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Φ ϯϲ͘ϴϬϯ

PLOD HXUR OD OLTXLGLWj GDO

Φ ϴϭ͘ϮϬϭ

Φ ϲϴ͘ϵϮϰ

ͲΦ ϴ͘ϰϱϲ

PLOLRQL GL HXUR LO SDWULPRQLR QHWWR GDO

ϮϬϬϵ

ϮϬϭϬ

ϮϬϭϭ

ϮϬϭϮ

ϮϬϭϯ

(QWUDWH

ZŝĐĂǀŝ ĚĂ ƋƵŽƚĞ ĂƐƐŽĐŝĂƚŝǀĞ Ğ ĂĚĚŝnjŝŽŶĂůŝ WĂƌƚĞĐŝƉĂnjŝŽŶĞ ĂůůĞ ƐƉĞƐĞ ŐĞŶĞƌĂůŝ Ͳ &ĞĚĞƌƐĂŶŝƚă WĂƌƚĞĐŝƉĂnjŝŽŶĞ ĂůůĞ ƐƉĞƐĞ ŐĞŶĞƌĂůŝ Ͳ ŶĐŝƚĞů ŽŶƚƌŝďƵƚŽ E / ZĞŐŝŽŶĂůŝ ŝůĂŶĐŝ EĞƚ ^Ğƌǀŝnjŝ Ğ ĨŽƌŵĂnjŝŽŶĞ ZŝŵďŽƌƐŽ ĚĂ Ŷƚŝ ƉĞƌ ƉĞƌŵĞƐƐŝ ƌĞƚƌŝďƵŝƚŝ ŽŶƚƌŝďƵƚŝ ƉĞƌ ƉƌŽŐĞƚƚŝ ŽŶƚƌŝďƵƚŝ ƉĞƌ ŝŶŝnjŝĂƚŝǀĞ Ěŝ ƐŽůŝĚĂƌŝĞƚă ůƚƌŝ ƌŝĐĂǀŝ /ŶƚĞƌĞƐƐŝ ďĂŶĐĂƌŝ Ğ ĨŝŶĂŶnjŝĂƌŝ dKd >

Φ ϴϱϭ͘Ϭϲϯ͕ϳϵ Φ ϭϵ͘ϬϬϬ͕ϬϬ Φ ϭϯ͘ϰϮϬ͕ϬϬ Φ Ϯ͘ϱϬϬ͕ϬϬ Φ ϭ͘ϬϭϮ͘ϰϳϲ͕ϳϴ Φ ϳ͘ϵϵϮ͕ϬϬ Φ ϭϰ͘ϮϮϱ͕ϲϱ Φ ϴ͘Ϭϯϰ͕ϱϭ Φ ϳϵϮ͕ϰϰ Φ ϰϱϭ͕ϳϯ Φ ϭ͘ϵϮϵ͘ϵϱϲ͕ϵϬ

KÝ ä h %# ( ¥ h h &¥ $ h +*%$%#¥ h ¥$ $0¥ (¥ h h 1 h ) ( ¥* h $ h %$h¥1h( & (¥# $*%h ¥h(¥)%() h ¥+$*¥, h (¥)& **%h h'+ 11 h )) $ * h 11iÝ ä RZh

9DU GDO

нϱй Ͳϭϯ͕ϲй Ͳϭϵ͕Ϯй

нϯ͕Ϯй Ͳϱϱ͕ϯй

Ͳϴϭ͕ϴй Ͳϵϲ͕ϯй нϯ͕ϰй

ƌƚ͘ ϲ ^ƚĂƚƵƚŽ E / >ŽŵďĂƌĚŝĂ ʹ ƵƚŽŶŽŵŝĂ ĨŝŶĂŶnjŝĂƌŝĂ

>Ă ĐƌĞƐĐŝƚĂ ĚĞůůĞ ĞŶƚƌĂƚĞ Ğ ĚĞůůĞ ƵƐĐŝƚĞ ƉĞƌ ƐĞƌǀŝnjŝ Ğ ĨŽƌŵĂnjŝŽŶĞ ĚŝŵŽƐƚƌĂ ůĂ ĐƌĞƐĐĞŶƚĞ ĐĂƉĂĐŝƚă Ěŝ ŽĨĨƌŝƌĞ ƐĞƌǀŝnjŝ Ăŝ ŽŵƵŶŝ ůŽŵďĂƌĚŝ ĚĂ ƉĂƌƚĞ ĚĞů ƐŝƐƚĞŵĂ E / >ŽŵďĂƌĚŝĂ Ğ ŝŶ ƉĂƌƚŝĐŽůĂƌĞ Ěŝ ŶĐŝƚĞů͘ ŽŶĨƌŽŶƚŽ ϮϬϬϵͲϮϬϭϯ ĚĞůůĞ ĞŶƚƌĂƚĞ Φ ϭ͘ϬϭϮ͘ϰϳϳ Φ ϵϴϬ͘ϵϲϮ

^Ğƌǀŝnjŝ Ğ &ŽƌŵĂnjŝŽŶĞ

Φ ϴϱϭ͘Ϭϲϰ Φ ϴϬϴ͘ϰϳϲ

YƵŽƚĞ ĂƐƐŽĐŝĂƚŝǀĞ

8VFLWH

^W ^ W Z KZ' E/ ^^K / /KE ^ƉĞƐĞ ŐĞŶĞƌĂůŝ WƌĞƐƚĂnjŝŽŶŝ ƉƌŽĨĞƐƐŝŽŶĂůŝ WĞƌƐŽŶĂůĞ ^W ^ / &hE /KE D EdK ^Ğƌǀŝnjŝ Ğ ĨŽƌŵĂnjŝŽŶĞ WƌŽŐĞƚƚŝ ^ Zs/ / / ^K / ^K>/ Z/ d ƚƚŝǀŝƚă ŝƐƚŝƚƵnjŝŽŶĂůŝ ŽŶǀĞŐŶŝ͕ ĐŽŶƐƵůĞŶnjĂ Ğ ƌĂƉƉƌĞƐĞŶƚĂŶnjĂ ZŝŵďŽƌƐŝ ƐƉĞƐĞ DŝƐƐŝŽŶŝ Z WWZ ^ Ed E KŶĞƌŝ ĨŝŶĂŶnjŝĂƌŝ KŶĞƌŝ ƚƌŝďƵƚĂƌŝ ĐĐ͘ƚŽ &ŽŶĚŽ ƐǀĂůƵƚĂnjŝŽŶĞ ƋƵŽƚĞ ĂƐƐŽĐŝĂƚŝǀĞ ŵŵŽƌƚĂŵĞŶƚŝ >dZ/ KE Z/ dKd >

Φ Ϯϯ͘Ϯϯϰ͕ϲϱ Φ ϲϱ͘ϳϱϮ͕Ϯϰ Φ ϳϴ͘ϳϱϰ͕Ϯϳ Φ ϯϲϵ͘ϰϵϲ͕ϲϭ Φ ϱϭϰ͘ϬϬϯ͕ϭϮ Φ ϴϲϴ͘Ϯϱϱ͕ϳϵ Φ ϯϯϮ͘ϲϮϯ͕ϱϭ Φ ϭ͘ϮϬϬ͘ϴϳϵ͕ϯϬ Φ ϴ͘Ϭϯϰ͕ϱϭ Φ ϯ͘ϵϱϬ͕Ϯϯ Φ ϲ͘Ϯϯϭ͕ϴϮ Φ ϯϳ͘ϴϳϳ͕ϵϳ Φ ϭϬ͘ϱϳϴ͕ϭϵ Φ ϱϴ͘ϲϯϴ͕Ϯϭ Φ ϭ͘ϳϳϲ͕ϳϲ Φ ϮϮ͘ϵϭϰ͕ϱϬ Φ ϭϲ͘ϬϬϬ͕ϬϬ Φ ϯ͘Ϯϳϰ͕ϳϵ Φ ϰϯ͘ϵϲϲ͕Ϭϱ Φ ϭ͘ϴϰϴ͘ϳϱϱ͕ϴϰ

9DU GDO

ͲϴϮй Ͳϯϲй нϭϴϬй нϭй нϯй нϭй нϭϴй нϱй

Ă ƐŽŐŐĞƚƚŝ ĚĞů ƐŝƐƚĞŵĂ E / >ŽŵďĂƌĚŝĂ

Φ ϯϮ͘ϰϮϬ Φ ϯϴ͘ϲϬϬ

ůƚƌĞ ĞŶƚƌĂƚĞ

Φ ϭϵ͘ϳϳϭ Φ ϯϴ͘ϴϵϲ

ŽŶƚƌŝďƵƚŝ ƉĞƌ ƉƌŽŐĞƚƚŝ

ϮϬϭϯ ϮϬϬϵ

Φ ϭϰ͘ϮϮϲ ΦϬ

Ͳϰϱй Ͳϭϱй Ͳϱϰй Ͳϱй Ͳϳϱй нϳй Ͳϭй

ŽŶĨƌŽŶƚŽ ϮϬϬϵͲϮϬϭϯ ĚĞůůĞ ƵƐĐŝƚĞ Φ ϭ͘ϮϬϬ͘ϴϳϵ Φ ϭ͘ϭϯϴ͘ϲϱϱ

^Ğƌǀŝnjŝ Ăŝ ƐŽĐŝ Φ ϱϭϰ͘ϬϬϯ Φ ϰϵϳ͘ϲϰϳ

^ƉĞƐĞ ŐĞŶĞƌĂůŝ ZĂƉƉƌĞƐĞŶƚĂŶnjĂ ^ƉĞƐĞ ƉĞƌ KƌŐĂŶŝ ůƚƌŝ ŽŶĞƌŝ ^ŽůŝĚĂƌŝĞƚă

Φ ϱϴ͘ϲϯϴ Φ ϲϴ͘ϲϳϯ Φ Ϯϯ͘Ϯϯϱ Φ ϭϮϵ͘Ϯϱϵ Φ ϰϯ͘ϵϲϲ Φ ϰϭ͘ϭϱϲ Φ ϴ͘Ϭϯϱ ΦϬ

,O VLVWHPD GL ILQDQ]LDPHQWR &RPH YHQJRQR UHGLVWULEXLWH OH TXRWH DVVRFLDWLYH"

>Ă ƋƵŽƚĂ ĂƐƐŽĐŝĂƚŝǀĂ ğ ĐŽƌƌŝƐƉŽƐƚĂ ĂĚ E / EĂnjŝŽŶĂůĞ Ğ Ɛŝ ĐŽŵƉŽŶĞ Ěŝ ϯ ƉĂƌƚŝ͗

4XRWD QD]LRQDOH ILVVD

4XRWD QD]LRQDOH SHU DELWDQWH

E / ŶĂnjŝŽŶĂůĞ ƚƌĂƚƚŝĞŶĞ ŝů ϰϱй ĚĞůůĞ ĚƵĞ ƋƵŽƚĞ ŶĂnjŝŽŶĂůŝ ;ĨŝƐƐĂ Ğ ƉĞƌ ĂďŝƚĂŶƚĞͿ͘ >Ğ E / ƌĞŐŝŽŶĂůŝ ƌŝĐĞǀŽŶŽ ŝů ϭϬϬй ĚĞůůĂ ƋƵŽƚĂ ƌĞŐŝŽŶĂůĞ Ğ ŝů ϱϱй ĚĞůůĞ ƋƵŽƚĞ ŶĂnjŝŽŶĂůŝ͕ ĚĞĐƵƌƚĂƚĞ Ěŝ ƵŶ ϭϬй ĐŚĞ ǀŝĞŶĞ ƌĞĚŝƐƚƌŝďƵŝƚŽ Ă ĨĂǀŽƌĞ ĚĞůůĞ E / ƌĞŐŝŽŶĂůŝ Ɖŝƶ ƉŝĐĐŽůĞ͘ dĂůĞ ƌŝƉĂƌƚŝnjŝŽŶĞ ğ ĂƉƉƌŽǀĂƚĂ ĚĂů ŽŶƐŝŐůŝŽ EĂnjŝŽŶĂůĞ ƐƵ ƉƌŽƉŽƐƚĂ ĚĞůůĂ ŽŶĨĞƌĞŶnjĂ ĚĞŝ WƌĞƐŝĚĞŶƚŝ ĚĞůůĞ E / ƌĞŐŝŽŶĂůŝ͘

4XRWD UHJLRQDOH SHU DELWDQWH

YƵŽƚĂ ŶĂnjŝŽŶĂůĞ ĨŝƐƐĂ

4XRWD QD]LRQDOH ILVVD

ƉĂƌĂŵĞƚƌĂƚĂ ĂůůĂ ĐůĂƐƐĞ ĚŝŵĞŶƐŝŽŶĂůĞ ĚĞů ŽŵƵŶĞ͘ Ϭ Ͳ ϱϬϬ ϱϬϭ Ͳ ϭ͘ϬϬϬ ϭ͘ϬϬϭ Ͳ ϯ͘ϬϬϬ ϯ͘ϬϬϭ Ͳ ϱ͘ϬϬϬ ϱ͘ϬϬϭ Ͳ ϭϬ͘ϬϬϬ ϭϬ͘ϬϬϭ Ͳ ϯϬ͘ϬϬϬ ϯϬ͘ϬϬϭ Ͳ ϱϬ͘ϬϬϬ

ΦϬ Φ ϴϱ Φ ϭϭϭ Φ ϭϯϳ Φ ϭϲϰ Φ Ϯϭϳ Φ Ϯϳϱ

ϱϬ͘ϬϬϭ Ͳ ϭϬϬ͘ϬϬϬ ϭϬϬ͘ϬϬϭ Ͳ ϱϬϬ͘ϬϬϬ ŽůƚƌĞ ϱϬϬ͘ϬϬϬ

Φ ϱϰϱ Φ ϭ͘ϬϵϬ Φ ϭ͘ϲϰϬ

YƵŽƚĂ ŶĂnjŝŽŶĂůĞ ƉĞƌ ĂďŝƚĂŶƚĞ

/ů ŽŶƐŝŐůŝŽ EĂnjŝŽŶĂůĞ ĚĞů Ϯϵ 'ĞŶŶĂŝŽ ϮϬϭϰ ŚĂ ƉƌĞǀŝƐƚŽ Ă ƉĂƌƚŝƌĞ ĚĂů ϮϬϭϰ ϯ ů͛ĂĚĞŐƵĂŵĞŶƚŽ ĚĞůůĞ ƋƵŽƚĞ ĂƐƐŽĐŝĂƚŝǀĞ Ăůů͛ŝŶĚŝĐĞ ĚĞŝ ƉƌĞnjnjŝ Ăů ĐŽŶƐƵŵŽ /^d d ϮϬϬϵ ͘ >Ă ƋƵŽƚĂ ƉĞƌ ĂďŝƚĂŶƚĞ ;ƐĞĐŽŶĚŽ ů͛ƵůƚŝŵŽ ĐĞŶƐŝŵĞŶƚŽ /^d d ϮϬϭϭͿ ğ ƋƵŝŶĚŝ ƉĂƌŝ Ă Ϭ͕ϭϳ ĞƵƌŽ͘ ^ŽŶŽ ĞƐĞŶƚĂƚŝ ŝ ŽŵƵŶŝ ĐŽŶ ƉŽƉŽůĂnjŝŽŶĞ ĨŝŶŽ Ă ϭ͘ϬϬϬ ĂďŝƚĂŶƚŝ͘

YƵŽƚĂ ƌĞŐŝŽŶĂůĞ ƉĞƌ ĂďŝƚĂŶƚĞ

/ŶǀĂƌŝĂƚĂ ůĂ ƋƵŽƚĂ ĐŚĞ͕ ƐĞĐŽŶĚŽ ƋƵĂŶƚŽ ƉƌĞǀŝƐƚŽ ĚĂů ŽŶƐŝŐůŝŽ ŝƌĞƚƚŝǀŽ ZĞŐŝŽŶĂůĞ ĚĞů Ϯϱ ŶŽǀĞŵďƌĞ ϮϬϬϴ͕ ğ ƉĂƌŝ Ă Ϭ͕ϬϮϴ ĞƵƌŽ͘ ^ŽŶŽ ĞƐĞŶƚĂƚŝ ŝ ŽŵƵŶŝ ĨŝŶŽ Ă ϱϬϬ ĂďŝƚĂŶƚŝ͘

ϯ

ĐŽŵĞ ƉƌĞǀŝƐƚŽ ĚĞůů͛Ăƌƚ͘ Ϯϵ͘Ϯ ĚĞůůŽ ^ƚĂƚƵƚŽ͘

4XRWD QD]LRQDOH SHU DELWDQWH

$1&, QD]LRQDOH

$1&, UHJLRQDOL

5LSDUWLWR VHFRQGR FULWHUL GL SHUHTXD]LRQH LQ IDYRUH GHOOH $1&, UHJLRQDOL GL SLFFROD GLPHQVLRQH WHUULWRULDOH

4XRWD UHJLRQDOH SHU DELWDQWH

$1&, UHJLRQDOL

>Ă ƋƵĂƌƚĂ ŝŶĚĂŐŝŶĞ ĚĞůů͛KƐƐĞƌǀĂƚŽƌŝŽ ƐƵŝ ŽŵƵŶŝ >ŽŵďĂƌĚŝ Ěŝ E / >ŽŵďĂƌĚŝĂͲ/W^K^͕ ĐŽŶĨĞƌŵĂ͕ ƉƵƌ ƌĞŐŝƐƚƌĂŶĚŽ ƵŶ ůŝĞǀĞ ĐĂůŽ͕ ůĂ ƐŽĚĚŝƐĨĂnjŝŽŶĞ ĚĞŐůŝ ĂƐƐŽĐŝĂƚŝ͘

4XDOFKH HVHPSLR GL TXRWH DVVRFLDWLYH

3HU L &RPXQL ILQR D DELWDQWL O·DGHVLRQH q JUDWXLWD ,Q /RPEDUGLD VRQR

H VROR O¶ q VRFLR 6RQR OD FDWHJRULD PHQR UDSSUHVHQWDWD

ϮϬϭϯ

½

½

½

Ϯϱй

ϮϬϭϮ

ϴϮй

ϭϴй

½

ŶŽ ϮϬϭϭ

ϴϴй

ϭϮй

ŽŵƵŶŝ ŵŽƌŽƐŝ

>Ğ ĞŶƚƌĂƚĞ ĚĂ ƋƵŽƚĞ ĂƐƐŽĐŝĂƚŝǀĞ ŶĞů ϮϬϭϯ ƐŽŶŽ ƐƚĂƚĞ ƉĂƌŝ Ă ϴϱϭ ŵŝůĂ ĞƵƌŽ͕ ŝŶ ĐƌĞƐĐŝƚĂ ĚĞů нϱй ĚĂů ϮϬϬϵ ŝŶ ĐŽƌƌŝƐƉŽŶĚĞŶnjĂ Ěŝ ƵŶ ĂƵŵĞŶƚŽ ĚĞů ϰй ĚĞŐůŝ ĂƐƐŽĐŝĂƚŝ͘ Ăů ϮϬϬϵ ƚƌĂ E / EĂnjŝŽŶĂůĞ Ğ K͘EKZ ; ŽŶĨĞĚĞƌĂnjŝŽŶĞ ĚĞůůĞ WƌŽǀŝŶĐĞ Ğ ĚĞŝ ŽŵƵŶŝ ĚĞů EŽƌĚͿ ğ ƐƚĂƚŽ ƐŝŐůĂƚŽ ƵŶ ĂĐĐŽƌĚŽ ĐŚĞ ŚĂ ƉĞƌŵĞƐƐŽ Ăŝ ŽŵƵŶŝ Ěŝ ĂĚĞƌŝƌĞ ĂĚ ĞŶƚƌĂŵďĞ ůĞ ƐƐŽĐŝĂnjŝŽŶŝ͕ ƉĂŐĂŶĚŽ ƵŶĂ ƐŽůĂ ƋƵŽƚĂ ĂƐƐŽĐŝĂƚŝǀĂ͘

ϰϰ ϮϬ

ϲ ϮϬϬϳ

ŶƚƌĂƚĞ ĚĂ ƋƵŽƚĞ ĂƐƐŽĐŝĂƚŝǀĞ ƐƵ ƚŽƚĂůĞ ĚĞůůĞ ĞŶƚƌĂƚĞ Ă ďŝůĂŶĐŝŽ

ϴ

ϱ

ϲ

ϮϬϬϴ

ϮϬϬϵ

ϮϬϭϬ

ϮϬϭϭ

ϭϴ

ϮϬϭϮ

ϮϬϬϵ

ϯϳй

ϯϴй

ϮϬϭϬ

ϮϬϭϭ

YƵŽƚĞ ĂƐƐŽĐŝĂƚŝǀĞ

ϯϵй

ϰϰй

Ϯ͘ϰϯϱ

Ϯ͘ϳϬϳ

Ϯ͘ϵϱϲ

Ϯ͘ϳϱϴ

ϮϬϭϮ

ϮϬϭϯ

ϮϬϬϳ

ϮϬϬϴ

ϮϬϬϵ

ϮϬϭϬ

ůƚƌĞ ĞŶƚƌĂƚĞ

ϮϬϭϯ

Ϯϳ͘ϰϰϬ

YƵŽƚĂ ŵŽƌŽƐŝƚă ;ΦͿ

ϰϯй

Ɛŝ

/ŶƐŝĞŵĞ Ăůů͛ĂƵŵĞŶƚŽ ĚĞŐůŝ ĂƐƐŽĐŝĂƚŝ ŶĞů ŵĂŶĚĂƚŽ Ɛŝ ğ ǀĞƌŝĨŝĐĂƚŽ ƵŶ ĂƵŵĞŶƚŽ ĚĞůůĞ ŵŽƌŽƐŝƚă ĚŽǀƵƚĞ ĞǀŝĚĞŶƚĞŵĞŶƚĞ ĂůůĞ ĚŝĨĨŝĐŽůƚă ĨŝŶĂŶnjŝĂƌŝĞ ĚĞŐůŝ Ŷƚŝ͘ E / >ŽŵďĂƌĚŝĂ ŚĂ ŝŶƐĞƌŝƚŽ ŶĞů ϮϬϬϵ Ͳ ƉƌŝŵĂ ƚƌĂ ůĞ E / ƌĞŐŝŽŶĂůŝ Ͳ ƵŶ ĨŽŶĚŽ ƉĞƌ ůĂ ƐǀĂůƵƚĂnjŝŽŶĞ ĚĞŝ ĐƌĞĚŝƚŝ ĚĂ ƋƵŽƚĞ ĂƐƐŽĐŝĂƚŝǀĞ͕ ĐŚĞ ŶĞů ϮϬϭϯ ŚĂ ƌĂŐŐŝƵŶƚŽ ƋƵŽƚĂ ϵϯ͘ϬϬϬ ĞƵƌŽ͘

½

ϳϱй

DELWDQWL

ŽƐĂ ƌŝƐƉŽŶĚŽŶŽ ŝ ^ŝŶĚĂĐŝ ĂůůĂ ĚŽŵĂŶĚĂ͗ ΗWĞƌ ůĂ ƋƵŽƚĂ ĂƐƐŽĐŝĂƚŝǀĂ ĐŚĞ ƉĂŐĂ͕ ƌŝƚŝĞŶĞ ĐŚĞ ŝ ƐĞƌǀŝnjŝ ƐŝĂŶŽ ĂĚĞŐƵĂƚŝ͍Η

ϭϰ͘ϱϱϰ

ϭϯ͘Ϭϴϭ

ϮϬϭϭ

ϮϬϭϮ

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Ăů ϮϬϭϬ ŝ ŽŵƵŶŝ ŝƚĂůŝĂŶŝ ĞŶƚƌĂŶŽ ŝŶ ƵŶĂ ĐƌŝƐŝ ƐĞŶnjĂ ƉƌĞĐĞĚĞŶƚŝ͘ >Ă ĐƌŝƐŝ ĞĐŽŶŽŵŝĐĂ͕ ŝ ƚĂŐůŝ ƉĞƐĂŶƚŝƐƐŝŵŝ ĂůůĞ ƌŝƐŽƌƐĞ͕ ů͛ŝŶĐĞƌƚĞnjnjĂ Ğ ůĞ ŶŽƌŵĞ ĐŚĞ Ɛŝ ƐƵƐƐĞŐƵŽŶŽ͕ Ă ǀŽůƚĞ ŝŶ ŵŽĚŽ ĐŽŶĨƵƐŽ Ğ ĐŽŶƚƌĂĚĚŝƚƚŽƌŝŽ͕ ŝŶǀĂĚĞŶĚŽ ĂƌĞĞ Ěŝ ĐŽŵƉĞƚĞŶnjĂ ĐŽŵƵŶĂůĞ͕ ƌĞŶĚŽŶŽ ƐĞŵƉƌĞ Ɖŝƶ ĚŝĨĨŝĐŝůĞ ů͛Ăƚƚŝǀŝƚă Ěŝ ƉƌŽŐƌĂŵŵĂnjŝŽŶĞ ĞĐŽŶŽŵŝĐŽͲĨŝŶĂŶnjŝĂƌŝĂ ĚĞŝ ŽŵƵŶŝ͘ >Ğ ƌĞŐŽůĞ ĚĞů WĂƚƚŽ Ěŝ ƐƚĂďŝůŝƚă ŝŶƚĞƌŶŽ ďůŽĐĐĂŶŽ ůĞ ƉŽƐƐŝďŝůŝƚă Ěŝ ŝŶǀĞƐƚŝŵĞŶƚŝ Ğ ŝ ƉĂŐĂŵĞŶƚŝ ĂůůĞ ŝŵƉƌĞƐĞ ĐƌĞĚŝƚƌŝĐŝ Ěŝ ƐĞƌǀŝnjŝ Ğ ůĂǀŽƌŝ͕ ĂŐŐƌĂǀĂŶĚŽ ůĂ Őŝă ĚŝĨĨŝĐŝůĞ ƐŝƚƵĂnjŝŽŶĞ ĞĐŽŶŽŵŝĐĂ ůŽĐĂůĞ͘ /Ŷ ƋƵĞƐƚŽ ƋƵĂĚƌŽ E / >ŽŵďĂƌĚŝĂ ŚĂ ĚĂƚŽ ǀŽĐĞ ĂůůĞ ĚŝĨĨŝĐŽůƚă ĚĞŝ ŽŵƵŶŝ͕ ĐŚĞ ǀŽŐůŝŽŶŽ ƉĂƌƚĞĐŝƉĂƌĞ ĂůůŽ ƐĨŽƌnjŽ Ěŝ ƌŝƐĂŶĂŵĞŶƚŽ ĚĞůůĂ ĨŝŶĂŶnjĂ ƉƵďďůŝĐĂ Ğ Ěŝ ƌŝůĂŶĐŝŽ ĚĞůů͛ĞĐŽŶŽŵŝĂ͕ ĐŚŝĞĚĞŶĚŽ Ěŝ͗ • ŵŽĚŝĨŝĐĂƌĞ Őůŝ ŽďŝĞƚƚŝǀŝ Ğ ůĞ ƌĞŐŽůĞ ĚĞů WĂƚƚŽ Ěŝ ƐƚĂďŝůŝƚă Ğ ŝŶƚƌŽĚƵƌƌĞ ŵĞĐĐĂŶŝƐŵŝ ƉƌĞŵŝĂŶƚŝ ƉĞƌ ŝ ŽŵƵŶŝ ĚĂǀǀĞƌŽ ǀŝƌƚƵŽƐŝ • ƐďůŽĐĐĂƌĞ ƌŝƐŽƌƐĞ ƉĞƌ ƉĂŐĂƌĞ ůĞ ŝŵƉƌĞƐĞ Ğ ƌŝƐƉŽŶĚĞƌĞ ĐŽŶ ƐĞƌǀŝnjŝ ĂĚĞŐƵĂƚŝ ĂůůĂ ĐƌĞƐĐĞŶƚĞ ƉƌĞƐƐŝŽŶĞ ƐŽĐŝĂůĞ͕ ƚƌĂŵŝƚĞ ů͛ƵƚŝůŝnjnjŽ ĚĞŝ ƌĞƐŝĚƵŝ ƉĂƐƐŝǀŝ͕ ĚĞŐůŝ ĂǀĂŶnjŝ Ěŝ ĂŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͕ ĚĞů ƉĂƚƌŝŵŽŶŝŽ ŝŵŵŽďŝůŝĂƌĞ • ĂƉƉůŝĐĂƌĞ ƋƵĂŶƚŽ ƉƌĞǀŝƐƚŽ ĚĂůůĂ >ĞŐŐĞ ĞůĞŐĂ ƐƵů ĨĞĚĞƌĂůŝƐŵŽ ĨŝƐĐĂůĞ͕ ƉŽŝĐŚĠ ƐĞŶnjĂ ĂƵƚŽŶŽŵŝĂ ĨŝŶĂŶnjŝĂƌŝĂ ŝ ŽŵƵŶŝ ŶŽŶ ƉŽƐƐŽŶŽ ƐǀŽůŐĞƌĞ ĂƉƉŝĞŶŽ ŝů ƌƵŽůŽ Ěŝ ŐŽǀĞƌŶŽ ĐŚĞ ĐŽŵƉĞƚĞ ůŽƌŽ Ğ ƐĞŶnjĂ ĂƵƚŽŶŽŵŝĂ ŶŽŶ ǀŝ ğ ƌĞƐƉŽŶƐĂďŝůŝƚă ĚĞŐůŝ ŵŵŝŶŝƐƚƌĂƚŽƌŝ͘

E / >ŽŵďĂƌĚŝĂ ŝŶĐŽŶƚƌĂ ŝ WĂƌůĂŵĞŶƚĂƌŝ ůŽŵďĂƌĚŝ ƉĞƌ ƉƌŽƉŽƌƌĞ ŵŽĚŝĨŝĐŚĞ Ăů WĂƚƚŽ Ěŝ ƐƚĂďŝůŝƚă Ğ ĐŚŝĞĚĞƌĞ ŐĂƌĂŶnjŝĞ ƐƵů ŶŽŶ ĂƐƐŝĐƵƌĂƚŽ ƌŝŵďŽƌƐŽ ĚĞůů͛/ /͕ ŝ ƚĂŐůŝ Ăŝ ƚƌĂƐĨĞƌŝŵĞŶƚŝ Ğ ŝ ƌŝƐƉĂƌŵŝ ƐƵŝ ĐŽƐƚŝ ĚĞůůĂ ƉŽůŝƚŝĐĂ

ϭϭ EŽǀĞŵďƌĞ͗ ŝů WƌŽƚŽĐŽůůŽ Ěŝ ŝŶƚĞƐĂ ĐŽŶ ZĞŐŝŽŶĞ >ŽŵďĂƌĚŝĂ Ğ hW> ƐƵůů͛ĂƚƚƵĂnjŝŽŶĞ ĚĞů WĂƚƚŽ Ěŝ ^ƚĂďŝůŝƚă dĞƌƌŝƚŽƌŝĂůĞ ;W^dͿ ŝŶƚƌŽĚƵĐĞ ƉĞƌ ůĂ ƉƌŝŵĂ ǀŽůƚĂϰ ůĂ ƉŽƐƐŝďŝůŝƚă Ěŝ ŵŽĚƵůĂƌĞ ůĞ ƌĞŐŽůĞ ĐŚĞ ŐŽǀĞƌŶĂŶŽ ŝů WĂƚƚŽ Ěŝ ^ƚĂďŝůŝƚă ƉƵƌ ŵĂŶƚĞŶĞŶĚŽ ƐƚĂďŝůĞ ů͛ŽďŝĞƚƚŝǀŽ Ěŝ ĐŽŶƚĞŶŝŵĞŶƚŽ ĚĞůůĂ ƐƉĞƐĂ ƉƵďďůŝĐĂ͘ WĞƌ ůĂ ƉƌŝŵĂ ǀŽůƚĂ Ɛŝ Ěă ƐƉĂnjŝŽ ĨŝŶĂŶnjŝĂƌŝŽ Ăŝ ŽŵƵŶŝ ƉĞƌ ƐŵĂůƚŝƌĞ ŝ ƉĂŐĂŵĞŶƚŝ ƚƌĂŵŝƚĞ ŝ ƌĞƐŝĚƵŝ

&ĞďďƌĂŝŽ͗ E / >ŽŵďĂƌĚŝĂ ŝŶĐŽŶƚƌĂ ŝ WĂƌůĂŵĞŶƚĂƌŝ Ğ ůĞ ƐƐŽĐŝĂnjŝŽŶŝ ĞĐŽŶŽŵŝĐŚĞ Ğ ĨŝƌŵĂ ƵŶĂ ŶŽƚĂ ĐŽŶŐŝƵŶƚĂ ƐƵůůĂ ĨŝŶĂŶnjĂ ůŽĐĂůĞ

>͛ϴ ƉƌŝůĞ ƉĞƌ ůĂ ƉƌŝŵĂ ǀŽůƚĂ ŝŶ /ƚĂůŝĂ ŝ ^ŝŶĚĂĐŝ ƐĐĞŶĚŽŶŽ ŝŶ WŝĂnjnjĂ ƉĞƌ ƉŽƌƚĂƌĞ ůĞ ƉƌŽƉƌŝĞ ƌĂŐŝŽŶŝ Ăůů͛ĂƚƚĞŶnjŝŽŶĞ ŶŽŶ ƐŽůŽ ĚĞůůĞ ŝƐƚŝƚƵnjŝŽŶŝ͕ ŵĂ ĂŶĐŚĞ ĚĞůů͛ŽƉŝŶŝŽŶĞ ƉƵďďůŝĐĂ͘ / ^ŝŶĚĂĐŝ ƐŝŵďŽůŝĐĂŵĞŶƚĞ ĐŽŶƐĞŐŶĂŶŽ ůĂ ĨĂƐĐŝĂ ƚƌŝĐŽůŽƌĞ Ăů WƌĞĨĞƚƚŽ

Ϯϰ EŽǀĞŵďƌĞ͗ ĐŽŶ ŝů WƌŽƚŽĐŽůůŽ Ěŝ ŝŶƚĞƐĂ ͞^ďůŽĐĐĂ ĐƌĞĚŝƚŝ͟ ŝ ƉŝĐĐŽůŝ ŝŵƉƌĞŶĚŝƚŽƌŝ ĐŚĞ ǀĂŶƚĂŶŽ ĐƌĞĚŝƚŝ ƐĐĂĚƵƚŝ ĐŽŶ ŝ ŽŵƵŶŝ ůŽŵďĂƌĚŝ ƉŽƐƐŽŶŽ ŽƚƚĞŶĞƌĞ ĚĂŐůŝ /ƐƚŝƚƵƚŝ ďĂŶĐĂƌŝ ĐŽŶǀĞŶnjŝŽŶĂͲ ƚŝ ĨŝŶŽ Ă ϭϱ͘ϬϬϬΦ ŽůƚƌĞ /s ƐĞŶnjĂ ƉĂŐĂƌĞ ĂůĐƵŶ ŝŶƚĞƌĞƐƐĞ

Ϯϲ >ƵŐůŝŽ͗ ŝů WƌŽƚŽĐŽůůŽ Ěŝ ŝŶƚĞƐĂ ĐŽŶ ZĞŐŝŽŶĞ >ŽŵďĂƌĚŝĂ ŝŶƚƌŽĚƵĐĞ ů͛/ŶĚŝĐĞ ^ŝŶƚĞƚŝĐŽ Ěŝ sŝƌƚƵŽƐŝƚă ƉĞƌ ŽƚƚĞŶĞƌĞ ďĞŶĞĨŝĐŝ ƌĞŐŝŽŶĂůŝ Ğ ĂƉƉůŝĐĂƌĞ ŝů W^d

E / >ŽŵďĂƌĚŝĂ Ɛŝ ĐŽŶĨƌŽŶƚĂ ĐŽŶ ůĞ ĂƐƐŽĐŝĂnjŝŽŶŝ ĞĐŽŶŽŵŝĐŚĞ Ğ ŝ ƉĂƌůĂŵĞŶƚĂƌŝ ƐƵůůĂ ŵĂŶŽǀƌĂ ĨŝŶĂŶnjŝĂƌŝĂ ƐƚƌĂŽƌĚŝŶĂƌŝĂ ŝŶ ĚŝƐĐƵƐƐŝŽŶĞ ĐŚĞ ƉƌĞǀĞĚĞ ƚĂŐůŝ ƉĞƌ ϯ ŵŝůŝĂƌĚŝ ĐŚĞ Ɛŝ ĂŐŐŝƵŶŐŽŶŽ Ăŝ Ϯ͕ϱ Őŝă ŽƉĞƌĂƚŝ ĐŽŶ ůĂ ŵĂŶŽǀƌĂ ĐŽŶƚĞŶƵƚĂ ŶĞů > ϳϴͬϭϬ͘ /ů Ϯϵ ŐŽƐƚŽ ŝ ^ŝŶĚĂĐŝ ;ů͛ϴϱйͿ ƐĐĞŶĚŽŶŽ ŶƵŽǀĂŵĞŶƚĞ ŝŶ WŝĂnjnjĂ

Ϯϴ KƚƚŽďƌĞ͗ ĐŽŶ ů͛ ĐĐŽƌĚŽ ƚƌĂ ZĞŐŝŽŶĞ >ŽŵďĂƌĚŝĂ Ğ hW> Ɛŝ ŝŶƚƌŽĚƵĐĞ ŝů W^d ǀĞƌƚŝĐĂůĞ Ğ ŽƌŝnjnjŽŶƚĂůĞ Ğ ƵŶ ŵĞĐĐĂŶŝƐŵŽ ƉƌĞŵŝĂŶƚĞ ĐŽůůĞŐĂƚŽ ĂůůĂ ǀŝƌƚƵŽƐŝƚă

ϭϰ ŝĐĞŵďƌĞ͗ ŝů WƌŽƚŽĐŽůůŽ Ěŝ ŝŶƚĞƐĂ ͞^ďůŽĐĐĂ ĐƌĞĚŝƚŝ͟ ĐŽŶ ůĂ ĂŵĞƌĂ Ěŝ ŽŵŵĞƌĐŝŽ Ěŝ DŝůĂŶŽ ĂŵƉůŝĂ Ă ϭϬϬ͘ϬϬϬΦ ůĂ ƉŽƐƐŝďŝůŝƚă Ěŝ ĐĞĚĞƌĞ ĐƌĞĚŝƚŝ ǀĞƌƐŽ ƵŶ ŽŵƵŶĞ ĚĞůůĂ ƉƌŽǀŝŶĐŝĂ Ěŝ DŝůĂŶŽ ƐĞŶnjĂ ƉĂŐĂƌĞ ŝŶƚĞƌĞƐƐŝ

ϰ

ů͛ĞƐŝƚŽ Ěŝ ƵŶ ƉĞƌĐŽƌƐŽ ĂǀǀŝĂƚŽ ŶĞů ϮϬϬϴ ĐŽŶ ůĂ ZĞŐŝŽŶĞ ƉĞƌ ůĂ ĐŽƐƚŝƚƵnjŝŽŶĞ ĚĞů ƚĂǀŽůŽ ƉĞƌŵĂŶĞŶƚĞ ƉĞƌ ŝů ĨĞĚĞƌĂůŝƐŵŽ ĨŝƐĐĂůĞ ůŽŵďĂƌĚŽ

ϳ &ĞďďƌĂŝŽ͗ ŝů WƌŽƚŽĐŽůůŽ Ě͛ŝŶƚĞƐĂ ͞^ďůŽĐĐĂ ĐƌĞĚŝƚŝ͟ ĂƵŵĞŶƚĂ Ă ϱϬ͘ϬϬϬΦ ů͛ŝŵƉŽƌƚŽ ŵĂƐƐŝŵŽ ƉĞƌ ůĂ ůŝƋƵŝĚĂnjŝŽŶĞ Ěŝ ĐƌĞĚŝƚŝ ƐĐĂĚƵƚŝ

E / >ŽŵďĂƌĚŝĂ ƉƌĞƐĞŶƚĂ Ăŝ WĂƌůĂŵĞŶƚĂƌŝ Őůŝ ĞŵĞŶĚĂŵĞŶƚŝ ĂůůĂ >ĞŐŐĞ Ěŝ ƐƚĂďŝůŝƚă

ϭϬ ^ĞƚƚĞŵďƌĞ͗ E / >ŽŵďĂƌĚŝĂ ĐŽŶ &ŝŶůŽŵďĂƌĚĂ Ğ ZĞŐŝŽŶĞ >ŽŵďĂƌĚŝĂ ƌŝĚĞĨŝŶŝƐĐĞ ůĞ ŵŽĚĂůŝƚă Ěŝ ĐĂůĐŽůŽ ĚĞŐůŝ ŝŶĚŝĐĂƚŽƌŝ ĚĞůů͛/ŶĚŝĐĞ ^ŝŶƚĞƚŝĐŽ Ěŝ sŝƌƚƵŽƐŝƚă

Ϯϭ EŽǀĞŵďƌĞ͗ Ɛŝ ƐǀŽůŐĞ ůĂ ŵĂŶŝĨĞƐƚĂnjŝŽŶĞ ŶĂnjŝŽŶĂůĞ Ă DŝůĂŶŽ ĐŽŶƚƌŽ ŝů WĂƚƚŽ Ěŝ ƐƚĂďŝůŝƚă Ğ ů͛ŝŶƐŽƐƚĞŶŝďŝůŝƚă ĚĞŝ ƚĂŐůŝ ŽƉĞƌĂƚŝ ƐƵŝ ŽŵƵŶŝ

ŽŶ ů͛ŝŶƚĞƐĂ ƚƌĂ ƐŝƐƚĞŵĂ ĚĞůůĞ ĂƵƚŽŶŽŵŝĞ͕ ZĞŐŝŽŶĞ Ğ hW> Ɛŝ ƌŝŶŶŽǀĂ ŝů W^d

E / >ŽŵďĂƌĚŝĂ ƉƌĞƐĞŶƚĂ ƵŶĂ ƉƌŽƉŽƐƚĂ Ěŝ ƌŝĐŽƌƐŽ ŶĂnjŝŽŶĂůĞ Ăů d Z ĐŽŶƚƌŽ ůĞ ƐƚŝŵĞ /Dh ϮϬϭϮ ĚĞů D &͗ ƐĂƌă ĂĐĐŽůƚŽ ŝŶ / ŐƌĂĚŽ

Ϯϭ 'ĞŶŶĂŝŽ͗ ĐŽŶ ƵŶ WƌŽƚŽĐŽůůŽ Ɛŝ ŝƐƚŝƚƵŝƐĐĞ ů͛KƐƐĞƌǀĂƚŽƌŝŽ ƐƵůůĂ ĨŝŶĂŶnjĂ ůŽĐĂůĞ Ğ Ɛŝ ĂǀǀŝĂ ůĂ ĐƌĞĂnjŝŽŶĞ Ěŝ ƵŶ ƉŽƌƚĂůĞ ƉĞƌ ůĞ ƵƚŽŶŽŵŝĞ >ŽĐĂůŝ Ăůů͛ŝŶƚĞƌŶŽ ĚĞů ƐŝƚŽ ĚĞůůĂ ZĞŐŝŽŶĞ

ϭϵ DĂƌnjŽ͗ E / >ŽŵďĂƌĚŝĂ ŝŶĐŽŶƚƌĂ ŝů WƌĞƐŝĚĞŶƚĞ Ěŝ ŽŶĨŝŶĚƵƐƚƌŝĂ ^ƋƵŝŶnjŝ ƉĞƌ ĐŽŶĐŽƌĚĂƌĞ ŝŶŝnjŝĂƚŝǀĞ ĐŚĞ ƉĞƌŵĞƚƚĂŶŽ Ăŝ ŽŵƵŶŝ Ěŝ ƉĂŐĂƌĞ ůĞ ŝŵƉƌĞƐĞ ĐĂŵďŝĂŶĚŽ ŝů WĂƚƚŽ Ěŝ ƐƚĂďŝůŝƚă

ϭϮ >ƵŐůŝŽ͗ ŝů WƌŽƚŽĐŽůůŽ ͞ ƌĞĚŝƚŽ /Ŷ ĂƐƐĂ͟ ƚƌĂ E / >ŽŵďĂƌĚŝĂ͕ ZĞŐŝŽŶĞ͕ &ŝŶůŽŵďĂƌĚĂ Ğ /ƐƚŝƚƵƚŝ ďĂŶĐĂƌŝ͕ ƉĞƌŵĞƚƚĞ ƵŶ͛ĂŶƚŝĐŝƉĂnjŝŽŶĞ ĚĞŝ ƉĂŐĂŵĞŶƚŝ ĂůůĞ ŝŵƉƌĞƐĞ ůŽŵďĂƌĚĞ ďůŽĐĐĂƚŝ Ă ĐĂƵƐĂ ĚĞůůĞ ƌĞŐŽůĞ ĚĞů WĂƚƚŽ Ěŝ ƐƚĂďŝůŝƚă͘ ĚĞƌŝƐĐŽŶŽ ƚƵƚƚĞ ůĞ WƌŽǀŝŶĐĞ Ğ ϭϳϬ ŽŵƵŶŝ

ϭϳ >ƵŐůŝŽ͗ Ɛŝ ƌŝŶŶŽǀĂ ů͛ĂĐĐŽƌĚŽ ƉĞƌ ŝů W^d ϮϬϭϯ͘ ^Ăƌă ƌŝŶŶŽǀĂƚŽ ĂŶĐŚĞ ŶĞů ϮϬϭϰ

ZĞŐŝŽŶĞ >ŽŵďĂƌĚŝĂ ƐƉĞƌŝŵĞŶƚĂ ŝů W^d ĐŚĞ ƐďůŽĐĐĂ ϲϭϱ͕ϳ ŵŝůŝŽŶŝ Ěŝ ĞƵƌŽ Ěŝ ƐƉĂnjŝ ĨŝŶĂŶnjŝĂƌŝ

Ϯϯ ŵŝůŝŽŶŝ Ěŝ ĞƵƌŽ Ěŝ ĐƌĞĚŝƚŝ ĂůůĞ ŝŵƉƌĞƐĞ ĂŶƚŝĐŝƉĂƚŝ ŐƌĂnjŝĞ Ăůů͛ŝŶŝnjŝĂƚŝǀĂ ^ďůŽĐĐĂ ƌĞĚŝƚŝ͘ dƵƚƚŝ ŝ ŽŵƵŶŝ͕ ĐŚĞ ŚĂŶŶŽ ƉƌĞƐĞŶƚĂƚŽ ϭ͘ϱϲϱ ĚŽŵĂŶĚĞ͕ ŚĂŶŶŽ ŽƚƚĞŵƉĞƌĂƚŽ Ăŝ ůŽƌŽ ŝŵƉĞŐŶŝ ĐŽŶ hE/KE D Z

ϭϴ ŵŝůŝŽŶŝ Ěŝ ĞƵƌŽ ĐŚŝĞƐƚŝ ĚĂůůĞ ŝŵƉƌĞƐĞ ŶĞůů͛ĂŵďŝƚŽ Ěŝ ƌĞĚŝƚŽ /Ŷ ĂƐƐĂ

Ăůů͛ĂnjŝŽŶĞ Ěŝ ƌĞƚĞ ĐŽŶ ŝů ƐŝƐƚĞŵĂ ĚĞůůĞ ŝŵƉƌĞƐĞ ğ ƐƚĂƚŽ ŽƚƚĞŶƵƚŽ ŝů > ϯϱͬϮϬϭϮ ĐŚĞ ƉĞƌŵĞƚƚĞ Ăŝ ŽŵƵŶŝ Ěŝ ĞĨĨĞƚƚƵĂƌĞ ƉĂŐĂŵĞŶƚŝ Ăů Ěŝ ĨƵŽƌŝ ĚĞů WĂƚƚŽ Ěŝ ƐƚĂďŝůŝƚă

3,&&2/, &2081, 81,21, ( )250( $662&,$7( E / >ŽŵďĂƌĚŝĂ ŚĂ ĚĂ ƐĞŵƉƌĞ ƉƌŽŵŽƐƐŽ Őůŝ ƐƚƌƵŵĞŶƚŝ Ěŝ ŐĞƐƚŝŽŶĞ ĂƐƐŽĐŝĂƚĂ ƉƌĞǀŝƐƚŝ ĚĂů ůĞŐŝƐůĂƚŽƌĞ͗ ůĞ hŶŝŽŶŝ͕ ĐŽŵĞ ĨŽƌŵĞ ĂĚĂƚƚĞ Ăů ŐŽǀĞƌŶŽ ĚĞůůĂ ĐŽŵƉůĞƐƐŝƚă ĚĞůůĂ ŐĞƐƚŝŽŶĞ ĂƐƐŽĐŝĂƚĂ͕ ŐĂƌĂŶnjŝĂ ĚĞů ƌĂŐŐŝƵŶŐŝŵĞŶƚŽ Ěŝ ŽďŝĞƚƚŝǀŝ ĂŵŵŝŶŝƐƚƌĂƚŝǀŝ ĚƵƌĂƚƵƌŝ͕ Ěŝ ĞĨĨŝĐŝĞŶnjĂ͕ ƐƚĂďŝůŝƚă Ğ ĐŽŶƚĞŶŝŵĞŶƚŽ ĚĞůůĂ ƐƉĞƐĂ ŶĞů ƚĞŵƉŽ͖ ůĞ ŽŶǀĞŶnjŝŽŶŝ ĐŽŵĞ ĞůĞŵĞŶƚŝ Ěŝ ĨůĞƐƐŝďŝůŝƚă ĚĞůů͛ŝŶƚĞƌŽ ƐŝƐƚĞŵĂ ŐĞƐƚŝŽŶĂůĞ ĂƐƐŽĐŝĂƚŝǀŽ͘ EĞů ŵĂŶĚĂƚŽ E / >ŽŵďĂƌĚŝĂ ŚĂ ƐĞŐƵŝƚŽ ŝ WŝĐĐŽůŝ ŽŵƵŶŝ ĐŽŶ Ăƚƚŝǀŝƚă Ěŝ ŝŶĨŽƌŵĂnjŝŽŶĞ͕ ĨŽƌŵĂnjŝŽŶĞ Ğ ĂĐĐŽŵƉĂŐŶĂŵĞŶƚŽ ŝŶĚŝƐƉĞŶƐĂďŝůŝ͕ Ă ĨƌŽŶƚĞ Ěŝ ƵŶĂ ŶŽƌŵĂƚŝǀĂ ĐŽŵƉůĞƐƐĂ Ğ ŝŶ ĐŽŶƚŝŶƵĂ ĞǀŽůƵnjŝŽŶĞ͕ ƉĞƌ ůĂ ƌĞĂůŝnjnjĂnjŝŽŶĞ Ěŝ ƉƌŽĐĞƐƐŝ ĂƐƐŽĐŝĂƚŝǀŝ ǀŝƌƚƵŽƐŝ͘ ŽŶƚĞƐƚƵĂůŵĞŶƚĞ ŝů ƌĂƉƉŽƌƚŽ ĐŽŶ Z> ğ ƐƚĂƚŽ ĐĂƌĂƚƚĞƌŝnjnjĂƚŽ ĚĂ ĐŽŶĨƌŽŶƚŝ ĐŽŶƚŝŶƵŝ Ă ƚƵƚĞůĂ ĚĞŝ WŝĐĐŽůŝ ŽŵƵŶŝ͘ >Ğ ƉƌŝŶĐŝƉĂůŝ ƌŝĐŚŝĞƐƚĞ ĂůůĂ ZĞŐŝŽŶĞ͗ • ĐĐŽŵƉĂŐŶĂƌĞ ŝ ŽŵƵŶŝ ŶĞů ƉƌŽĐĞƐƐŽ Ěŝ ' K ĐŽŶ ƐŽƐƚĞŐŶŽ ĞĐŽŶŽŵŝĐŽ ƐƚĂďŝůĞ ĂůůĞ ĨŽƌŵĞ ĂƐƐŽĐŝĂƚŝǀĞ ŵĂŐŐŝŽƌŵĞŶƚĞ ǀŝƌƚƵŽƐĞ Ğ ŝŶƚĞŐƌĂƚĞ͕ ŝŶĐĞŶƚŝǀĂƌĞ ŝ ƉƌŽĐĞƐƐŝ Ěŝ hŶŝŽŶŝ Ğ ĨƵƐŝŽŶŝ͘ • ZŝĐŽŶŽƐĐĞƌĞ ůĂ ŽŵƵŶŝƚă DŽŶƚĂŶĂ ĐŽŵĞ ƐƚƌƵŵĞŶƚŽ ŝĚŽŶĞŽ Ěŝ 'ĞƐƚŝŽŶĞ ƐƐŽĐŝĂƚĂ͘ • ƚƚŝǀĂƌĞ ƵŶ ƚĂǀŽůŽ Ěŝ ĐŽŶĨƌŽŶƚŽ ƚƌĂ ZĞŐŝŽŶĞ͕ WƌĞĨĞƚƚƵƌĞ Ğ E / >ŽŵďĂƌĚŝĂ ƉĞƌ ǀĂůŝĚĂƌĞ ůĞ ƌŝƐƉŽƐƚĞ Őŝă ĐŽŶĚŝǀŝƐĞ Ăŝ ƋƵĞƐŝƚŝ ĚĞŝ ŽŵƵŶŝ ƐƵůůĂ ' K͘ • ĞĨŝŶŝƌĞ Ăŵďŝƚŝ ŽƚƚŝŵĂůŝ ŽŵŽŐĞŶĞŝ ĨƵŶnjŝŽŶĂůŝ ĂůůĂ ŐĞƐƚŝŽŶĞ ĂƐƐŽĐŝĂƚĂ ĐŚĞ ƚĞŶŐĂŶŽ ĐŽŶƚŽ ĚĞůůĂ ƌŝŽƌŐĂŶŝnjnjĂnjŝŽŶĞ ĚĞůůĞ ƐŝŶŐŽůĞ ƌĞĂůƚă ƚĞƌƌŝƚŽƌŝĂůŝ͘ • WƌĞǀĞĚĞƌĞ ƵŶĂ >Z Ěŝ ƌŝŽƌĚŝŶŽ ĐŽŵƉůĞƐƐŝǀŽ ĚĞůůĞ ĂƵƚŽŶŽŵŝĞ ĐŚĞ ĐŽŵƉƌĞŶĚĂ ĚĞĨŝŶŝnjŝŽŶŝ ĐŚŝĂƌĞ Ěŝ ĐŽŵƉĞƚĞŶnjĞ͕ ƌĞƐƉŽŶƐĂďŝůŝƚă Ğ Ăŵďŝƚŝ ƚĞƌƌŝƚŽƌŝĂůŝ͘ • ĞƐƚŝŶĂƌĞ ĂůŵĞŶŽ ŝů ϭϬй ĚĞůůĞ ƌŝƐŽƌƐĞ ĐŽŵƵŶŝƚĂƌŝĞ ŐĞƐƚŝƚĞ ĚĂůůĂ ZĞŐŝŽŶĞ ƉĞƌ ŝŶŝnjŝĂƚŝǀĞ Ěŝ ^ŵĂƌƚ ŝƚŝĞƐ Ğ ^ŵĂƌƚ ŽŵŵƵŶŝƚŝĞƐ Ğ ƉĞƌ ůĞ ƉŽůŝƚŝĐŚĞ Ěŝ ĐŽĞƐŝŽŶĞ ƐŽĐŝĂůĞ ĂƚƚƵĂƚĞ ĚĂŝ ŽŵƵŶŝ͘

ф ƚƚŝǀĂnjŝŽŶĞ ĚĞůůĂ ŽŶƐƵůƚĂ EĂnjŝŽŶĂůĞ WŝĐĐŽůŝ ŽŵƵŶŝ Ğ ŝŶŝnjŝĂƚŝǀĞ ŶĞŝ ƚĞƌƌŝƚŽƌŝ

ŽƐƚŝƚƵnjŝŽŶĞ ĚĞů ŝƉĂƌƚŝŵĞŶƚŽ WŝĐĐŽůŝ ŽŵƵŶŝ

ϭϲ ŐŝƵŐŶŽ ϮϬϭϬ͕ Ă ƌŝnjnjŽŶĂ ; ZͿ Ɛŝ ƐǀŽůŐĞ ůĂ ƉƌŝŵĂ ƐƐĞŵďůĞĂ ZĞŐŝŽŶĂůĞ ĚĞŝ WŝĐĐŽůŝ ŽŵƵŶŝ͗ ͞WŝĐĐŽůŝ ŽŵƵŶŝ͕ ŐƌĂŶĚŝ ƌŝƐƵůƚĂƚŝ͟

ϵͲϭϭ >ƵŐůŝŽ ϮϬϭϬ͗ ĂůůĂ ŽŶĨĞƌĞŶnjĂ ŶĂnjŝŽŶĂůĞ ĚĞŝ ƉŝĐĐŽůŝ ŽŵƵŶŝ Ğ ĚĞůůĞ hŶŝŽŶŝ Ă ĞƌŶŽďďŝŽ Ɛŝ ĚŝƐĐƵƚĞ ĚĞůůĂ ŶĞĐĞƐƐŝƚă Ěŝ ƌŝĨŽƌŵĞ ŝƐƚŝƚƵnjŝŽŶĂůŝ ĐŚĞ ƚĞŶŐĂŶŽ ĐŽŶƚŽ Ěŝ ƵŶĂ ůĞŐŝƐůĂnjŝŽŶĞ ĚŝĨĨĞƌĞŶnjŝĂƚĂ ƉĞƌ ŝ WŝĐĐŽůŝ ŽŵƵŶŝ͕ Ěŝ ƐĞŵƉůŝĨŝĐĂnjŝŽŶĞ Ğ ŝŶŶŽǀĂnjŝŽŶĞ͘ ^ŝ ĐŚŝĞĚĞ ů͛ĂƉƉƌŽǀĂnjŝŽŶĞ ĚĞůůĂ ĂƌƚĂ ĚĞůůĞ ƵƚŽŶŽŵŝĞ

Ϯϰ DĂŐŐŝŽ͗ ŝů WƌŽƚŽĐŽůůŽ ƐƵůůĂ ƐƉĞƌŝŵĞŶƚĂnjŝŽŶĞ ĚĞůůĂ 'ĞƐƚŝŽŶĞ ƐƐŽĐŝĂƚĂ ĐŽŶ Z> Ğ WƌŽǀŝŶĐŝĂ Ěŝ ƌĞŵŽŶĂ ŝŶĚŝǀŝĚƵĂ ŵŽĚĂůŝƚă ŝŶŶŽǀĂƚŝǀĞ ƉĞƌ ƉƌŽŵƵŽǀĞƌĞ ƵŶĂ ŐĞƐƚŝŽŶĞ ĂƐƐŽĐŝĂƚĂ Ěŝ ĂŵďŝƚŽ

Ϯϴ DĂŐŐŝŽ͗ // ƐƐĞŵďůĞĂ ZĞŐŝŽŶĂůĞ͗ ͞WŝĐĐŽůŝ ŽŵƵŶŝ͕ ŐƌĂŶĚŝ ƉƌŽŐĞƚƚŝ͟ Ă KƌƐĞŶŝŐŽ ; KͿ

Ϯϵ ŐŽƐƚŽ͗ DĂŶŝĨĞƐƚĂnjŝŽŶĞ ŶĂnjŝŽŶĂůĞ ŽƌŐĂŶŝnjnjĂƚĂ ĚĂ E / >ŽŵďĂƌĚŝĂ Ă DŝůĂŶŽ ĐŽŶƚƌŽ ŝů WĂƚƚŽ Ěŝ ƐƚĂďŝůŝƚă Ğ ů͛Ăƌƚ͘ ϭϲ ĚĞů > ϭϯϴ ĐŚĞ ƉĞŶĂůŝnjnjĂ ŝ WŝĐĐŽůŝ ŽŵƵŶŝ

/ŶŝnjŝĂƚŝǀĞ ŝŶ ƚƵƚƚĞ ůĞ WƌŽǀŝŶĐĞ ůŽŵďĂƌĚĞ ƉĞƌ ƉƌĞƐĞŶƚĂƌĞ ůĂ ŶŽƌŵĂƚŝǀĂ ŶĂnjŝŽŶĂůĞ Ğ ƌĞŐŝŽŶĂůĞ ƐƵůůĞ ' K

^ŝ ƐǀŽůŐŽŶŽ ŶƵŵĞƌŽƐŝ ƐĞŵŝŶĂƌŝ ƐƵ WĂƚƚŽ Ěŝ ^ƚĂďŝůŝƚă͕ ' K Ğ ĨŝŶĂŶnjĂ ůŽĐĂůĞ ŶĞŝ WŝĐĐŽůŝ ŽŵƵŶŝ

/ů > ϵϱͬϭϮ ƐĞŵƉůŝĨŝĐĂ ŝů ƋƵĂĚƌŽ ŶŽƌŵĂƚŝǀŽ ƐƵůůĂ 'ĞƐƚŝŽŶĞ ĂƐƐŽĐŝĂƚĂ

ϮϮ ^ĞƚƚĞŵďƌĞ͗ /// ƐƐĞŵďůĞĂ ZĞŐŝŽŶĂůĞ͗ ͞WŝĐĐŽůŝ ŽŵƵŶŝ͕ ŐƌĂŶĚŝ ƌŝĨŽƌŵĞ͟ Ă WŝĞǀĞ Ěŝ ŽƌŝĂŶŽ ;DEͿ

Ϯϰ KƚƚŽďƌĞ͗ E / >ŽŵďĂƌĚŝĂ͕ ^ŝŶĚĂĐĂƚŝ ŽŶĨĞĚĞƌĂůŝ Ğ &ƵŶnjŝŽŶĞ WƵďďůŝĐĂ ƐŝŐůĂŶŽ ƵŶ WƌŽƚŽĐŽůůŽ Ě͛ŝŶƚĞƐĂ ƉĞƌ ĂĐĐŽŵƉĂŐŶĂƌĞ ŝ ŽŵƵŶŝ ŶĞůůĂ ĐŽƐƚƌƵnjŝŽŶĞ Ěŝ ŐĞƐƚŝŽŶŝ ĂƐƐŽĐŝĂƚĞ ƐƚĂďŝůŝ Ğ ƐƚƌƵƚƚƵƌĂƚĞ Ğ ĐŽƐƚŝƚƵŝƌĞ ƵŶ dĂǀŽůŽ Ěŝ ĐŽŶĨƌŽŶƚŽ

Ϯϭ EŽǀĞŵďƌĞ͗ ĂůůĂ DĂŶŝĨĞƐƚĂnjŝŽŶĞ ŶĂnjŝŽŶĂůĞ Ěŝ DŝůĂŶŽ E / >ŽŵďĂƌĚŝĂ ƉƌŽƚĞƐƚĂ ĐŽŶƚƌŽ ů͛ĂƐƐŽŐŐĞƚƚĂŵĞŶƚŽ ĚĞŝ ŐƌĂŶĚŝ Ğ ƉŝĐĐŽůŝ ŽŵƵŶŝ Ăů WĂƚƚŽ Ěŝ ƐƚĂďŝůŝƚă

^ŝ ĂƚƚŝǀĂ ƵŶ ŐƌƵƉƉŽ Ěŝ ůĂǀŽƌŽ ƚƌĂ E /͕ hW>͕ ZĞŐŝŽŶĞ͕ WƌĞĨĞƚƚƵƌĞ ƉĞƌ ŝů ƌĂĐĐŽƌĚŽ Ğ ŝů ŵŽŶŝƚŽƌĂŐŐŝŽ ĚĞůůĞ ' K

>͛hE D ĐŽŶĨůƵŝƐĐĞ ŝŶ E / >ŽŵďĂƌĚŝĂ

ϱ

ƐĞĐŽŶĚŽ ůĂ >ĞŐŐĞ ZĞŐŝŽŶĂůĞ ϭϭ ĚĞů ϱ ŵĂŐŐŝŽ ϮϬϬϰ ͞DŝƐƵƌĞ Ă ƐŽƐƚĞŐŶŽ Ă ĨĂǀŽƌĞ ĚĞŝ ƉŝĐĐŽůŝ ŽŵƵŶŝ ĚĞůůĂ >ŽŵďĂƌĚŝĂ͟

/ ŽŵƵŶŝ ƐŽƚƚŽ ŝ ϱ͘ϬϬϬ ĂďŝƚĂŶƚŝ ƐŽŶŽ ƐŽƚƚŽƉŽƐƚŝ Ăů WĂƚƚŽ Ěŝ ^ƚĂďŝůŝƚă͕ ĂŐŐƌĂǀĂŶĚŽ ůĂ ůŽƌŽ Őŝă ĚŝĨĨŝĐŝůĞ ƐŝƚƵĂnjŝŽŶĞ ƉĞƌ ů͛ĂǀǀŝŽ ĚĞůůĂ ' K͘ E / >ŽŵďĂƌĚŝĂ ŝŶĐŽŶƚƌĂ Ɖŝƶ ǀŽůƚĞ ů͛ ƐƐĞƐƐŽƌĞ ƌĞŐŝŽŶĂůĞ 'ĂƌĂǀĂŐůŝĂ͗ ƐŽůůĞĐŝƚĂ ƵŶ ŝŶƚĞƌǀĞŶƚŽ Ěŝ ƐŽƐƚĞŐŶŽ Ăů ƉƌŽĐĞƐƐŽ ' K Ğ ƌŝĐŚŝĞĚĞ ƉƌĞŵŝĂůŝƚă ƉĞƌ ŝ ŽŵƵŶŝ ĨƵŽƌŝ ĚĂůů͛ŽďďůŝŐŽ ĂƐƐŽĐŝĂƚŝǀŽ ĐŚĞ ƉĂƌƚĞĐŝƉĂŶŽ Ăů ƉƌŽĐĞƐƐŽ

ϲ DĂŐŐŝŽ͗ ĂƵĚŝnjŝŽŶĞ ƉƌĞƐƐŽ ůĂ ŽŵŵŝƐƐŝŽŶĞ ƐƉĞĐŝĂůĞ ƉĞƌ ŝů ƌŝŽƌĚŝŶŽ ĚĞůůĞ ĂƵƚŽŶŽŵŝĞ͗ E / ƉƌŽƉŽŶĞ ůĂ ͞ ĂƌƚĂ ĚĞůůĞ ĂƵƚŽŶŽŵŝĞ ůŽŵďĂƌĚĞ͟ ƉĞƌ ƵŶĂ ZĞŐŝŽŶĞ ŶƵŽǀĂ

ϭϳ 'ŝƵŐŶŽ ϮϬϭϯ͗ ŶƵŽǀĂ ĂƵĚŝnjŝŽŶĞ ƐƵůůŽ ƐƚĂƚŽ Ěŝ ĂǀĂŶnjĂŵĞŶƚŽ ĚĞůůĞ ' K

Ϯϵ 'ŝƵŐŶŽ͗ /s ƐƐĞŵďůĞĂ ZĞŐŝŽŶĂůĞ͗ ͞WŝĐĐŽůŝ ŽŵƵŶŝ Ğ ŐĞƐƚŝŽŶĞ ĂƐƐŽĐŝĂƚĂ ƚƌĂ ŽďďůŝŐŽ Ğ ŽƉƉŽƌƚƵŶŝƚă͟ Ă WŝŶĂƌŽůŽ WŽ

^ĞƚƚĞŵďƌĞ͗ ůĂ ŶƵŽǀĂ 'ŝƵŶƚĂ ĨŽƌŵĂůŝnjnjĂ ŝů dĂǀŽůŽ ŝŶƚĞƌŝƐƚŝƚƵnjŝŽŶĂůĞ Ğ ĐŽƐƚŝƚƵŝƐĐĞ ŝů ŐƌƵƉƉŽ Ěŝ ůĂǀŽƌŽ ƐƵůůĞ ' K

EĞů ϮϬϭϰ E / >ŽŵďĂƌĚŝĂ ĚŝĨĨŽŶĚĞ ƵŶ ĚŽĐƵŵĞŶƚŽ ƐƵůůĂ >ĞŐŐĞ ĞůƌŝŽ ϱϲͬϭϰ͕ ĐŽŶ ƵŶ ĂƉƉƌŽĨŽŶĚŝŵĞŶƚŽ ƐƵ ŝƚƚă DĞƚƌŽƉŽůŝƚĂŶĞ Ğ ' K

>Ă ZĞŐŝŽŶĞ ĐŽŶ ůĂ >Z ϮϮͬϭϭ͕ Ăůů͛Ăƌƚ͘ ϴ͕ ĨŝƐƐĂ ůĞ ƐŽŐůŝĞ ŵŝŶŝŵĞ ƉĞƌ ůĂ ŐĞƐƚŝŽŶĞ ĂƐƐŽĐŝĂƚĂ͗ ϱ͘ϬϬϬ ĂďŝƚĂŶƚŝ ŝŶ ƉŝĂŶƵƌĂ Ğ ϯ͘ϬϬϬ ŝŶ ŵŽŶƚĂŐŶĂ

E / >ŽŵďĂƌĚŝĂ ŽƚƚŝĞŶĞ ŶĞůůĂ >Z Ěŝ ĂƐƐĞƐƚĂŵĞŶƚŽ Ěŝ ďŝůĂŶĐŝŽ ϮϬϭϰ ůĂ ĚĞƌŽŐĂ Ăůů͛ŽďďůŝŐĂƚŽͲ ƌŝĞƚă ĚĞůůĂ ' K ƉĞƌ ŝ ŽŵƵŶŝ ͞ŝƐŽůĂ͕͟ ŶŽŶ ĐŽŶĨŝŶĂŶƚŝ ĐŽŶ ŽŵƵŶŝ ŶŽŶ ƐŽŐŐĞƚƚŝ Ăůů͛ŽďďůŝŐŽ Ěŝ ' K͘ WĂƌŝŵĞŶƚŝ ŝ ŽŵƵŶŝ ŶĂƚŝ ĚĂ ĨƵƐŝŽŶĞ ƐŽŶŽ ĞƐŽŶĞƌĂƚŝ ĚĂůů͛ŽďďůŝŐŽ Ěŝ ' K ĂŶĐŚĞ ŝŶ ĐĂƐŽ Ěŝ ŶŽŶ ƐƵƉĞƌĂŵĞŶƚŽ ĚĞůůĂ ƐŽŐůŝĂ ĚĞŵŽŐƌĂĨŝĐĂ ƉƌĞǀŝƐƚĂ ĐŽŶ ƌŝĨĞƌŝŵĞŶƚŽ Ăůů͛ĞŶƚƌĂƚĂ ŝŶ ǀŝŐŽƌĞ ĚĞů > ϳϴͬϮϬϭϬ

Z> ĂĐĐŽŐůŝĞ ůĂ ƌŝĐŚŝĞƐƚĂ Ěŝ ĂƉƉƌŽǀĂƌĞ ůĂ ŐƌĂĚƵĂƚŽƌŝĂ ĚĞŝ ŽŵƵŶŝ Ă ŵĞĚŝŽ ĂůƚŽ Ğ ďĂƐƐŽ ϱ ƐǀĂŶƚĂŐŐŝŽ ͕ ĐŽŶƐĞŶƚĞŶĚŽ ĂŐůŝ Ŷƚŝ ĐŽŶ ƉĂƌƚŝĐŽůĂƌŝ ƉƌŽďůĞŵŝ Ğ ŵĂƌŐŝŶĂůŝƚă Ěŝ ĂǀĞƌĞ ƉƵŶƚĞŐŐŝ Ğ ƉƌĞŵŝĂůŝƚă ŶĞůůĂ ƉĂƌƚĞĐŝƉĂnjŝŽŶĞ Ă ďĂŶĚŝ Ğ ĨŝŶĂŶnjŝĂŵĞŶƚŝ ƌĞŐŝŽŶĂůŝ

^ŝ ŵĂŶƚĞŶŐŽŶŽ ůĞ ƌŝƐŽƌƐĞ ƌĞŐŝŽŶĂůŝ ƉĞƌ hŶŝŽŶŝ Ğ D͘ ^Ƶ ƌŝĐŚŝĞƐƚĂ Ěŝ E / >ŽŵďĂƌĚŝĂ͕ Z> ƐĞŵƉůŝĨŝĐĂ Ğ ĂŐĞǀŽůĂ ůĞ ƉƌŽĐĞĚƵƌĞ ƉĞƌ ůĂ ĨƵƐŝŽŶĞ Ěŝ ŽŵƵŶŝ͗ ǀŝĞŶĞ ŝŶĚĞƚƚŽ ŝů ZĞĨĞƌĞŶĚƵŵͲĚĂLJ

:(/)$5( &$6$ ( 6$1,7­

>Ă ĐƌŝƐŝ ĞĐŽŶŽŵŝĐĂ͕ ĐŽŶ ůĂ ĐƌĞƐĐŝƚĂ ĚĞůůĂ ĚŝƐŽĐĐƵƉĂnjŝŽŶĞ Ğ ĚĞůůĂ ƉƌĞĐĂƌŝĞƚă͕ ŽůƚƌĞ Ă ŵŽĚŝĨŝĐĂƌĞ ůĞ ƐĐĞůƚĞ Ěŝ ĐŽŶƐƵŵŽ Ğ Őůŝ Ɛƚŝůŝ Ěŝ ǀŝƚĂ͕ ŚĂ ŝŶĚŽƚƚŽ ƵŶ ĐƌĞƐĐĞŶƚĞ ŶƵŵĞƌŽ Ěŝ ĨĂŵŝŐůŝĞ Ă ĐŚŝĞĚĞƌĞ ƐƵƉƉŽƌƚŽ ĚĂ ƉĂƌƚĞ ĚĞŝ ƐĞƌǀŝnjŝ ƐŽĐŝĂůŝ͕ ƐƉĞƐƐŽ ŝŶƚĞƌĐĞƚƚĂŶĚŽůŝ ƉĞƌ ůĂ ƉƌŝŵĂ ǀŽůƚĂ͘ / ŽŵƵŶŝ ƐŽŶŽ ĐŚŝĂŵĂƚŝ͕ Ğ ŵŽůƚĞ ǀŽůƚĞ ůĂƐĐŝĂƚŝ ƐŽůŝ͕ Ăů ĐŽŶƚƌĂƐƚŽ ĚĞůůĞ ƐŝƚƵĂnjŝŽŶŝ Ěŝ ĞŵĞƌŐĞŶnjĂ ĐŽŶ ůĂ ĐŽŶƐĂƉĞǀŽůĞnjnjĂ Ğ ůĂ ƌĞƐƉŽŶƐĂďŝůŝƚă Ěŝ ĚŽǀĞƌ ͞ŝŶǀĞŶƚĂƌĞ͕͟ ĐŽŶ ůĞ ƌŝƐŽƌƐĞ Ă ĚŝƐƉŽƐŝnjŝŽŶĞ͕ ŶƵŽǀĞ ƉƌĂƐƐŝ Ěŝ ŝŶƚĞƌǀĞŶƚŽ Ğ ƐŽůƵnjŝŽŶŝ ƉĞƌ ƌŝƐƉŽŶĚĞƌĞ ĐŽŶ ĞĨĨŝĐĂĐŝĂ Ăů ďŝƐŽŐŶŽ ĚĞŝ ĐŝƚƚĂĚŝŶŝ͘ E / >ŽŵďĂƌĚŝĂ ŚĂ ƉƌŽŵŽƐƐŽ ŝů ƌƵŽůŽ ĂŶƚŝĐƌŝƐŝ ĐŚĞ ŝ ŽŵƵŶŝ ƉŽƐƐŽŶŽ ƐǀŽůŐĞƌĞ ƚƌĂŵŝƚĞ ŝŶǀĞƐƚŝŵĞŶƚŝ Ğ ƉŽůŝƚŝĐŚĞ ƐŽĐŝĂůŝ Ěŝ ƐŽƐƚĞŐŶŽ Ăů ƌĞĚĚŝƚŽ Ğ ĂůůĂ ĨĂŵŝŐůŝĂ͕ ĐŽŶƚƌĂƐƚĂŶĚŽ ŝ ƚĂŐůŝ ĚĞů 'ŽǀĞƌŶŽ Ğ ĚĞůůĂ ZĞŐŝŽŶĞ Ğ ŚĂ ƉĂƌƚĞĐŝƉĂƚŽ ĂƚƚŝǀĂŵĞŶƚĞ ĂůůĂ ĚĞĨŝŶŝnjŝŽŶĞ Ěŝ ƵŶ ŶƵŽǀŽ ŵŽĚĞůůŽ Ěŝ ǁĞůĨĂƌĞ ƌĞŐŝŽŶĂůĞ͕ ďĂƐĂƚŽ ƐƵ ŵĂŐŐŝŽƌĞ ƉĂƌƚĞĐŝƉĂnjŝŽŶĞ Ğ ĐŽƌƌĞƐƉŽŶƐĂďŝůŝƚă͘ E / >ŽŵďĂƌĚŝĂ ƐŽƐƚŝĞŶĞ ĐŚĞ ǀĂĚĂ ƌŝǀŝƐƚĂ ĂůůĂ ƌĂĚŝĐĞ ůĂ ŐŽǀĞƌŶĂŶĐĞ ƚĞƌƌŝƚŽƌŝĂůĞ Ğ ŝů ƌĂƉƉŽƌƚŽ ŽŵƵŶŝͬ ^> ƉĞƌ ƌĂŐŝŽŶĂƌĞ ŝŶ ŵŽĚŽ ŝŶƚĞŐƌĂƚŽ ƐƵůů͛ŝŶƐŝĞŵĞ ĚĞůůĞ ƌŝƐŽƌƐĞ͕ ĚĞůůĞ ƉŽůŝƚŝĐŚĞ ƉƌŽŐƌĂŵŵĂƚŽƌŝĞ Ğ ĚĞŐůŝ ŝŶƚĞƌǀĞŶƚŝ ĚĞŝ ĚŝǀĞƌƐŝ ĂƚƚŽƌŝ ĚĞů ƐŝƐƚĞŵĂ͘ >Ă ĐŽŶĐƌĞƚĂ ĞƐƉĞƌŝĞŶnjĂ ĚĞŝ ŽŵƵŶŝ ƉŽƌƚĂ Ă ƌŝƉƌŽƉŽƌƌĞ ů͛ĞƐŝŐĞŶnjĂ Ěŝ ƵŶĂ ĐŽŵƉĂƌƚĞĐŝƉĂnjŝŽŶĞ ĚĞů ƌĞĚĚŝƚŽ ĨĂŵŝůŝĂƌĞ ƉĞƌ ĞǀŝĚĞŶƚŝ ƉƌŽďůĞŵŝ Ěŝ ŐŝƵƐƚŝnjŝĂ ƐŽĐŝĂůĞ ƐŽƉƌĂƚƚƵƚƚŽ ŝŶ ƵŶĂ ĨĂƐĞ Ěŝ ƐĐĂƌƐŝƚă Ěŝ ƌŝƐŽƌƐĞ͘ / ŽŵƵŶŝ͕ ŝŶĨĂƚƚŝ͕ ŶŽŶ ƐŽŶŽ ŝŶ ŐƌĂĚŽ Ěŝ ƐŽƉƉŽƌƚĂƌĞ ƵŶ͛ƵůƚĞƌŝŽƌĞ ƌŝĚƵnjŝŽŶĞ ĚĞůůĞ ĞŶƚƌĂƚĞ͕ ƉĞŶĂ ů͛ŝŵƉŽƐƐŝďŝůŝƚă Ěŝ ĂĨĨƌŽŶƚĂƌĞ ůĞ ŶƵŽǀĞ ĞŵĞƌŐĞŶnjĞ ƐŽĐŝĂůŝ͕ ƚƌĂ ĐƵŝ ƋƵĞůůĂ ĂďŝƚĂƚŝǀĂ͘ E / >ŽŵďĂƌĚŝĂ ğ ƉƌĞƐĞŶƚĞ Ă ŶƵŵĞƌŽƐŝ dĂǀŽůŝ Ěŝ ůĂǀŽƌŽ ƉĞƌ ƚƵƚĞůĂƌĞ Őůŝ ŝŶƚĞƌĞƐƐŝ ĚĞŝ ŽŵƵŶŝ Ğ ƉƌŽƉŽƌƌĞ ŝŶĚŝĐĂnjŝŽŶŝ ƉĞƌ ƵŶ ƵƚŝůŝnjnjŽ ĞĨĨŝĐĂĐĞ ĞĚ ĞĨĨŝĐŝĞŶƚĞ ĚĞůůĞ ƌŝƐŽƌƐĞ͘ dƌĂ ƋƵĞƐƚŝ͗ &ĂƚƚŽƌĞ &ĂŵŝŐůŝĂ >ŽŵďĂƌĚŽ ;&&>Ϳ͕ /^ ͕ ŽŶĐŝůŝĂnjŝŽŶĞ ƚĞŵƉŝ Ěŝ ǀŝƚĂ Ğ ůĂǀŽƌŽ͕ EŽŶ ƵƚŽƐƵĨĨŝĐŝĞŶnjĂ͕ DŝŶŽƌŝ͕ EŝĚŝ͕ ZW͕ WĂƚƚŽ ƉĞƌ ůĂ ĂƐĂ͕ &ŽŶĚŽ ^ŽƐƚĞŐŶŽ ĨĨŝƚƚŝ͕ DŽƌŽƐŝƚă ŝŶĐŽůƉĞǀŽůĞ͕ ZĞǀŝƐŝŽŶĞ >ĞŐŐĞ ZĞŐŝŽŶĂůĞ ϮϳͬϮϬϬϵ͘

&ĞĚĞƌƐĂŶŝƚă ƉƵďďůŝĐĂ ŝů / YƵĂĚĞƌŶŽ ƐƵůůĂ ĐƌŽŶŝĐŝƚă Ğ ŶŽŶ ĂƵƚŽƐƵĨĨŝĐŝĞŶnjĂ

ϭϱ DĂƌnjŽ ϮϬϭϬ͗ E / >ŽŵďĂƌĚŝĂ ĨŝƌŵĂ ĐŽŶ ůĞ KK^^ ƵŶ ƉƌŽƚŽĐŽůůŽ Ě͛ŝŶƚĞƐĂ ƉĞƌ ƉƌŽŵƵŽǀĞƌĞ ŵŽŵĞŶƚŝ Ěŝ ĐŽŶĨƌŽŶƚŽ ŶĞůůĂ ƉƌŽŐƌĂŵŵĂnjŝŽŶĞ Ğ ĂƚƚƵĂnjŝŽŶĞ ĚĞůůĞ >ŝŶĞĞ 'ƵŝĚĂ ĚĞů WŝĂŶŽ Ěŝ ŽŶĂ

>Ă ZĞŐŝŽŶĞ ŝƐƚŝƚƵŝƐĐĞ ƵŶ KƐƐĞƌǀĂƚŽƌŝŽ ƉĞƌŵĂŶĞŶƚĞ ƐƵůůĂ ĂƐĂ͕ ĐƵŝ E / >ŽŵďĂƌĚŝĂ ƉĂƌƚĞĐŝƉĂ

EŽǀĞŵďƌĞ͗ E / >ŽŵďĂƌĚŝĂ ƉƌĞƉĂƌĂ ůĞ KƐƐĞƌǀĂnjŝŽŶŝ Ăů ƌĞŐŽůĂŵĞŶƚŽ ZW Ěŝ ZĞŐŝŽŶĞ >ŽŵďĂƌĚŝĂ

ϴͲϭϬ EŽǀĞŵďƌĞ͗ E / >ŽŵďĂƌĚŝĂ ƉĂƌƚĞĐŝƉĂ ĂůůĂ ŽŶĨĞƌĞŶnjĂ EĂnjŝŽŶĂůĞ ĚĞůůĂ &ĂŵŝŐůŝĂ

E / >ŽŵďĂƌĚŝĂ ƉĂƌƚĞĐŝƉĂ ĂůůĞ Ăƚƚŝǀŝƚă ĚĞůů͛KZ ^

ϭϰ >ƵŐůŝŽ͗ E / >ŽŵďĂƌĚŝĂ ĨŝƌŵĂ ƵŶĂ ĐŽŶǀĞŶnjŝŽŶĞ ĐŽŶ ŝů ŽŵƵŶĞ Ěŝ DŝůĂŶŽ ƉĞƌ ůĂ ĐŽƐƚƌƵnjŝŽŶĞ Ěŝ ŝŶĚŝĐĂƚŽƌŝ ƐƚĂƚŝƐƚŝĐŝ ƐƵ ƌŝĨƵŐŝĂƚŝ͕ ƌŝĐŚŝĞĚĞŶƚŝ ĂƐŝůŽ Ğ ƚŝƚŽůĂƌŝ Ěŝ ƉƌŽƚĞnjŝŽŶĞ ƵŵĂŶŝƚĂƌŝĂ

ϯϬ DĂƌnjŽ͗ E / >ŽŵďĂƌĚŝĂ ĐŚŝĞĚĞ ĂůůĂ ZĞŐŝŽŶĞ Ěŝ ƌŝƉŽƌƚĂƌĞ Ăŝ ůŝǀĞůůŝ ĚĞů ϮϬϭϬ ůĞ ƌŝƐŽƌƐĞ ĚĞů &ŽŶĚŽ ^ŽĐŝĂůĞ ZĞŐŝŽŶĂůĞ

^ĞƚƚĞŵďƌĞ͗ E / >ŽŵďĂƌĚŝĂ ƉĂƌƚĞĐŝƉĂ Ăŝ ƚĂǀŽůŝ ƌĞŐŝŽŶĂůŝ ƉĞƌ ůĂ ĚĞĨŝŶŝnjŝŽŶĞ ĚĞů WĂƚƚŽ ƉĞƌ ůĂ ĂƐĂ

ŝĐĞŵďƌĞ͗ E / >ŽŵďĂƌĚŝĂ ƌĂƚŝĨŝĐĂ ŝů WƌŽƚŽĐŽůůŽ Ě͛ŝŶƚĞƐĂ ĐŽŶ &ŽŶĚĂnjŝŽŶĞ ,ŽƵƐŝŶŐ ^ŽĐŝĂůĞ Ğ ƉĞƌ ůŽ ƐǀŝůƵƉƉŽ ĚĞůů͛ŚŽƵƐŝŶŐ ƐŽĐŝĂůĞ ŶĞŝ ŽŵƵŶŝ

'ĞŶŶĂŝŽ͗ E / >ŽŵďĂƌĚŝĂ ğ ƉƌĞƐĞŶƚĞ ŝŶ ZĞŐŝŽŶĞ ĂůůĂ ĨŝƌŵĂ ĚĞů WĂƚƚŽ ƉĞƌ ůĂ ĐĂƐĂ

'ŽǀĞƌŶŽ͕ ZĞŐŝŽŶĞ Ğ E / >ŽŵďĂƌĚŝĂ ƐŝŐůĂŶŽ ůĞ /ŶƚĞƐĞ &ĂŵŝŐůŝĂ ƉĞƌ ů͛ĞƌŽŐĂnjŝŽŶĞ Ěŝ ϰϬ ŵůŶ Ěŝ ĞƵƌŽ ŝŶ ƵŶ ƚƌŝĞŶŶŝŽ ƉĞƌ ůĂ ƉƌŝŵĂ ŝŶĨĂŶnjŝĂ Ğ Őůŝ ĂŶnjŝĂŶŝ ŶŽŶ ĂƵƚŽƐƵĨĨŝĐŝĞŶƚŝ

E / >ŽŵďĂƌĚŝĂ ğ ƉƌĞƐĞŶƚĞ Ăŝ dĂǀŽůŝ͗ • sŽƵĐŚĞƌ͗ ƉĞƌ ů͛ŝŶƚĞŐƌĂnjŝŽŶĞ ƚƌĂ ^> Ğ ŽŵƵŶŝ • DŝŶŽƌŝ ƐƚƌĂŶŝĞƌŝ ŶŽŶ ĂĐĐŽŵƉĂŐŶĂƚŝ • ŝƐĂďŝůŝƚă • ĐĐƌĞĚŝƚĂŵĞŶƚŽ ĚĞůůĞ hK • ^ƉĞƌŝŵĞŶƚĂnjŝŽŶĞ &&> • Z^ ͗ ƉĞƌ ƌŝǀĞĚĞƌĞ ů͛ŝŵƉĂƚƚŽ ƌĞĂůĞ ĚĞůůĂ ƋƵŽƚĂ ƐĂŶŝƚĂƌŝĂ Ğ ƐŽĐŝĂůĞ Ěŝ ĐŽŵƉĂƌƚĞĐŝƉĂnjŝŽŶĞ ĚĞŝ ĐŝƚƚĂĚŝŶŝ Ğ ĚĞŝ ŽŵƵŶŝ ĂůůĞ ƌĞƚƚĞ ĚĞůůĞ Z^

Ϯϱ >ƵŐůŝŽ͗ E / >ŽŵďĂƌĚŝĂ ƉƌĞƐĞŶƚĂ ůĞ ƐƵĞ ƉƌŽƉŽƐƚĞ ƉĞƌ ƵŶ ŶƵŽǀŽ ŵŽĚĞůůŽ Ěŝ ǁĞůĨĂƌĞ

&ĞĚĞƌƐĂŶŝƚă ƉƵďďůŝĐĂ ŝů // YƵĂĚĞƌŶŽ ƐƵ ĂƐƐŝƐƚĞŶnjĂ Ă ĚŽŵŝĐŝůŝŽ Ğ ƌƵŽůŽ ĚĞů ĐĂƌĞŐŝǀŝŶŐ ĨĂŵŝůŝĂƌĞ

/ dĂǀŽůŝ ƐƵů ǁĞůĨĂƌĞ͗ • DŽŶŝƚŽƌĂŐŐŝŽ &&> • DŝŶŽƌŝ ƐƚƌĂŶŝĞƌŝ ŶŽŶ ĂĐĐŽŵƉĂŐŶĂƚŝ • /ŵŵŝŐƌĂnjŝŽŶĞ • ŽƐƚŝ ƐĂŶŝƚĂƌŝ Z^ • EƵŽǀŽ /^ ͗ E / >ŽŵďĂƌĚŝĂ ƉĂƌƚĞĐŝƉĂ Ăů dĂǀŽůŽ ŶĂnjŝŽŶĂůĞ ƉĞƌ ůĂ ƌĞǀŝƐŝŽŶĞ ĚĞůů͛/^ • EĂƐŬŽ Ğ ƌĞƐĐŽ • ŽŶĐŝůŝĂnjŝŽŶĞ • sŝŽůĞŶnjĂ ĐŽŶƚƌŽ ůĞ ĚŽŶŶĞ

>ƵŐůŝŽ ůĂ ZĞŐŝŽŶĞ ƉƌĞƐĞŶƚĂ ŝů ŶƵŽǀŽ WŝĂŶŽ ĐĂƐĂ͕ ĐŽŝŶǀŽůŐĞŶĚŽ ĂŶĐŚĞ ŝ ŽŵƵŶŝ

Ϯϲ ^ĞƚƚĞŵďƌĞ͗ E / >ŽŵďĂƌĚŝĂ ƉĂƌƚĞĐŝƉĂ Ăůů͛ĂƵĚŝnjŝŽŶĞ ĚĞů ŽŶƐŝŐůŝŽ ZĞŐŝŽŶĂůĞ ƐƵůůĂ ŵŽĚŝĨŝĐĂ ĚĞůůĂ >Z ĚĞůůĞ > Z

KƚƚŽďƌĞ͗ E / >ŽŵďĂƌĚŝĂ ŝŶ ǀŝƐƚĂ ĚĞůůĂ ƌĞǀŝƐŝŽŶĞ ĚĞůůĂ >Z ϮϳͬϮϬϬϵ ĐŚŝĞĚĞ ƵŶ ĐŽŶĨƌŽŶƚŽ ƐƵ ĂƐƐĞŐŶĂnjŝŽŶĞ ĚĞŐůŝ ĂůůŽŐŐŝ ZW͕ ŐĞƐƚŝŽŶĞ ĚĞůůĞ ŐƌĂĚƵĂƚŽƌŝĞ͕ ƐĨƌĂƚƚŝ ĞĚ ĞŵĞƌŐĞŶnjĂ ĂďŝƚĂƚŝǀĂ

EŽǀĞŵďƌĞ͗ ĐŽŶ ůĂ ŶƵŽǀĂ >Z ƐƵůůĞ > Z Ɛŝ ƉƌĞǀĞĚĞ ůĂ ƉƌĞƐĞŶnjĂ ĚĞŝ ŽŵƵŶŝ ŶĞŝ ŶƵŽǀŝ ŽŵŝƚĂƚŝ ƚĞƌƌŝƚŽƌŝĂůŝ

E / >ŽŵďĂƌĚŝĂ ƉĂƌƚĞĐŝƉĂ Ăŝ ĐŽŶǀĞŐŶŝ ĞƐƉƌĞƐƐŝ ĚĂŝ ƚĞƌƌŝƚŽƌŝ ƐƵ͗ ďĂĚĂŶƚŝ͕ ƐĞƌǀŝnjŝ ƉĞƌ ů͛ŝŶĨĂŶnjŝĂ͕ ŝŶĨĞƌŵŝĞƌĂ Ěŝ ĨĂŵŝŐůŝĂ͕ ĂƐƐŝƐƚĞŶƚĞ ƐŽĐŝĂůĞ͕ ĨƌĂŐŝůŝƚă ĚĞŐůŝ ĂŶnjŝĂŶŝ

/ dĂǀŽůŝ ƐƵů ǁĞůĨĂƌĞ͗ • ŽƐƚŝ ^ĂŶŝƚĂƌŝ Z^ • ŽŶĐŝůŝĂnjŝŽŶĞ • DŽĚĂůŝƚă Ěŝ ĞƌŽŐĂnjŝŽŶĞ Ěŝ ƌŝƐŽƌƐĞ ĚĞů &ŽŶĚŽ EŽŶ ƵƚŽƐƵĨĨŝĐŝĞŶnjĂ

DĂƌnjŽ͗ E / >ŽŵďĂƌĚŝĂ ƌĞĂůŝnjnjĂ ƵŶ ŵŽŶŝƚŽƌĂŐŐŝŽ ƐƵŝ ŽŶƚƌĂƚƚŝ Ěŝ YƵĂƌƚŝĞƌĞ

^ŝ ĐŚŝƵĚĞ ůĂ ƐƉĞƌŝŵĞŶƚĂnjŝŽŶĞ ĚĞů &&>

ŶƚƌĂ ŝŶ ǀŝŐŽƌĞ ŝů EƵŽǀŽ /^ ͘ E / >ŽŵďĂƌĚŝĂ ƐƵƉƉŽƌƚĂ ŝ ŽŵƵŶŝ ŶĞůůĂ ƐƵĂ ĂƉƉůŝĐĂnjŝŽŶĞ

E / ĞƐƉƌŝŵĞ ƵŶĂ ƉƌŽĨŽŶĚĂ ƉƌĞŽĐĐƵƉĂnjŝŽŶĞ ƐƵůůĞ ƌŝƐŽƌƐĞ ĚĞƐƚŝŶĂƚĞ Ăů &ŽŶĚŽ ^ŽĐŝĂůĞ ZĞŐŝŽŶĂůĞ͕ ŝŶ ĚŝŵŝŶƵnjŝŽŶĞ ƌŝƐƉĞƚƚŽ Ăůů͛ĂŶŶŽ ƉƌĞĐĞĚĞŶƚĞ

ϱ 'ŝƵŐŶŽ͗ E / >ŽŵďĂƌĚŝĂ ƉĂƌƚĞĐŝƉĂ Ăůů͛ĂƵĚŝnjŝŽŶĞ ƐƵů WŝĂŶŽ ZĞŐŝŽŶĂůĞ Ěŝ ZW ƉƌĞƐĞŶƚĂŶĚŽ ƵŶ ĚŽĐƵŵĞŶƚŽ

E / >ŽŵďĂƌĚŝĂ ŽƚƚŝĞŶĞ ů͛ŝŵƉĞŐŶŽ ĚĂ ƉĂƌƚĞ Ěŝ ZĞŐŝŽŶĞ >ŽŵďĂƌĚŝĂ Ă ŵĂŶƚĞŶĞƌĞ ŝŶǀĂƌŝĂƚŽ ƉĞƌ ŝ ƉƌŽƐƐŝŵŝ ĂŶŶŝ ŝů &ŽŶĚŽ ^ŽĐŝĂůĞ ZĞŐŝŽŶĂůĞ

E / >ŽŵďĂƌĚŝĂ ŚĂ ƐŽƐƚĞŶƵƚŽ ƵŶ ĐŽŶĨƌŽŶƚŽ ĐŽŶƚŝŶƵŽ Ğ ƋƵĂƐŝ ƋƵŽƚŝĚŝĂŶŽ ĐŽŶ ZĞŐŝŽŶĞ >ŽŵďĂƌĚŝĂ ƐƵůůĞ ƌŝƐŽƌƐĞ͕ ƐƵůůĞ ŵŽĚĂůŝƚă Ěŝ ĞƌŽŐĂnjŝŽŶĞ ĚĞŝ ƐĞƌǀŝnjŝ Ğ ƐƵůůĂ ͞ƚƌĂĚƵnjŝŽŶĞ͟ ůŽŵďĂƌĚĂ ĚĞŐůŝ ĂĐĐŽƌĚŝ ŶĂnjŝŽŶĂůŝ

/Ŷ ƚĞŵĂ Ěŝ ƉŽůŝƚŝĐŚĞ ĂďŝƚĂƚŝǀĞ E / >ŽŵďĂƌĚŝĂ ŚĂ ƐŽůůĞĐŝƚĂƚŽ ŝŶƚĞƌǀĞŶƚŝ ƉĞƌ ůĂ ŵŽƌŽƐŝƚă ŝŶĐŽůƉĞǀŽůĞ͕ ůĂ ƉƌĞǀĞŶnjŝŽŶĞ ĚĞŐůŝ ƐĨƌĂƚƚŝ͕ ů͛ŝŶĐƌĞŵĞŶƚŽ ĚĞů ƐŽƐƚĞŐŶŽ Ăů ĚŝƐĂŐŝŽ ĂĐƵƚŽ Ğ ů͛ĂĚŽnjŝŽŶĞ Ěŝ ƐƚƌƵŵĞŶƚŝ Ěŝ ŐĂƌĂŶnjŝĂ ƉĞƌ Őůŝ ĂĨĨŝƚƚŝ

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E / >ŽŵďĂƌĚŝĂ ğ ŝů ƉƌŝŵŽ ŶƚĞ ĂĐĐƌĞĚŝƚĂƚŽ͕ ŝŶ ƚĞƌŵŝŶŝ Ěŝ ŐƌĂŶĚĞnjnjĂ ĚĞŐůŝ Ŷƚŝ ĂƐƐŽĐŝĂƚŝ Ğ ĚĞŝ ǀŽůŽŶƚĂƌŝ ŝŶ ƐĞƌǀŝnjŝŽ ƚƌĂ ŝ ŽŵƵŶŝ ůŽŵďĂƌĚŝ ƉĞƌ ŝů ^ĞƌǀŝnjŝŽ ŝǀŝůĞ ;Őŝă ĚĂů ϮϬϬϯͿ͘ /ŶƐŝĞŵĞ ĂůůĞ Ăƚƚŝǀŝƚă ůĞŐĂƚĞ Ăů ^ĞƌǀŝnjŝŽ ŝǀŝůĞ͕ E / >ŽŵďĂƌĚŝĂ ŚĂ ĂƐƐƵŶƚŽ ƐĞŵƉƌĞ Ɖŝƶ ŝů ƌƵŽůŽ Ěŝ ĐŽůůĂŶƚĞ Ă ůŝǀĞůůŽ ƌĞŐŝŽŶĂůĞ ƐƵůůĞ ƉŽůŝƚŝĐŚĞ ŐŝŽǀĂŶŝůŝ Ğ ŚĂ ĐŽŶƚƌŝďƵŝƚŽ Ă ĐƌĞĂƌĞ ŶĞů ŵĂŶĚĂƚŽ ŝŵƉŽƌƚĂŶƚŝ ƐƚƌƵŵĞŶƚŝ Ěŝ ĐŝƚƚĂĚŝŶĂŶnjĂ ĂƚƚŝǀĂ Ğ Ěŝ ƉŽůŝƚŝĐŚĞ ƉĞƌ ŝů ůĂǀŽƌŽ ĚĞŝ ŐŝŽǀĂŶŝ ŶĞŝ ŽŵƵŶŝ ůŽŵďĂƌĚŝ͕ ƉƌŝŵŽ ĨƌĂ ƚƵƚƚŝ ŽƚĞ ŽŵƵŶĞ ŶĞů ϮϬϭϬ͘

'ƌƵƉƉŝ Ěŝ ůĂǀŽƌŽ Ğ ŽŵŝƚĂƚŝ ZĞŐŝŽŶĂůŝ͗ • ŽŵŝƚĂƚŽ Ěŝ ŽŽƌĚŝŶĂŵĞŶƚŽ ƉĞƌ ůŽ ƐǀŝůƵƉƉŽ ĞĚ ŝů ƌŝůĂŶĐŝŽ ĚĞůůĞ ƐƉŽƌƚ ŝŶ >ŽŵďĂƌĚŝĂ • ^ĞŐƌĞƚĞƌŝĂ ƚĞĐŶŝĐĂ ^ƉŽƌƚ • ŽŵŝƚĂƚŽ ƉĞƌ ŝ ŐŝŽĐŚŝ ƐƉŽƌƚŝǀŝ ƐƚƵĚĞŶƚĞƐĐŚŝ • ŽŵŝƚĂƚŽ ƉĞƌ ů͛ĂůĨĂďĞƚŝnjnjĂnjŝŽŶĞ ŵŽƚŽƌŝĂ • dĂǀŽůŝ ĂƚƚŝǀĂƚŝ ĚĂů ŽŵƵŶĞ Ěŝ DŝůĂŶŽ Ă ƐĞŐƵŝƚŽ ĚĞŐůŝ ^ƚĂƚŝ 'ĞŶĞƌĂůŝ ĚĞůůŽ ƐƉŽƌƚ • 'ƌƵƉƉŽ Ěŝ ůĂǀŽƌŽ ƐƵů WŝĂŶŽ ĂƐĂ ƌĞŐŝŽŶĂůĞ • ŽŽƌĚŝŶĂŵĞŶƚŽ ƌĞŐŝŽŶĂůĞ /ŶĨŽƌŵĂŐŝŽǀĂŶŝ͘

WĞƌ ůĞ ƉŽůŝƚŝĐŚĞ ĂďŝƚĂƚŝǀĞ E / >ŽŵďĂƌĚŝĂ ŚĂ ĐŚŝĞƐƚŽ ůĂ ƉĂƌƚĞĐŝƉĂnjŝŽŶĞ ĚĞŝ ŽŵƵŶŝ ĂůůĂ ŐĞƐƚŝŽŶĞ ĚĞůů͛ ZW͕ ůĂ ƌŝƋƵĂůŝĨŝĐĂnjŝŽŶĞ Ğ ǀĂůŽƌŝnjnjĂnjŝŽŶĞ ĚĞů ƉĂƚƌŝŵŽŶŝŽ ƉƵďďůŝĐŽ͕ ůĂ ƉƌŽŵŽnjŝŽŶĞ ĚĞů ƐŽĐŝĂů ŚŽƵƐŝŶŐ Ğ ŝů ƌĞĐƵƉĞƌŽ ĚĞů ƉĂƚƌŝŵŽŶŝŽ ĞĚŝůŝnjŝŽ͕ ĂŶĐŚĞ ĂƚƚƌĂǀĞƌƐŽ ŝ ŽŶƚƌĂƚƚŝ Ěŝ ƋƵĂƌƚŝĞƌĞ Ğ ŝů ƌŝĐŽŶŽƐĐŝŵĞŶƚŽ ĚĞů ƐƵŽůŽ ĐŽŵĞ ďĞŶĞ ĐŽŵƵŶĞ

E / >ŽŵďĂƌĚŝĂ ůĂǀŽƌĂ ĚĂ ƵŶ ůĂƚŽ ŝŶ ƐŝŶĞƌŐŝĂ ĐŽŶ E / ĂůůĂ ƌĞǀŝƐŝŽŶĞ ĚĞůůĂ >ĞŐŐĞ ƐƵů ^ĞƌǀŝnjŝŽ ŝǀŝůĞ ;ϲϰͬϬϭͿ ĐŽŶ ƵŶĂ ďŽnjnjĂ Ěŝ >ĞŐŐĞ ĞůĞŐĂ ĐŚĞ ƉƌĞƐĞŶƚĂ Ăů DŝŶŝƐƚƌŽ 'ŝŽǀĂŶĂƌĚŝ ĂůůĂ ĂŵĞƌĂ͘ Ăůů͛ĂůƚƌŽ ůĂǀŽƌĂ Ăů ďĂŶĚŽ ͞'ŝŽǀĂŶŝ ŶĞƌŐŝĞ ŝŶ ŽŵƵŶĞ͟ ĐŽŶ ƵŶ ĨŝŶĂŶnjŝĂŵĞŶƚŽ ĂƐƐĞŐŶĂƚŽ Ăŝ ŽŵƵŶŝ ƐƵůůĞ ƉŽůŝƚŝĐŚĞ ŐŝŽǀĂŶŝůŝ ĚŝƌĞƚƚĂŵĞŶƚĞ ĚĂ E /

E / >ŽŵďĂƌĚŝĂ ůĂǀŽƌĂ ƐƵůůĞ ůŝŶĞĞ Ěŝ ŝŶĚŝƌŝnjnjŽ ƉĞƌ ůĞ WŽůŝƚŝĐŚĞ 'ŝŽǀĂŶŝůŝ ĚĂ ŝŶƐĞƌŝƌĞ ŶĞůů͛ĂĐĐŽƌĚŽ Ěŝ WƌŽŐƌĂŵŵĂ YƵĂĚƌŽ ƚƌĂ ZĞŐŝŽŶĞ >ŽŵďĂƌĚŝĂ Ğ ^ƚĂƚŽ

E / >ŽŵďĂƌĚŝĂ Ěă ĂǀǀŝŽ Ăů ŶƵŽǀŽ ŽŽƌĚŝŶĂŵĞŶƚŽ ZĞŐŝŽŶĂůĞ /ŶĨŽƌŵĂŐŝŽǀĂŶŝ

^ŝ ƉƌĞƐĞŶƚĂ ƵŶĂ ƌŝĐĞƌĐĂ ŝŶƚĞƌŶĂ ƐƵŝ ϭϬ ĂŶŶŝ Ěŝ ^ Ěŝ E / >ŽŵďĂƌĚŝĂ ĐŚĞ ĐŽŝŶǀŽůŐĞ Ɖŝƶ Ěŝ ϰϬϬ ŽŵƵŶŝ ĚĞůůĂ ƌĞƚĞ E / >ŽŵďĂƌĚŝĂ ƉĞƌ ǀĂůƵƚĂƌŶĞ Őůŝ ĞĨĨĞƚƚŝ ŝŶ ƚĞƌŵŝŶŝ Ěŝ ƐĞƌǀŝnjŝ Ğ ĐĂƉĂĐŝƚă Ěŝ ŝŶƐĞƌŝŵĞŶƚŽ ĚĞŝ ŐŝŽǀĂŶŝ ŶĞů ŵŽŶĚŽ ĚĞů ůĂǀŽƌŽ ŝŶ ƐĞŐƵŝƚŽ Ă ƋƵĞƐƚ͛ĞƐƉĞƌŝĞŶnjĂ

^ĞƚƚĞŵďƌĞ ϮϬϭϬ͗ ǀŝĞŶĞ ĂƉƉƌŽǀĂƚŽ /E'/K K͕ ƉĞƌ ŝů ĐŽŽƌĚŝŶĂŵĞŶƚŽ ĚĞŐůŝ /ŶĨŽƌŵĂŐŝŽǀĂŶŝ ůŽŵďĂƌĚŝ

ϭϬ EŽǀĞŵďƌĞ͗ ŝů WƌŽƚŽĐŽůůŽ Ěŝ ŝŶƚĞƐĂ ĐŽŶ ůĂ ZĞŐŝŽŶĞ ƐƵů ƉƌŽŐĞƚƚŽ ŽƚĞ ŽŵƵŶĞ ƉĞƌŵĞƚƚĞ Ăŝ ŐŝŽǀĂŶŝ ƚƌĂ ŝ ϭϴ Ğ ŝ ϯϬ ĂŶŶŝ Ěŝ ƐǀŽůŐĞƌĞ ƵŶ ƚŝƌŽĐŝŶŝŽ ƌŝĐŽŶŽƐĐŝƵƚŽ ĚĂůůĂ ZĞŐŝŽŶĞ ƉƌĞƐƐŽ ŝ ŽŵƵŶŝ Ğ Ăŝ ŽŵƵŶŝ Ěŝ ĂǀǀĂůĞƌƐŝ ĚĞůůĂ ůŽƌŽ ƉƌĞnjŝŽƐĂ ĐŽůůĂďŽƌĂnjŝŽŶĞ ŶĞŝ ƐĞƌǀŝnjŝ ĐŽŵƵŶĂůŝ

sŝĞŶĞ ŝƐƚŝƚƵŝƚŽ ĚĂůůĂ ZĞŐŝŽŶĞ ŝů dĂǀŽůŽ WĞƌŵĂŶĞŶƚĞ ƐƵůůĞ WŽůŝƚŝĐŚĞ 'ŝŽǀĂŶŝůŝ͕ Ěŝ ĐƵŝ E / >ŽŵďĂƌĚŝĂ ĨĂ ƉĂƌƚĞ

Ϯ DĂŐŐŝŽ͗ E / >ŽŵďĂƌĚŝĂ ƐƚŝƉƵůĂ ĐŽŶ ůĂ ZĞŐŝŽŶĞ ƵŶĂ ĐŽŶǀĞŶnjŝŽŶĞ ƉĞƌ ƌĞĂůŝnjnjĂƌĞ ƵŶ ƐŝƐƚĞŵĂ ŝŶĨŽƌŵĂƚŝǀŽ ƉĞƌ ŝů ŵŽŶŝƚŽƌĂŐŐŝŽ ĚĞůůĞ ƉŽůŝƚŝĐŚĞ ŐŝŽǀĂŶŝůŝ ŝŶ ZĞŐŝŽŶĞ

&ĞďďƌĂŝŽ͗ ƉĂƌƚĞ ŝů ďĂŶĚŽ ƉĞƌ ůĂ ŐŽǀĞƌŶĂŶĐĞ ĚĞůůĞ ƉŽůŝƚŝĐŚĞ ŐŝŽǀĂŶŝůŝ͕ ĐŚĞ ĞƌŽŐĂ ĨŝŶĂŶnjŝĂŵĞŶƚŝ ĂůůĞ ƌĞƚŝ Ěŝ ŽŵƵŶŝ Ğ dĞƌnjŽ ƐĞƚƚŽƌĞ ʹ ĐŽŶ ŝ ŽŵƵŶŝ ĐĂƉŽĨŝůĂ ʹ ŝŶ ŽŐŶŝ ƉƌŽǀŝŶĐŝĂ

DĂƌnjŽ͗ E / >ŽŵďĂƌĚŝĂ ŝŶĐŽŶƚƌĂ ŝů WƌĞƐŝĚĞŶƚĞ ĚĞů KE/ >ŽŵďĂƌĚŝĂ ƐƵů ƚĞŵĂ ĚĞůůŽ ƐƉŽƌƚ ŶĞůůĞ ƐĐƵŽůĞ Ğ ŶĞŝ ŽŵƵŶŝ Ğ ƉĞƌ ƵŶĂ ƌŝĐŽŐŶŝnjŝŽŶĞ ĚĞůůŽ ƐƚĂƚŽ ĚĞůůĞ ƉĂůĞƐƚƌĞ ĐŽŵƵŶĂůŝ

/Ŷ ƉƌŝŵĂǀĞƌĂ Ɛŝ ƉƌĞƐĞŶƚĂ ŝů ŵŽŶŝƚŽƌĂŐŐŝŽ ĚĞůůĞ ƉŽůŝƚŝĐŚĞ ŐŝŽǀĂŶŝůŝ͕ ĐŽŶ Őůŝ ĞƐŝƚŝ ĚĞů / ĂĐĐŽƌĚŽ YƵĂĚƌŽ ͞EƵŽǀĂ ŐĞŶĞƌĂnjŝŽŶĞ Ěŝ /ĚĞĞ͘͟ >͛ŽďŝĞƚƚŝǀŽ ğ ƉĂƐƐĂƌĞ ĚĂ ͞ƉƌŽŐĞƚƚŝ͟ Ă ƉƌŽƉŽƐƚĞ ƐƚĂďŝůŝ Ğ ƐƚƌƵƚƚƵƌĂƚĞ

ŽŶ ů͛h^Z Ɛŝ ƉƌŽƐĞŐƵĞ ůĂ ƉŽƐŝƚŝǀĂ ĞƐƉĞƌŝĞŶnjĂ Ěŝ ĂůĨĂďĞƚŝnjnjĂnjŝŽŶĞ ŵŽƚŽƌŝĂ ƉĞƌ ůĂ ƐĐƵŽůĂ ƉƌŝŵĂƌŝĂ

^ĞƚƚĞŵďƌĞ͗ E / >ŽŵďĂƌĚŝĂ ŽƌŐĂŶŝnjnjĂ ƵŶ ŝŶĐŽŶƚƌŽ ƉĞƌ ĂǀǀŝĂƌĞ ƉƌŽŐĞƚƚŝ Ěŝ ^ ŶĞŝ ŽŵƵŶŝ ĚĞů ŵĂŶƚŽǀĂŶŽ ĐŽůƉŝƚŝ ĚĂů ƐŝƐŵĂ

ϯ ŝĐĞŵďƌĞ͗ Ɛŝ ƌŝŶŶŽǀĂ ŝů WƌŽƚŽĐŽůůŽ ƐƵ ŽƚĞ ŽŵƵŶĞ͕ ŝŶ ƵŶĂ ĨĂƐĞ Ěŝ ĚƌĂƐƚŝĐĂ ƌŝĚƵnjŝŽŶĞ ĚĞů ^ ͕ ĐŚĞ ŝŶƚƌŽĚƵĐĞ ŝů ĨŝŶĂŶnjŝĂŵĞŶƚŽ ƌĞŐŝŽŶĂůĞ ŽůƚƌĞ Ă ƋƵĞůůŽ ĐŽŵƵŶĂůĞ

ŶĐŚĞ ŝŶ >ŽŵďĂƌĚŝĂ Ɛŝ ĂƚƚŝǀĂ ŝů ƉƌŽŐƌĂŵŵĂ ĞƵƌŽƉĞŽ ͞'ĂƌĂŶnjŝĂ 'ŝŽǀĂŶŝ͕͟ ƉĞƌ ĐŽŶƚƌĂƐƚĂƌĞ ůĂ ĚŝƐŽĐĐƵƉĂnjŝŽŶĞ ŐŝŽǀĂŶŝůĞ ŶĞŝ WĂĞƐŝ ŵĞŵďƌŝ ĐŽŶ ƚĂƐƐŝ Ěŝ ĚŝƐŽĐĐƵƉĂnjŝŽŶĞ ƐƵƉĞƌŝŽƌĞ Ăů Ϯϱй͘ >Ă ƉƌŽƉŽƐƚĂ ğ ƌŝǀŽůƚĂ Ăŝ ŐŝŽǀĂŶŝ ĚĂŝ ϭϴ Ăŝ Ϯϵ ĂŶŶŝ

Ϯϯ DĂŐŐŝŽ͗ Ɛŝ ƐǀŽůŐŽŶŽ Őůŝ ͞^ƚĂƚŝ ŐĞŶĞƌĂůŝ ĚĞůůŽ ƐƉŽƌƚ͕͟ ƵŶ͛ŝŶŝnjŝĂƚŝǀĂ ĚĞů ŽŵƵŶĞ Ěŝ DŝůĂŶŽ ŝŶ ĐŽůůĂďŽƌĂnjŝŽŶĞ ĐŽŶ E / >ŽŵďĂƌĚŝĂ

^ĞƚƚĞŵďƌĞ͗ ƐŽƚƚŽƐĐƌŝƚƚŽ ů͛ ĐĐŽƌĚŽ YƵĂĚƌŽ ƉĞƌ ůŽ ƐǀŝůƵƉƉŽ Ğ ŝů ƌŝůĂŶĐŝŽ ĚĞůůŽ ƐƉŽƌƚ ƚƌĂ ZĞŐŝŽŶĞ >ŽŵďĂƌĚŝĂ͕ KE/͕ /W͕ h^Z͕ E / >ŽŵďĂƌĚŝĂ Ğ hW>͘ 'ůŝ ĂƐƐŝ ƉŽƌƚĂŶƚŝ ĚĞůů͛ĂĐĐŽƌĚŽ ƐŽŶŽ ϰ͗ • /ŵƉŝĂŶƚŝƐƚŝĐĂ ƐƉŽƌƚŝǀĂ • ĚƵĐĂnjŝŽŶĞ ŵŽƚŽƌŝĂ Ğ ĐŽůůĂďŽƌĂnjŝŽŶĞ ĐŽŶ ůĞ ƐĐƵŽůĞ • WƌŽŵŽnjŝŽŶĞ ĚĞůůĂ ƉƌĂƚŝĐĂ ƐƉŽƌƚŝǀĂ ĐŽŵĞ ĨĂƚƚŽƌĞ Ěŝ ĐŽĞƐŝŽŶĞ ƐŽĐŝĂůĞ • sĞƌƐŽ džƉŽ ϮϬϭϱ

&ĞďďƌĂŝŽ͗ ŝŶ ǀŝƐƚĂ ĚĞů ďĂŶĚŽ ͞sŽƵĐŚĞƌ ůĞǀĂ ĐŝǀŝĐĂ͟ ƉĞƌ ƌĞĂůŝnjnjĂƌĞ ŶĞŐůŝ Ŷƚŝ ůŽĐĂůŝ ůŽŵďĂƌĚŝ ƉĞƌĐŽƌƐŝ ĨŽƌŵĂƚŝǀŝ ƉĞƌ ŝ ŐŝŽǀĂŶŝ ĚĂŝ ϭϴ Ăŝ ϯϱ͕ E / >ŽŵďĂƌĚŝĂ ŽƌŐĂŶŝnjnjĂ ƵŶ ĐŝĐůŽ Ěŝ ƐĞŵŝŶĂƌŝ Ă DŝůĂŶŽ͕ ƌĞƐĐŝĂ͕ ƌĞŵŽŶĂ Ğ sĂƌĞƐĞ

ϭϴ &ĞďďƌĂŝŽ͗ E / ƉĂƌƚĞĐŝƉĂ Ăůů͛ĂƵĚŝnjŝŽŶĞ ƐƵůůĂ ƉƌŽƉŽƐƚĂ Ěŝ ůĞŐŐĞ ͞sŽƵĐŚĞƌ ůĞǀĂ ĐŝǀŝĐĂ͟

ϵ ƉƌŝůĞ͗ ĐŽŶǀĞŐŶŽ Ěŝ ƌĞŵŽŶĂ ŽƌŐĂŶŝnjnjĂƚŽ ĚĂ E / >ŽŵďĂƌĚŝĂ ĐŽŶ ŝů ŽŽƌĚŝŶĂŵĞŶƚŽ ĚĞŐůŝ /ŶĨŽƌŵĂŐŝŽǀĂŶŝ͕ ƉĞƌ ƉƌŽŵƵŽǀĞƌĞ ů͛ƵƚŝůŝnjnjŽ ŽƚƚŝŵĂůĞ ĚĞŝ ϮϬϬ ƐƉŽƌƚĞůůŝ ĨƵŶnjŝŽŶĂŶƚŝ ŶĞŝ ŽŵƵŶŝ

>Ă ZĞŐŝŽŶĞ ƉƵďďůŝĐĂ ƵŶĂ ƐĞƌŝĞ Ěŝ ďĂŶĚŝ ƉĞƌ ǀĂůŽƌŝnjnjĂƌĞ ůĂ ƉƌĂƚŝĐĂ ƐƉŽƌƚŝǀĂ Ğ ƌĞŶĚĞƌĞ ĂĐĐĞƐƐŝďŝůŝ ůĞ ƉĂůĞƐƚƌĞ ŝŶ ŽƌĂƌŝŽ ĞdžƚƌĂƐĐŽůĂƐƚŝĐŽ

/ů ŽŵƵŶĞ Ěŝ DŝůĂŶŽ ĨŝƌŵĂ ƵŶ WƌŽƚŽĐŽůůŽ Ě͛ŝŶƚĞƐĂ ĐŽŶ E / >ŽŵďĂƌĚŝĂ͕ KE/͕ /W Ğ h^Z ƉĞƌ ůĂ ƉƌŽŵŽnjŝŽŶĞ Ěŝ Ăƚƚŝǀŝƚă ƐƉŽƌƚŝǀĞ ŶĞůůĞ ƉĂůĞƐƚƌĞ ĂŶŶĞƐƐĞ ĂůůĞ ƐĐƵŽůĞ ŝŶ ŽƌĂƌŝŽ ĞdžƚƌĂƐĐŽůĂƐƚŝĐŽ

E / >ŽŵďĂƌĚŝĂ ŚĂ ƐǀŝůƵƉƉĂƚŽ ŝů ^ĞƌǀŝnjŝŽ ŝǀŝůĞ͕ ŽƚĞ ŽŵƵŶĞ Ğ Ăůƚƌŝ ƉƌŽŐĞƚƚŝ Ěŝ ĐŝƚƚĂĚŝŶĂŶnjĂ ĂƚƚŝǀĂ͘ Ϯ͘ϴϱϯ ŐŝŽǀĂŶŝ ŚĂŶŶŽ ƐǀŽůƚŽ ŝů ^ĞƌǀŝnjŝŽ ŝǀŝůĞ ŝŶ ϰϭϱ ŽŵƵŶŝ ůŽŵďĂƌĚŝ Ğ ƐŽŶŽ ƐƚĂƚŝ ĂǀǀŝĂƚŝ ϭ͘ϲϳϰ ƚŝƌŽĐŝŶŝ ŝŶ ϮϲϬ Ŷƚŝ ůŽĐĂůŝ

EĞůůĂ ŶƵŽǀĂ >Z E / >ŽŵďĂƌĚŝĂ ŚĂ ǀĂůŽƌŝnjnjĂƚŽ ŝů ƌƵŽůŽ ĚĞŝ ŽŵƵŶŝ ŶĞůůĂ ŐĞƐƚŝŽŶĞ ĚĞŐůŝ ŝŵƉŝĂŶƚŝ Ğ ŶĞůůĂ ƉƌŽŵŽnjŝŽŶĞ ĚĞůůĂ ƉƌĂƚŝĐĂ ƐƉŽƌƚŝǀĂ ƉĞƌ ŐŝŽǀĂŶŝ Ğ ĂĚƵůƚŝ

E / ŚĂ ŽƚƚĞŶƵƚŽ ůĂ ƌŝƋƵĂůŝĨŝĐĂnjŝŽŶĞ Ěŝ ϭϴ͘ϬϬϬ ĂůůŽŐŐŝ ZW͕ ϰ͘ϱϬϬ ĂůůŽŐŐŝ Ěŝ ƐŽĐŝĂů ŚŽƵƐŝŶŐ͕ ů͛ƵƚŝůŝnjnjŽ ĚĞůů͛ŝŶǀĞŶĚƵƚŽ ĂƚƚƌĂǀĞƌƐŽ ƐƚƌƵŵĞŶƚŝ Ěŝ ŐĂƌĂŶnjŝĂ Ğ ŝů ĐŽŶƚƌĂƐƚŽ Ăůů͛ĂďƵƐŝǀŝƐŵŽ

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^ŽŶŽ ƉĂƐƐĂƚŝ ŽƚƚŽ ĂŶŶŝ ĚĂůůĂ ƌŝĨŽƌŵĂ ĚĞů dŝƚŽůŽ s ĚĞůůĂ ŽƐƚŝƚƵnjŝŽŶĞ ĞĚ ğ ĐƌĞƐĐŝƵƚĂ ůĂ ƐŽǀƌĂƉƉŽƐŝnjŝŽŶĞ Ěŝ ĐŽŵƉŝƚŝ Ğ ĨƵŶnjŝŽŶŝ ƚƌĂ ůŝǀĞůůŝ ŝƐƚŝƚƵnjŝŽŶĂůŝ ĐŚĞ ŚĂ ƉƌŽĚŽƚƚŽ ĐŽŶĨůŝƚƚŝ Ğ ĂůůƵŶŐĂŵĞŶƚŽ ĚĞŝ ƚĞŵƉŝ Ğ ĚĞŝ ĐŽƐƚŝ͘ E / >ŽŵďĂƌĚŝĂ ŚĂ ĐŚŝĞƐƚŽ ƵŶĂ ͞ ĂƌƚĂ ĚĞůůĞ ĂƵƚŽŶŽŵŝĞ͟ ĐŚĞ ŝŶĚŝĐŚŝ ͞ĐŚŝ ĨĂ ĐŚĞ ĐŽƐĂ͟ ĨƌĂ ůĞ ĚŝǀĞƌƐĞ ŝƐƚŝƚƵnjŝŽŶŝ͕ ƐĞŵƉůŝĨŝĐĂŶĚŽ ĐŽƐŞ ŝů ƋƵĂĚƌŽ ŝƐƚŝƚƵnjŝŽŶĂůĞ Ğ ƌĞĂůŝnjnjĂŶĚŽ ƵŶ ƉĂƐƐĂŐŐŝŽ ǀĞƌŽ Ăů ĨĞĚĞƌĂůŝƐŵŽ ŝƐƚŝƚƵnjŝŽŶĂůĞ ďĂƐĂƚŽ ƐƵů ƉƌŝŶĐŝƉŝŽ Ěŝ ƐƵƐƐŝĚŝĂƌŝĞƚă͘ /Ŷ ƋƵĞƐƚŽ ƋƵĂĚƌŽ ŚĂ ƉĂƌƚĞĐŝƉĂƚŽ ĚĂ ƉƌŽƚĂŐŽŶŝƐƚĂ Ăů ƉƌŽĐĞƐƐŽ Ěŝ ĐŽƐƚŝƚƵnjŝŽŶĞ ĚĞů ŽŶƐŝŐůŝŽ ĚĞůůĞ ƵƚŽŶŽŵŝĞ >ŽĐĂůŝ͘ E / ŚĂ ĚĂ ƐĞŵƉƌĞ ƐŽƐƚĞŶƵƚŽ ůĂ ŶĞĐĞƐƐŝƚă Ěŝ ƌĞĂůŝnjnjĂƌĞ ůĂ ŝƚƚă DĞƚƌŽƉŽůŝƚĂŶĂ ĐŽŵĞ ŶƚĞ Ěŝ ŐŽǀĞƌŶŽ ƵŶŝƚĂƌŝŽ ĚĞůůĞ ĂƌĞĞ Ɖŝƶ ĐŽŵƉůĞƐƐĞ ĚĞů ŶŽƐƚƌŽ WĂĞƐĞ͕ ĂůůŝŶĞĂŶĚŽƐŝ ĐŽƐŞ ĂůůĞ ĂůƚƌĞ ƌĞŐŝŽŶŝ Ě͛ ƵƌŽƉĂ͘ /ů ƉƌŽĐĞƐƐŽ Ěŝ ƌŝĨŽƌŵĂ Ğ Ěŝ ƌŝŽƌĚŝŶŽ ĚĞůůĞ WƌŽǀŝŶĐĞ ƉƵž ĞƐƐĞƌĞ ƵŶ͛ŽĐĐĂƐŝŽŶĞ ƉĞƌ ƌŝƉĞŶƐĂƌĞ ĂůůĂ ĂƌƚŝĐŽůĂnjŝŽŶĞ ĚĞůůŽ ^ƚĂƚŽ Ğ ĚĞůůĞ ŝƐƚŝƚƵnjŝŽŶŝ ůŽĐĂůŝ ŝŶ >ŽŵďĂƌĚŝĂ Ğ ŶĞůů͛ŝŶƚĞƌŽ WĂĞƐĞ͘ E / >ŽŵďĂƌĚŝĂ ŚĂ ĂǀĂŶnjĂƚŽ ůĂ ƉƌŽƉŽƐƚĂ Ěŝ ƉƌĞĚŝƐƉŽƌƌĞ ƵŶĂ ůĞŐŐĞ Ěŝ ƌŝŽƌĚŝŶŽ ƚĞƌƌŝƚŽƌŝĂůĞ ƌĞŐŝŽŶĂůĞ ĐŚĞ ƌĞĂůŝnjnjĂƐƐĞ ŝŶ >ŽŵďĂƌĚŝĂ ůĂ ͞ ĂƌƚĂ ĚĞůůĞ ĂƵƚŽŶŽŵŝĞ ůŽŵďĂƌĚĞ͘͟ E / >ŽŵďĂƌĚŝĂ ŚĂ ĂǀĂŶnjĂƚŽ ƉƌŽƉŽƐƚĞ ƐƵŝ ƚĞŵŝ ĚĞůů͛ĞͲŐŽǀĞƌŶŵĞŶƚ ƉĞƌ ƌĞŶĚĞƌĞ Ɖŝƶ ƐĞŵƉůŝĐŝ Ğ ĐŚŝĂƌŝ ŝ ƌĂƉƉŽƌƚŝ ƚƌĂ ŝ ŽŵƵŶŝ Ğ ůĞ ŝŵƉƌĞƐĞ Ğ ŝ ĐŝƚƚĂĚŝŶŝ͘ ,Ă ƉƌĞƐĞŶƚĂƚŽ ƵŶ͛ ŐĞŶĚĂ ĚŝŐŝƚĂůĞ ƉĞƌ ŝ ŽŵƵŶŝ ĐŽŶ ƉƌŽƉŽƐƚĞ ĂƌƚŝĐŽůĂƚĞ͕ ŝŶ ƉĂƌƚŝĐŽůĂƌĞ ƉĞƌ ů͛ĂďďĂƚƚŝŵĞŶƚŽ ĚĞů ĚŝŐŝƚĂů ĚŝǀŝĚĞ͘ E / >ŽŵďĂƌĚŝĂ ŚĂ ŝŶĨŝŶĞ ƉƌĞƐĞŶƚĂƚŽ ƉƌŽƉŽƐƚĞ ƉĞƌ ĨĂǀŽƌŝƌĞ ůĂ ƉĂƌƚĞĐŝƉĂnjŝŽŶĞ ĚĞŝ ŽŵƵŶŝ Ăŝ ĨŽŶĚŝ ĚĞůůĂ ͞ƉƌŽŐƌĂŵŵĂnjŝŽŶĞ ĞƵƌŽƉĞĂ͟ ϮϬϭϰͲ ϮϬϮϬ͘

E / >ŽŵďĂƌĚŝĂ ůĂǀŽƌĂ Ăů WƌŽŐĞƚƚŽ Ěŝ >ĞŐŐĞ ƐƵů ŽŶƐŝŐůŝŽ ĚĞůůĞ ƵƚŽŶŽŵŝĞ >ŽĐĂůŝ ; ͘ ͘>Ϳ ƉĞƌ ĚĞĨŝŶŝƌŶĞ ĐŽŵƉĞƚĞŶnjĞ Ğ ĨƵŶnjŝŽŶŝ

EĞů ϮϬϭϬ E / >ŽŵďĂƌĚŝĂ ƉĂƌƚĞĐŝƉĂ ĚĂ ƉƌŽƚĂŐŽŶŝƐƚĂ ĂůůĂ ĞůĂďŽƌĂnjŝŽŶĞ ĚĞů ƌĞŐŽůĂŵĞŶƚŽ ƉĞƌ ů͛ĞůĞnjŝŽŶĞ Ěŝ ĐŽŵƉŽŶĞŶƚŝ ĚĞů >

DĂŐŐŝŽ͗ E / >ŽŵďĂƌĚŝĂ ƐƵƉƉŽƌƚĂ ŝ ŽŵƵŶŝ ĐŽŶ ŝŶŝnjŝĂƚŝǀĞ Ěŝ ĨŽƌŵĂnjŝŽŶĞ ƐƵůů͛ƵƚŝůŝnjnjŽ ĚĞůůĂ W

^ĞƚƚĞŵďƌĞ͗ E / >ŽŵďĂƌĚŝĂ ƌŝĐŚŝĞĚĞ ŝŶƚĞƌǀĞŶƚŝ ƌĂĚŝĐĂůŝ ƉĞƌ ƐƵƉĞƌĂƌĞ ŝů ĚŝŐŝƚĂů ĚŝǀŝĚĞ Ğ ƉƌĞƐĞŶƚĂ ŝů WƌŽŐĞƚƚŽ ƌĞŐŝŽŶĂůĞ Ěŝ ĂŶĚĂ ƵůƚƌĂ ůĂƌŐĂ

E / >ŽŵďĂƌĚŝĂ ƉƌĞĚŝƐƉŽŶĞ ŝ ŶƵŽǀŝ ƌĞŐŽůĂŵĞŶƚŝ ĚĞŝ ƌŝŵďŽƌƐŝ ƐƉĞƐĞ Ğ ĚĞůůĞ ŵŝƐƐŝŽŶŝ ƉĞƌ ĂĚĞŐƵĂƌƐŝ Ăŝ ŶƵŽǀŝ ůŝŵŝƚŝ Ěŝ ůĞŐŐĞ͕ ƉĞƌ ŝů ĨƵŶnjŝŽŶĂŵĞŶƚŽ ĚĞŝ ŝƉĂƌƚŝŵĞŶƚŝ Ğ ĂĚŽƚƚĂ ƵŶ ŽĚŝĐĞ ƚŝĐŽ

^ŝ ĂǀǀŝĂ ůĂ ĚŝƐĐƵƐƐŝŽŶĞ Ğ ŝů ĐŽŶĨƌŽŶƚŽ ƐƵů ƌŝŽƌĚŝŶŽ ĚĞůůĞ WƌŽǀŝŶĐŝĞ ĐŽŶƚĞŶƵƚŽ ĚĞů > ͞^ĂůǀĂ /ƚĂůŝĂ͟ ĚĞů 'ŽǀĞƌŶŽ DŽŶƚŝ

E / >ŽŵďĂƌĚŝĂ ƉĂƌƚĞĐŝƉĂ Ăŝ ƚĂǀŽůŝ ƐƵůůĂ ƐĞŵƉůŝĨŝĐĂnjŝŽŶĞ ĂǀǀŝĂƚŝ ĚĂ ZĞŐŝŽŶĞ >ŽŵďĂƌĚŝĂ͕ ŝŶ ƉĂƌƚŝĐŽůĂƌĞ ƐƵŐůŝ ^ƉŽƌƚĞůůŝ hŶŝĐŝ ƚƚŝǀŝƚă WƌŽĚƵƚƚŝǀĞ ;^h WͿ

E / >ŽŵďĂƌĚŝĂ ƉƌĞƐĞŶƚĂ ƵŶ ĚŽĐƵŵĞŶƚŽ ƐƵů ƉƌŽĐĞƐƐŽ Ěŝ ƌŝŽƌĚŝŶŽ ĚĞůůĞ WƌŽǀŝŶĐĞ ŝŶ ĐƵŝ ĐŚŝĞĚĞ ƵŶ ƉƌŽŐĞƚƚŽ ĐŽĞƌĞŶƚĞ Ğ ƵŶŝƚĂƌŝŽ Ěŝ ƌŝĨŽƌŵĂ ĚĞůůŽ ^ƚĂƚŽ͘ /Ŷ >ŽŵďĂƌĚŝĂ ůĂ ƌŝĨŽƌŵĂ ĚĞůůĞ WƌŽǀŝŶĐĞ ƉƵž ĞƐƐĞƌĞ ů͛ŽĐĐĂƐŝŽŶĞ ƉĞƌ ƵŶ ƌŝŽƌĚŝŶŽ ƚĞƌƌŝƚŽƌŝĂůĞ

E / >ŽŵďĂƌĚŝĂ ŝƐƚŝƚƵŝƐĐĞ ŝů ŝƉĂƌƚŝŵĞŶƚŽ ͞ ŝƚƚă ŵĞƚƌŽƉŽůŝƚĂŶĂ͟

WĂƌƚĞĐŝƉĂ ĂůůĂ ƐƚĞƐƵƌĂ ĚĞůůĞ >ŝŶĞĞ ŐƵŝĚĂ ŐĞŶĚĂ >ŽŵďĂƌĚŝĂ ^ĞŵƉůŝĐĞ ϮϬϭϮ Ğ Ăů dĂǀŽůŽ ƌĞŐŝŽŶĂůĞ ͞ ƵƌŽĐƌĂnjŝĂ njĞƌŽ͟

ϭϮ ŝĐĞŵďƌĞ͗ E / >ŽŵďĂƌĚŝĂ ƉƌĞƐĞŶƚĂ ůĞ ƉƌŽƉƌŝĞ ƉƌŽƉŽƐƚĞ ĐŽŶ ŝů ĚŽĐƵŵĞŶƚŽ ͞>͛ ŐĞŶĚĂ ĚŝŐŝƚĂůĞ ĚĞŝ ŽŵƵŶŝ ůŽŵďĂƌĚŝ͟

ŽůůĂďŽƌĂ ĂůůĂ ĚĞĨŝŶŝnjŝŽŶĞ ĚĞŝ ďĂŶĚŝ / ; ĐĐŽƌĚŽ ŽůůĂďŽͲ ƌĂnjŝŽŶĞ /ƐƚŝƚƵnjŝŽŶĂůĞͿ ƚƌĂ ŽŵƵŶŝ ƉĞƌ ŝů ƌŝƵƐŽ ŝŶĨŽƌŵĂƚŝĐŽ Ğ ůĂ ƐĞŵƉůŝĨŝĐĂnjŝŽŶĞ ĂŵŵŝŶŝƐƚƌĂƚŝǀĂ Ğ ƐƵƉƉŽƌƚĂ ŝ ŽŵƵŶŝ ƐƵů ĨŝŶĂŶnjŝĂŵĞŶƚŽ ƌĞŐŝŽŶĂůĞ ǀŽƵĐŚĞƌ ĚŝŐŝƚĂůĞ

>Ă ŽƌƚĞ ŽƐƚŝƚƵnjŝŽŶĂůĞ ĚĞĨŝŶŝƐĐĞ ŝŶĐŽƐƚŝƚƵnjŝŽŶĂůĞ ůĞ ŶŽƌŵĞ ƐƵůůĞ WƌŽǀŝŶĐĞ ĚĞů > ͞^ĂůǀĂ /ƚĂůŝĂ͟

ϭϳ ƉƌŝůĞ͗ E / >ŽŵďĂƌĚŝĂ ĂƉƉƌŽǀĂ ƐŝĂ ŝů ŶƵŽǀŽ ^ƚĂƚƵƚŽ Ěŝ ŶĐŝƚĞů >ŽŵďĂƌĚŝĂ ƐŝĂ ŝů ƌĞŐŽůĂŵĞŶƚŽ ƐƵů ĐŽŶƚƌŽůůŽ ĂŶĂůŽŐŽ

WĂƌƚĞĐŝƉĂ Ă dĂǀŽůŝ Ěŝ ůĂǀŽƌŽ ĐŽŶ ZĞŐŝŽŶĞ ƐƵ ĨĂƚƚƵƌĂͲ njŝŽŶĞ ĞůĞƚƚƌŽŶŝĐĂ Ğ ĨůƵƐƐŝ ƉĞƌ ŝů ƉĂŐĂŵĞŶƚŽ ŶĞůůĂ W

>ĂǀŽƌĂ ƉĞƌ ƌĞĂůŝnjnjĂƌĞ ƵŶ ĂĐĐŽƌĚŽ Ěŝ ĐŽůůĂďŽƌĂnjŝŽŶĞ ĐŽŶ ů͛ ŐĞŶnjŝĂ ĚĞůůĞ ŶƚƌĂƚĞ ƉĞƌ ŝů ƌĞĐƵƉĞƌŽ ĨŝƐĐĂůĞ Ğ ƚƌŝďƵƚĂƌŝŽ ĂŶĐŚĞ ĐŽŶ ƉŝĂƚƚĂĨŽƌŵĞ ƚĞĐŶŽůŽŐŝĐŚĞ Ěŝ ƌĞƚĞ

ϭϬ KƚƚŽďƌĞ͗ E / >ŽŵďĂƌĚŝĂ ŽƌŐĂŶŝnjnjĂ ůĂ ĞůĞnjŝŽŶĞ ĚĞů ŶƵŽǀŽ >

ϯϬ KƚƚŽďƌĞ͗ E / >ŽŵďĂƌĚŝĂ ŝŶĐŽŶƚƌĂ Z> ƐƵ / d ŶĞŝ ŽŵƵŶŝ Ğ ŐĞŶĚĂ ĚŝŐŝƚĂůĞ͕ ƉĞƌ ĐƌĞĂƌĞ ƐĞƌǀŝnjŝ ƚĞƌƌŝƚŽƌŝĂůŝ ĚĞůů͛/ d ŝŶ ŐĞƐƚŝŽŶĞ ĂƐƐŽĐŝĂƚĂ ƚƌĂ ŝ ŽŵƵŶŝ Ğ ĨĂǀŽƌŝƌĞ ůĂ ' K

ŝĐĞŵďƌĞ͗ E / >ŽŵďĂƌĚŝĂ ƉƌĞƐĞŶƚĂ ůĞ ƉƌŽƉŽƐƚĞ ƉĞƌ ůĂ ƉƌŽŐƌĂŵŵĂnjŝŽŶĞ ĐŽŵƵŶŝƚĂƌŝĂ ϮϬϭϰͲϮϬϮϬ ĐŽŶ ŝů ĚŽĐƵŵĞŶƚŽ ͞>Ğ ĐŚŝĂǀŝ ƉĞƌ ƵƐĐŝƌĞ ĚĂůůĂ ĐƌŝƐŝ͟

E / >ŽŵďĂƌĚŝĂ ŝŶĐŽŶƚƌĂ ŝ ƉĂƌůĂŵĞŶƚĂƌŝ ůŽŵďĂƌĚŝ ƉĞƌ ĂǀĂŶnjĂƌĞ ƉƌŽƉŽƐƚĞ ƐƵůůĂ ŝƚƚă DĞƚƌŽƉŽůŝƚĂŶĂ

sŝĞŶĞ ĂƉƉƌŽǀĂƚĂ ůĂ >ĞŐŐĞ ĞůƌŝŽ ĐŚĞ ƚƌĂƐĨŽƌŵĂ ůĞ WƌŽǀŝŶĐŝĞ ŝŶ Ŷƚŝ Ěŝ ĂƌĞĂ ǀĂƐƚĂ Ěŝ ƐĞĐŽŶĚŽ ůŝǀĞůůŽ Ğ ŝƐƚŝƚƵŝƐĐĞ ůĞ ŝƚƚă DĞƚƌŽƉŽůŝƚĂŶĞ

E / >ŽŵďĂƌĚŝĂ ƉƌŽŵƵŽǀĞ ĚƵĞ ĐŽŶǀĞŐŶŝ ƐƵůůĂ ŝƚƚă DĞƚƌŽƉŽůŝƚĂŶĂ ŝŶ ĐŽůůĂďŽƌĂnjŝŽŶĞ ĐŽŶ ŝů ŽŵƵŶĞ Ěŝ DŝůĂŶŽ

WĂƌƚĞĐŝƉĂ Ăů dĂǀŽůŽ ƌĞŐŝŽŶĂůĞ ƉĞƌ ůĂ ĚĞĨŝŶŝnjŝŽŶĞ ĚĞůůĞ ĨƵŶnjŝŽŶŝ ĚĂ ĂƐƐĞŐŶĂƌĞ ĂůůĞ ŶƵŽǀĞ ƉƌŽǀŝŶĐĞ Ğ ĂůůĂ ŝƚƚă ŵĞƚƌŽƉŽůŝƚĂŶĂ

/ƐƚŝƚƵŝƐĐĞ ƵŶ ƉƌŽƉƌŝŽ 'ƌƵƉƉŽ Ěŝ ůĂǀŽƌŽ ĐŽŶ ĚŽĐĞŶƚŝ ƵŶŝǀĞƌƐŝƚĂƌŝ Ğ ĚŝƌŝŐĞŶƚŝ ĚĞůůĂ W͘ ͘

ŽŶƚŝŶƵĂ ŝů ĐŽŶĨƌŽŶƚŽ ĐŽŶ Z> ƉĞƌ ůĂ ĚĞĨŝŶŝnjŝŽŶĞ ĚĞŝ WKZ &^ Ğ & ^Z͕ ƉĞƌ ĨĂƌ ƐŞ ĐŚĞ ŝ ŽŵƵŶŝ ƌŝĞŶƚƌŝŶŽ ƚƌĂ ŝ ďĞŶĞĨŝĐŝĂƌŝ ĚĞŝ ĨŝŶĂŶnjŝĂŵĞŶƚŝ ĞƵƌŽƉĞŝ

ϰ >ƵŐůŝŽ͗ ů͛ ƐƐĞŵďůĞĂ ŽƌĚŝŶĂƌŝĂ Ěŝ E / >ŽŵďĂƌĚŝĂ ĂƉƉƌŽǀĂ ŝů ŶƵŽǀŽ ^ƚĂƚƵƚŽ Ěŝ E / >ŽŵďĂƌĚŝĂ

ZŝǀŝƐƚŝ ŝ ƌĞŐŽůĂŵĞŶƚŝ Ěŝ E / >ŽŵďĂƌĚŝĂ ƉĞƌ ƌŝƐƉŽŶĚĞƌĞ ĂůůĞ ŶƵŽǀĞ ŶŽƌŵĞ Ğ ĂůůĂ ^ƉĞŶĚŝŶŐ ZĞǀŝĞǁ

ƉƉƌŽǀĂƚŝ ŝ ŶƵŽǀŝ ƐƚĂƚƵƚŝ Ěŝ E / >ŽŵďĂƌĚŝĂ Ğ ŶĐŝƚĞů >ŽŵďĂƌĚŝĂ͕ ĚĂů ϮϬϭϯ ƚŽƚĂůŵĞŶƚĞ Ěŝ ƉƌŽƉƌŝĞƚă Ěŝ E / >ŽŵďĂƌĚŝĂ

>Ă ZĞŐŝŽŶĞ ƌĞĐĞƉŝƐĐĞ ŝŶ ƉĂƌƚĞ ůĞ ƉƌŽƉŽƐƚĞ Ěŝ E / >ŽŵďĂƌĚŝĂ ƐƵůůĂ ƉƌŽŐƌĂŵŵĂnjŝŽŶĞ ĞƵƌŽƉĞĂ ϮϬϭϰͲ ϮϬϮϬ ŝŶĐůƵĚĞŶĚŽ ŝ ŽŵƵŶŝ ŶĞůůĞ ĂnjŝŽŶŝ ƉƌĞǀŝƐƚĞ ĚĂŝ WKZ &^ Ğ & ^Z Ğ ƌŝƐĞƌǀĂŶĚŽ ƵŶĂ ƉĂƌƚĞ Ěŝ ĨŝŶĂŶnjŝĂŵĞŶƚŝ ƉĞƌ ůĞ ƉŽůŝƚŝĐŚĞ ƵƌďĂŶĞ Ğ ůĞ ĂƌĞĞ ŝŶƚĞƌŶĞ

/ ŽŵƵŶŝ ƐŽŶŽ ĚĞƐƚŝŶĂƚĂƌŝ Ěŝ ƌŝƐŽƌƐĞ ƉĞƌ ŝŶƚĞƌǀĞŶƚŝ ƐƵůů͛/ d

Z> ĨŝŶĂŶnjŝĂ ŝŶƚĞƌǀĞŶƚŝ ƉĞƌ ůĂ ƌŝĚƵnjŝŽŶĞ ĚĞů ĚŝŐŝƚĂů ĚŝǀŝĚĞ

,6758=,21( ( &8/785$

>͛ĂƚƚƵĂnjŝŽŶĞ ĚĞůůĂ >ĞŐŐĞ ϭϯϯͬϮϬϬϴ ĐŽŵƉŽƌƚĂ ƉĞƐĂŶƚŝ ƌŝĐĂĚƵƚĞ ƐƵů ƐŝƐƚĞŵĂ ĚĞůů͛ŝƐƚƌƵnjŝŽŶĞ ;ϭϯϬ͘ϬϬϬ ƉŽƐƚŝ ŝŶ ŵĞŶŽ ŝŶ ŽƌŐĂŶŝĐŽ ŶĞů ƚƌŝĞŶŶŝŽ ϮϬϬϴͲϮϬϭϭͿ͘ /ŶŽůƚƌĞ ŝ ŽŵƵŶŝ ƐŽŶŽ ƐŽůůĞĐŝƚĂƚŝ Ă ƉƌŽĐĞĚĞƌĞ ĐŽŶ ŝů ĚŝŵĞŶƐŝŽŶĂŵĞŶƚŽ ĚĞůůĞ ŝƐƚŝƚƵnjŝŽŶŝ ƐĐŽůĂƐƚŝĐŚĞ͘ EĞůů͛Ă͘Ɛ͘ ϮϬϬϵͬϭϬ ŝŶ >ŽŵďĂƌĚŝĂ ĨƵŶnjŝŽŶĂǀĂŶŽ ϭ͘Ϯϵϴ ŝƐƚŝƚƵnjŝŽŶŝ ƐĐŽůĂƐƚŝĐŚĞ͕ ĐŽŶ ƵŶĂ ŵĞĚŝĂ Ěŝ ϴϰϱ ĂůƵŶŶŝ ƉĞƌ ŝƐƚŝƚƵƚŽ͕ ƵŶĂ ĚĞůůĞ Ɖŝƶ ĂůƚĞ Ě͛/ƚĂůŝĂ ;ůĂ >ĞŐŐĞ ƉƌĞǀĞĚĞǀĂ ƵŶ ŵĂƐƐŝŵŽ Ěŝ ϵϬϬ ĂůƵŶŶŝͿ͘ KůƚƌĞ Ă ĚŝŵŝŶƵŝƌĞ ůĞ ƌŝƐŽƌƐĞ͕ ůŽ ^ƚĂƚŽ ĐŚŝĞĚĞ Ăŝ ŽŵƵŶŝ ƵŶ ŵĂŐŐŝŽƌĞ ŝŵƉĞŐŶŽ ƉĞƌ ŐĂƌĂŶƚŝƌĞ ĂůůĞ ĨĂŵŝŐůŝĞ ŝ ƐĞƌǀŝnjŝ ƌŝĐŽŵƉƌĞƐŝ ŶĞůůĞ ŶŽƌŵĞ ƉĞƌ ŝů ĚŝƌŝƚƚŽ ĂůůŽ ƐƚƵĚŝŽ͗ ŵĞŶƐĂ͕ ƚƌĂƐƉŽƌƚŽ͕ ĂƐƐŝƐƚĞŶnjĂ ĂůůĂ ĚŝƐĂďŝůŝƚă͕ ƐƵƉƉŽƌƚŽ Ăŝ ƉƌŽŐĞƚƚŝ͘ EĞů ϮϬϬϴ ů͛ĞĚŝůŝnjŝĂ ƐĐŽůĂƐƚŝĐĂ Ɛŝ ƉŽŶĞ ƚƌĂ ůĞ ƉƌŝŽƌŝƚă ĚĂ ĂĨĨƌŽŶƚĂƌĞ͘ ^ŝ ƌĞŶĚŽŶŽ ŶĞĐĞƐƐĂƌŝ ŶƵŽǀŝ Ğ ŵĂƐƐŝĐĐŝ ŝŶǀĞƐƚŝŵĞŶƚŝ ƉĞƌ ůĂ ŵĞƐƐĂ ŝŶ ƐŝĐƵƌĞnjnjĂ ĚĞŐůŝ ĞĚŝĨŝĐŝ Ğ Ɛŝ ƉƌĞǀĞĚŽŶŽ ŝŶƚĞƌǀĞŶƚŝ Ěŝ ŵŽŶŝƚŽƌĂŐŐŝŽ ƉƌĞƐƐŽ ƚƵƚƚŝ ŝ ƉůĞƐƐŝ ĚĞůůĞ ƐĐƵŽůĞ ŝƚĂůŝĂŶĞ͘ /Ŷ >ŽŵďĂƌĚŝĂ ĐĞ ŶĞ ƐŽŶŽ ϳ͘ϬϬϬ͘ /Ŷ ƋƵĞƐƚŽ ĐŽŶƚĞƐƚŽ͕ E / >ŽŵďĂƌĚŝĂ ŚĂ ĂĐĐŽŵƉĂŐŶĂƚŽ Őůŝ ŵŵŝŶŝƐƚƌĂƚŽƌŝ ŶĞůů͛ĂƚƚƵĂnjŝŽŶĞ ĚĞŐůŝ ĂĚĞŵƉŝŵĞŶƚŝ ŝŶ ĐĂƉŽ ĂŐůŝ Ŷƚŝ ůŽĐĂůŝ Ğ ŚĂ ŐĂƌĂŶƚŝƚŽ ĂƐƐŝƐƚĞŶnjĂ Ğ ĐŽŶƐƵůĞŶnjĂ ƉĞƌ ůĂ ŐĞƐƚŝŽŶĞ ĚĞŝ ƐĞƌǀŝnjŝ ƐĐŽůĂƐƚŝĐŝ ŐĞƐƚŝƚŝ ĚĂŝ ƚĞƌƌŝƚŽƌŝ͘ ,Ă ŝŶĨŽƌŵĂƚŽ ŝ ŽŵƵŶŝ ƐƵůůĞ ƉƌŝŶĐŝƉĂůŝ ŶŽǀŝƚă Ğ ŝŶŝnjŝĂƚŝǀĞ͕ ĐŽŶ ĐŝƌĐŽůĂƌŝ͕ ĚŽĐƵŵĞŶƚŝ Ğ ĐŽŵƵŶŝĐĂƚŝ ƐƚĂŵƉĂ Ž ƚƌĂŵŝƚĞ ů͛ŽƌŐĂŶŝnjnjĂnjŝŽŶĞ Ěŝ ĐŽŶǀĞŐŶŝ Ğ ƐĞŵŝŶĂƌŝ͕ ŝŶ ĐŽůůĂďŽƌĂnjŝŽŶĞ ĐŽŶ ŶĐŝƚĞů >ŽŵďĂƌĚŝĂ Ğ ů͛hĨĨŝĐŝŽ ^ĐŽůĂƐƚŝĐŽ ZĞŐŝŽŶĂůĞ ;h^ZͿ͘ E / >ŽŵďĂƌĚŝĂ ğ ƉƌĞƐĞŶƚĞ Ă ŶƵŵĞƌŽƐŝ ƚĂǀŽůŝ ƌĞŐŝŽŶĂůŝ͗ ^ĞnjŝŽŶŝ WƌŝŵĂǀĞƌĂ͕ ĚŝůŝnjŝĂ ƐĐŽůĂƐƚŝĐĂ͕ ĚƵĐĂnjŝŽŶĞ ĂůŝŵĞŶƚĂƌĞ͕ WƌŽŵŽnjŝŽŶĞ ĚĞůůĂ ůĞƚƚƵƌĂ͕ ŽƚĞ ƐĐƵŽůĂ͕ ŝŵĞŶƐŝŽŶĂŵĞŶƚŽ ƐĐŽůĂƐƚŝĐŽ͕ /ŶƚĞŐƌĂnjŝŽŶĞ ƐĐŽůĂƐƚŝĐĂ ĚĞŐůŝ ĂůƵŶŶŝ ĐŽŶ ĚŝƐĂďŝůŝƚă͕ ^ĐƵŽůĂ ŝŶ ŽƐƉĞĚĂůĞ Ğ ^ĐƵŽůĞ ƐƉĞĐŝĂůŝ͕ ^ĐƵŽůĞ ƉĂƌŝƚĂƌŝĞ͕ ůƚĞƌŶĂŶnjĂ ƐĐƵŽůĂͲůĂǀŽƌŽ͕ KƐƐĞƌǀĂƚŽƌŝŽ ƐƵů ƉƌŽŐĞƚƚŽ ͞ ŝƚƚĂĚŝŶĂŶnjĂ Ğ ŽƐƚŝƚƵnjŝŽŶĞ͕͟ ŽŵŝƚĂƚŽ ƉĞƌ ŝ ŐŝŽĐŚŝ ƐƉŽƌƚŝǀŝ ƐƚƵĚĞŶƚĞƐĐŚŝ͘

>Ă ZĞŐŝŽŶĞ ŝƐƚŝƚƵŝƐĐĞ ƵŶ dĂǀŽůŽ Ěŝ ůĂǀŽƌŽ ƉĞƌ ů͛ĞĚŝůŝnjŝĂ ƐĐŽůĂƐƚŝĐĂ͕ ĐƵŝ E / >ŽŵďĂƌĚŝĂ ƉĂƌƚĞĐŝƉĂ͘ ^ŝ ƉƌŽŐƌĂŵŵĂŶŽ ƐŽƉƌĂůůƵŽŐŚŝ ŝŶ ƚƵƚƚĞ ůĞ ƐĐƵŽůĞ

/ ŽŵƵŶŝ ůŽŵďĂƌĚŝ Ɛŝ ĂƚƚŝǀĂŶŽ ƉĞƌ ŝů ĚŝŵĞŶƐŝŽŶĂŵĞŶƚŽ͗ E / >ŽŵďĂƌĚŝĂ ƉƌŽŵƵŽǀĞ ƚĂǀŽůŝ Ěŝ ĐŽŶĨƌŽŶƚŽ Ă ůŝǀĞůůŽ ůŽĐĂůĞ Ğ ĐŽŶƚƌŝďƵŝƐĐĞ Ă ƌŝƐŽůǀĞƌĞ ƐŝƚƵĂnjŝŽŶŝ ƉƌŽďůĞŵĂƚŝĐŚĞ͕ ĐŚĞ ƌŝĐŚŝĞĚŽŶŽ ů͛ĂĐĐŽƌĚŽ ƚƌĂ ƚĞƌƌŝƚŽƌŝ͘ E / >ŽŵďĂƌĚŝĂ ĐŚŝĞĚĞ Ğ ŽƚƚŝĞŶĞ Ěŝ ŶŽŶ ĐŚŝƵĚĞƌĞ ŝ ƉŝĐĐŽůŝ ƉůĞƐƐŝ͕ ĨƵŶnjŝŽŶĂŶƚŝ ŝŶ ĂƌĞĞ ŵŽŶƚĂŶĞ Ž ƉĂƌƚŝĐŽůĂƌŵĞŶƚĞ ĚŝƐĂŐŝĂƚĞ

͛ ŝŶ ĐŽƌƐŽ ƵŶ ĐŽŶƚĞŶnjŝŽƐŽ ƚƌĂ WƌŽǀŝŶĐĞ Ğ ŽŵƵŶŝ ĐŝƌĐĂ ůĞ ĐŽŵƉĞƚĞŶnjĞ ƐƵ ƚƌĂƐƉŽƌƚŽ Ğ ĂƐƐŝƐƚĞŶnjĂ ĞĚƵĐĂƚŝǀĂ ĂŐůŝ ĂůƵŶŶŝ ĚŝƐĂďŝůŝ ĐŚĞ ĨƌĞƋƵĞŶƚĂŶŽ ůĞ ^ƵƉĞƌŝŽƌŝ͘ /ů ŽŶƐŝŐůŝŽ Ěŝ ^ƚĂƚŽ ŝŶǀŝƚĂ ůĞ ZĞŐŝŽŶŝ Ă ůĞŐŝĨĞƌĂƌĞ ŝŶ ŵĞƌŝƚŽ

&ĞďďƌĂŝŽ͗ Ă ĞƐĞŶnjĂŶŽ Ɛŝ ƌŝƵŶŝƐĐŽŶŽ ŝ ƌĂƉƉƌĞƐĞŶƚĂŶƚŝ ĚĞůůĞ ϮϯϬ ^ĐƵŽůĞ ĐŚĞ ŚĂŶŶŽ ƉĂƌƚĞĐŝƉĂƚŽ Ăů ƉƌŽŐĞƚƚŽ ͞/ Z ʹ /ĚĞĞ ƉĞƌ ů͛ŝŶĐůƵƐŝŽŶĞ͕͟ Ă ĐƵŝ E / >ŽŵďĂƌĚŝĂ ĂĚĞƌŝƐĐĞ

ϭϮ DĂŐŐŝŽ͗ WƌŽƚŽĐŽůůŽ Ě͛ŝŶƚĞƐĂ ĐŽŶ Z>͕ h^Z Ğ hW> ƉĞƌ ƌĞĂůŝnjnjĂƌĞ ŶĞůůĞ ƐĐƵŽůĞ ƵŶ ƉŝĂŶŽ Ěŝ ĞĚƵĐĂnjŝŽŶĞ ĂůŝŵĞŶƚĂƌĞ ǀĞƌƐŽ yWK

&ĞďďƌĂŝŽ͗ Ɛŝ ŝŶƐĞĚŝĂ ŝů 'ƌƵƉƉŽ Ěŝ >ĂǀŽƌŽ /ŶƚĞƌŝƐƚŝƚƵnjŝŽŶĂůĞ ZĞŐŝŽŶĂůĞ ƉĞƌ ů͛ŝŶƚĞŐƌĂnjŝŽŶĞ ƐĐŽůĂƐƚŝĐĂ ĚĞŐůŝ ĂůƵŶŶŝ ĐŽŶ ĚŝƐĂďŝůŝƚă͕ Ă ĐƵŝ E / ƉĂƌƚĞĐŝƉĂ

ϭϳ DĂƌnjŽ͗ ŝŶ ŽĐĐĂƐŝŽŶĞ ĚĞů ϭϱϬΣ ĂŶŶŝǀĞƌƐĂƌŝŽ ĚĞůů͛ƵŶŝƚă Ě͛/ƚĂůŝĂ E / >ŽŵďĂƌĚŝĂ ƉƌŽŵƵŽǀĞ ŝů ĐŽŶĐŽƌƐŽ ͞ ŝƚƚĂĚŝŶĂŶnjĂ͕ ŽƐƚŝƚƵnjŝŽŶĞ Ğ ^ŝĐƵƌĞnjnjĂ͟

^ĞƚƚĞŵďƌĞ͗ E / >ŽŵďĂƌĚŝĂ ƉƌĞƐĞŶƚĂ Ă DŽŶnjĂ ŝů WƌŽƚŽĐŽůůŽ Ě͛ŝŶƚĞƐĂ ƐŽƚƚŽƐĐƌŝƚƚŽ ĐŽŶ ůĂ ZĞŐŝŽŶĞ ƉĞƌ ůĂ ĐŽƐƚƌƵnjŝŽŶĞ ĚĞůůĂ ƌĞƚĞ ĚĞůůĞ ͞^ĐƵŽůĞ ĐŚĞ ƉƌŽŵƵŽǀŽŶŽ ƐĂůƵƚĞ͟

^ĞƚƚĞŵďƌĞ͗ E / >ŽŵďĂƌĚŝĂ ĞĨĨĞƚƚƵĂ ƵŶ ŵŽŶŝƚŽƌĂŐŐŝŽ ƉĞƌ ƋƵĂŶƚŝĨŝĐĂƌĞ ůĞ ƐƉĞƐĞ ƐŽƐƚĞŶƵƚĞ ĚĂŝ ŽŵƵŶŝ ƉĞƌ ƚƌĂƐƉŽƌƚŽ Ğ ĂƐƐŝƐƚĞŶnjĂ ĚŝƐĂďŝůŝ ĚĞůůĞ ^ƵƉĞƌŝŽƌŝ

'ŝƵŐŶŽ͗ ĚŽƉŽ ůĂ ĚĞĐŝƐŝŽŶĞ Ěŝ ĂůĐƵŶŝ ŵŵŝŶŝƐƚƌĂƚŽƌŝ Ěŝ ƐŽƐƉĞŶĚĞƌĞ ů͛ĞƌŽŐĂnjŝŽŶĞ ĚĞů ƐĞƌǀŝnjŝŽ ŵĞŶƐĂ Ž ƚƌĂƐƉŽƌƚŽ ƐĐŽůĂƐƚŝĐŽ ĂĚ ĂůƵŶŶŝ ͞ŵŽƌŽƐŝ͕͟ E / >ŽŵďĂƌĚŝĂ ŽƌŐĂŶŝnjnjĂ ƵŶ ƐĞŵŝŶĂƌŝŽ ǀĞƌƐŽ ƵŶ ͞WĂƚƚŽ ĞĚƵĐĂƚŝǀŽ Ěŝ ĐŽŵƵŶŝƚă͟

>ƵŐůŝŽ͗ ůĂ ZĞŐŝŽŶĞ ƉƌĞƐĞŶƚĂ Őůŝ ĞƐŝƚŝ ĚĞůůĂ ƌŝůĞǀĂnjŝŽŶĞ ŝŶ ĐŽƌƐŽ ƐƵŐůŝ ĞĚŝĨŝĐŝ ƐĐŽůĂƐƚŝĐŝ ůŽŵďĂƌĚŝ

E / >ŽŵďĂƌĚŝĂ ĞĨĨĞƚƚƵĂ Ϯ ŵŽŶŝƚŽƌĂŐŐŝ ƐƵůůĂ ŐĞƐƚŝŽŶĞ ĚĞůůĞ ŵĞŶƐĞ Ğ ĚĞůůĞ ďŝďůŝŽƚĞĐŚĞ ĐŝǀŝĐŚĞ ůŽŵďĂƌĚĞ

E / ƉĂƌƚĞĐŝƉĂ Ăů ƉƌŽŐĞƚƚŽ ͞sŝǀĞƌĞ ŝŶ /ƚĂůŝĂ ʹ >͛ŝƚĂůŝĂŶŽ ƉĞƌ ŝů ůĂǀŽƌŽ Ğ ůĂ ĐŝƚƚĂĚŝŶĂŶnjĂ͟ ƉĞƌ ů͛ŽƌŝĞŶƚĂŵĞŶƚŽ Ăů ůĂǀŽƌŽ Ğ ů͛ĞĚƵĐĂnjŝŽŶĞ ĂůůĂ ĐŝƚƚĂĚŝŶĂŶnjĂ

'ĞŶŶĂŝŽ͗ ƐŽƚƚŽƐĐƌŝƚƚĂ ů͛/ŶƚĞƐĂ ƌĞŐŝŽŶĂůĞ ƉĞƌ ůĞ ^ĞnjŝŽŶŝ WƌŝŵĂǀĞƌĂ͘ ŽŵƉůĞƐƐŝǀĂŵĞŶƚĞ ŝŶ >ŽŵďĂƌĚŝĂ ƐŽŶŽ ĂƵƚŽƌŝnjnjĂƚĞ ϯϭϱ ^ĞnjŝŽŶŝ WƌŝŵĂǀĞƌĂ ĨƵŶnjŝŽŶĂŶƚŝ ŐƌĂnjŝĞ Ăŝ ĐŽŶƚƌŝďƵƚŝ ĐŽŵƵŶĂůŝ Ğ ĚĞŝ ŐĞŶŝƚŽƌŝ

ϳ 'ŝƵŐŶŽ͗ ůĂ ŽƌƚĞ ŽƐƚŝƚƵnjŝŽŶĂůĞ ĚŝĐŚŝĂƌĂ ŝůůĞŐŝƚƚŝŵĞ ĂůĐƵŶĞ ƉĂƌƚŝ ĚĞůůĂ ŶŽƌŵĂ ƐƵů ĚŝŵĞŶƐŝŽŶĂŵĞŶƚŽ͘ Z> ĚŝƌĂŵĂ ŶƵŽǀĞ ĚŝƌĞƚƚŝǀĞ

DĂŐŐŝŽ Ğ ůƵŐůŝŽ͗ ĚƵĞ ƐĞŶƚĞŶnjĞ ĚĞů d Z >ŽŵďĂƌĚŝĂ ĐŽŶĚĂŶŶĂŶŽ ĚƵĞ ƉƌŽǀŝŶĐĞ ůŽŵďĂƌĚĞ Ă ƌŝĨŽŶĚĞƌĞ ůĞ ƐƉĞƐĞ Ă ĚƵĞ ŽŵƵŶŝ ĐŚĞ ĂǀĞǀĂŶŽ ƉƌĞƐĞŶƚĂƚŽ ƌŝĐŽƌƐŽ ŝŶ ŵĞƌŝƚŽ ĂůůĞ ĐŽŵƉĞƚĞŶnjĞ ƉĞƌ ƚƌĂƐƉŽƌƚŽ Ğ ĂƐƐŝƐƚĞŶnjĂ ĞĚƵĐĂƚŝǀĂ Ăŝ ĚŝƐĂďŝůŝ ĚĞůůĞ ^ƵƉĞƌŝŽƌŝ͘

ŐŽƐƚŽ͗ ǀŝƐƚŝ ŝ ƉƌŽŶƵŶĐŝĂŵĞŶƚŝ ĚĞů d Z Ğ Ěŝ ĨƌŽŶƚĞ Ăůů͛ŝŶĞƌnjŝĂ ĚĞůůĂ ZĞŐŝŽŶĞ͕ E / >ŽŵďĂƌĚŝĂ ƉƌĞƐĞŶƚĂ ƵŶ ƉƌŽŐĞƚƚŽ Ěŝ ůĞŐŐĞ ƉĞƌ ĚĞĨŝŶŝƌĞ ůĞ ĐŽŵƉĞƚĞŶnjĞ Ğ ƌŝƐŽůǀĞƌĞ ŝů ĐŽŶƚĞŶnjŝŽƐŽ

'ĞŶŶĂŝŽ͗ ƉƵďďůŝĐĂƚŽ ŝŶ 'h ƵŶ ƉƌŽŐƌĂŵŵĂ Ěŝ ĞĚŝůŝnjŝĂ ƐĐŽůĂƐƚŝĐĂ ƐƵ ϵϴϵ ĞĚŝĨŝĐŝ ;ϯϳ ŵŝůŝŽŶŝ ƉĞƌ ůĂ >ŽŵďĂƌĚŝĂͿ͘ WĞƌž ůĞ ŶŽƌŵĞ ŶŽŶ ƐŽŶŽ ĂƉƉůŝĐĂďŝůŝ Ğ E / >ŽŵďĂƌĚŝĂ ĐŽůůĂďŽƌĂ ĐŽŶ ŝů ŐƌƵƉƉŽ Ěŝ ůĂǀŽƌŽ ĂƚƚŝǀĂƚŽ ƉƌĞƐƐŽ ůĂ ŽŶĨĞƌĞŶnjĂ ^ƚĂƚŽ ʹ ŝƚƚă ƉĞƌ ƌŝƐŽůǀĞƌĞ ŝů ƉƌŽďůĞŵĂ ĐŝƌĐĂ ůĞ ĂĐƋƵŝƐŝnjŝŽŶŝ ĚĞŝ ŵƵƚƵŝ

ŽŶ ƐĞŶƚĞŶnjĂ ĚĞů ϵ ĂƉƌŝůĞ ŝů ŽŶƐŝŐůŝŽ Ěŝ ^ƚĂƚŽ ĐŚŝƵĚĞ ŝů ĐŽŶƚĞŶnjŝŽƐŽ ƚƌĂ WƌŽǀŝŶĐĞ Ğ ŽŵƵŶŝ͕ ƌĞƐƉŝŶŐĞŶĚŽ ů͛ĂƉƉĞůůŽ ƉƌĞƐĞŶƚĂƚŽ ĚĂůůĞ WƌŽǀŝŶĐĞ ĐŚĞ ĂǀĞǀĂŶŽ ŝŵƉƵŐŶĂƚŽ ůĞ ƐĞŶƚĞŶnjĞ ĚĞů d Z >ŽŵďĂƌĚŝĂ ĨĂǀŽƌĞǀŽůŝ Ăŝ ŽŵƵŶŝ

DĂŐŐŝŽͲ'ŝƵŐŶŽ͗ E / >ŽŵďĂƌĚŝĂ ŽƌŐĂŶŝnjnjĂ ϲ ƐĞŵŝŶĂƌŝ ƐƵ ͞>Ă ƉƌŽŐƌĂŵŵĂnjŝŽŶĞ ĚĞŝ ƐĞƌǀŝnjŝ ƐĐŽůĂƐƚŝĐŝ ϮϬϭϯͬϭϰ ʹ EŽǀŝƚă ŶŽƌŵĂƚŝǀĞ Ğ ĐŽůůĂďŽƌĂnjŝŽŶŝ ƉŽƐƐŝďŝůŝ͟

ZŽƚĂƌLJ /ŶƚĞƌŶĂƚŝŽŶĂů͕ h^Z Ğ E / >ŽŵďĂƌĚŝĂ ƐŽƚƚŽƐĐƌŝǀŽŶŽ ƵŶ WƌŽƚŽĐŽůůŽ Ě͛ŝŶƚĞƐĂ ƐƵůů͛ĂůĨĂďĞƚŝnjnjĂnjŝŽŶĞ ĚĞŐůŝ ƐƚƌĂŶŝĞƌŝ

E / ƐĞŐƵĞ ůĂ ĨĂƐĞ ĂƚƚƵĂƚŝǀĂ Ěŝ ƵŶĂ ƐĞƌŝĞ Ěŝ ƉƌŽǀǀĞĚŝŵĞŶƚŝ ƉĞƌ ů͛ĞĚŝůŝnjŝĂ ƐĐŽůĂƐƚŝĐĂ

/Ŷ ƵŶ ĐŽŶǀĞŐŶŽ͕ ůĂ &/^D ĞǀŝĚĞŶnjŝĂ ůĞ ĐƌŝƚŝĐŝƚă ĚĞůůĞ ƐĐƵŽůĞ ĚĞůů͛ŝŶĨĂŶnjŝĂ ƉĂƌŝƚĂƌŝĞ͘ E / >ŽŵďĂƌĚŝĂ ğ ƉƌĞƐĞŶƚĞ͕ ŝŶƐŝĞŵĞ ĂůůĞ ŵĂƐƐŝŵĞ ĂƵƚŽƌŝƚă ƐĐŽůĂƐƚŝĐŚĞ ƌĞŐŝŽŶĂůŝ

&ĞďďƌĂŝŽ͗ ŐƌĂnjŝĞ Ăůů͛/ŶƚĞƐĂ ƌĞŐŝŽŶĂůĞ ďŝĞŶŶĂůĞ ƉĞƌ ůĞ ^ĞnjŝŽŶŝ WƌŝŵĂǀĞƌĂ Ɛŝ ĂǀǀŝĂ Ă ƐŝƐƚĞŵĂ ŝů ƐĞƌǀŝnjŝŽ ĞĚƵĐĂƚŝǀŽ ƐƵƉĞƌĂŶĚŽ ůĂ ĨĂƐĞ ƐƉĞƌŝŵĞŶƚĂůĞ

'ŝƵŐŶŽ͗ ůĂ ƉƌŽƉŽƐƚĂ Ěŝ ĂƉƌŝƌĞ ůĞ ƐĐƵŽůĞ ŝŶ ŽƌĂƌŝŽ ĞdžƚƌĂͲ ƐĐŽůĂƐƚŝĐŽ͕ ǀŝĞŶĞ ĂĐĐŽůƚĂ Ğ ƌŝůĂŶĐŝĂƚĂ ĚĂů ŽŵƵŶĞ Ěŝ DŝůĂŶŽ͕ ŝŶ ƵŶ ĐŽŶǀĞŐŶŽ ĐŽŶ ŝů ^ŽƚƚŽƐĞŐƌĞƚĂƌŝŽ Ăůů͛/ƐƚƌƵnjŝŽŶĞ͕ ĐŚĞ ĂŶŶƵŶĐŝĂ ŝŶ ŵĞƌŝƚŽ ƵŶ͛ŝŶŝnjŝĂƚŝǀĂ ĚĞů 'ŽǀĞƌŶŽ

'ŝƵŐŶŽ͗ ƉƵďďůŝĐĂƚĞ ůĞ ŶŽƌŵĞ ƐƵůů͛ĞĚŝůŝnjŝĂ ƐĐŽůĂƐƚŝĐĂ͘ Wŝƶ Ěŝ ϭ ŵŝůŝĂƌĚŽ ƉĞƌ ŝ ŽŵƵŶŝ ;ϭϲϬ ŵŝůŝŽŶŝ ƉĞƌ >ŽŵďĂƌĚŝĂͿ͕ ŽůƚƌĞ ϮϬ ŵŝůĂ ŝŶƚĞƌǀĞŶƚŝ ƉƌĞǀŝƐƚŝ͕ ĐŽŶ ŝů ƉĂƌnjŝĂůĞ ƐďůŽĐĐŽ ĚĞů WĂƚƚŽ Ěŝ ƐƚĂďŝůŝƚă

ŽƉŽ ŵŽůƚŽ ďĂƚƚĂŐůŝĞ ůĞŐĂůŝ ĚĞŝ ŽŵƵŶŝ͕ ƐŽƐƚĞŶƵƚĞ ĂŶĐŚĞ ĚĂ E / >ŽŵďĂƌĚŝĂ͕ ĂƚƚƌŝďƵŝƚĞ ĂůůĞ WƌŽǀŝŶĐĞ ůĞ ĐŽŵƉĞƚĞŶnjĞ ƉĞƌ ŝů ƚƌĂƐƉŽƌƚŽ ĚŝƐĂďŝůŝ Ğ ů͛ĂƐƐŝƐƚĞŶnjĂ ĞĚƵĐĂƚŝǀĂ͕ ĐŽŶ ƵŶ ƌŝƐƉĂƌŵŝŽ Ěŝ ϭϱ ŵŝůŝŽŶŝ ů͛ĂŶŶŽ ƉĞƌ ŝ ŽŵƵŶŝ ůŽŵďĂƌĚŝ

'ĂƌĂŶƚŝƚŽ ŝů ƐƵƉƉŽƌƚŽ Ăŝ ŽŵƵŶŝ ŶĞůůĞ ƉƌŽĐĞĚƵƌĞ Ěŝ ĚŝŵĞŶƐŝŽŶĂͲ ŵĞŶƚŽ ƐĐŽůĂƐƚŝĐŽ͗ ƌĂŐŐŝƵŶƚŝ Őůŝ ŽďŝĞƚƚŝǀŝ ƉƌĞǀŝƐƚŝ ĚĂůůĂ ůĞŐŐĞ͕ ĐŽŶ ůĂ ƌŝĚƵnjŝŽŶĞ ĚĂ ϭ͘Ϯϵϴ ŝƐƚŝƚƵnjŝŽŶŝ ƐĐŽůĂƐƚŝĐŚĞ Ă ϭ͘ϭϰϱ͕ ĐŽŶ ƵŶĂ ŵĞĚŝĂ Ěŝ ƉŽƉŽůĂnjŝŽŶĞ ƐĐŽůĂƐƚŝĐĂ ƐƵƉĞƌŝŽƌĞ Ăŝ ϭ͘ϬϬϬ ĂůƵŶŶŝ ƉĞƌ ƐĐƵŽůĂ

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>ŝďĞƌƚă Ěŝ ŝŵƉƌĞƐĂ͕ ĐŽŵƉĞƚŝƚŝǀŝƚă Ğ ƐĞŵƉůŝĨŝĐĂnjŝŽŶĞ ƐŽŶŽ ƚƌĞ ŽďŝĞƚƚŝǀŝ ƐƚƌĂƚĞŐŝĐŝ ƉĞƌ ŝů ŶŽƐƚƌŽ WĂĞƐĞ Ğ ƉĞƌ ZĞŐŝŽŶĞ >ŽŵďĂƌĚŝĂ͘ WĞƌ ƐŽƐƚĞŶĞƌĞ Ğ ŝŶĐĞŶƚŝǀĂƌĞ ů͛ĞĐŽŶŽŵŝĂ͕ ŝŶ ŐƌĂǀĞ ĚŝĨĨŝĐŽůƚă͕ ƐŽŶŽ ƐƚĂƚŝ ĞŵĂŶĂƚŝ ĚŝǀĞƌƐŝ Ğ ǀĂƌŝĞŐĂƚŝ ƉƌŽǀǀĞĚŝŵĞŶƚŝ ĐŚĞ ŚĂŶŶŽ ĐŽŝŶǀŽůƚŽ ƉĞƐĂŶƚĞŵĞŶƚĞ ŝ ŽŵƵŶŝ͘ E / >ŽŵďĂƌĚŝĂ͕ ĐŽŶƐĂƉĞǀŽůĞ ĚĞůůĞ ĚŝĨĨŝĐŽůƚă ĂƉƉůŝĐĂƚŝǀĞ͕ ŚĂ ŵĞƐƐŽ ŝŶ ĐĂŵƉŽ ů͛ŝŵƉĞŐŶŽ Ğ ůĂ ƉƌŽĨĞƐƐŝŽŶĂůŝƚă Ěŝ ŵŽůƚŝ ĂŵŵŝŶŝƐƚƌĂƚŽƌŝ Ğ ƚĞĐŶŝĐŝ ƉĞƌ ƐŽƐƚĞŶĞƌĞ Őůŝ Ŷƚŝ >ŽĐĂůŝ Ğ ŝŶ ƉĂƌƚŝĐŽůĂƌĞ ůĞ ƉŝĐĐŽůĞ ƌĞĂůƚă͘ WĞƌ ƋƵĂŶƚŽ ƌŝŐƵĂƌĚĂ ůĞ ŵŽĚŝĨŝĐŚĞ ĂůůĂ >ĞŐŐĞ ZĞŐŝŽŶĂůĞ ϭͬϮϬϬϳ ͞^ƚƌƵŵĞŶƚŝ Ěŝ ĐŽŵƉĞƚŝƚŝǀŝƚă ƉĞƌ ůĞ ŝŵƉƌĞƐĞ Ğ ƉĞƌ ŝů ƚĞƌƌŝƚŽƌŝŽ ĚĞůůĂ >ŽŵďĂƌĚŝĂ͟ Ͳ ĂŶĐŽƌĂ ŝŶ ĂƚƚĞƐĂ ĚĞů ǀŝĂ ůŝďĞƌĂ ĚĂ ƉĂƌƚĞ ĚĞůůĂ ŽƌƚĞ ŽƐƚŝƚƵnjŝŽŶĂůĞ Ͳ ů͛ŝŶƚƌŽĚƵnjŝŽŶĞ ĚĞů ƐŝƐƚĞŵĂ ͞ĂƵƚŽĐĞƌƚŝĨŝĐĂƚŝǀŽ͕͟ ŝŶ ƐŽƐƚŝƚƵnjŝŽŶĞ Ěŝ ƋƵĞůůŽ ͞ĂƵƚŽƌŝnjnjĂƚŝǀŽ͕͟ ĐŽƐƚŝƚƵŝƌă ƵŶĂ ƐĨŝĚĂ ƌŝůĞǀĂŶƚĞ ƉĞƌ ƚƵƚƚŝ ŝ ŽŵƵŶŝ ĐŚĞ ĚŽǀƌĂŶŶŽ ĂƚƚƌĞnjnjĂƌƐŝ ƉĞƌ ĞĨĨĞƚƚƵĂƌĞ ŝ ĐŽŶƚƌŽůůŝ ĞdžͲƉŽƐƚ͘ E / >ŽŵďĂƌĚŝĂ͕ ŝŶ ƐĞĚĞ Ěŝ ĚŝƐĐƵƐƐŝŽŶĞ͕ ƉƵƌ ĐŽŵƉƌĞŶĚĞŶĚŽ ůĂ ŶĞĐĞƐƐŝƚă Ěŝ ƐĞŵƉůŝĨŝĐĂnjŝŽŶĞ Ğ ƐďƵƌŽĐƌĂƚŝnjnjĂnjŝŽŶĞ͕ ŚĂ ĞƐƉƌĞƐƐŽ ůĞ ƉƌŽƉƌŝĞ ƉĞƌƉůĞƐƐŝƚă ƐƵ ƋƵĞƐƚĞ ŶƵŽǀĞ ŵŽĚĂůŝƚă͘ >Ă ƐƉĞƌĂŶnjĂ ğ ĐŚĞ͕ ƉĞƌ ůĞ Ăƚƚŝǀŝƚă ĐŚĞ ĐŽŵƵŶƋƵĞ ƉƌĞƐĞŶƚĂŶŽ ĚĞŝ ůŝǀĞůůŝ Ěŝ ƌŝƐĐŚŝŽ ƐŝŐŶŝĨŝĐĂƚŝǀŽ͕ ŝ ŽŵƵŶŝ ŶŽŶ ĚĞďďĂŶŽ͕ Ă ƉŽƐƚĞƌŝŽƌŝ͕ ŝŶƚĞƌǀĞŶŝƌĞ ƉĞƌ ƌŝƐŽůǀĞƌĞ ƉƌŽďůĞŵŝ ŐĞŶĞƌĂƚŝ ĚĂ ŝŵƉƌĞŶĚŝƚŽƌŝ ƉŽĐŽ ĐŽƌƌĞƚƚŝ͘ Ă ƐŽƚƚŽůŝŶĞĂƌĞ ůĂ ƉŽƐŝƚŝǀĂ ŝŶŝnjŝĂƚŝǀĂ ĚĞŝ ͞ ŝƐƚƌĞƚƚŝ ĚĞů ĐŽŵŵĞƌĐŝŽ͘͟ hŶ͛ĞƐƉĞƌŝĞŶnjĂ ĚĂ ƌŝƉƌŽƉŽƌƌĞ Ğ ĚƵƉůŝĐĂƌĞ ĂŶĐŚĞ ƉĞƌ Ăůƚƌŝ ƐĞƚƚŽƌŝ͘ WĞƌ ŵŝŐůŝŽƌĂƌĞ ůĞ ƉŽůŝƚŝĐŚĞ ĚĞů ĐŽŵŵĞƌĐŝŽ ůŽŵďĂƌĚŽ͕ E / >ŽŵďĂƌĚŝĂ ƌŝƚŝĞŶĞ ŽƉƉŽƌƚƵŶŽ ƚƌŽǀĂƌĞ ƌŝƐŽƌƐĞ ĂĚĞŐƵĂƚĞ ƉĞƌ ĞƐƚĞŶĚĞƌĞ ŝ ďĞŶĞĨŝĐŝ ĚĞŝ ĚŝƐƚƌĞƚƚŝ ĂŶĐŚĞ Ă ĐĂƚĞŐŽƌŝĞ Ěŝ ŽƉĞƌĂƚŽƌŝ ĐŚĞ͕ ƉƵƌ ĐŽŶƚƌŝďƵĞŶĚŽ ƐŝŐŶŝĨŝĐĂƚŝǀĂŵĞŶƚĞ ĂůůĂ ƌŝǀŝƚĂůŝnjnjĂnjŝŽŶĞ ĚĞŝ ĐĞŶƚƌŝ ƵƌďĂŶŝ͕ ƐŽŶŽ ĨŝŶŽƌĂ ƐƚĂƚŝ ĞƐĐůƵƐŝ͘ WĞƌ ƋƵĂŶƚŽ ƌŝŐƵĂƌĚĂ ŝ ƌĂƉƉŽƌƚŝ ĐŽŶ Z> ůĂ ĐƌĞĂnjŝŽŶĞ Ěŝ ƐƉĞĐŝĨŝĐŝ ƚĂǀŽůŝ ƚĞĐŶŝĐŝ ŚĂ ĐŽŶƐĞŶƚŝƚŽ Ěŝ ĂĨĨƌŽŶƚĂƌĞ ƉĞƌĐŽƌƐŝ ĐŽŶĐĞƌƚĂƚŝ Ěŝ ƐŝĐƵƌĂ Ƶƚŝůŝƚă ƉĞƌ ŝ ŽŵƵŶŝ͘

ϭϵ EŽǀĞŵďƌĞ͗ ĐŽŶǀĞŐŶŽ ƐƵů ƚĞŵĂ͗ ͞/ ŝƐƚƌĞƚƚŝ ĚĞů ĐŽŵŵĞƌĐŝŽ͗ ƵŶĂ ŽƉƉŽƌƚƵŶŝƚă ƉĞƌ ůŽ ƐǀŝůƵƉƉŽ ůŽĐĂůĞ͟

ϭϱ ŝĐĞŵďƌĞ͗ ŝŶĨŽƌŵĂƚŝǀĂ Ăŝ ŽŵƵŶŝ ƐƵŝ ŶƵŽǀŝ ďĂŶĚŝ ƐƵŝ ĚŝƐƚƌĞƚƚŝ ƉĞƌ ŝů ŽŵŵĞƌĐŝŽ͕ EĞŐŽnjŝ ƐƚŽƌŝĐŝ Ğ ŵďƵůĂŶƚĂƚŽ

ϭϳ ŝĐĞŵďƌĞ͗ WƌŽƚŽĐŽůůŽ Ě͛ŝŶƚĞƐĂ ĐŽŶ ůĂ ZĞŐŝŽŶĞ Ğ hŶŝŽŶĐĂŵĞƌĞ ƉĞƌ ůĂ ƐĞŵƉůŝĨŝĐĂnjŝŽŶĞ ĚĞůůĞ ƉƌŽĐĞĚƵƌĞ

ϵ &ĞďďƌĂŝŽ ϮϬϭϬ͗ Ɛŝ ĐŽƐƚŝƚƵŝƐĐĞ ŝů 'ƌƵƉƉŽ Ěŝ ůĂǀŽƌŽ ƉĞƌ ůĞ ŽƐƐĞƌǀĂnjŝŽŶŝ Ăů ƚĞƐƚŽ ƵŶŝĐŽ ĚĞů ŽŵŵĞƌĐŝŽ

ϵ DĂƌnjŽ͗ ĂƉƉƌŽǀĂnjŝŽŶĞ ĚĞůůĂ >Z ϲͬϮϬϭϬ ͞dĞƐƚŽ ƵŶŝĐŽ ƐƵů ĐŽŵŵĞƌĐŝŽ͗͟ ĂĐĐŽůƚĞ ĚŝǀĞƌƐĞ ŽƐƐĞƌǀĂnjŝŽŶŝ ƉƌŽƉŽƐƚĞ ĚĂ E / >ŽŵďĂƌĚŝĂ

ϲ DĂŐŐŝŽ͗ ĂŶĂůŝƐŝ ĚĞůůĞ ƌŝĐĂĚƵƚĞ ƐƵŝ ŽŵƵŶŝ ĚĞůůĂ ŝƌĞƚƚŝǀĂ ƵƌŽƉĞĂ ƐƵŝ ^Ğƌǀŝnjŝ ; ŽůŬĞƐƚĞŝŶͿ

ϭϬ 'ŝƵŐŶŽ͗ E / >ŽŵďĂƌĚŝĂ ƉƌĞƐĞŶƚĂ ůĞ ƐƵĞ ƉƌŽƉŽƐƚĞ Ăůů͛ ƐƐĞƐƐŽƌĂƚŽ ĂůůĂ ƐĞŵƉůŝĨŝĐĂnjŝŽŶĞ Ğ ĚŝŐŝƚĂůŝnjnjĂnjŝŽŶĞ

ϭϭ 'ĞŶŶĂŝŽ͗ Ɛŝ ĐŽƐƚŝƚƵŝƐĐĞ ŝů 'ƌƵƉƉŽ Ěŝ ůĂǀŽƌŽ ƐƵŝ ^h W

ϳ ƉƌŝůĞ͗ ĂƚƚŝǀĂƚĂ ŝŶ ĐŽůůĂďŽƌĂnjŝŽŶĞ ĐŽŶ E /d > >ŽŵďĂƌĚŝĂ Ğ Z> ůĂ ŽŵƵŶŝƚă Ěŝ ƉƌĂƚŝĐŚĞ WZ/^D ĐŚĞ ŵĞƚƚĞ Ă ĚŝƐƉŽƐŝnjŝŽŶĞ ƵŶ ƉŽŽů Ěŝ ĞƐƉĞƌƚŝ ƉĞƌ ƌŝƐŽůǀĞƌĞ ůĞ ƉƌŽďůĞŵĂƚŝĐŚĞ Ěŝ ƐƚĂƌƚ ƵƉ ĚĞŝ ŽŵƵŶŝ ĐŚĞ ŶŽŶ ŚĂŶŶŽ ůŽ ƐƉŽƌƚĞůůŽ

ϭϰ >ƵŐůŝŽ͗ ŽƐƐĞƌǀĂnjŝŽŶŝ W > ϴϱ ŝŶ ŵĂƚĞƌŝĂ Ěŝ ĂƌƚŝŐŝĂŶĂƚŽ Ğ ĐŽŵŵĞƌĐŝŽ͖ ŶĂůŝƐŝ ĚĞůůĞ ƌŝĐĂĚƵƚĞ ŝŶ ƚĞŵĂ Ěŝ ĐŽŵŵĞƌĐŝŽ Ğ Ăƚƚŝǀŝƚă ƉƌŽĚƵƚƚŝǀĞ ĚĞů ĞĐƌĞƚŽ >ĞŐŐĞ ͞^ǀŝůƵƉƉŽ͟

Ϯϭ KƚƚŽďƌĞ͗ ŽƐƐĞƌǀĂnjŝŽŶŝ W > ϭϮϬ ŝŶ ƚĞŵĂ Ěŝ ŽĐĐƵƉĂnjŝŽŶĞ ĂƌĞĞ ƉƵďďůŝĐŚĞ͘ ^ŝ ĐŽƐƚŝƚƵŝƐĐĞ ŝů 'ƌƵƉƉŽ Ěŝ ůĂǀŽƌŽ ƉĞƌ ŝů ĐŽŶƚƌĂƐƚŽ Ăůů͛ĂďƵƐŝǀŝƐŵŽ Ğ ĂůůĂ ĐŽŶƚƌĂĨĨĂnjŝŽŶĞ

ϲ &ĞďďƌĂŝŽ͗ ŽƐƐĞƌǀĂnjŝŽŶŝ Ğ ŝŶĨŽƌŵĂƚŝǀĞ Ăŝ ^ŝŶĚĂĐŝ ƐƵůůĂ ůŝďĞƌĂůŝnjnjĂnjŝŽŶĞ ĚĞŐůŝ ŽƌĂƌŝ ĚĞů ĐŽŵŵĞƌĐŝŽ ĐŽŶ ƉĂƌƚŝĐŽůĂƌĞ ƌŝĨĞƌŝŵĞŶƚŽ Ăŝ >ŽĐĂůŝ WƵďďůŝĐŝ

ϭϲ DĂƌnjŽ͗ ŽƐƐĞƌǀĂnjŝŽŶŝ Ěŝ ĚƵďďŝĂ ůĞŐŝƚƚŝŵŝƚă ĐŽƐƚŝƚƵnjŝŽŶĂůĞ ĂůůĂ Đ͘Ě͘ >Z ͞,ĂƌůĞŵ͕͟ ĐŚĞ ƐĂƌă ĞĨĨĞƚƚŝǀĂŵĞŶƚĞ ĚŝĐŚŝĂƌĂƚĂ ŝŶĐŽƐƚŝƚƵnjŝŽŶĂůĞ

ϰ ƉƌŝůĞ͗ Ɛŝ ĐŽƐƚŝƚƵŝƐĐĞ ŝů 'ƌƵƉƉŽ Ěŝ ůĂǀŽƌŽ ƐƵůů͛ h Ͳ ƵƚŽƌŝnjnjĂnjŝŽŶĞ hŶŝĐĂ ŵďŝĞŶƚĂůĞ ;>ĞŐŐĞ ϯϱͬϮϬϭϮͿ

ϰ 'ŝƵŐŶŽ͗ ƉƌŽƌŽŐĂ ĚĞů WƌŽƚŽĐŽůůŽ Ě͛/ŶƚĞƐĂ ƚƌĂ Z>͕ hŶŝŽŶĐĂŵĞƌĞ Ğ E / >ŽŵďĂƌĚŝĂ ŝŶ ƚĞŵĂ Ěŝ ^h W

Ϯϴ 'ŝƵŐŶŽ͗ E / >ŽŵďĂƌĚŝĂ ƉƌĞƐĞŶƚĂ ĂůůĂ /s ŽŵŵŝƐƐŝŽŶĞ ZĞŐŝŽŶĂůĞ ůĞ ƐƵĞ ŽƐƐĞƌǀĂnjŝŽŶŝ Ăů WƌŽƚŽĐŽůůŽ Ě͛/ŶƚĞƐĂ ƉĞƌ ůĂ ^ĞŵƉůŝĨŝĐĂnjŝŽŶĞ Ğ ^ƉĞƌŝŵĞŶƚĂnjŝŽŶĞ ĚĞůůĂ ĐĂƌƚĂ Ě͛ĞƐĞƌĐŝnjŝŽ ƚĞůĞŵĂƚŝĐĂ ƉĞƌ Őůŝ ŵďƵůĂŶƚŝ

ϭϮ ŝĐĞŵďƌĞ͗ ŽƐƐĞƌǀĂnjŝŽŶŝ Ğ ƉƌŽƉŽƐƚĞ ŽƉĞƌĂƚŝǀĞ ƐƵů ƉƌŽŐƌĂŵŵĂ ĚĞůů͛ ŐĞŶĚĂ ĚŝŐŝƚĂůĞ ƌŝƐƉĞƚƚŽ ĂůůĞ Ăƚƚŝǀŝƚă ĚĞŝ ^h W͘ ŽŶǀĞŶnjŝŽŶĞ ƚƌĂ E / Ğ ĞŶƚƌŽ ƚŝĐĂ ŵďŝĞŶƚĂůĞ

ϭϴ DĂƌnjŽ͗ ŝƐƚŝƚƵnjŝŽŶĞ 'ƌƵƉƉŽ Ěŝ >ĂǀŽƌŽ ĐŽŶ ŝ ƌĞƐƉŽŶƐĂďŝůŝ ĚĞŝ ^h W Ěŝ DŝůĂŶŽ͕ ŽŵŽ͕ ĞƌŐĂŵŽ Ğ Ěŝ ĂůĐƵŶŝ ŽŵƵŶŝ ĂƐƐŽĐŝĂƚŝ

ϭϭ 'ŝƵŐŶŽ͗ ŽƐƐĞƌǀĂnjŝŽŶŝ W > ƌĞŐŝŽŶĂůĞ ƐƵůůĂ ƐŽƐƉĞŶƐŝŽŶĞ ĚĞůůĞ ĂƵƚŽƌŝnjnjĂnjŝŽŶŝ ƉĞƌ ůĂ 'ƌĂŶĚĞ ŝƐƚƌŝďƵnjŝŽŶĞ

ϭϲ >ƵŐůŝŽ͗ ǀĂůƵƚĂnjŝŽŶĞ ƉŽƐŝƚŝǀĂ ĚĞů ƉƌŽǀǀĞĚŝŵĞŶƚŽ ZĞŐŝŽŶĂůĞ ƐƵŝ WŽƐƚĞŐŐŝ ŵĞƌĐĂƚĂůŝ

ϭϮ ^ĞƚƚĞŵďƌĞ͗ KƐƐĞƌǀĂnjŝŽŶŝ Ăů ĚŽĐƵŵĞŶƚŽ h ƉƌĞĚŝƐƉŽƐƚŽ ĚĂ E / EĂnjŝŽŶĂůĞ͖ WƌŝŵĞ ŽƐƐĞƌǀĂnjŝŽŶŝ ĂůůĂ 'Z ƐƵůůĞ ŶƵŽǀĞ ůŝŶĞĞ ƉĞƌ ůŽ ƐǀŝůƵƉƉŽ ĚĞůůĞ ŝŵƉƌĞƐĞ ĚĞů ƐĞƚƚŽƌĞ ĐŽŵŵĞƌĐŝĂůĞ

Ϯϲ EŽǀĞŵďƌĞ͗ ƉĂƌĞƌĞ ŶĞŐĂƚŝǀŽ Ăůů͛ĂƌƚŝĐŽůĂƚŽ ĚĞů W > ϭϭϭ ͞^ƚƌƵŵĞŶƚŝ Ěŝ ĐŽŵƉĞƚŝƚŝǀŝƚă ƉĞƌ ůĞ ŝŵƉƌĞƐĞ Ğ ƉĞƌ ŝů ƚĞƌƌŝƚŽƌŝŽ ĚĞůůĂ >ŽŵďĂƌĚŝĂ͟

ϱ ŝĐĞŵďƌĞ ϮϬϭϯ͗ ŽƐƐĞƌǀĂnjŝŽŶŝ ŝŶ ŵĞƌŝƚŽ Ăů W Z ϭϰ ͞ ŝƐƉŽƐŝnjŝŽŶŝ ĂƚƚƵĂƚŝǀĞ ĨŝŶĂůŝnjnjĂƚĞ ĂůůĂ ǀĂůƵƚĂnjŝŽŶĞ ĚĞůůĞ ŝƐƚĂŶnjĞ ƉĞƌ ů͛ĂƵƚŽƌŝnjnjĂnjŝŽŶĞ Ăůů͛ĂƉĞƌƚƵƌĂ Ž ĂůůĂ ŵŽĚŝĨŝĐĂnjŝŽŶĞ ĚĞůůĞ ŐƌĂŶĚŝ ƐƚƌƵƚƚƵƌĞ Ěŝ ǀĞŶĚŝƚĂ͟

ϵ 'ĞŶŶĂŝŽ͗ WƌŽƉŽƐƚĂ Ěŝ ĞŵĞŶĚĂŵĞŶƚŝ Ăů W > ϭϭϭ ͞>ŝďĞƌƚă Ěŝ ŝŵƉƌĞƐĂ Ğ ĐŽŵƉĞƚŝƚŝǀŝƚă͟ Ğ Ěŝ ŵŽĚŝĨŝĐŚĞ ĂůůĂ >Z ϭͬϮϬϬϳ ͞^ƚƌƵŵĞŶƚŝ Ěŝ ĐŽŵƉĞƚŝƚŝǀŝƚă ƉĞƌ ů͛ŝŵƉƌĞƐĞ Ğ ƉĞƌ ŝů ƚĞƌƌŝƚŽƌŝŽ ĚĞůůĂ >ŽŵďĂƌĚŝĂ͟

Ϯϯ 'ĞŶŶĂŝŽ͗ ƵůƚĞƌŝŽƌŝ ŽƐƐĞƌǀĂnjŝŽŶŝ Ăůů͛ƵůƚŝŵĂ ǀĞƌƐŝŽŶĞ ĚĞů W > ϭϭϭ͖ ŵŽĚŝĨŝĐŚĞ ĂůůĂ >Z ϭͬϮϬϬϳ

ϭϭ &ĞďďƌĂŝŽ͗ ŽƐƐĞƌǀĂnjŝŽŶŝ ĂůůĂ 'Z ͞ ĞƚĞƌŵŝŶĂnjŝŽŶĞ ĚĞůůĂ ĚŝƐƚĂŶnjĂ ĚĂŝ ůƵŽŐŚŝ ƐĞŶƐŝďŝůŝ ƉĞƌ ůĂ ŶƵŽǀĂ ĐŽůůŽĐĂnjŝŽŶĞ Ěŝ ĂƉƉĂƌĞĐĐŚŝ ƉĞƌ ŝů ŐŝŽĐŽ Ě͛ĂnjnjĂƌĚŽ͟

ϮϬ &ĞďďƌĂŝŽ͗ ŽƐƐĞƌǀĂnjŝŽŶŝ Ăů ƌĞŐŽůĂŵĞŶƚŽ ĚĞů ďĂĐŝŶŽ Ěŝ ƚƌĂĨĨŝĐŽ ĚĞů ƐŝƐƚĞŵĂ ĂĞƌŽƉŽƌƚƵĂůĞ ůŽŵďĂƌĚŽ ĚĞů ƐĞƌǀŝnjŝŽ ƚĂdžŝ

ϭϰ >ƵŐůŝŽ͗ ŽŶǀĞŐŶŽ h ͕ ŝůůƵƐƚƌĂƚŝ Őůŝ ŽďŝĞƚƚŝǀŝ ƌĂŐŐŝƵŶƚŝ ĚĂŝ dĂǀŽůŝ ƚĞĐŶŝĐŝ ŝŶ ƉĂƌƚŝĐŽůĂƌĞ ƐƵůůĂ ĚĞĨŝŶŝnjŝŽŶĞ ĚĞŝ ƌƵŽůŝ͕ ĚĞůůĞ ĐŽŵƉĞƚĞŶnjĞ Ğ ĚĞůůĞ ƉƌŽĐĞĚƵƌĞ ĂƚƚŝǀĂďŝůŝ͘ / dĂǀŽůŝ ZĞŐŝŽŶĂůŝ ƌŝŵĂƌƌĂŶŶŽ Ăƚƚŝǀŝ ƉĞƌ ŽĐĐƵƉĂƌƐŝ ĚĞů ŵŽŶŝƚŽƌĂŐŐŝŽ ĚĞůůĞ Ăƚƚŝǀŝƚă Ğ ĚĞůůĞ ƐŽůƵnjŝŽŶŝ ƉƌŽƉŽƐƚĞ ƉĞƌ ů͛ŽƚƚŝŵŝnjnjĂnjŝŽŶĞ ĚĞŝ ƉƌŽĐĞƐƐŝ

>Ă ĐŽƐƚŝƚƵnjŝŽŶĞ ĚĞů ƚĂǀŽůŽ ƌĞŐŝŽŶĂůĞ ^h W Ğ h ͕ ĐŽŵƉŽƐƚŽ ĚĂ ƌĞƐƉŽŶƐĂďŝůŝ Ěŝ ĚŝǀĞƌƐĞ ƌĞĂůƚă ƚĞƌƌŝƚŽƌŝĂůŝ͕ ŚĂ ĐŽŶƐĞŶƚŝƚŽ ů͛ĂƉƉƌŽǀĂnjŝŽŶĞ Ěŝ >ŝŶĞĞ 'ƵŝĚĂ ƐŽƐƚĞŶŝďŝůŝ ƉĞƌ ŝ ŽŵƵŶŝ

ŽŶ ŝ ŝƐƚƌĞƚƚŝ ĚĞů ŽŵŵĞƌĐŝŽ͕ ĨŽƌƚĞŵĞŶƚĞ ǀŽůƵƚŝ ĚĂ E / >ŽŵďĂƌĚŝĂ͕ ĂŶĐŚĞ ŝ WŝĐĐŽůŝ ŽŵƵŶŝ ŚĂŶŶŽ ŽƚƚĞŶƵƚŽ ĨŝŶĂŶnjŝĂŵĞŶƚŝ ƉĞƌ ŝů ƐŽƐƚĞŐŶŽ ĚĞůůĞ Ăƚƚŝǀŝƚă ĐŽŵŵĞƌĐŝĂůŝ ůŽĐĂůŝ

/Ŷ ƚĞŵĂ Ěŝ ͞>ŝďĞƌƚă Ěŝ ŝŵƉƌĞƐĂ Ğ ĐŽŵƉĞƚŝƚŝǀŝƚă͟ E / >ŽŵďĂƌĚŝĂ ŚĂ ŽƚƚĞŶƵƚŽ ƐŽƐƚĂŶnjŝĂůŝ ŵŽĚŝĨŝĐŚĞ Ăŝ ƉƌŽǀǀĞĚŝŵĞŶƚŝ ůĞŐŝƐůĂƚŝǀŝ ĐŚĞ ĂůƚƌŝŵĞŶƚŝ ĂǀƌĞďďĞƌŽ ƌĞƐŽ ĂŶĐŽƌĂ Ɖŝƶ ĚŝĨĨŝĐŝůĞ ů͛Ăƚƚŝǀŝƚă ĚĞŝ ŽŵƵŶŝ

/$925, 38%%/,&, 7(55,725,2 ( 32/,7,&+( $*5,&2/(

/Ŷ ƋƵĞƐƚŝ Ƶůƚŝŵŝ ĐŝŶƋƵĞ ĂŶŶŝ E / >ŽŵďĂƌĚŝĂ Ɖŝƶ ǀŽůƚĞ ğ ƐƚĂƚĂ ŝŵƉĞŐŶĂƚĂ Ă ĚŝĨĞŶĚĞƌĞ ů͛ĂƵƚŽŶŽŵŝĂ ĚĞĐŝƐŝŽŶĂůĞ ĚĞŝ ŽŵƵŶŝ ĐŽŶ ƉĂƌƚŝĐŽůĂƌĞ ĂƚƚĞŶnjŝŽŶĞ Ă ƋƵĞůůĂ ƉŝĂŶŝĨŝĐĂƚŽƌŝĂ Ğ Ěŝ ŐĞƐƚŝŽŶĞ ĚĞů ƚĞƌƌŝƚŽƌŝŽ͘ >Ğ ĚŝĨĨŝĐŽůƚă ĞĐŽŶŽŵŝĐŚĞ ƉĞƌĚƵƌĂŶƚŝ Ğ ůĂ ŶĞĐĞƐƐŝƚă Ěŝ ĚĂƌĞ ŶƵŽǀŝ ƐƚŝŵŽůŝ Ăůů͛ĞĐŽŶŽŵŝĂ ŚĂŶŶŽ ŐĞŶĞƌĂƚŽ ƚĞŶĚĞŶnjĞ ĐĞŶƚƌĂůŝƐƚŝĐŚĞ͕ ŝŶ ŶĞƚƚŽ ĐŽŶƚƌĂƐƚŽ ĐŽŶ Őůŝ ŽďŝĞƚƚŝǀŝ Ěŝ ĨĞĚĞƌĂůŝƐŵŽ Ğ ƐƵƐƐŝĚŝĂƌŝĞƚă ŝŶ ƉƌĞĐĞĚĞŶnjĂ ůĞŐŝĨĞƌĂƚŝ ĂŶĐŚĞ Ă ůŝǀĞůůŽ ŶĂnjŝŽŶĂůĞ͘ EĞ ğ ƵŶ ĞƐĞŵƉŝŽ ůĂ ƉƌŽƉŽƐƚĂ ƌĞŐŝŽŶĂůĞ ĚĞů WŝĂŶŽ ĂƐĂ ϮϬϭϭ͕ ĚĂ ƵŶ ůĂƚŽ ŵŽůƚŽ ŝŶǀĂƐŝǀĂ ĚĞůů͛ĂƵƚŽŶŽŵŝĂ ĚĞŝ ŽŵƵŶŝ Ğ͕ ĚĂůů͛ĂůƚƌŽ͕ ĚĞůĞƚĞƌŝĂ ƉĞƌ ŝů ƚĞƌƌŝƚŽƌŝŽ͘ E / >ŽŵďĂƌĚŝĂ Ɛŝ ğ ŽƉƉŽƐƚĂ ĨĞƌŵĂŵĞŶƚĞ Ğ͕ ĐŽŶ ŽƐƐĞƌǀĂnjŝŽŶŝ ƐƉĞĐŝĨŝĐŚĞ Ğ ĚŝǀĞƌƐĞ ĂƵĚŝnjŝŽŶŝ ŶĞůůĞ ĐŽŵŵŝƐƐŝŽŶŝ ƌĞŐŝŽŶĂůŝ͕ ğ ƌŝƵƐĐŝƚĂ Ă ŽƚƚĞŶĞƌĞ ƵŶ ƉƌŽǀǀĞĚŝŵĞŶƚŽ ƐŽƐƚĞŶŝďŝůĞ Ğ ĂĚĞŐƵĂƚŽ ĂůůĞ ŶĞĐĞƐƐŝƚă͘ /Ŷ ƚĞŵĂ Ěŝ ƉŝĂŶŝĨŝĐĂnjŝŽŶĞ ƵƌďĂŶŝƐƚŝĐĂ Ğ ƐƉĞĐŝĨŝĐĂƚĂŵĞŶƚĞ ƌŝƐƉĞƚƚŽ Ăŝ W'd͕ ŵŽůƚŝ ŽŵƵŶŝ ŶŽŶ ƐŽŶŽ ƌŝƵƐĐŝƚŝ Ă ƌŝƐƉĞƚƚĂƌĞ ůĞ ƐĐĂĚĞŶnjĞ ƉƌĞǀŝƐƚĞ ĚĂůůĂ >Z ϭϮͬϮϬϬϱ͘ E / >ŽŵďĂƌĚŝĂ ŚĂ ƐŽƐƚĞŶƵƚŽ ĐŽŶ ĨŽƌnjĂ ůĞ ůŽƌŽ ŵŽƚŝǀĂnjŝŽŶŝ͕ ŽƚƚĞŶĞŶĚŽ͕ ŝŶ ĚŝǀĞƌƐŝ ŵŽŵĞŶƚŝ͕ ƉƌŽƌŽŐŚĞ Ğ ĚĞƌŽŐŚĞ ĐŚĞ ŚĂŶŶŽ ĐŽŶƐĞŶƚŝƚŽ ĂůůĂ ŵĂŐŐŝŽƌĂŶnjĂ ĚĞŝ ŽŵƵŶŝ >ŽŵďĂƌĚŝ Ěŝ ĚŽƚĂƌƐŝ ĚĞůůŽ ƐƚƌƵŵĞŶƚŽ ƵƌďĂŶŝƐƚŝĐŽ ůŽĐĂůĞ͘ Ă ƐĞŐŶĂůĂƌĞ ů͛ŝŶƚĞƌǀĞŶƚŽ ĂĚ ĂĚŝƵǀĂŶĚƵŵ Ěŝ E / >ŽŵďĂƌĚŝĂ ŶĞůů͛ĂŵďŝƚŽ Ěŝ ĂůĐƵŶŝ ƌŝĐŽƌƐŝ ŝŶ ŵĂƚĞƌŝĂ Ěŝ s ^͗ ůĂ ƐĞŶƚĞŶnjĂ ĚĞů ŽŶƐŝŐůŝŽ Ěŝ ^ƚĂƚŽ ŚĂ ĐŽŶĨĞƌŵĂƚŽ ůĂ ůĞŐŝƚƚŝŵŝƚă ĚĞŝ ƉƌŽǀǀĞĚŝŵĞŶƚŝ ĂĚŽƚƚĂƚŝ ĚĂŝ ŽŵƵŶŝ͘ /ů ƚĞŵĂ ĚĞů ĐŽŶƚĞŶŝŵĞŶƚŽ ĚĞů ĐŽŶƐƵŵŽ Ěŝ ƐƵŽůŽ͕ ĐŽŶĚŝǀŝƐŝďŝůĞ ŝŶ ůŝŶĞĂ Ěŝ ƉƌŝŶĐŝƉŝŽ͕ ğ ůĂ ƐĨŝĚĂ ĚĞů ŵŽŵĞŶƚŽ͘ ͛ ŽƉŝŶŝŽŶĞ Ěŝ E / >ŽŵďĂƌĚŝĂ ĐŚĞ ŝů ƚĞŵĂ ĚĞďďĂ ĞƐƐĞƌĞ ĂĨĨƌŽŶƚĂƚŽ Ăůů͛ŝŶƚĞƌŶŽ ĚĞůůĂ ƌĞǀŝƐŝŽŶĞ ĚĞůůĂ >Z ϭϮͬϮϬϬϱ͘

ϭϳ EŽǀĞŵďƌĞ͗ ŽŶǀĞŐŶŽ ͞W'd Ğ ŝů WŝĂŶŽ ĂƐĂ͗ ĐƌŝƚŝĐŝƚă Ğ ƉƌŽƐƉĞƚƚŝǀĞ͟

ϭϰ ŝĐĞŵďƌĞ͗ E / >ŽŵďĂƌĚŝĂ ƉƌĞƐĞŶƚĂ ůĞ ŽƐƐĞƌǀĂnjŝŽŶŝ Ăŝ ƉƌŽŐĞƚƚŝ Ěŝ >Z ƐƵ s/ Ğ s ^

ϵ 'ĞŶŶĂŝŽ ϮϬϭϬ͗ Ɛŝ ĐŽƐƚŝƚƵŝƐĐĞ ŝů 'ƌƵƉƉŽ Ěŝ ůĂǀŽƌŽ ƉĞƌ ůĂ ƉƌĞĚŝƐƉŽƐŝͲ njŝŽŶĞ ĚĞůůĂ ƉƌŽƉŽƐƚĂ Ěŝ ZĞŐŽůĂŵĞŶƚŽ ZĞŐŝŽŶĂůĞ ƉĞƌ /ŶƚĞƌǀĞŶƚŝ ƐƵŝ ƐŽƚƚŽƐĞƌǀŝnjŝ

ϭϭ DĂƌnjŽ͗ E / >ŽŵďĂƌĚŝĂ ƉƌĞĚŝƐƉŽŶĞ ů͛ŝŶĨŽƌŵĂƚŝǀĂ ƐƵů ƉŽƌƚĂůĞ ĚĞůůĞ ŶŽƚŝĨŝĐŚĞ ƉƌĞůŝŵŝŶĂƌŝ Ěŝ ŝŶŝnjŝŽ ĐĂŶƚŝĞƌĞ

ϭϰ 'ŝƵŐŶŽ͗ Ă ĐŽŶĐůƵƐŝŽŶĞ ĚĞŝ ůĂǀŽƌŝ ĐŽŶ ŝ ŝƌŝŐĞŶƚŝ ZĞŐŝŽŶĂůŝ Ğ ĐŽŶ ŝ ZĂƉƉƌĞƐĞŶƚĂŶƚŝ ĚĞŝ ŵĂŐŐŝŽƌŝ ŐĞƐƚŽƌŝ ĚĞůůĞ ƌĞƚŝ͕ ĂƉƉƌŽǀĂnjŝŽŶĞ ĚĞůůĞ >ŝŶĞĞ 'ƵŝĚĂ ZĞŐŝŽŶĂůŝ ƉĞƌ ůĂ ŵĂŶŽŵŝƐƐŝŽŶĞ ĚĞů ƐƵŽůŽ

Ϯϱ EŽǀĞŵďƌĞ͗ WƌŽƚŽĐŽůůŽ Ě͛ŝŶƚĞƐĂ ĐŽŶ ZW >ŽŵďĂƌĚŝĂ ƉĞƌ ĞůĂďŽƌĂƌĞ >ŝŶĞĞ ŐƵŝĚĂ Ğ ĚŽĐƵŵĞŶƚŝ ƚĞĐŶŝĐŝ Ă ƐƵƉƉŽƌƚŽ ĚĞŝ ŽŵƵŶŝ ŶĞŝ ƉƌŽĐĞƐƐŝ ĂŵŵŝŶŝƐƚƌĂƚŝǀŝ Ğ ŶĞůůĂ ǀĂůƵƚĂnjŝŽŶĞ ĚĞŐůŝ ŝŶƚĞƌǀĞŶƚŝ ŝŶ ŵĂƚĞƌŝĂ Ěŝ ƵƌďĂŶŝƐƚŝĐĂ ĞĚ ĞĚŝůŝnjŝĂ

ϭ DĂƌnjŽ͗ ŽŶǀĞŐŶŽ ͞sĂůƵƚĂnjŝŽŶĞ ŵďŝĞŶƚĂůĞ ^ƚƌĂƚĞŐŝĐĂ͟

ϳ >ƵŐůŝŽ͗ ǀĂůƵƚĂnjŝŽŶŝ ƐƵůů͛ŝƐƚŝƚƵnjŝŽŶĞ ĚĞů ĨŽŶĚŽ ƉĞƌ ŝ ĐŽŶƚƌŽůůŝ ƐƵůůĞ ƉƌĞƐƚĂnjŝŽŶŝ ĞŶĞƌŐĞƚŝĐŚĞ ĚĞŐůŝ ĞĚŝĨŝĐŝ

Ϯϯ EŽǀĞŵďƌĞ͗ ŽƐƐĞƌǀĂnjŝŽŶŝ W > ƌĞŐŝŽŶĂůĞ ŝŶ ƚĞŵĂ Ěŝ ͞EŽƌŵĞ ƉĞƌ ůĂ ǀĂůŽƌŝnjnjĂnjŝŽŶĞ ĚĞů ƉĂƚƌŝŵŽŶŝŽ ĞĚŝůŝnjŝŽ ĞƐŝƐƚĞŶƚĞ Ğ ĂůƚƌĞ ĚŝƐƉŽƐŝnjŝŽŶŝ ŝŶ ŵĂƚĞƌŝĂ ƵƌďĂŶŝƐƚŝĐŽͲĞĚŝůŝnjŝĂ͘͟ E / >ŽŵďĂƌĚŝĂ ĐŽŶƚƌĂƐƚĂ ĨŽƌƚĞŵĞŶƚĞ ůĞ ŐƌĂŶĚŝ ƉŽƐƐŝďŝůŝƚă ĞĚŝĨŝĐĂƚŽƌŝĞ ƉƌŽƉŽƐƚĞ ŝŶ ĚĞƌŽŐĂ ĂůůĂ ƉŝĂŶŝĨŝĐĂnjŝŽŶĞ ůŽĐĂůĞ

ϯ ŝĐĞŵďƌĞ͗ ĐŽŵƉĂƌƚĞĐŝƉĂnjŝŽŶĞ Ăůů͛ŝŶŝnjŝĂƚŝǀĂ KWW > ʹ WŽůŝƚĞĐŶŝĐŽ DŝůĂŶŽ ƉĞƌ ůĂ ƌĂĐĐŽůƚĂ ĚĞŝ ĚĂƚŝ ĚĂŝ ŽŵƵŶŝ ŝŶ ŵĞƌŝƚŽ Ăů ƚĞŵĂ ĚĞůů͛ĞĨĨŝĐŝĞŶnjĂ ĚĞŝ ƉƌŽĐĞƐƐŝ ĐŽŶĐĞƐƐŽƌŝ͘ / ƌŝƐƵůƚĂƚŝ ƐŽŶŽ ƉƵďďůŝĐĂƚŝ Ă ĐƵƌĂ ĚĞ ͞/ů ^ŽůĞ Ϯϰ KƌĞ͟

ϮϮ &ĞďďƌĂŝŽ͗ WƌŽƚŽĐŽůůŽ Ě͛ŝŶƚĞƐĂ ĐŽŶ WƌĞĨĞƚƚƵƌĂ Ěŝ DŝůĂŶŽ ƉĞƌ ůĂ ƌĞŐŽůĂƌŝƚă Ğ ůĂ ƐŝĐƵƌĞnjnjĂ ĚĞů ůĂǀŽƌŽ ŶĞů ƐĞƚƚŽƌĞ ĚĞůůĞ ĐŽƐƚƌƵnjŝŽŶŝ

ϭϱ 'ĞŶŶĂŝŽ͗ /ŶĐŽŶƚƌŽ ĐŽŶ ŝ ƌĂƉƉƌĞƐĞŶƚĂŶƚŝ ĚĞůů͛ ƐƐŽĐŝĂnjŝŽŶĞ ĚĞŝ ŶŽƚĂŝ ƐƵů ƚĞŵĂ ĚĞŝ ǀŝŶĐŽůŝ ĂůůĂ ůŝďĞƌĂ ĐŝƌĐŽůĂnjŝŽŶĞ ĚĞŐůŝ ŝŵŵŽďŝůŝ Ěŝ ZW

ϲ DĂƌnjŽ͗ ĞƐĂŵĞ ĚĞŝ ƉƌŽǀǀĞĚŝŵĞŶƚŝ ƉĞƌ ů͛ĞĚŝůŝnjŝĂ ƐĐŽůĂƐƚŝĐĂ Ă ƐĞŐƵŝƚŽ ĞĐƌĞƚŽ ϯͬϭϬͬϮϬϭϮ

Ϯϲ ^ĞƚƚĞŵďƌĞ͗ ŽƐƐĞƌǀĂnjŝŽŶŝ ƐƵůůŽ ^ƉŽƌƚĞůůŽ hŶŝĐŽ ƉĞƌ ů͛ ĚŝůŝnjŝĂ

ϰ 'ŝƵŐŶŽ͗ E / >ŽŵďĂƌĚŝĂ ŽƚƚŝĞŶĞ ĚĂ Z> ƵŶ͛ƵůƚŝŵĂ ƉƌŽƌŽŐĂ ƉĞƌ ů͛ĂƉƉƌŽǀĂnjŝŽŶĞ ĚĞŝ W'd ƉĞƌ ŝ ŽŵƵŶŝ ĂŶĐŽƌĂ ƐƉƌŽǀǀŝƐƚŝ͕ ĐŚĞ ƉŽƐƐŽŶŽ ƌŝƉƌĞŶĚĞƌĞ ůĞ ŶŽƌŵĂůŝ Ăƚƚŝǀŝƚă ƉƌĞǀŝƐƚĞ ĚĂůůŽ ƐƚƌƵŵĞŶƚŽ ƵƌďĂŶŝƐƚŝĐŽ ǀŝŐĞŶƚĞ

ϭϮ DĂƌnjŽ͗ ƉƌĞƐĞŶƚĂnjŝŽŶĞ ĚĞů WƌŽŐĞƚƚŽ ͞ZĞƚŝ Ğ ƐŽƚƚŽƐĞƌǀŝnjŝ ĂƌĞĂ yWK͟

Ϯϴ DĂŐŐŝŽ͗ ŽŶǀĞŐŶŽ WŝĂŶŽ ĂƐĂ

ϭϮ 'ŝƵŐŶŽ͗ ŽƐƐĞƌǀĂnjŝŽŶŝ Ăŝ ĚŝǀĞƌƐŝ WƌŽŐĞƚƚŝ Ěŝ >Z ĐŚĞ ƚƌĂƚƚĂŶŽ ŝů ƚĞŵĂ ĚĞůůĞ ŶƵŽǀĞ ŶŽƌŵĞ ƉĞƌ ůĂ ĚŝƐĐŝƉůŝŶĂ ĚĞůůĂ ĐŽůƚŝǀĂnjŝŽŶĞ Ěŝ ƐŽƐƚĂŶnjĞ ŵŝŶĞƌĂůŝ Ěŝ ĐĂǀĂ

ϭϯ ŝĐĞŵďƌĞ͗ E / >ŽŵďĂƌĚŝĂ ƉƌŽƉŽŶĞ ů͛ĞŵĞŶĚĂŵĞŶƚŽ ƉĞƌ ůĂ ƉƌŽƌŽŐĂ Ğ ů͛ĂƚƚĞŶƵĂnjŝŽŶĞ ĚĞůůĞ ƐĂŶnjŝŽŶŝ ƉƌĞǀŝƐƚĞ ƉĞƌ ŝ ŽŵƵŶŝ ĐŚĞ Ăů ϯϭͬϭϮͬϮϬϭϮ ŶŽŶ ŚĂŶŶŽ ĂƉƉƌŽǀĂƚŽ ŝů W'd ϭϲ ŝĐĞŵďƌĞ͗ WƵďďůŝĐĂƚŽ ŝŶ ĐŽůůĂďŽƌĂnjŝŽŶĞ ĐŽŶ KWW > ʹ WŽůŝƚĞĐŶŝĐŽ Ěŝ DŝůĂŶŽ ůĂ ƌŝĐĞƌĐĂ Η>͛ĞĨĨŝĐŝĞŶnjĂ ĚĞŝ ƉƌŽĐĞƐƐŝ ĐŽŶĐĞƐƐŽƌŝ͘͟ /ů ƚĞƐƚŽ͕ ƉƵďďůŝĐĂƚŽ ĚĂů ^ŽůĞ Ϯϰ KƌĞ͕ ĂŶĂůŝnjnjĂ ŝů ƚĞŵĂ ĚĞŐůŝ ŝŶƚĞƌǀĞŶƚŝ Ěŝ ^ŽĐŝĂů ,ŽƵƐŝŶŐ

ϭϴ >ƵŐůŝŽ͗ ĂǀǀŝŽ ĚĞů ƉĞƌĐŽƌƐŽ Ěŝ ƌĞǀŝƐŝŽŶĞ ĚĞůůĂ >Z ϭϮͬϮϬϬϱ ͞>ĞŐŐĞ ƉĞƌ ŝů 'ŽǀĞƌŶŽ ĚĞů dĞƌƌŝƚŽƌŝŽ͟

ϭϭ ^ĞƚƚĞŵďƌĞ͗ ŝŶƚĞƐĂ ĐŽŶ ů͛ ƐƐŽĐŝĂnjŝŽŶĞ /ĚĞĞ ƉĞƌ ů͛ ŐƌŝĐŽůƚƵƌĂ Ͳ / ͕ ƉĞƌ ůĂ ƉĂƌƚĞĐŝƉĂnjŝŽŶĞ ĂƚƚŝǀĂ Ăůů͛ĞǀĞŶƚŽ ͞ ŐƌŝĐŽůƚƵƌĂ DŝůĂŶŽ &ĞƐƚŝǀĂů͟

Ϯϭ KƚƚŽďƌĞ͗ ĂƉƉƌŽǀĂnjŝŽŶĞ ĚĞůůĂ >Z ƐƵůůĞ ŶŽƌŵĞ ƉĞƌ ůĂ ƉƌĞǀĞŶnjŝŽŶĞ Ğ ŝů ƚƌĂƚƚĂŵĞŶƚŽ ĚĞů ŐŝŽĐŽ Ě͛ĂnjnjĂƌĚŽ ƉĂƚŽůŽŐŝĐŽ͘ /ů ƉƌŽǀǀĞĚŝŵĞŶƚŽ ƉƌĞǀĞĚĞ ĂŶĐŚĞ ĂĚĞŵƉŝŵĞŶƚŝ Ěŝ ŶĂƚƵƌĂ ƵƌďĂŶŝƐƚŝĐĂ

ϭϰ &ĞďďƌĂŝŽ͗ ƐƵ ƌŝĐŚŝĞƐƚĂ Ěŝ E / >ŽŵďĂƌĚŝĂ ŝ ŽŵƵŶŝ ŽƚƚĞŶŐŽŶŽ͕ ŝŶ ŵĞƌŝƚŽ Ăů ĐŽŶƚĞŶŝŵĞŶƚŽ ĚĞů ĨĞŶŽŵĞŶŽ ĚĞůůĂ ůƵĚŽƉĂƚŝĂ͕ Ěŝ ƉŽƚĞƌ ĚĞĨŝŶŝƌĞ ŝŶ ĂƵƚŽŶŽŵŝĂ ŝů ŵĞƚŽĚŽ Ěŝ ŵŝƐƵƌĂnjŝŽŶĞ ĚĞůůĞ ĚŝƐƚĂŶnjĞ ŵŝŶŝŵĞ ĚĂŝ ůƵŽŐŚŝ ƐĞŶƐŝďŝůŝ

ϲ DĂƌnjŽ͗ Ɛŝ ĐŽƐƚŝƚƵŝƐĐĞ ŝů 'ƌƵƉƉŽ Ěŝ ůĂǀŽƌŽ ƉĞƌ ĞƐĂŵŝŶĂƌĞ ŝů ƉƌŽŐĞƚƚŽ Ěŝ ůĞŐŐĞ ĚĞůůĂ 'ŝƵŶƚĂ ZĞŐŝŽŶĂůĞ ƐƵůůĂ ƌŝĚƵnjŝŽŶĞ ĚĞů ĐŽŶƐƵŵŽ ĚĞů ƐƵŽůŽ

ŽƉŽ ůĂ ƐŽƐƉĞŶƐŝŽŶĞ ĚĞŐůŝ ƐƚƌƵŵĞŶƚŝ ƵƌďĂŶŝƐƚŝĐŝ ŝŶ ŵŽůƚŝ ŽŵƵŶŝ ĐŚĞ ŶŽŶ ĂǀĞǀĂŶŽ ĂƉƉƌŽǀĂƚŽ ŝŶ ƚĞŵƉŽ ŝů W'd͕ E / >ŽŵďĂƌĚŝĂ ŚĂ ŽƚƚĞŶƵƚŽ ĚĂ Z> ƵŶ͛ƵůƚŝŵĂ ƉƌŽƌŽŐĂ Ăů ϯϭͬϭϮͬϮϬϭϯ ĐŚĞ ŚĂ ƉĞƌŵĞƐƐŽ ĂŶĐŚĞ Ă ƋƵĞƐƚŝ ŽŵƵŶŝ Ěŝ ĐŽŵƉůĞƚĂƌĞ ů͛ŝƚĞƌ ďƵƌŽĐƌĂƚŝĐŽ Ěŝ ĂƉƉƌŽǀĂnjŝŽŶĞ

ϯ ƉƌŝůĞ͗ E / >ŽŵďĂƌĚŝĂ ƉƌĞƐĞŶƚĂ ĂůůĂ s ŽŵŵŝƐƐŝŽŶĞ ZĞŐŝŽŶĂůĞ ůĞ ƉƌŝŵĞ ŶŽƚĞ ŝŶ ƚĞŵĂ Ěŝ ĐŽŶƚĞŶŝŵĞŶƚŽ ĚĞů ĐŽŶƐƵŵŽ Ěŝ ƐƵŽůŽ

ŽŶĐĞƌƚĂƚĞ ĐŽŶ Z> ůĞ >ŝŶĞĞ 'ƵŝĚĂ ƉĞƌ Őůŝ ŝŶƚĞƌǀĞŶƚŝ Ěŝ ŵĂŶŽŵŝƐƐŝŽŶĞ Ğ ƌŝƉƌŝƐƚŝŶŽ ƉĞƌ ůĂ ƉŽƐĂ ƐƚƌĂĚĂůĞ ĚĞŝ ƐĞƌǀŝnjŝ Ă ƌĞƚĞ

ϯϬ ƉƌŝůĞ͗ ǀĂůƵƚĂnjŝŽŶĞ ƉŽƐŝƚŝǀĂ ĚĞůůĂ ƉƌŽƉŽƐƚĂ Ěŝ >ĞŐŐĞ Ăů WĂƌůĂŵĞŶƚŽ ƐƵůů͛ŝƐƚŝƚƵnjŝŽŶĞ Ěŝ ƵŶĂ ŽŶĂ ĐŽŶŽŵŝĐĂ ^ƉĞĐŝĂůĞ ; ^Ϳ ƉĞƌ ĂůĐƵŶĞ ĂƌĞĞ ĚĞůůĂ >ŽŵďĂƌĚŝĂ

KƚƚĞŶƵƚŽ ĚĂů ŽŶƐŝŐůŝŽ Ěŝ ^ƚĂƚŽ ŝů ǀŝƐƚŽ Ěŝ ůĞŐŝƚƚŝŵŝƚă ĚĞůůĞ ƉƌŽĐĞĚƵƌĞ ĂĚŽƚƚĂƚĞ ĚĂŝ ŽŵƵŶŝ ŝŶ ƚĞŵĂ Ěŝ s ^

ϳ >ƵŐůŝŽ͗ ĐŽŶǀĞŐŶŽ DŽŶnjĂ ͞ ŽŶƚĞŶŝŵĞŶƚŽ ĚĞů ĐŽŶƐƵŵŽ Ěŝ ƐƵŽůŽ͕ ƌĞǀŝƐŝŽŶĞ ĚĞůůĂ >͘Z͘ ϭϮͬϬϱ͟

^ĐŽŶŐŝƵƌĂƚŽ ƵŶ WŝĂŶŽ ĂƐĂ ŝŶǀĂƐŝǀŽ Ğ ŝŶ ĚĞƌŽŐĂ ĂŐůŝ ƐƚƌƵŵĞŶƚŝ ƉŝĂŶŝĨŝĐĂƚŽƌŝ ůŽĐĂůŝ

6,&85(==$ 3527(=,21( &,9,/( ( 785,602

/ů ƐƵƐƐĞŐƵŝƌƐŝ Ěŝ ĞǀĞŶƚŝ ŶĂƚƵƌĂůŝ ĚŝƐĂƐƚƌŽƐŝ͕ ů͛ĂĐĐĞŶƚƵĂƌƐŝ Ěŝ ĨĞŶŽŵĞŶŝ ŵĞƚĞŽƌŽůŽŐŝĐŝ ĚĂŝ ƉĞƐĂŶƚŝ ĞĨĨĞƚƚŝ ĚŝƐƚƌƵƚƚŝǀŝ͕ ŝŶƐŝĞŵĞ ĐŽŶ ůĂ ƉƌĞƐĂ Ě͛ĂƚƚŽ Ěŝ ƵŶĂ ƉƌĞƐĞŶnjĂ ĚŝĨĨƵƐĂ Ğ ƌĂĚŝĐĂƚĂ ĚĞůůĂ ĐƌŝŵŝŶĂůŝƚă ŽƌŐĂŶŝnjnjĂƚĂ ĂŶĐŚĞ ŝŶ >ŽŵďĂƌĚŝĂ ŚĂŶŶŽ ŶŽƚĞǀŽůŵĞŶƚĞ ŝŶĐƌĞŵĞŶƚĂƚŽ ůĂ ƉĞƌĐĞnjŝŽŶĞ Ěŝ ŝŶƐŝĐƵƌĞnjnjĂ ŶĞŝ ĐŝƚƚĂĚŝŶŝ͘ EĞů ĐŽƌƐŽ ĚĞů ŵĂŶĚĂƚŽ E / >ŽŵďĂƌĚŝĂ Ɛŝ ğ ŝŵƉĞŐŶĂƚĂ ƐƵ ĚŝǀĞƌƐŝ ĨƌŽŶƚŝ͗ • ŚĂ ƌŝǀĞŶĚŝĐĂƚŽ ůĂ ŶĞĐĞƐƐŝƚă Ěŝ ĞƐĞŶƚĂƌĞ Őůŝ ŝŶƚĞƌǀĞŶƚŝ ƉĞƌ ůĂ ƐŝĐƵƌĞnjnjĂ Ğ ůĂ ƉƌĞǀĞŶnjŝŽŶĞ͕ ŝĚƌŽŐĞŽůŽŐŝĐĂ ŝŶ ƉĂƌƚŝĐŽůĂƌĞ͕ ĚĂŝ ůŝŵŝƚŝ ĚĞů WĂƚƚŽ Ěŝ ƐƚĂďŝůŝƚă • ŚĂ ŽĨĨĞƌƚŽ ŝů ƐƵŽ ƐŽƐƚĞŐŶŽ ĂŐůŝ ŵŵŝŶŝƐƚƌĂƚŽƌŝ ĐŽůƉŝƚŝ ĚĂů ƐŝƐŵĂ ŶĞů ƉƌŽĐĞƐƐŽ Ěŝ ƌŝĐŽƐƚƌƵnjŝŽŶĞ ĞĚ ğ ĂŶĐŽƌĂ ŝŵƉĞŐŶĂƚĂ Ă ƌĂƉƉƌĞƐĞŶƚĂƌĞ ŝ ŽŵƵŶŝ ŝŶƚĞƌĞƐƐĂƚŝ ŶĞŝ dĂǀŽůŝ ĐŽŶ ůĞ /ƐƚŝƚƵnjŝŽŶŝ ŶĂnjŝŽŶĂůŝ Ğ ƌĞŐŝŽŶĂůŝ • ŚĂ ƐƵƉƉŽƌƚĂƚŽ ŝ ŽŵƵŶŝ͕ ŝŶƐŝĞŵĞ ĂĚ ŶĐŝƚĞů >ŽŵďĂƌĚŝĂ͕ ŶĞů ĐŽŶƚƌĂƐƚŽ ĂůůĂ ĐŽƌƌƵnjŝŽŶĞ Ğ ĂůůĂ ŵĂůĂǀŝƚĂ ŽƌŐĂŶŝnjnjĂƚĂ ŝŶƚĞƌǀĞŶĞŶĚŽ ŶĞŝ ƉƌŽĐĞƐƐŝ Ěŝ ĐŽŶƚƌŽůůŽ ŝŶƚĞƌŶŽ Ğ ŝŶ ƉĂƌƚŝĐŽůĂƌĞ ƐƵůůĞ ƉƌŽĐĞĚƵƌĞ ƉĞƌ ů͛ĂĐƋƵŝƐŝnjŝŽŶĞ Ěŝ ďĞŶŝ Ğ ƐĞƌǀŝnjŝ • ŚĂ ƉĂƌƚĞĐŝƉĂƚŽ Ă ƚƵƚƚŝ ŝ dĂǀŽůŝ ƉĞƌ ĚĞĨŝŶŝƌĞ ĂnjŝŽŶŝ Ěŝ ĐŽŶƚĞŶŝŵĞŶƚŽ Ğ Ěŝ ƉƌĞǀĞŶnjŝŽŶĞ ĚĞůůĂ ůƵĚŽƉĂƚŝĂ͕ ƐŽƉƌĂƚƚƵƚƚŽ ŶĞŝ ĐŽŶĨƌŽŶƚŝ ĚĞŝ ƐŽŐŐĞƚƚŝ ŵĂŐŐŝŽƌŵĞŶƚĞ Ă ƌŝƐĐŚŝŽ ŽǀǀĞƌŽ ŵŝŶŽƌŝ Ğ ĂŶnjŝĂŶŝ • ŚĂ ĐŽůůĂďŽƌĂƚŽ ĐŽŶ ƚƵƚƚĞ ůĞ /ƐƚŝƚƵnjŝŽŶŝ ŝŶƚĞƌĞƐƐĂƚĞ ĚĂů ƉƌŽďůĞŵĂ ĚĞŝ ƉƌŽĨƵŐŚŝ ƌŝĐŚŝĞĚĞŶƚŝ ĂƐŝůŽ ŶĞů ŶŽƐƚƌŽ WĂĞƐĞ͘ ^Ğ ů͛ĞŵĞƌŐĞŶnjĂ ĚĞů ϮϬϭϭ ŶŽŶ Ɛŝ ğ ŵĂŝ ĚĞů ƚƵƚƚŽ ĞƐĂƵƌŝƚĂ͕ ŝŶ ƋƵĞƐƚŝ Ƶůƚŝŵŝ ŵĞƐŝ ŝ ĐŽŶĨůŝƚƚŝ ŝŶ ĂƚƚŽ ŝŶ ^ŝƌŝĂ Ğ ŶĞů DĞĚŝŽ KƌŝĞŶƚĞ ŚĂŶŶŽ ŐĞŶĞƌĂƚŽ ƵŶ͛ŝŵƉĞŶŶĂƚĂ ĚĞů ƉƌŽďůĞŵĂ͘ ^ŝ ƚƌĂƚƚĂ Ěŝ ƵŶĂ ǀĞƌĂ Ğ ƉƌŽƉƌŝĂ ĞŵĞƌŐĞŶnjĂ Ěŝ ŐƌĂǀĞ ŝŵƉĂƚƚŽ ƐŽĐŝĂůĞ ƐƵ ĐƵŝ ŶĞŝ ƉƌŽƐƐŝŵŝ ŵĞƐŝ ƚƵƚƚŽ ŝů ƐŝƐƚĞŵĂ ĚĞůůĞ ƵƚŽŶŽŵŝĞ >ŽĐĂůŝ Ğ ŝů 'ŽǀĞƌŶŽ ƐĂƌĂŶŶŽ ĐŚŝĂŵĂƚŝ ĂĚ ŝŶƚĞƌǀĞŶŝƌĞ ƉĞƌ ƐĐŽŶŐŝƵƌĂƌĞ ĞƉŝƐŽĚŝ ĞƐĞĐƌĂďŝůŝ Ğ ĂnjŝŽŶŝ Ěŝ ĞƐĂƐƉĞƌĂnjŝŽŶĞ͘

ϭϵ EŽǀĞŵďƌĞ͗ ŽŶǀĞŐŶŽ Ěŝ ZŝƐŽƌƐĞ ŽŵƵŶŝ ĚĞĚŝĐĂƚŽ ĂůůĂ WŽůŝnjŝĂ >ŽĐĂůĞ ƐƵůůĞ ĞƐŝŐĞŶnjĞ ĚĞŝ ŽŵƵŶŝ ŝŶ ŵĂƚĞƌŝĂ Ěŝ ƐŝĐƵƌĞnjnjĂ ƵƌďĂŶĂ

ϭϭ 'ĞŶŶĂŝŽ ϮϬϭϬ͗ E / >ŽŵďĂƌĚŝĂ ƉĂƌƚĞĐŝƉĂ Ăŝ ůĂǀŽƌŝ ĚĞůůĂ ŽŶƐƵůƚĂ EĂnjŝŽŶĂůĞ WƌŽƚĞnjŝŽŶĞ ŝǀŝůĞ Ğ Ăů dĂǀŽůŽ Ěŝ ŽŽƌĚŝŶĂŵĞŶƚŽ ĚĞů ^ĞƚƚŽƌĞ dƵƌŝƐƚŝĐŽ ZĞŐŝŽŶĂůĞ

Ϯϲ &ĞďďƌĂŝŽ͗ /ŶĐŽŶƚƌŽ ƐƵů ƚĞŵĂ ĚĞůůĞ ƐĂŶnjŝŽŶŝ ĚĞŝ dͲZ ŝƐƚĂůůĂƚŝ ĚĂŝ ŽŵƵŶŝ ƐƵŝ ƐĞŵĂĨŽƌŝ

Ϯϱ DĂŐŐŝŽ͗ WƌŽƚŽĐŽůůŽ Ěŝ /ŶƚĞƐĂ ͞DŝůůĞ ŽĐĐŚŝ ƐƵůůĂ ŝƚƚă͟

Ϯϲ KƚƚŽďƌĞ͗ E / >ŽŵďĂƌĚŝĂ ƉƌĞƐĞŶƚĂ ůĞ ƉƌŽƉƌŝĞ ŽƐƐĞƌǀĂnjŝŽŶŝ ĂůůĞ ŵŽĚŝĨŝĐŚĞ Ăů ŽĚŝĐĞ ĚĞůůĂ ^ƚƌĂĚĂ

Ϯϰ EŽǀĞŵďƌĞ͗ ŽŶǀĞŐŶŽ Ěŝ ZŝƐŽƌƐĞ ŽŵƵŶŝ ͞/ŶĨƌĂƐƚƌƵƚƚƵƌĞ ŝŶƚĞůůŝŐĞŶƚŝ ƉĞƌ ǀŝǀĞƌĞ ůĂ ŝƚƚă ŝŶ ^ŝĐƵƌĞnjnjĂ͟

ϭϮ &ĞďďƌĂŝŽ͗ ŝĐŚŝĂƌĂƚŽ ůŽ ƐƚĂƚŽ Ěŝ ĞŵĞƌŐĞŶnjĂ ƵŵĂŶŝƚĂƌŝĂ ŶĞů ƚĞƌƌŝƚŽƌŝŽ ŶĂnjŝŽŶĂůĞ ƉĞƌ ů͛ĞĐĐĞnjŝŽŶĂůĞ ĂĨĨůƵƐƐŽ Ěŝ ĐŝƚƚĂĚŝŶŝ ƉƌŽǀĞŶŝĞŶƚŝ ĚĂŝ WĂĞƐŝ ĚĞů EŽƌĚ ĨƌŝĐĂ

Ϯϱ &ĞďďƌĂŝŽ͗ E / >ŽŵďĂƌĚŝĂ ŶŽŵŝŶĂ ŝ ĐŽŵƉŽŶĞŶƚŝ ĚĞŝ dĂǀŽůŝ ĚĞůů͛ĞŵĞƌŐĞŶnjĂ ƉƌŽĨƵŐŚŝ

Ϯϲ ƉƌŝůĞ͗ ǀĂůƵƚĂnjŝŽŶŝ ƐƵůůĞ ĐŽŶƐĞŐƵĞŶnjĞ ĚĞůůĂ ƐĞŶƚĞŶnjĂ ĚĞůůĂ ŽƌƚĞ ŽƐƚŝƚƵnjŝŽŶĂůĞ ŝŶ ŵĞƌŝƚŽ ĂůůĞ KƌĚŝŶĂŶnjĞ ƐŝŶĚĂĐĂůŝ

ϭϳͲϭϴ DĂŐŐŝŽ͗ E / >ŽŵďĂƌĚŝĂ ŝŶĐŽŶƚƌĂ ŝ ^ŝŶĚĂĐŝ ƐƵŝ ƚĞƌƌŝƚŽƌŝ ƉĞƌ ŝŶĨŽƌŵĂƌĞ ƐƵůůŽ ƐƚĂƚŽ Ěŝ ĨĂƚƚŽ ĚĞůů͛ĞŵĞƌŐĞŶnjĂ ƵŵĂŶŝƚĂƌŝĂ Ğ ƉĞƌ ƌĂĐĐŽŐůŝĞƌĞ ůĞ ŽƐƐĞƌǀĂnjŝŽŶŝ ƐƵŝ ƉƌŽďůĞŵŝ ůŽĐĂůŝ

Ϯϵ DĂŐŐŝŽ͗ ŝů ƚĞƌƌĞŵŽƚŽ ĐŽůƉŝƐĐĞ ŝ ŽŵƵŶŝ ŵĂŶƚŽǀĂŶŝ͘ E / >ŽŵďĂƌĚŝĂ Ɛŝ ŵŽďŝůŝƚĂ ĐŽŶ ŝŶŝnjŝĂƚŝǀĞ Ěŝ ƐŽůŝĚĂƌŝĞƚă͕ ĐŽŶ Ăƚƚŝǀŝƚă Ěŝ ƐƵƉƉŽƌƚŽ ĂŐůŝ Ŷƚŝ >ŽĐĂůŝ ŶĞůůĞ ƉƌŽĐĞĚƵƌĞ Ěŝ ƌŝĐŽƐƚƌƵnjŝŽŶĞ

Ϯϴ ŝĐĞŵďƌĞ͗ ĚŝĐŚŝĂƌĂƚĂ ůĂ ĐŚŝƵƐƵƌĂ ĚĞůůŽ ƐƚĂƚŽ Ěŝ ĞŵĞƌŐĞŶnjĂ ƵŵĂŶŝƚĂƌŝĂ ƉĞƌ ů͛ĞĐĐĞnjŝŽŶĂůĞ ĂĨĨůƵƐƐŽ Ěŝ ĐŝƚƚĂĚŝŶŝ ƉƌŽǀĞŶŝĞŶƚŝ ĚĂŝ WĂĞƐŝ ĚĞů EŽƌĚ ĨƌŝĐĂ Ğ ŝů ƌŝĞŶƚƌŽ ŶĞůůĂ ŐĞƐƚŝŽŶĞ ŽƌĚŝŶĂƌŝĂ Ă ƉĂƌƚŝƌĞ ĚĂů ϭ 'ĞŶŶĂŝŽ ϮϬϭϯ

ϭϯ DĂŐŐŝŽ͗ ĂǀǀŝĂƚŽ ŝů ĐŽŶĨƌŽŶƚŽ ĐŽŶ ůĂ ZĞŐŝŽŶĞ Ğ ŝ ŽŵƵŶŝ ŵĂŶƚŽǀĂŶŝ ƉĞƌ ĚĂƌĞ ƐƵƉƉŽƌƚŽ Ăŝ ĐŝƚƚĂĚŝŶŝ ĂůůĞ ƉƌĞƐĞ ĐŽŶ ůĞ ƉƌĂƚŝĐŚĞ ƉĞƌ ůĂ ƌŝĐŽƐƚƌƵnjŝŽŶĞ

ϭϬ 'ŝƵŐŶŽ͗ E / >ŽŵďĂƌĚŝĂ ƉƌŽƉŽŶĞ Ă ZĞŐŝŽŶĞ >ŽŵďĂƌĚŝĂ ĐŽƌƐŝ ƉĞƌ ƚĞĐŶŝĐŝ Ğ ĂŵŵŝŶŝƐƚƌĂƚŽƌŝ ƐƵů ƚĞŵĂ ĚĞůůĂ ƉŝĂŶŝĨŝĐĂnjŝŽŶĞ ĚĞůů͛ĞŵĞƌŐĞŶnjĂ

Ϯϭ KƚƚŽďƌĞ͗ ĂƉƉƌŽǀĂƚĂ͕ ĂŶĐŚĞ ĐŽŶ ůĞ ƉƌŽƉŽƐƚĞ Ěŝ E / >ŽŵďĂƌĚŝĂ͕ ůĂ >ĞŐŐĞ ZĞŐŝŽŶĂůĞ ƉĞƌ ůĂ ƉƌĞǀĞŶnjŝŽŶĞ ĚĞůůĞ >ƵĚŽƉĂƚŝĞ

ϯ &ĞďďƌĂŝŽ͗ E / >ŽŵďĂƌĚŝĂ ĨŝƌŵĂ ƵŶ WƌŽƚŽĐŽůůŽ Ě͛ŝŶƚĞƐĂ ĐŽŶ dZ s >E t^Ϯϰ Ͳ ůĂ ƚĞƐƚĂƚĂ ŐŝŽƌŶĂůŝƐƚŝĐĂ Ěŝ ŝŶĨŽƌŵĂnjŝŽŶĞ ĐŚĞ ŐĞƐƚŝƐĐĞ ŝů WŽƌƚĂůĞ tĞďds ǁǁǁ͘ƚƌĂǀĞůŶĞǁƐϮϰ͘ŝƚͲ ƉĞƌ ƉƌŽŵƵŽǀĞƌĞ͕ Ă ƉƌĞnjnjŝ ǀĂŶƚĂŐŐŝŽƐŝ͕ ůĞ ŝŶŝnjŝĂƚŝǀĞ ĐƵůƚƵƌĂůŝ Ğ ƚƵƌŝƐƚŝĐŚĞ ĚĞŝ ŽŵƵŶŝ

ϳ DĂƌnjŽ͗ E / >ŽŵďĂƌĚŝĂ ƉƌĞĚŝƐƉŽŶĞ ůĞ ƉƌŽƉŽƐƚĞ ŝŶ ƚĞŵĂ Ěŝ WƌŽƚĞnjŝŽŶĞ ŝǀŝůĞ Ğ ^ŝĐƵƌĞnjnjĂ ĚĂ ƐŽƚƚŽƉŽƌƌĞ Ăůů͛ ƐƐĞƐƐŽƌĞ ZĞŐŝŽŶĂůĞ ĂůůĂ ^ŝĐƵƌĞnjnjĂ͕ WƌŽƚĞnjŝŽŶĞ ŝǀŝůĞ Ğ /ŵŵŝŐƌĂnjŝŽŶĞ

E / >ŽŵďĂƌĚŝĂ ƉĂƌƚĞĐŝƉĂ Ăů ŽŽƌĚŝŶĂŵĞŶƚŽ ZĞŐŝŽŶĂůĞ ƉĞƌ ů͛ĞŵĞƌŐĞŶnjĂ ƉƌŽĨƵŐŚŝ ĚĞů EŽƌĚ ĨƌŝĐĂ Ğ ŝƐƚŝƚƵŝƐĐĞ ĚĞŝ dĂǀŽůŝ WƌŽǀŝŶĐŝĂůŝ

/ ŽŵƵŶŝ ĐŽůƉŝƚŝ ĚĂů ƚĞƌƌĞŵŽƚŽ ĚĞů DĂŐŐŝŽ ϮϬϭϮ ƚƌŽǀĂŶŽ ŝŶ E / >ŽŵďĂƌĚŝĂ ƵŶ ƌŝĨĞƌŝŵĞŶƚŽ ŶĞůůĞ ĐŽŶĐĞƌƚĂnjŝŽŶŝ ŝƐƚŝƚƵnjŝŽŶĂůŝ͘ EĞů >ƵŐůŝŽ ϮϬϭϯ͕ ƐŽƚƚŽƐĐƌŝƚƚĂ ĐŽŶ ŝů ŽŵŵŝƐƐĂƌŝŽ ƉĞƌ ů͛ĞŵĞƌŐĞŶnjĂ ƵŶĂ ƐƉĞĐŝĨŝĐĂ ĐŽŶǀĞŶnjŝŽŶĞ ƉĞƌ ŽƚƚĞŶĞƌĞ ƐŽƐƚĞŐŶŝ ĞĐŽŶŽŵŝĐŝ Ğ ŽƉĞƌĂƚŝǀŝ

E / >ŽŵďĂƌĚŝĂ ğ ĐŚŝĂŵĂƚĂ ŶƵŽǀĂŵĞŶƚĞ Ăŝ ƚĂǀŽůŝ Ěŝ ĐŽŽƌĚŝŶĂͲ ŵĞŶƚŽ ZĞŐŝŽŶĂůĞ ĚĞůůĂ WƌĞĨĞƚƚƵƌĂ Ěŝ DŝůĂŶŽ ƉĞƌ ůĂ ŶƵŽǀĂ ĞŵĞƌŐĞŶnjĂ ƉƌŽĨƵŐŚŝ

E / >ŽŵďĂƌĚŝĂ ŽƚƚŝĞŶĞ ĚĂ Z> ů͛ĂƉƉƌŽǀĂnjŝŽŶĞ ĚĞůůĂ >Z ϴͬϭϯ ͞EŽƌŵĞ ƉĞƌ ůĂ ƉƌĞǀĞŶnjŝŽŶĞ Ğ ŝů ƚƌĂƚƚĂŵĞŶƚŽ ĚĞů ŐŝŽĐŽ Ě͛ĂnjnjĂƌĚŽ ƉĂƚŽůŽŐŝĐŽ͟

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/ů ŵŝŐůŝŽƌĂŵĞŶƚŽ ĚĞůůĂ ƋƵĂůŝƚă ĂŵďŝĞŶƚĂůĞ ƉĂƐƐĂ ĂƚƚƌĂǀĞƌƐŽ ů͛ĂnjŝŽŶĞ ĚĞŝ ŽŵƵŶŝ͘ ŽŶ ƋƵĞƐƚŽ ŽďŝĞƚƚŝǀŽ E / >ŽŵďĂƌĚŝĂ ŚĂ ƉĂƌƚĞĐŝƉĂƚŽ Ăů WŝĂŶŽ ZĞŐŝŽŶĂůĞ ĚĞŐůŝ /ŶƚĞƌǀĞŶƚŝ ƉĞƌ ůĂ ƋƵĂůŝƚă ĚĞůů͛ ƌŝĂ ;WZ/ Ϳ͗ E / >ŽŵďĂƌĚŝĂ ŚĂ ĐŚŝĞƐƚŽ ƵŶ ŵĂŐŐŝŽƌĞ ĐŽŽƌĚŝŶĂŵĞŶƚŽ ƌĞŐŝŽŶĂůĞ Ğ ŵĞƚƌŽƉŽůŝƚĂŶŽ ƉĞƌ ĞǀŝƚĂƌĞ ŝŶĞĨĨŝĐĂĐŝ Ğ ƐƉŽƌĂĚŝĐŝ ďůŽĐĐŚŝ ĚĞů ƚƌĂĨĨŝĐŽ͘ ^ŝ ƚƌĂƚƚĂ Ěŝ ƵŶ ƚĞŵĂ ĐŚĞ ŚĂ ďŝƐŽŐŶŽ Ěŝ ƵŶĂ ĐŽŶĐĞƌƚĂnjŝŽŶĞ Ěŝ ĂƌĞĂ ǀĂƐƚĂ ĐŽŶ ƉŽůŝƚŝĐŚĞ Ğ ŝŶǀĞƐƚŝŵĞŶƚŝ ĐŽĞƌĞŶƚŝ Ğ ĐŽŶƚŝŶƵĂƚŝǀŝ͘ E / >ŽŵďĂƌĚŝĂ ĐŚŝĞĚĞ Ěŝ ŝŶĐĞŶƚŝǀĂƌĞ ůĂ ƉƌŽĚƵnjŝŽŶĞ Ěŝ ĞŶĞƌŐŝĂ ĚĂ ĨŽŶƚŝ ĂůƚĞƌŶĂƚŝǀĞ Ğ ŝŶĐƌĞŵĞŶƚĂƌĞ ůĞ ŝŶŝnjŝĂƚŝǀĞ ƐƵů ƌŝƐƉĂƌŵŝŽ ĞŶĞƌŐĞƚŝĐŽ ƐŝĂ ƉĞƌ Őůŝ ĞĚŝĨŝĐŝ Đŝǀŝůŝ ƐŝĂ ƉĞƌ ŝů ƐŝƐƚĞŵĂ ƉƌŽĚƵƚƚŝǀŽ͘ >͛ ƐƐŽĐŝĂnjŝŽŶĞ ŚĂ ĨĂǀŽƌŝƚŽ ů͛ĂĚĞƐŝŽŶĞ ĚĞŝ ŽŵƵŶŝ >ŽŵďĂƌĚŝ Ăů ͞WĂƚƚŽ ĚĞŝ ^ŝŶĚĂĐŝ͟ ĂĐĐŽŵƉĂŐŶĂŶĚŽ ĚŝǀĞƌƐĞ ŵŵŝŶŝƐƚƌĂnjŝŽŶŝ ůŽĐĂůŝ ĐŽŶ ƐƉĞĐŝĨŝĐŝ ƉƌŽŐĞƚƚŝ͘ /Ŷ ƚĞŵĂ Ěŝ ƐŝĐƵƌĞnjnjĂ ŝĚƌŽŐĞŽůŽŐŝĐĂ͕ E / >ŽŵďĂƌĚŝĂ ŚĂ ƉƌĞƐĞŶƚĂƚŽ ŽƐƐĞƌǀĂnjŝŽŶŝ ƐƵůůĞ >Z ƐƵůůĞ ĐĂǀĞ Ğ ƐƵŝ ƉƌŽǀǀĞĚŝŵĞŶƚŝ ƌĞůĂƚŝǀŝ ĂůůĂ ƉƌĞǀĞŶnjŝŽŶĞ ĚĞů ĚŝƐƐĞƐƚŽ ĚĞůůĞ ĐĂǀĞ ĞƐĂƵƌŝƚĞ Ğ ƐƵůůĞ ĂƌĞĞ ĂďďĂŶĚŽŶĂƚĞ͘ >͛ ƐƐŽĐŝĂnjŝŽŶĞ ĐŚŝĞĚĞ ŝů ŶĞĐĞƐƐĂƌŝŽ ƌŝŽƌĚŝŶŽ ĚĞůůĞ >ĞŐŐŝ Ěŝ ƐĞƚƚŽƌĞ͘ ^Ƶů dW>͕ ƉĞƌ E / >ŽŵďĂƌĚŝĂ ŝů ŵŝŐůŝŽƌĂŵĞŶƚŽ ĚĞůů͛ŽĨĨĞƌƚĂ ğ ů͛ƵŶŝĐĂ ĂůƚĞƌŶĂƚŝǀĂ Ăůů͛ŝŶĐƌĞŵĞŶƚŽ ĚĞŝ ƉƌŽďůĞŵŝ Ěŝ ŵŽďŝůŝƚă Ğ Ěŝ ŝŶƋƵŝŶĂŵĞŶƚŽ͘ WĞƌ ƋƵĞƐƚŽ ŚĂ ƉƌĞƐĞŶƚĂƚŽ ŶƵŵĞƌŽƐĞ ƉƌŽƉŽƐƚĞ ƐƵůůĂ >Z ƐƵů dW>͘ /ů ƉĞƌĐŽƌƐŽ ŝŶŝnjŝĂƚŽ ĐŽŶ ŝů ͞ďŝŐůŝĞƚƚŽ ŝŶƚĞŐƌĂƚŽ͟ ĚĞǀĞ ƉƌŽƐĞŐƵŝƌĞ ĐŽŶ ů͛ĂŶĂůŝƐŝ ĂĐĐƵƌĂƚĂ ĚĞŝ ĚĂƚŝ ƐƵŝ ĨůƵƐƐŝ Ğ ƐƵůů͛ƵƚŝůŝnjnjŽ ĚĞůů͛ŽĨĨĞƌƚĂ͘ /Ŷ ǀŝƐƚĂ Ěŝ yWK ϮϬϭϱ ŽĐĐŽƌƌĞ ǀĂůƵƚĂƌĞ ƵŶĂ ŶƵŽǀĂ ĨĂƐĞ Ěŝ ŵĂŐŐŝŽƌĞ ĞƐƚĞŶƐŝŽŶĞ Ğ ĨůĞƐƐŝďŝůŝƚă͕ ƐƉĞĐŝĞ ǀĞƌƐŽ ůĞ ĨĂƐĐĞ ŵĞŶŽ ĂďďŝĞŶƚŝ͘ E / >ŽŵďĂƌĚŝĂ ƐŽƐƚŝĞŶĞ ĐŚĞ ŝů ƉƌŽĐĞƐƐŽ Ěŝ ĐŽƐƚƌƵnjŝŽŶĞ ĚĞůůĂ ŝƚƚă ŵĞƚƌŽƉŽůŝƚĂŶĂ ĚĞďďĂ ǀĞĚĞƌĞ ŶĞůůĂ ƌŝŽƌŐĂŶŝnjnjĂnjŝŽŶĞ ĚĞů dW> ƵŶŽ ĚĞŝ ƚĞŵŝ Ěŝ ŵĂŐŐŝŽƌĞ ĂƚƚĞŶnjŝŽŶĞ͘

ϭϴ EŽǀĞŵďƌĞ͗ 'ƌƵƉƉŽ Ěŝ ůĂǀŽƌŽ ƉĞƌ ĞƐĂŵŝŶĂƌĞ ůĞ ĐƌŝƚŝĐŝƚă ŐĞŶĞƌĂƚĞ ĚĂůů͛ ĐĐŽƌĚŽ KE / ϮϬϬϵͲϮϬϭϯ

ϭϰ 'ĞŶŶĂŝŽ ϮϬϭϬ͗ ĂĐĐŽƌĚŽ ĐŽŶ ZĞŐŝŽŶĞ >ŽŵďĂƌĚŝĂ ƉĞƌ ůĂ ĞŶƚƌĂůĞ ZĞŐŝŽŶĂůĞ ĐƋƵŝƐƚŝ Ěŝ ďĞŶŝ Ğ ƐĞƌǀŝnjŝ ǀĞƌĚŝ

ϰ DĂƌnjŽ͗ E / >ŽŵďĂƌĚŝĂ ƉĂƌƚĞĐŝƉĂ Ă ĚŝǀĞƌƐĞ ƌŝƵŶŝŽŶŝ ĐŽŶ E / Ğ ŝů DŝŶŝƐƚĞƌŽ ĚĞůů͛ ŵďŝĞŶƚĞ Ğ ĚĞůůĂ ƚƵƚĞůĂ ĚĞů dĞƌƌŝƚŽƌŝŽ Ğ ĚĞů DĂƌĞ͕ ƉĞƌ ĐŚŝĞĚĞƌĞ ůĂ ƉƌŽƌŽŐĂ Ğ ƵŶĂ ĂƉƉůŝĐĂnjŝŽŶĞ ƉƌŽŐƌĞƐƐŝǀĂ ĚĞů ƐŝƐƚĞŵĂ ^/^dZ/ ;^ŝƐƚĞŵĂ Ěŝ ĐŽŶƚƌŽůůŽ dƌĂĐĐŝĂďŝůŝƚă ĚĞŝ ZŝĨŝƵƚŝͿ

Ϯϲ KƚƚŽďƌĞ͗ ^ĞŵŝŶĂƌŝŽ Ěŝ ĐŽŶĨƌŽŶƚŽ Ğ ŝŶĨŽƌŵĂnjŝŽŶĞ ƐƵůůĂ ĚŝƐĐŝƉůŝŶĂ ĚĞŝ ƐĞƌǀŝnjŝ ƉƵďďůŝĐŝ ůŽĐĂůŝ

ϵ EŽǀĞŵďƌĞ͗ E / >ŽŵďĂƌĚŝĂ ŝŶƚĞƌǀŝĞŶĞ ƐƵů ƚĞŵĂ ĚĞů ^ĞƌǀŝnjŝŽ /ĚƌŝĐŽ /ŶƚĞŐƌĂƚŽ ŽƚƚĞŶĞŶĚŽ ĚĂůůĂ ŶƵŽǀĂ >Z͗ ƵŶ ƌƵŽůŽ ĚĞĐŝƐŝŽŶĂůĞ ƉƌŝŽƌŝƚĂƌŝŽ ƉĞƌ ŝ ^ŝŶĚĂĐŝ ŶĞůůĂ ŐĞƐƚŝŽŶĞ ĚĞŐůŝ dK

ϭϬ 'ĞŶŶĂŝŽ͗ ŽƐƐĞƌǀĂnjŝŽŶŝ ƐƵůůĂ ŶƵŽǀĂ >Z ƐƵůůĞ ĂƌĞĞ ƉƌŽƚĞƚƚĞ ƐƵů ƌŝƐƉĞƚƚŽ ĚĞŝ ƌƵŽůŝ ĚĞŝ ŽŵƵŶŝ͕ ĚĞŝ W'd Ğ ů͛ĂĚĞŐƵĂƚĂ ƌĂƉƉƌĞƐĞŶƚĂͲ ƚŝǀŝƚă ŶĞŐůŝ ŽƌŐĂŶŝ ŐĞƐƚŝŽͲ ŶĂůŝ ĚĞůůĞ ĂƌĞĞ ƉƌŽƚĞƚƚĞ

ϮϮ &ĞďďƌĂŝŽ͗ E / >ŽŵďĂƌĚŝĂ ĨŝƌŵĂ ĚƵĞ WƌŽƚŽĐŽůůŝ Ě͛ŝŶƚĞƐĂ͕ ƵŶŽ ĐŽŶ ZĞŐŝŽŶĞ >ŽŵďĂƌĚŝĂ Ğ &ĞƌƌŽǀŝĞ EŽƌĚ͕ ů͛ĂůƚƌŽ ĐŽŶ ZĞŐŝŽŶĞ >ŽŵďĂƌĚŝĂ Ğ &ĞƌƌŽǀŝĞ ĚĞůůŽ ^ƚĂƚŽ ƉĞƌ ƌŝƋƵĂůŝĨŝĐĂƌĞ Ğ ƌĞŶĚĞƌĞ Ɖŝƶ ĨƌƵŝďŝůŝ ůĞ ƐƚĂnjŝŽŶŝ͕ ĂŶĐŚĞ ĨĂǀŽƌĞŶĚŽ ů͛ƵƚŝůŝnjnjŽ ĚĞŐůŝ ŝŵŵŽďŝůŝ Ğ ĚĞůůĞ ĂƌĞĞ ĨƵŶnjŝŽŶĂůŝ ĚĂ ƉĂƌƚĞ ĚĞŐůŝ Ŷƚŝ ůŽĐĂůŝ

ϰ DĂŐŐŝŽ͗ E / >ŽŵďĂƌĚŝĂ ĐŽůůĂďŽƌĂ ĂůůĂ ƉƌĞĚŝƐƉŽƐŝnjŝŽŶĞ ĚĞůůĞ EƵŽǀĞ >ŝŶĞĞ 'ƵŝĚĂ Ěŝ Z> ƉĞƌ Őůŝ ŝŵƉŝĂŶƚŝ Ă &ŽŶƚĞ Ěŝ ŶĞƌŐŝĂ ZŝŶŶŽǀĂďŝůŝ ;& ZͿ

ϭϬ DĂŐŐŝŽ͗ E / >ŽŵďĂƌĚŝĂ ĐŽƐƚŝƚƵŝƐĐĞ ƵŶ 'ƌƵƉƉŽ Ěŝ ůĂǀŽƌŽ ƚĞĐŶŝĐŽ ƉĞƌ ĂĨĨŝĂŶĐĂƌĞ ŝ ŽŵƵŶŝ ƐƵŐůŝ d D

Ϯϰ EŽǀĞŵďƌĞ͗ ŽŶǀĞŐŶŽ ͞/ů WĂƚƚŽ ĚĞŝ ^ŝŶĚĂĐŝ͟

ϰ 'ŝƵŐŶŽ͗ ŽƐƐĞƌǀĂnjŝŽŶŝ ĂůůĞ >ŝŶĞĞ ŐƵŝĚĂ Ğ ĂůůĂ ďŽnjnjĂ Ěŝ ^ƚĂƚƵƚŽ ƉĞƌ ůĂ ĐŽƐƚŝƚƵnjŝŽŶĞ ĚĞůůĞ ŐĞŶnjŝĞ ƉĞƌ ŝů dW>

ϭϮ 'ŝƵŐŶŽ͗ ŽƐƐĞƌǀĂnjŝŽŶŝ W > ϭϱϴ ͞EƵŽǀĞ ŶŽƌŵĞ ƉĞƌ ůĂ ĚŝƐĐŝƉůŝŶĂ ĚĞůůĂ ĐŽůƚŝǀĂnjŝŽŶĞ Ěŝ ƐŽƐƚĂŶnjĞ ŵŝŶĞƌĂůŝ Ěŝ ĐĂǀĂ͟ Ğ ƐƵ Ăůƚƌŝ WƌŽŐĞƚƚŝ Ěŝ >Z ĐŚĞ ƐŽŶŽ ĚĞƉŽƐŝƚĂƚŝ ŝŶ ŽŶƐŝŐůŝŽ ZĞŐŝŽŶĂůĞ ƐƵůůĂ ƐƚĞƐƐĂ ŵĂƚĞƌŝĂ

ϯϬ 'ŝƵŐŶŽ͗ ŵŽŶŝƚŽƌĂŐŐŝŽ ĚĞŝ ƉƌŽŐĞƚƚŝ ƌĞůĂƚŝǀŝ Ăů ƌĞĐƵƉĞƌŽ ĚĞůůĞ ^ƚĂnjŝŽŶŝ &ĞƌƌŽǀŝĂƌŝĞ Ěŝ ĐƵŝ ĂŐůŝ ĂĐĐŽƌĚŝ ƐŝŐůĂƚŝ ĐŽŶ ZĞŐŝŽŶĞ >ŽŵďĂƌĚŝĂ͕ &ĞƌƌŽǀŝĞ EŽƌĚ Ğ &ĞƌƌŽǀŝĞ ĚĞůůŽ ^ƚĂƚŽ

ϭϮ >ƵŐůŝŽ͗ E / >ŽŵďĂƌĚŝĂ ƉĂƌƚĞĐŝƉĂ Ăů dĂǀŽůŽ /ƐƚŝƚƵnjŝŽŶĂůĞ WĞƌŵĂŶĞŶƚĞ Z/ ƉĞƌ ƐĞŐŶĂůĂƌĞ ůĂ ŶĞĐĞƐƐŝƚă ĚĞŝ ŽŵƵŶŝ Ěŝ ƵŶ ƉŝĂŶŽ ƐƚƌĂƚĞŐŝĐŽ ƉĞƌ ĨƌŽŶƚĞŐŐŝĂƌĞ ŝ ƉƌŽďůĞŵŝ Ěŝ ŝŶƋƵŝŶĂŵĞŶƚŽ ĚĞůůĂ ƐƚĂŐŝŽŶĞ ŝŶǀĞƌŶĂůĞ

ϭϭ ^ĞƚƚĞŵďƌĞ͗ ^ĞŵŝŶĂƌŝŽ ĨŽƌŵĂƚŝǀŽ ƐƵůůĂ ŐĞƐƚŝŽŶĞ ĚĞŝ ƐĞƌǀŝnjŝ ƉƵďďůŝĐŝ ůŽĐĂůŝ Ğ ůĂ ǀĂůŽƌŝnjnjĂnjŝŽŶĞ ĚĞů ƉĂƚƌŝŵŽŶŝŽ ŝŵŵŽďŝůŝĂƌĞ ĚĞŐůŝ Ŷƚŝ ůŽĐĂůŝ͕ ƉĞƌ ĂƉƉƌŽĨŽŶĚŝƌĞ ůĞ ĐƌŝƚŝĐŝƚă Ğ ůĞ ŽƉƉŽƌƚƵŶŝƚă ƉĞƌ ŝ ŽŵƵŶŝ

ϭϱ &ĞďďƌĂŝŽ͗ E / >ŽŵďĂƌĚŝĂ ĐŚŝĞĚĞ Ă Z> Ěŝ ŶŽŶ ĐŽŶƐŝĚĞƌĂƌĞ ƐĞƌǀŝnjŝ Ă ƌĞƚĞ Őůŝ ŝŵƉŝĂŶƚŝ Ğ ůĞ ŐĂƌĞ Ěŝ ŝůůƵŵŝŶĂnjŝŽŶĞ ƉƵďďůŝĐĂ ŝŶ ŵŽĚŽ ĐŚĞ ŝ ŽŵƵŶŝ ƉŽƐƐĂŶŽ ŐĞƐƚŝƌůŝ ŝŶ ĂƵƚŽŶŽŵŝĂ ƐĐĞŐůŝĞŶĚŽ ƐŽůƵnjŝŽŶŝ ŽƚƚŝŵĂůŝ ƉĞƌ ŝů ůŽƌŽ ƚĞƌƌŝƚŽƌŝŽ

ϵ ƉƌŝůĞ͗ ^ĞŵŝŶĂƌŝŽ ƐƵůůĂ ŵŽďŝůŝƚă ƐŽƐƚĞŶŝďŝůĞ͗ ƵŶ ŵŽĚĞůůŽ Ěŝ ƐǀŝůƵƉƉŽ ŝŶŶŽǀĂƚŝǀŽ ĞĚ ĞŶĞƌŐĞƚŝĐĂͲ ŵĞŶƚĞ ĞĨĨŝĐŝĞŶƚĞ

ϲ ^ĞƚƚĞŵďƌĞ͗ >Ă 'ŝƵŶƚĂ ZĞŐŝŽŶĂůĞ ĂƉƉƌŽǀĂ ŝů WZ/ ;WŝĂŶŽ ZĞŐŝŽŶĂůĞ ĚĞŐůŝ /ŶƚĞƌǀĞŶƚŝ ƉĞƌ ůĂ ƋƵĂůŝƚă ĚĞůů͛ ƌŝĂͿ ĐƵŝ E / >ŽŵďĂƌĚŝĂ ŚĂ ƉĂƌƚĞĐŝƉĂƚŽ ĨŽƌŶĞŶĚŽ ĐŽŶƚƌŝďƵƚŝ Ă ƉĂƌƚŝƌĞ ĚĂůůĞ ŶŽƚĞ ĚĞŝ ŽŵƵŶŝ

ϯ ŝĐĞŵďƌĞ͗ ƐŽƚƚŽƐĐƌŝƚƚŽ ƚƌĂ E /͕ WƌĞƐŝĚĞŶnjĂ ĚĞů ŽŶƐŝŐůŝŽ ĚĞŝ DŝŶŝƐƚƌŝ͕ ^ŽĐŝĞƚă džƉŽ ϮϬϭϱ ^ƉĂ Ğ WĂĚŝŐůŝŽŶĞ /ƚĂůŝĂ ŝů WƌŽƚŽĐŽůůŽ Ě͛/ŶƚĞƐĂ ƉĞƌ ůŽ ƐǀŝůƵƉƉŽ Ěŝ ƵŶ WƌŽŐĞƚƚŽ Ěŝ DŽďŝůŝƚă ƐŽƐƚĞŶŝďŝůĞ Ͳ ĞůĞƚƚƌŝĐĂ ĞĚ ŝďƌŝĚĂ Ͳ ƐƵů ƚĞƌƌŝƚŽƌŝŽ ƌĞŐŝŽŶĂůĞ ŝŶ ĂŵďŝƚŽ džƉŽ ϮϬϭϱ

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ƉĂƌƚŝƌĞ ĚĂů ϮϬϭϭ͕ ůĂ ŵĂŶŝĨĞƐƚĂnjŝŽŶĞ Ɛŝ ƐǀŝůƵƉƉĂ ƐƵ Ɖŝƶ ŵĞƐŝ ĞĚ ğ ŽƌŐĂŶŝnjnjĂƚĂ ŝŶ ĨŽƌŵĂ ĚĞĐĞŶƚƌĂƚĂ ƉĞƌ ĂǀǀŝĐŝŶĂƌĞ ů͛ŽĨĨĞƌƚĂ ĨŽƌŵĂƚŝǀĂ Ă ƚƵƚƚŝ ŝ ŽŵƵŶŝ Ğ ŐĂƌĂŶƚŝƌĞ ůĂ ƉĂƌƚĞĐŝƉĂnjŝŽŶĞ Ă ƵŶ ƉƵďďůŝĐŽ Ɖŝƶ ǀĂƐƚŽ͕ ĐŽŶ ůĂ ƉŽƐƐŝďŝůŝƚă Ěŝ ŝŶĐŽŶƚƌĂƌĞ ĨƵŶnjŝŽŶĂƌŝ͕ ĚŝƌŝŐĞŶƚŝ Ğ ŵŵŝŶŝƐƚƌĂƚŽƌŝ ůŽĐĂůŝ͘ EĞŐůŝ ĂŶŶŝ ZŝƐŽƌƐĞ ŽŵƵŶŝ ŚĂ ƌĞĂůŝnjnjĂƚŽ ƉĞƌĐŽƌƐŝ ĨŽƌŵĂƚŝǀŝ ĂŶĐŚĞ ƉĞƌ ŝ ŶƵŽǀŝ ĂŵŵŝŶŝƐƚƌĂƚŽƌŝ͗ ŽŶƐŝŐůŝĞƌŝ ŽŵƵŶĂůŝ͕ ƐƐĞƐƐŽƌŝ Ğ ^ŝŶĚĂĐŝ͘ /Ŷ ƉĂƌƚŝĐŽůĂƌĞ ŝů ĐŽƌƐŽ ƉĞƌ ŽŶƐŝŐůŝĞƌŝ ĐŽŵƵŶĂůŝ ƉƌĞŶĚĞ ŝŶ ĞƐĂŵĞ ƚĞŵŝ ůĞŐĂƚŝ ĂůůŽ ^ƚĂƚƵƚŽ Ğ Ăŝ ZĞŐŽůĂŵĞŶƚŝ Ğ ŽĨĨƌĞ ƵŶĂ ƉĂŶŽƌĂŵŝĐĂ ƐƵŐůŝ ƐƚƌƵŵĞŶƚŝ Ěŝ ƉƌŽŐƌĂŵŵĂnjŝŽŶĞ Ğ ĐŽŶƚƌŽůůŽ͘ /ů ĐŽƌƐŽ ƉĞƌ ƐƐĞƐƐŽƌŝ Ğ ^ŝŶĚĂĐŝ ĂƉƉƌŽĨŽŶĚŝƐĐĞ ŝů ƌƵŽůŽ ĚĞů ŽŵƵŶĞ ŶĞů ƐŝƐƚĞŵĂ ĚĞůůĞ ĂƵƚŽŶŽŵŝĞ ůŽĐĂůŝ͕ ŵŽĚĂůŝƚă Ğ ƐƚƌƵŵĞŶƚŝ Ěŝ ƚƌĂĚƵnjŝŽŶĞ ĚĞůůĞ ĚĞĐŝƐŝŽŶŝ ĚĞŐůŝ ŽƌŐĂŶŝ ƉŽůŝƚŝĐŝ ŝŶ ƉƌŽŐĞƚƚŝ Ğ ĂnjŝŽŶŝ͕ ŐŽǀĞƌŶĂŶĐĞ ĚĞů ǁĞůĨĂƌĞ ůŽĐĂůĞ͕ ŐŽǀĞƌŶŽ ĚĞů ƚĞƌƌŝƚŽƌŝŽ͕ ŐĞƐƚŝŽŶĞ ĚĞůůĞ ĞŶƚƌĂƚĞ͕ ĚĞŝ ƐĞƌǀŝnjŝ Ğ ĚĞŐůŝ ŝŶƚĞƌǀĞŶƚŝ ƉƵďďůŝĐŝ ůŽĐĂůŝ͘

, SDUWHFLSDQWL VRQR FRPSUHVL WUD H RJQL DQQR

ƚƚŝǀŝƚă ĨŽƌŵĂƚŝǀĂ

ϮϰϬ

ϯϬϬ

ϯϲϬ

ϰϬϬ

ϲϭ

ϳϬ

ϴϬ

ϵϬ

ϲϰ

ϮϬϬϵ

ϮϬϭϬ

ϮϬϭϭ

ϮϬϭϮ

ϮϬϭϯ

ZĞůĂƚŽƌŝ

ϯϮϬ

^ĞŵŝŶĂƌŝ

6HUYL]LR &LYLOH

'RWH&RPXQH

/ů ^ĞƌǀŝnjŝŽ ŝǀŝůĞ sŽůŽŶƚĂƌŝŽ ƌĂƉƉƌĞƐĞŶƚĂ ƵŶ͛ŝŵƉŽƌƚĂŶƚĞ ŽƉƉŽƌƚƵŶŝƚă ƐŝĂ ƉĞƌ ŝ ŐŝŽǀĂŶŝ ĐŚĞ ƉŽƐƐŽŶŽ ǀŝǀĞƌĞ ƵŶĂ ƌĞĂůĞ ĞƐƉĞƌŝĞŶnjĂ Ěŝ ĨŽƌŵĂnjŝŽŶĞ Ğ ĂƉƉƌĞŶĚŝŵĞŶƚŽ Ăů ƐĞƌǀŝnjŝŽ ĚĞů WĂĞƐĞ ƐŝĂ ƉĞƌ ŝ ŽŵƵŶŝ͘ / ǀŽůŽŶƚĂƌŝ ƐŽŶŽ ĐŽŝŶǀŽůƚŝ ŝŶ ƉƌŽŐĞƚƚŝ ŝŶŶŽǀĂƚŝǀŝ ƐƵ ĚŝǀĞƌƐŝ ƚĞŵŝ Ěŝ ƉƌŝŵĂƌŝĂ ŝŵƉŽƌƚĂŶnjĂ ƋƵĂůŝ͗ ĂƐƐŝƐƚĞŶnjĂ͕ ƉƌĞǀĞŶnjŝŽŶĞ͕ ƌĞŝŶƐĞƌŝŵĞŶƚŽ ƐŽĐŝĂůĞ͕ ĞĚƵĐĂnjŝŽŶĞ͕ ƉƌŽŵŽnjŝŽŶĞ ĐƵůƚƵƌĂůĞ͕ ƉƌŽƚĞnjŝŽŶĞ ĐŝǀŝůĞ͕ ĐŽŽƉĞƌĂnjŝŽŶĞ ĂůůŽ ƐǀŝůƵƉƉŽ͕ ĚŝĨĞƐĂ ĞĐŽůŽŐŝĐĂ͕ ƐĂůǀĂŐƵĂƌĚŝĂ Ğ ĨƌƵŝnjŝŽŶĞ ĚĞů ƉĂƚƌŝŵŽŶŝŽ ĂƌƚŝƐƚŝĐŽ Ğ ĐƵůƚƵƌĂůĞ͘

SURJHWWL UHDOL]]DWL GDO YRORQWDUL FRLQYROWL (QWL FRLQYROWL

ŽƚĞ ŽŵƵŶĞ ğ ƵŶŽ ƐƚƌƵŵĞŶƚŽ Ěŝ ĨŽƌŵĂnjŝŽŶĞ ƉĞƌŵĂŶĞŶƚĞ ƉĞƌ ů͛ĂĐƋƵŝƐŝnjŝŽŶĞ Ěŝ ĐŽŵƉĞƚĞŶnjĞ ĐĞƌƚŝĨŝĐĂƚĞ͘ WƌĞǀĞĚĞ ƉĞƌĐŽƌƐŝ Ěŝ ĂƉƉƌĞŶĚŝŵĞŶƚŽ ŝŶĚŝǀŝĚƵĂůŝ ďĂƐĂƚŝ ƐƵ ƉŝĂŶŝ ĨŽƌŵĂƚŝǀŝ ƉĞƌƐŽŶĂůŝnjnjĂƚŝ Ğ Ɛŝ ƌŝǀŽůŐĞ Ă ĚŝǀĞƌƐĞ ƚŝƉŽůŽŐŝĞ Ěŝ ďĞŶĞĨŝĐŝĂƌŝ͘ ŶĐŝƚĞů >ŽŵďĂƌĚŝĂ ğ ĂĐĐƌĞĚŝƚĂƚĂ ƉƌĞƐƐŽ ZĞŐŝŽŶĞ >ŽŵďĂƌĚŝĂ ƉĞƌ ů͛ĞƌŽŐĂnjŝŽŶĞ ĚĞŝ ƐĞƌǀŝnjŝ Ěŝ ĨŽƌŵĂnjŝŽŶĞ Ğ ĚĞŝ ƐĞƌǀŝnjŝ ƉĞƌ ŝů ůĂǀŽƌŽ Ğ ƌŝůĂƐĐŝĂ Ăŝ ƚŝƌŽĐŝŶĂŶƚŝ ůĂ ĐĞƌƚŝĨŝĐĂnjŝŽŶĞ ĚĞůůĞ ĐŽŵƉĞƚĞŶnjĞ ĂĐƋƵŝƐŝƚĞ͘ EĞů ϮϬϭϭ ŝů ƉƌŽŐĞƚƚŽ Ɛŝ ğ ĚŝŵŽƐƚƌĂƚŽ ƵŶĂ ďƵŽŶĂ ƌŝƐƉŽƐƚĂ ĂůůĂ ƐŝƚƵĂnjŝŽŶĞ Ěŝ ĚŝĨĨŝĐŽůƚă ĚĞŝ ŽŵƵŶŝ ŝŶ ƐĞŐƵŝƚŽ Ăŝ ƚĂŐůŝ ŽƉĞƌĂƚŝ Ăů ^ĞƌǀŝnjŝŽ ŝǀŝůĞ͘ EĞů ϮϬϭϮ Ğ ŶĞů ϮϬϭϯ ĂƵŵĞŶƚĂŶŽ ƐŝĂ ŝ ƉĂƌƚĞĐŝƉĂŶƚŝ ƐŝĂ ŝ ŽŵƵŶŝ ĐŽŝŶǀŽůƚŝ ŶĞůů͛ŝŶŝnjŝĂƚŝǀĂ͘ 'ŝƵŐŶŽ ϮϬϭϰ ƐŽŶŽ Ăƚƚŝǀŝ ϭϳϳ ƉƌŽŐĞƚƚŝ͕ ƐĞ ŶĞ ƉƌĞǀĞĚŽŶŽ ĂůŵĞŶŽ Ăůƚƌŝ ϯϬϬ Ğ Ă ƋƵĞƐƚŝ Ɛŝ ĂŐŐŝƵŶŐŽŶŽ ŝ ϮϰϬ ƉƌŽŐĞƚƚŝ ĨŝŶĂŶnjŝĂƚŝ ĚĂů ǀŽƵĐŚĞƌ >ĞǀĂ ŝǀŝĐĂ ƌĞŐŝŽŶĂůĞ͘

sŽůŽŶƚĂƌŝ ĚĞů ^ĞƌǀŝnjŝŽ ŝǀŝůĞ ϴϴϵ

ϰϲϵ ϲϭϱ ϯϲϯ

ϮϬϬϵ

ϮϬϭϬ

ϮϬϭϭ

ϰϴϮ

ϯϱ

ϮϬϭϮ

ϮϬϭϯ

ϮϬϭϰ

>͛ĂŶĚĂŵĞŶƚŽ ǀĂƌŝĂďŝůĞ ĚĞů ŶƵŵĞƌŽ ĚĞŝ ǀŽůŽŶƚĂƌŝ ĚĞů ^ĞƌǀŝnjŝŽ ŝǀŝůĞ ĚŝƉĞŶĚĞ ĚĂůůĞ ƌŝƐŽƌƐĞ ŵĞƐƐĞ Ă ĚŝƐƉŽƐŝnjŝŽŶĞ ĚĂů &ŽŶĚŽ ŶĂnjŝŽŶĂůĞ ƉĞƌ ŝů ^ĞƌǀŝnjŝŽ ŝǀŝůĞ ĚĞůůĂ WƌĞƐŝĚĞŶnjĂ ĚĞů ŽŶƐŝŐůŝŽ ĚĞŝ DŝŶŝƐƚƌŝ͕ ŝƉĂƌƚŝŵĞŶƚŽ ĚĞůůĂ 'ŝŽǀĞŶƚƶ Ğ ĚĞů ^ĞƌǀŝnjŝŽ ŝǀŝůĞ EĂnjŝŽŶĂůĞ͘ /ů ƉŽƌƚĂůĞ Ěŝ ŶĐŝ >ŽŵďĂƌĚŝĂ ĚĞĚŝĐĂƚŽ Ăů ^ĞƌǀŝnjŝŽ ŝǀŝůĞ Ͳ ǁǁǁ͘ƐĐĂŶĐŝ͘ŝƚ Ͳ ŽĨĨƌĞ ŝŶĨŽƌŵĂnjŝŽŶŝ ƐĞŵƉƌĞ ĂŐŐŝŽƌŶĂƚĞ ŝŶ ŵĂƚĞƌŝĂ Ğ ŵĞƚƚĞ Ă ĚŝƐƉŽƐŝnjŝŽŶĞ ĚĞŐůŝ Ŷƚŝ >ŽĐĂůŝ ƌŝƐŽƌƐĞ ƉĞƌ ůĂ ŐĞƐƚŝŽŶĞ Ğ ůĂ ƌĞĂůŝnjnjĂnjŝŽŶĞ ĚĞŝ ƉƌŽŐĞƚƚŝ͘

WLURFLQL DWWLYDWL GDO (QWL FRLQYROWL

WƌŽŐĞƚƚŝ Ěŝ ŽƚĞ ŽŵƵŶĞ ĨŝŶĂŶnjŝĂƚŝ Ğ ƉƌŽŐĞƚƚŝ ĐŽĨŝŶĂŶnjŝĂƚŝ ĚĂů ǀŽƵĐŚĞƌ >ĞǀĂ ĐŝǀŝĐĂ ƌĞŐŝŽŶĂůĞ

EĞů ϮϬϭϯ ğ ƐƚĂƚŽ ĂƚƚŝǀĂƚŽ ƵŶ ƉƌŽŐĞƚƚŽ ƐƉĞĐŝĂůĞ͕ ĐŚŝƵƐŽ ŶĞŝ Ɖƌŝŵŝ ŵĞƐŝ ĚĞů ϮϬϭϰ͕ ůĞŐĂƚŽ Ăů ^ŝƐŵĂ DĂŶƚŽǀĂŶŽ ĐŚĞ ŚĂ ĐŽŝŶǀŽůƚŽ ϯϱ ǀŽůŽŶƚĂƌŝ ŝŶ ƐĞƌǀŝnjŝŽ ƉƌĞƐƐŽ ůĞ ƐĞĚŝ ĚĞŝ ŽŵƵŶŝ͘ KůƚƌĞ ĂůůĂ ƉƌŽŐĞƚƚĂnjŝŽŶĞ͕ ĂůůĂ ŐĞƐƚŝŽŶĞ Ğ Ăů ŵŽŶŝƚŽƌĂŐŐŝŽ ĚĞŝ ǀŽůŽŶƚĂƌŝ ƐŽŶŽ ƐƚĂƚĞ ƌĞĂůŝnjnjĂƚĞ ϴ ŐŝŽƌŶĂƚĞ Ěŝ ĨŽƌŵĂnjŝŽŶĞ Ă DĂŶƚŽǀĂ͘

ϯϭϵ ϮϬϭϭ

ϰϯϴ

ϱϬϬ

ϮϬϭϮ

ϮϬϭϯ

ϰϭϳ ϮϬϭϰ

9DGHPHFXP

ZŝƐƉŽƐƚĞ Ăŝ ƋƵĞƐŝƚŝ

EĞů ϮϬϭϬ E / >ŽŵďĂƌĚŝĂ͕ ŶĞůů͛ĂŵďŝƚŽ Ěŝ ƵŶ ƉƌŽŐĞƚƚŽ Ěŝ ĨŽƌŵĂnjŝŽŶĞ͕ ŚĂ ƌĞĂůŝnjnjĂƚŽ ŝů sĂĚĞŵĞĐƵŵ ƉĞƌ ŝ EƵŽǀŝ ŵŵŝŶŝƐƚƌĂƚŽƌŝ͘ EĞů ϮϬϭϭ ğ ƐƚĂƚŽ ƉƌŽŐĞƚƚĂƚŽ ƵŶ ŶƵŽǀŽ sĂĚĞŵĞĐƵŵ ƐƵů &ĞĚĞƌĂůŝƐŵŽ ĨŝƐĐĂůĞ͕ ĂŶĐŚ͛ĞƐƐŽ ƐƚĂŵƉĂƚŽ Ğ ĚŝƐƚƌŝďƵŝƚŽ ŐƌĂƚƵŝƚĂŵĞŶƚĞ Ă ƚƵƚƚŝ Őůŝ ŵŵŝŶŝƐƚƌĂƚŽƌŝ ůŽŵďĂƌĚŝ ŶĞů ϮϬϭϮ͘ hŶĂ ŶƵŽǀĂ ĞĚŝnjŝŽŶĞ ĚĞů sĂĚĞŵĞĐƵŵ ƐĂƌă ƉƵďďůŝĐĂƚĂ ŶĞů ƐĞƚƚĞŵďƌĞ ϮϬϭϰ͘

Ϯϴ ĚĂ ƐĞƚƚ ϮϬϬϵ

&RQYHJQL D VFRSR IRUPDWLYR E / >ŽŵďĂƌĚŝĂ ŽƌŐĂŶŝnjnjĂ ĐŽŶǀĞŐŶŝ Ă ƐĐŽƉŽ ĨŽƌŵĂƚŝǀŽ ƐƵ ĚŝǀĞƌƐĞ ƚĞŵĂƚŝĐŚĞ͗ ƉĂƚƚŽ Ěŝ ƐƚĂďŝůŝƚă͕ ĨĞĚĞƌĂůŝƐŵŽ ŵƵŶŝĐŝƉĂůĞ͕ ŐĞƐƚŝŽŶŝ ĂƐƐŽĐŝĂƚĞ ŽďďůŝŐĂƚŽƌŝĞ͕ ƐŝĐƵƌĞnjnjĂ ƵƌďĂŶĂ͕ ƌŝƋƵĂůŝĨŝĐĂnjŝŽŶĞ ƵƌďĂŶŝƐƚŝĐĂ ĞĚ ĞĚŝůŝnjŝĂ ƉĞƌ ĐŽŶƚĞŶĞƌĞ ŝů ĐŽŶƐƵŵŽ ĚĞů ƐƵŽůŽ Ğ ŝŶĐĞŶƚŝǀĂƌĞ ů͛ƵƚŝůŝnjnjŽ Ěŝ ĨŽŶƚŝ ĞŶĞƌŐĞƚŝĐŚĞ ƌŝŶŶŽǀĂďŝůŝ͕ ĂŐĞǀŽůĂnjŝŽŶŝ ƚĂƌŝĨĨĂƌŝĞ ĞŶĞƌŐĞƚŝĐŚĞ͕ ůĞŐĂůŝƚă ĚĞů ƐŝƐƚĞŵĂ Ěŝ ƐĞŵĂĨŽƌŝ dͲZ ͕ ĚŝƐƚƌĞƚƚŝ ĚĞů ĐŽŵŵĞƌĐŝŽ ĐŽŵĞ ŽƉƉŽƌƚƵŶŝƚă ƉĞƌ ůŽ ƐǀŝůƵƉƉŽ ůŽĐĂůĞ͘

E / ƐǀŽůŐĞ ƵŶ͛ŝŶƚĞŶƐĂ Ăƚƚŝǀŝƚă Ěŝ ƐƵƉƉŽƌƚŽ Ăŝ ŽŵƵŶŝ ŶĞůůĞ Ăƚƚŝǀŝƚă ŽƌĚŝŶĂƌŝĞ͕ ƌĂƉƉƌĞƐĞŶƚĂ ƵŶ ŝŵƉŽƌƚĂŶƚĞ ƉƵŶƚŽ Ěŝ ƌŝĨĞƌŝŵĞŶƚŽ ƐŝĂ ƉĞƌ ů͛ŝŶƚĞƌƉƌĞƚĂnjŝŽŶĞ Ěŝ ŶŽƌŵĞ ƚĂůǀŽůƚĂ ĐŽŶĨƵƐĞ Ğ ĐŽŶƚƌĂĚĚŝƚƚŽƌŝĞ ƐŝĂ ƉĞƌ ůŽ ƐǀŽůŐŝŵĞŶƚŽ ĚĞůůĞ ĨƵŶnjŝŽŶŝ ĨŝŶĂŶnjŝĂƌŝĞ Ğ ŝƐƚŝƚƵnjŝŽŶĂůŝ ĚĞŝ ^ŝŶĚĂĐŝ͘

ϭϰϲ

ϭϰϵ

ϮϬϭϬ

ϮϬϭϭ

ϮϬϭϮ

ϮϬϭϯ

ĨŝŶŽ Ă ŐŝƵŐŶŽ ϮϬϭϰ

sŝƐŝƚĞ Ğ ĚŽǁŶůŽĂĚ Ă ŝůĂŶĐŝ͘ŶĞƚ ϯϵ͘ϵϱϵ

ϮϬϭϯ ĨŝŶŽ Ă ŐŝƵŐŶŽ ϮϬϭϰ

ϰϴ͘ϵϯϬ Ϯϲ͘ϮϬϲ

ϭϭϮ

Ϯϲ͘Ϯϲϲ

ϭϵ ĚĂ ƐĞƚƚ ϮϬϬϵ

ϮϬϭϮ

ŝƌĐŽůĂƌŝ ϭϱϯ

ϮϬϭϭ

ϳϮ

YLVLWH LQ PHGLD DOO¶DQQR GRZQORDG GDO DO

FLUFRODUL LQ DQQL FLUFRODUH RJQL JLRUQL ULVSRVWH DL TXHVLWL GHL &RPXQL

ϭϬϰ

ϮϬϭϬ

ϭϱϯ

ŝůĂŶĐŝ͘ŶĞƚ ğ ůŽ ƐƉĂnjŝŽ ǁĞď ĚŽǀĞ ŝ ŽŵƵŶŝ ƉŽƐƐŽŶŽ ƚƌŽǀĂƌĞ ƚƵƚƚĞ ůĞ ŝŶĚŝĐĂnjŝŽŶŝ ƉĞƌ ůĂ ƐƚĞƐƵƌĂ ĚĞŝ ďŝůĂŶĐŝ͘ / ĚŽĐƵŵĞŶƚŝ ĚŝƐƉŽŶŝďŝůŝ ƐƵů ƐŝƚŽ ĐŽŶƚĞŶŐŽŶŽ ŝŶĨŽƌŵĂnjŝŽŶŝ Ğ ŶŽƚŝnjŝĞ ĂŐŐŝŽƌŶĂƚĞ ŝŶ ƚĞŵƉŽ ƌĞĂůĞ͕ ƐĞŐƵĞŶĚŽ Őůŝ ĂǀǀŝĐĞŶĚĂŵĞŶƚŝ ƉĂƌůĂŵĞŶƚĂƌŝ ŶĞůůĂ ĚĞĨŝŶŝnjŝŽŶĞ ĚĞůůĞ ŶŽƌŵĞ Ğ ůĞ ƐƵĐĐĞƐƐŝǀĞ ŶŽƚĞ ŝŶƚĞƌƉƌĞƚĂƚŝǀĞ͘ /ů ƐŝƚŽ͕ ƌĞĂůŝnjnjĂƚŽ ŐƌĂnjŝĞ Ăůů͛ŽŵŽŶŝŵĂ ŝŶŝnjŝĂƚŝǀĂ ŝůĂŶĐŝ͘ŶĞƚ͕ ƵŶĂ ƌĞƚĞ ǀŝƌƚƵĂůĞ Ěŝ E / ƌĞŐŝŽŶĂůŝ͕ ğ ƐƚĂƚŽ ŵĞƐƐŽ ŽŶůŝŶĞ ŶĞů ϮϬϬϴ͕ ƌĞŐŝƐƚƌĂŶĚŽ ĨŝŶ ĚĂ ƐƵďŝƚŽ ŶƵŵĞƌŽƐŝ ĐŽŶƚĂƚƚŝ͘ EĞů ϮϬϭϬ ğ ƐƚĂƚŽ ĐŽŵƉůĞƚĂƚŽ ĐŽŶ ůĂ ŶĞǁƐůĞƚƚĞƌ Ğ ŶĞŐůŝ ĂŶŶŝ ƐƵĐĐĞƐƐŝǀŝ ĐŽŶ ůĂ ƉƌĞĚŝƐƉŽƐŝnjŝŽŶĞ Ěŝ ƵŶ ĂƌĐŚŝǀŝŽ ƉĞƌ ƵŶĂ ĐŽŶƐƵůƚĂnjŝŽŶĞ Ɖŝƶ ƐĞŵƉůŝĐĞ ĚĞŝ ĚŽĐƵŵĞŶƚŝ͘ Ăů ϮϬϭϰ ğ ƉƌĞƐĞŶƚĞ ĐŽŵĞ ƐĞnjŝŽŶĞ ĚĞů ƉŽƌƚĂůĞ Ěŝ E / >ŽŵďĂƌĚŝĂ͘

&LUFRODUL H ULVSRVWH DL TXHVLWL

ϳϲ

%LODQFL QHW

&2168/(1=$ ( 6(59,=,

ϳϳ

ϯϴϳ

ϮϬϭϬ

ϭϴ͘ϴϯϵ ϮϬϭϭ ǀŝƐŝƚĞ

Ϯϳ͘ϴϱϵ

Ϯϰ͘Ϭϳϭ

ϮϬ͘ϵϴϬ

ϮϬϭϮ

ϮϬϭϯ

ĚŽǁŶůŽĂĚ

3URJHWWR VLVPD

*DUH GHO JDV LQ $7(0

ϲ

>Ă ŽŶǀĞŶnjŝŽŶĞ ƐŽƚƚŽƐĐƌŝƚƚĂ ƉĞƌ ů͛ĞŵĞƌŐĞŶnjĂ ƐŝƐŵĂ ƚƌĂ ŽŵŵŝƐƐĂƌŝŽ ĞůĞŐĂƚŽ ĚĞů DĂŐŐŝŽ ϮϬϭϮ Ğ E / >ŽŵďĂƌĚŝĂ ŚĂ ƉĞƌŵĞƐƐŽ ĂĚ E / >ŽŵďĂƌĚŝĂ ĐŽŶ ŝů ƐƵƉƉŽƌƚŽ Ěŝ ŶĐŝƚĞů >ŽŵďĂƌĚŝĂ Ğ Ě͛ŝŶƚĞƐĂ ĐŽŶ ZĞŐŝŽŶĞ >ŽŵďĂƌĚŝĂ͕ Ěŝ ƐŽƐƚĞŶĞƌĞ ŝ ŽŵƵŶŝ ĐŽůƉŝƚŝ ƚƌĂŵŝƚĞ ůĞ ƐĞŐƵĞŶƚŝ Ăƚƚŝǀŝƚă͗ • ^ƵƉƉŽƌƚŽ ŶĞůůĞ ƉƌŽĐĞĚƵƌĞ ĂŵŵŝŶŝƐƚƌĂƚŝǀĞ ĐŽŶŶĞƐƐĞ ĂůůĂ ƌŝĐŽƐƚƌƵnjŝŽŶĞ ĚĞůůĞ Đŝǀŝůŝ ĂďŝƚĂnjŝŽŶŝ Ğ ŝŶ ƉĂƌƚŝĐŽůĂƌĞ͗ ʹ ĐŽůůĂďŽƌĂnjŝŽŶĞ ĂůůĂ ĚĞĨŝŶŝnjŝŽŶĞ ĚĞůůĂ ƉƌŽĐĞĚƵƌĂ ĂŵŵŝŶŝƐƚƌĂƚŝǀĂ ƉĞƌ ŽƚƚĞŶĞƌĞ ŝů ĐŽŶƚƌŝďƵƚŽ ƉĞƌ ůĂ ƌŝĐŽƐƚƌƵnjŝŽŶĞ ĚĞůůĞ ĂďŝƚĂnjŝŽŶŝ͕ ʹ ĂƐƐŝƐƚĞŶnjĂ ƉĞƌ ůĂ ĚĞĨŝŶŝnjŝŽŶĞ Ěŝ ŝĚŽŶĞĞ ŵŽĚĂůŝƚă Ěŝ ŐĞƐƚŝŽŶĞ ŽƌŐĂŶŝnjnjĂƚŝǀĂ ŝŶ ĨŽƌŵĂ ĂƐƐŽĐŝĂƚĂ͕ ʹ ĐŽůůĂďŽƌĂnjŝŽŶĞ Ăů ŵŝŐůŝŽƌĂŵĞŶƚŽ ĚĞů ^ŝƐƚĞŵĂ /ŶĨŽƌŵĂƚŝǀŽ ƉĞƌ ůĂ ƌŝĐŽƐƚƌƵnjŝŽŶĞ ͞Dhd ŵĞƌŐĞŶnjĂ dĞƌƌĞŵŽƚŽ͕͟ ʹ ƌĞĂůŝnjnjĂnjŝŽŶĞ Ěŝ ƵŶ ,ĞůƉ ĞƐŬ ƉĞƌ ůĂ ƌŝĐŽƐƚƌƵnjŝŽŶĞ͕ ʹ Ăƚƚŝǀŝƚă Ěŝ ĨŽƌŵĂnjŝŽŶĞ͘ • njŝŽŶŝ Ěŝ ĐŽŵƵŶŝĐĂnjŝŽŶĞ͕ ĐŽŶ ůĂ ƌĞĂůŝnjnjĂnjŝŽŶĞ Ěŝ ƵŶ ƉŽƌƚĂůĞ ŝŶĨŽƌŵĂƚŝǀŽ ĚĞĚŝĐĂƚŽ͕ ƵŶ sĂĚĞŵĞĐƵŵ Ğ ĂnjŝŽŶŝ Ěŝ ĚŝĨĨƵƐŝŽŶĞ ĚĞůůĞ Ăƚƚŝǀŝƚă Ğ ĚĞŝ ƌŝƐƵůƚĂƚŝ ŽƚƚĞŶƵƚŝ͘

E / >ŽŵďĂƌĚŝĂ ůĂǀŽƌĂ ƐƵů ƚĞŵĂ ĚĞůůĞ ŐĂƌĞ ĚĞů ŐĂƐ ĚĂ ŽůƚƌĞ ϭϮ ĂŶŶŝ͘ Ăů ϮϬϭϮ ğ ƐƚĂƚĂ ĐŽƐƚŝƚƵŝƚĂ ƵŶĂ ƐƚƌƵƚƚƵƌĂ ŽƉĞƌĂƚŝǀĂ ĐŽŶ ůŽ ƐĐŽƉŽ Ěŝ ĂƐƐŝƐƚĞƌĞ Őůŝ Ŷƚŝ >ŽĐĂůŝ ŝŶ ƚƵƚƚĞ ůĞ ĨĂƐŝ ƉƌŽĚƌŽŵŝĐŚĞ ĂůůĞ ŐĂƌĞ Ě͛ dĞD ŝŶ ŐƌĂĚŽ Ěŝ ŐĂƌĂŶƚŝƌĞ ƚĞƌnjŝĞƚă Ğ ŝŶĚŝƉĞŶĚĞŶnjĂ ĚĂŝ ĨŽƌƚŝƐƐŝŵŝ ŝŶƚĞƌĞƐƐŝ ŝŶ ŐŝŽĐŽ͘ E / >ŽŵďĂƌĚŝĂ͕ ĂŶĐŚĞ ĂƚƚƌĂǀĞƌƐŽ ůĂ ƐƵĂ ƐŽĐŝĞƚă ŝŶ ŚŽƵƐĞ͕ ŶĐŝƚĞů >ŽŵďĂƌĚŝĂ͕ ŐƌĂnjŝĞ ĂůůΖĂƉƉůŝĐĂnjŝŽŶĞ ĚĞůůĞ ĐŽŵƉĞƚĞŶnjĞ ƚĞĐŶŝĐŚĞ ŵĂƚƵƌĂƚĞ ŝŶ ĂŶŶŝ Ěŝ ĞƐƉĞƌŝĞŶnjĂ͕ ƉƵž ĨŽƌŶŝƌĞ ƋƵĞƐƚŝ ƐĞƌǀŝnjŝ ŝŶ ƌĞŐŝŵĞ Ěŝ ŵĂƐƐŝŵĂ ƚƌĂƐƉĂƌĞŶnjĂ Ğ ŐĂƌĂŶnjŝĂ Ěŝ ƚĞƌnjŝĞƚă ƌŝƐƉĞƚƚŽ Ăŝ ƉŽƚĞŶnjŝĂůŝ ƐŽŐŐĞƚƚŝ ƉĂƌƚĞĐŝƉĂŶƚŝ ĂůůĞ ĨƵƚƵƌĞ ŐĂƌĞ͕ ŝŶ ƋƵĂŶƚŽ Ěŝ ƐƵƉƉŽƌƚŽ ĞƐĐůƵƐŝǀĂŵĞŶƚĞ Ăŝ ŽŵƵŶŝ͕ ŶŽŶ ĂǀĞŶĚŽ ĂǀƵƚŽ Ŷğ ĂǀĞŶĚŽ ƌĂƉƉŽƌƚŝ ĐŽŶƚƌĂƚƚƵĂůŝ ŝŶĞƌĞŶƚŝ ĂůůΖŽŐŐĞƚƚŽ ĚĞůůĞ Ăƚƚŝǀŝƚă ĐŽŶ ĂůĐƵŶ ŽƉĞƌĂƚŽƌĞ͕ ƉƵďďůŝĐŽ Ž ƉƌŝǀĂƚŽ͕ ĚĞů ƐĞƚƚŽƌĞ ĚĞůůĂ ĚŝƐƚƌŝďƵnjŝŽŶĞ ĚĞů ŐĂƐ ŶĂƚƵƌĂůĞ͘ >͛ ƐƐŽĐŝĂnjŝŽŶĞ͕ ƌĂƉƉƌĞƐĞŶƚĂƚŝǀĂ ĚĞůůĂ ŵĂŐŐŝŽƌĂŶnjĂ ĚĞŝ ŽŵƵŶŝ ůŽŵďĂƌĚŝ͕ ŚĂ ŝŶƚĞƌĞƐƐĞ ĂĚ ĂƌŵŽŶŝnjnjĂƌĞ ůĞ ƌĞůĂnjŝŽŶŝ ĨƌĂ ůĞ ŵŵŝŶŝƐƚƌĂnjŝŽŶŝ ĐŽƐƚŝƚƵĞŶƚŝ Őůŝ dĞD ƵƚŝůŝnjnjĂŶĚŽ ĐŽŵĞ ĐƌŝƚĞƌŝŽ ŐƵŝĚĂ ůĂ ƐĂůǀĂŐƵĂƌĚŝĂ ĚĞůůĞ ĨŝŶĂůŝƚă Ěŝ ĞĨĨŝĐĂĐŝĂ ĞĐŽŶŽŵŝĐŝƚă Ğ ŵŝŐůŝŽƌĂŵĞŶƚŽ ĚĞůůĂ ƋƵĂůŝƚă ĚĞŝ ƐĞƌǀŝnjŝ ĞƌŽŐĂƚŝ ĂůůĞ ĐŽŵƵŶŝƚă ůŽĐĂůŝ͘

&RPXQL &RLQYROWL ROWUH DOOD 6WUXWWXUD FRPPLVVDULDOH

'DO &RPXQL KDQQR SDUWHFLSDWR DL PRPHQWL GL LQIRUPD]LRQH VXOOD ULIRUPD GHO VHWWRUH GHO JDV GL TXHVWL VRQR VWDWL DIILDQFDWL SHU OD GHILQL]LRQH GHO YDORUH GHJOL LPSLDQWL H OD SXEEOLFD]LRQH GHOOD JDUD G¶$7H0

5HWH&RPXQL

/ů ƉƌŽŐĞƚƚŽ ŶĂƐĐĞ ŶĞů ϮϬϭϮ ĐŽŶ ů͛ŽďŝĞƚƚŝǀŽ Ěŝ ĐŽƐƚƌƵŝƌĞ ƵŶ ŶĞƚǁŽƌŬ ƐƚĂďŝůĞ Ěŝ Ŷƚŝ ĐŚĞ ĐŽŶĚŝǀŝĚĂŶŽ ŝŶĨŽƌŵĂnjŝŽŶŝ Ğ ĚĂƚŝ͘ >Ă ƉƌŝŵĂ ĞĚŝnjŝŽŶĞ ĚĞů ϮϬϭϮ ŚĂ ƌĞŐŝƐƚƌĂƚŽ ϴϬ Ŷƚŝ ƉĂƌƚĞĐŝƉĂŶƚŝ ƉĞƌ ϭϯϲ ƵƚĞŶƚŝ͕ ϲ ŐƌƵƉƉŝ Ěŝ ůĂǀŽƌŽ Ğ Ϯϱ ƌŝƵŶŝŽŶŝ͘ EĞů ϮϬϭϯ Ɛŝ ğ ĐŽŶƐŽůŝĚĂƚĂ ƵŶĂ ĐŽŵƵŶŝƚă Ěŝ ƚĞĐŶŝĐŝ Ğ ƉƌŽĨĞƐƐŝŽŶŝƐƚŝ ĐŚĞ ŚĂŶŶŽ ƉƌŽŵŽƐƐŽ ŝŶŝnjŝĂƚŝǀĞ Ğ ŝŶĐŽŶƚƌŝ ƉĞƌ ƌĂŐŝŽŶĂƌĞ ŝŶƐŝĞŵĞ ƐƵ ƚĞŵŝ ĚŝǀĞƌƐŝ ƚƌĂ ĐƵŝ ů͛ĂŶƚŝĐŽƌƌƵnjŝŽŶĞ͘ EĞů ϮϬϭϯ ŝ ĐŽŵƵŶŝ ĂĚĞƌĞŶƚŝ ƐŽŶŽ ϳϴ͘ / ĐŽŵŝƚĂƚŝ ƚĞŵĂƚŝĐŝ ĂǀǀŝĂƚŝ ĨŝŶŽ ĂĚ ŽŐŐŝ ƐŽŶŽ ϰ͗ ŶƚƌĂƚĞ ůŽĐĂůŝ͕ 'ĞƐƚŝŽŶĞ ĚĞů dĞƌƌŝƚŽƌŝŽ͕ /ŶŶŽǀĂnjŝŽŶĞ dĞĐŶŽůŽŐŝĐĂ͕ >ĞŐĂůŝƚă͘ /ŶŽůƚƌĞ͕ ƐŽŶŽ ƐƚĂƚĞ ĂƚƚŝǀĂƚĞ ƐƉĞĐŝĨŝĐŚĞ ĐŽůůĂďŽƌĂnjŝŽŶŝ ĐŽŶ Ehd > ; ƐƐŽĐŝĂnjŝŽŶĞ EĂnjŝŽŶĂůĞ hĨĨŝĐŝ dƌŝďƵƚŝ Ŷƚŝ >ŽĐĂůŝͿ ƐƵůůĂ ĨŝƐĐĂůŝƚă Ğ ĐŽŶ ǀǀŝƐŽ WƵďďůŝĐŽ ƐƵů ƚĞŵĂ ĚĞůůĂ >ĞŐĂůŝƚă͘

'DWD %DVH &RPXQH ƵŶ ƉƌŽŐƌĂŵŵĂ Ěŝ ĂƌĐŚŝǀŝŽ Ğ ŐĞƐƚŝŽŶĞ ĚĞŐůŝ ŝŶĚŝƌŝnjnjŝ ƌĞůĂƚŝǀŝ Ă ƚƵƚƚŝ ŝ ŽŵƵŶŝ Ğ Őůŝ ŵŵŝŶŝƐƚƌĂƚŽƌŝ ůŽŵďĂƌĚŝ͘ ŽƐƚƌƵŝƚŽ ŶĞů ϮϬϬϵ͕ ŝŶ ĐŽůůĂďŽƌĂnjŝŽŶĞ ĐŽŶ ŶĐŝƚĞů >ŽŵďĂƌĚŝĂ͕ ƉĞƌ ĐŽŶƚĂƚƚĂƌĞ Ğ ƌĂŐŐŝƵŶŐĞƌĞ ĐŽŶ Ɖŝƶ ĞĨĨŝĐĂĐŝĂ ŝ ĚĞƐƚŝŶĂƚĂƌŝ ĚĞůůĞ ĐŽŵƵŶŝĐĂnjŝŽŶŝ Ěŝ E / >ŽŵďĂƌĚŝĂ͕ ğ ĂŐŐŝŽƌŶĂƚŽ ŝŶ ŽĐĐĂƐŝŽŶĞ Ěŝ ŽŐŶŝ ƚŽƌŶĂƚĂ ĞůĞƚƚŽƌĂůĞ ĐŚĞ ƌŝŶŶŽǀĂ Őůŝ ĂƐƐĞƚƚŝ ĚĞŝ ŽŵƵŶŝ ůŽŵďĂƌĚŝ͘

ϲ

͘>͘ ϳϰͬϮϬϭϮ

*HVWLRQL $VVRFLDWH H )XVLRQL GL &RPXQL

3ULYDF\ LQ &RPXQH

ŶĐŝƚĞů >ŽŵďĂƌĚŝĂ ĂĨĨŝĂŶĐĂ ŝ ŽŵƵŶŝ ůŽŵďĂƌĚŝ ĐŚĞ ŝŶƚĞŶĚŽŶŽ ĂǀǀŝĂƌĞ ƵŶ ƉĞƌĐŽƌƐŽ Ěŝ ĐŽƐƚƌƵnjŝŽŶĞ Ěŝ ƵŶ͛hŶŝŽŶĞ͕ ƵŶĂ &ƵƐŝŽŶĞ Ž ŽŶǀĞŶnjŝŽŶŝ ƉĞƌ ů͛ĞƐĞƌĐŝnjŝŽ ĂƐƐŽĐŝĂƚŽ ĚĞůůĞ ĨƵŶnjŝŽŶŝ͘ KĨĨƌĞ ƉĞƌĐŽƌƐŝ Ěŝ ĂĐĐŽŵƉĂŐŶĂŵĞŶƚŽ ŶĞůůĂ ĨĂƐĞ Ěŝ ǀĂůƵƚĂnjŝŽŶĞ Ğ ƐƚƵĚŝŽ Ěŝ ĨĂƚƚŝďŝůŝƚă ĚĞŐůŝ ŝŵƉĂƚƚŝ Ěŝ ƚĂůŝ ƉƌŽĐĞƐƐŝ ŝŶ ƚĞƌŵŝŶŝ Ěŝ ĐŽŶƐĞŐƵĞŶnjĞ ƐƵ͗ ďŝůĂŶĐŝ ĚĞŐůŝ Ŷƚŝ͕ ƋƵĂůŝƚă ĚĞŝ ƐĞƌǀŝnjŝ͕ ƉƌŽĐĞƐƐŝ ĚĞĐŝƐŝŽŶĂůŝ͕ ĨĂƐŝ ŽƉĞƌĂƚŝǀĞ Ğ ƚĞŵƉŝ ŶĞĐĞƐƐĂƌŝ ĂůůĂ ĐŽƐƚŝƚƵnjŝŽŶĞ Ğ ĂůůĂ ŵĞƐƐĂ Ă ƌĞŐŝŵĞ ĚĞůůĞ ƐĐĞůƚĞ ŝƐƚŝƚƵnjŝŽŶĂůŝ Ğ ŐĞƐƚŝŽŶĂůŝ ŝŶĚŝǀŝĚƵĂƚĞ͘

WƌŽŐĞƚƚŽ ŵŽĚƵůĂƌĞ ŝŶƚĞŐƌĂƚŽ ĐŚĞ ĨŽƌŶŝƐĐĞ ĂůůĞ ŵŵŝŶŝƐƚƌĂnjŝŽŶŝ >ŽĐĂůŝ ƵŶĂ ƐŽůƵnjŝŽŶĞ ĂůůĞ ƉƌŽďůĞŵĂƚŝĐŚĞ ƌĞůĂƚŝǀĞ Ăůů͛ĂƉƉůŝĐĂnjŝŽŶĞ Ğ ĂůůĂ ŐĞƐƚŝŽŶĞ ĚĞůůĞ ŶŽƌŵĂƚŝǀĞ ƉƌĞǀŝƐƚĞ ĚĂů ͞ ŽĚŝĐĞ WƌŝǀĂĐLJ͘͟ /ů ƉƌŽŐĞƚƚŽ ğ ĂƌƚŝĐŽůĂƚŽ ŝŶ ƵŶĂ ƐĞƌŝĞ Ěŝ ĨĂƐŝ ƐƵĐĐĞƐƐŝǀĞ͗ ŝĚĞŶƚŝĨŝĐĂnjŝŽŶĞ Ğ ĂŶĂůŝƐŝ ĚĞŝ ƉƌŽĐĞƐƐŝͬĂƚƚŝǀŝƚă ĚĞůů͛ ŶƚĞ Ğ ŝŶĚŝǀŝĚƵĂnjŝŽŶĞ ĚĞŝ ƌŝƐĐŚŝ ĐŚĞ ŐƌĂǀĂŶŽ ƐƵů ƚƌĂƚƚĂŵĞŶƚŽ ĚĞŝ ĚĂƚŝ͕ ĚĞůůĞ ŵŝƐƵƌĞ ĂĚŽƚƚĂƚĞ ƉĞƌ ƉƌĞǀĞŶŝƌĞ ĞǀĞŶƚŝ ĚĂŶŶŽƐŝ Ğ ĚĞůů͛ĞǀĞŶƚƵĂůĞ ͞ŐĂƉ͟ ƚƌĂ ŵŝƐƵƌĞ ĂĚŽƚƚĂƚĞ Ğ ŵŝƐƵƌĞ ƉƌĞǀŝƐƚĞ͖ ĚĞĨŝŶŝnjŝŽŶĞ ĚĞů ŵŽĚĞůůŽ ŽƌŐĂŶŝnjnjĂƚŝǀŽ Ğ ĚĞůůĞ ŵŝƐƵƌĞ Ƶƚŝůŝ Ă ŵŝŶŝŵŝnjnjĂƌĞ ŝ ƌŝƐĐŚŝ ĐŽƌƌĞůĂƚŝ Ăů ƚƌĂƚƚĂŵĞŶƚŽ ĚĞŝ ĚĂƚŝ Ğ ůĞ ĐŽŶƐĞŐƵĞŶƚŝ ƐĂŶnjŝŽŶŝ Ğ ƐƵƉƉŽƌƚŽ ŶĞůů͛ĂŐŐŝŽƌŶĂŵĞŶƚŽ ĚĞů ŽĐƵŵĞŶƚŽ WƌŽŐƌĂŵŵĂƚŝĐŽ ĚĞůůĂ ^ŝĐƵƌĞnjnjĂ͘

&RPXQL VXSSRUWDWL QHOO¶DGHJXDPHQWR

, &RPXQL VRQR VWDWL DFFRPSDJQDWL YHUVR JHVWLRQL DVVRFLDWH VWXGL UHDOL]]DWL SHU IXVLRQL GL &RPXQL

DOOH GLVSRVL]LRQL QRUPDWLYH LQ WHPD GL SULYDF\

3DWWR GHL 6LQGDFL

&ŽŶĚĂnjŝŽŶĞ ĂƌŝƉůŽ ĚĂů ϮϬϬϴ ĨŝŶĂŶnjŝĂ ĂŶĚŝ ƉĞƌ ůĂ ƐŽƐƚĞŶŝďŝůŝƚă ĂŵďŝĞŶƚĂůĞ ĚĞŝ ŽŵƵŶŝ ƉŝĐĐŽůŝ Ğ ŵĞĚŝ͘ E / >ŽŵďĂƌĚŝĂ ŚĂ ƐƵƉƉŽƌƚĂƚŽ ϭϮ ŽŵƵŶŝ Ğ ϭ hŶŝŽŶĞ ŶĞůůĂ ƉĂƌƚĞĐŝƉĂnjŝŽŶĞ Ăů ĂŶĚŽ ϮϬϭϮ ͞WƌŽŵƵŽǀĞƌĞ ůĂ ƐŽƐƚĞŶŝďŝůŝƚă ĞŶĞƌŐĞƚŝĐĂ ŶĞŝ ĐŽŵƵŶŝ ƉŝĐĐŽůŝ Ğ ŵĞĚŝ͗͟

SURJHWWL VHJXLWL

(QWL FRLQYROWL

HXUR L FRQWULEXWL HURJDWL DJOL (QWL FRLQYROWL

&RQYHQ]LRQH WUD 5HJLRQH /RPEDUGLD $1&, /RPEDUGLD H ,$77 SHU OD SURJHWWD]LRQH SDUWHFLSDWD GHL VRWWRVHUYL]L /ů ƉƌŽŐĞƚƚŽ Ɛŝ ğ ƐǀŝůƵƉƉĂƚŽ ŶĞů ƚƌŝĞŶŶŝŽ ϮϬϭϬͲϮϬϭϮ ĐŽŶ ůĞ Ăƚƚŝǀŝƚă Ěŝ ƌŝůŝĞǀŽ ŶĞŝ ƚĞƌƌŝƚŽƌŝ ĚĞŝ ŽŵƵŶŝ Ěŝ DŝůĂŶŽ͕ ZŚŽ͕ WĞƌŽ Ğ ƌĞƐĞ ƉĞƌ ĚĞĨŝŶŝƌĞ ƵŶĂ ŵĂƉƉĂƚƵƌĂ ĚĞůůĞ ƌĞƚŝ Ěŝ ƐŽƚƚŽƐĞƌǀŝnjŝ Ă ůŝǀĞůůŽ ƚƌŝĚŝŵĞŶƐŝŽŶĂůĞ Ğ͕ Ěŝ ĐŽŶƐĞŐƵĞŶnjĂ͕ ƵŶĂ ƌĂƉƉƌĞƐĞŶƚĂnjŝŽŶĞ ĐĂƌƚŽŐƌĂĨŝĐĂ ŵĂŐŐŝŽƌŵĞŶƚĞ ĂĚĞƌĞŶƚĞ ĂůůĂ ƌĞĂůƚă͕ ƚĂůĞ ĚĂ ƉĞƌŵĞƚƚĞƌĞ ůĂ ƉƌŽŐĞƚƚĂnjŝŽŶĞ ĚĞŐůŝ ŝŵƉŝĂŶƚŝ ƚĞĐŶŽůŽŐŝĐŝ͘ ŶĐŝƚĞů >ŽŵďĂƌĚŝĂ ŚĂ ŐĞƐƚŝƚŽ ůĂ ĚŝĨĨƵƐŝŽŶĞ ĚĞŝ ƌŝƐƵůƚĂƚŝ Ğ ůĂ ĨŽƌŵĂnjŝŽŶĞ ŶĞŝ ŽŵƵŶŝ͗ >͛Ăƚƚŝǀŝƚă Ɛŝ ğ ĐŽŶĐůƵƐĂ ŶĞů ŐŝƵŐŶŽ ϮϬϭϯ ĐŽŶ ƵŶ ŽŶǀĞŐŶŽ ŝŶƚĞƌŶĂnjŝŽŶĂůĞ ƉĞƌ ŵĞƚƚĞƌĞ Ă ĐŽŶĨƌŽŶƚŽ ĞƐƉĞƌŝĞŶnjĞ ƚĞƌƌŝƚŽƌŝĂůŝ ĚŝǀĞƌƐĞ ƐƵŝ ƚĞŵŝ ĚĞů ƌŝůŝĞǀŽ Ğ ƌĞƐƚŝƚƵnjŝŽŶĞ ĚĞůůĞ ƌĞƚŝ͕ ĚĞůůĂ ŐŽǀĞƌŶĂŶĐĞ ĚĞůůĂ ŐĞƐƚŝŽŶĞ ĚĞŝ ƐĞƌǀŝnjŝ Ğ ĚĞůůĂ ĚĞĨŝŶŝnjŝŽŶĞ Ěŝ ƵŶ ƋƵĂĚƌŽ ŶŽƌŵĂƚŝǀŽ ŽƌŐĂŶŝĐŽ ĐŽŶ ůĂ ƉƌĞƐĞŶnjĂ Ěŝ ƌĂƉƉƌĞƐĞŶƚĂŶƚŝ ĚĞůůĞ ŵƵŶŝĐŝƉĂůŝƚă Ěŝ ƵďůŝŶŽ Ğ ŵƐƚĞƌĚĂŵ͘

0HWURJHR /ů ƉƌŽŐĞƚƚŽ ğ ĨŝŶĂůŝnjnjĂƚŽ ĂůůĂ ƌĞĂůŝnjnjĂnjŝŽŶĞ Ěŝ ƵŶĂ ƉŝĂƚƚĂĨŽƌŵĂ ƉĞƌ ůĂ ŐĞƐƚŝŽŶĞ Ğ ůĂ ĚŝƐƚƌŝďƵnjŝŽŶĞ Ěŝ ƐĞƌǀŝnjŝ Ğ ŝŶĨŽƌŵĂnjŝŽŶŝ ŐĞŽͲƌĞĨĞƌĞŶnjŝĂƚĞ ĚĞŝ ŽŵƵŶŝ Ğ ů͛ĂůůĞƐƚŝŵĞŶƚŽ Ěŝ ƵŶ ĐĞŶƚƌŽ ƐĞƌǀŝnjŝ ƉĞƌ ĂƵŵĞŶƚĂƌĞ ůĂ ĚŝƐƉŽŶŝďŝůŝƚă ĚĞŝ ƐĞƌǀŝnjŝ Ěŝ ŵŽďŝůŝƚă Ğ Ěŝ ĂƐƐŝƐƚĞŶnjĂ ƐƵů ƚĞƌƌŝƚŽƌŝŽ͘ /ů ƉƌŽŐĞƚƚŽ Ͳ ƉƌĞĚŝƐƉŽƐƚŽ ĚĂ E / >ŽŵďĂƌĚŝĂ ĐŚĞ ŚĂ ŽƚƚĞŶƵƚŽ ĚĂ &ŽŶĚĂnjŝŽŶĞ ĂƌŝƉůŽ ƵŶ ĐŽŶƚƌŝďƵƚŽ Ă ƚŝƚŽůŽ Ěŝ ĐŽͲĨŝŶĂŶnjŝĂŵĞŶƚŽ Ͳ ĐŽŝŶǀŽůŐĞ͕ ŝŶ ƋƵĞƐƚĂ ƉƌŝŵĂ ĨĂƐĞ ƐƉĞƌŝŵĞŶƚĂůĞ͕ ϯϳ ŽŵƵŶŝ͘

L &RPXQL FRLQYROWL

QHOOD IDVH VSHULPHQWDOH

3URJHWWR ,QWHUUHJ &2236866,

E / >ŽŵďĂƌĚŝĂ ŚĂ ĂƚƚƵĂƚŽ ůĞ ůŝŶĞĞ ƐƚƌĂƚĞŐŝĐŚĞ ŝŶĚŝĐĂƚĞ ĚĂ ZĞŐŝŽŶĞ >ŽŵďĂƌĚŝĂ ƌĞĂůŝnjnjĂŶĚŽ ƵŶĂ ƉŝĂƚƚĂĨŽƌŵĂ tĞď'/^ ŝŶƚĞŐƌĂƚĂ ŶĞů ƉŽƌƚĂůĞ ƐƵŝ ƐĞƌǀŝnjŝ ƉƵďďůŝĐŝ ůŽĐĂůŝ ĐŚĞ ƉĞƌŵĞƚƚĞ͗

E / >ŽŵďĂƌĚŝĂ Ğ ŶĐŝƚĞů >ŽŵďĂƌĚŝĂ ŚĂŶŶŽ ƉĂƌƚĞĐŝƉĂƚŽ ŝŶ ƋƵĂůŝƚă Ěŝ WĂƌƚŶĞƌ͕ ŝŶƐŝĞŵĞ ĂĚ Ăůƚƌŝ Ŷƚŝ >ŽĐĂůŝ ĂŶĐŚĞ ƐǀŝnjnjĞƌŝ ; ĂƉŽĨŝůĂ ŽŵƵŶĞ Ěŝ ŽŵŽͿ͕ Ăů ͞WƌŽŐĞƚƚŽ Ěŝ ĐŽŽƉĞƌĂnjŝŽŶĞ ŝƐƚŝƚƵnjŝŽŶĂůĞ ĐŽŶ ůĂďŽƌĂƚŽƌŝ Ěŝ ƐƵƐƐŝĚŝĂƌŝĞƚă Ğ ůΖĂǀǀŝŽ Ěŝ ƵŶĂ ƌĞƚĞ ƉĞƌ ƵŶ ƐŝƐƚĞŵĂ Ěŝ ĂĐĐƌĞĚŝƚĂŵĞŶƚŽ ĚĞů ǁĞůĨĂƌĞ͘͟ /ů ƉƌŽŐĞƚƚŽ͕ ŝŶƐĞƌŝƚŽ ŶĞůů͛ĂŵďŝƚŽ ĚĞů WƌŽŐƌĂŵŵĂ KƉĞƌĂƚŝǀŽ Ěŝ ŽŽƉĞƌĂnjŝŽŶĞ dƌĂŶƐĨƌŽŶƚĂůŝĞƌĂ /dͬ , ϮϬϬϳͲϮϬϭϯ͕ ŚĂ ďĞŶĞĨŝĐŝĂƚŽ Ěŝ ƵŶ ĐŽͲĨŝŶĂŶnjŝĂŵĞŶƚŽ ĐŽŶ ĨŽŶĚŝ ĞƵƌŽƉĞŝ͘ / ƉƌŽŐĞƚƚŝ ŚĂŶŶŽ ƌŝŐƵĂƌĚĂƚŽ ƉƌŝŶĐŝƉĂůŵĞŶƚĞ͗ ǁĞůĨĂƌĞ ĂŶnjŝĂŶŝ͕ ŽĐĐƵƉĂnjŝŽŶĞ ĨĞŵŵŝŶŝůĞ͕ ƉƌŽďůĞŵĂƚŝĐŚĞ ƐƵŝ ŵŝŶŽƌŝ͕ ŵŽďŝůĞ ĞͲŐŽǀĞƌŶŵĞŶƚ͕ ƉƌŽĐĞƐƐŝ Ěŝ ĐŽŽƉĞƌĂnjŝŽŶĞ ŝƐƚŝƚƵnjŝŽŶĂůĞ ƚƌĂŶƐĨƌŽŶƚĂůŝĞƌĂ͕ ĨŝŶĂŶnjĂ ŝŶŶŽǀĂƚŝǀĂ͕ ĚĞĐĞŶƚƌĂŵĞŶƚŽ Ğ ƐƵƐƐŝĚŝĂƌŝĞƚă͘

(QWL FRLQYROWL GL FXL &RPXQL

PLOLRQL GL HXUR ILQDQ]LDWL

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&ĞƌƌƵĐĐŝŽ WĂůůĂǀĞƌĂ DĂƚƚĞŽ ZŽƐƐŝ ^ĞƌŐŝŽ dĂďĂĐĐŝ >ĂƵƌŽ ^ĂŶŐĂůĞƚƚŝ >ƵĐŝĂŶŽ ĂƌŽĐĐŽ͕ >ŽƌĞĚĂŶĂ ĞůůŽ͕ ^ĞƌŐŝŽ DĂĚŽŶŝŶŝ͕ ZŝŶĂůĚŽ ZĞĚĂĞůůŝ͕ WŝĞƌ ƚƚŝůŝŽ ^ƵƉĞƌƚŝ

Ύ&ŝŶŽ Ăů ϮϬϭϯ ŝ sŝĐĞ ŝƌĞƚƚŽƌŝ ƐŽŶŽ ƐƚĂƚŝ ŶŐĞůĂ &ŝŽƌŽŶŝ Ğ 'ŝƵůŝŽ 'ĂůůĞƌĂ

9HULWj LQ &RPXQH

/D EDQG GHL 6LQGDFL VXRQD SHU VROLGDULHWj

E / >ŽŵďĂƌĚŝĂ ŵĞƚƚĞ Ă ĚŝƐƉŽƐŝnjŝŽŶĞ ĚĞŝ ŽŵƵŶŝ ĨŽƌŵĂƚ Ěŝ ĐŽŵƵŶŝĐĂnjŝŽŶĞ ƉĞƌ ͞ƉĂƌůĂƌĞ ĐŚŝĂƌŽ͟ Ăŝ ĐŝƚƚĂĚŝŶŝ͘ Ě ŽŐŐŝ ƐŽŶŽ Ϯϵ ŝ ŵĂŶŝĨĞƐƚŝ Ğ ůĞ ůŽĐĂŶĚŝŶĞ ƐĐĂƌŝĐĂďŝůŝ ĚĂ ƵŶĂ ƐĞnjŝŽŶĞ ƌŝƐĞƌǀĂƚĂ ĚĞů ƐŝƚŽ ŝƐƚŝƚƵnjŝŽŶĂůĞ Ěŝ E / >ŽŵďĂƌĚŝĂ Ğ ƉĞƌƐŽŶĂůŝnjnjĂďŝůŝ ĚĂ ŽŐŶŝ ŽŵƵŶĞ ĐŽŶ ŝ ƉƌŽƉƌŝ ĚĂƚŝ Ğ ĐŽůŽƌŝ͘ / ƚĞŵŝ ƌŝŐƵĂƌĚĂŶŽ ŝ ƚƌĂƐĨĞƌŝŵĞŶƚŝ ĨŝŶĂŶnjŝĂƌŝ ĚĞůůŽ ^ƚĂƚŽ Ğ ŝ ǀŝŶĐŽůŝ ĂŐůŝ ŝŶǀĞƐƚŝŵĞŶƚŝ ĚŽǀƵƚŝ Ăů ƉĂƚƚŽ Ěŝ ƐƚĂďŝůŝƚă͕ ŵĂ ĂŶĐŚĞ ŝ ĐŽƐƚŝ ĚĞůůĂ ƉŽůŝƚŝĐĂ Ğ ŝ ƉƌŝŶĐŝƉĂůŝ ƐĞƌǀŝnjŝ ƉƵďďůŝĐŝ ŐĂƌĂŶƚŝƚŝ ĚĂŝ ŽŵƵŶŝ͘ ŽŶ ƋƵĞƐƚĂ ŝŶŝnjŝĂƚŝǀĂ E / ŝŶƚĞŶĚĞ ƉƌŽŵƵŽǀĞƌĞ ƵŶĂ ĐĂƉŝůůĂƌĞ Ğ ƉƵŶƚƵĂůĞ ͞ŽƉĞƌĂnjŝŽŶĞ ǀĞƌŝƚă͟ ĚŝƌĞƚƚĂ Ă ĨĂƌ ĐŽŵƉƌĞŶĚĞƌĞ Ă ƚƵƚƚŝ ŝ ĐŝƚƚĂĚŝŶŝ ŝů ĨŽŶĚĂŵĞŶƚĂůĞ ƌƵŽůŽ ĐŚĞ ůĞ ŵŵŝŶŝƐƚƌĂnjŝŽŶŝ ŽŵƵŶĂůŝ ƐǀŽůŐŽŶŽ ŶĞůůĂ ǀŝƚĂ Ěŝ ĐŝĂƐĐƵŶŽ͘

͞'ĞŶƚĞ ŝŶ ŽŵƵŶĞ͟ ğ ůĂ ďĂŶĚ ĚĞŝ ^ŝŶĚĂĐŝ Ě͛/ƚĂůŝĂ͕ ĐŽŵƉŽƐƚĂ ĚĂ ŵŵŝŶŝƐƚƌĂƚŽƌŝ ůŽĐĂůŝ ĚĞůů͛ŽǀĞƐƚ Ěŝ DŝůĂŶŽ͕ ĐŽŽƌĚŝŶĂƚĂ ĚĂ ^ĞƌŐŝŽ 'ĂƌĂǀĂŐůŝĂ͘ EĞů ĐŽƌƐŽ ĚĞů ŵĂŶĚĂƚŽ ůĂ ďĂŶĚ ŚĂ ƐƵŽŶĂƚŽ ƉĞƌ ůĞ ƉŽƉŽůĂnjŝŽŶŝ ĚĞů sĞŶĞƚŽ ĐŽůƉŝƚĞ ĚĂůů͛ĂůůƵǀŝŽŶĞ ĚĞůů͛ĂƵƚƵŶŶŽ ϮϬϭϬ͘ /ů ƌŝĐĂǀĂƚŽ ĚĞů ĐŽŶĐĞƌƚŽ ŽƌŐĂŶŝnjnjĂƚŽ Ăů dĞĂƚƌŽ &ƌĂŶĐŽ WĂƌĞŶƚŝ Ěŝ DŝůĂŶŽ ů͛ϭϭ ŵĂƌnjŽ ϮϬϭϭ͕ ŝŶ ŽĐĐĂƐŝŽŶĞ ĚĞůůĂ ĐĞůĞďƌĂnjŝŽŶĞ ĚĞů ϭϱϬĞƐŝŵŽ ĂŶŶŝǀĞƌƐĂƌŝŽ ĚĞůů͛hŶŝƚă Ě͛/ƚĂůŝĂ͕ ğ ƐƚĂƚŽ ĚĞǀŽůƵƚŽ Ăů ŽŵƵŶĞ Ěŝ sĞŐŐŝĂŶŽ ŝŶ ƉƌŽǀŝŶĐŝĂ Ěŝ WĂĚŽǀĂ͘

EĞů ϮϬϭϮ ƐŽŶŽ ƐƚĂƚŝ ŽƌŐĂŶŝnjnjĂƚŝ Ϯ ĐŽŶĐĞƌƚŝ Ěŝ ƐŽůŝĚĂƌŝĞƚă ƉĞƌ ůĞ ƉĞƌƐŽŶĞ ĐŽůƉŝƚĞ ĚĂů ƐŝƐŵĂ ĐŚĞ ŚĂ ĐŽŝŶǀŽůƚŽ ŝ ŽŵƵŶŝ ĚĞů DĂŶƚŽǀĂŶŽ͕ ĐŽŶ ů͛ŽďŝĞƚƚŝǀŽ Ěŝ ĨĂƌ ƚƌĂƐĐŽƌƌĞƌĞ ĂůůĂ ƉŽƉŽůĂnjŝŽŶĞ͕ ƉƵƌ ŝŶ ƵŶĂ ĐŽŶĚŝnjŝŽŶĞ Ěŝ ĚŝƐĂŐŝŽ͕ ƵŶĂ ƉŝĂĐĞǀŽůĞ ƐĞƌĂƚĂ ĞƐƚŝǀĂ͘ /ŶŽůƚƌĞ͕ ŝŶ ŽĐĐĂƐŝŽŶĞ ĚĞŝ Ɖƌŝŵŝ ϭϬ ĂŶŶŝ ĚĂůůĂ ŶĂƐĐŝƚĂ ĚĞůůĂ ďĂŶĚ ğ ƐƚĂƚŽ ƉƌŽĚŽƚƚŽ ƵŶ ƐƉĞĚŝƚŽ Ă ƚƵƚƚŝ ŝ ^ŝŶĚĂĐŝ ƉĞƌ ƌĂĐĐŽŐůŝĞƌĞ ĨŽŶĚŝ Ă ĨĂǀŽƌĞ ĚĞůůĞ ƉŽƉŽůĂnjŝŽŶŝ ƚĞƌƌĞŵŽƚĂƚĞ͘

,O VLWR LVWLWX]LRQDOH GL $1&, /RPEDUGLD ---R $ ¥R1%# ( ¥ R¥*hh

ŶĂŐƌĂĨŝĐĂ ǁĞď ĚĞů ƐŝƐƚĞŵĂ E / >ŽŵďĂƌĚŝĂ

/ů ƐŝƚŽ ŝƐƚŝƚƵnjŝŽŶĂůĞ Ěŝ E / >ŽŵďĂƌĚŝĂ ĐŽƐƚŝƚƵŝƐĐĞ ŝů ƉƌŝŶĐŝƉĂůĞ ĐĂŶĂůĞ Ěŝ ĐŽŵƵŶŝĐĂnjŝŽŶĞ ŽŶůŝŶĞ ƚƌĂ ů͛ ƐƐŽĐŝĂnjŝŽŶĞ͕ Őůŝ ĂƐƐŽĐŝĂƚŝ Ğ ŝ ĐŝƚƚĂĚŝŶŝ͘ KůƚƌĞ Ă ƉƌĞƐĞŶƚĂƌĞ ů͛ ƐƐŽĐŝĂnjŝŽŶĞ͕ ĐŽŶƚŝĞŶĞ ƚƵƚƚŝ ŝ ĐŽŵƵŶŝĐĂƚŝ ƐƚĂŵƉĂ͕ ůĞ ĐŝƌĐŽůĂƌŝ͕ ů͛Ăƚƚŝǀŝƚă ĚĞŝ ŝƉĂƌƚŝŵĞŶƚŝ Ğ ĚĞůů͛hĨĨŝĐŝŽ Ěŝ WƌĞƐŝĚĞŶnjĂ͘ ^Ƶů ƐŝƚŽ ğ ƉŽƐƐŝďŝůĞ ĐŽŶƐƵůƚĂƌĞ ů͛ĂŐĞŶĚĂ ĐŽŶ ƚƵƚƚŝ Őůŝ ĂƉƉƵŶƚĂŵĞŶƚŝ Ğ ŝ ůŝŶŬ Ăů ƐŝƐƚĞŵĂ E / >ŽŵďĂƌĚŝĂ Ğ E / EĂnjŝŽŶĂůĞ͘ /ů ƐŝƚŽ͕ ƌĞĂůŝnjnjĂƚŽ ĚĂ ŶĐŝƚĞů >ŽŵďĂƌĚŝĂ͕ ĐŚĞ ŶĞ ĐƵƌĂ ĂŶĐŚĞ ůĂ ŵĂŶƵƚĞŶnjŝŽŶĞ͕ ğ ƐƚĂƚŽ ƌŝŶŶŽǀĂƚŽ ŶĞů ϮϬϬϵ ƉĞƌ ƌĞŶĚĞƌĞ Ɖŝƶ ĨĂĐŝůĞ Ğ ŝŵŵĞĚŝĂƚĂ ůĂ ŶĂǀŝŐĂnjŝŽŶĞ͘

YLVLWDWRUL XQLFL LQ PHGLD DOO¶DQQR

SDJLQH YLVLWDWH RJQL DQQR

%LODQFL QHW

ϯϮϯ͘ϵϳϱ

Ϯϵϯ͘ϮϳϮ

ϭϳϴ͘ϵϯϵ

ϭϳϵ͘ϳϰϬ

ϭϴϬ͘ϵϬϱ

ϵϳ͘ϳϬϱ

ϭϬϬ͘ϭϳϲ

ϭϭϬ͘ϭϳϮ

ϭϭϬ͘ϴϭϯ

ϮϬϭϭ

ϮϬϭϮ

ϮϬϭϯ

ϮϬϭϬ

sŝƐŝƚĂƚŽƌŝ ƵŶŝĐŝ

sŝƐŝƚĞ

WĂŐŝŶĞ ǀŝƐŝƚĂƚĞ

5LVRUVH &RPXQL

'RWH &RPXQH

6HUYL]LR &LYLOH

/D QHZVOHWWHU GL $1&, /RPEDUGLD Ăů ŵĞƐĞ Ěŝ >ƵŐůŝŽ ϮϬϬϵ ğ ƐƚĂƚĂ ĂƚƚŝǀĂƚĂ ůĂ ŶĞǁƐůĞƚƚĞƌ Ěŝ E / >ŽŵďĂƌĚŝĂ͕ ƐƚƌƵŵĞŶƚŽ ƉĞƌ ŝŶĨŽƌŵĂƌĞ Ğ ĚŝĂůŽŐĂƌĞ ĐŽŶ Őůŝ ĂƐƐŽĐŝĂƚŝ Ğ ĐŽŶ ƋƵĂŶƚŝ ĚĞƐŝĚĞƌĂŶŽ ƌŝĐĞǀĞƌĞ ŝŶĨŽƌŵĂnjŝŽŶŝ ƐƵů ŵŽŶĚŽ ĚĞŝ ŽŵƵŶŝ ůŽŵďĂƌĚŝ Ğ ŶŽŶ ƐŽůŽ͘ >Ă ŶĞǁƐůĞƚƚĞƌ ĚŝĨĨŽŶĚĞ ĐŽŵƵŶŝĐĂƚŝ ƐƚĂŵƉĂ͕ ŝŶĨŽƌŵĂƚŝǀĞ ƐƵ ŝŶŝnjŝĂƚŝǀĞ͕ ĐŝƌĐŽůĂƌŝ ĞƐƉůŝĐĂƚŝǀĞ Ěŝ ůĞŐŐŝ Ğ ŶŽƌŵĂƚŝǀĞ͕ ĐŽŵƵŶŝĐĂnjŝŽŶŝ Ƶƚŝůŝ ƉĞƌ ůĂ ĨŽƌŵĂnjŝŽŶĞ͘ >Ă ŶĞǁƐůĞƚƚĞƌ ğ ĞƐƉƌĞƐƐŝŽŶĞ ŶŽŶ ƐŽůŽ Ěŝ E / >ŽŵďĂƌĚŝĂ ŵĂ Ěŝ ƚƵƚƚŽ ŝů ƐŝƐƚĞŵĂ E / >ŽŵďĂƌĚŝĂ Ğ ŝŶƚĞŶĚĞ ŽĨĨƌŝƌĞ ƵŶ ƋƵĂĚƌŽ Ě͛ŝŶƐŝĞŵĞ ĚĞůůĞ Ăƚƚŝǀŝƚă Ă ƐƵƉƉŽƌƚŽ Ğ Ěŝ ƌĂƉƉƌĞƐĞŶƚĂŶnjĂ ĚĞŝ ŽŵƵŶŝ ĐŽŵƵŶŝĐĂŶĚŽ ĂŐŐŝŽƌŶĂŵĞŶƚŝ Ğ ŝŶŝnjŝĂƚŝǀĞ ƌĞůĂƚŝǀĞ ĂŶĐŚĞ ĂĚ ŶĐŝƚĞů >ŽŵďĂƌĚŝĂ͕ ůĂ ƌŝǀŝƐƚĂ ^ƚƌĂƚĞŐŝĞ ŵŵŝŶŝƐƚƌĂƚŝǀĞ Ğ &ĞĚĞƌƐĂŶŝƚă >ŽŵďĂƌĚŝĂ͘ KůƚƌĞ ĂůůĂ ŶĞǁƐůĞƚƚĞƌ ŝƐƚŝƚƵnjŝŽŶĂůĞ Ěŝ E / >ŽŵďĂƌĚŝĂ ǀĞŶŐŽŶŽ ŝŶǀŝĂƚĞ ĂŶĐŚĞ ůĞ ŶĞǁƐůĞƚƚĞƌ ĚĞůůĂ ƌŝǀŝƐƚĂ ^ƚƌĂƚĞŐŝĞ ŵŵŝŶŝƐƚƌĂƚŝǀĞ Ğ ĚĞůů͛ŝŶŝnjŝĂƚŝǀĂ ZŝƐŽƌƐĞ ŽŵƵŶŝ͘

ϯϯϳ͘Ϭϵϭ

ϭϲϱ͘ϵϲϲ

$QFLWHO /RPEDUGLD

ĐĐĞƐƐŝ Ăů ƐŝƚŽ ϯϮϲ͘ϯϱϳ

$1&, /RPEDUGLD

5HWH &RPXQL

6WUDWHJLH $PPLQL VWUDWLYH

1HZVOHWWHU SXEEOLFDWH GD $1&, /RPEDUGLD 7XWWL L &RPXQL LVFULWWL SL DOWUL DEERQDWL YLD VLWR

8IILFLR 6WDPSD

hŶ͛ƵůƚĞƌŝŽƌĞ ŝŶŝnjŝĂƚŝǀĂ ĐŚĞ ŚĂ ĂĐĐƌĞƐĐŝƵƚŽ ů͛ĂƚƚĞŶnjŝŽŶĞ ŵĞĚŝĂƚŝĐĂ ŶĞŝ ĐŽŶĨƌŽŶƚŝ Ěŝ E / >ŽŵďĂƌĚŝĂ ğ ƐƚĂƚĂ ůĂ ƌĞŐŝƐƚƌĂnjŝŽŶĞ Ěŝ ŝŶƚĞƌǀŝƐƚĞ ƉĞƌ ůĞ ƚƌĂƐŵŝƐƐŝŽŶŝ ĚĞůů͛ĂĐĐĞƐƐŽ ƉƌĞƐƐŽ ůĂ ƐƚƌƵƚƚƵƌĂ Z / ƌĞŐŝŽŶĂůĞ Ğ ĂŶĚĂƚĞ ŝŶ ŽŶĚĂ ƐƵů ƚĞƌnjŽ ĐĂŶĂůĞ ŶĂnjŝŽŶĂůĞ ŽƚƚĞŶĞŶĚŽ ƵŶĂ ŵĞĚŝĂ Ěŝ ĐŝƌĐĂ ϱϬϬ ŵŝůĂ ƚĞůĞƐƉĞƚƚĂƚŽƌŝ͘ dĂůŝ ŝŶƚĞƌǀĞŶƚŝ ŚĂŶŶŽ ƉĞƌŵĞƐƐŽ Ěŝ ŝůůƵƐƚƌĂƌĞ ůĂ ǀŝƚĂ ĚĞůů͛ ƐƐŽĐŝĂnjŝŽŶĞ Ğ Ěŝ ĞǀŝĚĞŶnjŝĂƌĞ ƉĂƌƚŝĐŽůĂƌŝ ƚĞŵĂƚŝĐŚĞ ŝŶĞƌĞŶƚŝ ůĂ ŐĞƐƚŝŽŶĞ ĚĞŝ ŽŵƵŶŝ͘ /ů ƐŝƚŽ ǁĞď Ğ ŝů ĐĂŶĂůĞ zŽƵƚƵďĞ Ͳ ŐĞƐƚŝƚŽ ŝŶ ĐŽůůĂďŽƌĂnjŝŽŶĞ ĐŽŶ ŶĐŝƚĞů >ŽŵďĂƌĚŝĂ͕ ĐŚĞ ĐŽŶƚĂ ŽůƚƌĞ ϭϬϬ ǀŝĚĞŽ Ğ ĐŝƌĐĂ ϭϲ ŵŝůĂ ǀŝƐƵĂůŝnjnjĂnjŝŽŶŝ Ͳ ƐŽŶŽ ƐƚĂƚŝ ŝŶĨŝŶĞ ŝ ǀĞŝĐŽůŝ ƉƌŝŶĐŝƉĂůŝ Ěŝ ŝŶĨŽƌŵĂnjŝŽŶĞ ƐƵůůĂ ǀŝƚĂ ĂƐƐŽĐŝĂƚŝǀĂ͘ >͛ƵĨĨŝĐŝŽ ƐƚĂŵƉĂ ğ ƐƚĂƚŽ ĐŽŽƌĚŝŶĂƚŽ ĨŝŶŽ Ă >ƵŐůŝŽ ϮϬϭϮ ĚĂ >ĞŽŶĂƌĚŽ DŝůůĂ͕ ƐƵĐĐĞƐƐŝǀĂŵĞŶƚĞ ĚĂ >ĂƵƌŽ ^ĂŶŐĂůĞƚƚŝ͘

&RPXQLFDWL VWDPSD

GDO DO *LXJQR

/Ŷ ƋƵĞƐƚŝ Ƶůƚŝŵŝ ĐŝŶƋƵĞ ĂŶŶŝ ŝů ƉŽƚĞŶnjŝĂŵĞŶƚŽ ĚĞůůĂ ĐŽŵƵŶŝĐĂnjŝŽŶĞ ĐŽŶ ŝ ŵĞnjnjŝ Ěŝ ŝŶĨŽƌŵĂnjŝŽŶĞ ůŽŵďĂƌĚŝ Ğ ŶĂnjŝŽŶĂůŝ ğ ƐƚĂƚĂ ƵŶĂ ĚĞůůĞ ƉƌŝŽƌŝƚă Ěŝ E / >ŽŵďĂƌĚŝĂ͘ >͛ƵĨĨŝĐŝŽ ƐƚĂŵƉĂ ŚĂ ŝŶĨŽƌŵĂƚŽ ƋƵŽƚŝĚŝĂŶĂŵĞŶƚĞ ůĞ ĂŐĞŶnjŝĞ Ğ ůĞ ƌĞĚĂnjŝŽŶŝ ĂƚƚƌĂǀĞƌƐŽ ů͛ŝŶǀŝŽ Ěŝ ĐŽŵƵŶŝĐĂƚŝ ƐƚĂŵƉĂ͕ ƉƌŽŐƌĂŵŵŝ͕ ĚĂƚŝ͕ ĂƉƉƌŽĨŽŶĚŝŵĞŶƚŝ͕ ŝŵŵĂŐŝŶŝ Ğ ǀŝĚĞŽ ƐƵůůĞ ŝŶŝnjŝĂƚŝǀĞ Ğ ƐƵŐůŝ ĞǀĞŶƚŝ ƌĞĂůŝnjnjĂƚŝ ĚĂůů͛ ƐƐŽĐŝĂnjŝŽŶĞ͘ E / >ŽŵďĂƌĚŝĂ ŚĂ ĐŽƐŞ ĐŽŶƋƵŝƐƚĂƚŽ ů͛ĂƚƚĞŶnjŝŽŶĞ ĚĞŝ ŵĞĚŝĂ Ͳ ƚƌĂ ůĞ ŶƵŵĞƌŽƐĞ ƚĞƐƚŝŵŽŶŝĂŶnjĞ Ěŝ ƚĂůĞ ƌŝĐŽŶŽƐĐŝŵĞŶƚŽ ƌŝĐŽƌĚŝĂŵŽ ů͛ĞĚŝƚŽƌŝĂůĞ Ěŝ ^ĞƌŐŝŽ ZŽŵĂŶŽ ƐƵůůĂ ƉƌŝŵĂ ƉĂŐŝŶĂ ĚĞů ŽƌƌŝĞƌĞ ĚĞůůĂ ƐĞƌĂ ĚĞůů͛ϴ ƉƌŝůĞ ϮϬϭϬ ĚĞĚŝĐĂƚŽ ĂůůĂ ƉƌŝŵĂ ŵĂŶŝĨĞƐƚĂnjŝŽŶĞ ĚĞŝ ^ŝŶĚĂĐŝ Ͳ Ğ ůĞ ŽƉŝŶŝŽŶŝ ĚĞŐůŝ ĞƐƉŽŶĞŶƚŝ ĚĞůů͛ ƐƐŽĐŝĂnjŝŽŶĞ ŚĂŶŶŽ ŽƚƚĞŶƵƚŽ ŝů ĐƌĞĚŝƚŽ Ěŝ ŵŽůƚĞ ƚĞƐƚĂƚĞ ĐĂƌƚĂĐĞĞ͕ ǁĞď͕ ƌĂĚŝŽ Ğ ƚĞůĞǀŝƐŝǀĞ ĐŚĞ ŚĂŶŶŽ ƌŝĐŚŝĞƐƚŽ ů͛ŝŶƚĞƌǀĞŶƚŽ ĚĞŝ ƌĞĨĞƌĞŶƚŝ E / >ŽŵďĂƌĚŝĂ ĚƵƌĂŶƚĞ ŶŽƚŝnjŝĂƌŝ Ğ ƚƌĂƐŵŝƐƐŝŽŶŝ ƐŝĂ ůŽĐĂůŝ ĐŚĞ ŶĂnjŝŽŶĂůŝ͘ WĞƌ ƌĂŐŐŝƵŶŐĞƌĞ ƚĂůŝ ŽďŝĞƚƚŝǀŝ ƐŽŶŽ ƐƚĂƚŝ ƌĞĂůŝnjnjĂƚŝ ĂĐĐŽƌĚŝ ĐŽŶ ĂŐĞŶnjŝĞ Ěŝ ƐƚĂŵƉĂ ƋƵĂůŝ KŵŶŝŵŝůĂŶŽ Ğ E^ ͕ ĐŚĞ ŚĂŶŶŽ ƉĞƌŵĞƐƐŽ ƵŶĂ ŵĂŐŐŝŽƌĞ ǀŝƐŝďŝůŝƚă ŝƐƚŝƚƵnjŝŽŶĂůĞ ƐƵŝ ŵĞĚŝĂ͕ ĐŽŶ ŶŽƚŝnjŝĂƌŝ ĚĞĚŝĐĂƚŝ ĂĚ E / >ŽŵďĂƌĚŝĂ Ğ ǀŽůƚŝ Ă ĨĂƌ ƐĞŶƚŝƌĞ ĚŝƌĞƚƚĂŵĞŶƚĞ ůĂ ǀŽĐĞ ĚĞŐůŝ ŵŵŝŶŝƐƚƌĂƚŽƌŝ ĐŽŵƵŶĂůŝ ůŽŵďĂƌĚŝ͘

ŽŵƵŶŝĐĂƚŝ ƐƚĂŵƉĂ ŝŶǀŝĂƚŝ ϰϬ

ϮϬϬϵ

ϱϯ

ϱϬ

ϰϴ

ϱϯ

ϮϬϭϬ

ϮϬϭϭ

ϮϬϭϮ

ϮϬϭϯ

&21&/86,21,

8Q ELODQFLR GHO PDQGDWR FRQJUHVVXDOH >͛ ƐƐŽĐŝĂnjŝŽŶĞ ğ ƐƚĂƚĂ ǀŝĐŝŶĂ Ăŝ ŽŵƵŶŝ ĞĚ ŚĂ ĂƵŵĞŶƚĂƚŽ ůĂ ƐƵĂ ƉƌĞƐĞŶnjĂ ƐƵů ƚĞƌƌŝƚŽƌŝŽ͕ ŚĂ ĨŽƌŶŝƚŽ ƐĞƌǀŝnjŝ Ěŝ ƋƵĂůŝƚă Ğ ŝŶĨŽƌŵĂnjŝŽŶŝ ĂŐŐŝŽƌŶĂƚĞ ƐƵůůĞ ŶŽƌŵĞ ŝŶ ĐŽŶƚŝŶƵŽ ĐĂŵďŝĂŵĞŶƚŽ͘ >͛ ƐƐĞŵďůĞĂ ĚĞů ϰ >ƵŐůŝŽ ŚĂ ĂƉƉƌŽǀĂƚŽ ŝů ŶƵŽǀŽ ^ƚĂƚƵƚŽ Ěŝ E / >ŽŵďĂƌĚŝĂ͕ ĐŚĞ ŝŶĚŝǀŝĚƵĂ ŶƵŽǀĞ ŵŽĚĂůŝƚă ƉĞƌ ĨĂǀŽƌŝƌĞ ƵŶĂ Ɖŝƶ ĂŵƉŝĂ ƉĂƌƚĞĐŝƉĂnjŝŽŶĞ ĂůůĞ Ăƚƚŝǀŝƚă ĚĞůů͛ ƐƐŽĐŝĂnjŝŽŶĞ͘ ƐƚĂƚŽ ŝŶŽůƚƌĞ ĂƉƉƌŽǀĂƚŽ ƵŶ WŝĂŶŽ Ěŝ ĐŽŵƵŶŝĐĂnjŝŽŶĞ ŝŶƚĞŐƌĂƚĂ ĐŚĞ ƉĞƌŵĞƚƚĞƌă Ěŝ ƌĂnjŝŽŶĂůŝnjnjĂƌĞ ŝ ĐŽƐƚŝ Ğ ĐƌĞĂƌĞ ƐŝŶĞƌŐŝĂ ŝŶƚĞŐƌĂŶĚŽ Őůŝ ƐƚƌƵŵĞŶƚŝ Ěŝ ĐŽŵƵŶŝĐĂnjŝŽŶĞ ĚĞů ƐŝƐƚĞŵĂ E / >ŽŵďĂƌĚŝĂ͕ ƉŽƚĞŶnjŝĂƌĞ ůĂ ĐŽŵƵŶŝĐĂnjŝŽŶĞ ŝŶǀĞƐƚĞŶĚŽ ĂŶĐŚĞ ƐƵůůĂ ƉƌŽŐƌĞƐƐŝǀĂ ĞƐƉĂŶƐŝŽŶĞ ĚĞůů͛ŝŶƚĞƌĂnjŝŽŶĞ ǁĞď͕ ĐŽŝŶǀŽůŐĞƌĞ Őůŝ ŽƌŐĂŶŝ Ěŝ E / >ŽŵďĂƌĚŝĂ Ğ Őůŝ ŵŵŝŶŝƐƚƌĂƚŽƌŝ ůŽĐĂůŝ ŶĞůůĞ Ăƚƚŝǀŝƚă Ěŝ ƌĞůĂnjŝŽŶĞ ƉĞƌ ůŽ ƐǀŝůƵƉƉŽ ĚĞůůĞ ĨŝŶĂůŝƚă ŝƐƚŝƚƵnjŝŽŶĂůŝ ĚĞůů͛ ƐƐŽĐŝĂnjŝŽŶĞ͘

EŽŶŽƐƚĂŶƚĞ ůĂ ĐƌŝƐŝ Ěŝ ƌĂƉƉƌĞƐĞŶƚĂŶnjĂ ĐŚĞ ĂƚƚƌĂǀĞƌƐĂ ŝů WĂĞƐĞ Ğ ůĂ ĐƌŝƚŝĐĂ ŐĞŶĞƌĂůŝnjnjĂƚĂ ĂůůĂ ĐůĂƐƐĞ ĚŝƌŝŐĞŶƚĞ Ă ƚƵƚƚŝ ŝ ůŝǀĞůůŝ͕ ĚĂŝ ƌŝƐƵůƚĂƚŝ ĚĞůůĂ ƋƵĂƌƚĂ ŝŶĚĂŐŝŶĞ ĚĞůů͛KƐƐĞƌǀĂƚŽƌŝŽ ƐƵŝ ŽŵƵŶŝ >ŽŵďĂƌĚŝ Ěŝ E / >ŽŵďĂƌĚŝĂͲ/W^K^ ĞŵĞƌŐĞ ĐŚĞ ŝů ŐŝƵĚŝnjŝŽ ƉŽƐŝƚŝǀŽ ǀĞƌƐŽ E / >ŽŵďĂƌĚŝĂ Ɛŝ ŵĂŶƚŝĞŶĞ Ăů ϲϴй͘ / ŽŵƵŶŝ ŵĂŶŝĨĞƐƚĂŶŽ ůĂ ƉƌŽƉƌŝĂ ŝŶƐŽĚĚŝƐĨĂnjŝŽŶĞ ƉĞƌ ůĞ ŶŽƌŵĞ Ğ ůĞ ůĞŐŐŝ ĐŚĞ ǀĞŶŐŽŶŽ ĂƉƉƌŽǀĂƚĞ Ğ Ɛŝ ƌĂĐĐŽŐůŝĞ ƋƵĂůĐŚĞ ĐƌŝƚŝĐĂ ǀĞƌƐŽ ů͛ ƐƐŽĐŝĂnjŝŽŶĞ ƉĞƌ ŝů ŵĂŶĐĂƚŽ ƌĂŐŐŝƵŶŐŝŵĞŶƚŽ Ěŝ ŽďŝĞƚƚŝǀŝ ĐŽŶĐƌĞƚŝ ĐĂƉĂĐŝ Ěŝ ĐĂŵďŝĂƌĞ ůĂ ƐŝƚƵĂnjŝŽŶĞ Ěŝ ĚŝĨĨŝĐŽůƚă ĐŚĞ ǀŝǀŽŶŽ ŝ ŽŵƵŶŝ͘ / ^ŝŶĚĂĐŝ͕ ĂŶĐŚĞ ƉĞƌ ŝů ϮϬϭϰ͕ ĐŚŝĞĚŽŶŽ ĂĚ E / Ěŝ ĂƐƐƵŵĞƌĞ ƵŶ ƌƵŽůŽ ƐĞŵƉƌĞ Ɖŝƶ ͞ƉŽůŝƚŝĐŽ͕͟ ĐĂƉĂĐĞ Ěŝ ĨĂƌ ͞ĐŽŶƚĂƌĞ͟ ůĞ ƌĂŐŝŽŶŝ ĚĞŝ ŽŵƵŶŝ ǀĞƌƐŽ Őůŝ Ăůƚƌŝ ůŝǀĞůůŝ ŝƐƚŝƚƵnjŝŽŶĂůŝ͘ ^ŝ ĐŚŝĞĚŽŶŽ Ăůů͛ ƐƐŽĐŝĂnjŝŽŶĞ ĐŽŶƐƵůĞŶnjĂ͕ ƐƚƌƵŵĞŶƚŝ Ğ ƐĞƌǀŝnjŝ Ěŝ ƐƵƉƉŽƌƚŽ Ăůů͛Ăƚƚŝǀŝƚă ŽƌĚŝŶĂƌŝĂ͕ ƌĞƐĂ ƐĞŵƉƌĞ Ɖŝƶ ĚŝĨĨŝĐŝůĞ ĚĂ ƵŶĂ ŶŽƌŵĂƚŝǀĂ ĐŚĞ ĐĂŵďŝĂ ŝŶ ĐŽŶƚŝŶƵĂnjŝŽŶĞ Ğ ŝŶ ŵŽĚŽ ĐŽŶƚƌĂĚĚŝƚŽƌŝŽ͘

ŽƐĂ ĚŽǀƌĞďďĞ ĨĂƌĞ E / ƉĞƌ ŵŝŐůŝŽƌĂƌƐŝ͍

ĂůůĂ ƋƵĂƌƚĂ ŝŶĚĂŐŝŶĞ E / >ŽŵďĂƌĚŝĂͲ/W^K^ ;ϮϬϭϯͿ

ĂƵŵĞŶƚĂƌĞ ůĂ ƋƵĂůŝƚă Ěŝ ŝŶĨŽƌŵĂnjŝŽŶŝ ĨŽƌŶŝƚĞ

ϮϬϭϯ

Ϯϵй

ϯϵй

ϳй

ϭϴй

ĂƵŵĞŶƚĂƌĞ ŽĐĐĂƐŝŽŶŝ Ěŝ ĐŽŶĨƌŽŶƚŽ

ϳй

ĨĂǀŽƌŝƌĞ ůĂ ĐŝƌĐŽůĂnjŝŽŶĞ Ěŝ ďĞƐƚ ƉƌĂĐƚŝĐĞ

ϮϬϭϮ

ϰϲй

ϯϰй

ϴй

ĂƵŵĞŶƚĂƌĞ ŝ ƐĞƌǀŝnjŝ Ěŝ ĂƐƐŝƐƚĞŶnjĂ

ϭϬй Ϯй

ƌĂĨĨŽƌnjĂƌĞ ŝů ƐƵŽ ƌƵŽůŽ ƉŽůŝƚŝĐŽ Ă ƚƵƚƚŝ ŝ ůŝǀĞůůŝ ϮϬϭϭ

ϰϲй

ϰϮй

ϭй ϵй

Ϯй

ŵŽůƚŽ ƉŽƐŝƚŝǀŽ

ĂďďĂƐƚĂŶnjĂ ƉŽƐŝƚŝǀŽ

ƉŽĐŽ ƉŽƐŝƚŝǀŽ

ƉĞƌ ŶƵůůĂ ƉŽƐŝƚŝǀŽ

ƌĂĨĨŽƌnjĂƌĞ ůĞ ĐŽŶƐƵůĞŶnjĞ ƚĞĐŶŝĐŚĞ Ğ ŝ ƐĞƌǀŝnjŝ ŽĨĨĞƌƚŝ Ăŝ ŽŵƵŶŝ ĨĂƌ ĐŽŶƚĂƌĞ Ěŝ Ɖŝƶ ůĞ ĂƵƚŽŶŽŵŝĞ ůŽĐĂůŝ

ŶŽŶ ƐĂ

ϮϬϭϮ

ϭϬ

ŝŶĨŽƌŵĂƌĞ ŝ ŽŵƵŶŝ ĚĞŝ ƐĞƌǀŝnjŝ ŽĨĨĞƌƚŝ

'ŝƵĚŝnjŝŽ ƐƵůůΖĂƚƚŝǀŝƚă Ěŝ E / >ŽŵďĂƌĚŝĂ

ϮϬϭϯ

ϭϰ ϴ

ϭϬ ϭϳ ϭϲ ϭϴ

Ϯϭ Ϯϯ Ϯϳ Ϯϴ Ϯϵ ϰϬ ϰϯ ϰϱ

ϱϬ

ŽŶŽƐĐĞŶnjĂ Ěŝ ŶĐŝƚĞů >ŽŵďĂƌĚŝĂ

'ƌĂĚŝŵĞŶƚŽ

hƚŝůŝnjnjŽ Ěŝ ŶĐŝƚĞů >ŽŵďĂƌĚŝĂ

ŶĐŝƚĞů

ĐŽŶŽƐĐĞ ƐƵƉĞƌĨŝĐŝĂůŵĞŶƚĞ

ĐŽŶŽƐĐĞ ŶĞů ĚĞƚƚĂŐůŝŽ

ŶŽŶ ĐŽŶŽƐĐĞ

Ϭй

ŶŽŶ ĐŽŶŽƐĐĞ

ŽŶŽƐĐĞŶnjĂ Ěŝ ^ƚƌĂƚĞŐŝĞ ŵŵŝŶŝƐƚƌĂƚŝǀĞ

Ɛŝ

ŶŽ

>ĞƚƚƵƌĂ Ěŝ ^ƚƌĂƚĞŐŝĞ ŵŵŝŶŝƐƚƌĂƚŝǀĞ

ϮϬй

ϰϬй

ϲϬй

ŵŽůƚŽ ƉŽƐŝƚŝǀŽ ;ϴͲϭϬͿ ƉŽĐŽ ƉŽƐŝƚŝǀŽ ;ϰͲϱͿ ŶŽŶ ƵƚŝůŝnjnjĂͬŶŽŶ ƐĂ

ϴϬй

ϭϬϬй

ĂďďĂƐƚĂŶnjĂ ƉŽƐŝƚŝǀŽ ;ϲͲϳͿ ƉĞƌ ŶƵůůĂ ƉŽƐŝƚŝǀŽ ;ϭͲϯͿ

ĐĐŽƌĚŽ ƐƵů ƉĂƐƐĂŐŐŝŽ ŽŶůŝŶĞ Ěŝ ^ƚƌĂƚĞŐŝĞ ŵŵŝŶŝƐƚƌĂƚŝǀĞ

ĐŽŶŽƐĐĞ

ŶŽŶ ĐŽŶŽƐĐĞ

Ɛŝ

ŶŽ

ŶŽŶ ĐŽŶŽƐĐĞ

ŵŽůƚŽ ĚΖĂĐĐŽƌĚŽ ƉĞƌ ŶƵůůĂ ĚΖĂĐĐŽƌĚŽ

ĂďďĂƐƚĂŶnjĂ ĚΖĂĐĐŽƌĚŽ ŶŽŶ ƐĂ

ƉŽĐŽ ĚΖĂĐĐŽƌĚŽ

$1&, /RPEDUGLD

3LD]]D 'XRPR 0LODQR 7HO )D[ (PDLO SRVWD#DQFL ORPEDUGLD LW (PDLO SRVWD FHUWLILFDWD LQIR#SHF DQFL ORPEDUGLD LW

$QFLWHO /RPEDUGLD

6HGH OHJDOH 3LD]]D 'XRPR 0LODQR 6HGH RSHUDWLYD 9LD $ 0HXFFL &RORJQR 0RQ]HVH 0,

7HO )D[ (PDLO LQIR#DQFLWHO ORPEDUGLD LW

)HGHUVDQLWj $1&, /RPEDUGLD

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