂƚĂŶĂ ƚŚĞǇŬŝůůĞǆƚƌĂďĂďŝĞƐ ƵĐĐŝĚŽŶŽŝďĂŵďŝŶŝ ůŽƐďĞďĠƐĚĞŵĄƐ͘ ƚŚĞƌĞ͘ ĚŝƚƌŽƉƉŽ͘ E^ Yh/s>E Yh/s>E

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

E^ Z> ĞǀĞƌĞĂƚĂĚŽŐ͍ ŚĂŝŵĂŝŵĂŶŐŝĂƚŽƵŶ Yh/s>E ŚĂƐĐŽŵŝĚŽƉĞƌƌŽ͍ Yh/s>E ĐĂŶĞ͍

E^ ^/EtKDE ǁŚĞƌĞĨƌĂŶŬ͍ ĚŽǀ͛ğĨƌĂŶŬ͍ >/D/Ed/KE ĚſŶĚĞĨůĂŶŬ͍ Yh/s>E

Z> ĐŚŽĐŽůĂƚĞͲĐŽǀĞƌĞĚ ƵŶƉĂƐƐĞƌŽĐŽƉĞƌƚŽĚŝ ŐŽƌƌŝſŶĐŽŶ ƐƉĂƌƌŽǁ͍ ĐŝŽĐĐŽůĂƚĂ͍ ĐŚŽĐŽůĂƚĞ͍

&ZE< ǁŚĞƌĞΖƐƚŚĞŵŽŶĞǇ͍ ĚŽǀĞƐŽŶŽŝƐŽůĚŝ͍ ǇůĂƉĂƐƚĂ͍

E^ &/KE ĂƐŬŬƵŶŐĨƵƉĂŶĚĂ͘ ĐŚŝĞĚŝůŽĂŬƵŶŐĨƵ Yh/s>E ƉƌĞŐƵŶƚĂĂŬƵŶŐĨƵ Yh/s>E ƉĂŶĚĂ͘ ƉĂŶĚĂ͘

&ZE< ǇŽƵƚƌŝĐŬĞĚŵĞ͍ ŵŝĂǀĞƚĞƉƌĞƐŽŝŶ ŵĞŚĂƐĞŶŐĂŹĂĚŽ͍ ŐŝƌŽ͍

&/KE ǇŽƵŐĂǀĞƐŽŵĞďŽĚǇĂ ŚĂŝĚĂƚŽůĞĐŚŝĂǀŝĂ ůĞŚĂƐĚĂĚŽƵŶĂ ŬĞǇƚŽŽƵƌŚŽƵƐĞ͍ ƵŶĂƐĐŽŶŽƐĐŝƵƚĂ͘ ĚĞƐĐŽŶŽĐŝĚĂůĂůůĂǀĞ ĚĞĐĂƐĂ͍

E^ / ĂƌĞǁĞŐŽŶŶĂŐĞƚ ĐŝƉƌĞŶĚĞƌĞŵŽůĂ Yh/s>E ǀĂŵŽƐĂĐŽŐĞƌůĂ Yh/s>E ďŝƌĚĨůƵ͍ ĂǀŝĂƌŝĂ͍ ŐƌŝƉĞĂǀŝĂƌ͍

&/KE ŶŽ͊ŐŽǁĂƚĐŚƚŚĞ ŶŽ͕ĐŽŶƚƌŽůůĂŝ ŶŽ͕ǀĞĂǀŝŐŝůĂƌĂůŽƐ ŬŝĚƐ͕ƉůĞĂƐĞ͘΀͙΁ ďĂŵďŝŶŝ͕ƉĞƌĨĂǀŽƌĞ͘ ŶŝŹŽƐ͕ƉŽƌĨĂǀŽƌ͘΀͙΁ ΀͙΁

E^ &ZE< ƉĞŽƉůĞĂƌĞŝŶĂŶĚ ƋƵŝĐ͛ğƵŶǀŝĂǀĂŝƚŝƉŽ Yh/s>E ƐŝĞŶƚƌĄŝƐǇƐĂůşƐĚĞ Yh/s>E ŽƵƚŽĨŚĞƌĞůŝŬĞŝƚΖƐĂ ďŽƌĚĞůůŽĚĞů ĂƋƵşĐŽŵŽƐŝĨƵĞƌĂ ŐƵĂƚĞŵĂůĂŶ ŐƵĂƚĞŵĂůĂ͘ŶŽŶ ƵŶďƵƌĚĞů ǁŚŽƌĞŚŽƵƐĞ͘ŝĚŝĚŶΖƚ ƉĞŶƐĂǀŽĐŚĞƚĞŶĞ ŐƵĂƚĞŵĂůƚĞĐŽ͕ŶŽ ƚŚŝŶŬǇŽƵΖĚŶŽƚŝĐĞ͘ ƐĂƌĞƐƚŝĂĐĐŽƌƚĂ͘ ĐƌĞşƋƵĞƚĞĚŝĞƌĂƐ ĐƵĞŶƚĂ͘

&/KE ŝŶŽƚŝĐĞƚŚĂƚǇŽƵΖƌĞ ŵŝĂĐĐŽƌŐŽĐŚĞƐĞŝ ŵĞĚŽǇĐƵĞŶƚĂĚĞ ŚĞƌĞ͘ĂŶĚƚŚĞŽŶůǇ ǀĞŶƵƚŽƚƵ͕ƐŽůŽ ƋƵĞƚƷĞƐƚĄƐĂƋƵşǇůĂ ƌĞĂƐŽŶǁŚǇŝƐƚŚĂƚ ƉĞƌĐŚĠƉĞŶƐĂǀŝĐŚĞĐŝ ƷŶŝĐĂƌĂǌſŶĞƐƋƵĞ ǇŽƵƚŚŽƵŐŚƚŵŽŶĞǇ ĨŽƐƐĞƌŽĚĞŝƐŽůĚŝ͕ ĐƌĞşĂƐƋƵĞŚĂďşĂ ĐĂŵĞŝŶ͘ĚŽǇŽƵŬŶŽǁ ƉĞƌž͘ƐĂŝĐŚĞƐƵĐĐĞĚĞ ůůĞŐĂĚŽĚŝŶĞƌŽ͘ƐĂďĞƐ ǁŚĂƚŐŽĞƐŽŶĂƌŽƵŶĚ ƋƵŝƋƵĂŶĚŽƚƵŶŽŶĐŝ ůŽƋƵĞƉĂƐĂĂƋƵş ŚĞƌĞǁŚĞŶǇŽƵΖƌĞŶŽƚ ƐĞŝ͍ƐŝǀŝǀĞ͘ ĐƵĂŶĚŽƚƷŶŽĞƐƚĄƐ͍ ŚĞƌĞ͍ůŝĨĞ͘ ůĂǀŝĚĂ͘

&ZE< ŚƵĂŶǇŝŶŐ͘ ŚƵĂŶǇŝŶŐ͘ ŚƵĂŶǇŝŶŐ͘

&/KE ǇŽƵĐĂŶƐƚĂǇƵŶƚŝůƚŚĞ ƉƵŽŝƌĞƐƚĂƌĞĨŝŶĐŚĠ ƉƵĞĚĞƐƋƵĞĚĂƌƚĞ ďĂďǇΖƐďŽƌŶ͕ďƵƚ ŶŽŶŶĂƐĐĞŝů ŚĂƐƚĂƋƵĞŶĂǌĐĂĞů ǇŽƵΖƌĞŚĞůƉŝŶŐǁŝƚŚ ďĂŵďŝŶŽ͕ŵĂĚŽǀƌĂŝ ďĞďĠƉĞƌŽĂǇƵĚĂƌĄƐ ƚŚĞĚĂǇĐĂƌĞ͘ŐĞƚŝŶ ĚĂƌƚŝĚĂĨĂƌĞ͘ǀĂĚŝůĂ ĞŶůĂŐƵĂƌĚĞƌşĂ͘ǀĞĂ ƚŚĞŬŝƚĐŚĞŶĂŶĚƐƚĂƌƚ ƌŝĞŵƉŝůĞƚĂǌǌĞĚĞŝ ůĂĐŽĐŝŶĂǇĞŵƉŝĞǌĂĂ ĨŝůůŝŶŐƐŝƉƉǇĐƵƉƐ͘ ƌĂŐĂǌǌŝ͘ ůůĞŶĂƌďŝďĞƌŽŶĞƐ͘

E^ ^/EtKDE ŶŽĞŶŐƌŝƐŚ͘ ŶŽĐĂƉŝƌĞ͘ Yh/s>E ŶŽĞŶƚĞŶĚĞů͘ Yh/s>E

&/KE ƐƚĂƌƚĨŝůůŝŶŐĐƵƉƐǁŝƚŚ ƌŝĞŵƉŝůĞƚĂǌǌĞĐŽŶ ĞŵƉŝĞǌĂĂůůĞŶĂƌůŽƐ ĂƉƉůĞũƵŝĐĞ͕ŽƌŝΖůů ƐƵĐĐŽĚŝŵĞůĂŽĨĂƌž ĚĞǌƵŵŽĚĞŵĂŶǌĂŶĂ ŚĂǀĞǇŽƵĂŶĚǇŽƵƌ ĞƐƉĂƚƌŝĂƌĞƚĞĞŝůƚƵŽ ŽŚĂƌĠƋƵĞŽƐ ĐŽŵŵŝĞĨĞƚƵƐ ĨĞƚŽĐŽŵƵŶŝƐƚĂ ĚĞƉŽƌƚĞŶĂƚŝǇĂƚƵ ĚĞƉŽƌƚĞĚĨĂƐƚĞƌƚŚĂŶ ƉƌŝŵĂĐŚĞƚƵƉŽƐƐĂ ĨĞƚŽĐŽŵƵŶŝƐƚĂĂŶƚĞƐ E^ ǇŽƵĐĂŶƐĂǇΗƐĂŝŐŽŶ͘͟ ĚŝƌĞ͞ƐĂŝŐŽŶ͘͟ Yh/s>E ĚĞƋƵĞƉƵĞĚĂƐĚĞĐŝƌ Yh/s>E E Yh/s>E ͞ƐĂŝŐŽŶ͘͟ Yh/s>E

^ƚƌĞĞƚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

E^ Z> ǁĞŐŽŶŶĂŚĂǀĞĂ ĂǀƌĞŵŽƵŶĨƌĂƚĞůůŽ Yh/s>E ǀĂŵŽƐĂƚĞŶĞƌƵŶ Yh/s>E ďƌŽƚŚĞƌƚŚĂƚůŽŽŬƐ ĐŚĞƐŽŵŝŐůŝĂĂũĞƚůŝ͍ ŚĞƌŵĂŶŽƉĂƌĞĐŝĚŽĂ ůŝŬĞũĞƚůŝ͍ ũĞƚůŝ͍

&ZE< ŝĚŝĚŶΖƚŬŶŽĐŬƚŚĂƚ ŶŽŶŚŽŵĞƐƐŽŝŶĐŝŶƚĂ ǇŽŶŽĚĞũĠƉƌĞŹĂĚĂĂ ǁŽŵĂŶƵƉ͘ŝĂŵ ŝŽƋƵĞůůĂĚŽŶŶĂ͕ůĞ ĞƐĂƚşĂ͘ƐŽůŽůĞĚŽǇ ŐŝǀŝŶŐŚĞƌƐĂŶĐƚƵĂƌǇ ƐƚŽƐŽůŽĚĂŶĚŽƵŶ ƌĞĨƵŐŝŽĞŶƵŶĂƚŝĞƌƌĂ ŝŶĂŚŽƐƚŝůĞĐŽƵŶƚƌǇ͘ ƌŝĨƵŐŝŽŝŶƵŶƉĂĞƐĞ ŚŽƐƚŝů͘ ŽƐƚŝůĞ͘

<ĂƐŚΖƐƐƚŽƌĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

D/<z ƚŚĂƚƚŚĞŬŝŶĚŽĨ ƚŝǀƵŽŝŝŵƉŽƌƌĞŝŶ ĞƐĞĞƐĞůůŝĚĞƌĂǌŐŽ ůĞĂĚĞƌƐŚŝƉǇŽƵƉůĂŶ ƋƵĞƐƚŽŵŽĚŽ ƋƵĞƉŝĞŶƐĂƐƚĞŶĞƌĞŶ ŽŶďƌŝŶŐŝŶŐƚŽƚŚĞ ŶĞůů͛ĞƐĞƌĐŝƚŽ͍ ĞůĞũĠƌĐŝƚŽ͍ ĂƌŵǇ͍

^K^ /E ƐĂŝĚůĂƐƚŶŝŐŚƚΖƐ ĚŝƐƐĞŝůĐƵůĞƚƚŽ Yh/s>E ĚŝĐĞĞůƋƵĞƉŽŶĞĞů Yh/s>E ďŽƚƚŽŵ͘ ƉĂƐƐŝǀŽ͘ ĐƵůŽ͘

' D/<z ǁŚĂƚĞǀĞƌ͘ůŝŬŝŶŐǁŚĂƚ ĐŚĞǀƵŽůĚŝƌĞ͍ŵŝ D/d/'d/KE ƉƵĞƐǀĂůĞ͕ƚĞŶĞƌĞƐŽƐ Yh/s>E ŝůŝŬĞĚŽŶΖƚŵĂŬĞŵĞ ƉŝĂĐĞŵĂŶŽŶƐŽŶŽ ŐƵƐƚŽƐŶŽŵĞ ĂďŝƚĐŚ͘ ƵŶĂƐŝŐŶŽƌŝŶĂ͘ ĐŽŶǀŝĞƌƚĞĞŶƵŶĂ ƉƵƚĂ͘

ůĚĞƌůǇƌĞƐŝĚĞŶĐĞǀĂŶ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Z/D tKDE ŐŽĚůŽǀĞƐǇŽƵ͘ ĚŝŽƚŝĂŵĂǀĞƌŽŶŝĐĂ͘ Yh/s>E ĚŝŽƐƚĞĂŵĂ͘ Yh/s>E

Z/D sZKE/ ǇĞĂŚ͕ŝĨƚŚĂƚǁĞƌĞ ƐĞĨŽƐƐĞǀĞƌŽŵŝ Yh/s>E ƐŝĞƐŽĨƵĞƌĂĐŝĞƌƚŽ Yh/s>E ^/D ƚƌƵĞ͕ŚĞΖĚŚĂǀĞŵĂĚĞ ĂǀƌĞďďĞĨĂƚƚĂďŝĂŶĐĂ Yh/s>E ŵĞŚĂďƌşĂŚĞĐŚŽ Yh/s>E ŵĞǁŚŝƚĞĂŶĚƌŝĐŚ͘ ĞƌŝĐĐĂ͘ ďůĂŶĐĂǇƌŝĐĂ͘

ŽƚƚŝĞΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Kdd/ ŝŬŶŽǁĞǀĞƌǇŽŶĞĐĂůůƐ ƐŽĐŚĞƚƵƚƚŝŵŝ ǇĂƐĠƋƵĞƚŽĚŽƐŵĞ ŵĞďƵƚƚĞƌĨĂĐĞ͘ ĐŚŝĂŵĂŶŽ͞ƚƌĂŶŶĞůĂ ůůĂŵĄŝƐ ŶŽƚŚŝŶŐŝĐĂŶĚŽ ĨĂĐĐŝĂ͕͟ŶŽŶƉŽƐƐŽ ͞ƉĞƌŽƋƵĞũĞƚĂ͕͟ƉĞƌŽ ĂďŽƵƚŝƚ͘ ĨĂƌĐŝŶŝĞŶƚĞ͘΀͙΁ ŶŽƉƵĞĚŽŚĂĐĞƌ ŶĂĚĂ͘΀͙΁

&ZE< ŚŽǁŝƐŝƚƚŚĂƚǇŽƵĂŶĚ ĐŽŵ͛ğƉŽƐƐŝďŝůĞĐŚĞ ĐſŵŽĞƐƋƵĞƚƷǇǇŽ ŝďŽƚŚƐƉĞŶƚƐŽŵƵĐŚ ƚƵĞŝŽĂďďŝĂŵŽ ŚĂďŝĞŶĚŽƉĂƐĂĚŽ ƚŝŵĞĂƚƚŚĞĂůŝďŝ͕ďƵƚ ƉĂƐƐĂƚŽƚĂŶƚŽƚĞŵƉŽ ƚĂŶƚşƐŝŵŽƚŝĞŵƉŽĞŶ ǁĞŶĞǀĞƌŚŽŽŬĞĚƵƉ͍ Ăůů͛Ăůŝďŝ͕ŵĂŶŽŶ ĞůĂůŝďŝŶŽŶŽƐŚĞŵŽƐ ƐŝĂŵŽŵĂŝƐƚĂƚŝ ůŝĂĚŽŶƵŶĐĂ͍ ŝŶƐŝĞŵĞ͍

Kdd/ ŽŶůǇŐŽŽĚƚŚŝŶŐ ů͛ƵŶŝĐĂĐŽƐĂƉŽƐŝƚŝǀĂ ůŽƷŶŝĐŽďƵĞŶŽĚĞ ĂďŽƵƚďĞŝŶŐĂĨĞŵĂůĞ ĚŝĞƐƐĞƌĞƵŶĂ͞ƚƌĂŶŶĞ ƐĞƌƵŶĂŵƵũĞƌĐŽŶ ďƵƚƚĞƌĨĂĐĞŝƐŝ ůĂĨĂĐĐŝĂ͟ğĐŚĞŝŶ ĞƐƚĂĐĂƌĂĞƐƋƵĞ ĂĐƚƵĂůůǇŐĞƚďĞƚƚĞƌ ƌĞĂůƚăĐŽůƉĂƐƐĂƌĞ ƐĞŐƷŶǀĂŶƉĂƐĂŶĚŽ '/D ůŽŽŬŝŶŐƚŽŵĞŶĂƐ ĚĞůůĂƐĞƌĂƚĂƐĞŵďƌŽ Yh/s>E ůĂƐŚŽƌĂƐůŽƐ Yh/s>E

^K/D ƚŚĞŶŝŐŚƚŐŽĞƐŽŶ͘ ƉŝƶďĞůůĂĂŐůŝƵŽŵŝŶŝ͘ Yh/s>E ŚŽŵďƌĞƐŵĞǀĞŶ Yh/s>E ǁŚĞƌĞĂƐǇŽƵ ŵĞŶƚƌĞƚƵ ŵĄƐŐƵĂƉĂ͘ŵŝĞŶƚƌĂƐ ƋƵĞĂƚŝ

&ZE< ǁŚĞƌĞĂƐŝǁŚĂƚ͍ǁ ŵĞŶƚƌĞŝŽĐŽƐĂ͍ĂͲ ĂŵŝƋƵĠ͍ĞĞĞ ǁĂŝƚ͘ĂŵŝƚŚĞŵĂůĞ ĂƐƉĞƚƚĂ͘ĂŶĐŚ͛ŝŽƐĂƌĞŝ ĞƐƉĞƌĂ͕ĞƐƉĞƌĂ͘ƐŽǇĞů ďƵƚƚĞƌĨĂĐĞ͍ ƵŶ͞ƚƌĂŶŶĞůĂĨĂĐĐŝĂ͘͟ ͞ƉĞƌŽƋƵĞũĞƚĂ͟ ŵĂƐĐƵůŝŶŽ͍

ĂŶĚǇǀĂŶ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

<s/E ǁĞĂƌĞĐƌƵƐŚŝŶŐŝƚ͘ ůŝƉ͕ĂŶĚŝĂŵŽĂůůĂ ŶŽƐĞƐƚĂŵŽƐ ŐƌĂŶĚĞ͘ ĨŽƌƌĂŶĚŽ͘

^^ >/W ŶŽƚŚŝŶŐƉĂǇƐůŝŬĞ ƐĨŝŐĂƚŝ͕ďĂŵďŝŶŝĞ ^h^d/dhd/KE ŶŽŚĂǇŶĂĚĂĐŽŵŽ >/D/Ed/KE ŚŝƉƐƚĞƌƐ͕ŵŝŶŽƌƐĂŶĚ ǀĞĐĐŚŝĞĨĂŶŶŽ ǀĞŶĚĞƌĂŵĞŶŽƌĞƐǇ ƚŚĞĞůĚĞƌůǇ͘ ŐƵĂĚĂŐŶĂƌĞ͘ ĂŶĐŝĂŶŽƐ͘

<s/E ǀ͕ǇŽƵŐŽƚƚŽƐƚĂƌƚ ǀĞƌŽŶŝĐĂĚŽǀƌĞƐƚŝ ƚŝĞŶĞƐƋƵĞƚƌĂĞƌƚĞ ďƌŝŶŐŝŶŐƚŚŽƐĞ ƉŽƌƚĂƌůŝƋƵŝƚƵƚƚŝŝ ƉŽƌĂƋƵşĞƐŽƐǀŝĞũŽƐ ŐĞĞǌĞƌƐĂƌŽƵŶĚĞǀĞƌǇ ŐŝŽƌŶŝ͕ĂĚŽƌĂŶŽŝ ƚŽĚŽƐůŽƐĚşĂƐ͘ůĞƐ ĚĂǇ͘ƚŚĞǇůŽǀĞƚŚĞŝƌ ĚŽůĐŝ͘ ĞŶĐĂŶƚĂĞůĂǌƷĐĂƌ͘ ƐƵŐĂƌ͘

, OOOLJKWDFDQGOHIRU\RXHYHU\GD\ 6HDVRQ(SLVRGH ĂƌŽůΖƐŚĂŝƌƐĂůŽŶ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

ZK> ǁĞůů͕ĚĞƉĞŶĚƐŽŶ ďĞŚ͕ĚŽǀĞǀƵŽůĞ ĚĞƉĞŶĚĞĚĞĚſŶĚĞ ǁŚĞƌĞǇŽƵǁĂŶƚƚŽ ƚƌĂƐĐŽƌƌĞƌĞ ƋƵŝĞƌĂƉĂƐĂƌůĂ ƐƉĞŶĚĞƚĞƌŶŝƚǇ͘ ů͛ĞƚĞƌŶŝƚă͍ŝŶƐŝĞŵĞĂ ĞƚĞƌŶŝĚĂĚ͕Ɛŝ ƌŽŽŵŝŶŐǁŝƚŚ ŵĂĚƌĞƚĞƌĞƐĂŽĐŽŶ ĐŚĂƌůĂŶĚŽĐŽŶůĂ Z/D ŵŽƚŚĞƌƚĞƌĞƐĂŽƌ ŽƐĂŵĂďŝŶůĂĚĞŶ͍ Yh/s>E ŵĂĚƌĞƚĞƌĞƐĂŽĐŽŶ Yh/s>E ŽƐĂŵĂďŝŶůĂĚĞŶ͍ ŽƐĂŵĂďŝŶůĂĚĞŶ͘

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ǇŽƵŬŶŽǁǁŚĂƚΖƐ ƐĂŝĐŚĞĐ͛ğĚŝ ƐĂďĞƐƋƵĞƚŝĞŶĞĚĞ ǁƌŽŶŐǁŝƚŚƚŚĞŽƌŐĂŶ ƐďĂŐůŝĂƚŽŶĞůƐŝƐƚĞŵĂ ŵĂůŽŶƵĞƐƚƌŽƐŝƐƚĞŵĂ ƚƌĂŶƐƉůĂŶƚƐǇƐƚĞŵ͍ ĚĞŝƚƌĂƉŝĂŶƚŝĚŝ ĚĞƚƌĂƐƉůĂŶƚĞƐĚĞ ŽƌŐĂŶŝ͍ ſƌŐĂŶŽƐ͍

<s/E ŶŽ͕ĂŶĚŝĚŽŶΖƚĐĂƌĞ͕ ŶŽ͕ĞŶŽŶŵŝŝŵƉŽƌƚĂ ŶŽ͕ǇŶŽŵĞŝŵƉŽƌƚĂ͕ ďƵƚŝĚŽƵďƚƚŚĂƚΖůů ŵĂƚƵŵĞůŽĚŝƌĂŝůŽ ƉĞƌŽƐƵƉŽŶŐŽƋƵĞ ƐƚŽƉǇŽƵ͘ ƐƚĞƐƐŽ͘ ŵĞůŽĐŽŶƚĂƌĄƐŝŐƵĂů͘

&ZE< ŝĨǇŽƵΖƌĞǁĂŝƚŝŶŐĨŽƌĂ ƐĞƐĞŝŝŶĂƚƚĞƐĂĚĞů ƋƵĞƐŝĞƐƉĞƌĂƐƵŶ ŶĞǁŽƌŐĂŶ͕ǇŽƵĂƌĞ ƚƌĂƉŝĂŶƚŽĚŝƵŶ ſƌŐĂŶŽŶƵĞǀŽĞƐƚĄƐ ũƵƐƚŝŶƚĞƌĨĞƌŝŶŐǁŝƚŚ ŶƵŽǀŽŽƌŐĂŶŽƐƚĂŝ ŝŶƚĞƌĨŝƌŝĞŶĚŽĞŶůŽƐ ŐŽĚΖƐƉůĂŶ͘ ƐŽůĂŵĞŶƚĞ ƉůĂŶĞƐĚŝǀŝŶŽƐ͘ Z/D ŝŶƚĞƌĨĞƌĞŶĚŽĐŽŶŝů Yh/s>E Yh/s>E ƉŝĂŶŽĚŝĚŝŽ͘

<s/E ǁŚĂƚ͕ƐŽŐŽĚΖƐƉůĂŶ ĂŚ͕ƋƵŝŶĚŝŝůƉŝĂŶŽĚŝ ĂƐşƋƵĞƐƵƉůĂŶĞƐ ŝƐ͕ƐŽŵĞůŝƚƚůĞŬŝĚĚŝĞƐ ĚŝŽğĨĂƌŵŽƌŝƌĞƵŶ ƋƵĞĂůŐƷŶĐƌşŽŵƵĞƌĂ ŽĨŬŝĚŶĞǇĨĂŝůƵƌĞ ďĂŵďŝŶŽƉĞƌĐŚĠŶŽŶ ĚĞĨĂůůŽƌĞŶĂůƉŽƌƋƵĞ ďĞĐĂƵƐĞŚĞĚŝĚŶΖƚŐĞƚ ŚĂĂǀƵƚŽƵŶ ŶŽůĞŚĂŶ ĂƚƌĂŶƐƉůĂŶƚ͍΀͙΁ ƚƌĂƉŝĂŶƚŽ͍΀͙΁ ƚƌĂƐƉůĂŶƚĂĚŽ͍΀͙΁

Z/D &ZE< ŐŽĚΖƐƉůĂŶŝƐƚŚĂƚǇŽƵ ŝůƉŝĂŶŽĚŝĚŝŽğĐŚĞ Yh/s>E ĞůƉůĂŶĚĞĚŝŽƐĞƐ Yh/s>E ƚĂŬĞǁŚĂƚǁĞĂƌĞ ƚƵƚŝĂĐĐŽŶƚĞŶƚŝĚŝ ƋƵĞĐĂĚĂƵŶŽĂĐĞƉƚĞ ŐŝǀĞŶĂŶĚĚŽŶΖƚ ƋƵĞůůŽĐŚĞŚĂŝƐĞŶǌĂ ůŽƋƵĞƐĞůĞĚĂǇŶŽ ĐŽŵƉůĂŝŶ͘ŶŽŽŶĞŝƐ ŵĞƚƚĞƌƚŝĂ ƐĞƋƵĞũĞ͘ǇĂŶĂĚŝĞƐĞ ƐĂƚŝƐĨŝĞĚǁŝƚŚǁŚĂƚ ƉƌŽƚĞƐƚĂƌĞ͘ĂůŐŝŽƌŶŽ ĂĐŽŶƚĞŶƚĂĐŽŶůŽƋƵĞ ƚŚĞǇŚĂǀĞĂŶǇŵŽƌĞ͘ Ě͛ŽŐŐŝŶĞƐƐƵŶŽğƉŝƶ ŚĂƌĞĐŝďŝĚŽ͘ƚŽĚŽƐ ĂůǁĂǇƐƚƌǇŝŶŐƚŽŐĞƚ ƐŽĚĚŝƐĨĂƚƚŽĚŝƋƵĞůůŽ ŝŶƚĞŶƚĂŶƚĞŶĞƌĂůŐŽ ƐŽŵĞƚŚŝŶŐďĞƚƚĞƌ͘Ηŝ ĐŚĞŚĂŽƌŵĂŝ͘ƐŝĐĞƌĐĂ ŵĞũŽƌ͘͞ŶŽŵĞŐƵƐƚĂ ĚŽŶΖƚůŝŬĞŵǇŚĞĂƌƚ͖ŝ ƐĞŵƉƌĞĚŝĂǀĞƌĞ ŵŝĐŽƌĂǌſŶ͕ǀŽǇĂ

ƚŚŝŶŬŝΖůůŐĞƚŽŶĂůŝƐƚ͕ ƋƵĂůĐŽƐĂĚŝŵĞŐůŝŽ͘ ƉŽŶĞƌŵĞĞŶůĂůŝƐƚĂ ŐĞƚĂŶĞǁŽŶĞ͕ ͞ŶŽŶŵŝƉŝĂĐĞŝůŵŝŽ ƉĂƌĂƵŶŽŶƵĞǀŽǇ ƵƉŐƌĂĚĞ͘͟ ĐƵŽƌĞ͕ĐƌĞĚŽĐŚĞŵŝ ŵĞũŽƌ͘͟ ŵĞƚƚĞƌžŝŶůŝƐƚĂ͕ŶĞ ƉƌĞŶĚĞƌžƵŶĂůƚƌŽ͕ƵŶ ƵƉŐƌĂĚĞ͘͟

<s/E ǇŽƵƚĂůŬŝŶŐĂďŽƵƚ ƉĂƌůŝĚŝ͞ƚƌĂŶŶĞůĂ ĞƐƚĄƐŚĂďůĂŶĚŽĚĞ ͞ďƵƚƚĞƌĨĂĐĞ͍͟ ĨĂĐĐŝĂ͍͟ ͞ƉĞƌŽƋƵĞũĞƚĂ͍͟

Z/D &ZE< ŝĨǇŽƵΖǀĞŐŽƚĂďƵŵ ƐĞŵĂŐĂƌŝŚĂŝƵŶ Yh/s>E ƐŝƚŝĞŶĞƐƵŶĐŽƌĂǌſŶ Yh/s>E ŚĞĂƌƚ͕ƚŚĂƚΖƐǇŽƵƌůŽƚ ĐƵŽƌĞŵĂůĂƚŽĐŝĚĞǀŝ ĚĞĨĞĐƚƵŽƐŽĞƐůŽƋƵĞ ŝŶůŝĨĞ͘ĚŽŶΖƚƚĂŬĞ ƐƚĂƌĞ͘ğŝůĐĞƌĐŚŝŽ ƚĞƚŽĐĂ͘ŶŽůĞƋƵŝƚĞƐ ƐŽŵĞŽŶĞĞůƐĞΖƐ͘ŝƚΖƐ ĚĞůůĂǀŝƚĂ͕ŶŽŶ ĞůƐƵǇŽĂŽƚƌŽ͘ŶŽĞƐ ŶŽƚǇŽƵƌƐ͘ƐŚĞŐŽƚ ƉƌĞŶĚĞƌĞŝůĐƵŽƌĞĚŝ ƚƵǇŽ͘ƐĞŚĂůůĞǀĂĚŽ ĂůŽŶŐũƵƐƚĨŝŶĞǁŝƚŚ ƋƵĂůĐƵŶĂůƚƌŽ͘ŶŽŶ ŵƵǇďŝĞŶĐŽŶƚƵ ŚĞƌŚĞĂƌƚĂůůƚŚĞƐĞ ĨĂƌůŽ͕ƋƵĞůůŽŶŽŶğ ĐŽƌĂǌſŶƚŽĚŽƐĞƐƚŽƐ ǇĞĂƌƐ͘ǁŚǇΖƐƐŚĞŐŽƚ ƚƵŽ͘ĚŽƚƚŝĞĐŽƌŽŶŝƐŚĂ ĂŹŽƐ͕ƉŽƌƋƵĠĞƐƚĂŶ ƚŽďĞŐƌĞĞĚǇĂŶĚ ǀŝƐƐƵƚŽ ĐŽĚŝĐŝŽƐĂǇƋƵŝĞƌĞ ǁĂŶƚĂŶŽƚŚĞƌŽŶĞ͍ ƚƌĂŶƋƵŝůůĂŵĞŶƚĞĐŽů ŽƚƌŽĂŚŽƌĂ͍ƉŽĚƌşĂ ĐŽƵůĚďĞǁŽƌƐĞ͘ƐŚĞ ƐƵŽĐƵŽƌĞƉĞƌƚƵƚƚŝ ƐĞƌƉĞŽƌ͕ƉŽĚƌşĂƐĞƌ ĐŽƵůĚďĞůŝŬĞƚŚŽƐĞ ƋƵĞƐƚŝĂŶŶŝ͘ƉĞƌĐŚĠ ĐŽŵŽĞƐŽƐƋƵĞŶĂĐĞŶ ƉĞŽƉůĞďŽƌŶǁŝƚŚŽƵƚ ĂĚĞƐƐŽĚŽǀƌĞďďĞ ƐŝŶĐŽƌĂǌſŶ͘ ĂŚĞĂƌƚ͘ ĞƐƐĞƌĞĂǀŝĚĂĞ ǀŽůĞƌŶĞƵŶĂůƚƌŽ͍ ƉŽƚĞǀĂĂŶĚĂƌůĞ ƉĞŐŐŝŽ͕ƉŽƚĞǀĂĞƐƐĞƌĞ ƵŶĂĚŝƋƵĞůůĞƉĞƌƐŽŶĞ ĐŚĞŶĂƐĐŽŶŽƐĞŶǌĂƵŶ ĐƵŽƌĞ͘

<s/E ǇŽƵŵĞĂŶĚĞĂĚ ĐŝŽğƵŶĂƉĞƌƐŽŶĂ ŚĂďůĂƐĚĞůŽƐ ƉĞŽƉůĞ͍ ŵŽƌƚĂ͘ ŵƵĞƌƚŽƐ͍

dKDDz ǁŽƌŬĞĚǁŝƚŚĂŐƵǇ ůĂǀŽƌŽĐŽŶƵŶŽĚĞů ǇŽĐŽŶŽǌĐŽĂƵŶƚşŽ ĨƌŽŵŵŝĐŚŝŐĂŶ͕ŽŶůǇ ŵŝĐŚŝŐĂŶĐŚĞƐĂƉĞǀĂ ĚĞŵŝĐŚŝŐĂŶƋƵĞƐŽůŽ ƐƉŽŬĞĞŶŐůŝƐŚ͘ŐŽƚĂ ĂŵĂůĂƉĞŶĂƉĂƌůĂƌĞ͕ ŚĂďůĂďĂŶƵĞƐƚƌŽ ůŝǀĞƌƚƌĂŶƐƉůĂŶƚĨƌŽŵ ŚĂĂǀƵƚŽƵŶƚƌĂƉŝĂŶƚŽ ŝĚŝŽŵĂ͕ůĞŚŝĐŝĞƌŽŶƵŶ ĂŵĞǆŝĐĂŶ͘ƐƵĚĚĞŶůǇ ĚŝĨĞŐĂƚŽĚĂƵŶ ƚƌĂƐƉůĂŶƚĞĚĞŚşŐĂĚŽ ƐƉĞĂŬƐƉĞƌĨĞĐƚ ŵĞƐƐŝĐĂŶŽĞĂĚĞƐƐŽ ĚĞƵŶďƌĂƐŝůĞŹŽǇĚĞ ƐƉĂŶŝƐŚ͘ ƉĂƌůĂƵŶƉĞƌĨĞƚƚŽ ƉƌŽŶƚŽƐĂďşĂŚĂďůĂƌ ƐƉĂŐŶŽůŽ͘ ƉŽƌƚƵŐƵĠƐ͘

&ZE< ĂŶĚũƵƐƚΖĐĂƵƐĞƐŚĞΖƐ ĞƐŽůƚĂŶƚŽƉĞƌĐŚĠğ ƐŽůŽƉŽƌƋƵĞĞƐƚĠĞŶ ŽŶƐŽŵĞƐƚƵƉŝĚůŝƐƚ͕ ƐĞŐŶĂƚĂƐƵƵŶĂ ĞƐĂĞƐƚƷƉŝĚĂůŝƐƚĂ͕ƉŽƌ ŚŽǁĐŽŵĞƐŚĞΖƐƚŚĞ ƐƚƵƉŝĚĂůŝƐƚĂŽƌĂůĞŝ ƋƵĠǀĂĂƐĞƌůĂ ŶĞǆƚŽŶĞŝŶůŝŶĞ͍ ĚŽǀƌĞďďĞĂǀĞƌĞ ƉƌŝŵĞƌĂ͕ĂǀĞƌ͍ ŵĂǇďĞƚŚĞƌĞΖƐ ĂŶĐŚĞůĂƉƌĞĐĞĚĞŶǌĂ͍ ƉƵĞĚĞƋƵĞŚĂǇĂ ƐŽŵĞŽŶĞŶĞĞĚŝĞƌŽƌ ĨŽƌƐĞĐ͛ğƋƵĂůĐƵŶ ĂůŐƵŝĞŶŵĄƐ ŵŽƌĞĚĞƐĞƌǀŝŶŐ͕ůŝŬĞ ĂůƚƌŽĐŚĞŶĞŚĂƉŝƶ ŶĞĐĞƐŝƚĂĚŽ͘ŽƋƵĞƐĞ ĂďůĂĐŬǁŽŵĂŶ͘ ďŝƐŽŐŶŽ͕ĐŚĞĨŽƌƐĞƐĞ ůŽŵĞƌĞǌĐĂŵĄƐ͕ ƚŚŽƐĞƉĞŽƉůĞŚĂǀĞ ůŽŵĞƌŝƚĂ͘ƵŶĂĚŽŶŶĂ ĐŽŵŽƵŶĂŵƵũĞƌ ŐŽƚƚĞŶĂďƵŵƌĂƉŝŶ ĚŝĐŽůŽƌĞŵĂŐĂƌŝ͘ ŶĞŐƌĂ͘ĞƐĂŐĞŶƚĞůŽ ŽƵƌƐŽĐŝĞƚǇ͕ďĞŝŶŐ ƋƵĞůůĞƉŽǀĞƌĞƚƚĞƐĞ ŚĂƉĂƐĂĚŽŵƵǇŵĂů '/D ƚǁŽŵŝŶŽƌŝƚŝĞƐĂŶĚ ůĂǀĞĚŽŶŽƉĂƌĞĐĐŚŝŽ Yh/s>E ĞŶŶƵĞƐƚƌĂƐŽĐŝĞĚĂĚ Yh/s>E Z/D Ăůů͘ ďƌƵƚƚĂŶĞůůĂŶŽƐƚƌĂ DW>/&/d/KE ĐŽŶĞƐŽĚĞƐĞƌĚĞ Yh/s>E ƐŽĐŝĞƚă͕ĞƐƐĞŶĚŽĚƵĞ ĚŽƐŵŝŶŽƌşĂƐ͘ ŵŝŶŽƌĂŶǌĞŝŶƵŶĂ͘

<s/E ŝƐŚŽƵůĚĐĂůůǀĂŶĚƚĞůů ĐŚŝĂŵŽǀĞƌŽŶŝĐĂĞ ǀŽǇĂůůĂŵĂƌĂǀĞƌŽ ŚĞƌƚŚĂƚ͘ ŐůŝĞůŽĐŚŝĞĚŽ͘ ƉĂƌĂĚĞĐşƌƐĞůŽ͘

&ZE< ĨƌŽŵŶŽǁŽŶ͕ŽŶůǇ Ě͛ŽƌĂŝŶƉŽŝƐŽůŽůĞ ĚĞƐĚĞĂŚŽƌĂ͕ƚŽĚŽƐ '/D ďůĂĐŬůĂĚŝĞƐƐŚŽƵůĚ ĚŽŶŶĞŶĞƌĞ Yh/s>E ůŽƐƚƌĂƐƉůĂŶƚĞƐ Yh/s>E Z/D ŐĞƚĂůůƚŚĞŽƌŐĂŶ ĚŽǀƌĞďďĞƌŽĂǀĞƌĞ Yh/s>E ĚĞďĞƌşĂŶƐĞƌƉĂƌĂ Yh/s>E '^ ƚƌĂŶƐƉůĂŶƚƐ͘ĨŝŶĂůůǇ ƚƌĂƉŝĂŶƚŝĚŝŽƌŐĂŶŝ͘ Yh/s>E ŵƵũĞƌĞƐŶĞŐƌĂƐ͘ƋƵĞ Yh/s>E Z^ ŐŝǀĞƚŚĞŵĨŝƌƐƚĐƌĂĐŬ ŶĞůůĂůŽƌŽǀŝƚĂ Yh/s>E ĂůĨŝŶƐĞĂŶůĂƐ Yh/s>E ' ĂƚƐŽŵĞƚŚŝŶŐŝŶƚŚŝƐ ƉŽƚƌĂŶŶŽĞƐƐĞƌĞ Yh/s>E ƉƌŝŵĞƌĂƐĞŶĂůŐŽĞŶ Yh/s>E Z ůŝĨĞƚŝŵĞ͘ ƉƌŝŵĞŝŶƋƵĂůĐŽƐĂ Yh/s>E ĞƐƚĂǀŝĚĂ͘ Yh/s>E ĨŝŶĂůŵĞŶƚĞ͘

$EHDXWLIXOPHVV 6HDVRQ(SLVRGH 'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

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<s/E ǁŚĂƚĂƌĞǇŽƵĚŽŝŶŐ͍ ŵĂĐŚĞĨĂŝ͍ğƚƵƚƚĂ ƋƵĠĞƐƚĄƐŚĂĐŝĞŶĚŽ͍ ǇŽƵΖǀĞďĞĞŶĂĐƚŝŶŐ ů͛ĞƐƚĂƚĞĐŚĞƚŝ ůůĞǀĂƐƚŽĚŽĞůǀĞƌĂŶŽ '^ ůŝŬĞĂĚƵĚĞĂůů ĐŽŵƉŽƌƚŝĐŽŵĞƵŶ Yh/s>E ƉŽƌƚĄŶĚŽƚĞĐŽŵŽƵŶ Yh/s>E '/D ƐƵŵŵĞƌ͘ ƌĂŐĂǌǌŽ͘ Yh/s>E ƚşŽ͘ Yh/s>E

'^ &/KE ŽŚ͕ŝƚΖƐŽŬĂǇĨŽƌŐƵǇƐ ĂŚ͕ŝƌĂŐĂǌǌŝƉŽƐƐŽŶŽ Yh/s>E ůŽƐƚşŽƐƉƵĞĚĞŶ DW>/&/d/KE ƚŽƉůĂǇƚŚĞĨŝĞůĚ͕ďƵƚ ƐƉĂƐƐĂƌƐĞůĂĞŝŽŶŽ͍ ƉŽŶĞƌůŽƐĐƵĞƌŶŽƐ͕ ŶŽƚŵĞ͍ ƉĞƌŽǇŽŶŽ͍

<s/E ŝƚΖƐŽŬĂǇŝĨǇŽƵǁĂŶƚ ƉƵŽŝ͕ŵĂƐŝůĂǀĞƌĂŶŶŽ ĞƐƚĄďŝĞŶƐŝƋƵŝĞƌĞƐ ŐƵǇƐƚŽƐƚĂƌƚƌƵŶŶŝŶŐ ŝůƉŝƐĞůůŽŶĞůůĂ ƋƵĞůŽƐƚşŽƐƐĞůĂǀĞŶ ƚŚĞŝƌĚŝĐŬƐƚŚƌŽƵŐŚ ůĂǀĂƐƚŽǀŝŐůŝĞĚŽƉŽ ƐƵƐƉĂƌƚĞƐĞŶĞů ƚŚĞĚŝƐŚǁĂƐŚĞƌĂĨƚĞƌ ĂǀĞƌůŽƵƐĂƚŽĐŽŶƚĞ͘ ůĂǀĂǀĂũŝůůĂƐĚĞƐƉƵĠƐ ƚŚĞǇďŽŶĞǇŽƵ͘ ĚĞĨŽůůĂƌƚĞ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

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&/KE ũĞƐƵƐ͕ǁŚĂƚŝƐƚŚĂƚ͕Ă ŽŚŐĞƐƶ͕ŵĂĐŚĞ ĐŝĞůŽƐ͕ƋƵĠĞƐĞƐŽ͕ ƌĂƐŚ͍ ĐŽƐ͛ğ͕ƵŶĞƌŝƚĞŵĂ͍ ƵŶĂĂůĞƌŐŝĂ͍

/ ǁŚĂƚ͍ǇĞĂŚ͕ŝƚŚŝŶŬ ĐŽƐĂ͍ŽŚ͕ƐŞ͕ĐƌĞĚŽ ƋƵĠ͍ŽŚ͕Ɛş͘ĐƌĞŽƋƵĞ ŝƚΖƐĨƌŽŵƚŚĂƚůĂƵŶĚƌǇ ĐŚĞƐŝĂĐŽůƉĂĚĞů ĞƐƉŽƌĞƐĞũĂďſŶƋƵĞ ƐŽĂƉŝŐŽƚĂƚƚŚĞ ƐĂƉŽŶĞĐŚĞŚŽƉƌĞƐŽ ĐŽŵƉƌĠĞŶĞů ĨĂŵŝůǇĚŽůůĂƌƐƚŽƌĞ͘ ĂůĚŝƐĐŽƵŶƚ͘ğĨĂƚƚŽŝŶ ĂůŵĂĐĠŶĚĞůĂƐ ŵĂĚĞŝŶĐŚŝŶĂ͘ ĐŝŶĂ͕ĐŝƐĂƌăůĂ ŐĂŶŐĂƐ͘ĞƐƚĄŚĞĐŚŽ E^ ƉƌŽďĂďůǇƚĂŝŶƚĞĚ ŵĞůĂŵŵŝŶĂ͘ Yh/s>E ĞŶĐŚŝŶĂ͕ĞƐƚĂƌĄ Yh/s>E E/D ǁŝƚŚŵĞůĂŵŝŶĞ͘ Yh/s>E ƚĞŹŝĚŽĐŽŶ Yh/s>E ŵĞůĂŵŝŶĂ͘

ĂƐŬĞƚďĂůůĐŽƵƌƚ͘

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ĂƐŬĞƚďĂůůĐŽƵƌƚ͘

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dE/^, ǇŽƵďĞƚƚĞƌƐƚĂǇĂǁĂǇ ğŵĞŐůŝŽĐŚĞƐƚĂŝ ŽǇĞ͕ƉŝǀĂ͕ŶŽƚĞ ĨƌŽŵŵǇŵĂŶ͘ ůŽŶƚĂŶĂĚĂůŵŝŽ ĂĐĞƌƋƵĞƐĂŵŝ ƵŽŵŽ͘ ŚŽŵďƌĞ͘

D>/< ƚĂŶŝƐŚĂ͕ǁŚǇǇŽƵ ƚĂŶŝƐŚĂ͕ĚŝĐŚĞƚŝ ƚĂŶŝƐŚĂ͕ŶŽĨůŝƉĞƐ͕ǇĂ ƚƌŝƉƉŝŶΖ͍ǇŽƵŬŶŽǁ ŝŵƉŝĐĐŝ͍ůŽƐĂŝĐŚĞ ƐĂďĞƐƋƵĞŶŽ ǁĞΖƌĞŶŽƚƚŽŐĞƚŚĞƌ ŶŽŶƐƚŝĂŵŽƉŝƶ ĞƐƚĂŵŽƐũƵŶƚŽƐ͘ ŶŽŵŽƌĞ͘ ŝŶƐŝĞŵĞ͘

d,> ŝŵĞĂŶƚŶŽŚĂƌŵ͕ ŶŽŶĂǀĞǀŽďƌƵƚƚĞ ŶŽƋƵĞƌşĂŵŽůĞƐƚĂƌ͕ ƚĂŶŝƐŚĂ͘ǁŚĞƌĞŝ ŝŶƚĞŶǌŝŽŶŝ͕ĚĂĚŽǀĞ ƚĂŶŝƐŚĂ͘ĚĞĚŽŶĚĞǇŽ '/D ĐŽŵĞĨƌŽŵ͕ŝƚΖƐĂŶ ǀĞŶŐŽğƵŶŽŶŽƌĞ Yh/s>E ǀĞŶŐŽĞƐƵŶŚŽŶŽƌ Yh/s>E ŚŽŶŽƌƚŽƐŚĂƌĞǇŽƵƌ ĐŽŶĚŝǀŝĚĞƌĞŝů ĐŽŵƉĂƌƚŝƌĂƚƵ ŵĂŶ͘ ƉƌŽƉƌŝŽƵŽŵŽ͘ ŚŽŵďƌĞ͘

DĞƚƌŽƐƚĂƚŝŽŶ͘

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&/KE ŝƐƚŝůůĚŽŶΖƚ ĂŶĐŽƌĂŶŽŶĐĂƉŝƐĐŽ ƐŝŐŽƐŝŶĞŶƚĞŶĚĞƌƋƵĞ ƵŶĚĞƌƐƚĂŶĚǁŚǇŚĞ ƉĞƌĐŚĠŐůŝĞů͛ŚĂĚĞƚƚŽ͘ ƐĞůŽĐŽŶƚĂƌĂ͘

ƚŽůĚŚĞƌ͘

' sZKE/ ΖĐĂƵƐĞŚĞΖƐĂƉƵƐƐǇ͘ ƉĞƌĐŚĠğƵŶ >/D/Ed/KE ĞƐƵŶŵŝĞƌĚĂ͕ >/D/Ed/KE ǇŽƵĂůǁĂǇƐƉŝĐŬ ƉŝƐĐŝĂƐŽƚƚŽ͕ƚƵƐĐĞŐůŝ ƐŝĞŵƉƌĞƚĞĂƚƌĂĞŶůŽƐ ƉƵƐƐŝĞƐ͘ ƐĞŵƉƌĞŝƉŝƐĐŝĂƐŽƚƚŽ͘ ŵŝĞƌĚĂƐ͘

&/KE ǁĞůů͕ƚŚĞǇĂƌĞǁŚĂƚ ĚŝƐŽƚƚŽĐŽŶŵĞĨĂŶŶŽ ďƵĞŶŽ͕ƐŽŵŽƐůŽƋƵĞ ƚŚĞǇĞĂƚ͘ ĂůƚƌŽ͘ ĐŽŵĞŵŽƐ͘

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^K >/W ǇŽƵŬŶŽǁ͕ƚŚĂƚĚǇŬĞ ƐĂŝ͕ůĂďŝŽŶĚĂůĞƐďŝĐĂ D/d/'d/KE ƐĂďĞƐ͍ĞƐĂďŽůůĞƌĂĚĞ Yh/s>E ĐŚŝĐŬŽŶŐůĞĞƐĂǇƐŝƚΖƐ ĚŝŐůĞĞĚŝĐĞĐŚĞŶŽŶ ŐůĞĞĚŝĐĞƋƵĞŶŽĞƐƚĄ ŶŽƚĐŽŽůƚŽƵƐĞƚŚĂƚ ďŝƐŽŐŶĂƵƐĂƌĞƋƵĞůůĂ ďŝĞŶƵƐĂƌĞƐƚĂ ǁŽƌĚ͘ ƉĂƌŽůĂ͘ ƉĂůĂďƌĂ͘

>/W ŽŶƚŚĞƐƵďũĞĐƚŽĨ ŽŚ͕ĂƉƌŽƉŽƐŝƚŽĚŝ Śŵ͕ŚĂďůĂŶĚŽĚĞ ' ĚŝĐŬƐ͕ĚŽĞƐĐŚŽĂĚǇ ĐĂǌǌŝ͕ŚŽǀŝƐƚŽĐŚĞ >/D/Ed/KE ĐĂƉƵůůŽƐ͕ĞƐĞũŽĚǇ Yh/s>E ŚĂǀĞĂĐŚŽĂĚ͕Žƌ ũŽŚŶƐŽğďĞŶĚŽƚĂƚŽ͘ ƚŝĞŶĞĐŽůĂŽŶŽ͍ƚĞ ǁŚĂƚ͍ǇŽƵΖƌĞďĞƚƚĞƌ ƚƵƐĞŝŵŝŐůŝŽƌĞĚŝůƵŝ͘ ŵĞƌĞĐĞƐĂůŐŽŵĄƐ͕ ƚŚĂŶƚŚŝƐŐƵǇ͕ŬĂƌĞŶ͘ ŬĂƌĞŶ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘ĞďďŝĞďĂďǇƐŝƚƚŝŶŐ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^^ / ƚŚĞƉĞŽƉůĞŽŶƚŚĞ ƋƵĞůůŝĚĞŶƚƌŽĂůďƵƐ Yh/s>E ůĂƐƉĞƌƐŽŶĂƐĚĞůďƵƐ Yh/s>E ^ ďƵƐĂůůƐŵĞůůůŝŬĞƉĞĞ ƉƵǌǌĂŶƚƵƚƚŝĚŝƉŝƉŞ͕ Yh/s>E ŚƵĞůĞŶĂƉŝƐ͕ŚƵĞůĞŶ Yh/s>E ƐŵĞůůůŝŬĞƉĞĞ͕ƐŵĞůů ƚƵƚƚŝĚŝƉŝƉŞ͕ƚƵƚƚŝĚŝ ĂƉŝƐ͕ŚƵĞůĞŶĂƉŝƐ͕ ůŝŬĞƉĞĞƚŚĞƉĞŽƉůĞ ƉŝƉŞ͕ƋƵĞůůŝĚĞŶƚƌŽĂů ůĂƐƉĞƌƐŽŶĂƐĚĞůďƵƐ ŽŶƚŚĞďƵƐĂůůƐŵĞůů ďƵƐƉƵǌǌĂŶƚƵƚƚŝĚŝ ŚƵĞůĞŶĂƉŝƐ͕ƉŽƌƋƵĞ ůŝŬĞƉĞĞŵŽƐƚůŝŬĞůǇ ƉŝƉŞ͕ĨŽƌƐĞƉĞƌĐŚĠ ƐĞŚĂŶŚĞĐŚŽƉŝƐ͘ ďĞĐĂƵƐĞƚŚĞǇƉĞĞĚ͘ ŚĂŶŶŽĨĂƚƚŽƉŝƉŞ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&/KE ƐĂƚƵƌĚĂǇŶŝŐŚƚ͕ǇŽƵΖƌĞ ƐĂďĂƚŽƐĞƌĂǀĞƌƌĂŝĂů ĞůƐĄďĂĚŽƉŽƌůĂ ĐŽŵŝŶŐƚŽĚĞďΖƐ ƉŝŐŝĂŵĂƉĂƌƚǇĚŝ ŶŽĐŚĞĞƐůĂĨŝĞƐƚĂĚĞ ƐůĞĞƉŽǀĞƌ͘ ĚĞďďŝĞ͍ ƉŝũĂŵĂĚĞĚĞď͘

^K^ Z> ƐŽƵŶĚƐŐĂǇ͘ ŵŝƐĞŵďƌĂŐĂǇ͘ Yh/s>E ĞƐŽĞƐĚĞŐĂǇƐ͘ Yh/s>E

<ĞǀŝŶĂŶĚsĞƌŽŶŝĐĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

sZKE/ ǁŚĞƌĞΖƐĞƚŚĞů͍ ĚŽǀ͛ğĞƚŚĞů͍ ǇĞƚŚĞů͍

sZKE/ ǇŽƵůĞƚŚĞƌŐŽ͍ ĐĞů͛ŚĂŝĨĂƚƚĂĂŶĚĂƌĞ͍ ǇůĂŚĂƐĚĞũĂĚŽŝƌ͍

<s/E ƚŚĞǇΖƌĞũƵƐƚĨƌŝĞŶĚƐ͘ ƐŽŶŽƐŽůŽĂŵŝĐŝ͘ ƐŽůŽƐŽŶĂŵŝŐŽƐ͘

'/D sZKE/ ďŽǇƐůŝŬĞŵĂůŝŬĚŽŶΖƚ ƌĂŐĂǌǌŝĐŽŵĞŵĂůŝŬ Yh/s>E ůŽƐĐŚŝĐŽƐĐŽŵŽ Yh/s>E Z/D ŚĂǀĞĨƌŝĞŶĚƐǁŝƚŚ ŶŽŶŚĂŶŶŽĂŵŝĐŝĐŽŶ Yh/s>E ŵĂůŝŬŶŽƚŝĞŶĞŶ Yh/s>E ^/D ǀĂŐŝŶĂƐ͘ ůĂǀĂŐŝŶĂ͘ Yh/s>E ĂŵŝŐŽƐĐŽŶǀĂŐŝŶĂ͘ Yh/s>E '^ Yh/s>E Yh/s>E Z^ Yh/s>E Yh/s>E ^^ Yh/s>E Yh/s>E

<s/E ǁĞůů͕ŝũƵƐƚƚŚŝŶŬŝƚΖƐ ďĞŚ͕ƉĞƌŵĞğƵŶ ďƵĞŶŽ͕ŵĞƉĂƌĞĐĞ ĂǁĞƐŽŵĞƚŚĂƚƐŚĞΖƐ ďĞŶĞĐŚĞƐƚŝĂĐŽŶŝ ďƵĞŶĂŝĚĞĂƋƵĞǀĂǇĂ ŚĂŶŐŝŶŐŽƵƚǁŝƚŚ ƌĂŐĂǌǌŝĚĞůůĂƐƵĂĞƚă ĐŽŶŐĞŶƚĞĚĞƐƵ ƉĞŽƉůĞŚĞƌŽǁŶĂŐĞ͕ ŝŶǀĞĐĞĚŝĨĂƌĞŝ ŵŝƐŵĂĞĚĂĚǇŚĂŐĂ

ĚŽŝŶŐƐŽŵĞƚŚŝŶŐ ůĂǀŽƌĞƚƚŝĂĐĂƐĂ͘ ĂůŐŽŵĄƐƋƵĞƚĂƌĞĂƐ ŽƚŚĞƌƚŚĂŶĐŚŽƌĞƐ͘ ĚŽŵĠƐƚŝĐĂƐ͘

sZKE/ ŚĞΖƐƉƌŽďĂďůǇŐŽƚŚĞƌ ůŝƐƚĂƌăĨĂĐĞŶĚŽĂůƵŝŝ ƉƌŽďĂďůĞŵĞŶƚĞůĞ ĚŽŝŶŐŚŝƐĐŚŽƌĞƐ͘ ůĂǀŽƌĞƚƚŝ͘ ĞƐƚĠůŝŵƉŝĂŶĚŽůĂ ĐĂƐĂ͘

<s/E ǁŚĂƚΖƐǇŽƵƌďĞĞĨǁŝƚŚ ĐŚĞƉƌŽďůĞŵĂŚĂŝĐŽŶ ƋƵĠƚŝĞŶĞƐĞŶĐŽŶƚƌĂ ŵĂůŝŬ͍ ŵĂůŝŬ͍ ĚĞŵĂůŝŬ͍

Z sZKE/ ŝĚŽŶΖƚǁĂŶƚĞƚŚĞů ĞƚŚĞůŶŽŶĚĞǀĞ DW>/&/d/KE ŶŽƋƵŝĞƌŽƋƵĞĞƚŚĞů Yh/s>E ^ ĚĂƚŝŶŐƚŚĂƚďůĂĐŬŬŝĚ͘ ƵƐĐŝƌĞĐŽŶƋƵĞů Yh/s>E ƐĂůŐĂĐŽŶĞƐĞŶĞŐƌŽ͘ Yh/s>E ŶĞŐƌĞƚƚŽ͘

<s/E ƌĂĐŝƐƚ͘ǇŽƵΖƌĞĂƌĂĐŝƐƚ͘ ƌĂǌǌŝƐƚĂ͘ƐĞŝƵŶĂ ƌĂĐŝƐƚĂ͘ĞƌĞƐƌĂĐŝƐƚĂ͘ ƌĂǌǌŝƐƚĂ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

>/WdK/E ŽŚ͕ƐŽŶŽǁǇŽƵŬŶŽǁ ŽŚ͕ƋƵŝŶĚŝ͕ƐĞŝƚƵĐŚĞ ŽŚ͕ĂŚŽƌĂƐĂďĞƐƋƵĠ ǁŚĂƚΖƐďĞƐƚĨŽƌ ƐĂŝĐŽƐ͛ğŵĞŐůŝŽ͍ ĞƐůŽŵĞũŽƌƉĂƌĂůŽƐ ĞǀĞƌǇŽŶĞ͍ƚŚĞŬŝĚ ƋƵĞůůŽĐŚĞǀƵŽůĞ ĚĞŵĄƐ͘ĞůĐƌşŽƋƵĞ ǁŚŽǁĂŶƚƐƚŽĚŝĞĨŽƌ ŵŽƌŝƌĞƉĞƌƵŶƉĂĞƐĞ ƋƵŝĞƌĞŵŽƌŝƌƉŽƌƵŶ ĂĐŽƵŶƚƌǇƚŚĂƚƚŚŝŶŬƐ ĐŚĞůŽƌŝƚŝĞŶĞƵŶ ƉĂşƐƋƵĞĐƌĞĞƋƵĞĠů ŚĞΖƐŽŶĞŽĨŐŽĚΖƐ ĞƌƌŽƌĞĚŝĚŝŽ͍ ĞƐƵŶĞƌƌŽƌĚĞĚŝŽƐ͘ ŵŝƐƚĂŬĞƐ͍

Z^ Yh/s>E Yh/s>E

)DWKHU V'D\ 6HDVRQ(SLVRGH WŽůŝĐĞƐƚĂƚŝŽŶ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ƚŚŝƐŝƐƚŚĞǁĂǇǇŽƵ ğĐŽƐŞĐŚĞƚƌĂƚƚĂƚĞƵŶ ĂƐşĞƐĐŽŵŽƐĞƚƌĂƚĂĂ ƚƌĞĂƚŚĂƌĚǁŽƌŬŝŶŐ ŽŶĞƐƚŽĐŝƚƚĂĚŝŶŽ ƵŶĞƐĨŽƌǌĂĚŽ ĂŵĞƌŝĐĂŶƐ͍ŝĨŝǁĞƌĞ ĂŵĞƌŝĐĂŶŽ͍ƐĞĨŽƐƐŝ ĂŵĞƌŝĐĂŶŽ͍ƐŝĨƵĞƌĂ ďƌŽǁŶĂŶĚŚĂƚĞĚƚŚŝƐ ƐƚĂƚŽŵĂƌƌŽŶĞĞ ŵŽƌĞŶŽǇŽĚŝĂƌĂĂ Z ĐŽƵŶƚƌǇ͕ƚŚĞ ŽĚŝĂƐƐŝƋƵĞƐƚŽƉĂĞƐĞ͕ Yh/s>E ĞƐƚĞƉĂşƐůŽƐĚĞůŽƐ DW>/&/d/KE Z/D ŐŽĚĚĂŵŶĂĐůƵǁŽƵůĚ ů͛ĂƐƐŽĐŝĂǌŝŽŶĞƉĞƌŝ Yh/s>E ĚĞƌĞĐŚŽƐĐŝǀŝůĞƐǇĂ Yh/s>E ďĞĂůůŽǀĞƌƚŚŝƐƉůĂĐĞ͘ ĚŝƌŝƚƚŝĐŝǀŝůŝƐĂƌĞďďĞ ŚĂďƌşĂŶƚŽŵĂĚŽĞƐƚĞ ŝĚŝĚŶΖƚŬŝůůĞĚĚŝĞ͘ŝ ŐŝăƋƵŝĚĂƵŶƉĞǌǌŽ͘ ůƵŐĂƌ͘ǇŽŶŽŵĂƚĠĂ ǁĂƐŝŶŽŚŝŽ͘ ƐĞŶƚŝƚĞŶŽŶŚŽƵĐĐŝƐŽ ĞĚĚŝĞ͘ĞƐƚĂďĂĞŶ ĞĚĚŝĞ͕ŝŽĞƌŽŝŶŽŚŝŽ͘ ŽŚŝŽ͘

K&&/Z ǇŽƵƐĞĞƚŚĂƚ ǀĞĚŝƋƵĞůĚĞƚĞĐƚŝǀĞ͍ ǀĞƐĂĞƐĂŝŶƐƉĞĐƚŽƌĂ͍ ĚĞƚĞĐƚŝǀĞ͍

^K &ZE< ƚŚĞďƵůůĚǇŬĞ͍ ğůĞƐďŝĐĂ͍ D/d/'d/KE ůĂďŽůůĞƌĂ͍ D/d/'d/KE

K&&/Z ƐŚĞΖƐƚŚĞ ğů͛ĂŐĞŶƚĞ ĞƐůĂŽĨŝĐŝĂůĂůĐĂƌŐŽ ŝŶǀĞƐƚŝŐĂƚŝŶŐŽĨĨŝĐĞƌ͘ ŝŶǀĞƐƚŝŐĂƚŝǀŽ͘ŶĞŚĂ ĚĞĞƐƚŽ͘ŚĂůůĞǀĂĚŽĂ ƐŚĞΖƐƉƵƚĞůĞǀĞŶŵĞŶ ŵĞƐƐŝƵŶĚŝĐŝŶĞů ŽŶĐĞŚŽŵďƌĞƐĂů ŽŶĚĞĂƚŚƌŽǁ͘ ďƌĂĐĐŝŽĚĞůůĂŵŽƌƚĞ͘ ĐŽƌƌĞĚŽƌĚĞůĂ ŵƵĞƌƚĞ͘

&DQ,KDYHDPRWKHU 6HDVRQ(SLVRGH 'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/ ǇŽƵΖƌĞůŽŽŬŝŶŐĨŽƌƚŚĞ ƉĞƌĐĂƐŽĐĞƌĐĂƚĞŝů ďƵƐĐĂƵƐƚĞĚĞůĐĞŶƚƌŽ ƐƵŶƐŚŝŶĞĂĚƵůƚĚĂǇ ĐĞŶƚƌŽĂŶǌŝĂŶŝ ĚĞĚşĂĚĞĂŶĐŝĂŶŽƐ͍ ĐĂƌĞ͘ŝƚΖƐƵƉĂƚƚŚĞ ƐƵŶƐŚŝŶĞ͍ğǀŝĐŝŶŽ ĞƐƚĄũƵŶƚŽĂůĂŝŐůĞƐŝĂ͘ ĐŚƵƌĐŚ͘ ĂůůĂĐŚŝĞƐĂ͘

'ZDDz ŚŽŶĞǇ͕ŽŶůǇƚŝŵĞŝ ůĞƵŶŝĐŚĞǀŽůƚĞŝŶĐƵŝ ĐĂƌŝŹŽ͕ǇŽƐŽůĂŵĞŶƚĞ Z^ ǁĂŶƚƚŽŐŽƚŽĐŚƵƌĐŚ ŚŽǀŽŐůŝĂĚŝĂŶĚĂƌĞ Yh/s>E ǀŽǇĂůĂŝŐůĞƐŝĂ Yh/s>E Z/D ŝƐǁŚĞŶŝĨĞĞůůŝŬĞ ŝŶĐŚŝĞƐĂğƋƵĂŶĚŽ Yh/s>E ĐƵĂŶĚŽƋƵŝĞƌŽƋƵĞ Yh/s>E ŐĞƚƚŝŶŐŵŽůĞƐƚĞĚ͘ ŵŝǀĂĚŝĞƐƐĞƌĞ ŵĞŵĞƚĂŶŵĂŶŽ͘Ǉ ǁŚĂƚĚŽǇŽƵǁĂŶƚ͍Ă ŵŽůĞƐƚĂƚĂ͘ŵĂĐŚĞ ǀŽƐŽƚƌŽƐƋƵĞ

ƚŝƉ͍ǁŚŽĂƌĞǇŽƵƚǁŽ ǀŽůĞƚĞ͕ƵŶĂŵĂŶĐŝĂ͍Ğ ĞƐƉĞƌĄŝƐ͕ƉƌŽƉŝŶĂ͍Ǉ ƐƵƉƉŽƐĞĚƚŽďĞ͍ ǀŽŝĐŚŝƐĂƌĞƐƚĞ͍ ǀŽƐŽƚƌŽƐĚŽƐƋƵŝĞŶĞƐ ƐŽŝƐ͍

d,> ŝΖŵĞƚŚĞů͕ĂŶĚƚŚŝƐŝƐ ŵŝĐŚŝĂŵŽĞƚŚĞůĞ ǇŽƐŽǇĞƚŚĞůǇĞƐƚĞĞƐ ũŽŶĂŚ͕ŵǇƐŽŶ͘ ƋƵĞƐƚŽğũŽŶĂŚ͕ŵŝŽ ũŽŶĂŚ͕ŵŝŚŝũŽ͘ ĨŝŐůŝŽ͘

'ZDDz ǇŽƵůŽŽŬĂůŝƚƚůĞĐƌŝƐƉǇ ƚƵƐĞŝƚƌŽƉƉŽƐĐƵƌŽ͕ ƚƷĞƐƚĄƐĚĞŵĂƐŝĂĚŽ ƚŽďĞůŝĂŵ͘ ŶŽŶƐĞŝůŝĂŵ͘ ĂůƚŽƉĂƌĂƐĞƌůŝĂŵ͘

D>/< ŽŚ͕ŝΖŵŵĂůŝŬ͘ ĂŚ͕ƐŽŶŽŵĂůŝŬ͘ ĂŚ͕ƐŽǇŵĂůŝŬ͘

'ZDDz ŵĂůŝŬ͍ ŵĂůŝŬ͍ ŵĂůŝŬ͍

D>/< ǇĞĂŚ͘ ΀ŶŽĚĚŝŶŐ΁ ΀ŶŽĚĚŝŶŐ΁

'ZDDz ũĞƐƵƐ͘ĞŶŽƵŐŚǁŝƚŚ ĐƌŝƐƚŽ͕ďĂƐƚĂĐŽŶ ĐŝĞůŽƐ͕ĚĞũĂŽƐĚĞ Z^ ƚŚĞĨĂŬĞĂĨƌŝĐĂŶƐƉŝĐĞ ƋƵĞƐƚŝŶŽŵŝĨŝŶƚŽͲ Yh/s>E ĨĂůƐŽƐŶŽŵďƌĞƐ >/D/Ed/KE Z ƌĂĐŬĐƌĂƉ͘ĂůŝƚƚůĞ ĂĨƌŝĐĂŶŝ͕ƐĞŵďƌĂƚĞ Yh/s>E ĂĨƌŝĐĂŶŽƐ͕ƉŽƌĨĂǀŽƌ͘ Yh/s>E ĂĚǀŝĐĞ͍ƐŽŵĞƉĞŽƉůĞ ĚĞůůĞƐƉĞǌŝĞ͘ƵŶ ƋƵŝĞƌĞƐƵŶĐŽŶƐĞũŽ͍ ĂƌĞƌĂĐŝƐƚ͘ǇŽƵǁĂŶƚ ĐŽŶƐŝŐůŝŽ͍ŵŽůƚĞ ŚĂǇŐĞŶƚĞƌĂĐŝƐƚĂ͘Ɛŝ ƚŽŐĞƚĂŚĞĂĚŝŶƚŚĞ ƉĞƌƐŽŶĞƐŽŶŽ ƋƵŝĞƌĞƐƚƌŝƵŶĨĂƌĞŶ ǁŽƌůĚ͍ĐŚĂŶŐĞǇŽƵƌ ƌĂǌǌŝƐƚĞ͘ƐĞǀƵŽŝĨĂƌĞ ĞƐƚĞŵƵŶĚŽ͕ ŶĂŵĞƐŽƉĞŽƉůĞ ƐƚƌĂĚĂĐĂŵďŝĂƚŝŝů ĐĄŵďŝĂƚĞĞůŶŽŵďƌĞ ĚŽŶΖƚŬŶŽǁǇŽƵΖƌĞ ŶŽŵĞ͕ĐŽƐŞŶŽŶ ƉĂƌĂƋƵĞůĂŐĞŶƚĞŶŽ ďůĂĐŬ͘ ĐĂƉŝƌĂŶŶŽĐŚĞƐĞŝƵŶ ƐĞƉĂƋƵĞĞƌĞƐŶĞŐƌŽ͘ Z/D ŶĞŐƌŽ͘ Yh/s>E Yh/s>E Z DW>/&/d/KE Yh/s>E

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

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&/KE ǇĞĂŚ͕ƚŚĞǇΖƌĞ ĐŽƐŞƐĞŵďƌĂ͕ƐƚĂŶŶŽ ĞƐŽƉĂƌĞĐĞ͕Ɛş͕ǇŚĂŶ ƌĞĚĞĐŽƌĂƚŝŶŐ͘ ƌŝĂƌƌĞĚĂŶĚŽ͘ ĚĞĐŽƌĂĚŽůĂĐĂƐĂ͘

^ds ĂůŝƚƚůĞĐŚŝŶĂĐƵƉ͘ ƐƚŝůĞĐŝŶĞƐĞ͘ ůĞǀĂŶůĂƐĐŚŝŶŝƚĂƐ͍

&/KE ůĂŽƚŝĂŶ͕ŝƚŚŝŶŬ͘ ŶŽ͕ĚĞůůĂŽƐ͕ĐƌĞĚŽ͘ ĞƐĚĞůĂŽƐ͕ĐƌĞŽ͘

E^ ^ds ǇĞĂŚ͕ƐĞĞ͕ŝĐĂŶŶĞǀĞƌ ƐŞ͕ŶŽŶƌŝĞƐĐŽŵĂŝĂ Yh/s>E ǇĂ͕ǀĂǇĂ͘ŶƵŶĐĂŚĞ Yh/s>E ƚĞůůƚŚĞĚŝĨĨĞƌĞŶĐĞ ĐĂƉŝƌĞůĂĚŝĨĨĞƌĞŶǌĂ͘ ĐŽŶƐĞŐƵŝĚŽ ďĞƚǁĞĞŶƚŚĞƚǁŽ͘ ĚŝƐƚŝŶŐƵŝƌůĂƐ͘

ZĞƐƚĂƵƌĂŶƚ͘

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^ds ĞƐƚĞĨĂŶŝĂĚŽĞƐŶΖƚ ŶŽŶƉĂƌůĂůĂŶŽƐƚƌĂ ĞƐƚĞĨĂŶŝĂŶŽŚĂďůĂ ƌĞĂůůǇƐƉĞĂŬĞŶŐůŝƐŚ͘ ůŝŶŐƵĂ͘ ŶƵĞƐƚƌŽŝĚŝŽŵĂ͘

D ŽŚ͕ƚŚĂƚΖƐŽŬĂǇ͕ŝ ŽŚ͕ŶŽŶŝŵƉŽƌƚĂ͕ŚŽ ĂŚ͕ŶŽŝŵƉŽƌƚĂ͕ǇŽ ƐƉĞŶƚĂƐĞŵĞƐƚĞƌŝŶ ƐƚƵĚŝĂƚŽƵŶƐĞŵĞƐƚƌĞ ƉĂƐĠƵŶƐĞŵĞƐƚƌĞĞŶ ŵĂĚƌŝĚ͘ŚŽůĂ͘ĐŽŵŽ ĂŵĂĚƌŝĚ͘ŚŽůĂ͕ ĨůŽƌĞŶĐŝĂ͘ĐŝĂŽ͕ĐŽŵĞ E^ ĞƐƚĄƐ͍ĂĚĂŵ͘ ͎ĐŽŵŽĞƐƚĄƐ͍ƐŽŶŽ Yh/s>E ƐƚĂŝ͍ĂĚĂŵ͘ >/D/Ed/KE ĂĚĂŵ͘

^ds ĂŚ͕ƉŽƌƚƵŐƵĞƐĞ͘ĨƌŽŵ ĂŚ͕ƉĂƌůĂƉŽƌƚŽŐŚĞƐĞ͕ ĞŚŵ͕ĞƐƉŽƌƚƵŐƵĠƐ͕ ďƌĂǌŝů͘ ğďƌĂƐŝůŝĂŶĂ͘ ĞƐĚĞďƌĂƐŝů͘

E^ &/KE ŽŚ͕ŚŽǁĞǆŽƚŝĐ͘ ŽŚ͕ŵŽůƚŽĞƐŽƚŝĐŽ͘ Yh/s>E ŽŚ͕ƋƵĠĞǆſƚŝĐĂ͊ Yh/s>E

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>/W ƐŽ͕ƚŚĞůŝƚƚůĞŵŝƐƐƵƐ͘ ŝŶƐŽŵŵĂ͕ŐŝŽǀĂŶĞ ďƵĞŶŽ͕ũŽǀĞŶƐĞŹŽƌĂ͘ ' ŐŽƚǇŽƵƌĐƵŝƐŝŶĂƌƚ͕ ƐƉŽƐĂ͘ŚĂŝŝƚƵŽŝ >/D/Ed/KE ƚŝĞŶĞƐƵŶƌŽďŽƚĚĞ >/D/Ed/KE '^ ďĂďǇŽŶƚŚĞǁĂǇ͘ ƌĞŐĂůŝĚŝŶŽǌǌĞ͕ĞƵŶ Yh/s>E ĐŽĐŝŶĂ͕ǇĞƐƉĞƌĂƐƵŶ Yh/s>E ĨŝŐůŝŽŝŶĂƌƌŝǀŽ͘ ďĞďĠ͘

E^ E Ɛş͕ƐŽǇĞůƐƵĞŹŽ Yh/s>E '^ ĂŵĞƌŝĐĂŶĚƌĞĂŵ͘ ĂŵĞƌŝĐĂŶŽƋƵĞƐƚŽ͘ >/D/Ed/KE ĂŵĞƌŝĐĂŶŽ͘ Yh/s>E

>/W ǇŽƵĂƌĞ͕ĞǆĐĞƉƚ͕ƵŚ͕ ğǀĞƌŽ͕ĂƉĂƌƚĞĐŚĞ ĞƐǀĞƌĚĂĚ͘ƐĂůǀŽƉŽƌ ĚŽŽĨƵƐŝƐǇŽƵƌ ƚƵŽŵĂƌŝƚŽğƵŶ ĞůďŽďŽĚĞƚƵŵĂƌŝĚŽ ŚƵƐďĂŶĚĂŶĚƚŚĂƚΖƐ ĚĞŵĞŶƚĞĞŝůĨŝŐůŝŽğ ǇƋƵĞĞůďĞďĠĞƐŵşŽ͘ ŵǇďĂďǇ͘ ŵŝŽ͘

ǁĂŶƚŝƚŽŶǁĞĞŬĞŶĚƐ͍ ŶĞŝǁĞĞŬĞŶĚŽǀƵŽŝ ůŽƐĚŽŵŝŶŐŽƐ͍ ǁĂŶƚƚŽƌƵŶĂǁĂǇ ƐĐĂƉƉĂƌĞŝŶƐŝĞŵĞĂ ƋƵŝĞƌĞƐƋƵĞŶŽƐ ƚŽŐĞƚŚĞƌ͕ŐĞƚĂ ŵĞƐƵƵŶĐĂŵƉĞƌ͍ ĨƵŐƵĞŵŽƐǇǀŝǀĂŵŽƐ ĚŽƵďůĞͲǁŝĚĞ͍ ĞŶƵŶĂĐĂƌĂǀĂŶĂ͍

>/W ŶŽ͘ŝǁĂŶƚǇŽƵƚŽŐĞƚ ŶŽ͘ǀŽŐůŝŽĐŚĞƚƵ ŶŽ͕ůŽƋƵĞƋƵŝĞƌŽĞƐ ĂŶĂďŽƌƚŝŽŶ͘ ĂďŽƌƚŝƐĐĂ͘ ƋƵĞĂďŽƌƚĞƐ͘

<ĞǀŝŶĂŶĚsĞƌŽŶŝĐĂΖƐŚŽƵƐĞ͘

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:Kz ǁŚĂƚ͍ ĐŽƐĂ͍ ƋƵĠ͍

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' E ƉĂƌĞĐĞƐŐĂǇ͘ Yh/s>E ^K^ Yh/s>E Yh/s>E

^ƚƌĞĞƚ͘

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:Kz ŚŽǁΖƐŝƚŐŽŝŶŐ͕ŵĂŶ͍ ĂůůŽƌĂ͕ĐŽŵĞǀĂ͍ ĐſŵŽǀĂĞƐŽ͕ƚşŽ͍

>/W ǁŚĂƚ͕ƵŚǁŚĂƚĂƌĞ ĐŽƐĂ͕ĐŽƐĂĐŝĨĂŝƋƵŝ͍ ŽǇĞ͕ƋƵĠŚĂĐĞƐĂƋƵş͍ ǇŽƵĚŽŝŶŐ͍

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>/W ƐŽǇŽƵΖƌĞ͕ƵŚƐůĞĞƉŝŶŐ ĞƋƵŝŶĚŝŽƌĂĚŽƌŵŝ ǇĞƐƚĄƐĚƵƌŵŝĞŶĚŽ ƵŶĚĞƌƚŚĞů͍ ƐŽƚƚŽůĂĨĞƌƌŽǀŝĂ͍ ĚĞďĂũŽĚĞůƉƵĞŶƚĞ͍

:Kz ƚĂůŬĞĚƚŽŵǇĨƌŝĞŶĚ ŚŽƉĂƌůĂƚŽĐŽŶƵŶĂ ŚĞŚĂďůĂĚŽĐŽŶŵŝ ůŝƐĂ͕ĂŶĚƐŚĞƐĂŝĚƚŚŝƐ ŵŝĂĂŵŝĐĂ͕ŚĂĚĞƚƚŽ ĂŵŝŐĂůŝƐĂǇĚŝĐĞƋƵĞ ŝƐǁŚĂƚŚĂƉƉĞŶƐƚŽ ĐŚĞƐƵĐĐĞĚĞĂůůĞ ƐŽŶĐŽƐĂƐƋƵĞƉĂƐĂŶ '^ ǁŽŵĞŶǁŚĞŶƚŚĞǇΖƌĞ ĚŽŶŶĞƋƵĂŶĚŽƐŽŶŽ Yh/s>E ĐƵĂŶĚŽĞƐƚĄŶ Yh/s>E ƉƌĞŐŶĂŶƚ͘ŝƚΖƐ ŝŶĐŝŶƚĞ͘ƐŽŶŽŐůŝ ĞŵďĂƌĂǌĂĚĂƐ͕ƐŽŶůĂƐ ŚŽƌŵŽŶĞƐ͘ ŽƌŵŽŶŝ͘ ŚŽƌŵŽŶĂƐ͘

>/W ǇŽƵƐƵƌĞĂďŽƵƚƚŚĂƚ͍ ŶĞƐĞŝƐŝĐƵƌŽ͍ ĞƐƚĄƐƐĞŐƵƌŽ͍

:Kz ĂƐƐŽŽŶĂƐŬĂƌĞŶΖƐ ŶŽŶĂƉƉĞŶĂŐůŝ ĞŶĐƵĂŶƚŽůĂƐ ŚŽƌŵŽŶĞƐĐĂůŵ ŽƌŵŽŶŝĚŝŬĂƌĞŶƐŝ ŚŽƌŵŽŶĂƐĚĞŬĂƌĞŶ '/D ĚŽǁŶ͕ŝΖůůďĞďĂĐŬŝŶ ƐĂƌĂŶŶŽĐĂůŵĂƚŝ͕ Yh/s>E ƐĞĐĂůŵĞŶǀŽůǀĞƌĠĂ Yh/s>E ƚŚĞŚŽƵƐĞ͘ ƚŽƌŶĞƌžŝŶĐĂƐĂ͘ ƐƵĐĂƐĂ͘

ǁĞŝƌĚŽ͊ ŶĞŵŵĞŶŽ͕ďƌƵƚƚŽ Śŵ͊ ĐƌĞƚŝŶŽ͘

3DUHQWKRRG 6HDVRQ(SLVRGH <ĂƐŚΖƐƐƚŽƌĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

D/<z ŝΖŵĚŽŶĞ͘ĚŽŶĞĚŽŶĞ͘ ŚŽĐŚŝƵƐŽ͕ĐŚŝƵƐŽ͕ ŵĞůĂƌŐŽƉĂƌĂ ĐŚŝƵƐŽ͘ ƐŝĞŵƉƌĞ͘

D/<z ǁŚĂƚĨƵĐŬŝŶŐǁŽƌůĚ ŵĂŝŶĐŚĞĐĂǌǌŽĚŝ ĞŶƋƵĠŵƵŶĚŽǀŝǀĞƐ ĚŽǇŽƵůŝǀĞŝŶ͍ ŵŽŶĚŽǀŝǀŝ͍ ƚƷ͕ĂǀĞƌ͍

/E ǇŽƵĐĂŶΖƚǇŽƵĐĂŶΖƚ ŶŽŶƉƵŽŝ͕ŶŽŶƉƵŽŝ͕ ŶŽƉƵĞ͕ŶŽƋƵŝĞƌŽ͕ŶŽ ǇŽƵŬŶŽǁŝĚŽŶΖƚ ŶŽ͕ŶŽŶǀŽŐůŝŽĐŚĞƚƵ͘ ƋƵŝĞƌŽƋƵĞƚƵ͘ ǁĂŶƚǇŽƵƚŽ͘

D/<z ǁŚĂƚĚŝĚŝũƵƐƚƐĂǇƚŽ ƉŝĂŶƚĂůĂ͕ŚĂŝĐĂƉŝƚŽ ƋƵĠĂĐĂďŽĚĞĚĞĐŝƌ͍ ǇŽƵ͍ĚŽŶĞŝƐĚŽŶĞ͘ ĐŚĞƚŝŚŽĚĞƚƚŽ͍ ƋƵĞŵĞůĂƌŐŽ͘ĐƌĞĞƐ ǁŚĂƚ͕ǇŽƵƚŚŝŶŬ ĐŚŝƵƐŽğĐŚŝƵƐŽ͘ĐƌĞĚŝ ƋƵĞƐŽŵŽƐŶŽǀŝŽƐ͍ ǁĞΖƌĞďŽǇĨƌŝĞŶĚĂŶĚ ĐŚĞƐŝĂŵŽĨŝĚĂŶǌĂƚŝ͍ ƚƷŶŽĞƌĞƐŵĄƐƋƵĞ ^K ŐŝƌůĨƌŝĞŶĚŚĞƌĞ͍ ŶŽŶƐĞŝĂůƚƌŽĐŚĞƵŶĂ >/D/Ed/KE ƵŶĐƵĞƌƉŽĐĂůŝĞŶƚĞ >/D/Ed/KE ^K/D ǇŽƵΖƌĞŶŽƚŚŝŶŐďƵƚĂ ďŽĐĐĂĐĂůĚĂƉĞƌŵĞ͘ >/D/Ed/KE ƉĂƌĂŵş͘ƐŝĞŶƚŽƚĞŶĞƌ >/D/Ed/KE ǁĂƌŵŵŽƵƚŚƚŽŵĞ͘ ƐĐƵƐĂŵŝ͕ǀĂĚŽĂ ƋƵĞĐĂƌŐĂƌŵĞĂƚƵ ƐŽƌƌǇŝŐŽƚƚĂŐŽŬŝůů ƵĐĐŝĚĞƌĞƚƵŽƉĂĚƌĞ͕Ğ ƉĂĚƌĞ͕ƉĞƌŽůĞŚĂƌĠ ǇŽƵƌĚĂĚ͕ďƵƚŝΖŵ ĨĂƌžƵŶĨĂǀŽƌĞĂ ƵŶĨĂǀŽƌĂŚƵĞǀŽĚĞ ĚŽŝŶŐĂůŽƚŽĨƉĞŽƉůĞ ŵŽůƚĞƉĞƌƐŽŶĞ͘ ŐĞŶƚĞ͘ŝŶĐůƵŝĚŽĂƚŝ͘ ĂĨĂǀŽƌ͕ŝŶĐůƵĚŝŶŐǇŽƵ͘ ŝŶĐůƵƐŽƚĞ͘

KŶƚŚĞƚƌĂŝŶ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

E ĐĂƌĂ͕ŵşŶŝŵŽ͘ Yh/s>E ^^ ĚŝƚŽŵŵǇďĂŚĂŵĂ͘Ěŝ Yh/s>E Yh/s>E ƉƌĂĚĂ͕ĂůůŝŵŝƚĞ͘

>/W ǁŚǇŝƐƚŚŝƐƐƵĐŚĂ ƉĞƌĐŚĠůŽƉƌĞŶĚŝ ĞƐƚŽĞƐƵŶĂďƌŽŵĂ ũŽŬĞƚŽǇŽƵ͍ ĐŽŵĞƵŶŽƐĐŚĞƌǌŽ͍ ƉĂƌĂƚŝ͍

E ĚĂƌŚŝũŽƐǇĐŽďƌŽƉŽƌ Yh/s>E ĞůůŽ͘

+XUULFDQH0RQLFD 6HDVRQ(SLVRGH hŶŝǀĞƌƐŝƚǇĐĂŵƉƵƐ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

WZK&^^KZ ǇŽƵĐĂŶΖƚĚŽƐŚŝƚ ŶŽŶĨĂŝƵŶĐĂǌǌŽ ŶŽƉƵĞĚĞƐŚĂĐĞƌ ǁŝƚŚŽƵƚĂĚŝƉůŽŵĂ͘ ƐĞŶǌĂƵŶĚŝƉůŽŵĂ͘ ŶĂĚĂƐŝŶƵŶƚşƚƵůŽ͘

>/W ǁĞůů͕ƚĞůůƚŚĞŵŝΖŵĂŶ ƌĂĐĐŽŶƚĂŐůŝĐŚĞƐŽŶŽ ďƵĞŶŽ͕ĚŝŐĂƋƵĞƐŽǇ ŝĚŝŽƚƐĂǀĂŶƚŽƌ ƵŶ͛ŝĚŝŽƚĂƐĂƉŝĞŶƚĞ͘ ƵŶŐĞŶŝŽĂƵƚŝƐƚĂ͘ ƐŽŵĞƚŚŝŶŐ͘

WZK&^^KZ ŝΖůůƚĞůůƚŚĞŵǇŽƵΖƌĞĂŶ ŐůŝƌĂĐĐŽŶƚŽĐŚĞƐĞŝ ĚŝƌĠƋƵĞĞƌĞƐƵŶ ŝĚŝŽƚ͘ǁŚǇĚŽŶΖƚǇŽƵ ƵŶŝĚŝŽƚĂ͘ĐŚŝĂŵĂŵŝ ŝĚŝŽƚĂ͘ƉŽƌƋƵĠŶŽŵĞ ĐĂůůŵĞǁŚĞŶǇŽƵ ƋƵĂŶĚŽƚŝƐĞŝ ůůĂŵĂƐĐƵĂŶĚŽƚĞ ŐƌĂĚƵĂƚĞǁŝƚŚĂĨŽƵƌ ĚŝƉůŽŵĂƚŽĐŽŶŝů ŐƌĂĚƷĞƐĐŽŶƵŶ ƉŽŝŶƚĨŝǀĞŐƉĂ͍ ŵĂƐƐŝŵŽĚĞŝǀŽƚŝ͘ ŶƵĞǀĞĚĞŶŽƚĂ ŵĞĚŝĂ͍

>/W ǁŽǁ͕ƐŽ͕ƵŚ͕ƵŶĚĞƌ ǁŽǁ͕ƋƵŝŶĚŝƐŽƚƚŽůĂ ǀĂǇĂ͕ĐŽŶƋƵĞďĂũŽ ƚŚĞůŝďĞƌĂůďĞĂƌĚ ďĂƌďĂĚĂůŝďĞƌĂůĞƐŝ ĞƐĂďĂƌďĂůŝďĞƌĂůǀŝǀĞ ^^ ůŝǀĞƐĂŶƵƉƚŝŐŚƚ ŶĂƐĐŽŶĚĞƵŶĂƚĞƐƚĂ Yh/s>E ƵŶĞƐƚŝƌĂĚŽďƵƌŐƵĠƐ Yh/s>E ďŽƵƌŐĞŽŝƐƉƌŝĐŬ͘ ĚŝĐĂǌǌŽďŽƌŐŚĞƐĞ͘ ĚĞŵŝĞƌĚĂ͘

WZK&^^KZ ǇŽƵƚŚŝŶŬŝůŝŬĞďĞŝŶŐ ĐƌĞĚŝĐŚĞŵŝĚŝǀĞƌƚĂĂ ĐƌĞĞƐƋƵĞŵĞŐƵƐƚĂ ĂƐŽŽƚŚƐĂǇĞƌĂŶĚ ĨĂƌĞů͛ŝŶĚŽǀŝŶŽĞ ƉƌĞĚĞĐŝƌĞůĨƵƚƵƌŽǇ ǁĂƚĐŚŝŶŐǇŽƵůŝǀĞŽƵƚ ŐƵĂƌĚĂƌƚŝďƵƚƚĂƌĞĂů ǀĞƌƋƵĞƚƵĚĞƐƚŝŶŽĞƐ ǇŽƵƌũĞƌƌǇƐƉƌŝŶŐĞƌ ĐĞƐƐŽŝůƚƵŽĨƵƚƵƌŽ͍ ƐĂůŝƌĞŶůŽƐƐƵĐĞƐŽƐ͍ ĨĂƚĞ͍ ĐŽŶŐƌĂƚƵůĂǌŝŽŶŝ͕ŶŽŶ ĞŶŚŽƌĂďƵĞŶĂ͕ĞƌĞƐ ĐŽŶŐƌĂƚƵůĂƚŝŽŶƐ͘ ŚĂŝĨŝŶŝƚŽŝůůŝĐĞŽĞůĂ ƵŶĨƌĂĐĂƐĂĚŽĐŽŶƵŶĂ ǇŽƵΖƌĞĂŚŝŐŚƐĐŚŽŽů ƚƵĂƌĂŐĂǌǌĂğŝŶĐŝŶƚĂ͘ ŶŽǀŝĂĞŵďĂƌĂǌĂĚĂ͘ ĚƌŽƉŽƵƚǁŝƚŚĂ ů͛ƵŶŝĐĂĐŽƐĂĐŚĞƚŝ ůŽƷŶŝĐŽƋƵĞƚĞĨĂůƚĂ ^^ ƉƌĞŐŶĂŶƚŐŝƌůĨƌŝĞŶĚ͘ ŵĂŶĐĂğƵŶůĂǀŽƌŽŝŶ Yh/s>E ĂŚŽƌĂĞƐƚĞŶĞƌƵŶ Yh/s>E ĂŶĚƚŚĞŽŶůǇƚŚŝŶŐ ƵŶĨĂƐƚĨŽŽĚ͕ĞƐĞƚŝ ƚƌĂďĂũŽĚĞĐĂũĞƌŽǇƐŝ ƚŚĂƚΖƐŵŝƐƐŝŶŐĨŽƌ ĚĂŝŵŽůƚŽĚĂĨĂƌĞ ƚĞĞƐĨƵĞƌǌĂƐĂƚŽƉĞ ǇŽƵŝƐĂũŽďĂƚŵŝĐŬĞǇ ƌŝŵĞĚŝĞƌĂŝƵŶĂĨŽƚŽ ƚĂůǀĞǌƵŶĂĨŽƚŽƚƵǇĂ ĚΖƐ͘ĂŶĚŝĨǇŽƵǁŽƌŬ ĐŽŶŐůŝŽĐĐŚŝƚƌŝƐƚŝĚĂ ĐŽŶůŽƐŽũŽƐƐŝŶǀŝĚĂ ƌĞĂůůǇŚĂƌĚ͕ǇŽƵ ŵĞƚƚĞƌĞƐŽƉƌĂůĂ ĂĐĂďĞĞŶĞůƐŝƚŝŽĚĞů ŵŝŐŚƚŐĞƚǇŽƵƌ ĐĂƐƐĂĐŽŵĞ ĞŵƉůĞĂĚŽĚĞůŵĞƐ ƉŝĐƚƵƌĞǁŝƚŚƚŚĞ ŝŵƉŝĞŐĂƚŽĚĞůŵĞƐĞ͘ ƐŽďƌĞůĂĐĂũĂ͕ĞŚ͍ĞƐŽ ĚĞĂĚĞǇĞƐŝŶƚŚĞ ĞŚ͍ƐĂƌăĚŝǀĞƌƚĞŶƚĞ͕ ŵŽůĂƌşĂ͕ǀĞƌĚĂĚ͍ ĞŵƉůŽǇĞĞŽĨƚŚĞ ŶŽ͍ƚŽƌŶĂƚĞŶĞĂ ŵŽŶƚŚĨƌĂŵĞŽǀĞƌ ƐĐƵŽůĂ͘ ƚŚĞĐĂƐŚƌĞŐŝƐƚĞƌ͘ ŚƵŚ͍ƚŚĂƚǁŽƵůĚďĞ ĨƵŶ͕ǁŽƵůĚŶΖƚŝƚ͍ŐŽ ďĂĐŬƚŽƐĐŚŽŽů͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&/KEdKDKE/ ƐŽƚŚĞǁŚŽůĞďŽď ĂůůŽƌĂ͕ůĂƐƚŽƌŝĂĐŽŶ ǇƚŽĚŽĞƐŽĚĞďŽďǇ ^K ƚŚŝŶŐǁĂƐũƵƐƚĂ ďŽďğƐƚĂƚŽƐŽůŽƵŶ Yh/s>E ƚĂů͕ĞƌĂƐŽůŽƵŶĂĨĂƐĞ Yh/s>E ƉŚĂƐĞŽƌǁŚĂƚ͍ ŵŽŵĞŶƚŽŽŶŽ͍ ŽƋƵĠ͍

ZĞƐƚĂƵƌĂŶƚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

>/W ƐŽǇŽƵΖƌĞƐĂǇŝŶŐŝĨŝ ĐŝŽğ͕ǀƵŽŝĚŝƌĞĐŚĞƐĞ ŽǇĞ͕ĞƐƚĄƐĚŝĐŝĞŶĚŽ ǁĂƐƌŝĐŚ͕ƚŚĞŶǇŽƵΖĚ ĨŽƐƐŝƌŝĐĐŽƉĞŶƐĞƌĞƐƚŝ ƋƵĞƐŝĨƵĞƌĂƌŝĐŽƚĞ ĐŽŶƐŝĚĞƌŬĞĞƉŝŶŐƚŚĞ ĂƚĞŶĞƌĞŝůďĂŵďŝŶŽ ƉĞŶƐĂƌşĂƐƚĞŶĞƌĞů ŬŝĚǁŝƚŚŵĞ͍ ĐŽŶŵĞ͍ ŶŝŹŽĐŽŶŵŝŐŽ͍

E ƌŝĐŽŶŽĐƌĞŽƋƵĞ Yh/s>E ^^ ƚŚŝŶŬǇŽƵƐƚŝůů ǀŽƌƌĞƐƚŝƚĞŶĞƌĞ Yh/s>E ƐŝŐƵŝĞƌĂƐƋƵĞƌŝĞŶĚŽ Yh/s>E ǁĂŶƚĞĚƚŚŝƐŬŝĚ͘ǇŽƵ ƋƵĞƐƚŽďĂŵďŝŶŽ͘ ƚĞŶĞƌĞƐĞĐƌşŽ͘ƉƵĞĚĞ ŵŝŐŚƚƚŚŝŶŬǇŽƵĚŽ ŵĂŐĂƌŝŽƌĂƉĞŶƐŝĚŝƐŞ͕ ƋƵĞĂŚŽƌĂůŽĐƌĞĂƐ͕ ŶŽǁ͕ďƵƚŝŶƚŚĞůŽŶŐ ŵĂĂůƵŶŐŽĂŶĚĂƌĞ͍ ƉĞƌŽĂůĂůĂƌŐĂ͘ ƌƵŶ͍

'ĂǇŶŝŐŚƚĐůƵď͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

DKE/ ŵĞĂŶĚďŽďƵƐĞĚƚŽ ŝŽĞďŽďǀĞŶŝǀĂŵŽ ǇŽƐŽůşĂǀĞŶŝƌĂƋƵş ĐŽŵĞŚĞƌĞ͘ŝƚΖƐĂ ƐĞŵƉƌĞƋƵŝ͘ğƵŶ ĐŽŶďŽď͘ĞƐƵŶƐŝƚŝŽ ŐƌĞĂƚŵŝǆŽĨŐĂǇ͕ ďĞůů͛ŝŶƐŝĞŵĞĚŝŐĂǇ͕ ŐĞŶŝĂůƉĂƌĂŐĂǇƐ͕ ůĞƐďŝĂŶ͕ďŝĂŶĚƐŽŵĞ ůĞƐďŝĐŚĞ͕ďŝƐĞƐƐƵĂůŝĞ ůĞƐďŝĂŶĂƐǇ ĐŽŽůďƌĞĞĚĞƌƐ͘ ƉĞƌĨŝŶŽĞƚĞƌŽ͘ ďŝƐĞǆƵĂůĞƐ͘ ^K D/d/'d/KE >/D/Ed/KE

/E ŝƚΖƐ͕ƵŚ͕ĂůŝƚƚůĞǁĞŝƌĚ ğƵŶƉŽ͛ƐƚƌĂŶŽ ĞŚŵ͕ĞƐƵŶƉŽĐŽƌĂƌŽ ďĞŝŶŐŽƵƚǁŝƚŚǇŽƵ͘ ĞƐƐĞƌĞŝŶŐŝƌŽĐŽŶƚĞ͘ ƐĂůŝƌƉŽƌĂŚşĐŽŶƚŝŐŽ͘

DKE/ ŶŽƐŚĂŵĞ͕ďĂďǇ͘ ŶĞƐƐƵŶĂǀĞƌŐŽŐŶĂ͕ ŶŽƚĞĂǀĞƌŐƺĞŶĐĞƐ͕ ƐĞĞ͍ďƵƚĚŽŶΖƚĞǀĞŶ ƉŝĐĐŽůŽ͘ǀĞĚŝ͍ŵĂ ĐŝĞůŽ͕ǀĞƐ͍ƉĞƌŽŶŽƐĞ ^^ ƚŚŝŶŬĂďŽƵƚĐŽŵŝŶŐ ŶŽŶƉĞŶƐĂƌĞĚŝĨĂƌĞ Yh/s>E ƚĞŽĐƵƌƌĂĚĞĐŝƌŶĂĚĂ Yh/s>E

^K/D ŽƵƚĂƚƐĐŚŽŽů͘ ĐŽŵŝŶŐŽƵƚĂƐĐƵŽůĂ͘ Yh/s>E ĞŶĞůŝŶƐƚŝƚƵƚŽ͕ĞŶ Yh/s>E ƐŽŵĞďŽĚǇŝŶƚŚĂƚ ŝŶƋƵĞůƋƵĂƌƚŝĞƌĞ ĞƐĞďĂƌƌŝŽĂůŐƵŝĞŶƚĞ ŶĞŝŐŚďŽƌŚŽŽĚǁŝůů ƋƵĂůĐƵŶŽƚŝ ƌĂũĂƌşĂƐĞŐƵƌŽ͘ ŬŶŝĨĞǇŽƵ͕ĨŽƌƐƵƌĞ͘ ĂĐĐŽůƚĞůůĞƌĞďďĞ͘

/E ƚŚŝŶŬŝΖůůŐĞƚĐĂƌĚĞĚ͍ ŵŝĐŚŝĞĚĞƌĂŶŶŽŝ ŶŽŵĞƉĞĚŝƌĄŶĞů ĚŽĐƵŵĞŶƚŝ͍ ĐĂƌŶĞƚ͍

DKE/ ŶĂŚ͘ǇŽƵΖƌĞƚŚĞďƌĞĂĚ ŶĂŚ͕ƐĞŝĐŽŵĞŝůŵŝĞůĞ ƋƵĞǀĂ͘ƚƵĂƋƵşĞƌĞƐ ĂŶĚďƵƚƚĞƌŚĞƌĞ͘ƚŚĞǇ ƉĞƌŐůŝŽƌƐŝƋƵŝ͘ŚĂŶŶŽ ƵŶďŽŵďŽŶĐŝƚŽ͘ ŶĞĞĚĨƌĞƐŚŵĞĂƚƚŽ ďŝƐŽŐŶŽĚŝĐĂƌŶĞ ŶĞĐĞƐŝƚĂŶĐĂƌŶĞ ^K^ ŬĞĞƉƚŚĞŽůĚŐƵǇƐ ĨƌĞƐĐĂƉĞƌĂƚƚŝƌĂƌĞ Yh/s>E ĨƌĞƐĐĂƉĂƌĂƋƵĞůŽƐ Yh/s>E ĐŽŵŝŶŐŝŶ͘ŽŽŚ͘ƚŚƌĞĞ ĚĞŶƚƌŽŝǀĞĐĐŚŝ͘ŽŽŚ͘ ǀŝĞũŽƐƐŝŐĂŶ ŽΖĐůŽĐŬ͘ƚŚĂƚŐƵǇŝƐ ĂŽƌĞƚƌĞĐ͛ğƵŶďĞů ǀŝŶŝĞŶĚŽ͘ƵƵŚ͘ĂůĂƐ ƚŽƚĂůůǇĐŚĞĐŬŝŶŐǇŽƵ ƚŝƉŽĐŚĞƚŝƐƚĂ ƚƌĞƐĞŶƉƵŶƚŽ͘ĞƐĞƚşŽ ŽƵƚ͘ ŐƵĂƌĚĂŶĚŽ͘ ƚĞĞƐƚĄĞĐŚĂŶĚŽƵŶĂƐ ŵŝƌĂĚĂƐ͘

/E ǇŽƵΖƌĞŬŝĚĚŝŶŐ͕ƌŝŐŚƚ͍ ŵŝƉƌĞŶĚŝŝŶŐŝƌŽ͍ ĞƐƚĄƐĚĞĐŽŹĂ͕ ǀĞƌĚĂĚ͍

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

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&/KEdK^d&E/ ƵŚ͕ŝΖŵŐŽŶŶĂ ŽŬ͕ǀĂĚŽĂ ǀĂůĞ͕ĞŚŵ͕ǀŽǇĂ ĐŚĂŶŐĞ͘ƵŚ͕ŵǇ͕ŵǇ ĐĂŵďŝĂƌŵŝ͕ŝǀĞƐƚŝƚŝ͕ ĐĂŵďŝĂƌŵĞĚĞ͕ĚĞ ĐůŽƚŚĞƐ͘ŽŬĂǇ͘ƵŶŽ ƐĂŝ͍ƵŶŽŵŽŵĞŶƚŽ͕ ƌŽƉĂ͘ƵŶŽŵŽŵĞŶƚŽ͕ ŵŽŵĞŶƚŽ͕Ɛŝ͍ ƐŞ͍ ǀĂůĞ͍ E^ Yh/s>E Yh/s>E

$JUHDWFDXVH 6HDVRQ(SLVRGH <ĂƐŚΖƐƐƚŽƌĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

>/W ƚŚĞƐŬŝŶŚĞĂĚƐĂŐĂŝŶ͍ ĚŝŶƵŽǀŽŐůŝ ŽƚƌĂǀĞǌĚĞůŽƐ ƐŬŝŶŚĞĂĚ͍ ƐŬŝŶŚĞĂĚƐ͍

/E ŵĂŶĚǇΖƐĚĂĚŚĞĂƌĚ ŝůƉĂĚƌĞĚŝŵĂŶĚǇŚĂ ĞůƉĂĚƌĞĚĞŵĂŶĚǇƐĞ ƚŚĞŶĞǁƐ͘ ƐĂƉƵƚŽůĂŶŽǀŝƚă͘ ŚĂĞŶƚĞƌĂĚŽ͘

>/W ǇŽƵĂŶĚŵŝĐŬĞǇ͍ ƚƵĞŵŝĐŬĞǇ͍ ĚĞůŽƚƵǇŽĐŽŶ ŵŝĐŬĞǇ͍

/E ŵĂŶĚǇ͕ƉƌĞŐŶĂŶƚ͘ ŵĂŶĚǇ͕ğŝŶĐŝŶƚĂ͘ ĚĞůŽĚĞŵĂŶĚǇ͕ĞƐƚĄ ƉƌĞŹĂĚĂ͘

>/W ŽŚ͘ǁĞůů͕ ŽŚ͘ĐŽŶŐƌĂƚƵůĂǌŝŽŶŝ͕ ǀĂǇĂ͕ĞŶŚŽƌĂďƵĞŶĂ͘ ĐŽŶŐƌĂƚƵůĂƚŝŽŶƐ͘ŝ ŚĂŝĐĂŵďŝĂƚŽƐƉŽŶĚĂ ŶŽƐĂďşĂƋƵĞŚĂďşĂƐ ĚŝĚŶΖƚŬŶŽǁǇŽƵ ĞŶŽŶůŽƐĂƉĞǀŽ͍ ĐĂŵďŝĂĚŽĚĞĂĐĞƌĂ͘ ƐǁŝƚĐŚĞĚƚĞĂŵƐ͘ ^K^ Yh/s>E Yh/s>E

/E ǇĞĂŚ͘ Őŝă͘ ǇĂ͘

>/W ŽƌǁĂƐŝƚũƵƐƚĂůĂƚĞ ŽĂůďƵŝŽů͛ŚĂŝŝŶĨŝůĂƚŽ ŽĨƵĞƵŶĂŶŽĐŚĞ ŶŝŐŚƚ͘ƐƚƵĐŬŝƚŝŶƚŚĞ ŶĞůůĂŵŝůŬŽǀŝĐŚ ŽƐĐƵƌĂǇƚĞ ǁƌŽŶŐŵŝůŬŽǀŝĐŚ͍ ƐďĂŐůŝĂƚĂ͍ ĞƋƵŝǀŽĐĂƐƚĞĚĞ ŵŝůŬŽǀŝĐŚ͍

WŽƌƚ͘

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>/W ƚŚĞƌĞΖƐŐŽƚƚŽďĞĂŶ ĐŝƐĂƌăƵŶŵŽĚŽƉŝƶ ƚŝĞŶĞƋƵĞŚĂďĞƌƵŶĂ ĞĂƐŝĞƌǁĂǇƚŽ ĨĂĐŝůĞƉĞƌĨĂƌůŽ ĨŽƌŵĂŵĄƐĨĄĐŝůĚĞ ƐŵƵŐŐůĞŚŝŵŝŶ͘ ĂƌƌŝǀĂƌĞ͘ ŵĞƚĞƌůĞĞŶĞůƉĂşƐ͘

E^ ^ds ĂďŝůůŝŽŶĐŚŝŶĞƐĞ ƵŶŵŝůŝĂƌĚŽĚŝĐŝŶĞƐŝ Yh/s>E ŵŝůŵŝůůŽŶĞƐĚĞ Yh/s>E ĐĂŶΖƚďĞǁƌŽŶŐ͘ ŶŽŶƉŽƐƐŽŶŽ ĐŚŝŶŽƐŶŽƉƵĞĚĞŶ ƐďĂŐůŝĂƌƐŝ͘ ĞƋƵŝǀŽĐĂƌƐĞ͘

^ƚƌĞĞƚ͘

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E &ZE< ĨƵĐŬŝŶŐŶĂĨƚĂ͊ ĨƌŽŶƚŝĞƌĞĂƉĞƌƚĞŝů >/D/Ed/KE ƉƵƚŽƐĞƐƉĂůĚĂƐ Yh/s>E ĐĂǌǌŽ͊ ŵŽũĂĚĂƐ͊

^ŚĞŝůĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

'/D WZ/^ddK^,/> ǇŽƵƌƉƵƌƉŽƐĞŝŶůŝĨĞ ŝůƚƵŽƐĐŽƉŽŶĞůůĂǀŝƚĂ Yh/s>E ƚƵƉƌŽƉſƐŝƚŽĞŶůĂ Yh/s>E ǁĂƐƚŽďƵŝůĚĂŚĂƉƉǇ ĞƌĂĐŽƐƚƌƵŝƌĞƵŶĂ ǀŝĚĂĞƌĂĨŽƌŵĂƌƵŶĂ ĨĂŵŝůǇ͕ĂŶĚǇŽƵ ĨĂŵŝŐůŝĂĨĞůŝĐĞ͕ĞĐŝ ĨĂŵŝůŝĂĨĞůŝǌǇůŽ ĂĐŚŝĞǀĞĚƚŚĂƚ͘ĂŶĚ ƐĞŝƌŝƵƐĐŝƚĂ͘ĞŽƌĂƚƵŽ ĐŽŶƐĞŐƵŝƐƚĞ͘ĂŚŽƌĂƚƵ ŶŽǁ͕ǇŽƵƌŚƵƐďĂŶĚΖƐ ŵĂƌŝƚŽŶŽŶĐ͛ğƉŝƶĞ ŵĂƌŝĚŽŚĂĨĂůůĞĐŝĚŽǇ ƉĂƐƐĞĚ͕ĂŶĚǇŽƵƌ ƚƵĂĨŝŐůŝĂğƉƌŽŶƚĂĂ ƚƵŚŝũĂǀĂĂĚĞũĂƌ ĚĂƵŐŚƚĞƌΖƐƌĞĂĚǇƚŽ ƐƉŝĐĐĂƌĞŝůǀŽůŽ͕ŵĂƚƵ ƉƌŽŶƚŽĞůŶŝĚŽ͕ƉĞƌŽ ĨůǇƚŚĞŶĞƐƚ͕ďƵƚ ƐĞƌǀŝĂŶĐŽƌĂ͘ƋƵĞƐƚŽ ĂƷŶŚĂǇƋƵŝĞŶƚĞ ǇŽƵΖƌĞƐƚŝůůŶĞĞĚĞĚ͘ ğŝůƚƵŽƐĐŽƉŽŽƌĂ͘ ŶĞĐĞƐŝƚĂ͘ĠƐƚĞĞƐƚƵ ƚŚŝƐŝƐǇŽƵƌƉƵƌƉŽƐĞ ƉƌŽƉſƐŝƚŽĂŚŽƌĂ͘ ŶŽǁ͘

ƌŵǇƌĞĐƌƵŝƚŵĞŶƚƉŽŝŶƚ͘

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DKE/ ƐŝŶĐĞǁŚĞŶĚŽǇŽƵ ĚĂƋƵĂŶĚŽĚĞǀŝ ĚĞƐĚĞĐƵĄŶĚŽŚĂǇ ŚĂǀĞƚŽŬŶŽǁ ƐĂƉĞƌĞƚƌŝŐŽŶŽŵĞƚƌŝĂ ƋƵĞƐĂďĞƌ ƚƌŝŐŽŶŽŵĞƚƌǇƚŽŐĞƚ ƉĞƌĨĂƌƚŝĂŵŵĂǌǌĂƌĞ ƚƌŝŐŽŶŽŵĞƚƌşĂƉĂƌĂ ŬŝůůĞĚĨŽƌǇŽƵƌ ƉĞƌŝůƚƵŽƉĂĞƐĞ͍ůŽ ŵŽƌŝƌƉŽƌƚƵƉĂşƐ͍ ĐŽƵŶƚƌǇ͍ǇŽƵŐŽŶŶĂ ŵĂŶĚĞƌĞƚĞĂĨĂƌĞ ǀĂŶĂĞŶǀŝĂƌůŽĂŚĂĐĞƌ ƐĞŶĚŚŝŵŽƵƚƚŽĚŽ ŵŽůƚŝƉůŝĐĂǌŝŽŶŝŽ ŵƵůƚŝƉůŝĐĂĐŝŽŶĞƐŽĂ ŵƵůƚŝƉůŝĐĂƚŝŽŶƐŽƌŬŝůů ƵĐĐŝĚĞƌĞƚƵƌďĂŶƚŝ͍ ĐĂƌŐĂƌƐĞƚĂůŝďĂŶĞƐ͍ ƚŽǁĞůŚĞĂĚƐ͍

Z Yh/s>E DW>/&/d/KE Z^ Yh/s>E DW>/&/d/KE d,^ Yh/s>E >/D/Ed/KE

/E ĂůůƌŝŐŚƚ͕ŵŽŵ͕ůĞƚ͛Ɛ ǀĂďĞŶĞ͕ŵĂŵŵĂ͕ ǀĂůĞ͕ŵĂŵĄ͕ǀĂŵŽƐ͘ ũƵƐƚ͘ ĂĚĞƐƐŽ

DKE/ ŐĞĞǌ͕ŶŽǁŽŶĚĞƌǇŽƵ ĐŝĐƌĞĚŽĐŚĞŶŽŶ ũŽĚĞƌ͕ŶŽŵĞĞǆƚƌĂŹĂ ĐĂŶΖƚǁŝŶĂĨƵĐŬŝŶŐ ƌŝƵƐĐŝƚĞĂǀŝŶĐĞƌĞ ƋƵĞŶŽƐĞƉĂŶŐĂŶĂƌ ǁĂƌ͘ ŶĞĂŶĐŚĞƵŶĂĐĂǌǌŽĚŝ ŶŝƵŶĂƉƵƚĂŐƵĞƌƌĂ͘ ŐƵĞƌƌĂ͘

/E ĂůůƌŝŐŚƚ͕ƚŚĂŶŬƐĨŽƌ ŐƌĂǌŝĞƉĞƌŝůƐƵŽ ŐƌĂĐŝĂƐƉŽƌ ǇŽƵƌƚŝŵĞ͘ ƚĞŵƉŽ͘ ĂƚĞŶĚĞƌŶŽƐ͘

DKE/ ďĞĐĂƵƐĞŽĨƐŚŝƚŚĞĂĚƐ ğƉĞƌƚĞƐƚĞĚŝĐĂǌǌŽ ƉŽƌĐƵůƉĂĚĞŐŝůŝƉŽůůĂƐ ůŝŬĞǇŽƵƚŚĂƚǁĞΖƌĞĂůů ĐŽŵĞƚĞĐŚĞĨŝŶŝƌĞŵŽ ĐŽŵŽƵƐƚĞĚ ŐŽŶŶĂďĞĞĂƚŝŶŐĞŐŐ ĂŵĂŶŐŝĂƌĞŝŶǀŽůƚŝŶŝ ĂĐĂďĂƌĞŵŽƐƚŽĚŽƐ ƌŽůůƐĂŶĚƐƉĞĂŬŝŶŐ ƉƌŝŵĂǀĞƌĂŽĂƉĂůůĂůĞ ĐŽŵŝĞŶĚŽƌŽůůŝƚŽƐĚĞ ƐůĂŶƚͲĞǇĞ͘ĂƌŵǇƚŽŽ ĐŽŶůĂĞůůĞ͘ů͛ĞƐĞƌĐŝƚŽ ƉƌŝŵĂǀĞƌĂǇ Z^ ĐŚŝĐŬĞŶƐŚŝƚ͍ĨƵĐŬ ƐŝĐĂŐĂƐŽƚƚŽ͍ Yh/s>E ŚĂďůĂŶĚŽĐŽƌĞĂŶŽ͘ Yh/s>E Z ǇŽƵ͊ǁĞΖƌĞŐŽŝŶŐƚŽ ĨĂŶĐƵůŽ͊ĐĞŶĞ ^h^d/dhd/KE ĞŶĞůĞũĠƌĐŝƚŽĚĞ D/d/'d/KE ƚŚĞŶĂǀǇ͘ ĂŶĚƌĞŵŽĂůůĂŵĂƌŝŶĂ͘ ƚŝĞƌƌĂŶŽƋƵŝĞƌĞŶĂŵŝ ŚŝũŽ͍ƋƵĞůĞĨŽůůĞŶ͕ ƉƌŽďĂƌĞŵŽƐĞŶůĂ ĂƌŵĂĚĂ͘

<ĂƐŚΖƐƐƚŽƌĞ͘

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/E ĨŝŐƵƌĞĚŵĂŶĚǇΖƐĚĂĚ ŝůƉĂĚƌĞĚŝŵĂŶĚǇŶŽŶ ƉĞŶƐĠƋƵĞĞůƉĂĚƌĞ ĐŽƵůĚŶΖƚŬŝůůŵĞŝŶ ŵŝƵĐĐŝĚĞƌĞďďĞĂ ĚĞŵĂŶĚǇŶŽƉŽĚşĂ ŬĂďƵů͘ ŬĂďƵů͘ ŵĂƚĂƌŵĞĞŶŬĂďƵů͘

>/W ǇĞĂŚ͕ǁĞůů͕ƚŚĞƌĞΖƐ ƐŞ͕ŵĂŵŽůƚŝ ǇĂ͕ƉĞƌŽŚĂǇƵŶ ƉůĞŶƚǇŽĨĨƵĐŬŝŶŐ ŵƵƐƵůŵĂŶŝ ŵŽŶƚſŶĚĞ Z ŵƵƐůŝŵƐǁŚŽĐŽƵůĚ͘ ƉŽƚƌĞďďĞƌŽ͘ >/D/Ed/KE ŵƵƐƵůŵĂŶĞƐƋƵĞƐş͘ >/D/Ed/KE

DŝůŬŽǀŝĐŚŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

DEz ŚĞĚƌŝŶŬƐĂŶĚ ůƵŝďĞǀĞĞŵŝƐĐĂŵďŝĂ ĂǀĞĐĞƐďĞďĞǇŵĞ ŵŝƐƚĂŬĞƐŵĞĨŽƌ ƉĞƌůĂŵĂŵŵĂ͘ŵĂ ĐŽŶĨƵŶĚĞĐŽŶŵĂŵĄ͘ ŵŽŵ͘ŽŶůǇŽŶĐĞŝŶĂ ŶŽŶƐƵĐĐĞĚĞƐƉĞƐƐŽ͘ ƐŽůŽĚĞǀĞǌĞŶ ǁŚŝůĞ͘ŶŽƚůŝŬĞŝƚΖƐĂ ŶŽŶğƉŽŝĐŚŝƐƐăĐŚĞ͘ ĐƵĂŶĚŽ͘ƚĂŵƉŽĐŽĞƐ ďŝŐĚĞĂů͘ǁĂƚĐŚƚŚĞ ĂƚƚĞŶƚŽĂƋƵĞůĐĂǌǌŽ ƉĂƌĂƚĂŶƚŽ͘ďŽƌƌĂĞƐĂ '/D ĨƵĐŬŝŶŐůŽŽŬŽŶǇŽƵƌ ĚŝƐŐƵĂƌĚŽ͘ƵŶ Yh/s>E ĞǆƉƌĞƐŝſŶĚĞƚƵĐĂƌĂ͘ Yh/s>E ĨĂĐĞ͘ĂŐĂůůĂŐŚĞƌ ŐĂůůĂŐŚĞƌĐŚĞŵŝ ƵŶŐĂůůĂŐŚĞƌ ůŽŽŬŝŶŐĚŽǁŶŽŶŵĞ͕ ŐƵĂƌĚĂĚĂůů͛ĂůƚŽŝŶ ĐŽŵƉĂĚĞĐĞƌŵĞĂŵş͍ ŝĚŽŶΖƚƚŚŝŶŬƐŽ͘ ďĂƐƐŽ͕ƐĐŚĞƌǌŝ͍ ŶŝůŽƐƵĞŹĞƐ͘

^ŚĞŝůĂΖƐŚŽƵƐĞ͘

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^,/> ŶĂŶĐǇŐƌĂĐĞ͊ƚŚĞƌĞΖƐ ŶĂŶĐǇŐƌĂĐĞ͊ĐŝƐĂƌă ůĂŶŽƚŝĐŝĂĚĞůĚşĂ͘ ŐŽƚƚŽďĞĂŵŝƐƐŝŶŐ ƵŶĂƌĂŐĂǌǌĂďŝĂŶĐĂ ƚŝĞŶĞƋƵĞŚĂďĞƌ ǁŚŝƚĞŐŝƌů ƐĐŽŵƉĂƌƐĂŝŶŐŝƌŽ͘ ĂůŐƵŶĂĐŚŝĐĂďůĂŶĐĂ Z ƐŽŵĞǁŚĞƌĞ͘ Yh/s>E ƉŽƌĂůŐƵŶĂƉĂƌƚĞ͘ Yh/s>E ' Yh/s>E Yh/s>E

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

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E^ &/KEdK^ds ǁŚĞƌĞΖƐƉĞůĞ͍ ĚŽǀ͛ğƉĞůĞ͍ Yh/s>E ĚſŶĚĞĞƐƚĄƉĞůĠ͍ Yh/s>E

-XVWOLNHWKH3LOJULPV,QWHQGHG 6HDVRQ(SLVRGH EKd&KhE

)LRQD,QWHUUXSWHG 6HDVRQ(SLVRGH ^ŚĞŝůĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^,/> ĂďůĞƐƐŝŶŐ͘ŵǇůŝƚƚůĞ ƵŶĂďĞŶĞĚŝǌŝŽŶĞ͘ŝů ƵŶĂďĞŶĚŝĐŝſŶ͘ŵŝ Z^ ŬƵŶŐƉŽǁďůĞƐƐŝŶŐ͘ ŵŝŽũĂĐŬŝĞĐŚĂŶ ^h^d/dhd/KE ƉĞƋƵĞŹĂďĞŶĚŝĐŝſŶ Yh/s>E Śŵŵ͘΀͙΁ǁŚĂƚĂďŝŐ͕ ďĞŶĞĚĞƚƚŽ͘΀͙΁ŵĂ ŬƵŶŐƉŽǁ͘΀͙΁ĞƌĞƐƵŶ ďĞĂƵƚŝĨƵů͕ƉĂŶĚĂͲ ĐŚĞďĞůů͛ŽƌƐĂĐĐŚŝŽƚƚŽ ƉƌĞĐŝŽƐŽŽƐŝƚŽ ƉŽŽŚďĞĂƌďŽǇǇŽƵ ŵŽƌďŝĚŽƐŽĐŚĞƐĞŝ͕ ƉĂŶĚĂ͕ƵŶŽƐŝƚŽ͕Ɛş ĂƌĞ͘ŽŚ͕ůŽŽŬ͘ŚĞΖƐƐƚŝůů ƉŝĐĐŽůŝŶŽ͘ĂŚ͕ŽŚ͕ ƐĞŹŽƌ͘ĂŚ͕ŽŚ͕ŵŝƌĂ͕ Z^ ŐŽƚŚŝƐůŝƚƚůĞĚŝŶŐǇͲ ŐƵĂƌĚĂ͕ŚĂĂŶĐŽƌĂ >/D/Ed/KE ĂƷŶƚŝĞŶĞůĂƉŝĞůĞĐŝƚĂ Yh/s>E ĚŝŶŐƐŬŝŶ͘ƐŚŽƵůĚǁĞ ƚƵƚƚĂůĂƉĞůůĞƐƵů ĚĞůĂĐĂŵƉĂŶŝůůĂ͘ ŐĞƚŚŝŵĐŝƌĐƵŵĐŝƐĞĚ͍ ƉŝƐĞůůŝŶŽ͘ĚŽǀƌĞŵŵŽ ĚĞďĞƌşĂŵŽƐ ĐŝƌĐŽŶĐŝĚĞƌůŽ͍ ĐŝƌĐƵŶĐŝĚĂƌůŽ͍

:Kz ŚĞůů͕ŶŽ͘ůĞƚƚŚĂƚĞǆƚƌĂ ĐĂǀŽůŽ͕ŶŽ͕ůĂƉĞůůĞ ŶŽ͕ŶŽ͕ĚĠũĂůĞĐŽŶƐƵ ĚĞƌŵĂƌŝĚĞ͘ ĚĞǀĞĐƌĞƐĐĞƌĞĂŶĐŚĞ ƉĞůůĞũŝƚŽ͘ ůŞ͘

^,/> ŽŚ͕ŚĞŶĞĞĚƐĂŶĂŵĞ͘ ŚĂŚ͕ŚĂŝďŝƐŽŐŶŽĚŝ ŽŚ͕ŶĞĐĞƐŝƚĂƵŶ ǁŚĂƚĂďŽƵƚŚŝƌĂŵ͕ ƵŶŶŽŵĞ͘ĐŚĞŶĞĚŝĐŝ ŶŽŵďƌĞ͘ƋƵĠƚĂů ĨŽƌŵǇĨĂƚŚĞƌ͍ĂƌĞ ĚŝŚŝƌĂŵĐŽŵĞŵŝŽ ŚŝƌĂŵ͕ĐŽŵŽŵŝ ǇŽƵĂŚǇŵŝĞ͍΀͙΁ĂƌĞ ƉĂĚƌĞ͍ƐĞŝƵŶĞďƌĞŽ͍ ƉĂĚƌĞ͍ƚĞŐƵƐƚĂ ǇŽƵĂůŝƚƚůĞŚǇŵŝĞ͍Ă ΀͙΁ƐĞŝƵŶƉŝĐĐŽůŽ ŚǇŵŝĞ͍΀͙΁ƋƵŝĞƌĞƐ ŚǇŵŝĞͲǁǇŵŝĞ͍ ĞďƌĞŽ͍ƵŶĞďƌĞŽ ƋƵĞƚĞůůĂŵĞŚǇŵŝĞ͍ ŐŝƵĚĞŽ͍ ŚǇŵŝĞͲǁǇŵŝĞ͍

E^ :Kz ƚŚĞŶĂŵĞƐŚŽƵůĚďĞ ĚŽǀƌĞďďĞĂǀĞƌĞƵŶ Yh/s>E ĚĞďĞƌşĂƚĞŶĞƌƵŶ Yh/s>E ƐŽŵĞƚŚŝŶŐĐŚŝŶĞƐĞ͘ ŶŽŵĞĐŝŶĞƐĞ͕ƉĞƌƵŶ ŶŽŵďƌĞĐŚŝŶŽ͕ƋƵĞ ŬĞĞƉŚŝŵĐŽŶŶĞĐƚĞĚ ůĞŐĂŵĞĐŽŶůĂƐƵĂ ƐĞƉĂĐƵĄůĞƐƐƵ ƚŽŚŝƐƉĞŽƉůĞ͘ ŐĞŶƚĞ͘ ƉƵĞďůŽ͘

^,/> Śŵŵ͘ĐŚŝŶĞƐĞĐŚĞŶ͕ Śŵŵ͘ĐŝŶĞƐĞĐŚŝŶ͕ Śŵŵ͕ĐŚŝŶŽ͘ĐŚĞŶ͕ E^ ĐŚĂŶ͕ĐŚĂŶŐǁŝŶŐ͍ ĐŚĂŶ͕ĐŚĞŶŐ͕ǁŝŶŐ͕ Yh/s>E ĐŚĂŶ͕ĐŚĂŶŐ͕ǁŝŶŐ͍ Yh/s>E ǁĂŶŐ͍ǁƵ͍ ǁĂŶŐ͕ǁƵ͍ ǁĂŶŐ͍ǁƵ͍

(O*UDQ&DxRQ 6HDVRQ(SLVRGH ^ŚĞŝůĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^,/>dK:Kz ŐĞƚǇŽƵƌĂƐƐƵƉ͕ǇŽƵ ĂůǌĂƋƵĞůĐƵůŽĚŝ ƋƵŝĞƌĞƐůĞǀĂŶƚĂƌĞů ŐŽĚĚĂŵŶƉŽŶǇͲƚĂŝůĞĚ ŵĞƌĚĂ͕ŵĂůĞĚĞƚƚŽ ĐƵůŽĚĞƵŶĂƉƵƚĂǀĞǌ͕ ĨĂďŝŽŵŽƚŚĞƌĨƵĐŬĞƌ͊ ĐĂƉĞůůŽŶĞƐƚƌĂĨĂƚƚŽ͕ ŵĂůĚŝƚŽǀĂŐŽŚŝũŽĚĞ E^ ĨŝŐůŝŽĚŝƉƵƚƚĂŶĂĐŽů ^h^d/dhd/KE ƉƵƚĂĐŽŶŵĞůĞŶĂĚĞ ^h^d/dhd/KE ĐŽĚŝŶŽ͘ ŵĂƌŝĐſŶ͍

DĞǆŝĐĂŶďŽƌĚĞƌ͘

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&ZE< ĐŚŝͲƚŽǁŶ͕ďŽƌŶĂŶĚ ŶĂƚŽĂĐƌĞƐĐŝƵƚŽĂ ĚĞĐŚŝĐĂŐŽ͕ůĂĐŝƵĚĂĚ ƌĂŝƐĞĚ͘ ĐŚŝĐĂŐŽ͘ ĚĞůǀŝĞŶƚŽ͘

'Edd<Z ŶŽƉĂƐƐƉŽƌƚ͕ŶŽ ŶŽƉĂƐƐĂƉŽƌƚŽ͕ŶŽ ƐŝŶŽƚŝĞŶĞƉĂƐĂƉŽƌƚĞ ĞŶƚƌǇ͘ ĞŶƚƌĂƚĂ͘ ŶŽĞŶƚƌĂ͘

&ZE< ǁŚĂƚ͍ƐŝŶĐĞǁŚĞŶ͍ ĐŽƐĂ͍ĞĚĂƋƵĂŶĚŽ͍ ƋƵĠ͍ĚĞƐĚĞĐƵĄŶĚŽ͍

E/D 'Edd<Z ƐŝŶĐĞĂůƋĂĞĚĂ ĚĂƋƵĂŶĚŽĂůƋĂĞĚĂ Yh/s>E ĚĞƐĚĞƋƵĞĂůƋĂĞĚĂ Yh/s>E ĚĞĐŝĚĞĚĂŵĞƌŝĐĂŶƐ ŚĂĚĞĐŝƐŽĐŚĞŐůŝ ĚĞĐŝĚŝſƋƵĞŚĂďşĂ ŶĞĞĚĞĚŬŝůůŝŶŐ͘ ĂŵĞƌŝĐĂŶŝǀĂŶŶŽ ƋƵĞŵĂƚĂƌĂůŽƐ ĂŵŵĂǌǌĂƚŝ͘ ǇĂŶŬĞĞƐ͘

<ĞǀŝŶĂŶĚsĞƌŽŶŝĐĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

sZKE/ ƐŽǁĞΖƌĞƚƌǇŝŶŐĂŶĞǁ ƉĞƌĐŝžĐŝďƵƚƚŝĂŵŽƐƵ ĂƐşƋƵĞĞƐƚĂŵŽƐ ǁĞďƚŚŝŶŐ͘ ƵŶĂĐŽƐĂŶƵŽǀĂ͘ ƉƌŽďĂŶĚŽĂůŐŽ ŶƵĞǀŽ͘

<s/E ĐŽƵƉůĞĂĐƚ͘ŵĂƐƚĞƌ ŝŶĐŽƉƉŝĂ͘ƐĞƐƐŽ ƵŶĚƷŽ͘ĂŵŽǇ Z ĂŶĚƐůĂǀĞ͘ǁĂŚ͊ ƐĂĚŽŵĂƐŽ͘ǁĂŚ͊ >/D/Ed/KE ĞƐĐůĂǀĂ͘ǁĂŚ͊ Yh/s>E

&/KE ǇŽƵŐŽŶŶĂĚŽŝƚŝŶĂ ĐŝŽğ͕ůŽĨĂƌĂŝĂŶĐŚĞ ůŽŚĂƌĄƐĞƐĐĂǇŽůĂĚŽ͍ ĐĂƐƚ͍ ƚƵ͍

<s/E ŚĞǇ͕ŵĂŶΖƐŐŽƚƚĂĞĂƚ͘ ŚĞǇ͕ĚĞǀŽƉƵƌ ŽǇĞ͕ŚĂǇƋƵĞĐŽŵĞƌ͘ ŵĂŶŐŝĂƌĞ͘

&/KE ƚŚĂƚŝƐƐŽǁƌŽŶŐ͘ Đ͛ğƋƵĂůĐŽƐĂĚŝ ŵĞƉĂƌĞĐĞƵŶ ƐďĂŐůŝĂƚŽ͘ ĞƐƉĂŶƚŽ͘

sZKE/ ŝƚΖƐĞĚƵĐĂƚŝŽŶĂů͘ďǇ ŶŽ͕ğĞĚƵĐĂƚŝǀŽ͘ ĞƐŵƵǇĞĚƵĐĂƚŝǀŽ͘Ăů ĂĐƚŝŶŐŽƵƚĂƐĐĞŶĞ ƌŝĞǀŽĐĂŶĚŽƵŶĂƐĐĞŶĂ ƌĞƉƌĞƐĞŶƚĂƌƵŶĂ ĨƌŽŵƚŚĞŽůĚ ĚĞŝƚĞŵƉŝĚĞůůĞ ĞƐĐĞŶĂĚĞůĂƐǀŝĞũĂƐ ƉůĂŶƚĂƚŝŽŶ͕ǁĞΖƌĞ ƉŝĂŶƚĂŐŝŽŶŝĨŽƌŶŝĂŵŽ ƉůĂŶƚĂĐŝŽŶĞƐ ƉƌŽǀŝĚŝŶŐĐŽŶƚĞŶƚĨŽƌ ƵŶĐŽŶƚĞŶƵƚŽƉĞƌŐůŝ ƉƌŽƉŽƌĐŝŽŶĂŵŽƐ ĂŶŝŶƚĞƌŶĞƚĂƵĚŝĞŶĐĞ ƵƚĞŶƚŝĚĞůůĂƌĞƚĞĐŚĞ ĐŽŶƚĞŶŝĚŽƐƉŽƌ ƚŚĂƚĞŵďƌĂĐĞƐĂ ĐŽŶƚĞŵƉůĂƵŶĂƐĐĞŶĂ ŝŶƚĞƌŶĞƚĂŐĞŶƚĞƋƵĞ ƚƌƵƚŚĨƵůƌĞĞŶĂĐƚŵĞŶƚ ƌĞĂůŝƐƚŝĐĂĚĞůŶŽƐƚƌŽ ƋƵŝĞƌĂǀĞƌƵŶĂ ŽĨŽƵƌƉĂƐƚ͘ ƉĂƐƐĂƚŽ͘ ƌĞĐŽŶƐƚƌƵĐĐŝſŶ ǀĞƌşĚŝĐĂĚĞŶƵĞƐƚƌŽ ƉĂƐĂĚŽ͘

&/KE ŝƚΖƐƌĂĐŝƐƚĂŶĚǁƌŽŶŐ͊ ğƌĂǌǌŝƐƚĂĞĂŶĐŚĞ ĞƐƌĂĐŝƐƚĂǇĞƐƚĄŵĂů͘ ƐďĂŐůŝĂƚŽ͊

E^ <s/E ǁŚŝĐŚŝƐǁŚǇŝƚΖƐ ƉĞƌƋƵĞƐƚŽĨĂƌĞŵŽŝ Yh/s>E ƉŽƌĞƐŽŶŽƐĚĂƌĄƵŶĂ Yh/s>E ŐŽŶŶĂŵĂŬĞŵŽŶĞǇ ƐŽůĚŝ͕ƉĞƌĐŚĠƋƵĞƐƚŽ ƉĂƐƚĂ͕ƉŽƌƋƵĞĞƐƚĞ ΖĐĂƵƐĞƚŚŝƐĐŽƵŶƚƌǇŝƐ ƉĂĞƐĞğƌĂǌǌŝƐƚĂ͘ ƉĂşƐĞƐƌĂĐŝƐƚĂ͘ ƌĂĐŝƐƚ͘

<ĞǀŝŶĂŶĚsĞƌŽŶŝĐĂΖƐŚŽƵƐĞ͘

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&/KE ũŝŵŵǇĚŽĞƐŶΖƚƌĞĂůůǇ ũŝŵŵǇŶŽŶĨĂŶŝĞŶƚĞ ĂŚŽƌĂũŝŵŵǇŶŽŚĂĐĞ ĚŽĂŶǇƚŚŝŶŐ͘ŚĞũƵƐƚ ŝŶƌĞĂůƚă͘ƐĞŶĞƐƚĂ ŶĂĚĂĚĞŶĂĚĂ͘ƐŽůŽƐĞ

ŚĂŶŐƐĂƌŽƵŶĚƚŚĞ ƚƵƚƚŽŝůŐŝŽƌŶŽŝŶĐĂƐĂ ƉĂƐĂĞůĚşĂĞŶĐĂƐĂ ŚŽƵƐĞĂůůĚĂǇǁŝƚŚ ĐŽŶůŝĂŵ͕ĨĂŝĨƌƵůůĂƚŝ͕ ĐƵŝĚĂŶĚŽĚĞůŝĂŵǇ ůŝĂŵ͕ŵĂŬŝŶŐ ƐŝĐƌĞĚĞŝůŶƵŽǀŽƉĂƉă ŚĂĐŝĞŶĚŽďĂƚŝĚŽƐ ƐŵŽŽƚŚŝĞƐ͕ĂĐƚŝŶŐůŝŬĞ ĚĞŝƌĂŐĂǌǌŝ͘ ĐŽŵŽƐŝĨƵĞƌĂĞů ŚĞΖƐƚŚĞŬŝĚƐΖŶĞǁ ƉĂĚƌĞĚĞůŽƐŶŝŹŽƐ͘ ĚĂĚ͘

<s/E ƐŽŚĞΖƐǀĂĐƵƵŵŝŶŐ͕ ƋƵŝŶĚŝƉĂƐƐĂ ƉĂƐĂůĂĂƐƉŝƌĂĚŽƌĂ͕ ĐŽŽŬŝŶŐ͕ĂŶĚ ů͛ĂƐƉŝƌĂƉŽůǀĞƌĞ͕ ĐŽĐŝŶĂ͕ĐĂŵďŝĂ ĐŚĂŶŐŝŶŐĚŝƌƚǇ ĐƵĐŝŶĂĞĐĂŵďŝĂŝ ƉĂŹĂůĞƐƐƵĐŝŽƐǇĂƵŶ ĚŝĂƉĞƌƐ͕ĂŶĚǇŽƵΖƌĞ ƉĂŶŶŽůŝŶŝŵĂĂƚĞ ĂƐşƚĞĐĂďƌĞĂƐ͍ŶŽ ƐƚŝůůƉŝƐƐĞĚ͘ŝƚŚŽƵŐŚƚ ƌŽĚĞĐŽŵƵŶƋƵĞ͘Ğ ƋƵĞƌĠŝƐůĂƐƚşĂƐ ƚŚĂƚΖƐǁŚĂƚǇŽƵ ŶŽŶğƋƵĞƐƚŽƋƵĞůůŽ ĐŽŵƉĂƌƚŝƌůĂƐƚĂƌĞĂƐ ůĂĚŝĞƐǁĂŶƚĞĚŝƐ ĐŚĞǀŽůĞƚĞǀŽŝ ĚĞůĂĐĂƐĂ͍ƚĞŶĞƌ '^ ƐŚĂƌĞĚŚŽƵƐĞǁŽƌŬ͘ ĚŽŶŶĞ͍ƐŵĞǌǌĂƌĞ Yh/s>E ŝŐƵĂůĚĂĚĚĞƐƵĞůĚŽǇ Yh/s>E '/D ǁĂŐĞĞƋƵĂůŝƚǇĂŶĚĂůů ů͛ĂĨĨŝƚƚŽ͕ƐƚŝƉĞŶĚŝ Yh/s>E ĞƐĂƐŝĚŝŽƚĞĐĞƐĚĞ Yh/s>E ' ƚŚĂƚŚƵŶŐĞƌŐĂŵĞƐ͕ ƵŐƵĂůŝ͕ĂůůĂŚƵŶŐĞƌ Yh/s>E ůĂĚǇŐĂŐĂǇůŽƐ Yh/s>E ůĂĚǇŐĂŐĂŐŝƌůƉŽǁĞƌ ŐĂŵĞƐŽůĂĚǇŐĂŐĂ͕ ũƵĞŐŽƐĚĞůŚĂŵďƌĞ͍ ƐŚŝƚ͘ ƚŝƉŽŝůŐŝƌůƉŽǁĞƌ͘

'/D sZKE/ ǁĞƐĂǇŝƚ͕ďƵƚǁĞ ĚŝĐŝĂŵŽĐĞůŽ͕ŶŽŶğ >/D/Ed/KE ůŽĚĞĐŝŵŽƐ͕ƉĞƌŽŶŽ Yh/s>E ' ĚŽŶΖƚŵĞĂŶŝƚ͘ƚŚĞƌĞ ƐĞǆǇƵŶƵŽŵŽĐŚĞ Yh/s>E ĚĞǀĞƌĚĂĚ͕ŶŽĞƐ Yh/s>E ŝƐŶŽƚŚŝŶŐƐĞǆǇĂďŽƵƚ ƉĂƐƐĂůŽƐƚƌĂĐĐŝŽƉĞƌ ƐĞǆǇǀĞƌĂƵŶ ĂŵĂŶǁŝƚŚĂŵŽƉ͘ ƚĞƌƌĂ͘ ŚŽŵďƌĞĐŽŶůĂ ĨƌĞŐŽŶĂ͘

^ƚƌĞĞƚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

DEz ǇŽƵŬŶŽǁ͕ŝΖǀĞƐƉĞŶƚ ğƐƚĂƚŽƐƚƵƉŝĚŽ͕ŚŽ ĨƵĞƵŶĂĞƐƚƵƉŝĚĞǌ͘ǇĂ ƚŽŽŵĂŶǇƐĂƚƵƌĚĂǇƐ ƉĂƐƐĂƚŽƚƌŽƉƉĞ ŵĞŚĞƉĂƐĂĚŽ ƐƚƵĐŬŽŶĂďƵƐŐŽŝŶŐ ĚŽŵĞŶŝĐŚĞ ŵƵĐŚŽƐƐĄďĂĚŽƐĞŶ ĚŽǁŶƐƚĂƚĞƚŽŐĞƚĨĞůƚ ƐƵůů͛ĂƵƚŽďƵƐĐŚĞ ƵŶĂƵƚŽďƷƐĐĂŵŝŶŽ ƵƉďǇĚǇŬĞƉƌŝƐŽŶ ĂŶĚĂǀĂŝŶƉƌŝŐŝŽŶĞ ĚĞůĂĐĄƌĐĞůƉĂƌĂƋƵĞ ŐƵĂƌĚƐ͘ŶŽƐĐŚŽŽů ƉĞƌĨŝŶŝƌĞĂĨĂƌŵŝ ůƵĞŐŽŵĞŵĞƚŝĞƌĂŶ ƐĐŝĞŶĐĞƉƌŽũĞĐƚŝƐ ƚĂƐƚĂƌĞĚĂƐĞĐŽŶĚŝŶĞ ŵĂŶŽĞƐĂƐŐƵĂƌĚŝĂƐ ^K^ ǁŽƌƚŚŐŽŝŶŐƚŽũĂŝů ůĞƐďŝĐŚĞ͘ŶĞƐƐƵŶ Yh/s>E ďŽůůĞƌĂƐ͘ŶŽǀĂůĞůĂ Yh/s>E ĨŽƌ͘ ƉƌŽŐĞƚƚŽƐĐŽůĂƐƚŝĐŽ ƉĞŶĂŝƌĂůĂƚƌĞŶĂƉŽƌ ǀĂůĞƵŶŐŝŽƌŶŽĚŝ ƵŶƚƌĂďĂũŽĞƐĐŽůĂƌ͘ ŐĂůĞƌĂ͘

>/W ŶŽƚĨŽƌƐĐŚŽŽů͘ ŶŽŶğƉĞƌůĂƐĐƵŽůĂ͘ ŶŽĞƐƵŶƚƌĂďĂũŽ͘

DEz ǁŚĂƚ͕ǁĞƌĞǇŽƵ ğƉĞƌŝůďĂŶĐŽĚĞŝ ǇǀĂƐĂĞŵƉĞŹĂƌůŽ͍ ŐŽŶŶĂƉĂǁŶŝƚ͍ ƉĞŐŶŝ͍

>/W ŶŽƉĞ͘ ŶĞŵŵĞŶŽ͘ ŶŽ͘

DEz ƐĞůůŝƚŽŶĞďĂǇ͍ ǀƵŽŝǀĞŶĚĞƌůŽƐƵ ĂǀĞŶĚĞƌůŽĞŶĞďĂǇ͍ ĞďĂǇ͍

>/W ŶŽ͘ŐŽŶŶĂƚĞĂĐŚ ŶŽ͕ůŽƵƐĞƌžƉĞƌ ŶŽ͕ƋƵŝĞƌŽĞŶƐĞŹĂƌĂ ƐŽŵĞĂƌƌŽŐĂŶƚ͕ ŝŶƐĞŐŶĂƌĞĂĚĞůůĞ ĞƐŽƐĐĂƉƵůůŽƐ ĐŽůůĞŐĞǁĂƉĂŶĞƐĞ ƚĞƐƚĞĚŝĐĂǌǌŽĚĞů ƵŶŝǀĞƌƐŝƚĂƌŝŽƐƋƵĞŶŽ E ĂƐƐŚŽůĞƐŶŽƚƚŽĨƵĐŬ ĐŽůůĞŐĞĂŶŽŶ >/D/Ed/KE ƐĞũƵĞŐĂĐŽŶůĂŐĞŶƚĞ >/D/Ed/KE ǁŝƚŚƚŚĞƐŽƵƚŚƐŝĚĞ͘ ƐĐŚĞƌǌĂƌĞĐŽŶŶŽŝĚĞů ĚĞůŽƐďĂƌƌŝŽƐ͘ ƐŽƵƚŚͲƐŝĚĞ͘

DĞǆŝĐĂŶŚĂĐŝĞŶĚĂ͘

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&ZE< ǁŚŽĂ͊ŶŽ͕ĂŵŝŐŽ͕ŝΖŵ ǁŚŽĂ͕ŶŽ͕ŶŽĂŵŝŐŽ ŽǇ͕ŶŽ͕ĂͲĂŵŝŐŽ͕ŶŽ ' ŶŽƚƚŚĂƚŬŝŶĚŽĨŐŝƌů͘ ŝŽ͕ŝŽŶŽŶƐŽŶŽƋƵĞů >/D/Ed/KE ƐŽǇĚĞĞƐĂĐůĂƐĞĚĞ Yh/s>E ũĞƐƵƐ͊ŽŬĂǇ͕ŽŬĂǇ͕ ƚŝƉŽĚŝ͘ŽŚ͕ŽŚŐĞƐƶ ĐŚŝĐĂƐ͘ĞŚŵ͕ũŽĚĞƌ͕ ĨĞůůĂƐ͕ŝΖŵƌĞĂůůǇŬŝŶĚĂ ĐƌŝƐƚŽ͕ŽŬ͕ŽŬ͕ŽŬ ǇĂͲǇĂǀĂůĞ͕ǇĂǀĂůĞ͘ ŐĞƚƚŝŶŐƐŬĞĞǀĞĚŽƵƚ ƐŝŐŶŽƌŝ͕ŝŽŵŝƐƚŽ ĐŚŝĐŽƐ͕ĞƐƚŽǇ ŚĞƌĞ͘΀͙΁ƵŚ͕ĐĂŶŝͲͲ ŝŶŝǌŝĂŶĚŽĂ ĞŵƉĞǌĂŶĚŽĂ ĐĂŶŝƚĂŬĞƚŚĞŵ΀͙΁ ƐƉĂǀĞŶƚĂƌĞ͘΀͙΁ƵŚ͕ ĂĐŽũŽŶĂƌŵĞƵŶƉŽĐŽ ƉŽƐƐŽ͕ƌŝŵĞƚƚĞƌůŝ΀͙΁ ĞŚ΀͙΁ĞƐƚŽ͕ŵĞĚĞũĄŝƐ ƋƵĞ

' Dy/E'hz ŐŽŽĚůƵĐŬƉƵƚŝƚĂ͊ ďƵŽŶĂĨŽƌƚƵŶĂ͕ Yh/s>E ƐƵĞƌƚĞƉƵƚŝƚĂ͊ Yh/s>E ƉƵƚŝƚĂ͊

7KH$PHULFDQ'UHDP 6HDVRQ(SLVRGH ZŽƚĐƐĐŚŽŽů͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^K>/Z ůŽŽŬ͕ŝĐĂŶΖƚŐĞƚ ƐĞŶƚŝ͕ŶŽŶƉŽƐƐŽ ŽǇĞ͕ŶŽƉƵĞĚĞŶ ĞǆƉĞůůĞĚ͘ŵǇƉĂƌĞŶƚƐ ĨĂƌŵŝĐĂĐĐŝĂƌĞ͘ŝŵŝĞŝ ĞǆƉƵůƐĂƌŵĞ͘ŵŝƐ ǁŝůůŬŝůůŵĞ͘ ŵŝƵĐĐŝĚĞƌĞďďĞƌŽ͘ ƉĂĚƌĞƐŵĞŵĂƚĂƌşĂŶ͘

/E ƉƌŽďĂďůǇŚĞĂƌŝŶŐ ĨŽƌƐĞƐĂƉĞƌĞĐŚĞƐĞŝ ƐĞŵŽƌŝƌşĂŶĂŶƚĞƐƐŝ ^K^ ĂďŽƵƚƚŚĞŐĂǇƐĞǆ ŐĂǇƵĐĐŝĚĞƌăƉƌŝŵĂ Yh/s>E ƐƵƉŝĞƌĂŶůŽƋƵĞ D/d/'d/KE ǁŝůůŬŝůůΖĞŵƐŽŽŶĞƌ͘ ůŽƌŽ͘ ĞƐƚĂďĂƐŚĂĐŝĞŶĚŽ͘

ZŽƚĐƐĐŚŽŽů͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

D/<z ǇŽƵŚĂǀŝŶŐƐŽŵĞƐŽƌƚ ƐƚĂƚĞĨĂĐĞŶĚŽƵŶĂ ĞƐƚĂďĂŝƐŚĂĐŝĞŶĚŽ ŽĨƋƵĞĞƌͲďŽƐĞǆ ďĞůůĂƐĐŽƉĂƚĂƚƌĂ ŵĂƌŝĐŽŶĂĚĂƐĂƋƵş ^K ƵŶĚĞƌŚĞƌĞ͍ ĨƌŽĐĞƚƚŝƋƵŝƐŽƚƚŽ͕ D/d/'d/KE ĂďĂũŽ͍ D/d/'d/KE ĞŚ͍

^K>/Z ŶŽ͕ŶŽ͕ŝƐǁĞĂƌ͘ǁŚǇ ŶŽ͕ŶŽ͕ůŽŐŝƵƌŽ͘ ŽŚ͕ŶŽ͕ŶŽ͕ƚĞůŽũƵƌŽ͘ ĂƌĞǇŽƵƐƚŝůůďĞĂƚŝŶŐ ƉĞƌĐŚĠŵŝƐƚĂŝ ƉŽƌƋƵĠƐŽůŽŵĞ ŵĞƵƉ͍ŚĞǁĂƐĚŽŝŶŐ ƉŝĐĐŚŝĂŶĚŽ͍ůŽƐƚĂǀĂ ƉĞŐĂƐĂŵş͍Ġů ŝƚƚŽŽ͘ ĨĂĐĞŶĚŽĂŶĐŚĞůƵŝ͘ ƚĂŵďŝĠŶůŽŚĂĐşĂ͘

D/<z ǇŽƵΖƌĞƚŚĞŽŶĞƚĂŬŝŶŐ ĞƌŝƚƵĂƉƌĞŶĚĞƌůŽŶĞů ƉĞƌŽĞƐĂƚŝĂƋƵŝĞŶ ŝƚŝŶƚŚĞĂƐƐ͕ƌŝŐŚƚ͍ ĐƵůŽ͕ŶŽ͍ƚŝĨĂĐĐŝŽ ůĞĞƐƚĂďĂŶĚĂŶĚŽ͘ƚĞ ǇŽƵΖƌĞƚŚĞŽŶĞŝ ĚŝǀĞŶƚĂƌĞĞƚĞƌŽĂ ǀŽǇĂǀŽůǀĞƌŶŽƌŵĂů ^K ŐŽƚƚĂŬŝĐŬƐƚƌĂŝŐŚƚ͘ŝƚ ĐĂůĐŝ͘ƐƚĂ D/d/'d/KE ĂƉĂƚĂĚĂƐ͘ĨƵŶĐŝŽŶĂ͍ DW>/&/d/KE ^K/D ǁŽƌŬŝŶŐ͍ ĨƵŶǌŝŽŶĂŶĚŽ͍ Yh/s>E Yh/s>E

^K>/Z ǇĞƐ͕ǇĞƐ͘ ƐŞ͕ƐŞ͘ Ɛş͕Ɛş͘

D/<z ŐŽŽĚ͘ŐĞƚƚŚĞŚĞůů ďĞŶĞ͕ĂĚĞƐƐŽǀĂƚƚĞŶĞ ďŝĞŶ͕ĞŶƚŽŶĐĞƐ ŽƵƚƚĂŚĞƌĞ͘ ĚĂƋƵŝ͘ ůĄƌŐĂƚĞ͊

D/<zƚŽ/E ǇŽƵŐŽƚĂŶǇĨƵĐŬůĞĨƚ ĐĞůĂĨĂŝĂƐĐŽƉĂƌĞŽ ƚĞƋƵĞĚĂĂůŐŽŽůŽ ŝŶǇŽƵ͕ŽƌǇŽƵĚƵŵƉ ŚĂŝĨŝŶŝƚŽůĞĞŶĞƌŐŝĞ ŚĂƐĞĐŚĂĚŽƚŽĚŽĞŶ ŝƚĂůůŝŶƚŚĂƚĨĂŐŐŽƚΖƐ ĐŽŶƋƵĞůĨƌŽĐŝŽ͍ ĞůĐƵůŽĚĞĞƐĞ ĂƐƐ͍ ŵĂƌŝĐſŶ͍ ^K Yh/s>E Yh/s>E

^ĐŚŽŽůĨŝĞůĚƐ͘

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D/<z ŵŝƐƐĞĚǇĂ͘ ŵŝƐĞŝŵĂŶĐĂƚŽ͘ ƚĞĞĐŚĂďĂĚĞŵĞŶŽƐ͘

/E ǇŽƵĚŝĚ͍ ĚŝĐŝĚĂǀǀĞƌŽ͍ ĚĞǀĞƌĚĂĚ͍

D/<z ǇĞĂŚ͕ŵĂŶ͘ŝŚĂĚƚŽ ĂůƚƌŽĐŚĠ͘ŝŶĐĂƌĐĞƌĞ ĐůĂƌŽƋƵĞƐş͘ĞŶĞů ĚŽĂůůƚŚĞĨƵĐŬŝŶŐŝŶ ĚĞǀŽƐĐŽƉĂƌŵŝŝŽŐůŝ ƚĂůĞŐŽǇŽĞƌĂ ^K^ ũƵǀŝĞ͘ŽƚŚĞƌǁŝƐĞŝΖĚ Ăůƚƌŝ͘ƐĞŶŽĚŝǀĞŶƚŝůĂ Yh/s>E ƐŝĞŵƉƌĞĞůƋƵĞĚĂďĂ͘ Yh/s>E ĞŶĚƵƉƐŽŵĞŽŶĞΖƐ ƚƌŽŝĂĚŝƚƵƌŶŽ͕ ŶŽƋƵĞƌşĂĂĐĂďĂƌ ďŝƚĐŚ͕ƌŝŐŚƚ͍ŶŝĐĞƚŽ ĐĂƉŝƐĐŝ͍ğďĞůůŽ ƐŝĞŶĚŽůĂƉƵƚĂĚĞ ƐǁŝƚĐŚďĂĐŬ͘ ĐĂŵďŝĂƌĞƌƵŽůŽ͘ ŽƚƌŽ͘ĞƐƚĄďŝĞŶ ĐĂŵďŝĂƌ͘ ' DW>/&/d/KE DW>/&/d/KE

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZEE ŵĞǆŝĐĂŶŽƐƚŝĞŶĞŶ Yh/s>E ŵĞƐƐŝĐĂŶŝƐŽŶŽƵŶ ŵƵĐŚŽĞŶĐĂŶƚŽ͘ ƉŽƉŽůŽĂĚŽƌĂďŝůĞ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

>/W ƐŽƚŚĞŐŚĞƚƚŽŐŝƌů ƋƵŝŶĚŝ͕ůĂƌĂŐĂǌǌĂĚĞů ĂƐşƋƵĞ͕ůĂĐŚŝĐĂĚĞ ^K ƚŚŝŶŬƐƐŚĞĐĂŶůŝǀĞ ŐŚĞƚƚŽĨŽƌƐĞǀŝǀƌăŝů Yh/s>E ďĂƌƌŝŽĐƌĞĞƋƵĞ D/d/'d/KE ƚŚĞĂŵĞƌŝĐĂŶĚƌĞĂŵ͕ ƐŽŐŶŽĂŵĞƌŝĐĂŶŽ͕ ƉƵĞĚĞǀŝǀŝƌĞůƐƵĞŹŽ ŚƵŚ͍ ĞŚ͍ ĂŵĞƌŝĐĂŶŽ͕ĞŚ͍

&/KE ŵĂǇďĞŝƚΖƐŵǇƚŝŵĞ͕ ƐĞŵďƌĂŝůŵŝŽ ĂůŽŵĞũŽƌǇĂŵĞ ůŝƉ͘ ŵŽŵĞŶƚŽ͕ůŝƉ͘ ƚŽĐĂ͕ůŝƉ͘

>/W ĚŽŶΖƚǇŽƵƐĞĞ͕ŝƚ ŵĂǀĞĚŝ͕ŶŽŶğĐŽƐŞ ŵŝƌĂůĂĐŽƐĂĨƵŶĐŝŽŶĂ ĚŽĞƐŶΖƚǁŽƌŬůŝŬĞ ĐŚĞĨƵŶǌŝŽŶĂ͕ƐŽƌĞůůĂ͘ ĂƐş͕ŚĞƌŵĂŶŝƚĂ͘ ƚŚĂƚ͕ƐŝƐ͘ΖĐĂƵƐĞǁŚĞŶ ƋƵĂŶĚŽƐŝğƉŽǀĞƌŝ ĐƵĂŶĚŽĞƌĞƐƉŽďƌĞ ǇŽƵΖƌĞƉŽŽƌ͕ŽŶůǇ ů͛ƵŶŝĐŽŵŽĚŽƉĞƌ ƐŽůŽƉƵĞĚĞƐ ǁĂǇƚŽŵĂŬĞŵŽŶĞǇ ĨĂƌĞƐŽůĚŝğƚƌƵĨĨĂƌĞŽ ĐŽŶƐĞŐƵŝƌĚŝŶĞƌŽ ^^ ŝƐƚŽƐƚĞĂůŝƚŽƌƐĐĂŵ ƌƵďĂƌĞ͘ĐŽŵĞĚŽŶ Yh/s>E ƌŽďĂŶĚŽŽ Yh/s>E ^/D ŝƚ͕ůŝŬĞĚŽŶŬŝŶŐŽƌũŽĞ ŬŝŶŐŽũŽĞŬĞŶŶĞĚǇ͘ Yh/s>E ĞƐƚĂĨĂŶĚŽ͘ĐŽŵŽĚŽŶ Yh/s>E ŬĞŶŶĞĚǇ͘ ŬŝŶŐŽũŽĞŬĞŶŶĞĚǇ͘

ŽŶƐƚƌƵĐƚŝŽŶƐŝƚĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Dy/E'hz ƐĞŹŽƌ͘ ƐĞŹŽƌ͘ ƐĞŹŽƌ͘

'KZ' ǇĞĂŚ͍ ƐŞ͍ Ɛş͍

Dy/E'hz ƚŚŝƐŵĂŶƐƚŽůĞŽƵƌ ƋƵĞƐƚ͛ƵŽŵŽĐ͛ŚĂ ĞƐƚĞŚŽŵďƌĞŶŽƐ ũŽďƐ͍ ƌƵďĂƚŽĞůůĂǀŽƌŽ͘ ƌŽďĂĞůƚƌĂďĂũŽ͘

>/W ŶŽ͕ŶŽ͕ŝĚŝĚŶΖƚƐƚĞĂů ŶŽ͕ŶŽ͕ŶŽ͕ŶŽŶǀĞ ŶŽ͕ǇŽŶŽŽƐůŽƌŽďŽ͕ ƚŚĞŵ͕ŝũƵƐƚƵŶĚĞƌďŝĚ ů͛ŚŽƌƵďĂƚŽ͕ŚŽƐŽůŽ ƐŽůŽƐŽǇŵĄƐďĂƌĂƚŽ͘ ǇŽƵ͘ ŐŝŽĐĂƚŽĂůƌŝďĂƐƐŽ͘

Dy/E'hz ďƵƚǁĞĂƌĞŝůůĞŐĂů ŶŽŝƐŝĂŵŽŝŵŵŝŐƌĂƚŝ ƐŽŵŽƐŝŶŵŝŐƌĂŶƚĞƐ ŝŵŵŝŐƌĂŶƚƐ͘ ĐůĂŶĚĞƐƚŝŶŝ ŝůĞŐĂůĞƐ

'KZ' ǇĞĂŚ͘ Ğ͕ƐŞ͘ ǇĂ

Dy/E'hz ŚŽǁĐĂŶǇŽƵ ĞƉƌĞŶĚĞŵĞŶŽĚĞ ĐſŵŽƉƵĞĚĞƐĞƌŵĄƐ ƵŶĚĞƌďŝĚƵƐ͍ ŶŽŝ͘ ďĂƌĂƚŽ͍

^^ >/W ŐŚĞƚƚŽǁŚŝƚĞΖƐƚŚĞ ƐŝĂŵŽƉĞŐŐŝŽĚŝǀŽŝ͘ >/D/Ed/KE ƐŽŵŽƐůŽƐŶƵĞǀŽƐ >/D/Ed/KE Z ŶĞǁďƌŽǁŶ͘ >/D/Ed/KE ŚŝƐƉĂŶŽƐ͘ D/d/'d/KE

Dy/E'hz ƚŚĞǁŚĂƚ͍ ĐŽƐĂ͍ ůŽƐƋƵĠ͍

>/W ƚŚĞŶĞǁďƌŽǁŶ͘ ƉĞŐŐŝŽĚŝǀŽŝ͘ ůŽƐŶƵĞǀŽƐŚŝƐƉĂŶŽƐ

Dy/E'hz ƚŚŝƐŝƐƵŶĨĂŝƌ͘ ƋƵĞƐƚŽŶŽŶğŐŝƵƐƚŽ͘ ĞƐƚŽŶŽĞƐũƵƐƚŽ͘

E^ >/W ũƵƐƚůŝǀŝŶŐƚŚĞ ǀŝǀŽŝůƐŽŐŶŽ Yh/s>E ĂƐşĞƐĞůƐƵĞŹŽ Yh/s>E ĂŵĞƌŝĐĂŶĚƌĞĂŵ͕ ĂŵĞƌŝĐĂŶŽ͕ĂŵŝŐŽ͊ ĂŵĞƌŝĐĂŶŽ͕ ĂŵŝŐŽ͊ ĐŽŵƉĂĚƌĞ͘

0D\,WULP\RXUHGJHV" 6HDVRQ(SLVRGH ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ĂŝĚƐĚŝĚŶΖƚĐŽŵĞ ů͛ĂŝĚƐŶŽŶǀŝĞŶĞĚĂŐůŝ ĞůƐŝĚĂŶŽƐĂůŝſĚĞůŽƐ ĨƌŽŵƚŚĞŚŽŵŽƐ͕ ŽŵŽƐĞƐƐƵĂůŝ͕ŬĂƚĞ͘ŝ ŵĂƌŝĐĂƐ͕ŬĂƚĞ͘ůŽƐ ^K ŬĂƚĞ͘ƚŚĞŐĂǇƐŵĂǇ ŐĂǇŚĂŶŶŽĂŝƵƚĂƚŽĂ >/D/Ed/KE ĐƵůĂŶĚƌĂƐƚĂůǀĞǌůŽ DW>/&/d/KE ŚĂǀĞŚĞůƉĞĚƚŽ ĚŝĨĨŽŶĚĞƌůŽĐŽŶŝů ĞǆƚĞŶĚŝĞƌĂŶĐŽŶƐƵ ƐƉƌĞĂĚŝƚ͕ǁŝƚŚƚŚĞŝƌ ƐĂŶŐƵĞĞůĂůŽƌŽ ƉĂƐŝſŶƉŽƌĞůƐĞǆŽ ďůŽŽĚǇĂŶĂů ƉĂƐƐŝŽŶĂůŝƚă͕ƉĞƌžŚĂ ĂŶĂů͕ƉĞƌŽůĂǀĞƌĚĂĚ ^K^ ƉĂƐƐŝŽŶƐ͕ďƵƚŝƚ ĂǀƵƚŽŽƌŝŐŝŶĞŝŶƵŶ DW>/&/d/KE ĞƐƋƵĞƐĞŽƌŝŐŝŶſƉŽƌ Yh/s>E ŽƌŝŐŝŶĂƚĞĚŝŶǀĂĐĐŝŶĞƐ ǀĂĐĐŝŶŽĨĂƚƚŽĐŽů ƵŶĂƐǀĂĐƵŶĂƐŚĞĐŚĂƐ ŵĂĚĞĨƌŽŵƚŚĞďůŽŽĚ ƐĂŶŐƵĞĚĞůůĞƐĐŝŵŵŝĞ ĐŽŶůĂƐĂŶŐƌĞĚĞ ŽĨĂĨƌŝĐĂŶŵŽŶŬĞǇƐ͘ ĂĨƌŝĐĂŶĞ͘ĞůĂĐŽƐĂ ŵŽŶŽƐĂĨƌŝĐĂŶŽƐ͘Ǉ ŝŶƚĞƌĞƐƚŝŶŐůǇĞŶŽƵŐŚ͕ ŝŶƚĞƌĞƐƐĂŶƚĞğĐŚĞ ĂƵŶƋƵĞŽƐĞǆƚƌĂŹĞ ŚĞƚĞƌŽƐĞǆƵĂů ĞƌĂŶŽĞƚĞƌŽƐĞƐƐƵĂůŝ͘ ůŽƐŵŽŶŽƐĞƌĂŶ ŵŽŶŬĞǇƐ͘ ŚĞƚĞƌŽƐĞǆƵĂůĞƐ͘

^K^ dKDDz ŝƚǁĂƐŚŽŵŽƐ͕ĨƌĂŶŬ͘ ĞƌĂŶŽŐĂǇ͕ĨƌĂŶŬ͘ Yh/s>E ĨƵĞƌŽŶůŽƐŵĂƌŝĐĂƐ͕ Yh/s>E

^K >/D/Ed/KE ĨƌĂŶŬ͘ DW>/&/d/KE ^K/D Yh/s>E Yh/s>E

&ZE< ũĞƐƵƐĐŚƌŝƐƚ͕ŬĂƚĞ͘ƚŚĞ ŐĞƐƶĐƌŝƐƚŽ͕ŬĂƚĞ͘ŝů ŚĂǌĞůĨĂǀŽƌ͕ŬĂƚĞ͘ ŬŝĚΖƐĂůƌĞĂĚǇĂŚĂůĨͲ ďĂŵďŝŶŽğŐŝăŵĞǌǌŽ ĞƐƚĞĐƌşŽǇĂĞƐƚĄĨĂƚĂů͕ ǁŝƚ͘ǇŽƵǁĂŶƚƚŽŐŝǀĞ ƐĐĞŵŽ͕ǀƵŽŝĐŚĞ ĞŶĐŝŵĂƋƵŝĞƌĞƐ ŚŝŵĂƵƚŝƐŵƚŽŽ͍ŶŽǁ ĚŝǀĞŶƚŝĂŶĐŚĞ ŚĂĐĞƌůĞĂƵƚŝƐƚĂ͍ ĐůŽƐĞǇŽƵƌŵŽƵƚŚ ĂƵƚŝƐƚŝĐŽ͍ŽƌĂĐŚŝƵĚŝ ĐŝĞƌƌĂůĂďŽĐĂĂŶƚĞƐ ďĞĨŽƌĞƐŽŵĞŽŶĞ ůĂďŽĐĐĂƉƌŝŵĂĐŚĞŝŽ ĚĞƋƵĞĂůŐƵŝĞŶůŽ ĐŽŶƐŝĚĞƌƐŝƚĂŶ ĚĞĐŝĚĂĚŝƵƐĂƌůĂŝŶƵŶ ĐŽŶƐŝĚĞƌĞƵŶĂ ' ŝŶǀŝƚĂƚŝŽŶ͕ĂŶĚƉŽƵƌ ĂůƚƌŽŵŽĚŽ͕Ğ Yh/s>E ŝŶǀŝƚĂĐŝſŶǇƉŽŶŵĞ Yh/s>E ŵĞĂŐŽĚĚĂŵŶĚƌŝŶŬ͘ ǀĞƌƐĂŵŝŝůŵŝŽĐĂǌǌŽ ƵŶŵĂůĚŝƚŽĐŚƵƉŝƚŽ͘ ĚŝĚƌŝŶŬ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&/KE ƉůĞĂƐĞ͘ǇŽƵŚĂǀĞůĞƐƐ ƉĞƌƉŝĂĐĞƌĞ͘ƚŝĚĞǀŝ ƉŽƌĨĂǀŽƌ͕ƐŝƋƵŝĞƌĞƐ ƚŽǁŽƌƌǇĂďŽƵƚĨƌŽŵ ƉƌĞŽĐĐƵƉĂƌĞŵĞŶŽĚŝ ƉƌĞŽĐƵƉĂƌƚĞ͕ ŚŝŵƚŚĂŶĨƌŽŵƚŚĞ ůƵŝĞƉŝƶĚĞůĚŝƌĞƚƚŽ ƉƌĞŽĐƷƉĂƚĞƉŽƌĞů ŵĂŶĂŐĞƌĂƚƚŚĞ ĚĞůŶĞŐŽǌŝŽĚŝ ĞŶĐĂƌŐĂĚŽĚĞů ŐƌŽĐĞƌǇƐƚŽƌĞ͘ ĂůŝŵĞŶƚĂƌŝ͘ ƐƵƉĞƌŵĞƌĐĂĚŽ͘

^ds ĂŵŝƐƵƉƉŽƐĞĚƚŽĨŝŶĚ ĞƋƵĞƐƚŽ͕ƐĞĐŽŶĚŽƚĞ͕ ƚĞƉĂƌĞĐĞĂƚŝƋƵĞĞƐĂ ĐŽŵĨŽƌƚŝŶƚŚĂƚ ĚŽǀƌĞďďĞĨĂƌŵŝ ĨƌĂƐĞŵĞǀĂĂ ƐĞŶƚĞŶĐĞ͍ ƐĞŶƚŝƌĞŵĞŐůŝŽ͍ ƚƌĂŶƋƵŝůŝǌĂƌ͍

&/KE ĚƵĚĞǁĂŶƚĞĚĂďůŽǁ ƋƵĞůůŽǀŽůĞǀĂƵŶ ĞƐĞƚşŽƋƵĞƌşĂƋƵĞƐĞ ŝŶĞǆĐŚĂŶŐĞĨŽƌĂũŽď͕ ůĂǀŽƌŽŝŶĐĂŵďŝŽĚŝ ůĂĐŚƵƉĂƌĂĂĐĂŵďŝŽ ŐŝǀŝŶŐŶĞǁŵĞĂŶŝŶŐ ƵŶůĂǀŽƌŽ͘ƉĞƌůƵŝ ĚĞůĞŵƉůĞŽ͘ĞƌĂ ƚŽΗďůŽǁũŽď͘͟ ůĂǀŽƌŽƐŝŐŶŝĨŝĐĂǀĂ ƐƵĞůĚŽĂĐĂŵďŝŽĚĞ ƋƵĞůůĂǀŽƌŽ͘ ŵĂŵĂĚĂ͘

^ds ǁŽǁ͍ ǁŽǁ͊ ĐſŵŽ͍

&/KE ǇŽƵŐƌŽǁƵƉŝŶƚŚŝƐ ĐƌĞƐĐŝŝŶƋƵĞƐƚĂĐĂƐĂ͕ ĐƵĂŶĚŽƚĞĐƌşĂƐĞŶ ŚŽƵƐĞ͕ǇŽƵƚŚŝŶŬƚŚĂƚ ƉĞŶƐŝĐŚĞŶŝĞŶƚĞ ĞƐƚĂĐĂƐĂĐƌĞĞƐƋƵĞ ŶŽƚŚŝŶŐĐĂŶƐŚŽĐŬ ƉŽƚƌĞďďĞƉŝƶ ǇĂŶĂĚĂǀĂĂ ǇŽƵĂŶǇŵŽƌĞ͘ĂŶĚ ƐŽƌƉƌĞŶĚĞƌƚŝ͕Ğ ĞƐĐĂŶĚĂůŝǌĂƌƚĞ͕ƉĞƌŽ͕ ƚŚĞŶ͘͘ǁŚĂƚŝƐŝƚǁŝƚŚ ƉŽŝ͙ĐŚĞƉƌŽďůĞŵĂ ƋƵĠŽƐƉĂƐĂĂůŽƐƚşŽƐ ŵĞŶĂŶĚƚŚĞŝƌ ŚĂŶŶŽŐůŝƵŽŵŝŶŝĐŽů ĐŽŶǀƵĞƐƚƌĂƉŽůůĂ͍ŽƐ ũŽŚŶƐŽŶƐ͍ƐŚĂŬŝŶŐ ůŽƌŽƉŝƐĞůůŽ͍ůŽ ůĂƉĞůĄŝƐĞŶůŽƐ ƚŚĞŵŽŶďƵƐĞƐ͕ƵƐŝŶŐ ĂŐŝƚĂŶŽƐƵůů͛ĂƵƚŽďƵƐ͕ ĂƵƚŽďƵƐĞƐ͕ůĂƐƵƐĄŝƐ '^ ƚŚĞŵƚŽďůĂĐŬŵĂŝů ůŽƵƐĂŶŽƉĞƌ Yh/s>E ƉĂƌĂĞǆƚŽƌƐŝŽŶĂƌĂ Yh/s>E ƉŽƚĞŶƚŝĂů ƌŝĐĂƚƚĂƌĞĚĞůůĞ ƉŽƐŝďůĞƐĞŵƉůĞĂĚĂƐ͘ ĞŵƉůŽǇĞĞƐ͍ǇŽƵ ƉŽǀĞƌĞĐĂƐƐŝĞƌĞ͍ ůŽƋƵĞŵĄƐŵĞ ŬŶŽǁ͕ƚŚĂƚǁĂƐ ĨŽƌƐĞĞƌĂƉƵƌĞƵŶ ĨĂƐƚŝĚŝĂĞƐƋƵĞĞƌĂƵŶ ƉƌŽďĂďůǇĂŐŽŽĚũŽď ďƵŽŶůĂǀŽƌŽ͕ƐĂŝ͍ ďƵĞŶƚƌĂďĂũŽ͘ĐŽŶ ƚŽŽ͘ďĞŶĞĨŝƚƐ͕ ƵŶ͛ŝŶĚĞŶŶŝƚă͕ƐĐŽŶƚŝ ƐĞŐƵƌŝĚĂĚƐŽĐŝĂů͕ ĚŝƐĐŽƵŶƚƐŽŶ ƐƵůůĂƐƉĞƐĂ͘ŽƌĂĐŝ ĚĞƐĐƵĞŶƚŽƐĞŶůĂ ŐƌŽĐĞƌŝĞƐ͘ǇŽƵŬŶŽǁ ƉĞŶƐŽŝŽ͕ŶŽŶƐĞůĂ ĐŽŵƉƌĂ͘ƐĂďĞƐƋƵĠ͍ ǁŚĂƚ͍ŚĞĚŽĞƐŶΖƚŐĞƚ ĐĂǀĞƌăĐŽƐŞ͘ƚŽƌŶŽůă͘ ĞƐĞŶŽƐĞƐĂůĞĐŽŶůĂ ĂǁĂǇǁŝƚŚƚŚŝƐƐŚŝƚ͘ ƐƵǇĂ͘ǀŽǇĂǀŽůǀĞƌĂůůş͘ ŝΖŵŐŽŝŶŐďĂĐŬŽǀĞƌ ƚŚĞƌĞ͘

^ds ŐƌĞĂƚ͘ ŐƌĂŶĚĞ͘ ďŝĞŶ͘

^ƚƌĞĞƚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/E ŽŚ͕ƐŚŝƚ͘ǇŽƵΖƌĞƚŚĞ ŽŚ͕ŵĞƌĚĂ͘ůĞŝğ ŽŚ͕ŵŝĞƌĚĂ͘ĞƐƵƐƚĞĚ ĞŝŐŚƚŚŐƌĂĚĞƚĞĂĐŚĞƌ ů͛ŝŶƐĞŐŶĂŶƚĞĚŝƚĞƌǌĂ ůĂƉƌŽĨĞƐŽƌĂĚĞ ǁŚŽƐĐƌĞǁĞĚŚĞƌ ŵĞĚŝĂĐŚĞƐŝğ ŽĐƚĂǀŽƋƵĞƐĞƚŝƌſĂ ƐƚƵĚĞŶƚ͕ƌŝŐŚƚ͍ǇŽƵ ƐĐŽƉĂƚĂƵŶŽ ƵŶĂůƵŵŶŽ͕ǀĞƌĚĂĚ͍ ǁĞƌĞŽŶƚǀ͘ ƐƚƵĚĞŶƚĞ͕ǀĞƌŽ͍ů͛ŚŽ ƐĂůŝſĞŶůĂƚĞůĞ͘ ǀŝƐƚĂŝŶƚǀ͘

>< ŝĚŝĚŶΖƚΗƐĐƌĞǁΗ ŝŽŶŽŶŵŝƐŽŶŽ ǇŽŶŽŵĞ͞ƚŝƌĠ͟Ă ǁŝůůŝĂŵ͘ŝůŽǀĞĚŚŝŵ͘ ͞ƐĐŽƉĂƚĂ͟ǁŝůůŝĂŵ͕ŝŽ ǁŝůůŝĂŵ͕ůĞƋƵĞƌşĂ ĂŶĚŝĚŝĚŵǇƚŝŵĞ͘ŝ ůŽĂŵĂǀŽ͘ŚŽ ŵƵĐŚŽ͘ǇǇĂŚĞ ƉĂŝĚĨŽƌŵǇŵŝƐƚĂŬĞ͘ ƐĐŽŶƚĂƚŽůĂƉĞŶĂ͕ŚŽ ĐƵŵƉůŝĚŽĐŽŶĚĞŶĂ͘ ŝĨůŽǀĞĐĂŶďĞĐĂůůĞĚĂ ƉĂŐĂƚŽƉĞƌŝůŵŝŽ ŚĞƉĂŐĂĚŽƉŽƌŵŝ ŵŝƐƚĂŬĞ͘ŝΖŵƐƵƌĞ ĞƌƌŽƌĞ͘ĞŚ͕ƐĞŵƉƌĞ ĞƌƌŽƌ͘ƐŝĞůĂŵŽƌ ƚŚĞƌĞĂƌĞƌĞĂů ĐŚĞů͛ĂŵŽƌĞƐŝĂƵŶ ƉƵĞĚĞĐŽŶƐŝĚĞƌĂƌƐĞ ĐƌŝŵŝŶĂůƐŝŶƚŚĞ ĞƌƌŽƌĞ͘ĐŝƐŽŶŽ ƵŶĞƌƌŽƌ͘ƐĞŐƵƌŽƋƵĞ ŶĞŝŐŚďŽƌŚŽŽĚƚŚĂƚ ĚĞůŝŶƋƵĞŶƚŝǀĞƌŝŶĞů ŚĂǇĐƌŝŵŝŶĂůĞƐĚĞ ǇŽƵĐĂŶďĞĂƚƵƉŝĨ ƋƵĂƌƚŝĞƌĞ͕ĐŚĞǀŽŝ ǀĞƌĚĂĚĞŶĞůďĂƌƌŝŽ ǇŽƵŚĂǀĞƚŚĞ ƉŽƚƌĞƐƚĞƉŝĐĐŚŝĂƌĞ͕ ĐŽŶůŽƐƋƵĞƐĂƚŝƐĨĂĐĞƌ ŝŶĐůŝŶĂƚŝŽŶ͘ŶŽǁ͕ ŐŝăĐŚĞĐŝƐŝĞƚĞ͘ƉŽƐƐŽ ƐƵƐĂŶƐŝĂƐĚĞƉĞŐĂƌ͘

ƉůĞĂƐĞ͕ŵĂǇŝĐůŽƐĞ ĐŚŝƵĚĞƌĞůĂƉŽƌƚĂ ƉŽƌĨĂǀŽƌ͕ƉƵĞĚŽ ƚŚĞĚŽŽƌ͍ ŽƌĂ͍ ĐĞƌƌĂƌǇĂ͍

dZZz ǇĞĂŚ͕ǇĞĂŚ͘΀͙΁ ĐĞƌƚŽ͕ƐŞ͘΀͙΁ ĐůĂƌŽ͕Ɛş͘΀͙΁

>/W ƐŚŝƚ͕ǁĞƐŚŽƵůĚƐƚŝůů ŵĞƌĚĂ͕ĚŽǀƌĞŵŵŽ ũŽĚĞƌ͕ĚĞďĞƌşĂŵŽƐ ĚŽƐŽŵĞƚŚŝŶŐ͘ ĨĂƌĞƋƵĂůĐŽƐĂ͘ ŚĂĐĞƌĂůŐŽĐŽŶĞůůĂ͘

' D/<z ǇŽƵƚŚŝŶŬŝŶŐŐĂŶŐ ƵŶŽƐƚƵƉƌŽĚŝ Yh/s>E ƐŝƋƵŝĞƌĞƐůĂ Yh/s>E ďĂŶŐ͍ ŐƌƵƉƉŽ͍ ǀŝŽůĂŵŽƐ͘

>/W ƵŚ͕ŶŽ͕ďƵƚƐŚĞĨƵĐŬƐ ĞŚ͕ŶŽ͕ŵĂƐŝƐĐŽƉĂŝ ŶŽ͕ƉĞƌŽƐŝƐĞƚŝƌĂĂ ůŝƚƚůĞŬŝĚƐ͘ ƌĂŐĂǌǌŝŶŝ͘ ĐƌşŽƐ͘

^ƚƌĞĞƚ͘

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/E ǇŽƵǁĞƌĞŚĂǀŝŶŐƐĞǆ ŚĂŝĨĂƚƚŽƐĞƐƐŽĂ ƚƷůĞĚĂďĂƐĂůƐĞǆŽĂ ĂƚĨŽƵƌƚĞĞŶ͘ ƋƵĂƚƚŽƌĚŝĐŝĂŶŶŝ͘ ůŽƐĐĂƚŽƌĐĞ͘

>/W ŝǁĂƐŚĂǀŝŶŐƐĞǆǁŝƚŚ ŚŽĨĂƚƚŽƐĞƐƐŽĐŽŶ Ɛş͕ƉĞƌŽĐŽŶƵŶĂĐŚŝĐĂ ĂĨŽƵƌƚĞĞŶǇĞĂƌŽůĚĂƚ ƵŶĂƋƵĂƚƚŽƌĚŝĐĞŶŶĞĂ ĚĞĐĂƚŽƌĐĞĂŹŽƐ͘ ĨŽƵƌƚĞĞŶ͘ ƋƵĂƚƚŽƌĚŝĐŝĂŶŶŝ͘

/E ƐŽǇŽƵƚŚŝŶŬŬĂƐŚ ƋƵŝŶĚŝŬĂƐŚĚŽǀƌĞďďĞ ĂƐşƋƵĞƉĂƌĂƚŝŬĂƐŚ ƐŚŽƵůĚŚĂǀĞŐŽŶĞƚŽ ĞƐƐĞƌĞŝŶŐĂůĞƌĂ͘ ĞƌĂƵŶĐĞƌĚŽ͘ ũĂŝů͍

>/W ǇĞĂŚ͕ŝĚŽ͘ŝĂůŵŽƐƚ ƐŞ͕ĞƐĂƚƚŽ͘ĂǀƌĞŝ Ɛş͕ĞǆĂĐƚŽ͘ĞƐƚƵǀĞĂ ĐĂůůĞĚƚŚĞĐŽƉƐĂ ĚŽǀƵƚŽĐŚŝĂŵĂƌĞůĂ ƉƵŶƚŽĚĞĚĞŶƵŶĐŝĂƌ ŚƵŶĚƌĞĚƚŝŵĞƐ͘ ƉŽůŝǌŝĂ͘ƋƵĞůďƌƵƚƚŽ ŵŝůǀĞĐĞƐĂůĂƉŽůŝĂ ƐŚŽƵůĚΖǀĞ͘ĐƌĞĞƉǇ ĂƌĂďŽĚŝŵĞƌĚĂƐŝğ ĞƐĂŵŝĞƌĚĂĚĞĄƌĂďĞ ĨƵĐŬŝŶŐĂƌĂďĚƵĚĞ ĨĂƚƚŽŝůŵŝŽĨƌĂƚĞůůŝŶŽ͘ ƋƵĞƐĞĨŽůůĂďĂĂŵŝ Z ĨƵĐŬŝŶŐŵǇůŝƚƚůĞ Yh/s>E ŚĞƌŵĂŶŽ͘ Yh/s>E ďƌŽƚŚĞƌ͘

/E ŝǁĂƐĨŝĨƚĞĞŶ͘ŝǁĂƐ ĂǀĞǀŽƋƵŝŶĚŝĐŝĂŶŶŝ͘ ǇŽƚĞŶşĂƋƵŝŶĐĞĂŹŽƐ͘ ŽůĚĞŶŽƵŐŚƚŽŵĂŬĞ ĞƌŽĂďďĂƐƚĂŶǌĂ ǇĂƚĞŶşĂĞĚĂĚƉĂƌĂ ŵǇŽǁŶĚĞĐŝƐŝŽŶƐ͘ ŐƌĂŶĚĞƉĞƌĚĞĐŝĚĞƌĞ ƚŽŵĂƌŵŝƐĚĞĐŝƐŝŽŶĞƐ͘ ĚĂƐŽůŽ͘

>/W ǇŽƵǁĞƌĞĂŬŝĚ͘ŚĞ ƚƵĞƌŝƵŶƌĂŐĂǌǌŝŶŽ͕ ƚƷĞƌĂƐƵŶĐƌşŽǇĠů ǁĂƐĂŵĂŶ͘ ůƵŝĞƌĂƵŶƵŽŵŽ͘ ĞƌĂƵŶŚŽŵďƌĞ͘

/E ƐĂǇƐǇŽƵ͘ ůŽĚŝĐŝƚƵ͘ ĞƐŽĚŝĐĞƐƚƷ͘

>/W ǇŽƵƌĞĂůůǇǁĂŶƚƚŚŝƐ ǀƵŽŝĚĂǀǀĞƌŽĐŚĞ ĚĞǀĞƌĚĂĚƋƵŝĞƌĞƐ ĐŚŝĐŬůŝǀŝŶŐŝŶƚŚĞ ƋƵĞůůĂƚŝƉĂĂďŝƚŝŶĞů ƋƵĞĞƐĂƚşĂǀŝǀĂĞŶĞů ' ŶĞŝŐŚďŽƌŚŽŽĚ͍ƚŚŝŶŬ ƋƵĂƌƚŝĞƌĞ͍ƉĞŶƐĂĂ >/D/Ed/KE ďĂƌƌŝŽ͍ƉŝĞŶƐĂĞŶ >/D/Ed/KE ĂďŽƵƚĐĂƌů͘ ĐĂƌů͘ ĐĂƌů͘

/E ĐĂƌůƐŚŽƵůĚďĞƐŽ ĐĂƌůƐĂƌĞďďĞ ĐĂƌůŶŽƚĞŶĚƌĄĞƐĂ ůƵĐŬǇ͘ ĨŽƌƚƵŶĂƚŽ͘ ƐƵĞƌƚĞ͘

>/W ŽŬĂǇ͘ƐŽǁŚĂƚŝĨŝƚǁĂƐ ďĞŚ͕ĂůůŽƌĂ͕ƐĞĨŽƐƐĞ ǇƐŝĨƵĞƌĂĚĞďďŝĞǇƵŶ ĚĞďďŝĞĂŶĚĂƚŚŝƌƚǇ ĚĞďďŝĞĂĚĂŶĚĂƌĞĐŽŶ ƚşŽĚĞƚƌĞŝŶƚĂĂŹŽƐ͍ ǇĞĂƌŽůĚĚƵĚĞ͍ ƵŶŽĚŝƚƌĞŶƚ͛ĂŶŶŝ͍

'/D /E ƵŐŚ͕ŝƚΖƐĚŝĨĨĞƌĞŶƚ͘ ƵŐŚ͕ğĚŝǀĞƌƐŽ͘ Yh/s>E ƵŐŚ͕ƐĞƌşĂĚŝĨĞƌĞŶƚĞ͘ Yh/s>E

>/W ďƵůůƐŚŝƚŝƚΖƐĚŝĨĨĞƌĞŶƚ͘ ĐŽůĐĂǌǌŽĐŚĞğ ǇƵŶĂŵŝĞƌĚĂ ĚŝǀĞƌƐŽ͘ ĚŝĨĞƌĞŶƚĞ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

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>/W ǁĞůů͕ŵĂŬĞƐƵƌĞǇŽƵ ĂůůŽƌĂŵŝ ƉƵĞƐǇĂƋƵĞĞƐƚĄƐ ǁĂƐŚŚŝƐƐŚĞĞƚƐƚŽŽ͕ ƌĂĐĐŽŵĂŶĚŽ͕ůĂǀĂŐůŝ ĚĞƐƉƵĠƐůĄǀĂůĞůĂƐ ŽŬĂǇ͍ ůĞůĞŶǌƵŽůĂ͕ŽŬ͍ ƐĂďĂŶĂƐ͘

' &ZE< ŝůŽŽŬůŝŬĞĂǁŽŵĂŶ͍ ƚŝƐĞŵďƌŽƵŶĂ Yh/s>E ĐƌĞĞƐƋƵĞƐŽǇƵŶĂ Yh/s>E ĚŽŶŶĂ͍ ŵƵũĞƌ͍

<ĂƐŚΖƐƐƚŽƌĞ͘

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D/<z ǁŚǇǇŽƵŐŽƚƚŽŵĞƐƐ ƉĞƌĐŚĠƚŝŝŶƚƌŽŵĞƚƚŝ ƉŽƌƋƵĠŵĞũŽĚĞƐĞů ǁŝƚŚŵǇďƵƐŝŶĞƐƐ͕ ŶĞŝŵŝĞŝĂĨĨĂƌŝ͍ ŶĞŐŽĐŝŽ͕ƚşŽ͍ ŵĂŶ͍

/E ǁŚǇǇŽƵŐŽƚƚŽĚŽ ĞƉĞƌĐŚĠƚƵĨĂŝĂĨĨĂƌŝ ƉŽƌƋƵĠƌĂǌſŶƚŝĞŶĞƐ ǇŽƵƌďƵƐŝŶĞƐƐŝŶŵǇ ŶĞůŵŝŽŶĞŐŽǌŝŽ͍ ƋƵĞŚĂĐĞƌƚƵŶĞŐŽĐŝŽ

ƐƚŽƌĞ͍ ĞŶŵŝƚŝĞŶĚĂ͍

D/<z ŝƚΖƐŶŽƚǇŽƵƌƐƚŽƌĞ͘ŝƚΖƐ ŶŽŶğŝůƚƵŽŶĞŐŽǌŝŽ͕ ŶŽĞƐƚƵǇĂ͕ůĂƚŝĞŶĚĂ ƚŽǁĞůŚĞĂĚΖƐƐƚŽƌĞ͘ ğĚŝĂƐĐŝƵŐĂŵĂŶŝŝŶ ĞƐĚĞůŵŽƌŽ͘ Z ƚĞƐƚĂ͘ Yh/s>E D/d/'d/KE

WĂƌŬ͘

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/ ŝƚŚŝŶŬŝŵĂǇďĞĐŽŵĞ ƐĂŝ͕ƉŽƚƌĞŝĨĂƌŵŝ ǀŽǇĂŵĞƚĞƌŵĞĂ ĂŶƵŶ͘ŶƵŶƐĚŽŶΖƚ ƐƵŽƌĂ͘ůĞƐƵŽƌĞŶŽŶ ŵŽŶũĂ͘ŶŽůĞĚĂŶĂů ŚĂǀĞƐĞǆ͕ƌŝŐŚƚ͍ ĨĂŶŶŽƐĞƐƐŽ͕ǀĞƌŽ͍ ƐĞǆŽ͕ǀĞƌĚĂĚ͍

ǇŽƵΖƌĞƉƌĞƚƚǇ͘͘ƚŽŽ ƐĞŝĐĂƌŝŶĂ͘͘ƚƌŽƉƉŽ ĞƌĞƐŐƵĂƉĂ͕ Z^ ƉƌĞƚƚǇƚŽďĞĂŶƵŶ͘ ĐĂƌŝŶĂƉĞƌƵŶĂƐƵŽƌĂ͘ Yh/s>E ĚĞŵĂƐŝĂĚŽƉĂƌĂƐĞƌ Yh/s>E ' Yh/s>E ŵŽŶũĂ͘ Yh/s>E

7KHKHOSIXO*DOODJKHUV 6HDVRQ(SLVRGH 'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZEE ĞƐĂƐĚŽƐĐƌşĂƐƋƵĞƚĞ >/D/Ed/KE ǇĞĂƌ͘΀͙΁ƐĂǀĂŐĞůŝƚƚůĞ ĐŚĞů͛ĂŶŶŽƐĐŽƌƐŽƚŝ ƌŽŵƉŝĞƌŽŶĞů ĐŽƐďǇŬŝĚƐǁŝůů ŚĂŶŶŽƐƚƌĂƉƉĂƚŽŝů ďĂŹĂĚŽƌĞůĂŹŽ ĚƌŽǁŶǇŽƵƌĂƐƐ͘ ĐŽƐƚƵŵĞ͘ ƉĂƐĂĚŽ͘΀͙΁ĞƐŽƐ ΀͙΁ƋƵĞŝƉŝĐĐŽůŝĞ ŶŝŹŽƐŵŽƌĞŶŽƐƚĂŶ ƐĞůǀĂŐŐŝƉĞǌǌŝĚŝ ƐĂůǀĂũĞƐƉŽĚƌşĂŶ ŵĞƌĚĂƚŝ ĂŚŽŐĂƌƚĞ͘ Z ĂĨĨŽŐŚĞƌĂŶŶŽ͘ >/D/Ed/KE DW>/&/d/KE

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^ds ŚŽǁΖĚĐĂƐŚŝĞƌǁŽƌŬ ĨĂƌĞůĂĐĂƐƐŝĞƌĂğ ƉŽƌƋƵĠŚĂƐĚŝĐŚŽůŽ ŐĞƚǁĞŝƌĚ͍ ŝŶƋƵŝĞƚĂŶƚĞ͍ ĚĞƌĂƌŽ͍

&/KE ŝƚŚŝŶŬĞǀĞƌǇŽŶĞĂƚ ĐƌĞĚŽĐŚĞƚƵƚƚŝĂ ƚĞŶŐŽůĂƐŽƐƉĞĐŚĂĚĞ ǁŽƌŬŽƚŚĞƌƚŚĂŶŵĞ ůĂǀŽƌŽƚƌĂŶŶĞŵĞ ƋƵĞƚŽĚĂƐůĂƐ ŝƐďůŽǁŝŶŐƚŚĞ ĨĂĐĐŝĂŶŽƉŽŵƉŝŶŝĂů ĞŵƉůĞĂĚĂƐŵĞŶŽƐǇŽ ŵĂŶĂŐĞƌ͘ ĐĂƉŽ͘ ƐĞůĂĐŚƵƉĂŶĂů ĞŶĐĂƌŐĂĚŽ͘

'/D ^ds ƚŚĂƚΖƐŐĞŶŝƵƐ͘Ğǀŝů ğƵŶŐĞŶŝŽ͘ƵŶŐĞŶŝŽ Yh/s>E ĞƐƵŶĐĂŵƉĞſŶ͕ƵŶ Yh/s>E ŐĞŶŝƵƐ͘ ĚĞůŵĂůĞ͘ ĐĂŵƉĞſŶĚĞůŵĂů͘

&/KE ƚĂŬŝŶŐĂĚǀĂŶƚĂŐĞŽĨ ĂƉƉƌŽĨŝƚƚĂƌƐŝĚŝĐŚŝ ĂƉƌŽǀĞĐŚĂƌƐĞĚĞ ǁŽŵĞŶǁŚŽĐĂŶΖƚ ŶŽŶƉƵžƉĞƌŵĞƚƚĞƌƐŝ ŵƵũĞƌĞƐƋƵĞŶŽ ĂĨĨŽƌĚƚŽůŽƐĞƚŚĞŝƌ ĚŝƉĞƌĚĞƌĞŝůůĂǀŽƌŽ͍ğ ƉƵĞĚĞŶƉĞƌŵŝƚŝƌƐĞ ũŽďƐ͍ŝƚΖƐƐŝĐŬ͘ ƐĐŚŝĨŽƐŽ͘ ƉĞƌĚĞƌĞůƚƌĂďĂũŽ͘ƋƵĠ ĂƐĐŽ͘

'/D ^ds ƚŚĞŶƋƵŝƚ͘ ůŝĐĞŶǌŝĂƚŝ͘ Yh/s>E ĚĠũĂůŽ͘ Yh/s>E

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&/KE ůĂĚŝĞƐ͕ǁĞŶĞĞĚƚŽ ƐŝŐŶŽƌĞ͕ĚŽďďŝĂŵŽ ĐŚŝĐĂƐ͕ƚĞŶĞŵŽƐƋƵĞ ƐƉĞĂŬĂďŽƵƚǁŚĂƚΖƐ ƉĂƌůĂƌĞĚŝƋƵĞůůŽĐŚĞ ŚĂďůĂƌĚĞůŽƋƵĞƉĂƐĂ ŐŽŝŶŐŽŶĂƚǁŽƌŬ͘ ƐƵĐĐĞĚĞĂůĂǀŽƌŽ͘ĐŽŶ ĞŶĞůƚƌĂďĂũŽ͘ĐŽŶ

ǁŝƚŚďŽďďǇ͘ŝ͕ůŝŬĞĂůů ďŽďďǇ͘ŝŽ͕ĐŽŵĞƚƵƚƚĞ ďŽďďǇ͘ǇŽ͕ĂůŝŐƵĂů ŽĨǇŽƵ͕ĂŵŚĂƉƉǇƚŽ ǀŽŝ͕ƐŽŶŽĨĞůŝĐĞĚŝ ƋƵĞƚŽĚĂƐǀŽƐŽƚƌĂƐ͕ ŚĂǀĞĂũŽď͕ŽŬĂǇ͍ďƵƚ ĂǀĞƌĞƵŶůĂǀŽƌŽ͕ŽŬ͍ ŵĞĂůĞŐƌŽĚĞƚĞŶĞƌ ŝĚŽŶΖƚǁĂŶƚƚŚŝƐũŽďŝĨ ŵĂŶŽŶůŽǀŽŐůŝŽ ĐƵƌƌŽ͕ǀĂůĞ͍ƉĞƌŽŶŽ ƚŚĞĐŽƐƚŝƐĂŶĞǀĞƌͲ ƋƵĞƐƚŽůĂǀŽƌŽƐĞŝů ƋƵŝĞƌŽƉĂƌĂŶĂĚĂĞů ĞŶĚŝŶŐƉĂǇďĂĐŬ ƉƌĞǌǌŽĚĂƉĂŐĂƌĞ ƚƌĂďĂũŽƐŝĞƐĂĐĂŵďŝŽ ŚƵŵŵĞƌ͘΀͙΁ŝĨǁĞ ƐŽŶŽƉŽŵƉŝŶŝ ĚĞƵŶĂůŽĐƵƌĂĚĞ ďĂŶĚƚŽŐĞƚŚĞƌ͕ǁĞ Ăůů͛ŝŶĨŝŶŝƚŽ͘΀͙΁ƐĞ ŵĂŵĂĚĂƐƐŝŶĨŝŶ͘΀͙΁ ĐĂŶƉƵƚĂŶĞŶĚƚŽ ƌŝŵĂŶŝĂŵŽƵŶŝƚĞ͕ ƐŝŶŽƐƵŶŝŵŽƐƚŽĚĂƐ͕ ƚŚŝƐ͘ĂŶĞŶĚƚŽ ƉŽƐƐŝĂŵŽĚŝƌĞďĂƐƚĂ͘ ƉŽĚĞŵŽƐĂĐĂďĂƌĐŽŶ ŚĞĂƌŝŶŐǇŽƵƌŶĂŵĞ ďĂƐƚĂĂƐĞŶƚŝƌĞŝů ĞƐŽ͘ĂĐĂďĂƌĐŽŶůŽĚĞ ĐĂůůĞĚŽǀĞƌƚŚĞ ǀŽƐƚƌŽŶŽŵĞ ŽşƌŶƵĞƐƚƌŽƐŶŽŵďƌĞƐ ůŽƵĚƐƉĞĂŬĞƌ͘ĂŶĞŶĚ ĂƚƚƌĂǀĞƌƐŽů͛ĂůƚŽ ƉŽƌůĂŵĞŐĂĨŽŶşĂ͘ ƚŽŚŝŵĚĞĐŝĚŝŶŐǁĞΖƌĞ ƉĂƌůĂŶƚĞ͘ďĂƐƚĂĂůƵŝ ĂĐĂďĂƌĐŽŶĞƐĂŝĚĞĂ ŚĞƌĞƚŽƉůĞĂƐĞŚŝŵ͘ ĐŚĞĚĞĐŝĚĞĐŚĞ ƐƵǇĂĚĞƋƵĞĞƐƚĂŵŽƐ ǁŚĞŶĞǀĞƌƚŚĞƵƌŐĞ ĚŽďďŝĂŵŽĨĂƌŐůŝƵŶ ĂƋƵşƉĂƌĂĚĂƌůĞƉůĂĐĞƌ ĂƌŝƐĞƐ͘ĂŶĞŶĚƚŽ ƐĞƌǀŝǌŝŽŽŐŶŝǀŽůƚĂ ĐƵĂŶĚŽƋƵŝĞƌĂ͘ ĨĞĞůŝŶŐůŝŬĞǁĞŚĂǀĞ ĐŚĞŶĞŚĂǀŽŐůŝĂ͘ ĂĐĂďĂƌĐŽŶĞƐĂŝĚĞĂ ƚŽŐŝǀĞŚŝŵǁŚĂƚĞǀĞƌ ďĂƐƚĂƐĞŶƚŝƌĐŝĐŽŵĞ ĚĞƋƵĞƚĞŶĞŵŽƐƋƵĞ ŚĞǁĂŶƚƐ͘ůŝŬĞǁĞĂƌĞ ƐĞĚŽǀĞƐƐŝŵŽĚĂƌŐůŝ ŚĂĐĞƌůŽƋƵĞĂĠůůĞ ƐŽŵĞĚĞƐƉĞƌĂƚĞ ƚƵƚƚŽƋƵĞůůŽĐŚĞ ĂƉĞƚĞǌĐĂĐŽŵŽƐŝ ǁŚŽƌĞƐǁŚŽĂƌĞ ǀƵŽůĞ͕ĐŽŵĞƐĞ ĨƵĠƌĂŵŽƐƵŶĂƐƉƵƚĂƐ ŚĂƉƉǇĨŽƌƚŚĞ ĨŽƐƐŝŵŽĚĞůůĞƚƌŽŝĞ ĚĞƐĞƐƉĞƌĂĚĂƐƉŽƌ ĂƚƚĞŶƚŝŽŶ͘ŽƵƌũŽďƐ ĚŝƐƉĞƌĂƚĞĂĐƵŝŝŶ ƚĞŶĞƌƐƵƐĂƚĞŶĐŝŽŶĞƐ͘ ĂƌĞŶŽƚŚŝƐƚŽ ĨŽŶĚŽĨĂĂŶĐŚĞ ŶƵĞƐƚƌŽƐĞŵƉůĞŽƐŶŽ ƚŚƌĞĂƚĞŶƵƐǁŝƚŚ͘ŽƵƌ ƉŝĂĐĞƌĞ͘ŝůŶŽƐƚƌŽ ƉƵĞĚĞŶĞƐƚĂƌ ŵŽƵƚŚƐĂƌĞŶŽƚŚŝƐ ůĂǀŽƌŽŶŽŶƉƵž ĞǆƉƵĞƐƚŽƐĂƐƵ ƉƌŽƉĞƌƚǇƚŽƵƐĞĂƐŚĞ ĞƐƐĞƌĞƵŶƉƌĞƚĞƐƚŽ ĐĂƉƌŝĐŚŽ͘ŶƵĞƐƚƌĂ ƉůĞĂƐĞƐ͘΀͙΁ ƉĞƌƌŝĐĂƚƚĂƌĐŝ͘ůĞ ďŽĐĂŶŽĞƐƉƌŽƉŝĞĚĂĚ ŶŽƐƚƌĞďŽĐĐŚĞŶŽŶ ƐƵǇĂƉĂƌĂƵƐĂƌůĂ ƐŽŶŽƵŶĂƐƵĂ ĐŽŵŽůĞƉĂƌĞǌĐĂ͘΀͙΁ ƉƌŽƉƌŝĞƚăĚĂƵƐĂƌĞ ĐŽŵĞǀƵŽůĞ͘΀͙΁ '/D Yh/s>E Yh/s>E ' Yh/s>E Yh/s>E

'/D Wddz ŝƚΖƐŶŽƚƚŚĂƚďĂĚ͘ ŶŽŶğƉŽŝĐŽƐŞŵĂůĞ͘ Yh/s>E ŶŽĞƐƚĄƚĂŶŵĂů͘ Yh/s>E

&/KE ǁŚĂƚ͍ ĐŽƐĂ͍ ƋƵĠ͍

Wddz ŝŵĞĂŶ͕ŚĞƐŚŽǁĞƌƐ ĞŝŶƐŽŵŵĂ͕ƐŝůĂǀĂ ĂůŵĞŶŽƐƐĞĚƵĐŚĂ ĚĂŝůǇ͕ŬĞĞƉƐŚŝŵƐĞůĨ ƚƵƚƚŝŝŐŝŽƌŶŝ͘ƐŝƚŝĞŶĞ ƚŽĚŽƐůŽƐĚşĂƐ͘ĞƐ ĐůĞĂŶ͘ůĂƐƚǇĞĂƌ͕ǁŚĞŶ ƐĞŵƉƌĞƉƵůŝƚŽ͘ů͛ĂŶŶŽ ďĂƐƚĂŶƚĞůŝŵƉŝŽ͘Ğů ŵǇŬŝĚŐŽƚƐŝĐŬ͕ŚĞ ƐĐŽƌƐŽƋƵĂŶĚŽŵŝŽ ĂŹŽƉĂƐĂĚŽĐƵĂŶĚŽ ŐĂǀĞŵĞƚŝŵĞŽĨĨ͘ ĨŝŐůŝŽĚŝğĂŵŵĂůĂƚŽ ŵŝŚŝũŽƐĞƉƵƐŽ ƐĂǇƐƐŽŵĞƚŚŝŶŐ΀͙΁ ŵŝŚĂĚĂƚŽĚĞŝŐŝŽƌŶŝ ĞŶĨĞƌŵŽŵĞĚŝŽƵŶŽƐ ǁŚĂƚΖƐĂƋƵŝĐŬďůŽǁ ůŝďĞƌŝ͘ǀƵŽůĚŝƌĞ ĚşĂƐůŝďƌĞƐǇĞƐŽ ũŽďŝĨ͕ǁŚĞŶŵǇŬŝĚŝƐ ƋƵĂůĐŽƐĂ΀͙΁ĐŽƐ͛ğƵŶ ĞƐƚƵǀŽďŝĞŶ͘΀͙΁ƋƵĠ ƐŝĐŬ͕ŝŐĞƚƚŽƐƚĂǇ ƉŽŵƉŝŶŽƐĞŵŝĨĂ ŵĄƐĚĂƵŶĂŵĂŵĂĚĂ ŚŽŵĞ͍ ƐƚĂƌĞĂĐĂƐĂĐŽŶŵŝŽ ƐŝĐƵĂŶĚŽŵŝŚŝũŽ '/D ĨŝŐůŝŽĂŵŵĂůĂƚŽ͍ Yh/s>E ĞŶĨĞƌŵĂƉƵĞĚŽĞƐƚĂƌ Yh/s>E ĐŽŶĠů͍

&/KE ŝƚΖƐƐĞǆƵĂů ƐŽŶŽŵŽůĞƐƚŝĞ ĞƐĂĐŽƐŽƐĞǆƵĂů͕ ŚĂƌĂƐƐŵĞŶƚ͘ ƐĞƐƐƵĂůŝ͘ ƉĂƚƚǇ͘

>> ĞǆĂĐƚůǇ͘ ğǀĞƌŽ͕ğĐŽƐŞ͘ Ɛş͕ĞƐůŽƋƵĞĞƐ͘

KͲtKZ<Z ŚĞůĞƚŵĞƚĂŬĞ ŵŝŚĂĨĂƚƚŽƉƌĞŶĚĞƌĞ ĂŵşŵĞĚĞũĂĐŽŐĞƌ ĨůŽǁĞƌƐƚŽƉƵƚŽŶŵǇ ĚĞŝĨŝŽƌŝƉĞƌůĂƚŽŵďĂ ĨůŽƌĞƐƉĂƌĂůĂƚƵŵďĂ ŵŽƚŚĞƌΖƐŐƌĂǀĞ͕ŶŽ ĚŝŵŝĂŵĂĚƌĞ͕ŐƌĂƚŝƐ͘ ĚĞŵŝŵĂĚƌĞƐŝŶ ĐŚĂƌŐĞ͘ ƉĂŐĂƌůĂƐ͘

&/KE ŚĞĐŚĂƌŐĞƐǇŽƵĂ ŐůŝƉĂŐŚŝƵŶƉŽŵƉŝŶŽ ůĂƐƉĂŐĂƐĐŽŶƵŶĂ ǁĞĞŬůǇŚƵŵŵĞƌ͘ ĂƐĞƚƚŝŵĂŶĂ͘ ŵĂŵĂĚĂƐĞŵĂŶĂů͘

>hz ĐŽŵĞŽŶ͕ŚĞůĞƚƐǇŽƵ ƚŝŚĂĨĂƚƚŽƉƌĞŶĚĞƌĞ ŶŽƐĚĞũĂƋƵĞƚĞůůĞǀĞƐ ƚĂŬĞŚŽŵĞǁĞĞŬͲŽůĚ ƵŶŵĂǌǌŽǀĞĐĐŚŝŽĚŝ ůŽƐĐůĂǀĞůĞƐǀŝĞũŽƐ ĐĂƌŶĂƚŝŽŶƐƚŚĂƚĂƌĞ ƵŶŵĞƐĞĞƚƵƚƚŽ ƋƵĞǇĂŶŽƉƵĞĚĞ ĂůƌĞĂĚǇĚǇŝŶŐ͘ƚŽŚĞůů ĂƉƉĂƐƐŝƚŽ͘ĨĂŶĐƵůŽŝ ǀĞŶĚĞƌ͘ĂůĐƵĞƌŶŽĐŽŶ ǁŝƚŚŚŝƐĨůŽǁĞƌƐ͘ ƐƵŽŝĨŝŽƌŝ͘ ƐƵƐĨůŽƌĞƐ͘

'/D Wddz ŝƚΖƐŽŶĐĞĂǁĞĞŬĨŽƌ ĚŝĞĐŝŵŝŶƵƚŝƵŶĂ Yh/s>E ƐŽůŽƐŽŶĚŝĞǌ Yh/s>E ƚĞŶŵŝŶƵƚĞƐ͘ƐƚŝĐŬ ǀŽůƚĂĂƐĞƚƚŝŵĂŶĂ͘ ŵŝŶƵƚŽƐĂůĂƐĞŵĂŶĂ ǇŽƵƌĨŝŶŐĞƌƵƉŚŝƐ ŵĂŵĞƚƚŝŐůŝƵŶĚŝƚŽ ǇƐŝůĞŵĞƚĞƐĞůĚĞĚŽ ƌĞĂƌĂŶĚƉŽƉŚŝƐ ŶĞůĐƵůŽ͕ƐƚƌŝŶŐŝŐůŝ ƉŽƌĂƚƌĄƐŚĂƐƚĂďŝĞŶ ĐŽƌŬ͕ǇŽƵŐĞƚŝƚĚŽŶĞ ů͛ƵĐĐĞůůŽĞƚĞůĂĐĂǀŝ ĚĞŶƚƌŽ͕ƐĞƋƵĞĚĂŶĞŶ ŝŶƚǁŽ͘΀͙΁ǁĞΖƌĞ ŝŶĚƵĞ͘΀͙΁ƋƵŝƐƚŝĂŵŽ ĚŽƐ͘΀͙΁ũƵŐĂŵŽƐĂ ƉůĂǇŝŶŐĂĚĂŶŐĞƌŽƵƐ ŐŝŽĐĂŶĚŽĐŽůĨƵŽĐŽ ƵŶũƵĞŐŽŵƵǇ ŐĂŵĞ͕ůĂĚŝĞƐ͘ŝĨǁĞ ƐŝŐŶŽƌĞŵŝĞ͘ŽŬ͍ ƉĞůŝŐƌŽƐŽ͕ĐŚŝĐĂƐ͘ ĐĂƵƐĞĂƌƵĐŬƵƐ͕ǁĞ ƐĞŶƚŝƚĞ͕ĂůǌŝĂŵŽƵŶ ǀĂůĞ͍ĞƐĐƵĐŚĂĚ͕ƋƵĞ ŐĞƚŚŝŵĨŝƌĞĚ͕ŐƵĞƐƐ ĐĂƐŝŶŽ͕ůŽĨĂĐĐŝĂŵŽ ĂƌŵĞŵŽƐũĂůĞŽǇůĞ ǁŚĂƚ͍ǁĞĚŽŶΖƚ ůŝĐĞŶǌŝĂƌĞĞƉŽŝ͍ ĚĞƐƉŝĚĂŶƚŝĞŶĞƐƵ ŬŶŽǁǁŚŽƚŚĞŶĞǆƚ ĐŚŝƐƐăĐŽŵĞƐĂƌăŝů ƌŝĞƐŐŽ͘ŶŽƐĂďĞŵŽƐ ŵĂŶĂŐĞƌǁŝůůďĞ͘ ƉƌŽƐƐŝŵŽĚŝƌĞƚƚŽƌĞ͘ ƋƵŝĠŶƐĞƌĄĞů ǁŚĂƚŝĨŚĞĚŽĞƐŶΖƚůĞƚ ŝŶƐŽŵŵĂ͕ĞƐĞŶŽŶĐŝ ƐŝŐƵŝĞŶƚĞĞŶĐĂƌŐĂĚŽ͘ ƵƐĐĂůůŝŶƐŝĐŬǁŚĞŶ ůĂƐĐŝĂƐƚĂƌĞĂĐĂƐĂƐĞ ǇƐŝŶŽƐĞĐƌĞĞƋƵĞ ǁĞΖƌĞƌĞĂůůǇŶŽƚƐŝĐŬ͍ ŶŽŶƐŝĂŵŽĚĂǀǀĞƌŽ ĞƐƚĂŵŽƐŵĂůĂƐ ǁŚĂƚŝĨŚĞĚŽĞƐŶΖƚůĞƚ ŵĂůĂƚĞ͍ĞƐĞŶŽŶĐŝĨĂ ĐƵĂŶĚŽƐŝŵƉůĞŵĞŶƚĞ ƵƐŐŽƚŽĂĨƵŶĞƌĂů ĂŶĚĂƌĞĂƵŶĨƵŶĞƌĂůĞ ŶŽƋƵĞƌĞŵŽƐŝƌ͍ǇƐŝ ǁŝƚŚŽƵƚƉƵŶĐŚŝŶŐ ƐĞŶǌĂƚŝŵďƌĂƌĞ ŶŽŶŽƐĚĞũĂŝƌĂƵŶ ' ŽƵƚ͍ǁŚĂƚŝĨŚĞ ů͛ƵƐĐŝƚĂ͍ĞƐĞŶŽŶĐŝ Yh/s>E ĨƵŶĞƌĂůƐŝŶĨŝĐŚĂƌůĂ Yh/s>E ĚŽĞƐŶΖƚůĞƚƵƐƚĂŬĞ ůĂƐĐŝĂƉƌĞŶĚĞƌĞĚĞůůĂ ƐĂůŝĚĂ͍ǇƐŝŶŽĚĞũĂ

ŚŽŵĞĞǆƉŝƌĞĚŵĞĂƚ ĐĂƌŶĞƐĐĂĚƵƚĂŽƵŶ ƋƵĞŶŽƐůůĞǀĞŵŽƐ ĂŶĚƐŚĞĞƚĐĂŬĞƐĂŶĚ ŵŝůůĞĨŽŐůŝĞŽƵŶ ĐĂƌŶĞĐĂĚƵĐĂĚĂŽ ĂƉŽŶǇŬĞŐŽŶĐĞĂŶĚ ďĂƌŝůŽƚƚŽĚŝďŝƌƌĂŽŐŶŝ ƉĂƐƚĞůĞƐŽƵŶĂƐ ĂŐĂŝŶĨŽƌĨƌĞĞ͍ ƚĂŶƚŽ͍ĞŐƌĂƚŝƐ͍ ĐĞƌǀĞǌĂƐĚĞǀĞǌĞŶ ďŽďďǇΖƐĂŶŝĐĞŐƵǇ͘ ďŽďďǇğƵŶ ĐƵĂŶĚŽ͕ƐŝŶƉĂŐĂƌ͍ ŽŬĂǇ͕ŽŬĂǇ͕ƐŽǁĞ ďƌĂǀ͛ƵŽŵŽ͘ŽŬ͕ŽŬ͕ ďŽďďǇĞƐƵŶďƵĞŶ ŚĂǀĞƚŽƉƌŽǀŝĚĞŚŝŵ ĚŽďďŝĂŵŽ ƚşŽ͘ǀĂůĞ͕ĞƐǀĞƌĚĂĚ ǁŝƚŚŽƌĂůƉůĞĂƐƵƌĞ ĂƐƐŝĐƵƌĂƌŐůŝĚĞůƐĞƐƐŽ ƋƵĞƚĞŶĞŵŽƐƋƵĞ ŽŶĐĞĂǁĞĞŬ͘ŝƐƚŚĂƚ ŽƌĂůĞƵŶĂǀŽůƚĂĂůůĂ ŚĂĐĞƌůĞƐĞǆŽŽƌĂůƵŶĂ ƐƵĐŚĂďĂĚƚŚŝŶŐ͍ ƐĞƚƚŝŵĂŶĂ͕ŵĂğ ǀĞǌƉŽƌƐĞŵĂŶĂ͕ƚĂŶ ĚĂǀǀĞƌŽĐŽƐŞ ŵĂůŽĞƐĞƐŽ͍ ƚĞƌƌŝďŝůĞ͍

'/D Yh/s>E Yh/s>E

>> ǇĞƐ͊ ƐŞ͊ Ɛş͊

Wddz ŶŽ͕ŶŽ͕ŶŽ͕ůŝƐƚĞŶ͕ ŶŽ͕ŶŽ͕ŶŽ͕ŶŽ͕ ŶŽ͕ŶŽƋƵĞƌĠŝƐ ŐŝƌůƐ͕ůŝƐƚĞŶ͘ƚŚŝŶŬ ĂƐĐŽůƚĂƚĞ͕ƌĂŐĂǌǌĞ͕ ĞƐĐƵĐŚĂƌŵĞǇ ĂďŽƵƚŝƚ͘ƚŚĞĚŝĐŬ ƉĞŶƐĂƚĞĐŝďĞŶĞ͘ŝů ƉĞŶƐĂƌůŽďŝĞŶ͍ůĂ ǁĞΖƌĞƐƵĐŬŝŶŐŵĂǇ ĐĂǌǌŽĐŚĞƐƵĐĐŚŝĂŵŽ͕ ĐŽůĂƋƵĞĐŚƵƉĂŵŽƐ '/D ǀĞƌǇǁĞůůďĞďĞƚƚĞƌ ƉŽƚƌĞďďĞĞƐƐĞƌĞ Yh/s>E ƉŽĚƌşĂƐĞƌŵƵĐŚŽ Yh/s>E ƚŚĂŶƚŚĞĚŝĐŬǁĞ ŵĞŐůŝŽĚĞůĐĂǌǌŽĐŚĞ ŵĞũŽƌƋƵĞůĂƋƵĞ ŵŝŐŚƚŚĂǀĞƚŽƐƵĐŬ ƉŽƚƌĞŵŵŽĚŽǀĞƌ ƚĞŶŐĂŵŽƐƋƵĞ ŝŶƐƚĞĂĚ͘ ƐƵĐĐŚŝĂƌĞĂůƐƵŽ ĐŚƵƉĂƌůĞĂŽƚƌŽ͘ ƉŽƐƚŽ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&/KE ŚŽǁĐŽƵůĚƚŚŝƐŵĂŶǇ ĐŽŵĞƉŽƐƐŽŶŽĐŽƐŞ ĐſŵŽƉŽĚĠŝƐĞƐƚĂƌ ŽĨǇŽƵǀŽƚĞĨŽƌďůŽǁ ƚĂŶƚĞĚŝǀŽŝĂǀĞƌ ƚĂŶƚĂƐĂĨĂǀŽƌĚĞ ũŽďƐ͍ ǀŽƚĂƚŽƉĞƌŝƉŽŵƉŝŶŝ͍ ĐŚƵƉĄƌƐĞůĂĂĞƐĞ ƚŝƉŽ͍

:EE/ ǇĞĂŚ͕ŚĂǀĞƚŚĞŐƵƚƐ ĂďďŝĂƚĞŝůĐŽƌĂŐŐŝŽĚŝ ǀĂŵŽƐ͕ĚĞĐŝĚƋƵŝĞŶĞƐ ƚŽƐĂǇǁŚŽǇŽƵĂƌĞ͘ ĚŝƌůŽ͘ ƐŽŝƐ͘

>hz ƉĂƚƚǇΖƐƌŝŐŚƚ͘ŝƚΖƐŶŽƚ ƉĂƚƚǇŚĂƌĂŐŝŽŶĞ͘ŶŽŶ ƉĂƚƚǇƚŝĞŶĞƌĂǌſŶ͘ŶŽ ƚŚĂƚďĂĚ͘ ğĐŽƐŞŵĂůĞ͘ ĞƐƚĂŶŵĂůŽ͘

&/KE ůƵĐǇ͕ǁŚĂƚĂďŽƵƚǇŽƵƌ ůƵĐǇ͕ĞůĂƚƵĂĐĂŵŝĐŝĂ͍ ŽůǀŝĚĂƐůŽĚĞƚƵ ďůŽƵƐĞ͍ ďůƵƐĂ͍

>hz ŽŚ͕ƚŚĞƐƚĂŝŶĐĂŵĞ ůĂŵĂĐĐŚŝĂğƐƉĂƌŝƚĂ͘ ůĂŵĂŶĐŚĂƐĞƋƵŝƚſ͘ ŽƵƚ͘

Wddz ĂĚŵŝƚŝƚ͕ĨŝŽŶĂ͘ ĂŵŵĞƚƚŝůŽ͕ĨŝŽŶĂ͕ŶŽŶ ĂĚŵşƚĞůŽ͕ĨŝŽŶĂ͕ŶŽ ŚĞĚŽĞƐŶΖƚƚĂƐƚĞƚŚĂƚ ŚĂƵŶĐĂƚƚŝǀŽƐĂƉŽƌĞ͘ ƐĂďĞƚĂŶŵĂů͘ ďĂĚ͘

&/KE ŝǁŽƵůĚŶΖƚŬŶŽǁ͘ ŝŽŶŽŶůŽƐŽ͕ŶŽŶů͛ŚŽ ǇŽŶŽůŽƐĠ͕ŶƵŶĐĂůŽ ŝΖǀĞŶĞǀĞƌĚŽŶĞŝƚ͘ ŵĂŝĨĂƚƚŽ͘ ŚĞŚĞĐŚŽ͘

'/D KͲtKZ<Z ǇŽƵΖƌĞƚŚĞƌĞĂƐŽŶ ğĐŽůƉĂƚƵĂƐĞŚŽ Yh/s>E ƚƷĞƌĞƐůĂƌĂǌſŶĚĞ Yh/s>E ǁŚǇŝŚĂĚƚŽƉŝĐŬƵƉ ĚŽǀƵƚŽĨĂƌĞƵŶ ƋƵĞŚĂǇĂƚĞŶŝĚŽ ĂŶĞǆƚƌĂŚƵŵŵĞƌ ƉŽŵƉŝŶŽŝŶƉŝƶ ĚŽďůĞƚƵƌŶŽĞƐƚĂ ƚŚŝƐǁĞĞŬ͍ ƋƵĞƐƚĂƐĞƚƚŝŵĂŶĂ͍ ƐĞŵĂŶĂ͍

'ĂůůĂŐŚĞƌŚŽƵƐĞ;ŽƵƚƐŝĚĞͿ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^ds ŝƐƚŚŝƐǁŚǇŵŽŵ ƉĞƌƋƵĞƐƚŽŵĂŵŵĂƚŝ ƉŽƌĞƐŽƚĞŚĂĞĐŚĂĚŽ ŬŝĐŬĞĚǇŽƵŽƵƚ͍ ŚĂĐĂĐĐŝĂƚŽ͍ ŵĂŵĂ͍

E ǁŚĂƚ͍ŶŽ͘ŶŽ͘ŶŽ͘ ĐŽƐĂ͍ŶŽ͘ŶŽ͘ŶŽ͘ ƋƵĠ͍ŶŽ͘ŶŽ͘ŶŽ͘

^ds ĚŽĞƐƐŚĞŬŶŽǁƚŚĂƚ ůŽƐĂĐŚĞƐĞŝŐĂǇ͍ ĞůůĂƐĂďĞƋƵĞĞƌĞƐ

ǇŽƵΖƌĞŐĂǇ͍ ŐĂǇ͍

E ŝΖŵŶŽƚƐŽŵƵĐŚŐĂǇ ŵĂŶŽŶƐŽŶŽƉƌŽƉƌŝŽ ŶŽƐŽǇĞǆĂĐƚĂŵĞŶƚĞ ^K ĂƐ͘͘ƐŽŵĞƚŝŵĞƐŝ ŐĂǇ͕ŐĂǇ͘ĚŝĐŝĂŵŽĐŚĞ Yh/s>E ŐĂǇ͕ĞƐƐŽůŽƋƵĞĂ Yh/s>E ĞŶũŽǇŵĞŶŵŽƌĞ ŽŐŶŝƚĂŶƚŽŵŝ ǀĞĐĞƐĚŝƐĨƌƵƚŽŵĄƐ ƚŚĂŶǁŽŵĞŶ͕ǇŽƵ ƉŝĂĐĐŝŽŶŽĚŝƉŝƶŐůŝ ĐŽŶŚŽŵďƌĞƐƋƵĞ ŬŶŽǁ͍ŶŽ͕ŶŽ͕ŝƚΖƐŶŽƚ ƵŽŵŝŶŝ͘ŶŽ͕ŶŽ͕ŶŽŶğ ĐŽŶŵƵũĞƌĞƐ͕ŶĂĚĂ ƚŚĂƚ͘͘ŝƚ͛ƐŝͲŝΖŵďƌŽŬĞ͕ ƉĞƌƋƵĞƐƚŽ͕ğ ŵĄƐ͘ŶŽ͕ŶŽ͕ŶŽŚĂ ƐŽŶ͘ĨŝŶĂŶĐŝĂůůǇ͘ ĐŚĞ͘͘ƐŽŶŽƌŽǀŝŶĂƚŽ͕ ƐŝĚŽƉŽƌĞƐŽ͘͘ĞƐƚŽǇ ďƌŽŬĞ͘ ĨŝŐůŝŽůŽ͘ ƐŝŶďůĂŶĐĂ͕ŚŝũŽ͘ŵĞ ĨŝŶĂŶǌŝĂƌŝĂŵĞŶƚĞ͕ ŚĞĂƌƌƵŝŶĂĚŽ͕ĚĞů ƌŽǀŝŶĂƚŽ͘ ƚŽĚŽ͘

7KHVLQVRIP\FDUHWDNHU 6HDVRQ(SLVRGH ĂŶĚǇǀĂŶ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

<s/E ǇŽ͕ƐŽǁŚĂƚΖƐƵƉǁŝƚŚ ŚĞǇ͕ĐŚĞŵŝĚŝĐŝĚŝƚĞ ƉŽƌĐŝĞƌƚŽ͕ĐſŵŽůŽ ǇŽƵĂŶĚŵĂŶĚǇ͍ǇŽƵ ĞŵĂŶĚǇ͍ŵŝ ůůĞǀĂƐĐŽŶŵĂŶĚǇ͍ƐĞ ŐƵǇƐƐĞĞŵƚŝŐŚƚ͘ ƐĞŵďƌĂƚĞůĞŐĂƚŝ͘ ŽƐǀĞďŝĞŶ͘

>/W ŝŐƵĞƐƐ͘ƐŚĞΖƐŐŽƚƚĞŶ ĐƌĞĚŽĚŝƐŞ͘ğ Ɛş͕ďƵĞŶŽ͘ĂƵŶƋƵĞ ŚĞůůĂĐůŝŶŐǇ͘ ĚŝǀĞŶƚĂƚĂ ĂŚŽƌĂĞƐƚĄŵƵǇ ĂƉƉŝĐĐŝĐŽƐĂ͘ ƉĞŐĂũŽƐĂ͘

<s/E ǇŽƵƌĞƐĐƵĞĚŚĞƌ ƚƵŚĂŝƐĂůǀĂƚŽŝůƐƵŽ ŚĂƐƌĞƐĐĂƚĂĚŽĂƐƵ ĐƌŽƐƐͲĚƌĞƐƐŝŶŐ ĨƌĂƚĞůůŝŶŽƚƌĂǀĞƐƚŝƚŽ͘ ŚĞƌŵĂŶŽƚƌĂǀĞƐƚŝĚŽ͘ ' ƐŝďůŝŶŐ͘ǇŽƵ ƐĞŝƐƚĂƚŽĐŽŵĞŝů Yh/s>E ŶŽƐĂďĞƐĚſŶĚĞƚĞ Yh/s>E ƐǁĂƐŚďƵĐŬůĞĚƚŚĂƚ ƉƌŝŶĐŝƉĞĂǌǌƵƌƌŽ ŚĂƐŵĞƚŝĚŽ͕ĐŚĂǀĂů͘ '^ ƐŚŝƚ͕ŵĂŶ͘ƐĞĂůƐƚŚĞ ĂŵŝĐŽŵŝŽ͘ƉĞƌƵŶĂ Yh/s>E ƉĂƌĂƵŶĂƉŝďĂĂůŐŽ >/D/Ed/KE ĚĞĂůĨŽƌĂĐŚŝĐŬ͘ŝΖŵ ƌĂŐĂǌǌĂğŝůŵĂƐƐŝŵŽ͕ ĂƐşĞƐĐŽŵŽĨŝƌŵĂƌ ƐĞƌŝŽƵƐ͘ŐŝƌůƐƚĂŬĞ ƐƵůƐĞƌŝŽ͘ĐŽŶƋƵĞƐƚŽ ƵŶĐŽŶƚƌĂƚŽ͘ůŽĚĞ '^ ƚŚĂƚŚĞƌŽĐƌĂƉ ŐĞƐƚŽĞƌŽŝĐŽƚĞůĂƐĞŝ Yh/s>E ŚĂĐĞƌĚĞŚĠƌŽĞƐĂůĂƐ Yh/s>E ƐƚƌĂŝŐŚƚƚŽƚŚĞďĂŶŬ͘ ĐŽŵƉƌĂƚĂ͘ĂĚĞƐƐŽ ƚşĂƐůĞƐƉŽŶĞŵƵĐŚŽ͘ ƐŚĞĐŽŽŬĨŽƌǇŽƵ ĐƵĐŝŶĂƉĞƌƚĞ͍ƚŝ ĂŚŽƌĂĐŽĐŝŶĂƉĂƌĂƚŝ͍ '^ ŶŽǁ͍ĨŽůĚǇŽƵƌ ƉŝĞŐĂŝǀĞƐƚŝƚŝ͍ Yh/s>E ƚĞĚŽďůĂůĂƌŽƉĂ͍ Yh/s>E ĐůŽƚŚĞƐ͍

'^ Yh/s>E Yh/s>E

>/W ƐŽŵĞƚŝŵĞƐ͘ ƋƵĂůĐŚĞǀŽůƚĂ͘ ĂǀĞĐĞƐ͘

<s/E ƐŚĞƐƚĂǇŽǀĞƌŵŽƌĞ ƌŝŵĂŶĞƉŝƶĚŝƋƵĂƚƚƌŽ ƐĞƋƵĞĚĂĂĚŽƌŵŝƌ ƚŚĂŶĨŽƵƌŶŝŐŚƚƐĂ ŶŽƚƚŝĂƐĞƚƚŝŵĂŶĂ͍ƚŝ ŵĄƐĚĞĐƵĂƚƌŽǀĞĐĞƐ ǁĞĞŬ͍ŚĞůƉǇŽƵŽƵƚ ĂŝƵƚĂŶĞůůĞĐŽƐĞƉŝƶ ƉŽƌƐĞŵĂŶĂ͍ƚĞ ǁŝƚŚƌĂŶĚŽŵƐƚƵĨĨ͍ ĂƐƐƵƌĚĞ͍ĞŚ͍ĂĂŚ͕ĂŚ͕ ĂǇƵĚĂĞŶĐƵĂůƋƵŝĞƌ ŚƵŚ͍ĚƵĚĞ͕ǇŽƵĂƌĞ ĂŚ͕ĂŚ͘ĂŵŝĐŽ͕ƚƵ ĐŽƐĂ͍ĞŚ͍ŚĂ͕ŚĂ͕ŚĂ͕ ŐŚĞƚƚŽŵĂƌƌŝĞĚ͘ ĂĚĞƐƐŽƐĞŝĐŽŵĞ ŚĂ͘ƚşŽ͕ĞƐƚĄƐĐŽŵŽ ^^ ĞŶũŽǇŝƚ͘ǇŽƵŐĞƚĂůů ƐƉŽƐĂƚŽ͘ŐŽĚŝƚĞůĂ͕ƐŞ͕ >/D/Ed/KE ĐĂƐĂĚŽ͕ƉĞƌŽƐŝŶ >/D/Ed/KE ƚŚĞƉĞƌŬƐ͕ŶŽ ŚĂŝƚƵƚƚŝŝǀĂŶƚĂŐŐŝĞ ĞƐƚĂƌůŽ͘ĚŝƐĨƌƵƚĂ͘ ƉĂƉĞƌǁŽƌŬ͘ŐƵǇƐ ŶĞƐƐƵŶĚŽĐƵŵĞŶƚŽ͘ ƚŝĞŶĞƐůĂƐǀĞŶƚĂũĂƐǇ ǁŽƵůĚŬŝůůĨŽƌƚŚĂƚ ŵŽůƚŝƉĂŐŚĞƌĞďďĞƌŽ ŶŽŚĂǇƉĂƉĞůĞƐ͘ ƐĞƚƵƉ͘ ƉĞƌƋƵĞƐƚŽ͘ ŵƵĐŚŽƐŵĂƚĂƌşĂŶ ƉŽƌĞƐŽ͘ '^ Yh/s>E Yh/s>E

>/W ŝŬŝŶĚĂŚĂƚĞŝƚ͘ ŝŽŽĚŝŽƋƵĞƐƚĂĐŽƐĂ͘ ƉƵĞƐ͕ǇŽůŽŽĚŝŽ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^ds ŝƚΖƐŶŽƚƚŚĞŚŽŵŽ ŶŽŶƐŽŶŽŵŝĐĂ ŶŽĞƐƋƵĞǇŽƐĞĂ ^K ƚŚŝŶŐƚŚĂƚŐĞƚƐŵĞ͕ ŽŵŽĨŽďŝĐŽ͕ŝŐĂǇĐŝ >/D/Ed/KE ŚŽŵſĨŽďŽ͘ůŽƐŐĂǇƐ >/D/Ed/KE ΖĐĂƵƐĞŐĂǇƐŚŝƚŽŶŵĞ ƉƌŽǀĂŶŽĐŽŶŵĞ ŝŶƚĞŶƚĂŶůŝŐĂƌ ĂůůƚŚĞƚŝŵĞĂŶĚŝƚ ĐŽŶƚŝŶƵĂŵĞŶƚĞĞŶŽŶ ĐŽŶŵŝŐŽǇŶŽŵĞ ĚŽĞƐŶΖƚďŽƚŚĞƌŵĞ͘ ğƵŶƉƌŽďůĞŵĂ͘ ŵŽůĞƐƚĂ͘

sZKE/ ŽĨĐŽƵƌƐĞƚŚĞǇĚŽ͘ ĐĞƌƚŽĐŚĞĐŝƉƌŽǀĂŶŽ͕ ŶŽŵĞĞǆƚƌĂŹĂƋƵĞƚĞ ǇŽƵǁĞĂƌĚĞƐŝŐŶĞƌ ŝŶĚŽƐƐŝũĞĂŶƐĚŝ ĞŶƚƌĞŶ͕ůůĞǀĂƐ ^K^ ũĞĂŶƐĂŶĚĐŽĐŽŶƵƚ ŵŽĚĂĞƵƐŝƉƌŽĚŽƚƚŝ Yh/s>E ǀĂƋƵĞƌŽƐĚĞĨŝƌŵĂǇ Yh/s>E ŚĂŝƌƉƌŽĚƵĐƚ͘ǇŽƵΖƌĞ ĂůĐŽĐĐŽ͕ƐĞŝĐŽŵĞ ƵƐĂƐĐŚĂŵƉƷĚĞ ůŝŬĞŐĂǇĨůǇƉĂƉĞƌ͘ ƵŶĂĐĂƌƚĂ ĐŽĐŽ͘ĞƌĞƐƵŶ ŵŽƐĐŚŝĐŝĚĂ͘ ƉĂƐƚĞůŝƚŽƉĂƌĂĞůůŽƐ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Z> ŝŶĞĞĚƚŽŬŶŽǁǁŚĞƌĞ ŝŶƐŽŵŵĂ͕ĚŽǀĞ ƋƵŝĞƌŽƐĂďĞƌĚſŶĚĞ ƚŚĞŐĂǇǁŝĞŶĞƌƐŐŽ͘ ĨŝŶŝƐĐŽŶŽŝƉŝƐĞůůŝĚĞŝ ůĂŵĞƚĞŶůŽƐŐĂǇƐ͘ ŐĂǇ͍

>/W ǇŽƵŬŶŽǁŚŽǁǇŽƵ ŚĂŝƉƌĞƐĞŶƚĞĐŽŵĞƐŝ ƐĂďĞƐĐſŵŽƐĞ ƉůƵŶŐĞĂƚŽŝůĞƚǁŚĞŶ ƐƚƵƌĂƵŶŐĂďŝŶĞƚƚŽ ĚĞƐĂƚƌĂŶĐĂƵŶǁĄƚĞƌ͍ ŝƚΖƐďĂĐŬĞĚƵƉ͍ ŽƚƚƵƌĂƚŽ͍

Z> ǇĞĂŚ͘ ƐŞ͍ Ɛş

>/W ƚŚŝŶŬŽĨŝƚĂƐŽŶĞ ĞŚ͕ŝŵŵĂŐŝŶĂůŽ ƉƵĞƐĞƐŽĞƐĐŽŵŽƐŝ ^K ĚƵĚĞƉůƵŶŐŝŶŐ ĐŽŵĞƵŶƵŽŵŽĐŚĞ Yh/s>E ƵŶƚşŽůĞ Yh/s>E ĂŶŽƚŚĞƌĚƵĚĞΖƐ ƐƚƵƌĂŝůŐĂďŝŶĞƚƚŽĚŝ ĚĞƐĂƚƌĂŶĐĂƌĂĞůĐƵůŽ ƚŽŝůĞƚ͘ ƵŶĂůƚƌŽƵŽŵŽ͘ ĂůŽƚƌŽ͘

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^ds ǇĞĂŚ͍ǁĞůů͕ŵǇ ƐŞ͍ďĞŚ͕ŝŽŚŽŝůĚŝƚŽ Ɛş͍ƉƵĞƐǇŽŵĞŚĞ ĨŝŶŐĞƌΖƐďƌŽŬĞŶ͕ŵǇ ƌŽƚƚŽ͕ŝŵŝĞŝŚĂŶŶŽ ƌŽƚŽƵŶĚĞĚŽ͕ŵŝƐ ƉĂƌĞŶƚƐĂƌĞĚŝǀŽƌĐĞĚ͕ ĚŝǀŽƌǌŝĂƚŽ͕ĞŵŝŽ ƉĂĚƌĞƐƐĞĚŝǀŽƌĐŝĂŶǇ ĂŶĚŵǇĚĂĚΖƐĂĨĂŝƌǇ͕ ƉĂĚƌĞğƵŶĚŝǀĞƌƐŽ͕ ŵŝƉĂĚƌĞĞƐƐĂƌĂƐĂ͕ ƐŽ͘ ƋƵŝŶĚŝ͘ ĂƐşƋƵĞ͘ ^K Yh/s>E Yh/s>E

&DVFDGLQJIDLOXUHV 6HDVRQ(SLVRGH ^ƵƉĞƌŵĂƌŬĞƚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

' Wddz ůŝŬĞĂǁŚŽƌĞΖƐ ĐŽŵĞŝůĐŝĐůŽĚŝƵŶĂ Yh/s>E ĞƌĞƐĐŽŵŽĞůƉĞƌŝŽĚŽ Yh/s>E '^ ƉĞƌŝŽĚ͕ůĂƚĞĂŐĂŝŶ͕ ƉƵƚƚĂŶĂ͕ƐĞŵƉƌĞŝŶ Yh/s>E ĚĞůĂƐƉƵƚĂƐ͕ƐŝĞŵƉƌĞ Yh/s>E ďŝƚĐŚ͘ ƌŝƚĂƌĚŽ͕ƐƚƌŽŶǌĂ͘ ůůĞŐĂƐƚĂƌĚĞ͘

&/KE ǇŽƵΖƌĞǁĂƐƚŝŶŐǇŽƵƌ ƐƚĂŝƐƉƌĞĐĂŶĚŽŝůƚƵŽ ŵĂůŐĂƐƚĂƐƚƵƚĂůĞŶƚŽ͕ ƚĂůĞŶƚƐ͕ƉĂƚƚǇ͘ǇŽƵ ƚĂůĞŶƚŽ͕ƉĂƚƚǇ͘ƚƵŝƚƚĂůĞ ƉĂƚƚǇ͘ĚĞďĞƌşĂƐ ƐŚŽƵůĚďĞƚǁĞĞƚŝŶŐ ƋƵĞƐƚĞĐĂǌǌĂƚĞ͘ ĞƐĐƌŝďŝƌĞƐŽĞŶ ƚŚŝƐĐƌĂƉ͘ ƚǁŝƚƚĞƌ͘

&ŽƐƚĞƌŐĂǇĨĂŵŝůǇ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Z> ƐŽǇŽƵŐƵǇƐĂƌĞŐĂǇ͍ ƋƵŝŶĚŝǀŽŝƐŝĞƚĞŐĂǇ͍ ĞŶƚŽŶĐĞƐƐŽŝƐŐĂǇƐ͍

>E/Z ǇĞƉ͘ ƐŞ͘ Ɛş͘

^^/h^ ǇĞƐ͘ ƐŞ͘ Ɛş͘

Z> ĚŽĞƐ͕ůŝŬĞ͕ƐŚŝƚĞǀĞƌ ǀŝƌŝŵĂŶĞŵĂŝ ŶŽƐĞŽƐŵĂŶĐŚĂĚĞ ^K ŐĞƚƐƚƵĐŬŽŶƚŚĞƚŝƉ ĂƚƚĂĐĐĂƚĂůĂĐĂĐĐĂ Yh/s>E ĐĂĐĂůĂƉƵŶƚĂĚĞůĂ Yh/s>E ^K^ ŽĨǇŽƵƌĚŝĐŬ͍ ƐƵůůĂƉƵŶƚĂĚĞů Yh/s>E ĐŽůĂ͍ Yh/s>E ĐĂǌǌŽ͍

>/D ǇĞĂŚ͘ Őŝă͘ Ɛş͘

>E/Z ƵŚŚ͘ ƵŚŚ͘ ƵŚŚ͘

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ŚĞůůŽ͕ƐƚĞůůĂ͘ ĐŝĂŽ͕ƐƚĞůůĂ͘ĐŽŵĞǀĂ͕ ŚŽůĂ͕ƐƚĞůůĂ͘ĐſŵŽ ŚŽǁĂƌĞǇŽƵ͕ ůƵĐĞĚĞůƐŽůĞ͍ ĞƐƚĄƐ͕ƚĞƐŽƌŽ͍ ƐƵŶƐŚŝŶĞ͍

^d>> ǁŚĂƚƚŚĞŚĞůůĚŽǇŽƵ ĐŚĞĚŝĂǀŽůŽǀƵŽŝ͍ ǇƚƷƋƵĠĐŽŹŽ ǁĂŶƚ͍ ƋƵŝĞƌĞƐ͍

&ZE< ŽŚ͕ǇŽƵŬŶŽǁ͕ƐĂŵĞ ŽŚ͕ďĞŚ͕ƋƵĞůůŽĐŚĞ ĂŚ͕ǇĂƐĂďĞƐ͕ůŽ ĂƐǇŽƵ͘ĨƌĞĞƉƵƐƐǇ ǀƵŽŝƚƵ͘ĨŝĐĂŐƌĂƚŝƐĞ ŵŝƐŵŽƋƵĞƚƷ͘ƵŶ ' ĂŶĚĂůŝĨĞŽŶƚŚĞ ǀŝƚĂĚŝƐƚƌĂĚĂ͘ŵŝĚĂŝ Yh/s>E ĐŚŽĐŚŝƚŽǇƵŶĂǀŝĚĂ >/D/Ed/KE ^K^ ƌŽĂĚ͘ĐŽƵůĚŝŚŝƚĐŚĂ ƵŶƉĂƐƐĂŐŐŝŽ͍ Yh/s>E ĞŶƵŶĐĂŵŝſŶ͘ƚƷŵĞ Yh/s>E ƌŝĚĞ͍ ůůĞǀĂƌşĂƐ͍

<ĂƐŚΖƐƐƚŽƌĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

' D/<z ĐĂŶΖƚĞǀĞŶďĞŐŝŶƚŽ ŶŽŶƌŝĞƐĐŽĂ Yh/s>E ĞƌĞƐŵƵǇŵĂƌŝƋƵŝƚĂ ^h^d/dhd/KE ŝŵĂŐŝŶĞǁŚĂƚĂ ŝŵŵĂŐŝŶĂƌĞĐŚĞ ƉĂƌĂƐŽďƌĞǀŝǀŝƌĞŶƵŶ ƉƵƐƐǇǇŽƵΖĚďĞŝŶ ĨŝŐŚĞƚƚĂƐĂƌĞƐƚŝŝŶ ƌĞĨŽƌŵĂƚŽƌŝŽ͘ǇĂƚĞ ũƵǀŝĞ͘ǇŽƵĨƵĐŬ ƌŝĨŽƌŵĂƚŽƌŝŽ͘ƚŝƐĞŝ ŚĂƐĨŽůůĂĚŽĂĂůŐƵŝĞŶ͍ ĂŶǇŽŶĞŝŶƚŚĞƌĞǇĞƚ͍ ŐŝăƐĐŽƉĂƚŽ ƋƵĂůĐƵŶŽ͍

/E ŐŽĚ͕ŶŽ͘ ĚŝŽ͕ŶŽ͘ ĐůĂƌŽƋƵĞŶŽ͘

DŝůŬŽǀŝĐŚŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^K dZZzdKD/<z ŶŽƐŽŶŽĨŵŝŶĞŝƐ ŶĞƐƐƵŶŽĚĞŝŵŝĞŝĨŝŐůŝ Yh/s>E ŶŝŶŐƷŶŚŝũŽŵşŽǀĂĂ Yh/s>E ^K/D ŐŽŶŶĂďĞĂŐŽĚĚĂŵŶ ĚŝǀĞŶƚĞƌăƵŶĂ Yh/s>E ƐĞƌƵŶƉƵƚŽŵŽŶŽ Yh/s>E ^K^ ĂŝĚƐŵŽŶŬĞǇ͊ ƐĐŝŵŵŝĂƉŽƌƚĂĂŝĚƐ͊ Yh/s>E ĐŽŶƐŝĚĂ͘ Yh/s>E

dZZzdK/E ƐŝƚǇŽƵƌĂƐƐĚŽǁŶ͕ ŵĞƚƚŝƚŝƐƵďŝƚŽĂ ŶŽƐĞƚĞŽĐƵƌƌĂ ǇŽƵĨƵĐŬŝŶŐĂƐƐͲ ƐĞĚĞƌĞ͕ďƌƵƚƚŽ ŵŽǀĞƌƚĞ͕ƉƵƚŽƌŽŵƉĞ ^K ĚŝŐŐĞƌ͊ ƐĨŽŶĚĂĐƵůŝ͊ Yh/s>E ĐƵůŽƐ͘ Yh/s>E

DŝůŬŽǀŝĐŚŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

dZZzdKD/<z ƐŚĞΖƐŐŽŶŶĂĨƵĐŬƚŚĞ ƚŝƚƌŽŵďĞƌăĨŝŶŽĂ ƚĞůĂǀĂƐĂĨŽůůĂƌ ^K ĨĂŐŐŽƚŽƵƚŽĨǇŽƵ͕ ĨĂƌƚŝƐĐŽƌĚĂƌĞůĂƚƵĂ Yh/s>E ŚĂƐƚĂƋƵĞĚĞũĞƐĚĞ Yh/s>E ŬŝĚ͘ ĨƌŽĐŝĂŐŐŝŶĞ͘ ƐĞƌƵŶĐƵůĂ͘

^K/D dZZzdK^sd>E ƌŝĚĞŚŝŵƚŝůůŚĞůŝŬĞƐ ĐĂǀĂůĐĂůŽĨŝŶĐŚĠŶŽŶ Yh/s>E ŵſŶƚĂůĞŚĂƐƚĂƋƵĞůĞ Yh/s>E ŝƚ͕ƐƵŬĂ͘ĂŶĚǇŽƵΖƌĞ ĐŽŵŝŶĐŝĂĂƉŝĂĐĞƌŐůŝ͕ ŐƵƐƚĞ͕ƐƵŬĂ͘ǇƚƷƚĞ ŐŽĚĚĂŵŶŐŽŶŶĂ ƐƵŬĂ͘ĞƚƵƌĞƐƚĞƌĂŝĂ ƋƵĞĚĂƌĄƐŵŝƌĂŶĚŽ͘ ǁĂƚĐŚ͘ ŐƵĂƌĚĂƌĞ͕ĐĂǌǌŽ͘

$ORQJZD\IURPKRPH 6HDVRQ(SLVRGH ^ŚĞŝůĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

,/E^'ZED ǁŚĂƚΖƐǁƌŽŶŐ͍ǇŽƵ ĐŚĞĐŽƐ͛ŚĂ͍ů͛ĂǀĞƚĞ ƋƵĠůĞƉĂƐĂ͍ůŽŚĂŶ ďƌĞĂŬŚŝŵ͍ ƌŽƚƚŽ͍ ƌŽƚŽ͍

:Kz ŚĞΖƐŐŽƚĚŽǁŶΖƐ ŚĂůĂƐŝŶĚƌŽŵĞĚŝ ƚŝĞŶĞƐşŶĚƌŽŵĞĚĞ ƐǇŶĚƌŽŵĞ͘ ĚŽǁŶ͘ ĚŽǁŶ͘

,/E^'ZED ǁĞĨŝǆŚŝŵ͘ ůŽĂŐŐŝƵƐƚŝĂŵŽ͘ ĂƌƌĞŐůĂƌĞŵŽƐ͘

^,/> ĨŝǆŚŝŵ͍ ůŽĂŐŐŝƵƐƚĂƚĞ͍ ĐſŵŽĚŝĐĞ͍

,/E^'ZED ĨŝǆƚŚĞďĂďǇ͘ ĂŐŐŝƵƐƚŝĂŵŽŝů ĂƌƌĞŐůĂƌĂůďĞďĠ͘ĐŽŶ ƚƌĂĚŝƚŝŽŶĂůĐŚŝŶĞƐĞ ďĂŵďŝŶŽ͘ŵĞĚŝĐŝŶĂ ŵĞĚŝĐŝŶĂƚƌĂĚŝĐŝŽŶĂů ŵĞĚŝĐŝŶĞ͘ƐƉĞĐŝĂů ƚƌĂĚŝǌŝŽŶĂůĞĐŝŶĞƐĞ͘ ĐŚŝŶĂ͘ŚŝĞƌďĂƐ ŚĞƌďƐĨƌŽŵŐƵĂŶŐǆŝ ĞƌďĞĚĞůůĂƉƌŽǀŝŶĐŝĂ ĞƐƉĞĐŝĂůĞƐĚĞ ƉƌŽǀŝŶĐĞ͘ŐŽŽĚĂƐ ĚŝŐƵĂŶŐǆŝ͘ĐŽŵĞ ƉƌŽǀŝŶĐŝĂĚĞŐƵĂŶŐǆŝ͘ ŶĞǁ͘ ŶƵŽǀŽ͘ ĐŽŵŽŶƵĞǀŽ͘

:Kz ǇŽƵĐĂŶΖƚĨŝǆĚŽǁŶΖƐ ŶŽŶƐŝĂŐŐŝƵƐƚĂůĂ ĞůƐşŶĚƌŽŵĞĚĞĚŽǁŶ ƐǇŶĚƌŽŵĞ͘ŝƚΖƐĂŶ ƐŝŶĚƌŽŵĞĚŝĚŽǁŶ͘ğ ŶŽƐĞĐƵƌĂ͕ĞƐĚĞďŝĚŽ ĞǆƚƌĂĐŚƌŽŵŽƐŽŵĞ͘ ƵŶĐƌŽŵŽƐŽŵĂŝŶƉŝƶ͘ ĂƵŶĐƌŽŵŽƐŽŵĂ͘

,/E^'ZED ǁĞŚĂǀĞĂŶŚĞƌďĨŽƌ ĂďďŝĂŵŽĞƌďĞƉĞƌ ƚĞŶĞŵŽƐŚŝĞƌďĂƉĂƌĂ ĐŚƌŽŵŽƐŽŵĞ͘ ĐƌŽŵŽƐŽŵĂ͘ ĐƌŽŵŽƐŽŵĂ͘

ŚĂǀĞĂŶŚĞƌďĨŽƌ ĂďďŝĂŵŽĞƌďĞƉĞƌ ƚĞŶĞŵŽƐŚŝĞƌďĂƐ E^ ĞǀĞƌǇƚŚŝŶŐ͘ ŽŐŶŝĐŽƐĂ͘ŝů Yh/s>E ƉĂƌĂƚŽĚŽ͘Ğů Yh/s>E ĐŚƌŽŵŽƐŽŵĞŐŽĞƐ ĐƌŽŵŽƐŽŵĂƐĞŶĞǀĂ͘ ĐƌŽŵŽƐŽŵĂƐĞ ĂǁĂǇ͘ŝƐŶΖƚƚŚĂƚƌŝŐŚƚ͕ ŶŽŶğǀĞƌŽ͕ďĞůůŝƐƐŝŵŽ ŵĂƌĐŚĂƌĄ͕ĂƋƵĠƐş͍ ďĞĂƵƚŝĨƵůďŽǇ͍ ďĂŵďŝŶŽ͍ ŵŝƉƌĞĐŝŽƐŽďĞďĠ͘

ŚƵƌĐŚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZEE ĂĚŽƌĂŶĂŚŽƌĂĂĂůĄ͘ Yh/s>E Z^ ĂŶĚǇŽƵĂƌĞƐŚŝƉƉŝŶŐ ŐƵĞƌƌĂƉĞƌŝĐƵŽƌŝĞůĞ >/D/Ed/KE ĞƐƚĂŵŽƐůŝďƌĂŶĚŽƵŶĂ Yh/s>E ĂŵĞƌŝĐĂŶǇŽƵƚŚƚŽ ŵĞŶƚŝĞǀŽŝůĂƐĐŝĂƚĞ ŐƵĞƌƌĂƉŽƌŶƵĞƐƚƌĂƐ ƚĞƌƌŽƌĐĂŵƉƐŝŶ ĐŚĞŝŐŝŽǀĂŶŝ ĂůŵĂƐǇƵƐƚĞĚŵĂŶĚĂ ƉĂŬŝƐƚĂŶ͘ƚŚŝƐŝƐǁŚĂƚ ĂŵĞƌŝĐĂŶŝƉĂƌƚĂŶŽ ĂůŽƐũſǀĞŶĞƐ ŚĂƉƉĞŶƐǁŚĞŶǇŽƵ ƉĞƌĚŝǀĞŶƚĂƌĞ ĂŵĞƌŝĐĂŶŽƐĐŽŶůŽƐ ƉƵƚĂŐĞƌŵĂŶŝŶ ƚĞƌƌŽƌŝƐƚŝŝŶƉĂŬŝƐƚĂŶ͘ ƚĞƌƌŽƌŝƐƚĂƐĚĞ ĐŚĂƌŐĞŽĨƚŚĞĐŚƵƌĐŚ͘ ƋƵĞƐƚŽğƋƵĞůůŽĐŚĞ ƉĂŬŝƐƚĂŶ͘ĞƐƚŽĞƐůŽ E ƐƵĐĐĞĚĞƋƵĂŶĚŽ Yh/s>E ƋƵĞƉĂƐĂĐƵĂŶĚŽƐĞ Yh/s>E ŵĞƚƚŝƵŶƚĞĚĞƐĐŽĂ ƉŽŶĞĂƵŶĂůĞŵĄŶĂů ĐĂƉŽĚĞůůĂĐŚŝĞƐĂ͘ ĨƌĞŶƚĞĚĞůĂŝŐůĞƐŝĂ͘

E Yh/s>E Yh/s>E

^ŚĞŝůĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ŝΖŵŐŽŶŶĂŵŝƐƐƚŚĂƚ ŵŝŵĂŶĐŚĞƌăƋƵĞů ĞĐŚĂƌĠĚĞŵĞŶŽƐĂ ůŝƚƚůĞŚĂůĨͲǁŝƚ͘ ƉŝĐĐŽůŽŝĚŝŽƚĂ͘ ĞƐĞƌĞƚƌĂƐĂĚŽ͘

^,/> ŝΖŵũƵƐƚƉĂĐŬŝŶŐƵƉ ǀŽƌƌĞŝƉŽƌƚĂŐůŝ ĞƐƚĂďĂŐƵĂƌĚĂŶĚŽ ƐŽŵĞŽĨŚŝƐĨĂǀŽƌŝƚĞ ƋƵĂůĐƵŶŽĚĞŝƐƵŽŝ ĂůŐƵŶŽƐĚĞƐƵƐ ƚŽǇƐ͘ ŐŝŽĐŚŝƉƌĞĨĞƌŝƚŝ͘ ũƵŐƵĞƚĞƐƉƌĞĨĞƌŝĚŽƐ͘

E^ &ZE< ŵĂĚĞŝŶĐŚŝŶĂ͕ũƵƐƚ ĨĂƚƚŝŝŶĐŝŶĂ͕ĐŽŵĞ Yh/s>E ŚĞĐŚŽĞŶĐŚŝŶĂ͕ŝŐƵĂů Yh/s>E ůŝŬĞŚŝŵ͘ ůƵŝ͘ ƋƵĞĠů͘

^,/> ŶŽǁŽŶĚĞƌŚĞůŝŬĞƐ ĞĐĐŽƉĞƌĐŚĠŐůŝ ƐƵƉŽŶŐŽƋƵĞƉŽƌĞƐŽ ΖĞŵƐŽŵƵĐŚ͘ ƉŝĂĐĐŝŽŶŽƚĂŶƚŽ͘ ůĞŐƵƐƚĂďĂƚĂŶƚŽ͘

E^ &ZE< ŵƵƐƚďĞĂƐĞŶƐĞ ĚĞǀ͛ĞƐƐĞƌĞƵŶĂ Yh/s>E ƚĞŶĚƌşĂŐƌĂďĂĚŽĞŶ Yh/s>E ŵĞŵŽƌǇƚŚŝŶŐǁŝƚŚ ŵĞŵŽƌŝĂĂŶĐĞƐƚƌĂůĞ ƐƵƐŐĞŶĞƐĞů ƚŚĞůĞĂĚƉĂŝŶƚ͘ ĚŽǀƵƚĂĂŝĐŽůŽƌŝĐŽů ƌĞĐƵĞƌĚŽĚĞůĂ ƉŝŽŵďŽ͘ ƉŝŶƚƵƌĂƚſǆŝĐĂ͘

:KHUHWKHUH VDZLOO 6HDVRQ(SLVRGH 'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ƐŽďĞĨŽƌĞǇŽƵΖƌĞŽƵƚ ƋƵŝŶĚŝƉƌŝŵĂĚŝ ĂŶƚĞƐĚĞƋƵĞŽƐ ŽŶƚŚĞƐƚƌĞĞƚƐůŝŬĞƐŽ ƌŝƚƌŽǀĂƌǀŝƉĞƌƐƚƌĂĚĂ ǀĂǇĄŝƐĂƋƵĞĚĂƌĞŶůĂ ŵĂŶǇƐŽŵĂůŝĂŶ ĐŽŵĞĚĞŝƉŽǀĞƌŝ ĐĂůůĞĐŽŵŽƵŶŽƐ ƌĞĨƵŐĞĞƐ͕ĂƐŬ ƉƌŽĨƵŐŚŝƐŽŵĂůŝ͕ǀŝ ƌĞĨƵŐŝĂĚŽƐƐŽŵĂůşĞƐ͕ E^ ǇŽƵƌƐĞůǀĞƐ͗ŝĨƉĂƚƌŝĐŬ ĚŽǀĞƚĞĐŚŝĞĚĞƌĞ͗ƐĞ DW>/&/d/KE ƉƌĞŐƵŶƚĂŽƐĂůŐŽ͗Ɛŝ Yh/s>E ŝƐƚĂŬŝŶŐƚŚĞŚŽƵƐĞ͕ ƉĂƚƌŝĐŬƐŝƉƌĞŶĚĞůĂ ƉĂƚƌŝĐŬƐĞǀĂĂ ǁŚĂƚĂƌĞǁĞƚĂŬŝŶŐ͍ ĐĂƐĂ͕ŶŽŝĐŚĞĐŝ ƋƵĞĚĂƌĐŽŶůĂĐĂƐĂ͕ ƉƌĞŶĚŝĂŵŽ͍ ƋƵĠŶŽƐƋƵĞĚĂŵŽƐ ŶŽƐŽƚƌŽƐ͍

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&/KE ĐĂŶǇŽƵƚĂŬĞůŝĂŵ ƉƵŽŝŐƵĂƌĚĂƌĞůŝĂŵ ǇƉŽĚƌĄƐƋƵĞĚĂƌƚĞ ƚŽŵŽƌƌŽǁƚŽŽ͍ ĂŶĐŚĞĚŽŵĂŶŝ͍ ĐŽŶůŝĂŵŵĂŹĂŶĂ͍

sZKE/ ŶŽƚƐƵƌĞǇĞƚ͘ ŶŽŶůŽƐŽ͕ƋƵĞŝĨƌƵƚƚŝ ŶŽůŽƐĠ͕ƉĞƌŽůŽƐ ƚŚŽƐĞĨƌƵŝƚƐŽĨŝƐůĂŵ ĚĞůů͛ŝƐůĂŵƐƵůůĂ ŝƐůĂŵŝƐƚĂƐƚŝĞŶĞŶƵŶĂ ƉĞŽƉůĞŽŶϰƚŚŚĂǀĞĂ ƋƵĂƌƚĂŚĂŶŶŽƵŶ ŐƵĂƌĚĞƌşĂŐƌĂƚƵŝƚĂ͘Ɛŝ ĨƌĞĞĚĂǇĐĂƌĞ͘ŝĨŝƐĂǇŝ ĂƐŝůŽŐƌĂƚƵŝƚŽ͘ƐĞŐůŝ ĚŝŐŽƋƵĞŽĚŝŽĂůŽƐ ŚĂƚĞǁŚŝƚĞǇ͕ŝďĞƚ ĚŝĐŽĐŚĞŽĚŝŽŝ ďůĂŶĐŽƐŵĞůŽ Z^ ƚŚĞǇΖůůǁĂƚĐŚŚŝŵĨŽƌ ďŝĂŶĐŚŝŵĞůŽ Yh/s>E ĐŽŐĞƌĄŶƵŶĂƐŚŽƌĂƐ͘ Yh/s>E Z ĂĨĞǁŚŽƵƌƐ͘ ŐƵĂƌĚĂŶŽƉĞƌ >/D/Ed/KE >/D/Ed/KE ƋƵĂůĐŚĞŽƌĂ͘

ZĞƵŶŝŽŶŽĨĚŽǁŶƐǇŶĚƌŽŵĞĐŚŝůĚƌĞŶĂŶĚƉĂƌĞŶƚƐ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

DZ^

t,/d'hz ĞǀĞŶŝĨǁĞĚŝĚŐĞƚƌŝĚ ĂŶĐŚĞƐĞĐĞŶĞ ĂƵŶƋƵĞŶŽƐ ŽĨŝƚ͕ƐŽŵĞŽŶĞǁŝůů ůŝďĞƌĂƐƐŝŵŽƋƵĂůĐƵŶŽ ůŝďƌĄƐĞŵŽƐĚĞĞƐĂ ũƵƐƚƚŚŝŶŬƵƉĂŶŽƚŚĞƌ ƐŝŝŶǀĞŶƚĞƌĞďďĞƵŶ ƉĂůĂďƌĂĂĂůŐƵŝĞŶƐĞ ǁĂǇŽĨƐĂǇŝŶŐŝƚ͘ ĂůƚƌŽŵŽĚŽƉĞƌĚŝƌůŽ͘ ůĞŽĐƵƌƌŝƌşĂŽƚƌŽ ŵŽĚŽĚĞĚĞĐŝƌůŽ͘

><'hz ƚŚĂƚΖƐƌŝŐŚƚ͘ ƐŞ͕ůĞĐŚĞĐĐŚĞƐŝƐŽŶŽ ůŽƐŐĂǇƐĂƐƵŵĞŶůĂ ^K ƚŚĞƋƵĞĞƌƐƚŽŽŬďĂĐŬ ƌŝƉƌĞƐĞůĂƉĂƌŽůĂ͘ DW>/&/d/KE ƉĂůĂďƌĂŵĂƌŝĐĂ͘ ^h^d/dhd/KE ƚŚĞŝƌǁŽƌĚ͘

DZ^

t,/d'hz ŚŽǁŝƐŝƚĚŝĨĨĞƌĞŶƚ͍ ĚŝǀĞƌƐŽ͍ŶŽŶğĐŚĞŝů ĞŶƋƵĠĞƐĚŝĨĞƌĞŶƚĞ͍ ŝƚΖƐŶŽƚůŝŬĞƌĂĐĞ ƌĂǌǌŝƐŵŽƐĐŽŵƉĂƌĞƐĞ ůŽƐƉƌŽďůĞŵĂƐ ŝƐƐƵĞƐĚŝƐĂƉƉĞĂƌŝĨ ůĂŐĞŶƚĞƐŵĞƚƚĞĚŝ ƌĂĐŝĂůĞƐŶŽ ƉĞŽƉůĞƐƚŽƉƐĂǇŝŶŐ ĚŝƌĞŶĞŐƌŽ͘ ĚĞƐĂƉĂƌĞĐĞŶƉŽƌƋƵĞ ŶŝŐŐĞƌ͘ ŶŽƐĞĚŝŐĂ͞ŶĞŐƌŽ͘͟

Z Yh/s>E >/D/Ed/KE

><'hz ƐŚƵƚƚŚĞĨƵĐŬƵƉ͊ŝ ĐŚŝƵĚŝƋƵĞůůĂďŽĐĐĂ͕ ĐŝĞƌƌĂĞůƉŝĐŽ͘ǇŽ Z ĐĂŶƐĂǇŝƚ͕ǇŽƵĐĂŶΖƚ͘ ŝŽƉŽƐƐŽĚŝƌůŽ͕ƚƵŶŽ͘ Yh/s>E ƉƵĞĚŽĚĞĐŝƌůŽ͕ƚƷŶŽ͘ Yh/s>E

ůĞĂŶŝŶŐũŽď͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^ Yh/s>E Yh/s>E

)UDQNWKH3OXPEHU 6HDVRQ(SLVRGH &ƌĂŶŬůŝǀŝŶŐǁŝƚŚĂŵĞŵďĞƌĨƌŽŵĂůĐŽŚŽůŝĐƐĂŶŽŶǇŵŽƵƐ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

,Z/^dKW,Z ǁŚĂƚĂƌĞǇŽƵƌĞĂĚŝŶŐ ƚƵĐŚĞĐŽƐĂƐƚĂŝ ƚƷƋƵĠĞƐƚĄƐůĞǇĞŶĚŽ͍ ĂďŽƵƚ͍ ůĞŐŐĞŶĚŽ͍

&ZE< ĂďƵŶĐŚŽĨƵƉƉŝƚǇ ƵŶďƌĂŶĐŽĚŝĐŚĞĐĐŚĞ ƋƵĞƵŶƉƵŹĂĚŽĚĞ ^K ƋƵĞĞƌƐĐůĂŝŵŝŶŐƚŚĂƚ ƐŽƐƚĞŶŐŽŶŽĐŚĞůĞ DW>/&/d/KE ŵĂƌŝĐĂƐĚŝĐĞŶƋƵĞ DW>/&/d/KE

ĚŽŵĞƐƚŝĐƉĂƌƚŶĞƌƐŚŝƉ ƵŶŝŽŶŝĚŝĨĂƚƚŽŶŽŶ ůŽƐĚĞƌĞĐŚŽƐĚĞůĂƐ ƌŝŐŚƚƐĂƌĞŶŽƚŐŽŽĚ ƐŽŶŽƉŝƶƐƵĨĨŝĐŝĞŶƚŝ ƉĂƌĞũĂƐĚĞŚĞĐŚŽŶŽ ĞŶŽƵŐŚĨŽƌƚŚĞŵ͘ ƉĞƌůŽƌŽ͘ ƐŽŶƐƵĨŝĐŝĞŶƚĞƐ͘

,Z/^dKW,Z ƚŚĞǇŐĞƚŽĨĨĞŶĚĞĚ ƐŝŽĨĨĞŶĚŽŶŽƋƵĂŶĚŽ ƐĞŽĨĞŶĚĞŶƐŝůŽƐ ǁŚĞŶǇŽƵĐĂůůƚŚĞŵ ůĞĐŚŝĂŵŝĐŚĞĐĐŚĞ͕ ůůĂŵĂƐŵĂƌŝĐĂƐ͕ĨƌĂŶŬ͘ ƋƵĞĞƌƐ͕ĨƌĂŶŬ͘ ĨƌĂŶŬ͘

&ZE< ĐĂůůŝŶŐƉĞŽƉůĞďǇ ĐŚŝĂŵĂƌĞůĞĐŽƐĞĐŽŶ ůůĂŵĂƌĂůĂƐĐŽƐĂƐƉŽƌ ƚŚĞŝƌŶĂŵĞŝƐŶŽƚ͕ŶŽƌ ŝůƉƌŽƉƌŝŽŶŽŵĞŶŽŶğ ƐƵŶŽŶŽŵďƌĞŶŽĞƐ ƐŚŽƵůĚŝƚĞǀĞƌ͕ďĞ ĞŶŽŶĚŽǀƌĞďďĞŵĂŝ ŶŝĚĞďĞƌşĂ ĂƌŐƵĞĚĂƐŽĨĨĞŶƐŝǀĞ͘ ĞƐƐĞƌĞĐŽŶƐŝĚĞƌĂƚŽ ĐŽŶƐŝĚĞƌĂƌƐĞĂůŐŽ ŐŽĚĂůŵŝŐŚƚǇ͘ ŽĨĨĞŶƐŝǀŽ͘ĚŝŽ ŽĨĞŶƐŝǀŽ͘ůĂŵĂĚƌĞ ŽŶŶŝƉŽƚĞŶƚĞ͘ ƋƵĞůŽƉĂƌŝſ͘

,Z/^dKW,Z ǇŽƵŽŬĂǇ͍ ƚƵƚƚŽŽŬ͍ ĞƐƚĄƐďŝĞŶ͍

&ZE< ŶŽ͊ŝΖŵĂƉĂƵƉĞƌ͕ĂŶĚ ŶŽ͕ƐŽŶŽƉŽǀĞƌŽĞŚŽ ŶŽ͕ĂƵŶƋƵĞƐŽǇƵŶ ^^ ƐŽŵĞŚŽǁŝŐŽƚƚŚĞ ĂŶĐŚĞůĂŵĂůĂƚƚŝĂĚĞů Yh/s>E ŵĞŶĚŝŐŽƚĞŶŐŽůĂ Yh/s>E ŬŝŶŐΖƐĚŝƐĞĂƐĞ͘ ƌĞ͘ ĞŶĨĞƌŵĞĚĂĚĚĞůŽƐ ƌĞǇĞƐ͘

,Z/^dKW,Z ŐŽŶŽƌƌŚĞĂ͍ ůĂŐŽŶŽƌƌĞĂ͍ ůĂŐŽŶŽƌƌĞĂ͍

&ZE< ŬŝŶŐƐĚŽŶΖƚƐĐƌĞǁ ŝƌĞŶŽŶƐĐŽƉĂŶŽůĞ ůŽƐƌĞǇĞƐŶŽĨŽůůĂŶ ^^ ǁŚŽƌĞƐ͘ƚŚĞǇƐĐƌĞǁ ƚƌŽŝĞ͕ƐĐŽƉĂŶŽůĞ Yh/s>E ĐŽŶĨƵƌĐŝĂƐ͕ƐĞƚŝƌĂŶĂ Yh/s>E ǀŝƌŐŝŶƐŽƌƚŚĞŝƌ ǀĞƌŐŝŶŝŽůĞůŽƌŽ ǀşƌŐĞŶĞƐǇĂƐƵƐ ŶŝĞĐĞƐ͘ƚŚĞŬŝŶŐΖƐ ŶŝƉŽƚŝ͘ůĂŵĂůĂƚƚŝĂĚĞů ƐŽďƌŝŶĂƐ͘ůĂ ĚŝƐĞĂƐĞŝƐŐŽƵƚ͘ďŝŐ ƌĞğůĂŐŽƚƚĂ͘ŚŽ ĞŶĨĞƌŵĞĚĂĚĚĞůŽƐ ƚŽĞŝƐƚŚƌŽďďŝŶŐůŝŬĞ ů͛ĂůůƵĐĞĐŚĞƉƵůƐĂ ƌĞǇĞƐĞƐůĂŐŽƚĂ͘Ğů ďůƵĞďĂůůƐƚŚĂƚŶŽ ĐŽŵĞƵŶŵĂůĚŝƉĂůůĞ ĚĞĚŽŐŽƌĚŽĚĞůƉŝĞ ďůŽǁũŽďĐĂŶĞǀĞƌĨŝǆ͘ ĐŚĞŶĞƐƐƵŶƉŽŵƉŝŶŽ ŵĞůĂƚĞĐŽŵŽŵĞ ǇŽƵŐŽƚĂŶǇƉĞƌĐƐŽƌ ƉƵžŐƵĂƌŝƌĞ͘ŚĂŝĚĞů ůĂƚĞŶůŽƐŚƵĞǀŽƐ ǀŝŬĞƐ͍ ƉĂƌĂĐĞƚĂŵŽůŽŽĚĞů ĐƵĂŶĚŽŶĞĐĞƐŝƚŽƵŶĂ ǀŝǆ͕Ž͍ ŵĂŵĂĚĂ͘ƚŝĞŶĞƐ ŝďƵƉƌŽĨĞŶŽ͕ĂƐƉŝƌŝŶĂ͕ Ž͍

,Z/^dKW,Z ŶŽ͕ďƵƚŝĐŽƵůĚĐĂůůŵǇ ŶŽ͕ŵĂ͕ƉŽƐƐŽ ŶŽ͕ƉĞƌŽ͕ƐŝƋƵŝĞƌĞƐ ĚŽĐƚŽƌ͕ƐĞĞŝĨƐŚĞĐĂŶ ĐŚŝĂŵĂƌĞŝůŵŝŽ ůůĂŵŽĂŵŝŵĠĚŝĐŽ ĨŝƚǇŽƵŝŶ͘ƐŚĞΖƐƐƵƉĞƌ ŵĞĚŝĐŽ͘ůĞĐŚŝĞĚŽƐĞ ƉĂƌĂǀĞƌƐŝƉƵĞĚĞ ŶŝĐĞ͘ŬŽƌĞĂŶ͘ ƉƵžǀĞĚĞƌƚŝ͕ğƐƵƉĞƌ ƌĞĐŝďŝƌƚĞ͘ĞƐƵŶĂ ƐŵĂůůĨŝŶŐĞƌƐ͘ ŐĞŶƚŝůĞ͘ğĐŽƌĞĂŶĂ͘ŚĂ ŵƵũĞƌŵĂũşƐŝŵĂ͘ ůĞĚŝƚĂƉŝĐĐŽůĞ͘ ĐŽƌĞĂŶĂ͘ĐŽŶůŽƐ E^ Yh/s>E ĚĞĚŽƐƉĞƋƵĞŹŽƐ͘ Yh/s>E

&ZE< ŶŽ͕ƚŚĂŶŬǇŽƵ͘ ŝŵĞĚŝĐŝƐŽŶŽ ĚĞũĂ͘ůŽƐŵĠĚŝĐŽƐƐŽŶ ĚŽĐƚŽƌƐĂƌĞĐƌŽŽŬƐ͕ ĐŽƌƌŽƚƚŝ͕ ƵŶŽƐůĂĚƌŽŶĞƐ͕ƐŽďƌĞ E ĞƐƉĞĐŝĂůůǇƚŚĞŬŽƌĞĂŶ ƐƉĞĐŝĂůŵĞŶƚĞƋƵĞůůŝ Yh/s>E ƚŽĚŽůŽƐĐŽƌĞĂŶŽƐ͘ Yh/s>E ŽŶĞƐ͘ŶĞǀĞƌƚƌƵƐƚĂ ĐŽƌĞĂŶŝ͘ŵĂŝĨŝĚĂƌƚŝ ŶŽŚĂǇƋƵĞĨŝĂƌƐĞĚĞ ĐƵůƚƵƌĞƚŚĂƚŵĂŬĞƐ ĚŝŐĞŶƚĞĐŚĞĨĂůĞ ŐĞŶƚĞƋƵĞŚĂĐĞ ƐĂƵƐĂŐĞƐĨƌŽŵĚŽŐƐ͘ ƐĂůƐŝĐĐĞĐŽŶŝĐĂŶŝ͘ ƐĂůĐŚŝĐŚĂƐĚĞƉĞƌƌŽ͘ E^ Yh/s>E Yh/s>E

,Z/^dKW,Z ĨƌĂŶŬ͕ŝΖŵƉƌĞƚƚǇƐƵƌĞ ĨƌĂŶŬ͕ƋƵĞůůŽĐŚĞŚĂŝ ĨƌĂŶŬ͕ĞƐŽŵĞƉĂƌĞĐĞ ƚŚĂƚΖƐƌĂĐŝƐƚ͘ ĚĞƚƚŽğƌĂǌǌŝƐƚĂ͕ƐĂŝ ŵƵǇƌĂĐŝƐƚĂ͘

&ZE< ĂĐĐƵƌĂƚĞŝƐŶŽƚƌĂĐŝƐƚ͘ ĞƐƐĞƌĞƉƌĞĐŝƐŝŶŽŶğ ƐĞƌƉƌĞĐŝƐŽŶŽĞƐƐĞƌ ǁƌŝƚĞƚŚĂƚĚŽǁŶŝŶ ĞƐƐĞƌĞƌĂǌǌŝƐƚŝ͘ƋƵĞƐƚĂ ƌĂĐŝƐƚĂ͘ƐŝƋƵŝĞƌĞƐ ǇŽƵƌĂ͘Ă͘ũŽƵƌŶĂů͘ ƐĞŐŶĂƚĞůĂƉƵƌĞƐƵů ĂŶſƚĂůŽĞŶƚƵĚŝĂƌŝŽ͘ ŚŽůĚŽŶ͘ǇŽƵǁŽƌŬĨŽƌ ƚƵŽĚŝĂƌŝŽ͘ŚĞǇ͕ ƵŶƐĞŐƵŶĚŽ͕ƚƷĞƌĞƐ ƚŚĞĐŝƚǇ͘ ĂƐƉĞƚƚĂ͕ƚƵůĂǀŽƌŝƉĞƌ ĨƵŶĐŝŽŶĂƌŝŽ͘ ŝůĐŽŵƵŶĞ͘

,Z/^dKW,Z ǇĞĂŚ͘ ƐŞ͘ Ɛş͘

&ZE< ǁĞůŝǀĞƚŽŐĞƚŚĞƌ͘ǇŽƵ ǀŝǀŝĂŵŽŝŶƐŝĞŵĞ͕ ǇǀŝǀŝŵŽƐũƵŶƚŽƐ͘ƚƵ ĐŽŽŬĨŽƌŵĞ͕ĐůĞĂŶĨŽƌ ĐƵĐŝŶŝƉĞƌŵĞ͕ůĂǀŝ ĐŽĐŝŶĂƐƉĂƌĂŵş͕ ŵĞ͕ƐŚŽƉĨŽƌŵĞ͘ƚŚĂƚ ƉĞƌŵĞ͕ĨĂŝůĂƐƉĞƐĂ ůŝŵƉŝĂƐƉĂƌĂŵş͕ŵĞ ŵĂŬĞƐƵƐĨĂŵŝůǇ͘ ƉĞƌŵĞ͘ƋƵĞƐƚŽĐŝ ŚĂĐĞƐůĂĐŽŵƉƌĂ͘ ƌĞŶĚĞƵŶĂĨĂŵŝŐůŝĂ͘ ƐŽŵŽƐĐŽŵŽƵŶĂ ĨĂŵŝůŝĂ͘

,Z/^dKW,Z ŽŚ͕ĨƌĂŶŬ͕ŝΖŵ ŽŚĨƌĂŶŬ͕ƐŽŶŽ ŽŚĨƌĂŶŬ͕ŵĞ ƚŽƵĐŚĞĚ͘ ĐŽŵŵŽƐƐŽ͘ ĐŽŶŵƵĞǀĞƐ͘

&ZE< ǁĞƋƵĂůŝĨǇĨŽƌ ŝŶƉƌĂƚŝĐĂƉŽƐƐŝĂŵŽ ĂƐşƋƵĞ͕ĞŶŵŝ ĚŽŵĞƐƚŝĐƉĂƌƚŶĞƌƐŚŝƉ ƌŝǀĞŶĚŝĐĂƌĞŝĚŝƌŝƚƚŝĚŝ ŽƉŝŶŝſŶƚĞŶĞŵŽƐůŽƐ ƌŝŐŚƚƐ͘ŝĐĂŶƵƐĞǇŽƵƌ ƵŶĂĐŽƉƉŝĂĚŝĨĂƚƚŽ͘ ŵŝƐŵŽƐĚĞƌĞĐŚŽƐƋƵĞ ŝŶƐƵƌĂŶĐĞ͕ŐŽƚŽƚŚĞ ƵƐĞƌžůĂƚƵĂ ƵŶĂƉĂƌĞũĂ͘ǇŽƉƵĞĚŽ ůĂĚǇĚŽĐƚŽƌǁŝƚŚƚŚĞ ĂƐƐŝĐƵƌĂǌŝŽŶĞĞĂŶĚƌž ƵƐĂƌƚƵƐĞŐƵƌŽĞŝƌ ƐŵĂůůĨŝŶŐĞƌƐĨŽƌĨƌĞĞ͘ ĚĂƋƵĞůŵĞĚŝĐŽĐŽŶ ŐƌĂƚŝƐĂĞƐĂĚŽĐƚŽƌĂ ůĞĚŝƚĂƉŝĐĐŽůĞŐƌĂƚŝƐ͘ ĚĞůŽƐĚĞĚŽƐ ƉĞƋƵĞŹŽƐ͘

,Z/^dKW,Z ŶŽ͘ŶŽ͕ŶŽ͘ƚŚŽƐĞ ŶŽ͘ŶŽ͕ŶŽ͕ŶŽ͘ƋƵĞůůĞ ŶŽ͕ŶŽ͕ŶŽ͘ĞƐĂƐůĞǇĞƐ ůĂǁƐĚŽŶŽƚĂƉƉůǇƚŽ ůĞŐŐŝŶŽŶĐŝ ŶŽŶŽƐĂĨĞĐƚĂŶ͘ ƵƐ͘ ƌŝŐƵĂƌĚĂŶŽĂĨĨĂƚƚŽ͘

&ZE< ǁŚǇŶŽƚ͍ǁŚǇƐŚŽƵůĚ ƉĞƌĐŚĠŶŽ͍ƉĞƌĐŚĠůĞ ƉŽƌƋƵĠŶŽ͍ƉŽƌƋƵĠ ŽƵƌŚĞƚĞƌŽƐĞǆƵĂů ŶŽƐƚƌĞŝŶĐůŝŶĂǌŝŽŶŝ ŶƵĞƐƚƌĂŽƌŝĞŶƚĂĐŝſŶ ƉƌŽĐůŝǀŝƚŝĞƐƉƌĞǀĞŶƚ ĞƚĞƌŽƐĞƐƐƵĂůŝ ŚĞƚĞƌŽƐĞǆƵĂůŚĂĚĞ ƵƐĨƌŽŵĐŽůůĞĐƚŝŶŐ ĚŽǀƌĞďďĞƌŽ ŝŵƉĞĚŝƌƋƵĞ ŽƵƌĚƵĞ͍ƚŚĂƚŝƐ ŝŵƉĞĚŝƌĐŝĚŝĂǀĞƌĞĐŝž ƚĞŶŐĂŵŽƐůŽƐ

ŚĞƚĞƌŽƉŚŽďŝĂ͕ĂŶĚŝ ĐŚĞĐŝƐƉĞƚƚĂ͍ƋƵĞƐƚĂ ŵŝƐŵŽƐĚĞƌĞĐŚŽƐ͍ ǁŽŶΖƚƐƚĂŶĚĨŽƌŝƚ͘ ğĞƚĞƌŽĨŽďŝĂĞŝŽŶŽŶ ĞƐŽĞƐŚĞƚĞƌŽĨŽďŝĂǇ ƐŽŶŽĚŝƐƉŽƐƚŽĂ ŶŽǀŽǇĂĐŽŶƐĞŶƚŝƌůĂ͘ ^K/D ƚŽůůĞƌĂƌůĂ͘ Yh/s>E Yh/s>E

^ĐŚŽŽů͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

DEz ǇŽƵƚŚŝŶŬŚĞΖƐƌŝŐŚƚ͍ ŚĂƌĂŐŝŽŶĞůƵŝ͍ŶŽŶ ĐƌĞĞƐƋƵĞƚŝĞŶĞ ' ŵĞŶĂƌĞŶĞǀĞƌƌŝŐŚƚ͘ ĂǀĞƚĞŵĂŝƌĂŐŝŽŶĞ͘ Yh/s>E ƌĂǌſŶ͍ůŽƐŚŽŵďƌĞƐ Yh/s>E ƚŚĂƚΖƐǁŚǇǁŽŵĞŶ ƉĞƌƋƵĞƐƚŽŚĂŶŶŽ ŶƵŶĐĂůĂƚĞŶĠŝƐ͕ƉĂƌĂ '^ ǁĞƌĞŝŶǀĞŶƚĞĚ͕ƚŽ ŝŶǀĞŶƚĂƚŽůĞĚŽŶŶĞ͕ Yh/s>E ĞƐŽƐĞĐƌĞĂƌŽŶĂůĂƐ Yh/s>E '/D ƚŚŝŶŬĨŽƌǇŽƵ ƉĞƌƉĞŶƐĂƌĞĂůǀŽƐƚƌŽ Yh/s>E ŵƵũĞƌĞƐ͕ƉĂƌĂƉĞŶƐĂƌ Yh/s>E ĂƐƐŚŽůĞƐ͘ŝŵĞĂŶ͕ ƉŽƐƚŽ͘ŐƵĂƌĚĂŵŝĐŬĞǇ͕ ƉŽƌǀŽƐŽƚƌŽƐ͘ĨşũĂƚĞ ůŽŽŬĂƚŵŝĐŬĞǇ͕ ƐƉŽƐĂƵŶĂƚƌŽŝĂĐŚĞ ĞŶŵŝĐŬĞǇ͕ƐĞǀĂĂ ŵĂƌƌǇŝŶŐƐŽŵĞ ŚĂŵĞƐƐŽŝŶĐŝŶƚĂ͘ ĐĂƐĂƌĐŽŶƵŶĂĂůĂ ǁŚŽƌĞŚĞŬŶŽĐŬĞĚ ƋƵĞŚĂƉƌĞŹĂĚŽ͘ ƵƉ͘

/E ǁŚĂƚ͍ ĐŽƐĂ͍ ƋƵĠ͍

'^ DEz ŵĞŶĂƌĞǁĞĂŬĂŶĚ ŐůŝƵŽŵŝŶŝƐŽŶŽ Yh/s>E ůŽƐƚşŽƐƐŽŶ Yh/s>E ' ƐƚƵƉŝĚ͕ĞǀĞŶƚŚĞ ĚĞďŽůŝĞƐƚƵƉŝĚŝ͕ƐŞ͕ Yh/s>E ĞƐƚƷƉŝĚŽƐǇĚĠďŝůĞƐ͕ Yh/s>E ŐŽŽĚŽŶĞƐ͘ŝŵĞĂŶ͕ ƐƉĞĐŝĂůŵĞŶƚĞƋƵĞůůŝ ŚĂƐƚĂůŽƐďƵĞŶŽƐ͕ ĞƐƉĞĐŝĂůůǇƚŚĞŐŽŽĚ ďƵŽŶŝĞŝŽŶŽŶ ƐŽďƌĞƚŽĚŽůŽƐ ŽŶĞƐ͘ĂŶĚŝΖŵŶŽƚ ŐƵĂƌĚĞƌžůŝƉďƵƚƚĂƌĞ ďƵĞŶŽƐ͕ĂƐşƋƵĞŶŽ ŐŽŶŶĂǁĂƚĐŚůŝƉĨƵĐŬ ǀŝĂůĂǀŝƚĂĐŽƐŞĐŽŵĞ ǀŽǇĂĚĞũĂƌƋƵĞůŝƉƐĞ ƵƉŚŝƐůŝĨĞƚŚĞǁĂǇ ŵŝĐŬĞǇƐƚĂďƵƚƚĂŶĚŽ ũŽĚĂůĂǀŝĚĂĐŽŵŽƐĞ ƚŚĂƚŵŝĐŬĞǇΖƐĨƵĐŬŝŶŐ ǀŝĂůĂƐƵĂ͘ ůĂǀĂĂũŽĚĞƌŵŝ ƵƉŚŝƐ͘ ŚĞƌŵĂŶŽ͘

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ǇĞĂŚ͕ǇĞĂŚ͕ǇĞĂŚ͘ ƐŞ͕ƐŞ͕ĚŝǀĞƌƚŝƚĞǀŝ͘ Ɛş͕Ɛş͕ƐşƚƵƌşĞƚĞ͕ƉĞƌŽ ŚĂǀĞǇŽƵƌĨƵŶ͘ũƵƐƚ ǀĞƌƐĂŵŝƵŶĚƌŝŶŬ ƉŽŶŵĞƵŶĂĐŽƉĂ͘ ƉŽƵƌŵĞĂŐŽĚĚĂŵŶ ĂĚĞƐƐŽ͘ ĚƌŝŶŬ͘

dKDDz ĚŽŶΖƚĚŽŝƚ͕ŬĂƚĞ͘ǁĞ ŶŽŶĨĂƌůŽ͕ŶŽŶ ĚĞũĂ͕ŶŽƐĞůĂƉŽŶŐĂƐ͕ ĚŽŶΖƚŶĞĞĚŚŝƐĂŝĚƐ ǀŽŐůŝĂŵŽŝƐƵŽŝŐĞƌŵŝ ĂǀĞƌƐŝŶŽƐƉĞŐĂĞů ^K ŐĞƌŵƐŝŶŚĞƌĞ͘ ĚĞůů͛ĂŝĚƐ͘ Yh/s>E ƐŝĚĂ͘ Yh/s>E ^K^ Yh/s>E Yh/s>E

&ZE< ƐĐƌĞǁǇŽƵ͕ƚŽŵŵǇ͘ ĨŝĐĐĂƚĞůŽŶĞůĐƵůŽ͕ ƋƵĞƚĞĚĞŶƉŽƌĐƵůŽ͕ ƚŽŵŵǇ͘ ƚŽŵŵǇ͘

dKDDz ǇŽƵǁŝƐŚ͘ ƚŝƉŝĂĐĞƌĞďďĞ͘ ǇĂƚĞŐƵƐƚĂƌşĂ͘

<ZD/d ĂƌĞǇŽƵƌĞĂůůǇŐĂǇ ƐĞŝǀĞƌĂŵĞŶƚĞŐĂǇ͕ ĚĞǀĞƌĚĂĚƚĞŚĂƐ ŶŽǁ͕ĨƌĂŶŬ͍ ĨƌĂŶŬ͍ ǀƵĞůƚŽŐĂǇ͕ĨƌĂŶŬ͍

&ZE< ǁŚĂƚŝƐŐĂǇ͕ŬĞƌŵŝƚ͍ ĐŚĞƐŝŐŶŝĨŝĐĂ͕ŬĞƌŵŝƚ͍ ƋƵĠĞƐƐĞƌŐĂǇ͍ƐĞƌ ŐĂǇŝƐĂƐƚĂƚĞŽĨ ĞƐƐĞƌĞŐĂǇğƵŶŽ ŐĂǇĞƐƵŶĞƐƚĂĚŽ ^K/D ŵŝŶĚ͘ŝƚŝƐĂŵŽŽĚ͘ ƐƚĂƚŽĚ͛ĂŶŝŵŽ͕ƐŞ͕ƵŶ Yh/s>E ŵĞŶƚĂů͕ĂůŐŽƋƵĞƐĞ DW>/&/d/KE ƵŵŽƌĞ͘ ƉĂƐĂ͘

^K dKDDz ŐĂǇŝƐǁŚĞŶǇŽƵƉĂƌƚ ŐĂǇğƋƵĂŶĚŽĂƉƌŝůĞ Yh/s>E ƐĞƌŐĂǇĞƐƐĞƉĂƌĂƌůĂƐ Yh/s>E ^K/D ƚŚĞĂƐƐĐŚĞĞŬƐŽĨ ĐŚŝĂƉƉĞĚŝƵŶĂůƚƌŽ Yh/s>E ŶĂůŐĂƐĂŽƚƌŽŚŽŵďƌĞ Yh/s>E ĂŶŽƚŚĞƌŵĂŶĂŶĚƵƐĞ ƵŽŵŽĞƵƐŝů͛ƵĐĐĞůůŽ ƵƐĂŶĚŽĞůƌĂďŽĐŽŵŽ ǇŽƵƌĚŝĐŬĂƐĂ ĐŽŵĞƵŶĂďƵƐƚŝŶĂĚŝ ƐĞƉĂƌĂĚŽƌ͘ ĚŝǀŝŶŝŶŐƌŽĚ͘ ƚŚğ͘

&ZE< ǁĞůů͕ďǇƚŚĂƚ ďĞŚ͕ƐƚĂŶĚŽĂƋƵĞƐƚĂ ƉƵĞƐ͕ƐĞŐƷŶĞƐĂ ĚĞĨŝŶŝƚŝŽŶ͕ŶŽ͕ƚŚĞŶ ĚĞĨŝŶŝǌŝŽŶĞĂůůŽƌĂŶŽŶ ĚĞĨŝŶŝĐŝſŶǇŽŶŽƐŽǇ ŝΖŵŶŽƚŐĂǇ͘ ƐŽŶŽŐĂǇ͘ ŐĂǇ͘

^K <ZD/d ƚŚĞŶǁŚĂƚĂƌĞǇŽƵ ĂůůŽƌĂĐŚĞĐŽƐĂĐŝĨĂŝ Yh/s>E ǇƉŽƌƋƵĠƐĂůĞƐĞŶůĂƐ Yh/s>E ĚŽŝŶŐŐŽŝŶŐŽŶƚŚĞ ƐƵŝŶŽƚŝǌŝĂƌŝĂƉĂƌůĂƌĞ ŶŽƚŝĐŝĂƐŚĂďůĂŶĚŽ ŶĞǁƐ͕ƚĂůŬŝŶŐĂďŽƵƚ ĚŝĚŝƌŝƚƚŝĚĞŝŐĂǇ͍ ƐŽďƌĞůŽƐĚĞƌĞĐŚŽƐ ŐĂǇƌŝŐŚƚƐ͍ ĚĞůŽƐŐĂǇƐ͍

&ZE< ŝǁĂƐƚƌǇŝŶŐƚŽŐĞƚ ĐĞƌĐĂǀŽĚŝŽƚƚĞŶĞƌĞ ƐŽůŽŝŶƚĞŶƚĂďĂ ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞ͘ ƵŶĂĐŽƉĞƌƚƵƌĂ ĐŽŶƐĞŐƵŝƌĐŽďĞƌƚƵƌĂ ĂƐƐŝĐƵƌĂƚŝǀĂ͘ ŵĠĚŝĐĂ͘

dKDDz ŚĞǇ͕ĨƌĂŶŬ͕ŚŽǁĚŽ ƐĂŝĐŽŵĞƐŝƐŝĞĚŽŶŽ Yh/s>E ĞŚ͕ĨƌĂŶŬ͕ĐſŵŽƐĞ Yh/s>E ^K ǇŽƵĨŝƚƚŚƌĞĞŚŽŵŽƐ ƚƌĞĐŚĞĐĐŚĞƐƵƵŶŽ ƐŝĞŶƚĂŶƚƌĞƐŵĂƌŝĐĂƐ ŽŶĂďĂƌƐƚŽŽů͍ǇŽƵ ƐŐĂďĞůůŽ͍ůŽŐŝƌĂŶŽĂů ĞŶƵŶƚĂďƵƌĞƚĞ͍ ƚƵƌŶŝƚƵƉƐŝĚĞĚŽǁŶ͊ ĐŽŶƚƌĂƌŝŽ͘ ƉƵĞƐ͕ĚĄŶĚŽůĞůĂ

ǀƵĞůƚĂ͘

&ZE< ŬĂƚĞ͕ŝůĞĂǀĞŝƚƚŽǇŽƵ ŬĂƚĞ͕ƚŝůĂƐĐŝŽůŝďĞƌĂĚŝ ŬĂƚĞ͕ĐŽŶĨşŽĞŶƋƵĞ ƚŽƌŝƐĞĂďŽǀĞƚŚŝƐ ĞůĞǀĂƌƚŝĚĂƚƵƚƚĂ ƐĞĂƐŝŶŵƵŶĞĂĞƐƚĂ ŚŽŵŽƉŚŽďŝĐƌŚĞƚŽƌŝĐ ƋƵĞƐƚĂƌĞƚŽƌŝĐĂ ƌĞƚſƌŝĐĂŚŽŵſĨŽďĂǇ ĂŶĚŽĨĨĞƌŵĞ ŽŵŽĨŽďĂĞĚŝŽĨĨƌŝƌŵŝ ŵĞŽĨƌĞǌĐĂƐƵŶĂ ƌĞĐŽŵƉĞŶƐĞŝŶƚŚĞ ƵŶĂƌŝĐŽŵƉĞŶƐĂƐŽƚƚŽ ƌĞĐŽŵƉĞŶƐĂĞŶ ĨŽƌŵŽĨǁŚŝƐŬĞǇ͘ ĨŽƌŵĂĚŝǁŚŝƐŬĞǇ͘ ĨŽƌŵĂĚĞǁŚŝƐŬĞǇ͘

^K/D E ŚĂǇŚŽŵŽĨŽďŝĂ Yh/s>E ǁŚĞŶƚŚĞǇΖƌĞĂĨƌĂŝĚ ƋƵĂŶĚŽŚĂŶŶŽƉĂƵƌĂ ĐƵĂŶƚŽƚĞƚŝĞŶĞŶ ŽĨǇŽƵ͘ŝΖŵƉƌĞƚƚǇ ĚŝƚĞ͘ƚƵŶŽŶŐůŝƉŝĂĐŝ ŵŝĞĚŽ͕ĂĞƐƚŽƐ ƐƵƌĞƚŚĞǇũƵƐƚĚŽŶΖƚ ĞďĂƐƚĂ͘ ƐŝŵƉůĞŵĞŶƚĞŶŽůĞ ůŝŬĞǇŽƵ͘ ĐĂĞƐďŝĞŶ͘

&ZE< ĐŽŵĞŽŶ͕ũƵƐƚŐŝǀĞŵĞ ĚĂŝĚĂŵŵŝĐŽŵƵŶƋƵĞ ĐŽŵŽƋƵŝĞƌĂƐ͕ƉĞƌŽ ĂĚƌŝŶŬĂŶǇǁĂǇ͘ ĚĂďĞƌĞ͕ĂŶĚŝĂŵŽ͘ ƉŽŶŵĞĚĞďĞďĞƌ͕ƉŽƌ ĨĂǀŽƌ͘

<ZD/d ŚĞǇ͘ǁŚĂƚĚŽĞƐŽŶĞ ŚĞǇ͕ĐŽƐĂ͕ĐŽƐĂĚŝĐĞ ĞŚ͕ƋƵĠůĞĚŝĐĞƵŶ ^K ŐĂǇƐĂǇƚŽĂŶŽƚŚĞƌ ƵŶŐĂǇĂůů͛ĂŵŝĐŽ Yh/s>E ŐĂǇĂŽƚƌŽƋƵĞĞƐƚĄ Yh/s>E ŽŶĞŐŽŝŶŐŽŶ ƋƵĂŶĚŽǀĂŶŶŽŝŶ ŚĂĐŝĞŶĚŽůĂƐ ǀĂĐĂƚŝŽŶ͍ΗĐĂŶŝŚĞůƉ ǀĂĐĂŶǌĂĂŵŝůĂŶŽ͍ ŵĂůĞƚĂƐ͍ƚĞĂǇƵĚŽĂ ǇŽƵƉĂĐŬǇŽƵƌƐŚŝƚ͍Η ŐƵĂƌĚĂͲŵŝͲů͛ĂŶŽ͘ ŵĞƚĞƌƚƵƐŵŝĞƌĚĂƐ͍

&ZE< ŬĞƌŵŝƚ͕ƚŚĂƚũŽŬĞŝƐƐŽ ŬĞƌŵŝƚ͕ƋƵĞƐƚĂ ĞƐĞĐŚŝƐƚĞŚĂƐŝĚŽƚĂŶ ŚĂĐŬŶĞǇĞĚ͕ǇŽƵŽǁĞ ďĂƚƚƵƚĂğĐŽƐŞďĂŶĂůĞ ŵĂůŽƋƵĞƚĞǀĂĂ ŵĞĂĚƌŝŶŬ͘ ĐŚĞŵŝĚĞǀŝƵŶĚƌŝŶŬ͘ ĐŽƐƚĂƌƵŶƚƌĂŐŽ͘

^K dKDDz ǁŚĂƚΖƐƚŚĞĚŝĨĨĞƌĞŶĐĞ ƋƵĂůğůĂĚŝĨĨĞƌĞŶǌĂ Yh/s>E ĐƵĄůĞƐůĂĚŝĨĞƌĞŶĐŝĂ Yh/s>E ďĞƚǁĞĞŶĂ ƚƌĂƵŶĨƌŝŐŽƌŝĨĞƌŽĞ ĞŶƚƌĞƵŶĂŶĞǀĞƌĂǇ ƌĞĨƌŝŐĞƌĂƚŽƌĂŶĚĂ ƵŶĨƌŽĐŝŽ͍ŝůĨƌŝŐŽŶŽŶ ƵŶŵĂƌŝĐĂ͍ůĂŶĞǀĞƌĂ ĨĂŐ͍ƚŚĞĨƌŝĚŐĞ ƐĐŽƌƌĞŐŐŝĂƋƵĂŶĚŽ ŶŽƐĞƚŝƌĂƵŶƉĞĚŽ ĚŽĞƐŶΖƚĨĂƌƚǁŚĞŶ ƚŽŐůŝůĂƐĂůƐŝĐĐŝĂ ĐƵĂŶĚŽƐĂĐĂƐĞů ǇŽƵƉƵůůƚŚĞŵĞĂƚ ƐĂůĐŚŝĐŚſŶ͘ ŽƵƚ͊

>> ŽŚ͕ŶŽ͘ ŚĂŚĂŚĂ͘ ũĂũĂũĂ͘

^ƚƌĞĞƚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^K 'zDE ŚĞǇ͕ĨĂŐŐŽƚ͘ ŚĞǇ͕ĨƌŽĐŝŽ͘ Yh/s>E ĞŚ͕ŵĂƌŝĐſŶ͘ Yh/s>E

&ZE< ŝĂŵŶŽƚĂĨĂŐŐŽƚ͘ĂŶĚ ŝŽŶŽŶƐŽŶŽƵŶĨƌŽĐŝŽ ǇŽŶŽƐŽǇƵŶŵĂƌŝĐſŶ ŝĐŽƵůĚƐƵĞǇŽƵĨŽƌ ĞƉŽƚƌĞŝĂŶĐŚĞ ǇƉŽĚƌşĂƉŽŶĞƌƚĞƵŶĂ ƚŚĞƵƐĞŽĨƚŚĞǁŽƌĚ͘ ĚĞŶƵŶĐŝĂƌƚŝƉĞƌĂǀĞƌ ĚĞŵĂŶĚĂƉŽƌƵƐĂƌ ƵƐĂƚŽƋƵĞůůĂƉĂƌŽůĂ͘ ĞƐĂƉĂůĂďƌĂ͘

^K 'zDE ǁŚŽĂ͕ŶĞůůŝĞ͘ŝΖŵŽŶ ǁŽǁ͕ŶĞůůŝĞ͕ƐŽŶŽ Yh/s>E ŽǇĞ͕ƚƌĂŶƋƵŝůŽ͕ǇŽ >/D/Ed/KE ǇŽƵƌƐŝĚĞ͘ĐŽŵĞŽŶ ĚĂůůĂƚƵĂƉĂƌƚĞ͘ĞŶƚƌĂ ĞƐƚŽǇĚĞƚƵůĂĚŽ͘ ŝŶ͘ůĞƚƵƐďƵǇǇŽƵĂ ƉƵƌĞ͕ĨĂƚƚŝŽĨĨƌŝƌĞƵŶ ĂŶĚĂ͕ĞŶƚƌĂǇƚŽŵĂƚĞ ĚƌŝŶŬ͘ ĚƌŝŶŬ͘ ĂůŐŽ͘

ďĂŶĚŽŶĞĚǁĂƌĞŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^K /EdKD/<z ŽŚ͕ǇŽƵǁĂŶƚƚŽĨĂŐ ĂŚ͕ŽƌĂǀƵŽŝƉŝĐĐŚŝĂƌĞ Yh/s>E ƋƵŝĞƌĞƐƉĞŐĂƌĂƵŶ Yh/s>E '^ ďĂƐŚ͍ƚŚĂƚŵĂŬĞǇŽƵ ƵŶĨƌŽĐŝŽ͍ƚŝĨĂƌĞďďĞ DW>/&/d/KE ŵĂƌŝĐĂ͍ĂƐşƚĞ Yh/s>E ĨĞĞůůŝŬĞĂŵĂŶ͍ ƐĞŶƚŝƌĞƵŶǀĞƌŽ ƐĞŶƚŝƌĄƐƵŶŚŽŵďƌĞ͍ ĐŽŵĞŽŶ͘ŐŽĂŚĞĂĚ͊ ƵŽŵŽ͍ĂŶĚŝĂŵŽ͕ĚĂŝ͕ ǀĂŵŽƐ͕ĂĚĞůĂŶƚĞ͕ ĚŽŝƚ͊ǇŽƵůŽǀĞŵĞ ĐŽƌĂŐŐŝŽ͕ĨĂůůŽ͊ƚƵŵŝ ƉĠŐĂŵĞ͘ƚƷŵĞ ĂŶĚǇŽƵΖƌĞŐĂǇ͘ũƵƐƚ ĂŵŝĞƐĞŝŐĂǇ ƋƵŝĞƌĞƐǇĞƌĞƐŐĂǇ͕ ĂĚŵŝƚŝƚ͕ũƵƐƚƚŚŝƐ ĂŵŵĞƚƚŝůŽ͕ƐŽůŽƉĞƌ ĂĚŵşƚĞůŽ͘ĂƵŶƋƵĞ ŽŶĐĞ͘ ƐƚĂǀŽůƚĂ͕ĂŵŵĞƚƚŝůŽ ƐŽůŽƐĞĂƵŶĂǀĞǌ͕ ĐĂǌǌŽ͊ ĂĚŵşƚĞůŽ͘

&LYLO:URQJV 6HDVRQ(SLVRGH &ƌĂŶŬĂƐĂƐƉŽŬĞƐƉĞƌƐŽŶĨŽƌĂŐĂǇƌŝŐŚƚƐŵŽǀĞŵĞŶƚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ĂŶĚŵĂŬĞŶŽŵŝƐƚĂŬĞ͕ ĞŶŽŶĨĂƚĞǀŝŝůůƵƐŝŽŶŝ͕ ŶŽŽƐĞƋƵŝǀŽƋƵĠŝƐ͕ ƌŝŐŚƚŶŽǁ͕ŝƚΖƐĂ ƋƵĞƐƚŽƋƵŝğƵŶ ĞƐƚĂĞƐƵŶĂĠƉŽĐĂ

^K/D ŚŽƌƌŝďůĞƚŝŵĞƚŽďĞ ŵŽŵĞŶƚŽŽƌƌŝďŝůĞŝŶ Yh/s>E ďĂƐƚĂŶƚĞĐŚƵŶŐĂ Yh/s>E ŐĂǇ͘ĂŶĚŝ͕ůŝŬĞĂůůŽĨ ĐƵŝĞƐƐĞƌĞŐĂǇĞŝŽ ƉĂƌĂƐĞƌŐĂǇǇǇŽ ǇŽƵ͕ŚĂǀĞ ĐŽŵĞƚƵƚƚŝǀŽŝů͛ŚŽ ĐŽŵŽǀŽƐŽƚƌŽƐůĂ ĞǆƉĞƌŝĞŶĐĞĚŝƚ ƐƉĞƌŝŵĞŶƚĂƚŽƐƵůůĂ ĞƐƚŽǇƐƵĨƌŝĞŶĚŽĞŶ ĨŝƌƐƚŚĂŶĚ͘ĂƉƉĂƌĞŶƚůǇ͕ ŵŝĂƉĞůůĞ͘ĂƋƵĂŶƚŽ ŵŝƐĐĂƌŶĞƐ͘ƉŽƌůŽ ŝΖǀĞĐĂƵƐĞĚĂƌƵĐŬƵƐ ƉĂƌĞŚŽĐĂƵƐĂƚŽƵŶ ǀŝƐƚŽ͕ĞƐƚŽǇĂƌŵĂŶĚŽ ďĞĐĂƵƐĞŝƐĂŝĚƚŚĂƚ ĐĂƐŝŶŽƉĞƌĐŚĠŚŽ ďƵůůĂƉŽƌƋƵĞŚĞĚŝĐŚŽ ŐĂǇĨŽůŬƐĚĞƐĞƌǀĞ ĚĞƚƚŽĐŚĞĂŶĐŚĞĂŝ ƋƵĞůŽƐŐĂǇƐŵĞƌĞĐĞŶ ĐĞƌƚĂŝŶĐŝǀŝůƌŝŐŚƚƐ͕ ŐĂǇƐƉĞƚƚĂŶŽĐĞƌƚŝ ĚŝƐĨƌƵƚĂƌĚĞĐŝĞƌƚŽƐ ƌŝŐŚƚƐƚŚĂƚƚŚĞ ĚŝƌŝƚƚŝĐŝǀŝůŝ͕Ěŝƌŝƚƚŝ ĚĞƌĞĐŚŽƐĐŝǀŝůĞƐ͕ ďƌĞĞĚĞƌƐĚŽŶΖƚǁĂŶƚ ĐŚĞ͕ŐůŝĞƚĞƌŽ͕ŶŽŶ ĚĞƌĞĐŚŽƐƋƵĞĂůŽƐ ƚŽďĞƐƚŽǁƵƉŽŶŵĞ͘ ƐŽŶŽŝŶƚĞŶǌŝŽŶĂƚŝĂ ŚĞƚĞƌŽƐŶŽůĞƐ ŚĂŚĂŚĂ͘ƵƉŽŶǁĞ͘ ĐŽŶĐĞĚĞƌĞĂŵĞ͘ŚĂ ĂƉĞƚĞĐĞĐŽŶĐĞĚĞƌŵĞ ƚŚŽƐĞďƌĞĞĚĞƌƐ͕Ăůů ŚĂŚĂ͕ĞŶĞŵŵĞŶŽĂ Ăŵş͘ĂƚŽĚŽƐ ^K/D ƚŚĞǇǁĂŶŶĂĚŽŝƐ ǀŽŝ͘ƋƵĞƐƚŝ Yh/s>E ŶŽƐŽƚƌŽƐ͘ĞƐĂƐ Yh/s>E ^K ƐƚŽƉƵƐĨƌŽŵŚĂǀŝŶŐ ĞƚĞƌŽƐĞƐƐƵĂůŝ >/D/Ed/KE ƉĞƌƐŽŶĂƐůŽƷŶŝĐŽ >/D/Ed/KE ƚŚĞƐĞǆƚŚĂƚƚŚĞǇ ǀŽŐůŝŽŶŽƐŽůƚĂŶƚŽ ƋƵĞƋƵŝĞƌĞŶĞƐ ǁŝƐŚƚŚĞǇǁĞƌĞ ŝŵƉĞĚŝƌĐŝĚŝĨĂƌĞ ŝŵƉĞĚŝƌŶŽƐĚŝƐĨƌƵƚĂƌ ŚĂǀŝŶŐ͘ŝĨŝĨ͙ŝĨƚŚĞ ƐĞƐƐŽŝŶƵŶŵŽĚŽ ĚĞůƐĞǆŽƋƵĞĞůůŽƐ ŬŝŶĚŽĨƐĞǆǁĞΖƌĞ ĐŚĞğƋƵĞůůŽĐŚĞ ƋƵĞƌƌşĂŶƉƌĂĐƚŝĐĂƌ͘Ɛŝ ŚĂǀŝŶŐŝƐǁŚĂƚ ǀŽƌƌĞďďĞƌŽĨĂƌĞůŽƌŽ͘ ĞůƐĞǆŽƋƵĞ ^K ŽĨĨĞŶĚƐƚŚĞŵŵŽƐƚ͕ ƐĞ͕ƐĞŝůƐĞƐƐŽĐŚĞ >/D/Ed/KE ƉƌĂĐƚŝĐĂŵŽƐĞƐůŽƋƵĞ >/D/Ed/KE ^K/D ƚŚĞǇƐŚŽƵůĚůĞƚƵƐŐĞƚ ƉƌĂƚŝĐŚŝĂŵŽŽĨĨĞŶĚĞ Yh/s>E ŵĄƐůĞƐŽĨĞŶĚĞ͕ƋƵĞ Yh/s>E ŵĂƌƌŝĞĚ͕ΖĐĂƵƐĞ ŐůŝĂůƚƌŝĂůůŽƌĂ ĚĞũĞŶƋƵĞŶŽƐ ĂŶǇďŽĚǇǁŚŽΖƐďĞĞŶ ĚŽǀƌĞďďĞƌŽůĂƐĐŝĂƌĐŝ ĐĂƐĞŵŽƐ͕ƉŽƌƋƵĞĞů ŵĂƌƌŝĞĚŬŶŽǁƐƚŚĂƚ ƐƉŽƐĂƌĞƉĞƌĐŚĠ ƋƵĞŚĂĞƐƚĂĚŽĐĂƐĂĚŽ ƚŚĞƐĞǆŝƐĚŽǁŶŚŝůů ĐŚŝƵŶƋƵĞůŽƐŝĂƐƚĂƚŽ ƐĂďĞƋƵĞĞƐŽĂĐĂďĂ ĨƌŽŵƚŚĞƌĞ͘ŶŽǁ͕ǁĞ ƐĂĐŚĞĚĂƐƉŽƐĂƚŝŝů ĐŽŶĞůƐĞǆŽ͘ǀĞƌĠŝƐ͕ ŚĂǀĞůŽŶŐ͕ƚŚĂŶŬǇŽƵ͘ ƐĞƐƐŽƐǀĂŶŝƐĐĞ͘ŽƌĂ ŚĂĐĞŵƵĐŚŽ͕ŐƌĂĐŝĂƐ͕ ǁĞŚĂǀĞůŽŶŐďĞĞŶ ŶŽŝƐŝĂŵŽ͕ŐƌĂǌŝĞ͕ ŚĂĐĞŵƵĐŚŽƋƵĞ ǁƌŽŶŐĞĚ͕ĂŶĚŝƚΖƐ ƐŝĂŵŽƐĞŵƉƌĞƐƚĂƚŝ ƐƵĨƌŝŵŽƐ͕ǇǇĂĞƐ ƚŝŵĞĨŽƌůĞŐŝƐůĂƚŝŽŶ ĚŝƐĐƌŝŵŝŶĂƚŝĞĚğ ŚŽƌĂĚĞƋƵĞůĂ ƚŚĂƚĂůůŽǁƐŽƵƌ ƚĞŵƉŽĐŚĞǀĞŶŐĂ ůĞŐŝƐůĂĐŝſŶƉĞƌŵŝƚĂ ƉƌŝǀĂƚĞƉĂƌƚƐƚŽďĞ ƐĐƌŝƚƚĂƵŶĂůĞŐŐĞĐŚĞ ƋƵĞŶƵĞƐƚƌĂƐƉĂƌƚĞƐ ĂƌŽƵƐĞĚďǇƚŚĞ ƉĞƌŵĞƚƚĂĂůůĞŶŽƐƚƌĞ ŶŽďůĞƐƐĞĞǆĐŝƚĞŶ ƉĞŽƉůĞŐŽĚŝŶƚĞŶĚĞĚ ƉĂƌƚŝŝŶƚŝŵĞĚŝĞƐƐĞƌĞ ĂŶƚĞůĂƐƉĞƌƐŽŶĂƐ ƚŽĂƌŽƵƐĞƚŚĞŵ͘ĂŶĚ͕ ƐŽůůĞƚŝĐĂƚĞĚĂůůĞ ƋƵĞĚŝŽƐĐƌĞſƉĂƌĂ ĂŶĚŝƚΖƐƚŝŵĞĨŽƌƚŚĂƚ ƉĞƌƐŽŶĞĐŚĞĚŝŽ ĞǆĐŝƚĂƌůĂƐ͘Ǉ͕ǇǇĂĞƐ ĂƌŽƵƐĂůƚŽŚĂƉƉĞŶ ǀŽůĞǀĂĐŚĞůĞ ŚŽƌĂĚĞƋƵĞĞƐŽ ǁŝƚŚŝŶŵĂƌƌŝĂŐĞ͊ƐŽ ƐŽůůĞƚŝĐĂƐƐĞƌŽ͘ĞŽƌĂ ŽĐƵƌƌĂĚĞƵŶĂǀĞǌ ŐĞƚŽƵƚǇŽƵƌǁĂůůĞƚƐ ğƚĞŵƉŽĐŚĞƋƵĞƐƚĞ ĚĞŶƚƌŽĚĞů ŽƌǇŽƵƌ͕ǇŽƵƌŵĂŶ ƐŽůůĞƚŝĐĂǌŝŽŶŝ ŵĂƚƌŝŵŽŶŝŽ͘ĂƐşƋƵĞ͕ ƉƵƌƐĞƐŽƌǁŚĂƚĞǀĞƌ͕ ĂǀǀĞŶŐŽŶŽŶĞů ƐĂĐĂĚůĂƐĐĂƌƚĞƌĂƐŽ ĂŶĚŐŝǀĞŶŽǁ͕ΖĐĂƵƐĞŝ ŵĂƚƌŝŵŽŶŝŽ͘ƋƵŝŶĚŝ͕ ůĂƐŵĂƌŝĐŽŶĞƌĂƐĞƐĂƐ ŚŽƉĞŶĞǀĞƌƚŽďĞƵƉ ĂƉƌŝƚĞŝůƉŽƌƚĂĨŽŐůŝŽ ŽůŽƋƵĞůůĞǀĠŝƐǇ ĂŐĂŝŶƚŚŝƐĞĂƌůǇ͕ ůĂďŽƌƐĞƚƚĂĚĂƵŽŵŽ͕ ĐŽŶƚƌŝďƵŝĚǇĂ͕ƉŽƌƋƵĞ ƵŶůĞƐƐŝƚΖƐƌŽůůŝŶŐ ƋƵĞůůŽĐŚĞĂǀĞƚĞĞ ĞƐƉĞƌŽƋƵĞŶƵŶĐĂ ŽǀĞƌǁŝƚŚĂĐŽƵƉůĞŽĨ ĨĂƚĞƵŶ͛ŽĨĨĞƌƚĂ ŵĄƐƚĞŶŐĂƋƵĞǀŽůǀĞƌ Z/D ǇŽƵŝŶďĞĚ͘ ŐĞŶĞƌŽƐĂƉĞƌĐŚĠŶŽŶ Yh/s>E ĂĚĞƐƉĞƌƚĂƌŵĞĂ Yh/s>E ǀŽƌƌĞŝŵĂŝƉŝƶ ĞƐƚĂƐŚŽƌĂƐƚĂŶ ĚŽǀĞƌŵŝĂůǌĂƌĞĐŽƐŞ ƚĞŵƉƌĂŶĂƐĂŵĞŶŽƐ ƉƌĞƐƚŽĂŵĞŶŽĐŚĞ ƋƵĞƐĞĂƉŽƌƋƵĞ ŶŽŶƐŝĂĚĞŶƚƌŽƵŶ ĞƐƚŽǇĐŽŶĚŽƐĚĞ ůĞƚƚŽŝŶƐŝĞŵĞĂƵŶ ǀŽƐŽƚƌŽƐĞŶůĂĐĂŵĂ͘ ƉĂŝŽĚŝǀŽŝ͕ĂŵŝĐŝ͘

' Yh/s>E >/D/Ed/KE

^K^ Yh/s>E Yh/s>E

&ƌĂŶŬĂƐĂƐƉŽŬĞƐƉĞƌƐŽŶĨŽƌĂŐĂǇƌŝŐŚƚƐŵŽǀĞŵĞŶƚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ŝĐĂŶŐĞƚƚŚĞƐĞƌƵŵƉͲ ƉŽƐƐŽĐŽŶǀŝŶĐĞƌĞ ǇŽƉƵĞĚŽŚĂĐĞƌƋƵĞ ^K ƐǁĂƉƉĞƌƐƚŽĐŽƵŐŚ ƋƵĞƐƚŝƋƵĂƚƚƌŽ Yh/s>E ĞƐƚŽƐŵƵĞƌĚĞ Yh/s>E ƵƉĐĂƐŚŶŝŐŚƚĂŶĚ ƐĐĂŵďŝĂĐƵůŝĂ ĂůŵŽŚĂĚĂƐƐĞ ĚĂǇ͘ ƐƉƵƚĂƌĞĨƵŽƌŝƐŽůĚŝĂ ƉŽŶŐĂŶĂƐŽůƚĂƌƉĂƐƚĂ ŽƌĂƌŝŽĐŽŶƚŝŶƵĂƚŽ͘ ĚĞĚşĂǇĚĞŶŽĐŚĞ͘

DZW/' ΗƌƵŵƉͲƐǁĂƉƉĞƌƐΗ͍ ĐŽŵĞ͍͞ƐĐĂŵďŝĂ ͞ŵƵĞƌĚĞ ƚŚĞƌĞΖƐĂƐůƵƌŝΖǀĞ ĐƵůŝ͍͟ƋƵĞƐƚŽŝŶƐƵůƚŽ ĂůŵŽŚĂĚĂƐ͍͟ŶŽ ŶĞǀĞƌŚĞĂƌĚďĞĨŽƌĞ͘ ŵŝƐƵŽŶĂŶƵŽǀŽ͘ ŚĂďşĂŽşĚŽĞƐĂ ĞǆƉƌĞƐŝſŶ͘

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

dKDDz ŚĞǇ͊ŝĨŝƚŝƐŶΖƚ ŚĞǇ͊ŐƵĂƌĚĂƚĞĐ͛ğ ĂŶĚĂ͕ƉĞƌŽƐŝĞƐ ^K^ ůŝďĞƌĂĐĞ͊ ƌŝĐŬǇŵĂƌƚŝŶ Yh/s>E ůŝďĞƌĂĐĞ͘ Yh/s>E

ůŝďŝ͘ŶƚŝͲŐĂǇƌŝŐŚƚƐƐƉŽŬĞƐƉĞƌƐŽŶ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

DZ,h>^dKE ŝǁŽƌŬĨŽƌΗƌĞƚƵƌŶƚŽ ůĂǀŽƌŽƉĞƌŝůƉƌŽŐĞƚƚŽ ǇŽƚƌĂďĂũŽƉĂƌĂĞů ƉĂƌĂĚŝƐĞƉƌŽũĞĐƚ͘͟ ͞ƌŝƚŽƌŶŽŝŶƉĂƌĂĚŝƐŽ͟ ƉƌŽǇĞĐƚŽ͞ƌĞŐƌĞƐŽĂů ǁĞΖƌĞĂ ĞƐŝĂŵŽƵŶĚŝĐĂƐƚĞƌŽ ƉĂƌĂşƐŽ͘͟ƐŽŵŽƐƵŶĂ ƚƌĂŶƐĨŽƌŵĂƚŝŽŶĂů ƚƌĂƐĨŽƌŵĂƚŝǀŽ ŝŐůĞƐŝĂ ŵŝŶŝƐƚƌǇƐƉĞĐŝĂůŝǌŝŶŐ ƐƉĞĐŝĂůŝǌǌĂƚŽŝŶ ƚƌĂŶƐĨŽƌŵĂĚŽƌĂ ŝŶĐŽŶǀĞƌƐŝŽŶ ƚĞƌĂƉŝĂĚŝ ĞƐƉĞĐŝĂůŝǌĂĚĂĞŶ ƚŚĞƌĂƉǇ͘ǁĞƌĞƚƵƌŶ ĐŽŶǀĞƌƐŝŽŶĞ͘ ƚĞƌĂƉŝĂĚĞ ŚŽŵŽƐĞǆƵĂůƐƚŽ ĨĂĐĐŝĂŵŽƚŽƌŶĂƌĞŐůŝ ĐŽŶǀĞƌƐŝſŶ͘ ŚĞĂůƚŚǇŚĞƚĞƌŽƐĞǆƵĂů ŽŵŽƐĞƐƐƵĂůŝĂƵŶĂ ĚĞǀŽůǀĞŵŽƐĂůŽƐ ůŝĨĞƐƚǇůĞƐ͘ ƐĂŶĂǀŝƚĂ ŚŽŵŽƐĞǆƵĂůĞƐƵŶ ĞƚĞƌŽƐĞƐƐƵĂůĞ͘ ĞƐƚŝůŽĚĞǀŝĚĂ ^K Yh/s>E ŚĞƚĞƌŽƐĞǆƵĂů͘ Yh/s>E ^K/D Yh/s>E D/d/'d/KE

&ZE< ǁŚǇǁŽƵůĚǇŽƵŐŽĚŽ ƐĐƵƐŝ͕ƉĞƌĐŚĠůŽĨĂƚĞ͍ ǇƉŽƌƋƵĠƌĂǌſŶ ƚŚĂƚ͍ ŚĂĐĞŶĞƐŽ͍

^K/D DZ,h>^dKE ǁĞďĞůŝĞǀĞƚŚĂƚ ĐƌĞĚŝĂŵŽĐŚĞ Yh/s>E ĐƌĞĞŵŽƐƋƵĞůĂ Yh/s>E ŚŽŵŽƐĞǆƵĂůŝƚǇŝƐ ů͛ŽŵŽƐĞƐƐƵĂůŝƚăƐŝĂ͕ ŚŽŵŽƐĞǆƵĂůŝĚĂĚƐĞ ĐƵƌĂďůĞ͘ƚŚŽƵŐŚ ƐŝĂĐƵƌĂďŝůĞ͕ĂŶĐŚĞƐĞ ƉƵĞĚĞĐƵƌĂƌ͘ĂƵŶƋƵĞ ƐŽŵĞĨŝŶĚƉůĞĂƐƵƌĞŝŶ ƋƵĂůĐƵŶŽĐŝƚƌŽǀĂĚĞů ŚĂǇĂƋƵŝĞŶůĞ ŝƚ͕ŚŽŵŽƐĞǆƵĂůŝƚǇŝƐ ƉŝĂĐĞƌĞ ĞŶĐƵĞŶƚƌĞƉůĂĐĞƌ͕ůĂ ĂŶĂĚĚŝĐƚŝŽŶ͕ĂŶ ů͛ŽŵŽƐĞƐƐƵĂůŝƚăğ ŚŽŵŽƐĞǆƵĂůŝĚĂĚĞƐ ĂĚĚŝĐƚŝŽŶƚŚĂƚƚĞĂƌƐ ƵŶĂĚŝƉĞŶĚĞŶǌĂ͕ƵŶĂ ƵŶĂĂĚŝĐĐŝſŶ͕ƵŶĂ ĨĂŵŝůŝĞƐĂƉĂƌƚ͘ ĚŝƉĞŶĚĞŶǌĂĐŚĞ ĂĚŝĐĐŝſŶƋƵĞ ^K/D ƐĨĂƐĐŝĂůĞĨĂŵŝŐůŝĞ͘ Yh/s>E ĚĞƐƚƌŽǌĂĨĂŵŝůŝĂƐ͘ Yh/s>E ^K Yh/s>E Yh/s>E

&ZE< ŝŚĂǀĞĂŐĂǇƐŽŶ͘ ŝŽŚŽƵŶĨŝŐůŝŽŐĂǇĞ ǇŽƚĞŶŐŽƵŶŚŝũŽŐĂǇ ŶĞǀĞƌŚĂǀĞƚŽǁŽƌƌǇ ŶŽŶŵŝƐŽŶŽŵĂŝ ĂƐşƋƵĞŶŽƚĞŶŐŽƋƵĞ ĂďŽƵƚŚŝŵ ĚŽǀƵƚŽƉƌĞŽĐĐƵƉĂƌĞ ƉƌĞŽĐƵƉĂƌŵĞĚĞƋƵĞ ŝŵƉƌĞŐŶĂƚŝŶŐƐŽŵĞ ĐŚĞŵĞƚƚĞƐƐĞŝŶĐŝŶƚĂ ƉƌĞŹĞĂĂůŐƵŶĂǌŽƌƌĂ ƐŬĂŶŬǇ ƋƵĂůĐŚĞƚƌŽŝĞƚƚĂ ĚĞůďĂƌƌŝŽǇĂƉĂƌĞǌĐĂ ^ ŶĞŝŐŚďŽƌŚŽŽĚƐůƵƚ ƐƚƌĂĨĂƚƚĂĞŵŝ >/D/Ed/KE ƉŽƌĐĂƐĂĐŽŶƵŶďĞďĠ Yh/s>E ' ĂŶĚďƌŝŶŐŝŶŐŚŽŵĞ ƉŽƌƚĂƐƐĞĂĐĂƐĂƵŶ Yh/s>E ŵĞƐƚŝǌŽ͘ŽũĂůĄǇŽ Yh/s>E ŚĞƌƵŶƉůĂŶŶĞĚͲĨŽƌ ƉŝĐĐŽůŽďĂƐƚĂƌĚŽ͘ ŚƵďŝĞƌĂƐĂďŝĚŽĂŶƚĞƐ ŚĂůĨͲďƌĞĞĚ͘ŝǁŝƐŚŝΖĚ ĂǀƌĞŝǀŽůƵƚŽĐĂƉŝƌĞĚŝ ƋƵĞĞƌĂŐĂǇ͕ĂƐş ŬŶŽǁŶŝǁĂƐŐĂǇďĂĐŬ ĞƐƐĞƌĞŐĂǇĂůůĂƐƵĂ ŚĂďƌşĂƉŽĚŝĚŽŵĞƚĞƌ Z ƚŚĞŶ͘ŝĐŽƵůĚΖǀĞƌŝƐĞŶ Ğƚă͕ĂǀƌĞŝƉŽƚƵƚŽĨĂƌĞ >/D/Ed/KE ůĂĐĂďĞǌĂĞŶĂůŐƵŶŽ >/D/Ed/KE ŚŝŐŚŝŶĂŶǇŽŶĞŽĨƚŚĞ ĐĂƌƌŝĞƌĂŝŶƵŶŽĚĞŝ ĚĞůŽƐĐĂŵƉŽƐ ŵĂŶǇĨŝĞůĚƐ ŵŽůƚŝĐĂŵƉŝ ĚŽŵŝŶĂĚŽƐƉŽƌůŽƐ ĚŽŵŝŶĂƚĞĚďǇŐĂǇƐ͗ ĚŽŵŝŶĂƚŝĚĂŝŐĂǇ͗ůŽ ŐĂǇƐ͗ĞƐƉĞĐƚĄĐƵůŽƐ͕ ĞŶƚĞƌƚĂŝŶŵĞŶƚ͕ ƐƉĞƚƚĂĐŽůŽ͕ůĂ ƉŽůşƚŝĐĂ͕ƚĞůĞǀŝƐŝſŶ͕ ƉŽůŝƚŝĐƐ͕ ƉŽůŝƚŝĐĂ͕ůĂ ƚĞŶŝƐ͘ ďƌŽĂĚĐĂƐƚŝŶŐ͕ƚĞŶŶŝƐ͘ ƚĞůĞǀŝƐŝŽŶĞ͕ĂŚŝů ƚĞŶŶŝƐ͘

^K^ Yh/s>E Yh/s>E

DZ,h>^dKE ǇŽƵΖƌĞǁŽƌŬŝŶŐĨŽƌ ůĞŝůĂǀŽƌĂƉĞƌ ƚƷƚƌĂďĂũĂƐƉĂƌĂ ĂďƌĂŚĂŵƉĂŝŐĞΖƐ ĂďƌĂŚĂŵƉĂŝŐĞĞůĂ ĂďƌĂŚĂŵƉĂŝŐĞǇƐƵ ĂŐĞŶĚĂ͍ ƐƵĂĐĂŵƉĂŐŶĂ͍ ŐƌƵƉŽ͍

&ZE< ŝΖŵĐůĞĂŶŝŶŐƵƉ͘ ůĂŵŝĂğƵŶĂ ƐŽůŽŵĞĚĞĚŝĐŽĂ ŚĞůƉŝŶŐƚŚĞ ŵŝƐƐŝŽŶĞ͘ĂŝƵƚŽŐůŝ ĂǇƵĚĂƌĂůŽƐ ŽƉƉƌĞƐƐĞĚ͘ ŽƉƉƌĞƐƐŝ͘ ŽƉƌŝŵŝĚŽƐ͘

^K DZ,h>^dKE ƚŚĞǇΖƌĞĂĚĚŝĐƚĞĚ͕ŶŽƚ ƐŽŶŽĚƌŽŐĂƚŝ͕ŶŽŶ Yh/s>E ƐŽŶĂĚŝĐƚŽƐ͕ŶŽ Yh/s>E ŽƉƉƌĞƐƐĞĚ͕ĂŶĚǁĞ ŽƉƉƌĞƐƐŝ͘ĞŶŽŝ ŽƉƌŝŵŝĚŽƐ͘ŶŽƐŽƚƌŽƐ ĐĂŶƉĂǇǇŽƵŵŽƌĞ͘ ƉŽƐƐŝĂŵŽƉĂŐĂƌǀŝĚŝ ƉŽĚĞŵŽƐƉĂŐĂƌƚĞ Ɖŝƶ͘ ŵĄƐ͘

&ZE< ŚŽǁŵƵĐŚŵŽƌĞ͍ ƋƵĂŶƚŽĚŝƉŝƶ͍ ĐŽ͕ĐƵĂŶƚŽŵĄƐ͍

DZ,h>^dKE ƐƚŝƉĞŶĚ͕ƌŽŽŵ͕ďŽĂƌĚ͕ ƐƚŝƉĞŶĚŝŽ͕ƵĨĨŝĐŝŽĞ ĐĂŵĂǇĐŽŵŝĚĂǇ ĂŶĚƐƵďƐƚĂŶƚŝĂů ĐŽŵƉĞŶƐŝƐŽƐƚĂŶǌŝŽƐŝ ƵŶŽƐƐƵƐƚĂŶĐŝŽƐŽƐ ƐƉĞĂŬŝŶŐĨĞĞƐƵƉŽŶ ĚŽƉŽĂǀĞƌ ŚŽŶŽƌĂƌŝŽƐĐƵĂŶĚŽ ĐŽŵƉůĞƚŝŽŶŽĨ ĐŽŵƉůĞƚĂƚŽůĂ ĐŽŵƉůĞƚĞƐůĂƚĞƌĂƉŝĂ͘ ƚŚĞƌĂƉǇ͘ ƚĞƌĂƉŝĂ͘

&ZE< ŝĚƌĂǁƚŚĞůŝŶĞĂƚ ŚĂŚĂ͕ĚĞůůĂƚĞƌĂƉŝĂ ƋƵĠ͍ǇŽŶŽƋƵŝĞƌŽ

ƚŚĞƌĂƉǇ͘ ŶŽŶƐĞŶĞƉĂƌůĂ ŶŝŶŐƵŶĂƚĞƌĂƉŝĂ͘ ƉƌŽƉƌŝŽ͘

DZ,h>^dKE ďƵƚ͕ĨƌĂŶŬ͕ƐĞĞ͕ ĂŚ͕ĨƌĂŶŬ͕ǀĞĚĞ͕ƐĞŶǌĂ ƉĞƌŽ͕ĨƌĂŶŬ͕ƐŝŶŽ ǁŝƚŚŽƵƚƚŚĞƚŚĞƌĂƉǇ͕ ůĂƚĞƌĂƉŝĂŶŽŶƐŝ ŚĂĐĞƐůĂƚĞƌĂƉŝĂŶŽƚĞ ƚŚĞƌĞΖƐŶŽĐƵƌĞ͘ŝ ŐƵĂƌŝƐĐĞ͕ĞŝŽǀŽƌƌĞŝ ĐƵƌĂƌĄƐ͘ǇǇŽƋƵŝĞƌŽ ǁĂŶƚƚŽďĞĂďůĞƚŽ ƉŽƚĞƌĚŝƌĞĚŝĂǀĞƌůĂ ĚĞĐŝƌƋƵĞƚĞŚĞŵŽƐ ƐĂǇǁĞĐƵƌĞĚǇŽƵ͘ ƐĂůǀĂƚĂ͘ ĐƵƌĂĚŽ͘

&ZE< ŐĂǇŝƐǁŚŽŝĂŵŶŽǁ͘ ŐĂǇğĐŝžĐŚĞƐŽŶŽ ŐĂǇĞƐůŽƋƵĞƐŽǇ ŐĂǇŝƐǁŚŽŝƐŚĂůůďĞ͘ ŽƌĂŐĂǇğĐŝžĐŚĞ ĂŚŽƌĂŵŝƐŵŽǇŐĂǇ ƌŝŵĂƌƌž͘ ƐĞŐƵŝƌĠƐŝĞŶĚŽ͘

DZ,h>^dKE ĨƌĂŶŬ͕ǇŽƵŽŶĐĞ ĨƌĂŶŬ͕ůĞŝƵŶƚĞŵƉŽ ĨƌĂŶŬ͕ƚƷŚĂƐ ^K ǁĂůŬĞĚƚŚĞƚƌƵĞƉĂƚŚ ĐĂŵŵŝŶĂǀĂŶĞů Yh/s>E ĐŽŶŽĐŝĚŽĞůĐĂŵŝŶŽ >/D/Ed/KE ^K/D ŽĨŚĞƚĞƌŽƐĞǆƵĂůůŽǀĞ͘ ŐŝƵƐƚŽƐĞŶƚŝĞƌŽ DW>/&/d/KE ĚĞůĂŵŽƌ Yh/s>E ŝĨŝǁĞƌĞƚŽƌĞĚŝƌĞĐƚ ĚĞůů͛ĂŵŽƌĞ ŚĞƚĞƌŽƐĞǆƵĂůǇĚĞůĂ ǇŽƵďĂĐŬŽŶƚŽƚŚĂƚ ĞƚĞƌŽƐĞƐƐƵĂůĞ͘ƐĞ ǀĞƌĚĂĚ͕ƐŝǇŽůŽŐƌĂƌĂ ƉĂƚŚ͕ǇŽƵΖůůďĞĂ ƌŝƵƐĐŝƐƐŝĂƌŝƉŽƌƚĂƌůĂ ŚĂĐĞƌƚĞǀŽůǀĞƌĂĞƐĞ ŵƵĐŚŵŽƌĞ ƐƵƋƵĞůƐĞŶƚŝĞƌŽůĞŝ ĐĂŵŝŶŽƐĞƌşĂƐƵŶ ĐŽŵƉĞůůŝŶŐƐƉĞĂŬĞƌ ƐĂƌĞďďĞƵŶƉŽƌƚĂǀŽĐĞ ŵĂŐŶŝĨŝĐŽĚĞĨĞŶƐŽƌ ĨŽƌŽƵƌĐĂƵƐĞ͕ ĨŽƌŵŝĚĂďŝůĞƉĞƌůĂ ĚĞŶƵĞƐƚƌĂĐĂƵƐĂ͘ ďĞĐĂƵƐĞǇŽƵΖůůŚĂǀĞ ĐĂƵƐĂ͕ƉĞƌĐŚĠğƐƚĂƚŽ ƉŽƌƋƵĞĂƉĞƐĂƌĚĞ ďĞĞŶƐŝŶŐĞĚďǇƚŚĞ ďƌƵĐŝĂƚŽĚĂůĨƵŽĐŽ ƐƵĨƌŝƌĞůĨƵĞŐŽĚĞů ĨŝƌĞƐŽĨŚĞůů͕ďƵƚůŝǀĞĚ ĚĞůů͛ŝŶĨĞƌŶŽŵĂğ ŝŶĨŝĞƌŶŽ͕ůŽƉƵĞĚĞƐ ƚŽƚĞůů͘ŽƵƌƚŚĞƌĂƉǇ ƐŽƉƌĂǀǀŝƐƐƵƚŽ͘ůĂ ĐŽŶƚĂƌ͘ŶƵĞƐƚƌĂ ǁŽƌŬƐ͘ŝƚƐƚĂƌƚƐǁŝƚŚ ŶŽƐƚƌĂƚĞƌĂƉŝĂ ƚĞƌĂƉŝĂĨƵŶĐŝŽŶĂ͘ ĂǀĞƌƐŝŽŶƚĞĐŚŶŝƋƵĞƐ͕ ĨƵŶǌŝŽŶĂ͘ŝŶŝǌŝĂĐŽŶ ĞŵƉŝĞǌĂĐŽŶƚĠĐŶŝĐĂƐ Z/D ĐŽŶĚŝƚŝŽŶŝŶŐǇŽƵƚŽ ƚĞĐŶŝĐŚĞĚŝ Yh/s>E ĚĞĂǀĞƌƐŝſŶƋƵĞƚĞ Yh/s>E ĂǀŽŝĚĐĞƌƚĂŝŶŐĂǇͲƐĞǆ ƌĞƉƵůƐŝŽŶĞƉĞƌ ǀĂŶĂŚĂĐĞƌĞǀŝƚĂƌ ƚƌŝŐŐĞƌƐ͘ĐůŝŶŝĐĂů ĞǀŝƚĂƌĞĂůĐƵŶŝ ĐŝĞƌƚĂƐŝĚĞĂƐ͘ůĂ ĨŽƌŶŝĐĂƚŝŽŶǁŽƵůĚ ŝŶƚĞƌƌƵƚƚŽƌŝƐĞƐƐƵĂůŝ ĨŽƌŶŝĐĂĐŝſŶĐůşŶŝĐĂ ƐƚĂƌƚŽŶĐĞǇŽƵΖǀĞ ŐĂǇ͘ůĂĨŽƌŶŝĐĂǌŝŽŶĞ ĞŵƉĞǌĂƌşĂĞŶĐƵĂŶƚŽ ^K/D ƉƌĂĐƚŝĐĞĚƐŽŵĞŽĨ ĐůŝŶŝĐĂŝŶŝǌŝĞƌă Yh/s>E ŚƵďŝĞƌĂƐƉƌĂĐƚŝĐĂĚŽ Yh/s>E ƚŚŽƐĞƚĞĐŚŶŝƋƵĞƐ͘ ƋƵĂŶĚŽĂǀƌă ĞƐĂƐƚĠĐŶŝĐĂƐ͘ ƉƌĂƚŝĐĂƚŽƋƵĞƐƚĞ ƚĞĐŶŝĐŚĞ͘

&ZE< ƐŽƌƌǇ͕ĐůŝŶŝĐĂů ƐĐƵƐŝ͕ĨŽƌŶŝĐĂǌŝŽŶĞ ƉĞƌĚŽŶĞ͕ůĂ ĨŽƌŶŝĐĂƚŝŽŶ͍ ĐůŝŶŝĐĂ͍ ĨŽƌŶŝĐĂĐŝſŶĐůşŶŝĐĂ͍

DZ,h>^dKE ǁĞŚŽƵƐĞǇŽƵŝŶƚŚĞ ůĂĂůůŽŐŐĞƌĞŵŽĂů ƚĞĂůŽũĂƌĞŵŽƐĞŶĞů ĚĞůĂĐƌŽŝǆŚŽƚĞůĂŶĚ ĚĞůĂĐƌŽŝǆŚŽƚĞůĐŽŶ ŚŽƚĞůĚĞůĂĐƌŽŝǆĚŽŶĚĞ ĚĞůŝǀĞƌǁŽŵĞŶƚŽ ĚŽŶŶĞĐŽŶůĞƋƵĂůŝ ƚĞĂĐŽƐƚĂƌĄƐĐŽŶ ǇŽƵƚŽŚĂǀĞƐĞǆǁŝƚŚ ĨĂƌăƐĞƐƐŽĨŝŶĐŚĠŶŽŶ ŵƵũĞƌĞƐŚĂƐƚĂƋƵĞƚĞ ƵŶƚŝůǇŽƵΖƌĞĐƵƌĞĚ͘ ŐƵĂƌŝƌă͘ ĐƵƌĞƐ͘ ^K/D Yh/s>E Yh/s>E ^K Yh/s>E Yh/s>E

&ZE< ŝͲŝͲŝΖŵƐŽƌƌǇ͕ŝ ŝͲŝŽ͕ŵŝƐĐƵƐŝ͕ů͛ŚŽ ĚŝƐĐƵůƉĞ͕ƐŝŐĂĐŽŶƐƵ ŝŶƚĞƌƌƵƉƚĞĚǇŽƵ͘ ŝŶƚĞƌƌŽƚƚĂ͕ĚŝĐĞǀĂ͍ ĞǆƉůŝĐĂĐŝſŶ͘ ǁŚĂƚ͍

Z/D DZ,h>^dKE ǁĞĨĞĞůƚŚŝƐŝƐĂ ŶŽŝƌŝƚĞŶŝĂŵŽĐŚĞƐŝĂ Yh/s>E ĐƌĞĞŵŽƐƋƵĞĞƐƵŶ Yh/s>E ^K ůĞƐƐĞƌƐŝŶƚŚĂŶ ƵŶƉĞĐĐĂƚŽŵŝŶŽƌĞ Yh/s>E ƉĞĐĂĚŽŵĞŶŽƌƋƵĞůĂ Yh/s>E ƐŽĚŽŵǇ͘ŝŐƌĂŶƚƚŚĂƚ ĚĞůůĂƐŽĚŽŵŝĂ͘ƐŽ ƐŽĚŽŵşĂ͘ǇĂƐĠƋƵĞ ƚŚŝƐƐĞĞŵƐ ĐŚĞƐĞŵďƌĂŶŽŶ ƉĂƌĞĐĞƉŽĐŽ ƵŶĐŽŶǀĞŶƚŝŽŶĂů͕ďƵƚ ĐŽŶǀĞŶǌŝŽŶĂůĞŵĂ ĐŽŶǀĞŶĐŝŽŶĂů͕ƉĞƌŽ ŶĞǁŝĚĞĂƐĂƌĞ ƐĞƌǀŽŶŽŝĚĞĞŶƵŽǀĞ ĐŽŶƚƌĂůĂƐƉůĂŐĂƐ ŶĞĐĞƐƐĂƌǇƚŽĐŽƵŶƚĞƌ ƉĞƌĐŽŶƚƌĂƐƚĂƌĞƵŶĂ ĂĐƚƵĂůĞƐŚĂǇƋƵĞ ƵŶǁĂǀĞƌŝŶŐƉůĂŐƵĞƐ͘ ƉŝĂŐĂŝŶĂƌƌĞƐƚĂďŝůĞ͘ ůůĞǀĂƌĂĐĂďŽ ǁĞΖƌĞƉĂǀŝŶŐĂƌŽĂĚ ƉƌĞƉĂƌŝĂŵŽůĂƐƚƌĂĚĂ ŵĠƚŽĚŽƐŶƵĞǀŽƐ͘ ďĂĐŬƚŽŐŽĚ͕ĂŶĚƚŚĞ ƉĞƌŝůƐŝŐŶŽƌĞ͘ŝů ƉĂǀŝŵĞŶƚĂŵŽƐƵŶ ^K ĚĞǀŝůŚĂƐĞƌĞĐƚĞĚ ĚŝĂǀŽůŽů͛ŚĂĐŽƐƉĂƌƐĂ Yh/s>E ĐĂŵŝŶŽŚĂĐŝĂĚŝŽƐĞŶ Yh/s>E ŽďƐƚĂĐůĞƐƚŚĂƚĐĂůůĨŽƌ ĚŝŽƐƚĂĐŽůŝĐŚĞ ĞůƋƵĞĞůĚŝĂďůŽŚĂ ƌƵůĞďĞŶĚŝŶŐŝŶ ƉŽƌƚĂŶŽĂŝŶĨƌĂŶŐĞƌĞ ƉƵĞƐƚŽŽďƐƚĄĐƵůŽƐǇ Z/D ƐĞƌǀŝĐĞŽĨĂŐƌĞĂƚĞƌ ůĞƌĞŐŽůĞŝŶŶŽŵĞĚŝ Yh/s>E ƚĞŶĞŵŽƐƋƵĞ Yh/s>E ŐŽŽĚ͘ ƵŶďĞŶĞƉŝƶŐƌĂŶĚĞ͘ ŝŶĨƌŝŶŐŝƌŶŽƌŵĂƐƉĂƌĂ ĐŽŶƐĞŐƵŝƌĞůďŝĞŶ ƷůƚŝŵŽ͘

&ZE< ƚŚƌŽǁŝŶƐŽŵĞ ĐŝŵĞƚƚĂĚĞŝƐŽůĚŝƉĞƌ ƐŝĂŹĂĚĞĂůŐŽƉĂƌĂ ǁĂůŬŝŶŐͲĂƌŽƵŶĚ ůĞƐƉĞƐĞĞƉŽƐƐŽ ŵŝƐŐĂƐƚŽƐ͕ůŽ ŵŽŶĞǇ͕ĂŶĚŝΖůůŐŝǀĞŝƚ ƉƌŽǀĂƌĐŝ͘ ŝŶƚĞŶƚĂƌĠ͘ ĂƐŚŽƚ͘

,ŽƚĞůƌŽŽŵ͘ŽŶǀĞƌƐŝŽŶƚŚĞƌĂƉǇ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

DZ,h>^dKE ƐŽǇŽƵŚĂǀĞ ƋƵŝŶĚŝŚĂŐŝă ĞŶƚŽŶĐĞƐǇĂŚĂƐ ĐŽŵŵŝƚƚĞĚƚŚĞůŽǀŝŶŐ ĐŽŶƐƵŵĂƚŽů͛ĂƚƚŽ ůůĞǀĂĚŽĂĐĂďŽůĂ ĂĐƚŽĨŚĞƚĞƌŽƐĞǆƵĂů Ě͛ĂŵŽƌĞĚĞůůĂĐŽƉƵůĂ ƉƌĞĐŝŽƐĂĐŽƉƵůĂĐŝſŶ ĐŽƉƵůĂƚŝŽŶ͍ ĞƚĞƌŽƐĞƐƐƵĂůĞ͘ ŚĞƚĞƌŽƐĞǆƵĂů͘

&ZE< ŝƚǁĂƐĂůǁĂǇƐƵŶĚĞƌ ŵĂƐĞŵƉƌĞĐŽŶ ƉĞƌŽƐŝĞŵƉƌĞ ƚŚĞŝŶĨůƵĞŶĐĞ͕ĨƌĂŶŬůǇ͘ ƋƵĂůĐŚĞĂŝƵƚŝŶŽŝŶ ĞƐƚĂŶĚŽďĞďŝĚŽ͕ůĂ ŚĂĚƚŽƚŽŐĞƚƚŚĞ ǀĞƌŝƚă͕ĞƌĂĚŝĨĨŝĐŝůĞ ǀĞƌĚĂĚ͘ƐŝŶŽ͕ŶŽ

ƉůƵŵďŝŶŐƚŽǁŽƌŬ͘ ĨĂƌůŽĨƵŶǌŝŽŶĂƌĞ͘ ƉŽĚşĂĨƵŶĐŝŽŶĂƌ͘

^K DZ,h>^dKE ŶŽ͕ǁĞƚŚŝŶŬǇŽƵũƵƐƚ ƐĞĐŽŶĚŽŶŽŝůĞŝƐŝğ Yh/s>E ƐŽůŽŚĂƐƐƵĨƌŝĚŽƵŶĂ Yh/s>E ^K/D ŐŽƚƐŝĚĞƚƌĂĐŬĞĚ͘ ƐŽůŽƉĞƌƐŽ͘ŐƌĂǌŝĞĂůůĂ Yh/s>E ƉĞƋƵĞŹĂĚĞƐǀŝĂĐŝſŶ͘ Yh/s>E ǁŝƚŚǇŽƵƌŚŝƐƚŽƌǇŽĨ ƐƵĂƐƚŽƌŝĂĚŝƌĂƉƉŽƌƚŝ ĂƐşƋƵĞ͕ĚĂĚŽƚƵ ĨĞŵĂůĞĐŽŶƚĂĐƚ͕ǁĞ ĨĞŵŵŝŶŝůŝƉŽƐƐŝĂŵŽ ŚŝƐƚŽƌŝĂůĐŽŶůĂƐ ĐĂŶďĞŐŝŶƚŚĞĐůŝŶŝĐĂů ƉĂƐƐĂƌĞĂůůĂƚĂƉƉĂ ŵƵũĞƌĞƐ͕ǀĂŵŽƐĂ ĨŽƌŶŝĐĂƚŝŽŶƐƚĂŐĞ ĚĞůůĂĨŽƌŶŝĐĂǌŝŽŶĞ ĞŵƉĞǌĂƌĐŽŶůĂ ŝŵŵĞĚŝĂƚĞůǇ͘ ĐůŝŶŝĐĂƐƵďŝƚŽ͘ ĨŽƌŶŝĐĂĐŝſŶĐůşŶŝĐĂĚĞ ŝŶŵĞĚŝĂƚŽ͘

&ZE< ŝĚŽƵďƚŝƚΖůůǁŽƌŬ͕ďƵƚ ĚƵďŝƚŽĐŚĞ ĚƵĚŽƋƵĞĚĠ ŝΖůůŐŝǀĞŝƚŵǇďĞƐƚ ĨƵŶǌŝŽŶĞƌăŵĂĐŝ ƌĞƐƵůƚĂĚŽ͕ƉĞƌŽŵĞ ĞĨĨŽƌƚƐŝĨǇŽƵƚŚŝŶŬŝƚ ŵĞƚƚĞƌžƚƵƚƚŽ ĞƐĨŽƌǌĂƌĠĂůŵĄǆŝŵŽ ŵŝŐŚƚŚĞůƉ͘ ů͛ŝŵƉĞŐŶŽƐĞƉŽƚƌă ƐŝĐƌĞĞƋƵĞŵĞŝƌĄ ĂŝƵƚĂƌŵŝ͘ ďŝĞŶ͘

,ŽƚĞůƌŽŽŵ͘ŽŶǀĞƌƐŝŽŶƚŚĞƌĂƉǇ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ŝĂŵŶŽƚŐŽŶŶĂƐƚŽƉ ŝŽŶŽŶƐŵĞƚƚĞƌžĚŝ ŶŽǀŽǇĂĚĞũĂƌĚĞ ĨƵĐŬŝŶŐŵĞŶƚŽƐƚĂƌƚ ƐĐŽƉĂƌŵŝŐůŝƵŽŵŝŶŝ ĨŽůůĂƌĐŽŶŚŽŵďƌĞƐ ĨƵĐŬŝŶŐǁŽŵĞŶǁŚŽ ƉĞƌƉĂƐƐĂƌĞĂĚŽŶŶĞ ƉĂƌĂĨŽůůĂƌĐŽŶ ůŽŽŬůŝŬĞŵĞŶ͘ ĐŚĞƐĞŵďƌĂŶŽ ŵƵũĞƌĞƐƋƵĞƉĂƌĞĐĞŶ '^ ƵŽŵŝŶŝ͘ Yh/s>E ŚŽŵďƌĞƐ͘ Yh/s>E

DZ,h>^dKE ƚŚŝƐŝƐĂŵŝŶŝƐƚƌǇ͕ŶŽƚ ŝůŶŽƐƚƌŽğƵŶ ĞƐƚŽĞƐƵŶĂŝŐůĞƐŝĂ͕ ĂďƌŽƚŚĞů͘ƚŚĞ ĚŝĐĂƐƚĞƌŽŶŽŶƵŶ ŶŽĞƐƵŶďƵƌĚĞů͘ ǀŽůƵŶƚĞĞƌƐǁŚŽĂƌĞ ďŽƌĚĞůůŽ͘ŝǀŽůŽŶƚĂƌŝ ƵŶŝŵŽƐĂǀŽůƵŶƚĂƌŝŽƐ ƌĞĂĚǇĂƌĞƚĞĂŵĞĚ ĐŚĞƐŽŶŽƉƌŽŶƚŝ ƋƵĞĞƐƚĄŶƉƌĞƉĂƌĂĚŽƐ ǁŝƚŚŽƚŚĞƌƐǁŚŽĂƌĞ ǀĞŶŐŽŶŽĂĐĐŽƉƉŝĂƚŝ ĐŽŶŽƚƌŽƐƋƵĞ ƌĞĂĚǇ͘ ĐŽŶĐŚŝğƉƌŽŶƚŽĂ ƚĂŵďŝĠŶůŽĞƐƚĄŶ͘ ƐƵĂǀŽůƚĂ͘

^Kddz ƚŚĂŶŬƐĨŽƌďĞŝŶŐŚĞƌĞ ŐƌĂǌŝĞĚŝĨĂƌĞƋƵĞƐƚĂ ŐƌĂĐŝĂƐƉŽƌƋƵĞƌĞƌ ĂŶĚĚŽŝŶŐƚŚŝƐǁŝƚŚ ĐŽƐĂĐŽŶŵĞ͘ ŚĂĐĞƌĞƐƚŽĐŽŶŵŝŐŽ͘ ŵĞ͘

DZ,h>^dKE ƐĐŽƚƚǇΖƐďĞĞŶǁŝƚŚƵƐ ƐĐŽƚƚǇůĂǀŽƌĂ ƐĐŽƚƚǇůůĞǀĂƐĞŝƐ ĨŽƌƐŝǆŵŽŶƚŚƐŽĨ ĚƵƌĂŵĞŶƚĞĚĂƐĞŝ ŵĞƐĞƐƚƌĂďĂũĂŶĚŽ ŚĂƌĚ͕ĚĞǀŽƚĞĚǁŽƌŬ ŵĞƐŝĐĞƌĐĂŶĚŽĚŝ ĐŽŶŶŽƐŽƚƌŽƐŵƵĐŚŽ ƚƌǇŝŶŐƚŽŽǀĞƌĐŽŵĞ ƐĐŽŶĨŝŐŐĞƌĞůĞƐƵĞ ƉĂƌĂƐƵƉĞƌĂƌƐƵƐ ^K/D ŚĞƌůĞƐďŝĂŶ ƚĞŶĚĞŶǌĞůĞƐďŝĐŚĞ͘ Yh/s>E ƚĞŶĚĞŶĐŝĂƐůĠƐďŝĐĂƐ͘ Yh/s>E ƚĞŶĚĞŶĐŝĞƐ͘ǇŽƵΖƌĞ ǀŽŝǀŝĂŝƵƚĞƌĞƚĞĂ ŽƐĂǇƵĚĂƌĠŝƐůŽƐĚŽƐ͘ ŐŽŝŶŐƚŽŚĞůƉĞĂĐŚ ǀŝĐĞŶĚĂ͘ ŽƚŚĞƌ͘

^Kddz ŝƚΖƐďĞĞŶĂůŽŶŐƌŽĂĚ͕ ğĚŝĨĨŝĐŝůĞŵĂǀŽŐůŝŽ ŚĂƐŝĚŽĚƵƌŽ͕ƉĞƌŽ ďƵƚŝǁĂŶƚƚŽďĞƌŝŐŚƚ ĐŽŵƉŝĂĐĞƌĞŝů ƋƵŝĞƌŽĞƐƚĂƌďŝĞŶĐŽŶ Z/D ǁŝƚŚŐŽĚ͘ ƐŝŐŶŽƌĞ͘ Yh/s>E ĚŝŽƐ͘ Yh/s>E

DZ,h>^dKE ĂƐĚŽĞƐĨƌĂŶŬ͘ĚŽŶΖƚ ƉƌŽƉƌŝŽĐŽŵĞĨƌĂŶŬ͕ ŝŐƵĂůƋƵĞĨƌĂŶŬ͕ ǇŽƵ͕ĨƌĂŶŬ͍ ŶŽŶğĐŽƐŞ͍ ǀĞƌĚĂĚĨƌĂŶŬ͍

Z/D &ZE< ŝƚΖƐĂůǁĂǇƐŐŽŽĚƚŽ ğƐĞŵƉƌĞďĞůůŽĂǀĞƌĞ Yh/s>E ĞƐďƵĞŶŽƚĞŶĞƌ Yh/s>E ŚĂǀĞŐŽĚŝŶǇŽƵƌ ŝůƐŝŐŶŽƌĞĂĐĐĂŶƚŽ͘ ƐŝĞŵƉƌĞĂĚŝŽƐĚĞƚƵ ĐŽƌŶĞƌ͘ ůĂĚŽ͘

DZ,h>^dKE ƚŚĞŐŽĂůŽĨƚŚŝƐƐƚĂŐĞ ů͛ŽďŝĞƚƚŝǀŽĚŝƋƵĞƐƚĂ ĞůŽďũĞƚŝǀŽĞŶĞƐƚĂ ŝƐƚŽƐƚŝŵƵůĂƚĞŽŶĞ ĨĂƐĞğůĂƐƚŝŵŽůĂǌŝŽŶĞ ĨĂƐĞĞƐƋƵĞŽƐ ĂŶŽƚŚĞƌ͕ĂŶĚƐĞĞŝĨ ƌĞĐŝƉƌŽĐĂƉĞƌǀĞĚĞƌĞ ĞƐƚŝŵƵůĠŝƐ ƐƚŝŵƵůĂƚŝŽŶĐĂŶůĞĂĚ ƐĞůĂƐƚŝŵŽůĂǌŝŽŶĞ ŵƵƚƵĂŵĞŶƚĞƉĂƌĂǀĞƌ ƚŽĐŽƉƵůĂƚŝŽŶĂŶĚ ƌŝĞƐĐĞĂƉŽƌƚĂƌǀŝĂůůĂ ƐŝĞůůŽŽƐůůĞǀĂĂůĂ ŽƌŐĂƐŵ͘ŽŬĂǇ͕ƵŚ͕ ĐŽƉƵůĂŶŽŶĐŚĠ ĐŽƉƵůĂĐŝſŶǇĂů ǇŽƵΖƌĞĂŶǆŝŽƵƐƚŽŐŽ͘ Ăůů͛ŽƌŐĂƐŵŽ͘ŽŬ͕ƐĞŝ ŽƌŐĂƐŵŽ͘ǀĂůĞ͕ǇĂǀĞŽ ŝΖŵŐŽŶŶĂƐůŝƉŽƵƚ ŝŵƉĂǌŝĞŶƚĞĚŝ ƋƵĞƋƵŝĞƌĞƐĞŵƉĞǌĂƌ͘ ďĞĨŽƌĞǇŽƵƐůŝƉŽĨĨ ŝŶŝǌŝĂƌĞ͘ƚŽůŐŽŝů ŵĞǀŽǇĂŝƌƉĂƌĂƋƵĞ ĂŶǇƚŚŝŶŐĞůƐĞ͘ ĚŝƐƚƵƌďŽƉƌŝŵĂĐŚĞƚƵ ŵŝƉƌĞƐĞŶĐŝĂŶŽŽƐ ƚŝƚŽůŐĂƋƵĂůĐŽƐ͛ĂůƚƌŽ͘ ŝŵƉŽƌƚƵŶĞ͘

&ZE< ŝƐƚŚŝƐƌĞĂůůǇ ůŽƐƚŝĂŵŽĨĂĐĞŶĚŽ ĞƐƚŽĞƐƚĄƉĂƐĂŶĚŽĚĞ ŚĂƉƉĞŶŝŶŐ͍ ĚĂǀǀĞƌŽ͍ ǀĞƌĚĂĚ͍

Z/D ^Kddz ŐŽĚǁŝůůŝŶŐ͘ƚŚĞůĂƐƚ ƐĞĚŝŽǀƵŽůĞ͘ů͛ƵůƚŝŵŽ Yh/s>E ĂǀĞƌƋƵĠƚĂů͘ůĂ >/D/Ed/KE ƚŝŵĞĂůŝƐƚĂŝƌďƌŽƵŐŚƚ ƵŽŵŽƉŽƌƚĂƚŽĚĂ ƷůƚŝŵĂǀĞǌƋƵĞĂůŝƐƚĂŝƌ ĂŵĂŶŝŶƚŽƐĞĞŵĞ͕ ĂůŝƐƚĂŝƌğƐĐĂƉƉĂƚŽ ŵĞƚƌĂũŽƵŶŚŽŵďƌĞ ŚĞůĞĨƚŝŶƚĞĂƌƐĂĨƚĞƌŝ ƉŝĂŶŐĞŶĚŽĚŽƉŽĐŚĞ ƐĞĨƵĞůůŽƌĂŶĚŽĞŶ ŐŽƚƵŶĚƌĞƐƐĞĚ͘ůĂƐƚ ŵŝƐŽŶŽƐƉŽŐůŝĂƚĂ͘ĚĂ ĐƵĂŶƚŽŵĞĚĞƐŶƵĚĠ͘ ƚŝŵĞŝƐŚĂǀĞ ĂůůŽƌĂŶŽŶŵŝĚĞƉŝůŽ ŶŽǀƵĞůǀŽĂ ĞǀĞƌǇƚŚŝŶŐ͘ Ɖŝƶ͘ ĂĨĞŝƚĄƌŵĞůŽƚŽĚŽ͘

'^ Yh/s>E Yh/s>E

DZ,h>^dKE ƐĐŽƚƚǇŚĂƐďĞĞŶ ƐĐŽƚƚǇƐƚĂƉƌĞŶĚĞŶĚŽ ƐĐŽƚƚǇƚŽŵĂ ƚĂŬŝŶŐďŝƌƚŚĐŽŶƚƌŽů͕ ůĂƉŝůůŽůĂŵĂĐŽŵĞ ĂŶƚŝĐŽŶĐĞƉƚŝǀŽƐ͕ƉĞƌŽ ďƵƚĂƐĂŶĞǆƚƌĂ ƉƌĞĐĂƵǌŝŽŶĞĐŽŶƚƌŽůĞ ƉĂƌĂĞǀŝƚĂƌ

ƉƌĞĐĂƵƚŝŽŶĂŐĂŝŶƐƚ ŵĂůĂƚƚŝĞǀĞŶĞƌĞĞ ĞŶĨĞƌŵĞĚĂĚĞƐ͕ƉŽƌ ƐƚĚƐ͕ƉůĞĂƐĞƵƐĞƚŚĞ ƐŝĞƚĞƉƌĞŐĂƚŝĚŝƵƐĂƌĞ ĨĂǀŽƌ͕ƉŽŶĞŽƐ ĐŽŶĚŽŵƐŝƉƌŽǀŝĚĞĚ ŝƉƌĞƐĞƌǀĂƚŝǀŝĐŚĞǀŝ ĐŽŶĚŽŶĞƐ͘ŽƐŚĞ ĨŽƌǇŽƵŝŶƚŚĞ ŚŽůĂƐĐŝĂƚŽŝŶďĂŐŶŽ͘ ĚĞũĂĚŽǀĂƌŝŽƐĞŶĞů ďĂƚŚƌŽŽŵ͘ďĞůŝŬĞ ƐŝĂƚĞĂĚĂŵŽĞĚĞǀĂ ĐƵĂƌƚŽĚĞďĂŹŽ͘ƐĞĚ ĂĚĂŵĂŶĚĞǀĞ͕ ĐŚĞƐŝƐĐŽƉƌŽŶŽƉĞƌ ĐŽŵŽĂĚĄŶǇĞǀĂ ĚŝƐĐŽǀĞƌŝŶŐŽŶĞ ůĂƉƌŝŵĂǀŽůƚĂŶĞů ĐƵĂŶĚŽƐĞ ĂŶŽƚŚĞƌĨŽƌƚŚĞĨŝƌƐƚ ŐŝĂƌĚŝŶŽĚĞůů͛ĞĚĞŶ͘ ĚĞƐĐƵďƌŝĞƌŽŶƉŽƌ ƚŝŵĞŝŶƚŚĞŐĂƌĚĞŶŽĨ ŶƵĚŝ͕ƐǀĞůĂŶĚŽƐŝĞ ƉƌŝŵĞƌĂǀĞǌĞŶĞů Z/D ĞĚĞŶ͘ŶĂŬĞĚ͕ ƉŽƌƚĂŶĚŽƐŝ Yh/s>E ũĂƌĚşŶĚĞůĞĚĠŶ͘ Yh/s>E ĚŝƐĐŽǀĞƌŝŶŐĞĂĐŚ ƌĞĐŝƉƌŽĐĂŵĞŶƚĞĂ ĚĞƐŶƵĚŽƐ͕ ŽƚŚĞƌ͕ďƌŝŶŐŝŶŐƚŽ ƋƵĞůƉŝĂĐĞƌĞĐŚĞĚŝŽ ĚĞƐĐƵďƌŝĞŶĚŽƐƵƐ ĞĂĐŚŽƚŚĞƌƚŚĞ ŚĂǀŽůƵƚŽƉĞƌůŽƌŽ͘ ĐƵĞƌƉŽƐǇĚĄŶĚŽƐĞ ƉůĞĂƐƵƌĞƚŚĂƚŐŽĚ ƐĞŶǌĂǀĞƌŐŽŐŶĂ͕ ƵŶŽĂŽƚƌŽĞůƉůĂĐĞƌ ŝŶƚĞŶĚĞĚĨŽƌƚŚĞŵ͘ ƐĞŶǌĂĐŽůƉĂ͕ƐĞŶǌĂ ƋƵĞĚŝŽƐƋƵŝƐŽƐĞ ŶŽƐŚĂŵĞ͕ŶŽŐƵŝůƚ͕ ĐŽŶŽƐĐĞŶǌĂĚŝƋƵĞůůŽ ĚŝĞƌĂŶ͘ƐŝŶ ŶŽŬŶŽǁůĞĚŐĞŽĨ ĐŚĞĐŝĚŝƐƚƌĂĞ ǀĞƌŐƺĞŶǌĂ͕ŶŝĐƵůƉĂ͘ ƚŚŝŶŐƐƚŚĂƚĚŝƐƚƌĂĐƚ ĚĂůů͛ĂŵŽƌĞĚŝĚŝŽ͘ ŶŝĐŽŶŽĐŝŵŝĞŶƚŽĚĞ ƵƐĨƌŽŵŐŽĚΖƐůŽǀĞ͘ ŶĂĚĂƋƵĞĚŝƐƚƌĂŝŐĂĞů ĂŵŽƌĚĞĚŝŽƐ͘

,ŽƚĞůƌŽŽŵ͘ŽŶǀĞƌƐŝŽŶƚŚĞƌĂƉǇ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ŚĞǇ͘ŝĐĂŶΖƚďĞůŝĞǀĞ ĐŝĂŽ͕ĂŶĐŽƌĂŶŽŶ ĂŶĚĂ͕ŶŽƉƵĞĚŽĐƌĞĞƌ ǇŽƵƚĞǆƚĞĚŵĞĨŽƌĂ ƌŝĞƐĐŽĂĐƌĞĚĞƌĐŝĐŚĞ ƋƵĞƚĞŚĂǇĂƐǀĞŶŝĚŽĂ ƐĞĐŽŶĚŐŽͲƌŽƵŶĚ͘ ŵŝŚĂŝŵĞƐƐĂŐŐŝĂƚŽ ƋƵĞƚĞƐŝƌǀĂƵŶĂ ƉĞƌƵŶƐĞĐŽŶĚŽ ƐĞŐƵŶĚĂƌŽŶĚĂ͘ ƌŽƵŶĚ͘

^Kddz ŵĂǇďĞŝŵĂĚĞĂ ĨŽƌƐĞŚŽĨĂƚƚŽƵŶ ŶŽƐĠƐŝŵĞŚĞ ŵŝƐƚĂŬĞĐŽŵŝŶŐďĂĐŬ͘ ĞƌƌŽƌĞ͘ ĞƋƵŝǀŽĐĂĚŽĂůǀŽůǀĞƌ͘

&ZE< ŶŽ͕ŶŽ͕ŶŽ͕ŶŽ͘ĐŽŵĞ ŶŽ͕ŶŽ͕ŶŽ͕ůŽƐĂŝ͕ ŶŽ͕ŶŽ͕ŶŽ͕ŶŽ͕ŶŽ͕ŶŽ͕ ŽŶ͘ǁĞĂƌĞŚĞƚĞƌŽƐ ƐŝĂŵŽĞƚĞƌŽƐĞƐƐƵĂůŝ ĞŶƚƌĂ͘ƐŽŵŽƐŚĞƚĞƌŽƐ Z/D ƚƌĂƉƉĞĚŝŶƚŚĞ ŝŶƚƌĂƉƉŽůĂƚŝ Yh/s>E ĂƚƌĂƉĂĚŽƐĞŶůĂ Yh/s>E ^K ĚĞŵŽŶŝĐŽďƐĞƐƐŝŽŶ ŶĞůů͛ŽƐƐĞƐƐŝŽŶĞƉĞƌŝů Yh/s>E ĚĞŵŽŶŝĂĐĂŽďƐĞƐŝſŶ Yh/s>E ŽĨƐĂŵĞͲƐĞǆƐŝŶ͘ǁĞ ƉĞĐĐĂƚŽ ĚĞůƐĞǆŽ ŵƵƐƚƌŝĚŽƵƌƐĞůǀĞƐŽĨ ĚĞůů͛ŽŵŽƐĞƐƐƵĂůŝƚă͘ ŚŽŵŽƐĞǆƵĂů͘Ɛŝ ƚŚĞŐĂǇ͘ǁĞũƵƐƚŚĂǀĞ ĚŽďďŝĂŵŽůŝďĞƌĂƌĐŝ ƋƵĞƌĞŵŽƐĚĞũĂƌĚĞ ƚŽŬĞĞƉƉƌĂĐƚŝĐŝŶŐ͘ ĚĂůů͛ĞƐƐĞƌĞŐĂǇ͕ďĂƐƚĂ ƐĞƌŐĂǇƐƚĞŶĞŵŽƐ ƐŽůŽŝŶƐŝƐƚĞƌĞĐŽŶůĂ ƋƵĞƐĞŐƵŝƌ ƉƌĂƚŝĐĂ͘ ƉƌĂĐƚŝĐĂŶĚŽ͘

,ŽƚĞůƌŽŽŵ͘ŽŶǀĞƌƐŝŽŶƚŚĞƌĂƉǇ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

DZW/' ƌĞƉĂƌĂƚŝǀĞƚŚĞƌĂƉǇ͍ ƚĞƌĂƉŝĂƌŝƉĂƌĂƚŝǀĂ͍ ƵŶĂƚĞƌĂƉŝĂĚĞ ΀͙΁ǇŽƵůĞƚǇŽƵƌƐĞůĨ ΀͙΁ƚŝƐĞŝĨĂƚƚŽĨĂƌĞŝů ĐŽŶǀĞƌƐŝſŶ͍΀͙΁ŚĂƐ ďĞďƌĂŝŶǁĂƐŚĞĚďǇ ůĂǀĂŐŐŝŽĚĞůĐĞƌǀĞůůŽ ĚĞũĂĚŽƋƵĞĂůŝƐƚĂŝƌ ĂůŝƐƚĂŝƌŚƵĚĚůĞƐƚŽŶ ĚĂĂůŝƐƚĂŝƌŚƵĚĚůĞƐƚŽŶ ŚƵĚĚůĞƐƚŽŶƚĞĐŽŵĂ ĂŶĚŚŝƐΗƌĞƚƵƌŶƚŽ ĞŝůƐƵŽƉƌŽŐĞƚƚŽ ĞůĐŽĐŽĐŽŶƐƵƐ ƉĂƌĂĚŝƐĞƉƌŽũĞĐƚΗ ͞ƌŝƚŽƌŶŽŝŶƉĂƌĂĚŝƐŽ͟ ďŽďĂĚĂƐĚĞůƉƌŽǇĞĐƚŽ ůƵŶĂƚŝĐƐ͍ ƉĞƌŵĂůĂƚŝĚŝŵĞŶƚĞ͍ ͞ƌĞŐƌĞƐŽĂůƉĂƌĂşƐŽ͍͟

^K^ &ZE< ŝƚŚŽƵŐŚƚƐŚĞǁĂƐĂ ĐƌĞĚĞǀŽĐŚĞĨŽƐƐĞƵŶ Yh/s>E ǇŽĐƌĞşƋƵĞĞůůĂĞƌĂ Yh/s>E '^ ŚĞ͘ƐŚĞǁĂƐǁĞĂƌŝŶŐ ŵĂƐĐŚŝŽ͕ĂǀĞǀĂůĂ Yh/s>E ƵŶƚşŽ͘ůůĞǀĂďĂ Yh/s>E ƉĞŶĚůĞƚŽŶƉůĂŝĚĂŶĚ ĐĂŵŝĐŝĂĚŝĨůĂŶĞůůĂĞ ĐĂŵŝƐĂĚĞĐƵĂĚƌŽƐǇ ĐŽŵďĂƚďŽŽƚƐ͘ƉĂƵů ŐůŝĂŶĨŝďŝŵŝůŝƚĂƌŝ͕ ďŽƚĂƐŵŝůŝƚĂƌĞƐ͘ ďƵŶǇĂŶΖƐďůƵĞŽǆ ĂǀƌĞďďĞŝŶŐĂŶŶĂƚŽ ƉĂƌĞĐşĂƵŶƌĞĐŝŽ ǁŽƵůĚŚĂǀĞďĞĞŶ ĂŶĐŚĞƵŶ ůĞŹĂĚŽƌĚĞůĂƐ ĨŽŽůĞĚ͘ĂůůƐŚĞ ƚĂŐůŝĂďŽƐĐŚŝ ƌŽĐŽƐĂƐ͘ƐŽůŽůĞ ŶĞĞĚĞĚǁĂƐĂŶĂǆĞ͘ ĐĂŶĂĚĞƐĞ͘ůĞ ĨĂůƚĂďĂĞůŚĂĐŚĂ͘ ŵĂŶĐĂǀĂƐŽůŽ͕ƐŽůŽ ů͛ĂƐĐŝĂ͘

2UGHUURRPVHUYLFH 6HDVRQ(SLVRGH 'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

' >/WdK^ds ďƵƚĐŚŝƚƵƉ͕ĚƵĚĞ͊ ĨĂŝů͛ƵŽŵŽ͕ĚĂŝ͊ >/D/Ed/KE ĂƐşƐĞŚĂĐĞ͕ƚşŽ͊ >/D/Ed/KE

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/EdK>/W ǇŽƵƚƌǇƐŝƚƚŝŶŐŽŶ ƉƌŽǀĂƚƵĂĨĂƌĨŝŶƚĂĚŝ ŝŶƚĞŶƚĂƋƵĞĚĂƌƚĞ ǇŽƵƌĂƐƐǁŚŝůĞƚŚĞ ŶŝĞŶƚĞŵĞŶƚƌĞůĂ ƐĞŶƚĂĚŽŵŝĞŶƚƌĂƐůĂ ƉĞƌƐŽŶǇŽƵůŽǀĞ͕ŶŽ͕ ƉĞƌƐŽŶĂĐŚĞĂŵŝ͙ŶŽ͕ ƉĞƌƐŽŶĂĂůĂƋƵĞ ŝΖŵƐŽƌƌǇ͕ŝŵĞĂŶƚŚĞ ƐĐƵƐĂ͕ŵĞŶƚƌĞŝů ĂŵĂƐ͕ŶŽ͕ůŽƐŝĞŶƚŽ͕ ŐƵǇǇŽƵΖǀĞďĞĞŶ ƌĂŐĂǌǌŽĐŚĞƚŝƐĐŽƉŝƐŝ ƋƵŝĞƌŽĚĞĐŝƌĂůƚşŽĂů ĨƵĐŬŝŶŐŐĞƚƐŵĂƌƌŝĞĚ ƐƉŽƐĂĐŽŶƵŶĂĐĂǌǌŽ ƋƵĞƚĞĨŽůůĂƐƐĞĐĂƐĂ ƚŽƐŽŵĞƌĂŶĚŽŵ ĚŝƉƵƚƚĂŶĂ ĐŽŶƵŶĂƉƵƚĂ ĐŽŵŵŝĞƐŬĂŶŬ͊ ĐŽŵƵŶŝƐƚĂ͘ĨŽƚƚƵƚĂ ĐŽŵƵŶŝƐƚĂ͘ƌƵƐĂĚĞ ĨƵĐŬŝŶΖĐŽŵŵŝĞ͊ ĐŽŵƵŶŝƐƚĂ͊ ŵŝĞƌĚĂ͊

E^ Yh/s>E Yh/s>E E Yh/s>E Yh/s>E

6XUYLYDORIWKH)LWWHVW 6HDVRQ(SLVRGH 'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

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^K/D Z>dK/ ĨůŽƐƐŝŶŐΖƐĨŽƌĨĂŐƐ͘ ŝůĨŝůŽğƉĞƌůĞ Yh/s>E ůĂƐĞĚĂĞƐƉĂƌĂ Yh/s>E ^K ĐŚĞĐĐŚĞ͘ Yh/s>E ŵĂƌŝĐĂƐ͘ Yh/s>E

^ƚƌĞĞƚ͘

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^K >/WdK/E Ő͘ŝ͘ũĂŶĞ͕ƐůŽǁĚŽǁŶ͘ ŚĞǇ͕ũũĂŶĞ͕ƌĂůůĞŶƚĂ͘ Yh/s>E ĞŚ͕ƚƷ͕ƌĞĐůƵƚĂũĂŶĞ͘ Yh/s>E ' Yh/s>E Yh/s>E

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&/KE ŝĚŝĚŶΖƚƚŚŝŶŬŚĞΖĚ ŶŽŶĐƌĞĚĞǀŽĐŚĞůŽ ǇŶŽĐƌĞşƋƵĞƐĞůŽ ƚĂŬĞŝƚĨŽƌƌĞĂů͘ ĨĂĐĞƐƐĞĚĂǀǀĞƌŽ͘ ƚŽŵĂƌşĂĞŶƐĞƌŝŽ͘

<s/E ǁŚǇŶŽƚ͍ ƉĞƌĐŚĠŶŽ͍ ƉŽƌƋƵĠŶŽ͍

'^ sZKE/ ďĞĐĂƵƐĞƚŚĂƚΖƐǁŚĂƚ ůŽĚŝĐŝĂŵŽ Yh/s>E ƉŽƌƋƵĞĐƵĂŶĚŽŶŽƐ Yh/s>E ǁŽŵĞŶĚŽŝŶƚŚĞ ŶĞůů͛ŝŵƉĞƚŽĚĞů ĐĂďƌĞĂŵŽƐůĂƐ ŚĞĂƚŽĨƚŚĞŵŽŵĞŶƚ͘ ŵŽŵĞŶƚŽ͕ŵĂŶŽŶůĞ ŵƵũĞƌĞƐĚĞĐŝŵŽƐ ǁĞƐĂǇƐŚŝƚǁĞĚŽŶΖƚ ƉĞŶƐŝĂŵŽ͘ ĐŽƐĂƐƋƵĞŶŽ ŵĞĂŶ͘ ƉĞŶƐĂŵŽƐ͘

/ĐĞƐŬĂƚŝŶŐƌŝŶŬ͘

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&ZE/W ŶŽ͕ŶŽ͕ŶŽ͕ŶŽ͕ŶŽ͕ŶŽ͕ ĂŚ͕ŶŽ͕ŶŽ͕ŶŽ͕ŶŽ͕ŶŽ͕ ŶŽ͕ŶŽ͕ŶŽ͕ŶŽ͕ŶŽ͕ŶŽ ŶŽ͊ǇŽƵΖƌĞŶŽƚƐŽŵĞ ŶŽ͊ŶŽŶƐĞŝƵŶĂ ĞƌĞƐƵŶĐŚĂǀĂůƋƵĞƐĞ ĐŽͲĞĚŽŶƐƉƌŝŶŐ ƌĂŐĂǌǌŝŶĂĂůůĂƉƌŝŵĂ ŵĂƌĞĂĞŶĞůĐŽĐŚĞ͘ ' ďƌĞĂŬ͘ŐĂůůĂŐŚĞƌƐĚŽ ďŝƌƌĂ͘ŝŐĂůůĂŐŚĞƌŶŽŶ Yh/s>E ůŽƐŐĂůůĂŐŚĞƌŶƵŶĐĂ >/D/Ed/KE ŶŽƚƉƵŬĞ͊ ǀŽŵŝƚĂŶŽ͘ ĞĐŚĂŶůĂƉŽƚĂ͘

6LPSOH3OHDVXUHV 6HDVRQ(SLVRGH 'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&/KEdKZ> ƐĞƌŝŽƵƐůǇ͕ĐƵƚƚŚĞƐŚŝƚ ƐĞƌŝĂŵĞŶƚĞ͕ƐŵĞƚƚŝůĂ ƚĞůŽĚŝŐŽĞŶƐĞƌŝŽ͕ ǁŝƚŚƚŚĞŶĂƚƵƌĞ ĚŝƉŝƐĐŝĂƌĞĂůů͛ĂƌŝĂ ĐŽŵŽŶŽĚĞũĞƐĚĞ

ǁŚŝǌǌŝŶŐ͕ŽƌǇŽƵ ĂƉĞƌƚŽŽŶŽŶǀŝǀƌĂŝ ŚĂĐĞƌƉŝƐƉŽƌůĂ ǁŽŶΖƚůŝǀĞŚĞƌĞ ƉŝƶƋƵŝ͘ƋƵĞůůĂ ǀĞŶƚĂŶĂ͕ĚĞũĂƌĄƐĚĞ ĂŶǇŵŽƌĞ͘ƚŚĂƚ ŵĂŶŐŝĂƉŝĞƌŽŐŝ ǀŝǀŝƌĞŶĞƐƚĂĐĂƐĂ͘ĞƐĂ ƉŝĞƌŽŐŝͲĞĂƚŝŶŐƉƌƵŶĞ ĐŚŝĂŵĞƌăŐůŝƐďŝƌƌŝ͘ ǀŝĞũĂĂƌƌƵŐĂĚĂ ǁŝůůĐĂůůƚŚĞĐŽƉƐ͘ ůůĂŵĂƌĄĂůĂƉŽůŝ͘ E^ Yh/s>E >/D/Ed/KE

DŝůŬŽǀŝĐŚŚŽƵƐĞ͘

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D/<zdK<Ezdd ŽŚ͕ĐŚƌŝƐƚ͊ĐůŽƐĞƚŚĞ ŽŚ͕ĐƌŝƐƚŽ͊ĐŚŝƵĚĞƚĞ ŶŽŵĞũŽĚĂƐ͕ĐŝĞƌƌĂůĂ EDEz ĚĂŵŶĚŽŽƌ͊ŶŽďŽĚǇ ƋƵĞƐƚĂƉŽƌƚĂ͊ ƉƵƚĂƉƵĞƌƚĂ͘ŶĂĚŝĞ ǁĂŶƚƐƚŽƐĞĞƚŚĂƚ ŶĞƐƐƵŶŽǀƵŽůĞ ƋƵŝĞƌĞǀĞƌĂĞƐĞ Z ŵĂŶĚŝŶŐŽƐŚŝƚ͘ ǀĞĚĞƌĞƋƵĞůĐĂǌǌŽĚĂ Yh/s>E ŵĂŶĚŝŶŐŽĚĞŵŝĞƌĚĂ͘ Yh/s>E Z^ ŵĂŶĚŝŶŐŽ͘ Yh/s>E Yh/s>E

0\ROGHVWGDXJKWHU 6HDVRQ(SLVRGH ůŝďŝ͘>ĂǁǇĞƌƌĞĂĚŝŶŐƐƚĂŶΖƐǁŝůů͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

>tzZ ŝ͕ƐƚĂŶůĞǇǁŝŶƐƚŽŶ ŝŽ͕ƐƚĂŶůĞǇǁŝŶƐƚŽŶ ǇŽ͕ƐƚĂŶůĞǇǁŝŶƐƚŽŶ ŬŽƉĐŚĞŬ͕ďĞŝŶŐŽĨ ŬŽƉĐŚĞŬ͕ŶĞůůĂƉŝĞŶĂ ŬŽƉĐŚĞŬ͕ĞŶƉůĞŶŽ ƐŽƵŶĚŵŝŶĚĂŶĚ ĨĂĐŽůƚăĚŝŝŶƚĞŶĚĞƌĞĞ ƵƐŽĚĞŵŝƐ ďŽĚǇ͕ůĞĂǀĞƚŽŵǇ ĚŝǀŽůĞƌĞ͕ůĂƐĐŝŽĂ ĨĂĐƵůƚĂĚĞƐ͕ĚĞũŽĂĞƐĂ ƐŶŝǀĞůŝŶŐ͕ĨĂŐŐŽƚǇ͕ ƋƵĞůůĂďƌƵƚƚĂĐŚĞĐĐĂ͕ ĞƐƉĞĐŝĞĚĞŵĂƌŝĐŽŶĂ͕ ĨĂŐŽĨĂĨĂŐŽƌĂŵĂ ĨƌŽĐŝŽďĂƐƚĂƌĚŽ͕ ĞƐƉĞĐŝĂůŝƐƚĂĞŶƚŽŵĂƌ ĚĂƵŐŚƚĞƌďǇƚŚĞ ĨŝŶŽĐĐŚŝŽ͕ĨŝĐĂƐĞĐĐĂ ƉŽƌĐƵůŽƐŝŶƉĂƌĂƌ͕ ^K ŶĂŵĞŽĨĂůĂŶǁŝůůĂƌĚ ƐĐŚŝĨŽƐĂĚŝŵŝĂĨŝŐůŝĂ DW>/&/d/KE ƋƵĞƚŝĞŶĞƉŽƌ DW>/&/d/KE ŬŽƉĐŚĞŬŵǇŐƵŶ ĚĂůŶŽŵĞĚŝĂůĂŶ ŶŽŵďƌĞĂůĂŶǁŝůůĂƌĚ ĐŽůůĞĐƚŝŽŶ͕ŝŶƚŚĞ ǁŝůůĂƌĚŬŽƉĐŚĞŬ͕ůĂ ŬŽƉĐŚĞŬ͕ŵŝ ŚŽƉĞƐƚŚĂƚƐŚĞΖůůŬŝůů ŵŝĂĐŽůůĞǌŝŽŶĞĚŝ ĐŽůĞĐĐŝſŶĚĞĂƌŵĂƐ͕ ŚĞƌƐĞůĨďĞĨŽƌĞƐŚĞ ƉŝƐƚŽůĞŶĞůůĂƐƉĞƌĂŶǌĂ ĐŽŶůĂĞƐƉĞƌĂŶǌĂĚĞ ĐŚƵŐƐĂŶŽƚŚĞƌĂŝĚƐ ĐŚĞĐŝƐŝĂŵŵĂǌǌŝ ƋƵĞƐĞŵĞƚĂƵŶƚŝƌŽ ĐŽĐŬ͘ ƉƌŝŵĂĚŝĐŝƵĐĐŝĂƌĞƵŶ ĞŶůĂĐĂďĞǌĂĂŶƚĞƐĚĞ ĂůƚƌŽĐĂǌǌŽĐŽŶů͛ĂŝĚƐ͘ ĐŚƵƉĂƌŽƚƌĂƉŽůůĂĐŽŶ ƐŝĚĂ͘

^K Yh/s>E Yh/s>E ^K^ Yh/s>E Yh/s>E

ůŝďŝ͘

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' <s/E ƐƚĂŶ͕ǇŽƵƐŽŶŽĨĂ ƐƚĂŶ͕ďƌƵƚƚŽĨŝŐůŝŽĚŝ Yh/s>E ƐƚĂŶ͕ŚŝũŽĚĞůĂŐƌĂŶ Yh/s>E ďŝƚĐŚ͕ǇŽƵƚĂƵŐŚƚŵĞ ƉƵƚƚĂŶĂ͕ŵŝŚĂŝ ƉƵƚĂ͕ƚƷŵĞ ƚŚĂƚĂŵĂŶŝƐŶΖƚĂ ŝŶƐĞŐŶĂƚŽĐŚĞƵŶ ĞŶƐĞŹĂƐƚĞƋƵĞƵŶ ŵĂŶƵŶůĞƐƐŚĞΖƐ ƵŽŵŽŶŽŶğƵŶ ŚŽŵďƌĞŶŽĞƐƵŶ ^K/D ůŽǀĞĚĂǁŽŵĂŶ͕ ƵŽŵŽĨŝŶĐŚĠŶŽŶŚĂ Yh/s>E ŚŽŵďƌĞŚĂƐƚĂƋƵĞŚĂ Yh/s>E '/D ĞĂƚĞŶƚŚĞŚĞĂƌƚŽƵƚ ĂŵĂƚŽƵŶĂĚŽŶŶĂ͕ Yh/s>E ĂŵĂĚŽĂƵŶĂŵƵũĞƌ͕ Yh/s>E ŽĨĂůŝǀĞŐŽĂƚ͕Žƌ ŵĂŶŐŝĂƚŽŝůĐƵŽƌĞĚŝ ĚĞǀŽƌĂĚŽĞůĐŽƌĂǌſŶ ƌŝƉƉĞĚĂŐĞƌŵĂŶ ƵŶĂĐĂƉƌĂĂŶĐŽƌĂǀŝǀĂ ĚĞƵŶĂĐĂďƌĂǀŝǀĂǇ ƐŽůĚŝĞƌΖƐĨĂĐĞŽĨĨ͘ŽŶĞ ŽƐƋƵĂƌƚĂƚŽůĂĨĂĐĐŝĂĂ ĂƌƌĂŶĐĂĚŽůĂĐĂƌĂĂ ŽƵƚŽĨƚŚƌĞĞĂŝŶΖƚ ƵŶƐŽůĚĂƚŽƚĞĚĞƐĐŽ͘ ƵŶƐŽůĚĂĚŽĂůĞŵĄŶ͘ ďĂĚ͘ ƵŶĂƐƵƚƌĞŶŽŶğ ǇĂƐŽůŽŵĞƋƵĞĚĂŶ ŵĂůĞ͘ ĚŽƐ͘

^ƚƌĞĞƚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

ZZ/sZ ΀ŚŽƌŶĐŽŶƚŝŶƵĞƐ ΀ŚŽƌŶĐŽŶƚŝŶƵĞƐ ΀ŚŽƌŶĐŽŶƚŝŶƵĞƐ ŚŽŶŬŝŶŐ΁ ŚŽŶŬŝŶŐ΁ ŚŽŶŬŝŶŐ΁ ďŝƚĐŚ͊ ƚƌŽŝĂ͊ ƉƵƚĂ͊ ' DW>/&/d/KE DW>/&/d/KE

&/KE ŽŚ͕ĨƵĐŬǇŽƵ͕ǇŽƵ ŽŚ͕ǀĂĨĨĂŶĐƵůŽ͕ƚĞƐƚĂ ŽŚ͕ƋƵĞƚĞĚĞŶƉŽƌ ĨƵĐŬŝŶŐĂƐƐŚŽůĞ͊ ĚŝĐĂǌǌŽ͊ ĐƵůŽ͕ĐĂƉƵůůŽĚĞ ŵŝĞƌĚĂ͊

' ZZ/sZ ĨƵĐŬŝŶŐĐƵŶƚ͊ ƚƌŽŝĂ͊ Yh/s>E ĐĄůůĂƚĞ͕ĐŚŽĐŚŽ͊ D/d/'d/KE

&/KE ĂƚůĞĂƐƚŝĚŽŶΖƚŚĂǀĞĂ ƐŞ͕ŵĂĂůŵĞŶŽŝŽŶŽŶ ĂůŵĞŶŽƐǇŽŶŽ ƚŝŶǇƉĞŶŝƐ͊ ŚŽŝůƉŝƐĞůůŽƉŝĐĐŽůŽ͊ ƚĞŶŐŽƵŶƉĞŶĞ ' Yh/s>E ĚŝŵŝŶƵƚŽ͘ Yh/s>E

<ĞǀŝŶĂŶĚsĞƌŽŶŝĐĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

sZKE/ ŵĂŵĂ͕ǁĞΖůůŐŽ ŵĂŵŵĂ͕ĨŝŶŝƌĞŵŽƐƵů ŵĂŵĂ͕ǀĂŵŽƐĂŝƌĂůĂ ďƌŽŬĞ͊ ůĂƐƚƌŝĐŽ͘ ƌƵŝŶĂ͘

ZK> ŝΖŵƐŽƌƌǇ͕ďƵƚƚŚĞ ŵŝĚŝƐƉŝĂĐĞ͕ŵĂŝů ůŽƐŝĞŶƚŽŵƵĐŚŽ͕ Z/D ŐŽŽĚůŽƌĚũĞƐƵƐƉƵƚ ďƵŽŶĚŝŽŚĂŵĞƐƐŽ Yh/s>E ƉĞƌŽĞůďƵĞŶũĞƐƷƐ Yh/s>E ƚŚŝƐďĂďǇŝŶƐŝĚĞŵǇ ƋƵĞƐƚŽďĂŵďŝŶŽŶĞů ƉƵƐŽĞƐƚĞďĞďĠĞŶ ǁŽŵďĂƐĂďůĞƐƐŝŶŐ ŵŝŽŐƌĞŵďŽĐŽŵĞƵŶ ŵŝƐĞŶƚƌĂŹĂƐĐŽŵŽ ƚŽŽĨĨĞƌŚŝƐůŽǀĞĂŶĚ ĚŽŶŽƉĞƌŽĨĨƌŝƌĞŝů ŵƵĞƐƚƌĂĚĞƐƵĂŵŽƌ ůŝŐŚƚ͘ĂŶĚŶŽǁǇŽƵ ƐƵŽĂŵŽƌĞĞůĂƐƵĂ ǇĚĞƐƵůƵǌ͘ǇĂŚŽƌĂ ǁĂŶƚŵĞƚŽƐŶƵĨĨŝƚ ůƵĐĞĞƚƵǀƵŽŝĐŚĞŝŽ ƚƷƉƌĞƚĞŶĚĞƐƋƵĞŵĞ ŽƵƚũƵƐƚůŝŬĞƚŚĂƚ͍ ůŽĨĂĐĐŝĂĨƵŽƌŝĐŽŵĞ ůŽĐĂƌŐƵĞĂƐş͕ƐŝŶ ƐĞŶŝĞŶƚĞĨŽƐƐĞ͍ ŵĄƐ͍

<s/E ŶŽ͊ ŶŽ͊ ŶŽ͊

sZKE/ ǇĞƐ͊ ƐŞ͊ Ɛş͊

/LNHIDWKHUOLNHGDXJKWHU 6HDVRQ(SLVRGH ĞďďŝĞĂƚŚĞƌĨƌŝĞŶĚŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&Z/Eϭ ŝĨǇŽƵΖƌĞŝŶůŝŬĞǁŝƚŚ ƐĞǀŝƉŝĂĐĞƚĞƚƵƚƚŝĞ ƐŝƚĞŐƵƐƚĂŶŽƐĠƉŽƌ Śŝŵ͕ƚŚĞŶǁŚǇŶŽƚ ĚƵĞƉĞƌĐŚĠŶŽŶůŽ ƋƵĠŶŽůŽŚĂĐĠŝƐ͍ ũƵƐƚĚŽŝƚ͍ ĨĂƚĞ͍

/ ŽŬĂǇ͘ ŽŬ͘ ĞŚŵ͕ǇĂ͘

' &Z/EϮ ĂŶĚŝĨŝƚŚƵƌƚƐ͕ĚŽŶΖƚ ĞƐĞƚŝĨĂŵĂůĞŶŽŶ Yh/s>E ǇƐŝƚĞĚƵĞůĞŶŽ Yh/s>E ƐƋƵĞĂů͕ŚƵŐĞƚƵƌŶͲŽĨĨ ƵƌůĂƌĞ͕ŽŝƌĂŐĂǌǌŝƐŝ ĐŚŝůůĞƐ͕ŶŽƐĂďĞƐůŽ ĨŽƌŐƵǇƐ͘ ƐŵŽƐĐŝĂŶŽ͘ ƋƵĞůĞƐŵŽůĞƐƚĂ͘

&Z/Eϭ ĂŶĚŵĂŬĞƐƵƌĞǇŽƵ ĞƌŝĐŽƌĚĂƚŝĚŝƉŝƐĐŝĂƌĞ ǇŚĂǌƉŝƐĚĞƐƉƵĠƐĚĞ ƉĞĞƌŝŐŚƚĂĨƚĞƌǁĂƌĚƐ͕ ƐƵďŝƚŽĚŽƉŽĐŽƐŞŶŽŶ ŚĂĐĞƌůŽ͕ƉĂƌĂƋƵĞŶŽ ƐŽǇŽƵĚŽŶΖƚŐĞƚĂŶ ƚŝďĞĐĐŚŝŶŝĞŶƚĞ͘ ƚĞĐŽŶƚĂŐŝĞŶĂĚĂ͘ ƐƚĚ͘

'^ &Z/EϮ ĂŶĚǁŚĞŶǇŽƵ ĞƋƵĂŶĚŽǀŝ Yh/s>E ǇĐƵĂŶĚŽŽƐĂďƌĂĐĠŝƐ Yh/s>E ĐƵĚĚůĞĂĨƚĞƌǁĂƌĚƐ͕ ĂĐĐŽĐĐŽůĂƚĞĚĞǀŝĨĂƌ ĚĞƐƉƵĠƐ͕ĚĞũĂƋƵĞĠů ůĞƚŚŝŵďĞƚŚĞďŝŐ ŵĞƚƚĞƌĞůƵŝĚŝĞƚƌŽ͘ ƐĞƉŽŶŐĂĚĞƚƌĄƐ͘ ƐƉŽŽŶ͘

/ ŚŽǁĚŽŝƐƚĂƌƚ͍ ĐŽŵĞĨĂĐĐŝŽĂ ǇĐſŵŽĞŵƉŝĞǌŽ͍ ĐŽŵŝŶĐŝĂƌĞ͍

&Z/Eϭ ǁŚĞŶŚĞΖƐŶŽƚ ŶĞůŵŽŵĞŶƚŽŝŶĐƵŝ ĐƵĂŶĚŽĠůŶŽƐĞůŽ ĞǆƉĞĐƚŝŶŐŝƚďĂŵ͕ǇŽƵ ŵĞŶŽƐĞůŽĂƐƉĞƚƚĂ ĞƐƉĞƌĞ͕ďĂŵ͕ƚĞ ĚƌŽƉƚƌŽƵĂŶĚĞǆƉŽƐͲ ďĂŵ͕ƚŝĐĂůŝŝ ƐƵďĞƐůĂĨĂůĚĂǇ ĂǇƐŽŵĞƐĞǆͲĂǇ͘ ƉĂŶƚĂůŽŶŝĞƚŝŵĞƚƚŝĂ ĞŶƐĞŹĂƐĂůŐƵŶĂĐŽƐŝƚĂ ĐĂǀĂůůŽƐƵĚŝůƵŝ͘ ƐĞǆǇ͘

'^ &Z/EϮ ǇĞĂŚ͕ďŽǇƐŐŽĐƌĂǇ ŝƌĂŐĂǌǌŝĐŝƉĞƌĚŽŶŽ Yh/s>E Ɛş͕ƐĞǀƵĞůǀĞŶůŽĐŽƐ Yh/s>E ŽǀĞƌƚŚĂƚƐƚƵĨĨ͘ ůĂƚĞƐƚĂƉĞƌƋƵĞƐƚĂ ĐƵĂŶĚŽŚĂĐĞƐĞƐŽ͘ ƌŽďĂ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^,/> ƐƉĞĂŬŝŶŐŽĨǁŚŝĐŚ͕ŝĨ͕ ĂƋƵĞƐƚŽƉƌŽƉŽƐŝƚŽ͕ ŚĂďůĂŶĚŽĚĞĞƐŽ͕Ɛŝ Ƶŵ͕ǇŽƵŶĞĞĚŵĞƚŽ ƐĞŝŽĚŽǀĞƐƐŝ ƋƵŝĞƌĞƐƋƵĞŵĞ ƐƚĂǇĂŶŽƚŚĞƌŶŝŐŚƚ͕ ƌŝŵĂŶĞƌĞƵŶ͛ĂůƚƌĂ ƋƵĞĚĞŽƚƌĂŶŽĐŚĞ͕ ŚŽǁǁŽƵůĚǇŽƵĨĞĞů ƐĞƌĂĐŚĞŶĞĚŝƌĞƐƚŝƐĞ ƋƵĠƚĞƉĂƌĞĐĞƌşĂƋƵĞ ĂďŽƵƚŵĞŚĂǀŝŶŐĂ ŵŝƉŽƌƚĂƐƐŝĚŝĞƚƌŽƵŶ ŵĞƚƌĂũĞƌĂĂƵŶ ĨƌŝĞŶĚŽǀĞƌ͍ ĂŵŝĐŽ͍ ĂŵŝŐŽ͍

&/KE ƌŽŐĞƌƌƵŶŶŝŶŐƚƌĞĞ͍ ƌŽŐĞƌƚƌŽŶĐŽĐŚĞ ĂƌŽŐĞƌĄƌďŽů ĐŽƌƌĞ͍ ĂŶĚĂŶƚĞ͍

^,/> ǁĞůů͕ŝΖŵ͕ŝΖŵĂ ďĞŚ͕ŝŽŚŽůĞŵŝĞ ďƵĞŶŽ͕ƐŽǇƵŶĂŵƵũĞƌ ǁŽŵĂŶǁŝƚŚŶĞĞĚƐ͘ ĞƐŝŐĞŶǌĞĚŝĚŽŶŶĂ͘ ĐŽŶŶĞĐĞƐŝĚĂĚĞƐ͘

&/KE ĂƐůŽŶŐĂƐŚĞĚŽĞƐŶΖƚ ďĂƐƚĂĐŚĞŶŽŶĐŝƌƵďŝ ŵŝĞŶƚƌĂƐŶŽƐĞůůĞǀĞ ƐƚĞĂůŽƵƌĨŽŽĚŽƌƉŝƐƐ ŝůĐŝďŽŽĐŝƉŝƐĐŝƐƵů ůĂĐŽŵŝĚĂŶŝŚĂŐĂƉŝƐ ŽŶŽƵƌƐŽĨĂ͘ ĚŝǀĂŶŽ͘ ĞŶĞůƐŽĨĄ͘

Z^ ^,/> ĨŝŽŶĂ͕ŚĞΖƐĂ ĨŝŽŶĂ͕ůƵŝğĐĂƚƚŽůŝĐŽ͘ DW>/&/d/KE ĨŝŽŶĂ͕ĞƐĐƌŝƐƚŝĂŶŽ͘ Yh/s>E Z/D ĐŚƌŝƐƚŝĂŶ͘ DW>/&/d/KE Yh/s>E

&/KE ƐŽǁĂƐũĞĨĨƌĞǇ ůŽĞƌĂĂŶĐŚĞũĞĨĨƌĞǇ ĐŽŵŽĞůĐĂƌŶŝĐĞƌŽĚĞ ĚĂŚŵĞƌ͘ ĚĂŚŵĞƌ͘ ŵŝůǁĂƵŬĞĞ͘

^,/> ƌĞĂůůǇ͍ ĚĂǀǀĞƌŽ͍ ĚĞǀĞƌĚĂĚ͍

6WUDQJHUVRQDWUDLQ 6HDVRQ(SLVRGH ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ĨƵĐŬŝŶŐĐĂŶĚǇƐƚƌŝƉĞƌ ĨŽƚƚƵƚĂŝŶĨĞƌŵŝĞƌĂŵŝ ĐĂďƌŽŶĂĚĞ ŐŝǀŝŶŐŵĞĂůŽŽŬůŝŬĞ ŐƵĂƌĚĂǀĂĐŽŵĞƐĞ ŵĂƚĂƐĂŶŽƐ ŝΖŵĂĨƵĐŬŝŶŐ ĨŽƐƐŝƵŶĐĂǌǌŽĚŝ ŵŝƌĄŶĚŽŵĞĐŽŵŽƐŝ ĚĞŐĞŶĞƌĂƚĞ͘ĞŐǇƉƚŝĂŶ ƉĞƌǀĞƌƚŝƚŽ͘ŝƌĞĂůŝ ĨƵĞƌĂƵŶĂĞƐƉĞĐŝĞĚĞ ƌŽǇĂůƐ͕ƚŚĞŝŶĐĂƐ͕ŚĞůů͕ ĞŐŝǌŝ͕ŐůŝŝŶĐĂƐ͕ĐĂǌǌŽ͕ ĚĞŐĞŶĞƌĂĚŽ͘ůŽƐ ŬŝŶŐĂƌƚŚƵƌ͕ƚŚĞǇĂůů ƌĞĂƌƚƶĂŵĂǀĂŶŽůĂ ĨĂƌĂŽŶĞƐĞŐŝƉĐŝŽƐ͕ůŽƐ ŬĞƉƚŝƚŝŶƚŚĞĨĂŵŝůǇ͘ ĨĂŵŝŐůŝĂ͘ƐĂƌĞďďĞ ŝŶĐĂƐ͕ŚĂƐƚĂĞůƌĞǇ ǁĞƉƌŽďĂďůǇƐƚŝůů ĂŶĐŽƌĂĐŽƐŞƐĞĞĚŝƉŽ ĂƌƚƵƌŽƐĞůŝĂďĂĐŽŶ ǁŽƵůĚŝĨŽĞĚŝƉƵƐ ŶŽŶĂǀĞƐƐĞƌŽǀŝŶĂƚŽ ƐƵƐƉĂƌŝĞŶƚĞƐ͘ǇĂƷŶ ŚĂĚŶΖƚƌƵŝŶĞĚŝƚĨŽƌĂůů ƚƵƚƚŽ͕ƋƵŝŶĚŝǀĂďĞŶĞ ůŽŚĂƌşĂŵŽƐƐŝĞĚŝƉŽ ŽĨƵƐ͘ƐŽ͕ĨŝŶĞ͕ĐĂƐƚ ƐĐĂŐůŝĂƚĞůĂƉƌŝŵĂ ŶŽŶŽƐŚƵďŝĞƌĂ ƚŚĞĨŝƌƐƚƐƚŽŶĞ͘ďƵƚůĞƚ ƉŝĞƚƌĂŵĂǀŝĐŚŝĞĚŽ ĐŽƌƚĂĚŽĞůƌŽůůŽ͘ĞƐƚĄ ŵĞĂƐŬǇŽƵ͕ŝĨǁĞĂůů ƵŶĂĐŽƐĂ͕ƐĞĐ͛ĞƌĂŶŽ ďŝĞŶ͕ƚŝƌĂĚŵĞůĂ ĐĂŵĞĨƌŽŵũƵƐƚĂĚĂŵ ƐŽůƚĂŶƚŽĂĚĂŵŽĞĚ ƉƌŝŵĞƌĂƉŝĞĚƌĂ͕ƉĞƌŽ ĂŶĚĞǀĞŝŶƚŚĞ ĞǀĂŝŶŽƌŝŐŝŶĞ͕ďĞŚ͕ ĚĞĐŝĚŵĞƵŶĂĐŽƐĂ͗Ɛŝ ďĞŐŝŶŶŝŶŐǁĞůů͕ǇŽƵ ĨĂƚĞĚƵĞĐŽŶƚŝ͘ ƚŽĚŽƐůŽƐƐĞƌĞƐ ĚŽƚŚĞŵĂƚŚ͊ ŚƵŵĂŶŽƐ ƉƌŽĐĞĚĞŵŽƐĚĞĂĚĄŶ ǇĞǀĂƷŶŝĐĂŵĞŶƚĞ͕ ĚŝŐŽǇŽ͕ƋƵĞĂůŐŽ ŚĂƌşĂŶĞůůŽƐ͘

Z/D Yh/s>E Yh/s>E

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Z^ &ZE< ũĞǁŝƐŚůŝŐŚƚŶŝŶŐ͘ƚŚĞ ĨĂƚŝĐĂƐƉƌĞĐĂƚĂ͕ >/D/Ed/KE ĞůŝŶĐĞŶĚŝŽ >/D/Ed/KE ŵŽƐƚŝŶƐƉŝƌĞĚŽĨŽƵƌ ĐĂĚĞǀĂĂƉĞǌǌŝĞŶŽŶ ƉƌŽǀŽĐĂĚŽ͘ůĂ ŚĞďƌĞǁďƌĞƚŚƌĞŶΖƐ ĂǀĞǀŽŝƐŽůĚŝƉĞƌ ŚĞƌƌĂŵŝĞŶƚĂƋƵĞ ĐŽŶƚƌŝďƵƚŝŽŶƚŽ ŵĞƚƚĞƌůĂĂƉŽƐƚŽ͕ ŵĄƐĚĞƉƌŝƐĂŚĂ ƐŽĐŝĞƚǇ͘ ĨŝŐƵƌŝĂŵŽĐŝƉĞƌ ĞŶƌŝƋƵĞĐŝĚŽĂůŐƵŶŽƐ ĂƐƐŝĐƵƌĂƌůĂ͘ ŵŝĞŵďƌŽƐĚĞĞƐƚĂ ƐŽĐŝĞĚĂĚ͘

sZKE/ ǇŽƵĚŽŶΖƚĞǀĞŶŽǁŶ ŵĂƐĞŶĞĂŶĐŚĞğƚƵĂ ƉĞƌŽůĂĐĂƐĂŶŝ ƚŚĞĚĂŵŶŚŽƵƐĞ͘ ƋƵĞůůĂĐĂƐĂ͘ ƐŝƋƵŝĞƌĂĞƐƚƵǇĂ͘

ƌŽƚŚĞů͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

D/<z ŽŬĂǇ͕ůŽŽŬ͕ŝƚΖƐƚǁĞŶƚǇ ŽŬ͕ǀĞŶƚŝƉĞƌĐĞŶƚŽƐĞ ĂǀĞƌƋƵĠĚŝĐĞƐ͕ƵŶ ƉĞƌĐĞŶƚƌĂŝƐĞŽŶ ƐŝƐďĂƚƚŽŶŽƵŶĐĞƐƐŽ͕ ǀĞŝŶƚĞƉŽƌĐŝĞŶƚŽĚĞ ďƵŵƉŝŶŐƵŐůŝĞƐ͕ ƚƌĞŶƚĂƉĞƌŝƉŽŵƉŝŶŝĞ ƐƵďŝĚĂĞŶƉĂũĂƐ͕ƵŶ ƚŚŝƌƚǇƉĞƌĐĞŶƚŽŶďũƐ͕ ƋƵĞůůŽĐŚĞƐƵĐĐĞĚĞ ƚƌĞŝŶƚĂĞŶŵĂŵĂĚĂƐǇ ĂŶĚǁŚĂƚĞǀĞƌ ŶĞůĐƵůŽƌĞƐƚĂŶĞů ůŽƋƵĞƉĂƐĞĂƚƌĄƐƐĞ ŚĂƉƉĞŶƐŝŶƚŚĞĂƐƐ ĐƵůŽ͘ ƋƵĞĚĂĂƚƌĄƐ͘ ƐƚĂǇƐŝŶƚŚĞĂƐƐ͘

^^, ŝĚŽŶΖƚŬŶŽǁǁŚĂƚ ŶŽŶƐŽĐŚĞƐŝŐŶŝĨŝĐĂ ŶŽƐĠƋƵĠƐŝŐŶŝĨŝĐĂ ƚŚĂƚŵĞĂŶƐ͘ ĞƐŽ͘

D/<z ƚŚĂƚŵĞĂŶƐƚŚĞůĂĚŝĞƐ ĐŚĞůĞƌĂŐĂǌǌĞƐŝ ůĂƐĐŚŝĐĂƐƐĞƋƵĞĚĂŶ ƉŽĐŬĞƚƚŝƉƐĨŽƌĞǆƚƌĂƐ͕ ŝŶƚĂƐĐĂŶŽŐůŝĞǆƚƌĂ͕ ůĂƐƉƌŽƉŝŶĂƐĚĞůŽƐ ŶŽƚǇŽƵ͘ ŶŽŶƚƵ͘ ĞǆƚƌĂƐ͕ŶŽƚƷ͘

^^, ŚƵŚ͕ǇŽƵĂƚŽƵŐŚ ƵŚ͕ƐĞŝƵŶǀĞƌŽ ŚƵŵ͕ĞƌĞƐĚƵƌŽ ŶĞŐŽƚŝĂƚŽƌ͍ ŶĞŐŽǌŝĂƚŽƌĞ͘ ŶĞŐŽĐŝĂŶĚŽ͘

D/<z ǇŽƵŶĞĞĚŐŝƌůƐ͘ ƚŝƐĞƌǀŽŶŽůĞƌĂŐĂǌǌĞ͘ ŶĞĐĞƐŝƚĂƐĐŚŝĐĂƐ͘

^^, ƚƌƵĞ͘ŚĞǇ͕ƚŚĞǇŐƌĞǁ ĚĂǀǀĞƌŽ͍ƐŽŶŽ ĐŝĞƌƚŽ͘ĐŽŵŽƐŽŶĚĞ E^ ƵƉŶĞĂƌĐŚĞƌŶŽďǇů͕ ĐƌĞƐĐŝƵƚĞĂ Yh/s>E ĐĞƌĐĂĚĞĐŚĞƌŶŽďǇů͕ Yh/s>E ƐŽŝŐŽƚĂĚŝƐĐŽƵŶƚ͘ ĐŚĞƌŶŽďǇů͕ŚŽĂǀƵƚŽ ŵĞŚŝĐŝĞƌŽŶƵŶ ŐƌŽƐƐŽƐĐŽŶƚŽ͘ ĚĞƐĐƵĞŶƚŽ͘

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

sZKE/ ƚŚŝƐŝƐǁŚĂƚǇŽƵ ğƋƵĞƐƚŽĐŚĞƚŝ ĞƐƚŽĞƐůŽƋƵĞŚĂƐ ƉŝĐŬĞĚƵƉĂƚŚŽŵĞ ƐĞƌǀŝǀĂĚĂŚŽŵĞ ƚƌĂşĚŽĚĞůĂƚŝĞŶĚĂĚĞ ĚĞƉŽƚ͍ ĚĞƉŽƚ͍ ďƌŝĐŽůĂũĞ͍

<s/E ŵŝĐŬĞǇΖƐŶŽƚĂƐĚƵŵď ŵŝĐŬĞǇŶŽŶğƐĐĞŵŽ ŵŝĐŬĞǇŶŽĞƐƚĂŶ ĂƐŚĞůŽŽŬƐ͘ŝůůĞŐĂůƐ ĐŽŵĞƐĞŵďƌĂ͘ŝ ƚŽŶƚŽĐŽŵŽƉĂƌĞĐĞ͘ ĂƌĞĚĞƐƉĞƌĂƚĞĨŽƌ ĐůĂŶĚĞƐƚŝŶŝŚĂŶŶŽ ůŽƐŝůĞŐĂůĞƐĞƐƚĄŶ E ǁŽƌŬ͕ĂŶĚĂĨĞǁ ďŝƐŽŐŶŽĚŝůĂǀŽƌŽĞ Yh/s>E ĚĞƐĞƐƉĞƌĂĚŽƐ͕Ǉ Yh/s>E E^ ďƵĐŬƐŝƐĂĨŽƌƚƵŶĞĨŽƌ ƋƵĂůĐŚĞĚŽůůĂƌŽğ Yh/s>E ƵŶŽƐƉĂǀŽƐƐŽŶƵŶĂ Yh/s>E ƚŚĞƐĞŐƵǇƐ͘ŝƚΖƐĂ ƵŶĂĨŽƌƚƵŶĂƉĞƌůŽƌŽ͘ ĨŽƌƚƵŶĂƉĂƌĂĞůůŽƐ͘ ǁŝŶͲǁŝŶ͘ ƚƵƚƚŝĐŽŶƚĞŶƚŝ͘ ŐĂŶĂŵŽƐƚŽĚŽƐ͘

DŝůŬŽǀŝĐŚŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

DEz ŚĞΖƐŽůĚĞƌ͍ ğƉŝƶŐƌĂŶĚĞ͍ ĞƐŵĂǇŽƌ͍

/ ŵŵͲŚŵŵ͕ŚĞΖƐ ŵŵͲŚŵŵ͕ŚĂǀĞŶƚŝ Ɛş͕ƚŝĞŶĞǀĞŝŶƚĞĂŹŽƐ͘ ƚǁĞŶƚǇ͘ ĂŶŶŝ͘

DEz ǁŽǁ͘ ǁŽǁ͘ ǀĂǇĂ͘

/ ƚŚĂŶŬƐ͘ ŐƌĂǌŝĞ͘ ŐƌĂĐŝĂƐ͘

DEz ŚĞũƵƐƚĚŽĞƐŶΖƚǁĂŶƚ ĂůůŽƌĂŶŽŶǀƵŽůĞ ĞƐŽĞƐƋƵĞŶŽƋƵŝĞƌĞ ƚŽŐĞƚŝŶƚƌŽƵďůĞ͘ŚĞ ĨŝŶŝƌĞŶĞŝŐƵĂŝ͘ ƚĞŶĞƌƉƌŽďůĞŵĂƐ͘ ŶĞĞĚƐƚŽŬŶŽǁƚŚĂƚ ĚĞǀ͛ĞƐƐĞƌĞƐŝĐƵƌŽĐŚĞ ŶĞĐĞƐŝƚĂƐĂďĞƌƋƵĞƚƷ ǇŽƵΖƌĞƚŽƚĂůůǇĐŽŽů ĂƚĞƐƚŝĂďĞŶĞĞĐŚĞ ĞƐƚĄƐĚĞĂĐƵĞƌĚŽǇ ǁŝƚŚŝƚĂŶĚǁŽŶΖƚŐŽ ŶŽŶĐŽƌƌĞƌĂŝĚĂŐůŝ ƋƵĞŶŽƐĞůŽĚŝƌĄƐĂůĂ ƌƵŶŶŝŶŐƚŽƚŚĞĐŽƉƐ Ɛďŝƌƌŝ͘ ƉŽůŝ͘ ĂĨƚĞƌǁĂƌĚƐ͘

/ ƚŚĞĐŽƉƐ͍ ŐůŝƐďŝƌƌŝ͍ ĂůĂƉŽůŝ͍

DEz ƐƚĂƚƵƚŽƌǇƌĂƉĞ͘ƐŽŵĞ ǀŝŽůĞŶǌĂƐƵŵŝŶŽƌĞ͘ ĞƐŽƐĞůůĂŵĂĞƐƚƵƉƌŽ͘ ŽůĚͲƐĐŚŽŽůƐŚŝƚůĞĨƚ ƵŶĂĐĂǌǌĂƚĂǀĞĐĐŚŝŽ ĞƐĂůŐŽĚĞĐƵĂŶĚŽůĂƐ ' ŽǀĞƌĨƌŽŵǁŚĞŶ ƐƚŝůĞĚĞůůĞĚŽŶŶĞĐŽŶ Yh/s>E ŵƵũĞƌĞƐǀĞƐƚşĂŶ Yh/s>E '/D ǁŽŵĞŶǁŽƌĞĐŽƌƐĞƚƐ ŝĐŽƌƐĞƚƚŝĞƐĞŶǌĂ Yh/s>E ĐŽƌƐĠƐǇŶŽůůĞǀĂďĂŶ Yh/s>E ĂŶĚĚŝĚŶΖƚĐĂƌƌǇ ƐƉƌĂǇĂŶƚŝ ĞƐƉƌĄŝƐĚĞƉŝŵŝĞŶƚĂ͘ ŵĂĐĞ͘ ĂŐŐƌĞƐƐŝŽŶĞ͘

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

>/W ŝƚΖƐĨŝĨƚǇŐƌĂŶĚĂǇĞĂƌ ĐŝŶƋƵĂŶƚĂŵŝůĂĚŽůůĂƌŝ ƐŽŶĐŝŶĐƵĞŶƚĂŵŝů ĨŽƌĨŽƵƌǇĞĂƌƐŽĨĨƌĂƚ ů͛ĂŶŶŽƉĞƌƋƵĂƚƚƌŽ ƉĂǀŽƐĂůĂŹŽ͕ƉŽƌ ƉĂƌƚŝĞƐ͕ǇŽƵŬŶŽǁ͕ ĂŶŶŝĚŝĨĞƐƚĞĚĞůůĞ ĐƵĂƚƌŽĂŹŽƐĚĞĨŝĞƐƚĂƐ ŝŶƚĞůůĞĐƚƵĂůĐŝƌĐůĞ ĐŽŶĨƌĂƚĞƌŶŝƚĞ͕ĐŝƌĐŽůŝ ĚĞĨƌĂƚĞƌŶŝĚĂĚĞƐ͕ĚĞ ũĞƌŬƐ͕ƐƉĞĞĚƌĞĂĚŝŶŐ ĚŝŝĚŝŽƚŝŝŶƚĞůůĞƚƚƵĂůŝ͕ ĐşƌĐƵůŽƐĚĞ ƚŚƌĞĞŚƵŶĚƌĞĚͲǇĞĂƌͲ ůĞƚƚƵƌĞĚŝƌŽŵĂŶǌŝ ŝŶƚĞůĞĐƚƵĂůĞƐ ŽůĚŶŽǀĞůƐƚŚĂƚΖůůďĞ ǀĞĐĐŚŝƚƌĞĐĞŶƚŽĂŶŶŝ ĐĂƉƵůůŽƐ͕ĚĞůĞĐƚƵƌĂƐ ĨŽƌŐŽƚƚĞŶƚŚĞƐĞĐŽŶĚ ĐŚĞǀĞƌƌĂŶŶŽ ƌĄƉŝĚĂƐĚĞŶŽǀĞůĂƐĚĞ ƚŚĞƚĞƐƚŝƐŽǀĞƌ͕Ăůů ĚŝŵĞŶƚŝĐĂƚŝĂƉƉĞŶĂ ŚĂĐĞƚƌĞƐĐŝĞŶƚŽƐĂŹŽƐ ďĞĐĂƵƐĞ͕ǇŽƵŬŶŽǁ͕ ů͛ĞƐĂŵĞƐĂƌăĨŝŶŝƚŽ͘ ƋƵĞǀĂƐĂŽůǀŝĚĂƌĞŶ ǁĞΖƌĞƚŽůĚǁĞĐĂŶΖƚ ƚƵƚƚŽƉĞƌĐŚĠĐŝǀŝĞŶĞ ĐƵĂŶƚŽŚĂŐĂƐĞů ƐƵĐĐĞĞĚŝŶƚŚĞǁŽƌůĚ ĚĞƚƚŽĐŚĞŶŽŶ ĞǆĂŵĞŶǇƚŽĚŽ ǁŝƚŚŽƵƚĂƉŝĞĐĞŽĨ ĂǀƌĞŵŽƐƵĐĐĞƐƐŽ ƉŽƌƋƵĞŶŽƐĚŝĐĞŶƋƵĞ ƉĂƉĞƌ͘ǇŽƵŬŶŽǁ͕ĂŶĚ ƐĞŶǌĂƵŶƉĞǌǌŽĚŝ ŶŽƐĞƉƵĞĚĞƚƌŝƵŶĨĂƌ ŝƚΖƐďƵůůƐŚŝƚ͘ďŝůůŐĂƚĞƐ ĐĂƌƚĂ͘ƚƵƚƚĞĐĂǌǌĂƚĞ͕ ƐŝŶĞůƉĂƉĞůƋƵĞƚĞ ĚƌŽƉƉĞĚŽƵƚ͘Ăůů ďŝůůŐĂƚĞƐŚĂŵŽůůĂƚŽ ĚĂŶĂůůş͘ǇĞƐŽĞƐ ƌŝŐŚƚ͘ƐƚĞǀĞũŽďƐ͘ ůĂƐĐƵŽůĂ͕ĂŶĐŚĞƐƚĞǀĞ ŵĞŶƚŝƌĂ͕ďŝůůŐĂƚĞƐ ũŽďƐ͘ ĚĞũſůŽƐĞƐƚƵĚŝŽƐ ŝŐƵĂůƋƵĞƐƚĞǀĞũŽďƐ͘

<s/E ƚŚĂƚΖƐƚŚĂƚĐĞŶƚĞƌĨŽƌ ĐŚŝŝůŐŝŽĐĂƚŽƌĞĚĞŝ ĞůũƵŐĂĚŽƌĚĞůŽƐ ƚŚĞďůĂĐŬŚĂǁŬƐ͍ ďůĂĐŬŚĂǁŬƐ͍ ďůĂĐŬŚĂǁŬƐ͍

>/W ǇĞĂŚ͕ǇŽƵŬŶŽǁ͕ŝƚΖƐ ƐŞ͕ĞĐĐŽ͕ğͲğͲğƐŽůŽ ĞŶĨŝŶ͕ƋƵĞƐŽůŽĞƐ ũƵƐƚĂůůŽŶĞďŝŐ ƵŶ͛ĞŶŽƌŵĞƚƌƵĨĨĂŝů ƵŶĂŐƌĂŶĞƐƚĂĨĂĂ ĐŽůůĞŐŝĂƚĞƐĐĂŵ͘ ĐŽůůĞŐĞ͘ ŶŝǀĞůŶĂĐŝŽŶĂů͘

<s/E ǁĞůů͕ŝΖŵŐůĂĚƚŚĂƚ ƐŽŶŽĐŽŶƚĞŶƚŽ͕ƋƵĞů ŵĞĂůĞŐƌĂƋƵĞŶŽƚĞ ƉůĂĐĞĚŝĚŶΖƚƚƵƌŶǇŽƵ ƉŽƐƚŽŶŽŶƚŝŚĂƌĞƐŽ ŚĂǇĂƐǀƵĞůƚŽƵŶ ŝŶƚŽĂŶĞůŝƚŝƐƚƉƌŝĐŬ͘ ƵŶĐŽŐůŝŽŶĞƐŶŽď͘ ĐĂƉƵůůŽĞůŝƚŝƐƚĂ͘

^^ Yh/s>E Yh/s>E

>/W ŶŽ͕ŝΖŵƐƚŝůůĂƐŽƵƚŚ ŶŽ͕ƐŽŶŽƵŶĐŽŐůŝŽŶĞ ŶŽ͕ƐŽǇƵŶĐĂƉƵůůŽ ƐŝĚĞƉƌŝĐŬůŝŬĞĂůůƚŚĞ ĚĞůƐŽƵƚŚƐŝĚĞĐŽŵĞ ďĂƌƌŝŽďĂũĞƌŽĐŽŵŽ ƌĞƐƚŽĨǇŽƵ͘ ǀŽŝ͘ ǀŽƐŽƚƌŽƐ͘

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

<s/E ŚĞƌĞǇŽƵŐŽ͘ŽŶĞĨŽƌ ĞŚ͕ĞĐĐŽƋƵĂ͘ĐŝŶƋƵĞ ĞŚ͍ĂƋƵşƚĞŶĠŝƐ͘ƵŶŽ ĞĂĐŚŽĨǇŽƵ͘ĚŽŶΖƚ ĚŽůůĂƌŝĞŶŽŶ ƉĂƌĂĐĂĚĂƵŶŽ͘ŶŽůŽ ƐĞŶĚŝƚĂůůďĂĐŬ ŵĂŶĚĂƚĞůŝƚƵƚƚŝĂ ŵĂŶĚĠŝƐƚŽĚŽĂĐĂƐĂ͕ E^ ŚŽŵĞ͕ŽŬĂǇ͍ƚŚĂŶŬƐ͕ ĐĂƐĂǀĂďĞŶĞ͍ŐƌĂǌŝĞ Yh/s>E ǀĂůĞ͍ŐƌĂĐŝĂƐĂŵŝŐŽƐ͘ Yh/s>E ĂŵŝŐŽƐ͘ŚĞǇ͕ƉĂĐŽ͕ ĂŵŝŐŽƐ͘ĞŚ͕ƉĂĐŽ͕ ĞŚ͕ƉĂĐŽ͕ƉŽŶƵŶĂ ŐĞƚĂƌŽƵŶĚŽĨŚĂůĨ ǀŽŐůŝŽƵŶŐŝƌŽĚŝƐŚŽƚ ƌŽŶĚĂĚĞŵĞĚŝŽƐ ƐŚŽƚƐĨŽƌŵǇĨƌŝĞŶĚƐ ƉĞƌŝŵŝĞŝĂŵŝĐŝ͕ƐŽůŽ ĐŚƵƉŝƚŽƐĂŵŝƐ ŚĞƌĞ͘ŵĂŬĞƐƵƌĞŝƚΖƐ ŵĞƚăƐŚŽƚŽŬ͍ ĂŵŝŐŽƐ͘ƐŽůŽĚĞ ŚĂůĨƐŚŽƚƐ͕ŽŬĂǇ͍ ŵĞĚŝŽƐ͕ǀĂůĞ͍

7KHUH VWKHUXE 6HDVRQ(SLVRGH 'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^,/> ĂĐƚƵĂůůǇ͕ŵǇĚĞĐĞĂƐĞĚ ŝŶƌĞĂůƚăŝůŵŝŽ ůĂǀĞƌĚĂĚĞƐƋƵĞŵŝ ĞǆͲŚƵƐďĂŶĚŚĂĚǀĞƌǇ ĚĞĨƵŶƚŽĞǆͲŵĂƌŝƚŽ ĚŝĨƵŶƚŽĞƐƉŽƐŽƚĞŶşĂ ƐƚƌŽŶŐĐŚƌŝƐƚŝĂŶ ĞƌĂƵŶĨĞƌǀĞŶƚĞ ƵŶĂƐƉƌŽĨƵŶĚĂƐ ďĞůŝĞĨƐ͕ĂŶĚŝǁŽƵůĚ ĐƌŝƐƚŝĂŶŽĞŝŽĂŶĚĂǀŽ ĐƌĞĞŶĐŝĂƐƌĞůŝŐŝŽƐĂƐ͘ ŐŽƚŽĐŚƵƌĐŚǁŝƚŚ ŝŶĐŚŝĞƐĂĐŽŶůƵŝŵĂ ǇŽŝďĂĂůĂŝŐůĞƐŝĂĐŽŶ Śŝŵ͕ďƵƚŝΖǀĞŐŽƚƚŽ ŶŽŶĐŝǀĂĚŽĚĂƵŶƉŽ͛͘ Ġů͕ƉĞƌŽŚĂĐĞŵƵĐŚŽ ĂĚŵŝƚ͕ŝƚΖƐďĞĞŶĂ ƋƵĞŶŽǀŽǇ͘ ǁŚŝůĞ͘

ZhEE/E'dZ ŝΖŵŶŽƚĂĐŚƌŝƐƚŝĂŶ͘ ŶŽŶƐŽŶŽĐƌŝƐƚŝĂŶŽ͘ ǇŽŶŽƐŽǇĐƌŝƐƚŝĂŶŽ͘

^,/> ǁŚĂƚ͍ďƵƚƚŚĞͲƚŚĞ ĐŽƐĂ͍ŵĂŝůƐŝƚŽğƉĞƌ ƋƵĠ͍ůĂƉĄŐŝŶĂƐĞ ǁĞďƐŝƚĞǁĂƐ ŝŶĐŽŶƚƌŝƚƌĂĐƌŝƐƚŝĂŶŝ͘ ůůĂŵĂ ĐŚƌŝƐƚŝĂŶŵŝŶŐůĞ͘ĐŽŵ͘ ĐŽŶƚĂĐƚŽƐĐƌŝƐƚŝĂŶŽƐ͘Đ Žŵ͘

Z^ ZhEE/E'dZ ŐŽŽĚǁĂǇƚŽŵĞĞƚ ƉĞƌŝŶĐŽŶƚƌĂƌĞďĞůůĞ Yh/s>E ĞƐƵŶŵŽĚŽĚĞ Yh/s>E ŶŝĐĞǁŚŝƚĞǁŽŵĞŶ͘ ĚŽŶŶĞďŝĂŶĐŚĞ͘ ĐŽŶŽĐĞƌĂďůĂŶĐĂƐ Z^ Yh/s>E ďƵĞŶĂƐ͘ Yh/s>E

^,/> ŽŚ͕ǁĞůů͕ŝΖůůƚĂŬĞƚŚĂƚ ŽŚ͕ůŽƉƌĞŶĚŽĐŽŵĞ ŽŚ͕ďƵĞŶŽ͕ůŽƚŽŵĂƌĠ ĂƐĂĐŽŵƉůŝŵĞŶƚ͘ ƵŶĐŽŵƉůŝŵĞŶƚŽ͘ ĐŽŵŽƵŶĐƵŵƉůŝĚŽ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ǁŚĂƚǁĂƐǇŽƵƌŶĂŵĞ ĐŽŵĞŚĂŝĚĞƚƚŽĐŚĞƚŝ ĐſŵŽƚĞůůĂŵĂďĂƐƚƷ͍ ĂŐĂŝŶ͍ĐůŝŵďŝŶŐ ĐŚŝĂŵŝ͍ĞƌďĂ ƌĂşǌƚƌĞƉĂĚŽƌĂ͍ d,^ ǁĞĞĚ͍ ƌĂŵƉŝĐĂŶƚĞ͍ D/d/'d/KE D/d/'d/KE

ZhEE/E'dZ ƌƵŶŶŝŶŐƚƌĞĞ͘ ƚƌŽŶĐŽĐŚĞĐŽƌƌĞ͘ ĄƌďŽůĂŶĚĂŶƚĞ͘

d,^ &ZE< ŽŚ͘ǇŽƵΖƌĞŝŶĚŝĂŶ͍ ĂŚ͕ƐĞŝŝŶĚŝĂŶŽ͍ĐŚĞ >/D/Ed/KE ĂŚ͕ĞƌĞƐŝŶĚŝŽ͍ĚĞůŽƐ Yh/s>E ƚŚĞĨĞĂƚŚĞƌ͕ŶŽƚƚŚĞ ƚŝƉŽĚŝŝŶĚŝĂŶŽ͍ ĚĞůĂƐƉůƵŵĂƐ͕ĚŝŐŽ͍ ĚŽƚ͍

^,/> ŚĞΖƐĂŵĞŶŽŵŝŶĞĞ ğƵŶŝŶĚŝĂŶŽ ĞƐƵŶŵĞŶŽŵŝŶĞĞ͕ĞƐ ŝŶĚŝĂŶ͕ĨƌĂŶŬ͘ǁĞ ŵĞŶŽŵŝŶĞĞ͕ĨƌĂŶŬ͕Ğ ƵŶŝŶĚŝŽĨƌĂŶŬ͕Ǉ͕ƉŽƌ ďŽƚŚĂƌĞ͕ĂĐƚƵĂůůǇ͘ŵǇ ůŽƐŽŶŽĂŶĐŚ͛ŝŽŝŶ ĐŝĞƌƚŽ͕ǇŽƚĂŵďŝĠŶůŽ ŐƌĞĂƚͲŐƌĂŶĚŵŽƚŚĞƌ ƉĂƌƚĞ͘ůĂŵŝĂ ƐŽǇ͘ŵŝďŝƐĂďƵĞůĂĨƵĞ ǁĂƐƌĂƉĞĚďǇĂ ďŝƐŶŽŶŶĂĨƵ ǀŝŽůĂĚĂƉŽƌƵŶ ŵĞŶŽŵŝŶĞĞǁĂƌƌŝŽƌ͕ ǀŝŽůĞŶƚĂƚĂĚĂƵŶ ŐƵĞƌƌĞƌŽĚĞĞƐĂƚƌŝďƵ ĂŶĚŝΖŵůĞĂƌŶŝŶŐĂůů ŐƵĞƌƌŝĞƌŽ ǇĂŚŽƌĂĞƐƚŽǇ ĂďŽƵƚƚŚĞĐƵůƚƵƌĞ͘ ŵĞŶŽŵŝŶĞĞĞǀŽŐůŝŽ ĂƉƌĞŶĚŝĞŶĚŽƐƵ ĐŽŶŽƐĐĞƌĞůĂŶŽƐƚƌĂ ĐƵůƚƵƌĂ͘ ĐƵůƚƵƌĂ͘

&ZE< ŝƐŶΖƚƚŚŝƐĂŐƌĞĂƚ ǀŝǀŝĂŵŽŝŶƵŶĂ ǀĞƌĚĂĚƋƵĞĞƐƚĞĞƐ ĐŽƵŶƚƌǇ͍ ŐƌĂŶĚĞŶĂǌŝŽŶĞ͘ ƵŶŐƌĂŶƉĂşƐ͍

^,/> ǇĞĂŚ͘ Őŝă͘ Ɛş͘

E^ &ZE< ũƵƐƚŽŶĞ͕ďŝŐ͕ƌĂƉĞǇ ƵŶƵŶŝĐŽ͕ŐƌĂŶĚĞ͕ Yh/s>E ĞƐƵŶŐƌĂŶĐƌŝƐŽůĚĞ Yh/s>E ŵĞůƚŝŶŐƉŽƚ͘ ĐƌŽŐŝŽůŽŶĂƚŽĚĂ ǀŝŽůĂĐŝŽŶĞƐ ƐƚƵƉƌŝ͘ ŵƵůƚŝĠƚŶŝĐĂƐ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ĐĂŶŝĂƐŬǇŽƵĂ ƉŽƐƐŽĨĂƌƚŝƵŶĂ ƉƵĞĚŽŚĂĐĞƌƚĞƵŶĂ ĚĞůŝĐĂƚĞƋƵĞƐƚŝŽŶ͍ ĚŽŵĂŶĚĂŝŶĚŝƐĐƌĞƚĂ͍ ƉƌĞŐƵŶƚĂĚĞůŝĐĂĚĂ͍

ZhEE/E'dZ ƚŚĂŶŬƐ͘ ĐĞƌƚŽ͘ ŐƌĂĐŝĂƐ͘

&ZE< ŽŶƚŚĞŝŶĚŝĂŶ ŶĞůůĞƌŝƐĞƌǀĞŝŶĚŝĂŶĞ ĞŶůĂƐƌĞƐĞƌǀĂƐ ƌĞƐĞƌǀĂƚŝŽŶ͕ǇŽƵ ǀŽŝďĞǀĞƚĞĨŝŶŽĂ ďĞďĠŝƐŚĂƐƚĂĐĂĞƌŽƐ ƉĞŽƉůĞĚƌŝŶŬ ƐƚŽƌĚŝƌǀŝŵĂŶŽŶŚŽ ƌĞĚŽŶĚŽƐ͕ƉĞƌŽ d,^ ǇŽƵƌƐĞůǀĞƐ ŵĂŝƐĞŶƚŝƚŽĚŝƵŶ Yh/s>E ŶƵŶĐĂŚĞŽşĚŽƋƵĞĂ Yh/s>E ƵŶĐŽŶƐĐŝŽƵƐ͕ďƵƚŝ ŝŶĚŝĂŶŽĐŚĞŚĂƐƵďŝƚŽ ŶŝŶŐƷŶŝŶĚŝŽůĞŚĂǇĂŶ ŶĞǀĞƌŚĞĂƌŽĨĂŶ ƵŶƚƌĂƉŝĂŶƚŽĚŝ ŚĞĐŚŽƵŶƚƌĂƐƉůĂŶƚĞ ŝŶĚŝĂŶŐĞƚƚŝŶŐĂůŝǀĞƌ ĨĞŐĂƚŽ͘ĐŽŵĞŵĂŝ͍ ĚĞŚşŐĂĚŽ͘ĂƋƵĠƐĞ ƚƌĂŶƐƉůĂŶƚ͘ǁŚǇŝƐ ĚĞďĞ͍ ƚŚĂƚ͍

ZhEE/E'dZ ŐŽǀĞƌŶŵĞŶƚǁŽŶΖƚ ŝůŐŽǀĞƌŶŽŶŽŶƉĂŐĂ ĐŽŵŽĞůŐŽďŝĞƌŶŽŶŽ ƉĂǇĨŽƌŝƚ͘ƐŽǁĞƵƐĞĂ ƉĞƌƋƵĞůůŽ͘ƵƐŝĂŵŽŝů ŶŽƐůŽƉĂŐĂ͕ƵƐĂŵŽƐ ƐǁĞĂƚůŽĚŐĞ͘ ĐĂƉĂŶŶŽĚĞůƐƵĚŽƌĞ͘ ůĂĐĂďĂŹĂĚĞǀĂƉŽƌ͘

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

sZKE/ ǁĂƐŚĞƚŚƌĞĂƚĞŶŝŶŐ ĞƌĂƵŶĂŵŝŶĂĐĐŝĂ͍ ŶŽƐŚĂĂŵĞŶĂǌĂĚŽ͍ ƵƐ͍

<s/E ǇĞĂŚ͕ŚĞΖƐŐŽŶŶĂ ŝůŵĂƐƐŝŵŽĐŚĞƉƵž Ɛş͕ŶŽƐǀĂĂƐĂĐƵĚŝƌ ďĞĂƚƵƐƚŽĚĞĂƚŚ ĨĂƌĞğŐƌĂĨĨŝĂƌĐŝ͘ ĐŽŶůĂŵƵŹĞĐĂĨůŽũĂ͘ ^K^ ǁŝƚŚŚŝƐůŝŵƉǁƌŝƐƚ͘ ^h^d/dhd/KE Yh/s>E

sZKE/ ƚŚŽƵŐŚŚĞĚŝĚŝŶŚĞƌŝƚ ŚĂĞƌĞĚŝƚĂƚŽůĂ ƚĞƌĞĐƵĞƌĚŽƋƵĞ ŚŝƐĨĂƚŚĞƌΖƐŐƵŶ ĐŽůůĞǌŝŽŶĞĚŝƉŝƐƚŽůĞ ŚĞƌĞĚſůĂĐŽůĞĐĐŝſŶ ĐŽůůĞĐƚŝŽŶ͘ ĚŝƐƵŽƉĂĚƌĞ͘ ĚĞĂƌŵĂƐĚĞƐƚĂŶ͘

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

dKDDz ƚŚĞƌĞΖƐŶŽǁĂǇŝΖŵ ƉƵŽŝƐĐŽƌĚĂƌƚĞůŽĐŚĞ ƋƵĞŶŽ͕ƋƵĞŶŽǀŽǇĂ ƐŚĞůůŝŶŐŽƵƚĨŝĨƚǇ ƐďŽƌƐŽĐŝŶƋƵĂŶƚĂ ƉĂŐĂƌĐŝŶĐƵĞŶƚĂ ďƵĐŬƐĨŽƌĂŚĂŶĚũŽď͘ ĚŽůůĂƌŝƉĞƌƵŶĂƐĞŐĂ͘ ƉĂǀŽƐƉŽƌƵŶĂƉĂũĂ͘ ƚŚŝƌƚǇ͕ŵĂǇďĞ͘ ƚƌĞŶƚĂĂůŵĂƐƐŝŵŽ͘ ƚƌĞŝŶƚĂĐŽŵŽŵƵĐŚŽ͘

D/<z ŽŬĂǇ͕ŝΖůůƚĞůůǇŽƵ ƐĂŝĐŚĞƚŝĚŝĐŽ͍ƉĞƌ ŵŝƌĂ͕ƉŽƌƚƌĞŝŶƚĂ ǁŚĂƚ͘ĨŽƌƚŚŝƌƚǇ ƚƌĞŶƚĂĚŽůůĂƌŝƉƵŽŝ ƉĂǀŽƐƉĠůĂƚĞůĂƚƷ ďƵĐŬƐ͕ǇŽƵĐĂŶŐŽ ĨĂƌƚĞůĂĚĂƐŽůŽ͘ ƐŽůŝƚŽ͘ ũĞƌŬǇŽƵƌƐĞůĨŽĨĨ͘

<s/E ǁĞΖǀĞŐŽƚŽǀĞƌŚĞĂĚ͕ ĂďďŝĂŵŽĚĞůůĞƐƉĞƐĞ͘ ƚĞŶĞŵŽƐŐĂƐƚŽƐ͕ ƚŽŵŵǇ͘ƚŚĞůĂƵŶĚƌǇ ƐŽůŽůĂůĂǀĂŶĚĞƌŝĂŵŝ ƚŽŵŵǇ͘ƐŽůŽĞŶ ĂůŽŶĞŝƐŬŝůůŝŶŐ͘ ƵĐĐŝĚĞ͘ ůĂǀĂŶĚĞƌşĂ͘

dKDDz ŚĞǇ͕ŝƉĂǇƚŚŝƌƚǇĂƚƚŚĞ ŶĞŚŽƉĂŐĂƚŝƚƌĞŶƚĂ ǇŽƉĂŐŽƚƌĞŝŶƚĂĞŶĞů ƚŚĂŝƉůĂĐĞ͕ĂŶĚƚŚĞǇ ĚĂŝƚĂŝůĂŶĚĞƐŝĞĂŶĐŚĞ ƚĂŝůĂŶĚĠƐǇƚĂŵďŝĠŶ ǁĂƐŚƚŽǁĞůƐƚŽŽ͘ ůŽƌŽůĂǀĂŶŽŐůŝ ůĂǀĂŶůĂƐƚŽĂůůĂƐ͘ ĂƐĐŝƵŐĂŵĂŶŝ͘

<s/E ĚĂŵŶƚŚĂŝƐĞǆ ƉƌŽƐƚŝƚƵƚĞƚĂŝůĂŶĚĞƐŝ͕ ŵĂůĚŝƚĂƐƉƵƚŝƚĂƐ ǁŽƌŬĞƌƐ͕ƐƚĞĂůŝŶŐ ƌƵďĂŶŽŝůůĂǀŽƌŽĂůůĞ ƚĂŝůĂŶĚĞƐĂƐ͕ƌŽďĂŶĚŽ E/D ũŽďƐĨƌŽŵĚĞĐĞŶƚ ĂŵĞƌŝĐĂŶĞƉĞƌďĞŶĞ͘ Yh/s>E ĞůƚƌĂďĂũŽĂůŽƐ Yh/s>E ĂŵĞƌŝĐĂŶƐ͘ ĂŵĞƌŝĐĂŶŽƐ ĚĞĐĞŶƚĞƐ͘

D/<z ŽƵƌŐŝƌůƐĂƌĞƌƵƐƐŝĂŶ͘ ƐŽŶŽƌƵƐƐĞ͘ ƐŽŶĐŚŝĐĂƐƌƵƐĂƐ͘

E^ <s/E ƚŚĞǇĞĂƚǁŝƚŚĨŽƌŬƐ͕ ĂůŵĞŶŽůŽƌŽƵƐĂŶŽůĂ Yh/s>E ǇĂ͕ƉĞƌŽƵƐĂŶ Yh/s>E ŶŽƚǁŝƚŚƐƚŝĐŬƐ͕ ĨŽƌĐŚĞƚƚĂĞŶŽŶůĞ ƚĞŶĞĚŽƌ͕ŶŽƉĂůŝůůŽƐ͕ ƌŝŐŚƚ͍ ďĂĐĐŚĞƚƚĞ͘ ǀĞƌĚĂĚ͍

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

<s/E ǁĂŝƚ͕ĂƌĞǇŽƵĂůůŐĂǇ͍ ƐŝĞƚĞƚƵƚƚŝŐĂǇ͍ ƐŽŝƐƚŽĚŽƐŐĂŝƐ͍

dEE/^dD ŶŽ͘ ŶŽ͘ ŶŽ͘

^K <s/E ŝΖŵŶŽƚƚƌǇŝŶŐƚŽďĞ ŶŽŶǀŽŐůŝŽŝŶƐƵůƚĂƌǀŝ͕ Yh/s>E ŶŽůŽĚĞĐşĂƉŽƌ Yh/s>E ŝŶƐƵůƚŝŶŐ͕ŝũƵƐƚǁĂŶƚ ǀŽŐůŝŽƐŽůŽƐĂƉĞƌĞ͕ǀŝ ŝŶƐƵůƚĂƌŽƐ͕ƐŝŶŽƉŽƌ ƚŽŬŶŽǁŝĨǇŽƵǁĂŶƚĂ ǀĂƵŶĂďĞůůĂƐĞŐĂ͍ ƐĂďĞƌƐŝŽƐŐƵƐƚĂƋƵĞ ŚĂŶĚũŽď͘ ŽƐůĂƉĞůĞŶ͘

^ŚĞŝůĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

d,^ ^,/> ƚŚŝƐŝƐŐŽŶŶĂŵĂŬĞ ĐŽƐŞǀŝƐĞŶƚŝƌĞƚĞ Yh/s>E ĐŽŶĞƐƚŽƐĞŶƚŝƌĠŝƐ Yh/s>E ǇŽƵĨĞĞůƌŝŐŚƚĂƚ ĐŽŵĞĂĐĂƐĂǀŽƐƚƌĂ͘ ĐŽŵŽƐŝĞƐƚƵǀŝĞƌĂŝƐ ŚŽŵĞ͘ŽŬĂǇ͘ŝΖǀĞŐŽƚ ŽŬ͕ĐŝƐŽŶŽŝ ĞŶĐĂƐĂ͘ƋƵĠŽƐ ƐƵĐĐŽƚĂƐŚ͕ƋƵŝŶŽĂ͕ ƐƵĐĐŽƚĂƐŚ͕ůĂƋƵŝŶŽĂ ƉĂƌĞĐĞ͍ŽƐŚĞƚƌĂşĚŽ ĂŶĚĨƌǇďƌĞĂĚŵĂĚĞ ĞŝƚĂĐŽƐŝŶĚŝĂŶŝĨĂƚƚŝ ƐƵĐĐŽƚĂƐŚ͕ƋƵŝŶŽĂǇ ĨƌŽŵĂĐŽƌŶƉŽǁĚĞƌ͕ ĐŽŶĨĂƌŝŶĂĚŝ ƉĂŶĨƌŝƚŽŚĞĐŚŽĐŽŶ ŝŶĚŝŐĞŶŽƵƐƚŽŽƵƌ ŐŚŝĂŶĚĞ͕ƵŶŶŽƐƚƌŽ ŚĂƌŝŶĂĚĞďĞůůŽƚĂ ƉĞŽƉůĞ͘ǁŚĂƚǁĂƐ ŝŶŐƌĞĚŝĞŶƚĞƚŝƉŝĐŽ͘ ĐŽŵŽŚĂĐşĂĂŶƚĞƐ ǇŽƵƌŶĂŵĞĂŐĂŝŶ͍ ŶŽŶƌŝĐŽƌĚŽŝůƚƵŽ ŶƵĞƐƚƌŽƉƵĞďůŽ͘ ŶŽŵĞ͘ ĐſŵŽƚĞůůĂŵĂďĂƐƚƷ͍

d,^ 'Zz ŽŶĞͲĞǇĞĚƐŶĂŬĞ͘ ƐĞƌƉĞŶƚĞĐŝĐůŽƉŝĐŽĞ Yh/s>E ĂůĐĞĐŚƵƉſŶ͘ĠůĞƐ Yh/s>E ĂŶĚƚŚŝƐŝƐƐƚŝŶŬŝŶŐ ůƵŝǀĞŶƚŽƉƵǌǌŽůĞŶƚĞ͘ ǀŝĞŶƚŽĂƉĞƐƚŽƐŽ͘ ǁŝŶĚ͘

^,/> ƐƚŝŶŬŝŶŐǁŝŶĚ͘ƚŚĂƚΖƐ ǀĞŶƚŽƉƵǌǌŽůĞŶƚĞ͘ ǀŝĞŶƚŽĂƉĞƐƚŽƐŽ͍ĞƐ ƵŶƵƐƵĂů͘ ĚĂǀǀĞƌŽĐƵƌŝŽƐŽ͘ ďĂƐƚĂŶƚĞƌĂƌŽ͘

^ŚĞŝůĂΖƐďĂĐŬǇĂƌĚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ŚŽǁŽůĚĂƌĞǇŽƵŶŽǁ͕ ƋƵĂŶƚŝĂŶŶŝŚĂŝ͕ ƋƵĠĞĚĂĚƚŝĞŶĞƐ͕ ƚĞŶ͍ ĚŝĞĐŝ͍ ĚŝĞǌ͍

Z> ƚǁĞůǀĞ͘ ĚŽĚŝĐŝ͘ ĚŽĐĞ͘

^^ &ZE< ǁĞůů͕ƐŽŽŶǇŽƵΖůů ƉƌĞƐƚŽŵĞƚƚĞƌĂŝ >/D/Ed/KE ƉƌŽŶƚŽƉƌĞŹĂƌĄƐĂƚƵ >/D/Ed/KE ŬŶŽĐŬƵƉǇŽƵƌĨŝƌƐƚ ŝŶĐŝŶƚĂůĂƚƵĂƉƌŝŵĂ ƉƌŝŵĞƌĂĐŚŝĐĂǇ ŐŚĞƚƚŽŐŝƌůĂŶĚĚŝƚĐŚ ƌĂŐĂǌǌĂĞůĂůĂƐĐĞƌĂŝ͘ ƉĂƐĂƌĄƐĚĞĞůůĂ͘ ŚĞƌ͘

,URQ&LW\ 6HDVRQ(SLVRGH ([FHUSW ,ŽƐƉŝƚĂů͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

KdKZdK^DD/ ŵĂŬĞŚŝŵ ŵĞƚƚĞƌůŽĂƐƵŽĂŐŝŽ͘ ƋƵĞĞƐƚĠĐſŵŽĚŽ͘ ĐŽŵĨŽƌƚĂďůĞ͘ŚŽƐƉŝĐĞ ůĂĐĂƐĂĚŝĐƵƌĂğ ůůĞǀĂĚůŽĂƵŶĐĞŶƚƌŽ ŝƐĂŶĞǆĐĞůůĞŶƚŽƉƚŝŽŶ͘ ƵŶ͛ŽƚƚŝŵĂĂůƚĞƌŶĂƚŝǀĂ͘ ƉĂƌĂƚĞƌŵŝŶĂůĞƐ͘ ŝĂƐƐƵŵĞĐŽƐƚŝƐĂŶ ŝůĐŽƐƚŽƐĂƌĞďďĞƵŶ ĐŽŵŽƐƵƉŽŶŐŽƋƵĞ ŝƐƐƵĞ͘ƚŚĞƌĞĂƌĞ ƉƌŽďůĞŵĂŵĂĐĞŶĞ ŶŽƚĞŶĠŝƐĚŝŶĞƌŽ͕ ƐĞǀĞƌĂůŶŝĐĞŽŶĞƐ ƐŽŶŽĚŝĐĂƌŝŶĞĐŚĞ ĞǆŝƐƚĞŶǀĂƌŝŽƐĐĞŶƚƌŽƐ ĂƌŽƵŶĚƚŚĂƚĂĐĐĞƉƚ ĂĐĐĞƚƚĂŶŽŐůŝ ĐĞƌĐĂŶŽƐƋƵĞĂĐĞƉƚĂŶ ƚŚĞŝŶĚŝŐĞŶƚ͕ƌƵŶďǇ ŝŶĚŝŐĞŶƚŝ͕ƐŽŶŽ ŝŶĚŝŐĞŶƚĞƐ͘ůŽƐůůĞǀĂŶ ƌĞůŝŐŝŽƵƐŽƌĚĞƌƐ͕ďƵƚ ŐĞƐƚŝƚĞĚĂƌĞůŝŐŝŽƐŝŵĂ ſƌĚĞŶĞƐƌĞůŝŐŝŽƐĂƐ͕ ǁĞůůǁŽƌƚŚĂĐŽƵƉůĞ ƵŶƉĂŝŽĚŝƐƚƌŽĨĞĚŝ ƉĞƌŽƉŽƌƵŶƉĂƌĚĞ ĐŚŽƌƵƐĞƐŽĨĂŵĂǌŝŶŐ ĂŵĂǌŝŶŐŐƌĂĐĞ ĂǀĞŵĂƌşĂƐŵĞƌĞĐĞůĂ ŐƌĂĐĞƚŽŚĂǀĞǇŽƵƌ ǀĂůŐŽŶŽŐůŝƵůƚŝŵŝ ƉĞŶĂƉĂƐĂƌďŝĞŶƚƵƐ ůĂƐƚĚĂǇƐďĞ ŐŝŽƌŶŝŝŶƵŶďĞů ƷůƚŝŵŽƐĚşĂƐ͘ ƐŽŵĞƉůĂĐĞŶŝĐĞ͘ ƉŽƐƚŽ͘

Z/D Yh/s>E Yh/s>E

<ĞǀŝŶĂŶĚsĞƌŽŶŝĐĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

sZKE/ ǁŚĂƚΖƐŐŽŶŶĂŚĂƉƉĞŶ ĐŽŵĞĨĂƌĞŵŽĐŽŶŝ ǇƋƵĠǀĂĂƐĞƌĚĞ ǁŝƚŚŽƵƌďĂďŝĞƐ͍ ŶŽƐƚƌŝĨŝŐůŝ͍ ŶƵĞƐƚƌŽƐďĞďĞƐ͍

<s/E ƚŚĞǇΖƌĞŐŽŶŶĂďĞ ƐƚĂƌĂŶŶŽďĞŶĞ͕ŶŽŝůŝ ůĞƐŝƌĄďŝĞŶ͘ƐĂďƌĞŵŽƐ ĨŝŶĞ͘ǁĞΖƌĞŐŽŶŶĂ ƚĞƌƌĞŵŽĂůƐŝĐƵƌŽ͘ ĐƵŝĚĂƌůŽƐ͘ƐĞƌĄŶŶŝŹŽƐ ŬĞĞƉΖĞŵƐĂĨĞ͘ ĐƌĞƐĐĞƌĂŶŶŽĨĞůŝĐŝ͕ ĨĞůŝĐĞƐǇůŝƐƚŽƐ͘ ƚŚĞǇΖƌĞŐŽŶŶĂŐƌŽǁ ŝŶƚĞůůŝŐĞŶƚŝĞ ũƵŐĂƌĄŶĞŶůŽƐďƵůůƐ͘Ǉ ƵƉŚĂƉƉǇĂŶĚƐŵĂƌƚ ŐŝŽĐŚĞƌĂŶŶŽŶĞŝ ĂƵŶŽĚĞĞůůŽƐůŽ ĂŶĚƉůĂǇĨŽƌƚŚĞďƵůůƐ͘ ĐŚŝĐĂŐŽďƵůůƐ͘ƵŶŽĚŝ ĞůĞŐŝƌĄŶƉƌĞƐŝĚĞŶƚĞ͘ ŽŶĞŽĨΖĞŵΖƐŐŽŶŶĂ ůŽƌŽƐĂƌăĞůĞƚƚŽ ďĞĞůĞĐƚĞĚƉƌĞƐŝĚĞŶƚ͘ ƉƌĞƐŝĚĞŶƚĞ͘

sZKE/ ŽĨƚŚĞƵŶŝƚĞĚƐƚĂƚĞƐ͍ ĚĞŐůŝƐƚĂƚŝƵŶŝƚŝ͍ ĚĞůŽƐĞƐƚĂĚŽƐ ƵŶŝĚŽƐ͍

<s/E ŚĞůů͕ǇĞĂŚ͘ǁŚǇŶŽƚ͍ ĐĞƌƚŽ͕ƉĞƌĐŚĠŶŽ͍ ƉƵĞƐ͕ĐůĂƌŽ͘ƉŽƌƋƵĠ ǁĞĂůƌĞĂĚǇĞůĞĐƚĞĚĂ ĂďďŝĂŵŽĞůĞƚƚŽƵŶ ŶŽ͍ǇĂŚĞŵŽƐ ƐŬŝŶŶǇŚĂůĨͲďůĂĐŬ ŵƵƐƵůŵĂŶŽŵĞǌǌŽ ĞůĞŐŝĚŽĂƵŶŵƵůĂƚŽ ŵƵƐůŝŵĚƵĚĞŶĂŵĞĚ ŶĞƌŽĐŚĞƐŝĐŚŝĂŵĂ ǇŵƵƐƵůŵĄŶƋƵĞƐĞ Z ĂĨƚĞƌĂƚŽǁĞůͲŚĞĂĚ ĐŽŵĞƵŶĚŝƚƚĂƚŽƌĞ Yh/s>E ůůĂŵĂĐŽŵŽƵŶ Yh/s>E Z^ ĚŝĐƚĂƚŽƌ͘ ĐŽŶƵŶƚƵƌďĂŶƚĞŝŶ Yh/s>E ĚŝĐƚĂĚŽƌƋƵĞůůĞǀĂ Yh/s>E ƚĞƐƚĂ͘ ƵŶĂƚŽĂůůĂĞŶůĂ Z Yh/s>E ĐĂďĞǌĂ͘ Yh/s>E

^ŚĞŝůĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^,/> ŝΖǀĞŐŽƚ͕Ƶŵ͕ŶŽŬĂŬĞ ĐŝƐŽŶŽƉĂŶĐĂŬĞĚŝ ŚĞŚĞĐŚŽƚŽƌƚŝƚĂƐĚĞ ƉĂŶĐĂŬĞƐĂŶĚ ŶŽŬĂŬĞĞƐĐŝƌŽƉƉŽĚŝ ŵĂşǌǇŚĂǇƐŝƌŽƉĞĚĞ ŵŽůĂƐƐĞƐƐǇƌƵƉ͘ ŵĞůĂƐƐĂ͘ ŵĞůĂǌĂ͘

ZhEE/E'dZ ƐŽǁĞΖƌĞŐŽŶŶĂŚĂǀĞ ƉƵƌƚƌŽƉƉŽŽŐŐŝ ĂƉƌŽƉſƐŝƚŽ͕ƉŽƌ ƚŽďĞŚĞĂĚŝŶŐďĂĐŬƚŽ ĚŽďďŝĂŵŽƚŽƌŶĂƌĞ ĚĞƐŐƌĂĐŝĂƚĞŶĞŵŽƐ ƚŚĞƌĞƐĞƌǀĂƚŝŽŶ ƚƵƚƚŝŶĞůůĂŶŽƐƚƌĂ ƋƵĞǀŽůǀĞƌŚŽǇĂůĂ ƚŽĚĂǇ͕ƐĂĚƚŽƐĂǇ͘΀͙΁ ƌŝƐĞƌǀĂ͘΀͙΁ ƌĞƐĞƌǀĂ͘΀͙΁

d,^ ^,/> ĚŽǇŽƵŚĂǀĞĂůŽƚŽĨ ĂǀĞƚĞƚĂŶƚĂƚĞƌƌĂƉĞƌ Yh/s>E ƚĞŶĠŝƐŵƵĐŚĂƚŝĞƌƌĂ Yh/s>E ůĂŶĚĨŽƌĨĂƌŵŝŶŐĂŶĚ ů͛ĂůůĞǀĂŵĞŶƚŽĞ ƉĂƌĂ͕ƉĂƌĂĞůŐĂŶĂĚŽ ĂŐƌŝĐƵůƚƵƌĞ͍ ů͛ĂŐƌŝĐŽůƚƵƌĂ͍ ǇůĂŚƵĞƌƚĂ͍

d,^ 'Zz ǁĞůŝǀĞŝŶĂĚŽƵďůĞͲ ĂďŝƚŝĂŵŽŝŶƵŶ Yh/s>E ǀŝǀŝŵŽƐĞŶƵŶĂ Yh/s>E ǁŝĚĞďĞŚŝŶĚƚŚĞ ŐƌĂŶĚĞĐĂŵƉĞƌ ĐĂƌĂǀĂŶĂĚĞƚƌĄƐĚĞů ĐĂƐŝŶŽ͘ ĚŝĞƚƌŽŝůĐĂƐŝŶŽ͘ ĐĂƐŝŶŽ͘

DŝůŬŽǀŝĐŚŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

dZZz ŐŽĚĚĂŵŶŝƚ͊ĨƵĐŬŝŶŐ ŵĂůĞĚŝǌŝŽŶĞ͕ĨƌŽĐŝĚĞů ŵĂůĚŝƚĂƐĞĂ͕ƉƵƚŽƐ ' ĐĂŶĚǇͲĂƐƐĞĚ ĐĂǌǌŽ͕ĨŝŐůŝĚŝ ^h^d/dhd/KE ŵĂĚĞƌŽƐĚĞŵŝĞƌĚĂ͘ >/D/Ed/KE ŵŽƚŚĞƌĨƵĐŬŝŶŐ ƉƵƚƚĂŶĂ͊ƚŽŐůŝĞƚĞŵŝ ĐŽŵŽŶŽŵĞƋƵŝƚĠŝƐ ƉƵƐƐŝĞƐ͊ŐĞƚƚŚĞƐĞ ƋƵĞƐƚĞŵĂŶĞƚƚĞĚŝ ůĂƐĞƐƉŽƐĂƐŽƐǀŽǇĂ ŐŽĚĚĂŵŶĐƵĨĨƐŽĨĨ͊ŝΖůů ŵĞƌĚĂ͕ǀŝƉƌĞŶĚŽĂ ŵĂĐŚĂĐĂƌĂƉĂƚĂĚĂƐ ŬŝĐŬǇŽƵƌĨƵĐŬŝŶŐĂƐƐ͊ ĐĂůĐŝŝŶĐƵůŽ͘ƚƵĞƋƵĞů ĞƐŽƐĐƵůŽƐĚĞ ǇŽƵĂŶĚǇŽƵƌ ŵĂůĞĚĞƚƚŽĨŝŶŽĐĐŚŝŽ ŵĂƌŝĐŽŶĞƐ͘ƐŽŝƐƵŶ ŐŽĚĚĂŵŶĨĂŐŐŽƚǇ ĚĞůƚƵŽƌĂŐĂǌǌŽ͘ƐŝĞƚĞ ĂƚĂũŽĚĞŐŝůŝƉŽůůĂƐǇ ďŽǇĨƌŝĞŶĚ͊ǇŽƵ ƐŽůŽĚĞŝƚƌĂĚŝƚŽƌŝ͕ ĐŽŵŽŶŽƚĞŶĠŝƐŶŝ ƉĞĐŬĞƌͲŶĞĐŬ ƉĞǌǌŝĚŝŵĞƌĚĂ͕ ŵĞĚŝĂŚŽƐƚŝĂĐĂĚĂ ^K ďĂƐƚĂƌĚƐ͊ǇŽƵƌŽƚƚĞŶ ƌŝƚĂƌĚĂƚŝĚĞůĐĂǌǌŽĐŚĞ Yh/s>E ƵŶŽƚĞŶĠŝƐƋƵĞ Yh/s>E ŵŽƚŚĞƌĨƵĐŬĞƌƐ͊ƉŝŐͲ ĚŝŽǀŝŵĂůĞĚŝĐĂ͊ ƉŝůůĂƌŵĞĞŶƚƌĞǀĂƌŝŽƐ͘ ĂƐƐƉŝĞĐĞƐŽĨƐŚŝƚ͊ ŵĂƌŝĐŽŶĂǌŽƐ͊ ŐŽĚĚĂŵŶǇŽƵ͊

$MDLOELUGLQYDOLGPDUW\UFXWWHUUHWDUGDQGSDUDVLWLFWZLQ 6HDVRQ(SLVRGH DŝůŬŽǀŝĐŚŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

<s/E ũƵƐƚŐŝǀĞŵĞĂŐƵŶ͘ ĚĂŵŵŝƵŶĂƉŝƐƚŽůĂ͘ ŵĞĚĂƐƵŶĂƉŝƉĂ͍

^^ D/<z ǇŽƵƌƵŶĂďĂƌŽŶƚŚĞ ŐĞƐƚŝƐĐŝƵŶďĂƌŶĞů Yh/s>E ƚŝĞŶĞƐƵŶďĂƌĞŶĞů Yh/s>E ƐŽƵƚŚƐŝĚĞ͘ŚŽǁƚŚĞ ƐŽƵƚŚƐŝĚĞ͕ƉĞƌĐŚĠ ďĂƌƌŝŽ͕͎ĐſŵŽĞƐƋƵĞ ĨƵĐŬĚŽǇŽƵŶŽƚŚĂǀĞ ĐĂǌǌŽŶŽŶŶĞŚĂŝ ŶŽƚŝĞŶĞƐƵŶĂ͍ ĂŐƵŶ͍ ƵŶĂ͍

<s/E ŶŽƚĞǀĞƌǇŽŶĞΖƐĂ ŶŽŶƐŝĂŵŽƚƵƚƚŝ ƉŽƌƋƵĞŶŽƐŽǇƵŶ ƚŚƵŐ͘ ĚĞůŝŶƋƵĞŶƚŝ͘ ŵĂƚſŶ͘

'ĂǇŶŝŐŚƚĐůƵď͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

>hDE'Z ůŽŽŬ͕ǇŽƵůŝƚƚůĞ ƐĞŶƚŝƌĂǌǌĂĚŝĚƌŽŐĂƚŽ͕ ŽǇĞ͕ƉĞƋƵĞŹŽǇŽŶŬŝ͘ ƚǁĞĂŬĞƌ͘ǇŽƵƚŚŝŶŬ ĐƌĞĚŝĚŝĞƐƐĞƌĞŝů ƚĞĐƌĞĞƐƋƵĞĞƌĞƐĞů ǇŽƵΖƌĞƚŚĞĨŝƌƐƚŽŶĞƚŽ ƉƌŝŵŽĂǀĞŶŝƌĞ ƉƌŝŵĞƌŽƋƵĞ ĐŽŵĞŝŶŚĞƌĞďŽŽͲ ƉŝĂŐŶƵĐŽůĂŶĚŽĂ ƉƌĞŐƵŶƚĂƉŽƌĂůŐƷŶ ŚŽŽŝŶŐĂďŽƵƚƐŽŵĞ ĐĞƌĐĂƌĞƵŶĂƚƌŽŝĞƚƚĂ ĐĂŵĂƌĞƌŽǌŽƌƌſŶƋƵĞ ĐŽĐŬƚĂŝůƐůƵƚǁŚŽ ĐŚĞŐůŝŚĂĨĂƚƚŽƵŶĂ ůĞŚŝǌŽƵŶĂƉĂũĂĞŶĞů ũĂĐŬĞĚǇŽƵŽĨĨŝŶƚŚĞ ƐĞŐĂŝŶďĂŐŶŽ ďĂŹŽ͕ůĞĚŝũŽƋƵĞůŽ ďĂƚŚƌŽŽŵ͕ƚŽůĚǇŽƵŝƚ ĚŝĐĞŶĚŽŐůŝĐŚĞĞƌĂ ƐƵǇŽĞƌĂĂŵŽƌǇ ǁĂƐƚƌƵĞůŽǀĞ͕ĂŶĚ ǀĞƌŽĂŵŽƌĞĞƉŽŝğ ĚĞƐĂƉĂƌĞĐŝſ͍ ƚŚĞŶĚŝƐĂƉƉĞĂƌĞĚ͍ ƐĐŽŵƉĂƌƐŽ͍ĐƌĞĚŝŵŝ͕ ĐƌĠĞŵĞ͕ŶŽůŽĞƌĞƐ͘ ƚƌƵƐƚŵĞ͘ǇŽƵΖƌĞŶŽƚ͘ ƚŝƐďĂŐůŝ͘ƋƵŝŶĚŝ ĂƐşƋƵĞ͕ƉŽƌƋƵĠŶŽƚĞ ƐŽǁŚǇĚŽŶΖƚǇŽƵďƵǇ ƉĞƌĐŚĠŶŽŶŽƌĚŝŶŝƵŶ ƉŝĚĞƐƵŶĂĐŽƉĂǇƚĞ ǇŽƵƌƐĞůĨĂĚƌŝŶŬĂŶĚ ĚƌŝŶŬĞƚŝŝŶŶĂŵŽƌŝĚŝ ĞŶĂŵŽƌĂƐĚĞŽƚƌŽ͍ ĨĂůůŝŶůŽǀĞǁŝƚŚ ƋƵĂůĐƵŶĂůƚƌŽ͍ ƐŽŵĞďŽĚǇĞůƐĞ͍

D/<z ǇŽƵĐĂůůŝŶŐŵĞŐĂǇ͍ ƉĞŶƐŝƐŝĂŐĂǇ͍ ŵĞŚĂƐůůĂŵĂĚŽŐĂǇ͍

>hDE'Z ŽŚ͘ƉůĞĂƐĞ͕ŚŽŶĞǇ͘ ŽŚ͕ƚŝƉƌĞŐŽ͕ƚĞƐŽƌŽ͕ ŽŚ͕ƉŽƌĨĂǀŽƌ͕ĐŝĞůŽ͕Ă ǇŽƵŵĂŬĞũƵƐƚŝŶ ƉĞƌĨŝŶŽũƵƐƚŝŶďŝĞďĞƌ ƚƵůĂĚŽũƵƐƚŝŶďŝĞďĞƌ ^K^ ďŝĞďĞƌůŽŽŬƐƚƌĂŝŐŚƚ͘ ƐĞŵďƌĂĞƚĞƌŽ͘ĂŚ͕ĂŚ͕ Yh/s>E ƉĂƌĞĐĞƵŶŵĂĐŚŽ͘ DW>/&/d/KE ĂĂŚ͊ŽŚ͊ĂŚ͊ ĂŚ͊ ĂŚ͕ĂŚ͕ĂŚ͘

D/<z ŶŽǁ͕ŝŬŶŽǁǇŽƵ ŽƌĂ͕ƐŽĐŚĞƐĂŝĚŽǀ͛ğ͕ ĂŚŽƌĂƋƵŝĞƌŽƐĂďĞƌ ŬŶŽǁǁŚĞƌĞŚĞŝƐ͕ ƐƵĐĐŚŝĂĐĂǌǌŝ͘ ĚſŶĚĞĞƐƚĄŝĂŶ͕ ^K ĚŝĐŬďƌĞĂƚŚ͘ Yh/s>E ĐĂƉƵůůŽ͘ >/D/Ed/KE

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

<s/E ǁŚĂƚ͕ĞǀĞƌǇŽŶĞŚĂƐĂ ĂǀĞƚĞƚƵƚƚŝƵŶĂ ƚŽĚŽĞůŵƵŶĚŽǀĂ E^ ŐƵŶ͍ ƉŝƐƚŽůĂ͍ Yh/s>E ĂƌŵĂĚŽ͍ Yh/s>E

E^ dKDDz ďŝďůĞƐĂǇƐǁĞŚĂǀĞ ůĂďŝďďŝĂĚŝĐĞĐŚĞ Yh/s>E ůĂďŝďůŝĂĚŝĐĞƋƵĞ Yh/s>E ƚŚĞƌŝŐŚƚƚŽďĞĂƌ ƉŽƐƐŝĂŵŽƉŽƌƚĂƌĞ ƚĞŶĞŵŽƐĚĞƌĞĐŚŽĂ ĂƌŵƐ͘ƐŽŝďĞĂƌĂƌŵƐ͘ ĂƌŵŝƋƵŝŶĚŝŝŽŚŽ ůůĞǀĂƌĂƌŵĂƐ͕ĂƐşƋƵĞ ƵŶ͛ĂƌŵĂ͘ ůĂƐůůĞǀŽ͘

<ZD/d ŝƚΖƐƚŚĞĐŽŶƐƚŝƚƵƚŝŽŶ͘ ĂŶĐŚĞůĂĐŽƐƚŝƚƵǌŝŽŶĞ͘ ĞƐůĂĐŽŶƐƚŝƚƵĐŝſŶ͘

dKDDz ŶŽƐŚŝƚ͍ ĚĂǀǀĞƌŽ͍ ŶŽũŽĚĂƐ͘

'ĂǇŶŝŐŚƚĐůƵď;ŽƵƚƐŝĚĞͿ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

D/<z ǁŚǇĚŽŶΖƚǇŽƵŵŽůĞƐƚ ǀĂĂŵŽůĞƐƚĂƌĞ ƉŽƌƋƵĠŶŽĂďƵƐĂƐĚĞ ƐŽŵĞŽŶĞǇŽƵƌŽǁŶ ƋƵĂůĐƵŶŽĚĞůůĂƚƵĂ ĂůŐƵŝĞŶĚĞƚƵŵŝƐŵĂ ĂŐĞ͕ǇŽƵŐĞƌŝƚŽůĨƵĐŬ͍ Ğƚă͕ǀĞĐĐŚŝŽĐŽŐůŝŽŶĞ͘ ĞĚĂĚ͍

DE Žǁ͊ĨƵĐŬ͊Žǁ͊ǇŽƵΖƌĞ ŽŚ͕ĐĂǌǌŽ͕ŽŚĚŝŽ͕ƐĞŝ ŽŚ͕ũŽĚĞƌ͕ĚŝŽƐ͕ŶŽ ĂŶĂŶŝŵĂů͘ ƵŶĂŶŝŵĂůĞ͘ ƐĞĂƐĂŶŝŵĂů͘

D/<z ŝΖŵŶŽƚƚŚĞŽŶĞ ŶŽŶƐŽŶŽŝŽƋƵĞůůŽ ǇŽŶŽƐŽǇĞůƋƵĞĞƐƚĄ ŐƌŽƉŝŶŐĂŶĚůŝĐŬŝŶŐ ĐŚĞƉĂůƉĂĞůĞĐĐĂƵŶ ŵĞƚŝĞŶĚŽŵĂŶŽĂƵŶ ŽŶƵŶĚĞƌĂŐĞďŽǇƐ͕ ŵŝŶŽƌĞŶŶĞ͘ƐďĂŐůŝŽ͍ ŵĞŶŽƌ͕ĂƋƵĞŶŽ͍ Ăŵŝ͍

DE ǁĞΖƌĞũƵƐƚŚĂǀŝŶŐĨƵŶ͘ ĐŝƐƚŝĂŵŽƐŽůŽ ƐŽůŽůŽƉĂƐĂŵŽƐďŝĞŶ͘

ĚŝǀĞƌƚĞŶĚŽ͘

D/<z ƐŚƵƚƚŚĞĨƵĐŬƵƉ͘ŐŝǀĞ ĐŚŝƵĚŝƋƵĞůůĂĐĂǌǌŽĚŝ ĐŝĞƌƌĂůĂƉƵƚĂďŽĐĂ͘ ĐƵƌƚŝƐƐŽŵĞŵŽŶĞǇ ďŽĐĐĂ͘ŽƌĂĚĂĂĐƵƌƚŝƐ ĚĂůĞĂĐƵƌƚŝƐĂůŐŽĚĞ ďĞĨŽƌĞŚĞĐĂůůƐƚŚĞ ƵŶƉŽ͛ĚŝŐƌĂŶĂ͕ ƉĂƐƚĂĂŶƚĞƐĚĞƋƵĞ ĐŽƉƐŽŶǇŽƵ͘ ĂůƚƌŝŵĞŶƚŝƚŝĚĞŶƵŶĐŝŽ ůůĂŵĞĂůĂƉŽůŝĐşĂ͘ ĂůůĂƉŽůŝǌŝĂ͘

DE ŽŬĂǇ͘ŽŬĂǇ͘ŚĞƌĞ͕ ŽŬ͕ŽŬ͕ĞĐĐŽ͕ƚŝĞŶŝ͘ ǀĂůĞ͕ǀĂůĞ͘ƚĞŶ͕ƚĞŶ͕ ƚĂŬĞ͕ŚĞƌĞ͘ ĐŽŐĞĞƐƚŽ͕ĐŽŐĞ͘

D/<z ŐŽŽĚ͕ŐŽŽĚ͘ƚŚĂŶŬ ďĞŶĞ͕ďĞŶĞ͘ŐƌĂǌŝĞ͘ ďŝĞŶ͕ďŝĞŶ͕ŐƌĂĐŝĂƐ͘Ǉ ǇŽƵ͘ŐĞƚƚŚĞĨƵĐŬŽƵƚ ŽƌĂůĞǀĂƚŝĚĂůĐĂǌǌŽ͕ ĂŚŽƌĂůĄƌŐĂƚĞĚĞĂƋƵş͘ ŽĨŚĞƌĞ͘ŐĞƚŽƵƚŽĨ ƐƉĂƌŝƐĐŝ͊ ůĂƌŐŽĚĞĂƋƵş͘ ŚĞƌĞ͊

DE Žǁ͊ ĂŚ͊ ĂŚ͊

' D/<z ĂŶĚůĞĂƌŶŚŽǁƚŽƌƵŶ ĞŝŵƉĂƌĂĂĐŽƌƌĞƌĞ Yh/s>E ǇĂǀĞƌƐŝĐŽƌƌĞƐ Yh/s>E ^K ůŝŬĞĂĚƵĚĞ͊ ĐŽŵĞƵŶƵŽŵŽ͊ Yh/s>E ĐŽŵŽƵŶƚşŽ͘ Yh/s>E

+RSHVSULQJVSDWHUQDO 6HDVRQ(SLVRGH ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

D/<z ƚŚĞŚĞůůŝƐƚŚŝƐ͕ ĐŚĞĚŝĂǀŽůŽğƋƵĞƐƚŽ͕ ƋƵĠĐŽŹŽĞƐĞƐƚŽ͍ ƉŽŽůƐŝĚĞĂƚƚŚĞ ŝůďĂƌĚĞůĨůĂŵŝŶŐŽ͍ ĞƐƚĄŝƐĚĞĨŝĞƐƚĂ͍ ĨůĂŵŝŶŐŽ͍ǁĞŐŽƚĂ Đ͛ğƵŶĂĨŝůĂĚŝĐůŝĞŶƚŝ ĂƌƌŝďĂŚĂǇƵŶĂĐŽůĂ ůŝŶĞŽĨĐůŝĞŶƚƐƵƉƐƚĂŝƌƐ ĐŽŶůĞŵĂŶŝŶĞů ĚĞĐůŝĞŶƚĞƐĐŽŶůĂƐ ǁŝƚŚƚŚĞŝƌŚĂŶĚƐ ƉĂĐĐŽ͕ĂůĂǀŽƌŽ͘ĞƚƵ͕ ŵĂŶŽƐĞŶůŽƐ ĚŽǁŶƚŚĞŝƌƉĂŶƚƐ͘ŐŽ ŶŽŶŵŝŝŵƉŽƌƚĂƐĞ ďŽůƐŝůůŽƐ͘ĂĐƵƌƌĂƌ͘ǇƚƷ ƚŽǁŽƌŬ͘ĂŶĚǇŽƵ͕ ƐƚĂŝƉĞƌƐŐƌĂǀĂƌĞĚĂů ŶŽƚĞůŝďƌĂƐƉŽƌƋƵĞ ĚŽŶΖƚƚŚŝŶŬǇŽƵΖƌĞ ƚƵŽĨŽƌŶŽƉĞůŽƐŽ͘ ǀĂǇĂƐĂƐŽůƚĂƌƵŶ ŐĞƚƚŝŶŐŽĨĨũƵƐƚΖĐĂƵƐĞ ďŽůůŽƉŽƌĞƐĞŚŽƌŶŽ ǇŽƵΖƌĞĂďŽƵƚƚŽĚƌŽƉ ƉĞůƵĚŽ͘ ĂƉĂƚƚǇĨƌŽŵǇŽƵƌĨƵƌͲ ďƵƌŐĞƌ͘

' Yh/s>E Yh/s>E

sZKE/ ͞ĨƵƌͲďƵƌŐĞƌ͍͟ ͞ĨŽƌŶŽƉĞůŽƐŽ͍͟ ͞ŚŽƌŶŽƉĞůƵĚŽ͍͟

D/<z ƐŚĞǁŽŶΖƚƐŚĂǀĞ͘ ŶŽŶƐĞůĂƌĂƐĂ͘ ŶŽƐĞůŽĂĨĞŝƚĂ͘

Z/D ^sd>E ŝůŝŬĞƚŚĞǁĂǇŐŽĚ ğĐŽŵĞĚŝŽŵĞů͛ŚĂ Yh/s>E ŵĞŐƵƐƚĂĐſŵŽŵĞ Yh/s>E ŵĂĚĞŵĞ͘ ĨĂƚƚĂ͘ ŚŝǌŽĚŝŽƐ͘

D/<z ƚŚĂƚΖƐŶŝĐĞ͘ǇŽƵΖƌĞ ƐĞŝŝŶƌŝƚĂƌĚŽ͕ŵŝĚĞǀŝ ŽƚƌŽƌĞƚƌĂƐŽǇƚĞ ůĂƚĞĂŐĂŝŶ͕ŝΖŵŐŽŶŶĂ ĐŝŶƋƵĂŶƚĂĚŽůůĂƌŝ͘ ƋƵŝƚŽĐŝŶĐƵĞŶƚĂ ĚŽĐŬǇŽƵĨŝĨƚǇ͘ ƉĂǀŽƐ͘

^sd>E ĐĂƌƌŽƚďŽǇŝƐŐŽŶĞ͘ ƌŽƐƐŽĐĂƌŽƚĂƐĞŶ͛ğ ĞůǌĂŶĂŚŽƌŝĂƐĞŚĂ ĂŶĚĂƚŽ͘ ŝĚŽ͘

sZKE/ ǁŚŽΖƐĐĂƌƌŽƚďŽǇ͍ ĐŚŝğƌŽƐƐŽĐĂƌŽƚĂ͍ ƋƵŝĞŶĞƐĞů ǌĂŶĂŚŽƌŝĂ͍

^sd>E ŚĞŬŶŽǁƐǁŚŽ͘ ůƵŝƐĂ͘ ĠůůŽƐĂďĞ͘

D/<z ǁŚĞƌĞΖĚŚĞŐŽ͍ ĚŽǀ͛ğĂŶĚĂƚŽ͍ ĂĚŽŶĚĞŚĂŝĚŽ͍

^sd>E ŝĚŽŶΖƚŬŶŽǁ͘ŝŵĂĚĞ ŶŽŶƐŽ͕ů͛ŚŽĨĂƚƚŽ ŶŽůŽƐĠ͕ƐŽůŽůĞŚĞ ŚŝŵůĞĂǀĞ͘ŶŽƌŽŽŵ ĂŶĚĂƌĞǀŝĂ͕ĂƌƌŝǀĂ ĞĐŚĂĚŽ͘ŶŽŚĂǇƐŝƚŝŽ ĨŽƌŚŝŵǁŚĞŶďĂďǇ ďĂŵďŝŶŽ͕ƉŽĐŽ ƉĂƌĂĠůǇƉĂƌĂďĞďĠ͘ ĐŽŵĞƐ͘ ƐƉĂǌŝŽ͘

D/<z ƚŚĞĨƵĐŬĚŽŝĐĂƌĞ͍ ĐŚĞĐĂǌǌŽŵĞŶĞ ǇĂŵşƋƵĞŵĞ ĂŶĚƐŚĂǀĞǇŽƵƌ ĨƌĞŐĂ͍ĞƌĂƐĂƚŝƋƵĞůůĂ ĐƵĞŶƚĂƐ͍ǇĂǀĞƌƐŝƚĞ ' ĨƵĐŬŝŶŐŵƵĨĨ͘ ŐĂƚƚĂƉĞůŽƐĂ͘ Yh/s>E ĂĨĞŝƚĂƐĞůƚŽƉŽ͘ Yh/s>E

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/E ŝΖŵǁŽƌŬŝŶŐĂĚŽƵďůĞ ŚŽƵŶĚŽƉƉŝŽƚƵƌŶŽ ŚŽǇŚĂŐŽƚƵƌŶŽ ƚŽŶŝŐŚƚ͘ǇŽƵǁĂŶƚƚŽ ƐƚĂƐĞƌĂ͕ŵŝǀŝĞŶŝĂ ĚŽďůĞ͕ƋƵŝĞƌĞƐ ƐƚŽƉďǇ͍ ƚƌŽǀĂƌĞ͍ ƉĂƐĂƌƚĞ͍

D/<z ǇĞĂŚ͕ƐƵƌĞ͘ŐŽƚ ƐŞ͕ĐĞƌƚŽ͕ŶŽŶŚŽĂůƚƌŽ Ɛş͕ĐůĂƌŽ͕ŵĞĞŶĐĂŶƚĂ ŶŽƚŚŝŶŐďĞƚƚĞƌƚŽĚŽ ĚĂĨĂƌĞĐŚĞŐƵĂƌĚĂƌĞ ǀĞƌĂƵŶĂƐƌĞŝŶŽŶĂƐ ƚŚĂŶǁĂƚĐŚĂďƵŶĐŚ ƵŶďƌĂŶĐŽĚŝĨƌŽĐŝ ĨƌŽƚĂƌƐĞĞůƉĂƋƵĞƚĞ ŽĨƉƌƵŶĞǇƋƵĞĞŶƐ ĐŚĞƚŝƐŝƐƚƌƵƐĐŝĂŶŽ ĐŽŶƚƌĂƚƵĐƵůŽ͘ ƐůĂƉƚŚĞŝƌƐĂĐŬƐ ĂĚĚŽƐƐŽ͘ ^K ĂŐĂŝŶƐƚǇŽƵƌĂƐƐ Yh/s>E Yh/s>E ĐŚĞĞŬƐ͘

^ŚĞŝůĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/ ŝŐŽƚŵǇƉĞƌŝŽĚ͕ďƵƚ ŚŽůĞŵŝĞĐŽƐĞŵĂ ƚĞŶŐŽĞůƉĞƌŝŽĚŽ͕ ĂůůĨŝŽŶĂŚĂƐĂƌĞ ĨŝŽŶĂŚĂƐŽůŽ ƉĞƌŽĨŝŽŶĂƐŽůŽƚŝĞŶĞ ƚĂŵƉŽŶƐĂŶĚŝΖŵ ƚĂŵƉŽŶŝĞŶŽŶǀŽŐůŝŽ ƚĂŵƉŽŶĞƐǇƋƵŝĞƌŽ ƐĂǀŝŶŐŵǇǀŝƌŐŝŶŝƚǇ ƉĞƌĚĞƌĞůĂǀĞƌŐŝŶŝƚă͕ ƐĞƌǀŝƌŐĞŶŚĂƐƚĂ '/D ƵŶƚŝůŝďĞĐŽŵĞĂ ŶŽŶƐŽŶŽĂŶĐŽƌĂ Yh/s>E ŚĂĐĞƌŵĞŵƵũĞƌ͘ Yh/s>E ǁŽŵĂŶ͘ ĚŽŶŶĂ͘

^DD/ ŽŬĂǇ͕ĨŝƌƐƚŽĨĂůů͕ǇŽƵ ƉƌŝŵĂĚŝƚƵƚƚŽŶŽŶ ŵŝƌĂ͕ƉĂƌĂĞŵƉĞǌĂƌ͕ ĐĂŶΖƚůŽƐĞǇŽƵƌ ƉƵŽŝƉĞƌĚĞƌĞůĂ ŶŽƐĞƉŝĞƌĚĞůĂ ǀŝƌŐŝŶŝƚǇƚŽĂƚĂŵƉŽŶ͘ ǀĞƌŐŝŶŝƚăĐŽŶƵŶ ǀŝƌŐŝŶŝĚĂĚĐŽŶƵŶ ŝƚŚĂƐƚŽďĞĂƉĞŶŝƐ ƚĂŵƉŽŶĞ͘ĚĞǀ͛ĞƐƐĞƌĞ ƚĂŵƉſŶ͘ƚŝĞŶĞƋƵĞ ǁŝƚŚĂŵĂŶĂƚƚĂĐŚĞĚ͘ ƵŶƉĞŶĞĐŽŶƵŶ ƐĞƌƵŶƉĞŶĞĐŽŶƵŶ ĂŶĚƐĞĐŽŶĚ͕ǇŽƵΖƌĞ ƵŽŵŽĂƚƚĂĐĐĂƚŽ͘Ğ ŚŽŵďƌĞĚĞƚƌĄƐ͘ ^K/D ĂůƌĞĂĚǇĂǁŽŵĂŶ͘ ƐĞĐŽŶĚŽ͕ƐĞŝŐŝăƵŶĂ Yh/s>E ĂĚĞŵĄƐ͕ƚƷǇĂĞƌĞƐ Yh/s>E ŽĨĨŝĐŝĂůůǇ͘ĨƌŽŵƚŚĞ ĚŽŶŶĂ͘ ŵƵũĞƌ͘ŽĨŝĐŝĂůŵĞŶƚĞ͘ ŵŽŵĞŶƚĂƵŶƚĨůŽ ƵĨĨŝĐŝĂůŵĞŶƚĞ͘ĚĂ ĚĞƐĚĞƋƵĞůĂ ĐĂŵĞŬŶŽĐŬŝŶŐĂƚ ƋƵĂŶĚŽǌŝŽŵĞƐƚƌƵŽ ĐŽůŽƌĂĚĂƚĞĂƐŽŵĂ ǇŽƵƌǀĂŐŝŶĂ͘ ŚĂďƵƐƐĂƚŽĂůůĂƚƵĂ ƉŽƌůĂǀĂŐŝŶĂ͘ ǀĂŐŝŶĂ͘ '^ Yh/s>E Yh/s>E

/ ƚŚĞŶǁŚǇǁŽŶΖƚŵǇ ƉĞƌžŝůŵŝŽƌĂŐĂǌǌŽ ǇƉŽƌƋƵĠŵŝŶŽǀŝŽ ďŽǇĨƌŝĞŶĚŚĂǀĞƐĞǆ ĨĂƌăƐĞƐƐŽĐŽŶŵĞ ŶŽƋƵŝĞƌĞŚĂĐĞƌůŽ ǁŝƚŚŵĞƵŶƚŝůŝΖŵ ĚŽƉŽŝƐĞĚŝĐŝĂŶŶŝ͘ ŚĂƐƚĂƋƵĞĐƵŵƉůĂ ƐŝǆƚĞĞŶ͍ ĚŝĞĐŝƐĠŝƐ͍

^DD/ ǁŽǁ͘ƚŚĞǇƐƚŝůůŵĂŬĞ ǁŽǁ͘ŶĞŶĂƐĐŽŶŽ ĂŶĚĂ͘ĂƷŶŚĂǇ '/D ƚŚĞŵůŝŬĞƚŚĂƚ͍ǇŽƵ ĂŶĐŽƌĂĐŽƐŞ͍ğƵŶŽ Yh/s>E ŚŽŵďƌĞƐĂƐş͍ĞƐĞĞƐ Yh/s>E '^ ŐŽƚĂŐŽŽĚŽŶĞ͘ ďƌĂǀŽ͘ŝƚĂŵƉŽŶŝ Yh/s>E ĚĞůŽƐďƵĞŶŽƐ͘ůŽƐ Yh/s>E ƚĂŵƉŽŶƐĂƌĞǀĂƌƐŝƚǇ ƐŽŶŽƉĞƌƋƵĞůůĞ ƚĂŵƉŽŶĞƐƐŽŶƉĂƌĂ ůĞǀĞů͕ĂŶĚǇŽƵĂƌĞ ŶĂǀŝŐĂƚĞ͕ƚƵƐĞŝ ƵŶŝǀĞƌƐŝƚĂƌŝĂƐǇƚƷ '/D Ɛƚŝůůũǀ͘ ĂŶĐŽƌĂŝŶĞƐƉĞƌƚĂ͘ Yh/s>E ĞƐƚĄƐĞŶĞůŝŶƐƚŝ͘ Yh/s>E

^ĐŚŽŽůƌĞƵŶŝŽŶ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE<ƚŽ><'hz ƐŚĞΖƐĂƐŬŝŶŐŵĞ͕ ůŽŚĂĐŚŝĞƐƚŽĂŵĞ͕ ŵĞůŽƉƌĞŐƵŶƚĂĂŵş͕ Z ĐŚŝƉǁŝĐŚ͘ ďŝƐĐŽƚƚŝŶŽ͘ >/D/Ed/KE ĐŚŽĐŽůĂƚĞ͘ Yh/s>E

^ĐŚŽŽů͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

d,Z ĂŶĚƐŽǁŚĂƚŚĂǀĞǁĞ ƋƵŝŶĚŝĐŽƐĂĂďďŝĂŵŽ ǇĞŶƚŽŶĐĞƐƋƵĠŚĂƐ ůĞĂƌŶĞĚ͍ ŝŵƉĂƌĂƚŽ͍ ĂƉƌĞŶĚŝĚŽ͍

Z> ďƵůůǇŝŶŐŝƐďĂĚĨŽƌ ŝůďƵůůŝƐŵŽĨĂŵĂůĞ ƋƵĞƉĞŐĂƌĞƐŵĂůŽ ƐŽĐŝĞƚǇ͘ŝƚŚƵƌƚƐ ĂůůĂƐŽĐŝĞƚă͘ĨĞƌŝƐĐĞůĞ ƉĂƌĂůĂƐŽĐŝĞĚĂĚ͘ ƉĞŽƉůĞĂŶĚŵĂŬĞƐ ƉĞƌƐŽŶĞĞůĞĨĂƐƚĂƌ ŚĂĐĞƐĚĂŹŽĂůŽƐ ƚŚĞŵĨĞĞůďĂĚ͘ŝƚ ŵĂůĞ͘ĚĞǀĞĞƐƐĞƌĞ ĚĞŵĄƐǇƚĞƐŝĞŶƚĞƐ ŵƵƐƚďĞƐƚŽƉƉĞĚ͘ ĨĞƌŵĂƚŽ͘ ĨĂƚĂů͘ŶŽŚĂǇƋƵĞ ŚĂĐĞƌůŽũĂŵĄƐ͘

d,Z ǀĞƌǇŐŽŽĚ͘ ŵŽůƚŽďĞŶĞ͘ ŵƵǇďŝĞŶ͘

Z> ĨŽƌŐŽƚŵǇůƵŶĐŚ͘ŐŝǀĞ ŚŽĚŝŵĞŶƚŝĐĂƚŽŝů ŶŽŵĞŚĞƚƌĂşĚŽůĂ ŵĞŵŽŶĞǇ͘ŐŝǀĞŵĞ ƉƌĂŶǌŽ͕ĚĂŵŵŝŝƚƵŽŝ ĐŽŵŝĚĂ͘ĚĂŵĞůĂ ŵŽŶĞǇ͕ĐŚŝŚƵĂŚƵĂ͘ ƐŽůĚŝ͘ĚĂŵŵŝŝƐŽůĚŝ͕ ƉĂƐƚĂ͕ůĂƉĂƐƚĂ ĐŽŵĞŽŶ͕ŐŝǀĞŵĞ ĐŚŝŚƵĂŚƵĂ͘ĂŶĚŝĂŵŽ͕ ĐŚŝŚƵĂŚƵĂ͘ǀĂŵŽƐ͕ E ŵŽŶĞǇ͘ ĚĂŵŵŝŝƐŽůĚŝ͘ Yh/s>E ĚĂŵĞůĂƉĂƐƚĂ͘ Yh/s>E E^ Yh/s>E Yh/s>E

7KHOHJHQGRI%RQQLHDQG&DUO 6HDVRQ(SLVRGH ^ŚĞŝůĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ƚŚĂƚƐŵĞůů͘ ĐŚĞƉƵǌǌĂğ͍ ĂƋƵĠŚƵĞůĞ͍

^DD/ ŽŚ͕ŝŶĐĞŶƐĞ͘ ĂŚ͕ŝŶĐĞŶƐŽ͘Ɛŝ ŽŚ͕ĂŝŶĐŝĞŶƐŽ͘ůŽ ŝƚΖƐĐĂůůĞĚƉĞƌƐŝĂŶ ĐŚŝĂŵĂƐƉĞĐŝĂ ůůĂŵĂŶůĂĞƐƉĞĐŝĂ ƐƉŝĐĞ͘ŝǁĂƐĂĨƌĂŝĚŝƚ ƉĞƌƐŝĂŶĂ͘ƉĞŶƐĂǀŽ ƉĞƌƐĂ͘ƚĞŵşĂƋƵĞ ǁŽƵůĚƐƚŝŶŬůŝŬĞƚŚĞ ƉƵǌǌĂƐƐĞĐŽŵĞƵŶ ĂƉĞƐƚĂƌĂĐŽŵŽĞů E ƚŽŝůĞƚĂƚĂďĂŐŚĚĂĚ ĐĞƐƐŽĚŝƵŶďĂǌĂƌĚŝ Yh/s>E ƌĞƚƌĞƚĞĚĞƵŶďĂǌĂƌ Yh/s>E ďĂǌĂĂƌ͕ďƵƚŝƚŚŝŶŬŝƚΖƐ ďĂŐŚĚĂĚ͕ŝŶǀĞĐĞŵŝ ĚĞďĂŐŚĚĂĚ͕ƉĞƌŽĞƐ ŶŝĐĞ͘ ƐĞŵďƌĂďƵŽŶŽ͘ ĂŐƌĂĚĂďůĞ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^sd>E ŝĚŽĞǀĞƌǇƚŚŝŶŐŝĐĂŶ ŝŽĨĂĐĐŝŽƚƵƚƚŽƉĞƌĐŚĠ ŚĂŐŽƚŽĚŽůŽƋƵĞ ƐŽŚĞĚŽĞƐŶΖƚƚƵƌŶ ůƵŝŶŽĚŝǀĞŶƚĂƵŶĂ ƉƵĞĚŽƉĂƌĂƋƵĞŶŽ ŝŶƚŽƉŝĞĐĞŽĨƐŚŝƚůŝŬĞ ŵĞƌĚĂĐŽŵĞƚĞ͘ ƐĞĂƵŶŵŝĞƌĚĂĐŽŵŽ ǇŽƵ͘ ƚƷ͘

D/<z ǇĞĂŚ͕ŝΖŵƐƵƌĞǇŽƵΖƌĞ ƐŞ͕ůŽƚƌĂƐĨŽƌŵĞƌĂŝŝŶ ƐĞŐƵƌŽƋƵĞůŽ ŐŽŶŶĂƚƵƌŶŚŝŵŝŶƚŽ ƵŶďĞůĐŝƚƚĂĚŝŶŽƉĞƌ ĐŽŶǀŝĞƌƚĞƐĞŶƵŶ ĂŶŝĐĞ͕ƵƉƐƚĂŶĚŝŶŐ ďĞŶĞǀŝƐƚŽĐŚĞƚĞŶĞ ĐŝƵĚĂĚĂŶŽĞũĞŵƉůĂƌ͕ ĐŝƚŝǌĞŶƐŝŶĐĞǇŽƵΖǀĞ ƐĞŝƐƵĐĐŚŝĂƚŝƚĂŶƚŝ͘ ĐŽŵŽĞƐŽƐĂůŽƐƋƵĞ ^ ďůŽǁŶƐŽŵĂŶǇŽĨ Yh/s>E ƐĞůĂĐŚƵƉĂƐ͘ Yh/s>E ' ƚŚĞŵ͘ Yh/s>E Yh/s>E

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

D/<z ŐŽƚďĞƚƚĞƌƐŚŝƚƚŽĚŽ͘ ŚŽĚŝŵĞŐůŝŽĚĂĨĂƌĞ͕ ƚĞŶŐŽŵĞũŽƌĞƐĐŽƐĂƐ ĐĂǌǌŽ͘ ƋƵĞŚĂĐĞƌ͘

^sd>E ǇĞĂŚ͕ůŝŬĞǁŚĂƚ͍ĚŽ Ɛŝ͕ĐŽƐĂ͍ƐĐŽƉĂƌĞŝŶ ĐŽŵŽƋƵĠ͍ĐŽŵŽĚĂƌ ĂƐƐĨƵĐŬǁŝƚŚŽƌĂŶŐĞ ĐƵůŽĐŽŶƌĂŐĂǌǌŽ ƉŽƌĐƵůŽĂůƉĞůŝƌƌŽũŽ͍ ďŽǇ͍ ƌŽƐƐŽ͍

D/<z ǁĂƚĐŚǇŽƵƌƐĞůĨ͘ ĂƚƚĞŶƚĂ͕ƚƌŽŝĂ͊ ŵƵĐŚŽŽũŝƚŽ͘

^sd>E ǇŽƵƚŚŝŶŬǇŽƵƐĐĂƌĞ ƚƵƉĞŶƐŝĐŚĞŵŝĨĂŝ ĐƌĞĞƐƋƵĞŵĞĚĂƐ ŵĞ͍ǇŽƵĂƌĞĂ ƉĂƵƌĂ͍ƚƵƐĞŝ ŵŝĞĚŽ͍ŶŽĞƌĞƐŵĄƐ ŚƵŶĚƌĞĚĂŶĚƚŚŝƌƚǇ ƐŽůƚĂŶƚŽƵŶĂŐƌŽƐƐĂ ƋƵĞƵŶŵĂƌŝĐſŶĚĞ ƉŽƵŶĚƐŽĨƵŬƌĂŝŶŝĂŶ ĨŝŐŚĞƚƚĂƉŝƐĐŝĂƐŽƚƚŽ͘ ƐĞƚĞŶƚĂƋƵŝůŽƐ͘ƋƵĠ ƉƵƐƐǇ͘ǁŚĂƚΖƐǇŽƵƌ ĐŚĞĚŝƌăƚƵŽƉĂĚƌĞ ĐƌĞĞƐƋƵĞŚĂƌĄƚƵ E ĨĂƚŚĞƌŐŽŶŶĂƐĂǇ ƋƵĂŶĚŽĞƐĐĞĚĂ >/D/Ed/KE ƉĂĚƌĞĐƵĂŶĚŽǀƵĞůǀĂ >/D/Ed/KE ' ǁŚĞŶŚĞŐĞƚƐŽƵƚŽĨ ƉƌŝŐŝŽŶĞĞŝŽŐůŝĚŝĐĞ Yh/s>E ĚĞůĂĐĄƌĐĞůǇůĞĚŝŐĂ ^h^d/dhd/KE ũĂŝůĂŶĚŝƚĞůůŚŝŵǇŽƵ ĐŚĞƚƵƐƚƌƵƐĐŝĐĂǌǌŽ ƋƵĞƚĞƉĂƐĂƐĞůĚşĂ ƐƉĞŶĚĞǀĞƌǇĚĂǇǁŝƚŚ ĐŽŶƌĂŐĂǌǌŽƌŽƐƐŽ͍ ƐŽďĄŶĚŽƚĞĞůƌĂďŽ ŽƌĂŶŐĞďŽǇƌƵďďŝŶŐ ĐŽŶĞůƉĞůŝƌƌŽũŽ͍ ǇŽƵƌĚŝĐŬƐƚŽŐĞƚŚĞƌ͍ ^K Yh/s>E Yh/s>E ^K^ Yh/s>E Yh/s>E

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

dKDDz ŚĞǇ͕ǇŽƵƌǁŝĨĞΖƐ ŚĞǇ͕ƚƵĂŵŽŐůŝĞğĚŝ ƚƵŵƵũĞƌĞƐƚĄĂƌƌŝďĂ͘ ƵƉƐƚĂŝƌƐ͘ ƐŽƉƌĂ͘

D/<z ŝΖŵŶŽƚůŽŽŬŝŶŐĂƚ ŶŽŶĐĞƌĐŽƋƵĞůůĂ ŶŽǀĞŶŐŽĂǀĞƌĂĞƐĂ ' ƚŚĂƚĨƵĐŬŝŶŐŚŽƐĞͲ ďƵƐƚĂĚŝƐƉĞƌŵĂ͘ DW>/&/d/KE ŐƵĂƌƌĂ͘ D/d/'d/KE ďĂŐ͘

<s/E ŶŝĐĞǁĂǇƚŽƚĂůŬ ƉĂƌůŝĐŽƐŞĚĞůůĂŵĂĚƌĞ ŶŽŚĂďůĞƐĂƐşĚĞůĂ ĂďŽƵƚƚŚĞŵŽƚŚĞƌŽĨ ĚŝƚƵŽĨŝŐůŝŽ͍ ŵĂĚƌĞĚĞƚƵŚŝũŽ͘ ǇŽƵƌĐŚŝůĚ͘

dKDDz ŚĞƌƚŝƚƐĂƌĞ ůĞƐƵĞƚĞƚƚĞƐŽŶŽ ĞƐĂĐŚŝĐĂƚŝĞŶĞƵŶĂƐ

ĞŶŽƌŵŽƵƐ͘ĚĞĨŝŶŝƚĞůǇ ĞŶŽƌŵŝ͕ǀĂůĞǀĂŶŽ ƚĞƚĂƐĞŶŽƌŵĞƐ͕ ǁŽƌƚŚƚŚĞƉƌŝĐĞŽĨ ƚƵƚƚŝŝƐŽůĚŝĐŚĞŵŝŚĂ ŵĞƌĞĐĞůĂƉĞŶĂƉĂŐĂƌ ĂĚŵŝƐƐŝŽŶ͘ ĐŚŝĞƐƚŽ͘ ƉŽƌĞůůĂƐ͘

<s/E ƚŽŵŵǇ͕ŚĞĚŽĞƐŶΖƚ ĞŶŽŶŐůŝĚŝƌĞĐŚĞůŽ ŶŽĐƌĞŽƋƵĞƋƵŝĞƌĂ ǁĂŶƚƚŽŚĞĂƌĂďŽƵƚ ŝŶĨŝůŝĨŝŶŽĂůůĞƉĂůůĞ ŽşƌĐſŵŽƚĞĐĂůǌĂƐĂ ǇŽƵŐŽŝŶŐďĂůůƐĚĞĞƉ ĚĞŶƚƌŽƐƵĂŵŽŐůŝĞ͘ ƐƵŵƵũĞƌ͘ ŽŶŚŝƐǁŝĨĞ͘

'ĂǇĐůƵď;ŽƵƚƐŝĚĞͿ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

' D/<z ŵǇďŝƚĐŚŽĨĂǁŝĨĞ ƋƵĞůůĂƚƌŽŝĂĚŝŵŝĂ DW>/&/d/KE ůĂƉƵƚĂĚĞŵŝŵƵũĞƌ DW>/&/d/KE ƚŚŝŶŬƐŝŽǁĞŚĞƌ ŵŽŐůŝĞƉĞŶƐĂĐŚĞƐŝĂ ĐƌĞĞƋƵĞůĞĚĞďŽ ƐŽŵĞƚŚŝŶŐ͘ůŝŬĞŝΖŵ ŝŶĚĞďŝƚŽ͘ĐŽŵĞƐĞ ĂůŐŽ͘ĐŽŵŽƐŝǇŽ ƚŚĞŽŶůǇŐƵǇĞǀĞƌ ĨŽƐƐŝů͛ƵŶŝĐŽĂ ĨƵĞƌĂĞůƷŶŝĐŽƋƵĞƐĞ ĚƌŽƉƉĞĚĂĨƵĐŬŝŶŐ ĞƐƐĞƌŐůŝǀĞŶƵƚŽ ůĞŚĂĐŽƌƌŝĚŽĚĞŶƚƌŽ͘ ůŽĂĚŝŶŚĞƌ͘ ĚĞŶƚƌŽ͘

'hz ďŽǇƐ͘ƌŝĚĞĂƌŽƵŶĚƚŚĞ ƌĂŐĂǌǌŝ͕ǀŝǀĂƵŶ ĐŚŝĐŽƐ͕ĚĂŵŽƐƵŶĂ ďůŽĐŬ͍ ŐŝƌĞƚƚŽ͍ ǀƵĞůƚĂ͍

D/<z ǁĞůŽŽŬůŝŬĞĂĐŽƵƉůĞ ƉĞƌĐŚĠƚŝƐĞŵďƌŝĂŵŽ ĞƐƋƵĞƚĞƉĂƌĞĐĞŵŽƐ ^K ĨĂŐƐĨŽƌƐĂůĞƚŽǇŽƵ͍ ƵŶĂĐŽƉƉŝĂĚŝĨƌŽĐŝŝŶ Yh/s>E ƵŶƉĂƌĚĞĐŚĂƉĞƌŽƐ͍ Yh/s>E ǀĞŶĚŝƚĂ͍

'hz ǇĞƐ͘ ƐŞ͘ Ɛş͘

D/<z ǁĞůů͕ƚŚŝƐĂŝŶΖƚ ďĞŚ͕ŶŽŶƐĞŝĚĂ ŶŝĞƐƚŽĞƐƵŶ ŵĂĐǇΖƐ͕ďŝƚĐŚ͘ǇŽƵ ŵĂĐǇ͛Ɛ͕ƐƚƌŽŶǌŽ͕ŶŽŶ ĞƐĐĂƉĂƌĂƚĞŶŝƐĞ ĂŝŶΖƚǁŝŶĚŽǁͲ ƐŝĂŵŽŵŝĐĂŝŶ ǀĞŶĚĞŶĂĚĂ͕ĐĂƉƵůůŽ͘ ƐŚŽƉƉŝŶŐ͘ ǀĞƚƌŝŶĂ͘

'hz ǇŽƵΖƌĞŝŶďŽǇƐƚŽǁŶ͕ ŚĞǇ͕ƐŝĞƚĞĂ ĞƐƚĄŝƐĞŶĞůďĂƌƌŝŽ ^K^ ŽƵƚƐŝĚĞĂďĂƌĐĂůůĞĚ ďŽǇƐƚŽǁŶ͕ĨƵŽƌŝĚĂ Yh/s>E ŐĂǇĂůĂƉƵĞƌƚĂĚĞ Yh/s>E ƚŚĞĨĂŝƌǇƚĂŝů͘ ƵŶůŽĐĂůĞƉĞƌŐĂǇ͘ ƵŶĂĚŝƐĐŽƚĞĐĂŐĂǇ͘

D/<z ǁŚǇĚŽŶΖƚǇŽƵĨƵĐŬ ƉĞƌĐŚĠŶŽŶƚĞŶĞǀĂŝ ůĄƌŐĂƚĞĂŶƚĞƐĚĞƋƵĞ ŽĨĨďĞĨŽƌĞŝŐŝǀĞǇŽƵĂ ĂĨĂŶĐƵůŽƉƌŝŵĂĐŚĞƚŝ ƚĞƌŽŵƉĂůĂĐŽůƵŵŶĂ ďƌŽŬĞŶƐƉŝŶĞƚŽŐŽ ƌŽŵƉŽůĂƐĐŚŝĞŶĂ ǇǇĂŶŽƉƵĞĚĂƐŚĂĐĞƌ ĂůŽŶŐǁŝƚŚƚŚĂƚůŝŵƉ ŽůƚƌĞĂƋƵĞůůĂ ŵĂƌŝĐŽŶĂĚĂƐ͘ǀĞƚĞĚĞ ǁƌŝƐƚ͍ǇĞĂŚ͕ŐĞƚ ŵĂĐĐŚŝŶĂĚĞůĐĂǌǌŽ͍ ƵŶĂƉƵƚĂǀĞǌ͘ĐƌĞĞ ŐŽŝŶŐ͕ǇŽƵĨƵĐŬŝŶŐ ďƌĂǀŽ͕ƐĐĂƉƉĂ͕ĨƌŽĐŝŽ ƋƵĞƉƵĞĚĞĐŽŵƉƌĂƌůŽ ^K^ ĨƌƵŝƚ͊ƚŚŝŶŬƐŚĞĐĂŶ ĚŝŵĞƌĚĂ͘ĐƌĞĚĞĚŝ >/D/Ed/KE ƚŽĚŽƐŽůŽƉŽƌƋƵĞ DW>/&/d/KE ďƵǇǁŚĂƚĞǀĞƌŚĞ ƉŽƚĞƌƐŝĐŽŵƉƌĂƌĞ ƚŝĞŶĞƵŶƌŽůĞǆǇƵŶĂ ǁĂŶƚƐΖĐĂƵƐĞŚĞΖƐŐŽƚ ƚƵƚƚŽƉĞƌĐŚĠŚĂƵŶ ĐůĂƐĞƐ͘ĞƐƚŽƚĞƉĂƐĂ ^K ĂĨƵĐŬŝŶŐƌŽůĞǆĂŶĚĂŶ ĐĂǌǌŽĚŝƌŽůĞǆĞƵŶĂ DW>/&/d/KE ŵƵĐŚŽ͍ >/D/Ed/KE ƐͲĐůĂƐƐ͘ƚŚĂƚƐŚŝƚ ŵĂĐĐŚŝŶĂĨŝĐĂ͘ ŚĂƉƉĞŶƚŽǇŽƵĂůŽƚ͍ ƋƵĞƐƚĂŵĞƌĚĂƚŝ ĐĂƉŝƚĂƐƉĞƐƐŽ͍

/E ĞǀĞƌǇŶŝŐŚƚ͘ ƚƵƚƚĞůĞƐĞƌĞ͘ ƚŽĚĂƐůĂƐŶŽĐŚĞƐ͘

D/<z ĨƌŽŵƌŝĐŚĚƵĚĞƐ͍ ƐĞŵƉƌĞŐĞŶƚĞƌŝĐĐĂ͍ ĐŽŶƚşŽƐƌŝĐŽƐ͍

/E ŐŽƚƚĂŐĞƚƚŽǁŽƌŬ͘ ĚĞǀŽĂŶĚĂƌĞĂůĂǀŽƌŽ͘ ƚĞŶŐŽƋƵĞƚƌĂďĂũĂƌ͘

D/<z ŚĞǇ͕ŚĞǇ͕ŚŽůĚŽŶ͘ƚĞůů ŚĞǇ͕ĂƐƉĞƚƚĂƵŶ ĞŚ͕ĞŚ͕ĞƐƉĞƌĂ͘ĚŝůĞĂ ǇŽƵƌďŽƐƐǇŽƵΖƌĞ ĂƚƚŝŵŽ͕ĚŝĂůƚƵŽĐĂƉŽ ƚƵũĞĨĞƋƵĞĞƐƚĄƐ ŐŽŝŶŐŚŽŵĞƐŝĐŬ ĐŚĞƐƚĂŝŵĂůĞ͘ ĞŶĨĞƌŵŽ͘ ƚŽŶŝŐŚƚ͘

/E ƐŝĐŬ͍ ŵĂůĞ͍ ĞŶĨĞƌŵŽ͍

D/<z ǇĞĂŚ͕ǁŚĂƚĞǀĞƌ͘ ƐŞ͕ĐŚĞŶĞƐŽ͕ĚŝŐůŝĐŚĞ ĚŝůĞ͕ƉŽƌĞũĞŵƉůŽ͕ ƚĞůůŚŝŵǇŽƵŐŽƚĂŝĚƐ͘ ŚĂŝů͛ĂŝĚƐ͘ ƋƵĞƚŝĞŶĞƐƐŝĚĂ͘ ^K^ Yh/s>E Yh/s>E

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Z Z> ƐŚĞΖƐĂƚŽǁĞůͲŚĞĂĚ͍ ğƵŶĂŵĂŶŐŝĂĐƵƌƌǇ͍ ^h^d/dhd/KE ĞŶƚŽŶĐĞƐĞƐŵŽƌĂ͍ D/d/'d/KE

/ ŝŶĚŝĂŶ͕ŝƚŚŝŶŬ͘ ƐŞ͕ƐĞŵďƌĂŝŶĚŝĂŶĂ͘ ĐƌĞŽƋƵĞĞƐŝŶĚŝĂ͘

Z> ŵĂƚƚůŝŬĞƐĚĂƌŬŵĞĂƚ͘ ĂŵĂƚƚƉŝĂĐĐŝŽŶŽůĞ ĂŵĂƚƚůĞǀĂůĂĐĂƌŶĞ Z ƐĐƵƌĞ͘ D/d/'d/KE ŽƐĐƵƌĂ͘ Yh/s>E

/LYHU,+DUGO\.QRZ+HU 6HDVRQ(SLVRGH ,ŽƐƉŝƚĂů͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

sZKE/ ƚŚŝƐŝƐĂŵǇ͕ĂŶĚƚŚĂƚΖƐ ůĞŝğĂŵǇĞůĞŝğ ĞƐƚĂĞƐĂŵǇǇĞƐĂĞƐ ũĞŵŵĂ͘ŬĞǀǁĂŶƚĞĚ ũĞŵŵĂ͘ŬĞǀǀŽůĞǀĂ ũĞŵŵĂ͘ŬĞǀƋƵĞƌşĂ ƚŽŶĂŵĞŚĞƌǌĂŶŝƋƵĂ͘ ĐŚŝĂŵĂƌůĂǌĂŶŝƋƵĂ͘ ůůĂŵĂƌůĂǌĂŶŝƋƵĂ͘

Z^ Yh/s>E Yh/s>E

<s/E ǁĞůů͕ǇŽƵŬŶŽǁ͕ŽŶĞ ƵŶŶŽŵĞƉƐĞƵĚŽͲ ĐůĂƌŽ͕ƵŶŶŽŵďƌĞ ƉƐĞƵĚŽͲĂĨƌŝĐĂŶ ĂĨƌŝĐĂŶŽĞƵŶŽ ƉƐĞƵĚŽͲĂĨƌŝĐĂŶŽǇ Z ŶĂŵĞ͕ŽŶĞŶŽƌŵĂů ŶŽƌŵĂůĞ͘ Yh/s>E ŽƚƌŽŶŽƌŵĂů͘ Yh/s>E ŽŶĞ͘

(PLO\ 6HDVRQ(SLVRGH ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

D/<zdK/E ǁŚǇƚŚĞĨƵĐŬǇŽƵ ƉĞƌĐŚĠƚŝĐŽŵƉŽƌƚŝ ƉŽƌƋƵĠƚĞ ' ĂĐƚŝŶŐůŝŬĞĂŐŝƌů͕ ĐŽŵĞƵŶĂƌĂŐĂǌǌŝŶĂ͍ Yh/s>E ĐŽŵƉŽƌƚĂƐĐŽŵŽƵŶĂ Yh/s>E ŚƵŚ͍ ƚşĂ͍

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

'hz ƚŚĂƚΖůůƚĞĂĐŚƚŚĞ ĚĞǀŽŶŽŝŵƉĂƌĂƌĞ ĂƐşĂƉƌĞŶĚĞƌĄŶĂ ^K ƋƵĞĞƌƐƚŽƚƌǇƚŽƌĂƉĞ ƋƵĞůůĞĐŚĞĐĐŚĞĂŶŽŶ Yh/s>E ŝŶƚĞŶƚĂƌǀŝŽůĂƌĂƵŶ Yh/s>E ĂŵŝůŬŽǀŝĐŚŝŶƚŚĞ ĐĞƌĐĂƌĞĚŝĨĂƌƐŝƵŶ ŵŝůŬŽǀŝĐŚĞƐŽƐ ƉƌŝƐŽŶ͕ŚƵŚ͍ŚƵŚ͍ ŵŝůŬŽǀŝĐŚŝŶƉƌŝŐŝŽŶĞ͘ ŵĂƌŝĐŽŶĞƐ͕ĞŚ͍

^sd>E ƐƉĞĂŬŝŶŐŽĨƋƵĞĞƌƐ͘ ƉƌŽƉŽƐŝƚŽĚŝĐŚĞĐĐŚĞ͘ ŚĂďůĂŶĚŽĚĞ ^K Yh/s>E ŵĂƌŝĐŽŶĞƐ͘ Yh/s>E

D/<z ǁŚĂƚƚŚĞŚĞůůĚŽǇŽƵ ĐŚĞĐĂǌǌŽǀŽƌƌĞƐƚŝ ƋƵĠĐŽŹŽĐƌĞĞƐƋƵĞ ƚŚŝŶŬǇŽƵΖƌĞĚŽŝŶŐ͍ ĨĂƌĞ͍ ŚĂĐĞƐ͍

^sd>E ŝƚŚŽƵŐŚƚǇŽƵƌĨĂƚŚĞƌ ƚƵŽƉĂĚƌĞĚĞǀĞ ƐŝƚƵƉĂĚƌĞƐĞĞŶƚĞƌĂ ƐŚŽƵůĚŬŶŽǁŚĞ ƐĂƉĞƌĞĐŚĞŶŽƚŽůƚŽ ĚĞƋƵĞŶŽƚĞƋƵŝƚſ ^K ĚŝĚŶΖƚďĞĂƚĂůůƚŚĞ ĨƌŽĐŝŽĚĂƚĞ͘ƐƚĂǀŽůƚĂ Yh/s>E ůĂƐŵĂƌŝĐŽŶĂĚĂƐĂ Yh/s>E ƋƵĞĞƌŽƵƚŽĨǇŽƵ͘ ůƵŝƚŝĂŵŵĂǌǌĂ͘ ŐŽůƉĞƐ͕ƐĞŐƵƌŽƋƵĞ ƌĞĂůůǇŐŽŶŶĂŬŝůůǇŽƵ ĞƐƚĂǀĞǌƚĞŵĂƚĂ͘ ƚŚŝƐƚŝŵĞ͘

D/<z ŬĞĞƉǇŽƵƌĨƵĐŬŝŶŐ ƚŝĞŶŝĐŚŝƵƐĂƋƵĞůůĂ ƚĞĐŽŶǀŝĞŶĞƚĞŶĞƌůĂ ŵŽƵƚŚƐŚƵƚ͘ ĐĂǌǌŽĚŝďŽĐĐĂ͘ ďŽĐĂĐĞƌƌĂĚĂ͘

/E ĐĂŶŝƚĂůŬƚŽǇŽƵĨŽƌĂ ƉŽƐƐŽƉĂƌůĂƌƚŝƵŶ ƉŽĚĞŵŽƐŚĂďůĂƌƵŶ ƐĞĐŽŶĚ͍ ƐĞĐŽŶĚŽ͍ ƐĞŐƵŶĚŽ͍

D/<z ǇŽƵŬŶŽǁ͕ǇŽƵƌůŝĨĞ ƐĂŝ͕ůĂƚƵĂǀŝƚĂƋƵŝ ůĂǀŝĚĂƋƵĞǀŝǀĞƐ ƌŝŐŚƚŚĞƌĞ͕ƌŝŐŚƚŶŽǁ ĂĚĞƐƐŽğŵĞŐůŝŽĚŝ ĂƋƵşĂŚŽƌĂĞƐůĂ ŝƐĂƐŐŽŽĚĂƐŝƚΖƐĞǀĞƌ ĐŽŵĞƉŽƚƌĞďďĞŵĂŝ ŵĞũŽƌƋƵĞǀĂƐĂ ŐŽŶŶĂŐĞƚ͘ǇŽƵŐŽƚƚŽ ĞƐƐĞƌĞ͘ƚŝƐĐŽƉĂŶŽ ƚĞŶĞƌŶƵŶĐĂ͘ƚĞƉĂƐĂƐ ŐŽŐĞƚƉůŽǁĞĚĂůů ƚƵƚƚŽŝůŐŝŽƌŶŽ͕ƐŞ͕ŵĂ ĞůĚşĂĂďŝĞƌƚĂĚĞ ^ ĚĂǇ͕ǇĞĂŚ͕ďƵƚǇŽƵ ĚŽƌŵŝĐŽŶƵŶƚĞƚƚŽ Yh/s>E ƉŝĞƌŶĂƐ͕Ɛş͕ƉĞƌŽ Yh/s>E '/D ĐŽŵĞŚŽŵĞƚŽĂƌŽŽĨ ƐƵůůĂƚĞƐƚĂĞĐŽŶůĂ Yh/s>E ůƵĞŐŽƚŝĞŶĞƐƵŶ Yh/s>E ŽǀĞƌǇŽƵƌŚĞĂĚĂŶĚ ĐĂǌǌŽĚŝƉĂŶĐŝĂ ƚĞĐŚŽǇĐŽŵŝĚĂĞŶůĂ ĨŽŽĚŝŶǇŽƵƌĨƵĐŬŝŶŐ ƉŝĞŶĂ͘ƚƌĂĐŝŶƋƵĞ ƉƵƚĂďĂƌƌŝŐĂ͘ĚĞŶƚƌŽ ďĞůůǇ͘ĨŝǀĞǇĞĂƌƐĨƌŽŵ ĂŶŶŝƐĂƌĂŝĚŝǀĞŶƚĂƚĂ ĚĞĐŝŶĐŽĂŹŽƐƐĞƌşĂƐ ŶŽǁ͕ǇŽƵΖƌĞŐŽŶŶĂ ƵŶĂƚƌŽŝĂƐĨĂƚƚĂĞ ƵŶĂƉƵƚĂǀŝĞũĂǇ ďĞĂƵƐĞĚͲƵƉ͕ĚƌŝĞĚͲ ƐĨŽŶĚĂƚĂĐŚĞůŽ ĐĂŶƐĂĚĂƋƵĞƐŽůŽůĂ ƵƉŽůĚǁŚŽƌĞ͕ ƐƵĐĐŚŝĂƐƵů ĐŚƵƉĂƌşĂĞŶůĂƐ ƐƵĐŬŝŶŐŐƵǇƐŽĨĨŽŶ ŵĂƌĐŝĂƉŝĞĚŝĂĐŝŶƋƵĞ ĞƐƋƵŝŶĂƐƉŽƌĐŝŶĐŽ ƚŚĞƐŝĚĞǁĂůŬĨŽƌĨŝǀĞ ĚŽůůĂƌŝůĂƐďŽƌƌĂƚĂ͘ŝŽ ƉĂǀŽƐ͕ĂƐşƋƵĞ ďƵĐŬƐĂƉŽƉ͘ŝ ŶŽŶŵĂŶĚĞƌĞŝƚƵƚƚŽĂ ƉƌŽĐƵƌĂŶŽũŽĚĞƌ ǁŽƵůĚŶΖƚĨƵĐŬƚŚŝƐƵƉ ƉƵƚƚĂŶĞ͘ ĞƐƚŽ͘ ŝĨŝǁĞƌĞǇŽƵ͘

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

D/<z ŚĞǇ͊ĞǆĐƵƐĞŵĞ͊ĐĂŶŝ ŚĞǇ͕ƐĐƵƐĂƚĞŵŝ͕ƉŽƐƐŽ ĞŚ͕ĞƐĐƵĐŚĂĚŵĞ͘ ŐĞƚĞǀĞƌǇďŽĚǇΖƐ ĂǀĞƌƵŶĂƚƚŝŵŽĚŝ ĞƐĐƵĐŚĂĚŵĞƵŶ ĂƚƚĞŶƚŝŽŶ͕ƉůĞĂƐĞ͍ŝ ĂƚƚĞŶǌŝŽŶĞ͍ǀŽůĞǀŽ ŵŽŵĞŶƚŽ͕ƉŽƌĨĂǀŽƌ͘ ũƵƐƚǁĂŶƚĞǀĞƌǇďŽĚǇ ĚŝƌĞĂƚƵƚƚŝƋƵĂŶƚŝƋƵŝ ƐŽůŽƋƵŝĞƌŽƋƵĞƚŽĚŽƐ ŚĞƌĞƚŽŬŶŽǁŝΖŵ ĐŚĞƐŽŶŽŐĂǇ͕ĐĂǌǌŽ͘ ůŽƐƉƌĞƐĞŶƚĞƐƐĞƉĄŝƐ ĨƵĐŬŝŶŐŐĂǇ͘ĂďŝŐŽůĚ ƵŶŐƌĂŶďĞů ƋƵĞƐŽǇƵŶƉƵƚŽŐĂǇ͘ ΖŵŽ͘ŝũƵƐƚƚŚŽƵŐŚƚ ĐƵůĂƚƚŽŶĞ͘ƉĞŶƐĂǀŽ ƐŽǇŵƵǇŵĂƌŝĐſŶ͘ ĞǀĞƌǇďŽĚǇƐŚŽƵůĚ ĚŽǀĞƐƚĞƐĂƉĞƌůŽ͘ƐĞŝ ƋƵŝĞƌŽƋƵĞůŽƐĞƉĄŝƐ ^K ŬŶŽǁƚŚĂƚ͘ǇŽƵŚĂƉƉǇ ĨĞůŝĐĞĂĚĞƐƐŽ͍ Yh/s>E ƚŽĚŽƐ͘ǇĂĞƐƚĄƐ Yh/s>E ŶŽǁ͍ ĐŽŶƚĞŶƚŽ͍

dZZz ŝΖůůĨƵĐŬŝŶŐŬŝůůǇŽƵ͊ ŝŽƚŝĂŵŵĂǌǌŽ͕ĐĂǌǌŽ͊ ǀŽǇĂŵĂƚĂƌƚĞ͕ ǇŽƵƐŽŶŽĨĂďŝƚĐŚ͊ ĨŝŐůŝŽĚŝƉƵƚƚĂŶĂ͊ ĐĂďƌſŶ͕ĚĞƵŶĂƉƵƚĂ ǀĞǌ͘

^ƚƌĞĞƚ;ŽƵƚƐŝĚĞƚŚĞĂůŝďŝͿ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

dZZz ĨƵĐŬŝŶŐĨĂŐŐŽƚ͊ŐĞƚ ĨŝŶŽĐĐŚŝŽĚĞůĐĂǌǌŽ͊ ŵĂƌŝĐſŶĚĞŵŝĞƌĚĂ͘ ^K ŽƵƚŽĨŵǇŚŽƵƐĞ͊ǇŽƵ ĨƵŽƌŝĚĂĐĂƐĂŵŝĂ͊ Yh/s>E ůĄƌŐĂƚĞĚĞŵŝĐĂƐĂ͘ Yh/s>E ƉŽůĞͲƐŵŽŬŝŶŐƋƵĞĞƌ͊ ďƌƵƚƚĂĐŚĞĐĐĂ ĂŚşŶŽǀŝǀĞŶ ƐƵĐĐŚŝĂĐĂǌǌŝ͊ ĐŚƵƉĂƉŽůůĂƐ͘ ^K Yh/s>E D/d/'d/KE

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

:^KE ŚŽǁŵƵĐŚƚŽƐƚŽƉ ƋƵĂŶƚŽǀƵŽŝƉĞƌ ĐƵĂŶƚŽƋƵŝĞƌĞƐƉŽƌ ĚĂƚŝŶŐŚĞƌ͍ ƐŵĞƚƚĞƌĞĚŝǀĞĚĞƌůĂ͍ ĚĞũĂƌĚĞǀĞƌůĂ͍

>/W ĞǆĐƵƐĞŵĞ͍ ĐŽŵĞ͕ƉƌĞŐŽ͍ ĐſŵŽĚŝĐĞ͍

:^KE ǇŽƵŬŶŽǁ͕ƐŚĞΖƐŶŽƚ ďĞŚ͕ƚĂŶƚŽŶŽŶğ ďƵĞŶŽ͕ĞůůĂŶŽĞƐƚĄ ŝŶůŽǀĞǁŝƚŚǇŽƵ͘ǇŽƵ ŝŶŶĂŵŽƌĂƚĂĚŝƚĞ͕ ĞŶĂŵŽƌĂĚĂĚĞƚŝ͕ůŽ ĚŽŬŶŽǁƚŚĂƚ͕ƌŝŐŚƚ͍ ƋƵĞƐƚŽůŽƐĂŝǀĞƌŽ͍ ƐĂďĞƐǀĞƌĚĂĚ͍

>/W ǁĞΖƌĞŶŽƚƌĞĂůůǇĂƚ ŶŽŶƐŝĂŵŽĂŶĐŽƌĂ ŶŝƐŝƋƵŝĞƌĂůŽŚĂďşĂ ƚŚĂƚƐƚĂŐĞǇĞƚ͘ ĂƌƌŝǀĂƚŝĂƋƵĞůůĂĨĂƐĞ͘ ƉĞŶƐĂĚŽ͘

:^KE ƐŚĞΖƐũƵƐƚƚƌǇŝŶŐƚŽ ĐĞƌĐĂƐŽůƚĂŶƚŽĚŝ ƐŽůŽƉƌĞƚĞŶĚĞ ĚƌŝǀĞŵĞĐƌĂǌǇďǇ ĨĂƌŵŝĂƌƌĂďďŝĂƌĞ ǀŽůǀĞƌŵĞůŽĐŽ ŐŽŝŶŐŽƵƚǁŝƚŚ ƵƐĐĞŶĚŽĐŽŶƵŶŽ ƐĂůŝĞŶĚŽĐŽŶĂůŐƵŝĞŶ ƐŽŵĞŽŶĞůŝŬĞǇŽƵ͘ ĐŽŵĞƚĞ͘ ĐŽŵŽƚƷ͘ ^ Yh/s>E Yh/s>E

>/W ƐŽŵĞŽŶĞůŝŬĞŵĞ͍ ƵŶŽĐŽŵĞŵĞ͍ ĂůŐƵŝĞŶĐŽŵŽǇŽ͍

:^KE ǇĞĂŚ͘ŝŵĞĂŶ͕ǇŽƵ ƐŞ͕ƚƵŵŝƐĞŵďƌŝƵŶ Ɛş͕ƚŝĞŶĞƐƉŝŶƚĂĚĞƐĞƌ ƐĞĞŵůŝŬĞĂƉĞƌĨĞĐƚůǇ ƌĂŐĂǌǌŽĂƉŽƐƚŽŵĂ ƵŶĐŚŝĐŽŵĂũŽ͕ƉĞƌŽ ŶŝĐĞŬŝĚ͕ďƵƚ ĂŵĂŶĚĂƚŝƵƐĂƉĞƌ ĂŵĂŶĚĂƐĞĞƐƚĄ ĂŵĂŶĚĂΖƐũƵƐƚ ƌŝďĞůůĂƌƐŝ͘ ƌĞďĞůĂŶĚŽ͘ ƌĞďĞůůŝŶŐ͘

>/W ǁĞůů͕ĚŽŶΖƚďůĂŵĞŚĞƌ͘ ďĞŚ͕ŶŽŶƉŽƐƐŽ ďƵĞŶŽ͕ĞƐŶŽƌŵĂů͕ ǇŽƵΖƌĞŬŝŶĚŽĨĂĚŝĐŬ͘ ďŝĂƐŝŵĂƌůĂ͕ƐĞŝƵŶŽ ƵƐƚĞĚĞƐƵŶĐĂƉƵůůŽ͘ ƐƚƌŽŶǌŽ͘

:^KE ŝΖŵŶŽƚĚĞŶǇŝŶŐƚŚĂƚ͘ ƋƵĞƐƚŽŶŽŶůŽŶĞŐŽ͘ ŶŽŶŝĞŐŽƋƵĞůŽƐĞĂ͘ ŚŽǁĂďŽƵƚĨŝǀĞ ĐŚĞŶĞĚŝĐŝĚŝĐŝŶƋƵĞ ƋƵĠƚĞƉĂƌĞĐĞƌşĂŶ ƚŚŽƵƐĂŶĚĚŽůůĂƌƐ͕ ŵŝůĂĚŽůůĂƌŝ͍ ĐŝŶĐŽŵŝůĚſůĂƌĞƐ͍ǇŽ ƚŚĞŶ͍ůŽŽŬƐůŝŬĞƚŚĂƚ ƉŽƚƌĞƐƚĞĨĂƌĐŝ ĚŝƌşĂƋƵĞĂƋƵş ǁŽƵůĚŐŽƉƌĞƚƚǇĨĂƌ ƉĂƌĞĐĐŚŝŽŝŶƵŶ ǀĞŶĚƌşĂŶďĂƐƚĂŶƚĞ ^ ŝŶƚŚŝƐƉůĂĐĞ͘ ƉŽƐƚŽĐŽŵĞƋƵĞƐƚŽ͘ Yh/s>E ďŝĞŶ͘ Yh/s>E

^,Zz> ũĂƐŽŶ͘ ũĂƐŽŶ͘ ũĂƐŽŶ͘

>/W ŝƐŚĞƐĞƌŝŽƵƐ͍ŚĞΖƐ ůƵŝǀƵŽůĞĚĂǀǀĞƌŽ ǀĂĞŶƐĞƌŝŽ͍ŵĞ ŐŽŶŶĂƉĂǇŵĞŶŽƚƚŽ ƉĂŐĂƌŵŝƉĞƌŶŽŶ ƉĂŐĂƌşĂƉŽƌŶŽƐĂůŝƌ ĚĂƚĞǇŽƵƌĚĂƵŐŚƚĞƌ͍ ǀĞĚĞƌĞǀŽƐƚƌĂĨŝŐůŝĂ͍ ĐŽŶƐƵŚŝũĂ͍

:^KE ŚŽǁĂďŽƵƚƚĞŶ͍ŝ ĞĚŝĞĐŝŵŝůĂ͍ŚŽŝ ƋƵĠƚĂůĚŝĞǌ͍ůůĞǀŽĞů ŚĂǀĞƚŚĞĐĂƐŚǁŝƚŚ ĐŽŶƚĂŶƚŝĐŽŶŵĞ͘ ĚŝŶĞƌŽĞŶĐŝŵĂ͘ ŵĞ͘

>/W ŽŶǇŽƵ͕ŝŶƚŚŝƐ ĐŽŶƚĞ͕ŝŶƋƵĞƐƚŽ ĞŶĐŝŵĂ͍ĞŶĞƐƚĞ ^^ ŶĞŝŐŚďŽƌŚŽŽĚ͍ ƋƵĂƌƚŝĞƌĞ͍ Yh/s>E ďĂƌƌŝŽ͍ Yh/s>E

:^KE ŚĂǀĞǁĞŐŽƚĂĚĞĂů͍ ĂďďŝĂŵŽƵŶĂĐĐŽƌĚŽ͍ ůŽƐĂĐĞƉƚĂƐ͍

^ƚƌĞĞƚ;ŽƵƚƐŝĚĞƚŚĞĂůŝďŝͿ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/E ƐŽǇŽƵƌĞĂůůǇĐĂŵĞ ƐĞŝƵƐĐŝƚŽĂůůŽ ĂůĨŝŶĂůůŽŚĂƐƐŽůƚĂĚŽ͕ ŽƵƚ͕ŚƵŚ͍ ƐĐŽƉĞƌƚŽ͘ ĞŚ͍

D/<z ĚŽĞƐŶΖƚŵĞĂŶŝΖŵ ŶŽŶǀƵŽůĚŝƌĞĐŚĞŵŝ ŶŽƉŽƌĞƐŽǀŽǇĂ ^K^ ŐŽŶŶĂǁĞĂƌĂĨƵĐŬŝŶŐ ŵĞƚƚĞƌžƵŶĂĐĂǌǌŽĚŝ Yh/s>E ƉŽŶĞƌŵĞǀĞƐƚŝĚŝƚŽƐ͘ Yh/s>E ĚƌĞƐƐŽƌĂŶǇƚŚŝŶŐ͘ ŐŽŶŶĂ͘

/D]DUXV 6HDVRQ(SLVRGH ,ŽƐƉŝƚĂů͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

EhZ^dK&ZE< ƉĂŝŶŝƐĂďůĞƐƐŝŶŐ͕ŵƌ ğƵŶĂďĞŶĞĚŝǌŝŽŶĞ ĞůĚŽůŽƌĞƐƵŶĂ ŐĂůůĂŐŚĞƌ͕ƉĂƌƚŽĨƚŚĞ ƐŝŐŶŽƌŐĂůůĂŐŚĞƌ͕ĨĂ ďĞŶĚŝĐŝſŶ͕ĞƐƉĂƌƚĞ ŐŽŽĚůŽƌĚΖƐŚĞĂůŝŶŐ ƉĂƌƚĞĚĞůƉƌŽĐĞƐƐŽĚŝ ĚĞůƉƌŽĐĞƐŽĐƵƌĂƚŝǀŽ͘ Z/D ƉƌŽĐĞƐƐ͘ ŐƵĂƌŝŐŝŽŶĞĚŝĚŝŽ͘ Yh/s>E D/d/'d/KE

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

>/WdK/EZ> ǇŽƵŬŶŽǁ͕ũĞƐƵƐ͕ ĚĂŝƌĂŐĂǌǌŝ͕ƐƚĂƌă ũŽĚĞƌ͕ĐŚŝĐŽƐ͕ƐŽŶ ŐƵǇƐ͘ŝƚΖƐŶŝŶĞƚǇĚĂǇƐ ŶŽǀĂŶƚĂŐŝŽƌŶŝŝŶƵŶĂ ŶŽǀĞŶƚĂĚşĂƐĞŶƵŶĂ ŝŶĐŽƵŶƚƌǇĐůƵďũĂŝů͘Ăůů ƉƌŝŐŝŽŶĞƐƚŝůĞĐŽƵŶƚƌǇ ĐĄƌĐĞůƚŝƉŽ ƌŝŐŚƚ͕ŝƚΖƐŶŽƚ ĐůƵďŶŽŶĂ ĐĂŵƉĂŵĞŶƚŽĚĞ ŐƵĂŶƚĂŶĂŵŽ͘ŽŬĂǇ͕ ŐƵĂŶƚĂŶĂŵŽ͘ĐŚŝĂƌŽ͍ ǀĞƌĂŶŽ͕͎ǀĂůĞ͍ŶŽ ƐŚĞΖƐƉƌŽďĂďůǇ ƉƌŽďĂďŝůŵĞŶƚĞ ĞƐƚĄĞŶŐƵĂŶƚĄŶĂŵŽ͘ ůĞĂƌŶŝŶŐĂƵƐĞĨƵů ŝŵƉĂƌĂƵŶŵĞƐƚŝĞƌĞ ƉƌŽďĂďůĞŵĞŶƚĞĞƐƚĞ ƚƌĂĚĞ͕ďƌƵƐŚŝŶŐƵƉŽŶ ƵƚŝůĞ͕ƌŝƉĂƐƐĂůŽ ĂƉƌĞŶĚŝĞŶĚŽƵŶ ŚĞƌƐƉĂŶŝƐŚ͘ ƐƉĂŐŶŽůŽ͘ ŽĨŝĐŝŽƷƚŝůǇ ƉƌĂĐƚŝĐĂŶĚŽĞů ŝƚĂůŝĂŶŽ͘

E^ Yh/s>E Yh/s>E

DŝůŬŽǀŝĐŚŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^sd>E ƐŽǇŽƵĂƌĞƌĂŝŶďŽǁ ĞĐŽƐŞŚĂŝĨĂƚƚŽ ĂŚŽƌĂĞƌĞƐƵŶĐŚŝĐŽ ^K^ ďŽǇŶŽǁ͍ ŽƵƚŝŶŐ͍ >/D/Ed/KE ĚĞůĂƌĐŽŝƌŝƐ͍ Yh/s>E

D/<z ƚŚĞĨƵĐŬǇŽƵĚŽƚŽ ĐŚĞŚĂŝĨĂƚƚŽĂŝ ƋƵĠĐŽŹŽƚĞŚĂƐ ǇŽƵƌŚĂŝƌ͍ ĐĂƉĞůůŝ͍ ŚĞĐŚŽĞŶĞůƉĞůŽ͍

^sd>E ǇŽƵǁĞĂƌƉŝŶŬ ŝŶĚŽƐƐŝŵĂŐůŝŽŶŝƌŽƐĂ ůůĞǀĂƐũĞƌƐĠŝƐƌŽƐĂǇ ^K^ ƐǁĞĂƚĞƌƐĂŶĚƐƚŝŶŬŽĨ ĞƐĂŝĚŝƉƌŽĨƵŵŽĚĂ Yh/s>E ŚƵĞůĞƐĂƉĞƌĨƵŵĞ͘ Yh/s>E ŵĂŶƉĞƌĨƵŵĞŶŽǁ͍ ƵŽŵŽŽƌĂ͍

,ŽƐƉŝƚĂů͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^,/> ŽŶƚŚƌĞĞ͕ůĞƚΖƐƐĂǇ ĂůƚƌĞ͕ĚŝĐŝĂŵŽ ĂůĂĚĞƚƌĞƐĚĞĐşƐ ŐĞƌŽŶŝŵŽ͘ƌĞĂĚǇ͍ ŐĞƌŽŶŝŵŽ͘ƉƌŽŶƚŝ͍ ŐĞƌſŶŝŵŽ͘ůŝƐƚŽƐ͍ Z^ Yh/s>E Yh/s>E

DŝůŬŽǀŝĐŚŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

D/<zdK/E ŚĞǇ͕ŵĂŶ͘ŝƚΖƐŶŽŽŶ͘ ŚĞǇ͕ğŵĞǌǌŽŐŝŽƌŶŽ͘ ĞŚ͕ƚşŽ͕ƐŽŶůĂƐĚŽĐĞ͘

ƌŝƐĞĂŶĚĨƵĐŬŝŶŐ ĂůǌĂƚŝĞƌŝƐƉůĞŶĚŝ͕ ĚĞƐƉŝĞƌƚĂĚĞƵŶĂǀĞǌ͕ ƐŚŝŶĞ͕ĐŝŶĚĞƌĞůůĂ͘ ĐĞŶĞƌĞŶƚŽůĂ͘ ĐĞŶŝĐŝĞŶƚĂ͘ ^K^ Yh/s>E Yh/s>E

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

dKDDz ŚŽǁΖƐďƵƐŝŶĞƐƐ ĞŝůƌĞƚƌŽďŽƚƚĞŐĂ ǇĐſŵŽǀĂůŽĚĞ ĚŽǁŶƐƚĂŝƌƐ͕ŵŝĐŬ͍ ĐŽŵĞƉƌŽĐĞĚĞ͍ ĂďĂũŽ͕ŵŝĐŬ͍

D/<z ƚŚĂƚĂĨƵĐŬŝŶΖŐĂǇ ĐŽƐ͛ğ͕ƵŶĂďĂƚƚƵƚĂƐƵŝ ĞƐŽĞƐƵŶƉƵƚŽĐŚŝƐƚĞ ũŽŬĞ͍ ŐĂǇ͍ ĚĞŐĂŝƐ͍

dKDDz ŝĚŽŶΖƚŬŶŽǁ͘ ŶŽŶůŽƐŽ͕ĨĂƌŝĚĞƌĞ͍ ŶŽůŽƐĠ͕ƚĞŚĂŚĞĐŚŽ ǁĂƐŝƚĨƵŶŶǇ͍ ŐƌĂĐŝĂ͍

D/<z ŶŽ͕ŝƚǁĂƐŶΖƚĨƵŶŶǇ͘ ŶŽ͕ŶŽŶĨĂƌŝĚĞƌĞ͘ ŶŽ͕ŶŽŚĂƚĞŶŝĚŽ ŐƌĂĐŝĂ͘

dKDDz ƚŚĞŶ͕ŶŽ͕ŝƚǁĂƐŶΖƚĂ ŶŽ͍ĂůůŽƌĂŶŽŶůŽğ͘ ĞŶƚŽŶĐĞƐŶŽ͕ŶŽĞƌĂ ŐĂǇũŽŬĞ͘ ŶŝŶŐƷŶĐŚŝƐƚĞ͘

D/<z ŚĞǇ͕ŝĨĂŶǇďŽĚǇΖƐŐŽƚ ŚĞǇ͕ƐĞƋƵĂůĐƵŶŽŚĂ ĞŚ͕ƐŝĂůŐƵŶŽƚŝĞŶĞ ƐŽŵĞƚŚŝŶŐƚŽƐĂǇ͕ ƋƵĂůĐŽƐĂĚĂĚŝƌĞůŽ ĂůŐŽƋƵĞĚĞĐŝƌ͕ƋƵĞůŽ ĨƵĐŬŝŶŐƐĂǇŝƚ͊ ĚŝĐĂ͕ĐĂǌǌŽ͊ ƐƵĞůƚĞ͊

<s/E ǁĞƌĞǇŽƵƐƵƌƉƌŝƐĞĚ͍ ƐĞŝƐŽƌƉƌĞƐŽ͍ƉĞƌĐŚĠ ŽƐŚĂƐŽƌƉƌĞŶĚŝĚŽ͍ ΖĐĂƵƐĞŝǁĂƐŶΖƚ ŝŽŶŽŶůŽƐŽŶŽ͘ĞƌŽĐŬ ƉŽƌƋƵĞĂŵşŶŽ͕ůĂ ƐƵƌƉƌŝƐĞĚ͘ŝŵĞĂŶ͕ ŚƵĚƐŽŶ͍ƋƵĞůůŽğ ǀĞƌĚĂĚ͘ůŽĚĞƌŽĐŬ ƌŽĐŬŚƵĚƐŽŶ͍ƚŚĂƚ ƐƚĂƚŽƵŶŽƐŚŽĐŬ͕ĞůůĞŶ ŚƵĚƐŽŶ͕ĞƐŽƐşŵĞ ǁĂƐĂďŝƚŽĨĂƐŚŽĐŬ͘ ĚĞŐƌĞŶĠ͍ŝůƌĂŐĂǌǌŝŶŽ ƐŽƌƉƌĞŶĚŝſ͘ǇĞůůĞŶ͕Ǉ ĞůůĞŶ͍ƚŚĂƚŬŝĚĨƌŽŵ ĚŝĚŽŽŐŝĞŚŽǁƐĞƌ͍ ĞůĐŚĂǀĂůĞƐĞĚĞƵŶ ĚŽŽŐŝĞŚŽǁƐĞƌ͕ŵĚ͍ ŵĠĚŝĐŽƉƌĞĐŽǌ͘

sZKE/ ĞůůĞŶ͍ƌĞĂůůǇ͍ŝŚĂĚ ĞůůĞŶ͍ĚĂǀǀĞƌŽ͍ŶŽŶ ĞůůĞŶ͍ĞŶƐĞƌŝŽ͍ǇŽ ƚŚĂƚŽŶĞ͘ ůŽƐĂƉĞǀŽ͘ ŵĞůŽŝŵĂŐŝŶĂďĂ͘

^K^ <ZD/d ǇĞĂŚ͕ŶŽƐƚƌĂŝŐŚƚ Őŝă͕ƵŶĂĚŽŶŶĂĞƚĞƌŽ Yh/s>E Ɛş͕ŶŝŶŐƵŶĂƚşĂŚĞƚĞƌŽ Yh/s>E ^K ǁŽŵĂŶǁĞĂƌƐ ŶŽŶƵƐĂůĞĂĚŝĚĂƐ͘ >/D/Ed/KE ůůĞǀĂĂĚŝĚĂƐ͘ >/D/Ed/KE ĂĚŝĚĂƐ͘

dKDDz ƌŽƐŝĞŽΖĚŽŶŶĞůů͕ƚŚĂƚ ƌŽƐŝĞŽΖĚŽŶŶĞůůğ ĂŵşŵĞĚĞũſĚĞ ŐŽƚŵĞ͘ƐŚĞůŽŽŬƐũƵƐƚ ƐƚĂƚĂƵŶŽƐŚŽĐŬ͕ ƉŝĞĚƌĂůŽĚĞƌŽƐŝĞ ůŝŬĞŵǇƐŝƐƚĞƌ͘ ĂƐƐŽŵŝŐůŝĂĂŵŝĂ Ž͛ĚŽŶŶĞůů͘ƐŝĞƐ ƐŽƌĞůůĂ͘ ŝŐƵĂůŝƚĂĂŵŝ ŚĞƌŵĂŶĂ͘

sZKE/ ŝƚŚŽƵŐŚƚǇŽƵƌƐŝƐƚĞƌ ƚƵĂƐŽƌĞůůĂŶŽŶğŐĂǇ͍ ĐƌĞşĂƋƵĞƚƵŚĞƌŵĂŶĂ ǁĂƐŐĂǇ͘ ĞƌĂŐĂǇ͘

^K/D dKDDz ǁĂƐŶΖƚďĞĨŽƌĞĞůůĞŶ͘ ƐŞ͕ĚŽƉŽĐŚĞŚĂǀŝƐƚŽ Yh/s>E ŶŽůŽĞƌĂ͕ŚĂƐƚĂůŽĚĞ Yh/s>E ĞůůĞŶ͘ ĞůůĞŶ͘

<ZD/d ĞůƚŽŶũŽŚŶ͕ĐĂŶĚůĞŝŶ ĞůƚŽŶũŽŚŶ͕ŵĂĚŝůƵŝ ǇĞůƚŽŶũŽŚŶ͕ĐĂŶĚůĞ ƚŚĞǁŝŶĚ͘ ůŽƐĂŶŶŽƚƵƚƚŝ͘ ŝŶƚŚĞǁŝŶĚ͘

dKDDz ƚŚĂƚĚŝǀĞƌĨƌŽŵƚŚĞ ƋƵĞůůŽĚĞůůĂ ǇĞƐĞƚşŽƋƵĞĂŶƵŶĐŝĂ ƵŶĚĞƌǁĞĂƌĂĚƐ͍ ƉƵďďůŝĐŝƚăĚŝŝŶƚŝŵŽ͍ ĐĂůǌŽŶĐŝůůŽƐ͘

<ZD/d ŵĂƌŬǇŵĂƌŬ͍ ŵĂƌŬǇŵĂƌŬ͍ ŵĂƌŬǇŵĂƌŬ͍

sZKE/ ŵĂƌŬǇŵĂƌŬΖƐŶŽƚŐĂǇ͘ ŵĂƌŬǇŵĂƌŬğŐĂǇ͍ ŵĂƌŬǇŵĂƌŬŶŽĞƐ ŐĂǇ͘

^K^ <ZD/d ŚĞĚŝĚƵŶĚĞƌǁĞĂƌ ŐŝƌĂƐƉŽƚĚŝŝŶƚŝŵŽ͘ Yh/s>E ĂŶƵŶĐŝĂĐĂůǌŽŶĐŝůůŽƐ͘ Yh/s>E ĂĚƐ͘

<s/E ŶŽ͕ŶŽ͘ŐƌĞŐůŽƵŐĂŶŝƐ͘ ŶŽ͕ŶŽ͕ŶŽ͕ŶŽ͘ŐƌĞŐ ŶŽ͕ŶŽŐƌĞŐůŽƵŐĂŶŝƐ͘ ǇĞĂŚ͕ŚĞďƵƐƚĞĚŚŝƐ ůŽƵŐĂŶŝƐ͘ƐŝƐƉĂĐĐžůĂ Ɛş͕ĞůƋƵĞƐĞĂďƌŝſůĂ ŚĞĂĚŽŶƚŚĞŽůǇŵƉŝĐ ƚĞƐƚĂƐƵůƚƌĂŵƉŽůŝŶŽ ĐĂďĞǌĂĞŶĞů ĚŝǀŝŶŐďŽĂƌĚ͘ďůŽŽĚ ĂůůĞŽůŝŵƉŝĂĚŝ͕ ƚƌĂŵƉŽůşŶŽůşŵƉŝĐŽ͘ ĞǀĞƌǇǁŚĞƌĞ͕ŬĞƉƚ ŶŽŶŽƐƚĂŶƚĞŝůƐĂŶŐƵĞ ƐĂŶŐƌĂďĂƋƵĞŶŽǀĞĂƐ ŐŽŝŶŐ͘ƚŽƵŐŚĨƵĐŬĞƌ͘ ŶŽŶƐŝĨĞƌŵž͘ƵŶŽ ǇƐŝŐƵŝſ͘ ƚŽƐƚŽ͘

dKDDz ƚŚĂƚŶďĂƉůĂǇĞƌůĂƐƚ ĞƋƵĞůŐŝŽĐĂƚŽƌĞ ǇĞƐĞũƵŐĂĚŽƌĚĞůĂ ǇĞĂƌ͘ ĚĞůů͛ŶďĂ͍ ŶďĂ͍

^K^ <s/E ǇĞĂŚ͕ũĂƐŽŶĐŽůůŝŶƐ͘ ƐŞ͕ũĂƐŽŶĐŽůůŝŶƐ͘ŚĂ Yh/s>E Ɛş͕ũĂƐŽŶĐŽůůŝŶƐ͘ůĞ Yh/s>E ^K ƚŚĂƚƚŽŽŬŐƵƚƐ͘ǁŚĂƚ ĂǀƵƚŽĨĞŐĂƚŽ͘Ğŝů Yh/s>E ĞĐŚſŚƵĞǀŽƐ͘ǇĞů Yh/s>E ^K/D ĂďŽƵƚƚŚĂƚŬŝĚƚŚĂƚ ŐŝŽĐĂƚŽƌĞĚŝĨŽŽƚďĂůů Yh/s>E ĐŚĂǀĂůĞƐĞƋƵĞ Yh/s>E ũƵƐƚĐĂŵĞŽƵƚŝŶ ĐŚĞŚĂĂƉƉĞŶĂĨĂƚƚŽ ũƵŐĂďĂĂůĨƷƚďŽů͍ ĐŽůůĞŐĞĨŽŽƚďĂůů͕ ŽƵƚŝŶŐ͕ŵŝĐŚĂĞůƐĂŵ͍ ŵŝĐŚĂĞůƐĂŵ͘ ŵŝĐŚĂĞůƐĂŵ͍

dKDDz ĨĞƌŐŝĞ͘ ĨĞƌŐŝĞ͘ ĨĞƌŐŝĞ͘

<s/E ŶŽƐŚŝƚ͘ĨĞƌŐŝĞ͍ ŶŽŶĐŝĐƌĞĚŽ͕ĨĞƌŐŝĞ͍ ĞŶƐĞƌŝŽ͍ĨĞƌŐŝĞ͍

^K dKDDz ǁĞůů͕ŵĂǇďĞũƵƐƚ ĨŽƌƐĞğƐŽůŽ Yh/s>E ďƵĞŶŽ͕ƉƵĞĚĞƋƵĞ D/d/'d/KE ďŝƐĞǆƵĂů͕ďƵƚƐƚŝůů͘ ďŝƐĞƐƐƵĂůĞ͕ŵĂ ƐĞĂďŝƐĞǆƵĂů͕ƉĞƌŽ͕ ĐŽŵƵŶƋƵĞ͘ ĂƵŶĂƐş͘

<s/E ŵŝĐŬĞǇ͕ŚĂǀĞĂƐĞĂƚ͕ ŵŝĐŬĞǇ͕ĚĂŝ͕ƐŝĞĚŝƚŝ͘ ŵŝĐŬĞǇ͕ƐŝĠŶƚĂƚĞ͕ƚşŽ͘ ŵĂŶ͘ŶŽŽŶĞŐŝǀĞƐĂ ŶŽŶĐŝŝŵƉŽƌƚĂĐŚŝƚŝ ĂŶĂĚŝĞůĞŝŵƉŽƌƚĂĂ ƐŚŝƚǁŚŽǇŽƵďĂŶŐ͘ ƐĐŽƉŝ͘ƚŝŽĨĨƌŽƵŶĂ ƋƵŝĞŶƚĞĨŽůůĞƐ͘ƚĞ ůĞƚŵĞďƵǇǇŽƵĂ ďŝƌƌĂ͘ĂŝĐƵůĂƚƚŽŶŝ͕ĐŚĞ ŝŶǀŝƚŽĂƵŶĂďŝƌƌĂ͘ƉŽƌ ďĞĞƌ͘ƚŽďƵƚƚďƵĚĚŝĞƐ͕ ĂůƵŶŐŽĐŽŶƚŝŶƵŝŶŽĂ ůŽƐŵĂƌŝĐĂƐ͕ƋƵĞ ůŽŶŐŵĂǇƚŚĞǇƐůĂŵ ƐďĂƚƚĞƌƐŝ͘ ĚƵƌĞŶǇƋƵĞůĞƐĚƵƌĞ ĂŶĚƐůĂƉ͘ ĚƵƌĂ͘

^K >> ƚŽďƵƚƚďƵĚĚŝĞƐ͊ ĂŝĐƵůĂƚƚŽŶŝ͊ Yh/s>E ƉŽƌůŽƐŵĂƌŝĐĂƐ͊ Yh/s>E

DĞŶŽŵŝŶĞĞƌĞƵŶŝŽŶĨŽƌ^ŚĞŝůĂƚŽĂĚŽƉƚƚŚĞĐŚŝůĚƌĞŶ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

DEKD/EWZ^/Ed ƚŚĞŵĞŶŽŵŝŶĞĞ ůĂŶĂǌŝŽŶĞ ůĂŶĂĐŝſŶŵĞŶŽŵŝŶĞĞ dK^,/> ŶĂƚŝŽŶƚŚĂŶŬƐǇŽƵĨŽƌ ŵĞŶŽŵŝŶĞĞůĂ ůĞĂŐƌĂĚĞĐĞƋƵĞŚĂǇĂ ǇŽƵƌĐĂƌĞŽĨƚŚĞƐĞ ƌŝŶŐƌĂǌŝĂƉĞƌĞƐƐĞƌƐŝ ĐƵŝĚĂĚŽĚĞĞƐƚŽƐ ĐŚŝůĚƌĞŶĂŶĚǁŽƵůĚ ŽĐĐƵƉĂƚĂĚĞŝďĂŵďŝŶŝ ŶŝŹŽƐǇƋƵŝĞƌĞ ůŝŬĞƚŽŽĨĨĞƌǇŽƵĨŝǀĞ ĞůĞŽĨĨƌĞ ŽĨƌĞĐĞƌůĞƋƵŝŶŝĞŶƚŽƐ ŚƵŶĚƌĞĚĚŽůůĂƌƐƚŽ ĐŝŶƋƵĞĐĞŶƚŽĚŽůůĂƌŝ ĚſůĂƌĞƐƉĂƌĂĐƵďƌŝƌ ĚĞĨƌĂǇĂŶǇĐŽƐƚƐǇŽƵ ƉĞƌůĞƐƉĞƐĞĐŚĞŚĂ ůŽƐŐĂƐƚŽƐƋƵĞůĞ ŵĂǇŚĂǀĞŝŶĐƵƌƌĞĚ͘ ƐŽƐƚĞŶƵƚŽ͘ƉŽƐƐŝĂŵŽ ŚĂǇĂŶĐĂƵƐĂĚŽ͘ ǁĞĐĂŶƐĞŶĚǇŽƵĂ ƐƉĞĚŝƌůĞƵŶĂƐƐĞŐŶŽŽ ƉŽĚĞŵŽƐĞŶǀŝĂƌůĞƵŶ ĐŚĞĐŬ͘ŽƌǁŽƵůĚǇŽƵ ǀƵŽůĞĚĞůůĞĨŝĐŚĞƉĞƌ ĐŚĞƋƵĞ͘ŽƉƌĞĨŝĞƌĞ ƉƌĞĨĞƌĐŚŝƉƐĨŽƌƚŚĞ ŝůĐĂƐŝŶž͍ ĨŝĐŚĂƐƉĂƌĂĞůĐĂƐŝŶŽ͍ ĐĂƐŝŶŽ͍

d,^ Yh/s>E Yh/s>E

ŝŶĞƌ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

DEdK>/W ǁĞůů͕ǁĞΖƌĞĂďƵŶĐŚ ƐŝĂŵŽƐƚƵĚĞŶƚĞƐƐĞĚŝ ǀĂŵŽƐ͕ƚŽĚĂƐ ŽĨĞŶŐŝŶĞĞƌŝŶŐ ŝŶŐĞŐŶĞƌŝĂ͘ůĞŶŽƐƚƌĞ ĞƐƚƵĚŝĂŵŽƐ ŵĂũŽƌƐ͘ŽƵƌƉĂƌƚŝĞƐ ĨĞƐƚĞĚŝƐŽůŝƚŽ ŝŶŐĞŶŝĞƌşĂ͘ŶƵĞƐƚƌĂƐ ƵƐƵĂůůǇĐŽŶƐŝƐƚŽĨƵƐ ĐŽŶƐŝƐƚŽŶŽŶĞů ĨŝĞƐƚĂƐƐƵĞůĞŶ ǁĂƚĐŚŝŶŐďŝŐďĂŶŐ ŐƵĂƌĚĂƌĞůĞƌĞƉůŝĐŚĞ ĐŽŶƐŝƐƚŝƌĞŶǀĞƌ ƌĞƌƵŶƐĂŶĚďůĞĂĐŚŝŶŐ ĚŝďŝŐďĂŶŐƚŚĞŽƌǇĞ ĞƉŝƐŽĚŝŽƐĚĞďŝŐ ĞĂĐŚŽƚŚĞƌΖƐ ƐĐŚŝĂƌŝƌĐŝŝďĂĨĨĞƚƚŝĂ ďĂŶŐǇƚĞŹŝƌŶŽƐĞů ^^ ŵƵƐƚĂĐŚĞƐ͘ ǀŝĐĞŶĚĂ͘ Yh/s>E ƉĞůŽĚĞůůĂďŝŽ Yh/s>E '^ Yh/s>E ƐƵƉĞƌŝŽƌ͘ Yh/s>E

,ŽƐƉŝƚĂů͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ǁŚĂƚΖƐŐŽŝŶŐŽŶŽƵƚ ĐŚĞƐƵĐĐĞĚĞůăĨƵŽƌŝ͍ ƋƵĠĞƐƚĄƉĂƐĂŶĚŽĂŚş ƚŚĞƌĞ͍ ĨƵĞƌĂ͍

' Z> ĐĂƚĨŝŐŚƚ͘ƐĂŵŵŝĂŶĚ ůŝƚĞƚƌĂĚŽŶŶĞ͕ƐĂŵŵŝ >/D/Ed/KE ƵŶĂƉĞůĞĂĞŶƚƌĞ >/D/Ed/KE ƐŚĞŝůĂ͘ ĞƐŚĞŝůĂ͘ ƐĂŵŵŝǇƐŚĞŝůĂ͘

0LONRIWKH*RGV 6HDVRQ(SLVRGH ^ƚƌĞĞƚ͘tŽŵĂŶĚŝƐƚƌŝďƵƚŝŶŐĨůǇĞƌƐ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

tKDE Ƶŵ͕ĞǆĐƵƐĞŵĞ͕ŵĂǇŝ ĂŚ͕ƐĐƵƐĂ͕ƉŽƐƐŽ ƉĞƌĚŽŶĂ͕ŵĞŐƵƐƚĂƌşĂ ŐŝǀĞǇŽƵŽŶĞŽĨ ůĂƐĐŝĂƌƚĞŶĞƵŶŽ͍ ƋƵĞůĞǇĞƌĂƐĞƐƚŽ͘ ƚŚĞƐĞ͍

/ ƵŚ͕ŶŽ͕ƚŚĂŶŬǇŽƵ͘ŝ ĂŚ͕ŶŽ͕ŚŽŐŝăĂĐĐŽůƚŽ ĂŚ͕ŶŽ͕ŐƌĂĐŝĂƐ͘ǇĂƐĠ ĂůƌĞĂĚǇĂĐĐĞƉƚĞĚ ŐĞƐƶĐŽŵĞŵŝŽ ƋƵĞũĞƐƵĐƌŝƐƚŽĞƐŵŝ Z/D ũĞƐƵƐĂƐŵǇůŽƌĚĂŶĚ ƐŝŐŶŽƌĞ͘ƚƌĞĐĂƐĞƉŝƶ Yh/s>E ƐĂůǀĂĚŽƌ͘ƉƌĞŐƵŶƚĞ Yh/s>E ƐĂǀŝŽƌ͘ƚƌǇƚŚƌĞĞ ĂǀĂŶƚŝ͕ŵƵƐƐƵůŵĂŶŝ͘ ŵĄƐĂďĂũŽ͕ŚĂǇ ŚŽƵƐĞƐĚŽǁŶ͘ ŵƵƐƵůŵĂŶĞƐ͘ ƚŚĞǇΖƌĞŵƵƐůŝŵ͘

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

dKDDzdK>/W ŝĚŽŶΖƚŚŝƌĞĐŽůůĞŐĞ ŶŽŶĂƐƐƵŵŽĨŝŐŚĞƚƚĞ ǇŽŶŽĐŽŶƚƌĂƚŽĂ ' ƉƵƐƐŝĞƐůŝŬĞǇŽƵ͘ ĚĂĐŽůůĞŐĞĐŽŵĞƚĞ͘ Yh/s>E ƵŶŝǀĞƌƐŝƚĂƌŝŽƐĐŽŵŽ >/D/Ed/KE ^ Yh/s>E ƚƷ͘ Yh/s>E

WĂƚƐǇΖƐĚŝŶĞƌ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^EdK&/KE ĐĂƌĞĨƵů͘ŚĞΖƐĂ ĂƚƚĞŶƚĂ͕ğƵŶ ĐƵŝĚĂĚŝƚŽ͕ĞƐŵƷƐŝĐŽ͕ ^^ ŵƵƐŝĐŝĂŶ͘ǇŽƵŶĞǀĞƌ ŵƵƐŝĐŝƐƚĂ͕ŶŽŶƉƵŽŝ DW>/&/d/KE ĂƐĂďĞƌĚſŶĚĞůĂŚĂ DW>/&/d/KE ŬŶŽǁǁŚĞƌĞƚŚĂƚ ƐĂƉĞƌĞĚŽǀĞůŽ ŵĞƚŝĚŽĂŶƚĞƐ͘ ƚŝƉΖƐďĞĞŶ͘ ŵĞƚƚĞ͘

WĂƌŬ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/ ǁŚǇĐĂŶΖƚǇŽƵĚŽƚŚŝƐ ƉĞƌĐŚĠŶŽŶůŝƌĂĐĐŽŐůŝ ǇƉŽƌƋƵĠŶŽůĂƐ ǇŽƵƌƐĞůĨ͍ ƚƵ͍ ĐŽŐĞƐƚƷŵŝƐŵŽ͍

'^ &ZE< ĂŐƌŽǁŶŵĂŶĚŝŐŐŝŶŐ ĂƌŽǀŝƐƚĂƌĞŝŶŵĞǌǌŽ Yh/s>E ƉŽƌƋƵĞƵŶŚŽŵďƌĞ Yh/s>E ĂƚƚŚĞĨĞĞƚŽĨŬŝĚƐ ĂĚĞŝďĂŵďŝŶŝ ĂŐĂĐŚĂĚŽĞŶƚƌĞĐƌşŽƐ ůŽŽŬƐĂůŝƚƚůĞƉĞƌǀǇ͕ ƐĞŵďƌĞƌĞŝƵŶƉŽ͛ ƉĂƌĞĐĞƵŶ ĚŽŶΖƚǇŽƵƚŚŝŶŬ͍ ƉĞƌǀĞƌƚŝƚŽ͕ŶŽ͍ ƉĞƌǀĞƌƚŝĚŽ͕ŶŽĐƌĞĞƐ͍

<ĞǀŝŶĂŶĚsĞƌŽŶŝĐĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Z>dKZ ŐŽŽĚĞǀĞŶŝŶŐ͕Ɛŝƌ͘ ďƵŽŶĂƐĞƌĂ͕ƐŝŐŶŽƌĞ͘ ďƵĞŶĂƐŶŽĐŚĞƐ͕ ƐĞŹŽƌ͘

<s/E ŽŚ͕ũĞŚŽǀĂŚƐ͘ŶŽƚ ĂŚ͕ƚĞƐƚŝŵŽŶŝĚŝ ĂŚ͕ũĞŚŽǀĄ͕ŶŽŵĞ ŝŶƚĞƌĞƐƚĞĚ͘ ŐĞŽǀĂ͘ŶŽŶŵŝ ŝŶƚĞƌĞƐĂ͘ ŝŶƚĞƌĞƐƐĂ͘

Z>dKZ ŶŽ͕ŶŽ͕ŶŽ͘ǁĞΖƌĞŶŽƚ ŶŽ͕ŶŽ͕ŶŽŶůŽƐŝĂŵŽ͘ ŶŽƐŽŵŽƐƚĞƐƚŝŐŽƐĚĞ ũĞŚŽǀĂŚƐ͘ĞǀĞƌǇŽŶĞ ğƋƵĞůůŽĐŚĞƉĞŶƐĂŶŽ ũĞŚŽǀĄ͘ƚŽĚŽĞů ŬĞĞƉƐƚŚŝŶŬŝŶŐƚŚĂƚ͘ ƚƵƚƚŝ͘ ŵƵŶĚŽƉŝĞŶƐĂĞƐŽ͘

Z^ <s/E ǇŽƵƌĐůŽƚŚĞƐ͘ ğƉĞƌĐŽŵĞǀĞƐƚŝƚĞ͘ Yh/s>E ƉŽƌůĂƌŽƉĂ͘ Yh/s>E

<ĞǀŝŶĂŶĚsĞƌŽŶŝĐĂΖƐŚŽƵƐĞ͘KŶƚŚĞƉŚŽŶĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

<s/E ƐŚĞƐĂŝĚŝŚĂǀĞ ĚŝĐĞĐŚĞŚŽŝů ĚŝĐĞƋƵĞƐƵĨƌŽĞů ŵĂĚŽŶŶĂǁŚŽƌĞ ĐŽŵƉůĞƐƐŽĚĞůůĂ ĐŽŵƉůĞũŽŵĂĚŽŶŶĂ ĐŽŵƉůĞǆ͘ ǀĞƌŐŝŶĞƚƌŽŝĂ͘ ǌŽƌƌĂ͘

sZKE/ ǁŚĂƚ͍ ĐŽƐĂ͍ ƋƵĠ͍

<s/E ǇĞĂŚ͕ŝƚΖƐǁŚǇŝĚŝĚŶΖƚ ƐŞ͕ƉĞƌĐŝžŶŽŶǀŽŐůŝŽ Ɛş͕ƉŽƌĞƐŽŶŽƋƵŝƐĞ ǁĂŶƚƚŽŚĂǀĞƐĞǆ͘ ĨĂƌĞƐĞƐƐŽ͘ ĨŽůůĂƌĂŶƚĞƐ͘

sZKE/ ǁĂŝƚ͕ǇŽƵĐĂůůŝŶŐŵĞĂ ĂƐƉĞƚƚĂ͕ŵŝŚĂŝĚĞƚƚŽ ŽǇĞ͕ŵĞĞƐƚĄƐ ǁŚŽƌĞ͍ ƚƌŽŝĂ͍ ůůĂŵĂŶĚŽǌŽƌƌĂ͍

ZK> ŚĞĐĂůůŝŶŐǇŽƵĂ ƚŝŚĂĚĞƚƚŽƚƌŽŝĂ͍ ƚĞŚĂůůĂŵĂĚŽǌŽƌƌĂ͍ ǁŚŽƌĞ͍

<s/E ŶŽ͕ŝΖŵŶŽƚĐĂůůŝŶŐ ŶŽ͕ŶŽŶƚŝŚŽĚĞƚƚŽ ŶŽ͕ŶŽƚĞĞƐƚŽǇ ǇŽƵĂǁŚŽƌĞ͘ŝŵĞĂŶ͕ ƚƌŽŝĂ͕ŝŶƐŽŵŵĂ͕ ůůĂŵĂŶĚŽǌŽƌƌĂ͕ĚŝŐŽ ǇŽƵƵƐĞĚƚŽďĞĂ ƉƌŝŵĂĞƌŝƚƌŽŝĂĞŵŝ ƋƵĞĂŶƚĞƐĞƌĂƐƵŶĂ ǁŚŽƌĞǁŚŝĐŚŝůŝŬĞĚĂ ƉŝĂĐĞǀĂ͕ŵŽůƚŽ͕ ǌŽƌƌĂ͕ĐŽƐĂƋƵĞ͕ƋƵĞ ' ůŽƚ͕ƚƌƵƐƚŵĞ͕ďƵƚ ĐƌĞĚŝŵŝ͕ŵĂŽƌĂƐĞŝ Yh/s>E ŵĞ͕ƋƵĞŵĞŝďĂ Yh/s>E ŶŽǁǇŽƵΖƌĞĂ ƵŶĂŵĂĚŽŶŶĂ͕ĐŽŵĞ ďĂƐƚĂŶƚĞ͕ĐƌĠĞŵĞ͕ ŵĂĚŽŶŶĂ͕ůŝŬĞƚŚĞ ůĂǀĞƌŐŝŶĞŵĂƌŝĂ͘ ƉĞƌŽĂŚŽƌĂĞƌĞƐƵŶĂ ǀŝƌŐŝŶŵĂƌǇ ŵĂĚƌĞ͕ŵĂĚƌĞĐŽŵŽ ŵĂĚŽŶŶĂ͘ ůĂŵĂĚŽŶŶĂ͘

sZKE/ ŚĞΖƐƐĂǇŝŶŐŝΖŵůŝŬĞ ĚŝĐĞĐŚĞƐŽŶŽĐŽŵĞ ĚŝĐĞƋƵĞƐŽǇĐŽŵŽůĂ ŵĂĚŽŶŶĂŶŽǁ͘ ŵĂĚŽŶŶĂŽƌĂ͘ ŵĂĚŽŶŶĂ͘

ZK> ǁŚĂƚ͕ůŝŬĞǀŽŐƵĞ ŵĂĚŽŶŶĂĚŝǀŽŐƵĞ͍ ĐŽŵŽůĂĐĂŶƚĂŶƚĞ

ŵĂĚŽŶŶĂ͍ ĞƐĂ͍

sZKE/ ƚŚĞǀŝƌŐŝŶŵĂƌǇƚŚĂƚΖƐ ůĂǀĞƌŐŝŶĞŵĂƌŝĂ͕ ĐŽŵŽůĂǀŝƌŐĞŶ͕ƉŽƌ ǁŚǇŚĞĚŽŶΖƚǁĂŶƚƚŽ ƉĞƌĐŝžŶŽŶǀƵŽůĞ ĞƐŽŶŽƋƵŝĞƌĞĨŽůůĂƌ ĨƵĐŬŵĞ͘ ĨŽƚƚĞƌŵŝ͘ ĐŽŶŵŝŐŽ͘

^ƚƌĞĞƚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Z D/<z ǇŽ͕ďƌŽǁŶĂƐƐ͘ ŚĞǇ͕ĐƵůŽŶĞƌŽ͘ Yh/s>E ĞŚ͕ĐŽŵĞĚŽƌĚĞ ^h^d/dhd/KE ĐƵƌƌǇ͘

'hz ŽŚ͕ƐŚŝƚ͘ ŽŚ͕ĐĂǌǌŽ͘ ũŽĚĞƌ͘

D/<z ŽŚ͕ƐŚŝƚ͕ŝƐƌŝŐŚƚ͘ǇŽƵ ĐĂǌǌŽ͕ŐŝƵƐƚŽ͕ƚŝƉŝĂĐĞ Ɛş͕ĞǆĂĐƚŽ͕ũŽĚĞƌ͘ƚĞ ůŝŬĞŚŝƚƚŝŶŐŐŝƌůƐ͕ŚƵŚ͍ ƉŝĐĐŚŝĂƌĞůĞƌĂŐĂǌǌĞ͕ ŐƵƐƚĂƉĞŐĂƌůĞƐĂůĂƐ ĐŽŵĞŚĞƌĞ͘ƵŚŚ͊ ĞŚ͍ǀŝĞŶŝƋƵŝ͘ ĐŚŝĐĂƐ͕ĞŚ͍

'hz ǁŚĂƚƚŚĞ͕ƵŐŚ͊ ƵŐŚ͊ ŶŽ͕ƉŽƌĨĂǀŽƌ͕ŽŚ͊ ĚĠũĂŵĞ͕ĂŚ͊

d,^ D/<z ĐƵƌƌǇƐĂǇƐǁŚĂƚ͍ ĂůůŽƌĂ͕ŵĂŶŐŝĂĐƵƌƌǇ͕ Yh/s>E ĂƋƵĞŶŽŵŽůĂƋƵĞƚĞ >/D/Ed/KE ĐŚĞŚĂŝĚĂĚŝƌĞ͍ ƉĞŐƵĞŶ͍

&/KE ƚŚŝƐŝƐŚŝƐĞƌƌĂŶĚ͍ ƋƵĞƐƚĂĞƌĂůĂ ĞƐĞĞƐƐƵƌĞĐĂĚŽ͍ ĐŽŵŵŝƐƐŝŽŶĞ͍

'hz ƐƚŽƉŝƚ͊ ƚĞƉŝĚŽƉŽƌĨĂǀŽƌ͘

D/<z ǇŽƵĞǀĞƌŚŝƚŽŶĞŽĨ ƐĞƉŝĐĐŚŝĂŶĐŽƌĂƵŶĂ ĐŽŵŽǀƵĞůǀĂƐĂƉĞŐĂƌ '/D ŵǇŐŝƌůƐĂŐĂŝŶ͕ŝΖŵ ĚĞůůĞŵŝĞƌĂŐĂǌǌĞ͕ Yh/s>E ĂůŐƵŶĂĚĞŵŝƐĐŚŝĐĂƐ Yh/s>E ŶŽƚŐŽŶŶĂŐŽƐŽĞĂƐǇ ŶŽŶĐŝĂŶĚƌžƉŝƶĐŽƐŞ ŶŽǀŽǇĂƐĞƌƚĂŶ ŽŶǇŽƵ͕ĚŽǇŽƵŚĞĂƌ ůĞŐŐĞƌŽ͘ŚĂŝĐĂƉŝƚŽ͍ ďƵĞŶŽĐŽŶƚŝŐŽ͘ŵĞ ŵĞ͍ ŚĂƐŽşĚŽ͍

'hz ǇĞƐ͘ ƐŞ͘ ΀ŶŽĚƐ΁

D/<z ŐŽŽĚ͘ŚĞǇ͊ŵƌƐƉĂƚĞů͕ ďĞŶĞ͘ŚĞǇ͕ƐŝŐŶŽƌĂ ďŝĞŶ͘ĞŚ͕ƐĞŹŽƌĂ E^ ĐĂŶǇŽƵũĞƌŬǇŽƵƌ ƉĂƚĞů͕ƉĞƌĐŚĠŶŽŶĨĂ Yh/s>E ƉĂƚĞů͕ĂǀĞƌƐŝůĞŚĂĐĞ Yh/s>E ĨƵĐŬŝŶŐŚƵƐďĂŶĚŽĨĨ ƵŶĂďĞůůĂƐĞŐĂĂ ƵŶĂƉĂũĂĂƐƵŵĂƌŝĚŽ ŽŶĐĞŝŶĂǁŚŝůĞƐŽŚĞ ƋƵĞƐƚŽĐĂǌǌŽŶĞĚŝ ĚĞǀĞǌĞŶĐƵĂŶĚŽ ĚŽĞƐŶΖƚĐŽŵĞďĂĐŬƚŽ ƐƵŽŵĂƌŝƚŽŽŐŶŝ ƉĂƌĂƋƵĞĂƐşŶŽ ŵǇƌƵďΖŶΖƚƵŐĞǀĞƌ ƚĂŶƚŽ͍ĐŽƐŞŶŽŶ ǀƵĞůǀĂĂŵŝƐĂůſŶĚĞ ĂŐĂŝŶ͍΀͙΁ĂůůƌŝŐŚƚ͕ ƚŽƌŶĞƌăƉŝƶŶĞůŵŝŽ ŵĂƐĂũĞƐŶƵŶĐĂŵĄƐ͘ ůĞƚΖƐƐĂǇŚĞŐĞƚƐ͕ůŝŬĞ͕ ĐĞŶƚƌŽŵĂƐƐĂŐŐŝ͘΀͙΁ ΀͙΁ǀĂůĞ͕ƉĞƌŽƐŝƐĞ ĚĞƉƌĞƐƐĞĚ͕ŽƌŵĂŶŝĐ͕ ĚŝĐŝĂŵŽĐŚĞğ ǀƵĞůǀĞĂĚĞƉƌŝŵŝƌŽ ŽƌǁŚĂƚĞǀĞƌƚŚĞĨƵĐŬ͕ ĚĞƉƌĞƐƐŽŽŵĂŶŝĂĐĂůĞ ĚĞƐƉĂƌƌĂŵĂ͕ĐŽŵŽ ŚŽǁĚŽǁĞŬŶŽǁŝƚΖƐ ŽƋƵĞůůŽĐŚĞĐĂǌǌŽğ͕ ƐĂďƌĠŝƐƋƵĞŶŽĞƐ ŶŽƚũƵƐƚĨƌŽŵůŝǀŝŶŐŝŶ ŵĂŐĂƌŝĚŝƉĞŶĚĞĚĂ ƐŽůŽƉŽƌǀŝǀŝƌĞŶĞƐƚĂ ƚŚŝƐƐŚŝƚŚŽůĞŐŚĞƚƚŽ͍ ƋƵĞƐƚŽŐŚĞƚƚŽĚŝ ŵŝĞƌĚĂĚĞŐƵĞƚŽ͍ ŵĞƌĚĂ͘

>/W ŚĞŚĂƐƐŝŐŶƐŽĨ ŵŽƐƚƌĂƐĞŐŶŝĚŝ ĚĂƐĞŹĂůĞƐĚĞƐĞƌ ďŝƉŽůĂƌ͘ ďŝƉŽůĂƌŝƐŵŽ͘ ďŝƉŽůĂƌ͘

D/<z ůŝŬĞ͍ ƚŝƉŽ͍ ĐƵĂůĞƐ͍

>/W ƌĞĐŬůĞƐƐŶĞƐƐ͕ ĂǀǀĞŶƚĂƚĞǌǌĂ͕ ĞƐŵƵǇŝŵƉƵůƐŝǀŽ͕ ŝŵƉƵůƐŝǀĞŶĞƐƐ͘ ŝŵƉƵůƐŝǀŝƚă͘ ŵƵǇƚĞŵĞƌĂƌŝŽ͘

&/KE ĨĂƐƚƚĂůŬŝŶŐ͕ďĂƌĞůǇ ůŽŐŽƌƌĞĂ͕ŝŶƐŽŶŶŝĂ͘ ŚĂďůĂĚĞƉƌŝƐĂ͕ ƐůĞĞƉŝŶŐ͘ ĚƵĞƌŵĞŵƵǇƉŽĐŽ͘

>/W ŚǇƉĞƌƐĞǆƵĂůŝƚǇ͘ ŝƉĞƌƐĞƐƐƵĂůŝƚă͘ ƚŝĞŶĞ ŚŝƉĞƌƐĞǆƵĂůŝĚĂĚ͘

D/<z ŚǇƉĞƌƐĞ͕ǇŽƵŵĞĂŶ ƐƚĂŝĚŝĐĞŶĚŽĐŚĞğ ŚŝƉĞƌ͍ƋƵĞĞƐƚĂ ŚŽƌŶǇ͍ǁŚĂƚ ĂƌƌĂƉĂƚŽ͍ƋƵĂůĞŐĂǇ ĐĂĐŚŽŶĚŽ͍ƋƵĠŐĂǇ ƐĞǀĞŶƚĞĞŶǇĞĂƌŽůĚ ĚŝĚŝĐŝĂƐƐĞƚƚĞĂŶŶŝ ĚĞĚŝĞĐŝƐŝĞƚĞĂŹŽƐŶŽ ^K^ ŐĂǇŬŝĚŝƐŶΖƚŚŽƌŶǇ͍ ŶŽŶůŽğ͍ Yh/s>E ĞƐƚĄĐĂĐŚŽŶĚŽ͍ Yh/s>E

, PWKHOLYHU 6HDVRQ(SLVRGH ŽŶƐƚƌƵĐƚŝŽŶƐŝƚĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

dKDDzdKtKZ<Z^ ĂůůƌŝŐŚƚ͕ĂŶĚĂůĞ͕ ĨŽƌǌĂ͕ĂŶĚĂůĞ͕ĂŶĚĂůĞ͕ ǀĞŶŐĂ͕ĄŶĚĂůĞ͕ E^ ĂŶĚĂůĞ͘ĂƌƌŝďĂ͕ĂǇǇŝ ĂƌƌŝďĂ͕ĂǇǇŝǇŝǇŝ͘ Yh/s>E ĄŶĚĂůĞ͕ĂƌƌŝďĂ͕ǇŝŝŝŚĂ Yh/s>E ǇŝǇŝ͘ ŚĂŝ͘

WĂƚƐǇΖƐĚŝŶĞƌ;ŽƵƚƐŝĚĞͿ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

h^dKDZ ƐůŽǁ͕ƌƵĚĞ͕ĂŶĚŵǇ ůĞŶƚĂ͕ŝŐŶŽƌĂŶƚĞĞůĞ ŚĂƐŝĚŽůĞŶƚĂǇŵŝƐ ĞŐŐƐǁĞƌĞ ƵŽǀĂĞƌĂŶŽĐƌƵĚĞ͘ ŚƵĞǀŽƐĞƐƚĂďĂŶ ƵŶĚĞƌĐŽŽŬĞĚ͘ ĐƌƵĚŽƐ͘

^E Ɛŝƌ͕ƌĞƐƉĞĐƚĨƵůůǇ͕ŝĨǇŽƵ ƐŝŐŶŽƌĞ͕ĐŽŶƌŝƐƉĞƚƚŽ͕ ƐĞŹŽƌ͕ĐŽŶƚŽĚŽ ĐĂŶΖƚĂĨĨŽƌĚƚŽƚŝƉ͕ ƐĞŶŽŶƉƵž ƌĞƐƉĞƚŽ͕ƐŝŶŽƉƵĞĚĞ ǇŽƵĐĂŶΖƚĂĨĨŽƌĚƚŽ ƉĞƌŵĞƚƚĞƌƐŝůĂŵĂŶĐŝĂ ĚĂƌƉƌŽƉŝŶĂŶŽ ĞĂƚŚĞƌĞ͘ ĂůůŽƌĂŶŽŶŵĂŶŐŝƋƵŝ͘ ĚĞďĞƌşĂĐŽŵĞƌĂƋƵş͘

h^dKDZ ƐĞƌŝŽƵƐůǇ͍ǇŽƵΖƌĞ ƐƵůƐĞƌŝŽ͍ƉƌĞŶĚĞůĞ ƐĞƌĄƉŽƐŝďůĞ͍ƐĞƉŽŶĞ ƐŝĚŝŶŐǁŝƚŚƚŚŝƐůŝƚƚůĞ ƉĂƌƚŝĚŝƋƵĞƐƚĂ ĚĞƉĂƌƚĞĚĞĞƐƚĂ ƐůƵƚ͍ ƚƌŽŝĞƚƚĂ͍ ǌŽƌƌĂ͍ ' Yh/s>E Yh/s>E

^ŚĞŝůĂΖƐŚŽƵƐĞ;ŽƵƚƐŝĚĞͿ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^,/>dK&ZE< ĨƌĂŶŬ͕ĨƌĂŶŬ͘ ĨƌĂŶŬ͕ĨƌĂŶŬ͘ğǀĞŶƵƚŽ ĨƌĂŶŬ͕ĨƌĂŶŬ͘ŚĂ ĂƌĞĂůƚŽƌĐĂŵĞďǇ͘ ƵŶĂŐĞŶƚĞ ǀĞŶŝĚŽƵŶĂŐĞŶƚĞ ĂŶĚŚĞǁĂƐǁŝƚŚƚǁŽ͕ ŝŵŵŽďŝůŝĂƌĞ͕ĞĚĞƌĂ ŝŶŵŽďŝůŝĂƌŝŽ͘ǀĞŶşĂ ůŝŬĞ͕ǀĞƌǇĐůĞĂŶ ŝŶƐŝĞŵĞĂĚƵĞ ĂĐŽŵƉĂŹĂĚŽƉŽƌĚŽƐ ůĞƐďŝĂŶƐ͘ĂŶĚŚĞ ůĞƐďŝĐŚĞŵŽůƚŽŵŽůƚŽ ůĞƐďŝĂŶĂƐĂůĂƐƋƵĞ ŽĨĨĞƌĞĚƵƐĚŽƵďůĞƚŚĞ ĞůĞŐĂŶƚŝ͘ĞĐ͛ŚĂ ƐĞǀĞşĂŵƵǇůŝŵƉŝĐĂƐ͘ ^K ŵĂƌŬĞƚǀĂůƵĞĨŽƌƚŚĞ ŽĨĨĞƌƚŽŝůĚŽƉƉŝŽĚĞů Yh/s>E ǇŶŽƐŚĂŽĨƌĞĐŝĚŽĞů Yh/s>E ŚŽƵƐĞ͘ĚŽƵďůĞ͕ĨƌĂŶŬ͘ ǀĂůŽƌĞĚŝŵĞƌĐĂƚŽƉĞƌ ĚŽďůĞĚĞůŽƋƵĞǀĂůĞ ƋƵĞƐƚĂĐĂƐĂ͘ŝů ĂŚŽƌĂŵŝƐŵŽůĂĐĂƐĂ͘ ĚŽƉƉŝŽ͕ĨƌĂŶŬ͘ ĞůĚŽďůĞ͕ĨƌĂŶŬ͘

DŝůŝƚĂƌǇĨƵŶĞƌĂů͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

WZKd^dZ^ ŐŽĚŬŝůůƐƐŽůĚŝĞƌƐ͊ ĚŝŽƵĐĐŝĚĞŝƐŽůĚĂƚŝ ŵƵĞƌĞŶƐŽůĚĂĚŽƐ Z/D ďĞĐĂƵƐĞĂŵĞƌŝĐĂ ƉĞƌĐŚĠů͛ĂŵĞƌŝĐĂ Yh/s>E ƉŽƌƋƵĞĂŵĄŝƐĂůŽƐ >/D/Ed/KE ^K ůŽǀĞƐĨĂŐŐŽƚƐ͊ ĂŵĂŝĨƌŽĐŝ͘ Yh/s>E ŵĂƌŝĐĂƐ͘ Yh/s>E

^ŚĞŝůĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ǁŚǇǁŽƵůĚƚǁŽĚǇŬĞƐ ƉĞƌĐŚĠĚƵĞůĞƐďŝĐŚĞ ƉŽƌƋƵĠŝďĂŶĂ ^K ŽĨĨĞƌĚŽƵďůĞŵĂƌŬĞƚ ŽĨĨƌŽŶŽŝůĚŽƉƉŝŽĚĞů D/d/'d/KE ŽĨƌĞĐĞƌƵŶĂƐďŽůůĞƌĂƐ Yh/s>E ǀĂůƵĞĨŽƌƚŚŝƐĚƵŵƉ͍ ǀĂůŽƌĞƉĞƌƋƵĞƐƚĂ ĞůĚŽďůĞĚĞůŽƋƵĞ ǁŚĂƚΖƐƚŚĞƐĐĂŵ͍ ƚŽƉĂŝĂ͕ĚŽǀ͛ğůĂ ǀĂůĞĞƐƚĂĐĂƐĂ͍ĚŝŵĞ ƚƌƵĨĨĂ͍ ĚŽŶĚĞĞƐƚĄĞůƚƌƵĐŽ͘

^DD/ ŶŽƚĂƐĐĂŵ͘ĂŶ ŶŽŶğƵŶĂƚƌƵĨĨĂ͘ğƵŶ ŶŽŚĂǇƚƌƵĐŽ͘ĞƐƵŶĂ ŝŶǀĞƐƚŵĞŶƚ͘ƚƌŝďƵŶĞ ŝŶǀĞƐƚŝŵĞŶƚŽ͘ŝů ŝŶǀĞƌƐŝſŶ͘ĞůƚƌŝďƵŶĞ ŶĂŵĞĚƚŚŝƐ ƚƌŝďƵŶĞĚĞĨŝŶŝƐĐĞŝů ĚŝĐĞƋƵĞĞƐƚĞďĂƌƌŝŽ ŶĞŝŐŚďŽƌŚŽŽĚĂŶƵƉ ƋƵĂƌƚŝĞƌĞ ƐĞƉŽŶĚƌĄĚĞŵŽĚĂ͘ ĂŶĚĐŽŵĞƌ͘ĂůůƐ ƉƌŽŵĞƚƚĞŶƚĞ͘ŶŽŶƐŝ ůĂŐĞŶƚĞŶŽŚĂďůĂďĂ ĂŶǇďŽĚǇΖƐƚĂůŬŝŶŐ ƉĂƌůĂĚŝĂůƚƌŽƐĞŶŽŶ ĚĞŽƚƌĂĐŽƐĂĞŶĞů ĂďŽƵƚĚŽǁŶĂƚƚŚĞ ĚŝƋƵĞƐƚŽĂůů͛Ăůŝďŝ͘ Ăůŝďŝ͘ Ăůŝďŝ͘

&ZE< ŽŚ͕ŵŽƚŚĞƌŽĨŐŽĚ͘ ŽŚŵĂĚƌĞĚŝĚŝŽ͘ ŶŽŵĞũŽĚĂƐ͘

^,/> ǁŚĂƚ͍ ĐŚĞĐ͛ğ͍ ƋƵĠƉĂƐĂ͍

&ZE< ǇŽƵĂƌĞŶŽƚƐĞůůŝŶŐ͘ ƚƵŶŽŶĚĞǀŝǀĞŶĚĞƌĞ͘ ŶŽƐĞƚĞŽĐƵƌƌĂ ΀͙΁ ΀͙΁ ǀĞŶĚĞƌĞƐƚĂĐĂƐĂ͘΀͙΁

^,/> ĨƌĂŶŬ͘ ĨƌĂŶŬ͘ ĨƌĂŶŬ͘

&ZE< ƚŚĞǇŵĂǇŚĂǀĞ ƉŽƚƌĂŶŶŽĂǀĞƌĞĚĞŝ ĂƵŶƋƵĞƚĞŶŐĂŶ ĨĞŵĂůĞŐĞŶŝƚĂůŝĂ͕ďƵƚ ŐĞŶŝƚĂůŝĨĞŵŵŝŶŝůŝŵĂ ŐĞŶŝƚĂůĞƐĨĞŵĞŶŝŶŽƐ͕ ƚŚŽƐĞůĞƐďŝĂŶƐĂƌĞ ƋƵĞůůĞůĞƐďŝĐŚĞƐŽŶŽ ĞƐĂƐůĞƐďŝĂŶĂƐƐŽŶ ^K ƚŚĞŵĂŶŵŽǀŝŶŐŝŶ ŝůŐƌĂŶĚĞĨƌĂƚĞůůŽĐŚĞ Yh/s>E ĐŽŵŽĂůĞŵĂŶĞƐĂ Yh/s>E ' ŽŶŽƵƌƚĞƌƌŝƚŽƌǇ͘ ƐŝƐƉŽƐƚĂŶĞůŶŽƐƚƌŽ >/D/Ed/KE ƉƵŶƚŽĚĞŝŶǀĂĚŝƌ ^h^d/dhd/KE ƚĞƌƌŝƚŽƌŝŽ͘ ŶƵĞƐƚƌŽƚĞƌƌŝƚŽƌŝŽ͘

ŚƵƌĐŚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

DEz ŵǇĨĂƚŚĞƌ͕ŚĞƐƚĂƌƚĞĚ ŵŝŽƉĂĚƌĞŚĂ ŵŝƉĂĚƌĞŚĂǀƵĞůƚŽĂ ĚƌŝŶŬŝŶŐĂŐĂŝŶ͘ĂŶĚ ƌŝĐŽŵŝŶĐŝĂƚŽĂďĞƌĞĞ ĐĂĞƌĞŶůĂďĞďŝĚĂǇŵŝ ŵǇďƌŽƚŚĞƌ͕ŚĞǁŽŶΖƚ ŝŶƚĂŶƚŽŵŝŽĨƌĂƚĞůůŽ ŚĞƌŵĂŶŽŶŽĂƚŝĞŶĚĞ ůŝƐƚĞŶƚŽƌĞĂƐŽŶ͘ǁŚǇ ŶŽŶǀƵŽůĞƐĞŶƚŝƌĞ ĂŶŝŶŐƵŶĂƌĂǌſŶ͘ƉŽƌ ǁŽƵůĚŚĞĐŚŽŽƐĞ ƌĂŐŝŽŶŝ͘ƉĞƌĐŚĠŚĂ ƋƵĠƉŽŶĞƉŽƌ ĨĂŐŐŽƚƌǇŽǀĞƌŚŝƐ ƉƌĞĨĞƌŝƚŽĞƐƐĞƌĞ ĚĞůĂŶƚĞĂůŽƐŵĂƌŝĐĂƐ ĨĂŵŝůǇ͍ǁŚǇ͍ ĨƌŽĐŝŽĐŚĞƌĞƐƚĂƌĞ ĂŶƚĞƐƋƵĞĂƐƵ ĐŽŶůĂƐƵĂĨĂŵŝŐůŝĂ͍ ĨĂŵŝůŝĂ͍ƉŽƌƋƵĠ͍ ^K ƉĞƌĐŚĠ͍ Yh/s>E Yh/s>E ^K/D Yh/s>E Yh/s>E

Z/D W^dKZ ŝƚΖƐĂƐŝŶƚŚĂƚ ğƵŶƉĞĐĐĂƚŽĐŚĞ Yh/s>E ĞƐƵŶǀŝĐŝŽ Yh/s>E ^K ĚĞƐƚƌŽǇƐ͕ŵĂŶĚǇ͘ĂŶĚ ĚŝƐƚƌƵŐŐĞ͕ŵĂŶĚǇ͘ Yh/s>E ĚĞƐƚƌƵĐƚŝǀŽ͕ŵĂŶĚǇ͘ Yh/s>E ǇŽƵŚĂǀĞƚŽĐƵƚƚŚĂƚ ĚĞǀŝĞůŝŵŝŶĂƌĞƋƵĞů ƚŝĞŶĞƐƋƵĞƉŽŶĞƌĂ ƐŝŶŶĞƌŽƵƚŽĨǇŽƵƌ ƉĞĐĐĂƚŽƌĞĚĂůůĂƚƵĂ ĞƐĞƉĞĐĂĚŽƌůĞũŽƐĚĞ ůŝĨĞ͘ ǀŝƚĂ͘ ƚƵǀŝĚĂ͘

<ĞǀŝŶĂŶĚsĞƌŽŶŝĐĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^sd>EdK<s/E ĐŽŵĞŽŶ͘ǁŚŽǁĞĂƌƐ ĂŶĚŝĂŵŽ͕ĐŚŝƉŽƌƚĂ ǀĂŵŽƐ͕ƋƵŝĠŶůůĞǀĂ ' ƚĞƐƚŝĐůĞƐŝŶĨĂŵŝůǇ͍ ƚĞƐƚŝĐŽůŝŝŶĨĂŵŝŐůŝĂ͕ Yh/s>E ƚĞƐƚşĐƵůŽƐĞŶĨĂŵŝůŝĂ͕ Yh/s>E '/D ǇŽƵŽƌǁŝĨĞ͍ ƚƵŽƚƵĂŵŽŐůŝĞ͍ Yh/s>E ƚƷŽĞƐƉŽƐĂ͍ Yh/s>E

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&/KE ĚŝĚǇŽƵƚĂŬĞ ƚŝƐĞŝƉƌĞƐŽƋƵĂůĐŽƐĂ͍ ƚĞŚĂƐŵĞƚŝĚŽĂůŐŽ͍ ƐŽŵĞƚŚŝŶŐ͍

>/W ŽŚ͕ǇĞĂŚ͕ĂũŽďĨŽƌ ƐŞ͕ƵŶůĂǀŽƌŽƉĞƌ Ɛş͕ƵŶĐƵƌƌŽĚĞ E ŝůůĞŐĂůŝŵŵŝŐƌĂŶƚƐ ŝŵŵŝŐƌĂƚŝ͕ Yh/s>E ŝŶŵŝŐƌĂŶƚĞƐŝůĞŐĂůĞƐ Yh/s>E ^ ĂŶĚĐŽŶǀŝĐƚƐ͘ ĐůĂŶĚĞƐƚŝŶŝ͕ĐĂƌĐĞƌĂƚŝ͘ Yh/s>E ǇĞǆƉƌĞƐŝĚŝĂƌŝŽƐ͘ Yh/s>E

<ĞǀŝŶĂŶĚsĞƌŽŶŝĐĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

sZKE/ ĨŝƌƐƚŽĨĂůů͕ǁŚǇǁĂƐ ƉƌŝŵĂĚŝƚƵƚƚŽ͕ ĂǀĞƌ͕ƉĂƌĂĞŵƉĞǌĂƌ͕ ƚŚĞƌĞĂŚŽŽŬĞƌΖƐƚŝƚŝŶ ƉĞƌĐŚĠĐ͛ğůĂƚĞƚƚĂĚŝ ƉŽƌƋƵĠŚĂďşĂƵŶĂ ŵǇďĂďǇΖƐŵŽƵƚŚ͍ ƵŶĂƉƵƚƚĂŶĂŶĞůůĂ ƚĞƚĂĚĞĨƵƌĐŝĂĞŶůĂ ďŽĐĐĂĚŝŵŝĂĨŝŐůŝĂ͍ ďŽĐĂĚĞŵŝŚŝũĂ͍

<s/E ĂůůƌŝŐŚƚ͕ǁŝƚŚƚŚĞ ŶŽŶĐŚŝĂŵĂƌůĂ ŶŽůĂůůĂŵĞƐĨƵƌĐŝĂ͕ĞƐ ŚŽŽŬĞƌ͘ŝƚΖƐƐǀĞƚůĂŶĂ͘ ƉƵƚƚĂŶĂ͕ůĞŝğ ƐǀĞƚůĂŶĂ͘ŵĞƋƵĞĚĠ ĂŶĚǁĞƌĂŶŽƵƚŽĨ ƐǀĞƚůĂŶĂ͘ğĨŝŶŝƚŽŝů ƐŝŶůĞĐŚĞŝŶĨĂŶƚŝůĞ ĨŽƌŵƵůĂ͕ƐŽǁĞŚĂĚƚŽ ůĂƚƚĞĂƌƚŝĨŝĐŝĂůĞĞŚŽ ŝŵƉƌŽǀŝƐĠ͘ ŝŵƉƌŽǀŝƐĞ͘ ŝŵƉƌŽǀǀŝƐĂƚŽ͘

sZKE/ ǇŽƵĐŽƵůĚĂĐĂůůĞĚŵĞ͘ ƉŽƚĞǀŝĐŚŝĂŵĂƌŵŝ͕ƚĞ ŚĂďĞƌŵĞůůĂŵĂĚŽ͕ǇŽ ŝǁŽƵůĚΖǀĞďƌŽƵŐŚƚ ŶĞĂǀƌĞŝƉŽƌƚĂƚŽƵŶ ƚĞŚĂďƌşĂƚƌĂşĚŽŵĂƐ ǇŽƵƐŽŵĞĨŽƌŵƵůĂ͘Žƌ ƉŽ͛ŽƉƉƵƌĞƉŽƚĞǀĂ ůĞĐŚĞŽĞůůĂƉŽĚƌşĂ ŵĂǇďĞƐŚĞĐŽƵůĚĂ ƵƐĐŝƌĞůĞŝĂ ŚĂďĞƌƐĂůŝĚŽĂ ǁĞŶƚŽƵƚĂŶĚŐŽƚ ĐŽŵƉƌĂƌůŽ͘ ĐŽŵƉƌĂƌůĂ͘ ƐŽŵĞ͘

Z/D <s/E ŐŽĚĚŝĚŶΖƚŵĂŬĞ ĚŝŽŶŽŶŚĂĐƌĞĂƚŽŝů Yh/s>E ĚŝŽƐŶŽĐƌĞſůĂůĞĐŚĞ Yh/s>E ĨŽƌŵƵůĂ͕ǀĞƌŽŶŝĐĂ͘ ůĂƚƚĞĂƌƚŝĨŝĐŝĂůĞ͕ǀ͕ŚĂ ŝŶĨĂŶƚŝů͕ǀĞƌſŶŝĐĂ͕ ŐŽĚŵĂĚĞďŽŽďƐĨŽƌ ĐƌĞĂƚŽůĞƚĞƚƚĞ͕Đ͛ğƵŶ ĐƌĞſůŽƐƉĞĐŚŽƐǇĨƵĞ ' ĂƌĞĂƐŽŶ͘ ƉĞƌĐŚĠ͘ Yh/s>E ƉŽƌĂůŐŽ͘ Yh/s>E

ŚƵƌĐŚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

W^dKZ ŵĂŶĚǇ͕ǇŽƵƐǁĞĞƚ͕ ŵĂŶĚǇ͕ƉŝĐĐŽůĂĚŽůĐĞ ŵĂŶĚǇ͕ĂƵŶƋƵĞƚƷ ƐǁĞĞƚŐŝƌů͘ŝƚΖƐƐƚŝůůĂ ƌĂŐĂǌǌĂ͕ğƐĞŵƉƌĞƵŶ ĞƌĞƐƵŶĂŶŝŹĂŵƵǇ ƐŝŶŽĨƚŚĞĨůĞƐŚ͘ ƉĞĐĐĂƚŽĚĞůůĂĐĂƌŶĞ͘ ĚƵůĐĞ͕ĞƐƚŽĞƐƵŶ Z/D Yh/s>E ƉĞĐĂĚŽĐĂƌŶĂů͘ Yh/s>E

Z/D DEz ďƵƚŐŽĚǁĂŶƚƐŵǇ ŵĂĚŝŽǀƵŽůĞůĂŵŝĂ Yh/s>E ƉĞƌŽĚŝŽƐƋƵŝĞƌĞŵŝ Yh/s>E ŵŽƵƚŚŽŶǇŽƵ͘ŚĞ ďŽĐĐĂŝŶƚŽƌŶŽĂƚĞ͘ ďŽĐĂƐŽďƌĞƵƐƚĞĚ͘ ǁĂŶƚƐǇŽƵƚŽĨĞĞůŚŝƐ ƉĞƌĨĂƌƚŝƐĞŶƚŝƌĞŝů ƋƵŝĞƌĞƋƵĞƐŝĞŶƚĂƐƵ ůŽǀĞƚŚƌŽƵŐŚŵĞ͘ ƐƵŽĂŵŽƌĞĂƚƚƌĂǀĞƌƐŽ ĂŵŽƌĂƚƌĂǀĠƐĚĞŵş͘ ůŽŽŬĂǁĂǇ͕ƉĂƐƚŽƌ͘ŝ ŵĞ͘ŶŽŶŐƵĂƌĚĂƌĞ͕ ŶŽŵŝƌĞ͕ƉĂƐƚŽƌ͘ŶŽ ĚŽŶΖƚǁĂŶƚǇŽƵƚŽ ƉĂƐƚŽƌĞ͘ŶŽŶǀŽŐůŝŽ ƋƵŝĞƌŽƋƵĞŵĞǀĞĂ ƐĞĞŵĞƐŝŶŶŝŶŐ͘ŝ ĐŚĞŵŝǀĞĚŝƉĞĐĐĂƌĞ͘ ƉĞĐĂƌ͘ŶŽƋƵŝĞƌŽƋƵĞ ĚŽŶΖƚǁĂŶƚǇŽƵƚŽ ŶŽŶǀŽŐůŝŽĐŚĞƉĞŶƐŝ ƉŝĞŶƐĞŵĂůĚĞŵş͘ ƚŚŝŶŬůĞƐƐŽĨŵĞ͘ ŵĂůĞĚŝŵĞ͘

Z/D W^dKZ ďƵƚŐŽĚŐƌĂŶƚĞĚǇŽƵ ŵĂĚŝŽƚŝŚĂĚŽŶĂƚŽ Yh/s>E ƉĞƌŽĚŝŽƐƚĞŚĂĚĂĚŽ Yh/s>E ƐƵĐŚďĞĂƵƚǇ͕ŵĂŶĚǇ͘ ƵŶĂŐƌĂŶĚĞďĞůůĞǌǌĂ͕ ƚĂŶƚĂďĞůůĞǌĂ͕ŵĂŶĚǇ͘ ŵĂŶĚǇ͘

Z/D DEz ďƵƚŝĨǇŽƵĚŽŶΖƚ ŵĂƐĞŶŽŶŵŝŐƵĂƌĚŝ͕ Yh/s>E ƐŝŶŽŵĞŵŝƌĂ͕ƉƵĞĚŽ Yh/s>E ǁĂƚĐŚ͕ƚŚĞŶŝĐĂŶ ƉŽƐƐŽĨĂƌĞĨŝŶƚĂĚŝ ĨŝŶŐŝƌƋƵĞĞƐƚŽǇ ƉƌĞƚĞŶĚŝΖŵƉƌĂǇŝŶŐ͘ ƉƌĞŐĂƌĞ͘ ƌĞǌĂŶĚŽ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&/KE ĚĞďďŝĞ͘ǇŽƵΖƌĞĂ ĚĞďďŝĞ͕ƚƵƐĞŝƵŶĂ ĚĞďďŝĞ͕ƚƷĞƌĞƐŵƵǇ ƐŵĂƌƚŐŝƌů͘ǁŚĂƚĂƌĞ ƌĂŐĂǌǌĂŝŶŐĂŵďĂ͕ ůŝƐƚĂ͕ƋƵĠŚĂĐĞƐ ǇŽƵĚŽŝŶŐŚĂŶŐŝŶŐ ƉĞƌĐŚĠƉĂƐƐŝŝůƚĞŵƉŽ ƋƵĞĚĂŶĚŽĐŽŶ ŽƵƚǁŝƚŚǁŚŽƌĞƐ͍ ĐŽŶĚĞůůĞƚƌŽŝĞ͍ ĨƵƌĐŝĂƐ͍ ' Yh/s>E Yh/s>E

/ ŝĚŽŶΖƚŬŶŽǁ͘ǇŽƵΖƌĞĂ ŶŽŶůŽƐŽ͕ƐĞŝŝŶ ŶŽůŽƐĠ͕ƚƷĞƌĞƐŵƵǇ ƐŵĂƌƚŐŝƌů͘ǁŚǇĂƌĞ ŐĂŵďĂĂŶĐŚĞƚƵ͕ ůŝƐƚĂ͘ƉŽƌƋƵĠĞƐƚĄƐĞŶ ǇŽƵŽŶƉƌŽďĂƚŝŽŶĨŽƌ ƉĞƌĐŚĠƐĞŝĨŝŶŝƚĂŝŶ ůŝďĞƌƚĂĚĐŽŶĚŝĐŝŽŶĂů ĚƌƵŐƐ͍ ƐĞŵŝůŝďĞƌƚăƉĞƌ ƉŽƌĚƌŽŐĂƐ͍ ĚƌŽŐĂ͍

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ŝΖŵƚĂůŬŝŶŐĂďŽƵƚ ŝŽƉĂƌůŽĚŝƵŶĂďĞůůĂ ŽƐŚĂďůŽĚĞ ŐĞŶƚƌŝĨŝĐĂƚŝŽŶ͕ŵǇ ƌŝƋƵĂůŝĨŝĐĂǌŝŽŶĞ͕ ĂďƵƌŐƵĞƐĂŵŝĞŶƚŽ͕ ĨƌŝĞŶĚƐ͘ ĂŵŝĐŝ͘ ĂŵŝŐŽƐŵşŽƐ͘

dKDDz ŐĞŶŝƚĂůǁŚĂƚ͍ ƌŝƋƵĂĐŚĞ͍ ĚĞĂďƵƌƋƵĠ͍

&ZE< ŝΖŵƚĂůŬŝŶŐĂďŽƵƚƚŚĞ ƐƚŽƉĂƌůĂŶĚŽ ŽƐŚĂďůŽĚĞůƉƌŝŶĐŝƉŝŽ ďĞŐŝŶŶŝŶŐŽĨƚŚĞĞŶĚ͘ ĚĞůů͛ŝŶŝǌŝŽĚĞůůĂĨŝŶĞ͘ ĚĞůĨŝŶ͘ǇŽǇĂůŽǀŝĞŶ ŝŚĂǀĞƐĞĞŶƚŚŝƐ ů͛ŚŽǀŝƐƚŽŝŶƉĂƐƐĂƚŽ͘ ůĂĐĂůůĞĨƵůƚŽŶĞŶĞů ďĞĨŽƌĞŽŶĨƵůƚŽŶ ĂĨƵůƚŽŶƐƚƌĞĞƚŶĞů ƐĞƐĞŶƚĂǇĐƵĂƚƌŽǇĞŶ ƐƚƌĞĞƚŝŶƐŝǆƚǇĨŽƵƌ͘ŽŶ ƐĞƐƐĂŶƚĂƋƵĂƚƚƌŽ͘ĞĂ ůĂĐĂůůĞŬŝƌďǇĞŶĞů ŬŝƌďǇƐƚƌĞĞƚŝŶƐŝǆƚǇ ŬŝƌďǇƐƚƌĞĞƚŶĞů ƐĞƐĞŶƚĂǇŶƵĞǀĞ͘ůŽƐ ĞŝŐŚƚ͘ƌĞĂůƚŽƌƐƐƚĂƌƚĞĚ ƐĞƐƐĂŶƚŽƚƚŽ͘ ƉƌŽŵŽƚŽƌĞƐ ďƵǇŝŶŐƵƉƉƌŽƉĞƌƚǇĂƚ ŝŵŵŽďŝůŝĂƌŝĐŚĞ ĐŽŵƉƌĂďĂŶ ďĞƚƚĞƌƚŚĂŶŵĂƌŬĞƚ ĐŽŵƉƌĂǀĂŶŽĐĂƐĞĂů ƉƌŽƉŝĞĚĂĚĞƐƉŽƌ ǀĂůƵĞ͕ĂŶĚǁŝƚŚŝŶĂ ĚŽƉƉŝŽĚĞůǀĂůŽƌĞĚŝ ĞŶĐŝŵĂĚĞůƉƌĞĐŝŽĚĞů ĨĞǁŵŽŶƚŚƐ͕ƚŚĞ ŵĞƌĐĂƚŽĞŝŶƉŽĐŚŝ ŵĞƌĐĂĚŽǇĞŶƵŶŽƐ ǁŚŽůĞŶĞŝŐŚďŽƌŚŽŽĚ ŵĞƐŝƚƵƚƚŽŝůƋƵĂƌƚŝĞƌĞ ƉŽĐŽƐŵĞƐĞƐůĂ ǁĂƐŽǀĞƌƌƵŶǁŝƚŚƚŚĞ ĞƌĂŽƌŵĂŝŝŶŵĂŶŽ ƚŽƚĂůŝĚĂĚĚĞůďĂƌƌŝŽ ŐĞŶƚƌǇ͕ĂŶĚǁĞǁĞƌĞ ĂůůĂŶŽďŝůƚăĞŶŽŝ ĞƐƚĂďĂŚĂƐƚĂůŽƐ ĨŽƌĐĞĚŽƵƚ͘ƚŽĚĂǇ͕ƚŚĞ ƐďĂƚƚƵƚŝĨƵŽƌŝ͘ŽŐŐŝůĂ ƚŽƉĞƐĚĞďƵƌŐƵĞƐĞƐǇ ƵƌďĂŶŐĞŶƚƌǇŝƐ ŶŽďŝůƚăƵƌďĂŶĂƐŽŶŽ ŶŽƐĨŽƌǌĂďĂŶĂŝƌŶŽƐ͘ ŵŽŶŝĞĚůĞƐďŝĂŶƐ͘ ůĞƐďŝĐŚĞĐŽŶŝƐŽůĚŝ͘ƚŝ ŚŽǇĞŶĚşĂůŽƐ ƚŚĞǇŬŶŽĐŬŽŶǇŽƵƌ ďƵƐƐĂŶŽĂůůĂƉŽƌƚĂ͕ƚŝ ďƵƌŐƵĞƐĞƐƐŽŶůĂƐ ĚŽŽƌ͘ƚŚĞǇŽĨĨĞƌǇŽƵ ŽĨĨƌŽŶŽŝůĚŽƉƉŝŽĚĞů ůĞƐďŝĂŶĂƐĐŽŶƉĂƐƚĂ ƚǁŝĐĞǁŚĂƚǇŽƵƌ ǀĂůŽƌĞĚĞůůĂƚƵĂĐĂƐĂ ƋƵĞůůĂŵĂŶĂƚƵ ŚŽŵĞŝƐǁŽƌƚŚ͕ĂŶĚ ĞůŽĨĂŶŶŽƉĞƌĐŚĠ ƉƵĞƌƚĂǇƚĞŽĨƌĞĐĞŶ ƚŚĞǇĚŽŝƚΖĐĂƵƐĞƚŚĞǇ ƐĂŶŶŽƋƵĂůĐŽƐĂĐŚĞ ĞůĚŽďůĞĚĞůŽƋƵĞ ŬŶŽǁƐŽŵĞƚŚŝŶŐǇŽƵ ƚƵŶŽŶƐĂŝ͘ ǀĂůĞƚƵĐĂƐĂǇůŽ ĚŽŶΖƚ͘ ŚĂĐĞŶƉŽƌƋƵĞƐĂďĞŶ ĂůŐŽƋƵĞƚƷŝŐŶŽƌĂƐ͘

^K^ Yh/s>E Yh/s>E ^^ Yh/s>E Yh/s>E

7KHWZR/LVDV 6HDVRQ(SLVRGH ůŝďŝďƌŽƚŚĞů͘WŽůŝĐĞƌĂŝĚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

WK>/K&&/Z ǇŽƵŵŝŐŚƚǁĂŶŶĂ ƚŝĐŽŶǀŝĞŶĞƌŝďƵƚƚĂƌĞ ƚĂŵƉŽĐŽůĂƚŝĞŶĞƐ ƚŽƐƐƚŚĂƚŵŝŶŶŽǁ ƋƵĞůƉĞƐĐŝŽůŝŶŽŶĞů ƉĂƌĂŝƌĞŶƐĞŹĄŶĚŽůĂ ďĂĐŬŝŶƚŽƚŚĞůĂŬĞ͕ ůĂŐŽ͕ůŽƌĞŶǌŽ͘ ƉŽƌĂŚş͕ŵƵĐŚĂĐŚŽ͘ ůŽƌĞŶǌŽ͘ E^ Yh/s>E >/D/Ed/KE

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE

^/D >/D/Ed/KE Yh/s>E

^ŚĞŝůĂΖƐŚŽƵƐĞ;ďĂƐĞŵĞŶƚͿ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ǇŽƵĐĂŶŶŽƚƐĞůůƚŽƚŚĞ ŶŽŶƉƵŽŝǀĞŶĚĞƌĞ ŶŽǀĂƐĂǀĞŶĚĠƌƐĞůĂĂ ůĞƐďŝĂŶƐ͘ ĐĂƐĂĂůůĞůĞƐďŝĐŚĞ͘ ůĂƐůĞƐďŝĂŶĂƐ͘

^,/> ǁŚǇŶŽƚ͍ƚŚĞǇ͛ƌĞǀĞƌǇ ƉĞƌĐŚĠŶŽ͍ƐŽŶŽ ƉŽƌƋƵĠŶŽ͍ƐŽŶƵŶĂƐ ĂƚƚƌĂĐƚŝǀĞŐĂǇƐǁŝƚŚĂ ĚĞůůĞŐĂǇŵŽůƚŽ ŵƵũĞƌĞƐŐĂŝƐĐŽŶ ůŽƚŽĨŵŽŶĞǇ͘ ĂƚƚƌĂĞŶƚŝĐŽŶƵŶ ŵƵĐŚŽĞƐƚŝůŽǇ ƐĂĐĐŽĚŝƐŽůĚŝ͘ ŵƵĐŚŽĚŝŶĞƌŽ͘

&ZE< ǁĞůů͕ĞǆĂĐƚůǇ͘ǁŚĞŶ Őŝă͕ĞƐĂƚƚŽ͘ƋƵĂŶĚŽŝ ƉƵĞƐ͕ũƵƐƚĂŵĞŶƚĞƉŽƌ ƚŚĞŐŽŽĚůŽŽŬŝŶŐŐĂǇ ŐĂǇĂĨĨĂƐĐŝŶĂŶƚŝ ĞƐŽ͘ƐŝůŽƐŐĂŝƐĐŽŶ ƐƚĂƌƚďƵǇŝŶŐƵƉŽƵƌ ĐŽŵƉƌĞƌĂŶŶŽƚƵƚƚĞůĞ ŵƵĐŚŽĞƐƚŝůŽ ŚŽŵĞƐƚŚĞǁŚŽůĞ ŶŽƐƚƌĞĐĂƐĞŝů ĞŵƉŝĞǌĂŶĂ ŶĞŝŐŚďŽƌŚŽŽĚŝƐ ƋƵĂƌƚŝĞƌĞƐĂƌă ĐŽŵƉƌĂƌŶŽƐůĂƐĐĂƐĂƐ͕ ĚŽŽŵĞĚ͘ƚŚĞǇ͛ƌĞƚŚŝƐ ĐŽŶĚĂŶŶĂƚŽ͘ƐŽŶŽ ĞůďĂƌƌŝŽĞƐƚĄ ĐĂďĂůŽĨƐŽƉŚŝƐƚŝĐĂƚĞƐ ƵŶĂƐĞƚƚĂĚŝ ĐŽŶĚĞŶĂĚŽ͘ƐŽŶƵŶĂ ǁŚŽĂƌĞĐĂƐŚŝŶŐŝŶ ĂƌŝƐƚŽĐƌĂƚŝĐŝĐŚĞ ŚŽƌĚĂĚĞƐŽĨŝƐƚŝĐĂĚŽƐ ŽŶƚŚĞŝƌŽǁŶŐŽŽĚ ĂƉƉƌŽĨŝƚƚĂŶŽĚĞů ƋƵĞƉĂŐĂŶƉŽƌƋƵĞ ^K/D ƚĂƐƚĞ͘ ƉƌŽƉƌŝŽďƵŽŶŐƵƐƚŽ͘ Yh/s>E ƚŽĚŽĞƐƚĠĂƐƵŐƵƐƚŽ͘ D/d/'d/KE

^ƚƌĞĞƚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ŝŶĞĞĚǇŽƵƚŽƌƵŶƚŚĞ ĚĞǀŝĐĂĐĐŝĂƌĞůĞ ƋƵĞĞĐŚĞƐĂůĂƐ ůĞƐďŝĂŶƐŽƵƚŽĨƚŽǁŶ͘ ůĞƐďŝĐŚĞĚĂůůĂĐŝƚƚă͘ ůĞƐďŝĂŶĂƐĚĞůĂ ĐŝƵĚĂĚ͘

Z> ĂůůŽĨƚŚĞŵ͍ ƚƵƚƚĞ͍ ĂƚŽĚĂƐ͍

&ZE< ŶĂŚ͕ũƵƐƚƚŚĞŽŶĞƐŝŶ ŶŽ͕ƐŽůŽƋƵĞůůĞĚĞů ŶŽ͕ƐŽůŽĂůĂƐĚĞů ŽƵƌŚŽŽĚ͘ƚŚĞǇ͛ƌĞ ƋƵĂƌƚŝĞƌĞ͘ƐƚĂŶŶŽ ďĂƌƌŝŽ͘ƐĞůŽǀĂŶĂ ƚĞĂƌŝŶŐƵƉŽƵƌƐŽŝů͕ ĚŝƐƚƌƵŐŐĞŶĚŽůĂ ĐĂƌŐĂƌƚŽĚŽ͘ǀĂŶĂ ^K^ ĂŶĚĚƌŽƉƉŝŶŐŝŶ ŶŽƐƚƌĂƚĞƌƌĂĞ Yh/s>E ƉŽŶĞƌũĂƌĚŝŶĞƐĐŽŶ Yh/s>E ĨůŽǁĞƌŐĂƌĚĞŶƐĂŶĚ ĐŽƐƚƌƵĞŶĚŽŐŝĂƌĚŝŶŝ ĨůŽƌĞƐ͕ĞƐƚƵĚŝŽƐĚĞ ǇŽŐĂƐƚƵĚŝŽƐ͕ŐĂƐƚƌŽͲ ĚŝĨŝŽƌŝ͕ƐĐƵŽůĞĚŝ ǇŽŐĂ͕ŐĂƐƚƌŽƉƵďƐǇ ƉƵďƐĂŶĚƐƚŽƌĞĨŽƌ ǇŽŐĂ͕ƉƵďĚŝůƵƐƐŽĞ ƚŝĞŶĚĂƐĚĞƌŽƉĂƉĂƌĂ ĚŽŐĐůŽƚŚĞƐ͘ǁĞ ŶĞŐŽǌŝĚ͛ĂďŝƚŝƉĞƌ ƉĞƌƌŽƐ͘ƚĞŶĞŵŽƐƋƵĞ ŐŽƚƚĂŐĞƚƚŚĞŵŽƵƚŽĨ ĐĂŶŝ͘ĚŽďďŝĂŵŽ ĞĐŚĂƌůĂƐ͘ ŚĞƌĞ͘ ŵĂŶĚĂƌůĞǀŝĂ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Z> ŝŶĞĞĚƐŽŵĞŚĞůƉ ŵŝĂŝƵƚĂƚĞĂ ŶĞĐĞƐŝƚŽĂǇƵĚĂƉĂƌĂ ƚĞƌƌŽƌŝǌŝŶŐƚŚĞůĞƐďŽƐ ƚĞƌƌŽƌŝǌǌĂƌĞůĞ ĂƐƵƐƚĂƌĂůĂƐůĞƐďŝƐ͘ ĂĨƚĞƌĚŝŶŶĞƌ͘ ůĞƐďŝĐŚĞĚŽƉŽĐĞŶĂ͍ ^K D/d/'d/KE D/d/'d/KE

&/KE ůĞƐďŽƐ͍ ůĞůĞƐďŝĐŚĞ͍ ůĞƐďŝƐ͍

^ƚƌĞĞƚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Z> ŽƉĞƌĂƚŝŽŶĚǇŬĞƐ ŽƉĞƌĂǌŝŽŶĞůĞƐďŝĐŚĞ ůĂŽƉĞƌĂĐŝſŶďŽůůĞƌĂƐ ^K ďĞŐŽŶĞ͘ ĨƵŽƌŝ͘ D/d/'d/KE ĨƵĞƌĂ͘ Yh/s>E

ŽŶƐƚƌƵĐƚŝŽŶƐŝƚĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

>/W ůŽŽŬ͕ĚŽǁĞŐĞƚƉĂŝĚ ĐĞůŽƉĂŐĂŶŽĐŽŵĞ ŽǇĞ͕ǀĂŵŽƐĂƚĞŶĞƌ ĨŽƌƚŚĞŚŽůŝĚĂǇŽŶ ĨĞƐƚŝǀŽůƵŶĞĚŞ͍ ĨŝĞƐƚĂĞůůƵŶĞƐ͍ ŵŽŶĚĂǇ͍

dKDDz ǁŚĂƚ͍ ĐŽƐĂ͍ ƋƵĠ͍

>/W ǇŽƵŬŶŽǁ͕ŝƚ͛Ɛŝƚ͛ƐƚŚĞ ƐŞ͕ŝŶƐŽŵŵĂ͕ğŝů ĞƐĞůĐƵĂƚƌŽĚĞũƵůŝŽ͘ ĨŽƵƌƚŚ͘ŽĨũƵůǇ͘ŝƚ͛Ɛ͕ ƋƵĂƚƚƌŽ͘ůƵŐůŝŽ͘ ůĂĨŝĞƐƚĂŶĂĐŝŽŶĂů͘Ğů ŝƚ͛Ɛ͕ǇŽƵŬŶŽǁ͕ ƉĞƌĐŚĠ͕ƐĂŝ͕ğŝů ĐƵŵƉůĞĂŹŽƐĚĞĞƐƚĞ ĂŵĞƌŝĐĂ͛ƐďŝƌƚŚĚĂǇ͘ ĐŽŵƉůĞĂŶŶŽ ƉĂşƐ͘ĞůŶĂĐŝŵŝĞŶƚŽĚĞ ŝƚ͛Ɛ͕ŝƚ͛ƐƚŚĞďŝƌƚŚŽĨ ĚĞůů͛ĂŵĞƌŝĐĂ͘ůĂůĂ ůĂĚĞŵŽĐƌĂĐŝĂ͘ ĚĞŵŽĐƌĂĐǇ͘ ŶĂƐĐŝƚĂĚĞůůĂ ĚĞŵŽĐƌĂǌŝĂ͘

dKDDz ǇĞĂŚ͕ŝŬŶŽǁǁŚĂƚ ƐŞ͕ƐŽĐŽƐ͛ğŝůƋƵĂƚƚƌŽ Ɛş͕ǇĂƐĠůŽƋƵĞĞƐĞů ƚŚĞĨŽƵƌƚŚŽĨũƵůǇŝƐ͕ ůƵŐůŝŽ͕ƐĂƉƵƚĞůůŽ͘ŶŽ͕ ĐƵĂƚƌŽĚĞũƵůŝŽ͕ ƐŵĂƌƚĂƐƐ͘ŶŽ͘ŶŽŶĞŽĨ ĞǀĂůĞƉĞƌŽŐŶŝĨĞƐƚĂ͘ ƐĂďŝŽŶĚŽ͘ŶŽ͘ĂƋƵşŶŽ ƚŚĞŚŽůŝĚĂǇƐ͘ŶŽƚƚŚĞ ĚĞŐůŝĂůďĞƌŝ͕ĚĞů ŚĂǇĨŝĞƐƚĂƐ͘ŶŝĞůĚşĂ ƚƌĞĞŽŶĞ͕ƚŚĞ ƉƌĞƐŝĚĞŶƚĞ͕ĚĞŝ ĚĞůĄƌďŽůŶŝĞůĚĞů ƉƌĞƐŝĚĞŶƚŽŶĞ͕ƚŚĞ ǀĞƚĞƌĂŶŝĞĚŝĐĞƌƚŽ ƉƌĞƐŝĚĞŶƚĞ͕ŶŝĞůĚĞ ǁĂƌŽŶĞ͕ĂŶĚ ĂŶĐŚĞƉĞƌƋƵĞůůĂĚĞŝ ůŽƐĐĂşĚŽƐǇĚĞƐĚĞ ĚĞĨŝŶŝƚĞůǇŶŽƚƚŚĞ ŶĞƌŝ͘ƋƵŝŶŽŶƐĞŝĂůůĂ ůƵĞŐŽŶŝĞůĚĞůŽƐ ŽŶĞĨŽƌƚŚĞďůĂĐŬƐ͘ ƉŽƐƚĂ͘ ŶĞŐƌŽƐ͘ĞƐƚŽŶŽĞƐ ĐŽƌƌĞŽƐ͘

Z Yh/s>E Yh/s>E

>/W ǇĞĂŚ͕ŝŬŶŽǁ͘

dKDDz ƚŚŝƐĂŝŶ͛ƚƚŚĞƉŽƐƚ ŽĨĨŝĐĞ͘

>/W ŝŝƚŚŝŶŬŝƚǁĞĂŬĞĚŵǇ ğĐŚĞŚŽƵŶŽƐƚƌĂƉƉŽ ĐƌĞŽƋƵĞŵĞŚĞĚĂĚŽ ďĂĐŬ͘ ĂůůĂƐĐŚŝĞŶĂ͘ ƵŶƚŝƌſŶĞŶůĂ ĞƐƉĂůĚĂ͘

dKDDz ǇŽƵ͛ƌĞŶŽƚŐƵŶŶŝŶŐ ŶŽŶǀŽƌƌĂŝŝƐŽůĚŝ ŶŽƋƵĞƌƌĄƐƵŶĂďĂũĂ ĨŽƌǁŽƌŬŵĂŶ͛ƐĐŽŵƉ͕ ĚĞůů͛ĂƐƐŝĐƵƌĂǌŝŽŶĞ͕ ŵĠĚŝĐĂ͕ǀĞƌĚĂĚ ĂƌĞǇŽƵŬŝĚ͍ ǀĞƌŽ͍ ĐŚŝĐŽ͍

>/W ŶŽ͕ŶŽŝũƵƐƚ ŶŽ͕ŶŽ͕ŝŽĞ ŶŽ͕ŶŽ͕ǇŽƐŽůŽ

dKDDz ŐŽŽĚ͕ďĞĐĂƵƐĞĐŽŵƉ ďĞŶĞ͕ƉĞƌĐŚĠƚŝ ďŝĞŶ͕ƉŽƌƋƵĞĂƋƵş ƐƚĂŶĚƐĨŽƌ ĂƐƐŝĐƵƌŽĐŚĞğƉŝĞŶŽ ƐŽŶƉĞƌŵĂŶĞŶƚĞƐ ĐŽŵƉĞƚŝƚŝŽŶĨƌŽŵ ĚŝŵĞƐƐŝĐĂŶŝĐŚĞ ĐŽŶƚŽĚŽƐůŽƐ ƚŚĞŵĞǆŝĐĂŶƐǁŚŽĂůů ǀŽŐůŝŽŶŽŝůƚƵŽƉŽƐƚŽ͘ ŵĞǆŝĐĂŶŽƐƋƵĞ ǁĂŶƚǇŽƵƌũŽď͘ƐŽ ƋƵŝŶĚŝĚĂŝŽǀŝǀƌĂŝŝŶ ƋƵŝĞƌĞŶƚƵƚƌĂďĂũŽ͘ E^ ŵĂŶƵƉ͕ŽƌǇŽƵ͛ƌĞ ƵŶĂƉĞƌĞŶŶĞĨĞƐƚŝǀŝƚă Yh/s>E ĂƐşƋƵĞƉŽŶƚĞůĂƐ Yh/s>E ŐŽŶŶĂďĞŽŶ ŶŽŶƉĂŐĂƚĂ͘ ƉŝůĂƐŽƚĞĚĂƌĠƵŶĂƐ ƉĞƌŵĂŶĞŶƚƵŶƉĂŝĚ ǀĂĐĂĐŝŽŶĞƐƐŝŶƐƵĞůĚŽ ŚŽůŝĚĂǇ͘ ǇƐŝŶǀƵĞůƚĂ͘

WĂƌŬ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Dddz ĚĞďďŝĞ͕ŝǁĂƐďĂƌĞůǇ ĚĞďďŝĞ͕ŝŽĞƌŽ ĚĞďďŝĞ͕ǇŽĞƐƚĂďĂ ĐŽŶƐĐŝŽƵƐ͕ŽŬĂǇ͍ǇŽƵ ĂƉƉĞŶĂĐŽƐĐŝĞŶƚĞ͕ ŵĞĚŝŽŝŶĐŽŶƐĐŝĞŶƚĞ͕ ĚĂƚĞƌĂƉĞĚŵĞ͘ ŽŬ͍ĂƉƉƵŶƚĂŵĞŶƚŽ ŵĞĞŶƚŝĞŶĚĞƐ͍ƚƷŵĞ ĐŽŶƐƚƵƉƌŽ͘ ǀŝŽůĂƐƚĞ͘

/ ǁĞǁĞƌĞŽŶĂĚĂƚĞ͍ ǀƵŽŝƵŶ ŚŝĐŝŵŽƐĞůĂŵŽƌ͘ ĂƉƉƵŶƚĂŵĞŶƚŽ͍

Dddz ŶŽ͘ĚĞďďŝĞ͕ǇŽƵ ŶŽ͘ĚĞďďŝĞ͕ƉĞƌͲƉĞƌůĂ ŶŽ͕ĚĞďďŝĞ͘ƚƷŚŝĐŝƐƚĞ '/D ƐƚĂƚƵƚŽƌǇƌĂƉĞĚ ůĞŐŐĞğƐƚĂƚŽƵŶŽ >/D/Ed/KE ƋƵĞǇŽĐŽŵĞƚŝĞƌĂ DW>/&/d/KE ǇŽƵƌƐĞůĨ͘ŝĐŽƵůĚŐŽƚŽ ƐƚƵƉƌŽ͘ğƉƌĞǀŝƐƚĂůĂ ĞƐƚƵƉƌŽ͘ƉŽĚƌşĂŝƌĂ ũĂŝů͘ ƉƌŝŐŝŽŶĞ͘ ůĂĐĄƌĐĞů͘

/ ŝĚŽŶ͛ƚƵŶĚĞƌƐƚĂŶĚ͘ ŶŽŶĐĂƉŝƐĐŽ͘ ŶŽĞŶƚŝĞŶĚŽŶĂĚĂ͘

Dddz ĨƌŝĞŶĚƐĚŽŶ͛ƚƌĂƉĞ ŐůŝĂŵŝĐŝŶŽŶ ƵŶĂŵŝŐŽŶŽǀŝŽůĂĂ ĨƌŝĞŶĚƐ͘ ƐƚƵƉƌĂŶŽŐůŝĂŵŝĐŝ͘ ŽƚƌŽĂŵŝŐŽ͘

/ ŝĚŝĚŶ͛ƚŵĞĂŶƚŽƌĂƉĞ ŝŽ͕ŝŽŶŽŶǀŽůĞǀŽ ǇŽŶŽƉƌĞƚĞŶĚşĂ ǇŽƵ͘ŝ͛ŵƐŽƌƌǇ͘ ƐƚƵƉƌĂƌƚŝ͘ŵŝ͕ŵŝ ǀŝŽůĂƌƚĞ͘ƉĞƌĚſŶĂŵĞ͘ ĚŝƐƉŝĂĐĞ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/ ŵĂƚƚǇĂĐĐƵƐĞĚŵĞŽĨ ŵĂƚƚǇĚŝĐĞĐŚĞů͛ŚŽ ŵĂƚƚǇŵĞĂĐƵƐĂĚĞ ƌĂƉŝŶŐŚŝŵ͘ ƐƚƵƉƌĂƚŽ͘ ŚĂďĞƌůĞǀŝŽůĂĚŽ͘

>/W ŽĨǁŚĂƚ͍ ĐŽƐĂ͍ ƋƵĠĚŝĐĞƐ͍

/ ŝŬŶŽǁ͊ǁĞŵĂĚĞ ůŽƐŽ͕ů͛ĂďďŝĂŵŽĨĂƚƚŽ ĞǆĂĐƚŽ͕ĂŶŽĐŚĞŶŽƐ ůŽǀĞůĂƐƚŶŝŐŚƚ͘ ŝĞƌŝƐĞƌĂ͘ ĂĐŽƐƚĂŵŽƐ͘

>/W ŶŽ͕ǁĂŝƚ͕ǁĂŝƚ͕ǁĂŝƚ͘ ŶŽ͕ĂƐƉĞƚƚĂ͕ŚĞǇ͕ƚƵͲ ĞƐƉĞƌĂ͕ĞƐƉĞƌĂ͕ ǇŽƵůŽƐƚǇŽƵƌ ƚƵŚĂŝƉĞƌƐŽůĂ ĞƐƉĞƌĂ͘ŚĂƐƉĞƌĚŝĚŽ ǀŝƌŐŝŶŝƚǇ͍ ǀĞƌŐŝŶŝƚă͍ ůĂǀŝƌŐŝŶŝĚĂĚ͍

/ ĚŽĞƐŝƚĐŽƵŶƚŝĨŝƚ͛Ɛ ǀĂůĞƐĞğƐƚƵƉƌŽ͍ ĐƵĞŶƚĂƐŝĞƐ ƌĂƉĞ͍ ǀŝŽůĂĐŝſŶ͍

'/D >/W ǇŽƵĚŝĚƚŚĞƌĂƉŝŶŐ͕ ŚĂŝǀŝŽůĞŶƚĂƚŽƚƵ͕ Yh/s>E ƉĞƌŽĨƵŝƐƚĞƚƷĞůƋƵĞ Yh/s>E ƌŝŐŚƚ͍ ŐŝƵƐƚŽ͍ ůĞǀŝŽůſ͕ǀĞƌĚĂĚ͍

/ ǁĞůů͕ŚĞǁĂƐĚƌƵŶŬ͕ ĞƌĂƵďƌŝĂĐŽ͕ŵĂŝů ĠůĞƐƚĂďĂŵƵǇƉĞĚŽ͕ ďƵƚŚŝƐƚŚŝŶŐǁĂƐŶ͛ƚ͘ ƐƵŽĐŽƐŽŶŽ͘ ƉĞƌŽƐƵĐŽƐĂŶŽ͘

'/D >/W ŚŽǁĚŽǇŽƵƌĂƉĞĂ ĐŽŵĞĐŝƐĞŝƌŝƵƐĐŝƚĂ͍ D/d/'d/KE ĐſŵŽƐĞǀŝŽůĂƵŶƚşŽ͍ Yh/s>E ĚƵĚĞ͍

/ ŚĞǁĂƐƐŽƌƚŽĨ ĞƌĂƋƵĂƐŝƉĂƌĂůŝǌǌĂƚŽ ĞƐƚĂďĂĐŽŵŽ ƉĂƌĂůǇǌĞĚďǇĨƌĂŶŬ͛Ɛ ƉĞƌůĂďŝƌƌĂĚŝĨƌĂŶŬ͘ ƉĂƌĂůŝǌĂĚŽƉŽƌůĂ ďĞĞƌŽƌƐŽŵĞƚŚŝŶŐ͘ŝ ƉĞŶƐĂǀŽŐůŝƉŝĂĐĞƐƐĞ͘ ĐĞƌǀĞǌĂĚĞĨƌĂŶŬ͘Ǉ ƚŚŽƵŐŚƚŚĞǁŽƵůĚůŝŬĞ ƉĞŶƐĂǀŽƉŝĂĐĞƐƐĞĂ ĐƌĞşƋƵĞůĞŐƵƐƚĂƌşĂ͘ ŝƚ͘ŝƚŚŽƵŐŚƚĂůůŐƵǇƐ ƚƵƚƚŝ͘ ĐƌĞşĂƋƵĞŽƐŐƵƐƚĂďĂ ĚŝĚ͘ ĂƚŽĚŽƐ͘ '^ Yh/s>E Yh/s>E

'/D >/W ǁĞĚŽ͘ ğğĐŽƐŞ͘ Yh/s>E ǇͲǇŶŽƐŐƵƐƚĂ͘ Yh/s>E

/ ǁĞůů͕ŵĂƚƚǇĚŝĚŶ͛ƚ͘ ĂŵĂƚƚǇŶŽ͘ ƉƵĞƐ͕ĂŵĂƚƚǇŶŽ͘

>/W ŚĞǇ͕ůŝƐƚĞŶ͕ĚĞďƐ͕ŝ ŽŬ͕ĂƐĐŽůƚĂ͕ŝŽĐƌĞĚŽ ŽǇĞ͕ĚĞď͕ĂŵşĞƐĞƚşŽ ƚŚŝŶŬƚŚŝƐŝƐŽŶĞ ĐŚĞůƵŝƐŝĂƵŶƚŝƉŽ ƐŝĞŵƉƌĞŵĞŚĂ ƐĞƌŝŽƵƐůǇǁĞŝƌĚ ƐƚƌĂŶŽ͘ŽŬ͍ĐƌĞĚŽĐŚĞ ƉĂƌĞĐŝĚŽƵŶƉŽƋƵŝƚŽ ' ĚƵĚĞ͘ŽŬĂǇ͍ŝƚŚŝŶŬ ƐƚĂƌĞƐƚŝŵĞŐůŝŽƐĞŶǌĂ D/d/'d/KE ƌĂƌŽǇĐƌĞŽƋƵĞĞƐƚĄƐ D/d/'d/KE ǇŽƵ͛ƌĞďĞƚƚĞƌŽĨĨ ĚŝůƵŝ͕ĞŚ͍ ŵƵĐŚŽŵĞũŽƌƐŝŶĠů͘ ǁŝƚŚŽƵƚŚŝŵ͕ǇĞĂŚ͍

/ ŝ͛ŵŶŽƚ͘ ƉĞƌŶŝĞŶƚĞ͘ ŶŽĞƐǀĞƌĚĂĚ͘

>/W ůŝƐƚĞŶ͕ĚĞďƐ͕ĂŵŝůůŝŽŶ ƐĞŶƚŝ͕ĚĞďƐ͕ŵŝůŝŽŶŝĚŝ ĚĞď͕ĚĞďŚĂǇƵŶ ŐƵǇƐǁŽƵůĚǁŽƵůĚ ƌĂŐĂǌǌŝƵ ŵŝůůſŶĚĞƚşŽƐƋƵĞ ǁŽƵůĚŬŝůůƚŽďĞ ƵĐĐŝĚĞƌĞďďĞƌŽƉĞƌ ŵĂƚĂƌşĂŶƉŽƌƋƵĞƚƷ '/D ƌĂƉĞĚďǇǇŽƵ͘ ĞƐƐĞƌĞǀŝŽůĞŶƚĂƚŝĚĂ Yh/s>E ůŽƐǀŝŽůĂƌĂƐ͘ Yh/s>E ƚĞ͘

/ ŽŚ͕ǁŝůůǇŽƵƐŚƵƚƵƉ ŽŚ͕ƐƚĂǌŝƚƚŽƉĞƌ ĂŚ͕ŶŽĚŝŐĂƐĞƐŽ͕ƉŽƌ ĂůƌĞĂĚǇ͍ ĨĂǀŽƌĞ͘ ĨĂǀŽƌ͘

$QLJKWWRUHPHPZDLWZKDW" 6HDVRQ(SLVRGH ^ƚƌĞĞƚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Z> ǁŚĂƚΖƐƵƉ͍ ĐŽŵĞďƵƚƚĂ͍ ƋƵĠƉĂƐĂ͍

'ͲK' ƉƵƚƚŚŽƐĞŽŶ͕ŵĂŶ͘ ĨŽƌǌĂ͕ĐĂŵďŝĂƚŝ͘ ƉŽŶƚĞĞƐƚŽ͕ƚşŽ͘

Z> ŬŚĂŬŝƐĂŶĚ ƉĂŶƚĂůŽŶŝŬŚĂŬŝĞ ĐŚŝŶŽƐǇŵŽĐĂƐŝŶĞƐ͍ ĚŽĐŬƐŝĚĞƌƐ͍ ŵŽĐĂƐƐŝŶŝ͍

'ͲK' ůŽŽŬ͘ǁŚŝƚĞƉĞŽƉůĞ͕ ƐĞŶƚŝ͕ŝďŝĂŶĐŚŝ ŽǇĞ͕ůŽƐďůĂŶĐŽƐ ƚŚĞǇďĞĐŽŵŝŶŐĨƌŽŵ ǀĞŶŐŽŶŽŐŝƶĚĂů ǀŝĞŶĞŶĂĞƐƚĞďĂƌƌŝŽ Z^ ĚŽǁŶƚŽǁŶ͕ĚƌŝǀŝŶŐ ĐĞŶƚƌŽĐŽŶůĞůŽƌŽ Yh/s>E ĐŽŶƐƵƐůĞǆƵƐǇďƵŐĂƐ Yh/s>E ^^ ƚŚĞŝƌůĞǆƵƐĂŶĚ ŵĂĐĐŚŝŶĞĚĂĨŝŐŚĞƚƚŝ͕ Yh/s>E ĂƐş͕ǀĂůĞ͍ƉĞƌŽůĞƐĚĂ Yh/s>E ǁŚĂƚŶŽƚƌŝŐŚƚ͍ďƵƚ ŐŝƵƐƚŽ͍ŵĂŚĂŶŶŽ ŵŝĞĚŽƉĂƌĂƌ͘ĂƐşƋƵĂ ƚŚĞǇĂĨƌĂŝĚƚŽƐƚŽƉ͘ ƉĂƵƌĂĚŝĨĞƌŵĂƌƐŝ͘Ğ ŚĂĐĞŶŶĞŐŽĐŝŽĐŽŶ ƚŚĞǇďĞƚĂŬŝŶŐŽƵƌ ĚĂŶŶŽŝƐŽůĚŝĂƋƵĞŝ ůŽƐƉŽůĂĐŽƐĚĞůĂĐĂůůĞ ŵŽŶĞǇƚŽƚŚĞĨƵĐŬŝŶŐ ĐĂǌǌŽĚŝƉŽůĂĐĐŚŝƐƵůůĂ ĚŝĞĐŝŽĐŚŽ͘ƋƵŝĞƌŽĂ ƉŽůĂĐŬƐŽŶ ĚŝĐŝŽƚƚĞƐŝŵĂ͘ŵŝ ĂůŐƵŝĞŶƋƵĞŶŽůĞƐĚĞ ĞŝŐŚƚĞĞŶƚŚ͘ŝŶĞĞĚĂ ƐĞƌǀĞƵŶŽĐŚĞŶŽŶŐůŝ ŵŝĞĚŽ͘ǇƵŶ ŬŝĚƚŚĞǇĂŝŶΖƚĂĨƌĂŝĚ ĨĂĐĐŝĂƉĂƵƌĂ͘ƵŶ ďůĂŶƋƵŝƚŽĐŽŶ ŽĨ͘ǇŽƵŬŶŽǁ͕ĂůŝƚƚůĞ ƌĂŐĂǌǌŝŶŽďŝĂŶĐŽĐŽŶ ŵƵůĞƚĂƐĞƐŝĚĞĂů͘ ǁŚŝƚĞďŽǇŽŶ ůĞƐƚĂŵƉĞůůĞ͕ŚĞŚĞ͕ ƐĞƌĄƐĐŽŵŽĞůƉŽƌƚĞƌŽ ĐƌƵƚĐŚĞƐĂŶĚƐŚŝƚ͘ŚĂ ŝŶƐŽŵŵĂ͕ƚŝƉŽƵŶ ĚĞƵŶŚŽƚĞů͕ůŽƉŝůůĂƐ͍ ŚĂŚĂ͘ǇŽƵŬŶŽǁ͕ ĐŽŵŵĞƐƐŽ ĂŶĚĂ͕ƉŽŶƚĞĞƐƚĂ ǇŽƵΖƌĞůŝŬĞĂĂŐƌĞĞƚĞƌ Ăůů͛ĞŶƚƌĂƚĂ͕ŵŝ ŵŝĞƌĚĂ͕ĐŚĂǀĂů͘ǇƐŝ ĂƚǁĂůŵĂƌƚ͘ǇŽƵĨĞĞů ĐĂƉŝƐĐŝ͍ŽƌĂŵĞƚƚŝƚŝ ǀĞƐĂĂůŐƵŝĞŶƋƵĞ Z^ ŵĞ͍ŶŽǁůŽŽŬ͕ƉƵƚ ƋƵĞůůĂŵĞƌĚĂ͕ĨŝŐůŝŽůŽ͕ Yh/s>E ƋƵŝĞƌĞĐƌĂĐŬƚŝĞŶĞƐ DW>/&/d/KE ^^ ƚŚĂƚƐŚŝƚŽŶ͕ƐŽŶ͘ĂŶĚ ĞƐĞĐ͛ğƵŶďŝĂŶĐŽ Yh/s>E ƋƵĞƐĞƌǀŝƌůĞďŝĞŶ͘ Yh/s>E ŝĨǇŽƵƐĞĞĂĐƌĂĐŬĞƌ ĐŚĞǀƵŽůĞĚĞůĐƌĂĐŬ͕ ďƵǇŝŶŐĐƌĂĐŬ͕ǇŽƵƌ ĨĂƌĂŝŵĞŐůŝŽĂǀŽůĂƌĞ͘ ĂƐƐďĞƚƚĞƌũƵŵƉ͘

Z >/D/Ed/KE >/D/Ed/KE

^ƚƌĞĞƚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

,K>>z ĚĞďďŝĞ͘ŚŽǁǁĂƐ ĚĞďďŝĞ͘ĐŽŵ͛ğĂŶĚĂƚĂ ĚĞďďŝĞ͘ƋƵĠƚĂůƚƵ ǇŽƵƌƉĂƌƚǇ͍ĞůůŝĞΖƐ ůĂĨĞƐƚĂ͍ŶĞƉĂƌůĂǀĂŝů ĨŝĞƐƚĂ͍ǇĂŶŽƐŚĞŵŽƐ ĐŽƵƐŝŶƚŽůĚƵƐĂďŽƵƚ ĐƵŐŝŶŽĚŝĞůůŝĞ͘ ĞŶƚĞƌĂĚŽ͘ ŝƚ͘

/ ŝƚǁĂƐĨƵŶ͘ ďĞŚ͕ĚŝǀĞƌƚĞŶƚĞ͘ ĂŚ͕ĞƐƚƵǀŽďŝĞŶ͘

,K>>z ŵĂǇďĞŶŽƚƐŽĨƵŶĨŽƌ ĨŽƌƐĞŶŽŶƚĂŶƚŽƉĞƌŝů ƐƵƉŽŶŐŽƋƵĞŶŽ ƚŚĞďŽǇǇŽƵƌĂƉĞĚ͘ ƌĂŐĂǌǌŽĐŚĞŚĂŝ ƚĂŶƚŽƉĂƌĂĞůƚşŽĂů ŶĞǀĞƌŚĞĂƌĚŽĨƚŚĂƚ͘Ă ƐƚƵƉƌĂƚŽ͘ƉĞŶƐĂ͕ƵŶĂ ƋƵĞǀŝŽůĂƐƚĞ͘ŶƵŶĐĂ ŐŝƌůǁŚŽŚĂĚƚŽƌĂƉĞ ƌĂŐĂǌǌĂĐŚĞĚĞǀĞ ŚĂďşĂŽşĚŽƋƵĞƵŶĂ ĂďŽǇƚŽŐĞƚůĂŝĚ͘ ƐƚƵƉƌĂƌĞƵŶƌĂŐĂǌǌŽ ĐŚŝĐĂǀŝŽůĂƌĂĂƵŶƚşŽ ŚŽǁĚŽĞƐƚŚĂƚǁŽƌŬ͍ ƉĞƌĨĂƌƐŝƐĐŽƉĂƌĞ͘ ƉĂƌĂĞƐƚƌĞŶĂƌƐĞ͘ '^ ĐŽŵ͛ğĐŚĞĨƵŶǌŝŽŶĂ͍ Yh/s>E ĐſŵŽƐĞŚĂĐĞĞƐŽ͍ Yh/s>E '/D Yh/s>E Yh/s>E

^ƚƌĞĞƚ͘ĂƌůĚĞĂůŝŶŐĚƌƵŐƐ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Z> ǁŚĂƚ͍ ĐŽƐĂ͍ ƋƵĠ͍

Z >/D/Ed/KE ^^ ƐŚŽƚĨŽƌƚŚŝƐƐŚŝƚ͘ƐŽ ƐƉĂƌĂŶŽƉĞƌƋƵĞƐƚĞ Yh/s>E ƉĞŐĂŶƵŶƚŝƌŽƉŽƌ Yh/s>E ǇŽƵďĞƚƚĞƌĨŝŶĚĂǁĂǇ ĐŽƐĞ͕ƋƵŝŶĚŝƚƌŽǀĂŝů ĞƐƚŽ͕ǇĂƉƵĞĚĞƐ ƚŽŐĞƚŵĞƉĂŝĚ͘ ŵŽĚŽĚŝƌŝƉĂŐĂƌŵŝ͘ ďƵƐĐĂƌůĂĨŽƌŵĂĚĞ ƉĂŐĂƌŵĞ͘

<ĞǀŝŶĂŶĚsĞƌŽŶŝĐĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

<s/EdK/ ďĞƐŝĚĞƐ͕ŵŵĂĐŚŝĐŬƐ ŵĂğǀĞƌŽůĂďŽǆĞ ĂĚĞŵĄƐůĂƐ ĂƌĞƐƵƉĞƌŚŽƚ͘ŝƚŵƵƐƚ ĚĞĨŝŶŝƐĐĞ͘ƉĞƌžğ ďŽǆĞĂĚŽƌĂƐĞƐƚĄŶ ďĞŬŝŶĚŽĨǁĞŝƌĚ ƐƚƌĂŶŽƵƐĐŝƌĞĐŽŶƵŶĂ ƐƵƉĞƌďƵĞŶĂƐ͘ĚĞ '^ ĚĂƚŝŶŐĂĐŚŝĐŬǁŚŽ ĚŽŶŶĂĐŚĞƉƵž Yh/s>E ƚŽĚŽƐŵŽĚŽƐ͕ĚĞďĞ Yh/s>E ' ĐĂŶŬŝĐŬǇŽƵƌĂƐƐ͘ ƌŽŵƉĞƌƚŝŝůĐƵůŽ͘ >/D/Ed/KE ĚĞƐĞƌƌĂƌŽƐĂůŝƌĐŽŶ >/D/Ed/KE ƵŶĂƚşĂƋƵĞƚĞƉƵĞĚĂ ƉĞŐĂƌ͘

ŵĂŶĚĂΖƐƉĂƌĞŶƚƐƐƵŵŵĞƌŚŽƵƐĞŝŶDŝĂŵŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

:^KE ŶŽǁŝĂƐƐƵŵĞ͕ĂƐĂ ƉŽƐƐŽƐƵƉƉŽƌƌĞĐŚĞ͕ ĚŽǇƉŽƌŚĞĐŚŽƋƵĞĂů ǇŽƵŶŐĚĞůŝŶƋƵĞŶƚ͕ ĚĂŐŝŽǀĂŶĞ ƐĞƌƵŶĚĞůŝŶĐƵĞŶƚĞ͕ ^^ ǇŽƵƐŵŽŬĞƉŽƚ͍ ĚĞůŝŶƋƵĞŶƚĞ͕ĨƵŵŝ Yh/s>E ĨƵŵĂƌĄƐƉŽƌƌŽƐ͘ Yh/s>E ů͛ĞƌďĂ͘

>/W ŵŵŚŵŵ͘ǇĞĂŚ͕ ŵŵŚŵŵ͘ƐŞ͕ƋƵĂŶĚŽ ŵŵŚŵŵ͘Ɛş͕ĐƵĂŶĚŽ ^^ ǁŚĞŶŝΖŵŶŽƚ ŶŽŶŵŝĨĂĐĐŝŽůĞ Yh/s>E ŶŽŵĞŵĞƚŽĐĂďĂůůŽ͘ Yh/s>E ƐŚŽŽƚŝŶŐƐŵĂĐŬ͘ ƉĞƌĞ͘

5LWHRISDVVDJH 6HDVRQ(SLVRGH ^ƚƌĞĞƚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^DD/ ŚŽůĚŽŶ͘ǁŚĂƚΖůůŝƚ ĂƐƉĞƚƚĂ͘ĐŽŵĞƉŽƐƐŽ ĞŚ͕ƋƵŝĞƚŽ͘ƋƵĠŚĞĚĞ ƚĂŬĞƚŽďƵǇŵĞƐŽŵĞ ŐƵĂĚĂŐŶĂƌĞƚĞŵƉŽ͍ ŚĂĐĞƌƉĂƌĂƋƵĞŵĞ ƚŝŵĞ͍ ĚĞƐŵĄƐƚŝĞŵƉŽ͍

' ^dd'Ed ŵŽƌĞƚŚĂŶĂŶĂĐƵƉ͕ ŶŽŶĐŽŶƵŶĂƉƌŝŵĂ͘ Yh/s>E ƚĞŶĞƌŵƵĐŚŽŵĄƐ Yh/s>E ďĂďǇ͘ ƉĞĐŚŽ͘

^DD/ ŝΖŵĂƚŚŝƌƚǇƚǁŽĐ͘ ŐƵĂƌĚĂĐŚĞŝŽƉŽƌƚŽ ƵƐŽƵŶĂŽĐŚĞŶƚĂǇ ůĂƐĞĐŽŶĚĂ͘ ĐŝŶĐŽ͘

ŽŶƐƚƌƵĐƚŝŽŶƐŝƚĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

dKDDz ƐŽŽŶĞƌǇŽƵĨŝŶŝƐŚ͕ƚŚĞ ƉƌŝŵĂĨŝŶŝƐĐŝ͕ƉƌŝŵĂ ĐƵĂŶƚŽĂŶƚĞƐĂĐĂďĞƐ͕ ƐŽŽŶĞƌǇŽƵĐĂŶƐĞŶĚ ƉƵŽŝŵĂŶĚĂƌůĞƵŶĂ ĂŶƚĞƐƉŽĚƌĄƐ ĂƉŝĐŽĨǇŽƵƌůŝƚƚůĞ ĨŽƚŽĚĞůƚƵŽĐĂǌǌĞƚƚŽ ŵĂŶĚĂƌůĞĂƚƵŶŽǀŝĂ ƚǁŝŐƚŽǇŽƵƌ ƉĞƌƌŝĐŽƌĚĂƌůĞĐŽƐĂ ƵŶĂĨŽƚŽĚĞƚƵĐŚŽƌƌĂ ŐŝƌůĨƌŝĞŶĚ͕ƌĞŵŝŶĚŚĞƌ ŶŽŶůĞŵĂŶĐĂ͘ ƉĂƌĂƌĞĐŽƌĚĂƌůĞůŽ ǁŚĂƚƐŚĞĂŝŶΖƚ ƋƵĞƐĞƉŝĞƌĚĞ͘ ŵŝƐƐŝŶŐ͘

Z^ tKZ<Z ŽƌŝĞŶƚĂůĐŚŝĐŬƐĚŽŶΖƚ ůĞŽƌŝĞŶƚĂůŝƐĞŶĞ Yh/s>E ĂůĂƐŽƌŝĞŶƚĂůĞƐůĞƐĚĂ Yh/s>E ĐĂƌĞĂďŽƵƚƐŝǌĞ͘ƚŚĞǇ ĨƌĞŐĂŶŽĚĞůůĞ ůŽŵŝƐŵŽĞůƚĂŵĂŹŽ͘ ŐŽƚƚŝŶǇǀĂŐŝŶĂƐ͘ ĚŝŵĞŶƐŝŽŶŝ͘ŚĂŶŶŽůĂ ƐŽŶĚĞǀĂŐŝŶĂĞŶĂŶĂ͘ ŵĞĚŝĐĂůĨĂĐƚ͘ ǀĂŐŝŶĂƐƚƌĞƚƚĂ͘ğ ĞƐƵŶŚĞĐŚŽŵĠĚŝĐŽ͘ ƉƌŽǀĂƚŽ͘

>/W ŝƐƚŚĂƚƌŝŐŚƚ͕ŽƌŝƐƚŚĂƚ ŽǀƵŽŝĐŽŶǀŝŶĐĞƌƚŝ ůŽĚŝĐĞƐƉĂƌĂ ŚŽǁǇŽƵĐŽŶǀŝŶĐĞ ĐŚĞůĞƚƌŽŝĞƚĂŝůĂŶĚĞƐŝ ĐŽŶǀĞŶĐĞƌƚĞƋƵĞĞƐĂƐ ǇŽƵƌƐĞůĨƚŚĂƚƚŚŽƐĞ ĐŽŶĐƵŝǀĂŝƐĞŶƚŽŶŽ ƉƵƚŝůůĂƐƚĂŝůĂŶĚĞƐĂƐ ƚŚĂŝŚŽŽŬĞƌƐĂĐƚƵĂůůǇ ƋƵĂůĐŽƐĂ͍ ƐŝĞŶƚĞŶĂůŐŽĐŽŶƚŝŐŽ͍ ĨĞĞůƐŽŵĞƚŚŝŶŐ͍

tĂĚĞΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Z/D tdK&ZE< ĚĂǀŝĚǁĂƐĂŐŽŽĚ ĚĂǀŝĚĞƌĂƵŶďƌĂǀŽ Yh/s>E ĚĂǀŝĚĞƌĂƵŶŐƌĂŶ Yh/s>E ŬŝĚ͘ĂůƚĂƌďŽǇ͘ ƌĂŐĂǌǌŽ͘ĨĂĐĞǀĂŝů ĐŚŝĐŽ͘ĨƵĞ ĐŚŝĞƌŝĐŚĞƚƚŽ͘ ŵŽŶĂŐƵŝůůŽ͘

'ĂǇĐůƵď͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

'z>h'hz ĂŶĚĚŽŶΖƚŐĞƚũĞĂůŽƵƐ͘ ŶŽŶĞƐƐĞƌĞŐĞůŽƐŽ͘ ŶŽƚĞƉŽŶŐĂƐĐĞůŽƐŽ͘ ŝĨǁĞǁĞƌĞŶΖƚ ĂůƚƌŝŵĞŶƚŝ ƐĞƌŝĂŵŽƐĐŽŵŽůŽƐ ĂůůŽǁĞĚƚŽďĂŶŐ ĚŝǀĞŶƚŝĂŵŽŶŽŝŽƐŝ ŚĞƚĞƌŽƐƐŝŶŽ ŽƚŚĞƌŐƵǇƐ͕ǁĞΖĚďĞ ĐŽŵĞŐůŝĞƚĞƌŽ͘ŚĞǇ͕ ƉƵĚŝĠƐĞŵŽƐ ũƵƐƚĂƐďŽƌŝŶŐĂƐ ŶŽŶƚĞŶĞĂŶĚĂƌĞ͘ ĨŽůůĂƌŶŽƐĂŽƚƌŽƐ͘ĞŚ͕ ^K^ ƐƚƌĂŝŐŚƚƉĞŽƉůĞ͘ŚĞǇ͕ >/D/Ed/KE ŶŽƚĞǀĂǇĂƐ͘ Yh/s>E ^K/D ĚŽŶΖƚůĞĂǀĞ͘ >/D/Ed/KE Yh/s>E

D/<z ǁŚĂƚΖĚǇŽƵƐĂǇ͍ ĐŚĞŚĂŝĚĞƚƚŽ͍ ƋƵĠŚĂƐĚŝĐŚŽ͍

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

>/W ĂƌĞŶΖƚƉĂĐŝĨŝĞƌƐ ŚĞǇ͕ŵĂŝůĐŝƵĐĐŝŽŶŽŶ ŶŽĚŝĐĞŶƋƵĞůŽƐ ƐƵƉƉŽƐĞĚƚŽďĞďĂĚ ĚĂŶŶĞŐŐŝĂŝďĂŵďŝŶŝ͍ ĐŚƵƉĞƚĞƐƐŽŶŵĂůŽƐ ĨŽƌďĂďŝĞƐŶŽǁ͍ ƉĂƌĂůŽƐďĞďĞƐ͍

sZKE/ ĚŽǇŽƵŚĂǀĞ ƚƵŚĂŝĨŝŐůŝ͍ĂůůŽƌĂƐƚĂ ƚƷŶŽƚŝĞŶĞƐŚŝũŽƐ͕ĂƐş ĐŚŝůĚƌĞŶ͍ƚŚĞŶƐŚƵƚ ǌŝƚƚŽ͘ ƋƵĞĐŝĞƌƌĂĞůƉŝĐŽ͘ ƚŚĞĨƵĐŬƵƉ͘

D/<z ůŽŽŬǁŚŽŝƚŝƐ͘ ŐƵĂƌĚĂĐŚŝĐ͛ğ͘ƐŝĨĂŝů ǇĂƋƵşůŽƚĞŶĞŵŽƐ͕ ǁƌĂƉƉŝŶŐƵƉŚŝƐ ƚŽƵƌĞƐƚŝǀŽŶĞů ƚĞƌŵŝŶĂŶĚŽƐƵŐŝƌĂ ŐŚĞƚƚŽƐƵŵŵĞƌƚŽƵƌ ŐŚĞƚƚŽ͕ƉŽŝƚŽƌŶĞƌă ƉŽƌĞůŐƵĞƚŽĂŶƚĞƐĚĞ ďĞĨŽƌĞŚĞŚĞĂĚƐŽĨĨ ŶĞůůĂƚŽƌƌĞĚ͛ĂǀĂƌŝĂ͘ ǀŽůǀĞƌĂƐƵƚŽƌƌĞĚĞ ƚŽƚŚĞŝǀǇƚŽǁĞƌ͘ ŵĄƌŵŽů͘

>/W ƚŚĞŝǀŽƌǇƚŽǁĞƌ͕Ăůů ƚŽƌƌĞĚ͛ĂǀŽƌŝŽ͘ ĚĞŵĂƌĨŝů͕ŵŝĐŬĞǇ͘Ɛŝ ƌŝŐŚƚ͍ŝĨǇŽƵΖƌĞŐŽŶŶĂ ƋƵĂŶĚŽĚŝĐŝƐƚƌŽŶǌĂƚĞ ƚĞŵĞƚĞƐĐŽŶŵŝŐŽĂů ƚĂůŬƐŚŝƚ͕ĂƚůĞĂƐƚĚŽŝƚ ĚŝůůĞŐŝƵƐƚĞ͘ ŵĞŶŽƐŚĂǌůŽďŝĞŶ͘ ƌŝŐŚƚ͘

D/<z ŚĂĚŝƚǁŝƚŚǇŽƵ ŚŽĐŚŝƵƐŽĐŽŝ ĞƐƚŽǇŚĂƐƚĂůŽƐ ĨƵĐŬŝŶŐŐĂůůĂŐŚĞƌƐ͘ ŐĂůůĂŐŚĞƌ͘ ŚƵĞǀŽƐĚĞůŽƐ ŐĂůůĂŐŚĞƌ͘

>/W ŝũƵƐƚŚĂĚĂůŽŶŐĚĂǇ ƚŽƌŶŽĚĂƵŶĂŐŝŽƌŶĂƚĂ ŚĞƚĞŶŝĚŽƵŶŵĂůĚşĂ ĂƚǁŽƌŬ͘ǁŽƌŬ͕ ĚŝůĂǀŽƌŽ͕ůĂǀŽƌŽ ĞŶĞůƚƌĂďĂũŽ͘ƚƌĂďĂũŽ͕ ŵŝĐŬĞǇ͘ǇŽƵĞǀĞƌ ŵŝĐŬĞǇ͕ŚĂŝƉƌĞƐĞŶƚĞ͍ ƐĂďĞƐůŽƋƵĞĞƐĞƐŽ͍ ŚĞĂƌĚŽĨƚŚĂƚ͍ŝũƵƐƚ ǀŽŐůŝŽƵŶĂĐĂǌǌŽĚŝ ƐŽůŽŚĞǀĞŶŝĚŽĂ ĐĂŵĞŚĞƌĞĨŽƌĂ ďŝƌƌĂ͕ŽŬ͍ ƚŽŵĂƌŵĞƵŶĂ ĨƵĐŬŝŶŐďĞĞƌ͕Ăůů ĐĞƌǀĞǌĂ͘ ƌŝŐŚƚ͍

D/<z ǇŽƵďƵŝůƚƵƉĂďŝŐ ǀŝĞŶĞƐĞƚĞĂƐǀĞŶĚĞƌĞ ĚĂŵƵĐŚĂƐĞĚǀĞŶĚĞƌ ƚŚŝƌƐƚƐĞůůŝŶŐŽƵƚǇŽƵƌ ŝůƚƵŽƋƵĂƌƚŝĞƌĞ͕ĞŚ͍ ƚƵďĂƌƌŝŽ͕ǀĞƌĚĂĚ͍ ŶĞŝŐŚďŽƌŚŽŽĚ͕ŚƵŚ͍

>/W ůŽŽŬ͕ŝĚŽŶΖƚůŝŬĞƚŚŝƐ ĐŚĞĐĂŵďŝƉŝĂĐĞĂ ŵĞŐƵƐƚĂƋƵĞĞƐƚŽ ƉůĂĐĞĐŚĂŶŐŝŶŐũƵƐƚĂƐ ƚƵƚƚŝŵĞŶŽĐŚĞĂƚĞ͘ ĐĂŵďŝĞƚĂŶƉŽĐŽ ŵƵĐŚĂƐǇŽƵ͘ ĐŽŵŽĂƚŝ͘

D/<z ǇĞĂŚ͕ĞǆĐĞƉƚǁŚĞŶ Őŝă͕ŵĂƋƵĂŶĚŽƐŝ ǇĂ͕ƉĞƌŽĐƵĂŶĚŽ ^^ ƚŚĞǇƵƉƉŝĞ ĂƉƌŝƌĂŶŶŽůĞƉŽƌƚĞĂŝ Yh/s>E ĂďƌĂŶĞůŐƌŝĨŽĚĞůŽƐ Yh/s>E ĨůŽŽĚŐĂƚĞƐŽƉĞŶ͕ŝƚΖƐ ŵŝůŝĂƌĚĂƌŝŶŽŝ ǇƵƉƉŝĞƐŶŽƐŽƚƌŽƐŶŽƐ ŐŽŶŶĂďĞƵƐŽƵƚŚĞƌĞ ĂŶŶĞŐŚĞƌĞŵŽĞƚƵ ĂŚŽŐĂƌĞŵŽƐǇƚƷ ĚƌŽǁŶŝŶŐǁŚŝůĞǇŽƵ ŝŶǀĞĐĞĚŝǀĞŶƚĞƌĂŝ ƉĂƐĂƌĄƐĂƐĞƌ ǁŽƌŬŽŶďĞĐŽŵŝŶŐĂ ƵŶŽĚĞŝƉƌŽƉƌŝĞƚĂƌŝĚŝ ŵŝĞŵďƌŽĚĞĞƐĞĐůƵď ŵĞŵďĞƌŽĨƚŚĞ ǀŝůůĞĚŝůƵƐƐŽ ƚĂŶĨŝŶŽ͘ ĨƵƚƵƌĞŵĐŵĂŶƐŝŽŶ Ě͛ĂŵĞƌŝĐĂ͘ ŽǁŶĞƌƐŽĨĂŵĞƌŝĐĂ͘

>/W ŝΖŵũƵƐƚĂƐĨƵĐŬŝŶŐ ƐŽŶŽĚĞůƐŽƵƚŚƐŝĚĞ ǇŽƐŽǇĚĞĞƐƚĞďĂƌƌŝŽ ƐŽƵƚŚƐŝĚĞĂƐǇŽƵĂƌĞ͘ ĂŶĐŚĞŝŽ͘ ƚĂŶƚŽĐŽŵŽƚƷ͘

D/<z ƌĞĂůůǇ͕ƐŽǁŚĂƚĂƌĞ ĚĂǀǀĞƌŽ͍ĞĐŽƐĂĨĂŝ ƐĞŐƵƌŽ͍ǇƋƵĠǀĂƐĂ ǇŽƵĚŽŝŶŐƚŽƐƚŽƉ ƉĞƌĐŚĠƋƵĞŝĐŽŐůŝŽŶŝ ŚĂĐĞƌƉĂƌĂŝŵƉĞĚŝƌ ƚŚĞƐĞŐĂƉͲǁĞĂƌŝŶŐ ŶŽŶƐŝƉƌĞŶĚĂŶŽŝů ƋƵĞĞƐŽƐĐĂƉƵůůŽƐ ^^ ĂƐƐŚŽůĞƐĨƌŽŵƚĂŬŝŶŐ ŶŽƐƚƌŽƋƵĂƌƚŝĞƌĞ͍ >/D/Ed/KE ŶŽƐĐŽŵƉƌĞŶůĂƐ >/D/Ed/KE ŽǀĞƌƚŚĞŚŽŽĚ͕ŚƵŚ͍ ĐĂƐĂƐ͍

>/W ũĂĐŬƐŚŝƚ͘ǁŚĂƚĂƌĞ ƵŶĐĂǌǌŽ͕ĞƚƵŽůƚƌĞĂ ŶĂĚĂ͕ǇƚƷƋƵĠǀĂƐĂ ǇŽƵĚŽŝŶŐŽƚŚĞƌƚŚĂŶ ĚĂƌĞĂƌŝĂĂƋƵĞůůĂ ŚĂĐĞƌĂƉĂƌƚĞĚĞ ƌƵŶŶŝŶŐǇŽƵƌĨƵĐŬŝŶŐ ďŽĐĐĂ͍ ŚĂďůĂƌ͍ ŵŽƵƚŚ͍

D/<z ŝΖŵĂŵĂŬĞƚŚŝƐƉůĂĐĞ ůŽƌĞŶĚŽƉŝƶ ŝŶƚĞŶƚĂƌƋƵĞĞůďĂƌƌŝŽ ĞǀĞŶƐŚŝƚƚŝĞƌ͕ƐŽŶŽ ŵĞƌĚŽƐŽ͕ĐŽƐŞŶŽŶĐŝ ƐĞĂƉĞŽƌ͕ƉĂƌĂƋƵĞ ŽŶĞǁŝůůǁĂŶƚƚŽůŝǀĞ ǀŝǀƌĂŶŶŽ͘ ŶĂĚŝĞƋƵŝĞƌĂǀĞŶŝƌ͘ ŚĞƌĞ͘

>/W ǇĞĂŚ͍ŚŽǁǇŽƵŐŽŶŶĂ ĂŚƐŞ͍ĞĐŽŵĞĐŝ ǇĐſŵŽǀĂƐĂ ĚŽƚŚĂƚ͍ǇŽƵŐŽŶŶĂ ƌŝƵƐĐŝƌĂŝ͍ƌŝĐŽƌƌĞŶĚŽĂ ŚĂĐĞƌůŽ͍ĐŽŵƉƌĂŶĚŽ ďƵƌǇĂƌĂĚŝŽĂĐƚŝǀĞ ƐĐŽƌŝĞƌĂĚŝŽĂƚƚŝǀĞŽĂ ƌĞƐŝĚƵŽƐ

ǁĂƐƚĞ͍ǇŽƵŐŽŶŶĂ ƐŽƐƚĂŶƚĞĐŚŝŵŝĐŚĞ ƌĂĚŝŽĂĐƚŝǀŽƐ͍ ĚƵŵƉĐŚĞŵŝĐĂůƐŝŶƚŽ ŶĞůů͛ĂĐƋƵĂ͍ŽĂů ĞĐŚĂŶĚŽŵŝĞƌĚĂ ƚŚĞǁĂƚĞƌ͍ ĐĂŶĐƌŽ͍ŽĂůĚĚƚ͍ ƋƵşŵŝĐĂĞŶĞůĂŐƵĂ͍ ĐĂƌĐŝŶŽŐĞŶƐ͍ĚĚƚ͍ ĐĂƌĐŝŶſŐĞŶŽƐ͍ĚĚƚ͍

D/<z ǁŚĞƌĞĚŽǇŽƵƚŚŝŶŬ ĚŽǀĞƚƌŽǀŽŝůĚĚƚ͍ ĚſŶĚĞƐĞĐŽŵƉƌĂĞů ǁĞĐĂŶŐĞƚĚĚƚ͍ ĚĚƚ͍

E^ >/W ǀŝĞƚŶĂŵŵĂǇďĞ͘ ŝŶǀŝĞƚŶĂŵ͕ŵĂŐĂƌŝ͘ Yh/s>E ĞŶǀŝĞƚŶĂŵ͕ƐƵƉŽŶŐŽ͘ Yh/s>E

^ƚƌĞĞƚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

D/<z ĂŚ͊ƚŚĞǇŐŽƚƚŚĞ ĂŚ͊ůĞŵĂĐĐŚŝŶĞƚƚĞ ŚĞŚĞŚĞ͊ǇĂŚĂŶ ŵĂĐŚŝŶĞƐŚŽŽŬĞĚƵƉ ƐŽŶŽŐŝăƉƌŽŶƚĞ͘ ƉƵĞƐƚŽůĂƐŵĄƋƵŝŶĂƐ ĂŶĚĞǀĞƌǇƚŚŝŶŐ͘ ǇƚŽĚŽ͘

/''z ǇĞĂŚ͘ĂůůƌĞĂĚǇƚŽ Őŝă͕ƉĞƌƋƵĞŝ Ɛş͕ĞƐƚĄŶƉƌĞƉĂƌĂĚĂƐ ŵĂŬĞƚŚŽƐĞŶŽŶĨĂƚ ĐĂƉƉƵĐĐŝŶŝĚŝĞƚĞƚŝĐŝ ƉĂƌĂŚĂĐĞƌĐĂĨĞƚŝƚŽƐ ^K^ ĨĂŐĂĐĐŝŶŽƐ͘ŶŽ ĚĂĨƌŽĐŝ͘ƐĞŶǌĂŽĨĨĞƐĂ͕ Yh/s>E ŵĂƌŝĐŽŶĞƐ͘ŶŽƚĞ Yh/s>E ^^ ŽĨĨĞŶƐĞ͕ďƌŽ͘ ĨƌĂƚĞůůŽ͘ Yh/s>E ŽĨĞŶĚĂƐ͕ƚşŽ͘ Yh/s>E

DŝůŬŽǀŝĐŚŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

D/<zdK/E ƚŚĂƚǁŚĂƚǇŽƵĐĂůů ƐŝĚŝĐĞĐŽƐŞƋƵĂŶĚŽƐŝ ĂƐşůůĂŵĂƐůĂƌŐĂƌƚĞ ůĞĂǀŝŶŐƚŚĞĐůƵďǁŝƚŚ ƐƚĂĐŽŶƵŶĂĨŝŐŚĞƚƚĂ ĐŽŶƵŶǀŝĞũŽ ƐŽŵĞĨĂŝƌǇǁŚŝůĞŝ ŵĞŶƚƌĞŝŽĂƐƉĞƚƚŽ ŵĂƌŝƉŽƐſŶŵŝĞŶƚƌĂƐ ^K ǁĂŝƚĂƌŽƵŶĚĨŽƌǇŽƵ ĐŽŵĞƵŶĐŽŐůŝŽŶĞ͕ ^h^d/dhd/KE ǇŽƚĞĞƐƉĞƌŽĐŽŵŽ Yh/s>E ůŝŬĞĂďŝƚĐŚ͕ŚƵŚ͍ ĞŚ͍ ƵŶĂƉƵƚĂ͕ĞŚ͍

DŝůŬŽǀŝĐŚŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/E ŝĚŝĚĂƉŽƌŶŽ͘ ŚŽŐŝƌĂƚŽƵŶƉŽƌŶŽ͘ ŚĞŚĞĐŚŽƵŶĂƉŽƌŶŽ͘

D/<z ǇŽƵĚŝĚǁŚĂƚ͍ ĐŚĞĐŽƐĂ͍ ƋƵĞŚĂƐŚĞĐŚŽƋƵĠ͍

/E ǇĞĂŚ͕ǇŽƵƐĂŝĚǁĞ ĐŝƐĞƌǀŝǀĂŶŽƐŽůĚŝ͘ ŶĞĐĞƐŝƚĄďĂŵŽƐ ŶĞĞĚĞĚƚŚĞŵŽŶĞǇ͘ ĚŝŶĞƌŽ͘

^K D/<z ƐŽŵĞƋƵĞĞŶƚŽůĚǇŽƵ ƵŶĨƌŽĐŝŽƚŝŽĨĨƌĞƐŽůĚŝ Yh/s>E ƵŶŵĂƌŝĐſŶƚĞĚŝĐĞ Yh/s>E ŚĞΖĚƉĂǇǇŽƵƚŽĚŽĂ ƉĞƌŐŝƌĂƌĞƵŶƉŽƌŶŽĞ ƋƵĞƚĞƉĂŐĂƌĄƉŽƌ ƉŽƌŶŽ͕ĂŶĚǇŽƵ ƚƵƉĞŶƐŝĐŚĞŐƌĂŶĚĞ ŚĂĐĞƌƉŽƌŶŽǇ ƚŚŽƵŐŚƚ͕ǇĞĂŚ͕ƚŚĂƚΖƐ ŝĚĞĂ͍ ƉŝĞŶƐĂƐƐşĞƐƵŶĂŐƌĂŶ ĂŐŽŽĚŝĚĞĂ͍ ŝĚĞĂ͍

&UD]\/RYH 6HDVRQ(SLVRGH DŝůŬŽǀŝĐŚŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

E^ ^sd>E ŶŽ͕ŝĐĂůůƉŽůŝĐĞ ŶŽ͕ŝŽĐŚŝĂŵŽƉŽůŝǌŝĂ Yh/s>E ŶŽ͕ǇŽůůĂŵŽĂƉŽůŝĐşĂ Yh/s>E ďĞĐĂƵƐĞĐƌĂǌǇĐĂƌƌŽƚ ƉĞƌĐŚĠƌĂŐĂǌǌŽƌŽƐƐŽ ƉŽƌƋƵĞƉĞůŝƌƌŽũŽ ďŽǇƚŽŽŬŵǇďĂďǇ͘ ƉĂǌǌŽƌĂƉŝƚŽŵŝŽ ǌƵŵďĂĚŽƚŝĞŶĞŵŝ ĨŝŐůŝŽ͘ ďĞďĠ͘

D/<z ǇŽƵĐĂůůƚŚĞĐŽƉƐ͕ŝΖŵ ĨĂůůŽĞŝŽƌĂĐĐŽŶƚŽ ĐŽŵŽůůĂŵĞƐĂůĂƉŽůŝ ŐŽŶŶĂƚĞůůƚŚĞŵŝƐĂŝĚ ĐŚĞŚŽĚĞƚƚŽĂŝĂŶĚŝ ůĞƐĚŝƌĠƋƵĞĚĞũĠĂŝĂŶ ŝĂŶĐŽƵůĚƚĂŬĞƚŚĞ ƉŽƌƚĂƌĞŝŶŐŝƚĂŝů ůůĞǀĂƌƐĞĞůďĞďĠĚĞ ďĂďǇŽŶĂƚƌŝƉ͘ǁŚŽ ƉŝĐĐŽůŽ͘ĂĐŚŝĚĂƌĂŶŶŽ ǀŝĂũĞ͘ǇĂƋƵŝĠŶǀĂŶĂ ĚŽǇŽƵƚŚŝŶŬƚŚĞǇΖƌĞ ƌĞƚƚĂĞŚ͍ĂůůĂƉŽǀĞƌĂ ĐƌĞĞƌ͕ĞŚ͍ĂƵŶĂƉƵƚĂ ŐŽŶŶĂďĞůŝĞǀĞ͕ŚƵŚ͍ ƚƌŽŝĂƐƵĐĐŚŝĂĐĂǌǌŝ ƉĂũŝůůĞƌĂƌƵƐĂŝůĞŐĂůŽ ŝůůĞŐĂůƌƵƐƐŝĂŶĨƵĐŬŝŶŐ ĐůĂŶĚĞƐƚŝŶĂŽĂůďĞů ĂƵŶĐŝƵĚĂĚĂŶŽƚĂŶ ŚĂŶĚͲǁŚŽƌĞŽƌĐĂƌĚͲ ƌĂŐĂǌǌŽĐŽŶŝ ĂŵĞƌŝĐĂŶŽĐŽŵĞĞů ĐĂƌƌǇŝŶŐ͕ĂƉƉůĞƉŝĞͲ ĚŽĐƵŵĞŶƚŝĂƉŽƐƚŽ͕ ďĂƐĞďĂůůǇŶĂĐŝĚŽĞů ĞĂƚŝŶŐ͕ďŽƌŶŽŶƚŚĞ ŶĂƚŽŝůƋƵĂƚƚƌŽĚŝ ƉƵƚŽĐƵĂƚƌŽĚĞũƵůŝŽ͍ ĨŽƵƌƚŚŽĨũƵůǇ ůƵŐůŝŽĞĐŝƚƚĂĚŝŶŽ ĂŵĞƌŝĐĂŶĨƵĐŬŝŶŐ ĂŵĞƌŝĐĂŶŽ͍ ' ĐŝƚŝǌĞŶ͍ Yh/s>E Yh/s>E

E^ D/d/'d/KE ^h^d/dhd/KE

^sd>E ƉƌĞŐŶĂŶƚŚĂŶĚͲ ĂƉŽǀĞƌĂƚƌŽŝĂŝŶĐŝŶƚĂ ǀĂŶĂĐƌĞĞƌƐŝŶĚƵĚĂĂ ǁŚŽƌĞǁŚŽŝƐĂůƐŽ ĐŚĞğĂŶĐŚĞŵĂĚƌĞ ƉƵƚĂƌƵƐĂƋƵĞĞƐƚĄ ŵŽƚŚĞƌƚŚĞǇǁŝůů ůŽƌŽĐƌĞĚĞƌĂŶŶŽ͘ ĞŵďĂƌĂǌĂĚĂ͘ ďĞůŝĞǀĞ͘

hŶŝǀĞƌƐŝƚǇĐĂŵƉƵƐ;ĚŽƌŵƐͿ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

>/W ũĞƐƵƐ͕ǁŚĂƚΖƐƐŚĞ ĐƌŝƐƚŽ͕ŵĂƋƵĂŶƚŽ ũŽĚĞƌ͕ĐƵĂŶĚŽƉĞƐĂďĂ ǁĞŝŐŚŝŶĂƚ͕ďƵĐŬ ƉĞƐĂǀĂ͍ŶŽǀĂŶƚĂ͕ ĞƐĂ͕ŽĐŚĞŶƚĂǇĐŝŶĐŽ͕ ŶŝŶĞƚǇ͕ƚǁŽŚƵŶĚƌĞĚ͍ ĐĞŶƚŽĐŚŝůŝ͍ ŶŽǀĞŶƚĂƋƵŝůŽƐ͍

DE ƌĞŶĂŝƐƐĂŶĐĞǁŽŵĞŶ ůĞĚŽŶŶĞĚĞů ĞŶĞůƌĞŶĂĐŝŵŝĞŶƚŽůĂ ǁĞƌĞŶΖƚĨŽƌĐĞĚƚŽ ƌŝŶĂƐĐŝŵĞŶƚŽŶŽŶ ŵƵũĞƌŶŽƚĞŶşĂƋƵĞ ƐƚĂƌǀĞƚŚĞŵƐĞůǀĞƐ ĞƌĂŶŽŽďďůŝŐĂƚĞĂ ƉĂƐĂƌŚĂŵďƌĞƉĂƌĂ ŝŶƚŽĂŶĂŶŽƌĞǆŝĐ ŵŽƌŝƌĞĚŝĨĂŵĞƉĞƌ ĞŶĐĂũĂƌĞŶůĂǀĞƌƐŝſŶ ĨĂƐŚŝŽŶŝŶĚƵƐƚƌǇ ƌŝƐƉŽŶĚĞƌĞĂůů͛ŝĚĞĂĚŝ ĂŶŽƌĞǆŝĂŝŵƉƵĞƐƚĂ ŵĂƌŬĞƚŝŶŐǀĞƌƐŝŽŶŽĨ ĨĞŵŵŝŶŝůŝƚăĚĞƚƚĂƚĂ ƉŽƌůĂŝŶĚƵƐƚƌŝĂĚĞůĂ ĨĞŵĂůĞƐĞǆƵĂůŝƚǇ͘ ĚĂůůĂŵŽĚĂ͘ ŵŽĚĂ͘

>/W ŝďĞƚŝƚǁĂƐƉƵƌĞůǇ ĞƐĐŽƉĂǀĂŶŽƐŽůŽĂůůĂ ůŽŚĂƌşĂŶĞŶůĂ ŵŝƐƐŝŽŶĂƌǇ͘ǇŽƵ ŵŝƐƐŝŽŶĂƌŝĂ͘ƐĞƚ͛ŝŶĨŝůŝ ƉŽƐƚƵƌĂĚĞů ŬŶŽǁ͕ŐĞƚƚŝŶŐĐĂƵŐŚƚ ůŞƐŽƚƚŽƚŝƐĐŚŝĂĐĐŝĂ ŵŝƐŝŽŶĞƌŽ͕ƉŽƌƋƵĞƐŝ ƵŶĚĞƌƚŚĂƚǁŽƵůĚďĞ ĐŽŵĞů͛ƵǀĂ͘ ĞƐĂƐĞƚĞĞĐŚĂďĂ ' ůŝŬĞƐƚĞƉƉŝŶŐŽŶĂ Yh/s>E ĞŶĐŝŵĂƚĞĂƉůĂƐƚĂďĂ Yh/s>E ŐƌĂƉĞ͘ ĐŽŵŽƵŶĂƵǀĂ͘

DE ŵǇŶĞǁƌŽŽŵŵĂƚĞ ƐƚĂŵĂƚƚŝŶĂğĂƌƌŝǀĂƚĂ ĞƐƚĂŵĂŹĂŶĂŚĂ ĨƌŽŵĐƌĂŝŐƐůŝƐƚŵŽǀĞĚ ůĂŵŝĂŶƵŽǀĂ ůůĞŐĂĚŽŵŝŶƵĞǀĂ ŝŶƚŚŝƐŵŽƌŶŝŶŐ͘ ĐŽŵƉĂŐŶĂĚŝƐƚĂŶǌĂ͘ ĐŽŵƉĂŹĞƌĂĚĞƉŝƐŽ͘

>/W ŽŚ͕ǇĞĂŚ͍ ĂŚƐŞ͍ ĂŚƐş͍

DE ĐĂůůƐŚĞƌƐĞůĨŵƵĨĨ ƐŝĨĂĐŚŝĂŵĂƌĞŵƵĨĨ ŚĂĚŝĐŚŽƋƵĞƐĞ ďƵůůĚĂŐŐĞƌĂŶĚ ŵĂŶŐŝĂƚŽƉĂ͕ĞŐƵŝĚĂ ůůĂŵĂŵƵĨĨ ^K^ ĚƌŝǀĞƐĂŬĂǁĂƐĂŬŝ͘ ƵŶĂŬĂǁĂƐĂŬŝ͘ Yh/s>E ďƵůůĚĂŐŐĞƌǇƚŝĞŶĞ Yh/s>E ƵŶĂŬĂǁĂƐĂŬŝ͘

^ƚƌĞĞƚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

'/> ŐĞƚĂũŽď͕ĨƌĂŶŬ͘ ƚƌŽǀĂƚŝƵŶůĂǀŽƌŽ͕ ďƵƐĐĂƚƌĂďĂũŽ͕ĨƌĂŶŬ͘ ĨƌĂŶŬ͘

&ZE< ǁĞůů͕ŶŽǁ͕ǁŚǇǁŽƵůĚ ĞƉĞƌĐŚĠŵĂŝĚŽǀƌĞŝ ƉĞƌŽďƵĞŶŽ͕ƉĂƌĂƋƵĞ ŝĚŽƚŚĂƚ͕ŐĂŝů͍ŝΖĚũƵƐƚ ĨĂƌůŽ͕ŐĂŝů͍ĐŽƐŞ ǀŽǇĂŚĂĐĞƌůŽ͕ŐĂŝů͍ ďĞĚĞƉƌŝǀŝŶŐǇŽƵĂŶĚ ƉƌŝǀĞƌĞŝƚĞĞŝƚƵŽŝ ĚĞĞƐĂŵĂŶĞƌĂŽƐ ǇŽƵƌƚĂǆƉĂǇŝŶŐ͕ĐŝǀŝůͲ ĂŵŝĐŝĐŚĞƉĂŐĂŶŽůĞ ƉƌŝǀĂƌşĂ͕ĂƚŝǇĂƚƵƐ ƐĞƌǀŝĐĞǁŽƌŬŝŶŐ͕ ƚĂƐƐĞ͕ƉƵďďůŝĐŝ ƋƵĞƌŝĚŽƐ ĐŚƵƌĐŚͲŐŽŝŶŐ ŝŵƉŝĞŐĂƚŝ͕ŐĞŶƚĞĚŝ ĐŽŵƉĂŹĞƌŽƐ͕ ^^ ďƵĚĚŝĞƐƚŚĞŐƌĞĂƚ ĐŚŝĞƐĂĞƋƵĂŶƚ͛ĂůƚƌŽ Yh/s>E ĞĨŝĐĂĐĞƐĨƵŶĐŝŽŶĂƌŝŽƐ Yh/s>E ƉƌŝǀŝůĞŐĞŽĨ ĚĞůƉƌŝǀŝůĞŐŝŽĚŝ ƉƷďůŝĐŽƐ͕ĂĚĞŵĄƐĚĞ ƐƵƉƉŽƌƚŝŶŐŵĞĂŶĚ ŵĂŶƚĞŶĞƌĞŵĞĞůĂ ĂĐƚŝǀŽƐĨĞůŝŐƌĞƐĞƐ͕ĚĞů Z^ ŵŝŶĞ͘ŝŚĂǀĞĂĚƌĞĂŵ͕ ŵŝĂĨĂŵŝŐůŝĂ͘ŝŽŚŽ Yh/s>E ŐƌĂŶƉƌŝǀŝůĞŐŝŽĚĞ Yh/s>E ŐĂŝů͕ƚŚĂƚŽŶĞĚĂǇŝ ƵŶƐŽŐŶŽ͕ŐĂŝů͕ĞƵŶ ŵĂŶƚĞŶĞƌŶŽƐĂůŽƐ ǁŝůůĂǁĂŬĞŶǁŝƚŚĂ ŐŝŽƌŶŽŝŽŵŝƐǀĞŐůŝĞƌž ŵşŽƐǇĂŵş͘ǇŽƚĞŶŐŽ ďĂďǇũƵƐƚůŝŬĞǇŽƵ ĐŽŶƵŶĂĚŽŶŶĂ ƵŶƐƵĞŹŽŐĂŝů͕ƐƵĞŹŽ ƵŶĚĞƌŶĞĂƚŚŵĞ͘ ƉƌŽƉƌŝŽĐŽŵĞƚĞƐŽƚƚŽ ƋƵĞƵŶĚşĂ ĚŝŵĞ͘ ĚĞƐƉĞƌƚĂƌĠĐŽŶƵŶĂ ŵƵũĞƌƚĂŶďĞůůĂĐŽŵŽ ƚƷ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^DD/dK/ ŝŚĂƚĞĚŶŝŶƚŚŐƌĂĚĞ͘ ŚŽŽĚŝĂƚŽŝůƉƌŝŵŽ ǇŽůŽƉĂƐĠŵƵǇŵĂů͘ ĂůŵŽƐƚŐŽƚƌĂƉĞĚďǇ ŐŝŽƌŶŽ͘ƐŽŶŽƐƚĂƚĂ ĞůƉƌŝŵĞƌĚşĂĞƐƚƵǀŽĂ ƚŚĞĞŶƚŝƌĞǁƌĞƐƚůŝŶŐ ƋƵĂƐŝƐƚƵƉƌĂƚĂĚĂ ƉƵŶƚŽĚĞǀŝŽůĂƌŵĞĞů ƚĞĂŵŵǇĨŝƌƐƚĚĂǇ͘ ƚƵƚƚĂůĂƐƋƵĂĚƌĂĚŝ ĞƋƵŝƉŽĚĞůƵĐŚĂůŝďƌĞ͘ ŶĞǀĞƌƐŚŽƵůĚŚĂǀĞ ůŽƚƚĂůŝďĞƌĂ͘ĨŽƌƐĞ ŶŽĚĞďşŝƌƐŝŶ ǁŽƌŶĂƚĂŶŬƚŽƉ ĂǀƌĞŝĨĂƚƚŽŵĞŐůŝŽĂ ƐƵũĞƚĂĚŽƌĐŽŶĂƋƵĞů ǁŝƚŚŽƵƚĂďƌĂ͘ǇŽƵ ŵĞƚƚĞƌŵŝŝů ƚŽƉ͘ƚĞĂĐŽŶƐĞũŽƋƵĞ ' ƐŚŽƵůĚĚƌĞƐƐĚŽǁĚǇ ƌĞŐŐŝƐĞŶŽ͘ĚŽǀƌĞƐƚŝ Yh/s>E ŵĂŹĂŶĂǀĂǇĂƐŵĄƐ Yh/s>E ůŝŬĞƚŚĂƚĂŐĂŝŶ ǀĞƐƚŝƌƚŝƐĐŝĂƚƚĂĐŽŵĞ ƌĞĐĂƚĂĚĂ͘ĞƐƚĂƌĄƐ ƚŽŵŽƌƌŽǁ͕ďĞƐĂĨĞƌ ŽŐŐŝĚŽŵĂŶŝ͕ĐŽƐŞ ŵĄƐƐĞŐƵƌĂ͘ ƚŚĂƚǁĂǇ͘ ƐĂƌĂŝƉŝƶĂůƐŝĐƵƌŽ͘ '/D Yh/s>E Yh/s>E

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^DD/ ǇĞƐ͕ƐǁĞĞƚŝĞ͕ŚĞΖƐƚŚĞ ƐŞƚĞƐŽƌŽ͕ğŝůŐĂǇĐŽŶ Ɛş͕ĞůŐĂǇƋƵĞƚŝĞŶĞ ^K ŐĂǇŽŶĞǁŝƚŚĂůůƚŚĞ ƚƵƚƚŝƋƵĞƐŝƉƌŽďůĞŵŝ͘ Yh/s>E ƚĂŶƚŽƐƉƌŽďůĞŵĂƐ͘ Yh/s>E ƉƌŽďůĞŵƐ͘

&/KE ŚŝƐďĞŝŶŐŐĂǇĚŽĞƐŶΖƚ ŝůĨĂƚƚŽĐŚĞƐŝĂŐĂǇ ƋƵĞƐĞĂŐĂǇŶŽƚŝĞŶĞ ŚĂǀĞĂŶǇƚŚŝŶŐƚŽĚŽ ŶŽŶĐ͛ĞŶƚƌĂŶŝĞŶƚĞ ŶĂĚĂƋƵĞǀĞƌĐŽŶƐƵƐ ǁŝƚŚŚŝƐƉƌŽďůĞŵƐ͕ ĐŽŶŝƐƵŽŝƉƌŽďůĞŵŝ͘ ƉƌŽďůĞŵĂƐ͘ǀĂůĞ͍ ŽŬĂǇ͍

^DD/ ŝ͕ŝĚŝĚŶΖƚƐĂǇŐĂǇǁĂƐ ŝŽŶŽŶŚŽĚĞƚƚŽĐŚĞ ǇŽ͕ǇŽŶŽŚĞĚŝĐŚŽ ĂƉƌŽďůĞŵ͕ũƵƐƚƚŚĂƚ ĞƐƐĞƌĞŐĂǇğƵŶ ƋƵĞƐĞƌŐĂǇƐĞĂƵŶ ŚĞŝƐŐĂǇĂŶĚŚĞŚĂƐ ƉƌŽďůĞŵĂ͕ƐŽůŽĐŚĞğ ƉƌŽďůĞŵĂ͘ƐŽůŽƋƵĞ ƉƌŽďůĞŵƐ͘ ŐĂǇĞŚĂĚĞŝ ĞƐŐĂǇǇƚŝĞŶĞ ƉƌŽďůĞŵŝ͘ ƉƌŽďůĞŵĂƐ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

:/DDzdK&/KE ǇĞĂŚ͕ŵƵƐŝĐŝĂŶƐĂƌĞ ŝŵƵƐŝĐŝƐƚŝƐŽŶŽ ůŽƐŵƷƐŝĐŽƐƐŽŶ ^^ ŶŽƚŽƌŝŽƵƐůǇ ŶŽƚŽƌŝĂŵĞŶƚĞ Yh/s>E ďĂƐƚĂŶƚĞƉŽĐŽĨŝĂďůĞƐ Yh/s>E ƵŶƌĞůŝĂďůĞŚƵƐďĂŶĚ ŝŶĂĨĨŝĚĂďŝůŝĐŽŵĞ ĐŽŵŽŵĂƌŝĚŽƐ͘ ŵĂƚĞƌŝĂů͘ ŵĂƌŝƚŝ͘

DŝůŬŽǀŝĐŚŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

E/< ǇĞǀŐĞŶǇ͍ ǇĞǀŐĞŶǇ͍ ǇĞǀŐĞŶǇ͍

^sd>E ΀ƌƵƐƐŝĂŶ͗ŚĞΖƐƐƚŝůů ΀ƌƵƐƐŝĂŶ͗ŚĞΖƐƐƚŝůů ΀ƌƵƐƐŝĂŶ͗ŚĞΖƐƐƚŝůů ǁŝƚŚƚŚĂƚĨĂŐŐŽƚ͘΁ ǁŝƚŚƚŚĂƚĨĂŐŐŽƚ͘΁ ǁŝƚŚƚŚĂƚĨĂŐŐŽƚ͘΁ ^K Yh/s>E Yh/s>E

D/<z ŶŽ͕ŶŽ͘ŶŽŵŽƌĞ ŽŚ͕ŶŽ͕ďĂƐƚĂĐŽŶ ŶŽ͕ŶŽ͕ŶĂĚĂĚĞ ĨƵĐŬŝŶŐƌƵƐƐŝĂŶĞŝƚŚĞƌ͘ ƋƵĞƐƚŽĐĂǌǌŽĚŝƌƵƐƐŽ͘ ƉŽŶĞƌĂŚĂďůĂƌĞŶ ŝŚĂƚĞƚŚĂƚďŽƌŝƐĂŶĚ ƋƵĞƐƚĂŵĞƌĚĂĂůůĂ ƌƵƐŽ͘ŽĚŝŽĞƐĂ ŶĂƚĂƐŚĂƐŚŝƚ͘ ďŽƌŝƐĞŶĂƚĂƐŚĂ͘ ŵŝĞƌĚĂĚĞďŽƌŝƐǇ ŶĂƚĂƐŚĂ͘ E^ Yh/s>E Yh/s>E

WĂƌŬ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

' <s/E ǁŚĂƚŬŝŶĚŽĨŵŽƚŚĞƌ ƋƵĂůĞŵĂĚƌĞŶŽŶƐŝ Yh/s>E ĂƋƵĠĐůĂƐĞĚĞŵĂĚƌĞ Yh/s>E ĚŽĞƐŶΖƚĐĂƌĞŝĨ ƉƌĞŽĐĐƵƉĂƐĞ ŶŽůĞŝŵƉŽƌƚĂƋƵĞ ƚŚĞǇΖƌĞĐƌǇŝŶŐŽƌŝĨ ƉŝĂŶŐŽŶŽŽƐĞŚĂŶŶŽ ůůŽƌĞŶ͕ŽƋƵĞĞƐƚĠŶ ƚŚĞǇΖƌĞŐĞƚƚŝŶŐĂƌĂƐŚ ƵŶŽƐĨŽŐŽŽƐĞŶŽŶ ĞƐĐŽĐŝĚĂƐ͕ŽƋƵĞŶŽ ŽƌŝĨƚŚĞǇΖƌĞŶŽƚ ĚŽƌŵŽŶŽŽƐĞŶŽŶ ĚƵĞƌŵĂŶ͕ŽĞƐƚĂƌ ƐůĞĞƉŝŶŐŽƌŝĨǁĞΖƌĞ ƐŝĂŵŽĂďďĂƐƚĂŶǌĂ ŵƵĐŚŽƚŝĞŵƉŽƐŝŶ ŐŝǀŝŶŐƚŚĞŵĞŶŽƵŐŚ ǀŝŐŝůŝŽŶŽŶĐŽŶƚƌŽůůĂ ǀĞƌůĂƐ͘ŶŽůĞŝŵƉŽƌƚĂ ĞǇĞĐŽŶƚĂĐƚ͕ǁŽƌƌǇŝŶŐ ŶĞĂŶĐŚĞĐŚĞůĂĐĂƐĂ ƋƵĞůĂĐĂƐĂƐĞĂƉŽĐŽ ĂďŽƵƚŝĨƚŚĞŚŽƵƐĞŝƐ ƐŝĂƐŝĐƵƌĂ͘ƉŽƚƌĞďďĞƌŽ ƐĞŐƵƌĂ͘ƐĞƉŽĚƌşĂŶ ĞǀĞŶƐĂĨĞ͍ƚŚĞǇĐĂŶ ŝŵƉŝĐĐĂƌƐŝĂůůĂĐŽƌĚĂ ĂŚŽƌĐĂƌĐŽŶƵŶĐŽƌĚĞů ŚĂŶŐƚŚĞŵƐĞůǀĞƐŽŶ ĚĞůůĞƚĞŶĚĞ͘ůĞƉƌĞƐĞ ĚĞĐŽƌƚŝŶĂ͘ůŽƐ ĐƵƌƚĂŝŶƐƚƌŝŶŐƐ͘ ĞůĞƚƚƌŝĐŚĞƐŽŶŽƵŶ ĞŶĐŚƵĨĞƐƐŽŶƵŶĂ ĞůĞĐƚƌŝĐĂůŽƵƚůĞƚƐĂƌĞ ŝŶĐƵďŽ͘ĞŝĐĞƐƐŝ͍ŝ ƉĞƐĂĚŝůůĂ͘ǇĞů ĂŶŝŐŚƚŵĂƌĞ͘ƚŽŝůĞƚƐ͍ ĐĞƐƐŝ͕ŝĐĞƐƐŝŝďĂŵďŝŶŝ ƌĞƚƌĞƚĞ͍ĞůƌĞƚƌĞƚĞ͘ĞŶ ƚŽŝůĞƚƐ͍ƚŽŝůĞƚƐ͘ŬŝĚƐ ĐŝĂĨĨŽŐĂŶŽŝŶ ĞůƌĞƚƌĞƚĞƐĞĂŚŽŐĂŶ ĚƌŽǁŶŝŶƚŽŝůĞƚƐĂůů ĐŽŶƚŝŶƵĂǌŝŽŶĞ͘ ŶŝŹŽƐƚŽĚŽƐůŽƐĚşĂƐ͘ ƚŚĞƚŝŵĞ͘ĐůŽƐĞƚŚĞ ĐŚŝƵĚĞƚĞůĂƚĂǌǌĂ͘ ŶŽŚĂǇƋƵĞĚĞũĂƌůŽƐ ůŝĚ͘ǇŽƵŐŽƚƚŽďĞŽŶ ĚĞǀŝƐĞŵƉƌĞĞƐƐĞƌĞ ƐŽůŽƐ͘ŚĂǇƋƵĞĞƐƚĂƌ ŝƚĂůůƚŚĞƚŝŵĞ͘ ĐŽƐƚĂŶƚĞĞƉƌĞƐĞŶƚĞ͘ ĞŶĐŝŵĂƚŽĚŽĞů ŝŵĞĂŶ͕ǁŚĂƚŬŝŶĚŽĨ ŝŶƐŽŵŵĂ͕ƋƵĂůĞ ƚŝĞŵƉŽ͘ĞƐƉŽƐŝďůĞ ƉĞƌƐŽŶĚŽĞƐŶΖƚǁŽƌƌǇ ƉĞƌƐŽŶĂŶŽŶƐŝ ƋƵĞŚĂǇĂĂůŐƵŝĞŶƋƵĞ ĂďŽƵƚƚŚŝƐƐŚŝƚ͍ŵǇ ƉƌĞŽĐĐƵƉĂĚŝƋƵĞƐƚĞ ŶŽƐĞƉƌĞŽĐƵƉĞƉŽƌ ǁŝĨĞ͕ƚŚĂƚΖƐǁŚŽ͘ ĐĂǌǌĂƚĞ͍ŵŝĂŵŽŐůŝĞ͕ ĞƐĂƐĐŽƐĂƐ͍ŵŝŵƵũĞƌ͘ ƚŚĂƚΖƐǁŚŽĚŽĞƐŶΖƚ ĞĐĐŽĐŚŝ͕ůĞŝŶŽŶƐŝ ĂĞůůĂŶŽůĞ ǁŽƌƌǇ͘ŶŽ͕ƐůĞĞƉƐ ƉƌĞŽĐĐƵƉĂ͘ĂĂŚ͕ ƉƌĞŽĐƵƉĂŶ͘ŶŽ͕ ƌŝŐŚƚƚŚƌŽƵŐŚƚŚĞ ĚŽƌŵĞƚƵƚƚĂůĂŶŽƚƚĞ͘ ĚƵĞƌŵĞƚŽĚĂůĂ ŶŝŐŚƚ͘ǁŚĂƚŬŝŶĚŽĨ ĐŚĞƚŝƉŽĚŝŵĂĚƌĞ ŶŽĐŚĞ͘ƋƵĠĐůĂƐĞĚĞ

ŵŽƚŚĞƌĐĂŶƐůĞĞƉ ĚŽƌŵĞŵĞŶƚƌĞůĞ ŵĂĚƌĞŶŽƐĞ ƚŚƌŽƵŐŚŚĞƌĐŚŝůĚƌĞŶ ĨŝŐůŝĞƉŝĂŶŐŽŶŽ͕ĞŚ͍ ĚĞƐƉŝĞƌƚĂĐƵĂŶĚŽƐƵƐ ĐƌǇŝŶŐ͕ŚƵŚ͍ǁŚĂƚ ĐŚĞƚŝƉŽĚŝƉĞƌƐŽŶĂ͍ ŚŝũĂƐůůŽƌĂŶ͕ĞŚ͍ƋƵĠ ŬŝŶĚŽĨƉĞƌƐŽŶ͍ ĐůĂƐĞĚĞƉĞƌƐŽŶĂ͍

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Z &ZE/D ůŝƚƚůĞĐŽĐŽĂŝŶŐƌĂƚĞ͘ ƉŝĐĐŽůŽŶĞŐƌŽŝŶŐƌĂƚŽ͘ Yh/s>E ĞƌĞƐƵŶŶĞŐƌŽ >/D/Ed/KE ŝŶŐƌĂƚŽ͘

DŝůŬŽǀŝĐŚŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

D/<z ǇŽƵŐŽƚĂŶǇǁĞĞĚ͍ ŚĂŝĚĞůů͛ĞƌďĂ͍ƐŽĐŚĞ ůůĞǀĂƐǇĞƌďĂ͍ĐƌĞŽ ŚĞĂƌĚǇŽƵΖƌĞǁŽƌŬŝŶŐ ƐƉĂĐĐŝ͘ ƋƵĞĞƌĞƐĐĂŵĞůůŽ͘ ĂĐŽƌŶĞƌ͘

Z> ƐŵŽŬŝŶŐƚŚĞƉƌŽĚƵĐƚ ĨƵŵĂƌƐŝůĂŵĞƌĐĞĨĂ ƐŝƚĞĨƵŵĂƐůŽƋƵĞ ŝƐďĂĚďƵƐŝŶĞƐƐ͕ĞĂƚƐ ŵĂůĞĂŐůŝĂĨĨĂƌŝ͘ƚŝ ǀĞŶĚĞƐƚĞďĂũĂŶůŽƐ ŝŶƚŽƉƌŽĨŝƚƐ͘ ƚŽŐůŝĞŝƉƌŽĨŝƚƚŝ͘ ďĞŶĞĨŝĐŝŽƐ͘

D/<z ŐŽŽĚƚŚŝŶŬŝŶŐ͕ŬŝĚ͘ ƉĞŶƐŝŝŶŐƌĂŶĚĞ͘ ďŝĞŶĚŝĐŚŽĐŚŝĐŽ͘ǇĂ ǇŽƵŵŝŐŚƚũƵƐƚŵĂŬĞ ƉŽƚƌĞƐƚŝƐĨŽŶĚĂƌĞ͘ŵĂ ǀĞŽƋƵĞƚĞŵĂŶĞũĂƐ ŝƚŽƵƚƚŚĞƌĞ͘ŶŽƚĂ ŶŽŶğƉŝƶƵŶŵĞƌĐĂƚŽ ďŝĞŶ͘ĂƵŶƋƵĞŚĂ ǁŚŝƚĞŵĂŶΖƐŐĂŵĞ ƉĞƌďŝĂŶĐŚŝ͘ ĚĞũĂĚŽĚĞƐĞƌƵŶ Z^ ĂŶǇŵŽƌĞ͕ƚŚŽƵŐŚ͘ Yh/s>E ŶĞŐŽĐŝŽĚĞďůĂŶĐŽƐ͘ Yh/s>E

7HOOPH\RXIXFNLQJQHHGPH 6HDVRQ(SLVRGH 'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^DD/dK>/D ĞĂƐǇ͕ůŝĂŵ͘ĐŚƵďďǇ ƉŝĂŶŽ͕ůŝĂŵ͘ůĞ ŶŽƚĞĞĐŚĞƐƚĂŶƚŽ͘ůŽƐ ĐŚĞĞŬƐĂƌĞĐƵƚĞŽŶůǇ ŐƵĂŶĐĞƉĂĨĨƵƚĞŶŽŶ ŵŽĨůĞƚĞƐƐŽůŽ ĨŽƌƐŽůŽŶŐŽŶďůĂĐŬ ƐƚĂŶŶŽďĞŶĞĂŐůŝ ƋƵĞĚĂŶŐƌĂĐŝŽƐŽƐĞŶ ŵĞŶ͘ ƵŽŵŝŶŝĚŝĐŽůŽƌĞ͘ ůŽƐŶĞŐƌŽƐŚĂƐƚĂ Z Yh/s>E ĐŝĞƌƚĂĞĚĂĚ͘ Yh/s>E

DŝůŬŽǀŝĐŚŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

D/<z ǁŚĂƚƚŚĞŚĞůůĂƌĞǇŽƵ ĐŚĞĨĂŝ͍ ƋƵĠĐŽŹŽŚĂĐĞƐ͍ ĚŽŝŶŐ͍

^sd>E ƉĂĐŬŝŶŐƵƉŝůŽǀĞ ƉƌĞƉĂƌŽǀĂůŝŐŝĂĚŝ ŐƵĂƌĚŽůĂƐĐŽƐĂƐĚĞů ^K ůƵĐǇΖƐƚŚŝŶŐƐ͘ ůƵĐǇĞŝŽ͘ Yh/s>E ǌĂŶĂŚŽƌŝĂ͘ >/D/Ed/KE

<ĞǀŝŶĂŶĚsĞƌŽŶŝĐĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

ZK> ǇŽƵƐŚŽƵůĚŚĂǀĞ ĚŽǀĞǀŝƐĐŽƉĂƌƚĞůĂĞ ƐĞŐƵŝƌşĂĂƚƵůĂĚŽƐŝƚĞ ĨƵĐŬĞĚƚŚĞƐĞŶƐĞ ĨĂƌůĞƚŽƌŶĂƌĞŝůďƵŽŶ ůĂŚƵďŝĞƌĂƐĨŽůůĂĚŽ ƌŝŐŚƚďĂĐŬŝŶƚŽŚĞƌ͘ ƐĞŶƐŽ͘ ďŝĞŶ͘

<s/E ĂůůƌŝŐŚƚ͕ƉůĞĂƐĞ͕ŶŽƚ ŶŽŶĐŽŵŝŶĐŝĂƌĞ ƉŽƌĨĂǀŽƌ͕ŶŽ ǇŽƵ͕ƚŽŽ͘ ĂŶĐŚĞƚƵ͘ ĞŵƉŝĞĐĞƐƚĂŵďŝĠŶƚƷ͘

Z/D ZK> ůŽŽŬ͕ŐŽĚŐĂǀĞǇŽƵ ĚŝŽƚŝŚĂĚĂƚŽƋƵĞů Yh/s>E ĚŝŽƐƚĞĚŝŽĞƐĞ Yh/s>E ƚŚĂƚũŽǇƐƚŝĐŬƚŽ ũŽǇƐƚŝĐŬƉĞƌ ũŽǇƐƚŝĐŬƉĂƌĂ ĐŽŶƚƌŽůǇŽƵƌǁŽŵĂŶ͕ ĐŽŶƚƌŽůůĂƌĞůĂƚƵĂ ĐŽŶƚƌŽůĂƌĂƚƵ ' ĂŶĚǇŽƵΖƌĞũƵƐƚůĞƚƚŝŶŐ ĚŽŶŶĂĞƚƵůŽůĂƐĐŝ Yh/s>E ŚĞŵďƌĂǇƚƷůŽůůĞǀĂƐ Yh/s>E ƚŚĂƚƚŚŝŶŐĚĂŶŐůĞ ƉĞŶǌŽůĂƌĞƚƌĂůĞ ŵƵĞƌƚŽĞŶƚƌĞůĂƐ ďĞƚǁĞĞŶǇŽƵƌůĞŐƐ͘ ŐĂŵďĞ͘ ƉŝĞƌŶĂƐ͘

<ĞǀŝŶĂŶĚsĞƌŽŶŝĐĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^sd>E ŽŚ͕ŝŶŽůŽŶŐĞƌůŝǀĞŝŶ ŝŽŶŽŶǀŝǀŽƉŝƶĚĂŝ ǇŽǇĂŶŽǀŝǀŽĞŶĐĂƐĂ ŵŝůŬŽǀŝĐŚŚŽƵƐĞ͘ ŵŝůŬŽǀŝĐŚ͘ ĚĞŵŝůŬŽǀŝĐŚ͘

<s/E ǁŚĂƚ͍ǁŚǇ͍ ĐŽƐĂ͍ƉĞƌĐŚĠ͍ ǇĞƐŽƉŽƌƋƵĠ͍

^K ^sd>E ĚĂŶŶǇďŽŶĂĚƵĐĞ ĚĂŶŶǇďŽŶĂĚƵĐĞŚĂ Yh/s>E ĞůƉĞůŽǌĂŶĂŚŽƌŝĂ >/D/Ed/KE ƚĂŬĞƐďĂďǇ͘ŝƚΖƐŶŽƚ ƉƌĞƐŽďĂŵďŝŶŽ͕ŶŽŶ ƌŽďſďĞďĠ͘ĂůůşǇĂŶŽ ƐĂĨĞĂŶǇŵŽƌĞ͘ ğƉŝƶƐŝĐƵƌŽůĂ͘ ƐĞŐƵƌŽ͘

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^^ ZK> ŚŽǁŵĂŶǇďĂďǇ ŝŶƋƵĂŶƚŝŶĞůŐŚĞƚƚŽ Yh/s>E ůĂŵĂǇŽƌşĂĚĞůŽƐ D/d/'d/KE ĚĂĚĚǇǇŽƵŬŶŽǁŝŶ ŶŽŶůĂƐĐŝĂŶŽůĂ ƉĂĚƌĞƐĚĞĂƋƵşŶŽ ƚŚĞŐŚĞƚƚŽƚŚĂƚƐƚŝĐŬ ĨĂŵŝŐůŝĂ͕ĞŚ͍ŬĞǀğ ŚĂĐĞŶůŽƋƵĞĠů͘ŬĞǀ ĂƌŽƵŶĚ͕ŚƵŚ͍ŬĞǀŝƐĂ ƵŶďƌĂǀŽƌĂŐĂǌǌŽ͕ŶŽŶ ĞƐƵŶďƵĞŶƚşŽ͘ŶŽůŽ ŐŽŽĚŽŶĞ͘ĚŽŶΖƚďůŽǁ ƉĞƌĚĞƌůŽ͘ ũŽĚĂƐ͘ ŝƚ͘

8QFOH&DUO 6HDVRQ(SLVRGH 'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE/D ƚŚĂƚΖƐƌŝŐŚƚ͕ŵǇůŝƚƚůĞ ĞƐĂƚƚŽ͕ŵŝĂƉŝĐĐŽůĂ ĞƐŽĞƐ͕ŵŝƉĞƋƵĞŹŽ ĞŐŐƉůĂŶƚ͘ ŵĞůĂŶǌĂŶĂ͘ ĐĂĨĠĐŽŶůĞĐŚĞ͘ Z >/D/Ed/KE Yh/s>E

hŶŝǀĞƌƐŝƚǇĐĂŵƉƵƐ;ĚŽƌŵƐͿ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Dh&& ŝƚΖƐŵƵĨĨ͘ŝƐĂŵĂŶĚĂŝŶ ƐŽŶŽŵƵĨĨ͘Đ͛ğ ƐŽǇŵƵĨĨ͘ĞƐƚĄ ƚŚĞƌĞ͍ ĂŵĂŶĚĂůŞ͍ ĂŵĂŶĚĂ͍

>/W ŶŽ͘ ŶŽ͘ ŶŽ͘

Dh&& ďƵůůƐŚŝƚ͘ƚĞůůŚĞƌŝΖŵ ƐƚƌŽŶǌĂƚĞ͘ĚŝůůĞĐŚĞ ǇƵŶĂŵŝĞƌĚĂ͘ĚŝůĞ ŶŽƚĨƵĐŬŝŶŐůĞĂǀŝŶŐ ŶŽŶǀĂĚŽǀŝĂĨŝŶĐŚĠ ƋƵĞŶŽŵĞǀŽǇĚĞ ƚŝůůƐŚĞĨĂĐĞƐŵĞ͘ ŶŽŶŵŝĂĨĨƌŽŶƚĂ͕ ĂƋƵşŚĂƐƚĂƋƵĞŚĂďůĞ ĐĂǌǌŽ͘ ĐŽŶŵŝŐŽ͘

DE ƚƵƌŶƐŽƵƚůĞƐďŝĂŶƐ ŚŽƐĐŽƉĞƌƚŽĐŚĞůĞ ƌĞƐƵůƚĂƋƵĞůĂƐ ^K^ ĂƌĞƐƵƉĞƌƉŽƐƐĞƐƐŝǀĞ͘ ůĞƐďŝĐŚĞƐŽŶŽ Yh/s>E ůĞƐďŝĂŶĂƐƐŽŶƐƷƉĞƌ Yh/s>E ƉŽƐƐĞƐƐŝǀĞ͘ ƉŽƐĞƐŝǀĂƐ͘

Dh&& ŝĨƵĐŬŝŶŐůŽǀĞǇŽƵ͕ ĐĂǌǌŽ͕ŝŽƚŝĂŵŽ ǇŽƚĞƋƵŝĞƌŽ͕ ĂŵĂŶĚĂ͘ŝĨƵĐŬŝŶŐ ĂŵĂŶĚĂ͘ƚŝĂŵŽ͕ ĂŵĂŶĚĂ͘ƚĞƋƵŝĞƌŽ͕ ůŽǀĞǇŽƵ͕ǇŽƵďŝƚĐŚ͊ ďƌƵƚƚĂƐƚƌŽŶǌĂ͘ ƉĞĚĂǌŽĚĞƉƵƚĂ͘

DE ŝůĞƚŚĞƌŐŽĚŽǁŶŽŶ ůĂƐĐŝŽĐŚĞŵĞůĂ ĚĞũĠĚŽƐǀĞĐĞƐƋƵĞ ŵĞ͕ůŝŬĞ͕ƚǁŝĐĞ͕ĂŶĚ ůĞĐĐŚŝĚƵĞǀŽůƚĞĞƉĞƌ ŵĞůŽĐŽŵŝĞƌĂǇĐƌĞĞ ŶŽǁƐŚĞƚŚŝŶŬƐǁĞΖƌĞ ůĞŝĐŝƐŝĂŵŽƐƉŽƐĂƚĞ͘ ƋƵĞĞƐƚĂŵŽƐ ^K^ ŵĂƌƌŝĞĚ͘ Yh/s>E ĐĂƐĂĚĂƐ͘ Yh/s>E

>/W ƌŝŐŚƚ͘ Őŝă͘ ǇĂ͘

<ĞǀŝŶĂŶĚsĞƌŽŶŝĐĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^sd>EdKsZKE/ ďĞĐĂƵƐĞǇŽƵ ƉĞƌĐŚĠǀŽŝĂŵĞƌŝĐĂŶŝ ƉŽƌƋƵĞĂŵĞƌŝĐĂŶŽƐ E^ ĂŵĞƌŝĐĂŶƐůŝŬĞ ǀŽůĞƚĞŐŝƵƐƚŽŽ Yh/s>E ƋƵĞƌĠŝƐƚŽĚŽƐĞĂ Yh/s>E ĞǀĞƌǇƚŚŝŶŐƚŽďĞ ƐďĂŐůŝĂƚŽ͘ƐĞƵŶŽ ďŝĞŶŽŵĂů͘ƐŝĂůŐƵŝĞŶ ƌŝŐŚƚŽƌǁƌŽŶŐ͘ŝĨ ǀƵŽůĞǀŽŝĂůůŽƌĂ ĞƐĐŽŵŽƚƷĞƐďŝĞŶ͕Ɛŝ ƐŽŵĞŽŶĞŝƐůŝŬĞǇŽƵ͕ ŐŝƵƐƚŽ͕ƐĞĚŝǀĞƌƐŽ ŶŽĞƐĐŽŵŽƚƷĞƐŵĂů͘ ŝƚŝƐƌŝŐŚƚ͘ŝĨƐŽŵĞŽŶĞ ĂůůŽƌĂƐďĂŐůŝĂƚŽ͘ŵĂ ƉĞƌŽĞƐƚŽŶŽĞƐƌĞĂů͘ ŝƐŶŽƚ͕ŝƚŝƐǁƌŽŶŐ͘ďƵƚ ŶŽğƌĞĂůƚă͘ǀŝƚĂŶŽğ ůĂǀŝĚĂŶŽĞƐĞƐƚŽŽ ƚŚŝƐŝƐŶŽƚƌĞĂů͘ůŝĨĞŝƐ ĐŽƐŞ͕ŶŽğƚƵƚƚŽ ĞƐŽ͕ďůĂŶĐŽŽŶĞŐƌŽ͘

ŶŽƚƐŽƚŚŝƐŽƌƚŚĂƚ͕ ďŝĂŶĐŽŽŶĞƌŽ͘ ďůĂĐŬĂŶĚǁŚŝƚĞ͘

^ƚƌĞĞƚ͘WŽůŝĐĞĐĂƚĐŚĞƐĂƌů͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

WK>/ ƉƵƚǇŽƵƌŚĂŶĚƐŝŶƚŚĞ ŵĞƚƚŝůĞŵĂŶŝŝŶĂůƚŽ͕ ůĞǀĂŶƚĂůŽƐďƌĂǌŽƐ͕ ĂŝƌŶŽǁ͊ ƐƵďŝƚŽ͘ ǀĞŶŐĂ͘

Z> ĂůůƌŝŐŚƚ͕ĚŽŶΖƚƐŚŽŽƚ͘ ŽŬ͕ŶŽŶƐƉĂƌĂƚĞ͕ ũŽĚĞƌ͕ŶŽĚŝƐƉĂƌĠŝƐ͕ Z/D ŝΖŵǁŚŝƚĞ͘ ƐŽŶŽďŝĂŶĐŽ͘ Yh/s>E ƐŽǇďůĂŶĐŽ͘ Yh/s>E

&DUO VILUVWVHQWHQFLQJ 6HDVRQ(SLVRGH :ƵǀĞŶŝůĞũĂŝů͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^DD/dK,hE Yh/s>E

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ǁŚĞŶĚŝĚǇŽƵƌŚĞĂƌƚ ŝůĐƵŽƌĞƚŝğĚŝǀĞŶƚĂƚŽ ƚŝĞŶĞƐĞůĐŽƌĂǌſŶƚĂŶ ŐĞƚĂƐďůĂĐŬĂƐǇŽƵƌ ŶĞƌŽĐŽŵĞůĂƉĞůůĞ͍ ŶĞŐƌŽĐŽŵŽůĂƉŝĞů͘ Z ƐŬŝŶ͍ Yh/s>E Yh/s>E

>ĂŬĞDŝĐŚŝŐĂŶ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ǁĞůů͕ŝĚŝĚŶΖƚďƌŝŶŐ ŶŽŶƚŝŚŽƉŽƌƚĂƚŽƋƵŝ ŶŽƚĞŚĞƚƌĂşĚŽƉŽƌĞů ǇŽƵŚĞƌĞĨŽƌƚŚĞ ƉĞƌĐŚĠğďĞůůŽŵĂ ƉĂŝƐĂũĞƐŝŶŽƉŽƌƋƵĞ ŵĂũĞƐƚǇ͘ƚŚŝƐŝƐƚŚĞ ƉĞƌĐŚĠğŝůƉŽƐƚŽƉĞƌ ĞƐĞůŵĞũŽƌƐŝƚŝŽƉĂƌĂ ďĞƐƚƉůĂĐĞƚŽƐŚŽƵƚĂƚ ƵƌůĂƌĞĐŽŶƚƌŽĚŝŽ͘ ŐƌŝƚĂƌůĞĂĚŝŽƐ͘ ŐŽĚ͘

/E ƐŚŽƵƚĂƚŐŽĚ͍ ĐŽŶƚƌŽĚŝŽ͍ ŐƌŝƚĂƌůĞĂĚŝŽƐ͍

Z/D &ZE< ŚĞΖƐƚŚĞŽŶĞ ğůƵŝŝůƌĞƐƉŽŶƐĂďŝůĞ͘ Yh/s>E ĠůĞƐĞůƌĞƐƉŽŶƐĂďůĞ͘ Yh/s>E ƌĞƐƉŽŶƐŝďůĞ͘ƚĞůůŚŝŵ ĚŝŐůŝƋƵĞůůŽĐŚĞƉƌŽǀŝ͘ ĚŝůŽƋƵĞƐŝĞŶƚĞƐ͘ŶŽ ŚŽǁǇŽƵĨĞĞů͘ĚŽŶΖƚ ŶŽŶĞƐƐĞƌĞƚŝŵŝĚĂ͘ ƚĞĐŽƌƚĞƐ͘ŐƌŝƚĂůŽƋƵĞ ďĞƐŚǇ͘ũƵƐƚƐĐƌĞĂŵ ƵƌůĂĂƐƋƵĂƌĐŝĂŐŽůĂ͘ ƋƵŝĞƌĂƐ͘ ǇŽƵƌŐƵƚƐŽƵƚ͘

/E ŝΖŵƉƌĞƐďǇƚĞƌŝĂŶ͘ ƐŽŶŽƉƌĞƐďŝƚĞƌŝĂŶĂ͘ ƐŽǇƉƌĞƐďŝƚĞƌŝĂŶĂ͘

&ZE< ƌĞůŝŐŝŽƵƐ͍ ƌĞůŝŐŝŽƐĂ͍ ƌĞůŝŐŝŽƐĂ͍

/E ŶŽ͕ũƵƐƚŶŽƚĂ ŶŽ͕ŵĂŶŽŶƵƌůŽ͘ ŶŽ͕ƉĞƌŽŶŽŐƌŝƚĂŵŽƐ͘ ƐĐƌĞĂŵĞƌ͘

ŽƵƌƚ͘ĂƌůΖƐƚƌŝĂů͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Z> ŝĚŝĚƐŽŵĞƚŚŝŶŐƌĞĂůůǇ ƐŽŶŽƐƚĂƚŽƵŶŽ ŚŝĐĞĂůŐŽŵƵǇ ĚƵŵďƚŚĂƚŝƐŚŽƵůĚŶΖƚ ƐƚƵƉŝĚŽĞŶŽŶĂǀƌĞŝ ĞƐƚƷƉŝĚŽǇŶŽĚĞďş ŚĂǀĞ͘ŝƚƌƵƐƚĞĚĂ ĚŽǀƵƚŽ͘ŚŽĂĨĨŝĚĂƚŽĂ ŚĂĐĞƌůŽ͘ůĞĐŽŶĨŝĠĂ ĨƵĐŬŝŶŐƌĞƚĂƌĚǁŝƚŚĂ ƵŶĐĂǌǌŽĚŝƌŝƚĂƌĚĂƚŽ ƚǇ ƵŶƌĞƚƌĂƐĂĚŽŵĞŶƚĂů ŵĂŶΖƐũŽď͘ŶĞǆƚƚŝŵĞŝ ƵŶůĂǀŽƌŽƉĞƌ ĞůƚƌĂďĂũŽĚĞƵŶ ŵŽǀĞĂďƵŶĐŚŽĨ ƵŽŵŝŶŝ͘ǀƵŽůĚŝƌĞĐŚĞ ŚŽŵďƌĞ͘ůĂƉƌſǆŝŵĂ ĚƌƵŐƐ͕ŝΖůůďĞƐŵĂƌƚĞƌ͘ ůĂƉƌŽƐƐŝŵĂǀŽůƚĂƐĂƌž ǀĞǌƋƵĞƚĞŶŐĂƋƵĞ ƉŝƶĨƵƌďŽ͘ ůůĞǀĂƌĚƌŽŐĂƐ͕ƐĞƌĠ ' Yh/s>E ŵĄƐůŝƐƚŽ͘ Yh/s>E

hŶŝǀĞƌƐŝƚǇĐĂŵƉƵƐ;ĚŽƌŵƐͿ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

<s/E ŽŚ͕ƵŚ͕ŚĞǇ͕ǁŚĂƚΖƐ ŽŚ͕ƵŚ͕ŚĞǇ͕ĐŽŵĞǀĂ ŽŚ͕ĞŚ͕ŚŽůĂ͕ƋƵĠ ƵƉ͕ĨĞůůĂƐ͍ŶŽŽĨĨĞŶƐĞ͕ ĂŵŝĐŝ͍ƐĞŶǌĂŽĨĨĞƐĂ͕ ƉĂƐĂƚşŽƐ͍ŶŽŽƐ ďƵƚƚŚĞƌĂƉĞǁĂůŬĞƌ ƉĞƌůĂŐƵĂƌĚŝĂĂŶƚŝ ŽĨĞŶĚĄŝƐ͕ƉĞƌŽĞůĂŶƚŝ ĚŽĞƐŶΖƚĚŽ ƐƚƵƉƌŽŶŝĞŶƚĞ ǀŝŽůĂĐŝŽŶĞƐŶŽůŽ ŐĂŶŐďĂŶŐƐ͘ŝŵĞĂŶ͕ ŐĂŶŐďĂŶŐ͘ƉƵŽŝ ŚĂĐĞĐŽŶƉƷďůŝĐŽ͘ ǇŽƵĐŽƵůĚďĞĨƵĐŬŝŶŐ ĂŶĐŚĞƐĐŽƉĂƌƚŝƵŶĂ ĂƵŶƋƵĞĨŽůůĞƐĐŽŶ ĂĐŚŝĐŬ͕ďƵƚŝĨǇŽƵΖƌĞ ƚŝƉĂŵĂƐĞƐĞŝ ƵŶĂƚşĂ͕ĐŽƌƌĞƌƐĞ ŐĞƚƚŝŶŐŽĨĨ ĐŝƌĐŽŶĚĂƚŽĚĂƌĂŐĂǌǌŝ ƌŽĚĞĂĚŽĚĞƚşŽƐĞƐ ƐƵƌƌŽƵŶĚĞĚďǇĂ ğƵŶƉŽ͛ĚĂŐĂǇ͘ ďĂƐƚĂŶƚĞŐĂǇ͘ ' ďƵŶĐŚŽĨĚƵĚĞƐ͕ >/D/Ed/KE >/D/Ed/KE ƚŚĂƚΖƐƉƌĞƚƚǇŐĂǇ͘ ^K/D Yh/s>E Yh/s>E

^dhEd ƚŚĂŶŬƐ͕ŵŝĐŚĞůůĞ͘ǇŽƵ ŐƌĂǌŝĞŵŝĐŚĞůůĞ͕ƉƵŽŝ ŐƌĂĐŝĂƐŵŝĐŚĞůůĞ͕ ĐĂŶŐŽŶŽǁ͘ ĂŶĚĂƌĞ͘ ŵĄƌĐŚĂƚĞ͘

<s/E ŚĞƌůĞĂǀŝŶŐĚŝĚŶŽƚ ůĂƐƵĂƵƐĐŝƚĂŶŽŶ ƋƵĞĞůůĂƐĞǀĂǇĂŶŽůŽ ŵĂŬĞƚŚŝƐĨĞĞůůĞƐƐ ƌĞŶĚĞůĂƐŝƚƵĂǌŝŽŶĞ ŚĂĐĞƉƌĞĐŝƐĂŵĞŶƚĞ ŐĂǇ͘ ŵĞŶŽŐĂǇ͘ ŵĞŶŽƐŐĂǇ͘

^dhEd ƐŽǇŽƵΖƌĞƚŚĞ ŐƵĂƌĚŝĂĂŶƚŝƐƚƵƉƌŽ͘ ĂƐşƋƵĞƚƷĞƌĞƐĞůĂŶƚŝ ƌĂƉĞǁĂůŬĞƌ͘ǁŽƌĚΖƐ ŐŝƌĂǀŽĐĞĐŚĞƚƵƐŝĂ ǀŝŽůĂĐŝŽŶĞƐ͘ŚĞŵŽƐ ŐĞƚƚŝŶŐĂƌŽƵŶĚƚŚĂƚ ƵŶŐĞŶƚŝůƵŽŵŽĐŽŶůĞ ŽşĚŽƋƵĞĞƌĞƐƵŶ ǇŽƵΖƌĞĂƌĞĂů ƐƚƵĚĞŶƚĞƐƐĞ͘ůĞ ǀĞƌĚĂĚĞƌŽĐĂďĂůůĞƌŽ ŐĞŶƚůĞŵĂŶǁŝƚŚƚŚĞ ĂĐĐŽŵƉĂŐŶŝ͕ƚŝ ĐŽŶůĂƐĐŚŝĐĂƐ͘ƋƵĞůĂƐ ĐŽĞĚƐ͘ǁĂůŬŝŶŐƚŚĞŵ ĂĐĐĞƌƚŝĐŚĞǀĞŶŐĂŶŽ ĂĐŽŵƉĂŹĂƐĂĐĂƐĂǇ ŚŽŵĞ͘ŵĂŬŝŶŐƐƵƌĞ ƉƌŝŵĂĚŝƚĞ͘ ŚĂĐĞƐƋƵĞƐĞĐŽƌƌĂŶ ƚŚĞǇĐƵŵďĞĨŽƌĞǇŽƵ ĂŶƚĞƐĚĞĐŽƌƌĞƌƚĞƚƷ͘ ĚŽ͘

<s/E ǁĞůů͕ŝƚΖƐŝŵƉŽƌƚĂŶƚƚŽ ğŝŵƉŽƌƚĂŶƚĞƚƌĂƚƚĂƌůĞ ĞƐŝŵƉŽƌƚĂŶƚĞ ƚƌĞĂƚĂŐŝƌůƌŝŐŚƚ͘ ďĞŶĞ͘ ƚƌĂƚĂƌůĂƐďŝĞŶ͘

^dhEd ǁĞůů͕ŝƚΖƐŬŝŶĚŽĨ ƐĞŝƌŝƵƐĐŝƚŽĂ ƉƵĞƐ͕ƋƵĞƐĞƉĂƐƋƵĞ ĨƵĐŬŝŶŐƚŚŝŶŐƐƵƉĨŽƌ ŵĂŶĚĂƌĞĂƉƵƚƚĂŶĞůĂ ŶŽƐĞƐƚĄƐũŽĚŝĞŶĚŽĞů ƚŚĞƌĞƐƚŽĨƵƐ͘ŝŵĞĂŶ͕ ŶŽƐƚƌĂƌĞƉƵƚĂǌŝŽŶĞ͘ ƚĞŵĂĂůŽƐĚĞŵĄƐ͘Ɛŝ ŝĨǇŽƵǁĂŶƚƚŽƚƌĞĂƚĂ ƐĞŝǀƵŽŝƚƌĂƚƚĂƌĞ ƋƵŝĞƌĞƐƚƌĂƚĂƌďŝĞŶĂ ŐŝƌůƌŝŐŚƚ͕ŐŽŐĞƚĂ ďĞŶĞƵŶĂƌĂŐĂǌǌĂ͕ ƵŶĂƚşĂ͕ĐĄƐĂƚĞ͘ ǁŝĨĞ͘ ĐĞƌĐĂƵŶĂŵŽŐůŝĞ͘ ' Yh/s>E Yh/s>E

6RXWK6LGHUXOHV 6HDVRQ(SLVRGH ůŝďŝ;ƌĞƐƚƌŽŽŵͿ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

'^ &ZE< ǁŚǇĂƌĞǁŽŵĞŶƐƵĐŚ ƉĞƌĐŚĠůĞĚŽŶŶĞ Yh/s>E ƉŽƌƋƵĠůĂƐŵƵũĞƌĞƐ Yh/s>E ĐĂƉƌŝĐŝŽƵƐĚĞǀŝůƐ͍ŝƐ ƐŽŶŽĚĞůůĞĚŝĂǀŽůĞƐƐĞ ƐŽŶƵŶŽƐĚĞŵŽŶŝŽƐ ŝƚƐŝŵƉůĞďŝŽůŽŐǇ͍ ĐĂƉƌŝĐĐŝŽƐĞ͍ğƐŽůŽ ƚĂŶĐĂƉƌŝĐŚŽƐŽƐ͍ĞƐ ƚŚĞǇŐĞƚĞŵŽƚŝŽŶĂů ƵŶĨĂƚƚŽďŝŽůŽŐŝĐŽ͍ ƵŶƚĞŵĂďŝŽůſŐŝĐŽ͍ ǁŚŝƉůĂƐŚĨƌŽŵĂůůƚŚĞ ƐŽŶŽĐŽůƉŝĚŝĨƌƵƐƚĂ ƚŝĞŶĞŶƉƌŽďůĞŵĂƐ '/D ŚĂŝƌƉŝŶŚŽƌŵŽŶĂů ĞŵŽƚŝǀŝƉĞƌƚƵƚƚŝ Yh/s>E ĞŵŽĐŝŽŶĂůĞƐĂĐĂƵƐĂ Yh/s>E ƚƵƌŶƐ͍΀͙΁ŽƌĂƌĞƚŚĞǇ ƋƵĞŐůŝƐĐŽŵƉĞŶƐŝ ĚĞƚŽĚŽƐƐƵƐĐĂŵďŝŽƐ ũƵƐƚƚƌǇŝŶŐƐŽŚĂƌĚƚŽ ŽƌŵŽŶĂůŝ͍΀͙΁Ž ŚŽƌŵŽŶĂůĞƐ͍΀͙΁ŽƐ ΗůĞĂŶŝŶΗĂŶĚΗŚĂǀĞŝƚ ƉƌŽǀĂŶŽĐŽƐŞƚĂŶƚŽĂĚ ƋƵĞƐĞĞƐĨƵĞƌǌĂŶ ĂůůΗƚŚĞǇůŽƐĞƐŝŐŚƚŽĨ ĂƉƉŽŐŐŝĂƌƐŝĞĂǀŽůĞƌĞ ƚĂŶƚŽƉŽƌĞŶƚƌĞŐĂƌƐĞ ƚŚĞŝƌŽǁŶŚƵŵĂŶŝƚǇ͍ ƚƵƚƚŽĐŚĞƉĞƌĚŽŶŽĚŝ ǇĚĂƌůŽƚŽĚŽƋƵĞ ΀͙΁Žƌ͕ĨƵĐŬ͘ǁŚĂƚŝĨ ǀŝƐƚĂůĂůŽƌŽƵŵĂŶŝƚă͍ ƉŝĞƌĚĞŶĚĞǀŝƐƚĂƐƵ ĞǀŽůƵƚŝŽŶĂƌŝůǇ ΀͙΁ŽƉƉƵƌĞ͕ĐĂǌǌŽ͘Ğ ƉƌŽƉŝĂŚƵŵĂŶŝĚĂĚ͍ ƚŚĞǇΖƌĞƉƌŽŐƌĂŵŵĞĚ ƐĞͲĞƐĞĨŽƐƐĞƌŽ ΀͙΁ŽŚ͕ũŽĚĞƌ͕ǇƐŝůĂ ƚŽŚŽůĚŽŶƚŽƚŚĞƉĂƐƚ ƉƌŽŐƌĂŵŵĂƚĞ ĞǀŽůƵĐŝſŶůĂƐŚĂ

ŝŶŽƌĚĞƌƚŽĞĚƵĐĂƚĞ ĞǀŽůƵƚŝǀĂŵĞŶƚĞĂ ƉƌŽŐƌĂŵĂĚŽƉĂƌĂ ƚŚĞŝƌŽĨĨƐƉƌŝŶŐĂďŽƵƚ ƌŝĐŽƌĚĂƌĞŝůƉĂƐƐĂƚŽ ĂĨĞƌƌĂƌƐĞĂůƉĂƐĂĚŽ ƚŚĞƉĞƌŝůƐŽĨŐŽŝŶŐ ƉĞƌĞĚƵĐĂƌĞůĂůŽƌŽ ĐŽŶĞůĨŝŶĚĞĞŶƐĞŹĂƌ ŽƵƚ΀͙΁ƚƌƵƐƚĂ ƉƌŽŐĞŶŝĞƐƵŝƉĞƌŝĐŽůŝ ĂƐƵƉƌŽůĞůŽ ǁŽŵĂŶƚŽĚŽĂ ĚĞůů͛ƵƐĐŝƌĞ΀͙΁ŵĂŝ ŵĂůşƐŝŵŽƋƵĞĞƐƐĂůŝƌ ŵĂŶ͛ƐũŽď͘ ĨĂƌĨĂƌĞĂƵŶĂĚŽŶŶĂ ĐŽŶ΀͙΁ŶƵŶĐĂĚĞũĞƐ ƵŶůĂǀŽƌŽĚĂƵŽŵŽ͘ ƋƵĞƵŶĂŵƵũĞƌŚĂŐĂ '/D Yh/s>E ĞůƚƌĂďĂũŽĚĞƵŶ Yh/s>E ŚŽŵďƌĞ͘

' Yh/s>E Yh/s>E

'ǇŶĞĐŽůŽŐŝƐƚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&/KE ŵŽŶŝĐĂďƌŽƵŐŚƚŵĞ ŵŽŶŝĐĂŵŝĐŝŚĂ ŵŽŶŝĐĂŵĞƚƌĂũŽ ŚĞƌĞǁŚĞŶŝŶĞĞĚĞĚ ƉŽƌƚĂƚŽƉĞƌŝŶŝǌŝĂƌĞůĂ ĐƵĂŶĚŽƋƵŝƐĞƚŽŵĂƌ ƚŽŐŽŽŶƚŚĞƉŝůů͘ƐŚĞ ƉŝůůŽůĂ͘ĞĚĞƌĂ ůĂƉşůĚŽƌĂ͘ĞƐƚĂďĂƚĂŶ ǁĂƐĐŽŵƉůĞƚĞůǇ ĐŽŵƉůĞƚĂŵĞŶƚĞĨĂƚƚĂ ŚĂƐƚĂĂƌƌŝďĂĚĞ ƐƚƌƵŶŐŽƵƚŽŶĞ͘ƐŚĞ ĚŝĞĐƐƚĂƐǇ͘ŚĂ ĠǆƚĂƐŝƐƋƵĞƐĞŽĨƌĞĐŝſ ŽĨĨĞƌĞĚƚŽŐŝǀĞŵǇ ƉƌŽƉŽƐƚŽĂůĚŽƚƚŽƌĞ ŚĂĐĞƌůĞƐĞǆŽŽƌĂůĂů ĚŽĐƚŽƌĂďůŽǁũŽď͘Ă ĚŝĨĂƌŐůŝƵŶƉŽŵƉŝŶŽ͘ ŵĠĚŝĐŽ͕ƋƵĞĞƌĂƵŶĂ ĨĞŵĂůĞĚŽĐƚŽƌ͘ ŝůĚŽƚƚŽƌĞĞƌĂƵŶĂ ĚŽĐƚŽƌĂ͘ ĚŽŶŶĂ͘

/ ŚŽǁŝƐƚŚĂƚƉŽƐƐŝďůĞ͍ ŵĂƐĐƵƐĂ͕ĐŽŵ͛ğ ĐſŵŽƉƵĚŽŵĞƚĞƌůĂ ƉŽƐƐŝďŝůĞ͍ ƉĂƚĂĂƐş͍

&/KE ǁĞůů͕ŽďǀŝŽƵƐůǇƐŚĞ ďĞŚ͕ŽǀǀŝĂŵĞŶƚĞŚĂ ďƵĞŶŽ͕ ĚŝĚŶΖƚŐĞƚǀĞƌǇĨĂƌ͘ ĚŽǀƵƚŽƌŝŶƵŶĐŝĂƌĞ͘ůĂ ĞǀŝĚĞŶƚĞŵĞŶƚĞŶŽ ĚŽĐƚŽƌǁĂƐƉƌĞƚƚǇ ĚŽƚƚŽƌĞƐƐĂĞƌĂƵŶ ůůĞŐſŵƵǇůĞũŽƐ͘ůĂ ďƵƚĐŚ͘ŚŽŶĞƐƚ ŵĂƐĐŚŝĂĐĐŝŽ͕ƉŽƚĞǀĂ ĚŽĐƚŽƌĂĞƌĂŵƵǇ ŵŝƐƚĂŬĞ͘ ŝŶŐĂŶŶĂƌĞ͘ ŚŽŵďƌƵŶĂǇĞƐŽůĂ ^K ^h^d/dhd/KE ĐŽŶĨƵŶĚŝſ͘ ^h^d/dhd/KE

^ĐŚŽŽů;ƚƌĂŝŶŝŶŐĨŝĞůĚͿ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/E ŝΖŵƐŝĐŬŽĨǇŽƵƌ ŵŝƐŽŶŽƌŽƚƚŽĚĞŝ ĞƐƚŽǇŚĂƌƚŽĚĞŽşƌƚƵƐ ǁŚŝŶǇ͕ƉƵƐƐǇĐƌĂƉ͘ŝ ƚƵŽŝůĂŵĞŶƚŝĚĂ ŐŝŵŽƚĞŽƐĚĞŵŝĞƌĚĂ͘ ' ĚŽŶΖƚŶĞĞĚĂĨƵĐŬŝŶŐ ĨŝŐŚĞƚƚĂ͕ŶŽŶŵŝ Yh/s>E ǇŽŶŽŶĞĐĞƐŝƚŽĂƵŶĂ >/D/Ed/KE ĐĂƌĞƚĂŬĞƌ͕ĂůůƌŝŐŚƚ͍ŝ ƐĞƌǀĞƵŶŝŶĨĞƌŵŝĞƌĞ͕ ƉƵƚĂĐƵŝĚĂĚŽƌĂ͕ǇŽ ŶĞĞĚƚŚĞƐŚŝƚƚĂůŬŝŶŐ ĐŚŝĂƌŽ͍ ƐŽůŽƋƵŝĞƌŽĞƐĞĂ ďŝƚĐŚƐůĂƉƉŝŶŐƉŝĞĐĞ ŵŝƐĞƌǀĞƋƵĞůůŽ ŵĂĐĂƌƌĂĚĞďĂƌƌŝŽƚĂŶ ŽĨƐŽƵƚŚƐŝĚĞƚƌĂƐŚŝ ƐƚƌŽŶǌŽƐĐƵƌƌŝůĞĞ ŐŝůŝƉŽůůĂƐĚĞůƋƵĞŵĞ ĨĞůůĨŽƌ͘ǁŚĞƌĞŝƐŚĞ͍ ŵĂŶĞƐĐŽĚŝĐƵŝŵŝ ĞŶĂŵŽƌĠ͘ĚſŶĚĞ ƚŚĞĨƵĐŬŝƐŚĞ͕ ƐŽŶŽŝŶŶĂŵŽƌĂƚŽ͘ ĞƐƚĄ͍ĚſŶĚĞĞƐƚĄ͕ ŵŝĐŬĞǇ͍ ĚŽǀ͛ğ͍ĚŽǀĞĐĂǌǌŽğ͕ ŵŝĐŬĞǇ͍ ŵŝĐŬĞǇ͍

D/<z ĨƵĐŬǇŽƵ͘ĨƵĐŬŵĞĨŽƌ ǀĂĨĨĂŶĐƵůŽ͘Ğ ǀĞƚĞĂůĂŵŝĞƌĚĂ͘ŶŽ ŐŝǀŝŶŐĂƐŚŝƚ͕ǇŽƵ ǀĂĨĨĂŶĐƵůŽĂŵĞĐŚĞ ƐĠƉŽƌƋƵĞĐŽŹŽŵĞ ƉƌŝĐŬ͘ ĐŝŚŽƉƌŽǀĂƚŽ͘ ƉƌĞŽĐƵƉŽƉŽƌƚŝ͘

/E ŐŝǀĞĂůůƚŚĞƐŚŝƚƐǇŽƵ ƉƌŽǀĂĐŝƋƵĂŶƚŽƚŝ ǇŵŝƌĂ͕ůĂƉƌſǆŝŵĂǀĞǌ ǁĂŶƚ͕ďƵƚƚŚĞŶĞǆƚ ƉĂƌĞŵĂƋƵĂŶĚŽŝů ƋƵĞŶŽƐĞŵĞƉŽŶŐĂ ƚŝŵĞŵǇĚŝĐŬŝƐůŝŵƉ ĐĂǌǌŽŵŝƐŝĂŵŵŽƐĐŝĂ ĚƵƌĂƉŽƌƚŽŵĂƌ ĨƌŽŵĂůůƚŚĞŵĞĚƐ͕ ƉĞƌůĞŵĞĚŝĐŝŶĞ͕ŶŽŶ ƚĂŶƚĂƐŵĞĚŝĐŝŶĂƐ͕ŶŽ ĚŽŶΖƚŐŽĂůů͕ŽŚ͕ŝƚΖƐ ĚŝƌĞ͕ŽŚ͕ŶŽŶ ĚŝŐĂƐ͕ŽŚ͕ĚĂŝŐƵĂů͕ ŽŬĂǇ͕ǁĂŚǁĂŚ͘ũƵƐƚ ŝŵƉŽƌƚĂ͕ƵĞ͕ƵĞ͘ ƵĞ͕ƵĞ͘ĐŚƵƉĂŵĄƐ ƐƵĐŬŝƚŚĂƌĚĞƌ͕ǇŽƵ ƐƵĐĐŚŝĂůŽƉŝƶĨŽƌƚĞ͕ ĨƵĞƌƚĞ͕ŵĂƌŝĐſŶ͘ ĨĂŐŐŽƚ͘ ĨƌŽĐŝŽ͘

^K Yh/s>E Yh/s>E

'UXJV$FWXDOO\ 6HDVRQ(SLVRGH ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

DŝůŝƚĂƌǇƉƌŝƐŽŶ͘DŽŶŝĐĂǀŝƐŝƚŝŶŐ/ĂŶ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

DKE/dK/E ŝĂůŵŽƐƚĚŝĚŶΖƚŐĞƚŝŶ ŚŽƌŝƐĐŚŝĂƚŽĚŝŶŽŶ ĐĂƐŝŶŽŵĞĚĞũĂŶ ΖĐĂƵƐĞŵǇůŝĐĞŶƐĞŝƐ ĞŶƚƌĂƌĞ͕ůĂŵŝĂ ĞŶƚƌĂƌƉŽƌƚĞŶĞƌĞů ĞǆƉŝƌĞĚ͘ƚŚĞǇ ƉĂƚĞŶƚĞğƐĐĂĚƵƚĂ͘ ĐĂƌŶĠĐĂĚƵĐĂĚŽ͘ ƚŚŽƵŐŚƚŝǁĂƐĂ ƉĞŶƐĂǀĂŶŽĨŽƐƐŝƵŶĂ ĐƌĞşĂŶƋƵĞĞƌĂƵŶĂ ŵƵƐůŝŵƐƉǇŽƌ ƐƉŝĂŵƵƐƵůŵĂŶĂ͘ ĞƐƉşĂĄƌĂďĞŽĂůŐŽ ƐŽŵĞƚŚŝŶŐ͘ ĂƐş͘ Z^ Yh/s>E ^h^d/dhd/KE

/RYH6RQJV LQWKHNH\RI*DOODJKHU 6HDVRQ(SLVRGH 'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

sZKE/ ƚŚĞƉŝůůĂƚƚŚŝƌƚĞĞŶ͍ ůĂƉŝůůŽůĂĂƚƌĞĚŝĐŝ ůĂƉşůĚŽƌĂĐŽŶƚƌĞĐĞ ĂŶŶŝ͍ ĂŹŽƐ͍

&/KE ĨŽƵƌƚĞĞŶ͘ƐŚĞ͛Ɛ ƋƵĂƚƚŽƌĚŝĐŝ͘ŶĞŚĂ ƚŝĞŶĞĐĂƚŽƌĐĞǇ ĂůŵŽƐƚĨŝĨƚĞĞŶ͘ ƋƵĂƐŝƋƵŝŶĚŝĐŝ͘ ƉƌŽŶƚŽŚĂƌĄƋƵŝŶĐĞ͘

sZKE/ ƌĞĂůůǇ͍ǁĞůů͕ŝŐƵĞƐƐ ĚĂǀǀĞƌŽ͍ĂůůŽƌĂǀĂ ĚĞǀĞƌĚĂĚ͍ƚĞ ƐŚĞƐŚŽƵůĚ͘ŝƐƚĂƌƚĞĚ ďĞŶĞ͘ŝŽŚŽŝŶŝǌŝĂƚŽĂ ĂĚǀŝĞƌƚŽƋƵĞĞƐůŽ ĂƚĞůĞǀĞŶ͘ ƵŶĚŝĐŝ͘ ŵĞũŽƌ͘ǇŽĞŵƉĞĐĠĂ ůŽƐŽŵĐĞ͘

&/KE ĞůĞǀĞŶ͊ ƵŶĚŝĐŝ͊ ĂůŽƐŽŶĐĞ͍

sZKE/ ǇĞĂŚ͘ĚĞǀĞůŽƉĞĚ Őŝă͕ƐǀŝůƵƉƉŽƉƌĞĐŽĐĞ͘ Ɛş͕ŵĞĚĞƐĂƌƌŽůůĠ ĞĂƌůǇ͘ďŽǇƐƐƚĂƌƚĞĚ ŝƌĂŐĂǌǌŝŵŝ ƉƌŽŶƚŽ͘ůŽƐŶŝŹŽƐ ƐŶŝĨĨŝŶŐĂƌŽƵŶĚǁŚĞŶ ƌŽŶĚĂǀĂŶŽŝŶƚŽƌŶŽ ĞŵƉĞǌĂƌŽŶĂ ŝǁĂƐƚĞŶ͕ŐƌŽǁŶŵĞŶ ĚĂŝĚŝĞĐŝ͕ŐůŝĂĚƵůƚŝ ĂĐŽƐĂƌŵĞĂůŽƐĚŝĞǌǇ ďǇƚŚĞƚŝŵĞŝǁĂƐ ĚĂŐůŝƵŶĚŝĐŝ͘ůĂ ĂůŽƐŽŶĐĞǇĂŐƵƐƚĂďĂ ĞůĞǀĞŶ͘ŵĂŵĂŚĂĚƚŽ ŵĂŵŵĂĚŽǀĞǀĂ ĂůŽƐŚŽŵďƌĞƐ͘ŵĂŵĄ ďĞĂƚΖĞŵŽĨĨǁŝƚŚĂ ŵĂŶĚĂƌůŝǀŝĂĂ ŵĞůŽƐƋƵŝƚĂďĂĂ ĐůĂǁŚĂŵŵĞƌ͘ƚŚĞ ŵĂƌƚĞůůĂƚĞ͘ŝĚŝĂĐŽŶŝ ŵĂƌƚŝůůĂǌŽƐ͘ůŽƐ ĚĞĂĐŽŶƐĂƚƚŚĞ ĚĞůůĂĐŚŝĞƐĂĞƌĂŶŽŝ ĚŝĄĐŽŶŽƐĚĞůĂŝŐůĞƐŝĂ ĐŚƵƌĐŚǁĞƌĞƚŚĞ ƉĞŐŐŝŽƌŝ͕ĐŽŶƋƵĞůůĞ ĞƌĂŶůŽƐƉĞŽƌĞƐ͕ĞƌĂ ǁŽƌƐƚ͘ŶŽƚŚŝŶŐďƵƚ ŵĂŶŝ͘ ƵŶŽƐƉƵůƉŽƐ͘ ŚĂŶĚƐ͘

Z^ Yh/s>E Yh/s>E

,ŽƐƉŝƚĂů͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

KdKZ ǁŚĂƚƐĞĞŵƐƚŽďĞƚŚĞ ƋƵĂůğŝůƉƌŽďůĞŵĂ͍ ĐƵĄůĞƐĞůƉƌŽďůĞŵĂ͍ ƉƌŽďůĞŵ͍

sZKE/ ŵǇŚƵƐďĂŶĚΖƐĂƐůƵƚ͘ ŵŝŽŵĂƌŝƚŽğƵŶĂ ƋƵĞŵŝŵĂƌŝĚŽĞƐƵŶ ' ƚƌŽŝĂ͘ Yh/s>E ƉƵƚſŶ͘ Yh/s>E

<s/E ǀ͕ƚŚĂƚΖƐĂůŝƚƚůĞŚĂƌƐŚ͘ ǀ͕ŶŽŶĞƐĂŐĞƌĂƌĞ͘ ǀĞƌŽ͕ƚĂŵƉŽĐŽƚĞ ƉĂƐĞƐ͘

sZKE/ ŚĞƐůĞƉƚǁŝƚŚĂďƵŶĐŚ ğƐƚĂƚŽĐŽŶŵŽůƚĞ ƐĞŚĂĂĐŽƐƚĂĚŽĐŽŶ ŽĨŐŝƌůƐ͕ĂŶĚŝǁĂŶƚƚŽ ƌĂŐĂǌǌĞ͕ǀŽŐůŝŽ ŵƵĐŚĂƐĐŚŝĐĂƐǇ ŵĂŬĞƐƵƌĞŚĞĚŽĞƐŶΖƚ ĂƐƐŝĐƵƌĂƌŵŝĐŚĞŶŽŶ ƋƵŝĞƌŽĂƐĞŐƵƌĂƌŵĞ ŚĂǀĞĂŶǇŶĂƐƚǇ ĂďďŝĂŵĂůĂƚƚŝĞ ĚĞƋƵĞŶŽŚĂƉŝůůĂĚŽ ĚŝƐĞĂƐĞƐ͘ ĚŝƐŐƵƐƚŽƐĞ͘ ŶĂĚĂ͘

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

sZKE/ ŚĞƐůĞƉƚǁŝƚŚŚĂůĨƚŚĞ ƐŝğƐĐŽƉĂƚŽŵĞǌǌŽ ƐĞƚŝƌſĂůĂŵŝƚĂĚĚĞ ƐĐŚŽŽů͘ ĐŽůůĞŐĞ͘ ůĂƐƚşĂƐ͘

ZK> ǇŽƵƚŚƌĞǁŚŝŵŽƵƚ͘ ů͛ŚĂŝĐĂĐĐŝĂƚŽ͘ ƚƷůĞĞĐŚĂƐƚĞ͘

sZKE/ ŝĚŝĚŶΖƚƚŚƌŽǁŚŝŵ ŶŽŶƐĞŶ͛ğĂŶĚĂƚŽůƵŝ ƉĞƌĚŽŶĂ͕ŶŽůĞĞĐŚĠ͕ ŽƵƚ͘ŝůĞĨƚ͘ ŵĂŝŽ͘ ŵĞĨƵŝǇŽ͘

ZK> ƐĂŵĞĚŝĨĨĞƌĞŶĐĞ͘ ŶŽŶĐ͛ğĚŝĨĨĞƌĞŶǌĂ͘ ĚĂůŽŵŝƐŵŽ͘

sZKE/ ŶƵƌƐĞŐĂǀĞŚŝŵƚŚĞ ů͛ŝŶĨĞƌŵŝĞƌĂŐůŝŚĂ ůĞŚĂŶƉƵĞƐƚŽůĂ ďŝŐŐĞƐƚĚĂŵŶƐŚŽƚ ĨĂƚƚŽƵŶ͛ŝŶŝĞǌŝŽŶĞ ŝŶǇĞĐĐŝſŶŵĄƐŐƌĂŶĚĞ ŝΖǀĞĞǀĞƌƐĞĞŶ͘ĂƐŬĞĚ ĞŶŽƌŵĞ͘ŵŝŚĂ ƋƵĞŚĞǀŝƐƚŽǇŵĞ ŝĨŝΖĚďĞĞŶǀĂĐĐŝŶĂƚĞĚ ĐŚŝĞƐƚŽƐĞĨŽƐƐŝ ŚĂŶƉƌĞŐƵŶƚĂĚŽƐŝ ĨŽƌŚƉǀ͘ ǀĂĐĐŝŶĂƚĂĐŽŶƚƌŽ ĞƐƚŽǇǀĂĐƵŶĂĚĂĚĞů ů͛ŚƉǀ͘ ƉĂƉŝůŽŵĂ͘

ZK> ĂďŝŐŽůĚŚĂŶĚƐŽŵĞ ƵŶŐƌĂŶďĞůĨƵƐƚŽ ŬĞǀĞƐŵƵǇŐƵĂƉŽǇ ŵĂŶůŝŬĞƚŚĂƚŐŽŽĚŝŶ ĐŽŵĞůƵŝĞďƌĂǀŽĂ ďƵĞŶŽĞŶůĂĐĂŵĂ͕ĞƐ ƚŚĞďĞĚ͍ǇŽƵďĞƚ ůĞƚƚŽ͕ğŽǀǀŝŽĐŚĞůĞ ŶŽƌŵĂůƋƵĞŽƚƌĂƐ ŽƚŚĞƌǁŽŵĞŶĂƌĞ ĚŽŶŶĞŐůŝƐĂůƚŝŶŽ ŵƵũĞƌĞƐƋƵŝĞƌĂŶ ŐŽŶŶĂƚƌǇƚŽũƵŵƉŚŝƐ ĂĚĚŽƐƐŽ͘΀͙΁ ĚĂƌůĞƵŶƌĞǀŽůƚſŶ͘ ^K ďŽŶĞƐ͘΀͙΁ Yh/s>E ΀͙΁ Yh/s>E

sZKE/ ŶŽƚǁŽŵĞŶ͕ŐŝƌůƐ͘ ŶŽŶĚŽŶŶĞ͕ƌĂŐĂǌǌĞ͘ ŶŽƐŽŶŵƵũĞƌĞƐ͕ƐŽŶ ĐƌşĂƐ͘

'^ ZK> ĂůŽƚŽĨŐŝƌůƐŐŽƚ ƚĂŶƚĞƌĂŐĂǌǌĞŚĂŶŶŽ Yh/s>E ĂŵƵĐŚĂƐĐƌşĂƐůĞƐ ^h^d/dhd/KE ĚĂĚĚǇŝƐƐƵĞƐ͘ĂŶĚ ƉƌŽďůĞŵŝĐŽůƉĂĚƌĞ͘Ğ ǀĂŶůŽƐŵĂĚƵƌŽƐǇĠů ŚĞΖƐŽŶĞŚĞůůŽĨĂ ůƵŝğƵŶŐƌĂŶďĞů ĞƐƚĄŵĂĚƵƌŽƋƵĞ ĚĂĚĚǇ͘ǁŚŽŽ͘΀͙΁ǇŽƵ ƉĂĚƌĞ͘ǁƵŚƵ͘΀͙΁ŵĂŝ ƌŽŵƉĞ͘ǁƵŚƵ͘΀͙΁ ŶĞǀĞƌĞǀĞƌůĞƚĂŐŽŽĚ ůĂƐĐŝĂƌĞƵŶƵŽŵŽĐŚĞ ŶƵŶĐĂƐĞĚĞũĂƐƵĞůƚŽ ĞĂƌŶŝŶŐ͕ŐŽŽĚ ŐƵĂĚĂŐŶĂ͕ĂƚƚƌĂĞŶƚĞ ƵŶƚşŽŐƵĂƉŽǇďƵĞŶŽ ůŽŽŬŝŶŐ͕ŐŽŽĚŝŶƚŚĞ ĞďƌĂǀŽĂůĞƚƚŽĐŽŵĞ ĞŶůĂĐĂŵĂĐŽŵŽƚƵ ƐŚĞĞƚƐŵĂŶůŝŬĞǇŽƵƌ ŬĞǀƐĞŶǌĂŐƵŝŶǌĂŐůŝŽ ŬĞǀĂŵĞŶŽƐƋƵĞ ŬĞǀŽĨĨĂůĞĂƐŚ͕ ƐĞŶŽŶƐĞŝƉƌŽŶƚĂĂ ĞƐƚĠƐĚŝƐƉƵĞƐƚĂĂ ƵŶůĞƐƐǇŽƵΖƌĞƌĞĂĚǇ ǀĞĚĞƌůŽƌŽŶǌĂƌĞ ǀĞƌůĞƉŽƌĞůďĂƌƌŝŽ ĨŽƌŚŝŵƚŽƌƵŶǁŝůĚŝŶ ŝŶƚŽƌŶŽĂŽŐŶŝ ŽůŝƐƋƵĞĂŶĚŽĂƚŽĚĂ ƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ ƐƚƌŽŶǌĂĐŚĞƉĂƐƐĂ͘ ƉĞƌƌĂƋƵĞǀĞĂ͘ ƐŶŝĨĨŝŶŐĂĨƚĞƌĞǀĞƌǇ '^ ďŝƚĐŚŚĞƐĞĞƐ͘ Yh/s>E Yh/s>E ' Yh/s>E Yh/s>E

sZKE/ ŝĚŝĚŶΖƚŬŶŽǁƚŚĂƚŚĞ ŶŽŶŝŵŵĂŐŝŶĂǀŽĐŚĞ ǇŽŶŽƐĂďşĂƋƵĞůŽĚĞ ǁĂƐŐŽŶŶĂƌŽƵŶĚƵƉ ĂǀƌĞďďĞƌĂĚƵŶĂƚŽůĂ ĞƐƚĂƌĞŶůĂ ŚĂůĨŽĨĚĞůƚĂĚĞůƚĂ ƐŽƌĞůůĂŶǌĂĚĞůůĞƚƌŽŝĞ ƵŶŝǀĞƌƐŝĚĂĚƐĞŝďĂĂ ' ƐůƵƚĂĨŽƌĂĚŝƉƚŚĞ ƉĞƌƵŶĂŵĂƌĂƚŽŶĂ Yh/s>E ĐŽŶǀĞƌƚŝƌĞŶƵŶ >/D/Ed/KE ƐƚŝĐŬŵĂƌĂƚŚŽŶ͘΀͙΁ ŝŶǌƵƉƉĂďŝƐĐŽƚƚŽ͘΀͙΁ ŵĂƌĂƚſŶĚĞĨŽůůĞƚĞŽ͘ ΀͙΁

'/D ZK> ĚƌĞƐƐƵƉůŝŬĞĂůŝƚƚůĞ ǀĞƐƚŝƚŝĚĂƌĂŐĂǌǌĂƐĞ Yh/s>E ƋƵĞƚĞǀŝƐƚĂƐĚĞ Yh/s>E ' Őŝƌů͕ŝĨƚŚĂƚΖƐǁŚĂƚŚĞ ŽƌĂŐůŝƉŝĂĐĞƋƵĞƐƚŽ͘ Yh/s>E ĐŽůĞŐŝĂůĂƐŝĞƐůŽƋƵĞ Yh/s>E ůŝŬĞƐŶŽǁ͘ŐŽƚŽŽŶĞ ǀĂŝŝŶƋƵĞŝŶĞŐŽǌŝƉĞƌ ůĞŐƵƐƚĂ͘ǀĞĂƵŶĂĚĞ ŽĨƚŚŽƐĞ͕ƵŚĨŽƌĞǀĞƌ ƚĞĞŶĂŐĞƌĚĞůĐĞŶƚƌŽ ĞƐĂƐƚŝĞŶĚĂƐ ϭϱƐƚŽƌĞƐŝŶƚŚĞŵĂůů͕ ĐŽŵŵĞƌĐŝĂůĞ͕ ĐĂĐŚŽŶĚĂƐƋƵĞŚĂǇ ďƵǇǇŽƵƌƐĞůĨƐŽŵĞŽĨ ĐŽŵƉƌĂƚŝĚĞŝǀĞƐƚŝƚŝ ĞŶĞůĐĞŶƚƌŽǇ ƚŚŽƐĞĐŚĞĂƉůŝƚƚůĞͲŐŝƌů ƐĐĂĚĞŶƚŝĚĂ ĐſŵƉƌĂƚĞĞůĐůĄƐŝĐŽ ĐŽůůĞŐĞĐůŽƚŚĞƐ͘ ƵŶŝǀĞƌƐŝƚĂƌŝĂ͘ƌĞŶĚŝŝů ƵŶŝĨŽƌŵĞĚĞ ŵĂŬĞǇŽƵƌŵĂŶ ƚƵŽƵŽŵŽĨĞůŝĐĞ͘ ĐŽůĞŐŝĂůĂǀŝĐŝŽƐĂ͘ŚĂǌ ŚĂƉƉǇ͘ ĨĞůŝǌĂƚƵŚŽŵďƌĞ͘

'ƵƐΖƐĂƉĂƌƚŵĞŶƚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

'h^Ζ^&Z/E ŚĞǇ͕ĨŝŽŶĂ͘ŝĨǇŽƵ ŚĞǇ͕ĨŝŽŶĂ͘ƐĞŶŽŶĂŵŝ ŽǇĞ͕ĨŝŽŶĂ͘ƐŝŶŽ ĚŽŶΖƚůŽǀĞŐƵƐ͕ǇŽƵΖƌĞ ŐƵƐ͕ĐŽŵƉŽƌƚĂƚŝĚĂ ƋƵŝĞƌĞƐĂŐƵƐ͕ĠĐŚĂůĞ ŐŽŶŶĂŚĂǀĞƚŽŵĂŶ ĂĚƵůƚĂĞůĂƐĐŝĂůŽ͘ůƵŝ ůŽƋƵĞŚĂǇƋƵĞ ƵƉĂŶĚůĞĂǀĞ͘ŚĞ ŶŽŶůŽĨĂƌă͕ğƚƌŽƉƉŽ ĞĐŚĂƌůĞǇĚĠũĂůĞ͘Ġů ' ǁŽŶΖƚĚŽŝƚ͘ŚĞΖƐƚŽŽ ƉĞƌďĞŶĞ͘ĞƚƵ͕ƐĂŝ >/D/Ed/KE ŶŽůŽŚĂƌĄ͕ĞƐďƵĞŶĂ D/d/'d/KE ŶŝĐĞĂŐƵǇ͘ĂŶĚǇŽƵ ŐĞŶƚĞ͕ǇƚƷ͕ĞŶĨŝŶ ǇŽƵŬŶŽǁ

&/KE ŵĞǁŚĂƚ͍ ŝŽ͕ĐŽƐĂ͍ ǇǇŽ͕ƋƵĠ͍

'h^Ζ^&Z/E ǇŽƵΖƌĞŶŽƚ͘ ŶŽŶůŽƐĞŝ͘ ƚƷŶŽůŽĞƌĞƐ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/E ǇŽƵŐŽŶŶĂŵĂƌƌǇ ǀƵŽŝƐƉŽƐĂƌŵŝ͍ ǀĂƐĂĐĂƐĂƌƚĞ ŵĞ͍ĂƌĞǁĞŐŽŶŶĂŐŽ ĂŶĚƌĞŵŽŝŶƚƌŝďƵŶĂůĞ ĐŽŶŵŝŐŽ͍ǀĂŵŽƐĂŝƌ ĚŽǁŶƚŽƚŚĞ ŝŶƐŵŽŬŝŶŐĐŽŵĞƵŶĂ ĂůũƵǌŐĂĚŽǀĞƐƚŝĚŽƐ ĐŽƵƌƚŚŽƵƐĞŝŶƐŽŵĞ ĐŽƉƉŝĂĚŝǀĞĐĐŚŝ ĚĞƐŵŽŬŝŶŐĐŽŵŽƵŶ ƚƵǆĞƐůŝŬĞĂĐŽƵƉůĞŽĨ ĨƌŽĐŝ͍ ƉĂƌĚĞƌĞŝŶĂƐ͍ ŽůĚƋƵĞĞŶƐ͍

^K Yh/s>E Yh/s>E

D/<z ĨƵĐŬǇŽƵ͘ ĨŽƚƚŝƚŝ͘ ƋƵĠƚĞĚĞŶƉŽƌĐƵůŽ͊

,RQO\PLVVKHUZKHQ, PEUHDWKLQJ 6HDVRQ(SLVRGH 'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE

Z/D Yh/s>E Yh/s>E

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE/D ŝůŽǀĞǇŽƵ͕ŵǇůŝƚƚůĞ ƚŝǀŽŐůŝŽďĞŶĞƉŝĐĐŽůĂ ƚĞƋƵŝĞƌŽŵŝ Z ďƌŽǁŶďĂŶĂŶĂ͘ ďĂŶĂŶĂ͘ >/D/Ed/KE ďŽŵďŽŶĐŝƚŽŶĞŐƌŽ͘ Yh/s>E

<ĞǀŝŶĂŶĚsĞƌŽŶŝĐĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

<s/E ΀ƐŝŐŚƐ΁ŝƚΖƐƚŚĞŐŚĞƚƚŽ͘ ΀ƐŝŐŚƐ΁ğŝůŐŚĞƚƚŽ͘Đŝ ΀ƐŝŐŚƐ΁ĞƐƚŽĞƐƵŶ ůŽƚƐŽĨŶŽŝƐĞƐŝŶƚŚĞ ƐŽŶŽŵŽůƚŝƌƵŵŽƌŝ ŐƵĞƚŽ͘ŚĂǇŵƵĐŚŽƐ ŐŚĞƚƚŽ͘ĂƵƚŽŵĂƚŝĐ ŶĞůŐŚĞƚƚŽ͘ĐŽůƉŝĚŝ ƌƵŝĚŽƐĞŶůŽƐŐƵĞƚŽƐ͘ ^^ ŐƵŶĨŝƌĞ͕ƉĞŽƉůĞ ƉŝƐƚŽůĂ͕ŐĞŶƚĞĐŚĞ Yh/s>E ĚŝƐƉĂƌŽƐĚĞĂƌŵĂƐ͕ Yh/s>E ďĞŐŐŝŶŐĨŽƌƚŚĞŝƌ ƐƵƉƉůŝĐĂ͘ ŐĞŶƚĞƋƵĞƐƵƉůŝĐĂ ůŝǀĞƐ͘ ƉŽƌƐƵǀŝĚĂ͘

>/^ϭ ŽŬĂǇ͕ŝƚΖƐŶŽƚƚŚĞ ŽŬ͕ŶŽŶğŝůŐŚĞƚƚŽ͕ğ ŽǇĞ͕ĞƐƚŽŶŽĞƐƵŶ ŐŚĞƚƚŽ͖ŝƚΖƐŽƵƌŚŽŵĞ͕ ůĂŶŽƐƚƌĂĐĂƐĂ͕ĞƋƵĞů ŐƵĞƚŽ͕ĞƐŶƵĞƐƚƌŽ ĂŶĚƚŚĂƚƚƵƌŬŝƐŚŝĚŝŽƚ ƚƵƌĐŽŝĚŝŽƚĂĨĂĐŽƐŞ ŚŽŐĂƌ͕ǇĞƐĞƚƵƌĐŽ ŝƐĚŽŝŶŐƚŚŝƐŽŶ ƉĞƌĐŚĠĂďďŝĂŵŽ ŝĚŝŽƚĂůŽĞƐƚĄ ƉƵƌƉŽƐĞ͕ďĞĐĂƵƐĞǁĞ ĐŚŝĞƐƚŽ ŚĂĐŝĞŶĚŽĂƉƌŽƉſƐŝƚŽ ĂƐŬĞĚ ƉŽƌƋƵĞůĞƉĞĚŝŵŽƐ

>/^Ϯ ĂƐŬĞĚŶŝĐĞůǇ͘ ŐĞŶƚŝůŵĞŶƚĞ͘ ĂŵĂďůĞŵĞŶƚĞ͘

>/^ϭ ƚŚĂƚŚĞƌĞŵŽǀĞƐƚŚĂƚ ĐŚĞƌŝŵƵŽǀĞƐƐĞƋƵĞů ƋƵĞƋƵŝƚĂƌĂĞƐĞ ƌƵƐƚŝŶŐĐĂƌĂŶĚ ĐĂƚŽƌĐŝŽĚ͛ĂƵƚŽĞƋƵĞů ĐĂĐŚĂƌƌŽŽǆŝĚĂĚŽǇĞů ƌŽƚƚŝŶŐƐŽĨĂĨƌŽŵŚŝƐ ĚŝǀĂŶŽƉƵƚƌŝĚŽĞ ƐŽĨĄƉŽĚƌŝĚŽĚĞƐƵ ǇĂƌĚ͘ ƉƵǌǌŽůĞŶƚĞĚĂů ƉĂƚŝŽ͘ ĐŽƌƚŝůĞ͘

<s/E ǁĞůů͕ĨŝƌƐƚŽĨĂůů͕ǇĂŶŝƐ ƉƌŝŵĂĚŝƚƵƚƚŽǇĂŶŝƐ ƉĂƌĂĞŵƉĞǌĂƌǇĂŶŝƐ ŝƐŶΖƚƚƵƌŬŝƐŚ͘ŚĞΖƐ ŶŽŶğƚƵƌĐŽğŐƌĞĐŽŽ ŶŽĞƐƚƵƌĐŽ͕ĞƐ E^ ŐƌĞĞŬŽƌĂůďĂŶŝĂŶŽƌ ĂůďĂŶĞƐĞ͕ŽĂůƚƌŽ͘Ğ Yh/s>E ŐƌŝĞŐŽ͕ŽĂůďĂŶĞƐ͕Ž Yh/s>E ƐŽŵĞƚŚŝŶŐ͕ĂŶĚ ƋƵĞůůĂğƵŶĂĨŽƌĚ ĂůŐŽĂƐş͘ǇĞůĐĂĐŚĂƌƌŽ

ƚŚĂƚΖƐĂĨŽƌĚĨĂŝƌůĂŶĞ ĨĂŝƌůĂŶĞĐŚĞƐƚĂ ĞƐƵŶĂŵŽƚŽƋƵĞ ŚĞΖƐƚƌǇŝŶŐƚŽĨŝǆƵƉ͘ ƐŝƐƚĞŵĂŶĚŽ͘ ƋƵŝĞƌĞĂƌƌĞŐůĂƌ͘

:ƵǀĞŶŝůĞƉƌŝƐŽŶ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

WZ/^KEZ^ ΀ĐŚĂŶƚŝŶŐ΁ǁŚŝƚĞďŽǇ ΀ĐŚĂŶƚŝŶŐ΁ ΀ĐŚĂŶƚŝŶŐ΁ĐĂƌůĞů Z ĐĂƌů͊ǁŚŝƚĞďŽǇĐĂƌů͊ ĨƌĂƚĞůůŽĐĂƌů͊ĨƌĂƚĞůůŽ >/D/Ed/KE ďůĂŶĐŽ͊ĐĂƌůĞů Yh/s>E ǁŚŝƚĞďŽǇĐĂƌů͊ǁŚŝƚĞ ĐĂƌů͊ĨƌĂƚĞůůŽĐĂƌů͊ ďůĂŶĐŽ͊ĐĂƌůĞů ďŽǇĐĂƌů͊΀͙΁ ĨƌĂƚĞůůŽĐĂƌů͊΀͙΁ ďůĂŶĐŽ͊ĐĂƌůĞů ďůĂŶĐŽ͊΀͙΁

WĂƚƐǇΖƐĚŝŶĞƌ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&/KE ƐŚĞΖƐĨŝĨƚĞĞŶ͘ ğƉŝĐĐŽůĂ͘ ƚŝĞŶĞƋƵŝŶĐĞĂŹŽƐ͘

'^ ^E ƐŚĞΖƐŐŽƚĂůůƚŚŽƐĞ ğƉŝĞŶĂĚŝŽƌŵŽŶŝ Yh/s>E ŽƐĞĂƋƵĞůĂƐ Yh/s>E ŚŽƌŵŽŶĞƐƐůĂŵŵŝŶŐ ĐŚĞĨĂŶŶŽďĂůĚŽƌŝĂĞ ŚŽƌŵŽŶĂƐůĞĨůƵǇĞŶ ĂƌŽƵŶĚŝŶŚĞƌďŽĚǇ ĐŚĞƵƌůĂŶŽ ƉŽƌĞůĐƵĞƌƉŽ ƐĐƌĞĂŵŝŶŐ͕ ƉƌŽĐƌĞŝĂŵŽ͊ ŐƌŝƚĂŶĚŽƉƌŽĐƌĞĂ͊ ƉƌŽĐƌĞĂƚĞ͊

ŚƵƌĐŚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ďůĞƐƐŵĞ͕ĨĂƚŚĞƌ͕ĨŽƌŝ ƉĞƌĚŽŶĂŵŝ͕ƉĂĚƌĞ͕ ƉĞƌĚſŶĞŵĞ͕ƉĂĚƌĞ͕ ŚĂǀĞƐŝŶŶĞĚ͘ŝƚΖƐďĞĞŶ ƉĞƌĐŚĠŚŽƉĞĐĐĂƚŽ͘ ƉŽƌƋƵĞŚĞƉĞĐĂĚŽ͘ ƚǁĞŶƚǇƚŚƌĞĞŚŽƵƌƐ ƐŽŶŽǀĞŶƚŝƚƌĞŽƌĞ ŚĂĐĞǀĞŝŶƚŝƚƌĠƐŚŽƌĂƐ ƐŝŶĐĞŵǇůĂƐƚ ĐŚĞŶŽŶŵŝĐŽŶĨĞƐƐŽ͘ ƋƵĞŶŽŵĞĐŽŶĨŝĞƐŽ͘ ĐŽŶĨĞƐƐŝŽŶ͘

&d,Z ĨƌĂŶŬ͘ ĨƌĂŶŬ͘ ĨƌĂŶŬ͘

Z/D &ZE< ŝũƵƐƚĐĂŶΖƚ ğƐŽůŽĐŚĞŶŽŶ Yh/s>E ĞƐƋƵĞƚŽĚĂǀşĂƐŝŐŽ Yh/s>E ƵŶĚĞƌƐƚĂŶĚǁŚǇŐŽĚ ĐĂƉŝƐĐŽƉĞƌĐŚĠĚŝŽ ƐŝŶĞŶƚĞŶĚĞƌƉŽƌƋƵĠ ǁŽƵůĚƚĂŬĞŚĞƌĂǁĂǇ ŵĞů͛ŚĂƉŽƌƚĂƚĂǀŝĂ͕ ĚŝŽƐŵĞůĂĂƌƌĞďĂƚſ ĨƌŽŵŵĞ͕ĨĂƚŚĞƌ͘ŚĞƌ ƉĂĚƌĞ͘ůĂƐƵĂĨĂŵŝŐůŝĂ ĚĞĞƐĞŵŽĚŽ͕ƉĂĚƌĞ͘ ĨĂŵŝůǇƚŚƌĞǁŵĞŽƵƚ ŵŝŚĂĐĂĐĐŝĂƚŽĚĂů ƐƵĨĂŵŝůŝĂŵĞĞĐŚſĂ ŽĨƚŚĞĨƵŶĞƌĂů͘ŵǇ ĨƵŶĞƌĂ͘ůĂŵŝĂ ƉĂƚĂĚĂƐĚĞůĞŶƚŝĞƌƌŽ͕ ŽǁŶĨĂŵŝůǇƌŝĚŝĐƵůĞƐ ĨĂŵŝŐůŝĂƌŝĚĞĚĞůŵŝŽ ŵŝƉƌŽƉŝĂĨĂŵŝůŝĂƐĞ ŵǇƉĂŝŶ͘ǁŚǇ͕ĨĂƚŚĞƌ͍ ĚŽůŽƌĞ͕ƉĞƌĐŚĠ͕ ďƵƌůĂĚĞŵŝƉĞŶĂ͕ƉŽƌ ǁŚǇ͍ ƉĂĚƌĞ͕ƉĞƌĐŚĠ͍ ƋƵĠ͕ƉĂĚƌĞ͕ƉŽƌƋƵĠ͍

Z/D &d,Z ŝƚǁĂƐŐŽĚΖƐǁŝůů͕ĂŶĚ ƉĞƌǀŽůŽŶƚăĚŝĚŝŽğ Yh/s>E ĨƵĞǀŽůƵŶƚĂĚĚĞĚŝŽƐ Yh/s>E ƐŚĞΖƐŝŶĂďĞƚƚĞƌ ŝŶƵŶƉŽƐƚŽŵŝŐůŝŽƌĞ͘ ǇĞƐƚĄĞŶƵŶƐŝƚŝŽ ƉůĂĐĞ͘ ŵĞũŽƌ͘

zĂŶŝƐΖƐďĂĐŬǇĂƌĚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

<s/E ǇĂŶŝƐ͊΀ĞŶŐŝŶĞ ǇĂŶŝƐ͊΀ĞŶŐŝŶĞ ǇĂŶŝƐ͊΀ĞŶŐŝŶĞ ƌĞǀǀŝŶŐ΁΀ƌĞǀǀŝŶŐ ƌĞǀǀŝŶŐ΁΀ƌĞǀǀŝŶŐ ƌĞǀǀŝŶŐ΁΀ƌĞǀǀŝŶŐ ǁŝŶĚƐĚŽǁŶ΁ďŝŬĞΖƐĂ ǁŝŶĚƐĚŽǁŶ΁ůĂŵŽƚŽ ǁŝŶĚƐĚŽǁŶ΁ŵĞƚĞƐ ůŝƚƚůĞůŽƵĚ͘ĐĂŶǇŽƵ ĨĂƌƵŵŽƌĞ͘ƉƵŽŝĨĂƌĞ ŵƵĐŚŽƌƵŝĚŽ͘ƉƵĞĚĞƐ ƚŽŶĞŝƚĚŽǁŶĂďŝƚ͍ ƉŝƶƉŝĂŶŽ͍ůĂŐĞŶƚĞ ĐŽƌƚĂƌƚĞƵŶƉŽĐŽ͍ ƉĞŽƉůĞŝŶƚŚĞ ĚĞůƋƵĂƌƚŝĞƌĞƐŝ ĂůŐƵŶŽƐǀĞĐŝŶŽƐƐĞ ŶĞŝŐŚďŽƌŚŽŽĚ ůĂŵĞŶƚĂ͘ ŚĂŶƋƵĞũĂĚŽ͘ ƐƚĂƌƚŝŶŐƚŽĐŽŵƉůĂŝŶ͘

^K zE/^ ŽŚ͕ǇĞĂŚ͍ǁŚĂƚ ĂŚƐŞ͍ĞĐŚŝ͕ůĞ Yh/s>E ĂŚƐş͍ƋƵĠǀĞĐŝŶŽƐ͕ Yh/s>E ƉĞŽƉůĞ͍ƚŚĞ ůĞƐďŝĐŚĞ͍ ůĂƐůĞƐďŝĂŶĂƐ͍ ůĞƐďŝĂŶƐ͍

<s/E ĚŝĚǇŽƵƚĂŬĞƚŚĞ ŚĂŝƚŽůƚŽůĂŵĂƌŵŝƚƚĂ͘ ƉŽŶůĞƐŝůĞŶĐŝĂĚŽƌĂů ŵƵĨĨůĞƌŽĨĨƚŚĞďŝŬĞ͍ ĞƐĐĂƉĞ͘

zE/^ ůĞƚŵĞƚĞůůǇŽƵ ĂƐĐŽůƚĂŵŝŬĞǀ͕ƋƵĞůůĞ ƋƵĞƚĞƋƵĞĚĞĐůĂƌŽ͕ ƐŽŵĞƚŚŝŶŐ͕ŬĞǀ͘ƚŚĞƐĞ ŶŽŶĚŝĐŽŶŽĂǇĂŶŝƐ ŬĞǀ͕ƋƵĞĞƐĂƐ ĚǇŬĞƐĐĂŶΖƚƚĞůůǇĂŶŝƐ ŐƌĞŐŽƌŝĂŶ ďŽůůĞƌĂƐŶŽǀĂŶĂ ^K ŐƌĞŐŽƌŝĂŶ ƉĂƉĂĚŝĂŵĂŶƚŽƉŽƵůŽƐ >/D/Ed/KE ĚĞĐŝƌůĞĂǇĂŶŝƐ Yh/s>E ƉĂƉĂĚŝĂŵĂŶƚŽƉŽƵůŽƐ ĐŽƐĂĨĂƌĞ͕ŽŬ͍Ɛŝ ŐƌĞŐŽƌŝĂŶ ǁŚĂƚƚŽĚŽ͕ŽŬĂǇ͍ ůĂŵĞŶƚĂŶŽƐĞŵƉƌĞ͘Ɛŝ ƉĂƉĂĚŝĂŵĂŶƚŽƉŽƵůŽƐ ƚŚĞǇΖƌĞĂůǁĂǇƐ ůĂŵĞŶƚĂŶŽĚĞůŵŝŽ ůŽƋƵĞĚĞďĞŚĂĐĞƌ͘ ĐŽŵƉůĂŝŶŝŶŐ͘ĂůǁĂǇƐ ĐŽƌƚŝůĞ͕ĚĞůůĂ ŶŽƉĂƌĂŶĚĞƉŝĂƌůĂƐ͘ ĐŽŵƉůĂŝŶŝŶŐĂďŽƵƚ ƐƚĂĐĐŝŽŶĂƚĂ͕ĚĞů ƐĞƋƵĞũĂŶĚĞƚŽĚŽ͕ĚĞ

ŵǇǇĂƌĚ͕ŵǇĨĞŶĐĞ͕ ĐŽůŽƌĞĚĞůůĂĐĂƐĂ͕ĚĞŝ ŵŝƉĂƚŝŽ͕ĚĞůĂǀĂůůĂ͕ ƚŚĞĐŽůŽƌŽĨŵǇ ŵŝĞŝĐĂŶŝ͘ĐŚŝĂŵĂŶŽ ĚĞůĐŽůŽƌĚĞŵŝĐĂƐĂ͕ ŚŽƵƐĞ͕ŵǇĚŽŐƐ ŐůŝƐďŝƌƌŝ͘ƋƵĞƐƚĞ ĚĞƋƵĞŵŝƐƉĞƌƌŽƐ ďĂƌŬŝŶŐ͘ƚŚĞǇΖƌĞ ƌŝĐĐŚĞůĞƐďŝĐŚĞĚĞů ůĂĚƌĞŶ͘ǇůůĂŵĂŶĂůĂ ĐĂůůŝŶŐƚŚĞĐŽƉƐ͘ ĐĂǌǌŽƐŝĨĂŶŶŽ ƉŽůŝ͘ĞƐĞƉĂƌĚĞ ƚŚĞƐĞƌŝĐŚůĞƐďŽ ƐŽůĂŵĞŶƚĞŝĐĂǌǌŝ ůĞƐďŝĂŶĂƐĚĞŵŝĞƌĚĂ ďŝƚĐŚĞƐĂůǁĂǇƐƵƉŝŶ ĚĞŐůŝĂůƚƌŝ͘ ĚĞďĞƌşĂŶŵĞƚĞƌƐĞĞŶ ĞǀĞƌǇďŽĚǇΖƐ ƐƵƐƉƌŽƉŝŽƐĂƐƵŶƚŽƐ͘ ďƵƐŝŶĞƐƐ͊

^K Yh/s>E Yh/s>E

<s/E ǇĂŶŝƐ͕ǁŚĂƚĚŽĞƐ ǇĂŶŝƐ͕ĐŚĞĐ͛ĞŶƚƌĂŝů ǇĂŶŝƐ͕ƋƵĠƚŝĞŶĞƋƵĞ ƚŚĞŝƌƐĞǆƵĂů ůŽƌŽŽƌŝĞŶƚĂŵĞŶƚŽ ǀĞƌƐƵŽƌŝĞŶƚĂĐŝſŶ ŽƌŝĞŶƚĂƚŝŽŶŚĂǀĞƚŽ ƐĞƐƐƵĂůĞĐŽůĨĂƚƚŽĐŚĞ ƐĞǆƵĂůĐŽŶƋƵĞƚƵ ĚŽǁŝƚŚǇŽƵƚĂŬŝŶŐ ŚĂŝƚŽůƚŽůĂŵĂƌŵŝƚƚĂ͍ ŵŽƚŽǀĂǇĂĂĞƐĐĂƉĞ ƚŚĞŵƵĨĨůĞƌŽĨĨƚŚĞ ůŝďƌĞ͍ ďŝŬĞ͍

zE/^ ŬĞǀ͕ŵǇƉŝƚďƵůůƐĐĂŶ ŽŚ͕ŬĞǀ͕ŝŵŝĞŝƉŝƚďƵůů ŽǇĞ͕ŬĞǀ͕ŵŝƐƉŝƚďƵůůƐ ƚĞůůǁŚĞŶĂǀĂŐŝŶĂ ƐĂŶŶŽƋƵĂŶĚŽƵŶĂ ƉƵĞĚĞŶŶŽƚĂƌ ^K ŚĂƐŶΖƚŚĂĚĂĐŽĐŬŝŶ ǀĂŐŝŶĂŶŽŶŚĂŵĂŝ Yh/s>E ĐƵĂŶĚŽĂƵŶĂǀĂŐŝŶĂ Yh/s>E ŝƚ͕ŽŬĂǇ͍ƚŚĂƚΖƐǁŚǇ ĂǀƵƚŽƵŶĐĂǌǌŽ͕ŽŬ͍ ŶŽůĞĞŶƚƌĂŶƵŶĐĂƵŶ ƚŚĞǇďĂƌŬ͘ ƉĞƌĐŝžĂďďĂŝĂŶŽ͘ ŶĂďŽ͘ƉŽƌĞƐŽůĂĚƌĂŶ͘

<s/E ůŽŽŬ͕ŝŬŶŽǁƚŚĞǇΖƌĞĂ ƐŽĐŚĞƌŽŵƉŽŶŽŝů ǇĂƐĠƋƵĞƐŽŶƵŶƉĂƌ ƉĂŝŶŝŶƚŚĞĂƐƐ͕ďƵƚ ĐĂǌǌŽŵĂĚŽďďŝĂŵŽ ƚĞƚŽĐĂŚƵĞǀŽƐ͕ƉĞƌŽ ǁĞŶĞĞĚƚŽĨŝŐƵƌĞŽƵƚ ƚƌŽǀĂƌĞƵŶŵŽĚŽƉĞƌ ƚĞŶĞŵŽƐƋƵĞ ĂǁĂǇƚŽŐĞƚĂůŽŶŐ͘ ĐŽŶǀŝǀĞƌĞ͘ ƉƌŽĐƵƌĂƌůůĞǀĂƌŶŽƐ ďŝĞŶ͘

zE/^ ΀ŵŽĐŬŝŶŐ΁ŽŚ͕ǁĞŐŽƚ ΀ŵŽĐŬŝŶŐ΁ĚŽďďŝĂŵŽ ΀ŵŽĐŬŝŶŐ΁ƚĞŶĞŵŽƐ ƚŽĨŝŐƵƌĞŽƵƚ͕ƚǁĞŶƚǇ ƚƌŽǀĂƌĞƵŶ͕ĐŝƐƚŽĚĂ ƋƵĞƉƌŽĐƵ͕ůůĞǀŽ ƐŝǆǇĞĂƌƐŝΖǀĞďĞĞŶŝŶ ǀĞŶƚŝƐĞŝĂŶŶŝƋƵŝ͘ ǀĞŝŶƚŝƐĠŝƐĂŹŽƐĞŶ ƚŚŝƐŚŽƵƐĞ͘ƚǁĞŶƚǇƐŝǆ ǀĞŶƚŝƐĞŝĂŶŶŝ͘ŚŽ ĞƐƚĂĐĂƐĂ͘ǀĞŝŶƚŝƐĠŝƐ ǇĞĂƌƐ͕ŬĞŝĨƵĐŬĞĚŵǇ ƐĐŽƉĂƚŽůĂƉƌŝŵĂ ĂŹŽƐ͕ŚĂƐƚĂŵĞƚŝƌĠĂ ĨŝƌƐƚŐŝƌůŝŶƚŚĂƚ ƌĂŐĂǌǌĂŝŶƋƵĞůůĂ ŵŝƉƌŝŵĞƌĂƚşĂĂŚş ŚŽƵƐĞ͊ŵǇŵŽŵĚŝĞĚ ĐĂƐĂ͘ŵŝĂŵĂĚƌĞğ ĚĞŶƚƌŽ͘ŵŝŵĂĚƌĞ ŽŶƚŚĞƚŽŝůĞƚ͊ĚĞĂĚŝŶ ŵŽƌƚĂŝŶďĂŐŶŽ͕ ĐĂƐĐſĞŶĞůǁĄƚĞƌ͕ ƚŚĂƚŚŽƵƐĞ͊ŶĞǀĞƌ ŵŽƌƚĂŝŶƋƵĞůůĂĐĂƐĂ͘ ĐĂƐĐſĞŶƵŶĂĐĂƐĂĚĞ ĂŶǇĐŽŵƉůĂŝŶƚƐĨƌŽŵ ŶŝĞŶƚĞůĂŵĞŶƚĞůĞ͕ĚĂ ůĂƋƵĞŶĂĚŝĞƐĞŚĂ ĂŶǇďŽĚǇ͊ĞǀĞƌ͊ƚŚĞǇ ŶĞƐƐƵŶŽ͕ŵĂŝ͘ƐĞ ƋƵĞũĂĚŽŶƵŶĐĂĞŶůĂ ĐĂůůƚŚĞĐŽƉƐŽŶĞ ĐŚŝĂŵĂŶŽĂŶĐŽƌĂŐůŝ ǀŝĚĂ͕ũĂŵĄƐ͘Ɛŝ ŵŽƌĞƚŝŵĞ͕ŝΖŵ ƐďŝƌƌŝĂŶĚƌžĚĂůŽƌŽĞ ǀƵĞůǀĞŶĂůůĂŵĂƌĂůĂ ŐŽŶŶĂŐŽŽǀĞƌƚŚĞƌĞ͕ ůĞƐƚƵƉƌĞƌžĨŝŶĐŚĠ ƉŽůŝ͕ƚĞũƵƌŽƋƵĞǀŽǇ ŝΖŵŐŽŶŶĂƌĂƉĞĨƵĐŬ ŶŽŶƐĂƌĂŶŶŽƉŝƶ ǇůĞƐĚŽǇĐŽŶƚŽĚŽůŽ ƚŚĞĚǇŬĞŽƵƚŽĨƚŚĞŵ ůĞƐďŝĐŚĞĞ ŐŽƌĚŽ͕ƐĞůĂĐůĂǀŽ ƵŶƚŝůƚŚĞǇĂƌĞ ƐƵƉƉůŝĐŚĞƌĂŶŶŽƉĞƌ ŚĂƐƚĂƋƵĞƐƵƉůŝƋƵĞŶ ďĞŐŐŝŶŐĨŽƌŵŽƌĞ ƉŝƶǇĂŶŝƐ͘ƚƵƚƚĞ ƋƵĞŶŽƉĂƌĞ͘ƚŽĚĂƐ ǇĂŶŝƐ͊ĂůůǁŽŵĞŶďĞŐ ƐƵƉƉůŝĐĂŶŽƉĞƌƉŝƶ ůĂƐŵƵũĞƌĞƐŵĞƉŝĚĞŶ ĨŽƌŵŽƌĞǇĂŶŝƐ͘ ǇĂŶŝƐ͘ ƋƵĞŶŽƉĂƌĞ͘

^K Yh/s>E >/D/Ed/KE

' Yh/s>E Yh/s>E

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

h^dKDZ Śŝ͕ƵŚ͕ĂƉƉůĞƚŝŶŝ͘ ŚĞǇ͕ĞŚ͕ĂƉƉůĞƚŝŶŝ͘ ŚŽůĂ͕ĞŚ͕ƵŶĂƉƉůĞƚŝŶŝ͘

' ^sd>E ŶŽƉƵƐƐǇĚƌŝŶŬƐ͘ ŶŝĞŶƚĞĚƌŝŶŬĚĂ Yh/s>E ĐŽƉĂƐĐƵƌƐŝƐŶŽ͕ƐŽůŽ >/D/Ed/KE ǀŽĚŬĂŽŶůǇ͘ ĨŝŐŚĞƚƚĞ͘ǀŽĚŬĂ ǀŽĚŬĂ͘ ƐŽůƚĂŶƚŽ͘

h^dKDZ ƵŚ͕ǁŚĂƚĂďŽƵƚĂ ĞĂůůŽƌĂƵŶŶĞŐƌŽŶŝ͘ ƉƵĞƐ͕ƉſŶŐĂŵĞƵŶ ŶĞŐƌŽŶŝ͍ ŶĞŐƌŽŶŝ͘

' ^sd>E ŐƌŽǁƚĞƐƚŝĐůĞƐ͘ǀŽĚŬĂ͘ ŵĞƚƚŝŝƚĞƐƚŝĐŽůŝ͘ Yh/s>E ĠĐŚĂůĞƚĞƐƚşĐƵůŽƐ͘ Yh/s>E ǀŽĚŬĂ͘ ǀŽĚŬĂ͘

h^dKDZ ǁŚĂƚΖĚŝƚĞůůǇŽƵ͍ ĐŚĞĚŝƚĞ͕ƵŶĐůĂƐƐŝĐ͍ ƋƵĠŽƐĚŝũĞ͍ƵŶďĂƌ ĐůĂƐƐŝĐ͕ƌŝŐŚƚ͍΀ůĂƵŐŚƐ΁ ΀ůĂƵŐŚƐ΁ ĐůĄƐŝĐŽ͘΀ůĂƵŐŚƐ΁

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ǁŚĂƚΖƐǁŝƚŚĂůůƚŚĞ ƉĞƌĐŚĠĐŽƐŞƚĂŶƚŝ ƋƵŝĠŶĞƐƐŽŶĞƐŽƐ ůƵŵďĞƌũĂĐŬƐ͍ ƚĂŐůŝĂůĞŐŶĂ͍ ůĞŹĂĚŽƌĞƐĚĞĂŚş͍

dKDDz ƵƌďĂŶƉŝŽŶĞĞƌƐ͘ƚŚĞǇ ƉŝŽŶŝĞƌŝƵƌďĂŶŝ͘ ƐŽŶƉŝŽŶĞƌŽƐ ŽǀĞƌƉĂǇĨŽƌĚƌŝŶŬƐ͕ ƐƚƌĂƉĂŐĂŶŽŝĚƌŝŶŬ͘ ƵƌďĂŶŽƐ͘ƉĂŐĂŶƵŶĂ ^^ ůŝŬĞƚŽďĞĂďƵƐĞĚ͕ ĂŵĂŶŽĞƐƐĞƌĞ Yh/s>E ƉĂƐƚĂƉŽƌůĂƐĐŽƉĂƐ͕ Yh/s>E ĂŶĚůŽǀĞƚŚĞƐĞĐƵƌƌǇ ŵĂůƚƌĂƚƚĂƚŝĞ ůĞƐŐƵƐƚĂƋƵĞůĞƐ ŵƵŶĐŚĞƌĨůŝĐŬƐ͘ ĂĚŽƌĂŶŽŝĨŝůŵŝŶĚŝĂŶŝ ŝŶƐƵůƚĞŶǇůĞƐ ĚĞůĐĂǌǌŽ͘ ĞŶĐĂŶƚĂŶůĂƐƉĞůŝƐĚĞ E DW>/&/d/KE ůŽƐĐŽŵĞĐƵƌƌǇ͘ Yh/s>E

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Z Z> ǇŽ͕ǁŚĂƚΖƐƵƉ͕ŵǇ ǇŽ͕ĐŽŵĞǀĂŶĞŐƌŽ͍ Yh/s>E ĞŚ͕ƋƵĠƉĂƐĂ͕ŶĞŐƌŽ͍ >/D/Ed/KE ŶŝŐŐĂ͍

Z >/D ĐƌĂĐŬĞƌ͘ ƉĞƚĂƌĚŝ͘ >/D/Ed/KE ŐĂůůĞƚĂ͘ >/D/Ed/KE

hŶŝǀĞƌƐŝƚǇĐĂŵƉƵƐ;ĚŽƌŵƐͿ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

>/WΖ^DddK>/W ďƵƚǇŽƵƐŚŽƵůĚ ŵĂĚŽǀƌĞƐƚŝƐĐŽƉĂƌĞ ĚĞƚŽĚŽƐŵŽĚŽƐ͕ ĚĞĨŝŶŝƚĞůǇďĞůŝŶŝŶŐƵƉ ĐŽŶƵŶĂĨŝĐĂĚŝĞƚă ĚĞďĞƌşĂƐŚĂĐĞƌƚĞĐŽŶ ' ƐŽŵĞĂŐĞ ƉŝƶĂƉƉƌŽƉƌŝĂƚĂ͘ DW>/&/d/KE ƵŶĂƚşĂŵĄƐĚĞƚƵ D/d/'d/KE ĂƉƉƌŽƉƌŝĂƚĞĚŽƌŵ ƚŝĞŶŝůĂƉƌŽŶƚĂƉĞƌ ĞĚĂĚ͘ůĂƚĞŶĚƌşĂĚĞ ƐŶĂƚĐŚ͘ŚĂǀĞŝƚŝŶ ƋƵĂŶĚŽůĂƉƌŽĨ ƌĞƐĞƌǀĂƉĂƌĂĐƵĂŶĚŽ ǇŽƵƌƉŽĐŬĞƚĨŽƌ ƉĞƌǀĞƌƚŝƚĂƚŝĚĂďƵĐĂ͘ ůĂƉƌŽĨĞĐĂĐŚŽŶĚĂ ǁŚĞŶ͕ƵŚ͕ƉƌŽĨĞƐƐŽƌ ƉĂƐĞĚĞƚŝ͘ ŬŝŶŬǇďĂŝůƐŽŶǇŽƵ͘

ƋƵĂƌŝƵŵ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&/KE ΀ĐŚƵĐŬůĞƐ΁ĞǀĞƌǇďŽĚǇ ΀ĐŚƵĐŬůĞƐ΁ƚƵƚƚŝ ΀ĐŚƵĐŬůĞƐ΁ƚŽĚŽĞů ŚĂƚĞƐƚŚĞŝƌďŽƐƐ͘ ŽĚŝĂŶŽŝůĐĂƉŽ͘ğ ŵƵŶĚŽŽĚŝĂĂƐƵũĞĨĞ͘ ƚŚĂƚΖƐ͕ůŝŬĞ͕ƉĂƌƚŽĨ ƋƵĂƐŝƉĂƌƚĞĚĞůůĂ ĞƐĞĞƐƵŶŽĚĞůŽƐ ƚŚĞĂůůĂŵĞƌŝĐĂŶ ĐŽƐƚŝƚƵǌŝŽŶĞ͘ǀŝƚĂ͕ ĚĞƌĞĐŚŽƐ ďŝƌƚŚƌŝŐŚƚ͘ŝƚΖƐůŝĨĞ͕ ůŝďĞƌƚă͕ƌŝĐĞƌĐĂĚĞůůĂ ĨƵŶĚĂŵĞŶƚĂůĞƐ͕ĂůĂ ůŝďĞƌƚǇ͕ƚŚĞƉƵƌƐƵŝƚŽĨ ĨĞůŝĐŝƚăĞŽĚŝŽƉĞƌŝů ǀŝĚĂ͕ĂůĂůŝďĞƌƚĂĚĂ ŚĂƉƉŝŶĞƐƐ͕ĂŶĚ ĨŽƚƚƵƚŽƐƚƌŽŶǌŽƉĞƌ ďƵƐĐĂƌůĂĨĞůŝĐŝĚĂĚǇĂ ŚĂƚŝŶŐƚŚĞĨƵĐŬŝŶŐ ĐƵŝĚĞǀŝůĂǀŽƌĂƌĞ͘ ŽĚŝĂƌĂůŐŝůŝƉŽůůĂƐƉĂƌĂ ĂƐƐŚŽůĞƚŚĂƚǇŽƵŚĂǀĞ ĞůƋƵĞƚƌĂďĂũĂƐ͘ ƚŽǁŽƌŬĨŽƌ͘

^E ǁĞůů͕ǇŽƵĂůƌĞĂĚǇ ďĞŚ͕ƚƵŚĂŝŐŝăƵŶ ďƵĞŶŽ͕ƚĞƌĞĐƵĞƌĚŽ ŚĂǀĞĂĨĞůŽŶǇ ƌĞĂƚŽĂƚƵŽĐĂƌŝĐŽĞ ƋƵĞƚƷƚŝĞŶĞƐ ĐŽŶǀŝĐƚŝŽŶ͕ĂŶĚ ůĞƉĞƌƐŽŶĞŶŽŶƚŝ ĂŶƚĞĐĞĚĞŶƚĞƐ ƉĞŽƉůĞĂƌĞŐŽŶŶĂďĞ ĚĂƌĂŶŶŽƵŶĂĐŚĂŶĐĞ ƉĞŶĂůĞƐǇŵƵĐŚĂ ^^ ƌĞůƵĐƚĂŶƚƚŽŐŝǀĞǇŽƵ ŵĂĐŽŶ Yh/s>E ŐĞŶƚĞƐĞƌşĂƌĞĂĐŝĂĂ Yh/s>E ĂĐŚĂŶĐĞ͕ďƵƚǁŝƚŚĂ ƵŶ͛ĞƐƉĞƌŝĞŶǌĂĚĞů ĚĂƌƚĞƵŶĞŵƉůĞŽ͕ ůŝƚƚůĞŵĂŶĂŐĞŵĞŶƚ ŐĞŶĞƌĞƐƵůĐƵƌƌŝĐƵůƵŵ ƉĞƌŽƐŝƚƵǀŝĞƌĂƐ ĞǆƉĞƌŝĞŶĐĞŽŶǇŽƵƌ ĞǆƉĞƌŝĞŶĐŝĂĐŽŵŽ ƌĞƐƵŵĞ ĞŶĐĂƌŐĂĚĂ

&/KE ΀ƐĐŽĨĨƐ΁ ΀ƐĐŽĨĨƐ΁ ΀ƐĐŽĨĨƐ΁

^E ŝƚΖůůŵĂŬĞƚŚĂƚŶĞǆƚ ƚƌŽǀĂƌĞůĂǀŽƌŽƐĂƌă ƚĞƐĞƌşĂŵĄƐĨĄĐŝů ũŽďĞĂƐŝĞƌƚŽŐĞƚ͘ ƉŝƶĨĂĐŝůĞ͘ ĐŽŶƐĞŐƵŝƌƚƌĂďĂũŽ͘

DERUWLRQUXOHV 6HDVRQ(SLVRGH zĂŶŝƐΖƐďĂĐŬǇĂƌĚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

zE/^ ƚŚĞƐĞƚǁŽƌƵŐͲ ƋƵĞůůĞůĞƐďŝĐŚĞůĞĐĐĂ ĞƐƚĂƐĚŽƐďŽůůĞƌĂƐĚĞ ^K ĐŚŽŵƉŝŶŐĚǇŬĞďĂƚƐ ĨŝĐĂĚŝŵĞƌĚĂŚĂŶŶŽ Yh/s>E ŵŝĞƌĚĂŚĂŶŚĞĐŚŽ Yh/s>E ĐĂůůĞĚĂŶŝŵĂůƐĞƌǀŝĐĞƐ ĐŚŝĂŵĂƚŽůĂ ƋƵĞůŽƐĚĞůĂƉĞƌƌĞƌĂ ŽŶŵǇďĂďŝĞƐ͊ ƉƌŽƚĞǌŝŽŶĞĂŶŝŵĂůŝ ƐĞůůĞǀĞŶĂŵŝƐďĞďĞƐ͘ ƉĞƌŝŵŝĞŝďĂŵďŝŶŝ͘

<s/E ĂůůƌŝŐŚƚ͕ĂůůƌŝŐŚƚ͊ Ě͛ĂĐĐŽƌĚŽ͊ĂĚĞƐƐŽ ĞŚ͕ƚƌĂŶƋƵŝůŽ͘ŚĂǌĞů ǁŽƵůĚǇŽƵũƵƐƚĐĂůŵ ĚĂƚƚŝƵŶĂĐĂůŵĂƚĂĞ ĨĂǀŽƌĚĞĐĂůŵĂƌƚĞǇ ĚŽǁŶ͕ĂŶĚƚĞůůŵĞ ƌĂĐĐŽŶƚĂŵŝƚƵƚƚŽ ĚĞĐŽŶƚĂƌŵĞůĂ ƚŚĞƐƚŽƌǇǁŝƚŚŽƵƚƚŚĞ ůĂƐĐŝĂŶĚŽŝŶƉĂĐĞŝ ŚŝƐƚŽƌŝĂƐŝŶŵĞƚĞƌƚĞ

ŐĂǇďĂƐŚŝŶŐ͍ ŐĂǇ͘ ĐŽŶĞůůĂƐ͘

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

<s/E ǁŚĞƌĞΖĚǁĞŐĞƚĂŶ ĚŝĐŚŝğůĂŵĂĐĐŚŝŶĂ ĚĞĚſŶĚĞŚĂƐĂůŝĚŽ ĞƐƉƌĞƐƐŽŵĂĐŚŝŶĞ͍ ƉĞƌů͛ĞƐƉƌĞƐƐŽ͍ ĞƐƚĂŵĄƋƵŝŶĂĚĞ ĐĂĨĠ͍

^sd>E ƵŚ͕ĐĂƌůĂŶĚďŝŐƐĐĂƌǇ ĐĂƌůĞƚŝǌŝŽŐƌŽƐƐŽĞ ĐĂƌůǇĞůŶĞŐƌĂƚĂ ĐŽůŽƌĞĚŵĂŶ͕ƚŚĞǇ ŶĞŐƌŽƌƵďĂƚĂŝŶƵŶ ĞŶŽƌŵĞƋƵĞĚĂ Z ƐƚĞĂůĨƌŽŵĨĂŶĐǇ ďĂƌĚŝůƵƐƐŽ͘ Yh/s>E ŵŝĞĚŽůĂƌŽďĂƌŽŶĚĞ Yh/s>E ĐŽĨĨĞĞƉůĂĐĞ͘ ƵŶƐŝƚŝŽƉŝũŽ͘

<s/E ƐǀĞƚ͕ǇŽƵĚŽ ƐǀĞƚůĂŶĂ͕ƚŝƌŝĐŽƌĚŝ ƐǀĞƚ͕ƚƷƚĞĂĐƵĞƌĚĂƐ ƌĞŵĞŵďĞƌƚŚĂƚŵǇ ĐŚĞŵŝĂŵŽŐůŝĞğĚŝ ĚĞƋƵĞŵŝŵƵũĞƌĞƐ ǁŝĨĞŝƐďůĂĐŬ͕ƌŝŐŚƚ͍ ĐŽůŽƌĞ͕ǀĞƌŽ͍ ŶĞŐƌĂ͕ǀĞƌĚĂĚ͍

^sd>E ƐŽ͍ ĂůůŽƌĂ͍ ǇƋƵĠ͍

^ĐŚŽŽů͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/ ŵƌƐƵůůŝǀĂŶ͍ ƐŝŐŶŽƌƐƵůůŝǀĂŶ͍ ƐĞŹŽƌƐƵůůŝǀĂŶ͍

DZ^h>>/sE ǇĞƐ͕ĚĞďŽƌĂŚ͍ ƐŞ͕ĚĞďŽƌĂŚ͍ Ɛş͕ĚĞďŽƌĂŚ͍

/ ŝŶĞĞĚƚŽŐŽĐŚĂŶŐĞ ĚĞǀŽĂŶĚĂƌĞĂ ĞŚŵ͕ƚĞŶŐŽƋƵĞŝƌĂ ŵǇďĂďǇ͘ ĐĂŵďŝĂƌĞůĂŵŝĂ ĐĂŵďŝĂƌĂŵŝďĞďĠ͘ ďĂŵďŝŶĂ͘

DZ^h>>/sE ǁŚĂƚ͍ ĐŽƐĂ͍ ƋƵĠ͍

/ ƐŚĞΖƐǁĞƚ͘ ğďĂŐŶĂƚĂ͘ ƐĞŚĂŚĞĐŚŽƉŝƐ͘

DZ^h>>/sE ǇŽƵƌĞĂůŝǌĞƚŚĂƚΖƐĂ ůŽƐĂŝĐŚĞƋƵĞůůŽğƵŶ ƐĂďĞƐƋƵĞĞƐŽĞƐƵŶ ďĂŐŽĨĨůŽƵƌŝŶĂ ƉĂĐĐŽĚŝĨĂƌŝŶĂĐŽŝ ƉĂƋƵĞƚĞĚĞŚĂƌŝŶĂ ĚƌĞƐƐ͕ƌŝŐŚƚ͍ ǀĞƐƚŝƚŝ͕ƐŞ͍ ĐŽŶƵŶǀĞƐƚŝĚŽ͕ ǀĞƌĚĂĚ͍

/ ŽŚ͕ĚƵŚ͘ŝΖŵ ŽŚ͕ĐĞƌƚŽ͘ĨĂĐĐŝŽ ĞŚŵ͕ĐůĂƌŽ͘ĞƐƚŽǇ ƉƌĂĐƚŝĐŝŶŐĨŽƌǁŚĞŶŝ ƉƌĂƚŝĐĂƉĞƌƋƵĂŶĚŽ ƉƌĂĐƚŝĐĂŶĚŽƉĂƌĂ ŚĂǀĞŵǇƌĞĂůďĂďǇ͘ ĂǀƌžƵŶĨŝŐůŝŽǀĞƌŽ͘ ĐƵĂŶĚŽƚĞŶŐĂĞůĚĞ ǀĞƌĚĂĚ͘

DZ^h>>/sE ǁĞůů͕ũƵƐƚďĞĐĂƵƐĞ ƐŽůŽƉĞƌĐŚĠƚŝƐĞŝ ŵŝƌĂ͕ƋƵĞŚĂǇĂƐ ǇŽƵŐŽƚǇŽƵƌƐĞůĨ ĨĂƚƚĂŝŶŐƌĂǀŝĚĂƌĞŶŽŶ ĚĞũĂĚŽƋƵĞƚĞŚĂŐĂŶ ŬŶŽĐŬĞĚƵƉĚŽĞƐŶΖƚ ƐŝŐŶŝĨŝĐĂĐŚĞĂǀƌĂŝƵŶ ƵŶŶŝŹŽ͕ŶŽƚĞĚĂ ŵĞĂŶǇŽƵƐŚŽƵůĚ ƚƌĂƚƚĂŵĞŶƚŽĚŝ ŶŝŶŐƷŶƉƌŝǀŝůĞŐŝŽ '/D ŚĂǀĞƐƉĞĐŝĂů ĨĂǀŽƌĞƌŝƐƉĞƚƚŽĂ Yh/s>E ƐŽďƌĞůĂƐĚĞŵĄƐ Yh/s>E ƉƌŝǀŝůĞŐĞƐŽǀĞƌƚŚĞ ƋƵĞůůĞĐŚĞƌŝĞƐĐŽŶŽĂ ĂůƵŵŶĂƐƋƵĞŚĂŶ ŽƚŚĞƌƐƚƵĚĞŶƚƐǁŚŽ ƚĞŶĞƌĞĂůůĂĐĐŝĂƚŝŝ ƐĂďŝĚŽĐĞƌƌĂƌƐĞĚĞ ŵĂŶĂŐĞĚƚŽŬĞĞƉŝƚ ƉĂŶƚĂůŽŶŝ͘Ě͛ĂĐĐŽƌĚŽ͕ ƉŝĞƌŶĂƐ͘͘ǀĂůĞ͕ǀĞƚĞ͘ ŝŶƚŚĞŝƌƉĂŶƚƐ͘͘ĨŝŶĞ͕ ǀĂŝ͘ ŐŽ͘

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

sZKE/ ĨŝŽŶĂΖƐƐƉŝŶŶŝŶŐŽƵƚ ĨŝŽŶĂğĨƵŽƌŝĚŝƚĞƐƚĂ ĨŝŽŶĂĞƐƚĄŚŝƐƚĠƌŝĐĂ ĂďŽƵƚĚĞďďŝĞďĞŝŶŐ ƉĞƌĐŚĠĚĞďďŝĞğ ƉŽƌůŽĚĞůĞŵďĂƌĂǌŽ ƉƌĞŐŶĂŶƚ͘ǁĂŶƚƐŵĞ ŝŶĐŝŶƚĂĞǀƵŽůĞĐŚĞůĞ ĚĞĚĞďďŝĞ͘ƋƵŝĞƌĞ ƚŽďƌŝŶŐŚĞƌĂŶ ƉŽƌƚŝƵŶĐĂůŵĂŶƚĞ͘ ƋƵĞůĞůůĞǀĞĂƚŝǀĂŶ͘ ĂƚŝǀĂŶ͘

<s/E ǇĞĂŚ͕ǁĞůů͕ŝΖŵ ƐŞ͕ďĞŚ͕ƐŽŶŽĨƵŽƌŝĚŝ ǇŽƚĂŵďŝĠŶĨůŝƉŽƉŽƌ ƐƉŝŶŶŝŶŐŽƵƚĂďŽƵƚ ƚĞƐƚĂĂŶĐŚ͛ŝŽ͘ƚƌĂ ůŽĚĞƐƵĞŵďĂƌĂǌŽ͘ ĚĞďďŝĞďĞŝŶŐ ƋƵĂůĐŚĞĂŶŶŽ ĚĞŶƚƌŽĚĞƵŶŽƐĂŹŽƐ ƉƌĞŐŶĂŶƚƚŽŽ͘ĚŽǇŽƵ ƉŽƚƌĞďďĞƚŽĐĐĂƌĞĂ ƉŽĚƌşĂƉĂƐĂƌůĞƐĂ ŬŶŽǁŝŶĂĐŽƵƉůĞ ŐĞŵŵĂŽĂŵǇ͘ ŐĞŵŵĂǇĂĂŵǇ͘ ǇĞĂƌƐƚŚĂƚĐŽƵůĚďĞ ŐĞŵŵĂŽƌĂŵǇ͍

sZKE/ ŶŽƚǁŝƚŚƚŚĞĐŚĂƐƚŝƚǇ ŶŽŶĐŽŶůĞĐŝŶƚƵƌĞĚŝ ŶŽĐŽŶůŽƐĐŝŶƚƵƌŽŶĞƐ ' ďĞůƚƐǁĞΖƌĞŐŽŶŶĂ ĐĂƐƚŝƚăĐŚĞŐůŝ Yh/s>E ĚĞĐĂƐƚŝĚĂĚƋƵĞůĞƐ Yh/s>E ƉƵƚŽǀĞƌƚŚĞŝƌ ŵĞƚƚĞƌĞŵŽ͘ ǀŽǇĂƉŽŶĞƌ͘ ǀĂŐŝŶĂƐ͘

,ŽƐƉŝƚĂů͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

KdKZ ďŝĂŶĐĂŚĂĚĐĂŶĐĞƌ͘ ďŝĂŶĐĂĂǀĞǀĂŝů ďŝĂŶĐĂƚĞŶşĂĐĄŶĐĞƌ͘ ƚŚĂƚΖƐƚŚĞŽŶůǇƌĞĂƐŽŶ ĐĂŶĐƌŽ͘ğů͛ƵŶŝĐĂ ĞƌĂůĂƷŶŝĐĂƌĂǌſŶĚĞ ƐŚĞůŽŽŬĞĚĂƚǇŽƵ ƌĂŐŝŽŶĞƉĞƌĐƵŝƚŝ ƋƵĞƚĞŵŝƌĂƌĂĂƐş͘͘ƚĞ ƚŚĂƚǁĂǇ͘͘ĚŝĚŶΖƚǇŽƵ ŐƵĂƌĚĂǀĂĐŽƐŞ͘͘ƚŝƐĞŝ ŚĂƐƉƌĞŐƵŶƚĂĚŽ ĞǀĞƌĂƐŬǇŽƵƌƐĞůĨ ĐŚŝĞƐƚŽƉĞƌĐŚĠƵŶĂ ƉŽƌƋƵĞĂůŐƵŝĞŶĐŽŶ ǁŚǇƐŽŵĞŽŶĞǁŝƚŚ ƉĞƌƐŽŶĂĐŽůƐƵŽ ĠǆŝƚŽ͕ďĞůůĞǌĂǇ ŚĞƌƐƵĐĐĞƐƐ͕ďĞĂƵƚǇ͕ ƐƵĐĐĞƐƐŽ͕ďĞůůĞǌǌĂĞ ĞĚƵĐĂĐŝſŶƐĞ ĂŶĚĞĚƵĐĂƚŝŽŶǁŽƵůĚ ĞĚƵĐĂǌŝŽŶĞĨŽƐƐĞ ŝŶƚĞƌĞƐſƉŽƌƚŝ͍ ďĞŝŶƚĞƌĞƐƚĞĚŝŶǇŽƵ͍ ŝŶƚĞƌĞƐƐĂƚĂĂƚĞ͍

^ Yh/s>E Yh/s>E

&ZE< ĂůůƚŚĞƚŝŵĞ͘ ĐŽŶƚŝŶƵĂŵĞŶƚĞ͘ ĐŽŶƚŝŶƵĂŵĞŶƚĞ͘

^ĐŚŽŽů͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

d,Z ǁŚŽƚŚĞŚĞůůĂƌĞǇŽƵ͍ ĞƚƵĐŚŝĚŝĂǀŽůŽƐĞŝ͍ ƋƵŝĠŶĞƌĞƐƚƷ͍

Z> ŚĞΖƐǁŝƚŚŵĞ͘ ůƵŝğĐŽŶŵĞ͘ ǀŝĞŶĞĐŽŶŵŝŐŽ͘

d,Z ŚĞĚŽĞƐŶΖƚďĞůŽŶŐ ŝůƐƵŽƉŽƐƚŽŶŽŶğ ŶŽƉƵĞĚĞĞƐƚĂƌĂƋƵş͘ ŚĞƌĞ͘ ƋƵŝ͘

Z^ Z> ďĞĐĂƵƐĞŚĞΖƐďůĂĐŬ͍ ƉĞƌĐŚĠğŶĞƌŽ͍ Yh/s>E ƉŽƌƋƵĞĞƐŶĞŐƌŽ͍ Yh/s>E

d,Z ŶŽ͕ďĞĐĂƵƐĞŚĞůŽŽŬƐ ŶŽ͕ƉĞƌĐŚĠĂǀƌă ƉŽƌƋƵĞƚŝĞŶĞƚƌĞŝŶƚĂ ƚŚŝƌƚǇĨŝǀĞ͘ ƚƌĞŶƚĂĐŝŶƋƵĞĂŶŶŝ͘ ǇĐŝŶĐŽĂŹŽƐ͘

^ĐŚŽŽů͘

/K>K'/> ,ZdZ Ks /s ^dZd'z ^s ^dZd'z DZ<

/ ǇŽƵŐŽŶŶĂƚƌǇƚŽƚĂůŬ ƉĞƌĐŽŶǀŝŶĐĞƌŵŝĂ ƉĂƌĂŝŶƚĞŶƚĂƌ ŵĞŝŶƚŽŐĞƚƚŝŶŐƌŝĚŽĨ ƐďĂƌĂǌǌĂƌŵŝĚĞůůĂŵŝĂ ĐŽŶǀĞŶĐĞƌŵĞĚĞƋƵĞ ŵǇďĂďǇ͍ ďĂŵďŝŶĂ͍ ŵĞůŝďƌĞĚĞůďĞďĠ͍

>/W ǇĞĂŚ͕ƚŚĂƚǁĂƐƚŚĞ ĞƌĂƋƵĞƐƚŽŝůƉŝĂŶŽ͘ ĞƐĞĞƌĂĞůƉůĂŶ͘ ƉůĂŶ͘

/ ŶŝĐĞƚƌǇ͘ ďĞůƚĞŶƚĂƚŝǀŽ͘ ƐĞŚĂŶŽƚĂĚŽ͘

>/W ŵŵŚŵŵ͘ǇĞĂŚ͕ŝŚĂĚ ŵŵŚŵŵ͘ŚŽ ŵŵŚŵŵ͘ƚĞŶşĂ ĂǁŚŽůĞƐƉĞĞĐŚ͘ǇŽƵ ƉƌĞƉĂƌĂƚŽƵŶ ŚĂƐƚĂƵŶĚŝƐĐƵƌƐŽ͘ƚĞ ŬŶŽǁ͕ĂďŽƵƚŶŽƚ ĚŝƐĐŽƌƐŽ͘ƐƵĐŽŵĞ ŝďĂĂĚĞĐŝƌƋƵĞŶŽ ǁĂŶƚŝŶŐǇŽƵƚŽďĞ ŽĚŝĞƌĞƐƚŝĞƐƐĞƌĞůĂ ƋƵĞƌşĂƋƵĞĨƵĞƌĂƐĚĞ ƚŚĞŐŝƌůĂƚĐŽƐƚĐŽ͕ ƌĂŐĂǌǌĂĚĞůĚŝƐĐŽƵŶƚ͕ ĞƐĂƐƋƵĞǀĞŽĞŶĞů ƚŚƌĞĞŬŝĚƐŚĂŶŐŝŶŐŽĨĨ ĐŽŶƚƌĞĨŝŐůŝĂƚƚĂĐĐĂƚŝ ƐƵƉĞƌ͕ĐŽŶƚƌĞƐĐƌşŽƐ ǇŽƵƌƐŚŽƉƉŝŶŐĐĂƌƚ͕Ă ĂůĐĂƌƌĞůůŽĚĞůůĂ ĐŽůŐĂĚŽƐĚĞůĐĂƌƌŽĚĞ ĨŝƐƚĨƵůŽĨĨŽŽĚƐƚĂŵƉƐ͕ ƐƉĞƐĂ͘ĐŽŶŝŶŵĂŶŽŝ ůĂĐŽŵƉƌĂ͕ƵŶ ĨŝĨƚǇƉŽƵŶĚŚĞĂǀŝĞƌ ďƵŽŶŝƉĂƐƚŽ͕ĞĐŽŶ ƉƵŹĂĚŽĚĞĐƵƉŽŶĞƐ ǇŽƵŬŶŽǁ͕ĚĞƐƉĞƌĂƚĞ ǀĞŶƚŝĐŚŝůŝŝŶƉŝƶ͘ƵŶĂ ĚĞƐĐƵĞŶƚŽ͕ǀĞŝŶƚĞŬŐ ũƵƐƚƚŽĨŝŶĚ ĚŝƐƉĞƌĂƚĂĐŚĞĐĞƌĐĂ ŵĄƐŐŽƌĚĂƐǇ ƐŽŵĞďŽĚǇƚŽƚĂŬĞ ƵŶƵŽŵŽĐŚĞƐĞŶĞ ĚĞƐĞƐƉĞƌĂĚĂƐƉŽƌ ĐĂƌĞŽĨǇŽƵ͘ ƉƌĞŶĚĂĐƵƌĂ͘ ĞŶĐŽŶƚƌĂƌĂĂůŐƵŝĞŶ ƋƵĞĐƵŝĚĞĚĞĞůůĂƐ͘

'^ DW>/&/d/KE Yh/s>E

/ ŐŽŽĚŽŶĞ͘ ďĞůĚŝƐĐŽƌƐŽ͘ ĞƐďƵĞŶŽ͘

>/W ŝũƵƐƚǁĂŶƚǁŚĂƚΖƐ ǀŽŐůŝŽƐŽůŽŝůŵĞŐůŝŽ ƐŽůŽƋƵŝĞƌŽůŽŵĞũŽƌ ďĞƐƚĨŽƌǇŽƵ͕ĚĞďƐ͘ ƉĞƌƚĞ͕ĚĞďƐ͘ ƉĂƌĂƚŝ͕ĚĞďƐ͘

EĂŝůƐĂůŽŶ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

dEz ǇŽƵƐĐĂƌĞĚŚŝŵ͘ŚĞ ŐůŝŚĂŝĨĂƚƚŽƉĂƵƌĂ͘ ůĞĂƐƵƐƚĂƐƚĞ͕ĚĞďďŝĞ͘ ǁĂŶƚƐƚŽŐŽƚŽƚŚĞĂŝƌ ǀƵŽůĞĨĂƌĞ ĠůƋƵŝĞƌĞŝƌĂůĂ ĨŽƌĐĞĂĐĂĚĞŵǇ͘ĚĞƌĞŬ ů͛ĂĐĐĂĚĞŵŝĂ ĂĐĂĚĞŵŝĂĚĞůĂŝƌĞ͘ ǁĂŶƚƐƚŽďĞĂƉŝůŽƚ͘ ĂĞƌŽŶĂƵƚŝĐĂ͘ǀƵŽůĞ ƋƵŝĞƌĞƐĞƌƉŝůŽƚŽ͘ ĚŝǀĞŶƚĂƌĞƵŶƉŝůŽƚĂ͘

/ ŚĞǁĂŶƚƐƚŽďĞĂ ǀƵŽůĞĨĂƌĞŝůƉŝůŽƚĂ͍ ƋƵŝĞƌĞƐĞƌƉŝůŽƚŽ͍

ƉŝůŽƚ͍

dEz ǇĞĂŚ͘ŚĞΖƐǁĂŶƚĞĚƚŽ ƐŞ͕ğŝůƐƵŽƐŽŐŶŽĚĂ Ɛş͕ƋƵŝĞƌĞƐĞƌůŽĚĞƐĚĞ ƐŝŶĐĞŚĞǁĂƐĂŬŝĚ͕ ƋƵĂŶĚŽĞƌĂƉŝĐĐŽůŽ͘ ƋƵĞĞƌĂƉĞƋƵĞŹŽ͘ŶŽ ďƵƚǇŽƵĚŝĚŶΖƚŬŶŽǁ ŶŽŶůŽƐĂƉĞǀŝ͕ǀĞƌŽ͍ ůŽƐĂďşĂƐ͕ǀĞƌĚĂĚ͍ ƚŚĂƚ͕ĚŝĚǇŽƵ͍ ƉĞƌĐŚĠŶŽŶŐůŝŚĂŝ ƉŽƌƋƵĞŶƵŶĐĂůĞŚĂƐ ďĞĐĂƵƐĞǇŽƵŶĞǀĞƌ ĐŚŝĞƐƚŽĐŽƐĂǀŽůĞǀĂ ƉƌĞŐƵŶƚĂĚŽŶĂĚĂ ĂƐŬĞĚŚŝŵĂďŽƵƚ ůƵŝ͘ƚŝŝŶƚĞƌĞƐƐĂǀĂƐŽůŽ ƐŽďƌĞĠů͘ƐŽůŽƚĞ ŚŝŵƐĞůĨ͘ǇŽƵŽŶůǇ ĚĞůďĂŵďŝŶŽ͘ŝƌĂŐĂǌǌŝ ŝŵƉŽƌƚĂďĂĞůďĞďĠ͘Ă ĐĂƌĞĚĂďŽƵƚƚŚĞďĂďǇ͘ ǀŽŐůŝŽŶŽĞƐƐĞƌĞ ůŽƐĐŚŝĐŽƐŚĂǇƋƵĞ ŐƵǇƐǁĂŶƚƚŽĨĞĞů ĂƉƉŽŐŐŝĂƚŝ͕ŶŽŶ ĂƉŽǇĂƌůŽƐ͕ŶŽ ƐƵƉƉŽƌƚĞĚ͕ŶŽƚ ŝŶƚƌĂƉƉŽůĂƚŝ͘ ĂƚƌĂƉĂƌůŽƐ͘ ƚƌĂƉƉĞĚ͘

' Yh/s>E Yh/s>E

/ ŝ͕ŝĚŝĚŶΖƚŵĞĂŶƚŽ ŝŽŶŽŶǀŽůĞǀŽ ǇŽŶŽƋƵĞƌşĂ ƚƌĂƉŚŝŵ͘ ŝŶƚƌĂƉƉŽůĂƌůŽ͘ ĂƚƌĂƉĂƌůŽ͘

7KHIZRUG 6HDVRQ(SLVRGH ,ŽƐƉŝƚĂů͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

zE/^ ǇŽƵΖƌĞĂŐŽŽĚĨƌŝĞŶĚ͘ ƐĞŝƵŶĂŵŝĐŽ͕ĞƵŶ ĞƌĞƐƵŶďƵĞŶĂŵŝŐŽ͕ ĂůǁĂǇƐĂŐŽŽĚŵĂŶ͘ ďƌĂǀ͛ƵŽŵŽ͘ƐĞŝŐƌĞĐŽ ǇƵŶďƵĞŶŚŽŵďƌĞ͘ ǇŽƵΖƌĞŐƌĞĞŬĨŽƌƐƵƌĞ͘ ĚŝƐŝĐƵƌŽ͘ ĞƐŽĞƐƚĄĐůĂƌŽ͘

sZKE/ ƐŽǁŚĞŶĂƌĞƚŚĞǇ ĂůůŽƌĂ͕ƋƵĂŶĚŽǀĂŝŝŶ ĐƵĄŶĚŽƚĞƉĂƐĂŶĂ ŐŽŶŶĂŵŽǀĞǇŽƵƚŽ ƌŝĂďŝůŝƚĂǌŝŽŶĞ͍ ƌĞŚĂďŝůŝƚĂĐŝſŶ͍ ƌĞŚĂď͍

zE/^ ŝΖŵŶŽƚŐŽŝŶŐƚŽ ŶŽŶĐŝǀĂĚŽ͕ƚŽƌŶŽĂ ŶŽǀŽǇĂ ƌĞŚĂď͘ŝΖŵŐŽŝŶŐ ĐĂƐĂŵŝĂ͘ŶŽŶŵŝĨŝĚŽ ƌĞŚĂďŝůŝƚĂĐŝſŶ͕ŵĞ ŚŽŵĞ͘ŝĚŽŶΖƚƚƌƵƐƚ ĚĞůŵĞĚŝĐŽŐŝĂůůŽŽ ǀŽǇĂĐĂƐĂ͘ŶŽŵĞ ƚŚĂƚĐŚŝŶŬĚŽĐƚŽƌŽƌ ĚĞůůĂĐŚĞĐĐĂ͘ŵĞŶĞ ŐƵƐƚĂĞƐĞŵĞĚŝĐŽ E ƚŚĞŐŝƌůǇŵĂŶ͘ǇŽƵ ĂŶĚƌžĚĂƋƵĞƐƚŽ Yh/s>E ĐŚŝŶŽŶŝĞů >/D/Ed/KE ďĞůŝĞǀĞƚŚŝƐƐŚŝƚ͕ ŝŶĨĞƌŶŽŽŐŐŝ͘Đŝ ĞŶĨĞƌŵĞƌŽŵĂƌŝĐſŶ͘ ' ĂĚĞůƉŚĞ͍ĞŝŐŚƚǇĞĂƌƐŝ ĐƌĞĚĞƌĞƐƚŝ͕ĂĚĞůƉŚĞ͍ ^h^d/dhd/KE ŵĞǀŽǇĚĞĞƐƚĞĂŶƚƌŽ ^h^d/dhd/KE ƐĞƌǀĞŝŶƚŚĞŵĂƌŝŶĞƐ͕ ŽƚƚŽĂŶŶŝŚŽƐĞƌǀŝƚŽ ŚŽǇƐŝŶĨĂůƚĂ͘ƚŽĚĂǀşĂ ŝǁĂůŬĂǁĂǇĨŝŶĞ͘ŝŐŽƚ ŶĞŝŵĂƌŝŶĞƐĞŶĞ ŶŽŵĞůŽĐƌĞŽ͘ƐĞƌǀş ƚŚĞƐĞƚǁŽŬƵŶĂƐŽŶ ƐŽŶŽƵƐĐŝƚŽƐĂŶŽ͘ ŽĐŚŽĂŹŽƐĞŶůŽƐ ƚŚĞƐŽƵƚŚƐŝĚĞŽĨ ĂƌƌŝǀĂŶŽĚƵĞǌƵůĞƐĂ ŵĂƌŝŶĞƐ͕ǇƌĞŐƌĞƐĠ ĐŚŝĐĂŐŽ͕ŝΖŵƌŽůůŝŶŐ ƐƵĚĚŝĐŚŝĐĂŐŽĞĚ ŝůĞƐŽ͕ǇůůĞŐĂŶĞƐƚĂƐ ŽƵƚŽĨŚĞƌĞŝŶĂ ĞƐĐŽƐƵƵŶĂĐĂǌǌŽĚŝ ĚŽƐĐŽŹĞƌĂƐĂ ŐŽĚĚĂŵŶĐŚĂŝƌ͘ ĐĂƌƌŽǌǌŝŶĂ͘ ŶƵĞƐƚƌŽďĂƌƌŝŽǇǀŽǇĂ ƐĂůŝƌĚĞĂƋƵşĞŶƐŝůůĂ ĚĞƌƵĞĚĂƐ͘

hŶŝǀĞƌƐŝƚǇĐĂŵƉƵƐ;ĚŽƌŵƐͿ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/E ƚŝƚƚǇĂƌƚ͘ƚƌǇŝŶŐƚŽ ĂƌƚĞĞƚĞƚƚĞ͘ǀƵŽŝĚŝƌĞ Ɛş͕ǇĐŽŶƐƵƐƚĞƚĂƐ͘ ŵĂŬĞƐƵƌĞĞǀĞƌǇŽŶĞ ĂƚƵƚƚŝĐŚĞƐĞŝĞƚĞƌŽ͍ ƋƵŝĞƌĞƐƋƵĞƚŽĚŽƐ ŬŶŽǁƐǇŽƵΖƌĞ ƐĞƉĂŶƋƵĞĞƌĞƐ ƐƚƌĂŝŐŚƚ͍ ŚĞƚĞƌŽ͍

^K^ >/W ƚŚĞƌĞΖƐƉůĞŶƚǇŽĨ ğƉŝĞŶŽĚŝŐĂǇƋƵŝ Yh/s>E ĂƋƵşŚĂǇŵƵĐŚŽƐ Yh/s>E ĚƵĚĞŽŶĚƵĚĞĂĐƚŝŽŶ ŝŶƚŽƌŶŽ͘ƚŝƚƌŽǀĞƌĂŝ ƌŽůůŽƐĞŶƚƌĞƚşŽƐ͕ŶŽ ĂƌŽƵŶĚŚĞƌĞ͘ǇŽƵΖůů ďĞŶĞ͘ ƚĞŝƌĄŵĂů͘ ĚŽĨŝŶĞ͘

^ƚƌĞĞƚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/ ǇĞĂŚ͕ďƵƚĨŝŽŶĂ ƐŞ͕ŵĂĨŝŽŶĂŶŽŶ Ɛş͕ƉĞƌŽĨŝŽŶĂŶŽ ĚŽĞƐŶΖƚǁĂŶƚƚŽŚĂǀĞ ǀƵŽůĞĂǀĞƌĞŝůƐƵŽĞ ƋƵŝĞƌĞƚĞŶĞƌůŽǇ ŚĞƌƐ͕ĂŶĚƐŚĞΖƐƚƌǇŝŶŐ ǀƵŽůĞĐŽŶǀŝŶĐĞƌĞ ĞŶĐŝŵĂƋƵŝĞƌŽƋƵĞǇŽ ƚŽĨŽƌĐĞŵĞƚŽŐĞƚƌŝĚ ĂŶĐŚĞŵĞĂůŝďĞƌĂƌŵŝ ƚĂŵďŝĠŶŵĞĚĞƐŚĂŐĂ ŽĨŵŝŶĞƚŽŽ͘ƐŚĞƐĂǇƐ ĚĞůŵŝŽ͘ƐŽŶŽƉŝĐĐŽůĂ͘ ĚĞůŵşŽ͘ĚŝĐĞƋƵĞƐŽǇ ŝΖŵƚŽŽǇŽƵŶŐ͘ ŵƵǇũŽǀĞŶ͘

&ZE< ƐŚĞΖƐǁƌŽŶŐ͘ ŚĂƚŽƌƚŽ͘ ƉƵĞƐƐĞĞƋƵŝǀŽĐĂ͘ ƐĐŝĞŶƚŝĨŝĐĂůůǇǁƌŽŶŐ͘ ƐĐŝĞŶƚŝĨŝĐĂŵĞŶƚĞ͕ŝŶ ĚĞƐĚĞĞůƉƵŶƚŽĚĞ ďŝŽůŽŐŝĐĂůůǇƐƉĞĂŬŝŶŐ͕ ƚĞƌŵŝŶŝďŝŽůŽŐŝĐŝ͕ƐĞŝ ǀŝƐƚĂďŝŽůſŐŝĐŽǇ ǇŽƵΖƌĞŝŶǇŽƵƌƉƌŝŵĞ Ăůů͛ŝŶŝǌŝŽĚĞŝƚƵŽŝĂŶŶŝ ĐŝĞŶƚşĨŝĐŽ͕ƚƷĞƐƚĄƐĞŶ

ĐŚŝůĚďĞĂƌŝŶŐǇĞĂƌƐ͘ ĨĞƌƚŝůŝ͘ŝŶƌĞĂůƚă͕ƵŶ ůĂĞĚĂĚƉĞƌĨĞĐƚĂƉĂƌĂ ĂĐƚƵĂůůǇ͕ĂůŝƚƚůĞ ƉŽ͛ŽůƚƌĞ͘ƐĞĨŝŽŶĂ ĐƌŝĂƌ͕ŝŶĐůƵƐŽ͕ǇĂĞƌĞƐ ďĞǇŽŶĚƚŚĞŵ͘ŝĨĨŝŽŶĂ ĂƐƉĞƚƚĂƚƌŽƉƉŽĂůůĂ ĂůŐŽŵĂǇŽƌ͘ƐŝĨŝŽŶĂ ǁĂŝƚƐŵƵĐŚůŽŶŐĞƌ͕ ĨŝŶĞĂǀƌăďĂŵďŝŶŝ ĞƐƉĞƌĂŵƵĐŚŽŵĄƐ͕ ƐŚĞΖƐŐŽŶŶĂŚĂǀĞ ƐŝŵŝůŝĂǁŽŵďĂƚŝ͘ůĞ ƐƵƐďĞďĞƐǀĂŶĂ ďĂďŝĞƐƚŚĂƚůŽŽŬůŝŬĞ ƐƵĞůĂďďƌĂ ƉĂƌĞĐĞƌŬŽĂůĂƐ͘ǇƐƵƐ ǁŽŵďĂƚƐ͘ŚĞƌůĂďŝĂ ĂƌƌŝǀĞƌĂŶŶŽĂůůĞ ůĂďŝŽƐŵĂǇŽƌĞƐůĞ ǁŝůůƐƚƌĞƚĐŚŚĂůĨǁĂǇ ŐŝŶŽĐĐŚŝĂĞƉĞƌ ĐĂĞƌĄŶŚĂƐƚĂůĂƐ ƚŽŚĞƌŬŶĞĞƐ͘ŵĞŶ ƌŝƵƐĐŝƌĞĂĨĂƌůĞƵŶ ƌŽĚŝůůĂƐ͘ůŽƐƋƵĞ ǁĂŶƚŝŶŐƚŽĚŽ ĐƵŶŶŝůŝŶŐƵƐ ƋƵŝĞƌĂŶŚĂĐĞƌůĞĞů ĐƵŶŶŝůŝŶŐƵƐǁŝůů ďŝƐŽŐŶĞƌăƵƐĂƌĞƵŶĂ ĐƵŶŶŝůŝŶŐƵƐĐĂƐŝŶŽ ƌĞƋƵŝƌĞĂƐƚƌĂǁ͘ŶŽ͕ ĐĂŶŶƵĐĐŝĂ͘ŶŽ͕ŶŽ͕ ƉŽĚƌĄŶƌĞƐƉŝƌĂƌ͘ŶŽ͕ ŶŽ͕ŶŽ͕ŶŽ͕ŶŽ͕ŶŽ͘ ŶŽ͕ŶŽ͕ŶŽ͕ğŝů ŶŽ͕ŶŽ͕ŶŽ͕ĞƐƚĞĞƐƚƵ ' ƚŚŝƐŝƐǇŽƵƌƚŝŵĞ͕ ŵŽŵĞŶƚŽ͕ĚĞďƐ͘Ğ Yh/s>E ŵŽŵĞŶƚŽ͕ĚĞďƐ͘ŶŽ Yh/s>E ĚĞďƐ͘ĚŽŶΖƚůĞƚ ŶŽŶůĂƐĐŝĂƌĞĐŚĞƚŝ ĚĞũĞƐƋƵĞŶĂĚŝĞƚĞ ĂŶǇŽŶĞƚĞůůǇŽƵ ĚŝĐĂŶŽŝůĐŽŶƚƌĂƌŝŽ͘ ĚŝŐĂůŽĐŽŶƚƌĂƌŝŽ͘ ĚŝĨĨĞƌĞŶƚůǇ͘

^ĐŚŽŽů͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

KD/E/Yh ŝĂůƌĞĂĚǇƚŽůĚǇŽƵĂŶĚ ůĂƐĐŝĂƚĞŵŝƐƚĂƌĞ͕ƚƵĞ ĂǀĞƌƐŝƚƷǇƚƵƐ ǇŽƵƌĐŽƌŶƌŽǁƐƚŽ ůĞƚƵĞƚƌĞĐĐĞ͘ ƚƌĞŶĐŝƚĂƐŵĞĚĞũĄŝƐ ůĞĂǀĞŵĞĂůŽŶĞ͘ ĞŶƉĂǌ͘

Z> ǁŚǇǇŽƵŐŽƚƚŽĚŝƐ ĐŚĞŚĂŶŶŽůĞƚƌĞĐĐĞ ŶŽƚĞŵĞƚĂƐĐŽŶŵŝ ƚŚĞƌŽǁƐ͍ƚŚĞǇŶĞǀĞƌ ƐĞŶŽŶůĂĐŽůƉĂĚŝ ƉĞůŽ͘ǇŽůŽƷŶŝĐŽƋƵĞ ĚŝĚŶŽƚŚŝŶŐďƵƚůŽǀĞ ĂŵĂƌƚŝ͍ ŚĂŐŽĞƐĂŵĂƌƚĞ͘ ǇŽƵ͘

KD/E/Yh ǁŚǇĂƌĞǇŽƵƚƌǇŝŶŐƚŽ ƉĞƌĐŚĠĨĂŝŝůĚƵƌŽ ƉŽƌƋƵĠƚĞŚĂĐĞƐĞů ƉůĂǇŚĂƌĚǁŚĞŶ ƋƵĂŶĚŽƐĞŝƐŽůŽƵŶ ĚƵƌŽƐŝƐŽůŽĞƌĞƐƵŶ ǇŽƵΖƌĞŶŽƚŚŝŶŐďƵƚĂ ďŝĂŶĐŽĐŚĞƐŝ ďůĂŶĐŽĚŝƐĨƌĂǌĂĚŽ͍ Z ǁŚŝƚĞďŽǇƉůĂǇŝŶŐ ƚƌĂǀĞƐƚĞ͍ Yh/s>E Yh/s>E Z^ ĚƌĞƐƐƵƉ͍ Yh/s>E Yh/s>E

Z> ǇŽƵŚƵƌƚŵĞ͕ ŵŝĨĞƌŝƐĐŝ͕ĚŽŵŝŶŝƋƵĞ͘ ĞƐŽŵĞĚƵĞůĞ͕ ĚŽŵŝŶŝƋƵĞ͘ǇŽƵŚƵƌƚ ŶĞůŵŝŽĐƵŽƌĞĞŶĞůůĂ ĚŽŵŝŶŝƋƵĞ͘ĞŶĞů ŵǇŚĞĂƌƚĂŶĚŵǇ ŵŝĂĂŶŝŵĂ͘ĐƌĞĚŝĐŚĞ ĐŽƌĂǌſŶǇĞŶĞůĂůŵĂ͘ ƐŽƵů͘ǇŽƵƚŚŝŶŬĐŽůŽƌΖƐ ŝůĐŽůŽƌĞƌŝŐƵĂƌĚŝƐŽůŽ ƚĞŝŵƉŽƌƚĂ ŶŽƚŚŝŶŐďƵƚĂƐŬŝŶ ůĂƉĞůůĞ͍ŵŝŽĨƌĂƚĞůůŽ ĚĞŵĂƐŝĂĚŽĞůƚŽŶŽĚĞ ƚŽŶĞ͘ǇŽƵƐĞĞŵǇ ŶŝĐŬğƐƚĂƚŽĚĞŶƚƌŽ ůĂƉŝĞů͘ǀĞƐĂŵŝ ďƌŽƚŚĞƌŶŝĐŬƚŚĞƌĞ͍ ĐŽŶŵĞ͘ǀĞĚĞŽůƚƌĞůĂ ŚĞƌŵĂŶŽŶŝĐŬ͍ ǁĞǁĂƐŝŶũƵǀŝĞ ŵŝĂƉĞůůĞ͘ŶĞůůĂŵŝĂ ĞƐƚƵǀŝŵŽƐũƵŶƚŽƐĞŶ ƚŽŐĞƚŚĞƌ͘ŚĞƐĞĞƐƉĂƐƚ ƐĐƵƌĂ͕ŶĞƌĂ͕ĂŶŝŵĂ͘ ĞůƚĂůĞŐŽ͘ǇĠůǀĞŵĄƐ ŵǇƐŬŝŶŝŶƚŽŵǇĚĂƌŬ͕ ĂůůĄĚĞŵŝƉŝĞů͘ǀĞŵŝ ďůĂĐŬƐŽƵů͘ ŽƐĐƵƌĂĂůŵĂĚĞ ŶĞŐƌŽ͘

/ ĐĂƌů͘ĨŝŽŶĂΖƐƉƌĞŐŶĂŶƚ ĐĂƌů͘ĨŝŽŶĂğŝŶĐŝŶƚĂ͘ ĐĂƌů͘ĨŝŽŶĂĞƐƚĄ ĂŶĚŝǁĂŶƚƚŚĞǁŚŽůĞ ǀŽƌƌĞŝĐŚĞůĂ ƉƌĞŹĂĚĂǇŚĂǇƋƵĞ ĨĂŵŝůǇƚŽƚĂůŬŚĞƌŝŶƚŽ ĐŽŶǀŝŶĐĞƐƐŝŵŽĂ ĐŽŶǀĞŶĐĞƌůĂĚĞƋƵĞ ŬĞĞƉŝŶŐŝƚ͘ǇŽƵŝŶ͍ ƚĞŶĞƌůŽ͘ĐŝƐƚĂŝ͍ ƚĞŶŐĂĞůďĞďĠ͘ƚĞ ĂƉƵŶƚĂƐ͍

Z Z> ǇŽ͕ǁŚŝƚĞŐŝƌů͕ŝĚŽŶΖƚ ΀ŶŽĚŝĂůŽŐƵĞ΁ >/D/Ed/KE ƚşĂ͕ŶŽƐĠƋƵŝĠŶĞƌĞƐ͘ >/D/Ed/KE ŬŶŽǁǇŽƵ͘

ůŝŶŝĐ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&/KE ŝΖŵŚĞƌĞƚŽŐĞƚĂŶ ǀŽŐůŝŽĂďŽƌƚŝƌĞŵĂ ƋƵŝĞƌŽŚĂĐĞƌŵĞƵŶ ĂďŽƌƚŝŽŶ͘ ƐĞƌǀĞƉƌŝŵĂ͘ ĂďŽƌƚŽ͘

&ZE< ŶŽ͕ƐŚĞΖƐŶŽƚ͘ ŶŽŶŽŶğǀĞƌŽ͘ ŶŽƋƵŝĞƌĞƐ͘

&/KE ďƵƚƚŚĞǇƐĂŝĚŝŶĞĞĚ ĂƐƉĞƚƚĂ͕ů͛ĞƐĂŵĞĚĞůůĞ ǇŵĞŚĂĐĞĨĂůƚĂĐŝƚĂ ƚŽŵĂŬĞĂŶ ƵƌŝŶĞ͘ ƉĂƌĂƵŶĂŶĄůŝƐŝƐĚĞ ĂƉƉŽŝŶƚŵĞŶƚĨŽƌĂ ƐĂŶŐƌĞ͘ ƉĞĞƚĞƐƚ͘

Z/D &ZE< ĂƉĞĞƚĞƐƚĂŶĚĂ ůĞƵƌŝŶĞĞƵŶĂ Yh/s>E ƵŶĂŶĄůŝƐŝƐǇƵŶĂ Yh/s>E ƌĞƐĞƌǀĂƚŝŽŶŝŶŚĞůů͘ ĐĂŵĞƌĂĂůů͛ŝŶĨĞƌŶŽ͘ ƌĞƐĞƌǀĂĞŶĞů ŝŶĨŝĞƌŶŽ͕ĞƐŽĞƐůŽ ƋƵĞ͘

&/KE ũĞƐƵƐĐŚƌŝƐƚ͘ ŐĞƐƶĐƌŝƐƚŽ͘ ƚĞƋƵŝĞƌĞƐĐĂůůĂƌǇĂ͍

&ZE< ŚĞΖƐŽƉƉŽƐĞĚƚŽ ůƵŝğĐŽŶƚƌŽŐůŝĂďŽƌƚŝ͘ ĠůƐĞŽƉŽŶĞĂůĂďŽƌƚŽ͘ ĂďŽƌƚŝŽŶ͘ŝΖŵƉƌĞƚƚǇ ƐŽŶŽƐŝĐƵƌŽĐŚĞƐŝĂ ĞƐƚŽǇƐĞŐƵƌŽĚĞƋƵĞ ƐƵƌĞƚŚĂƚΖƐŽŶƌĞĐŽƌĚ͘ ĂŐůŝĂƚƚŝ͘ ƚĞůŽŚĂĐŽŵĞŶƚĂĚŽ͘

ŽŵŝŶŝƋƵĞΖƐŚŽƵƐĞ͘,ĞƌĚĂĚŽƉĞŶŝŶŐƚŚĞĚŽŽƌ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Z> ŝǁĂŶƚŚĞƌƚŽŵĞĞƚ ǀŽůĞǀŽ ƋƵŝĞƌŽƋƵĞǀĞĂĂŵŝ ŵǇďƌŽƚŚĞƌ͘ĚŽŵ͕ƚŚŝƐ ƉƌĞƐĞŶƚĂƌŐůŝĞůŽ͘ĚŽŵ͕ ŚĞƌŵĂŶŽ͘ĚŽŵ͕ĞƐƚĞ ŝƐŵǇďƌŽƚŚĞƌ͘ƐĂǇ ůƵŝğŵŝŽĨƌĂƚĞůůŽ͘Ěŝ ĞƐŵŝŚĞƌŵĂŶŽ͘Ěŝ ǁŚĂƚƵƉ͕ůŝĂŵ͘ ĐŝĂŽůŝĂŵ͘ ŚŽůĂ͕ůŝĂŵ͘

>/D ǁŚĂƚƵƉ͕ůŝĂŵ͍ ĐŝĂŽůŝĂŵ͘ ŚŽůĂ͕ůŝĂŵ͘

Z^ ^Z'Edt/E^>Kt ǇŽƵƌďƌŽƚŚĞƌ͍Žƌ ƚƵŽĨƌĂƚĞůůŽŽƵŶ >/D/Ed/KE ƚƵŚĞƌŵĂŶŽŽĞůĚĞ >/D/Ed/KE ǇŽƵƌďƌŽ͍ ĂŵŝĐŽ͍ ƚƵĐŽůĞŐĂ͍

Z> ŵǇďůŽŽĚ͕Ɛŝƌ͘ƐĂŵĞ ƐƚĞƐƐŽƐĂŶŐƵĞ͕ ĞƐĚĞŵŝƐĂŶŐƌĞ͘ ŵŽŵ͕ƐĂŵĞƉŽƉƐ͘ ƐƚĞŵŵĂŵĂŵŵĂ͕ ŵŝƐŵĂŵĂĚƌĞǇ ĚŽŵďĞĐĂůůŝŶŐŵĞ ƐƚĞƐƐŽƉĂƉă͘ĚŽŵŵŝ ŵŝƐŵŽƉĂĚƌĞ͘ĚŽŵ ǁŚŝƚĞĂůůĚĂǇ͕ƐŽŝŚĂĚ ĐŚŝĂŵĂƐĞŵƉƌĞ ŵĞĚŝĐĞƋƵĞƐŽǇ ƚŽŵĂŬĞĂƉŽŝŶƚ͕Ɛŝƌ͘ ďŝĂŶĐŽ͘ĚŽǀĞǀŽ ďůĂŶĐŽǇƋƵĞƌşĂ ũƵƐƚΖĐĂƵƐĞŚŝƐƐŬŝŶŝƐ ĨĂƌŐůŝĞůŽĐĂƉŝƌĞ͘ƐŽůŽ ƉƌĞƐĞŶƚĄƌƐĞůŽ͘ƋƵĞ ĂůŝƚƚůĞĚĂƌŬĞƌƚŚĂŶ ƉĞƌĐŚĠůĂƐƵĂƉĞůůĞğ ƐĞĂƐŵĄƐŽƐĐƵƌĂƋƵĞ ŵŝŶĞĂŝŶΖƚŶŽƌĞĂƐŽŶ ƉŝƶƐĐƵƌĂŶŽŶƐŝ ǇŽŶŽĞƐƌĂǌſŶƉĂƌĂ ƚŽĐĂůůĂŶŝŐŐĂǁŚŝƚĞ͘ ĐŚŝĂŵĂƵŶŶĞŐƌŽ ůůĂŵĂƌďůĂŶĐŽĂƵŶ ďŝĂŶĐŽ͘ ŶĞŐƌŽ͘

^Z'Edt/E^>Kt ŝΖŵŐŽŶŶĂŐŝǀĞǇŽƵĂ ǀŝĚĂƌžƵŶǀĂŶƚĂŐŐŝŽ ƚĞǀŽǇĂĚĂƌĚŝĞǌ ƚĞŶƐĞĐŽŶĚŚĞĂĚ ĚŝĚŝĞĐŝƐĞĐŽŶĚŝ͘ ƐĞŐƵŶĚŽƐĚĞǀĞŶƚĂũĂ͘ ƐƚĂƌƚ͘ǇŽƵďĞƚƚĞƌƌƵŶ͕ ŵĞŐůŝŽƐĞĐŽƌƌŝ͕ ǇĂƉƵĞĚĞƐĐŽƌƌĞƌ͕ ďŽǇ͘ĂŶĚƚĂŬĞƐŚĂƋ ƌĂŐĂǌǌŽ͘ĞƉŽƌƚĂ ĐŚĂǀĂů͘ǇůůĠǀĂƚĞĂ ǁŝƚŚǇŽƵ͘ ƐŚƌĞŬĐŽŶƚĞ͘ ƐŚĂƋƵŝůůĞĐŽŶƚŝŐŽ͘

Z^ >/D/Ed/KE Yh/s>E

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ĨŝŽŶĂ͕ƚŚŝƐŝƐĂŶ ĨŝŽŶĂ͕ƋƵĞƐƚŽğƵŶ ĨŝŽŶĂ͕ĞƐƚŽĞƐƵŶ ŝŶƚĞƌǀŽƌƚŝŽŶ͘ ŝŶƚĞƌďŽƌƚŽ͘ğƵŶŵŝŽ ĐŽŶĨƌŽŶƚĂďŽƌƚŽ͘ůŽ ƚƌĂĚĞŵĂƌŬƉĞŶĚŝŶŐ͘ ŵĂƌĐŚŝŽ͘ ǀŽǇĂƌĞŐŝƐƚƌĂƌ͘

&/KE ĂǁŚĂƚ͍ ƵŶĐŽƐĂ͍ ƵŶƋƵĠ͍

&ZE< ǁĞĂƌĞŚĞƌĞƚŽƐƚŽƉ ƐŝĂŵŽƋƵŝƉĞƌ ƵŶĐŽŶƐĞũŽĚĞĨĂŵŝůŝĂ ǇŽƵĨƌŽŵĚĞƐƚƌŽǇŝŶŐ ŝŵƉĞĚŝƌƚŝĚŝ ƉĂƌĂŝŵƉĞĚŝƌƋƵĞ Z/D ǇŽƵƌƐŽƵů͕ƚŚŝƐĨĂŵŝůǇ͕ ĚŝƐƚƌƵŐŐĞƌĞůĂƚƵĂ Yh/s>E ĚĞƐƚƌƵǇĂƐƚƵĂůŵĂ͕ Yh/s>E ĂŶĚŵǇůĞŐĂĐǇ͕ǁŚŝĐŚ ĂŶŝŵĂ͕ƋƵĞƐƚĂ ĞƐƚĂĨĂŵŝůŝĂǇŵŝ ĂůůůŝǀĞŝŶƚŚĞĨŽƌŵŽĨ ĨĂŵŝŐůŝĂĞůĂŵŝĂ ůĞŐĂĚŽ͘ĐŽƐĂƐƋƵĞ ĂĚĞĨĞŶƐĞůĞƐƐĨĞƚƵƐŝŶ ĚŝƐĐĞŶĚĞŶǌĂ͕ĐŚĞƐŝ ĨŽƌŵĂŶƉĂƌƚĞĚĞĞƐĞ ǇŽƵƌǁŽŵď͘ ƚƌŽǀĂĂůů͛ŝŶƚĞƌŶŽĚŝ ĨĞƚŽŝŶĚĞĨĞŶƐŽĚĞƚƵ ƋƵĞůĨĞƚŽŝŶĚŝĨĞƐŽŶĞů ƷƚĞƌŽ͘ ƚƵŽƵƚĞƌŽ͘

&/KE ĂƌĞǇŽƵƐĞƌŝŽƵƐ͍ ŵĂƐŝĞƚĞƐĞƌŝ͍ ƚƷĞƐƚĄƐĚĞĐŽŹĂ͘

sZKE/ ŝĐĂŵĞƚŽďĂĐŬǇŽƵ͘ ƐŽŶŽƋƵŝƉĞƌƚĞ͘ ǇŽǀĞŶŐŽĂĂƉŽǇĂƌƚĞ͘

<s/E ŝĐĂŵĞΖĐĂƵƐĞŝ ƐŽŶŽƋƵŝƉĞƌĐŚĠŚŽ ǇŽƉŽƌƋƵĞĚĞũĠ ƉĂƌĂůǇǌĞĚĂĚƵĚĞ͘ ƉĂƌĂůŝǌǌĂƚŽƵŶƵŽŵŽ͘ ƉĂƌĂůŝƚŝĐŽĂƵŶƚşŽ͘

sZKE/ ŬĞǀ͘ ŬĞǀ͘ ŬĞǀ͘

<s/E ŝũƵƐƚůŝŬĞƚŽƐĂǇŝƚ͘ ŵŝĨĂďĞŶĞĚŝƌůŽ͘ ŵĞĂůŝǀŝĂĚĞĐŝƌůŽ͘

Z/D &ZE< ŝƚΖƐĂĐƌŝŵĞĂŐĂŝŶƐƚ ğƵŶĐƌŝŵŝŶĞĐŽŶƚƌŽ Yh/s>E ĞƐƵŶĐƌŝŵĞŶĐŽŶƚƌĂ Yh/s>E ŐŽĚ͘ ĚŝŽ͘ ĚŝŽƐ͘

&/KE ǁŚĞŶǁĂƐƚŚĞůĂƐƚ ƋƵĂŶĚŽƐĞŝĂŶĚĂƚŽŝŶ ĐƵĄŶƚŽŚĂĐĞƋƵĞŶŽ ƚŝŵĞǇŽƵǁĞŶƚƚŽ ĐŚŝĞƐĂů͛ƵůƚŝŵĂǀŽůƚĂ͍ ǀĂƐĂůĂŝŐůĞƐŝĂ͍ ĐŚƵƌĐŚ͍

&ZE< ŝůŝŐŚƚĐĂŶĚůĞƐĨŽƌ ĂĐĐĞŶĚŽĚĞůůĞ ǇŽĞŶĐŝĞŶĚŽǀĞůĂƐƉŽƌ ďŝĂŶĐĂĚĂŝůǇ͘ ĐĂŶĚĞůĞƉĞƌďŝĂŶĐĂ ďŝĂŶĐĂƚŽĚŽƐůŽƐĚşĂƐ͘ ŽŐŶŝŐŝŽƌŶŽ͘

&/KE ŽƚŚĞƌƚŚĂŶƚŽƐƚĞĂů ŽůƚƌĞĐŚĞƉĞƌƌƵďĂƌĞ ĂƉĂƌƚĞĚĞƉĂƌĂƌŽďĂƌ ĨƌŽŵƚŚĞŽĨĨĞƌŝŶŐ ĚĂůƉŝĂƚƚŽĚĞůůĞ ĞůĚŝŶĞƌŽĚĞůĐĞƉŝůůŽ͘ ƉůĂƚĞ͍ǁŚĂƚΖƐƚŚĞ ŽĨĨĞƌƚĞ͕ŝŶƚĞŶĚŽ͘ ĐſŵŽƐĞůůĂŵĂĞů ŶĂŵĞŽĨŽƵƌƉŽƉĞ͍ ĐŽŵĞƐŝĐŚŝĂŵĂŝů ƉĂƉĂ͍ ƉĂƉĂ͍

&ZE< ŚĞƉƌĞĨĞƌƐƚŽŐŽďǇ ƉĞŶƐŽĐŚĞǀƵŽůĞ ĠůƉƌĞĨŝĞƌĞƋƵĞůŽ ŚŽůǇĨĂƚŚĞƌ͘ ĞƐƐĞƌĞĐŚŝĂŵĂƚŽ ůůĂŵĞŶƐĂŶƚŽƉĂĚƌĞ͘ ƐĂŶƚŽƉĂĚƌĞ͘

&/KE ĐĂŶǇŽƵƌĞĐŝƚĞŽŶĞ ƐĂŝƌĞĐŝƚĂƌĞƵŶĂ ǇƚĞƐĂďĞƐĂůŐƵŶĂ ƉƌĂǇĞƌ͍ ƉƌĞŐŚŝĞƌĂ͍ ŽƌĂĐŝſŶ͍

&ZE< ƚŚŝƐŝƐŶΖƚĂďŽƵƚŵĞ͕ ŶŽŶƌŝŐƵĂƌĚĂŵĞ͕ ŶŽĞƐƚĂŵŽƐŚĂďůĂŶĚŽ ĨŝŽŶĂ͘ƚŚŝƐŝƐĂďŽƵƚ ĨŝŽŶĂ͘ƌŝŐƵĂƌĚĂ ĚĞŵş͕ĨŝŽŶĂ͕ĞƐƚĂŵŽƐ

ƚŚĞŐĂůůĂŐŚĞƌƐ͘ ƐŽůĂŵĞŶƚĞŝŐĂůůĂŐŚĞƌ͘ ŚĂďůĂŶĚŽĚĞůŽƐ ŐĂůůĂŐŚĞƌƐĚŽŶΖƚ ŝŐĂůůĂŐŚĞƌŶŽŶ ŐĂůůĂŐŚĞƌǇůŽƐ ĂďŽƌƚ͘ ĂďŽƌƚŝƐĐŽŶŽ͘ ŐĂůůĂŐŚĞƌŶŽĂďŽƌƚĂŶ͘

&/KE ŶŽ͕ƚŚĞǇũƵƐƚĂďĂŶĚŽŶ ŶŽ͕ĐĞƌƚŽ͘ůŝ ŶŽ͕ƐŽůŽĂďĂŶĚŽŶĂŶĂ ƚŚĞŝƌŬŝĚƐŽŶĐĞƚŚĞǇ ĂďďĂŶĚŽŶĂŶŽ ƐƵƐŚŝũŽƐŽĞƐƚĄŶƚĂŶ ŚĂǀĞƚŚĞŵ͕ŽƌƚŚĞǇ ƋƵĂŶĚŽŶĂƐĐŽŶŽŽ ďŽƌƌĂĐŚŽƐƋƵĞŶŝƐĞ ĚƌŝŶŬƐŽŵƵĐŚ͕ƚŚĞǇ ďĞǀŽŶŽĐŽƐŞƚĂŶƚŽĚĂ ĂĐƵĞƌĚĂŶĚĞĞůůŽƐ͘ ĐĂŶΖƚƌĞŵĞŵďĞƌ ŶŽŶƌŝƵƐĐŝƌĞĂ ƚŚĞŵ͘ ƌŝĐŽƌĚĂƌůŽ͘

<s/E ďŽŽŵ͊ŐŽŽĚŽŶĞ͘ ďŽŽŵ͊ďƵŽŶĂ͘ ƚŽŵĂ͕ŵƵǇďƵĞŶĂ͘

&ZE< ƚŚĂƚΖƐƚŚĞŝƌŝƐŚǁĂǇ͘ ĐŽƐŞĨĂŶŶŽŐůŝ ůŽƐŝƌůĂŶĚĞƐĞƐƐŽŵŽƐ E^ ǁĞĐĂŶΖƚŚĞůƉ ŝƌůĂŶĚĞƐŝ͘ŶŽŶ Yh/s>E ĂƐş͘ŶŽƐĞƉƵĞĚĞŶ Yh/s>E ƚŚŽƵƐĂŶĚƐŽĨǇĞĂƌƐ ƉŽƐƐŝĂŵŽĚŝĐĞƌƚŽ ĚĞƐƉƌĞĐŝĂƌƐŝŐůŽƐǇ ŽĨŝŶĞďƌŝĂƚĞĚ ĐĂŵďŝĂƌĞĂŶŶŝĚŝ ƐŝŐůŽƐĚĞĞǀŽůƵĐŝſŶ ĞǀŽůƵƚŝŽŶ͘ ĞǀŽůƵǌŝŽŶĞĂůĐŽůŝĐĂ͘ ĞŵďƌŝĂŐĂĚĂ͘ ĂƌĞǇŽƵƐĂǇŝŶŐǇŽƵ ĂǀƌĞƐƚŝƉƌĞĨĞƌŝƚŽĐŚĞ ƉƌĞĨĞƌŝƌşĂƐƋƵĞŶŽƚĞ ǁŝƐŚǁĞĚŝĚŶΖƚŚĂǀĞ ŶŽŶƚŝĂǀĞƐƐŝŵŽ͍ ŚƵďŝĠƌĂŵŽƐƚĞŶŝĚŽ͍ ǇŽƵ͍ďĞĐĂƵƐĞǇŽƵƌ ƉĞƌĐŚĠƚƵĂŵĂĚƌĞ ƉŽƌƋƵĞƚƵŵĂĚƌĞŶŽ ŵŽƚŚĞƌĚŝĚŶΖƚǁĂŶƚ ŶŽŶƚŝǀŽůĞǀĂ͘ ƚĞƋƵĞƌşĂ͘ ƚŽ͘

sZKE/ ƚŚŽƵŐŚƚŐĂůůĂŐŚĞƌƐ ŵĂŝŐĂůůĂŐŚĞƌŶŽŶ ƉĞƌŽƐŝůŽƐŐĂůůĂŐŚĞƌ ĚŝĚŶΖƚĂďŽƌƚ͘ ĂďŽƌƚŝƐĐŽŶŽ͘ ŶŽĂďŽƌƚĂďĂŶ͘

&ZE< ŝŬĞƉƚŚĞƌĨƌŽŵŝƚ ŐůŝĞů͛ŚŽŝŵƉĞĚŝƚŽ ǇŽƐĞůŽŝŵƉĞĚşĂ͘ ƵŶƚŝůƚŚĂƚůĂƐƚŽŶĞĂƚ ĨŝŶĐŚĠŶŽŶƉŽƚĞǀĂƉŝƶ ŚĂƐƚĂƋƵĞĐŽŶĞů ƚŚĞĞŶĚ͘ĂĨƚĞƌǇŽƵΖǀĞ ĨĂƌůŽ͘ĚŽƉŽĐŚĞŶĞ ƵůƚŝŵŽǇĂŶŽƉƵĚĞ͘ ƉƵƐŚĞĚŽƵƚƐŝǆ͕ŐŽĚ ďƵƚƚŝĨƵŽƌŝƐĞŝĚŝŽƚŝ ĚĞƐƉƵĠƐĚĞŚĂďĞƌ ŐŝǀĞƐǇŽƵĂŐĞƚŽƵƚŽĨ ƉƌĞŵŝĂŶŽŶ ƉĂƌŝĚŽƐĞŝƐ͕ĚŝŽƐƚĞ Z/D ŚĞůůĨƌĞĞĐĂƌĚ͘ ŵĂŶĚĂŶĚŽƚŝ Yh/s>E ĚĂďƵůĂƉĂƌĂƵŶ Yh/s>E Ăůů͛ŝŶĨĞƌŶŽ͘ ĂďŽƌƚŽ͘

zĂŶŝƐΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

zE/^ ŝŬŶŽǁǁŚŽŝƚǁĂƐ͕ ƐŽĐŚŝğƐƚĂƚŽ͘ ĞŶƚŽŶĐĞƐǇĂƐĠƋƵŝĠŶ ƚŚĞŶ͘ ĨƵĞ͘

<s/E ůŽŽŬ͕ǇĂŶŝƐ͘ ƐĞŶƚŝ͕ǇĂŶŝƐ͘ ŽǇĞ͕ǇĂŶŝƐ͘

zE/^ ƚŚĂƚůĂǁǇĞƌ ƋƵĞůĨŝŐůŝŽĚŝƉƵƚƚĂŶĂ ĞƐĞŚŝũŽĚĞƉƵƚĂĚĞůĂ ŵŽƚŚĞƌĨƵĐŬĞƌŽŶƚŚĞ ĚŝĂǀǀŽĐĂƚŽĐŽŶ ĞƐƋƵŝŶĂƋƵĞƚŝĞŶĞƵŶ ĐŽƌŶĞƌǁŝƚŚƚŚĞĂƵĚŝ͘ ů͛ĂƵĚŝ͘ƋƵĞůďŽƌŐŚĞƐĞ ĂƵĚŝ͘ĞƐĞƉŝĐĂƉůĞŝƚŽƐ ƚŚĂƚŐĞŶƚƌŝĨǇŝŶŐƉŝĞĐĞ ĚŝƐŬĂƚĂ͘ŐůŝĂŵŵĂǌǌŽ ďƵƌŐƵĠƐĚĞŵŝĞƌĚĂ͘ ŽĨƐŬĂƚĂ͘ŝΖŵŐŽŶŶĂ ŝďĂŵďŝŶŝĞŵĞƚƚŽŝ ƉƵĞƐ͕ŵĞĐĂƌŐĂƌĠƐƵƐ ŬŝůůŚŝƐŬŝĚƐĂŶĚĨĞĞĚ ůŽƌŽƚĞƐƚŝĐŽůŝŝŶƵŶ ŚŝũŽƐǇůĞƐĞƌǀŝƌĠƐƵƐ ŚŝŵƚŚĞŝƌƚĞƐƚŝĐůĞƐŽŶ ŬĞďĂď͘ ƚĞƐƚşĐƵůŽƐĞŶƵŶ ĂƐŚŝƐŚŬĞďĂď͘ ŬĞďĂď͘

<s/E ŶŽ͕ŵĂŶ͕ǁŚĂƚ͍ƚŚĂƚΖƐ ŶŽ͕ĂŵŝĐŽ͕ƋƵĞƐƚŽ ŶŽ͕ƉĞƌŽƋƵĠĚŝĐĞƐ͍ ŶŽƚƌŝŐŚƚ͘ǇŽƵĚŽŶΖƚ ŶŽŶğŐŝƵƐƚŽ͘ŶŽŶ ĞƐŽŶŽĞƐƚĄďŝĞŶ͘ŶŽ ďƌŝŶŐŬŝĚƐ͘ŶŽ͘ƚŚĞ ƉƵŽŝ͕ŝďĂŵďŝŶŝ͕ŶŽ͘ůĂ ŵĞƚĂƐĂůŽƐŶŝŹŽƐ͕ŶŽ͘ ďŝďůĞƐĂǇƐǁĞΖƌĞ ďŝďďŝĂĚŝĐĞĐŚĞ ůĂďŝďůŝĂĚŝĐĞƋƵĞ ƐƵƉƉŽƐĞĚƚŽĨŽƌŐŝǀĞ͘ ĚŽďďŝĂŵŽ ĚĞďĞŵŽƐ Z/D ƉĞƌĚŽŶĂƌĞ͘ Yh/s>E ƉĞƌĚŽŶĂƌŶŽƐ͘ Yh/s>E

zE/^ ŚĞǇ͕ŵĂŶ͘ŝΖŵŶĞǀĞƌ ŚĞǇ͕ĂŵŝĐŽ͘ŶŽŶ ƐĂďĞƐ͍ŶŽǀŽůǀĞƌĠĂ ŐŽŶŶĂƐĞĞĂǁŽŵĂŶΖƐ ǀĞĚƌžƉŝƶƵŶĂĚŽŶŶĂ ǀĞƌĂƵŶĂŵƵũĞƌ ŶĂŬĞĚďŽĚǇĞǀĞƌ ŶƵĚĂĂŵĞŶŽĐŚĞŶŽŶ ĚĞƐŶƵĚĂĂŵĞŶŽƐ ĂŐĂŝŶƵŶůĞƐƐŝƉĂǇĨŽƌ ƉĂŐŚŝƉĞƌĨĂƌůŽ͘ůĂŵŝĂ ƋƵĞƉĂŐƵĞƉŽƌĞůůŽ͘ ŝƚ͘ŵǇůŝĨĞŝƐŽǀĞƌ͕ƐŽ ǀŝƚĂğĨŝŶŝƚĂ͘ƋƵŝŶĚŝ ŵŝǀŝĚĂƐĞŚĂ ƚŚĞďŝďůĞĐĂŶƐƵĐŬŵǇ ĚĞůůĂďŝďďŝĂĐŚŝƐĞŶĞ ĂĐĂďĂĚŽ͘ĚĞŵŽĚŽ ĚŝĐŬ͕ĂŶĚƐŽĐĂŶƚŚĂƚ ĨƌĞŐĂ͘ŝŽŝďĂŵďŝŶŝ ƋƵĞůĂďŝďůŝĂŵĞůĂ ůĂǁǇĞƌΖƐŬŝĚƐ͊ ŐůŝĞůŝĂŵŵĂǌǌŽ͘ ƐƵĚĂŝŐƵĂůƋƵĞůŽƐ ŚŝũŽƐĚĞĞƐĞƚşŽ͘

<ĞǀŝŶĂŶĚsĞƌŽŶŝĐĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

sZKE/dK<s/E ƐŽŵĂǇďĞƚŚŝƐǁĂƐŶΖƚ ƋƵŝŶĚŝ͕ĨŽƌƐĞŶŽŶğ ĂƐşƋƵĞ͕ƉƵĞĚĞƋƵĞ ĂŶĂĐĐŝĚĞŶƚ͕ŬĞǀ͘ ƐƚĂƚŽƵŶŝŶĐŝĚĞŶƚĞ͕ ŶŽĨƵĞƌĂƵŶ ŵĂǇďĞŚĞĚŝĚŶΖƚ ŬĞǀ͘ŵĂŐĂƌŝŶŽŶƐŝ ĂĐĐŝĚĞŶƚĞ͕ŬĞǀ͘ƉƵĞĚĞ ĚĞƐĞƌǀĞǁŽƌŬŝŶŐůĞŐƐ͘ ŵĞƌŝƚĂǀĂůĂƉĂƌĂůŝƐŝ͘ ƋƵĞŶŽŵĞƌĞĐŝĞƌĂ ŵĂǇďĞŐƵŝůƚŝƐŶΖƚ ŵĂŐĂƌŝĚĞǀŝƐĞŶƚŝƌƚŝŝŶ ƚĞŶĞƌƉŝĞƌŶĂƐǇƉŽƌůŽ ǁŚĂƚǇŽƵƐŚŽƵůĚďĞ ĐŽůƉĂŽŵĂŐĂƌŝĚĞǀŝ ƚĂŶƚŽƚƷŶŽĚĞďĞƌşĂ ĨĞĞůŝŶŐ͘ŵĂǇďĞǇŽƵ ƐĞŶƚŝƌƚŝƵŶĞƌŽĞ͘ƚƵ ƐĞŶƚŝƌƚĞĐƵůƉĂďůĞ͘Ăů ƐŚŽƵůĚďĞĨĞĞůŝŶŐůŝŬĞ ŚĂŝƐĂůǀĂƚŽŝůŶŽƐƚƌŽ ƌĞǀĠƐ͕ĚĞďĞƌşĂƐ ĂŚĞƌŽ͘ǇŽƵƐĂǀĞĚƚŚĞ ƋƵĂƌƚŝĞƌĞ͘ƐĞŝƵŶ ƐĞŶƚŝƌƚĞĐŽŵŽƵŶ ŶĞŝŐŚďŽƌŚŽŽĚ͘ǇŽƵ ƐŽůĚĂƚŽĚŝĚŝŽĞƐĞŝ ŚĠƌŽĞ͘ŬĞǀŝŶ͕ƚƷŚĂƐ ĂƌĞŐŽĚΖƐƉĞƌƐŽŶĂů ƐƚĂƚŽƌŝĐŽŵƉĞŶƐĂƚŽ͘ ƐĂůǀĂĚŽĞůďĂƌƌŝŽ͘ ĂƌŵǇ͕ĂŶĚǇŽƵŚĂǀĞ ůĞďĂŵďŝŶĞƐƚĂŶŶŽ ĞƌĞƐƵŶƐŽůĚĂĚŽĂů

ďĞĞŶƌĞǁĂƌĚĞĚ͘ǁĞ ďĞŶĞ͕ĞŝůůŽĐĂůĞğ ƐĞƌǀŝĐŝŽĚĞĚŝŽƐǇĠů ŚĂǀĞƚǁŽŚĞĂůƚŚǇ ƐƚĂƚŽĞůĞƚƚŽŝůŵŝŐůŝŽƌ ƚĞŚĂƌĞĐŽŵƉĞŶƐĂĚŽ ŐŝƌůƐ͕ĂŶĚŽƵƌ ďĂƌŵĞƌĚŽƐŽĚĞů ĐŽŶĚŽƐŶŝŹŝƚĂƐƐĂŶĂƐ ďƵƐŝŶĞƐƐǁĂƐŶĂŵĞĚ ƐŽƵƚŚƐŝĚĞ͘ƋƵŝŶĚŝ ǇĐŽŶƵŶďĂƌƋƵĞŚĂ Z/D ƚŚĞďĞƐƚƐŚŝƚƚŝĞƐƚďĂƌ ďĂƐƚĂƐĞŶƐŝĚŝĐŽůƉĂĞ Yh/s>E ƐŝĚŽǀŽƚĂĚŽĐŽŵŽ Yh/s>E ŽŶƚŚĞƐŽƵƚŚƐŝĚĞ͘ƐŽ ĐŽŶĐĞŶƚƌĂƚŝƐƵůůĞĐŽƐĞ ŵĞũŽƌĂŶƚƌŽĚĞů ůĞƚŐŽŽĨƚŚĞŐƵŝůƚĂŶĚ ďĞůůĞ͘ ďĂƌƌŝŽƐƵƌ͕ĂƐşƋƵĞ͕ ĨŽĐƵƐŽŶǁŚĂƚΖƐŐŽŽĚ͘ ĂůĞŐƌĂĞƐĂĐĂƌĂǇ ĐĠŶƚƌĂƚĞĞŶůŽƋƵĞĞƐ ďƵĞŶŽ͘

*RLQJRQFHJRLQJWZLFH 6HDVRQ(SLVRGH ůŝŶŝĐ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZEE ƉŽƌƌŽ͕ŶŽ͕ƚƷ Yh/s>E ĨŝŐƵƌĞ͕ůŝŬĞǇŽƵŚĂĚ ĐŽŶŝƐŽůĚŝĞůĂďƵŽŶĂ ŶĞĐĞƐŝƚĂƐƵŶŚŽŵďƌĞ ǁŝƚŚŵĞ͕ŽŶůǇǁŝƚŚ ŶŽƚŝǌŝĂğĐŚĞĐŝƐŽŶŽ ŵĂǇŽƌ͘΀͙΁ŶĞĐĞƐŝƚĂƐ ŵŽŶĞǇ͘ĂŶĚƚŚĞŐŽŽĚ ƚĂŶƚŝƵŽŵŝŶŝƐŽůŝ͘Ğ ƵŶĂĨŝŐƵƌĂƉĂƚĞƌŶĂ͕ ŶĞǁƐŝƐ͕ƚŚĞƌĞΖƐůŽƚƐ ƉŽŝƚƵůĂĚĂŝ͕ŝůĐŚĞ ĂůŐƵŝĞŶĐŽŵŽǇŽ͘ ŽĨůŽŶĞůǇŵĞŶ͘ĂŶĚ ĂŝƵƚĂ͘ ĂƵŶƋƵĞĐŽŶĚŝŶĞƌŽ͘Ǉ ƚŚĞǇΖůůŬŶŽǁǇŽƵƉƵƚ ĚĞďĞƐĂůĞŐƌĂƌƚĞ͕ ŽƵƚ͘ƚŚĂƚ͛ƐĂƉůƵƐ͘ ƉŽƌƋƵĞŚĂǇŚŽŵďƌĞƐ ƐŽůŽƐĂŵŽŶƚŽŶĞƐ͘Ǉ ƐĂďƌĄŶƋƵĞƚĞĚĞũĂƐ͕ ƋƵĞĞƐƵŶĂǀĞŶƚĂũĂ͘

^K Yh/s>E Yh/s>E

' Yh/s>E Yh/s>E

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

<s/E ǁŚĂƚΖƐƚŚĂƚ͍ ĐŚĞƌŽďĂğ͍ ƋƵĠĞƐĞƐŽ͍

^sd>E ƚĂƉĂƐ͘ ƚĂƉĂƐ͘ ƚĂƉĂƐ͘

E^ <s/E ƐĂǇŝƚǁŝƚŚŽƵƚĂŶ ƐĐƵƐĂƌŝƉĞƚŝŵĞůŽ͘ D/d/'d/KE ĚŝůŽƚƷƐŝŶĂĐĞŶƚŽ͘ Yh/s>E ĂĐĐĞŶƚ͘

sZKE/ ƚĂƉĂƐ͘ ƚĂƉĂƐ͘ ƚĂƉĂƐ͘

<s/E ĚŝĚŶΖƚŚĞůƉ͘ ŶŽŶŵŝĂŝƵƚŝ͘ ŶŽƐĠƋƵĠĞƐ͘

sZKE/ ƐƉĂŶŝƐŚĨŽŽĚŽŶƐŵĂůů ĐŝďŽƐƉĂŐŶŽůŽƐƵ ĞƐĐŽŵŝĚĂĞƐƉĂŹŽůĂ ƉůĂƚĞƐ͘ƐǀĞƚůĂŶĂƐĂŝĚ ƉŝĂƚƚŝŶŝ͘ƐǀĞƚůĂŶĂů͛ŚĂ ĞŶŵŝŶŝƉůĂƚŽƐ͘ ƚŚĞƌĞΖƐĂƉůĂĐĞŽŶ ǀŝƐƚŽƐƵůůĂ ƐǀĞƚůĂŶĂĚŝĐĞƋƵĞƵŶ ŶŝŶĞƚĞĞŶƚŚƐƚƌĞĞƚ͘ ĚŝĐŝĂŶŶŽǀĞƐŝŵĂ͘ŝ ďĂƌĚĞůĂĐĂůůĞ ĐƵƐƚŽŵĞƌƐŐŽĐƌĂǌǇ ĐůŝĞŶƚŝŝŵƉĂǌǌŝƐĐŽŶŽ͘ ĚŝĞĐŝŶƵĞǀĞůŽƐ

ĨŽƌƚŚŝƐƐŚŝƚ͘ ĐůŝĞŶƚĞƐŵĂƚĂŶƉŽƌ ĞůůĂƐ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Z> ŝĨǇŽƵůĞƚƚŚĞĐƌĂĐŬĞƌ ƐĞůŽĨĂŝƌĞƐƚĂƌĞƐŝ ƐŝĞƐĞĐĞƌĚŽƐĞ Z ƐƚĂǇ͕ďŝƚĐŚŐŽŶŶĂŐĞƚ ďĞĐĐŚĞƌăƵŶĂůĂŵĂ >/D/Ed/KE ƋƵĞĚĂ͕ƐĞǀĂĂůůĞǀĂƌ >/D/Ed/KE ĂƐŚŝǀŝŶŚŝƐŶĞĐŬ͘ ĚƌŝƚƚĂĚĞŶƚƌŽĂůĐŽůůŽ͘ ƵŶƚĂũŽĞŶĞůĐƵĞůůŽ͘ ƌŝŐŚƚŚĞƌĞ͘ ƉƌŽƉƌŝŽƋƵŝ͘ ĂƋƵş͘

&/KE ŶŽ͕ŶŽƐŚŝǀƐŝŶ ŶƵŽǀĂƌĞŐŽůĂ͕ŶŝĞŶƚĞ ŶƵĞǀĂƌĞŐůĂ͕ŶĂĚŝĞǀĂ ĐŚƵĐŬŝĞΖƐŶĞĐŬ͕ĂŶĚ ůĂŵĞŶĞůĐŽůůŽĚŝ ĂƌĂũĂƌůĞĞůĐƵĞůůŽŶŝ ŶŽƌĂĐĞǁĂƌƐŝŶƚŚĞ ĐŚƵĐŬŝĞĞŶŝĞŶƚĞ ǀĂĂŚĂďĞƌŐƵĞƌƌĂƐ ŚŽƵƐĞ͘ŐŽƚŝƚ͍ ŐƵĞƌƌĞƌĂǌǌŝĂůŝ͕ ƌĂĐŝĂůĞƐ͕ĞŶĐĂƐĂ͕ ĚĞŶƚƌŽĐĂƐĂ͕ĐŚŝĂƌŽ͍ ǀĂůĞ͍

,ĞůĞŶĞĚƌƵŶŬŝŶĂƌĞƐƚƌŽŽŵ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

,>EdK>/W ŝǁĂƐŚƵŵŝůŝĂƚĞĚŝŶ ƐŽŶŽƐƚĂƚĂƵŵŝůŝĂƚĂ ŵĞŚĂŚƵŵŝůůĂĚŽĞŶ ĨƌŽŶƚŽĨŵǇƉĞĞƌƐďǇ ŶĞůůĂƉƵďďůŝĐĂƉŝĂǌǌĂ ƵŶĂĐŽŶĨĞƌĞŶĐŝĂ ĂŐĂǇũĞƐƵŝƚ͘ŝƚΖƐŐƌĞĂƚ ĚĂƵŶŐĞƐƵŝƚĂŐĂǇ͘ğ ƌĞƉůĞƚĂĚĞĐŽůĞŐĂƐ ^K ƚŚĂƚŐƵǇƐƐƚƵĚǇ ƵŶďĞŶĞĐŚĞŝŵĂƐĐŚŝ Yh/s>E ŵşŽƐƵŶũĞƐƵŝƚĂŐĂǇ͘ Yh/s>E ĨĞŵŝŶŝƐŵ͘ŝƚΖƐ͕ǇŽƵ ƐƚƵĚŝŶŽŝů ĞƐƚĄďŝĞŶƋƵĞůŽƐ ŬŶŽǁ͕ŝƚƐŚŽƵůĚŶΖƚ ĨĞŵŵŝŶŝƐŵŽ͘ŶŽŶ ŚŽŵďƌĞƐĞƐƚƵĚŝĞŶĞů ŵĂŬĞŝƚǁŽƌƐĞƚŚĂƚŝƚ ĚŽǀƌĞďďĞĞƐƐĞƌĞ ĨĞŵŝŶŝƐŵŽǇŶŽ͕ŶŽ ǁĂƐĂŐƵǇ͕ďƵƚŝƚ ƉĞŐŐŝŽĐŚĞĨŽƐƐĞƵŶ ĚĞďĞƌşĂƐĞŶƚŝƌŵĞ ĚŽĞƐ͘ ƵŽŵŽ͕ŵĂůŽğ͘ ƉĞŽƌƉŽƌƋƵĞĨƵĞƌĂƵŶ ƚşŽ͕ƉĞƌŽĞƐĂƐş͘

' Yh/s>E Yh/s>E

5HIXJHHV 6HDVRQ(SLVRGH 'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

,hE Yh/s>E

/E ǁŚĂƚƚŚĞĨƵĐŬ͍ ŵĂĐŚĞĐĂǌǌŽ͍ ŶŽŵĞũŽĚĂƐ͘

/E ĐŚƵĐŬŝĞ͕ŝĨǇŽƵǁĂŶƚ ĐŚƵĐŬŝĞ͕ƐĞǀƵŽŝ ĐŚƵĐŬŝĞ͕ƐŝƋƵŝĞƌĞƐ ƚŽƐƚĂǇĂůŝǀĞ͕ƐŚƵƚƵƉ ǀŝǀĞƌĞ͕ƚĂĐŝĞǀĂŝĂ ƐĞŐƵŝƌǀŝǀŽ͕ĐĄůůĂƚĞǇ ĂŶĚŐŽƚŽƐĐŚŽŽů͘ ƐĐƵŽůĂ͘ ǀĞƚĞĂůĐŽůĞ͘

<ĞǀŝŶĂŶĚsĞƌŽŶŝĐĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

ZK> ŽŚ͕ĂŶĚĚŽŶΖƚĨŽƌŐĞƚ͕ ŽŚ͕ĞͲĞĐ͛ğďŝƐŽŐŶŽĚŝ ĂǇ͕ŶŽŽůǀŝĚĠŝƐƋƵĞ ǁĞƐƚŝůůŶĞĞĚĂ ƵŶǀŽůŽŶƚĂƌŝŽĐŚĞ ŚĂĐĞĨĂůƚĂƵŶ ǀŽůƵŶƚĞĞƌƚŽŚŽƐƚƚŚĞ ŽƐƉŝƚŝŝůďĂŵďŝŶŽĐŚĞ ǀŽůƵŶƚĂƌŝŽƉĂƌĂĂůŽũĂƌ ĨŽƐƚĞƌĐŚŝůĚǁĞΖƌĞ ĂƌƌŝǀĞƌăƐƚĂŵĂƚƚŝŶĂ͘ ĂůŶŝŹŽĚĞĂĐŽŐŝĚĂ ƌĞĐĞŝǀŝŶŐƚŚŝƐ ŐƌĂǌŝĞĚŝĞƐƐĞƌĞ ƋƵĞǀĂŵŽƐĂƌĞĐŝďŝƌ ŵŽƌŶŝŶŐ͘ƚŚĂŶŬǇŽƵ ǀĞŶƵƚŝ͘ ŚŽǇ͘ŐƌĂĐŝĂƐƉŽƌǀĞŶŝƌ͘ ĨŽƌĐŽŵŝŶŐ͘

<s/E ǁĞΖůůƚĂŬĞŚŝŵ͘ ůŽƉƌĞŶĚŝĂŵŽŶŽŝ͘ ŵĞůŽƋƵĞĚŽ͘

sZKE/ ǁŚĂƚ͍ ĐŽƐĂ͍ ƋƵĠ͍

ZK> ďůĞƐƐǇŽƵ͕ŬĞǀŝŶ͘ŚĞΖƐ ďĞŶĞĚĞƚƚŽŬĞǀŝŶ͘ƐƚĂ ďĞŶĚŝƚŽƐĞĂƐ͕ŬĞǀŝŶ͘ ŽŶŚŝƐǁĂǇĨƌŽŵ ĂŶĚĂŶĚŽĚĂů ĞƐƵŶŶŝŹŽĚĞ ŵǇĂŶŵĂƌƚŽĂĚĂŝƌǇ ŵǇĂŶŵĂƌĂƵŶ ŵǇĂŶŵĂƌƋƵĞǀĂĂ ĨĂƌŵŝŶǁŝƐĐŽŶƐŝŶ͘ŽŚ͕ ĂůůĞǀĂŵĞŶƚŽĚĞů ƵŶĂŐƌĂŶũĂĚĞ

ŝƚ͕ŝƚ͕ŝƚΖƐŽŶůǇĨŽƌĂ ǁŝƐĐŽŶƐŝŶ͘ŽŚ͕ĞĞĞ ǁŝƐĐŽŶƐŝŶ͘ƐŽůŽƐĞƌĄŶ ĐŽƵƉůĞŽĨĚĂǇƐ͘ŽŚ͕ ƐŽůŽƉĞƌƵŶƉĂŝŽĚŝ ƵŶƉĂƌĚĞĚşĂƐ͘ŽŚ͕ ƚŚŝƐŝƐ͕ƉƌĂŝƐĞũĞƐƵƐ͘ ŐŝŽƌŶŝ͘ŽŚ͕ğ ĞƐƚŽĞƐ͕ĂůĂďĂĚŽƐĞĂ ƚŚĂŶŬǇŽƵ͘ŽŚ͘ ŵĞƌĂǀŝŐůŝŽƐŽ͘ůŽĚĞĂ ĞůƐĞŹŽƌ͘ŐƌĂĐŝĂƐ͘ ŐĞƐƶ͘ŐƌĂǌŝĞ͘

sZKE/ ƚŚĞŚĞůůǇŽƵĚŽŝŶŐ͍ ĐŚĞĚŝĂǀŽůŽŚĂŝĨĂƚƚŽ͕ ƋƵĠĐŽŹŽŚĂƐŚĞĐŚŽ͍ ĞŚ͍

<s/E ŝƚΖƐĂŬŝĚŝŶŶĞĞĚ͘ŝĨŝ ğƵŶďŝƐŽŐŶŽƐŽ͘ƐĞ ĞƐƵŶŶĞĐĞƐŝƚĂĚŽ͘Ɛŝ ĚŽŐŽĚĂƐŽůŝĚ͕ŚĞΖůů ƐŽŶŽďƵŽŶŽĚŝŽůŽ ůĞŚĂŐŽƵŶĨĂǀŽƌĂ Z/D ĚŽŵĞŽŶĞ͘ĞǇĞĨŽƌ ƐĂƌăĐŽŶŵĞ͘ŽĐĐŚŝŽ Yh/s>E ĚŝŽƐĠůŵĞůŽŚĂƌĄĂ Yh/s>E ĂŶĞǇĞ͘ ƉĞƌŽĐĐŚŝŽ͘ ŵş͘ŽũŽƉŽƌŽũŽ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/ ŝΖǀĞďĞĞŶďƵƐƚŝŶŐŵǇ ŵŝƐƚŽĨĂĐĞŶĚŽŝůĐƵůŽ ŵĞĞƐƚŽǇĞƐĨŽƌǌĂŶĚŽ ĂƐƐƚƌǇŝŶŐƚŽƉƌŽǀĞƚŽ ƉĞƌĚŝŵŽƐƚƌĂƌĞĂů ĞŶĚĞŵŽƐƚƌĂƌůĞĂů ŵƌǁĞǆůĞƌƚŚĂƚŝΖĚďĞ ƐŝŐŶŽƌǁĞǆůĞƌĐŚĞ ƐĞŹŽƌǁĞǆůĞƌƋƵĞ ĂŐƌĞĂƚǁŝĨĞ͕ĂŶĚŚĞ ƐĂƌĞŝƵŶĂďƵŽŶĂ ƐĞƌşĂƵŶĂŐƌĂŶ ũƵƐƚĚŽĞƐŶΖƚǁĂŶƚŵĞ ŵŽŐůŝĞĞůƵŝŶŽŶŵŝ ĞƐƉŽƐĂ͕ƉĞƌŽĠůŶŽ ' ƚŚĞƌĞ͘ ǀƵŽůĞůŞ͘ Yh/s>E ŵĞƋƵŝĞƌĞĂůůş͘ Yh/s>E

&ZE< ƚŚĂƚΖƐďĞĐĂƵƐĞǇŽƵΖƌĞ ƋƵĞƐƚŽğƉĞƌĐŚĠƚƵ͕ ĞƐŽĞƐƉŽƌƋƵĞƚƷŶŽ ŶŽƚďĞŝŶŐĂŐƌĞĂƚ ĚĞďďŝĞ͕ŶŽŶĨĂŝůĂ ĞƐƚĄƐƐŝĞŶĚŽƵŶĂŐƌĂŶ ǁŝĨĞ͕ǇŽƵΖƌĞďĞŝŶŐĂ ďƵŽŶĂŵŽŐůŝĞ͕ĨĂŝůĂ ĞƐƉŽƐĂ͕ĞƐƚĄƐƐŝĞŶĚŽ ŐƌĞĂƚŶĂŶŶǇ͘ŶŽďŽĚǇ ďƵŽŶĂƚĂƚĂ͘ŶĞƐƐƵŶŽ ƵŶĂŐƌĂŶŶŝŹĞƌĂǇ ǁĂŶƚƐƚŽĨƵĐŬŵĂƌǇ ǀŽƌƌĞďďĞŵĂŝ ŶĂĚŝĞƋƵŝĞƌĞĨŽůůĂƌƐĞ ƉŽƉƉŝŶƐ͘ ƐĐŽƉĂƌƐŝŵĂƌǇ ĂŵĂƌǇƉŽƉƉŝŶƐ͘ ƉŽƉƉŝŶƐ͘

/ ǁŚĂƚĂŵŝƐƵƉƉŽƐĞĚ ĐŽŵĞŵŝĚĞǀŽ ǇƋƵĠŵĞ ƚŽĚŽ͍ ĐŽŵƉŽƌƚĂƌĞ͍ ƌĞĐŽŵŝĞŶĚĂƐ͍

&ZE< ƐĞĞƚŽŚŝƐŶĞĞĚƐ͘ ŐƵĂƌĚĂŝƐƵŽŝďŝƐŽŐŶŝ͘ ƋƵĞƐĂĐŝĞƐƐƵƐ ĂůůŚŝƐŶĞĞĚƐ͘ ƚƵƚƚŝƋƵĂŶƚŝ͘ ĚĞƐĞŽƐ͕ƚŽĚŽƐƐƵƐ ĚĞƐĞŽƐ͘

/ ďƵƚŝΖǀĞƚƌŝĞĚƐĞǆǇ ŵĂŚŽĨĂƚƚŽĂŶĐŚĞůĂ ƉĞƌŽŚĞŝŶƚĞŶƚĂĚŽ ďĞĨŽƌĞ͘ŝƚΖƐŶĞǀĞƌ ƐĞǆǇ͕ƉĞƌžŶŽŶŚĂ ĞƐƚĂƌƐĞǆǇŽƚƌĂƐǀĞĐĞƐ ǁŽƌŬĞĚ͕ĂŶĚƚŚĂƚǁĂƐ ĨƵŶǌŝŽŶĂƚŽ͘ĞƉƌŝŵĂ ǇŶƵŶĐĂĨƵŶĐŝŽŶĂ͘Ǉ ďĞĨŽƌĞŝŚĂĚĐĂŶŬůĞƐ͘ ĚĞůůĞĐĂǀŝŐůŝĞŐŽŶĨŝĞ͘ ĂŚŽƌĂĐŽŶůŽƐƚŽďŝůůŽƐ ĂƐş͘

&ZE< ŶŽŶƐĞŶƐĞ͘ǇŽƵΖƌĞ ŶŽŶŚĂƐĞŶƐŽ͕ƚƵ ƚŽŶƚĞƌşĂƐ͘ĞƐƚĄƐ ŐůŽǁŝŶŐ͘ĂŶĚ ƌŝƐƉůĞŶĚŝ͘ĞƌŝĐŽƌĚĂ ƌĞƐƉůĂŶĚĞĐŝĞŶƚĞ͘Ǉ ƌĞŵĞŵďĞƌǁŚĂƚŵǇ ĐŽƐĂĚŝƐƐĞŵŝĂ ĐŽŵŽĚĞĐşĂŵŝ ŵŽƚŚĞƌƐĂŝĚ͕ĂŚŽůĞΖƐ ŵĂĚƌĞ͕ƵŶďƵĐŽğƵŶ ŵĂĚƌĞ͕ƵŶĂŐƵũĞƌŽĞƐ ĂŚŽůĞ͘ĂŐƵǇĚŽĞƐŶΖƚ ďƵĐŽ͘ĂŶĞƐƐƵŶŽ ƵŶĂŐƵũĞƌŽ͕ǇĂůŽƐ '^ ƌĞĂůůǇĐĂƌĞǁŚŽΖƐ ŝŶƚĞƌĞƐƐĂĐŚŝĐ͛ğ Yh/s>E ƚşŽƐŶŽƐĚĂŝŐƵĂů Yh/s>E ĂƚƚĂĐŚĞĚƚŽŝƚ͘ ĐŽůůĞŐĂƚŽ͘ ƋƵŝĞŶŚĂǇĂĂƚƌĄƐĞů͘

/ ƐŽƵŶĚƐůŝŬĞŐƌĂŵŵǇ͘ ƵŚŵ͕ƐƵŽŶĂĚĂ ŚĞ͕ƚşƉŝĐŽĚĞůĂ ŐƌĂŵŵǇ͘ ĂďƵĞůĂ͘

<ĞǀŝŶĂŶĚsĞƌŽŶŝĐĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

sZKE/ ũƵƐƚƚĞůůŵĞǁŚŝĐŚ ĚŝŵŵŝƐŽůŽƋƵĂůğŝů ĚŝŵĞĐƵĂůĞƐĞů ŽŶĞŝƐŽƵƌƐƐŽŝĐĂŶ ŶŽƐƚƌŽ͕ĐŽƐŞůŽƉŝĂǌǌŽ ŶƵĞƐƚƌŽƉĂƌĂƉŽŶĞƌůŽ ƐƚŝĐŬŚŝŵŝŶĨƌŽŶƚŽĨ ĚĂǀĂŶƚŝĂůůĂƚǀ͘ ĚĞůĂŶƚĞĚĞůĂ ƚŚĞƚǀ͘ ƚĞůĞǀŝƐŝſŶ͘

Z/D ZK> ǁĞůů͕ƚŚĞŐŽŽĚůŽƌĚ ďĞŚ͕ŝůďƵŽŶĚŝŽĐŝŚĂ Yh/s>E ĞůďƵĞŶƐĞŹŽƌŶŽƐŚĂ Yh/s>E ŐĂǀĞƵƐĂĨĞǁŵŽƌĞ ĚĂƚŽƌŝĨƵŐŝĂƚŝĐŚĞ ĞŶǀŝĂĚŽĂŵĄƐ ƌĞĨƵŐĞĞƐƚŚĂŶǁĞ ŶŽŶĐŝĂƐƉĞƚƚĂǀĂŵŽ͘ ƌĞĨƵŐŝĂĚŽƐĚĞůŽƐƋƵĞ ĞǆƉĞĐƚĞĚ͘ ĞƐƉĞƌĄďĂŵŽƐ͘

sZKE/ ǁĞůů͕ƚŚĂƚΖƐƚŚĞŐŽŽĚ ğƵŶƉƌŽďůĞŵĂĚĞů ƉƵĞƐ͕ĞƐĞĞƐ ůŽƌĚΖƐƉƌŽďůĞŵ͘ŝΖŵ ďƵŽŶĚŝŽ͘ƐŽŶŽĐĞƌƚĂ ƉƌŽďůĞŵĂĚĞůďƵĞŶ ƐƵƌĞŚĞΖůůĨŝŐƵƌĞ ĐŚĞƉĞŶƐĞƌăĂ ƐĞŹŽƌǇƐĞŐƵƌŽƋƵĞƐĞ ƐŽŵĞƚŚŝŶŐŽƵƚ͕Śŝŵ ƋƵĂůĐŽƐĂ͘ůƵŝğ ůĞŽĐƵƌƌĞĂůŐŽ͕ǇĂƋƵĞ ďĞŝŶŐĂůůƉŽǁĞƌĨƵů ŽŶŶŝƉŽƚĞŶƚĞ͘ŬĞǀ͊ ĞƐƚŽĚŽƉŽĚĞƌŽƐŽ͘ ĂŶĚƐŚŝƚ͘ŬĞǀ͊ ŬĞǀ͊

ZK> Őŝƌů͕ŝΖŵƚĂŬŝŶŐŝŶ ŚĞǇ͕ŝŽŵŝƐƉĂĐĐŽŝŶ ǇŽǀŽǇĂĐŽŐĞƌĂƚƌĞƐ ƚŚƌĞĞŵǇƐĞůĨ͘ƐƚŽƉ ƚƌĞ͘ŶŽŶĨĂƌĞůĂ ĂƐşƋƵĞŶŽůĂƐƉŝĞƐǇ ďŝƚĐŚŝŶŐĂŶĚƐŚŽǁ ƐƚƌŽŶǌĂ͘ƉĞŶƐĂĂůůĂ ŵƵĞƐƚƌĂĐĂƌŝĚĂĚ ƐŽŵĞĐŚƌŝƐƚŝĂŶ ĐĂƌŝƚăĐƌŝƐƚŝĂŶĂ͘ ĐƌŝƐƚŝĂŶĂ͘ Z/D ĐŚĂƌŝƚǇ͘ Yh/s>E Yh/s>E

sZKE/ ĚŽĞƐŝƚůŽŽŬůŝŬĞŝ ƚŝƐĞŵďƌĂĐŚĞĂďďŝĂ ƚƷƚĞĐƌĞĞƐƋƵĞƚĞŶŐŽ ŚĂǀĞĂŶĞǆƚƌĂĨŝǀĞ ĐŝŶƋƵĞůĞƚƚŝŝŶƉŝƶ͍ ĐŝŶĐŽĐĂŵĂƐĚĞŵĄƐ͍ ďĞĚƐ͍

ZK> ďĞĚƐ͍ƚŚĞǇΖǀĞďĞĞŶ ůĞƚƚŝ͍ŚĂŶŶŽǀŝƐƐƵƚŽ ĐĂŵĂƐ͍ĞƐƚŽƐǀŝǀşĂŶ ůŝǀŝŶŐŝŶƚŚĞũƵŶŐůĞŽĨĨ ŶĞůůĂŐŝƵŶŐůĂĐŽŶ ĞŶůĂũƵŶŐůĂ ŽĨŝŶƐĞĐƚƐĂŶĚƚƌĞĞ ŝŶƐĞƚƚŝĞĐŽƌƚĞĐĐŝĂ ĐŽŵŝĞŶĚŽŝŶƐĞĐƚŽƐǇ ďĂƌŬ͘ƚŚĞǇΖůůďĞŚĂƉƉǇ Ě͛ĂůďĞƌŽ͘ƐĂƌĂŶŶŽ ƌĂşĐĞƐ͕ƐĞƌĄŶĨĞůŝĐĞƐ ǁŝƚŚĂƌŽŽĨŽǀĞƌƚŚĞŝƌ ĨĞůŝĐŝĚŝƵŶƚĞƚƚŽĞĚŝ ďĂũŽƵŶƚĞĐŚŽǇ ŚĞĂĚĂŶĚĂĐĂŶŽĨ ƵŶ͛ĂƌĂŶĐŝĂƚĂ͘ ĐŽŵŝĞŶĚŽĚĞůĂƚĂ͘ ƐƉĂŵ͘

sZKE/ ŬĞǀŝŶďĂůů͕ŐĞƚǇŽƵƌ ŬĞǀŝŶďĂůů͕ƉŽƌƚĂ ŬĞǀŝŶďĂůů͕ďĂũĂĂƋƵş ĂƐƐĚŽǁŶŚĞƌĞ͊΀͙΁ ƐƵďŝƚŽŝůƚƵŽĐƵůŽ ĂŚŽƌĂŵŝƐŵŽ͘΀͙΁ ƋƵŝ͘΀͙΁

<s/E ǁŚŽĂƌĞƚŚĞǇ͍ ĐŚŝƐŽŶŽ͍ ƋƵŝĠŶĞƐƐŽŶ͍

sZKE/ ĚĂŵŶƌĞĨƵŐĞĞŬŝĚƐ͘ ĚĞŝďĂŵďŝŶŝƌŝĨƵŐŝĂƚŝ͘ ůŽƐŶŝŹŽƐƌĞĨƵŐŝĂĚŽƐ͘

<s/E ŝƚŚŽƵŐŚƚǇŽƵƐĂŝĚ ĂǀĞǀŝĚĞƚƚŽĚŝŵŝĂŵŝ͘ ĚŝũŝƐƚĞƋƵĞĞƌĂŶĚĞ ƚŚĞǇǁĞƌĞĨƌŽŵ ŵŝĂŵŝ͘ ŵŝĂŵŝ͘

ZK> ŵǇĂŶŵĂƌ͘ ŵǇĂŶŵĂƌ͘ ĚĞŵǇĂŶŵĂƌ͘

E^ <s/E ŵǇĂŶͲǁŚĂƚ͍ ŵǇĂŶͲĐŚĞ͍ Yh/s>E ŵǇĂͲƋƵĠ͍ Yh/s>E

ZK> ŝƚΖƐŝŶĂƐŝĂ͘ ğŝŶĂƐŝĂ͘ ĞƐƚĄĞŶĂƐŝĂ͘

<s/E ǇŽƵŬŶŽǁ͕ƚŚĞƌĞΖƐƚŽŽ ğĐŚĞĐŝƐŽŶŽƚƌŽƉƉŝ ǇŽĐƌĞŽƋƵĞŚĂǇ ŵĂŶǇĚĂŵŶĐŽƵŶƚƌŝĞƐ ƉĂĞƐŝŝŶĂƐŝĂ͘ ĚĞŵĂƐŝĂĚŽƐƉĂşƐĞƐĞŶ ŝŶĂƐŝĂ͘ƐŚŽƵůĚũƵƐƚ ĚŽǀƌĞďďĞĞƐƐĞƌĐŝ ĂƐŝĂ͘ĚĞďĞƌşĂƐĞƌƐŽůŽ ŵĂŬĞŝƚŽŶĞĐŽƵŶƚƌǇ͘ ƵŶ͛ƵŶŝĐĂŶĂǌŝŽŶĞ͘ ƵŶŽ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/E ŝΖůůƐƚŽƉďǇĂĨƚĞƌƚŚĞ ƉĂƐƐŽĚŽƉŽŝů ŝƌĠĚĞƐƉƵĠƐĚĞůĂ ďĂƌďĞĐƵĞ͘ĂďƵŶĐŚŽĨ ďĂƌďĞĐƵĞ͘ŝƉŽŵƉŝĞƌŝ ďĂƌďĂĐŽĂ͕ƵŶĂƋƵĞ ĨŝƌĞŵĞŶĂƌĞƚŚƌŽǁŝŶŐ ĨĞƐƚĞŐŐŝĂŶŽ͘ ĚĂŶůŽƐďŽŵďĞƌŽƐ͘ ŝƚ͘

>/W ŽŚ͕ǇĞĂŚ͍ǇŽƵ ƚĞŶĞƐďĂƚƚŝƵŶŽ͍ ƚĞƚŝƌĂƐĂƵŶ ďĂŶŐŝŶŐŽŶĞŽĨ ďŽŵďĞƌŽ͍ ƚŚĞŵ͍

/E ǁŚǇĚŽǇŽƵƚŚŝŶŬŝΖŵ ĞƉĞƌĐŚĠĂŶĚƌĞŝ͍ ƉĂƌĂĞƐŽǀŽǇ͘ ŐŽŝŶŐ͍

>/W ǁŚĂƚŝƐŝƚǁŝƚŚǇŽƵ ŵĂĐŚĞĂǀĞƚĞǀŽŝ ƉĂƌĂůŽƐŐĂŝƐƚŽĚŽĞƐ ŐĂǇŐƵǇƐ͍ĞǀĞƌǇƚŚŝŶŐ ŐĂǇ͍ŽŐŶŝƉŽƐƚŽğ ƵŶĂĞǆĐƵƐĂƉĂƌĂ ŝƐĂƐƚƌĂŝŐŚƚƐŚŽƚƚŽ ďƵŽŶŽƉĞƌĨĂƌĞ ůůĞŐĂƌĂůƐĞǆŽ͘ŚĂƐƚĂ ^K^ ƐĞǆ͘ĞǀĞŶďƵƌŐĞƌƐ ƐĞƐƐŽ͘ŶĞŝĨĂƐƚĨŽŽĚ͕ Yh/s>E ůĂƐŚĂŵďƵƌŐƵĞƐĂƐǇ Yh/s>E ĂŶĚĨƌŝƐďĞĞ͘ ĚĂĨƌŝƐďĞĞ͘ ĞůĨƌŝƐďĞĞ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

sZKE/ ŝĐĂŶƚĂŬĞĐĂƌů͘ ƉƌĞŶĚŽĐĂƌů͘ ǇŽŵĞƋƵĞĚŽĂĐĂƌů͘

Z> ǇĞĂŚ͕ǇŽƵĐĂŶ͘Ăůů ğĂŶĚĂƚĂ͘ǀĞŶƚŝ ĚŝƋƵĞƐş͘ƐŽǇƚŽĚŽ ĞŝŐŚƚŝŶĐŚĞƐ͘ŝΖŵ ĐĞŶƚŝŵĞƚƌŝ͘ŵŝĞĐĐŝƚŽ ƚƵǇŽ͘ƐŽŵŽƐ ƉŝŵƉŝŶŐůŝŬĞƚŚĂƚ͘ ĐŽƐŞ͕ůŽƐĂŝ͍ ŚĞƌŵĂŶŽƐĚĞƌĂǌĂ͕ůŽ ĨĞĞůŵĞ͍ ƉŝůůĂƐ͍

sZKE/ ƉŝŵƉŝŶŐ͍ŝĐŚĂŶŐĞĚ ƚŝĞĐĐŝƚŝ͍ƚŝŚŽ ŚĞƌŵĂŶŽƐ͍ǇŽƚĞŚĞ ǇŽƵƌĚŝĂƉĞƌ͕ƐŽŝ ĐĂŵďŝĂƚŽŝƉĂŶŶŽůŝŶŝ ĐĂŵďŝĂĚŽƉĂŹĂůĞƐǇ ŬŶŽǁǇŽƵƌůŝƚƚůĞ ĞƐŽĐŚĞŝůƚƵŽƵĐĐĞůůŽ ƐĠƋƵĞƚƵĐƵůŽŶƵŶĐĂ ƉƵĚĚŝŶŐƉŽƉĂŝŶΖƚ ŶŽŶğĂůĐŝŽĐĐŽůĂƚŽ͘ ŚĂƐŝĚŽĐŽůŽƌ ŶĞǀĞƌďĞĞŶ ŵŝƐŽŶŽƐƚĂŶĐĂƚĂĚŝ ĐŚŽĐŽůĂƚĞ͘ĞƐƚŽǇ ĐŚŽĐŽůĂƚĞ͘ŝΖŵŐĞƚƚŝŶŐ ƋƵĞƐƚĂĨĂƌƐĂ͘ůĞ ŚĂƌƚĂĚĞƚƵƌŽůůŽĚĞ ƚŝƌĞĚŽĨƚŚŝƐůŝƚƚůĞ ƚƌĞĐĐĞƚŝƌĞŶĚŽŶŽƵŶ ƉĂŶĚŝůůĞƌŽ͘ĐƌĞĞƐƋƵĞ ŵŝŶƐƚƌĞůĂĐƚ͘ǇŽƵ ŶĞƌŽ͍ƋƵĂƚƚƌŽĐĞŶƚŽ ƵŶĂƐƚƌĞŶǌĂƐƚĞ ƚŚŝŶŬĐŽƌŶƌŽǁƐŵĂŬĞ ĂŶŶŝĚŝŽƉƉƌĞƐƐŝŽŶĞ ŚĂĐĞŶŶĞŐƌŽ͍ŶĞŐƌŽ ǇŽƵďůĂĐŬ͍ĨŽƵƌ ƚŝƌĞŶĚŽŶŽƵŶŶĞƌŽ͕Ğ ƚĞŚĂĐĞŶĐƵĂƚƌŽ ŚƵŶĚƌĞĚǇĞĂƌƐŽĨ ƐĞŝŶƐŝƐƚŝĐŽŶƋƵĞƐƚĂ ƐŝŐůŽƐĚĞŽƉƌĞƐŝſŶ͕Ǉ Z^ ŽƉƉƌĞƐƐŝŽŶŵĂŬĞƐ ƐƚƌŽŶǌĂƚĂĐŚŝĞĚĞƌžĚŝ Yh/s>E ƐŝƐŝŐƵĞƐĐŽŶƚŽĚĂƐ Yh/s>E ǇŽƵďůĂĐŬ͕ĂŶĚŝĨǇŽƵ ĞƐƐĞƌĞĂƌƌƵŽůĂƚĂŶĞů ĞƐƚĂƐŐŝůŝƉŽůůĞĐĞƐǀŽǇ ŬĞĞƉƵƉǁŝƚŚƚŚŝƐ ŬƵŬůƵǆŬůĂŶ͕ĐŚŝĂƌŽ͍ ĂĐŽŵĞƚĞƌƵŶ ǁŝŐŐĞƌďƵůůƐŚŝƚ͕ŝΖŵ ĂƐĞƐŝŶĂƚŽƌĂĐŝĂů ŐŽŶŶĂƌĞǀĞƌƐĞŐĞŽƌŐĞ ĐŽŶƚŝŐŽ͘ůŽƉŝůůĂƐ͍ ǌŝŵŵĞƌŵĂŶǇŽƵƌĂƐƐ͘ ĨĞĞůŵĞ͍

ĂƌůĂŶĚEŝĐŬƚƌǇŝŶŐƚŽƌĞŶƚĂŶĂƉĂƌƚŵĞŶƚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Z> ĚŽŶΖƚŐĞƚƚŽŽũƵŝĐĞĚ ĐŽŵƵŶƋƵĞŶŽŶƚŝ ĂƵŶƋƵĞŶŽƚĞƉŽŶŐĂƐ ƵƉ͘ŝŽŶůǇŐŽĨŽƌ ĞŵŽǌŝŽŶĂƌĞƚƌŽƉƉŽ͘ğ ĂďĂďĞĂƌ͕ƐŽůŽŵĞ ƐŝƐƚĂƐ͘ǇŽƵĂĐĐĞƉƚ ƉĞƌŵŝĂƐŽƌĞůůĂ͘ƉĞǌǌŝ ǀĂŶůĂƐŚĞƌŵĂŶĂƐ͘ Z^ ŚƵŶĚƌĞĚƐ͍ ĚĂĐĞŶƚŽ͍ >/D/Ed/KE ĂĐĞƉƚĂƐďŝůůĞƚĞƐ͍ Yh/s>E

^dd'Ed ǇŽƵĚŽŶΖƚůŽŽŬůŝŬĞ ŶŽŶƐŽŵŝŐůŝĂŝƚŝƉŝĚĂ ŶŽĞƌĞƐĐŽŵŽůŽƐ ƚŚĞƚƌƵƐƚĨƵŶĚŬŝĚƐŝ ĨŽŶĚŽĨŝĚƵĐŝĂƌŝŽĐŽŶ ŶŝŹŽƐƌŝĐŽƐĐŽŶůŽƐ ŶŽƌŵĂůůǇǁŽƌŬǁŝƚŚ͘ ĐƵŝůĂǀŽƌŽ͘ƚƵƐĞŝƵŶ ƋƵĞƐƵĞůŽƚƌĂďĂũĂƌ͘ ĂƌĞǇŽƵĂƌĂƉƉĞƌ͍ ƌĂƉƉĞƌ͍ ĞƌĞƐƵŶƌĂƉĞƌŽ͍

Z> ǇĞĂŚ͕ƚŚĂƚΖƐƌŝŐŚƚ͘ ƐŞ͕ĞƐĂƚƚŽ͘ŵŝ Ɛş͕ƐĞŹŽƌĂ͘ŵĞůůĂŵĂŶ ƚŚĞǇĐĂůůŵĞǁŚŝƚĞ ĐŚŝĂŵĂŶŽĐŝŽĐĐŽůĂƚŽ ĐŚŽĐŽůĂƚĞďůĂŶĐŽ͘ ĐŚŽĐŽůĂƚĞ͘ ďŝĂŶĐŽ͘

^dd'Ed ǁĞůů͕ǇŽƵǁŽƵůĚŶĞĞĚ ďĞŚ͕ĞŚŵ͕Đ͛ğ ĂŚ͕ŵŵ͕ďƵĞŶŽ͕ƚƵƐ ĂƉĂƌĞŶƚƚŽĐŽͲƐŝŐŶ͘ ďŝƐŽŐŶŽĚŝƵŶ ƉĂĚƌĞƐƚĞŶĚƌĄŶƋƵĞ ĞǀĞŶƚŚĞŶŝΖŵĂĨƌĂŝĚ ŐĞŶŝƚŽƌĞĐŚĞĨŝƌŵŝ͘ ĨŝƌŵĂƌĞůĐŽŶƚƌĂƚŽ͕Ǉ ƚŚĂƚǇŽƵǁŽƵůĚŶĞǀĞƌ ŵĂƚĞŵƉŽĐŚĞ ĂƵŶĂƐşŵĞƉĂƌĞĐĞ ŵĂŬĞďŽĂƌĚĂƉƉƌŽǀĂů͘ ĐŽŵƵŶƋƵĞŝůĐŽŶƐŝŐůŝŽ ƋƵĞůĂũƵŶƚĂĚĞ ŶŽŶĂƉƉƌŽǀĞƌĞďďĞ͘ ǀĞĐŝŶŽƐŶŽƚĞǀĂĂ ĂƉƌŽďĂƌ͘

Z> ǁŚĂƚ͕ďůĂĐŬĨŽůŬ ĐŚĞĐ͛ğ͕ŝƐŽůĚŝĚĞŝ ĞƐƋƵĞĞůĚŝŶĞƌŽĚĞ ŵŽŶĞǇĂŝŶΖƚŶŽŐŽŽĚ ŶĞƌŝŶŽŶƚŝǀĂŶŶŽ ůŽƐŶĞŐƌŽƐŶŽƐŝƌǀĞ ŚĞƌĞ͍ ďĞŶĞ͍ ĂƋƵş͍

^dd'Ed ŝĚŽŶΖƚĨŽůůŽǁ͘ ŝŽŶŽŶƚŝƐĞŐƵŽ͘ ƉĞƌĚŽŶĂ͕ŶŽƚĞƐŝŐŽ͘

Z> ŶĂŚ͕ǇŽƵĚŽŶΖƚ͘ǇŽƵ ŶŽ͕ŝŶĨĂƚƚŝ͘ŶŽŶŚĂŝ ŶŽ͕ĐůĂƌŽƋƵĞŶŽ͘ ĂŝŶΖƚŐŽƚŶŽŝĚĞĂǁŚŽ ŝĚĞĂĚŝĐŚŝƐŝĂŝŽ͘ĚĞǀŝ ƉŽƌƋƵĞŶŽƚŝĞŶĞƐŶŝ ŝĂŵ͘ǇŽƵŐŽƚƚŽŐŽ ĂƚƚƌĂǀĞƌƐĂƌĞ ŝĚĞĂĚĞƋƵŝĠŶƐŽǇ͘ ƚŚƌŽƵŐŚĨŽƵƌŚƵŶĚƌĞĚ ƋƵĂƚƚƌŽĐĞŶƚŽĂŶŶŝĚŝ ŚĂǇƋƵĞƉĂƐĂƌƉŽƌ ǇĞĂƌƐŽĨŽƉƉƌĞƐƐŝŽŶ ŽƉƉƌĞƐƐŝŽŶĞƉĞƌ ĐƵĂƚƌŽƐŝŐůŽƐĚĞ ƚŽŬŶŽǁǁŚŽŝĂŵ͘ ƐĂƉĞƌůŽ͘ĐĂǌǌŽ͕ŶŽŶĐŝ ŽƉƌĞƐŝſŶƉĂƌĂƐĂďĞƌ ƐŚŝƚ͕ǁĞĚŽŶΖƚǁĂŶƚ ƐƚŝĂŵŽŝŶƋƵĞƐƚŽ ƋƵŝĠŶƐŽǇ͘ũŽĚĞƌ͕ǇĂ ƚŽƐƚĂǇŝŶĐƌĂĐŬĞƌ ƉŽƐƚŽĚŝďŝĂŶĐŚŝ͘ ŶŽƋƵŝĞƌŽƋƵĞĚĂƌŵĞ ǀŝůůĞĂŶǇǁĂǇ͘ůĞƚΖƐŐĞƚ ĂŶĚŝĂŵŽ͕ŶŝĐŬ͘ ĞŶĞƐƚĞĂŶƚƌŽĚĞ ŝƚ͕ŶŝĐŬ͘ ƉŝũŽƐ͘ǀĄŵŽŶŽƐ͕ŶŝĐŬ͘

Z Yh/s>E >/D/Ed/KE

^dd'Ed ŐŽŽĚůƵĐŬŵƌ ďƵŽŶĂĨŽƌƚƵŶĂ͕ƐŝŐŶŽƌ ƐƵĞƌƚĞ͕ƐĞŹŽƌ ĐŚŽĐŽůĂƚĞ͘ ĐŝŽĐĐŽůĂƚŽ͘ ĐŚŽĐŽůĂƚĞ͘

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&/KE ǇŽƵΖƌĞĂŵŽŵ͘ǇŽƵ ƐĞŝƵŶĂŵĂŵŵĂ͘ƐĂŝ ƚƷĞƌĞƐŵĂĚƌĞ͘ƐĂďĞƐ ŬŶŽǁǁŚĂƚŝƚΖƐůŝŬĞƚŽ ĐŽŵĞƉƌĞŶĚĞƌƚŝĐƵƌĂ ůŽƋƵĞĞƐƚĞŶĞƌĂ ƚĂŬĞĐĂƌĞŽĨ ĚŝƋƵĂůĐƵŶŽ͘ǀŽŐůŝŽ ĂůŐƵŝĞŶĂƚƵĐĂƌŐŽ͘ǇŽ ƐŽŵĞŽŶĞ͘ŝũƵƐƚǁĂŶƚ ƐŽůŽĐŚĞůĂŵŝĂ ƐŽůŽƋƵŝĞƌŽƋƵĞŵŝ ƚŽŵĂŬĞƐƵƌĞŵǇ ĨĂŵŝŐůŝĂƐƚŝĂďĞŶĞ͘ ĨĂŵŝůŝĂĞƐƚĠďŝĞŶ͘ ĨĂŵŝůǇΖƐŽŬĂǇ͘

^sd>E ƐŽŐĞƚŵŽƚĞů͘ ĂŶĚĂƚĞŝŶŵŽƚĞů͘ ƉƵĞƐ͕ǀĞƚĞĂŵŽƚĞů͘

&/KE ƚŚĂƚĂĚĚƐƵƉ͘ ĐŽƐƚĂƚƌŽƉƉŽ͘ ĐƵĞƐƚĂŶŵƵĐŚŽ͘

^sd>E ŝŐĞƚǇŽƵŵĂƐƐĂŐĞ ĂůůŽƌĂƚƵĨĂŵĂƐƐĂŐŐŝ͘ ƚĞĚŽǇƚƌĂďĂũŽĚĞ ũŽď͘ŽŚ͕ǇŽƵΖƌĞƚŽŽ ŶŽŶƐŽŶŽĂƚƵŽ ŵĂƐĂũĞƐ͘ǀĂůĞƐ ŐŽŽĚĨŽƌŝƚ͍ŝ ůŝǀĞůůŽ͍ĐĂƉŝƐĐŽ͘ŵĂ ĚĞŵĂƐŝĂĚŽƉĂƌĂĞƐŽ͍ ƵŶĚĞƌƐƚĂŶĚ͘ǇŽƵ ŶŽŶƐĂŝĐŚĞĚŝŽƚŝŚĂ ǇŽĞŶƚŝĞŶĚŽ͘ĂƷŶŶŽ ĚŽŶΖƚƌĞĂůŝǌĞŐŽĚ ĚĂƚŽƵŶďĂŶĐŽŵĂƚŝŶ ƐĂďĞƐƋƵĞĚŝŽƐƚĞ ŐĂǀĞǇŽƵĂƚŵ ŵĞǌǌŽĂŐĂŵďĞ͍ ƉƵƐŽƵŶĐĂũĞƌŽĞŶƚƌĞ Z/D ŵĂĐŚŝŶĞďĞƚǁĞĞŶ ƋƵĂŶĚŽĨĂĐĐŝŽ Yh/s>E ůĂƐƉŝĞƌŶĂƐ͍ǇŽĚŽǇ Yh/s>E ' ǇŽƵƌůĞŐƐ͘ǁŚĞŶŝĚŽ ŵĂƐƐĂŐŐŝğƉĞƌĐŚĠ Yh/s>E ŵĂƐĂũĞƐƉŽƌƋƵĞ Yh/s>E ŵĂƐƐĂŐĞ͕ŝƚΖƐďĞĐĂƵƐĞ ĚĞǀŽĨĂƌůŝ͘ŶŝĞŶƚĞ ƚĞŶŐŽƋƵĞŚĂĐĞƌůŽ͘ ŝŚĂǀĞƚŽ͘ŶŽŵŽŶĞǇ͕ ƐŽůĚŝĞŵŽůƚŽůŽŶƚĂŶŽ ŶŽŚĂǇĚŝŶĞƌŽ͕ĞƐƚŽǇ ϱ͕ϬϬϬŵŝůĞƐĨƌŽŵ ĚĂĐĂƐĂ͘Ăůů͛ŝŶŝǌŝŽĞƌŽ ŽĐŚŽŵŝůŬŝůſŵĞƚƌŽƐ ŚŽŵĞ͘ŝƐƚĂƌƚ͕ŝǁĂƐ ƋƵŝ͘ŚŽůĂǀŽƌĂƚŽĞ ĚĞĐĂƐĂ͘ĐƵĂŶĚŽ ŚĞƌĞ͘ŝǁŽƌŬŚĂƌĚ͕ ƐŽŶŽƋƵŝ͘ĐŽƐŞ ĞŵƉĞĐĠĞƐƚĂďĂĂƋƵş͘ ŶŽǁŝΖŵŚĞƌĞ͘ƚŚŝƐŝƐ ĨƵŶǌŝŽŶĂĂŵĞƌŝĐĂ͘ ƚƌĂďĂũĠǇƐƵďşĂƋƵş͘ ŚŽǁĂŵĞƌŝĐĂǁŽƌŬƐ͘ ƉƌĞƐƚŽ͕ƋƵĂŶĚŽĂƉƌŝƌž ĂƐşĨƵŶĐŝŽŶĂĂŵĠƌŝĐĂ͘ ƐŽŽŶ͕ǁŚĞŶŝŽƉĞŶ ŵŝŽŶĞŐŽǌŝŽĚŝ ƉƌŽŶƚŽĐƵĂŶĚŽǇŽ ŵǇŽǁŶƋƵŝǌŶŽƐ ƋƵŝǌŶŽƐĂƌƌŝǀĞƌžƋƵŝ͘ ĂďƌĂƉƌŝŵĞƌ ƐƵďŵĂƌŝŶĞƐƚŽƌĞ͕ŝ ƚƵ͍ƚƵƉĞŶƐŝĚŝĞƐƐĞƌĞ ƌĞƐƚĂƵƌĂŶƚĞ ǁŝůůďĞŚĞƌĞ͘ǇŽƵ͍ ƋƵŝŵĂŶŽŶĐŝƐĞŝ͘ƐĞŝ ĨƌĂŶƋƵŝĐŝĂĞƐƚĂƌĠ ǇŽƵƚŚŝŶŬǇŽƵΖƌĞ ƋƵŝ͕ĞůĞƌĂŐĂǌǌĞĐŚĞ ĂƋƵş͘ƚƷ͕ƚƷĐƌĞĞƐƋƵĞ ŚĞƌĞ͕ďƵƚǇŽƵΖƌĞŶŽƚ͘ ƐŽŶŽƋƵŝĨĂŶŶŽĐŽƐĞ ĞƐƚĄƐĂƋƵş͕ƉĞƌŽŶŽ͕ ǇŽƵĂƌĞŚĞƌĞ͕ĂŶĚ ĐŚĞůĞĂůƚƌĞƌĂŐĂǌǌĞ ĞƐƚĄƐĂƋƵş͘ǇĐŚŝĐĂƐ ŐŝƌůƐǁŚŽĂƌĞŚĞƌĞ ŶŽŶĨĂƌĞďďĞƌŽ͘ ƋƵĞĞƐƚĄŶĂƋƵş ŵƵƐƚĚŽƚŚŝŶŐƐƚŚĂƚ ĚĞďĞŶŚĂĐĞƌĐŽƐĂƐ

ŽƚŚĞƌŐŝƌůƐǁŽƵůĚŶŽƚ ƋƵĞŽƚƌĂƐŶŽ ĚŽ͘ ƋƵŝĞƌĞŶ͘

'/D Yh/s>E Yh/s>E

ŚŝĐĂŐŽĨŝƌĞĚĞƉĂƌƚŵĞŶƚďĂƌďĞĐƵĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

> ǁŚĂƚ͍ǇŽƵƉůĂǇ͕ ĐŚĞĐ͛ğ͍ŐŝŽĐŚŝ͕ǀĞƌŽ͍ ƋƵĠ͍ƐĂďƌĄƐũƵŐĂƌ͍ ƌŝŐŚƚ͍

/E ŽŚ͕ƐƵƌĞ͕ŝƉůĂǇ͘ ĐĞƌƚŽĐŚĞŐŝŽĐŽ͘ Ɛş͕ƉŽƌƐƵƉƵĞƐƚŽ͘

> ǁĞΖůůŶĞĞĚĂůůƚŚĞ ĐŝƐĞƌǀĞů͛ĂŝƵƚŽĚŝ ŶĞĐĞƐŝƚĂŵŽƐƚŽĚĂůĂ ŚĞůƉǁĞĐĂŶŐĞƚ͘ŝĨǁĞ ƚƵƚƚŝ͘ƉĞƌĚŝĐŽŶŝĨƌŽĐŝ ĂǇƵĚĂƋƵĞƉŽĚĂŵŽƐ͘ ůŽƐĞƚŽƚŚĞĨĂŐƐŝŶ ŝŶďůƵĞŶĞ ƐŝŶŽƐŐĂŶĂŶůŽƐ ďůƵĞ͕ǁĞΖůůŶĞǀĞƌŚĞĂƌ ƉĂƌůĞƌĂŶŶŽƐĞŵƉƌĞ͘ ŵĂƌŝĐĂƐĚĞĂǌƵů͕ŶŽ ^K ƚŚĞĞŶĚŽĨŝƚ͘ Yh/s>E ŶŽƐĚĞũĂƌĄŶĞŶƉĂǌ͘ Yh/s>E

/E ǁŚŽ͍ ĐŚŝ͍ ƋƵŝĠŶĞƐ͍

> ƚŚĞŐĂǇĐŽƉƐ͘ ŐůŝĂŐĞŶƚŝŐĂǇ͘ ůŽƐƉŽůŝƐŐĂŝƐ͘

dKEz ǇŽƵŚĂǀĞƚŚĞƌŝŐŚƚƚŽ ŚĂŝŝůĚŝƌŝƚƚŽĚŝ ƚĞŶĠŝƐĚĞƌĞĐŚŽĂ ƌĞŵĂŝŶƐŝůĞŶƚǁŚŝůĞ ƌŝŵĂŶĞƌĞŝŶƐŝůĞŶǌŝŽ ŐƵĂƌĚĂƌƐŝůĞŶĐŝŽƐ ǁĞƌƵŶƚŚĞƐĐŽƌĞƵƉ ŵĞŶƚƌĞƚŝĨĂĐĐŝĂŵŽŝů ŵŝĞŶƚƌĂƐŽƐĚĂŵŽƐ ŽŶǇŽƵƌƐŽƌƌǇĂƐƐĞƐ͘ ĐƵůŽĂƉĞǌǌŝ͘ ƵŶĂďƵĞŶĂƉĂůŝǌĂ͘

/E ƚŽŶǇ͍ǁŚǁŚĞŶĚŝĚ ƚŽŶǇ͍ĐŽƐĂ͍ŵĂͲŚĂŚĂ͕ ƚŽŶǇ͍ŽǇĞ͕ŚĂƐƐĂůŝĚŽ ǇŽƵĐŽŵĞŽƵƚ͍ ŚĂŝĨĂƚƚŽĐŽŵŝŶŐŽƵƚ͍ ĚĞůĂƌŵĂƌŝŽ͍

^K^ dKEz ŽŚ͕ǇŽƵƌƐŝƐƚĞƌ ƚƵĂƐŽƌĞůůĂ͕ğĐŽůƉĂ Yh/s>E Ɛş͕ƚƵŚĞƌŵĂŶĂŵĞ Yh/s>E ƚƵƌŶĞĚŵĞŐĂǇ͘ ƐƵĂ͘ ŚŝǌŽŐĂǇ͘

/E ŽŚ͕ǁŽǁ͘ ŽŚ͕ǁŽǁ͘ ƋƵĞĨƵĞƌƚĞ͊

16): 6HDVRQ(SLVRGH ƌŝĐĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ŚŽǁǁĂƐůĂƐƚŶŝŐŚƚΖƐ ĐŽŵ͛ğĂŶĚĂƚĂ ĞǆƉůşĐĂŵĞĞůƚĞŵĂĚĞ ƚĂŶŐůĞ͍ ƐƚĂŶŽƚƚĞ͍ ĂŶŽĐŚĞ͘

/ ŚƵŚ͍ ĞŚ͍ ƋƵĠ͍

&ZE< ǇŽƵĂŶĚĞƌŝĐĂ͘ůŝƚƚůĞ ƚƵĞĚĞƌŝĐĂ͘ĂǀĞƚĞ ĞŶƚƌĞĞƌŝĐĂǇƚƷ͘ ^K^ ƐĐŝƐƐŽƌĂĐƚŝŽŶ͍ ŝŶĐƌŽĐŝĂƚŽůĞŐĂŵďĞ͍ D/d/'d/KE ŚŝĐŝƐƚĞŝƐůĂƚŝũĞƌĂ͍ Yh/s>E

/ Ğǁ͕ŶŽ͘ŝƚǁĂƐƐŽŶŽƚ Ğǁ͕ŶŽ͘ŶŽŶğĂŶĚĂƚĂ ƵŚ͕ŶŽ͕ŶŽƉĂƐſŶĂĚĂ ůŝŬĞƚŚĂƚ͘ƐŚĞǁĂƐũƵƐƚ ĂĨĨĂƚƚŽĐŽƐŞ͘ĞƌĂƐŽůŽ ĚĞĞƐŽ͘ĞůůĂĞƐƚĂďĂ ĚƌƵŶŬĂŶĚĐŽŶĨƵƐĞĚ͕ ƵďƌŝĂĐĂĞĐŽŶĨƵƐĂĞĚ ďŽƌƌĂĐŚĂǇĐŽŶĨƵƐĂǇ ĂŶĚƐŚĞΖƐŵĂƌƌŝĞĚƚŽ ğƐƉŽƐĂƚĂ͕ĐŽŶƵŶ ĞƐƚĄĐĂƐĂĚĂĐŽŶƵŶ ĂŐƵǇ͘ ƵŽŵŽ͘ ƚşŽ͘ ^K^ Yh/s>E Yh/s>E

^K^ &ZE< ĂǁŽŵĂŶΖƐƐĞǆƵĂůŝƚǇ ůĂƐĞƐƐƵĂůŝƚăĚŝƵŶĂ Yh/s>E ůĂƐĞǆƵĂůŝĚĂĚ Yh/s>E ŝƐĂƐĨůƵŝĚĂƐƚŚĞ ĚŽŶŶĂğĨůƵŝĚĂĐŽŵĞ ĨĞŵĞŶŝŶĂĞƐƚĂŶ ŵŝƐƐŝƐƐŝƉƉŝ͘ŵĂƌŬŵǇ ŝůŵŝƐƐŝƐƐŝƉƉŝ͘ƌŝĐŽƌĚĂ ĨůƵŝĚĂĐŽŵŽĞů ǁŽƌĚƐ͕ŬŝĚ͘ƐŚĞ͛Ɛ ůĞŵŝĞƉĂƌŽůĞ͕ƉĞƌƚĞ ŵŝƐƐŝƐƐŝƉƉŝ͘ŚĂǌŵĞ ƐǁĞĞƚŽŶǇŽƵ͘ ŚĂƵŶĚĞďŽůĞ͘ ĐĂƐŽ͕ŚŝũĂ͘ĞůůĂĞƐƚĄ ƉŽƌƚŝ͘

ƌŝĐĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Z/ ǇŽƵŬŶŽǁǁŚĂƚǇŽƵ ƐĂŝ͕ĚŽǀƌĞƐƚŝĨĂƌĞƵŶĂ ĚĞďĞƌşĂƐĚĂƌƵŶĂ ƐŚŽƵůĚĚŽ͍ǇŽƵ ĨĞƐƚĂƌŝǀĞůĂǌŝŽŶĞĚĞů ĨŝĞƐƚĂĚĞƌĞǀĞůĂĐŝſŶ ƐŚŽƵůĚŚĂǀĞĂŐĞŶĚĞƌ ƐĞƐƐŽ͘ ĚĞůƐĞǆŽ͘

ƌĞǀĞĂůƉĂƌƚǇ͘

/ ǁŚĂƚΖƐƚŚĂƚ͍ ĞƐĂƌĞďďĞ͍ ĐſŵŽĞƐ͍

Z/ ƵŚ͕ǇŽƵǁŽƵůĚŐŝǀĞ ĚĂŝůĂďƵƐƚĂĂƵŶ ƉƵĞƐ͕ůĞůůĞǀĂƐĞƐƚŽĂ ƚŚŝƐƚŽĂďĂŬĞƌĂŶĚ ƉĂƐƚŝĐĐĞƌĞĞŐůŝĐŚŝĞĚŝ ƵŶƉĂƐƚĞůĞƌŽǇůĞ ĂƐŬŚŝŵƚŽŵĂŬĞǇŽƵ ĚŝƉƌĞƉĂƌĂƌƚŝƵŶĂ ĚŝĐĞƐƋƵĞŚĂŐĂƵŶĂ ĂĐĂŬĞǁŝƚŚĞŝƚŚĞƌ ƚŽƌƚĂĐŽŶĚĞŶƚƌŽƵŶ ƚĂƌƚĂĐŽŶĞůƌĞůůĞŶŽ ƉŝŶŬŽƌďůƵĞĨƌŽƐƚŝŶŐ ƌŝƉŝĞŶŽďůƵŽƌŽƐĂ͘ ĂǌƵůŽƌŽƐĂƐĞŐƷŶůŽ ŽŶƚŚĞŝŶƐŝĚĞ͕ĂŶĚ ƉŽŝŝŶǀŝƚŝůĞƉĞƌƐŽŶĞ͕ ƋƵĞƐĞĂ͘ůƵĞŐŽŝŶǀŝƚĂƐ '^ ƚŚĞŶǇŽƵŝŶǀŝƚĞ ǀŝŵĞƚƚĞƚĞŝŶƚŽƌŶŽ͕ Yh/s>E ĂƚƵŐĞŶƚĞ͕ŽƐƌĞƵŶşƐ͕ Yh/s>E ƉĞŽƉůĞŽǀĞƌ͕ŐĂƚŚĞƌ ƚĂŐůŝĂƚĞůĂƚŽƌƚĂĞ͕ ĐŽƌƚĄŝƐůĂƚĂƌƚĂǇ ĂƌŽƵŶĚ͕ĐƵƚŝŶƚŽƚŚĞ ƐŽƌƉƌĞƐĂ͊ ƐŽƌƉƌĞƐĂ͘ ĐĂŬĞ͕ĂŶĚƐƵƌƉƌŝƐĞ͊

/ ŽŚ͕ƚŚĂƚΖƐƐŽĐŽŽů͘ ĐŚĞĐŽƐĂĨŝĐĂ͊ ŵĞƉĂƌĞĐĞŐƵĂǇ͘

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^sd>E ŝŶŵǇĐŽƵŶƚƌǇ͕ǁĞ ŝŶŵŝŽƉĂĞƐĞĐ͛ğ ĞŶŵŝƉĂşƐƚĞŶĞŵŽƐ ŚĂǀĞƐĂǇŝŶŐƐƚĂǇĂǁĂǇ ĚĞƚƚŽƐƚĂůŽŶƚĂŶŽĚĂ ĚŝĐŚŽĂůĠũĂƚĞĚĞ ĨƌŽŵŵĞŶǁŝƚŚ ƵŽŵŽĐŽŶƚƌŽƉƉŝƉĞůŝ ŚŽŵďƌĞĐŽŶĞǆĐĞƐŝǀŽ ĞǆĐĞƐƐŝǀĞĨĂĐŝĂůŚĂŝƌ͘ ƐƵĨĂĐĐŝĂ͘ ǀĞůůŽĨĂĐŝĂů͘

dKDDz ŝƐƚŚĂƚƚƌƵĞ͍ ĚĂǀǀĞƌŽ͍ ĚĞǀĞƌĚĂĚ͍

^sd>E ŶŽ͕ǇŽƵĚƵŵďĨƵĐŬ͘ ŶŽ͕ƉŽǀĞƌŽŝĚŝŽƚĂ͘ ŶŽ͕ƚŽŶƚŽĚĞƉŽůůĂ͘ ĞǀĞƌǇƚŚŝŶŐŝƐĂǇŝƐ ĚŝĐŽƐŽůŽƐƚƌŽŶǌĂƚĞ ƚŽĚŽůŽƋƵĞĚŝŐŽĞƐ ďƵůůƐŚŝƚ͕ďƵƚǇŽƵ ŵĂƚƵĐƌĞĚŝƚƵƚƚŽ ŵĞŶƚŝƌĂ͕ƉĞƌŽĐƌĞĞƐ ďĞůŝĞǀĞŵĞďĞĐĂƵƐĞŝ ƉĞƌĐŚĠƉĂƌůŽƐƚƌĂŶĂĞ ƉŽƌƋƵĞƚĞŶŐŽĂĐĞŶƚŽ ŚĂǀĞĂĐĐĞŶƚĂŶĚŝ ŵĂŝƐŽƌƌŝĚŽ͘ ǇŶƵŶĐĂƐŽŶƌşŽ͘ ŶĞǀĞƌƐŵŝůĞ͘ E^ Yh/s>E Yh/s>E

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/ ĨƌĂŶŬ͕ŝŝƚŚŝŶŬǇŽƵ ĨƌĂŶŬ͕ĂǀĞǀŝƌĂŐŝŽŶĞ ĨƌĂŶŬ͕ƚĞŶşĂƐƌĂǌſŶ ǁĞƌĞƌŝŐŚƚĂďŽƵƚ ƐƵĞƌŝĐĂ͘ůĂƐŝƚƵĂǌŝŽŶĞ ĐŽŶůŽĚĞĞƌŝĐĂ͘ĞƐƚĄ ĞƌŝĐĂ͘ƚŚŝŶŐƐĂƌĞ ğŝŶƋƵŝĞƚĂŶƚĞ͘ŵŝŚĂ ƵŶƉŽĐŽƌĂƌĂ͘ŚŽǇŵĞ ŐĞƚƚŝŶŐǁĞŝƌĚ͘ƐŚĞ ƐƚƌĞƚƚŽůĂŵĂŶŽƵŶ ŚĂĐŽŐŝĚŽůĂŵĂŶŽ ǁĂƐŚŽůĚŝŶŐŵǇŚĂŶĚ ƉŽ͛ƚƌŽƉƉŽĂůƵŶŐŽ͕Ğ ĚƵƌĂŶƚĞŵƵĐŚŽ ĨŽƌ͕ůŝŬĞ͕ĂƌĞĂůůǇůŽŶŐ ŝŶƚĂŶƚŽŵŝĨŝƐƐĂǀĂ ƚŝĞŵƉŽ͕ǇŵĞŚĂ ƚŝŵĞ͕ĂŶĚƐƚĂƌŝŶŐĂƚ ĐŽƐŞ͘ ŵŝƌĂĚŽĂƐş͘ ŵĞůŝŬĞƚŚŝƐ͘

&ZE< ĚĞďƐ͕ŝƚΖƐƚŝŵĞƚŽĨĂĐĞ ĚĞďƐ͕ƚƵĚĞǀŝ ĚĞďƐ͕ƚŝĞŶĞƐƋƵĞ ƚŚĞĨĂĐƚƚŚĂƚǇŽƵĂƌĞ ĂĐĐĞƚƚĂƌĞŝůĨĂƚƚŽĐŚĞ ĂĐĞƉƚĂƌĞůŚĞĐŚŽĚĞ ĂƐǁĞĞƚ͕ĞĂƌƚŚǇŚƵŶŬ ƐĞŝƵŶŐƌĂŶďĞůƉĞǌǌŽ ƋƵĞĞƌĞƐƵŶƚŝĞƌŶŽ ŽĨŝƌŝƐŚƐŽĚ͕ŵĞĂŶƚƚŽ ĚŝŝƌůĂŶĚĞƐĞ͕ĨĂƚƚĂ ƉĞĚĂǌŽĚĞĐĂƌŶĞ ďĞƐŚĂƌĞĚďǇĨůĞƐŚ ƉĞƌĞƐƐĞƌĞĐŽŶĚŝǀŝƐĂ ŝƌůĂŶĚĞƐĂ͕ĚŝŐŶŽĚĞ ĨĂƌŵĞƌƐŽĨĂůů ĚĂĐŽŶƚĂĚŝŶŝĚŝƚƵƚƚĞ ƐĞƌĚŝƐĨƌƵƚĂĚŽƉŽƌ ' ƉĞƌƐƵĂƐŝŽŶƐ͘΀͙΁ ůĞƉĂƌƌŽĐĐŚŝĞ͘ Yh/s>E ĐĂƌŶşǀŽƌŽƐĚĞƚŽĚĂ D/d/'d/KE ΀͙΁ ĐŽŶĚŝĐŝſŶ͘ ΀͙΁

/ ůĂƐƚǁĞĞŬǇŽƵǁĂŶƚĞĚ ƉƌŝŵĂǀŽůĞǀŝĐŚĞŵŝ ĂŶƚĞƐƋƵĞƌşĂƐƋƵĞŵĞ ŵĞƚŽďĂŶŐƚǇůĞƌ͕ŶŽǁ ƐĐŽƉĂƐƐŝƚǇůĞƌ͕ŽƌĂƐƵĂ ƚŝƌĂƌĂĂƚǇůĞƌǇĂŚŽƌĂ ŚŝƐǁŝĨĞ͘ŝΖŵŶŽƚƚŚĂƚ ŵŽŐůŝĞ͕ŝŽŶŽŶƐŽŶŽ ĂƐƵŵƵũĞƌ͘ǇŽŶŽƐŽǇ ƉĞƌƐŽŶ͕ĨƌĂŶŬ͘ŝΖůůĨŝŶĚ ĐŽƐŞ͕ĨƌĂŶŬ͘ƚƌŽǀĞƌžŝů ĂƐş͕ĨƌĂŶŬ͘ǇĂŵĞůĂƐ ŵǇŽǁŶǁĂǇŝŶ ŵŝŽŵŽĚŽ͕ƐĞŶǌĂŝů ĂƌƌĞŐůĂƌĠ͕ǇƐŝŶƐĞǆŽ͘ ǁŝƚŚŽƵƚƐĞǆ͘ŝΖůů͕Ƶŵ͕ ƐĞƐƐŽ͘ŝŽƉŽƚƌĞŝ͕ƐĂƌž ƐĞƌĠ͕ƐĞƌĠĐŽŵŽƵŶ ŝΖůůďĞĐŽŵĞůŝŬĞĂ ĐŽŵĞ͕ƵŶŵĞŵďƌŽ ŵŝĞŵďƌŽĚĞůĂ ĨĂŵŝůǇŵĞŵďĞƌ͘ ĚĞůůĂĨĂŵŝŐůŝĂ͘ ĨĂŵŝůŝĂ͘

'^ &ZE< ƋƵŝĐŬĞƐƚǁĂǇƚŽĂ ůĂǀŝĂƉĞƌŝůĐƵŽƌĞĚŝ Yh/s>E ĂůĐŽƌĂǌſŶĚĞƵŶĂ Yh/s>E ǁŽŵĂŶΖƐŚĞĂƌƚŝƐ ƵŶĂĚŽŶŶĂğĚĂůůĂ ŵƵũĞƌƐĞůůĞŐĂĂ ƚŚƌŽƵŐŚŚĞƌůĂůĂ͕ďƵƚ ƉĂƐƐĞƌĂŵĂƐĞůĂƚƵĂ ƚƌĂǀĠƐĚĞůĐŚŝĐŚŝ͕ ŝĨǇŽƵƌǁĂǇǁŽƌŬƐ͕ ĨƵŶǌŝŽŶĂ͕ŝŵŝĞŝ ƉĞƌŽƐŝůŽƚƵǇŽ ŵŽƌĞƉŽǁĞƌƚŽǇŽƵ͘ ƌŝƐƉĞƚƚŝ͘ ĨƵŶĐŝŽŶĂ͕ŵĞũŽƌƉĂƌĂ ƚŝ͘

hŶŝǀĞƌƐŝƚǇĐĂŵƉƵƐ;ĚŽƌŵƐͿ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

>/W ǁŚĞƌĞĂƌĞǇŽƵŐŽŝŶŐ͍ ĚŽǀĞǀĂŝ͍ ĂĚſŶĚĞƚĞŵĂƌĐŚĂƐ͍

' DE ƚŚĞĨĞŵŝŶĂǌŝƐĂƌĞ ůĞĨĞŵŵŝŶĂǌŝƐƚĞĐĞ Yh/s>E ůĂƐĨĞŵŝŶĂǌŝƐǀĂŶĂ Yh/s>E

ĂĨƚĞƌŵĞ͘ĂĐĐƵƐĞĚŵĞ ů͛ŚĂŶŶŽĐŽŶŵĞ͘ŵŝ ƉŽƌŵş͘ŵĞĂĐƵƐĂŶĚĞ ŽĨƚƌǇŝŶŐƚŽĚĞƐƚƌŽǇĂ ĂĐĐƵƐĂŶŽĚŝǀŽůĞƌ ŝŶƚĞŶƚĂƌĚĞƐƚƌƵŝƌĂ ŚŝŐŚƐƚĂƚƵƐĨĞŵĂůĞ ĚŝƐƚƌƵŐŐĞƌĞƵŶĂ ƵŶĂŵƵũĞƌĚĞĂůƚŽ ďĞĐĂƵƐĞŝΖǀĞ ĚŽŶŶĂĂĨĨĞƌŵĂƚĂ ƐƚĂƚƵƐƉŽƌƋƵĞŚĞ ŝŶƚĞƌŶĂůŝǌĞĚŵǇŽǁŶ ĂǀĞŶĚŽŝŶƚĞƌŝŽƌŝǌǌĂƚŽ ĂƐŝŵŝůĂĚŽůĂŽƉƌĞƐŝſŶ ŐĞŶĚĞƌŽƉƉƌĞƐƐŝŽŶ͘ ůĂŵŝĂŽƉƉƌĞƐƐŝŽŶĞĚŝ ŵĂĐŚŝƐƚĂ͘ŚĞƌĞĐŝďŝĚŽ ƚǁŽƚŚŽƵƐĂŶĚ ŐĞŶĞƌĞ͘ĚƵĞĐĞŶƚŽ ĚŽƐŵŝůĐŽŵĞŶƚĂƌŝŽƐ ĐŽŵŵĞŶƚƐŽŶŵǇ ĐŽŵŵĞŶƚŝƐƵůŵŝŽ ĞŶŵŝĨĂĐĞďŽŽŬ͕ ĨĂĐĞďŽŽŬƉĂŐĞ͕ ĨĂĐĞďŽŽŬ͕ƚƌĂĐƵŝ ŝŶĐůƵŝĚĂƐĂŵĞŶĂǌĂƐ ŝŶĐůƵĚŝŶŐĚĞĂƚŚ ŵŝŶĂĐĐĞĚŝŵŽƌƚĞ͘ŝ ĚĞŵƵĞƌƚĞ͘ŵŝƐ ƚŚƌĞĂƚƐ͘ŵǇƉĂƌĞŶƚƐ ŵŝĞŝǀŽŐůŝŽŶŽĐŚĞ ƉĂĚƌĞƐƋƵŝĞƌĞŶƋƵĞ ǁĂŶƚŵĞƚŽůĞĂǀĞ ůĂƐĐŝŝůĐĂŵƉƵƐĨŝŶĐŚĠ ŵĞǀĂǇĂŚĂƐƚĂƋƵĞ ĐĂŵƉƵƐƵŶƚŝůŝƚďůŽǁƐ ŶŽŶƉĂƐƐĂ͘ ĞƐƚŽƐĞƉĂƐĞ͘ ŽǀĞƌ͘

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

' ^sd>E ŝŶĐŽŵŝŶŐ͊ŵĂŶǁŝƚŚ ĂŚ͕ĞŶƚƌĂƵŽŵŽĐŽŶ >/D/Ed/KE ĐƵŝĚĂĚŽ͕ĞŶƚƌĂƚşŽ Yh/s>E ůĂĚǇďƵŶ͊ ĐŝƵĨĨŽŝŶƚĞƐƚĂ͘ ĐŽŶŵŽŹŽĚĞŵƵũĞƌ͘

'hz ǁŚĂƚΖƐǁŝƚŚƚŚĞƐŝŐŶ͕ ƉĞƌĐŚĠƋƵĞůĐĂƌƚĞůůŽ͍ ĂƋƵĠǀŝĞŶĞĞƐĞ ďƌŽ͍ ĐĂƌƚĞů͍

^ <s/E ƚŚĞĂůŝďŝŝƐƐĞƌǀŝŶŐ ů͛ĂůŝďŝƐĞƌǀĞƐŽůŽ Yh/s>E ĞŶĞƐƚĞďĂƌǇĂƐŽůŽ Yh/s>E ǁŽƌŬŝŶŐĐůĂƐƐ ŽŶĞƐƚŝůĂǀŽƌĂƚŽƌŝŝŶ ƐĞƌǀŝŵŽƐĂůĂĐůĂƐĞ ƌĞŐƵůĂƌƐŽŶůǇ͕ƐŽǇŽƵ ďŽůůĞƚƚĂ͕ƋƵŝŶĚŝƚƵĞŝ ŽďƌĞƌĂ͘ĂƐşƋƵĞǇĂ ĂŶĚǇŽƵƌďƵŶ ƚƵŽŝĂŵŝĐŝĐĂƉĞůůŽŶŝ ƉƵĞĚĞƐŵŽǀĞƌƚƵ ďƵĚĚŝĞƐĐĂŶƚĂŬĞ ƉŝĞŶŝĚŝƐŽůĚŝƉŽƚĞƚĞ ĂƐƋƵĞƌŽƐŽĐƵůŽ ǇŽƵƌƉƌŝǀŝůĞŐĞĚĂƐƐĞƐ ĂŶĚĂƌĞĂůĐĞƐƐŽŝŶ ďƵƌŐƵĠƐŚĂƐƚĂĞƐĞ ƚŽƚŚĞŽǀĞƌƉƌŝĐĞĚ ĨŽŶĚŽĂůůĂƐƚƌĂĚĂ͘ğ ƌĞƚƌĞƚĞĚĞůĂŽƚƌĂ ƚŽŝůĞƚĚŽǁŶƚŚĞ ĐŚŝĂƌŽ͍ ĐĂůůĞĚŽŶĚĞŽƐ ƐƚƌĞĞƚ͘ĐĂƉŝĐŚĞ͍ ĐůĂǀĂŶ͕ĐĂƉŝƐĐŝ͍

3LPS VSDUDGLVH 6HDVRQ(SLVRGH <ĞǀŝŶĂŶĚsĞƌŽŶŝĐĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

ZK> ĂůůƌŝŐŚƚ͕ƉĂĐŬŝƚŝŶ ďĞŶĞ͕ŵĞƚƚĞƚĞůŝ ĂĚĞůĂŶƚĞ͕ŝĚ ƚŚĞƌĞ͕ŐŽĚΖƐůŝƚƚůĞ ĚĞŶƚƌŽ͕ĂƌŵĂƚĂĚŝ ƐƵďŝĞŶĚŽ͕ƉĞƋƵĞŹŽ Z/D ĂƌŵǇ͘ǁĞƐƚŝůůŐŽƚŽŶĞ ĚŝŽ͘ĨĂĐĐŝĂŵŽƐŽůŽ Yh/s>E ĞũĞƌĐŝƚŽĚĞĚŝŽƐ͘ŚĂǇ Yh/s>E ŵŽƌĞƉŝĐŬƵƉďĞĨŽƌĞ ƵŶ͛ĂůƚƌĂƐŽƐƚĂƉƌŝŵĂ ƋƵĞƉĂƌĂƌĞŶƵŶƐŝƚŝŽ ǁĞŚŝƚƚŚĞƌŽĂĚ͘ ĚŝĂŶĚĂƌĞ͘ ĂŶƚĞƐĚĞƉŽŶĞƌŶŽƐĞŶ ĐĂŵŝŶŽ͘

sZKE/ ƚĞůůŐŽĚǁĞĚĞƐĞƌǀĞ ĚŝĂĚŝŽĐŚĞ ĚŝůĞĂĚŝŽƐƋƵĞ ĂŶĞǆƚƌĂƐƚĂƐŚĨŽƌŚŝƐ ŵĞƌŝƚŝĂŵŽƐŽůĚŝĞǆƚƌĂ ŵĞƌĞĐĞŵŽƐƵŶ ůŝƚƚůĞĂƌŵǇ͘ƚŚĞƐĞƌƵŐ ƉĞƌůĂƐƵĂĂƌŵĂƚĂ͘ ĚŝŶĞƌŽƉŽƌƚĞŶĞƌĂƐƵ ƌĂƚƐĂƚĞƵƐŽƵƚŽĨ ƋƵĞƐƚĞƉĞƐƚŝĐŝŚĂŶŶŽ ƚƌŽƉĂ͘ĞƐƚŽƐĐƌşŽƐŚĂŶ ŚŽƵƐĞĂŶĚŚŽŵĞ͘ ĚŝƐƚƌƵƚƚŽĐĂƐĂ͘ ĂƌƌĂƐĂĚŽĐŽŶůĂ ĚĞƐƉĞŶƐĂ͘

Z/D ZK> ǇŽƵďĞƚƚĞƌƉƌĂǇŽŶŝƚ͕ ŵĞŐůŝŽĐŚĞƉƌĞŐŚŝ Yh/s>E ƉƵĞƐ͕ǇĂƉƵĞĚĞƐ Yh/s>E ΖĐĂƵƐĞƚŚĂƚΖƐƚŚĞŽŶůǇ ƉĞƌĐŚĠğů͛ƵŶŝĐŽ ƌĞǌĂƌƉŽƌƋƵĞĞƐůĂ ǁĂǇǇŽƵŐĞƚƚŝŶŐ ŵŽĚŽƉĞƌĂǀĞƌĞƉŝƶ ƷŶŝĐĂĨŽƌŵĂĚĞƋƵĞ ŵŽƌĞĐĂƐŚ͘ƚŚĞ ƐŽůĚŝ͘ůĂĐŚŝĞƐĂğ ĐŽŶƐŝŐĂƐĂůŐŽ͘ůĂ ĐŚƵƌĐŚŝƐƚĂƉƉĞĚ͕ ƉŽǀĞƌĂ͕ƚĞƐŽƌŽ͘ ŝŐůĞƐŝĂĞƐƚĄƐŝŶ ŚŽŶĞǇ͘ ďůĂŶĐĂ͘

sZKE/ ƌĞǀĞƌĞŶĚŵŝĐŚĂĞůƐ ŝůƌĞǀĞƌĞŶĚŽŵŝĐŚĂĞůƐ ĞůƌĞǀĞƌĞŶĚŽ ĚƌŝǀĞƐĂďƌĂŶĚŶĞǁ ŚĂƵŶĂŶƵŽǀĂďŵǁĞ ŵŝĐŚĂĞůƐƚŝĞŶĞƵŶ ďŝŵŵĞƌĂŶĚĨůĂƐŚĞƐ ƐǀĞŶƚŽůĂ ďŵǁŶƵĞǀŽǇƐĞůĞǀĞ ƚŚĂƚƚĂĐŬǇŐŽůĚǁĂƚĐŚ ƋƵĞůů͛ŽƌŽůŽŐŝĂĚ͛ŽƌŽ ĞůƌĞůŽũĚĞŽƌŽĐĂĚĂ ĞǀĞƌǇƚŝŵĞŚĞǁĂǀĞƐ ŽŐŶŝǀŽůƚĂĐŚĞĨĂĐŝĂŽ͘ ǀĞǌƋƵĞƐĂůƵĚĂĐŽŶůĂ ŚĞůůŽ͘ ŵĂŶŽ͘

ZK> ĚŽŶΖƚǇŽƵďĞďĂĚ ŶŽŶƉĂƌůĂƌĞŵĂůĞĚĞů ŶŽƐĞƚĞŽĐƵƌƌĂ ŵŽƵƚŚŝŶŐƌĞǀĞƌĞŶĚ ƌĞǀĞƌĞŶĚŽŵŝĐŚĂĞůƐ͘ ŚĂďůĂƌŵĂůĚĞů ŵŝĐŚĂĞůƐ͘ƚŚĞŐŽŽĚ ŝůďƵŽŶĚŝŽĐŝǀƵŽůĞ ƌĞǀĞƌĞŶĚŽ͘ĞůďƵĞŶ ůŽƌĚǁĂŶƚƐƵƐƚŽďĞ ƉƌŽƐƉĞƌŝ͘ƌŝĞŵƉŝĞŝ ƐĞŹŽƌƋƵŝĞƌĞƋƵĞ Z/D ƉƌŽƐƉĞƌŽƵƐ͘ƌĞǁĂƌĚƐ ƐƵŽŝƐĞŐƵĂĐŝĚŝĚŽŶŝ Yh/s>E ƐĞĂŵŽƐƉƌſƐƉĞƌŽƐ͘Ǉ Yh/s>E ƚŚĞĚĞǀŽƵƚǁŝƚŚĂůů ĐĞůĞƐƚŝĂůŝ͘ ƌĞĐŽŵƉĞŶƐĂĂůŽƐ ƐŽƌƚƐŽĨŚĞĂǀĞŶůǇ ĚĞǀŽƚŽƐĐŽŶŵƵĐŚŽƐ ŐŝĨƚƐ͘ ĚŽŶĞƐĐĞůĞƐƚŝĂůĞƐ͘

sZKE/ ĞĂƌƚŚůǇŽŶĞƐƚŽŽ͘ƚŚĞ ĞĂŶĐŚĞƚĞƌƌĞŶŝ͘ ǇƚĂŵďŝĠŶƚĞƌƌĞŶĂůĞƐ͘ ŵĂŶǁĞĂƌƐƚŚŽƵƐĂŶĚ ƋƵĞůů͛ƵŽŵŽŚĂ ƐŝĞŵƉƌĞůůĞǀĂƚƌĂũĞƐ ĚŽůůĂƌƐƐƵŝƚƐĂŶĚŐƵĐĐŝ ĂĚĚŽƐƐŽŵŝŐůŝĂŝĂĚŝ ĚĞŵŝůĚſůĂƌĞƐǇ ůŽĂĨĞƌƐ͘΀͙΁ ĚŽůůĂƌŝŝŶĂďŝƚŝĞ ǌĂƉĂƚŽƐĚĞŐƵĐĐŝ͘΀͙΁

ƐĐĂƌƉĞ͘΀͙΁

<s/E ǁĞůů͕ďĂĐŬƚŽƉĞĂĐĞ ƚŽƌŶĂůĂƉĂĐĞĞůĂ ďƵĞŶŽ͕ĂůĨŝŶƉĂǌǇ ĂŶĚƋƵŝĞƚ͘ ƋƵŝĞƚĞ͘ ƚƌĂŶƋƵŝůŝĚĂĚ͘

sZKE/ ƉĞĂĐĞ͕ŵǇĂƐƐ͘ŚŽƵƐĞ ƵŶĐĂǌǌŽ͘ĐĂƐĂƉŝĞŶĂ͕ ŵĞŶƵĚĂƉĂǌ͕ŶŽƐ ĨƵůůŽĨŬŝĚƐ͕ŶŽ ŶŝĞŶƚĞďŽŶƵƐŽ ůůĞŶĂŶůĂĐĂƐĂĚĞ ďŽŶƵƐ͍ŶŽƉĂŝĚ ǀĂĐĂŶǌĞƉĂŐĂƚĞ͍ĚŝŽ ŶŝŹŽƐǇŶŝƐŝƋƵŝĞƌĂ ǀĂĐĂƚŝŽŶ͍ŐŽĚďĞƚƚĞƌ ĞƌŽŐĂŵĂůĞŝƌŝŵďŽƌƐŝ ƉĂŐĂŶƵŶĂƐ ďĞŚĂŶĚŝŶŐŽƵƚ ƉĞƌůĂĐĂƌŝƚă͘ ǀĂĐĂĐŝŽŶĞƐ͍ĞƐƉĞƌŽ ĐŚĂƌŝƚǇƌĞďĂƚĞƐ͘ ƋƵĞĚŝŽƐŶŽŵĂŶĞũĞ ůŽƐƐƵďƐŝĚŝŽƐ͘

ĞďďŝĞĂŶĚĂƌůŽŶƚŚĞƉŚŽŶĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/ ĐĂƌů͕ŚĞǇ͘Ƶŵ͕ŝŶĞĞĚ ĐĂƌů͕ĐŝĂŽ͕ĞͲĞŚ͕ŵŝ ĐĂƌů͕ŚŽůĂ͕ĞŚ͕ ƐŽŵĞŚĞůƉ͘ŐŽƚĂŶǇ ƐĞƌǀĞĂŝƵƚŽ͘ĐŽŶŽƐĐŝŝů ŶĞĐĞƐŝƚŽĂǇƵĚĂ͘ ƚŝƉƐŽŶŐĂǇƐĞǆ͍ ƐĞƐƐŽŐĂǇ͍ ĐƵĠŶƚĂŵĞĐŽƐĂƐĚĞů ƐĞǆŽŐĂǇ͘

Z> ǁŚĂƚ͍ ĐŽƐĂ͍ ƋƵĠ͍

/ ůŝŬĞŝŶũƵǀŝĞŽƌ ƐĞů͛ŚĂŝĨĂƚƚŽŝŶ ůŽƚĞŶĚƌşĂƐĞŶĞů ǁŚĂƚĞǀĞƌ͘ ĐĂƌĐĞƌĞ͘ ƌĞĨŽƌŵĂƚŽƌŝŽ͘

Z> ŝĚŝĚŶΖƚĚŽŐĂǇƐĞǆŝŶ ŶŽŶŚŽŵĂŝĨĂƚƚŽ ǇŽŶŽƚƵǀĞƐĞǆŽŐĂǇ ũƵǀŝĞ͘ ƐĞƐƐŽŐĂǇŝŶĐĂƌĐĞƌĞ͘ ĞŶĞůƌĞĨŽƌŵĂƚŽƌŝŽ͘

/ ŶŽ͕ďƵƚ͕ůŝŬĞ͕ǁŚĂƚΖĚ ŶŽ͕ƉĞƌž͕ĂǀƌĂŝǀŝƐƚŽ͘ ŶŽ͕ƉĞƌŽ͕ƋƵĠǀŝƐƚĞ͍ ǇŽƵƐĞĞ͍ĚŝĚŶΖƚ ŶĞĂǀƌĂŝƉĂƌůĂƚŽƵŶ ĞƌĂĂůŐŽĚĞůŽƋƵĞƐĞ ƉĞŽƉůĞƚĂůŬĂďŽƵƚŝƚ ƐĂĐĐŽ͘ĚŽǀƌĞŝ ŚĂďůĂďĂ͍ŶĞĐĞƐŝƚŽ ĂůůƚŚĞƚŝŵĞ͍ŝŶĞĞĚ ĂĚĂƚƚĂƌĞĂů ĞƐƚĂƌĂůƚĂŶƚŽĚĞĞƐĞ ƚŽĨŝŐƵƌĞŽƵƚŚŽǁƚŽ ĨĞŵŵŝŶŝůĞůĞ ƚĞŵĂ͘ĂůŽŵĞũŽƌƚƷƐş ƌĞǀĞƌƐĞƚŚĞ ŝƐƚƌƵǌŝŽŶŝ͘ŽĨŽƌƐĞ ƋƵĞƐĂďĞƐĐŽƐĂƐ͕ǇŽ ^K^ ŝŶƐƚƌƵĐƚŝŽŶƐ͘Žƌ ŶŽŶƐŝƉŽƐƐŽŶŽ DW>/&/d/KE ƋƵĞƐĠ͕ŚĂǇĂůŐƵŶĂ >/D/Ed/KE ŵĂǇďĞǇŽƵĐĂŶΖƚ ĂĚĂƚƚĂƌĞ͕ŶŽŶůŽƐŽ͘ ĞƐƉĞĐŝĞĚĞƌĞŐůĂ ƌĞǀĞƌƐĞƚŚĞ Đ͛ğƋƵĂůĐŚĞƌĞŐŽůĂ ďĄƐŝĐĂ͍ ŝŶƐƚƌƵĐƚŝŽŶƐ͕ŝĚŽŶΖƚ ĐŽŵŵƵŶĞ͕ĨŽƌƐĞ͍ ŬŶŽǁ͘ŝƐƚŚĞƌĞ͕ůŝŬĞ͕Ă ďĂƐŝĐƌƵůĞŽƌ ƐŽŵĞƚŚŝŶŐ͍

Z> ŝĐĂŶΖƚĚŽƚŚŝƐƌŝŐŚƚ ƐĞŶƚŝ͕ŶŽŶŚŽƚĞŵƉŽ͕ ĂŚŽƌĂŶŽƉƵĞĚŽ͕ ŶŽǁ͘ŝŐŽƚƚŽŽŵƵĐŚ ŚŽƚƌŽƉƉĞĐŽƐĞƉĞƌůĂ ƚĞŶŐŽůĂĐĂďĞǌĂĞŶ ŽŶŵǇŵŝŶĚ͘ ƚĞƐƚĂ͘ ŽƚƌĂƐĐŽƐĂƐ͘

/ ǇŽƵǁĂƚĐŚůŽƚƐŽĨ ŐƵĂƌĚŝƐĞŵƉƌĞŝ ƚƷǀĞƐŵƵĐŚŽƉŽƌŶŽ͘ ƉŽƌŶ͕ĐĂƌů͘ǁŚĂƚ ƉŽƌŶŽ͕ĐĂƌů͘ĐŚĞƐĂŝ ŚĄďůĂŵĞĚĞůƐĞǆŽ ĂďŽƵƚůĞƐďŝĂŶƐĞǆ͍ŝ ƐƵůƐĞƐƐŽůĞƐďŝĐŽ͍ŵŝ ůĠƐďŝĐŽ͘ƋƵŝĞƌŽ ŶĞĞĚĚĞƚĂŝůƐ͕ĐĂƌů͘ŵǇ ƐĞƌǀŽŶŽĚĞƚƚĂŐůŝ͘ŝů ĚĞƚĂůůĞƐ͕ĞůĨƵƚƵƌŽĚĞ ďĂďǇΖƐĨƵƚƵƌĞ ĨƵƚƵƌĞĚŝŵŝŽĨŝŐůŝŽğ ŵŝďĞďĠĚĞƉĞŶĚĞĚĞ ĚĞƉĞŶĚƐŽŶŝƚ͘ ŝŶďĂůůŽ͘ ĞůůŽ͘

Z> ĨŝŶĞ͕ƵŚ͕ĚŽƚŚĞ ďĞŶĞ͕ĞŚŵ͕ ǀĂůĞ͕ĞŚŵ͕ŚĂǌůĞĞů ^K^ ƐŚŽĐŬĞƌ͘ ƚƌĂƵŵĂƚŝǌǌĂůĂ͘ >/D/Ed/KE ĞŶĐŚƵĨĞ͘ Yh/s>E

/ ƚŚĞƐŚŽĐŬĞƌ͍ ƚƌĂƵŵĂƚŝǌǌŽ͍ ĞůĞŶĐŚƵĨĞ͍

Z> ƚǁŽŝŶƚŚĞƉŝŶŬ͕ŽŶĞ ĚƵĞŶĞůůĂĨŝŐĂ͕ƵŶŽ ĚŽƐĞŶůĂƌĂũĂǇƵŶŽ ŝŶƚŚĞƐƚŝŶŬ͘ŝΖůůƚĞǆƚ ŶĞůĐƵůŽ͘ƚŝŵĂŶĚŽ ĞŶĞůĐĂĐĂƐ͘ƚĞĞŶǀşŽ ǇŽƵĂƉŝĐ͘ ƵŶĂĨŽƚŽ͘ ƵŶĂĨŽƚŽ͘

ĂůĞďĂŶĚ/ĂŶĂƚĂǁĞĚĚŝŶŐ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Z > ĚŽŶΖƚǁŽƌƌǇĂďŽƵƚ ŶŽŶƉƌĞŽĐĐƵƉĂƌƚŝĚŝ Yh/s>E ŶŽƚĞƉƌĞŽĐƵƉĞƐƉŽƌ Yh/s>E ďĞŝŶŐƚŚĞŽŶůǇĐƌĞĂŵ ĞƐƐĞƌĞŝůůĂƚƚĞŶĞů ƐĞƌůĂƷŶŝĐĂůĞĐŚĞĞŶ ŝŶƚŚĞĐŽĨĨĞĞ͘ǇŽƵΖƌĞ ĐĂĨĨğ͘ƚŝŵĞƐĐŽůŝ ĞůĐĂĨĠ͘ĞŶĐĂũĂƐŵƵǇ ďůĞŶĚŝŶŐƉĞƌĨĞĐƚůǇ͘ ƉĞƌĨĞƚƚĂŵĞŶƚĞ͘ ďŝĞŶ͘

^K /E ǇŽƵƌĨĂŵŝůǇŬŶŽǁƐ ůĂƚƵĂĨĂŵŝŐůŝĂƐĂĐŚĞ Yh/s>E ƚƵĨĂŵŝůŝĂƐĂďĞƋƵĞ Yh/s>E ǇŽƵΖƌĞŐĂǇ͕ƌŝŐŚƚ͍ ƐĞŝŐĂǇ͍ ĞƌĞƐŐĂǇ͕ǀĞƌĚĂĚ͍

> ŽŚ͕ǇĞĂŚ͘ƚŚĞǇŬŶŽǁ͘ ŽŚ͕ƐŞ͘ůŽƐĂŶŶŽ͘ ǇĂůŽĐƌĞŽ͘ůŽƐĂďĞŶ͘

ĂůĞďĂŶĚ/ĂŶĂƚĂǁĞĚĚŝŶŐ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Z/D W^dKZE/>^ ǁŚĞƌĞΖƐǇŽƵƌĐŚƵƌĐŚ ĚŽǀ͛ğůĂƚƵĂ Yh/s>E ĂƋƵĠŝŐůĞƐŝĂǀĂƐ͕ Yh/s>E ŚŽŵĞ͕ŝĂŶ͍ ƉĂƌƌŽĐĐŚŝĂ͕ŝĂŶ͍ ŝĂŶ͍

/E ƵŚƵŚŝŝĚŽŶΖƚ͕ƵŚ͕ ĂŚ͕ƵŚ͕ĞŚŵ͕ŝŝŶ ĂŚ͕ŽŚ͕ǇŽǇŽŶŽǀŽǇĂ ŚĂǀĞĂĐŚƵƌĐŚŚŽŵĞ͘ ƌĞĂůƚăŶŽŶŚŽƵŶĂ ůĂŝŐůĞƐŝĂ͘ ƉĂƌƌŽĐĐŚŝĂ͘

ŚƵĐŬŝĞΖƐƐĐŚŽŽů;ƚĞĂĐŚĞƌƐͲƉĂƌĞŶƚƐƌĞƵŶŝŽŶͿ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

d,Z ůŽŽŬ͕ǁĞƐŝŵƉůǇĐĂŶΖƚ ƐĞŶƚĂ͕ŶŽŝŶŽŶ ŶŽƉŽĚĞŵŽƐƉĞƌŵŝƚŝƌ ĂůůŽǁŚŝƚůĞƌΖƐŚĂƚĞ ƉĞƌŵĞƚƚĞƌĞŵŽĐŚĞůĞ ƋƵĞĞůĚŝƐĐƵƌƐŽĚĞ ƐƉĞĞĐŚƚŽĂůŝĞŶĂƚĞ ƉĂƌŽůĞĚ͛ŽĚŝŽĚŝŚŝƚůĞƌ ŚŝƚůĞƌĞŶĂũĞŶĞĂůŽƐ ŽƵƌĚŝǀĞƌƐĞƐƚƵĚĞŶƚ ĚŝǀŝĚĂŶŽŝůĐŽƌƉŽ ĞƐƚƵĚŝĂŶƚĞƐĚĞŽƚƌĂƐ ďŽĚǇ͘ǁĞΖǀĞǁŽƌŬĞĚ ƐƚƵĚĞŶƚĞƐĐŽ͘ğƐƚĂƚĂ ƌĂǌĂƐ͘ŚĞŵŽƐ ǀĞƌǇŚĂƌĚƚŽĐƌĞĂƚĞ ŵŽůƚŽĚƵƌĂĐƌĞĂƌĞ ƚƌĂďĂũĂĚŽŵƵĐŚŽ ĂŶŽƉĞŶĂƚŵŽƐƉŚĞƌĞ ƵŶ͛ĂƚŵŽƐĨĞƌĂĂƉĞƌƚĂ ƉĂƌĂƉŽĚĞƌĐƌĞĂƌƵŶ ĨŽƌĂůůŽƵƌƐƚƵĚĞŶƚƐ͘ ƉĞƌƚƵƚƚŝŐůŝƐƚƵĚĞŶƚŝ͘ ďƵĞŶĂŵďŝĞŶƚĞĞŶƚƌĞ ƚŽĚŽƐůŽƐĂůƵŵŶŽƐ͘

&ZE< ůŽŽŬ͕ǇŽƵĐĂŶΖƚŐŽ ƐĞŶƚŝƚĞ͕ŶŽŶƉŽƚĞƚĞ ƉĞƌĚŽŶĞŶ͕ƉĞƌŽŶŽ ƚĞĂĐŚŝŶŐĞƋƵĂůŝƚǇĂŶĚ ŝŶƐĞŐŶĂƌĞ ĐƌĞŽƋƵĞƵƐƚĞĚĞƐ ƚŚĞŶŐĞƚǇŽƵƌŚƵŵĂŶ ů͛ƵŐƵĂŐůŝĂŶǌĂĞƉŽŝ ƉƵĞĚĂŶĞŶƐĞŹĂƌ ƌŝŐŚƚƐƉĂŶƚŝĞƐŝŶĂ ĨŝĐĐĂƌǀŝŝĚŝƌŝƚƚŝ ŝŐƵĂůĚĂĚǇůƵĞŐŽ ďƵŶĐŚǁŚĞŶŝƚĐŽŵĞƐ ƉĞƌƐŽŶĂůŝŶĞůůĞ ƉƵĞĚĂŶĐŚŝůůĂƌĨƵĞƌĂ ǁŝƚŚĂĐŽƵƉůĞŽĨ ŵƵƚĂŶĚĞŝŶƉƌĞƐĞŶǌĂ ĚĞƐşƉŽƌƋƵĞƵŶ ǁĞĚŐŝĞƐ͘ĞǀĞƌǇ ĚŝƋƵĂůĐŚĞĚŝƐƐĞŶƐŽ͘ ĐŚĂǀĂůƐŽůŽĚŝŐĂůŽ ĂƐƐŚŽůĞŝƐĞŶƚŝƚůĞĚƚŽ ŽŐŶŝƐƚƌŽŶǌŽƉƵž ƋƵĞƉŝĞŶƐĂ͘ŚĂƐƚĂĞů ŚŝƐďĞůŝĞĨƐ͘ƚŚĂƚΖƐƚŚĞ ĐƌĞĚĞƌĞĂĐŝžĐŚĞ ƷůƚŝŵŽĐĂƉƵůůŽƚŝĞŶĞ ǇŝŶĂŶĚƚŚĞǇĂŶŐŽĨ ǀƵŽůĞ͘ğůŽǇŝŶĞůŽ ĚĞƌĞĐŚŽĂƉĞŶƐĂƌ ĚĞŵŽĐƌĂĐǇ͘ŝƚΖƐƚŚĞ ǇĂŶŐĚĞůůĂ ĐŽŵŽƋƵŝĞƌĂ͘ĞƐĞĞƐ ƐĂŵĞĨƌĞĞĚŽŵƚŚĂƚ ĚĞŵŽĐƌĂǌŝĂ͘ğůĂ ĞůǇŝŶǇĞůǇĂŶŐĚĞůĂ ĂůůŽǁƐǇŽƵƚŽƚĞĂĐŚ ƐƚĞƐƐĂůŝďĞƌƚăĐŚĞŚĂ ĚĞŵŽĐƌĂĐŝĂ͘ĞƐĞƐĂ ǁĞĂƌŝŶŐƚŚĂƚƐŝůůǇ ůĞŝĚŝŝŶƐĞŐŶĂƌĞĐŽŶ ŵŝƐŵĂůŝďĞƌƚĂĚůĂƋƵĞ ďĞĂŶŝĞĂŶĚƚŚŽƐĞ ƵŶŽƐĐŝŽĐĐŽĐĂƉƉĞůůŽ͘ ĂƵƐƚĞĚůĞƉĞƌŵŝƚĞ ĐƌĂǇŽůĂĐŽůŽƌĞĚŬŝĚƐ ĞƋƵĞŝƌĂŐĂǌǌŝŶŝ ĞŶƐĞŹĂƌůůĞǀĂŶĚŽĞƐĞ ŽƵƚƚŚĞƌĞƚŽŐŽƚŽ ĐŽůŽƌĂƚŝůăĨƵŽƌŝ ŐŽƌƌŝƚŽǇĂĞƐŽƐĐƌşŽƐ ƐĐŚŽŽůƚŽŐĞƚŚĞƌ͘ŝƚŝƚ ǀĂŶŶŽĂƐĐƵŽůĂ ĚĞƉŝĞůŵƵůƚŝĐŽůŽƌ ĚŽĞƐŶΖƚŵĂƚƚĞƌ ŝŶƐŝĞŵĞĞŶŽŶ ǀĞŶŝƌĂůŵŝƐŵŽ ĂŶǇǁĂǇ͘ƉƌĞƚƚǇƐŽŽŶ͕ ŝŵƉŽƌƚĂĐŽŵƵŶƋƵĞ͘ ĐŽůĞŐŝŽ͘ǇĂĚĞŵĄƐ ƚŚĞƌĞΖƐŶŽƚŐŽŶŶĂďĞ ŵŽůƚŽƉƌĞƐƚŽŶŽŶĐŝ ĞƐŽǇĂǀĂĂĚĞũĂƌĚĞ ĂŶǇũĞǁŽƌĂƌǇĂŶŽƌ ƐĂƌĂŶŶŽƉŝƶĞďƌĞŝ͕ ŝŵƉŽƌƚĂƌ͘ŵƵǇƉƌŽŶƚŽ ŚŝŶĚƵŽƌŵƵƐůŝŵŽƌ ĂƌŝĂŶŝ͕ŚŝŶĚƵ͕ ǇĂŶŽǀĂĂŚĂďĞƌ Z ŵĞǆŝĐĂŶŽƌďůĂĐŬƐ͘ ŵƵƐƵůŵĂŶŝ͕ Yh/s>E ũƵĚşŽƐ͕ĂƌŝŽƐ͕ŚŝŶĚƷĞƐ͕ Yh/s>E ƚŚĞƌĞΖƐũƵƐƚŐŽŶŶĂďĞ ŵĞƐƐŝĐĂŶŝŽŶĞƌŝ͘Đŝ ŵƵƐƵůŵĂŶĞƐ͕ ƚŚĞƌŝĐŚĂŶĚƚŚĞ ƐĂƌĂŶŶŽƐŽůŽŝƌŝĐĐŚŝĞ ŵĞǆŝĐĂŶŽƐŶŝŶĞŐƌŽƐ͘ ĨƵĐŬĞĚ͕ĂŶĚŽƵƌ ĐŝƐĂƌĂŶŶŽŝĨŽƚƚƵƚŝĞ ƐŽůĂŵĞŶƚĞǀĂŶĂ ŐƌĂŶĚƐŽŶŝƐĂůƌĞĂĚǇ ŶŽƐƚƌŽŶŝƉŽƚĞğŐŝă ĞǆŝƐƚŝƌůŽƐƌŝĐŽƐǇůŽƐ ŽŶĞŽĨƚŚĞĨƵĐŬĞĚ͘ƐŽ ƵŶŽĚĞŝĨŽƚƚƵƚŝ͘ ƉƵƚĞĂĚŽƐ͘ǇŶƵĞƐƚƌŽ ĂƚůĞĂƐƚůĞƚƚŚĞďŽǇ ƋƵŝŶĚŝ͕ĂůŵĞŶŽ͕ ŶŝĞƚŽǇĂƐĞŚĂ ĞǆƉƌĞƐƐƚŚĞ ůĂƐĐŝĂƚĞĐŚĞŝůƌĂŐĂǌǌŽ ĐŽŶǀĞƌƚŝĚŽĞŶƵŶŽĚĞ ĚĞŐĞŶĞƌĂƚĞŝĚĞĂƐŚĞ ĞƐƉƌŝŵĂůĞŝĚĞĞ ĞƐŽƐƉƵƚĞĂĚŽƐ͘ĂƐş ĐĂŶĂĐƚƵĂůůǇ ĚĞŐĞŶĞƌĂƚĞĐŚĞ ƋƵĞ͕ĂůŵĞŶŽƐ͕ ĐŽŵƉƌĞŚĞŶĚ͕ĂŶĚ ƌŝĞƐĐĞĂĐĂƉŝƌĞ͘ğ ĚĠũĞŶůĞĞǆƉƌĞƐĂƌůĂƐ ƚŚĂƚ͕ŵǇŵƵůƚŝĐƵůƚƵƌĂů ƋƵĞƐƚĂ͕ŵŝĞŝ ŝĚĞĂƐĚĞŐĞŶĞƌĂĚĂƐ ĨƌŝĞŶĚƐ͕ŝƐůŝďĞƌƚǇĂŶĚ ŵƵůƚŝĐƵůƚƵƌĂůŝĂŵŝĐŝ͕ğ ƋƵĞƐĞĂĐĂƉĂǌĚĞ ũƵƐƚŝĐĞĨŽƌĂůů͘͘ŽƌǁĞ ƐŽůƚĂŶƚŽůŝďĞƌƚăĞ ĐŽŵƉƌĞŶĚĞƌ͘͘ĞƐŽ͕ ĐŽƵůĚĐĂůůƚŚĞ ŐŝƵƐƚŝǌŝĂƉĞƌƚƵƚƚŝ͘͘ ŵŝƐŵƵůƚŝĐƵůƚƵƌĂůĞƐ ĂƚƚŽƌŶĞǇŐĞŶĞƌĂůĂŶĚ ŽƉƉƵƌĞ͕ĐŚŝĂŵŝĂŵŽůĂ ĂŵŝŐŽƐ͕ĞƐůĂůŝďĞƌƚĂĚ ƚŚĞĂĐůƵ͘ŝΖŵƐŽƌƌǇ͕ŝ ƉƌŽĐƵƌĂĞůĞ ǇůĂũƵƐƚŝĐŝĂƉĂƌĂ ƉƌŽďĂďůǇƐŚŽƵůĚŚĂǀĞ ĂƐƐŽĐŝĂǌŝŽŶŝƉĞƌůĞ ƚŽĚŽƐ͘ ƐƚĂƌƚĞĚǁŝƚŚƚŚĂƚ͘ ůŝďĞƌƚăĐŝǀŝůŝ͘ƐĐƵƐĂƚĞ͕ ĂǀƌĞŝĚŽǀƵƚŽŝŶŝǌŝĂƌĞ ĐŽƐŞ͘

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ƚǁŽŵƵŐƐĨŽƌŵĞĂŶĚ ĚƵĞďŝƌƌĞƉĞƌŵĞĞůĂ ĐĞƌǀĞǌĂƉĂƌĂůĂĚĂŵĂ ƚŚĞůĂĚǇĂŶĚĂƐŽĚĂ ƐŝŐŶŽƌĂ͘ƵŶĂƐŽĚĂƉĞƌ ǇƉĂƌĂŵş͕ǇƵŶ ĨŽƌƚŚĞƌĞƚĂƌĚ͘ ŝůƌŝƚĂƌĚĂƚŽ͘ ƌĞĨƌĞƐĐŽƉĂƌĂĞů ĐĞůĞďƌĂƚŝŶŐĂǀŝĐƚŽƌǇ ĐĞůĞďƌŝĂŵŽůĂǀŝƚƚŽƌŝĂ ƌĞƚƌĂƐĂĚŽ͘ ŝŶĞĚƵĐĂƚŝŽŶĂů ĚĞůůĂĚĞŵŽĐƌĂǌŝĂ ĐĞůĞďƌĂŵŽƐƵŶĂ ĚĞŵŽĐƌĂĐǇ͘ ĞĚƵĐĂƚŝǀĂ͘ ǀŝĐƚŽƌŝĂĞŶ ĚĞŵŽĐƌĂĐŝĂ ĞĚƵĐĂƚŝǀĂ͘

dKDDz ĚĞŵŽĐƌĂĐǇĐĂŶƐƵĐŬ ůĂĚĞŵŽĐƌĂǌŝĂƉƵž ůĂĚĞŵŽĐƌĂĐŝĂŵĞůĂ ŵǇĂƐƐ͘ĨƵĐŬŝŶŐ ďĂĐŝĂƌŵŝŝůĐƵůŽ͘ŝů ƚƌĂĞŵƵǇĨůŽũĂ͘Ğů ŽďĂŵĂĐĂƌĞǁŝŶƐĂŶĚ ĨŽƚƚƵƚŽŽďĂŵĂĐĂƌĞ ƉƵƚŽŽďĂŵĂ͕ƐĂĐĂƐƵ ƚŚĞŝŶƐƵƌĂŶĐĞ ǀŝŶĐĞĞůĞĐŽŵƉĂŐŶŝĞ ƉƌŽŐƌĂŵĂƐĂŶŝƚĂƌŝŽǇ ĐŽŵƉĂŶŝĞƐƐƚŝůůĚŝĐŬ ĂƐƐŝĐƵƌĂƚŝǀĞĐŝ ůŽƐƐĞŐƵƌŽƐƐŝŐƵĞŶƐŝŶ ǇĂ͘΀͙΁ ŝŶĐƵůĂŶŽ͘΀͙΁ ĂƚĞŶĚĞƌƚĞ͘΀͙΁

^sd>E ƚĞůůŵĞ͕ǁŚŽŝƐƚŚŝƐ ĚŝŵŵŝĐŚŝğůĂŐƌŽƐƐĂ ĚŝŵĞƋƵŝĞŶĞƐŐŝƚĂŶĂ ƚŚŝĐŬŐǇƉƐǇǁŽŵĂŶŝ ǌŝŶŐĂƌĂĂĐƵŝŚŽ ŵĂǇŽƌĂůĂƋƵĞƐŝƌǀŽ

ŵĂŬĞĚƌŝŶŬƐĨŽƌ͍ ƉƌĞƉĂƌĂƚŽŝĚƌŝŶŬ͘ ďĞďŝĚĂ͘

E &ZE< ĨĞůůĂƐĂŶĚƌƵƐƐŝĂŶ͕ ĂŵŝĐŝĞƌƵƐƐĂ͕ƋƵĞůůĂ Yh/s>E ĂŵŝŐŽƐǇƌƵƐĂ͕ĐŽŶ Yh/s>E ƚŚĂƚƐŽƵƚŚĞƌŶĨƌŝĞĚ ŵĂŝĂůŝŶĂƐƵĚŝƐƚĂğůĂ ĞƐĂƉŽůůŝƚĂŶĂƚŝǀĂĚĞů ƉŽƌŬĐŚŽƉŝƐƚŚĞ ƉŝƶŐƌĂŶĚĞƐĐŽƉĂƚĂ ƐƵƌŚĞĞĐŚĂĚŽůŽƐ ĨŝŶĞƐƚĨƵĐŬŝĞǀĞƌůĞƚ ůĂƐĐŝĂƚĂƉĞƌƐƚƌĂĚĂ͘ ŵĞũŽƌĞƐƉŽůǀŽƐĚĞŵŝ ŐĞƚĂǁĂǇ͘΀͙΁ ΀͙΁ ǀŝĚĂ͘΀͙΁

tĞĚĚŝŶŐ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

> ŚĞǇ͕ĂƌĞǇŽƵƉŝƐƐĞĚĂƚ ŚĞǇ͕ŚĞǇ͕ŚĞǇ͕ƐĞŝ ĞŚ͕ĞŚ͕ĞŚ͕ƚĞŚĂƐ ŵĞ͍ ĂƌƌĂďďŝĂƚŽĐŽŶŵĞ͍ ĐĂďƌĞĂĚŽĐŽŶŵŝŐŽ͍

/E ǇŽƵŬŶŽǁ͕ŝĨǇŽƵ ŶŽ͕ŵĂƐĞŵŝǀŽůĞǀŝ ƐŝƋƵĞƌşĂƐ ǁĂŶƚĞĚƚŽĨĂŐĨƌĞĂŬ ƉĞƌƚƵƌďĂƌĞůĂƚƵĂ ĞƐĐĂŶĚĂůŝǌĂƌĂƚƵ ^K ŽƵƚǇŽƵƌĨĂŵŝůǇ͕ǇŽƵ ĨĂŵŝŐůŝĂƉŽƚĞǀŝ >/D/Ed/KE ĨĂŵŝůŝĂ͕ŚĂďĞƌ >/D/Ed/KE ĐŽƵůĚŚĂǀĞũƵƐƚƚŽůĚ ĚŝƌŵĞůŽ͘ ĂǀŝƐĂĚŽ͘ ŵĞ͘

> ŚĞǇ͕ŝΖŵƐŽƌƌǇ͘Ăůů ŚĞǇ͕ƐĐƵƐĂ͕ŽŬ͍ ĞŚ͕ƉĞƌĚŽŶĂ͕ǀĂůĞ͍ ƌŝŐŚƚ͍

/E ĂŵŝƌĞĂůůǇǇŽƵƌĚĂƚĞ͕ ĐĂůĞď͕ƐŽŶŽŝůƚƵŽ ƐŽǇƚƵƉĂƌĞũĂŽƐŽůŽ ŽƌĂŵŝũƵƐƚƚŚĞŐĂǇ ƌĂŐĂǌǌŽŽŵŝƐƚĂŝƐŽůŽ ƐŽǇĂƚƌĞǌŽŐĂǇ͍ ƉƌŽƉ͍ ƵƐĂŶĚŽ͍

> ŶŽ͕ŝǁĂŶƚǇŽƵŚĞƌĞ͘ ŶŽ͕ŝŽƚŝǀŽŐůŝŽƋƵŝ͘ůĂ ŶŽ͕ǇŽƚĞƋƵĞƌşĂĂƋƵş͘ ŵǇĨĂŵŝůǇΖƐĨŝůůĞĚǁŝƚŚ ŵŝĂĨĂŵŝŐůŝĂğ ŵŝĨĂŵŝůŝĂĞƐƚĄůůĞŶĂ ĂďƵŶĐŚŽĨƉŽůŝƚĞ ŐĂƌďĂƚĂŵĞŶƚĞ ĚĞŚŽŵſĨŽďŽƐ ŚŽŵŽƉŚŽďĞƐ͕ĂŶĚŝ ŽŵŽĨŽďĂ͕ŵĂŝŽ ĞĚƵĐĂĚŽƐǇǇŽ ƉƌĞĨĞƌŵǇ ƉƌĞĨĞƌŝƐĐŽů͛ŽŵŽĨŽďŝĂ ƉƌĞĨŝĞƌŽůĂŚŽŵŽĨŽďŝĂ ŚŽŵŽƉŚŽďŝĂǁŝƚŚ ĚŝƌĞƚƚĂĚĞůůĂŐĞŶƚĞ ĂďŝĞƌƚĂǇƐŝŶƚĂƉƵũŽƐ͘ ďůĂƚĂŶƚďĂƐŚŝŶŐůŝŬĞ ŶŽƌŵĂůĞƉŝƵƚƚŽƐƚŽ ůĂĚĞƚŽĚŽĞůŵƵŶĚŽ͘ ŶŽƌŵĂůƉĞŽƉůĞ͘ƚŚĞǇ ĐŚĞůĂůŽƌŽ͘ŝŵŝĞŝ ĞůůŽƐĨŝŶŐĞŶƐĞƌ ƉƌĞƚĞŶĚƚŽďĞƚŽŽ ĨĂŶŶŽƌĞůŝŐŝŽƐĂŵĞŶƚĞ ĚĞŵĂƐŝĂĚŽƌĞůŝŐŝŽƐŽƐ ƌĞůŝŐŝŽƵƐƚŽŶŽƚŝĐĞ͕ ĨŝŶƚĂĚŝŶŽŶǀĞĚĞƌĞ ƉĂƌĂĨŝũĂƌƐĞǇǇŽ ďƵƚŝΖŵũƵƐƚƚƌǇŝŶŐƚŽ ŵĂŝŽǀŽŐůŝŽƐŽůŽ ƋƵŝĞƌŽƋƵĞůĞƐĞĂ ŵĂŬĞŝƚĂůŝƚƚůĞŚĂƌĚĞƌ ƌĞŶĚĞƌŐůŝĞůŽƉŝƶ ĚŝĨşĐŝůŝŐŶŽƌĂƌůŽ͘ Z^ ĨŽƌƚŚĞŵƚŽŝŐŶŽƌĞ͘ ĞǀŝĚĞŶƚĞ͘ Yh/s>E Yh/s>E

%HDJRRGER\&RPHIRUJUDQGPD 6HDVRQ(SLVRGH ĨƌŽŚĂŝƌƐƚǇůŝƐƚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ŝŶĞĞĚĂƐĐĂƌǇůŽŽŬŝŶŐ ŵŝƐĞƌǀĞƵŶŶĞƌŽ ŶĞĐĞƐŝƚŽƵŶŶĞŐƌŽ ďůĂĐŬŵĂŶ͘ ŐƌŽƐƐŽĞƐƉĂǀĞŶƚŽƐŽ͘ ƋƵĞĚĞŵŝĞĚŽ͘

><'hz ƚŚĞĨƵĐŬĚŝĚǇŽƵũƵƐƚ ĐŚĞĐĂǌǌŽŚĂŝĚĞƚƚŽ͕ ƋƵĠĐŽŹŽŚĂƐĚŝĐŚŽ͕ ƐĂǇ͕ĐƌĂĐŬĞƌ͍ ŵŽǌǌĂƌĞůůŝŶĂ͍ ĐĂďƌſŶ͍ Z Yh/s>E >/D/Ed/KE

$\XUWRIRQH VRZQ 6HDVRQ(SLVRGH hŶŝǀĞƌƐŝƚǇĐĂŵƉƵƐ;ƐŽƌŽƌŝƚǇͿ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

>/W ŝΖŵǁŽƌŬŝŶŐĂƚƚŚĞ ƐŽŶŽĂůůĂ ƚĞŶŐŽĐƵƌƌŽĞŶůĂ ƐŽƌŽƌŝƚǇ͕ƌƵŶƚŚĞďĂƌ ĐŽŶĨƌĂƚĞƌŶŝƚĂ͘ƐƚŽĂů ŚĞƌŵĂŶĚĂĚ͘ǀĂŶĂ ĨŽƌĂƉĂƌƚǇ͘ǇŽƵ ďĂƌƉĞƌƵŶĂĨĞƐƚĂ͘ ĚĂƌƵŶĂĨŝĞƐƚĂ͘ ƐŚŽƵůĚĐŽŵĞ͘ ǀŝĞŶŝ͘ ƉĄƐĂƚĞ͘

/E ǇŽƵŬŶŽǁŝůŽǀĞĂ ƐĂƌăƐƚƌĂƉŝĞŶŽĚŝ ĞƐƵŶĂŚĞƌŵĂŶĚĂĚĚĞ ƐŽƌŽƌŝƚǇ͘ ƌĂŐĂǌǌĞ͘ ƚşĂƐ͘

>/W ŽŚ͕ĐŽŵĞŽŶ͕ƚŚĞƌĞ ŵĂĂůĐƵŶĞƐĞŵďƌĂŶŽ ďƵĞŶŽ͕ƵŶƉĂƌĚĞ ' ĂƌĞƐŽŵĞŐŝƌůƐǁŚŽ ĚĞŝŵĂƐĐŚŝ͘ Yh/s>E ĞůůĂƐƉĂƌĞĐĞŶƚşŽƐ͘ Yh/s>E ^K^ ůŽŽŬůŝŬĞĚƵĚĞƐ͘ Yh/s>E Yh/s>E

ůŝďŝ͘

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<s/EdKsZKE/ ŝƚŚŝŶŬƚŚŝƐůĞƐďŝĂŶ ŝŽĐƌĞĚŽĐŚĞƋƵĞƐƚŽ ĐƌĞŽƋƵĞĞƐƚĂďŽĚĂ ^K ǁĞĚĚŝŶŐŝƐĂďĂĚ ŵĂƚƌŝŵŽŶŝŽůĞƐďŝĐŽ Yh/s>E ůĞƐďŝĂŶĂĞƐƵŶĂŵĂůĂ Yh/s>E ŝĚĞĂ͘ŵǇĚĂƵŐŚƚĞƌƐ ƐŝĂƵŶĂƉĞƐƐŝŵĂŝĚĞĂ͘ ŝĚĞĂ͘ŵŝƐŚŝũĂƐ ĂƌĞŐŽŶŶĂŐƌŽǁƵƉ ůĞŵŝĞĨŝŐůŝĞ ĐƌĞĐĞƌĄŶĐƌĞǇĞŶĚŽ ƚŚŝŶŬŝŶŐƚŚĞǇŚĂǀĞ ĐƌĞƐĐĞƌĂŶŶŽĐŽŶǀŝŶƚĞ ƋƵĞƚŝĞŶĞŶĚŽƐ ƚǁŽŵŽŵƐĂŶĚŝΖŵ ĚŝĂǀĞƌĞĚƵĞŵĂŵŵĞ ŵĂŵĂƐ͕ǇǇŽƐĞƌĠƵŶ ƐŽŵĞǁĞŝƌĚŐƵǇ ĞĐŚĞŝŽƐŝĂƵŶƚŝǌŝŽ ƚşŽƌĂƌŽƋƵĞŝƌĄĂƐƵ ŚĂŶŐŝŶŐŽƵƚĂƚƚŚĞ ƐƚƌĂŶŽĐŚĞŐŝƌĂƉĞƌ ĐĂƐĂ͘ ŚŽƵƐĞ͘ ĐĂƐĂ͘

3DUDGLVH/RVW 6HDVRQ(SLVRGH <ĞǀŝŶĂŶĚsĞƌŽŶŝĐĂΖƐŚŽƵƐĞ͘

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Z/D <s/E ǀ͕ŵĂƌƌŝĂŐĞŝƐĂ ǀ͕ŝůŵĂƚƌŝŵŽŶŝŽğ Yh/s>E ǀĞƌŽ͕ĞůŵĂƚƌŝŵŽŶŝŽ Yh/s>E ƐĂĐƌĞĚŝŶƐƚŝƚƵƚŝŽŶ͘ ƵŶĂƐĂĐƌĂŝƐƚŝƚƵǌŝŽŶĞ͘ ĞƐƵŶĂŝŶƐƚŝƚƵĐŝſŶ ƐĂŐƌĂĚĂ͘

sZKE/ ŝƚΖƐũƵƐƚĨŽƌ ğƐŽůŽƉĞƌ ĞƐƉŽƌůŽƐƉĂƉĞůĞƐ͘ ŝŵŵŝŐƌĂƚŝŽŶ͘ ů͛ŝŵŵŝŐƌĂǌŝŽŶĞ͘

<ĞǀŝŶĂŶĚsĞƌŽŶŝĐĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&/KE ƐƚŝůůŚŽƉŝŶŐƐŚĞΖůůŐŝǀĞ ƐƉĞƌŽĂŶĐŽƌĂĐŚĞůŽ ŽũĂůĄĚĞĞŶĂĚŽƉĐŝſŶ ƚŚĞďĂďǇƵƉ͘ ĚŝĂŝŶĂĚŽǌŝŽŶĞ͘ ĂůďĞďĠ͘

^sd>E ŽŚ͕ǇŽƵǁĂŶƚƚŽŐĞƚ ƐĞǀƵŽŝůŝďĞƌĂƌƚĞŶĞ ƐŝƋƵŝĞƌĞƐĚĞƐŚĂĐĞƌƚĞ ƌŝĚŽĨƚŚĞďĂďǇ͕ŐŝǀĞŝƚ ĚĂůůŽĂŵĞ͘ŵŝĚĂŶŶŽ ĚĞďĞďĠĚĂŵĞĂŵş͘ ƚŽŵĞ͘ŝŐĞƚƚŽƉ ďĞŝƐŽůĚŝƉĞƌƵŶ ǇŽƐĂĐĂƌŵƵĐŚŽƉŽƌ ĚŽůůĂƌĨŽƌǁŚŝƚĞďĂďǇ ďŝŵďŽďŝĂŶĐŽƐĞŶǌĂ ďĞďĠďůĂŶĐŽƐŝŶ Z ǁŝƚŚŶŽĚĞĨĞĐƚƐ͘ ĚŝĨĞƚƚŝ͘ Yh/s>E ĚĞĨĞĐƚŽƐ͘ Yh/s>E

ůŝďŝ͘

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/'hz ŽŬĂǇ͕ƚŚŝƐůĂƐƚŽŶĞ ŽŬ͕ů͛ƵůƚŝŵĂƉƵž ǀĂůĞ͕ůĂƷůƚŝŵĂƉŽĚƌşĂ ŵŝŐŚƚďĞǁŚĂƚǇŽƵΖƌĞ ĞƐƐĞƌĞƋƵĞůůĂĐŚĞƐƚĂŝ ƐĞƌůĂƋƵĞďƵƐĐĂƐ͘ ůŽŽŬŝŶŐĨŽƌ͘ ĐĞƌĐĂŶĚŽ͘

<s/E ǁŚĂƚŬŝŶĚŽĨŶĂŵĞŝƐ ĐŚĞƌĂǌǌĂĚŝŶŽŵĞğ ƋƵĠĐůĂƐĞĚĞŶŽŵďƌĞ ĨĂƚŝŵĂ͍ ĨĂƚŝŵĂ͍ ĞƐĨĄƚŝŵĂ͍

/'hz ĞŐǇƉƚŝĂŶ͕ŝƚŚŝŶŬ͘ ĞŐŝǌŝĂŶŽ͕ĐƌĞĚŽ͘ ĐƌĞŽƋƵĞĞƐĞŐŝƉĐŝŽ͘

<s/E ƌƵƐƐŝĂŶ͕ĞŐǇƉƚŝĂŶ͍ ƌƵƐƐĂ͕ĞŐŝǌŝĂŶĂ͍ ƌƵƐĂ͕ĞŐŝƉĐŝĂ͍ŶĂĚŝĞ ǁŚŽΖƐŐŽŶŶĂŬŶŽǁ ƚĂŶƚŽĐŚŝƐĂůĂ ǀĞƌĄůĂĚŝĨĞƌĞŶĐŝĂ͘ E^ ƚŚĞĚŝĨĨĞƌĞŶĐĞ͕ƌŝŐŚƚ͍ ĚŝĨĨĞƌĞŶǌĂ͕ŶŽ͍ Yh/s>E Yh/s>E

/'hz ǁĞŐŽƚĂĚĞĂů͍ ĂĨĨĂƌĞĨĂƚƚŽ͍ ƚƌĂƚŽŚĞĐŚŽ͍

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Z^ &/KE ŶŽƐĞǆďĞĨŽƌĞƚŚĞ ŶŝĞŶƚĞƐĞƐƐŽƉƌŝŵĂ Yh/s>E ŶĂĚĂĚĞƐĞǆŽŚĂƐƚĂůĂ Yh/s>E ǁĞĚĚŝŶŐ͘ ĚĞůŵĂƚƌŝŵŽŶŝŽ͘ ďŽĚĂ͘

^E ĂŚ͕ŶŽ͕ŝĐĐŽƵůĚŶΖƚ ĂŚ͕ŶŽŶ͕ŶŽŶƉŽƐƐŽ ĂŚ͕ŶŽ͕ŶŽŚĂƐƉŽĚŝĚŽ ƉŽƐƐŝďůǇŚĂǀĞŚĞĂƌĚ ĂǀĞƌƐĞŶƚŝƚŽďĞŶĞ͘ ĚĞĐŝƌĞƐŽ͘ ƚŚĂƚƌŝŐŚƚ͘

&/KE ŝƚΖƐƚƌĂĚŝƚŝŽŶ͘ ğůĂƚƌĂĚŝǌŝŽŶĞ͘ ĞƐůĂƚƌĂĚŝĐŝſŶ͘

^E ǇĞĂŚ͕ƐŽΖƐƚŚĞďƌŝĚĞ ĂůůŽƌĂĚŽǀƌĞƐƚŝĞƐƐĞƌĞ ǇĂ͕ǇƋƵĞůĂŶŽǀŝĂƐĞĂ

ďĞŝŶŐĂǀŝƌŐŝŶ͘ ǀĞƌŐŝŶĞ͘ ǀŝƌŐĞŶ͘

6OHHSQRPRUH 6HDVRQ(SLVRGH 'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ŵǇĚĂƵŐŚƚĞƌǁŝůůďĞ ŵŝĂĨŝŐůŝĂƐĂƌă ƋƵŝĞŶǀĂĂ ĂĐĐŽŵƉĂŶŝĞĚďǇŚĞƌ ĂĐĐŽŵƉĂŐŶĂƚĂĚĂƐƵŽ ĂĐŽŵƉĂŹĂƌĂŵŝŚŝũĂ ĨĂƚŚĞƌĂƐƐŚĞĂŵďůĞƐ ƉĂĚƌĞĚĂǀĂŶƚŝ ĞŶƐƵĐĂŵŝŶŽĂůĂůƚĂƌ ƚŽƚŚĞĂůƚĂƌ͘ Ăůů͛ĂůƚĂƌĞ͘ ǀĂĂƐĞƌƐƵƉĂĚƌĞ͘

&/KE ŚĞƌǁŚŽ͍ŽŚ͕ǇŽƵ ĚĂĐŚŝ͍ŽŚ͕ŝŶƚĞŶĚŝŝů ƐƵƋƵĠ͍ŽŚ͕ƚĞ ŵĞĂŶƚŚĂƚĚĞĂĚďĞĂƚ ďĂƌďŽŶĞĐŚĞĞǀŝƚĂ ƌĞĨŝĞƌĞƐĂĞƐĞŵƵĞƌƚŽ ƚŚĂƚĐŽŶƐŝƐƚĞŶƚůǇĨĂŝůƐ ĐŽƐƚĂŶƚĞŵĞŶƚĞĚŝ ĚĞŚĂŵďƌĞƋƵĞ ƚŽƚĂŬĞĐĂƌĞŽĨŚŝƐ ŽĐĐƵƉĂƌƐŝĚĞůůĂƐƵĂ ƐŝĞŵƉƌĞƐĞŚĂŶĞŐĂĚŽ ĨĂŵŝůǇ͍ ĨĂŵŝŐůŝĂ͍ ĂĐƵŝĚĂƌĚĞƐƵĨĂŵŝůŝĂ͘

&ZE< ŝŵĂǇŶŽƚŚĂǀĞďĞĞŶ ŝŽŶŽŶƐĂƌžƐƚĂƚŽ ĂƵŶƋƵĞŶŽĞƐƚƵǀŝĞƌĂ ƉƌĞƐĞŶƚĨŽƌǇŽƵƌĨŝƌƐƚ ƉƌĞƐĞŶƚĞĂŝƚƵŽŝƉƌŝŵŝ ƉƌĞƐĞŶƚĞĐƵĂŶĚŽ ƐƚĞƉƐŽƌǇŽƵƌĨŝƌƐƚůŽƐƚ ƉĂƐƐŝŽĂůƚƵŽƉƌŝŵŽ ĚŝƐƚĞƚƵƐƉƌŝŵĞƌŽƐ ƚŽŽƚŚŽƌǇŽƵƌĨŝƌƐƚ ĚĞŶƚŝŶŽŽĂůƚƵŽ ƉĂƐŽƐ͕ƉĞƌĚŝƐƚĞĞů ďůŽǁũŽď͕ďƵƚĂƐ ƉƌŝŵŽƉŽŵƉŝŶŽ͕ŵĂ ƉƌŝŵĞƌĚŝĞŶƚĞŽ ƉĂƚƌŝĂƌĐŚ͕ŝΖŵ ŝŶƋƵĂŶƚŽƉĂƚƌŝĂƌĐĂ ŚŝĐŝƐƚĞůĂƉƌŝŵĞƌĂ ĞŶƚŝƚůĞĚƚŽŵǇ ůĂƚƌĂĚŝǌŝŽŶĞŵŝ ŵĂŵĂĚĂ͕ůĂƚƌĂĚŝĐŝſŶ ƚƌĂĚŝƚŝŽŶĂůƉůĂĐĞŽĨ ĂƐƐŝĐƵƌĂƵŶƉŽƐƚŽ ĚŝĐƚĂƋƵĞĐŽŵŽ ' ŚŽŶŽƌŶĞǆƚƚŽǇŽƵĨŽƌ Ě͛ŽŶŽƌĞĂĐĐĂŶƚŽĂƚĞ Yh/s>E ƉĂƚƌŝĂƌĐĂƚĞŶŐŽ Yh/s>E ǇŽƵƌďŝŐĚĂǇ͘ ŝŶƋƵĞůŐƌĂŶŐŝŽƌŶŽ͘ ĚĞƌĞĐŚŽĂĞƐƚĂƌũƵŶƚŽ ĂƚŝĞŶƚƵŐƌĂŶĚşĂ͘

'^ &/KE ƚŚĞŶŝƚΖƐŵǇ ŵĂůĂƚƌĂĚŝǌŝŽŶĞ Yh/s>E ůĂƚƌĂĚŝĐŝſŶƚĂŵďŝĠŶ Yh/s>E ƚƌĂĚŝƚŝŽŶĂůƌŝŐŚƚƚŽ ǀƵŽůĞĂŶĐŚĞĐŚĞŝů ĚŝĐƚĂƋƵĞĞůƉĂƚƌŝĂƌĐĂ ĂƐŬƐĂŝĚƉĂƚƌŝĂƌĐŚƚŽ ƉĂƚƌŝĂƌĐĂƉĂŐŚŝƉĞƌŝ ƚŝĞŶĞƋƵĞƉĂŐĂƌůĂ ƉĂǇĨŽƌŝƚ͘ ĨŝŽƌŝ͘ ďŽĚĂ͘

&ZE< ĚŽŶĞ͘ ĂŶĚĂƚĂ͘ ŚĞĐŚŽ͘

&/KE ǁŚĂƚ͍ ĐŽƐĂ͍ ƋƵĠ͍

&ZE< ĚŽŶĞ͘ŝΖůůƉĂǇ͘ Ě͛ĂĐĐŽƌĚŽ͕ƉĂŐŽ͘ ƋƵĞůĂƉĂŐĂƌĠ͘

&/KE ŝŶŵŽŶĞǇ͘ ŝŶďĂŶĐŽŶŽƚĞ͘ ĐŽŶĚŝŶĞƌŽ͘

&ZE< ĐĂƐŚ͘ĚŝŶĞƌŽ͘ ĐŽŶƚĂŶƚŝ͕ĚŝŶĞƌŽ͘ ĐŽŶŐƵŝƚĂ͕ĐŽŶ ŐƌĞĞŶďĂĐŬƐ͘ ďŝŐůŝĞƚƚŽŶŝ͘ ĞĨĞĐƚŝǀŽ͕ĐŽŶďŝůůĞƚĞƐ͘

<ĞǀŝŶĂŶĚsĞƌŽŶŝĐĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

h^/^'Ed ƚŚŝƐŝƐƚŚĞŚŽŵĞǇŽƵ ŝŶƋƵĞƐƚĂĐĂƐĂǀŝǀĞǀĂ ĞƐůĂĐĂƐĂƋƵĞ ĂŶĚǇŽƵƌĞǆƐŚĂƌĞ ĐŽŶůĂƐƵĂĞǆĞůĞ ĐŽŵƉĂƌƚĞĐŽŶƐƵĞǆǇ ǁŝƚŚǇŽƵƌƚǁŽ ĨŝŐůŝĞ͍ ƐƵƐĚŽƐŚŝũĂƐ͍ ĐŚŝůĚƌĞŶ͍

<s/E ǇĞƐ͕ǇĞƐ͕ŝƚŝƐ͘ƵŶƚŝů ƐŞ͕ĞƌĂĐŽƐŞĨŝŶĐŚĠŶŽŶ Ɛş͕ŽůŽĞƌĂŚĂƐƚĂƋƵĞ ƐŚĞĨĞůůĨŽƌƚŚĂƚŶŽ ƐŝğŝŶŶĂŵŽƌĂƚĂĚŝ ĞůůĂƐĞůŝŽĐŽŶĞƐĂ ŐŽŽĚĐŽŵŵŝĞƐůƵƚ͘ ƋƵĞůůĂƚƌŽŝĂ ǌŽƌƌĂĐŽŵƵŶŝƐƚĂ͘ E^ ĐŽŵƵŶŝƐƚĂ͘ Yh/s>E Yh/s>E ' Yh/s>E Yh/s>E

h^/^'Ed ŽŬĂǇ͕ǇŽƵĚŝƐĐŽǀĞƌ ƋƵŝŶĚŝ͕ƐĐŽƉƌĞĐŚĞůĂ ĂǀĞƌ͕ƵƐƚĞĚĚĞƐĐƵďƌĞ ǇŽƵƌĞŵƉůŽǇĞĞΖƐ ƐƵĂŝŵƉŝĞŐĂƚĂƐƚĂƉĞƌ ƋƵĞƐƵĞŵƉůĞĂĚĂǀĂĂ ďĞŝŶŐĚĞƉŽƌƚĞĚ͘ ĞƐƐĞƌĞĞƐƉƵůƐĂ͘ƉŽĐŽ ƐĞƌĚĞƉŽƌƚĂĚĂǇĞů ŵŽŵĞŶƚƐůĂƚĞƌ͕ǇŽƵƌ ĚŽƉŽůĂƐƵĂ ŵŝƐŵŽĚşĂƐƵƉĂƌĞũĂ ůŝǀĞŝŶƉĂƌƚŶĞƌŽĨ ĐŽŵƉĂŐŶĂĚĂŵŽůƚŝ ĚĞŵƵĐŚŽƐĂŹŽƐůĞ ŵĂŶǇǇĞĂƌƐĚƵŵƉƐ ĂŶŶŝůĂŵŽůůĂĞĐŽƌƌĞ ĚĞũĂǇƐĞǀĂĂů ǇŽƵƚŚĞŶƌƵŶƐŽĨĨƚŽ ŝŶĐŽŵƵŶĞĂƐƉŽƐĂƌĞ ũƵǌŐĂĚŽĂĐĂƐĂƌƐĞĐŽŶ ĐŝƚǇŚĂůůƚŽŵĂƌƌǇƚŚŝƐ ů͛ŝŵƉŝĞŐĂƚĂƉĞƌĐŚĠ ĚŝĐŚĂĞŵƉůĞĂĚĂ ĞŵƉůŽǇĞĞďĞĐĂƵƐĞ ƐŽŶŽ͕ƚƌĂǀŝƌŐŽůĞƚƚĞ͕ ƉŽƌƋƵĞĚŝĐĞŶĞƐƚĂƌ ƚŚĞǇΖƌĞƋƵŽƚĞ ŝŶŶĂŵŽƌĂƚĞ͘ ĞŶĂŵŽƌĂĚĂƐ͘ ƵŶƋƵŽƚĞŝŶůŽǀĞ͘

<s/E ĐĂŶǇŽƵĨƵĐŬŝŶŐ ůĞƐĞŵďƌĂƉŽƐƐŝďŝůĞ͕ ƐĞƉƵĞĚĞĐƌĞĞƌƋƵĞ ďĞůŝĞǀĞƚŚĂƚƐŚŝƚ͍ ĐĂǌǌŽ͍ ŵĞŚĂŐĂĞƐŽ͍

h^/^'Ed ŶŽ͘ŵŝŶĚŝĨŝŚĞĂĚ ŶŽ͕ƉŽƐƐŽĂŶĚĂƌĞĚŝ ŶŽ͕ƉƵĞĚŽŵŝƌĂƌ ƵƉƐƚĂŝƌƐ͍ ƐŽƉƌĂ͍ ĂƌƌŝďĂ͍

<s/E ǁĞůů͕ŝĚŽŶΖƚŬŶŽǁŝĨ ŶŽŶƐŽƐĞƐŝĂŶŽ ďƵĞŶŽ͕ŶŽƐĠƐŝ ƚŚĞǇΖƌĞƌĞĐĞŝǀŝŶŐĂŶǇ ƉƌŽŶƚĞĂƌŝĐĞǀĞƌĞ ĞƐƚĂƌĄŶŵƵǇǀŝƐŝďůĞƐ͘ ŐƵĞƐƚƐƌŝŐŚƚŶŽǁ͘ǇŽƵ ǀŝƐŝƚĞ͕ƉĞƌĐŚĠĨĂŶŶŽ ĞƐĚĞůŽĐŽƐůĂĚĞƐĞǆŽ ŬŶŽǁ͕ƚŚĞǇĚŽĂůŽƚ ŵŽůƚŽƐĞƐƐŽůĞƐďŝĐŽ ŐĂǇƋƵĞŚĂǇĂŚş͘͘

ŽĨŐĂǇƐĞǆƵƉƚŚĞƌĞ͘͘ ůĂƐƐƶ͘͘

^K Yh/s>E Yh/s>E

DdƐƚĂƚŝŽŶ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Z/d ŵĞĞƚǇŽƵůĂƚĞƌĨŽƌ ĐŝǀĞĚŝĂŵŽĚŽƉŽĂů ŶŽƐǀĞŵŽƐůƵĞŐŽĞŶ ĚƌŝŶŬƐ͘ŚĞǇ͕ďƌŝŶŐ ƉƵď͕ƉŽƌƚĂůĂƚƵĂ ĞůďĂƌ͕ƚƌĄĞƚĞĂƚƵ ǇŽƵƌŐŝƌůĨƌŝĞŶĚ͘ ƌĂŐĂǌǌĂ͘ ŶŽǀŝĂ͘ ^K Yh/s>E Yh/s>E

/E ŝΖŵŐĂǇ͘ ƐŽŶŽŐĂǇ͘ ƐŽǇŐĂǇ͘

Z/d ǁĞůů͕ďƌŝŶŐǇŽƵƌ ĂůůŽƌĂŝůƚƵŽƌĂŐĂǌǌŽ͕ ƉƵĞƐ͕ĂƚƵŶŽǀŝŽ͘ĂƋƵş ďŽǇĨƌŝĞŶĚ͘ŶŽŽŶĞ ĐŚĞĐĂǌǌŽĐĞŶĞ ĞƐŽŶŽƐĚĂŝŐƵĂů͘ ŐŝǀĞƐĂƐŚŝƚ͘ŚĂǀĞĨƵŶ ĨƌĞŐĂ͍ĚŝǀĞƌƚŝƚŝĐŽŶůĞ ĚŝǀŝĠƌƚĞƚĞĐŽŶůĂƐ ǁŝƚŚƚŚĞŐƌĂŶŶŝĞƐ͘ ŶŽŶŶŝŶĞ͘ ĂďƵĞůĂƐ͘

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

<s/E ŽŚ͕ŵǇŐŽĚ͘ĂƌĞǇŽƵĂ ŽŚŵŝŽĚŝŽ͕ƐĞŝ ŶŽŵĞũŽĚĂƐ͕ƚĞŚĂƐ ĨŽƌƌĞĂůůĞƐďŽ͍ ĚĂǀǀĞƌŽůĞƐďŝĐĂ͍ ŚĞĐŚŽůĞƐďŝĂŶĂ͍

sZKE/ ŚĞůů͕ŶŽ͘ǇŽƵƐƚŝůůŐŽƚ ĚŝĂǀŽůŽ͕ŶŽ͕ŵŝƉŝĂĐĞ ĐůĂƌŽƋƵĞŶŽ͕ƚƵƉŽůůĂ ŵĞĚŝĐŬǁŚŝƉƉĞĚ͕ďƵƚ ĂŶĐŽƌĂů͛ƵĐĐĞůůŽ͕ƉĞƌž ƚŽĚĂǀşĂŵĞŐƵƐƚĂ͕ ƐŽŵĞƚŚŝŶŐΖƐŐŽŝŶŐ ŵŝƐƵĐĐĞĚĞƋƵĂůĐŽƐĂ͘ ƉĞƌŽĞƐƚĄƉĂƐĂŶĚŽ ŽŶ͘ ĂůŐŽ͘

<s/E ƐŽŵĞƚŚŝŶŐ͍ǁŚĂƚƚŚĞ ƋƵĂůĐŽƐĂ͍ŵĂĐŚĞ ĂůŐŽ͍ƚĞƋƵĞĚĂƐƵŶ ĨƵĐŬ͕ǀ͍ŝƚŚŽƵŐŚƚǇŽƵ ĐĂǌǌŽ͕ǀ͍ƉĞŶƐĂǀŽ ƉŽĐŽĐŽƌƚĂ͕ǀĞƌŽ͘ ƚǁŽǁĞƌĞďŽŶĚŝŶŐ ĨĂĐĞƐƚĞĂŵŝĐŝǌŝĂ ĐƌĞşĂƋƵĞĞƌĂŝƐ ůŝŬĞĂĐŽƵƉůĞŽĨ ĐŽŵĞĚƵĞƌĂŐĂǌǌĞ ĂŵŝŐĂƐĐŽŵŽůŽƐŽŶ ƌĞŐƵůĂƌŐŝƌůƐ͕ŶŽƚ ŶŽƌŵĂůŝ͕ŶŽŶĐŽŵĞ ŵƵĐŚĂƐĐŚŝĐĂƐ͕ŶŽ ĐĂƌƉĞƚŵƵŶĐŚĞƌƐ͊ ĚƵĞƐƵĐĐŚŝĂǀŽŶŐŽůĞ͘ ƋƵĞĨŽůůĂďĂŝƐ͘ ^K Yh/s>E >/D/Ed/KE

sZKE/ ǁĞǁĞƌĞ͕ĂŶĚƚŚĞŶ ĞƌĂĐŽƐŞĞƉŽŝŶŽŶůŽ ĠƌĂŵŽƐĂƐşŚĂƐƚĂƋƵĞ ǁĞǁĞƌĞŶΖƚ͘ŝΖŵũƵƐƚ ĞƌĂƉŝƶ͘ƐŽŶŽĐŽŶĨƵƐĂ ĚĞũĂŵŽƐĚĞƐĞƌůŽ͘ǇŽ ĂƐĐŽŶĨƵƐĞĚĂƐǇŽƵ ƋƵĂŶƚŽƚĞ͘ ĞƐƚŽǇƚĂŶĐŽŶĨƵƐĂ ĂƌĞ͘ ĐŽŵŽƚƷ͘

<s/E ŝΖŵŶŽƚĐŽŶĨƵƐĞĚ͊ŝ ŶŽŶƐŽŶŽĐŽŶĨƵƐŽ͘ ǇŽŶŽĞƐƚŽǇĐŽŶĨƵƐŽ͘ ĂŵĨƵĐŬŝŶΖƉŝƐƐĞĚŽĨĨ͘ ŶŽ͕ƐŽŶŽŝŶĐĂǌǌĂƚŽ ůŽƋƵĞĞƐƚŽǇĞƐ '^ ĂŶĚƐƚƌĂŶŐĞůǇƚƵƌŶĞĚ ŶĞƌŽ͘ĞƐƚƌĂŶĂŵĞŶƚĞ Yh/s>E ĐĂďƌĞĂĚŽ͘Ǉ Yh/s>E ^K^ ŽŶ͘ǁŚŝĐŚŝƐǀĞƌǇ ĞĐĐŝƚĂƚŽ͘ĞƋƵĞƐƚŽƐŞ Yh/s>E ĞǆƚƌĂŹĂŵĞŶƚĞ Yh/s>E ĐŽŶĨƵƐŝŶŐ͘ƚŚŝƐŝƐůŝŬĞ ĐŚĞŵŝĐŽŶĨŽŶĚĞ͘ŝů ĞǆĐŝƚĂĚŽ͘ĐŽƐĂƋƵĞƐş͕ ŵǇǁŽƌƐƚŶŝŐŚƚŵĂƌĞ ŵŝŽƉŝƶŐƌĂŶĚĞ ĞƐĐŽŶĨƵƐĂ͘ĞƐŵŝ ĂŶĚŐƌĞĂƚĞƐƚĨĂŶƚĂƐǇ ŝŶĐƵďŽĞůĞŵŝĞ ƉĞŽƌƉĞƐĂĚŝůůĂǇŵŝ ĂůůĐŽŵďŝŶĞĚŝŶƚŽ ĨĂŶƚĂƐŝĞƌŝƵŶŝƚŝ ŵĂǇŽƌĨĂŶƚĂƐşĂ ŽŶĞ͘ŽŚ͕ŵǇŐŽĚ͘ ŝŶƐŝĞŵĞ͘ŽŚ͕ŵŝŽĚŝŽ͘ ƌĞƵŶŝĚĂƐĞŶƵŶĂ͘ƋƵĞ ĚŽĞƐƐŚĞĨĞĞůƚŚĞ ůĞŝƉƌŽǀĂůŽƐƚĞƐƐŽƉĞƌ ĨƵĞƌƚĞ͎͘ǇĞůůĂƐŝĞŶƚĞ ƐĂŵĞǁĂǇĂďŽƵƚǇŽƵ͍ ƚĞ͍ ůŽŵŝƐŵŽƉŽƌƚŝ͍

sZKE/ ŝĚŝĚŶΖƚĂƐŬ͕ĂŶĚ ŶŽŶŐůŝĞů͛ŚŽĐŚŝĞƐƚŽĞ ŶŽƐĞůŽŚĞ ŚŽŶĞƐƚůǇ͕ŝĚŽŶΖƚĞǀĞŶ ƐŝŶĐĞƌĂŵĞŶƚĞŝŽŶŽŶ ƉƌĞŐƵŶƚĂĚŽǇĂĚĞŵĄƐ ŬŶŽǁŚŽǁŝĨĞĞů͘ ƐŽƋƵĞůůŽĐŚĞƐĞŶƚŽ͘ ǇŽŶŝƐŝƋƵŝĞƌĂƐĠůŽ ƋƵĞƐŝĞŶƚŽ͘

<s/E ƚŚĞŶǁŚǇƚŚĞĨƵĐŬĂƌĞ ĞƉĞƌĐŚĠĐĂǌǌŽŵĞ ǇƉŽƌƋƵĠĐŽŹŽŵĞůŽ ǇŽƵƚĞůůŝŶŐŵĞ͍ ů͛ŚĂŝĚĞƚƚŽ͍ ĐƵĞŶƚĂƐ͍

sZKE/ ďĞĐĂƵƐĞŝǁĂŶƚƚŽ ƉĞƌĐŚĠ͕ǀŽŐůŝŽ ƉŽƌƋƵĞƋƵŝĞƌŽƐĞŐƵŝƌ ŬĞĞƉĚŽŝŶŐŝƚ͘ǁŝƚŚ ĐŽŶƚŝŶƵĂƌĞĂĨĂƌůŽ͘ ŚĂĐŝĠŶĚŽůŽ͘ĐŽŶĞůůĂ͘ ŚĞƌ͘ĂŶĚǁŝƚŚǇŽƵ͘ ĐŽŶůĞŝ͘ĞĐŽŶƚĞ͘Ğ ǇĐŽŶƚŝŐŽ͘ǇĐŽŶƚŝŐŽǇ ĂŶĚǁŝƚŚǇŽƵĂŶĚŚĞƌ ĐŽŶƚĞĞůĞŝŝŶƐŝĞŵĞ͕ ĐŽŶĞůůĂũƵŶƚŽƐ͘ƉĞƌŽ͕ ƚŽŐĞƚŚĞƌ͕ďƵƚ͘ĂŶĚŝΖŵ ŵĂŶŽ͕ŶŽŶƐŽďĞŶĞ ŶŽƐĠĐſŵŽĚĞďŽ ŶŽƚƐƵƌĞǁŚĂƚƚŽĚŽ ĐŽŵĞĐŽŵƉŽƌƚĂƌŵŝ͕ ŵĂŶĞũĂƌĞƐƚĞƚĞŵĂ͘ ĂďŽƵƚƚŚĂƚ͘ ƉĞƌĐŚĠ͘

<s/E ĂůůƌŝŐŚƚ͕ƐƚŽƉ͘ ĨĞƌŵĂƚŝ͕ĐŝĚĞǀŽ ĐĄůůĂƚĞ͕ƚĞŶŐŽƋƵĞ ŝŶĞĞĚƚŽƚŚŝŶŬĂďŽƵƚ ƉĞŶƐĂƌĞƵŶƉŽ͛͘ŵĂ ƉĞŶƐĂƌĞŶĞƐƚŽ͘ƉĞƌŽ ƚŚŝƐ͘ďƵƚŝŚĂǀĞĂ ŚŽƵŶ͛ĞƌĞǌŝŽŶĞ ĂŶƚĞƐĚĞďĞďĂũĂƌŵĞ ŵĂƐƐŝǀĞĞƌĞĐƚŝŽŶ͕ ƉĂǌǌĞƐĐĂĞĚĞǀŽ ůĂƚƌĞŵĞŶĚĂĞƌĞĐĐŝſŶ ĂŶĚŝŶĞĞĚƚŽǁĂŝƚ ĂƐƉĞƚƚĂƌĞĐŚĞƉĂƐƐŝ ƋƵĞƚĞŶŐŽ͘ '^ ĨŽƌƚŚĂƚƚŽŐŽĚŽǁŶ ƉƌŝŵĂ͘ Yh/s>E Yh/s>E ĨŝƌƐƚ͘

)DPLOLDVXSUDJDOOHJRULXVRPQLD 6HDVRQ(SLVRGH EŽĚĂƚĂĨŽƵŶĚ

+LUDHWK 6HDVRQ(SLVRGH ĂůĞďΖƐŚŽŵĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^K^ /E ŐĂǇŵĂŶŚĂǀŝŶŐĂĨĂŐ ƵŶŐĂǇĐŽŶƵŶĂ Yh/s>E ůĂƚĂƉĂĚĞƌĂĚĞƵŶ Yh/s>E ŚĂŐĐŽǀĞƌĨŽƌŚŝŵ ƌĂŐĂǌǌĂĚŝĐŽƉĞƌƚƵƌĂ ŐĂǇĂĚŽůĞƐĐĞŶƚĞĂŶƚĞ ǁŝƚŚŚŝƐĨƌŝĞŶĚƐ͘ ƉĞƌŝƐƵŽŝĂŵŝĐŝ͍ ƐƵƐĂŵŝŐŽƐ͘

> ĂŶĚǁŝƚŚŵǇĨĂŵŝůǇ͘ ĞƉĞƌůĂŵŝĂĨĂŵŝŐůŝĂ͘ ǇĂŶƚĞŵŝĨĂŵŝůŝĂ͘ ůŽŽŬ͕ŝǁĂƐƚŚĞ ƐĞŶƚŝĞƌŽƵŶ ŽǇĞ͕ǇŽĞƌĂĞů ƋƵĂƌƚĞƌďĂĐŬ͘ŝŚĂĚƚŽ ƋƵĂƌƚĞƌďĂĐŬ͘ĚŽǀĞǀŽ ƋƵĂƌƚĞƌďĂĐŬǇƚĞŶşĂ ^K^ ŬĞĞƉƵƉĂƉƉĞĂƌĂŶĐĞƐ ŵĂŶƚĞŶĞƌĞůĞ Yh/s>E ƋƵĞŵĂŶƚĞŶĞƌůĂƐ Yh/s>E ĨŽƌƐĐŚŽŽů͘ ĂƉƉĂƌĞŶǌĞĂƐĐƵŽůĂ͘ ĂƉĂƌŝĞŶĐŝĂƐ͘

>ŝƉĂŶĚ/ĂŶƐƉǇŝŶŐŽŶĂůĞďĨƌŽŵƚŚĞŵĞƚƌŽƐƚĂƚŝŽŶ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^K^ >/W ĂƚůĞĂƐƚŚĞ͛ƐŶŽƚ ĂůŵĞŶŽŶŽŶƚŝ Yh/s>E ĂůŵĞŶŽƐŶŽƚĞ Yh/s>E ^K ĐŚĞĂƚŝŶŐǁŝƚŚĂŐƵǇ͘ ƚƌĂĚŝƐĐĞĐŽŶƵŶ Yh/s>E ĞŶŐĂŹĂĐŽŶŽƚƌŽƚşŽ͕ Yh/s>E ƌŝŐŚƚ͍ ƌĂŐĂǌǌŽ͕ŐŝƵƐƚŽ͍ ŶŽ͍

/E ƉůĞĂƐĞƚĞůůŵĞƐŚĞ ƚŝƉƌĞŐŽ͕ĚŝŵŵŝĐŚĞ ĚŝŵĞƋƵĞĞƐĂƚşĂ ŚĂƐĂĚŝĐŬ͘ ůĞŝŚĂů͛ƵĐĐĞůůŽ͘ ƚŝĞŶĞƉŽůůĂ͘

6ZLSHIXFNOHDYH 6HDVRQ(SLVRGH 'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Z> ŝƚŚŽƵŐŚƚǇŽƵǁĞƌĞ ŶŽŶǀŝǀĞǀŝĚĂĐĂůĞď͍ ƉĞƌŽƚƷŶŽǀŝǀşĂƐĐŽŶ ůŝǀŝŶŐĂƚĐĂůĞďΖƐ͍ ĐĂůĞď͍

>/W ĐĂůĞďΖƐƐůĞĞƉŝŶŐǁŝƚŚ ĐĂůĞďǀĂĂůĞƚƚŽĐŽŶ ĐĂůĞďƐĞƚŝƌĂĂƵŶĂƚşĂ͘ ĂĐŚŝĐŬ͘ ƵŶĂ͘

Z> ŚĞΖƐďŝ͍ Śŵŵ͕ğďŝƐĞƐƐƵĂůĞ͍ ĞŶƚŽŶĐĞƐĞƐďŝ͍

^K^ /E ŶŽĚƵĚĞŝƐďŝ͕Ăůů ŶĞƐƐƵŶƵŽŵŽğ Yh/s>E ŶŝŶŐƷŶƚşŽĞƐ Yh/s>E ^K/D ƌŝŐŚƚ͍ǇŽƵůŝĐŬĚŝĐŬ͕ ďŝƐĞƐƐƵĂůĞ͕ŽŬ͍ƐĞ Yh/s>E ďŝƐĞǆƵĂů͕ƐŝĐŚƵƉĂƐ Yh/s>E ^K ǇŽƵΖƌĞƐƵƉƉŽƐĞĚƚŽ ƐƵĐĐŚŝŝůĐĂǌǌŽƐĞŝ Yh/s>E ƉŽůůĂƐĞƌĞƐŐĂǇ͘ Yh/s>E ďĞŐĂǇ͘ ŐĂǇ͘

Z> ƐŽǇŽƵŐƵǇƐďƌŽŬĞ ƋƵŝŶĚŝǀŝƐŝĞƚĞ ĂƐşƋƵĞǀĂŝƐĂĐŽƌƚĂƌ͘ ƵƉ͍ ůĂƐĐŝĂƚŝ͘

/E ŚĂǀĞŶΖƚĚĞĐŝĚĞĚǇĞƚ͘ ŶŽŶŚŽĂŶĐŽƌĂ ĂƵŶŶŽůŽŚĞ ƉƌŽďĂďůǇ͘ŐŽĚ͕ŝĐĂŶΖƚ ĚĞĐŝƐŽ͘ğƉƌŽďĂďŝůĞ͘ ĚĞĐŝĚŝĚŽ͕ƉĞƌŽ ďĞůŝĞǀĞŚĞΖƐůŝĐŬŝŶŐ ĐƌŝƐƚŽ͕ŶŽŶĐŝĐƌĞĚŽ ƐĞŐƵƌĂŵĞŶƚĞ͘ŶŽ ǀĂŐ͕ƚŽŽ͘ ĐŚĞůĞĐĐĂĂŶĐŚĞůĂ ƉƵĞĚŽĐƌĞĞƌƋƵĞůĞ ĨŝĐĂ͘ ŐƵƐƚĞůĂŵĞƌĐŽŹŽƐ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/ ĂŶĚǁŚŝůĞŝΖŵĂƚŝƚ͕ ĞĚĂŽƌĂŝŶĂǀĂŶƚŝ͕ ƉƵĞƐǇŽĚĞƐĚĞĂŚŽƌĂ ĨƌĂŶŶǇΖƐŐŽŶŶĂŐŽďǇ ĨƌĂŶŶǇǀĞƌƌă ůůĂŵĂƌĠĂĨƌĂŶŶǇƉŽƌ ŚĞƌŵŝĚĚůĞŶĂŵĞ ĐŚŝĂŵĂƚĂĐŽŶŝůƐƵŽ ƐƵƐĞŐƵŶĚŽŶŽŵďƌĞ͘ ĨƌŽŵŶŽǁŽŶŚĂƌƌŝĞƚ͘ ƐĞĐŽŶĚŽŶŽŵĞ͘ ŚĂƌƌŝĞƚ͘ŚĂƌƌǇ͘ƉĂƌĂ ŚĂƌƌǇ͘ƐŽƐŚĞŚĂƐŶŽ ŚĂƌƌŝĞƚ͘ŚĂƌƌǇ͘ĐŽƐŞ ƋƵĞŶŽŵĞƌĞĐƵĞƌĚĞ ŵŽƌĞĐŽŶŶĞĐƚŝŽŶƚŽ ŶŽŶĂǀƌăƉŝƶŶĞƐƐƵŶ ŶĂĚĂĂƚŝ͘ ǇŽƵ͘ ůĞŐĂŵĞĐŽŶƚĞ͘

^K &ZE< ŚĂƌƌǇ͊ǁĞůů͕ƚŚĂƚΖƐĂ ŚĂƌƌǇ͊ďĞŚ͕ğƵŶ D/d/'d/KE ŚĂƌƌǇ͊ŵƵǇ D/d/'d/KE ƉĞƌĨĞĐƚŶĂŵĞĨŽƌƚŚĞ ŶŽŵĞƉĞƌĨĞƚƚŽƉĞƌůĂ ĂƉƌŽƉŝĂĚŽŶŽŵďƌĞ ĚŝĞƐĞůĚǇŬĞƐŚĞΖƐ ůĞƐďŝĐŽŶĂĐŚĞ ƉĂƌĂůĂďŽůůĞƌĂĞŶ ŐŽŶŶĂŐƌŽǁƵƉƚŽďĞ ƐŝĐƵƌĂŵĞŶƚĞ ƋƵĞƐĞŐƵƌŽƋƵĞƐĞ ƐŽŵĞĚĂǇ͘ ĚŝǀĞŶƚĞƌăĚĂŐƌĂŶĚĞ͘ ĐŽŶǀĞƌƚŝƌĄĂůŐƷŶĚşĂ͘

DdƐƚĂƚŝŽŶ͘/ĂŶǁŽƌŬŝŶŐ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

> ŝƐƚŚĂƚǁŚĂƚƚŚŝƐŝƐ ğƋƵĞƐƚŽŝůƉƌŽďůĞŵĂ͍ ĚĞǀĞƌĚĂĚĞƐƉŽƌ ĂďŽƵƚ͍ŵǇŚŝŐŚ ůĂŵŝĂƌĂŐĂǌǌĂĚĞůůĞ ĞƐŽ͍ƉŽƌŵŝĞǆŶŽǀŝĂ ƐĐŚŽŽůŐŝƌůĨƌŝĞŶĚ͍ ƐƵƉĞƌŝŽƌŝ͘ ĚĞůŝŶƐƚŝƚƵƚŽ͍

/E ǇŽƵƌŚŝŐŚƐĐŚŽŽů ůĂƚƵĂƌĂŐĂǌǌĂĚĞůůĞ ƉŽƌƚƵĞǆŶŽǀŝĂĚĞů ŐŝƌůĨƌŝĞŶĚǁŚŽǇŽƵ ƐƵƉĞƌŝŽƌŝĐŚĞƚŝƐĐŽƉŝ͘ ŝŶƐƚŝƚƵƚŽĐŽŶůĂƋƵĞ ĨƵĐŬ͘ ĨŽůůĂƐ͘

> ǁŚŽĂ͕ǁŚŽĂ͕ǁŚŽĂ͘ ŽŚ͕ĚŝĐŚĞƐƚĂŝ ŽǇĞ͕ŽǇĞ͕ĂƋƵĠǀŝĞŶĞ ǁŚĂƚĂƌĞǇŽƵƚĂůŬŝŶŐ ƉĂƌůĂŶĚŽ͍ ĞƐŽ͍ ĂďŽƵƚ͍

/E ŝƐĂǁǇŽƵǁŝƚŚŚĞƌ ƚŝŚŽǀŝƐƚŽĐŽŶůĞŝŝĞƌŝ ĂŶŽĐŚĞƚĞǀŝĐŽŶĞůůĂ͘ ůĂƐƚŶŝŐŚƚ͘ ƐĞƌĂ͘

> ǇŽƵΖƌĞƐƉǇŝŶŐŽŶŵĞ͍ ƚŝƐĞŝŵĞƐƐŽĂ ŚĂƐĞƐƚĂĚŽ ƐĞŐƵŝƌŵŝ͍ ĞƐƉŝĄŶĚŽŵĞ͍

/E ǇĞĂŚ͕ΖĐĂƵƐĞŝŬŶĞǁ ƐŞ͕ƉĞƌĐŚĠƐĂƉĞǀŽĐŚĞ Ɛş͕ƉŽƌƋƵĞŵĞƉŽŶşĂƐ ǇŽƵΖĚďĞĞŶĐŚĞĂƚŝŶŐ ŵŝƚƌĂĚŝǀŝ͘ ůŽƐĐƵĞƌŶŽƐ͘ ŽŶŵĞ͘

> ŝǁĂƐŶΖƚĐŚĞĂƚŝŶŐ͘ ŶŽŶƚŝŚŽƚƌĂĚŝƚŽ͘ ŶŽĞƐǀĞƌĚĂĚ͘

/E ƐŽǇŽƵĚŝĚŶΖƚĨƵĐŬ ƋƵŝŶĚŝŶŽŶƚŝƐĞŝ ŶŽƚĞŚĂƐĨŽůůĂĚŽĂ ĚĞŶŝƐĞ͕ƚŚĞŶ͍ ƐĐŽƉĂƚŽĚĞŶŝƐĞ͍ ĚĞŶŝƐĞ͍

^K/D > ĐŚĞĂƚŝŶŐǁŽƵůĚďĞŝĨ ƚŝĂǀƌĞŝƚƌĂĚŝƚŽƐĞ Yh/s>E ƉŽŶĞƌƚĞůŽƐĐƵĞƌŶŽƐ Yh/s>E ŝƐƵĐŬĞĚƐŽŵĞŐƵǇΖƐ ĂǀĞƐƐŝƐƵĐĐŚŝĂƚŽŝů ƐĞƌşĂĐŚƵƉĄƌƐĞůĂĂ ĐŽĐŬ͕ĂůůƌŝŐŚƚ͍ ĐĂǌǌŽĚŝƵŶĂůƚƌŽ͘ŽŬ͍ ŽƚƌŽƚşŽ͘

/E ƐŽǇŽƵĚŝĚŶΖƚƐůĞĞƉ ŶŽŶĐŝƐĞŝĂŶĚĂƚŽĂ ŽƐĞĂ͕ƋƵĞŶŽƚĞůĂ ǁŝƚŚŚĞƌ͍ ůĞƚƚŽ͍ ŚĂƐƚŝƌĂĚŽ͘

> ŝĚŝĚŶΖƚƐĂǇƚŚĂƚ͘ ŶŽŶŚŽĚĞƚƚŽƋƵĞƐƚŽ͘ ǇŽŶŽŚĞĚŝĐŚŽĞƐŽ͘

/E ǁĞůů͕ŝΖŵĐŽŶĨƵƐĞĚ͘ ŽŚ͕ŶŽŶĐĂƉŝƐĐŽ͘ ĞƐƚŽǇĐŽŶĨƵƐŽ͘

> ŚŽǁĚŽǇŽƵƚŚŝŶŬŝ ĐŽŵĞĐƌĞĚŝĐŚĞŵŝ ǇĐſŵŽĐƌĞĞƐƋƵĞ ĨĞĞů͍ǇŽƵΖƌĞƚŚĞŽŶĞ ƐĞŶƚĂ͍ŵŝĂĐĐƵƐŝĚŝ ĞƐƚŽǇǇŽ͍ŚĂƐĚŝĐŚŽ ĐĂůůŝŶŐŵĞĂĐŚĞĂƚĞƌ͘ ĂǀĞƌƚŝƚƌĂĚŝƚŽ͘ ƋƵĞƚĞĞŶŐĂŹĂďĂ͘

/E ǇŽƵƐƚŝůůŚĂǀĞŶΖƚ ŶŽŶŚĂŝĂŶĐŽƌĂ ƐŝŐƵĞƐƐŝŶĐŽŶƚĞƐƚĂƌĂ ĂŶƐǁĞƌĞĚƚŚĞ ƌŝƐƉŽƐƚŽĂůůĂŵŝĂ ŵŝƉƌĞŐƵŶƚĂ͘ĞƐ ƋƵĞƐƚŝŽŶ͘ĚŝĚǇŽƵŽƌ ĚŽŵĂŶĚĂ͘ŚĂŝŽŶŽŶ ǀĞƌĚĂĚŽŶŽĞƐ ĚŝĚǇŽƵŶŽƚĨƵĐŬ ŚĂŝƐĐŽƉĂƚŽĐŽŶ ǀĞƌĚĂĚƋƵĞŚĂƐ ĚĞŶŝƐĞ͍ ĚĞŶŝƐĞ͍ ĨŽůůĂĚŽĐŽŶĚĞŶŝƐĞ͍

> ǁŚĂƚΖƐƚŚĞďŝŐĚĞĂů͍ ƋƵĂůğŝůƉƌŽďůĞŵĂ͍ ƉŽƌƋƵĠƚĞŝŵƉŽƌƚĂ ƚĂŶƚŽ͍

/E ǁŚĂƚΖƐƚŚĞďŝŐĚĞĂů͍ ƋƵĂůğŝůƉƌŽďůĞŵĂ͍ ŽŚ͕ƋƵĞƉŽƌƋƵĠŵĞ ŝŵƉŽƌƚĂƚĂŶƚŽ͍

> ƐŚĞΖƐĂŶŽůĚĨƌŝĞŶĚ͘ ğƵŶĂǀĞĐĐŚŝĂĂŵŝĐĂ͘ ƐŽůŽĞƐƵŶĂǀŝĞũĂ ĂŵŝŐĂ͘

/E ǁŚŽǇŽƵĨƵĐŬ͊ ĐŚĞƚŝƐĐŽƉŝ͊ ĐŽŶůĂƋƵĞĨŽůůĂƐ͘

> ǁĞΖǀĞďĞĞŶƐůĞĞƉŝŶŐ ůŽĨĂĐĐŝĂŵŽĚĂ ŶŽƐĂĐŽƐƚĂŵŽƐĚĞƐĚĞ ƚŽŐĞƚŚĞƌƐŝŶĐĞǁĞ ƋƵĂŶĚŽĞƌĂǀĂŵŽ ƋƵĞĠƌĂŵŽƐĐƌşŽƐ͘ ǁĞƌĞŬŝĚƐ͘ĚŽŶΖƚ ƌĂŐĂǌǌŝŶŝ͘ŶŽŶĨĂƌŶĞ ŽǇĞ͕ŶŽůŽĐŽŶǀŝĞƌƚĂƐ ŵĂŬĞƚŚŝƐŝŶƚŽ ƵŶĚƌĂŵĂƋƵĂŶĚŽ ĞŶůŽƋƵĞŶŽĞƐ͘ ƐŽŵĞƚŚŝŶŐŵŽƌĞƚŚĂŶ ŶŽŶůŽğ͘ ŝƚŝƐ͘

/E ǇŽƵΖƌĞƚĂŬŝŶŐǇŽƵƌ ƉƌĞŶĚŝŝůƚƵŽĐĂǌǌŽĞ ŚĂƐĐŽŐŝĚŽƚƵƉŽůůĂǇ ĚŝĐŬ͕ǇŽƵΖƌĞƉƵƚƚŝŶŐŝƚ ůŽŝŶĨŝůŝŝŶƵŶĂǀĂŐŝŶĂ͘ ůĂŚĂƐŵĞƚŝĚŽĞŶƵŶĂ ŝŶƚŽĂǀĂŐŝŶĂ͘ ǀĂŐŝŶĂ͘

> ĂŶĚǇŽƵΖƌĞƚĞůůŝŶŐŵĞ ŵŝƐƚĂŝĚŝĐĞŶĚŽĐŚĞ ĂŚŽƌĂŵĞĚŝƌĄƐƋƵĞ ǇŽƵΖǀĞŶĞǀĞƌĚŽŶĞ ƚƵŶŽŶů͛ŚĂŝŵĂŝ ŶŽůŽŚĂƐŚĞĐŚŽ ƚŚĂƚďĞĨŽƌĞ͍ ĨĂƚƚŽ͍ ũĂŵĄƐ͘

/E ŶŽ͕ŝŚĂǀĞŶΖƚ͊ŝΖŵŐĂǇ͘ ŶŽ͕ŶŽŶů͛ŚŽŵĂŝ ŶŽ͕ĞŶůĂǀŝĚĂ͘ƐŽǇ ĨĂƚƚŽ͘ƐŽŶŽŐĂǇ͘ ŐĂǇ͘

> ƐŽĂŵŝ͊ƐƚŝĐŬŝŶŐŵǇ ƐĞğƉĞƌƋƵĞƐƚŽ ůŽŵŝƐŵŽƋƵĞǇŽ͘ ^K/D ĚŝĐŬŝŶĂĨƌŝĞŶĚΖƐ ĂŶĐŚ͛ŝŽ͘ŝŶĨŝůĂƌĞŝů Yh/s>E ŵĞƚĞƌůĞůĂƉŽůůĂĂ Yh/s>E ǀĂŐŝŶĂĚŽĞƐŶΖƚŵĂŬĞ ĐĂǌǌŽŶĞůůĂĨŝĐĂĚŝ ƵŶĂǀŝĞũĂĂŵŝŐĂŶŽ ŵĞŶŽƚŐĂǇ͘ ƵŶ͛ĂŵŝĐĂŶŽŶŵŝ ŵĞŚĂĐĞŵĞŶŽƐŐĂǇ͘ ƌĞŶĚĞŵĞŶŽŐĂǇ͘

/E ĂƌĞǇŽƵŚĞĂƌŝŶŐƚŚŝƐ͕ ŚĂ͕ŚĂ͕ŵĂůŽƐĞŶƚŝ͕ ĂŚ͕ůŽŚĂƐŽşĚŽ͕ƌĂƵů͍ ƌĂƵů͍ ƌĂƵů͍

> ƚŚŝƐŝƐǁŚǇŝĚŝĚŶΖƚ ƉĞƌƋƵĞƐƚŽŶŽŶ ƉŽƌĞƐŽŶŽƋƵĞƌşĂ ǁĂŶƚƚŽƚĞůůǇŽƵ͘ ǀŽůĞǀŽĚŝƌƚĞůŽ͘ŶŽŶ ĚĞĐşƌƚĞůŽ͘ƉĂƌĂƋƵĞ ďĞĐĂƵƐĞŝĚŝĚŶΖƚǁĂŶƚ ǀŽůĞǀŽĐŚĞ ŶŽƚĞƉƵƐŝĞƌĂƐĐŽŵŽ ǇŽƵĨƌĞĂŬŝŶŐŽƵƚƚŚĞ ƚ͛ŝŶĐĂǌǌĂƐƐŝĐŽŵĞƐƚĂŝ ƚĞŚĂƐƉƵĞƐƚŽĂŚŽƌĂ͘ ǁĂǇǇŽƵĂƌĞƌŝŐŚƚ ĨĂĐĞŶĚŽŽƌĂ͘ ŶŽǁ͘

/E ŽŚ͕ŐĞĞ͕ƐŽƌƌǇ͘ŚĞǇ͕ ŽŚ͕ĐĂǀŽůŽ͕ƐĐƵƐĂ͕ ŽŚ͕ĐƵĂŶƚŽůŽƐŝĞŶƚŽ͘ ŚŽǁƐŚŽƵůĚŝƌĞĂĐƚ ŚĞǇ͕ĐŚĞĚŽǀƌĞŝĨĂƌĞ ŽǇĞ͕ĐſŵŽĚĞďĞƌşĂ ǁŚĞŶǇŽƵƐĂǇǇŽƵΖǀĞ ƋƵĂŶĚŽŵŝĚŝĐŝĐŚĞƚŝ ƌĞĂĐĐŝŽŶĂƌĐƵĂŶĚŽ ďĞĞŶƐĐƌĞǁŝŶŐĂ ƐďĂƚƚŝƵŶĂĚŽŶŶĂ͍ ĚŝĐĞƐƋƵĞƚĞƚŝƌĂƐĂ ǁŽŵĂŶ͍ ƵŶĂŵƵũĞƌ͍

> ŝĚŽŶΖƚŬŶŽǁ͘ŵĂǇďĞ ĨĂŵŵŝĐŝƉĞŶƐĂƌĞ͘ ŶŽůŽƐĠ͘ƉƵĞĚĞƋƵĞ ďǇďĞŝŶŐŵŽƌĞ ŵĂŐĂƌŝƉŽƚƌĞƐƚŝ ĂĐĞƉƚĂŶĚŽůĂƐ ĂĐĐĞƉƚŝŶŐŽĨǇŽƵƌ ĂĐĐĞƚƚĂƌĞůĞ ĞǆƉĞƌŝĞŶĐŝĂƐ ƉĂƌƚŶĞƌΖƐŶŽƌŵĂů͕ ĞƐƉĞƌŝĞŶǌĞŶŽƌŵĂůŝĞ ƐĞǆƵĂůĞƐŶŽƌŵĂůĞƐǇ ƐĞǆƵĂůůǇĨůƵŝĚ ƐĞƐƐƵĂůŵĞŶƚĞůŝďĞƌĞ ĐŽƌƌŝĞŶƚĞƐĚĞƚƵ ^K ĞǆƉĞƌŝĞŶĐĞƐ͕ŵĂǇďĞ ĚĞůƚƵŽĐŽŵƉĂŐŶŽ͘ Yh/s>E ƉĂƌĞũĂ͘ƉƵĞĚĞƋƵĞ Yh/s>E ďǇƐŚĂƌŝŶŐƐŽŵĞŽĨ ŵĂŐĂƌŝƉŽƚƌĞƐƚŝ ĐŽŶƚĄŶĚŽůĞůĂƐƚƵǇĂƐ͘ ǇŽƵƌŽǁŶ͘ ƌĂĐĐŽŶƚĂƌŵŝůĞƚƵĞ͘

/E ŝĚŽŶΖƚŚĂǀĞĂŶǇƚŚŝŶŐ ŶŽŶŚŽŶŝĞŶƚĞĚĂ ǇŽŶŽŚĞŚĞĐŚŽŶĂĚĂ ƚŽƐŚĂƌĞ͘ŝΖŵŐĂǇ͕Ăůů ƌĂĐĐŽŶƚĂƌĞ͘ƐŽŶŽŐĂǇ͕ ĚĞĞƐŽ͘ƐŽǇŐĂǇ͕ǀĂůĞ͍ ƌŝŐŚƚ͍ŽŶĞŚƵŶĚƌĞĚ Ě͛ĂĐĐŽƌĚŽ͍ĂůĐĞŶƚŽ ŐĂǇĂůĐŝĞŶƉŽƌĐŝĞŶ͘ ƉĞƌĐĞŶƚŐĂǇ͘ ƉĞƌĐĞŶƚŽŐĂǇ͘

> ŶŽŽŶĞΖƐŽŶĞ ŶĞƐƐƵŶŽğŵĂŝŶŝĞŶƚĞ ŶĂĚŝĞĞƐŶĂĚĂĂůĐŝĞŶ ŚƵŶĚƌĞĚƉĞƌĐĞŶƚ ĂůĐĞŶƚŽƉĞƌĐĞŶƚŽ͘ ƉŽƌĐŝĞŶ͘ ĂŶǇƚŚŝŶŐ͘

/E ǇĞĂŚ͕ǁĞůů͕ŝĂŵ͕Ăůů ƐŞ͕ďĞŚ͕ŝŽůŽƐŽŶŽ͕ ƉƵĞƐ͕ǇŽƐşƋƵĞůŽƐŽǇ͕ ƌŝŐŚƚ͍ƐŽŶŽǁƚŚŝƐ ŽŬ͍ƋƵŝŶĚŝŽƌĂƋƵĞƐƚŽ ĞƐƚĄĐůĂƌŽ͍ǇĂŚŽƌĂ ŝŶĞǆƉĞƌŝĞŶĐĞĚǀĂŐŝŶĂ ŝŶĞƐƉĞƌƚŽƐĐŽƉĂĨŝĐŚĞ ĞƐƚĞŝŶĞǆƉĞƌƚŽĞŶ ĨƵĐŬĞƌŚĂƐŐŽƚƚŽŐĞƚ ĚĞǀĞƚŽƌŶĂƌĞĂ ĨŽůůĂƌƐĞǀĂŐŝŶĂƐƚŝĞŶĞ ƚŽǁŽƌŬ͘ ůĂǀŽƌŽ͘ ƋƵĞƚƌĂďĂũĂƌ͘

EŝĐŬΖƐĐĂĨĠ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/E ĞǆĐĞƉƚŚĞƐĂǇƐŝƚΖƐŶŽƚ ƉĞƌžĚŝĐĞĐŚĞŶŽŶŵŝ ǇĂ͕ƉĞƌŽƉĂƌĂĠůĞƐŽƐ ĐŚĞĂƚŝŶŐ͘ ŚĂƚƌĂĚŝƚŽ͘ ŶŽƐŽŶĐƵĞƌŶŽƐ͘

>/W ŚŽǁΖĚŚĞĐŽŵĞƵƉ ƋƵĂůĞƐĂƌĞďďĞůĂ ǇĐſŵŽƚĞůŽĞǆƉůŝĐĂ͍ ǁŝƚŚƚŚĂƚƌĞĂƐŽŶŝŶŐ͍ ƐƉŝĞŐĂǌŝŽŶĞ͍

^K/D /E ƐĂǇƐŝĨŝƚǁĞƌĞĂŐƵǇ͕ ƐĞĨŽƐƐĞƐƚĂƚŽƵŶ Yh/s>E ĚŝĐĞƋƵĞƐĞƌşĂŶ Yh/s>E ƚŚĞŶŚĞΖĚďĞ ƌĂŐĂǌǌŽƐĂƌĞďďĞ ĐƵĞƌŶŽƐƐŝĨƵĞƌĂƵŶ ĐŚĞĂƚŝŶŐ͘ ƐƚĂƚŽƵŶƚƌĂĚŝŵĞŶƚŽ͘ ƚşŽ͘

>/W ŝŐƵĞƐƐƚŚĂƚŬŝŶĚŽĨ ŝŶƵŶĐĞƌƚŽŵŽĚŽŚĂ ŽǇĞ͕ĞŶƉĂƌƚĞƚŝĞŶĞ ƐŽƌƚŽĨŵĂŬĞƐƐĞŶƐĞ͘ ƐĞŶƐŽ͘ƉƌĞĨĞƌŝƌĞŝĐŚĞ ƌĂǌſŶ͘ǇŽƉƌĞĨŝĞƌŽ ŝΖĚƌĂƚŚĞƌŚĂǀĞŵǇ ůĂŵŝĂƌĂŐĂǌǌĂƐŝ ƋƵĞŵŝŶŽǀŝĂƐĞ ŐŝƌůĨƌŝĞŶĚƐůĞĞƉŝŶŐ ƐĐŽƉĂƐƐĞƵŶĂĚŽŶŶĂ ĂĐƵĞƐƚĞĐŽŶŽƚƌĂ ^K/D ǁŝƚŚŽƚŚĞƌĐŚŝĐŬƐ ŝŶǀĞĐĞĚŝƵŶƵŽŵŽ͘ Yh/s>E ĐŚŝĐĂƋƵĞĐŽŶƵŶƚşŽ͘ Yh/s>E ƚŚĂŶƐŽŵĞĚƵĚĞ͘

WĂƚƐǇΖƐĚŝŶĞƌ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&/KE ŚĞǇ͕ŽůŐĂ͍ ŚĞǇ͕ŽůŐĂ͍ ĞŚ͕ŽůŐĂ͘

K>' ǇĞĂŚ͍ ƐŞ͍ Ɛş͍

&/KE ǇŽƵΖƌĞĨŝƌĞĚ͘ ƐĞŝůŝĐĞŶǌŝĂƚĂ͘ ĚĞƐƉĞĚŝĚĂ͘

K>' ǇŽƵĐĂŶΖƚĨŝƌĞŵĞ͘ŝΖŵ ŶŽŶƉƵŽŝůŝĐĞŶǌŝĂƌŵŝ͕ ŶŽƉƵĞĚĞƐ ƚŚĞŽŶůǇǁŽŵĂŶŽĨ ƐŽŶŽů͛ƵŶŝĐĂĚŽŶŶĂĚŝ ĚĞƐƉĞĚŝƌŵĞ͘ƐŽǇůĂ ĐŽůŽƌ͕ĂŶĚŝǁŝůůƐƵĞ ĐŽůŽƌĞĞĨĂĐĐŝŽĐĂƵƐĂ ƷŶŝĐĂŵƵũĞƌĚĞĐŽůŽƌ͘ Z ǇŽƵƌĂƐƐ͘ ĂŶĐŚĞĂůƚƵŽĐƵůŽ͘ Yh/s>E ƐĞƚĞƉŽĚƌşĂĐĂĞƌĞů Yh/s>E ƉĞůŽ͘

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ŽŚ͘ĚŽŶΖƚďĞ ŚĞǇ͕ŶŽŶĚĞǀŝĂƚĞŵŝŽ ŽŚ͕ŶŽĐŽƌƌŽŵƉĄŝƐĂ ĐŽƌƌƵƉƚŝŶŐŵǇƐŽŶ ĨŝŐůŝŽĐŽŶŝǀŽƐƚƌŝ ŵŝŚŝũŽĐŽŶǀƵĞƐƚƌŽƐ ǁŝƚŚǇŽƵƌŝŶƚĞƌƌĂĐŝĂů͕ ŐŝŽĐŚĞƚƚŝŝŶƚĞƌƌĂǌŝĂůŝ ƌŽůůŽƐďŝƐĞǆƵĂůĞƐ

Z ďŝƐĞǆƵĂůĨƵŶŶǇ ĞďŝƐĞƐƐƵĂůŝ͘ ŝŶƚĞƌƌĂĐŝĂůĞƐ͘ ^K ďƵƐŝŶĞƐƐ͘ Yh/s>E Yh/s>E Yh/s>E Yh/s>E

ĂůĞďΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/E ǇŽƵŵĂĚĞŵĞĨĞĞů ŵŝŚĂŝĨĂƚƚŽƐĞŶƚŝƌĞ ŵĞŚŝĐŝƐƚĞƐĞŶƚŝƌ ůŝŬĞĂĨƌĞĂŬΖĐĂƵƐĞŝΖŵ ƵŶĂŵĞƌĚĂƉĞƌĐŚĠ ĐŽŵŽĂůŐƵŝĞŶƌĂƌŽ ŽŶůǇŐĂǇ͘ ƐŽŶŽƐŽůŽŐĂǇ͘ ƉŽƌƐĞƌƐŽůŽŐĂǇ͘

> ŚŽǁǇŽƵĨĞĞůŝƐŽŶ ĐŽŵĞƚŝƐĞŶƚŝĚŝƉĞŶĚĞ ĐŽŵŽƚĞƐŝĞŶƚĂƐĞƐ ǇŽƵ͘ ĚĂƚĞ͘ ĐŽƐĂƚƵǇĂ͘

/E ŝƐůĞƉƚǁŝƚŚƐŽŵĞ ƐŽŶŽĂŶĚĂƚŽĂůĞƚƚŽ ƉŽƌƚƵĐƵůƉĂŚĞ ƌĂŶĚŽŵĐŚŝĐŬΖĐĂƵƐĞ ĐŽŶƵŶĂƐĐŽŶŽƐĐŝƵƚĂ ůůĞŐĂĚŽĂĂĐŽƐƚĂƌŵĞ ŽĨǇŽƵ͘ ƉĞƌĐŽůƉĂƚƵĂ͘ ĐŽŶƵŶĂŵƵũĞƌ͘

> ŝĚŝĚŶΖƚĨŽƌĐĞǇŽƵƚŽ ŝŽŶŽŶƚŝŚŽĐŽƐƚƌĞƚƚŽ ǇŽŶŽƚĞŚĞŽďůŝŐĂĚŽ ĚŽĂŶǇƚŚŝŶŐ͘ ĂĨĂƌĞŶŝĞŶƚĞ͘ ĂŶĂĚĂ͘

/E ŝĐĂŶƐƚŝůůƚĂƐƚĞŚĞƌ ƐĞŶƚŽĂŶĐŽƌĂŝů ĂƵŶƉƵĞĚŽŽůĞƌƐƵ ŚĂŝƌƐƉƌĂǇĂŶĚŚĞƌ ƐĂƉŽƌĞĚĞůůĂůĂĐĐĂ͕ ůĂĐĂ͕ƐƵǀĞůůŽƉƷďŝĐŽǇ ƉƵďĞƐĂŶĚŚĞƌ ĚĞŝƐƵŽŝƉĞůŝƉƵďŝĐŝĞ ƐƵǀĂŐŝŶŝƚŝƐ͘ ǀĂŐŝƐŝƚŝƐ͘ ĚĞůůĂƐƵĂǀĂŐŝŶŝƚĞ͘

> ǇŽƵŽďǀŝŽƵƐůǇƉŝĐŬĞĚ ŚĂŝƐĐĞůƚŽůĂĚŽŶŶĂ ĞƐĞǀŝĚĞŶƚĞƋƵĞ ƚŚĞǁƌŽŶŐǁŽŵĂŶ͘ ƐďĂŐůŝĂƚĂ͘ ĞůĞŐŝƐƚĞŵƵǇŵĂů͘

/E ĚŽŶΖƚƚƵƌŶƚŚŝƐ ŶŽŶĚĂƌĞůĂĐŽůƉĂĂ ŶŽŝŶƚĞŶƚĞƐĚĂƌůĞůĂ ĂƌŽƵŶĚŽŶŵĞ͘ǇŽƵΖƌĞ ŵĞ͘ŶŽŶƐŽŶŽŝŽ ǀƵĞůƚĂ͘ĞůƌĂƌŽĞƌĞƐ ƚŚĞǁĞŝƌĚŽ͕ĂůůƌŝŐŚƚ͍ ƋƵĞůůŽƐƚƌĂŶŽ͕ŵĂƚƵ͘ ƚƷ͕ŶŽǇŽ͕ĐĂůĞď͘ ŶŽƚŵĞ͘

> ďĞĐĂƵƐĞŝůŝŬĞƚŽŚĂǀĞ ƉĞƌĐŚĠŽŐŶŝƚĂŶƚŽŵŝ ƉŽƌƋƵĞŵĞŐƵƐƚĂ ƐĞǆǁŝƚŚǁŽŵĞŶŽŶĐĞ ƉŝĂĐĞĨĂƌĞƐĞƐƐŽĐŽŶ ĂĐŽƐƚĂƌŵĞĐŽŶ ŝŶĂǁŚŝůĞ͍ ůĞĚŽŶŶĞ͍ ŵƵũĞƌĞƐĚĞǀĞǌĞŶ ĐƵĂŶĚŽ͍

/E ŝƚΖƐŶŽƚŶŽƌŵĂů͘ ŶŽŶğŶŽƌŵĂůĞ͘ ĞƐŽŶŽĞƐŶŽƌŵĂů͘

> ŝƚΖƐǀĞƌǇŶŽƌŵĂů͘ ğŵŽůƚŽŶŽƌŵĂůĞ͘ ĞƐŵƵǇŶŽƌŵĂů͘

^K /E ŶŽƚŝĨǇŽƵΖƌĞŐĂǇ͕ŝƚΖƐ ƐĞƐĞŝŐĂǇŶŽŶůŽğ͕ğ Yh/s>E ƉĂƌĂƵŶŐĂǇŶŽ͕ĞƐ Yh/s>E ^K/D ŶŽƚ͘ŝƚΖƐĚŝƐŐƵƐƚŝŶŐ͘ ĚŝƐŐƵƐƚŽƐŽ͘ Yh/s>E ĂƐƋƵĞƌŽƐŽ͘ Yh/s>E

> ƚŚĞŶĚŽŶΖƚĚŽŝƚ ĂůůŽƌĂŶŽĨĂƌůŽƉŝƶ͘ ƉƵĞƐĞŶƚŽŶĐĞƐŶŽůŽ ĂŶǇŵŽƌĞ͘ ŚĂŐĂƐŵĄƐ͘

/E ĂŶĚŝƚΖƐĂƚƵƌŶŽĨĨ͘ ĞŵŝĨĂŝƉĂƐƐĂƌĞůĂ ǇŵĞĐŽƌƚĂĞůƌŽůůŽ͘ ǀŽŐůŝĂ͘

> ŵĞ͍ŝΖŵƚŚĞƚƵƌŶŽĨĨ͍ ŝŽ͕ƚŝĨĂĐĐŝŽƉĂƐƐĂƌĞůĂ ǇŽ͍ǇŽƚĞĐŽƌƚŽĞů ǀŽŐůŝĂ͍ ƌŽůůŽ͍

/E ǇŽƵƐůĞĞƉǁŝƚŚ ƐĞƚŝƐĐŽƉŝůĞĚŽŶŶĞ͕ ƐŝƚĞĂĐƵĞƐƚĂƐĐŽŶ ǁŽŵĞŶǇĞĂŚ͘ ƐŞ͘ ŵƵũĞƌĞƐ͕Ɛş͘

> ƚŚĞŶǁŚǇĂƌĞǁĞ ĂůůŽƌĂƉĞƌĐŚĠƐƚŝĂŵŽ ǇƉŽƌƋƵĠĞƐƚĂŵŽƐ ĞǀĞŶŐŽŝŶŐŽƵƚ͍ ŝŶƐŝĞŵĞ͍ ƐĂůŝĞŶĚŽ͍

/E ŝŬĞĞƉĂƐŬŝŶŐŵǇƐĞůĨ ĐŽŶƚŝŶƵŽĂĨĂƌŵŝůĂ ǇŽŵĞĞƐƚŽǇ ƚŚĞƐĂŵĞƚŚŝŶŐ͘ ƐƚĞƐƐĂĚŽŵĂŶĚĂ͘ ƉƌĞŐƵŶƚĂŶĚŽĞƐŽ ŵŝƐŵŽ͘

> ũƵĚŐŵĞŶƚĂůŵƵĐŚ͍ ƵŶƉŽ͛ƚƌŽƉƉŽ ƚĞƐŽďƌĂŶƉƌĞũƵŝĐŝŽƐ͘ ŵŽƌĂůŝƐƚĂ͘

/E ǀĂŐŝŶĂĨƵĐŬĞƌŵƵĐŚ͍ ƵŶƉŽ͛ƚƌŽƉƉŽƐĐŽƉĂ ǇĂƚŝĨŽůůĂƌƚĞǀĂŐŝŶĂƐ͘ ĨŝĐŚĞ͘

> ǁŚĞŶĚŝĚǇŽƵ ƋƵĂŶĚŽƐĞŝĚŝǀĞŶƚĂƚŽ ĚĞƐĚĞĐƵĂŶĚŽĞƌĞƐ ďĞĐŽŵĞƐƵĐŚĂďĂďǇ͍ ĐŽƐŞŝŵŵĂƚƵƌŽ͍ ƚĂŶďĞďĠ͍

^K /E ǁŚĞŶĚŝĚǇŽƵ ĞƚƵƋƵĂŶĚŽƐĞŝ >/D/Ed/KE ĚĞƐĚĞĐƵĂŶĚŽĞƌĞƐƚƷ Yh/s>E ďĞĐŽŵĞƐƵĐŚĂ ĚŝǀĞŶƚĂƚŽ ƚĂŶďŝƐĞǆƵĂů͍ ďŝƐĞǆƵĂů͍ ďŝƐĞƐƐƵĂůĞ͍

+RPHVZHHWKRPHOHVVVKHOWHU 6HDVRQ(SLVRGH 'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&/KE ĂŚ͕ƚŝŶĚĞƌƌŽĐŬƐ͘ĨƌĞĞ ĂŚ͕ƚŝŶĚĞƌƐƉĂĐĐĂ͘ ĂŚ͕ƚŝŶĚĞƌĞƐůĂůĞĐŚĞ͘ ƐĞǆ͕ĂŶǇƚŝŵĞŝǁĂŶƚ ƐĞƐƐŽŐƌĂƚŝƐŽŐŶŝǀŽůƚĂ ƐĞǆŽŐƌĂƚŝƐ͕ĐƵĂŶĚŽ ŝƚ͘ŶŽƐƚƌŝŶŐƐ ĐŚĞǀŽŐůŝŽĞƐĞŶǌĂ ǇŽƋƵŝĞƌĂǇƐŝŶ ĂƚƚĂĐŚĞĚ͘ ůĞŐĂŵŝ͘ ĂƚĂĚƵƌĂƐ͘

'^ >/W ǇĞĂŚ͕ďƵƚǇŽƵΖƌĞ ŵĂƐĞŝĨĞŵŵŝŶĂ͕ŶŽŶ Yh/s>E ƚƷĞƌĞƐƵŶĂŵƵũĞƌ͕ŶŽ Yh/s>E ĨĞŵĂůĞ͘ŝƐŶΖƚƚŚĂƚ ğƐĞŵƉƌĞĐŽƐŞƉĞƌ ůŽŚĂƐƚĞŶŝĚŽ ĂůǁĂǇƐĂǀĂŝůĂďůĞƚŽ ǀŽŝ͍ ƐŝĞŵƉƌĞ͍ ǇŽƵ͍

&/KE ŵĂǇďĞ͘ďƵƚƚŝŶĚĞƌ ƉƵžĚĂƌƐŝ͘ŵĂĐŽŶ ƉƵĞĚĞ͕ƉĞƌŽĐŽŶ ŵĂŬĞƐŝƚƐŝŵƉůĞ͘ŶŽ ƚŝŶĚĞƌğƉŝƶƐĞŵƉůŝĐĞ͘ ƚŝŶĚĞƌĞƐŵĄƐĨĄĐŝů͘ ĐŽŶĨƵƐŝŽŶ͘ŶŽ ŶŝĞŶƚĞĞƋƵŝǀŽĐŝ͘ ŶŽŚĂǇĐŽŶĨƵƐŝŽŶĞƐŶŝ ŵŝƐŐƵŝĚĞĚǁĞĚĚŝŶŐƐ͘ ŶŝĞŶƚĞŵĂƚƌŝŵŽŶŝ ďŽĚĂƐĚĞƐĂƚŝŶĂĚĂƐ͘ ĂǌǌĂƌĚĂƚŝ͘

^ŚĞůƚĞƌ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ŶŽ͕ǁĞĂƌĞŶŽƚŐŽŝŶŐ ŶŽ͕ŵĂŝĞƉŽŝŵĂŝ͕ ŶŽ͕ŶŽǀĂŵŽƐĂ ƚŽƐůĞĞƉŝŶƚĞŶƚƐůŝŬĞ ŶŽŶĚŽƌŵŝƌĞŵŽŶĞůůĞ ĚŽƌŵŝƌĞŶƚŝĞŶĚĂƐ ŝŶĚŝĂŶƐĂŶĚŚŝŬĞƌƐ͘ŝΖůů ƚĞŶĚĞĐŽŵĞŐůŝ ĐŽŵŽƐŝĨƵĠƌĂŵŽƐ d,^ ĨŝŶĚĂƉůĂĐĞĨŽƌƵƐƚŽ ŝŶĚŝĂŶŝŽŝ Yh/s>E ŝŶĚŝŽƐŽŵŽŶƚĂŹĞƌŽƐ͘ Yh/s>E ƐƋƵĂƚ͘ ĐĂŵƉĞŐŐŝĂƚŽƌŝ͘ ĞŶĐŽŶƚƌĂƌĠŽƚƌŽƐŝƚŝŽ ƚƌŽǀĞƌžƵŶƉŽƐƚŽĚĂ ĚŽŶĚĞƋƵĞĚĂƌŶŽƐ͘ ŽĐĐƵƉĂƌĞ͘

ůŝďŝ͘zǀŽŶǁŽƌŬŝŶŐĂƐďĂƌƚĞŶĚĞƌ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZEE ĞŶƚĞŶĚĞƌĄƐƋƵĞůŽƐ Yh/s>E ŚĞůƉŝŶŐŽƵƚƚŚĞƉŽŽƌ͘ ƌŝĐĐŚŝĂŝƵƚĂŶŽŝ ƌŝĐŽƐĂǇƵĚĞŶĂůŽƐ ƉŽǀĞƌŝ͘ ƉŽďƌĞƐ͘

dŽƉůĞƐƐŵĂŝĚƐĞƌǀŝĐĞǀĂŶ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

'hz ƵŚ͕ƐŽƌƌǇ͕ďƵƚ͕ƵŚĐĂŶ ĐŝĂŽ͕ĞŚ͕ƐĐƵƐĂŵĂ͕ ŚŽůĂ͕ĞŚŵ͕ƉĞƌĚŽŶĞ͕ ǇŽƵŵŽǀĞǇŽƵƌǀĂŶ͍ŝ ƉŽƚƌĞƐƚŝƐƉŽƐƚĂƌƚŝ͍ ƉĞƌŽ͕ƉƵĞĚĞŵŽǀĞƌ ůŝǀĞƌŝŐŚƚŽǀĞƌƚŚĞƌĞ͕ ǀŝǀŽƉƌŽƉƌŝŽůĂŐŐŝƶĞŝ ĞƐƚŽ͍ǇŽǀŝǀŽĂŚşĞŶ ĂŶĚŝŚĂǀĞƐŽŵĞůŝƚƚůĞ ŵŝĞŝďĂŵďŝŶŝƐƚĂŶŶŽ ĨƌĞŶƚĞǇƚĞŶŐŽŚŝũŽƐ ŬŝĚƐǁŚŽĂƌĞĂďŽƵƚƚŽ ƉĞƌƵƐĐŝƌĞŝŶŐŝĂƌĚŝŶŽ͘ ƉĞƋƵĞŹŽƐƋƵĞũƵĞŐĂŶ ĐŽŵĞŽƵƚĂŶĚƉůĂǇŝŶ ĞŶĞůũĂƌĚşŶ͘ ƚŚĞǇĂƌĚ͘

<s/E ĂŶĚ͍ ĞƋƵŝŶĚŝ͍ Ǉ͍

'hz ĂŶĚ͕ƵŚ͕ǇŽƵƌǀĂŶŝƐ ĞĐŝƐŽŶŽŝŵŵĂŐŝŶŝ ǇƐƵĐĂŵŝŽŶĞƚĂĞƐ ǀĞƌǇŐƌĂƉŚŝĐ͘ŝƚΖƐ ĞƐƉůŝĐŝƚĞ͘ ŵƵǇŐƌĄĨŝĐĂ͘ ƉŽƌŶŽŐƌĂƉŚŝĐ͕ƌĞĂůůǇ͘ ƉŽƌŶŽŐƌĂĨŝĐŚĞ͕ĚŝƌĞŝ͘ ƉŽƌŶŽŐƌĄĨŝĐĂ͕ŵĄƐ ďŝĞŶ͘

<s/E ŽŚ͕ƚŚĂŶŬǇŽƵ͘ƚŚŽƐĞ ŽŚ͕ŐƌĂǌŝĞ͘ƐŽŶŽůĞ ŽŚ͕ŐƌĂĐŝĂƐ͘ƐŽŶŵŝƐ ĂƌĞŵǇǁŝǀĞƐ͘ ŵŝĞŵŽŐůŝ͘ ĞƐƉŽƐĂƐ͘

'hz ǁĞůů͕ůƵĐŬǇǇŽƵ͘ ĐŚĞƵŽŵŽĨŽƌƚƵŶĂƚŽ͘ ŽŚ͕ƋƵĞƐƵĞƌƚĞƚŝĞŶĞ͘

<s/E ŵŵŚŵŵ͘ ŵŵŚŵŵ͘ ŵŵŚŵŵ͘

'hz ƵŚ͕ŵǇǁŝĨĞŝũƵƐƚ ĞŚŵ͕ŵŝĂŵŽŐůŝĞ͕ŝŽ ĂŚ͕ŵŝĞƐƉŽƐĂ͕ƐŽůŽ ŚĂǀĞƚŚĞŽŶĞŚŝŐŚůǇ ŶĞŚŽƐŽůŽƵŶĂ͕ğƵŶĂ ƚĞŶŐŽƵŶĂ͕ĞƐĚĞůŽ ĞŵŽƚŝŽŶĂůǁŽŵĂŶ͘ ĚŽŶŶĂŵŽůƚŽ ŵĄƐƐĞŶƐŝďůĞǇƐŝŵŝƐ ĂŶĚŝĨŵǇĨŝǀĞĂŶĚ ĞŵŽƚŝǀĂĞƐĞŝŵŝĞŝ ŚŝũŽƐĚĞĐŝŶĐŽǇƐŝĞƚĞ ƐĞǀĞŶǇĞĂƌŽůĚƐŽŶƐ ďĂŵďŝŶŝĚŝĐŝŶƋƵĞĞ ĂŹŽƐǀĞŶĂůŐŽ ĂƌĞĞǆƉŽƐĞĚƚŽ ƐĞƚƚĞĂŶŶŝǀĞĚĞƐƐĞƌŽ ƉŽƌŶŽŐƌĄĨŝĐŽƉŽƌ ƉŽƌŶŽŐƌĂƉŚǇĨŽƌƚŚĞ ŝŵŵĂŐŝŶŝ ƉƌŝŵĞƌĂǀĞǌĚĞƐĚĞ ĨŝƌƐƚƚŝŵĞǁŚŝůĞ ƉŽƌŶŽŐƌĂĨŝĐŚĞ ŶƵĞƐƚƌŽũĂƌĚşŶ͕ ƉůĂǇŝŶŐŝŶŽƵƌǇĂƌĚ ŵĞŶƚƌĞŐŝŽĐĂŶŽŝŶ ΀ĐŚƵĐŬůĞƐ΁ĞůůĂŶŽ

΀ĐŚƵĐŬůĞƐ΁ƐŚĞΖƐũƵƐƚ ŐŝĂƌĚŝŶŽ͕΀ĐŚƵĐŬůĞƐ΁ ĚĞũĂƌĄĚĞůůŽƌĂƌŚĂƐƚĂ ůŝŬĞůǇƚŽĐƌǇƵŶƚŝůŝ ďĞŚ͕ƉŝĂŶŐĞƌăĨŝŶĐŚĠ ƋƵĞŶŽƐŵƵĚĞŵŽƐĂ ĂŐƌĞĞƚŽŵŽǀĞƚŽĂŶ ŶŽŶĚŽǀƌĞŵŽ ƵŶďĂƌƌŝŽĂƷŶŵĄƐ ĞǀĞŶŵŽƌĞĞǆƉĞŶƐŝǀĞ ƚƌĂƐĨĞƌŝƌĐŝŝŶƵŶ ĐĂƌŽ͘ ŶĞŝŐŚďŽƌŚŽŽĚ͘ ƋƵĂƌƚŝĞƌĞĂŶĐŽƌĂƉŝƶ ĐŽƐƚŽƐŽ͘

'^ Yh/s>E Yh/s>E

<s/E ůŽŽŬ͕ŵĂŶ͕ǇŽƵƚĞůů ĂƐĐŽůƚĂŵŝ͕ĚŞĂƚƵĂ ŽŝŐĂĂŵŝŐŽ͕ĚşŐĂůĞĂ ǇŽƵƌǁŝĨĞƚŚŝƐŝƐĂ ŵŽŐůŝĞĐŚĞğ ƐƵĞƐƉŽƐĂƋƵĞĞƐƚŽĞƐ ůĞŐŝƚŝŵĂƚĞďƵƐŝŶĞƐƐ͕ ƵŶ͛ĂƚƚŝǀŝƚăůĞŐĂůĞĞ ƵŶŶĞŐŽĐŝŽůĞŐşƚŝŵŽǇ ĂŶĚƵŶĚĞƌƚŚĞ ƐĞĐŽŶĚŽŝů ƋƵĞůĂĚĞĐŝŵŽĐƵĂƌƚĂ ĨŽƵƌƚĞĞŶƚŚ ƋƵĂƚƚŽƌĚŝĐĞƐŝŵŽ ĞŶŵŝĞŶĚĂŶŽƐĚĂ ĂŵĞŶĚŵĞŶƚ͕ǁĞ ĞŵĞŶĚĂŵĞŶƚŽ ĚĞƌĞĐŚŽĂĞũĞƌĐĞƌůĂ ŚĂǀĞĞǀĞƌǇƌŝŐŚƚƚŽ ĂďďŝĂŵŽŝůĚŝƌŝƚƚŽĚŝ ůŝďĞƌƚĂĚĚĞĞǆƉƌĞƐŝſŶ ĞǆĞƌĐŝƐĞŽƵƌƌŝŐŚƚƚŽ ĞƐĞƌĐŝƚĂƌĞůĂůŝďĞƌƚă ǇĂĞŶƐĞŹĂƌƉĞĐŚŽƐ͘ E^ ĨƌĞĞƐƉĞĞĐŚĂŶĚ ĚŝƉĂƌŽůĂĞĚŝ Yh/s>E Yh/s>E ƐŚŽǁďŽŽďƐ͘ ŵŽƐƚƌĂƌĞůĞƚĞƚƚĞ͘

'hz ƚŚĞĨŽƵƌƚĞĞŶƚŚ ŝůƋƵĂƚƚŽƌĚŝĐĞƐŝŵŽ ůĂĚĞĐŝŵŽĐƵĂƌƚĂ ĂŵĞŶĚŵĞŶƚ ĞŵĞŶĚĂŵĞŶƚŽŚĂ ĂďŽůşĂůĂĞƐĐůĂǀŝƚƵĚ͘ ĂďŽůŝƐŚĞĚƐůĂǀĞƌǇ͘ ĂďŽůŝƚŽůĂƐĐŚŝĂǀŝƚƶ͘

<s/E ŐŽĚĚĂŵŶƌŝŐŚƚŝƚĚŝĚ͘ ĞĐĐŽŵĞƐĞů͛ŚĂ ƵƐƚĞĚĐƌĞĞƋƵĞŶŽůŽ ŐŽŽĚƚŚŝŶŐƚŽŽ͕ ĂďŽůŝƚĂ͘ğƵŶĂĐŽƐĂ ƐĠ͍ǇŵĞŶŽƐŵĂů͕ ďĞĐĂƵƐĞŽŶĞŽĨŵǇ ďƵŽŶĂ͕ƵŶĂĚĞůůĞŵŝĞ ƉŽƌƋƵĞƵŶĂĚĞŵŝƐ ǁŝǀĞƐŝƐďůĂĐŬ͕ĂŶĚ ŵŽŐůŝğŶĞƌĂĞů͛ĂůƚƌĂ ŵƵũĞƌĞƐĞƐŶĞŐƌĂǇůĂ ƚŚĞŽƚŚĞƌŽŶĞǁĂƐĂ ĞƌĂƵŶĂƐĐŚŝĂǀĂ͘ ŽƚƌĂĞƌĂĞƐĐůĂǀĂ͘ ƐůĂǀĞ͘

'ĂůůĂŐŚĞƌŚŽŵĞĨŽƌƚŚĞŚŽŵĞůĞƐƐ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ƉŝůĞŝƚŽŶ͕ĨƌŝĞŶĚƐ͘ ŵĞƚƚĞƚĞǀŝŝŶĨŝůĂ͕ ĂĚĞůĂŶƚĞĂŵŝŐŽƐ͕ŶŽ ĚŽŶΖƚďĞƐŚǇ͘ŐĞƚǇŽƵƌ ĂŵŝĐŝ͘ŶŽŶƐŝĂƚĞ ƐĞĄŝƐƚşŵŝĚŽƐ͕ůůĞŶĂĚ Ĩŝůů͘ŐŽĚĚŽĞƐŶŽƚ ƚŝŵŝĚŝ͘ ĞůƉůĂƚŽ͘ĚŝŽƐŶŽ ǁĂŶƚǇŽƵƚŽŐŽŽƵƚ ĂƉƉƌŽĨŝƚƚĂƚĞŶĞ͘ĚŝŽ ƋƵŝĞƌĞƋƵĞĞŵƉĞĐĠŝƐ Z/D ŝŶƚŽǇŽƵƌďƵƐǇĚĂǇŽĨ ŶŽŶǀƵŽůĞĐŚĞ Yh/s>E ĞůĚƵƌŽƚƌĂďĂũŽĚĞ Yh/s>E ďĞŐŐŝŶŐǁŝƚŚŽƵƚĂ ĐŽŵŝŶĐŝĂƚĞůĞǀŽƐƚƌĞ ƉĞĚŝƌůŝŵŽƐŶĂƐŝŶ ĨƵůůďĞůůǇ͘ ĚƵƌĞŐŝŽƌŶĂƚĞĚŝ ƚĞŶĞƌůĂďĂƌƌŝŐĂ ĞůĞŵŽƐŝŶĂĐŽŶůĂ ůůĞŶĂ͘ ƉĂŶĐŝĂǀƵŽƚĂ͘

,DPDVWRUP 6HDVRQ(SLVRGH 'ĂůůĂŐŚĞƌŚŽŵĞĨŽƌƚŚĞŚŽŵĞůĞƐƐ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^K^ &ZE< ŐŽĞĂƐǇŽŶƚŚĞ ǀĂĐĐŝƉŝĂŶŽĐŽŶůĞ Yh/s>E ŽǇĞ͕ŶŽĐŽũĂƐƚĂŶƚĂ Yh/s>E ƐĂƵƐĂŐĞƐƚŚĞƌĞ͕ ƐĂůƐŝĐĐĞ͕ĞǀĂŶ͘ ƐĂůĐŚŝĐŚĂ͕ĞǀĂŶ͘ĚĞũĂ ĞǀĂŶ͘ƐĂǀĞƐŽŵĞĨŽƌ ůĂƐĐŝĂŶĞƋƵĂůĐƵŶĂ ĂůŐƵŶĂƉĂƌĂůŽƐ ƚŚĞŽƚŚĞƌ ĂŐůŝĂůƚƌŝƐƵĐĐŚŝĂ ĚĞŵĄƐĐŚƵƉĂƉŽůůĂƐ͘ ĐŽĐŬƐƵĐŬĞƌƐ͘΀ůĂƵŐŚƐ΁ ĐĂǌǌŝ͘΀ůĂƵŐŚƐ΁ ΀ůĂƵŐŚƐ΁ĞƐƵŶĂĐŽŹĂ͕ ŝΖŵũƵƐƚŬŝĚĚŝŶŐ͘ŵǇ ƐĐŚĞƌǌŽ͕ƵŶŽĚĞŝŵŝĞŝ ŵŝŚŝũŽĞƐŐĂǇ͘ ƐŽŶΖƐŐĂǇ͘ ĨŝŐůŝğŐĂǇ͘

'ĂůůĂŐŚĞƌŚŽŵĞĨŽƌƚŚĞŚŽŵĞůĞƐƐ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Et>/W ǁŚǇΖƐƐŚĞƐŽĂŶŐƌǇ͍ ƉĞƌĐŚĠğĐŽƐŞ ƉŽƌƋƵĠĞƐƚĄƚĂŶ ŝŶĐĂǌǌĂƚĂ͍ ĞŶĨĂĚĂĚĂ͍

^K^ &ZE< ůĞƐďŝĂŶƐĂƌĞ ůĞůĞƐďŝĐŚĞƐŽŶŽ Yh/s>E ůĂƐůĞƐďŝĂŶĂƐ Yh/s>E ƚƌĂĚŝƚŝŽŶĂůůǇĂŶŐƌǇ͘ ƐƚŽƌŝĐĂŵĞŶƚĞ ƚƌĂĚŝĐŝŽŶĂůŵĞŶƚĞ ŝŶĐĂǌǌĂƚĞ͘ ĞƐƚĄŶĞŶĨĂĚĂĚĂƐ͘

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^sd>E ǁŚǇǇŽƵŶĞĞĚũŽď͍ ƉĞƌĐŚĠƚŝƐĞƌǀĞ ƉŽƌƋƵĠƋƵŝĞƌĞƐ

ůĂǀŽƌŽ͍ ƚƌĂďĂũŽ͍

/ ĨŝŽŶĂΖƐŐŽŶŶĂŬŝĐŬŵĞ ĨŝŽŶĂŵŝĐĂĐĐĞƌăƐĞ ĨŝŽŶĂŵĞĞĐŚĂƌĄĚĞ ŽƵƚƵŶůĞƐƐŝĐĂŶƉƵůů ŶŽŶƉĂŐŽůĂŵŝĂ ĐĂƐĂƐŝŶŽƉĂŐŽŵŝ ŵǇǁĞŝŐŚƚ͘ ƉĂƌƚĞ͘ ƉĂƌƚĞ͘

' ^sd>E ĨŝŶĚŚƵƐďĂŶĚ͘ŝŚĂǀĞ ƚƌŽǀĂŵĂƌŝƚŽ͘ŝŽŚŽ Yh/s>E ďƵƐĐĂŵĂƌŝĚŽ͘ǇŽ Yh/s>E ďŽƚŚŚƵƐďĂŶĚĂŶĚ ƐŝĂŵĂƌŝƚŽĐŚĞ ƚĞŶŐŽĂůĂǀĞǌŵĂƌŝĚŽ ǁŝĨĞ͘ŝŚĂǀĞƐŽŵĞŽŶĞ ŵŽŐůŝĞ͘ŚŽƋƵĂůĐƵŶŽ ǇŵƵũĞƌ͘ƚĞŶŐŽƋƵŝĞŶ ƚŽǁĂƚĐŚŵǇƐŽŶ ĐŚĞďĂĚĂĂŵŝŽĨŝŐůŝŽ ĐƵŝĚĞŵŝŚŝũŽ ƚǁĞŶƚǇĨŽƵƌƐĞǀĞŶ͘ŝ ŐŝŽƌŶŽĞŶŽƚƚĞ͘ŚŽ ǀĞŝŶƚŝĐƵĂƚƌŽŚŽƌĂƐǇ ŚĂǀĞũŽď͘ŝĂŵŬĞƉƚ ůĂǀŽƌŽ͘ƐŽŶŽĚŽŶŶĂ ƚĞŶŐŽƚƌĂďĂũŽĚĞ ǁŽŵĂŶ͘ǇŽƵǁĂŶƚ ŵĂŶƚĞŶƵƚĂ͘ǀƵŽŝƵŶ ŵƵũĞƌŵĂŶƚĞŶŝĚĂ͘ ŐŽŽĚůŝĨĞ͍ĨŝŶĚ ďĞůůĂǀŝƚĂ͍ƚƌŽǀĂĐŚŝ ƋƵŝĞƌĞƐǀŝǀŝƌďŝĞŶ͍ ƐŽŵĞŽŶĞƚŽŬĞĞƉ ƚŝŵĂŶƚĞŶŐĂ͘ ďƵƐĐĂƋƵŝĞŶ ǇŽƵ͘ ŵĂŶƚĞŶŐĂ͘

'/D Yh/s>E Yh/s>E

/ ŝĚŽŶΖƚŶĞĞĚƚŽďĞ ŶŽŶŵŝƐĞƌǀĞĐŚŝŵŝ ǇŽŶŽƋƵŝĞƌŽƐĞƌƵŶĂ ŬĞƉƚ͘ŝΖŵĂƐƚƌŽŶŐ ŵĂŶƚĞŶŐĂ͕ƐŽŶŽƵŶĂ ŵĂŶƚĞŶŝĚĂ͕ƐŽǇƵŶĂ ǁŽŵĂŶ͘ ĚŽŶŶĂĨŽƌƚĞ͘ ŵƵũĞƌĨƵĞƌƚĞ͘

'/D ^sd>E ĚŽŶΖƚďĞƐƚƌŽŶŐ ŶŽŶĞƐƐĞƌĞĚŽŶŶĂ Yh/s>E ŶŽƐĞĂƐŵƵũĞƌĨƵĞƌƚĞ͘ Yh/s>E ǁŽŵĂŶ͘ƐƚƌŽŶŐ ĨŽƌƚĞ͘ƋƵĞůůĞ ŵƵũĞƌĨƵĞƌƚĞĐĂƉĞĂ ǁŽŵĞŶǁĞĂƚŚĞƌ ƌĞƐŝƐƚŽŶŽĂ ƚĞŵƉŽƌĂů͘ŵĞũŽƌƐĞƌ ƐƚŽƌŵƐ͘ǇŽƵǁĂŶƚƚŽ ƚĞŵƉĞƐƚĞ͘ƚƵĚĞǀŝ ƚƷƚĞŵƉŽƌĂů͘ ďĞƚŚĞƐƚŽƌŵ͘ ĞƐƐĞƌĞƚĞŵƉĞƐƚĂ͘

/ ŚŽǁ͍ ĐŽŵĞ͍ ĐſŵŽ͍

^sd>E ǇŽƵĨŝŶĚƐŽŵĞŽŶĞ ƚƌŽǀĂƉĞƌƐŽŶĂ ƚƷďƵƐĐĂĂůŐƵŝĞŶ ǁĞĂŬ͕ƐƚƵƉŝĚ͕ĂŶĚ ĚĞďŽůĞ͕ƐƚƵƉŝĚĂĞ ĚĠďŝů͕ĞƐƚƷƉŝĚŽǇ ĚĞƐƉĞƌĂƚĞ͘ĂŶĚǇŽƵ ĚŝƐƉĞƌĂƚĂ͘ĞŝŶĚŽƐƐĂ ĚĞƐĞƐƉĞƌĂĚŽ͘ǇůůĞǀĂ ǁĞĂƌďƌĂƐƐŽǇŽƵƌ ƌĞŐŐŝƐĞŶŝĐŽƐŞŝůƐĞŶŽ ƐŽƐƚĠŶƉĂƌĂƋƵĞ ' ďƌĞĂƐƚƐůĞǀŝƚĂƚĞ͘ ůŝĞǀŝƚĂ͘ Yh/s>E ƉĞĐŚŽƐďŝĞŶĂƌƌŝďĂ͘ Yh/s>E

EŝŐŚƚĐůƵď͘/ĂŶĂŶĚdƌĞǀŽƌĚĂŶĐŝŶŐ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/E ĨĞĞůƐŐŽŽĚ͘ ŵŝƉŝĂĐĞ͘ ŵĞĞŶĐĂŶƚĂ͘

dZsKZ ŝƚƐŚŽƵůĚ͘ĐŽƐƚŵĞ ĐŝĐƌĞĚŽ͕ŽƚƚĂŶƚĂ ĞƐŶŽƌŵĂů͕ŵĞĐŽƐƚſ ĞŝŐŚƚǇďƵĐŬƐ͘ŝΖŵ ĚŽůůĂƌŝ͘ƐŽŶŽĂƌŵĂƚŽ͕ ŽĐŚĞŶƚĂƉĂǀŽƐ͘ŶŽĞƐ ƉĂĐŬŝŶŐ͕ĚƵŵŵǇ͘ ƐĐĞŵŽ͘ ŵşŽ͕ďŽďŽ͘

/E ĂŚĨƵĐŬ͕ǇŽƵďƌŽƵŐŚƚ ĂŚ͕ŚĂŝƉŽƌƚĂƚŽƵŶĂ ĂŚ͕ůůĞǀĂƐƵŶĂ ĂŐƵŶŝŶŚĞƌĞ͍ ƉŝƐƚŽůĂƋƵŝ͍ ƉŝƐƚŽůĂ͍

dZsKZ ǁĂŝƚ͘ǇŽƵƐĂǁŵǇ ĂƐƉĞƚƚĂ͕ŚĂŝŚĂŝǀŝƐƚŽ ƋƵĠ͍ŽǇĞ͕ǀŝƐƚĞŵŝ ĐŚĂƌŵ͕ƌŝŐŚƚ͍ ŝůŵŝŽĐŝŽŶĚŽůŽ͕ǀĞƌŽ͍ ĐŽůŐĂŶƚĞ͕ǀĞƌĚĂĚ͍

/E ǇĞĂŚ͘ ƐŞ͘ Ɛş͘

dZsKZ ŝΖŵƚƌĂŶƐ͘ŝƚŚŽƵŐŚƚ ƐŽŶŽƵŶƚƌĂŶƐ͕ ƐŽǇƵŶƚƌĂŶƐ͘ĐƌĞşĂ ǇŽƵŬŶĞǁ͘ ĐƌĞĚĞǀŽů͛ĂǀĞƐƐŝ ƋƵĞůŽƐĂďŝĂƐ͘ ĐĂƉŝƚŽ͘

' /E ŚŽůǇƐŚŝƚ͘ǇŽƵΖƌĞ ƉŽƌĐĂƚƌŽŝĂ͕ƐĞŝ͕ƐĞŝ Yh/s>E ŶŽŵĞũŽĚĂƐ͘ĞƌĞƐ Yh/s>E ǇŽƵΖƌĞĂĐŚŝĐŬ͍ ƵŶĂĚŽŶŶĂ͍ ƵŶĂƚşĂ͍

dZsKZ ΀ůĂƵŐŚƐ΁ŽŚ͕ŐŽĚ͘ƵŚ͕ ΀ůĂƵŐŚƐ΁ŽŚĚŝŽ͘ĂŚ͕ ΀ůĂƵŐŚƐ΁ĂǇĚŝŽƐ͘ĞŚŵ͕ ŶŽ͕ŝĂŵŶŽƚĂĐŚŝĐŬ͘ŝ ŶŽ͕ŶŽŶƐŽŶŽƵŶĂ ŶŽ͕ŶŽƐŽǇƵŶĂƚşĂ͘ ĂŵĂƚƌĂŶƐŵĂŶ͘ ĚŽŶŶĂ͕ƐŽŶŽƵŶ ƐŽǇƵŶŚŽŵďƌĞƚƌĂŶƐ͘ ƵŽŵŽƚƌĂŶƐ͘

/E ƐŽǇŽƵĚŽŶΖƚŚĂǀĞĂ ƋƵŝŶĚŝŶŽŶŚĂŝŝů ĞŶƚŽŶĐĞƐŶŽƚŝĞŶĞƐ ĚŝĐŬ͍ ĐĂǌǌŽ͍ ƉĞŶĞ͍

dZsKZ ŝŚĂǀĞƐĞǀĞƌĂů͘ƚŚĞǇΖƌĞ ŶĞŚŽƚĂŶƚŝ͕ƐŽŶŽƚƵƚƚŝ ƚĞŶŐŽƵŶŽƐĐƵĂŶƚŽƐ ŵĂĚĞŽĨƐŝůŝĐŽŶĞ͘ŝ ĚŝƐŝůŝĐŽŶĞ͘ĂŚ͕ ŚĞĐŚŽƐĚĞƐŝůŝĐŽŶĂ͘ ĂƐƐƵŵĞĚƚŚĂƚǇŽƵ ĐƌĞĚĞǀŽĐŚĞĂŶĐŚĞƚƵ ŽǇĞ͕ǇŽƐƵƉŽŶşĂƋƵĞ ǁĞƌĞŶŽŶďŝŶĂƌǇ͕ƚŽŽ͘ ĨŽƐƐŝŐĞŶĚĞƌƋƵĞĞƌ͘ ƚƷƚĂŵďŝĠŶĞƌĂƐŶŽ ƚŚĂƚΖƐ ďŝŶĂƌŝŽĐŽŵŽǇŽ͘

/E ŽŚ͕ŶŽ͕ŶŽ͕ŶŽ͘ŝΖŵ ŽŚ͕ŶŽ͕ŶŽ͕ŶŽ͕ŝŽ͕ŝŽ ŶŽ͕ŶŽ͕ŶŽ͕ŶŽ͕ŶŽ͕ ŝΖŵŶŽƌŵĂů͘ ƐŽŶŽŶŽƌŵĂůĞ͘ ǇŽ͕ǇŽƐŽǇŶŽƌŵĂů͘ ' Yh/s>E Yh/s>E

dZsKZ ŶŽƌŵĂů͘ ŶŽƌŵĂůĞ͘ ŶŽƌŵĂů͘

/E ǇĞĂŚ͘ŝΖŵũƵƐƚ͕ůŝŬĞ͕ ƐŞ͕ŶŽŶƐŽŶŽƵŶŽĐŽŶ͕ Ɛş͕ĞŶĨŝŶ͕ƋƵĞ͕ŶŽƐŽǇ ŶŽƚ͕ůŝŬĞ͕ĂĚƵĚĞǁŝƚŚ ƵŶƌĂŐĂǌǌŽĐŽŶůĂ ƵŶƚşŽƋƵĞƋƵĞƚŝĞŶĞ ĂĨƵĐŬŝŶŐǀĂŐŝŶĂ͘ ǀĂŐŝŶĂ͘ ǀĂŐŝŶĂ͘ ' Yh/s>E Yh/s>E

dZsKZ ŝΖŵŶŽƚĂĚƵĚĞǁŝƚŚĂ ŶŽŶƐŽŶŽƵŶƌĂŐĂǌǌŽ ǇŽŶŽƐŽǇƵŶƚşŽĐŽŶ ǀĂŐŝŶĂ͕ĂƐƐŚŽůĞ͘ŝΖŵĂ ĐŽŶůĂǀĂŐŝŶĂ͕ ǀĂŐŝŶĂ͕ĐƌĞƚŝŶŽ͘ƐŽǇ ĚƵĚĞǁŚŽĚŽĞƐŶΖƚ ƐƚƌŽŶǌŽ͕ŵĂƵŶŽĐŚĞ ƚşŽĂůƋƵĞŶŽůĞ ĨĞĞůůŝŬĞƚĂůŬŝŶŐĂďŽƵƚ ŶŽŶŚĂǀŽŐůŝĂĚŝ ĂƉĞƚĞĐĞŚĂďůĂƌĚĞƐƵƐ

ŚŝƐŐĞŶŝƚĂůƐƚŽƐŽŵĞ ƉĂƌůĂƌĞĚĞŝƐƵŽŝ ŐĞŶŝƚĂůĞƐĐŽŶƵŶ ĨĂŐŐŽƚŚĞũƵƐƚŵĞƚ͘ ŐĞŶŝƚĂůŝĐŽŶƵŶĨƌŽĐŝŽ ŵĂƌŝĐſŶĚĞŵŝĞƌĚĂ͘ ĐŚĞŚĂĂƉƉĞŶĂ ĐŽŶŽƐĐŝƵƚŽ͘ ^K Yh/s>E Yh/s>E

^ƚƌĞĞƚ͘^ŽƵƚŚƐŝĚĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

dZsKZ ǇŽƵΖƌĞƐƚĂƌŝŶŐ͘ ŵŝĨŝƐƐŝ͘ ŵĞĞƐƚĄƐŵŝƌĂŶĚŽ͘

/E ƐŽƌƌǇ͘ŝƚΖƐũƵƐƚǇŽƵ ƐĐƵƐĂ͘ğĐŚĞ͕ƐĞŵďƌŝ ƉĞƌĚŽŶĂ͘ĞƐƋƵĞŵĞ ' ůŽŽŬƐŽŵƵĐŚůŝŬĞĂ ƉƌŽƉƌŝŽƵŶƌĂŐĂǌǌŽ͘ Yh/s>E ƉĂƌĞĐĞƐƵŶƚşŽĚĞ Yh/s>E ĚƵĚĞ͘ ǀĞƌĚĂĚ͘

dZsKZ ŽŚ͕ƚŚĂƚΖƐĐŽŽůƐŝŶĐĞŝ ŚƵŵ͕ďĞŶĞ͕ĚĂƚŽĐŚĞ ŽŚ͕ĞƐƚƵƉĞŶĚŽ͕ĞƐŽĞƐ ĂŵĂĚƵĚĞ͘ ƐŽŶŽƵŶƌĂŐĂǌǌŽ͘ ƉŽƌƋƵĞůŽƐŽǇ͘

^ĞƌŐĞĂŶƚtŝŶƐůŽǁΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^Z'Edt/E^>KtdK ŵĂǇďĞ͘ǇŽƵΖƌĞŶŽƚ ƐŞ͕ƉƵžĚĂƌƐŝ͘ŶŽŶğ ƚĂůǀĞǌ͘ĂƵŶƋƵĞŶŽ Z> ũƵƐƚŐĂŝŶŝŶŐƉŚǇƐŝĐĂů ƐŽůŽĂĐƋƵŝƐŝƌĞĨŽƌǌĂ ƐŽůŽŐĂŶĂƐĨşƐŝĐŽ͕ ƐƚƌĞŶŐƚŚ͕ǇŽƵŬŶŽǁ͘ ĨŝƐŝĐĂ͘ĚŝǀĞŶƚŝĨŽƌƚĞ ƚĂŵďŝĠŶƚĞŚĂĐĞƐ ǇŽƵΖƌĞŐĞƚƚŝŶŐ ŵĞŶƚĂůŵĞŶƚĞ͘ ĨƵĞƌƚĞŵĞŶƚĂůŵĞŶƚĞ͘ ŵĞŶƚĂůůǇƐƚƌŽŶŐ͘ŝ ŝŶƐŽŵŵĂ͕ƐĂŝǀŝĞŶŝ ĂůůşƚĞůĞǀĂŶƚĂŶĂ ŵĞĂŶ͕ƚŚĞǇǁĂŬĞ ƐǀĞŐůŝĂƚŽĂůůĞƐĞŝŝŶ ĚŝĂƌŝŽĂůĂƐƐĞŝƐĚĞůĂ ǇŽƵƌĂƐƐƵƉĂƚƐŝǆĂŵ ƉƵŶƚŽŽŐŶŝŵĂƚƚŝŶĂ͘ ŵĂŹĂŶĂĞŶƉƵŶƚŽ͘ƚĞ ƐŚĂƌƉĞǀĞƌǇĚĂǇ͘ƐƵŝƚ ŵĞƚƚŝůĂĚŝǀŝƐĂ͕ůƵĐŝĚŝ ǀŝƐƚĞƐ͕ƚĞůŝŵƉŝĂƐůĂƐ ƵƉ͕ƐŚŝŶĞǇŽƵƌƐŚŽĞƐ͕ ůĞƐĐĂƌƉĞ͕ƚŝƌĂĚŝ ďŽƚĂƐ͕ƚĞĂĨĞŝƚĂƐƐŝ ƐŚĂǀĞǁŚĂƚĞǀĞƌĨĂĐŝĂů ƋƵĞůůĂƉŽĐĂďĂƌďĂ ƚŝĞŶĞƐǀĞůůŽĨĂĐŝĂůǇ ŚĂŝƌǇŽƵŚĂǀĞ͕ŚĞĂĚ ĐŚĞŚĂŝ͕ĞƐĐŝĞĨĂŝŝů ƐĂůĞƐĨƵĞƌĂĂĨŽƌŵĂƌ͕ ŽƵƚƐŝĚĞ͕ĂŶĚƐĂůƵƚĞ͕ ƐĂůƵƚŽ͕ƚƵƚƚŽƉƌŝŵĂĚŝ ǇƚŽĚŽĂŶƚĞƐĚĞ ĂůůďĞĨŽƌĞďƌĞĂŬĨĂƐƚ͘ ĐŽůĂǌŝŽŶĞ͘ƌŝƐƉĞƚƚŽ͕ ĚĞƐĂǇƵŶĂƌ͘ƌĞƐƉĞƚŽ͕ ƌĞƐƉĞĐƚ͕ĐůĞĂŶůŝŶĞƐƐ ƉƵůŝǌŝĂ͘ƐŝŝŵƉĂƌĂĂ ůŝŵƉŝĞǌĂ͘ƚĞĞŶƐĞŹĂŶ ǇŽƵůĞĂƌŶŚŽǁƚŽďĞ ĞƐƐĞƌĞƵŽŵŝŶŝ͘ ĂƐĞƌƵŶŚŽŵďƌĞ͘ ĂŵĂŶ͘

' Yh/s>E Yh/s>E '^ Yh/s>E Yh/s>E '/D Yh/s>E Yh/s>E

EĞŝŐŚďŽƌŚŽŽĚƌĞƵŶŝŽŶ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^ >/^dKE/',KZ^ ƐŽƚŚĞƐŚĞůƚĞƌΖƐ ĂůůŽƌĂ͕ůĂƉŽƐŝǌŝŽŶĞ Yh/s>E ĞŶĨŝŶ͕ůĂƵďŝĐĂĐŝſŶ Yh/s>E ůŽĐĂƚŝŽŶƌĂŝƐĞƐ ĚĞůƌŝĨƵŐŝŽƐƵƐĐŝƚĂ ĚĞůĂůďĞƌŐƵĞŚĂ ĐŽŶĐĞƌŶƐĨŽƌƚŚĞ ƉƌĞŽĐĐƵƉĂǌŝŽŶĞ ƚƌĂşĚŽƋƵĞũĂƐĚĞůŽƐ ĐŽŵŵƵŶŝƚǇĂďŽƵƚ Ăůů͛ŝŶƚĞƌŶŽĚĞůůĂ ǀĞĐŝŶŽƐƉŽƌůĂƐ ƉŽƐƐŝďůĞŶĞŐĂƚŝǀĞ ĐŽŵƵŶŝƚă͕ƌŝŐƵĂƌĚŽĂ ƉŽƐŝďůĞƐ ŽƵƚĐŽŵĞƐ͕ ƉŽƐƐŝďŝůŝĞƐŝƚŝ ĐŽŶƐĞĐƵĞŶĐŝĂƐ ĞǆĂĐĞƌďĂƚĞĚďǇƚŚĞ ŶĞŐĂƚŝǀĞ͕ĂŐŐƌĂǀĂƚŝ ŶĞŐĂƚŝǀĂƐƋƵĞƉƵĞĚĂ ĨĂĐƚƚŚĂƚƚŚĞƐŝƚĞŝƐ ĚĂůĨĂƚƚŽĐŚĞ ƉƌŽĚƵĐŝƌ͕ĂŐƌĂǀĂĚĂƐ ďĞƚǁĞĞŶƚǁŽ ů͛ĞĚŝĨŝĐŝŽğƚƌĂĚƵĞ ƉŽƌĞůŚĞĐŚŽĚĞƋƵĞ ƐĐŚŽŽůƐ͘ ƐĐƵŽůĞ͘ ƐĞŚĂůůĂĞŶƚƌĞĚŽƐ ĐŽůĞŐŝŽƐ͘

2ZQ\RXUVKLW 6HDVRQ(SLVRGH DŝůŝƚĂƌǇͲƐĐŚŽŽůƌĞĐƌƵŝƚŝŶŐĚĂǇ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

D/>/dZz^,KK> ŝŵƉƌĞƐƐŝǀĞůĞƚƚĞƌŽĨ ƵŶĂůĞƚƚĞƌĂĚŝ ŝŵƉƌĞƐŝŽŶĂŶƚĞ ZZh/dZ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶŵƌ ƌĂĐĐŽŵĂŶĚĂǌŝŽŶĞ ƌĞĐŽŵĞŶĚĂĐŝſŶƐĞŹŽƌ ŐĂůůĂŐŚĞƌ͘ ŶŽƚĞǀŽůĞ͘ ŐĂůůĂŐŚĞƌ͘

Z> ŝŬŶŽǁƐŽŵĞƉĞŽƉůĞ͘ ŚŽƋƵĂůĐŚĞ ƚĞŶŐŽďƵĞŶŽƐ ĐŽŶŽƐĐĞŶǌĂ͘ ĂŵŝŐŽƐ͘

D/>/dZz^,KK> ǇŽƵƐŚŽƵůĚĚĞĨŝŶŝƚĞůǇ ƌŝĨĂĐĐŝĂĚŽŵĂŶĚĂ ƚĞŶĚƌşĂƋƵĞƐĞƌĞů ZZh/dZ ƌĞĂƉƉůǇŶĞǆƚǇĞĂƌ͘ ů͛ĂŶŶŽƉƌŽƐƐŝŵŽ͘ ĐƵƌƐŽƋƵĞǀŝĞŶĞ͘ǇĂ ǁĞΖƌĞĂƚĐĂƉĂĐŝƚǇƚŚŝƐ ƋƵĞƐƚ͛ĂŶŶŽƐŝĂŵŽ ŶŽƚĞŶĞŵŽƐƉůĂǌĂƐ͘ ĨĂůů͘ĂůůƐĞǀĞŶƚǇĨŝǀĞ ƉŝĞŶŝ͘ŝ ůĂƐƐĞƚĞŶƚĂǇĐŝŶĐŽ ƐůŽƚƐĨŽƌƚŚŝƐ ƐĞƚƚĂŶƚĂĐŝŶƋƵĞƉŽƐƚŝ ƋƵĞŽĨƌĞĐşĂŵŽƐǇĂ ƵƉĐŽŵŝŶŐƚĞƌŵŚĂǀĞ ĚŝƐƉŽŶŝďŝůŝƐŽŶŽƐƚĂƚŝ ĞƐƚĄŶŽĐƵƉĂĚĂƐ͘ ďĞĞŶĨŝůůĞĚ͘ ĂƐƐĞŐŶĂƚŝ͘

Z> ǁĂŝƚ͕ƐŽƚŚĂƚΖƐŝƚ͍ŶŽ ĐŝŽğ͕ƚƵƚƚŽƋƵĂ͍ ǇĂŚĂĂĐĂďĂĚŽůĂ ŝŶƚĞƌǀŝĞǁ͍ ŶŝĞŶƚĞĐŽůůŽƋƵŝŽ͍ ĞŶƚƌĞǀŝƐƚĂ͍

D/>/dZz^,KK> ǁĞΖůůĚĞĨŝŶŝƚĞůǇŬĞĞƉ ƚĞƌƌĞŵŽůĂƐƵĂ ŐƵĂƌĚĂƌĞŵŽƐƐƵ ZZh/dZ ǇŽƵƌĂƉƉůŝĐĂƚŝŽŶŽŶ ĚŽŵĂŶĚĂŝŶĂƌĐŚŝǀŝŽ͘ ƐŽůŝĐŝƚƵĚĞŶĞů ĨŝůĞ͘ ĂƌĐŚŝǀŽ͘

Z> ǁĞůů͕ƚŚĞďƌŽĐŚƵƌĞ ŵĂůĂďƌŽĐŚƵƌĞĚŝĐĞ ƉĞƌŽĞŶĞůĨŽůůĞƚŽ ƐĂǇƐƚŚĂƚŝŶĐŽŵŝŶŐ ĐŚĞůĞĐůĂƐƐŝƐŽŶŽƉĞƌ ƉŽŶĞƋƵĞĞŶƉƌŝŵĞƌ ĐůĂƐƐĞƐŚĂǀĞĂ ƵŶĐĞŶƚŝŶĂŝŽĚŝ ĐƵƌƐŽŚĂǇĐŝĞŶ ŚƵŶĚƌĞĚƐƚƵĚĞŶƚƐ͘ ƐƚƵĚĞŶƚŝ͘ ĞƐƚƵĚŝĂŶƚĞƐ͘

D/>/dZz^,KK> ΀ƐŝŐŚƐ΁ƚŚĞƌĞŵĂŝŶŝŶŐ ΀ƐŝŐŚƐ΁ŝƉŽƐƚŝƌĞƐƚĂŶƚŝ ůĂƐŽƚƌĂƐǀĞŝŶƚŝĐŝŶĐŽ ZZh/dZ ƐůŽƚƐĂƌĞƌĞƐĞƌǀĞĚĨŽƌ ƐŽŶŽƉĞƌŐůŝƐƚƵĚĞŶƚŝ ƉůĂǌĂƐƐŽŶƉĂƌĂ ƐƚƵĚĞŶƚƐŽĨĐŽůŽƌ͘ǁĞ ĚŝĐŽůŽƌĞ͘ ĂůƵŵŶŽƐĚĞĐŽůŽƌ͘ ƚƌǇƚŽƐƚƌŽŶŐůǇ ŝŶĐŽƌĂŐŐŝĂŵŽŝŐƌƵƉƉŝ ŶƵĞƐƚƌĂŝĚĞĂĞƐ Z ĞŶĐŽƵƌĂŐĞƚŚĞ ĞƚŶŝĐŝƐŽƚƚŽ Yh/s>E ĐŽŶƚĂƌĐŽŶŐĞŶƚĞĚĞ Yh/s>E ƵŶĚĞƌƌĞƉƌĞƐĞŶƚĞĚ ƌĂƉƉƌĞƐĞŶƚĂƚŝĂĨĂƌĞ ŐƌƵƉŽƐĐŽŶĞƐĐĂƐĂ ŐƌŽƵƉƐƚŽĂƉƉůǇ ĚŽŵĂŶĚĂ͘ŶĂƚŝǀŝ ƌĞƉƌĞƐĞŶƚĂĐŝſŶ͘ ŶĂƚŝǀĞĂŵĞƌŝĐĂŶƐ͕ ĂŵĞƌŝĐĂŶŝ͕ŶĂƚŝǀŝĚĞů ŶĂƚŝǀŽƐĂŵĞƌŝĐĂŶŽƐ͕ ƉĂĐŝĨŝĐŝƐůĂŶĚĞƌƐ͕ ƉĂĐŝĨŝĐŽ͕ŝƐƉĂŶŝĐŝĞ ŝƐůĞŹŽƐĚĞůƉĂĐŝĨŝĐŽŽ ŚŝƐƉĂŶŝĐ͕ĂŶĚ͕ŽĨ ĐŚŝĂƌĂŵĞŶƚĞĂĨƌŽ ŚŝƐƉĂŶŽƐǇ͕ĐůĂƌŽ͕ĂĨƌŽ ĐŽƵƌƐĞ͕ĂĨƌŝĐĂŶ ĂŵĞƌŝĐĂŶŝ͘ ĂŵĞƌŝĐĂŶŽƐ͘ ĂŵĞƌŝĐĂŶƐ͘

Z> ŝΖŵƉĂƌƚďůĂĐŬ͘ ƐŽŶŽƉĞƌƵŶƋƵĂƌƚŽ ǇŽƐŽǇŵĞĚŝŽŶĞŐƌŽ͘ ŶĞƌŽ͘

Z D/>/dZz^,KK> ďůĂĐŬŝƌŝƐŚĚŽĞƐŶΖƚ ů͛ĂŶŝŵĂŶĞƌĂŶŽŶ D/d/'d/KE ŶŽƚŝĞŶĞŵƵĐŚĂ >/D/Ed/KE ZZh/dZ ĐŽƵŶƚ͘ǁĞΖůůĐŽŶƚĂĐƚ ĐŽŶƚĂ͘ůĂ ƉŝŶƚĂ͘ůĞĂǀŝƐĂƌĞŵŽƐ ǇŽƵŝĨĂŶǇƚŚŝŶŐ ĐŽŶƚĂƚƚĞƌĞŵŽƐĞ ƐŝƋƵĞĚĂĂůŐƵŶĂƉůĂǌĂ ďĞĐŽŵĞƐĂǀĂŝůĂďůĞ͘ ĚŽǀĞƐƐĞůŝďĞƌĂƌƐŝƵŶ ůŝďƌĞ͘ŵĂƌĐŽŶƵŹĞǌ͕ůĞ ŵĂƌĐŽŶƵŶĞǌ͕ǇŽƵΖƌĞ ƉŽƐƚŽ͘ŵĂƌĐŽŶƵŶĞǌ͕ ƚŽĐĂ͘΀ĚƌĂŵĂƚŝĐƌŽĐŬ ƵƉ͘΀ĚƌĂŵĂƚŝĐƌŽĐŬ ƚŽĐĐĂĂůĞŝ͘΀ĚƌĂŵĂƚŝĐ ŵƵƐŝĐ΁ ŵƵƐŝĐ΁ ƌŽĐŬŵƵƐŝĐ΁

Z Z> ŐŽĨƵĐŬǇŽƵƌƐĞůĨ͕ ǀĂĂĨĂƌĞŝŶĐƵůŽ͕ >/D/Ed/KE ƋƵĞƚĞĚĞŶ͕ƉĂŶĐŚŝƚŽ͘ Yh/s>E ƉĂŶĐŚŽ͘ ƉŽŶĐŚŽ͘

'ĂůůĂŐŚĞƌŚŽŵĞĨŽƌƚŚĞŚŽŵĞůĞƐƐ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/ ǁĞůů͕ǁŚĂƚĂďŽƵƚ ĞƚƵĂŶŝƉŽƚĞ͍ŶŽŶƚŝ ŶŽƚĞƉƌĞŽĐƵƉĂƚƵ ǇŽƵƌŐƌĂŶĚĚĂƵŐŚƚĞƌ͍ ƉƌĞŽĐĐƵƉŝĚĞůƐƵŽ ŶŝĞƚĂ͍ƚĞĚĂŝŐƵĂůůŽ ĚŽŶΖƚǇŽƵĐĂƌĞǁŚĂƚ ĨƵƚƵƌŽ͍ ƋƵĞůĞƉĂƐĞ͍ ŚĂƉƉĞŶƐƚŽŚĞƌ͍

Z &ZE< ŽŚ͕ǇŽƵŵĞĂŶƚŚĂƚ ŽŚ͕ƋƵĞůůĂƐƚƌĂŶĂ D/d/'d/KE ĂŚ͕ƚĞƌĞĨŝĞƌĞƐĂĞƐĂ Yh/s>E ^K ƐƚƌĂŶŐĞŵŝǆĞĚƌĂĐĞ ƌĂŐĂǌǌŝŶĂĐŚĞŶŽŶƐŝ >/D/Ed/KE ĐƌşĂŵĞĚŝŽŵĞƐƚŝǌĂ ^h^d/dhd/KE ŬŝĚǁŝƚŚƚŚĞďƵƚĐŚ ĐĂƉŝƐĐĞĚŝĐŚĞƌĂǌǌĂ ƋƵĞƚŝĞŶĞŶŽŵďƌĞĚĞ ŶĂŵĞ͍ ƐŝĂ͍ ƚşŽ͍

/ ǁŚĂƚŝĨŝĐŚĂŶŐĞŚĞƌ ĞƐĞŐůŝƌŝĐĂŵďŝĂƐƐŝŝů ǇƐŝǀƵĞůǀŽĂůůĂŵĂƌůĂ ŶĂŵĞďĂĐŬƚŽĨƌĂŶŶǇ͍ ŶŽŵĞŝŶĨƌĂŶŶǇ͍ ĨƌĂŶŶǇ͍

&ZE< ĨƌĂŶŶǇĨŽƌůŝĨĞ͍ŶŽ ĨƌĂŶŶǇƉĞƌƐĞŵƉƌĞ͍ ƉĂƌĂƚŽĚĂůĂǀŝĚĂ͍ƐŝŶ ƚĂŬĞďĂĐŬƐ͘ ƐĞŶǌĂƌŝƉĞŶƐĂƌĐŝ͍ ĞĐŚĂƌƚĞĂƚƌĄƐ͍

'ĂůůĂŐŚĞƌŚŽŵĞĨŽƌƚŚĞŚŽŵĞůĞƐƐ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ǇŽƵŬŶŽǁ͕ǇŽƵΖƌĞ ƐĂŝ͕ŶŽŶƐƚĂŝ ŚŝũĂ͕ĞƐƚĄƐ ƌĞĂůůǇǁĂƐƚŝŶŐǇŽƵƌ ƐĨƌƵƚƚĂŶĚŽůĞƚƵĞ ĚĞƐƉĞƌĚŝĐŝĂŶĚŽƚƵƐ ďĞƐƚĂƐƐĞƚƐ͘ǇŽƵŶŐ͕ ĐĂƌƚĞŵŝŐůŝŽƌŝ͘ ĐƵĂůŝĚĂĚĞƐ͘ĞƌĞƐ ǁŚŝƚĞ͕ŵŽƚŚĞƌ͕ ŐŝŽǀĂŶĞ͕ďŝĂŶĐĂ͕ ũŽǀĞŶ͕ďůĂŶĐĂ͕ ' ĨĞŵĂůĞ͘ǇŽƵΖƌĞĂĐĂƐŚ ŵĂĚƌĞ͕ĨĞŵŵŝŶĂ͘ƐĞŝ Yh/s>E ŵĂĚƌĞ͘ƉŽĚƌşĂƐƐĞƌ Yh/s>E Z ĐŽǁŽŶƚŚĞĐŽƌŶĞƌ͘ ƵŶĂǀĂĐĐĂĚĂ Yh/s>E ĐŽŵŽƵŶĐĂũĞƌŽ Yh/s>E ĐŽŵƉĞƚŝǌŝŽŶĞ͘ ĂƵƚŽŵĄƚŝĐŽ͘

/ ǇŽƵǁĂŶƚŵĞƚŽďĞĂ ǀƵŽŝĨĂƌŵŝĨĂƌĞůĂ ƋƵŝĞƌĞƐƋƵĞƐĞĂ ƉƌŽƐƚŝƚƵƚĞ͍ ƉƌŽƐƚŝƚƵƚĂ͍ ƉƌŽƐƚŝƚƵƚĂ͍

&ZE< ŶŽ͕ĚŽŶΖƚďĞ ŶŽ͕ŵĂŶŽŶĞƐƐĞƌĞ ΀ƐŝŐŚƐ΁ŶŽƐĞĂƐ ƌŝĚŝĐƵůŽƵƐ͘ ƌŝĚŝĐŽůĂ͘ůĂ ƌŝĚşĐƵůĂ͘ůĂ ĐŽŵƉĞƚŝƚŝŽŶŝƐǁĂǇ ĐŽŵƉĞƚŝǌŝŽŶĞğ ĐŽŵƉĞƚĞŶĐŝĂĞŶĞƐŽ ƚŽŽƐƚĞĞƉ͕ďƵƚƐƚŝĐŬĂ ĚĂǀǀĞƌŽƚƌŽƉƉĂƉĞƌ ĞƐĚĞŵĂƐŝĂĚŽĨƵĞƌƚĞ͕ ƐŝŐŶǁŝƚŚǇŽƵĂŶĚĂ ƚĞ͕ŵĂĞƐĐŝĐŽŶƵŶ ƉĞƌŽƐŝƚĞƉŽŶĞƐƵŶ ďĂďǇŝŶǇŽƵƌĂƌŵƐ ĐĂƌƚĞůůŽŝŶŵĂŶŽĞ ĐĂƌƚĞůĚĞůĂŶƚĞǇƵŶ ĂŶĚũƵƐƚǁĂƚĐŚƚŚĞ ƚƵĂĨŝŐůŝĂŝŶďƌĂĐĐŝŽĞ ďĞďĠĞŶďƌĂǌŽƐ͕ ŵŝĚĚůĞĐůĂƐƐƉŝƚǇƌŽůů ǀĞĚƌĂŝůĂĐůĂƐƐĞ ĞŶƐĞŐƵŝĚĂǀĞƌĄƐ ŝŶ͘ŐŽ͘ ŵĞĚŝĂƐĞŶƚŝƌƐŝŵĂůĞĞ ĐŽŵŽůĂĐŽŵƉĂƐŝſŶ ^^ ĐŽƉƌŝƌƚŝĚŝƐŽůĚŝ͘ǀĂŝ͘ Yh/s>E ĚĞůĂĐůĂƐĞŵĞĚŝĂƐĞ Yh/s>E ĐŽŶǀŝĞƌƚĞĞŶĚŝŶĞƌŽ͘ ƚĞŶ͘

/ ďĞŐŐŝŶŐ͍ ĂŵĞŶĚŝĐĂƌĞ͍ ƋƵĞŵĞŶĚŝŐƵĞ͍

&ZE< ǇĞƉ͘ Őŝă͘ Ɛş͘

^ĞƌŐĞĂŶƚtŝŶƐůŽǁΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Z> ŝĚŝĚŶΖƚŐĞƚŝŶƚŽ ŶŽŶŵŝŚĂŶŶŽƉƌĞƐŽ ŶŽŚĞĞŶƚƌĂĚŽĞŶĞů ŵŝůŝƚĂƌǇƐĐŚŽŽů͕Ɛŝƌ͘ Ăůů͛ĂĐĐĂĚĞŵŝĂ͕ ĐŽůĞŐŝŽŵŝůŝƚĂƌ͕ƐĞŹŽƌ͘ ƐŝŐŶŽƌĞ͘

^Z'Edt/E^>Kt ǇŽƵĨĂŝůƚŚĞĚƌƵŐƚĞƐƚ͍ ŝůƚĞƐƚĂŶƚŝĚƌŽŐĂ͍ ƉŽƌůĂƉƌƵĞďĂĚĞ ĚƌŽŐĂƐ͍

Z> ΀ƐŝŐŚƐ΁ŶŽ͘ƐĂŝĚƚŚĞ ΀ƐŝŐŚƐ΁ŶŽ͘ŐůŝƵůƚŝŵŝ ΀ƐŝŐŚƐ΁ŶŽ͘ĚŝũĞƌŽŶ ŽŶůǇƐůŽƚƐůĞĨƚǁĞƌĞ ƉŽƐƚŝƐŽŶŽƉĞƌ ƋƵĞƐŽůŽƋƵĞĚĂďĂŶ ĨŽƌĐŽůŽƌĞĚƉĞŽƉůĞ͘ ƉĞƌƐŽŶĞĐŽůŽƌĂƚĞ͘ ƉůĂǌĂƐƉĂƌĂůŽƐ ŶĞŐƌŽƐ͘ Z Yh/s>E >/D/Ed/KE

Z ^Z'Edt/E^>Kt ƉĞŽƉůĞŽĨĐŽůŽƌ͕ƐŽŶ͘ ƉĞƌƐŽŶĞĚŝĐŽůŽƌĞ͕ Yh/s>E ŐĞŶƚĞĚĞĐŽůŽƌ͕ŚŝũŽ͕ Yh/s>E ĚŽŶΖƚƐĂǇĐŽůŽƌĞĚ ĨŝŐůŝŽůŽ͘ŶŽŶƉĞƌƐŽŶĞ ŶŽŶŽƐůůĂŵĞƐŶĞŐƌŽƐ͘ ƉĞŽƉůĞ͘ ĐŽůŽƌĂƚĞ͘

Z> ƚŚĂƚΖƐƌĞǀĞƌƐĞƌĂĐŝƐŵ͘ ğƌĂǌǌŝƐŵŽĂů ĞƐŽĞƐƌĂĐŝƐŵŽ ĐŽŶƚƌĂƌŝŽ͘ ŝŶǀĞƌƐŽ͘

^Z'Edt/E^>Kt ƐŽǁŚĂƚǇŽƵĐĂůůĂůů ĞŝƉŽƐƚŝƉĞƌŝďŝĂŶĐŚŝ͍ ǇůŽĚĞůŽƐďůĂŶĐŽƐ ƚŚĞǁŚŝƚĞƐůŽƚƐ͍ ŝůĐŽŶƚƌĂƌŝŽĚĞů ƋƵĠĞƐ͍ƌĂĐŝƐŵŽ ƌĞǀĞƌƐĞƌĞǀĞƌƐĞ ƌĂǌǌŝƐŵŽĂů ŝŶǀĞƌƐŽŝŶǀĞƌƐŽ͍ ƌĂĐŝƐŵ͍ ĐŽŶƚƌĂƌŝŽ͍

Z> ǁĞůů͕ŝƚŽůĚΖĞŵŝǁĂƐ ďĞŚ͕ŶŽŶŚĂŶŶŽ ŽŝŐĂ͕ŶŽƐĞĐƌĞǇĞƌŽŶ ƉĂƌƚďůĂĐŬ͘ƚŚĞǇ ĐƌĞĚƵƚŽĐŚĞƐŽŶŽŝŶ ƋƵĞĞƌĂŵĞĚŝŽŶĞŐƌŽ͘ ĚŝĚŶΖƚďĞůŝĞǀĞŵĞ͘ ƉĂƌƚĞŶĞƌŽ͘ŚĂǀŝƐƚŽ ƵƐƚĞĚĐŽŶŽĐĞĂůŝĂŵ͘ ǇŽƵΖǀĞŵĞƚŵǇ ŵŝŽĨƌĂƚĞůůŽ͘ ĞŶŵŝĨĂŵŝůŝĂŚĂǇ ďƌŽƚŚĞƌ͕ůŝĂŵ͘ ƋƵĂůĐƵŶŽŝŶĨĂŵŝŐůŝĂ ĂůŐŽĚĞĐŚŽĐŽůĂƚĞ͘ ƐŽŵĞďŽĚǇŝŶŵǇ ƐŝğŝŶŐŽǌǌĂƚŽĚŝ ƉŽŶŐĂĞŶŽƚƌĂĐĂƌƚĂ ĨĂŵŝůǇΖƐďĞĞŶĚŝƉƉŝŶŐ ĐŝŽĐĐŽůĂƚŽ͘ƉƵž ƋƵĞƉƵĞĚŽŽĐƵƉĂƌ ŝŶƚŚĞĐŚŽĐŽůĂƚĞ͘ĐĂŶ ƐĐƌŝǀĞƌŐůŝĂŶĐŽƌĂ ƵŶĂƉůĂǌĂĚĞŐĞŶƚĞ Z ǇŽƵǁƌŝƚĞŵĞĂŶŽƚŚĞƌ ƐƉŝĞŐĂŶĚŽĐŚĞƐŽŶŽ Yh/s>E ĚĞĐŽůŽƌ͘ Yh/s>E ůĞƚƚĞƌ͍ƚĞůůΖĞŵŝ ƋƵĂůŝĨŝĐĂƚŽƉĞƌƋƵĞŝ ƋƵĂůŝĨǇĨŽƌĂĚŝǀĞƌƐŝƚǇ ƉŽƐƚŝ͍ ƐůŽƚ͍

^Z'Edt/E^>Kt ǇŽƵǁĂŶƚŵĞƚŽ ǀƵŽŝĐŚĞŝŽƚĞƐƚŝŵŽŶŝ ƋƵŝĞƌĞƐƋƵĞũƵƐƚŝĨŝƋƵĞ ǀŽƵĐŚĨŽƌǇŽƵƌ ĐŚĞƚƵƐĞŝŶĞƌŽ͍ ƋƵĞĞƌĞƐŶĞŐƌŽ͍ ďůĂĐŬŶĞƐƐ͍

Z> ŝĨŝƚǁŽƵůĚŶΖƚďĞƚŽŽ ƐĞŶŽŶğĚŝƚƌŽƉƉŽ ƐŝŶŽĞƐŵƵĐŚŽ ŵƵĐŚƚƌŽƵďůĞ͘ ĚŝƐƚƵƌďŽ͘ ƉƌŽďůĞŵĂ͘

^Z'Edt/E^>Kt ŝĚŽŶΖƚŬŶŽǁǁŚĂƚ ŝŽŶŽŶƐŽĐŽƐĂƐĞŝ͕ƵŶ ǇŽŶŽƐĠůŽƋƵĞĞƌĞƐ͕ ǇŽƵĂƌĞ͕ŐĂůůĂŐŚĞƌ ƉŽ͛ďŝĂŶĐŽ͕ƵŶƉŽ͛ ŐĂůůĂŐŚĞƌ͕ŵĞĚŝŽ ƉĂƌƚďůĂĐŬ͕ƉĂƌƚ ŶĞƌŽ͕ƵŶƉŽ͛ŝĚŝŽƚĂ͘ ďůĂŶĐŽ͕ŵĞĚŝŽŶĞŐƌŽ͕ ǁŚŝƚĞ͕ƉĂƌƚĚŝƉƐŚŝƚ͘ ŽŐŶŝƐƚƌŽŶǌŽƉƵžĚŝƌƐŝ ŵĞĚŝŽĐĂƉƵůůŽ͘ ĂŶǇĂƐƐŚŽůĞĐĂŶĐůĂŝŵ ŶĞƌŽƋƵĂŶĚŽŐůŝ ĐƵĂůƋƵŝĞƌĂƉƵĞĚĞ ďůĂĐŬďǇ ƐĞƌǀĞ͘ ĚĞĐŝƌƋƵĞůůĞǀĂƐĂŶŐƌĞ ĐŽŶǀĞŶŝĞŶĐĞ͘ ŶĞŐƌĂ͘

Z> ŝƚΖƐŶŽƚĨĂŝƌ͕Ɛŝƌ͘ ŵĂŶŽŶğŐŝƵƐƚŽ͕ ĞƐŽŶŽĞƐũƵƐƚŽ͕ ƐŝŐŶŽƌĞ͘ ƐĞŹŽƌ͘

^Z'Edt/E^>Kt ǁŚŝƚĞŵĂŶΖƐďƵƌĚĞŶ͕ ğůĂĐƌŽĐĞĚĞŝďŝĂŶĐŚŝ͘ ĞƐůĂĐƌƵǌĚĞůŽƐ ƐŽŶ͘ƵŶƚŝůƚŚĞƌĞΖƐ ĨŝŶĐŚĠŶŽŶĐŝƐĂƌăƵŶĂ ďůĂŶĐŽƐ͘ŚĂƐƚĂƋƵĞ ƐŽŵĞŐĞŶƵŝŶĞƌĂĐŝĂů ǀĞƌĂƉĂƌŝƚăƌĂǌǌŝĂůĞ͕ ŚĂǇĂƵŶĞƋƵŝůŝďƌŝŽ

ďĂůĂŶĐĞŽƵƚƚŚĞƌĞ͕ ƚƌĂƚƵƚƚĞůĞŵŝŶŽƌĂŶǌĞ ƌĂĐŝĂůĚĞǀĞƌĚĂĚ͕ ǇŽƵŐŽƚƚŽƚĂŬĞƚŚĞ ƐŝĞƚĞǀŽŝůĂ ƚĞŶĚƌĄƐƋƵĞ ƐŚŽƌƚĞŶĚŽĨƚŚĞ ŵŝŶŽƌĂŶǌĂ͘ ĂŐƵĂŶƚĂƌƚĞĐŽŶĞů ĚŝǀĞƌƐŝƚǇƐƚŝĐŬ͘ ƐŝƐƚĞŵĂĚĞĐƵŽƚĂƐ͘

'/D Z> ǁĞůů͕ǁŚĞƌĞĂŵŝ ĞŝŽĚŽǀĞŝŵƉĂƌŽĂ Yh/s>E ǇĂŚŽƌĂĚſŶĚĞŵĞ Yh/s>E ƐƵƉƉŽƐĞĚƚŽůĞĂƌŶƚŽ ĞƐƐĞƌĞƵŶǀĞƌŽ ǀŽǇĂŚĂĐĞƌƵŶ ďĞĂƌĞĂůŵĂŶ͍ŝΖŵ ƵŽŵŽ͍ƌŝŵĂƌƌž ŚŽŵďƌĞĚĞǀĞƌĚĂĚ͍ ŐŽŶŶĂďĞƐƚƵĐŬŝŶƚŚŝƐ ďůŽĐĐĂƚŽŝŶƋƵĞƐƚŽ ŵĞƋƵĞĚĂƌĠƉŝůůĂĚŽ ŚŽŽĚĨŽƌĞǀĞƌ͘ ƋƵĂƌƚŝĞƌĞ͘ ĞŶĞƐƚĞďĂƌƌŝŽ͘

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

<s/E ĚŝĚǁĞŐĞƚƚŚĞŬŝĚƐ ĂďďŝĂŵŽĨĂƚƚŽĂŝ ůĞƐƉƵƐŝŵŽƐĂůĂƐ ƚŚĞŵŵƌƐŚŽƚ͍ ďĂŵďŝŶŝŝůƚƌŝǀĂůĞŶƚĞ͍ ŶŝŹĂƐůĂƚƌŝƉůĞǀşƌŝĐĂ͍

sZKE/ ŝƐŶΖƚƚŚĂƚůŝŶŬĞĚƚŽ ŶŽŶğĐŽůůĞŐĂƚŽ ĞƐĂŶŽƉƌŽĚƵĐşĂ ĂƵƚŝƐŵ͍ Ăůů͛ĂƵƚŝƐŵŽ͍ ĂƵƚŝƐŵŽ͍

E^ ^sd>E ŝŶƌƵƐƐŝĂ͕ǁĞĚŽŶΖƚ ŝŶƌƵƐƐŝĂŶŽŝŶŝĞŶƚĞ Yh/s>E ĞŶƌƵƐŝĂŶŽƉŽŶĞŵŽƐ Yh/s>E ĚŽǀĂĐĐŝŶĞƐ͘ŝŶ ǀĂĐĐŝŶŝ͘ŵĂŶĚŝĂŵŽŝŶ ǀĂĐƵŶĂ͘ĞŶŝŶǀŝĞƌŶŽ ǁŝŶƚĞƌ͕ǁĞƐĞŶĚďĂďǇ ŝŶǀĞƌŶŽďĂŵďŝŶŝĂ ĚĞũĂŵŽƐƋƵĞŶŝŹŽƐ ŽƵƚƚŽŶĂƉŝŶĐŽůĚ͘ŝƚ ĚŽƌŵŝƌĞĨƵŽƌŝĐŽƐŞ ĚƵĞƌŵĂŶƐŝĞƐƚĂĨƵĞƌĂ ŐĞƚƐŝŵŵƵŶĞƚŽ ŝŵŵƵŶŝĂǀŝƌƵƐ͘ ǇŚĂĐĞŶŝŶŵƵŶĞĂ ǀŝƌƵƐ͘ ǀŝƌƵƐ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

dZsKZ ŝ͕ƵŚŝŐĞƚŝƚŝĨǇŽƵΖƌĞ ΀ƐŝŐŚƐ΁ŝŽĐĂƉŝƐĐŽĐŚĞ ŝĂŶ͕ĞŶƚŝĞŶĚŽƋƵĞƚĞ ƚŽŽƐĐĂƌĞĚƚŽĂĚŵŝƚ ƚŝƐƉĂǀĞŶƚŝ ĚĠŵŝĞĚŽĂĚŵŝƚŝƌƋƵĞ ƚŚĂƚǇŽƵΖǀĞŐŽƚƚŚĞ ĂŵŵĞƚƚĞƌĞĐŽŶƚĞ ƚĞƉŽŶĞƵŶ ŚŽƚƐĨŽƌĂƚƌĂŶƐĚƵĚĞ͘ ƐƚĞƐƐŽĐŚĞƚŝƉŝĂĐĞƵŶ ƚƌĂŶƐĞǆƵĂů͘ ƚƌĂŶƐ͘

/E ΀ƐĐŽĨĨƐ΁ŝΖŵŶŽƚ ĂŵĞŶŽŶƐƉĂǀĞŶƚĂ ĂŵşŶŽŵĞĚĂŵŝĞĚŽ ƐĐĂƌĞĚŽĨĂŶǇƚŚŝŶŐ͘ŝ ƉƌŽƉƌŝŽŶŝĞŶƚĞ͘ğĐŚĞ ŶĂĚĂ͘ƐŝŵƉůĞŵĞŶƚĞ ŝΖŵŝŶƚŽĐŽĐŬ͘ ŵŝƉŝĂĐĞŝůĐĂǌǌŽ͘ ŵĞǀĂŶůĂƐƉŽůůĂƐ͘

dZsKZ ǁŚĂƚ͕ĂĨƌĂŝĚǇŽƵΖůůŐĞƚ ŵŝĚŝƐƉŝĂĐĞ ΀ƐŝŐŚƐ΁ǇƚĞŵĞƐƋƵĞ ǇŽƵƌǁŽƌůĚƌŽĐŬĞĚ͕ ƐĐŽŶǀŽůŐĞƌĞŝůƚƵŽ ƚƵŵƵŶĚŽƐĞǀĂǇĂĂ ƌĞĚ͍ ŵŽŶĚŽ͘ ĚĞƌƌƵŵďĂƌ͍

' /E ǇŽƵĚŽŚĂǀĞĂ ĐŝŽğ͕ƚƵŚĂŝůĂǀĂŐŝŶĂ͕ Yh/s>E ŽǇĞ͕ƚƷƚŝĞŶĞƐǀĂŐŝŶĂ͕ Yh/s>E ǀĂŐŝŶĂ͕ƌŝŐŚƚ͍ůŝŬĞ͕ ŐŝƵƐƚŽ͍ĚŝĐŽ͕ ǀĂůĞ͍Ǉ ƚĞĐŚŶŝĐĂůůǇ͕ŶŽƚ ƚĞĐŶŝĐĂŵĞŶƚĞ͕ŶŽŶ ƚĠĐŶŝĐĂŵĞŶƚĞ͕ŶŽ ƉŚŝůŽƐŽƉŚŝĐĂůůǇ͍ ĨŝůŽƐŽĨŝĐĂŵĞŶƚĞ͘ ĨŝůŽƐſĨŝĐĂŵĞŶƚĞ͘

dZsKZ ŝŚĂǀĞĂĐŽĐŬĨŽƌ ŝŽŚŽƵŶĐĂǌǌŽƉĞƌŝ ǇŽƚĞŶŐŽƵŶĂƉŽůůĂ ƉĂĐŬŝŶŐ͘ŝŚĂǀĞĂ ƉĂŶƚĂůŽŶŝ͘ŚŽĂŶĐŚĞ ƉĂƌĂƋƵĞŵĞŚĂŐĂ ƐĞǀĞƌĂůƐŝůŝĐŽŶĞĐŽĐŬƐ ĚŝǀĞƌƐŝĐĂǌǌŝĚŝ ďƵůƚŽǇƚĞŶŐŽǀĂƌŝĂƐ ĨŽƌĨƵĐŬŝŶŐ͘ŝĐŽŶƐŝĚĞƌ ƐŝůŝĐŽŶĞƉĞƌƐĐŽƉĂƌĞ͘ ƉŽůůĂƐĚĞƐŝůŝĐŽŶĂ ƚŽŚĂǀĞĂĐŽĐŬ ŝŽƌŝƚĞŶŐŽĚŝĂǀĞƌĞƵŶ ƉĂƌĂĨŽůůĂƌ͘ŵĞ ĐŽŶŶĞĐƚĞĚƚŽŵǇ ĐĂǌǌŽĐŽůůĞŐĂƚŽĂůŵŝŽ ŐƵƐƚĂƌşĂƚĞŶĞƌƵŶ ďŽĚǇ͘ƚŚĞǀĂŐŝŶĂŝƐĂ ĐŽƌƉŽ͘ůĂǀĂŐŝŶĂŶŽŶ ƉĞŶĞĐŽŶĞĐƚĂĚŽĂŵŝ ŶŽŶĨĂĐƚŽƌ͘ŝƚΖƐĐŽŽů͕ ŚĂƌŝůĞǀĂŶǌĂ͘ ĐƵĞƌƉŽ͘ůŽĚĞƚĞŶĞƌ ŽŬĂǇ͍ƚŚĞƌĞΖƐŶŽ ƚƌĂŶƋƵŝůůŽ͕ŽŬ͍ŶŽŶ ǀĂŐŝŶĂŶŽŵĞŝŶĨůƵǇĞ͘ ŶĞĞĚƚŽďĞĨƌĞĂŬĞĚ ĚĞǀŝƐƉĂǀĞŶƚĂƌƚŝĐŽƐŞ͘ ƚƌĂŶƋƵŝůŽ͕ǀĂůĞ͍ŶŽ ŽƵƚ͘ǁĞĐĂŶũƵƐƚďĞ ƉŽƐƐŝĂŵŽĞƐƐĞƌĞ ŚĂǇƋƵĞƉŽŶĞƌƐĞ ĨƌŝĞŶĚƐƌĞĂůůǇŚŽƚ ĂŵŝĐŝ͘ĂŵŝĐŝŵŽůƚŽ ŶĞƌǀŝŽƐŽ͘ƉŽĚĞŵŽƐ ĨƌŝĞŶĚƐǁŚŽďŽƚŚ ƐĞǆǇĞĞŶƚƌĂŵďŝĐŽŶŝů ƐĞƌĂŵŝŐŽƐ͕ĐůĂƌŽƋƵĞ ŚĂǀĞĐŽĐŬƐ͘ŐŝǀĞŵĞĂ ĐĂǌǌŽ͘ĨĂƚƚŝǀŝǀŽ Ɛş͕ŐƌĂŶĚĞƐĂŵŝŐŽƐ͕ ƐŚŽƵƚǁŚĞŶǇŽƵΖƌĞ ƋƵĂŶĚŽƚŝǀĂ͕ŽŬ͍ ĂŵŝŐŽƐƋƵĞƚŝĞŶĞŶ ĨƌĞĞƚŽŚĂŶŐ͕Ăůů ƉŽůůĂ͘ĚĂŵĞƵŶƚŽƋƵĞ ƌŝŐŚƚ͍ ĐƵĂŶĚŽƋƵŝĞƌĂƐ ƋƵĞĚĂƌ͘

/E ǇĞĂŚ͕ǇĞĂŚ͘ ƐŞ͘ Ɛş͕ǀĂůĞ͘

dZsKZ ƐĞĞǇŽƵůĂƚĞƌ͕ĨƌŝĞŶĚ͘ ĐŝǀĞĚŝĂŵŽ͕ĂŵŝĐŽ͘ ŚĂƐƚĂŽƚƌĂ͕ĂŵŝŐŽ͘

7KHGHIHQHVWUDWLRQRI)UDQN 6HDVRQ(SLVRGH 'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&/KE ŵŽƌŶŝŶŐ͕ĐŚŝĞĨ͘ ďƵŽŶŐŝŽƌŶŽ͕ĐĂƉŽ͘ ŚŽůĂ͕ŐƌĂŶũĞĨĞ͘

>/W ŚĞǇ͘ ĐŝĂŽ͘ ŚŽůĂ͘

d,^ &/KE ǁŽƵůĚŵǇĂƉĂĐŚĞ ŝůŵŝŽĨƌĂƚĞůůŽĂƉĂĐŚĞ Yh/s>E ŵŝŚĞƌŵĂŶŽĂƉĂĐŚĞ Yh/s>E ďƌŽƚŚĞƌůŝŬĞƚŽĂƐƚ͍Žƌ ǀƵŽůĞŝƚŽĂƐƚŽ ƋƵŝĞƌĞƚŽƐƚĂĚĂƐŽǇĂ ĚŽǇŽƵŽŶůǇĞĂƚ ŵĂŶŐŝĂƐŽůŽŵĂŝƐ͍ ƐŽůŽĐŽŵĞƐďƷĨĂůŽ͍ ŵĂŝǌĞ͍

Z> ůĂƵŐŚĂůůǇŽƵǁĂŶƚ͕ ƌŝĚŝƋƵĂŶƚŽǀƵŽŝŵĂ ƚƷƌşĞƚĞ͕ƉĞƌŽŵĞŚĂŶ ďƵƚŝƚŐŽƚŵĞĂ ŽƌĂŚŽƵŶĂďŽƌƐĂĚŝ ĚĂĚŽƵŶĂďĞĐĂĞŶĞů ƐĐŚŽůĂƌƐŚŝƉŝŶƚŽ ƐƚƵĚŝŽƉĞƌ ĐŽůĞŐŝŽŵŝůŝƚĂƌ͘ ŵŝůŝƚĂƌǇƐĐŚŽŽů͘ ů͛ĂĐĐĂĚĞŵŝĂŵŝůŝƚĂƌĞ͘

d,^ &/KE ĚŽĞƐƚŚŝƐŵĞĂŶǁĞ ǀƵŽůĚŝƌĞĐŚĞĂǀƌĞŵŽ Yh/s>E ůŽŵŝƐŵŽŶŽƐŚĂĐĞŶ Yh/s>E ŐĞƚĂĚŝƐĐŽƵŶƚĂƚƚŚĞ ƵŶŽƐĐŽŶƚŽĂůĐĂƐŝŶž ĚĞƐĐƵĞŶƚŽĞŶĞů ŝŶĚŝĂŶĐĂƐŝŶŽ͍ ŝŶĚŝĂŶŽ͍ ĐĂƐŝŶŽŝŶĚŝŽ͘

>/W ŚĞǇ͕ĐĂŶǇŽƵŚĂŶĚŵĞ ŚĞǇ͕ŵŝƉĂƐƐŝŝĐĞƌĞĂůŝ͕ ĂŶĚĂ͕ƉĄƐĂŵĞůŽƐ ƚŚĞĐĞƌĞĂů͕ŵĂƌĐŚĞƐ ŵĂƌĐŝĂŶƚĞƐĞŶǌĂ ĐĞƌĞĂůĞƐ͕ĂŶĚĂŶĚŽƐŝŶ ǁŝƚŚŽƵƚĨŽƌĞƐŬŝŶ͍ ƉƌĞƉƵǌŝŽ͍ ƉƌĞƉƵĐŝŽ͘

'ĂůůĂŐŚĞƌŚŽŵĞĨŽƌƚŚĞŚŽŵĞůĞƐƐ͘

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&ZE

' Yh/s>E Yh/s>E '^ Yh/s>E Yh/s>E

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

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&ZE< ǁŚĂƚΖƐƚŚŝƐ͍ ĐŚĞĐŽƐ͛ğ͍ ĚĞƋƵĠĞƐĞƐƚŽ͍

Z> ŵŝůŝƚĂƌǇƐĐŚŽŽů͘ ĂĐĐĂĚĞŵŝĂŵŝůŝƚĂƌĞ͘ ĚĞƵŶĐŽůĞŐŝŽŵŝůŝƚĂƌ͘

&ZE< ǁĞůů͕ƚŚĂƚΖƐĂŐƌĞĂƚ ďĞŚ͕ğƵŶ͛ŽƚƚŝŵĂ ƉƵĞƐ͕ŵĞƉĂƌĞĐĞƵŶĂ ŝĚĞĂ͘ĂŶĚǇŽƵĐĂŶ ŝĚĞĂ͘ĞƉŽƚƌĂŝƵŶŝƌƚŝ ŐƌĂŶŝĚĞĂ͘ůƵĞŐŽƚĞ ũŽŝŶƚŚĞĂƌŵǇ͘ƚƌĂǀĞů Ăůů͛ĞƐĞƌĐŝƚŽ͘ǀŝĂŐŐŝĂƌĞ ƉƵĞĚĞƐĂůŝƐƚĂƌĞŶĞů ŚĂůĨǁĂǇĂƌŽƵŶĚƚŚĞ ƉĞƌŵĞǌǌŽŵŽŶĚŽĞ ĞũĠƌĐŝƚŽƉĂƌĂŝƌƚĞƉŽƌ ǁŽƌůĚĂŶĚďƵŝůĚ ĐŽƐƚƌƵŝƌĞƐƚƌĂĚĞĞ ĞůŵƵŶĚŽĂŚĂĐĞƌůĞƐ ƌŽĂĚƐĂŶĚŚŽƐƉŝƚĂůƐ ŽƐƉĞĚĂůŝƉĞƌŐĞŶƚĞ ĐĂƌƌĞƚĞƌĂƐǇ ĨŽƌƉĞŽƉůĞǁŚŽǁĂŶƚ ĐŚĞĐŝǀƵŽůĞŵŽƌƚŝ͘ ŚŽƐƉŝƚĂůĞƐĂůŽƐƋƵĞ ƵƐĚĞĂĚ͘ ŶŽƐƋƵŝĞƌĞŶǀĞƌ ŵƵĞƌƚŽƐ͘ E^ Yh/s>E Yh/s>E

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/EdK>/W ŚĞǇ͕ƚŚŝƐŝƐƚƌĞǀŽƌ͘ ůƵŝğƚƌĞǀŽƌ͘ ƚĞƉƌĞƐĞŶƚŽĂƚƌĞǀŽƌ͘

/EdKdZsKZ ŵǇďƌŽƚŚĞƌůŝƉĂŶĚ ŵŝŽĨƌĂƚĞůůŽůŝƉĞŝů ŵŝŚĞƌŵĂŶŽůŝƉǇƐƵ ŚŝƐůŝƚƚůĞĚŽŐ͘ ƐƵŽĐĂŐŶŽůŝŶŽ͘ ƉĞƌƌŝƚŽ͘

dZsKZ ŚĞǇ͘ŶŝĐĞƚŽŵĞĞƚ ĐŝĂŽ͕ŵŽůƚŽƉŝĂĐĞƌĞ͘ ŚŽůĂ͘ĞŶĐĂŶƚĂĚŽ͘ ǇŽƵ͘

>/W ŚŽǁΖƐŝƚŐŽŝŶŐ͍ǇŽƵ͕ ĐŝĂŽ͘ƚŝƐĞŝůŝďĞƌĂƚŽ ƋƵĠƚĂů͍ŚĂƐƉĂƐĂĚŽ ƵŚ͕ŐŽƚƌŝĚŽĨƚŚĞ ĚĞůƚŝǌŝŽĐŽŶůĂĨŝĐĂ͍ ĚĞůƚşŽƋƵĞƚĞŶşĂ ĚƵĚĞǁŝƚŚƚŚĞůĂĚǇ ĐŽŵĞƐŝĐŚŝĂŵĂ͍ ĐŽƐĂƐĚĞƚşĂ͍ĐſŵŽ ' ƉĂƌƚƐ͍ǁŚĂƚǁĂƐŚŝƐ Yh/s>E ƐĞůůĂŵĂďĂ͍ Yh/s>E ŶĂŵĞ͍

dZsKZ ǁŽǁ͊ ǁŽǁ͊ ǀĂǇĂ͊

/E ƚƌĞǀŽƌ͘ ƐŝĐŚŝĂŵĂƚƌĞǀŽƌ͘ ƚƌĞǀŽƌ͘

>/W ŽŚ͘ ŽŚ͘ ŶŽ͘

dZsKZ ǇĞĂŚ͘ ƐŞ͘ Ɛş͘

>/W ǁŽǁ͘ ĐĂǀŽůŽ͘ ǀĂǇĂ͊

dZsKZ ŽŚ͕ƚŚĂŶŬƐ͘ ĞŚ͕ŐƌĂǌŝĞ͘ ĂŚ͕ŐƌĂĐŝĂƐ͘

>/W ŝƚΖƐũƵƐƚǇŽƵǁŽƵůĚ ŶŽŶŵĞŶĞƐĂƌĞŝŵĂŝ ŶƵŶĐĂůŽŚĂďƌşĂ ŚĂǀĞŶĞǀĞƌŬŶŽǁŶ͘ŝ ĂĐĐŽƌƚŽ͕ĐŝŽğ͕ƐĞŵďƌŝ ŶŽƚĂĚŽ͘ƉĂƌĞĐĞƐƵŶ ŵĞĂŶ͕ǇŽƵǇŽƵůŽŽŬ ǀĞƌŽ͘ ƚşŽĚĞǀĞƌĚĂĚ͘ ' ƌĞĂů͘ Yh/s>E DW>/&/d/KE

/E ŽŚ͕ĚƵĚĞ͘ ŽŚ͕ƐĞŶƚŝ͘ ũŽĚĞƌ͘

dZsKZ ǇŽƵůŽŽŬƌĞĂů͕ƚŽŽ͘ ĂŶĐŚĞƚƵƐĞŵďƌŝǀĞƌŽ͘ ůŽŵŝƐŵŽƚĞĚŝŐŽ͘

>/W ŝΖŵƐŽƌƌǇ͘ŝŝƌĞĂůůǇ ƐĐƵƐĂ͘ŶŽ͕ŶŽ͕ŶŽ͕ŶŽŶ ŽǇĞ͕ƉĞƌĚŽŶĂ͘ŶŽ ĚŝĚŶΖƚŵĞĂŶĂŶǇƚŚŝŶŐ ŝŶƚĞŶĚĞǀŽŶŝĞŶƚĞĚŝ ƉƌĞƚĞŶĚşĂŽĨĞŶĚĞƌƚĞ͘ ďǇŝƚ͘ŝũƵƐƚ ŵĂůĞ͘

dZsKZ ŝƚΖƐĨŝŶĞ͘ƚŚŝƐŽŶĞΖƐ ƚƌĂŶƋƵŝůůŽ͘ůƵŝ ƚƌĂŶƋƵŝůŽ͘ĞƐƚĞǇĂůŽ ĐĂƚĐŚŝŶŐŽŶ͘ŵĂǇďĞ ĐŽŵŝŶĐŝĂĂĐĂƉŝƌĞ͕ ǀĂƉŝůůĂŶĚŽ͘ĠůƉƵĞĚĞ ŚĞĐĂŶ͕ƵŚ͕ĞĚƵĐĂƚĞ ŵĂŐĂƌŝƚŝƉƵž ĞĚƵĐĂƌƚĞ͘ ǇŽƵ͘ ŝŶĨŽƌŵĂƌĞ͘

ĂƵŶĚƌŽŵĂƚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

Z dd ƚŚĂƚŐŽĚĚĂŵŶĐŚŝŶŬ ƋƵĞůŵĂůĞĚĞƚƚŽŵƵƐŽ Yh/s>E ƐĞŐƵƌŽƋƵĞŵĞŚĂ Yh/s>E ĚŽǁŶĂƚƚŚĞŵĂƌŬĞƚ ŐŝĂůůŽĂů ƋƵŝƚĂĚŽůĂƚĂƌũĞƚĂĞƐĂ ŵƵƐƚΖǀĞƐƚŽůĞŵǇ ƐƵƉĞƌŵĞƌĐĂƚŽŵŝŚĂ ĐŚŝŶĂĚĞŵŝĞƌĚĂĚĞů ĐĂƌĚ͘ ƌƵďĂƚŽůĂĐĂƌƚĂĚŝ ƐƵƉĞƌŵĞƌĐĂĚŽ͘ ĐƌĞĚŝƚŽ͘

^/EtKDE ŽŚ͕ŶŝĐĞůĂŶŐƵĂŐĞ͘ ŵĂĐŚĞďĞů ŽŝŐĂ͕ŶŽƐĞƉĂƐĞ͘ ůŝŶŐƵĂŐŐŝŽ͘

&/KE ƐŚĞΖƐŐŽƚĚĞŵĞŶƚŝĂ͘ ŚĂůĂĚĞŵĞŶǌĂƐĞŶŝůĞ͘ ƚŝĞŶĞĚĞŵĞŶĐŝĂ͘ŶŽůĞ ĐƵƚŚĞƌĂďƌĞĂŬ͘ ůĂƐĐŝƐƚĂƌĞ͘ ŚĂŐĂĐĂƐŽ͘

^/EtKDE ŽŚ͕ĂŶĚƚŚĂƚΖƐĂŶ ƋƵŝŶĚŝŚĂŝůƉĞƌŵĞƐƐŽ ĞƐŽƚĞƉĞƌĚŽŶĂƐĞƌ ĞǆĐƵƐĞĨŽƌƌĂĐŝƐŵ͍ ĚŝĞƐƐĞƌĞƌĂǌǌŝƐƚĂ͍ ƌĂĐŝƐƚĂ͍

E^ dd ůŝǀĞƚŚƌŽƵŐŚƉĞĂƌů ƐŽƉƌĂǀǀŝǀŝĂƉĞĂƌů Yh/s>E ƉĄƐĂƚĞƉŽƌƉĞĂƌů Yh/s>E ŚĂƌďŽƌƚŚĞŶƚĂůŬƚŽ ŚĂƌďŽƌĞƉŽŝƉƵŽŝ ŚĂƌďŽƌǇůƵĞŐŽŵĞ ŵĞĂďŽƵƚƌĂĐŝƐŵ͘΀͙΁ ƉĂƌůĂƌŵŝĚŝƌĂǌǌŝƐŵŽ͘ ŚĂďůĂƐĚĞƌĂĐŝƐŵŽ͘ ΀͙΁ ΀͙΁

^/EtKDE ƚŚĞũĂƉĂŶĞƐĞďŽŵďĞĚ ŝŐŝĂƉƉŽŶĞƐŝŚĂŶŶŽ ůŽƐũĂƉŽŶĞƐĞƐ ƉĞĂƌůŚĂƌďŽƌ͘ŝΖŵ ďŽŵďĂƌĚĂƚŽƉĞĂƌů ďŽŵďĂƌĚĞĂƌŽŶƉĞĂƌů ĐŚŝŶĞƐĞ͘ ŚĂƌďŽƌ͘ŝŽƐŽŶŽ ŚĂƌďŽƌǇǇŽƐŽǇ ĐŝŶĞƐĞ͘ ĐŚŝŶĂ͘

dd ǇŽƵƐƚŽůĞŵǇĐƌĞĚŝƚ ŵŝŚĂŝƌƵďĂƚŽůĂĐĂƌƚĂ ƚƷŵĞƌŽďĂƐƚĞůĂ ĐĂƌĚ͘ ĚŝĐƌĞĚŝƚŽ͘ ƚĂƌũĞƚĂ͘

^/EtKDE ŽŚ͕ĂƌĞǇŽƵƐĞƌŝŽƵƐůǇ ŽŚ͕ƐƚĂƐĞƌŝĂŵĞŶƚĞ ŵĞĚŝĐĞĞŶƐĞƌŝŽ͍ŵĞ ĂĐĐƵƐŝŶŐŵĞŽĨ ĂĐĐƵƐĂŶĚŽŵŝĚŝĂǀĞƌ ĞƐƚĄĂĐƵƐĂŶĚŽĚĞ

&/KE ƐŚĞŚĂƐĨƵĐŬŝŶŐ ŚĂůĂĚĞŵĞŶǌĂƐĞŶŝůĞ͕ ůĞŚĞĚŝĐŚŽƋƵĞƚŝĞŶĞ ĚĞŵĞŶƚŝĂ͊ƐŚĞΖƐŶŽƚ ĐĂǌǌŽ͊ŶŽŶůĂƐƚĂ ĚĞŵĞŶĐŝĂƐĞŶŝů͘ŶŽůĞ ĂĐĐƵƐŝŶŐǇŽƵŽĨ ĂĐĐƵƐĂŶĚŽĚŝŶŝĞŶƚĞ͘ ĞƐƚĄĂĐƵƐĂŶĚŽĂ ĂŶǇƚŚŝŶŐ͊ ƵƐƚĞĚĚĞŶĂĚĂ͘

^/EtKDE ĨŝŶĞ͘ƐŝŐŶ͘ Ě͛ĂĐĐŽƌĚŽ͕Ĩŝƌŵŝ͘ ǀĂůĞ͕ĨŝƌŵĞ͘

&/KE ΀ƐŝŐŚƐ΁ŐůĂĚůǇ͘ ΀ƐŝŐŚƐ΁ĐŽŶƉŝĂĐĞƌĞ͘ ΀ƐŝŐŚƐ΁ŵƵǇďŝĞŶ͘

2XURERURV 6HDVRQ(SLVRGH ^ƚƌĞĞƚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/E ƵŚǁĞĐĂŶŚŝƚƚŚĂƚ ĞŚŵ͕ĂŶĚŝĂŵŽŝŶƋƵĞů ƉƵĞƐŶŽƐĠ͕ƐŝƋƵŝĞƌĞƐ ĐŽǁďŽǇďĂƌƚŚĂƚǁĞ ĐŽǁďŽǇďĂƌŝŶĨŽŶĚŽ ǀĂŵŽƐĂĞƐĞďĂƌƋƵĞ ƉĂƐƐĞĚĚŽǁŶƚŚĞ ĂůůĂƐƚƌĂĚĂ͘ ŚĂǇŵĄƐĂďĂũŽ͘ ƐƚƌĞĞƚ͘

dZsKZ ŽŚ͕ŶŽ͕ƚŚĞǇĐĂƌĚ͘ ĞŚ͕ƐĞƌǀĞŝů ŶŽ͕ƉŝĚĞŶĞůĐĂƌŶĠ͘ ĚŽĐƵŵĞŶƚŽ͘

/E ǇŽƵΖƌĞŽǀĞƌƚǁĞŶƚǇ ŚĂŝǀĞŶƚƵŶΖĂŶŶŝ͘ ĞƌĞƐŵĂǇŽƌĚĞĞĚĂĚ͘ ŽŶĞ͘

dZsKZ ŝƚΖƐĂůůƐůŝŵǇƋƵĞĞŶƐ ğƉŝĞŶŽĚŝĚƌĂŐ ĞƐƚĄůůĞŶŽĚĞ ^K ũĂĐŬŝŶŐŽĨĨŝŶƚŽ ƋƵĞĞŶĚŝŵĞƌĚĂĐŚĞ ^h^d/dhd/KE ƌĞŝŶŽŶĂƐŚĂĐŝĠŶĚŽƐĞ Yh/s>E ƵƌŝŶĂůƐĂŶǇǁĂǇ͘ ƐŝĨĂŶŶŽůĞƐĞŐŚĞŶĞŝ ƉĂũĂƐĞŶĞůďĂŹŽ͘ ƉŝƐĐŝĂƚŽŝ͘

/E ƚŚĞŶĚŽŶΖƚƵƐĞƚŚĞ ŶŽŶƵƐĂƌĞŝůďĂŐŶŽ͕ ƉƵĞƐ͕ĞŶƚŽŶĐĞƐŶŽ ďĂƚŚƌŽŽŵ͕ĂůůƌŝŐŚƚ͍ ŽŬ͍ ǀĂǇĂƐĂůďĂŹŽ͘

5LGHRUGLH 6HDVRQ(SLVRGH 'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&/KE ůŝĂŵ͕ĐŽŵĞŽŶ͊ŐŽŶŶĂ ůŝĂŵ͕ƐďƌŝŐĂƚŝ͊ ůŝĂŵ͕ǀĂŵŽƐ͘ůůĞŐĂƌĄƐ ďĞůĂƚĞĨŽƌƐĐŚŽŽů͊ ĨĂĐĐŝĂŵŽƚĂƌĚŝĂ ƚĂƌĚĞĂůĐŽůĞ͘ ƐĐƵŽůĂ͘

>/D ŝΖŵŽŶĐƉƚ͘ ĂŵĞğƉĞƌŵĞƐƐŽ ƚĞŶŐŽŚŐĐ͘ ƚĂƌĚĂƌĞ͘

&/KE ǁŚĂƚ͍ ƉĞƌĐŚĠ͍ ƋƵĠ͍

Z >/D ĐŽůŽƌĞĚƉĞŽƉůĞΖƐ ŝŶĞƌŝƚĂƌĚĂŶŽ >/D/Ed/KE ŚŽƌĂƌŝŽĚĞŐĞŶƚĞĚĞ Yh/s>E Z^ ƚŝŵĞ͘ ƐĞŵƉƌĞ͘ Yh/s>E ĐŽůŽƌ͘ Yh/s>E

&/KE ůĞƚŵĞŐƵĞƐƐ͘ĨƌĂŶŬ͍ ĨĂŵŵŝŝŶĚŽǀŝŶĂƌĞ͕ ŶŽŵĞůŽĚŝŐĂƐ͕ ĨƌĂŶŬ͍ ĨƌĂŶŬ͍

ƚƚĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

dd ǇŽƵŬŶŽǁ͕ŝƚΖƐƚŚĞ ƐĂŝĐŚĞğůĂƚĞƌǌĂ ĞƐůĂƚĞƌĐĞƌĂǀĞǌƋƵĞ ƚŚŝƌĚƚŝŵĞƚŚŽƐĞĐŽƉƐ ǀŽůƚĂĐŚĞƋƵĞŝ ůĂƉŽůŝĐşĂƉĂƐĂƉŽƌ ĚƌŽǀĞĚŽǁŶƚŚŝƐ ƉŽůŝǌŝŽƚƚŝƉĂƐƐĂŶŽ ĂƋƵş͘ĚĞďĞĚĞŚĂďĞƌ ďůŽĐŬ͘ƐŽŵĞĨƵĐŬĞƌǇΖƐ ŶĞůů͛ŝƐŽůĂƚŽ͍ ƉĂƐĂĚŽĂůŐŽĨĞŽ͘ ŐŽŝŶŐŽŶ͘ŵƵƐƚďĞ ƋƵĂůĐƵŶŽƐƚĂĨĂĐĞŶĚŽ ƐĞƌĄŶĞƐŽƐŝƚĂůŝĂŶŽƐ͘ ƚŚĞŝƚĂůŝĂŶƐ͘ ĐĂǌǌĂƚĞ͘ƐĞĐŽŶĚŽŵĞ ƐŽŶŽŐůŝŝƚĂůŝĂŶŝ͘

E^ Yh/s>E Yh/s>E

&/KE ƚŚŝŶŬƚŚĞǇΖƌĞůŽŽŬŝŶŐ ƐƚĂƌĂŶŶŽĐĞƌĐĂŶĚŽ ĞƐƚĄŶďƵƐĐĂŶĚŽĂ ĨŽƌŵŝĐŬĞǇŵŝůŬŽǀŝĐŚ͘ ŵŝĐŬĞǇŵŝůŬŽǀŝĐŚ͘ğ ŵŝĐŬĞǇŵŝůŬŽǀŝĐŚ͘ƐĞ ŚĞĞƐĐĂƉĞĚĨƌŽŵ ĞǀĂƐŽĚŝƉƌŝŐŝŽŶĞ͘ƚŝ ŚĂĨƵŐĂĚŽĚĞůĂ ƉƌŝƐŽŶ͘ǇŽƵ ƌŝĐŽƌĚŝĚŝůƵŝ͍ĂďŝƚĂǀĂ ĐĄƌĐĞů͘ƐĞĂĐƵĞƌĚĞĚĞ ƌĞŵĞŵďĞƌŚŝŵ͕ĨƌŽŵ ƋƵŝ͘ Ġů͍ĚĞůďĂƌƌŝŽ͍ ƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͍

dd ŵŝůŬŽǀŝĐŚĞƐ͍ŝƚŚŝŶŬ ŝŵŝůŬŽǀŝĐŚ͍ƵŶŽĚŝ ŵŝůŬŽǀŝĐŚ͍ƵŶŽĚĞ ŽŶĞŽĨΖĞŵƌŽďďĞĚƵƐ ůŽƌŽĐŝŚĂƌĂƉŝŶĂƚŝ ĞůůŽƐŶŽĂƚƌĂĐſĞŶĞů ŝŶĞŝŐŚƚǇĞŝŐŚƚ͘ ŶĞůů͛ŽƚƚĂŶƚŽƚƚŽ͘ ŽĐŚĞŶƚĂǇŽĐŚŽ͘

+DSSLO\HYHUDIWHU 6HDVRQ(SLVRGH >ĂƵŶĚƌŽŵĂƚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

dddK&/KE ŽŚ͊ŽŚ͕ǁĞΖůůŚĂǀĞ ŽŚ͕ĐŝĚŝǀĞƌƚŝƌĞŵŽ͘ ůŽƉĂƐĂƌĞŵŽƐĚĞ ĨƵŶ͘ǁĞĐĂŶŐŽŽƵƚŽŶ ƉŽƐƐŝĂŵŽĂŶĚĂƌĞŝŶ ŵŝĞĚŽ͘ƐĂůĚƌĞŵŽƐƉŽƌ ƚŚĞƚŽǁŶĂŶĚůĞƚƚŚĞ ĐŝƚƚăĞĨĂƌĐŝƉĂůƉĂƌĞ ĂŚşǇůŝŐĂƌĞŵŽƐĐŽŶ ďŽǇƐĨĞĞůƵƐƵƉŽŶ ĚĂŝƌĂŐĂǌǌŝƐƵůůĂƉŝƐƚĂ ĐŚŝĐŽƐĞŶůĂƐƐĂůĂƐĚĞ ' ƚŚĞĚĂŶĐĞĨůŽŽƌ͘ ĚĂďĂůůŽ͘ Yh/s>E ĨŝĞƐƚĂ͘ >/D/Ed/KE ^K^ Yh/s>E Yh/s>E

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

dd ǁŚŽΖƐƚŚĞŶĞŐƌŽ͍ ĐŚŝğŝůŶĞŐƌŽ͍ ƋƵŝĠŶĞƐĞƐƚĞŶĞŐƌŽ͍ Z Yh/s>E >/D/Ed/KE

&/KE ƵŚ͕ƚŚŝƐŝƐůŝĂŵ͘ ĂŚŵ͕ůƵŝğůŝĂŵ͘ ĂŚŵ͕ĞƐƚĞĞƐůŝĂŵ͘ ΀ǁŚŝƐƉĞƌŝŶŐ΁ĂŶĚ ΀ǁŚŝƐƉĞƌŝŶŐ΁ĞŶŽŶƐŝ ΀ǁŚŝƐƉĞƌŝŶŐ΁ǇǇĂŶŽ ƚŚĞǇΖƌĞŶŽƚĐĂůůĞĚ ĐŚŝĂŵĂŶŽƉŝƶĐŽƐŞ͘ ƐĞůĞƐůůĂŵĂŶĞŐƌŽƐ͘ ƚŚĂƚĂŶǇŵŽƌĞ͘

5HTXLHPIRUDVOXW 6HDVRQ(SLVRGH DŝůŝƚĂƌǇƚƌĂŝŶŝŶŐ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

D/>/dZz^,KK> ŵŽǀĞŝƚ͕ŵŽǀĞŝƚ͕ ǀŝĂ͕ǀŝĂ͕ǀŝĂ͕ǀŝĂ͕ ǀĂŵŽƐ͕ĚĞƉƌŝƐĂ͕ĚĞ K&&/Z ŵŽǀĞŝƚ͊ŐŽ͊ĐŽŵĞ ĂŶĚŝĂŵŽ͕ĚĂŝ͕ ƉƌŝƐĂ͕ĚĞƉƌŝƐĂ͕ ŽŶ͕ŶŽǁ͕ŵŽǀĞŝƚ͕ ĨĞŵŵŝŶƵĐĐĞ͘ ĐŽƌƌĞĚ͕ǀĂŵŽƐ͕ĚĂƚĞ ŐŝƌůƐ͊ŵŽǀĞǇŽƵƌ ŵƵŽǀĞƚĞŝůĐƵůŽ͘ƐŝĞƚĞ ƉƌŝƐĂ͘ŵŽǀĞĚĞůĐƵůŽ͘ ' ĂƐƐĞƐ͊ŽŚ͕ǇŽƵĂƌĞ ƉĂƚĞƚŝĐŝ͕ŵƵŽǀĞƌƐŝ͘ Yh/s>E ĐŽƌƌĞĚŵĄƐ͘ƚƷĚĂƚĞ >/D/Ed/KE ƉŝƚŝĨƵů͊ŵŽǀĞŝƚ͊ůŽŽŬ ŐƵĂƌĚĂƚĞ͕ŶŽŶŚŽŵĂŝ ƉƌŝƐĂ͘ĞƐƋƵĞŶŽ ĂƚǇŽƵ͊ŝΖǀĞŶĞǀĞƌ ǀŝƐƚŽƵŶŐƌƵƉƉŽƉŝƶ ƐĂďĠŝƐƐĂůƚĂƌůŽƐ ƐĞĞŶĂŵŽƌĞƉŝƚŝĨƵů ƉĂƚĞƚŝĐŽĚŝĂƐƉŝƌĂŶƚŝ ƚƌŽŶĐŽƐĚĞŶĂĚĂ͍ ŐƌŽƵƉŽĨǁŽƵůĚďĞ ƐŽůĚĂƚŝŝŶǀŝƚĂŵŝĂ͘ ǀĂŵŽƐ͕ǀĂŵŽƐ͘ƌƵŝǌ͕ ƐŽůĚŝĞƌƐŝŶŵǇůŝĨĞ͊ ĚĞƉƌŝƐĂ͘ŶŽŽƐƉĂƌĠŝƐ͕ ǀĞŶŐĂ͘ĂƌƌĂƐƚƌĂŽƐ ĐŽŵŽŐƵƐĂŶŽƐ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

sZKE/ ǁŝƚŚƚŚĞĂůŝďŝŐŽŶĞ͕ ĐŽŶů͛ĂůŝďŝĂŶĚĂƚŽŶŽŶ ƐŝŶĞůĂůŝďŝƚĞŶŐŽƚŽĚŽ ŝΖǀĞŐŽƚŶŽƚŚŝŶŐďƵƚ ŚŽŶŝĞŶƚ͛ĂůƚƌŽĐŚĞŝů ĞůĚşĂůŝďƌĞ͘ ƚŝŵĞ͘ ƚĞŵƉŽ͘

Z> ǁŚĂƚŚĂƉƉĞŶĞĚƚŽ ĐŚĞğƐƵĐĐĞƐƐŽ ƋƵĠŚĂƉĂƐĂĚŽ͍ ƚŚĞĂůŝďŝ͍ Ăůů͛Ăůŝďŝ͍

&/KE ƐǀĞƚůĂŶĂƐƚŽůĞŝƚĨƌŽŵ ƐǀĞƚůĂŶĂŐůŝĞů͛ŚĂ ƋƵĞƐǀĞƚůĂŶĂƐĞůŽŚĂ ƚŚĞŵ͘ ƌƵďĂƚŽ͘ ƌŽďĂĚŽ͘

Z> ŚŽǁĚŽǇŽƵƐƚĞĂůĂ ĐŽŵĞƐŝƌƵďĂƵŶďĂƌ͍ ĐſŵŽƐĞƌŽďĂƵŶďĂƌ͍ ďĂƌ͍

E^ <s/E ƌƵƐƐŝĂŶŬŐďƐŶĞĂŬǇ ƌŽďĂĚĂŬŐď͘ƐƉŝĂĚŝ Yh/s>E ĐŽŶƚĞƚĂƐƌƵƐĂƐĞŶ Yh/s>E ƉƵƚŝŶƐŚŝƚ͘ŝΖŵ ƉƵƚŝŶĚŝŵĞƌĚĂ͘ ƉůĂŶŬŐďĚĞƉƵƚŝŶ͘ ǁŽƌŬŝŶŐĂƚƚŚĞĨĂŝƌǇ ůĂǀŽƌŽĂůĨĂŝƌǇƚĂŝůŽƌĂ͘ ĂŚŽƌĂƚƌĂďĂũŽĞŶĞů ƚĂŝůŶŽǁ͘ ĨĂŝƌǇƚĂŝů͘

/E ǇŽƵĂƌĞ͍ ƐƵůƐĞƌŝŽ͍ ĚĞǀĞƌĚĂĚ͍

<s/E ŝΖŵŵĂŬŝŶŐďĞĂƵĐŽƵƉ ŵŝĚĂŶŶŽĞŶŽƌŵŝ ǇƐĂĐŽďƵĞŶĂƐ ƚŝƉƐ͘ĂŶĐŝĞŶƚƋƵĞĞŶƐ ŵĂŶĐĞ͘ůĞǀĞĐĐŚŝĞ ƉƌŽƉŝŶĂƐ͘ĂůĂƐ ^K ůŽǀĞƚŚĞŝŵƉŽƐƐŝďůĞ ĐŚĞĐĐŚĞĂĚŽƌĂŶŽĐŝž Yh/s>E ƌĞŝŶŽŶĂƐůĞƐĂƚƌĂĞŶ Yh/s>E ƚŽŐĞƚƚŚŝŶŐ͘ĞǀĞŶ ĐŚĞğŝŵƉŽƐƐŝďŝůĞĚĂ ůŽƐĂŵŽƌĞƐ ŵŽƌĞďĞŶũĂŵŝŶƐƚŽ ĂǀĞƌĞ͘ƐĞŵŝĨĂĐĞƐƐŝ ŝŵƉŽƐŝďůĞƐ͘ǇĞŶĐŝŵĂ ďĞŚĂĚŝĨŝůĞƚƚŚĞŽůĚ ĨĂƌĞĚĞůůĞƐĞŐŚĞ ƉŽĚƌşĂŐĂŶĂƌŵĄƐ ĚƵĚĞƐŐŝǀĞŵĞŚĂŶĚ ŐƵĂĚĂŐŶĞƌĞŝĚĞŝďĞŝ ƉĂƐƚĂƐŝĚĞũĂƌĂƋƵĞ ũŽďƐ͘΀͙΁ ďŝŐůŝĞƚƚŽŶŝ͘΀͙΁ ŵĞŚŝĐŝĞƌĂŶƉĂũĂƐ͘

΀͙΁

/E ŝŵĞĂŶ͕ĂŚĂŶĚΖƐĂ ƵŶĂŵĂŶŽğƵŶĂ ƵŶĂŵĂŶŽĞƐƵŶĂ ŚĂŶĚ͕ƌŝŐŚƚ͍ ŵĂŶŽ͕ŶŽ͍ ŵĂŶŽ͘

<s/E ƚŚĂƚΖƐǁŚĂƚŝƐĂŝĚ͊ ğƋƵĞůůŽĐŚĞĚŝĐŽ͘ ĞƐŽůĞĚŝŐŽǇŽ͘

>/W ƵŚ͕ŝĚŽŶΖƚŬŶŽǁ͘ŝ ĂŚ͕ŶŽŶůŽƐŽ͘ƐƵůŵŝŽ ƉƵĞƐ͕ǇŽƉƌĞĨŝĞƌŽƋƵĞ ƉƌĞĨĞƌƚŚĞŚĂŶĚƐ ŐŝŽŝĞůůŽƉƌĞĨĞƌŝƐĐŽ ůĂƐŵĂŶŽƐƋƵĞŵĞůĂ ǇĂŶŬŝŶŐŵǇũŽŚŶƐŽŶ ŵĂŶŝŵŽƌďŝĚĞ͕ ƚŽƋƵĞŶƐĞĂŶƐƵĂǀĞƐ͕ '^ ƚŽďĞƐŽĨƚ͕ƉĞƚŝƚĞ͕ ƉŝĐĐŽůĞĞĐŽŶůŽ Yh/s>E ƉĞƋƵĞŹĂƐǇĐŽŶůĂƐ Yh/s>E ĂŶĚǁĞĂƌŝŶŐŶĂŝů ƐŵĂůƚŽ͘ ƵŹĂƐƉŝŶƚĂĚĂƐ͘ ƉŽůŝƐŚ͘

^K^ /E ŽŚ͕ƚŚĞƌĞΖƐƉůĞŶƚǇŽĨ ĚŝƋƵĞůůĞğƉŝĞŶŽŝů Yh/s>E ĞŶĞƐĞŐĂƌŝƚŽŚĂǇ Yh/s>E ƚŚĂƚŽǀĞƌĂƚƚŚĞĨĂŝƌǇ ĨĂŝƌǇƚĂŝů͘ ŵƵĐŚĂƐĂƐş͘ ƚĂŝů͘

&ƵŶĞƌĂůŚŽŵĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&/KEdKsZKE/ ĐĂůůŝŵŵŝŐƌĂƚŝŽŶŽŶ ŵĂŶĚĂ ůůĂŵĂĂŝŶŵŝŐƌĂĐŝſŶǇ ŚĞƌĐŽŵŵŝĞĂƐƐ͘ ů͛ŝŵŵŝŐƌĂǌŝŽŶĞ͘ƋƵĞů ĚĞŶƵŶĐŝĂĂĞƐĂ E ƚŚĞǇΖůůƐŚŝƉŚĞƌďĂĐŬ ĐƵůŽĐŽŵƵŶŝƐƚĂ͘ůĂ Yh/s>E ĐŽŵƵŶŝƐƚĂǇƋƵĞůĂ Yh/s>E E^ ƚŽŵŽŶŐŽůŝĂŽƌ ƌŝƐƉĞĚŝƌĂŶŶŽŝŶ Yh/s>E ŵĂŶĚĞŶĂŵŽŶŐŽůŝĂ Yh/s>E ǁŚĞƌĞǀĞƌ͘ ƐŝďĞƌŝĂŽĐŚĞŶĞƐŽ͘ ŽĂĚŽŶĚĞƐĞĂ͘

:HEHFRPHZKDWZH)UDQN 6HDVRQ(SLVRGH WĂƚƐǇΖƐĚŝŶĞƌ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

<s/E ƐŽŝũƵƐƚǁĂůŬĞĚďǇ ƐŽŶŽĂƉƉĞŶĂƉĂƐƐĂƚŽ ŽǇĞ͕ĂĐĂďŽĚĞƉĂƐĂƌ ƚŚĞĂůŝďŝ͘ ĚĂǀĂŶƚŝĂůů͛Ăůŝďŝ͘ ƉŽƌĞůĂůŝďŝ͘

sZKE/ ŵŵŚŵŵ͘ ŵŵŚŵŵ͘ Ɛş͍

<s/E ĂŶĚŝƚΖƐŶŽƚĐĂůůĞĚƚŚĞ ĞŶŽŶƐŝĐŚŝĂŵĂƉŝƶ ǇƌĞƐƵůƚĂƋƵĞůĞŚĂŶ ĂůŝďŝĂŶǇŵŽƌĞ͘ Ăůŝďŝ͘ ƉƵĞƐƚŽŽƚƌŽŶŽŵďƌĞ͘

sZKE/ ǁŚĂƚ͍ ĐŽƐĂ͍ ƋƵĠ͍

E^ <s/E ƉƵƚŝŶΖƐƉĂƌĂĚŝƐĞ͘ ƉƵƚŝŶ͛ƐƉĂƌĂĚŝƐĞ͘Đŝ Yh/s>E ĞůƉĂƌĂşƐŽĚĞƉƵƚŝŶ͘ Yh/s>E ďƵŶĐŚŽĨƌƵƐƐŝĂŶĨůĂŐƐ ƐŽŶŽĚĞůůĞďĂŶĚŝĞƌĞ ŚĂǇďĂŶĚĞƌĂƐƌƵƐĂƐ ŽƵƚĨƌŽŶƚ͕ĂŶĚŝƚǁĂƐ ƌƵƐƐĞĚĂǀĂŶƚŝĞĚĞƌĂ ĞŶůĂĨĂĐŚĂĚĂǇĞƐƚĄ ĐƌŽǁĚĞĚŝƉĞĞŬĞĚ͘ ƉŝĞŶŽ͕ŚŽ ĚĞŐĞŶƚĞŚĂƐƚĂĂƌƌŝďĂ͘ ΀͙΁ ƐďŝƌĐŝĂƚŽ͘΀͙΁ ΀͙΁

<s/E ƐǀĞƚůĂŶĂΖƐƌƵƐƐŝĂŶ͘ ƐǀĞƚůĂŶĂğƌƵƐƐĂ͘ŝ ƐǀĞƚůĂŶĂĞƐƌƵƐĂ͘ůŽƐ ƌƵƐƐŝĂŶƐĂůǁĂǇƐǁŝŶ͘ ƌƵƐƐŝǀŝŶĐŽŶŽ ƌƵƐŽƐƐŝĞŵƉƌĞŐĂŶĂŶ͘ E^ ƐĞŵƉƌĞ͘ Yh/s>E Yh/s>E

sZKE/ ƚŚĂƚΖƐŶŽƚƚƌƵĞ͘ ŶŽŶğĂĨĨĂƚƚŽǀĞƌŽ͘ ĞůůŽƐŶŽŶŽƐŐĂŶĂƌŽŶ ŵŝƌĂĐůĞŽŶŝĐĞ͍ ŵŝƌĂĐŽůŽƐƵů ĞŶŚŽĐŬĞǇƐŽďƌĞ ŐŚŝĂĐĐŝŽ͍ ŚŝĞůŽ͘

<s/E ǁĞůů͕ƚŚĞǇƵƐƵĂůůǇ ŝŶŐĞŶĞƌĞǀŝŶĐŽŶŽ͘ ƉĞƌŽƐƵĞůĞŶŐĂŶĂƌ ǁŝŶ͕ǁŚĂƚǁŝƚŚƚŚĞ ƉĞŶƐĂĂŐůŝĂƚůĞƚŝĚĞů ŐƌĂĐŝĂƐĂƐƵƐ ǁŝŶŶĞƌƐŝŶƚŚĞŬŐď ŬŐď͘ůŝƌŝĞŵƉŝŽŶŽĚŝ ŝŶǀŝĞƌŶŽƐ͕ůĂŬŐď͕Ǉ ĂŶĚƚŚĞŵƉƵŵƉŝŶŐ ƐƚĞƌŽŝĚŝĨŝŶĐŚĠĂůůĞ ƵŶŽƐĂƚůĞƚĂƐƚĂŶ E^ ƚŚĞŝƌĂƚŚůĞƚĞƐĨƵůůŽĨ ĚŽŶŶĞŶŽŶĐƌĞƐĐĞůĂ Yh/s>E ůůĞŶŽƐĚĞĞƐƚĞƌŽŝĚĞƐ Yh/s>E ƐŽŵƵĐŚƐƚĞƌŽŝĚƐ ďĂƌďĂĞŐůŝƐƉƵŶƚĂŶŽ ƋƵĞůĂƐŵƵũĞƌĞƐ ƚŚĂƚƚŚĞŝƌǁŽŵĞŶ ůĞƉĂůůĞ͘ ƚŝĞŶĞŶďĂƌďĂ͘ǇŚĂƐƚĂ ŐƌŽǁďĞĂƌĚƐĂŶĚ ƚĞƐƚşĐƵůŽƐ͘ ƚŚĞŝƌƚĞƐƚŝĐůĞƐĚƌŽƉ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘,ŽƚƚƵďŝŶƚŚĞďĂĐŬǇĂƌĚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

>/W ǇŽ͘ůŝĂŵ͘ŚŽǁǁĂƐ ŚĞǇ͕ůŝĂŵ͘ĐŽŵ͛ğ ĞŚ͕ůŝĂŵ͘ƋƵĠƚĂůĞů ƐĐŚŽŽůƚŽĚĂǇ͍ ĂŶĚĂƚĂĂƐĐƵŽůĂ͍ ĐŽůĞ͍

>/D ŽŬĂǇ͘ƐŽŵĞĐƌĂĐŬĞƌ ŽŬ͘ƵŶǀŝƐŽƉĂůůŝĚŽ ŵƵǇďŝĞŶ͘ŵĞŚĂŶ Z ƚŽůĚŵĞŵǇůŝĨĞ ĚŝĐĞĐŚĞŶĞůůĂǀŝƚĂ Yh/s>E ĚŝĐŚŽƋƵĞŵŝǀŝĚĂ >/D/Ed/KE ŵĂƚƚĞƌƐ͘ ĐŽŶƚŽ͘ ŝŵƉŽƌƚĂ͘

^ƚƌĞĞƚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

sZKE/ ǇŽƵŝŶĐŚĂƌŐĞŚĞƌĞ͍ ĐŽŵĂŶĚĂůĞŝƋƵŝ͍ ĞƐƚĄĂůŵĂŶĚŽ͍

/K&&/Z ǇĞƐ͕ŵĂΖĂŵ͘ ƐŞ͕ƐŝŐŶŽƌĂ͘ Ɛş͕ƐĞŹŽƌĂ͘

sZKE/ ŝŚĂǀĞĂůŽĂĚŽĨ ĐŝƐŽŶŽĚĞŝ ĚĞďĞƌşĂŶĚĞƚĞŶĞƌĂ ŝůůĞŐĂůƐŝŶĞĞĚ ĐůĂŶĚĞƐƚŝŶŝĐŚĞ ƵŶŽƐŝůĞŐĂůĞƐ͘ ƌŽƵŶĚĞĚƵƉ͘ ĚŽǀĞƚĞĂƌƌĞƐƚĂƌĞ͘

/K&&/Z ŽŚ͕ǇĞĂŚ͍ǁŚŽ͍ ĂŚ͕ƐŞ͍ĐŚŝ͍ ǇƋƵŝĠŶĞƐƐŽŶ͍

sZKE/ ďƵŶĐŚŽĨƌƵƐƐŝĂŶƐ͘ ƵŶŐƌƵƉƉŽĚŝƌƵƐƐŝ͘ ƵŶŽƐƌƵƐŽƐ͘

E /K&&/Z ƌƵƐƐŝĂŶƐĂƌĞŶΖƚƌĞĂůůǇ ŝƌƵƐƐŝŶŽŶƐŽŶŽĐŽƐŞ Yh/s>E ůŽƐƌƵƐŽƐŶŽƐŽŶƵŶĂ Yh/s>E ĂƉƌŝŽƌŝƚǇ͕ŵĂΖĂŵ͘ ŝŵƉŽƌƚĂŶƚŝ͘ ƉƌŝŽƌŝĚĂĚ͘

sZKE/ ǁŚǇƚŚĞŚĞůůŶŽƚ͍ ĞƉĞƌĐŚĠŶŽ͍ ǇƉŽƌƋƵĠŶŽ͍

/K&&/Z ǇŽƵƌĞĂůůǇŚĂǀĞƚŽĂƐŬ ĚĂǀǀĞƌŽŶŽŶĐŝ ƐĞůŽƚĞŶŐŽƋƵĞ ƚŚĂƚ͍ ĂƌƌŝǀĂ͍ ĚĞĐŝƌ͍

sZKE/ ƚŚĞǇΖƌĞŝŶǀŽůǀĞĚŝŶ ƐŝƚƌĂƚƚĂĚŝƚƌĂĨĨŝĐŽĚŝ ĞƐƚŽƐĞƐƚĄŶ ŚƵŵĂŶƚƌĂĨĨŝĐŬŝŶŐ ĞƐƐĞƌŝƵŵĂŶŝĞ ŝŵƉůŝĐĂĚŽƐĞŶƚƌĄĨŝĐŽ ĂŶĚƉƌŽƐƚŝƚƵƚŝŽŶ͘ ƉƌŽƐƚŝƚƵǌŝŽŶĞ͘ ŚƵŵĂŶŽǇ ƉƌŽƐƚŝƚƵĐŝſŶ͘

/K&&/Z ǇŽƵƐƵƌĞ͍ůŽĂĚΖĞŵ ğƐŝĐƵƌĂ͍ĐĂƌŝĐĂƚĞůŝŝŶ ƐĞŐƵƌŽ͍ĐĂƌŐĂĚĚĞ ƵƉƋƵŝĐŬ͕ďŽǇƐ͊ǁĞ ĨƌĞƚƚĂƌĂŐĂǌǌŝ͘ ƉƌŝƐĂ͕ĐŚŝĐŽƐ͕ ŐŽƚƌƵƐƐŝĂŶ ĂďďŝĂŵŽĚĞůůĞ ƚĞŶĞŵŽƐƉƌŽƐƚŝƚƵƚĂƐ ƉƌŽƐƚŝƚƵƚĞƐ͘ ƉƌŽƐƚŝƚƵƚĞƌƵƐƐĞ͘ ƌƵƐĂƐ͘

:KHUH VP\PHWK" 6HDVRQ(SLVRGH ŶŽĚĂƚĂĨŽƵŶĚ

*RGEOHVVKHUURWWLQJVRXO 6HDVRQ(SLVRGH &ŝŽŶĂΖƐŶĞǁůǇĂĐƋƵŝƌĞĚĂƉĂƌƚŵĞŶƚďƵŝůĚŝŶŐ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

E^^ ŵǇŐŝƌůĨƌŝĞŶĚΖƐŬŝŶĚŽĨ ůĂŵŝĂƌĂŐĂǌǌĂğƵŶ ŵŝŶŽǀŝĂĂǀĞĐĞƐĞƐ ĂƚŚƵŶĚĞƌĐƵŶƚ͘ ƉŽ͛ƚƌŽŝĂ͘ ƵŶĂŐŝůŝĐŚŽĐŚŽ͘

&/KE ŶŽƚũƵƐƚŬŝŶĚŽĨ͘ ŶŽŶƐŽůŽƵŶƉŽ͛͘ ŵĄƐƋƵĞĂǀĞĐĞƐ͘

'^ E^^ ΀ůĂƵŐŚƐ΁ŝƚΖƐƚŚĞ ΀ůĂƵŐŚƐ΁ŐůŝŽƌŵŽŶŝ Yh/s>E ΀ůĂƵŐŚƐ΁ƐŽŶůĂƐ Yh/s>E ĨĞƌƚŝůŝƚǇŚŽƌŵŽŶĞƐ͘ ĚĞůůĂĨĞƌƚŝůŝƚă͘ ŚŽƌŵŽŶĂƐĚĞ ĨĞƌƚŝůŝĚĂĚ͘

&/KE ŝƐŝƚ͍ ĂŚ͕ƐŞ͍ ƚƷĐƌĞĞƐ͍

&ƌĂŶŬǁŽƌŬŝŶŐĂƚĂŚŽŵĞŝŵƉƌŽǀĞŵĞŶƚĂŶĚŐĂƌĚĞŶŝŶŐƌĞƚĂŝůĞƌ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZEE ƉƌŽŶƵŶĐŝĂŶŵĂůůĂƌ͘ Yh/s>E ƚŚĞůĞƚƚĞƌŚ͘

) NSD\LQJLWIRUZDUG 6HDVRQ(SLVRGH <ĞǀŝŶĂŶĚsĞƌŽŶŝĐĂŐŽƚŽ<ĞŶƚƵĐŬǇƚŽŵĞĞƚ<ĞǀŝŶΖƐĨĂŵŝůǇ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

<s/E ƵŚ͕ƚŚŝƐŝƐŵǇǁŝĨĞ͕ ůĞŝğŵŝĂŵŽŐůŝĞ͕ ĞƐƚĂĞƐŵŝŵƵũĞƌ͕ ǀĞƌŽŶŝĐĂ͘ ǀĞƌŽŶŝĐĂ͘ ǀĞƌŽŶŝĐĂ͘

sZKE/ ǇŽƵĐĂŶĐĂůůŵĞǀ͘ ƉƵŽŝĐŚŝĂŵĂƌŵŝǀ͘ ƉƵĞĚĞůůĂŵĂƌŵĞ ǀĞƌŽ͘

hEdZKEE/ ũƵƐƚůŝŬĞǇŽƵƌ ƐĞŝĐŽŵĞŝƚƵŽŝ ůŽŵŝƐŵŽƋƵĞĂƚƵƐ ďƌŽƚŚĞƌƐ͘ůŽǀĞƚŚĞ ĨƌĂƚĞůůŝ͘ĂŵŝůĂĐĂƌŶĞ ŚĞƌŵĂŶŽƐ͘ƚĞŐƵƐƚĂůĂ Z ĚĂƌŬŵĞĂƚ͘ŵƵƐƚďĞ ƐĐƵƌĂ͘ĐĞů͛ĂǀĞƚĞŶĞů Yh/s>E ĐĂƌŶĞŽƐĐƵƌĂ͘ůŽ Yh/s>E ŝŶƚŚĞďůŽŽĚ͘ŝĂŵ ƐĂŶŐƵĞ͘ŝŽƐŽŶŽƚƵĂ ůůĞǀĂƐĞŶůĂƐĂŶŐƌĞ͘ ǇŽƵƌĂƵŶƚƌŽŶŶŝĞ͘ ǌŝĂƌŽŶŶŝĞ͕ ǇŽƐŽǇƚƵƚşĂƌŽŶŶŝĞ͕ ƐƵŐĂƌƉůƵŵ͘ŽŚ͊ŵŵ͊ ǌƵĐĐŚĞƌŝŶŽ͘ŽŚ͊ŵŵ͊ ǀĞŶŐĂ͕ƵŶĂĐŚƵĐŚſŶ͘ ΀ŐĂƐƉƐ΁ĂŶĚǁŽƵůĚ ΀ŐĂƐƉƐ΁ŐƵĂƌĚĂ ŵŵ͕ŵŵ͘΀ŐĂƐƉƐ΁Ǉ ǇŽƵůŽŽŬĂƚƚŚĞƐĞ ƋƵĞƐƚĞƚŽƌƚŝŶĞĂů ĨşũĂƚĞ͕ƚĞŶĠŝƐĚŽƐ ůŝƚƚůĞĐŚŽĐŽůĂƚĞƉŝĞƐ͍ ĐŝŽĐĐŽůĂƚŽ͘ ƉĂƐƚĞůŝƚŽƐĚĞ ůĞƚΖƐƚĂŬĞΖĞŵƚŽŵĞĞƚ ƉŽƌƚŝĂŵŽůĞĂ ĐŚŽĐŽůĂƚĞ͘ŽƐůůĞǀĂƌĠ ƵŶĐůĞƚƌĂǀŝƐ͘ ĐŽŶŽƐĐĞƌĞůŽǌŝŽ ĂĐŽŶŽĐĞƌĂůƚşŽ ƚƌĂǀŝƐ͘ ƚƌĂǀŝƐ͘ Z Yh/s>E Yh/s>E

&ƌĂŶŬĂƚ>ŝĂŵΖƐƉƌŝǀĂƚĞƐĐŚŽŽůDĞĞƚŝŶŐ^ĞĞƌǇ͕ŚĞĂĚŽĨƚŚĞƐĐŚŽŽů͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ŝĐĂŶΖƚƚŚŝŶŬŽĨĂ ŶŽŶĐ͛ğƵƐŽŵŝŐůŝŽƌĞ ŶŽƐĞŵĞŽĐƵƌƌĞƵŶ ďĞƚƚĞƌƵƐĞŽĨ ĚĞůŵĞƌŽƉƌŽĨŽƌŵĂƐĞ ƵƐŽŵĞũŽƌĚĞůĂ ƚŽŬĞŶŝƐŵƚŚĂŶƚŽ ŶŽŶƉĞƌƉƌŽŵƵŽǀĞƌĞ ĚŝƐĐƌŝŵŝŶĂĐŝſŶ ƉƌŽŵŽƚĞĚŝǀĞƌƐŝƚǇ͘ ůĂĚŝǀĞƌƐŝƚă͘ ƉŽƐŝƚŝǀĂƋƵĞ ƉƌŽŵŽǀĞƌůĂ ĚŝǀĞƌƐŝĚĂĚ͘

^Zz ǁĞΖƌĞŐĞƚƚŝŶŐĂŶĞǁ ĂƌƌŝǀĞƌăƵŶŶƵŽǀŽ ŚŽǇǀĞŶĚƌĄƵŶ ƐƚƵĚĞŶƚƚŽĚĂǇ͘ůŝĂŵ ƐƚƵĚĞŶƚĞŽŐŐŝ͘ůŝĂŵ ĂůƵŵŶŽŶƵĞǀŽ͘ůŝĂŵ ǁŝůůŚĂǀĞƐŽŵĞŽŶĞ ĂǀƌăƋƵĂůĐƵŶŽĚĞů ƚĞŶĚƌĄĂůŐƵŝĞŶĚĞƐƵ ĨƌŽŵŚŝƐŽǁŶ ƐƵŽƐƚĞƐƐŽĂŵďŝĞŶƚĞ ĂŵďŝĞŶƚĞƉĂƌĂ Z ĞŶǀŝƌŽŶŵĞŶƚƚŽ ĐŽŶĐƵŝůĞŐĂƌĞ͘ Yh/s>E ƌĞůĂĐŝŽŶĂƌƐĞ͘ Yh/s>E ĐŽŶŶĞĐƚǁŝƚŚ͘

&ƌĂŶŬĂƚƚĞŶĚƐŚŝƐĨŝƌƐƚƉƚĂŵĞĞƚŝŶŐ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ŝƚΖƐǁŚĂƚΖƐǁƌŽŶŐ ğŝůƉƌŽďůĞŵĂĚĞů ĞƐůŽŵĂůŽƋƵĞƚŝĞŶĞ ǁŝƚŚŽƵƌĐŽƵŶƚƌǇ͕ ŶŽƐƚƌŽƉĂĞƐĞ͕ŽƌŵĂŝ͘ ĂŚŽƌĂĞƐƚĞƉĂşƐ͘ĐŽŵŽ ŶŽǁ͘ǁĞĨĂƚŚĞƌƐĂƌĞ ŶŽŝƉĂĚƌŝƐĐƌŝǀŝĂŵŽ ůŽƐƉĂĚƌĞƐĞƐƚĂŵŽƐ ŽĨĨƚǇƉŝŶŐŽƵƚĞŵĂŝůƐ ĞŵĂŝůŽŝŶŽůƚƌŝĂŵŽ ĞŶǀŝĂŶĚŽĞŵĂŝůƐǇ ŽƌĞǆĞĐƵƚŝŶŐƐĞůů ŽƌĚŝŶŝĚŝǀĞŶĚŝƚĂƉĞƌŝ ĞũĞĐƵƚĂŶĚŽſƌĚĞŶĞƐ ŽƌĚĞƌƐĨŽƌŚĞĚŐĞ ŶŽƐƚƌŝĨŽŶĚŝ ĚĞǀĞŶƚĂĚĞĨŽŶĚŽƐ ĨƵŶĚƐǁŚŝůĞǁĞŚŝƌĞ ƐƉĞĐƵůĂƚŝǀŝŵĞŶƚƌĞ ĚĞŝŶǀĞƌƐŝſŶ͕ ŝŵŵŝŐƌĂŶƚƐƚŽĚŽŽƵƌ ĂƐƐƵŵŝĂŵŽŝŵŵŝŐƌĂƚŝ ĐŽŶƚƌĂƚĂŵŽƐ ŵĂŶƵĂůůĂďŽƌĨŽƌƵƐ͘ ƉĞƌĨĂƌĞŝůůĂǀŽƌŽ ŝŶŵŝŐƌĂŶƚĞƐƉĂƌĂƋƵĞ ǁĞĚŽŶΖƚƚĞĂĐŚŽƵƌ ŵĂŶƵĂůĞ͘ŶŽŶ ŚĂŐĂŶĞůƚƌĂďĂũŽ ƐŽŶƐŚŽǁƚŽǁŽƌŬ ŝŶƐĞŐŶŝĂŵŽĂŝŶŽƐƚƌŝ ŵĂŶƵĂů͘ŶŽ ǁŝƚŚƚŚĞŝƌŚĂŶĚƐ͘ ĨŝŐůŝĂůĂǀŽƌĂƌĞĐŽŶůĞ ĞŶƐĞŹĂŵŽƐĂůŽƐ ǁĞΖƌĞƚŽŽďƵƐǇƚŽ ŵĂŶŝ͘ƐŝĂŵŽƚƌŽƉƉŽ ŶŝŹŽƐĂƚƌĂďĂũĂƌĐŽŶ ĂůůŽǁŽƵƌƐĞůǀĞƐƚŽŐĞƚ ŝŵƉĞŐŶĂƚŝƉĞƌ ůĂƐŵĂŶŽƐ͘ŶŽƐŽŵŽƐ ĚŝƌƚǇ͕ƚŽƐŚŽǁŽƵƌ ƐƉŽƌĐĂƌĐĞůĞ͘ŽĐŽŵĞ ĐĂƉĂĐĞƐĚĞ ďŽǇƐŚŽǁƚŽĞĂƌŶĂŶ ŐƵĂĚĂŐŶĂƌĞƐŽůĚŝ ĞŶƐƵĐŝĂƌŶŽƐƵŶƌĂƚŽ ŚŽŶĞƐƚďƵĐŬŽĨĨƚŚĞ ŽŶĞƐƚĂŵĞŶƚĞĐŽŶŝů ƉĂƌĂĞŶƐĞŹĂƌĂ ƐǁĞĂƚŽĨƚŚĞŝƌďƌŽǁ͘ ƐƵĚŽƌĞĚĞůůĂůŽƌŽ ŶƵĞƐƚƌŽƐŚŝũŽƐĂ ǁŚĞŶΖƐƚŚĞůĂƐƚƚŝŵĞ ĨƌŽŶƚĞ͘Ž͕ƋƵĂŶĚ͛ğ ŐĂŶĂƌƐĞ ŽŶĞŽĨƵƐŵŽǁĞĚŽƵƌ ů͛ƵůƚŝŵĂǀŽůƚĂĐŚĞ ŚŽŶƌĂĚĂŵĞŶƚĞĞů ŽǁŶůĂǁŶ͍Žƌ ĂďďŝĂŵŽƚĂŐůŝĂƚŽ ƉĂŶĐŽŶĞůƐƵĚŽƌĚĞ ' ĐŚĂŶŐĞĚƚŚĞŽŝůŝŶƚŚĞ ů͛ĞƌďĂ͍ŽĐĂŵďŝĂƚŽ >/D/Ed/KE ƐƵĨƌĞŶƚĞ͘ĐƵĄŶĚŽĨƵĞ >/D/Ed/KE ďƵŝĐŬ͍ŽƌĚƵŐĂ ů͛ŽůŝŽĚĞůůĂďƵŝĐŬ͍Ž ůĂƷůƚŝŵĂǀĞǌƋƵĞ ĚŝƚĐŚ͍ǁĞĂƌĞĂ ƐĐĂǀĂƚŽƵŶĨŽƐƐŽ͍ ĐŽƌƚĂŵŽƐĞůĐĠƐƉĞĚ͍ ŐĞŶĞƌĂƚŝŽŶŽĨůŽƐƚ ƐŝĂŵŽƵŶĂ ŽĐĂŵďŝĂŵŽƐĞů ŵĂƐĐƵůŝŶŝƚǇ͘ĂŶĚǁĞ ŐĞŶĞƌĂǌŝŽŶĞĐŚĞŚĂ ĂĐĞŝƚĞĚĞůďƵŝĐŬ͍Ž ŐŽƚƚĂƐƚĂƌƚŐĞƚƚŝŶŐŝƚ ƐŵĂƌƌŝƚŽůĂƐƵĂ ĐĂǀĂŵŽƐƵŶĂǌĂŶũĂ͍ ďĂĐŬ͘ŶŽŵĂƚƚĞƌŝĨ ŵĂƐĐŽůŝŶŝƚă͘Ğ ŶŽƐŽƚƌŽƐƐŽŵŽƐůĂ ǇŽƵΖƌĞƐƚƌĂŝŐŚƚŽƌŐĂǇ͘ ĚŽďďŝĂŵŽƌŝƚƌŽǀĂƌůĂ͘ ŐĞŶĞƌĂĐŝſŶĚĞůĂ ĂŶĚƐŽŵĞŽĨǇŽƵ ŶŽŶŝŵƉŽƌƚĂƐĞƐŝĞƚĞ ŵĂƐĐƵůŝŶŝĚĂĚ ůŽŽŬƉƌĞƚƚǇŐĂǇ͘ŶŽ ĞƚĞƌŽŽŐĂǇ͘ĞĂůĐƵŶŝ ƉĞƌĚŝĚĂǇĞƐƉƌĞĐŝƐŽ ŵĂƚƚĞƌŝĨǇŽƵƐƚŝĐŬŝƚ ĚŝǀŽŝƐĞŵďƌĂŶŽ ƋƵĞůĂƌĞĐƵƉĞƌĞŵŽƐ͘ ŝŶƚŚĞĨƌŽŶƚŽƌǇŽƵ ŵŽůƚŽŐĂǇ͘ŶŽŶ ǇĚĂůŽŵŝƐŵŽƐŝƵŶŽ ƐƚŝĐŬŝƚŝŶƚŚĞƌĞĂƌ͘ĨŽƌ ŝŵƉŽƌƚĂƐĞůŽŝŶĨŝůĂƚĞ ĞƐŚĞƚĞƌŽŽŐĂǇ͘Ǉ

ƚŚĞůŽǀĞŽĨŽƵƌƐŽŶƐ͕ ŶĞůďƵĐŽĚĂǀĂŶƚŝŽŝŶ ĂůŐƵŶŽƐƉĂƌĞĐĠŝƐ ǁĞΖǀĞŐŽƚƚŽƐƚŝĐŬŝƚ ƋƵĞůůĂĚŝĚŝĞƚƌŽ͘ƉĞƌ ŵƵǇŐĂŝƐ͘ĚĂůŽ ŝŶƚŚĞƌĞůŝŬĞĂŵĂŶ͘ ů͛ĂŵŽƌĞĚĞŝŶŽƐƚƌŝĨŝŐůŝ ŵŝƐŵŽƐŝůĂŵĞƚĞƐ '^ ĚŽďďŝĂŵŽŝŶĨŝůĂƌůŽůŞ Yh/s>E ƉŽƌĚĞůĂŶƚĞŽƉŽƌ Yh/s>E ĚĞŶƚƌŽĚĂƵŽŵŝŶŝ͘ ĚĞƚƌĄƐ͘ƉŽƌĞůďŝĞŶĚĞ ŶƵĞƐƚƌŽƐŚŝũŽƐĞƐ ƉƌĞĐŝƐŽǇ ĐŽŶǀĞŶŝĞŶƚĞƋƵĞ ŚĂŐĂŵŽƐůĂƐĐŽƐĂƐ ĐŽŵŽŚŽŵďƌĞƐ͘

^K^ Yh/s>E Yh/s>E

' Yh/s>E Yh/s>E

7KH PLV HGXFDWLRQRI/LDP)HUJXV%HLUFKHDUW*DOODJKHU 6HDVRQ(SLVRGH &ƌĂŶŬĂƚ>ŝĂŵΖƐƐĐŚŽŽů͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

'^ &ZE/D ǁŽŵĞŶůŽǀĞĂůŽŶŐ ůĞĚŽŶŶĞĂĚŽƌĂŶŽŝ Yh/s>E ĂůĂƐŵƵũĞƌĞƐůĞƐ Yh/s>E ƚĞƌŵƉƌŽũĞĐƚ͕ ƉƌŽŐĞƚƚŝĂůƵŶŐŽ ĞŶĐĂŶƚĂŶůŽƐ ĞƐƉĞĐŝĂůůǇǁŚĞŶŝƚ ƚĞƌŵŝŶĞ͕ƐŽƉƌĂƚƚƵƚƚŽ ƉƌŽǇĞĐƚŽƐůĂƌŐŽƐ ŝŶǀŽůǀĞƐƚŚĞ ƋƵĂŶĚŽƌŝŐƵĂƌĚĂŶŽŝů ƐŽďƌĞƚŽĚŽĐƵĂŶĚŽ ŝŵƉƌŽǀĞŵĞŶƚŽĨĂ ŵŝŐůŝŽƌĂƌĞƵŶƵŽŵŽ͘ ĞƐŽƐƵƉŽŶĞŵĞũŽƌĂƌ ŵĂŶ͘ ĂƵŶŚŽŵďƌĞ͘

WĂƚƐǇΖƐĚŝŶĞƌ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

sZKE/dK&/KE ŝƐǁĞĂƌ͕ƚŚĂƚĐŽŵŵŝĞ ŐŝƵƌŽĐŚĞƋƵĞůůĂƚƌŽŝĂ ƚĞŶŐŽŐĂŶĂƐĚĞŵĂƚĂƌ E^ ďŝƚĐŚŝƐŐŽŶΖĚƌŝǀĞŵĞ ĐŽŵƵŶŝƐƚĂ Yh/s>E ĂĞƐĂƉƵƚĂ Yh/s>E ƚŽŵƵƌĚĞƌ͘ ů͛ĂŵŵĂǌǌŽ͘ ĐŽŵƵŶŝƐƚĂ͘

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

<s/E ƐŽŽĞĞ͊ƐŚŝĨƚĐŚĂŶŐĞ͘ ƐŽŽĞĞ͊ĐĂŵďŝŽĚŝ ƐŽŽĞĞ͊ĐĂŵďŝŽĚĞ ƌƵƐƐŝĂŶŚŽƵƌŝƐŽǀĞƌ͘ ƚƵƌŶŽ͘ů͛ŽƌĂĚĞůůĂ ƚƵƌŶŽ͘ůĂŚŽƌĂƌƵƐĂƐĞ ŝƚΖƐŬĞŶƚƵĐŬǇƚŝŵĞ͘ ƌƵƐƐŝĂğĨŝŶŝƚĂ͘ƚŽĐĐĂ ŚĂĂĐĂďĂĚŽ͘ĂŚŽƌĂ ĞǀĞƌǇďŽĚǇǁŚŽŝƐŶΖƚ ĂůŬĞŶƚƵĐŬǇ͘ĐŚŝƵŶƋƵĞ ƚŽĐĂĂŬĞŶƚƵĐŬǇ͘Ğů ĂƌĞĚďůŽŽĚĞĚ ŶŽŶƐŝĂĚŝƉƵƌŽ ƉĞƌƐŽŶĂůƋƵĞŶŽƐĞĂ ĂŵĞƌŝĐĂŶ͕ƉůĞĂƐĞĞǆŝƚ ƐĂŶŐƵĞĂŵĞƌŝĐĂŶŽ͕ ĂŵĞƌŝĐĂŶŽĚĞƉƵƌĂ ƚŚĞƉƌĞŵŝƐĞƐ͘΀͙΁ ƉĞƌĨĂǀŽƌĞ͕ĞƐĐĂĚĂ ƐĂŶŐƌĞ͕ƋƵĞǀĂǇĂ ŚŽůǇƐŚŝƚ͘ůŝŬĞ͕ƐŝǆƚǇ ƋƵĞƐƚŽůŽĐĂůĞ͘΀͙΁ ƐĂůŝĞŶĚŽĚĞůůŽĐĂů͘ E ƌƵƐƐŝĂŶƐũƵƐƚǁĂůŬĞĚ ƉŽƌĐĂƚƌŽŝĂ͘ƐŽŶŽ Yh/s>E ΀͙΁ŶŽŵĞũŽĚĂƐ͘ƉŽƌ Yh/s>E ŽƵƚ͘ŐŽƚƚĂĨŝŐƵƌĞŽƵƚ ƵƐĐŝƚŝ͕ƚŝƉŽ͕ƐĞƐƐĂŶƚĂ ůŽŵĞŶŽƐŚĂďşĂ ŚŽǁƚŽŐĞƚŵǇƉĞŽƉůĞ ƌƵƐƐŝ͘ĚĞǀŽĨĂƌ ƐĞƐĞŶƚĂƌƵƐŽƐ͘ƚĞŶŐŽ ŝŶŚĞƌĞ͘ ƚŽƌŶĂƌĞƋƵŝůĂŵŝĂ ƋƵĞƚƌĂĞƌĂŵŝŐĞŶƚĞ ŐĞŶƚĞ͘ ĐŽŵŽƐĞĂ͘

<ZD/d ǇŽƵŬŶŽǁƚŚĞƌĞΖƐĂ ĞŚŵ͕ǀƵŽŝĚŝƌĞĐŚĞ ƐĂďĞƐƋƵĞŶŽĞƐůŽ ĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶ ƋƵĂŶĚŽĐŝƐĞŝƚƵ ŵŝƐŵŽĞůƐƵƌƋƵĞĞů ƐŽƵƚŚĞƌŶĂŶĚ ƚŽƌŶŝĂŵŽĂůů͛ĂŶƚŝĐŽ͍ ŽĞƐƚĞ͍ ǁĞƐƚĞƌŶ͍

<s/E ΀ƐĐŽĨĨƐ΁ƚŚĞƌĞΖƐĂ ΀ƐĐŽĨĨƐ΁ƐŝĂŵŽ ΀ƐĐŽĨĨƐ΁ĞƐƚŽǇ ůĞĂƌŶŝŶŐĐƵƌǀĞ͕ ĂŵĞƌŝĐĂŶŝ͕ŬĞƌŵŝƚ͘ ĂƉƌĞŶĚŝĞŶĚŽ͕ĂŵŝŐŽ͘ ŬĞƌŵŝƚ͘

<ZD/d ĚŽĞƐƚŚŝƐŵĞĂŶŶŽ ƋƵŝŶĚŝŶŝĞŶƚĞƉŝƶ ĞŶƚŽŶĐĞƐǇĂŶŽŚĂǇ ŵŽƌĞƵŬƌĂŝŶŝĂŶĨŝƐƚ ďĂƚƚŝĐŝŶƋƵĞĚĞůůĂ ĞƐƉĞĐŝĂůĞƐ ďƵŵƉƐ͍ ƐƚĞƉƉĂ͍ ƵĐƌĂŶŝĂŶŽƐ͍

<s/E ŶŽǁŚĂƚ͍ ŶŝĞŶƚĞĐŚĞ͍ ƋƵĠĞƐĞƐŽ͍

E^ dKDDz ƐŚŽƚŽĨǀŽĚŬĂĂŶĚĂ ƐŚŽƚƚŝŶŽĚŝǀŽĚŬĂĞ Yh/s>E ƵŶĐŚƵƉŝƚŽĚĞǀŽĚŬĂ Yh/s>E ďƵŵƉŽĨĐŽŬĞ͕ĨŽƌ ďŽƚƚĂĚŝĐŽĐĂ͕ŚĂƉƉǇ ǇƵŶĂƌĂǇĂĚĞĐŽĐĂ͕ ƌƵƐƐŝĂŶŚŽƵƌ͘ ŚŽƵƌĂůůĂƌƵƐƐĂ͘ ĞƐůĂŚŽƌĂƌƵƐĂ͘

E^ <s/E ƐŚĞΖƐĂĨƵĐŬŝŶŐƉŝŶŬŽ ğƵŶŵĂůĞĚĞƚƚŽŐĞŶŝŽ DW>/&/d/KE ĞƐĂƉŝďĂĞƐƵŶƉƵƚŽ >/D/Ed/KE ŐĞŶŝƵƐ͘ ƐŽĐŝĂůŝƐƚĂ͘ ŐĞŶŝŽ͘

>ŝƉĂƚŚŝƐĂůĐŽŚŽůŝĐƐĂŶŽŶǇŵŽƵƐƐƉŽŶƐŽƌΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

' D/ ĞǆĐƵƐĞƚŚĞďŽŽď͘ŝ ƐĐƵƐĂůĂƚĞƚƚĂ͘ŚŽƵŶĂ Yh/s>E ƉĞƌĚŽŶĂƉŽƌĞŶƐĞŹĂƌ Yh/s>E ŚĂǀĞĂŶƵƌƐŝŶŐĐŽǀĞƌ ĐŽƉĞƌƚƵƌĂĚĂƋƵĂůĐŚĞ ůŽƐƉĞĐŚŽƐ͘ƚĞŶŐŽ ƐŽŵĞǁŚĞƌĞ͕ďƵƚƚŽŽ ƉĂƌƚĞ͕ŵĂƐŽŶŽ ƵŶĂďĂƚĂƉŽƌĂŚş͕ ƚŝƌĞĚƚŽŐĞƚŝƚ͘ ƚƌŽƉƉŽƐƚĂŶĐĂ͘ ƉĞƌŽĞƐƚŽǇĐĂŶƐĂĚĂ ƉĂƌĂŝƌƉŽƌĞůůĂ͘

>/W ĂŚ͕ŝƚΖƐŶŽƉƌŽďůĞŵ͘ ĂŚ͕ŶŽŶƚŝ ĞŚ͕ŶŽƚĞƉƌĞŽĐƵƉĞƐ͕ ŝΖǀĞďĞĞŶĂƌŽƵŶĚ ƉƌĞŽĐĐƵƉĂƌĞ͘ĐŝƐŽŶŽ ĞŶĐĂƐĂƐĞǀĞŶďĞďĞƐ ďĂďŝĞƐĂŶĚďŽŽďƐĂ ĐƌĞƐĐŝƵƚŽŝŶŵĞǌǌŽĂ ǇƉĞĐŚŽƐĂŵĞŶƵĚŽ͘ ůŽƚ͕ƐŽ͘ ƚĞƚƚĞĞďĂŵďŝŶŝ͘

&ƌĂŶŬƚĂůŬŝŶŐƚŽ>ŝĂŵΖƐƐĐŚŽŽůŚĞĂĚŵĂƐƚĞƌ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ƚŚĞĨƌŽŶƚĚŽŽƌŝƐƚŽ ůĂƉŽƌƚĂĚŝĨƌŽŶƚĞ ƉƵĞƌƚĂƉƌŝŶĐŝƉĂůĞƐĂ ƚŚĞĨŽǇĞƌĂƐƚŚĞďĂĐŬ ĐŽŶĚƵĐĞĂůĨŽǇĞƌ͕ ƌĞĐŝďŝĚŽƌĐŽŵŽ ĚŽŽƌŝƐƚŽ͘ ĐŽŵĞƋƵĞůůĂ ƉƵĞƌƚĂƚƌĂƐĞƌĂĞƐĂ͘ ƉŽƐƚĞƌŝŽƌĞĂů͘

EE ƚŚĞĐŚŽŝĐĞƐǁĞƌĞ ůĞƐĐĞůƚĞĞƌĂŶŽ ůĂƐŽƉĐŝŽŶĞƐĞƌĂŶ ƐŝĚĞǁĂůŬ͕ŬŝƚĐŚĞŶ͕ ŵĂƌĐŝĂƉŝĞĚĞ͕ĐƵĐŝŶĂ͕ ĂĐĞƌĂ͕ĐŽĐŝŶĂǇĐĂůůĞ͘ ƐƚƌĞĞƚ͘ŚĞǁƌŽƚĞ ƐƚƌĂĚĂ͘ŚĂƐĐƌŝƚƚŽ ĠůƉƵƐŽƉĞŶĞ͘ ƉĞŶŝƐ͘ ƉĞŶĞ͘

^^ &ZE< ΀ůĂƵŐŚƐ΁ŚŽǁƚŚĞŚĞůů ĐŽŵĞĚŝĂǀŽůŽƉŽƚĞǀĂ Yh/s>E ΀ůĂƵŐŚƐ΁ĐſŵŽƋƵŝĞƌĞ Yh/s>E ǁŽƵůĚŚĞŬŶŽǁǁŚĂƚ ƐĂƉĞƌĞĐŚĞĐŽƐĂğƵŶ ƵƐƚĞĚƋƵĞĠůƐĞƉĂůŽ ĂĨŽǇĞƌŝƐ͍ǁŚĂƚĂƌĞ ĨŽǇĞƌ͕ĐŚŝƉĞŶƐĂĐŚĞ ƋƵĞĞƐƵŶƌĞĐŝďŝĚŽƌ͍ ǁĞ͕ƚŚĞƌŽĐŬĞĨĞůůĞƌƐ͍ ƐŝĂŵŽ͕ŝƌŽĐŬĞĨĞůůĞƌ͍ ŶŽƐŽŵŽƐůŽƐ ƌŽĐŬĞĨĞůůĞƌ͘

EE ƚŚĞƐĞƋƵĞƐƚŝŽŶƐĂƌĞ ƐŽŶŽĚŽŵĂŶĚĞ ĞƐƵŶĞǆĂŵĞŶ ƐƚĂŶĚĂƌĚŝǌĞĚĂĐƌŽƐƐ ƐƚĂŶĚĂƌĚƉĞƌŝů ĞƐƚĄŶĚĂƌƉĂƌĂƚŽĚŽƐ ƚŚĞƉƌŝǀĂƚĞƐĐŚŽŽů ďĂĐŬŐƌŽƵŶĚĚŝƵŶĂ ůŽƐĐŽůĞŐŝŽƐƉƌŝǀĂĚŽƐ ĐƵƌƌŝĐƵůƵŵ ƐĐƵŽůĂƉƌŝǀĂƚĂ͘ ĚĞůƉĂşƐ͘

&ZE< ƚŽĨĂǀŽƌƚŚĞƐƚƵĚĞŶƚƐ ƉĞƌŐůŝƐƚƵĚĞŶƚŝĐŚĞ ƉĂƌĂĨĂǀŽƌĞĐĞƌĂůŽƐ ǁŚŽƵŶĚĞƌƐƚĂŶĚƚŚĞ ĐĂƉŝƐĐŽŶŽŝ ƋƵĞĞŶƚŝĞŶĚĞŶĞƐĂƐ ƌĞĨĞƌĞŶĐĞƐ͘ƚŚŝƐŝƐ ƌŝĨĞƌŝŵĞŶƚŝ͘ğ ƌĞĨĞƌĞŶĐŝĂƐ͘ĞƐŽĞƐ ĐƵůƚƵƌĂůďŝĂƐ͘ǇŽƵΖůů ĐƵůƚƵƌĂůĞŝůƉƌŽďůĞŵĂ͘ ĚŝƐĐƌŝŵŝŶĂĐŝſŶ ƉƵƚŚŝƐĨĂĐĞŽŶǇŽƵƌ ŵĞƚƚĞƚĞůĂƐƵĂĨĂĐĐŝĂ ĐƵůƚƵƌĂů͘ƉŽŶĞŶƐƵ ďƌŽĐŚƵƌĞ͕ďƵƚǇŽƵ ƐƵůůĞďƌŽĐŚƵƌĞŵĂ ĨŽƚŽĞŶĞůĨŽůůĞƚŽ͕ ŝŐŶŽƌĞŚŝƐ ŝŐŶŽƌĂƚĞŝůƐƵŽ ƉĞƌŽŝŐŶŽƌĂŶĚĞ ďĂĐŬŐƌŽƵŶĚ͘ ďĂĐŬŐƌŽƵŶĚ͘ ĚŽŶĚĞƉƌŽǀŝĞŶĞ͘

,FDUXVIHOO$QG5XVW\DWHKLP 6HDVRQ(SLVRGH <ĞǀŝŶĂŶĚsĞƌŽŶŝĐĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

sZKE/ ƐŚĞΖƐĂǁŽŵĂŶ͘ƐŚĞ ğƵŶĂĚŽŶŶĂ͘ĐŽŶŽƐĐĞ ĞůůĂĞƐŵƵũĞƌ͘ŶŽƐ ŬŶŽǁƐĂǁŽŵĂŶΖƐ ŝůĐŽƌƉŽĚŝƵŶĂĚŽŶŶĂ͘ ĐŽŶŽĐĞŵŽƐĞů ďŽĚǇ͘ ĐƵĞƌƉŽ͘

<s/E ǁĞůů͕ŐƌĞĂƚ͕ǀ͘ŝĨĂ ǀĂďĞŶĞ͕ǀ͘ƐĞƵŶĂ ŐĞŶŝĂů͕ǀĞƌŽ͘ƐŝƉŽƌ ǁŽŵĂŶŬŶŽǁƐĂ ĚŽŶŶĂĐŽŶŽƐĐĞŝů ƐĞƌŵƵũĞƌĞƐŽƐ ǁŽŵĂŶΖƐďŽĚǇƐŽ ĐŽƌƉŽĚŝƵŶĂĚŽŶŶĂ ĐŽŶŽĐĠŝƐĞůĐƵĞƌƉŽ ŵƵĐŚďĞƚƚĞƌ͕ŵĂǇďĞŝ ĐŽƐŞďĞŶĞ͕ĨŽƌƐĞ ŵĞũŽƌ͕ǇŽĚĞďĞƌşĂ ƐŚŽƵůĚƐƚĂƌƚĚŽŝŶŐ ĚŽǀƌĞŝĨĂƌŵŝŝŵĂƐĐŚŝ ƚŝƌĂƌŵĞĂƚşŽƐ͕ƉŽƌƋƵĞ ŐƵǇƐ͕ƐŝŶĐĞƚŚĞǇŬŶŽǁ ǀŝƐƚŽĐŚĞĐŽŶŽƐĐŽŶŽ ĐŽŶŽĐĞƌĄŶŵĞũŽƌŵŝ ŐƵǇƐΖďŽĚŝĞƐďĞƚƚĞƌ͘ ŵĞŐůŝŽŐůŝƵŽŵŝŶŝ͘ ĐƵĞƌƉŽ͘ůŽŵŝƐŵŽ ŵĂǇďĞƚŚĞŶŝĐĂŶ ŵĂŐĂƌŝĂŶĐŚ͛ŝŽĂǀƌž ƚĞŶŐŽƵŶĞƐƉĂƐŵŽ ŚĂǀĞĂƐƉĂƐŐĂƐŵ͘ ƵŶŽƐƉĂƐŵŽ ŽƌŐĂƐŵŽ͘ ŽƌŐĂƐŵŽ͘

sZKE/ ǇŽƵΖƌĞŶŽƚŐĂǇ͘ ŶŽŶƐĞŝŐĂǇ͘ ƚƷŶŽĞƌĞƐŐĂǇ͘

<s/E ǇŽƵĚŽŶΖƚŬŶŽǁƚŚĂƚ͊ ƋƵĞƐƚŽŶŽŶůŽƐĂŝ͘ ĞƐŽŶŽůŽƐĂďĞƐ͘ŶŽůŽ

ǇŽƵĚŽŶΖƚŬŶŽǁƚŚĂƚ͘ ƋƵĞƐƚŽŶŽŶůŽƐĂŝ͘ ƐĂďĞƐ͘ƉŽĚƌşĂƐĞƌůŽ͘ ŝŵŝŐŚƚďĞ͘ŝŵŝŐŚƚďĞ ŵĂŐĂƌŝƐŞ͘ƉŽƚƌĞŝ ƉŽĚƌşĂƐĞƌŐĂǇ͘Ž ŐĂǇ͘ƉĂƌƚŐĂǇ͘ ĞƐƐĞƌĞŐĂǇ͘ŝŶƉĂƌƚĞ ŵĞĚŝŽŐĂǇ͘ ŐĂǇ͘

sZKE/ ŽŬĂǇ͘ŐŽĂŚĞĂĚ͘ƐƵĐŬ ŽŬ͕ĂǀĂŶƚŝ͘ƐƵĐĐŚŝĂƵŶ ĚĞĂĐƵĞƌĚŽ͕ĂĚĞůĂŶƚĞ͕ ĂĚŝĐŬ͘ ĐĂǌǌŽ͘ ĐŚƵƉĂƵŶƌĂďŽ͘

<s/E ŵĂǇďĞŝǁŝůů͘ŵĂǇďĞŝ ŵĂŐĂƌŝůŽĨĂƌž͘ ĂůŽŵĞũŽƌůŽŚĂŐŽ͘Ă ǁŝůůŐŽƐƵĐŬĂĚŝĐŬ͘ŝ ŵĂŐĂƌŝůŽƐƵĐĐŚŝĞƌž ůŽŵĞũŽƌŵĞƉŽŶŐŽĂ ĐŽƵůĚďĞĂůůŐĞŶĚĞƌ ƵŶĐĂǌǌŽ͘ƉŽƚƌĞŝ ĐŚƵƉĂƌƌĂďŽƐ͘ƚĂůǀĞǌ ůŝƋƵŝĚůŝŬĞǇŽƵ͘ǇŽƵ ĞƐƐĞƌĞƵŶŐĞŶĚĞƌ ƐĞĂĚĞůŐĞŶĞƌŽ ĚŽŶΖƚŬŶŽǁ͘ ůŝƋƵŝĚĐŽŵĞƚĞ͘ĐŚĞ ůŝƋƵŝĚŽĐŽŵŽƚƷ͘ŶŽ ŶĞƐĂŝ͍ ůŽƐĂďĞƐ͘

sZKE/ ǇŽƵŵĞĂŶŐĞŶĚĞƌ ǀƵŽŝĚŝƌĞŐĞŶĚĞƌ ƚĞƌĞĨŝĞƌĞƐĂŐĞŶĞƌŽ ĨůƵŝĚ͍ ĨůƵŝĚ͍ ĨůƵŝĚŽ͍

<s/E ĨůƵŝĚƐ͕ůŝƋƵŝĚƐ͕ ĨůƵŝĚŝ͕ůŝƋƵŝĚŝ͕ĐŚĞ ĨůƵŝĚŽ͕ůŝƋƵŝĚŽ͕ĐŽŵŽ ǁŚĂƚĞǀĞƌ͘ĨĂŝƌΖƐĨĂŝƌ͕ ĐĂŵďŝĂ͍ğŐŝƵƐƚŽ͕ŶŽ͍ ƐĞůůĂŵĞ͘ŵŝƌĂ͕ƐŝƚĞ ƌŝŐŚƚ͍ǇŽƵŐĞƚƚŽďĞ ƚƵǀĂŝĐŽŶƵŶ͛ĂůƚƌĂ ĂƉĞƚĞĐĞĞƐƚĂƌĐŽŶ ǁŝƚŚĂŶŽƚŚĞƌŐŝƌů͕ ĚŽŶŶĂ͕ďĞŶĞ͘ŝŽ ŽƚƌĂŵƵũĞƌǀĂůĞ͕ǇŽ ĨŝŶĞ͘ǁĞůů͕ŝΖŵŐŽŶŶĂ ĂŶĚƌžĐŽŶƵŶƵŽŵŽ͘ ƋƵŝĞƌŽĞƐƚĂƌĐŽŶƵŶ ďĞǁŝƚŚĂŵĂŶ͘ǁĞΖůů ǀĞĚƌĞŵŽĐŽŵĞƚŝ ŚŽŵďƌĞ͘ĂǀĞƌĐŽŵŽ ƐĞĞŚŽǁŽŬĂǇǇŽƵĂƌĞ ƐĞŶƚŝƌĂŝƋƵĂŶĚŽ ůůĞǀĂƐƋƵĞĂů ǁŝƚŚŝƚǁŚĞŶǇŽƵ ƐďŝƌĐĞƌĂŝŶĞůůĂĚŽĐĐŝĂ ĂƐŽŵĂƌƚĞĂůĂĚƵĐŚĂ ƉĞĞŬŝŶƚŚĞƐŚŽǁĞƌ ĞŵŝǀĞĚƌĂŝǀĞŶŝƌĞƐƵ ŵĞǀĞĂƐĐŽƌƌŝĠŶĚŽŵĞ ĂŶĚǇŽƵƐĞĞŵĞ ƵŶŽĐŚĞŶŽŶƐĞŝƚƵĞ ĐŽŶŽƚƌŽƚşŽǇŶŽ ĐŽŵŝŶŐĂůůŽǀĞƌƐŽŵĞ ƚƵŶŽŶƐĞŝƐƚĂƚŝ ĐŽŶƚŝŐŽƉŽƌƋƵĞŶŽ ŐƵǇǁŚŽŝƐŶΖƚǇŽƵ͕ ŝŶǀŝƚĂƚĂ͘ ĞƐƚĂƌĄƐŶŝŝŶǀŝƚĂĚĂ͘ ĂŶĚǇŽƵǁĞƌĞŶΖƚ ŝŶǀŝƚĞĚ͘

^sd>E ŝΖĚůŝŬĞƚŽƉĞĞŬŝŶ ǀŽƌƌĞŝƐďŝƌĐŝĂƌĞŝŶ ǇŽƋƵŝĞƌŽŵŝƌĂƌĞŶ ƐŚŽǁĞƌǁŚĞŶǇŽƵ ĚŽĐĐŝĂĂŶĐŚ͛ŝŽ ĚƵĐŚĂĐƵĂŶĚŽƚĞ ĐŽŵĞĂůůŽǀĞƌĂŵĂŶ͕ ƋƵĂŶĚŽǀĞƌƌĂŝƐƵ ĐŽƌƌĂƐĐŽŶŽƚƌŽƚşŽ͘ ƚŽŽ͘ ƵŽŵŽ͘

<s/E ŶŽ͊ŶŽ͊ǇŽƵΖƌĞŶŽƚ ŶŽ͊ŶŽ͊ŶŽŶƐĞŝ ŶŽ͕ŶŽ͘ŶŽĞƐƚĂƌĄƐ ŝŶǀŝƚĞĚ͕ĂŶĚŶĞŝƚŚĞƌ ŝŶǀŝƚĂƚĂ͕ŶĞĂŶĐŚĞƚƵ͘ ŝŶǀŝƚĂĚĂ͘ŶŝƚĂŵƉŽĐŽ ĂƌĞǇŽƵ͘ǁŚĞŶŝĚŽ ƋƵĂŶĚŽĨĂĐĐŝŽƌŽďĂ ƚƷ͘ĐƵĂŶĚŽŚĂŐĂ ŐĂǇƐŚŝƚ͕ŝƚŝƐũƵƐƚĨŽƌ ŐĂǇğƐŽůŽƉĞƌŵĞ͘ŝŽ ƌŽůůŽƐŐĂŝƐƐĞƌĄŶƐŽůŽ ŵĞ͘ŝŐŽƚƚĂŐŽƚŽ ĚĞǀŽĂŶĚĂƌĞĂůĂǀŽƌŽ͕ ƉĂƌĂŵş͘ŵĞǀŽǇĂ ǁŽƌŬ͘ǇŽƵƚǁŽũƵƐƚ ǀŽŝĚƵĞĨĂƚĞ͕ ƚƌĂďĂũĂƌ͕ƐŝƋƵĞƌĠŝƐŽƐ ůŝĐŬĞĂĐŚŽƚŚĞƌůŝŬĞ ůĞĐĐĂƚĞǀŝĐŽŵĞŐĂƚƚĞ ƉŽĚĠŝƐůĂŵĞƌĐŽŵŽ ĐĂƚƐĂůůĚĂǇǁŚŝůĞŝΖŵ ƋƵĂŶĚŽŶŽŶĐŝƐŽŶŽ͘ ŐĂƚĂƐŚĂƐƚĂƋƵĞ ŐŽŶĞ͘ ǀƵĞůǀĂ͘ ^K^ Yh/s>E Yh/s>E

^sd>E ďĞƐƚŝĚĞĂŚĞΖƐĞǀĞƌ ğů͛ŝĚĞĂŵŝŐůŝŽƌĞĐŚĞ ƵŶĂĚĞƐƵƐŵĞũŽƌĞƐ ŚĂĚ͘ ŚĂĂǀƵƚŽ͘ ŝĚĞĂƐ͘

sZKE/ ŵŵŵŵ͕ĨŽƵƌƚŝŵĞƐ ŵŵŵŵ͕ƋƵĂƚƚƌŽ ŵŵŵŵ͕ĐƵĂƚƌŽ ƚŚŝƐŵŽƌŶŝŶŐŝƐ ǀŽůƚĞƐƚĂŵĂƚƚŝŶĂƐŽŶŽ ǀĞĐĞƐĞƐƚĂŵĂŹĂŶĂĞƐ ĞŶŽƵŐŚ͘ ĂďďĂƐƚĂŶǌĂ͘ ďĂƐƚĂŶƚĞ͘

<s/E ĨŽƵƌ͍ ƋƵĂƚƚƌŽ͍ ĐƵĂƚƌŽ͍

WĂƚƐǇΖƐĚŝŶĞƌ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

<s/E ŚĞǇ͕ĐĂŶŝĂƐŬǇŽƵ ŚĞǇ͕ƉŽƐƐŽĐŚŝĞĚĞƌƚŝ ŽǇĞ͕ƚĞƉƵĞĚŽ ƐŽŵĞƚŚŝŶŐ͍ ƵŶĂĐŽƐĂ͍ ƉƌĞŐƵŶƚĂƌĂůŐŽ͍

/E ǇĞĂŚ͕ƐƵƌĞ͘ƐŚŽŽƚ͘ ƐŞ͕ĐĞƌƚŽ͕ƐƉĂƌĂ͘ Ɛş͕ĚŝƐƉĂƌĂ͘

<s/E ŚŽǁĚŝĚǇŽƵŬŶŽǁ ĐŽŵĞŚĂŝĐĂƉŝƚŽĚŝ ĐſŵŽƐƵƉŝƐƚĞƋƵĞ ǇŽƵǁĞƌĞŐĂǇ͍ǁĞƌĞ ĞƐƐĞƌĞŐĂǇ͍Ğƌŝ͕ƚŝƉŽ͕ ĞƌĂƐŐĂǇ͍ƚƷĞƌĂƐ ǇŽƵ͕ůŝŬĞ͕ƐƚƌĂŝŐŚƚ͕ ŶŽƌŵĂůĞ͕ĞĚŽƉŽĂǀĞƌ ŚĞƚĞƌŽ͕ŚŝĐŝƐƚĞĂůŐƷŶ ^K ĂŶĚƚŚĞŶƐƚĂƌƚĞĚ ƐƉĞƌŝŵĞŶƚĂƚŽ͕ŚĂŝ DW>/&/d/KE ĞǆƉĞƌŝŵĞŶƚŽǇ >/D/Ed/KE ĞǆƉĞƌŝŵĞŶƚŝŶŐĂŶĚ ĚĞĐŝƐŽĐŚĞŐĂǇƚŝ ĚĞĐŝĚŝƐƚĞƋƵĞƐĞƌŐĂǇ ũƵƐƚĚĞĐŝĚĞĚƚŚĂƚǇŽƵ ƉŝĂĐĞǀĂĚŝƉŝƶ͍ ƚĞŝďĂŵĄƐ͍ ůŝŬĞĚďĞŝŶŐŐĂǇŵŽƌĞ͍

/E ŝŐƵĞƐƐŝũƵƐƚŬŝŶĚĂ ĞŚŵ͕ŵŝƐĂĐŚĞŐŝăůŽ ĞŚŵ͕ǇŽƐŝŵƉůĞŵĞŶƚĞ ŬŶĞǁ͘ ƐĂƉĞǀŽ͘ ůŽƐĂďşĂ͘

<s/E ƐŽǇŽƵǁĞƌĞĂůǁĂǇƐ ƋƵŝŶĚŝĞƌŝŐŝăƐŝĐƵƌŽ ĂƐşƋƵĞƐŝĞŵƉƌĞ ƉŽƐŝƚŝǀĞƚŚĂƚǇŽƵ ĚŝƉƌĞĨĞƌŝƌĞŐůŝ ƐƵƉŝƐƚĞƋƵĞƚĞŝďĂŶ ǁĞƌĞŝŶƚŽĚƵĚĞƐ ƵŽŵŝŶŝ͍ ůŽƐƚşŽƐ͘ ŵŽƌĞ͍

/E ŝŶŽ͕ŝŐƵĞƐƐŶŽƚ ďĞŚ͕ŝŽ͕ƐĂŝĐƌĞĚŽ͕ ŶŽ͕ŶŽĐƌĞĂƐƋƵĞ ƌĞĂůůǇ͘ǇŽƵŬŶŽǁ ŶŽŶƉƌŽƉƌŝŽ͘ƋƵĂŶĚŽ ĚĞƐĚĞƐŝĞŵƉƌĞ͘ ǁŚĞŶǇŽƵΖƌĞǇŽƵŶŐĞƌ͕ ƐĞŝŐŝŽǀĂŶĞƚƵƚƚŝƚŝ ĐƵĂŶĚŽĞƌĞƐƵŶĐƌşŽ ĞǀĞƌǇŽŶĞƚĞůůƐǇŽƵ ĚŝĐŽŶŽĐŚĞ ƚŽĚŽƐƚĞĚŝĐĞŶƋƵĞ ƚŚĂƚǇŽƵΖƌĞƐƵƉƉŽƐĞĚ ĚŽǀƌĞďďĞƌŽƉŝĂĐĞƌƚŝ ƚŝĞŶĞŶƋƵĞŝƌƚĞůĂƐ ƚŽďĞŝŶƚŽŐŝƌůƐ͘ƐŽŝ͕ ůĞƌĂŐĂǌǌĞƋƵŝŶĚŝ͕ŝŽ͕ ƚşĂƐ͕ĂƐşƋƵĞ͕ĐƵĂŶĚŽ ƵŚŝŬŝŶĚĂǁĞŶƚ ŚŽĂƚƚƌĂǀĞƌƐĂƚŽƵŶĂ ƚĞŶşĂŽŶĐĞĂŹŽƐƉĂƐĠ ƚŚƌŽƵŐŚƚŚŝƐǁĞŝƌĚ ƐƚƌĂŶĂĨĂƐĞ͕ƋƵĂŶĚŽ ƉŽƌƵŶĂĨĂƐĞƌĂƌĂĞŶ

ƉŚĂƐĞŝŶĨŝĨƚŚŐƌĂĚĞ ĞƌŽŝŶƋƵŝŶƚĂ͕ŝŶĐƵŝ ƋƵĞŵĞŐƵƐƚĂďĂƵŶĂ ǁŚĞƌĞŝǁĂƐƌĞĂůůǇ ĞƌŽƉƌĞƐŽĚĂƵŶĂ ĐŚŝĐĂ͕ĐĂƌƌŝĞǇĂǌĞů͕ ŝŶƚŽƚŚŝƐĐŚŝĐŬĐĂƌƌŝĞ ƌĂŐĂǌǌĂ͕ĐĂƌƌŝĞǇĂǌĞů͕ ƉĞƌŽŵĞƉĂƌĞĐĞƋƵĞ ǇĂǌĞů͕ďƵƚŝΖŵƉƌĞƚƚǇ ŵĂƐŽŶŽĐĞƌƚŽĐŚĞ ĨƵĞƉŽƌƋƵĞƉĂƌĞĐşĂ ƐƵƌĞŝƚΖƐũƵƐƚΖĐĂƵƐĞ ĨŽƐƐĞƐŽůŽƉĞƌĐŚĠ ƵŶĐŚŝĐŽ͘ ƐŚĞǁĂƐƚŚĞŽŶĞǁŚŽ ƐŽŵŝŐůŝĂǀĂĂƵŶ ůŽŽŬĞĚŵŽƐƚůŝŬĞĂ ŵĂƐĐŚŝŽ͘ ĚƵĚĞ͘

^K^ Yh/s>E Yh/s>E

&ŝŽŶĂΖƐĂƉĂƌƚŵĞŶƚďƵŝůĚŝŶŐ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

sZKE/ ǇŽƵĂƌĞƐŽďĞĂƵƚŝĨƵů͘ ƚƵƐĞŝĐŽƐŞďĞůůĂ͘ ĞƌĞƐƵŶĂĐŚŝĐĂŵƵǇ ŐƵĂƉĂ͘

&/KE ΀ůĂƵŐŚƐ΁ƚŚĂŶŬƐ͘ ΀ůĂƵŐŚƐ΁ŐƌĂǌŝĞ͘ ΀ůĂƵŐŚƐ΁ŐƌĂĐŝĂƐ͘

sZKE/ ǇŽƵŬŶŽǁǁŚĂƚŝũƵƐƚ ƐĂŝĐŚĞŚŽĂƉƉĞŶĂ ƐĂďĞƐĚĞƋƵĞŵĞŚĞ ƌĞĂůŝǌĞĚ͍ ĐĂƉŝƚŽ͍ ĚĂĚŽĐƵĞŶƚĂ͍

&/KE ŝƐƐŽŵĞƚŚŝŶŐǁƌŽŶŐ͍ ƋƵĂůĐŽƐĂŶŽŶǀĂ͍ ƋƵĠƚĞƉĂƐĂ͍

^K^ sZKE/ ŝĨŝǁĞƌĞŐĂǇ͕ŝǁŽƵůĚ ƐĞŝŽĨŽƐƐŝŐĂǇ͕ƚŝ Yh/s>E ƐŝǇŽĨƵĞƌĂŐĂǇ͕ Yh/s>E ďĞĂůůŽǀĞƌǇŽƵ͘ ƐĂůƚĞƌĞŝĂĚĚŽƐƐŽ͘ƐĞŝ ĞƐƚĂƌşĂĐŽŵŽůŽĐĂ ǇŽƵΖƌĞŐŽƌŐĞŽƵƐ͕ĂŶĚ ƐƚƵƉĞŶĚĂĞŝŽŐŝăƚŝ ƉŽƌƚŝ͘ĞƌĞƐƉƌĞĐŝŽƐĂ͕ ŝĂůƌĞĂĚǇůŽǀĞǇŽƵ͕ ĂŵŽŵĂ͕ŶŽŶƐŽŶŽ ǇǇŽƚĞĂĚŽƌŽ͕ƉĞƌŽ ďƵƚŝΖŵũƵƐƚŶŽƚ ŝŶƚĞƌĞƐƐĂƚĂĂůůĂƚƵĂ ŶŽŵĞŝŶƚĞƌĞƐĂŶĂĚĂ ŝŶƚĞƌĞƐƚĞĚŝŶǇŽƵƌ ǀĂŐŝŶĂ͘ĞƋƵĞƐƚŽŵŝ ƚƵǀĂŐŝŶĂ͘ǇĞƐŽŵĞ ǀĂŐŝŶĂ͘ĂŶĚƚŚĂƚƚĞůůƐ ĚŝĐĞĐŚĞŶŽŶƐŽŶŽ ŚĂĐĞǀĞƌƋƵĞŶŽƐŽǇ ŵĞƚŚĂƚŝΖŵŶŽƚĂ ůĞƐďŝĐĂ͘ƐĞŵƉůŝĐĞ ůĞƐďŝĂŶĂ͘ĞƐƉƵƌĂ ůĞƐďŝĂŶ͘ƐŝŵƉůĞůŽŐŝĐ͘ ůŽŐŝĐĂ͘ ůſŐŝĐĂ͘

&/KE ĚŽĞƐƚŚŝƐŚĂǀĞ ƋƵĞƐƚŽŚĂĂĐŚĞĨĂƌĞ ĞƐƚŽƚŝĞŶĞĂůŐŽƋƵĞ ĂŶǇƚŚŝŶŐƚŽĚŽǁŝƚŚ ĐŽŶů͛ŝŶǀĂƐŝŽŶĞƌƵƐƐĂ ǀĞƌĐŽŶůĂŶƵĞǀĂ ƚŚĞƌƵƐƐŝĂŶŝŶǀĂƐŝŽŶ ŶĞůůĂƚƵĂƉĂƐƐĞƌĂĚŝ ŝŶǀĂƐŝſŶƌƵƐĂĚĞƚƵ ŽĨǇŽƵƌƉƵƐƐŽŝƌ ŶƵŽǀŽ͍ ĞŶƚƌĞƉŝĞƌŶĂ͍ ĂŐĂŝŶ͍

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^sd>E ŝĨǇŽƵǁĂŶƚƚŽ ƐĞǀƵŽŝƐƉĞƌŝŵĞŶƚĂƌĞ ƐŝƋƵŝĞƌĞƐ ĞǆƉĞƌŝŵĞŶƚ͕ǇŽƵ ĚŽǀƌĞƐƚŝĨĂƌůŽĐŽŶ ĞǆƉĞƌŝŵĞŶƚĂƌŚĂǌůŽ ƐŚŽƵůĚĚŽƐŽǁŝƚŚ ŝŶƐĞŐŶĂŶƚĞĞƐƉĞƌƚŽ͘ ĐŽŶƉƌŽĨĞƐŽƌ ĞǆƉĞƌŝĞŶĐĞĚƚĞĂĐŚĞƌ͘ ĞǆƉĞƌŝŵĞŶƚĂĚŽ͘

<s/E ǇĞĂŚ͕ŵĂǇďĞ͕ďƵƚŝ ƐŞ͕ĨŽƌƐĞ͕ŵĂŶŽŶŵŝ ƉŽĚƌşĂŚĂĐĞƌůŽ͕ƉĞƌŽ ũƵƐƚĚŽŶΖƚĨĞĞůǀĞƌǇ ƐĞŶƚŽŵŽůƚŽŐĂǇ͘ ŶŽŵĞƐŝĞŶƚŽŵƵǇ ŐĂǇ͘ ŐĂǇ͘

^sd>E ŵĂŶ͕ǁŽŵĂŶǁŚĂƚ ƵŽŵŽ͕ĚŽŶŶĂ͕ĐŚĞ ŚŽŵďƌĞ͕ŵƵũĞƌ͕ƋƵĠ ĚŝĨĨĞƌĞŶĐĞĚŽĞƐŝƚ ĚŝĨĨĞƌĞŶǌĂĨĂƐĞƉƌŽǀŝ ĚŝĨĞƌĞŶĐŝĂŚĂǇƐŝ ŵĂŬĞŝĨǇŽƵŐĞƚ ƉŝĂĐĞƌĞ͍ƵŶĐĂǌǌŽ ƚŝĞŶĞƐƉůĂĐĞƌ͍ƵŶĂ ƉůĞĂƐƵƌĞ͍ĂĐŽĐŬŝƐ ŶŽŶğĂůƚƌŽĐŚĞ ƉŽůůĂŶŽĞƐŵĄƐƋƵĞ ŶŽƚŚŝŶŐŵŽƌĞƚŚĂŶĂ ĐůŝƚŽƌŝĚĞĚĞĨŽƌŵĂƚŽ͘ ƵŶĐůşƚŽƌŝƐĚĞĨŽƌŵĞ͘ ĚĞĨŽƌŵĞĚĐůŝƚŽƌŝƐ͘

<s/E ŝĚŽŶΖƚŚĂǀĞǀĞƌǇ ĞŚ͕ŶŽŶŚŽƵŶďƵŽŶ ĞŚ͕ŶŽƚĞŶŐŽŽůĨĂƚŽ ŐŽŽĚŐĂǇĚĂƌ͘ŝ ŐĂǇƌĂĚĂƌ͕ŶŽŶƐŽ ƉĂƌĂůŽƐŐĂŝƐ͕ŶŽ ǁŽƵůĚŶΖƚŬŶŽǁǁŚĞƌĞ ĚŽǀĞĐĞƌĐĂƌĞ͘ ƐĂďƌşĂĚſŶĚĞďƵƐĐĂƌ͘ ƚŽůŽŽŬ͘

^sd>E ĚŽŶŽƚůŽŽŬƉĂƐƚƚŚĞ ŶŽŶŝŐŶŽƌĂƌĞĂůďĞƌŝƐĞ ŶŽĚĞũĞƐƋƵĞĂƌďŽůĞƐ ƚƌĞĞƐƚŽƚŚĞĨŽƌĞƐƚ͘ ĐĞƌĐŚŝĨŽƌĞƐƚĂ͘ ƚĞŝŵƉŝĚĂŶǀĞƌĞů ďŽƐƋƵĞ͘

<s/E ǁŚĂƚƚŚĞŚĞůůĚŽĞƐ ĐŚĞĐĂǌǌŽƐŝŐŶŝĨŝĐĂ͍ğ ǇĞƐŽƋƵĠĐŽŹŽ ƚŚĂƚŵĞĂŶ͍ŝƐƚŚĂƚ ƵŶƉƌŽǀĞƌďŝŽĚĞůůĞ ƐŝŐŶŝĨŝĐĂ͍ĞƐƵŶ ƐŽŵĞƌƵƐƐŝĂŶƉƌŽǀĞƌď ƚƵĞƉĂƌƚŝ͍ƉĞƌĐŚĠŵŝ ƉƌŽǀĞƌďŝŽƌƵƐŽŽĂůŐŽ ŽƌƐŽŵĞƚŚŝŶŐ͍ΖĐĂƵƐĞ ĐŽŶĨŽŶĚĞĞŶŽŶŵŝ ĂƐş͍ƉŽƌƋƵĞĞƐŵƵǇ ŝƚΖƐǀĞƌǇĐŽŶĨƵƐŝŶŐ ĂŝƵƚĂ͘ ĐŽŶĨƵƐŽǇŶŽĂǇƵĚĂ͘ ĂŶĚŶŽƚŚĞůƉŝŶŐ͘

^sd>E Śŵ͍ Śŵ͍ Śŵ͍

<s/E ǁŚĂƚ͍ĚŽŶǁĞƐƐĞůΖƐ ĐŽƐĂ͍ŝůĨŝŐůŝŽĚŝĚŽŶ ƋƵĠ͍ĞůŚŝũŽĚĞĚŽŶ ŬŝĚ͍ ǁĞƐƐĞů͍ ǁĞƐƐĞů͍

^sd>E ŵŵŚŵ͘ ŵŵŚŵ͘ ŵŵŚŵ͘

^K^ <s/E ŚĞǁĂƐĨŝƌƐƚƚĞĂŵĂůů ĞƌĂŝůŵŝŐůŝŽƌ Yh/s>E ƐŝŚĂƐƚĂŚĂĐĞƵŶŽƐ Yh/s>E

ĐŝƚǇůŝŶĞďĂĐŬĞƌĂĨĞǁ ĚŝĨĞŶƐŽƌĞĚŝƚƵƚƚŽŝů ĂŹŽƐĞƌĂĚĞĨĞŶƐĂĚĞ ǇĞĂƌƐĂŐŽ͘ ůŝĐĞŽĂŶŶŝĨĂ͘ ĨƷƚďŽů͘

:Ăŝů͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^K WK>/K&&/ZdK ƚŚĞƌĞΖƐĂŐĂǇŐƵǇ͕Ă ƵŶƚŝǌŝŽŐĂǇ͕ƵŶŶĞƌŽ Yh/s>E ŚĂŶǀĞŶŝĚŽƵŶĐŚŝĐŽ Yh/s>E Z / ďůĂĐŬĚƵĚĞ͕ĂŶĚĂ ĞƵŶƚĞƌƌŽƌŝƐƚĂĐŽŶ Yh/s>E ŐĂǇ͕ƵŶŶĞŐƌŽǇƵŶ Yh/s>E d, ƚĞƌƌŽƌŝƐƚǁŝƚŚĂďĂďǇ ƵŶĂďŝŵďĂŚĂŶŶŽ Yh/s>E ƚĞƌƌŽƌŝƐƚĂĐŽŶƵŶ Yh/s>E ŚĞƌĞƚŽďĂŝůǇŽƵŽƵƚ͘ ƉĂŐĂƚŽůĂĐĂƵǌŝŽŶĞ͘ ďĞďĠĂƉĂŐĂƌƚƵ ĨŝĂŶǌĂ͘

WŚĂƌŵĂĐǇ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/ ĚĂŶŐŝƚ͊ĂŚ͕ǁĞΖƌĞ ĚĂŶŶĂǌŝŽŶĞ͕ŝůƚĞŵƉŽ ŵŝĞƌĚĂ͕ƐĞŵĞĞƐƚĄ ƌƵŶŶŝŶŐŽƵƚŽĨƚŝŵĞ͊ ƐƚĂƉĞƌĨŝŶŝƌĞ͊ ĂĐĂďĂŶĚŽĞůƚŝĞŵƉŽ͊

&Z, ŝŐŽƚƚŚŝƐ͘ ĐŝƉĞŶƐŽŝŽ͘ ĚĠũĂŵĞĂŵş͘

sz ŝΖůůŐĞƚƚŚĞƉŝůůƐ͘ ƉƌĞŶĚŽŝŽůĂƉŝůůŽůĂ͘ ǇŽƚĞůĂƉŝĚŽ͘

E^ &Z, ĂůůĂŚƵĂŬďĂƌ͊ ĂůůĂŚƵĂŬďĂƌ͊ Yh/s>E ĂůĄĂŬďĂƌ͊ Yh/s>E Z^ ΀ŽǀĞƌůĂƉƉŝŶŐ ΀ŽǀĞƌůĂƉƉŝŶŐ Yh/s>E ΀ŽǀĞƌůĂƉƉŝŶŐ Yh/s>E ƐŚŽƵƚŝŶŐ΁ ƐŚŽƵƚŝŶŐ΁ ƐŚŽƵƚŝŶŐ΁

tKDE ƐĞƌŝŽƵƐůǇ͍ ƋƵĠĚŝĐĞ͍

&Z, ĂůůĂŚΖĂŬďĂƌ͊ĂůůĂŚ͊ ĂůůĂŚΖĂŬďĂƌ͊ĂůůĂŚ͊ ĂůĄĂŬďĂƌ͊ ΀ŽǀĞƌůĂƉƉŝŶŐ ΀ŽǀĞƌůĂƉƉŝŶŐ ΀ŽǀĞƌůĂƉƉŝŶŐ ƐŚŽƵƚŝŶŐ΁ ƐŚŽƵƚŝŶŐ΁ǀĂŝĨƌĂƚĞůůŽ͘ ƐŚŽƵƚŝŶŐ΁ĂůĄĂŬďĂƌ͊

DE ĐŽŵĞŽŶ͕ůĞƚΖƐŐŽ͊

sz ĐĂŶŝŚĂǀĞƚŚĞ ůĂƉŝůůŽůĂĚĞůŐŝŽƌŶŽ ŵĞĚĂƵŶĂƉşůĚŽƌĂĚĞů ŵŽƌŶŝŶŐĂĨƚĞƌƉŝůů͕ ĚŽƉŽ͕ƉƌĞŐŽ͘ ĚşĂĚĞƐƉƵĠƐ͍ ƉůĞĂƐĞ͍

2FFXS\)LRQD 6HDVRQ(SLVRGH &ŝŽŶĂΖƐĂƉĂƌƚŵĞŶƚďƵŝůĚŝŶŐ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&/KE ŝƌĞĂĚĂďŽƵƚŝƚŽŶůŝŶĞ͘ ů͛ŚŽůĞƚƚŽŽŶůŝŶĞ͘ ůŽŚĞůĞşĚŽĞŶ ǇŽƵƉƵƚĂďĂŐŽĨ ŵĞƚƚŝƵŶƐĂĐĐŚĞƚƚŽĚŝ ŝŶƚĞƌŶĞƚ͘ƉŽŶĞƐƵŶ ůĞŵŽŶƐŝŶƚŽĂ ůŝŵŽŶŝŝŶƵŶĂĐŝŽƚŽůĂ ŵŽŶƚſŶĚĞůŝŵŽŶĞƐ ĐĞƌĂŵŝĐďŽǁů͕ĂŶĚ ĚŝĐĞƌĂŵŝĐĂĞďĂŵ͕ ĞŶƵŶĨƌƵƚĞƌŽĚĞ ďĂŵ͕ƌĞŶƚŐŽĞƐƵƉ ů͛ĂĨĨŝƚƚŽĂƵŵĞŶƚĂĚŝ ĐĞƌĄŵŝĐĂǇďĂŵ͕Ğů ůŝŬĞĂŚƵŶĚƌĞĚďƵĐŬƐ͘ ĐĞŶƚŽĚŽůůĂƌŝ͘ů͛ĞƌďĂ ĂůƋƵŝůĞƌƐƵďĞĚĞ ŚŝƉƐƚĞƌĐĂƚŶŝƉ͘ ŐĂƚƚĂĚĞŐůŝŚŝƉƐƚĞƌ͘ ŐŽůƉĞĐŝĞŶƉĂǀŽƐ͘ƐŽŶ ƵŶĐĞďŽƉĂƌĂůŽƐ ^^ Yh/s>E ŚşƉƐƚĞƌƐ͘ Yh/s>E

E^^ ůĞŵŽŶƐ͍ŝǁŽƵůĚŚĂǀĞ ůŝŵŽŶŝ͍ƉĞŶƐĂǀŽĐŚĞ ůŽƐůŝŵŽŶĞƐ͍ǇŽĐƌĞşĂ ƚŚŽƵŐŚƚǁĞŚŝƉƐƚĞƌƐ ĂŶŽŝŚŝƉƐƚĞƌ ĂůŽƐŚşƉƐƚĞƌƐŶŽƐ ǁŽƵůĚďĞŝŶƚŽĨŝŐƐ͕Žƌ͕ ƉŝĂĐĞƐƐĞƌŽŝĨŝĐŚŝ ŝďĂŶůŽƐŚŝŐŽƐŽĞů ůŝŬĞ͕ƉĂŵƉůĞŵŽƵƐƐĞ ŽƉƉƵƌĞůĂ ĂŐƵĂŵŝŶĞƌĂůĐŽŶ ůĂĐƌŽŝǆ͘ ƉĂŵƉůĞŵŽƵƐƐĞ ƐĂďŽƌĞƐ͘ ůĂĐƌŽŝǆ͘

&/KE ŶŽƉĞ͕ůĞŵŽŶƐŝŶĂ ŶŽ͕ƐĞƌǀŽŶŽŝůŝŵŽŶŝ ŶŽ͕ůŝŵŽŶĞƐĞŶƵŶ ĚĂŵŶďŽǁůŝƐĂůůŝƚ ŝŶƵŶĂĐĂǌǌŽĚŝ ĨƌƵƚĞƌŽĞƐůŽƷŶŝĐŽ ƚĂŬĞƐĨŽƌǇŽƵŐƵǇƐƚŽ ĐŝŽƚŽůĂƉĞƌĨĂƌǀŝ ƋƵĞŚĂĐĞĨĂůƚĂƉĂƌĂ ǁĂŶƚƚŽďĞƌĞŶƚ ĨƌĞŐĂƌĞƐƵůů͛ĂĨĨŝƚƚŽ͘ ƚŝŵĂƌŽƐĐŽŶĞů ƌĂƉĞĚ͘ ĂůƋƵŝůĞƌ͘

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ĨƌĂŶŬŐĂůůĂŐŚĞƌ͘ ĨƌĂŶŬŐĂůůĂŐŚĞƌ͘ ĨƌĂŶŬŐĂůůĂŐŚĞƌ͘

DE ĂŬƌĂŵ͘ ĂŬƌĂŵ͘ ĂŬƌĂŵ͘

&ZE< ĂŬƌĂŵ͕ŵǇĨƌŝĞŶĚ͘ƚŚŝƐ ĂŬƌĂŵ͕ĂŵŝĐŽŵŝŽ͘ ĂŬƌĂŵ͕ĂŵŝŐŽŵşŽ͘ ĐŽƵůĚďĞǇŽƵƌůƵĐŬǇ ĨŽƌƐĞğŝůƚƵŽŐŝŽƌŶŽ ŚŽǇĞƐƚƵĚşĂĚĞ ĚĂǇ͘ƉƌĂŝƐĞĂůůĂŚ͘ ĨŽƌƚƵŶĂƚŽ͘ƐŝĂůŽĚĂƚŽ ƐƵĞƌƚĞ͘ƐŝĂůĄƋƵŝĞƌĞ͘ ĂůůĂŚ͘ Z^ Yh/s>E Yh/s>E

)UDQN VQRUWKHUQVKXWWOHH[SUHVV 6HDVRQ(SLVRGH 'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ƵŚ͕ƚŚĂŶŬǇŽƵĨŽƌ ĂŚ͕ŐƌĂǌŝĞĚŝĞƐƐĞƌĞ ĞŚŵ͕ŐƌĂĐŝĂƐƉŽƌ ďĞŝŶŐŚĞƌĞƚŚŝƐ ǀĞŶƵƚŝƐƚĂŵĂƚƚŝŶĂ͘ ǀĞŶŝƌĞƐƚĂŵĂŹĂŶĂ͘ ŵŽƌŶŝŶŐ͘ŝǁĂŶƚǇŽƵ ǀŽŐůŝŽĐŚĞƐĂƉƉŝĂƚĞ ƋƵŝĞƌŽƋƵĞƐĞƉĄŝƐ ƚŽŬŶŽǁƚŚĂƚũƵƐƚ ĐŚĞ͕ĂŶĐŚĞƐĞ ƋƵĞƐŽůŽƉŽƌƋƵĞ ďĞĐĂƵƐĞǇŽƵůŽŽŬůŝŬĞ ƐĞŵďƌĂƚĞĚĞŝ ƉĂƌĞǌĐĄŝƐƚĞƌƌŽƌŝƐƚĂƐ͕ ƚĞƌƌŽƌŝƐƚƐ͕ĚŽĞƐŶΖƚ ƚĞƌƌŽƌŝƐƚŝ͕ŶŽŶ ŶŽƐĞŽƐĚĞďĞƚƌĂƚĂƌ ŵĞĂŶǇŽƵƐŚŽƵůĚďĞ ƐŝŐŶŝĨŝĐĂĐŚĞ ĐŽŵŽƐŝůŽĨƵĞƌĂŝƐ͘Ǉ E^ ƚƌĞĂƚĞĚůŝŬĞΖĞŵ͘ƵŶƚŝů ĚĞďďĂŶŽƚƌĂƚƚĂƌǀŝ Yh/s>E ŚĂƐƚĂƋƵĞĞƐƚĞƉĂşƐ Yh/s>E Z^ ĂŵĞƌŝĐĂĐĂŶ ĐŽŵĞƚĂůŝ͘ĨŝŶĐŚĠ Yh/s>E ĂƉƌĞŶĚĂĂĚŝƐƚŝŶŐƵŝƌ Yh/s>E ĚŝƐƚŝŶŐƵŝƐŚďĞƚǁĞĞŶ ůΖĂŵĞƌŝĐĂŶŽŶ ĞŶƚƌĞůŽƐŵŽƌŽƐ ŐŽŽĚďƌŽǁŶƉĞŽƉůĞ ĚŝƐƚŝŶŐƵĞƌăƚƌĂŐĞŶƚĞ ďƵĞŶŽƐǇůŽƐŵŽƌŽƐ ĂŶĚďĂĚďƌŽǁŶ ƐĐƵƌĂďƵŽŶĂĞŐĞŶƚĞ ŵĂůŽƐ͕ƚĞŶĚƌĠůĂ ƉĞŽƉůĞ͕ŝƚΖƐŵǇŐŽĂů ƐĐƵƌĂĐĂƚƚŝǀĂ͕ŝůŵŝŽ ŵŝƐŝſŶĚĞŚĂĐĞƌŽƐ ƚŽŐĞƚǇŽƵĂůůƐĂĨĞůǇ ŽďŝĞƚƚŝǀŽƐĂƌă ĐƌƵǌĂƌƐĂŶŽƐǇƐĂůǀŽƐ ĂĐƌŽƐƐƚŚĞďŽƌĚĞƌ ƉŽƌƚĂƌǀŝĂůƐŝĐƵƌŽ ůĂĨƌŽŶƚĞƌĂĐŽŶ Z ŝŶƚŽĐĂŶĂĚĂ͘ ŽůƚƌĞŝůĐŽŶĨŝŶĞĚĞů DW>/&/d/KE ĐĂŶĂĚĄ͘ DW>/&/d/KE ĐĂŶĂĚĂ͘

:ĂŵŝĞΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/E ŚĞǇ͕ŐĞŶĞǀĂƐĂŝĚǇŽƵ ŐĞŶĞǀĂĚŝĐĞĐŚĞƐĞŝ ŐĞŶĞǀĂĚŝĐĞƋƵĞ ǁĞŶƚƚŽƐŽŵĞ ƐƚĂƚŽŝŶĐŚŝĞƐĂƉĞƌ ĨƵŝƐƚĞĂƵŶĂŝŐůĞƐŝĂĚĞ ĐŽŶǀĞƌƐŝŽŶĐŚƵƌĐŚ͍ ĐŽŶǀĞƌƚŝƌƚŝ͘ ĐŽŶǀĞƌƐŝſŶ͘

:D/ ŵǇƉĂƌĞŶƚƐĨŽƵŶĚŝƚ͘ ů͛ŚĂŶŶŽƚƌŽǀĂƚĂŝ ůĂĞŶĐŽŶƚƌĂƌŽŶŵŝƐ ƉůĂĐĞŽǀĞƌŽŶ ŵŝĞŝ͘ƵŶƉŽƐƚŽƐƵůůĂ ƉĂĚƌĞƐ͘ĞƐƚĄĞŶ ŐĂƌĨŝĞůĚ͘ƚŚŝƐƉĂƐƚŽƌ ŐĂƌĨŝĞůĚ͘ƋƵĞƐƚŽ ŐĂƌĨŝĞůĚ͘ĞůƉĂƐƚŽƌ ƚƵƌŶƐŚŽŵŽƐďĂĐŬƚŽ ƉĂƐƚŽƌĞĨĂƚŽƌŶĂƌĞŐůŝ ĐŽŶǀŝĞƌƚĞĂůŽƐŐĂŝƐ ŶŽƌŵĂů͘ŚĞƐĂǇƐŝΖŵ ŽŵŽƐĞƐƐƵĂůŝŶŽƌŵĂůŝ͘ ĞŶŶŽƌŵĂůĞƐ͘ĚŝĐĞ ƐŽŵƵĐŚŽĨĂĨĂŐƚŚĂƚ ĚŝĐĞĐŚĞƐŽŶŽĐŽƐŞ ƋƵĞƐŽǇƚĂŶŵĂƌŝĐĂ ^K ŝŶĞĞĚŵŽƌĞƐĞƐƐŝŽŶƐ ĨƌŽĐŝŽĐŚĞĐŝǀƵŽůĞ Yh/s>E ƋƵĞŶĞĐĞƐŝƚŽŵĄƐ Yh/s>E ƚŽďĞƐĂǀĞĚďǇŐŽĚ͘ ƚĞŵƉŽƉĞƌĞƐƐĞƌĞ ƐĞƐŝŽŶĞƐƉĂƌĂƐĂůǀĂƌ ^K ƐĂůǀĂƚŽĚĂĚŝŽ͘ Yh/s>E ŵŝĂůŵĂ͘ Yh/s>E

Z/D Yh/s>E Yh/s>E

/E ǇŽƵĚŽŶΖƚŶĞĞĚƚŽďĞ ŶŽŶƚŝƐĞƌǀĞĞƐƐĞƌĞ ŶŽŚĂĐĞĨĂůƚĂƋƵĞĠů ƐĂǀĞĚ͘ ƐĂůǀĂƚŽ͘ ƚĞƐĂůǀĞ͘

:D/ ΀ĐŚƵĐŬůĞƐ΁ǇĞĂŚ͘ ΀ĐŚƵĐŬůĞƐ΁Őŝă͘ŐŝƵƐƚŽ͘ ΀ĐŚƵĐŬůĞƐ΁ǇĂ͘ĐůĂƌŽ͘ ƌŝŐŚƚ͘

&ƌĂŶŬďƌŝŶŐƐŝůůĞŐĂůŝŵŵŝŐƌĂŶƚƐĨƌŽŵƚŚĞh^ŽǀĞƌƚŚĞďŽƌĚĞƌŝŶƚŽĂŶĂĚĂ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^DZ ǁŚĂƚΖƐĐĂŶĂĚĂůŝŬĞ͕ ĞĐŽŵ͛ğŝůĐĂŶĂĚĂ͕ ĐſŵŽĞƐĐĂŶĂĚĄ͕ ŵƌĨƌĂŶŬ͍ ƐŝŐŶŽƌĨƌĂŶŬ͍ ƐĞŹŽƌĨƌĂŶŬ͍

&ZE< ǁĞůů͕ŝƚΖƐǁŝůĚĞƌŶĞƐƐ ďĞŚ͕ğƵŶĂůĂŶĚĂ ƉƵĞƐ͕ŚĂǇďŽƐƋƵĞƐǇ ĂƐĨĂƌĂƐƚŚĞĞǇĞĐĂŶ ĚĞƐŽůĂƚĂĂƉĞƌĚŝƚĂ ŶĂƚƵƌĂůĞǌĂŚĂƐƚĂ ƐĞĞ͘ĨŝůůĞĚǁŝƚŚŵĂƉůĞ Ě͛ŽĐĐŚŝŽ͘ƉŝĞŶĂĚŝ ĚŽŶĚĞĂůĐĂŶǌĂůĂ ƚƌĞĞƐƚŚĂƚŚĂǀĞĂŶ ĂůďĞƌŝĚ͛ĂĐĞƌŽĐŚĞ ǀŝƐƚĂ͘ďŽƐƋƵĞƐůůĞŶŽƐ ĞŶĚůĞƐƐƐƵƉƉůǇŽĨ ŚĂŶŶŽƵŶĂƐĐŽƌƚĂ ĚĞĂƌĐĞƐƋƵĞ ŵĂŐŝĐĂůƐǇƌƵƉŝŶƚŚĞŝƌ ŝŶĨŝŶŝƚĂĚŝŵĂŐŝĐŽ ĐŽŶƚŝĞŶĞŶƵŶĂ ƚƌƵŶŬƐ͘ ƐĐŝƌŽƉƉŽŶĞůƚƌŽŶĐŽ͘ ĐĂŶƚŝĚĂĚŝůŝŵŝƚĂĚĂĚĞ ƐŝƌŽƉĞĚĞŶƚƌŽĚĞƐƵƐ ƚƌŽŶĐŽƐ͘

&dD, ŝǁŽƵůĚůŝŬĞƚŽƚƌǇ ǀŽƌƌĞŝƉƌŽǀĂƌĞŝů ǇŽƋƵŝĞƌŽƉƌŽďĂƌĞů

ŵĂŐŝĐĂůƐǇƌƵƉ͘ ŵĂŐŝĐŽƐĐŝƌŽƉƉŽ͘ ƐŝƌŽƉĞĚĞĂƌĐĞ͘

&ZE< ǇŽƵǁŝůů͕ĨĂƚĞŵĞŚ͘ ůŽĨĂƌĂŝ͕ĨĂƚŝŵĂ͘Ğ ůŽƉƌŽďĂƌĄƐ͕ĨĂƚŝŵĂ͘Ǉ ǇŽƵǁŝůůĂůƐŽƌĞĐĞŝǀĞ ĂǀƌĂŝĂŶĐŚĞŵĞǌǌŽ ƚĂŵďŝĠŶǀĂŝƐĂ ĂƉŽƵŶĚŽĨĐĂŶĂĚŝĂŶ ĐŚŝůŽĚŝƉĂŶĐĞƚƚĂ ƌĞĐŝďŝƌƵŶŬŝůŽĚĞ ďĂĐŽŶ͕ĂƉĂŝƌŽĨŝĐĞ ĐĂŶĂĚĞƐĞ͕ƉĂƚƚŝŶŝĚĂ ďĞŝĐŽŶĐĂŶĂĚŝĞŶƐĞ͕ E^ ƐŬĂƚĞƐĂŶĚĂŐŝĨƚĐĂƌĚ ŐŚŝĂĐĐŝŽĞƵŶĂĐĂƌĚ Yh/s>E ƵŶŽƐƉĂƚŝŶĞƐĚĞŚŝĞůŽ Yh/s>E ƚŽƚŝŵŚŽƌƚŽŶƐĂƐĂ ĚŝĐĂĨĨğŚŽƌƚŽŶƐ ǇƵŶĐƵƉſŶƉĂƌĂƚŝŵ ǁĞůĐŽŵĞŐŝĨƚ͘ ĐŽŵĞƌĞŐĂůŽĚŝ ŚŽƌƚŽŶƐƋƵĞƐŽŶƐƵƐ ďĞŶǀĞŶƵƚŽ͘ ĐĂĨĞƚĞƌşĂƐ͘

>> ŽŚ͕ǁŽǁ͘ǁŽǁ͊ ŽŚ͕ǁŽǁ͘ǁŽǁ͊ ĂŚ͕ǀĂǇĂ͊

ŽŶǀĞƌƐŝŽŶĐŚƵƌĐŚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

W^dKZ ůĞǀŝƚŝĐƵƐƚǁĞŶƚǇ ůĞǀŝƚŝĐŽǀĞŶƚŝƚƌĞĚŝĐŝ ĞŶĞůůĞǀşƚŝĐŽǀĞŝŶƚĞ ƚŚŝƌƚĞĞŶƐĂǇƐŝĨĂŵĂŶ ĚŝĐĞƐĞƵŶƵŽŵŽ ƚƌĞĐĞƐĞĚŝĐĞƋƵĞƐŝƵŶ ĂůƐŽůŝĞƐǁŝƚŚ ŐŝĂĐĞĐŽŶƵŶƵŽŵŽ ŚŽŵďƌĞǇĂĐĞĐŽŶŽƚƌŽ ŵĂŶŬŝŶĚĂƐŚĞůŝĞƚŚ ĐŽŵĞŐŝĂĐĞƌĞďďĞĐŽŶ ŚŽŵďƌĞ͕ĐŽŵŽǇĂĐĞ ǁŝƚŚĂǁŽŵĂŶ͕ďŽƚŚ ƵŶĂĚŽŶŶĂ͕ĞŶƚƌĂŵďŝ ĐŽŶƵŶĂŵƵũĞƌ͕ĂŵďŽƐ ŽĨƚŚĞŵŚĂǀĞ ĐŽŵŵĞƚƚŽŶŽ ĐŽŵĞƚĞƌĄŶƵŶĂ ĐŽŵŵŝƚƚĞĚĂŶ ĂďŽŵŝŶŝŽ͘ ĂďŽŵŝŶĂĐŝſŶ͘ ĂďŽŵŝŶĂƚŝŽŶ͘

>> ƉƌĂŝƐĞƚŚĞůŽƌĚ͘ ƉƌĞŐŚŝĂŵŽŝůƐŝŐŶŽƌĞ͘ Ɛş͕Ɛş͕Ɛş͘

W^dKZ ďƵƚǁĞĂƌĞŚĞƌĞ ŵĂƐŝĂŵŽƋƵŝŽŐŐŝ ƐŝŶĞŵďĂƌŐŽ͕ŚŽǇ ƚŽĚĂǇƚŽŐŝǀĞƐǁĞĞƚ ƉĞƌĚĂƌĞĂůůĂĚŽůĐĞ ĞƐƚĂŵŽƐĂƋƵşƉĂƌĂĚĂƌ ƚĂŵŵǇĂĐŚĂŶĐĞƚŽ ƚĂŵŵǇů͛ŽƉƉŽƌƚƵŶŝƚă ĂůĂĚƵůĐĞƚĂŵŵǇůĂ ƌĞĚĞĞŵŚĞƌƐĞůĨŝŶƚŚĞ ĚŝƌĞĚŝŵĞƌƐŝĂŐůŝŽĐĐŚŝ ŽĐĂƐŝſŶĚĞƉŽĚĞƌ ĞǇĞƐŽĨƚŚĞůŽƌĚĂŶĚ ĚĞůƐŝŐŶŽƌĞƌŝƚŽƌŶĂƌĞ ƌĞĚŝŵŝƌƐĞĂŶƚĞůŽƐŽũŽƐ ƌĞƚƵƌŶďĂĐŬƚŽŚĞƌ ĂĨĂƌƉĂƌƚĞĚĞů ĚĞŶƵĞƐƚƌŽƐĞŹŽƌǇĚĞ ĨůŽĐŬ͘ ŐƌĞŐŐĞ͘ ǀŽůǀĞƌĂƐƵƌĞďĂŹŽ͘

/E ĂƌĞǇŽƵĨƵĐŬŝŶΖ ĐĂǌǌŽ͕ƐƚĂ ĞƐƚŽŶŽƉƵĞĚĞƐĞƌ͕ ŬŝĚĚŝŶŐŵĞ͍ ƐĐŚĞƌǌĂŶĚŽ͍ ǀĞƌĚĂĚ͍

W^dKZ ŵĂƚƚŚĞǁĞŝŐŚƚĞĞŶ ŵĂƚƚĞŽĚŝĐŝŽƚƚŽĚŝĐĞ ĞŶŵĂƚĞŽƐĚŝĞĐŝŽĐŚŽ ƐĂǇƐǁĞŵƵƐƚ ĚŝĂĨĨƌŽŶƚĂƌĞŝů ƐĞĚŝĐĞƋƵĞĚĞďĞŵŽƐ ĐŽŶĨƌŽŶƚƚŚĞƐŝŶŶĞƌ ƉĞĐĐĂƚŽƌĞĞĚĂŐůŝ ŚĂďůĂƌĐŽŶĞůƉĞĐĂĚŽƌ ĂŶĚŐŝǀĞŚŝŵĂ ů͛ŽƉƉŽƌƚƵŶŝƚăĚŝ ƉĂƌĂĚĂƌůĞůĂ ĐŚĂŶĐĞƚŽƌĞƉĞŶƚ͘ƐŽ͕ ƉĞŶƚŝƌƐŝ͘ƉĞƌĐŝžƚŝ ŽƉŽƌƚƵŶŝĚĂĚĚĞ ŝĂƐŬǇŽƵŝŶĨƌŽŶƚŽĨ ĐŚŝĞĚŽ͕ĚĂǀĂŶƚŝĂůůĂ ĂƌƌĞƉĞŶƚŝƌƐĞ͕ĂƐşƋƵĞ ǇŽƵƌĨĂŵŝůǇ͕ƚĂŵŵǇ͕ ƚƵĂĨĂŵŝŐůŝĂ͕ƚĂŵŵǇ͕ ǇŽƚĞƉƌĞŐƵŶƚŽ ĚŽǇŽƵǁĂŶƚƚŽďĞ ǀƵŽŝĞƐƐĞƌĞĐƵƌĂƚĂ ĚĞůĂŶƚĞĚĞƚƵĨĂŵŝůŝĂ͕ ĐƵƌĞĚŽĨƚŚĞ ĚĂůůĂŵĂůĂƚƚŝĂ ƚĂŵŵǇ͕ƋƵŝĞƌĞƐƐĞƌ ŚŽŵŽƐĞǆƵĂůŝƚǇ ĚĞůů͛ŽŵŽƐĞƐƐƵĂůŝƚăĞ ĐƵƌĂĚĂĚĞůŵĂůĚĞůĂ ĚŝƐĞĂƐĞĂŶĚŐŽďĂĐŬ ƚŽƌŶĂƌĞĂĞƐƐĞƌĞƵŶĂ ŚŽŵŽƐĞǆƵĂůŝĚĂĚ͕ƉĂƌĂ ƚŽďĞŝŶŐĂŶŽƌŵĂů ƌĂŐĂǌǌĂŶŽƌŵĂůĞ͍ ǀŽůǀĞƌĂƐĞƌƵŶĂĐŚŝĐĂ ŐŝƌůĂŐĂŝŶ͍ ŶŽƌŵĂů͍ ^K Yh/s>E Yh/s>E Z/D Yh/s>E Yh/s>E

dDDz ΀ƐŶŝĨĨůĞƐ΁ǇĞƐ͘ ΀ƐŶŝĨĨůĞƐ΁ƐŞ͘ ΀ƐŶŝĨĨůĞƐ΁Ɛş͘

dZsKZ ΀ƐŝŐŚƐ΁ũĞƐƵƐ͘ ΀ƐŝŐŚƐ΁ŐĞƐƶ͘ ΀ƐŝŐŚƐ΁ũŽĚĞƌ͘

W^dKZ ĚŽǇŽƵǁĂŶƚŐŽĚ ƌŝǀƵŽŝĚŝŽŶĞůůĂƚƵĂ ƋƵŝĞƌĞƐǀŽůǀĞƌĂƚĞŶĞƌ ďĂĐŬŝŶǇŽƵƌůŝĨĞ͕ ǀŝƚĂ͕ƚĂŵŵǇ͍ ĂĚŝŽƐĞŶƚƵǀŝĚĂ͍ ƚĂŵŵǇ͍

dDDz ŝĚŽ͘΀ĐƌǇŝŶŐ΁ ůŽǀŽŐůŝŽ͘΀ĐƌǇŝŶŐ΁ Ɛş͕ƋƵŝĞƌŽ͘΀ĐƌǇŝŶŐ΁

W^dKZ ŚĞĐĂŶΖƚŚĞĂƌǇŽƵ͕ ŶŽŶƚŝƐĞŶƚĞ͕ƚĂŵŵǇ͕ ŶŽƚĞŽşŵŽƐ͕ƚĂŵŵǇ͕ ƚĂŵŵǇ͘ĚŽǇŽƵǁĂŶƚ ƌŝǀƵŽŝĚŝŽĚŝŶƵŽǀŽ ͎ƋƵŝĞƌĞƐǀŽůǀĞƌĂ ŐŽĚďĂĐŬŝŶǇŽƵƌůŝĨĞ͍ ŶĞůůĂƚƵĂǀŝƚĂ͍ ƚĞŶĞƌĂĚŝŽƐĞŶƚƵ ǀŝĚĂ͍

dDDz ǇĞƐ͊ǇĞƐ͘ ƐŞ͊ƐŞ͘ Ɛş͊Ɛş͘

W^dKZ ƚŚĞŶůĞƚƵƐŶŽǁĐůŽƐĞ ŽƌĂĐŚŝƵĚŝĂŵŽŐůŝ ĂŚŽƌĂĐĞƌƌĞŵŽƐůŽƐ ŽƵƌĞǇĞƐĂŶĚƌĂŝƐĞ ŽĐĐŚŝĞĂůǌŝĂŵŽůĞ ŽũŽƐǇĞůĞǀĞŵŽƐůĂƐ ŽƵƌƉĂůŵƐƚŽƚĂŵŵǇ ŵĂŶŝƉĞƌƚĂŵŵǇĐŽƐŞ ŵĂŶŽƐŚĂĐŝĂƚĂŵŵǇ ƐŽƚŚĂƚǁĞŵĂǇůŝŐŚƚ ĚĂŝůůƵŵŝŶĂƌĞŝů ƉĂƌĂŝůƵŵŝŶĂƌĞů ƚŚĞƉĂƚŚĨŽƌƚŚŝƐůŽƐƚ ĐĂŵŵŝŶŽĚŝƋƵĞƐƚĂ ĐĂŵŝŶŽĚĞĞƐƚĂŽǀĞũĂ ůĂŵďƚŽĨŝŶĚŚĞƌǁĂǇ ƉĞĐŽƌĞůůĂƐŵĂƌƌŝƚĂ͕ ĞǆƚƌĂǀŝĂĚĂ͕ǇƋƵĞĂƐş ďĂĐŬƚŽƚŚĞŬŝŶŐĚŽŵ ƉĞƌĐŚĠƌŝƚƌŽǀŝůĂ ĞŶĐƵĞŶƚƌĞĞůĐĂŵŝŶŽ ŽĨŚĞĂǀĞŶǁŚĞƌĞƐŚĞ ƐƚƌĂĚĂĚĞůƌĞŐŶŽĚĞŝ ĚĞůƌĞŝŶŽĚĞůŽƐĐŝĞůŽƐ͕ ĐĂŶďĞĐŽŵĞƚŚĞ ĐŝĞůŝ͕ĚŽǀĞƐĂƌăůĂ ĚŽŶĚĞƐĞƌĄƵŶĂŵƵũĞƌ ďĞĂƵƚŝĨƵů͕ĨĞŵŝŶŝŶĞ ďĞůůŝƐƐŝŵĂĨĞŵŵŝŶŝůĞ ĨĞŵĞŶŝŶĂǇƉƌĞĐŝŽƐĂ͕ ǁŽŵĂŶǁŝƚŚůŽŶŐ ĚŽŶŶĂ͕ĚĂŝůƵŶŐŚŝ ĚĞƉĞůŽůĂƌŐŽ͕ƋƵĞĞƐ ŚĂŝƌƚŚĂƚƐŚĞǁĂƐƉƵƚ ĐĂƉĞůůŝ͕ĐŚĞĞƌĂ ĐŽŵŽĚŝŽƐůĂƋƵŝĞƌĞ͘ ŽŶƚŚŝƐĞĂƌƚŚƚŽďĞ͘ ĚĞƐƚŝŶĂƚĂĂĞƐƐĞƌĞ͘

' Yh/s>E Yh/s>E ^K Yh/s>E Yh/s>E Z/D Yh/s>E Yh/s>E

>> ĂŵĞŶ͘ ĂŵĞŶ͘ ĂŵĞŶ͘

ŽŶǀĞƌƐŝŽŶĐŚƵƌĐŚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

W^dKZdK/E ǇŽƵĚŽŶΖƚĂĐƚƵĂůůǇ ƉĞŶƐŝĚŝǀŝŶĐĞƌĞƵŶĂ ŶŽĐƌĞĞƌĄƐƋƵĞ ƚŚŝŶŬǇŽƵĐĂŶǁŝŶĂ ŐĂƌĂĚŝǀĞƌƐĞƚƚŝďŝďůŝĐŝ ƉƵĞĚĞƐŐĂŶĂƌŵĞ ďŝďůĞƋƵŽƚŝŶŐĐŽŶƚĞƐƚ ĐŽŶŵĞ͍ ĐŝƚĂŶĚŽůĂďŝďůŝĂ͍ ǁŝƚŚŵĞ͘

dZsKZ ŚĞĚŽĞƐ͘ ƐŞ͕ůŽƉĞŶƐĂ͘ ůŽĐƌĞĞ͘

W^dKZ ĂƌĞǇŽƵƚŚĞƋƵĞĞƌ ƐĞŝŝůĨŝĚĂŶǌĂƚŽ ƚƷĞƌĞƐƐƵŶŽǀŝŽ ^K ďŽǇĨƌŝĞŶĚ͍ ĐŚĞĐĐĂ͍ DW>/&/d/KE ŵĂƌŝĐĂ͍ DW>/&/d/KE

dZsKZ ŽŚ͕ŶŽ͕ŝΖŵƋƵĞĞƌ ŶŽ͕ƐŽŶŽů͛Ğǆ ŽŚ͕ŶŽ͕ĞŶƌĞĂůŝĚĂĚ ƚƌĂŶƐŐĞŶĚĞƌĞǆ ĨŝĚĂŶǌĂƚŽ ƐŽǇƐƵĞǆŶŽǀŝŽ͕ ďŽǇĨƌŝĞŶĚ͕ĂĐƚƵĂůůǇ͘ ƚƌĂŶƐŐĞŶĚĞƌ͕ŝŶ ŵĂƌŝĐĂ͕ƚƌĂŶƐŐĠŶĞƌŽ͘ ΀ĐƌŽǁĚŵƵƌŵƵƌŝŶŐ΁ ƌĞĂůƚă͘ ΀ĐƌŽǁĚŵƵƌŵƵƌŝŶŐ΁ ΀ĐƌŽǁĚŵƵƌŵƵƌŝŶŐ΁

WĂƚƐǇΖƐĚŝŶĞƌ͘>ŝƉƚĂůŬŝŶŐƚŽĂŶĞǁƐƉŽŶƐŽƌ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^WKE^KZdK>/W ǁŽŵĞŶĐĂŶΖƚďĞ ŶŽŶĨŝĚĂƌƚŝĚĞůůĞ ůĂƐŵƵũĞƌĞƐŶŽƐŽŶĚĞ ƚƌƵƐƚĞĚ͘ƚŚĞǇΖƌĞĂůů ĚŽŶŶĞ͘ƐŽŶŽƚƵƚƚĞ ĨŝĂƌ͘ŽƐŽŶŝĚŝŽƚĂƐŽ ĂƐƐŚŽůĞƐŽƌǁŚŽƌĞƐ͘ ƐƚƌŽŶǌĞŽƚƌŽŝĞ͘ ƉƵƚĂƐ͘

' Yh/s>E Yh/s>E

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

dKDDzdK^sd>E ƐŽƵŶĚƐůŝŬĞǇŽƵΖƌĞ ƚŝŚĂŶŶŽĨĂƚƚĂƵƐĐŝƌĞ ƉĂƌĞĐĞƋƵĞƚĞŚĂŶ ŐĞƚƚŝŶŐƉƵƐŚĞĚŽƵƚŽĨ ĚĂůƋƵĂĚƌĞƚƚŽ͕ ƐĂĐĂĚŽĚĞůĂĨŽƚŽ͕ ƚŚĞƉŝĐƚƵƌĞ͕ŶĂƚĂƐŚĂ͘ ŶĂƚĂƐŚĂ͘ ŶĂƚĂƐŚĂ͘ E^ Yh/s>E Yh/s>E

7KHIXJHHV 6HDVRQ(SLVRGH &ƌĂŶŬĂŶĚZĂŵŝŝŶĂĐĂŶĂĚŝĂŶƉŽůŝĐĞĐĂƌ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ƚŚŝƐƉŽŽƌŚŽŵĞůĞƐƐ ƋƵĞƐƚ͛ƵŽŵŽƐĞŶǌĂ ĞƐƚĞƉŽďƌĞŚŽŵďƌĞ ŵĂŶŶĞĞĚƐĂƐǇůƵŵ ĨŝƐƐĂĚŝŵŽƌĂŚĂ ŶŽƚŝĞŶĞĚŽŶĚĞǀŝǀŝƌ͘ ĨƌŽŵƚŚĞǁĂƌƚŽƌŶ ďŝƐŽŐŶŽĚŝƵŶƌŝĨƵŐŝŽ ŶĞĐĞƐŝƚĂďĂŚƵŝƌĚĞ ƐƚƌĞĞƚƐŽĨĂůĞƉƉŽ͘ƚŚĞ ĚĂůůĞƐƚƌĂĚĞŝŶŐƵĞƌƌĂ ůĂƐďŽŵďĂƐƋƵĞŶŽ ƵŶŝƚĞĚƐƚĂƚĞƐƚƵƌŶĞĚ ĚŝĂůĞƉƉŽ͘ĞŐůŝƐƚĂƚŝ ĚĞũĂďĂŶĚĞĐĂĞƌĞŶ d,^ ŝƚƐďĂĐŬŽŶŚŝŵ͘ ƵŶŝƚŝĐŚĞĨĂŶŶŽ͍Őůŝ Yh/s>E ĂůĞƉƉŽǇĞƐƚĂĚŽƐ Yh/s>E ǀŽůƚĂŶŽůĞƐƉĂůůĞ͘ ƵŶŝĚŽƐůĞŚĂĚĂĚŽůĂ ĞƐƉĂůĚĂƉŽƌ ĐŽŵƉůĞƚŽ͘

ZD/ ŝΖŵĂĐŽŵƉƵƚĂƚŝŽŶĂů ƐŽŶŽƵŶďŝŽůŽŐŽ ƐŽǇďŝŽŝŶĨŽƌŵĄƚŝĐŽĞŶ ďŝŽůŽŐŝƐƚĂƚůŽǇŽůĂ ĐŽŵƉƵƚĂǌŝŽŶĂůĞĂůůĂ ůĂƵŶŝǀĞƌƐŝĚĂĚĚĞ ǁŚŽŽǀĞƌƐƚĂǇĞĚŵǇ ůŽǇŽůĂ͕ŵŝğƐŽůŽ ůŽǇŽůĂƉĞƌŽŵŝǀŝƐĂĚŽ ǀŝƐĂ͘ ƐĐĂĚƵƚŽŝůǀŝƐƚŽ͘ ǀĞŶĐŝſ͘

&ZE< ΀ǁŚŝƐƉĞƌŝŶŐ΁ŝΖŵ ΀ǁŚŝƐƉĞƌŝŶŐ΁ƐƚŽ ΀ǁŚŝƐƉĞƌŝŶŐ΁ĞƐƚŽǇ ƐŽůŝĐŝƚŝŶŐĞŵƉĂƚŚǇ͕ ƐŽůůĞĐŝƚĂŶĚŽ ŝŶƚĞŶƚĂŶĚŽƋƵĞƐĞ ŵƵŚĂŵŵĂĚ͘ŶŽďŽĚǇ ĚĞůů͛ĞŵƉĂƚŝĂ͕ ĐŽŵƉĂĚĞǌĐĂŶ͕ d,^ ůŝŬĞƐĂďƌĂŐŐĂƌƚ͘ ŵŽŚĂŵŵĞĚ͘ƐĞƚĞůĂ Yh/s>E ŵŽŚĂŵŵĞĚ͘ŶŽƐĞ Yh/s>E ƚŝƌŝŶŽŶĨƵŶǌŝŽŶĂ͘ ƉŽŶŐĂĂƉƌĞƐƵŵŝƌ͘

ZD/ ŝƚΖƐƌĂŵŝ͘ƐŽƵŶĚƐ ŵŝĐŚŝĂŵŽƌĂŵŝ͘ŶŽŶ ŵĞůůĂŵŽƌĂŵŝ͘ƋƵĞ ŶŽƚŚŝŶŐůŝŬĞ ĂƐƐŽŵŝŐůŝĂĂ ŶŽƐĞƉĂƌĞĐĞĂ ŵƵŚĂŵŵĂĚ͘ ŵŽŚĂŵŵĞĚ͘ ŵŽŚĂŵŵĞĚ͘

&ƌĂŶŬĂŶĚZĂŵŝƚƌǇŝŶŐƚŽĞƐĐĂƉĞƚŚĞĐĂŶĂĚŝĂŶƉŽůŝĐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ŚĞůƉŵĞǁŝƚŚƚŚĞ ĂŝƵƚĂŵŝĐŽŶůĂƐĞůůĂ͘ ƵŶĂƐŝůůĂĚĞŵŽŶƚĂƌ͘ ƐĂĚĚůĞ͘

ZD/ ŝΖŵŶŽƚƐƚĞĂůŝŶŐĂ ŝŽŶŽŶƌƵďĞƌžƵŶ ŶŽƉŝĞŶƐŽƌŽďĂƌƵŶ ŚŽƌƐĞ͘ ĐĂǀĂůůŽ͘ ĐĂďĂůůŽ͘

&ZE< ƚŚĞŵŽƵŶƚŝĞƐĂƌĞ ůĂƉŽůŝǌŝĂĐĂŶĂĚĞƐĞ ůĂƉŽůŝĐşĂŶŽƐĞƐƚĄ ŐŽŶŶĂďĞŽŶŽƵƌƚĂŝůƐ͘ ƉŽƚƌĞďďĞƐĞŐƵŝƌĐŝ͘ ƉŝƐĂŶĚŽůŽƐƚĂůŽŶĞƐ͘ ǇŽƵǁĂŶŶĂŐĞƚ ǀƵŽŝĨĂƌƚŝƉƌĞŶĚĞƌĞ͍ ƋƵŝĞƌĞƋƵĞůŽĐŽũĂŶ͍ ĐĂƵŐŚƚ͍

ZD/ ŝĚŽŶΖƚŬŶŽǁƚŚĞĨŝƌƐƚ ŵĂŝŽŶŽŶƐŽĐŽŵĞƐŝ ǇŽŶŽŚĞŵŽŶƚĂĚŽĂ ƚŚŝŶŐĂďŽƵƚƌŝĚŝŶŐĂ ĨĂĂĚĂŶĚĂƌĞĂ ĐĂďĂůůŽĞŶŵŝǀŝĚĂ͘ ŚŽƌƐĞ͘ ĐĂǀĂůůŽ͘

&ZE< ŝƚΖƐŶŽĚŝĨĨĞƌĞŶƚƚŚĂŶ ŶŽŶğĚŝǀĞƌƐŽĚĂ ŶŽĞƐĚŝĨĞƌĞŶƚĞĂ ƌŝĚŝŶŐĂĐĂŵĞů͘ ĂŶĚĂƌĞƐƵƵŶ ŵŽŶƚĂƌĞŶĐĂŵĞůůŽ͘ d,^ ĐĂŵŵĞůůŽ͘ Yh/s>E Yh/s>E

ZD/ ŝΖǀĞŶĞǀĞƌƌŝĚĂĐĂŵĞů͕ ŝŽŶŽŶǀĂĚŽƐƵŝ ũĂŵĄƐŚĞŵŽŶƚĂĚŽĞŶ ĂƐƐŚŽůĞ͊ ĐĂŵŵĞůůŝ͕ƐƚƌŽŶǌŽ͊ ĐĂŵĞůůŽ͕ŝĚŝŽƚĂ͘

>'d/YƌĞƵŶŝŽŶ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

E/E ĂŶĚƚŚĞŶƉĂƐƚŽƌΖƐ ĞŝůƉĂƐƚŽƌĞĨĂŶŝŶĂğ ǇĞůƉĂƐƚŽƌĚŝũŽŶŝŶĂ ůŝŬĞ͕ŶŝŶĂΖƐƌĞĂĚǇƚŽ ƉƌŽŶƚĂĂĚĂƌĞůĂǀŝƚĂĂ ĞƐƚĄĚŝƐƉƵĞƐƚĂĂ ŐŝǀĞŚĞƌůŝĨĞƚŽĐŚƌŝƐƚ ŐĞƐƶĞƌŝŶƵŶĐŝĂƌĞĂ ĞŶƚƌĞŐĂƌƐĞĂĐƌŝƐƚŽǇ ĂŶĚƌĞďƵŬĞƐĂƚĂŶ͘ ƐĂƚĂŶĂĞŝŽĨĂĐĐŝŽ ƌĞĐŚĂǌĂƌĂƐĂƚĂŶĄƐǇ ĂŶĚŝΖŵũƵƐƚůŝŬĞƐŚŝƚ͘ ĐĂǌǌŽ͕ĂŶĐŽƌĂŶŽŶ ǇŽƉĞŶƐĠũŽĚĞƌ͕ǇĂŶŽ ĚŽĞƐƚŚŝƐŵĞĂŶŝĐĂŶΖƚ ƉŽƐƐŽƐĐŽƉĂƌŵŝůĞ ǀŽǇĂƉŽĚĞƌĨŽůůĂƌĐŽŶ ƐƚŝůůĨƵĐŬŐŝƌůƐ͍ ƌĂŐĂǌǌĞ͍ ĐŚŝĐĂƐ͍

>> ΀ƐŽĨƚůĂƵŐŚƚĞƌ΁ ΀ƐŽĨƚůĂƵŐŚƚĞƌ΁ ΀ƐŽĨƚůĂƵŐŚƚĞƌ΁

/E ƚŚĞǇƚĞůůǇŽƵƚŚĂƚ ĚŝĐŽŶŽĐŚĞŐĞƐƶ ĞůůŽƐŶŽƐĚŝĐĞŶƋƵĞ ũĞƐƵƐŚĂĚĂůůƚŚĞƐĞ ĂǀĞǀĂƋƵĞƐƚĞŝĚĞĞ ũĞƐƷƐƚĞŶşĂƚŽĚĂƐĞƐĂƐ ŵĞƐƐĞĚƵƉŝĚĞĂƐ͕ďƵƚ ĂƐƐƵƌĚĞ͕ŵĂůĂǀĞƌŝƚă ŝĚĞĂƐƌĂƌĂƐ͕ƉĞƌŽůŽ ƚŚĞƚƌƵƚŚŝƐƚŚĂƚǇŽƵ ğĐŚĞƐĐŽƉĂƌƚŝůĞ ĐŝĞƌƚŽĞƐƋƵĞƋƵĞƚƷ ĨƵĐŬŝŶŐŐŝƌůƐŝƐĞǆĂĐƚůǇ ƌĂŐĂǌǌĞğƉƌŽƉƌŝŽ ĨŽůůĞƐĐŽŶĐŚŝĐĂƐĞƐ ǁŚĂƚũĞƐƵƐǁĂŶƚƐǇŽƵ ƋƵĞůůŽĐŚĞŐĞƐƶǀƵŽůĞ ũƵƐƚŽůŽƋƵĞũĞƐƷƐ ƚŽĚŽ͕ďĞĐĂƵƐĞƚŚĂƚΖƐ ĐŚĞƚƵĨĂĐĐŝĂ͘ƉĞƌĐŚĠ ƋƵŝĞƌĞƋƵĞŚĂŐĂƐ͕ ůŽǀĞĂŶĚũĞƐƵƐŝƐůŽǀĞ͘ ğĂŵŽƌĞĞŐĞƐƶğ ƉŽƌƋƵĞĞƐŽĞƐĂŵŽƌǇ ǇŽƵŬŶŽǁ͕ŵŽƐƚŽĨ ĂŵŽƌĞ͘ŵŽůƚŝĚŝ ũĞƐƷƐĞƐĂŵŽƌ͘ ƚŚĞĂƐƐŚŽůĞƐĂƌĞ ƋƵĞƐƚŝƐƚƌŽŶǌŝƐŽŶŽ ĂĚĞŵĄƐ͕ŵƵĐŚŽƐĚĞ ĐůŽƐĞƚĞĚŐĂǇƐĂŶǇǁĂǇ͘ ĚĞŝŐĂǇƌĞƉƌĞƐƐŝ͘ůŽƌŽ ĞůůŽƐƐŽŶŐĂŝƐƋƵĞŶŽ ƚŚĞǇǁŝƐŚƚŚĞǇǁĞƌĞ ǀŽƌƌĞďďĞƌŽĞƐƐĞƌĞ ŚĂƐĂůŝĚŽĚĞůĂƌŵĂƌŝŽ ĂƐĨƌĞĞĂƐǇŽƵ͘ ůŝďĞƌŝĐŽŵĞǀŽŝ͘ ǇƋƵĞƋƵĞƌƌşĂŶƐĞƌ ůŝďƌĞƐĐŽŵŽǀŽƐŽƚƌŽƐ͘

KK< ĂŵĞŶ͘ ĂŵĞŶ͘ ĂŵĞŶ͘

/E ƐŽǁŚǇƐŚŽƵůĚǁĞ ƋƵŝŶĚŝƉĞƌĐŚĠ ĂƐşƋƵĞ͕ƉŽƌƋƵĠ ƐƚŽƉĂŶǇďŽĚǇĨƌŽŵ ĚŽǀƌĞŵŵŽŝŵƉĞĚŝƌĞ ǀĂŵŽƐĂƉĞƌŵŝƚŝƌƋƵĞ ďĞŝŶŐĞǆĂĐƚůǇǁŚŽ ĂƋƵĂůĐƵŶŽĚŝĞƐƐĞƌĞ ƐŝŐĂŶŝŵƉŝĚŝĠŶĚŽŶŽƐ ŐŽĚĐƌĞĂƚĞĚƵƐƚŽďĞ͍ ĐŝžĐŚĞĚŝŽĐŝŚĂ ƐĞƌĐŽŵŽĚŝŽƐŶŽƐŚĂ ǁĞĂƌĞůŝǀŝŶŐ ĐƌĞĂƚŝƉĞƌĞƐƐĞƌĞ͍ ĐƌĞĂĚŽ͍ƐŽŵŽƐ ĞǆĂŵƉůĞƐŽĨŐŽĚΖƐ ƐŝĂŵŽĞƐĞŵƉŝǀŝǀĞŶƚŝ ĞũĞŵƉůŽƐĂŶĚĂŶƚĞƐ ĐƌĞĂƚŝŽŶ͕ũĞƐƵƐΖůŽǀĞ͘ ĚĞůůĂĐƌĞĂǌŝŽŶĞĚŝ ĚĞůĂĐƌĞĂĐŝſŶĚĞ ďŽǇƐŬŝƐƐŝŶŐďŽǇƐŝƐ ĚŝŽ͕ů͛ĂŵŽƌĞĚŝŐĞƐƶ͘ ĚŝŽƐǇĚĞůĂŵŽƌĚĞ ũĞƐƵƐΖůŽǀĞ͘ŐŝƌůƐ ďĂĐŝƚƌĂŵĂƐĐŚŝ͍ ũĞƐƷƐ͘ƋƵĞĚŽƐĐŚŝĐŽƐ ŬŝƐƐŝŶŐŐŝƌůƐũĞƐƵƐΖ ĂŵŽƌĞĚŝŐĞƐƶ͘ďĂĐŝ ƐĞďĞƐĞŶĞƐĞůĂŵŽƌ Z/D ůŽǀĞ͘ƐŽǇŽƵƚĞůůǇŽƵƌ ƚƌĂĨĞŵŵŝŶĞ͍ĂŵŽƌĞ Yh/s>E ĚĞũĞƐƷƐ͕ƋƵĞĚŽƐ Yh/s>E ĐŚƵƌĐŚĂŵĞŶƚŽƚŚĂƚ͘ ĚŝŐĞƐƶ͘ƋƵŝŶĚŝ͕ĚŝƚĞ ĐŚŝĐĂƐƐĞďĞƐĞŶĞƐĞů ĂŵĞŶĂƋƵĞƐƚŽŝŶ ĂŵŽƌĚĞũĞƐƷƐ͘ĂƐş ĐŚŝĞƐĂ͘ ƋƵĞ͕ƋƵĞƐƵŝŐůĞƐŝĂ ĚŝŐĂĂŵĞŶĂĞƐŽ͘

>> ĂŵĞŶ͘ĂůůƌŝŐŚƚ͘ ĂŵĞŶ͘ĂŵĞŶ͘ƐŞ͕ƐŞ͘ Ɛş͕ŵƵǇďŝĞŶ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

>/W ǇŽƵƐƚŝůůŽŶƚŚĂƚďŝďůĞ ůĂǀŽƌŝĂŶĐŽƌĂƐƵůůĂ ƐŝŐƵĞƐĐŽŶůŽĚĞůĂ ƐŚŝƚ͍ ďŝďďŝĂ͍ ďŝďůŝĂ͍

/E ǇĞĂŚ͕ƉƌŽǀŝŶŐƚŽŵǇ ƐŞ͕ƉĞƌĚŝŵŽƐƚƌĂƌĞĂŝ Ɛş͕ǇůĞƐĚĞŵƵĞƐƚƌŽĂ ŽŶůŝŶĞŚĂƚĞƌƐƚŚĂƚ ŵŝĞŝŚĂƚĞƌĐŚĞŐĞƐƶ ůŽƐƋƵĞŵĞŽĚŝĂŶ ũĞƐƵƐŝƐĂĨĂŐŚĂŐ͘ ĂĚŽƌĂǀĂůĞĐŚĞĐĐŚĞ͘ ŽŶůŝŶĞƋƵĞũĞƐƷƐĞƌĂ

Z/D ΛŚŽůǇŵŽƐĞƐĨŽƵƌĨŝǀĞƐ ƵŶ Yh/s>E ŵĂƌŝĐĂ͘ƵŶƚĂů DW>/&/d/KE ŝǆƚǁŽũƵƐƚŬĞĞƉƐ ŵŽƐĞƐƋƵĂƚƚƌŽĐŝŶƋƵĞƐ ƐĂŐƌĂĚŽŵŽŝƐĞƐĐƵĂƚƌŽ ǁƌŝƚŝŶŐĂďŽŵŝŶĂƚŝŽŶ ĞƚƚĞĚƵĞƐĐƌŝǀĞƐŽůŽ ĐŝŶĐŽƐĞŝƐĚŽƐƐŝŐƵĞ ŝŶĂůůĐĂƉƐ͘ ĂďŽŵŝŶŝŽƚƵƚƚŽŝŶ ĞƐĐƌŝďŝĞŶĚŽ ŵĂŝƵƐĐŽůŽ͘ ĂďŽŵŝŶĂĐŝſŶĐŽŶ ŵĂǇƷƐĐƵůĂƐ͘

>/W ƚĞůůΛŚŽůǇŵŽƐĞƐƚŽ ƐĐƌŝǀŝŐůŝĚŝƐƵĐĐŚŝĂƌĞ ĚŝůĞĂƐĂŐƌĂĚŽŵŽŝƐĞƐ ĞĂƚĂĚŝĐŬŝŶĂůůĐĂƉƐ͘ ĐĂǌǌŝŝŶŵĂŝƵƐĐŽůŽ͘ ƋƵĞůĞĚĞŶĐŽŶ ΀͙΁ ΀͙΁ ŵĂǇƷƐĐƵůĂƐ͘΀͙΁

/E ĂŶŽƚŚĞƌŐĂǇĐŽƌĐŝƐŵΖƐ ƐƚĂŶŶŽĨĂĐĞŶĚŽƵŶ ǀŽǇĂŝŶƚĞƌƌƵŵƉŝƌ ŐŽŝŶŐĚŽǁŶ͘ŐŽƚƚĂ ĂůƚƌŽŐĂǇƐŽƌĐŝƐŵŽ͘ ŽƚƌŽŐĂǇƐŽƌĐŝƐŵŽ͘ ŐĂƚŚĞƌƚŚĞŬŝĚƐ͘ ĚĞǀŽƌĂĚƵŶĂƌĞŝ ƌĞƵŶŝƌĠĂůŽƐĐŚŝĐŽƐ͘ ƌĂŐĂǌǌŝ͘

&ƌĂŶŬƐĞĞŝŶŐĂŽƐƚĐŽƐƚŽƌĞĂĨƚĞƌƉĂƐƐŝŶŐƚŚĞďŽƌĚĞƌĂŶĂĚĂͲh^͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ŝΖŵŚŽŵĞ͘ŝΖŵŚŽŵĞ͊ ĐĞů͛ŚŽĨĂƚƚĂ͘ĐĞů͛ŚŽ ŚĞǀƵĞůƚŽ͘ŚĞǀƵĞůƚŽ͘ ŝΖŵŚŽŵĞ͊ ĨĂƚƚĂ͘ƐŽŶŽĂĐĂƐĂ͊ ĞƐƚŽǇĞŶĐĂƐĂ͘ ŽǀĞƌǁĞŝŐŚƚ ŝŵƉŝĞŐĂƚŝƐŽǀƌĂƉƉĞƐŽ ŽďƌĞƌŽƐŽďĞƐŽƐĐŽŶ E^ ŵŝŶŝŵƵŵǁĂŐĞ ĂƐĂůĂƌŝŽŵŝŶŝŵŽĐŚĞ Yh/s>E ĞůƐƵĞůĚŽŵşŶŝŵŽ Yh/s>E ǁŽƌŬĞƌƐďƵǇŝŶŐ ĐŽŵƉƌĂŶŽĚĞƚĞƌƐŝǀŝĂ ĐŽŵƉƌĂŶĚŽ ĚŝƐĐŽƵŶƚůĂƵŶĚƌǇ ďĂƐƐŽĐŽƐƚŽ͘ǀŽŝ͕ŵŝ ĚĞƚĞƌŐĞŶƚĞĚĞŵĂƌĐĂ ĚĞƚĞƌŐĞŶƚ͊ŝŚĂǀĞ ƐŝĞƚĞŵĂŶĐĂƚŝ ďůĂŶĐĂ͘ŽƐĞĐŚĂďĂ ŵŝƐƐĞĚǇŽƵƐŽŵƵĐŚ͊ ǀĞƌĂŵĞŶƚĞƚĂŶƚŽ͘ĚŝŽ ŵƵĐŚşƐŝŵŽĚĞ ŐŽĚďůĞƐƐĂŵĞƌŝĐĂ͊ ďĞŶĞĚŝĐĂů͛ĂŵĞƌŝĐĂ͘ ŵĞŶŽƐ͘ĚŝŽƐďĞŶĚŝŐĂ ŐŽĚďůĞƐƐĂŵĞƌŝĐĂ͊ ĚŝŽďĞŶĞĚŝĐĂ ĂĂŵĠƌŝĐĂ͘ĚŝŽƐ ǁŚĂŚĂ͊ ů͛ĂŵĞƌŝĐĂ͘ǁŚĂŚĞ͊ ďĞŶĚŝŐĂĂĂŵĠƌŝĐĂ͘ ĂŚĂŚĂŚĂŚ͘

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

sZKE/ ŶĞǁƌƵůĞ͕ƐŚŽǁƵƐ ŶƵŽǀĂƌĞŐŽůĂ͕ĨĂĐĐŝ ŶƵĞǀĂƌĞŐůĂ͕ ǁŚĂƚΖƐŽŶƚŚĞůĂƉƚŽƉ ǀĞĚĞƌĞŝůƉŽƌƚĂƚŝůĞŽƚŝ ĞŶƐĠŹĂŶŽƐůŽƋƵĞŚĂǇ ŽƌŐĞƚƐŚŝƉƉĞĚƚŽƚŚĞ ƐƉĞĚŝĂŵŽŶĞůŐƵůĂŐ͘ ĂůůşŽƚĞǀĂƐĂůŐƵůĂŐ͘ ŐƵůĂŐ͘΀͙΁ ΀͙΁ ΀͙΁ E^ Yh/s>E Yh/s>E

ŽŶǀĞƌƐŝŽŶĐŚƵƌĐŚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

zd^ ŝŶƚŚĞŶĂŵĞŽĨũĞƐƵƐ͕ ŶĞůŶŽŵĞĚŝŐĞƐƶ͕ ĞŶĞůŶŽŵďƌĞĚĞ ƚŚĞůŽƌĚΖƐŽŶůǇ ĨŝŐůŝŽƉƌĞĚŝůĞƚƚŽĚŝ ũĞƐƷƐ͕ŚŝũŽƷŶŝĐŽĚĞ ďĞŐŽƚƚĞŶƐŽŶŝ ĚŝŽ͕ŝŽƐĐĂĐĐŝŽ ŶƵĞƐƚƌŽƐĞŹŽƌ͕ǇŽ ƌĞďƵŬĞƚŚĞĚĞǀŝůΖƐ ů͛ŽŵŽƐĞƐƐƵĂůŝƚăĚĞů ĞǆƉƵůƐŽůĂ ŚŽŵŽƐĞǆƵĂůŝƚǇĨƌŽŵ ĚŝĂǀŽůŽĚĂƚƵŽĐŽƌƉŽ ŚŽŵŽƐĞǆƵĂůŝĚĂĚĚĞů ǇŽƵƌďŽĚǇĂŶĚǇŽƵƌ ĞĚĂůůĂƚƵĂĂŶŝŵĂ͘ ĚŝĂďůŽĚĞƚƵĐƵĞƌƉŽǇ ^K ƐŽƵů͘ Yh/s>E ĚĞƚƵĂůŵĂ͘ Yh/s>E Z/D Yh/s>E Yh/s>E

/E ǇŽƵĂƌĞƉƵƌĞĂŶĚŚŽůǇ ƚƵƐĞŝƉƵƌŽĞƐĂĐƌŽ ƚƷĞƌĞƐƉƵƌŽǇƐĂŶƚŽ ũƵƐƚĂƐǇŽƵĂƌĞ͘ǇŽƵƌ ĐŽƐŞĐŽŵĞƐĞŝ͘ĞƐƐĞƌĞ ƚĂůǇĐŽŵŽĞƌĞƐ͕ƚƵ ŐĂǇďŽĚǇŝƐĂ ŽŵŽƐĞƐƐƵĂůĞğƵŶĂ ĐƵĞƌƉŽŐĂǇĞƐƵŶĂ ďůĞƐƐŝŶŐ͕ŶŽƚĂƐŝŶ͘ ďĞŶĞĚŝǌŝŽŶĞ͕ŶŽŶƵŶ ďĞŶĚŝĐŝſŶ͕ŶŽƵŶ ƉĞĐĐĂƚŽ͘ ƉĞĐĂĚŽ͘

/ĂŶŐĂƚŚĞƌƐĂĐƌŽǁĚŝŶĨƌŽŶƚŽĨƚŚĞĐŽŶǀĞƌƐŝŽŶĐŚƵƌĐŚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

/E ǁĞŚĂǀĞƚŚĞƌŝŐŚƚƚŽ ŶŽŝĂďďŝĂŵŽŝůĚŝƌŝƚƚŽ ƚĞŶĞŵŽƐĚĞƌĞĐŚŽĂ ĚĞŵŽŶƐƚƌĂƚĞ͘ ĚŝĚŝŵŽƐƚƌĂƌĞ͘ ŵĂŶŝĨĞƐƚĂƌŶŽƐ͘

zd^ ǇŽƵĂƌĞďůĂƐƉŚĞŵŝŶŐ ďůĂƐĨĞŵŝ͘ŝŶƐƵůƚĂƚĞŝů ĞƐƚĄŝƐďůĂƐĨĞŵĂŶĚŽ ƚŚĞůŽƌĚ͊ ƐŝŐŶŽƌĞ͘ ĂŶƚĞĞůƐĞŹŽƌ͘

/E ƉƌĞĂĐŚŝŶŐŚĂƚĞŝƐ ƉƌĞĚŝĐĂƌĞů͛ŽĚŝŽğ ĞŶƐĞŹĂƌĂŽĚŝĂƌƐş ďůĂƐƉŚĞŵǇ͘ ĞƐƐĞƌĞďůĂƐĨĞŵŝ͘ ƋƵĞĞƐďůĂƐĨĞŵĂƌ͘

zd^ ŝǁŝůůŶŽƚĂůůŽǁǇŽƵƚŽ ŝŽŶŽŶǀŝƉĞƌŵĞƚƚĞƌž ŶŽŽƐǀŽǇĂƉĞƌŵŝƚŝƌ ĚƌĂŐĚŽǁŶƚŚĞŐŽŽĚ ĚŝŝŶĨĂŶŐĂƌĞůĂ ĂƌƌĂƐƚƌĂƌůĂŵŽƌĂůĚĞ ŵŽƌĂůƐŽĨƚŚŝƐĐŚƵƌĐŚ ŵŽƌĂůŝƚăĚŝƋƵĞƐƚĂ ĞƐƚĂŝŐůĞƐŝĂ͘ ĐŚŝĞƐĂ͘

Z/D /E ĐĂƌƉĞƚŵƵŶĐŚŝŶŐŝƐ ůĞĐĐĂƌĞůĂƚŽƉĂğ Yh/s>E ĐŽŵĞƌĂůŵĞũĂƐĞƐ Yh/s>E ũĞƐƵƐΖůŽǀĞ͊ ů͛ĂŵŽƌĞĚŝŐĞƐƶ͘ ĂŵŽƌĚĞũĞƐƷƐ͘

^K zd^ ĨŽƌǇŽƵƌŽǁŶƐŝĐŬ ƉĞƌŝůǀŽƐƚƌŽĐƌĞĚŽ Yh/s>E ƉŽƌĞůĨĂŶŐŽ͕ƉŽƌ D/d/'d/KE ďĞůŝĞĨƐ͘ ŵĂůĂƚŽ͘ĂŶĚĂƚĞǀĞ͊ ǀƵĞƐƚƌŽďŝĞŶ͕ ůĂƌŐĂŽƐ͘

ůŝďŝ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ĨƌŝĞŶĚƐ͕ƉĂƚƌŝŽƚƐ͕ ĂŵŝĐŝ͕ĐŽŵƉĂƚƌŝŽƚŝ͕ ĂŵŝŐŽƐ͕ ĂůůŝĞƐ͕ŝŚĂǀĞƚƌĂǀĞůĞĚ ĂůůĞĂƚŝ͕ŝŽŚŽ ĐŽŵƉĂƚƌŝŽƚĂƐ͕ ƚŚƌŽƵŐŚƚŚĞĚĞƉƚŚƐ ǀŝĂŐŐŝĂƚŽƉĞƌůĞ ĂůŝĂĚŽƐ͕ŚĞŚĞĐŚŽƵŶĂ ŽĨŚĞůů͘ĨĞůůĨƌŽŵĂ ǀŝƐĐĞƌĞĚĞůů͛ŝŶĨĞƌŶŽ͘ ƚƌĂǀĞƐşĂƉŽƌůŽŵĄƐ ŚŽƌƐĞ͕ůŝŵƉĞĚ ƐŽŶŽĐĂĚƵƚŽĚĂ ƉƌŽĨƵŶĚŽĚĞů ƚŚƌŽƵŐŚƚŚĞǁŽŽĚƐ͕ ĐĂǀĂůůŽ͕ƐĐĂƉƉĂƚŽƉĞƌ ŝŶĨŝĞƌŶŽ͘ŵĞŚĞĐĂşĚŽ ũƵƐƚƚŽŚĂǀĞŵǇĨŝŶĂů ŝďŽƐĐŚŝƐŽůŽƉĞƌ ĚĞƵŶĐĂďĂůůŽ͕ŚĞŝĚŽ ƐŽƵƌĐĞŽĨŝŶĐŽŵĞ ĨĂƌŵŝƉŽƌƚĂƌĞǀŝĂ ĐŽũĞĂŶĚŽƉŽƌĞů ƐƚƌŝƉƉĞĚĂǁĂǇĨƌŽŵ ů͛ƵůƚŝŵĂƉŽƐƐŝďŝůŝƚăĚŝ ďŽƐƋƵĞ͕ǇƉŽƌƐŝĞƐŽ ŵĞďǇƚŚĞĐĂŶƵĐŬƐ͘ŝ ŐƵĂĚĂŐŶŽĚĂŝ ĨƵĞƌĂƉŽĐŽůŽƐ ĂŵƌĞƚƵƌŶŝŶŐƚŽĂŶ ĐĂŶĂĚĞƐŝ͘ĨĂĐĐŝŽ ĐĂŶĂĚŝĞŶƐĞƐŵĞŚĂŶ ĂƵƚŽŵĂƚĞĚĂŵĞƌŝĐĂ ƌŝƚŽƌŶŽĂƵŶ͛ĂŵĞƌŝĐĂ ĂƌƌĞďĂƚĂĚŽŵŝƷůƚŝŵĂ ǁŚĞƌĞƚŚĞǁŚŝƚĞ ĂƵƚŽŵĂƚŝǌǌĂƚĂĚŽǀĞ ĨƵĞŶƚĞĚĞŝŶŐƌĞƐŽƐ͘ ŵĂŶŝƐƌĞƉůĂĐĞĚďǇ ů͛ƵŽŵŽďŝĂŶĐŽğ ĂƐşƋƵĞŵĞǀƵĞůǀŽĂ ƌŽďŽƚƐĂŶĚĐŚŝŶĞƐĞ͘ ƌŝŵƉŝĂǌǌĂƚŽĚĂŝƌŽďŽƚ ůŽƐĂƵƚŽŵĂƚŝǌĂĚŽƐ ĞĚĂŝĐŝŶĞƐŝ͘ ĞƐƚĂĚŽƐƵŶŝĚŽƐ͕ ĚŽŶĚĞĞůŚŽŵďƌĞ ďůĂŶĐŽĞƐƐƵƐƚŝƚƵŝĚŽ ƉŽƌƌŽďŽƚƐǇƉŽƌ ĐŚŝŶŽƐ͘ E^ Yh/s>E Yh/s>E

&KXUFKRIJD\-HVXV 6HDVRQ(SLVRGH 'ĂůůĂŐŚĞƌŚŽƵƐĞ͘/ĂŶŚĂǀŝŶŐĂƌĞƵŶŝŽŶǁŝƚŚƚŚĞŐĂǇĐŽŵŵƵŶŝƚǇ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&/KE ǁŚĂƚΖƐƚŚĂƚĂůůĂďŽƵƚ͍ ĚŝĐŚĞƐŝƚƌĂƚƚĂ͍ ƋƵĠƉĂƐĂĂŚşĚĞŶƚƌŽ͍

&ZE< ƵŚ͕ũƵƐƚĂƋƵĞĞƌ ĂŚ͕ğƐŽůŽƵŶĂƌŝǀŽůƚĂ ĂŚ͕ĞƐƵŶĂƌĞďĞůŝſŶ ƌĞůŝŐŝŽƵƐƌĞďĞůůŝŽŶůĞĚ ƌĞůŝŐŝŽƐĂŐĂǇŐƵŝĚĂƚĂ ƌĞůŝŐŝŽƐŽŐĂǇĚŝƌŝŐŝĚĂ ďǇǇŽƵƌŐĂǇďƌŽƚŚĞƌ͘ ĚĂƚƵŽĨƌĂƚĞůůŽ͘ŶŝĞŶƚĞ ƉŽƌƚƵŚĞƌŵĂŶŽ ŶŽďŝŐŐŝĞ͘ ĚŝĐŚĞ͘ ŵĂƌŝĐĂ͘ƐŽůŽĞƐŽ͘

Z/D /E ǁĞĂůůŚĂǀĞƚŚĞ ĂďďŝĂŵŽƚƵƚƚŝƵŶĂ Yh/s>E ĚŝŽƐǀŝǀĞĚĞŶƚƌŽĚĞ Yh/s>E ƚƌŝŶŝƚǇŝŶƐŝĚĞŽĨƵƐ͘ ŶĂƚƵƌĂĚŝǀŝŶĂ͘ĚĂůůĂ ƚŽĚŽƐŶŽƐŽƚƌŽƐ͘ ŝΖĚůŝŬĞƚŽƌĞĂĚĂ ůĞƚƚĞƌĂĂŝƌŽŵĂŶŝ͘ ĚĞũĂĚƋƵĞŽƐůĞĂĞƐƚĞ ƉĂƐƐĂŐĞĨƌŽŵƌŽŵĂŶƐ ƉĂƐĂũĞ͘ ŶŽǁ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE ŵĂƌƌǇŚĞƌ͘ŚĞĂƌŵĞ ƐƉŽƐĂůĂ͘ĂƐĐŽůƚĂŵŝĞ ĐĄƐĂƚĞĐŽŶĞůůĂ͘ƚƷ ĂŶĚŚĞĞĚŵĞ͘ĚŽŶŽƚ ĚĂƌĞƚƚĂĂŵĞ͘ŶŽŶ ĞƐĐƷĐŚĂŵĞǇŚĂǌŵĞ ůĞƚƚŚĂƚĨƌŽƚŚŝŶŐ ůĂƐĐŝĂƌƚŝƐĨƵŐŐŝƌĞƉĞƌ ĐĂƐŽ͘ŶŽĚĞũĞƐĚĞ ƉŝĞĐĞŽĨůĂĚǇŵĞĂƚ ŶĞƐƐƵŶŵŽƚŝǀŽƋƵĞů ŶŝŶŐƵŶĂĚĞůĂƐ ŽƵƚŽĨǇŽƵƌƐŝŐŚƚ͘ƐŚĞ ďŽĐĐŽŶĐŝŶŽĚŝ ŵĂŶĞƌĂƐƋƵĞƐĞƚĞ ' ŚĂƐĂƚƌƵƐƚĨƵŶĚ͘ŐĞƚ ƌĂŐĂǌǌĂ͘ŚĂƵŶĨŽŶĚŽ D/d/'d/KE ĞƐĐĂƉĞĞƐĞƉĞĚĂǌŽ Yh/s>E ũŽŝŶƚĐŚĞĐŬŝŶŐ͘ĂŶĚ ĨŝĚƵĐŝĂƌŝŽ͘ĂƉƌŝƚĞƵŶ ĚĞǇĞŐƵĂ͘ĞƐĂ ǁŚĂƚĞǀĞƌǇŽƵĚŽ͕ĚŽ ĐŽŶƚŽĞƋƵĂůƐŝĂƐŝĐŽƐĂ ŵƵĐŚĂĐŚĂƚŝĞŶĞ ŶŽƚƐŝŐŶĂƉƌĞŶƵƉ͘ ĂĐĐĂĚĂŶŽŶĨŝƌŵĂƌĞ ƉĂƐƚĂ͘ĐŽŵƉĂƌƚŝĚ ƵŶĂĐĐŽƌĚŽ ĐƵĞŶƚĂǇƉĂƐĞůŽƋƵĞ ƉƌĞŵĂƚƌŝŵŽŶŝĂůĞ͘ ƉĂƐĞŶŽĨŝƌŵĞƐƵŶ ĂĐƵĞƌĚŽƉƌĞŶƵƉĐŝĂů͘

<ĞǀŝŶĂŶĚsĞƌŽŶŝĐĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

<s/EdK^sd>E ƚŚŝƐŝƐĂƚŝŶǇ ƋƵĞƐƚŽğƵŶ ĞƐƚŽĞƐƵŶŵŝŶŝ ŵŝĐƌŽƉŚŽŶĞ͘ĂƚƚĂĐŚŝƚ ŵŝĐƌŽĨŽŶŽŵŝŶƵƐĐŽůŽ͘ ŵŝĐƌſĨŽŶŽ͘ƉſŶƚĞůŽ

ƚŽǇŽƵƌƐŚŝƌƚ͘͘ƚŚŝƐŝƐĂ ĂƚƚĂĐĐĂůŽĂůůĂ ĞŶůĂďůƵƐĂ͘͘ǇĞƐƚŽĞƐ ƚŝŶǇĞĂƌƉŝĞĐĞ͘ƉƵƚƚŚŝƐ ŵĂŐůŝĞƚƚĂ͘͘ƋƵĞƐƚŽğ ƵŶŵŝŶŝĂƵƌŝĐƵůĂƌ͘ ŝŶǇŽƵƌĞĂƌ͘ŽŚ͕ĐŽŵĞ ƵŶŵŝŶƵƐĐŽůŽ ƉſŶƚĞůŽĞŶĞůŽşĚŽ͘ ŽŶ͕ƐǀĞƚ͘ǇŽƵΖƌĞ ĂƵƌŝĐŽůĂƌĞ͘ŵĞƚƚŝůŽ ĂŚ͕ǀĂŵŽƐ͕ƐǀĞƚ͘ĞƌĞƐ ƌƵƐƐŝĂŶ͘ƚŚŝƐŝƐƐƉǇ ŶĞůů͛ŽƌĞĐĐŚŝŽ͘ŽŚ͕ ƌƵƐĂ͘ƐŽŶĐŽƐĂƐĚĞ ƐŚŝƚ͘ŝƚΖƐŝŶǇŽƵƌĚŶĂ͘ ĂŶĚŝĂŵŽƐǀĞƚ͕ƐĞŝ ĞƐƉşĂƐ͘ĞƐƚĄĞŶƚƵ ƌƵƐƐĂ͘ƋƵĞƐƚĂğƌŽďĂ ĂĚŶ͘ ĚĂƐƉŝĞ͕ğŶĞůƚƵŽ ĚŶĂ͘

E^ Yh/s>E Yh/s>E

&ŝŽŶĂΖƐĂƉĂƌƚŵĞŶƚďƵŝůĚŝŶŐ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&/KE ŝƚŚŝŶŬŝŵŝŐŚƚŶŽƚ ĐƌĞĚŽĚŝŶŽŶ ƋƵĠƚĂůƋƵĞĐƌĞŽƋƵĞ ǁĂŶƚƚŽŚĂǀĞŬŝĚƐ͘ ĚĞƐŝĚĞƌĂƌĞĚĞŝĨŝŐůŝ͘ ŶŽƋƵŝĞƌŽƚĞŶĞƌ ŚŝũŽƐ͍

' &KZ ďƵƚǇŽƵΖƌĞĂǁŽŵĂŶ͘ ŵĂƚƵƐĞŝƵŶĂĚŽŶŶĂ͘ Yh/s>E ĞƌĞƐƵŶĂŵƵũĞƌ͘ Yh/s>E ŚŽǁŝƐƚŚĂƚƉŽƐƐŝďůĞ͍ ĐŽŵ͛ğƉŽƐƐŝďŝůĞ͍ ĐſŵŽĞƐƉŽƐŝďůĞ͍

&/KE ΀ƐŶŽƌƚƐ΁ǁĞůů͕ŵǇ ΀ƐŶŽƌƚƐ΁ďĞŚ͕ŝŵŝĞŝ ΀ƐŶŽƌƚƐ΁ĞŚŵ͕ŵŝƐ ƐŝďůŝŶŐƐĂƌĞŵǇŬŝĚƐ͘ ĨƌĂƚĞůůŝƐŽŶŽŝŵŝĞŝ ŚĞƌŵĂŶŽƐƐŽŶŵŝƐ ĨŝŐůŝ͘ ŚŝũŽƐ͘

$*DOODJKHUSHGLFXUH 6HDVRQ(SLVRGH 'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

&ZE< ŝΖĚƉŝƚĐŚŝŶ͘ůĂƵŶĚƌǇ͕ ĚĂƌĞŝƵŶĂŵĂŶŽ͘ ĞĐŚĂƌĠƵŶĂŵĂŶŽ͘ ŐĞŶĞƌĂů ďƵĐĂƚŽ͕ŐƌĂŶĚĞ ŚĂƌĠůĂĐŽůĂĚĂ͘Ğů ŚŽƵƐĞŬĞĞƉŝŶŐ͕ůŝŬĞ ƉƵůŝǌŝĞĚŝĐĂƐĂ͕ĐŽŵĞ ŵĂŶƚĞŶŝŵŝĞŶƚŽĚĞůĂ ŚĂǀŝŶŐĂůŝǀĞŝŶŵĂŝĚ ƵŶĂĚŽŵĞƐƚŝĐĂĨŝƐƐĂ ĐĂƐĂ͘ƐĞƌĄĐŽŵŽ ǁŚŽƐƉĞĂŬƐĞŶŐůŝƐŚ͘ ĐŚĞŶŽŶƉĂƌůŝ ƚĞŶĞƌƵŶĂĐƌŝĂĚĂƋƵĞ ƵŶ͛ĂůƚƌĂůŝŶŐƵĂ͘ ŚĂďůĞǀƵĞƐƚƌŽ d,^ Yh/s>E ŝĚŝŽŵĂ͘ Yh/s>E

<ĞǀŝŶ͕sĞƌŽŶŝĐĂĂŶĚ^ǀĞƚůĂŶĂĂƚĂŚŽƚĞůďĂƌ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

^sd>EdKsZKE/ Śŵŵ͕ƉƌĞĐŝƐĞůǇ͘ƐŚĞŝƐ Śŵŵ͕ĂƉƉƵŶƚŽ͘ůĞŝğ Śŵŵ͕ĞǆĂĐƚŽ͘ĞƐ ƐƵďŵĞŶƚĂů͘ŶŽƚĂƐ ƌŝƚĂƌĚĂƚĂ͘ŶŽŶğ ƌĞƚƌĂƐĂĚĂŵĞŶƚĂů͕ŶŽ ĂƚƚƌĂĐƚŝǀĞ͕ŶŽƚĂƐ ĂƚƚƌĂĞŶƚĞ͕ŶŽŶŚĂŝů ƚŝĞŶĞĞŶĐĂŶƚŽ͕ŶŽ ĐŚĂƌŵŝŶŐ͘ůŽŽŬĂƚŵǇ ŵŝŽĐŚĂƌŵ͘ŐƵĂƌĚĂƚĞ ƚŝĞŶĞĂƚƌĂĐƚŝǀŽ͘ŵŝƌĂĚ ĂƐƐ͘ŝƚΖƐƉĞƌĨĞĐƚ͘ŝ ŵŝŽďĞůĐƵůŽ͕ğ ŵŝĐƵůŽ͕ĞƐƉĞƌĨĞĐƚŽ͘ ǁŽƵůĚĨƵĐŬŵǇŽǁŶ ƉĞƌĨĞƚƚŽ͘ŝŽƐĐŽƉĞƌĞŝ ŚĂƐƚĂǇŽŵĞůŽ ĂƐƐ͘ƐŚĞŚĂƐĨůĂƚĂƐƐ ŵŝŽďĞůĐƵůŽ͘ůĞŝŚĂ ĨŽůůĂƌşĂ͘ĞůůĂƚŝĞŶĞ ŽĨĨŝůŝƉŝŶŽďŽǇ͘ ĐƵůŽƉŝĂƚƚŽĚŝƵŶ ĐƵůŽĚĞũŽǀĞŶ ƌĂŐĂǌǌŽĨŝůŝƉƉŝŶŽ͘ ĨŝůŝƉŝŶŽ͘

E^ Yh/s>E Yh/s>E

6OHHSZDONLQJ 6HDVRQ(SLVRGH <ĞǀŝŶĂŶĚsĞƌŽŶŝĐĂΖƐŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

sZKE/ ǇŽƵŬŶŽǁŚĞƌ ĐŽŶŽƐĐŝůĂŵĂĚƌĞ͍ ĐŽŶŽĐĞƐĂƐƵŵĂĚƌĞ͍ ŵŽƚŚĞƌ͍

^sd>E ĂŚ͕ǌůĂƚĂ͘ƐĐĂƌǇŽůĚ ƐŞ͕ǌůĂƚĂ͘ǀĞĐĐŚŝĂ ĂŚ͕ǌůĂƚĂ͘ƐŽǀŝĠƚŝĐĂ ƐŽǀŝĞƚ͘ƐƵƌǀŝǀĞĚ ƐŽǀŝĞƚŝĐĂƚŽƐƚĂ͘ ƋƵĞĚĂŵŝĞĚŽ͘

ƐƚĂůŝŶŐƌĂĚĂƐĂǇŽƵŶŐ ƐŽƉƌĂǀǀŝƐƐƵƚĂĂ ƐŽďƌĞǀŝǀŝſĚĞŶŝŹĂĞŶ ŐŝƌůďǇĞĂƚŝŶŐŚƵŵĂŶ ƐƚĂůŝŶŐƌĂĚŽ ƐƚĂůŝŶŐƌĂĚŽ ĨůĞƐŚ͘ ŵĂŶŐŝĂŶĚŽƉĞƌƐŽŶĞ ĐŽŵŝĞŶĚŽĐĂƌŶĞ ŵŽƌƚĞ͘ ŚƵŵĂŶĂ͘ E^ Yh/s>E Yh/s>E

sZKE/ ƐŚĞǁĂƐĂĐĂŶŶŝďĂů͍ ğƵŶĂĐĂŶŶŝďĂůĞ͍ ĞƐƵŶĂĐĂŶşďĂů͍

ŝƌƉŽƌƚ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

<s/E ǁŚĂƚŝĨƐŚĞĚŽĞƐŶΖƚ ĞƐĞŶŽŶďĞǀĞƐƐĞ͍ ǇƐŝůĂƐĞŹŽƌĂŶŽ ĚƌŝŶŬ͍ ďĞďĞ͍

E^ sZKE/ ƐŚĞΖƐƌƵƐƐŝĂŶ͘ƐŚĞ ğƌƵƐƐĂ͘ďĞǀĞƉĞƌ Yh/s>E ĞƐƌƵƐĂ͕ďĞďĞƐĞŐƵƌŽ͘ Yh/s>E ĚƌŝŶŬƐ͘ ĨŽƌǌĂ͘

'ĂůůĂŐŚĞƌŚŽƵƐĞ͘

/K>K'/>DZ< ,ZdZ Ks /s ^dZd'z ^s ^dZd'z

<^^// ŝŬŶŽǁǇŽƵǁĂŶƚƚŽ ƐŽĐŚĞǀƵŽŝƚŽƌŶĂƌĞ ǇĂƐĠƋƵĞƋƵŝĞƌĞƐ ŐŽďĂĐŬƚŽƚŚĂƚ ĂůůĂƐĐƵŽůĂŵŝůŝƚĂƌĞ͕ ǀŽůǀĞƌĂĞƐĞĐŽůĞŐŝŽ͕ ƐĐŚŽŽů͕ďƵƚŶŽǁǁĞ ŵĂŽƌĂŝŶŝǌŝĂŵŽůĂ ƉĞƌŽƚĞŶĞŵŽƐƋƵĞ ĐĂŶƐƚĂƌƚŽƵƌůŝǀĞƐ ŶŽƐƚƌĂǀŝƚĂŝŶƐŝĞŵĞ͕ ĞŵƉĞǌĂƌŶƵĞƐƚƌĂǀŝĚĂ ƚŽŐĞƚŚĞƌĂƐ ĚĂŶŽǀĞůůŝƐƉŽƐŝ͘ŽŚ͕ ũƵŶƚŽƐ͕ĐŽŵŽƌĞĐŝĠŶ ŶĞǁůǇǁĞĚƐ͘ŽŚ͕ĨŝƌƐƚ ůĂƉƌŝŵĂĐŽƐĂĚĂĨĂƌĞ ĐĂƐĂĚŽƐ͘ĂŚ͕ůŽ ƚŚŝŶŐǁĞŶĞĞĚƚŽĚŽ ğƚƌŽǀĂƌĞƵŶ ƉƌŝŵĞƌŽƋƵĞƚĞŶĞŵŽƐ ŝƐŐĞƚĂŶĂƉĂƌƚŵĞŶƚ͘ ĂƉƉĂƌƚĂŵĞŶƚŽ͘ŶŽŶ ƋƵĞŚĂĐĞƌĞƐďƵƐĐĂƌ ŶŽƚŚŝŶŐƚŽŽďŝŐ͕ǇŽƵ ƚƌŽƉƉŽŐƌĂŶĚĞ͘ ƵŶƉŝƐŝƚŽ͘ŶŽƚŝĞŶĞ ŬŶŽǁ͘ŵĂǇďĞǁĞΖůů ŵĂŐĂƌŝƐĞƐŝĂŵŽ ƉŽƌƋƵĠƐĞƌŐƌĂŶĚĞ͘Ă ŐĞƚůƵĐŬǇĂŶĚǁĞΖůů ĨŽƌƚƵŶĂƚŝƚƌŽǀŝĂŵŽ ůŽŵĞũŽƌƚĞŶĞŵŽƐ ĨŝŶĚƐŽŵĞƚŚŝŶŐŝŶ ƋƵĂůĐŽƐĂŝŶƉĞƌŝĨĞƌŝĂ͘ ƐƵĞƌƚĞǇ ƚŚĞƉƌŽũĞĐƚƐ͘ǇŽƵ ƵŶŽĚŝƋƵĞŝƉĂůĂǌǌŝ ĞŶĐŽŶƚƌĂŵŽƐƵŶŽĞŶ ŬŶŽǁ͕ŽŶĞŽĨƚŚŽƐĞ ĚŽǀĞů͛ĂƐĐĞŶƐŽƌĞŶŽŶ ůĂƐĂĨƵĞƌĂƐ͕ĞŶƵŶŽƐ ďƵŝůĚŝŶŐƐǁŚĞƌĞƚŚĞ ĨƵŶǌŝŽŶĂ͕Ğ ĚĞĞƐŽƐďůŽƋƵĞƐĞŶ ĞůĞǀĂƚŽƌŶĞǀĞƌǁŽƌŬƐ ΀ĐŚƵĐŬůĞƐ΁ĐŝƐŽŶŽ ůŽƐƋƵĞĞůĂƐĐĞŶƐŽƌ ĂŶĚ΀ĐŚƵĐŬůĞƐ΁ ďĂŶĚĞĚŝĐƌŝŵŝŶĂůŝ ŶƵŶĐĂĨƵŶĐŝŽŶĂǇ ƚŚĞƌĞΖƐĂůǁĂǇƐŐĂŶŐƐ ƉĞƌůĞƐĐĂůĞ͘΀ƐŝŐŚƐ΁Đŝ ΀ĐŚƵĐŬůĞƐ΁ůĂĞƐĐĂůĞƌĂ ŽƵƚŝŶƚŚĞƐƚĂŝƌǁĞůů͘ ƐĞƌǀŝƌăƵŶĂĐĂŵĞƌĂŝŶ ƐŝĞŵƉƌĞĞƐƚĄůůĞŶĂĚĞ ΀ƐŝŐŚƐ΁ǁĞΖůůŚĂǀĞƚŽ Ɖŝƶ͕ƉĞƌŝĨŝŐůŝ͘ŝŽŶĞ ƉĂŶĚŝůůĞƌŽƐ͘΀ƐŝŐŚƐ΁ ŐĞƚĂŶĞǆƚƌĂďĞĚƌŽŽŵ ǀŽŐůŝŽƐĞŝ͘ƚƵŶŽ͍ ĂƵŶƋƵĞŶĞĐĞƐŝƚĂŵŽƐ ƚŽŽ͘ĨŽƌƚŚĞŬŝĚƐ͘ŝ ĂǀƌĞŵŽƚƌĞŵĂƐĐŚŝĞ ĚŽƐĚŽƌŵŝƚŽƌŝŽƐ͕ƉĂƌĂ ǁĂŶƚƐŝǆ͘ĚŽŶΖƚǇŽƵ͍ ƚƌĞĨĞŵŵŝŶĞ͘ŝŶŽŵŝ ůŽƐŶŝŹŽƐ͘ǇŽƋƵŝĞƌŽ ǁĞĐĂŶŚĂǀĞƚŚƌĞĞ ŝŶŝǌŝĞƌĂŶŶŽĐŽŶůĂĐĞ ƐĞŝƐ͘ǇƚƷ͍ƚĞŶĚƌĞŵŽƐ ďŽǇƐĂŶĚƚŚƌĞĞŐŝƌůƐ͘ ĐŽŶůĂŬĐŽŵĞŶŽŝ͘ ƚƌĞƐĐŚŝĐŽƐǇƚƌĞƐ ĂŶĚƚŚĞŝƌŶĂŵĞƐǁŝůů ƚŝƉŽĐŚĂƌůŝĞĞŬƌŝƐƚŝŶ͕ ĐŚŝĐĂƐ͘ǇůŽƐŶŽŵďƌĞƐ ^^ ƐƚĂƌƚǁŝƚŚĂĐĂŶĚĂŬ ŬĂƌĞŶ͕ŬĂƚŚĞƌŝŶĞ͕ DW>/&/d/KE ĞŵƉĞǌĂƌĄŶƉŽƌĐŽ Yh/s>E ũƵƐƚůŝŬĞƵƐ͘ůŝŬĞ ĐŽĚǇĞĐŽůĞ͕ĐŽŽƉĞƌ͘ ƉŽƌŬ͕ĐŽŵŽůŽƐ ĐŚĂƌůŝĞĂŶĚŬƌŝƐƚŝŶ ŽŚ͕ƉŽƚƌĞŵŵŽ ŶƵĞƐƚƌŽƐ͕ĐŽŵŽ ŬĂƌĞŶŬĂƚŚĞƌŝŶĞĐŽĚǇ͕ ĐŚŝĂŵĂƌůŽƉŝĐĐŽůŽ ĐŚĂƌůŝĞ͕ŬƌŝƐƚŝŶ͕ŬĂƌĞŶ͕ ĐŽůĞ͕ĐŽŽƉĞƌŽŚ͕ǁĞ ĐŽŽƉ͘ĚŽĐĐŝĂƵŶĂ ŬĂƚŚĞƌŝŶĞ͕ĐŽĚǇ͕ĐŽůĞ ĐĂŶĐĂůůŚŝŵůŝƚƚůĞ ǀŽůƚĂĂƐĞƚƚŝŵĂŶĂĞ ŽĐŽŽƉĞƌ͘ĂĞƐƚĞůŽ ĐŽŽƉ͘ǁĞΖůůƐŚŽǁĞƌ ΀ůĂƵŐŚƐ΁ŵĂŶŐĞƌĞŵŽ ůůĂŵĂƌĞŵŽƐĐŽŽƉ͘ ŽŶĐĞĂǁĞĞŬ͘ĂŶĚ ƐĞŵƉƌĞĂůĨĂƐƚĨŽŽĚĞ ŶŽƐĚƵĐŚĂƌĞŵŽƐƵŶĂ ΀ůĂƵŐŚƐ΁ĂŶĚǁĞĐĂŶ͕ ĚŝǀĞŶƚĞƌĞŵŽŐƌĂƐƐŝ͘ ǀĞǌĂůĂƐĞŵĂŶĂǇ ƵŚ͕ĞĂƚĨĂƐƚĨŽŽĚĂŶĚ ƐĂƌĞŵŽĐŽŵĞ ΀ůĂƵŐŚƐ΁ĐŽŵĞƌĞŵŽƐ ŐĞƚƌĞĂůůǇĨĂƚ͘ǁĞΖůů ƉĞƌƐŽŶĞǀĞƌĞ͕ĐĂƌů͘ ĐŽŵŝĚĂďĂƐƵƌĂǇ ďĞůŝŬĞƌĞĂůƉĞŽƉůĞ͕ ĞŶŐŽƌĚĂƌĞŵŽƐ͘ ĐĂƌů͘ ƐĞƌĞŵŽƐĐŽŵŽůĂ ŐĞŶƚĞĚĞǀĞƌĚĂĚ͘

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