2020 Notice of Annual Meeting and Proxy Statement

ϮϬϮϬEŽƚŝĐĞŽĨ ŶŶƵĂůDĞĞƚŝŶŐ ĂŶĚWƌŽdžLJ^ƚĂƚĞŵĞŶƚ

KŶĞDŝƐƐŝƐƐŝƉƉŝWůĂnjĂ ϮϬϭ^ŽƵƚŚ^ƉƌŝŶŐ^ƚƌĞĞƚ dƵƉĞůŽ͕DŝƐƐŝƐƐŝƉƉŝϯϴϴϬϰ

DĂƌĐŚϭϭ͕ϮϬϮϬ dŽƚŚĞ^ŚĂƌĞŚŽůĚĞƌƐŽĨ ĂŶĐŽƌƉ^ŽƵƚŚĂŶŬ͗

KŶtĞĚŶĞƐĚĂLJ͕ƉƌŝůϮϮ͕ϮϬϮϬĂƚϵ͗ϬϬĂ͘ŵ͘;ĞŶƚƌĂůdŝŵĞͿ͕ƚŚĞĂŶŶƵĂůŵĞĞƚŝŶŐŽĨƐŚĂƌĞŚŽůĚĞƌƐŽĨĂŶĐŽƌƉ^ŽƵƚŚĂŶŬ ǁŝůůďĞŚĞůĚĂƚƚŚĞĂŶĐŽƌƉ^ŽƵƚŚŽƌƉŽƌĂƚĞ,ĞĂĚƋƵĂƌƚĞƌƐ͕^ĞĐŽŶĚ&ůŽŽƌŽŶĨĞƌĞŶĐĞZŽŽŵ͕KŶĞDŝƐƐŝƐƐŝƉƉŝWůĂnjĂ͕ϮϬϭ ^ŽƵƚŚ^ƉƌŝŶŐ^ƚƌĞĞƚ͕dƵƉĞůŽ͕DŝƐƐŝƐƐŝƉƉŝϯϴϴϬϰ͘zŽƵĂƌĞĐŽƌĚŝĂůůLJŝŶǀŝƚĞĚƚŽĂƚƚĞŶĚĂŶĚƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞĂŶŶƵĂůŵĞĞƚŝŶŐ͘

ĞŐŝŶŶŝŶŐƚŚŝƐLJĞĂƌ͕ǁĞŚĂǀĞĞůĞĐƚĞĚƚŽƉƌŽǀŝĚĞĂĐĐĞƐƐƚŽŽƵƌƉƌŽdžLJŵĂƚĞƌŝĂůƐďLJ/ŶƚĞƌŶĞƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ ΗŶŽƚŝĐĞĂŶĚĂĐĐĞƐƐΗĞͲƉƌŽdžLJƌƵůĞƐ͘ĐĐŽƌĚŝŶŐůLJ͕ŽŶŽƌĂďŽƵƚDĂƌĐŚϭϭ͕ϮϬϮϬ͕ǁĞǁŝůůŵĂŝůƚŽŽƵƌƐŚĂƌĞŚŽůĚĞƌƐĂEŽƚŝĐĞŽĨ /ŶƚĞƌŶĞƚǀĂŝůĂďŝůŝƚLJŽĨWƌŽdžLJDĂƚĞƌŝĂůƐ͘KŶƚŚĞĚĂƚĞŽĨƚŚĞŵĂŝůŝŶŐŽĨƚŚĞEŽƚŝĐĞŽĨ/ŶƚĞƌŶĞƚǀĂŝůĂďŝůŝƚLJŽĨWƌŽdžLJDĂƚĞƌŝĂůƐ͕ ĂůůƐŚĂƌĞŚŽůĚĞƌƐŽĨƌĞĐŽƌĚĂŶĚďĞŶĞĨŝĐŝĂůŽǁŶĞƌƐǁŝůůŚĂǀĞƚŚĞĂďŝůŝƚLJƚŽĂĐĐĞƐƐĂůůŽĨŽƵƌƉƌŽdžLJŵĂƚĞƌŝĂůƐĂƚƚŚĞǁĞďƐŝƚĞ ĂĚĚƌĞƐƐƐĞƚĨŽƌƚŚŝŶƚŚĞEŽƚŝĐĞŽĨ/ŶƚĞƌŶĞƚǀĂŝůĂďŝůŝƚLJŽĨWƌŽdžLJDĂƚĞƌŝĂůƐĂŶĚŝŶƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐWƌŽdžLJ^ƚĂƚĞŵĞŶƚ͘dŚĞƐĞ ƉƌŽdžLJŵĂƚĞƌŝĂůƐǁŝůůďĞĂǀĂŝůĂďůĞĨƌĞĞŽĨĐŚĂƌŐĞ͘tĞĂƌĞĐŽŶƐƚĂŶƚůLJĨŽĐƵƐĞĚŽŶŝŵƉƌŽǀŝŶŐƚŚĞǁĂLJƐŽƵƌƐŚĂƌĞŚŽůĚĞƌƐĐĂŶ ĂĐĐĞƐƐŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚĂŶĐŽƌƉ^ŽƵƚŚĂŶĚďĞůŝĞǀĞƚŚĂƚƉƌŽǀŝĚŝŶŐŽƵƌƉƌŽdžLJŵĂƚĞƌŝĂůƐďLJ/ŶƚĞƌŶĞƚŝŶĐƌĞĂƐĞƐƚŚĞĂďŝůŝƚLJŽĨ ŽƵƌƐŚĂƌĞŚŽůĚĞƌƐƚŽĂĐĐĞƐƐƚŚĞŝŶĨŽƌŵĂƚŝŽŶƚŚĞLJŶĞĞĚǁŚŝůĞƐŝŵƵůƚĂŶĞŽƵƐůLJƌĞĚƵĐŝŶŐƚŚĞĞŶǀŝƌŽŶŵĞŶƚĂůŝŵƉĂĐƚŽĨŽƵƌ ĂŶŶƵĂůŵĞĞƚŝŶŐ͘

zŽƵƌǀŽƚĞŝƐŝŵƉŽƌƚĂŶƚ͘tŚĞƚŚĞƌŽƌŶŽƚLJŽƵƉůĂŶƚŽĂƚƚĞŶĚƚŚĞĂŶŶƵĂůŵĞĞƚŝŶŐ͕/ƵƌŐĞLJŽƵƚŽǀŽƚĞĂŶĚƐƵďŵŝƚLJŽƵƌ ƉƌŽdžLJĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞǀŝĂƚŚĞ/ŶƚĞƌŶĞƚ͕ďLJƉŚŽŶĞŽƌ͕ŝĨLJŽƵƌĞƋƵĞƐƚƉƌŝŶƚĞĚƉƌŽdžLJŵĂƚĞƌŝĂůƐ͕ďLJŵĂŝůŝŶŐƚŽƵƐĂƉƌŽdžLJ ĐĂƌĚĞŶĐůŽƐĞĚǁŝƚŚƚŚĞƉƌŝŶƚĞĚƉƌŽdžLJŵĂƚĞƌŝĂůƐ͘sŽƚŝŶŐŝŶƚŚĞƐĞŵĂŶŶĞƌƐǁŝůůŶŽƚƉƌĞǀĞŶƚLJŽƵĨƌŽŵǀŽƚŝŶŐŝŶƉĞƌƐŽŶĂƚƚŚĞ ĂŶŶƵĂůŵĞĞƚŝŶŐďƵƚǁŝůůŚĞůƉƚŽƐĞĐƵƌĞĂƋƵŽƌƵŵĂŶĚĂǀŽŝĚĂĚĚĞĚƐŽůŝĐŝƚĂƚŝŽŶĐŽƐƚƐ͘/ĨLJŽƵƐƵďƐĞƋƵĞŶƚůLJĚĞĐŝĚĞƚŽĂƚƚĞŶĚ ƚŚĞĂŶŶƵĂůŵĞĞƚŝŶŐ͕LJŽƵŵĂLJǁŝƚŚĚƌĂǁLJŽƵƌƉƌŽdžLJĂƚĂŶLJƚŝŵĞďĞĨŽƌĞŝƚŝƐĞdžĞƌĐŝƐĞĚĂŶĚǀŽƚĞLJŽƵƌƐŚĂƌĞƐŝŶƉĞƌƐŽŶ͘

/ůŽŽŬĨŽƌǁĂƌĚƚŽƐĞĞŝŶŐLJŽƵĂƚƚŚŝƐLJĞĂƌ͛ƐĂŶŶƵĂůŵĞĞƚŝŶŐ͘

^ŝŶĐĞƌĞůLJ͕

:D^͘ZK>>/E^/// ŚĂŝƌŵĂŶŽĨƚŚĞŽĂƌĚĂŶĚ ŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌ ;dŚŝƐƉĂŐĞŝŶƚĞŶƚŝŽŶĂůůLJůĞĨƚďůĂŶŬ͘Ϳ KŶĞDŝƐƐŝƐƐŝƉƉŝWůĂnjĂ ϮϬϭ^ŽƵƚŚ^ƉƌŝŶŐ^ƚƌĞĞƚ dƵƉĞůŽ͕DŝƐƐŝƐƐŝƉƉŝϯϴϴϬϰ EŽƚŝĐĞŽĨŶŶƵĂůDĞĞƚŝŶŐŽĨ^ŚĂƌĞŚŽůĚĞƌƐ dŽĞ,ĞůĚƉƌŝůϮϮ͕ϮϬϮϬ dŽƚŚĞ^ŚĂƌĞŚŽůĚĞƌƐŽĨ ĂŶĐŽƌƉ^ŽƵƚŚĂŶŬ͗ dŚĞĂŶŶƵĂůŵĞĞƚŝŶŐŽĨƐŚĂƌĞŚŽůĚĞƌƐŽĨĂŶĐŽƌƉ^ŽƵƚŚĂŶŬ;ƚŚĞ͞ŶŶƵĂůDĞĞƚŝŶŐ͟ͿǁŝůůďĞŚĞůĚŽŶtĞĚŶĞƐĚĂLJ͕Ɖƌŝů ϮϮ͕ϮϬϮϬ͕Ăƚϵ͗ϬϬĂ͘ŵ͘;ĞŶƚƌĂůdŝŵĞͿĂƚƚŚĞĂŶĐŽƌƉ^ŽƵƚŚŽƌƉŽƌĂƚĞ,ĞĂĚƋƵĂƌƚĞƌƐ͕^ĞĐŽŶĚ&ůŽŽƌŽŶĨĞƌĞŶĐĞZŽŽŵ͕KŶĞ DŝƐƐŝƐƐŝƉƉŝWůĂnjĂ͕ϮϬϭ^ŽƵƚŚ^ƉƌŝŶŐ^ƚƌĞĞƚ͕dƵƉĞůŽ͕DŝƐƐŝƐƐŝƉƉŝϯϴϴϬϰĨŽƌƚŚĞĨŽůůŽǁŝŶŐƉƵƌƉŽƐĞƐ͗

;ϭͿ dŽĞůĞĐƚĨŝǀĞ;ϱͿĚŝƌĞĐƚŽƌƐ͖

;ϮͿ dŽĂƉƉƌŽǀĞ͕ŝŶĂŶŽŶͲďŝŶĚŝŶŐ͕ĂĚǀŝƐŽƌLJǀŽƚĞ͕ƚŚĞĐŽŵƉĞŶƐĂƚŝŽŶŽĨŽƵƌEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐ͖

;ϯͿ dŽƌĂƚŝĨLJƚŚĞĂƉƉŽŝŶƚŵĞŶƚŽĨ<͕>>WĂƐŽƵƌŝŶĚĞƉĞŶĚĞŶƚƌĞŐŝƐƚĞƌĞĚƉƵďůŝĐĂĐĐŽƵŶƚŝŶŐĨŝƌŵĨŽƌƚŚĞLJĞĂƌĞŶĚŝŶŐ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͖ĂŶĚ

;ϰͿ dŽƚƌĂŶƐĂĐƚ ƐƵĐŚŽƚŚĞƌ ďƵƐŝŶĞƐƐ ĂƐ ŵĂLJ ƉƌŽƉĞƌůLJ ĐŽŵĞ ďĞĨŽƌĞƚŚĞ ŶŶƵĂůDĞĞƚŝŶŐ Žƌ ĂŶLJ ĂĚũŽƵƌŶŵĞŶƚƐ Žƌ ƉŽƐƚƉŽŶĞŵĞŶƚƐƚŚĞƌĞŽĨ͘ dŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽĨĂŶĐŽƌƉ^ŽƵƚŚĂŶŬŚĂƐĨŝdžĞĚƚŚĞĐůŽƐĞŽĨďƵƐŝŶĞƐƐŽŶ&ĞďƌƵĂƌLJϮϴ͕ϮϬϮϬĂƐƚŚĞƌĞĐŽƌĚĚĂƚĞ ĨŽƌĚĞƚĞƌŵŝŶŝŶŐƐŚĂƌĞŚŽůĚĞƌƐĞŶƚŝƚůĞĚƚŽŶŽƚŝĐĞŽĨĂŶĚƚŽǀŽƚĞĂƚƚŚĞŶŶƵĂůDĞĞƚŝŶŐ͘ ĂŶĐŽƌƉ^ŽƵƚŚĂŶŬ͕ŽŶďĞŚĂůĨŽĨŝƚƐŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͕ŝƐƐŽůŝĐŝƚŝŶŐLJŽƵƌƉƌŽdžLJƚŽĞŶƐƵƌĞƚŚĂƚĂƋƵŽƌƵŵŝƐƉƌĞƐĞŶƚĂŶĚ ƚŚĂƚLJŽƵƌƐŚĂƌĞƐĂƌĞƌĞƉƌĞƐĞŶƚĞĚĂŶĚǀŽƚĞĚĂƚƚŚĞŶŶƵĂůDĞĞƚŝŶŐ͘WůĞĂƐĞƐĞĞƚŚĞEŽƚŝĐĞŽĨ/ŶƚĞƌŶĞƚǀĂŝůĂďŝůŝƚLJŽĨWƌŽdžLJ DĂƚĞƌŝĂůƐ ĨŽƌ ŝŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ ;ŝͿ ĞůĞĐƚƌŽŶŝĐĂůůLJ ĂĐĐĞƐƐŝŶŐ ŽƵƌ ƉƌŽdžLJ ŵĂƚĞƌŝĂůƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ĂĐĐŽŵƉĂŶLJŝŶŐ WƌŽdžLJ ^ƚĂƚĞŵĞŶƚ͕ĂƉƌŽdžLJĐĂƌĚĂŶĚŽƵƌŶŶƵĂůZĞƉŽƌƚƚŽ^ŚĂƌĞŚŽůĚĞƌƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϵ͕;ŝŝͿŐŝǀŝŶŐLJŽƵƌ ƉƌŽdžLJĂƵƚŚŽƌŝnjĂƚŝŽŶǀŝĂƚŚĞ/ŶƚĞƌŶĞƚŽƌďLJƚĞůĞƉŚŽŶĞĂŶĚ;ŝŝŝͿ ƌĞƋƵĞƐƚŝŶŐĂƉĂƉĞƌĐŽƉLJŽĨŽƵƌƉƌŽdžLJŵĂƚĞƌŝĂůƐ͘/ĨLJŽƵ ƐƵďƐĞƋƵĞŶƚůLJĚĞĐŝĚĞƚŽǀŽƚĞĂƚƚŚĞŶŶƵĂůDĞĞƚŝŶŐ͕ŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƌĞǀŽŬŝŶŐLJŽƵƌƉƌĞǀŝŽƵƐůLJƐƵďŵŝƚƚĞĚƉƌŽdžLJŝƐĂůƐŽ ƉƌŽǀŝĚĞĚ͘

WůĞĂƐĞƉƌŽŵƉƚůLJŐŝǀĞLJŽƵƌƉƌŽdžLJĂƵƚŚŽƌŝnjĂƚŝŽŶďLJ/ŶƚĞƌŶĞƚŽƌƚĞůĞƉŚŽŶĞŽƌ͕ŝĨLJŽƵƌĞƋƵĞƐƚƉƌŝŶƚĞĚƉƌŽdžLJŵĂƚĞƌŝĂůƐ͕ ĐŽŵƉůĞƚĞ͕ƐŝŐŶĂŶĚƌĞƚƵƌŶĂƉƌŽdžLJĐĂƌĚƚŽĞŶƐƵƌĞƚŚĂƚĞĂĐŚŽĨLJŽƵƌƐŚĂƌĞƐĂƌĞƌĞƉƌĞƐĞŶƚĞĚĂŶĚǀŽƚĞĚ͘

DĂƌĐŚϭϭ͕ϮϬϮϬ LJŽƌĚĞƌŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͕

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ŽŶƚŝŶƵŝŶŐŝƌĞĐƚŽƌƐĂĐŬŐƌŽƵŶĚĂŶĚYƵĂůŝĨŝĐĂƚŝŽŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϵ ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϯ ZŽůĞŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϯ ŝƌĞĐƚŽƌƚƚĞŶĚĂŶĐĞĂƚŽĂƌĚ͕ŽŵŵŝƚƚĞĞĂŶĚŶŶƵĂůDĞĞƚŝŶŐƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϯ ŽŵŵŝƚƚĞĞƐŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϰ ŽŵŵƵŶŝĐĂƚŝŽŶƐǁŝƚŚƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϴ 'ŽǀĞƌŶĂŶĐĞ/ŶĨŽƌŵĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϴ ŝƌĞĐƚŽƌ/ŶĚĞƉĞŶĚĞŶĐĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϴ ŝƌĞĐƚŽƌYƵĂůŝĨŝĐĂƚŝŽŶ^ƚĂŶĚĂƌĚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϵ ŽĂƌĚ>ĞĂĚĞƌƐŚŝƉ^ƚƌƵĐƚƵƌĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϵ DĂŶĂŐĞŵĞŶƚ^ƵĐĐĞƐƐŝŽŶWůĂŶŶŝŶŐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϬ džĞĐƵƚŝǀĞ^ĞƐƐŝŽŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϬ ^ƚŽĐŬKǁŶĞƌƐŚŝƉ'ƵŝĚĞůŝŶĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϬ ZŝƐŬKǀĞƌƐŝŐŚƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϭ

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ŝŝŝ

WƌŽdžLJ^ƚĂƚĞŵĞŶƚ^ƵŵŵĂƌLJ

'ĞŶĞƌĂů dŚŝƐ ƐƵŵŵĂƌLJ ŚŝŐŚůŝŐŚƚƐ ŝŶĨŽƌŵĂƚŝŽŶ ĐŽŶƚĂŝŶĞĚ ĞůƐĞǁŚĞƌĞ ŝŶ ƚŚŝƐ WƌŽdžLJ ^ƚĂƚĞŵĞŶƚ͘ WůĞĂƐĞ ƌĞĂĚ ƚŚĞ ĞŶƚŝƌĞ WƌŽdžLJ ^ƚĂƚĞŵĞŶƚĐĂƌĞĨƵůůLJďĞĨŽƌĞǀŽƚŝŶŐĂƐƚŚŝƐŝƐŽŶůLJĂƐƵŵŵĂƌLJ͘ hŶůĞƐƐƚŚĞĐŽŶƚĞdžƚŽƚŚĞƌǁŝƐĞƌĞƋƵŝƌĞƐ͕ƌĞĨĞƌĞŶĐĞƐŝŶƚŚŝƐWƌŽdžLJ^ƚĂƚĞŵĞŶƚƚŽ͞ĂŶĐŽƌƉ^ŽƵƚŚ͕͟͞ƚŚĞŽŵƉĂŶLJ͕͟͞ǁĞ͕͟ ͞ƵƐ͟ĂŶĚ͞ŽƵƌ͟ƌĞĨĞƌƚŽĂŶĐŽƌƉ^ŽƵƚŚĂŶŬĂŶĚŝƚƐĐŽŶƐŽůŝĚĂƚĞĚƐƵďƐŝĚŝĂƌŝĞƐ͘ ŶŶƵĂůDĞĞƚŝŶŐ KŶtĞĚŶĞƐĚĂLJ͕ƉƌŝůϮϮ͕ϮϬϮϬ͕Ăƚϵ͗ϬϬĂ͘ŵ͘;ĞŶƚƌĂůdŝŵĞͿ͕ƚŚĞĂŶŶƵĂůŵĞĞƚŝŶŐŽĨƐŚĂƌĞŚŽůĚĞƌƐŽĨĂŶĐŽƌƉ^ŽƵƚŚ ĂŶŬǁŝůůďĞŚĞůĚĂƚƚŚĞĂŶĐŽƌƉ^ŽƵƚŚŽƌƉŽƌĂƚĞ,ĞĂĚƋƵĂƌƚĞƌƐ͕^ĞĐŽŶĚ&ůŽŽƌŽŶĨĞƌĞŶĐĞZŽŽŵ͕KŶĞDŝƐƐŝƐƐŝƉƉŝWůĂnjĂ͕ ϮϬϭ^ŽƵƚŚ^ƉƌŝŶŐ^ƚƌĞĞƚ͕dƵƉĞůŽ͕DŝƐƐŝƐƐŝƉƉŝϯϴϴϬϰ;ƚŚĞ͞ŶŶƵĂůDĞĞƚŝŶŐ͟Ϳ͘

ŐĞŶĚĂĂŶĚsŽƚŝŶŐZĞĐŽŵŵĞŶĚĂƚŝŽŶƐ WƌŽƉŽƐĂů ĞƐĐƌŝƉƚŝŽŶ sŽƚĞƐZĞƋƵŝƌĞĚ ŽĂƌĚZĞĐŽŵŵĞŶĚĂƚŝŽŶ WĂŐĞ ůĞĐƚŝŽŶŽĨĨŝǀĞ;ϱͿĚŝƌĞĐƚŽƌŶŽŵŝŶĞĞƐƚŽƐĞƌǀĞŽŶƚŚĞ &KZĞĂĐŚĚŝƌĞĐƚŽƌ ϭ WůƵƌĂůŝƚLJŽĨǀŽƚĞƐĐĂƐƚ ϭϰ ŽĂƌĚŽĨŝƌĞĐƚŽƌƐ ŶŽŵŝŶĞĞ Ϯ ĚǀŝƐŽƌLJĂƉƉƌŽǀĂůŽĨƚŚĞĐŽŵƉĞŶƐĂƚŝŽŶŽĨŽƵƌEĂŵĞĚ DŽƌĞǀŽƚĞƐĨŽƌƚŚĂŶ &KZ ϳϱ džĞĐƵƚŝǀĞKĨĨŝĐĞƌƐ ĂŐĂŝŶƐƚ ϯ ZĂƚŝĨŝĐĂƚŝŽŶŽĨĂƉƉŽŝŶƚŵĞŶƚŽĨŽƵƌ/ŶĚĞƉĞŶĚĞŶƚ DŽƌĞǀŽƚĞƐĨŽƌƚŚĂŶ &KZ ϳϳ ZĞŐŝƐƚĞƌĞĚWƵďůŝĐĐĐŽƵŶƚŝŶŐ&ŝƌŵ ĂŐĂŝŶƐƚ ŝƌĞĐƚŽƌEŽŵŝŶĞĞƐ ŝƌĞĐƚŽƌ dĞƌŵ EĂŵĞ ŐĞ ^ŝŶĐĞ ůĂƐƐ džƉŝƌĞƐ WƌŝŶĐŝƉĂůKĐĐƵƉĂƚŝŽŶ 'ƵƐ:͘ůĂƐƐ/// ϲϴ ϮϬϬϰ // ϮϬϮϯ 'ĞŶĞƌĂůWĂƌƚŶĞƌŽĨĂƉŝƚĂůWƌŽƉĞƌƚŝĞƐ͕>> &ŽƌŵĞƌWƌĞƐŝĚĞŶƚĂŶĚŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌŽĨ ĞďŽƌĂŚD͘ĂŶŶŽŶ ϲϴ ϮϬϭϱ // ϮϬϮϯ ,ŽƵƐƚŽŶŽŽ;ϮϬϬϱͲϮϬϭϱͿ tŝůůŝĂŵ'͘͞^ŬŝƉƉĞƌ͟,ŽůůŝŵĂŶ ϱϱ ϮϬϮϬ /// ϮϬϮϮ WƌĞƐŝĚĞŶƚ͕,ŽŵĞ^ƚƌĞƚĐŚ&ƵƌŶŝƚƵƌĞ tĂƌƌĞŶ͘,ŽŽĚ͕:ƌ͘ ϲϴ ϮϬϬϳ // ϮϬϮϯ ŚĂŝƌŵĂŶŽĨ,ŽŽĚŽŵƉĂŶŝĞƐ͕/ŶĐ͘ ŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌĂŶĚŚĂŝƌŵĂŶŽĨƚŚĞŽĂƌĚ dŚŽŵĂƐZ͘^ƚĂŶƚŽŶ ϱϱ ϮϬϭϱ // ϮϬϮϯ ŽĨdZE͕/ŶĐ͘ zŽƵŵĂLJĐĂƐƚLJŽƵƌǀŽƚĞŝŶĂŶLJŽĨƚŚĞĨŽůůŽǁŝŶŐǁĂLJƐ͗

/ŶƚĞƌŶĞƚ YZŽĚĞ WŚŽŶĞ DĂŝů /ŶWĞƌƐŽŶ sŝƐŝƚ zŽƵĐĂŶƐĐĂŶƚŚŝƐYZ ĂůůϭͲϴϬϬͲϲϱϮͲsKd ^ĞŶĚLJŽƵƌĐŽŵƉůĞƚĞĚĂŶĚ /ĨLJŽƵǁŝƐŚƚŽ ǁǁǁ͘ĞŶǀŝƐŝŽŶƌĞƉŽƌƚƐ͘ĐŽŵͬy^ ĐŽĚĞƚŽǀŽƚĞǁŝƚŚ ;ϴϲϴϯͿĂŶĚĨŽůůŽǁƚŚĞ ƐŝŐŶĞĚƉƌŽdžLJĐĂƌĚŽƌǀŽƚĞƌ ĂƚƚĞŶĚƚŚĞĂŶŶƵĂů ĂŶĚĨŽůůŽǁƚŚĞƐƚĞƉƐŽƵƚůŝŶĞĚ LJŽƵƌŵŽďŝůĞƉŚŽŶĞ͘ ŝŶƐƚƌƵĐƚŝŽŶƐƉƌŽǀŝĚĞĚďLJ ŝŶƐƚƌƵĐƚŝŽŶĨŽƌŵƚŽƚŚĞ ŵĞĞƚŝŶŐĂŶĚŶĞĞĚ ŽŶƚŚĞƐĞĐƵƌĞǁĞďƐŝƚĞ͘ ƚŚĞƌĞĐŽƌĚĞĚŵĞƐƐĂŐĞ͘ ĂĚĚƌĞƐƐůŝƐƚĞĚƚŚĞƌĞŽŶ͘ ĚŝƌĞĐƚŝŽŶƐ͕ƉůĞĂƐĞ ĐĂůůƵƐĂƚϭͲϴϴϴͲϳϵϳͲ ϳϳϭϭ͘

ϭ WƌŽdžLJ^ƚĂƚĞŵĞŶƚ^ƵŵŵĂƌLJ

ϮϬϭϵ^ŚĂƌĞŚŽůĚĞƌŶŐĂŐĞŵĞŶƚ

tĞ ǀĂůƵĞ ƚŚĞ ǀŝĞǁƐ ŽĨ ŽƵƌ ŝŶǀĞƐƚŽƌƐ ĂŶĚ ǁĞůĐŽŵĞ ĨĞĞĚďĂĐŬ ĨƌŽŵ ƚŚĞŵ͘ KƵƌ ƐƚĂŶĚĂƌĚ ƐŚĂƌĞŚŽůĚĞƌ ĞŶŐĂŐĞŵĞŶƚ ƉƌĂĐƚŝĐĞŝƐƚŽŝŶŝƚŝĂƚĞĐŽŶǀĞƌƐĂƚŝŽŶƐǁŝƚŚŽƵƌŝŶǀĞƐƚŽƌƐƚŚƌŽƵŐŚŽƵƚƚŚĞLJĞĂƌ͘/ŶϮϬϭϵ͕ǁĞƌĞĂĐŚĞĚŽƵƚƚŽĐĞƌƚĂŝŶŽĨŽƵƌ ƐŚĂƌĞŚŽůĚĞƌƐ ĂŶĚ ŝŶǀŝƚĞĚ ƚŚĞŵ ƚŽ ƚĂůŬ ƚŽ ƵƐ ĂďŽƵƚ ĐŽƌƉŽƌĂƚĞ ƐƚƌĂƚĞŐLJ͕ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ͕ ĐŽƌƉŽƌĂƚĞ ŐŽǀĞƌŶĂŶĐĞ ĂŶĚ ĞdžĞĐƵƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶ͕ĂůŽŶŐǁŝƚŚŽƚŚĞƌƚŽƉŝĐƐƚŚĞLJǁĂŶƚĞĚƚŽĚŝƐĐƵƐƐ͘/ŶƌĞŐƵůĂƌůLJĞŶŐĂŐŝŶŐǁŝƚŚŽƵƌƐŚĂƌĞŚŽůĚĞƌƐ͕ǁĞ ƉƌŽǀŝĚĞƉĞƌƐƉĞĐƚŝǀĞŽŶŽƵƌƉŽůŝĐŝĞƐĂŶĚƉƌĂĐƚŝĐĞƐƚŚĂƚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĚŝƐĐůŽƐƵƌĞƐŵĂĚĞĂǀĂŝůĂďůĞŝŶŽƵƌƉƵďůŝĐĨŝůŝŶŐƐ ŵĂĚĞǁŝƚŚƚŚĞ&ĞĚĞƌĂůĞƉŽƐŝƚ/ŶƐƵƌĂŶĐĞŽƌƉŽƌĂƚŝŽŶ;ƚŚĞ͞&/͟ͿĂŶĚƐĞĞŬŝŶƉƵƚĨƌŽŵƚŚĞƐĞƐŚĂƌĞŚŽůĚĞƌƐƚŽĞŶƐƵƌĞƚŚĂƚ ǁĞĂƌĞĂĚĚƌĞƐƐŝŶŐƚŚĞŝƌƋƵĞƐƚŝŽŶƐĂŶĚĐŽŶĐĞƌŶƐ͘

dŚĞŐŽĂůƐŽĨŽƵƌƐŚĂƌĞŚŽůĚĞƌĞŶŐĂŐĞŵĞŶƚƉƌĂĐƚŝĐĞŝŶĐůƵĚĞ͕ďƵƚĂƌĞŶŽƚůŝŵŝƚĞĚƚŽ͗;ŝͿŽďƚĂŝŶŝŶŐƐŚĂƌĞŚŽůĚĞƌŝŶƐŝŐŚƚ ŝŶƚŽŽƵƌĐŽƌƉŽƌĂƚĞŐŽǀĞƌŶĂŶĐĞ͕ĞdžĞĐƵƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶ͕ƌŝƐŬŵĂŶĂŐĞŵĞŶƚ͕ĂŶĚŽƚŚĞƌƉŽůŝĐŝĞƐĂŶĚƉƌĂĐƚŝĐĞƐ͕ŝŶĐůƵĚŝŶŐ ƐŚĂƌĞŚŽůĚĞƌ ƉĞƌƐƉĞĐƚŝǀĞƐ ĂŶĚ ƉƌŝŽƌŝƚŝĞƐ͖ ;ŝŝͿ ĐŽŵŵƵŶŝĐĂƚŝŶŐ ƚŚŽƐĞ ĂĐƚŝŽŶƐ ƵŶĚĞƌƚĂŬĞŶ ďLJ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŽĨ ĂŶĐŽƌƉ^ŽƵƚŚĂŶŬ;ƚŚĞ͞ŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͟ŽƌƚŚĞ͞ŽĂƌĚ͟ͿĂŶĚŵĂŶĂŐĞŵĞŶƚŝŶƌĞƐƉŽŶƐĞƚŽƐŚĂƌĞŚŽůĚĞƌĨĞĞĚďĂĐŬ͖;ŝŝŝͿ ĚŝƐĐƵƐƐŝŶŐ ĐƵƌƌĞŶƚ ƚƌĞŶĚƐ ŝŶ ĐŽƌƉŽƌĂƚĞ ŐŽǀĞƌŶĂŶĐĞ͕ ĞdžĞĐƵƚŝǀĞ ĐŽŵƉĞŶƐĂƚŝŽŶ ŵĂƚƚĞƌƐ͕ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ͕ ĂŶĚ ŽƚŚĞƌ ƉĞƌƚŝŶĞŶƚŵĂƚƚĞƌƐ͖ ĂŶĚ ;ŝǀͿ ƉƌŽǀŝĚŝŶŐ ŝŶƐŝŐŚƚ ŝŶƚŽŽƵƌ ĐƵƌƌĞŶƚ ďƵƐŝŶĞƐƐ ĂŶĚ ŽƉĞƌĂƚŝŽŶĂů ƉƌĂĐƚŝĐĞƐĂŶĚ ƉƌŽĐĞĚƵƌĞƐ ĂŶĚ ĞŶŚĂŶĐŝŶŐĐŽŵŵƵŶŝĐĂƚŝŽŶǁŝƚŚŽƵƌƐŚĂƌĞŚŽůĚĞƌƐ͘/ƚŝƐŽƵƌďĞůŝĞĨƚŚĂƚŽƵƌƐŚĂƌĞŚŽůĚĞƌĞŶŐĂŐĞŵĞŶƚƉƌĂĐƚŝĐĞƐĂůůŽǁŬĞLJ ŵĞŵďĞƌƐŽĨŵĂŶĂŐĞŵĞŶƚĂŶĚƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐƚŽŐĂƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚŝŶǀĞƐƚŽƌǀŝĞǁƐĂŶĚƉƌŝŽƌŝƚŝĞƐĂŶĚŵĂŬĞ ĞĚƵĐĂƚĞĚĂŶĚĚĞůŝďĞƌĂƚĞĚĞĐŝƐŝŽŶƐƚŚĂƚĂƌĞďĂůĂŶĐĞĚĂŶĚĂƉƉƌŽƉƌŝĂƚĞĨŽƌŽƵƌĚŝǀĞƌƐĞƐŚĂƌĞŚŽůĚĞƌďĂƐĞĂŶĚƚŚĂƚĂƌĞŝŶƚŚĞ ďĞƐƚŝŶƚĞƌĞƐƚƐŽĨĂŶĐŽƌƉ^ŽƵƚŚ͘

Ϯ Proxy Statement Summary

BancorpSouth’s Environmental, Social and Governance Framework BancorpSouth’s integrated ESG framework is built around our mission statement to provide relationship-focused financial services in a manner that: exceeds the expectations of our customers, supports the betterment of our communities, instills pride and passion in our teammates, and delivers value to our shareholders.

Social Capital Human Capital Corporate Governance

Corporate & Community Engagement Diversity Board Oversight and Leadership ● Supported non-profits by providing ● CEO Action for Diversity and Inclusion, ● No material related-party almost $2 million in various Federal the largest CEO-driven business transactions involving the directors Home Loan Bank Affordable Housing commitment to advance diversity and or executive officers grants inclusion within the workplace ● Annual peer-to-peer assessment of ● BancorpSouth Bank, BXS Insurance and ● Committed to fostering, cultivating and the board and its committees the BancorpSouth Foundation preserving a culture of diversity and ● No director serves on an excess contributed over $3 million to charitable inclusion number of outside boards organizations across our footprint ● Our mission is to have our company ● Prohibited transactions in our Community Impact be a reflection of the communities and common stock: margin accounts, ● Teammates volunteered over 34,000 the people it serves short selling, trading derivative hours serving the communities ● Recruiting efforts at colleges and securities, hedging across our footprint universities, including historically ● Strong Independent Lead Director ● Recognitions by Forbes: one of the best minority universities, provides a more with clearly delineated duties banks in America and the best bank diverse group of candidates ● All directors serving during 2019 headquartered in Mississippi; best in- ● 25% of our Board represents an ethnic attended at least 83% of the state bank for Alabama; and one of minority demographic aggregate of all meetings America’s Best Midsize Employers ● 8% of our Board are women ● Significant stock ownership ● Received the 2019 America Saves ● 21% of our senior management team guidelines for our directors and Designation of Saving Excellence for are women executive officers promoting savings, representing the Workforce Demographics ● Director Independence Standards fifth consecutive year ● Competitive compensation and follow the definition of the FDIC, ● Business Insurance magazine named benefits to attract and retain the best SEC and the NYSE BXS Insurance as one of the Best Places people ● 11 of 12 continuing directors are to Work in Insurance ● Paid parental leave to assist and support considered independent under the ● Received the Greenwich Excellence new parents with balancing work and NYSE standards Award in 2019 for small business family matters ● Committed to regular board banking ● Educational assistance to help our refreshment through our ● Mississippi Business Journal’s 2019 Best teammates improve retirement policy of Mississippi Business Awards: on-the-job proficiency and to prepare ● Majority voting with director BancorpSouth Bank won best them for advancement within the resignation policy Mississippi-based bank; and BXS company ● 33% of the continuing directors Insurance won best third-party Code of Business Conduct and Ethics have served on the board five administration (www.bancorpsouth.com) years or less Investing ● Equal Opportunity environment Executive Management ● Approximately $150 million in CRA encouraging non-discriminatory ● Board conducts an annual eligible mortgage-backed securities practices evaluation of the CEO’s and municipal investments ● Policies prohibit any forms of performance ● Approximately $10 million in school harassment, retaliation and ● Clawback policy for executive related revenue bonds intimidation compensation for both short and ● Whistleblower and Unethical Conduct long-term incentives hotline administered by an independent Shareholder Rights third party ● Call special meetings ● Action by written consent pursuant to the Mississippi Business Corporation Act ● Amend Bylaws pursuant to the Mississippi Business Corporation Act ● No Poison Pill

3 Proxy Statement Summary

Sustainability Environment Lending ● Tax credit programs: New Markets Tax Operations and Risk Management Buildings Credit, Low-Income Housing Tax Credit, ● Business Continuity ● 45% of our facilities have LED interior and the Historic Tax Credit, which offer Program-manages the threats and and exterior lighting, saving over lower transaction costs, allowing projects impacts associated with a disruption 460,000 kilowatts of energy, and over to receive more equity to key resources, $730,000 annually in energy cost ● Invested time and significant capital in including people, equipment, ● 10% of our facilities have energy a community development financial facilities, technology and suppliers efficient mechanical systems with institution to provide funding for loans ● Pandemic Preparation and Response controls, saving over predominantly in distressed and Plan-monitors epidemics of disease that $270,000 annually in energy cost impoverished regions across our occur on a worldwide scale and caused ● Outside design architect and footprint, including a $20,000 annual by infectious diseases mechanical-electrical engineer are commitment through 2025 ● Crisis Management LEED certified ● Invested time and significant capital of Plan-provides the management Paper Consumption and Recycling $7 million in a minority depository structure, key responsibilities, ● Recycling efforts resulted in over institution emergency assignments, and general 2.15 million pounds, or 1,070 tons, ● Invested time and significant capital of procedures to follow during and of paper being shredded, saving an $2 million in a public benefit corporation immediately after an emergency estimated: 18,400 trees; 4.3 million to support the delivery of financial ● Numerous risk management policies and kilowatts of energy; 7.6 million services to low- to moderate-income procedures-provide guidance for the gallons of water; 409,000 gallons of communities throughout the Mid-South appropriate risk management of oil; and 3,200 cubic yards of waste Region technology resources, cybersecurity, from being sent to landfills ● Originated approximately $50 million in legal and regulatory risk, and other such ● Electronics are recycled according to small business lending through SBA 7(a) risks as may from time to time be federal, state, local and certified R2 and 504 (CRE) loans material to us and ISO14001 guidelines ● Multi-million dollar investment in loan Financial Wellness ● 20% of our annual office supply subsidies to enhance the affordability of ● Teammates volunteered over 5,000 spend on products that are home mortgage loans for low- to hours conducting over 1,700 financial eco-friendly with 50% of those moderate-income borrowers and education programs reaching products considered as including communities and for minority approximately 42,00 adults and youth advanced eco features, which includes communities through financial literacy programs, 36% of all paper products ● Participated in 75 third party programs including, America Saves, Teach Children Document Imaging and Digital Footprint to Save Day, Get Smart About Credit supporting affordable home mortgages ● Access to our proxy materials by across our footprint, which resulted in Day, A Banker in Every Classroom, Elder Abuse Awareness, Home Improvement Internet in accordance with the over $60 million in home mortgages that “notice and access” e-proxy rules utilized approximately $4 million in third and Small Business ● Reductions in our carbon footprint party down payment assistance. through the utilization of technology and digital channels, including payments, credit, savings, remittances, insurance, imaging systems, and a board portal for sharing of information

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ϱ Proxy Statement Summary

Earnings Per Diluted Common Share

The Company reported record earnings per diluted common share of $2.30 for 2019. This represents an increase of 3.1% compared to 2018 and also resulted in a 4-year compound growth rate of approximately 15%. Earnings growth has been achieved through continued balance sheet growth, both organically and through mergers, as well as stable credit quality, an improving net interest margin, and disciplined expense control.

Return on Average Assets

The trend in our return on average assets (“ROAA”) is generally consistent with the trend in our earnings per diluted common share. The nominal decline in 2019 compared to 2018 is primarily the result of a negative MSR valuation adjustment in 2019 of $14.5 million.

6 WƌŽdžLJ^ƚĂƚĞŵĞŶƚ^ƵŵŵĂƌLJ

KƉĞƌĂƚŝŶŐĨĨŝĐŝĞŶĐLJZĂƚŝŽʹdžĐůƵĚŝŶŐD^Z

dŚĞ ŽŵƉĂŶLJ ĐŽŶƚŝŶƵĞƐ ƚŽ ƌĞƉŽƌƚ ŝŵƉƌŽǀĞŵĞŶƚ ŝŶ ĞĨĨŝĐŝĞŶĐLJ ĂƐ ƌĞĨůĞĐƚĞĚ ƚŚƌŽƵŐŚ ƚŚĞ ĚĞĐůŝŶĞ ŝŶ ƚŚĞ ŽƉĞƌĂƚŝŶŐĞĨĨŝĐŝĞŶĐLJƌĂƚŝŽʹĞdžĐůƵĚŝŶŐD^ZʹƚŽϲϰ͘ϵйĨŽƌϮϬϭϵ͘dŚŝƐƌĞƉƌĞƐĞŶƚƐĂĚĞĐůŝŶĞŽĨĂƉƉƌŽdžŝŵĂƚĞůLJϭϳϬ ďĂƐŝƐƉŽŝŶƚƐĐŽŵƉĂƌĞĚƚŽϮϬϭϴĂŶĚĂĚĞĐůŝŶĞŽǀĞƌϳϬϬďĂƐŝƐƉŽŝŶƚƐƐŝŶĐĞϮϬϭϱ͘dŚŝƐŝŵƉƌŽǀĞŵĞŶƚŚĂƐďĞĞŶ ĂĐŚŝĞǀĞĚƚŚƌŽƵŐŚĂĐŽŶƚŝŶƵĞĚĨŽĐƵƐŽŶĞdžƉĞŶƐĞĐŽŶƚƌŽůĂƐǁĞůůĂƐƚŚĞůĞǀĞƌĂŐŝŶŐŽĨŽƵƌƉůĂƚĨŽƌŵƚŽƐƵƉƉŽƌƚ ŽƌŐĂŶŝĐŐƌŽǁƚŚĐŽŵďŝŶĞĚǁŝƚŚƚŚĞĨŽƵƌŵĞƌŐĞƌƐƚŚĂƚĐůŽƐĞĚŝŶϮϬϭϵ͘

dŚĞĞĨĨŝĐŝĞŶĐLJƌĂƚŝŽ;ƚĂdžĞƋƵŝǀĂůĞŶƚͿĂŶĚƚŚĞŽƉĞƌĂƚŝŶŐĞĨĨŝĐŝĞŶĐLJƌĂƚŝŽͲĞdžĐůƵĚŝŶŐD^Z;ƚĂdžĞƋƵŝǀĂůĞŶƚͿĂƌĞ ƐƵƉƉůĞŵĞŶƚĂů ĨŝŶĂŶĐŝĂů ŵĞĂƐƵƌĞƐ ƵƚŝůŝnjĞĚ ŝŶ ŵĂŶĂŐĞŵĞŶƚ͛Ɛ ŝŶƚĞƌŶĂů ĞǀĂůƵĂƚŝŽŶ ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ ƵƐĞ ŽĨ ƌĞƐŽƵƌĐĞƐĂŶĚĂƌĞŶŽƚĚĞĨŝŶĞĚƵŶĚĞƌ'W͘dŚĞĞĨĨŝĐŝĞŶĐLJƌĂƚŝŽ;ƚĂdžĞƋƵŝǀĂůĞŶƚͿŝƐĐĂůĐƵůĂƚĞĚďLJĚŝǀŝĚŝŶŐƚŽƚĂů ŶŽŶŝŶƚĞƌĞƐƚĞdžƉĞŶƐĞďLJƚŽƚĂůƌĞǀĞŶƵĞ͕ǁŚŝĐŚŝŶĐůƵĚĞƐŶĞƚŝŶƚĞƌĞƐƚŝŶĐŽŵĞƉůƵƐŶŽŶŝŶƚĞƌĞƐƚŝŶĐŽŵĞƉůƵƐƚŚĞƚĂdž ĞƋƵŝǀĂůĞŶƚĂĚũƵƐƚŵĞŶƚ͘dŚĞŽƉĞƌĂƚŝŶŐĞĨĨŝĐŝĞŶĐLJƌĂƚŝŽͲĞdžĐůƵĚŝŶŐD^Z;ƚĂdžĞƋƵŝǀĂůĞŶƚͿĞdžĐůƵĚĞƐĞdžƉĞŶƐĞŝƚĞŵƐ ŽƚŚĞƌǁŝƐĞĚŝƐĐůŽƐĞĚĂƐŶŽŶŽƉĞƌĂƚŝŶŐĨƌŽŵƚŽƚĂůŶŽŶŝŶƚĞƌĞƐƚĞdžƉĞŶƐĞ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞD^ZǀĂůƵĂƚŝŽŶĂĚũƵƐƚŵĞŶƚ ĂƐǁĞůůĂƐƐĞĐƵƌŝƚŝĞƐŐĂŝŶƐĂŶĚůŽƐƐĞƐĂƌĞĞdžĐůƵĚĞĚĨƌŽŵƚŽƚĂůƌĞǀĞŶƵĞ͘

 ϳ WƌŽdžLJ^ƚĂƚĞŵĞŶƚ^ƵŵŵĂƌLJ

EĞƚ/ŶƚĞƌĞƐƚDĂƌŐŝŶ

KƵƌŶĞƚŝŶƚĞƌĞƐƚŵĂƌŐŝŶŝŵƉƌŽǀĞĚĨƌŽŵϯ͘ϳϮйĨŽƌϮϬϭϴƚŽϯ͘ϴϰйĨŽƌϮϬϭϵ͘tŚŝůĞƉĂƌƚŽĨƚŚĞŝŶĐƌĞĂƐĞŝƐ ĂƚƚƌŝďƵƚĂďůĞƚŽĂĐĐƌĞƚŝŽŶĂƐƐŽĐŝĂƚĞĚǁŝƚŚƉƵƌĐŚĂƐĞĂĐĐŽƵŶƚŝŶŐ͕ǁĞŚĂǀĞĂĐŚŝĞǀĞĚŵĞĂŶŝŶŐĨƵůŝŵƉƌŽǀĞŵĞŶƚŝŶ ŽƵƌĐŽƌĞŵĂƌŐŝŶ͘/ŶϮϬϭϵ͕ƌĞƉƌŝĐŝŶŐŽƉƉŽƌƚƵŶŝƚŝĞƐŝŶŽƵƌůŽĂŶĂŶĚƐĞĐƵƌŝƚŝĞƐƉŽƌƚĨŽůŝŽƐŚĂǀĞŽƵƚƉĂĐĞĚŝŶĐƌĞĂƐĞƐ ŝŶ ĚĞƉŽƐŝƚ ĐŽƐƚƐ͘  KƵƌ ĐŽƌĞ ĚĞƉŽƐŝƚƐ ĂƌĞ ƚŚĞ ƉƌŝŵĂƌLJ ĚƌŝǀĞƌƐ ŽĨ ƚŚĞ ǀĂůƵĞ ŽĨ ŽƵƌ ĨƌĂŶĐŚŝƐĞ ĂŶĚ ŚĂǀĞ ďĞĞŶ ŝŶƐƚƌƵŵĞŶƚĂůŝŶŽƵƌĂďŝůŝƚLJƚŽƉƌŽƚĞĐƚŽƵƌŶĞƚŝŶƚĞƌĞƐƚŵĂƌŐŝŶ͘

EĞƚŚĂƌŐĞͲKĨĨƐƚŽǀĞƌĂŐĞ>ŽĂŶƐĂŶĚ>ĞĂƐĞƐ

dŚĞŽŵƉĂŶLJ͛ƐĐƌĞĚŝƚƋƵĂůŝƚLJŵĞƚƌŝĐƐĐŽŶƚŝŶƵĞƚŽƌĞŵĂŝŶƐƚƌŽŶŐ͕ǁŚŝĐŚŝƐĞǀŝĚĞŶĐĞĚďLJĐŽŶƚŝŶƵĞĚůŽǁ ůĞǀĞůƐŽĨŶĞƚĐŚĂƌŐĞͲŽĨĨƐ͘EĞƚĐŚĂƌŐĞͲŽĨĨƐĨŽƌϮϬϭϵǁĞƌĞŽŶůLJΨϮ͘ϱŵŝůůŝŽŶ͕ŽƌϬ͘ϮйŽĨĂǀĞƌĂŐĞůŽĂŶƐ͘dŚĞ ƉƌŽǀŝƐŝŽŶĨŽƌĐƌĞĚŝƚůŽƐƐĞƐǁĂƐΨϭ͘ϱŵŝůůŝŽŶĨŽƌϮϬϭϵǁŚŝůĞŶŽŶͲƉĞƌĨŽƌŵŝŶŐĂƐƐĞƚƐƚŽŶĞƚůŽĂŶƐĂŶĚůĞĂƐĞƐ ƌĞŵĂŝŶĞĚƐƚĂďůĞĂƚϬ͘ϴϰй͘

 ϴ WƌŽdžLJ^ƚĂƚĞŵĞŶƚ^ƵŵŵĂƌLJ

ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ͕ŽŵƉĞŶƐĂƚŝŽŶĂŶĚŽĂƌĚDĂƚƚĞƌƐ

dŚĞEŽŵŝŶĂƚŝŶŐĂŶĚŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞŽŵŵŝƚƚĞĞ͕ƚŚĞdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞ ŽŵŵŝƚƚĞĞ͕ĂŶĚƚŚĞŽĂƌĚĐĂƌĞĨƵůůLJĐŽŶƐŝĚĞƌĞĚŽƵƌĐŽƌƉŽƌĂƚĞŐŽǀĞƌŶĂŶĐĞĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƉƌĂĐƚŝĐĞƐŝŶϮϬϭϵ͗

ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ,ŝŐŚůŝŐŚƚƐ tŚĂƚtĞŽ

9 /ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐ͘ůĞǀĞŶ;ϭϭͿŽƵƚŽĨ 9 DĂũŽƌŝƚLJsŽƚŝŶŐ͘DĂũŽƌŝƚLJǀŽƚŝŶŐǁŝƚŚĚŝƌĞĐƚŽƌ ƚǁĞůǀĞ;ϭϮͿĐŽŶƚŝŶƵŝŶŐĚŝƌĞĐƚŽƌƐĂƌĞ ƌĞƐŝŐŶĂƚŝŽŶƉŽůŝĐLJ͘ ŝŶĚĞƉĞŶĚĞŶƚƵŶĚĞƌƚŚĞEĞǁzŽƌŬ^ƚŽĐŬ džĐŚĂŶŐĞ;͞Ez^͟ͿƐƚĂŶĚĂƌĚƐĨŽƌŝŶĚĞƉĞŶĚĞŶĐĞ 9 ůĂǁďĂĐŬWŽůŝĐLJ͘DĂŝŶƚĂŝŶĂĐůĂǁďĂĐŬƉŽůŝĐLJ ĂƐǁĞůůĂƐŽƵƌŝƌĞĐƚŽƌ/ŶĚĞƉĞŶĚĞŶĐĞ ǁŝƚŚŝŶŽƵƌdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶWŽůŝĐLJƚŚĂƚ ^ƚĂŶĚĂƌĚƐ͘ ĂƉƉůŝĞƐƚŽďŽƚŚƐŚŽƌƚĂŶĚůŽŶŐͲƚĞƌŵŝŶĐĞŶƚŝǀĞ ƉůĂŶƐ͘ 9 /ŶĚĞƉĞŶĚĞŶƚŽŵŵŝƚƚĞĞƐ͘KƵƌƵĚŝƚ͕džĞĐƵƚŝǀĞ ŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞ͕EŽŵŝŶĂƚŝŶŐ 9 ^ƚŽĐŬKǁŶĞƌƐŚŝƉ'ƵŝĚĞůŝŶĞƐ͘ŝƌĞĐƚŽƌƐĂŶĚ ĂŶĚŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞĂŶĚZŝƐŬ ĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐĂƌĞƐƵďũĞĐƚƚŽƐŝŐŶŝĨŝĐĂŶƚ DĂŶĂŐĞŵĞŶƚŽŵŵŝƚƚĞĞƐĂƌĞĐŽŵƉŽƐĞĚ ĐŽŵŵŽŶƐƚŽĐŬŽǁŶĞƌƐŚŝƉŐƵŝĚĞůŝŶĞƐ͘ ĞŶƚŝƌĞůLJŽĨŝŶĚĞƉĞŶĚĞŶƚĚŝƌĞĐƚŽƌƐ͘ 9 ZĞůĂƚĞĚͲWĂƌƚLJdƌĂŶƐĂĐƚŝŽŶƐ͘EŽŵĂƚĞƌŝĂů ƌĞůĂƚĞĚͲƉĂƌƚLJƚƌĂŶƐĂĐƚŝŽŶƐŝŶǀŽůǀŝŶŐƚŚĞ 9 /ŶĚĞƉĞŶĚĞŶƚ>ĞĂĚŝƌĞĐƚŽƌ͘^ƚƌŽŶŐ /ŶĚĞƉĞŶĚĞŶƚ>ĞĂĚŝƌĞĐƚŽƌǁŝƚŚĐůĞĂƌůLJ ĚŝƌĞĐƚŽƌƐŽƌĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐ͘ ĚĞůŝŶĞĂƚĞĚĚƵƚŝĞƐ͘dŚĞŽĂƌĚĐŽŶĚƵĐƚƐĂŶ 9 KƵƚƐŝĚĞĚǀŝƐŽƌƐ͘ŽĂƌĚĂŶĚŽŵŵŝƚƚĞĞƐŵĂLJ ĂŶŶƵĂůĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞ/ŶĚĞƉĞŶĚĞŶƚ>ĞĂĚ ŚŝƌĞŽƵƚƐŝĚĞĂĚǀŝƐŽƌƐŝŶĚĞƉĞŶĚĞŶƚůLJŽĨ ŝƌĞĐƚŽƌ͘ ŵĂŶĂŐĞŵĞŶƚ͘ 9 džĞĐƵƚŝǀĞ^ĞƐƐŝŽŶƐ͘/ŶĚĞƉĞŶĚĞŶƚĚŝƌĞĐƚŽƌƐ 9 KƌŝĞŶƚĂƚŝŽŶWƌŽŐƌĂŵ͘KƌŝĞŶƚĂƚŝŽŶƉƌŽŐƌĂŵĨŽƌ ŵĞĞƚŝŶĞdžĞĐƵƚŝǀĞƐĞƐƐŝŽŶĂƚůĞĂƐƚƐĞŵŝͲ ŶĞǁĚŝƌĞĐƚŽƌƐĂŶĚĐŽŶƚŝŶƵŝŶŐĞĚƵĐĂƚŝŽŶĨŽƌĂůů ĂŶŶƵĂůůLJ͘ ĚŝƌĞĐƚŽƌƐ͘ 9 ŽĂƌĚZĞĨƌĞƐŚŵĞŶƚ͘ĞŵŽŶƐƚƌĂƚĞĚ 9 ^ƉĞĐŝĂůDĞĞƚŝŶŐƐ͘^ŚĂƌĞŚŽůĚĞƌƐŚĂǀĞƚŚĞƌŝŐŚƚ ĐŽŵŵŝƚŵĞŶƚƚŽƌĞŐƵůĂƌďŽĂƌĚƌĞĨƌĞƐŚŵĞŶƚ ƚŽĐĂůůƐƉĞĐŝĂůŵĞĞƚŝŶŐƐ͘ ƚŚƌŽƵŐŚƌĞƚŝƌĞŵĞŶƚƉŽůŝĐLJ͕ǁŝƚŚϯϯйŽĨ ĐŽŶƚŝŶƵŝŶŐĚŝƌĞĐƚŽƌƐŚĂǀŝŶŐƐĞƌǀĞĚϱLJĞĂƌƐŽƌ 9 ŽĂƌĚ/ŶǀŽůǀĞŵĞŶƚĂŶĚƚƚĞŶĚĂŶĐĞ͘ůů ůĞƐƐ͘ ĚŝƌĞĐƚŽƌƐƐĞƌǀŝŶŐĚƵƌŝŶŐϮϬϭϵĂƚƚĞŶĚĞĚĂƚůĞĂƐƚ ϴϯйŽĨƚŚĞĂŐŐƌĞŐĂƚĞŽĨĂůůŽĂƌĚĂŶĚ 9 KWƵďůŝĐŽŵƉĂŶLJ^ĞƌǀŝĐĞ͘KĚŽĞƐŶŽƚ ĐŽŵŵŝƚƚĞĞŵĞĞƚŝŶŐƐŝŶϮϬϭϵ͘ ƐĞƌǀĞŽŶĂŶLJŽƵƚƐŝĚĞƉƵďůŝĐĐŽŵƉĂŶLJďŽĂƌĚƐ͘ 9 ŽĂƌĚŝǀĞƌƐŝƚLJ͘ŝǀĞƌƐĞŽĂƌĚŝŶƚĞƌŵƐŽĨ 9 ŽĂƌĚĂŶĚŽŵŵŝƚƚĞĞWĞĞƌͲƚŽͲWĞĞƌ ŐĞŶĚĞƌ͕ĞƚŚŶŝĐŝƚLJ͕ĂŶĚƐƉĞĐŝĨŝĐƐŬŝůůƐĂŶĚ ƐƐĞƐƐŵĞŶƚƐ͘ŽĂƌĚĂŶĚŽŵŵŝƚƚĞĞƉĞĞƌͲƚŽͲ ƋƵĂůŝĨŝĐĂƚŝŽŶƐ͘ ƉĞĞƌĂƐƐĞƐƐŵĞŶƚƐĂƌĞĐŽŶĚƵĐƚĞĚĂŶŶƵĂůůLJ͘ 9 KWĞƌĨŽƌŵĂŶĐĞ͘dŚĞŽĂƌĚĐŽŶĚƵĐƚƐĂŶ 9 ^ƵĐĐĞƐƐŝŽŶWůĂŶŶŝŶŐ͘DĂŝŶƚĂŝŶĂĨŽƌŵĂů ĂŶŶƵĂůĞǀĂůƵĂƚŝŽŶŽĨƚŚĞK͛ƐƉĞƌĨŽƌŵĂŶĐĞ͘ ŵĂŶĂŐĞŵĞŶƚƐƵĐĐĞƐƐŝŽŶƉůĂŶ͘ 9 ^ŚĂƌĞŚŽůĚĞƌĐƚŝŽŶďLJtƌŝƚƚĞŶŽŶƐĞŶƚ͘dŚĞ 9 ŝƌĞĐƚŽƌƐWƵďůŝĐŽŵƉĂŶLJ^ĞƌǀŝĐĞ͘EŽŶĞŽĨ ŽŵƉĂŶLJĂůůŽǁƐƐŚĂƌĞŚŽůĚĞƌƐƚŚĞĂďŝůŝƚLJƚŽ ƚŚĞŽŵƉĂŶLJ͛ƐĚŝƌĞĐƚŽƌƐƐĞƌǀĞŽŶĂŶĞdžĐĞƐƐ ƚĂŬĞĂĐƚŝŽŶƚŽƚŚĞĨƵůůĞƐƚĞdžƚĞŶƚƉƌŽǀŝĚĞĚƵŶĚĞƌ ŶƵŵďĞƌŽĨŽƵƚƐŝĚĞďŽĂƌĚƐ͘ ƚŚĞDŝƐƐŝƐƐŝƉƉŝƵƐŝŶĞƐƐŽƌƉŽƌĂƚŝŽŶĐƚ͘

ϵ WƌŽdžLJ^ƚĂƚĞŵĞŶƚ^ƵŵŵĂƌLJ

ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ,ŝŐŚůŝŐŚƚƐŽŶƚŝŶƵĞĚ tŚĂƚtĞŽŶ͛ƚŽ

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džĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶ,ŝŐŚůŝŐŚƚƐ tŚĂƚtĞŽ

9 WĂLJĨŽƌWĞƌĨŽƌŵĂŶĐĞ͘tĞƉƌŽǀŝĚĞƐŚŽƌƚͲƚĞƌŵĂŶĚ 9 ͞ůĂǁďĂĐŬWŽůŝĐLJ͘͟tĞŵĂŝŶƚĂŝŶĂĐůĂǁďĂĐŬƉŽůŝĐLJ ůŽŶŐͲƚĞƌŵŝŶĐĞŶƚŝǀĞĂǁĂƌĚƐďĂƐĞĚŽŶƉĞƌĨŽƌŵĂŶĐĞ ƚŚĂƚƐĞƚƐĨŽƌƚŚƚŚĞĐŽŶĚŝƚŝŽŶƐƵŶĚĞƌǁŚŝĐŚǁĞŵĂLJ ƚĂƌŐĞƚƐĂůŝŐŶĞĚǁŝƚŚďƵƐŝŶĞƐƐƉĞƌĨŽƌŵĂŶĐĞŵĞƚƌŝĐƐ͘ ƌĞĐŽǀĞƌĞdžĐĞƐƐŝŶĐĞŶƚŝǀĞͲďĂƐĞĚĐŽŵƉĞŶƐĂƚŝŽŶĂƐ ĚĞĨŝŶĞĚŝŶŽƵƌƉŽůŝĐLJƚŚĂƚŝƐƉĂŝĚŽƌĂǁĂƌĚĞĚƚŽŽƌ 9 WĞƌĨŽƌŵĂŶĐĞͲĂƐĞĚƋƵŝƚLJǁĂƌĚƐ͘dŚĞĂǁĂƌĚ ƌĞĐĞŝǀĞĚďLJĂŶLJŽĨŽƵƌĐƵƌƌĞŶƚŽƌĨŽƌŵĞƌĞdžĞĐƵƚŝǀĞ ĐLJĐůĞĨŽƌƉĞƌĨŽƌŵĂŶĐĞƐŚĂƌĞƐŝƐƚŚƌĞĞLJĞĂƌƐĂŶĚŝƐ ŽĨĨŝĐĞƌƐ͘ ĐŽŵƉƌŝƐĞĚŽĨĂƚǁŽͲLJĞĂƌƉĞƌĨŽƌŵĂŶĐĞƉĞƌŝŽĚ ĨŽůůŽǁĞĚďLJĂŽŶĞͲLJĞĂƌƌĞƚĞŶƚŝŽŶƉĞƌŝŽĚ͘ 9 ͞ŽƵďůĞdƌŝŐŐĞƌƐ͘͟KƵƌĐŚĂŶŐĞŝŶĐŽŶƚƌŽů ĂŐƌĞĞŵĞŶƚƐŝŶĐůƵĚĞĂ͞ĚŽƵďůĞƚƌŝŐŐĞƌ͟ƌĞƋƵŝƌŝŶŐ 9 ŝǀĞƌƐŝƚLJŽĨWĞƌĨŽƌŵĂŶĐĞDĞƚƌŝĐƐ͘tĞƵƐĞŵƵůƚŝƉůĞ ďŽƚŚĂĐŚĂŶŐĞŝŶĐŽŶƚƌŽůĂŶĚƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞŵĞƚƌŝĐƐĂŶĚŵƵůƚŝͲLJĞĂƌǀĞƐƚŝŶŐ ĞdžĞĐƵƚŝǀĞ͛ƐĞŵƉůŽLJŵĞŶƚǁŝƚŚŝŶĂƐĞƚƉĞƌŝŽĚŽĨƚŝŵĞ ƚŝŵĞĨƌĂŵĞƐƚŽůŝŵŝƚƐŚŽƌƚͲƚĞƌŵƌŝƐŬƚĂŬŝŶŐ͘ ĨŽƌƚŚĞĞdžĞĐƵƚŝǀĞƚŽƌĞĐĞŝǀĞƉĂLJŵĞŶƚ͘ 9 >ŽŶŐsĞƐƚŝŶŐWĞƌŝŽĚƐ͘dŚĞƚŝŵĞͲǀĞƐƚŝŶŐŽĨŽƵƌ 9 džĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶWŽůŝĐLJ͘tĞŵĂŝŶƚĂŝŶĂŶ ƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬŐĞŶĞƌĂůůLJǀĞƐƚƐŽŶĂĐůŝĨĨďĂƐŝƐŽĨĨŝǀĞ džĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶWŽůŝĐLJ͕ǁŚŝĐŚŽƵƚůŝŶĞƐƚŚĞ ;ϱͿ LJĞĂƌƐ͘dŚĞŚŽůĚĞƌŝƐĞŶƚŝƚůĞĚƚŽƌĞĐĞŝǀĞĚŝǀŝĚĞŶĚƐ ƉƌŝŶĐŝƉĂůĐƌŝƚĞƌŝĂƵƐĞĚƚŽŵĞĂƐƵƌĞƚŚĞƐƵĐĐĞƐƐŽĨŽƵƌ ĂŶĚĞdžĞƌĐŝƐĞǀŽƚŝŶŐƌŝŐŚƚƐƉƌŝŽƌƚŽƚŚĞǀĞƐƚŝŶŐĚĂƚĞ͘ ĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐŝŶĂĐŚŝĞǀŝŶŐŽƵƌďƵƐŝŶĞƐƐ 9 ZĞǀŝĞǁŽŵƉĞŶƐĂƚŝŽŶWƌŽŐƌĂŵ͘tĞƌĞǀŝĞǁŽƵƌ ŽďũĞĐƚŝǀĞƐ͘ ĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽŐƌĂŵĂŶŶƵĂůůLJƚŽĐŽŶĨŝƌŵƚŚĂƚŝƚ 9 >ŝŵŝƚĞĚWĞƌƋƵŝƐŝƚĞƐ͘tĞƉƌŽǀŝĚĞůŝŵŝƚĞĚƉĞƌƋƵŝƐŝƚĞƐ ĚŽĞƐŶŽƚĞŶĐŽƵƌĂŐĞĞdžĐĞƐƐŝǀĞƌŝƐŬƚĂŬŝŶŐĂŶĚŝƐŶŽƚ ƚŽŽƵƌĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐƚŚĂƚĂƌĞŝŶƚĞŶĚĞĚƚŽŚĞůƉ ƌĞĂƐŽŶĂďůLJůŝŬĞůLJƚŽŚĂǀĞĂŵĂƚĞƌŝĂůĂĚǀĞƌƐĞĞĨĨĞĐƚ ƵƐĂƚƚƌĂĐƚĂŶĚƌĞƚĂŝŶŚŝŐŚůLJƋƵĂůŝĨŝĞĚůĞĂĚĞƌƐ͘ ŽŶƚŚĞŽŵƉĂŶLJ͘ 9 ŶŶƵĂů^ĂLJͲŽŶͲWĂLJsŽƚĞ͘tĞĐŽŶĚƵĐƚĂŶĂŶŶƵĂů 9 ^ƚŽĐŬKǁŶĞƌƐŚŝƉ'ƵŝĚĞůŝŶĞƐ͘tĞŵĂŝŶƚĂŝŶ ƐĂLJͲŽŶͲƉĂLJǀŽƚĞĨŽƌƐŚĂƌĞŚŽůĚĞƌƐƚŽĂƉƉƌŽǀĞ ƐŝŐŶŝĨŝĐĂŶƚĐŽŵŵŽŶƐƚŽĐŬŽǁŶĞƌƐŚŝƉŐƵŝĚĞůŝŶĞƐĨŽƌ ĞdžĞĐƵƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶŽĨŽƵƌEĂŵĞĚdžĞĐƵƚŝǀĞ ŽƵƌĚŝƌĞĐƚŽƌƐĂŶĚĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐ͕ŝŶŽƌĚĞƌƚŽ KĨĨŝĐĞƌƐ͘ /ŶϮϬϭϵ͕ĂƉƉƌŽdžŝŵĂƚĞůLJϵϲ͘ϮϲйŽĨŽƵƌ ŵŽƌĞĐůŽƐĞůLJĂůŝŐŶƚŚĞĨŝŶĂŶĐŝĂůŝŶƚĞƌĞƐƚƐŽĨƚŚĞ ƐŚĂƌĞŚŽůĚĞƌƐǁŚŽĂƚƚĞŶĚĞĚƚŚĞƐŚĂƌĞŚŽůĚĞƌƐ ĚŝƌĞĐƚŽƌƐĂŶĚĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐǁŝƚŚƚŚŽƐĞŽĨŽƵƌ ŵĞĞƚŝŶŐ;ŝŶƉĞƌƐŽŶŽƌďLJƉƌŽdžLJͿĂƉƉƌŽǀĞĚ͕ŽŶĂŶŽŶͲ ƐŚĂƌĞŚŽůĚĞƌƐ͘dŚĞĚŝƌĞĐƚŽƌƐĂŶĚĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐ ďŝŶĚŝŶŐ͕ĂĚǀŝƐŽƌLJďĂƐŝƐ͕ƚŚĞĐŽŵƉĞŶƐĂƚŝŽŶŽĨŽƵƌ ĂƌĞƌĞƋƵŝƌĞĚƚŽŚŽůĚǀĞƐƚĞĚĞƋƵŝƚLJƐƚŽĐŬĂǁĂƌĚƐ EĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐ͘ ƵŶƚŝůĐŽŵŵŽŶƐƚŽĐŬŽǁŶĞƌƐŚŝƉŐƵŝĚĞůŝŶĞƐĂƌĞŵĞƚ͘ 9 DĂŶĂŐĞŵĞŶƚ^ƵĐĐĞƐƐŝŽŶWůĂŶŶŝŶŐWŽůŝĐLJ͘tĞ ŵĂŝŶƚĂŝŶĂŵĂŶĂŐĞŵĞŶƚƐƵĐĐĞƐƐŝŽŶƉůĂŶŶŝŶŐƉŽůŝĐLJ ĨŽƌŽƵƌŬĞLJŵĂŶĂŐĞŵĞŶƚƉŽƐŝƚŝŽŶƐ͘

ϭϬ WƌŽdžLJ^ƚĂƚĞŵĞŶƚ^ƵŵŵĂƌLJ tŚĂƚtĞŽŶ͛ƚŽ

dž >ŽŶŐͲdĞƌŵŵƉůŽLJŵĞŶƚŐƌĞĞŵĞŶƚƐ͘tĞŚĂǀĞ dž DĂƌŐŝŶĐĐŽƵŶƚƐ,ŽůĚŝŶŐĂŶĚWůĞĚŐŝŶŐŽĨKƵƌ ŶŽǁƌŝƚƚĞŶĞŵƉůŽLJŵĞŶƚĂŐƌĞĞŵĞŶƚƐǁŝƚŚĂŶLJ ŽŵŵŽŶ^ƚŽĐŬ͘KƵƌĚŝƌĞĐƚŽƌƐĂŶĚĞdžĞĐƵƚŝǀĞ ŽĨŽƵƌEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐĂŶĚĂůůĂƌĞ ŽĨĨŝĐĞƌƐĂƌĞƉƌŽŚŝďŝƚĞĚĨƌŽŵŚŽůĚŝŶŐƐŚĂƌĞƐŝŶ ĞŵƉůŽLJĞĚďLJƵƐŽŶĂŶ͞Ăƚǁŝůů͟ďĂƐŝƐ͘ ŵĂƌŐŝŶĂĐĐŽƵŶƚƐĂŶĚŵĂLJŽŶůLJƉůĞĚŐĞƐŚĂƌĞƐŽĨ ŽƵƌĐŽŵŵŽŶƐƚŽĐŬĂƐĐŽůůĂƚĞƌĂůĨŽƌůŽĂŶƐďLJ dž ŝǀŝĚĞŶĚƐŽŶhŶĞĂƌŶĞĚWĞƌĨŽƌŵĂŶĐĞͲĂƐĞĚ ĚĞŵŽŶƐƚƌĂƚŝŶŐƚŚĞĨŝŶĂŶĐŝĂůĐĂƉĂĐŝƚLJƚŽƌĞƉĂLJ ƋƵŝƚLJǁĂƌĚƐ͘tĞĚŽŶŽƚƉĂLJĚŝǀŝĚĞŶĚƐŽƌ ƚŚĞůŽĂŶƐǁŝƚŚŽƵƚƌĞƐŽƌƚŝŶŐƚŽƚŚĞƉůĞĚŐĞĚ ĚŝǀŝĚĞŶĚĞƋƵŝǀĂůĞŶƚƐŽŶƉĞƌĨŽƌŵĂŶĐĞͲďĂƐĞĚ ƐƚŽĐŬ͘ ĞƋƵŝƚLJĂǁĂƌĚƐĚƵƌŝŶŐƚŚĞǀĞƐƚŝŶŐƉĞƌŝŽĚŽĨƚŚĞ dž KƉƚŝŽŶZĞͲƉƌŝĐŝŶŐ͘KƵƌĞƋƵŝƚLJŝŶĐĞŶƚŝǀĞƉůĂŶƐ ĂǁĂƌĚ͘ ƉƌŽŚŝďŝƚŽƉƚŝŽŶƌĞͲƉƌŝĐŝŶŐǁŝƚŚŽƵƚƚŚĞĂƉƉƌŽǀĂů dž ^ŚŽƌƚ^ĞůůŝŶŐŽƌhƐĞŽĨĞƌŝǀĂƚŝǀĞƐ͘/Ŷ ŽĨŽƵƌƐŚĂƌĞŚŽůĚĞƌƐ͘ ĂĚĚŝƚŝŽŶƚŽƚŚĞƚLJƉĞƐŽĨƐŚŽƌƚƐĞůůŝŶŐ dž KƉƚŝŽŶĂĐŬĚĂƚŝŶŐŽƌ͞^ƉƌŝŶŐͲ>ŽĂĚŝŶŐ͘͟tĞĚŽ ƉƌŽŚŝďŝƚĞĚďLJƚŚĞ^ĞĐƵƌŝƚŝĞƐĂŶĚdžĐŚĂŶŐĞĐƚ ŶŽƚďĂĐŬĚĂƚĞŽƉƚŝŽŶƐŽƌŐƌĂŶƚŽƉƚŝŽŶƐ ŽĨϭϵϯϰ;ƚŚĞ͞džĐŚĂŶŐĞĐƚ͟Ϳ͕ŽƵƌŝŶƐŝĚĞƌ ƌĞƚƌŽĂĐƚŝǀĞůLJ͘ ƚƌĂĚŝŶŐƉŽůŝĐLJƉƌŽŚŝďŝƚƐŽƵƌĚŝƌĞĐƚŽƌƐĂŶĚ ĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐĨƌŽŵĂŶLJƐŚŽƌƚƐĞůůŝŶŐŽƌ dž DƵůƚŝͲLJĞĂƌ'ƵĂƌĂŶƚĞĞĚŽŶƵƐĞƐ͘KƵƌEĂŵĞĚ ĨƌŽŵƚƌĂĚŝŶŐĚĞƌŝǀĂƚŝǀĞŝŶƐƚƌƵŵĞŶƚƐƌĞůĂƚĞĚƚŽ džĞĐƵƚŝǀĞKĨĨŝĐĞƌƐĂƌĞŶŽƚĞůŝŐŝďůĞĨŽƌŵƵůƚŝͲLJĞĂƌ ŽƵƌƐĞĐƵƌŝƚŝĞƐ͘ ŐƵĂƌĂŶƚĞĞĚďŽŶƵƐĞƐ͘ dž͞'ƌŽƐƐhƉƐ͘͟tĞĚŽŶŽƚƉƌŽǀŝĚĞƚĂdž͞ŐƌŽƐƐƵƉ͟ dž ďŽǀĞͲŵĂƌŬĞƚZĞƚƵƌŶƐŽŶĞĨĞƌƌĞĚ ŽƌƐŝŵŝůĂƌƉĂLJŵĞŶƚƐŽŶĂŶLJĂŵŽƵŶƚƐƉĂLJĂďůĞ ŽŵƉĞŶƐĂƚŝŽŶWůĂŶ͘tĞŵĂŝŶƚĂŝŶĂĚĞĨĞƌƌĞĚ ƵŶĚĞƌĐŚĂŶŐĞŝŶĐŽŶƚƌŽůĂŐƌĞĞŵĞŶƚƐĨŽƌĞdžĐŝƐĞ ĐŽŵƉĞŶƐĂƚŝŽŶƉůĂŶĂƐĂŶŽŶƋƵĂůŝĨŝĞĚ ƚĂdžĞƐŽŶ͞ƉĂƌĂĐŚƵƚĞƉĂLJŵĞŶƚƐ͘͟ ĐŽŶƚƌŝďƵƚŝŽŶďĞŶĞĨŝƚĂƌƌĂŶŐĞŵĞŶƚĨŽƌŽƵƌ ĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐ͘tĞĚŽŶŽƚŵĂŬĞĂŵĂƚĐŚŝŶŐ ŽƌŽƚŚĞƌĐŽŶƚƌŝďƵƚŝŽŶƵŶĚĞƌƚŚŝƐƉůĂŶ͘ĂĐŚ ƉĂƌƚŝĐŝƉĂŶƚ͛ƐĂĐĐŽƵŶƚŝƐĐƌĞĚŝƚĞĚǁŝƚŚŝŶƚĞƌĞƐƚ ŽŶĂďŝĂŶŶƵĂůďĂƐŝƐĞƋƵĂůƚŽƚŚĞLJŝĞůĚŽŶƚŚĞ ŵŽƐƚƌĞĐĞŶƚůLJͲŝƐƐƵĞĚϭϬLJĞĂƌh͘^͘dƌĞĂƐƵƌLJ ŶŽƚĞ͘

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ϭϮ WƌŽdžLJ^ƚĂƚĞŵĞŶƚ^ƵŵŵĂƌLJ

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ϭϯ WƌŽƉŽƐĂůϭ͗ůĞĐƚŝŽŶŽĨŝƌĞĐƚŽƌƐ

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KƵƌŵĞŶĚĞĚĂŶĚZĞƐƚĂƚĞĚƌƚŝĐůĞƐŽĨ/ŶĐŽƌƉŽƌĂƚŝŽŶ͕ĂƐĂŵĞŶĚĞĚ;ƚŚĞ͞ƌƚŝĐůĞƐ͟Ϳ͕ƉƌŽǀŝĚĞƚŚĂƚƚŚĞŽĂƌĚ ŽĨŝƌĞĐƚŽƌƐƐŚĂůůĐŽŶƐŝƐƚŽĨĂƚůĞĂƐƚŶŝŶĞ;ϵͿĂŶĚŶŽŵŽƌĞƚŚĂŶĨŝĨƚĞĞŶ;ϭϱͿŵĞŵďĞƌƐ͕ǁŝƚŚƚŚĞĞdžĂĐƚŶƵŵďĞƌƚŽ ďĞĚĞƚĞƌŵŝŶĞĚĨƌŽŵƚŝŵĞƚŽƚŝŵĞďLJƚŚĞĞŶƚŝƌĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͘ƵƌƌĞŶƚůLJ͕ƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŚĂƐƚŚŝƌƚĞĞŶ ;ϭϯͿ ŵĞŵďĞƌƐ͕ďƵƚǁŝůůďĞƌĞĚƵĐĞĚƐŝŵƵůƚĂŶĞŽƵƐůLJǁŝƚŚƚŚĞǀŽƚĞŽĨƐŚĂƌĞŚŽůĚĞƌƐŽŶWƌŽƉŽƐĂůϭƚŽƚǁĞůǀĞ;ϭϮͿ ŵĞŵďĞƌƐ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞƌƚŝĐůĞƐƉƌŽǀŝĚĞƚŚĂƚƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐƐŚĂůůďĞĚŝǀŝĚĞĚŝŶƚŽƚŚƌĞĞĐůĂƐƐĞƐŽĨĂƐ ŶĞĂƌůLJĞƋƵĂůƐŝnjĞĂƐƉŽƐƐŝďůĞ͘ƉƉƌŽdžŝŵĂƚĞůLJϯϲйŽĨƚŚĞŶŽŶͲĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌƐŽŶŽƵƌŽĂƌĚŚĂǀĞĂƚĞŶƵƌĞŽĨ ŶŝŶĞLJĞĂƌƐŽƌůĞƐƐ͘ĚĚŝƚŝŽŶĂůůLJ͕ϮϱйŽĨŽƵƌŽĂƌĚŽĨŝƌĞĐƚŽƌƐƌĞƉƌĞƐĞŶƚƐĂŶĞƚŚŶŝĐŵŝŶŽƌŝƚLJĚĞŵŽŐƌĂƉŚŝĐ͘

ŽĂƌĚ^ŬŝůůƐĂŶĚYƵĂůŝĨŝĐĂƚŝŽŶƐ

dŚĞƚĂďůĞďĞůŽǁƉƌŽǀŝĚĞƐƚŚĞƉĞƌĐĞŶƚĂŐĞŽĨĚŝƌĞĐƚŽƌƐƚŚĂƚŚŽůĚƚŚĞĨŽůůŽǁŝŶŐƐŬŝůůƐĂŶĚƋƵĂůŝĨŝĐĂƚŝŽŶƐ͗

WƵďůŝĐŽĂƌĚ^ĞƌǀŝĐĞ ϵϮй

&ŝŶĂŶĐŝĂů^ĞƌǀŝĐĞƐ/ŶĚƵƐƚƌLJ ϵϮй

WƵďůŝĐŽŵƉĂŶLJK Ϯϱй

ƵĚŝƚŽŵŵŝƚƚĞĞŽĨWƵďůŝĐŽŵƉĂŶLJ ϰϮй

,ƵŵĂŶZĞƐŽƵƌĐĞƐͲŽŵƉĞŶƐĂƚŝŽŶ͕DĂŶĂŐĞŵĞŶƚ^ƵĐĐĞƐƐŝŽŶWůĂŶŶŝŶŐ͕ƚŚŝĐƐĂŶĚŝǀĞƌƐŝƚLJ ϵϮй

ĐĐŽƵŶƚŝŶŐ ϳϱй

^ƚƌĂƚĞŐŝĐWůĂŶŶŝŶŐͲDΘ^ƚƌĂƚĞŐLJĂŶĚĞǀĞůŽƉŵĞŶƚ ϭϬϬй

ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ ϵϮй

>ĞŐĂůĂŶĚͬŽƌZĞŐƵůĂƚŽƌLJ ϭϬϬй

ZŝƐŬDĂŶĂŐĞŵĞŶƚ ϭϬϬй

/ŶĨŽƌŵĂƚŝŽŶ^ĞĐƵƌŝƚLJΘdĞĐŚŶŽůŽŐLJ ϰϮй

džĞĐƵƚŝǀĞ>ĞĂĚĞƌƐŚŝƉ ϭϬϬй

ϭϰ WƌŽƉŽƐĂůϭ͗ůĞĐƚŝŽŶŽĨŝƌĞĐƚŽƌƐ

ZĞƚŝƌĞŵĞŶƚWŽůŝĐLJ

KƵƌƌĞƚŝƌĞŵĞŶƚƉŽůŝĐLJƐĞƌǀĞƐĂƐĂŵĞĐŚĂŶŝƐŵƚŽĞŶĐŽƵƌĂŐĞĚŝƌĞĐƚŽƌƌĞĨƌĞƐŚŵĞŶƚŽŶŽƵƌŽĂƌĚďLJƉƌŽǀŝĚŝŶŐ ƚŚĂƚĚŝƌĞĐƚŽƌƐĂƌĞĞdžƉĞĐƚĞĚƚŽƌĞƚŝƌĞĂƚĂŐĞϳϱ͘ŶLJĚŝƌĞĐƚŽƌǁŚŽƌĞĂĐŚĞƐƚŚĞĂŐĞŽĨϳϱĚƵƌŝŶŐŚŝƐŽƌŚĞƌƚĞƌŵŽĨ ŽĨĨŝĐĞŵĂLJĐŽŶƚŝŶƵĞƚŽƐĞƌǀĞƵŶƚŝůĞdžƉŝƌĂƚŝŽŶŽĨƚŚĞƚŚĞŶͲĐƵƌƌĞŶƚƚĞƌŵ͖ƚŚĞƌĞĂĨƚĞƌ͕ƵŶĚĞƌĂƉƉƌŽƉƌŝĂƚĞ͕ďƵƚƌĂƌĞ͕ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ĂĚŝƌĞĐƚŽƌŵĂLJďĞĞůŝŐŝďůĞĨŽƌŶŽŵŝŶĂƚŝŽŶƚŽƚŚĞŽĂƌĚŽŶůLJǁŝƚŚŽĂƌĚĂƉƉƌŽǀĂů͘KƵƌEŽŵŝŶĂƚŝŶŐ ĂŶĚŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞŽŵŵŝƚƚĞĞŵĂLJĂůƐŽĐŽŶƐŝĚĞƌŶĞǁĐĂŶĚŝĚĂƚĞƐĨŽƌƚŚĞŽĂƌĚǁŚŽĂƌĞϳϱLJĞĂƌƐŽĨĂŐĞ ŽƌŽůĚĞƌƵŶĚĞƌĂƉƉƌŽƉƌŝĂƚĞ͕ďƵƚƌĂƌĞ͕ĐŝƌĐƵŵƐƚĂŶĐĞƐ͘ŝƌĞĐƚŽƌŽŶĂůĚZ͘'ƌŽďŽǁƐŬLJƌĞĂĐŚĞĚƚŚĞĂŐĞŽĨϳϱŝŶ &ĞďƌƵĂƌLJϮϬϮϬĂŶĚŚŝƐƚĞƌŵĞdžƉŝƌĞĚƚŚŝƐLJĞĂƌ͘Dƌ͘'ƌŽďŽǁƐŬLJƌĞƚŝƌĞĚĨƌŽŵŚŝƐƉŽƐŝƚŝŽŶŽŶƚŚĞŽĂƌĚĂŶĚǁŝůů ŶŽƚďĞƐĞĞŬŝŶŐƌĞͲĞůĞĐƚŝŽŶ͘

ZĞƋƵŝƌĞĚsŽƚĞĂŶĚsŽƚŝŶŐWƌŽĐĞƐƐ

ŝƌĞĐƚŽƌƐ ĂƌĞ ĞůĞĐƚĞĚ ďLJ Ă ƉůƵƌĂůŝƚLJ ŽĨ ƚŚĞ ǀŽƚĞƐ ĐĂƐƚ ďLJ ƚŚĞ ŚŽůĚĞƌƐ ŽĨ ƐŚĂƌĞƐ ŽĨ ŽƵƌ ĐŽŵŵŽŶ ƐƚŽĐŬ ƌĞƉƌĞƐĞŶƚĞĚ Ăƚ Ă ŵĞĞƚŝŶŐ Ăƚ ǁŚŝĐŚ Ă ƋƵŽƌƵŵ ŝƐ ƉƌĞƐĞŶƚ͘ dŚĞ ŚŽůĚĞƌƐ ŽĨ ŽƵƌ ĐŽŵŵŽŶ ƐƚŽĐŬ ĚŽ ŶŽƚ ŚĂǀĞ ĐƵŵƵůĂƚŝǀĞǀŽƚŝŶŐƌŝŐŚƚƐǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞĞůĞĐƚŝŽŶŽĨĚŝƌĞĐƚŽƌƐ͘ŽŶƐĞƋƵĞŶƚůLJ͕ĞĂĐŚƐŚĂƌĞŚŽůĚĞƌŵĂLJĐĂƐƚŽŶůLJ ŽŶĞǀŽƚĞƉĞƌƐŚĂƌĞĨŽƌĞĂĐŚŶŽŵŝŶĞĞ͘hŶůĞƐƐĂƉƌŽdžLJƐƉĞĐŝĨŝĞƐŽƚŚĞƌǁŝƐĞ͕ƚŚĞƉĞƌƐŽŶƐŶĂŵĞĚŝŶƚŚĞƉƌŽdžLJĐĂƌĚ ƐŚĂůů ǀŽƚĞ ƚŚĞ ƐŚĂƌĞƐ ĐŽǀĞƌĞĚ ďLJ ƚŚĞ ƉƌŽdžLJ ĨŽƌ ƚŚĞ ŶŽŵŝŶĞĞƐ ůŝƐƚĞĚ ďĞůŽǁ͘ ^ŚŽƵůĚ ĂŶLJ ŶŽŵŝŶĞĞ ďĞĐŽŵĞ ƵŶĂǀĂŝůĂďůĞĨŽƌĞůĞĐƚŝŽŶ͕ƐŚĂƌĞƐĐŽǀĞƌĞĚďLJĂƉƌŽdžLJǁŝůůďĞǀŽƚĞĚĨŽƌĂƐƵďƐƚŝƚƵƚĞŶŽŵŝŶĞĞƐĞůĞĐƚĞĚďLJƚŚĞĐƵƌƌĞŶƚ ŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͘

DĂũŽƌŝƚLJsŽƚĞWŽůŝĐLJ

KƵƌŵĞŶĚĞĚĂŶĚZĞƐƚĂƚĞĚLJůĂǁƐƉƌŽǀŝĚĞƚŚĂƚ͕ŝŶĂŶƵŶĐŽŶƚĞƐƚĞĚĞůĞĐƚŝŽŶ͕ĂŶLJŶŽŵŝŶĞĞĨŽƌĚŝƌĞĐƚŽƌǁŚŽ ƌĞĐĞŝǀĞƐĂŐƌĞĂƚĞƌŶƵŵďĞƌŽĨǀŽƚĞƐ͞ǁŝƚŚŚĞůĚ͟ĨƌŽŵƚŚĂŶǀŽƚĞƐ͞ĨŽƌ͟ŚŝƐŽƌŚĞƌĞůĞĐƚŝŽŶŵƵƐƚƉƌŽŵƉƚůLJƚĞŶĚĞƌ ŚŝƐŽƌŚĞƌƌĞƐŝŐŶĂƚŝŽŶĨŽůůŽǁŝŶŐĐĞƌƚŝĨŝĐĂƚŝŽŶŽĨƚŚĞƐŚĂƌĞŚŽůĚĞƌǀŽƚĞ͘dŚĞEŽŵŝŶĂƚŝŶŐĂŶĚŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ ŽŵŵŝƚƚĞĞǁŝůůĐŽŶƐŝĚĞƌĂŶLJƐƵĐŚƌĞƐŝŐŶĂƚŝŽŶŽĨĨĞƌĂŶĚƌĞĐŽŵŵĞŶĚƚŽƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐǁŚĞƚŚĞƌƚŽĂĐĐĞƉƚ ŝƚ͘dŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐǁŝůůĂĐƚŽŶĂŶLJƐƵĐŚƌĞĐŽŵŵĞŶĚĂƚŝŽŶŽĨƚŚĞEŽŵŝŶĂƚŝŶŐĂŶĚŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ ŽŵŵŝƚƚĞĞǁŝƚŚŝŶϵϬĚĂLJƐĨŽůůŽǁŝŶŐĐĞƌƚŝĨŝĐĂƚŝŽŶŽĨƚŚĞƐŚĂƌĞŚŽůĚĞƌǀŽƚĞ͘

EŽŵŝŶĞĞƐĨŽƌůĞĐƚŝŽŶ

dŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŚĂƐŶŽŵŝŶĂƚĞĚƚŚĞĨŝǀĞ;ϱͿŝŶĚŝǀŝĚƵĂůƐŶĂŵĞĚďĞůŽǁŝŶƚŚĞƐĞĐƚŝŽŶƐĞŶƚŝƚůĞĚ͞ůĂƐƐ// EŽŵŝŶĞĞƐ͟ ĂŶĚ ͞ůĂƐƐ /// EŽŵŝŶĞĞ͟ ƚŽ ƐĞƌǀĞ ƵŶƚŝů ƚŚĞ ĂŶŶƵĂů ŵĞĞƚŝŶŐ ŽĨ ƐŚĂƌĞŚŽůĚĞƌƐ ŝŶ ϮϬϮϯ Žƌ ϮϬϮϮ͕ ƌĞƐƉĞĐƚŝǀĞůLJ͕ŽƌƵŶƚŝůƚŚĞŝƌĞĂƌůŝĞƌƌĞƚŝƌĞŵĞŶƚ͘ĂĐŚŶŽŵŝŶĞĞŚĂƐĐŽŶƐĞŶƚĞĚƚŽďĞĂĐĂŶĚŝĚĂƚĞĂŶĚƚŽƐĞƌǀĞĂƐĂ ĚŝƌĞĐƚŽƌ ŝĨ ĞůĞĐƚĞĚ͘dŚĞŽĂƌĚ ŚĂƐŶŽ ƌĞĂƐŽŶƚŽ ďĞůŝĞǀĞƚŚĂƚ ĂŶLJŶŽŵŝŶĞĞ ǁŝůů ďĞƵŶĂǀĂŝůĂďůĞƚŽ ƐĞƌǀĞ ĂƐ Ă ĚŝƌĞĐƚŽƌ͘ƐƐƵŵŝŶŐƚŚĞĞůĞĐƚŝŽŶŽĨƚŚĞĨŝǀĞ;ϱͿĚŝƌĞĐƚŽƌŶŽŵŝŶĞĞƐĂƚƚŚĞŶŶƵĂůDĞĞƚŝŶŐ͕ƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ ǁŝůůĐŽŶƐŝƐƚŽĨƚǁĞůǀĞ;ϭϮͿŵĞŵďĞƌƐǁŝƚŚĨŽƵƌ;ϰͿůĂƐƐ/ĚŝƌĞĐƚŽƌƐ͕ĨŽƵƌ;ϰͿůĂƐƐ//ĚŝƌĞĐƚŽƌƐĂŶĚĨŽƵƌ;ϰͿůĂƐƐ/// ĚŝƌĞĐƚŽƌƐ͘

dŚĞďŝŽŐƌĂƉŚŝĞƐŝŶƚŚĞƚĂďůĞďĞůŽǁƐŚŽǁƚŚĞŶĂŵĞ͕ĂŐĞ͕ŝŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐŝŶǀŽůǀĞŵĞŶƚŝŶĐĞƌƚĂŝŶůĞŐĂů ŽƌĂĚŵŝŶŝƐƚƌĂƚŝǀĞƉƌŽĐĞĞĚŝŶŐƐ͕ŝĨĂƉƉůŝĐĂďůĞ͕ƉƌŝŶĐŝƉĂůŽĐĐƵƉĂƚŝŽŶĂŶĚĚŝƌĞĐƚŽƌƐŚŝƉƐǁŝƚŚŽƚŚĞƌƉƵďůŝĐĂŶĚƉƌŝǀĂƚĞ ĐŽŵƉĂŶŝĞƐŚĞůĚďLJĞĂĐŚŽĨƚŚĞŶŽŵŝŶĞĞƐĚĞƐŝŐŶĂƚĞĚďLJƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĨŽƌĞůĞĐƚŝŽŶĂƐĂĚŝƌĞĐƚŽƌ͘/Ŷ ĂĚĚŝƚŝŽŶ͕ĞĂĐŚŽĨƚŚĞŶŽŵŝŶĞĞƐŚĂƐŚĞůĚƚŚĞŝƌƉƌŝŶĐŝƉĂůŽĐĐƵƉĂƚŝŽŶĨŽƌŵŽƌĞƚŚĂŶĨŝǀĞ;ϱͿLJĞĂƌƐƵŶůĞƐƐŽƚŚĞƌǁŝƐĞ ŝŶĚŝĐĂƚĞĚďĞůŽǁ͘tĞŚĂǀĞĂůƐŽƉƌŽǀŝĚĞĚĂďƌŝĞĨĚŝƐĐƵƐƐŝŽŶŽĨƚŚĞƐƉĞĐŝĨŝĐĞdžƉĞƌŝĞŶĐĞ͕ƋƵĂůŝĨŝĐĂƚŝŽŶƐ͕ĂƚƚƌŝďƵƚĞƐ

ϭϱ WƌŽƉŽƐĂůϭ͗ůĞĐƚŝŽŶŽĨŝƌĞĐƚŽƌƐ

Žƌ ƐŬŝůůƐ ƚŚĂƚ ůĞĚƚŽƚŚĞEŽŵŝŶĂƚŝŶŐ ĂŶĚ ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ ŽŵŵŝƚƚĞĞ͛Ɛ ĐŽŶĐůƵƐŝŽŶ ƚŚĂƚĞĂĐŚ ŶŽŵŝŶĞĞ ƐŚŽƵůĚƐĞƌǀĞĂƐŽŶĞŽĨŽƵƌĚŝƌĞĐƚŽƌƐ͘

ŝƌĞĐƚŽƌEŽŵŝŶĞĞƐĂĐŬŐƌŽƵŶĚĂŶĚYƵĂůŝĨŝĐĂƚŝŽŶƐ

ůĂƐƐ//EŽŵŝŶĞĞƐ ĂĐŬŐƌŽƵŶĚ͗Dƌ͘ůĂƐƐŝƐƚŚĞ'ĞŶĞƌĂůWĂƌƚŶĞƌŽĨĂƉŝƚĂůWƌŽƉĞƌƚŝĞƐ͕>>͕ĂŶŝŶǀĞƐƚŵĞŶƚ ŵĂŶĂŐĞŵĞŶƚĐŽŵƉĂŶLJǁŝƚŚǁŚŝĐŚŚĞŚĂƐďĞĞŶĂƐƐŽĐŝĂƚĞĚĨŽƌŽǀĞƌϰϬLJĞĂƌƐ͘Dƌ͘ůĂƐƐŚĂƐ ƐĞƌǀĞĚŽŶƚŚĞďŽĂƌĚƐŽĨĚŝƌĞĐƚŽƌƐĨŽƌƉƵďůŝĐ͕ŶŽŶͲƉƵďůŝĐĂƐǁĞůůĂƐŶŽŶͲƉƌŽĨŝƚŽƌŐĂŶŝnjĂƚŝŽŶƐ͘ Dƌ͘ůĂƐƐƋƵĂůŝĨŝĞƐĂƐĂŶ͞ĂƵĚŝƚĐŽŵŵŝƚƚĞĞĨŝŶĂŶĐŝĂůĞdžƉĞƌƚ͟ĂƐĚĞĨŝŶĞĚƵŶĚĞƌ^ĞĐƵƌŝƚŝĞƐĂŶĚ džĐŚĂŶŐĞŽŵŵŝƐƐŝŽŶƌĞŐƵůĂƚŝŽŶƐ͘

ůĂƐƐ//ͲdĞƌŵdžƉŝƌĞƐŝŶϮϬϮϯ

ŝƌĞĐƚŽƌƐŚŝƉƐ͗ භ ĂŶĐŽƌƉ^ŽƵƚŚĂŶŬ;^ŝŶĐĞϮϬϬϰͿ භ ƵƐŚŵĂŶΘtĂŬĞĨŝĞůĚͬ^ĂŐĞWĂƌƚŶĞƌƐ භ WŽƐŝƚŝǀĞƚŵŽƐƉŚĞƌĞZĞĂĐŚĞƐ<ŝĚƐ භ ,/Ͳ^ƚ͘sŝŶĐĞŶƚ,ĞĂůƚŚ^LJƐƚĞŵ;ĂƵĚŝƚĐŽŵŵŝƚƚĞĞĐŚĂŝƌŵĂŶͿ 'ƵƐ:͘ůĂƐƐ///͕ϲϴ &ŽƌŵĞƌŝƌĞĐƚŽƌƐŚŝƉƐ͗ භ ĂƉŝƚĂů^ĂǀŝŶŐƐĂŶĚ>ŽĂŶ භ WŝŶŶĂĐůĞĂŶŬŽĨ>ŝƚƚůĞZŽĐŬ භ ,ĞĂƚǁƵƌdž͕/ŶĐ͘;Kd͗,htyͿ;ĂƵĚŝƚĐŽŵŵŝƚƚĞĞŵĞŵďĞƌͿ භ h͘^͘ĞŶƚŽŶŝƚĞ͕/ŶĐ͘

YƵĂůŝĨŝĐĂƚŝŽŶƐ͗Dƌ͘ůĂƐƐďƌŝŶŐƐďƵƐŝŶĞƐƐŬŶŽǁůĞĚŐĞĂŶĚĞdžƉĞƌŝĞŶĐĞŝŶƌĞĂůĞƐƚĂƚĞ ĚĞǀĞůŽƉŵĞŶƚƚŽƚŚĞŽĂƌĚ͘,ĞĂůƐŽƉŽƐƐĞƐƐĞƐƐŝŐŶŝĨŝĐĂŶƚĂŶĚŝŵƉŽƌƚĂŶƚŝŶƐƚŝƚƵƚŝŽŶĂů ŬŶŽǁůĞĚŐĞĂŶĚĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨĨŝŶĂŶĐŝĂůƐĞƌǀŝĐĞƐŝŶĚƵƐƚƌLJŝƐƐƵĞƐƚŚƌŽƵŐŚŚŝƐƐĞƌǀŝĐĞĂƐĂ ĚŝƌĞĐƚŽƌŽĨĂŶĐŽƌƉ^ŽƵƚŚĂŶŬ͘

ĂĐŬŐƌŽƵŶĚ͗DƌƐ͘ĂŶŶŽŶŝƐƚŚĞĨŽƌŵĞƌWƌĞƐŝĚĞŶƚĂŶĚŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌŽĨ,ŽƵƐƚŽŶ ŽŽ͕/ŶĐ͘ĨƌŽŵϮϬϬϱƚŽϮϬϭϱ͘&ƌŽŵϭϵϳϰƚŽ:ƵůLJϮϬϬϰ͕DƌƐ͘ĂŶŶŽŶƐĞƌǀĞĚŝŶĂŶƵŵďĞƌŽĨ ĚŝĨĨĞƌĞŶƚƉŽƐŝƚŝŽŶƐǁŝƚŚĂŶŬŽĨŵĞƌŝĐĂ͕ŝŶĐůƵĚŝŶŐĂƐdžĞĐƵƚŝǀĞsŝĐĞWƌĞƐŝĚĞŶƚĂŶĚ WƌĞƐŝĚĞŶƚŽĨƚŚĞ,ŽƵƐƚŽŶZĞŐŝŽŶ͘DƌƐ͘ĂŶŶŽŶƋƵĂůŝĨŝĞƐĂƐĂŶ͞ĂƵĚŝƚĐŽŵŵŝƚƚĞĞĨŝŶĂŶĐŝĂů ĞdžƉĞƌƚ͟ĂƐĚĞĨŝŶĞĚƵŶĚĞƌ^ĞĐƵƌŝƚŝĞƐĂŶĚdžĐŚĂŶŐĞŽŵŵŝƐƐŝŽŶƌĞŐƵůĂƚŝŽŶƐ͘

ůĂƐƐ//ͲdĞƌŵdžƉŝƌĞƐŝŶϮϬϮϯ

ŝƌĞĐƚŽƌƐŚŝƉƐ͗ භĂŶĐŽƌƉ^ŽƵƚŚĂŶŬ;^ŝŶĐĞϮϬϭϱͿ භ DĞŵŽƌŝĂů,ĞƌŵĂŶ,ĞĂůƚŚ^LJƐƚĞŵƐ

&ŽƌŵĞƌŝƌĞĐƚŽƌƐŚŝƉƐ͗ ĞďŽƌĂŚD͘ĂŶŶŽŶ͕ϲϴ භ dŚĞhŶŝƚĞĚtĂLJŽĨƚŚĞdĞdžĂƐ'ƵůĨŽĂƐƚ භ 'ƌĞĂƚĞƌ,ŽƵƐƚŽŶWĂƌƚŶĞƌƐŚŝƉ;ŚĂŝƌŵĂŶͿ භ ĞůƚŝĐdŝŵďĞƌŽƌƉŽƌĂƚŝŽŶ;ĂƵĚŝƚĐŽŵŵŝƚƚĞĞŵĞŵďĞƌͿ

YƵĂůŝĨŝĐĂƚŝŽŶƐ͗DƌƐ͘ĂŶŶŽŶďƌŝŶŐƐƚŽƚŚĞŽĂƌĚǀĂůƵĂďůĞďĂŶŬŝŶŐŬŶŽǁůĞĚŐĞĨƌŽŵŚĞƌLJĞĂƌƐ ŽĨƐĞƌǀŝĐĞŝŶƚŚĞĨŝŶĂŶĐŝĂůƐĞƌǀŝĐĞƐŝŶĚƵƐƚƌLJ͘^ŚĞĂůƐŽďƌŝŶŐƐǀĂůƵĂďůĞůĞĂĚĞƌƐŚŝƉƐŬŝůůƐĂŶĚĐŝǀŝĐ ŝŶǀŽůǀĞŵĞŶƚƚŽƚŚĞŽĂƌĚƚŚƌŽƵŐŚŚĞƌƐĞƌǀŝĐĞĂƐĂĚŝƌĞĐƚŽƌŽĨĂŶĐŽƌƉ^ŽƵƚŚĂŶŬ͘

ϭϲ WƌŽƉŽƐĂůϭ͗ůĞĐƚŝŽŶŽĨŝƌĞĐƚŽƌƐ

ĂĐŬŐƌŽƵŶĚ͗Dƌ͘,ŽŽĚŚĂƐƐĞƌǀĞĚĂŶĚĐŽŶƚŝŶƵĞƐƚŽƐĞƌǀĞŽŶŶƵŵĞƌŽƵƐĐŽŵŵƵŶŝƚLJĂŶĚ ƉŚŝůĂŶƚŚƌŽƉŝĐďŽĂƌĚƐ͘Dƌ͘,ŽŽĚŝƐĐƵƌƌĞŶƚůLJƚŚĞŚĂŝƌŵĂŶŽĨ,ŽŽĚŽŵƉĂŶŝĞƐ͕/ŶĐ͕͘Ă ĐŽƌƉŽƌĂƚŝŽŶǁŝƚŚŵĂŶƵĨĂĐƚƵƌŝŶŐĂŶĚĚŝƐƚƌŝďƵƚŝŽŶƐŝƚĞƐƚŚƌŽƵŐŚŽƵƚƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ͕ĂŶĂĚĂ͕ ĂŶĚDĞdžŝĐŽ͘Dƌ͘,ŽŽĚƋƵĂůŝĨŝĞƐĂƐĂŶ͞ĂƵĚŝƚĐŽŵŵŝƚƚĞĞĨŝŶĂŶĐŝĂůĞdžƉĞƌƚ͟ĂƐĚĞĨŝŶĞĚƵŶĚĞƌ ^ĞĐƵƌŝƚŝĞƐĂŶĚdžĐŚĂŶŐĞŽŵŵŝƐƐŝŽŶƌĞŐƵůĂƚŝŽŶƐ͘

ůĂƐƐ//ͲdĞƌŵdžƉŝƌĞƐŝŶϮϬϮϯ

ŝƌĞĐƚŽƌƐŚŝƉƐ͗ භ ĂŶĐŽƌƉ^ŽƵƚŚĂŶŬ;^ŝŶĐĞϮϬϬϳͿ භ ,ŽŽĚŽŵƉĂŶŝĞƐ͕/ŶĐ͘;ŚĂŝƌŵĂŶͿ

&ŽƌŵĞƌŝƌĞĐƚŽƌƐŚŝƉƐ͗ tĂƌƌĞŶ͘,ŽŽĚ͕:ƌ͕͘ϲϴ භ &ŝƌƐƚŵĞƌŝĐĂŶŽƌƉŽƌĂƚŝŽŶ භ &ŝƌƐƚŵĞƌŝĐĂŶEĂƚŝŽŶĂůĂŶŬ භ DŝƐƐŝƐƐŝƉƉŝWŽǁĞƌŽŵƉĂŶLJ භ ĞƉŽƐŝƚ'ƵĂƌĂŶƚLJŽƌƉŽƌĂƚŝŽŶ භ ^ŽƵƚŚĞƌŶŽŵƉĂŶLJ;Ez^͗^KͿ;ĂƵĚŝƚĐŽŵŵŝƚƚĞĞŵĞŵďĞƌͿ

YƵĂůŝĨŝĐĂƚŝŽŶƐ͗Dƌ͘,ŽŽĚďƌŝŶŐƐĂǁĞĂůƚŚŽĨŐŽǀĞƌŶĂŶĐĞĂŶĚƐƚƌĂƚĞŐŝĐƉůĂŶŶŝŶŐĞdžƉĞƌŝĞŶĐĞ͕ĂƐ ǁĞůůĂƐƐŬŝůůƐŶĂǀŝŐĂƚŝŶŐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚĨŝŶĂŶĐŝĂůĚŝƐĐůŽƐƵƌĞŝƐƐƵĞƐ͕ŐĂŝŶĞĚƚŚƌŽƵŐŚ ŚŝƐƉƌŝŽƌƐĞƌǀŝĐĞŽŶƚŚĞďŽĂƌĚĂŶĚƚŚĞĂƵĚŝƚĐŽŵŵŝƚƚĞĞŽĨĂŶŽƚŚĞƌEz^ůŝƐƚĞĚĐŽŵƉĂŶLJ͘,Ğ ĂůƐŽƉŽƐƐĞƐƐĞƐƐŝŐŶŝĨŝĐĂŶƚĂŶĚŝŵƉŽƌƚĂŶƚŝŶƐƚŝƚƵƚŝŽŶĂůŬŶŽǁůĞĚŐĞĂŶĚĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨ ĨŝŶĂŶĐŝĂůƐĞƌǀŝĐĞƐŝŶĚƵƐƚƌLJŝƐƐƵĞƐƚŚƌŽƵŐŚŚŝƐƐĞƌǀŝĐĞĂƐĂĚŝƌĞĐƚŽƌŽĨĂŶĐŽƌƉ^ŽƵƚŚĂŶŬ͘

ĂĐŬŐƌŽƵŶĚ͗Dƌ͘^ƚĂŶƚŽŶŚĂƐƐĞƌǀĞĚĂƐŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌŽĨdZE͕/ŶĐ͘ƐŝŶĐĞϮϬϬϱ ĂŶĚŚĂŝƌŵĂŶŽĨƚŚĞŽĂƌĚƐŝŶĐĞϮϬϬϳ͘WƌŝŽƌƚŽũŽŝŶŝŶŐdZE͕/ŶĐ͕͘ŚĞƐĞƌǀĞĚĂƐĂŶ ĞdžĞĐƵƚŝǀĞĨŽƌdƌĂŶƐĐƌLJƉƚ/ŶƚĞƌŶĂƚŝŽŶĂů͕/ŶĐ͘ĂŶĚŚĞůĚƐĞǀĞƌĂůƐĞŶŝŽƌŵĂŶĂŐĞŵĞŶƚƉŽƐŝƚŝŽŶƐ ǁŝƚŚƚŚĞ͘&͘:ŽŚŶƐŽŶŽŵƉĂŶLJ͘

ůĂƐƐ//ͲdĞƌŵdžƉŝƌĞƐŝŶϮϬϮϯ

ŝƌĞĐƚŽƌƐŚŝƉƐ͗ භ ĂŶĐŽƌƉ^ŽƵƚŚĂŶŬ;^ŝŶĐĞϮϬϭϱͿ භ dZE͕/ŶĐ͘;E^Y͗dEͿ;ŚĂŝƌŵĂŶͿ භ ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚWĂƌƚŶĞƌƐŚŝƉŽĨůĂďĂŵĂ;WͿ භ ŚĂŵďĞƌŽĨŽŵŵĞƌĐĞŽĨ,ƵŶƚƐǀŝůůĞͬDĂĚŝƐŽŶŽƵŶƚLJ

&ŽƌŵĞƌŝƌĞĐƚŽƌƐŚŝƉƐ͗ dŚŽŵĂƐZ͘^ƚĂŶƚŽŶ͕ϱϱ භ &ĞĚĞƌĂůZĞƐĞƌǀĞĂŶŬŽĨƚůĂŶƚĂ͛ƐŝƌŵŝŶŐŚĂŵƌĂŶĐŚ;ŚĂŝƌŵĂŶͿ;ϮϬϬϵͲϮϬϭϰͿ භ dĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐ/ŶĚƵƐƚƌLJƐƐŽĐŝĂƚŝŽŶ;ŚĂŝƌŵĂŶͿ

YƵĂůŝĨŝĐĂƚŝŽŶƐ͗Dƌ͘^ƚĂŶƚŽŶďƌŝŶŐƐƚĞĐŚŶŽůŽŐŝĐĂůĞdžƉĞƌŝĞŶĐĞƚŽŽƵƌŽĂƌĚĂƐƚŚĞŚĂŝƌŵĂŶ ĂŶĚŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌŽĨĂƉƵďůŝĐĐŽŵƉĂŶLJ͘,ĞĂůƐŽƉŽƐƐĞƐƐĞƐŝŵƉŽƌƚĂŶƚŝŶƐƚŝƚƵƚŝŽŶĂů ŬŶŽǁůĞĚŐĞĂŶĚĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨĨŝŶĂŶĐŝĂůƐĞƌǀŝĐĞƐŝŶĚƵƐƚƌLJŝƐƐƵĞƐƚŚƌŽƵŐŚŚŝƐƐĞƌǀŝĐĞĂƐĂ ĚŝƌĞĐƚŽƌŽĨĂŶĐŽƌƉ^ŽƵƚŚĂŶŬ͘

ϭϳ WƌŽƉŽƐĂůϭ͗ůĞĐƚŝŽŶŽĨŝƌĞĐƚŽƌƐ

ůĂƐƐ///EŽŵŝŶĞĞ ĂĐŬŐƌŽƵŶĚ͗Dƌ͘,ŽůůŝŵĂŶĐƵƌƌĞŶƚůLJƐĞƌǀĞƐĂƐWƌĞƐŝĚĞŶƚŽĨ,ŽŵĞ^ƚƌĞƚĐŚ&ƵƌŶŝƚƵƌĞ͕ĂƉƌŝǀĂƚĞ ĐŽŵƉĂŶLJĨŽƵŶĚĞĚŝŶϮϬϬϵĂŶĚďĂƐĞĚŝŶŶŽƌƚŚĞĂƐƚDŝƐƐŝƐƐŝƉƉŝ͘Dƌ͘,ŽůůŝŵĂŶŝƐŽŶĞŽĨƚŚĞ ĐŽĨŽƵŶĚĞƌƐŽĨ,ŽŵĞ^ƚƌĞƚĐŚ&ƵƌŶŝƚƵƌĞ͕ǁŚŝĐŚƐƉĞĐŝĂůŝnjĞƐŝŶƚŚĞŵĂŶƵĨĂĐƚƵƌŝŶŐŽĨƌĞĐůŝŶŝŶŐ ŵŽƚŝŽŶĨƵƌŶŝƚƵƌĞĂŶĚĐƵƌƌĞŶƚůLJĞŵƉůŽLJƐŽǀĞƌϰϱϬŝŶĚŝǀŝĚƵĂůƐ͘ĨƚĞƌŐƌĂĚƵĂƚŝŶŐĨƌŽŵ DŝƐƐŝƐƐŝƉƉŝ^ƚĂƚĞhŶŝǀĞƌƐŝƚLJŝŶϭϵϴϳǁŝƚŚĂĂĐŚĞůŽƌŽĨƵƐŝŶĞƐƐĚŵŝŶŝƐƚƌĂƚŝŽŶĚĞŐƌĞĞŝŶ ŵĂŶĂŐĞŵĞŶƚ͕ĂŶĚƉƌŝŽƌƚŽĐŽĨŽƵŶĚŝŶŐ,ŽŵĞ^ƚƌĞƚĐŚ&ƵƌŶŝƚƵƌĞ͕Dƌ͘,ŽůůŝŵĂŶǁĂƐĞŵƉůŽLJĞĚ ďLJ>ĂŶĞ&ƵƌŶŝƚƵƌĞĨŽƌĂƉƉƌŽdžŝŵĂƚĞůLJƚǁŽĚĞĐĂĚĞƐĂŶĚƐĞƌǀĞĚĂƐWƌĞƐŝĚĞŶƚ͕ĂŶĚŚĞůĚƐĞǀĞƌĂů ŵĂŶĂŐĞŵĞŶƚƉŽƐŝƚŝŽŶƐǁŝƚŚ>ĂŶĞ&ƵƌŶŝƚƵƌĞŽǀĞƌƚŚĞĐŽƵƌƐĞŽĨŚŝƐĞŵƉůŽLJŵĞŶƚ͘

ůĂƐƐ///ͲdĞƌŵdžƉŝƌĞƐŝŶϮϬϮϮ

ŝƌĞĐƚŽƌƐŚŝƉƐ͗ භ ĂŶĐŽƌƉ^ŽƵƚŚĂŶŬ;^ŝŶĐĞϮϬϮϬͿ භ EŽƌƚŚDŝƐƐŝƐƐŝƉƉŝDĞĚŝĐĂůĞŶƚĞƌ භ EŽƌƚŚDŝƐƐŝƐƐŝƉƉŝ,ĞĂůƚŚ^ĞƌǀŝĐĞƐ භ &ĂŝƚŚ&ĂŵŝůLJDŝŶŝƐƚƌŝĞƐ

YƵĂůŝĨŝĐĂƚŝŽŶƐ͗ƐƚŚĞĐƵƌƌĞŶƚƉƌĞƐŝĚĞŶƚŽĨĂƐƉĞĐŝĂůŝnjĞĚŵĂŶƵĨĂĐƚƵƌŝŶŐĐŽŵƉĂŶLJĂŶĚĨŽƌŵĞƌ tŝůůŝĂŵ'͘,ŽůůŝŵĂŶ͕ϱϱ ƉƌĞƐŝĚĞŶƚŽĨĂŵĂŶƵĨĂĐƚƵƌŝŶŐĐŽŵƉĂŶLJǁŝƚŚŵŽƌĞƚŚĂŶĂŚƵŶĚƌĞĚLJĞĂƌŚŝƐƚŽƌLJ͕Dƌ͘,ŽůůŝŵĂŶ ďƌŝŶŐƐĂǁĞĂůƚŚŽĨďƵƐŝŶĞƐƐŬŶŽǁůĞĚŐĞĂŶĚĞdžƉĞƌŝĞŶĐĞŝŶŵĂŶƵĨĂĐƚƵƌŝŶŐĚĞǀĞůŽƉŵĞŶƚƚŽƚŚĞ ŽĂƌĚ͘,ĞĂůƐŽďƌŝŶŐƐǀĂůƵĂďůĞůĞĂĚĞƌƐŚŝƉĞdžƉĞƌŝĞŶĐĞĂŶĚĐŝǀŝĐŝŶǀŽůǀĞŵĞŶƚƚŽƚŚĞŽĂƌĚ ƚŚƌŽƵŐŚŚŝƐĞdžƉĞƌŝĞŶĐĞŽŶŵƵůƚŝƉůĞďŽĂƌĚƐ͕ŝŶĐůƵĚŝŶŐƉƌĞǀŝŽƵƐƐĞƌǀŝĐĞŽŶŽƵƌĂĚǀŝƐŽƌLJďŽĂƌĚ͕ ĂŶĚŝŶǀŽůǀĞŵĞŶƚǁŝƚŚŶƵŵĞƌŽƵƐĐŚĂƌŝƚŝĞƐ͕ŝŶĐůƵĚŝŶŐ ,ĂďŝƚĂƚĨŽƌ,ƵŵĂŶŝƚLJĂŶĚEĞƚƚůĞƚŽŶ &ĂŝƚŚ&ŽŽĚWĂŶƚƌLJ͘

sŽƚŝŶŐZĞĐŽŵŵĞŶĚĂƚŝŽŶ

dŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐZĞĐŽŵŵĞŶĚƐƚŚĂƚ^ŚĂƌĞŚŽůĚĞƌƐ ǀŽƚĞ͞&KZ͟ĞĂĐŚŽĨƚŚĞĨŝǀĞ;ϱͿEŽŵŝŶĞĞƐĨŽƌŝƌĞĐƚŽƌŶĂŵĞĚĂďŽǀĞ͘

ϭϴ WƌŽƉŽƐĂůϭ͗ůĞĐƚŝŽŶŽĨŝƌĞĐƚŽƌƐ

ŽŶƚŝŶƵŝŶŐŝƌĞĐƚŽƌƐĂĐŬŐƌŽƵŶĚĂŶĚYƵĂůŝĨŝĐĂƚŝŽŶƐ

dŚĞďŝŽŐƌĂƉŚŝĞƐŝŶƚŚĞƚĂďůĞďĞůŽǁƐŚŽǁƚŚĞŶĂŵĞ͕ĂŐĞ͕ƉƌŝŶĐŝƉĂůŽĐĐƵƉĂƚŝŽŶĂŶĚĚŝƌĞĐƚŽƌƐŚŝƉƐǁŝƚŚŽƚŚĞƌ ƉƵďůŝĐ ĂŶĚ ƉƌŝǀĂƚĞ ĐŽŵƉĂŶŝĞƐ ŚĞůĚ ďLJĞĂĐŚ ŽĨ ƚŚĞ ĐŽŶƚŝŶƵŝŶŐ ĚŝƌĞĐƚŽƌƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ĞĂĐŚ ŽĨ ƚŚĞ ĐŽŶƚŝŶƵŝŶŐ ĚŝƌĞĐƚŽƌƐŚĂƐŚĞůĚƚŚĞŝƌƉƌŝŶĐŝƉĂůŽĐĐƵƉĂƚŝŽŶĨŽƌŵŽƌĞƚŚĂŶĨŝǀĞ;ϱͿLJĞĂƌƐƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŝŶĚŝĐĂƚĞĚ͘tĞŚĂǀĞ ĂůƐŽƉƌŽǀŝĚĞĚ Ă ďƌŝĞĨĚŝƐĐƵƐƐŝŽŶ ŽĨƚŚĞ ƐƉĞĐŝĨŝĐ ĞdžƉĞƌŝĞŶĐĞ͕ƋƵĂůŝĨŝĐĂƚŝŽŶƐ͕ ĂƚƚƌŝďƵƚĞƐ Žƌ ƐŬŝůůƐƚŚĂƚ ůĞĚƚŽƚŚĞ EŽŵŝŶĂƚŝŶŐĂŶĚŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞŽŵŵŝƚƚĞĞ͛ƐĐŽŶĐůƵƐŝŽŶƚŚĂƚĞĂĐŚĐŽŶƚŝŶƵŝŶŐĚŝƌĞĐƚŽƌƐŚŽƵůĚƐĞƌǀĞĂƐ ŽŶĞŽĨŽƵƌĚŝƌĞĐƚŽƌƐ͘

ŽŶƚŝŶƵŝŶŐŝƌĞĐƚŽƌƐ ĂĐŬŐƌŽƵŶĚ͗Dƌ͘ƌŽǁŶŝƐƚŚĞ^ĞŶŝŽƌsŝĐĞWƌĞƐŝĚĞŶƚŽĨh^KƉĞƌĂƚŝŽŶƐĂƐƚĞƌŶŝǀŝƐŝŽŶĂŶĚ ŚŝĞĨŝǀĞƌƐŝƚLJKĨĨŝĐĞƌĨŽƌ&ĞĚdždžƉƌĞƐƐ͕ĂǁŚŽůůLJŽǁŶĞĚƐƵďƐŝĚŝĂƌLJŽĨ&ĞĚdžŽƌƉŽƌĂƚŝŽŶ͕ƚŚĞ ůĂƌŐĞƐƚĞdžƉƌĞƐƐƚƌĂŶƐƉŽƌƚĂƚŝŽŶĐŽŵƉĂŶLJŝŶƚŚĞǁŽƌůĚ͘Dƌ͘ƌŽǁŶŚĂƐďĞĞŶĂƐƐŽĐŝĂƚĞĚǁŝƚŚ &ĞĚdžĨŽƌŵŽƌĞƚŚĂŶϰϬLJĞĂƌƐ͘WƌŝŽƌƚŽŚŽůĚŝŶŐŚŝƐƉŽƐŝƚŝŽŶĂƚ&ĞĚdždžƉƌĞƐƐ͕Dƌ͘ƌŽǁŶǁĂƐƚŚĞ ^ĞŶŝŽƌsŝĐĞWƌĞƐŝĚĞŶƚ͕,ƵŵĂŶZĞƐŽƵƌĐĞƐǁŝƚŚ&ĞĚdž'ƌŽƵŶĚĨƌŽŵϮϬϬϱƚŽϮϬϬϴ͘

ůĂƐƐ///ͲdĞƌŵdžƉŝƌĞƐŝŶϮϬϮϮ

ŝƌĞĐƚŽƌƐŚŝƉƐ͗ භ ĂŶĐŽƌƉ^ŽƵƚŚĂŶŬ;^ŝŶĐĞϮϬϭϲͿ භ hŶŝƚĞĚtĂLJŽĨƚŚĞDŝĚͲ^ŽƵƚŚ භ ĞŶƚƌĂůŽĂƌĚŽĨƚŚĞŽLJƐΘ'ŝƌůƐůƵďŽĨ'ƌĞĂƚĞƌDĞŵƉŚŝƐ භ dĞĂĐŚĨŽƌŵĞƌŝĐĂͲDĞŵƉŚŝƐ භ DĞŵƉŚŝƐŝŶDĂLJ/ŶƚĞƌŶĂƚŝŽŶĂů&ĞƐƚŝǀĂů ^ŚĂŶŶŽŶ͘ƌŽǁŶ͕ϲϯ &ŽƌŵĞƌŝƌĞĐƚŽƌƐŚŝƉ͗ භ ƵĐŬĞLJĞdĞĐŚŶŽůŽŐŝĞƐ/ŶĐ͘;Ez^͗

YƵĂůŝĨŝĐĂƚŝŽŶƐ͗Dƌ͘ƌŽǁŶďƌŝŶŐƐƚŽƚŚĞŽĂƌĚǀĂůƵĂďůĞƉƌĂĐƚŝĐĂůďƵƐŝŶĞƐƐƐŬŝůůƐ͕ĂƐƐŚŽǁŶŝŶŚŝƐ ĐĂƌĞĞƌĂĚǀĂŶĐĞŵĞŶƚĂƚ&ĞĚdžĨƌŽŵƉĂĐŬĂŐĞŚĂŶĚůĞƌƚŽŚŝƐĐƵƌƌĞŶƚƌŽůĞĂƐ^ĞŶŝŽƌsŝĐĞWƌĞƐŝĚĞŶƚ ŽĨh^KƉĞƌĂƚŝŽŶƐĂƐƚĞƌŶŝǀŝƐŝŽŶĂŶĚŚŝĞĨŝǀĞƌƐŝƚLJKĨĨŝĐĞƌ͘Dƌ͘ƌŽǁŶĂůƐŽƉŽƐƐĞƐƐĞƐ ĞdžƚĞŶƐŝǀĞůĞĂĚĞƌƐŚŝƉĂŶĚĚĞǀĞůŽƉŵĞŶƚƐŬŝůůƐ͕ĂƐǁĞůůĂƐĞdžƉĞƌƚŝƐĞŝŶƌĞĐƌƵŝƚŵĞŶƚ͕ĞŵƉůŽLJĞĞ ďĞŶĞĨŝƚƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶ͘,ĞĂůƐŽƉŽƐƐĞƐƐĞƐĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨĨŝŶĂŶĐŝĂůƐĞƌǀŝĐĞƐŝŶĚƵƐƚƌLJ ŝƐƐƵĞƐƚŚƌŽƵŐŚŚŝƐƐĞƌǀŝĐĞĂƐĂĚŝƌĞĐƚŽƌŽĨĂŶĐŽƌƉ^ŽƵƚŚĂŶŬ͘

ĂĐŬŐƌŽƵŶĚ͗Dƌ͘ĂŵƉďĞůůŝƐƚŚĞŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌŽĨ,нDŽŵƉĂŶLJ͕/ŶĐ͕͘ĂĐŽŵƉĂŶLJƚŚĂƚ ƉƌŽǀŝĚĞƐĞŶŐŝŶĞĞƌŝŶŐĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶͲƌĞůĂƚĞĚƐĞƌǀŝĐĞƐĂŶĚĞŵƉůŽLJƐŽǀĞƌϲϬϬŝŶĚŝǀŝĚƵĂůƐ͕ĂŶĚŚĞ ŝƐƚŚĞŵĂũŽƌŝƚLJŽǁŶĞƌŽĨŽŶƐƚƌƵĐƚŝŽŶŽǀĞƌĂŐĞ͕/ŶĐ͘Dƌ͘ĂŵƉďĞůů͛ƐĞdžƉĞƌŝĞŶĐĞŝŶƌĞƚĂŝů ĚŝƐƚƌŝďƵƚŝŽŶĂŶĚŝŶƐƚŝƚƵƚŝŽŶĂůĂŶĚŚĞĂǀLJŝŶĚƵƐƚƌŝĂůƉƌŽũĞĐƚƐŝŶĂůůĂƌĞĂƐŽĨƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ ƉƌŽǀŝĚĞƐŚŝŵǁŝƚŚŝŶƐŝŐŚƚŝŶƚŽƚŚĞĂƌĞĂƐŽĨĂƐƐĞƚƋƵĂůŝƚLJ͕ƉĂƌƚŝĐƵůĂƌůLJƌĞĂůĞƐƚĂƚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚ ĐŽŶƐƚƌƵĐƚŝŽŶƌŝƐŬ͕ƚƌƵƐƚĂŶĚďƌŽŬĞƌĂŐĞ͕ŝŶƐƵƌĂŶĐĞĂŶĚƉĞƌƐŽŶŶĞů͘

ůĂƐƐ/ͲdĞƌŵdžƉŝƌĞƐŝŶϮϬϮϭ

ŝƌĞĐƚŽƌƐŚŝƉƐ͗ භ ĂŶĐŽƌƉ^ŽƵƚŚĂŶŬ;^ŝŶĐĞϭϵϵϮͿ

:ĂŵĞƐ͘ĂŵƉďĞůů///͕ϳϬ YƵĂůŝĨŝĐĂƚŝŽŶƐ͗Dƌ͘ĂŵƉďĞůůďƌŝŶŐƐĞdžĞĐƵƚŝǀĞĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐĂŶĚƌŝƐŬĂƐƐĞƐƐŵĞŶƚƐŬŝůůƐƚŽƚŚĞ ŽĂƌĚĂƐĂƌĞƐƵůƚŽĨŚŝƐĞdžƉĞƌŝĞŶĐĞŝŶƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŝŶĚƵƐƚƌLJ͘,ŝƐĞdžƉĞƌŝĞŶĐĞŝŶƌĞĂůĞƐƚĂƚĞ ĚĞǀĞůŽƉŵĞŶƚĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶŝƐĞƐƉĞĐŝĂůůLJŝŵƉŽƌƚĂŶƚŝŶůŝŐŚƚŽĨƚŚĞĐŽŵƉŽƐŝƚŝŽŶŽĨŽƵƌůŽĂŶ ƉŽƌƚĨŽůŝŽ͘,ĞĂůƐŽƉŽƐƐĞƐƐĞƐƐŝŐŶŝĨŝĐĂŶƚĂŶĚŝŵƉŽƌƚĂŶƚŝŶƐƚŝƚƵƚŝŽŶĂůŬŶŽǁůĞĚŐĞĂŶĚĂŶ ƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨĨŝŶĂŶĐŝĂůƐĞƌǀŝĐĞƐŝŶĚƵƐƚƌLJŝƐƐƵĞƐƚŚƌŽƵŐŚŚŝƐƐĞƌǀŝĐĞĂƐĂĚŝƌĞĐƚŽƌŽĨ ĂŶĐŽƌƉ^ŽƵƚŚĂŶŬ͘

ϭϵ WƌŽƉŽƐĂůϭ͗ůĞĐƚŝŽŶŽĨŝƌĞĐƚŽƌƐ

ĂĐŬŐƌŽƵŶĚ͗Dƌ͘:ĂĐŬƐŽŶŝƐƚŚĞWƌĞƐŝĚĞŶƚŽĨWŽƐŝƚŝǀĞƚŵŽƐƉŚĞƌĞZĞĂĐŚĞƐ<ŝĚƐ͕ĂŶŽŶͲƉƌŽĨŝƚ ŽƌŐĂŶŝnjĂƚŝŽŶĨŽƵŶĚĞĚďLJDƌ͘:ĂĐŬƐŽŶŝŶϭϵϵϯƚŚĂƚŝƐŚĞĂĚƋƵĂƌƚĞƌĞĚŝŶ>ŝƚƚůĞZŽĐŬ͕ƌŬĂŶƐĂƐ͕ĂŶĚ ǁŽƌŬƐǁŝƚŚĂƚͲƌŝƐŬLJŽƵƚŚƚŽƉƌŽǀŝĚĞƉŽƐŝƚŝǀĞƌĞŝŶĨŽƌĐĞŵĞŶƚĨŽƌƐƵĐĐĞƐƐ͘

ůĂƐƐ/ͲdĞƌŵdžƉŝƌĞƐŝŶϮϬϮϭ

ŝƌĞĐƚŽƌƐŚŝƉƐ͗ භ ĂŶĐŽƌƉ^ŽƵƚŚĂŶŬ;^ŝŶĐĞϮϬϬϳͿ භ WŽƐŝƚŝǀĞƚŵŽƐƉŚĞƌĞZĞĂĐŚĞƐ<ŝĚƐ

&ŽƌŵĞƌŝƌĞĐƚŽƌƐŚŝƉƐ භ hŶŝǀĞƌƐŝƚLJŽĨKŬůĂŚŽŵĂ&ŽƵŶĚĂƚŝŽŶ;dƌƵƐƚĞĞͿ <ĞŝƚŚ:͘:ĂĐŬƐŽŶ͕ϱϱ YƵĂůŝĨŝĐĂƚŝŽŶƐ͗Dƌ͘:ĂĐŬƐŽŶďƌŝŶŐƐǀĂůƵĂďůĞůĞĂĚĞƌƐŚŝƉƐŬŝůůƐĂŶĚĐŝǀŝĐŝŶǀŽůǀĞŵĞŶƚƚŽƚŚĞŽĂƌĚ͘ ,ĞĂůƐŽƉŽƐƐĞƐƐĞƐƐŝŐŶŝĨŝĐĂŶƚĂŶĚŝŵƉŽƌƚĂŶƚŝŶƐƚŝƚƵƚŝŽŶĂůŬŶŽǁůĞĚŐĞĂŶĚĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨ ĨŝŶĂŶĐŝĂůƐĞƌǀŝĐĞƐŝŶĚƵƐƚƌLJŝƐƐƵĞƐƚŚƌŽƵŐŚŚŝƐƐĞƌǀŝĐĞĂƐĂĚŝƌĞĐƚŽƌŽĨĂŶĐŽƌƉ^ŽƵƚŚĂŶŬ͘

ĂĐŬŐƌŽƵŶĚ͗Dƌ͘<ŝƌŬƐĞƌǀĞĚĂƐƚŚĞŚĂŝƌŵĂŶŽĨƚŚĞŽĂƌĚŽĨďŽƚŚƉƵďůŝĐůLJŚĞůĚĂŶĚŶŽŶͲƉƌŽĨŝƚ ŽƌŐĂŶŝnjĂƚŝŽŶƐ͘Dƌ͘<ŝƌŬĐƵƌƌĞŶƚůLJƐĞƌǀĞƐĂƐŚĂŝƌŵĂŶŽĨƚŚĞŽŵƉĂŶLJ͛ƐƵĚŝƚŽŵŵŝƚƚĞĞ͕Ă ƉŽƐŝƚŝŽŶŚĞŚĂƐŚĞůĚƐŝŶĐĞϮϬϬϯ͘Dƌ͘<ŝƌŬƋƵĂůŝĨŝĞƐĂƐĂŶ͞ĂƵĚŝƚĐŽŵŵŝƚƚĞĞĨŝŶĂŶĐŝĂůĞdžƉĞƌƚ͟ĂƐ ĚĞĨŝŶĞĚƵŶĚĞƌ^ĞĐƵƌŝƚŝĞƐĂŶĚdžĐŚĂŶŐĞŽŵŵŝƐƐŝŽŶƌĞŐƵůĂƚŝŽŶƐ͘ ůĂƐƐ/ͲdĞƌŵdžƉŝƌĞƐŝŶϮϬϮϭ ŝƌĞĐƚŽƌƐŚŝƉƐ͗ භ ĂŶĐŽƌƉ^ŽƵƚŚĂŶŬ;^ŝŶĐĞϭϵϵϲͿ;ŚĂŝƌŵĂŶŽĨƚŚĞƵĚŝƚŽŵŵŝƚƚĞĞƐŝŶĐĞϮϬϬϯͿ භ Zd͕/ŶĐ͘;WĂƐƚŚĂŝƌŵĂŶͿ භ :ŽƵƌŶĂů͕/ŶĐ͘;ŚĂŝƌŵĂŶͿ &ŽƌŵĞƌŝƌĞĐƚŽƌƐŚŝƉƐ͗ භ ,ĂŶĐŽĐŬ&ĂďƌŝĐƐ͕/ŶĐ͘;ŚĂŝƌŵĂŶĂŶĚŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌͿ;ϭϵϵϲͲϮϬϬϱͿ භ ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚ&ŽƵŶĚĂƚŝŽŶ;ŚĂŝƌŵĂŶͿ >ĂƌƌLJ'͘<ŝƌŬ͕ϳϯ භ EŽƌƚŚDŝƐƐŝƐƐŝƉƉŝ,ĞĂůƚŚ^ĞƌǀŝĐĞƐ͕/ŶĐ͘ භ ,ĞĂůƚŚ>ŝŶŬ͕/ŶĐ͘ භ ĐĐůĂŝŵ͕/ŶĐ͘ භ ^ƚ͘:ƵĚĞŚŝůĚƌĞŶ͛ƐZĞƐĞĂƌĐŚ,ŽƐƉŝƚĂůĚǀŝƐŽƌLJŽĂƌĚ YƵĂůŝĨŝĐĂƚŝŽŶƐ͗Dƌ͘<ŝƌŬďƌŝŶŐƐĨŝŶĂŶĐŝĂůĞdžƉĞƌƚŝƐĞĂŶĚƉƵďůŝĐĂĐĐŽƵŶƚŝŶŐŬŶŽǁůĞĚŐĞƚŽƚŚĞŽĂƌĚ͘ ,ĞĂůƐŽƉŽƐƐĞƐƐĞƐƉƌĂĐƚŝĐĂůďƵƐŝŶĞƐƐĞdžƉĞƌŝĞŶĐĞĂƐƚŚĞĨŽƌŵĞƌŚŝĞĨ&ŝŶĂŶĐŝĂůKĨĨŝĐĞƌĂŶĚƚŚĞŶ ŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌŽĨĂƉƵďůŝĐĐŽŵƉĂŶLJ͘,ĞĂůƐŽƉŽƐƐĞƐƐĞƐƐŝŐŶŝĨŝĐĂŶƚĂŶĚŝŵƉŽƌƚĂŶƚ ŝŶƐƚŝƚƵƚŝŽŶĂůŬŶŽǁůĞĚŐĞĂŶĚĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨĨŝŶĂŶĐŝĂůƐĞƌǀŝĐĞƐŝŶĚƵƐƚƌLJŝƐƐƵĞƐƚŚƌŽƵŐŚŚŝƐ ƐĞƌǀŝĐĞĂƐĂĚŝƌĞĐƚŽƌŽĨĂŶĐŽƌƉ^ŽƵƚŚĂŶŬ͘

ϮϬ WƌŽƉŽƐĂůϭ͗ůĞĐƚŝŽŶŽĨŝƌĞĐƚŽƌƐ

ĂĐŬŐƌŽƵŶĚ͗Dƌ͘DŝƚĐŚĞůůŝƐĂŶĂƚƚŽƌŶĞLJǁŝƚŚƚŚĞůĂǁĨŝƌŵDŝƚĐŚĞůů͕DĐEƵƚƚΘ^ĂŵƐ͕W͘͘ Dƌ͘DŝƚĐŚĞůůŚĂƐďĞĞŶĂĐƚŝǀĞŝŶƚŚĞƉƌĂĐƚŝĐĞŽĨůĂǁƐŝŶĐĞϭϵϳϮ͘ƵƌŝŶŐƚŚĞĐŽƵƌƐĞŽĨŚŝƐĐĂƌĞĞƌ͕ Dƌ͘DŝƚĐŚĞůůŚĂƐĂĚǀŝƐĞĚŶƵŵĞƌŽƵƐĐŽƌƉŽƌĂƚĞĐůŝĞŶƚƐĐŽŶĐĞƌŶŝŶŐƚŚĞƌŝƐŬƐŝŶǀŽůǀĞĚŝŶƚŚĞ ŽƉĞƌĂƚŝŽŶŽĨƚŚĞŝƌďƵƐŝŶĞƐƐĞƐ͕ŝŶĚƵƐƚƌŝĞƐ͕ƉĂƌƚŶĞƌƐŚŝƉƐĂŶĚĂƐƐŽĐŝĂƚŝŽŶƐ͘/ŶŚŝƐƉƌĞǀŝŽƵƐ ĚŝƌĞĐƚŽƌƐŚŝƉƐ͕Dƌ͘DŝƚĐŚĞůů͛ƐĚƵƚŝĞƐǁĞƌĞŝŶƚŚĞĂƌĞĂƐŽĨĂŶĂůLJnjŝŶŐĨŝŶĂŶĐŝĂůƌĞƐƵůƚƐŽĨ ŽƉĞƌĂƚŝŽŶƐ͕ƐĞƚƚŝŶŐďƵĚŐĞƚƐ͕ƌĞǀŝĞǁŝŶŐĂŶĚĂƉƉƌŽǀŝŶŐĐŽŵƉĞŶƐĂƚŝŽŶƉůĂŶƐ͕ĂŶĚƌŝƐŬ ĂƐƐĞƐƐŵĞŶƚƐ͘Dƌ͘DŝƚĐŚĞůůƌĞƉƌĞƐĞŶƚĞĚƚŚĞŝƚLJŽĨdƵƉĞůŽ͕DŝƐƐŝƐƐŝƉƉŝĂƐŐĞŶĞƌĂůĐŽƵŶƐĞůĨŽƌ ŽǀĞƌϯϬLJĞĂƌƐ͘ ůĂƐƐ/ͲdĞƌŵdžƉŝƌĞƐŝŶϮϬϮϭ ŝƌĞĐƚŽƌƐŚŝƉƐ͗ භ ĂŶĐŽƌƉ^ŽƵƚŚĂŶŬ;^ŝŶĐĞϮϬϬϭͿ භ EŽƌƚŚDŝƐƐŝƐƐŝƉƉŝ,ĞĂůƚŚ^ĞƌǀŝĐĞƐ͕/ŶĐ͘ 'ƵLJt͘DŝƚĐŚĞůů///͕ϳϲ භ ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚ&ŽƵŶĚĂƚŝŽŶ භ Zd͕/ŶĐ͘ &ŽƌŵĞƌŝƌĞĐƚŽƌƐŚŝƉƐ͗ භ DŝƚĐŚĞůů͕DĐEƵƚƚΘ^ĂŵƐ͕W͘͘ භ EŽƌƚŚDŝƐƐŝƐƐŝƉƉŝDĞĚŝĐĂůĞŶƚĞƌ͕/ŶĐ͘ YƵĂůŝĨŝĐĂƚŝŽŶƐ͗Dƌ͘DŝƚĐŚĞůůďƌŝŶŐƐƚŽƚŚĞŽĂƌĚĂŶĞdžƚĞŶƐŝǀĞďĂĐŬŐƌŽƵŶĚŝŶůĂǁ͕ĞdžĞĐƵƚŝǀĞ ĚĞĐŝƐŝŽŶŵĂŬŝŶŐĂŶĚƌŝƐŬĂƐƐĞƐƐŵĞŶƚƐŬŝůůƐƌĞƐƵůƚŝŶŐĨƌŽŵŚŝƐĞdžƉĞƌŝĞŶĐĞĂƐĂŶĂƚƚŽƌŶĞLJĂŶĚĂƐĂ ďŽĂƌĚŵĞŵďĞƌŽĨŶƵŵĞƌŽƵƐĐŽŵƉĂŶŝĞƐĂŶĚĐŚĂƌŝƚĂďůĞŽƌŐĂŶŝnjĂƚŝŽŶƐ͘,ĞĂůƐŽƉŽƐƐĞƐƐĞƐ ƐŝŐŶŝĨŝĐĂŶƚĂŶĚŝŵƉŽƌƚĂŶƚŝŶƐƚŝƚƵƚŝŽŶĂůŬŶŽǁůĞĚŐĞĂŶĚĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨĨŝŶĂŶĐŝĂůƐĞƌǀŝĐĞƐ ŝŶĚƵƐƚƌLJŝƐƐƵĞƐƚŚƌŽƵŐŚŚŝƐƐĞƌǀŝĐĞĂƐĂĚŝƌĞĐƚŽƌŽĨĂŶĐŽƌƉ^ŽƵƚŚĂŶŬ͘

ĂĐŬŐƌŽƵŶĚ͗Dƌ͘WĞƌƌLJŝƐĂŶĂƚƚŽƌŶĞLJǁŝƚŚƚŚĞůĂǁĨŝƌŵƌĂĚůĞLJƌĂŶƚŽƵůƚƵŵŵŝŶŐƐ͕>>W͘ WƌŝŽƌƚŽ&ĞďƌƵĂƌLJϮϬϭϱ͕Dƌ͘WĞƌƌLJǁĂƐĂŵĞŵďĞƌŽĨƚŚĞůĂǁĨŝƌŵ&ŽƌŵĂŶWĞƌƌLJtĂƚŬŝŶƐ<ƌƵƚnjΘ dĂƌĚLJ>>WĨŽƌϮϴLJĞĂƌƐ͘Dƌ͘WĞƌƌLJƐĞƌǀĞƐŽŶƚŚĞďŽĂƌĚƐŽĨƚǁŽĐŚĂƌŝƚĂďůĞĨŽƵŶĚĂƚŝŽŶƐǁŝƚŚƚŚĞ ƉƌŝŵĂƌLJƉƵƌƉŽƐĞŽĨƐƵƉƉŽƌƚŝŶŐĐŽůůĞŐĞƐĂŶĚƵŶŝǀĞƌƐŝƚŝĞƐŝŶDŝƐƐŝƐƐŝƉƉŝ͘,ĞŝƐĂĨŽƌŵĞƌŵĞŵďĞƌ ŽĨƚŚĞ^ƚĂŶĚŝŶŐŽŵŵŝƚƚĞĞŽŶZƵůĞƐŽĨWƌĂĐƚŝĐĞĂŶĚWƌŽĐĞĚƵƌĞŽĨƚŚĞ:ƵĚŝĐŝĂůŽŶĨĞƌĞŶĐĞŽĨƚŚĞ hŶŝƚĞĚ^ƚĂƚĞƐĂŶĚƐĞƌǀĞĚĂƐ>ĂǁůĞƌŬƚŽ:ƵĚŐĞŚĂƌůĞƐůĂƌŬ͕hŶŝƚĞĚ^ƚĂƚĞƐŽƵƌƚŽĨƉƉĞĂůƐ͕ &ŝĨƚŚŝƌĐƵŝƚ͘

ůĂƐƐ///ͲdĞƌŵdžƉŝƌĞƐŝŶϮϬϮϮ

ŝƌĞĐƚŽƌƐŚŝƉƐ͗ භ ĂŶĐŽƌƉ^ŽƵƚŚĂŶŬ;^ŝŶĐĞϭϵϵϭͿ භ ZŽďĞƌƚD͘,ĞĂƌŝŶ&ŽƵŶĚĂƚŝŽŶ ůĂŶt͘WĞƌƌLJ͕ϳϮ &ŽƌŵĞƌŝƌĞĐƚŽƌƐŚŝƉƐ͗ භ DŝƐƐŝƐƐŝƉƉŝ/ŶƐƚŝƚƵƚŝŽŶƐŽĨ,ŝŐŚĞƌ>ĞĂƌŶŝŶŐ

YƵĂůŝĨŝĐĂƚŝŽŶƐ͗Dƌ͘WĞƌƌLJďƌŝŶŐƐĂǁĞĂůƚŚŽĨůĞŐĂů͕ŐŽǀĞƌŶĂŶĐĞĂŶĚƌŝƐŬŵĂŶĂŐĞŵĞŶƚƐŬŝůůƐƚŽƚŚĞ ŽĂƌĚ͕ŐĂŝŶĞĚďŽƚŚĂƐĂďŽĂƌĚŵĞŵďĞƌĂŶĚĂƐĂŶĂƚƚŽƌŶĞLJƌĞƉƌĞƐĞŶƚŝŶŐĐŽƌƉŽƌĂƚĞďŽĂƌĚƐ͘,Ğ ĂůƐŽƉŽƐƐĞƐƐĞƐƐŝŐŶŝĨŝĐĂŶƚĂŶĚŝŵƉŽƌƚĂŶƚŝŶƐƚŝƚƵƚŝŽŶĂůŬŶŽǁůĞĚŐĞĂŶĚĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨ ĨŝŶĂŶĐŝĂůƐĞƌǀŝĐĞƐŝŶĚƵƐƚƌLJŝƐƐƵĞƐƚŚƌŽƵŐŚŚŝƐƐĞƌǀŝĐĞĂƐĂĚŝƌĞĐƚŽƌŽĨĂŶĐŽƌƉ^ŽƵƚŚĂŶŬ͘

Ϯϭ WƌŽƉŽƐĂůϭ͗ůĞĐƚŝŽŶŽĨŝƌĞĐƚŽƌƐ

ĂĐŬŐƌŽƵŶĚ͗Dƌ͘ZŽůůŝŶƐŚĂƐƐĞƌǀĞĚĂƐŚĂŝƌŵĂŶŽĨƚŚĞŽĂƌĚƐŝŶĐĞƉƌŝůϮϬϭϰĂŶĚŚŝĞĨ džĞĐƵƚŝǀĞKĨĨŝĐĞƌƐŝŶĐĞEŽǀĞŵďĞƌϮϬϭϮ͘WƌŝŽƌƚŽƚŚĂƚ͕ŚĞƐĞƌǀĞĚĂƐWƌĞƐŝĚĞŶƚĂŶĚŚŝĞĨKƉĞƌĂƚŝŶŐ KĨĨŝĐĞƌŽĨWƌŽƐƉĞƌŝƚLJĂŶĐƐŚĂƌĞƐ͕/ŶĐ͕͘ŚĞĂĚƋƵĂƌƚĞƌĞĚŝŶ,ŽƵƐƚŽŶ͕dĞdžĂƐ͕ĂŶĚĚŝƌĞĐƚŽƌŽĨ WƌŽƐƉĞƌŝƚLJĂŶĐƐŚĂƌĞƐĨƌŽŵϮϬϬϲƚŽϮϬϭϮ͘Dƌ͘ZŽůůŝŶƐƐĞƌǀĞĚĂƐ^ĞŶŝŽƌsŝĐĞWƌĞƐŝĚĞŶƚŽĨ WƌŽƐƉĞƌŝƚLJĂŶĐƐŚĂƌĞƐĨƌŽŵϮϬϬϭƵŶƚŝůϮϬϬϲ͕ĂŶĚďĞĐĂŵĞWƌĞƐŝĚĞŶƚŽĨWƌŽƐƉĞƌŝƚLJĂŶŬŝŶϮϬϬϱ͘ ,ĞƐĞƌǀĞĚĂƐdžĞĐƵƚŝǀĞsŝĐĞWƌĞƐŝĚĞŶƚŽĨWƌŽƐƉĞƌŝƚLJĂŶŬĨƌŽŵϮϬϬϮƚŽϮϬϬϰĂŶĚWƌĞƐŝĚĞŶƚŽĨƚŚĞ DĂƚĂŐŽƌĚĂĂŶŬŝŶŐĞŶƚĞƌƐŽĨWƌŽƐƉĞƌŝƚLJĂŶŬĨƌŽŵϭϵϵϰƚŽϮϬϬϮ͘&ƌŽŵϭϵϴϯƚŽϭϵϵϰ͕ Dƌ͘ZŽůůŝŶƐǁŽƌŬĞĚĨŽƌ&ŝƌƐƚ^ƚĂƚĞĂŶŬĂŶĚdƌƵƐƚŽŵƉĂŶLJŝŶWŽƌƚ>ĂǀĂĐĂĂŶĚĂLJŝƚLJ͕dĞdžĂƐ͘

ůĂƐƐ///ͲdĞƌŵdžƉŝƌĞƐŝŶϮϬϮϮ

ŝƌĞĐƚŽƌƐŚŝƉƐ͗ භ ĂŶĐŽƌƉ^ŽƵƚŚĂŶŬ;^ŝŶĐĞϮϬϭϮͿ;ŚĂŝƌŵĂŶƐŝŶĐĞϮϬϭϰͿ :ĂŵĞƐ͘ZŽůůŝŶƐ///͕ϲϭ භ EŽƌƚŚDŝƐƐŝƐƐŝƉƉŝ,ĞĂůƚŚ^ĞƌǀŝĐĞƐ͕/ŶĐ͘ භ ,ĞĂůƚŚĐĂƌĞ&ŽƵŶĚĂƚŝŽŶŽĨEŽƌƚŚDŝƐƐŝƐƐŝƉƉŝ භ DŝƐƐŝƐƐŝƉƉŝĐŽŶŽŵŝĐŽƵŶĐŝů;DͿ

&ŽƌŵĞƌŝƌĞĐƚŽƌƐŚŝƉƐ͗ භ WƌŽƐƉĞƌŝƚLJĂŶĐƐŚĂƌĞƐ͕/ŶĐ͘

YƵĂůŝĨŝĐĂƚŝŽŶƐ͗Dƌ͘ZŽůůŝŶƐďƌŝŶŐƐƚŽƚŚĞŽĂƌĚǀĂůƵĂďůĞďĂŶŬŝŶŐŬŶŽǁůĞĚŐĞĨƌŽŵŚŝƐLJĞĂƌƐŽĨ ƐĞƌǀŝĐĞŝŶƚŚĞĨŝŶĂŶĐŝĂůƐĞƌǀŝĐĞƐŝŶĚƵƐƚƌLJ͕ƉĂƌƚŝĐƵůĂƌůLJŚŝƐĞdžƉĞƌŝĞŶĐĞŽŶƚŚĞƐĞŶŝŽƌŵĂŶĂŐĞŵĞŶƚ ƚĞĂŵĂŶĚĂƐĂĚŝƌĞĐƚŽƌŽĨĂƉƵďůŝĐďĂŶŬŚŽůĚŝŶŐĐŽŵƉĂŶLJ͘

ϮϮ ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ

ZŽůĞŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ

dŚĞ ƌŽůĞ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŝƐ ƚŽ ĨĂĐŝůŝƚĂƚĞ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ůŽŶŐͲƚĞƌŵ ƐƵĐĐĞƐƐ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ŝƚƐ ĨŝĚƵĐŝĂƌLJƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐƚŽŝƚƐƐŚĂƌĞŚŽůĚĞƌƐ͘/ŶƚŚŝƐƌŽůĞ͕ŽƵƌŽĂƌĚŽĨŝƌĞĐƚŽƌƐŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌ͕ĂŵŽŶŐŽƚŚĞƌ ƚŚŝŶŐƐ͗

x ĨŽƌŵƵůĂƚŝŶŐ͕ƌĞǀŝĞǁŝŶŐ͕ŵŽŶŝƚŽƌŝŶŐĂŶĚĐŚĂŶŐŝŶŐ͕ǁŚĞŶŶĞĐĞƐƐĂƌLJ͕ĨƵŶĚĂŵĞŶƚĂůŽƉĞƌĂƚŝŶŐ͕ ĨŝŶĂŶĐŝĂůĂŶĚŽƚŚĞƌĐŽƌƉŽƌĂƚĞƉůĂŶƐ͕ƐƚƌĂƚĞŐŝĞƐĂŶĚŽďũĞĐƚŝǀĞƐǁŝƚŚƚŚĞĂĚǀŝĐĞĂŶĚĂƐƐŝƐƚĂŶĐĞŽĨ ŵĂŶĂŐĞŵĞŶƚ͖

x ŽǀĞƌƐĞĞŝŶŐƚŚĞŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞŽŵƉĂŶLJ͛ƐĂĐƚŝǀŝƚŝĞƐ͕ŝŶĐůƵĚŝŶŐŵĂŶĂŐĞŵĞŶƚ͛ƐƌŝƐŬĐƵůƚƵƌĞĂŶĚ ƌŝƐŬĂƉƉĞƚŝƚĞ͖

x ƐĞůĞĐƚŝŶŐ͕ŵŽŶŝƚŽƌŝŶŐ͕ĞǀĂůƵĂƚŝŶŐĂŶĚ͕ŝĨŶĞĐĞƐƐĂƌLJ͕ƌĞƉůĂĐŝŶŐƚŚĞŽŵƉĂŶLJ͛ƐŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌ ĂŶĚŽƚŚĞƌĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐ͖

x ĂĚĚƌĞƐƐŝŶŐŵĂŶĂŐĞŵĞŶƚƐƵĐĐĞƐƐŝŽŶŝƐƐƵĞƐŝŶĂƚŝŵĞůLJŵĂŶŶĞƌ͖

x ŵŽŶŝƚŽƌŝŶŐƚŚĞŽŵƉĂŶLJ͛ƐƉĞƌĨŽƌŵĂŶĐĞĂŐĂŝŶƐƚƐƚƌĂƚĞŐŝĐĂŶĚďƵƐŝŶĞƐƐƉůĂŶƐ͖

x ŽǀĞƌƐĞĞŝŶŐĂŶĚŵŽŶŝƚŽƌŝŶŐĐŽŵƉůŝĂŶĐĞǁŝƚŚůĂǁƐ͕ƌĞŐƵůĂƚŝŽŶƐ͕ĂƵĚŝƚŝŶŐĂŶĚĂĐĐŽƵŶƚŝŶŐƉƌŝŶĐŝƉůĞƐ͖

x ĞdžĞƌĐŝƐŝŶŐŽǀĞƌƐŝŐŚƚĨŽƌƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚƉĞƌĨŽƌŵĂŶĐĞŽĨŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐĂŶĚƚŚĞĂďŝůŝƚLJŽĨ ĞŵƉůŽLJĞĞƐĂŶĚŽƚŚĞƌƐƚĂŬĞŚŽůĚĞƌƐƚŽƌĞƉŽƌƚƵŶĞƚŚŝĐĂůŽƌŝŵƉƌŽƉĞƌĐŽŶĚƵĐƚ͖ĂŶĚ

x ĐŽŶƐŝĚĞƌŝŶŐĂŶĚ͕ǁŚĞŶĂĚǀŝƐĂďůĞ͕ĂƉƉƌŽǀŝŶŐŵĞƌŐĞƌƐ͕ĂĐƋƵŝƐŝƚŝŽŶƐ͕ĂŶĚŽƚŚĞƌƐŝŵŝůĂƌƚƌĂŶƐĂĐƚŝŽŶƐ ĨŽƌƚŚĞŽŵƉĂŶLJĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ͘

dŽĞŶƐƵƌĞƚŚĂƚŝƚŝƐĞĨĨĞĐƚŝǀĞŝŶĨƵůĨŝůůŝŶŐŝƚƐĚƵƚŝĞƐ͕ƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĂŶŶƵĂůůLJĐŽŶĚƵĐƚƐĂƉĞĞƌͲƚŽͲƉĞĞƌ ĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͕ƚŚĞŵĞŵďĞƌƐŽĨĞĂĐŚŽĨŝƚƐƐŝdžƐƚĂŶĚŝŶŐĐŽŵŵŝƚƚĞĞƐ͕ĂŶĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞ /ŶĚĞƉĞŶĚĞŶƚ>ĞĂĚŝƌĞĐƚŽƌ͕ĂƐǁĞůůĂƐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞK͘

ŝƌĞĐƚŽƌƚƚĞŶĚĂŶĐĞĂƚŽĂƌĚ͕ŽŵŵŝƚƚĞĞĂŶĚŶŶƵĂůDĞĞƚŝŶŐƐ

ƵƌŝŶŐϮϬϭϵ͕ŽƵƌŽĂƌĚŽĨŝƌĞĐƚŽƌƐŚĞůĚƚĞŶŵĞĞƚŝŶŐƐ͘ĂĐŚĚŝƌĞĐƚŽƌĂƚƚĞŶĚĞĚĂƚůĞĂƐƚϴϯйŽĨƚŚĞĂŐŐƌĞŐĂƚĞ ŽĨƚŚĞƚŽƚĂůŶƵŵďĞƌŽĨĂůůŵĞĞƚŝŶŐƐŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĂŶĚĂůůĐŽŵŵŝƚƚĞĞƐŽŶǁŚŝĐŚƚŚĞĚŝƌĞĐƚŽƌƐĞƌǀĞĚ͘ tĞĞŶĐŽƵƌĂŐĞŽƵƌŽĂƌĚŵĞŵďĞƌƐƚŽĂƚƚĞŶĚĂŶŶƵĂůŵĞĞƚŝŶŐƐŽĨƐŚĂƌĞŚŽůĚĞƌƐ͘/Ŷ ϮϬϭϵ͕ĂůůŽĨŽƵƌĚŝƌĞĐƚŽƌƐ ĂƚƚĞŶĚĞĚƚŚĞĂŶŶƵĂůŵĞĞƚŝŶŐŽĨƐŚĂƌĞŚŽůĚĞƌƐ͘

Ϯϯ ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ

ŽŵŵŝƚƚĞĞƐŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ dŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŚĂƐ Ɛŝdž ƐƚĂŶĚŝŶŐ ĐŽŵŵŝƚƚĞĞƐ ʹ ƚŚĞ ƵĚŝƚ ŽŵŵŝƚƚĞĞ͕ ƚŚĞ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ ŽŵŵŝƚƚĞĞ͕ƚŚĞdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞ͕ ƚŚĞ EŽŵŝŶĂƚŝŶŐ ĂŶĚ ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞŽŵŵŝƚƚĞĞ͕ƚŚĞƌĞĚŝƚZŝƐŬŽŵŵŝƚƚĞĞ͕ĂŶĚƚŚĞdƌƵƐƚĂŶĚ&ŝŶĂŶĐŝĂů^ĞƌǀŝĐĞƐŽŵŵŝƚƚĞĞ͘ĐŽƉLJŽĨ ƚŚĞĐŚĂƌƚĞƌĨŽƌĞĂĐŚŽĨƚŚĞƐĞĐŽŵŵŝƚƚĞĞƐŝƐĂǀĂŝůĂďůĞŽŶŽƵƌǁĞďƐŝƚĞĂƚǁǁǁ͘ďĂŶĐŽƌƉƐŽƵƚŚ͘ĐŽŵŽŶŽƵƌ/ŶǀĞƐƚŽƌ ZĞůĂƚŝŽŶƐǁĞďƉĂŐĞƵŶĚĞƌƚŚĞĐĂƉƚŝŽŶ͞ŽƌƉŽƌĂƚĞ/ŶĨŽƌŵĂƚŝŽŶʹŽĂƌĚŽŵŵŝƚƚĞĞƐ͘͟ dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐŚŽǁƐƚŚĞĐƵƌƌĞŶƚŵĞŵďĞƌƐŚŝƉŽĨĞĂĐŚĐŽŵŵŝƚƚĞĞŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͗

džĞĐƵƚŝǀĞ EŽŵŝŶĂƚŝŶŐĂŶĚ dƌƵƐƚĂŶĚ ŽŵƉĞŶƐĂƚŝŽŶĂŶĚ ŽƌƉŽƌĂƚĞ &ŝŶĂŶĐŝĂů ƵĚŝƚ ZŝƐŬDĂŶĂŐĞŵĞŶƚ ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞ 'ŽǀĞƌŶĂŶĐĞ ƌĞĚŝƚ ^ĞƌǀŝĐĞƐ ŝƌĞĐƚŽƌ ŽŵŵŝƚƚĞĞ ŽŵŵŝƚƚĞĞ ŽŵŵŝƚƚĞĞ ŽŵŵŝƚƚĞĞ ZŝƐŬŽŵŵŝƚƚĞĞ ŽŵŵŝƚƚĞĞ 'ƵƐ:͘ůĂƐƐ///Ύ y y ŚĂŝƌ ^ŚĂŶŶŽŶ͘ƌŽǁŶΎ y y y :ĂŵĞƐ͘ĂŵƉďĞůů///Ύ ŚĂŝƌ y y ĞďŽƌĂŚD͘ĂŶŶŽŶΎ y y ŚĂŝƌ tŝůůŝĂŵ'͘,ŽůůŝŵĂŶΎ y y tĂƌƌĞŶ͘,ŽŽĚ͕:ƌ͘Ύ y y <ĞŝƚŚ:͘:ĂĐŬƐŽŶΎ y y y >ĂƌƌLJ'͘<ŝƌŬΎ ŚĂŝƌ y 'ƵLJt͘DŝƚĐŚĞůů///ΎΏ y ŚĂŝƌ ůĂŶt͘WĞƌƌLJΎ ŚĂŝƌ y :ĂŵĞƐ͘ZŽůůŝŶƐ/// dŚŽŵĂƐZ͘^ƚĂŶƚŽŶΎ y y

Ύ ZĞĨůĞĐƚƐĂŶŝŶĚĞƉĞŶĚĞŶƚĚŝƌĞĐƚŽƌ͘&ŽƌŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶ͕ƐĞĞƚŚĞƐĞĐƚŝŽŶďĞůŽǁĞŶƚŝƚůĞĚ͞ʹŝƌĞĐƚŽƌ/ŶĚĞƉĞŶĚĞŶĐĞ͘͟ Ώ ZĞĨůĞĐƚƐŽƵƌ/ŶĚĞƉĞŶĚĞŶƚ>ĞĂĚŝƌĞĐƚŽƌ͘

ƵĚŝƚŽŵŵŝƚƚĞĞ WƵƌƐƵĂŶƚƚŽŝƚƐĐŚĂƌƚĞƌ͕ƚŚĞƵĚŝƚŽŵŵŝƚƚĞĞŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌ͕ĂŵŽŶŐŽƚŚĞƌ ƚŚŝŶŐƐ͗ŵŽŶŝƚŽƌŝŶŐƚŚĞŝŶƚĞŐƌŝƚLJŽĨŽƵƌĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŽƵƌĐŽŵƉůŝĂŶĐĞǁŝƚŚ >ĂƌƌLJ'͘<ŝƌŬ;ŚĂŝƌͿΎ ůĞŐĂůĂŶĚƌĞŐƵůĂƚŽƌLJƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚŽƵƌĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐƉƌŽĐĞƐƐĂŶĚƐLJƐƚĞŵƐ 'ƵƐ:͘ůĂƐƐ///Ύ ŽĨ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽůƐ͖ ĞǀĂůƵĂƚŝŶŐ ƚŚĞ ŝŶĚĞƉĞŶĚĞŶĐĞ ĂŶĚ ƋƵĂůŝĨŝĐĂƚŝŽŶƐ ŽĨ ŽƵƌ ĞďŽƌĂŚD͘ĂŶŶŽŶΎ ŝŶĚĞƉĞŶĚĞŶƚƌĞŐŝƐƚĞƌĞĚƉƵďůŝĐĂĐĐŽƵŶƚŝŶŐĨŝƌŵ͖ĞǀĂůƵĂƚŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨŽƵƌ tĂƌƌĞŶ͘,ŽŽĚ͕:ƌ͘Ύ ŝŶĚĞƉĞŶĚĞŶƚ ƌĞŐŝƐƚĞƌĞĚ ƉƵďůŝĐ ĂĐĐŽƵŶƚŝŶŐ Ĩŝƌŵ ĂŶĚ ŽƵƌ ŝŶƚĞƌŶĂů ĂƵĚŝƚŝŶŐ ĚĞƉĂƌƚŵĞŶƚ͖ ƉƌŽǀŝĚŝŶŐ ĂŶ ĂǀĞŶƵĞ ŽĨ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ĂŵŽŶŐ ŽƵƌ ŝŶĚĞƉĞŶĚĞŶƚ Ύ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐ ƌĞŐŝƐƚĞƌĞĚƉƵďůŝĐĂĐĐŽƵŶƚŝŶŐĨŝƌŵ͕ŵĂŶĂŐĞŵĞŶƚ͕ŽƵƌŝŶƚĞƌŶĂůĂƵĚŝƚĚĞƉĂƌƚŵĞŶƚ͕ ŽƵƌƐƵďƐŝĚŝĂƌŝĞƐĂŶĚŽƵƌŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͖ĂŶĚƐĞůĞĐƚŝŶŐ͕ĞŶŐĂŐŝŶŐ͕ŽǀĞƌƐĞĞŝŶŐ͕ ĞǀĂůƵĂƚŝŶŐ ĂŶĚ ĚĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ĐŽŵƉĞŶƐĂƚŝŽŶ ŽĨ ŽƵƌ ŝŶĚĞƉĞŶĚĞŶƚ ƌĞŐŝƐƚĞƌĞĚ ƉƵďůŝĐĂĐĐŽƵŶƚŝŶŐĨŝƌŵ͘ dŚŝƐĐŽŵŵŝƚƚĞĞŚĂƐƚŚĞĂƵƚŚŽƌŝƚLJ͕ŝŶŝƚƐƐŽůĞĚŝƐĐƌĞƚŝŽŶ͕ƚŽƐĞůĞĐƚ͕ƌĞƚĂŝŶĂŶĚ ŽďƚĂŝŶ ƚŚĞ ĂĚǀŝĐĞ ĂŶĚ ƐĞƌǀŝĐĞƐ ŽĨ ŽŶĞ Žƌ ŵŽƌĞ ŝŶĚĞƉĞŶĚĞŶƚ ůĞŐĂů ĐŽƵŶƐĞů͕ ĂĐĐŽƵŶƚĂŶƚƐŽƌŽƚŚĞƌĂĚǀŝƐĞƌƐĂƐŝƚĚĞƚĞƌŵŝŶĞƐŶĞĐĞƐƐĂƌLJƚŽĨƵůĨŝůůŽƌĂƐƐŝƐƚǁŝƚŚ ƚŚĞĞdžĞĐƵƚŝŽŶŽĨŝƚƐĚƵƚŝĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͘  ƉĞĞƌͲƚŽͲƉĞĞƌ ĂƐƐĞƐƐŵĞŶƚ ĂƐ ǁĞůů ĂƐ ĂŶ ĂƐƐĞƐƐŵĞŶƚ ŽĨ ƚŚĞ ĐŽŵŵŝƚƚĞĞ͛Ɛ ŽǀĞƌĂůů ƉĞƌĨŽƌŵĂŶĐĞ ŝƐ ĐŽŶĚƵĐƚĞĚ ĂŶŶƵĂůůLJ͘ dŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŚĂƐ ĚĞƚĞƌŵŝŶĞĚƚŚĂƚĞĂĐŚŵĞŵďĞƌŽĨƚŚĞƵĚŝƚŽŵŵŝƚƚĞĞŝƐŝŶĚĞƉĞŶĚĞŶƚƵŶĚĞƌƚŚĞ ůŝƐƚŝŶŐƐƚĂŶĚĂƌĚƐŽĨƚŚĞEz^͘KƵƌŽĂƌĚŽĨŝƌĞĐƚŽƌƐŚĂƐĂůƐŽĚĞƚĞƌŵŝŶĞĚƚŚĂƚ ĞĂĐŚŽĨDĞƐƐƌƐ͘ůĂƐƐ͕,ŽŽĚĂŶĚ<ŝƌŬĂŶĚDƐ͘ĂŶŶŽŶŝƐĂŶ͞ĂƵĚŝƚĐŽŵŵŝƚƚĞĞ ĨŝŶĂŶĐŝĂůĞdžƉĞƌƚ͟ĂƐĚĞĨŝŶĞĚŝŶƌƵůĞƐĂĚŽƉƚĞĚďLJƚŚĞ^͘ dŚĞĐŽŵŵŝƚƚĞĞŚĞůĚĞŝŐŚƚŵĞĞƚŝŶŐƐĚƵƌŝŶŐϮϬϭϵ͘

Ϯϰ ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ

ZŝƐŬDĂŶĂŐĞŵĞŶƚ dŚĞ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ ŽŵŵŝƚƚĞĞ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ŽǀĞƌƐŝŐŚƚ ŽĨ ŽƵƌ ŽŵŵŝƚƚĞĞ ĞŶƚĞƌƉƌŝƐĞͲǁŝĚĞƌŝƐŬŵĂŶĂŐĞŵĞŶƚƉƌĂĐƚŝĐĞƐĂŶĚĂƐĐĞƌƚĂŝŶƐǁŚĞƚŚĞƌŵĂŶĂŐĞŵĞŶƚ ŚĂƐĂĚĞƋƵĂƚĞůLJĐŽŶƐŝĚĞƌĞĚĂůůŵĂƚĞƌŝĂůƌŝƐŬƐƚŚĂƚǁĞĨĂĐĞĂŶĚĚĞƚĞƌŵŝŶĞƐǁŚĞƚŚĞƌ ƉƌŽĐĞĚƵƌĞƐŚĂǀĞďĞĞŶĞĨĨĞĐƚŝǀĞůLJŝŵƉůĞŵĞŶƚĞĚƚŽŵŝƚŝŐĂƚĞƐƵĨĨŝĐŝĞŶƚůLJƚŚĞƌŝƐŬƐ ůĂŶt͘WĞƌƌLJ;ŚĂŝƌͿΎ ŝĚĞŶƚŝĨŝĞĚ͘ 'ƵƐ:͘ůĂƐƐ///Ύ <ĞŝƚŚ:͘:ĂĐŬƐŽŶΎ  ƉĞĞƌͲƚŽͲƉĞĞƌ ĂƐƐĞƐƐŵĞŶƚ ĂƐ ǁĞůů ĂƐ ĂŶ ĂƐƐĞƐƐŵĞŶƚ ŽĨ ƚŚĞ ĐŽŵŵŝƚƚĞĞ͛Ɛ 'ƵLJt͘DŝƚĐŚĞůů///Ύ ŽǀĞƌĂůůƉĞƌĨŽƌŵĂŶĐĞŝƐĐŽŶĚƵĐƚĞĚĂŶŶƵĂůůLJ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ dŚŽŵĂƐZ͘^ƚĂŶƚŽŶΎ ŚĂƐ ĚĞƚĞƌŵŝŶĞĚ ƚŚĂƚ ĞĂĐŚ ĐŽŵŵŝƚƚĞĞ ŵĞŵďĞƌ͕ ŝŶĐůƵĚŝŶŐ ŝƚƐ ŚĂŝƌŵĂŶ͕ ŝƐ ŝŶĚĞƉĞŶĚĞŶƚƵŶĚĞƌƚŚĞůŝƐƚŝŶŐƐƚĂŶĚĂƌĚƐŽĨƚŚĞEz^͘ Ύ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐ dŚĞĐŽŵŵŝƚƚĞĞŚĞůĚĨŽƵƌŵĞĞƚŝŶŐƐĚƵƌŝŶŐϮϬϭϵ͘

džĞĐƵƚŝǀĞ WƵƌƐƵĂŶƚ ƚŽ ŝƚƐ ĐŚĂƌƚĞƌ͕ ƚŚĞ džĞĐƵƚŝǀĞ ŽŵƉĞŶƐĂƚŝŽŶ ĂŶĚ ^ƚŽĐŬ /ŶĐĞŶƚŝǀĞ ŽŵƉĞŶƐĂƚŝŽŶĂŶĚ ŽŵŵŝƚƚĞĞƌĞǀŝĞǁƐĐŽƌƉŽƌĂƚĞŐŽĂůƐĂŶĚŽďũĞĐƚŝǀĞƐƉĞƌƚĂŝŶŝŶŐƚŽƚŚĞĐŽŵƉĞŶƐĂƚŝŽŶ ŽĨ ŽƵƌ EĂŵĞĚ džĞĐƵƚŝǀĞ KĨĨŝĐĞƌƐ͕ ĞǀĂůƵĂƚĞƐ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ŽƵƌ EĂŵĞĚ ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞ džĞĐƵƚŝǀĞKĨĨŝĐĞƌƐĂŶĚĚĞƚĞƌŵŝŶĞƐƚŚĞƐĂůĂƌLJ͕ďĞŶĞĨŝƚƐĂŶĚŽƚŚĞƌĐŽŵƉĞŶƐĂƚŝŽŶŽĨ ŽŵŵŝƚƚĞĞ ŽƵƌ EĂŵĞĚ džĞĐƵƚŝǀĞ KĨĨŝĐĞƌƐ͘ ĨƚĞƌ ĐŽŶƐƵůƚĂƚŝŽŶ ǁŝƚŚ ŵĂŶĂŐĞŵĞŶƚ͕ ƚŚŝƐ ĐŽŵŵŝƚƚĞĞŵĂŬĞƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐƚŽƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞ :ĂŵĞƐ͘ĂŵƉďĞůů///;ŚĂŝƌͿΎ ƐĂůĂƌŝĞƐ͕ďĞŶĞĨŝƚƐĂŶĚŽƚŚĞƌĐŽŵƉĞŶƐĂƚŝŽŶŽĨŽƵƌĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐŽƚŚĞƌƚŚĂŶƚŚĞ ^ŚĂŶŶŽŶ͘ƌŽǁŶΎ EĂŵĞĚ džĞĐƵƚŝǀĞ KĨĨŝĐĞƌƐ͘ dŚŝƐ ĐŽŵŵŝƚƚĞĞ ĂůƐŽ ĂĚŵŝŶŝƐƚĞƌƐ ŽƵƌ ŝŶĐĞŶƚŝǀĞͲ ĞďŽƌĂŚD͘ĂŶŶŽŶΎ ĐŽŵƉĞŶƐĂƚŝŽŶƉůĂŶƐ͕ĞƋƵŝƚLJͲďĂƐĞĚƉůĂŶƐĂŶĚŽƚŚĞƌĐŽŵƉĞŶƐĂƚŝŽŶƉůĂŶƐ͕ƉŽůŝĐŝĞƐ dŚŽŵĂƐZ͘^ƚĂŶƚŽŶΎ ĂŶĚƉƌŽŐƌĂŵƐ͕ŝŶĐůƵĚŝŶŐƚŚĞdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶWŽůŝĐLJ͘^ĞĞ͞KDWE^d/KE /^h^^/KEEE>z^/^͘͟ Ύ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐ dŚŝƐĐŽŵŵŝƚƚĞĞ ŚĂƐ ƚŚĞ ĂƵƚŚŽƌŝƚLJ͕ ŝŶ ŝƚƐ ƐŽůĞ ĚŝƐĐƌĞƚŝŽŶ͕ ƚŽ ƐĞůĞĐƚ͕ ƌĞƚĂŝŶ ĂŶĚ ŽďƚĂŝŶ ƚŚĞ ĂĚǀŝĐĞ ĂŶĚ ƐĞƌǀŝĐĞƐ ŽĨ ŽŶĞ Žƌ ŵŽƌĞ ĐŽŵƉĞŶƐĂƚŝŽŶ ĐŽŶƐƵůƚĂŶƚƐ͕ ŝŶĚĞƉĞŶĚĞŶƚ ůĞŐĂů ĐŽƵŶƐĞů͕ ĂĐĐŽƵŶƚĂŶƚƐ Žƌ ŽƚŚĞƌ ĂĚǀŝƐĞƌƐ ĂƐ ŝƚ ĚĞƚĞƌŵŝŶĞƐ ŶĞĐĞƐƐĂƌLJƚŽĨƵůĨŝůůŽƌĂƐƐŝƐƚǁŝƚŚƚŚĞĞdžĞĐƵƚŝŽŶŽĨŝƚƐĚƵƚŝĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͘

ƉĞĞƌͲƚŽͲƉĞĞƌĂƐƐĞƐƐŵĞŶƚĂƐǁĞůůĂƐĂŶĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞĐŽŵŵŝƚƚĞĞ͛ƐŽǀĞƌĂůů ƉĞƌĨŽƌŵĂŶĐĞ ŝƐĐŽŶĚƵĐƚĞĚ ĂŶŶƵĂůůLJ ƚŽ ĞŶƐƵƌĞƚŚĞ ĐŽŵŵŝƚƚĞĞŝƐ ĐŽŶĚƵĐƚŝŶŐŝƚƐ ĂĐƚŝǀŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƉŽůŝĐŝĞƐĂŶĚƉƌŝŶĐŝƉůĞƐƐĞƚĨŽƌƚŚŝŶŽƵƌŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ WƌŝŶĐŝƉůĞƐ͘ dŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŚĂƐ ĚĞƚĞƌŵŝŶĞĚ ƚŚĂƚ ĞĂĐŚ ĐŽŵŵŝƚƚĞĞ ŵĞŵďĞƌ ŝƐ ŝŶĚĞƉĞŶĚĞŶƚ ƵŶĚĞƌ ƚŚĞ ůŝƐƚŝŶŐ ƐƚĂŶĚĂƌĚƐ ŽĨ ƚŚĞ Ez^͕ ĂƉƉůŝĐĂďůĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ƚŚĞ /ŶƚĞƌŶĂů ZĞǀĞŶƵĞ ŽĚĞ ŽĨ ϭϵϴϲ͕ ĂƐ ĂŵĞŶĚĞĚ;ƚŚĞ ͞ŽĚĞ͟Ϳ͕ĂŶĚ^ƌĞŐƵůĂƚŝŽŶƐ͘

dŚĞĐŽŵŵŝƚƚĞĞŚĞůĚĨŽƵƌŵĞĞƚŝŶŐƐĚƵƌŝŶŐϮϬϭϵ͘

Ϯϱ ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ

EŽŵŝŶĂƚŝŶŐĂŶĚ dŚĞ EŽŵŝŶĂƚŝŶŐ ĂŶĚ ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ ŽŵŵŝƚƚĞĞ ŝĚĞŶƚŝĨŝĞƐ ĂŶĚ ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ ƌĞĐŽŵŵĞŶĚƐƚŽƚŚĞŽĂƌĚŶŽŵŝŶĞĞƐĨŽƌĞůĞĐƚŝŽŶƚŽƚŚĞŽĂƌĚĂŶĚĐĂŶĚŝĚĂƚĞƐĨŽƌ ĂƉƉŽŝŶƚŵĞŶƚƚŽŽĂƌĚĐŽŵŵŝƚƚĞĞƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚĐƌŝƚĞƌŝĂĂƉƉƌŽǀĞĚďLJƚŚĞŽĂƌĚ͘ ŽŵŵŝƚƚĞĞ /ŶĐŽŶƐŝĚĞƌŝŶŐĂůůĚŝƌĞĐƚŽƌŶŽŵŝŶĞĞƐ͕ŝŶĐůƵĚŝŶŐƚŚŽƐĞŶŽŵŝŶĂƚĞĚďLJƐŚĂƌĞŚŽůĚĞƌƐ͕ ƚŚŝƐĐŽŵŵŝƚƚĞĞĞdžƉĞĐƚƐĂůůŶŽŵŝŶĞĞƐƚŽƉŽƐƐĞƐƐƚŚĞĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨŝŶƚĞŐƌŝƚLJ͕ŚŝŐŚ 'ƵLJt͘DŝƚĐŚĞůů///;ŚĂŝƌͿΎ ƉĞƌƐŽŶĂů ĂŶĚ ƉƌŽĨĞƐƐŝŽŶĂů ĞƚŚŝĐƐ͕ ƐŽƵŶĚ ďƵƐŝŶĞƐƐ ũƵĚŐŵĞŶƚ ĂŶĚ ƚŚĞĂďŝůŝƚLJĂŶĚ :ĂŵĞƐ͘ĂŵƉďĞůů///Ύ ǁŝůůŝŶŐŶĞƐƐƚŽĐŽŵŵŝƚƐƵĨĨŝĐŝĞŶƚƚŝŵĞƚŽƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͘/ŶĞǀĂůƵĂƚŝŶŐƚŚĞ tĂƌƌĞŶ͘,ŽŽĚ͕:ƌΎ ƐƵŝƚĂďŝůŝƚLJ ŽĨ ŝŶĚŝǀŝĚƵĂů ĚŝƌĞĐƚŽƌƐ͕ ƚŚŝƐ ĐŽŵŵŝƚƚĞĞ ǁŝůů ƚĂŬĞ ŝŶƚŽ ĂĐĐŽƵŶƚ ŵĂŶLJ <ĞŝƚŚ:͘:ĂĐŬƐŽŶΎ ĨĂĐƚŽƌƐ͕ ŝŶĐůƵĚŝŶŐ Ă ŐĞŶĞƌĂů ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ŵĂƌŬĞƚŝŶŐ͕ ĨŝŶĂŶĐĞ ĂŶĚ ŽƚŚĞƌ ĚŝƐĐŝƉůŝŶĞƐƌĞůĞǀĂŶƚƚŽƚŚĞƐƵĐĐĞƐƐŽĨĂŶĐŽƌƉ^ŽƵƚŚŝŶƚŚĞƉƌĞǀĂŝůŝŶŐ ďƵƐŝŶĞƐƐ Ύ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐ ĞŶǀŝƌŽŶŵĞŶƚ͖ƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨĨŝŶĂŶĐŝĂůƐĞƌǀŝĐĞŝŶĚƵƐƚƌLJŝƐƐƵĞƐĂŶĚƚŚĞďƵƐŝŶĞƐƐŽĨ ĂŶĐŽƌƉ^ŽƵƚŚ͖ ĞĚƵĐĂƚŝŽŶĂů ĂŶĚ ƉƌŽĨĞƐƐŝŽŶĂů ďĂĐŬŐƌŽƵŶĚ͖ ƉĞƌƐŽŶĂů ĂĐĐŽŵƉůŝƐŚŵĞŶƚ͖ĂŶĚŐĞŽŐƌĂƉŚŝĐ͕ŐĞŶĚĞƌ͕ĂŐĞĂŶĚĞƚŚŶŝĐĚŝǀĞƌƐŝƚLJ͘dŚŝƐĐŽŵŵŝƚƚĞĞ ǁŝůůĂůƐŽĞǀĂůƵĂƚĞĞĂĐŚŝŶĐƵŵďĞŶƚĚŝƌĞĐƚŽƌƚŽĚĞƚĞƌŵŝŶĞǁŚĞƚŚĞƌŚĞŽƌƐŚĞƐŚŽƵůĚ ďĞŶŽŵŝŶĂƚĞĚƚŽƐƚĂŶĚĨŽƌƌĞĞůĞĐƚŝŽŶ͕ďĂƐĞĚŽŶƚŚĞƚLJƉĞƐŽĨĐƌŝƚĞƌŝĂŽƵƚůŝŶĞĚĂďŽǀĞ ĂƐǁĞůůĂƐƚŚĞĚŝƌĞĐƚŽƌ͛ƐĐŽŶƚƌŝďƵƚŝŽŶƐƚŽƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĚƵƌŝŶŐƚŚĞƌĞůĞǀĂŶƚ ƚĞƌŵ͘

dŚŝƐĐŽŵŵŝƚƚĞĞƌĞǀŝĞǁƐĂŶĚƌĞͲĂƐƐĞƐƐĞƐŽƵƌŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞWƌŝŶĐŝƉůĞƐ͕ ZĞůĂƚĞĚ WĞƌƐŽŶ dƌĂŶƐĂĐƚŝŽŶƐ WŽůŝĐŝĞƐ ĂŶĚ WƌŽĐĞĚƵƌĞƐ ĂŶĚ ^ƚŽĐŬ KǁŶĞƌƐŚŝƉ 'ƵŝĚĞůŝŶĞƐĂƚůĞĂƐƚĂŶŶƵĂůůLJ͘/ƚĂůƐŽŽǀĞƌƐĞĞƐƚŚĞĂŶŶƵĂůƉĞĞƌͲƚŽͲƉĞĞƌĂƐƐĞƐƐŵĞŶƚ ŽĨ ƚŚĞ ŽĂƌĚ͕ ĂƉƉŽŝŶƚƐ ĂŶ /ŶĚĞƉĞŶĚĞŶƚ >ĞĂĚŝƌĞĐƚŽƌ ;ĂƐ ŝĚĞŶƚŝĨŝĞĚŝŶ ͞ʹ ŽĂƌĚ >ĞĂĚĞƌƐŚŝƉ ^ƚƌƵĐƚƵƌĞ͟ ďĞůŽǁͿ ĂŶĚ ƌĞǀŝĞǁƐ ĂŶĚ ƌĞĐŽŵŵĞŶĚƐ ƚŽ ƚŚĞ ŽĂƌĚ ĨŽƌ ĂƉƉƌŽǀĂůĂůů͞ƌĞůĂƚĞĚƉĞƌƐŽŶ͟ƚƌĂŶƐĂĐƚŝŽŶƐ͘WƵƌƐƵĂŶƚƚŽŝƚƐĐŚĂƌƚĞƌ͕ƚŚĞĐŽŵŵŝƚƚĞĞ ĞǀĂůƵĂƚĞƐ ĂŶĚ ƌĞĐŽŵŵĞŶĚƐ ƚŽ ƚŚĞ ŽĂƌĚ ƚŚĞ ĨŽƌŵ ĂŶĚ ĂŵŽƵŶƚ ŽĨ ŶŽŶͲ ŵĂŶĂŐĞŵĞŶƚĚŝƌĞĐƚŽƌĐŽŵƉĞŶƐĂƚŝŽŶĂŶĚ͕ĂƚůĞĂƐƚĞǀĞƌLJƚǁŽLJĞĂƌƐ͕ƌĞǀŝĞǁƐŶŽŶͲ ŵĂŶĂŐĞŵĞŶƚĚŝƌĞĐƚŽƌĐŽŵƉĞŶƐĂƚŝŽŶ͘

dŚŝƐĐŽŵŵŝƚƚĞĞŚĂƐƚŚĞĂƵƚŚŽƌŝƚLJ͕ŝŶŝƚƐƐŽůĞĚŝƐĐƌĞƚŝŽŶ͕ƚŽƐĞůĞĐƚ͕ƌĞƚĂŝŶĂŶĚ ŽďƚĂŝŶ ƚŚĞ ĂĚǀŝĐĞ ĂŶĚ ƐĞƌǀŝĐĞƐ ŽĨ ŽŶĞ Žƌ ŵŽƌĞ ĐŽŵƉĞŶƐĂƚŝŽŶ ĐŽŶƐƵůƚĂŶƚƐ͕ ŝŶĚĞƉĞŶĚĞŶƚ ůĞŐĂů ĐŽƵŶƐĞů͕ ĂĐĐŽƵŶƚĂŶƚƐ Žƌ ŽƚŚĞƌ ĂĚǀŝƐĞƌƐ ĂƐ ŝƚ ĚĞƚĞƌŵŝŶĞƐ ŶĞĐĞƐƐĂƌLJƚŽĨƵůĨŝůůŽƌĂƐƐŝƐƚǁŝƚŚƚŚĞĞdžĞĐƵƚŝŽŶŽĨŝƚƐĚƵƚŝĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͘

 ƉĞĞƌͲƚŽͲƉĞĞƌ ĂƐƐĞƐƐŵĞŶƚ ĂƐ ǁĞůů ĂƐ ĂŶ ĂƐƐĞƐƐŵĞŶƚ ŽĨ ƚŚĞ ĐŽŵŵŝƚƚĞĞ͛Ɛ ŽǀĞƌĂůů ƉĞƌĨŽƌŵĂŶĐĞ ŝƐ ĐŽŶĚƵĐƚĞĚ ĂŶŶƵĂůůLJ͘ dŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŚĂƐ ĚĞƚĞƌŵŝŶĞĚ ƚŚĂƚ ĞĂĐŚ ĐŽŵŵŝƚƚĞĞ ŵĞŵďĞƌ ŝƐ ŝŶĚĞƉĞŶĚĞŶƚ ƵŶĚĞƌ ƚŚĞ ůŝƐƚŝŶŐ ƐƚĂŶĚĂƌĚƐŽĨƚŚĞEz^͘

dŚĞĐŽŵŵŝƚƚĞĞŚĞůĚĨŝǀĞŵĞĞƚŝŶŐƐĚƵƌŝŶŐϮϬϭϵ͘

Ϯϲ ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ

ƌĞĚŝƚZŝƐŬŽŵŵŝƚƚĞĞ dŚĞƌĞĚŝƚZŝƐŬŽŵŵŝƚƚĞĞŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌĂĚǀŝƐŝŶŐĂŶĚŝŶĨŽƌŵŝŶŐƚŚĞŽĂƌĚ ĂŶĚ ŵĂŶĂŐĞŵĞŶƚ ĂƐ ŝƚ ƌĞůĂƚĞƐ ƚŽ͗ ;ŝͿ ŽƉƚŝŵŝnjĂƚŝŽŶ ŽĨ ƚŚĞ ƌŝƐŬͬƌĞƚƵƌŶ ƉƌŽĨŝůĞ ŽĨ ĞďŽƌĂŚD͘ĂŶŶŽŶ;ŚĂŝƌͿΎ ĂŶĐŽƌƉ^ŽƵƚŚ͛ƐĐŽŶƐŽůŝĚĂƚĞĚůŽĂŶƉŽƌƚĨŽůŝŽĂŶĚŽƚŚĞƌƌĞĂůĞƐƚĂƚĞŽǁŶĞĚƉŽƌƚĨŽůŝŽ͖ ^ŚĂŶŶŽŶ͘ƌŽǁŶΎ ;ŝŝͿ ĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞĂŶĐŽƌƉ^ŽƵƚŚ'ĞŶĞƌĂů>ŽĂŶWŽůŝĐLJ͖ĂŶĚ;ŝŝŝͿĂƉƉƌŽƉƌŝĂƚĞ :ĂŵĞƐ͘ĂŵƉďĞůů///Ύ ĐůĂƐƐŝĨŝĐĂƚŝŽŶ ŽĨ ůŽĂŶƐ͘ dŽ ŵĞĞƚ ŝƚƐ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͕ ƚŚĞ ĐŽŵŵŝƚƚĞĞ ŝƐ ĨƵƌƚŚĞƌ tŝůůŝĂŵ'͘,ŽůůŝŵĂŶΎ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ͕ ĂŵŽŶŐ ŽƚŚĞƌ ƚŚŝŶŐƐ͕ ĂƐƐĞƐƐŝŶŐ ƚŚĞ ŽǀĞƌĂůů ƋƵĂůŝƚLJŽĨƚŚĞůŽĂŶ ůĂŶt͘WĞƌƌLJΎ ƉŽƌƚĨŽůŝŽ͕ŝŶĐůƵĚŝŶŐƚŚĞůĞǀĞůĂŶĚĚŝƌĞĐƚŝŽŶŽĨƌŝƐŬ͕ŵŽŶŝƚŽƌŝŶŐƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨ ƌŝƐŬ ŵŝƚŝŐĂƚŝŽŶ ƚŽŽůƐ͕ ŵŽŶŝƚŽƌŝŶŐ ƉŽůŝĐŝĞƐ ĂŶĚ ƉůĂŶƐ ĨŽƌ ĚĞĂůŝŶŐ ǁŝƚŚ ŽƚŚĞƌ ƌĞĂů ĞƐƚĂƚĞ ŽǁŶĞĚ͕ ƌĞǀŝĞǁŝŶŐ ƚŚĞ ƐƐĞƚ YƵĂůŝƚLJ dƌĞŶĚ ZĞƉŽƌƚ ĂŶĚ ŵĂŬŝŶŐ Ύ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ƚŽ ŵĂŶĂŐĞŵĞŶƚ͕ ŵŽŶŝƚŽƌŝŶŐ ƚŚĞ ĂĐƚŝǀŝƚŝĞƐ ŽĨ ŝŶƚĞƌŶĂů ůŽĂŶ ƌĞǀŝĞǁ͕ƌĞǀŝĞǁŝŶŐĂŶĚĐŽŵŵĞŶƚŝŶŐŽŶƚŚĞĚŝƐĐƵƐƐŝŽŶŽĨĂůůŽǁĂŶĐĞĨŽƌůŽĂŶĂŶĚ ůĞĂƐĞ ůŽƐƐ ŽŶ Ă ƋƵĂƌƚĞƌůLJ ďĂƐŝƐ͕ ŵŽŶŝƚŽƌŝŶŐ ƚŚĞ ǁŽƌŬ ŽĨ ƚŚĞ ĐƌĞĚŝƚ ĐŽŵŵŝƚƚĞĞ͕ ƌĞǀŝĞǁŝŶŐ ƚŚĞ ĂƉƉƌĂŝƐĂů ƉƌŽĐĞĚƵƌĞƐ͕ ƌĞǀŝĞǁŝŶŐ ƉŽƌƚĨŽůŝŽ ĐŽŶĐĞŶƚƌĂƚŝŽŶ ĂŶĂůLJƐĞƐ͕ ƌĞǀŝĞǁŝŶŐ ZĞŐƵůĂƚŝŽŶ K ĂŶĚ ZĞŐƵůĂƚŝŽŶ , ƌĞƉŽƌƚƐ͕ ĂŶĚ ĂƐƐĞƐƐŝŶŐ ƚŚĞ ŽǀĞƌĂůů ĂĚĞƋƵĂĐLJŽĨƚŚĞĐŽŵŵĞƌĐŝĂůůĞŶĚŝŶŐƐƚĂĨĨ͘

 ƉĞĞƌͲƚŽͲƉĞĞƌ ĂƐƐĞƐƐŵĞŶƚ ĂƐ ǁĞůů ĂƐ ĂŶ ĂƐƐĞƐƐŵĞŶƚ ŽĨ ƚŚĞ ĐŽŵŵŝƚƚĞĞ͛Ɛ ŽǀĞƌĂůů ƉĞƌĨŽƌŵĂŶĐĞ ŝƐ ĐŽŶĚƵĐƚĞĚ ĂŶŶƵĂůůLJ͘ dŚĞ ĐŽŵŵŝƚƚĞĞ͛Ɛ ĐŚĂƌƚĞƌ ŝƐ ĂůƐŽ ĞǀĂůƵĂƚĞĚĂŶŶƵĂůůLJ͘

dŚĞĐŽŵŵŝƚƚĞĞŚĞůĚĨŽƵƌŵĞĞƚŝŶŐƐŝŶϮϬϭϵ͘

dƌƵƐƚĂŶĚ&ŝŶĂŶĐŝĂů dŚĞ dƌƵƐƚ ĂŶĚ &ŝŶĂŶĐŝĂů ^ĞƌǀŝĐĞƐ ŽŵŵŝƚƚĞĞ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƐƵƉĞƌǀŝƐŝŶŐ ^ĞƌǀŝĐĞƐŽŵŵŝƚƚĞĞ ĂŶĐŽƌƉ^ŽƵƚŚ͛ƐdƌƵƐƚĂŶĚtĞĂůƚŚDĂŶĂŐĞŵĞŶƚĞƉĂƌƚŵĞŶƚ͕DŽƌƚŐĂŐĞ>ĞŶĚŝŶŐ ĞƉĂƌƚŵĞŶƚĂŶĚĂŶĐŽƌƉ^ŽƵƚŚ͛ƐŝŶƐƵƌĂŶĐĞƐƵďƐŝĚŝĂƌLJ;y^/ŶƐƵƌĂŶĐĞ͕/ŶĐ͘Ϳ͘dŚĞ ĐŽŵŵŝƚƚĞĞ ƐĞĞŬƐ ƚŽ ĞŶƐƵƌĞ ƚŚĞ ƉƌŽƉĞƌ ĞdžĞƌĐŝƐĞ ŽĨ ĂŶĐŽƌƉ^ŽƵƚŚ͛Ɛ ĨŝĚƵĐŝĂƌLJ 'ƵƐ:͘ůĂƐƐ///;ŚĂŝƌͿΎ ƉŽǁĞƌƐ͕ ĂŶĚ ƚŚĂƚ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚƐ ĂŶĚ ƐƵďƐŝĚŝĂƌŝĞƐ ƚŚĞ ĐŽŵŵŝƚƚĞĞƐƵƉĞƌǀŝƐĞƐ ^ŚĂŶŶŽŶ͘ƌŽǁŶΎ ĞŶĨŽƌĐĞƐŽƵŶĚƌŝƐŬŵĂŶĂŐĞŵĞŶƚƉƌĂĐƚŝĐĞƐĐĂůĐƵůĂƚĞĚƚŽŵŝŶŝŵŝnjĞƌŝƐŬŽĨůŽƐƐ͘dŚĞ tŝůůŝĂŵ'͘,ŽůůŝŵĂŶΎ ĐŽŵŵŝƚƚĞĞ ŚĂƐ ƚŚĞ ŽǀĞƌĂůů ƌĞƐƉŽŶƐŝďŝůŝƚLJ ĨŽƌ ƌĞǀŝĞǁŝŶŐ ĂŶĚ ĂƉƉƌŽǀŝŶŐ ƚŚĞ <ĞŝƚŚ:͘:ĂĐŬƐŽŶΎ ŽƌŐĂŶŝnjĂƚŝŽŶĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨĞĂĐŚĚĞƉĂƌƚŵĞŶƚĂŶĚƐƵďƐŝĚŝĂƌLJ͘ >ĂƌƌLJ'͘<ŝƌŬΎ ƉĞĞƌͲƚŽͲƉĞĞƌĂƐƐĞƐƐŵĞŶƚŽĨƚŚŝƐĐŽŵŵŝƚƚĞĞŝƐĐŽŶĚƵĐƚĞĚĂŶŶƵĂůůLJĂƐǁĞůů Ύ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐ ĂƐƚŚĞĐŽŵŵŝƚƚĞĞ͛ƐŽǀĞƌĂůůƉĞƌĨŽƌŵĂŶĐĞ͘dŚĞ ĐŽŵŵŝƚƚĞĞ͛Ɛ ĐŚĂƌƚĞƌ ŝƐ ĂůƐŽ ĞǀĂůƵĂƚĞĚĂŶŶƵĂůůLJ͘

dŚĞĐŽŵŵŝƚƚĞĞŚĞůĚĨŽƵƌŵĞĞƚŝŶŐƐŝŶϮϬϭϵ͘

Ϯϳ ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ

ŽŵŵƵŶŝĐĂƚŝŽŶƐǁŝƚŚƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ

zŽƵ ŵĂLJ ƐĞŶĚ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ƚŽ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ͕ ƚŚĞ /ŶĚĞƉĞŶĚĞŶƚ >ĞĂĚ ŝƌĞĐƚŽƌ͕ ƚŚĞ ŶŽŶͲ ŵĂŶĂŐĞŵĞŶƚĚŝƌĞĐƚŽƌƐĂƐĂŐƌŽƵƉŽƌĂŶLJŝŶĚŝǀŝĚƵĂůĚŝƌĞĐƚŽƌďLJǁƌŝƚŝŶŐƚŽƚŚĞŝŶƚĞŶĚĞĚƌĞĐŝƉŝĞŶƚ;ƐͿŝŶĐĂƌĞŽĨƚŚĞ ŽƌƉŽƌĂƚĞ^ĞĐƌĞƚĂƌLJĂƚKŶĞDŝƐƐŝƐƐŝƉƉŝWůĂnjĂ͕ϮϬϭ^ŽƵƚŚ^ƉƌŝŶŐ^ƚƌĞĞƚ͕dƵƉĞůŽ͕DŝƐƐŝƐƐŝƉƉŝϯϴϴϬϰ͘dŚĞŽƌƉŽƌĂƚĞ ^ĞĐƌĞƚĂƌLJ ǁŝůů ĚŝƌĞĐƚůLJ ĨŽƌǁĂƌĚ ƚŚĞ ƌĞĐĞŝǀĞĚ ǁƌŝƚƚĞŶ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ƚŽ ƚŚĞ ƌĞĐŝƉŝĞŶƚ;ƐͿ ŝŶĚŝĐĂƚĞĚ ŽŶ ƚŚĞ ĐŽŵŵƵŶŝĐĂƚŝŽŶ͘

'ŽǀĞƌŶĂŶĐĞ/ŶĨŽƌŵĂƚŝŽŶ

/ŶĂĚĚŝƚŝŽŶƚŽƚŚĞĐŽŵŵŝƚƚĞĞĐŚĂƌƚĞƌƐĚĞƐĐƌŝďĞĚĂďŽǀĞ͕ŽƵƌ^ƚŽĐŬKǁŶĞƌƐŚŝƉ'ƵŝĚĞůŝŶĞƐ͕ŽĚĞŽĨƵƐŝŶĞƐƐ ŽŶĚƵĐƚĂŶĚƚŚŝĐƐ͕tŚŝƐƚůĞďůŽǁĞƌĂŶĚhŶĞƚŚŝĐĂůŽŶĚƵĐƚZĞƉŽƌƚŝŶŐWŽůŝĐLJ͕ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞWƌŝŶĐŝƉůĞƐ ĂŶĚŝƌĞĐƚŽƌ/ŶĚĞƉĞŶĚĞŶĐĞ^ƚĂŶĚĂƌĚƐĂƌĞĂǀĂŝůĂďůĞŽŶŽƵƌǁĞďƐŝƚĞĂƚǁǁǁ͘ďĂŶĐŽƌƉƐŽƵƚŚ͘ĐŽŵŽŶŽƵƌ/ŶǀĞƐƚŽƌ ZĞůĂƚŝŽŶƐǁĞďƉĂŐĞƵŶĚĞƌƚŚĞĐĂƉƚŝŽŶ͞ŽƌƉŽƌĂƚĞ/ŶĨŽƌŵĂƚŝŽŶʹ'ŽǀĞƌŶĂŶĐĞŽĐƵŵĞŶƚƐ͘͟dŚĞƐĞŵĂƚĞƌŝĂůƐĂƐ ǁĞůůĂƐƚŚĞĐŽŵŵŝƚƚĞĞĐŚĂƌƚĞƌƐĚĞƐĐƌŝďĞĚĂďŽǀĞĂƌĞĂůƐŽĂǀĂŝůĂďůĞŝŶƉƌŝŶƚƚŽĂŶLJƐŚĂƌĞŚŽůĚĞƌƵƉŽŶƌĞƋƵĞƐƚ͘ ^ƵĐŚƌĞƋƵĞƐƚƐƐŚŽƵůĚďĞƐĞŶƚƚŽƚŚĞĨŽůůŽǁŝŶŐĂĚĚƌĞƐƐ͗

ĂŶĐŽƌƉ^ŽƵƚŚĂŶŬ KŶĞDŝƐƐŝƐƐŝƉƉŝWůĂnjĂ ϮϬϭ^ŽƵƚŚ^ƉƌŝŶŐ^ƚƌĞĞƚ dƵƉĞůŽ͕DŝƐƐŝƐƐŝƉƉŝϯϴϴϬϰ ƚƚĞŶƚŝŽŶ͗ŽƌƉŽƌĂƚĞ^ĞĐƌĞƚĂƌLJ ŝƌĞĐƚŽƌ/ŶĚĞƉĞŶĚĞŶĐĞ

dŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐƌĞǀŝĞǁƐƚŚĞŝŶĚĞƉĞŶĚĞŶĐĞŽĨĂůůĚŝƌĞĐƚŽƌƐĂŶĚĂĨĨŝƌŵĂƚŝǀĞůLJŵĂŬĞƐĂĚĞƚĞƌŵŝŶĂƚŝŽŶ ĂƐƚŽƚŚĞŝŶĚĞƉĞŶĚĞŶĐĞŽĨĞĂĐŚĚŝƌĞĐƚŽƌŽŶĂŶĂŶŶƵĂůďĂƐŝƐ͘EŽĚŝƌĞĐƚŽƌǁŝůůƋƵĂůŝĨLJĂƐŝŶĚĞƉĞŶĚĞŶƚƵŶůĞƐƐƚŚĞ ŽĂƌĚŽĨŝƌĞĐƚŽƌƐĂĨĨŝƌŵĂƚŝǀĞůLJĚĞƚĞƌŵŝŶĞƐƚŚĂƚƚŚĞĚŝƌĞĐƚŽƌŚĂƐŶŽŵĂƚĞƌŝĂůƌĞůĂƚŝŽŶƐŚŝƉǁŝƚŚĂŶĐŽƌƉ^ŽƵƚŚ ;ĞŝƚŚĞƌĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJ͕ŝŶĐůƵĚŝŶŐ͕ǁŝƚŚŽƵƚůŝŵŝƚĂƚŝŽŶ͕ĂƐĂƉĂƌƚŶĞƌ͕ƐŚĂƌĞŚŽůĚĞƌŽƌŽĨĨŝĐĞƌŽĨĂŶŽƌŐĂŶŝnjĂƚŝŽŶ ƚŚĂƚŚĂƐĂŵĂƚĞƌŝĂůƌĞůĂƚŝŽŶƐŚŝƉǁŝƚŚĂŶĐŽƌƉ^ŽƵƚŚͿ͘/ŶĞĂĐŚĐĂƐĞ͕ƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐďƌŽĂĚůLJĐŽŶƐŝĚĞƌƐĂůů ƌĞůĞǀĂŶƚĨĂĐƚƐĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐǁŚĞŶŵĂŬŝŶŐŝŶĚĞƉĞŶĚĞŶĐĞĚĞƚĞƌŵŝŶĂƚŝŽŶƐ͘dŽĂƐƐŝƐƚƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ ŝŶĚĞƚĞƌŵŝŶŝŶŐǁŚĞƚŚĞƌĂĚŝƌĞĐƚŽƌŝƐŝŶĚĞƉĞŶĚĞŶƚ͕ƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŚĂƐĂĚŽƉƚĞĚŝƌĞĐƚŽƌ/ŶĚĞƉĞŶĚĞŶĐĞ ^ƚĂŶĚĂƌĚƐ͕ǁŚŝĐŚĂƌĞĂǀĂŝůĂďůĞŽŶŽƵƌǁĞďƐŝƚĞĂƚǁǁǁ͘ďĂŶĐŽƌƉƐŽƵƚŚ͘ĐŽŵŽŶŽƵƌ/ŶǀĞƐƚŽƌZĞůĂƚŝŽŶƐǁĞďƉĂŐĞ ƵŶĚĞƌƚŚĞĐĂƉƚŝŽŶ͞ŽƌƉŽƌĂƚĞ/ŶĨŽƌŵĂƚŝŽŶʹ'ŽǀĞƌŶĂŶĐĞŽĐƵŵĞŶƚƐ͘͟

/ŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞŝŶĚĞƉĞŶĚĞŶĐĞŽĨĞĂĐŚĚŝƌĞĐƚŽƌ͕ƚŚĞŽĂƌĚĐŽŶƐŝĚĞƌĞĚĂŶĚĚĞĞŵĞĚŝŵŵĂƚĞƌŝĂůƚŽĐĞƌƚĂŝŶ ĚŝƌĞĐƚŽƌƐ͛ŝŶĚĞƉĞŶĚĞŶĐĞĐĞƌƚĂŝŶƚƌĂŶƐĂĐƚŝŽŶƐŝŶǀŽůǀŝŶŐƚŚĞƉƵƌĐŚĂƐĞŽƌĐŽŶƐƵŵƉƚŝŽŶŽĨŽǀĞƌŶŝŐŚƚĐŽƵƌŝĞƌĂŶĚ ůĞŐĂůƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚŽƌƌĞŶĚĞƌĞĚŝŶƚŚĞŽƌĚŝŶĂƌLJĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐďĞƚǁĞĞŶƚŚĞŽŵƉĂŶLJ͕ŽŶƚŚĞŽŶĞŚĂŶĚ͕ ĂŶĚŽŶƚŚĞŽƚŚĞƌ͕ĐŽŵƉĂŶŝĞƐŽƌŽƌŐĂŶŝnjĂƚŝŽŶƐĂƚǁŚŝĐŚƐŽŵĞŽĨŽƵƌĚŝƌĞĐƚŽƌƐǁĞƌĞŽĨĨŝĐĞƌƐŽƌĞŵƉůŽLJĞĞƐĚƵƌŝŶŐ ĨŝƐĐĂůLJĞĂƌϮϬϭϵ͘/ŶĞĂĐŚĐĂƐĞ͕ƚŚĞĂŵŽƵŶƚǁĞƉĂŝĚƚŽƚŚĞƐĞĐŽŵƉĂŶŝĞƐŽƌŽƌŐĂŶŝnjĂƚŝŽŶƐŝŶĞĂĐŚŽĨƚŚĞůĂƐƚƚŚƌĞĞ ĨŝƐĐĂůLJĞĂƌƐǁĂƐďĞůŽǁƚŚĞϮйŽĨƚŽƚĂůƌĞǀĞŶƵĞƚŚƌĞƐŚŽůĚŝŶĐůƵĚĞĚŝŶŽƵƌŝƌĞĐƚŽƌ/ŶĚĞƉĞŶĚĞŶĐĞ^ƚĂŶĚĂƌĚƐ͘ ĐĐŽƌĚŝŶŐůLJ͕ƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŚĂƐĚĞƚĞƌŵŝŶĞĚƚŚĂƚĞĂĐŚŽĨDĞƐƐƌƐ͘ůĂƐƐ͕ƌŽǁŶ͕ĂŵƉďĞůů͕,ŽůůŝŵĂŶ͕ ,ŽŽĚ͕:ĂĐŬƐŽŶ͕<ŝƌŬ͕DŝƚĐŚĞůů͕WĞƌƌLJĂŶĚ^ƚĂŶƚŽŶĂŶĚDƐ͘ĂŶŶŽŶ͕ĂŵĂũŽƌŝƚLJŽĨŽƵƌŽĂƌĚŵĞŵďĞƌƐ͕ŵĞĞƚƐŽƵƌ ƐƚĂŶĚĂƌĚƐ ĂƐ ǁĞůů ĂƐ ƚŚĞ ĐƵƌƌĞŶƚ ůŝƐƚŝŶŐ ƐƚĂŶĚĂƌĚƐ ŽĨ ƚŚĞ Ez^ ĨŽƌ ŝŶĚĞƉĞŶĚĞŶĐĞ ĂŶĚ ƚŚĂƚ ŶŽŶĞ ŽĨ ƚŚĞ ƌĞůĂƚŝŽŶƐŚŝƉƐŝƚĐŽŶƐŝĚĞƌĞĚŝŵƉĂŝƌĞĚƚŚĞŝŶĚĞƉĞŶĚĞŶĐĞŽĨŽƵƌĚŝƌĞĐƚŽƌƐ͘

Ϯϴ ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ

ŝƌĞĐƚŽƌYƵĂůŝĨŝĐĂƚŝŽŶ^ƚĂŶĚĂƌĚƐ

dŚĞ EŽŵŝŶĂƚŝŶŐ ĂŶĚ ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ ŽŵŵŝƚƚĞĞ ĂŶĚ ŽƵƌ ŚŝĞĨ džĞĐƵƚŝǀĞ KĨĨŝĐĞƌ ĂĐƚŝǀĞůLJ ƐĞĞŬ ŝŶĚŝǀŝĚƵĂůƐ ƋƵĂůŝĨŝĞĚ ƚŽ ďĞĐŽŵĞ ŵĞŵďĞƌƐ ŽĨ ŽƵƌ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐĨŽƌƌĞĐŽŵŵĞŶĚĂƚŝŽŶƚŽŽƵƌŽĂƌĚŽĨ ŝƌĞĐƚŽƌƐ ĂŶĚ ƐŚĂƌĞŚŽůĚĞƌƐ͘ dŚĞ EŽŵŝŶĂƚŝŶŐ ĂŶĚ ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ ŽŵŵŝƚƚĞĞ ĐŽŶƐŝĚĞƌƐ ŶŽŵŝŶĞĞƐ ƉƌŽƉŽƐĞĚďLJŽƵƌƐŚĂƌĞŚŽůĚĞƌƐƚŽƐĞƌǀĞŽŶŽƵƌŽĂƌĚŽĨŝƌĞĐƚŽƌƐǁŚŽĂƌĞƉƌŽƉĞƌůLJƐƵďŵŝƚƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚŽƵƌŵĞŶĚĞĚĂŶĚZĞƐƚĂƚĞĚLJůĂǁƐĂƐĚŝƐĐƵƐƐĞĚŝŶƚŚĞƐĞĐƚŝŽŶďĞůŽǁĞŶƚŝƚůĞĚ͞'EZ>/E&KZDd/KEͶ ^ŚĂƌĞŚŽůĚĞƌEŽŵŝŶĂƚŝŽŶƐĂŶĚWƌŽƉŽƐĂůƐ͘͟ůƚŚŽƵŐŚǁĞŚĂǀĞŶŽĨŽƌŵĂůƉŽůŝĐLJĂĚĚƌĞƐƐŝŶŐŽĂƌĚĚŝǀĞƌƐŝƚLJ͕ƚŚĞ EŽŵŝŶĂƚŝŶŐ ĂŶĚ ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ ŽŵŵŝƚƚĞĞ ďĞůŝĞǀĞƐ ƚŚĂƚ ĚŝǀĞƌƐŝƚLJ ŝƐ ĂŶ ŝŵƉŽƌƚĂŶƚ ĂƚƚƌŝďƵƚĞ ŽĨ ƚŚĞ ŵĞŵďĞƌƐǁŚŽĐŽŵƉƌŝƐĞŽƵƌŽĂƌĚŽĨŝƌĞĐƚŽƌƐĂŶĚƚŚĂƚƚŚĞŵĞŵďĞƌƐƐŚŽƵůĚƌĞƉƌĞƐĞŶƚĂŶĂƌƌĂLJŽĨďĂĐŬŐƌŽƵŶĚƐ ĂŶĚĞdžƉĞƌŝĞŶĐĞƐĂŶĚƐŚŽƵůĚďĞĐĂƉĂďůĞŽĨĂƌƚŝĐƵůĂƚŝŶŐĂǀĂƌŝĞƚLJŽĨǀŝĞǁƉŽŝŶƚƐ͘/ŶƌĞĐŽŵŵĞŶĚŝŶŐĐĂŶĚŝĚĂƚĞƐĂŶĚ ĞǀĂůƵĂƚŝŶŐ ƐŚĂƌĞŚŽůĚĞƌ ŶŽŵŝŶĞĞƐ ĨŽƌ ŽƵƌ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ͕ ƚŚĞ EŽŵŝŶĂƚŝŶŐ ĂŶĚ ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ ŽŵŵŝƚƚĞĞ ĐŽŶƐŝĚĞƌƐ ĞĂĐŚ ĐĂŶĚŝĚĂƚĞ͛Ɛ ƋƵĂůŝĨŝĐĂƚŝŽŶƐ ƌĞŐĂƌĚŝŶŐ ŝŶĚĞƉĞŶĚĞŶĐĞ͕ ĚŝǀĞƌƐŝƚLJ͕ ĂŐĞ͕ ŽǁŶĞƌƐŚŝƉ͕ ŝŶĨůƵĞŶĐĞ ĂŶĚ ƐŬŝůůƐ͕ ƐƵĐŚ ĂƐ ĂŶ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ĨŝŶĂŶĐŝĂů ƐĞƌǀŝĐĞƐ ŝŶĚƵƐƚƌLJ ŝƐƐƵĞƐ͕ Ăůů ŝŶ ƚŚĞ ĐŽŶƚĞdžƚ ŽĨ ĂŶ ĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞƉĞƌĐĞŝǀĞĚŶĞĞĚƐŽĨĂŶĐŽƌƉ^ŽƵƚŚĂƚƚŚĂƚƉŽŝŶƚŝŶƚŝŵĞ͘KƵƌĚŝƌĞĐƚŽƌƋƵĂůŝĨŝĐĂƚŝŽŶƐĂƌĞƐĞƚ ĨŽƌƚŚŝŶŽƵƌŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞWƌŝŶĐŝƉůĞƐ͕ǁŚŝĐŚĂƌĞĂǀĂŝůĂďůĞŽŶŽƵƌǁĞďƐŝƚĞĂƚǁǁǁ͘ďĂŶĐŽƌƉƐŽƵƚŚ͘ĐŽŵŽŶ ŽƵƌ /ŶǀĞƐƚŽƌ ZĞůĂƚŝŽŶƐ ǁĞďƉĂŐĞ ƵŶĚĞƌ ƚŚĞ ĐĂƉƚŝŽŶ ͞ŽƌƉŽƌĂƚĞ /ŶĨŽƌŵĂƚŝŽŶ ʹ 'ŽǀĞƌŶĂŶĐĞ ŽĐƵŵĞŶƚƐ͘͟ dŚĞ EŽŵŝŶĂƚŝŶŐĂŶĚŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞŽŵŵŝƚƚĞĞŵĞĞƚƐĂƚůĞĂƐƚĂŶŶƵĂůůLJǁŝƚŚŽƵƌŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƚŽ ĚŝƐĐƵƐƐƚŚĞƋƵĂůŝĨŝĐĂƚŝŽŶƐŽĨƉŽƚĞŶƚŝĂůŶĞǁŵĞŵďĞƌƐŽĨŽƵƌŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͘ĨƚĞƌĐŽŶƐƵůƚŝŶŐǁŝƚŚŽƵƌŚŝĞĨ džĞĐƵƚŝǀĞKĨĨŝĐĞƌ͕ƚŚĞEŽŵŝŶĂƚŝŶŐĂŶĚŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞŽŵŵŝƚƚĞĞƌĞĐŽŵŵĞŶĚƐƚŚĞĚŝƌĞĐƚŽƌŶŽŵŝŶĞĞƐ ƚŽƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĨŽƌƚŚĞŝƌĂƉƉƌŽǀĂů͘tĞŚĂǀĞŶŽƚƉĂŝĚĂŶLJƚŚŝƌĚƉĂƌƚLJĂĨĞĞƚŽĂƐƐŝƐƚƚŚĞEŽŵŝŶĂƚŝŶŐĂŶĚ ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞŽŵŵŝƚƚĞĞŝŶƚŚĞĚŝƌĞĐƚŽƌŶŽŵŝŶĂƚŝŽŶƉƌŽĐĞƐƐŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŶŶƵĂůDĞĞƚŝŶŐ͘

dŚĞEŽŵŝŶĂƚŝŶŐĂŶĚŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞŽŵŵŝƚƚĞĞĚĞƚĞƌŵŝŶĞƐƚŚĞĂƉƉƌŽƉƌŝĂƚĞĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ͕ƐŬŝůůƐ ĂŶĚĞdžƉĞƌŝĞŶĐĞƐĨŽƌƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĂƐĂǁŚŽůĞĂƐǁĞůůĂƐĨŽƌŝŶĚŝǀŝĚƵĂůĚŝƌĞĐƚŽƌƐĂŶĚŶŽŵŝŶĞĞƐ͕ǁŝƚŚƚŚĞ ŽďũĞĐƚŝǀĞŽĨŚĂǀŝŶŐĂŽĂƌĚǁŝƚŚĚŝǀĞƌƐĞďĂĐŬŐƌŽƵŶĚƐĂŶĚĞdžƉĞƌŝĞŶĐĞƐ͘/ŶĐŽŶƐŝĚĞƌŝŶŐƚŚĞƐƚƌƵĐƚƵƌĞŽĨƚŚĞŽĂƌĚ͕ ƚŚĞEŽŵŝŶĂƚŝŶŐĂŶĚŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞŽŵŵŝƚƚĞĞĞǀĂůƵĂƚĞƐĞĂĐŚ ŶŽŵŝŶĞĞ͕ ǁŝƚŚ ƚŚĞ ŽďũĞĐƚŝǀĞ ŽĨ ƌĞĐŽŵŵĞŶĚŝŶŐ Ă ŐƌŽƵƉ ŽĨ ŶŽŵŝŶĞĞƐ ƚŚĂƚ ĐĂŶ ďĞƐƚ ƉĞƌƉĞƚƵĂƚĞ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ĂŶĐŽƌƉ^ŽƵƚŚ ĂŶĚ ƌĞƉƌĞƐĞŶƚ ƐŚĂƌĞŚŽůĚĞƌŝŶƚĞƌĞƐƚƐƚŚƌŽƵŐŚƚŚĞĞdžĞƌĐŝƐĞŽĨƐŽƵŶĚũƵĚŐŵĞŶƚƵƐŝŶŐƚŚĞŽĂƌĚ͛ƐĚŝǀĞƌƐŝƚLJŽĨĞdžƉĞƌŝĞŶĐĞ͘

ŽĂƌĚ>ĞĂĚĞƌƐŚŝƉ^ƚƌƵĐƚƵƌĞ

ƐƐƉĞĐŝĨŝĞĚŝŶŽƵƌŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞWƌŝŶĐŝƉůĞƐ͕ƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĚŽĞƐŶŽƚŚĂǀĞĂƉŽůŝĐLJǁŝƚŚ ƌĞƐƉĞĐƚƚŽƚŚĞƐĞƉĂƌĂƚŝŽŶŽĨƚŚĞŽĨĨŝĐĞƐŽĨŚĂŝƌŵĂŶŽĨƚŚĞŽĂƌĚĂŶĚƚŚĞŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌ͘dŚĞŽĂƌĚ ďĞůŝĞǀĞƐƚŚŝƐŝƐƐƵĞŝƐƉĂƌƚŽĨƚŚĞƐƵĐĐĞƐƐŝŽŶƉůĂŶŶŝŶŐƉƌŽĐĞƐƐĂŶĚƚŚĂƚŝƚŝƐŝŶƚŚĞďĞƐƚŝŶƚĞƌĞƐƚƐŽĨĂŶĐŽƌƉ^ŽƵƚŚ ĂŶĚŽƵƌƐŚĂƌĞŚŽůĚĞƌƐƚŽƌĞƚĂŝŶƚŚĞĨůĞdžŝďŝůŝƚLJƚŽĐŽŵďŝŶĞŽƌƐĞƉĂƌĂƚĞƚŚĞƐĞĨƵŶĐƚŝŽŶƐ͘

Dƌ͘ZŽůůŝŶƐ͕ŽƵƌŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌ͕ŚĂƐƐĞƌǀĞĚĂƐŚĂŝƌŵĂŶŽĨƚŚĞŽĂƌĚƐŝŶĐĞƉƌŝůϮϬϭϰ͘ƚƚŚĂƚƚŝŵĞ͕ ƚŚĞŽĂƌĚĚĞƚĞƌŵŝŶĞĚƚŚĂƚĐŽŵďŝŶŝŶŐƚŚĞƌŽůĞƐŽĨŚĂŝƌŵĂŶŽĨƚŚĞŽĂƌĚĂŶĚŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌǁŽƵůĚĂĚĚ Ă ƐƵďƐƚĂŶƚŝĂů ƐƚƌĂƚĞŐŝĐ ƉĞƌƐƉĞĐƚŝǀĞ ƚŽ ƚŚĞ ĐŚĂŝƌ ƉŽƐŝƚŝŽŶ͕ ǁŚŝůĞ ƉƌŽǀŝĚŝŶŐ ŝŵƉŽƌƚĂŶƚ ĐŽŶƚŝŶƵŝƚLJ ƚŽ ŽĂƌĚ ůĞĂĚĞƌƐŚŝƉ͘ĂĐŚLJĞĂƌ͕ƚŚĞŽĂƌĚĞǀĂůƵĂƚĞƐDƌ͘ZŽůůŝŶƐ͛ĚƵĂůƉŽƐŝƚŝŽŶĂƐŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌĂŶĚŚĂŝƌŵĂŶŽĨ ƚŚĞ ŽĂƌĚ ĂŶĚ ƚŚĞ ƐƚƌĂƚĞŐŝĐ ǀŝƐŝŽŶ ĂŶĚ ƉĞƌƐƉĞĐƚŝǀĞ ŚĞ ďƌŝŶŐƐ ƚŽ ƚŚĞ ƉŽƐŝƚŝŽŶ ŽĨ ŚĂŝƌŵĂŶ͘  dŚĞ ŽĂƌĚ ŝƐ ƵŶĂŶŝŵŽƵƐůLJŽĨƚŚĞǀŝĞǁƚŚĂƚDƌ͘ZŽůůŝŶƐǁŝůůĐŽŶƚŝŶƵĞƚŽƉƌŽǀŝĚĞĞdžĐĞůůĞŶƚůĞĂĚĞƌƐŚŝƉŽĨƚŚĞŽĂƌĚĂŶĚƚŚĂƚŚŝƐ ĐŽŶƚŝŶƵŝŶŐĂƐŚĂŝƌŵĂŶƐĞƌǀĞƐƚŚĞďĞƐƚŝŶƚĞƌĞƐƚƐŽĨƐŚĂƌĞŚŽůĚĞƌƐĂŶĚƚŚĞŽŵƉĂŶLJ͘

Ϯϵ ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ

dŚĞ EŽŵŝŶĂƚŝŶŐ ĂŶĚ ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ ŽŵŵŝƚƚĞĞ ĂƉƉŽŝŶƚĞĚ 'ƵLJ t͘ DŝƚĐŚĞůů /// ƚŽ ƐĞƌǀĞ ĂƐ ƚŚĞ /ŶĚĞƉĞŶĚĞŶƚ>ĞĂĚŝƌĞĐƚŽƌŽŶƉƌŝůϮϰ͕ϮϬϭϵ͕ĂŶĚŚĞĐŽŶƚŝŶƵĞƐƚŽƐĞƌǀĞŝŶƚŚĂƚƌŽůĞ͘dŚĞ/ŶĚĞƉĞŶĚĞŶƚ>ĞĂĚ ŝƌĞĐƚŽƌ͗

x WƌĞƐŝĚĞƐĂƚĂůůŵĞĞƚŝŶŐƐŽĨƚŚĞŽĂƌĚĂƚǁŚŝĐŚƚŚĞŚĂŝƌŵĂŶŽĨƚŚĞŽĂƌĚŽƌƚŚĞŚŝĞĨdžĞĐƵƚŝǀĞ KĨĨŝĐĞƌŝƐŶŽƚƉƌĞƐĞŶƚ͕ŝŶĐůƵĚŝŶŐĞdžĞĐƵƚŝǀĞƐĞƐƐŝŽŶƐŽĨƚŚĞŝŶĚĞƉĞŶĚĞŶƚĚŝƌĞĐƚŽƌƐ͖

x ^ĞƌǀĞƐĂƐůŝĂŝƐŽŶďĞƚǁĞĞŶƚŚĞŚĂŝƌŵĂŶŽĨƚŚĞŽĂƌĚĂŶĚƚŚĞŝŶĚĞƉĞŶĚĞŶƚĚŝƌĞĐƚŽƌƐĂŶĚďĞƚǁĞĞŶ ƐĞŶŝŽƌŵĂŶĂŐĞŵĞŶƚĂŶĚƚŚĞŝŶĚĞƉĞŶĚĞŶƚĚŝƌĞĐƚŽƌƐ͖

x ĚǀŝƐĞƐ ĂŶĚ ĐŽŶƐƵůƚƐ ǁŝƚŚ ƚŚĞ ŚĂŝƌŵĂŶ ŽĨƚŚĞŽĂƌĚ ĂŶĚƚŚĞ ŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌŝŶŵĂƚƚĞƌƐ ƌĞůĂƚĞĚƚŽĐŽƌƉŽƌĂƚĞŐŽǀĞƌŶĂŶĐĞĂŶĚƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞŽĂƌĚ͖ĂŶĚ

x WĞƌĨŽƌŵƐƐƵĐŚŽƚŚĞƌĚƵƚŝĞƐĂƐƚŚĞŽĂƌĚŵĂLJĨƌŽŵƚŝŵĞƚŽƚŝŵĞĚĞůĞŐĂƚĞ͘

DĂŶĂŐĞŵĞŶƚ^ƵĐĐĞƐƐŝŽŶWůĂŶŶŝŶŐ

DĂŶĂŐĞŵĞŶƚƐƵĐĐĞƐƐŝŽŶƉůĂŶŶŝŶŐŝƐĂƉƌŝŽƌŝƚLJŽĨƚŚĞŽŵƉĂŶLJĂƐŝƚĂůůŽǁƐƚŚĞŽŵƉĂŶLJƚŽƉƌŽǀŝĚĞĐŽŶƚŝŶƵŝƚLJ ŝŶ ůĞĂĚĞƌƐŚŝƉ͘ dŚĞ ŽŵƉĂŶLJ͛Ɛ ƐƵĐĐĞƐƐŝŽŶ ƉůĂŶ ŝƐ ĚĞƐŝŐŶĞĚ ƚŽ ŝĚĞŶƚŝĨLJ ĂŶĚ ƉƌĞƉĂƌĞ Ă ĚŝǀĞƌƐŝĨŝĞĚ ŐƌŽƵƉ ŽĨ ĐĂŶĚŝĚĂƚĞƐ ĨŽƌ ŚŝŐŚͲůĞǀĞů ŵĂŶĂŐĞŵĞŶƚ ƉŽƐŝƚŝŽŶƐ ƚŚĂƚ ďĞĐŽŵĞ ǀĂĐĂŶƚ ĂƐ Ă ƌĞƐƵůƚ ŽĨ ƌĞƚŝƌĞŵĞŶƚ͕ ƌĞƐŝŐŶĂƚŝŽŶ͕ ĚĞĂƚŚ͕ĚŝƐĂďŝůŝƚLJŽƌƚŚĞƉƵƌƐƵŝƚŽĨŶĞǁďƵƐŝŶĞƐƐŽƉƉŽƌƚƵŶŝƚŝĞƐ͘KŶĂƚůĞĂƐƚĂŶĂŶŶƵĂůďĂƐŝƐ͕ƚŚĞDĂŶĂŐĞŵĞŶƚ ŽŵŵŝƚƚĞĞĂƐƐĞƐƐĞƐƚŚĞůĞĂĚĞƌƐŚŝƉŶĞĞĚƐŽĨƚŚĞŽŵƉĂŶLJƚŽĞŶƐƵƌĞƚŚĞƐĞůĞĐƚŝŽŶŽĨƋƵĂůŝĨŝĞĚůĞĂĚĞƌƐǁŚŽĂƌĞ ĚŝǀĞƌƐĞĂŶĚƉŽƐƐĞƐƐƚŚĞŶĞĐĞƐƐĂƌLJƐŬŝůůƐƚŽƐĞƌǀĞĂƐĂŵĞŵďĞƌŽĨƚŚĞŽŵƉĂŶLJ͛ƐƐĞŶŝŽƌƐƚĂĨĨ͘dŚĞDĂŶĂŐĞŵĞŶƚ ŽŵŵŝƚƚĞĞ͕ŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞŚŝĞĨ,ƵŵĂŶZĞƐŽƵƌĐĞKĨĨŝĐĞƌ͕ŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞŽŵƉĂŶLJ͛ƐƐƵĐĐĞƐƐŝŽŶ ƉůĂŶŶŝŶŐ ĨŽƌ ĞĂĐŚ ŵĞŵďĞƌ ŽĨ ƐĞŶŝŽƌ ƐƚĂĨĨ͕ ƌĞŐƵůĂƚŽƌLJ ƌĞƋƵŝƌĞĚ ƉŽƐŝƚŝŽŶ͕ ĂŶĚ ŽƚŚĞƌ ĐƌŝƚŝĐĂů ƌŽůĞƐ͕ ŝĚĞŶƚŝĨLJŝŶŐ ƉŽƚĞŶƚŝĂůĐĂŶĚŝĚĂƚĞƐƚŽĨŝůůĨƵƚƵƌĞǀĂĐĂŶĐŝĞƐŝŶƚŚŽƐĞƉŽƐŝƚŝŽŶƐ͘tŚĞŶŵĂŬŝŶŐƐƵĐĐĞƐƐŝŽŶƉůĂŶƐ͕ĂŶĚŝŶŽƌĚĞƌƚŽ ĐƌĞĂƚĞ Ă ĚŝǀĞƌƐĞ ƉŽŽů ŽĨ ĂƉƉůŝĐĂŶƚƐ͕ ƚŚĞ ŽŵƉĂŶLJ ǁŝůů ƐƚƌŝǀĞ ƚŽƉƌŽŵŽƚĞĂĚŝǀĞƌƐĞƉŽŽůŽĨĐĂŶĚŝĚĂƚĞƐĨŽƌ ĞŵƉůŽLJŵĞŶƚ͕ŝŶĐůƵĚŝŶŐǁŽŵĞŶĂŶĚŵŝŶŽƌŝƚŝĞƐ͘

džĞĐƵƚŝǀĞ^ĞƐƐŝŽŶƐ

KƵƌ ŝŶĚĞƉĞŶĚĞŶƚ ĚŝƌĞĐƚŽƌƐ ŵĞĞƚ ŝŶ ĞdžĞĐƵƚŝǀĞ ƐĞƐƐŝŽŶ Ăƚ ůĞĂƐƚ ƐĞŵŝͲĂŶŶƵĂůůLJ͘ /Ŷ ϮϬϭϵ͕ ŽƵƌ ŝŶĚĞƉĞŶĚĞŶƚ ĚŝƌĞĐƚŽƌƐŵĞƚĨŝǀĞƚŝŵĞƐŝŶĞdžĞĐƵƚŝǀĞƐĞƐƐŝŽŶ͘Ɛ/ŶĚĞƉĞŶĚĞŶƚ>ĞĂĚŝƌĞĐƚŽƌ͕Dƌ͘DŝƚĐŚĞůůƉƌĞƐŝĚĞĚĂƚƚŚĞƐĞ ŵĞĞƚŝŶŐƐ͘

^ƚŽĐŬKǁŶĞƌƐŚŝƉ'ƵŝĚĞůŝŶĞƐ

tĞŚĂǀĞĂĚŽƉƚĞĚƐŝŐŶŝĨŝĐĂŶƚ^ƚŽĐŬKǁŶĞƌƐŚŝƉ'ƵŝĚĞůŝŶĞƐƚŚĂƚĂƉƉůLJƚŽĞĂĐŚĚŝƌĞĐƚŽƌ͕ƚŚĞŚŝĞĨdžĞĐƵƚŝǀĞ KĨĨŝĐĞƌ ĂŶĚ ĞĂĐŚ ŽƚŚĞƌ ŝŶĚŝǀŝĚƵĂů ŝĚĞŶƚŝĨŝĞĚ ĂƐ ĂŶ ĞdžĞĐƵƚŝǀĞ ŽĨĨŝĐĞƌ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ;ĞĂĐŚ͕ Ă ͞ŽǀĞƌĞĚ WĂƌƚŝĐŝƉĂŶƚ͟Ϳ͘ dŚĞ ^ƚŽĐŬ KǁŶĞƌƐŚŝƉ 'ƵŝĚĞůŝŶĞƐ ĚŽ ŶŽƚ ĂƉƉůLJ͕ ŚŽǁĞǀĞƌ͕ ƚŽ Ă ŽǀĞƌĞĚ WĂƌƚŝĐŝƉĂŶƚ ĂĨƚĞƌ ƚŚĞ ĞĨĨĞĐƚŝǀĞ ĚĂƚĞ ŽĨ ŚŝƐ Žƌ ŚĞƌ ƌĞƚŝƌĞŵĞŶƚ Žƌ ƌĞƐŝŐŶĂƚŝŽŶ ĨƌŽŵ ƚŚĞ ŽŵƉĂŶLJ͘ ĂĐŚ ŽǀĞƌĞĚ WĂƌƚŝĐŝƉĂŶƚ ŵƵƐƚ ďĞŶĞĨŝĐŝĂůůLJŽǁŶƐŚĂƌĞƐŽĨŽƵƌŽŵŵŽŶ^ƚŽĐŬĂƚĂŵŝŶŝŵƵŵŽǁŶĞƌƐŚŝƉůĞǀĞůĨŽƌĂƐůŽŶŐĂƐŚĞŽƌƐŚĞŝƐĂŽǀĞƌĞĚ WĂƌƚŝĐŝƉĂŶƚ͕ĂƐĨŽůůŽǁƐ͗

ϯϬ ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ

WŽƐŝƚŝŽŶ DŝŶŝŵƵŵKǁŶĞƌƐŚŝƉ>ĞǀĞů ŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌ ϲdžďĂƐĞƐĂůĂƌLJ ůůKƚŚĞƌdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐ ϯdžďĂƐĞƐĂůĂƌLJ EŽŶͲŵƉůŽLJĞĞŝƌĞĐƚŽƌƐ ϭϬdžĂŶŶƵĂůĐĂƐŚƌĞƚĂŝŶĞƌ;ĞdžĐůƵĚŝŶŐĂŶLJĐŽŵŵŝƚƚĞĞĨĞĞƐͿ

ĂĐŚŽǀĞƌĞĚWĂƌƚŝĐŝƉĂŶƚŵƵƐƚƌĞƚĂŝŶĂƚůĞĂƐƚϳϱйŽĨƚŚĞŶƵŵďĞƌŽĨŶĞƚƐŚĂƌĞƐŽĨĐŽŵŵŽŶƐƚŽĐŬĂĐƋƵŝƌĞĚ ŽŶ ǀĞƐƚŝŶŐ ŽĨ ƌĞƐƚƌŝĐƚĞĚ ƐƚŽĐŬ Žƌ ƉĞƌĨŽƌŵĂŶĐĞ ƐŚĂƌĞƐ ƵŶƚŝů ŚĞ Žƌ ƐŚĞ ĂĐŚŝĞǀĞƐ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ ŵŝŶŝŵƵŵ ŽǁŶĞƌƐŚŝƉ ůĞǀĞů͘ dŚĞ EŽŵŝŶĂƚŝŶŐ ĂŶĚ ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ ŽŵŵŝƚƚĞĞ ĂĚŵŝŶŝƐƚĞƌƐ ƚŚĞ ^ƚŽĐŬ KǁŶĞƌƐŚŝƉ 'ƵŝĚĞůŝŶĞƐĂŶĚŵĂLJ͕ŝŶŝƚƐĚŝƐĐƌĞƚŝŽŶ͕ĐŽŶƐŝĚĞƌĞdžĐĞƉƚŝŽŶƐŝĨƚŚĞŐƵŝĚĞůŝŶĞƐƉůĂĐĞĂƐĞǀĞƌĞĨŝŶĂŶĐŝĂůŚĂƌĚƐŚŝƉŽŶ ĂŶŝŶĚŝǀŝĚƵĂů͕ŽƌĨŽƌĐŚĂƌŝƚĂďůĞŐŝĨƚƐ͕ĞƐƚĂƚĞƉůĂŶŶŝŶŐƚƌĂŶƐĂĐƚŝŽŶƐĂŶĚĐĞƌƚĂŝŶŽƚŚĞƌůŝŵŝƚĞĚĐŝƌĐƵŵƐƚĂŶĐĞƐ͘dŚĞ ^ƚŽĐŬKǁŶĞƌƐŚŝƉ'ƵŝĚĞůŝŶĞƐĂƌĞĂǀĂŝůĂďůĞŽŶŽƵƌǁĞďƐŝƚĞĂƚǁǁǁ͘ďĂŶĐŽƌƉƐŽƵƚŚ͘ĐŽŵŽŶŽƵƌ/ŶǀĞƐƚŽƌZĞůĂƚŝŽŶƐ ǁĞďƉĂŐĞ ƵŶĚĞƌ ƚŚĞ ĐĂƉƚŝŽŶ ͞ŽƌƉŽƌĂƚĞ /ŶĨŽƌŵĂƚŝŽŶ ʹ 'ŽǀĞƌŶĂŶĐĞ ŽĐƵŵĞŶƚƐ͘͟ ϭϬϬй ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĚŝƌĞĐƚŽƌƐĂŶĚĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐŽǁŶŽŵƉĂŶLJĐŽŵŵŽŶƐƚŽĐŬ͘

ZŝƐŬKǀĞƌƐŝŐŚƚ

KƵƌŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽǀĞƌƐĞĞƐĂĐŽŵƉĂŶLJͲǁŝĚĞĂƉƉƌŽĂĐŚƚŽƌŝƐŬŵĂŶĂŐĞŵĞŶƚ͕ĚĞƐŝŐŶĞĚƚŽƐƵƉƉŽƌƚƚŚĞ ĂĐŚŝĞǀĞŵĞŶƚŽĨƐƚƌĂƚĞŐŝĐŽďũĞĐƚŝǀĞƐƚŽŝŵƉƌŽǀĞůŽŶŐͲƚĞƌŵŽƌŐĂŶŝnjĂƚŝŽŶĂůƉĞƌĨŽƌŵĂŶĐĞĂŶĚĞŶŚĂŶĐĞƐŚĂƌĞŚŽůĚĞƌ ǀĂůƵĞ͘ĨĨĞĐƚŝǀĞƌŝƐŬŽǀĞƌƐŝŐŚƚŝƐĂŶŝŵƉŽƌƚĂŶƚƉƌŝŽƌŝƚLJŽĨƚŚĞ ŽĂƌĚ͘ dŚĞ ŽĂƌĚ ŚĂƐ ŝŵƉůĞŵĞŶƚĞĚ Ă ƌŝƐŬ ŐŽǀĞƌŶĂŶĐĞĨƌĂŵĞǁŽƌŬƚŽ͗

x hŶĚĞƌƐƚĂŶĚĐƌŝƚŝĐĂůƌŝƐŬƐŝŶŽƵƌďƵƐŝŶĞƐƐĂŶĚƐƚƌĂƚĞŐLJ͖

x ůůŽĐĂƚĞƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĨŽƌƌŝƐŬŽǀĞƌƐŝŐŚƚĂŵŽŶŐƚŚĞĨƵůůŽĂƌĚ͕ŝƚƐĐŽŵŵŝƚƚĞĞƐĂŶĚŵĂŶĂŐĞŵĞŶƚ͖

x ǀĂůƵĂƚĞŽƵƌƌŝƐŬŵĂŶĂŐĞŵĞŶƚƉƌŽĐĞƐƐĞƐĂŶĚĞŶƐƵƌĞƚŚĂƚƚŚĞLJĨƵŶĐƚŝŽŶĂĚĞƋƵĂƚĞůLJ͖

x &ĂĐŝůŝƚĂƚĞŽƉĞŶĐŽŵŵƵŶŝĐĂƚŝŽŶďĞƚǁĞĞŶŵĂŶĂŐĞŵĞŶƚĂŶĚƚŚĞŽĂƌĚ͖

x &ŽƐƚĞƌĂŶĂƉƉƌŽƉƌŝĂƚĞĐƵůƚƵƌĞŽĨŝŶƚĞŐƌŝƚLJĂŶĚƌŝƐŬĂǁĂƌĞŶĞƐƐ͖ĂŶĚ

x DŽŶŝƚŽƌĂŶĚĂĚĚƌĞƐƐŽƵƌƌŝƐŬĞdžƉŽƐƵƌĞƚŽĐLJďĞƌͲĂƚƚĂĐŬƐĂŶĚŽƚŚĞƌƐĞĐƵƌŝƚLJďƌĞĂĐŚĞƐƚŚĂƚƉŽƐĞĂ ƚŚƌĞĂƚƚŽŽƵƌŽƉĞƌĂƚŝŽŶƐ͘

dŚĞŽĂƌĚŝŵƉůĞŵĞŶƚƐŝƚƐƌŝƐŬŽǀĞƌƐŝŐŚƚĨƵŶĐƚŝŽŶďŽƚŚĂƐĂǁŚŽůĞĂŶĚƚŚƌŽƵŐŚŝƚƐĐŽŵŵŝƚƚĞĞƐ͘ůůĐŽŵŵŝƚƚĞĞƐ ŽĨƚŚĞŽĂƌĚƉůĂLJĂƐŝŐŶŝĨŝĐĂŶƚƌŽůĞŝŶĐĂƌƌLJŝŶŐŽƵƚƚŚĞƌŝƐŬŽǀĞƌƐŝŐŚƚĨƵŶĐƚŝŽŶ͘/ŶƉĂƌƚŝĐƵůĂƌ͗

x dŚĞƵĚŝƚŽŵŵŝƚƚĞĞŽǀĞƌƐĞĞƐƌŝƐŬƐƌĞůĂƚĞĚƚŽŽƵƌĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŽƵƌĐŽŵƉůŝĂŶĐĞǁŝƚŚůĞŐĂů ĂŶĚƌĞŐƵůĂƚŽƌLJƌĞƋƵŝƌĞŵĞŶƚƐ͕ŽƵƌĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐƉƌŽĐĞƐƐĂŶĚƐLJƐƚĞŵŽĨŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐ͘dŚĞ ƵĚŝƚŽŵŵŝƚƚĞĞĞǀĂůƵĂƚĞƐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨŽƵƌŝŶĚĞƉĞŶĚĞŶƚĂƵĚŝƚŽƌƐĂŶĚŽƵƌŝŶƚĞƌŶĂůĂƵĚŝƚŝŶŐ ĚĞƉĂƌƚŵĞŶƚ͘dŚĞƵĚŝƚŽŵŵŝƚƚĞĞƉĞƌŝŽĚŝĐĂůůLJŵĞĞƚƐƉƌŝǀĂƚĞůLJŝŶƐĞƉĂƌĂƚĞĞdžĞĐƵƚŝǀĞƐĞƐƐŝŽŶƐǁŝƚŚ ŵĂŶĂŐĞŵĞŶƚ͕ŽƵƌŝŶƚĞƌŶĂůĂƵĚŝƚĚĞƉĂƌƚŵĞŶƚ͕ĂŶĚŽƵƌŝŶĚĞƉĞŶĚĞŶƚĞdžƚĞƌŶĂůĂƵĚŝƚŽƌƐ͘

x dŚĞ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ ŽŵŵŝƚƚĞĞ ŽǀĞƌƐĞĞƐ ĞŶƚĞƌƉƌŝƐĞͲǁŝĚĞ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ƉƌĂĐƚŝĐĞƐ͘ dŚĞ ĐŽŵŵŝƚƚĞĞ͛Ɛ ĨŽĐƵƐ ŝŶĐůƵĚĞƐ ƚŚĞ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ͕ ŵŽŶŝƚŽƌŝŶŐ͕ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ƉůĂŶŶŝŶŐ ĨŽƌ ŽƵƌ ĞdžƉŽƐƵƌĞƚŽĂƉƉůŝĐĂďůĞƌŝƐŬƐ͕ŝŶĐůƵĚŝŶŐ͕ǁŝƚŚŽƵƚůŝŵŝƚĂƚŝŽŶ͕ŵĂƌŬĞƚƌŝƐŬ͕ŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬ͕ĐƌĞĚŝƚƌŝƐŬ͕

ϯϭ ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ

ůŝƋƵŝĚŝƚLJ ƌŝƐŬ͕ ŽƉĞƌĂƚŝŽŶĂů ƌŝƐŬ͕ ĐĂƉŝƚĂů ƌŝƐŬ͕ ƚĞĐŚŶŽůŽŐLJ ƌŝƐŬ ;ŝŶĐůƵĚŝŶŐ ĐLJďĞƌƐĞĐƵƌŝƚLJͿ͕ ůĞŐĂůͬĐŽŵƉůŝĂŶĐĞͬƌĞŐƵůĂƚŽƌLJƌŝƐŬ͕ ŚƵŵĂŶ ƌĞƐŽƵƌĐĞ ƌŝƐŬ͕ ƌĞƉƵƚĂƚŝŽŶĂů ƌŝƐŬĂŶĚ ĂĐƋƵŝƐŝƚŝŽŶͬƐƚƌĂƚĞŐŝĐ ƌŝƐŬ͕ ĂŶĚ ŽƚŚĞƌ ƐƵĐŚ ƌŝƐŬƐ ĂƐ ŵĂLJ ĨƌŽŵ ƚŝŵĞ ƚŽ ƚŝŵĞ ďĞ ŵĂƚĞƌŝĂů ƚŽ ƵƐ͘ dŚĞ ĐŽŵŵŝƚƚĞĞ ƐĞĞŬƐ ƚŽ ĚĞƚĞƌŵŝŶĞǁŚĞƚŚĞƌŵĂŶĂŐĞŵĞŶƚŚĂƐĂĚĞƋƵĂƚĞůLJĐŽŶƐŝĚĞƌĞĚĂůůŵĂƚĞƌŝĂůƌŝƐŬƐĨĂĐŝŶŐƵƐĂŶĚǁŚĞƚŚĞƌ ƉƌŽĐĞĚƵƌĞƐŚĂǀĞďĞĞŶĞĨĨĞĐƚŝǀĞůLJŝŵƉůĞŵĞŶƚĞĚŝŶŽƌĚĞƌƚŽŵŝƚŝŐĂƚĞƐƵĨĨŝĐŝĞŶƚůLJƚŚĞƌŝƐŬƐŝĚĞŶƚŝĨŝĞĚ͘ dŚĞĐŽŵŵŝƚƚĞĞƉƌŽǀŝĚĞƐĂĚǀŝĐĞƚŽƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĂŶĚŝƚƐŽƚŚĞƌĐŽŵŵŝƚƚĞĞƐĂƐƚŽĂƉƉƌŽƉƌŝĂƚĞ ƌŝƐŬŵŝƚŝŐĂƚŝŽŶƉƌŽĐĞĚƵƌĞƐĂŶĚƐƚƌƵĐƚƵƌĞƐ͕ǁŚŝĐŚŚĞůƉƐƚŚĞŽĂƌĚ ĨƵůĨŝůů ŝƚƐ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ƚŽ ĞĨĨĞĐƚŝǀĞůLJ ŵŽŶŝƚŽƌ ĂŶĚ ƌĞǀŝĞǁ ĂĐƚŝŽŶƐ ŽĨ ŵĂŶĂŐĞŵĞŶƚ͘ dŚĞ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ ŽŵŵŝƚƚĞĞ ƵƐĞƐ ŝŶĨŽƌŵĂƚŝŽŶ ĨƌŽŵ ŵĂŶĂŐĞŵĞŶƚ͛Ɛ ŶƚĞƌƉƌŝƐĞ ZŝƐŬ KǀĞƌƐŝŐŚƚ ŽŵŵŝƚƚĞĞ͕ ƚŚĞ ŶƚĞƌƉƌŝƐĞ ZŝƐŬ DĂŶĂŐĞŵĞŶƚĞƉĂƌƚŵĞŶƚ͕ĂŶĚŽƚŚĞƌƌŝƐŬŵĂŶĂŐĞƌƐŝŶĨƵůĨŝůůŝŶŐƚŚĞZŝƐŬDĂŶĂŐĞŵĞŶƚŽŵŵŝƚƚĞĞ͛Ɛ ƌŽůĞƌĞůĂƚŝǀĞƚŽƌŝƐŬĂƐƐĞƐƐŵĞŶƚ͕ŵŽŶŝƚŽƌŝŶŐĂŶĚƌĞƉŽƌƚŝŶŐ͘ x dŚĞ džĞĐƵƚŝǀĞ ŽŵƉĞŶƐĂƚŝŽŶ ĂŶĚ ^ƚŽĐŬ /ŶĐĞŶƚŝǀĞ ŽŵŵŝƚƚĞĞ ŽǀĞƌƐĞĞƐƚŚĞƌŝƐŬƐĂŶĚƌĞǁĂƌĚƐ ĂƐƐŽĐŝĂƚĞĚǁŝƚŚŽƵƌĐŽŵƉĞŶƐĂƚŝŽŶƉŚŝůŽƐŽƉŚLJĂŶĚƉƌŽŐƌĂŵƐ͘ƐĚŝƐĐƵƐƐĞĚŝŶŵŽƌĞĚĞƚĂŝůďĞůŽǁŝŶ ƚŚĞƐĞĐƚŝŽŶĞŶƚŝƚůĞĚ͞KDWE^d/KE/^h^^/KEEE>z^/^͕͟ƚŚŝƐĐŽŵŵŝƚƚĞĞĚĞƚĞƌŵŝŶĞƐĂŶĚ ĂƉƉƌŽǀĞƐ ƚŚĞ ĐŽŵƉĞŶƐĂƚŝŽŶ ĨŽƌ ŽƵƌ EĂŵĞĚ džĞĐƵƚŝǀĞ KĨĨŝĐĞƌƐ͕ ƌĞǀŝĞǁƐĂŶĚƌĞĐŽŵŵĞŶĚƐƚŽƚŚĞ ŽĂƌĚƚŚĞĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌŽƵƌŽƚŚĞƌŽĨĨŝĐĞƌƐ͕ĂƉƉƌŽǀĞƐ͕ĂĚŵŝŶŝƐƚĞƌƐĂŶĚĞǀĂůƵĂƚĞƐŽƵƌŝŶĐĞŶƚŝǀĞͲ ĐŽŵƉĞŶƐĂƚŝŽŶƉůĂŶƐ͕ĞƋƵŝƚLJͲďĂƐĞĚƉůĂŶƐĂŶĚŽƚŚĞƌĐŽŵƉĞŶƐĂƚŝŽŶƉůĂŶƐ͕ƉŽůŝĐŝĞƐĂŶĚƉƌŽŐƌĂŵƐĂŶĚ ĂĚŵŝŶŝƐƚĞƌƐƚŚĞdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶWŽůŝĐLJ͘&ŽƌĞdžĂŵƉůĞ͕ƚŚĞdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ /ŶĐĞŶƚŝǀĞ ŽŵŵŝƚƚĞĞ ǁŝůů ĞŶŐĂŐĞ Ă ƚŚŝƌĚ ƉĂƌƚLJ͕ ĨƌŽŵ ƚŝŵĞ ƚŽ ƚŝŵĞ͕ ƚŽ ƉĞƌĨŽƌŵ ĂŶ /ŶĐĞŶƚŝǀĞ ŽŵƉĞŶƐĂƚŝŽŶ WůĂŶ ZŝƐŬ ƐƐĞƐƐŵĞŶƚ ƚŽ ĂƐƐŝƐƚ ŝŶ ĂƐƐĞƐƐŝŶŐ ƌŝƐŬ ǁŝƚŚŝŶ ĂŶĐŽƌƉ^ŽƵƚŚ͛Ɛ ŝŶĐĞŶƚŝǀĞ ĐŽŵƉĞŶƐĂƚŝŽŶ ƉůĂŶƐ ĂŶĚ ƉƌŽŐƌĂŵƐ͕ ŝŶĐůƵĚŝŶŐ͕ ďƵƚ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ͕ ƚŚĞ ŵĞŶĚĞĚ ĂŶĚ ZĞƐƚĂƚĞĚ džĞĐƵƚŝǀĞ WĞƌĨŽƌŵĂŶĐĞ /ŶĐĞŶƚŝǀĞ WůĂŶ ĂŶĚ ƚŚĞ >ŽŶŐͲdĞƌŵ ƋƵŝƚLJ /ŶĐĞŶƚŝǀĞ WůĂŶ ĚĞƐĐƌŝďĞĚ ƵŶĚĞƌ ͞KDWE^d/KE/^h^^/KEEE>z^/^ͲŶŶƵĂů/ŶĐĞŶƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶ͟ĂŶĚ͞Ͳ>ŽŶŐͲƚĞƌŵ /ŶĐĞŶƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶ͘͟ x dŚĞEŽŵŝŶĂƚŝŶŐĂŶĚŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞŽŵŵŝƚƚĞĞŽǀĞƌƐĞĞƐƌŝƐŬƐƌĞůĂƚĞĚƚŽŽƵƌĐŽƌƉŽƌĂƚĞ ŐŽǀĞƌŶĂŶĐĞƉƌŝŶĐŝƉůĞƐĂŶĚƌŝƐŬƐĂƌŝƐŝŶŐĨƌŽŵƌĞůĂƚĞĚƉĞƌƐŽŶƚƌĂŶƐĂĐƚŝŽŶƐ͘

x dŚĞƌĞĚŝƚZŝƐŬŽŵŵŝƚƚĞĞŽǀĞƌƐĞĞƐƚŚĞŽǀĞƌĂůůƌŝƐŬƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚŽƵƌĐƌĞĚŝƚ͕ůĞŶĚŝŶŐƉƌĂĐƚŝĐĞƐ ĂŶĚƚŚĞŽǀĞƌĂůůĂĚĞƋƵĂĐLJŽĨƚŚĞĐŽŵŵĞƌĐŝĂůůĞŶĚŝŶŐƐƚĂĨĨ͘

x dŚĞdƌƵƐƚĂŶĚ&ŝŶĂŶĐŝĂů^ĞƌǀŝĐĞƐŽŵŵŝƚƚĞĞŽǀĞƌƐĞĞƐƌŝƐŬƐƌĞůĂƚĞĚƚŽŽƵƌĨŝĚƵĐŝĂƌLJƉŽǁĞƌƐŽĨƚƌƵƐƚ ĂŶĚǁĞĂůƚŚŵĂŶĂŐĞŵĞŶƚĂŶĚĞŶƐƵƌĞƐƚŚĂƚƐŽƵŶĚƌŝƐŬŵĂŶĂŐĞŵĞŶƚƉƌĂĐƚŝĐĞƐĂƌĞŝŶƉůĂĐĞƚŽ ŵŝŶŝŵŝnjĞƌŝƐŬŽĨůŽƐƐ͘

ůƚŚŽƵŐŚƚŚĞŽĂƌĚŚĂƐƚŚĞƵůƚŝŵĂƚĞŽǀĞƌƐŝŐŚƚƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƚŚĞƌŝƐŬŵĂŶĂŐĞŵĞŶƚƉƌŽĐĞƐƐ͕ŵĂŶĂŐĞŵĞŶƚ ŝƐĐŚĂƌŐĞĚǁŝƚŚĂĐƚŝǀĞůLJŵĂŶĂŐŝŶŐƌŝƐŬ͘DĂŶĂŐĞŵĞŶƚŚĂƐŝŶƚĞƌŶĂůƉƌŽĐĞƐƐĞƐĂŶĚƉŽůŝĐŝĞƐƚŽŝĚĞŶƚŝĨLJĂŶĚŵĂŶĂŐĞ ƌŝƐŬƐĂŶĚƚŽĐŽŵŵƵŶŝĐĂƚĞǁŝƚŚƚŚĞŽĂƌĚ͘dŚĞƐĞŝŶĐůƵĚĞƚŚĞŶƚĞƌƉƌŝƐĞZŝƐŬKǀĞƌƐŝŐŚƚŽŵŵŝƚƚĞĞ͕ƚŚĞŶƚĞƌƉƌŝƐĞ ZŝƐŬDĂŶĂŐĞŵĞŶƚĞƉĂƌƚŵĞŶƚ͕ĂƌĞĂůĞƐƚĂƚĞƌŝƐŬŵĂŶĂŐĞŵĞŶƚŐƌŽƵƉ͕ƌĞŐƵůĂƌŝŶƚĞƌŶĂůŵĞĞƚŝŶŐƐŽĨƚŚĞĞdžĞĐƵƚŝǀĞ ŽĨĨŝĐĞƌƐ͕ŽŶŐŽŝŶŐůŽŶŐͲƚĞƌŵƐƚƌĂƚĞŐŝĐƉůĂŶŶŝŶŐ͕ƌĞŐƵůĂƌƌĞǀŝĞǁƐŽĨƌĞŐƵůĂƚŽƌLJĂŶĚůŝƚŝŐĂƚŝŽŶĐŽŵƉůŝĂŶĐĞ͕ĂŽĚĞ ŽĨƵƐŝŶĞƐƐŽŶĚƵĐƚĂŶĚƚŚŝĐƐ͕ĂǁŚŝƐƚůĞďůŽǁĞƌƉŽůŝĐLJ͕ĂŶĚĂĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶƚĞƌŶĂů ĂŶĚ ĞdžƚĞƌŶĂů ĂƵĚŝƚ ƉƌŽĐĞƐƐ͘dŚĞŽĂƌĚĂŶĚƚŚĞƵĚŝƚŽŵŵŝƚƚĞĞŵŽŶŝƚŽƌĂŶĚĞǀĂůƵĂƚĞƚŚĞĞĨĨĞĐƚŝǀĞŶĞƐƐŽĨƚŚĞŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐĂƚ ůĞĂƐƚ ĂŶŶƵĂůůLJ͘ DĂŶĂŐĞŵĞŶƚ ĐŽŵŵƵŶŝĐĂƚĞƐ ƌŽƵƚŝŶĞůLJ ǁŝƚŚ ƚŚĞ ŽĂƌĚ ĂŶĚ ŝƚƐ ĐŽŵŵŝƚƚĞĞƐ͕ ĂŶĚ ƚŚĞ ZŝƐŬ DĂŶĂŐĞŵĞŶƚŽŵŵŝƚƚĞĞĐŽŵŵƵŶŝĐĂƚĞƐƌŽƵƚŝŶĞůLJǁŝƚŚƚŚĞŽĂƌĚƌĞŐĂƌĚŝŶŐƚŚĞƐŝŐŶŝĨŝĐĂŶƚƌŝƐŬƐŝĚĞŶƚŝĨŝĞĚĂŶĚ ŚŽǁƚŚĞLJĂƌĞďĞŝŶŐŵĂŶĂŐĞĚ

ϯϮ ^ĞĐƵƌŝƚLJKǁŶĞƌƐŚŝƉŽĨĞƌƚĂŝŶĞŶĞĨŝĐŝĂůKǁŶĞƌƐĂŶĚDĂŶĂŐĞŵĞŶƚ

dŚĞƚĂďůĞďĞůŽǁƐĞƚƐĨŽƌƚŚĐĞƌƚĂŝŶŝŶĨŽƌŵĂƚŝŽŶ͕ĂƐŽĨ:ĂŶƵĂƌLJϯϭ͕ϮϬϮϬ;ĞdžĐĞƉƚĂƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚͿ͕ǁŝƚŚ ƌĞƐƉĞĐƚƚŽƚŚĞďĞŶĞĨŝĐŝĂůŽǁŶĞƌƐŚŝƉŽĨŽƵƌĐŽŵŵŽŶƐƚŽĐŬďLJ;ϭͿĞĂĐŚƉĞƌƐŽŶŬŶŽǁŶďLJƵƐƚŽďĞƚŚĞďĞŶĞĨŝĐŝĂů ŽǁŶĞƌŽĨŵŽƌĞƚŚĂŶϱйŽĨƚŚĞŽƵƚƐƚĂŶĚŝŶŐƐŚĂƌĞƐŽĨŽƵƌĐŽŵŵŽŶƐƚŽĐŬ͕ďĂƐĞĚŽŶĂƌĞǀŝĞǁŽĨƉƵďůŝĐĨŝůŝŶŐƐŵĂĚĞ ǁŝƚŚƚŚĞ&/ĂŶĚ^͕;ϮͿĞĂĐŚĚŝƌĞĐƚŽƌĂŶĚŶŽŵŝŶĞĞĨŽƌĚŝƌĞĐƚŽƌĂƐŽĨƚŚĞĚĂƚĞŽĨƚŚŝƐWƌŽdžLJ^ƚĂƚĞŵĞŶƚ͕;ϯͿ ĞĂĐŚŽĨŽƵƌEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐĂŶĚ;ϰͿĂůůŽĨŽƵƌĚŝƌĞĐƚŽƌƐĂŶĚĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐĂƐĂŐƌŽƵƉ͘ƐŽĨ:ĂŶƵĂƌLJ ϯϭ͕ϮϬϮϬ͕ĂƚŽƚĂůŽĨϭϬϱ͕ϭϮϳ͕ϴϰϬƐŚĂƌĞƐŽĨŽƵƌĐŽŵŵŽŶƐƚŽĐŬǁĞƌĞŽƵƚƐƚĂŶĚŝŶŐ͘KƵƌ^ƚŽĐŬKǁŶĞƌƐŚŝƉ'ƵŝĚĞůŝŶĞƐ ŐĞŶĞƌĂůůLJƌĞƋƵŝƌĞŽƵƌĚŝƌĞĐƚŽƌƐĂŶĚEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐƚŽďĞŶĞĨŝĐŝĂůůLJŽǁŶĂŵŝŶŝŵƵŵŶƵŵďĞƌŽĨƐŚĂƌĞƐ ŽĨŽƵƌĐŽŵŵŽŶƐƚŽĐŬ͘&ŽƌŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶ͕ƐĞĞƚŚĞƐĞĐƚŝŽŶĂďŽǀĞĞŶƚŝƚůĞĚ͞KZWKZd'KsZEEʹ^ƚŽĐŬ KǁŶĞƌƐŚŝƉ'ƵŝĚĞůŝŶĞƐ͘͟dŚĞŶƵŵďĞƌŽĨƐŚĂƌĞƐŽĨĐŽŵŵŽŶƐƚŽĐŬŽǁŶĞĚďLJĞĂĐŚŽĨĨŝĐĞƌĂŶĚĚŝƌĞĐƚŽƌƌĞĨůĞĐƚĞĚŝŶ ƚŚĞ ƚĂďůĞ ďĞůŽǁŝŶĐůƵĚĞƐ ƐƵĐŚ ƐŚĂƌĞƐ͘ &ŽƌƉƵƌƉŽƐĞƐ ŽĨƚŚŝƐƚĂďůĞ͕ ǁĞ ƌĞůŝĞĚ ŽŶŝŶĨŽƌŵĂƚŝŽŶ ƐƵƉƉůŝĞĚďLJŽƵƌ ĚŝƌĞĐƚŽƌƐ͕ŶŽŵŝŶĞĞƐĨŽƌĚŝƌĞĐƚŽƌĂŶĚĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐĂƐǁĞůůĂƐƉƵďůŝĐĨŝůŝŶŐƐŵĂĚĞďLJďĞŶĞĨŝĐŝĂůŽǁŶĞƌƐŽŶ ^ĐŚĞĚƵůĞϭϯ'ĂŶĚ^ĐŚĞĚƵůĞϭϯǁŝƚŚƚŚĞ&/ĂŶĚƚŚĞh͘^͘^ĞĐƵƌŝƚŝĞƐĂŶĚdžĐŚĂŶŐĞŽŵŵŝƐƐŝŽŶ͘

ŵŽƵŶƚĂŶĚEĂƚƵƌĞŽĨ WĞƌĐĞŶƚŽĨ EĂŵĞĂŶĚĚĚƌĞƐƐŽĨĞŶĞĨŝĐŝĂůKǁŶĞƌ;ϭͿ ĞŶĞĨŝĐŝĂůKǁŶĞƌƐŚŝƉ;ϮͿ ůĂƐƐ ůĂĐŬƌŽĐŬ͕/ŶĐ͘ ϭϭ͕ϵϭϰ͕ϮϮϲ;ϯͿ ϭϭ͘ϰй dŚĞsĂŶŐƵĂƌĚ'ƌŽƵƉ͕/ŶĐ͘ ϴ͕ϴϵϱ͕ϰϱϰ;ϰͿ ϴ͘ϰй ŚƌŝƐ͘ĂŐůĞLJ ϮϬϭ͕Ϭϲϲ Ύ 'ƵƐ:͘ůĂƐƐ/// ϭϰϬ͕ϲϬϰ;ϱͿ Ύ ^ŚĂŶŶŽŶ͘ƌŽǁŶ ϱ͕ϱϰϴ Ύ :ĂŵĞƐ͘ĂŵƉďĞůů/// ϭϱϴ͕ϵϲϭ Ύ ĞďŽƌĂŚD͘ĂŶŶŽŶ ϭϭ͕ϳϮϬ Ύ :ŽŚŶ'͘ŽƉĞůĂŶĚ ϯϱ͕ϭϱϴ Ύ ŽŶĂůĚ'͘'ƌŽďŽǁƐŬLJ ϲϰϵ͕ϴϰϴ Ύ tŝůůŝĂŵ'͘,ŽůůŝŵĂŶ Ϯ͕ϭϴϰ Ύ tĂƌƌĞŶ'͘,ŽŽĚ͕:ƌ͘ Ϯϱ͕ϵϮϬ Ύ <ĞŝƚŚ:͘:ĂĐŬƐŽŶ Ϯϳ͕ϬϮϲ Ύ :ĞĨĨƌĞLJt͘:ĂŐŐĞƌƐ ϴϲ͕ϯϴϳ Ύ >ĂƌƌLJ'͘<ŝƌŬ ϱϰ͕ϮϬϳ Ύ 'ƵLJt͘DŝƚĐŚĞůů/// ϲϰ͕ϵϮϲ Ύ ůĂŶt͘WĞƌƌLJ ϭϬϲ͕ϭϱϴ Ύ ŚĂƌůĞƐ:͘WŝŐŶƵŽůŽ ϲϳ͕ϲϵϭ Ύ :ĂŵĞƐ͘ZŽůůŝŶƐ/// ϰϭϱ͕Ϯϲϭ Ύ dŚŽŵĂƐZ͘^ƚĂŶƚŽŶ ϱ͕ϰϲϰ Ύ ůůĐƵƌƌĞŶƚĚŝƌĞĐƚŽƌƐĂŶĚĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐĂƐĂŐƌŽƵƉ;ϭϵƉĞƌƐŽŶƐͿ Ϯ͕ϭϳϴ͕ϱϰϮ Ϯ͘Ϭϳй

Ύ >ĞƐƐƚŚĂŶϭй͘ ;ϭͿ dŚĞĂĚĚƌĞƐƐŽĨĞĂĐŚƉĞƌƐŽŶŽƌĞŶƚŝƚLJůŝƐƚĞĚ͕ŽƚŚĞƌƚŚĂŶdŚĞsĂŶŐƵĂƌĚ'ƌŽƵƉ͕/ŶĐ͘ĂŶĚůĂĐŬƌŽĐŬ͕/ŶĐ͕͘ŝƐĐͬŽĂŶĐŽƌƉ^ŽƵƚŚĂŶŬ͕KŶĞDŝƐƐŝƐƐŝƉƉŝWůĂnjĂ͕ϮϬϭ^ŽƵƚŚ^ƉƌŝŶŐ^ƚƌĞĞƚ͕ dƵƉĞůŽ͕DŝƐƐŝƐƐŝƉƉŝϯϴϴϬϰ͘dŚĞĂĚĚƌĞƐƐŽĨdŚĞsĂŶŐƵĂƌĚ'ƌŽƵƉ͕/ŶĐ͘ŝƐϭϬϬsĂŶŐƵĂƌĚůǀĚ͕͘DĂůǀĞƌŶ͕Wϭϵϯϱϱ͘dŚĞĂĚĚƌĞƐƐŽĨůĂĐŬƌŽĐŬ͕/ŶĐ͘ŝƐϱϱĂƐƚϱϮŶĚ^ƚƌĞĞƚ͕EĞǁzŽƌŬ͕Ez ϭϬϬϱϱ͘ ;ϮͿ ĞŶĞĨŝĐŝĂůŽǁŶĞƌƐŚŝƉŝƐĚĞĞŵĞĚƚŽŝŶĐůƵĚĞƐŚĂƌĞƐŽĨĐŽŵŵŽŶƐƚŽĐŬƚŚĂƚĂŶŝŶĚŝǀŝĚƵĂůŚĂƐĂƌŝŐŚƚƚŽĂĐƋƵŝƌĞǁŝƚŚŝŶϲϬĚĂLJƐĂĨƚĞƌ:ĂŶƵĂƌLJϯϭ͕ϮϬϮϬ͘dŚĞƐĞƐŚĂƌĞƐĂƌĞĚĞĞŵĞĚƚŽďĞ ŽƵƚƐƚĂŶĚŝŶŐĨŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨĐŽŵƉƵƚŝŶŐƚŚĞ͞ƉĞƌĐĞŶƚŽĨĐůĂƐƐ͟ĨŽƌƚŚĂƚŝŶĚŝǀŝĚƵĂů͕ďƵƚĂƌĞŶŽƚĚĞĞŵĞĚŽƵƚƐƚĂŶĚŝŶŐĨŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨĐŽŵƉƵƚŝŶŐƚŚĞƉĞƌĐĞŶƚĂŐĞŽĨĂŶLJŽƚŚĞƌ ƉĞƌƐŽŶ͘ /ŶĨŽƌŵĂƚŝŽŶŝŶƚŚĞƚĂďůĞĨŽƌŝŶĚŝǀŝĚƵĂůƐĂůƐŽŝŶĐůƵĚĞƐƐŚĂƌĞƐŚĞůĚĨŽƌƚŚĞŝƌďĞŶĞĨŝƚŝŶŽƵƌϰϬϭ;ŬͿWƌŽĨŝƚͲ^ŚĂƌŝŶŐWůĂŶ͕ĂŶĚŝŶŝŶĚŝǀŝĚƵĂůƌĞƚŝƌĞŵĞŶƚĂĐĐŽƵŶƚƐĨŽƌǁŚŝĐŚƚŚĞƐŚĂƌĞŚŽůĚĞƌ ĐĂŶĚŝƌĞĐƚƚŚĞǀŽƚĞ͘džĐĞƉƚĂƐŝŶĚŝĐĂƚĞĚŝŶƚŚĞĨŽŽƚŶŽƚĞƐƚŽƚŚŝƐƚĂďůĞ͕ĞĂĐŚƉĞƌƐŽŶůŝƐƚĞĚŚĂƐƐŽůĞǀŽƚŝŶŐĂŶĚŝŶǀĞƐƚŵĞŶƚƉŽǁĞƌǁŝƚŚƌĞƐƉĞĐƚƚŽĂůůƐŚĂƌĞƐŽĨĐŽŵŵŽŶƐƚŽĐŬƐŚŽǁŶ ĂƐďĞŶĞĨŝĐŝĂůůLJŽǁŶĞĚďLJŚŝŵŽƌŚĞƌƉƵƌƐƵĂŶƚƚŽĂƉƉůŝĐĂďůĞůĂǁ͘dŚĞĂŵŽƵŶƚŽĨƐŚĂƌĞƐƌĞĨůĞĐƚĞĚĂƐďĞŶĞĨŝĐŝĂůůLJŽǁŶĞĚďLJƚŚĞĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐŝŶĐůƵĚĞƐƵŶǀĞƐƚĞĚƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬ ǁŝƚŚƌĞŐĂƌĚƚŽǁŚŝĐŚƚŚĞƐĞŝŶĚŝǀŝĚƵĂůƐŚŽůĚŽŶůLJǀŽƚŝŶŐƉŽǁĞƌĂŶĚŶŽƚŝŶǀĞƐƚŵĞŶƚƉŽǁĞƌ͘ ;ϯͿ ĂƐĞĚŽŶƐŚĂƌĞƐďĞŶĞĨŝĐŝĂůůLJŽǁŶĞĚďLJůĂĐŬƌŽĐŬ͕/ŶĐ͘ĂƐƐĞƚĨŽƌƚŚŝŶĂ^ĐŚĞĚƵůĞϭϯ'ĚĂƚĞĚ&ĞďƌƵĂƌLJϳ͕ϮϬϮϬĂŶĚƐƵďŵŝƚƚĞĚƚŽƚŚĞ&/ŽŶ&ĞďƌƵĂƌLJϭϬ͕ϮϬϮϬ͘ůĂĐŬƌŽĐŬ͕/ŶĐ͘ƌĞƉŽƌƚĞĚ ƚŚĂƚŝƚƉŽƐƐĞƐƐĞƐƐŽůĞǀŽƚŝŶŐƉŽǁĞƌǁŝƚŚƌĞƐƉĞĐƚƚŽϭϭ͕ϲϬϲ͕ϱϮϰŽĨƐƵĐŚƐŚĂƌĞƐ͕ƐŚĂƌĞĚǀŽƚŝŶŐƉŽǁĞƌǁŝƚŚƌĞƐƉĞĐƚƚŽϬŽĨƐƵĐŚƐŚĂƌĞƐ͕ƐŽůĞĚŝƐƉŽƐŝƚŝǀĞƉŽǁĞƌǁŝƚŚƌĞƐƉĞĐƚƚŽϭϭ͕ϵϭϰ͕ϮϮϲ ŽĨƐƵĐŚƐŚĂƌĞƐ͕ĂŶĚƐŚĂƌĞĚĚŝƐƉŽƐŝƚŝǀĞƉŽǁĞƌƚŽϬŽĨƐƵĐŚƐŚĂƌĞƐ͘ ;ϰͿ ĂƐĞĚŽŶƐŚĂƌĞƐďĞŶĞĨŝĐŝĂůůLJŽǁŶĞĚďLJdŚĞsĂŶŐƵĂƌĚ'ƌŽƵƉ͕/ŶĐ͘ĂƐƐĞƚĨŽƌƚŚŝŶĂ^ĐŚĞĚƵůĞϭϯ'ͬĚĂƚĞĚ&ĞďƌƵĂƌLJϭϬ͕ϮϬϮϬĂŶĚĨŝůĞĚǁŝƚŚƚŚĞ^ŽŶ&ĞďƌƵĂƌLJϭϮ͕ϮϬϮϬ͘dŚĞsĂŶŐƵĂƌĚ 'ƌŽƵƉ͕/ŶĐ͘ƌĞƉŽƌƚĞĚƚŚĂƚŝƚƉŽƐƐĞƐƐĞƐƐŽůĞǀŽƚŝŶŐƉŽǁĞƌǁŝƚŚƌĞƐƉĞĐƚƚŽϵϱ͕ϲϲϰŽĨƐƵĐŚƐŚĂƌĞƐ͕ƐŚĂƌĞĚǀŽƚŝŶŐƉŽǁĞƌǁŝƚŚƌĞƐƉĞĐƚƚŽϭϮ͕ϱϮϵŽĨƐƵĐŚƐŚĂƌĞƐ͕ƐŽůĞĚŝƐƉŽƐŝƚŝǀĞƉŽǁĞƌǁŝƚŚ ƌĞƐƉĞĐƚƚŽϴ͕ϴϬϮ͕ϬϲϯŽĨƐƵĐŚƐŚĂƌĞƐ͕ĂŶĚƐŚĂƌĞĚĚŝƐƉŽƐŝƚŝǀĞƉŽǁĞƌƚŽϵϰ͕ϯϵϭŽĨƐƵĐŚƐŚĂƌĞƐ͘ ;ϱͿ /ŶĐůƵĚĞƐϱ͕ϱϭϴƐŚĂƌĞƐŚĞůĚŝŶĂƚƌƵƐƚŽĨǁŚŝĐŚDƌ͘ůĂƐƐŝƐƚŚĞƚƌƵƐƚĞĞĨŽƌƚŚĞďĞŶĞĨŝƚŽĨŚŝƐƐŽŶ͕ŽĨǁŚŝĐŚDƌ͘ůĂƐƐĚŝƐĐůĂŝŵƐďĞŶĞĨŝĐŝĂůŽǁŶĞƌƐŚŝƉ͘

ϯϯ ŽŵƉĞŶƐĂƚŝŽŶŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ

dŚĞ ƉƵƌƉŽƐĞ ŽĨ ƚŚŝƐ ŽŵƉĞŶƐĂƚŝŽŶ ŝƐĐƵƐƐŝŽŶ ĂŶĚ ŶĂůLJƐŝƐ ŝƐ ƚŽ ĚŝƐĐƵƐƐ ŽƵƌ ƉŚŝůŽƐŽƉŚLJ͕ ƉƌĂĐƚŝĐĞƐ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ ǁŝƚŚ ƌĞƐƉĞĐƚ ƚŽ ŽƵƌ ĞdžĞĐƵƚŝǀĞ ĐŽŵƉĞŶƐĂƚŝŽŶ ƉƌŽŐƌĂŵ ĂŶĚ ƚŚĞ ŽďũĞĐƚŝǀĞƐ ŽĨ ŽƵƌ džĞĐƵƚŝǀĞ ŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞŝŶƐĞůĞĐƚŝŶŐĂŶĚƐĞƚƚŝŶŐƚŚĞĞůĞŵĞŶƚƐŽĨƚŚĞĐŽŵƉĞŶƐĂƚŝŽŶƚŚĂƚ ŝƐƉĂŝĚŽƌĂǁĂƌĚĞĚƚŽĐĞƌƚĂŝŶŽĨŽƵƌĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐ͘

dŚĞdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞŚĂƐŝŵƉůĞŵĞŶƚĞĚƐƚƌŽŶŐŐŽǀĞƌŶĂŶĐĞƉƌĂĐƚŝĐĞƐ ƚŚĂƚ ƌĞŝŶĨŽƌĐĞ ŽƵƌ ƉƌŝŶĐŝƉůĞƐ͕ ƐƵƉƉŽƌƚ ƐŽƵŶĚ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ĂƌĞ ƐŚĂƌĞŚŽůĚĞƌͲĂůŝŐŶĞĚ͘ dŚĞ ůŝƐƚ ďĞůŽǁ ŽƵƚůŝŶĞƐŵĂŶLJŽĨŽƵƌĐŽŵƉĞŶƐĂƚŝŽŶƉƌĂĐƚŝĐĞƐ͘

džĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶ,ŝŐŚůŝŐŚƚƐ

tŚĂƚtĞŽ 9 WĂLJĨŽƌWĞƌĨŽƌŵĂŶĐĞ͘tĞƉƌŽǀŝĚĞƐŚŽƌƚͲƚĞƌŵ 9 ͞ůĂǁďĂĐŬWŽůŝĐLJ͘͟tĞŵĂŝŶƚĂŝŶĂĐůĂǁďĂĐŬ ĂŶĚůŽŶŐͲƚĞƌŵŝŶĐĞŶƚŝǀĞĂǁĂƌĚƐďĂƐĞĚŽŶ ƉŽůŝĐLJƚŚĂƚƐĞƚƐĨŽƌƚŚƚŚĞĐŽŶĚŝƚŝŽŶƐƵŶĚĞƌ ƉĞƌĨŽƌŵĂŶĐĞƚĂƌŐĞƚƐĂůŝŐŶĞĚǁŝƚŚďƵƐŝŶĞƐƐ ǁŚŝĐŚǁĞŵĂLJƌĞĐŽǀĞƌĞdžĐĞƐƐŝŶĐĞŶƚŝǀĞͲďĂƐĞĚ ƉĞƌĨŽƌŵĂŶĐĞŵĞƚƌŝĐƐ͘ ĐŽŵƉĞŶƐĂƚŝŽŶƉĂŝĚŽƌĂǁĂƌĚĞĚƚŽŽƌƌĞĐĞŝǀĞĚ ďLJĂŶLJŽĨŽƵƌĐƵƌƌĞŶƚŽƌĨŽƌŵĞƌĞdžĞĐƵƚŝǀĞ 9 WĞƌĨŽƌŵĂŶĐĞͲĂƐĞĚƋƵŝƚLJǁĂƌĚƐ͘dŚĞĂǁĂƌĚ ŽĨĨŝĐĞƌƐ͘ ĐLJĐůĞĨŽƌƉĞƌĨŽƌŵĂŶĐĞƐŚĂƌĞƐŝƐƚŚƌĞĞLJĞĂƌƐĂŶĚ ŝƐĐŽŵƉƌŝƐĞĚŽĨĂƚǁŽͲLJĞĂƌƉĞƌĨŽƌŵĂŶĐĞƉĞƌŝŽĚ 9 ͞ŽƵďůĞdƌŝŐŐĞƌƐ͘͟KƵƌĐŚĂŶŐĞŝŶĐŽŶƚƌŽů ĨŽůůŽǁĞĚďLJĂŽŶĞͲLJĞĂƌƌĞƚĞŶƚŝŽŶƉĞƌŝŽĚ͘ ĂŐƌĞĞŵĞŶƚƐŝŶĐůƵĚĞĂ͞ĚŽƵďůĞƚƌŝŐŐĞƌ͟ƌĞƋƵŝƌŝŶŐ ďŽƚŚĂĐŚĂŶŐĞŝŶĐŽŶƚƌŽůĂŶĚƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞ 9 ŝǀĞƌƐŝƚLJŽĨWĞƌĨŽƌŵĂŶĐĞDĞƚƌŝĐƐ͘tĞƵƐĞ ĞdžĞĐƵƚŝǀĞ͛ƐĞŵƉůŽLJŵĞŶƚǁŝƚŚŝŶĂƐĞƚƉĞƌŝŽĚŽĨ ŵƵůƚŝƉůĞƉĞƌĨŽƌŵĂŶĐĞŵĞƚƌŝĐƐĂŶĚŵƵůƚŝͲLJĞĂƌ ƚŝŵĞĨŽƌƚŚĞĞdžĞĐƵƚŝǀĞƚŽƌĞĐĞŝǀĞƉĂLJŵĞŶƚ͘ ǀĞƐƚŝŶŐƚŝŵĞĨƌĂŵĞƐƚŽůŝŵŝƚƐŚŽƌƚͲƚĞƌŵƌŝƐŬ ƚĂŬŝŶŐ͘ 9 džĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶWŽůŝĐLJ͘tĞŵĂŝŶƚĂŝŶ ĂŶdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶWŽůŝĐLJǁŚŝĐŚ 9 >ŽŶŐsĞƐƚŝŶŐWĞƌŝŽĚƐ͘dŚĞƚŝŵĞͲǀĞƐƚŝŶŐŽĨŽƵƌ ƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬŐĞŶĞƌĂůůLJǀĞƐƚƐŽŶĂĐůŝĨĨďĂƐŝƐ ŽƵƚůŝŶĞƐƚŚĞƉƌŝŶĐŝƉĂůĐƌŝƚĞƌŝĂƵƐĞĚƚŽŵĞĂƐƵƌĞ ŽĨĨŝǀĞ;ϱͿLJĞĂƌƐ͘dŚĞŚŽůĚĞƌŝƐĞŶƚŝƚůĞĚƚŽ ƚŚĞƐƵĐĐĞƐƐŽĨŽƵƌĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐŝŶ ƌĞĐĞŝǀĞĚŝǀŝĚĞŶĚƐĂŶĚĞdžĞƌĐŝƐĞǀŽƚŝŶŐƌŝŐŚƚƐ ĂĐŚŝĞǀŝŶŐŽƵƌďƵƐŝŶĞƐƐŽďũĞĐƚŝǀĞƐ͘ ƉƌŝŽƌƚŽƚŚĞǀĞƐƚŝŶŐĚĂƚĞ͘ 9 >ŝŵŝƚĞĚWĞƌƋƵŝƐŝƚĞƐ͘tĞƉƌŽǀŝĚĞůŝŵŝƚĞĚ ƉĞƌƋƵŝƐŝƚĞƐƚŽŽƵƌĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐƚŚĂƚĂƌĞ 9 ZĞǀŝĞǁŽŵƉĞŶƐĂƚŝŽŶWƌŽŐƌĂŵ͘tĞƌĞǀŝĞǁ ŝŶƚĞŶĚĞĚƚŽŚĞůƉƵƐĂƚƚƌĂĐƚĂŶĚƌĞƚĂŝŶŚŝŐŚůLJ ŽƵƌĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽŐƌĂŵĂŶŶƵĂůůLJƚŽĐŽŶĨŝƌŵ ƋƵĂůŝĨŝĞĚůĞĂĚĞƌƐ͘ ƚŚĂƚŝƚĚŽĞƐŶŽƚĞŶĐŽƵƌĂŐĞĞdžĐĞƐƐŝǀĞƌŝƐŬƚĂŬŝŶŐ ĂŶĚŝƐŶŽƚƌĞĂƐŽŶĂďůLJůŝŬĞůLJƚŽŚĂǀĞĂŵĂƚĞƌŝĂů 9 ŶŶƵĂů^ĂLJͲŽŶͲWĂLJsŽƚĞ͘tĞĐŽŶĚƵĐƚĂŶ ĂĚǀĞƌƐĞĞĨĨĞĐƚŽŶƚŚĞŽŵƉĂŶLJ͘ ĂŶŶƵĂůƐĂLJͲŽŶͲƉĂLJǀŽƚĞĨŽƌƐŚĂƌĞŚŽůĚĞƌƐƚŽ ĂƉƉƌŽǀĞĞdžĞĐƵƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶŽĨŽƵƌ 9 ^ƚŽĐŬKǁŶĞƌƐŚŝƉ'ƵŝĚĞůŝŶĞƐ͘tĞŵĂŝŶƚĂŝŶ ƐŝŐŶŝĨŝĐĂŶƚĐŽŵŵŽŶƐƚŽĐŬŽǁŶĞƌƐŚŝƉŐƵŝĚĞůŝŶĞƐ EĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐ͘ /ŶϮϬϭϵ͕ ĨŽƌŽƵƌĚŝƌĞĐƚŽƌƐĂŶĚĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐ͕ŝŶ ĂƉƉƌŽdžŝŵĂƚĞůLJϵϲ͘ϮϲйŽĨŽƵƌƐŚĂƌĞŚŽůĚĞƌƐǁŚŽ ŽƌĚĞƌƚŽŵŽƌĞĐůŽƐĞůLJĂůŝŐŶƚŚĞĨŝŶĂŶĐŝĂů ĂƚƚĞŶĚĞĚƚŚĞƐŚĂƌĞŚŽůĚĞƌƐŵĞĞƚŝŶŐ;ŝŶƉĞƌƐŽŶ ŝŶƚĞƌĞƐƚƐŽĨƚŚĞĚŝƌĞĐƚŽƌƐĂŶĚĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐ ŽƌďLJƉƌŽdžLJͿĂƉƉƌŽǀĞĚ͕ŽŶĂŶŽŶͲďŝŶĚŝŶŐ͕ ǁŝƚŚƚŚŽƐĞŽĨŽƵƌƐŚĂƌĞŚŽůĚĞƌƐ͘dŚĞĚŝƌĞĐƚŽƌƐ ĂĚǀŝƐŽƌLJďĂƐŝƐ͕ƚŚĞĐŽŵƉĞŶƐĂƚŝŽŶŽĨŽƵƌ ĂŶĚĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐĂƌĞƌĞƋƵŝƌĞĚƚŽŚŽůĚ EĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐ͘ ǀĞƐƚĞĚĞƋƵŝƚLJƐƚŽĐŬĂǁĂƌĚƐƵŶƚŝůĐŽŵŵŽŶƐƚŽĐŬ 9 DĂŶĂŐĞŵĞŶƚ^ƵĐĐĞƐƐŝŽŶWůĂŶŶŝŶŐWŽůŝĐLJ͘tĞ ŽǁŶĞƌƐŚŝƉŐƵŝĚĞůŝŶĞƐĂƌĞŵĞƚ͘ ŵĂŝŶƚĂŝŶĂŵĂŶĂŐĞŵĞŶƚƐƵĐĐĞƐƐŝŽŶƉůĂŶŶŝŶŐ ƉŽůŝĐLJĨŽƌŽƵƌŬĞLJŵĂŶĂŐĞŵĞŶƚƉŽƐŝƚŝŽŶƐ͘

ϯϰ ŽŵƉĞŶƐĂƚŝŽŶŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ

tŚĂƚtĞŽŶ͛ƚŽ

dž >ŽŶŐͲdĞƌŵŵƉůŽLJŵĞŶƚŐƌĞĞŵĞŶƚƐ͘tĞ dž ŝǀŝĚĞŶĚƐŽŶhŶĞĂƌŶĞĚWĞƌĨŽƌŵĂŶĐĞͲĂƐĞĚ ŚĂǀĞŶŽǁƌŝƚƚĞŶĞŵƉůŽLJŵĞŶƚĂŐƌĞĞŵĞŶƚƐǁŝƚŚ ƋƵŝƚLJǁĂƌĚƐ͘tĞĚŽŶŽƚƉĂLJĚŝǀŝĚĞŶĚƐŽƌ ĂŶLJŽĨŽƵƌEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐĂŶĚĂůů ĚŝǀŝĚĞŶĚĞƋƵŝǀĂůĞŶƚƐŽŶƉĞƌĨŽƌŵĂŶĐĞͲďĂƐĞĚ ĂƌĞĞŵƉůŽLJĞĚďLJƵƐŽŶĂŶ͞Ăƚǁŝůů͟ďĂƐŝƐ͘ ĞƋƵŝƚLJĂǁĂƌĚƐĚƵƌŝŶŐƚŚĞǀĞƐƚŝŶŐƉĞƌŝŽĚŽĨƚŚĞ dž ^ŚŽƌƚ^ĞůůŝŶŐŽƌhƐĞŽĨĞƌŝǀĂƚŝǀĞƐ͘/ŶĂĚĚŝƚŝŽŶ ĂǁĂƌĚ͘ ƚŽƚŚĞƚLJƉĞƐŽĨƐŚŽƌƚƐĞůůŝŶŐƉƌŽŚŝďŝƚĞĚďLJƚŚĞ dž KƉƚŝŽŶZĞͲƉƌŝĐŝŶŐ͘KƵƌĞƋƵŝƚLJŝŶĐĞŶƚŝǀĞƉůĂŶƐ džĐŚĂŶŐĞĐƚ͕ŽƵƌŝŶƐŝĚĞƌƚƌĂĚŝŶŐƉŽůŝĐLJ ƉƌŽŚŝďŝƚŽƉƚŝŽŶƌĞͲƉƌŝĐŝŶŐǁŝƚŚŽƵƚƚŚĞĂƉƉƌŽǀĂů ƉƌŽŚŝďŝƚƐŽƵƌĚŝƌĞĐƚŽƌƐĂŶĚĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐ ŽĨŽƵƌƐŚĂƌĞŚŽůĚĞƌƐ͘ ĨƌŽŵĂŶLJƐŚŽƌƚƐĞůůŝŶŐŽƌĨƌŽŵƚƌĂĚŝŶŐ ĚĞƌŝǀĂƚŝǀĞŝŶƐƚƌƵŵĞŶƚƐƌĞůĂƚĞĚƚŽŽƵƌƐĞĐƵƌŝƚŝĞƐ͘ dž KƉƚŝŽŶĂĐŬĚĂƚŝŶŐŽƌ͞^ƉƌŝŶŐͲ>ŽĂĚŝŶŐ͘͟tĞĚŽ ŶŽƚďĂĐŬĚĂƚĞŽƉƚŝŽŶƐŽƌŐƌĂŶƚŽƉƚŝŽŶƐ dž ͞'ƌŽƐƐhƉƐ͘͟tĞĚŽŶŽƚƉƌŽǀŝĚĞƚĂdž͞ŐƌŽƐƐƵƉ͟ ƌĞƚƌŽĂĐƚŝǀĞůLJ͘ ŽƌƐŝŵŝůĂƌƉĂLJŵĞŶƚƐŽŶĂŶLJĂŵŽƵŶƚƐƉĂLJĂďůĞ ƵŶĚĞƌĐŚĂŶŐĞŝŶĐŽŶƚƌŽůĂŐƌĞĞŵĞŶƚƐĨŽƌĞdžĐŝƐĞ dž DƵůƚŝͲzĞĂƌ'ƵĂƌĂŶƚĞĞĚŽŶƵƐĞƐ͘KƵƌEĂŵĞĚ ƚĂdžĞƐŽŶ͞ƉĂƌĂĐŚƵƚĞƉĂLJŵĞŶƚƐ͘͟ džĞĐƵƚŝǀĞKĨĨŝĐĞƌƐĂƌĞŶŽƚĞůŝŐŝďůĞĨŽƌŵƵůƚŝͲ LJĞĂƌŐƵĂƌĂŶƚĞĞĚďŽŶƵƐĞƐ͘ dž DĂƌŐŝŶĐĐŽƵŶƚƐ,ŽůĚŝŶŐĂŶĚWůĞĚŐŝŶŐŽĨKƵƌ dž ďŽǀĞͲDĂƌŬĞƚZĞƚƵƌŶƐŽŶĞĨĞƌƌĞĚ ŽŵŵŽŶ^ƚŽĐŬ͘KƵƌĚŝƌĞĐƚŽƌƐĂŶĚĞdžĞĐƵƚŝǀĞ ŽŵƉĞŶƐĂƚŝŽŶWůĂŶ͘tĞŵĂŝŶƚĂŝŶĂĚĞĨĞƌƌĞĚ ŽĨĨŝĐĞƌƐĂƌĞƉƌŽŚŝďŝƚĞĚĨƌŽŵŚŽůĚŝŶŐƐŚĂƌĞƐŝŶ ĐŽŵƉĞŶƐĂƚŝŽŶƉůĂŶĂƐĂŶŽŶƋƵĂůŝĨŝĞĚ ŵĂƌŐŝŶĂĐĐŽƵŶƚƐĂŶĚŵĂLJŽŶůLJƉůĞĚŐĞƐŚĂƌĞƐŽĨ ĐŽŶƚƌŝďƵƚŝŽŶďĞŶĞĨŝƚĂƌƌĂŶŐĞŵĞŶƚĨŽƌŽƵƌ ŽƵƌĐŽŵŵŽŶƐƚŽĐŬĂƐĐŽůůĂƚĞƌĂůĨŽƌůŽĂŶƐďLJ ĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐ͘tĞĚŽŶŽƚŵĂŬĞĂŵĂƚĐŚŝŶŐ ĚĞŵŽŶƐƚƌĂƚŝŶŐƚŚĞĨŝŶĂŶĐŝĂůĐĂƉĂĐŝƚLJƚŽƌĞƉĂLJ ŽƌŽƚŚĞƌĐŽŶƚƌŝďƵƚŝŽŶƵŶĚĞƌƚŚŝƐƉůĂŶ͘ĂĐŚ ƚŚĞůŽĂŶƐǁŝƚŚŽƵƚƌĞƐŽƌƚŝŶŐƚŽƚŚĞƉůĞĚŐĞĚ ƉĂƌƚŝĐŝƉĂŶƚ͛ƐĂĐĐŽƵŶƚŝƐĐƌĞĚŝƚĞĚǁŝƚŚŝŶƚĞƌĞƐƚ ƐƚŽĐŬ͘ ŽŶĂďŝĂŶŶƵĂůďĂƐŝƐĞƋƵĂůƚŽƚŚĞLJŝĞůĚŽŶƚŚĞ ŵŽƐƚƌĞĐĞŶƚůLJͲŝƐƐƵĞĚh͘^͘dƌĞĂƐƵƌLJŶŽƚĞ͘

džĞĐƵƚŝǀĞ^ƵŵŵĂƌLJ dŚƌŽƵŐŚŽƵƚ ƚŚŝƐ ŽŵƉĞŶƐĂƚŝŽŶ ŝƐĐƵƐƐŝŽŶ ĂŶĚ ŶĂůLJƐŝƐ͕ :ĂŵĞƐ ͘ ZŽůůŝŶƐ ///͕ ŽƵƌ ŚĂŝƌŵĂŶ ĂŶĚ ŚŝĞĨ džĞĐƵƚŝǀĞKĨĨŝĐĞƌ͕ŚƌŝƐ͘ĂŐůĞLJ͕ŽƵƌWƌĞƐŝĚĞŶƚĂŶĚŚŝĞĨKƉĞƌĂƚŝŶŐKĨĨŝĐĞƌ͕ :ŽŚŶ'͘ŽƉĞůĂŶĚ͕ŽƵƌ^ĞŶŝŽƌ džĞĐƵƚŝǀĞ sŝĐĞ WƌĞƐŝĚĞŶƚ͕ dƌĞĂƐƵƌĞƌ͕ ŚŝĞĨ &ŝŶĂŶĐŝĂů KĨĨŝĐĞƌ͕ ŚĂƌůĞƐ :͘ WŝŐŶƵŽůŽ͕ ŽƵƌ ^ĞŶŝŽƌ džĞĐƵƚŝǀĞ sŝĐĞ WƌĞƐŝĚĞŶƚĂŶĚ'ĞŶĞƌĂůŽƵŶƐĞů͕ĂŶĚ:ĞĨĨƌĞLJ:ĂŐŐĞƌƐ͕ŽƵƌ^ĞŶŝŽƌdžĞĐƵƚŝǀĞsŝĐĞWƌĞƐŝĚĞŶƚĂŶĚŚŝĞĨ/ŶĨŽƌŵĂƚŝŽŶ KĨĨŝĐĞƌ͕ĂƌĞĐŽůůĞĐƚŝǀĞůLJƌĞĨĞƌƌĞĚƚŽĂƐŽƵƌŶĂŵĞĚĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐ;ƚŚĞ͞EĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐ͟Ϳ͘

tĞďĞůŝĞǀĞŽƵƌĞdžĞĐƵƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽŐƌĂŵƉůĂLJƐĂƐŝŐŶŝĨŝĐĂŶƚƌŽůĞŝŶŽƵƌĂďŝůŝƚLJƚŽĂƚƚƌĂĐƚ͕ŵŽƚŝǀĂƚĞ ĂŶĚƌĞƚĂŝŶĂŚŝŐŚůLJĞdžƉĞƌŝĞŶĐĞĚƚĞĂŵŽĨĞdžĞĐƵƚŝǀĞƐƚŚĂƚŝƐĐƌŝƚŝĐĂůƚŽŽƵƌƐƵĐĐĞƐƐ͘tĞďĞůŝĞǀĞƚŚĞƉƌŽŐƌĂŵŝƐ ƐƚƌƵĐƚƵƌĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚƐƵƉƉŽƌƚƐŽƵƌĐŽŵƉĂŶLJĂŶĚŽƵƌďƵƐŝŶĞƐƐŽďũĞĐƚŝǀĞƐ͕ĂƐǁĞůůĂƐŽƵƌĐƵůƚƵƌĞĂŶĚƚŚĞ ƚƌĂĚŝƚŝŽŶƐƚŚĂƚ ŚĂǀĞ ĂůůŽǁĞĚ ƵƐ ƚŽ ŵĞĞƚ ƚŚĞ ŶĞĞĚƐ ŽĨ ŽƵƌ ƐŚĂƌĞŚŽůĚĞƌƐ͕ ĐƵƐƚŽŵĞƌƐ ĂŶĚ ĞŵƉůŽLJĞĞƐ ĂŶĚ ƚŽ ƐƵƉƉŽƌƚƚŚĞĐŽŵŵƵŶŝƚŝĞƐŝŶǁŚŝĐŚǁĞŽƉĞƌĂƚĞ͘

KƵƌdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞƌĞŐƵůĂƌůLJƌĞǀŝĞǁƐŽƵƌĞdžĞĐƵƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶ ƉƌŽŐƌĂŵƚŽĞŶƐƵƌĞŝƚĂĐŚŝĞǀĞƐƚŚĞĚĞƐŝƌĞĚŐŽĂůƐŽĨůŝŶŬŝŶŐƚŚĞĐŽŵƉĞŶƐĂƚŝŽŶƉĂŝĚƚŽŽƵƌĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐǁŝƚŚ ŽƵƌƐŚĂƌĞŚŽůĚĞƌƐ͛ŝŶƚĞƌĞƐƚƐĂŶĚĐƵƌƌĞŶƚŵĂƌŬĞƚƉƌĂĐƚŝĐĞƐ͕ǁŚŝůĞĂǀŽŝĚŝŶŐƚŚĞĞŶĐŽƵƌĂŐĞŵĞŶƚŽĨƵŶŶĞĐĞƐƐĂƌLJŽƌ ĞdžĐĞƐƐŝǀĞƌŝƐŬͲƚĂŬŝŶŐ͘hŶĚĞƌƚŚŝƐƉƌŽŐƌĂŵ͕ŽƵƌEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐĂƌĞƌĞǁĂƌĚĞĚĨŽƌƚŚĞĂĐŚŝĞǀĞŵĞŶƚŽĨ ƐƉĞĐŝĨŝĐ ĂŶŶƵĂů͕ ůŽŶŐͲƚĞƌŵ ĂŶĚ ƐƚƌĂƚĞŐŝĐ ŐŽĂůƐ͕ ƚŚĞ ĂƚƚĂŝŶŵĞŶƚ ŽĨ ĐŽƌƉŽƌĂƚĞ ŐŽĂůƐ͕ ĂŶĚ ƚŚĞ ƌĞĂůŝnjĂƚŝŽŶ ŽĨ ŝŶĐƌĞĂƐĞĚƐŚĂƌĞŚŽůĚĞƌǀĂůƵĞ͘

ϯϱ ŽŵƉĞŶƐĂƚŝŽŶŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ

KƵƌ ƉƌŝŶĐŝƉĂů ŵĞĂƐƵƌĞƐ ŽĨ ƐƵĐĐĞƐƐ ŝŶ ĂĐŚŝĞǀŝŶŐ ŽƵƌ ďƵƐŝŶĞƐƐ ŽďũĞĐƚŝǀĞƐ ĂƌĞ ƚŽƚĂů ƐŚĂƌĞŚŽůĚĞƌ ƌĞƚƵƌŶ͕ ŽƉĞƌĂƚŝŶŐ ĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ ŐƌŽǁƚŚ͕ ĂƐƐĞƚ ƋƵĂůŝƚLJ͕ĞĨĨŝĐŝĞŶĐLJ ƌĂƚŝŽ͕ ƌĞƚƵƌŶ ŽŶ ĂǀĞƌĂŐĞ ĞƋƵŝƚLJ͕ůŽĂŶ ŐƌŽǁƚŚ͕ ĚŝǀŝĚĞŶĚŐƌŽǁƚŚ͕ĚĞƉŽƐŝƚŐƌŽǁƚŚĂŶĚĨĞĞŝŶĐŽŵĞ͘tĞďĞůŝĞǀĞŽƵƌĞdžĞĐƵƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽŐƌĂŵ͛ƐŵŝdžŽĨ ďĂƐĞƐĂůĂƌLJ͕ĂŶŶƵĂůĂŶĚůŽŶŐͲƚĞƌŵŝŶĐĞŶƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶ͕ďĞŶĞĨŝƚƐĂŶĚƉĞƌƋƵŝƐŝƚĞƐĂƐĚĞƐĐƌŝďĞĚďĞůŽǁŝŶƚŚĞ ƐĞĐƚŝŽŶĞŶƚŝƚůĞĚ͞ʹŽŵƉĞŶƐĂƚŝŽŶWŽůŝĐLJ͟ŝƐƉƌŽƉĞƌůLJĂůŝŐŶĞĚǁŝƚŚƚŚĞƐĞŽďũĞĐƚŝǀĞƐ͘

/ŶϮϬϭϲ͕ƚŚĞdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞƌĞƚĂŝŶĞĚ&ƌĞĚĞƌŝĐt͘ŽŽŬΘŽ͘ƚŽ ĂƐƐŝƐƚŝŶĂƐƐĞƐƐŝŶŐƌŝƐŬƐǁŝƚŚŝŶĂŶĐŽƌƉ^ŽƵƚŚ͛ƐŝŶĐĞŶƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶƉůĂŶƐĂŶĚƉƌŽŐƌĂŵƐ͕ǁŚŝĐŚŝŶĐůƵĚĞĚƚŚĞ ŵĞŶĚĞĚĂŶĚZĞƐƚĂƚĞĚdžĞĐƵƚŝǀĞWĞƌĨŽƌŵĂŶĐĞ/ŶĐĞŶƚŝǀĞWůĂŶĂŶĚƚŚĞ>ŽŶŐͲdĞƌŵƋƵŝƚLJ/ŶĐĞŶƚŝǀĞWůĂŶŝŶǁŚŝĐŚ ŽƵƌEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐƉĂƌƚŝĐŝƉĂƚĞĂƐĚĞƐĐƌŝďĞĚďĞůŽǁ͘dŚĞƌĞƐƵůƚƐŽĨƚŚĞ/ŶĐĞŶƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶWůĂŶ ZŝƐŬƐƐĞƐƐŵĞŶƚǁĞƌĞĚĞůŝǀĞƌĞĚďLJ&ƌĞĚĞƌŝĐt͘ŽŽŬΘŽ͘ŝŶϮϬϭϳĂŶĚŝŶĚŝĐĂƚĞĚƚŚĂƚŽƵƌŝŶĐĞŶƚŝǀĞƉůĂŶƐĂƌĞ ǁĞůůĚĞƐŝŐŶĞĚĂŶĚĂƌĞŶŽƚƐƚƌƵĐƚƵƌĞĚŝŶĂǁĂLJƚŚĂƚĞŶĐŽƵƌĂŐĞƐƌŝƐŬLJďĞŚĂǀŝŽƌƐĂŶĚ͕ĨƌŽŵĂĐŽŵƉĞŶƐĂƚŝŽŶƌŝƐŬ ƉĞƌƐƉĞĐƚŝǀĞ͕ƚŚĂƚǁĞŚĂǀĞŶŽĐŽŵƉĞŶƐĂƚŝŽŶƉƌĂĐƚŝĐĞƐƚŚĂƚĂƌĞƌĞĂƐŽŶĂďůLJůŝŬĞůLJƚŽŚĂǀĞĂŵĂƚĞƌŝĂůĂĚǀĞƌƐĞĞĨĨĞĐƚ ŽŶĂŶĐŽƌƉ^ŽƵƚŚ͘tĞďĞůŝĞǀĞŽƵƌŝŶĐĞŶƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶƉůĂŶƐĂŶĚƉŽůŝĐŝĞƐŝŶĐůƵĚĞƚĞƌŵƐĚĞƐŝŐŶĞĚƚŽŵŝƚŝŐĂƚĞ ĂŶLJƉŽƚĞŶƚŝĂů ŵĂƚĞƌŝĂů ƌŝƐŬƐ ĐƌĞĂƚĞĚďLJƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞͲďĂƐĞĚ ŵĞƚƌŝĐƐƵƐĞĚŝŶƚŚĞŝŶĐĞŶƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶ ƉůĂŶƐ͖ĨŽƌĞdžĂŵƉůĞ͕ĂŶŶƵĂůĂŶĚůŽŶŐͲƚĞƌŵŝŶĐĞŶƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶŝƐƐƵďũĞĐƚƚŽƌĞĐŽǀĞƌLJďLJĂŶĐŽƌƉ^ŽƵƚŚƵŶĚĞƌ ŽƵƌdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶWŽůŝĐLJ͕ĂŶĚŽƵƌĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐŵƵƐƚŵĂŝŶƚĂŝŶŽǁŶĞƌƐŚŝƉŽĨƐŝŐŶŝĨŝĐĂŶƚĂŵŽƵŶƚƐ ŽĨĂŶĐŽƌƉ^ŽƵƚŚĐŽŵŵŽŶƐƚŽĐŬŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚŽƵƌ^ƚŽĐŬKǁŶĞƌƐŚŝƉ'ƵŝĚĞůŝŶĞƐ͘

&ŽƌϮϬϮϬ͕ƚŚĞdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞƌĞƚĂŝŶĞĚ&ƌĞĚĞƌŝĐt͘ŽŽŬΘŽ͘ƚŽ ƌĞǀŝĞǁĂŶĐŽƌƉ^ŽƵƚŚ͛ƐdžĞĐƵƚŝǀĞWĞƌĨŽƌŵĂŶĐĞ/ŶĐĞŶƚŝǀĞWůĂŶƚŽĂƐƐĞƐƐƚŚĞŽǀĞƌĂůůĐŽŵƉĞƚŝǀĞŶĞƐƐǁŝƚŚŵĂƌŬĞƚ ƉƌĂĐƚŝĐĞƐ͕ƚŚĞĂďŝůŝƚLJƚŽĂůŝŐŶĞdžĞĐƵƚŝǀĞƉĂLJǁŝƚŚĂŶĐŽƌƉ^ŽƵƚŚ͛ƐƉĞƌĨŽƌŵĂŶĐĞ͕ĂŶĚƚŽƌĞŝŶĨŽƌĐĞďƵƐŝŶĞƐƐƐƚƌĂƚĞŐLJ ƚŽĐƌĞĂƚĞǀĂůƵĞĨŽƌƐŚĂƌĞŚŽůĚĞƌƐ͘

/ŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞϮϬϭϳĂŶŶƵĂůŵĞĞƚŝŶŐŽĨƐŚĂƌĞŚŽůĚĞƌƐ͕ǁĞƐŽůŝĐŝƚĞĚ ĂŶ ĂĚǀŝƐŽƌLJ ǀŽƚĞ ďLJ ŽƵƌ ƐŚĂƌĞŚŽůĚĞƌƐŽŶƚŚĞĨƌĞƋƵĞŶĐLJǁŝƚŚǁŚŝĐŚƚŚĞĂĚǀŝƐŽƌLJǀŽƚĞŽŶEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌĐŽŵƉĞŶƐĂƚŝŽŶǁŽƵůĚ ďĞƐŽůŝĐŝƚĞĚ͕ĐŽŵŵŽŶůLJƌĞĨĞƌƌĞĚƚŽĂƐƚŚĞ͞^ĂLJͲtŚĞŶͲKŶͲWĂLJ͟ǀŽƚĞ͘ƐĂƌĞƐƵůƚŽĨƚŚĞ͞^ĂLJͲtŚĞŶͲKŶͲWĂLJ͟ǀŽƚĞ ƚĂŬĞŶŝŶϮϬϭϳ͕ƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĚĞƚĞƌŵŝŶĞĚƚŽŚŽůĚĂŶĂĚǀŝƐŽƌLJǀŽƚĞŽŶƚŚĞĐŽŵƉĞŶƐĂƚŝŽŶŽĨƚŚĞEĂŵĞĚ džĞĐƵƚŝǀĞKĨĨŝĐĞƌƐĞǀĞƌLJLJĞĂƌ͕ĐŽŵŵŽŶůLJƌĞĨĞƌƌĞĚƚŽĂƐƚŚĞ͞^ĂLJͲKŶͲWĂLJ͟ǀŽƚĞ͘

/ŶϮϬϭϵ͕ĂƉƉƌŽdžŝŵĂƚĞůLJϵϲ͘ϮϲйŽĨŽƵƌƐŚĂƌĞŚŽůĚĞƌƐǁŚŽĂƚƚĞŶĚĞĚƚŚĞĂŶŶƵĂůŵĞĞƚŝŶŐ;ŝŶƉĞƌƐŽŶŽƌďLJ ƉƌŽdžLJͿĂƉƉƌŽǀĞĚ͕ŽŶĂŶŽŶͲďŝŶĚŝŶŐ͕ĂĚǀŝƐŽƌLJďĂƐŝƐ͕ƚŚĞĐŽŵƉĞŶƐĂƚŝŽŶŽĨŽƵƌEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐ͘^ŝŶĐĞ ƚŚĞϮϬϭϵ͞^ĂLJͲKŶͲWĂLJ͟ǀŽƚĞ͕ƚŚĞdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞŚĂƐĐŽŶƚŝŶƵĞĚƚŽ ĂĚŚĞƌĞƚŽŝƚƐĐŽŵƉĞŶƐĂƚŝŽŶƉƌŝŶĐŝƉůĞƐĂŶĚƉŚŝůŽƐŽƉŚLJ͕ǁŚŝĐŚŚĂƐƌĞƐƵůƚĞĚŝŶƚŚĞĐŽŶƚŝŶƵĂƚŝŽŶŽĨĂŶĞdžĞĐƵƚŝǀĞ ĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽŐƌĂŵƚŚĂƚĐůŽƐĞůLJƚŝĞƐĐŽŵƉĞŶƐĂƚŝŽŶƚŽŽƵƌŽǀĞƌĂůůƉĞƌĨŽƌŵĂŶĐĞĂŶĚƚŚĞĞŶŚĂŶĐĞŵĞŶƚŽĨ ƐŚĂƌĞŚŽůĚĞƌǀĂůƵĞ͘

ϯϲ ŽŵƉĞŶƐĂƚŝŽŶŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ

ŽŵƉĞŶƐĂƚŝŽŶKǀĞƌǀŝĞǁ

dŚĞ džĞĐƵƚŝǀĞ ŽŵƉĞŶƐĂƚŝŽŶ ĂŶĚ ^ƚŽĐŬ /ŶĐĞŶƚŝǀĞ ŽŵŵŝƚƚĞĞ ĂĚŵŝŶŝƐƚĞƌƐ ŽƵƌ ĞdžĞĐƵƚŝǀĞ ĐŽŵƉĞŶƐĂƚŝŽŶ ƉƌŽŐƌĂŵ͘dŚĞdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞŝƐĐŽŵƉŽƐĞĚĞŶƚŝƌĞůLJŽĨĚŝƌĞĐƚŽƌƐǁŚŽ ĂƌĞŝŶĚĞƉĞŶĚĞŶƚƵŶĚĞƌƚŚĞůŝƐƚŝŶŐƐƚĂŶĚĂƌĚƐŽĨƚŚĞEz^͕ŽƵƌŝƌĞĐƚŽƌ/ŶĚĞƉĞŶĚĞŶĐĞ^ƚĂŶĚĂƌĚƐ͕ĂŶĚdžĐŚĂŶŐĞ ĐƚZƵůĞϭϲďͲϯ͘dŚĞŝƌĞĐƚŽƌ/ŶĚĞƉĞŶĚĞŶĐĞ^ƚĂŶĚĂƌĚƐĂƌĞĂǀĂŝůĂďůĞŽŶŽƵƌǁĞďƐŝƚĞĂƚǁǁǁ͘ďĂŶĐŽƌƉƐŽƵƚŚ͘ĐŽŵ ŽŶŽƵƌ/ŶǀĞƐƚŽƌZĞůĂƚŝŽŶƐǁĞďƉĂŐĞƵŶĚĞƌƚŚĞĐĂƉƚŝŽŶ͞ŽƌƉŽƌĂƚĞ/ŶĨŽƌŵĂƚŝŽŶʹ'ŽǀĞƌŶĂŶĐĞŽĐƵŵĞŶƚƐ͘͟dŚĞ ĐŚĂƌƚĞƌ ŽĨ ƚŚĞ džĞĐƵƚŝǀĞ ŽŵƉĞŶƐĂƚŝŽŶ ĂŶĚ ^ƚŽĐŬ /ŶĐĞŶƚŝǀĞ ŽŵŵŝƚƚĞĞ ŝƐ ĂǀĂŝůĂďůĞ ŽŶ ŽƵƌ ǁĞďƐŝƚĞ Ăƚ ǁǁǁ͘ďĂŶĐŽƌƉƐŽƵƚŚ͘ĐŽŵŽŶŽƵƌ/ŶǀĞƐƚŽƌZĞůĂƚŝŽŶƐǁĞďƉĂŐĞƵŶĚĞƌƚŚĞĐĂƉƚŝŽŶ͞ŽƌƉŽƌĂƚĞ/ŶĨŽƌŵĂƚŝŽŶʹŽĂƌĚ ŽŵŵŝƚƚĞĞƐ͘͟dŚĞĐŚĂƌƚĞƌŝƐƌĞǀŝĞǁĞĚĂŶŶƵĂůůLJďLJƚŚĞdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞ ĂŶĚǁĂƐŵŽƐƚƌĞĐĞŶƚůLJƌĞǀŝƐĞĚŝŶϮϬϭϵ͘

dŚĞdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞŐĞŶĞƌĂůůLJŵĞĞƚƐĨŽƵƌ;ϰͿƚŝŵĞƐĂLJĞĂƌĂŶĚ ŵŽƌĞŽĨƚĞŶŝĨŶĞĐĞƐƐĂƌLJ͘WƌŝŽƌƚŽĞĂĐŚƌĞŐƵůĂƌŵĞĞƚŝŶŐ͕ƚŚĞŽƌƉŽƌĂƚĞ^ĞĐƌĞƚĂƌLJƉƌŽǀŝĚĞƐŵĂƚĞƌŝĂůƐƚŽĞĂĐŚ ĐŽŵŵŝƚƚĞĞ ŵĞŵďĞƌ͕ ŝŶĐůƵĚŝŶŐ ŵŝŶƵƚĞƐ ŽĨ ƚŚĞ ƉƌĞǀŝŽƵƐ ŵĞĞƚŝŶŐ͕ ĂŶ ĂŐĞŶĚĂ͕ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ĨŽƌ ƚŚĞ ƵƉĐŽŵŝŶŐŵĞĞƚŝŶŐĂŶĚŽƚŚĞƌŵĂƚĞƌŝĂůƐƌĞůĞǀĂŶƚƚŽƚŚĞĂŐĞŶĚĂŝƚĞŵƐ͘,ŝƐƚŽƌŝĐĂůůLJ͕ƚŚĞŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌ ŚĂƐĂƚƚĞŶĚĞĚĐŽŵŵŝƚƚĞĞŵĞĞƚŝŶŐƐƚŽƉƌŽǀŝĚĞŝŶĨŽƌŵĂƚŝŽŶƚŽƚŚĞĐŽŵŵŝƚƚĞĞĐŽŶĐĞƌŶŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ ĞdžĞĐƵƚŝǀĞ ŽĨĨŝĐĞƌƐ͕ ĚŝƐĐƵƐƐ ƉĞƌĨŽƌŵĂŶĐĞ ŵĞĂƐƵƌĞƐ ƌĞůĂƚŝŶŐ ƚŽ ĞdžĞĐƵƚŝǀĞ ŽĨĨŝĐĞƌ ĐŽŵƉĞŶƐĂƚŝŽŶ ĂŶĚ ƚŽ ŵĂŬĞ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐƚŽƚŚĞĐŽŵŵŝƚƚĞĞĐŽŶĐĞƌŶŝŶŐƚŚĞĐŽŵƉĞŶƐĂƚŝŽŶŽĨĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐ͘dŚĞĐŽŵŵŝƚƚĞĞŚŽůĚƐ ĞdžĞĐƵƚŝǀĞ ƐĞƐƐŝŽŶƐ ĐŽŶƐŝƐƚŝŶŐŽŶůLJ ŽĨ ĐŽŵŵŝƚƚĞĞ ŵĞŵďĞƌƐ͘dŚĞ ŚŝĞĨ džĞĐƵƚŝǀĞ KĨĨŝĐĞƌĚŽĞƐ ŶŽƚ ĞŶŐĂŐĞ ŝŶ ĚŝƐĐƵƐƐŝŽŶƐǁŝƚŚƚŚĞĐŽŵŵŝƚƚĞĞƌĞŐĂƌĚŝŶŐŚŝƐŽǁŶĐŽŵƉĞŶƐĂƚŝŽŶ͕ĞdžĐĞƉƚƚŽƌĞƐƉŽŶĚƚŽƋƵĞƐƚŝŽŶƐƉŽƐĞĚďLJ ĐŽŵŵŝƚƚĞĞŵĞŵďĞƌƐŽƵƚƐŝĚĞŽĨĞdžĞĐƵƚŝǀĞƐĞƐƐŝŽŶĚĞůŝďĞƌĂƚŝŽŶƐ͘

dŚĞdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞĂŶŶƵĂůůLJƌĞǀŝĞǁƐĂŶĚĂƉƉƌŽǀĞƐŝŶĂĚǀĂŶĐĞƚŚĞ ĐŽŵƉĞŶƐĂƚŝŽŶƉĂŝĚƚŽĞĂĐŚŽĨŽƵƌEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐ͘/ŶƉĞƌĨŽƌŵŝŶŐŝƚƐĚƵƚŝĞƐ͕ĂŵŽŶŐŽƚŚĞƌƚŚŝŶŐƐ͕ƚŚĞ džĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞ͗

x ZĞǀŝĞǁƐĂŶĚĂƉƉƌŽǀĞƐĂŶŶƵĂůůLJƚŚĞĐŽƌƉŽƌĂƚĞŐŽĂůƐĂŶĚŽďũĞĐƚŝǀĞƐƌĞůĞǀĂŶƚƚŽƚŚĞĐŽŵƉĞŶƐĂƚŝŽŶŽĨ ƚŚĞŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌ͕ĞǀĂůƵĂƚĞƐĂƚůĞĂƐƚĂŶŶƵĂůůLJƚŚĞŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌ͛ƐƉĞƌĨŽƌŵĂŶĐĞŝŶ ůŝŐŚƚ ŽĨ ƚŚŽƐĞ ŐŽĂůƐ ĂŶĚ ŽďũĞĐƚŝǀĞƐ ĂŶĚ ĚĞƚĞƌŵŝŶĞƐ ĂŶĚ ĂƉƉƌŽǀĞƐ ƚŚĞ ŚŝĞĨ džĞĐƵƚŝǀĞ KĨĨŝĐĞƌ͛Ɛ ĐŽŵƉĞŶƐĂƚŝŽŶďĂƐĞĚŽŶƚŚŝƐĞǀĂůƵĂƚŝŽŶ͖

x /ŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞůŽŶŐͲƚĞƌŵŝŶĐĞŶƚŝǀĞĐŽŵƉŽŶĞŶƚŽĨƚŚĞŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌ͛ƐĐŽŵƉĞŶƐĂƚŝŽŶ͕ ĐŽŶƐŝĚĞƌƐ;ϭͿŽƵƌƉĞƌĨŽƌŵĂŶĐĞĂŶĚƌĞůĂƚŝǀĞƐŚĂƌĞŚŽůĚĞƌƌĞƚƵƌŶ͕;ϮͿƚŚĞƐĂůĂƌLJ͕ďŽŶƵƐĂŶĚǀĂůƵĞŽĨ ƐŝŵŝůĂƌ ŝŶĐĞŶƚŝǀĞ ĂǁĂƌĚƐ ƚŽ ĐŚŝĞĨ ĞdžĞĐƵƚŝǀĞ ŽĨĨŝĐĞƌƐ Ăƚ ĐŽŵƉĂƌĂďůĞ ĨŝŶĂŶĐŝĂů ĂŶĚ ďĂŶŬ ŚŽůĚŝŶŐ ĐŽŵƉĂŶŝĞƐ͕;ϯͿƚŚĞƐĂůĂƌLJ͕ĂŶŶƵĂůĂŶĚůŽŶŐͲƚĞƌŵĂǁĂƌĚƐŐŝǀĞŶƚŽƚŚĞŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌŝŶƉĂƐƚ LJĞĂƌƐ͕;ϰͿƚŚĞŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌ͛ƐƚŽƚĂůĐŽŵƉĞŶƐĂƚŝŽŶĂŶĚ;ϱͿƐƵĐŚŽƚŚĞƌĨĂĐƚŽƌƐĂƐŝƚŵĂLJĚĞĞŵ ƌĞůĞǀĂŶƚ͖

x ĞƚĞƌŵŝŶĞƐ ĂŶĚ ĂƉƉƌŽǀĞƐ ƚŚĞ ĨŽůůŽǁŝŶŐ ĂŶĚ͕ ǁŚĞƌĞ ĂƉƉƌŽƉƌŝĂƚĞ͕ ƌĞĐŽŵŵĞŶĚƐ ƚŽ ƚŚĞ ŽĂƌĚ ĨŽƌ ĂƉƉƌŽǀĂůĨŽƌŽƵƌŽƚŚĞƌĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐĂŶĚŚŝĞĨ&ŝŶĂŶĐŝĂůKĨĨŝĐĞƌ͗

ї ŶŶƵĂůďĂƐĞƐĂůĂƌLJůĞǀĞů;ƐͿ͖ ї ŶŶƵĂůŝŶĐĞŶƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶ͖ ї ǁĂƌĚƐƵŶĚĞƌůŽŶŐͲƚĞƌŵŝŶĐĞŶƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶƉůĂŶƐĂŶĚĞƋƵŝƚLJͲďĂƐĞĚƉůĂŶƐ͖

ϯϳ ŽŵƉĞŶƐĂƚŝŽŶŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ

ї WĞƌĨŽƌŵĂŶĐĞŐŽĂůƐƵƉŽŶǁŚŝĐŚŝŶĐĞŶƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶĂǁĂƌĚƐĂƌĞĐŽŶĚŝƚŝŽŶĞĚ͕ŝĨĂŶLJ͖ĂŶĚ ї ŵƉůŽLJŵĞŶƚĂŐƌĞĞŵĞŶƚƐ͕ƐĞǀĞƌĂŶĐĞĂƌƌĂŶŐĞŵĞŶƚƐĂŶĚĐŚĂŶŐĞͲŝŶͲĐŽŶƚƌŽůĂŐƌĞĞŵĞŶƚƐ͕ŝŶ ĞĂĐŚĐĂƐĞĂƐ͕ǁŚĞŶĂŶĚŝĨĂƉƉƌŽƉƌŝĂƚĞ͖

x ĞƚĞƌŵŝŶĞƐĂŶĚĂƉƉƌŽǀĞƐďĞŶĞĨŝƚƐĂŶĚƉĞƌƋƵŝƐŝƚĞƐƵŶĚĞƌĂŶLJƐƉĞĐŝĂůŽƌƐƵƉƉůĞŵĞŶƚĂůďĞŶĞĨŝƚƐ ƉůĂŶƐŽƌƉƌŽŐƌĂŵƐ͖

x ƚůĞĂƐƚĂŶŶƵĂůůLJĂŶĚŵŽƌĞŽĨƚĞŶĂƐĐŝƌĐƵŵƐƚĂŶĐĞƐĚŝĐƚĂƚĞ͕ƌĞƉŽƌƚƐŝƚƐĂĐƚŝŽŶƐƚŽƚŚĞŽĂƌĚ͖ĂŶĚ

x ŶŶƵĂůůLJƌĞǀŝĞǁƐĂŶĚƌĞͲĂƐƐĞƐƐĞƐƚŚĞĂĚĞƋƵĂĐLJŽĨƚŚĞdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞ ŽŵŵŝƚƚĞĞ͛ƐĐŚĂƌƚĞƌĂŶĚƌĞĐŽŵŵĞŶĚƐĂŶLJƉƌŽƉŽƐĞĚĐŚĂŶŐĞƐƚŽƚŚĞŽĂƌĚĨŽƌĂƉƉƌŽǀĂů͘

ŽŵƉĞŶƐĂƚŝŽŶWŽůŝĐLJ

KƵƌ ƉƌŝŶĐŝƉĂů ŵĞĂƐƵƌĞƐ ŽĨ ƐƵĐĐĞƐƐ ŝŶ ĂĐŚŝĞǀŝŶŐ ŽƵƌ ďƵƐŝŶĞƐƐ ŽďũĞĐƚŝǀĞƐ ĂƌĞ ƚŽƚĂů ƐŚĂƌĞŚŽůĚĞƌ ƌĞƚƵƌŶ͕ ŽƉĞƌĂƚŝŶŐĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞŐƌŽǁƚŚ͕ĂƐƐĞƚƋƵĂůŝƚLJ͕ĞĨĨŝĐŝĞŶĐLJƌĂƚŝŽ͕ƌĞƚƵƌŶŽŶĂǀĞƌĂŐĞĞƋƵŝƚLJ͕ůŽĂŶŐƌŽǁƚŚ͕ ĚŝǀŝĚĞŶĚŐƌŽǁƚŚ͕ĚĞƉŽƐŝƚŐƌŽǁƚŚĂŶĚĨĞĞŝŶĐŽŵĞ͘dŚĞǀĂƌŝĂďůĞ͕ƉĞƌĨŽƌŵĂŶĐĞͲďĂƐĞĚĞůĞŵĞŶƚƐŽĨŽƵƌĞdžĞĐƵƚŝǀĞ ĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽŐƌĂŵĂƌĞĚĞƐŝŐŶĞĚƚŽƌĞǁĂƌĚŽƵƌĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐďĂƐĞĚŽŶŽƵƌŽǀĞƌĂůůƉĞƌĨŽƌŵĂŶĐĞŝŶ ĂĐŚŝĞǀŝŶŐĚĞĨŝŶĞĚƉĞƌĨŽƌŵĂŶĐĞŐŽĂůƐƌĞůĂƚŝǀĞƚŽƚŚĞƐĞŵĞĂƐƵƌĞƐ͘

dŚƌŽƵŐŚŽƵƌĞdžĞĐƵƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽŐƌĂŵ͕ǁĞƐĞĞŬƚŽƉƌŽǀŝĚĞ͗

x ĂƐĞƐĂůĂƌŝĞƐĂƚůĞǀĞůƐƚŚĂƚǁŝůůĂƚƚƌĂĐƚ͕ŵŽƚŝǀĂƚĞĂŶĚƉĞƌŵŝƚƵƐƚŽƌĞƚĂŝŶƋƵĂůŝĨŝĞĚĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐ͖

x ŽŵƉĞŶƐĂƚŝŽŶƚŚĂƚĚŝĨĨĞƌĞŶƚŝĂƚĞƐƉĂLJŽŶƚŚĞďĂƐŝƐŽĨƉĞƌĨŽƌŵĂŶĐĞ͖

x /ŶĐĞŶƚŝǀĞ ĐŽŵƉĞŶƐĂƚŝŽŶ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ƚŚĂƚ ǁŝůů ŵŽƚŝǀĂƚĞ ĞdžĞĐƵƚŝǀĞ ŽĨĨŝĐĞƌƐ ƚŽ ĂĐŚŝĞǀĞ ďŽƚŚ ŽƵƌ ƐŚŽƌƚͲƚĞƌŵĂŶĚůŽŶŐͲƚĞƌŵďƵƐŝŶĞƐƐŽďũĞĐƚŝǀĞƐĂŶĚƚŚĂƚǁŝůůƉƌŽǀŝĚĞĐŽŵƉĞŶƐĂƚŝŽŶĐŽŵŵĞŶƐƵƌĂƚĞ ǁŝƚŚŽƵƌƉĞƌĨŽƌŵĂŶĐĞĂĐŚŝĞǀĞŵĞŶƚƐ͖

x dŽƚĂůĐŽŵƉĞŶƐĂƚŝŽŶƚŚĂƚŝƐĐŽŵƉĞƚŝƚŝǀĞǁŝƚŚƚŚĂƚŽĨĐŽŵƉĂƌĂďůĞĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶƐǁŝƚŚŝŶƚŚĞ ĐŽŶƚĞdžƚŽĨŽƵƌƉĞƌĨŽƌŵĂŶĐĞ͖ĂŶĚ

x WƌŽƚĞĐƚŝŽŶŽĨƐŚĂƌĞŚŽůĚĞƌŝŶƚĞƌĞƐƚƐďLJƌĞƋƵŝƌŝŶŐĂĐŚŝĞǀĞŵĞŶƚŽĨƐƵĐĐĞƐƐĨƵůƌĞƐƵůƚƐĂƐĂĐŽŶĚŝƚŝŽŶƚŽ ĞĂƌŶŝŶŐĂďŽǀĞͲĂǀĞƌĂŐĞĐŽŵƉĞŶƐĂƚŝŽŶ͘

KƵƌĞdžĞĐƵƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽŐƌĂŵĐŽŶƐŝƐƚƐŽĨƚŚĞĨŽůůŽǁŝŶŐƉƌŝŵĂƌLJĞůĞŵĞŶƚƐ͗

x ĂƐĞƐĂůĂƌLJŝƐŝŶƚĞŶĚĞĚƚŽƉƌŽǀŝĚĞĂĨŽƵŶĚĂƚŝŽŶĞůĞŵĞŶƚŽĨĐŽŵƉĞŶƐĂƚŝŽŶƚŚĂƚŝƐƌĞůĂƚŝǀĞůLJƐĞĐƵƌĞ ĂŶĚƚŚĂƚƌĞĨůĞĐƚƐƚŚĞƐŬŝůůƐĂŶĚĞdžƉĞƌŝĞŶĐĞƚŚĂƚĂŶĞdžĞĐƵƚŝǀĞďƌŝŶŐƐƚŽƵƐ͖ǁĞƐĞĞŬƚŽƉĂLJďĂƐĞƐĂůĂƌŝĞƐ ƚŚĂƚĂƌĞĐŽŵƉĞƚŝƚŝǀĞǁŝƚŚƚŚŽƐĞƉĂŝĚƚŽĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐŝŶĐŽŵƉĂƌĂďůĞƉŽƐŝƚŝŽŶƐĂƚĐŽŵƉĂƌĂďůĞ ĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶƐ͖

x ĂƐŚďŽŶƵƐĞƐƚŚĂƚĂƌĞƉĂŝĚŝŶƚŚĞĚŝƐĐƌĞƚŝŽŶŽĨƚŚĞdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞ ŽŵŵŝƚƚĞĞƚŽƌĞǁĂƌĚĞdžĐĞƉƚŝŽŶĂůƉĞƌĨŽƌŵĂŶĐĞƚŚĂƚďƌŽƵŐŚƚŵĂƚĞƌŝĂůǀĂůƵĞƚŽƵƐ͖

ϯϴ ŽŵƉĞŶƐĂƚŝŽŶŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ

x ŶŶƵĂůŶŽŶͲĞƋƵŝƚLJŝŶĐĞŶƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶŝƐĂǀĂƌŝĂďůĞ͕ŶŽŶͲĞƋƵŝƚLJĞůĞŵĞŶƚƚŚĂƚŝƐďĂƐĞĚŽŶƚŚĞ ĂĐŚŝĞǀĞŵĞŶƚŽĨĚĞĨŝŶĞĚŐŽĂůƐĨŽƌĂŐŝǀĞŶĨŝƐĐĂůLJĞĂƌƚŚĂƚĂƌĞƚŝĞĚƚŽŽƵƌŽǀĞƌĂůůƉĞƌĨŽƌŵĂŶĐĞ͖

x >ŽŶŐͲƚĞƌŵĞƋƵŝƚLJŝŶĐĞŶƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶŝƐĂǀĂƌŝĂďůĞ͕ĞƋƵŝƚLJĞůĞŵĞŶƚƚŚĂƚƉƌŽǀŝĚĞƐĂŶĞŵƉŚĂƐŝƐ ŽŶůŽŶŐͲƚĞƌŵƉĞƌĨŽƌŵĂŶĐĞŐŽĂůƐ͕ƐƚŽĐŬƉƌŝĐĞƉĞƌĨŽƌŵĂŶĐĞ͕ŽŶŐŽŝŶŐŝŵƉƌŽǀĞŵĞŶƚĂŶĚĐŽŶƚŝŶƵŝƚLJŽĨ ƉĞƌĨŽƌŵĂŶĐĞ͖

x ŵƉůŽLJĞĞďĞŶĞĨŝƚƐĂƌĞŝŶƚĞŶĚĞĚƚŽƉƌŽǀŝĚĞƌĞĂƐŽŶĂďůĞůĞǀĞůƐŽĨƐĞĐƵƌŝƚLJǁŝƚŚƌĞƐƉĞĐƚƚŽƌĞƚŝƌĞŵĞŶƚ͕ ŵĞĚŝĐĂů͕ĚĞĂƚŚĂŶĚĚŝƐĂďŝůŝƚLJƉƌŽƚĞĐƚŝŽŶĂŶĚƉĂŝĚƚŝŵĞŽĨĨ͖ĂŶĚ

x ĞƌƚĂŝŶƉĞƌƋƵŝƐŝƚĞƐĂƌĞƵƐĞĚƚŽƐƵƉƉůĞŵĞŶƚƚŚĞŽƚŚĞƌĞůĞŵĞŶƚƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶ͕ĨĂĐŝůŝƚĂƚŝŶŐƚŚĞ ĂƚƚƌĂĐƚŝŽŶ͕ŵŽƚŝǀĂƚŝŽŶĂŶĚƌĞƚĞŶƚŝŽŶŽĨĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐŽĨƚŚĞĐĂůŝďĞƌǁĞďĞůŝĞǀĞŶĞĐĞƐƐĂƌLJƚŽ ƌĞŵĂŝŶĐŽŵƉĞƚŝƚŝǀĞ͘

dŚĞdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞƵƐĞƐƚŚĞǀĂƌŝĂďůĞĐŽŵƉĞŶƐĂƚŝŽŶĞůĞŵĞŶƚƐŽĨ ŽƵƌ ĞdžĞĐƵƚŝǀĞ ĐŽŵƉĞŶƐĂƚŝŽŶ ƉƌŽŐƌĂŵ ;ŝ͘Ğ͕͘ ĂŶŶƵĂů ŝŶĐĞŶƚŝǀĞ ĐŽŵƉĞŶƐĂƚŝŽŶĂŶĚůŽŶŐͲƚĞƌŵŝŶĐĞŶƚŝǀĞ ĐŽŵƉĞŶƐĂƚŝŽŶͿĂƐŝŶĐĞŶƚŝǀĞƐƚŚĂƚĂƌĞďĂƐĞĚŽŶŽƵƌƉĞƌĨŽƌŵĂŶĐĞ͘tŚŝůĞŝŶĐƌĞĂƐĞƐƚŽĂŶŶƵĂůďĂƐĞƐĂůĂƌŝĞƐĂůƐŽ ƚĂŬĞŝŶĚŝǀŝĚƵĂůĂŶĚŽƵƌŽǀĞƌĂůůƉĞƌĨŽƌŵĂŶĐĞŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ƚŚĞLJĂƌĞŶŽƚƉƌĞĚŝĐĂƚĞĚƐŽůĞůLJŽŶƉĞƌĨŽƌŵĂŶĐĞ ĂĐŚŝĞǀĞŵĞŶƚƐĂŶĚĂƌĞŶŽƚƐƵďũĞĐƚƚŽƚŚĞƐĂŵĞĚĞŐƌĞĞŽĨǀĂƌŝĂďŝůŝƚLJĂƐƚŚĞƉĞƌĨŽƌŵĂŶĐĞͲďĂƐĞĚŝŶĐĞŶƚŝǀĞƐ͘dŚĞ ǀĂƌŝĂďůĞĞůĞŵĞŶƚƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶĂƌĞŝŶƚĞŶĚĞĚƚŽĂůŝŐŶƚŚĞŝŶƚĞƌĞƐƚƐŽĨŽƵƌEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐǁŝƚŚ ƐŚĂƌĞŚŽůĚĞƌŝŶƚĞƌĞƐƚƐďLJĨŽĐƵƐŝŶŐĞdžĞĐƵƚŝǀĞƐ͛ĂƚƚĞŶƚŝŽŶŽŶŬĞLJŵĞĂƐƵƌĞƐŽĨƉĞƌĨŽƌŵĂŶĐĞƚŚĂƚǁĞďĞůŝĞǀĞĞŝƚŚĞƌ ĚƌŝǀĞƐŚĂƌĞŚŽůĚĞƌƌĞƚƵƌŶŽƌĚŝƌĞĐƚůLJƌĞĨůĞĐƚŽƵƌƐƚŽĐŬƉƌŝĐĞƉĞƌĨŽƌŵĂŶĐĞ͘

dŚĞĂůůŽĐĂƚŝŽŶŽĨĐŽŵƉĞŶƐĂƚŝŽŶĂĐƌŽƐƐĞĂĐŚŽĨƚŚĞĞůĞŵĞŶƚƐŽĨŽƵƌĞdžĞĐƵƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽŐƌĂŵŝƐ ďĂƐĞĚŽŶƚŚĞĨŽůůŽǁŝŶŐĐŽŶƐŝĚĞƌĂƚŝŽŶƐ͗

x dŚĞ ŶĞĞĚ ƚŽ ƉƌŽǀŝĚĞ Ă ůĞǀĞů ŽĨ ďĂƐŝĐ ĐŽŵƉĞŶƐĂƚŝŽŶ ;Ğ͘Ő͕͘ ďĂƐĞ ƐĂůĂƌLJ ĂŶĚ ĞŵƉůŽLJĞĞ ďĞŶĞĨŝƚƐͿ ŶĞĐĞƐƐĂƌLJƚŽĞŶĂďůĞƵƐƚŽĂƚƚƌĂĐƚĂŶĚƌĞƚĂŝŶŚŝŐŚͲƋƵĂůŝƚLJĞdžĞĐƵƚŝǀĞƐ͕ƌĞŐĂƌĚůĞƐƐŽĨĞdžƚĞƌŶĂůďƵƐŝŶĞƐƐ ĐŽŶĚŝƚŝŽŶƐ͖

x dŚĞŐŽĂůŽĨƉƌŽǀŝĚŝŶŐĂƐƵďƐƚĂŶƚŝĂůŶƵŵďĞƌŽĨĐŽŵƉĞŶƐĂƚŝŽŶŽƉƉŽƌƚƵŶŝƚŝĞƐƚŚƌŽƵŐŚƉĞƌĨŽƌŵĂŶĐĞͲ ďĂƐĞĚ͕ǀĂƌŝĂďůĞͲĐŽŵƉĞŶƐĂƚŝŽŶǀĞŚŝĐůĞƐ͖

x dŚĞŐŽĂůŽĨƌĞĨůĞĐƚŝŶŐƌĞĂƐŽŶĂďůĞĐŽŵƉĞŶƐĂƚŝŽŶƉƌĂĐƚŝĐĞƐŽĨĐŽŵƉĂƌĂďůĞĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶƐǁŝƚŚŝŶ ƚŚĞĐŽŶƚĞdžƚŽĨŽƵƌƉĞƌĨŽƌŵĂŶĐĞĂĐŚŝĞǀĞŵĞŶƚƐ͖ĂŶĚ

x dŚĞĚĞƐŝƌĞƚŽĂůŝŐŶŽƵƌĞdžĞĐƵƚŝǀĞƐ͛ĂŶĚŽƵƌƐŚĂƌĞŚŽůĚĞƌƐ͛ŝŶƚĞƌĞƐƚƐƚŚƌŽƵŐŚƚŚĞƵƐĞŽĨĞƋƵŝƚLJͲďĂƐĞĚ ĐŽŵƉĞŶƐĂƚŝŽŶǀĞŚŝĐůĞƐƚŚĂƚĂƌĞƚŝĞĚƚŽŽƵƌƉĞƌĨŽƌŵĂŶĐĞ͘

dŚĞ džĞĐƵƚŝǀĞ ŽŵƉĞŶƐĂƚŝŽŶ ĂŶĚ ^ƚŽĐŬ /ŶĐĞŶƚŝǀĞ ŽŵŵŝƚƚĞĞ ĚŽĞƐ ŶŽƚ͕ ŚŽǁĞǀĞƌ͕ ƚĂƌŐĞƚ Ă ƐƉĞĐŝĨŝĐ ƉĞƌĐĞŶƚĂŐĞŽĨƚŽƚĂůĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌďĂƐĞƐĂůĂƌLJ͕ĐĂƐŚďŽŶƵƐĞƐ͕ĂŶŶƵĂůŝŶĐĞŶƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶ͕ůŽŶŐͲƚĞƌŵ ŝŶĐĞŶƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶ͕ďĞŶĞĨŝƚƐŽƌƉĞƌƋƵŝƐŝƚĞƐƵŶĚĞƌŽƵƌĞdžĞĐƵƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽŐƌĂŵ͘

ϯϵ ŽŵƉĞŶƐĂƚŝŽŶŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ

dŚĞ ĨŽůůŽǁŝŶŐ ƚĂďůĞ ƌĞĨůĞĐƚƐ ƚŚĞ ƉĞƌĐĞŶƚĂŐĞŽĨƚŽƚĂů ĐŽŵƉĞŶƐĂƚŝŽŶ ƚŚĂƚĞĂĐŚĞůĞŵĞŶƚŽĨĐŽŵƉĞŶƐĂƚŝŽŶ ƌĞƉƌĞƐĞŶƚƐ͕ĂƐƐĞƚĨŽƌƚŚďĞůŽǁŝŶƚŚĞƐĞĐƚŝŽŶĞŶƚŝƚůĞĚ͞yhd/sKDWE^d/KEʹ^ƵŵŵĂƌLJŽŵƉĞŶƐĂƚŝŽŶ dĂďůĞ͕͟ĨŽƌĞĂĐŚŽĨƚŚĞEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐĨŽƌϮϬϭϵ͗

EŽŶͲƋƵŝƚLJ ŚĂŶŐĞŝŶWĞŶƐŝŽŶsĂůƵĞĂŶĚ /ŶĐĞŶƚŝǀĞWůĂŶ ^ƚŽĐŬ EŽŶƋƵĂůŝĨŝĞĚĞĨĞƌƌĞĚ ůůKƚŚĞƌ EĂŵĞ ^ĂůĂƌLJ ŽŵƉĞŶƐĂƚŝŽŶ ǁĂƌĚƐ ŽŵƉĞŶƐĂƚŝŽŶĂƌŶŝŶŐƐ ŽŵƉĞŶƐĂƚŝŽŶ dŽƚĂů :ĂŵĞƐ͘ZŽůůŝŶƐ/// Ϯϭй ϯϬй ϯϲй ϵй ϰй ϭϬϬй ŚƌŝƐ͘ĂŐůĞLJ Ϯϲй Ϯϴй ϯϮй ϭϬй ϰй ϭϬϬй :ŽŚŶ'͘ŽƉĞůĂŶĚ ϯϭй ϯϱй Ϯϴй ϭй ϱй ϭϬϬй ŚĂƌůĞƐ:͘WŝŐŶƵŽůŽ ϯϳй Ϯϳй Ϯϯй ϴй ϱй ϭϬϬй :ĞĨĨƌĞLJt͘:ĂŐŐĞƌƐ Ϯϵй Ϯϭй ϭϵй Ϯϳй ϰй ϭϬϬй

džĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶWŽůŝĐLJ

dŚĞŽŵƉĂŶLJ͛ƐdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶWŽůŝĐLJƐĞƚƐĨŽƌƚŚƚŚĞĐŽŶĚŝƚŝŽŶƐƵŶĚĞƌǁŚŝĐŚǁĞŵĂLJƌĞĐŽǀĞƌĞdžĐĞƐƐ ŝŶĐĞŶƚŝǀĞͲďĂƐĞĚĐŽŵƉĞŶƐĂƚŝŽŶƉĂŝĚŽƌĂǁĂƌĚĞĚƚŽŽƌƌĞĐĞŝǀĞĚďLJĂŶLJŽĨŽƵƌĐƵƌƌĞŶƚŽƌĨŽƌŵĞƌĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐ͘ /ŶƚŚĞĞǀĞŶƚǁĞĂƌĞƌĞƋƵŝƌĞĚƚŽƉƌĞƉĂƌĞĂŶĂĐĐŽƵŶƚŝŶŐƌĞƐƚĂƚĞŵĞŶƚŽĨŽƵƌĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƐĂƌĞƐƵůƚŽĨŽƵƌ ŵĂƚĞƌŝĂůŶŽŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĂŶLJĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐƌĞƋƵŝƌĞŵĞŶƚƵŶĚĞƌĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůƐĞĐƵƌŝƚŝĞƐůĂǁƐ͕ǁĞ ǁŝůůƌĞĐŽǀĞƌĨƌŽŵĞĂĐŚĨŽƌŵĞƌŽƌĐƵƌƌĞŶƚĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌĂŶLJĞdžĐĞƐƐŝŶĐĞŶƚŝǀĞͲďĂƐĞĚĐŽŵƉĞŶƐĂƚŝŽŶƉĂŝĚŽƌ ĂǁĂƌĚĞĚƚŽŽƌƌĞĐĞŝǀĞĚďLJƐƵĐŚĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌĚƵƌŝŶŐƚŚĞƚŚƌĞĞͲLJĞĂƌƉĞƌŝŽĚƉƌĞĐĞĚŝŶŐƚŚĞĚĂƚĞŽĨĨŝůŝŶŐǁŝƚŚ ƚŚĞ&/ŽĨƚŚĞůĂƚĞƐƚĚŽĐƵŵĞŶƚĐŽŶƚĂŝŶŝŶŐŵĂƚĞƌŝĂůůLJŶŽŶĐŽŵƉůŝĂŶƚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƚŚĂƚĂƌĞƐƵďũĞĐƚƚŽƚŚĞ ƌĞƐƚĂƚĞŵĞŶƚ͘dŚĞĂŵŽƵŶƚŽĨĂŶLJƐƵĐŚƌĞĐŽǀĞƌLJǁŝůůďĞĞƋƵĂůƚŽƚŚĞĂŵŽƵŶƚŽĨĐŽŵƉĞŶƐĂƚŝŽŶƚŚĂƚŝƐŝŶĞdžĐĞƐƐŽĨ ƚŚĞĂŵŽƵŶƚƚŚĂƚǁŽƵůĚŚĂǀĞďĞĞŶƉĂŝĚŽƌĂǁĂƌĚĞĚƚŽƐƵĐŚĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌďĂƐĞĚŽŶƚŚĞƌĞƐƚĂƚĞĚĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘

^ƚŽĐŬKǁŶĞƌƐŚŝƉ'ƵŝĚĞůŝŶĞƐ

tĞŚĂǀĞƐŝŐŶŝĨŝĐĂŶƚ^ƚŽĐŬKǁŶĞƌƐŚŝƉ'ƵŝĚĞůŝŶĞƐƚŚĂƚŐĞŶĞƌĂůůLJƌĞƋƵŝƌĞŽƵƌĚŝƌĞĐƚŽƌƐ͕ƚŚĞŚŝĞĨdžĞĐƵƚŝǀĞ KĨĨŝĐĞƌ͕ĂŶĚĂŶLJĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƚŚĂƚŚĂƐďĞĞŶĂEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌĚƵƌŝŶŐĂŶLJŽĨƚŚĞƉƌŝŽƌƚŚƌĞĞLJĞĂƌƐ ƚŽďĞŶĞĨŝĐŝĂůůLJŽǁŶĂŵŝŶŝŵƵŵŶƵŵďĞƌŽĨƐŚĂƌĞƐŽĨŽƵƌĐŽŵŵŽŶƐƚŽĐŬ͘dŚĞ^ƚŽĐŬKǁŶĞƌƐŚŝƉ'ƵŝĚĞůŝŶĞƐĚŽŶŽƚ ĂƉƉůLJ͕ŚŽǁĞǀĞƌ͕ƚŽĂŽǀĞƌĞĚWĂƌƚŝĐŝƉĂŶƚĂĨƚĞƌƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨŚŝƐŽƌŚĞƌƌĞƚŝƌĞŵĞŶƚŽƌƌĞƐŝŐŶĂƚŝŽŶĨƌŽŵ ƚŚĞ ŽŵƉĂŶLJ͘ &Žƌ ŵŽƌĞ ŝŶĨŽƌŵĂƚŝŽŶ͕ ƐĞĞ ƚŚĞ ƐĞĐƚŝŽŶ ĂďŽǀĞ ĞŶƚŝƚůĞĚ ͞KZWKZd 'KsZEE ʹ ^ƚŽĐŬ KǁŶĞƌƐŚŝƉ'ƵŝĚĞůŝŶĞƐ͘͟

/ŶƐŝĚĞƌdƌĂĚŝŶŐWŽůŝĐLJZĞƐƚƌŝĐƚŝŽŶƐ

KƵƌ/ŶƐŝĚĞƌdƌĂĚŝŶŐWŽůŝĐLJƉƌŽŚŝďŝƚƐĚŝƌĞĐƚŽƌƐ͕ŽĨĨŝĐĞƌƐĂŶĚŽƚŚĞƌĞŵƉůŽLJĞĞƐĨƌŽŵĞŶŐĂŐŝŶŐŝŶƐŚŽƌƚƐĂůĞƐĂŶĚ ĨƌŽŵŚĞĚŐŝŶŐƚŚĞĞĐŽŶŽŵŝĐƌŝƐŬŽĨŽǁŶĞƌƐŚŝƉŽĨĂŶLJƐŚĂƌĞƐŽĨŽƵƌƐĞĐƵƌŝƚŝĞƐƚŚĂƚƚŚĞLJŽǁŶ͘

ϰϬ Compensation Discussion and Analysis

Compensation Process

The Executive Compensation and Stock Incentive Committee reviews the compensation of the Chief Executive Officer and our other Named Executive Officers relative to the compensation paid to similarly situated executives at financial institutions that we determine to be peer companies. The committee does not benchmark the compensation of the Named Executive Officers to a certain percentage or range of compensation within our peer group but rather believes that the compensation paid to similarly situated executives should be a point of reference for measurement and not the determinative factor for our Named Executive Officers’ compensation. Because this peer group analysis is just one of the analytical tools used in setting the compensation of our Named Executive Officers, the committee has discretion in determining the nature and extent of its use. In addition, given the limitations associated with comparative pay information for setting individual executive compensation, including the difficulty of assessing and comparing wealth accumulation through equity gains and post-employment amounts, the committee may elect to not use the peer group analysis at all in the course of making compensation decisions.

For 2019, the Executive Compensation and Stock Incentive Committee reviewed publicly available compensation information that is furnished to the public by reporting companies that were deemed to be in our peer group. The peer group generally consists of firms that, based on total assets, are between approximately 50% and 200% of our size and have no less than 75 branches. In determining the peer group, the Executive Compensation and Stock Incentive Committee’s analysis included the following:

 Evaluating the correlation between the executive compensation, which included the aggregate compensation of the three highest paid executives, and various performance metrics;

 Selecting Book Value and Return on Average Assets as the performance metric methods for measuring executive compensation;

 Each Named Executive Officer’s position from both a “pay rank” perspective (e.g., highest paid, second-highest paid, third-highest paid, etc.) and a “position match” perspective (e.g., Chief Executive Officer for Mr. Rollins);

 Base salary, annual cash incentive award, total cash compensation (base salary plus annual cash incentive award), long-term incentive opportunity and total direct compensation (base salary plus annual cash incentive award and long-term incentive opportunity), including peer average and median levels in each component of compensation;

 Our percentile ranking versus the peer group for each pay element; and

 For each position, the amount we provide to each Named Executive Officer above or below the peer group median.

In addition to this information, the Executive Compensation and Stock Incentive Committee considered the performance of our competitors and general economic and market conditions. In reviewing the 2019 compensation of our Named Executive Officers, the committee reviewed all components of their respective compensation, including base salary, cash bonus payments, annual non-equity incentive compensation and

41 Compensation Discussion and Analysis long-term equity incentive compensation. In addition, the committee reviewed each Named Executive Officer’s compensation history and comparative performance information.

The Executive Compensation and Stock Incentive Committee believes that the overall compensation for our Named Executive Officers is competitive with our peer group and is commensurate with the responsibilities assigned to their respective positions. The differences in the compensation paid to each of our Named Executive Officers in relation to one another is a reflection of differences in the level and scope of responsibility of their respective positions and the market’s pattern of providing progressive award opportunities at higher levels. The 2019 peer group consisted of BOK Financial Corporation, Cullen/Frost Bankers, Inc., IBERIABANK Corporation, Hancock Whitney Corporation, Commerce Bancshares, Inc., TCF Financial Corporation, Pinnacle Financial Partners, Inc., Prosperity Bancshares, Inc., Bank OZK, UMB Financial Corporation, Fulton Financial Corporation, United Bankshares, Inc., Old National Bancorp, Simmons First National Corporation, Washington Federal Inc., Home BancShares, Inc., Trustmark Corporation, International Bancshares Corporation, CenterState Bank Corporation and Renasant Corporation.

Components of Compensation

In determining executive compensation, the Executive Compensation and Stock Incentive Committee focuses both on the mix of individual components that make up each executive’s total compensation as well as the amount of total compensation itself. Each of the components of compensation is discussed in more detail below.

Base Salary

The Executive Compensation and Stock Incentive Committee views base salary as one element of overall compensation that is designed to reward competence in the executive role and not a principal means to provide incentive to our executive officers. Base salary is intended to provide a foundation element of compensation that is relatively secure and that reflects the skills and experience that an executive brings to us. We seek to pay base salaries that are competitive with those paid to executive officers in comparable positions at comparable financial institutions. Additionally, we believe base salary ranges should reflect the relative internal responsibilities of each executive’s position, with an executive’s salary within a salary range being based upon his or her individual performance.

For 2019, the Executive Compensation and Stock Incentive Committee endeavored to understand competitive pay and compensation opportunities for similarly situated executive officers of comparable financial institutions and to provide reasonably competitive compensation within the context of our achievements. The committee reviewed the base salaries of our executive officers based on the following considerations:

 Our salary budget for the applicable fiscal year, which includes the salary of all our employees;

 The executive officer’s pattern of achievement with respect to the budget and business plan performance in his or her area(s) of responsibility and overall managerial effectiveness with respect to planning, personnel development, communications, regulatory compliance and similar matters;

42 Compensation Discussion and Analysis

 Assessment of the competitiveness of the executive’s salary as compared to competitive market data (using base salaries for comparable positions at comparable financial institutions as a reference, described above in the section entitled “- Compensation Process”); in its review of market data, the committee found that, while there were some variances of our executives’ salaries from salaries for comparable positions, the variances were deemed appropriate and the salaries of our executives on the whole reasonably approximated the salaries at comparable financial institutions;

 The current level of the executive officer’s base salary in relation to market competitive salary levels;

 Marketplace trends in salary increases (both geographical and by industry); and

 Consideration of our overall performance and aggregate cost affordability, retention risks, fairness in view of our overall salary increases and the executive officer’s potential for future contributions to the organization.

As a result of considering these factors, the Executive Compensation and Stock Incentive Committee increased the base salary of each of the Named Executive Officers for 2019 as set forth in the table below. For more information, see the section below entitled “EXECUTIVE COMPENSATION – Summary Compensation Table.”

Percent Increase from 2018 Name 2019 Base Salary Base Salary James D. Rollins III $940,000 2.6% Chris A. Bagley $550,000 2.6% John G. Copeland $415,000 5.1% Charles J. Pignuolo $415,000 2.5% Jeffrey W. Jaggers $375,000 7.1%

In January 2020, the Executive Compensation and Stock Incentive Committee determined the base salary for the executive officers for 2020 based on the same methodology described above. As a result, the base salaries for the Named Executive Officers effective as of January 1, 2020 are as follows:

Percent Increase from 2019 Name 2020 Base Salary Base Salary James D. Rollins III $975,000 3.70% Chris A. Bagley $565,000 2.70% John G. Copeland $440,000 6.00% Charles J. Pignuolo $425,000 2.40% Jeffrey W. Jaggers $400,000 6.70%

43 ŽŵƉĞŶƐĂƚŝŽŶŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ

ŶŶƵĂůEŽŶͲƋƵŝƚLJ/ŶĐĞŶƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶ

ŶŶƵĂů ŶŽŶͲĞƋƵŝƚLJ ŝŶĐĞŶƚŝǀĞ ĐŽŵƉĞŶƐĂƚŝŽŶ ŝƐ Ă ĐŽŵƉŽŶĞŶƚ ŽĨ ŽƵƌ ĞdžĞĐƵƚŝǀĞ ĐŽŵƉĞŶƐĂƚŝŽŶ ƉƌŽŐƌĂŵ ĚĞƐŝŐŶĞĚƚŽƌĞǁĂƌĚƉĞƌĨŽƌŵĂŶĐĞŝŶĞdžĞĐƵƚŝǀĞƌŽůĞƐ͘/ƚŝƐĂǀĂƌŝĂďůĞ͕ŶŽŶͲĞƋƵŝƚLJĞůĞŵĞŶƚƚŚĂƚŝƐďĂƐĞĚŽŶƚŚĞ ĂĐŚŝĞǀĞŵĞŶƚŽĨĚĞĨŝŶĞĚŐŽĂůƐĨŽƌĂŐŝǀĞŶĨŝƐĐĂůLJĞĂƌƚŚĂƚĂƌĞƚŝĞĚƚŽŽƵƌŽǀĞƌĂůůƉĞƌĨŽƌŵĂŶĐĞ͘dŚŝƐĐŽŵƉŽŶĞŶƚ ŽĨŽǀĞƌĂůůĐŽŵƉĞŶƐĂƚŝŽŶĨƵƌƚŚĞƌƐŽƵƌŽďũĞĐƚŝǀĞƐƚŽƉƌŽǀŝĚĞĐŽŵƉĞŶƐĂƚŝŽŶƚŚĂƚĚŝĨĨĞƌĞŶƚŝĂƚĞƐƉĂLJŽŶƚŚĞďĂƐŝƐ ŽĨ ƉĞƌĨŽƌŵĂŶĐĞ͕ ƉƌŽǀŝĚĞ ĐŽŵƉĞŶƐĂƚŝŽŶ ĐŽŵŵĞŶƐƵƌĂƚĞ ǁŝƚŚ ŽƵƌ ƉĞƌĨŽƌŵĂŶĐĞ ĂĐŚŝĞǀĞŵĞŶƚƐ ĂŶĚ ƉƌŽƚĞĐƚ ƐŚĂƌĞŚŽůĚĞƌŝŶƚĞƌĞƐƚƐďLJƌĞƋƵŝƌŝŶŐĂĐŚŝĞǀĞŵĞŶƚŽĨƐƵĐĐĞƐƐĨƵůƌĞƐƵůƚƐĂƐĂĐŽŶĚŝƚŝŽŶƚŽĞĂƌŶŝŶŐĂďŽǀĞͲĂǀĞƌĂŐĞ ĐŽŵƉĞŶƐĂƚŝŽŶ͘ tĞ ďĞůŝĞǀĞ ĂŶŶƵĂů ŶŽŶͲĞƋƵŝƚLJ ŝŶĐĞŶƚŝǀĞ ĐŽŵƉĞŶƐĂƚŝŽŶ ƐŚŽƵůĚ ƌĞĨůĞĐƚ ƚŚĞ ĐŽŵƉĞƚŝƚŝǀĞ ĞŵƉůŽLJŵĞŶƚŵĂƌŬĞƚĂŶĚƚŚĞƌĞůĂƚŝǀĞŝŶƚĞƌŶĂůƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŽĨĞĂĐŚĞdžĞĐƵƚŝǀĞ͛ƐƉŽƐŝƚŝŽŶĂŶĚƐŚŽƵůĚƉƌŽǀŝĚĞ ŵĞĂŶŝŶŐĨƵůĐŽŵƉĞŶƐĂƚŝŽŶŽƉƉŽƌƚƵŶŝƚŝĞƐŝŶƌĞůĂƚŝŽŶƚŽŽƵƌĂĐŚŝĞǀĞŵĞŶƚŽĨŬĞLJĂŶŶƵĂůƉĞƌĨŽƌŵĂŶĐĞŐŽĂůƐ͘tĞ ďĞůŝĞǀĞƐƵĐŚĐŽŵƉĞŶƐĂƚŝŽŶŽƉƉŽƌƚƵŶŝƚŝĞƐŵŽƚŝǀĂƚĞĞdžĞĐƵƚŝǀĞƐƚŽĂĐŚŝĞǀĞŽƵƌĞƐƚĂďůŝƐŚĞĚŐŽĂůƐ͘dŚĞdžĞĐƵƚŝǀĞ ŽŵƉĞŶƐĂƚŝŽŶ ĂŶĚ ^ƚŽĐŬ /ŶĐĞŶƚŝǀĞ ŽŵŵŝƚƚĞĞ ĐŽŶƐŝĚĞƌƐ ĂŶŶƵĂů ŶŽŶͲĞƋƵŝƚLJ ŝŶĐĞŶƚŝǀĞ ĂǁĂƌĚƐ ĨŽƌ ƐŝŵŝůĂƌůLJ ƐŝƚƵĂƚĞĚĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐŽĨƐŝŵŝůĂƌůLJͲƐŝnjĞĚĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶƐǁŝƚŚŝŶƚŚĞĐŽŶƚĞdžƚŽĨƚŚĞĐŽŵƉĞƚŝƚŝǀĞŵĂƌŬĞƚ ĚĂƚĂ ĚĞƐĐƌŝďĞĚ ĂďŽǀĞ ŝŶ ƚŚĞ ƐĞĐƚŝŽŶ ĞŶƚŝƚůĞĚ ͞ʹ ŽŵƉĞŶƐĂƚŝŽŶ WƌŽĐĞƐƐ͘͟ tĞ ƉƌŽǀŝĚĞ ĂŶŶƵĂů ŶŽŶͲĞƋƵŝƚLJ ŝŶĐĞŶƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽŽƵƌĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐ͕ŝŶĐůƵĚŝŶŐŽƵƌEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐ͕ƵŶĚĞƌ ƚŚĞŵĞŶĚĞĚĂŶĚZĞƐƚĂƚĞĚdžĞĐƵƚŝǀĞWĞƌĨŽƌŵĂŶĐĞ/ŶĐĞŶƚŝǀĞWůĂŶ͘

ŵĞŶĚĞĚ ĂŶĚ ZĞƐƚĂƚĞĚ džĞĐƵƚŝǀĞ WĞƌĨŽƌŵĂŶĐĞ /ŶĐĞŶƚŝǀĞ WůĂŶ͘ dŚĞ ŵĞŶĚĞĚ ĂŶĚ ZĞƐƚĂƚĞĚ džĞĐƵƚŝǀĞ WĞƌĨŽƌŵĂŶĐĞ/ŶĐĞŶƚŝǀĞWůĂŶƉƌŽǀŝĚĞƐĨŽƌƚŚĞƉĂLJŵĞŶƚŽĨĂŶŶƵĂůŶŽŶͲĞƋƵŝƚLJŝŶĐĞŶƚŝǀĞĂǁĂƌĚƐĂŶĚůŽŶŐͲƚĞƌŵ ĞƋƵŝƚLJͲďĂƐĞĚĂǁĂƌĚƐ;ŝƐƐƵĞĚƚŚƌŽƵŐŚƚŚĞ>ŽŶŐͲdĞƌŵƋƵŝƚLJ/ŶĐĞŶƚŝǀĞWůĂŶ͕ĚŝƐĐƵƐƐĞĚďĞůŽǁͿďĂƐĞĚƵƉŽŶƚŚĞ ĂĐŚŝĞǀĞŵĞŶƚŽĨƉĞƌĨŽƌŵĂŶĐĞŐŽĂůƐĞƐƚĂďůŝƐŚĞĚďLJƚŚĞdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞ͘ dŚŝƐƉůĂŶŝƐŝŶƚĞŶĚĞĚƚŽŝŶĐƌĞĂƐĞƐŚĂƌĞŚŽůĚĞƌǀĂůƵĞĂŶĚŽƵƌƐƵĐĐĞƐƐďLJĞŶĐŽƵƌĂŐŝŶŐŽƵƚƐƚĂŶĚŝŶŐƉĞƌĨŽƌŵĂŶĐĞ ďLJŽƵƌĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐǁŚŽĂƌĞĞůŝŐŝďůĞƚŽƉĂƌƚŝĐŝƉĂƚĞ͘/ŶϮϬϭϵ͕ĂůůŽĨƚŚĞĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐƉĂƌƚŝĐŝƉĂƚĞĚŝŶƚŚĞ ŵĞŶĚĞĚĂŶĚZĞƐƚĂƚĞĚdžĞĐƵƚŝǀĞWĞƌĨŽƌŵĂŶĐĞ/ŶĐĞŶƚŝǀĞWůĂŶ͘&ŽƌĂǁĂƌĚƐŵĂĚĞŝŶϮϬϭϳŽƌĞĂƌůŝĞƌ͕ƉĂLJŵĞŶƚƐ ǁĞƌĞŝŶƚĞŶĚĞĚƚŽďĞ͞ƉĞƌĨŽƌŵĂŶĐĞͲďĂƐĞĚĐŽŵƉĞŶƐĂƚŝŽŶ͟ǁŝƚŚŝŶƚŚĞŵĞĂŶŝŶŐŽĨ^ĞĐƚŝŽŶϭϲϮ;ŵͿŽĨƚŚĞŽĚĞ͘ ĞŐŝŶŶŝŶŐ :ĂŶƵĂƌLJ ϭ͕ ϮϬϭϴ͕ ŚŽǁĞǀĞƌ͕ ^ĞĐƚŝŽŶ ϭϲϮ;ŵͿ ŽĨ ƚŚĞ ŽĚĞ ŶŽ ůŽŶŐĞƌ ŝŶĐůƵĚĞƐ Ă ĐĂƌǀĞ ŽƵƚ ĨŽƌ ͞ƉĞƌĨŽƌŵĂŶĐĞͲďĂƐĞĚĐŽŵƉĞŶƐĂƚŝŽŶ͘͟ĨĨĞĐƚŝǀĞ:ĂŶƵĂƌLJϭ͕ϮϬϮϬ͕ŽƵƌŽĂƌĚĂŵĞŶĚĞĚƚŚĞƉůĂŶƚŽďĞĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚƚŚĞŵŽĚŝĨŝĞĚƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞŽĚĞƐ͘^ĞĞĨƵƌƚŚĞƌĚŝƐĐƵƐƐŝŽŶƵŶĚĞƌƚŚĞŚĞĂĚŝŶŐ͞Ͳ/ŶƚĞƌŶĂůZĞǀĞŶƵĞ ŽĚĞ^ĞĐƚŝŽŶϭϲϮ;ŵͿ͘͟dŚĞĂŵŽƵŶƚŽĨƚŚĞĂŶŶƵĂůŶŽŶͲĞƋƵŝƚLJŝŶĐĞŶƚŝǀĞĂǁĂƌĚƐŵĂLJǀĂƌLJĂŵŽŶŐƉĂƌƚŝĐŝƉĂŶƚƐ ĨƌŽŵLJĞĂƌƚŽLJĞĂƌ͘

dŚĞ džĞĐƵƚŝǀĞ ŽŵƉĞŶƐĂƚŝŽŶ ĂŶĚ ^ƚŽĐŬ /ŶĐĞŶƚŝǀĞ ŽŵŵŝƚƚĞĞ ĂĚŵŝŶŝƐƚĞƌƐ ƚŚĞ ŵĞŶĚĞĚ ĂŶĚ ZĞƐƚĂƚĞĚ džĞĐƵƚŝǀĞWĞƌĨŽƌŵĂŶĐĞ/ŶĐĞŶƚŝǀĞWůĂŶ͘dŚĞĐŽŵŵŝƚƚĞĞŵĂLJĞƐƚĂďůŝƐŚƉĞƌĨŽƌŵĂŶĐĞŐŽĂůƐĨŽƌĂǁĂƌĚƐŐƌĂŶƚĞĚ ƵŶĚĞƌƚŚĞƉůĂŶďĂƐĞĚŽŶĂŶLJŽĨƚŚĞĨŽůůŽǁŝŶŐďƵƐŝŶĞƐƐĐƌŝƚĞƌŝĂ͗

x ZĞƚƵƌŶŽŶĂǀĞƌĂŐĞĞƋƵŝƚLJŽƌĂǀĞƌĂŐĞĂƐƐĞƚƐ͖

x ĞƉŽƐŝƚƐĂŶĚŽƚŚĞƌĨƵŶĚŝŶŐƐŽƵƌĐĞƐ͖

x ZĞǀĞŶƵĞ͕ŝŶĐůƵĚŝŶŐŝŶƚĞƌĞƐƚŝŶĐŽŵĞĂŶĚͬŽƌŶŽŶͲŝŶƚĞƌĞƐƚŝŶĐŽŵĞ͕ĂŶĚͬŽƌƌĞƚƵƌŶŽŶƌĞǀĞŶƵĞ͖

x ĂƐŚĨůŽǁ;ŽƉĞƌĂƚŝŶŐ͕ĨƌĞĞĐĂƐŚĨůŽǁƌĞƚƵƌŶŽŶĞƋƵŝƚLJ͕ĐĂƐŚĨůŽǁƌĞƚƵƌŶŽŶŝŶǀĞƐƚŵĞŶƚͿ͖

x ĂƌŶŝŶŐƐ͕ďĞĨŽƌĞŽƌĂĨƚĞƌƚĂdžĞƐ͕ŝŶƚĞƌĞƐƚ͕ĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚͬŽƌĂŵŽƌƚŝnjĂƚŝŽŶ͖

ϰϰ Compensation Discussion and Analysis

x Earnings per share;

x Net interest margin;

x Improvement in credit quality measures, including non-performing asset ratio, net charge-off ratio or reserve coverage of non-performing loans versus our peers;

x Efficiency ratio;

x Loan growth; and

x Total shareholder return.

The Executive Compensation and Stock Incentive Committee may take into account multiple factors and may also select non-financial criteria and subjective performance metrics in setting performance goals for the awards. Awards are communicated by the committee in writing and must identify the amount of compensation payable under the award and the performance goals upon which the award is conditioned. The Executive Compensation and Stock Incentive Committee may modify an award to take into account material changes in circumstances or for other reasons that the Committee determines is appropriate.

Following the applicable performance period, the Executive Compensation and Stock Incentive Committee determines if the performance goals and conditions have been achieved. If these goals and conditions have been met, the committee will authorize payment of the amount earned under an award.

2019 Non-Equity Incentive Awards. Awards under the Amended and Restated Executive Performance Incentive Plan were made in 2019 to provide non-equity incentive award opportunities that were a percentage of each participant’s base salary, subject to the achievement of the performance goals described below. The non-equity incentive award opportunities for 2019 for the Named Executive Officers were as follows:

Non-Equity Incentive Award Opportunity as a Percentage of Base Salary Name Target Maximum James D. Rollins III 100% 200% Chris A. Bagley 75% 150% John G. Copeland 75% 150% Charles J. Pignuolo 50% 100% Jeffrey W. Jaggers 50% 100%

45 Compensation Discussion and Analysis

The target and maximum award opportunities were based on each executive’s role and scope of responsibility in the organization. The performance goals set forth below were established by the Executive Compensation and Stock Incentive Committee for the Named Executive Officers with respect to the enumerated performance criteria. Our performance in 2019 for each criterion is also set forth in the following table, based on our audited financial results for the year ended December 31, 2019:

2019 Performance Goal Target Calculation Factor Performance Total shareholder return 11.75% 2% per 1% above 8% 22.88% Increase in earnings per share (operating) 10.75% 2% per 1% above 7% 12.59% Increase in deposits 6.75% 1% per 1% above 3% 16.83% Increase in loans 6.75% 1% per 1% above 3% 7.46% Increase in fee income 6.50% 1% per 1% above 4% 4.19% Efficiency ratio 65.00% 2% per 1% below 68.75% 64.90% Return on average equity 11.00% 2% per 1% above 8.5% 10.79% Classified assets/Equity and loan loss reserves 21.25% 2% per 1% below 25% 18.30% Increase in dividends 7.50% 2% per 1% above 5% 14.52% Based on our audited financial results for the year ended December 31, 2019, the following non-equity incentive payments were made to the Named Executive Officers in 2020:

2019 Non-Equity Non-Equity Incentive Award as a Percentage Name Incentive Award of Base Salary James D. Rollins III $1,391,320 148.0% Chris A. Bagley $610,552 111.0% John G. Copeland $460,690 111.0% Charles J. Pignuolo $307,126 74.0% Jeffrey W. Jaggers $277,524 74.0%

Long-Term Equity Incentive Compensation

Long-term incentive compensation is another important part of our executive compensation program and provides equity-based awards to reward performance in executive roles and more closely align the interests of our executives with those of our shareholders. It is a variable, equity element that provides an emphasis on long-term performance goals, common stock price performance, ongoing improvement and continuity of performance. The Executive Compensation and Stock Incentive Committee’s approach has been to provide annual awards of long-term equity incentive compensation to our executives and other employees through grants of restricted stock and performance shares. Under the relevant shareholder-approved plan – the Long- Term Equity Incentive Plan – the committee may grant non-qualified stock options, incentive stock options, performance shares, restricted stock and restricted stock units. This plan prohibits option repricing without shareholder approval. We believe the level of long-term equity incentive compensation should reflect the competitive employment market and the relative internal responsibilities of each executive’s position. The Executive Compensation and Stock Incentive Committee considers long-term incentive compensation for executive officers at comparable financial institutions within the context of the competitive market data described above in the section entitled “– Compensation Process.”

46 ŽŵƉĞŶƐĂƚŝŽŶŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ

dŚĞdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞŚĂƐƚŚĞĂďŝůŝƚLJƚŽƵƐĞĚŝĨĨĞƌĞŶƚƚLJƉĞƐŽĨůŽŶŐͲ ƚĞƌŵŝŶĐĞŶƚŝǀĞĂǁĂƌĚƐĨŽƌĂĐŚŝĞǀŝŶŐŽƵƌĐŽŵƉĞŶƐĂƚŝŽŶŽďũĞĐƚŝǀĞƐ͘&ŽƌĞdžĂŵƉůĞ͕ƚŚĞĐŽŵŵŝƚƚĞĞŵĂLJŐƌĂŶƚ͗

x ZĞƐƚƌŝĐƚĞĚƐƚŽĐŬĂŶĚƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬƵŶŝƚƐĂƐĂŶŝŶĐĞŶƚŝǀĞĨŽƌĐŽŶƚŝŶƵĞĚƐĞƌǀŝĐĞŽƌƚŽĞŵƉŚĂƐŝnjĞ ďŽƚŚŽƵƌŽǀĞƌĂůůƉĞƌĨŽƌŵĂŶĐĞĂŶĚĞdžĞĐƵƚŝǀĞƌĞƚĞŶƚŝŽŶ͖ĂŶĚ

x WĞƌĨŽƌŵĂŶĐĞƐŚĂƌĞƐĂƐĂŶŝŶĐĞŶƚŝǀĞƚŽŝŵƉƌŽǀĞŽƵƌŽǀĞƌĂůůůŽŶŐͲƚĞƌŵƉĞƌĨŽƌŵĂŶĐĞ͘

/ŶϮϬϭϵ͕ĞƋƵŝƚLJͲďĂƐĞĚĂǁĂƌĚƐǁĞƌĞŐƌĂŶƚĞĚƚŽĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐ͕ŝŶĐůƵĚŝŶŐƚŚĞEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐ͕ ĂŶĚŽƚŚĞƌŬĞLJĞŵƉůŽLJĞĞƐŝŶŽƌĚĞƌƚŽĂƚƚƌĂĐƚ͕ŵŽƚŝǀĂƚĞĂŶĚƌĞƚĂŝŶŬĞLJĞŵƉůŽLJĞĞƐĂŶĚĞŶĂďůĞƚŚŽƐĞƉĞƌƐŽŶƐƚŽ ƉĂƌƚŝĐŝƉĂƚĞŝŶŽƵƌůŽŶŐͲƚĞƌŵƐƵĐĐĞƐƐ͘hŶĚĞƌƚŚŝƐĐŽŵƉŽŶĞŶƚŽĨĐŽŵƉĞŶƐĂƚŝŽŶ͕ǁĞŐƌĂŶƚĞĚďŽƚŚƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬ ĂǁĂƌĚƐĂŶĚƉĞƌĨŽƌŵĂŶĐĞƐŚĂƌĞƐƚŽĐĞƌƚĂŝŶŽĨĨŝĐĞƌƐŝŶϮϬϭϵ͘/ŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞƚŽƚĂůŶƵŵďĞƌŽĨĞƋƵŝƚLJͲďĂƐĞĚ ĂǁĂƌĚƐ ƚŽ ďĞ ŐƌĂŶƚĞĚ ƚŽ ƌĞĐŝƉŝĞŶƚƐ ŝŶ ϮϬϭϵ͕ ƚŚĞ džĞĐƵƚŝǀĞ ŽŵƉĞŶƐĂƚŝŽŶ ĂŶĚ ^ƚŽĐŬ /ŶĐĞŶƚŝǀĞ ŽŵŵŝƚƚĞĞ ĐŽŶƐŝĚĞƌĞĚƚŚĞŶƵŵďĞƌŽĨƐŚĂƌĞƐĂǀĂŝůĂďůĞƵŶĚĞƌƚŚĞ>ŽŶŐͲdĞƌŵƋƵŝƚLJ/ŶĐĞŶƚŝǀĞWůĂŶďƵƚŚĂĚŶŽĨŝdžĞĚĨŽƌŵƵůĂ ĨŽƌĚĞƚĞƌŵŝŶŝŶŐƚŚĞƚŽƚĂůŶƵŵďĞƌŽĨƐŚĂƌĞƐƚŽďĞŐƌĂŶƚĞĚ͘/ŶƐĞůĞĐƚŝŶŐƚŚĞĂǁĂƌĚƌĞĐŝƉŝĞŶƚƐĂŶĚĚĞƚĞƌŵŝŶŝŶŐƚŚĞ ůĞǀĞůŽĨĞƋƵŝƚLJŐƌĂŶƚƐŵĂĚĞŝŶϮϬϭϵ͕ƚŚĞĐŽŵŵŝƚƚĞĞĐŽŶƐŝĚĞƌĞĚĂĐŽŵďŝŶĂƚŝŽŶŽĨƚŚĞĨŽůůŽǁŝŶŐ͗

x DĂƌŬĞƚĐŽŵƉĞƚŝƚŝǀĞĚĂƚĂ͖

x ^ĐŽƉĞŽĨƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨĞĂĐŚŽĨĨŝĐĞƌ͖

x ĞŐƌĞĞƚŽǁŚŝĐŚƚŚĞďƵƐŝŶĞƐƐƵŶŝƚ;ƐͿŝŶĨůƵĞŶĐĞĚďLJĞĂĐŚŽĨĨŝĐĞƌĐŽŶƚƌŝďƵƚĞĚƚŽŽƵƌƉƌŽĨŝƚƐ͖

x ĞŐƌĞĞƚŽǁŚŝĐŚĂƐƐĞƚƋƵĂůŝƚLJĂŶĚŽƚŚĞƌƌŝƐŬĚĞĐŝƐŝŽŶƐǁĞƌĞŝŶĨůƵĞŶĐĞĚďLJĞĂĐŚŽĨĨŝĐĞƌ͛ƐĚŝƌĞĐƚŝŽŶ͖

x EƵŵďĞƌŽĨĂǁĂƌĚƐĐƵƌƌĞŶƚůLJŚĞůĚďLJĞĂĐŚŽĨĨŝĐĞƌ͖ĂŶĚ

x >ŽŶŐͲƚĞƌŵŵĂŶĂŐĞŵĞŶƚƉŽƚĞŶƚŝĂůŽĨĞĂĐŚŽĨĨŝĐĞƌ͘

EŽƐŝŶŐůĞĨĂĐƚŽƌǁĂƐǁĞŝŐŚĞĚŵŽƌĞŚĞĂǀŝůLJƚŚĂŶĂŶLJŽƚŚĞƌĨĂĐƚŽƌŝŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞĂŵŽƵŶƚŽĨĞƋƵŝƚLJŐƌĂŶƚƐ͘

WĞƌĨŽƌŵĂŶĐĞ^ŚĂƌĞƐ

WĞƌĨŽƌŵĂŶĐĞ ƐŚĂƌĞƐ ŐƌĂŶƚĞĚ ƵŶĚĞƌ ŽƵƌ >ŽŶŐͲdĞƌŵ ƋƵŝƚLJ /ŶĐĞŶƚŝǀĞ WůĂŶ ĂƌĞ ůŽŶŐͲƚĞƌŵ ĞƋƵŝƚLJ ŝŶĐĞŶƚŝǀĞ ĂǁĂƌĚƐĚĞŶŽŵŝŶĂƚĞĚŝŶƐŚĂƌĞƐŽĨŽƵƌĐŽŵŵŽŶƐƚŽĐŬ͘dŚĞǀĂůƵĞŽĨĞĂƌŶĞĚƉĞƌĨŽƌŵĂŶĐĞƐŚĂƌĞƐŝƐĚĞƚĞƌŵŝŶĞĚďLJ ƚŚĞŵĂƌŬĞƚǀĂůƵĞŽĨŽƵƌĐŽŵŵŽŶƐƚŽĐŬ͘dŚĞŶƵŵďĞƌŽĨƐŚĂƌĞƐĞĂƌŶĞĚŝƐďĂƐĞĚŽŶƚŚĞĂĐŚŝĞǀĞŵĞŶƚŽĨŐŽĂůƐ ƌĞůĂƚĞĚƚŽŽƵƌŽǀĞƌĂůůĨŝŶĂŶĐŝĂůĂŶĚŽƉĞƌĂƚŝŶŐƉĞƌĨŽƌŵĂŶĐĞĂƐĚĞƚĞƌŵŝŶĞĚďLJƚŚĞdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞ͘dŚĞĂǁĂƌĚĐLJĐůĞĨŽƌƉĞƌĨŽƌŵĂŶĐĞƐŚĂƌĞƐŝƐƚŚƌĞĞLJĞĂƌƐĂŶĚŝƐĐŽŵƉƌŝƐĞĚŽĨĂƚǁŽͲ LJĞĂƌƉĞƌĨŽƌŵĂŶĐĞƉĞƌŝŽĚĨŽůůŽǁĞĚďLJĂŽŶĞͲLJĞĂƌƌĞƚĞŶƚŝŽŶƉĞƌŝŽĚ͘dŚĞ͞ƉĞƌĨŽƌŵĂŶĐĞƉĞƌŝŽĚ͟ŝƐƐĞƚĂƚƚǁŽLJĞĂƌƐ ƚŽ ƌĞĨůĞĐƚ Ă ƌĞĂůŝƐƚŝĐ ƚŝŵĞ ƉĞƌŝŽĚ ĨŽƌ ĞƐƚĂďůŝƐŚŝŶŐ ĐƌĞĚŝďůĞ ƉĞƌĨŽƌŵĂŶĐĞ ŐŽĂůƐ ŝŶ ƚŚĞ ĐƵƌƌĞŶƚ ĞĐŽŶŽŵŝĐ ĞŶǀŝƌŽŶŵĞŶƚĨŽƌƚŚĞĨŝŶĂŶĐŝĂůƐĞƌǀŝĐĞƐŝŶĚƵƐƚƌLJĂŶĚƚŚĞ͞ƌĞƚĞŶƚŝŽŶƉĞƌŝŽĚ͟ŝƐƐĞƚĂƚŽŶĞLJĞĂƌƚŽĞŶŚĂŶĐĞƚŚĞ ƌĞƚĞŶƚŝǀĞƉŽǁĞƌŽĨƚŚĞƉĞƌĨŽƌŵĂŶĐĞƐŚĂƌĞĂǁĂƌĚƐ;ƚŚƌĞĞLJĞĂƌƐŽǀĞƌĂůůͿĂŶĚƐŽƚŚĂƚƚŚĞŝŵƉĂĐƚŽĨƐƚŽĐŬƉƌŝĐĞ ƉĞƌĨŽƌŵĂŶĐĞƌĞĨůĞĐƚƐĂůŽŶŐĞƌƉĞƌŝŽĚ͘ƵƌŝŶŐƚŚĞƌĞƚĞŶƚŝŽŶƉĞƌŝŽĚ͕ƚŚĞŚŽůĚĞƌƐŽĨƉĞƌĨŽƌŵĂŶĐĞƐŚĂƌĞƐŐĞŶĞƌĂůůLJ ĂƌĞŶŽƚĞŶƚŝƚůĞĚƚŽƌĞĐĞŝǀĞĚŝǀŝĚĞŶĚƐŽƌĞdžĞƌĐŝƐĞǀŽƚŝŶŐƌŝŐŚƚƐǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞƐĞƐŚĂƌĞƐ͘dŚĞĂǁĂƌĚĐLJĐůĞĨŽƌ

ϰϳ ŽŵƉĞŶƐĂƚŝŽŶŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ

ůŽŶŐͲƚĞƌŵŝŶĐĞŶƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶŝƐƐƚƌƵĐƚƵƌĞĚƐŽƚŚĂƚĂŶĞǁƚŚƌĞĞͲLJĞĂƌĂǁĂƌĚĐLJĐůĞǁŝůůďĞŐŝŶĞǀĞƌLJLJĞĂƌƚŚĂƚ ƉĞƌĨŽƌŵĂŶĐĞƐŚĂƌĞƐĂƌĞŐƌĂŶƚĞĚ͘dŚĞƉĞƌĨŽƌŵĂŶĐĞƐŚĂƌĞƐŐƌĂŶƚĞĚĂƌĞďĂƐĞĚŽŶƉĞƌĨŽƌŵĂŶĐĞŝŶƚŚĞƉƌŝŽƌLJĞĂƌ͘

dŚĞƉĞƌĨŽƌŵĂŶĐĞƐŚĂƌĞƐŐƌĂŶƚĞĚŝŶϮϬϭϴǁĞƌĞƐƵďũĞĐƚƚŽƚŚĞĨŽůůŽǁŝŶŐƉĞƌĨŽƌŵĂŶĐĞŐŽĂůƐĨŽƌƚŚĞϮϬϭϴ ƚŚƌŽƵŐŚϮϬϭϵƉĞƌĨŽƌŵĂŶĐĞƉĞƌŝŽĚ͗

WĞƌĨŽƌŵĂŶĐĞ'ŽĂů dŚƌĞƐŚŽůĚ dĂƌŐĞƚ DĂdžŝŵƵŵ ĐƚƵĂůWĞƌĨŽƌŵĂŶĐĞ ϮͲzĞĂƌŽŵƉŽƵŶĚĞĚKƉĞƌĂƚŝŶŐW^'ƌŽǁƚŚ ϴй ϭϬй ϭϭй ϭϯ͘ϮϬй ϮͲzĞĂƌǀĞƌĂŐĞZĞƚƵƌŶŽŶƐƐĞƚƐ Ϭ͘ϵϲй ϭ͘ϮϬй ϭ͘ϯϮй ϭ͘ϯϭй

KƵƌĂĐƚƵĂůƉĞƌĨŽƌŵĂŶĐĞĨŽƌƚŚĞƐĞƉĞƌĨŽƌŵĂŶĐĞŐŽĂůƐǁĂƐďĂƐĞĚŽŶŽƵƌĂƵĚŝƚĞĚĨŝŶĂŶĐŝĂůƌĞƐƵůƚƐĨŽƌƚŚĞƚǁŽ LJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϴĂŶĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϵ͘tŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞƉĞƌĨŽƌŵĂŶĐĞƐŚĂƌĞƐƚŚĂƚǁĞƌĞ ŐƌĂŶƚĞĚŝŶϮϬϭϴ͕ƚŚĞdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞĚĞƚĞƌŵŝŶĞĚŝŶϮϬϮϬƚŚĞŶƵŵďĞƌ ŽĨ ƉĞƌĨŽƌŵĂŶĐĞ ƐŚĂƌĞƐ ĂĐƚƵĂůůLJ ĞĂƌŶĞĚ ĨƌŽŵ ƚŚĞ ĂƉƉůŝĐĂďůĞ ŵĂƚƌŝdž ďĂƐĞĚ ŽŶ ŽƵƌ ĂĐƚƵĂů ƉĞƌĨŽƌŵĂŶĐĞ͕ ǁŝƚŚ ƐƚƌĂŝŐŚƚͲůŝŶĞ ŝŶƚĞƌƉŽůĂƚŝŽŶ ƵƐĞĚ ĨŽƌ ƉĞƌĨŽƌŵĂŶĐĞ ďĞƚǁĞĞŶ ŐŽĂů ůĞǀĞůƐ͘ dŚĞ ĐŽŵŵŝƚƚĞĞ ĚĞƚĞƌŵŝŶĞĚ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞƐŚĂƌĞƐǁĞƌĞĞĂƌŶĞĚĂƚƚŚĞϭϵϳйůĞǀĞů͘ĐĐŽƌĚŝŶŐůLJ͕ƚŚĞĨŽůůŽǁŝŶŐƉĞƌĨŽƌŵĂŶĐĞƐŚĂƌĞƐŐƌĂŶƚĞĚŝŶ ϮϬϭϴŚĂǀĞďĞĞŶĞĂƌŶĞĚ͕ƐƵďũĞĐƚƚŽĐŽŶƚŝŶƵĞĚƐĞƌǀŝĐĞĚƵƌŝŶŐƚŚĞƌĞƚĞŶƚŝŽŶƉĞƌŝŽĚƚŚƌŽƵŐŚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͗

EƵŵďĞƌŽĨWĞƌĨŽƌŵĂŶĐĞ EĂŵĞ ^ŚĂƌĞƐĂƌŶĞĚ :ĂŵĞƐ͘ZŽůůŝŶƐ/// ϯϭ͕ϵϮϰ ŚƌŝƐ͘ĂŐůĞLJ ϭϰ͕ϳϳϱ :ŽŚŶ'͘ŽƉĞůĂŶĚ ϰ͕ϯϯϰ ŚĂƌůĞƐ:͘WŝŐŶƵŽůŽ ϱ͕ϱϭϲ :ĞĨĨƌĞLJt͘:ĂŐŐĞƌƐ ϯ͕ϵϰϬ

/Ŷ:ĂŶƵĂƌLJϮϬϭϵ͕ƚŚĞdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞŐƌĂŶƚĞĚƚŚĞĨŽůůŽǁŝŶŐŶƵŵďĞƌ ŽĨ ƉĞƌĨŽƌŵĂŶĐĞ ƐŚĂƌĞƐ ƚŽ ƚŚĞ EĂŵĞĚ džĞĐƵƚŝǀĞ KĨĨŝĐĞƌƐ͕ ƐƵďũĞĐƚ ƚŽƚŚĞĂĐŚŝĞǀĞŵĞŶƚŽĨĞŶƵŵĞƌĂƚĞĚ ƉĞƌĨŽƌŵĂŶĐĞ ŐŽĂůƐ ĚƵƌŝŶŐ ƚŚĞ ϮϬϭϵ ƚŚƌŽƵŐŚ ϮϬϮϬ ƉĞƌĨŽƌŵĂŶĐĞ ƉĞƌŝŽĚ ĂŶĚ ĐŽŶƚŝŶƵĞĚ ƐĞƌǀŝĐĞ ĚƵƌŝŶŐ ƚŚĞ ƌĞƚĞŶƚŝŽŶƉĞƌŝŽĚ͗

EĂŵĞ dŚƌĞƐŚŽůĚ dĂƌŐĞƚ DĂdžŝŵƵŵŵŽƵŶƚ :ĂŵĞƐ͘ZŽůůŝŶƐ/// Ϯ͕ϰϲϯ ϭϵ͕ϱϰϳ ϯϵ͕Ϭϵϰ ŚƌŝƐ͘ĂŐůĞLJ ϭ͕Ϭϭϳ ϴ͕Ϭϳϯ ϭϲ͕ϭϰϲ :ŽŚŶ'͘ŽƉĞůĂŶĚ ϱϰϰ ϰ͕ϯϭϱ ϴ͕ϲϯϬ ŚĂƌůĞƐ:͘WŝŐŶƵŽůŽ ϯϴϰ ϯ͕Ϭϰϲ ϲ͕ϬϵϮ :ĞĨĨƌĞLJt͘:ĂŐŐĞƌƐ ϯϳϲ Ϯ͕ϵϴϮ ϱ͕ϵϲϰ

dŚĞdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞĞƐƚĂďůŝƐŚĞĚƚŚĞĨŽůůŽǁŝŶŐƉĞƌĨŽƌŵĂŶĐĞŐŽĂůƐ ĨŽƌƚŚĞϮϬϭϵƚŚƌŽƵŐŚϮϬϮϬƉĞƌĨŽƌŵĂŶĐĞƉĞƌŝŽĚǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞƉĞƌĨŽƌŵĂŶĐĞƐŚĂƌĞƐŐƌĂŶƚĞĚŝŶϮϬϭϵ͗

WĞƌĨŽƌŵĂŶĐĞ'ŽĂů dŚƌĞƐŚŽůĚŵŽƵŶƚ dĂƌŐĞƚŵŽƵŶƚ DĂdžŝŵƵŵŵŽƵŶƚ ϮͲzĞĂƌŽŵƉŽƵŶĚĞĚKƉĞƌĂƚŝŶŐW^'ƌŽǁƚŚ ϴй ϭϬй ϭϭй ϮͲzĞĂƌǀĞƌĂŐĞZĞƚƵƌŶŽŶƐƐĞƚƐ Ϭ͘ϵϲй ϭ͘ϮϬй ϭ͘ϯϮй

^ƵďũĞĐƚƚŽĐŽŶƚŝŶƵĞĚƐĞƌǀŝĐĞĚƵƌŝŶŐƚŚĞƌĞƚĞŶƚŝŽŶƉĞƌŝŽĚ͕ƉĞƌĨŽƌŵĂŶĐĞƐŚĂƌĞƐĂƌĞĞĂƌŶĞĚŝĨĂƚůĞĂƐƚƚŚƌĞƐŚŽůĚ ƉĞƌĨŽƌŵĂŶĐĞŝƐĂĐŚŝĞǀĞĚǁŝƚŚƌĞƐƉĞĐƚƚŽŽŶĞŽĨƚŚĞƚǁŽƉĞƌĨŽƌŵĂŶĐĞŵĞĂƐƵƌĞƐ͘dŚĞŶƵŵďĞƌŽĨƉĞƌĨŽƌŵĂŶĐĞ ƐŚĂƌĞƐĂĐƚƵĂůůLJĞĂƌŶĞĚŝƐƚŚĞŶĚĞƚĞƌŵŝŶĞĚĨƌŽŵĂŵĂƚƌŝdžďĂƐĞĚŽŶƚŚĞĂĐƚƵĂůƉĞƌĨŽƌŵĂŶĐĞĂĐŚŝĞǀĞĚǁŝƚŚƌĞƐƉĞĐƚ ƚŽĞĂĐŚŵĞĂƐƵƌĞ͘

ϰϴ ŽŵƉĞŶƐĂƚŝŽŶŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ

/Ŷ :ĂŶƵĂƌLJ ϮϬϮϬ͕ ƚŚĞ džĞĐƵƚŝǀĞ ŽŵƉĞŶƐĂƚŝŽŶ ĂŶĚ ^ƚŽĐŬ /ŶĐĞŶƚŝǀĞ ŽŵŵŝƚƚĞĞ ŐƌĂŶƚĞĚ͕ ƚŽ ƚŚĞ EĂŵĞĚ džĞĐƵƚŝǀĞKĨĨŝĐĞƌƐƚŚĞĨŽůůŽǁŝŶŐŶƵŵďĞƌŽĨƉĞƌĨŽƌŵĂŶĐĞƐŚĂƌĞƐ͕ƐƵďũĞĐƚƚŽƚŚĞĂĐŚŝĞǀĞŵĞŶƚŽĨĞŶƵŵĞƌĂƚĞĚ ƉĞƌĨŽƌŵĂŶĐĞ ŐŽĂůƐ ĚƵƌŝŶŐ ƚŚĞ ϮϬϮϬ ƚŚƌŽƵŐŚ ϮϬϮϭ ƉĞƌĨŽƌŵĂŶĐĞ ƉĞƌŝŽĚ ĂŶĚ ĐŽŶƚŝŶƵĞĚ ƐĞƌǀŝĐĞ ĚƵƌŝŶŐ ƚŚĞ ƌĞƚĞŶƚŝŽŶƉĞƌŝŽĚ͗ EĂŵĞ dŚƌĞƐŚŽůĚŵŽƵŶƚ dĂƌŐĞƚŵŽƵŶƚ DĂdžŝŵƵŵŵŽƵŶƚ :ĂŵĞƐ͘ZŽůůŝŶƐ/// Ϯ͕ϴϵϳ ϭϱ͕ϯϯϬ ϯϬ͕ϲϲϬ ŚƌŝƐ͘ĂŐůĞLJ ϭ͕ϰϱϱ ϳ͕ϲϵϵ ϭϱ͕ϯϵϴ :ŽŚŶ'͘ŽƉĞůĂŶĚ ϲϱϰ ϯ͕ϰϱϵ ϲ͕ϵϭϴ ŚĂƌůĞƐ:͘WŝŐŶƵŽůŽ ϱϰϳ Ϯ͕ϴϵϲ ϱ͕ϳϵϮ :ĞĨĨƌĞLJt͘:ĂŐŐĞƌƐ ϱϭϱ Ϯ͕ϳϮϱ ϱ͕ϰϱϬ

dŚĞdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞĞƐƚĂďůŝƐŚĞĚƚŚĞĨŽůůŽǁŝŶŐƉĞƌĨŽƌŵĂŶĐĞŐŽĂůƐ ĨŽƌƚŚĞϮϬϮϬƚŚƌŽƵŐŚϮϬϮϭƉĞƌĨŽƌŵĂŶĐĞƉĞƌŝŽĚǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞƉĞƌĨŽƌŵĂŶĐĞƐŚĂƌĞƐŐƌĂŶƚĞĚŝŶϮϬϮϬ͗ WĞƌĨŽƌŵĂŶĐĞ'ŽĂů dŚƌĞƐŚŽůĚŵŽƵŶƚ dĂƌŐĞƚŵŽƵŶƚ DĂdžŝŵƵŵŵŽƵŶƚ ϮͲzĞĂƌŽŵƉŽƵŶĚĞĚKƉĞƌĂƚŝŶŐW^'ƌŽǁƚŚ ϴй ϭϬй ϭϭй ϮͲzĞĂƌǀĞƌĂŐĞZĞƚƵƌŶŽŶƐƐĞƚƐ Ϭ͘ϵϲй ϭ͘ϮϬй ϭ͘ϯϮй

^ƚŽĐŬKƉƚŝŽŶƐ͘dŚĞdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞĚŝĚŶŽƚŐƌĂŶƚƐƚŽĐŬŽƉƚŝŽŶƐƚŽ ŽƵƌĞdžĞĐƵƚŝǀĞƐŝŶϮϬϭϵ͘EŽƐƚŽĐŬŽƉƚŝŽŶƐƌĞŵĂŝŶŽƵƚƐƚĂŶĚŝŶŐƵŶĚĞƌƚŚĞ>ŽŶŐͲdĞƌŵƋƵŝƚLJ/ŶĐĞŶƚŝǀĞWůĂŶ͘

ZĞƐƚƌŝĐƚĞĚ^ƚŽĐŬ͘ZĞƐƚƌŝĐƚĞĚƐƚŽĐŬŐƌĂŶƚĞĚƵŶĚĞƌƚŚĞ>ŽŶŐͲdĞƌŵƋƵŝƚLJ/ŶĐĞŶƚŝǀĞWůĂŶŝƐƐƵďũĞĐƚƚŽĨŽƌĨĞŝƚƵƌĞ ŝĨƚŚĞEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƚĞƌŵŝŶĂƚĞƐĞŵƉůŽLJŵĞŶƚďĞĨŽƌĞĂƐƚĂƚĞĚǀĞƐƚŝŶŐĚĂƚĞ͘dŚĞŚŽůĚĞƌŝƐĞŶƚŝƚůĞĚƚŽ ƌĞĐĞŝǀĞĚŝǀŝĚĞŶĚƐĂŶĚĞdžĞƌĐŝƐĞǀŽƚŝŶŐƌŝŐŚƚƐƉƌŝŽƌƚŽƚŚĞǀĞƐƚŝŶŐĚĂƚĞ͘dŚĞƚŝŵĞͲǀĞƐƚŝŶŐŽĨŽƵƌƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬ ŐĞŶĞƌĂůůLJǀĞƐƚƐŽŶĂĐůŝĨĨďĂƐŝƐŽĨĨŝǀĞ;ϱͿLJĞĂƌƐ͘dŚĞŚŽůĚĞƌŝƐĞŶƚŝƚůĞĚƚŽƌĞĐĞŝǀĞĚŝǀŝĚĞŶĚƐĂŶĚĞdžĞƌĐŝƐĞǀŽƚŝŶŐ ƌŝŐŚƚƐƉƌŝŽƌƚŽƚŚĞǀĞƐƚŝŶŐĚĂƚĞ͘dŚĞƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬŐƌĂŶƚĞĚŝƐďĂƐĞĚŽŶƉĞƌĨŽƌŵĂŶĐĞŝŶƚŚĞƉƌŝŽƌLJĞĂƌ͘

/Ŷ ϮϬϭϰ͕ ƚŚĞ džĞĐƵƚŝǀĞ ŽŵƉĞŶƐĂƚŝŽŶ ĂŶĚ ^ƚŽĐŬ /ŶĐĞŶƚŝǀĞ ŽŵŵŝƚƚĞĞ ŐƌĂŶƚĞĚ ƚŚĞ ĨŽůůŽǁŝŶŐ ŶƵŵďĞƌ ŽĨ ƐŚĂƌĞƐŽĨƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬƚŽƚŚĞEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐ͕ĂůůŽĨǁŚŝĐŚǀĞƐƚĞĚŽŶDĂLJϭϱ͕ϮϬϭϵ͕ĞdžĐĞƉƚĂƐƐĞƚ ĨŽƌƚŚŶŽƚĞĚďĞůŽǁ͗ EĂŵĞ ^ŚĂƌĞƐŽĨZĞƐƚƌŝĐƚĞĚ^ƚŽĐŬ :ĂŵĞƐ͘ZŽůůŝŶƐ/// ϮϮ͕ϵϱϬ ŚƌŝƐ͘ĂŐůĞLJ;ϭͿ ϳϱ͕ϬϬϬ :ŽŚŶ'͘ŽƉĞůĂŶĚ Ͷ ŚĂƌůĞƐ:͘WŝŐŶƵŽůŽ ϯϱ͕ϬϬϬ :ĞĨĨƌĞLJt͘:ĂŐŐĞƌƐ Ϯ͕ϬϬϬ

;ϭͿ dŚĞĂǁĂƌĚƚŽDƌ͘ĂŐůĞLJǀĞƐƚĞĚǁŝƚŚƌĞƐƉĞĐƚƚŽϰϬ͕ϬϬϬƐŚĂƌĞƐŽŶ&ĞďƌƵĂƌLJϭ͕ϮϬϭϱ͖ĂŶĚϯϱ͕ϬϬϬĂĚĚŝƚŝŽŶĂůƐŚĂƌĞƐǀĞƐƚĞĚŽŶ&ĞďƌƵĂƌLJϭ͕ ϮϬϭϴ͘

/Ŷ ϮϬϭϱ͕ ƚŚĞ džĞĐƵƚŝǀĞ ŽŵƉĞŶƐĂƚŝŽŶ ĂŶĚ ^ƚŽĐŬ /ŶĐĞŶƚŝǀĞ ŽŵŵŝƚƚĞĞ ŐƌĂŶƚĞĚ ƚŚĞ ĨŽůůŽǁŝŶŐ ŶƵŵďĞƌ ŽĨ ƐŚĂƌĞƐŽĨƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬƚŽEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐ͕ĂůůŽĨǁŚŝĐŚǀĞƐƚŽŶDĂLJϭϱ͕ϮϬϮϬ͗ EĂŵĞ ^ŚĂƌĞƐŽĨZĞƐƚƌŝĐƚĞĚ^ƚŽĐŬ :ĂŵĞƐ͘ZŽůůŝŶƐ/// ϯϯ͕ϬϱϬ ŚƌŝƐ͘ĂŐůĞLJ ϭϮ͕ϬϬϬ :ŽŚŶ'͘ŽƉĞůĂŶĚ Ͷ ŚĂƌůĞƐ:͘WŝŐŶƵŽůŽ Ͷ :ĞĨĨƌĞLJt͘:ĂŐŐĞƌƐ Ϯ͕ϱϰϰ

ϰϵ Compensation Discussion and Analysis

In 2016, the Executive Compensation and Stock Incentive Committee granted the following number of shares of restricted stock to the Named Executive Officers, all of which vest on May 15, 2021, except as set forth below:

Name Shares of Restricted Stock James D. Rollins III 36,665 Chris A. Bagley 13,500 John G. Copeland — Charles J. Pignuolo 10,000 Jeffrey W. Jaggers(1) 27,519

(1) The award to Mr. Jaggers will vest with respect to 2,519 shares on May 15, 2021; and an additional 25,000 shares will vest on May 15, 2023.

In 2017, the Executive Compensation and Stock Incentive Committee granted the following number of shares of restricted stock to the Named Executive Officers, all of which vest on May 15, 2022, except as set forth below: Name Shares of Restricted Stock James D. Rollins III 40,337 Chris A. Bagley 17,000 John G. Copeland(1) 15,000 Charles J. Pignuolo 9,000 Jeffrey W. Jaggers 2,467 (1) Mr. Copeland was granted 15,000 shares of restricted stock which will vest on May 15, 2021.

In 2018, the Executive Compensation and Stock Incentive Committee granted the following number of shares of restricted stock to the Named Executive Officers, all of which vest on May 15, 2023: Name Shares of Restricted Stock James D. Rollins III 32,902 Chris A. Bagley 15,000 John G. Copeland 4,400 Charles J. Pignuolo 5,600 Jeffrey W. Jaggers 4,000

In 2019, the Executive Compensation and Stock Incentive Committee granted the following number of shares of restricted stock to the Named Executive Officers, all of which vest on May 15, 2024: Name Shares of Restricted Stock James D. Rollins III 39,095 Chris A. Bagley 16,147 John G. Copeland 8,630 Charles J. Pignuolo 6,092 Jeffrey W. Jaggers 5,963

In 2020, the Executive Compensation and Stock Incentive Committee granted the following number of shares of restricted stock to the Named Executive Officers, all of which vest on May 15, 2025: Name Shares of Restricted Stock James D. Rollins III 30,661 Chris A. Bagley 15,398 John G. Copeland 6,918 Charles J. Pignuolo 5,791 Jeffrey W. Jaggers 5,451

50 ŽŵƉĞŶƐĂƚŝŽŶŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ

džĞĐƵƚŝǀĞĞŶĞĨŝƚƐ

tĞƉƌŽǀŝĚĞŽƵƌĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐǁŝƚŚďĞŶĞĨŝƚƐŝŶĂŵŽƵŶƚƐƚŚĂƚǁĞďĞůŝĞǀĞĂƌĞƌĞĂƐŽŶĂďůĞ͕ĐŽŵƉĞƚŝƚŝǀĞĂŶĚ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚŽƵƌĞdžĞĐƵƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽŐƌĂŵ͘tĞďĞůŝĞǀĞƐƵĐŚďĞŶĞĨŝƚƐŚĞůƉƵƐƚŽĂƚƚƌĂĐƚ͕ŵŽƚŝǀĂƚĞĂŶĚ ƌĞƚĂŝŶ ĞdžĞĐƵƚŝǀĞ ŽĨĨŝĐĞƌƐ ŽĨ ƚŚĞ ĐĂůŝďĞƌ ǁĞ ďĞůŝĞǀĞ ŶĞĐĞƐƐĂƌLJ ƚŽ ƌĞŵĂŝŶ ĐŽŵƉĞƚŝƚŝǀĞ͘ tĞ ŽĨĨĞƌ ŐƌŽƵƉ ůŝĨĞ͕ ĚŝƐĂďŝůŝƚLJ͕ŵĞĚŝĐĂů͕ĚĞŶƚĂůĂŶĚǀŝƐŝŽŶŝŶƐƵƌĂŶĐĞƚŽĂůůŽĨŽƵƌĞŵƉůŽLJĞĞƐ͕ŝŶĐůƵĚŝŶŐŽƵƌEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐ͘ tĞĂůƐŽŵĂŝŶƚĂŝŶƌĞƚŝƌĞŵĞŶƚďĞŶĞĨŝƚƉƌŽŐƌĂŵƐƚŚĂƚĂƌĞĚŝƐĐƵƐƐĞĚŝŶĚĞƚĂŝůďĞůŽǁŝŶƚŚĞƐĞĐƚŝŽŶĞŶƚŝƚůĞĚ͞ʹ ZĞƚŝƌĞŵĞŶƚ ĞŶĞĨŝƚƐ͘͟ /Ŷ ĂĚĚŝƚŝŽŶ͕ ǁĞ ŵĂŝŶƚĂŝŶ ďĂŶŬͲŽǁŶĞĚ ůŝĨĞ ŝŶƐƵƌĂŶĐĞ ƚŚĂƚ ĐĂŶ ďĞ ƵƐĞĚ ĨŽƌ ĨƵŶĚŝŶŐ ƐƵƉƉůĞŵĞŶƚĂůďĞŶĞĨŝƚƐƚŽĐĞƌƚĂŝŶĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐ͘

WĞƌƋƵŝƐŝƚĞƐ

tĞƉƌŽǀŝĚĞŽƵƌĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐǁŝƚŚƉĞƌƋƵŝƐŝƚĞƐŝŶĂŵŽƵŶƚƐƚŚĂƚǁĞďĞůŝĞǀĞŚĞůƉƵƐĂƚƚƌĂĐƚĂŶĚƌĞƚĂŝŶ ŚŝŐŚůLJͲƋƵĂůŝĨŝĞĚůĞĂĚĞƌƐ͘&ŽƌĐĞƌƚĂŝŶĞdžĞĐƵƚŝǀĞƐ͕ŝŶĐůƵĚŝŶŐƚŚĞEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐ͕ǁĞƉƌŽǀŝĚĞĂĐŽŵƉĂŶLJ ĂƵƚŽŵŽďŝůĞĂŶĚĂĐĞůůƉŚŽŶĞĂůůŽǁĂŶĐĞ͘/ŶĂĚĚŝƚŝŽŶ͕ǁĞŽǁŶĂŶĚŽƉĞƌĂƚĞĐŽƌƉŽƌĂƚĞĂŝƌĐƌĂĨƚƚŽĨĂĐŝůŝƚĂƚĞƚŚĞ ďƵƐŝŶĞƐƐƚƌĂǀĞůŽĨŽƵƌĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐ;ŝŶĐůƵĚŝŶŐƚŚĞEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐͿĂŶĚƚŚĞĂƚƚĞŶĚĂŶĐĞŽĨŽĂƌĚ ŵĞŵďĞƌƐĂƚŽĂƌĚĂŶĚŽŵŵŝƚƚĞĞŵĞĞƚŝŶŐƐ͘džĞĐƵƚŝǀĞƐŽƚŚĞƌƚŚĂŶDĞƐƐƌƐ͘ZŽůůŝŶƐĂŶĚĂŐůĞLJĂƌĞŐĞŶĞƌĂůůLJŶŽƚ ĞŶƚŝƚůĞĚƚŽƵƐĞŽƵƌĂŝƌĐƌĂĨƚĨŽƌƉĞƌƐŽŶĂůƚƌĂǀĞůĞdžĐĞƉƚĨŽƌůŝŵŝƚĞĚĐŝƌĐƵŵƐƚĂŶĐĞƐĚĞƐĐƌŝďĞĚŝŶƚŚĞŽŵƉĂŶLJ͛Ɛ ŽƌƉŽƌĂƚĞŝƌĐƌĂĨƚWŽůŝĐLJ͘

/ŶƚĞƌŶĂůZĞǀĞŶƵĞŽĚĞ^ĞĐƚŝŽŶϭϲϮ;ŵͿ

^ĞĐƚŝŽŶϭϲϮ;ŵͿŽĨƚŚĞŽĚĞŐĞŶĞƌĂůůLJůŝŵŝƚƐƚŚĞĐŽƌƉŽƌĂƚĞƚĂdžĚĞĚƵĐƚŝŽŶĨŽƌĐŽŵƉĞŶƐĂƚŝŽŶŝŶĞdžĐĞƐƐŽĨΨϭ ŵŝůůŝŽŶ ƚŚĂƚ ŝƐ ƉĂŝĚ ƚŽ ŽƵƌ EĂŵĞĚ džĞĐƵƚŝǀĞ KĨĨŝĐĞƌƐ͘ WƌŝŽƌ ƚŽ :ĂŶƵĂƌLJ ϭ͕ ϮϬϭϴ͕ ͞ƉĞƌĨŽƌŵĂŶĐĞͲďĂƐĞĚ ĐŽŵƉĞŶƐĂƚŝŽŶ͟ĂƐĚĞĨŝŶĞĚŝŶ ^ĞĐƚŝŽŶϭϲϮ;ŵͿǁĂƐ ĨƵůůLJĚĞĚƵĐƚŝďůĞ ǁŝƚŚŽƵƚ ƌĞŐĂƌĚ ƚŽƚŚĞΨϭ ŵŝůůŝŽŶ ůŝŵŝƚĨŽƌ ͞ƉĞƌĨŽƌŵĂŶĐĞďĂƐĞĚ͟ĐŽŵƉĞŶƐĂƚŝŽŶ͘ŽŵƉĞŶƐĂƚŝŽŶĂǁĂƌĚƐŵĂĚĞƵŶĚĞƌƚŚĞŵĞŶĚĞĚĂŶĚZĞƐƚĂƚĞĚdžĞĐƵƚŝǀĞ WĞƌĨŽƌŵĂŶĐĞ/ŶĐĞŶƚŝǀĞWůĂŶĂŶĚĐĞƌƚĂŝŶĞƋƵŝƚLJĂǁĂƌĚƐƵŶĚĞƌƚŚĞ>ŽŶŐͲdĞƌŵƋƵŝƚLJ/ŶĐĞŶƚŝǀĞWůĂŶǁĞƌĞŝŶƚĞŶĚĞĚ ƚŽ ďĞ ͞ƉĞƌĨŽƌŵĂŶĐĞͲďĂƐĞĚ͟ ĂŶĚ ƋƵĂůŝĨLJ ĨŽƌ ƚŚŝƐ ĞdžĐĞƉƚŝŽŶ ƚŽ ƚŚĞ Ψϭ ŵŝůůŝŽŶ ĚĞĚƵĐƚŝďŝůŝƚLJ ůŝŵŝƚ͘ ,ŽǁĞǀĞƌ͕ ďĞŐŝŶŶŝŶŐ:ĂŶƵĂƌLJϭ͕ϮϬϭϴ͕ƚŚŝƐĞdžĐĞƉƚŝŽŶĨŽƌƉĞƌĨŽƌŵĂŶĐĞͲďĂƐĞĚĐŽŵƉĞŶƐĂƚŝŽŶŚĂƐďĞĞŶĞůŝŵŝŶĂƚĞĚďLJƚŚĞ ϮϬϭϳdĂdžƵƚĂŶĚ:ŽďƐĐƚ͘

/ŶϮϬϭϵ͕ĂƉŽƌƚŝŽŶŽĨƚŚĞĐŽŵƉĞŶƐĂƚŝŽŶƚŚĂƚŝƐƉĂLJĂďůĞƚŽŽƵƌEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐĞdžĐĞĞĚĞĚƚŚĞΨϭ ŵŝůůŝŽŶůŝŵŝƚĂƚŝŽŶƵŶĚĞƌ^ĞĐƚŝŽŶϭϲϮ;ŵͿĂŶĚ͕ƚŚĞƌĞĨŽƌĞ͕ŝƐŶŽƚƚĂdžͲĚĞĚƵĐƚŝďůĞ͘ tĞ ŶŽŶĞƚŚĞůĞƐƐ ĐŽŶƚŝŶƵĞ ƚŽ ĐŽŶĚŝƚŝŽŶƉĂLJŵĞŶƚƐƵŶĚĞƌŵĂŶLJŽĨŽƵƌĞdžĞĐƵƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶĂƌƌĂŶŐĞŵĞŶƚƐŽŶĂĐŚŝĞǀĞŵĞŶƚŽĨƉĞƌĨŽƌŵĂŶĐĞ ŐŽĂůƐƵŶĚĞƌƚŚĞŵĞŶĚĞĚĂŶĚZĞƐƚĂƚĞĚdžĞĐƵƚŝǀĞWĞƌĨŽƌŵĂŶĐĞ/ŶĐĞŶƚŝǀĞWůĂŶ͘

ŵƉůŽLJŵĞŶƚ͕ŚĂŶŐĞŝŶŽŶƚƌŽůĂŶĚŽŶƐƵůƚŝŶŐŐƌĞĞŵĞŶƚƐ

ŵƉůŽLJŵĞŶƚŐƌĞĞŵĞŶƚƐ

tĞŚĂǀĞŶŽǁƌŝƚƚĞŶĞŵƉůŽLJŵĞŶƚĂŐƌĞĞŵĞŶƚƐǁŝƚŚĂŶLJŽĨŽƵƌEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐ͘

ŚĂŶŐĞŝŶŽŶƚƌŽůŐƌĞĞŵĞŶƚƐ

tĞŚĂǀĞĞŶƚĞƌĞĚŝŶƚŽĂŚĂŶŐĞŝŶŽŶƚƌŽůŐƌĞĞŵĞŶƚǁŝƚŚĐĞƌƚĂŝŶŽĨŽƵƌĞdžĞĐƵƚŝǀĞƐ͕ƚŚĂƚƉƌŽǀŝĚĞƐĐĞƌƚĂŝŶ ďĞŶĞĨŝƚƐŝŶƚŚĞĞǀĞŶƚƚŚĂƚǁĞĞdžƉĞƌŝĞŶĐĞĂĐŚĂŶŐĞŝŶĐŽŶƚƌŽůĂŶĚƚŚĞĞdžĞĐƵƚŝǀĞ͛ƐĞŵƉůŽLJŵĞŶƚ ŝƐƚĞƌŵŝŶĂƚĞĚ

ϱϭ ŽŵƉĞŶƐĂƚŝŽŶŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ

ǁŝƚŚŝŶϮϰŵŽŶƚŚƐ͘dŚŝƐŝƐůŝŵŝƚĞĚƚŽĂŶŝŶǀŽůƵŶƚĂƌLJƚĞƌŵŝŶĂƚŝŽŶďLJƚŚĞƐƵƌǀŝǀŝŶŐĞŶƚŝƚLJǁŝƚŚŽƵƚ͞ĐĂƵƐĞ͟;ŝŶĐůƵĚĞƐ ĐŽŶǀŝĐƚŝŽŶ ŽĨ Ă ĨĞůŽŶLJ Žƌ ĐƌŝŵĞ ŵŽƌĂů ƚƵƌƉŝƚƵĚĞ͕ ĂĐƚƐ ŽĨ ĚŝƐŚŽŶĞƐƚLJ Žƌ ŵĂƚĞƌŝĂů ŝŶĂƚƚĞŶƚŝŽŶ ŽĨ ĚƵƚŝĞƐͿ͕ Žƌ ƌĞƐŝŐŶĂƚŝŽŶďLJƚŚĞĞdžĞĐƵƚŝǀĞĨŽƌ͞ŐŽŽĚƌĞĂƐŽŶ͟;ŝŶĐůƵĚĞƐĚŝŵŝŶŝƐŚĞĚ ĚƵƚŝĞƐ͕ ƌĞĚƵĐƚŝŽŶ ŝŶ ĐŽŵƉĞŶƐĂƚŝŽŶ͕ ŝŶǀŽůƵŶƚĂƌLJƌĞůŽĐĂƚŝŽŶŽƌĂŵĂƚĞƌŝĂůďƌĞĂĐŚŽĨĞŵƉůŽLJŵĞŶƚƉŽůŝĐŝĞƐͿ͘

dŚĞ ĐĂƐŚ ĂŵŽƵŶƚ ƉĂLJĂďůĞ ŝƐ Ă ŵƵůƚŝƉůĞ ŽĨ ĞĂĐŚ EĂŵĞĚ džĞĐƵƚŝǀĞ KĨĨŝĐĞƌ͛Ɛ ƌĞƐƉĞĐƚŝǀĞ ĂŶŶƵĂů ďĂƐĞ ĐŽŵƉĞŶƐĂƚŝŽŶĂŶĚƚŚĞŵĂdžŝŵƵŵĂŶŶƵĂůĐĂƐŚŝŶĐĞŶƚŝǀĞĂǁĂƌĚ͘dŚĞŵƵůƚŝƉůĞƚŽĚĞƚĞƌŵŝŶĞƚŚĞĐĂƐŚĂŵŽƵŶƚ ƉĂLJĂďůĞŝƐĂƐĨŽůůŽǁƐ͗Dƌ͘ZŽůůŝŶƐ͕ϯϬϬй͕Dƌ͘ĂŐůĞLJ͕ϮϱϬй͕ĂŶĚĨŽƌDĞƐƐƌƐ͘ŽƉĞůĂŶĚ͕WŝŐŶƵŽůŽ͕ĂŶĚ:ĂŐŐĞƌƐ͕ ϮϬϬйŽĨƐƵĐŚĂŵŽƵŶƚƐ͘/ŶĂĚĚŝƚŝŽŶ͕ĞĂĐŚEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌǁŝůůƌĞĐĞŝǀĞĐŽŶƚŝŶƵĞĚƉĂƌƚŝĐŝƉĂƚŝŽŶŝŶŽƵƌ ŚĞĂůƚŚĂŶĚǁĞůĨĂƌĞďĞŶĞĨŝƚƉůĂŶƐĂŶĚĨƌŝŶŐĞďĞŶĞĨŝƚƉƌŽŐƌĂŵƐĨŽƌĂĐĞƌƚĂŝŶƉĞƌŝŽĚĨŽůůŽǁŝŶŐƚĞƌŵŝŶĂƚŝŽŶŽĨ ĞŵƉůŽLJŵĞŶƚ͘ &Žƌ DĞƐƐƌƐ͘ ZŽůůŝŶƐ͕ ĂŐůĞLJ ĂŶĚ WŝŐŶƵŽůŽ͕ ƉĂƌƚŝĐŝƉĂƚŝŽŶ ŝƐ ĐŽŶƚŝŶƵĞĚ ĨŽƌ ϯϲ ŵŽŶƚŚƐ͕ ĂŶĚ ĨŽƌ DĞƐƐƌƐ͘ŽƉĞůĂŶĚĂŶĚ:ĂŐŐĞƌƐ͕ϮϰŵŽŶƚŚƐ͘/ĨĐŽŶƚŝŶƵĞĚƉĂƌƚŝĐŝƉĂƚŝŽŶŝƐŶŽƚĂǀĂŝůĂďůĞƵŶĚĞƌƐƵĐŚďĞŶĞĨŝƚƉůĂŶƐ ĂŶĚƉƌŽŐƌĂŵƐ͕ĂĐĂƐŚƉĂLJŵĞŶƚĞƋƵĂůƚŽƚŚĞǀĂůƵĞŽĨƉĂƌƚŝĐŝƉĂƚŝŽŶǁŝůůďĞŵĂĚĞƚŽƚŚĞEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌ͘ hƉŽŶĂĐŚĂŶŐĞŝŶĐŽŶƚƌŽů͕ĞĂĐŚEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌǁŝůůďĞĐŽŵĞĨƵůůLJǀĞƐƚĞĚŝŶƐƚŽĐŬŝŶĐĞŶƚŝǀĞĂǁĂƌĚƐ͘

ĂĐŚĂŐƌĞĞŵĞŶƚŝŶĐůƵĚĞƐĂ͞ĚŽƵďůĞƚƌŝŐŐĞƌ͟;ŝ͘Ğ͕͘ƌĞƋƵŝƌŝŶŐďŽƚŚĂĐŚĂŶŐĞŝŶĐŽŶƚƌŽůĂŶĚƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞ ĞdžĞĐƵƚŝǀĞ͛ƐĞŵƉůŽLJŵĞŶƚͿƐŽƚŚĂƚƚŚĞĞdžĞĐƵƚŝǀĞǁŝůůŽŶůLJƌĞĐĞŝǀĞĂĚĚŝƚŝŽŶĂůďĞŶĞĨŝƚƐŝĨĂĐŚĂŶŐĞŝŶĐŽŶƚƌŽůĂůƐŽ ŚĂƐĂŶĂĚǀĞƌƐĞŝŵƉĂĐƚŽŶƚŚĞĞdžĞĐƵƚŝǀĞ͘dŚĞƐƵƌǀŝǀŝŶŐĞŶƚŝƚLJŝƐŶŽƚƌĞƋƵŝƌĞĚƚŽƉƌŽǀŝĚĞƐƵĐŚďĞŶĞĨŝƚƐŝĨŝƚĚĞƐŝƌĞƐ ƚŽŵĂŝŶƚĂŝŶƚŚĞƐĞƌǀŝĐĞƐŽĨƚŚĞĞdžĞĐƵƚŝǀĞ͘

dŚĞ EĂŵĞĚ džĞĐƵƚŝǀĞ KĨĨŝĐĞƌƐ ĂƌĞ ŶŽƚ ĞŶƚŝƚůĞĚ ƚŽ ƚĂdž ͞ŐƌŽƐƐͲƵƉ͟ Žƌ ƐŝŵŝůĂƌ ƉĂLJŵĞŶƚƐ ŽŶ ĂŶLJ ĂŵŽƵŶƚƐ ƌĞĐĞŝǀĞĚƵŶĚĞƌƚŚĞŚĂŶŐĞŝŶŽŶƚƌŽůŐƌĞĞŵĞŶƚƐƚŽĂĐĐŽƵŶƚĨŽƌĞdžĐŝƐĞƚĂdžĞƐŽŶ͞ƉĂƌĂĐŚƵƚĞƉĂLJŵĞŶƚƐ͟ƚŚĂƚ ĂƌĞĚĞĨŝŶĞĚŝŶ^ĞĐƚŝŽŶƐϮϴϬ'ĂŶĚϰϵϵϵŽĨƚŚĞŽĚĞ͘ŽŵƉĞŶƐĂƚŽƌLJƉĂLJŵĞŶƚƐĂŶĚďĞŶĞĨŝƚƐƚŽďĞƌĞĐĞŝǀĞĚŽŶĂ ĐŚĂŶŐĞŝŶĐŽŶƚƌŽůŵĂLJďĞƌĞĚƵĐĞĚŝŶƚŚĞĞǀĞŶƚƚŚĂƚƚŚĞĂŐŐƌĞŐĂƚĞĐŚĂŶŐĞŝŶĐŽŶƚƌŽůƉĂLJŵĞŶƚƐƚŽĂŶLJEĂŵĞĚ džĞĐƵƚŝǀĞKĨĨŝĐĞƌǁŽƵůĚƌĞƐƵůƚŝŶĂŶĞdžĐĞƐƐƉĂLJŵĞŶƚ͕ǁŚŝĐŚŝƐϯϬϬйŽƌŵŽƌĞŽĨĂǀĞƌĂŐĞĂŶŶƵĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ dŚĞƌĞĚƵĐƚŝŽŶǁŽƵůĚďĞĂƉƉůŝĞĚƚŽůŝŵŝƚƉĂLJŵĞŶƚƐƚŽŽŶĞĚŽůůĂƌďĞůŽǁƚŚŝƐĂŵŽƵŶƚ͘dŚŝƐƌĞĚƵĐƚŝŽŶƉƌĞƐĞƌǀĞƐ ƚŚĞƚĂdžĚĞĚƵĐƚŝŽŶĨŽƌƚŚĞƐƵƌǀŝǀŝŶŐĞŶƚŝƚLJƵŶĚĞƌ^ĞĐƚŝŽŶϮϴϬ'ŽĨƚŚĞŽĚĞĂŶĚĂǀŽŝĚƐƚŚĞŝŵƉŽƐŝƚŝŽŶŽĨĂϮϬй ĞdžĐŝƐĞŽŶƚŚĞEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƵŶĚĞƌ^ĞĐƚŝŽŶϰϵϵϵŽĨƚŚĞŽĚĞ͘dŚŝƐƌĞĚƵĐƚŝŽŶĚŽĞƐŶŽƚĂƉƉůLJ͕ŚŽǁĞǀĞƌ͕ ŝŶƚŚĞĞǀĞŶƚƚŚĂƚƚŚĞĂŐŐƌĞŐĂƚĞƉĂLJŵĞŶƚƐĚƵĞŽŶƚŚĞĐŚĂŶŐĞŝŶĐŽŶƚƌŽů͕ŶĞƚŽĨƚŚĞϮϬйĞdžĐŝƐĞƚĂdžƵŶĚĞƌ^ĞĐƚŝŽŶ ϰϵϵϵŽĨƚŚĞŽĚĞ͕ǁŽƵůĚďĞŐƌĞĂƚĞƌƚŚĂŶƚŚĞĂŐŐƌĞŐĂƚĞƉĂLJŵĞŶƚƐƌĞĐĞŝǀĞĚĂĨƚĞƌĂƉƉůLJŝŶŐƚŚĞƌĞĚƵĐƚŝŽŶ͘

dŚĞƚĞƌŵƐŽĨƚŚĞŚĂŶŐĞŝŶŽŶƚƌŽůŐƌĞĞŵĞŶƚƐĨŽƌDĞƐƐƌƐ͘ZŽůůŝŶƐ͕ĂŐůĞLJ͕ĂŶĚŽƉĞůĂŶĚŝŶĐůƵĚĞĐĞƌƚĂŝŶ ƌĞƐƚƌŝĐƚŝǀĞĐŽǀĞŶĂŶƚƐ͘hŶĚĞƌƚŚĞƐĞĐŽǀĞŶĂŶƚƐ͕DĞƐƐƌƐ͘ZŽůůŝŶƐ͕ĂŐůĞLJ͕ĂŶĚŽƉĞůĂŶĚŵĂLJŶŽƚĂƚĂŶLJƚŝŵĞĚŝǀƵůŐĞ ĐŽŶĨŝĚĞŶƚŝĂůŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƵƐŽƌŽƵƌĂĨĨŝůŝĂƚĞƐĂŶĚ͕ĨŽƌĚƵƌŝŶŐƚŚĞƚĞƌŵŽĨĞŵƉůŽLJŵĞŶƚĂŶĚĂƉĞƌŝŽĚŽĨƚǁŽ LJĞĂƌƐĨŽůůŽǁŝŶŐƚĞƌŵŝŶĂƚŝŽŶŽĨĞŵƉůŽLJŵĞŶƚ;ĞdžĐĞƉƚŝŶƚŚĞĐĂƐĞŽĨĂƌĞƐŝŐŶĂƚŝŽŶĨŽƌŐŽŽĚƌĞĂƐŽŶͿ͕ŽƉĞƌĂƚĞ͕ŽǁŶ͕ ďĞĞŵƉůŽLJĞĚďLJŽƌĐŽŶƐƵůƚǁŝƚŚĂŶLJĐŽŵƉĞƚŝŶŐďƵƐŝŶĞƐƐ͕ŽƌĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJƐŽůŝĐŝƚĐƵƐƚŽŵĞƌƐŽƌĞŵƉůŽLJĞĞƐ ŽĨĂŶĐŽƌƉ^ŽƵƚŚŽƌĂŶLJŽĨŝƚƐĂĨĨŝůŝĂƚĞƐ͘

&ŽƌŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚŚĞĂŵŽƵŶƚƐƉĂLJĂďůĞƚŽƚŚĞEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐƵŶĚĞƌƚŚĞŚĂŶŐĞŝŶ ŽŶƚƌŽůŐƌĞĞŵĞŶƚƐ͕ƐĞĞƚŚĞƐĞĐƚŝŽŶďĞůŽǁĞŶƚŝƚůĞĚ͞yhd/sKDWE^d/KEʹWŽƚĞŶƚŝĂůWĂLJŵĞŶƚƐhƉŽŶ dĞƌŵŝŶĂƚŝŽŶŽƌŚĂŶŐĞͲŝŶͲŽŶƚƌŽů͘͟

ZĞƚŝƌĞŵĞŶƚĞŶĞĨŝƚƐ

tĞŵĂŝŶƚĂŝŶĐĞƌƚĂŝŶĐŽŵƉĞŶƐĂƚŽƌLJĂƌƌĂŶŐĞŵĞŶƚƐĂƐƉĂƌƚŽĨŽƵƌĞdžĞĐƵƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽŐƌĂŵƚŚĂƚĂƌĞ ŝŶƚĞŶĚĞĚƚŽƉƌŽǀŝĚĞƉĂLJŵĞŶƚƐƚŽĐĞƌƚĂŝŶŽĨŽƵƌĞŵƉůŽLJĞĞƐ͕ŝŶĐůƵĚŝŶŐƚŚĞEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐ͕ƵƉŽŶƚŚĞŝƌ

ϱϮ ŽŵƉĞŶƐĂƚŝŽŶŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ

ƌĞƐŝŐŶĂƚŝŽŶŽƌƌĞƚŝƌĞŵĞŶƚ͘dŚĞƐĞŝŶĐůƵĚĞŽƵƌϰϬϭ;ŬͿWƌŽĨŝƚͲ^ŚĂƌŝŶŐWůĂŶ͕ĂĚĞĨŝŶĞĚďĞŶĞĨŝƚƉůĂŶƌĞĨĞƌƌĞĚƚŽĂƐŽƵƌ ZĞƚŝƌĞŵĞŶƚWůĂŶ͕ƐƵƉƉůĞŵĞŶƚĂůĚĞĨŝŶĞĚďĞŶĞĨŝƚƉůĂŶƌĞĨĞƌƌĞĚƚŽĂƐŽƵƌZĞƐƚŽƌĂƚŝŽŶWůĂŶĂŶĚŽƵƌ^ƵƉƉůĞŵĞŶƚĂů džĞĐƵƚŝǀĞZĞƚŝƌĞŵĞŶƚWůĂŶĂŶĚĂĐŽŶƚƌŝďƵƚŽƌLJĚĞĨĞƌƌĞĚĐŽŵƉĞŶƐĂƚŝŽŶĂƌƌĂŶŐĞŵĞŶƚƌĞĨĞƌƌĞĚƚŽĂƐŽƵƌĞĨĞƌƌĞĚ ŽŵƉĞŶƐĂƚŝŽŶWůĂŶ͘dŚĞƉƵƌƉŽƐĞŽĨƚŚĞƐĞƉůĂŶƐŝƐƚŽƉƌŽǀŝĚĞĐŽŵƉĞƚŝƚŝǀĞƌĞƚŝƌĞŵĞŶƚďĞŶĞĨŝƚƐƚŚĂƚĞŶĂďůĞƵƐƚŽ ĂƚƚƌĂĐƚĂŶĚƌĞƚĂŝŶƚĂůĞŶƚĞĚůĞĂĚĞƌƐǁŚŽǁŝůůĞdžĞƌƚĐŽŶƐŝĚĞƌĂďůĞŝŶĨůƵĞŶĐĞŽŶŽƵƌĚŝƌĞĐƚŝŽŶĂŶĚƐƵĐĐĞƐƐ͘

ůůŽĨŽƵƌĞŵƉůŽLJĞĞƐǁŚŽŚĂǀĞĂƚƚĂŝŶĞĚƚŚĞĂŐĞŽĨϭϴĂƌĞĞŶƌŽůůĞĚŝŶŽƵƌϰϬϭ;ŬͿWƌŽĨŝƚͲ^ŚĂƌŝŶŐWůĂŶĂĨƚĞƌϯϬ ĚĂLJƐŽĨĞŵƉůŽLJŵĞŶƚ͕ƵŶůĞƐƐƚŚĞLJŽƉƚŽƵƚŽĨƉĂƌƚŝĐŝƉĂƚŝŽŶ͕ĂƚĂĐŽŶƚƌŝďƵƚŝŽŶƌĂƚĞŽĨϯйŽĨĞůŝŐŝďůĞĐŽŵƉĞŶƐĂƚŝŽŶ͘ dŚŝƐŝƐŝŶĐƌĞĂƐĞĚĂŶŶƵĂůůLJďLJϭйƚŽĂŵĂdžŝŵƵŵŽĨϲйŽĨĐŽŵƉĞŶƐĂƚŝŽŶ͘ůƚĞƌŶĂƚŝǀĞůLJ͕ĞĂĐŚƉĂƌƚŝĐŝƉĂŶƚĐĂŶĞůĞĐƚ ƚŽĐŽŶƚƌŝďƵƚĞĂŶLJĂŵŽƵŶƚƵƉƚŽϳϱйŽĨƚŚĞŝƌĐŽŵƉĞŶƐĂƚŝŽŶ͕ŶŽƚƚŽĞdžĐĞĞĚΨϭϵ͕ϬϬϬĨŽƌϮϬϭϵ͘ŵƉůŽLJĞĞƐŽǀĞƌ ƚŚĞĂŐĞŽĨϱϬŵĂLJĂůƐŽĐŽŶƚƌŝďƵƚĞ͞ĐĂƚĐŚͲƵƉ͟ĐŽŶƚƌŝďƵƚŝŽŶƵƉƚŽΨϲ͕ϬϬϬ͘dŚĞƉůĂŶŚĂƐĂƐĂĨĞŚĂƌďŽƌŵĂƚĐŚŝŶŐ ĐŽŶƚƌŝďƵƚŝŽŶĚĞƐŝŐŶƵŶĚĞƌ/Z^ƌƵůĞƐƚŚĂƚƉƌŽǀŝĚĞĂĚŽůůĂƌĨŽƌĚŽůůĂƌŵĂƚĐŚŽŶĞůĞĐƚŝǀĞĐŽŶƚƌŝďƵƚŝŽŶƐƵƉƚŽƚŚĞ ĨŝƌƐƚϱйŽĨĞůŝŐŝďůĞĐŽŵƉĞŶƐĂƚŝŽŶ͘͞ĂƚĐŚͲƵƉ͟ĐŽŶƚƌŝďƵƚŝŽŶƐĂƌĞŶŽƚŵĂƚĐŚĞĚ͘dŚĞŵĂdžŝŵƵŵĐŽŶƚƌŝďƵƚŝŽŶƐĨƌŽŵ ĂůůƐŽƵƌĐĞƐŝƐΨϱϲ͕ϬϬϬĨŽƌϮϬϭϵ͘

ůůŽĨŽƵƌĞŵƉůŽLJĞĞƐǁŚŽŚĂǀĞĂƚƚĂŝŶĞĚƚŚĞĂŐĞŽĨϭϴĂƌĞĞůŝŐŝďůĞƚŽƉĂƌƚŝĐŝƉĂƚĞŝŶŽƵƌZĞƚŝƌĞŵĞŶƚWůĂŶĂĨƚĞƌ ĐŽŵƉůĞƚŝŶŐŽŶĞLJĞĂƌŽĨƐĞƌǀŝĐĞ͘dŚĞZĞƚŝƌĞŵĞŶƚWůĂŶŝƐŶŽŶͲĐŽŶƚƌŝďƵƚŽƌLJ͘ůŝŐŝďůĞĞŵƉůŽLJĞĞƐĂĐĐƌƵĞďĞŶĞĨŝƚƐ ƚŚĂƚĂƌĞďĂƐĞĚŽŶĂĐĂƐŚďĂůĂŶĐĞĨŽƌŵƵůĂƚŚĂƚŝƐďĂƐĞĚŽŶĂƉĞƌĐĞŶƚĂŐĞŽĨĂŶŶƵĂůĐŽŵƉĞŶƐĂƚŝŽŶĂŶĚĂĐƌĞĚŝƚĨŽƌ ĞĂƌŶŝŶŐƐŽŶĂĐĐƵŵƵůĂƚĞĚĂĐĐƌƵĂůƐ͘&ŽƌĞůŝŐŝďůĞĞŵƉůŽLJĞĞƐǁŚŽǁĞƌĞŚŝƌĞĚƉƌŝŽƌƚŽ:ĂŶƵĂƌLJϭ͕ϮϬϬϲ͕ďĞŶĞĨŝƚƐ ǁĞƌĞĂĐĐƌƵĞĚƚŚƌŽƵŐŚĞĐĞŵďĞƌϯϭ͕ϮϬϭϲƵŶĚĞƌĂĨŽƌŵƵůĂƚŚĂƚŝŶĐůƵĚĞĚĨŝŶĂůĂǀĞƌĂŐĞĐŽŵƉĞŶƐĂƚŝŽŶĂŶĚůĞŶŐƚŚ ŽĨƐĞƌǀŝĐĞ͘&ŽƌϮϬϭϵ͕ƚŚĞŵĂdžŝŵƵŵĂŶŶƵĂůĂŶŶƵŝƚLJďĞŶĞĨŝƚƚŚĂƚĐĂŶďĞĂĐĐƌƵĞĚƵŶĚĞƌƚŚĞŽĚĞǁŝƚŚƌĞƐƉĞĐƚƚŽ ƚŚĞZĞƚŝƌĞŵĞŶƚWůĂŶŝƐΨϮϮϱ͕ϬϬϬ͘dŚĞŵĂdžŝŵƵŵĂŵŽƵŶƚŽĨĂŶŶƵĂůĐŽŵƉĞŶƐĂƚŝŽŶ ƚŚĂƚĐĂŶďĞĐŽŶƐŝĚĞƌĞĚŝƐ ΨϮϴϬ͕ϬϬϬ͘

dŚĞZĞƐƚŽƌĂƚŝŽŶWůĂŶŝƐĂŶŽŶͲƋƵĂůŝĨŝĞĚ͕ŶŽŶͲĐŽŶƚƌŝďƵƚŽƌLJ͕ƵŶĨƵŶĚĞĚĚĞĨŝŶĞĚďĞŶĞĨŝƚƉůĂŶƚŚĂƚŝƐŵĂŝŶƚĂŝŶĞĚ ĨŽƌĐĞƌƚĂŝŶĞůŝŐŝďůĞŽĨĨŝĐĞƌƐ͘ĞŶĞĨŝƚƐƵŶĚĞƌƚŚĞZĞƐƚŽƌĂƚŝŽŶWůĂŶĂƌĞďĂƐĞĚŽŶƚŚĞƐĂŵĞĨŽƌŵƵůĂĞĂƐƚŚŽƐĞŝŶƚŚĞ ZĞƚŝƌĞŵĞŶƚWůĂŶ͕ďƵƚŽŶůLJǁŝƚŚƌĞƐƉĞĐƚƚŽĞůŝŐŝďůĞĐŽŵƉĞŶƐĂƚŝŽŶĂŶĚďĞŶĞĨŝƚĂĐĐƌƵĂůƐǁŚŝĐŚĞdžĐĞĞĚƚŚĞĂĐĐƌƵĂů ĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶůŝŵŝƚƐƚŚĂƚĂƉƉůLJƚŽƚŚĞZĞƚŝƌĞŵĞŶƚWůĂŶƵŶĚĞƌƚŚĞŽĚĞ͘

dŚĞ^ƵƉƉůĞŵĞŶƚĂůdžĞĐƵƚŝǀĞZĞƚŝƌĞŵĞŶƚWůĂŶŝƐĂŶŽŶͲƋƵĂůŝĨŝĞĚ͕ŶŽŶͲĐŽŶƚƌŝďƵƚŽƌLJ͕ƵŶĨƵŶĚĞĚĚĞĨŝŶĞĚďĞŶĞĨŝƚ ƉůĂŶƚŚĂƚŝƐŵĂŝŶƚĂŝŶĞĚĨŽƌƐĞůĞĐƚŬĞLJĞŵƉůŽLJĞĞƐ͘ĞŶĞĨŝƚƐƵŶĚĞƌƚŚĞ^ƵƉƉůĞŵĞŶƚĂůdžĞĐƵƚŝǀĞZĞƚŝƌĞŵĞŶƚWůĂŶ ĂƌĞ ďĂƐĞĚ ƉƌŝŵĂƌŝůLJ ŽŶ ĨŝŶĂů ĂǀĞƌĂŐĞ ĐŽŵƉĞŶƐĂƚŝŽŶ͘ dŚŝƐ ĂƌƌĂŶŐĞŵĞŶƚ ƐƵƉƉůĞŵĞŶƚƐ ƚŚĞ ďĞŶĞĨŝƚƐ ƵŶĚĞƌ ƚŚĞ ZĞƚŝƌĞŵĞŶƚWůĂŶĂŶĚƚŚĞZĞƐƚŽƌĂƚŝŽŶWůĂŶ͘

tĞ ĂůƐŽ ŵĂŝŶƚĂŝŶ ƚŚĞĞĨĞƌƌĞĚ ŽŵƉĞŶƐĂƚŝŽŶ WůĂŶƚŽ ĂůůŽǁ ƐĞůĞĐƚ ŵĞŵďĞƌƐŽĨ ƐĞŶŝŽƌ ŵĂŶĂŐĞŵĞŶƚƚŽ ĚĞĨĞƌ Ă ƉŽƌƚŝŽŶŽĨƚŚĞŝƌĐĂƐŚĐŽŵƉĞŶƐĂƚŝŽŶ͘ŵŽƵŶƚƐƚŚĂƚĂƌĞĚĞĨĞƌƌĞĚĂƌĞĐƌĞĚŝƚĞĚǁŝƚŚĂŵĂƌŬĞƚŝŶƚĞƌĞƐƚƌĂƚĞĂŶĚĂƌĞƉĂŝĚŽƵƚ ƵƉŽŶƌĞƚŝƌĞŵĞŶƚŽƌƚĞƌŵŝŶĂƚŝŽŶŽĨĞŵƉůŽLJŵĞŶƚ͘

ůůŽĨŽƵƌEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞZĞƚŝƌĞŵĞŶƚWůĂŶĂŶĚƚŚĞZĞƐƚŽƌĂƚŝŽŶWůĂŶĂŶĚĂĐĐƌƵĞĚ ďĞŶĞĨŝƚƐŝŶϮϬϭϵƚŚĂƚĂƌĞďĂƐĞĚŽŶĂĐĂƐŚďĂůĂŶĐĞĨŽƌŵƵůĂ͘ĂĐŚŽĨƚŚĞEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐǁĞƌĞĞůŝŐŝďůĞ ŝŶϮϬϭϵĨŽƌŶŽƌŵĂůŽƌĞĂƌůLJƌĞƚŝƌĞŵĞŶƚƉƵƌƐƵĂŶƚƚŽƚŚĞϰϬϭ;ŬͿWƌŽĨŝƚͲ^ŚĂƌŝŶŐWůĂŶ͕ƚŚĞZĞƚŝƌĞŵĞŶƚWůĂŶ͕ƚŚĞ ZĞƐƚŽƌĂƚŝŽŶWůĂŶ͕ĂŶĚƚŚĞ^ƵƉƉůĞŵĞŶƚĂůdžĞĐƵƚŝǀĞZĞƚŝƌĞŵĞŶƚWůĂŶ͕ǁŝƚŚƚŚĞĞdžĐĞƉƚŝŽŶƚŚĂƚDƌ͘ŽƉĞůĂŶĚŝƐŶŽƚ ĞůŝŐŝďůĞĨŽƌƚŚĞ^ƵƉƉůĞŵĞŶƚĂůdžĞĐƵƚŝǀĞZĞƚŝƌĞŵĞŶƚWůĂŶ͘EŽŶĞŽĨŽƵƌEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐƉĂƌƚŝĐŝƉĂƚĞŝŶ ƚŚĞĞĨĞƌƌĞĚŽŵƉĞŶƐĂƚŝŽŶWůĂŶ͘dŚĞĂŵŽƵŶƚƐĞĂĐŚEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌǁŽƵůĚŚĂǀĞƌĞĐĞŝǀĞĚƵŶĚĞƌƚŚĞƐĞ ƉůĂŶƐ ŝĨ ƚŚĞLJ ŚĂĚ ƌĞƚŝƌĞĚ ŽŶ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϵ ĂƌĞ ƉƌŽǀŝĚĞĚ ďĞůŽǁ ŝŶ ƚŚĞ ƐĞĐƚŝŽŶ ĞŶƚŝƚůĞĚ ͞yhd/s KDWE^d/KEʹWŽƚĞŶƚŝĂůWĂLJŵĞŶƚƐhƉŽŶdĞƌŵŝŶĂƚŝŽŶŽƌŚĂŶŐĞͲŝŶͲŽŶƚƌŽů͘͟

ϱϯ ŽŵƉĞŶƐĂƚŝŽŶŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ

>ŝĨĞ/ŶƐƵƌĂŶĐĞWůĂŶƐ

ĂŶĐŽƌƉ^ŽƵƚŚĂŶŬŵĂŝŶƚĂŝŶƐĂ^ƉůŝƚŽůůĂƌ>ŝĨĞ/ŶƐƵƌĂŶĐĞWůĂŶƚŚĂƚƉƌŽǀŝĚĞƐĚĞĂƚŚďĞŶĞĨŝƚƐƚŽŽƵƌEĂŵĞĚ džĞĐƵƚŝǀĞKĨĨŝĐĞƌƐ͕ǁŝƚŚƚŚĞĞdžĐĞƉƚŝŽŶŽĨDƌ͘ŽƉĞůĂŶĚ͘dŚĞĚĞĂƚŚďĞŶĞĨŝƚŝƐĂŶĂŵŽƵŶƚƵƉƚŽϮϱϬйŽĨƚŚĞ ƉĂƌƚŝĐŝƉĂŶƚ͛ƐƚŽƚĂůĐŽŵƉĞŶƐĂƚŝŽŶ͕ƐƵďũĞĐƚƚŽĐĞƌƚĂŝŶůŝŵŝƚĂƚŝŽŶƐĂŶĚĂŵĂdžŝŵƵŵĚĞĂƚŚďĞŶĞĨŝƚŽĨΨϮ͘ϱŵŝůůŝŽŶ͘ ĂŶĐŽƌƉ^ŽƵƚŚĂŶŬŝƐƚŚĞƐŽůĞŽǁŶĞƌŽĨƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐůŝĨĞŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĂŶĚƉĂLJƐƚŚĞƉƌĞŵŝƵŵƐĚƵĞ ŽŶƚŚĞƉŽůŝĐŝĞƐ͘dŚĞ^ƉůŝƚŽůůĂƌ>ŝĨĞ/ŶƐƵƌĂŶĐĞWůĂŶƉƌŽǀŝĚĞƐƚŚĂƚĂƉĂƌƚŝĐŝƉĂŶƚ͛ƐďĞŶĞĨŝĐŝĂƌLJǁŝůůďĞĞŶƚŝƚůĞĚƚŽ ĐĞƌƚĂŝŶĚĞĂƚŚďĞŶĞĨŝƚƐŝĨƚŚĞƉĂƌƚŝĐŝƉĂŶƚ͛ƐĚĞĂƚŚŽĐĐƵƌƐ͗

x ĞĨŽƌĞƐĞƉĂƌĂƚŝŽŶĨƌŽŵƐĞƌǀŝĐĞ͖ x tŝƚŚŝŶϮϰŵŽŶƚŚƐĨŽůůŽǁŝŶŐĂĐŚĂŶŐĞŝŶĐŽŶƚƌŽů;ĂƐĚĞĨŝŶĞĚŝŶƚŚĞ^ƉůŝƚŽůůĂƌ>ŝĨĞ/ŶƐƵƌĂŶĐĞWůĂŶͿ͖ x ĨƚĞƌĂƚƚĂŝŶŵĞŶƚŽĨĂŐĞϱϱĂŶĚĐŽŵƉůĞƚŝŽŶŽĨĨŝǀĞLJĞĂƌƐŽĨƉĂƌƚŝĐŝƉĂƚŝŽŶ͖Žƌ x &ŽůůŽǁŝŶŐƐĞƉĂƌĂƚŝŽŶĨƌŽŵƐĞƌǀŝĐĞĚƵĞƚŽĚŝƐĂďŝůŝƚLJŽƌƌĞƐŝŐŶĂƚŝŽŶĨŽƌŐŽŽĚƌĞĂƐŽŶ;ĂƐĚĞĨŝŶĞĚŝŶ ƚŚĞ^ƉůŝƚŽůůĂƌ>ŝĨĞ/ŶƐƵƌĂŶĐĞWůĂŶͿ͘

ůů ƉƌŽĐĞĞĚƐ ŝŶ ĞdžĐĞƐƐ ŽĨ ƚŚĞ ĚĞĂƚŚ ďĞŶĞĨŝƚƐ ƌĞĐĞŝǀĞĚ ďLJ ƚŚĞ ƉĂƌƚŝĐŝƉĂŶƚ͛Ɛ ďĞŶĞĨŝĐŝĂƌLJ ĂƌĞ ƌĞƚĂŝŶĞĚ ďLJ ĂŶĐŽƌƉ^ŽƵƚŚĂŶŬƚŽŽĨĨƐĞƚƚŚĞĐŽƐƚŽĨƉƌŽǀŝĚŝŶŐƚŚĞďĞŶĞĨŝƚ͘Dƌ͘ŽƉĞůĂŶĚƉĂƌƚŝĐŝƉĂƚĞƐŝŶŽƵƌŐƌŽƵƉƚĞƌŵůŝĨĞ ŝŶƐƵƌĂŶĐĞƉůĂŶ͘

ZŝƐŬDĂŶĂŐĞŵĞŶƚŽŶƐŝĚĞƌĂƚŝŽŶƐ

dŚĞdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞƌĞǀŝĞǁƐƚŚĞƌŝƐŬƐĂŶĚƌĞǁĂƌĚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚ ŽƵƌ ĐŽŵƉĞŶƐĂƚŝŽŶ ƉƌŽŐƌĂŵ͘ dŚĞ džĞĐƵƚŝǀĞ ŽŵƉĞŶƐĂƚŝŽŶ ĂŶĚ ^ƚŽĐŬ /ŶĐĞŶƚŝǀĞ ŽŵŵŝƚƚĞĞ ĚĞƐŝŐŶƐ ŽƵƌ ĐŽŵƉĞŶƐĂƚŝŽŶ ƉƌŽŐƌĂŵ ǁŝƚŚ ĨĞĂƚƵƌĞƐ ƚŚĂƚ ŵŝƚŝŐĂƚĞ ƌŝƐŬ ǁŝƚŚŽƵƚ ĚŝŵŝŶŝƐŚŝŶŐ ƚŚĞ ŝŶĐĞŶƚŝǀĞ ŶĂƚƵƌĞ ŽĨ ƚŚĞ ĐŽŵƉĞŶƐĂƚŝŽŶ͘ dŚĞ ĐŽŵŵŝƚƚĞĞ ďĞůŝĞǀĞƐ ƚŚĂƚ ŽƵƌ ĐŽŵƉĞŶƐĂƚŝŽŶ ƉƌŽŐƌĂŵ ĞŶĐŽƵƌĂŐĞƐ ĂŶĚ ƌĞǁĂƌĚƐ ƉƌƵĚĞŶƚ ďƵƐŝŶĞƐƐũƵĚŐŵĞŶƚĂŶĚĂƉƉƌŽƉƌŝĂƚĞƌŝƐŬͲƚĂŬŝŶŐŽǀĞƌƚŚĞůŽŶŐƚĞƌŵ͘ƐĚŝƐĐƵƐƐĞĚĂďŽǀĞŝŶƚŚĞƐĞĐƚŝŽŶĞŶƚŝƚůĞĚ͞ʹ džĞĐƵƚŝǀĞ ^ƵŵŵĂƌLJ͕͟ ǁĞ ďĞůŝĞǀĞ ŽƵƌ ŝŶĐĞŶƚŝǀĞ ĐŽŵƉĞŶƐĂƚŝŽŶ ƉůĂŶƐ ĂŶĚ ƉŽůŝĐŝĞƐ ŝŶĐůƵĚĞ ƚĞƌŵƐ ĚĞƐŝŐŶĞĚ ƚŽ ŵŝƚŝŐĂƚĞ ĂŶLJ ƉŽƚĞŶƚŝĂů ŵĂƚĞƌŝĂů ƌŝƐŬƐ ĐƌĞĂƚĞĚ ďLJ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞͲďĂƐĞĚ ŵĞƚƌŝĐƐ ƵƐĞĚ ŝŶ ƚŚĞ ŝŶĐĞŶƚŝǀĞ ĐŽŵƉĞŶƐĂƚŝŽŶƉůĂŶƐ͘/ŶĂĚĚŝƚŝŽŶ͕ĂƐĚŝƐĐƵƐƐĞĚĂďŽǀĞŝŶƚŚĞƐĞĐƚŝŽŶĞŶƚŝƚůĞĚ͞ʹŽŵƉĞŶƐĂƚŝŽŶWŽůŝĐLJ͕͟ǁĞŚĂǀĞ ĂŶ džĞĐƵƚŝǀĞ ŽŵƉĞŶƐĂƚŝŽŶ WŽůŝĐLJ͕ ǁŚŝĐŚ ƐĞƚƐ ĨŽƌƚŚ ƚŚĞ ĐŽŶĚŝƚŝŽŶƐ ƵŶĚĞƌ ǁŚŝĐŚ ǁĞ ŵĂLJ ƌĞĐŽǀĞƌ ĞdžĐĞƐƐ ŝŶĐĞŶƚŝǀĞͲďĂƐĞĚĐŽŵƉĞŶƐĂƚŝŽŶƉĂŝĚŽƌĂǁĂƌĚĞĚƚŽŽƌƌĞĐĞŝǀĞĚďLJĂŶLJŽĨŽƵƌĐƵƌƌĞŶƚŽƌĨŽƌŵĞƌĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐ͘ dŚĞ ŚĂŝƌŵĂŶ ŽĨ ƚŚĞ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ ŽŵŵŝƚƚĞĞ ŵĞĞƚƐ Ăƚ ůĞĂƐƚ ĂŶŶƵĂůůLJ ǁŝƚŚ ĞŝƚŚĞƌ ƚŚĞ džĞĐƵƚŝǀĞ ŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞŽƌŝƚƐŚĂŝƌŵĂŶ͘

dŽŐĞƚŚĞƌ͕ƚŚĞĨĞĂƚƵƌĞƐŽĨŽƵƌĞdžĞĐƵƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽŐƌĂŵĂƌĞŝŶƚĞŶĚĞĚƚŽ͗

x ŶƐƵƌĞƚŚĂƚŽƵƌĐŽŵƉĞŶƐĂƚŝŽŶŽƉƉŽƌƚƵŶŝƚŝĞƐĚŽŶŽƚĞŶĐŽƵƌĂŐĞĞdžĐĞƐƐŝǀĞƌŝƐŬƚĂŬŝŶŐ͖ĂŶĚ x &ŽĐƵƐŽƵƌĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐŽŶŵĂŶĂŐŝŶŐĂŶĐŽƌƉ^ŽƵƚŚƚŽǁĂƌĚƐĐƌĞĂƚŝŶŐůŽŶŐͲƚĞƌŵ͕ƐƵƐƚĂŝŶĂďůĞ ǀĂůƵĞĨŽƌŽƵƌƐŚĂƌĞŚŽůĚĞƌƐ͘

ϱϰ ŽŵƉĞŶƐĂƚŝŽŶŽŵŵŝƚƚĞĞ/ŶƚĞƌůŽĐŬƐĂŶĚ/ŶƐŝĚĞƌWĂƌƚŝĐŝƉĂƚŝŽŶ

dŚĞdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞŝƐĐŽŵƉƌŝƐĞĚŽĨDĞƐƐƌƐ͘ĂŵƉďĞůů;ŚĂŝƌͿ͕ ƌŽǁŶĂŶĚ^ƚĂŶƚŽŶĂŶĚDƐ͘ĂŶŶŽŶ͘

EŽŶĞŽĨƚŚĞŵĞŵďĞƌƐŽĨƚŚĞdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞŚĂƐĂƚĂŶLJƚŝŵĞďĞĞŶ ŽŶĞ ŽĨ ŽƵƌ ŽĨĨŝĐĞƌƐ Žƌ ĞŵƉůŽLJĞĞƐ͘ DĞŵďĞƌƐ ŽĨ ƚŚĞ ĐŽŵŵŝƚƚĞĞ ŵĂLJ͕ ĨƌŽŵ ƚŝŵĞ ƚŽ ƚŝŵĞ͕ ŚĂǀĞ ďĂŶŬŝŶŐ ƌĞůĂƚŝŽŶƐŚŝƉƐŝŶƚŚĞŽƌĚŝŶĂƌLJĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐǁŝƚŚĂŶĐŽƌƉ^ŽƵƚŚ͕ĂƐĚĞƐĐƌŝďĞĚďĞůŽǁŝŶƚŚĞƐĞĐƚŝŽŶĞŶƚŝƚůĞĚ ͞Zd/E Z>d/KE^,/W^ E Z>d dZE^d/KE^͘͟ džĐĞƉƚ ĂƐ ĚĞƐĐƌŝďĞĚ ŝŶ ƚŚĂƚ ƐĞĐƚŝŽŶ ĂŶĚ ŝŶ ƚŚĞ ƐĞĐƚŝŽŶ ĂďŽǀĞ ĞŶƚŝƚůĞĚ ͞ʹ ŝƌĞĐƚŽƌ /ŶĚĞƉĞŶĚĞŶĐĞ͕͟ DĞƐƐƌƐ͘ ĂŵƉďĞůů;ŚĂŝƌͿ͕ƌŽǁŶĂŶĚ^ƚĂŶƚŽŶĂŶĚDƐ͘ ĂŶŶŽŶŚĂĚŶŽŽƚŚĞƌƌĞůĂƚŝŽŶƐŚŝƉĚƵƌŝŶŐϮϬϭϵƌĞƋƵŝƌŝŶŐĚŝƐĐůŽƐƵƌĞďLJƵƐ͘

ƵƌŝŶŐ ϮϬϭϵ͕ ŶŽŶĞ ŽĨ ŽƵƌ ĞdžĞĐƵƚŝǀĞ ŽĨĨŝĐĞƌƐ ƐĞƌǀĞĚ ĂƐ Ă ŵĞŵďĞƌ ŽĨ ĂŶŽƚŚĞƌ ĞŶƚŝƚLJ͛Ɛ ĐŽŵƉĞŶƐĂƚŝŽŶ ĐŽŵŵŝƚƚĞĞ͕ ŽŶĞ ŽĨ ǁŚŽƐĞ ĞdžĞĐƵƚŝǀĞ ŽĨĨŝĐĞƌƐ ƐĞƌǀĞĚ ŽŶ ŽƵƌ džĞĐƵƚŝǀĞ ŽŵƉĞŶƐĂƚŝŽŶ ĂŶĚ ^ƚŽĐŬ /ŶĐĞŶƚŝǀĞ ŽŵŵŝƚƚĞĞŽƌŽŶŽƵƌŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͕ĂŶĚŶŽŶĞŽĨŽƵƌĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐƐĞƌǀĞĚĂƐĂĚŝƌĞĐƚŽƌŽĨĂŶŽƚŚĞƌ ĞŶƚŝƚLJ͕ŽŶĞŽĨǁŚŽƐĞĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐƐĞƌǀĞĚŽŶŽƵƌdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞ͘

ϱϱ džĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞZĞƉŽƌƚ

dŚĞ džĞĐƵƚŝǀĞ ŽŵƉĞŶƐĂƚŝŽŶ ĂŶĚ ^ƚŽĐŬ /ŶĐĞŶƚŝǀĞ ŽŵŵŝƚƚĞĞ ŚĂƐ ƌĞǀŝĞǁĞĚ ĂŶĚ ĚŝƐĐƵƐƐĞĚ ƚŚĞ ŽŵƉĞŶƐĂƚŝŽŶŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐǁŝƚŚŵĂŶĂŐĞŵĞŶƚ͘ĂƐĞĚŽŶƐƵĐŚƌĞǀŝĞǁĂŶĚĚŝƐĐƵƐƐŝŽŶƐ͕ƚŚĞdžĞĐƵƚŝǀĞ ŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞƌĞĐŽŵŵĞŶĚĞĚƚŽƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐƚŚĂƚƚŚĞŽŵƉĞŶƐĂƚŝŽŶ ŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐďĞŝŶĐůƵĚĞĚŝŶƚŚŝƐWƌŽdžLJ^ƚĂƚĞŵĞŶƚĂŶĚŝŶĐŽƌƉŽƌĂƚĞĚďLJƌĞĨĞƌĞŶĐĞŝŶĂŶĐŽƌƉ^ŽƵƚŚ͛Ɛ ŶŶƵĂůZĞƉŽƌƚŽŶ&ŽƌŵϭϬͲ<ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϵ͘

džĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞ͗ :ĂŵĞƐ͘ĂŵƉďĞůů///;ŚĂŝƌͿ ^ŚĂŶŶŽŶ͘ƌŽǁŶ ĞďŽƌĂŚD͘ĂŶŶŽŶ dŚŽŵĂƐZ͘^ƚĂŶƚŽŶ

ϱϲ

Executive Compensation

Summary Compensation Table

The following table sets forth certain information concerning compensation paid or accrued by us for the last three years with respect to each of our “Named Executive Officers” – the Chief Executive Officer, the Chief Financial Officer, our three other most highly compensated executive officers who were serving as executive officers at December 31, 2019 and whose total compensation for 2019 exceeded $100,000:

Change in Pension Value and Nonqualified Non-Equity Deferred Incentive Plan Compensation All Other Compensation Stock Awards Earnings Compensation Name and Principal Position Year Salary Bonus (1) (2) (3) (4) Total James D. Rollins III 2019 $940,000 — $1,391,320 $1,673,643 $403,190 $179,702 $4,587,855 Chairman and Chief 2018 916,000 — 922,684 1,726,111 85,535 147,884 3,798,214 Executive Officer 2017 885,000 — 738,060 1,845,283 111,183 156,752 3,736,278

Chris A. Bagley 2019 $550,000 — $610,552 $691,239 $209,677 $90,997 $2,152,465 President and Chief Operating 2018 536,000 — 404,933 790,875 — 80,065 1,811,873 Officer 2017 525,000 — 328,374 781,575 191,012 78,411 1,904,372

John G. Copeland 2019 $415,000 — $460,690 $369,450 $15,817 $62,304 $1,323,261 Senior Executive Vice President, 2018 395,000 — 198,941 231,990 12,204 54,740 892,875 Treasurer and Chief Financial 2017 221,540 $25,000 93,821 447,750 0 19,189 807,300 Officer

Charles J. Pignuolo 2019 $415,000 — $307,126 $260,799 $90,010 $60,956 $1,133,891 Senior Executive Vice President and 2018 405,000 — 203,978 295,260 26,572 60,098 990,908 General Counsel 2017 395,000 — 164,708 413,775 52,645 52,229 1,078,357

Jeffrey W. Jaggers (5) 2019 $375,000 — $277,524 $255,290 $347,611 $58,081 $1,313,506 Senior Executive Vice President and — — — — — — — Chief Information Officer — — — — — — —

(1) The amounts shown reflect annual non-equity awards earned under the Amended and Restated Executive Performance Incentive Plan. (2) The amount shown in the Stock Awards column represents the grant date fair value of equity awards granted to our Named Executive Officers in the fiscal year shown. For more information about the restricted stock and performance shares, see the sections above entitled “COMPENSATION DISCUSSION AND ANALYSIS - Components of Compensation - Long-Term Incentive Compensation - Restricted Stock” and “COMPENSATION DISCUSSION AND ANALYSIS - Components of Compensation - Long-Term Incentive Compensation - Performance Shares,” respectively, and refer to Note 15, “Stock Incentive and Stock Option Plans,” to the consolidated audited financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and footnote (4) to this table setting forth “Dividends on Unvested Restricted Stock.” (3) The key assumptions used to determine the pension values are described below in the section entitled “– Pension Benefits – Assumptions Used to Calculate Pension Values.”

57 džĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶ

;ϰͿ ĞƚĂŝůƐŽĨƚŚĞĂŵŽƵŶƚƐƌĞƉŽƌƚĞĚĂƐůůKƚŚĞƌŽŵƉĞŶƐĂƚŝŽŶĨŽƌϮϬϭϵĂƌĞĂƐĨŽůůŽǁƐ͗

/ŵƉƵƚĞĚ WĞƌƐŽŶĂů ŝǀŝĚĞŶĚƐŽŶ /ŶĐŽŵĞĨŽƌ ƵƐĞŽĨ hŶǀĞƐƚĞĚ ϰϬϭ;ŬͿ ŽŵƉĂŶLJ ĞůůWŚŽŶĞ >ŝĨĞ/ŶƐƵƌĂŶĐĞ ŽƌƉŽƌĂƚĞ ZĞƐƚƌŝĐƚĞĚ EĂŵĞ ŽŶƚƌŝďƵƚŝŽŶ ƵƚŽŵŽďŝůĞ ůůŽǁĂŶĐĞ ĞŶĞĨŝƚΎ ŝƌĐƌĂĨƚΎΎ ^ƚŽĐŬ dŽƚĂů :ĂŵĞƐ͘ZŽůůŝŶƐ/// Ψϭϰ͕ϬϬϬ Ψϭϴ͕ϱϯϭ Ψϭ͕ϱϲϬ Ψϯ͕ϲϮϱ Ψϭϰ͕ϯϬϱ ΨϭϮϳ͕ϲϴϭ Ψϭϳϵ͕ϳϬϮ ŚƌŝƐ͘ĂŐůĞLJ ϭϰ͕ϬϬϬ ϭϱ͕ϵϮϰ ϭ͕ϱϲϬ Ϯ͕ϲϳϵ ϴ͕ϯϵϰ ϰϴ͕ϰϰϬ ϵϬ͕ϵϵϳ :ŽŚŶ'͘ŽƉĞůĂŶĚ ϭϰ͕ϬϬϬ ϮϬ͕ϯϰϴ ϭ͕ϱϲϬ ϴ͕ϯϴϮ Ͷ ϭϴ͕Ϭϭϰ ϲϮ͕ϯϬϰ ŚĂƌůĞƐ:͘WŝŐŶƵŽůŽ ϭϰ͕ϬϬϬ ϭϬ͕ϱϲϳ ϭ͕ϱϲϬ Ϯ͕ϲϯϰ Ͷ ϯϮ͕ϭϵϱ ϲϬ͕ϵϱϲ :ĞĨĨƌĞLJt͘:ĂŐŐĞƌƐ ϭϰ͕ϬϬϬ ϭϮ͕Ϭϲϴ ϭ͕ϱϲϬ ϭ͕Ϯϱϰ Ͷ Ϯϵ͕ϭϵϵ ϱϴ͕Ϭϴϭ

Ύ ZĞĨůĞĐƚƐƚŚĞĂŵŽƵŶƚŽĨŝŵƉƵƚĞĚŝŶĐŽŵĞǁŝƚŚƌĞƐƉĞĐƚƚŽƉĂƌƚŝĐŝƉĂƚŝŽŶŝŶĂŶĐŽƌƉ^ŽƵƚŚ͛ƐůŝĨĞŝŶƐƵƌĂŶĐĞƉůĂŶƐ͘&ŽƌŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚŚĞƐĞ ƉůĂŶƐ͕ƐĞĞƚŚĞƐĞĐƚŝŽŶĂďŽǀĞĞŶƚŝƚůĞĚ͞KDWE^d/KE/^h^^/KEEE>z^/^Ͷ>ŝĨĞ/ŶƐƵƌĂŶĐĞWůĂŶ͘͟ ΎΎ tĞƌĞƉŽƌƚƚŚĞƵƐĞŽĨĐŽƌƉŽƌĂƚĞĂŝƌĐƌĂĨƚďLJƚŚĞEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐĂƐĂƉĞƌƋƵŝƐŝƚĞŽƌŽƚŚĞƌƉĞƌƐŽŶĂůďĞŶĞĨŝƚŽŶůLJŝĨŝƚŝƐŶŽƚ͞ŝŶƚĞŐƌĂůůLJĂŶĚ ĚŝƌĞĐƚůLJƌĞůĂƚĞĚ͟ƚŽƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞĞdžĞĐƵƚŝǀĞ͛ƐĚƵƚŝĞƐ͘tŚŝůĞǁĞŵĂŝŶƚĂŝŶĂŝƌĐƌĂĨƚ͕ƚŚĞEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐŽƚŚĞƌƚŚĂŶDĞƐƐƌƐ͘ZŽůůŝŶƐ ĂŶĚĂŐůĞLJĂƌĞŐĞŶĞƌĂůůLJŶŽƚĞŶƚŝƚůĞĚƚŽƵƐĞŽƵƌĂŝƌĐƌĂĨƚĨŽƌƉĞƌƐŽŶĂůƚƌĂǀĞůĞdžĐĞƉƚĨŽƌůŝŵŝƚĞĚĐŝƌĐƵŵƐƚĂŶĐĞƐĚĞƐĐƌŝďĞĚŝŶƚŚĞŽŵƉĂŶLJ͛ƐĐŽƌƉŽƌĂƚĞ ĂŝƌĐƌĂĨƚƉŽůŝĐLJ͘tĞŵƵƐƚƌĞƉŽƌƚƐƵĐŚƵƐĞĂƐĐŽŵƉĞŶƐĂƚŝŽŶŝŶĂŶĂŵŽƵŶƚĞƋƵĂůƚŽŽƵƌĂŐŐƌĞŐĂƚĞŝŶĐƌĞŵĞŶƚĂůĐŽƐƚ͘tĞĞƐƚŝŵĂƚĞŽƵƌĂŐŐƌĞŐĂƚĞ ŝŶĐƌĞŵĞŶƚĂůĐŽƐƚƚŽďĞĞƋƵĂůƚŽƚŚĞĂǀĞƌĂŐĞŽƉĞƌĂƚŝŶŐĐŽƐƚƉĞƌŚŽƵƌĨŽƌƚŚĞLJĞĂƌ;ǁŚŝĐŚŝŶĐůƵĚĞƐŝƚĞŵƐƐƵĐŚĂƐĨƵĞů͕ŵĂŝŶƚĞŶĂŶĐĞ͕ůĂŶĚŝŶŐĨĞĞƐ͕ ĂĚĚŝƚŝŽŶĂůĐƌĞǁĞdžƉĞŶƐĞƐĂŶĚŽƚŚĞƌĞdžƉĞŶƐĞƐŝŶĐƵƌƌĞĚďĂƐĞĚŽŶƚŚĞŶƵŵďĞƌŽĨŚŽƵƌƐĨůŽǁŶƉĞƌLJĞĂƌͿŵƵůƚŝƉůŝĞĚďLJƚŚĞŶƵŵďĞƌŽĨŚŽƵƌƐĨŽƌĞĂĐŚ ĨůŝŐŚƚ͘dŚĞĂŵŽƵŶƚƌĞƉŽƌƚĞĚĨŽƌDƌ͘ZŽůůŝŶƐƌĞƉƌĞƐĞŶƚƐƚŚĞƚŽƚĂůĨůŝŐŚƚŚŽƵƌƐĂƚƚƌŝďƵƚĂďůĞƚŽŚŝƐƉĞƌƐŽŶĂůƵƐĞŽĨŽƵƌĐŽƌƉŽƌĂƚĞĂŝƌĐƌĂĨƚŵƵůƚŝƉůŝĞĚďLJ ŽƵƌŝŶĐƌĞŵĞŶƚĂůĐŽƐƚƌĂƚĞĨŽƌϮϬϭϵŽĨΨϭ͕ϭϭϭƉĞƌŚŽƵƌ͕ƉůƵƐĂŶĂĚĚŝƚŝŽŶĂůΨϭ͕ϳϱϭŝŶĐƌĞǁĞdžƉĞŶƐĞƐĂƚƚƌŝďƵƚĂďůĞƚŽŚŝƐƉĞƌƐŽŶĂůƵƐĞ͘dŚĞĂŵŽƵŶƚ ƌĞƉŽƌƚĞĚĨŽƌDƌ͘ĂŐůĞLJƌĞƉƌĞƐĞŶƚƐƚŚĞƚŽƚĂůĨůŝŐŚƚŚŽƵƌƐĂƚƚƌŝďƵƚĂďůĞƚŽŚŝƐƉĞƌƐŽŶĂůƵƐĞŽĨŽƵƌĐŽƌƉŽƌĂƚĞĂŝƌĐƌĂĨƚŵƵůƚŝƉůŝĞĚďLJŽƵƌŝŶĐƌĞŵĞŶƚĂů ĐŽƐƚƌĂƚĞĨŽƌϮϬϭϵŽĨΨϭ͕ϭϭϭƉĞƌŚŽƵƌ͕ƉůƵƐĂŶĂĚĚŝƚŝŽŶĂůΨϵϱϬŝŶĐƌĞǁĞdžƉĞŶƐĞƐĂƚƚƌŝďƵƚĂďůĞƚŽŚŝƐƉĞƌƐŽŶĂůƵƐĞ͘

;ϱͿ Dƌ͘:ĂŐŐĞƌƐďĞĐĂŵĞĂEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌŝŶϮϬϭϵ͘

ŚĂŶŐĞŝŶWĞŶƐŝŽŶsĂůƵĞĂŶĚEŽŶƋƵĂůŝĨŝĞĚĞĨĞƌƌĞĚŽŵƉĞŶƐĂƚŝŽŶĂƌŶŝŶŐƐ

dŚĞĐŚĂŶŐĞŝŶĞĂĐŚĞdžĞĐƵƚŝǀĞ͛ƐƉĞŶƐŝŽŶǀĂůƵĞƚŚĂƚŝƐƌĞƉŽƌƚĞĚŝŶƚŚĞ^ƵŵŵĂƌLJŽŵƉĞŶƐĂƚŝŽŶdĂďůĞŝƐƚŚĞ ĐŚĂŶŐĞŝŶŽƵƌŽďůŝŐĂƚŝŽŶƚŽƉƌŽǀŝĚĞƉĞŶƐŝŽŶďĞŶĞĨŝƚƐ;ĂƚĂĨƵƚƵƌĞƌĞƚŝƌĞŵĞŶƚĚĂƚĞͿĨƌŽŵƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞ ĨŝƐĐĂůLJĞĂƌƚŽƚŚĞĞŶĚŽĨƚŚĞĨŝƐĐĂůLJĞĂƌ͘dŚĞŽďůŝŐĂƚŝŽŶŝƐƚŚĞǀĂůƵĞŽĨĂďĞŶĞĨŝƚ͕ĂƐŽĨĞĐĞŵďĞƌϯϭŽĨĞĂĐŚ ƌĞƐƉĞĐƚŝǀĞLJĞĂƌ͕ƚŚĂƚǁŝůůďĞƉĂŝĚĂƚƚŚĞĞdžĞĐƵƚŝǀĞ͛ƐŶŽƌŵĂůƌĞƚŝƌĞŵĞŶƚĚĂƚĞ;ĂŐĞϲϱͿďĂƐĞĚŽŶƚŚĞďĞŶĞĨŝƚ ĨŽƌŵƵůĂĂŶĚƚŚĞĞdžĞĐƵƚŝǀĞ͛ƐĐƵƌƌĞŶƚƉĂLJĂŶĚƐĞƌǀŝĐĞ͘

ŚĂŶŐĞŝŶƉĞŶƐŝŽŶǀĂůƵĞƐŵĂLJďĞĂƌĞƐƵůƚŽĨǀĂƌŝŽƵƐƐŽƵƌĐĞƐƐƵĐŚĂƐ͗

x ^ĞƌǀŝĐĞ ĂĐĐƌƵĂůƐ͘ Ɛ ƚŚĞ ĞdžĞĐƵƚŝǀĞ ĞĂƌŶƐ ĂŶ ĂĚĚŝƚŝŽŶĂů LJĞĂƌ ŽĨ ƐĞƌǀŝĐĞ͕ ƚŚĞ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ƚŚĞ ůŝĂďŝůŝƚLJŝŶĐƌĞĂƐĞƐďĞĐĂƵƐĞƚŚĞĞdžĞĐƵƚŝǀĞŚĂƐĞĂƌŶĞĚŽŶĞLJĞĂƌŵŽƌĞƐĞƌǀŝĐĞƚŚĂŶŚĞŚĂĚĂƚƚŚĞƉƌŝŽƌ ŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞ͘

x ŽŵƉĞŶƐĂƚŝŽŶŝŶĐƌĞĂƐĞƐͬĚĞĐƌĞĂƐĞƐ͘ŚĂŶŐĞƐŝŶĐŽŵƉĞŶƐĂƚŝŽŶĚŽŶŽƚƌĞƐƵůƚŝŶĂĐŚĂŶŐĞŝŶƉĞŶƐŝŽŶ ǀĂůƵĞƐ͘^ŝŶĐĞϮϬϭϳ͕ƚŚĞĂĐĐƌƵĂůƌĂƚĞŚĂƐďĞĞŶďĂƐĞĚŽŶĂ͞ĐĂƐŚďĂůĂŶĐĞ͟ĨŽƌŵƵůĂǁŚĞƌĞĐŚĂŶŐĞƐŝŶ ĐŽŵƉĞŶƐĂƚŝŽŶĚŽŶŽƚĂĨĨĞĐƚĂĐĐƌƵĞĚďĞŶĞĨŝƚƐ͘ǀĞƌĂŐĞĐŽŵƉĞŶƐĂƚŝŽŶƵŶĚĞƌƚŚĞĨŝŶĂůĂǀĞƌĂŐĞƉĂLJ ĨŽƌŵƵůĂǁĂƐĨƌŽnjĞŶŝŶϮϬϭϲ͘

x ŐŝŶŐ͘dŚĞĐŚĂŶŐĞŝŶƉĞŶƐŝŽŶǀĂůƵĞƐƐŚŽǁŶŝŶƚŚĞ^ƵŵŵĂƌLJŽŵƉĞŶƐĂƚŝŽŶdĂďůĞĂƌĞƉƌĞƐĞŶƚǀĂůƵĞƐ ŽĨ ƌĞƚŝƌĞŵĞŶƚ ďĞŶĞĨŝƚƐ ƚŚĂƚ ǁŝůů ďĞ ƉĂŝĚ ŝŶ ƚŚĞ ĨƵƚƵƌĞ͘ 'ĞŶĞƌĂůůLJ͕ ĂƐ ƚŚĞ ĞdžĞĐƵƚŝǀĞ ĂƉƉƌŽĂĐŚĞƐ ƌĞƚŝƌĞŵĞŶƚĂŐĞ͕ƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞůŝĂďŝůŝƚLJŝŶĐƌĞĂƐĞƐďĞĐĂƵƐĞƚŚĞĞdžĞĐƵƚŝǀĞŝƐŽŶĞLJĞĂƌĐůŽƐĞƌ ƚŽƌĞƚŝƌĞŵĞŶƚ͘

ϱϴ džĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶ

x ŚĂŶŐĞƐŝŶĂƐƐƵŵƉƚŝŽŶƐ͘dŚĞĐŚĂŶŐĞŝŶƉĞŶƐŝŽŶǀĂůƵĞƐƐŚŽǁŶŝŶƚŚĞ^ƵŵŵĂƌLJŽŵƉĞŶƐĂƚŝŽŶdĂďůĞ ŝƐƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞŝŶĐƌĞĂƐĞŝŶƉĞŶƐŝŽŶďĞŶĞĨŝƚƐĚƵƌŝŶŐƚŚĞĂƉƉůŝĐĂďůĞLJĞĂƌ͘ĚŝƐĐŽƵŶƚƌĂƚĞ ĂŶĚŵŽƌƚĂůŝƚLJƚĂďůĞĂƌĞƵƐĞĚƚŽĐĂůĐƵůĂƚĞƚŚĞƐĞǀĂůƵĞƐ͘dŚĞĚŝƐĐŽƵŶƚƌĂƚĞƐƵŶĚĞƌƚŚĞZĞƚŝƌĞŵĞŶƚ WůĂŶ͕ƚŚĞZĞƐƚŽƌĂƚŝŽŶWůĂŶĂŶĚƚŚĞ^ƵƉƉůĞŵĞŶƚĂůdžĞĐƵƚŝǀĞZĞƚŝƌĞŵĞŶƚWůĂŶĚĞĐƌĞĂƐĞĚƐŝŶĐĞƚŚĞ ƉƌŝŽƌLJĞĂƌ͕ĐĂƵƐŝŶŐĂŶŝŶĐƌĞĂƐĞŽŶƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨďĞŶĞĨŝƚƐŝŶƚŚĞĐƵƌƌĞŶƚLJĞĂƌ͘dŚĞŵŽƌƚĂůŝƚLJ ƚĂďůĞƐ ǁĞƌĞ ƵƉĚĂƚĞĚ ƚŽ ƌĞĨůĞĐƚ ŵŽƌƚĂůŝƚLJ ŝŵƉƌŽǀĞŵĞŶƚƐ͕ ǁŚŝĐŚ ĚĞĐƌĞĂƐĞĚ ƚŚĞ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ďĞŶĞĨŝƚƐĨŽƌƉĂƌƚŝĐŝƉĂŶƚƐǁŚŽƐĞďĞŶĞĨŝƚƐĂƌĞĐĂůĐƵůĂƚĞĚƵŶĚĞƌƚŚĞĨŝŶĂůĂǀĞƌĂŐĞƉĂLJĨŽƌŵƵůĂ͘

dŚĞƉĞŶƐŝŽŶďĞŶĞĨŝƚƐĂŶĚĂƐƐƵŵƉƚŝŽŶƐƵƐĞĚƚŽĐĂůĐƵůĂƚĞƚŚĞƐĞǀĂůƵĞƐĂƌĞĚĞƐĐƌŝďĞĚŝŶŵŽƌĞĚĞƚĂŝůŝŶƚŚĞ ƐĞĐƚŝŽŶďĞůŽǁĞŶƚŝƚůĞĚ͞ʹWĞŶƐŝŽŶĞŶĞĨŝƚƐ͘͟

ZĞĂůŝnjĞĚŽŵƉĞŶƐĂƚŝŽŶĂŶĚŽŵƉĞŶƐĂƚŝŽŶĂƚZŝƐŬ

dŚĞĚŝƐĐƵƐƐŝŽŶ͕ƚĂďůĞƐĂŶĚĐŚĂƌƚƐďĞůŽǁƌĞĨůĞĐƚ͞ƌĞĂůŝnjĞĚĐŽŵƉĞŶƐĂƚŝŽŶ͟ĞĂƌŶĞĚďLJƚŚĞEĂŵĞĚdžĞĐƵƚŝǀĞ KĨĨŝĐĞƌƐ ĨŽƌ ϮϬϭϵ͘ dŚŝƐ ŝŶĨŽƌŵĂƚŝŽŶ ĂƵŐŵĞŶƚƐ͕ ďƵƚ ŝƐ ŶŽƚ Ă ƐƵďƐƚŝƚƵƚŝŽŶ ĨŽƌ͕ ƚŚĞ ĚŝƐĐůŽƐƵƌĞ ƌĞƋƵŝƌĞĚ ŝŶ ƚŚĞ ƐĞĐƚŝŽŶƐ ƚŝƚůĞĚ ͞yhd/s KDWE^d/KE͕͟ ͞KDWE^d/KE /^h^^/KE E E>z^/^͟ ĂŶĚ ŝŶ ƚŚĞ ^ƵŵŵĂƌLJ ŽŵƉĞŶƐĂƚŝŽŶ dĂďůĞ ŝŶĐůƵĚĞĚ ŝŶ ƚŚŝƐ WƌŽdžLJ ^ƚĂƚĞŵĞŶƚ͕ ĂŶĚ ƚŚŝƐ ĚŝƐĐůŽƐƵƌĞ ŵĂLJ ĚŝĨĨĞƌ ĨƌŽŵ ƚŚĞ ĚŝƐĐůŽƐƵƌĞŝŶƚŚĞƐĞŽƚŚĞƌƐĞĐƚŝŽŶƐŽĨƚŚŝƐWƌŽdžLJ^ƚĂƚĞŵĞŶƚ͘

ZĞĂůŝnjĞĚŽŵƉĞŶƐĂƚŝŽŶĨŽƌϮϬϭϵ

dŚĞĐĂůĐƵůĂƚŝŽŶŽĨƚŽƚĂůĐŽŵƉĞŶƐĂƚŝŽŶ͕ĂƐƐŚŽǁŶŝŶƚŚĞ^ƵŵŵĂƌLJ ŽŵƉĞŶƐĂƚŝŽŶdĂďůĞ͕ŝŶĐůƵĚĞƐƐĞǀĞƌĂů ŝƚĞŵƐƚŚĂƚĂƌĞĐĂůĐƵůĂƚĞĚƵƐŝŶŐĂĐĐŽƵŶƚŝŶŐĂŶĚĂĐƚƵĂƌŝĂůĂƐƐƵŵƉƚŝŽŶƐ͕ǁŚŝĐŚĂƌĞŶŽƚŶĞĐĞƐƐĂƌŝůLJƌĞĨůĞĐƚŝǀĞŽĨ ĐŽŵƉĞŶƐĂƚŝŽŶƌĞĂůŝnjĞĚďLJƚŚĞEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐ͘dŽƐƵƉƉůĞŵĞŶƚƚŚĞĚŝƐĐůŽƐƵƌĞĂďŽǀĞ͕ǁĞŚĂǀĞŝŶĐůƵĚĞĚ ƚŚĞĨŽůůŽǁŝŶŐĂĚĚŝƚŝŽŶĂůƚĂďůĞ͕ǁŚŝĐŚƐŚŽǁƐĐŽŵƉĞŶƐĂƚŝŽŶƌĞĂůŝnjĞĚŝŶϮϬϭϵďLJĞĂĐŚEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌ ;͞dŽƚĂůZĞĂůŝnjĞĚŽŵƉĞŶƐĂƚŝŽŶ͟Ϳ͘

EĂŵĞĂŶĚWƌŝŶĐŝƉĂůWŽƐŝƚŝŽŶ dŽƚĂůZĞĂůŝnjĞĚŽŵƉĞŶƐĂƚŝŽŶ;ϭͿ :ĂŵĞƐ͘ZŽůůŝŶƐ/// Ψϯ͕ϳϮϮ͕ϱϰϴ ŚĂŝƌŵĂŶĂŶĚŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌ

ŚƌŝƐ͘ĂŐůĞLJ Ψϭ͕ϴϱϵ͕Ϯϯϲ WƌĞƐŝĚĞŶƚĂŶĚŚŝĞĨKƉĞƌĂƚŝŶŐKĨĨŝĐĞƌ

:ŽŚŶ'͘ŽƉĞůĂŶĚ Ψϭ͕ϭϴϵ͕ϱϵϰ ^ĞŶŝŽƌdžĞĐƵƚŝǀĞsŝĐĞWƌĞƐŝĚĞŶƚ͕dƌĞĂƐƵƌĞƌĂŶĚŚŝĞĨ&ŝŶĂŶĐŝĂůKĨĨŝĐĞƌ

ŚĂƌůĞƐ:͘WŝŐŶƵŽůŽ Ψϵϴϰ͕ϵϬϴ ^ĞŶŝŽƌdžĞĐƵƚŝǀĞsŝĐĞWƌĞƐŝĚĞŶƚĂŶĚ'ĞŶĞƌĂůŽƵŶƐĞů

:ĞĨĨƌĞLJt͘:ĂŐŐĞƌƐ Ψϴϵϵ͕ϴϰϴ ^ĞŶŝŽƌdžĞĐƵƚŝǀĞsŝĐĞWƌĞƐŝĚĞŶƚĂŶĚŚŝĞĨ/ŶĨŽƌŵĂƚŝŽŶKĨĨŝĐĞƌ ;ϭͿ dŽƚĂůZĞĂůŝnjĞĚŽŵƉĞŶƐĂƚŝŽŶƌĞƉƌĞƐĞŶƚƐƚŚĞĂŵŽƵŶƚĐĂůĐƵůĂƚĞĚĂŶĚƐĞƚĨŽƌƚŚŝŶƚŚĞ͞dŽƚĂů͟ĐŽůƵŵŶŽĨƚŚĞ^ƵŵŵĂƌLJŽŵƉĞŶƐĂƚŝŽŶdĂďůĞ͕ŵŝŶƵƐ;ĂͿƚŚĞ ĂŐŐƌĞŐĂƚĞŐƌĂŶƚĚĂƚĞĨĂŝƌǀĂůƵĞŽĨĞƋƵŝƚLJĂǁĂƌĚƐ;ĂƐƌĞĨůĞĐƚĞĚŝŶƚŚĞ͞^ƚŽĐŬǁĂƌĚƐ͟ĐŽůƵŵŶŽĨƚŚĞ^ƵŵŵĂƌLJŽŵƉĞŶƐĂƚŝŽŶdĂďůĞͿ͕;ďͿƚŚĞLJĞĂƌͲŽǀĞƌͲ LJĞĂƌĐŚĂŶŐĞŝŶƉĞŶƐŝŽŶǀĂůƵĞĂŶĚŶŽŶƋƵĂůŝĨŝĞĚĚĞĨĞƌƌĞĚĐŽŵƉĞŶƐĂƚŝŽŶĞĂƌŶŝŶŐƐ;ĂƐƌĞĨůĞĐƚĞĚŝŶƚŚĞ͞ŚĂŶŐĞŝŶWĞŶƐŝŽŶsĂůƵĞĂŶĚEŽŶƋƵĂůŝĨŝĞĚĞĨĞƌƌĞĚ ŽŵƉĞŶƐĂƚŝŽŶĂƌŶŝŶŐƐ͟ĐŽůƵŵŶŽĨƚŚĞ^ƵŵŵĂƌLJŽŵƉĞŶƐĂƚŝŽŶdĂďůĞͿ͕ĂŶĚ;ĐͿƚŚĞĂŵŽƵŶƚƌĞĨůĞĐƚĞĚŝŶƚŚĞ͞ůůKƚŚĞƌŽŵƉĞŶƐĂƚŝŽŶ͟ĐŽůƵŵŶŽĨƚŚĞ ^ƵŵŵĂƌLJŽŵƉĞŶƐĂƚŝŽŶdĂďůĞ͕ƉůƵƐ;ĚͿƚŚĞĂŐŐƌĞŐĂƚĞŐƌĂŶƚĚĂƚĞĨĂŝƌǀĂůƵĞŽĨĞƋƵŝƚLJĂǁĂƌĚƐƚŽŽƵƌEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐĨŽƌƚŚĞŝƌϮϬϭϵƉĞƌĨŽƌŵĂŶĐĞ͕ ĂŶĚǁŚŝĐŚŝƐďĂƐĞĚŽŶƚŚĞĐůŽƐŝŶŐƐĂůĞƉƌŝĐĞŽĨŽƵƌĐŽŵŵŽŶƐƚŽĐŬŽĨΨϯϬ͘ϮϱĂƐƌĞƉŽƌƚĞĚŽŶƚŚĞEz^ŽŶ:ĂŶƵĂƌLJϮϮ͕ϮϬϮϬ͘

ϱϵ džĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶ

ZĞĂůŝnjĞĚŽŵƉĞŶƐĂƚŝŽŶĂƚZŝƐŬ

dŚĞ ĨŽůůŽǁŝŶŐ ĐŚĂƌƚƐ ƉƌĞƐĞŶƚ ƚŚĞ ŵŝdž ŽĨ ĐŽŵƉĞŶƐĂƚŝŽŶ ĞůĞŵĞŶƚƐ ƚŚĂƚ ŵĂŬĞ ƵƉ ƚŚĞ dŽƚĂů ZĞĂůŝnjĞĚ ŽŵƉĞŶƐĂƚŝŽŶĨŽƌŽƵƌŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌĂŶĚŽƵƌŽƚŚĞƌEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐ;ĂƐĂŶĂǀĞƌĂŐĞͿĨŽƌϮϬϭϵ͘ dŚĞƐĞ ĐŚĂƌƚƐ ĂůƐŽ ƉƌĞƐĞŶƚ Ă ďƌĞĂŬͲĚŽǁŶ ŽĨ ĐŽŵƉĞŶƐĂƚŝŽŶ ǁĞ ĐŽŶƐŝĚĞƌ ƉĞƌĨŽƌŵĂŶĐĞͲďĂƐĞĚ ĐŽŵƉĞŶƐĂƚŝŽŶ ƌĂƚŚĞƌƚŚĂŶĐŽŵƉĞŶƐĂƚŝŽŶƚŚĂƚŝƐĨŝdžĞĚŝŶŶĂƚƵƌĞ͘ƐŶŽƚĞĚďĞůŽǁ͕ƐĂůĂƌLJƉĂŝĚƚŽƚŚĞŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌĂŶĚ EĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐŝŶϮϬϭϵŝƐƚŚĞŽŶůLJĐŽŵƉŽŶĞŶƚŽĨdŽƚĂůZĞĂůŝnjĞĚŽŵƉĞŶƐĂƚŝŽŶƚŚĂƚŝƐƚƌĞĂƚĞĚĂƐĨŝdžĞĚ ĨŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐƉƌĞƐĞŶƚĂƚŝŽŶ͘

;ϭͿ &ŽƌƉƵƌƉŽƐĞƐŽĨƚŚĞƐĞĐŚĂƌƚƐ͕^ƚŽĐŬ/ŶĐĞŶƚŝǀĞĐŽŶƐŝƐƚƐŽĨƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬĂŶĚƉĞƌĨŽƌŵĂŶĐĞƐŚĂƌĞƐŐƌĂŶƚĞĚƉƵƌƐƵĂŶƚƚŽƚŚĞŽŵƉĂŶLJ͛Ɛ>ŽŶŐͲdĞƌŵƋƵŝƚLJ /ŶĐĞŶƚŝǀĞWůĂŶŽŶ:ĂŶƵĂƌLJϮϮ͕ϮϬϮϬďĂƐĞĚŽŶƉĞƌĨŽƌŵĂŶĐĞŝŶϮϬϭϵ͘dŚĞƐĞĞƋƵŝƚLJĂǁĂƌĚƐĂƌĞƚƌĞĂƚĞĚĂƐƉĞƌĨŽƌŵĂŶĐĞͲďĂƐĞĚĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌƉƵƌƉŽƐĞƐ ŽĨƚŚŝƐƉƌĞƐĞŶƚĂƚŝŽŶďĞĐĂƵƐĞƚŚĞLJĂƌĞďĂƐĞĚŽŶƚŚĞŝŶĚŝǀŝĚƵĂůĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌ͛ƐĂŶĚƚŚĞŽŵƉĂŶLJ͛ƐƉĞƌĨŽƌŵĂŶĐĞŝŶƚŚĞƉƌŝŽƌLJĞĂƌ͕ĂŶĚĂƌĞŝŶƚĞŶĚĞĚƚŽ ƌĞǁĂƌĚĨŽƌƚŚĞŽŵƉĂŶLJ͛ƐŽǀĞƌĂůůƉĞƌĨŽƌŵĂŶĐĞĂŶĚƚŚĞĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌ͛ƐĐŽŶƚƌŝďƵƚŝŽŶƚŽƚŚĞĞŶŚĂŶĐĞŵĞŶƚŽĨƐŚĂƌĞŚŽůĚĞƌǀĂůƵĞ͘

ϲϬ džĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶ

'ƌĂŶƚƐŽĨWůĂŶͲĂƐĞĚǁĂƌĚƐ

dŚĞ ĨŽůůŽǁŝŶŐ ƚĂďůĞ ƐĞƚƐ ĨŽƌƚŚ ĐĞƌƚĂŝŶ ŝŶĨŽƌŵĂƚŝŽŶ ƌĞŐĂƌĚŝŶŐƉůĂŶͲďĂƐĞĚ ĂǁĂƌĚƐ ŐƌĂŶƚĞĚ ƚŽ ƚŚĞ EĂŵĞĚ džĞĐƵƚŝǀĞKĨĨŝĐĞƌƐĚƵƌŝŶŐϮϬϭϵ͗

ƐƚŝŵĂƚĞĚ&ƵƚƵƌĞWĂLJŽƵƚƐ ƐƚŝŵĂƚĞĚ&ƵƚƵƌĞWĂLJŽƵƚƐ hŶĚĞƌEŽŶͲƋƵŝƚLJ/ŶĐĞŶƚŝǀĞ hŶĚĞƌƋƵŝƚLJ/ŶĐĞŶƚŝǀĞ WůĂŶǁĂƌĚƐ;ϭͿ WůĂŶǁĂƌĚƐ;ϮͿ ;ΨͿ ;ηͿ ůůKƚŚĞƌ^ƚŽĐŬ ǁĂƌĚƐEƵŵďĞƌ 'ƌĂŶƚĂƚĞ&Ăŝƌ ŽĨ^ŚĂƌĞƐŽĨ sĂůƵĞŽĨ^ƚŽĐŬ EĂŵĞ 'ƌĂŶƚĂƚĞ dĂƌŐĞƚ DĂdžŝŵƵŵ dŚƌĞƐŚŽůĚ dĂƌŐĞƚ DĂdžŝŵƵŵ ^ƚŽĐŬŽƌhŶŝƚƐ;ϯͿ ǁĂƌĚƐ;ϰͿ :ĂŵĞƐ͘ZŽůůŝŶƐ/// Ͷ ΨϵϰϬ͕ϬϬϬ Ψϭ͕ϴϴϬ͕ϬϬϬ Ͷ Ͷ Ͷ Ͷ Ͷ ϭͬϮϯͬϮϬϭϵ Ͷ Ͷ Ϯ͕ϰϲϯ ϭϵ͕ϱϰϳ ϯϵ͕Ϭϵϰ Ͷ Ψϱϱϳ͕ϴϳϭ;ϱͿ ϭͬϮϯͬϮϬϭϵ Ͷ Ͷ Ͷ Ͷ Ͷ ϯϵ͕Ϭϵϱ Ψϭ͕ϭϭϱ͕ϳϳϭ

ŚƌŝƐ͘ĂŐůĞLJ Ͷ ΨϰϭϮ͕ϱϬϬ ΨϴϮϱ͕ϬϬϬ Ͷ Ͷ Ͷ Ͷ Ͷ ϭͬϮϯͬϮϬϭϵ Ͷ Ͷ ϭ͕Ϭϭϳ ϴ͕Ϭϳϯ ϭϲ͕ϭϰϲ Ͷ ΨϮϯϬ͕ϰϬϯ;ϱͿ ϭͬϮϯͬϮϬϭϵ Ͷ Ͷ Ͷ Ͷ Ͷ ϭϲ͕ϭϰϳ ΨϰϲϬ͕ϴϯϲ

:ŽŚŶ'͘ŽƉĞůĂŶĚ Ͷ Ψϯϭϭ͕ϮϱϬ ΨϲϮϮ͕ϱϬϬ Ͷ Ͷ Ͷ Ͷ Ͷ ϭͬϮϯͬϮϬϭϵ Ͷ Ͷ ϱϰϰ ϰ͕ϯϭϱ ϴ͕ϲϯϬ Ͷ ΨϭϮϯ͕ϭϱϬ;ϱͿ ϭͬϮϯͬϮϬϭϵ Ͷ Ͷ Ͷ Ͷ Ͷ ϴ͕ϲϯϬ ΨϮϰϲ͕ϯϬϬ

ŚĂƌůĞƐ:͘WŝŐŶƵŽůŽ Ͷ ΨϮϬϳ͕ϱϬϬ Ψϰϭϱ͕ϬϬϬ Ͷ Ͷ Ͷ Ͷ Ͷ ϭͬϮϯͬϮϬϭϵ Ͷ Ͷ ϯϴϰ ϯ͕Ϭϰϲ ϲ͕ϬϵϮ Ͷ Ψϴϲ͕ϵϯϯ;ϱͿ ϭͬϮϯͬϮϬϭϵ Ͷ Ͷ Ͷ Ͷ Ͷ ϲ͕ϬϵϮ Ψϭϳϯ͕ϴϲϲ

:ĞĨĨƌĞLJt͘:ĂŐŐĞƌƐ Ͷ Ψϭϴϳ͕ϱϬϬ Ψϯϳϱ͕ϬϬϬ Ͷ Ͷ Ͷ Ͷ Ͷ ϭͬϮϯͬϮϬϭϵ Ͷ Ͷ ϯϳϲ Ϯ͕ϵϴϮ ϱ͕ϵϲϰ Ͷ Ψϴϱ͕ϭϬϲ;ϱͿ ϭͬϮϯͬϮϬϭϵ Ͷ Ͷ Ͷ Ͷ Ͷ ϱ͕ϵϲϯ ΨϭϳϬ͕ϭϴϰ

;ϭͿ dŚĞ ĞƐƚŝŵĂƚĞĚ ƉĂLJŽƵƚƐ ƐŚŽǁŶ ƌĞĨůĞĐƚ ŶŽŶͲĞƋƵŝƚLJ ŝŶĐĞŶƚŝǀĞ ƉůĂŶ ĂǁĂƌĚƐ ŐƌĂŶƚĞĚ ƵŶĚĞƌ ƚŚĞ ŵĞŶĚĞĚ ĂŶĚ ZĞƐƚĂƚĞĚ džĞĐƵƚŝǀĞ WĞƌĨŽƌŵĂŶĐĞ /ŶĐĞŶƚŝǀĞWůĂŶ͕ǁŚĞƌĞƌĞĐĞŝƉƚŝƐĐŽŶƚŝŶŐĞŶƚƵƉŽŶƚŚĞĂĐŚŝĞǀĞŵĞŶƚŽĨĐĞƌƚĂŝŶƉĞƌĨŽƌŵĂŶĐĞŐŽĂůƐ͘&ŽƌŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚŚĞĂǁĂƌĚƐ͕ƐĞĞ ƚŚĞƐĞĐƚŝŽŶĂďŽǀĞĞŶƚŝƚůĞĚ͞KDWE^d/KE/^h^^/KEEE>z^/^ʹŽŵƉŽŶĞŶƚƐŽĨŽŵƉĞŶƐĂƚŝŽŶʹŶŶƵĂů/ŶĐĞŶƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶ͘͟ ;ϮͿ ZĞĨůĞĐƚƐƚŚĞŶƵŵďĞƌŽĨƉĞƌĨŽƌŵĂŶĐĞƐŚĂƌĞƐŐƌĂŶƚĞĚƵŶĚĞƌŽƵƌ>ŽŶŐͲdĞƌŵƋƵŝƚLJ/ŶĐĞŶƚŝǀĞWůĂŶƚŚĂƚǁŝůůǀĞƐƚŽŶ:ĂŶƵĂƌLJϭ͕ϮϬϮϮƵƉŽŶƚŚĞ ĂĐŚŝĞǀĞŵĞŶƚŽĨĐĞƌƚĂŝŶƉĞƌĨŽƌŵĂŶĐĞŐŽĂůƐĨŽƌƚŚĞϮϬϭϵƚŚƌŽƵŐŚϮϬϮϬ͞ƉĞƌĨŽƌŵĂŶĐĞƉĞƌŝŽĚ͟ĂŶĚĐŽŶƚŝŶƵĞĚƐĞƌǀŝĐĞƚŚƌŽƵŐŚƚŚĞϮϬϮϭ͞ƌĞƚĞŶƚŝŽŶ ƉĞƌŝŽĚ͘͟&ŽƌŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶ͕ƐĞĞƚŚĞƐĞĐƚŝŽŶĂďŽǀĞĞŶƚŝƚůĞĚ͞KDWE^d/KE/^h^^/KEEE>z^/^ʹŽŵƉŽŶĞŶƚƐŽĨŽŵƉĞŶƐĂƚŝŽŶʹ >ŽŶŐͲdĞƌŵ/ŶĐĞŶƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶʹWĞƌĨŽƌŵĂŶĐĞ^ŚĂƌĞƐ͘͟ ;ϯͿ ZĞĨůĞĐƚƐƐŚĂƌĞƐŽĨƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬŐƌĂŶƚĞĚƵŶĚĞƌƚŚĞ>ŽŶŐͲdĞƌŵƋƵŝƚLJ/ŶĐĞŶƚŝǀĞWůĂŶ͕ĂůůŽĨǁŚŝĐŚǀĞƐƚŽŶDĂLJϭϱ͕ϮϬϮϰ͘ ;ϰͿ ZĞĨůĞĐƚƐƚŚĞĂŐŐƌĞŐĂƚĞŐƌĂŶƚĚĂƚĞĨĂŝƌǀĂůƵĞ͘ZĞĨĞƌƚŽEŽƚĞϭϱ͕͞^ƚŽĐŬ/ŶĐĞŶƚŝǀĞĂŶĚ^ƚŽĐŬKƉƚŝŽŶWůĂŶƐ͕͟ƚŽƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĂƵĚŝƚĞĚĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐŝŶŽƵƌŶŶƵĂůZĞƉŽƌƚŽŶ&ŽƌŵϭϬͲ<ĨŽƌƚŚĞĨŝƐĐĂůLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϵĨŽƌĂĚŝƐĐƵƐƐŝŽŶŽĨƚŚĞƌĞůĞǀĂŶƚĂƐƐƵŵƉƚŝŽŶƐƵƐĞĚ ƚŽĚĞƚĞƌŵŝŶĞƚŚĞŐƌĂŶƚĚĂƚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞƐĞĂǁĂƌĚƐ͘ ;ϱͿ tŝƚŚƌĞƐƉĞĐƚƚŽƉĞƌĨŽƌŵĂŶĐĞƐŚĂƌĞƐŐƌĂŶƚĞĚƵŶĚĞƌŽƵƌ>ŽŶŐͲdĞƌŵƋƵŝƚLJ/ŶĐĞŶƚŝǀĞWůĂŶ͕ƚŚĞĂŵŽƵŶƚƐƐŚŽǁŶĂƐƐƵŵĞƚŚĂƚƚĂƌŐĞƚƉĞƌĨŽƌŵĂŶĐĞ ŐŽĂůƐĂƌĞĂƚƚĂŝŶĞĚĚƵƌŝŶŐƚŚĞϮϬϭϵƚŚƌŽƵŐŚϮϬϮϬ͞ƉĞƌĨŽƌŵĂŶĐĞƉĞƌŝŽĚ͟ĂŶĚƐĞƌǀŝĐĞĐŽŶƚŝŶƵĞƐƚŚƌŽƵŐŚƚŚĞϮϬϮϭ͞ƌĞƚĞŶƚŝŽŶƉĞƌŝŽĚ͘͟&ŽƌĂĚĚŝƚŝŽŶĂů ŝŶĨŽƌŵĂƚŝŽŶ͕ƐĞĞƚŚĞƐĞĐƚŝŽŶĂďŽǀĞĞŶƚŝƚůĞĚ͞KDWE^d/KE/^h^^/KEEE>z^/^ʹŽŵƉŽŶĞŶƚƐŽĨŽŵƉĞŶƐĂƚŝŽŶʹ>ŽŶŐͲdĞƌŵ/ŶĐĞŶƚŝǀĞ ŽŵƉĞŶƐĂƚŝŽŶʹWĞƌĨŽƌŵĂŶĐĞ^ŚĂƌĞƐ͘͟

ϲϭ džĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶ

KƵƚƐƚĂŶĚŝŶŐƋƵŝƚLJǁĂƌĚƐĂƚϮϬϭϵ&ŝƐĐĂůzĞĂƌͲŶĚ

dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƉƌŽǀŝĚĞƐĐĞƌƚĂŝŶŝŶĨŽƌŵĂƚŝŽŶǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐƌĞŐĂƌĚŝŶŐ ŽƵƚƐƚĂŶĚŝŶŐĞƋƵŝƚLJĂǁĂƌĚƐĂƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϵ͗

ƋƵŝƚLJ/ŶĐĞŶƚŝǀĞWůĂŶǁĂƌĚƐ͗ ƋƵŝƚLJ/ŶĐĞŶƚŝǀĞWůĂŶǁĂƌĚƐ͗ DĂƌŬĞƚŽƌWĂLJŽƵƚsĂůƵĞŽĨ EƵŵďĞƌŽĨ^ŚĂƌĞƐŽƌhŶŝƚƐ DĂƌŬĞƚsĂůƵĞŽĨ^ŚĂƌĞƐŽƌhŶŝƚƐ EƵŵďĞƌŽĨhŶĞĂƌŶĞĚ^ŚĂƌĞƐ͕ hŶĞĂƌŶĞĚ^ŚĂƌĞƐ͕hŶŝƚƐŽƌ ŽĨ^ƚŽĐŬdŚĂƚ,ĂǀĞEŽƚ ŽĨ^ƚŽĐŬ,ĞůĚƚŚĂƚ,ĂǀĞEŽƚ hŶŝƚƐŽƌKƚŚĞƌZŝŐŚƚƐdŚĂƚ KƚŚĞƌZŝŐŚƚƐdŚĂƚ,ĂǀĞEŽƚ EĂŵĞ sĞƐƚĞĚ sĞƐƚĞĚ;ϭͿ ,ĂǀĞEŽƚsĞƐƚĞĚ;ϯͿ sĞƐƚĞĚ;ϭͿ :ĂŵĞƐ͘ZŽůůŝŶƐ/// ϭϴϮ͕Ϭϰϵ;ϰͿ Ψϱ͕ϳϭϴ͕ϭϱϵ ϯϵ͕Ϭϵϰ Ψϭ͕ϮϮϳ͕ϵϰϯ ϯϭ͕ϵϮϰ;ϮͿ Ψϭ͕ϬϬϮ͕ϳϯϯ

ŚƌŝƐ͘ĂŐůĞLJ ϳϯ͕ϲϰϳ;ϱͿ ΨϮ͕ϯϭϯ͕ϮϱϮ ϭϲ͕ϭϰϲ ΨϱϬϳ͕ϭϰϲ ϭϰ͕ϳϳϱ;ϮͿ Ψϰϲϰ͕Ϭϴϯ

:ŽŚŶ'͘ŽƉĞůĂŶĚ Ϯϴ͕ϬϯϬ;ϲͿ ΨϴϴϬ͕ϰϮϮ ϴ͕ϲϯϬ ΨϮϳϭ͕Ϭϲϴ ϰ͕ϯϯϰ;ϮͿ Ψϭϯϲ͕ϭϯϭ

ŚĂƌůĞƐ:͘WŝŐŶƵŽůŽ ϯϬ͕ϲϵϮ;ϳͿ Ψϵϲϰ͕Ϭϯϲ ϲ͕ϬϵϮ Ψϭϵϭ͕ϯϱϬ ϱ͕ϱϭϲ;ϮͿ Ψϭϳϯ͕Ϯϱϴ

:ĞĨĨƌĞLJt͘:ĂŐŐĞƌƐ ϰϮ͕ϰϵϯ;ϴͿ Ψϭ͕ϯϯϰ͕ϳϬϱ ϱ͕ϵϲϰ Ψϭϴϳ͕ϯϮϵ ϯ͕ϵϰϬ;ϮͿ ΨϭϮϯ͕ϳϱϱ ;ϭͿ ĂƐĞĚƵƉŽŶƚŚĞĐůŽƐŝŶŐƐĂůĞƉƌŝĐĞŽĨŽƵƌĐŽŵŵŽŶƐƚŽĐŬŽĨΨϯϭ͘ϰϭƉĞƌƐŚĂƌĞ͕ĂƐƌĞƉŽƌƚĞĚŽŶƚŚĞEz^ŽŶĞĐĞŵďĞƌϯϭ͕ϮϬϭϵ͘ ;ϮͿ ZĞĨůĞĐƚƐƚŚĞĂŐŐƌĞŐĂƚĞĂĐƚƵĂůŶƵŵďĞƌŽĨƉĞƌĨŽƌŵĂŶĐĞƐŚĂƌĞƐĞĂƌŶĞĚďLJƚŚĞŶĂŵĞĚĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƉƵƌƐƵĂŶƚƚŽƉĞƌĨŽƌŵĂŶĐĞƐŚĂƌĞĂǁĂƌĚƐ ŐƌĂŶƚĞĚ ƚŽ ƚŚĞ ŶĂŵĞĚ ĞdžĞĐƵƚŝǀĞ ŽĨĨŝĐĞƌ ŝŶ ϮϬϭϴ ƵŶĚĞƌ ƚŚĞ >ŽŶŐͲdĞƌŵ ƋƵŝƚLJ /ŶĐĞŶƚŝǀĞ WůĂŶ ;ƚŚĞ ͞ϮϬϭϴ WĞƌĨŽƌŵĂŶĐĞ ^ŚĂƌĞƐ͟Ϳ͘  dŚĞ ϮϬϭϴ WĞƌĨŽƌŵĂŶĐĞ^ŚĂƌĞƐŚĂĚĂƉĞƌĨŽƌŵĂŶĐĞƉĞƌŝŽĚƚŚĂƚĞŶĚĞĚŽŶĞĐĞŵďĞƌϯϭ͕ϮϬϭϵ͕ĂŶĚƚŚĞƉĞƌĨŽƌŵĂŶĐĞŵĞƚƌŝĐƐƵŶĚĞƌůLJŝŶŐƐƵĐŚƐŚĂƌĞƐǁĞƌĞ ĂĐŚŝĞǀĞĚĂƚϭϵϳйŽĨƚŚĞƚĂƌŐĞƚůĞǀĞů͘dŚĞϮϬϭϴWĞƌĨŽƌŵĂŶĐĞ^ŚĂƌĞƐƚŚĂƚǁĞƌĞĞĂƌŶĞĚǁŝůůďĞĐŽŵĞǀĞƐƚĞĚŽŶĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͕ĐŽŶĚŝƚŝŽŶĞĚŽŶ ƚŚĞĐŽŶƚŝŶƵĞĚƐĞƌǀŝĐĞŽĨƚŚĞŶĂŵĞĚĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌ͘&ŽƌŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚŚĞĂǁĂƌĚƐ͕ƐĞĞƚŚĞƐĞĐƚŝŽŶĂďŽǀĞĞŶƚŝƚůĞĚ͞KDWE^d/KE /^h^^/KEEE>z^/^ʹŽŵƉŽŶĞŶƚƐŽĨŽŵƉĞŶƐĂƚŝŽŶʹ>ŽŶŐͲdĞƌŵ/ŶĐĞŶƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶʹWĞƌĨŽƌŵĂŶĐĞ^ŚĂƌĞƐ͘͟ ;ϯͿ ZĞĨůĞĐƚƐƚŚĞĂŐŐƌĞŐĂƚĞŵĂdžŝŵƵŵŶƵŵďĞƌŽĨƉĞƌĨŽƌŵĂŶĐĞƐŚĂƌĞƐƚŚĂƚĐĂŶďĞĞĂƌŶĞĚďLJƚŚĞŶĂŵĞĚĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƉƵƌƐƵĂŶƚƚŽƉĞƌĨŽƌŵĂŶĐĞ ƐŚĂƌĞ ĂǁĂƌĚƐ ŐƌĂŶƚĞĚ ƚŽ ƚŚĞ ŶĂŵĞĚ ĞdžĞĐƵƚŝǀĞ ŽĨĨŝĐĞƌ ŝŶ ϮϬϭϵ ƵŶĚĞƌ ƚŚĞ >ŽŶŐͲdĞƌŵ ƋƵŝƚLJ /ŶĐĞŶƚŝǀĞ WůĂŶ ;ƚŚĞ ͞ϮϬϭϵ WĞƌĨŽƌŵĂŶĐĞ ^ŚĂƌĞƐ͟Ϳ͘ ĞĐĂƵƐĞƚŚĞƉĞƌĨŽƌŵĂŶĐĞŵĞƚƌŝĐƐƵŶĚĞƌůLJŝŶŐƚŚĞϮϬϭϴWĞƌĨŽƌŵĂŶĐĞ^ŚĂƌĞƐǁĞƌĞĂĐŚŝĞǀĞĚĂƚϭϵϳйŽĨƚŚĞƚĂƌŐĞƚůĞǀĞů͕ƚŚĞŵĂdžŝŵƵŵŶƵŵďĞƌŽĨ ϮϬϭϵWĞƌĨŽƌŵĂŶĐĞ^ŚĂƌĞƐƚŚĂƚĐĂŶďĞĞĂƌŶĞĚďLJƚŚĞŶĂŵĞĚĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐĂƌĞƌĞĨůĞĐƚĞĚŝŶƚŚĞƚĂďůĞĂďŽǀĞ͘dŚĞϮϬϭϵWĞƌĨŽƌŵĂŶĐĞ^ŚĂƌĞƐ ŚĂǀĞ Ă ƉĞƌĨŽƌŵĂŶĐĞ ƉĞƌŝŽĚ ĞŶĚŝŶŐ ŽŶ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϬ͘  &ƵƌƚŚĞƌ͕ ƚŚĞ ϮϬϭϵ WĞƌĨŽƌŵĂŶĐĞ ^ŚĂƌĞƐ ǁŝůů ŶŽƚ ǀĞƐƚ ƵŶƚŝů ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ĐŽŶĚŝƚŝŽŶĞĚŽŶƚŚĞĐŽŶƚŝŶƵĞĚƐĞƌǀŝĐĞŽĨƚŚĞŶĂŵĞĚĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌ͘&ŽƌŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚŚĞĂǁĂƌĚƐ͕ƐĞĞƚŚĞƐĞĐƚŝŽŶĂďŽǀĞĞŶƚŝƚůĞĚ ͞KDWE^d/KE/^h^^/KEEE>z^/^ʹŽŵƉŽŶĞŶƚƐŽĨŽŵƉĞŶƐĂƚŝŽŶʹ>ŽŶŐͲdĞƌŵ/ŶĐĞŶƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶʹWĞƌĨŽƌŵĂŶĐĞ^ŚĂƌĞƐ͘͟ ;ϰͿ ZĞĨůĞĐƚƐƐŚĂƌĞƐŽĨƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬŐƌĂŶƚĞĚƵŶĚĞƌƚŚĞ>ŽŶŐͲdĞƌŵƋƵŝƚLJ/ŶĐĞŶƚŝǀĞWůĂŶƚŚĂƚǀĞƐƚŽŶDĂLJϭϱ͕ϮϬϮϬ͖DĂLJϭϱ͕ϮϬϮϭ͖DĂLJϭϱ͕ϮϬϮϮ͖ DĂLJϭϱ͕ϮϬϮϯ͖ĂŶĚDĂLJϭϱ͕ϮϬϮϰ͘ ;ϱͿ ZĞĨůĞĐƚƐƐŚĂƌĞƐŽĨƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬŐƌĂŶƚĞĚƵŶĚĞƌƚŚĞ>ŽŶŐdĞƌŵƋƵŝƚLJ/ŶĐĞŶƚŝǀĞWůĂŶƚŚĂƚǀĞƐƚŽŶDĂLJϭϱ͕ϮϬϮϬ͖DĂLJϭϱ͕ϮϬϮϭ͖DĂLJϭϱ͕ϮϬϮϮ͖ DĂLJϭϱ͕ϮϬϮϯ͖ĂŶĚDĂLJϭϱ͕ϮϬϮϰ͘ ;ϲͿ ZĞĨůĞĐƚƐƐŚĂƌĞƐŽĨƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬŐƌĂŶƚĞĚƵŶĚĞƌƚŚĞ>ŽŶŐͲdĞƌŵƋƵŝƚLJ/ŶĐĞŶƚŝǀĞWůĂŶƚŚĂƚǀĞƐƚŽŶDĂLJϭϱ͕ϮϬϮϭ͖DĂLJϭϱ͕ϮϬϮϯ͖ĂŶĚDĂLJϭϱ͕ϮϬϮϰ͘ ;ϳͿ ZĞĨůĞĐƚƐƐŚĂƌĞƐŽĨƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬŐƌĂŶƚĞĚƵŶĚĞƌƚŚĞ>ŽŶŐͲdĞƌŵƋƵŝƚLJ/ŶĐĞŶƚŝǀĞWůĂŶƚŚĂƚǀĞƐƚŽŶDĂLJϭϱ͕ϮϬϮϭ͖DĂLJϭϱ͕ϮϬϮϮ͖DĂLJϭϱ͕ϮϬϮϯ͖ ĂŶĚDĂLJϭϱ͕ϮϬϮϰ͘ ;ϴͿ ZĞĨůĞĐƚƐƐŚĂƌĞƐŽĨƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬŐƌĂŶƚĞĚƵŶĚĞƌƚŚĞ>ŽŶŐͲdĞƌŵƋƵŝƚLJ/ŶĐĞŶƚŝǀĞWůĂŶƚŚĂƚǀĞƐƚŽŶDĂLJϭϱ͕ϮϬϮϬ͖DĂLJϭϱ͕ϮϬϮϭ͖DĂLJϭϱ͕ϮϬϮϮ͖ DĂLJϭϱ͕ϮϬϮϯ͖ĂŶĚDĂLJϭϱ͕ϮϬϮϰ͘

ϲϮ Executive Compensation

Stock Vested

The following table shows the amounts received by the Named Executive Officers upon vesting of restricted stock or performance shares during 2019:

Number of Shares Value Realized on Name Acquired on Vesting Vesting (5) James D. Rollins III (1) 26,434 $749,967

Chris A. Bagley (2) 1,283 $33,538

John G. Copeland -- --

Charles J. Pignuolo (3) 35,950 $1,029,683

Jeffrey W. Jaggers (4) 2,239 $63,667 (1) Reflects 22,950 shares of restricted stock that vested on May 15,2019, as well as 3,484 performance shares that vested on January 1, 2019. (2) Reflects 1,283 performance shares that vested on January 1, 2019. (3) Reflects 35,00 shares of restricted stock that vested on May 15, 2019, as well as 950 performance shares that vested on January 1, 2019. (4) Reflects 2,000 shares of restricted stock that vested on May 15, 2019, as well as 239 performance shares that vested on January 1, 2019. (5) With respect to the vested performance shares, this column is based upon the closing sale price of our common stock of $26.14 per share, as reported on the NYSE on December 31, 2018. With respect to the vested restricted stock, this column is based upon the closing sale price of our common stock of $28.71 per share, as reported on the NYSE on May 15, 2019. Pension Benefits

The following table provides information regarding the present value of the accumulated benefit to each of the Named Executive Officers based on the number of years of credited service under our defined benefit retirement plans as of December 31, 2019:

Years of Present Value Credited of Payments Service (through Accumulated During Last Name Plan Name December 31, 2016 Benefit Fiscal Year James D. Rollins III Retirement Plan N/A $47,552 $0 Restoration Plan N/A 221,146 0 Supplemental Executive Retirement Plan N/A 2,002,785 0 Chris A. Bagley Retirement Plan N/A $32,883 $0 Restoration Plan N/A 71,662 0 Supplemental Executive Retirement Plan N/A 988,480 0 John G. Copeland Retirement Plan N/A $14,139 $0 Restoration Plan N/A 13,882 0 Supplemental Executive Retirement Plan N/A 0 0 Charles J. Pignuolo Retirement Plan N/A $35,339 $0 Restoration Plan N/A 40,016 0 Supplemental Executive Retirement Plan N/A 745,042 0 Jeffrey W. Jaggers Retirement Plan 22 years $722,436 $0 Restoration Plan 22 years 451,330 0 Supplemental Executive Retirement Plan N/A 469,535 0

63 džĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶ

ZĞƚŝƌĞŵĞŶƚWůĂŶ

tĞŵĂŝŶƚĂŝŶĂƚĂdžͲƋƵĂůŝĨŝĞĚ͕ŶŽŶͲĐŽŶƚƌŝďƵƚŽƌLJ͕ĚĞĨŝŶĞĚďĞŶĞĨŝƚƌĞƚŝƌĞŵĞŶƚƉůĂŶĨŽƌŽƵƌĞŵƉůŽLJĞĞƐǁŚŽ ŚĂǀĞƌĞĂĐŚĞĚƚŚĞĂŐĞŽĨϭϴĂŶĚŚĂǀĞĐŽŵƉůĞƚĞĚŽŶĞLJĞĂƌŽĨƐĞƌǀŝĐĞ͘ůŝŐŝďůĞĞŵƉůŽLJĞĞƐĂĐĐƌƵĞďĞŶĞĨŝƚƐŝŶƚŚĞ ZĞƚŝƌĞŵĞŶƚ WůĂŶ ƚŚƌŽƵŐŚ Ă ĐĂƐŚ ďĂůĂŶĐĞ ĨŽƌŵƵůĂ͘ dŚƌŽƵŐŚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϲ͕ ƚŚĞ ZĞƚŝƌĞŵĞŶƚ WůĂŶ ĂůƐŽ ŝŶĐůƵĚĞĚĂĨŝŶĂůĂǀĞƌĂŐĞƉĂLJĨŽƌŵƵůĂĨŽƌĞŵƉůŽLJĞĞƐǁŚŽǁĞƌĞŚŝƌĞĚƉƌŝŽƌƚŽ:ĂŶƵĂƌLJϭ͕ϮϬϬϲ͘ĞŐŝŶŶŝŶŐ:ĂŶƵĂƌLJ ϭ͕ϮϬϭϳ͕ĂůůďĞŶĞĨŝƚƐĂƌĞĂĐĐƌƵĞĚƵŶĚĞƌƚŚĞĐĂƐŚďĂůĂŶĐĞĨŽƌŵƵůĂ͘

dŚĞŬĞLJƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞZĞƚŝƌĞŵĞŶƚWůĂŶĂƌĞĂƐĨŽůůŽǁƐ͗

DŽŶƚŚůLJ ĞŶĞĨŝƚ͘ WĂƌƚŝĐŝƉĂŶƚƐ ǁŝƚŚ Ă ǀĞƐƚĞĚ ďĞŶĞĨŝƚ ǁŝůů ďĞ ĞůŝŐŝďůĞ ƚŽ ƌĞĐĞŝǀĞ ƌĞƚŝƌĞŵĞŶƚ ďĞŶĞĨŝƚƐ͕ ĐĂůĐƵůĂƚĞĚƵƐŝŶŐƚŚĞĨŽůůŽǁŝŶŐĨŽƌŵƵůĂ͕ĞĂĐŚŵŽŶƚŚĨŽƌƚŚĞƌĞƐƚŽĨƚŚĞŝƌůŝǀĞƐďĞŐŝŶŶŝŶŐŽŶƚŚĞŝƌŶŽƌŵĂů ƌĞƚŝƌĞŵĞŶƚĚĂƚĞ;ŝ͘Ğ͕͘ƚŚĞĚĂƚĞƚŚĞLJƌĞĂĐŚĂŐĞϲϱͿ͗

ĂƐŚďĂůĂŶĐĞĨŽƌŵƵůĂ͘dŚĞĐĂƐŚďĂůĂŶĐĞĨŽƌŵƵůĂŝƐďĂƐĞĚŽŶƚŚĞĨŽůůŽǁŝŶŐ͗

x ZĞƚŝƌĞŵĞŶƚďĞŶĞĨŝƚǁŝůůďĞďĂƐĞĚŽŶƚŚĞǀĂůƵĞŽĨĂŚLJƉŽƚŚĞƚŝĐĂůĂĐĐŽƵŶƚďĂůĂŶĐĞƚŚĂƚŝƐĐƌĞĚŝƚĞĚ ǁŝƚŚϮ͘ϱйŽĨƉĂLJĨŽƌĞĂĐŚLJĞĂƌƚŚĞƉĂƌƚŝĐŝƉĂŶƚǁŽƌŬƐĂƚůĞĂƐƚϭ͕ϬϬϬŚŽƵƌƐ͖ĂŶĚ

x /ŶƚĞƌĞƐƚĐƌĞĚŝƚƐǁŝůůďĞĂĚĚĞĚƚŽƚŚĞŚLJƉŽƚŚĞƚŝĐĂůĂĐĐŽƵŶƚĞĂĐŚLJĞĂƌďĂƐĞĚŽŶƚŚĞLJŝĞůĚŽĨƚŚĞƐŝdžͲ ŵŽŶƚŚdƌĞĂƐƵƌLJŝůůĂƐŽĨƚŚĞƉƌŝŽƌ^ĞƉƚĞŵďĞƌ͕ƉůƵƐϭ͘ϱй͘

&ŝŶĂůĂǀĞƌĂŐĞƉĂLJĨŽƌŵƵůĂ͘dŚŝƐĨŽƌŵƵůĂĂƉƉůŝĞƐĨŽƌĞŵƉůŽLJĞĞƐŚŝƌĞĚƉƌŝŽƌƚŽ:ĂŶƵĂƌLJϭ͕ϮϬϬϲ͕ǁŚŝĐŚǁĂƐ ĨƌŽnjĞŶĞĨĨĞĐƚŝǀĞĞĐĞŵďĞƌϯϭ͕ϮϬϭϲ͘WĂƌƚŝĐŝƉĂŶƚƐǁŚŽǁĞƌĞĞůŝŐŝďůĞĨŽƌƚŚŝƐĨŽƌŵƵůĂǁŝůůƌĞƚĂŝŶƚŚĞǀĂůƵĞŽĨ ĂĐĐƌƵĂůƐĞĂƌŶĞĚƚŚƌŽƵŐŚϮϬϭϲ͘ĨĨĞĐƚŝǀĞ:ĂŶƵĂƌLJϭ͕ϮϬϭϳ͕ĂĐĐƌƵĂůƐĂƌĞďĂƐĞĚŽŶƚŚĞĐĂƐŚďĂůĂŶĐĞĨŽƌŵƵůĂ͘ dŚĞĨŝŶĂůĂǀĞƌĂŐĞƉĂLJĨŽƌŵƵůĂŝƐƚŚĞƐƵŵŽĨ͗

x Ϭ͘ϲϱйŽĨƚŚĞĂǀĞƌĂŐĞĐŽŵƉĞŶƐĂƚŝŽŶƚŝŵĞƐLJĞĂƌƐŽĨƐĞƌǀŝĐĞƵƉƚŽϯϱLJĞĂƌƐ͖ƉůƵƐ

x Ϭ͘ϲϱйŽĨƚŚĞĂǀĞƌĂŐĞĐŽŵƉĞŶƐĂƚŝŽŶŝŶĞdžĐĞƐƐŽĨ͞ĐŽǀĞƌĞĚĐŽŵƉĞŶƐĂƚŝŽŶ͟;ĂǀĞƌĂŐĞŽĨƚŚĞ^ŽĐŝĂů ^ĞĐƵƌŝƚLJǁĂŐĞďĂƐĞͿƚŝŵĞƐLJĞĂƌƐŽĨƐĞƌǀŝĐĞƵƉƚŽϯϱLJĞĂƌƐ͘

ĞŶĞĨŝƚƐĂƌĞůŝŵŝƚĞĚƚŽƚŚĞĂŶŶƵĂůďĞŶĞĨŝƚůŝŵŝƚƐĞƚĨŽƌƚŚŝŶŽĚĞ^ĞĐƚŝŽŶϰϭϱ͕ǁŚŝĐŚǁĂƐΨϮϮϱ͕ϬϬϬƉĞƌLJĞĂƌ ŝŶϮϬϭϵĨŽƌĂŶĂŶŶƵŝƚLJĨŽƌŵŽĨƉĂLJŵĞŶƚ͘

x ǀĞƌĂŐĞĐŽŵƉĞŶƐĂƚŝŽŶ͘ǀĞƌĂŐĞĐŽŵƉĞŶƐĂƚŝŽŶŝƐƚŚĞĂǀĞƌĂŐĞŽĨĞůŝŐŝďůĞƉĂLJĞĂƌŶĞĚŽǀĞƌƚŚĞƉĞƌŝŽĚ ŽĨĨŝǀĞĐŽŶƐĞĐƵƚŝǀĞLJĞĂƌƐƚŚĂƚƉƌŽĚƵĐĞƐƚŚĞŚŝŐŚĞƐƚĂǀĞƌĂŐĞ͘dŚŝƐĂŵŽƵŶƚŝƐƐƵďũĞĐƚƚŽƚŚĞĂŶŶƵĂů ĐŽŵƉĞŶƐĂƚŝŽŶůŝŵŝƚŝŶŽĚĞ^ĞĐƚŝŽŶϰϬϭ;ĂͿ;ϭϳͿ͕ǁŚŝĐŚǁĂƐΨϮϴϬ͕ϬϬϬŝŶϮϬϭϵ͘

x /ŶƚĞŐƌĂƚŝŽŶ ǁŝƚŚ ^ŽĐŝĂů ^ĞĐƵƌŝƚLJ ;ĐŽǀĞƌĞĚ ĐŽŵƉĞŶƐĂƚŝŽŶͿ͘ Ɛ ƉĞƌŵŝƚƚĞĚ ďLJ ƚŚĞ ŽĚĞ͕ ƚŚĞ ĨŝŶĂů ĂǀĞƌĂŐĞƉĂLJĨŽƌŵƵůĂƉƌŽǀŝĚĞƐŚŝŐŚĞƌďĞŶĞĨŝƚĂĐĐƌƵĂůƐĨŽƌƉĂƌƚŝĐŝƉĂŶƚƐĞĂƌŶŝŶŐŝŶĞdžĐĞƐƐŽĨĐŽǀĞƌĞĚ ĐŽŵƉĞŶƐĂƚŝŽŶ ;Ă ϯϱͲLJĞĂƌ ĂǀĞƌĂŐĞ ŽĨ ƚŚĞ ƚĂdžĂďůĞ ǁĂŐĞ ďĂƐĞͿ ƐŽ ƚŚĞŝƌ ƚŽƚĂů ƌĞƚŝƌĞŵĞŶƚ ŝŶĐŽŵĞ ;ŝŶĐůƵĚŝŶŐ^ŽĐŝĂů^ĞĐƵƌŝƚLJďĞŶĞĨŝƚƐͿĂƐĂƉĞƌĐĞŶƚĂŐĞŽĨĐŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞĐŽŵƉĂƌĂďůĞƚŽƚŚĂƚŽĨ ŽƚŚĞƌĞŵƉůŽLJĞĞƐ͘/ŶƚĞŐƌĂƚŝŽŶǁŝƚŚ^ŽĐŝĂů^ĞĐƵƌŝƚLJŝƐŶŽƚĂƉƉůŝĞĚŝŶƚŚĞĐĂƐŚďĂůĂŶĐĞĨŽƌŵƵůĂ͘

ϲϰ džĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶ

x sĞƐƚŝŶŐ͘WĂƌƚŝĐŝƉĂŶƚƐďĞĐŽŵĞǀĞƐƚĞĚĂĨƚĞƌƌĞĂĐŚŝŶŐƚŚƌĞĞLJĞĂƌƐŽĨƐĞƌǀŝĐĞ͘

x ĂƌůLJƌĞƚŝƌĞŵĞŶƚďĞŶĞĨŝƚƐ͘WĂƌƚŝĐŝƉĂŶƚƐǁŚŽĂƌĞĂƚůĞĂƐƚĂŐĞϱϱĂŶĚŚĂǀĞĂƚůĞĂƐƚƚĞŶLJĞĂƌƐŽĨƐĞƌǀŝĐĞ ŵĂLJĞůĞĐƚƚŽƌĞƚŝƌĞƉƌŝŽƌƚŽƚŚĞŝƌŶŽƌŵĂůƌĞƚŝƌĞŵĞŶƚĚĂƚĞ͘dŚĞŶŽƌŵĂůĨŽƌŵŽĨŵŽŶƚŚůLJďĞŶĞĨŝƚŝƐĂ ƐŝŶŐůĞůŝĨĞĂŶŶƵŝƚLJƚŚĂƚŝƐĂĐƚƵĂƌŝĂůůLJĞƋƵŝǀĂůĞŶƚƚŽƚŚĞĐĂƐŚďĂůĂŶĐĞĂĐĐŽƵŶƚǀĂůƵĞƉĂLJĂďůĞĂƐŽĨƚŚĞ ĞĂƌůLJƌĞƚŝƌĞŵĞŶƚĚĂƚĞ͘dŚĞƌĞŝƐŶŽƌĞĚƵĐƚŝŽŶĨŽƌĞĂƌůLJƌĞƚŝƌĞŵĞŶƚƵŶĚĞƌƚŚĞĐĂƐŚďĂůĂŶĐĞĨŽƌŵƵůĂ͘ hŶĚĞƌ ƚŚĞ ĨŝŶĂů ĂǀĞƌĂŐĞ ƉĂLJ ĨŽƌŵƵůĂ͕ ƚŚĞƌĞ ŝƐ Ă ƌĞĚƵĐƚŝŽŶ ŽĨ ϲ͘ϲϳй ƉĞƌ LJĞĂƌ ĨŽƌ ĞĂĐŚ LJĞĂƌ ƚŚĞ ƉĂƌƚŝĐŝƉĂŶƚĞůĞĐƚƐƚŽƌĞƚŝƌĞĂŶĚƚŽďĞŐŝŶƌĞĐĞŝǀŝŶŐďĞŶĞĨŝƚƐƉƌŝŽƌƚŽĂŐĞϲϱ͕ƵƉƚŽĂŐĞϲϬ͕ƉůƵƐϯ͘ϯϯй ƉĞƌLJĞĂƌĨŽƌĞĂĐŚLJĞĂƌƚŚĞƉĂƌƚŝĐŝƉĂŶƚĞůĞĐƚƐƚŽƌĞƚŝƌĞƉƌŝŽƌƚŽĂŐĞϲϬ͘

x ĞĂƚŚďĞŶĞĨŝƚƐ͘dŚĞƉĂƌƚŝĐŝƉĂŶƚ͛ƐďĞŶĞĨŝĐŝĂƌLJǁŝůůƌĞĐĞŝǀĞƚŚĞǀĂůƵĞŽĨƚŚĞĂĐĐƌƵĞĚďĞŶĞĨŝƚƵŶĚĞƌƚŚĞ ĐĂƐŚďĂůĂŶĐĞĨŽƌŵƵůĂƵƉŽŶƚŚĞĚĞĂƚŚŽĨƚŚĞƉĂƌƚŝĐŝƉĂŶƚ͘hŶĚĞƌƚŚĞĨŝŶĂůĂǀĞƌĂŐĞƉĂLJĨŽƌŵƵůĂ͕ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJǁŝůůƌĞĐĞŝǀĞĂůŝĨĞĂŶŶƵŝƚLJĞƋƵĂůƚŽƚŚĞŐƌĞĂƚĞƌŽĨ;ϭͿϱϬйŽĨƚŚĞĂŵŽƵŶƚƚŚĞƉĂƌƚŝĐŝƉĂŶƚ ǁŽƵůĚŚĂǀĞƌĞĐĞŝǀĞĚŝĨŚĞŽƌƐŚĞŚĂĚƐƵƌǀŝǀĞĚĂŶĚĞůĞĐƚĞĚƚŚĞƋƵĂůŝĨŝĞĚũŽŝŶƚĂŶĚϱϬйĐŽŶƚŝŶŐĞŶƚ ŽƉƚŝŽŶƉĂLJĂďůĞĂƚƚŚĞĞĂƌůŝĞƐƚĚĂƚĞĂůůŽǁĞĚƵŶĚĞƌƚŚĞƉůĂŶŽƌ;ϮͿĂŶĂŵŽƵŶƚƚŚĂƚĐĂŶďĞƉƌŽǀŝĚĞĚ ďLJƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞƉĂƌƚŝĐŝƉĂŶƚ͛ƐĂĐĐƌƵĞĚďĞŶĞĨŝƚďĂƐĞĚŽŶƚŚĞĨŝŶĂůĂǀĞƌĂŐĞƉĂLJĨŽƌŵƵůĂ ƉůƵƐƚŚĞĐĂƐŚďĂůĂŶĐĞĂĐĐŽƵŶƚǀĂůƵĞĂƐŽĨƚŚĞƉĂƌƚŝĐŝƉĂŶƚ͛ƐĚĂƚĞŽĨĚĞĂƚŚ͘

x ŝƐĂďŝůŝƚLJďĞŶĞĨŝƚƐ͘ŝƐĂďůĞĚƉĂƌƚŝĐŝƉĂŶƚƐǁŝůůƌĞĐĞŝǀĞƚŚĞŝƌĂĐĐƌƵĞĚďĞŶĞĨŝƚĚĞƚĞƌŵŝŶĞĚĂƐŽĨƚŚĞĚĂƚĞ ŽĨĚŝƐĂďŝůŝƚLJ͘

x >ƵŵƉƐƵŵƉĂLJŵĞŶƚƐ͘WĂƌƚŝĐŝƉĂŶƚƐŵĂLJĞůĞĐƚƚŽǁĂŝǀĞƚŚĞĂŶŶƵŝƚLJĨŽƌŵŽĨƉĂLJŵĞŶƚĂŶĚƌĞĐĞŝǀĞĂ ůƵŵƉƐƵŵƉĂLJŵĞŶƚŽĨƚŚĞĞŶƚŝƌĞďĞŶĞĨŝƚĂĐĐƌƵĞĚƵŶĚĞƌƚŚĞƉůĂŶ͘

ZĞƐƚŽƌĂƚŝŽŶWůĂŶ

dŚŝƐƉůĂŶƉƌŽǀŝĚĞƐĂƐƵƉƉůĞŵĞŶƚƚŽŽƵƌZĞƚŝƌĞŵĞŶƚWůĂŶĨŽƌĂŵŽƵŶƚƐƚŚĂƚĞdžĐĞĞĚƚŚĞƐƚĂƚƵƚŽƌLJůŝŵŝƚƐŽŶ ƋƵĂůŝĨŝĞĚƉůĂŶƐƵŶĚĞƌƚŚĞŽĚĞ͘ƐĂƌĞƐƵůƚ͕ƚŚĞĞdžĞĐƵƚŝǀĞƐ͕ŽĨĨŝĐĞƌƐĂŶĚŵĂŶĂŐĞŵĞŶƚĞŵƉůŽLJĞĞƐĚĞƐŝŐŶĂƚĞĚƚŽ ƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚŝƐƉůĂŶǁŝůůŚĂǀĞĂƐŝŵŝůĂƌƚŽƚĂůƌĞƚŝƌĞŵĞŶƚŝŶĐŽŵĞĂƐĂƉĞƌĐĞŶƚĂŐĞŽĨƚŽƚĂůĐŽŵƉĞŶƐĂƚŝŽŶĂƐŽƵƌ ŽƚŚĞƌĞŵƉůŽLJĞĞƐ͘dŚŝƐƉůĂŶĂƉƉůŝĞƐƚŽĐŽŵƉĞŶƐĂƚŝŽŶĞĂƌŶĞĚŝŶĞdžĐĞƐƐŽĨƚŚĞůŝŵŝƚĂƚŝŽŶŽĨ^ĞĐƚŝŽŶϰϬϭ;ĂͿ;ϭϳͿŽĨ ƚŚĞŽĚĞ;ŝ͘Ğ͕͘ΨϮϴϬ͕ϬϬϬŝŶϮϬϭϵͿ͘/ƚĂůƐŽƉƌŽǀŝĚĞƐďĞŶĞĨŝƚƐƚŚĂƚǁŽƵůĚŽƚŚĞƌǁŝƐĞďĞƌĞĚƵĐĞĚďLJƚŚĞĂŶŶƵĂů ůŝŵŝƚĂƚŝŽŶŽŶĂŶŶƵŝƚLJƉĂLJŵĞŶƚƐƵŶĚĞƌ^ĞĐƚŝŽŶϰϭϱŽĨƚŚĞŽĚĞ;ŝ͘Ğ͕͘ΨϮϮϱ͕ϬϬϬŝŶϮϬϭϵͿ͘ĞŶĞĨŝƚƐĂƌĞĐĂůĐƵůĂƚĞĚ ďLJĂƉƉůLJŝŶŐƚŚĞƐĂŵĞďĞŶĞĨŝƚĨŽƌŵƵůĂĞƚŚĂƚĂƉƉůLJƵŶĚĞƌƚŚĞZĞƚŝƌĞŵĞŶƚWůĂŶƚŽƚŚĞĐŽŵƉĞŶƐĂƚŝŽŶĞĂƌŶĞĚďLJ ƚŚĞƉĂƌƚŝĐŝƉĂŶƚŝŶĞdžĐĞƐƐŽĨƚŚĞĐŽŵƉĞŶƐĂƚŝŽŶůŝŵŝƚĂŶĚŝŶĂŵŽƵŶƚƐƚŚĂƚǁŽƵůĚĞdžĐĞĞĚƚŚĞůŝŵŝƚŽŶĂŶŶƵĂů ĂŶŶƵŝƚLJƉĂLJŵĞŶƚƐ͘&ŽƌƚŚŝƐƉƵƌƉŽƐĞ͕ĐŽŵƉĞŶƐĂƚŝŽŶŝƐƚŚĞƐĂŵĞĂƐĚĞĨŝŶĞĚŝŶƚŚĞZĞƚŝƌĞŵĞŶƚWůĂŶďƵƚĞdžĐůƵĚĞƐ ĐŽŵŵŝƐƐŝŽŶƐĂŶĚŝŶĐůƵĚĞƐĐŽŵƉĞŶƐĂƚŝŽŶƚŚĂƚŝƐĚĞĨĞƌƌĞĚƵŶĚĞƌƚŚĞĞĨĞƌƌĞĚŽŵƉĞŶƐĂƚŝŽŶWůĂŶ͘ĞŶĞĨŝƚƐĂƌĞ ĨŽƌĨĞŝƚĞĚŝĨƚŚĞƉĂƌƚŝĐŝƉĂŶƚƚĞƌŵŝŶĂƚĞƐĞŵƉůŽLJŵĞŶƚƉƌŝŽƌƚŽĞĂƌŶŝŶŐƚŚƌĞĞLJĞĂƌƐŽĨǀĞƐƚŝŶŐƐĞƌǀŝĐĞ͕ŝĨƚĞƌŵŝŶĂƚĞĚ ĨŽƌĐĂƵƐĞĂƚĂŶLJƚŝŵĞ͕ŽƌƚŚĞƉĂƌƚŝĐŝƉĂŶƚǀŝŽůĂƚĞƐĐĞƌƚĂŝŶŶŽŶĐŽŵƉĞƚĞŽƌĐŽŶĨŝĚĞŶƚŝĂůŝƚLJĐŽǀĞŶĂŶƚƐ͘ĞŶĞĨŝƚƐĂƌĞ ƉĂŝĚŽƵƚŽĨŽƵƌŐĞŶĞƌĂůĂƐƐĞƚƐĂŶĚĂƌĞŶŽƚĚĞƉĞŶĚĞŶƚŽŶŝŶǀĞƐƚŵĞŶƚƌĞƚƵƌŶƐŽƌŝŶƚĞƌĞƐƚĞĂƌŶĞĚ͘ĞŶĞĨŝƚƐƵŶĚĞƌ ƚŚĞĐĂƐŚďĂůĂŶĐĞĨŽƌŵƵůĂĂƌĞƉĂŝĚĂƐĂůƵŵƉƐƵŵǁŝƚŚŝŶϵϬĚĂLJƐĂĨƚĞƌƐĞƉĂƌĂƚŝŽŶĨƌŽŵƐĞƌǀŝĐĞ͘ĞŶĞĨŝƚƐƵŶĚĞƌ ƚŚĞĨŝŶĂůĂǀĞƌĂŐĞƉĂLJĨŽƌŵƵůĂĂƌĞƉĂŝĚŝŶƚŚĞĨŽƌŵŽĨĂŶĂŶŶƵŝƚLJĂƚƚŚĞůĂƚĞƌŽĨĂŐĞϱϱŽƌƐĞƉĂƌĂƚŝŽŶĨƌŽŵƐĞƌǀŝĐĞ͘

/ŶŐĞŶĞƌĂů͕ƚŚĞZĞƐƚŽƌĂƚŝŽŶWůĂŶŝƐƐŝŵŝůĂƌƚŽƚŚĞZĞƚŝƌĞŵĞŶƚWůĂŶ͕ŽƚŚĞƌƚŚĂŶƚŚĞƌĞƋƵŝƌĞĚůŝŵŝƚƐŝŶƚŚĞ ZĞƚŝƌĞŵĞŶƚWůĂŶƚŚĂƚĂƌĞĚŝƐĐƵƐƐĞĚĂďŽǀĞ͘dŚĞďĞŶĞĨŝƚƉĂLJĂďůĞƵŶĚĞƌƚŚĞZĞƐƚŽƌĂƚŝŽŶWůĂŶŝƐƚŚĞĚŝĨĨĞƌĞŶĐĞ

ϲϱ džĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶ

ďĞƚǁĞĞŶƚŚĞŐƌŽƐƐďĞŶĞĨŝƚĐĂůĐƵůĂƚĞĚǁŝƚŚŽƵƚƚŚĞƌĞƋƵŝƌĞĚŽĚĞůŝŵŝƚƐĂŶĚƚŚĞĂŵŽƵŶƚŽĨƚŚĞďĞŶĞĨŝƚƚŚĂƚŝƐ ƉĂLJĂďůĞƵŶĚĞƌƚŚĞZĞƚŝƌĞŵĞŶƚWůĂŶ͘

^ƵƉƉůĞŵĞŶƚĂůdžĞĐƵƚŝǀĞZĞƚŝƌĞŵĞŶƚWůĂŶ

tĞƐƉŽŶƐŽƌĂŶŽŶͲƋƵĂůŝĨŝĞĚ͕ŶŽŶͲĐŽŶƚƌŝďƵƚŽƌLJ͕ƵŶĨƵŶĚĞĚĚĞĨŝŶĞĚďĞŶĞĨŝƚƉĞŶƐŝŽŶĂƌƌĂŶŐĞŵĞŶƚĨŽƌƐĞůĞĐƚ ŬĞLJĞŵƉůŽLJĞĞƐ͘ĞŶĞĨŝƚƐĂƌĞƉĂŝĚŽƵƚŽĨŽƵƌŐĞŶĞƌĂůĂƐƐĞƚƐĂŶĚĂƌĞŶŽƚŝŵƉĂĐƚĞĚďLJŝŶǀĞƐƚŵĞŶƚƌĞƚƵƌŶƐŽƌ ŝŶƚĞƌĞƐƚĞĂƌŶĞĚ͘dŚĞŬĞLJƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƵƉƉůĞŵĞŶƚĂůdžĞĐƵƚŝǀĞZĞƚŝƌĞŵĞŶƚWůĂŶĂƌĞĂƐĨŽůůŽǁƐ͗

x DŽŶƚŚůLJďĞŶĞĨŝƚ͘ůŝŐŝďůĞƉĂƌƚŝĐŝƉĂŶƚƐǁŝůůƌĞĐĞŝǀĞϭϱйŽĨĂǀĞƌĂŐĞĐŽŵƉĞŶƐĂƚŝŽŶ͕ƉĂLJĂďůĞŽŶƚŚĞ ĚĂƚĞŽĨƚŚĞƉĂƌƚŝĐŝƉĂŶƚ͛ƐŶŽƌŵĂůƌĞƚŝƌĞŵĞŶƚĚĂƚĞ;ĂŐĞϲϱͿ͘dŚĞdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ /ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞŚĂƐƚŚĞĂƵƚŚŽƌŝƚLJƚŽƉƌŽǀŝĚĞĂĚĚŝƚŝŽŶĂůďĞŶĞĨŝƚƐŝŶĂŶĂŵŽƵŶƚƵƉƚŽΨϭ͕ϬϬϬƉĞƌ ŵŽŶƚŚĨŽƌƚŚĞŵĂdžŝŵƵŵƉĂLJŵĞŶƚƉĞƌŝŽĚ͘

x ǀĞƌĂŐĞĐŽŵƉĞŶƐĂƚŝŽŶ͘ǀĞƌĂŐĞĐŽŵƉĞŶƐĂƚŝŽŶŝƐƚŚĞĂǀĞƌĂŐĞŽĨĞůŝŐŝďůĞƉĂLJĞĂƌŶĞĚŽǀĞƌƚŚĞƉĞƌŝŽĚ ŽĨϯϲŵŽŶƚŚƐďĞŐŝŶŶŝŶŐ:ĂŶƵĂƌLJϭ͕ϮϬϬϲŽƌůĂƚĞƌƚŚĂƚƉƌŽĚƵĐĞƐƚŚĞŚŝŐŚĞƐƚĂǀĞƌĂŐĞ͘ĂƌŶŝŶŐƐŝŶƚŚŝƐ ƉůĂŶŝŶĐůƵĚĞĐŽŵƉĞŶƐĂƚŝŽŶƚŚĂƚŝƐĚĞĨĞƌƌĞĚƵŶĚĞƌƚŚĞĞĨĞƌƌĞĚŽŵƉĞŶƐĂƚŝŽŶWůĂŶ͘

x ůŝŐŝďŝůŝƚLJ͘WĂƌƚŝĐŝƉĂŶƚƐĂƌĞĂƐĞůĞĐƚŐƌŽƵƉŽĨŵĂŶĂŐĞŵĞŶƚŽƌŚŝŐŚůLJĐŽŵƉĞŶƐĂƚĞĚĞŵƉůŽLJĞĞƐǁŚŽ ĂƌĞĚĞƐŝŐŶĂƚĞĚďLJƚŚĞdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞƚŽƉĂƌƚŝĐŝƉĂƚĞ͘

x ĂƌůLJƌĞƚŝƌĞŵĞŶƚďĞŶĞĨŝƚƐ͘WĂƌƚŝĐŝƉĂŶƚƐŵĂLJĞůĞĐƚƚŽƌĞƚŝƌĞĂŶĚĐŽŵŵĞŶĐĞƉĂLJŵĞŶƚƐĂƐĞĂƌůLJĂƐĂŐĞ ϱϱ͘ dŚĞŵŽŶƚŚůLJďĞŶĞĨŝƚŝƐĐĂůĐƵůĂƚĞĚŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂƐƚŚĞŶŽƌŵĂůƌĞƚŝƌĞŵĞŶƚďĞŶĞĨŝƚ͕ďƵƚŝƐ ƌĞĚƵĐĞĚϱйĨŽƌĞĂĐŚLJĞĂƌƚŚĂƚƚŚĞƉĂƌƚŝĐŝƉĂŶƚĞůĞĐƚƐƚŽƌĞƚŝƌĞƉƌŝŽƌƚŽĂŐĞϲϱ͘

x ĞĂƚŚ͕ ĚŝƐĂďŝůŝƚLJ ĂŶĚ ĐŚĂŶŐĞ ŝŶ ĐŽŶƚƌŽů ďĞŶĞĨŝƚƐ͘ /Ĩ Ă ƉĂƌƚŝĐŝƉĂŶƚ ĚŝĞƐ Žƌ ďĞĐŽŵĞƐ ƚŽƚĂůůLJ ĂŶĚ ƉĞƌŵĂŶĞŶƚůLJĚŝƐĂďůĞĚƉƌŝŽƌƚŽƌĞƚŝƌĞŵĞŶƚ͕ƚŚĞƉĂƌƚŝĐŝƉĂŶƚ͛ƐĚĞƐŝŐŶĂƚĞĚďĞŶĞĨŝĐŝĂƌLJǁŝůůƌĞĐĞŝǀĞƚŚĞ ĞĂƌůLJƌĞƚŝƌĞŵĞŶƚďĞŶĞĨŝƚĚĞƐĐƌŝďĞĚĂďŽǀĞ͕ďƵƚƐƵĐŚĂŶĂŵŽƵŶƚǁŝůůŶŽƚďĞůĞƐƐƚŚĂŶŽŶĞͲŚĂůĨŽĨƚŚĞ ŶŽƌŵĂůƌĞƚŝƌĞŵĞŶƚďĞŶĞĨŝƚ;ŝ͘Ğ͕͘ϳ͘ϱйŽĨĂǀĞƌĂŐĞŵŽŶƚŚůLJĐŽŵƉĞŶƐĂƚŝŽŶͿ͘ hƉŽŶ ƚĞƌŵŝŶĂƚŝŽŶ ŽĨ ĞŵƉůŽLJŵĞŶƚĨŽůůŽǁŝŶŐĂĐŚĂŶŐĞŝŶĐŽŶƚƌŽů͕ƚŚĞƉĂƌƚŝĐŝƉĂŶƚǁŝůůƌĞĐĞŝǀĞƚŚĞĨƵůůƌĞƚŝƌĞŵĞŶƚďĞŶĞĨŝƚ ǁŝƚŚŶŽƌĞĚƵĐƚŝŽŶĨŽƌƚĞƌŵŝŶĂƚŝŽŶƉƌŝŽƌƚŽĂŐĞϲϱ͘

x &ŽƌŵŽĨďĞŶĞĨŝƚƉĂLJŵĞŶƚ͘ůůďĞŶĞĨŝƚƐǁŝůůďĞƉĂŝĚŝŶĞƋƵĂůĐŽŶƐĞĐƵƚŝǀĞŵŽŶƚŚůLJŝŶƐƚĂůůŵĞŶƚƐŽǀĞƌĂ ƉĞƌŝŽĚŽĨƚĞŶLJĞĂƌƐ͘

x &ŽƌĨĞŝƚƵƌĞŽĨďĞŶĞĨŝƚƐ͘džĐĞƉƚŝŶƚŚĞĞǀĞŶƚŽĨĚĞĂƚŚ͕ĚŝƐĂďŝůŝƚLJŽƌĂĐŚĂŶŐĞŝŶĐŽŶƚƌŽů͕ďĞŶĞĨŝƚƐƵŶĚĞƌ ƚŚĞƉůĂŶĂƌĞĨŽƌĨĞŝƚĞĚďLJƉĂƌƚŝĐŝƉĂŶƚƐǁŚŽƚĞƌŵŝŶĂƚĞĞŵƉůŽLJŵĞŶƚƉƌŝŽƌƚŽĂŐĞϱϱ͘ĞŶĞĨŝƚƐĂƌĞĂůƐŽ ĨŽƌĨĞŝƚĞĚŝĨĂƉĂƌƚŝĐŝƉĂŶƚǀŝŽůĂƚĞƐŶŽŶĐŽŵƉĞƚĞŽƌĐŽŶĨŝĚĞŶƚŝĂůŝƚLJĐŽǀĞŶĂŶƚƐ͘

ŽŵƉŽƵŶĚŝŶŐĨĨĞĐƚŽĨŽŵƉĞŶƐĂƚŝŽŶ/ŶĐƌĞĂƐĞƐ

dŚĞdžĞĐƵƚŝǀĞ ŽŵƉĞŶƐĂƚŝŽŶ ĂŶĚ ^ƚŽĐŬ /ŶĐĞŶƚŝǀĞ ŽŵŵŝƚƚĞĞ ŝƐ ĂǁĂƌĞƚŚĂƚ ĐŽŵƉĞŶƐĂƚŝŽŶ ŝŶĐƌĞĂƐĞƐ ĨŽƌ ĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐĐĂŶŚĂǀĞƚŚĞĞĨĨĞĐƚŽĨĞŶŚĂŶĐŝŶŐďĞŶĞĨŝƚƐƵŶĚĞƌĐĞƌƚĂŝŶƚLJƉĞƐŽĨƉĞŶƐŝŽŶƉůĂŶƐ͘dŚƌŽƵŐŚ ĞĐĞŵďĞƌϯϭ͕ϮϬϭϲ͕ƚŚĞZĞƚŝƌĞŵĞŶƚWůĂŶĂŶĚƚŚĞZĞƐƚŽƌĂƚŝŽŶWůĂŶƉƌŽǀŝĚĞĚďĞŶĞĨŝƚƐďĂƐĞĚŽŶĨŝŶĂůĂǀĞƌĂŐĞ ƉĂLJĨŽƌŵƵůĂ͕ĂƐĚĞƐĐƌŝďĞĚĂďŽǀĞ͕ǁŚŝĐŚǁĞƌĞĂĨĨĞĐƚĞĚďLJĐŚĂŶŐĞƐŝŶĐŽŵƉĞŶƐĂƚŝŽŶ͘,ŽǁĞǀĞƌ͕ĞĨĨĞĐƚŝǀĞ:ĂŶƵĂƌLJ

ϲϲ džĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶ

ϭ͕ϮϬϭϳ͕ďĞŶĞĨŝƚƐĨŽƌƚŚĞZĞƚŝƌĞŵĞŶƚWůĂŶĂŶĚƚŚĞZĞƐƚŽƌĂƚŝŽŶWůĂŶĂƌĞĐĂůĐƵůĂƚĞĚƵŶĚĞƌĂĐĂƐŚďĂůĂŶĐĞĨŽƌŵƵůĂ ƐŽƚŚĂƚĐŽŵƉĞŶƐĂƚŝŽŶŝŶĐƌĞĂƐĞƐĚŽŶŽƚƚĞŶĚƚŽŚĂǀĞĂĐŽŵƉŽƵŶĚŝŶŐĞĨĨĞĐƚŽŶďĞŶĞĨŝƚƐ͘tŝůůŝƐdŽǁĞƌƐtĂƚƐŽŶ͕ ŝŶŝƚƐĐĂƉĂĐŝƚLJĂƐďĞŶĞĨŝƚƐĐŽŶƐƵůƚĂŶƚĂŶĚƉĞŶƐŝŽŶĂĐƚƵĂƌLJ͕ƉƌŽǀŝĚĞƐƵƐǁŝƚŚƌĞůĞǀĂŶƚŝŶĨŽƌŵĂƚŝŽŶƐŽƚŚĂƚƚŚĞ ĐŽŵŵŝƚƚĞĞŝƐĂďůĞƚŽĐŽŶƐŝĚĞƌƚŚĞĐŽŵƉŽƵŶĚŝŶŐĞĨĨĞĐƚŽĨĐŽŵƉĞŶƐĂƚŝŽŶĂĚũƵƐƚŵĞŶƚƐƵŶĚĞƌƚŚĞƐĞƉƌŽŐƌĂŵƐ͘

ƐƐƵŵƉƚŝŽŶƐhƐĞĚƚŽĂůĐƵůĂƚĞWĞŶƐŝŽŶsĂůƵĞƐ

ĞĐĂƵƐĞƚŚĞƉĞŶƐŝŽŶĂŵŽƵŶƚƐƐŚŽǁŶŝŶƚŚĞ^ƵŵŵĂƌLJŽŵƉĞŶƐĂƚŝŽŶdĂďůĞĂŶĚƚŚĞWĞŶƐŝŽŶĞŶĞĨŝƚƐdĂďůĞ ĂƌĞ ƉƌŽũĞĐƚŝŽŶƐ ŽĨ ĨƵƚƵƌĞ ƌĞƚŝƌĞŵĞŶƚ ďĞŶĞĨŝƚƐ͕ ŶƵŵĞƌŽƵƐ ĂƐƐƵŵƉƚŝŽŶƐ ŚĂǀĞ ďĞĞŶ ĂƉƉůŝĞĚ͘ /Ŷ ŐĞŶĞƌĂů͕ ƚŚĞ ĂƐƐƵŵƉƚŝŽŶƐƐŚŽƵůĚďĞƚŚĞƐĂŵĞĂƐƚŚŽƐĞƵƐĞĚƚŽĐĂůĐƵůĂƚĞƚŚĞƉĞŶƐŝŽŶůŝĂďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ&ŝŶĂŶĐŝĂů ĐĐŽƵŶƚŝŶŐ ^ƚĂŶĚĂƌĚƐ ŽĂƌĚ ĐĐŽƵŶƚŝŶŐ ^ƚĂŶĚĂƌĚƐ ŽĚŝĨŝĐĂƚŝŽŶ dŽƉŝĐ ϳϭϱ͕ ͞ŽŵƉĞŶƐĂƚŝŽŶ ʹ ZĞƚŝƌĞŵĞŶƚ ĞŶĞĨŝƚƐ͕͟Žƌ&^^dŽƉŝĐϳϭϱ͕ŽŶƚŚĞŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞ͕ĂůƚŚŽƵŐŚ^ƌƵůĞƐƐƉĞĐŝĨLJĐĞƌƚĂŝŶĞdžĐĞƉƚŝŽŶƐ;ĂƐ ŶŽƚĞĚŝŶƚŚĞƚĂďůĞďĞůŽǁͿ͘

dŚĞĐŚĂŶŐĞƐŝŶƉĞŶƐŝŽŶǀĂůƵĞƐƐŚŽǁŶŝŶƚŚĞ^ƵŵŵĂƌLJŽŵƉĞŶƐĂƚŝŽŶdĂďůĞ ŝƐƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞ ŝŶĐƌĞĂƐĞŝŶƉĞŶƐŝŽŶďĞŶĞĨŝƚƐĚƵƌŝŶŐƚŚĞĨŝƐĐĂůLJĞĂƌĂŶĚƚŚĞŝŵƉĂĐƚŽĨĐŚĂŶŐŝŶŐĚŝƐĐŽƵŶƚƐĂŶĚŵŽƌƚĂůŝƚLJƚĂďůĞƐ ƵƐĞĚƚŽĐĂůĐƵůĂƚĞƚŚĞƐĞǀĂůƵĞƐ͘dŚĞĂĐĐƵŵƵůĂƚĞĚƉĞŶƐŝŽŶǀĂůƵĞƐƐŚŽǁŶŝŶƚŚĞWĞŶƐŝŽŶĞŶĞĨŝƚƐdĂďůĞĂƌĞďĂƐĞĚ ŽŶƚŚĞĂƐƐƵŵƉƚŝŽŶƐĂƉƉůŝĞĚĂƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϵ͘

dŚĞĨŽůůŽǁŝŶŐŬĞLJĂƐƐƵŵƉƚŝŽŶƐĂƌĞƵƐĞĚƚŽĚĞƚĞƌŵŝŶĞƚŚĞƉĞŶƐŝŽŶǀĂůƵĞƐ͗

ƐƐƵŵƉƚŝŽŶ ĂƐŝƐĨŽƌƐƐƵŵƉƚŝŽŶ ĞĐĞŵďĞƌϯϭ͕ϮϬϭϵ ĞĐĞŵďĞƌϯϭ͕ϮϬϭϴ ŝƐĐŽƵŶƚƌĂƚĞ hŶĚĞƌ^ƌƵůĞƐ͕ĚŝƐĐŽƵŶƚƌĂƚĞƵƐĞĚƚŽŵĞĂƐƵƌĞ ϯ͘ϭϯϮйĨŽƌƚŚĞ ϰ͘ϯϯϭйĨŽƌƚŚĞ ƉĞŶƐŝŽŶůŝĂďŝůŝƚŝĞƐƵŶĚĞƌ&^^dŽƉŝĐϳϭϱ͘ ZĞƚŝƌĞŵĞŶƚWůĂŶ͖ϯ͘ϭϳϵй ZĞƚŝƌĞŵĞŶƚWůĂŶ͖ϰ͘ϮϮϵй ĨŽƌƚŚĞZĞƐƚŽƌĂƚŝŽŶWůĂŶ͖ ĨŽƌƚŚĞZĞƐƚŽƌĂƚŝŽŶWůĂŶ͖ Ϯ͘ϳϳϯйĨŽƌƚŚĞ ϯ͘ϵϭϲйĨŽƌƚŚĞ ^ƵƉƉůĞŵĞŶƚĂůdžĞĐƵƚŝǀĞ ^ƵƉƉůĞŵĞŶƚĂůdžĞĐƵƚŝǀĞ ZĞƚŝƌĞŵĞŶƚWůĂŶ ZĞƚŝƌĞŵĞŶƚWůĂŶ ZĂƚĞŽĨĨƵƚƵƌĞƐĂůĂƌLJ hŶĚĞƌ^ƌƵůĞƐ͕ŶŽƐĂůĂƌLJƉƌŽũĞĐƚŝŽŶ͘ Ϭй Ϭй /ŶĐƌĞĂƐĞƐ

ĂƐŚĂůĂŶĐĞ/ŶƚĞƌĞƐƚ ƌĞĚŝƚŝŶŐZĂƚĞ ZĞƚŝƌĞŵĞŶƚWůĂŶ ϭ͘ϲϯϮй Ϯ͘ϴϯϭй ZĞƐƚŽƌĂƚŝŽŶWůĂŶ ϭ͘ϲϯϮй Ϯ͘ϴϯϭй EŽƌŵĂů&ŽƌŵŽĨ ZĞƚŝƌĞŵĞŶƚWůĂŶ;ϭͿ >ŝĨĞĂŶŶƵŝƚLJ >ŝĨĞĂŶŶƵŝƚLJ ƉĂLJŵĞŶƚ ZĞƐƚŽƌĂƚŝŽŶWůĂŶ;ϮͿ >ŝĨĞĂŶŶƵŝƚLJ >ŝĨĞĂŶŶƵŝƚLJ ^ƵƉƉůĞŵĞŶƚĂůdžĞĐƵƚŝǀĞZĞƚŝƌĞŵĞŶƚWůĂŶ dĞŶͲLJĞĂƌĐĞƌƚĂŝŶĂŶŶƵŝƚLJ dĞŶͲLJĞĂƌĐĞƌƚĂŝŶĂŶŶƵŝƚLJ ĂƚĞŽĨƌĞƚŝƌĞŵĞŶƚ &Žƌ^ƵŵŵĂƌLJŽŵƉĞŶƐĂƚŝŽŶdĂďůĞĂŶĚWĞŶƐŝŽŶ ŐĞϲϱ ŐĞϲϱ ĞŶĞĨŝƚƐdĂďůĞ͕ƵƐĞŶŽƌŵĂůƌĞƚŝƌĞŵĞŶƚĂŐĞƉƵƌƐƵĂŶƚƚŽ ^ƌƵůĞƐ͘ /ŵŵĞĚŝĂƚĞ;ϯͿ /ŵŵĞĚŝĂƚĞ;ϯͿ &ŽƌWŽƚĞŶƚŝĂůWĂLJŵĞŶƚƐhƉŽŶdĞƌŵŝŶĂƚŝŽŶŽƌŚĂŶŐĞͲ ŝŶͲŽŶƚƌŽůdĂďůĞƐ͕ƵƐĞƚŚĞĚĞƚĞƌŵŝŶĂƚŝŽŶĚĂƚĞ͘ >ƵŵƉƐƵŵŝŶƚĞƌĞƐƚƌĂƚĞ &Žƌ^ƵŵŵĂƌLJŽŵƉĞŶƐĂƚŝŽŶdĂďůĞĂŶĚWĞŶƐŝŽŶ ƐƐƵŵĞĚĞƋƵĂůƚŽƚŚĞ ƐƐƵŵĞĚĞƋƵĂůƚŽƚŚĞ ĞŶĞĨŝƚƐdĂďůĞ͕ƵƐĞƐĂŵĞĂƐƐƵŵƉƚŝŽŶƚŽŵĞĂƐƵƌĞ ĚŝƐĐŽƵŶƚƌĂƚĞƵƐĞĚĨŽƌ ĚŝƐĐŽƵŶƚƌĂƚĞƵƐĞĚĨŽƌƚŚĞ ƉĞŶƐŝŽŶůŝĂďŝůŝƚŝĞƐƵŶĚĞƌ&^^dŽƉŝĐϳϭϱ͘ ƚŚĞZĞƚŝƌĞŵĞŶƚWůĂŶ͘ ZĞƚŝƌĞŵĞŶƚWůĂŶ͘ ZĂƚĞƐĂƐƐƉĞĐŝĨŝĞĚĂƚƚŚĞ ZĂƚĞƐĂƐƐƉĞĐŝĨŝĞĚĂƚƚŚĞ &ŽƌWŽƚĞŶƚŝĂůWĂLJŵĞŶƚƐhƉŽŶdĞƌŵŝŶĂƚŝŽŶŽƌŚĂŶŐĞͲ ƚŝŵĞŽĨƉĂLJŵĞŶƚďLJƚŚĞ ƚŝŵĞŽĨƉĂLJŵĞŶƚďLJƚŚĞ ŝŶͲŽŶƚƌŽůdĂďůĞƐ͕ƵƐĞŝŶƚĞƌĞƐƚƌĂƚĞĚĞĨŝŶĞĚďLJƚŚĞƉůĂŶ dƌĞĂƐƵƌLJƵŶĚĞƌΑϰϭϳ;ĞͿ dƌĞĂƐƵƌLJƵŶĚĞƌΑϰϭϳ;ĞͿ ĨŽƌƚŚĞƵƉĐŽŵŝŶŐƉůĂŶLJĞĂƌƉƵƌƐƵĂŶƚƚŽΑϰϭϳ;ĞͿŽĨƚŚĞ ŽĨƚŚĞŽĚĞ͘ ŽĨƚŚĞŽĚĞ͘ ŽĚĞ͘

ϲϳ džĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶ

ƐƐƵŵƉƚŝŽŶ ĂƐŝƐĨŽƌƐƐƵŵƉƚŝŽŶ ĞĐĞŵďĞƌϯϭ͕ϮϬϭϵ ĞĐĞŵďĞƌϯϭ͕ϮϬϭϴ WŽƐƚͲƌĞƚŝƌĞŵĞŶƚ &Žƌ^ƵŵŵĂƌLJŽŵƉĞŶƐĂƚŝŽŶdĂďůĞĂŶĚWĞŶƐŝŽŶ WƌŝͲϮϬϭϮ,ĞĂůƚŚ ZWͲϮϬϭϰ,ĞĂůƚŚ ŵŽƌƚĂůŝƚLJ ĞŶĞĨŝƚƐdĂďůĞ͕ƵƐĞƐĂŵĞĂƐƐƵŵƉƚŝŽŶƚŽŵĞĂƐƵƌĞ ŶŶƵŝƚĂŶƚƐŵŽƌƚĂůŝƚLJ ŶŶƵŝƚĂŶƚƐŵŽƌƚĂůŝƚLJ ƉĞŶƐŝŽŶůŝĂďŝůŝƚŝĞƐƵŶĚĞƌ&^^dŽƉŝĐϳϭϱ͘ ƚĂďůĞƐĨŽƌŵĂůĞƐĂŶĚ ƚĂďůĞƐĨŽƌŵĂůĞƐĂŶĚ ĨĞŵĂůĞƐƉƌŽũĞĐƚĞĚ ĨĞŵĂůĞƐĂĚũƵƐƚĞĚ &ŽƌWŽƚĞŶƚŝĂůWĂLJŵĞŶƚƐhƉŽŶdĞƌŵŝŶĂƚŝŽŶŽƌŚĂŶŐĞͲ ŐĞŶĞƌĂƚŝŽŶĂůůLJƵƐŝŶŐ ďĂĐŬǁĂƌĚƚŽϮϬϬϲǁŝƚŚ ŝŶͲŽŶƚƌŽůdĂďůĞƐ͕ƵƐĞDŽƌƚĂůŝƚLJdĂďůĞƉƵƌƐƵĂŶƚƚŽ ^ĐĂůĞDWͲϮϬϭϵ ^ĐĂůĞDWͲϮϬϭϰĂŶĚ Αϰϭϳ;ĞͿŽĨƚŚĞŽĚĞ͘ ;ZĞƐƚŽƌĂƚŝŽŶWůĂŶĂĚĚƐ ƉƌŽũĞĐƚĞĚŐĞŶĞƌĂƚŝŽŶĂůůLJ ǁŚŝƚĞĐŽůůĂƌ ƵƐŝŶŐ^ĐĂůĞDWͲϮϬϭϴ ĂĚũƵƐƚŵĞŶƚƐͿ ;ZĞƐƚŽƌĂƚŝŽŶWůĂŶĂĚĚƐ ǁŚŝƚĞĐŽůůĂƌĂĚũƵƐƚŵĞŶƚƐͿ

;ϭͿ &ŽƌƚŚĞZĞƚŝƌĞŵĞŶƚWůĂŶ͕ŝŶĨŽƌŵĂƚŝŽŶŝŶƚŚĞ^ƵŵŵĂƌLJŽŵƉĞŶƐĂƚŝŽŶdĂďůĞĂŶĚƚŚĞWĞŶƐŝŽŶĞŶĞĨŝƚƐdĂďůĞĂƐƐƵŵĞƐƚŚĞŶŽƌŵĂůĨŽƌŵŽĨƉĂLJŵĞŶƚŝƐ ĂůŝĨĞĂŶŶƵŝƚLJ͘&ŽƌƚŚĞƐĞƚĂďůĞƐ͕ŝƚŝƐĂƐƐƵŵĞĚƚŚĂƚϱйŽĨƉĂƌƚŝĐŝƉĂŶƚƐĞůĞĐƚƚŚĞŶŽƌŵĂůĨŽƌŵĂŶĚϵϱйĞůĞĐƚĂůƵŵƉƐƵŵƉĂLJŵĞŶƚ͘ZĞƐƵůƚƐŝŶƚŚĞ WŽƚĞŶƚŝĂůWĂLJŵĞŶƚƐhƉŽŶdĞƌŵŝŶĂƚŝŽŶŽƌŚĂŶŐĞͲŝŶͲŽŶƚƌŽůdĂďůĞƐƐŚŽǁƚŚĞůƵŵƉƐƵŵǀĂůƵĞŽĨƚŚĞƉĂƌƚŝĐŝƉĂŶƚ͛ƐĂĐĐƌƵĞĚďĞŶĞĨŝƚĂƐŽĨĞĐĞŵďĞƌ ϯϭ͕ϮϬϭϵ͘ ;ϮͿ &ŽƌƚŚĞZĞƐƚŽƌĂƚŝŽŶWůĂŶ͕ĐĞƌƚĂŝŶƉĂƌƚŝĐŝƉĂŶƚƐǁĞƌĞĂůůŽǁĞĚƚŽŵĂŬĞĂŶĞůĞĐƚŝŽŶĂƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϬϴƚŽƌĞĐĞŝǀĞƚŚĞďĞŶĞĨŝƚƐĂĐĐƌƵĞĚƉƌŝŽƌƚŽ :ĂŶƵĂƌLJϭ͕ϮϬϬϰĂƐĂůƵŵƉƐƵŵƉĂLJŵĞŶƚŽƌĂƐĂůŝĨĞĂŶŶƵŝƚLJ͘&ŽƌďĞŶĞĨŝƚƐĂĐĐƌƵĞĚĂĨƚĞƌĞĐĞŵďĞƌϯϭ͕ϮϬϬϯ͕ŝƚŝƐĂƐƐƵŵĞĚƚŚĂƚƉĂƌƚŝĐŝƉĂŶƚƐĞůĞĐƚƚŚĞ ŶŽƌŵĂůĨŽƌŵĨŽƌďĞŶĞĨŝƚƐ͘/ŶƚŚĞĞǀĞŶƚƚŚĂƚĂůƵŵƉƐƵŵƉĂLJŵĞŶƚǁĂƐĞůĞĐƚĞĚ͕ƌĞƐƵůƚƐŝŶƚŚĞWŽƚĞŶƚŝĂůWĂLJŵĞŶƚƐhƉŽŶdĞƌŵŝŶĂƚŝŽŶŽƌŚĂŶŐĞͲŝŶͲ ŽŶƚƌŽůdĂďůĞƐƐŚŽǁƚŚĞůƵŵƉƐƵŵǀĂůƵĞŽĨƚŚĞƉĂƌƚŝĐŝƉĂŶƚ͛ƐĂĐĐƌƵĞĚďĞŶĞĨŝƚĂƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϬϯƉůƵƐĂŶĂĚĚŝƚŝŽŶĂůůŝĨĞĂŶŶƵŝƚLJ͘ ;ϯͿ &ŽƌƚŚĞZĞƚŝƌĞŵĞŶƚWůĂŶĂŶĚƚŚĞZĞƐƚŽƌĂƚŝŽŶWůĂŶ͕ƉĂƌƚŝĐŝƉĂŶƚƐŵĂLJƌĞƚŝƌĞŝŵŵĞĚŝĂƚĞůLJƵŶĚĞƌƚŚĞĞĂƌůLJƌĞƚŝƌĞŵĞŶƚƉƌŽǀŝƐŝŽŶƐŽĨĞĂĐŚƉůĂŶŝĨƚŚĞLJ ŚĂǀĞƌĞĂĐŚĞĚĂŐĞϱϱĂŶĚĞĂƌŶĞĚĂƚůĞĂƐƚƚĞŶLJĞĂƌƐŽĨǀĞƐƚŝŶŐƐĞƌǀŝĐĞ͘WĂƌƚŝĐŝƉĂŶƚƐǁŚŽƌĞƚŝƌĞƉƌŝŽƌƚŽĂŐĞϲϱĂŶĚĚŽŶŽƚŵĞĞƚĞĂƌůLJƌĞƚŝƌĞŵĞŶƚ ĞůŝŐŝďŝůŝƚLJƌĞƋƵŝƌĞŵĞŶƚƐŵĂLJĞůĞĐƚĂŶŝŵŵĞĚŝĂƚĞĂŶŶƵŝƚLJƚŚĂƚŝƐĂĐƚƵĂƌŝĂůůLJĞƋƵŝǀĂůĞŶƚƚŽƚŚĞŝƌĂĐĐƌƵĞĚďĞŶĞĨŝƚ͘ĂƐŚďĂůĂŶĐĞĨŽƌŵƵůĂďĞŶĞĨŝƚƐĂƌĞ ƉĂLJĂďůĞĂƐĂůƵŵƉƐƵŵĂƚĂŶLJƚŝŵĞĂĨƚĞƌƚĞƌŵŝŶĂƚŝŽŶ͕ǁŝƚŚƚŚĞŽƉƚŝŽŶƚŽĞůĞĐƚĂŶĂĐƚƵĂƌŝĂůůLJĞƋƵŝǀĂůĞŶƚĂŶŶƵŝƚLJ͘&ŽƌƚŚĞ^ƵƉƉůĞŵĞŶƚĂůdžĞĐƵƚŝǀĞ ZĞƚŝƌĞŵĞŶƚWůĂŶ͕ƉĂƌƚŝĐŝƉĂŶƚƐŵĂLJƌĞƚŝƌĞŝŵŵĞĚŝĂƚĞůLJƵŶĚĞƌƚŚĞĞĂƌůLJƌĞƚŝƌĞŵĞŶƚƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƉůĂŶŝĨƚŚĞLJŚĂǀĞƌĞĂĐŚĞĚĂŐĞϱϱ͘WĂƌƚŝĐŝƉĂŶƚƐǁŚŽ ƚĞƌŵŝŶĂƚĞĞŵƉůŽLJŵĞŶƚƉƌŝŽƌƚŽƌĞƚŝƌĞŵĞŶƚĞůŝŐŝďŝůŝƚLJǁŝůůŶŽƚďĞĞůŝŐŝďůĞĨŽƌĂďĞŶĞĨŝƚƵŶĚĞƌƚŚĞ^ƵƉƉůĞŵĞŶƚĂůdžĞĐƵƚŝǀĞZĞƚŝƌĞŵĞŶƚWůĂŶ͘

EŽŶƋƵĂůŝĨŝĞĚĞĨĞƌƌĞĚŽŵƉĞŶƐĂƚŝŽŶ

tĞŵĂŝŶƚĂŝŶƚŚĞĞĨĞƌƌĞĚŽŵƉĞŶƐĂƚŝŽŶWůĂŶĂƐĂŶŽŶƋƵĂůŝĨŝĞĚĐŽŶƚƌŝďƵƚŝŽŶďĞŶĞĨŝƚĂƌƌĂŶŐĞŵĞŶƚĨŽƌŽƵƌ ĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐ͘dŚŝƐƉůĂŶƉĞƌŵŝƚƐĞůŝŐŝďůĞĞŵƉůŽLJĞĞƐƚŽĞůĞĐƚƚŽĚĞĨĞƌĂƉŽƌƚŝŽŶŽĨƚŚĞŝƌĐŽŵƉĞŶƐĂƚŝŽŶ͘tĞ ĚŽŶŽƚŵĂŬĞĂŵĂƚĐŚŝŶŐŽƌŽƚŚĞƌĐŽŶƚƌŝďƵƚŝŽŶƵŶĚĞƌƚŚŝƐƉůĂŶ͘ĂĐŚƉĂƌƚŝĐŝƉĂŶƚ͛ƐĂĐĐŽƵŶƚŝƐĐƌĞĚŝƚĞĚǁŝƚŚ ŝŶƚĞƌĞƐƚĞĨĨĞĐƚŝǀĞ:ƵŶĞϯϬĂŶĚĞĐĞŵďĞƌϯϭŽĨĞĂĐŚĐĂůĞŶĚĂƌLJĞĂƌ͘/ŶƚĞƌĞƐƚŝƐĐƌĞĚŝƚĞĚĂƚƚŚĞƌĂƚĞĞƋƵĂůƚŽƚŚĞ LJŝĞůĚŽŶƚŚĞŵŽƐƚƌĞĐĞŶƚůLJͲŝƐƐƵĞĚh͘^͘dƌĞĂƐƵƌLJŶŽƚĞǁŝƚŚĂŶŽƌŝŐŝŶĂůŵĂƚƵƌŝƚLJŽĨƚĞŶLJĞĂƌƐŽƌƚŚĞŵŽƐƚƌĞĐĞŶƚůLJͲ ŝƐƐƵĞĚh͘^͘dƌĞĂƐƵƌLJŶŽƚĞǁŝƚŚĂŶŽƌŝŐŝŶĂůŵĂƚƵƌŝƚLJŽĨŽŶĞLJĞĂƌ͕ǁŚŝĐŚĞǀĞƌŝƐŐƌĞĂƚĞƌ͕ĂƐƋƵŽƚĞĚŝŶdŚĞtĂůů ^ƚƌĞĞƚ:ŽƵƌŶĂůĨŽƌƚŚĞůĂƐƚďƵƐŝŶĞƐƐĚĂLJŽĨƚŚĞĐĂůĞŶĚĂƌLJĞĂƌ͘WĂƌƚŝĐŝƉĂŶƚĂĐĐŽƵŶƚƐĂƌĞĚŝƐƚƌŝďƵƚĞĚĨŽůůŽǁŝŶŐ ƌĞƚŝƌĞŵĞŶƚŽƌƐĞƉĂƌĂƚŝŽŶĨƌŽŵƐĞƌǀŝĐĞŝŶŝŶƐƚĂůůŵĞŶƚƉĂLJŵĞŶƚƐŽǀĞƌƚĞŶLJĞĂƌƐ͕ƵŶůĞƐƐƚŚĞƉĂƌƚŝĐŝƉĂŶƚƚŝŵĞůLJ ĞůĞĐƚƐ Ă ĚŝĨĨĞƌĞŶƚ ĨŽƌŵ ŽĨ ƉĂLJŵĞŶƚ͘ 'ĞŶĞƌĂůůLJ͕ ƉĂLJŵĞŶƚƐ ĐĂŶŶŽƚ ĐŽŵŵĞŶĐĞ ƵŶƚŝů Ɛŝdž ŵŽŶƚŚƐ ĨŽůůŽǁŝŶŐ ƐĞƉĂƌĂƚŝŽŶ ĨƌŽŵ ƐĞƌǀŝĐĞ͘ ƵƌŝŶŐ ϮϬϭϵ͕ ŶŽŶĞ ŽĨ ƚŚĞ EĂŵĞĚ džĞĐƵƚŝǀĞ KĨĨŝĐĞƌƐ ŵĂĚĞ Ă ĐŽŶƚƌŝďƵƚŝŽŶ ƚŽ ƚŚĞ ĞĨĞƌƌĞĚŽŵƉĞŶƐĂƚŝŽŶWůĂŶĂŶĚŶŽŶĞŚĂĚĂďĂůĂŶĐĞŝŶƚŚĞƉůĂŶ͘

dŚĞƐĞƉƌŽŐƌĂŵƐƐƵƉƉůĞŵĞŶƚŽƵƌƚĂdžͲƋƵĂůŝĨŝĞĚϰϬϭ;ŬͿWƌŽĨŝƚͲ^ŚĂƌŝŶŐWůĂŶ͕ĂƐƚŚĞŽĚĞůŝŵŝƚƐƚŚĞĂŵŽƵŶƚƐ ƚŚĂƚĐĂŶďĞĂĐĐƌƵĞĚŝŶĂƋƵĂůŝĨŝĞĚƉůĂŶĨŽƌŚŝŐŚůLJƉĂŝĚĞdžĞĐƵƚŝǀĞƐ͘ŽƚŚƉƌŽŐƌĂŵƐĂƌĞƐƵďũĞĐƚƚŽƚŚĞƌƵůĞƐƵŶĚĞƌ ^ĞĐƚŝŽŶϰϬϵŽĨƚŚĞŽĚĞ͘

WŽƚĞŶƚŝĂůWĂLJŵĞŶƚƐhƉŽŶdĞƌŵŝŶĂƚŝŽŶŽƌŚĂŶŐĞͲŝŶͲŽŶƚƌŽů

dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐƐŚŽǁƚŚĞĂŵŽƵŶƚƐƚŚĂƚĞĂĐŚEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌǁŽƵůĚŚĂǀĞƌĞĐĞŝǀĞĚĂƐƐƵŵŝŶŐ ƚŚĞEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƌĞƐŝŐŶĞĚŽƌƌĞƚŝƌĞĚ͕ŚŝƐĞŵƉůŽLJŵĞŶƚǁĂƐƚĞƌŵŝŶĂƚĞĚ͕ĂĐŚĂŶŐĞŝŶĐŽŶƚƌŽůŽĐĐƵƌƌĞĚ͕ ŚĞ ĚŝĞĚ Žƌ ďĞĐĂŵĞ ĚŝƐĂďůĞĚ ĞĨĨĞĐƚŝǀĞ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϵ͘ ĚĚŝƚŝŽŶĂů ŝŶĨŽƌŵĂƚŝŽŶ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ƉĂLJŵĞŶƚƐ ĚĞƐĐƌŝďĞĚ ďĞůŽǁ ŝƐ ƐƵŵŵĂƌŝnjĞĚ ĂďŽǀĞ ƵŶĚĞƌ ͞KDWE^d/KE /^h^^/KE E E>z^/^ Ͳ ŵƉůŽLJŵĞŶƚ ŐƌĞĞŵĞŶƚƐĂŶĚŚĂŶŐĞŝŶŽŶƚƌŽůŐƌĞĞŵĞŶƚƐ͟ĂŶĚƵŶĚĞƌ͞ʹWĞŶƐŝŽŶĞŶĞĨŝƚƐ͘͟

ϲϴ Executive Compensation

Mr. Rollins Involuntary Termination Termination Related to Change Death or Executive Benefits and Payments upon Termination Retirement without Cause in Control Disability Base Salary $ 0 $0 $2,820,000 (1) $0 Non-Equity Incentive Plan Compensation 0 0 5,640,000 (1) 1,391,320 (1) Restricted Stock (unvested) 0 0 5,718,159 (2) 5,718,159 (2) Performance Shares (unvested) 0 0 1,616,704 (3) 1,309,734 (3) Insurance Benefits 0 0 61,580 (4) 2,500,000 (5) Restoration Plan (6) 234,921 234,921 234,921 234,921 Supplemental Executive Retirement Plan (6) 204,074 204,074 255,093 204,074 Accrued Vacation 72,308 72,308 72,308 72,308 Perquisites 0 0 60,273 (7) 0

(1) The amounts shown reflect the product of 300% of Mr. Rollins’ base salary and maximum cash incentive under our Amended and Restated Executive Performance Incentive Plan pursuant to the terms of his Change in Control Agreement. The amount shown for retirement, death or disability reflects the terms of our Amended and Restated Executive Performance Incentive Plan. (2) The amount shown reflects the market value of 182,049 shares of restricted stock that would have vested pursuant to the terms of Mr. Rollins’ restricted stock award agreements. (3) The amount shown reflects the market value of 41,698 shares that would have been earned and vested under Mr. Rollins’ performance share award agreement, except that 51,471 shares would have become vested on a change in control. (4) The amount shown reflects the value for participation in our health and welfare benefit plans for a 36-month period following a change in control in accordance with the terms of Mr. Rollins’ Change in Control Agreement. (5) The amount shown reflects the proceeds due under our split dollar life insurance program. There is no disability benefit under this program. (6) The amounts shown reflect the present value of benefits accrued that would be payable. (7) The amount shown is equal to 300% of the value of perquisites provided to Mr. Rollins under his Change in Control Agreement.

Mr. Bagley Involuntary Termination Termination Related to Change Death or Executive Benefits and Payments upon Termination Retirement without Cause in Control Disability Base Salary $0 $0 $1,375,000 (1) $0 Non-Equity Incentive Plan Compensation 0 0 2,062,500 (1) 610,552 (1) Restricted Stock (unvested) 0 0 2,313,252 (2) 2,313,252 (2) (3) Performance Shares (unvested) 0 0 717,656 (3) 590,885 (5) Insurance Benefits 0 0 58,728 (4) 2,500,000 Restoration Plan (6) 78,363 78,363 78,363 78,363 Supplemental Executive Retirement Plan (6) 92,876 92,876 132,679 92,876 Accrued Vacation 42,308 42,308 42,308 42,308 Perquisites 0 0 52,452 (7) 0

(1) The amounts shown reflect the product of 250% of Mr. Bagley’s base salary and maximum cash incentive under our Amended and Re stated Executive Performance Incentive Plan pursuant to the terms of his Change in Control Agreement. The amount shown for retirement, death or disability reflects the terms of our Amended and Restated Executive Performance Incentive Plan. (2) The amounts shown reflect the market value of 73,647 shares of restricted stock that would have vested pursuant to the terms of Mr. Bagley’s restricted stock award agreement. (3) The amount shown reflects the market value of 18,812 shares that would have been earned and vested under Mr. Bagley’s performance share awards that would have vested pursuant to the terms of his performance award agreement, except that 22,848 shares would have become vested on a change in control. (4) The amount shown reflects the value for participation in our health and welfare benefit plans for a 36-month period in accordance with the terms of Mr. Bagley’s Change in Control Agreement. (5) The amount shown reflects the proceeds due under our split dollar life insurance program. There is no disability benefit under this program. (6) The amounts shown reflect the present value of benefits accrued that would be payable. (7) The amount shown is equal to 300% of the value of perquisites provided to Mr. Bagley under his Change in Control Agreement.

69 Executive Compensation

Mr. Copeland Involuntary Termination Termination Related to Change Death or Executive Benefits and Payments upon Termination Retirement without Cause in Control Disability Base Salary $0 $0 $830,000 (1) $0 Non-Equity Incentive Plan Compensation 0 0 1,245,000 (1) 460,690 Restricted Stock (unvested) 0 0 880,422 (2) 880,422 (2) Performance Shares (unvested)(3) 0 0 271,665 203,914 Insurance Benefits 0 0 50,568 (4) 600,000 (5) Restoration Plan(6) 13,882 13,882 13,882 13,882 Supplemental Executive Retirement Plan(7) 0 0 0 0 Accrued Vacation 18,356 18,356 18,356 18,356 Perquisites 0 0 43,816 (8) 0

(1) The amounts shown reflect the product of 200% of Mr. Copeland’s base salary and maximum cash incentive under our Amended and Restated Executive Performance Incentive Plan pursuant to the terms of his Change in Control Agreement. The amount shown for retirement, death or disability reflects the terms of our Amended and Restated Executive Performance Incentive Plan.

(2) The amounts shown reflect the market value of 28,030 shares of restricted stock that would have vested pursuant to the terms of Mr. Copeland’s restricted stock award agreement.

(3) The amount shown reflects the market value of 6,492 shares that would have been earned and vested under Mr. Copeland’s performance share awards that would have vested pursuant to the terms of his performance award agreement, except that 8,649 shares would have become vested on a change in control.

(4) The amount shown reflects the value for participation in our health and welfare benefit plans for a 24-month period in accordance with the terms of Mr. Copeland’s Change in Control Agreement.

(5) The amount shown reflects the proceeds due under our group term life insurance program. There is no disability benefit under this program.

(6) The amounts shown reflect the present value of benefits accrued that would be payable.

(7) Mr. Copeland was not eligible for the Supplemental Executive Retirement Plan on December 31, 2019.

(8) The amount shown is equal to 200% of the value of perquisites provided to Mr. Copeland under his Change in Control Agreement. Mr. Pignuolo Involuntary Termination Termination Related to Change Death or Executive Benefits and Payments upon Termination Retirement without Cause in Control Disability Base Salary $0 $0 $830,000 (1) $0 Non-Equity Incentive Plan Compensation 0 0 830,000 (1) 307,126 (1) Restricted Stock (unvested) 0 0 964,036 (2) 964,036 (2) Performance Shares (unvested) 0 0 268,932 (3) 221,095 (3) Insurance Benefits 0 0 67,702 (4) 2,500,000 (5) Restoration Plan(6) 40,625 40,625 40,625 40,625 Supplemental Executive Retirement Plan(6) 83,048 83,048 87,419 83,048 Accrued Vacation 12,769 12,769 12,769 12,769 Perquisites 0 0 36,381 (7) 0

(1) The amounts shown reflect the product of 200% of Mr. Pignuolo’s base salary and maximum cash incentive under our Amended and Restated Executive Performance Incentive Plan, and as adjusted, pursuant to the terms of his Change in Control Agreement. The amount shown for retirement, death or disability reflects the terms of our Amended and Restated Executive Performance Incentive Plan.

(2) The amounts shown reflect the market value of 30,692 shares of restricted stock that would have vested pursuant to the terms of Mr. Pignuolo’s restricted stock award agreement.

(3) The amount shown reflects the market value of 7,039 shares that would have been earned and vested under Mr. Pignuolo’s performance share awards that would have vested pursuant to the terms of his performance award agreement, except that 8,562 shares would have become vested on a change in control.

(4) The amount shown reflects the value for participation in our health and welfare benefit plans for a 36-month period in accordance with the terms of Mr. Pignuolo’s Change in Control Agreement.

(5) The amount shown reflects the proceeds due under our split dollar life insurance program. There is no disability benefit under this program.

(6) The amounts shown reflect the present value of benefits accrued that would be payable.

(7) The amount shown is equal to 300% of the value of perquisites provided to Mr. Pignuolo under his Change in Control Agreement.

70 Executive Compensation

Mr. Jaggers Involuntary Termination Termination Related to Change Death or Executive Benefits and Payments upon Termination Retirement without Cause in Control Disability

Base Salary $0 $0 $750,000 (1) $0 Non-Equity Incentive Plan Compensation 0 0 750,000 (1) 277,524 Restricted Stock (unvested) 0 0 1,334,705 (2) 1,334,705 Performance Shares (unvested) 0 0 217,420 (3) 170,588 Insurance Benefits 0 0 36,312 (4) 2,500,000 Restoration Plan(6) 21,265 21,265 21,265 21,265 Supplemental Executive Retirement Plan(6) 39,487 39,487 65,812 39,487 Accrued Vacation 28,846 28,846 28,846 28,846 Perquisites 0 0 27,256 (7) 0

(1) The amounts shown reflect the product of 200% of Mr. Jaggers’ base salary and maximum cash incentive under our Amended and Restated Executive Performance Incentive Plan, as adjusted, pursuant to the terms of his Change in Control Agreement. The amount shown for retirement, death or disability reflects the terms of our Amended and Restated Executive Performance Incentive Plan.

(2) The amounts shown reflect the market value of 42,493 shares of restricted stock that would have vested pursuant to the terms of Mr. Jaggers’ restricted stock award agreement.

(3) The amount shown reflects the market value of 5,431 shares that would have been earned and vested under Mr. Jaggers’ performance share awards that would have vested pursuant to the terms of his performance award agreement, except that 6,922 shares would have become vested on a change in control.

(4) The amount shown reflects the value for participation in our health and welfare benefit plans for a 24-month period in accordance with the terms of Mr. Jaggers’ Change in Control Agreement.

(5) The amount shown reflects the proceeds due under our split dollar life insurance program. There is no disability benefit under this program.

(6) The amounts shown reflect the present value of benefits accrued that would be payable. Payment under the Restoration Plan on death would be $18,050.

(7) The amount shown is equal to 200% of the value of perquisites provided to Mr. Jaggers under his Change in Control Agreement.

CEO Pay Ratio

For 2019, the ratio of the annual total compensation of our CEO to the median of the annual total compensation of all employees is estimated to be 81 to 1.

To identify the “median employee”, we analyzed multiple pay elements from our payroll records as of December 20, 2019 (the last day of our payroll year) for all individuals, excluding our CEO, who were employed by the Company on that date. For this calculation, we used the information derived from our payroll records as of December 20, 2019 (the last day of our payroll year) and consistently applied the same measure of pay elements for all individuals, excluding our CEO, who were employed by the Company on that date. Our employee population consisted of approximately 4,736 individuals. Of these employees, approximately 4,603 are full-time (or full-time equivalent) employees, with the remainder employed on a part-time (less than 30 hours per week) basis. Wages and salaries were annualized for those part-time and full-time employees who were not employed for the full year in 2019. All of our employees are located in the United States.

We analyzed multiple pay elements within our payroll records to determine annual total compensation of all employees, including, without limitation, salary received in 2019, overtime pay received in 2019, annual incentive payments received in 2019, bonuses received, vacation pay, sick pay, commissions, restricted stock dividends, and vested fair value of any equity-based awards received in 2019, as of the determination date. Once we determined the median of the annual total compensation of all employees of the Company (other

71 džĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶ

ƚŚĂŶŽƵƌKͿ͕ǁĞǁĞƌĞƚŚĞŶĂďůĞƚŽĚĞƚĞƌŵŝŶĞƚŚĞ͞ŵĞĚŝĂŶĞŵƉůŽLJĞĞ͟ĨŽƌƉƵƌƉŽƐĞƐŽĨĞǀĂůƵĂƚŝŶŐƚŚĞK ƉĂLJƌĂƚŝŽ͘

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ϳϮ

Director Compensation

The following table provides information with respect to non-employee director compensation for the fiscal year ended December 31, 2019: Fees Earned or Restricted Paid in Stock Unit Name Cash Awards (1) Total Gus J. Blass III* $99,000 $50,618 $149,618 Shannon A. Brown $86,004 $50,618 $136,622 James E. Campbell III* $93,504 $50,618 $144,122 Deborah M. Cannon* $99,000 $50,618 $149,618 Donald R. Grobowsky — — — William G. Holliman (2) — — — Warren A. Hood, Jr. $79,500 $50,618 $130,118 Keith J. Jackson $86,004 $50,618 $136,622 Larry G. Kirk* $92,004 $50,618 $142,622 Guy W. Mitchell III* $106,500 $50,618 $157,118 Alan W. Perry* $84,000 $50,618 $134,618 James D. Rollins, III (3) — — — Thomas R. Stanton $74,004 $50,618 $124,622

* Serves as Chair of a committee of the Board of Directors of BancorpSouth. (1) Reflects the aggregate grant date fair value of restricted stock units awarded on May 1, 2019 pursuant to the terms of our BancorpSouth Equity Incentive Plan for Non-Employee Directors, (formerly 1995 Non-Qualified Stock Option Plan for Non-Employee Directors). The shares of our common stock underlying these awards will vest on the date of the Annual Meeting.

(2) Mr. Holliman was added to the Board on January 22, 2020 to fill a vacancy on the Board. (3) Mr. Rollins, who was employed by us in 2019, did not receive compensation for serving as a member of the Board of Directors.

Our directors receive the following compensation for their service: Annual Board Retainer $50,000 Additional Annual Retainer for the Independent Lead Director $25,000 Annual Audit Committee Retainer $17,500 Additional Annual Retainer for Audit Committee Chair $12,500 Annual Committee Retainer for all other Standing Committees $12,000 Annual Retainer for Chairmen of Standing or Special Committees of the Board $7,500 of Directors, other than the Audit Committee and Risk Management Annual Retainer for the Chair of the Risk Management Committee $10,000

Directors are also reimbursed for necessary travel expenses.

Each of our non-employee directors is eligible to participate in our BancorpSouth Equity Incentive Plan for Non-Employee Directors (formerly the 1995 Non-Qualified Stock Option Plan) (the “Equity Incentive Plan for Non-Employee Directors”). The Equity Incentive Plan for Non-Employee Directors is administered by the

73 ŝƌĞĐƚŽƌŽŵƉĞŶƐĂƚŝŽŶ

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ĨƚĞƌĂƐƐĞƐƐŝŶŐƚŚĞŽŵƉĂŶLJ͛ƐĨŝŶĂŶĐŝĂůĂŶĚƐƚƌĂƚĞŐŝĐƉĞƌĨŽƌŵĂŶĐĞĨŽƌϮϬϭϵ͕ĂŶĚĂĨƚĞƌĨƵƌƚŚĞƌĞǀĂůƵĂƚŝŶŐ ƚŚĞŝŶĚŝǀŝĚƵĂůƉĞƌĨŽƌŵĂŶĐĞŽĨŽƵƌĐƵƌƌĞŶƚEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐ͕ƚŚĞdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ /ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞĞdžĞƌĐŝƐĞƐŝƚƐĚŝƐĐƌĞƚŝŽŶƚŽĂǁĂƌĚƚŽƚĂůĂŶŶƵĂůĚŝƌĞĐƚĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌϮϬϭϵƚŽŽƵƌEĂŵĞĚ džĞĐƵƚŝǀĞ KĨĨŝĐĞƌƐ ĂƐ ƐĞƚ ĨŽƌƚŚ ŝŶ ƚŚĞ ĨŽůůŽǁŝŶŐ ƚĂďůĞ͘ &Žƌ ƚŚĞ ƉƵƌƉŽƐĞƐ ŽĨ ƚŚĞ ƚĂďůĞ͕ ͞ƚŽƚĂů ĂŶŶƵĂů ĚŝƌĞĐƚ ĐŽŵƉĞŶƐĂƚŝŽŶ͟ ŵĞĂŶƐ ƚŚĞ ƐƵŵ ŽĨ ;ŝͿ ƐĂůĂƌLJ ĨŽƌ ϮϬϭϵ͕ ;ŝŝͿ ƚŚĞ ĂŶŶƵĂů ďŽŶƵƐ͕ ;ŝŝŝͿ EŽŶͲƋƵŝƚLJ /ŶĐĞŶƚŝǀĞ WůĂŶ ŽŵƉĞŶƐĂƚŝŽŶ͕ ;ŝǀͿ ƐƚŽĐŬ ĂǁĂƌĚƐ͕ ;ǀͿ ĐŚĂŶŐĞ ŝŶ ƉĞŶƐŝŽŶ ǀĂůƵĞ ĂŶĚ ŶŽŶƋƵĂůŝĨŝĞĚ ĚĞĨĞƌƌĞĚ ĐŽŵƉĞŶƐĂƚŝŽŶ ĞĂƌŶŝŶŐƐ͕ĂŶĚ;ǀŝͿĂůůŽƚŚĞƌĐŽŵƉĞŶƐĂƚŝŽŶ͕ĂƐĚŝƐĐƵƐƐĞĚŝŶƚŚĞƐĞĐƚŝŽŶĞŶƚŝƚůĞĚ͞KDWE^d/KE/^h^^/KE EE>z^/^͘͟

EĂŵĞĂŶĚWƌŝŶĐŝƉĂůWŽƐŝƚŝŽŶ dŽƚĂůŽŵƉĞŶƐĂƚŝŽŶĨŽƌϮϬϭϵ :ĂŵĞƐ͘ZŽůůŝŶƐ///͕ŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌ Ψϰ͕ϱϴϳ͕ϴϱϱ ŚƌŝƐ͘ĂŐůĞLJ͕WƌĞƐŝĚĞŶƚĂŶĚŚŝĞĨKƉĞƌĂƚŝŶŐKĨĨŝĐĞƌ Ϯ͕ϭϱϮ͕ϰϲϱ :ŽŚŶ'͘ŽƉĞůĂŶĚ͕^ĞŶŝŽƌdžĞĐƵƚŝǀĞsŝĐĞWƌĞƐŝĚĞŶƚĂŶĚŚŝĞĨ&ŝŶĂŶĐŝĂůKĨĨŝĐĞƌ ϭ͕ϯϮϯ͕Ϯϲϭ ŚĂƌůĞƐ:͘WŝŐŶƵŽůŽ͕^ĞŶŝŽƌdžĞĐƵƚŝǀĞsŝĐĞWƌĞƐŝĚĞŶƚĂŶĚ'ĞŶĞƌĂůŽƵŶƐĞů ϭ͕ϭϯϯ͕ϴϵϭ :ĞĨĨƌĞLJt͘:ĂŐŐĞƌƐ͕^ĞŶŝŽƌdžĞĐƵƚŝǀĞsŝĐĞWƌĞƐŝĚĞŶƚĂŶĚŚŝĞĨ/ŶĨŽƌŵĂƚŝŽŶKĨĨŝĐĞƌ ϭ͕ϯϭϯ͕ϱϬϲ

ZĞƋƵŝƌĞĚsŽƚĞ

/ĨĂƋƵŽƌƵŵŝƐƉƌĞƐĞŶƚ͕ƚŚĞƌĞƐŽůƵƚŝŽŶƚŽĂƉƉƌŽǀĞ͕ŽŶĂŶŽŶͲďŝŶĚŝŶŐ͕ĂĚǀŝƐŽƌLJďĂƐŝƐ͕ƚŚĞĐŽŵƉĞŶƐĂƚŝŽŶŽĨ ŽƵƌEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐǁŝůůďĞĂƉƉƌŽǀĞĚŝĨƚŚĞǀŽƚĞƐĐĂƐƚĨŽƌƚŚŝƐWƌŽƉŽƐĂůϮĞdžĐĞĞĚƚŚĞǀŽƚĞƐĐĂƐƚĂŐĂŝŶƐƚ ƚŚŝƐWƌŽƉŽƐĂůϮ͘ sŽƚĞŝƐEŽŶͲŝŶĚŝŶŐĂŶĚĚǀŝƐŽƌLJ

ĞĐĂƵƐĞ LJŽƵƌ ǀŽƚĞ ŝƐ ĂĚǀŝƐŽƌLJ͕ ŝƚ ǁŝůů ŶŽƚ ďĞ ďŝŶĚŝŶŐ ƵƉŽŶ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ Žƌ ƚŚĞ džĞĐƵƚŝǀĞ ŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞ͕ǁŝůůŶŽƚŽǀĞƌƌŝĚĞĂŶLJĚĞĐŝƐŝŽŶŵĂĚĞďLJƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ ŽƌƚŚĞdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞŽƌĐƌĞĂƚĞŽƌŝŵƉůLJĂŶLJĂĚĚŝƚŝŽŶĂůĨŝĚƵĐŝĂƌLJĚƵƚLJ ŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽƌƚŚĞdžĞĐƵƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶĂŶĚ^ƚŽĐŬ/ŶĐĞŶƚŝǀĞŽŵŵŝƚƚĞĞ͘,ŽǁĞǀĞƌ͕ƚŚĞŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ĂŶĚ ƚŚĞ džĞĐƵƚŝǀĞ ŽŵƉĞŶƐĂƚŝŽŶ ĂŶĚ ^ƚŽĐŬ /ŶĐĞŶƚŝǀĞ ŽŵŵŝƚƚĞĞ ǀĂůƵĞ ƚŚĞ ŽƉŝŶŝŽŶƐ ŽĨ ŽƵƌ ƐŚĂƌĞŚŽůĚĞƌƐ͘ĐĐŽƌĚŝŶŐůLJ͕ƚŽƚŚĞĞdžƚĞŶƚƚŚĞƌĞŝƐĂŶLJƐŝŐŶŝĨŝĐĂŶƚǀŽƚĞĂŐĂŝŶƐƚƚŚĞĐŽŵƉĞŶƐĂƚŝŽŶŽĨŽƵƌEĂŵĞĚ džĞĐƵƚŝǀĞKĨĨŝĐĞƌƐĂƐĚŝƐĐůŽƐĞĚŝŶƚŚŝƐWƌŽdžLJ^ƚĂƚĞŵĞŶƚ͕ǁĞǁŝůůĐĂƌĞĨƵůůLJĐŽŶƐŝĚĞƌŽƵƌƐŚĂƌĞŚŽůĚĞƌƐ͛ĐŽŶĐĞƌŶƐ͕ ĂŶĚ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ĂŶĚ ƚŚĞ džĞĐƵƚŝǀĞ ŽŵƉĞŶƐĂƚŝŽŶ ĂŶĚ ^ƚŽĐŬ /ŶĐĞŶƚŝǀĞ ŽŵŵŝƚƚĞĞ ǁŝůů ĞǀĂůƵĂƚĞ ǁŚĞƚŚĞƌĂŶLJĂĐƚŝŽŶƐĂƌĞŶĞĐĞƐƐĂƌLJƚŽĂĚĚƌĞƐƐƐƵĐŚĐŽŶĐĞƌŶƐ͘

sŽƚŝŶŐZĞĐŽŵŵĞŶĚĂƚŝŽŶ

dŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐƌĞĐŽŵŵĞŶĚƐƚŚĂƚ^ŚĂƌĞŚŽůĚĞƌƐǀŽƚĞ͞&KZ͟ ƚŚĞƌĞƐŽůƵƚŝŽŶƚŽĂƉƉƌŽǀĞ͕ŽŶĂŶŽŶͲďŝŶĚŝŶŐ͕ĂĚǀŝƐŽƌLJďĂƐŝƐ͕ ƚŚĞĐŽŵƉĞŶƐĂƚŝŽŶŽĨŽƵƌEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐ͘

ϳϲ WƌŽƉŽƐĂůϯ͗ZĂƚŝĨŝĐĂƚŝŽŶKĨƉƉŽŝŶƚŵĞŶƚKĨ/ŶĚĞƉĞŶĚĞŶƚZĞŐŝƐƚĞƌĞĚ WƵďůŝĐĐĐŽƵŶƚŝŶŐ&ŝƌŵ

dŚĞ ƵĚŝƚ ŽŵŵŝƚƚĞĞ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŚĂƐ ĂƉƉŽŝŶƚĞĚ <͕ >>W ;͞<͟Ϳ ĂƐ ŽƵƌ ŝŶĚĞƉĞŶĚĞŶƚ ƌĞŐŝƐƚĞƌĞĚ ƉƵďůŝĐ ĂĐĐŽƵŶƚŝŶŐ Ĩŝƌŵ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚŝŶŐ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϬ ĂŶĚ ƐĞĞŬƐ ƌĂƚŝĨŝĐĂƚŝŽŶ ŽĨ ƚŚĞ ĂƉƉŽŝŶƚŵĞŶƚďLJŽƵƌƐŚĂƌĞŚŽůĚĞƌƐ͘<ƌĞƉůĂĐĞĚ>W;͞

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/ŶĂĚĚŝƚŝŽŶƚŽƌĞŶĚĞƌŝŶŐĂƵĚŝƚƐĞƌǀŝĐĞƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϵ͕<ƉĞƌĨŽƌŵĞĚǀĂƌŝŽƵƐŽƚŚĞƌ ƐĞƌǀŝĐĞƐĨŽƌƵƐĂŶĚŽƵƌƐƵďƐŝĚŝĂƌŝĞƐ͘&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϴ͕

ϮϬϭϵ ϮϬϭϴ ƵĚŝƚ&ĞĞƐ;ϭͿ Ψϭ͕ϭϮϰ͕ϱϬϬ Ψϭ͕ϰϱϬ͕ϬϬϬ ƵĚŝƚͲZĞůĂƚĞĚ&ĞĞƐ;ϮͿ Ψϯϯ͕ϱϬϬ Ͷ dĂdž&ĞĞƐ Ͷ Ͷ ůůKƚŚĞƌ&ĞĞƐ;ϯͿ Ψϯϱ͕ϬϬϬ Ͷ dŽƚĂů Ψϭ͕ϭϵϯ͕ϬϬϬ Ψϭ͕ϰϱϬ͕ϬϬϬ

;ϭͿ ƵĚŝƚ&ĞĞƐĨŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϵĂŶĚϮϬϭϴƌĞƉƌĞƐĞŶƚƚŚĞĂŐŐƌĞŐĂƚĞĨĞĞƐďŝůůĞĚƚŽƵƐďLJŽƵƌŝŶĚĞƉĞŶĚĞŶƚ ƌĞŐŝƐƚĞƌĞĚƉƵďůŝĐĂĐĐŽƵŶƚŝŶŐĨŝƌŵĨŽƌƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞŶĚĞƌĞĚĨŽƌƚŚĞĂƵĚŝƚŽĨŽƵƌĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŝŶĐůƵĚŝŶŐ ƚŚĞĂƵĚŝƚŽĨŝŶƚĞƌŶĂůĐŽŶƚƌŽůŽǀĞƌĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐ͕ĂŶĚĨŽƌƐĞƌǀŝĐĞƐƚŚĂƚĂƌĞŶŽƌŵĂůůLJƉƌŽǀŝĚĞĚďLJŽƵƌŝŶĚĞƉĞŶĚĞŶƚ ƌĞŐŝƐƚĞƌĞĚƉƵďůŝĐĂĐĐŽƵŶƚŝŶŐĨŝƌŵŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƌĞŐƵůĂƚŽƌLJĨŝůŝŶŐƐŽƌĞŶŐĂŐĞŵĞŶƚƐ͘

;ϮͿ ƵĚŝƚͲZĞůĂƚĞĚ&ĞĞƐĨŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϵĂŶĚϮϬϭϴĐŽŶƐŝƐƚĞĚƉƌŝŶĐŝƉĂůůLJŽĨĨĞĞƐĨŽƌĂƵĚŝƚƐŽĨĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐŽĨĐĞƌƚĂŝŶĞŵƉůŽLJĞĞďĞŶĞĨŝƚƉůĂŶƐ͘

;ϯͿ ůůKƚŚĞƌ&ĞĞƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϵƌĞƉƌĞƐĞŶƚƚŚĞĂŐŐƌĞŐĂƚĞĨĞĞƐďŝůůĞĚƚŽƵƐďLJŽƵƌŝŶĚĞƉĞŶĚĞŶƚ ƌĞŐŝƐƚĞƌĞĚƉƵďůŝĐĂĐĐŽƵŶƚŝŶŐĨŝƌŵĨŽƌĐĞƌƚĂŝŶŽŶĞͲƚŝŵĞƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞůĂƚĞĚƚŽƚŚĞƵŶĚĞƌǁƌŝƚƚĞŶƉƵďůŝĐŽĨĨĞƌŝŶŐƐ ŽĨ ŽƵƌ ϰ͘ϭϮϱй &ŝdžĞĚͲƚŽͲ&ůŽĂƚŝŶŐ ZĂƚĞ ^ƵďŽƌĚŝŶĂƚĞĚ EŽƚĞƐ ĚƵĞ EŽǀĞŵďĞƌ ϮϬ͕ ϮϬϮϵ ĂŶĚ ŽƵƌ ϱ͘ϱϬй ^ĞƌŝĞƐ  EŽŶͲ ƵŵƵůĂƚŝǀĞWĞƌƉĞƚƵĂůWƌĞĨĞƌƌĞĚ^ƚŽĐŬ͘

WƌĞͲƉƉƌŽǀĂůŽĨƵĚŝƚĂŶĚEŽŶͲƵĚŝƚ^ĞƌǀŝĐĞƐ

dŚĞƵĚŝƚŽŵŵŝƚƚĞĞƐƉĞĐŝĨŝĐĂůůLJƌĞǀŝĞǁƐĂŶĚƉƌĞͲĂƉƉƌŽǀĞƐĂůůĂƵĚŝƚĂŶĚŶŽŶͲĂƵĚŝƚƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚďLJ <ƉƌŝŽƌƚŽŝƚƐĞŶŐĂŐĞŵĞŶƚƚŽƉĞƌĨŽƌŵƐƵĐŚƐĞƌǀŝĐĞƐ͘dŚĞƵĚŝƚŽŵŵŝƚƚĞĞŚĂƐŶŽƚĂĚŽƉƚĞĚĂŶLJŽƚŚĞƌƉƌĞͲ ĂƉƉƌŽǀĂůƉŽůŝĐŝĞƐŽƌƉƌŽĐĞĚƵƌĞƐ͘

ϳϳ WƌŽƉŽƐĂůϯ͗ZĂƚŝĨŝĐĂƚŝŽŶŽĨƉƉŽŝŶƚŵĞŶƚŽĨ/ŶĚĞƉĞŶĚĞŶƚ ZĞŐŝƐƚĞƌĞĚWƵďůŝĐĐĐŽƵŶƚŝŶŐ&ŝƌŵ

WƌĞƐĞŶĐĞŽĨZĞƉƌĞƐĞŶƚĂƚŝǀĞƐŽĨ/ŶĚĞƉĞŶĚĞŶƚZĞŐŝƐƚĞƌĞĚWƵďůŝĐĐĐŽƵŶƚŝŶŐ&ŝƌŵ

ZĞƉƌĞƐĞŶƚĂƚŝǀĞƐŽĨ<ǁŝůůďĞĂƚƚŚĞŶŶƵĂůDĞĞƚŝŶŐ͕ǁŝůůŚĂǀĞĂŶŽƉƉŽƌƚƵŶŝƚLJƚŽŵĂŬĞĂƐƚĂƚĞŵĞŶƚŝĨƚŚĞLJ ĚĞƐŝƌĞĂŶĚǁŝůůďĞĂǀĂŝůĂďůĞƚŽƌĞƐƉŽŶĚƚŽĂƉƉƌŽƉƌŝĂƚĞƋƵĞƐƚŝŽŶƐ͘

ŚĂŶŐĞŝŶ/ŶĚĞƉĞŶĚĞŶƚZĞŐŝƐƚĞƌĞĚWƵďůŝĐĐĐŽƵŶƚŝŶŐ&ŝƌŵ

Ɛ ƉƌĞǀŝŽƵƐůLJ ƌĞƉŽƌƚĞĚ ŝŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ &Žƌŵ ϴͲ< ĨŝůĞĚ ǁŝƚŚ ƚŚĞ &/ ŽŶ :ƵŶĞ ϭϰ͕ ϮϬϭϵ ;ƚŚĞ ͞ƵĚŝƚŽƌ ƵƌƌĞŶƚZĞƉŽƌƚ͟Ϳ͕ƚŚĞƵĚŝƚŽŵŵŝƚƚĞĞĐŽŶĚƵĐƚĞĚĂĐŽŵƉĞƚŝƚŝǀĞƉƌŽĐĞƐƐƚŽƌĞǀŝĞǁƚŚĞĞŶŐĂŐĞŵĞŶƚŽĨƚŚĞ ŽŵƉĂŶLJ͛ƐŝŶĚĞƉĞŶĚĞŶƚƌĞŐŝƐƚĞƌĞĚƉƵďůŝĐĂĐĐŽƵŶƚŝŶŐĨŝƌŵĨŽƌƚŚĞĨŝƐĐĂůLJĞĂƌĞŶĚŝŶŐĞĐĞŵďĞƌϯϭ͕ϮϬϭϵ͘dŚĞ ƵĚŝƚŽŵŵŝƚƚĞĞŝŶǀŝƚĞĚŵƵůƚŝƉůĞĨŝƌŵƐƚŽƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚŝƐƉƌŽĐĞƐƐ͘

ƐĂƌĞƐƵůƚŽĨƚŚŝƐƉƌŽĐĞƐƐĂŶĚĨŽůůŽǁŝŶŐĐĂƌĞĨƵůĚĞůŝďĞƌĂƚŝŽŶĂŶĚĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ŽŶ:ƵŶĞϭϮ͕ϮϬϭϵ͕ƚŚĞƵĚŝƚ ŽŵŵŝƚƚĞĞ ĚĞĐŝĚĞĚ ƚŽ ĚŝƐŵŝƐƐ

ƵƌŝŶŐƚŚĞŽŵƉĂŶLJ͛ƐĨŝƐĐĂůLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϴ͕ĂŶĚƚŚĞƐƵďƐĞƋƵĞŶƚŝŶƚĞƌŝŵƉĞƌŝŽĚ ƚŚƌŽƵŐŚ:ƵŶĞϭϯ͕ϮϬϭϵ͕ƚŚĞƌĞǁĞƌĞ;ŝͿŶŽĚŝƐĂŐƌĞĞŵĞŶƚƐďĞƚǁĞĞŶƚŚĞŽŵƉĂŶLJĂŶĚ

dŚĞĂƵĚŝƚƌĞƉŽƌƚŽĨ

dŚĞŽŵƉĂŶLJƉƌŽǀŝĚĞĚ

KŶ:ƵŶĞϭϮ͕ϮϬϭϵ͕ƚŚĞƵĚŝƚŽŵŵŝƚƚĞĞĂƉƉƌŽǀĞĚƚŚĞĞŶŐĂŐĞŵĞŶƚŽĨ<ĂƐƚŚĞŽŵƉĂŶLJ͛ƐŝŶĚĞƉĞŶĚĞŶƚ ƌĞŐŝƐƚĞƌĞĚƉƵďůŝĐĂĐĐŽƵŶƚŝŶŐĨŝƌŵĨŽƌƚŚĞĨŝƐĐĂůLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϵ͘ƵƌŝŶŐƚŚĞŽŵƉĂŶLJ͛ƐĨŝƐĐĂů LJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϴ͕ĂŶĚƚŚĞƐƵďƐĞƋƵĞŶƚŝŶƚĞƌŝŵƉĞƌŝŽĚƚŚƌŽƵŐŚ:ƵŶĞϭϯ͕ϮϬϭϵ͕ŶĞŝƚŚĞƌ ƚŚĞŽŵƉĂŶLJ͕ŶŽƌĂŶLJŽŶĞŽŶŝƚƐďĞŚĂůĨ͕ĐŽŶƐƵůƚĞĚǁŝƚŚ<ƌĞŐĂƌĚŝŶŐĞŝƚŚĞƌ;ŝͿƚŚĞĂƉƉůŝĐĂƚŝŽŶŽĨĂĐĐŽƵŶƚŝŶŐ ƉƌŝŶĐŝƉůĞƐƚŽĂƐƉĞĐŝĨŝĞĚƚƌĂŶƐĂĐƚŝŽŶ͕ĞŝƚŚĞƌĐŽŵƉůĞƚĞĚŽƌƉƌŽƉŽƐĞĚ͕ŽƌƚŚĞƚLJƉĞŽĨĂƵĚŝƚŽƉŝŶŝŽŶƚŚĂƚŵŝŐŚƚďĞ ƌĞŶĚĞƌĞĚŽŶƚŚĞŽŵƉĂŶLJ͛ƐĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚ͕ĂƐƐƵĐŚ͕ŶŽǁƌŝƚƚĞŶƌĞƉŽƌƚŽƌŽƌĂůĂĚǀŝĐĞ ǁĂƐƉƌŽǀŝĚĞĚ͕ĂŶĚŶŽŶĞǁĂƐĂŶŝŵƉŽƌƚĂŶƚĨĂĐƚŽƌĐŽŶƐŝĚĞƌĞĚďLJƚŚĞŽŵƉĂŶLJŝŶƌĞĂĐŚŝŶŐĂĚĞĐŝƐŝŽŶĂƐƚŽƚŚĞ ĂĐĐŽƵŶƚŝŶŐ͕ ĂƵĚŝƚŝŶŐ͕ Žƌ ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐ ŝƐƐƵĞƐ͕ Žƌ ;ŝŝͿ ĂŶLJ ŵĂƚƚĞƌ ƚŚĂƚ ǁĂƐ ĞŝƚŚĞƌ ƚŚĞ ƐƵďũĞĐƚ ŽĨ Ă ͞ĚŝƐĂŐƌĞĞŵĞŶƚ͟ŽƌĂ͞ƌĞƉŽƌƚĂďůĞĞǀĞŶƚ͟;ǁŝƚŚŝŶƚŚĞŵĞĂŶŝŶŐŽĨ/ƚĞŵϯϬϰ;ĂͿ;ϭͿ;ŝǀͿĂŶĚ/ƚĞŵϯϬϰ;ĂͿ;ϭͿ;ǀͿŽĨ ZĞŐƵůĂƚŝŽŶ^Ͳ<͕ƌĞƐƉĞĐƚŝǀĞůLJͿ͘

ϳϴ WƌŽƉŽƐĂůϯ͗ZĂƚŝĨŝĐĂƚŝŽŶŽĨƉƉŽŝŶƚŵĞŶƚŽĨ/ŶĚĞƉĞŶĚĞŶƚ ZĞŐŝƐƚĞƌĞĚWƵďůŝĐĐĐŽƵŶƚŝŶŐ&ŝƌŵ

ZĞƋƵŝƌĞĚsŽƚĞ

^ŚĂƌĞŚŽůĚĞƌƌĂƚŝĨŝĐĂƚŝŽŶŽĨƚŚĞƵĚŝƚŽŵŵŝƚƚĞĞ͛ƐĂƉƉŽŝŶƚŵĞŶƚŽĨ<ĂƐŽƵƌŝŶĚĞƉĞŶĚĞŶƚƌĞŐŝƐƚĞƌĞĚƉƵďůŝĐ ĂĐĐŽƵŶƚŝŶŐĨŝƌŵĨŽƌƚŚĞLJĞĂƌĞŶĚŝŶŐĞĐĞŵďĞƌϯϭ͕ϮϬϮϬŝƐŶŽƚƌĞƋƵŝƌĞĚďLJŽƵƌŵĞŶĚĞĚĂŶĚZĞƐƚĂƚĞĚLJůĂǁƐ Žƌ ŽƚŚĞƌǁŝƐĞ͘ EŽŶĞƚŚĞůĞƐƐ͕ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŚĂƐ ĞůĞĐƚĞĚ ƚŽ ƐƵďŵŝƚ ƚŚĞ ĂƉƉŽŝŶƚŵĞŶƚ ŽĨ < ƚŽ ŽƵƌ ƐŚĂƌĞŚŽůĚĞƌƐĨŽƌƌĂƚŝĨŝĐĂƚŝŽŶ͘

sŽƚŝŶŐZĞĐŽŵŵĞŶĚĂƚŝŽŶ

dŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐZĞĐŽŵŵĞŶĚƐƚŚĂƚ^ŚĂƌĞŚŽůĚĞƌƐsŽƚĞ͞&KZ͟ZĂƚŝĨŝĐĂƚŝŽŶŽĨƚŚĞ ƉƉŽŝŶƚŵĞŶƚŽĨ<͕>>WĂƐKƵƌ/ŶĚĞƉĞŶĚĞŶƚZĞŐŝƐƚĞƌĞĚWƵďůŝĐĐĐŽƵŶƚŝŶŐ&ŝƌŵĨŽƌƚŚĞ zĞĂƌŶĚŝŶŐĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͘

ϳϵ ƵĚŝƚŽŵŵŝƚƚĞĞZĞƉŽƌƚ

dŚĞƵĚŝƚŽŵŵŝƚƚĞĞŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĐŽŶƐŝƐƚƐŽĨĨŽƵƌĚŝƌĞĐƚŽƌƐ͕ĞĂĐŚŽĨǁŚŽŵŝƐ͞ŝŶĚĞƉĞŶĚĞŶƚ͟ ĂƐ ĚĞĨŝŶĞĚ ďLJƚŚĞ ůŝƐƚŝŶŐ ƐƚĂŶĚĂƌĚƐ ŽĨ ƚŚĞ Ez^͘ dŚĞ ƵĚŝƚ ŽŵŵŝƚƚĞĞ ŚĞůĚ ĞŝŐŚƚ ŵĞĞƚŝŶŐƐ ŝŶ ϮϬϭϵ͘ dŚĞƐĞ ŵĞĞƚŝŶŐƐ ĨĂĐŝůŝƚĂƚĞĚ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ǁŝƚŚ ĞdžĞĐƵƚŝǀĞ ŽĨĨŝĐĞƌƐ͕ ƚŚĞ ŝŶƚĞƌŶĂů ĂƵĚŝƚŽƌƐ ĂŶĚ ĂŶĐŽƌƉ^ŽƵƚŚ͛Ɛ ŝŶĚĞƉĞŶĚĞŶƚƌĞŐŝƐƚĞƌĞĚƉƵďůŝĐĂĐĐŽƵŶƚŝŶŐĨŝƌŵ͘ƵƌŝŶŐϮϬϭϵ͕ƚŚĞƵĚŝƚŽŵŵŝƚƚĞĞŚĞůĚĚŝƐĐƵƐƐŝŽŶƐǁŝƚŚƚŚĞ ŝŶƚĞƌŶĂůĂƵĚŝƚŽƌƐĂŶĚĂŶĐŽƌƉ^ŽƵƚŚ͛ƐŝŶĚĞƉĞŶĚĞŶƚƌĞŐŝƐƚĞƌĞĚƉƵďůŝĐĂĐĐŽƵŶƚŝŶŐĨŝƌŵ͕ďŽƚŚǁŝƚŚĂŶĚǁŝƚŚŽƵƚ ŵĂŶĂŐĞŵĞŶƚƉƌĞƐĞŶƚ͕ŽŶƚŚĞƌĞƐƵůƚƐŽĨƚŚĞŝƌĞdžĂŵŝŶĂƚŝŽŶƐĂŶĚƚŚĞŽǀĞƌĂůůƋƵĂůŝƚLJŽĨĂŶĐŽƌƉ^ŽƵƚŚ͛ƐĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐĂŶĚŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐ͘

dŚĞƌŽůĞĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŽĨƚŚĞƵĚŝƚŽŵŵŝƚƚĞĞĂƌĞƐĞƚĨŽƌƚŚŝŶƚŚĞĐŚĂƌƚĞƌĂĚŽƉƚĞĚďLJƚŚĞŽĂƌĚŽĨ ŝƌĞĐƚŽƌƐ͕ĂĐŽƉLJŽĨǁŚŝĐŚŝƐĂǀĂŝůĂďůĞŽŶĂŶĐŽƌƉ^ŽƵƚŚ͛ƐǁĞďƐŝƚĞĂƚǁǁǁ͘ďĂŶĐŽƌƉƐŽƵƚŚ͘ĐŽŵŽŶƚŚĞ/ŶǀĞƐƚŽƌ ZĞůĂƚŝŽŶƐ ǁĞďƉĂŐĞ ƵŶĚĞƌ ƚŚĞ ĐĂƉƚŝŽŶ ͞ŽƌƉŽƌĂƚĞ /ŶĨŽƌŵĂƚŝŽŶ ʹ ŽĂƌĚ ŽŵŵŝƚƚĞĞƐ͘͟ /Ŷ ĨƵůĨŝůůŝŶŐ ŝƚƐ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͕ƚŚĞƵĚŝƚŽŵŵŝƚƚĞĞ͗

x ZĞǀŝĞǁĞĚ ĂŶĚ ĚŝƐĐƵƐƐĞĚ ǁŝƚŚ ŵĂŶĂŐĞŵĞŶƚ ĂŶĐŽƌƉ^ŽƵƚŚ͛Ɛ ĂƵĚŝƚĞĚ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϵ ĂŶĚ ĂŶĐŽƌƉ^ŽƵƚŚ͛Ɛ ƵŶĂƵĚŝƚĞĚ ƋƵĂƌƚĞƌůLJ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĚƵƌŝŶŐ ϮϬϭϵ ;ŝŶĐůƵĚŝŶŐ ƚŚĞ ĚŝƐĐůŽƐƵƌĞƐ ĐŽŶƚĂŝŶĞĚ ŝŶ ĂŶĐŽƌƉ^ŽƵƚŚ͛ƐŶŶƵĂůZĞƉŽƌƚŽŶ&ŽƌŵϭϬͲ<ĂŶĚŝƚƐYƵĂƌƚĞƌůLJZĞƉŽƌƚƐŽŶ&ŽƌŵϭϬͲYŝŶƚŚĞƐĞĐƚŝŽŶƐ ĞŶƚŝƚůĞĚ͞DĂŶĂŐĞŵĞŶƚ͛ƐŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶĂŶĚZĞƐƵůƚƐŽĨKƉĞƌĂƚŝŽŶƐ͟Ϳ

x ŝƐĐƵƐƐĞĚ ǁŝƚŚ <͕ >>W͕ ĂŶĐŽƌƉ^ŽƵƚŚ͛Ɛ ŝŶĚĞƉĞŶĚĞŶƚ ƌĞŐŝƐƚĞƌĞĚ ƉƵďůŝĐ ĂĐĐŽƵŶƚŝŶŐ Ĩŝƌŵ͕ ƚŚĞ ŵĂƚƚĞƌƐ ƌĞƋƵŝƌĞĚ ƚŽ ďĞ ĚŝƐĐƵƐƐĞĚ ƵŶĚĞƌ ƵĚŝƚŝŶŐ ^ƚĂŶĚĂƌĚ EŽ͘ ϭϯϬϭ͕ ďŽƚŚ ǁŝƚŚ ĂŶĚ ǁŝƚŚŽƵƚ ŵĂŶĂŐĞŵĞŶƚƉƌĞƐĞŶƚ͖ĂŶĚ

x ZĞĐĞŝǀĞĚ ƚŚĞ ǁƌŝƚƚĞŶ ĚŝƐĐůŽƐƵƌĞƐ ĂŶĚ ƚŚĞ ůĞƚƚĞƌ ĨƌŽŵ <͕ >>W ƌĞƋƵŝƌĞĚ ďLJ ƚŚĞ ĂƉƉůŝĐĂďůĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ WƵďůŝĐ ŽŵƉĂŶLJ ĐĐŽƵŶƚŝŶŐ KǀĞƌƐŝŐŚƚ ŽĂƌĚ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ŝŶĚĞƉĞŶĚĞŶƚ ĂĐĐŽƵŶƚĂŶƚƐĐŽŵŵƵŶŝĐĂƚŝŽŶƐǁŝƚŚƚŚĞƵĚŝƚŽŵŵŝƚƚĞĞĐŽŶĐĞƌŶŝŶŐŝŶĚĞƉĞŶĚĞŶĐĞ͕ĂŶĚĚŝƐĐƵƐƐĞĚ ǁŝƚŚ<͕>>WƚŚĞŝƌŝŶĚĞƉĞŶĚĞŶĐĞ͘

ĂƐĞĚŽŶƚŚĞƵĚŝƚŽŵŵŝƚƚĞĞ͛ƐƌĞǀŝĞǁĂŶĚĚŝƐĐƵƐƐŝŽŶƐĂƐĚĞƐĐƌŝďĞĚĂďŽǀĞ͕ĂŶĚŝŶƌĞůŝĂŶĐĞƚŚĞƌĞŽŶ͕ƚŚĞ ƵĚŝƚ ŽŵŵŝƚƚĞĞ ƌĞĐŽŵŵĞŶĚĞĚ ƚŽ ĂŶĐŽƌƉ^ŽƵƚŚ͛Ɛ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ƚŚĂƚ ĂŶĐŽƌƉ^ŽƵƚŚ͛Ɛ ĂƵĚŝƚĞĚ ĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϵďĞŝŶĐůƵĚĞĚŝŶĂŶĐŽƌƉ^ŽƵƚŚ͛ƐŶŶƵĂů ZĞƉŽƌƚŽŶ&ŽƌŵϭϬͲ<ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϵĨŽƌĨŝůŝŶŐǁŝƚŚƚŚĞ&/͘

ƵĚŝƚŽŵŵŝƚƚĞĞ͗ >ĂƌƌLJ'͘<ŝƌŬ;ŚĂŝƌͿ 'ƵƐ:͘ůĂƐƐ/// ĞďŽƌĂŚD͘ĂŶŶŽŶ tĂƌƌĞŶ͘,ŽŽĚ͕:ƌ͘

ϴϬ ĞƌƚĂŝŶZĞůĂƚŝŽŶƐŚŝƉƐĂŶĚZĞůĂƚĞĚdƌĂŶƐĂĐƚŝŽŶƐ

ĂŶĐŽƌƉ^ŽƵƚŚ ĐŽŶĚƵĐƚƐ ďĂŶŬŝŶŐ ƚƌĂŶƐĂĐƚŝŽŶƐ ŝŶ ƚŚĞ ŽƌĚŝŶĂƌLJ ĐŽƵƌƐĞ ŽĨ ďƵƐŝŶĞƐƐ ǁŝƚŚ ŽƵƌ ŽĨĨŝĐĞƌƐ ĂŶĚ ĚŝƌĞĐƚŽƌƐĂŶĚƚŚĞŝƌĂƐƐŽĐŝĂƚĞƐ͕ĂĨĨŝůŝĂƚĞƐĂŶĚĨĂŵŝůLJŵĞŵďĞƌƐ͘tŚŝůĞĐĞƌƚĂŝŶƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ĂƌďĂŶĞƐͲKdžůĞLJ ĐƚŽĨϮϬϬϮŐĞŶĞƌĂůůLJƉƌŽŚŝďŝƚƵƐĨƌŽŵŵĂŬŝŶŐƉĞƌƐŽŶĂůůŽĂŶƐƚŽŽƵƌĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐĂŶĚĚŝƌĞĐƚŽƌƐ͕ŝƚƉĞƌŵŝƚƐ ĂŶĐŽƌƉ^ŽƵƚŚƚŽŵĂŬĞůŽĂŶƐƚŽŽƵƌĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐĂŶĚĚŝƌĞĐƚŽƌƐƐŽůŽŶŐĂƐƐƵĐŚůŽĂŶƐĂƌĞƐƵďũĞĐƚƚŽƚŚĞ ŝŶƐŝĚĞƌ ůĞŶĚŝŶŐ ƌĞƐƚƌŝĐƚŝŽŶƐ ŽĨ ^ĞĐƚŝŽŶ ϮϮ;ŚͿ ŽĨ ƚŚĞ &ĞĚĞƌĂů ZĞƐĞƌǀĞ Đƚ ĂŶĚ ZĞŐƵůĂƚŝŽŶ K ƉƌŽŵƵůŐĂƚĞĚ ƚŚĞƌĞƵŶĚĞƌ͘ƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϵ͕ĂŶĐŽƌƉ^ŽƵƚŚŵĂĚĞůŽĂŶƐƚŽŽƵƌĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐ͕ ĚŝƌĞĐƚŽƌƐ ĂŶĚ ƚŚĞŝƌ ĨĂŵŝůLJ ŵĞŵďĞƌƐ ƚŚĂƚ ǁĞƌĞ ŵĂĚĞ ŝŶ ƚŚĞ ŽƌĚŝŶĂƌLJ ĐŽƵƌƐĞ ŽĨ ďƵƐŝŶĞƐƐ͕ ǁĞƌĞ ŵĂĚĞ ŽŶ ƐƵďƐƚĂŶƚŝĂůůLJ ƚŚĞ ƐĂŵĞ ƚĞƌŵƐ͕ ŝŶĐůƵĚŝŶŐ ŝŶƚĞƌĞƐƚ ƌĂƚĞƐ ĂŶĚ ĐŽůůĂƚĞƌĂů͕ ĂƐ ƚŚŽƐĞ ƉƌĞǀĂŝůŝŶŐ Ăƚ ƚŚĞ ƚŝŵĞ ĨŽƌ ĐŽŵƉĂƌĂďůĞůŽĂŶƐǁŝƚŚƉĞƌƐŽŶƐŶŽƚƌĞůĂƚĞĚƚŽĂŶĐŽƌƉ^ŽƵƚŚ͕ĂŶĚĚŝĚŶŽƚŝŶǀŽůǀĞŵŽƌĞƚŚĂŶƚŚĞŶŽƌŵĂůƌŝƐŬŽĨ ĐŽůůĞĐƚĂďŝůŝƚLJŽƌƉƌĞƐĞŶƚŽƚŚĞƌƵŶĨĂǀŽƌĂďůĞĨĞĂƚƵƌĞƐ͘&ƵƌƚŚĞƌ͕ŽƵƌǁƌŝƚƚĞŶZĞůĂƚĞĚWĞƌƐŽŶdƌĂŶƐĂĐƚŝŽŶWŽůŝĐŝĞƐ ĂŶĚ WƌŽĐĞĚƵƌĞƐ͕ ĂƉƉƌŽǀĞĚ ďLJ ŽƵƌ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ͕ ƉĞƌŵŝƚƐ ĞdžƚĞŶƐŝŽŶƐ ŽĨ ĐƌĞĚŝƚ ďLJ ĂŶĐŽƌƉ^ŽƵƚŚ Žƌ ŝƚƐ ƐƵďƐŝĚŝĂƌŝĞƐƚŽĂƌĞůĂƚĞĚƉĞƌƐŽŶ͕ƐŽůŽŶŐĂƐƐƵĐŚĞdžƚĞŶƐŝŽŶƐŽĨĐƌĞĚŝƚĂƌĞŵĂĚĞŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĂƉƉůŝĐĂďůĞ ůĂǁ͕ŝŶĐůƵĚŝŶŐZĞŐƵůĂƚŝŽŶK͕^ĞĐƚŝŽŶƐϮϯĂŶĚϮϯŽĨƚŚĞ&ĞĚĞƌĂůZĞƐĞƌǀĞĐƚĂŶĚ^ĞĐƚŝŽŶϭϯ;ŬͿŽĨƚŚĞdžĐŚĂŶŐĞ Đƚ͘

WƵƌƐƵĂŶƚƚŽŝƚƐǁƌŝƚƚĞŶĐŚĂƌƚĞƌĂŶĚƚŚĞZĞůĂƚĞĚWĞƌƐŽŶdƌĂŶƐĂĐƚŝŽŶWŽůŝĐŝĞƐĂŶĚWƌŽĐĞĚƵƌĞƐ͕ƚŚĞEŽŵŝŶĂƚŝŶŐ ĂŶĚ ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ ŽŵŵŝƚƚĞĞ ƌĞǀŝĞǁƐ ĂŶĚ ĂƉƉƌŽǀĞƐ Ăůů ͞ƌĞůĂƚĞĚ ƉĞƌƐŽŶ͟ ƚƌĂŶƐĂĐƚŝŽŶƐ ďĞƚǁĞĞŶ ĂŶĐŽƌƉ^ŽƵƚŚĂŶĚĂŶLJŽĨƚŚĞŝƌ͞ƌĞůĂƚĞĚƉĞƌƐŽŶƐ͟ŽƌĂĨĨŝůŝĂƚĞƐ͕ŽƌƚƌĂŶƐĂĐƚŝŽŶƐŝŶǁŚŝĐŚĂŶLJŽĨƐƵĐŚƉĞƌƐŽŶƐ ĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJŝƐŝŶƚĞƌĞƐƚĞĚŽƌďĞŶĞĨŝƚƚĞĚ͘/ĨĂĚǀĂŶĐĞĂƉƉƌŽǀĂůŽĨĂƌĞůĂƚĞĚƉĞƌƐŽŶƚƌĂŶƐĂĐƚŝŽŶďLJƚŚĞ EŽŵŝŶĂƚŝŶŐĂŶĚŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞŽŵŵŝƚƚĞĞŝƐŶŽƚƉƌĂĐƚŝĐĂďůĞ͕ƚŚĞŶƚŚĞƌĞůĂƚĞĚƉĞƌƐŽŶƚƌĂŶƐĂĐƚŝŽŶƐŚĂůů ďĞĐŽŶƐŝĚĞƌĞĚĂŶĚ͕ŝĨƚŚĞĐŽŵŵŝƚƚĞĞĚĞƚĞƌŵŝŶĞƐŝƚƚŽďĞĂƉƉƌŽƉƌŝĂƚĞ͕ƌĂƚŝĨŝĞĚĂƚƚŚĞĐŽŵŵŝƚƚĞĞ͛ƐŶĞdžƚƌĞŐƵůĂƌůLJ ƐĐŚĞĚƵůĞĚŵĞĞƚŝŶŐ͘/ŶĚĞƚĞƌŵŝŶŝŶŐǁŚĞƚŚĞƌƚŽĂƉƉƌŽǀĞŽƌƌĂƚŝĨLJĂƌĞůĂƚĞĚƉĞƌƐŽŶƚƌĂŶƐĂĐƚŝŽŶ͕ƚŚĞEŽŵŝŶĂƚŝŶŐ ĂŶĚŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞŽŵŵŝƚƚĞĞƚĂŬĞƐŝŶƚŽĂĐĐŽƵŶƚ͕ĂŵŽŶŐŽƚŚĞƌĨĂĐƚŽƌƐŝƚĚĞĞŵƐĂƉƉƌŽƉƌŝĂƚĞ͕ǁŚĞƚŚĞƌ ƚŚĞƌĞůĂƚĞĚƉĞƌƐŽŶƚƌĂŶƐĂĐƚŝŽŶŝƐŽŶƚĞƌŵƐŶŽůĞƐƐĨĂǀŽƌĂďůĞƚŚĂŶƚĞƌŵƐŐĞŶĞƌĂůůLJĂǀĂŝůĂďůĞƚŽĂŶƵŶĂĨĨŝůŝĂƚĞĚ ƚŚŝƌĚͲƉĂƌƚLJƵŶĚĞƌƚŚĞƐĂŵĞŽƌƐŝŵŝůĂƌĐŝƌĐƵŵƐƚĂŶĐĞƐĂŶĚƚŚĞĞdžƚĞŶƚŽĨƚŚĞƌĞůĂƚĞĚƉĞƌƐŽŶ͛ƐŝŶƚĞƌĞƐƚŝŶƚŚĞ ƚƌĂŶƐĂĐƚŝŽŶ͘ /Ŷ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ZĞůĂƚĞĚ WĞƌƐŽŶ dƌĂŶƐĂĐƚŝŽŶ WŽůŝĐŝĞƐ ĂŶĚ WƌŽĐĞĚƵƌĞƐ͕ ŶŽ ĚŝƌĞĐƚŽƌ ŝƐ ƉĞƌŵŝƚƚĞĚƚŽƉĂƌƚŝĐŝƉĂƚĞŝŶĂŶLJĚŝƐĐƵƐƐŝŽŶŽƌĂƉƉƌŽǀĂůŽĨĂƌĞůĂƚĞĚƉĞƌƐŽŶƚƌĂŶƐĂĐƚŝŽŶĨŽƌǁŚŝĐŚŚĞŽƌƐŚĞŝƐĂ ƌĞůĂƚĞĚƉĞƌƐŽŶ͕ĞdžĐĞƉƚƚŚĂƚƚŚĞĚŝƌĞĐƚŽƌƐŚĂůůƉƌŽǀŝĚĞĂůůŵĂƚĞƌŝĂůŝŶĨŽƌŵĂƚŝŽŶĐŽŶĐĞƌŶŝŶŐƚŚĞƌĞůĂƚĞĚƉĞƌƐŽŶ ƚƌĂŶƐĂĐƚŝŽŶ ƚŽ ƚŚĞ EŽŵŝŶĂƚŝŶŐ ĂŶĚ ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ ŽŵŵŝƚƚĞĞ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ƚŚĞ ƉŽůŝĐLJ ĞŶƵŵĞƌĂƚĞƐ ĐĞƌƚĂŝŶ ƌĞůĂƚĞĚ ƉĞƌƐŽŶ ƚƌĂŶƐĂĐƚŝŽŶƐ ƚŚĂƚ ĂƌĞ ĚĞĞŵĞĚ ƚŽ ďĞ ƉƌĞͲĂƉƉƌŽǀĞĚ Žƌ ƌĂƚŝĨŝĞĚ͕ ĂƐ ĂƉƉůŝĐĂďůĞ͕ ďLJ ƚŚĞ ĐŽŵŵŝƚƚĞĞ͘

ϴϭ 'ĞŶĞƌĂů/ŶĨŽƌŵĂƚŝŽŶ

ŽƵŶƚŝŶŐŽĨsŽƚĞƐ

ůůŵĂƚƚĞƌƐƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐWƌŽdžLJ^ƚĂƚĞŵĞŶƚƚŚĂƚĂƌĞƚŽďĞǀŽƚĞĚŽŶĂƚƚŚĞŶŶƵĂůDĞĞƚŝŶŐǁŝůůďĞǀŽƚĞĚ ŽŶďLJďĂůůŽƚ͘/ŶƐƉĞĐƚŽƌƐŽĨĞůĞĐƚŝŽŶǁŝůůďĞĂƉƉŽŝŶƚĞĚƚŽ͕ĂŵŽŶŐŽƚŚĞƌƚŚŝŶŐƐ͗

x ĞƚĞƌŵŝŶĞƚŚĞŶƵŵďĞƌŽĨƐŚĂƌĞƐŽĨŽƵƌĐŽŵŵŽŶƐƚŽĐŬŽƵƚƐƚĂŶĚŝŶŐ͕ƚŚĞƐŚĂƌĞƐŽĨĐŽŵŵŽŶƐƚŽĐŬ ƌĞƉƌĞƐĞŶƚĞĚĂƚƚŚĞŶŶƵĂůDĞĞƚŝŶŐ͕ƚŚĞĞdžŝƐƚĞŶĐĞŽĨĂƋƵŽƌƵŵĂŶĚƚŚĞĂƵƚŚĞŶƚŝĐŝƚLJ͕ǀĂůŝĚŝƚLJĂŶĚ ĞĨĨĞĐƚŽĨƉƌŽdžŝĞƐ͖

x ZĞĐĞŝǀĞǀŽƚĞƐŽŶďĂůůŽƚƐ͖

x ,ĞĂƌĂŶĚĚĞƚĞƌŵŝŶĞĂůůĐŚĂůůĞŶŐĞƐĂŶĚƋƵĞƐƚŝŽŶƐŝŶĂŶLJǁĂLJĂƌŝƐŝŶŐŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞƌŝŐŚƚƚŽ ĐŽƵŶƚĂŶĚƚĂďƵůĂƚĞĂůůǀŽƚĞƐ͖ĂŶĚ

x ĞƚĞƌŵŝŶĞƚŚĞǀŽƚŝŶŐƌĞƐƵůƚƐ͘

ĂĐŚƉƌŽƉŽƐĂůƉƌĞƐĞŶƚĞĚŚĞƌĞŝŶƚŽďĞǀŽƚĞĚŽŶĂƚƚŚĞŶŶƵĂůDĞĞƚŝŶŐŵƵƐƚďĞĂƉƉƌŽǀĞĚďLJƚŚĞǀŽƚĞ ĚĞƐĐƌŝďĞĚƵŶĚĞƌƐƵĐŚƉƌŽƉŽƐĂů͘dŚĞŝŶƐƉĞĐƚŽƌƐŽĨĞůĞĐƚŝŽŶǁŝůůƚƌĞĂƚƐŚĂƌĞƐŽĨĐŽŵŵŽŶƐƚŽĐŬƌĞƉƌĞƐĞŶƚĞĚďLJ ƉƌŽƉĞƌůLJƐƵďŵŝƚƚĞĚƉƌŽdžŝĞƐƚŚĂƚƌĞĨůĞĐƚ͞ĂŐĂŝŶƐƚǀŽƚĞƐ͕͟ĂďƐƚĞŶƚŝŽŶƐ͕ĂŶĚďƌŽŬĞƌŶŽŶͲǀŽƚĞƐĂƐƐŚĂƌĞƐƚŚĂƚĂƌĞ ƉƌĞƐĞŶƚĂŶĚĞŶƚŝƚůĞĚƚŽǀŽƚĞĨŽƌƉƵƌƉŽƐĞƐŽĨĚĞƚĞƌŵŝŶŝŶŐƚŚĞƉƌĞƐĞŶĐĞŽĨĂƋƵŽƌƵŵ͘ƌŽŬĞƌŶŽŶͲǀŽƚĞƐĂƌĞ ƐŚĂƌĞƐŽĨĐŽŵŵŽŶƐƚŽĐŬŚĞůĚŽĨƌĞĐŽƌĚďLJďƌŽŬĞƌƐŽƌŶŽŵŝŶĞĞƐĂƐƚŽǁŚŝĐŚǀŽƚŝŶŐŝŶƐƚƌƵĐƚŝŽŶƐŚĂǀĞŶŽƚďĞĞŶ ƌĞĐĞŝǀĞĚĨƌŽŵƚŚĞďĞŶĞĨŝĐŝĂůŽǁŶĞƌǁŝƚŚƌĞƐƉĞĐƚƚŽĂŶLJƉƌŽƉŽƐĂůƚŚĂƚĚŽĞƐŶŽƚƌĞůĂƚĞƚŽĂ͞ƌŽƵƚŝŶĞ͟ŵĂƚƚĞƌ͘ ĞĐĂƵƐĞƚŚĞĞůĞĐƚŝŽŶŽĨĚŝƌĞĐƚŽƌƐĂŶĚƚŚĞĂƉƉƌŽǀĂůŽĨƚŚĞĐŽŵƉĞŶƐĂƚŝŽŶŽĨŽƵƌEĂŵĞĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐĂƌĞ ŶŽƚ͞ƌŽƵƚŝŶĞ͟ŵĂƚƚĞƌƐ͕ŝĨƐŚĂƌĞƐĞŶƚŝƚůĞĚƚŽǀŽƚĞĂƌĞŚĞůĚŝŶ͞ƐƚƌĞĞƚŶĂŵĞ͟ƚŚƌŽƵŐŚĂďƌŽŬĞƌŽƌŽƚŚĞƌŚŽůĚĞƌŽĨ ƌĞĐŽƌĚĂŶĚƚŚĞďĞŶĞĨŝĐŝĂůŚŽůĚĞƌĚŽĞƐŶŽƚŝŶĚŝĐĂƚĞŚŽǁƚŽǀŽƚĞŽŶƚŚĞƐĞŵĂƚƚĞƌƐ͕ƚŚĞƌĞĐŽƌĚŚŽůĚĞƌǁŝůůŶŽƚ ǀŽƚĞƚŚĞďĞŶĞĨŝĐŝĂůŚŽůĚĞƌ͛ƐƐŚĂƌĞƐŽŶƚŚŽƐĞŵĂƚƚĞƌƐ͘dŚĞƌĂƚŝĨŝĐĂƚŝŽŶŽĨƚŚĞĂƉƉŽŝŶƚŵĞŶƚŽĨ<͕>>WĂƐŽƵƌ ŝŶĚĞƉĞŶĚĞŶƚƌĞŐŝƐƚĞƌĞĚƉƵďůŝĐĂĐĐŽƵŶƚŝŶŐĨŝƌŵĨŽƌƚŚĞLJĞĂƌĞŶĚŝŶŐĞĐĞŵďĞƌϯϭ͕ϮϬϮϬŝƐ͕ŚŽǁĞǀĞƌ͕Ă͞ƌŽƵƚŝŶĞ͟ ŵĂƚƚĞƌ͘

ůƚŚŽƵŐŚĂďƐƚĞŶƚŝŽŶƐĂŶĚďƌŽŬĞƌŶŽŶͲǀŽƚĞƐĂƌĞĐŽƵŶƚĞĚĂƐƐŚĂƌĞƐƚŚĂƚĂƌĞƉƌĞƐĞŶƚĂƚƚŚĞŶŶƵĂůDĞĞƚŝŶŐ ĂŶĚĞŶƚŝƚůĞĚƚŽǀŽƚĞĨŽƌƉƵƌƉŽƐĞƐŽĨĚĞƚĞƌŵŝŶŝŶŐƚŚĞƉƌĞƐĞŶĐĞŽĨĂƋƵŽƌƵŵƚŚĞLJǁŝůůŶŽƚďĞĐŽƵŶƚĞĚĂƐǀŽƚĞƐ ĐĂƐƚĂŶĚǁŝůůŶŽƚŚĂǀĞĂŶLJĞĨĨĞĐƚŽŶǀŽƚŝŶŐĨŽƌĂŶLJŽĨƚŚĞƉƌŽƉŽƐĂůƐƉƌĞƐĞŶƚĞĚŝŶƚŚŝƐWƌŽdžLJ^ƚĂƚĞŵĞŶƚ͘/Ŷ ĂĚĚŝƚŝŽŶ͕ĨŽƌƉƵƌƉŽƐĞƐŽĨƚŚĞĞůĞĐƚŝŽŶŽĨĚŝƌĞĐƚŽƌƐ͕͞ǁŝƚŚŚŽůĚ͟ǀŽƚĞƐǁŝůůŶŽƚďĞĐŽƵŶƚĞĚĂƐǀŽƚĞƐĐĂƐƚĂŶĚ͕ ƚŚĞƌĞĨŽƌĞ͕ǁŝůůŶŽƚŚĂǀĞĂŶLJĞĨĨĞĐƚŽŶƚŚĞǀŽƚĞĨŽƌĞůĞĐƚŝŽŶŽĨĚŝƌĞĐƚŽƌƐ͖ŚŽǁĞǀĞƌ͕ŽƵƌŵĞŶĚĞĚĂŶĚZĞƐƚĂƚĞĚ LJůĂǁƐƉƌŽǀŝĚĞƚŚĂƚ͕ŝŶĂŶƵŶĐŽŶƚĞƐƚĞĚĞůĞĐƚŝŽŶ͕ĂŶLJŶŽŵŝŶĞĞĨŽƌĚŝƌĞĐƚŽƌǁŚŽƌĞĐĞŝǀĞƐĂŐƌĞĂƚĞƌŶƵŵďĞƌŽĨ ǀŽƚĞƐ͞ǁŝƚŚŚĞůĚ͟ƚŚĂŶǀŽƚĞƐ͞ĨŽƌ͟ŚŝƐŽƌŚĞƌĞůĞĐƚŝŽŶŵƵƐƚƉƌŽŵƉƚůLJƚĞŶĚĞƌŚŝƐŽƌŚĞƌƌĞƐŝŐŶĂƚŝŽŶĨŽůůŽǁŝŶŐ ĐĞƌƚŝĨŝĐĂƚŝŽŶŽĨƚŚĞƐŚĂƌĞŚŽůĚĞƌǀŽƚĞ͘&ŽƌŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶ͕ƐĞĞ͞WƌŽƉŽƐĂůϭ͗ůĞĐƚŝŽŶŽĨŝƌĞĐƚŽƌƐͲDĂũŽƌŝƚLJ sŽƚĞWŽůŝĐLJ͘͟

ϴϮ General Information Shareholder Nominations and Proposals

Shareholders who would like to recommend director nominees or make a proposal for consideration at the 2021 annual meeting of shareholders should submit the nomination or proposal, along with proof of ownership of our common stock in accordance with Rule 14a-8(b)(2) promulgated under the Exchange Act in writing and mailed to the Corporate Secretary at the address listed below. We must receive all such nominations and proposals not later than November 11, 2020 in order for the nomination or proposal to be included in our proxy statement. Shareholder nominations and proposals submitted after November 11, 2020 but before December 11, 2020, will not be included in our proxy statement, but may be included in the agenda for our 2021 annual meeting if submitted to our Corporate Secretary at the address listed below and if such nomination or proposal includes:

x The name and address of the shareholder;

x The class and number of shares of common stock held of record and beneficially owned by such shareholder;

x The name(s), including any beneficial owners, and address(es) of such shareholder(s) in which all such shares of common stock are registered on our stock transfer books;

x A representation that the shareholder intends to appear at the meeting in person or by proxy to submit the business specified in such notice;

x A brief description of the business desired to be submitted to the annual meeting of shareholders, the complete text of any resolutions intended to be presented at the annual meeting and the reasons for conducting such business at the annual meeting of shareholders;

x Any personal or other material interest of the shareholder in the business to be submitted;

x As to each person whom the shareholder proposes to nominate for election or re-election as a director, all information relating to such person that is required to be disclosed in solicitations of proxies for election of directors, or is otherwise required, in each case pursuant to Regulation 14A under the Exchange Act (including such person’s written consent to being named in the proxy statement as a nominee and to serving as a director if elected); and

x All other information relating to the nomination or proposed business that may be required to be disclosed under applicable law.

In addition, a shareholder seeking to submit such nominations or business at the meeting shall promptly provide any other information we reasonably request. Such notice shall be sent to the following address:

BancorpSouth Bank One Mississippi Plaza 201 South Spring Street Tupelo, Mississippi 38804 Attention: Corporate Secretary

83 'ĞŶĞƌĂů/ŶĨŽƌŵĂƚŝŽŶ

ŶLJŶŽŵŝŶĂƚŝŽŶĨŽƌĚŝƌĞĐƚŽƌŽƌŽƚŚĞƌƉƌŽƉŽƐĂůďLJĂƐŚĂƌĞŚŽůĚĞƌƚŚĂƚŝƐŶŽƚƚŝŵĞůLJƐƵďŵŝƚƚĞĚĂŶĚĚŽĞƐŶŽƚ ĐŽŵƉůLJǁŝƚŚƚŚĞƐĞŶŽƚŝĐĞƌĞƋƵŝƌĞŵĞŶƚƐǁŝůůďĞĚŝƐƌĞŐĂƌĚĞĚĂŶĚ͕ƵƉŽŶƚŚĞŝŶƐƚƌƵĐƚŝŽŶƐŽĨƚŚĞƉƌĞƐŝĚŝŶŐŽĨĨŝĐĞƌ ŽĨƚŚĞĂŶŶƵĂůŵĞĞƚŝŶŐ͕ĂůůǀŽƚĞƐĐĂƐƚĨŽƌĞĂĐŚƐƵĐŚŶŽŵŝŶĞĞĂŶĚĂŶLJƐƵĐŚƉƌŽƉŽƐĂůǁŝůůďĞĚŝƐƌĞŐĂƌĚĞĚ͘

dŚĞŝŶĚŝǀŝĚƵĂůƐŶĂŵĞĚĂƐƉƌŽdžŝĞƐŽŶƚŚĞƉƌŽdžLJĐĂƌĚĨŽƌŽƵƌϮϬϮϭĂŶŶƵĂůŵĞĞƚŝŶŐŽĨƐŚĂƌĞŚŽůĚĞƌƐǁŝůůďĞ ĞŶƚŝƚůĞĚ ƚŽ ĞdžĞƌĐŝƐĞ ƚŚĞŝƌ ĚŝƐĐƌĞƚŝŽŶĂƌLJ ĂƵƚŚŽƌŝƚLJŝŶ ǀŽƚŝŶŐ ƉƌŽdžŝĞƐ ŽŶ ĂŶLJƐŚĂƌĞŚŽůĚĞƌƉƌŽƉŽƐĂůƚŚĂƚ ŝƐ ŶŽƚ ŝŶĐůƵĚĞĚŝŶŽƵƌƉƌŽdžLJƐƚĂƚĞŵĞŶƚĨŽƌƚŚĞϮϬϮϭĂŶŶƵĂůŵĞĞƚŝŶŐ͕ƵŶůĞƐƐǁĞƌĞĐĞŝǀĞŶŽƚŝĐĞŽĨƚŚĞŵĂƚƚĞƌƚŽďĞ ƉƌŽƉŽƐĞĚŶŽƚĞĂƌůŝĞƌƚŚĂŶEŽǀĞŵďĞƌϭϭ͕ϮϬϮϬŶŽƌůĂƚĞƌƚŚĂŶĞĐĞŵďĞƌϭϭ͕ϮϬϮϬĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚĂďŽǀĞ͘dŚĞƐĞĚĂƚĞƐĂƌĞďĂƐĞĚŽŶĂĚŝƐƚƌŝďƵƚŝŽŶĚĂƚĞŽĨŽƵƌƉƌŽdžLJŵĂƚĞƌŝĂůƐŽĨDĂƌĐŚϭϭ͕ ϮϬϮϬ͘ǀĞŶŝĨƉƌŽƉĞƌŶŽƚŝĐĞŝƐƌĞĐĞŝǀĞĚǁŝƚŚŝŶƐƵĐŚƚŝŵĞƉĞƌŝŽĚ͕ƚŚĞŝŶĚŝǀŝĚƵĂůƐŶĂŵĞĚĂƐƉƌŽdžŝĞƐŽŶƚŚĞƉƌŽdžLJ ĐĂƌĚĨŽƌƚŚĂƚŵĞĞƚŝŶŐŵĂLJŶĞǀĞƌƚŚĞůĞƐƐĞdžĞƌĐŝƐĞƚŚĞŝƌĚŝƐĐƌĞƚŝŽŶĂƌLJĂƵƚŚŽƌŝƚLJǁŝƚŚƌĞƐƉĞĐƚƚŽƐƵĐŚŵĂƚƚĞƌďLJ ĂĚǀŝƐŝŶŐƐŚĂƌĞŚŽůĚĞƌƐŽĨƚŚĞƉƌŽƉŽƐĂůĂŶĚŚŽǁƚŚĞƉƌŽdžŝĞƐŝŶƚĞŶĚƚŽĞdžĞƌĐŝƐĞƚŚĞŝƌĚŝƐĐƌĞƚŝŽŶƚŽǀŽƚĞŽŶƚŚĞƐĞ ŵĂƚƚĞƌƐ͕ƵŶůĞƐƐƚŚĞƐŚĂƌĞŚŽůĚĞƌŵĂŬŝŶŐƚŚĞƉƌŽƉŽƐĂůƐŽůŝĐŝƚƐƉƌŽdžŝĞƐǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞƉƌŽƉŽƐĂůƚŽƚŚĞĞdžƚĞŶƚ ƌĞƋƵŝƌĞĚďLJZƵůĞϭϰĂͲϰ;ĐͿ;ϮͿƵŶĚĞƌƚŚĞdžĐŚĂŶŐĞĐƚ͘

,ŽƵƐĞŚŽůĚŝŶŐŽĨWƌŽdžLJDĂƚĞƌŝĂůƐ

dŚĞĂƉƉůŝĐĂďůĞƌĞŐƵůĂƚŽƌLJƌƵůĞƐƌĞŐĂƌĚŝŶŐĚĞůŝǀĞƌLJŽĨƉƌŽdžLJƐƚĂƚĞŵĞŶƚƐĂŶĚĂŶŶƵĂůƌĞƉŽƌƚƐŵĂLJďĞƐĂƚŝƐĨŝĞĚ ďLJĚĞůŝǀĞƌŝŶŐĂƐŝŶŐůĞEŽƚŝĐĞŽĨ/ŶƚĞƌŶĞƚǀĂŝůĂďŝůŝƚLJĂŶĚ͕ŝĨƌĞƋƵĞƐƚĞĚ͕ĂƐŝŶŐůĞƐĞƚŽĨŽƵƌƉƌŽdžLJŵĂƚĞƌŝĂůƐƚŽĂŶ ĂĚĚƌĞƐƐƐŚĂƌĞĚďLJƚǁŽŽƌŵŽƌĞŽĨŽƵƌƐŚĂƌĞŚŽůĚĞƌƐ͘dŚŝƐŵĞƚŚŽĚŽĨĚĞůŝǀĞƌLJŝƐƌĞĨĞƌƌĞĚƚŽĂƐ͞ŚŽƵƐĞŚŽůĚŝŶŐ͟ ĂŶĚĐĂŶƌĞƐƵůƚŝŶŵĞĂŶŝŶŐĨƵůĐŽƐƚƐĂǀŝŶŐƐĨŽƌƵƐ͘/ŶŽƌĚĞƌƚŽƚĂŬĞĂĚǀĂŶƚĂŐĞŽĨƚŚŝƐŽƉƉŽƌƚƵŶŝƚLJ͕ǁĞŵĂLJĚĞůŝǀĞƌ ŽŶůLJ ŽŶĞ EŽƚŝĐĞ ŽĨ /ŶƚĞƌŶĞƚ ǀĂŝůĂďŝůŝƚLJ ĂŶĚ͕ ŝĨ ƌĞƋƵĞƐƚĞĚ͕ Ă ƐŝŶŐůĞ ƐĞƚ ŽĨ ŽƵƌ ƉƌŽdžLJ ŵĂƚĞƌŝĂůƐ ƚŽ ŵƵůƚŝƉůĞ ƐŚĂƌĞŚŽůĚĞƌƐǁŚŽƐŚĂƌĞĂŶĂĚĚƌĞƐƐ͕ƵŶůĞƐƐǁĞŚĂǀĞƌĞĐĞŝǀĞĚĐŽŶƚƌĂƌLJŝŶƐƚƌƵĐƚŝŽŶƐĨƌŽŵŽŶĞŽƌŵŽƌĞŽĨƚŚĞ ƐŚĂƌĞŚŽůĚĞƌƐ͘  tĞ ƵŶĚĞƌƚĂŬĞ ƚŽ ĚĞůŝǀĞƌ ƉƌŽŵƉƚůLJ ƵƉŽŶ ƌĞƋƵĞƐƚ ƉĂƉĞƌ ĐŽƉŝĞƐ ŽĨ ŽƵƌ ƉƌŽdžLJ ŵĂƚĞƌŝĂůƐ͕ ĂƐ ƌĞƋƵĞƐƚĞĚ͕ƚŽƐŚĂƌĞŚŽůĚĞƌƐĂƚĂƐŚĂƌĞĚĂĚĚƌĞƐƐ͘/ĨLJŽƵŚŽůĚŽƵƌĐŽŵŵŽŶƐƚŽĐŬĂƐĂƌĞŐŝƐƚĞƌĞĚƐŚĂƌĞŚŽůĚĞƌĂŶĚ ƉƌĞĨĞƌƚŽƌĞĐĞŝǀĞĂƉĂƉĞƌĐŽƉLJŽĨŽƵƌƉƌŽdžLJŵĂƚĞƌŝĂůƐĞŝƚŚĞƌŶŽǁŽƌŝŶƚŚĞĨƵƚƵƌĞ͕ƉůĞĂƐĞĐĂůůϭͲϴϬϬͲϯϲϴͲϱϵϰϴ ŽƌƐĞŶĚĂǁƌŝƚƚĞŶƌĞƋƵĞƐƚƚŽ͗

ĂŶĐŽƌƉ^ŽƵƚŚĂŶŬ KŶĞDŝƐƐŝƐƐŝƉƉŝWůĂnjĂ ϮϬϭ^ŽƵƚŚ^ƉƌŝŶŐ^ƚƌĞĞƚ dƵƉĞůŽ͕DŝƐƐŝƐƐŝƉƉŝϯϴϴϬϰ ƚƚĞŶƚŝŽŶ͗ŽƌƉŽƌĂƚĞ^ĞĐƌĞƚĂƌLJ

/ĨLJŽƵƌƐŚĂƌĞƐŽĨĐŽŵŵŽŶƐƚŽĐŬĂƌĞŚĞůĚƚŚƌŽƵŐŚĂďƌŽŬĞƌŽƌďĂŶŬĂŶĚLJŽƵƉƌĞĨĞƌƚŽƌĞĐĞŝǀĞĂƉĂƉĞƌĐŽƉLJ ŽĨŽƵƌƉƌŽdžLJŵĂƚĞƌŝĂůƐĞŝƚŚĞƌŶŽǁŽƌŝŶƚŚĞĨƵƚƵƌĞ͕ƉůĞĂƐĞĐŽŶƚĂĐƚƐƵĐŚďƌŽŬĞƌŽƌďĂŶŬ͘^ŚĂƌĞŚŽůĚĞƌƐǁŚŽƐŚĂƌĞ ĂŶĂĚĚƌĞƐƐĂŶĚĞůĞĐƚƚŽƌĞĐĞŝǀĞƉƌŝŶƚĞĚĐŽƉŝĞƐŽĨŽƵƌƉƌŽdžLJŵĂƚĞƌŝĂůƐŵĂLJƌĞƋƵĞƐƚƚŽƌĞĐĞŝǀĞĂƐŝŶŐůĞĐŽƉLJŽĨ ƐƵĐŚŵĂƚĞƌŝĂůƐ͕ĞŝƚŚĞƌŶŽǁŽƌŝŶƚŚĞĨƵƚƵƌĞ͕ ďLJĐĂůůŝŶŐϭͲϴϬϬͲϯϲϴͲϱϵϰϴŽƌƐĞŶĚŝŶŐĂǁƌŝƚƚĞŶƌĞƋƵĞƐƚƚŽƚŚĞ ĂĚĚƌĞƐƐĂďŽǀĞ͘

ϴϰ 'ĞŶĞƌĂů/ŶĨŽƌŵĂƚŝŽŶ ^ƉĞĐŝĂůDĞĞƚŝŶŐƐŽĨ^ŚĂƌĞŚŽůĚĞƌƐ

Ɛ ŝƚ ƌĞůĂƚĞƐ ƚŽ ƚŚĞ ĂďŝůŝƚLJ ŽĨ ŽƵƌ ƐŚĂƌĞŚŽůĚĞƌƐ ƚŽ ĐŽŶǀĞŶĞ Ă ƐƉĞĐŝĂů ŵĞĞƚŝŶŐ͕ ƚŚĞ ƌƚŝĐůĞƐ ƉƌŽǀŝĚĞ ƚŚĂƚ ƐŚĂƌĞŚŽůĚĞƌƐŽǁŶŝŶŐϮϬйŽƌŵŽƌĞŽĨŽƵƌƐŚĂƌĞƐŽĨĐŽŵŵŽŶƐƚŽĐŬĐĂŶĐĂůůĂƐƉĞĐŝĂůŵĞĞƚŝŶŐ͘ŵĂũŽƌŝƚLJŽĨƚŚĞ ƐŚĂƌĞƐĞŶƚŝƚůĞĚƚŽǀŽƚĞǁŝůůĐŽŶƐƚŝƚƵƚĞĂƋƵŽƌƵŵĨŽƌƚŚĞƚƌĂŶƐĂĐƚŝŽŶŽĨĂŶLJďƵƐŝŶĞƐƐĂƚĂƐƉĞĐŝĂůƐŚĂƌĞŚŽůĚĞƌƐ͛ ŵĞĞƚŝŶŐ͘

ŵĞŶĚŵĞŶƚƐƚŽŽƵƌŵĞŶĚĞĚĂŶĚZĞƐƚĂƚĞĚƌƚŝĐůĞƐĂŶĚLJůĂǁƐ

dŚĞƌƚŝĐůĞƐƌĞƋƵŝƌĞĂŶĂĨĨŝƌŵĂƚŝǀĞǀŽƚĞŽĨϴϬйŽĨƚŚĞŽƵƚƐƚĂŶĚŝŶŐǀŽƚŝŶŐƐƚŽĐŬŝŶŽŶůLJƚŚƌĞĞůŝŵŝƚĞĚƚLJƉĞƐ ŽĨĂŵĞŶĚŵĞŶƚƐƚŽƚŚĞƌƚŝĐůĞƐ͗

x ƚŽŝŶĐƌĞĂƐĞƚŚĞƐŝnjĞŽĨƚŚĞŽĂƌĚ͖

x ƚŽĂƉƉƌŽǀĞĂŶLJďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƚŚĂƚŚĂƐŶŽƚďĞĞŶĂƉƉƌŽǀĞĚďLJƚŚĞŽĂƌĚ͖ĂŶĚ

x ĂŶLJďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶǁŝƚŚĂĐŽŶƚƌŽůůŝŶŐƉĂƌƚLJƵŶůĞƐƐƚŚĞƉĞƌƐŚĂƌĞĐŽŶƐŝĚĞƌĂƚŝŽŶƚŽďĞƌĞĐĞŝǀĞĚ ďLJƐŚĂƌĞŚŽůĚĞƌƐŝƐƚŚĞƐĂŵĞŽƌŐƌĞĂƚĞƌƚŚĂŶƚŚĞŚŝŐŚĞƐƚƉƌŝĐĞƉĞƌƐŚĂƌĞƉĂŝĚďLJƚŚĞĐŽŶƚƌŽůůŝŶŐƉĂƌƚLJ ŝŶƚŚĞƚŚƌĞĞLJĞĂƌƐƉƌĞĐĞĚŝŶŐƚŚĞĂŶŶŽƵŶĐĞŵĞŶƚŽĨƚŚĞƉƌŽƉŽƐĞĚƚƌĂŶƐĂĐƚŝŽŶŽƌƚŚĞƚƌĂŶƐĂĐƚŝŽŶŝƐ ĂƉƉƌŽǀĞĚďLJƚŚĞŽĂƌĚ͘

ůůŽƚŚĞƌĂŵĞŶĚŵĞŶƚƐƚŽƚŚĞƌƚŝĐůĞƐƌĞƋƵŝƌĞŽŶůLJĂŵĂũŽƌŝƚLJŽĨƚŚŽƐĞǀŽƚĞƐĞŶƚŝƚůĞĚƚŽďĞĐĂƐƚĂƚĂŵĞĞƚŝŶŐ ĂƚǁŚŝĐŚĂƋƵŽƌƵŵŝƐƉƌĞƐĞŶƚĨŽƌĂƉƉƌŽǀĂů͘

dŚĞŵĞŶĚĞĚĂŶĚZĞƐƚĂƚĞĚLJůĂǁƐŵĂLJďĞĂŵĞŶĚĞĚďLJƚŚĞŽĂƌĚĂƚĂŶLJƌĞŐƵůĂƌŽƌƐƉĞĐŝĂůŵĞĞƚŝŶŐ͘/Ŷ ĂĚĚŝƚŝŽŶ͕ƉƵƌƐƵĂŶƚƚŽƚŚĞDŝƐƐŝƐƐŝƉƉŝƵƐŝŶĞƐƐŽƌƉŽƌĂƚŝŽŶĐƚ͕ŽƵƌƐŚĂƌĞŚŽůĚĞƌƐŵĂLJĂŵĞŶĚƚŚĞLJůĂǁƐĂƚĂŶLJ ƌĞŐƵůĂƌŽƌƐƉĞĐŝĂůŵĞĞƚŝŶŐǁŚĞƌĞĂƋƵŽƌƵŵŝƐƉƌĞƐĞŶƚ͕ŝĨƚŚĞǀŽƚĞƐĐĂƐƚĨŽƌƚŚĞĂŵĞŶĚŵĞŶƚĞdžĐĞĞĚƚŚŽƐĞĐĂƐƚ ĂŐĂŝŶƐƚ͘

ϮϬϭϵŶŶƵĂůZĞƉŽƌƚ

ĐŽƉLJŽĨŽƵƌŶŶƵĂůZĞƉŽƌƚŽŶ&ŽƌŵϭϬͲ<ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϵĐĂŶďĞĂĐĐĞƐƐĞĚďLJ ĨŽůůŽǁŝŶŐƚŚĞŝŶƐƚƌƵĐƚŝŽŶƐĐŽŶƚĂŝŶĞĚŽŶƚŚĞEŽƚŝĐĞŽĨ/ŶƚĞƌŶĞƚǀĂŝůĂďŝůŝƚLJŵĂŝůĞĚƚŽƐŚĂƌĞŚŽůĚĞƌƐŽĨƌĞĐŽƌĚ ĂƐŽĨƚŚĞƌĞĐŽƌĚĚĂƚĞŽŶŽƌĂďŽƵƚDĂƌĐŚϭϭ͕ϮϬϮϬ͘ĐŽƉLJŽĨŽƵƌϮϬϭϵŶŶƵĂůZĞƉŽƌƚŵĂLJĂůƐŽďĞŽďƚĂŝŶĞĚ ǁŝƚŚŽƵƚĐŚĂƌŐĞŽŶŽƵƌǁĞďƐŝƚĞĂƚǁǁǁ͘ďĂŶĐŽƌƉƐŽƵƚŚ͘ĐŽŵŽŶŽƵƌ/ŶǀĞƐƚŽƌZĞůĂƚŝŽŶƐǁĞďƉĂŐĞƵŶĚĞƌƚŚĞ ĐĂƉƚŝŽŶ͞WƵďůŝĐ&ŝůŝŶŐƐʹĨƚĞƌϭϭͲϬϭͲϮϬϭϳ͟ĂŶĚƚŚƌŽƵŐŚƚŚĞ&/͛Ɛ ǁĞďƐŝƚĞ Ăƚ ŚƚƚƉƐ͗ͬͬĞĨƌ͘ĨĚŝĐ͘ŐŽǀͬĨĐdžǁĞďͬĞĨƌͬŝŶĚĞdž͘Śƚŵ͘

/ŶĂĚĚŝƚŝŽŶ͕ĐŽƉŝĞƐŽĨŽƵƌϮϬϭϵŶŶƵĂůZĞƉŽƌƚǁŝůůďĞĨƵƌŶŝƐŚĞĚǁŝƚŚŽƵƚĐŚĂƌŐĞƚŽĂŶLJƐŚĂƌĞŚŽůĚĞƌǁŚŽ ƌĞƋƵĞƐƚƐƐƵĐŚƌĞƉŽƌƚďLJƐĞŶĚŝŶŐĂǁƌŝƚƚĞŶƌĞƋƵĞƐƚƚŽ͗

ĂŶĐŽƌƉ^ŽƵƚŚ͕ĂŶŬ KŶĞDŝƐƐŝƐƐŝƉƉŝWůĂnjĂ ϮϬϭ^ŽƵƚŚ^ƉƌŝŶŐ^ƚƌĞĞƚ dƵƉĞůŽ͕DŝƐƐŝƐƐŝƉƉŝϯϴϴϬϰ ƚƚĞŶƚŝŽŶ͗ŽƌƉŽƌĂƚĞ^ĞĐƌĞƚĂƌLJ

ϴϱ 'ĞŶĞƌĂů/ŶĨŽƌŵĂƚŝŽŶ DŝƐĐĞůůĂŶĞŽƵƐ

KƵƌŵĂŶĂŐĞŵĞŶƚŝƐŶŽƚĂǁĂƌĞŽĨĂŶLJŵĂƚƚĞƌƐŽƚŚĞƌƚŚĂŶƚŚŽƐĞĚĞƐĐƌŝďĞĚĂďŽǀĞǁŚŝĐŚŵĂLJďĞƉƌĞƐĞŶƚĞĚ ĨŽƌĂĐƚŝŽŶĂƚƚŚĞŶŶƵĂůDĞĞƚŝŶŐ͘/ĨĂŶLJŽƚŚĞƌŵĂƚƚĞƌƐƉƌŽƉĞƌůLJĐŽŵĞďĞĨŽƌĞƚŚĞŶŶƵĂůDĞĞƚŝŶŐ͕ƚŚĞƉƌŽdžŝĞƐ ǁŝůůďĞǀŽƚĞĚǁŝƚŚƌĞƐƉĞĐƚƚŽƐƵĐŚŵĂƚƚĞƌƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞũƵĚŐŵĞŶƚŽĨƚŚĞƉĞƌƐŽŶŽƌƉĞƌƐŽŶƐǀŽƚŝŶŐ ƐƵĐŚƉƌŽdžŝĞƐ͕ƐƵďũĞĐƚƚŽƚŚĞĚŝƌĞĐƚŝŽŶŽĨŽƵƌŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͘

ĂŶĐŽƌƉ^ŽƵƚŚĂŶŬ

:D^͘ZK>>/E^/// ŚĂŝƌŵĂŶŽĨƚŚĞŽĂƌĚĂŶĚŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌ

DĂƌĐŚϭϭ͕ϮϬϮϬ

ϴϲ This page intentionally left blank This page intentionally left blank This page intentionally left blank Your vote matters – here’s how to vote! You may vote online or by phone instead of mailing this card. Votes submitted electronically must be received by 2:00 a.m., Central Time, on April 22, 2020. Online Go to www.envisionreports.com/BXS or scan the QR code — login details are located in the shaded bar below.

Phone Call toll free 1-800-652-VOTE (8683) within the USA, US territories and Canada Save paper, time and money! Sign up for electronic delivery at Using a black ink pen, mark your votes with an X as shown in this example. Please do not write outside the designated areas. www.envisionreports.com/BXS

2020 Annual Meeting Proxy Card

q IF VOTING BY MAIL, SIGN, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE. q

A Proposals — The Board of Directors recommend a vote FOR the five (5) nominees listed and FOR Proposals 2 and 3. 1. Election of Directors: + For Withhold For Withhold For Withhold 01 - Gus J. Blass III 02 - Deborah M. Cannon 03 - William G. Holliman

04 - Warren A. Hood, Jr. 05 - Thomas R. Stanton

For Against Abstain For Against Abstain 2. Approval of the compensation of our Named Executive Officers, 3. Ratification of the appointment of BKD, LLP as our independent on a non-binding, advisory basis registered public accounting firm for the year ending December 31, 2020

B Authorized Signatures — This section must be completed for your vote to be counted. — Date and Sign Below Please sign exactly as name(s) appears hereon. Joint owners should each sign. When signing as attorney, executor, administrator, corporate officer, trustee, guardian, or custodian, please give full title.

Date (mm/dd/yyyy) — Please print date below. Signature 1 — Please keep signature within the box. Signature 2 — Please keep signature within the box.

52DV +

036Z1C 2020 Annual Meeting of BancorpSouth Bank Shareholders April 22, 2020 YOUR VOTE IS IMPORTANT!

Important notice regarding the Internet availability of proxy materials for the 2020 Annual Meeting of Shareholders. The proxy materials are available at: www.envisionreports.com/BXS

Small steps make an impact. Help the environment by consenting to receive electronic delivery, sign up at www.envisionreports.com/BXS

q IF VOTING BY MAIL, SIGN, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE. q

REVOCABLE PROXY — BancorpSouth Bank + Notice of 2020 Annual Meeting of Shareholders Proxy Solicited by the Board of Directors for the Annual Meeting — April 22, 2020 James E. Campbell III, Keith J. Jackson, and Larry G. Kirk (the “Proxies”), or any of them, each with the power of substitution, are hereby authorized to represent and vote the shares of the undersigned, with all the powers which the undersigned would possess if personally present, at the Annual Meeting of Shareholders of BancorpSouth Bank to be held on April 22, 2020 or at any postponement or adjournment thereof. Shares represented by this proxy will be voted as directed by the shareholder. If no such directions are indicated, the Proxies will have authority to vote FOR the election of the five (5) nominees to the Board of Directors listed in Proposal 1 and FOR Proposals 2 and 3. In their discretion, the Proxies are authorized to vote upon such other business as may properly come before the 2020 Annual Meeting of Shareholders. (Items to be voted appear on reverse side)

C Non-Voting Items

Change of Address — Please print new address below. Comments — Please print your comments below. Meeting Attendance Mark box to the right if you plan to attend the Annual Meeting. + Using a black ink pen, mark your votes with an X as shown in this example. Please do not write outside the designated areas.

2020 Annual Meeting Proxy Card

q IF VOTING BY MAIL, SIGN, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE. q

A Proposals — The Board of Directors recommend a vote FOR the five (5) nominees listed and FOR Proposals 2 and 3. 1. Election of Directors: + For Withhold For Withhold For Withhold 01 - Gus J. Blass III 02 - Deborah M. Cannon 03 - William G. Holliman

04 - Warren A. Hood, Jr. 05 - Thomas R. Stanton

For Against Abstain For Against Abstain 2. Approval of the compensation of our Named Executive Officers, 3. Ratification of the appointment of BKD, LLP as our independent on a non-binding, advisory basis registered public accounting firm for the year ending December 31, 2020

B Authorized Signatures — This section must be completed for your vote to be counted. — Date and Sign Below Please sign exactly as name(s) appears hereon. Joint owners should each sign. When signing as attorney, executor, administrator, corporate officer, trustee, guardian, or custodian, please give full title.

Date (mm/dd/yyyy) — Please print date below. Signature 1 — Please keep signature within the box. Signature 2 — Please keep signature within the box.

1UPX +

036Z2C Important notice regarding the Internet availability of proxy materials for the 2020 Annual Meeting of Shareholders. The proxy materials are available at: www.edocumentview.com/BXS

q IF VOTING BY MAIL, SIGN, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE. q

REVOCABLE PROXY — BancorpSouth Bank

Notice of 2020 Annual Meeting of Shareholders Proxy Solicited by the Board of Directors for the Annual Meeting — April 22, 2020 James E. Campbell III, Keith J. Jackson, and Larry G. Kirk (the “Proxies”), or any of them, each with the power of substitution, are hereby authorized to represent and vote the shares of the undersigned, with all the powers which the undersigned would possess if personally present, at the Annual Meeting of Shareholders of BancorpSouth Bank to be held on April 22, 2020 or at any postponement or adjournment thereof. Shares represented by this proxy will be voted as directed by the shareholder. If no such directions are indicated, the Proxies will have authority to vote FOR the election of the five (5) nominees to the Board of Directors listed in Proposal 1 and FOR Proposals 2 and 3. In their discretion, the Proxies are authorized to vote upon such other business as may properly come before the 2020 Annual Meeting of Shareholders. (Items to be voted appear on reverse side)