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Ύ ŽŵƉƌĞŶĚĞ ůĂ ^ĂŶŝƚă EŽƚĂ͗ ůĂ ĚŝĨĨĞƌĞŶǌĂ ƚƌĂ ŝů ƚŽƚĂůĞ W Ğ ůĂ ƐŽŵŵĂ ĚĞŝ ĐŽŵƉĂƌƚŝ ğ ĚĂ ŝŵƉƵƚĂƌĞ ĂůůĞ ĂůƚƌĞ ĂŵŵŝŶŝƐƚƌĂǌŝŽŶŝ ĐĞŶƚƌĂůŝ Ğ ůŽĐĂůŝ

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3DWULPRQLR

ZŝƐƵůƚĂƚŽ Ěŝ ĞƐĞƌĐŝǌŝŽ Φ ϭϰϲ͘Ϯϳϭ

PLOLRQL GL HXUR L FUHGLWL H PLOD HXUR L GHELWL GRYXWL DL WHPSL GL SDJDPHQWL GHL VHUYL]L GD SDUWH GHJOL (QWL

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

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

Ϯϱй

ϮϬϭϮ

ϴϮй

ϭϴй

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

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

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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

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

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

&200(5&,2 $77,9,7 352'877,9( ( 6(03/,),&$=,21( >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

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/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

Ϯϴ DĂƌǌŽ͗ ĐŽŶ ŝů ĐŽŝŶǀŽůŐŝŵĞŶƚŽ ĚĞŝ ŽŵƵŶŝ ŝŶƚĞƌĞƐƐĂƚŝ E / >ŽŵďĂƌĚŝĂ ƉĂƌƚĞĐŝƉĂ ĂůůĞ ĂƵĚŝǌŝŽŶŝ Ěŝ Z> ƐƵů ͞ZĞŐŽůĂŵĞŶƚŽ ĚĞů ďĂĐŝŶŽ Ěŝ ƚƌĂĨĨŝĐŽ ĚĞů ƐŝƐƚĞŵĂ ĂĞƌĞŽƉŽƌƚƵĂůĞ ůŽŵďĂƌĚŽ ĚĞů ƐĞƌǀŝǌŝŽ ƚĂǆŝ͟ ϯϭ >ƵŐůŝŽ͗ ĂƚƚŝǀĂƚŽ ƵŶ 'ƌƵƉƉŽ Ěŝ ůĂǀŽƌŽ ƉĞƌ ǀĞƌŝĨŝĐĂƌĞ ůĂ ƉŽƐƐŝďŝůŝƚă ĐŚĞ ŝ ŽŵƵŶŝ ƉŽƐƐĂŶŽ ǀĞŝĐŽůĂƌĞ ůĂ ƚĞƐƐĞƌĂ ZĞŐŝŽŶĂůĞ ŐĞǀŽůĂƚĂ Ěŝ dƌĂƐƉŽƌƚŽ ƉĞƌ ƚƵƚƚĞ ůĞ ĨĂƐĐĞ ĚĞďŽůŝ

ůŽĐĐĂƚŽ ŝů ƉƌŽǀǀĞĚŝŵĞŶƚŽ ĐŚĞ͕ ŝŶ ƚĞŵĂ Ěŝ ĐĂǀĞ͕ ƐŽƚƚƌĂĞǀĂ ĐŽŵƉĞƚĞŶǌĞ Ğ ĂƵƚŽŶŽŵŝĂ ĚĞĐŝƐŝŽŶĂůĞ Ăŝ ŽŵƵŶŝ WƌŽŵŽƐƐĂ ů͛ĂĚĞƐŝŽŶĞ Ăů ͞WĂƚƚŽ ĚĞŝ ^ŝŶĚĂĐŝ͟ / ŽŵƵŶŝ͕ ŶĞůůĂ ŶƵŽǀĂ >Z ƐƵůůĂ ŐĞƐƚŝŽŶĞ ĚĞŐůŝ dK͕ ƉŽƐƐŽŶŽ ŝŶƚĞƌǀĞŶŝƌĞ ŶĞŝ ƉƌŽĐĞƐƐŝ ĚĞĐŝƐŝŽŶĂůŝ͕ ŝŶ ƉĂƌƚŝĐŽůĂƌĞ ƋƵĞůůŝ ƌŝŐƵĂƌĚĂŶƚŝ ŝů ƉŝĂŶŽ Ě͛ĂŵďŝƚŽ͕ ůĂ ƚĂƌŝĨĨĂ Ěŝ ďĂƐĞ Ğ ůĂ ŵŽĚĂůŝƚă Ěŝ ŐĞƐƚŝŽŶĞ ĚĞů ƐĞƌǀŝǌŝŽ ŝĚƌŝĐŽ ŝŶƚĞŐƌĂƚŽ ZĂŐŐŝƵŶƚŽ ƵŶ ŶƵŽǀŽ ĂĐĐŽƌĚŽ ƋƵĂĚƌŽ ĐŽŶ KE / ĐŚĞ ŐĂƌĂŶƚŝƐĐĞ ŵĂŐŐŝŽƌŝ ĞŶƚƌĂƚĞ ƉĞƌ ŝ ŽŵƵŶŝ

&RQVLJOLR GHOOH $XWRQRPLH /RFDOL /ů ŽŶƐŝŐůŝŽ ĚĞůůĞ ƵƚŽŶŽŵŝĞ >ŽĐĂůŝ ; >Ϳ͕ ĐŚĞ ŚĂ ƐŽƐƚŝƚƵŝƚŽ ůĂ ŽŶĨĞƌĞŶǌĂ ZĞŐŝŽŶĂůĞ ĚĞůůĞ ƵƚŽŶŽŵŝĞ >ŽŵďĂƌĚĞ͕ ğ ŝů ƉƌŝŶĐŝƉĂůĞ ŽƌŐĂŶŽ Ěŝ ĐŽŶƐƵůƚĂǌŝŽŶĞ ƉĞƌŵĂŶĞŶƚĞ͕ ĐŽŶĨƌŽŶƚŽ Ğ ĐŽŶĐĞƌƚĂǌŝŽŶĞ ƚƌĂ ůĂ ZĞŐŝŽŶĞ Ğ ŝů ^ŝƐƚĞŵĂ ĚĞůůĞ ĂƵƚŽŶŽŵŝĞ ůŽĐĂůŝ͘ ŝů ůƵŽŐŽ ƉƌŝŶĐŝƉĂůĞ ŝŶ ĐƵŝ ĐŽƐƚƌƵŝƌĞ ƵŶ ĐŽŶĨƌŽŶƚŽ ŝƐƚŝƚƵǌŝŽŶĂůĞ ƉĂƌŝƚĂƌŝŽ ƚƌĂ ZĞŐŝŽŶŝ ĞĚ Ŷƚŝ >ŽĐĂůŝ͕ ƐƵƉĞƌĂŶĚŽ ůĞ ůŽŐŝĐŚĞ Ěŝ ĐĞŶƚƌĂůŝƐŵŽ ŐĞƌĂƌĐŚŝĐŽ Ğ ƐƵďŽƌĚŝŶĂǌŝŽŶĞ ƚƌĂ ŽƌĚŝŶĂŵĞŶƚŝ͘ /ů > ğ ĐŽŵƉŽƐƚŽ ĚĂ ϰϱ ƌĂƉƉƌĞƐĞŶƚĂŶƚŝ ĚĞůůĞ ƵƚŽŶŽŵŝĞ >ŽĐĂůŝ Ğ ĚĂ ϭϱ ƌĂƉƉƌĞƐĞŶƚĂŶƚŝ ĚĞůůĞ ƵƚŽŶŽŵŝĞ ĨƵŶǌŝŽŶĂůŝ Ğ ƐŽĐŝĂůŝ ;hŶŝǀĞƌƐŝƚă͕ ĂŵĞƌĞ Ěŝ ŽŵŵĞƌĐŝŽ͕ ^ŝŶĚĂĐĂƚŝ͕ ĞĐĐ͘Ϳ͗

>Ă ůĞŐŐĞ ĚĞů Ϯϯ KƚƚŽďƌĞ ϮϬϬϵ ĂĨĨŝĚĂ ĂĚ E / >ŽŵďĂƌĚŝĂ ůĞ ĞůĞǌŝŽŶŝ ĚĞů >͘ /ů ƉƌŝŵŽ ŽŶƐŝŐůŝŽ ĚĞůůĞ ƵƚŽŶŽŵŝĞ >ŽĐĂůŝ Ěŝ ZĞŐŝŽŶĞ >ŽŵďĂƌĚŝĂ Ɛŝ ğ ŝŶƐĞĚŝĂƚŽ ŝů Ϯϭ 'ĞŶŶĂŝŽ ϮϬϭϮ ĞĚ ğ ƐƚĂƚŽ ƉƌĞƐŝĞĚƵƚŽ ĚĂ 'ƵŝĚŽ WŽĚĞƐƚă͘ /ů ϭϬ ŽƚƚŽďƌĞ ϮϬϭϯ͕ Ă ƐĞŐƵŝƚŽ ĚĞůůĞ ĞůĞǌŝŽŶŝ ĂŵŵŝŶŝƐƚƌĂƚŝǀĞ ZĞŐŝŽŶĂůŝ͕ Ɛŝ ğ ŝŶƐĞĚŝĂƚŽ ŝů ŶƵŽǀŽ > ƉƌĞƐŝĞĚƵƚŽ ĚĂ sŝƌŐŝŶŝŽ ƌŝǀŝŽ͕ ^ŝŶĚĂĐŽ ĚĞů ŽŵƵŶĞ Ěŝ >ĞĐĐŽ͘

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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

>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

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'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

͘>͘ 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

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SXEEOLFD]LRQL GL 6WUDWHJLH $PPLQLVWUDWLYH GDO DO *LXJQR

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

9HULWj LQ &RPXQH

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͞'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

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$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

3LD]]D 'XRPR 0LODQR 7HOHIRQR )D[ (PDLO IHGHUVDQLWD#DQFL ORPEDUGLD LW