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ĞƐĐŽůĞƐƉƷďůŝƋƵĞƐŝĂůƐƉĂǀĞůůŽŶƐ ŵďĞůĮŶĂŶĕĂŵĞŶƚƋƵĞĞůŐŽͲ ǀĞƌŶƐŽĐŝĂůŝƐƚĂĚĞů͛ƐƚĂƚŚĂĚĞƐͲ ƟŶĂƚĂůƐĂũƵŶƚĂŵĞŶƚƐĂƚƌĂǀĠƐĚĞů WůĂĂƉĂƚĞƌŽ͕ů͛ũƵŶƚĂŵĞŶƚĚĞ ĂĚĂůŽŶĂŚĂĐŽŵĞŶĕĂƚĂƋƵĞƐƚ ĞƐƟƵƌĞĨŽƌŵĞƐƉĞƌƵŶǀĂůŽƌĚĞϰ͕ϱ ŵŝůŝŽŶƐĚ͛ĞƵƌŽƐĂƚŽƚĞƐůĞƐĞƐĐŽůĞƐ ƉƷďůŝƋƵĞƐĚĞůĂĐŝƵƚĂƚ͘ WĞƌĂƋƵĂŶƚŽƌŶŝĂĐŽŵĞŶĕĂƌĞů ĐƵƌƐĞƐĐŽůĂƌ͕ĂůƵŵŶĞƐ͕ŵĞƐƚƌĞƐ͕ ƉĂƌĞƐŝŵĂƌĞƐĚĞĂĚĂůŽŶĂĞƐƚƌŽͲ ďĂƌĂŶĂŵďƵŶƐĐĞŶƚƌĞƐĞƐĐŽůĂƌƐ ƋƵĞƟŶĚƌĂŶŵŝůůŽƌƐŝŶƐƚĂůͻůĂĐŝŽŶƐ ĚĞŐĂƐŝĞůĞĐƚƌŝĐŝƚĂƚ͕ŵŝůůŽƌƐĐƵŝŶĞƐ͕ ŵĠƐŝŵŝůůŽƌƐƐĞƌǀĞŝƐĞŶŐĞŶĞƌĂů͘ ůƐĞƌǀĞŝĞĚƵĐĂƟƵƉƷďůŝĐĚĞĂĚĂͲ ůŽŶĂƌĞďƌăĂŵďĂƋƵĞƐƚĞƐŽďƌĞƐƵŶ ŝŵƉƵůƐŵĠƐĚĞĐŝĚŝƚƋƵĞŵĂŝƉĞƌͲ ƋƵğ͕ƉĞƌĂůƐƐŽĐŝĂůŝƐƚĞƐ͕ů͛ĞĚƵĐĂĐŝſ ĠƐƵŶĚƌĞƚŝƵŶĂƉŽůşƟĐĂĨŽŶĂŵĞŶͲ ƚĂůƉĞƌĨŽƌũĂƌƵŶĂĐŝƵƚĂĚĂŶŝĂůůŝƵƌĞ ŝƌĞƐƉŽŶƐĂďůĞ͘ hŶĂŝŶǀĞƌƐŝſĞdžĞŵƉůĂƌŝƚnjĂŶƚĚĞ ů͛ĂƉŽƐƚĂƌĞĂůŝƐŝŶĐĞƌĂƉĞƌƵŶĂ ĞĚƵĐĂĐŝſƉƷďůŝĐĂĚĞƋƵĂůŝƚĂƚ͘ ůƚƌĞƐƉƌŽƉŽƐƚĞƐĐŽŵůĂĚĞƉĂŐĂƌ ĞůƐůůŝďƌĞƐĚĞƚĞdžƚĂƚŽƚŚŽŵ;ĮŶƐ

ŝƚŽƚĂĂƋƵĞůůƐƉĂƌĞƐƋƵĞũĂƐĞ͛ůƐ ƉŽĚĞŶƉĂŐĂƌͿŶŽƐſŶŵĠƐƋƵĞ ĚĞŵĂŐžŐŝĂĚĞůWWĂůĂƌĞĐĞƌĐĂĚĞ ƌĞŶĚŝŵĞŶƚƐĞůĞĐƚŽƌĂůƐĨăĐŝůƐ͘^ŽͲ ďƌĞĂŝdžž͕ů͛ĂƉŽƐƚĂĚĞůW^ĚĞĂĚĂͲ ůŽŶĂƐĞŐƵĞŝdžĞƐƐĞŶƚůĂĚ͛ĂǀĂŶĕĂƌ ĞŶů͛ŝŵƉƵůƐĚĞĐŝĚŝƚŝƌĞĂůŝƐƚĂĚĞ ƉƌŽŐƌĂŵĞƐĚĞƐŽĐŝĂůŝƚnjĂĐŝſĚĞ ůůŝďƌĞƐƚĂůŝĐŽŵĞƐǀĂĂƉƌŽďĂƌĞŶ ĞůĚĂƌƌĞƌƉůĞŵƵŶŝĐŝƉĂůĂŵďƵŶĂ ĂƐƐŝŐŶĂĐŝſƉƌĞƐƐƵƉŽƐƚăƌŝĂŝŶŝĐŝĂů ĚĞϯϬ͘ϬϬϬĞƵƌŽƐ͘ dĂŵďĠĮŶĂŶĕĂƚƐĂŵďĞůWůĂĂͲ ƉĂƚĞƌŽ͕ů͛ũƵŶƚĂŵĞŶƚĂƉƌŽĨŝƚĂ

ĞůƐŵĞƐŽƐĚ͛ĞƐƟƵƉĞƌƌĞŚĂďŝůŝƚĂƌ ƉŽůŝĞƐƉŽƌƟƵƐ͘ŵďƵŶƉƌĞƐƐƵƉŽƐƚ ƚŽƚĂůĚ͛ϭ͕ϯŵŝůŝŽŶƐĚ͛ĞƵƌŽƐ͕ůĞƐ ŽďƌĞƐƐĞƌǀŝƌĂŶƉĞƌƐƵďƐƟƚƵŝƌůĞƐ ĐŽďĞƌƚĞƐƉĞƌƌĞƐŽůĚƌĞƉƌŽďůĞŵĞƐ ĚĞĨŝůƚƌĂĐŝŽŶƐŝŐŽƚĞƌĞƐĂ>ůĞĨŝă͕ ĂƐĂŐĞŵĞƐŝ>ĂWůĂŶĂ͘dĂŵďĠĞƐ ƌĞĨŽƌŵĞŶǀĞƐƟĚŽƌƐ͕ŝŶƐƚĂůͻůĂĐŝŽŶƐ ĞůğĐƚƌŝƋƵĞƐŝƉĂǀŝŵĞŶƚƐ͕ĞŶƚƌĞĂůͲ ƚƌĞƐĞůĞŵĞŶƚƐ͘ƐƉƌĞǀĞƵƋƵĞůĞƐ ŽďƌĞƐĂĐĂďŝŶĂĮŶĂůƐĚĞƐĞƚĞŵďƌĞ͕ ĂƚĞŵƉƐƉĞƌĂůƌĞƚŽƌŶĚĞů͛ĂĐƟǀŝƚĂƚ ŚĂďŝƚƵĂůĚĞůĞƐĞŶƟƚĂƚƐĞƐƉŽƌƟǀĞƐ ƋƵĞĞŶƐſŶƵƐƵăƌŝĞƐ͘

ϮϬƚƌĞďĂůůĂĚŽƌƐƐŽĐŝĂůƐŵĠƐ ƉĞƌƉĂůͼůŝĂƌĞůƐĞĨĞĐƚĞƐĚĞůĂĐƌŝƐŝ >͛ũƵŶƚĂŵĞŶƚĚĞĂĚĂůŽŶĂƋƵĞ ůŝĚĞƌĂů͛ĂůĐĂůĚĞƐŽĐŝĂůŝƐƚĂ͕:ŽƌĚŝ ^ĞƌƌĂ͕ǀĂĂƉƌŽǀĂƌĞŶĞůĚĂƌƌĞƌWůĞ ůĂĐŽŶƚƌĂĐƚĂĐŝſĚĞϮϬƚƌĞďĂůůĂĚŽƌƐ ƐŽĐŝĂůƐŵĠƐƉĞƌĂƚĞŶĚƌĞŵŝůůŽƌůĞƐ ĨĂŵşůŝĞƐďĂĚĂůŽŶŝŶĞƐĂĨĞĐƚĂĚĞƐ ƉĞƌůĂĐƌŝƐŝĞĐŽŶžŵŝĐĂŵƵŶĚŝĂů͘ ƐǀŽůƵŶƚĂƚĚĞů͛ũƵŶƚĂŵĞŶƚƋƵĞ ĂƋƵĞƐƚƐŶŽƵƐƉƌŽĨĞƐƐŝŽŶĂůƐƉƵͲ ŐƵŝŶĐŽŵĞŶĕĂƌĂƚƌĞďĂůůĂƌĂƉĂƌƟƌ ĚĞůƉƌŽƉĞƌŵĞƐĚĞƐĞƚĞŵďƌĞ͘ ƋƵĞƐƚĂŵĞƐƵƌĂƐĞƐƵŵĂĂĂůƚƌĞƐ ĂĐƚƵĂĐŝŽŶƐƋƵĞũĂĚĞƐĚĞĨĂŵĞƐŽƐ Ɛ͛ĞƐƚĂŶĂƉůŝĐĂŶƚĂůĂŶŽƐƚƌĂĐŝƵƚĂƚ͕ ĐŽŵĂƌĂů͛ŝŶĐƌĞŵĞŶƚĞŶů͛ĂĐƚƵĂů ƉƌĞƐƐƵƉŽƐƚŵƵŶŝĐŝƉĂůĚĞĚŝǀĞƌƐĞƐ ƉĂƌƟĚĞƐĚ͛ĂƚĞŶĐŝſƐŽĐŝĂů͘^͛ŚĂŶ

ĚŽďůĂƚĞůƐƌĞĐƵƌƐŽƐƉĞƌĂũƵƚƐĚŝͲ ƌĞĐƚĞƐŝƉĞƌĂďĞƋƵĞƐĚĞŵĞŶũĂĚŽƌ ŝƐ͛ŚĂƚƌŝƉůŝĐĂƚĞůƉƌĞƐƐƵƉŽƐƚƉĞƌ ĂƚĞŶĐŝſĂĚŽŵŝĐŝůŝ͘&ŝŶĂůŵĞŶƚ͕ ĐŽůnjĞĂŵďĐŽůnjĞĂŵďůĞƐĞŶƚŝͲ ƚĂƚƐĚ͛ŝŶŝĐŝĂƟǀĂƐŽĐŝĂůĞƐƚƌĞďĂůůĂ ĐŽŽƌĚŝŶĂĚĂŵĞŶƚƉĞƌŐĂƌĂŶƚŝƌ ĞůƌĞƉĂƌƚŝŵĞŶƚĚ͛ĂůŝŵĞŶƚƐĂůĞƐ ĨĂŵşůŝĞƐŵĠƐŶĞĐĞƐƐŝƚĂĚĞƐ͘ dŽƚƉůĞŐĂƚ͕ƐĞŶƐĞĚĞŝdžĂƌĚ͛ĂŵƉůŝĂƌ ůĂĐŽďĞƌƚƵƌĂĚĞƚĞůĞĂƐƐŝƐƚğŶĐŝĞƐ ƉĞƌĂůĂŐĞŶƚŐƌĂŶ͘ƵƌĂŶƚů͛ƷůƟŵ ĂŶLJƐ͛ŚĂƉĂƐƐĂƚĚĞϴϳϯĂϭϴϬϰƵŶŝͲ ƚĂƚƐŝŐƌăĐŝĞƐĂĂƋƵĞƐƚŝŶĐƌĞŵĞŶƚ ĞƐƉŽƚĚŽŶĂƌƐĞƌǀĞŝĂƚŽƚĞƐůĞƐ ƉĞƌƐŽŶĞƐĚĞƉĞŶĚĞŶƚƐĚĞĂĚĂůŽͲ ŶĂĂůĞƐƋƵĂůƐƐĞŶ͛ŚĂĚŝĂŐŶŽƐƟĐĂƚ

ůĂŶĞĐĞƐƐŝƚĂƚ͛͘ĂƋƵĞƐƚĂŵĂŶĞƌĂ͕ ƵŶŽďũĞĐƚŝƵƋƵĞů͛ũƵŶƚĂŵĞŶƚ Ɛ͛ŚĂǀŝĂĮdžĂƚĂĂŶLJƐǀŝƐƚĂĞŶů͛ŝŶŝĐŝ ĚĞŵĂŶĚĂƚƐ͛ŚĂƉŽŐƵƚĂǀĂŶĕĂƌ ƉĞƌ͕ĞŶƚĞŵƉƐĚĞĐƌŝƐŝ͕ĂũƵĚĂƌ ůĞƐĨĂŵşůŝĞƐĂŐĂƌĂŶƚŝƌůĂƐĞǀĂ ƐĞŐƵƌĞƚĂƚŽůĂĚĞůƐƐĞƵƐĨĂŵŝůŝĂƌƐ ƐĞŶƐĞŚĂǀĞƌĚĞĨĞƌĚĞƐƉĞƐĞƐĞdžͲ ƚƌĂŽƌĚŝŶăƌŝĞƐ͘ hŶƋƵĂŶƚƐĞdžĞŵƉůĞƐ͕ĞŶĚĞĮŶŝͲ ƚŝǀĂ͕ĚĞů͛ĂƉŽƐƚĂĚĞĐŝĚŝĚĂĚĞůƐ ƐŽĐŝĂůŝƐƚĞƐĚĞĂĚĂůŽŶĂƉĞƌůŝͲ ĚĞƌĂƌƉŽůşƟƋƵĞƐƐŽĐŝĂůƐƋƵĞŵĂŝ ĐŽŵĂƌĂŚĂǀŝĞŶĚŝƐƉŽƐĂƚĚĞƚĂŶƚƐ ƌĞĐƵƌƐŽƐŚƵŵĂŶƐŝĞĐŽŶžŵŝĐƐƉĞƌ ĚŽŶĂƌƐƵƉŽƌƚĂůĞƐƉĞƌƐŽŶĞƐĞŶ ƐŝƚƵĂĐŝſĚĞŵĂũŽƌǀƵůŶĞƌĂďŝůŝƚĂƚ͘

ƵƚůůĞơŝŶĨŽƌŵĂƟƵĚĞůW^ĚĞĂĚĂůŽŶĂͻďĂĚĂůŽŶĂ͘ƐŽĐŝĂůŝƐƚĞƐ͘ĐĂƚ

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