GRESHAM HOUSE RENEWABLE ENERGY VCT 1 PLC

Annual Report • Sep 30, 2017

An attractive investment opportunity that reduces ENERGY VCTS HAZEL RENEWABLE ENERGY VCT1 PLC

both your carbon footprint and your tax bill REPORT & ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2017

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d/DͬW/ĐŽĚĞƐ	,ZϭK	,Zϭ
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&ŝŶĂŶĐŝĂůĐĂůĞŶĚĂƌ

ϮϭDĂƌĐŚϮϬϭϴ	ŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐ
DĂLJϮϬϭϴ	ŶŶŽƵŶĐĞŵĞŶƚŽĨŚĂůĨLJĞĂƌůLJĨŝŶĂŶĐŝĂůƌĞƐƵůƚƐ
^ĞƉƚĞŵďĞƌϮϬϭϴ	ŶŶƵĂůĚŝǀŝĚĞŶĚƉĂŝĚ

ŝǀŝĚĞŶĚƐ

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EŽƚŝĨŝĐĂƚŝŽŶŽĨĐŚĂŶŐĞŽĨĂĚĚƌĞƐƐ

ŽŵŵƵŶŝĐĂƚŝŽŶƐǁŝƚŚ^ŚĂƌĞŚŽůĚĞƌƐĂƌĞŵĂŝůĞĚƚŽƚŚĞƌĞŐŝƐƚĞƌĞĚĂĚĚƌĞƐƐŚĞůĚŽŶƚŚĞƐŚĂƌĞƌĞŐŝƐƚĞƌ͘/ŶƚŚĞĞǀĞŶƚŽĨĂ ĐŚĂŶŐĞŽĨĂĚĚƌĞƐƐŽƌŽƚŚĞƌĂŵĞŶĚŵĞŶƚƚŚŝƐƐŚŽƵůĚďĞŶŽƚŝĨŝĞĚƚŽƚŚĞŽŵƉĂŶLJ͛ƐƌĞŐŝƐƚƌĂƌ͕>ŝŶŬƐƐĞƚ^ĞƌǀŝĐĞƐ͕ƵŶĚĞƌ ƚŚĞƐŝŐŶĂƚƵƌĞŽĨƚŚĞƌĞŐŝƐƚĞƌĞĚŚŽůĚĞƌ͘

KƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶĨŽƌ^ŚĂƌĞŚŽůĚĞƌƐ

hƉͲƚŽͲĚĂƚĞŽŵƉĂŶLJŝŶĨŽƌŵĂƚŝŽŶ;ŝŶĐůƵĚŝŶŐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ƐŚĂƌĞƉƌŝĐĞƐĂŶĚĚŝǀŝĚĞŶĚŚŝƐƚŽƌLJͿŵĂLJďĞŽďƚĂŝŶĞĚ ĨƌŽŵŽǁŶŝŶŐ͛ƐǁĞďƐŝƚĞĂƚ͗

ǁǁǁ͘ĚŽǁŶŝŶŐ͘ĐŽ͘ƵŬ

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CONTENTS

Company information	1
Investment objectives, financial highlights and Directors	$\overline{2}$
Chairman's statement	3
Investment Adviser's Report	5
Review of investments	8
Strategic Report	15
Report of the Directors	20
Directors' remuneration Report	23
Corporate governance	25
Independent Auditor's Report	28
Income statement	33
Balance sheet	34
Statement of changes in Equity	35
Cash flow statement	36
Notes to the accounts	37
Notice of Annual General Meeting	50

Page

KDWEz/E&KZDd/KE

ZĞŐŝƐƚĞƌĞĚŶƵŵďĞƌ	ϬϳϯϳϴϯϵϮ
ŝƌĞĐƚŽƌƐ	^ƚĞƉŚĞŶ,ĂLJ;ŚĂŝƌŵĂŶͿ ^ƚƵĂƌƚ<ŶŝŐŚƚ
ŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJĂŶĚZĞŐŝƐƚĞƌĞĚKĨĨŝĐĞ	'ƌĂŶƚtŚŝƚĞŚŽƵƐĞ ϲƚŚ&ůŽŽƌ͕^ƚ͘DĂŐŶƵƐ,ŽƵƐĞ ϯ>ŽǁĞƌdŚĂŵĞƐ^ƚƌĞĞƚ >ŽŶĚŽŶϯZϲ,
/ŶǀĞƐƚŵĞŶƚĚǀŝƐĞƌ	'ƌĞƐŚĂŵ,ŽƵƐĞƐƐĞƚDĂŶĂŐĞŵĞŶƚ>ŝŵŝƚĞĚ ϱŚĞĂƉƐŝĚĞ >ŽŶĚŽŶϮsϲ dĞů͗ϬϮϬϯϴϯϳϲϮϳϬ ǁǁǁ͘ŐƌĞƐŚĂŵŚŽƵƐĞ͘ĐŽŵ
ĚŵŝŶŝƐƚƌĂƚŝŽŶDĂŶĂŐĞƌ	ŽǁŶŝŶŐ>>W ϲƚŚ&ůŽŽƌ͕^ƚ͘DĂŐŶƵƐ,ŽƵƐĞ ϯ>ŽǁĞƌdŚĂŵĞƐ^ƚƌĞĞƚ >ŽŶĚŽŶϯZϲ, dĞů͗ϬϮϬϳϰϭϲϳϳϴϬ ǁǁǁ͘ĚŽǁŶŝŶŐ͘ĐŽ͘ƵŬ
ƵĚŝƚŽƌ	K>>W ϱϱĂŬĞƌ^ƚƌĞĞƚ >ŽŶĚŽŶtϭhϳh
sdƐƚĂƚƵƐĂĚǀŝƐĞƌƐ	WŚŝůŝƉ,ĂƌĞΘƐƐŽĐŝĂƚĞƐ>>W ^ƚĂƉůĞƐ/ŶŶ >ŽŶĚŽŶtϭsϳY,
ZĞŐŝƐƚƌĂƌƐ	>ŝŶŬƐƐĞƚ^ĞƌǀŝĐĞƐ dŚĞZĞŐŝƐƚƌLJ ϯϰĞĐŬĞŶŚĂŵZŽĂĚ ĞĐŬĞŶŚĂŵ <ĞŶƚZϯϰdh dĞů͗ϬϴϳϭϲϲϰϬϯϬϬ ;ĐĂůůƐĐŽƐƚϭϮƉƉĞƌŵŝŶƵƚĞƉůƵƐŶĞƚǁŽƌŬĞdžƚƌĂƐ͕ ůŝŶĞƐŽƉĞŶϵ͗ϬϬĂ͘ŵ͘ƚŽϱ͗ϯϬƉ͘ŵ͘DŽŶĚĂLJƚŽ&ƌŝĚĂLJͿ ǁǁǁ͘ůŝŶŬĂƐƐĞƚƐĞƌǀŝĐĞƐ͘ĐŽŵ
^ŽůŝĐŝƚŽƌƐ	,ŽǁĂƌĚ<ĞŶŶĞĚLJ ϭ>ŽŶĚŽŶƌŝĚŐĞ >ŽŶĚŽŶ^ϭϵ'
ĂŶŬĞƌƐ	ZŽLJĂůĂŶŬŽĨ^ĐŽƚůĂŶĚƉůĐ >ŽŶĚŽŶsŝĐƚŽƌŝĂƌĂŶĐŚ ϭϭϵͬϭϮϭsŝĐƚŽƌŝĂ^ƚƌĞĞƚ >ŽŶĚŽŶ^tϭϲZ
ŽƌƉŽƌĂƚĞƌŽŬĞƌ	WĂŶŵƵƌĞ'ŽƌĚŽŶ;h<Ϳ>ŝŵŝƚĞĚ KŶĞEĞǁŚĂŶŐĞ >ŽŶĚŽŶϰDϵ&

INVESTMENT OBJECTIVES

Hazel Renewable Energy VCT1 plc is a Venture Capital Trust established under the legislation introduced in the Finance Act 1995. The Company's principal objectives are to:

• invest in a portfolio of Venture Capital Investments, primarily in the UK and EU, that specialise in long term $\bullet$ renewable energy projects and energy developers;
• maximise tax free capital gains and income to Shareholders from dividends and capital distributions; and
• maintain VCT status to enable Shareholders to retain their 30% income tax relief on investment.

The detailed investment policy adopted to achieve the investment objectives is set out in the Strategic Report on pages 15 to 17.

FINANCIAL HIGHLIGHTS

	Audited Year End	Audited Year End
	30 September 2017	30 September 2016
	Pence	Pence
Net asset value per Ordinary Share	116.0	118.1
Net asset value per 'A' Share	0.1	0.1
Cumulative Dividends paid	39.5	34.5
Total return per Ordinary Share and 'A' Share	155.6	152.7

DIRECTORS

Stephen Hay (Chairman) is a self-employed business consultant. He is a former Managing Director of Goldman Sachs where he spent twenty years in a variety of roles, including as director of equity research in London and Tokyo. He is a non-executive director of NHS Tayside. He has an MBA from the London Business School and an MSc in Global Environmental Change from Edinburgh University.

Stuart Knight has worked in the financial sector for over twenty years, securing the position of Principle Partner within the FTSE100 company, St. James's Place Wealth Management. He is also one of the founding Partners of Haibun Partners LLP, a financial intermediary offering a diverse range of investment strategies addressing the specific requirements of sophisticated investors.

Both of the Directors are non-executive and are independent of the Investment Adviser.

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/ŶǀĞƐƚŵĞŶƚƉŽƌƚĨŽůŝŽ

dŚĞƌĞ ǁĞƌĞ ŶŽ ĐŚĂŶŐĞƐ ƚŽ ƚŚĞ ŝŶǀĞƐƚŵĞŶƚ ƉŽƌƚĨŽůŝŽ ĚƵƌŝŶŐƚŚĞLJĞĂƌ͘ƚƚŚĞLJĞĂƌĞŶĚ͕ƚŚĞŽŵƉĂŶLJŚĞůĚĂ ƉŽƌƚĨŽůŝŽŽĨϭϲŝŶǀĞƐƚŵĞŶƚƐǁŝƚŚĂƚŽƚĂůǀĂůƵĞŽĨάϯϭ͘ϰ ŵŝůůŝŽŶ͘

Ɛ ƵƐƵĂů͕ ƚŚĞ ŽĂƌĚ ŚĂƐ ƌĞǀŝĞǁĞĚ ƚŚĞ ŝŶǀĞƐƚŵĞŶƚ ǀĂůƵĂƚŝŽŶƐĂƚƚŚĞLJĞĂƌĞŶĚĂŶĚŵĂĚĞĂĚũƵƐƚŵĞŶƚƐƚŽƚŚĞ ĨĂŝƌ ǀĂůƵĞƐ͘ ĞƐƉŝƚĞ ůŽǁĞƌ ƚŚĂŶ ĞdžƉĞĐƚĞĚ ŝƌƌĂĚŝĂƚŝŽŶ ĚƵƌŝŶŐƚŚĞLJĞĂƌǁŚŝĐŚŝŵƉĂĐƚĞĚƚŚĞƐŽůĂƌŝŶǀĞƐƚŵĞŶƚƐ͕ ŽƚŚĞƌ ĨĂĐƚŽƌƐ ŚĂǀĞ ŽĨĨƐĞƚ ƚŚŝƐ ƌĞƐƵůƚŝŶŐ ŝŶ Ă ŶĞƚ ƵŶƌĞĂůŝƐĞĚŐĂŝŶŽĨάϵϵϮ͕ϬϬϬ͘

EĞƚĂƐƐĞƚǀĂůƵĞĂŶĚƌĞƐƵůƚƐ

ƚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ͕ƚŚĞEĞƚƐƐĞƚsĂůƵĞ;͞Es͟ͿƉĞƌ KƌĚŝŶĂƌLJ ^ŚĂƌĞ ƐƚŽŽĚ Ăƚ ϭϭϲ͘ϬƉ ĂŶĚ ƚŚĞ Es ƉĞƌ ͚͛ ^ŚĂƌĞ ƐƚŽŽĚ Ăƚ Ϭ͘ϭƉ͕ ƉƌŽĚƵĐŝŶŐ Ă ĐŽŵďŝŶĞĚ ƚŽƚĂů ŽĨ ϭϭϲ͘ϭƉ͘dŚŝƐƌĞƉƌĞƐĞŶƚƐĂŶŝŶĐƌĞĂƐĞŽĨϮ͘ϵƉ;Ϯ͘ϱйͿŽǀĞƌ ƚŚĞLJĞĂƌ;ĂĨƚĞƌĂĚũƵƐƚŝŶŐĨŽƌĚŝǀŝĚĞŶĚƐƉĂŝĚĚƵƌŝŶŐƚŚĞ LJĞĂƌŽĨϱ͘ϬƉƉĞƌKƌĚŝŶĂƌLJƐŚĂƌĞͿ͘dŽƚĂůĚŝǀŝĚĞŶĚƐƉĂŝĚ ƚŽĚĂƚĞĨŽƌĂĐŽŵďŝŶĞĚŚŽůĚŝŶŐŽĨŽŶĞKƌĚŝŶĂƌLJ^ŚĂƌĞ ĂŶĚ ŽŶĞ ͚͛ ^ŚĂƌĞ ƐƚĂŶĚ Ăƚ ϯϵ͘ϱƉ͘ dŽƚĂů ZĞƚƵƌŶ ;Es ƉůƵƐĐƵŵƵůĂƚŝǀĞĚŝǀŝĚĞŶĚƐƉĂŝĚƚŽĚĂƚĞͿŶŽǁƐƚĂŶĚƐĂƚ ϭϱϱ͘ϲƉ͕ĐŽŵƉĂƌĞĚƚŽƚŚĞĐŽƐƚƚŽŝŶǀĞƐƚŽƌƐŝŶƚŚĞŝŶŝƚŝĂů ĨƵŶĚƌĂŝƐŝŶŐŽĨάϭ͘ϬϬŽƌϳϬ͘ϬƉŶĞƚŽĨŝŶĐŽŵĞƚĂdžƌĞůŝĞĨ͘

dŚĞƉƌŽĨŝƚŽŶŽƌĚŝŶĂƌLJĂĐƚŝǀŝƚŝĞƐĂĨƚĞƌ ƚĂdžĂƚŝŽŶ ĨŽƌ ƚŚĞ LJĞĂƌ ǁĂƐ άϳϬϯ͕ϬϬϬ͕ ĐŽŵƉƌŝƐŝŶŐ Ă ƌĞǀĞŶƵĞ ůŽƐƐ ŽĨ άϭϵϲ͕ϬϬϬĂŶĚĂĐĂƉŝƚĂůŐĂŝŶŽĨάϴϵϵ͕ϬϬϬĂƐƐŚŽǁŶŝŶƚŚĞ /ŶĐŽŵĞ^ƚĂƚĞŵĞŶƚ͘

ŝǀŝĚĞŶĚƐ

dŚĞ ŽŵƉĂŶLJ ŶŽƌŵĂůůLJ ƉĂLJƐ ŝƚƐ ĂŶŶƵĂů ĚŝǀŝĚĞŶĚ ŝŶ ^ĞƉƚĞŵďĞƌĞĂĐŚLJĞĂƌ͘ĚŝǀŝĚĞŶĚŽĨϱ͘ϬƉƉĞƌKƌĚŝŶĂƌLJ ^ŚĂƌĞǁĂƐƉĂŝĚŽŶϭϱ^ĞƉƚĞŵďĞƌϮϬϭϳ͘

dŚĞŽŵƉĂŶLJ͛ƐŐĞŶĞƌĂůĚŝǀŝĚĞŶĚƉŽůŝĐLJŝƐƚŽĚŝƐƚƌŝďƵƚĞ ƐƵƌƉůƵƐ ĨƵŶĚƐ ŐĞŶĞƌĂƚĞĚ ďLJ ƚŚĞ ƵŶĚĞƌůLJŝŶŐ ŝŶǀĞƐƚŵĞŶƚƐ͕ ƐƵďũĞĐƚ ƚŽ ŵĂŝŶƚĂŝŶŝŶŐ ĂŶ ĂƉƉƌŽƉƌŝĂƚĞ ĐĂƐŚƌĞƐĞƌǀĞǁŝƚŚŝŶƚŚĞŽŵƉĂŶLJƚŽŵĞĞƚĂŶƚŝĐŝƉĂƚĞĚ ĨƵƚƵƌĞƌĞƋƵŝƌĞŵĞŶƚƐ͘

/ŶƌĞƐƉĞĐƚŽĨĨƵƚƵƌĞĚŝǀŝĚĞŶĚƐ͕ƚŚĞ/ŶǀĞƐƚŵĞŶƚĚǀŝƐĞƌ ŚĂƐ ƉƌŽũĞĐƚĞĚ ĨƵƚƵƌĞ ƌĞƚƵƌŶƐ ĨƌŽŵ ƚŚĞ ƵŶĚĞƌůLJŝŶŐ ŝŶǀĞƐƚŵĞŶƚƐ͘dŚĞƐĞĂƌĞƐƵŵŵĂƌŝƐĞĚĂƐĨŽůůŽǁƐ͗

dŚĞĐŚĂƌƚƐŚŽǁƐƚŚĞĨƵŶĚƐƉƌŽũĞĐƚĞĚƚŽďĞĂǀĂŝůĂďůĞĨŽƌ ĚŝǀŝĚĞŶĚƐŝŶ ĨƵƚƵƌĞLJĞĂƌƐ͘/ƚƐŚŽƵůĚďĞŶŽƚĞĚ ƚŚĂƚ ƚŚĞ ƉƌŽũĞĐƚŝŽŶƐĚŽŶŽƚŵĂŬĞĂůůŽǁĂŶĐĞĨŽƌĂŶLJĨƵŶĚƐƚŚĂƚ ŵĂLJďĞƵƐĞĚĨŽƌƐŚĂƌĞďƵLJďĂĐŬƐĂŶĚĂŶLJƉĞƌĨŽƌŵĂŶĐĞ ŝŶĐĞŶƚŝǀĞ ƚŚĂƚ ŵĂLJ ďĞĐŽŵĞ ƉĂLJĂďůĞ͘ dŚĞ ƉƌŽũĞĐƚŝŽŶƐ ĂƌĞďĂƐĞĚŽŶ ƐƚĂŶĚĂƌĚŝƌƌĂĚŝĂƚŝŽŶĂŶĚŽƚŚĞƌĐůŝŵĂĐƚŝĐ ĂƐƐƵŵƉƚŝŽŶƐ͘ ĐƚƵĂů ĐŽŶĚŝƚŝŽŶƐ ŵĂLJ͕ ŽĨ ĐŽƵƌƐĞ͕ ǀĂƌLJ ǁŚŝĐŚĐŽƵůĚƌĞƐƵůƚŝŶĂĚŝĨĨĞƌĞŶƚŽƵƚĐŽŵĞ͘

^ŚĂƌĞƵLJďĂĐŬƐ

dŚĞŽŵƉĂŶLJŚĂƐŝŶƚƌŽĚƵĐĞĚĂƌĞǀŝƐĞĚƉŽůŝĐLJŽĨďƵLJŝŶŐ ŝŶƐŚĂƌĞƐƚŚĂƚďĞĐŽŵĞĂǀĂŝůĂďůĞŝŶƚŚĞŵĂƌŬĞƚĂƚĂϮй ĚŝƐĐŽƵŶƚ ƚŽEs͘ ^ŚĂƌĞŚŽůĚĞƌƐ ǁŚŽ ǁŝƐŚ ƚŽ ƐĞůů ƚŚĞŝƌ ƐŚĂƌĞƐ ǁŝůů ŶĞĞĚ ƚŽ ĚŽ ƐŽ ǀŝĂ Ă ƐƚŽĐŬďƌŽŬĞƌ͘ dŚĞ ŽŵƉĂŶLJ ŚĂƐĞŶŐĂŐĞĚ WĂŶŵƵƌĞ'ŽƌĚŽŶ ;h<Ϳ >ŝŵŝƚĞĚ ;͞WĂŶŵƵƌĞ͟Ϳ ĂƐ ŝƚƐ ŽƌƉŽƌĂƚĞ ƌŽŬĞƌ͘ WĂŶŵƵƌĞ ĐĂŶ ƉƌŽǀŝĚĞ ŐƵŝĚĂŶĐĞ ŽŶ ƚŚĞ ƚŝŵŝŶŐ ĂŶĚ ůŝŬĞůLJ ƉƌŝĐĞ ŽĨ ďƵLJďĂĐŬƐ͘ŽŶƚĂĐƚĚĞƚĂŝůƐĨŽƌWĂŶŵƵƌĞĐĂŶďĞĨŽƵŶĚŽŶ ƚŚĞŝŶƐŝĚĞĐŽǀĞƌŽĨƚŚĞŶŶƵĂůZĞƉŽƌƚ͘

EŽ ͚KƌĚŝŶĂƌLJ͛ ^ŚĂƌĞƐ Žƌ ͚͛ ^ŚĂƌĞƐ ǁĞƌĞ ƉƵƌĐŚĂƐĞĚ ĚƵƌŝŶŐƚŚĞLJĞĂƌ͘

ŽĂƌĚĐŽŵƉŽƐŝƚŝŽŶ

/Ŷ:ƵůLJ͕DŝĐŚĂĞůƵŶŶŝŶŐŚĂŵƌĞƚŝƌĞĚĂƐĂŶŽŶͲĞdžĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌ ĂŶĚ ŚĂŝƌŵĂŶ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͘DŝĐŚĂĞů ŚĂĚ ďĞĞŶ ŚĂŝƌŵĂŶ ƐŝŶĐĞ ƚŚĞ ůĂƵŶĐŚ ŝŶ ϮϬϭϬĂŶĚŵĂĚĞ Ă ƐƵďƐƚĂŶƚŝĂů ĐŽŶƚƌŝďƵƚŝŽŶ ƚŽ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͘ ,Ğ ĂůƐŽ ǁŽƌŬĞĚ ƚŽ ƌĞƐŽůǀĞ ƚŚĞ ĐŚĂůůĞŶŐĞƐ ĨĂĐĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ ŽǀĞƌ ƚŚĞ ůĂƐƚ ƚǁŽ LJĞĂƌƐ͘ / ǁŝůů ŵŝƐƐǁŽƌŬŝŶŐǁŝƚŚŚŝŵĂŶĚǁŝƐŚŚŝŵǁĞůůĨŽƌƚŚĞĨƵƚƵƌĞ ǁŝƚŚ ŚŝƐ ŽƚŚĞƌ ǀĞŶƚƵƌĞƐ͘ &ŽůůŽǁŝŶŐ DŝĐŚĂĞů͛Ɛ ƌĞƐŝŐŶĂƚŝŽŶ͕/ĂŐƌĞĞĚƚŽƚĂŬĞŽǀĞƌĂƐŚĂŝƌŵĂŶ͘

dŚĞ ŝƌĞĐƚŽƌƐ ĂƌĞ ƌĞǀŝĞǁŝŶŐ ƚŚĞ ĐŽŵƉŽƐŝƚŝŽŶ ŽĨ ƚŚĞ ŽĂƌĚĂŶĚŵĂLJŵĂŬĞĂŶĞǁĂƉƉŽŝŶƚŵĞŶƚŝŶĚƵĞĐŽƵƌƐĞ͘

,/ZDE͛^^ddDEd;ĐŽŶƚŝŶƵĞĚͿ

/ŶǀĞƐƚŵĞŶƚĚǀŝƐĞƌ

Ɛ ŵĞŶƚŝŽŶĞĚ ĂďŽǀĞ͕ 'ƌĞƐŚĂŵ ,ŽƵƐĞ ƐƐĞƚ DĂŶĂŐĞŵĞŶƚ >ŝŵŝƚĞĚ ;͞',D͟Ϳ ŚĂƐ ŶŽǁ ďĞĞŶ ĂƉƉŽŝŶƚĞĚĂƐ/ŶǀĞƐƚŵĞŶƚĚǀŝƐĞƌƚŽƚŚĞŽŵƉĂŶLJ͕ĂŶĚ ŽƵƌƐŝƐƚĞƌŽŵƉĂŶLJ͕,ĂnjĞůZĞŶĞǁĂďůĞŶĞƌŐLJsdϮƉůĐ ;͞,ĂnjĞů Ϯ͟Ϳ͘ ',D ŝƐ ƉĂƌƚ ŽĨ /DͲƋƵŽƚĞĚ ƐƉĞĐŝĂůŝƐƚ ĂƐƐĞƚŵĂŶĂŐĞƌ͕'ƌĞƐŚĂŵ,ŽƵƐĞƉůĐ͘

',DĂĐƋƵŝƌĞĚƚŚĞďƵƐŝŶĞƐƐŽĨ,ĂnjĞůĂƉŝƚĂů>>WŽŶϯϭ KĐƚŽďĞƌ ϮϬϭϳ ƐŽ ƚŚĞ ŽŵƉĂŶLJ ŶŽǁ ďĞŶĞĨŝƚƐ ĨƌŽŵ ĐŽŶƚŝŶƵŝƚLJ ŽĨ ƚŚĞ ŬĞLJ ŝŶǀĞƐƚŵĞŶƚ ĞdžĞĐƵƚŝǀĞƐ ƉůƵƐ ƚŚĞ ĞŶŚĂŶĐĞĚ ƌĞƐŽƵƌĐĞƐ ŽĨ Ă ůĂƌŐĞƌ ŐƌŽƵƉ͘ Ɛ ƉĂƌƚ ŽĨ ƚŚĞ ŶĞǁĂƌƌĂŶŐĞŵĞŶƚƐ͕ ƚŚĞŽĂƌĚĂůƐŽƐĞĐƵƌĞĚĂƌĞĚƵĐĞĚ ĂĚǀŝƐŽƌLJĨĞĞ͘dŚĞŽĂƌĚůŽŽŬƐĨŽƌǁĂƌĚƚŽǁŽƌŬŝŶŐǁŝƚŚ ',DĂŶĚďĞůŝĞǀĞƐƚŚĂƚƚŚĞŶĞǁƐƚƌƵĐƚƵƌĞĐĂŶĚĞůŝǀĞƌ ĞŶŚĂŶĐĞĚƌĞƚƵƌŶƐƚŽ^ŚĂƌĞŚŽůĚĞƌƐŝŶĚƵĞĐŽƵƌƐĞ͘

ŵĞŶĚŵĞŶƚƚŽƚŚĞƌƚŝĐůĞƐŽĨƐƐŽĐŝĂƚŝŽŶ

dŚĞsd͛ƐŝŶǀĞƐƚŵĞŶƚƐĂƌĞŵŽƐƚůLJŝŶĐŽŵƉĂŶŝĞƐǁŚŝĐŚ ǁĞƌĞƐĞƚƵƉƚŽĚĞǀĞůŽƉĂŶĚŽƉĞƌĂƚĞƌĞŶĞǁĂďůĞĞŶĞƌŐLJ ĂƐƐĞƚƐ͘ /Ŷ ƐŽŵĞ ĐĂƐĞƐ͕ ƚŚĞƐĞ ĐŽŵƉĂŶŝĞƐ ŚĂǀĞ ŶŽƚ LJĞƚ ŐĞŶĞƌĂƚĞĚĞŶŽƵŐŚƉƌŽĨŝƚƐƚŽĨƵůůLJŽĨĨƐĞƚƚŚĞƐĞƚͲƵƉĐŽƐƚƐ ĂŶĚ͕ĂƐĂƌĞƐƵůƚ͕ĚŽŶŽƚLJĞƚŚĂǀĞĚŝƐƚƌŝďƵƚĂďůĞƌĞƐĞƌǀĞƐ ĞǀĞŶ ƚŚŽƵŐŚ ƚŚĞLJ ĂƌĞ ŶŽǁ ŐĞŶĞƌĂƚŝŶŐ ƐƵƌƉůƵƐ ĐĂƐŚ͘ &ƵŶĚƐ ĨƌŽŵ ƚŚĞƐĞ ŝŶǀĞƐƚĞĞ ĐŽŵƉĂŶŝĞƐ ŚĂǀĞ͕ ŝŶ ƐŽŵĞ ĐĂƐĞƐ͕ďĞĞŶƉĂŝĚƵƉƚŽƚŚĞsdďLJǁĂLJŽĨůŽĂŶƐ͘/ŶĚƵĞ ĐŽƵƌƐĞ͕ŝƚŝƐĞdžƉĞĐƚĞĚƚŚĂƚƚŚĞƐĞůŽĂŶƐǁŝůůďĞĐĂŶĐĞůůĞĚ ďLJ ƚŚĞ ĚĞĐůĂƌĂƚŝŽŶ ŽĨ ĚŝǀŝĚĞŶĚƐ ĨƌŽŵ ƚŚĞ ŝŶǀĞƐƚĞĞ ĐŽŵƉĂŶLJŽŶĐĞĚŝƐƚƌŝďƵƚĂďůĞƌĞƐĞƌǀĞƐĂƌĞĂǀĂŝůĂďůĞ͘

ƌƚŝĐůĞ ϭϬϲ͘ϭ ƌĞƐƚƌŝĐƚƐ ƚŚĞ ŽŵƉĂŶLJ ĨƌŽŵ ďŽƌƌŽǁŝŶŐ ĨƌŽŵŶŽŶͲŐƌŽƵƉĐŽŵƉĂŶŝĞƐĂƐƵŵŝŶĞdžĐĞƐƐŽĨϭϱйŽĨ ƚŚĞ ŶĞƚ ĂƐƐĞƚƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͘ Ɛ ĐƵƌƌĞŶƚůLJ ĚƌĂĨƚĞĚ͕ ůŽĂŶƐ ĨƌŽŵ ŝŶǀĞƐƚĞĞ ĐŽŵƉĂŶŝĞƐ ĂƌĞ ŝŶĐůƵĚĞĚ ŝŶ ƚŚŝƐ ĐĂůĐƵůĂƚŝŽŶ͘ dŚĞ ŝƌĞĐƚŽƌƐ ďĞůŝĞǀĞ ƚŚĂƚ ŝƚ ǁĂƐ ŶŽƚ ŝŶƚĞŶĚĞĚ ƚŚĂƚ ƐƵĐŚ ůŽĂŶƐ ďĞ ŝŶĐůƵĚĞĚ ǁŝƚŚŝŶ ƚŚŝƐ ƌĞƐƚƌŝĐƚŝŽŶ ĂŶĚ ƉƌŽƉŽƐĞ ƚŽ ĞdžƚĞŶĚ ƚŚĞ ĚĞĨŝŶŝƚŝŽŶ ŽĨ ͞'ƌŽƵƉ͟ŝŶƚŚĞĂƌƚŝĐůĞƐƚŽŝŶĐůƵĚĞŝŶǀĞƐƚĞĞĐŽŵƉĂŶŝĞƐ͘ ZĞƐŽůƵƚŝŽŶϱǁŝůůďĞƉƌŽƉŽƐĞĚĂƐĂƐƉĞĐŝĂůƌĞƐŽůƵƚŝŽŶĂƚ ƚŚĞĨŽƌƚŚĐŽŵŝŶŐ'DƐĞĞŬŝŶŐƚŽŵĂŬĞƚŚŝƐĂŵĞŶĚŵĞŶƚ ƚŽƚŚĞĂƌƚŝĐůĞƐ͘dŚĞŽĂƌĚƌĞĐŽŵŵĞŶĚƐǀŽƚŝŶŐŝŶĨĂǀŽƵƌ ŽĨƚŚŝƐƌĞƐŽůƵƚŝŽŶƚŽĂůůŽǁƚŚĞŽŵƉĂŶLJƚŽĐŽŶƚŝŶƵĞƚŽ ŚĂǀĞ ĨůĞdžŝďŝůŝƚLJ ŝŶ ƚƌĂŶƐĨĞƌƌŝŶŐ ƐƵƌƉůƵƐ ĐĂƐŚ ĨƌŽŵ ƚŚĞ ŝŶǀĞƐƚĞĞĐŽŵƉĂŶŝĞƐƚŽƚŚĞŽŵƉĂŶLJĂƐƌĞƋƵŝƌĞĚ͘

ŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐ

dŚĞŽŵƉĂŶLJ͛ƐƐĞǀĞŶƚŚ'DǁŝůůďĞŚĞůĚĂƚϲƚŚ&ůŽŽƌ͕ ^ƚ͘ DĂŐŶƵƐ ,ŽƵƐĞ͕ ϯ >ŽǁĞƌ dŚĂŵĞƐ ^ƚƌĞĞƚ͕ >ŽŶĚŽŶ ϯZϲ,Ăƚϭϭ͗ϬϬĂ͘ŵ͘ŽŶϮϭDĂƌĐŚϮϬϭϴ͘

&ŽƵƌ ŝƚĞŵƐ ŽĨ ƐƉĞĐŝĂů ďƵƐŝŶĞƐƐ ǁŝůů ďĞ ƉƌŽƉŽƐĞĚ ĂƐ ĨŽůůŽǁƐ͗

• x ŽŶĞ ƌĞƐŽůƵƚŝŽŶ ƐĞĞŬŝŶŐ ĂƵƚŚŽƌŝƚLJ ƚŽ ƵŶĚĞƌƚĂŬĞ ƐŚĂƌĞďƵLJďĂĐŬƐ
• x ƚǁŽ ƌĞƐŽůƵƚŝŽŶƐ ƐĞĞŬŝŶŐ ĂƵƚŚŽƌŝƚLJ ƚŽ ĂůůŽǁ ƚŚĞ ŝƌĞĐƚŽƌƐƚŽĂůůŽƚƐŚĂƌĞƐĂŶĚĚŝƐĂƉƉůLJƉƌĞͲĞŵƉƚŝŽŶ ƌŝŐŚƚƐŝŶƌĞƐƉĞĐƚŽĨƚŚŽƐĞƐŚĂƌĞƐ;ŝŶĐůƵĚŝŶŐƐŚĂƌĞƐ ŚĞůĚŝŶƚƌĞĂƐƵƌLJͿ͖ĂŶĚ
• x ŽŶĞƌĞƐŽůƵƚŝŽŶƚŽĂƉƉƌŽǀĞƚŚĞĂŵĞŶĚŵĞŶƚƚŽƚŚĞ ƌƚŝĐůĞƐŽĨƐƐŽĐŝĂƚŝŽŶĂƐĚĞƐĐƌŝďĞĚĂďŽǀĞ͘

KƵƚůŽŽŬ

dŚĞ ƌĞĐĞŶƚ ƵĚŐĞƚ ďLJ ,Ğƌ DĂũĞƐƚLJ͛Ɛ 'ŽǀĞƌŶŵĞŶƚ ĂŶŶŽƵŶĐĞĚ Ă ŶƵŵďĞƌ ŽĨ ĨƵƌƚŚĞƌ ĐŚĂŶŐĞƐ ƚŽ ƚŚĞ sd ƌĞŐƵůĂƚŝŽŶƐ͘ Ɛ ƚŚĞ ŽŵƉĂŶLJ ŝƐ ĞĨĨĞĐƚŝǀĞůLJ ĨƵůůLJ ŝŶǀĞƐƚĞĚ͕ ƚŚĞ ŽĂƌĚ ĚŽĞƐ ŶŽƚ ďĞůŝĞǀĞ ƚŚĞ ŶĞǁ ƌĞŐƵůĂƚŝŽŶƐ ǁŝůů ŚĂǀĞ ĂŶ ŝŵƉĂĐƚ ŽŶ ƌĞƚƵƌŶƐ ĨƌŽŵ ƚŚĞ ĞdžŝƐƚŝŶŐ ƉŽƌƚĨŽůŝŽ͘ dŚĞ ŶĞǁ ƌĞŐƵůĂƚŝŽŶƐ ĚŽ ŚŽǁĞǀĞƌ ƉůĂĐĞ ĨƵƌƚŚĞƌ ƌĞƐƚƌŝĐƚŝŽŶƐ ŽŶ ƚŚĞ ƚLJƉĞƐ ŽĨ ŶĞǁ ŝŶǀĞƐƚŵĞŶƚƐƚŚĂƚsdƐĂƌĞĂďůĞƚŽŵĂŬĞŝŶĨƵƚƵƌĞĂŶĚ ǁŝůůŚĂǀĞĂŶŝŶĨůƵĞŶĐĞŽŶĂŶLJƉůĂŶƐƚŚĂƚƚŚĞŽŵƉĂŶLJ ŵŝŐŚƚĚĞǀĞůŽƉŝŶƌĞƐƉĞĐƚŽĨŶĞǁŝŶǀĞƐƚŵĞŶƚĂĐƚŝǀŝƚLJ͘

dŚĞŽĂƌĚŚĂƐĂůƐŽĐŽŶƐŝĚĞƌĞĚƚŚĞƉŽƚĞŶƚŝĂůŝŵƉĂĐƚŽĨ ƚŚĞh<ůĞĂǀŝŶŐƚŚĞƵƌŽƉĞĂŶhŶŝŽŶ͘tŝƚŚĂůŵŽƐƚĂůůŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĨƵŶĚƐ ĞŵƉůŽLJĞĚ ŝŶ ƌĞŶĞǁĂďůĞ ĞŶĞƌŐLJ ĂƐƐĞƚƐ ŝŶ ƚŚĞh<͕ ƚŚĞ ŽĂƌĚ ĚŽ ŶŽƚ ĐŽŶƐŝĚĞƌ ƚŚĂƚĂŶLJ ŝŵƉĂĐƚŽĨƚŚŝƐǁŝůůďĞƐŝŐŶŝĨŝĐĂŶƚĨŽƌƚŚĞŽŵƉĂŶLJ͘

/Ŷ ƚĞƌŵƐ ŽĨ ƚŚĞĞdžŝƐƚŝŶŐ ƉŽƌƚĨŽůŝŽ͕ ŽǀĞƌ ƚŚĞ ŶĞdžƚLJĞĂƌ͕ ƚŚĞ ŝŶǀĞƐƚŵĞŶƚ ĂĚǀŝƐŽƌLJ ƚĞĂŵ ǁŝůů ĐŽŶƚŝŶƵĞ ĐůŽƐĞ ŵŽŶŝƚŽƌŝŶŐ ŽĨ ĂŶĚ͕ ǁŚĞƌĞ ƉŽƐƐŝďůĞ͕ ƐĞĞŬ ƚŽ ĨƵƌƚŚĞƌ ĂĐŚŝĞǀĞƌƵŶŶŝŶŐĐŽƐƚƐƐĂǀŝŶŐƐĂŶĚŝŵƉƌŽǀĞĚĞĨĨŝĐŝĞŶĐLJ ĨƌŽŵƚŚĞĐƵƌƌĞŶƚĂƐƐĞƚƐ͘

/ ůŽŽŬ ĨŽƌǁĂƌĚ ƚŽ ƵƉĚĂƚŝŶŐ ^ŚĂƌĞŚŽůĚĞƌƐ ŝŶ ŵLJ ƐƚĂƚĞŵĞŶƚǁŝƚŚƚŚĞ,ĂůĨLJĞĂƌůLJƌĞƉŽƌƚƚŽϯϭDĂƌĐŚϮϬϭϴ ǁŚŝĐŚŝƐĞdžƉĞĐƚĞĚƚŽďĞƉƵďůŝƐŚĞĚŝŶ:ƵůLJϮϬϭϴ͘

^ƚĞƉŚĞŶ,ĂLJ ŚĂŝƌŵĂŶ

ϵ:ĂŶƵĂƌLJϮϬϭϴ

/Es^dDEds/^Z͛^ZWKZd

/ŶƚƌŽĚƵĐƚŝŽŶ

tĞǁŽƵůĚůŝŬĞƚŽƚŚĂŶŬƚŚĞƐŚĂƌĞŚŽůĚĞƌƐĨŽƌƐƵƉƉŽƌƚŝŶŐ ƚŚĞ ƌĞŽƌŐĂŶŝƐĂƚŝŽŶ ŽĨ ƚŚĞ ĐŽŵƉĂŶLJ ĂŶĚ ĂƉƉŽŝŶƚŝŶŐ 'ƌĞƐŚĂŵ ,ŽƵƐĞ ƐƐĞƚ DĂŶĂŐĞŵĞŶƚ >ŝŵŝƚĞĚ ĂƐ /ŶǀĞƐƚŵĞŶƚĚǀŝƐĞƌ͘tĞůŽŽŬĨŽƌǁĂƌĚƚŽƐƵƐƚĂŝŶŝŶŐĂŶĚ ĞŶŚĂŶĐŝŶŐƚŚĞŝŵƉƌĞƐƐŝǀĞŝŶǀĞƐƚŵĞŶƚƌĞƚƵƌŶƐƚŚĂƚŚĂǀĞ ďĞĞŶĂĐŚŝĞǀĞĚƐŝŶĐĞŝŶĐĞƉƚŝŽŶŝŶϮϬϬϵ͘tĞĂƌĞƉůĞĂƐĞĚ ƚŽ ƌĞƉŽƌƚ ƚŚĂƚ ƚŚĞƉŽƌƚĨŽůŝŽŽĨĂƐƐĞƚƐŽǁŶĞĚďLJ,ĂnjĞů ZĞŶĞǁĂďůĞŶĞƌŐLJsdϭƉůĐ;͞ƚŚĞŽŵƉĂŶLJ͟ͿĞdžƚĞŶĚĞĚ ŝƚƐŵƵůƚŝͲLJĞĂƌƉĞƌŝŽĚŽĨ ƐŽůŝĚƉĞƌĨŽƌŵĂŶĐĞŝŶ ƚŚĞLJĞĂƌ ĞŶĚŝŶŐϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ͘dŚŝƐǁĂƐĂĐŚŝĞǀĞĚŝŶƐƉŝƚĞ ŽĨ Ă ƐŝŐŶŝĨŝĐĂŶƚ ŚĞĂĚǁŝŶĚ ŝŶ ƚŚĞ ĨŽƌŵ ŽĨ ĂĚǀĞƌƐĞ ǁĞĂƚŚĞƌ ĐŽŶĚŝƚŝŽŶƐ ĨĂĐĞĚ ďLJ Ăůů ŽǁŶĞƌƐ ŽĨ ƐŽůĂƌ ŐĞŶĞƌĂƚŝŽŶĂƐƐĞƚƐŝŶƚŚĞh<͘

dŚĞƉŽƌƚĨŽůŝŽǁĂƐĨƵůůLJŝŶǀĞƐƚĞĚĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞ LJĞĂƌ͘ůƚŚŽƵŐŚ ƚŚĞƌĞǁĞƌĞƐƵƌƉůƵƐƉƌŽĐĞĞĚƐ ĨƌŽŵ ƚŚĞ ƌĞĨŝŶĂŶĐŝŶŐ ĐĂƌƌŝĞĚ ŽƵƚ ŝŶ DĂƌĐŚ ϮϬϭϲ͕ ƚŚĞ ŶĞĞĚ ƚŽ ĂůůŽǁ ĨŽƌĂůůƉŽƚĞŶƚŝĂůŽƵƚĐŽŵĞƐŽĨ ƚŚĞƌĞŽƌŐĂŶŝƐĂƚŝŽŶ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ŵĞĂŶƚ ƚŚĂƚ ƚŚĞƐĞ ĨƵŶĚƐ ǁĞƌĞ ŵĂŝŶƚĂŝŶĞĚŝŶĐĂƐŚ͘

dŚĞĨŽĐƵƐŝŶƚŚĞLJĞĂƌǁĂƐƚŽŐĞŶĞƌĂƚĞĂƐŵƵĐŚLJŝĞůĚĂƐ ƉŽƐƐŝďůĞ ĨƌŽŵ ƚŚĞ ƉŽƌƚĨŽůŝŽ͕ ĂŶĚ ƚŽ ƌĞĚƵĐĞ ƌŝƐŬ ƚŽ ƌĞǀĞŶƵĞƐ ŽǀĞƌŵƵůƚŝƉůĞLJĞĂƌƐ ďLJ ďƵŝůĚŝŶŐŝŶ ƌĞƐŝůŝĞŶĐĞ ƚŚƌŽƵŐŚ Ă ŶĞǁ ƐƉĂƌĞ ƉĂƌƚƐ ƐƚƌĂƚĞŐLJ ĂŶĚ ŶĞŐŽƚŝĂƚŝŶŐ ďĞƚƚĞƌŝŶƐƵƌĂŶĐĞƚĞƌŵƐ͘

KǀĞƌĂůů͕ƚŚĞŽŵƉĂŶLJŽǁŶƐĂǁĞůůͲĚŝǀĞƌƐŝĨŝĞĚƉŽƌƚĨŽůŝŽ ŽĨ ĂƐƐĞƚƐ ŽĨ ŚŝŐŚ ďƵŝůĚ ƋƵĂůŝƚLJ͘ dŚĞ ŐƌŽƵŶĚͲŵŽƵŶƚĞĚ ƐŝƚĞƐĂŶĚƚŚĞƐŽůĂƌŝŶƐƚĂůůĂƚŝŽŶƐůŽĐĂƚĞĚŽŶƚŚĞƌŽŽĨƐŽĨ ƌĞƐŝĚĞŶƚŝĂů ƉƌŽƉĞƌƚŝĞƐ ŽǁŶĞĚ ďLJ ŚŽƵƐŝŶŐ ĂƐƐŽĐŝĂƚŝŽŶƐ ĂĐƌŽƐƐƚŚĞh<ŚĂǀĞƉĞƌĨŽƌŵĞĚǁĞůůŽǀĞƌƚŚĞLJĞĂƌƐĂŶĚ ĂĐĐŽƵŶƚ ĨŽƌĐŝƌĐĂŶŝŶĞƚLJƉĞƌĐĞŶƚŽĨ ƚŚĞĐĂƐŚĨůŽǁƐĂŶĚ ƚŚĞƌĞĨŽƌĞ ƚŚĞ ǀĂůƵĞ͘dŚĞ ƐŵĂůů ǁŝŶĚ ƚƵƌďŝŶĞ ƉŽƌƚĨŽůŝŽ ĂŶĚ ƚŽ Ă ůĞƐƐĞƌ ĞdžƚĞŶƚ ƚŚĞ ƐŵĂůů ƉŽƌƚĨŽůŝŽ ƐŽůĂƌ ŝŶƐƚĂůůĂƚŝŽŶƐ ůŽĐĂƚĞĚ ŽŶ ƚŚĞ ƌŽŽĨƐ ŽĨ ƉƌŝǀĂƚĞůLJͲŽǁŶĞĚ ŚŽƵƐĞƐĂŶĚƐĐŚŽŽůƐŚĂǀĞƉĞƌĨŽƌŵĞĚůĞƐƐǁĞůůŽǀĞƌƚŚĞ LJĞĂƌƐ͕ ĂůƚŚŽƵŐŚ ƚŚĞ ůĂƚƚĞƌ ŚĂƐ ĚŽŶĞ ďĞƚƚĞƌ ƚŚĂŶ ĞdžƉĞĐƚĞĚŝŶƚŚĞƉĂƐƚLJĞĂƌ͘

KǀĞƌĂůůWŽƌƚĨŽůŝŽĂŶĚKƉĞƌĂƚŝŽŶĂůZĞǀŝĞǁ

tĞ ŚĂǀĞ ƐĞƚ ŽƵƚ ďĞůŽǁ ƚŚĞ ĨƌĂŵĞǁŽƌŬ ǁĞ ƵƐĞ ƚŽ ĂŶĂůLJƐĞ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ƉŽƌƚĨŽůŝŽ ŽĨ ĂƐƐĞƚƐ ŝŶ ƚŚŝƐƌĞƉŽƌƚ͘tĞďĂƐĞŽƵƌĂŶĂůLJƐŝƐŽŶƚŚƌĞĞŬĞLJĨĂĐƚŽƌƐ͗ dŚĞ ĨŝƌƐƚĂƌĞŵĂĐƌŽůĞǀĞů ĨĂĐƚŽƌƐĂŶĚŝŶĐůƵĚĞŝŶĨůĂƚŝŽŶ͕ ǁŚŽůĞƐĂůĞ ƉŽǁĞƌ ƉƌŝĐĞƐ͕ ǀĂƌŝĂďůĞ ĐŽŵƉŽŶĞŶƚƐ ŽĨ ƐƵďƐŝĚŝĞƐ ĨŽƌ ƌĞŶĞǁĂďůĞ ĞŶĞƌŐLJ ŐĞŶĞƌĂƚŝŽŶ ĂŶĚ ĐůŝŵĂĐƚŝĐ ĐŽŶĚŝƚŝŽŶƐ͘ dŚĞ /ŶǀĞƐƚŵĞŶƚ ĚǀŝƐĞƌ ŚĂƐ ŶŽ ĐŽŶƚƌŽů ŽǀĞƌ ƚŚŝƐ ƐĞƚ ŽĨ ĨĂĐƚŽƌƐ͘ dŚĞ ƐĞĐŽŶĚ ĐĂƚĞŐŽƌLJ ĐŽǀĞƌƐƚŚĞƚĞĐŚŶŝĐĂůƉĞƌĨŽƌŵĂŶĐĞŽĨĂŶĂƐƐĞƚŝŶƚĞƌŵƐ ŽĨ ĞŶĞƌŐLJ ŐĞŶĞƌĂƚŝŽŶ ĨŽƌ Ă ŐŝǀĞŶ ůĞǀĞů ŽĨ ŵĂĐƌŽ ƌŝƐŬ ĨĂĐƚŽƌƐ͘ dŚĞ ƚŚŝƌĚ ĐĂƚĞŐŽƌLJ ĐŽǀĞƌƐ ĐŽƐƚƐ͘ dŚĞ /ŶǀĞƐƚŵĞŶƚ ĚǀŝƐĞƌ ŚĂƐ ŵƵĐŚ ŵŽƌĞ ĐŽŶƚƌŽů ŽǀĞƌ ƚŚĞ ƐĞĐŽŶĚĂŶĚƚŚŝƌĚĐĂƚĞŐŽƌŝĞƐ͘

^ƚĂƌƚŝŶŐǁŝƚŚŵĂĐƌŽĨĂĐƚŽƌƐ͕ŝŶĨůĂƚŝŽŶ͕ĂƉĂƌĂŵĞƚĞƌƚŚĂƚ ƚŚĞƉŽƌƚĨŽůŝŽŝƐǀĞƌLJƐĞŶƐŝƚŝǀĞƚŽ;ĂƐĂƌĞƐƵůƚŽĨŝŶĨůĂƚŝŽŶͲ ůŝŶŬĞĚƉŽǁĞƌƐƵďƐŝĚŝĞƐͿƐƚĞĂĚŝůLJŝŶĐƌĞĂƐĞĚƚŚƌŽƵŐŚƚŚĞ LJĞĂƌ͘ZW/;ZĞƚĂŝůWƌŝĐĞ/ŶĨůĂƚŝŽŶͿŝŶĐƌĞĂƐĞĚĨƌŽŵϮ͘ϬйƚŽ ϯ͘ϵйŽǀĞƌƚŚĞLJĞĂƌ͘dŚĞƐƵďƐƚĂŶƚŝĂůůLJŚŝŐŚĞƌůĞǀĞůŝƐLJĞƚ ƚŽ ďĞ ƌĞĨůĞĐƚĞĚ ŝŶ ƚŚĞ ƚĂƌŝĨĨƐ ĂƐ ĂĚũƵƐƚŵĞŶƚƐ ďĞĐŽŵĞ ĞĨĨĞĐƚŝǀĞ ŝŶ Ɖƌŝů͕ ŚŽǁĞǀĞƌ ƚŚŝƐ ŝŶĐƌĞĂƐĞ ŝƐ Ă ǀĞƌLJ ƉŽƐŝƚŝǀĞ ĚĞǀĞůŽƉŵĞŶƚ ĨŽƌ ƚŚĞ ƉŽƌƚĨŽůŝŽ ƐŝŶĐĞĞĂĐŚ ϭй ŝŶĐƌĞĂƐĞŝŶǀĂůƵĂƚŝŽŶ͕ĂĚĚƐĐŝƌĐĂάϭϬϬ͕ϬϬϬƚŽƉŽƌƚĨŽůŝŽ ƌĞǀĞŶƵĞƐ͘

ůŝŵĂĐƚŝĐĐŽŶĚŝƚŝŽŶƐŚŽǁĞǀĞƌǁĞƌĞƵŶĨĂǀŽƵƌĂďůĞ͘dŚĞ ĂŵŽƵŶƚŽĨƐŽůĂƌŝƌƌĂĚŝĂƚŝŽŶ ĨĂůůŝŶŐŽŶ ƚŚĞƐŽůĂƌƉĂŶĞůƐ ƐŚŽǁĞĚĂŵĂƌŬĞĚĚĞĐůŝŶĞĨƌŽŵƉƌŝŽƌLJĞĂƌƐ͘&ŽƌƚŚĞƐŝdž ŐƌŽƵŶĚͲŵŽƵŶƚĞĚ ƐŽůĂƌ ƉŽǁĞƌ ƉůĂŶƚƐ ƌĞŵƵŶĞƌĂƚĞĚ ďLJ &ĞĞĚͲŝŶͲdĂƌŝĨĨƐ ;&ŝdƐͿ ƚŚĂƚ ĂĐĐŽƵŶƚ ĨŽƌ ĂƌŽƵŶĚ ϳϬй ŽĨ ƚŚĞǀĂůƵĞŽĨƚŚĞƉŽƌƚĨŽůŝŽ͕ŝƌƌĂĚŝĂƚŝŽŶĨĞůůϱ͘ϱйƐŚŽƌƚŽĨ ĨŽƌĞĐĂƐƚƐ͘ ĂĐŚ ϭй ŵŽǀĞŵĞŶƚ ŝŶ ŝƌƌĂĚŝĂƚŝŽŶ ĨŽƌ ƚŚŝƐ ƉŽƌƚĨŽůŝŽ ƌĞƐƵůƚƐŝŶĂ άϴϬ͕ϬϬϬŵŽǀĞŵĞŶƚŝŶ ƌĞǀĞŶƵĞƐ͘ &Žƌ ƚŚĞ ƚǁŽ ŐƌŽƵŶĚͲŵŽƵŶƚĞĚ ƐŝƚĞƐ ƌĞŵƵŶĞƌĂƚĞĚ ďLJ ZĞŶĞǁĂďůĞ KďůŝŐĂƚŝŽŶ ĞƌƚŝĨŝĐĂƚĞƐ ;ZKƐͿ͕ ŝƌƌĂĚŝĂƚŝŽŶ ĐĂŵĞ ŝŶ ůŝŶĞ ǁŝƚŚ ĨŽƌĞĐĂƐƚƐ ĚƵĞ ƚŽ ŽŶĞ ŽĨ ƚŚĞ ƉĂƌŬƐ ďĞŝŶŐůŽĐĂƚĞĚŽŶ ƚŚĞĂƐƚŶŐůŝĂĐŽĂƐƚǁŚŝĐŚ ƚLJƉŝĐĂůůLJ ĞdžƉĞƌŝĞŶĐĞƐ ĚŝĨĨĞƌĞŶƚ ǁĞĂƚŚĞƌ ƉĂƚƚĞƌŶƐ ƚŚĂŶ ĞŶƚƌĂů ĂŶĚ tĞƐƚĞƌŶ ŶŐůĂŶĚ ǁŚĞƌĞ ƚŚĞ ŽƚŚĞƌ ƉĂƌŬƐ ĂƌĞ ůŽĐĂƚĞĚ͘

hŶůŝŬĞƚŚĞĐĂƐĞǁŝƚŚƚŚĞŐƌŽƵŶĚͲŵŽƵŶƚĞĚƐŝƚĞƐǁŚĞƌĞ ƉLJƌĂŶŽŵĞƚĞƌƐĂƌĞŝŶƐƚĂůůĞĚƚŽŵĞĂƐƵƌĞŝƌƌĂĚŝĂƚŝŽŶ͕ǁĞ ĚŽ ŶŽƚ ŚĂǀĞ ƚŚĞ ĂďŝůŝƚLJ ƚŽŵĞĂƐƵƌĞ ŝƌƌĂĚŝĂƚŝŽŶ Ăƚ ƚŚĞ ƌŽŽĨͲŵŽƵŶƚĞĚ ƐŽůĂƌ ŝŶƐƚĂůůĂƚŝŽŶƐ ĂƐ ŝŶƐƚĂůůŝŶŐ ƉLJƌĂŶŽŵĞƚĞƌƐŝƐŶŽƚĐŽƐƚĞĨĨĞĐƚŝǀĞ͘

/Es^dDEds/^Z͛^ZWKZd;ĐŽŶƚŝŶƵĞĚͿ

KǀĞƌĂůůWŽƌƚĨŽůŝŽĂŶĚKƉĞƌĂƚŝŽŶĂůZĞǀŝĞǁ;ĐŽŶƚŝŶƵĞĚͿ

/ƚŝƐĞdžƚƌĞŵĞůLJĚŝĨĨŝĐƵůƚƚŽĨŽƌĞĐĂƐƚŝƌƌĂĚŝĂƚŝŽŶŽŶĂLJĞĂƌͲ ďLJͲLJĞĂƌďĂƐŝƐ͘ŽŶĚŝƚŝŽŶƐŚĂǀĞďĞĞŶƉŽŽƌŝŶƚŚĞůĂƐƚƚǁŽ LJĞĂƌƐ ĂŶĚ ǁĞ ŚŽƉĞ ƚŚĂƚ Ă ƌĞǀĞƌƐŝŽŶͲƚŽͲŵĞĂŶ ĞĨĨĞĐƚ ŵĂŶŝĨĞƐƚƐŝƚƐĞůĨŝŶƚŚĞŶĞdžƚLJĞĂƌ͘

WŽǁĞƌƉƌŝĐĞƐĚƌŝĨƚĞĚĚŽǁŶŵŽĚĞƌĂƚĞůLJƚŚƌŽƵŐŚŽƵƚƚŚĞ LJĞĂƌ͕ ŚŽǁĞǀĞƌ ƚŚĞ ƉŽƌƚĨŽůŝŽ͛Ɛ ǀĞƌLJ ůŽǁ ĞdžƉŽƐƵƌĞ ƚŽ ƉŽǁĞƌ ƉƌŝĐĞƐ ;ůĞƐƐ ƚŚĂŶ ϱй ŽĨ ƌĞǀĞŶƵĞƐ ĂƌĞ ĐƵƌƌĞŶƚůLJ ĨƌŽŵǀĂƌŝĂďůĞƚĂƌŝĨĨƐͿŵĞĂŶƐƚŚĂƚƚŚŝƐŚĂƐĂǀĞƌLJŵŽĚĞƐƚ ŝŵƉĂĐƚ͘

DŽǀŝŶŐ ŽŶ ƚŽ ƚŚĞ ƐĞĐŽŶĚ ĐĂƚĞŐŽƌLJ͕ ƚŚĞ ƚĞĐŚŶŝĐĂů ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ĂƐƐĞƚƐ͘tĞ ĂƌĞ ƉůĞĂƐĞĚ ƚŽ ƌĞƉŽƌƚ ƚŚĂƚƚŚĞŐƌŽƵŶĚͲŵŽƵŶƚĞĚĂƐƐĞƚďĂƐĞƚŚĂƚĂĐĐŽƵŶƚƐĨŽƌ ϳϵй ŽĨ ƚŚĞ ƉŽƌƚĨŽůŝŽ ǀĂůƵĞ͕ ƉĞƌĨŽƌŵĞĚ ŝŶ ůŝŶĞ ǁŝƚŚ ĞdžƉĞĐƚĂƚŝŽŶƐ ĚĞƐƉŝƚĞ ƚŚĞ ĨĂĐƚ ƚŚĂƚ ǁĞ ƌĂŝƐĞĚ ƚŚĞƐĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌ͘ WĞƌĨŽƌŵĂŶĐĞ ǁŽƵůĚ ŚŽǁĞǀĞƌ ŚĂǀĞ ĐŽŵĞ ŝŶ ďĞƚƚĞƌ ŚĂĚ ƚŚĞƌĞ ŶŽƚ ďĞĞŶĂŶ ŽƵƚĂŐĞŽĨ ƚŚƌĞĞǁĞĞŬƐĚƵƌĂƚŝŽŶĂƚ ƚŚĞƉŽŝŶƚĂƚǁŚŝĐŚ ŽŶĞ ŽĨ ƚŚĞ ŐƌŽƵŶĚͲŵŽƵŶƚĞĚ ƐŝƚĞƐ ĐŽŶŶĞĐƚƐ ƚŽ ƚŚĞ ĞůĞĐƚƌŝĐŝƚLJŐƌŝĚ͘tĞĞdžƉĞĐƚƚŽďĞƉĂƌƚŝĂůůLJĐŽŵƉĞŶƐĂƚĞĚ ĨŽƌ ƚŚŝƐ ŽƵƚĂŐĞ ƚŚƌŽƵŐŚ ĐŽŶƚƌĂĐƚƵĂů ƚĞƌŵƐ ŝŶ ŽƵƌ KƉĞƌĂƚŝŽŶƐĂŶĚDĂŝŶƚĞŶĂŶĐĞŐƌĞĞŵĞŶƚ͘

KƵƚĂŐĞƐ ƚŚĂƚ ŽĐĐƵƌ ŝŶ ƚŚĞ ƐƵŵŵĞƌ ǁŚĞƌĞ ĞŶĞƌŐLJ ŐĞŶĞƌĂƚŝŽŶŝƐŚŝŐŚĞƐƚĐĂŶƌĞƐƵůƚŝŶĂƐŝŐŶŝĨŝĐĂŶƚƌĞǀĞŶƵĞ ůŽƐƐĂŶĚǁĞůŽŽŬĞĚĂƚǁĂLJƐŝŶǁŚŝĐŚǁĞĐĂŶŵŝŶŝŵŝƐĞ ƚŚĞ ƉƌŽďĂďŝůŝƚLJ ĂŶĚ ŵĂŐŶŝƚƵĚĞ ŽĨ ƐƵĐŚ ůŽƐƐĞƐ͘ tĞ ƌĞŶĞŐŽƚŝĂƚĞĚ ŽƵƌ ŝŶƐƵƌĂŶĐĞ ƉŽůŝĐŝĞƐ ĨŽƌ ƚŚĞ ŐƌŽƵŶĚͲ ŵŽƵŶƚĞĚĂƐƐĞƚƐƚĂŬŝŶŐĂĚǀĂŶƚĂŐĞŽĨŵŽƌĞĐŽŵƉĞƚŝƚŝŽŶ ĂŶĚ ƐƵďƐƚĂŶƚŝĂůůLJ ďĞƚƚĞƌ ƚĞƌŵƐ ĂǀĂŝůĂďůĞ ŝŶ ƚŚĞ ŝŶƐƵƌĂŶĐĞŵĂƌŬĞƚ͕ĂŶĚĂƌĞ ƉůĞĂƐĞĚ ƚŽ ƌĞƉŽƌƚ ƚŚĂƚ ƚŚĞ ĞdžĐĞƐƐ ;ĚĞĚƵĐƚŝďůĞͿ ŝƐ ŶŽǁ ƚĞŶ ĚĂLJƐ ĂƐ ŽƉƉŽƐĞĚ ƚŽ ƚǁĞŶƚLJͲĨŝǀĞ ĚĂLJƐ ĨŽƌ ĂůůŽǁĂďůĞ ĐůĂŝŵƐ͘ tĞ ŚĂǀĞ ĂůƐŽ ƌĞǀŝĞǁĞĚŽƵƌƐƉĂƌĞƉĂƌƚƐƐƚƌĂƚĞŐLJĨŽƌďŽƚŚƚŚĞŐƌŽƵŶĚͲ ŵŽƵŶƚĞĚ ĂŶĚ ƌŽŽĨƚŽƉͲŵŽƵŶƚĞĚ ƐŽůĂƌ ŝŶƐƚĂůůĂƚŝŽŶƐ ƚŽ ŝŵƉƌŽǀĞ ƚŚĞ ůĞĂĚ ƚŝŵĞƐ ŽĨ ƉŽƚĞŶƚŝĂů ƌĞƉĂŝƌƐ ĂŶĚ ŚĂǀĞ ŽƌĚĞƌĞĚ ĂŶ ĂĚĚŝƚŝŽŶĂů ƐƚŽĐŬ ŽĨ ƐƉĂƌĞ ƉĂƌƚƐ ƚŚĂƚ ŚĂǀĞ ůŽŶŐĚĞůŝǀĞƌLJƚŝŵĞƐďƵƚŶĞŐůŝŐŝďůĞŽďƐŽůĞƐĐĞŶĐĞƌŝƐŬ͘

dŚĞƌĞĚƵĐĞĚƌŝƐŬƉƌŽĨŝůĞŚĂƐŚĞůƉĞĚƵƐŝŶŽƵƌĚĞĐŝƐŝŽŶƚŽ ƌĞĚƵĐĞƚŚĞĚŝƐĐŽƵŶƚƌĂƚĞĨŽƌƚŚĞŐƌŽƵŶĚͲŵŽƵŶƚĞĚƐŽůĂƌ ƐŝƚĞƐƌĞŵƵŶĞƌĂƚĞĚďLJ&ŝdƐďLJϮϱďĂƐŝƐƉŽŝŶƚƐ͘

dŚĞ ƌŽŽĨͲŵŽƵŶƚĞĚ ƐŽůĂƌ ĂƐƐĞƚ ƉŽƌƚĨŽůŝŽ ƚŚĂƚ ĂĐĐŽƵŶƚƐ ĨŽƌĐŝƌĐĂϭϮйŽĨƚŚĞŽǀĞƌĂůůǀĂůƵĂƚŝŽŶƉĞƌĨŽƌŵĞĚƐůŝŐŚƚůLJ ĂŚĞĂĚŽĨĞdžƉĞĐƚĂƚŝŽŶƐ͘'ĞŶĞƌĂƚŝŽŶǁĂƐϭйďĞƚƚĞƌƚŚĂŶ ĨŽƌĞĐĂƐƚ͘

ŶĂƌĞĂŽĨƚŚĞƉŽƌƚĨŽůŝŽƚŚĂƚĞdžƉĞƌŝĞŶĐĞĚĂƐŝŐŶŝĨŝĐĂŶƚ ƵŶĚĞƌƉĞƌĨŽƌŵĂŶĐĞ ŝƐ ƚŚĞ ƐŵĂůů ǁŝŶĚ ƉŽƌƚĨŽůŝŽ͘ dŚŝƐ ƉŽƌƚĨŽůŝŽĂĐĐŽƵŶƚƐĨŽƌĂƌŽƵŶĚϭϬйŽĨƚŚĞŽǀĞƌĂůůǀĂůƵĞ ŽĨƚŚĞƉŽƌƚĨŽůŝŽ͘tĞǁĞƌĞŚŽƉĞĨƵůƚŚĂƚƚŚĞƐŵĂůůƵƉůŝĨƚ ǁĞĞdžƉĞƌŝĞŶĐĞĚŝŶƉĞƌĨŽƌŵĂŶĐĞŝŶƚŚĞƉƌŝŽƌLJĞĂƌǁŽƵůĚ ĐŽŶƚŝŶƵĞ͕ŚŽǁĞǀĞƌƚŚĞŽƉƉŽƐŝƚĞŚĂƐŚĂƉƉĞŶĞĚ͘

ƌŽƵŶĚ Ă ƚŚŝƌĚ ŽĨ ƚŚĞ ƉŽƌƚĨŽůŝŽ ĐŽŶƐŝƐƚƐ ŽĨ ŚŝŶĞƐĞͲ ŵĂĚĞ ,ƵĂLJŝŶŐ ,zͲϱ ǁŝŶĚ ƚƵƌďŝŶĞƐ͕ ƐŽŵĞ ŽĨ ǁŚŝĐŚ ĞdžƉĞƌŝĞŶĐĞĚ ƐŝŐŶŝĨŝĐĂŶƚ ƚĞĐŚŶŝĐĂů ĂŶĚ ƐĂĨĞƚLJ ŝƐƐƵĞƐ ĚƵƌŝŶŐ ƚŚĞ ŚŝŐŚ ǁŝŶĚ ĐŽŶĚŝƚŝŽŶƐ ƚŚĂƚ ƉƌĞǀĂŝůĞĚ ŝŶ &ĞďƌƵĂƌLJ͘ ƌŝƚǁŝŶĚ͕ ƚŚĞ KΘD ŽŶƚƌĂĐƚŽƌ͕ ĐŽŵŵƵŶŝĐĂƚĞĚƚŚĂƚƚŚĞLJǁŽƵůĚďĞƵŶĂďůĞƚŽŵĂŝŶƚĂŝŶ ƚŚĞƐĞ ĂƐƐĞƚƐ ŝŶ ƚŚĞ ĨƵƚƵƌĞ ĚƵĞ ƚŽ ƚŚĞ ƉŽŽƌ ƚĞĐŚŶŝĐĂů ƋƵĂůŝƚLJ ŽĨ ƚŚĞ ƚƵƌďŝŶĞƐ ĂŶĚ ůĂĐŬ ŽĨ ƐƵƉƉŽƌƚ ĨƌŽŵ ƚŚĞ ŵĂŶƵĨĂĐƚƵƌĞƌ͕ ǁŚŝĐŚ ŝŶǀĂůŝĚĂƚĞĚ ŽƵƌ ŝŶƐƵƌĂŶĐĞ ĐŽǀĞƌĂŐĞ͘dŚŝƐĐŽŵďŝŶĞĚǁŝƚŚƚŚĞƐĂĨĞƚLJͬƉƵďůŝĐůŝĂďŝůŝƚLJ ŝŵƉůŝĐĂƚŝŽŶƐ ĨŽƌĐĞĚ ƵƐ ƚŽ ƉƵƚ ƚŚĞ ƚƵƌďŝŶĞƐ ŽŶ ŵĞĐŚĂŶŝĐĂůďƌĞĂŬ͘

KŶĞ ŵĂũŽƌ ĚŝƐĂĚǀĂŶƚĂŐĞ ŽĨ ƚŚŝƐ ƚLJƉĞ ŽĨ ĚŝƐƚƌŝďƵƚĞĚ ĂƐƐĞƚ ŝƐ ƚŚĞ ĚŝĨĨŝĐƵůƚLJ ŽĨ ĨŝŶĚŝŶŐ ƋƵĂůŝĨŝĞĚ ĂŶĚ ĞdžƉĞƌŝĞŶĐĞĚKƉĞƌĂƚŝŽŶƐĂŶĚDĂŝŶƚĞŶĂŶĐĞŽŶƚƌĂĐƚŽƌƐ ƚŚĂƚĐĂŶƉĞƌĨŽƌŵĂĚĞĐĞŶƚƋƵĂůŝƚLJƐĞƌǀŝĐĞĂƚĂĐŽƐƚůĞǀĞů ƚŚĂƚ ŵĂŬĞƐ ƐĞŶƐĞ͘ tĞ ǁĞƌĞ ŶĞǀĞƌƚŚĞůĞƐƐ ĂďůĞ ƚŽ ŝĚĞŶƚŝĨLJĂŶĞŶŐŝŶĞĞƌǁŝůůŝŶŐ ƚŽƉĞƌĨŽƌŵ ƚŚĞƐĞ ƐĞƌǀŝĐĞƐ ĂŶĚŚĂǀĞƚĂƐŬĞĚŚŝƐĨŝƌŵǁŝƚŚǀŝƐŝƚŝŶŐĂŶĚĞdžĂŵŝŶŝŶŐƚŚĞ ŝŶƐƚĂůůĂƚŝŽŶƐ ĂŶĚ ƉƵƚƚŝŶŐ ďĂĐŬ ŝŶ ŽƉĞƌĂƚŝŽŶ ƚŚŽƐĞ ƚƵƌďŝŶĞƐƚŚĂƚĂƌĞƐĂĨĞĂŶĚƵŶůŝŬĞůLJƚŽŶĞĐĞƐƐŝƚĂƚĞŵĂũŽƌ ƌĞƉĂŝƌƐ͘

dŚŝƐ ŚĂƐ ƌĞƐƵůƚĞĚ ŝŶ ŽƵƌ ĚĞĐŝƐŝŽŶ ƚŽ ƌĞĐŽŵŵĞŶĚ Ă ĨƵƌƚŚĞƌŝŵƉĂŝƌŵĞŶƚƚŽƚŚĞǀĂůƵĞŽĨƚŚŝƐĞůĞŵĞŶƚŽĨƚŚĞ ƉŽƌƚĨŽůŝŽ ʹ ŝƚ ŝƐ ŶŽǁ ǀĂůƵĞĚ Ăƚ ĐŝƌĐĂ ŚĂůĨ ƚŚĞ ŽƌŝŐŝŶĂů ŝŶǀĞƐƚŵĞŶƚĂŵŽƵŶƚ͘

dŚĞƚŚŝƌĚĨĂĐƚŽƌƚŚĂƚĚĞƚĞƌŵŝŶĞƐƉĞƌĨŽƌŵĂŶĐĞŝƐĐŽƐƚƐ͘ DŽƐƚŽĨŽƵƌǁŽƌŬƚŽƌĞĚƵĐĞĐŽŶƚƌŽůůĂďůĞĐŽƐƚƐǁĂƐĚŽŶĞ ŝŶƚŚĞƉƌŝŽƌLJĞĂƌǁŚĞƌĞǁĞƌĞŶĞŐŽƚŝĂƚĞĚŽƵƌKΘDĂŶĚ ŝŶƐƵƌĂŶĐĞ ĐŽŶƚƌĂĐƚƐ ĂŶĚ ĂĐŚŝĞǀĞĚ ĐŽƐƚ ƌĞĚƵĐƚŝŽŶƐ ŽĨ ŵŽƌĞ ƚŚĂŶ ϱϬй͘ tĞ ĂůƐŽ ĂĐŚŝĞǀĞĚ ƐĂǀŝŶŐƐ ŝŶ ŬŬĞĞƉŝŶŐĂŶĚĂĐĐŽƵŶƚŝŶŐĐŽƐƚƐ͘

dŚŝƐ LJĞĂƌ ŚŽǁĞǀĞƌ͕ ǁĞ ƐƵĨĨĞƌĞĚ ƚŚĞ ŝŵƉĂĐƚ ŽĨ Ă ƐŝŐŶŝĨŝĐĂŶƚŝŶĐƌĞĂƐĞŝŶďƵƐŝŶĞƐƐƌĂƚĞƐ͘dŚĞ'ŽǀĞƌŶŵĞŶƚ ĚĞĐŝĚĞĚ ƚŽ ŝŶĐƌĞĂƐĞ ďƵƐŝŶĞƐƐ ƌĂƚĞƐ ďLJ ĐůŽƐĞ ƚŽ ƚŚƌĞĞ ƚŝŵĞƐĨŽƌŐƌŽƵŶĚͲŵŽƵŶƚĞĚƐŽůĂƌĨĂƌŵƐƚŚĂƚǁĞƌĞďƵŝůƚ ŝŶƚŚĞϮϬϭϬƚŽϮϬϭϮƉĞƌŝŽĚĂŶĚƚŚĞƌĞĨŽƌĞĞĂƌŶĞĚǀĞƌLJ ŚŝŐŚ&ŝdƐ͘dŚĞŝŵƉĂĐƚŽŶƚŚĞƉŽƌƚĨŽůŝŽŝƐĂŶŝŶĐƌĞĂƐĞŽĨ άϭϳϱ͕ϬϬϬ ƉĞƌ LJĞĂƌ ŝŶ ƚŚĞ ĐŽƐƚ ďĂƐĞ ŽŶĐĞ ƚŚĞ ƚĂƉĞƌ ƉĞƌŝŽĚŽĨƚŚƌĞĞLJĞĂƌƐƚŽŵŽĚĞƌĂƚĞƚŚĞŝŵƉĂĐƚŝƐŽǀĞƌ͘

dŚĞƌĞ ŝƐ ƚŚĞ ƉŽƚĞŶƚŝĂů ŽĨ ĨƵƌƚŚĞƌ ƌĞĚƵĐƚŝŽŶƐ ŝŶ KΘD ĐŽƐƚƐ ĂƐ ƉƌŝĐĞƐ ŝŶ ƚŚĞ h< ďĞĐŽŵĞ ŵŽƌĞ ĂůŝŐŶĞĚ ǁŝƚŚ ƚŚŽƐĞ ŝŶ ŽŶƚŝŶĞŶƚĂů ƵƌŽƉĞ͕ ŚŽǁĞǀĞƌ ƚŚĞ ůŽŶŐͲƚĞƌŵ ŶĂƚƵƌĞŽĨŽƵƌKΘDĐŽŶƚƌĂĐƚƐ;ĂƌĞƋƵŝƌĞŵĞŶƚƵŶĚĞƌƚŚĞ ĚĞďƚĨĂĐŝůŝƚLJĂŐƌĞĞŵĞŶƚƐͿŵĞĂŶƚŚĂƚǁĞǁŝůůŶŽƚĞŶũŽLJ ƚŚĞďĞŶĞĨŝƚƐŽĨƐƵĐŚĂƌĞĂůŝŐŶŵĞŶƚĨŽƌƐĞǀĞƌĂůLJĞĂƌƐƚŽ ĐŽŵĞ͘

tĞ ĂƌĞ ŶŽǁ ǁŽƌŬŝŶŐ ŽŶ ĂĐŚŝĞǀŝŶŐ ĐŽƐƚ ƌĞĚƵĐƚŝŽŶƐ ŝŶ ĂŶĐŝůůĂƌLJ ĂƌĞĂƐ ƐƵĐŚ ĂƐ ĞůĞĐƚƌŝĐŝƚLJ ŝŵƉŽƌƚƐ͕ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ͕ƐĞĐƵƌŝƚLJĂŶĚŵŽŶŝƚŽƌŝŶŐ͕ŚŽǁĞǀĞƌǁĞ ĚŽ ŶŽƚĞdžƉĞĐƚ ƚŚĞƐĞ ƐĂǀŝŶŐƐ ƚŽĂŵŽƵŶƚ ƚŽŵŽƌĞ ƚŚĂŶ άϭϬ͕ϬϬϬƉĞƌĂŶŶƵŵĂĐƌŽƐƐƚŚĞƉŽƌƚĨŽůŝŽƐ͘

INVESTMENT ADVISER'S REPORT (continued)

Portfolio Valuation

As at 30 September 2017, the combined NAV and Total Return stood at 116.1p and 155.6p respectively, an increase of 2.9p after adjusting for dividends paid during the year of 5.0p. This year's increase, as was the case last year, has come from the increase in market prices for renewable generation assets which we have reflected in the lower (by 25 basis points) range we used to value the ground-mounted, FiT remunerated solar sites that account for circa 70% of the value of the portfolio.

In addition, our valuation assumptions incorporate a small increase in the generation forecast. It would be extremely unlucky for the current poor irradiation conditions to persist in the very long term and we have reduced the weighting of the current year in our forecasts.

There have been no changes to discount rates used for other assets in the portfolio or to inflation assumptions. Inflation has continued to increase during the year and RPI has come in as high as 3.9% (as opposed to our forecast for long term inflation of 3%) however we must take into account that this increase could prove to be very transient.

Similar to last year, a significant portion of the valuation (circa £10million in total with the Company's share being $£5.0$ million - circa 18% of the valuation) is comprised of cash balances held by investee companies. Two thirds of this cash is held in reserves (for equipment replacement and debt service in the case of a significant breach of debt terms) that are mandatory under the debt facility agreements.

In the longer term the potential to capture residual value through the extension of leases beyond their 25year term and upgrading the equipment using new technology with much better yields may arise. We witnessed this in another transaction relating to an asset outside the Company's portfolio. It is a given that subsidies will not be available and it is impossible to predict power prices so far out in the future but upgrade costs are also likely to be very low.

Other Developments

The Hazel Capital Team that has delivered marketleading performance in shareholder value is now proud to be part of Gresham House plc, a fast-growing publicly-quoted alternative asset manager. We believe these combined resources will be of great benefit to shareholders as they will have the same core investment team continuing to manage the portfolio as well as access to the wider Gresham House team's experience in alternative asset management and investor communication. On the latter point, Gresham House are working closely with trusted advisers, clients and industry experts to develop a best-in-class client portal, which will provide enhanced communication and high-quality reporting to investors. The objective is to provide all shareholders with secured access to the client portal during the first quarter of 2018.

Outlook

We will continue to target improvements in yield and reductions in risk across the portfolio, and evaluate incremental maintenance capex decisions that have the potential to generate high returns.

Should the opportunity occur to deploy the surplus cash proceeds held by investee companies as a result of the March 2016 refinancing, we will seek further investment opportunities such as the acquisition of small scale solar sites or adding energy storage to existing projects in a way that does not compromise the accreditation status.

Gresham House Asset Management Limited

9 January 2018

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WŽƌƚĨŽůŝŽŽĨŝŶǀĞƐƚŵĞŶƚƐ

dŚĞĨŽůůŽǁŝŶŐŝŶǀĞƐƚŵĞŶƚƐǁĞƌĞŚĞůĚĂƚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ͗

ŵŽǀĞŵĞŶƚ йŽĨ ŽƐƚ sĂůƵĂƚŝŽŶ ŝŶLJĞĂƌ ƉŽƌƚĨŽůŝŽ ά͛ϬϬϬ ά͛ϬϬϬ ά͛ϬϬϬ YƵĂůŝĨLJŝŶŐĂŶĚƉĂƌƚͲƋƵĂůŝĨLJŝŶŐŝŶǀĞƐƚŵĞŶƚƐ
>ƵŶĂƌϮ>ŝŵŝƚĞĚΎ Ϯ͕ϵϳϲ ϭϱ͕ϯϮϮ ϭ͕ϴϰϯ ϰϴ͘ϲй
LJƐŚĨŽƌĚ^ŽůĂƌ;,ŽůĚŝŶŐͿ>ŝŵŝƚĞĚΎ ϭ͕ϵϮϴ ϯ͕ϭϱϰ ϭϲϰ ϭϬ͘Ϭй
>ƵŶĂƌϭ>ŝŵŝƚĞĚΎ ϭϮϱ Ϯ͕ϭϮϭ ;ϲϱͿ ϲ͘ϳй
EĞǁŶĞƌŐLJƌĂ>ŝŵŝƚĞĚ ϴϴϰ ϭ͕ϯϵϬ ;ϵϵͿ ϰ͘ϰй
,ĞǁĂƐ^ŽůĂƌ>ŝŵŝƚĞĚ ϭ͕ϬϬϬ ϭ͕ϯϱϱ ;ϲͿ ϰ͘ϯй
sŝĐĂƌĂŐĞ^ŽůĂƌ>ŝŵŝƚĞĚ ϴϳϭ ϭ͕Ϯϭϱ ;ϴϴͿ ϯ͘ϵй
dƵŵďůĞǁŝŶĚ>ŝŵŝƚĞĚΎ ϭ͕ϰϬϭ ϭ͕ϭϰϰ ;ϲϱͿ ϯ͘ϲй
'ůŽƵĐĞƐƚĞƌtŝŶĚ>ŝŵŝƚĞĚ ϭ͕ϬϬϬ ϵϱϯ ;ϮϬϬͿ ϯ͘Ϭй
DŝŶƐŵĞƌĞWŽǁĞƌ>ŝŵŝƚĞĚ ϵϳϱ ϳϮϵ ;ϯϮϭͿ Ϯ͘ϯй
,ZtŝůůŽǁ>ŝŵŝƚĞĚ ϴϳϱ ϳϮϲ ;ϰϰͿ Ϯ͘ϯй
WĞŶŚĂůĞ^ŽůĂƌ>ŝŵŝƚĞĚ ϴϮϱ ϳϮϱ ;ϭϬͿ Ϯ͘ϯй
^ƚŽůƵŵď^ŽůĂƌ>ŝŵŝƚĞĚ ϲϱϬ ϲϳϯ ;ϭϳͿ Ϯ͘ϭй
ŚĂƌŐĞƉŽŝŶƚ^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚ ϱϬϬ ϱϬϬ Ͳ ϭ͘ϲй
^ŵĂůůtŝŶĚ'ĞŶĞƌĂƚŝŽŶ>ŝŵŝƚĞĚ ϵϳϱ ϰϴϯ ;ϭϬϬͿ ϭ͘ϱй
^ƵŶŚĂnjĞůh<>ŝŵŝƚĞĚ ϭ Ͳ Ͳ Ϭ͘Ϭй
ϭϰ͕ϵϴϲ ϯϬ͕ϰϵϬ ϵϵϮ ϵϲ͘ϲй
EŽŶͲƋƵĂůŝĨLJŝŶŐŝŶǀĞƐƚŵĞŶƚƐ
ZĞŶĞǁĂďůĞƐh<ϯ>ŝŵŝƚĞĚ ϵϬϬ ϵϬϬ Ͳ ϯ͘Ϭй
ϵϬϬ ϵϬϬ Ͳ ϯ͘Ϭй
ϭϱ͕ϴϴϲ ϯϭ͕ϯϵϬ ϵϵϮ ϵϵ͘ϲй
ĂƐŚĂƚďĂŶŬĂŶĚŝŶŚĂŶĚ ϭϮϵ Ϭ͘ϰй
dŽƚĂůŝŶǀĞƐƚŵĞŶƚƐ ϯϭ͕ϱϭϵ ϭϬϬ͘Ϭй

ΎWĂƌƚͲƋƵĂůŝĨLJŝŶŐŝŶǀĞƐƚŵĞŶƚ

ůůǀĞŶƚƵƌĞĐĂƉŝƚĂůŝŶǀĞƐƚŵĞŶƚƐĂƌĞŝŶĐŽƌƉŽƌĂƚĞĚŝŶŶŐůĂŶĚĂŶĚtĂůĞƐ͘

,ĂnjĞůZĞŶĞǁĂďůĞŶĞƌŐLJsdϮƉůĐ͕ŽĨǁŚŝĐŚ'ƌĞƐŚĂŵ,ŽƵƐĞƐƐĞƚDĂŶĂŐĞŵĞŶƚ>ŝŵŝƚĞĚ;͞',D͟ͿŝƐƚŚĞ/ŶǀĞƐƚŵĞŶƚ ĚǀŝƐĞƌ͕ŚŽůĚƐƚŚĞƐĂŵĞŝŶǀĞƐƚŵĞŶƚƐĂƐĂďŽǀĞ͘

Zs/tK&/Es^dDEd^;ĐŽŶƚŝŶƵĞĚͿ

/ŶǀĞƐƚŵĞŶƚŵŽǀĞŵĞŶƚƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ

/^WK^>^

		sĂůƵĂƚŝŽŶĂƚ ϯϬ^ĞƉƚĞŵďĞƌ		WƌŽĨŝƚ	ZĞĂůŝƐĞĚ
	ŽƐƚ ά͛ϬϬϬ	ϮϬϭϲ ά͛ϬϬϬ	WƌŽĐĞĞĚƐ ά͛ϬϬϬ	ǀƐĐŽƐƚ ά͛ϬϬϬ	'ĂŝŶ ά͛ϬϬϬ
YƵĂůŝĨLJŝŶŐĂŶĚƉĂƌƚͲƋƵĂůŝĨLJŝŶŐŝŶǀĞƐƚŵĞŶƚƐ
LJƐŚĨŽƌĚ^ŽůĂƌ;,ŽůĚŝŶŐƐͿ>ŝŵŝƚĞĚ	ϱϱϮ	ϱϬϲ	ϱϱϮ	Ͳ	ϰϲ
	ϱϱϮ	ϱϬϲ	ϱϱϮ	Ͳ	ϰϲ
EŽŶͲƋƵĂůŝĨLJŝŶŐŝŶǀĞƐƚŵĞŶƚƐ
dƵŵďůĞǁŝŶĚ>ŝŵŝƚĞĚ	ϯϳ	ϯϳ	ϯϳ	Ͳ	Ͳ
	ϯϳ	ϯϳ	ϯϳ	Ͳ	Ͳ
	ϱϴϵ	ϱϰϯ	ϱϴϵ	Ͳ	ϰϲ

dŚĞďĂƐŝƐŽĨǀĂůƵĂƚŝŽŶĨŽƌƚŚĞůĂƌŐĞƐƚŝŶǀĞƐƚŵĞŶƚƐŝƐƐĞƚŽƵƚŽŶƉĂŐĞƐϭϬƚŽϭϯ͘

REVIEW OF INVESTMENTS (continued)

Further details of the ten largest investments (by value):

Lunar 2 Limited

Cost at 30/09/17: Cost at 30/09/16: Date of first investment:	£2,976,000 £2,976,000 Dec 2013	Valuation at 30/09/17: Valuation at 30/09/16: Valuation method:	£15,322,000 £13,479,000 Discounted Cash Flow
Investment comprises: Ordinary shares: Loan stock:	£1,331,000 £1,645,000	Proportion of equity held: Proportion of loan stock held:	50% 50%
Summary financial information from statutory accounts: 30 April 2016		Turnover: Operating loss: Net liabilities:	f nil £7,711 £487,018

Lunar 2 Limited fully owns the holding companies South Marston Solar Limited and Beechgrove Solar Limited, and 10% of Vicarage Solar Limited. These companies own ground-mounted solar farm projects of 5MW (near Swindon), 4MW (near Hawkchurch) and 0.64MW (Ilminster, Somerset) respectively. Furthermore, Lunar 2 Limited owns 90% of Lunar 1 Limited and therefore its subsidiaries (AEE Renewables UK 3 Ltd. 90%, AEE Renewables UK 26 Ltd. 90% and New Energy Era 10%).

Ayshford Solar (Holding) Limited

Cost at 30/09/17: Cost at 30/09/16: Date of first investment:	£1,928,000 £2,480,000 Mar 2012	Valuation at 30/09/17: Valuation at 30/09/16: Valuation method:	£3,154,000 £3,496,000 Discounted Cash Flow
Investment comprises:
Ordinary shares:	£827,000	Proportion of equity held:	50%
Loan stock:	£1,101,000	Proportion of loan stock held:	50%
Summary financial information from		Turnover:	£2,665
statutory accounts: 30 April 2016		Operating loss:	£3,042
		Net assets:	£710.247

Ayshford Solar (Holding) Limited owns a ground-mounted solar farm (AEE Renewables UK 13 Limited) located near Tiverton, Devon. The project is accredited under the ROC regime, has a total installed capacity of 5.4MW and the lease is held with a local farmer. The company has entered into a comprehensive fixed term O&M agreement.

Lunar 1 Limited

Cost at 30/09/17: Cost at 30/09/16: Date of first investment:	£125,000 £125,000 Dec 2013	Valuation at 30/09/17: Valuation at 30/09/16: Valuation method:	£2,121,000 £2,186,000 Discounted Cash Flow
Investment comprises: Ordinary shares:	£125,000	Proportion of equity held:	5%
Summary financial information from statutory accounts: 30 April 2016		Turnover: Operating Loss: Net assets:	f nil £6,415 £112,049

Lunar 1 Limited fully owns the holding companies AEE Renewables UK 3 Limited, AEE Renewables UK 26 Limited and 10% of New Energy Era Limited. These companies own the FiT accredited groundmounted solar farm projects of 5MW (Wiltshire) and 0.7MW (Oxfordshire) respectively.

Zs/tK&/Es^dDEd^;ĐŽŶƚŝŶƵĞĚͿ

EĞǁŶĞƌŐLJƌĂ>ŝŵŝƚĞĚ	ŽƐƚĂƚϯϬͬϬϵͬϭϳ͗	άϴϴϰ͕ϬϬϬ	sĂůƵĂƚŝŽŶĂƚϯϬͬϬϵͬϭϳ͗	άϭ͕ϯϵϬ͕ϬϬϬ
	ŽƐƚĂƚϯϬͬϬϵͬϭϲ͗	άϴϴϰ͕ϬϬϬ	sĂůƵĂƚŝŽŶĂƚϯϬͬϬϵͬϭϲ͗	άϭ͕ϰϴϵ͕ϬϬϬ
	ĂƚĞŽĨĨŝƌƐƚŝŶǀĞƐƚŵĞŶƚ͗	EŽǀϮϬϭϭ	sĂůƵĂƚŝŽŶŵĞƚŚŽĚ͗	ŝƐĐŽƵŶƚĞĚĂƐŚ&ůŽǁ
	/ŶǀĞƐƚŵĞŶƚĐŽŵƉƌŝƐĞƐ͗ KƌĚŝŶĂƌLJƐŚĂƌĞƐ͗	άϴϴϰ͕ϬϬϬ	WƌŽƉŽƌƚŝŽŶŽĨĞƋƵŝƚLJŚĞůĚ͗	ϰϱй
	^ƵŵŵĂƌLJĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶĨƌŽŵ ƐƚĂƚƵƚŽƌLJĂĐĐŽƵŶƚƐ͗ϯϬƉƌŝůϮϬϭϲ		dƵƌŶŽǀĞƌ͗ KƉĞƌĂƚŝŶŐ ƉƌŽĨŝƚ͗ EĞƚƐƐĞƚƐ͗	άϮϴϵ͕ϵϯϮ άϭϲϲ͕ϯϱϮ άϭ͕ϵϯϴ͕ϬϴϬ

EĞǁ ŶĞƌŐLJ ƌĂ >ŝŵŝƚĞĚ ŽǁŶƐ Ă ƐŽůĂƌ ĨĂƌŵ ůŽĐĂƚĞĚ ũƵƐƚ ŽƵƚƐŝĚĞ ^ŚŝƉƚŽŶ ƵŶĚĞƌ tLJĐŚǁŽŽĚ͕ KdžĨŽƌĚƐŚŝƌĞ͘ dŚĞ ƉƌŽũĞĐƚ ŝƐ ĂĐĐƌĞĚŝƚĞĚ ƵŶĚĞƌ ƚŚĞ &ŝd ƌĞŐŝŵĞ ĂŶĚ ŚĂƐ Ă ƚŽƚĂů ŝŶƐƚĂůůĞĚ ĐĂƉĂĐŝƚLJ ŽĨ Đ͘ϳϮϳŬtƉ͘dŚĞůĞĂƐĞŝƐŚĞůĚǁŝƚŚĂůŽĐĂůůĂŶĚŽǁŶĞƌǁŚŽĚĞǀĞůŽƉĞĚƚŚĞƉƌŽũĞĐƚ͘dŚĞĐŽŵƉĂŶLJŚĂƐ ĞŶƚĞƌĞĚŝŶƚŽĂĐŽŵƉƌĞŚĞŶƐŝǀĞĨŝdžĞĚƚĞƌŵKΘDĂŐƌĞĞŵĞŶƚ͘

,ĞǁĂƐ^ŽůĂƌ>ŝŵŝƚĞĚ	ŽƐƚĂƚϯϬͬϬϵͬϭϳ͗	άϭ͕ϬϬϬ͕ϬϬϬ	sĂůƵĂƚŝŽŶĂƚϯϬͬϬϵͬϭϳ͗	άϭ͕ϯϱϱ͕ϬϬϬ
	ŽƐƚĂƚϯϬͬϬϵͬϭϲ͗	άϭ͕ϬϬϬ͕ϬϬϬ	sĂůƵĂƚŝŽŶĂƚϯϬͬϬϵͬϭϲ͗	άϭ͕ϯϲϭ͕ϬϬϬ
	ĂƚĞŽĨĨŝƌƐƚŝŶǀĞƐƚŵĞŶƚ͗	ƵŐϮϬϭϭ	sĂůƵĂƚŝŽŶŵĞƚŚŽĚ͗	ŝƐĐŽƵŶƚĞĚĂƐŚ&ůŽǁ
	/ŶǀĞƐƚŵĞŶƚĐŽŵƉƌŝƐĞƐ͗
	KƌĚŝŶĂƌLJƐŚĂƌĞƐ͗	άϭ͕ϬϬϬ͕ϬϬϬ	WƌŽƉŽƌƚŝŽŶŽĨĞƋƵŝƚLJŚĞůĚ͗	ϱϬй
	^ƵŵŵĂƌLJĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶĨƌŽŵ ƐƚĂƚƵƚŽƌLJĂĐĐŽƵŶƚƐ͗ϯϬƉƌŝůϮϬϭϲ		dƵƌŶŽǀĞƌ͗ KƉĞƌĂƚŝŶŐƉƌŽĨŝƚ͗ EĞƚĂƐƐĞƚƐ͗	άϰϱϴ͕Ϭϰϵ άϮϮϮ͕ϰϲϴ άϭ͕ϵϵϵ͕ϵϵϵ

,ĞǁĂƐ^ŽůĂƌ>ŝŵŝƚĞĚŽǁŶƐĂƉŽƌƚĨŽůŝŽŽĨƌŽŽĨͲŵŽƵŶƚĞĚƐŽůĂƌĂƐƐĞƚƐůŽĐĂƚĞĚŽŶŚŽƵƐŝŶŐƐƚŽĐŬŽǁŶĞĚ ďLJĂ ŚŽƵƐŝŶŐĂƐƐŽĐŝĂƚŝŽŶ͘dŚĞ ĐŽŵƉĂŶLJ ĨŝŶĂŶĐĞĚ ƚŚĞ ĐĂƉŝƚĂů ĐŽƐƚƐ ŽĨ ŝŶƐƚĂůůŝŶŐĞƋƵŝƉŵĞŶƚĂŶĚ ŝŶ ƌĞƚƵƌŶƌĞĐĞŝǀĞƐƚŚĞ&ŝdŝŶĐŽŵĞ͘ZĞƐŝĚĞŶƚƐŽĨƚŚĞŚŽƵƐŝŶŐĂƐƐŽĐŝĂƚŝŽŶƐĂƌĞĂďůĞƚŽƵƐĞƚŚĞĞůĞĐƚƌŝĐŝƚLJ ŐĞŶĞƌĂƚĞĚ ďLJ ƚŚĞ ŝŶƐƚĂůůĂƚŝŽŶƐ ĨƌĞĞ ŽĨ ĐŚĂƌŐĞ͘ ZŽŽĨͲƚŽƉ ŝŶƐƚĂůůĂƚŝŽŶƐ ǁĞƌĞ ƵŶĚĞƌƚĂŬĞŶ ĚƵƌŝŶŐ EŽǀĞŵďĞƌĂŶĚĞĐĞŵďĞƌϮϬϭϭ͘dŚĞĐŽŵƉĂŶLJŚĂƐĞŶƚĞƌĞĚŝŶƚŽĂĨŝdžĞĚƚĞƌŵKΘDĂŐƌĞĞŵĞŶƚǁŝƚŚ ƚŚĞŝŶƐƚĂůůĞƌ͕^ƚƌĂƚĞŐŝĐŶĞƌŐLJ>ŝŵŝƚĞĚ͘ƚƚŚĞďĞŐŝŶŶŝŶŐŽĨDĂƌĐŚϮϬϭϲ͕,ĞǁĂƐ^ŽůĂƌ>ŝŵŝƚĞĚďŽƵŐŚƚ ĂƉŽƌƚĨŽůŝŽŽĨϵϲϰ͘ϯŬtŽĨƌŽŽĨƚŽƉƐŽůĂƌWsĂƐƐĞƚƐǁŚŝĐŚĂƌĞŝŶƐƚĂůůĞĚŽŶϰϯϯƌŽŽĨƚŽƉƐŽŶŚŽƵƐŝŶŐ ĂƐƐŽĐŝĂƚŝŽŶƉƌŽƉĞƌƚŝĞƐůŽĐĂƚĞĚŝŶ^ŽƵƚŚtĂůĞƐĨƌŽŵWĞŶŚĂůĞ^ŽůĂƌ>ŝŵŝƚĞĚ͘

sŝĐĂƌĂŐĞ^ŽůĂƌ>ŝŵŝƚĞĚ	ŽƐƚĂƚϯϬͬϬϵͬϭϳ͗ ŽƐƚĂƚϯϬͬϬϵͬϭϲ͗ ĂƚĞŽĨĨŝƌƐƚŝŶǀĞƐƚŵĞŶƚ͗	άϴϳϭ͕ϬϬϬ άϴϳϭ͕ϬϬϬ DĂƌϮϬϭϮ	sĂůƵĂƚŝŽŶĂƚϯϬͬϬϵͬϭϳ͗ sĂůƵĂƚŝŽŶĂƚϯϬͬϬϵͬϭϲ͗ sĂůƵĂƚŝŽŶŵĞƚŚŽĚ͗	άϭ͕Ϯϭϱ͕ϬϬϬ άϭ͕ϯϬϯ͕ϬϬϬ ŝƐĐŽƵŶƚĞĚĂƐŚ&ůŽǁ
	/ŶǀĞƐƚŵĞŶƚĐŽŵƉƌŝƐĞƐ͗ KƌĚŝŶĂƌLJƐŚĂƌĞƐ͗	άϴϳϭ͕ϬϬϬ	WƌŽƉŽƌƚŝŽŶŽĨĞƋƵŝƚLJŚĞůĚ͗	ϰϱй
	^ƵŵŵĂƌLJĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶĨƌŽŵ ƐƚĂƚƵƚŽƌLJĂĐĐŽƵŶƚƐ͗ϯϬƉƌŝůϮϬϭϲ		dƵƌŶŽǀĞƌ͗ KƉĞƌĂƚŝŶŐůŽƐƐ͗ EĞƚĂƐƐĞƚƐ͗	άŶŝů άϵϵ άϭ͕ϵϯϭ͕ϰϬϰ

sŝĐĂƌĂŐĞ^ŽůĂƌ>ŝŵŝƚĞĚŝƐĂŚŽůĚŝŶŐĐŽŵƉĂŶLJǁŚŝĐŚŽǁŶƐϵϬйŽĨƚŚĞƐŚĂƌĞĐĂƉŝƚĂůŽĨtWĂƌƐŽŶĂŐĞ >ŝŵŝƚĞĚ;ƚŚĞƌĞŵĂŝŶĚĞƌŝƐŽǁŶĞĚďLJ>ƵŶĂƌϮ>ŝŵŝƚĞĚͿ͘tWĂƌƐŽŶĂŐĞ>ŝŵŝƚĞĚŽǁŶƐĂƐŽůĂƌĨĂƌŵǁŝƚŚ ĂĐĂƉĂĐŝƚLJŽĨϬ͘ϲϰDtǁŚŝĐŚŝƐůŽĐĂƚĞĚŽƵƚƐŝĚĞ/ůŵŝŶƐƚĞƌ͕^ŽŵĞƌƐĞƚ͘

Zs/tK&/Es^dDEd^;ĐŽŶƚŝŶƵĞĚͿ

dƵŵďůĞǁŝŶĚ>ŝŵŝƚĞĚ	ŽƐƚĂƚϯϬͬϬϵͬϭϳ͗	άϭ͕ϰϬϭ͕ϬϬϬ	sĂůƵĂƚŝŽŶĂƚϯϬͬϬϵͬϭϳ͗	άϭ͕ϭϰϰ͕ϬϬϬ
	ŽƐƚĂƚϯϬͬϬϵͬϭϲ͗	άϭ͕ϰϯϴ͕ϬϬϬ	sĂůƵĂƚŝŽŶĂƚϯϬͬϬϵͬϭϲ͗	άϭ͕Ϯϰϲ͕ϬϬϬ
	ĂƚĞŽĨĨŝƌƐƚŝŶǀĞƐƚŵĞŶƚ͗	EŽǀϮϬϭϭ	sĂůƵĂƚŝŽŶŵĞƚŚŽĚ͗	ŝƐĐŽƵŶƚĞĚĂƐŚ&ůŽǁ
	/ŶǀĞƐƚŵĞŶƚĐŽŵƉƌŝƐĞƐ͗
	KƌĚŝŶĂƌLJƐŚĂƌĞƐ͗	άϳϵϬ͕ϬϬϬ	WƌŽƉŽƌƚŝŽŶŽĨĞƋƵŝƚLJŚĞůĚ͗	ϱϬй
	>ŽĂŶƐƚŽĐŬ͗	άϲϭϭ͕ϬϬϬ	WƌŽƉŽƌƚŝŽŶŽĨůŽĂŶƐƚŽĐŬŚĞůĚ͗	ϱϬй
	^ƵŵŵĂƌLJĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶĨƌŽŵ		dƵƌŶŽǀĞƌ͗	άϭϬϮ͕ϴϵϵ
	ƐƚĂƚƵƚŽƌLJĂĐĐŽƵŶƚƐ͗ϯϬƉƌŝůϮϬϭϲ		KƉĞƌĂƚŝŶŐƉƌŽĨŝƚ͗	άϰϲ͕ϴϬϵ
			EĞƚĂƐƐĞƚƐ͗	άϭ͕ϯϴϴ͕ϰϰϭ

dƵŵďůĞǁŝŶĚ>ŝŵŝƚĞĚŽǁŶƐĂϲϲ͘ϱŬtƉŽƌƚĨŽůŝŽŽĨǁŝŶĚƚƵƌďŝŶĞƐůŽĐĂƚĞĚŽŶůĂƌŐĞůLJĨĂƌŵĞƌͲŽǁŶĞĚƐŝƚĞƐ ůŽĐĂƚĞĚ ƚŚƌŽƵŐŚŽƵƚĂƐƚ ŶŐůŝĂ͘ĂĐŚ ƉƌŽũĞĐƚ ŝƐĂ ƐŝŶŐůĞ ŽƌŵƵůƚŝƉůĞ ƚƵƌďŝŶĞ ƐŝƚĞǁŚŝĐŚ ŚĂƐ ŝƚƐ ŽǁŶ ĚŝƐƚŝŶĐƚĞƋƵŝƉŵĞŶƚůŽĐĂƚŝŽŶĂŐƌĞĞŵĞŶƚ͕ƉůĂŶŶŝŶŐƉĞƌŵŝƐƐŝŽŶĂŶĚ&ŝdĂĐĐƌĞĚŝƚĂƚŝŽŶ;ƚŚƌŽƵŐŚD^Ϳ͘dŚĞ ĚĞǀĞůŽƉĞƌ͕tŝŶĚĐƌŽƉ>ŝŵŝƚĞĚ͕ŽĨĨĞƌĞĚĂĐŽŵƉůĞƚĞƚƵƌŶŬĞLJƐŽůƵƚŝŽŶǁŚĞƌĞƚŚĞLJĚĞǀĞůŽƉĞĚ͕ďƵŝůƚĂŶĚ ĐŽŵŵŝƐƐŝŽŶĞĚĞĂĐŚƐŝƚĞ͘dŚĞůĂŶĚŽǁŶĞƌŝƐĞŶƚŝƚůĞĚƚŽĨƌĞĞĞůĞĐƚƌŝĐŝƚLJƉƌŽĚƵĐĞĚďLJƚŚĞƚƵƌďŝŶĞƐǁŝƚŚ dƵŵďůĞǁŝŶĚ>ŝŵŝƚĞĚĐŽůůĞĐƚŝŶŐďŽƚŚƚŚĞ&ŝdĂŶĚdžƉŽƌƚƌĞǀĞŶƵĞĨŽƌĂŶLJƐƵƌƉůƵƐƚŚĂƚƚŚĞůĂŶĚŽǁŶĞƌ ĚŽĞƐŶŽƚĐŽŶƐƵŵĞ͘tŝŶĚĐƌŽƉ>ŝŵŝƚĞĚŝƐŝŶĂĚŵŝŶŝƐƚƌĂƚŝŽŶĂŶĚǀĂŶĐĞ;ŶŽǁƌŝƚǁŝŶĚͿŚĂƐƚĂŬĞŶŽǀĞƌ ƚŚĞKΘD͘KŶ Ϯϵ :ƵůLJ ϮϬϭϰ dƵŵďůĞǁŝŶĚ ďŽƵŐŚƚ WƌŝŽƌLJ &Ăƌŵ ^ŽůĂƌ &Ăƌŵ >ŝŵŝƚĞĚ ƚŚĂƚ ŽǁŶƐ Ă ƐŽůĂƌ ƉƌŽũĞĐƚŽĨϯ͘ϮϮϴDtůŽĐĂƚĞĚĐůŽƐĞƚŽ>ŽǁĞƐƚŽĨƚ͘dŚĞƉƌŽũĞĐƚǁĂƐďƵŝůƚĂŶĚĐŽŵŵŝƐƐŝŽŶĞĚďLJ/ĚĞĞŵĂƐƵŶ ŶĞƌŐLJ'ŵď,͕Ă'ĞƌŵĂŶWŽŶƚƌĂĐƚŽƌ͘

'ůŽƵĐĞƐƚĞƌtŝŶĚ>ŝŵŝƚĞĚ	ŽƐƚĂƚϯϬͬϬϵͬϭϳ͗	άϭ͕ϬϬϬ͕ϬϬϬ	sĂůƵĂƚŝŽŶĂƚϯϬͬϬϵͬϭϳ͗	άϵϱϯ͕ϬϬϬ
	ŽƐƚĂƚϯϬͬϬϵͬϭϲ͗	άϭ͕ϬϬϬ͕ϬϬϬ	sĂůƵĂƚŝŽŶĂƚϯϬͬϬϵͬϭϲ͗	άϭ͕ϭϱϯ͕ϬϬϬ
	ĂƚĞŽĨĨŝƌƐƚŝŶǀĞƐƚŵĞŶƚ͗	ƉƌϮϬϭϮ	sĂůƵĂƚŝŽŶŵĞƚŚŽĚ͗	ŝƐĐŽƵŶƚĞĚĂƐŚ&ůŽǁ
	/ŶǀĞƐƚŵĞŶƚĐŽŵƉƌŝƐĞƐ͗
	KƌĚŝŶĂƌLJƐŚĂƌĞƐ͗	άϴϬϬ͕ϬϬϬ	WƌŽƉŽƌƚŝŽŶŽĨĞƋƵŝƚLJŚĞůĚ͗	ϱϬй
	>ŽĂŶƐƚŽĐŬ͗	άϮϬϬ͕ϬϬϬ	WƌŽƉŽƌƚŝŽŶŽĨůŽĂŶƐƚŽĐŬŚĞůĚ͗	ϱϬй
	^ƵŵŵĂƌLJĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶĨƌŽŵ		dƵƌŶŽǀĞƌ͗	άϮϮϰ͕ϰϰϵ
	ƐƚĂƚƵƚŽƌLJĂĐĐŽƵŶƚƐ͗ϯϬƉƌŝůϮϬϭϲ		KƉĞƌĂƚŝŶŐƉƌŽĨŝƚ͗	άϮϴ͕ϲϴϲ
			EĞƚĂƐƐĞƚƐ͗	άϭ͕ϲϱϴ͕ϭϵϱ

'ůŽƵĐĞƐƚĞƌtŝŶĚ>ŝŵŝƚĞĚŽǁŶƐĂƉŽƌƚĨŽůŝŽŽĨƌŽŽĨͲŵŽƵŶƚĞĚƐŽůĂƌĂƐƐĞƚƐůŽĐĂƚĞĚŽŶƌĞƐŝĚĞŶƚŝĂůŚŽƵƐŝŶŐ ƐƚŽĐŬĂĐƌŽƐƐƚŚĞh<͘dŚĞĐŽŵƉĂŶLJĨŝŶĂŶĐĞĚƚŚĞĐĂƉŝƚĂůĐŽƐƚƐŽĨŝŶƐƚĂůůŝŶŐĞƋƵŝƉŵĞŶƚĂŶĚŝƐƌĞĐĞŝǀŝŶŐ ƚŚĞ&ŝdŝŶĐŽŵĞŝŶƌĞƚƵƌŶ͘,ŽŵĞŽǁŶĞƌƐĂƌĞĂďůĞƚŽƵƐĞƚŚĞĞůĞĐƚƌŝĐŝƚLJŐĞŶĞƌĂƚĞĚďLJƚŚĞŝŶƐƚĂůůĂƚŝŽŶƐ ĨƌĞĞ ŽĨ ĐŚĂƌŐĞ͘ ZŽŽĨͲƚŽƉ ŝŶƐƚĂůůĂƚŝŽŶƐ ĐŽŵŵĞŶĐĞĚ ŝŶ :ƵŶĞ ϮϬϭϮ ĂŶĚ ǁĞƌĞ ĐŽŵƉůĞƚĞĚ ŽǀĞƌ ƚŚĞ ƐƵďƐĞƋƵĞŶƚϲŵŽŶƚŚƐ͘,ŽǁĞǀĞƌ͕ƚŚĞĚĞǀĞůŽƉĞƌ͛ƐďĂŶŬƌƵƉƚĐLJŝŶƉƌŝůϮϬϭϯƵŶĐŽǀĞƌĞĚƐĞǀĞƌĂůŝƐƐƵĞƐ ǁŝƚŚƚŚĞƉŽƌƚĨŽůŝŽƚŚĂƚĂƌĞĐŽŶƚŝŶƵŝŶŐƚŽďĞŝŶǀĞƐƚŝŐĂƚĞĚ͘ŶKΘDĂŐƌĞĞŵĞŶƚǁŝƚŚŶĞƐĐŽǁĂƐƐŝŐŶĞĚ ŝŶ&ĞďƌƵĂƌLJϮϬϭϱ͕ƚŚŝƐŚĂƐƌĞƐŽůǀĞĚƚŚĞƚĞĐŚŶŝĐĂůŝƐƐƵĞƐƚŚĂƚǁĞƌĞŝĚĞŶƚŝĨŝĞĚ͘dŚĞĐƵƌƌĞŶƚĨŽĐƵƐŝƐŽŶ ďƌŝŶŐŝŶŐĂůůƉƌŽƉĞƌƚLJĚŽĐƵŵĞŶƚĂƚŝŽŶƵƉƚŽĚĂƚĞ͘

ZĞŶĞǁĂďůĞƐh<ϯ>ŝŵŝƚĞĚ	ŽƐƚĂƚϯϬͬϬϵͬϭϳ͗ ŽƐƚĂƚϯϬͬϬϵͬϭϲ͗ ĂƚĞŽĨĨŝƌƐƚŝŶǀĞƐƚŵĞŶƚ͗	άϵϬϬ͕ϬϬϬ άϵϬϬ͕ϬϬϬ ƉƌϮϬϭϬ	sĂůƵĂƚŝŽŶĂƚϯϬͬϬϵͬϭϳ͗ sĂůƵĂƚŝŽŶĂƚϯϬͬϬϵͬϭϲ͗ sĂůƵĂƚŝŽŶŵĞƚŚŽĚ͗	άϵϬϬ͕ϬϬϬ άϵϬϬ͕ϬϬϬ ŽƐƚĂƐƌĞǀŝĞǁĞĚĨŽƌ
	/ŶǀĞƐƚŵĞŶƚĐŽŵƉƌŝƐĞƐ͗ >ŽĂŶƐƚŽĐŬ͗	άϵϬϬ͕ϬϬϬ	WƌŽƉŽƌƚŝŽŶŽĨůŽĂŶƐƚŽĐŬŚĞůĚ͗	ŝŵƉĂŝƌŵĞŶƚ ϱϬй
	^ƵŵŵĂƌLJĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶĨƌŽŵ ƐƚĂƚƵƚŽƌLJĂĐĐŽƵŶƚƐ͗ϯϬƉƌŝůϮϬϭϲ		dƵƌŶŽǀĞƌ͗ KƉĞƌĂƚŝŶŐƉƌŽĨŝƚ͗ EĞƚĂƐƐĞƚƐ͗	άϭ͕ϴϭϮ͕ϱϯϱ άϭ͕ϭϯϰ͕ϴϵϵ άϭ͕ϭϴϵ͕ϲϴϳ

ZĞŶĞǁĂďůĞƐh<ϯ>ŝŵŝƚĞĚŝƐĂh<&ŝdĂĐĐƌĞĚŝƚĞĚƉŚŽƚŽǀŽůƚĂŝĐƐŽůĂƌĨĂƌŵůŽĐĂƚĞĚŝŶ^ƵƚƚŽŶĞŶŐĞƌ͕ tŝůƚƐŚŝƌĞ͘dŚĞƉƌŽũĞĐƚŚĂƐĂƚŽƚĂůŝŶƐƚĂůůĞĚĐĂƉĂĐŝƚLJŽĨϰ͕ϵϴϯ͘ϴϰŬt͘dŚĞůĞĂƐĞŝƐŚĞůĚǁŝƚŚĂůŽĐĂůĐĞƌĞĂů ĨĂƌŵĞƌ͘dŚĞƉƌŽũĞĐƚǁĂƐĚĞǀĞůŽƉĞĚ ƚŚƌŽƵŐŚ ƚŽƉůĂŶŶŝŶŐƉĞƌŵŝƐƐŝŽŶĂŶĚŐƌŝĚĐŽŶŶĞĐƚŝŽŶďLJh< >ŝŵŝƚĞĚ͘dŚĞƉƌŽũĞĐƚǁĂƐďƵŝůƚĂŶĚĐŽŵŵŝƐƐŝŽŶĞĚďLJ'ƌĂĞƐƐ'D,͘dŚĞĞdžƚĞŶĚĞĚŝŶƐƚĂůůĂƚŝŽŶǁĂƐŐŝǀĞŶ KĨŐĞŵĂĐĐƌĞĚŝƚĂƚŝŽŶŝŶ&ĞďƌƵĂƌLJϮϬϭϮ͘

REVIEW OF INVESTMENTS (continued)

Minsmere Power Limited

Cost at 30/09/17:	£975,000	Valuation at 30/09/17:	£729,000
Cost at 30/09/16:	£975,000	Valuation at 30/09/16:	£1,050,000
Date of first investment:	Nov 2011	Valuation method:	Cost as reviewed for impairment
Investment comprises:
Ordinary shares:	£840,000	Proportion of equity held:	50%
Loan stock:	£135,000	Proportion of loan stock held:	50%
Summary financial information from		Turnover:	£172,770
statutory accounts: 30 April 2016		Operating profit:	£45,276
		Net assets:	£2.522.284

Minsmere Power Limited owns a portfolio of 69 small scale 5kW wind turbines located on domestic sites throughout Norfolk. The land owner is entitled to free electricity produced by the turbines with Minsmere Power Limited collecting the FiTs for the generation of the electricity and the export tariff of any electricity unused by the home. The Company also owned 252kWp of rooftop solar assets installed on 102 rooftops on housing association properties located near Glasgow, Scotland. These assets were sold to St. Columb Solar Limited at the beginning of March 2016.

Note: The proportion of equity held in each investment also represents the level of voting rights held by the Company in respect of the investment.

REVIEW OF INVESTMENTS (continued)

Summary of loan stock interest income

	f'000
Loan stock interest receivable in the period
AEE Renewables UK 3 Limited	72
Tumblewind Limited	51
Chargepoint Services Limited	40
Minsmere Power Limited	11
Small Wind Generation Limited	11
	185

Analysis of investments by commercial sector

The split of the investment portfolio by sector (by cost and by value at 30 September 2017) is as follows:

Analysis of investments by type

The allocation of the funds based on cost is summarised as follows:

	Actual portfolio split at 30 September 2017	Actual portfolio split at 30 September 2016
VCT qualifying investments
Loans to qualifying companies	23.4%	26.1%
Ordinary shares in qualifying companies	54.2%	61.2%
Total	77.6%	87.3%
Non-qualifying investments (including cash at bank)	22.4%	12.7%
Total	100.0%	100.0%

Roof-

mounted

Solar

12%

Ground-

mounted

Solar

79%

STRATEGIC REPORT

The Directors present the Strategic Report for the year ended 30 September 2017. The Board have prepared this report in accordance with the Companies Act 2006.

Business model

The business acts as an investment company, investing in a portfolio of businesses within the renewable energy sector. The Company operates as a VCT to ensure that its Shareholders can benefit from the tax reliefs available

Investment advisory and administration fees

Hazel Capital LLP ("Hazel Capital") has provided investment advisory services to the Company at a fee equivalent to 2% of net assets per annum, since its launch. The agreement with Hazel Capital was for a minimum term of six years, effective from 20 October 2010, with a twelve month notice period on either side thereafter

In May 2017, Gresham House plc ("Gresham House"), an AIM-quoted specialist asset management group, announced plans to acquire Hazel Capital. In light of the acquisition, which completed on 31 October 2017, the Board engaged directly with senior management at Gresham House to ensure that the requirements of Shareholders were clearly set out. As part of the negotiations with Gresham House, the Board has agreed a reduction in the investment advisory fee percentage from 2.0% to 1.4% for the first year, followed by a further reduction to 1.15% thereafter.

The Board has reviewed the services to be provided by Gresham House Asset Management Limited ("GHAM"), a wholly owned subsidiary of Gresham House plc, and has concluded that it is satisfied with the strategy, approach and procedures which are to be implemented in providing investment advisory services to the Company.

As detailed in the letter to Shareholders, dated 17 October 2017, Downing LLP will continue to provide administration services to the Company for a revised fee of £40,000 (plus VAT, if applicable). This represents an increase of £5,000 (plus VAT, if applicable) or 14% on a fee which had previously been held at £35,000 since the inception of the Company.

Further to this, the Board has also agreed an additional one off fee to Downing LLP of £15,000, as a result of the additional work undertaken by the Company Secretary and other Downing LLP staff in evaluating the various options available to the Company, in the process of the Board arriving at the Gresham House proposals.

The Gresham House proposals were unanimously agreed by Hazel 2 Shareholders at the General Meeting on 7 November 2017.

Investment policy

General

The Company's objectives are to maximise tax free capital gains and income to Shareholders from dividends and capital distributions by investing the Company's funds in:

• a portfolio of VCT qualifying investments, primarily being in UK and EU based unguoted companies that specialise in long term renewable energy projects and energy developers; and
• a range of non-qualifying investments, comprised from a selection of cash deposits, fixed income funds, securities and secured loans and which will have credit ratings of not less than A minus (Standard & Poor's rated)/A3 (Moody's rated). In addition, as the portfolio of VCT qualifying investments will involve smaller start-up companies, non-qualifying loans could be made to these companies to negate the need to borrow from banks and, therefore, undermine the companies' security within the conditions imposed on all VCTs under current and future VCT legislation applicable to the Company.

Investment strategy

The Company seeks to invest in companies it is believed are materially de-risked and will provide Shareholders with a reliable source of tax free income and maximise the potential for capital preservation. Investee companies generally reflect the following criteria:

• a well-defined business plan and ability to demonstrate strong demand for its products and services;
• products or services which are cash generative;
• objectives of management and Shareholders which are similarly aligned;
• adequate capital resources or access to further resources to achieve the targets set out in its business plan;
• high calibre management teams;
• companies where the Adviser believes there are reasonable prospects of an exit, either through a trade sale or flotation in the medium term: and
• a focus on small and long term renewable energy projects that utilise proven technology and qualify for the highest possible long-term government guaranteed subsidies.

^dZd'/ZWKZd;ĐŽŶƚŝŶƵĞĚͿ

/ŶǀĞƐƚŵĞŶƚƉŽůŝĐLJ;ĐŽŶƚŝŶƵĞĚͿ

ƐƐĞƚĂůůŽĐĂƚŝŽŶ

dŚĞŽŵƉĂŶLJĂŝŵƐƚŽŚŽůĚĂƚůĞĂƐƚϳϬйŽĨŝƚƐĨƵŶĚƐŝŶ sdƋƵĂůŝĨLJŝŶŐŝŶǀĞƐƚŵĞŶƚƐ͘

ůƚŚŽƵŐŚƵŶĚĞƌsdůĞŐŝƐůĂƚŝŽŶƚŚĞŽŵƉĂŶLJŵƵƐƚŚĂǀĞ ϳϬй ŽĨ ŝƚƐ ĨƵŶĚƐ ŝŶǀĞƐƚĞĚ ŝŶ ƋƵĂůŝĨLJŝŶŐ ŝŶǀĞƐƚŵĞŶƚƐ ǁŝƚŚŝŶƚŚƌĞĞLJĞĂƌƐ͕ƚŚĞŽŵƉĂŶLJŝŶƚĞŶĚƐƚŽŝŶǀĞƐƚƵƉƚŽ ϵϬй͘ĐĐŽƌĚŝŶŐůLJ͕ ƚŚĞ ŽŵƉĂŶLJ͛ƐŵĂdžŝŵƵŵĞdžƉŽƐƵƌĞ ƚŽ ƋƵĂůŝĨLJŝŶŐ ŝŶǀĞƐƚŵĞŶƚƐ ǁŝůů ďĞ ϵϬй͘ dŚĞ ŽŵƉĂŶLJ ŝŶƚĞŶĚƐƚŽƌĞƚĂŝŶƚŚĞƌĞŵĂŝŶŝŶŐĨƵŶĚƐŝŶŶŽŶͲƋƵĂůŝĨLJŝŶŐ ŝŶǀĞƐƚŵĞŶƚƐ ƚŽ ĨƵŶĚ ƚŚĞ ĂŶŶƵĂů ƌƵŶŶŝŶŐ ĐŽƐƚƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͕ ƚŽ ƌĞĚƵĐĞ ƚŚĞ ƌŝƐŬ ƉƌŽĨŝůĞ ŽĨ ƚŚĞ ŽǀĞƌĂůů ƉŽƌƚĨŽůŝŽŽĨŝƚƐĨƵŶĚĂŶĚƚŽƉƌŽǀŝĚĞŝŶǀĞƐƚŵĞŶƚƐǁŚŝĐŚ ĐĂŶ ďĞ ƌĞĂůŝƐĞĚ ƚŽ ĨƵŶĚ ĂŶLJ ĨŽůůŽǁͲŽŶ ŝŶǀĞƐƚŵĞŶƚƐ ŝŶ ƚŚĞŝŶǀĞƐƚĞĞĐŽŵƉĂŶŝĞƐ͘

EŽǁ ƚŚĂƚ ŵŽƌĞ ƚŚĂŶ ϳϬй ŽĨ ĨƵŶĚƐ ƌĂŝƐĞĚ ŚĂǀĞ ďĞĞŶ ŝŶǀĞƐƚĞĚŝŶƋƵĂůŝĨLJŝŶŐŝŶǀĞƐƚŵĞŶƚƐ͕ŝƚŝƐĞdžƉĞĐƚĞĚ ƚŚĂƚ ƚŚĞ ŽŵƉĂŶLJ ƐŚĂůů ŚŽůĚ Ăƚ ůĞĂƐƚĞŝŐŚƚ ŝŶǀĞƐƚŵĞŶƚƐ ƚŽ ƉƌŽǀŝĚĞ ĚŝǀĞƌƐŝĨŝĐĂƚŝŽŶĂŶĚ ƌŝƐŬ ƉƌŽƚĞĐƚŝŽŶ͘/Ŷ ƌĞůĂƚŝŽŶ ƚŽƚŚĞŽŵƉĂŶLJ͕ŶŽƐŝŶŐůĞŝŶǀĞƐƚŵĞŶƚ;ŝŶĐůƵĚŝŶŐŵŽƐƚ ůŽĂŶƐƚŽŝŶǀĞƐƚĞĞĐŽŵƉĂŶŝĞƐͿǁŝůůƌĞƉƌĞƐĞŶƚŵŽƌĞƚŚĂŶ ϭϱйŽĨ ƚŚĞĂŐŐƌĞŐĂƚĞŶĞƚĂƐƐĞƚǀĂůƵĞŽĨŝƚƐ ĨƵŶĚƐĂǀĞ ǁŚĞƌĞ ƐƵĐŚ ŝŶǀĞƐƚŵĞŶƚ ŝƐ ŝŶ ĂŶ ŝŶǀĞƐƚĞĞ ĐŽŵƉĂŶLJ ǁŚŝĐŚŚĂƐĂĐƋƵŝƌĞĚŽƌŝƐƚŽĂĐƋƵŝƌĞ͕ǁŚĞƚŚĞƌĚŝƌĞĐƚůLJŽƌ ŝŶĚŝƌĞĐƚůLJ͕ ƐĞĐƵƌŝƚŝĞƐ ŝŶ ƚŚĞ ĨŽůůŽǁŝŶŐ ĐŽŵƉĂŶŝĞƐ͗ ZĞŶĞǁĂďůĞƐ h< ϯ >ŝŵŝƚĞĚ͕ ZĞŶĞǁĂďůĞƐ h< Ϯϲ >ŝŵŝƚĞĚ͕^ŽƵƚŚDĂƌƐƚŽŶ^ŽůĂƌ>ŝŵŝƚĞĚ͕ĞĞĐŚŐƌŽǀĞ^ŽůĂƌ >ŝŵŝƚĞĚ͕ EĞǁ ŶĞƌŐLJ ƌĂ >ŝŵŝƚĞĚ ĂŶĚ sŝĐĂƌĂŐĞ ^ŽůĂƌ >ŝŵŝƚĞĚ͘

dŚĞ ŽŵƉĂŶLJ͛Ɛ ŝŶǀĞƐƚŵĞŶƚ ŝŶ >ƵŶĂƌ ϭ >ŝŵŝƚĞĚ ĂŶĚ >ƵŶĂƌ Ϯ >ŝŵŝƚĞĚ ŚĂƐ͕ Ăƚ ƚŚĞ ƚŝŵĞ ŽĨ ŝŶǀĞƐƚŵĞŶƚ͕ ŶŽƚ ĞdžĐĞĞĚĞĚ ϯϯй ŽĨ ƚŚĞĂŐŐƌĞŐĂƚĞ ŶĞƚĂƐƐĞƚǀĂůƵĞ ŽĨŝƚƐ ĨƵŶĚĂŶĚŝƚƐĚŝƌĞĐƚŽƌŝŶĚŝƌĞĐƚŝŶǀĞƐƚŵĞŶƚŝŶĞĂĐŚŽĨ ZĞŶĞǁĂďůĞƐ h< ϯ >ŝŵŝƚĞĚ͕ ZĞŶĞǁĂďůĞƐ h< Ϯϲ >ŝŵŝƚĞĚ͕^ŽƵƚŚDĂƌƐƚŽŶ^ŽůĂƌ>ŝŵŝƚĞĚ͕ĞĞĐŚŐƌŽǀĞ^ŽůĂƌ >ŝŵŝƚĞĚ͕ EĞǁ ŶĞƌŐLJ ƌĂ >ŝŵŝƚĞĚ ĂŶĚ sŝĐĂƌĂŐĞ ^ŽůĂƌ >ŝŵŝƚĞĚǁŝůůŶŽƚŝŶĚŝǀŝĚƵĂůůLJƌĞƉƌĞƐĞŶƚŵŽƌĞƚŚĂŶϭϳй ŽĨƚŚĞĂŐŐƌĞŐĂƚĞŶĞƚĂƐƐĞƚǀĂůƵĞŽĨŝƚƐĨƵŶĚ͘

ZŝƐŬĚŝǀĞƌƐŝĨŝĐĂƚŝŽŶ

dŚĞ ƐƚƌƵĐƚƵƌĞ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĨƵŶĚƐ͕ ĂŶĚ ŝƚƐ ŝŶǀĞƐƚŵĞŶƚ ƐƚƌĂƚĞŐŝĞƐ͕ ŚĂǀĞ ďĞĞŶ ĚĞƐŝŐŶĞĚ ƚŽ ƌĞĚƵĐĞ ƌŝƐŬĂƐŵƵĐŚĂƐƉŽƐƐŝďůĞ͘

dŚĞŵĂŝŶƌŝƐŬŵĂŶĂŐĞŵĞŶƚĨĞĂƚƵƌĞƐŝŶĐůƵĚĞ͗

• x ƉŽƌƚĨŽůŝŽ ŽĨ ŝŶǀĞƐƚĞĞ ĐŽŵƉĂŶŝĞƐ ʹ ƚŚĞ ŽŵƉĂŶLJ ƐĞĞŬƐƚŽŝŶǀĞƐƚŝŶĂƚůĞĂƐƚĞŝŐŚƚĚŝĨĨĞƌĞŶƚĐŽŵƉĂŶŝĞƐ͕ ƚŚĞƌĞďLJ ƌĞĚƵĐŝŶŐ ƚŚĞ ƉŽƚĞŶƚŝĂů ŝŵƉĂĐƚ ŽĨ ƉŽŽƌ ƉĞƌĨŽƌŵĂŶĐĞďLJĂŶLJŝŶĚŝǀŝĚƵĂůŝŶǀĞƐƚŵĞŶƚ͖
• x ŵŽŶŝƚŽƌŝŶŐŽĨŝŶǀĞƐƚĞĞĐŽŵƉĂŶŝĞƐʹƚŚĞĚǀŝƐĞƌǁŝůů ĐůŽƐĞůLJ ŵŽŶŝƚŽƌ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ Ăůů ƚŚĞ ŝŶǀĞƐƚŵĞŶƚƐ ŵĂĚĞ ďLJ ƚŚĞ ŽŵƉĂŶLJ ŝŶ ŽƌĚĞƌ ƚŽ ŝĚĞŶƚŝĨLJ ĂŶLJ ŝƐƐƵĞƐ ĂŶĚ ƚŽ ĞŶĂďůĞ ŶĞĐĞƐƐĂƌLJ ĐŽƌƌĞĐƚŝǀĞĂĐƚŝŽŶƚŽďĞƚĂŬĞŶ͖ĂŶĚ

x ƚŚĞ ŽŵƉĂŶLJ ǁŝůů ĞŶƐƵƌĞ ƚŚĂƚ ŝƚ ŚĂƐ ƐƵĨĨŝĐŝĞŶƚ ŝŶĨůƵĞŶĐĞŽǀĞƌƚŚĞŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞďƵƐŝŶĞƐƐŽĨ ƚŚĞ ŝŶǀĞƐƚĞĞ ĐŽŵƉĂŶŝĞƐ͕ ŝŶ ƉĂƌƚŝĐƵůĂƌ͕ ƚŚƌŽƵŐŚ ƌŝŐŚƚƐ ĐŽŶƚĂŝŶĞĚ ŝŶ ƚŚĞ ƌĞůĞǀĂŶƚ ŝŶǀĞƐƚŵĞŶƚ ĂŐƌĞĞŵĞŶƚƐ ĂŶĚ ŽƚŚĞƌ ^ŚĂƌĞŚŽůĚĞƌͬĐŽŶƐƚŝƚƵƚŝŽŶĂů ĚŽĐƵŵĞŶƚƐ͘

/ŶƌĞƐƉĞĐƚŽĨ>ƵŶĂƌϭ>ŝŵŝƚĞĚĂŶĚ>ƵŶĂƌϮ>ŝŵŝƚĞĚ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ĨŽůůŽǁĞĚ ƚŚĞ ĂďŽǀĞ ƌŝƐŬ ĚŝǀĞƌƐŝĨŝĐĂƚŝŽŶ ƐƚƌĂƚĞŐLJ ǁŝƚŚ ƌĞŐĂƌĚ ƚŽ ƚŚĞŝƌ ŝŶǀĞƐƚŵĞŶƚƐ ŝŶ ZĞŶĞǁĂďůĞƐ h< ϯ >ŝŵŝƚĞĚ͕ ZĞŶĞǁĂďůĞƐ h< Ϯϲ >ŝŵŝƚĞĚ͕^ŽƵƚŚDĂƌƐƚŽŶ^ŽůĂƌ>ŝŵŝƚĞĚ͕ĞĞĐŚŐƌŽǀĞ^ŽůĂƌ >ŝŵŝƚĞĚ͕ EĞǁ ŶĞƌŐLJ ƌĂ >ŝŵŝƚĞĚ ĂŶĚ sŝĐĂƌĂŐĞ ^ŽůĂƌ >ŝŵŝƚĞĚ͘

'ĞĂƌŝŶŐ

/ƚŝƐŶŽƚŝŶƚĞŶĚĞĚƚŚĂƚƚŚĞŽŵƉĂŶLJǁŝůůďŽƌƌŽǁ;ŽƚŚĞƌ ƚŚĂŶ ĨƌŽŵ ŝŶǀĞƐƚĞĞ ĐŽŵƉĂŶŝĞƐͿ͘ ,ŽǁĞǀĞƌ͕ ƚŚĞ ŽŵƉĂŶLJǁŝůůŚĂǀĞƚŚĞĂďŝůŝƚLJƚŽďŽƌƌŽǁƵƉƚŽϭϱйŽĨ ŝƚƐŶĞƚĂƐƐĞƚǀĂůƵĞƐĂǀĞƚŚĂƚƚŚŝƐůŝŵŝƚƐŚĂůůŶŽƚĂƉƉůLJƚŽ ĂŶLJůŽĂŶŵŽŶŝĞƐƵƐĞĚƚŽĨĂĐŝůŝƚĂƚĞƚŚĞĂĐƋƵŝƐŝƚŝŽŶďLJƚŚĞ ŽŵƉĂŶLJ͕ǁŚĞƚŚĞƌĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJ͕ŽĨĂŶLJƐŚĂƌĞƐ Žƌ ƐĞĐƵƌŝƚŝĞƐ ŝŶ ƚŚĞ ĨŽůůŽǁŝŶŐ ĐŽŵƉĂŶŝĞƐ͗ ZĞŶĞǁĂďůĞƐ h< ϯ >ŝŵŝƚĞĚ͕ ZĞŶĞǁĂďůĞƐ h< Ϯϲ >ŝŵŝƚĞĚ͕^ŽƵƚŚDĂƌƐƚŽŶ^ŽůĂƌ>ŝŵŝƚĞĚ͕ĞĞĐŚŐƌŽǀĞ^ŽůĂƌ >ŝŵŝƚĞĚ͕ EĞǁ ŶĞƌŐLJ ƌĂ >ŝŵŝƚĞĚ ĂŶĚ sŝĐĂƌĂŐĞ ^ŽůĂƌ >ŝŵŝƚĞĚ͘

dŚĞ ŽŵƉĂŶLJ ŚĂƐ ĞŶƐƵƌĞĚ ƚŚĂƚ >ƵŶĂƌ ϭ >ŝŵŝƚĞĚ ĂŶĚ >ƵŶĂƌ Ϯ >ŝŵŝƚĞĚ ŚĂƐ ďŽƌƌŽǁĞĚ ŶŽ ŵŽƌĞ ƚŚĂŶ ϵϬй ŽĨ ƚŚĞŝƌ ƌĞƐƉĞĐƚŝǀĞ ŶĞƚ ĂƐƐĞƚ ǀĂůƵĞƐ ƚŽ ĨĂĐŝůŝƚĂƚĞ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ͕ǁŚĞƚŚĞƌĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJ͕ŽĨĂŶLJƐŚĂƌĞƐ Žƌ ƐĞĐƵƌŝƚŝĞƐ ŝŶ ƚŚĞ ĨŽůůŽǁŝŶŐ ĐŽŵƉĂŶŝĞƐ͗ ZĞŶĞǁĂďůĞƐ h< ϯ >ŝŵŝƚĞĚ͕ ZĞŶĞǁĂďůĞƐ h< Ϯϲ >ŝŵŝƚĞĚ͕^ŽƵƚŚDĂƌƐƚŽŶ^ŽůĂƌ>ŝŵŝƚĞĚ͕ĞĞĐŚŐƌŽǀĞ^ŽůĂƌ >ŝŵŝƚĞĚ͕ EĞǁ ŶĞƌŐLJ ƌĂ >ŝŵŝƚĞĚ ĂŶĚ sŝĐĂƌĂŐĞ ^ŽůĂƌ >ŝŵŝƚĞĚ͘

ƐĂƚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ͕ƚŚĞŽŵƉĂŶLJŚĂĚƚŚĞĂďŝůŝƚLJ ƚŽďŽƌƌŽǁάϯ͘ϵŵŝůůŝŽŶŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĂƌƚŝĐůĞƐ͕ ŚŽǁĞǀĞƌ ƚŚĞŽŵƉĂŶLJŚĂĚĂĐƚƵĂů ďŽƌƌŽǁŝŶŐƐŽĨ άϰ͘ϰ ŵŝůůŝŽŶ ;ϮϬϭϲ͗άϯ͘ϯŵŝůůŝŽŶͿ͘,ŽǁĞǀĞƌ͕ ƚŚĞďŽƌƌŽǁŝŶŐƐ ĐƵƌƌĞŶƚůLJ ƐŚŽǁŶ ŽŶ ƚŚĞ ĂůĂŶĐĞ ^ŚĞĞƚ ƌĞƉƌĞƐĞŶƚ ĂŵŽƵŶƚƐ ŽǁĞĚ ƚŽ ŝŶǀĞƐƚĞĞ ĐŽŵƉĂŶŝĞƐ ĂŶĚ ƚŚĞ ŽĂƌĚ ĞdžƉĞĐƚƐƐƵĐŚĂŵŽƵŶƚƐƚŽďĞƌĞƉĂŝĚŝŶƚŚĞĨƵƚƵƌĞďLJǁĂLJ ŽĨ ĚŝǀŝĚĞŶĚƐ ĨƌŽŵ ƚŚĞƐĞ ĐŽŵƉĂŶŝĞƐ͘ Ɛ Ă ƌĞƐƵůƚ͕ ƚŚĞ ŽĂƌĚ ŝƐ ƐĞĞŬŝŶŐ ƐŚĂƌĞŚŽůĚĞƌ ĂƉƉƌŽǀĂů ĨŽƌ ĂŶ ĂŵĞŶĚŵĞŶƚ ƚŽ ƚŚĞ ĂƌƚŝĐůĞƐ͕ ŝŶ ŽƌĚĞƌ ƚŽ ĞdžĐůƵĚĞ ďŽƌƌŽǁŝŶŐƐ ĨƌŽŵ ŝŶǀĞƐƚĞĞ ĐŽŵƉĂŶŝĞƐ ĨƌŽŵ ƚŚĞ ĐĂůĐƵůĂƚŝŽŶŽĨƚŚĞϭϱйďŽƌƌŽǁŝŶŐƌĞƐƚƌŝĐƚŝŽŶ͘

^dZd'/ZWKZd;ĐŽŶƚŝŶƵĞĚͿ

/ŶǀĞƐƚŵĞŶƚƉŽůŝĐLJ;ĐŽŶƚŝŶƵĞĚͿ

>ŝƐƚŝŶŐƌƵůĞƐ

/ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ>ŝƐƚŝŶŐZƵůĞƐ͗

• ;ŝͿ ƚŚĞ ŽŵƉĂŶLJ ŵĂLJ ŶŽƚ ŝŶǀĞƐƚ ŵŽƌĞ ƚŚĂŶ ϭϬй͕ ŝŶ ĂŐŐƌĞŐĂƚĞ͕ ŽĨ ƚŚĞ ǀĂůƵĞ ŽĨ ƚŚĞ ƚŽƚĂůĂƐƐĞƚƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ Ăƚ ƚŚĞ ƚŝŵĞ ĂŶ ŝŶǀĞƐƚŵĞŶƚ ŝƐ ŵĂĚĞ ŝŶ ŽƚŚĞƌůŝƐƚĞĚĐůŽƐĞĚͲĞŶĚĞĚŝŶǀĞƐƚŵĞŶƚĨƵŶĚƐĞdžĐĞƉƚ ůŝƐƚĞĚĐůŽƐĞĚͲĞŶĚĞĚŝŶǀĞƐƚŵĞŶƚ ĨƵŶĚƐǁŚŝĐŚŚĂǀĞ ƉƵďůŝƐŚĞĚŝŶǀĞƐƚŵĞŶƚƉŽůŝĐŝĞƐǁŚŝĐŚƉĞƌŵŝƚ ƚŚĞŵ ƚŽŝŶǀĞƐƚŶŽŵŽƌĞƚŚĂŶϭϱйŽĨƚŚĞŝƌƚŽƚĂůĂƐƐĞƚƐŝŶ ŽƚŚĞƌůŝƐƚĞĚĐůŽƐĞĚͲĞŶĚĞĚŝŶǀĞƐƚŵĞŶƚĨƵŶĚƐ͖
• ;ŝŝͿ ƚŚĞŽŵƉĂŶLJŵƵƐƚŶŽƚĐŽŶĚƵĐƚĂŶLJƚƌĂĚŝŶŐĂĐƚŝǀŝƚLJ ǁŚŝĐŚŝƐƐŝŐŶŝĨŝĐĂŶƚŝŶƚŚĞĐŽŶƚĞdžƚŽĨƚŚĞŽŵƉĂŶLJ͖ ĂŶĚ
• ;ŝŝŝͿ ƚŚĞŽŵƉĂŶLJŵƵƐƚ͕ĂƚĂůůƚŝŵĞƐ͕ŝŶǀĞƐƚĂŶĚŵĂŶĂŐĞ ŝƚƐ ĂƐƐĞƚƐ ŝŶ Ă ǁĂLJ ǁŚŝĐŚ ŝƐ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ŝƚƐ ŽďũĞĐƚŝǀĞ ŽĨ ƐƉƌĞĂĚŝŶŐ ŝŶǀĞƐƚŵĞŶƚ ƌŝƐŬ ĂŶĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ŝƚƐ ƉƵďůŝƐŚĞĚ ŝŶǀĞƐƚŵĞŶƚ ƉŽůŝĐLJ ƐĞƚŽƵƚŝŶƚŚŝƐĚŽĐƵŵĞŶƚ͘dŚŝƐŝŶǀĞƐƚŵĞŶƚƉŽůŝĐLJŝƐ ŝŶůŝŶĞǁŝƚŚŚĂƉƚĞƌϭϱŽĨƚŚĞ>ŝƐƚŝŶŐZƵůĞƐĂŶĚWĂƌƚ ϲŽĨƚŚĞ/ŶĐŽŵĞdĂdžĐƚ͘

dŚĞ ĂďŽǀĞ >ŝƐƚŝŶŐ ZƵůĞƐ ŚĂǀĞ ďĞĞŶ ĐŽŵƉůŝĞĚ ǁŝƚŚ ĨŽƌ ƚŚĞLJĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ͘

ƵƐŝŶĞƐƐƌĞǀŝĞǁĂŶĚĚĞǀĞůŽƉŵĞŶƚƐ

dŚĞ ŽŵƉĂŶLJ͛Ɛ ďƵƐŝŶĞƐƐ ƌĞǀŝĞǁ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚƐ ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌ ĂƌĞ ƐĞƚ ŽƵƚ ŝŶ ƚŚĞ ŚĂŝƌŵĂŶ͛Ɛ ^ƚĂƚĞŵĞŶƚ͕ /ŶǀĞƐƚŵĞŶƚ ĚǀŝƐĞƌ͛Ɛ ZĞƉŽƌƚ͕ ĂŶĚ ƚŚĞ ZĞǀŝĞǁŽĨ/ŶǀĞƐƚŵĞŶƚƐ͘

ƵƌŝŶŐƚŚĞLJĞĂƌƚŽϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ͕ƚŚĞŝŶǀĞƐƚŵĞŶƚƐ ŚĞůĚŝŶĐƌĞĂƐĞĚŝŶǀĂůƵĞďLJάϵϵϮ͕ϬϬϬĂŶĚŐĂŝŶƐĂƌŝƐŝŶŐ ŽŶŝŶǀĞƐƚŵĞŶƚƌĞĂůŝƐĂƚŝŽŶƐƚŽƚĂůůĞĚάϰϲ͕ϬϬϬ͘

/ŶĐŽŵĞŽǀĞƌĞdžƉĞŶĚŝƚƵƌĞĨŽƌƚŚĞLJĞĂƌƌĞƐƵůƚĞĚŝŶĂŶĞƚ ůŽƐƐ͕ĂĨƚĞƌĂĐĐŽƵŶƚŝŶŐĨŽƌĐĂƉŝƚĂůĞdžƉĞŶƐĞƐ͕ŽĨάϯϯϱ͕ϬϬϬ͘

dŚĞ ƚŽƚĂů ƉƌŽĨŝƚ ĨŽƌ ƚŚĞ LJĞĂƌ ǁĂƐ άϳϬϯ͕ϬϬϬ ;ϮϬϭϲ͗ άϭ͕ϮϰϬ͕ϬϬϬͿ ĂŶĚ ŶĞƚĂƐƐĞƚƐ Ăƚ ƚŚĞ LJĞĂƌĞŶĚǁĞƌĞ άϮϳ͘ϱ ŵŝůůŝŽŶ ;ϮϬϭϲ͗ άϮϴ͘Ϭ ŵŝůůŝŽŶͿ͘ ŝǀŝĚĞŶĚƐ ƉĂŝĚ ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌƚŽƚĂůůĞĚάϭ͕ϭϴϮ͕ϬϬϬ;ϮϬϭϲ͗άϭ͕ϭϴϮ͕ϬϬϬͿ͘

dŚĞŝƌĞĐƚŽƌƐŝŶŝƚŝĂůůLJŽďƚĂŝŶĞĚƉƌŽǀŝƐŝŽŶĂůĂƉƉƌŽǀĂůĨŽƌ ƚŚĞŽŵƉĂŶLJƚŽĂĐƚĂƐĂsĞŶƚƵƌĞĂƉŝƚĂůdƌƵƐƚĨƌŽŵ,D ZĞǀĞŶƵĞ Θ ƵƐƚŽŵƐ͘ dŚĞ ŝƌĞĐƚŽƌƐ ĐŽŶƐŝĚĞƌ ƚŚĂƚ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ĐŽŶƚŝŶƵĞĚ ƚŽ ĐŽŶĚƵĐƚ ŝƚƐ ĂĨĨĂŝƌƐ ŝŶ Ă ŵĂŶŶĞƌƐƵĐŚƚŚĂƚŝƚĐŽŵƉůŝĞƐǁŝƚŚWĂƌƚϲŽĨƚŚĞ/ŶĐŽŵĞ dĂdžĐƚϮϬϬϳ͘

ŝƌĞĐƚŽƌƐĂŶĚƐĞŶŝŽƌŵĂŶĂŐĞŵĞŶƚ

dŚĞŽŵƉĂŶLJŚĂƐƚǁŽEŽŶͲĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌƐ͕ĞĂĐŚŽĨ ǁŚŽŵ ŝƐ ŵĂůĞ͘ dŚĞ ŽŵƉĂŶLJ ŚĂƐ ŶŽ ĞŵƉůŽLJĞĞƐ͕ ƚŚĞ ƐĂŵĞǁĂƐƚƌƵĞŽĨƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌ͘

<ĞLJƉĞƌĨŽƌŵĂŶĐĞŝŶĚŝĐĂƚŽƌƐ

ƚ ĞĂĐŚ ŽĂƌĚ ŵĞĞƚŝŶŐ͕ ƚŚĞ ŝƌĞĐƚŽƌƐ ĐŽŶƐŝĚĞƌ Ă ŶƵŵďĞƌ ŽĨ ƉĞƌĨŽƌŵĂŶĐĞ ŵĞĂƐƵƌĞƐ ƚŽ ĂƐƐĞƐƐ ƚŚĞ ŽŵƉĂŶLJ͛ƐƐƵĐĐĞƐƐŝŶŵĞĞƚŝŶŐŝƚƐŽďũĞĐƚŝǀĞƐ͘dŚĞŽĂƌĚ ďĞůŝĞǀĞƐƚŚĞŽŵƉĂŶLJ͛ƐŬĞLJƉĞƌĨŽƌŵĂŶĐĞŝŶĚŝĐĂƚŽƌƐĂƌĞ EĞƚ ƐƐĞƚ sĂůƵĞ dŽƚĂů ZĞƚƵƌŶ ;Es ƉůƵƐ ĐƵŵƵůĂƚŝǀĞ ĚŝǀŝĚĞŶĚƐƉĂŝĚƚŽĚĂƚĞͿĂŶĚĚŝǀŝĚĞŶĚƐƉĞƌƐŚĂƌĞ͘

dŚĞ ƉŽƐŝƚŝŽŶ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛ƐEĞƚ ƐƐĞƚ sĂůƵĞ dŽƚĂů ZĞƚƵƌŶĂƐĂƚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳŝƐƐŚŽǁŶŽŶƉĂŐĞϮ͘

/Ŷ ĂĚĚŝƚŝŽŶ͕ ƚŚĞ ŽĂƌĚ ĐŽŶƐŝĚĞƌƐ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƉĞƌĨŽƌŵĂŶĐĞŝŶƌĞůĂƚŝŽŶƚŽŽƚŚĞƌsdƐ͘

WƌŝŶĐŝƉĂůƌŝƐŬƐĂŶĚƵŶĐĞƌƚĂŝŶƚŝĞƐ

dŚĞ ƉƌŝŶĐŝƉĂů ĨŝŶĂŶĐŝĂů ƌŝƐŬƐ ĨĂĐĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ͕ ǁŚŝĐŚ ŝŶĐůƵĚĞ ŝŶƚĞƌĞƐƚ ƌĂƚĞ͕ŵĂƌŬĞƚ ƉƌŝĐĞ͕ ŝŶǀĞƐƚŵĞŶƚ ǀĂůƵĂƚŝŽŶ͕ ĐƌĞĚŝƚ ĂŶĚ ůŝƋƵŝĚŝƚLJ ƌŝƐŬƐ͕ ĂƌĞ ƐƵŵŵĂƌŝƐĞĚ ǁŝƚŚŝŶEŽƚĞϭϴƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

dŚĞŽŵƉĂŶLJ͕ĂƐĂĨƵůůLJůŝƐƚĞĚĐŽŵƉĂŶLJŽŶƚŚĞ>ŽŶĚŽŶ ^ƚŽĐŬ džĐŚĂŶŐĞ ĂŶĚ ĂƐ Ă sd͕ ŽƉĞƌĂƚĞƐ ŝŶ Ă ĐŽŵƉůĞdž ƌĞŐƵůĂƚŽƌLJĞŶǀŝƌŽŶŵĞŶƚĂŶĚƚŚĞƌĞĨŽƌĞĨĂĐĞƐĂŶƵŵďĞƌ ŽĨƌĞůĂƚĞĚƌŝƐŬƐ͘ďƌĞĂĐŚŽĨƚŚĞsdƌĞŐƵůĂƚŝŽŶƐĐŽƵůĚ ƌĞƐƵůƚŝŶƚŚĞůŽƐƐŽĨsdƐƚĂƚƵƐĂŶĚĐŽŶƐĞƋƵĞŶƚůŽƐƐŽĨ ƚĂdžƌĞůŝĞĨƐĐƵƌƌĞŶƚůLJĂǀĂŝůĂďůĞ ƚŽ^ŚĂƌĞŚŽůĚĞƌƐĂŶĚ ƚŚĞ ŽŵƉĂŶLJ ďĞŝŶŐ ƐƵďũĞĐƚ ƚŽ ĐĂƉŝƚĂů ŐĂŝŶƐ ƚĂdž͘ ^ĞƌŝŽƵƐ ďƌĞĂĐŚĞƐŽĨŽƚŚĞƌƌĞŐƵůĂƚŝŽŶƐ͕ƐƵĐŚĂƐƚŚĞ>ŝƐƚŝŶŐZƵůĞƐ ŽĨƚŚĞ&ŝŶĂŶĐŝĂůŽŶĚƵĐƚƵƚŚŽƌŝƚLJ͕ĂŶĚƚŚĞŽŵƉĂŶŝĞƐ Đƚ ϮϬϬϲ͕ ĐŽƵůĚ ůĞĂĚ ƚŽ ƐƵƐƉĞŶƐŝŽŶ ĨƌŽŵ ƚŚĞ ^ƚŽĐŬ džĐŚĂŶŐĞĂŶĚĚĂŵĂŐĞƚŽƚŚĞŽŵƉĂŶLJ͛ƐƌĞƉƵƚĂƚŝŽŶ͘

/Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ƚŚĞƐĞ ƌŝƐŬƐ͕ ƚŚĞ ŽŵƉĂŶLJ ŝŶǀĞƐƚƐ ŝŶ Ă ƐĞĐƚŽƌǁŚŝĐŚŝƐĐƵƌƌĞŶƚůLJƐƵďũĞĐƚƚŽƌĞŐƵůĂƌŐŽǀĞƌŶŵĞŶƚ ƌĞǀŝĞǁŽĨƉŽůŝĐLJǁŚŝĐŚĐĂŶƐŝŐŶŝĨŝĐĂŶƚůLJŝŵƉĂĐƚŽŶ ƚŚĞ ŽŵƉĂŶLJ͛ƐŝŶǀĞƐƚŵĞŶƚƐƚƌĂƚĞŐLJ͘

dŚĞ ŽĂƌĚ ƌĞǀŝĞǁƐ ĂŶĚ ĂŐƌĞĞƐ ƉŽůŝĐŝĞƐ ĨŽƌ ŵĂŶĂŐŝŶŐ ĞĂĐŚŽĨƚŚĞƐĞƌŝƐŬƐ͘dŚĞLJƌĞĐĞŝǀĞƋƵĂƌƚĞƌůLJƌĞƉŽƌƚƐĨƌŽŵ ƚŚĞ ĚǀŝƐĞƌ ǁŚŝĐŚ ŵŽŶŝƚŽƌƐ ƚŚĞ ĐŽŵƉůŝĂŶĐĞ ŽĨ ƚŚĞƐĞ ƌŝƐŬƐ͕ĂŶĚƉůĂĐĞƐƌĞůŝĂŶĐĞŽŶƚŚĞĚǀŝƐĞƌƚŽŐŝǀĞƵƉĚĂƚĞƐ ŝŶ ƚŚĞ ŝŶƚĞƌǀĞŶŝŶŐ ƉĞƌŝŽĚƐ͘ dŚĞƐĞ ƉŽůŝĐŝĞƐ ŚĂǀĞ ƌĞŵĂŝŶĞĚ ƵŶĐŚĂŶŐĞĚ ƐŝŶĐĞ ƚŚĞ ďĞŐŝŶŶŝŶŐ ŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂůLJĞĂƌ͘

sŝĂďŝůŝƚLJƐƚĂƚĞŵĞŶƚ

/ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ͘Ϯ͘ϭĂŶĚ͘Ϯ͘ϮŽĨƚŚĞϮϬϭϲƌĞǀŝƐŝŽŶ ŽĨ ƚŚĞ h< ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ ŽĚĞ͕ ƚŚĞ ŝƌĞĐƚŽƌƐ ŚĂǀĞĐĂƌƌŝĞĚŽƵƚĂ ƌŽďƵƐƚĂƐƐĞƐƐŵĞŶƚŽĨ ƚŚĞƉƌŝŶĐŝƉĂů ƌŝƐŬƐ ĨĂĐŝŶŐ ƚŚĞ ŽŵƉĂŶLJ ƚŚĂƚ ǁŽƵůĚ ƚŚƌĞĂƚĞŶ ŝƚƐ ďƵƐŝŶĞƐƐ ŵŽĚĞů͕ ĨƵƚƵƌĞ ƉĞƌĨŽƌŵĂŶĐĞ͕ ƐŽůǀĞŶĐLJ Žƌ ůŝƋƵŝĚŝƚLJ͕ ĂŶĚ ŚĂǀĞ ĂƐƐĞƐƐĞĚ ƚŚĞ ƉƌŽƐƉĞĐƚƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ŽǀĞƌ Ă ůŽŶŐĞƌ ƉĞƌŝŽĚ ƚŚĂŶ ƚŚĞ ϭϮ ŵŽŶƚŚƐ ƌĞƋƵŝƌĞĚďLJ ƚŚĞ͚'ŽŝŶŐŽŶĐĞƌŶ͛ƉƌŽǀŝƐŝŽŶ͘dŚĞŽĂƌĚ ŚĂƐĐŽŶĚƵĐƚĞĚ ƚŚŝƐ ƌĞǀŝĞǁ ĨŽƌĂƉĞƌŝŽĚŽĨ ƚŚƌĞĞLJĞĂƌƐ ĨƌŽŵ ƚŚĞ ďĂůĂŶĐĞ ƐŚĞĞƚ ĚĂƚĞ ĂƐ ĚĞǀĞůŽƉŵĞŶƚƐ ĂƌĞ ĐŽŶƐŝĚĞƌĞĚ ƚŽ ďĞ ƌĞĂƐŽŶĂďůLJ ĨŽƌĞƐĞĞĂďůĞ ŽǀĞƌ ƚŚŝƐ ƉĞƌŝŽĚ͘

^dZd'/ZWKZd;ĐŽŶƚŝŶƵĞĚͿ

sŝĂďŝůŝƚLJƐƚĂƚĞŵĞŶƚ;ĐŽŶƚŝŶƵĞĚͿ

dŚĞ ƚŚƌĞĞ LJĞĂƌ ƌĞǀŝĞǁ ĐŽŶƐŝĚĞƌƐ ƚŚĞ ƉƌŝŶĐŝƉĂů ƌŝƐŬƐ ĨĂĐŝŶŐƚŚĞŽŵƉĂŶLJǁŚŝĐŚĂƌĞƐƵŵŵĂƌŝƐĞĚǁŝƚŚŝŶEŽƚĞ ϭϴĂƐǁĞůůĂƐƚŚĞŽŵƉĂŶLJ͛ƐĐĂƐŚĨůŽǁƐ͕ĚŝǀŝĚĞŶĚĐŽǀĞƌ ĂŶĚsdŵŽŶŝƚŽƌŝŶŐĐŽŵƉůŝĂŶĐĞŽǀĞƌƚŚĞƉĞƌŝŽĚ͘

dŚĞ ƚŚƌĞĞ LJĞĂƌ ƌĞǀŝĞǁ ŵĂŬĞƐ ĂƐƐƵŵƉƚŝŽŶƐ ĂďŽƵƚ ƚŚĞ ůĞǀĞůŽĨŝŶǀĞƐƚŵĞŶƚĂĐƚŝǀŝƚLJ͕ĞdžƉĞŶĚŝƚƵƌĞ͕ĚŝǀŝĚĞŶĚƐĂŶĚ ƐŚĂƌĞďƵLJďĂĐŬƐ͘

dŚĞŝƌĞĐƚŽƌƐďĞůŝĞǀĞƚŚĂƚƚŚĞŽŵƉĂŶLJŝƐǁĞůůƉůĂĐĞĚ ƚŽŵĂŶĂŐĞŝƚƐďƵƐŝŶĞƐƐƌŝƐŬƐƐƵĐĐĞƐƐĨƵůůLJ͘ĂƐĞĚŽŶƚŚĞ ƌĞƐƵůƚƐ͕ƚŚĞŽĂƌĚĐŽŶĨŝƌŵƐƚŚĂƚ͕ƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƚŚĞ ŽŵƉĂŶLJ͛ƐĐƵƌƌĞŶƚƉŽƐŝƚŝŽŶĂŶĚƐƵďũĞĐƚƚŽƚŚĞƉƌŝŶĐŝƉĂů ƌŝƐŬƐĨĂĐĞĚďLJƚŚĞďƵƐŝŶĞƐƐ͕ƚŚĞŽŵƉĂŶLJǁŝůůďĞĂďůĞƚŽ ĐŽŶƚŝŶƵĞŝŶŽƉĞƌĂƚŝŽŶĂŶĚŵĞĞƚŝƚƐůŝĂďŝůŝƚŝĞƐĂƐƚŚĞLJĨĂůů ĚƵĞĨŽƌĂƉĞƌŝŽĚŽĨĂƚůĞĂƐƚƚŚƌĞĞLJĞĂƌƐĨƌŽŵƚŚĞďĂůĂŶĐĞ ƐŚĞĞƚĚĂƚĞ͘

ŝƌĞĐƚŽƌƐ͛ƌĞŵƵŶĞƌĂƚŝŽŶ

/ƚŝƐĂƌĞƋƵŝƌĞŵĞŶƚƵŶĚĞƌdŚĞŽŵƉĂŶŝĞƐĐƚϮϬϬϲĨŽƌ ^ŚĂƌĞŚŽůĚĞƌƐ ƚŽ ǀŽƚĞ ŽŶ ƚŚĞ ŝƌĞĐƚŽƌƐ͛ ƌĞŵƵŶĞƌĂƚŝŽŶ ĞǀĞƌLJƚŚƌĞĞLJĞĂƌƐ͕ŽƌƐŽŽŶĞƌŝĨƚŚĞŽŵƉĂŶLJǁĂŶƚƐƚŽ ŵĂŬĞ ĐŚĂŶŐĞƐ ƚŽ ƚŚĞ ƉŽůŝĐLJ͘ dŚĞ ŝƌĞĐƚŽƌƐ͛ ƌĞŵƵŶĞƌĂƚŝŽŶƉŽůŝĐLJ ĨŽƌ ƚŚĞ ƚŚƌĞĞLJĞĂƌƉĞƌŝŽĚ ĨƌŽŵ ϭ KĐƚŽďĞƌϮϬϭϳŝƐƐĞƚŽƵƚŽŶƉĂŐĞϮϯ͘

ŶŶƵĂůƌƵŶŶŝŶŐĐŽƐƚƐĐĂƉ

dŚĞ ĂŶŶƵĂů ƌƵŶŶŝŶŐ ĐŽƐƚƐ ĨŽƌ ƚŚĞ LJĞĂƌ ĂƌĞ ĐĂƉƉĞĚ Ăƚ ϯ͘ϱйŽĨŶĞƚĂƐƐĞƚƐ͖ĂŶLJĞdžĐĞƐƐǁŝůůĞŝƚŚĞƌďĞƉĂŝĚďLJƚŚĞ /ŶǀĞƐƚŵĞŶƚĚǀŝƐĞƌŽƌƌĞĨƵŶĚĞĚďLJǁĂLJŽĨĂƌĞĚƵĐƚŝŽŶ ŽĨƚŚĞ/ŶǀĞƐƚŵĞŶƚĚǀŝƐĞƌ͛ƐĨĞĞƐ͘ŶŶƵĂůZƵŶŶŝŶŐŽƐƚƐ ĨŽƌƚŚĞLJĞĂƌƚŽϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳǁĞƌĞůĞƐƐƚŚĂŶϯ͘ϱй ŽĨŶĞƚĂƐƐĞƚƐ͘

WĞƌĨŽƌŵĂŶĐĞŝŶĐĞŶƚŝǀĞ

dŚĞƐƚƌƵĐƚƵƌĞŽĨƚŚĞ͚͛^ŚĂƌĞƐ͕ǁŚĞƌĞďLJDĂŶĂŐĞŵĞŶƚ ŽǁŶƐŽŶĞƚŚŝƌĚŽĨƚŚĞ͚͛^ŚĂƌĞƐŝŶŝƐƐƵĞ;ŬŶŽǁŶĂƐƚŚĞ ͞DĂŶĂŐĞŵĞŶƚ ͚͛ ^ŚĂƌĞƐ͟Ϳ͕ ĂĐƚƐ ĂƐ Ă ƉĞƌĨŽƌŵĂŶĐĞ ŝŶĐĞŶƚŝǀĞ ŵĞĐŚĂŶŝƐŵ͘ ͚͛ ^ŚĂƌĞ ĚŝǀŝĚĞŶĚƐ ǁŝůů ďĞ ŝŶĐƌĞĂƐĞĚŝĨ͕ĂƚƚŚĞĞŶĚŽĨĞĂĐŚLJĞĂƌ͕ƚŚĞŚƵƌĚůĞŝƐŵĞƚ͕ ǁŚŝĐŚŝƐŝůůƵƐƚƌĂƚĞĚďĞůŽǁ͗

• ŝͿ ^ŚĂƌĞŚŽůĚĞƌƐ ǁŚŽ ŝŶǀĞƐƚĞĚ ƵŶĚĞƌ ƚŚĞ ŽĨĨĞƌ ĨŽƌ ƐƵďƐĐƌŝƉƚŝŽŶƌĞĐĞŝǀĞĚŝǀŝĚĞŶĚƐŝŶĞdžĐĞƐƐŽĨϱ͘ϬƉƉĞƌ KƌĚŝŶĂƌLJ^ŚĂƌĞŝŶĂŶLJŽŶĞĨŝŶĂŶĐŝĂůƉĞƌŝŽĚ͖ĂŶĚ
• ŝŝͿ ŽŶĞ KƌĚŝŶĂƌLJ ^ŚĂƌĞ ĂŶĚ ŽŶĞ ͚͛ ^ŚĂƌĞ ŚĂƐ Ă ĐŽŵďŝŶĞĚŶĞƚĂƐƐĞƚǀĂůƵĞŽĨĂƚůĞĂƐƚϭϬϬ͘ϬƉ͘

dŚĞƉĞƌĨŽƌŵĂŶĐĞŝŶĐĞŶƚŝǀĞŝƐĐĂůĐƵůĂƚĞĚĞĂĐŚLJĞĂƌĂŶĚ ŝƐŶŽƚďĂƐĞĚŽŶĐƵŵƵůĂƚŝǀĞĚŝǀŝĚĞŶĚƐƉĂŝĚ͘

ƐƵŵŵĂƌLJ ŽĨ ŚŽǁ ƉƌŽĐĞĞĚƐ ĂƌĞ ĂůůŽĐĂƚĞĚ ďĞƚǁĞĞŶ ^ŚĂƌĞŚŽůĚĞƌƐ ĂŶĚDĂŶĂŐĞŵĞŶƚ͕ ďĞĨŽƌĞ ĂŶĚ ĂĨƚĞƌ ƚŚĞ ŚƵƌĚůĞ ŝƐ ŵĞƚ͕ ĂŶĚ ĂƐ ĚŝǀŝĚĞŶĚƐ ƉĞƌ KƌĚŝŶĂƌLJ ^ŚĂƌĞ ŝŶĐƌĞĂƐĞŝƐĂƐĨŽůůŽǁƐ͗

,ƵƌĚůĞĐƌŝƚĞƌŝĂ͗

ŶŶƵĂůĚŝǀŝĚĞŶĚƉĞƌ
KƌĚŝŶĂƌLJ^ŚĂƌĞ	ϬͲϱƉ	ϱͲϭϬƉ	хϭϬƉ
ŽŵďŝŶĞĚEs,ƵƌĚůĞ	Eͬ	хϭϬϬƉ	хϭϬϬƉ
ůůŽĐĂƚŝŽŶ͗
^ŚĂƌĞŚŽůĚĞƌƐ	ϵϵ͘ϵϳй	ϴϬй	ϳϬй
DĂŶĂŐĞŵĞŶƚ	Ϭ͘Ϭϯй	ϮϬй	ϯϬй

ůƚŚŽƵŐŚƚŚĞEsŚƵƌĚůĞŚĂƐďĞĞŶŵĞƚ͕ƚŚĞĚŝǀŝĚĞŶĚƐ ƉĂŝĚ ǁĞƌĞ ĞƋƵĂů ƚŽ ƚŚĞ ĚŝǀŝĚĞŶĚ ŚƵƌĚůĞ ŽĨ ϱ͘ϬƉ͘ Ɛ Ă ƌĞƐƵůƚ͕ŶŽƉĞƌĨŽƌŵĂŶĐĞŝŶĐĞŶƚŝǀĞŝƐĚƵĞŝŶƌĞƐƉĞĐƚŽĨƚŚĞ LJĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ͘

dƌĂŝůĐŽŵŵŝƐƐŝŽŶ

dŚĞ ŽŵƉĂŶLJ ŚĂƐ ĂŶ ĂŐƌĞĞŵĞŶƚ ƚŽ ƉĂLJ ƚƌĂŝů ĐŽŵŵŝƐƐŝŽŶĂŶŶƵĂůůLJƚŽ,ĂnjĞůĂƉŝƚĂů>>W͕ŝŶĐŽŶŶĞĐƚŝŽŶ ƚŽ ƚŚĞ ĨƵŶĚƐ ƌĂŝƐĞĚ ƵŶĚĞƌ ƚŚĞ ŽĨĨĞƌ ĨŽƌ ƐƵďƐĐƌŝƉƚŝŽŶ͘ dŚŝƐ ŝƐ ĐĂůĐƵůĂƚĞĚ Ăƚ Ϭ͘ϰй ŽĨ ƚŚĞ ŶĞƚ ĂƐƐĞƚƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJĂƚĞĂĐŚ LJĞĂƌĞŶĚ͘KƵƚ ŽĨ ƚŚĞƐĞ ĨƵŶĚƐ,ĂnjĞů ĂƉŝƚĂů>>WŝƐůŝĂďůĞƚŽƉĂLJƚƌĂŝůĐŽŵŵŝƐƐŝŽŶƚŽĨŝŶĂŶĐŝĂů ŝŶƚĞƌŵĞĚŝĂƌŝĞƐ͘dŚĞƚƌĂŝůĐŽŵŵŝƐƐŝŽŶǁŝůůďĞƉĂLJĂďůĞƚŽ ,ĂnjĞů ĂƉŝƚĂů >>W ƵŶƚŝů ƚŚĞ ĞĂƌůŝĞƌ ŽĨ ;ŝͿ ƚŚĞ ƐŝdžƚŚ ĂŶŶŝǀĞƌƐĂƌLJ ŽĨ ƚŚĞ ĐůŽƐŝŶŐ ŽĨ ƚŚĞ KĨĨĞƌƐ ĂŶĚ ;ŝŝͿ ƚŚĞ /ŶǀĞƐƚŵĞŶƚĚǀŝƐŽƌLJŐƌĞĞŵĞŶƚďĞŝŶŐƚĞƌŵŝŶĂƚĞĚ͘

STRATEGIC REPORT (continued)

VCT status

The Company has reappointed Philip Hare & Associates LLP ("Philip Hare") to advise it on compliance with VCT requirements, including evaluation of investment opportunities as appropriate and regular review of the portfolio. Although Philip Hare works closely with the Investment Adviser, they report directly to the Board.

Compliance with the VCT regulations for the year under review is summarised as follows:

			Position at the year ended 30 Sep 17
	1. To ensure that the Company holds at
	least 70% of its investments qualifying companies;	in	82.3%
	2. To ensure that at least 30% (70% in
	the case of funds raised after 6 April
	2011) of the Company's qualifying investments are held in "eligible		72.5%
	shares";
	3. At least 10% of each investment in a
	qualifying company is held in eligible shares;		Complied
	4. No investment constitutes more than
	15% of the Company's portfolio;		Complied
5.	To ensure that the Company's income
	for each financial year is derived		100%
	wholly or mainly from shares and
	securities;
	6. The Company distributes sufficient
	revenue dividends to ensure that not
	more than 15% of the income from		Complied
	shares and securities in any one year
	is retained; and
	7. Prior to 6 April 2012, a maximum unit
	size of £1 million in each VCT qualifying investment (per tax year).		Complied
	The Directors, with the help of the Investment Adviser,

actively monitor and ensure the investee companies have less than £5 million state backed financing in a 12 month period listed in order to remain compliant with the VCT regulations.

Share buybacks

The Company will operate a revised share buyback policy whereby, subject to liquidity, the rules of the London Stock Exchange, the UK Listing Authority and applicable VCT legislation, it will make market purchases of its own shares that become available in the market at a price equivalent to a 2% discount to the most recently published NAV.

No 'Ordinary' Shares or 'A' Shares were purchased during the year.

A special resolution to approve the buyback policy is proposed for the forthcoming AGM.

Greenhouse Emissions

Whilst as a UK quoted company the VCT is required to report on its Greenhouse Gas (GHG) Emissions, as it outsources all of its activities and does not have any physical assets, property, employees or operations, it is not responsible for any direct emissions.

Environmental, social and human rights policy

The Company seeks to conduct its affairs responsibly. Where appropriate, the Board and Investment Adviser take environmental, social and human rights factors into consideration when making investment decisions.

Future prospects

The Board's assessment of the outlook and future strategy of the Company are set out in the Chairman's Statement and Investment Adviser's Report.

Events after the end of the reporting period

At the General Meeting of Hazel 2 Shareholders at 10:45am on 7 November 2017, held at 6^th Floor, St. Magnus House, 3 Lower Thames Street, London EC3R 6HD, Hazel 2 Shareholders voted unanimously in favour of the proposals for the reorganisation of the Company, as detailed in the letter to Shareholders, dated 17 October 2017. Further details are set out above, in addition to the Chairman's Statement, the Investment Adviser's report, the Report of The Directors, the Directors' Remuneration Report and Note 22 to the Financial Statements.

By order of the Board

SWhitehace

Grant Whitehouse Company Secretary Company number: 07378395

Registered office: 6^th Floor, St. Magnus House 3 Lower Thames Street London EC3R 6HD

9 January 2018

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dŚĞŝƌĞĐƚŽƌƐƉƌĞƐĞŶƚ ƚŚĞƐĞǀĞŶƚŚŶŶƵĂůZĞƉŽƌƚĂŶĚ ĐĐŽƵŶƚƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϬ ^ĞƉƚĞŵďĞƌϮϬϭϳ͘

dŚĞ ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ ZĞƉŽƌƚ ŽŶ ƉĂŐĞƐ Ϯϱ ƚŽ Ϯϳ ĨŽƌŵƐƉĂƌƚŽĨƚŚŝƐƌĞƉŽƌƚ͘

^ŚĂƌĞĐĂƉŝƚĂů

ƚƚŚĞLJĞĂƌĞŶĚ͕ƚŚĞŽŵƉĂŶLJŚĂĚŝŶŝƐƐƵĞϮϯ͕ϲϯϴ͕Ϭϱϴ KƌĚŝŶĂƌLJ^ŚĂƌĞƐĂŶĚϯϱ͕ϵϳϳ͕ϳϳϰ͚͛^ŚĂƌĞƐ͘dŚĞƌĞĂƌĞ ŶŽŽƚŚĞƌƐŚĂƌĞĐůĂƐƐĞƐŝŶŝƐƐƵĞ͘

ůůƐŚĂƌĞƐŚĂǀĞǀŽƚŝŶŐƌŝŐŚƚƐ͖ĞĂĐŚKƌĚŝŶĂƌLJ^ŚĂƌĞŚĂƐ ϭ͕ϬϬϬ ǀŽƚĞƐ ĂŶĚ ĞĂĐŚ ͚͛ ^ŚĂƌĞ ŚĂƐ ŽŶĞ ǀŽƚĞ͘tŚĞƌĞ ƚŚĞƌĞ ŝƐ Ă ƌĞƐŽůƵƚŝŽŶ ŝŶ ƌĞƐƉĞĐƚ ŽĨ Ă ǀĂƌŝĂƚŝŽŶ ŽĨ ƚŚĞ ƌŝŐŚƚƐ ŽĨ ͚͛ ^ŚĂƌĞŚŽůĚĞƌƐ Žƌ Ă dĂŬĞŽǀĞƌ KĨĨĞƌ͕ ƚŚĞ ǀŽƚŝŶŐ ƌŝŐŚƚƐ ŽĨ ƚŚĞ ͚͛ ^ŚĂƌĞƐ ƌĂŶŬ ƉĂƌŝͲƉĂƐƐƵ ǁŝƚŚ ƚŚŽƐĞŽĨKƌĚŝŶĂƌLJ^ŚĂƌĞƐ͘

dŚĞ ŽŵƉĂŶLJ ŽƉĞƌĂƚĞƐ Ă ƐŚĂƌĞ ďƵLJďĂĐŬ ƉŽůŝĐLJ ǁŚĞƌĞďLJ͕ ƐƵďũĞĐƚ ƚŽ ůŝƋƵŝĚŝƚLJ͕ ƚŚĞ ƌƵůĞƐ ŽĨ ďŽƚŚ ƚŚĞ >ŽŶĚŽŶ ^ƚŽĐŬ džĐŚĂŶŐĞ ĂŶĚ ƚŚĞ h< >ŝƐƚŝŶŐ ƵƚŚŽƌŝƚLJ ĂŶĚĂƉƉůŝĐĂďůĞsdůĞŐŝƐůĂƚŝŽŶ͕ĂŶĚĞdžĐĞƉƚŝŶ ƚŚĞ ĨŝƌƐƚ LJĞĂƌ ĂĨƚĞƌ ďĞŝŶŐ ĞƐƚĂďůŝƐŚĞĚ͕ ŝƚ ŝƐ ŝŶƚĞŶĚĞĚ ƚŚĂƚ ƚŚĞ ŽŵƉĂŶLJǁŝůůŵĂŬĞŵĂƌŬĞƚƉƵƌĐŚĂƐĞƐŽĨŝƚƐŽǁŶƐŚĂƌĞƐ͕ ƵƉ ƚŽ Ă ŵĂdžŝŵƵŵ ŶƵŵďĞƌ ŽĨ ƐŚĂƌĞƐ ĞƋƵŝǀĂůĞŶƚ ƚŽ ϭϰ͘ϵйŽĨƚŚĞƚŽƚĂůŶƵŵďĞƌŽĨĞĂĐŚĐůĂƐƐŽĨŝƐƐƵĞĚƐŚĂƌĞƐ ĨƌŽŵƚŝŵĞƚŽƚŝŵĞ͘

dŚĞ ŽĂƌĚ ŝŶƚĞŶĚƐ ƚŽ ŽƉĞƌĂƚĞ Ă ƉŽůŝĐLJ ŽĨ ƉƵƌĐŚĂƐŝŶŐ ƐŚĂƌĞƐ ŝŶ ƚŚĞ ŵĂƌŬĞƚ Ăƚ Ă ƉƌŝĐĞ ĞƋƵŝǀĂůĞŶƚ ƚŽ ƚŚĞ ŽŵƉĂŶLJ͛ƐŵŽƐƚƌĞĐĞŶƚůLJƉƵďůŝƐŚĞĚEs͕ĂƚƚŚĞƚŝŵĞŽĨ ƉƵƌĐŚĂƐĞ͕ůĞƐƐĂĚŝƐĐŽƵŶƚŽĨĂƉƉƌŽdžŝŵĂƚĞůLJϮй͘

ƚƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐ;͞'D͟ͿƚŚĂƚƚŽŽŬƉůĂĐĞ ŽŶ ϭϯ DĂƌĐŚ ϮϬϭϳ͕ ƚŚĞ ŽŵƉĂŶLJ ǁĂƐ ĂƵƚŚŽƌŝƐĞĚ ƚŽ ŵĂŬĞŵĂƌŬĞƚƉƵƌĐŚĂƐĞƐŽĨŝƚƐKƌĚŝŶĂƌLJ^ŚĂƌĞƐĂŶĚ͚͛ ^ŚĂƌĞƐ͕ƵƉƚŽĂůŝŵŝƚŽĨϯ͕ϱϮϮ͕ϬϳϭKƌĚŝŶĂƌLJ^ŚĂƌĞƐĂŶĚ ϱ͕ϯϲϬ͕ϲϴϴ͚͛^ŚĂƌĞƐǁŚŝĐŚƌĞƉƌĞƐĞŶƚĞĚĂƉƉƌŽdžŝŵĂƚĞůLJ ϭϰ͘ϵйŽĨƚŚĞŝƐƐƵĞĚKƌĚŝŶĂƌLJ^ŚĂƌĞĐĂƉŝƚĂůĂŶĚ͚͛^ŚĂƌĞ ĐĂƉŝƚĂů Ăƚ ƚŚĞ ĚĂƚĞ ŽĨ ƚŚĞ 'D͘ ƚ ƚŚĞ ĐƵƌƌĞŶƚ ĚĂƚĞ͕ ĂƵƚŚŽƌŝƚLJ ƌĞŵĂŝŶƐ ĨŽƌ ϯ͕ϱϮϮ͕Ϭϳϭ KƌĚŝŶĂƌLJ ^ŚĂƌĞƐ ĂŶĚ ϱ͕ϯϲϬ͕ϲϴϴ ͚͛ ^ŚĂƌĞƐ͘ ƌĞƐŽůƵƚŝŽŶ ƚŽ ƌĞŶĞǁ ƚŚŝƐ ĂƵƚŚŽƌŝƚLJǁŝůůďĞƉƵƚƚŽ^ŚĂƌĞŚŽůĚĞƌƐĂƚƚŚĞ'DƚĂŬŝŶŐ ƉůĂĐĞŽŶϮϭDĂƌĐŚϮϬϭϴ͘

dŚĞŵŝŶŝŵƵŵƉƌŝĐĞǁŚŝĐŚŵĂLJďĞƉĂŝĚĨŽƌĂŶKƌĚŝŶĂƌLJ ^ŚĂƌĞŽƌĂŶ͚͛^ŚĂƌĞŝƐϬ͘ϭƉ͕ĞdžĐůƵƐŝǀĞŽĨĂůůĞdžƉĞŶƐĞƐ͕ ĂŶĚ ƚŚĞ ŵĂdžŝŵƵŵ ƉƌŝĐĞ ǁŚŝĐŚ ŵĂLJ ďĞ ƉĂŝĚ ĨŽƌ ĂŶ KƌĚŝŶĂƌLJ^ŚĂƌĞŽƌĂŶ͚͛^ŚĂƌĞŝƐĂŶĂŵŽƵŶƚ͕ĞdžĐůƵƐŝǀĞ ŽĨ Ăůů ĞdžƉĞŶƐĞƐ͕ ĞƋƵĂů ƚŽ ϭϬϱй ŽĨ ƚŚĞ ĂǀĞƌĂŐĞ ŽĨ ƚŚĞ ŵŝĚĚůĞŵĂƌŬĞƚƋƵŽƚĂƚŝŽŶƐ͘

^ƵďƐƚĂŶƚŝĂůŝŶƚĞƌĞƐƚƐ

ƐĂƚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ͕ĂŶĚƚŚĞĚĂƚĞŽĨƚŚŝƐƌĞƉŽƌƚ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂĚ ŶŽƚ ďĞĞŶ ŶŽƚŝĨŝĞĚ ŽĨĂŶLJ ďĞŶĞĨŝĐŝĂů ŝŶƚĞƌĞƐƚĞdžĐĞĞĚŝŶŐϯйŽĨƚŚĞŝƐƐƵĞĚƐŚĂƌĞĐĂƉŝƚĂů͘

ZĞƐƵůƚƐĂŶĚĚŝǀŝĚĞŶĚƐ

		WĞŶĐĞ	WĞŶĐĞ
		ƉĞƌKƌĚ	ƉĞƌ͚͛
	ά͛ϬϬϬ	^ŚĂƌĞ	^ŚĂƌĞ
WƌŽĨŝƚĨŽƌƚŚĞƉĞƌŝŽĚ	ϳϬϯ	ϯ͘ϬƉ	Ͳ
ŝǀŝĚĞŶĚƐƉĂŝĚ
ϮϬϭϳ/ŶƚĞƌŝŵ	ϭ͕ϭϴϮ	ϱ͘ϬƉ	Ͳ

ŝƌĞĐƚŽƌƐ

dŚĞŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJĚƵƌŝŶŐƚŚĞLJĞĂƌĂŶĚƚŚĞŝƌ ďĞŶĞĨŝĐŝĂůŝŶƚĞƌĞƐƚƐŝŶ ƚŚĞŝƐƐƵĞĚKƌĚŝŶĂƌLJ^ŚĂƌĞƐĂŶĚ ͚͛^ŚĂƌĞƐĂƚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳĂŶĚĂƚƚŚĞĚĂƚĞŽĨƚŚŝƐ ƌĞƉŽƌƚǁĞƌĞĂƐĨŽůůŽǁƐ͗

		ƐĂƚƚŚĞ ĚĂƚĞŽĨ	ƐĂƚ ϯϬ^ĞƉƚ	ƐĂƚ ϯϬ^ĞƉƚ
ŝƌĞĐƚŽƌƐ		ƚŚŝƐƌĞƉŽƌƚ	ϮϬϭϳ	ϮϬϭϲ
DŝĐŚĂĞů	KƌĚ	ŶͬĂ	ŶͬĂ	Ϯϳ͕ϮϮϭ
ƵŶŶŝŶŐŚĂŵ	͚͛	ŶͬĂ	ŶͬĂ	Ϯϳ͕ϮϮϭ
^ƚĞƉŚĞŶ,ĂLJ	KƌĚ ͚͛	ϭϬϰ͕ϬϬϬ ϭϬϰ͕ϬϬϬ	ϭϬϰ͕ϬϬϬ ϭϬϰ͕ϬϬϬ	ϭϬϰ͕ϬϬϬ ϭϬϰ͕ϬϬϬ
^ƚƵĂƌƚ<ŶŝŐŚƚ	KƌĚ ͚͛	ϰϮϬ͕ϬϬϬ ϰϮϬ͕ϬϬϬ	ϰϮϬ͕ϬϬϬ ϰϮϬ͕ϬϬϬ	ŶͬĂ ŶͬĂ

DŝĐŚĂĞůƵŶŶŝŶŐŚĂŵƌĞƚŝƌĞĚĂƐĚŝƌĞĐƚŽƌŽŶϰ:ƵůLJϮϬϭϳ͘

^ƚĞƉŚĞŶ,ĂLJǁĂƐůĂƐƚƌĞͲĞůĞĐƚĞĚĂƚƚŚĞ'DƚŚĂƚƚŽŽŬ ƉůĂĐĞŝŶDĂƌĐŚϮϬϭϱ͘/ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌƚŝĐůĞƐŽĨ ƐƐŽĐŝĂƚŝŽŶ͕^ƚĞƉŚĞŶ,ĂLJŝƐƌĞƋƵŝƌĞĚƚŽƌĞƚŝƌĞĂŶĚŽĨĨĞƌ ŚŝŵƐĞůĨ ĨŽƌ ƌĞĂƉƉŽŝŶƚŵĞŶƚ Ăƚ ƚŚĞ ĨŽƌƚŚĐŽŵŝŶŐ 'D͘ ^ƚƵĂƌƚ<ŶŝŐŚƚǁĂƐĂƉƉŽŝŶƚĞĚƚŽĨŝůůĂĐĂƐƵĂůǀĂĐĂŶĐLJŽŶ ϯϭ :ĂŶƵĂƌLJ ϮϬϭϳ ĂŶĚ ǁĂƐ ƐƵďƐĞƋƵĞŶƚůLJ ƌĞͲĞůĞĐƚĞĚ Ăƚ ƚŚĞϮϬϭϳ'D͘

^ƚĞƉŚĞŶ,ĂLJ ƐŝŐŶĞĚĂ ůĞƚƚĞƌ ŽĨĂƉƉŽŝŶƚŵĞŶƚǁŝƚŚ ƚŚĞ ŽŵƉĂŶLJĚĂƚĞĚϮϬKĐƚŽďĞƌϮϬϭϬ͘^ƚƵĂƌƚ<ŶŝŐŚƚƐŝŐŶĞĚ Ă ƐŝŵŝůĂƌ ůĞƚƚĞƌ ĚĂƚĞĚ ϯϭ :ĂŶƵĂƌLJ ϮϬϭϳ͘ dŚĞƐĞ ĂŐƌĞĞŵĞŶƚƐ ĂƌĞ ĨŽƌ Ă ƉĞƌŝŽĚ ŽĨ ƚǁĞůǀĞ ŵŽŶƚŚƐ ĂŶĚ ƚŚĞƌĞĂĨƚĞƌĂƌĞ ƚĞƌŵŝŶĂďůĞŽŶ ƚŚƌĞĞŵŽŶƚŚƐ͛ŶŽƚŝĐĞďLJ ĞŝƚŚĞƌ ƐŝĚĞ͘ ĂĐŚ ŝƌĞĐƚŽƌ ŝƐ ƌĞƋƵŝƌĞĚ ƚŽ ĚĞǀŽƚĞ ƐƵĐŚ ƚŝŵĞ ƚŽ ƚŚĞ ĂĨĨĂŝƌƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ĂƐ ƚŚĞ ŽĂƌĚ ƌĞĂƐŽŶĂďůLJƌĞƋƵŝƌĞƐ͘

ŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐ

dŚĞ ŽŵƉĂŶLJ͛Ɛ ƐĞǀĞŶƚŚ ŶŶƵĂů 'ĞŶĞƌĂů DĞĞƚŝŶŐ ;͞'D͟ͿǁŝůůďĞŚĞůĚĂƚϲƚŚ&ůŽŽƌ͕^ƚ͘DĂŐŶƵƐ,ŽƵƐĞ͕ϯ >ŽǁĞƌdŚĂŵĞƐ^ƚƌĞĞƚ͕>ŽŶĚŽŶϯZϲ,Ăƚϭϭ͗ϬϬĂ͘ŵ͘ ŽŶϮϭDĂƌĐŚϮϬϭϴ͘dŚĞEŽƚŝĐĞŽĨ ƚŚĞŶŶƵĂů'ĞŶĞƌĂů DĞĞƚŝŶŐ ĂŶĚ &Žƌŵ ŽĨ WƌŽdžLJ ĂƌĞ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ƚŚŝƐ ĚŽĐƵŵĞŶƚ͘

ƵĚŝƚŽƌ

ƌĞƐŽůƵƚŝŽŶƉƌŽƉŽƐŝŶŐƚŚĞƌĞĂƉƉŽŝŶƚŵĞŶƚŽĨK>>W ǁŝůůďĞƐƵďŵŝƚƚĞĚĂƚƚŚĞ'D͘

ZWKZdK&d,/ZdKZ^ ;ĐŽŶƚŝŶƵĞĚͿ

ŝƌĞĐƚŽƌƐ͛ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ

dŚĞ ŝƌĞĐƚŽƌƐ ĂƌĞ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƉƌĞƉĂƌŝŶŐ ƚŚĞ ^ƚƌĂƚĞŐŝĐ ZĞƉŽƌƚ͕ ƚŚĞ ZĞƉŽƌƚ ŽĨ ƚŚĞ ŝƌĞĐƚŽƌƐ͕ ƚŚĞ ŝƌĞĐƚŽƌƐ͛ ZĞŵƵŶĞƌĂƚŝŽŶ ZĞƉŽƌƚ ĂŶĚ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ĂƉƉůŝĐĂďůĞ ůĂǁ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ͘dŚĞLJĂƌĞĂůƐŽƌĞƐƉŽŶƐŝďůĞĨŽƌĞŶƐƵƌŝŶŐƚŚĂƚ ƚŚĞŶŶƵĂůZĞƉŽƌƚŝŶĐůƵĚĞƐŝŶĨŽƌŵĂƚŝŽŶƌĞƋƵŝƌĞĚďLJƚŚĞ >ŝƐƚŝŶŐZƵůĞƐŽĨƚŚĞ&ŝŶĂŶĐŝĂůŽŶĚƵĐƚƵƚŚŽƌŝƚLJ͘

ŽŵƉĂŶLJ ůĂǁ ƌĞƋƵŝƌĞƐ ƚŚĞ ŝƌĞĐƚŽƌƐ ƚŽ ƉƌĞƉĂƌĞ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌĞĂĐŚĨŝŶĂŶĐŝĂůLJĞĂƌ͘hŶĚĞƌƚŚĂƚ ůĂǁƚŚĞŝƌĞĐƚŽƌƐŚĂǀĞĞůĞĐƚĞĚƚŽƉƌĞƉĂƌĞƚŚĞĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ hŶŝƚĞĚ <ŝŶŐĚŽŵ 'ĞŶĞƌĂůůLJ ĐĐĞƉƚĞĚ ĐĐŽƵŶƚŝŶŐ WƌĂĐƚŝĐĞ ;hŶŝƚĞĚ <ŝŶŐĚŽŵ ĂĐĐŽƵŶƚŝŶŐ ƐƚĂŶĚĂƌĚƐ ĂŶĚ ĂƉƉůŝĐĂďůĞ ůĂǁͿ͕ ŝŶĐůƵĚŝŶŐ &ŝŶĂŶĐŝĂů ZĞƉŽƌƚŝŶŐ ^ƚĂŶĚĂƌĚ ϭϬϮ͕ ƚŚĞ ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐ ƐƚĂŶĚĂƌĚ ĂƉƉůŝĐĂďůĞ ŝŶ ƚŚĞ h< ĂŶĚ ZĞƉƵďůŝĐŽĨ/ƌĞůĂŶĚ;&Z^ϭϬϮͿ͘hŶĚĞƌĐŽŵƉĂŶLJůĂǁ͕ƚŚĞ ŝƌĞĐƚŽƌƐ ŵƵƐƚ ŶŽƚ ĂƉƉƌŽǀĞ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ƵŶůĞƐƐƚŚĞLJĂƌĞƐĂƚŝƐĨŝĞĚƚŚĂƚƚŚĞLJŐŝǀĞĂƚƌƵĞĂŶĚĨĂŝƌ ǀŝĞǁŽĨƚŚĞƐƚĂƚĞŽĨĂĨĨĂŝƌƐŽĨƚŚĞŽŵƉĂŶLJĂŶĚŽĨƚŚĞ ƉƌŽĨŝƚŽƌůŽƐƐŽĨƚŚĞŽŵƉĂŶLJĨŽƌƚŚĂƚƉĞƌŝŽĚ͘

/Ŷ ƉƌĞƉĂƌŝŶŐ ƚŚĞƐĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ƚŚĞ ŝƌĞĐƚŽƌƐ ĂƌĞƌĞƋƵŝƌĞĚƚŽ͗

• x ƐĞůĞĐƚ ƐƵŝƚĂďůĞ ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐŝĞƐ ĂŶĚ ƚŚĞŶ ĂƉƉůLJ ƚŚĞŵĐŽŶƐŝƐƚĞŶƚůLJ͖
• x ŵĂŬĞũƵĚŐŵĞŶƚƐĂŶĚĂĐĐŽƵŶƚŝŶŐĞƐƚŝŵĂƚĞƐƚŚĂƚĂƌĞ ƌĞĂƐŽŶĂďůĞĂŶĚƉƌƵĚĞŶƚ͖
• x ƐƚĂƚĞǁŚĞƚŚĞƌĂƉƉůŝĐĂďůĞh<ĂĐĐŽƵŶƚŝŶŐ ƐƚĂŶĚĂƌĚƐ ŚĂǀĞ ďĞĞŶ ĨŽůůŽǁĞĚ͕ ƐƵďũĞĐƚ ƚŽ ĂŶLJ ŵĂƚĞƌŝĂů ĚĞƉĂƌƚƵƌĞƐĚŝƐĐůŽƐĞĚĂŶĚĞdžƉůĂŝŶĞĚŝŶƚŚĞĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͖ĂŶĚ
• x ƉƌĞƉĂƌĞ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽŶ ƚŚĞ ŐŽŝŶŐ ĐŽŶĐĞƌŶďĂƐŝƐƵŶůĞƐƐŝƚŝƐŝŶĂƉƉƌŽƉƌŝĂƚĞƚŽƉƌĞƐƵŵĞ ƚŚĂƚƚŚĞŽŵƉĂŶLJǁŝůůĐŽŶƚŝŶƵĞŝŶďƵƐŝŶĞƐƐ͘

dŚĞ ŝƌĞĐƚŽƌƐ ĂƌĞ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŬĞĞƉŝŶŐ ĂĚĞƋƵĂƚĞ ĂĐĐŽƵŶƚŝŶŐ ƌĞĐŽƌĚƐ ƚŚĂƚ ĂƌĞ ƐƵĨĨŝĐŝĞŶƚ ƚŽ ƐŚŽǁ ĂŶĚ ĞdžƉůĂŝŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƚƌĂŶƐĂĐƚŝŽŶƐ͕ ƚŽ ĚŝƐĐůŽƐĞ ǁŝƚŚ ƌĞĂƐŽŶĂďůĞĂĐĐƵƌĂĐLJĂƚĂŶLJƚŝŵĞƚŚĞĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ ŽĨƚŚĞŽŵƉĂŶLJĂŶĚƚŽĞŶĂďůĞƚŚĞŵƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĐŽŵƉůLJ ǁŝƚŚ ƚŚĞ ŽŵƉĂŶŝĞƐ Đƚ ϮϬϬϲ͘ dŚĞLJ ĂƌĞ ĂůƐŽ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƐĂĨĞŐƵĂƌĚŝŶŐ ƚŚĞ ĂƐƐĞƚƐŽĨƚŚĞŽŵƉĂŶLJĂŶĚŚĞŶĐĞĨŽƌƚĂŬŝŶŐƌĞĂƐŽŶĂďůĞ ƐƚĞƉƐ ĨŽƌ ƚŚĞ ƉƌĞǀĞŶƚŝŽŶ ĂŶĚ ĚĞƚĞĐƚŝŽŶ ŽĨ ĨƌĂƵĚ ĂŶĚ ŽƚŚĞƌŝƌƌĞŐƵůĂƌŝƚŝĞƐ͘

/Ŷ ĂĚĚŝƚŝŽŶ͕ ĞĂĐŚ ŽĨ ƚŚĞ ŝƌĞĐƚŽƌƐ ĐŽŶƐŝĚĞƌƐ ƚŚĂƚ ƚŚĞ ŶŶƵĂůZĞƉŽƌƚ͕ƚĂŬĞŶĂƐĂǁŚŽůĞ͕ŝƐĨĂŝƌ͕ďĂůĂŶĐĞĚĂŶĚ ƵŶĚĞƌƐƚĂŶĚĂďůĞ ĂŶĚ ƉƌŽǀŝĚĞƐ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŶĞĐĞƐƐĂƌLJ ĨŽƌ ƐŚĂƌĞŚŽůĚĞƌƐ ƚŽ ĂƐƐĞƐƐ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƉĞƌĨŽƌŵĂŶĐĞ͕ďƵƐŝŶĞƐƐŵŽĚĞůĂŶĚƐƚƌĂƚĞŐLJ͘

ŝƌĞĐƚŽƌƐ͛ ƐƚĂƚĞŵĞŶƚ ƉƵƌƐƵĂŶƚ ƚŽ ƚŚĞ ŝƐĐůŽƐƵƌĞ ĂŶĚ dƌĂŶƐƉĂƌĞŶĐLJZƵůĞƐ

ĂĐŚŽĨƚŚĞŝƌĞĐƚŽƌƐ͕ǁŚŽƐĞŶĂŵĞƐĂŶĚĨƵŶĐƚŝŽŶƐĂƌĞ ůŝƐƚĞĚ ŽŶ ƉĂŐĞ Ϯ͕ ĐŽŶĨŝƌŵƐ ƚŚĂƚ͕ ƚŽ ƚŚĞ ďĞƐƚ ŽĨ ĞĂĐŚ ƉĞƌƐŽŶ͛ƐŬŶŽǁůĞĚŐĞ͗

• x ƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ǁŚŝĐŚŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ h< 'ĞŶĞƌĂůůLJ ĐĐĞƉƚĞĚ ĐĐŽƵŶƚŝŶŐ WƌĂĐƚŝĐĞ ĂŶĚ ƚŚĞ ϮϬϭϰ ^ƚĂƚĞŵĞŶƚ ŽĨ ZĞĐŽŵŵĞŶĚĞĚ WƌĂĐƚŝĐĞ͕ ͚&ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ ŽĨ /ŶǀĞƐƚŵĞŶƚ dƌƵƐƚ ŽŵƉĂŶŝĞƐ ĂŶĚ sĞŶƚƵƌĞ ĂƉŝƚĂů dƌƵƐƚƐ͛ ŐŝǀĞ Ă ƚƌƵĞ ĂŶĚ ĨĂŝƌ ǀŝĞǁ ŽĨ ƚŚĞ ĂƐƐĞƚƐ͕ ůŝĂďŝůŝƚŝĞƐ͕ĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂŶĚƉƌŽĨŝƚŽƌůŽƐƐŽĨƚŚĞ ŽŵƉĂŶLJ͖ĂŶĚ
• x ƚŚĂƚ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ƌĞƉŽƌƚ͕ ĐŽŵƉƌŝƐŝŶŐ ƚŚĞ ŚĂŝƌŵĂŶ͛Ɛ ^ƚĂƚĞŵĞŶƚ͕ /ŶǀĞƐƚŵĞŶƚ ĚǀŝƐĞƌ͛Ɛ ZĞƉŽƌƚ͕ ZĞǀŝĞǁ ŽĨ /ŶǀĞƐƚŵĞŶƚƐ͕ ^ƚƌĂƚĞŐŝĐ ZĞƉŽƌƚ͕ ĂŶĚZĞƉŽƌƚŽĨƚŚĞŝƌĞĐƚŽƌƐŝŶĐůƵĚĞƐĂĨĂŝƌƌĞǀŝĞǁŽĨ ƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞďƵƐŝŶĞƐƐ ĂŶĚ ƚŚĞ ƉŽƐŝƚŝŽŶ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ƚŽŐĞƚŚĞƌ ǁŝƚŚ Ă ĚĞƐĐƌŝƉƚŝŽŶŽĨ ƚŚĞƉƌŝŶĐŝƉĂů ƌŝƐŬƐĂŶĚƵŶĐĞƌƚĂŝŶƚŝĞƐ ƚŚĂƚŝƚĨĂĐĞƐ͘

/ŶƐƵƌĂŶĐĞĐŽǀĞƌ

ŝƌĞĐƚŽƌƐ͛ĂŶĚKĨĨŝĐĞƌƐ͛ůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞĐŽǀĞƌŝƐŚĞůĚ ďLJƚŚĞŽŵƉĂŶLJŝŶƌĞƐƉĞĐƚŽĨƚŚĞŝƌĞĐƚŽƌƐ͘

tĞďƐŝƚĞƉƵďůŝĐĂƚŝŽŶ

dŚĞŝƌĞĐƚŽƌƐĂƌĞƌĞƐƉŽŶƐŝďůĞ ĨŽƌĞŶƐƵƌŝŶŐƚŚĞŶŶƵĂů ZĞƉŽƌƚ ĂŶĚ ƚŚĞ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ ĂƌĞ ŵĂĚĞ ĂǀĂŝůĂďůĞ ŽŶ Ă ǁĞďƐŝƚĞ͘ &ŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂƌĞ ƉƵďůŝƐŚĞĚ ŽŶ ƚŚĞ ǁĞďƐŝƚĞ ŽĨ ƚŚĞ ĚŵŝŶŝƐƚƌĂƚŝŽŶ DĂŶĂŐĞƌ ;ǁǁǁ͘ĚŽǁŶŝŶŐ͘ĐŽ͘ƵŬͿ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ůĞŐŝƐůĂƚŝŽŶ ŝŶ ƚŚĞ hŶŝƚĞĚ <ŝŶŐĚŽŵ ŐŽǀĞƌŶŝŶŐ ƚŚĞ ƉƌĞƉĂƌĂƚŝŽŶĂŶĚĚŝƐƐĞŵŝŶĂƚŝŽŶŽĨĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ ǁŚŝĐŚŵĂLJǀĂƌLJ ĨƌŽŵůĞŐŝƐůĂƚŝŽŶŝŶŽƚŚĞƌũƵƌŝƐĚŝĐƚŝŽŶƐ͘ dŚĞ ŝƌĞĐƚŽƌƐΖ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ĂůƐŽ ĞdžƚĞŶĚƐ ƚŽ ƚŚĞ ŽŶͲ ŐŽŝŶŐ ŝŶƚĞŐƌŝƚLJ ŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĐŽŶƚĂŝŶĞĚ ƚŚĞƌĞŝŶ͘

ŽƌƉŽƌĂƚĞŐŽǀĞƌŶĂŶĐĞ

dŚĞŽŵƉĂŶLJ͛ƐŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞƐƚĂƚĞŵĞŶƚĂŶĚ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ͕ ĂŶĚ ĚĞƉĂƌƚƵƌĞƐ ĨƌŽŵ͕ ƚŚĞ &ŝŶĂŶĐŝĂů ZĞƉŽƌƚŝŶŐ ŽƵŶĐŝů͛Ɛ h< ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ ŽĚĞ ƉƌŝůϮϬϭϲ;ǁǁǁ͘ĨƌĐ͘ŽƌŐ͘ƵŬͿŝƐƐŚŽǁŶŽŶƉĂŐĞƐϮϱƚŽϮϳ͘

REPORT OF THE DIRECTORS (continued)

Other matters

Information in respect of risk management and risk diversification has been disclosed within the Strategic Report on pages 16 and 17.

Information in respect of greenhouse emissions which is normally disclosed within the Report of the Directors has been disclosed within the Strategic Report on page 19.

Events after the end of the reporting period

At the General Meeting of the Shareholders of Hazel 2 at 10:45am on 7 November 2017, held at 6^th Floor, St. Magnus House, 3 Lower Thames Street, London EC3R 6HD, Hazel 2 Shareholders voted unanimously in favour of the proposals for the reorganisation of Hazel 2, thereby allowing the two companies to continue to operate together. The details of the proposals were outlined in the Hazel 2 circular published on 16 October 2017, as well as in the letter to Shareholders dated 17 October 2017. Further details are set out above, in addition to the Chairman's Statement, the Investment Adviser's report, the Strategic Report, the Directors' Remuneration Report and Note 22 to the Financial Statements.

Statement as to disclosure of information to the Auditor

The Directors in office at the date of the report have confirmed, as far as they are aware, that there is no relevant audit information of which the Auditor is unaware. Each of the Directors has confirmed that they have taken all the steps that they ought to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the Auditor.

By order of the Board

SWuitchercy

Grant Whitehouse Company Secretary Company number: 07378392

Registered office: 6^th Floor, St. Magnus House 3 Lower Thames Street London FC3R 6HD

9 January 2018

/ZdKZ^͛ZDhEZd/KEZWKZd

ŶŶƵĂů^ƚĂƚĞŵĞŶƚŽĨƚŚĞZĞŵƵŶĞƌĂƚŝŽŶŽŵŵŝƚƚĞĞ

dŚĞ ĐŚĂŶŐĞƐ ƚŽ ƚŚĞ ŝƌĞĐƚŽƌƐ͛ ƌĞŵƵŶĞƌĂƚŝŽŶ ĂƌĞ ŽƵƚůŝŶĞĚ ŝŶ ƚŚŝƐ ƌĞƉŽƌƚ͘ EŽ ŵĂũŽƌ ĚĞĐŝƐŝŽŶƐ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ƌĞŵƵŶĞƌĂƚŝŽŶƉŽůŝĐLJŚĂǀĞďĞĞŶŵĂĚĞ͕ŽƚŚĞƌ ƚŚĂŶ ƚŚĞŽĂƌĚĐŚĂŶŐĞƐ͘

ZĞƉŽƌƚŽŶZĞŵƵŶĞƌĂƚŝŽŶWŽůŝĐLJ

ĞůŽǁ ŝƐ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƌĞŵƵŶĞƌĂƚŝŽŶ ƉŽůŝĐLJ͘ dŚŝƐ ƉŽůŝĐLJĂƉƉůŝĞƐĨƌŽŵϭKĐƚŽďĞƌϮϬϭϳ͘^ŚĂƌĞŚŽůĚĞƌƐŵƵƐƚ ǀŽƚĞŽŶƚŚĞƌĞŵƵŶĞƌĂƚŝŽŶƉŽůŝĐLJĞǀĞƌLJƚŚƌĞĞLJĞĂƌƐ͕Žƌ ƐŽŽŶĞƌ ŝĨ ƚŚĞ ŽŵƉĂŶLJǁĂŶƚ ƚŽŵĂŬĞ ĐŚĂŶŐĞƐ ƚŽ ƚŚĞ ƉŽůŝĐLJ͘dŚĞƉŽůŝĐLJǁĂƐůĂƐƚĂƉƉƌŽǀĞĚďLJ^ŚĂƌĞŚŽůĚĞƌƐĂƚ ƚŚĞϮϬϭϳ'D͘

dŚĞŽŵƉĂŶLJ͛ƐƉŽůŝĐLJŽŶŝƌĞĐƚŽƌƐ͛ƌĞŵƵŶĞƌĂƚŝŽŶŝƐƚŽ ƐĞĞŬ ƚŽ ƌĞŵƵŶĞƌĂƚĞ ŽĂƌĚ ŵĞŵďĞƌƐ Ăƚ Ă ůĞǀĞů ĂƉƉƌŽƉƌŝĂƚĞ ĨŽƌ ƚŚĞ ƚŝŵĞ ĐŽŵŵŝƚŵĞŶƚ ƌĞƋƵŝƌĞĚ ĂŶĚ ĚĞŐƌĞĞ ŽĨ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ŝŶǀŽůǀĞĚ ĂŶĚ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ƐƵĐŚƌĞŵƵŶĞƌĂƚŝŽŶŝƐŝŶůŝŶĞǁŝƚŚŐĞŶĞƌĂůŵĂƌŬĞƚƌĂƚĞƐ͘ EŽŶͲĞdžĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌƐ ǁŝůů ŶŽƚ ďĞ ĞŶƚŝƚůĞĚ ƚŽ ĂŶLJ ƉĞƌĨŽƌŵĂŶĐĞƌĞůĂƚĞĚƉĂLJŽƌŝŶĐĞŶƚŝǀĞ͘

ŝƌĞĐƚŽƌƐ͛ ƌĞŵƵŶĞƌĂƚŝŽŶ ŝƐ ĂůƐŽ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ŽŵƉĂŶLJ͛ƐƌƚŝĐůĞƐŽĨƐƐŽĐŝĂƚŝŽŶǁŚŝĐŚƉƌŽǀŝĚĞƚŚĂƚ͗

• ;ŝͿ dŚĞ ĂŐŐƌĞŐĂƚĞ ĨĞĞƐ ǁŝůů ŶŽƚ ĞdžĐĞĞĚ άϭϬϬ͕ϬϬϬ ƉĞƌ ĂŶŶƵŵ ;ĞdžĐůƵĚŝŶŐĂŶLJ ƉĞƌĨŽƌŵĂŶĐĞ ŝŶĐĞŶƚŝǀĞ ĨĞĞƐ ƚŽǁŚŝĐŚƚŚĞŝƌĞĐƚŽƌƐŵĂLJďĞĞŶƚŝƚůĞĚĨƌŽŵƚŝŵĞƚŽ ƚŝŵĞͿ͖ĂŶĚ
• ;ŝŝͿ ƚŚĞ ŝƌĞĐƚŽƌƐ ƐŚĂůů ďĞ ĞŶƚŝƚůĞĚ ƚŽ ďĞ ƌĞƉĂŝĚ Ăůů ƌĞĂƐŽŶĂďůĞ ƚƌĂǀĞůůŝŶŐ͕ ŚŽƚĞů ĂŶĚ ŽƚŚĞƌ ĞdžƉĞŶƐĞƐ ŝŶĐƵƌƌĞĚ ďLJ ƚŚĞŵ ƌĞƐƉĞĐƚŝǀĞůLJ ŝŶ Žƌ ĂďŽƵƚ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞŝƌĚƵƚŝĞƐĂƐŝƌĞĐƚŽƌƐ͘

ŐƌĞĞŵĞŶƚĨŽƌƐĞƌǀŝĐĞƐ

/ŶĨŽƌŵĂƚŝŽŶŝŶƌĞƐƉĞĐƚŽĨƚŚĞŝƌĞĐƚŽƌƐ͛ĂŐƌĞĞŵĞŶƚƐŚĂƐ ďĞĞŶ ĚŝƐĐůŽƐĞĚ ǁŝƚŚŝŶ ƚŚĞ ZĞƉŽƌƚ ŽĨ ƚŚĞ ŝƌĞĐƚŽƌƐ ŽŶ ƉĂŐĞϮϬ͘

WĞƌĨŽƌŵĂŶĐĞŝŶĐĞŶƚŝǀĞĨĞĞƐ

dŚĞ ƐƚƌƵĐƚƵƌĞ ŽĨ ͚͛ ^ŚĂƌĞƐ͕ ǁŚĞƌĞďLJ DĂŶĂŐĞŵĞŶƚ ;ďĞŝŶŐ ƉĂƌƚŶĞƌƐ ĂŶĚ ƐƚĂĨĨ ŽĨ ƚŚĞ /ŶǀĞƐƚŵĞŶƚ ĚǀŝƐĞƌͿ ŽǁŶƐŽŶĞƚŚŝƌĚŽĨƚŚĞ͚͛^ŚĂƌĞƐŝŶŝƐƐƵĞ;ŬŶŽǁŶĂƐƚŚĞ ͞DĂŶĂŐĞŵĞŶƚ͚͛ƐŚĂƌĞƐ͟Ϳ͕ĞŶĂďůĞƐĂƉĂLJŵĞŶƚ͕ďLJǁĂLJ ŽĨ Ă ĚŝƐƚƌŝďƵƚŝŽŶ ŽĨ ŝŶĐŽŵĞ͕ ŽĨ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŝŶĐĞŶƚŝǀĞĨĞĞƐƚŽƚŚĞDĂŶĂŐĞŵĞŶƚdĞĂŵ͘ƐƚŚĞŚƵƌĚůĞ ŚĂƐŶŽƚďĞĞŶŵĞƚ͕ŶŽĨĞĞŝƐĚƵĞƚŽďĞƉĂŝĚĨŽƌƚŚĞLJĞĂƌ ĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ͘

ŝƌĞĐƚŽƌƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌ ĂŶĚ ƚŚĞŝƌ ďĞŶĞĨŝĐŝĂůŝŶƚĞƌĞƐƚƐŝŶ ƚŚĞŝƐƐƵĞĚKƌĚŝŶĂƌLJ^ŚĂƌĞƐĂŶĚ ͚͛^ŚĂƌĞƐĂƚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϲ͕ϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ ĂŶĚĂƚƚŚĞĚĂƚĞŽĨƚŚŝƐƌĞƉŽƌƚĂƌĞĚŝƐĐůŽƐĞĚǁŝƚŚŝŶƚŚĞ ZĞƉŽƌƚŽĨƚŚĞŝƌĞĐƚŽƌƐŽŶƉĂŐĞϮϬ͘

ŶŶƵĂůZĞƉŽƌƚŽŶZĞŵƵŶĞƌĂƚŝŽŶ

dŚĞŽĂƌĚŚĂǀĞƉƌĞƉĂƌĞĚƚŚŝƐƌĞƉŽƌƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ >ĂƌŐĞ ĂŶĚ DĞĚŝƵŵͲƐŝnjĞĚ ŽŵƉĂŶŝĞƐ ĂŶĚ 'ƌŽƵƉƐ ;ĐĐŽƵŶƚƐ ĂŶĚ ZĞƉŽƌƚƐͿ ZĞŐƵůĂƚŝŽŶƐϮϬϬϴ;^/ϮϬϬϴͬϰϭϬͿĂŶĚƚŚĞŽŵƉĂŶŝĞƐĐƚ ϮϬϬϲ͘

hŶĚĞƌ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ϰϵϳ ŽĨ ƚŚĞ ŽŵƉĂŶŝĞƐ Đƚ ϮϬϬϲ͕ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƵĚŝƚŽƌ ŝƐ ƌĞƋƵŝƌĞĚ ƚŽĂƵĚŝƚĐĞƌƚĂŝŶĚŝƐĐůŽƐƵƌĞƐĐŽŶƚĂŝŶĞĚǁŝƚŚŝŶ ƚŚĞ ƌĞƉŽƌƚ͘ dŚĞƐĞ ĚŝƐĐůŽƐƵƌĞƐ ŚĂǀĞ ďĞĞŶ ŚŝŐŚůŝŐŚƚĞĚ ĂŶĚƚŚĞĂƵĚŝƚŽƉŝŶŝŽŶƚŚĞƌĞŽŶŝƐĐŽŶƚĂŝŶĞĚǁŝƚŚŝŶƚŚĞ ƵĚŝƚŽƌ͛ƐZĞƉŽƌƚŽŶƉĂŐĞƐϮϴƚŽϯϮ͘

ŝƌĞĐƚŽƌƐ͛ƌĞŵƵŶĞƌĂƚŝŽŶ;ĂƵĚŝƚĞĚͿ

ŝƌĞĐƚŽƌƐ͛ƌĞŵƵŶĞƌĂƚŝŽŶĨŽƌƚŚĞŽŵƉĂŶLJĨŽƌƚŚĞLJĞĂƌ ƵŶĚĞƌƌĞǀŝĞǁǁĂƐĂƐĨŽůůŽǁƐ͗

		zĞĂƌ	zĞĂƌ
	ƵƌƌĞŶƚ	ĞŶĚĞĚ	ĞŶĚĞĚ
	ĂŶŶƵĂůĨĞĞ	ϯϬͬϬϵͬϭϳ	ϯϬͬϬϵͬϭϲ
	ά	ά	ά
^ƚĞƉŚĞŶ,ĂLJϭ	Ϯϱ͕ϬϬϬ	ϭϲ͕ϮϬϵ	ϭϱ͕ϬϬϬ
^ƚƵĂƌƚ<ŶŝŐŚƚϮ	ϮϬ͕ϬϬϬ	ϵ͕ϵϱϵ	Eͬ
DŝĐŚĂĞů
ƵŶŶŝŶŐŚĂŵϯ	Eͬ	Ϯϱ͕Ϯϭϳ	ϮϬ͕ϬϬϬ
ĞŶ'ƵĞƐƚϰ	Eͬ	Eͬ	ϳ͕ϱϬϬ
	ϰϱ͕ϬϬϬ	ϱϭ͕ϯϴϱ	ϰϮ͕ϱϬϬ

ϭ ^ƚĞƉŚĞŶ ,ĂLJ ǁĂƐ ĂƉƉŽŝŶƚĞĚ ĂƐ ŚĂŝƌŵĂŶ ŽŶ ϰ :ƵůLJ ϮϬϭϳ͘

Ϯ ^ƚƵĂƌƚ <ŶŝŐŚƚ ǁĂƐ ĂƉƉŽŝŶƚĞĚ ĂƐ Ă ŝƌĞĐƚŽƌ ŽŶ ϯϭ :ĂŶƵĂƌLJϮϬϭϳ͘

ϯ DŝĐŚĂĞů ƵŶŶŝŶŐŚĂŵ ƌĞƚŝƌĞĚ ĂƐ Ă ŝƌĞĐƚŽƌ ŽŶ ϰ :ƵůLJ ϮϬϭϳ͘

ϰ ĞŶ'ƵĞƐƚƌĞƚŝƌĞĚĂƐĂŝƌĞĐƚŽƌŽŶϳDĂƌĐŚϮϬϭϲ͘

Ɛ ƐĞƚ ŽƵƚ ŝŶ ƚŚĞ ůĞƚƚĞƌ ƚŽ ^ŚĂƌĞŚŽůĚĞƌƐ ĚĂƚĞĚ ϭϳ KĐƚŽďĞƌϮϬϭϳ͕ǁŝƚŚĞĨĨĞĐƚĨƌŽŵϳEŽǀĞŵďĞƌϮϬϭϳ͕ƚŚĞ ďĂƐŝĐĂŶŶƵĂůĨĞĞƐŽĨƚŚĞŝƌĞĐƚŽƌƐŚĂǀĞďĞĞŶŝŶĐƌĞĂƐĞĚ ĨƌŽŵ άϮϬ͕ϬϬϬ ƚŽ άϮϱ͕ϬϬϬ ĨŽƌ ƚŚĞ ŚĂŝƌŵĂŶ͕ĂŶĚ ĨƌŽŵ άϭϱ͕ϬϬϬ ƚŽ άϮϬ͕ϬϬϬ ĨŽƌ ƚŚĞ ŽƚŚĞƌ EŽŶͲdžĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌƐ͘

&ƵƌƚŚĞƌŵŽƌĞ͕ŝŶǀŝĞǁŽĨƚŚĞƐŝŐŶŝĨŝĐĂŶƚĂĚĚŝƚŝŽŶĂůǁŽƌŬ ŝŶǀŽůǀĞĚŝŶĞǀĂůƵĂƚŝŶŐƚŚĞǀĂƌŝŽƵƐŽƉƚŝŽŶƐĂŶĚĂƌƌŝǀŝŶŐ ĂƚƚŚĞ'ƌĞƐŚĂŵ,ŽƵƐĞƉƌŽƉŽƐĂůƐ͕ƚŚĞŽĂƌĚŚĂƐĂŐƌĞĞĚ ƚŽƉĂLJŽŶĞŽĨĨĂĚĚŝƚŝŽŶĂůĨĞĞƐƚŽ^ƚĞƉŚĞŶ,ĂLJĂŶĚ^ƚƵĂƌƚ <ŶŝŐŚƚ͕ ŽĨ άϮϱ͕ϬϬϬ ;ĞdžĐůƵƐŝǀĞ ŽĨ sdͿ ĂŶĚ άϭϬ͕ϬϬϬ ;ĞdžĐůƵĚŝŶŐE/ͿƌĞƐƉĞĐƚŝǀĞůLJ͘

EŽ ŽƚŚĞƌ ĞŵŽůƵŵĞŶƚƐ͕ ƉĞŶƐŝŽŶ ĐŽŶƚƌŝďƵƚŝŽŶƐ Žƌ ůŝĨĞ ĂƐƐƵƌĂŶĐĞĐŽŶƚƌŝďƵƚŝŽŶƐǁĞƌĞƉĂŝĚďLJƚŚĞŽŵƉĂŶLJƚŽ͕ Žƌ ŽŶďĞŚĂůĨ ŽĨ͕ĂŶLJŝƌĞĐƚŽƌ͘dŚĞ ŽŵƉĂŶLJ ĚŽĞƐ ŶŽƚ ŚĂǀĞĂŶLJƐŚĂƌĞŽƉƚŝŽŶƐŝŶƉůĂĐĞ͘

/ZdKZ^͛ZDhEZd/KEZWKZd;ĐŽŶƚŝŶƵĞĚͿ

^ƚĂƚĞŵĞŶƚŽĨǀŽƚŝŶŐĂƚ'D

ƚƚŚĞ'DŽŶϭϯDĂƌĐŚϮϬϭϳ͕ƚŚĞǀŽƚĞƐŝŶƌĞƐƉĞĐƚŽĨ ƚŚĞƌĞƐŽůƵƚŝŽŶƚŽĂƉƉƌŽǀĞƚŚĞŝƌĞĐƚŽƌ͛ƐZĞŵƵŶĞƌĂƚŝŽŶ ZĞƉŽƌƚǁĞƌĞĂƐĨŽůůŽǁƐ͗

/ŶĨĂǀŽƵƌ	ϭϬϬй
ŐĂŝŶƐƚ	ŶŝůǀŽƚĞƐ
tŝƚŚŚĞůĚ	ŶŝůǀŽƚĞƐ

ƚƚŚĞϮϬϭϳ'D͕ǁŚĞŶƚŚĞƌĞŵƵŶĞƌĂƚŝŽŶƉŽůŝĐLJǁĂƐ ůĂƐƚ ƉƵƚ ƚŽ Ă ƐŚĂƌĞŚŽůĚĞƌ ǀŽƚĞ͕ ϭϬϬй ǀŽƚĞĚ ĨŽƌ ƚŚĞ ƌĞƐŽůƵƚŝŽŶ͕ƐŚŽǁŝŶŐƐŝŐŶŝĨŝĐĂŶƚƐŚĂƌĞŚŽůĚĞƌƐƵƉƉŽƌƚ͘

ZĞůĂƚŝǀĞŝŵƉŽƌƚĂŶĐĞŽĨƐƉĞŶĚŽŶƉĂLJ

dŚĞĚŝĨĨĞƌĞŶĐĞŝŶĂĐƚƵĂůƐƉĞŶĚďĞƚǁĞĞŶϯϬ^ĞƉƚĞŵďĞƌ ϮϬϭϳĂŶĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϲŽŶƌĞŵƵŶĞƌĂƚŝŽŶĨŽƌĂůů ĞŵƉůŽLJĞĞƐ ŝŶ ĐŽŵƉĂƌŝƐŽŶ ƚŽ ĚŝƐƚƌŝďƵƚŝŽŶƐ ;ĚŝǀŝĚĞŶĚƐ ĂŶĚƐŚĂƌĞďƵLJďĂĐŬƐͿĂŶĚŽƚŚĞƌƐŝŐŶŝĨŝĐĂŶƚƐƉĞŶĚŝŶŐĂƌĞ ƐĞƚŽƵƚŝŶƚŚĞƚĂďƵůĂƌŐƌĂƉŚďĞůŽǁ͘

ZĞůĂƚŝǀĞŝŵƉŽƌƚĂŶĐĞŽĨƐƉĞŶĚŽŶƉĂLJ

ϮϬϭϳͬϮϬϭϴƌĞŵƵŶĞƌĂƚŝŽŶ

dŚĞ ƌĞŵƵŶĞƌĂƚŝŽŶůĞǀĞůƐ ĨŽƌ ƚŚĞ ĨŽƌƚŚĐŽŵŝŶŐLJĞĂƌ ĨŽƌ ƚŚĞŝƌĞĐƚŽƌƐŽĨ,ĂnjĞůZĞŶĞǁĂďůĞŶĞƌŐLJsdϭƉůĐĂƌĞ ĞdžƉĞĐƚĞĚƚŽďĞĂƚƚŚĞĐƵƌƌĞŶƚĂŶŶƵĂůĨĞĞůĞǀĞů͕ĂƐƐŚŽǁŶ ŝŶƚŚĞƚĂďůĞŽŶƉĂŐĞϮϯ͘

WĞƌĨŽƌŵĂŶĐĞŐƌĂƉŚ

dŚĞ ŐƌĂƉŚ ďĞůŽǁ ƌĞƉƌĞƐĞŶƚƐ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƉĞƌĨŽƌŵĂŶĐĞ ŽǀĞƌ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ƉĞƌŝŽĚƐ ƐŝŶĐĞ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ KƌĚŝŶĂƌLJ ^ŚĂƌĞƐ ĂŶĚ ͚͛ ^ŚĂƌĞƐ ǁĞƌĞ ĨŝƌƐƚ ůŝƐƚĞĚŽŶƚŚĞ>ŽŶĚŽŶ^ƚŽĐŬdžĐŚĂŶŐĞ͕ĂŶĚƐŚŽǁƐƐŚĂƌĞ ƉƌŝĐĞ ƚŽƚĂů ƌĞƚƵƌŶ ĂŶĚ ŶĞƚ ĂƐƐĞƚ ǀĂůƵĞ ƚŽƚĂů ƌĞƚƵƌŶ ƉĞƌĨŽƌŵĂŶĐĞŽŶĂĚŝǀŝĚĞŶĚƐƌĞŝŶǀĞƐƚĞĚďĂƐŝƐ͘ůůƐĞƌŝĞƐ ĂƌĞƌĞďĂƐĞĚƚŽϭϬϬĂƚϭϬ:ĂŶƵĂƌLJϮϬϭϭ͕ďĞŝŶŐƚŚĞĚĂƚĞ ƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƐǁĞƌĞůŝƐƚĞĚ͘

dŚĞEƵŵŝƐ^ŵĂůůĞƌŽŵƉĂŶŝĞƐ/ŶĚĞdžŚĂƐďĞĞŶĐŚŽƐĞŶ ĂƐĂĐŽŵƉĂƌŝƐŽŶĂƐŝƚŝƐĂƉƵďůŝĐůLJĂǀĂŝůĂďůĞďƌŽĂĚĞƋƵŝƚLJ ŝŶĚĞdž ǁŚŝĐŚ ĨŽĐƵƐĞƐ ŽŶ ƐŵĂůůĞƌ ĐŽŵƉĂŶŝĞƐ ĂŶĚ ŝƐ ƚŚĞƌĞĨŽƌĞ ŵŽƌĞ ƌĞůĞǀĂŶƚ ƚŚĂŶ ŵŽƐƚ ŽƚŚĞƌ ƉƵďůŝĐůLJ ĂǀĂŝůĂďůĞŝŶĚŝĐĞƐ͘

LJŽƌĚĞƌŽĨƚŚĞŽĂƌĚ

'ƌĂŶƚtŚŝƚĞŚŽƵƐĞ ŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ ϲƚŚ&ůŽŽƌ͕^ƚ͘DĂŐŶƵƐ,ŽƵƐĞ ϯ>ŽǁĞƌdŚĂŵĞƐ^ƚƌĞĞƚ >ŽŶĚŽŶϯZϲ,

ϵ:ĂŶƵĂƌLJϮϬϭϴ

WĞƌĨŽƌŵĂŶĐĞŚĂƌƚ

KZWKZd'KsZEE

dŚĞŝƌĞĐƚŽƌƐƐƵƉƉŽƌƚƚŚĞƌĞůĞǀĂŶƚƉƌŝŶĐŝƉůĞƐŽĨƚŚĞh< ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞŽĚĞŝƐƐƵĞĚŝŶƉƌŝůϮϬϭϲ͕ďĞŝŶŐ ƚŚĞƉƌŝŶĐŝƉůĞƐŽĨŐŽŽĚŐŽǀĞƌŶĂŶĐĞĂŶĚƚŚĞĐŽĚĞŽĨďĞƐƚ ƉƌĂĐƚŝĐĞ͕ ĂƐ ƐĞƚ ŽƵƚ ŝŶ ^ĞĐƚŝŽŶ ϭ ŽĨ ƚŚĞ h< ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞŽĚĞĂŶŶĞdžĞĚ ƚŽ ƚŚĞ>ŝƐƚŝŶŐZƵůĞƐŽĨ ƚŚĞ &ŝŶĂŶĐŝĂůŽŶĚƵĐƚƵƚŚŽƌŝƚLJ͘

dŚĞŽĂƌĚ

dŚĞ ŽŵƉĂŶLJ ŚĂƐ Ă ŽĂƌĚ ĐŽŵƉƌŝƐŝŶŐ ƚǁŽ ŶŽŶͲ ĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌƐ͘dŚĞŚĂŝƌŵĂŶŝƐ^ƚĞƉŚĞŶ,ĂLJ͘dŚĞ ŽŵƉĂŶLJ ŚĂƐ ŶŽƚ ĂƉƉŽŝŶƚĞĚ Ă ƐĞŶŝŽƌ ŝŶĚĞƉĞŶĚĞŶƚ ĚŝƌĞĐƚŽƌ͘ ŝŽŐƌĂƉŚŝĐĂů ĚĞƚĂŝůƐ ŽĨ Ăůů ŽĂƌĚ ŵĞŵďĞƌƐ ;ŝŶĐůƵĚŝŶŐ ƐŝŐŶŝĨŝĐĂŶƚ ŽƚŚĞƌ ĐŽŵŵŝƚŵĞŶƚƐ ŽĨ ƚŚĞ ŚĂŝƌŵĂŶͿĂƌĞƐŚŽǁŶŽŶƉĂŐĞϮ͘

^ƚĞƉŚĞŶ,ĂLJǁĂƐůĂƐƚƌĞͲĞůĞĐƚĞĚĂƚƚŚĞ'DƚŚĂƚƚŽŽŬ ƉůĂĐĞŝŶDĂƌĐŚϮϬϭϱ͘/ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌƚŝĐůĞƐŽĨ ƐƐŽĐŝĂƚŝŽŶ͕^ƚĞƉŚĞŶ,ĂLJŝƐƌĞƋƵŝƌĞĚƚŽƌĞƚŝƌĞĂŶĚŽĨĨĞƌ ŚŝŵƐĞůĨ ĨŽƌ ƌĞĂƉƉŽŝŶƚŵĞŶƚ Ăƚ ƚŚĞ ĨŽƌƚŚĐŽŵŝŶŐ 'D͘ ^ƚƵĂƌƚ<ŶŝŐŚƚǁĂƐĂƉƉŽŝŶƚĞĚ ƚŽĨŝůůĂĐĂƐƵĂůǀĂĐĂŶĐLJŝŶ :ĂŶƵĂƌLJϮϬϭϳĂŶĚǁĂƐƐƵďƐĞƋƵĞŶƚůLJ ƌĞͲĞůĞĐƚĞĚĂƚ ƚŚĞ ϮϬϭϳ'D͘

&ƵůůŽĂƌĚŵĞĞƚŝŶŐƐƚĂŬĞƉůĂĐĞƋƵĂƌƚĞƌůLJĂŶĚƚŚĞŽĂƌĚ ŵĞĞƚƐ Žƌ ĐŽŵŵƵŶŝĐĂƚĞƐ ŵŽƌĞ ƌĞŐƵůĂƌůLJ ƚŽ ĂĚĚƌĞƐƐ ƐƉĞĐŝĨŝĐ ŝƐƐƵĞƐ͘ dŚĞ ŽĂƌĚ ŚĂƐ Ă ĨŽƌŵĂů ƐĐŚĞĚƵůĞ ŽĨ ŵĂƚƚĞƌƐ ƐƉĞĐŝĨŝĐĂůůLJ ƌĞƐĞƌǀĞĚ ĨŽƌ ŝƚƐ ĚĞĐŝƐŝŽŶ ǁŚŝĐŚ ŝŶĐůƵĚĞƐ͕ ďƵƚ ŝƐ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ͗ ĐŽŶƐŝĚĞƌŝŶŐ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ĨƌŽŵ ƚŚĞ /ŶǀĞƐƚŵĞŶƚ ĚǀŝƐĞƌ͖ ŵĂŬŝŶŐĚĞĐŝƐŝŽŶƐĐŽŶĐĞƌŶŝŶŐƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽƌĚŝƐƉŽƐĂů ŽĨŝŶǀĞƐƚŵĞŶƚƐ͖ĂŶĚ ƌĞǀŝĞǁŝŶŐ͕ĂŶŶƵĂůůLJ͕ ƚŚĞ ƚĞƌŵƐŽĨ ĞŶŐĂŐĞŵĞŶƚ ŽĨ Ăůů ƚŚŝƌĚ ƉĂƌƚLJ ĂĚǀŝƐĞƌƐ ;ŝŶĐůƵĚŝŶŐ ƚŚĞ /ŶǀĞƐƚŵĞŶƚĚǀŝƐĞƌĂŶĚĚŵŝŶŝƐƚƌĂƚŝŽŶDĂŶĂŐĞƌͿ͘

dŚĞ ŽĂƌĚ ŚĂƐ ĂůƐŽ ĞƐƚĂďůŝƐŚĞĚ ƉƌŽĐĞĚƵƌĞƐ ǁŚĞƌĞďLJ ŝƌĞĐƚŽƌƐǁŝƐŚŝŶŐ ƚŽĚŽ ƐŽŝŶ ƚŚĞ ĨƵƌƚŚĞƌĂŶĐĞŽĨ ƚŚĞŝƌ ĚƵƚŝĞƐŵĂLJƚĂŬĞŝŶĚĞƉĞŶĚĞŶƚƉƌŽĨĞƐƐŝŽŶĂůĂĚǀŝĐĞĂƚƚŚĞ ŽŵƉĂŶLJ͛ƐĞdžƉĞŶƐĞ͘

ůůŝƌĞĐƚŽƌƐŚĂǀĞĂĐĐĞƐƐƚŽƚŚĞĂĚǀŝĐĞĂŶĚƐĞƌǀŝĐĞƐŽĨ ƚŚĞ ŽŵƉĂŶLJ ^ĞĐƌĞƚĂƌLJ͘ dŚĞ ŽŵƉĂŶLJ ^ĞĐƌĞƚĂƌLJ ƉƌŽǀŝĚĞƐ ƚŚĞ ŽĂƌĚ ǁŝƚŚ ĨƵůů ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĂŶĚ ŽƚŚĞƌ ƌĞůĞǀĂŶƚ ŝŶĨŽƌŵĂƚŝŽŶƌĞƋƵĞƐƚĞĚďLJƚŚĞŚĂŝƌŵĂŶ͕ŝŶĂĚǀĂŶĐĞŽĨ ĞĂĐŚŽĂƌĚŵĞĞƚŝŶŐ͘

^ƚĞƉŚĞŶ,ĂLJĂŶĚ ^ƚƵĂƌƚ <ŶŝŐŚƚĂƌĞ ĐƵƌƌĞŶƚůLJ ƚŚĞ ƐŽůĞ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ƵĚŝƚ͕ ƚŚĞ ZĞŵƵŶĞƌĂƚŝŽŶ ĂŶĚ ƚŚĞ EŽŵŝŶĂƚŝŽŶ ŽŵŵŝƚƚĞĞƐ͘ dŚĞ ŚĂŝƌŵĂŶ ŽĨ ĞĂĐŚ ŽŵŵŝƚƚĞĞ ŝƐ ^ƚƵĂƌƚ <ŶŝŐŚƚ͘ dŚĞ ƵĚŝƚ ŽŵŵŝƚƚĞĞ ŶŽƌŵĂůůLJ ŵĞĞƚƐ ƚǁŝĐĞ LJĞĂƌůLJ͕ ĂŶĚ ƚŚĞ ZĞŵƵŶĞƌĂƚŝŽŶ ĂŶĚ EŽŵŝŶĂƚŝŽŶ ŽŵŵŝƚƚĞĞƐ ŵĞĞƚ ĂƐ ƌĞƋƵŝƌĞĚ͘ ůů ŽŵŵŝƚƚĞĞƐ ŚĂǀĞ ĚĞĨŝŶĞĚ ƚĞƌŵƐ ŽĨ ƌĞĨĞƌĞŶĐĞ ĂŶĚ ĚƵƚŝĞƐ͘

dŚĞŽĂƌĚŚĂƐĂƵƚŚŽƌŝƚLJƚŽŵĂŬĞŵĂƌŬĞƚƉƵƌĐŚĂƐĞƐŽĨ ƚŚĞŽŵƉĂŶLJ͛ƐŽǁŶƐŚĂƌĞƐ͘dŚŝƐĂƵƚŚŽƌŝƚLJƚŽƉƵƌĐŚĂƐĞ ƵƉƚŽϭϰ͘ϵйŽĨƚŚĞŽŵƉĂŶLJ͛ƐŝƐƐƵĞĚƐŚĂƌĞĐĂƉŝƚĂůǁĂƐ ŐƌĂŶƚĞĚ Ăƚ ƚŚĞ ůĂƐƚ 'D͘ ƌĞƐŽůƵƚŝŽŶ ǁŝůů ďĞ ƉƵƚ ƚŽ ^ŚĂƌĞŚŽůĚĞƌƐ ƚŽ ƌĞŶĞǁ ƚŚŝƐ ĂƵƚŚŽƌŝƚLJ Ăƚ ƚŚĞ ĨŽƌƚŚĐŽŵŝŶŐ'D͘

dŚĞ ĐĂƉŝƚĂů ƐƚƌƵĐƚƵƌĞ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ŝƐ ĚŝƐĐůŽƐĞĚ ŝŶ EŽƚĞϭϰƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

ƵĚŝƚŽŵŵŝƚƚĞĞ

dŚĞƵĚŝƚ ŽŵŵŝƚƚĞĞ ŚĂƐ ĚĞĨŝŶĞĚ ƚĞƌŵƐ ŽĨ ƌĞĨĞƌĞŶĐĞ ĂŶĚĚƵƚŝĞƐ͘/ƚŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌƌĞǀŝĞǁŝŶŐƚŚĞŚĂůĨͲLJĞĂƌ ĂŶĚĂŶŶƵĂůĂĐĐŽƵŶƚƐďĞĨŽƌĞƚŚĞLJĂƌĞƉƌĞƐĞŶƚĞĚƚŽƚŚĞ ŽĂƌĚ͕ ƚŚĞ ƚĞƌŵƐ ŽĨ ĂƉƉŽŝŶƚŵĞŶƚ ŽĨ ƚŚĞ ƵĚŝƚŽƌ͕ ƚŽŐĞƚŚĞƌ ǁŝƚŚ ƚŚĞŝƌ ƌĞŵƵŶĞƌĂƚŝŽŶ͕ ĂƐ ǁĞůů ĂƐ Ă ĨƵůů ƌĞǀŝĞǁŽĨ ƚŚĞĞĨĨĞĐƚŝǀĞŶĞƐƐŽĨ ƚŚĞŽŵƉĂŶLJ͛ƐŝŶƚĞƌŶĂů ĐŽŶƚƌŽůĂŶĚƌŝƐŬŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵƐ͘

/Ŷ ƉĂƌƚŝĐƵůĂƌ͕ ƚŚĞ ŽŵŵŝƚƚĞĞ ƌĞǀŝĞǁƐ͕ ĐŚĂůůĞŶŐĞƐ ;ǁŚĞƌĞ ĂƉƉƌŽƉƌŝĂƚĞͿ ĂŶĚ ĂŐƌĞĞƐ ƚŚĞ ďĂƐŝƐ ĨŽƌ ƚŚĞ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ ŽĨ ƚŚĞ ƵŶƋƵŽƚĞĚ ŝŶǀĞƐƚŵĞŶƚƐ͕ ĂƐ ƉƌĞƉĂƌĞĚďLJ ƚŚĞ/ŶǀĞƐƚŵĞŶƚĚǀŝƐĞƌ͕ ĨŽƌƉƌĞƐĞŶƚĂƚŝŽŶ ǁŝƚŚŝŶƚŚĞŚĂůĨͲLJĞĂƌůLJĂŶĚĂŶŶƵĂůĂĐĐŽƵŶƚƐ͘

dŚĞ ŽŵŵŝƚƚĞĞ ĂůƐŽ ƚĂŬĞƐ ŝŶƚŽ ĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ ĐŽŵŵĞŶƚƐ ŽŶ ŵĂƚƚĞƌƐ ƌĞŐĂƌĚŝŶŐ ǀĂůƵĂƚŝŽŶ͕ ƌĞǀĞŶƵĞ ƌĞĐŽŐŶŝƚŝŽŶĂŶĚĚŝƐĐůŽƐƵƌĞƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞZĞƉŽƌƚƚŽ ƚŚĞƵĚŝƚŽŵŵŝƚƚĞĞĂƐƉĂƌƚŽĨƚŚĞĨŝŶĂůŝƐĂƚŝŽŶƉƌŽĐĞƐƐ ĨŽƌƚŚĞŶŶƵĂůĐĐŽƵŶƚƐ͘

dŚĞƵĚŝƚ ŽŵŵŝƚƚĞĞŵĞƚ ƚǁŝĐĞ ĚƵƌŝŶŐ ƚŚĞLJĞĂƌ͘dŚĞ ŽŵŵŝƚƚĞĞƌĞǀŝĞǁĞĚƚŚĞŝŶƚĞƌŶĂůĨŝŶĂŶĐŝĂůĐŽŶƚƌŽůƐĂŶĚ ĐŽŶĐůƵĚĞĚ ƚŚĂƚ ƚŚĞLJ ǁĞƌĞ ĂƉƉƌŽƉƌŝĂƚĞ͘ dŚĞLJ ĂůƐŽ ĐŽŶƐŝĚĞƌĞĚƚŚĞŶĞĞĚĨŽƌĂŶŝŶƚĞƌŶĂůĂƵĚŝƚĨƵŶĐƚŝŽŶĂŶĚ ĐŽŶĐůƵĚĞĚ ƚŚĂƚ͕ ĚƵĞ ƚŽ ƚŚĞ ƐŝnjĞ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͕ ƚŚŝƐ ǁŽƵůĚŶŽƚďĞĂŶĂƉƉƌŽƉƌŝĂƚĞĨƵŶĐƚŝŽŶ͘

ƐƚŚĞŽŵƉĂŶLJŚĂƐŶŽƐƚĂĨĨ͕ŽƚŚĞƌƚŚĂŶƚŚĞŝƌĞĐƚŽƌƐ͕ ƚŚĞƌĞĂƌĞŶŽƉƌŽĐĞĚƵƌĞƐŝŶƉůĂĐĞŝŶƌĞƐƉĞĐƚŽĨϯ͘ϰŽĨ ƚŚĞh<ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞŽĚĞƌĞůĂƚŝŶŐƚŽǁŚŝƐƚůĞ ďůŽǁŝŶŐ͘ dŚĞ ƵĚŝƚ ŽŵŵŝƚƚĞĞ ƵŶĚĞƌƐƚĂŶĚƐ ƚŚĂƚ ƚŚĞ /ŶǀĞƐƚŵĞŶƚĚǀŝƐĞƌĂŶĚĚŵŝŶŝƐƚƌĂƚŝŽŶDĂŶĂŐĞƌŚĂǀĞ ǁŚŝƐƚůĞďůŽǁŝŶŐƉƌŽĐĞĚƵƌĞƐŝŶƉůĂĐĞ͘

džƚĞƌŶĂůĂƵĚŝƚŽƌ

dŚĞŽŵŵŝƚƚĞĞƌĞǀŝĞǁƐĂŶĚĂŐƌĞĞƐƚŚĞĂƵĚŝƚƐƚƌĂƚĞŐLJ ƉĂƉĞƌ͕ ƉƌĞƐĞŶƚĞĚ ďLJ ƚŚĞ ƵĚŝƚŽƌ ŝŶ ĂĚǀĂŶĐĞ ŽĨ ƚŚĞ ĂƵĚŝƚ͕ǁŚŝĐŚƐĞƚƐŽƵƚƚŚĞŬĞLJƌŝƐŬĂƌĞĂƐƚŽďĞĐŽǀĞƌĞĚ ĚƵƌŝŶŐ ƚŚĞ ĂƵĚŝƚ ĂŶĚ ĐŽŶĨŝƌŵƐ ƚŚĞŝƌ ƐƚĂƚƵƐ ŽŶ ŝŶĚĞƉĞŶĚĞŶĐĞ͘

dŚĞŽŵŵŝƚƚĞĞĐŽŶĨŝƌŵƐƚŚĂƚƚŚĞŵĂŝŶĂƌĞĂŽĨƌŝƐŬĨŽƌ ƚŚĞ ƉĞƌŝŽĚ ƵŶĚĞƌ ƌĞǀŝĞǁ ŝƐ ƚŚĞ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ ŽĨ ŝŶǀĞƐƚŵĞŶƚƐ͘ dŚĞ ŽŵŵŝƚƚĞĞ͛Ɛ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ŽĨ ƚŚŝƐ ŵĂƚƚĞƌŝƐƐĞƚŽƵƚĂďŽǀĞ͘

KZWKZd'KsZEE;ĐŽŶƚŝŶƵĞĚͿ

džƚĞƌŶĂůĂƵĚŝƚŽƌ;ĐŽŶƚŝŶƵĞĚͿ

dŚĞ ŽŵƉĂŶLJ͛Ɛ ĂƵĚŝƚŽƌ ŚĂƐ ŚŝƐƚŽƌŝĐĂůůLJ ƉƌŽǀŝĚĞĚ ĐŽƌƉŽƌĂƚŝŽŶ ƚĂdž ĐŽŵƉůŝĂŶĐĞ ƐĞƌǀŝĐĞƐ͕ ŚŽǁĞǀĞƌ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ŽĨ ƐƵĐŚ ƐĞƌǀŝĐĞƐ ĐĞĂƐĞĚ ĨŽůůŽǁŝŶŐ ƚŚĞ LJĞĂƌ ĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϲ͘dŚĞƵĚŝƚŽƌ͕ŵĂLJ͕ŚŽǁĞǀĞƌ͕ ĐŽŶƚŝŶƵĞƚŽƉĞƌĨŽƌŵĂĚͲŚŽĐǁŽƌŬĂƚƚŚĞƌĞƋƵĞƐƚŽĨƚŚĞ ŽĂƌĚ͘dŚĞŽŵŵŝƚƚĞĞƌĞĐŽŐŶŝƐĞƐƚŚĞƌĞƋƵŝƌĞŵĞŶƚĨŽƌ ƚŚĞ ƚĂdžĐŽŵƉƵƚĂƚŝŽŶ ƚŽďĞƉƌĞƉĂƌĞĚĂŶŶƵĂůůLJĂŶĚ ƚŚĞ ĂƉƉŽŝŶƚŵĞŶƚ ŽĨ Ă ŶĞǁ ĐŽƌƉŽƌĂƚĞ ƚĂdž ĂŐĞŶƚ ǁŝůů ďĞ ĂƐƐĞƐƐĞĚďLJƚŚĞŽĂƌĚŝŶĚƵĞĐŽƵƌƐĞ͘

dŚĞ ŽŵŵŝƚƚĞĞ͕ ĂĨƚĞƌ ƚĂŬŝŶŐ ŝŶƚŽ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ĐŽŵŵĞŶƚƐ ĨƌŽŵ ƚŚĞ /ŶǀĞƐƚŵĞŶƚ ĚǀŝƐĞƌ ĂŶĚ ĚŵŝŶŝƐƚƌĂƚŝŽŶDĂŶĂŐĞƌ͕ƌĞŐĂƌĚŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŶĞƐƐŽĨ ƚŚĞĂƵĚŝƚ ƉƌŽĐĞƐƐ͖ŝŵŵĞĚŝĂƚĞůLJ ďĞĨŽƌĞ ƚŚĞ ĐŽŶĐůƵƐŝŽŶ ŽĨƚŚĞĂŶŶƵĂůĂƵĚŝƚ͕ǁŝůůƌĞĐŽŵŵĞŶĚƚŽƚŚĞŽĂƌĚĞŝƚŚĞƌ ƚŚĞƌĞͲĂƉƉŽŝŶƚŵĞŶƚŽƌƌĞŵŽǀĂůŽĨƚŚĞĂƵĚŝƚŽƌƐ͘

&ŽůůŽǁŝŶŐĂƐƐƵƌĂŶĐĞƐƌĞĐĞŝǀĞĚĨƌŽŵƚŚĞĚǀŝƐĞƌĂƚƚŚĞ ĐŽŵƉůĞƚŝŽŶ ŽĨ ƚŚĞ ĂƵĚŝƚ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϬ ^ĞƉƚĞŵďĞƌϮϬϭϳ͕ĂŶĚƚĂŬŝŶŐĚŝƐĐƵƐƐŝŽŶƐŚĞůĚǁŝƚŚƚŚĞ ĞŶŐĂŐĞŵĞŶƚWĂƌƚŶĞƌĂƚK>>WŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ƚŚĞ ŽŵŵŝƚƚĞĞŚĂƐƌĞĐŽŵŵĞŶĚĞĚƚŚĞLJďĞƌĞĂƉƉŽŝŶƚĞĚĂƚ ƚŚĞĨŽƌƚŚĐŽŵŝŶŐ'D͘

ŽĂƌĚĂŶĚŽŵŵŝƚƚĞĞŵĞĞƚŝŶŐƐ

dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐĞƚƐŽƵƚƚŚĞŝƌĞĐƚŽƌƐ͛ĂƚƚĞŶĚĂŶĐĞ ĂƚƚŚĞŽĂƌĚĂŶĚŽŵŵŝƚƚĞĞŵĞĞƚŝŶŐƐĚƵƌŝŶŐƚŚĞLJĞĂƌ͗

		ƵĚŝƚ	EŽŵŝŶĂƚŝŽŶ
	ŽĂƌĚ	ŽŵŵŝƚƚĞĞ	ŽŵŵŝƚƚĞĞ
	ŵĞĞƚŝŶŐƐ	ŵĞĞƚŝŶŐƐ	ŵĞĞƚŝŶŐƐ
	ĂƚƚĞŶĚĞĚ	ĂƚƚĞŶĚĞĚ	ĂƚƚĞŶĚĞĚ
	;ϱŚĞůĚͿ	;ϮŚĞůĚͿ	;ϭŚĞůĚͿ
^ƚĞƉŚĞŶ,ĂLJ	ϱ	Ϯ	ϭ
^ƚƵĂƌƚ<ŶŝŐŚƚϭ	ϰ	ϭ	ŶͬĂ
DŝĐŚĂĞůƵŶŶŝŶŐŚĂŵϮ	ϰ	Ϯ	ϭ

ϭ ƉƉŽŝŶƚĞĚϯϭ:ĂŶƵĂƌLJϮϬϭϳ Ϯ ZĞƚŝƌĞĚϰ:ƵůLJϮϬϭϳ

EŽ ZĞŵƵŶĞƌĂƚŝŽŶ ŽŵŵŝƚƚĞĞ ŵĞĞƚŝŶŐƐ ǁĞƌĞ ŚĞůĚ ŝŶ ƚŚĞLJĞĂƌ͘

ZĞŵƵŶĞƌĂƚŝŽŶŽŵŵŝƚƚĞĞ

dŚĞŽŵŵŝƚƚĞĞŵĞĞƚƐĂƐĂŶĚǁŚĞŶƌĞƋƵŝƌĞĚƚŽƌĞǀŝĞǁ ƚŚĞ ůĞǀĞůƐ ŽĨ ŝƌĞĐƚŽƌƐ͛ ƌĞŵƵŶĞƌĂƚŝŽŶ͘ ĞƚĂŝůƐ ŽĨ ƚŚĞ ƐƉĞĐŝĨŝĐůĞǀĞůƐŽĨƌĞŵƵŶĞƌĂƚŝŽŶƚŽĞĂĐŚŝƌĞĐƚŽƌĂƌĞƐĞƚ ŽƵƚŝŶƚŚĞŝƌĞĐƚŽƌƐ͛ZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚŽŶƉĂŐĞϮϯ͘

EŽŵŝŶĂƚŝŽŶŽŵŵŝƚƚĞĞ

dŚĞ EŽŵŝŶĂƚŝŽŶ ŽŵŵŝƚƚĞĞ͛Ɛ ƉƌŝŵĂƌLJ ĨƵŶĐƚŝŽŶ ŝƐ ƚŽ ŵĂŬĞ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ƚŽ ƚŚĞ ŽĂƌĚ ŽŶ Ăůů ŶĞǁ ĂƉƉŽŝŶƚŵĞŶƚƐ ĂŶĚ ĂůƐŽ ƚŽ ĂĚǀŝƐĞ ŐĞŶĞƌĂůůLJ ŽŶ ŝƐƐƵĞƐ ƌĞůĂƚŝŶŐ ƚŽ ŽĂƌĚ ĐŽŵƉŽƐŝƚŝŽŶ ĂŶĚ ďĂůĂŶĐĞ͘ dŚĞ ŽŵŵŝƚƚĞĞŵĞĞƚƐĂƐĂŶĚǁŚĞŶĂƉƉƌŽƉƌŝĂƚĞ͘

^ƚƵĂƌƚ<ŶŝŐŚƚǁĂƐĂƉƉŽŝŶƚĞĚĂƐĂŝƌĞĐƚŽƌŽŶϯϭ:ĂŶƵĂƌLJ ϮϬϭϳ͘DŝĐŚĂĞůƵŶŶŝŶŐŚĂŵ ƌĞƚŝƌĞĚĂƐĂŝƌĞĐƚŽƌŽŶ ϰ :ƵůLJϮϬϭϳ͘

ZĞůĂƚŝŽŶƐǁŝƚŚ^ŚĂƌĞŚŽůĚĞƌƐ

^ŚĂƌĞŚŽůĚĞƌƐŚĂǀĞƚŚĞŽƉƉŽƌƚƵŶŝƚLJƚŽŵĞĞƚƚŚĞŽĂƌĚ ĂƚƚŚĞ'D͘dŚĞŽĂƌĚŝƐĂůƐŽŚĂƉƉLJƚŽƌĞƐƉŽŶĚƚŽĂŶLJ ǁƌŝƚƚĞŶ ƋƵĞƌŝĞƐ ŵĂĚĞ ďLJ ^ŚĂƌĞŚŽůĚĞƌƐ ĚƵƌŝŶŐ ƚŚĞ ĐŽƵƌƐĞ ŽĨ ƚŚĞ ƉĞƌŝŽĚ͕ Žƌ ƚŽ ŵĞĞƚ ǁŝƚŚ ŵĂũŽƌ ^ŚĂƌĞŚŽůĚĞƌƐŝĨƐŽƌĞƋƵĞƐƚĞĚ͘

/Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ƚŚĞ ĨŽƌŵĂů ďƵƐŝŶĞƐƐ ŽĨ ƚŚĞ 'D͕ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ŽĨ ƚŚĞ /ŶǀĞƐƚŵĞŶƚ ĚǀŝƐĞƌ ĂŶĚ ƚŚĞ ŽĂƌĚ ĂƌĞ ĂǀĂŝůĂďůĞ ƚŽ ĂŶƐǁĞƌ ĂŶLJ ƋƵĞƐƚŝŽŶƐ Ă ^ŚĂƌĞŚŽůĚĞƌ ŵĂLJ ŚĂǀĞ͘ ^ĞƉĂƌĂƚĞ ƌĞƐŽůƵƚŝŽŶƐ ĂƌĞ ƉƌŽƉŽƐĞĚ Ăƚ ƚŚĞ 'D ŽŶ ĞĂĐŚ ƐƵďƐƚĂŶƚŝĂůůLJ ƐĞƉĂƌĂƚĞ ŝƐƐƵĞ͘dŚĞĚŵŝŶŝƐƚƌĂƚŝŽŶDĂŶĂŐĞƌĐŽůůĂƚĞƐƉƌŽdžLJǀŽƚĞƐ ĂŶĚ ƚŚĞ ƌĞƐƵůƚƐ ;ƚŽŐĞƚŚĞƌ ǁŝƚŚ ƚŚĞ ƉƌŽdžLJ ĨŽƌŵƐͿ ĂƌĞ ĨŽƌǁĂƌĚĞĚƚŽƚŚĞŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJŝŵŵĞĚŝĂƚĞůLJƉƌŝŽƌ ƚŽƚŚĞ'D͘/ŶŽƌĚĞƌƚŽĐŽŵƉůLJǁŝƚŚƚŚĞh<ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ ŽĚĞ͕ ƉƌŽdžLJ ǀŽƚĞƐ ĂƌĞ ĂŶŶŽƵŶĐĞĚ Ăƚ ƚŚĞ 'D͕ĨŽůůŽǁŝŶŐĞĂĐŚǀŽƚĞŽŶĂƐŚŽǁŽĨŚĂŶĚƐ͕ĞdžĐĞƉƚ ŝŶ ƚŚĞ ĞǀĞŶƚ ŽĨ Ă ƉŽůů ďĞŝŶŐ ĐĂůůĞĚ͘ dŚĞ ŶŽƚŝĐĞ ŽĨ ƚŚĞ ƐĞǀĞŶƚŚ'DĂŶĚƉƌŽdžLJĨŽƌŵĐĂŶďĞĨŽƵŶĚĂƚƚŚĞĞŶĚ ŽĨƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

dŚĞ ƚĞƌŵƐ ŽĨ ƌĞĨĞƌĞŶĐĞ ŽĨ ƚŚĞ ŽŵŵŝƚƚĞĞƐ ĂŶĚ ƚŚĞ ĐŽŶĚŝƚŝŽŶƐŽĨĂƉƉŽŝŶƚŵĞŶƚŽĨŶŽŶͲĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌƐ ĂƌĞĂǀĂŝůĂďůĞƚŽ^ŚĂƌĞŚŽůĚĞƌƐŽŶƌĞƋƵĞƐƚ͘

&ŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐ

dŚĞŝƌĞĐƚŽƌƐ͛ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐƐƚĂƚĞŵĞŶƚĨŽƌƉƌĞƉĂƌŝŶŐ ƚŚĞĂĐĐŽƵŶƚƐŝƐƐĞƚŽƵƚŝŶƚŚĞZĞƉŽƌƚŽĨƚŚĞŝƌĞĐƚŽƌƐŽŶ ƉĂŐĞ Ϯϭ ĂŶĚ Ă ƐƚĂƚĞŵĞŶƚ ďLJ ƚŚĞ ƵĚŝƚŽƌ ĂďŽƵƚ ƚŚĞŝƌ ƌĞƉŽƌƚŝŶŐƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŝƐƐĞƚŽƵƚŝŶƚŚĞ/ŶĚĞƉĞŶĚĞŶƚ ƵĚŝƚŽƌ͛ƐƌĞƉŽƌƚŽŶƉĂŐĞϯϮ͘

/ŶƚĞƌŶĂůĐŽŶƚƌŽů

dŚĞ ŽĂƌĚ ŚĂƐ ĂĚŽƉƚĞĚ ĂŶ /ŶƚĞƌŶĂů ŽŶƚƌŽů DĂŶƵĂů ;͞DĂŶƵĂů͟ͿĨŽƌǁŚŝĐŚŝƚŝƐƌĞƐƉŽŶƐŝďůĞ͕ǁŚŝĐŚŚĂƐďĞĞŶ ĐŽŵƉŝůĞĚ ŝŶ ŽƌĚĞƌ ƚŽ ĐŽŵƉůLJ ǁŝƚŚ ƚŚĞ h< ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞŽĚĞ͘dŚĞDĂŶƵĂůŝƐĚĞƐŝŐŶĞĚ ƚŽƉƌŽǀŝĚĞ ƌĞĂƐŽŶĂďůĞ͕ ďƵƚ ŶŽƚ ĂďƐŽůƵƚĞ͕ ĂƐƐƵƌĂŶĐĞ ĂŐĂŝŶƐƚ ŵĂƚĞƌŝĂů ŵŝƐƐƚĂƚĞŵĞŶƚ Žƌ ůŽƐƐ͕ ǁŚŝĐŚ ŝƚ ĂĐŚŝĞǀĞƐ ďLJ ĚĞƚĂŝůŝŶŐ ƚŚĞ ƉĞƌĐĞŝǀĞĚ ƌŝƐŬƐ ĂŶĚ ĐŽŶƚƌŽůƐ ƚŽ ŵŝƚŝŐĂƚĞ ƚŚĞŵ͘dŚĞŽĂƌĚƌĞǀŝĞǁƐƚŚĞƉĞƌĐĞŝǀĞĚƌŝƐŬƐŝŶůŝŶĞǁŝƚŚ ƌĞůĞǀĂŶƚŐƵŝĚĂŶĐĞŽŶĂŶĂŶŶƵĂůďĂƐŝƐĂŶĚŝŵƉůĞŵĞŶƚƐ ĂĚĚŝƚŝŽŶĂůĐŽŶƚƌŽůƐĂƐĂƉƉƌŽƉƌŝĂƚĞ͘

KZWKZd'KsZEE;ĐŽŶƚŝŶƵĞĚͿ

/ŶƚĞƌŶĂůĐŽŶƚƌŽů;ĐŽŶƚŝŶƵĞĚͿ

dŚĞ ŽĂƌĚ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĞŶƐƵƌŝŶŐ ƚŚĂƚ ƚŚĞ ƉƌŽĐĞĚƵƌĞƐ ƚŽ ďĞ ĨŽůůŽǁĞĚ ďLJ ƚŚĞ ĂĚǀŝƐĞƌƐ ĂŶĚ ƚŚĞŵƐĞůǀĞƐ ĂƌĞ ŝŶ ƉůĂĐĞ͕ ĂŶĚ ƚŚĞLJ ƌĞǀŝĞǁ ƚŚĞ ĞĨĨĞĐƚŝǀĞŶĞƐƐŽĨƚŚĞDĂŶƵĂů͕ďĂƐĞĚŽŶƚŚĞƌĞƉŽƌƚĨƌŽŵ ƚŚĞƵĚŝƚŽŵŵŝƚƚĞĞ͕ŽŶĂŶĂŶŶƵĂůďĂƐŝƐƚŽĞŶƐƵƌĞƚŚĂƚ ƚŚĞ ĐŽŶƚƌŽůƐ ƌĞŵĂŝŶ ƌĞůĞǀĂŶƚ ĂŶĚ ǁĞƌĞ ŝŶ ŽƉĞƌĂƚŝŽŶ ƚŚƌŽƵŐŚŽƵƚƚŚĞLJĞĂƌ͘

ůƚŚŽƵŐŚ ƚŚĞ ŽĂƌĚ ŝƐ ƵůƚŝŵĂƚĞůLJ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƐĂĨĞŐƵĂƌĚŝŶŐƚŚĞĂƐƐĞƚƐŽĨƚŚĞŽŵƉĂŶLJ͕ƚŚĞŽĂƌĚŚĂƐ ĚĞůĞŐĂƚĞĚ͕ƚŚƌŽƵŐŚǁƌŝƚƚĞŶĂŐƌĞĞŵĞŶƚƐ͕ƚŚĞĚĂLJͲƚŽͲĚĂLJ ŽƉĞƌĂƚŝŽŶ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ;ŝŶĐůƵĚŝŶŐ ƚŚĞ &ŝŶĂŶĐŝĂů ZĞƉŽƌƚŝŶŐWƌŽĐĞƐƐͿƚŽƚŚĞĨŽůůŽǁŝŶŐĂĚǀŝƐĞƌƐ͗

/ŶǀĞƐƚŵĞŶƚĚǀŝƐĞƌ	'ƌĞƐŚĂŵ,ŽƵƐĞƐƐĞƚ
	DĂŶĂŐĞŵĞŶƚ>ŝŵŝƚĞĚ

ĚŵŝŶŝƐƚƌĂƚŝŽŶ ŽǁŶŝŶŐ>>W

ŶƚŝͲďƌŝďĞƌLJƉŽůŝĐLJ

dŚĞŽŵƉĂŶLJŽƉĞƌĂƚĞƐĂŶĂŶƚŝͲďƌŝďĞƌLJƉŽůŝĐLJƚŽĞŶƐƵƌĞ ƚŚĂƚŝƚŵĞĞƚƐŝƚƐƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞƌŝďĞƌLJ Đƚ ϮϬϭϬ͘ dŚŝƐ ƉŽůŝĐLJ ĐĂŶ ďĞ ĨŽƵŶĚ ŽŶ ƚŚĞ ǁĞďƐŝƚĞ ŵĂŝŶƚĂŝŶĞĚďLJŽǁŶŝŶŐ>>WĂƚǁǁǁ͘ĚŽǁŶŝŶŐ͘ĐŽ͘ƵŬ͘

'ŽŝŶŐĐŽŶĐĞƌŶ

dŚĞ ŽŵƉĂŶLJ͛Ɛ ďƵƐŝŶĞƐƐ ĂĐƚŝǀŝƚŝĞƐ͕ ƚŽŐĞƚŚĞƌ ǁŝƚŚ ƚŚĞ ĨĂĐƚŽƌƐ ůŝŬĞůLJ ƚŽ ĂĨĨĞĐƚ ŝƚƐ ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ͕ ƉĞƌĨŽƌŵĂŶĐĞĂŶĚƉŽƐŝƚŝŽŶĂƌĞƐĞƚŽƵƚŝŶƚŚĞŚĂŝƌŵĂŶ͛Ɛ ^ƚĂƚĞŵĞŶƚŽŶƉĂŐĞƐϯĂŶĚϰ͕ƚŚĞ/ŶǀĞƐƚŵĞŶƚĚǀŝƐĞƌ͛Ɛ ZĞƉŽƌƚ ŽŶ ƉĂŐĞƐ ϱ ƚŽ ϳ ĂŶĚ ƚŚĞ ^ƚƌĂƚĞŐŝĐ ZĞƉŽƌƚ ŽŶ ƉĂŐĞƐϭϱƚŽϭϵ͘dŚĞĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶŽĨƚŚĞŽŵƉĂŶLJ͕ ŝƚƐĐĂƐŚĨůŽǁƐ͕ůŝƋƵŝĚŝƚLJƉŽƐŝƚŝŽŶĂŶĚďŽƌƌŽǁŝŶŐĨĂĐŝůŝƚŝĞƐ ĂƌĞƐŚŽǁŶŝŶƚŚĞĂƐŚ&ůŽǁ^ƚĂƚĞŵĞŶƚŽŶƉĂŐĞϯϲ͘

/Ŷ ĂĚĚŝƚŝŽŶ͕ EŽƚĞ ϭϴ ƚŽ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŝŶĐůƵĚĞƐ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŽďũĞĐƚŝǀĞƐ͕ ƉŽůŝĐŝĞƐ ĂŶĚ ƉƌŽĐĞƐƐĞƐ ĨŽƌ ŵĂŶĂŐŝŶŐ ŝƚƐ ĐĂƉŝƚĂů͖ ŝƚƐ ĨŝŶĂŶĐŝĂů ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ŽďũĞĐƚŝǀĞƐ͖ ĚĞƚĂŝůƐ ŽĨ ŝƚƐ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ͖ ĂŶĚ ŝƚƐ ĞdžƉŽƐƵƌĞƐ ƚŽ ĐƌĞĚŝƚ ƌŝƐŬ ĂŶĚ ůŝƋƵŝĚŝƚLJƌŝƐŬ͘

dŚĞ ŽŵƉĂŶLJ ŚĂƐ ĐŽŶƐŝĚĞƌĂďůĞ ĨŝŶĂŶĐŝĂů ƌĞƐŽƵƌĐĞƐ Ăƚ ƚŚĞ LJĞĂƌ ĞŶĚ ĂŶĚ ŚŽůĚƐ Ă ĚŝǀĞƌƐŝĨŝĞĚ ƉŽƌƚĨŽůŝŽ ŽĨ ŝŶǀĞƐƚŵĞŶƚƐ͘ƐĂĐŽŶƐĞƋƵĞŶĐĞ͕ ƚŚĞŝƌĞĐƚŽƌƐ ďĞůŝĞǀĞ ƚŚĂƚƚŚĞŽŵƉĂŶLJŝƐǁĞůůƉůĂĐĞĚƚŽŵĂŶĂŐĞŝƚƐďƵƐŝŶĞƐƐ ƌŝƐŬƐ ƐƵĐĐĞƐƐĨƵůůLJ ĚĞƐƉŝƚĞ ƚŚĞ ĐƵƌƌĞŶƚ ƵŶĐĞƌƚĂŝŶ ĞĐŽŶŽŵŝĐŽƵƚůŽŽŬ͘

dŚĞŝƌĞĐƚŽƌƐĐŽŶĨŝƌŵ ƚŚĂƚ ƚŚĞLJĂƌĞ ƐĂƚŝƐĨŝĞĚ ƚŚĂƚ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ĂĚĞƋƵĂƚĞ ƌĞƐŽƵƌĐĞƐ ƚŽ ĐŽŶƚŝŶƵĞ ŝŶ ďƵƐŝŶĞƐƐ ĨŽƌ ƚŚĞ ĨŽƌĞƐĞĞĂďůĞ ĨƵƚƵƌĞ͘ &Žƌ ƚŚŝƐ ƌĞĂƐŽŶ ƚŚĞLJďĞůŝĞǀĞƚŚĂƚƚŚĞŽŵƉĂŶLJĐŽŶƚŝŶƵĞƐƚŽďĞĂŐŽŝŶŐ ĐŽŶĐĞƌŶ ĂŶĚ ƚŚĂƚ ŝƚ ŝƐ ĂƉƉƌŽƉƌŝĂƚĞ ƚŽ ĂƉƉůLJ ƚŚĞ ŐŽŝŶŐ ĐŽŶĐĞƌŶďĂƐŝƐŝŶƉƌĞƉĂƌŝŶŐƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

^ŚĂƌĞĐĂƉŝƚĂů

dŚĞŽŵƉĂŶLJŚĂƐƚǁŽĐůĂƐƐĞƐŽĨƐŚĂƌĞĐĂƉŝƚĂů͗KƌĚŝŶĂƌLJ ^ŚĂƌĞƐ ĂŶĚ ͚͛ ^ŚĂƌĞƐ͘ dŚĞ ƌŝŐŚƚƐ ĂŶĚ ŽďůŝŐĂƚŝŽŶƐ ĂƚƚĂĐŚĞĚ ƚŽ ƚŚŽƐĞ ƐŚĂƌĞƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƉŽǁĞƌ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ƚŽ ďƵLJ ďĂĐŬ ƐŚĂƌĞƐ ĂŶĚ ĚĞƚĂŝůƐ ŽĨ ĂŶLJ ƐŝŐŶŝĨŝĐĂŶƚƐŚĂƌĞŚŽůĚŝŶŐƐ͕ĂƌĞƐĞƚŽƵƚŽŶƉĂŐĞϮϬŽĨƚŚĞ ZĞƉŽƌƚŽĨƚŚĞŝƌĞĐƚŽƌƐ͘

ŽŵƉůŝĂŶĐĞƐƚĂƚĞŵĞŶƚ

dŚĞ >ŝƐƚŝŶŐ ZƵůĞƐ ƌĞƋƵŝƌĞ ƚŚĞ ŽĂƌĚ ƚŽ ƌĞƉŽƌƚ ŽŶ ĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞϱϮh<ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞŽĚĞ ƉƌŽǀŝƐŝŽŶƐƚŚƌŽƵŐŚŽƵƚƚŚĞĂĐĐŽƵŶƚŝŶŐƉĞƌŝŽĚ͘tŝƚŚƚŚĞ ĞdžĐĞƉƚŝŽŶ ŽĨ ƚŚĞ ůŝŵŝƚĞĚ ŝƚĞŵƐ ŽƵƚůŝŶĞĚ ďĞůŽǁ͕ ƚŚĞ ŽŵƉĂŶLJŚĂƐĐŽŵƉůŝĞĚƚŚƌŽƵŐŚŽƵƚƚŚĞĂĐĐŽƵŶƚŝŶŐLJĞĂƌ ĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐƐĞƚŽƵƚ ŝŶ^ĞĐƚŝŽŶϭŽĨƚŚĞh<ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞŽĚĞ͘

• ĂͿ EĞǁ ŝƌĞĐƚŽƌƐ ĚŽ ŶŽƚ ƌĞĐĞŝǀĞ Ă ĨƵůů͕ ĨŽƌŵĂů ĂŶĚ ƚĂŝůŽƌĞĚ ŝŶĚƵĐƚŝŽŶ ŽŶ ũŽŝŶŝŶŐ ƚŚĞ ŽĂƌĚ͘ ^ƵĐŚ ŵĂƚƚĞƌƐĂƌĞĂĚĚƌĞƐƐĞĚŽŶĂŶŝŶĚŝǀŝĚƵĂůďĂƐŝƐĂƐƚŚĞLJ ĂƌŝƐĞ͘ůƐŽƚŚĞŽŵƉĂŶLJŚĂƐŶŽŵĂũŽƌ^ŚĂƌĞŚŽůĚĞƌƐ ƐŽ ^ŚĂƌĞŚŽůĚĞƌƐ ĂƌĞ ŶŽƚ ŐŝǀĞŶ ƚŚĞ ŽƉƉŽƌƚƵŶŝƚLJ ƚŽ ŵĞĞƚĂŶLJŶĞǁŶŽŶͲĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌƐĂƚĂƐƉĞĐŝĨŝĐ ŵĞĞƚŝŶŐŽƚŚĞƌƚŚĂŶƚŚĞ'D͘;͘ϰ͘ϭ͘͘ϰ͘Ϯ͕͘ϭ͘ϭͿ
• ďͿ ƵĞƚŽƚŚĞƐŝnjĞŽĨƚŚĞŽĂƌĚĂŶĚƚŚĞŶĂƚƵƌĞŽĨƚŚĞ ŽŵƉĂŶLJ͛Ɛ ďƵƐŝŶĞƐƐ͕ Ă ĨŽƌŵĂů ƉĞƌĨŽƌŵĂŶĐĞ ĞǀĂůƵĂƚŝŽŶ ŽĨ ƚŚĞ ŽĂƌĚ͕ ŝƚƐ ŽŵŵŝƚƚĞĞƐ͕ ƚŚĞ ŝŶĚŝǀŝĚƵĂůŝƌĞĐƚŽƌƐĂŶĚƚŚĞŚĂŝƌŵĂŶŚĂƐŶŽƚďĞĞŶ ƵŶĚĞƌƚĂŬĞŶ͘ ^ƉĞĐŝĨŝĐ ƉĞƌĨŽƌŵĂŶĐĞ ŝƐƐƵĞƐĂƌĞ ĚĞĂůƚ ǁŝƚŚĂƐ ƚŚĞLJĂƌŝƐĞ͘^ŝŵŝůĂƌůLJ͕Ă ƐĞŶŝŽƌŝŶĚĞƉĞŶĚĞŶƚ ĚŝƌĞĐƚŽƌ ŚĂƐ ŶŽƚ ďĞĞŶ ĂƉƉŽŝŶƚĞĚ͘ ;͘ϰ͘ϭ͕ ͘ϰ͘Ϯ͕ ͘ϲ͘ϭ͕͘ϲ͘ϯ͕͘ϳ͘ϮͿ
• ĐͿ EŽŶͲĞdžĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌƐ͛ ĐŽŶƚƌĂĐƚƐ ĂƌĞ ŽŶ Ă ƚŚƌĞĞ ŵŽŶƚŚ ƌŽůůŝŶŐ ŶŽƚŝĐĞ ĨŽůůŽǁŝŶŐ ĂŶ ŝŶŝƚŝĂů ŽŶĞ LJĞĂƌ ĨŝdžĞĚ ƚĞƌŵ͕ ǁŚĞƌĞĂƐ ƚŚĞ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶ ŝƐ ĨŽƌ ĨŝdžĞĚ ƚĞƌŵ ƌĞŶĞǁĂďůĞ ĐŽŶƚƌĂĐƚƐ͘ /Ŷ ƚŚĞ ŝƌĞĐƚŽƌƐ͛ ŽƉŝŶŝŽŶƚŚŝƐĚŽĞƐŶŽƚŵĂŬĞĂƐƵďƐƚĂŶƚŝǀĞĚŝĨĨĞƌĞŶĐĞ ƚŽƚŚĞĐŝƌĐƵŵƐƚĂŶĐĞƐŽĨƚŚĞŽŵƉĂŶLJ͘;͘Ϯ͘ϯͿ
• ĚͿ ƐƚŚĞŽŵƉĂŶLJŚĂƐŶŽƐƚĂĨĨ͕ŽƚŚĞƌƚŚĂŶŝƌĞĐƚŽƌƐ͕ ƚŚĞƌĞ ĂƌĞ ŶŽ ƉƌŽĐĞĚƵƌĞƐ ŝŶ ƉůĂĐĞ ƌĞůĂƚŝŶŐ ƚŽ ǁŚŝƐƚůĞďůŽǁŝŶŐ͘;͘ϯ͘ϰͿ

'ƌĂŶƚtŚŝƚĞŚŽƵƐĞ ŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ ϲƚŚ&ůŽŽƌ͕^ƚ͘DĂŐŶƵƐ,ŽƵƐĞ ϯ>ŽǁĞƌdŚĂŵĞƐ^ƚƌĞĞƚ >ŽŶĚŽŶϯZϲ,

ϵ:ĂŶƵĂƌLJϮϬϭϴ

/EWEEdh/dKZ͛^ZWKZddKd,DDZ^K& ,>ZEt>EZ'zsdϭW>

KƉŝŶŝŽŶŽŶĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ

tĞŚĂǀĞĂƵĚŝƚĞĚƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨ,ĂnjĞůZĞŶĞǁĂďůĞŶĞƌŐLJsdϭWůĐ;ƚŚĞ͚ĐŽŵƉĂŶLJ͛ͿĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ ^ĞƉƚĞŵďĞƌϮϬϭϳǁŚŝĐŚĐŽŵƉƌŝƐĞƚŚĞŝŶĐŽŵĞƐƚĂƚĞŵĞŶƚ͕ƚŚĞďĂůĂŶĐĞƐŚĞĞƚ͕ƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐŚĂŶŐĞƐŝŶĞƋƵŝƚLJ͕ƚŚĞĐĂƐŚ ĨůŽǁ ƐƚĂƚĞŵĞŶƚ ĂŶĚ ŶŽƚĞƐ ƚŽ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͕ ŝŶĐůƵĚŝŶŐ Ă ƐƵŵŵĂƌLJ ŽĨ ƐŝŐŶŝĨŝĐĂŶƚ ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐŝĞƐ͘ dŚĞ ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐ ĨƌĂŵĞǁŽƌŬ ƚŚĂƚ ŚĂƐ ďĞĞŶ ĂƉƉůŝĞĚ ŝŶ ƚŚĞŝƌ ƉƌĞƉĂƌĂƚŝŽŶ ŝƐ ĂƉƉůŝĐĂďůĞ ůĂǁ ĂŶĚ hŶŝƚĞĚ <ŝŶŐĚŽŵ ĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐ͕ŝŶĐůƵĚŝŶŐ&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐ^ƚĂŶĚĂƌĚϭϬϮƚŚĞ&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐ^ƚĂŶĚĂƌĚĂƉƉůŝĐĂďůĞŝŶƚŚĞh< ĂŶĚZĞƉƵďůŝĐŽĨ/ƌĞůĂŶĚ;hŶŝƚĞĚ<ŝŶŐĚŽŵ'ĞŶĞƌĂůůLJĐĐĞƉƚĞĚĐĐŽƵŶƚŝŶŐWƌĂĐƚŝĐĞͿ͘

/ŶŽƵƌŽƉŝŶŝŽŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͗

• ŐŝǀĞĂƚƌƵĞĂŶĚĨĂŝƌǀŝĞǁŽĨƚŚĞƐƚĂƚĞŽĨƚŚĞĐŽŵƉĂŶLJ͛ƐĂĨĨĂŝƌƐĂƐĂƚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳĂŶĚŽĨŝƚƐƉƌŽĨŝƚĨŽƌƚŚĞ LJĞĂƌƚŚĞŶĞŶĚĞĚ͖
• ŚĂǀĞďĞĞŶƉƌŽƉĞƌůLJƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚh<ĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐ͕ŝŶĐůƵĚŝŶŐ&Z^ϭϬϮƚŚĞ&ŝŶĂŶĐŝĂů ZĞƉŽƌƚŝŶŐ^ƚĂŶĚĂƌĚĂƉƉůŝĐĂďůĞŝŶƚŚĞh<ĂŶĚZĞƉƵďůŝĐŽĨ/ƌĞůĂŶĚ͖ĂŶĚ
• ŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚϮϬϬϲ͘

ĂƐŝƐĨŽƌŽƉŝŶŝŽŶ

tĞĐŽŶĚƵĐƚĞĚŽƵƌĂƵĚŝƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/ŶƚĞƌŶĂƚŝŽŶĂů^ƚĂŶĚĂƌĚƐŽŶƵĚŝƚŝŶŐ;h<Ϳ;/^Ɛ;h<ͿͿĂŶĚĂƉƉůŝĐĂďůĞůĂǁ͘KƵƌ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐƵŶĚĞƌƚŚŽƐĞƐƚĂŶĚĂƌĚƐĂƌĞĨƵƌƚŚĞƌĚĞƐĐƌŝďĞĚŝŶƚŚĞƵĚŝƚŽƌ͛ƐƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĨŽƌƚŚĞĂƵĚŝƚŽĨƚŚĞĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐƐĞĐƚŝŽŶŽĨŽƵƌƌĞƉŽƌƚ͘tĞĂƌĞŝŶĚĞƉĞŶĚĞŶƚŽĨƚŚĞĐŽŵƉĂŶLJŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĞƚŚŝĐĂůƌĞƋƵŝƌĞŵĞŶƚƐƚŚĂƚ ĂƌĞƌĞůĞǀĂŶƚƚŽŽƵƌĂƵĚŝƚŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶƚŚĞh<͕ŝŶĐůƵĚŝŶŐƚŚĞ&Z͛ƐƚŚŝĐĂů^ƚĂŶĚĂƌĚĂƐĂƉƉůŝĞĚƚŽůŝƐƚĞĚ ƉƵďůŝĐŝŶƚĞƌĞƐƚĞŶƚŝƚŝĞƐ͕ĂŶĚǁĞŚĂǀĞĨƵůĨŝůůĞĚŽƵƌŽƚŚĞƌĞƚŚŝĐĂůƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐĞƌĞƋƵŝƌĞŵĞŶƚƐ͘ tĞďĞůŝĞǀĞƚŚĂƚƚŚĞĂƵĚŝƚĞǀŝĚĞŶĐĞǁĞŚĂǀĞŽďƚĂŝŶĞĚŝƐƐƵĨĨŝĐŝĞŶƚĂŶĚĂƉƉƌŽƉƌŝĂƚĞƚŽƉƌŽǀŝĚĞĂďĂƐŝƐĨŽƌŽƵƌŽƉŝŶŝŽŶ͘

ŽŶĐůƵƐŝŽŶƐƌĞůĂƚŝŶŐƚŽƉƌŝŶĐŝƉĂůƌŝƐŬƐ͕ŐŽŝŶŐĐŽŶĐĞƌŶĂŶĚǀŝĂďŝůŝƚLJƐƚĂƚĞŵĞŶƚ

tĞŚĂǀĞŶŽƚŚŝŶŐƚŽƌĞƉŽƌƚŝŶƌĞƐƉĞĐƚŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶŝŶƚŚĞĂŶŶƵĂůƌĞƉŽƌƚ͕ŝŶƌĞůĂƚŝŽŶƚŽǁŚŝĐŚƚŚĞ/^Ɛ ;h<ͿƌĞƋƵŝƌĞƵƐƚŽƌĞƉŽƌƚƚŽLJŽƵǁŚĞƚŚĞƌǁĞŚĂǀĞĂŶLJƚŚŝŶŐŵĂƚĞƌŝĂůƚŽĂĚĚŽƌĚƌĂǁĂƚƚĞŶƚŝŽŶƚŽ͗

• ƚŚĞĚŝƐĐůŽƐƵƌĞƐŝŶƚŚĞĂŶŶƵĂůƌĞƉŽƌƚƐĞƚŽƵƚŽŶƉĂŐĞϭϳƚŚĂƚĚĞƐĐƌŝďĞƚŚĞƉƌŝŶĐŝƉĂůƌŝƐŬƐĂŶĚĞdžƉůĂŝŶŚŽǁƚŚĞLJĂƌĞ ďĞŝŶŐŵĂŶĂŐĞĚŽƌŵŝƚŝŐĂƚĞĚ͖
• ƚŚĞĚŝƌĞĐƚŽƌƐ͛ĐŽŶĨŝƌŵĂƚŝŽŶƐĞƚŽƵƚŽŶƉĂŐĞƐϭϳĂŶĚϭϴŝŶƚŚĞĂŶŶƵĂůƌĞƉŽƌƚƚŚĂƚƚŚĞLJŚĂǀĞĐĂƌƌŝĞĚŽƵƚĂƌŽďƵƐƚ ĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞƉƌŝŶĐŝƉĂůƌŝƐŬƐĨĂĐŝŶŐƚŚĞĐŽŵƉĂŶLJ͕ŝŶĐůƵĚŝŶŐƚŚŽƐĞƚŚĂƚǁŽƵůĚƚŚƌĞĂƚĞŶŝƚƐďƵƐŝŶĞƐƐŵŽĚĞů͕ĨƵƚƵƌĞ ƉĞƌĨŽƌŵĂŶĐĞ͕ƐŽůǀĞŶĐLJŽƌůŝƋƵŝĚŝƚLJ͖
• ƚŚĞĚŝƌĞĐƚŽƌƐ͛ƐƚĂƚĞŵĞŶƚƐĞƚŽƵƚŽŶƉĂŐĞϮϳŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂďŽƵƚǁŚĞƚŚĞƌƚŚĞĚŝƌĞĐƚŽƌƐĐŽŶƐŝĚĞƌĞĚŝƚ ĂƉƉƌŽƉƌŝĂƚĞƚŽĂĚŽƉƚƚŚĞŐŽŝŶŐĐŽŶĐĞƌŶďĂƐŝƐŽĨĂĐĐŽƵŶƚŝŶŐŝŶƉƌĞƉĂƌŝŶŐƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚƚŚĞĚŝƌĞĐƚŽƌƐ͛ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨĂŶLJŵĂƚĞƌŝĂůƵŶĐĞƌƚĂŝŶƚŝĞƐƚŽƚŚĞĐŽŵƉĂŶLJ͛ƐĂďŝůŝƚLJƚŽĐŽŶƚŝŶƵĞƚŽĚŽƐŽŽǀĞƌĂƉĞƌŝŽĚŽĨĂƚůĞĂƐƚ ƚǁĞůǀĞŵŽŶƚŚƐĨƌŽŵƚŚĞĚĂƚĞŽĨĂƉƉƌŽǀĂůŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͖
• ǁŚĞƚŚĞƌ ƚŚĞĚŝƌĞĐƚŽƌƐ͛ƐƚĂƚĞŵĞŶƚ ƌĞůĂƚŝŶŐ ƚŽŐŽŝŶŐĐŽŶĐĞƌŶ ƌĞƋƵŝƌĞĚƵŶĚĞƌ ƚŚĞ>ŝƐƚŝŶŐZƵůĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ >ŝƐƚŝŶŐZƵůĞϵ͘ϴ͘ϲZ;ϯͿŝƐŵĂƚĞƌŝĂůůLJŝŶĐŽŶƐŝƐƚĞŶƚǁŝƚŚŽƵƌŬŶŽǁůĞĚŐĞŽďƚĂŝŶĞĚŝŶƚŚĞĂƵĚŝƚ͖Žƌ
• ƚŚĞ ĚŝƌĞĐƚŽƌƐ͛ ĞdžƉůĂŶĂƚŝŽŶ ƐĞƚ ŽƵƚ ŽŶ ƉĂŐĞƐ ϭϳ ĂŶĚ ϭϴ ŝŶ ƚŚĞ ĂŶŶƵĂů ƌĞƉŽƌƚ ĂƐ ƚŽ ŚŽǁ ƚŚĞLJ ŚĂǀĞ ĂƐƐĞƐƐĞĚ ƚŚĞ ƉƌŽƐƉĞĐƚƐ ŽĨ ƚŚĞ ĐŽŵƉĂŶLJ͕ ŽǀĞƌ ǁŚĂƚ ƉĞƌŝŽĚ ƚŚĞLJ ŚĂǀĞ ĚŽŶĞ ƐŽ ĂŶĚ ǁŚLJ ƚŚĞLJ ĐŽŶƐŝĚĞƌ ƚŚĂƚ ƉĞƌŝŽĚ ƚŽ ďĞ ĂƉƉƌŽƉƌŝĂƚĞ͕ĂŶĚƚŚĞŝƌƐƚĂƚĞŵĞŶƚĂƐƚŽǁŚĞƚŚĞƌƚŚĞLJŚĂǀĞĂƌĞĂƐŽŶĂďůĞĞdžƉĞĐƚĂƚŝŽŶƚŚĂƚƚŚĞĐŽŵƉĂŶLJǁŝůůďĞĂďůĞ ƚŽĐŽŶƚŝŶƵĞŝŶŽƉĞƌĂƚŝŽŶĂŶĚŵĞĞƚŝƚƐůŝĂďŝůŝƚŝĞƐĂƐƚŚĞLJĨĂůůĚƵĞŽǀĞƌƚŚĞƉĞƌŝŽĚŽĨƚŚĞŝƌĂƐƐĞƐƐŵĞŶƚ͕ŝŶĐůƵĚŝŶŐĂŶLJ ƌĞůĂƚĞĚĚŝƐĐůŽƐƵƌĞƐĚƌĂǁŝŶŐĂƚƚĞŶƚŝŽŶƚŽĂŶLJŶĞĐĞƐƐĂƌLJƋƵĂůŝĨŝĐĂƚŝŽŶƐŽƌĂƐƐƵŵƉƚŝŽŶƐ͘

<ĞLJĂƵĚŝƚŵĂƚƚĞƌƐ

<ĞLJĂƵĚŝƚŵĂƚƚĞƌƐĂƌĞƚŚŽƐĞŵĂƚƚĞƌƐƚŚĂƚ͕ŝŶŽƵƌƉƌŽĨĞƐƐŝŽŶĂůũƵĚŐŵĞŶƚ͕ǁĞƌĞŽĨŵŽƐƚƐŝŐŶŝĨŝĐĂŶĐĞŝŶŽƵƌĂƵĚŝƚŽĨƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ƚŚĞ ĐƵƌƌĞŶƚ ƉĞƌŝŽĚĂŶĚ ŝŶĐůƵĚĞ ƚŚĞŵŽƐƚ ƐŝŐŶŝĨŝĐĂŶƚĂƐƐĞƐƐĞĚ ƌŝƐŬƐ ŽĨŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚ ;ǁŚĞƚŚĞƌŽƌŶŽƚĚƵĞƚŽĨƌĂƵĚͿƚŚĂƚǁĞŝĚĞŶƚŝĨŝĞĚ͘dŚĞƐĞŵĂƚƚĞƌƐŝŶĐůƵĚĞĚƚŚŽƐĞǁŚŝĐŚŚĂĚƚŚĞŐƌĞĂƚĞƐƚĞĨĨĞĐƚŽŶ͗ƚŚĞ ŽǀĞƌĂůůĂƵĚŝƚƐƚƌĂƚĞŐLJ͕ƚŚĞĂůůŽĐĂƚŝŽŶŽĨƌĞƐŽƵƌĐĞƐŝŶƚŚĞĂƵĚŝƚ͖ĂŶĚĚŝƌĞĐƚŝŶŐƚŚĞĞĨĨŽƌƚƐŽĨƚŚĞĞŶŐĂŐĞŵĞŶƚƚĞĂŵ͘dŚĞƐĞ ŵĂƚƚĞƌƐǁĞƌĞĂĚĚƌĞƐƐĞĚŝŶƚŚĞĐŽŶƚĞdžƚŽĨŽƵƌĂƵĚŝƚŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƐĂǁŚŽůĞ͕ĂŶĚŝŶĨŽƌŵŝŶŐŽƵƌŽƉŝŶŝŽŶ ƚŚĞƌĞŽŶ͕ĂŶĚǁĞĚŽŶŽƚƉƌŽǀŝĚĞĂƐĞƉĂƌĂƚĞŽƉŝŶŝŽŶŽŶƚŚĞƐĞŵĂƚƚĞƌƐ͘

/EWEEdh/dKZ͛^ZWKZddKd,DDZ^K& ,>ZEt>EZ'zsdϭW>;ĐŽŶƚŝŶƵĞĚͿ

sĂůƵĂƚŝŽŶŽĨŝŶǀĞƐƚŵĞŶƚƐ

dŚĞǀĂůƵĂƚŝŽŶŽĨŝŶǀĞƐƚŵĞŶƚƐŝŶƚŚĞƵŶĚĞƌůLJŝŶŐƉŽƌƚĨŽůŝŽǁĂƐƚŚĞƌŝƐŬƚŚĂƚŚĂĚƚŚĞŐƌĞĂƚĞƐƚŝŵƉĂĐƚŽŶŽƵƌĂƵĚŝƚƐƚƌĂƚĞŐLJ ĂŶĚƐĐŽƉĞ͕ŝŶĐůƵĚŝŶŐƚŚĞĂůůŽĐĂƚŝŽŶŽĨƌĞƐŽƵƌĐĞƐŝŶƚŚĞĂƵĚŝƚ͘dŚĞƵĚŝƚŽŵŵŝƚƚĞĞ͛ƐĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚŝƐŬĞLJŵĂƚƚĞƌŝƐ ƐĞƚŽƵƚŽŶƉĂŐĞϮϱ͘

ďƌĞĂŬĚŽǁŶŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚƉŽƌƚĨŽůŝŽďLJŶĂƚƵƌĞŽĨŝŶƐƚƌƵŵĞŶƚŝƐƐŚŽǁŶĂďŽǀĞ͘

ZŝƐŬĚĞƐĐƌŝƉƚŝŽŶ ,ŽǁŽƵƌĂƵĚŝƚĂĚĚƌĞƐƐĞĚƚŚĞƌŝƐŬ

dŚĞǀĂůƵĂƚŝŽŶŽĨ ŝŶǀĞƐƚŵĞŶƚƐŝƐĂ ŚŝŐŚůLJƐƵďũĞĐƚŝǀĞ ĂĐĐŽƵŶƚŝŶŐĞƐƚŝŵĂƚĞ ǁŚĞƌĞƚŚĞƌĞŝƐĂŶ ŝŶŚĞƌĞŶƚƌŝƐŬŽĨ ŵĂŶĂŐĞŵĞŶƚ ŽǀĞƌƌŝĚĞĂƌŝƐŝŶŐĨƌŽŵ ƚŚĞŝŶǀĞƐƚŵĞŶƚ ǀĂůƵĂƚŝŽŶƐďĞŝŶŐ ƉƌĞƉĂƌĞĚďLJƚŚĞ /ŶǀĞƐƚŵĞŶƚDĂŶĂŐĞƌ͕ ǁŚŽŝƐƌĞŵƵŶĞƌĂƚĞĚ ďĂƐĞĚŽŶƚŚĞŶĞƚ ĂƐƐĞƚǀĂůƵĞŽĨƚŚĞ ĐŽŵƉĂŶLJ͘

ϭϬϬйŽĨƚŚĞ ƵŶĚĞƌůLJŝŶŐ ŝŶǀĞƐƚŵĞŶƚƉŽƌƚĨŽůŝŽ ŝƐƌĞƉƌĞƐĞŶƚĞĚďLJ ƵŶƋƵŽƚĞĚĞƋƵŝƚLJĂŶĚ ůŽĂŶƐƚŽĐŬ͘

/ŶƌĞƐƉĞĐƚŽĨƚŚĞƵŶƋƵŽƚĞĚĞƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚƐǀĂůƵĞĚƵƐŝŶŐĚŝƐĐŽƵŶƚĞĚĐĂƐŚĨůŽǁŵŽĚĞůƐ͕ ǁĞƉĞƌĨŽƌŵĞĚƚŚĞĨŽůůŽǁŝŶŐƐƉĞĐŝĨŝĐƉƌŽĐĞĚƵƌĞƐ͗

• ŽŶƐŝĚĞƌĞĚ ǁŚĞƚŚĞƌ ƚŚĞ ǀĂůƵĂƚŝŽŶ ŵĞƚŚŽĚŽůŽŐLJ ŝƐ ƚŚĞ ŵŽƐƚ ĂƉƉƌŽƉƌŝĂƚĞ ŝŶ ƚŚĞ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ƵŶĚĞƌ ƚŚĞ /ŶƚĞƌŶĂƚŝŽŶĂů WƌŝǀĂƚĞ ƋƵŝƚLJ ĂŶĚ sĞŶƚƵƌĞ ĂƉŝƚĂů sĂůƵĂƚŝŽŶ ;͞/Ws͟Ϳ'ƵŝĚĞůŝŶĞƐ
• ƌĞͲƉĞƌĨŽƌŵĞĚƚŚĞĐĂůĐƵůĂƚŝŽŶƐǁŚŝĐŚƵŶĚĞƌƉŝŶŶĞĚƚŚĞǀĂůƵĂƚŝŽŶƐ
• ǀĞƌŝĨŝĞĚŬĞLJŝŶƉƵƚƐƚŽƚŚĞǀĂůƵĂƚŝŽŶƚŽŝŶĚĞƉĞŶĚĞŶƚŝŶĨŽƌŵĂƚŝŽŶ
• hƐĞĚƐƉƌĞĂĚƐŚĞĞƚĂŶĂůLJƐŝƐƚŽŽůƐƚŽĂƐƐĞƐƐƚŚĞŝŶƚĞŐƌŝƚLJŽĨƚŚĞǀĂůƵĂƚŝŽŶŵŽĚĞůƐĂŶĚƚƌĂĐŬ ĐŚĂŶŐĞƐƚŽŝŶƉƵƚƐŽƌƐƚƌƵĐƚƵƌĞ
• ŚĂůůĞŶŐĞĚƚŚĞ/ŶǀĞƐƚŵĞŶƚDĂŶĂŐĞƌƌĞŐĂƌĚŝŶŐƐŝŐŶŝĨŝĐĂŶƚũƵĚŐĞŵĞŶƚƐŵĂĚĞ
• ŽŶƐŝĚĞƌĞĚ ƚŚĞ ĞĐŽŶŽŵŝĐ ĞŶǀŝƌŽŶŵĞŶƚ ŝŶ ǁŚŝĐŚ ƚŚĞ ŝŶǀĞƐƚŵĞŶƚ ŽƉĞƌĂƚĞƐ ƚŽ ŝĚĞŶƚŝĨLJ ĨĂĐƚŽƌƐƚŚĂƚĐŽƵůĚŝŵƉĂĐƚƚŚĞŝŶǀĞƐƚŵĞŶƚǀĂůƵĂƚŝŽŶ
• ŚĂůůĞŶŐĞĚƚŚĞĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨƚŚĞƐĞůĞĐƚŝŽŶĂŶĚĂƉƉůŝĐĂƚŝŽŶŽĨŬĞLJĂƐƐƵŵƉƚŝŽŶƐŝŶ ƚŚĞ ŵŽĚĞů ƚŽ ĂǀĂŝůĂďůĞ ŝŶĚƵƐƚƌLJ ĚĂƚĂ ĂŶĚ ĐŽŶƐƵůƚŝŶŐ ǁŝƚŚ ŽƵƌ ŝŶƚĞƌŶĂů ǀĂůƵĂƚŝŽŶƐ ƐƉĞĐŝĂůŝƐƚƐ
• ŽŶƐŝĚĞƌĞĚƚŚĞĂĐĐƵƌĂĐLJŽĨĨŽƌĞĐĂƐƚŝŶŐďLJĐŽŵƉĂƌŝŶŐƉƌĞǀŝŽƵƐĨŽƌĞĐĂƐƚƐƚŽĂĐƚƵĂůƌĞƐƵůƚƐ

&ŽƌƵŶƋƵŽƚĞĚůŽĂŶƐƚŽĐŬǁĞƉĞƌĨŽƌŵĞĚƚŚĞĨŽůůŽǁŝŶŐ͗

• sŽƵĐŚĞĚƚŽůŽĂŶĂŐƌĞĞŵĞŶƚƐĂŶĚǀĞƌŝĨŝĞĚƚŚĞƚĞƌŵƐŽĨƚŚĞůŽĂŶ
• ŽŶƐŝĚĞƌĞĚǁŝĚĞƌĞĐŽŶŽŵŝĐĂŶĚĐŽŵŵĞƌĐŝĂůĨĂĐƚŽƌƐƚŚĂƚ͕ŝŶŽƵƌŽƉŝŶŝŽŶ͕ĐŽƵůĚŝŵƉĂĐƚ ŽŶƚŚĞƌĞĐŽǀĞƌĂďŝůŝƚLJĂŶĚĨĂŝƌǀĂůƵĞŽĨƚŚĞůŽĂŶ

ŽŶƐŝĚĞƌĞĚƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨƚŚĞůŽĂŶǁŝƚŚƌĞŐĂƌĚƚŽƚŚĞ͞ƵŶŝƚŽĨĂĐĐŽƵŶƚ͟ĐŽŶĐĞƉƚ͘

&ŽƌƵŶƋƵŽƚĞĚĞƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚƐǀĂůƵĞĚĂƚĐŽƐƚĂŶĚƌĞǀŝĞǁĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚǁĞĐŽŶƐŝĚĞƌĞĚ ƚŚĞĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨƚŚŝƐŵĞƚŚŽĚŽůŽŐLJďLJƌĞǀŝĞǁŝŶŐƚŚĞŽƉĞƌĂƚŝŽŶĂůƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ ŝŶǀĞƐƚĞĞĐŽŵƉĂŶLJƚŽĚĞƚĞƌŵŝŶĞǁŚĞƚŚĞƌƚŚŝƐŝƐĂŶĂƉƉƌŽdžŝŵĂƚŝŽŶŽĨĨĂŝƌǀĂůƵĞ͘

&Žƌ ŬĞLJ ĂƐƐƵŵƉƚŝŽŶƐ ŝŶ ƚŚĞ ǀĂůƵĂƚŝŽŶ ŵŽĚĞůƐ͕ ǁĞ ĐŽŶƐŝĚĞƌĞĚ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐ ŽĨ ƚŚĞ ĂƐƐƵŵƉƚŝŽŶĂŶĚǁŚĞƚŚĞƌĂůƚĞƌŶĂƚŝǀĞƌĞĂƐŽŶĂďůĞĂƐƐƵŵƉƚŝŽŶƐĐŽƵůĚŚĂǀĞďĞĞŶĂƉƉůŝĞĚ͘tĞ ĐŽŶƐŝĚĞƌĞĚĞĂĐŚĂƐƐƵŵƉƚŝŽŶŝŶŝƐŽůĂƚŝŽŶĂƐǁĞůůĂƐŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚŽƚŚĞƌĂƐƐƵŵƉƚŝŽŶƐ ĂŶĚƚŚĞǀĂůƵĂƚŝŽŶĂƐĂǁŚŽůĞ͘tŚĞƌĞĂƉƉƌŽƉƌŝĂƚĞ͕ǁĞƐĞŶƐŝƚŝƐĞĚƚŚĞǀĂůƵĂƚŝŽŶƐǁŚĞƌĞŽƚŚĞƌ ƌĞĂƐŽŶĂďůĞ ĂůƚĞƌŶĂƚŝǀĞ ĂƐƐƵŵƉƚŝŽŶƐ ĐŽƵůĚ ŚĂǀĞ ďĞĞŶ ĂƉƉůŝĞĚ͘ tĞ ĂůƐŽ ĐŽŶƐŝĚĞƌĞĚ ƚŚĞ ĐŽŵƉůĞƚĞŶĞƐƐ ĂŶĚ ĐůĂƌŝƚLJ ŽĨ ĚŝƐĐůŽƐƵƌĞƐ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ƌĂŶŐĞ ŽĨ ƌĞĂƐŽŶĂďůĞ ĂůƚĞƌŶĂƚŝǀĞ ĂƐƐƵŵƉƚŝŽŶƐŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

ĂƐĞĚŽŶƉƌŽĐĞĚƵƌĞƐƉĞƌĨŽƌŵĞĚǁĞĐŽŶĐůƵĚĞĚƚŚĂƚƚŚĞǀĂůƵĂƚŝŽŶŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚƉŽƌƚĨŽůŝŽ ǁĂƐĐŽŶƐŝĚĞƌĞĚƚŽďĞǁŝƚŚŝŶĂŶĂĐĐĞƉƚĂďůĞƌĂŶŐĞ͘

/EWEEdh/dKZ͛^ZWKZddKd,DDZ^K& ,>ZEt>EZ'zsdϭW>;ĐŽŶƚŝŶƵĞĚͿ

KƵƌĂƉƉůŝĐĂƚŝŽŶŽĨDĂƚĞƌŝĂůŝƚLJ

tĞ ĂƉƉůLJ ƚŚĞ ĐŽŶĐĞƉƚ ŽĨ ŵĂƚĞƌŝĂůŝƚLJ ďŽƚŚ ŝŶ ƉůĂŶŶŝŶŐ ĂŶĚ ƉĞƌĨŽƌŵŝŶŐ ŽƵƌ ĂƵĚŝƚ͕ ĂŶĚ ŝŶ ĞǀĂůƵĂƚŝŶŐ ƚŚĞ ĞĨĨĞĐƚ ŽĨ ŵŝƐƐƚĂƚĞŵĞŶƚƐ͘&ŽƌƉůĂŶŶŝŶŐ͕ǁĞĐŽŶƐŝĚĞƌŵĂƚĞƌŝĂůŝƚLJƚŽďĞƚŚĞŵĂŐŶŝƚƵĚĞďLJǁŚŝĐŚŵŝƐƐƚĂƚĞŵĞŶƚƐ͕ŝŶĐůƵĚŝŶŐŽŵŝƐƐŝŽŶƐ͕ ĐŽƵůĚŝŶĨůƵĞŶĐĞ ƚŚĞĞĐŽŶŽŵŝĐĚĞĐŝƐŝŽŶƐŽĨ ƌĞĂƐŽŶĂďůĞƵƐĞƌƐ ƚŚĂƚĂƌĞ ƚĂŬĞŶŽŶ ƚŚĞďĂƐŝƐŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ /ŵƉŽƌƚĂŶƚůLJ͕ŵŝƐƐƚĂƚĞŵĞŶƚƐďĞůŽǁƚŚŝƐůĞǀĞůǁŝůůŶŽƚŶĞĐĞƐƐĂƌŝůLJďĞĞǀĂůƵĂƚĞĚĂƐŝŵŵĂƚĞƌŝĂůĂƐǁĞĂůƐŽƚĂŬĞĂĐĐŽƵŶƚŽĨ ƚŚĞŶĂƚƵƌĞŽĨŝĚĞŶƚŝĨŝĞĚŵŝƐƐƚĂƚĞŵĞŶƚƐ͕ĂŶĚ ƚŚĞƉĂƌƚŝĐƵůĂƌĐŝƌĐƵŵƐƚĂŶĐĞƐŽĨ ƚŚĞŝƌŽĐĐƵƌƌĞŶĐĞ͕ǁŚĞŶĞǀĂůƵĂƚŝŶŐ ƚŚĞŝƌ ĞĨĨĞĐƚŽŶƚŚĞ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐĂƐĂǁŚŽůĞ͘

dŚĞĂƉƉůŝĐĂƚŝŽŶŽĨƚŚĞƐĞŬĞLJĐŽŶƐŝĚĞƌĂƚŝŽŶƐŐŝǀĞƐƌŝƐĞƚŽƚǁŽůĞǀĞůƐŽĨŵĂƚĞƌŝĂůŝƚLJĨŽƌƚŚĞŽŵƉĂŶLJ͕ƚŚĞƋƵĂŶƚƵŵĂŶĚ ƉƵƌƉŽƐĞŽĨǁŚŝĐŚĂƌĞƚĂďƵůĂƚĞĚďĞůŽǁ͘

DĂƚĞƌŝĂůŝƚLJ			YƵĂŶƚƵŵ	YƵĂŶƚƵŵ
ŵĞĂƐƵƌĞ	WƵƌƉŽƐĞ	ĂƐŝƐĂŶĚ<ĞLJĐŽŶƐŝĚĞƌĂƚŝŽŶƐ	ϮϬϭϳ;άͿ	ϮϬϭϲ;άͿ
&ŝŶĂŶĐŝĂů	ƐƐĞƐƐŝŶŐǁŚĞƚŚĞƌƚŚĞĨŝŶĂŶĐŝĂů	ĂƐĞĚŽŶϮйŽĨŶĞƚĂƐƐĞƚǀĂůƵĞ	ϲϯϬ͕ϬϬϬ	ϲϭϬ͕ϬϬϬ
ƐƚĂƚĞŵĞŶƚ	ƐƚĂƚĞŵĞŶƚƐĂƐĂǁŚŽůĞƉƌĞƐĞŶƚĂƚƌƵĞ	‡ dŚĞǀĂůƵĞŽĨŝŶǀĞƐƚŵĞŶƚ
ŵĂƚĞƌŝĂůŝƚLJ	ĂŶĚĨĂŝƌǀŝĞǁ	‡ dŚĞ ůĞǀĞů ŽĨ ũƵĚŐĞŵĞŶƚ ŝŶŚĞƌĞŶƚŝŶƚŚĞǀĂůƵĂƚŝŽŶ ‡ dŚĞ ƌĂŶŐĞ ŽĨ ƌĞĂƐŽŶĂďůĞ ĂůƚĞƌŶĂƚŝǀĞǀĂůƵĂƚŝŽŶƐ
^ƉĞĐŝĨŝĐ ŵĂƚĞƌŝĂůŝƚLJʹ ĐůĂƐƐĞƐŽĨ ƚƌĂŶƐĂĐƚŝŽŶƐĂŶĚ ďĂůĂŶĐĞƐǁŚŝĐŚ ŝŵƉĂĐƚŽŶƚŚĞ ƌĞĂůŝƐĞĚƌĞƚƵƌŶ	ƐƐĞƐƐŝŶŐƚŚŽƐĞĐůĂƐƐĞƐŽĨƚƌĂŶƐĂĐƚŝŽŶƐ͕ ďĂůĂŶĐĞƐŽƌĚŝƐĐůŽƐƵƌĞƐĨŽƌǁŚŝĐŚ ŵŝƐƐƚĂƚĞŵĞŶƚƐŽĨůĞƐƐĞƌĂŵŽƵŶƚƐƚŚĂŶ ŵĂƚĞƌŝĂůŝƚLJĨŽƌƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ ĂƐĂǁŚŽůĞĐŽƵůĚƌĞĂƐŽŶĂďůLJďĞ ĞdžƉĞĐƚĞĚƚŽŝŶĨůƵĞŶĐĞƚŚĞĞĐŽŶŽŵŝĐ ĚĞĐŝƐŝŽŶƐŽĨƵƐĞƌƐƚĂŬĞŶŽŶƚŚĞďĂƐŝƐŽĨ ƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘	‡ ϭϬй ŽĨ ϯ LJĞĂƌ ĂǀĞƌĂŐĞ ŽĨ ƌĞǀĞŶƵĞƉƌŽĨŝƚ;ŝ͘ĞĞdžĐůƵĚŝŶŐ ƵŶƌĞĂůŝƐĞĚ ǀĂůƵĂƚŝŽŶ ŵŽǀĞŵĞŶƚƐͿ	ϭϭϬ͕ϬϬϬ	ϭϴϬ͕ϬϬϬ

tĞĂŐƌĞĞĚǁŝƚŚƚŚĞƵĚŝƚŽŵŵŝƚƚĞĞƚŚĂƚǁĞǁŽƵůĚƌĞƉŽƌƚƚŽƚŚĞŽŵŵŝƚƚĞĞĂůůĂƵĚŝƚĚŝĨĨĞƌĞŶĐĞƐŝŶĞdžĐĞƐƐŽĨάϭϮ͕ϬϬϬ ĂƐǁĞůůĂƐĚŝĨĨĞƌĞŶĐĞƐďĞůŽǁƚŚĂƚƚŚƌĞƐŚŽůĚƚŚĂƚ͕ŝŶŽƵƌǀŝĞǁ͕ǁĂƌƌĂŶƚĞĚƌĞƉŽƌƚŝŶŐŽŶƋƵĂůŝƚĂƚŝǀĞŐƌŽƵŶĚƐ͘

ŶŽǀĞƌǀŝĞǁŽĨƚŚĞƐĐŽƉĞŽĨŽƵƌĂƵĚŝƚ

KƵƌ ĂƵĚŝƚ ĂƉƉƌŽĂĐŚ ǁĂƐ ĚĞǀĞůŽƉĞĚ ďLJ ŽďƚĂŝŶŝŶŐ ĂŶ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ƚŚĞ ĐŽŵƉĂŶLJ͛Ɛ ĂĐƚŝǀŝƚŝĞƐ͕ ƚŚĞ ŬĞLJ ĨƵŶĐƚŝŽŶƐ ƵŶĚĞƌƚĂŬĞŶŽŶďĞŚĂůĨŽĨƚŚĞŽĂƌĚďLJƚŚĞ/ŶǀĞƐƚŵĞŶƚDĂŶĂŐĞƌĂŶĚĚŵŝŶŝƐƚƌĂƚŽƌĂŶĚƚŚĞŽǀĞƌĂůůĐŽŶƚƌŽůĞŶǀŝƌŽŶŵĞŶƚ͘ ĂƐĞĚŽŶƚŚŝƐƵŶĚĞƌƐƚĂŶĚŝŶŐǁĞĂƐƐĞƐƐĞĚƚŚŽƐĞĂƐƉĞĐƚƐŽĨƚŚĞĐŽŵƉĂŶLJ͛ƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐǁŚŝĐŚǁĞƌĞŵŽƐƚůŝŬĞůLJ ƚŽŐŝǀĞƌŝƐĞƚŽĂŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚ͘

KƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶ

dŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶĐŽŵƉƌŝƐĞƐƚŚĞŝŶĨŽƌŵĂƚŝŽŶŝŶĐůƵĚĞĚŝŶƚŚĞĂŶŶƵĂůƌĞƉŽƌƚ͕ŽƚŚĞƌƚŚĂŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚ ŽƵƌ ĂƵĚŝƚŽƌ͛Ɛ ƌĞƉŽƌƚ ƚŚĞƌĞŽŶ͘ dŚĞ ĚŝƌĞĐƚŽƌƐ ĂƌĞ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ŽƚŚĞƌ ŝŶĨŽƌŵĂƚŝŽŶ͘KƵƌ ŽƉŝŶŝŽŶ ŽŶ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐĚŽĞƐŶŽƚĐŽǀĞƌƚŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶĂŶĚ͕ĞdžĐĞƉƚƚŽƚŚĞĞdžƚĞŶƚŽƚŚĞƌǁŝƐĞĞdžƉůŝĐŝƚůLJƐƚĂƚĞĚŝŶŽƵƌƌĞƉŽƌƚ͕ǁĞ ĚŽŶŽƚĞdžƉƌĞƐƐĂŶLJĨŽƌŵŽĨĂƐƐƵƌĂŶĐĞĐŽŶĐůƵƐŝŽŶƚŚĞƌĞŽŶ͘

/ŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚŽƵƌĂƵĚŝƚŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŽƵƌƌĞƐƉŽŶƐŝďŝůŝƚLJŝƐƚŽƌĞĂĚƚŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶĂŶĚ͕ŝŶĚŽŝŶŐ ƐŽ͕ĐŽŶƐŝĚĞƌǁŚĞƚŚĞƌƚŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶŝƐŵĂƚĞƌŝĂůůLJŝŶĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽƌŽƵƌŬŶŽǁůĞĚŐĞ ŽďƚĂŝŶĞĚŝŶƚŚĞĂƵĚŝƚŽƌŽƚŚĞƌǁŝƐĞĂƉƉĞĂƌƐƚŽďĞŵĂƚĞƌŝĂůůLJŵŝƐƐƚĂƚĞĚ͘/ĨǁĞŝĚĞŶƚŝĨLJƐƵĐŚŵĂƚĞƌŝĂůŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐŽƌ ĂƉƉĂƌĞŶƚ ŵĂƚĞƌŝĂů ŵŝƐƐƚĂƚĞŵĞŶƚƐ͕ ǁĞ ĂƌĞ ƌĞƋƵŝƌĞĚ ƚŽ ĚĞƚĞƌŵŝŶĞ ǁŚĞƚŚĞƌ ƚŚĞƌĞ ŝƐ Ă ŵĂƚĞƌŝĂů ŵŝƐƐƚĂƚĞŵĞŶƚ ŝŶ ƚŚĞ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽƌĂŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚŽĨƚŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶ͘/Ĩ͕ďĂƐĞĚŽŶƚŚĞǁŽƌŬǁĞŚĂǀĞƉĞƌĨŽƌŵĞĚ͕ǁĞ ĐŽŶĐůƵĚĞƚŚĂƚƚŚĞƌĞŝƐĂŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚŽĨƚŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶ͕ǁĞĂƌĞƌĞƋƵŝƌĞĚƚŽƌĞƉŽƌƚƚŚĂƚĨĂĐƚ͘

tĞŚĂǀĞŶŽƚŚŝŶŐƚŽƌĞƉŽƌƚŝŶƚŚŝƐƌĞŐĂƌĚ͘

/EWEEdh/dKZ͛^ZWKZddKd,DDZ^K& ,>ZEt>EZ'zsdϭW>;ĐŽŶƚŝŶƵĞĚͿ

KƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶ;ĐŽŶƚŝŶƵĞĚͿ

/ŶƚŚŝƐĐŽŶƚĞdžƚ͕ǁĞĂůƐŽŚĂǀĞŶŽƚŚŝŶŐƚŽƌĞƉŽƌƚŝŶƌĞŐĂƌĚƚŽŽƵƌƌĞƐƉŽŶƐŝďŝůŝƚLJƚŽƐƉĞĐŝĨŝĐĂůůLJĂĚĚƌĞƐƐƚŚĞĨŽůůŽǁŝŶŐŝƚĞŵƐ ŝŶ ƚŚĞ ŽƚŚĞƌ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ƚŽ ƌĞƉŽƌƚ ĂƐ ƵŶĐŽƌƌĞĐƚĞĚŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚƐ ŽĨ ƚŚĞ ŽƚŚĞƌ ŝŶĨŽƌŵĂƚŝŽŶ ǁŚĞƌĞ ǁĞ ĐŽŶĐůƵĚĞƚŚĂƚƚŚŽƐĞŝƚĞŵƐŵĞĞƚƚŚĞĨŽůůŽǁŝŶŐĐŽŶĚŝƚŝŽŶƐ͗

• &Ăŝƌ͕ďĂůĂŶĐĞĚĂŶĚƵŶĚĞƌƐƚĂŶĚĂďůĞƐĞƚŽƵƚŽŶƉĂŐĞϮϭͲƚŚĞƐƚĂƚĞŵĞŶƚŐŝǀĞŶďLJƚŚĞĚŝƌĞĐƚŽƌƐƚŚĂƚƚŚĞLJĐŽŶƐŝĚĞƌƚŚĞ ĂŶŶƵĂů ƌĞƉŽƌƚĂŶĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ƚĂŬĞŶĂƐĂǁŚŽůĞŝƐ ĨĂŝƌ͕ďĂůĂŶĐĞĚĂŶĚƵŶĚĞƌƐƚĂŶĚĂďůĞĂŶĚƉƌŽǀŝĚĞƐ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŶĞĐĞƐƐĂƌLJ ĨŽƌ ƐŚĂƌĞŚŽůĚĞƌƐ ƚŽ ĂƐƐĞƐƐ ƚŚĞ ĐŽŵƉĂŶLJ͛Ɛ ƉĞƌĨŽƌŵĂŶĐĞ͕ ďƵƐŝŶĞƐƐŵŽĚĞů ĂŶĚ ƐƚƌĂƚĞŐLJ͕ ŝƐ ŵĂƚĞƌŝĂůůLJŝŶĐŽŶƐŝƐƚĞŶƚǁŝƚŚŽƵƌŬŶŽǁůĞĚŐĞŽďƚĂŝŶĞĚŝŶƚŚĞĂƵĚŝƚ͖Žƌ
• ƵĚŝƚĐŽŵŵŝƚƚĞĞƌĞƉŽƌƚŝŶŐƐĞƚŽƵƚŽŶƉĂŐĞϮϱʹƚŚĞƐĞĐƚŝŽŶĚĞƐĐƌŝďŝŶŐƚŚĞǁŽƌŬŽĨƚŚĞĂƵĚŝƚĐŽŵŵŝƚƚĞĞĚŽĞƐŶŽƚ ĂƉƉƌŽƉƌŝĂƚĞůLJĂĚĚƌĞƐƐŵĂƚƚĞƌƐĐŽŵŵƵŶŝĐĂƚĞĚďLJƵƐƚŽƚŚĞĂƵĚŝƚĐŽŵŵŝƚƚĞĞ͖Žƌ
• ŝƌĞĐƚŽƌƐ͛ƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞh<ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞŽĚĞƐĞƚŽƵƚŽŶƉĂŐĞϮϳʹƚŚĞƉĂƌƚƐŽĨƚŚĞ ĚŝƌĞĐƚŽƌƐ͛ƐƚĂƚĞŵĞŶƚƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚĞ>ŝƐƚŝŶŐZƵůĞƐƌĞůĂƚŝŶŐƚŽƚŚĞĐŽŵƉĂŶLJ͛ƐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞh<ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ ŽĚĞ ĐŽŶƚĂŝŶŝŶŐ ƉƌŽǀŝƐŝŽŶƐ ƐƉĞĐŝĨŝĞĚ ĨŽƌ ƌĞǀŝĞǁ ďLJ ƚŚĞ ĂƵĚŝƚŽƌ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ >ŝƐƚŝŶŐ ZƵůĞ ϵ͘ϴ͘ϭϬZ;ϮͿĚŽŶŽƚƉƌŽƉĞƌůLJĚŝƐĐůŽƐĞĂĚĞƉĂƌƚƵƌĞĨƌŽŵĂƌĞůĞǀĂŶƚƉƌŽǀŝƐŝŽŶŽĨƚŚĞh<ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞŽĚĞ͘

KƉŝŶŝŽŶƐŽŶŽƚŚĞƌŵĂƚƚĞƌƐƉƌĞƐĐƌŝďĞĚďLJƚŚĞŽŵƉĂŶŝĞƐĐƚϮϬϬϲ

/ŶŽƵƌŽƉŝŶŝŽŶ͕ƚŚĞƉĂƌƚŽĨƚŚĞĚŝƌĞĐƚŽƌƐ͛ƌĞŵƵŶĞƌĂƚŝŽŶƌĞƉŽƌƚƚŽďĞĂƵĚŝƚĞĚŚĂƐďĞĞŶƉƌŽƉĞƌůLJƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚƚŚĞŽŵƉĂŶŝĞƐĐƚϮϬϬϲ͘

/ŶŽƵƌŽƉŝŶŝŽŶ͕ďĂƐĞĚŽŶƚŚĞǁŽƌŬƵŶĚĞƌƚĂŬĞŶŝŶƚŚĞĐŽƵƌƐĞŽĨƚŚĞĂƵĚŝƚ͕ƚŚĞŝŶĨŽƌŵĂƚŝŽŶŐŝǀĞŶŝŶƚŚĞƐƚƌĂƚĞŐŝĐƌĞƉŽƌƚ ĂŶĚƚŚĞĚŝƌĞĐƚŽƌƐ͛ƌĞƉŽƌƚĨŽƌƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌĨŽƌǁŚŝĐŚƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞƉƌĞƉĂƌĞĚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚƚŚŽƐĞƌĞƉŽƌƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂƉƉůŝĐĂďůĞůĞŐĂůƌĞƋƵŝƌĞŵĞŶƚƐ͖

DĂƚƚĞƌƐŽŶǁŚŝĐŚǁĞĂƌĞƌĞƋƵŝƌĞĚƚŽƌĞƉŽƌƚďLJĞdžĐĞƉƚŝŽŶ

/Ŷ ƚŚĞůŝŐŚƚŽĨƚŚĞŬŶŽǁůĞĚŐĞĂŶĚƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨ ƚŚĞĐŽŵƉĂŶLJĂŶĚŝƚƐĞŶǀŝƌŽŶŵĞŶƚŽďƚĂŝŶĞĚŝŶ ƚŚĞĐŽƵƌƐĞŽĨ ƚŚĞ ĂƵĚŝƚ͕ǁĞŚĂǀĞŶŽƚŝĚĞŶƚŝĨŝĞĚŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚƐŝŶƚŚĞƐƚƌĂƚĞŐŝĐƌĞƉŽƌƚŽƌƚŚĞĚŝƌĞĐƚŽƌƐ͛ƌĞƉŽƌƚ͘

tĞŚĂǀĞŶŽƚŚŝŶŐƚŽƌĞƉŽƌƚŝŶƌĞƐƉĞĐƚŽĨƚŚĞĨŽůůŽǁŝŶŐŵĂƚƚĞƌƐŝŶƌĞůĂƚŝŽŶƚŽǁŚŝĐŚƚŚĞŽŵƉĂŶŝĞƐĐƚϮϬϬϲƌĞƋƵŝƌĞƐƵƐ ƚŽƌĞƉŽƌƚƚŽLJŽƵŝĨ͕ŝŶŽƵƌŽƉŝŶŝŽŶ͗

• ĂĚĞƋƵĂƚĞĂĐĐŽƵŶƚŝŶŐƌĞĐŽƌĚƐŚĂǀĞŶŽƚďĞĞŶŬĞƉƚďLJƚŚĞĐŽŵƉĂŶLJ͕ŽƌƌĞƚƵƌŶƐĂĚĞƋƵĂƚĞĨŽƌŽƵƌĂƵĚŝƚŚĂǀĞŶŽƚďĞĞŶ ƌĞĐĞŝǀĞĚĨƌŽŵďƌĂŶĐŚĞƐŶŽƚǀŝƐŝƚĞĚďLJƵƐ͖Žƌ
• ƚŚĞ ĐŽŵƉĂŶLJ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂŶĚ ƚŚĞ ƉĂƌƚ ŽĨ ƚŚĞ ĚŝƌĞĐƚŽƌƐ͛ ƌĞŵƵŶĞƌĂƚŝŽŶ ƌĞƉŽƌƚ ƚŽ ďĞ ĂƵĚŝƚĞĚ ĂƌĞ ŶŽƚ ŝŶ ĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞĂĐĐŽƵŶƚŝŶŐƌĞĐŽƌĚƐĂŶĚƌĞƚƵƌŶƐ͖Žƌ
• ĐĞƌƚĂŝŶĚŝƐĐůŽƐƵƌĞƐŽĨĚŝƌĞĐƚŽƌƐ͛ƌĞŵƵŶĞƌĂƚŝŽŶƐƉĞĐŝĨŝĞĚďLJůĂǁĂƌĞŶŽƚŵĂĚĞ͖Žƌ
• ǁĞŚĂǀĞŶŽƚƌĞĐĞŝǀĞĚĂůůƚŚĞŝŶĨŽƌŵĂƚŝŽŶĂŶĚĞdžƉůĂŶĂƚŝŽŶƐǁĞƌĞƋƵŝƌĞĨŽƌŽƵƌĂƵĚŝƚ͘

ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐŽĨĚŝƌĞĐƚŽƌƐ

ƐĞdžƉůĂŝŶĞĚŵŽƌĞĨƵůůLJŝŶƚŚĞĚŝƌĞĐƚŽƌƐ͛ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐƐƚĂƚĞŵĞŶƚƐĞƚŽƵƚŽŶƉĂŐĞϮϭ͕ƚŚĞĚŝƌĞĐƚŽƌƐĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌ ƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐĂŶĚ ĨŽƌďĞŝŶŐ ƐĂƚŝƐĨŝĞĚ ƚŚĂƚ ƚŚĞLJŐŝǀĞĂ ƚƌƵĞĂŶĚ ĨĂŝƌǀŝĞǁ͕ĂŶĚ ĨŽƌ ƐƵĐŚ ŝŶƚĞƌŶĂůĐŽŶƚƌŽůĂƐƚŚĞĚŝƌĞĐƚŽƌƐĚĞƚĞƌŵŝŶĞŝƐŶĞĐĞƐƐĂƌLJƚŽĞŶĂďůĞƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƚŚĂƚĂƌĞĨƌĞĞ ĨƌŽŵŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚ͕ǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͘

/ŶƉƌĞƉĂƌŝŶŐƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ƚŚĞĚŝƌĞĐƚŽƌƐĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂƐƐĞƐƐŝŶŐƚŚĞĐŽŵƉĂŶLJ͛ƐĂďŝůŝƚLJƚŽĐŽŶƚŝŶƵĞĂƐĂ ŐŽŝŶŐ ĐŽŶĐĞƌŶ͕ ĚŝƐĐůŽƐŝŶŐ͕ ĂƐ ĂƉƉůŝĐĂďůĞ͕ ŵĂƚƚĞƌƐ ƌĞůĂƚĞĚ ƚŽ ŐŽŝŶŐ ĐŽŶĐĞƌŶ ĂŶĚ ƵƐŝŶŐ ƚŚĞ ŐŽŝŶŐ ĐŽŶĐĞƌŶ ďĂƐŝƐ ŽĨ ĂĐĐŽƵŶƚŝŶŐ ƵŶůĞƐƐ ƚŚĞ ĚŝƌĞĐƚŽƌƐĞŝƚŚĞƌ ŝŶƚĞŶĚ ƚŽ ůŝƋƵŝĚĂƚĞ ƚŚĞ ĐŽŵƉĂŶLJ Žƌ ƚŽ ĐĞĂƐĞ ŽƉĞƌĂƚŝŽŶƐ͕ Žƌ ŚĂǀĞ ŶŽ ƌĞĂůŝƐƚŝĐ ĂůƚĞƌŶĂƚŝǀĞďƵƚƚŽĚŽƐŽ͘

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HAZEL RENEWABLE ENERGY VCT1 PLC (continued)

Auditor's responsibilities for the audit of the financial statements

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our audit was performed using the materiality thresholds outlined elsewhere in this report. We have therefore tested all classes of transactions, account balances and disclosures at or in excess of these thresholds. Consequently, we consider it unlikely that there will be any undetected fraud with an impact exceeding our materiality thresholds. It is possible that there are undetected instances of fraud whose impact is below these thresholds.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters which we are required to address

Following a recommendation of the audit committee we were appointed by the company at the Annual General Meeting held on 9 March 2017 to audit the financial statements for the year ended 30 September 2017 and subsequent periods. Our total period of uninterrupted appointment is seven years covering financial periods from our initial appointment to 30 September 2017.

The non-audit services prohibited by the FRC's Ethical Standard were not provided to the company and we remain independent of the company in conducting our audit.

Our audit opinion is consistent with the additional report to the audit committee.

DO LLF

Vanessa-Jayne Bradley (senior statutory auditor) For and on behalf of BDO LLP, statutory auditor London United Kingdom 9 January 2018

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

/EKD^ddDEd

ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ

		zĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ			zĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϲ
	EŽƚĞ	ZĞǀĞŶƵĞ ά͛ϬϬϬ	ĂƉŝƚĂů ά͛ϬϬϬ	dŽƚĂů ά͛ϬϬϬ	ZĞǀĞŶƵĞ ά͛ϬϬϬ	ĂƉŝƚĂů ά͛ϬϬϬ	dŽƚĂů ά͛ϬϬϬ
/ŶĐŽŵĞ	ϯ	ϰϵϮ	Ͳ	ϰϵϮ	ϭ͕ϳϴϰ	Ͳ	ϭ͕ϳϴϰ
'ĂŝŶŽŶŝŶǀĞƐƚŵĞŶƚƐ	ϭϬ	Ͳ ϰϵϮ	ϭ͕Ϭϯϴ ϭ͕Ϭϯϴ	ϭ͕Ϭϯϴ ϭ͕ϱϯϬ	Ͳ ϭ͕ϳϴϰ	ϯϳϲ ϯϳϲ	ϯϳϲ Ϯ͕ϭϲϬ
/ŶǀĞƐƚŵĞŶƚĂĚǀŝƐŽƌLJĨĞĞƐ	ϰ	;ϰϭϱͿ	;ϭϯϵͿ	;ϱϱϰͿ	;ϰϯϮͿ	;ϭϰϰͿ	;ϱϳϲͿ
KƚŚĞƌĞdžƉĞŶƐĞƐ	ϱ	;ϮϳϯͿ	Ͳ	;ϮϳϯͿ	;ϮϳϮͿ	;ϳϮͿ	;ϯϰϰͿ
;>ŽƐƐͿͬƉƌŽĨŝƚŽŶŽƌĚŝŶĂƌLJĂĐƚŝǀŝƚŝĞƐ ďĞĨŽƌĞƚĂdž		;ϭϵϲͿ	ϴϵϵ	ϳϬϯ	ϭ͕ϬϴϬ	ϭϲϬ	ϭ͕ϮϰϬ
dĂdžŽŶƚŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞĂŶĚŽƌĚŝŶĂƌLJĂĐƚŝǀŝƚŝĞƐ	ϳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ
;>ŽƐƐͿͬƉƌŽĨŝƚĨŽƌƚŚĞLJĞĂƌĂŶĚƚŽƚĂů ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ		;ϭϵϲͿ	ϴϵϵ	ϳϬϯ	ϭ͕ϬϴϬ	ϭϲϬ	ϭ͕ϮϰϬ
ĂƐŝĐĂŶĚĚŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ͗ KƌĚŝŶĂƌLJ^ŚĂƌĞ ͚͛^ŚĂƌĞ	ϵ ϵ	;Ϭ͘ϴƉͿ Ͳ	ϯ͘ϴƉ Ͳ	ϯ͘ϬƉ Ͳ	ϰ͘ϰƉ Ͳ	Ϭ͘ϳƉ Ͳ	ϱ͘ϭƉ Ͳ

ůůZĞǀĞŶƵĞĂŶĚĂƉŝƚĂůŝƚĞŵƐŝŶƚŚĞĂďŽǀĞƐƚĂƚĞŵĞŶƚĚĞƌŝǀĞĨƌŽŵĐŽŶƚŝŶƵŝŶŐŽƉĞƌĂƚŝŽŶƐ͘EŽŽƉĞƌĂƚŝŽŶƐǁĞƌĞĂĐƋƵŝƌĞĚ ŽƌĚŝƐĐŽŶƚŝŶƵĞĚĚƵƌŝŶŐ ƚŚĞLJĞĂƌ͘dŚĞ ƚŽƚĂůĐŽůƵŵŶǁŝƚŚŝŶ ƚŚĞ/ŶĐŽŵĞ^ƚĂƚĞŵĞŶƚ ƌĞƉƌĞƐĞŶƚƐ ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨdŽƚĂů ŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞŽĨƚŚĞŽŵƉĂŶLJƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐ^ƚĂŶĚĂƌĚƐ;͞&Z^ϭϬϮ͟Ϳ͘dŚĞ ƐƵƉƉůĞŵĞŶƚĂƌLJƌĞǀĞŶƵĞĂŶĚĐĂƉŝƚĂůƌĞƚƵƌŶĐŽůƵŵŶƐĂƌĞƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƚĂƚĞŵĞŶƚŽĨZĞĐŽŵŵĞŶĚĞĚ WƌĂĐƚŝĐĞŝƐƐƵĞĚŝŶEŽǀĞŵďĞƌϮϬϭϰďLJƚŚĞƐƐŽĐŝĂƚŝŽŶŽĨ/ŶǀĞƐƚŵĞŶƚŽŵƉĂŶŝĞƐ;͞/^KZW͟Ϳ͘

KƚŚĞƌƚŚĂŶƌĞǀĂůƵĂƚŝŽŶŵŽǀĞŵĞŶƚƐĂƌŝƐŝŶŐŽŶŝŶǀĞƐƚŵĞŶƚƐŚĞůĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƚŚĞƉƌŽĨŝƚĂŶĚůŽƐƐ͕ƚŚĞƌĞǁĞƌĞŶŽ ĚŝĨĨĞƌĞŶĐĞƐďĞƚǁĞĞŶƚŚĞƌĞƚƵƌŶͬůŽƐƐĂƐƐƚĂƚĞĚĂďŽǀĞĂŶĚĂƚŚŝƐƚŽƌŝĐĂůĐŽƐƚ͘

>E^,d

ĂƐĂƚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ

	EŽƚĞ	ά͛ϬϬϬ	ϮϬϭϳ ά͛ϬϬϬ	ά͛ϬϬϬ	ϮϬϭϲ ά͛ϬϬϬ
&ŝdžĞĚĂƐƐĞƚƐ
/ŶǀĞƐƚŵĞŶƚƐ	ϭϬ		ϯϭ͕ϯϵϬ		ϯϬ͕ϵϰϭ
ƵƌƌĞŶƚĂƐƐĞƚƐ
ĞďƚŽƌƐ	ϭϭ	ϰϰϯ		ϰϭϲ
ĂƐŚĂƚďĂŶŬĂŶĚŝŶŚĂŶĚ		ϭϮϵ		ϲ
		ϱϳϮ		ϰϮϮ
ƌĞĚŝƚŽƌƐ͗ĂŵŽƵŶƚƐĨĂůůŝŶŐĚƵĞǁŝƚŚŝŶŽŶĞLJĞĂƌ	ϭϮ	;ϳϭͿ		;ϭϱϳͿ
EĞƚĐƵƌƌĞŶƚĂƐƐĞƚƐ			ϱϬϭ		Ϯϲϱ
dŽƚĂůĂƐƐĞƚƐůĞƐƐŶĞƚĐƵƌƌĞŶƚĂƐƐĞƚƐ			ϯϭ͕ϴϵϭ		ϯϭ͕ϮϬϲ
ƌĞĚŝƚŽƌƐ͗ĂŵŽƵŶƚƐĨĂůůŝŶŐĚƵĞĂĨƚĞƌŵŽƌĞƚŚĂŶŽŶĞLJĞĂƌ	ϭϯ	;ϰ͕ϰϮϲͿ		;ϯ͕ϮϲϮͿ
EĞƚĂƐƐĞƚƐ			Ϯϳ͕ϰϲϱ		Ϯϳ͕ϵϰϰ
ĂƉŝƚĂůĂŶĚƌĞƐĞƌǀĞƐ
ĂůůĞĚƵƉKƌĚŝŶĂƌLJ^ŚĂƌĞĐĂƉŝƚĂů	ϭϰ		Ϯϰ		Ϯϰ
ĂůůĞĚƵƉ͚͛^ŚĂƌĞĐĂƉŝƚĂů	ϭϰ		ϯϲ		ϯϲ
^ŚĂƌĞƉƌĞŵŝƵŵĂĐĐŽƵŶƚ	ϭϱ		ϯ͕ϵϭϬ		ϯ͕ϵϭϬ
^ƉĞĐŝĂůƌĞƐĞƌǀĞ	ϭϱ		ϵ͕ϬϲϮ		ϭϬ͕Ϯϰϰ
ZĞǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞ	ϭϱ		ϭϱ͕ϱϬϰ		ϭϰ͕ϰϲϲ
ĂƉŝƚĂůƌĞĚĞŵƉƚŝŽŶƌĞƐĞƌǀĞ	ϭϱ		Ϯ		Ϯ
ĂƉŝƚĂůƌĞƐĞƌǀĞͲƌĞĂůŝƐĞĚ	ϭϱ		;ϭ͕ϭϵϱͿ		;ϭ͕ϬϱϲͿ
ZĞǀĞŶƵĞƌĞƐĞƌǀĞ	ϭϱ		ϭϮϮ		ϯϭϴ
dŽƚĂů^ŚĂƌĞŚŽůĚĞƌƐ͛ĨƵŶĚƐ			Ϯϳ͕ϰϲϱ		Ϯϳ͕ϵϰϰ
ĂƐŝĐĂŶĚĚŝůƵƚĞĚŶĞƚĂƐƐĞƚǀĂůƵĞƉĞƌƐŚĂƌĞ
KƌĚŝŶĂƌLJ^ŚĂƌĞ	ϭϲ		ϭϭϲ͘ϬƉ		ϭϭϴ͘ϭƉ
͚͛^ŚĂƌĞ	ϭϲ		Ϭ͘ϭƉ		Ϭ͘ϭƉ

dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨ,ĂnjĞůZĞŶĞǁĂďůĞŶĞƌŐLJsdϭƉůĐŽŶƉĂŐĞƐϯϯƚŽϰϵǁĞƌĞĂƉƉƌŽǀĞĚĂŶĚĂƵƚŚŽƌŝƐĞĚĨŽƌŝƐƐƵĞ ďLJƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĂŶĚǁĞƌĞƐŝŐŶĞĚŽŶŝƚƐďĞŚĂůĨďLJ͗

^ƚĞƉŚĞŶ,ĂLJ ŚĂŝƌŵĂŶ ŽŵƉĂŶLJŶƵŵďĞƌ͗ϬϳϯϳϴϯϵϮ

ϵ:ĂŶƵĂƌLJϮϬϭϴ

dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐĨŽƌŵĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

^ddDEdK&,E'^/EYh/dz

ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ

	ĂůůĞĚƵƉ ƐŚĂƌĞ ĐĂƉŝƚĂů ά͛ϬϬϬ	^ŚĂƌĞ WƌĞŵŝƵŵ ĐĐŽƵŶƚ ά͛ϬϬϬ	^ƉĞĐŝĂů ZĞƐĞƌǀĞ ά͛ϬϬϬ	ZĞǀĂůƵĂƚŝŽŶ ƌĞƐĞƌǀĞ ά͛ϬϬϬ	ĂƉŝƚĂů ƌĞĚĞŵƉƚŝŽŶ ƌĞƐĞƌǀĞ ά͛ϬϬϬ	ĂƉŝƚĂů ƌĞƐĞƌǀĞ ƌĞĂůŝƐĞĚ ά͛ϬϬϬ	ZĞǀĞŶƵĞ ƌĞƐĞƌǀĞ ά͛ϬϬϬ	dŽƚĂů ά͛ϬϬϬ
zĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϲ
ƚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϱ	ϲϮ	ϯ͕ϵϭϬ	ϭϮ͕ϰϯϬ	ϭϰ͕ϬϵϬ	Ͳ	;ϴϰϬͿ	;ϳϲϮͿ	Ϯϴ͕ϴϵϬ
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ	Ͳ	Ͳ	Ͳ	ϯϳϬ	Ͳ	;ϮϭϬͿ	ϭ͕ϬϴϬ	ϭ͕ϮϰϬ
dƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚŽǁŶĞƌƐ ZĞƉƵƌĐŚĂƐĞĂŶĚ ĐĂŶĐĞůůĂƚŝŽŶŽĨŽǁŶ
ƐŚĂƌĞƐ	;ϮͿ	Ͳ	;ϭ͕ϬϬϰͿ	Ͳ	Ϯ	Ͳ	Ͳ	;ϭ͕ϬϬϰͿ
ŝǀŝĚĞŶĚWĂŝĚ dƌĂŶƐĨĞƌďĞƚǁĞĞŶ	Ͳ	Ͳ	;ϭ͕ϭϴϮͿ	Ͳ	Ͳ	Ͳ	Ͳ	;ϭ͕ϭϴϮͿ
ZĞƐĞƌǀĞƐ	Ͳ	Ͳ	Ͳ	ϲ	Ͳ	;ϲͿ	Ͳ	Ͳ
ƚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϲ	ϲϬ	ϯ͕ϵϭϬ	ϭϬ͕Ϯϰϰ	ϭϰ͕ϰϲϲ	Ϯ	;ϭ͕ϬϱϲͿ	ϯϭϴ	Ϯϳ͕ϵϰϰ
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ	Ͳ	Ͳ	Ͳ	ϵϵϮ	Ͳ	;ϵϯͿ	;ϭϵϲͿ	ϳϬϯ
dƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚŽǁŶĞƌƐ ŝǀŝĚĞŶĚWĂŝĚ dƌĂŶƐĨĞƌďĞƚǁĞĞŶ	Ͳ	Ͳ	;ϭ͕ϭϴϮͿ	Ͳ	Ͳ	Ͳ	Ͳ	;ϭ͕ϭϴϮͿ
ZĞƐĞƌǀĞƐ	Ͳ	Ͳ	Ͳ	ϰϲ	Ͳ	;ϰϲͿ	Ͳ	Ͳ
ƚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ	ϲϬ	ϯ͕ϵϭϬ	ϵ͕ϬϲϮ	ϭϱ͕ϱϬϰ	Ϯ	;ϭ͕ϭϵϱͿ	ϭϮϮ	Ϯϳ͕ϰϲϱ

dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐĨŽƌŵĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

^,&>Kt^ddDEd

ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ

		zĞĂƌĞŶĚĞĚ	zĞĂƌĞŶĚĞĚ
	EŽƚĞ	ϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ ά͛ϬϬϬ	ϯϬ^ĞƉƚĞŵďĞƌϮϬϭϲ ά͛ϬϬϬ
EĞƚĐĂƐŚ;ŽƵƚĨůŽǁͿͬŝŶĨůŽǁĨƌŽŵŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ	ϭϳ	;ϰϰϴͿ	ϳϴϰ
ĂƐŚĨůŽǁƐĨƌŽŵŝŶǀĞƐƚŝŶŐĂĐƚŝǀŝƚŝĞƐ
WƵƌĐŚĂƐĞŽĨŝŶǀĞƐƚŵĞŶƚƐ	ϭϬ	Ͳ	;ϭ͕ϬϱϳͿ
WƌŽĐĞĞĚƐĨƌŽŵĚŝƐƉŽƐĂůŽĨŝŶǀĞƐƚŵĞŶƚƐ	ϭϬ	ϱϴϵ	ϭ͕ϭϰϴ
EĞƚĐĂƐŚŝŶĨůŽǁĨƌŽŵŝŶǀĞƐƚŝŶŐĂĐƚŝǀŝƚŝĞƐ		ϱϴϵ	ϵϭ
EĞƚĐĂƐŚŝŶĨůŽǁďĞĨŽƌĞĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ		ϭϰϭ	ϴϳϱ
ĂƐŚĨůŽǁƐĨƌŽŵĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ
ƋƵŝƚLJŝǀŝĚĞŶĚƐƉĂŝĚ	ϴ	;ϭ͕ϭϴϮͿ	;ϭ͕ϭϴϮͿ
>ŽŶŐƚĞƌŵůŽĂŶƐ		ϭ͕ϭϲϰ	ϭ͕Ϯϲϭ
WƵƌĐŚĂƐĞŽĨŽǁŶƐŚĂƌĞƐ		Ͳ	;ϭ͕ϬϬϰͿ
EĞƚĐĂƐŚŽƵƚĨůŽǁĨƌŽŵĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ		;ϭϴͿ	;ϵϮϱͿ
EĞƚŝŶĐƌĞĂƐĞͬ;ĚĞĐƌĞĂƐĞͿŝŶĐĂƐŚ		ϭϮϯ	;ϱϬͿ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĂƚƐƚĂƌƚŽĨLJĞĂƌ		ϲ	ϱϲ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĂƚĞŶĚŽĨLJĞĂƌ		ϭϮϵ	ϲ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĐŽŵƉƌŝƐĞ
ĂƐŚĂƚďĂŶŬĂŶĚŝŶŚĂŶĚ		ϭϮϵ	ϲ
dŽƚĂůĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ		ϭϮϵ	ϲ

dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐĨŽƌŵĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

NOTES TO THE ACCOUNTS

for the year ended 30 September 2017

$1¹$ General Information

Hazel Renewable Energy VCT1 plc ("the Company") is a venture capital trust established under the legislation introduced in the Finance Act 1995 and is domiciled in the United Kingdom and incorporated in England and Wales.

2. Accounting policies

Basis of accounting

The Company has prepared its financial statements under FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and in accordance with the Statement of Recommended Practice "Financial Statements of Investment Trust Companies and Venture Capital Trusts" issued by the Association of Investment Companies ("AIC") revised November 2014 ("SORP") as well as the Companies Act 2006.

The Company implements new Financial Reporting Standards ("FRS") issued by the Financial Reporting Council when they become effective.

The financial statements are presented in Sterling (£).

Presentation of income statement

In order to better reflect the activities of a VCT and in accordance with the SORP, supplementary information which analyses the Income Statement between items of a revenue and capital nature has been presented alongside the Income Statement. The net revenue is the measure the Directors believe appropriate in assessing the Company's compliance with certain requirements set out in Part 6 of the Income Tax Act 2007.

Investments

All investments are designated as "fair value through profit or loss" assets due to investments being managed and performance evaluated on a fair value basis. A financial asset is designated within this category if it is both acquired and managed on a fair value basis, with a view to selling after a period of time, in accordance with the Company's documented investment policy. The fair value of an investment upon acquisition is deemed to be cost. Thereafter investments are measured at fair value in accordance with the International Private Equity and Venture Capital Valuation Guidelines ("IPEV") together with FRS 102 Sections 11 and 12.

For unquoted investments, fair value is established by using the IPEV guidelines. The valuation methodologies for unquoted entities used by the IPEV to ascertain the fair value of an investment are as follows:

• Price of recent investment;
• Multiples:
• Net assets:
• Discounted cash flows or earnings (of underlying business);
• Discounted cash flows (from the investment); and
• Industry valuation benchmarks.

ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ

Ϯ͘ ĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐ;ĐŽŶƚŝŶƵĞĚͿ

/ŶǀĞƐƚŵĞŶƚƐ;ĐŽŶƚŝŶƵĞĚͿ

dŚĞŵĞƚŚŽĚŽůŽŐLJĂƉƉůŝĞĚƚĂŬĞƐĂĐĐŽƵŶƚŽĨƚŚĞŶĂƚƵƌĞ͕ĨĂĐƚƐĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐŽĨƚŚĞŝŶĚŝǀŝĚƵĂůŝŶǀĞƐƚŵĞŶƚĂŶĚ ƵƐĞƐƌĞĂƐŽŶĂďůĞĚĂƚĂ͕ŵĂƌŬĞƚŝŶƉƵƚƐ͕ĂƐƐƵŵƉƚŝŽŶƐĂŶĚĞƐƚŝŵĂƚĞƐŝŶŽƌĚĞƌƚŽĂƐĐĞƌƚĂŝŶĨĂŝƌǀĂůƵĞ͘

'ĂŝŶƐĂŶĚůŽƐƐĞƐĂƌŝƐŝŶŐĨƌŽŵĐŚĂŶŐĞƐŝŶĨĂŝƌǀĂůƵĞĂƌĞŝŶĐůƵĚĞĚŝŶƚŚĞ/ŶĐŽŵĞ^ƚĂƚĞŵĞŶƚĨŽƌƚŚĞLJĞĂƌĂƐĂĐĂƉŝƚĂů ŝƚĞŵĂŶĚƚƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐŽŶĂĐƋƵŝƐŝƚŝŽŶŽƌĚŝƐƉŽƐĂůŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚĂƌĞĞdžƉĞŶƐĞĚ͘tŚĞƌĞĂŶŝŶǀĞƐƚĞĞĐŽŵƉĂŶLJ ŚĂƐŐŽŶĞŝŶƚŽƌĞĐĞŝǀĞƌƐŚŝƉŽƌůŝƋƵŝĚĂƚŝŽŶ͕ŽƌĂĚŵŝŶŝƐƚƌĂƚŝŽŶ;ǁŚĞƌĞƚŚĞƌĞŝƐůŝƚƚůĞůŝŬĞůŝŚŽŽĚŽĨƌĞĐŽǀĞƌLJͿ͕ƚŚĞůŽƐƐ ŽŶƚŚĞŝŶǀĞƐƚŵĞŶƚ͕ĂůƚŚŽƵŐŚŶŽƚƉŚLJƐŝĐĂůůLJĚŝƐƉŽƐĞĚŽĨ͕ŝƐƚƌĞĂƚĞĚĂƐďĞŝŶŐƌĞĂůŝƐĞĚ͘

/ƚŝƐŶŽƚƚŚĞŽŵƉĂŶLJ͛ƐƉŽůŝĐLJƚŽĞdžĞƌĐŝƐĞĐŽŶƚƌŽůůŝŶŐŝŶĨůƵĞŶĐĞŽǀĞƌŝŶǀĞƐƚĞĞĐŽŵƉĂŶŝĞƐ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞƌĞƐƵůƚƐŽĨ ƚŚĞƐĞĐŽŵƉĂŶŝĞƐĂƌĞŶŽƚŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞ/ŶĐŽŵĞ^ƚĂƚĞŵĞŶƚĞdžĐĞƉƚƚŽƚŚĞĞdžƚĞŶƚŽĨĂŶLJŝŶĐŽŵĞĂĐĐƌƵĞĚ͘dŚŝƐ ŝƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^KZWĂŶĚ&Z^ϭϬϮƐĞĐƚŝŽŶƐϭϰĂŶĚϭϱƚŚĂƚĚŽĞƐŶŽƚƌĞƋƵŝƌĞƉŽƌƚĨŽůŝŽŝŶǀĞƐƚŵĞŶƚƐ͕ǁŚĞƌĞ ƚŚĞŝŶƚĞƌĞƐƚŚĞůĚŝƐŐƌĞĂƚĞƌƚŚĂŶϮϬй͕ƚŽďĞĂĐĐŽƵŶƚĞĚĨŽƌƵƐŝŶŐƚŚĞĞƋƵŝƚLJŵĞƚŚŽĚŽĨĂĐĐŽƵŶƚŝŶŐ͘

/ŶĐŽŵĞ

ŝǀŝĚĞŶĚŝŶĐŽŵĞ ĨƌŽŵŝŶǀĞƐƚŵĞŶƚƐŝƐ ƌĞĐŽŐŶŝƐĞĚǁŚĞŶ ƚŚĞ^ŚĂƌĞŚŽůĚĞƌƐ͛ ƌŝŐŚƚƐ ƚŽ ƌĞĐĞŝǀĞƉĂLJŵĞŶƚŚĂǀĞďĞĞŶ ĞƐƚĂďůŝƐŚĞĚ͕ŶŽƌŵĂůůLJƚŚĞĞdžͲĚŝǀŝĚĞŶĚĚĂƚĞ͘

/ŶƚĞƌĞƐƚŝŶĐŽŵĞŝƐĂĐĐƌƵĞĚŽŶĂƚŝŵĞĂƉƉŽƌƚŝŽŶŵĞŶƚďĂƐŝƐ͕ďLJƌĞĨĞƌĞŶĐĞƚŽƚŚĞƉƌŝŶĐŝƉĂůƐƵŵŽƵƚƐƚĂŶĚŝŶŐĂŶĚĂƚ ƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚƌĂƚĞĂƉƉůŝĐĂďůĞĂŶĚŽŶůLJǁŚĞƌĞƚŚĞƌĞŝƐƌĞĂƐŽŶĂďůĞĐĞƌƚĂŝŶƚLJŽĨĐŽůůĞĐƚŝŽŶŝŶƚŚĞĨŽƌĞƐĞĞĂďůĞ ĨƵƚƵƌĞ͘

džƉĞŶƐĞƐ

ůůĞdžƉĞŶƐĞƐĂƌĞĂĐĐŽƵŶƚĞĚĨŽƌŽŶĂŶĂĐĐƌƵĂůƐďĂƐŝƐ͘/ŶƌĞƐƉĞĐƚŽĨƚŚĞĂŶĂůLJƐŝƐďĞƚǁĞĞŶƌĞǀĞŶƵĞĂŶĚĐĂƉŝƚĂůŝƚĞŵƐ ƉƌĞƐĞŶƚĞĚǁŝƚŚŝŶƚŚĞ/ŶĐŽŵĞ^ƚĂƚĞŵĞŶƚ͕ĂůůĞdžƉĞŶƐĞƐŚĂǀĞďĞĞŶƉƌĞƐĞŶƚĞĚĂƐƌĞǀĞŶƵĞŝƚĞŵƐĞdžĐĞƉƚĂƐĨŽůůŽǁƐ͗

• x džƉĞŶƐĞƐǁŚŝĐŚĂƌĞŝŶĐŝĚĞŶƚĂůƚŽƚŚĞĚŝƐƉŽƐĂůŽĨĂŶŝŶǀĞƐƚŵĞŶƚĂƌĞĚĞĚƵĐƚĞĚĨƌŽŵƚŚĞĚŝƐƉŽƐĂůƉƌŽĐĞĞĚƐŽĨƚŚĞ ŝŶǀĞƐƚŵĞŶƚ͖ĂŶĚ
• x džƉĞŶƐĞƐ ĂƌĞ ƐƉůŝƚ ĂŶĚ ƉƌĞƐĞŶƚĞĚ ƉĂƌƚůLJ ĂƐ ĐĂƉŝƚĂů ŝƚĞŵƐ ǁŚĞƌĞ Ă ĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚ ƚŚĞ ŵĂŝŶƚĞŶĂŶĐĞ Žƌ ĞŶŚĂŶĐĞŵĞŶƚŽĨƚŚĞǀĂůƵĞŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚƐŚĞůĚĐĂŶďĞĚĞŵŽŶƐƚƌĂƚĞĚ͘dŚĞŽŵƉĂŶLJŚĂƐĂĚŽƉƚĞĚĂƉŽůŝĐLJ ŽĨĐŚĂƌŐŝŶŐϳϱйŽĨ ƚŚĞŝŶǀĞƐƚŵĞŶƚĂĚǀŝƐŽƌLJ ĨĞĞƐ ƚŽ ƚŚĞ ƌĞǀĞŶƵĞĂĐĐŽƵŶƚĂŶĚϮϱй ƚŽ ƚŚĞĐĂƉŝƚĂůĂĐĐŽƵŶƚ ƚŽ ƌĞĨůĞĐƚƚŚĞŽĂƌĚ͛ƐĞƐƚŝŵĂƚĞĚƐƉůŝƚŽĨŝŶǀĞƐƚŵĞŶƚƌĞƚƵƌŶƐǁŚŝĐŚǁŝůůďĞĂĐŚŝĞǀĞĚďLJƚŚĞŽŵƉĂŶLJŽǀĞƌƚŚĞůŽŶŐ ƚĞƌŵ͘

dĂdžĂƚŝŽŶ

dŚĞƚĂdžĞĨĨĞĐƚƐŽŶĚŝĨĨĞƌĞŶƚŝƚĞŵƐŝŶƚŚĞ/ŶĐŽŵĞ^ƚĂƚĞŵĞŶƚĂƌĞĂůůŽĐĂƚĞĚďĞƚǁĞĞŶĐĂƉŝƚĂůĂŶĚƌĞǀĞŶƵĞŽŶƚŚĞƐĂŵĞ ďĂƐŝƐĂƐ ƚŚĞ ƉĂƌƚŝĐƵůĂƌŝƚĞŵ ƚŽ ǁŚŝĐŚ ƚŚĞLJ ƌĞůĂƚĞ͕ ƵƐŝŶŐ ƚŚĞ ŽŵƉĂŶLJ͛ƐĞĨĨĞĐƚŝǀĞ ƌĂƚĞ ŽĨ ƚĂdž ĨŽƌ ƚŚĞĂĐĐŽƵŶƚŝŶŐ ƉĞƌŝŽĚ͘

ƵĞƚŽƚŚĞŽŵƉĂŶLJ͛ƐƐƚĂƚƵƐĂƐĂsdĂŶĚƚŚĞĐŽŶƚŝŶƵĞĚŝŶƚĞŶƚŝŽŶƚŽŵĞĞƚƚŚĞĐŽŶĚŝƚŝŽŶƐƌĞƋƵŝƌĞĚƚŽĐŽŵƉůLJǁŝƚŚ WĂƌƚϲŽĨƚŚĞ/ŶĐŽŵĞdĂdžĐƚϮϬϬϳ͕ŶŽƉƌŽǀŝƐŝŽŶĨŽƌƚĂdžĂƚŝŽŶŝƐƌĞƋƵŝƌĞĚŝŶƌĞƐƉĞĐƚŽĨĂŶLJƌĞĂůŝƐĞĚŽƌƵŶƌĞĂůŝƐĞĚ ĂƉƉƌĞĐŝĂƚŝŽŶŽĨƚŚĞŽŵƉĂŶLJ͛ƐŝŶǀĞƐƚŵĞŶƚƐǁŚŝĐŚĂƌŝƐĞƐ͘

ĞĨĞƌƌĞĚƚĂdžĂƚŝŽŶ͕ǁŚŝĐŚŝƐŶŽƚĚŝƐĐŽƵŶƚĞĚ͕ŝƐƉƌŽǀŝĚĞĚŝŶĨƵůůŽŶƚŝŵŝŶŐĚŝĨĨĞƌĞŶĐĞƐƚŚĂƚƌĞƐƵůƚŝŶĂŶŽďůŝŐĂƚŝŽŶĂƚ ƚŚĞďĂůĂŶĐĞƐŚĞĞƚĚĂƚĞƚŽƉĂLJŵŽƌĞƚĂdž͕ŽƌĂƌŝŐŚƚƚŽƉĂLJůĞƐƐƚĂdž͕ĂƚĂĨƵƚƵƌĞĚĂƚĞ͕ĂƚƌĂƚĞƐĞdžƉĞĐƚĞĚƚŽĂƉƉůLJǁŚĞŶ ƚŚĞLJĐƌLJƐƚĂůůŝƐĞďĂƐĞĚŽŶĐƵƌƌĞŶƚƚĂdžƌĂƚĞƐĂŶĚůĂǁ͘dŝŵŝŶŐĚŝĨĨĞƌĞŶĐĞƐĂƌŝƐĞĨƌŽŵƚŚĞŝŶĐůƵƐŝŽŶŽĨŝƚĞŵƐŽĨŝŶĐŽŵĞ ĂŶĚ ĞdžƉĞŶĚŝƚƵƌĞ ŝŶ ƚĂdžĂƚŝŽŶ ĐŽŵƉƵƚĂƚŝŽŶƐ ŝŶ ƉĞƌŝŽĚƐ ĚŝĨĨĞƌĞŶƚ ĨƌŽŵ ƚŚŽƐĞ ŝŶ ǁŚŝĐŚ ƚŚĞLJ ĂƌĞ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ĂĐĐŽƵŶƚƐ͘

KƚŚĞƌĚĞďƚŽƌƐ͕ŽƚŚĞƌĐƌĞĚŝƚŽƌƐĂŶĚůŽĂŶŶŽƚĞƐ

KƚŚĞƌĚĞďƚŽƌƐ;ŝŶĐůƵĚŝŶŐĂĐĐƌƵĞĚŝŶĐŽŵĞͿ͕ŽƚŚĞƌĐƌĞĚŝƚŽƌƐĂŶĚůŽĂŶŶŽƚĞƐ ;ŽƚŚĞƌƚŚĂŶƚŚŽƐĞŚĞůĚĂƐƉĂƌƚŽĨƚŚĞ ŝŶǀĞƐƚŵĞŶƚƉŽƌƚĨŽůŝŽĂƐƐĞƚŽƵƚŝŶEŽƚĞϭϬͿĂƌĞŝŶĐůƵĚĞĚǁŝƚŚŝŶƚŚĞĂĐĐŽƵŶƚƐĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚ͘

/ƐƐƵĞĐŽƐƚƐ

/ƐƐƵĞ ĐŽƐƚƐ ŝŶ ƌĞůĂƚŝŽŶ ƚŽ ƚŚĞ ƐŚĂƌĞƐ ŝƐƐƵĞĚ ĨŽƌĞĂĐŚ ƐŚĂƌĞ ĐůĂƐƐ ŚĂǀĞ ďĞĞŶ ĚĞĚƵĐƚĞĚ ĨƌŽŵ ƚŚĞ ƐŚĂƌĞ ƉƌĞŵŝƵŵ ĂĐĐŽƵŶƚ͘

ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ

ϯ͘ /ŶĐŽŵĞ

	zĞĂƌĞŶĚĞĚ ϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ ά͛ϬϬϬ	zĞĂƌĞŶĚĞĚ ϯϬ^ĞƉƚĞŵďĞƌϮϬϭϲ ά͛ϬϬϬ
/ŶĐŽŵĞĨƌŽŵŝŶǀĞƐƚŵĞŶƚƐ
>ŽĂŶƐƚŽĐŬŝŶƚĞƌĞƐƚ	ϭϴϱ	ϭϵϴ
ŝǀŝĚĞŶĚŝŶĐŽŵĞ	ϯϬϳ	ϭ͕ϱϴϲ
	ϰϵϮ	ϭ͕ϳϴϰ
KƚŚĞƌŝŶĐŽŵĞ
ĂŶŬŝŶƚĞƌĞƐƚ	Ͳ	Ͳ
	ϰϵϮ	ϭ͕ϳϴϰ

ϰ͘ /ŶǀĞƐƚŵĞŶƚĂĚǀŝƐŽƌLJĨĞĞƐ

dŚĞ ŝŶǀĞƐƚŵĞŶƚ ĂĚǀŝƐŽƌLJ ĨĞĞƐ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϬ ^ĞƉƚĞŵďĞƌ ϮϬϭϳ͕ ǁŚŝĐŚ ǁĞƌĞ ĐŚĂƌŐĞĚ ƋƵĂƌƚĞƌůLJ ƚŽ ƚŚĞ ŽŵƉĂŶLJ͕ǁĞƌĞďĂƐĞĚŽŶϮйŽĨƚŚĞŶĞƚĂƐƐĞƚƐĂƐĂƚƚŚĞƉƌĞǀŝŽƵƐƋƵĂƌƚĞƌĞŶĚ͘

		zĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ			zĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϲ
	ZĞǀĞŶƵĞ ά͛ϬϬϬ	ĂƉŝƚĂů ά͛ϬϬϬ	dŽƚĂů ά͛ϬϬϬ	ZĞǀĞŶƵĞ ά͛ϬϬϬ	ĂƉŝƚĂů ά͛ϬϬϬ	dŽƚĂů ά͛ϬϬϬ
/ŶǀĞƐƚŵĞŶƚĂĚǀŝƐŽƌLJĨĞĞƐ	ϰϭϱ	ϭϯϵ	ϱϱϰ	ϰϯϮ	ϭϰϰ	ϱϳϲ

ĞƚĂŝůƐ ŽĨ ƚŚĞ ƌĞǀŝƐĞĚ ĨĞĞ ĂƌƌĂŶŐĞŵĞŶƚƐ͕ ŶŽǁ ŝŶ ƉůĂĐĞ ďĞƚǁĞĞŶ ƚŚĞ ŽŵƉĂŶLJ ĂŶĚ 'ƌĞƐŚĂŵ ,ŽƵƐĞ ƐƐĞƚ DĂŶĂŐĞŵĞŶƚ>ŝŵŝƚĞĚ͕ĂƌĞƐŚŽǁŶŝŶEŽƚĞϮϮ͘

ϱ͘ KƚŚĞƌĞdžƉĞŶƐĞƐ

	zĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ			zĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϲ
	ZĞǀĞŶƵĞ ά͛ϬϬϬ	ĂƉŝƚĂů ά͛ϬϬϬ	dŽƚĂů ά͛ϬϬϬ	ZĞǀĞŶƵĞ ά͛ϬϬϬ	ĂƉŝƚĂů ά͛ϬϬϬ	dŽƚĂů ά͛ϬϬϬ
ĚŵŝŶŝƐƚƌĂƚŝŽŶƐĞƌǀŝĐĞƐ	ϯϱ	Ͳ	ϯϱ	ϯϱ	Ͳ	ϯϱ
dƌĂŝůĐŽŵŵŝƐƐŝŽŶ	ϭϳ	Ͳ	ϭϳ	ϭϭϮ	Ͳ	ϭϭϮ
ŝƌĞĐƚŽƌƐ͛ƌĞŵƵŶĞƌĂƚŝŽŶ	ϰϴ	Ͳ	ϰϴ	ϯϳ	Ͳ	ϯϳ
^ŽĐŝĂůƐĞĐƵƌŝƚLJĐŽƐƚƐ	Ϯ	Ͳ	Ϯ	ϲ	Ͳ	ϲ
ƵĚŝƚŽƌ͛ƐƌĞŵƵŶĞƌĂƚŝŽŶĨŽƌĂƵĚŝƚ	Ϯϭ	Ͳ	Ϯϭ	ϮϬ	Ͳ	ϮϬ
ƵĚŝƚŽƌ͛ƐƌĞŵƵŶĞƌĂƚŝŽŶĨŽƌŶŽŶͲĂƵĚŝƚ
ƐĞƌǀŝĐĞƐ;ƚĂdžĂƚŝŽŶĐŽŵƉůŝĂŶĐĞͿ	Ͳ	Ͳ	Ͳ	Ϯ	Ͳ	Ϯ
KƚŚĞƌ	ϭϱϬ	Ͳ	ϭϱϬ	ϲϬ	ϳϮ	ϭϯϮ
	Ϯϳϯ	Ͳ	Ϯϳϯ	ϮϳϮ	ϳϮ	ϯϰϰ

dŚĞĂŶŶƵĂůƌƵŶŶŝŶŐĐŽƐƚƐŽĨƚŚĞŽŵƉĂŶLJĨŽƌƚŚĞLJĞĂƌĂƌĞƐƵďũĞĐƚƚŽĂĐĂƉŽĨϯ͘ϱйŽĨŶĞƚĂƐƐĞƚƐŽĨƚŚĞŽŵƉĂŶLJ͕ ǁŚŝĐŚǁĂƐŶŽƚďƌĞĂĐŚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌƵŶĚĞƌƌĞǀŝĞǁ͘

ϲ͘ ŝƌĞĐƚŽƌƐ͛ƌĞŵƵŶĞƌĂƚŝŽŶ

ĞƚĂŝůƐŽĨƌĞŵƵŶĞƌĂƚŝŽŶ;ĞdžĐůƵĚŝŶŐĞŵƉůŽLJĞƌ͛ƐE/ͿĂƌĞŐŝǀĞŶŝŶƚŚĞĂƵĚŝƚĞĚƉĂƌƚŽĨƚŚĞŝƌĞĐƚŽƌƐ͛ZĞŵƵŶĞƌĂƚŝŽŶ ZĞƉŽƌƚŽŶƉĂŐĞϮϯ͘

dŚĞŽŵƉĂŶLJŚĂĚŶŽĞŵƉůŽLJĞĞƐ;ŽƚŚĞƌƚŚĂŶŝƌĞĐƚŽƌƐͿĚƵƌŝŶŐƚŚĞLJĞĂƌ͘ŽƐƚƐŝŶƌĞƐƉĞĐƚŽĨƚŚĞƐĞĂƌĞƌĞĨĞƌƌĞĚƚŽ ŝŶEŽƚĞϱĂďŽǀĞ͘EŽŽƚŚĞƌĞŵŽůƵŵĞŶƚƐŽƌƉĞŶƐŝŽŶĐŽŶƚƌŝďƵƚŝŽŶƐǁĞƌĞƉĂŝĚďLJƚŚĞŽŵƉĂŶLJƚŽ͕ŽƌŽŶďĞŚĂůĨŽĨ͕ ĂŶLJŝƌĞĐƚŽƌ͘

ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ

ϳ͘ dĂdžŽŶŽƌĚŝŶĂƌLJĂĐƚŝǀŝƚŝĞƐ

	zĞĂƌĞŶĚĞĚ ϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ		zĞĂƌĞŶĚĞĚ ϯϬ^ĞƉƚĞŵďĞƌϮϬϭϲ ά͛ϬϬϬ
;ĂͿ	dĂdžĐŚĂƌŐĞĨŽƌƚŚĞLJĞĂƌ	ά͛ϬϬϬ
	h<ĐŽƌƉŽƌĂƚŝŽŶƚĂdžĂƚϭϵ͘ϱй;ϮϬϭϲ͗ϮϬ͘ϬйͿ	Ͳ	Ͳ
	ŚĂƌŐĞĨŽƌƚŚĞLJĞĂƌ	Ͳ	Ͳ
;ďͿ	&ĂĐƚŽƌƐĂĨĨĞĐƚŝŶŐƚĂdžĐŚĂƌŐĞĨŽƌƚŚĞLJĞĂƌ
	WƌŽĨŝƚŽŶŽƌĚŝŶĂƌLJĂĐƚŝǀŝƚŝĞƐďĞĨŽƌĞƚĂdžĂƚŝŽŶ	ϳϬϯ	ϭ͕ϮϰϬ
	dĂdžĐŚĂƌŐĞĐĂůĐƵůĂƚĞĚŽŶƌĞƚƵƌŶŽŶŽƌĚŝŶĂƌLJĂĐƚŝǀŝƚŝĞƐďĞĨŽƌĞƚĂdžĂƚŝŽŶĂƚƚŚĞ
	ĂƉƉůŝĐĂďůĞƌĂƚĞŽĨϭϵ͘ϱй;ϮϬϭϲ͗ϮϬ͘ϬйͿ	ϭϯϳ	Ϯϰϴ
	ĨĨĞĐƚƐŽĨ͗
	h<ĚŝǀŝĚĞŶĚŝŶĐŽŵĞ	;ϲϭͿ	;ϯϭϳͿ
	'ĂŝŶƐŽŶŝŶǀĞƐƚŵĞŶƚƐ	;ϮϬϮͿ	;ϳϱͿ
	džƉĞŶƐĞƐĚŝƐĂůůŽǁĞĚĨŽƌƚĂdžƉƵƌƉŽƐĞƐ	ϭϳ	ϭϰ
	džĐĞƐƐŵĂŶĂŐĞŵĞŶƚĞdžƉĞŶƐĞƐŽŶǁŚŝĐŚĚĞĨĞƌƌĞĚƚĂdžŶŽƚƌĞĐŽŐŶŝƐĞĚ	ϭϬϵ	ϭϯϬ
	ƵƌƌĞŶƚƚĂdžĐŚĂƌŐĞ	Ͳ	Ͳ

džĐĞƐƐŵĂŶĂŐĞŵĞŶƚ ĨĞĞƐ͕ǁŚŝĐŚĂƌĞĂǀĂŝůĂďůĞ ƚŽďĞĐĂƌƌŝĞĚ ĨŽƌǁĂƌĚĂŶĚƐĞƚŽĨĨĂŐĂŝŶƐƚ ĨƵƚƵƌĞ ƚĂdžĂďůĞŝŶĐŽŵĞ͕ ĂŵŽƵŶƚĞĚƚŽάϮ͕ϴϮϰ͕ϬϬϬ;ϮϬϭϲ͗άϮ͕Ϯϲϳ͕ϬϬϬͿ͘dŚĞĂƐƐŽĐŝĂƚĞĚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚŽĨάϰϴϬ͕ϬϬϬ;ϮϬϭϲ͗άϯϴϱ͕ϬϬϬͿŚĂƐ ŶŽƚďĞĞŶƌĞĐŽŐŶŝƐĞĚĚƵĞƚŽƚŚĞĨĂĐƚƚŚĂƚŝƚŝƐƵŶůŝŬĞůLJƚŚĂƚƚŚĞĞdžĐĞƐƐŵĂŶĂŐĞŵĞŶƚĨĞĞƐǁŝůůďĞƐĞƚŽĨĨĂŐĂŝŶƐƚĨƵƚƵƌĞ ƚĂdžĂďůĞƉƌŽĨŝƚƐŝŶƚŚĞĨŽƌĞƐĞĞĂďůĞĨƵƚƵƌĞ͘

ϴ͘ ŝǀŝĚĞŶĚƐ

	zĞĂƌĞŶĚĞĚϯϬ^ĞƉƚϮϬϭϳ			zĞĂƌĞŶĚĞĚϯϬ^ĞƉƚϮϬϭϲ
	ZĞǀĞŶƵĞ ά͛ϬϬϬ	ĂƉŝƚĂů ά͛ϬϬϬ	dŽƚĂů ά͛ϬϬϬ	ZĞǀĞŶƵĞ ά͛ϬϬϬ	ĂƉŝƚĂů ά͛ϬϬϬ	dŽƚĂů ά͛ϬϬϬ
WĂŝĚ
ϮϬϭϳ/ŶƚĞƌŝŵKƌĚŝŶĂƌLJʹϱ͘ϬƉ	Ͳ	ϭ͕ϭϴϮ	ϭ͕ϭϴϮ	Ͳ	Ͳ	Ͳ
ϮϬϭϲ/ŶƚĞƌŝŵKƌĚŝŶĂƌLJʹϱ͘ϬƉ	Ͳ	Ͳ	Ͳ	Ͳ	ϭ͕ϭϴϮ	ϭ͕ϭϴϮ
	Ͳ	ϭ͕ϭϴϮ	ϭ͕ϭϴϮ	Ͳ	ϭ͕ϭϴϮ	ϭ͕ϭϴϮ

ϵ͘ ĂƐŝĐĂŶĚĚŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ

	tĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌ	ŽĨƐŚĂƌĞƐŝŶŝƐƐƵĞ	ZĞǀĞŶƵĞ ;ůŽƐƐͿͬ ƌĞƚƵƌŶ		ĂƉŝƚĂů ƌĞƚƵƌŶ
WƌŽĨŝƚͬ;ůŽƐƐͿƉĞƌƐŚĂƌĞŝƐĐĂůĐƵůĂƚĞĚŽŶƚŚĞĨŽůůŽǁŝŶŐ͗				ƉĞƌƐŚĂƌĞ	ά͛ϬϬϬ	ƉĞƌƐŚĂƌĞ
zĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ	KƌĚŝŶĂƌLJ^ŚĂƌĞƐ	Ϯϯ͕ϲϯϴ͕Ϭϱϴ	;ϭϵϱͿ	;Ϭ͘ϴͿ	ϴϵϴ	ϯ͘ϴ
			;ϭͿ
	͚͛^ŚĂƌĞƐ	ϯϱ͕ϵϳϳ͕ϳϳϰ		Ͳ	ϭ	Ͳ
			ϭ͕Ϭϳϴ
zĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϲ	KƌĚŝŶĂƌLJ^ŚĂƌĞƐ	Ϯϰ͕ϯϰϳ͕ϵϲϭ		ϰ͘ϰ	ϭϲϬ	Ϭ͘ϳ
			Ϯ
	͚͛^ŚĂƌĞƐ	ϯϲ͕ϲϯϱ͕Ϭϴϳ		Ͳ	Ͳ	Ͳ

ƐƚŚĞŽŵƉĂŶLJŚĂƐŶŽƚŝƐƐƵĞĚĂŶLJĐŽŶǀĞƌƚŝďůĞƐĞĐƵƌŝƚŝĞƐŽƌƐŚĂƌĞŽƉƚŝŽŶƐ͕ƚŚĞƌĞŝƐŶŽĚŝůƵƚŝǀĞĞĨĨĞĐƚŽŶĞĂƌŶŝŶŐƐ ƉĞƌKƌĚŝŶĂƌLJ^ŚĂƌĞŽƌ͚͛^ŚĂƌĞ͘dŚĞĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞĚŝƐĐůŽƐĞĚƚŚĞƌĞĨŽƌĞƌĞƉƌĞƐĞŶƚƐďŽƚŚƚŚĞďĂƐŝĐĂŶĚĚŝůƵƚĞĚ ƌĞƚƵƌŶƉĞƌKƌĚŝŶĂƌLJ^ŚĂƌĞŽƌ͚͛^ŚĂƌĞ͘

ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ

ϭϬ͘ &ŝdžĞĚĂƐƐĞƚƐʹŝŶǀĞƐƚŵĞŶƚƐ

	ϮϬϭϳ	ϮϬϭϲ
	hŶƋƵŽƚĞĚ	hŶƋƵŽƚĞĚ
	ŝŶǀĞƐƚŵĞŶƚƐ	ŝŶǀĞƐƚŵĞŶƚƐ
	ά͛ϬϬϬ	ά͛ϬϬϬ
KƉĞŶŝŶŐĐŽƐƚĂƚϭKĐƚŽďĞƌϮϬϭϲ
	ϭϲ͕ϰϳϱ	ϭϲ͕ϱϲϱ
hŶƌĞĂůŝƐĞĚŐĂŝŶƐĂƐĂƚϭKĐƚŽďĞƌϮϬϭϲ
	ϭϰ͕ϰϲϲ	ϭϰ͕Ϭϵϭ
KƉĞŶŝŶŐĨĂŝƌǀĂůƵĞĂƚϭKĐƚŽďĞƌϮϬϭϲ
	ϯϬ͕ϵϰϭ	ϯϬ͕ϲϱϲ
DŽǀĞŵĞŶƚŝŶƚŚĞLJĞĂƌ͗
WƵƌĐŚĂƐĞĚĂƚĐŽƐƚ
	Ͳ	ϭ͕Ϭϱϳ
ŝƐƉŽƐĂůƐƉƌŽĐĞĞĚƐ	;ϱϴϵͿ	;ϭ͕ϭϰϴͿ
ZĞĂůŝƐĞĚŐĂŝŶƐŽŶĚŝƐƉŽƐĂůƐ
	ϰϲ	ϲ
hŶƌĞĂůŝƐĞĚŐĂŝŶƐŝŶƚŚĞŝŶĐŽŵĞƐƚĂƚĞŵĞŶƚ
	ϵϵϮ	ϯϳϬ
ůŽƐŝŶŐĨĂŝƌǀĂůƵĞĂƚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ
	ϯϭ͕ϯϵϬ	ϯϬ͕ϵϰϭ
ůŽƐŝŶŐĐŽƐƚĂƚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ
	ϭϱ͕ϴϴϲ	ϭϲ͕ϰϳϱ
hŶƌĞĂůŝƐĞĚŐĂŝŶƐĂƚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ
	ϭϱ͕ϱϬϰ	ϭϰ͕ϰϲϲ
ůŽƐŝŶŐĨĂŝƌǀĂůƵĞĂƚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ
	ϯϭ͕ϯϵϬ	ϯϬ͕ϵϰϭ

dŚĞŽŵƉĂŶLJŚĂƐĐĂƚĞŐŽƌŝƐĞĚŝƚƐĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐƵƐŝŶŐƚŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJĂƐĨŽůůŽǁƐ͗

ĞǀĞůĂZĞĨůĞĐƚƐĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐƋƵŽƚĞĚŝŶĂŶĂĐƚŝǀĞŵĂƌŬĞƚ͖

ĞǀĞůďZĞĨůĞĐƚƐĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐƚŚĂƚŚĂǀĞƉƌŝĐĞƐƚŚĂƚĂƌĞŽďƐĞƌǀĂďůĞĞŝƚŚĞƌĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJ͖ĂŶĚ

ĞǀĞůĐŝͿZĞĨůĞĐƚƐ ĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐǁŝƚŚŝŶƉƵƚƐƚŚĂƚĂƌĞŶŽƚďĂƐĞĚŽŶŽďƐĞƌǀĂďůĞŵĂƌŬĞƚĚĂƚĂ ;ƵŶƋƵŽƚĞĚ ĞƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚƐĂŶĚůŽĂŶŶŽƚĞŝŶǀĞƐƚŵĞŶƚƐͿ͖

ŝŝͿZĞĨůĞĐƚƐĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐƚŚĂƚƵƐĞǀĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞƐƚŚĂƚĂƌĞŶŽƚďĂƐĞĚŽŶŽďƐĞƌǀĂďůĞŵĂƌŬĞƚ ĚĂƚĂ;ƵŶƋƵŽƚĞĚĞƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚƐĂŶĚůŽĂŶŶŽƚĞŝŶǀĞƐƚŵĞŶƚƐͿ͘

	>ĞǀĞůĂ ά͛ϬϬϬ	>ĞǀĞůď ά͛ϬϬϬ	>ĞǀĞůĐ;ŝŝͿ ά͛ϬϬϬ	ϮϬϭϳ ά͛ϬϬϬ	>ĞǀĞůĂ ά͛ϬϬϬ	>ĞǀĞůď ά͛ϬϬϬ	>ĞǀĞůĐ;ŝŝͿ ά͛ϬϬϬ	ϮϬϭϲ ά͛ϬϬϬ
hŶƋƵŽƚĞĚůŽĂŶŶŽƚĞƐ	Ͳ	Ͳ	ϱ͕ϮϬϯ	ϱ͕ϮϬϯ	Ͳ	Ͳ	ϱ͕ϲϰϭ	ϱ͕ϲϰϭ
hŶƋƵŽƚĞĚĞƋƵŝƚLJ	Ͳ	Ͳ	Ϯϲ͕ϭϴϳ	Ϯϲ͕ϭϴϳ	Ͳ	Ͳ	Ϯϱ͕ϯϬϬ	Ϯϱ͕ϯϬϬ
	Ͳ	Ͳ	ϯϭ͕ϯϵϬ	ϯϭ͕ϯϵϬ	Ͳ	Ͳ	ϯϬ͕ϵϰϭ	ϯϬ͕ϵϰϭ

ƵƌŝŶŐƚŚĞLJĞĂƌƚŽϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳĂŶĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϲƚŚĞƌĞǁĞƌĞŶŽƚƌĂŶƐĨĞƌƐďĞƚǁĞĞŶůĞǀĞůƐ͘

ZĞĐŽŶĐŝůŝĂƚŝŽŶŽĨĨĂŝƌǀĂůƵĞĨŽƌ>ĞǀĞůĐ;ŝŝͿĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŚĞůĚĂƚƚŚĞLJĞĂƌĞŶĚ͗

	hŶƋƵŽƚĞĚ ůŽĂŶŶŽƚĞƐ ά͛ϬϬϬ	hŶƋƵŽƚĞĚ ĞƋƵŝƚLJ ά͛ϬϬϬ	dŽƚĂů ά͛ϬϬϬ
ĂůĂŶĐĞĂƚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϲ	ϱ͕ϲϰϭ	Ϯϱ͕ϯϬϬ	ϯϬ͕ϵϰϭ
DŽǀĞŵĞŶƚƐŝŶƚŚĞŝŶĐŽŵĞƐƚĂƚĞŵĞŶƚ͗
hŶƌĞĂůŝƐĞĚŐĂŝŶƐŝŶƚŚĞŝŶĐŽŵĞƐƚĂƚĞŵĞŶƚ	ϭϬϱ	ϴϴϳ	ϵϵϮ
ZĞĂůŝƐĞĚŐĂŝŶƐŝŶƚŚĞŝŶĐŽŵĞƐƚĂƚĞŵĞŶƚ	ϰϲ	Ͳ	ϰϲ
	ϭϱϭ	ϴϴϳ	ϭ͕Ϭϯϴ
ĚĚŝƚŝŽŶƐĂƚĐŽƐƚ	Ͳ	Ͳ	Ͳ
^ĂůĞƐƉƌŽĐĞĞĚƐ	;ϱϴϵͿ	Ͳ	;ϱϴϵͿ
ĂůĂŶĐĞĂƚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ	ϱ͕ϮϬϯ	Ϯϲ͕ϭϴϳ	ϯϭ͕ϯϵϬ

ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ

ϭϬ͘ &ŝdžĞĚĂƐƐĞƚƐʹŝŶǀĞƐƚŵĞŶƚƐ;ĐŽŶƚŝŶƵĞĚͿ

&Z^ϭϬϮƐĞĐƚŝŽŶƐϭϭĂŶĚϭϮƌĞƋƵŝƌĞĚŝƐĐůŽƐƵƌĞƚŽďĞŵĂĚĞŽĨƚŚĞƉŽƐƐŝďůĞĞĨĨĞĐƚŽĨĐŚĂŶŐŝŶŐŽŶĞŽƌŵŽƌĞŽĨƚŚĞ ŝŶƉƵƚƐƚŽƌĞĂƐŽŶĂďůĞƉŽƐƐŝďůĞĂůƚĞƌŶĂƚŝǀĞĂƐƐƵŵƉƚŝŽŶƐǁŚĞƌĞƚŚŝƐǁŽƵůĚƌĞƐƵůƚŝŶĂƐŝŐŶŝĨŝĐĂŶƚĐŚĂŶŐĞŝŶƚŚĞĨĂŝƌ ǀĂůƵĞŽĨƚŚĞ>ĞǀĞůĐ;ŝŝͿŝŶǀĞƐƚŵĞŶƚƐ͘dŚĞƌĞŝƐĂŶĞůĞŵĞŶƚŽĨũƵĚŐĞŵĞŶƚŝŶƚŚĞĐŚŽŝĐĞŽĨĂƐƐƵŵƉƚŝŽŶƐĨŽƌƵŶƋƵŽƚĞĚ ŝŶǀĞƐƚŵĞŶƚƐ ĂŶĚ ŝƚ ŝƐ ƉŽƐƐŝďůĞ ƚŚĂƚ͕ ŝĨ ĚŝĨĨĞƌĞŶƚ ĂƐƐƵŵƉƚŝŽŶƐ ǁĞƌĞ ƵƐĞĚ͕ ĚŝĨĨĞƌĞŶƚ ǀĂůƵĂƚŝŽŶƐ ĐŽƵůĚ ŚĂǀĞ ďĞĞŶ ĂƚƚƌŝďƵƚĞĚƚŽƐŽŵĞŽĨƚŚĞŽŵƉĂŶLJ͛ƐŝŶǀĞƐƚŵĞŶƚƐ͘

/ŶǀĞƐƚŵĞŶƚƐǁŚŝĐŚĂƌĞƌĞĂĐŚŝŶŐŵĂƚƵƌŝƚLJŽƌŚĂǀĞĂŶĞƐƚĂďůŝƐŚĞĚůĞǀĞůŽĨŵĂŝŶƚĂŝŶĂďůĞĞĂƌŶŝŶŐƐĂƌĞǀĂůƵĞĚŽŶĂ ĚŝƐĐŽƵŶƚĞĚĐĂƐŚĨůŽǁďĂƐŝƐ͘dŚĞďĂƐŝƐŽĨǀĂůƵĂƚŝŽŶŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚƐǁĂƐƵŶĐŚĂŶŐĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ͘

dŚĞ ŽĂƌĚ ĂŶĚ ƚŚĞ /ŶǀĞƐƚŵĞŶƚ ĚǀŝƐĞƌ ďĞůŝĞǀĞ ƚŚĂƚ ƚŚĞ ǀĂůƵĂƚŝŽŶ ĂƐ Ăƚ ϯϬ ^ĞƉƚĞŵďĞƌ ϮϬϭϳ ƌĞĨůĞĐƚƐ ƚŚĞ ŵŽƐƚ ĂƉƉƌŽƉƌŝĂƚĞĂƐƐƵŵƉƚŝŽŶƐĂƚƚŚĂƚĚĂƚĞ͕ŐŝǀŝŶŐĚƵĞƌĞŐĂƌĚƚŽĂůůŝŶĨŽƌŵĂƚŝŽŶĂǀĂŝůĂďůĞĨƌŽŵĞĂĐŚŝŶǀĞƐƚĞĞĐŽŵƉĂŶLJ͘ ŽŶƐĞƋƵĞŶƚůLJ͕ƚŚĞǀĂƌŝĂƚŝŽŶŝŶƚŚĞƐƉƌĞĂĚŽĨƌĞĂƐŽŶĂďůĞ͕ƉŽƐƐŝďůĞ͕ĂůƚĞƌŶĂƚŝǀĞǀĂůƵĂƚŝŽŶƐŝƐůŝŬĞůLJƚŽďĞǁŝƚŚŝŶƚŚĞ ƌĂŶŐĞƐĞƚŽƵƚŝŶEŽƚĞϭϴ͘

ϭϭ͘ ĞďƚŽƌƐ

		ϮϬϭϳ	ϮϬϭϲ
		ά͛ϬϬϬ	ά͛ϬϬϬ
	WƌĞƉĂLJŵĞŶƚƐĂŶĚĂĐĐƌƵĞĚŝŶĐŽŵĞ	ϰϰϯ	ϰϭϲ
		ϰϰϯ	ϰϭϲ
ϭϮ͘	ƌĞĚŝƚŽƌƐ͗ĂŵŽƵŶƚƐĨĂůůŝŶŐĚƵĞǁŝƚŚŝŶŽŶĞLJĞĂƌ
		ϮϬϭϳ	ϮϬϭϲ
		ά͛ϬϬϬ	ά͛ϬϬϬ
	dĂdžĂƚŝŽŶĂŶĚƐŽĐŝĂůƐĞĐƵƌŝƚLJ	ϭ	ϭ
	ĐĐƌƵĂůƐĂŶĚĚĞĨĞƌƌĞĚŝŶĐŽŵĞ	ϳϬ	ϭϱϲ
		ϳϭ	ϭϱϳ
ϭϯ͘	ƌĞĚŝƚŽƌƐ͗ĂŵŽƵŶƚƐĨĂůůŝŶŐĚƵĞĂĨƚĞƌŵŽƌĞƚŚĂŶŽŶĞLJĞĂƌ
		ϮϬϭϳ	ϮϬϭϲ
		ά͛ϬϬϬ	ά͛ϬϬϬ
	KƚŚĞƌůŽĂŶƐ	ϰ͕ϰϮϲ	ϯ͕ϮϲϮ
		ϰ͕ϰϮϲ	ϯ͕ϮϲϮ
	ŽƌƌŽǁŝŶŐƐĂƌĞƌĞƉĂLJĂďůĞĂƐĨŽůůŽǁƐ͗	ϮϬϭϳ	ϮϬϭϲ
		ά͛ϬϬϬ	ά͛ϬϬϬ
	ĞƚǁĞĞŶƚǁŽĂŶĚĨŝǀĞLJĞĂƌƐ	ϭ͕ϲϰϬ	ϭ͕Ϯϲϵ
	ĨƚĞƌĨŝǀĞLJĞĂƌƐ	Ϯ͕ϳϴϲ	ϭ͕ϵϵϯ
		ϰ͕ϰϮϲ	ϯ͕ϮϲϮ

KĨƚŚĞĂŵŽƵŶƚƐĚƵĞĂĨƚĞƌŵŽƌĞƚŚĂŶŽŶĞLJĞĂƌ͕άϮ͕ϳϴϲ͕ϬϬϬ;ϮϬϭϲ͗άϮ͕Ϭϳϵ͕ϬϬϬͿǁĂƐĚƵĞƚŽ>ƵŶĂƌϮ>ŝŵŝƚĞĚ͘dŚĞůŽĂŶ ŝƐŝŶƚĞƌĞƐƚĨƌĞĞĂŶĚŚĂƐĂƚĞƌŵƚŚĂƚĞŶĚƐŽŶϭϳĞĐĞŵďĞƌϮϬϰϯ͘άϭϯϭ͕ϬϬϬ;ϮϬϭϲ͗άϲϱ͕ϬϬϬͿǁĂƐĚƵĞƚŽ,ĞǁĂƐ^ŽůĂƌ >ŝŵŝƚĞĚ͕ άϭϵϳ͕ϬϬϬ ;ϮϬϭϲ͗ άϭϵϳ͕ϬϬϬͿ ǁĂƐ ĚƵĞ ƚŽ ,Z tŝůůŽǁ >ŝŵŝƚĞĚ͕ άϮϭϴ͕ϬϬϬ ;ϮϬϭϲ͗ άϮϭϴ͕ϬϬϬͿ ǁĂƐ ĚƵĞ ƚŽ DŝŶƐŵĞƌĞWŽǁĞƌ>ŝŵŝƚĞĚ͕άϮϴϲ͕ϬϬϬ;ϮϬϭϲ͗άϮϴϲ͕ϬϬϬͿǁĂƐĚƵĞƚŽWĞŶŚĂůĞ^ŽůĂƌ>ŝŵŝƚĞĚ͕άϱϳϬ͕ϬϬϬ;ϮϬϭϲ͗άϮϬϬ͕ϬϬϬͿ ǁĂƐĚƵĞƚŽLJƐŚĨŽƌĚ^ŽůĂƌ;,ŽůĚŝŶŐƐͿ>ŝŵŝƚĞĚ͕άϮϭϳ͕ϬϬϬ;ϮϬϭϲ͗άϮϭϳ͕ϬϬϬͿǁĂƐĚƵĞƚŽ'ůŽƵĐĞƐƚĞƌtŝŶĚ>ŝŵŝƚĞĚĂŶĚ άϮϭ͕ϬϬϬ;ϮϬϭϲ͗άŶŝůͿǁĂƐĚƵĞƚŽ^ƚ͘ŽůƵŵď^ŽůĂƌ͘ůůůŽĂŶƐĂƌĞŝŶƚĞƌĞƐƚĨƌĞĞĂŶĚŽƚŚĞƌƚŚĂŶƚŚŽƐĞĚƵĞƚŽ>ƵŶĂƌϮ >ŝŵŝƚĞĚĂƌĞƌĞƉĂLJĂďůĞĂĨƚĞƌϱLJĞĂƌƐĨƌŽŵĚƌĂǁĚŽǁŶ͘,ŽǁĞǀĞƌ͕ƚŚĞŽŵƉĂŶLJŚĂƐƚŚĞƌŝŐŚƚƚŽƌĞƉĂLJĂůůŽƌĂŶLJƉĂƌƚ ŽĨƚŚĞůŽĂŶƐĂƚĂŶLJƚŝŵĞ͘

ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ

ϭϰ͘ ĂůůĞĚƵƉƐŚĂƌĞĐĂƉŝƚĂů

	ϮϬϭϳ ά͛ϬϬϬ	ϮϬϭϲ ά͛ϬϬϬ
ůůŽƚƚĞĚ͕ĐĂůůĞĚƵƉĂŶĚĨƵůůLJͲƉĂŝĚ͗
Ϯϯ͕ϲϯϴ͕Ϭϱϴ;ϮϬϭϲ͗Ϯϯ͕ϲϯϴ͕ϬϱϴͿKƌĚŝŶĂƌLJ^ŚĂƌĞƐŽĨϬ͘ϭƉĞĂĐŚ	Ϯϰ	Ϯϰ
ϯϱ͕ϵϳϳ͕ϳϳϰ;ϮϬϭϲ͗ϯϱ͕ϵϳϳ͕ϳϳϰͿ͚͛^ŚĂƌĞƐŽĨϬ͘ϭƉĞĂĐŚ	ϯϲ	ϯϲ
	ϲϬ	ϲϬ

dŚĞŽŵƉĂŶLJ͛ƐĐĂƉŝƚĂůŝƐŵĂŶĂŐĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŝƚƐŝŶǀĞƐƚŵĞŶƚƉŽůŝĐLJĂƐƐŚŽǁŶŝŶƚŚĞ^ƚƌĂƚĞŐŝĐZĞƉŽƌƚ͕ŝŶ ƉƵƌƐƵŝƚŽĨŝƚƐƉƌŝŶĐŝƉĂůŝŶǀĞƐƚŵĞŶƚŽďũĞĐƚŝǀĞƐĂƐƐƚĂƚĞĚŽŶƉĂŐĞƐϭϱĂŶĚϭϲ͘dŚĞƌĞŚĂƐďĞĞŶŶŽƐŝŐŶŝĨŝĐĂŶƚĐŚĂŶŐĞ ŝŶƚŚĞŽďũĞĐƚŝǀĞƐ͕ƉŽůŝĐŝĞƐŽƌƉƌŽĐĞƐƐĞƐĨŽƌŵĂŶĂŐŝŶŐĐĂƉŝƚĂůĨƌŽŵƚŚĞƉƌĞǀŝŽƵƐƉĞƌŝŽĚ͘

dŚĞŽŵƉĂŶLJŚĂƐƚŚĞĂƵƚŚŽƌŝƚLJƚŽďƵLJďĂĐŬƐŚĂƌĞƐĂƐĚĞƐĐƌŝďĞĚŝŶƚŚĞZĞƉŽƌƚŽĨƚŚĞŝƌĞĐƚŽƌƐ͘EŽ͚KƌĚŝŶĂƌLJ͛^ŚĂƌĞƐ Žƌ͚͛^ŚĂƌĞƐǁĞƌĞƉƵƌĐŚĂƐĞĚĂŶĚƐƵďƐĞƋƵĞŶƚůLJĐĂŶĐĞůůĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ͘

EŽƐŚĂƌĞƐǁĞƌĞŝƐƐƵĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳŽƌĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϲ͘

dŚĞŚŽůĚĞƌƐŽĨKƌĚŝŶĂƌLJ^ŚĂƌĞƐĂŶĚ͚͛^ŚĂƌĞƐƐŚĂůůŚĂǀĞƌŝŐŚƚƐĂƐƌĞŐĂƌĚƐƚŽĚŝǀŝĚĞŶĚƐĂŶĚĂŶLJŽƚŚĞƌĚŝƐƚƌŝďƵƚŝŽŶƐ ŽƌĂƌĞƚƵƌŶŽĨĐĂƉŝƚĂů;ŽƚŚĞƌǁŝƐĞƚŚĂŶŽŶĂŵĂƌŬĞƚƉƵƌĐŚĂƐĞďLJƚŚĞŽŵƉĂŶLJŽĨĂŶLJŽĨŝƚƐƐŚĂƌĞƐͿǁŚŝĐŚƐŚĂůůďĞ ĂƉƉůŝĞĚŽŶƚŚĞĨŽůůŽǁŝŶŐďĂƐŝƐ͗

• ϭͿ hŶůĞƐƐĂŶĚƵŶƚŝůKƌĚŝŶĂƌLJ^ŚĂƌĞŚŽůĚĞƌƐƌĞĐĞŝǀĞĂĚŝǀŝĚĞŶĚŽĨĂƚůĞĂƐƚϱ͘ϬƉƉĞƌKƌĚŝŶĂƌLJ^ŚĂƌĞĂŶĚŽŶĞKƌĚŝŶĂƌLJ ^ŚĂƌĞĂŶĚŽŶĞ͚͛^ŚĂƌĞŚĂƐĂĐŽŵďŝŶĞĚŶĞƚĂƐƐĞƚǀĂůƵĞŽĨϭϬϬƉ;ƚŚĞ,ƵƌĚůĞͿ͕ĚŝƐƚƌŝďƵƚŝŽŶƐǁŝůůďĞŵĂĚĞĂƐƚŽ ϵϵ͘ϵйƚŽKƌĚŝŶĂƌLJ^ŚĂƌĞƐĂŶĚϬ͘ϭйƚŽ͚͛^ŚĂƌĞƐ͖
• ϮͿ ĨƚĞƌ ;ĂŶĚ ƚŽ ƚŚĞĞdžƚĞŶƚ ƚŚĂƚͿ ƚŚĞ,ƵƌĚůĞŚĂƐďĞĞŶŵĞƚ͕ĂŶĚ ƐƵďũĞĐƚ ƚŽƉŽŝŶƚ ϯďĞůŽǁ͕ ƚŚĞďĂůĂŶĐĞŽĨ ƐƵĐŚ ĂŵŽƵŶƚƐƐŚĂůůďĞĂƉƉůŝĞĚĂƐƚŽϰϬйƚŽKƌĚŝŶĂƌLJ^ŚĂƌĞƐĂŶĚϲϬйƚŽ͚͛^ŚĂƌĞƐ͖ĂŶĚ
• ϯͿ ŶLJĂŵŽƵŶƚŽĨĂĚŝǀŝĚĞŶĚǁŚŝĐŚ͕ďƵƚĨŽƌƚŚĞĞŶƚŝƚůĞŵĞŶƚŽĨ͚͛^ŚĂƌĞƐƉƵƌƐƵĂŶƚƚŽƉŽŝŶƚϮĂďŽǀĞ͕ǁŽƵůĚŚĂǀĞ ďĞĞŶŝŶĞdžĐĞƐƐŽĨϭϬƉƉĞƌKƌĚŝŶĂƌLJ^ŚĂƌĞŝŶĂŶLJLJĞĂƌƐŚĂůůďĞĂƉƉůŝĞĚĂƐƚŽϭϬйƚŽKƌĚŝŶĂƌLJ^ŚĂƌĞƐĂŶĚϵϬйƚŽ ͚͛^ŚĂƌĞƐ͘

/Ĩ͕ŽŶƚŚĞĚĂƚĞŽŶǁŚŝĐŚĂĚŝǀŝĚĞŶĚŝƐƚŽďĞĚĞĐůĂƌĞĚŽŶƚŚĞKƌĚŝŶĂƌLJ^ŚĂƌĞƐ͕ƚŚĞĂŵŽƵŶƚŽĨĂŶLJĚŝǀŝĚĞŶĚǁŚŝĐŚ ǁŽƵůĚŚĂǀĞďĞĞŶƉĂLJĂďůĞƚŽƚŚĞ͚͛^ŚĂƌĞƐ;ƚŚĞ͚͚͛ŝǀŝĚĞŶĚŵŽƵŶƚ͛Ϳ͕ƚŽŐĞƚŚĞƌǁŝƚŚĂŶLJƉƌĞǀŝŽƵƐĂŵŽƵŶƚƐǁŚŝĐŚ ǁĞƌĞŶŽƚƉĂŝĚĂƐĂƌĞƐƵůƚŽĨƚŚŝƐĐůĂƵƐĞ;ƚŚĞ͚͚͛^ŚĂƌĞŶƚŝƚůĞŵĞŶƚ͛Ϳ͕ǁŽƵůĚƚŽŐĞƚŚĞƌ͗

• ĂͿ ŝŶĂŐŐƌĞŐĂƚĞďĞůĞƐƐƚŚĂŶάϱ͕ϬϬϬ͖Žƌ
• ďͿ ďĞůĞƐƐƚŚĂŶĂŶĂŵŽƵŶƚďĞŝŶŐĞƋƵŝǀĂůĞŶƚƚŽϬ͘ϮϱƉƉĞƌ͚͛^ŚĂƌĞ

ƚŚĞŶƚŚĞ͚͛ŝǀŝĚĞŶĚĂŵŽƵŶƚƐŚĂůůŶŽƚďĞĚĞĐůĂƌĞĚĂŶĚƉĂŝĚ͕ďƵƚƐŚĂůůďĞĂŐŐƌĞŐĂƚĞĚǁŝƚŚĂŶLJ͚͛^ŚĂƌĞŶƚŝƚůĞŵĞŶƚ ĂŶĚ ƌĞƚĂŝŶĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ ƵŶƚŝů ĞŝƚŚĞƌ ƚŚƌĞƐŚŽůĚ ŝƐ ƌĞĂĐŚĞĚ͘ EŽ ŝŶƚĞƌĞƐƚ ƐŚĂůů ĂĐĐƌƵĞ ŽŶ ĂŶLJ ͚͛ ^ŚĂƌĞ ŶƚŝƚůĞŵĞŶƚ͘

dŚĞŽŵƉĂŶLJĚŽĞƐŶŽƚŚĂǀĞĂŶLJĞdžƚĞƌŶĂůůLJŝŵƉŽƐĞĚĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚƐ͘

ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ

ϭϱ͘ ZĞƐĞƌǀĞƐ

	ϮϬϭϳ ά͛ϬϬϬ	ϮϬϭϲ ά͛ϬϬϬ
^ŚĂƌĞƉƌĞŵŝƵŵĂĐĐŽƵŶƚ	ϯ͕ϵϭϬ	ϯ͕ϵϭϬ
^ƉĞĐŝĂůƌĞƐĞƌǀĞ	ϵ͕ϬϲϮ	ϭϬ͕Ϯϰϰ
ZĞǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞ	ϭϱ͕ϱϬϰ	ϭϰ͕ϰϲϲ
ĂƉŝƚĂůƌĞĚĞŵƉƚŝŽŶƌĞƐĞƌǀĞ	Ϯ	Ϯ
ĂƉŝƚĂůƌĞƐĞƌǀĞͲƌĞĂůŝƐĞĚ	;ϭ͕ϭϵϱͿ	;ϭ͕ϬϱϲͿ
ZĞǀĞŶƵĞƌĞƐĞƌǀĞ	ϭϮϮ	ϯϭϴ
	Ϯϳ͕ϰϬϱ	Ϯϳ͕ϴϴϰ

dŚĞ^ƉĞĐŝĂůƌĞƐĞƌǀĞŝƐĂǀĂŝůĂďůĞƚŽƚŚĞŽŵƉĂŶLJƚŽĞŶĂďůĞƚŚĞƉƵƌĐŚĂƐĞŽĨŝƚƐŽǁŶƐŚĂƌĞƐŝŶƚŚĞŵĂƌŬĞƚǁŝƚŚŽƵƚ ĂĨĨĞĐƚŝŶŐŝƚƐĂďŝůŝƚLJƚŽƉĂLJĚŝǀŝĚĞŶĚƐ͘dŚĞ^ƉĞĐŝĂůƌĞƐĞƌǀĞ͕ĂƉŝƚĂůƌĞƐĞƌǀĞʹƌĞĂůŝƐĞĚĂŶĚZĞǀĞŶƵĞƌĞƐĞƌǀĞĂƌĞĂůů ĚŝƐƚƌŝďƵƚĂďůĞ ƌĞƐĞƌǀĞƐ͘ dŚĞ ĚŝƐƚƌŝďƵƚĂďůĞ ƌĞƐĞƌǀĞ ŝƐ ƌĞĚƵĐĞĚ ďLJ ƵŶƌĞĂůŝƐĞĚ ŚŽůĚŝŶŐ ůŽƐƐĞƐ ŽĨ άϵϵϱ͕ϬϬϬ ;ϮϬϭϲ͗ άϵϯϮ͕ϬϬϬͿ ǁŚŝĐŚ ĂƌĞ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ZĞǀĂůƵĂƚŝŽŶ ƌĞƐĞƌǀĞ͘ ƚ ϯϬ ^ĞƉƚĞŵďĞƌ ϮϬϭϳ͕ ĚŝƐƚƌŝďƵƚĂďůĞ ƌĞƐĞƌǀĞƐ ǁĞƌĞ άϲ͕ϵϵϲ͕ϬϬϬ;ϮϬϭϲ͗άϴ͕ϱϳϰ͕ϬϬϬͿ͘

^ŚĂƌĞƉƌĞŵŝƵŵĂĐĐŽƵŶƚ

dŚŝƐƌĞƐĞƌǀĞĂĐĐŽƵŶƚƐĨŽƌƚŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞƉƌŝĐĞƐĂƚǁŚŝĐŚƐŚĂƌĞƐĂƌĞŝƐƐƵĞĚĂŶĚƚŚĞŶŽŵŝŶĂůǀĂůƵĞŽĨ ƚŚĞƐŚĂƌĞƐ͕ůĞƐƐŝƐƐƵĞĐŽƐƚƐĂŶĚƚƌĂŶƐĨĞƌƐƚŽƚŚĞŽƚŚĞƌĚŝƐƚƌŝďƵƚĂďůĞƌĞƐĞƌǀĞƐ͘

ZĞǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞ

/ŶĐƌĞĂƐĞƐĂŶĚ ĚĞĐƌĞĂƐĞƐ ŝŶ ƚŚĞ ǀĂůƵĂƚŝŽŶ ŽĨ ŝŶǀĞƐƚŵĞŶƚƐ ŚĞůĚĂƚ ƚŚĞLJĞĂƌĞŶĚĂŐĂŝŶƐƚ ĐŽƐƚĂƌĞ ŝŶĐůƵĚĞĚ ŝŶ ƚŚŝƐ ƌĞƐĞƌǀĞ͘

ĂƉŝƚĂůƌĞĚĞŵƉƚŝŽŶƌĞƐĞƌǀĞ

dŚŝƐƌĞƐĞƌǀĞĂĐĐŽƵŶƚƐ ĨŽƌĂŵŽƵŶƚƐďLJǁŚŝĐŚ ƚŚĞŝƐƐƵĞĚƐŚĂƌĞĐĂƉŝƚĂůŝƐĚŝŵŝŶŝƐŚĞĚƚŚƌŽƵŐŚ ƚŚĞƌĞƉƵƌĐŚĂƐĞĂŶĚ ĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚĞŽŵƉĂŶLJ͛ƐŽǁŶƐŚĂƌĞƐ͘

ĂƉŝƚĂůƌĞƐĞƌǀĞʹƌĞĂůŝƐĞĚ

dŚĞĨŽůůŽǁŝŶŐĂƌĞĚŝƐĐůŽƐĞĚŝŶƚŚŝƐƌĞƐĞƌǀĞ͗

• x ŐĂŝŶƐĂŶĚůŽƐƐĞƐĐŽŵƉĂƌĞĚƚŽĐŽƐƚŽŶƚŚĞƌĞĂůŝƐĂƚŝŽŶŽĨŝŶǀĞƐƚŵĞŶƚƐ͖ĂŶĚ
• x ĞdžƉĞŶƐĞƐ͕ ƚŽŐĞƚŚĞƌǁŝƚŚ ƚŚĞ ƌĞůĂƚĞĚ ƚĂdžĂƚŝŽŶĞĨĨĞĐƚ͕ĐŚĂƌŐĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ ƚŚĞĂďŽǀĞĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐŝĞƐ

ZĞǀĞŶƵĞƌĞƐĞƌǀĞ

dŚŝƐ ƌĞƐĞƌǀĞ ĂĐĐŽƵŶƚƐ ĨŽƌ ŵŽǀĞŵĞŶƚƐ ĨƌŽŵ ƚŚĞ ƌĞǀĞŶƵĞ ĐŽůƵŵŶ ŽĨƚŚĞ /ŶĐŽŵĞ ^ƚĂƚĞŵĞŶƚ͕ ƚŚĞ ƉĂLJŵĞŶƚ ŽĨ ĚŝǀŝĚĞŶĚƐĂŶĚŽƚŚĞƌŶŽŶͲĐĂƉŝƚĂůƌĞĂůŝƐĞĚŵŽǀĞŵĞŶƚƐ͘

ϭϲ͘ ĂƐŝĐĂŶĚĚŝůƵƚĞĚŶĞƚĂƐƐĞƚǀĂůƵĞƉĞƌƐŚĂƌĞ

	^ŚĂƌĞƐŝŶŝƐƐƵĞ			ϮϬϭϳ	ϮϬϭϲ
	ϮϬϭϳ	ϮϬϭϲ	EĞƚĂƐƐĞƚǀĂůƵĞ			EĞƚĂƐƐĞƚǀĂůƵĞ
			ƉĞƌƐŚĂƌĞ	ά͛ϬϬϬ	ƉĞƌƐŚĂƌĞ	ά͛ϬϬϬ
KƌĚŝŶĂƌLJ^ŚĂƌĞƐ	Ϯϯ͕ϲϯϴ͕Ϭϱϴ	Ϯϯ͕ϲϯϴ͕Ϭϱϴ	ϭϭϲ͘Ϭ	Ϯϳ͕ϰϮϵ	ϭϭϴ͘ϭ	Ϯϳ͕ϵϬϴ
͚͛^ŚĂƌĞƐ	ϯϱ͕ϵϳϳ͕ϳϳϰ	ϯϱ͕ϵϳϳ͕ϳϳϰ	Ϭ͘ϭ	ϯϲ	Ϭ͘ϭ	ϯϲ

dŚĞŝƌĞĐƚŽƌƐĂůůŽĐĂƚĞƚŚĞĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŽĨƚŚĞŽŵƉĂŶLJďĞƚǁĞĞŶƚŚĞKƌĚŝŶĂƌLJ^ŚĂƌĞƐĂŶĚ͚͛^ŚĂƌĞƐƐƵĐŚ ƚŚĂƚĞĂĐŚƐŚĂƌĞĐůĂƐƐŚĂƐƐƵĨĨŝĐŝĞŶƚŶĞƚĂƐƐĞƚƐƚŽƌĞƉƌĞƐĞŶƚŝƚƐĚŝǀŝĚĞŶĚĂŶĚƌĞƚƵƌŶŽĨĐĂƉŝƚĂůƌŝŐŚƚƐĂƐĚĞƐĐƌŝďĞĚŝŶ EŽƚĞϭϰ͘

ƐƚŚĞŽŵƉĂŶLJŚĂƐŶŽƚŝƐƐƵĞĚĂŶLJĐŽŶǀĞƌƚŝďůĞƐŚĂƌĞƐŽƌƐŚĂƌĞŽƉƚŝŽŶƐ͕ƚŚĞƌĞŝƐŶŽĚŝůƵƚŝǀĞĞĨĨĞĐƚŽŶŶĞƚĂƐƐĞƚ ǀĂůƵĞƉĞƌKƌĚŝŶĂƌLJ^ŚĂƌĞŽƌƉĞƌ͚͛^ŚĂƌĞ͘dŚĞŶĞƚĂƐƐĞƚǀĂůƵĞƉĞƌƐŚĂƌĞĚŝƐĐůŽƐĞĚƚŚĞƌĞĨŽƌĞƌĞƉƌĞƐĞŶƚƐďŽƚŚƚŚĞ ďĂƐŝĐĂŶĚĚŝůƵƚĞĚŶĞƚĂƐƐĞƚǀĂůƵĞƉĞƌKƌĚŝŶĂƌLJ^ŚĂƌĞĂŶĚƉĞƌ͚͛^ŚĂƌĞ͘

ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ

ϭϳ͘ ZĞĐŽŶĐŝůŝĂƚŝŽŶŽĨƌĞƚƵƌŶŽŶŽƌĚŝŶĂƌLJĂĐƚŝǀŝƚŝĞƐďĞĨŽƌĞƚĂdžĂƚŝŽŶƚŽŶĞƚĐĂƐŚĨůŽǁĨƌŽŵŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ

	ϮϬϭϳ ά͛ϬϬϬ	ϮϬϭϲ ά͛ϬϬϬ
WƌŽĨŝƚĨŽƌƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌ	ϳϬϯ	ϭ͕ϮϰϬ
'ĂŝŶƐŽŶŝŶǀĞƐƚŵĞŶƚƐ	;ϭ͕ϬϯϴͿ	;ϯϳϲͿ
;/ŶĐƌĞĂƐĞͿͬĞĐƌĞĂƐĞŝŶĚĞďƚŽƌƐ	;ϮϳͿ	;ϳϵͿ
/ŶĐƌĞĂƐĞͬ;ĚĞĐƌĞĂƐĞͿŝŶĐƌĞĚŝƚŽƌƐ	;ϴϲͿ	;ϭͿ
EĞƚĐĂƐŚŝŶĨůŽǁͬ;ŽƵƚĨůŽǁͿĨƌŽŵŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ	;ϰϰϴͿ	ϳϴϰ

ϭϴ͘ &ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ

dŚĞŽŵƉĂŶLJŚĞůĚƚŚĞĨŽůůŽǁŝŶŐĐĂƚĞŐŽƌŝĞƐŽĨĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂƚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ͗

		ϮϬϭϳ		ϮϬϭϲ
	ŽƐƚ	sĂůƵĞ	ŽƐƚ	sĂůƵĞ
	ά͛ϬϬϬ	ά͛ϬϬϬ	ά͛ϬϬϬ	ά͛ϬϬϬ
ƐƐĞƚƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐ	ϭϱ͕ϴϴϲ	ϯϭ͕ϯϵϬ	ϭϲ͕ϰϳϱ	ϯϬ͕ϵϰϭ
KƚŚĞƌĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ	ϮϯϬ	ϮϯϬ	ϭϭϭ	ϭϭϭ
ĂƐŚĂƚďĂŶŬ	ϭϮϵ	ϭϮϵ	ϲ	ϲ
KƚŚĞƌůŽĂŶƐ	;ϰ͕ϰϮϲͿ	;ϰ͕ϰϮϲͿ	;ϯ͕ϮϲϮͿ	;ϯ͕ϮϲϮͿ
dŽƚĂů	ϭϭ͕ϴϭϵ	Ϯϳ͕ϯϮϯ	ϭϯ͕ϯϯϬ	Ϯϳ͕ϳϵϲ

dŚĞŽŵƉĂŶLJ͛ƐĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĐŽŵƉƌŝƐĞŝŶǀĞƐƚŵĞŶƚƐŚĞůĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚĂŶĚůŽƐƐ͕ďĞŝŶŐĞƋƵŝƚLJ ĂŶĚůŽĂŶƐƚŽĐŬŝŶǀĞƐƚŵĞŶƚƐŝŶƵŶƋƵŽƚĞĚĐŽŵƉĂŶŝĞƐ͕ůŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐĐŽŶƐŝƐƚŝŶŐŽĨƐŚŽƌƚƚĞƌŵĚĞďƚŽƌƐ͕ĐĂƐŚ ĚĞƉŽƐŝƚƐĂŶĚ ĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐďĞŝŶŐĐƌĞĚŝƚŽƌƐĂƌŝƐŝŶŐ ĨƌŽŵŝƚƐŽƉĞƌĂƚŝŽŶƐ͘dŚĞŵĂŝŶƉƵƌƉŽƐĞŽĨƚŚĞƐĞ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ŝƐ ƚŽ ŐĞŶĞƌĂƚĞ ĐĂƐŚĨůŽǁ ĂŶĚ ƌĞǀĞŶƵĞ ĂŶĚ ĐĂƉŝƚĂů ĂƉƉƌĞĐŝĂƚŝŽŶ ĨŽƌ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŽƉĞƌĂƚŝŽŶƐ͘ dŚĞ ŽŵƉĂŶLJŚĂƐŶŽŐĞĂƌŝŶŐŽƌŽƚŚĞƌĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĂƉĂƌƚĨƌŽŵƐŚŽƌƚĂŶĚůŽŶŐƚĞƌŵĐƌĞĚŝƚŽƌƐĂŶĚĚŽĞƐŶŽƚƵƐĞĂŶLJ ĚĞƌŝǀĂƚŝǀĞƐ͘

dŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ŝŶǀĞƐƚŵĞŶƚƐ ŝƐ ĚĞƚĞƌŵŝŶĞĚ ƵƐŝŶŐ ƚŚĞ ĚĞƚĂŝůĞĚ ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐLJ ĂƐ ƐŚŽǁŶ ŝŶ EŽƚĞ Ϯ͘ dŚĞ ĐŽŵƉŽƐŝƚŝŽŶŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚƐŝƐƐĞƚŽƵƚŝŶEŽƚĞϭϬ͘

ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐĂŶĚŽƚŚĞƌĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ͕ĂƐƐĞƚŽƵƚŝŶƚŚĞĂůĂŶĐĞ^ŚĞĞƚ͕ĂƌĞƐƚĂƚĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚ ǁŚŝĐŚƚŚĞŝƌĞĐƚŽƌƐĐŽŶƐŝĚĞƌŝƐĞƋƵŝǀĂůĞŶƚƚŽĨĂŝƌǀĂůƵĞ͘

dŚĞ ŽŵƉĂŶLJ͛Ɛ ŝŶǀĞƐƚŵĞŶƚ ĂĐƚŝǀŝƚŝĞƐ ĞdžƉŽƐĞ ƚŚĞ ŽŵƉĂŶLJ ƚŽ Ă ŶƵŵďĞƌ ŽĨ ƌŝƐŬƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐĂŶĚƚŚĞƐĞĐƚŽƌƐŝŶǁŚŝĐŚƚŚĞŽŵƉĂŶLJŝŶǀĞƐƚƐ͘dŚĞƉƌŝŶĐŝƉĂůĨŝŶĂŶĐŝĂůƌŝƐŬƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞŽŵƉĂŶLJ͛Ɛ ŽƉĞƌĂƚŝŽŶƐĂƌĞ͗

• x DĂƌŬĞƚƌŝƐŬƐ͖
• x ƌĞĚŝƚƌŝƐŬ͖ĂŶĚ
• x >ŝƋƵŝĚŝƚLJƌŝƐŬ͘

dŚĞŽĂƌĚƌĞŐƵůĂƌůLJƌĞǀŝĞǁƐƚŚĞƐĞƌŝƐŬƐĂŶĚƚŚĞƉŽůŝĐŝĞƐŝŶƉůĂĐĞĨŽƌŵĂŶĂŐŝŶŐƚŚĞŵ͘dŚĞƌĞŚĂǀĞďĞĞŶŶŽƐŝŐŶŝĨŝĐĂŶƚ ĐŚĂŶŐĞƐƚŽƚŚĞŶĂƚƵƌĞŽĨƚŚĞƌŝƐŬƐƚŚĂƚƚŚĞŽŵƉĂŶLJǁĂƐĞdžƉĞĐƚĞĚƚŽďĞĞdžƉŽƐĞĚƚŽŽǀĞƌƚŚĞLJĞĂƌĂŶĚƚŚĞƌĞŚĂǀĞ ĂůƐŽďĞĞŶŶŽƐŝŐŶŝĨŝĐĂŶƚĐŚĂŶŐĞƐƚŽƚŚĞƉŽůŝĐŝĞƐĨŽƌŵĂŶĂŐŝŶŐƚŚŽƐĞƌŝƐŬƐĚƵƌŝŶŐƚŚĞLJĞĂƌ͘

dŚĞƌŝƐŬŵĂŶĂŐĞŵĞŶƚƉŽůŝĐŝĞƐƵƐĞĚďLJƚŚĞŽŵƉĂŶLJŝŶƌĞƐƉĞĐƚŽĨƚŚĞƉƌŝŶĐŝƉĂůĨŝŶĂŶĐŝĂůƌŝƐŬƐĂŶĚĂƌĞǀŝĞǁŽĨƚŚĞ ĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŚĞůĚĂƚƚŚĞLJĞĂƌĞŶĚĂƌĞƉƌŽǀŝĚĞĚŽǀĞƌůĞĂĨ͘

ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ

ϭϴ͘ &ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ;ĐŽŶƚŝŶƵĞĚͿ

DĂƌŬĞƚƌŝƐŬƐ

ƐĂsd͕ƚŚĞŽŵƉĂŶLJŝƐĞdžƉŽƐĞĚƚŽŝŶǀĞƐƚŵĞŶƚƌŝƐŬƐŝŶƚŚĞĨŽƌŵŽĨƉŽƚĞŶƚŝĂůůŽƐƐĞƐĂŶĚŐĂŝŶƐƚŚĂƚŵĂLJĂƌŝƐĞŽŶ ƚŚĞŝŶǀĞƐƚŵĞŶƚƐŝƚŚŽůĚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŝƚƐŝŶǀĞƐƚŵĞŶƚƉŽůŝĐLJ͘dŚĞŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞƐĞŝŶǀĞƐƚŵĞŶƚƌŝƐŬƐŝƐĂ ĨƵŶĚĂŵĞŶƚĂůƉĂƌƚŽĨŝŶǀĞƐƚŵĞŶƚĂĐƚŝǀŝƚŝĞƐƵŶĚĞƌƚĂŬĞŶďLJƚŚĞ/ŶǀĞƐƚŵĞŶƚĚǀŝƐĞƌĂŶĚŽǀĞƌƐĞĞŶďLJƚŚĞŽĂƌĚ͘dŚĞ ĚǀŝƐĞƌŵŽŶŝƚŽƌƐŝŶǀĞƐƚŵĞŶƚƐƚŚƌŽƵŐŚƌĞŐƵůĂƌĐŽŶƚĂĐƚǁŝƚŚŵĂŶĂŐĞŵĞŶƚŽĨŝŶǀĞƐƚĞĞĐŽŵƉĂŶŝĞƐ͕ƌĞŐƵůĂƌƌĞǀŝĞǁŽĨ ŵĂŶĂŐĞŵĞŶƚĂĐĐŽƵŶƚƐĂŶĚŽƚŚĞƌĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶĂŶĚĂƚƚĞŶĚĂŶĐĞĂƚŝŶǀĞƐƚĞĞĐŽŵƉĂŶLJďŽĂƌĚŵĞĞƚŝŶŐƐ͘dŚŝƐ ĞŶĂďůĞƐ ƚŚĞĚǀŝƐĞƌ ƚŽŵĂŶĂŐĞ ƚŚĞŝŶǀĞƐƚŵĞŶƚƌŝƐŬŝŶƌĞƐƉĞĐƚŽĨŝŶĚŝǀŝĚƵĂůŝŶǀĞƐƚŵĞŶƚƐ͘/ŶǀĞƐƚŵĞŶƚƌŝƐŬŝƐĂůƐŽ ŵŝƚŝŐĂƚĞĚďLJŚŽůĚŝŶŐĂĚŝǀĞƌƐŝĨŝĞĚƉŽƌƚĨŽůŝŽƐƉƌĞĂĚĂĐƌŽƐƐǀĂƌŝŽƵƐďƵƐŝŶĞƐƐƐĞĐƚŽƌƐĂŶĚĂƐƐĞƚĐůĂƐƐĞƐ͘

dŚĞŬĞLJŝŶǀĞƐƚŵĞŶƚƌŝƐŬƐƚŽǁŚŝĐŚƚŚĞŽŵƉĂŶLJŝƐĞdžƉŽƐĞĚĂƌĞ͗

• x /ŶǀĞƐƚŵĞŶƚƉƌŝĐĞƌŝƐŬ͖ĂŶĚ
• x /ŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬ

/ŶǀĞƐƚŵĞŶƚƉƌŝĐĞƌŝƐŬ

dŚĞŽŵƉĂŶLJ͛ƐŝŶǀĞƐƚŵĞŶƚƐǁŚŝĐŚĐŽŵƉƌŝƐĞďŽƚŚĞƋƵŝƚLJĂŶĚĚĞďƚĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŝŶƵŶƋƵŽƚĞĚŝŶǀĞƐƚŵĞŶƚƐ ĂƌĞĂůůŝŶƌĞŶĞǁĂďůĞĞŶĞƌŐLJƉƌŽũĞĐƚƐǁŝƚŚƉƌĞĚĞƚĞƌŵŝŶĞĚĞdžƉĞĐƚĞĚƌĞƚƵƌŶƐ͘ŽŶƐĞƋƵĞŶƚůLJ͕ƚŚĞŝŶǀĞƐƚŵĞŶƚƉƌŝĐĞ ƌŝƐŬĂƌŝƐĞƐĨƌŽŵƵŶĐĞƌƚĂŝŶƚLJĂďŽƵƚƚŚĞĨƵƚƵƌĞƉƌŝĐĞƐĂŶĚǀĂůƵĂƚŝŽŶƐŽĨĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŚĞůĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ ƚŚĞŽŵƉĂŶLJ͛ƐŝŶǀĞƐƚŵĞŶƚŽďũĞĐƚŝǀĞƐǁŚŝĐŚĐĂŶďĞŝŶĨůƵĞŶĐĞĚďLJŵĂŶLJŵĂĐƌŽĨĂĐƚŽƌƐƐƵĐŚĂƐĐŚĂŶŐĞƐŝŶŝŶƚĞƌĞƐƚ ƌĂƚĞƐ͕ĞůĞĐƚƌŝĐŝƚLJƉŽǁĞƌƉƌŝĐĞƐĂŶĚŵŽǀĞŵĞŶƚƐŝŶŝŶĨůĂƚŝŽŶ͘/ƚƌĞƉƌĞƐĞŶƚƐƚŚĞƉŽƚĞŶƚŝĂůůŽƐƐƚŚĂƚƚŚĞŽŵƉĂŶLJŵŝŐŚƚ ƐƵĨĨĞƌƚŚƌŽƵŐŚĐŚĂŶŐĞƐŝŶƚŚĞĨĂŝƌǀĂůƵĞŽĨƵŶƋƵŽƚĞĚŝŶǀĞƐƚŵĞŶƚƐƚŚĂƚŝƚŚŽůĚƐ͘

ƚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ͕ƚŚĞƵŶƋƵŽƚĞĚƉŽƌƚĨŽůŝŽǁĂƐǀĂůƵĞĚĂƚάϯϭ͕ϯϵϬ͕ϬϬϬ;ϮϬϭϲ͗άϯϬ͕ϵϰϭ͕ϬϬϬͿ͘dŚĞŬĞLJŝŶƉƵƚƐƚŽ ƚŚĞǀĂůƵĂƚŝŽŶŵŽĚĞůƐĂƌĞĞůĞĐƚƌŝĐŝƚLJƉŽǁĞƌƉƌŝĐĞƐ͕ŝŶĨůĂƚŝŽŶĂŶĚĚŝƐĐŽƵŶƚĨĂĐƚŽƌƐ͘dŚĞŽĂƌĚĐŽŶƐŝĚĞƌƐƚŚĂƚƚŚĞŵŽƐƚ ƐŝŐŶŝĨŝĐĂŶƚ ŽĨ ƚŚĞƐĞ ŝƐ ĚŝƐĐŽƵŶƚ ĨĂĐƚŽƌƐ ĂŶĚ ŝŶĨůĂƚŝŽŶ͕ ĂŶĚ ŚĂƐ ƵŶĚĞƌƚĂŬĞŶ ƐŽŵĞ ƐĞŶƐŝƚŝǀŝƚLJ ĂŶĂůLJƐŝƐ ŝŶƚŽ ƚŚĞ ŵŽǀĞŵĞŶƚŽĨƚŚĞƐĞ͘

dŚĞĂŶĂůLJƐŝƐďĞůŽǁŝƐƉƌŽǀŝĚĞĚƚŽŝůůƵƐƚƌĂƚĞƚŚĞƐĞŶƐŝƚŝǀŝƚLJŽĨƚŚĞĨĂŝƌǀĂůƵĞŽĨŝŶǀĞƐƚŵĞŶƚƐƚŽĂŶŝŶĚŝǀŝĚƵĂůŝŶƉƵƚ͕ ǁŚŝůĞĂůůŽƚŚĞƌǀĂƌŝĂďůĞƐƌĞŵĂŝŶĐŽŶƐƚĂŶƚ͘dŚĞŽĂƌĚĐŽŶƐŝĚĞƌƐƚŚĞƐĞĐŚĂŶŐĞƐŝŶŝŶƉƵƚƐƚŽďĞǁŝƚŚŝŶƌĞĂƐŽŶĂďůĞ ĞdžƉĞĐƚĞĚƌĂŶŐĞƐ͘dŚŝƐŝƐŶŽƚŝŶƚĞŶĚĞĚƚŽŝŵƉůLJƚŚĞůŝŬĞůŝŚŽŽĚŽĨĐŚĂŶŐĞŽƌƚŚĂƚƉŽƐƐŝďůĞĐŚĂŶŐĞƐŝŶǀĂůƵĞǁŽƵůĚďĞ ƌĞƐƚƌŝĐƚĞĚƚŽƚŚŝƐƌĂŶŐĞ͘dŚĞƉŽƐƐŝďůĞĞĨĨĞĐƚƐĂƌĞƋƵĂŶƚŝĨŝĞĚďĞůŽǁ͗

/ŶƉƵƚ	ĂƐĞĐĂƐĞ	ŚĂŶŐĞŝŶŝŶƉƵƚ	ŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞ ŽĨŝŶǀĞƐƚŵĞŶƚƐ ά͛ϬϬϬ	ŚĂŶŐĞŝŶEsƉĞƌ ƐŚĂƌĞ ƉĞŶĐĞ
ŝƐĐŽƵŶƚƌĂƚĞ	ϲ͘ϱйʹϳ͘Ϯϱй	нϬ͘ϱй ͲϬ͘ϱй	;ϭ͕ϴϳϬͿ ϭ͕ϵϴϱ	;ϳ͘ϵͿ ϴ͘ϰ
/ŶĨůĂƚŝŽŶ	ϯ͘Ϭйʹϯ͘Ϯй	ͲϬ͘ϱй нϬ͘ϱй	;Ϯ͕ϭϰϮͿ Ϯ͕ϭϳϮ	;ϵ͘ϭͿ ϵ͘Ϯ

WŽǁĞƌƉƌŝĐĞƐ

dŚĞŽĂƌĚŚĂƐĐŽŶƐŝĚĞƌĞĚƚŚĞƉŽƚĞŶƚŝĂůŝŵƉĂĐƚŽĨĐŚĂŶŐĞƐŝŶƉŽǁĞƌƉƌŝĐĞƐŝŶƚŚĞĨƵƚƵƌĞĂŶĚŚĂǀĞĐŽŶĐůƵĚĞĚƚŚĂŶ ƚŚĞŝŵƉĂĐƚŽĨĂŶLJĨŽƌĞƐĞĞĂďůĞŝŶĐƌĞĂƐĞƐŽƌĚĞĐƌĞĂƐĞƐǁŝůůŶŽƚďĞƐŝŐŶŝĨŝĐĂŶƚƚŽƚŚĞǀĂůƵĂƚŝŽŶŽĨƚŚĞƉŽƌƚĨŽůŝŽĂƐĂ ƐƵďƐƚĂŶƚŝĂůƉƌŽƉŽƌƚŝŽŶŽĨƚŚĞƚŽƚĂůŝŶĐŽŵĞŐĞŶĞƌĂƚĞĚďLJƚŚĞƉŽƌƚĨŽůŝŽŝƐĚĞƌŝǀĞĚĨƌŽŵ&ĞĞĚŝŶdĂƌŝĨĨƐĂŶĚZĞŶĞǁĂďůĞ KďůŝŐĂƚŝŽŶĞƌƚŝĨŝĐĂƚĞƐ͘

ƐƐĞƚůŝĨĞ

dŚĞŽĂƌĚŚĂƐĂůƐŽĐŽŶƐŝĚĞƌĞĚƚŚĞƉŽƚĞŶƚŝĂůŝŵƉĂĐƚŽĨĐŚĂŶŐĞƐƚŽƚŚĞĂŶƚŝĐŝƉĂƚĞĚůŝǀĞƐŽĨĂƐƐĞƚƐŝŶƚŚĞƉŽƌƚĨŽůŝŽ͘ ůŽƐĞ ƚŽ ŶŝŶĞƚLJ ƉĞƌĐĞŶƚ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ǀĂůƵĞ ŝƐ ŝŶ ĂƐƐĞƚƐ ƌĞĨŝŶĂŶĐĞĚ ďLJ ĚĞďƚ͕ ĂŶĚ ƵŶĚĞƌ ƚŚĞ ĚĞďƚ ĨĂĐŝůŝƚLJ ĂŐƌĞĞŵĞŶƚƐ͕ƐƵďƐƚĂŶƚŝĂůƌĞƐĞƌǀĞƐĂƌĞŝŶƉůĂĐĞĨŽƌƌĞŶĞǁŝŶŐŬĞLJĞƋƵŝƉŵĞŶƚĂƐĂŶĚǁŚĞŶƌĞƋƵŝƌĞĚ͘&ƵƌƚŚĞƌŵŽƌĞ͕ ƚŚĞƵŶĚĞƌůLJŝŶŐĂƐƐĞƚƐŚĂǀĞůĞĂƐĞƐƚŚĂƚĂƌĞǀĂůŝĚĨŽƌƚŚĞůŝĨĞƚŝŵĞŽĨƚŚĞŽŵƉĂŶLJĂŶĚĐĂŶŶŽƚďĞƚĞƌŵŝŶĂƚĞĚĞĂƌůLJ͘ ĐĐŽƌĚŝŶŐůLJƚŚĞŽĂƌĚĚŽĞƐŶŽƚĐŽŶƐŝĚĞƌƚŚĂƚƚŚĞƌĞǁŝůůďĞĂŶLJƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚƚŽŝŶǀĞƐƚŵĞŶƚǀĂůƵĂƚŝŽŶƐĂƐĂ ƌĞƐƵůƚŽĨĂƐƐĞƚůŝǀĞƐǀĂƌLJŝŶŐĨƌŽŵƚŚŽƐĞĐƵƌƌĞŶƚůLJĂŶƚŝĐŝƉĂƚĞĚ͘

ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ

ϭϴ͘ &ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ;ĐŽŶƚŝŶƵĞĚͿ

/ŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬ

dŚĞŽŵƉĂŶLJĂĐĐĞƉƚƐĞdžƉŽƐƵƌĞƚŽŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬŽŶĨůŽĂƚŝŶŐͲƌĂƚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐƚŚƌŽƵŐŚƚŚĞĞĨĨĞĐƚŽĨĐŚĂŶŐĞƐ ŝŶƉƌĞǀĂŝůŝŶŐŝŶƚĞƌĞƐƚƌĂƚĞƐ͘dŚĞŽŵƉĂŶLJƌĞĐĞŝǀĞƐŝŶƚĞƌĞƐƚŽŶŝƚƐĐĂƐŚĚĞƉŽƐŝƚƐĂƚĂƌĂƚĞĂŐƌĞĞĚǁŝƚŚŝƚƐďĂŶŬĞƌƐ͘ tŚĞƌĞŝŶǀĞƐƚŵĞŶƚƐŝŶůŽĂŶƐƚŽĐŬĂƚƚƌĂĐƚŝŶƚĞƌĞƐƚ͕ƚŚŝƐŝƐƉƌĞĚŽŵŝŶĂƚĞůLJĐŚĂƌŐĞĚĂƚĨŝdžĞĚƌĂƚĞƐ͘ƐƵŵŵĂƌLJŽĨƚŚĞ ŝŶƚĞƌĞƐƚƌĂƚĞƉƌŽĨŝůĞŽĨƚŚĞŽŵƉĂŶLJ͛ƐŝŶǀĞƐƚŵĞŶƚƐŝƐƐŚŽǁŶďĞůŽǁ͘

dŚĞƌĞĂƌĞƚŚƌĞĞĐĂƚĞŐŽƌŝĞƐŝŶƌĞƐƉĞĐƚŽĨŝŶƚĞƌĞƐƚǁŚŝĐŚĂƌĞĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŚĞůĚďLJƚŚĞ ŽŵƉĂŶLJĂƐĨŽůůŽǁƐ͗

• x ͞&ŝdžĞĚ ƌĂƚĞ͟ĂƐƐĞƚƐ ƌĞƉƌĞƐĞŶƚŝŶǀĞƐƚŵĞŶƚƐǁŝƚŚƉƌĞĚĞƚĞƌŵŝŶĞĚLJŝĞůĚ ƚĂƌŐĞƚƐĂŶĚĐŽŵƉƌŝƐĞĐĞƌƚĂŝŶůŽĂŶŶŽƚĞ ŝŶǀĞƐƚŵĞŶƚƐĂŶĚƉƌĞĨĞƌĞŶĐĞƐŚĂƌĞƐ͖
• x ͞&ůŽĂƚŝŶŐƌĂƚĞ͟ĂƐƐĞƚƐƉƌĞĚŽŵŝŶĂŶƚůLJďĞĂƌŝŶƚĞƌĞƐƚĂƚƌĂƚĞƐůŝŶŬĞĚƚŽdŚĞĂŶŬŽĨŶŐůĂŶĚďĂƐĞƌĂƚĞŽƌ>/KZ ĂŶĚĐŽŵƉƌŝƐĞĐĂƐŚĂƚďĂŶŬ͖ĂŶĚ
• x ͞EŽ ŝŶƚĞƌĞƐƚ ƌĂƚĞ͟ ĂƐƐĞƚƐ ĚŽ ŶŽƚ ĂƚƚƌĂĐƚ ŝŶƚĞƌĞƐƚ ĂŶĚ ĐŽŵƉƌŝƐĞ ĞƋƵŝƚLJ ŝŶǀĞƐƚŵĞŶƚƐ͕ ĐĞƌƚĂŝŶ ůŽĂŶ ŶŽƚĞ ŝŶǀĞƐƚŵĞŶƚƐ͕ůŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐĂŶĚŽƚŚĞƌĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ͘

	ǀĞƌĂŐĞ ŝŶƚĞƌĞƐƚƌĂƚĞ	ǀĞƌĂŐĞƉĞƌŝŽĚ ƵŶƚŝůŵĂƚƵƌŝƚLJ	ϮϬϭϳ ά͛ϬϬϬ	ϮϬϭϲ ά͛ϬϬϬ
&ŝdžĞĚƌĂƚĞ	ϴ͘Ϯй	ϭ͕ϴϭϬĚĂLJƐ	Ϯ͕Ϯϯϭ	Ϯ͕Ϯϱϱ
&ůŽĂƚŝŶŐƌĂƚĞ	Ϭй		ϭϮϵ	ϲ
EŽŝŶƚĞƌĞƐƚƌĂƚĞ			Ϯϰ͕ϵϲϭ	Ϯϱ͕ϱϯϱ
			Ϯϳ͕ϯϮϭ	Ϯϳ͕ϳϵϲ

dŚĞŽŵƉĂŶLJŵŽŶŝƚŽƌƐƚŚĞůĞǀĞůŽĨŝŶĐŽŵĞƌĞĐĞŝǀĞĚĨƌŽŵĨŝdžĞĚĂŶĚĨůŽĂƚŝŶŐƌĂƚĞĂƐƐĞƚƐĂŶĚ͕ŝĨĂƉƉƌŽƉƌŝĂƚĞ͕ŵĂLJ ŵĂŬĞ ĂĚũƵƐƚŵĞŶƚƐ ƚŽ ƚŚĞ ĂůůŽĐĂƚŝŽŶ ďĞƚǁĞĞŶ ƚŚĞ ĐĂƚĞŐŽƌŝĞƐ͕ ŝŶ ƉĂƌƚŝĐƵůĂƌ͕ ƐŚŽƵůĚ ƚŚŝƐ ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ĞŶƐƵƌĞ ĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞsdƌĞŐƵůĂƚŝŽŶƐ͘

/ƚŝƐĞƐƚŝŵĂƚĞĚƚŚĂƚĂŶŝŶĐƌĞĂƐĞŽĨϭйŝŶŝŶƚĞƌĞƐƚƌĂƚĞƐǁŽƵůĚŚĂǀĞŝŶĐƌĞĂƐĞĚƉƌŽĨŝƚďĞĨŽƌĞƚĂdžĨŽƌƚŚĞLJĞĂƌďLJάϲϭ͘ dŚĞĂŶŬŽĨŶŐůĂŶĚďĂƐĞƌĂƚĞŝŶĐƌĞĂƐĞĚĨƌŽŵϬ͘ϮϱйƉĞƌĂŶŶƵŵƚŽϬ͘ϱйƉĞƌĂŶŶƵŵŽŶϮEŽǀĞŵďĞƌϮϬϭϳ͘ŶLJ ƉŽƚĞŶƚŝĂůĐŚĂŶŐĞŝŶƚŚĞďĂƐĞƌĂƚĞ͕ĂƚƚŚĞĐƵƌƌĞŶƚůĞǀĞů͕ǁŽƵůĚŚĂǀĞĂŶŝŵŵĂƚĞƌŝĂůŝŵƉĂĐƚŽŶƚŚĞŶĞƚĂƐƐĞƚƐĂŶĚƚŽƚĂů ƌĞƚƵƌŶŽĨƚŚĞŽŵƉĂŶLJ͘

ƌĞĚŝƚƌŝƐŬ

ƌĞĚŝƚƌŝƐŬŝƐ ƚŚĞƌŝƐŬ ƚŚĂƚĂĐŽƵŶƚĞƌƉĂƌƚLJ ƚŽĂ ĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚŝƐƵŶĂďůĞ ƚŽĚŝƐĐŚĂƌŐĞĂĐŽŵŵŝƚŵĞŶƚ ƚŽ ƚŚĞ ŽŵƉĂŶLJŵĂĚĞƵŶĚĞƌƚŚĂƚŝŶƐƚƌƵŵĞŶƚ͘dŚĞŽŵƉĂŶLJŝƐĞdžƉŽƐĞĚƚŽĐƌĞĚŝƚƌŝƐŬƚŚƌŽƵŐŚŝƚƐŚŽůĚŝŶŐƐŽĨůŽĂŶƐƚŽĐŬŝŶ ŝŶǀĞƐƚĞĞĐŽŵƉĂŶŝĞƐ͕ĐĂƐŚĚĞƉŽƐŝƚƐĂŶĚĚĞďƚŽƌƐ͘ƌĞĚŝƚƌŝƐŬƌĞůĂƚŝŶŐƚŽůŽĂŶƐƚŽĐŬŝŶǀĞƐƚĞĞĐŽŵƉĂŶŝĞƐŝƐĐŽŶƐŝĚĞƌĞĚ ƚŽďĞƉĂƌƚŽĨŵĂƌŬĞƚƌŝƐŬ͘

dŚĞŽŵƉĂŶLJ͛ƐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐƚŚĂƚĂƌĞĞdžƉŽƐĞĚƚŽĐƌĞĚŝƚƌŝƐŬĂƌĞƐƵŵŵĂƌŝƐĞĚĂƐĨŽůůŽǁƐ͗

	ϮϬϭϳ ά͛ϬϬϬ	ϮϬϭϲ ά͛ϬϬϬ
/ŶǀĞƐƚŵĞŶƚƐŝŶůŽĂŶƐƚŽĐŬƐ	ϱ͕ϮϬϯ	ϱ͕ϲϰϭ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ	ϭϮϵ	ϲ
/ŶƚĞƌĞƐƚ͕ĚŝǀŝĚĞŶĚƐĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ	ϯϬϭ	ϰϭϲ
	ϱ͕ϲϯϯ	ϲ͕Ϭϲϯ

ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ

ϭϴ͘ &ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ;ĐŽŶƚŝŶƵĞĚͿ

ƌĞĚŝƚƌŝƐŬ;ĐŽŶƚŝŶƵĞĚͿ

dŚĞĚǀŝƐĞƌŵĂŶĂŐĞƐĐƌĞĚŝƚƌŝƐŬŝŶƌĞƐƉĞĐƚŽĨůŽĂŶƐƚŽĐŬǁŝƚŚĂƐŝŵŝůĂƌĂƉƉƌŽĂĐŚĂƐĚĞƐĐƌŝďĞĚƵŶĚĞƌ͞DĂƌŬĞƚƌŝƐŬƐ͟ ĂďŽǀĞ͘^ŝŵŝůĂƌůLJ͕ƚŚĞŵĂŶĂŐĞŵĞŶƚŽĨĐƌĞĚŝƚƌŝƐŬĂƐƐŽĐŝĂƚĞĚǁŝƚŚŝŶƚĞƌĞƐƚ͕ĚŝǀŝĚĞŶĚƐĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐŝƐĐŽǀĞƌĞĚ ǁŝƚŚŝŶ ƚŚĞ ŝŶǀĞƐƚŵĞŶƚ ĂĚǀŝƐŽƌLJ ƉƌŽĐĞĚƵƌĞƐ͘ dŚĞ ůĞǀĞů ŽĨ ƐĞĐƵƌŝƚLJ ŝƐ Ă ŬĞLJ ŵĞĂŶƐ ŽĨ ŵĂŶĂŐŝŶŐ ĐƌĞĚŝƚ ƌŝƐŬ͘ ĚĚŝƚŝŽŶĂůůLJ͕ƚŚĞƌŝƐŬŝƐŵŝƚŝŐĂƚĞĚďLJƚŚĞƐĞĐƵƌŝƚLJŽĨƚŚĞĂƐƐĞƚƐŝŶƚŚĞƵŶĚĞƌůLJŝŶŐŝŶǀĞƐƚĞĞĐŽŵƉĂŶŝĞƐ͘

ĂƐŚŝƐŚĞůĚďLJƚŚĞZŽLJĂůĂŶŬŽĨ^ĐŽƚůĂŶĚƉůĐǁŚŝĐŚŝƐĂŶͲƌĂƚĞĚĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶĂŶĚĂůƐŽƵůƚŝŵĂƚĞůLJƉĂƌƚͲ ŽǁŶĞĚ ďLJ ƚŚĞh< 'ŽǀĞƌŶŵĞŶƚ͘ ŽŶƐĞƋƵĞŶƚůLJ͕ ƚŚĞ ŝƌĞĐƚŽƌƐ ĐŽŶƐŝĚĞƌ ƚŚĂƚ ƚŚĞ ĐƌĞĚŝƚ ƌŝƐŬ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ĐĂƐŚ ĚĞƉŽƐŝƚƐŝƐůŽǁ͘

dŚĞƌĞŚĂǀĞďĞĞŶŶŽĐŚĂŶŐĞƐŝŶĨĂŝƌǀĂůƵĞĚƵƌŝŶŐƚŚĞLJĞĂƌƚŚĂƚŝƐĚŝƌĞĐƚůLJĂƚƚƌŝďƵƚĂďůĞƚŽĐŚĂŶŐĞƐŝŶĐƌĞĚŝƚƌŝƐŬ͘ŶLJ ďĂůĂŶĐĞƐƚŚĂƚĂƌĞƉĂƐƚĚƵĞĂƌĞĚŝƐĐůŽƐĞĚĨƵƌƚŚĞƌƵŶĚĞƌůŝƋƵŝĚŝƚLJƌŝƐŬ͘

dŚĞƌĞŚĂǀĞďĞĞŶŶŽůŽĂŶƐĨŽƌǁŚŝĐŚƚŚĞƚĞƌŵƐŚĂǀĞďĞĞŶƌĞŶĞŐŽƚŝĂƚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ͘

>ŝƋƵŝĚŝƚLJƌŝƐŬ

ŝƋƵŝĚŝƚLJƌŝƐŬŝƐƚŚĞƌŝƐŬƚŚĂƚƚŚĞŽŵƉĂŶLJĞŶĐŽƵŶƚĞƌƐĚŝĨĨŝĐƵůƚŝĞƐŝŶŵĞĞƚŝŶŐŽďůŝŐĂƚŝŽŶƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚŝƚƐĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐ͘>ŝƋƵŝĚŝƚLJƌŝƐŬŵĂLJĂůƐŽĂƌŝƐĞĨƌŽŵĞŝƚŚĞƌƚŚĞŝŶĂďŝůŝƚLJƚŽƐĞůůĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐǁŚĞŶƌĞƋƵŝƌĞĚĂƚƚŚĞŝƌ ĨĂŝƌǀĂůƵĞƐŽƌĨƌŽŵƚŚĞŝŶĂďŝůŝƚLJƚŽŐĞŶĞƌĂƚĞĐĂƐŚŝŶĨůŽǁƐĂƐƌĞƋƵŝƌĞĚ͘ƐƚŚĞŽŵƉĂŶLJŚĂƐĂƌĞůĂƚŝǀĞůLJůŽǁůĞǀĞůŽĨ ĐƌĞĚŝƚŽƌƐďĞŝŶŐάϳϭ͕ϬϬϬ;ϮϬϭϲ͗άϭϱϳ͕ϬϬϬͿĂŶĚŚĂƐůŽŶŐƚĞƌŵůŽĂŶƐĨƌŽŵŝŶǀĞƐƚĞĞĐŽŵƉĂŶŝĞƐ;ƐĞĞEŽƚĞϭϯĨŽƌĂŶ ĂŶĂůLJƐŝƐŽĨ ƚŚĞ ƌĞƉĂLJŵĞŶƚ ƚĞƌŵƐͿ͕ǁŚŝĐŚĂƌĞĞdžƉĞĐƚĞĚ ƚŽďĞ ƌĞƉĂŝĚďLJ ĨƵƚƵƌĞĚŝǀŝĚĞŶĚƐ ĨƌŽŵ ƚŚĞƐĞĐŽŵƉĂŶŝĞƐ͕ ďĞŝŶŐάϰ͕ϰϮϲ͕ϬϬϬ;ϮϬϭϲ͗άϯ͕ϮϲϮ͕ϬϬϬͿ͕ƚŚĞŽĂƌĚďĞůŝĞǀĞƐƚŚĂƚƚŚĞŽŵƉĂŶLJ͛ƐĞdžƉŽƐƵƌĞƚŽůŝƋƵŝĚŝƚLJƌŝƐŬŝƐůŽǁ͘dŚĞ ŽŵƉĂŶLJĂůǁĂLJƐŚŽůĚƐƐƵĨĨŝĐŝĞŶƚůĞǀĞůƐŽĨĨƵŶĚƐĂƐĐĂƐŚŝŶŽƌĚĞƌƚŽŵĞĞƚĞdžƉĞŶƐĞƐĂŶĚŽƚŚĞƌĐĂƐŚŽƵƚĨůŽǁƐĂƐƚŚĞLJ ĂƌŝƐĞ͘&ŽƌƚŚĞƐĞƌĞĂƐŽŶƐƚŚĞŽĂƌĚďĞůŝĞǀĞƐƚŚĂƚƚŚĞŽŵƉĂŶLJ͛ƐĞdžƉŽƐƵƌĞƚŽůŝƋƵŝĚŝƚLJƌŝƐŬŝƐŵŝŶŝŵĂů͘

dŚĞŽŵƉĂŶLJ͛ƐůŝƋƵŝĚŝƚLJƌŝƐŬŝƐŵĂŶĂŐĞĚďLJƚŚĞ/ŶǀĞƐƚŵĞŶƚĚǀŝƐĞƌŝŶůŝŶĞǁŝƚŚŐƵŝĚĂŶĐĞĂŐƌĞĞĚǁŝƚŚƚŚĞŽĂƌĚ ĂŶĚŝƐƌĞǀŝĞǁĞĚďLJƚŚĞŽĂƌĚĂƚƌĞŐƵůĂƌŝŶƚĞƌǀĂůƐ͘

ůƚŚŽƵŐŚƚŚĞŽŵƉĂŶLJ͛ƐŝŶǀĞƐƚŵĞŶƚƐĂƌĞŶŽƚŚĞůĚƚŽŵĞĞƚƚŚĞŽŵƉĂŶLJ͛ƐůŝƋƵŝĚŝƚLJƌĞƋƵŝƌĞŵĞŶƚƐ͕ƚŚĞƚĂďůĞďĞůŽǁ ƐŚŽǁƐĂŶĂŶĂůLJƐŝƐŽĨƚŚĞĂƐƐĞƚƐ͕ŚŝŐŚůŝŐŚƚŝŶŐƚŚĞůĞŶŐƚŚŽĨƚŝŵĞƚŚĂƚŝƚĐŽƵůĚƚĂŬĞƚŚĞŽŵƉĂŶLJƚŽƌĞĂůŝƐĞŝƚƐĂƐƐĞƚƐ ŝĨŝƚǁĞƌĞƌĞƋƵŝƌĞĚƚŽĚŽƐŽ͘

dŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨůŽĂŶƐƚŽĐŬŝŶǀĞƐƚŵĞŶƚƐŚĞůĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƚŚĞƉƌŽĨŝƚĂŶĚůŽƐƐĂĐĐŽƵŶƚĂƚϯϬ^ĞƉƚĞŵďĞƌ ϮϬϭϳĂƐĂŶĂůLJƐĞĚďLJƚŚĞĞdžƉĞĐƚĞĚŵĂƚƵƌŝƚLJĚĂƚĞŝƐĂƐĨŽůůŽǁƐ͗

ƐĂƚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϳ	EŽƚůĂƚĞƌ ƚŚĂŶ ϭLJĞĂƌ ά͛ϬϬϬ	ĞƚǁĞĞŶ ϭĂŶĚ ϮLJĞĂƌƐ ά͛ϬϬϬ	ĞƚǁĞĞŶ ϮĂŶĚ ϯLJĞĂƌƐ ά͛ϬϬϬ	ĞƚǁĞĞŶ ϯĂŶĚ ϱLJĞĂƌƐ ά͛ϬϬϬ	DŽƌĞ ƚŚĂŶ ϱLJĞĂƌƐ ά͛ϬϬϬ	dŽƚĂů ά͛ϬϬϬ
&ƵůůLJƉĞƌĨŽƌŵŝŶŐůŽĂŶƐƚŽĐŬ	ϯ͕ϲϰϲ	Ͳ	Ͳ	ϰϱϬ	ϱϱϭ	ϰ͕ϲϰϳ
WĂƐƚĚƵĞůŽĂŶƐƚŽĐŬ	ϱϱϲ	Ͳ	Ͳ	Ͳ	Ͳ	ϱϱϲ
	ϰ͕ϮϬϮ	Ͳ	Ͳ	ϰϱϬ	ϱϱϭ	ϱ͕ϮϬϯ

KĨƚŚĞůŽĂŶƐƚŽĐŬĐůĂƐƐŝĨŝĞĚĂƐ͞ƉĂƐƚĚƵĞ͟ĂďŽǀĞ͕άϱϱϲ͕ϬϬϬƌĞůĂƚĞĚƚŽƚŚĞůŽĂŶŶŽƚĞƐǁŚĞƌĞƚŚĞƉƌŝŶĐŝƉĂůĂŵŽƵŶƚ ǁĂƐůĞƐƐƚŚĂŶŽŶĞLJĞĂƌƉĂƐƚĚƵĞ͘dŚĞŝƌĞĐƚŽƌƐĚŽŶŽƚĐŽŶƐŝĚĞƌƚŚĂƚƚŚĞůŽĂŶŶŽƚĞŝƚƐĞůĨŚĂƐďĞĞŶŝŵƉĂŝƌĞĚ͘

ƐĂƚϯϬ^ĞƉƚĞŵďĞƌϮϬϭϲ	EŽƚůĂƚĞƌ	ĞƚǁĞĞŶ	ĞƚǁĞĞŶ	ĞƚǁĞĞŶ	DŽƌĞ
	ƚŚĂŶ	ϭĂŶĚ	ϮĂŶĚ	ϯĂŶĚ	ƚŚĂŶ
	ϭLJĞĂƌ	ϮLJĞĂƌƐ	ϯLJĞĂƌƐ	ϱLJĞĂƌƐ	ϱLJĞĂƌƐ	dŽƚĂů
	ά͛ϬϬϬ	ά͛ϬϬϬ	ά͛ϬϬϬ	ά͛ϬϬϬ	ά͛ϬϬϬ	ά͛ϬϬϬ
&ƵůůLJƉĞƌĨŽƌŵŝŶŐůŽĂŶƐƚŽĐŬ	ϭ͕ϰϰϮ	ϯ͕ϭϲϭ	Ͳ	ϰϱϬ	ϱϴϴ	ϱ͕ϲϰϭ
WĂƐƚĚƵĞůŽĂŶƐƚŽĐŬ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ
	ϭ͕ϰϰϮ	ϯ͕ϭϲϭ	Ͳ	ϰϱϬ	ϱϴϴ	ϱ͕ϲϰϭ

NOTES TO THE ACCOUNTS (continued)

for the year ended 30 September 2017

19. Capital management

The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern, so that it can continue to provide returns for Shareholders and to provide an adequate return to Shareholders by allocating its capital to assets commensurately with the level of risk.

By its nature, the Company has an amount of capital, at least 70% (as measured under the tax legislation) of which is and must be, and remain, invested in the relatively high risk asset class of small UK companies within three years of that capital being subscribed. The Company accordingly has limited scope to manage its capital structure in the light of changes in economic conditions and the risk characteristics of the underlying assets. Subject to this overall constraint upon changing the capital structure, the Company may adjust the amount of dividends paid to Shareholders, return capital to Shareholders, issue new shares, or sell assets if so required to maintain a level of liquidity to remain a going concern.

As the Investment Policy implies, the Board would consider levels of gearing. As at 30 September 2017 the Company had loans from investee companies of £4,426,000 (2016: £3,262,000). It regards the net assets of the Company as the Company's capital, as the level of liabilities are small and the management of them is not directly related to managing the return to Shareholders. There has been no change in this approach from the previous period.

20. Contingencies, guarantees and financial commitments

At 30 September 2017, the Company had no contingencies, guarantees or financial commitments.

21. Controlling party and related party transactions

In the opinion of the Directors there is no immediate or ultimate controlling party.

22. Events after the end of the reporting period

At the General Meeting of Hazel 2 Shareholders, at 10:45am on 7 November 2017, held at 6th Floor, St. Magnus House, 3 Lower Thames Street, London EC3R 6HD, Hazel 2 Shareholders voted unanimously in favour of the proposals for the reorganisation of Hazel 2, as detailed in the letter to Shareholders dated 17 October 2017. Adoption of the proposals by the Company was conditional on Hazel 2 obtaining shareholder approval for the proposals, such that the two companies could continue to operate closely together under a joint Investment Advisory Agreement.

The particulars of the proposals are set out below:

• Gresham House Asset Management Limited ("GHAM"), a wholly owned subsidiary of Gresham House plc, was appointed as the Investment Adviser;
• the investment advisory fee percentage is reduced from 2.0% of net assets per annum to 1.4% for the first year, followed by a further reduction to 1.15% thereafter;
• there will be an absolute cap on the fees charged to investee companies by the Investment Adviser:
• performance incentive arrangements will remain unchanged:
• the annual running costs cap will be reduced from 3.5% of net assets to 3.0% of net assets per annum;
• the buyback policy will be revised such that shares in the market will be repurchased at a discount of 2% to the latest published NAV. The previous policy set a discount of 5%.
• the notice period in respect of the agreement with the Investment Adviser will be reduced from 12 months to 9 months and Shareholder approval will no longer be required to initiate the notice period. The revised notice period cannot be activated within two years of the commencement date of the new Investment Advisory Agreement.

In addition to the above, the following changes, as also detailed in the letter to Shareholders dated 17 October 2017, were agreed by the Board:

• The fees payable to Downing LLP have increased from £35,000 to £40,000 per annum, with effect from 7 November 2017;
• The annual fees payable to the Chairman have increased from £20,000 to £25,000;
• The annual fees payable to the other Non-executive Directors have increased from £15,000 to £20,000.

The above particulars are applicable to both Hazel 1 and Hazel 2.

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• Ϯ͘ dŽĂƉƉƌŽǀĞƚŚĞŝƌĞĐƚŽƌƐ͛ZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚ͘
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Ɛ^ƉĞĐŝĂůƵƐŝŶĞƐƐ͕ƚŽĐŽŶƐŝĚĞƌĂŶĚ͕ŝĨƚŚŽƵŐŚƚĨŝƚ͕ƉĂƐƐƚŚĞĨŽůůŽǁŝŶŐƌĞƐŽůƵƚŝŽŶƐ͗

^ƉĞĐŝĂůZĞƐŽůƵƚŝŽŶ

ϱ͘ dŽĂƉƉƌŽǀĞƚŚĞĂŵĞŶĚŵĞŶƚŽĨƚŚĞƌƚŝĐůĞƐŽĨƐƐŽĐŝĂƚŝŽŶďLJǁĂLJŽĨƚŚĞĂĚĚŝƚŝŽŶŽĨƚŚĞĨŽůůŽǁŝŶŐǁŽƌĚŝŶŐƚŽƚŚĞ ĚĞĨŝŶŝƚŝŽŶŽĨ͞'ƌŽƵƉ͗͟͞ŽƌĂŶLJĐŽŵƉĂŶLJŝŶǁŚŝĐŚƚŚĞĐŽŵƉĂŶLJŚĂƐĂƐŚĂƌĞŚŽůĚŝŶŐ͘͟

KƌĚŝŶĂƌLJZĞƐŽůƵƚŝŽŶ

ϲ͘ dŚĂƚ͕ŝŶƐƵďƐƚŝƚƵƚŝŽŶĨŽƌĂůůƐƵďƐŝƐƚŝŶŐĂƵƚŚŽƌŝƚŝĞƐƚŽƚŚĞĞdžƚĞŶƚƵŶƵƐĞĚ͕ƚŚĞŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJďĞĂŶĚĂƌĞ ŚĞƌĞďLJŐĞŶĞƌĂůůLJĂŶĚƵŶĐŽŶĚŝƚŝŽŶĂůůLJĂƵƚŚŽƌŝƐĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƐĞĐƚŝŽŶϱϱϭŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚϮϬϬϲ;ƚŚĞ ΗĐƚΗͿ͕ƚŽĞdžĞƌĐŝƐĞĂůůƚŚĞƉŽǁĞƌƐŽĨƚŚĞŽŵƉĂŶLJƚŽĂůůŽƚƐŚĂƌĞƐŝŶƚŚĞŽŵƉĂŶLJĂŶĚƚŽŐƌĂŶƚƌŝŐŚƚƐƚŽƐƵďƐĐƌŝďĞ ĨŽƌŽƌƚŽĐŽŶǀĞƌƚĂŶLJƐĞĐƵƌŝƚLJŝŶƚŽƐŚĂƌĞƐŝŶƚŚĞŽŵƉĂŶLJ;ΗZŝŐŚƚƐΗͿƵƉƚŽĂŶĂŐŐƌĞŐĂƚĞŶŽŵŝŶĂůĂŵŽƵŶƚŽĨάϮϬ͕ϬϬϬ͕ ĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚĐŽŵŵĞŶĐŝŶŐŽŶƚŚĞƉĂƐƐŝŶŐŽĨƚŚŝƐƌĞƐŽůƵƚŝŽŶĂŶĚĞdžƉŝƌŝŶŐŽŶƚŚĞĨŝĨƚŚĂŶŶŝǀĞƌƐĂƌLJŽĨƚŚĞĚĂƚĞ ŽĨ ƚŚĞ ƉĂƐƐŝŶŐ ŽĨ ƚŚŝƐ ƌĞƐŽůƵƚŝŽŶ ;ƵŶůĞƐƐ ƉƌĞǀŝŽƵƐůLJ ƌĞǀŽŬĞĚ͕ ǀĂƌŝĞĚ͕ ƌĞŶĞǁĞĚ Žƌ ĞdžƚĞŶĚĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ ŝŶ ŐĞŶĞƌĂůŵĞĞƚŝŶŐͿ͕ďƵƚƐŽƚŚĂƚƚŚŝƐĂƵƚŚŽƌŝƚLJƐŚĂůůĂůůŽǁƚŚĞŽŵƉĂŶLJƚŽŵĂŬĞďĞĨŽƌĞƚŚĞĞdžƉŝƌLJŽĨƚŚŝƐĂƵƚŚŽƌŝƚLJ ŽĨĨĞƌƐŽƌĂŐƌĞĞŵĞŶƚƐǁŚŝĐŚǁŽƵůĚŽƌŵŝŐŚƚƌĞƋƵŝƌĞƐŚĂƌĞƐƚŽďĞĂůůŽƚƚĞĚŽƌZŝŐŚƚƐƚŽďĞŐƌĂŶƚĞĚĂĨƚĞƌƐƵĐŚĞdžƉŝƌLJ ĂŶĚƚŚĞŝƌĞĐƚŽƌƐƐŚĂůůďĞĞŶƚŝƚůĞĚƚŽĂůůŽƚƐŚĂƌĞƐŽƌŐƌĂŶƚZŝŐŚƚƐƉƵƌƐƵĂŶƚƚŽĂŶLJƐƵĐŚŽĨĨĞƌƐŽƌĂŐƌĞĞŵĞŶƚƐĂƐŝĨ ƚŚĞƉŽǁĞƌĐŽŶĨĞƌƌĞĚďLJƚŚŝƐƌĞƐŽůƵƚŝŽŶŚĂĚŶŽƚĞdžƉŝƌĞĚ͘

^ƉĞĐŝĂůZĞƐŽůƵƚŝŽŶ

ϳ͘ dŚĂƚ͕ƐƵďũĞĐƚƚŽƚŚĞƉĂƐƐŝŶŐŽĨƌĞƐŽůƵƚŝŽŶϲƐĞƚŽƵƚŝŶƚŚĞŶŽƚŝĐĞŽĨƚŚŝƐŵĞĞƚŝŶŐĂŶĚŝŶƐƵďƐƚŝƚƵƚŝŽŶĨŽƌĂůůƐƵďƐŝƐƚŝŶŐ ĂƵƚŚŽƌŝƚŝĞƐƚŽƚŚĞĞdžƚĞŶƚƵŶƵƐĞĚ͕ƚŚĞŝƌĞĐƚŽƌƐďĞĂŶĚĂƌĞŚĞƌĞďLJĞŵƉŽǁĞƌĞĚ͕ƉƵƌƐƵĂŶƚƚŽƐĞĐƚŝŽŶƐϱϳϬĂŶĚϱϳϯ ŽĨƚŚĞĐƚ͕ƚŽĂůůŽƚĞƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐ;ĂƐĚĞĨŝŶĞĚŝŶƐĞĐƚŝŽŶϱϲϬŽĨƚŚĞĐƚͿĨŽƌĐĂƐŚƉƵƌƐƵĂŶƚƚŽƚŚĞĂƵƚŚŽƌŝƚLJŐŝǀĞŶ ƉƵƌƐƵĂŶƚƚŽƌĞƐŽůƵƚŝŽŶϲƐĞƚŽƵƚŝŶƚŚĞŶŽƚŝĐĞŽĨƚŚŝƐŵĞĞƚŝŶŐ͕ŽƌďLJƚŚĞǁĂLJŽĨĂƐĂůĞŽĨƚƌĞĂƐƵƌLJƐŚĂƌĞƐ͕ĂƐŝĨƐĞĐƚŝŽŶ ϱϲϭ;ϭͿŽĨ ƚŚĞĐƚĚŝĚŶŽƚĂƉƉůLJ ƚŽĂŶLJƐƵĐŚƐĂůĞŽƌĂůůŽƚŵĞŶƚ͕ƉƌŽǀŝĚĞĚ ƚŚĂƚ ƚŚŝƐƉŽǁĞƌƐŚĂůůďĞůŝŵŝƚĞĚ ƚŽ ƚŚĞ ĂůůŽƚŵĞŶƚŽĨĞƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐƵƉƚŽĂŶĂŐŐƌĞŐĂƚĞŶŽŵŝŶĂůĂŵŽƵŶƚƌĞƉƌĞƐĞŶƚŝŶŐϯϬƉĞƌĐĞŶƚŽĨƚŚĞŝƐƐƵĞĚƐŚĂƌĞ ĐĂƉŝƚĂůŽĨƚŚĞŽŵƉĂŶLJ;ĞdžĐůƵĚŝŶŐƚƌĞĂƐƵƌLJƐŚĂƌĞƐĨƌŽŵƚŝŵĞƚŽƚŝŵĞͿǁŚŝĐŚŵĂLJďĞĂƚĂĚŝƐĐŽƵŶƚƚŽEsĂŶĚŝŶ ĞĂĐŚĐĂƐĞǁŚĞƌĞƐƵĐŚƉƌŽĐĞĞĚƐŽĨŝƐƐƵĞŵĂLJďĞƵƐĞĚƚŽƉƵƌĐŚĂƐĞƐŚĂƌĞƐŝŶƚŚĞŽŵƉĂŶLJĂŶĚƚŚĞƉŽǁĞƌĐŽŶĨĞƌƌĞĚ ďLJƚŚŝƐƌĞƐŽůƵƚŝŽŶƐŚĂůůĞdžƉŝƌĞŽŶƚŚĞĚĂƚĞĨĂůůŝŶŐϭϱŵŽŶƚŚƐĂĨƚĞƌƚŚĞĚĂƚĞŽĨƚŚĞƉĂƐƐŝŶŐŽĨƚŚŝƐƌĞƐŽůƵƚŝŽŶ;ƵŶůĞƐƐ ƉƌĞǀŝŽƵƐůLJ ƌĞǀŽŬĞĚ͕ ǀĂƌŝĞĚ͕ ƌĞŶĞǁĞĚ Žƌ ĞdžƚĞŶĚĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ ŝŶ ŐĞŶĞƌĂů ŵĞĞƚŝŶŐͿ Žƌ͕ ŝĨ ĞĂƌůŝĞƌ͕ Ăƚ ƚŚĞ ĐŽŶĐůƵƐŝŽŶŽĨƚŚĞŶĞdžƚĂŶŶƵĂůŐĞŶĞƌĂůŵĞĞƚŝŶŐ͕ĞdžĐĞƉƚƚŚĂƚƚŚĞŽŵƉĂŶLJŵĂLJ͕ďĞĨŽƌĞƐƵĐŚĞdžƉŝƌLJ͕ŵĂŬĞŽĨĨĞƌƐŽƌ ĂŐƌĞĞŵĞŶƚƐǁŚŝĐŚǁŽƵůĚŽƌŵŝŐŚƚƌĞƋƵŝƌĞĞƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐƚŽďĞĂůůŽƚƚĞĚĂĨƚĞƌƐƵĐŚĞdžƉŝƌLJĂŶĚƚŚĞŝƌĞĐƚŽƌƐƐŚĂůů ďĞĞŶƚŝƚůĞĚƚŽĂůůŽƚĞƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐƉƵƌƐƵĂŶƚƚŽĂŶLJƐƵĐŚŽĨĨĞƌƐŽƌĂŐƌĞĞŵĞŶƚƐĂƐŝĨƚŚĞƉŽǁĞƌĐŽŶĨĞƌƌĞĚďLJƚŚŝƐ ƌĞƐŽůƵƚŝŽŶŚĂĚŶŽƚĞdžƉŝƌĞĚ͘

Special Resolution

• THAT, the Company be and is hereby generally and unconditionally authorised to make market purchases (within 8. the meaning of Section 693(4) of the Companies Act 2006) of Ordinary Shares of 0.1p each ("Ordinary Shares") and 'A' Shares of 0.1p each ("'A' Shares") in the capital of the Company provided that:
• the maximum number of Ordinary Shares hereby authorised to be purchased is 3,522,071 Ordinary Shares $(i)$ and 5,360,688 'A' Shares representing approximately 14.9% of the issued Ordinary Share capital and 14.9% of the issued 'A' Share capital of the Company;
• (ii) the minimum price which may be paid for an Ordinary Share or 'A' Share is 0.1p, exclusive of all expenses;
• (iii) the maximum price which may be paid for an Ordinary Share or 'A' Share is an amount, exclusive of all expenses, equal to 105% of the average of the middle market quotations of the relevant share as derived from the Daily Official List of the London Stock Exchange, for each of the five business days immediately preceding the day on which the share is contracted to be purchased; and
• (iv) the Company may validly make a contract to purchase its own Ordinary Shares or 'A' Shares under the authority hereby conferred prior to the expiry of such authority which will or may be executed wholly or partly after the expiry of such authority, and may validly make a purchase of Ordinary Shares or 'A' Shares in pursuance of any such contract;

and this power, unless previously varied, revoked or renewed, shall come to an end at the conclusion of the Annual General Meeting of the Company next following the passing of this resolution or on the expiry of 15 months from the passing of the resolution, whichever is the earlier.

By order of the Board

Substehace

Grant Whitehouse Company Secretary Registered Office: 6th Floor St. Magnus House 3 Lower Thames Street London EC3R 6HD

9 January 2018

EŽƚĞƐ

• ;ĂͿ ŶLJŵĞŵďĞƌŽĨƚŚĞŽŵƉĂŶLJĞŶƚŝƚůĞĚƚŽĂƚƚĞŶĚĂŶĚǀŽƚĞĂƚƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐŝƐĂůƐŽĞŶƚŝƚůĞĚƚŽĂƉƉŽŝŶƚ ŽŶĞŽƌŵŽƌĞƉƌŽdžŝĞƐƚŽĂƚƚĞŶĚ͕ƐƉĞĂŬĂŶĚǀŽƚĞŝŶƐƚĞĂĚŽĨƚŚĂƚŵĞŵďĞƌ͘ŵĞŵďĞƌŵĂLJĂƉƉŽŝŶƚŵŽƌĞƚŚĂŶŽŶĞƉƌŽdžLJ ŝŶƌĞůĂƚŝŽŶƚŽƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐƉƌŽǀŝĚĞĚƚŚĂƚĞĂĐŚƉƌŽdžLJŝƐĂƉƉŽŝŶƚĞĚƚŽĞdžĞƌĐŝƐĞƚŚĞƌŝŐŚƚƐĂƚƚĂĐŚĞĚƚŽĂ ĚŝĨĨĞƌĞŶƚƐŚĂƌĞŽƌƐŚĂƌĞƐŚĞůĚďLJƚŚĂƚŵĞŵďĞƌ͘ƉƌŽdžLJŵĂLJĚĞŵĂŶĚ͕ŽƌũŽŝŶŝŶĚĞŵĂŶĚŝŶŐ͕ĂƉŽůů͘ƉƌŽdžLJŶĞĞĚŶŽƚ ďĞĂŵĞŵďĞƌŽĨƚŚĞŽŵƉĂŶLJďƵƚŵƵƐƚĂƚƚĞŶĚƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐŝŶŽƌĚĞƌƚŽƌĞƉƌĞƐĞŶƚŚŝƐĂƉƉŽŝŶƚŽƌ͘ ŵĞŵďĞƌĞŶƚŝƚůĞĚƚŽĂƚƚĞŶĚĂŶĚǀŽƚĞĂƚƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐŵĂLJĂƉƉŽŝŶƚƚŚĞŚĂŝƌŵĂŶŽƌĂŶŽƚŚĞƌƉĞƌƐŽŶ ĂƐŚŝƐƉƌŽdžLJĂůƚŚŽƵŐŚƚŚĞŚĂŝƌŵĂŶǁŝůůŶŽƚƐƉĞĂŬĨŽƌƚŚĞŵĞŵďĞƌ͘ŵĞŵďĞƌǁŚŽǁŝƐŚĞƐŚŝƐƉƌŽdžLJƚŽƐƉĞĂŬĨŽƌŚŝŵ ƐŚŽƵůĚĂƉƉŽŝŶƚŚŝƐŽǁŶĐŚŽŝĐĞŽĨƉƌŽdžLJ;ŶŽƚƚŚĞŚĂŝƌŵĂŶͿĂŶĚŐŝǀĞŝŶƐƚƌƵĐƚŝŽŶƐĚŝƌĞĐƚůLJƚŽƚŚĂƚƉĞƌƐŽŶ͘/ĨLJŽƵĂƌĞ ŶŽƚĂŵĞŵďĞƌŽĨƚŚĞŽŵƉĂŶLJďƵƚLJŽƵŚĂǀĞďĞĞŶŶŽŵŝŶĂƚĞĚďLJĂŵĞŵďĞƌŽĨƚŚĞŽŵƉĂŶLJƚŽĞŶũŽLJŝŶĨŽƌŵĂƚŝŽŶ ƌŝŐŚƚƐ͕LJŽƵĚŽŶŽƚŚĂǀĞĂƌŝŐŚƚƚŽĂƉƉŽŝŶƚĂŶLJƉƌŽdžŝĞƐƵŶĚĞƌƚŚĞƉƌŽĐĞĚƵƌĞƐƐĞƚŽƵƚŝŶƚŚĞƐĞEŽƚĞƐ͘WůĞĂƐĞƌĞĂĚEŽƚĞ ;ŚͿďĞůŽǁ͘hŶĚĞƌƐĞĐƚŝŽŶϯϭϵŽĨƚŚĞĐƚ͕ƚŚĞŽŵƉĂŶLJŵƵƐƚĂŶƐǁĞƌĂŶLJƋƵĞƐƚŝŽŶĂŵĞŵďĞƌĂƐŬƐƌĞůĂƚŝŶŐƚŽƚŚĞ ďƵƐŝŶĞƐƐďĞŝŶŐĚĞĂůƚǁŝƚŚĂƚƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐƵŶůĞƐƐ͗
• x ĂŶƐǁĞƌŝŶŐƚŚĞƋƵĞƐƚŝŽŶǁŽƵůĚŝŶƚĞƌĨĞƌĞƵŶĚƵůLJǁŝƚŚƚŚĞƉƌĞƉĂƌĂƚŝŽŶĨŽƌƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐŽƌŝŶǀŽůǀĞ ƚŚĞĚŝƐĐůŽƐƵƌĞŽĨĐŽŶĨŝĚĞŶƚŝĂůŝŶĨŽƌŵĂƚŝŽŶ͖
• x ƚŚĞĂŶƐǁĞƌŚĂƐĂůƌĞĂĚLJďĞĞŶŐŝǀĞŶŽŶĂǁĞďƐŝƚĞŝŶƚŚĞĨŽƌŵŽĨĂŶĂŶƐǁĞƌƚŽĂƋƵĞƐƚŝŽŶ͖Žƌ
• x ŝƚŝƐƵŶĚĞƐŝƌĂďůĞŝŶƚŚĞŝŶƚĞƌĞƐƚƐŽĨƚŚĞŽŵƉĂŶLJŽƌƚŚĞŐŽŽĚŽƌĚĞƌŽĨƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐƚŚĂƚƚŚĞƋƵĞƐƚŝŽŶ ďĞĂŶƐǁĞƌĞĚ͘
• ;ďͿ dŽďĞǀĂůŝĚ͕Ă&ŽƌŵŽĨWƌŽdžLJĂŶĚƚŚĞWŽǁĞƌŽĨƚƚŽƌŶĞLJŽƌŽƚŚĞƌǁƌŝƚƚĞŶĂƵƚŚŽƌŝƚLJ͕ŝĨĂŶLJ͕ƵŶĚĞƌǁŚŝĐŚŝƚŝƐƐŝŐŶĞĚŽƌ ĂŶŽĨĨŝĐĞŽƌŶŽƚĂƌŝĂůůLJĐĞƌƚŝĨŝĞĚĐŽƉLJŽƌĂĐŽƉLJĐĞƌƚŝĨŝĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞWŽǁĞƌƐŽĨƚƚŽƌŶĞLJĐƚϭϵϳϭŽĨƐƵĐŚ ƉŽǁĞƌĂŶĚǁƌŝƚƚĞŶĂƵƚŚŽƌŝƚLJ͕ŵƵƐƚďĞĚĞůŝǀĞƌĞĚƚŽŽǁŶŝŶŐ>>W͕ϲƚŚ&ůŽŽƌ͕^ƚ͘DĂŐŶƵƐ,ŽƵƐĞ͕ϯ>ŽǁĞƌdŚĂŵĞƐ^ƚƌĞĞƚ͕ >ŽŶĚŽŶ ϯZ ϲ, Žƌ ĞůĞĐƚƌŽŶŝĐĂůůLJ Ăƚ ƉƌŽdžLJΛĚŽǁŶŝŶŐ͘ĐŽ͘ƵŬ͕ ŝŶ ĞĂĐŚ ĐĂƐĞ ŶŽƚ ůĞƐƐ ƚŚĂŶ ϰϴ ŚŽƵƌƐ ;ĞdžĐůƵĚŝŶŐ ǁĞĞŬĞŶĚƐĂŶĚƉƵďůŝĐŚŽůŝĚĂLJƐͿďĞĨŽƌĞ ƚŚĞ ƚŝŵĞĂƉƉŽŝŶƚĞĚ ĨŽƌŚŽůĚŝŶŐ ƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐŽƌĂĚũŽƵƌŶĞĚ ŵĞĞƚŝŶŐĂƚǁŚŝĐŚƚŚĞƉĞƌƐŽŶŶĂŵĞĚŝŶƚŚĞ&ŽƌŵŽĨWƌŽdžLJƉƌŽƉŽƐĞƐƚŽǀŽƚĞ͘/ŶƚŚĞĐĂƐĞŽĨĂƉŽůůƚĂŬĞŶŵŽƌĞƚŚĂŶϰϴ ŚŽƵƌƐ;ĞdžĐůƵĚŝŶŐǁĞĞŬĞŶĚƐĂŶĚƉƵďůŝĐŚŽůŝĚĂLJƐͿĂĨƚĞƌŝƚŝƐĚĞŵĂŶĚĞĚ͕ƚŚĞĚŽĐƵŵĞŶƚ;ƐͿŵƵƐƚďĞĚĞůŝǀĞƌĞĚĂƐĂĨŽƌĞƐĂŝĚ ŶŽƚůĞƐƐƚŚĂŶϮϰŚŽƵƌƐ;ĞdžĐůƵĚŝŶŐǁĞĞŬĞŶĚƐĂŶĚƉƵďůŝĐŚŽůŝĚĂLJƐͿďĞĨŽƌĞƚŚĞƚŝŵĞĂƉƉŽŝŶƚĞĚĨŽƌƚĂŬŝŶŐƚŚĞƉŽůů͕Žƌ ǁŚĞƌĞƚŚĞƉŽůůŝƐƚĂŬĞŶŶŽƚŵŽƌĞƚŚĂŶϰϴŚŽƵƌƐ;ĞdžĐůƵĚŝŶŐǁĞĞŬĞŶĚƐĂŶĚƉƵďůŝĐŚŽůŝĚĂLJƐͿĂĨƚĞƌŝƚǁĂƐĚĞŵĂŶĚĞĚ͕ďĞ ĚĞůŝǀĞƌĞĚĂƚƚŚĞŵĞĞƚŝŶŐĂƚǁŚŝĐŚƚŚĞĚĞŵĂŶĚŝƐŵĂĚĞ͘
• ;ĐͿ /Ŷ ŽƌĚĞƌ ƚŽ ƌĞǀŽŬĞ Ă ƉƌŽdžLJ ŝŶƐƚƌƵĐƚŝŽŶ Ă ŵĞŵďĞƌ ǁŝůů ŶĞĞĚ ƚŽ ŝŶĨŽƌŵ ƚŚĞ ŽŵƉĂŶLJ ƵƐŝŶŐ ŽŶĞ ŽĨ ƚŚĞ ĨŽůůŽǁŝŶŐ ŵĞƚŚŽĚƐ͗
• x ďLJƐĞŶĚŝŶŐĂƐŝŐŶĞĚŚĂƌĚĐŽƉLJŶŽƚŝĐĞĐůĞĂƌůLJƐƚĂƚŝŶŐƚŚĞŝŶƚĞŶƚŝŽŶƚŽƌĞǀŽŬĞƚŚĞƉƌŽdžLJĂƉƉŽŝŶƚŵĞŶƚƚŽŽǁŶŝŶŐ >>W͕ϲƚŚ&ůŽŽƌ͕^ƚ͘DĂŐŶƵƐ,ŽƵƐĞ͕ϯ>ŽǁĞƌdŚĂŵĞƐ^ƚƌĞĞƚ͕>ŽŶĚŽŶϯZϲ,͘/ŶƚŚĞĐĂƐĞŽĨĂŵĞŵďĞƌǁŚŝĐŚŝƐĂ ĐŽŵƉĂŶLJ͕ƚŚĞƌĞǀŽĐĂƚŝŽŶŶŽƚŝĐĞŵƵƐƚďĞĞdžĞĐƵƚĞĚƵŶĚĞƌŝƚƐĐŽŵŵŽŶƐĞĂůŽƌƐŝŐŶĞĚŽŶŝƚƐďĞŚĂůĨďLJĂŶŽĨĨŝĐĞƌŽĨ ƚŚĞ ĐŽŵƉĂŶLJŽƌĂŶĂƚƚŽƌŶĞLJ ĨŽƌ ƚŚĞ ĐŽŵƉĂŶLJ͘ŶLJ ƉŽǁĞƌ ŽĨĂƚƚŽƌŶĞLJ ŽƌĂŶLJ ŽƚŚĞƌĂƵƚŚŽƌŝƚLJ ƵŶĚĞƌǁŚŝĐŚ ƚŚĞ ƌĞǀŽĐĂƚŝŽŶ ŶŽƚŝĐĞ ŝƐ ƐŝŐŶĞĚ ;Žƌ Ă ĚƵůLJ ĐĞƌƚŝĨŝĞĚ ĐŽƉLJ ŽĨ ƐƵĐŚ ƉŽǁĞƌ Žƌ ĂƵƚŚŽƌŝƚLJͿ ŵƵƐƚ ďĞ ŝŶĐůƵĚĞĚ ǁŝƚŚ ƚŚĞ ƌĞǀŽĐĂƚŝŽŶŶŽƚŝĐĞ͘
• x ďLJƐĞŶĚŝŶŐĂŶĞͲŵĂŝůƚŽƉƌŽdžLJΛĚŽǁŶŝŶŐ͘ĐŽ͘ƵŬ͘

/ŶĞŝƚŚĞƌĐĂƐĞ͕ƚŚĞƌĞǀŽĐĂƚŝŽŶŶŽƚŝĐĞŵƵƐƚďĞƌĞĐĞŝǀĞĚďLJŽǁŶŝŶŐ>>WďĞĨŽƌĞƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐŽƌƚŚĞ ŚŽůĚŝŶŐŽĨĂƉŽůů ƐƵďƐĞƋƵĞŶƚůLJ ƚŚĞƌĞƚŽ͘/ĨĂŵĞŵďĞƌĂƚƚĞŵƉƚƐ ƚŽ ƌĞǀŽŬĞŚŝƐŽƌŚĞƌƉƌŽdžLJĂƉƉŽŝŶƚŵĞŶƚďƵƚ ƚŚĞ ƌĞǀŽĐĂƚŝŽŶŝƐƌĞĐĞŝǀĞĚĂĨƚĞƌƚŚĞƚŝŵĞƐƉĞĐŝĨŝĞĚƚŚĞŶ͕ƐƵďũĞĐƚƚŽEŽƚĞ;ĚͿĚŝƌĞĐƚůLJďĞůŽǁ͕ƚŚĞƉƌŽdžLJĂƉƉŽŝŶƚŵĞŶƚǁŝůů ƌĞŵĂŝŶǀĂůŝĚ͘

• ;ĚͿ ŽŵƉůĞƚŝŽŶĂŶĚƌĞƚƵƌŶŽĨĂ&ŽƌŵŽĨWƌŽdžLJǁŝůůŶŽƚƉƌĞĐůƵĚĞĂŵĞŵďĞƌŽĨƚŚĞŽŵƉĂŶLJĨƌŽŵĂƚƚĞŶĚŝŶŐĂŶĚǀŽƚŝŶŐŝŶ ƉĞƌƐŽŶ͘/ĨĂŵĞŵďĞƌĂƉƉŽŝŶƚƐĂƉƌŽdžLJĂŶĚƚŚĂƚŵĞŵďĞƌĂƚƚĞŶĚƐƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐŝŶƉĞƌƐŽŶ͕ƚŚĞƉƌŽdžLJ ĂƉƉŽŝŶƚŵĞŶƚǁŝůůĂƵƚŽŵĂƚŝĐĂůůLJďĞƚĞƌŵŝŶĂƚĞĚ͘
• ;ĞͿ ŽƉŝĞƐŽĨƚŚĞŝƌĞĐƚŽƌƐ͛>ĞƚƚĞƌƐŽĨƉƉŽŝŶƚŵĞŶƚĂŶĚƚŚĞZĞŐŝƐƚĞƌŽĨŝƌĞĐƚŽƌƐ͛ŝŶƚĞƌĞƐƚƐŝŶƚŚĞ^ŚĂƌĞƐŽĨƚŚĞŽŵƉĂŶLJ͕ ǁŝůůďĞĂǀĂŝůĂďůĞĨŽƌŝŶƐƉĞĐƚŝŽŶĂƚƚŚĞƌĞŐŝƐƚĞƌĞĚŽĨĨŝĐĞŽĨƚŚĞŽŵƉĂŶLJĚƵƌŝŶŐƵƐƵĂůďƵƐŝŶĞƐƐŚŽƵƌƐŽŶĂŶLJǁĞĞŬĚĂLJ ;ĞdžĐůƵĚŝŶŐǁĞĞŬĞŶĚƐĂŶĚƉƵďůŝĐŚŽůŝĚĂLJƐͿĨƌŽŵƚŚĞĚĂƚĞŽĨƚŚŝƐŶŽƚŝĐĞ͕ƵŶƚŝůƚŚĞĞŶĚŽĨƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐ ĨŽƌĂƚůĞĂƐƚϭϱŵŝŶƵƚĞƐƉƌŝŽƌƚŽĂŶĚĚƵƌŝŶŐƚŚĞŵĞĞƚŝŶŐ͘

• ;ĨͿ WƵƌƐƵĂŶƚƚŽZĞŐƵůĂƚŝŽŶϰϭŽĨƚŚĞhŶĐĞƌƚŝĨŝĐĂƚĞĚ^ĞĐƵƌŝƚŝĞƐZĞŐƵůĂƚŝŽŶƐϮϬϬϭ͕ƚŚĞŽŵƉĂŶLJŚĂƐƐƉĞĐŝĨŝĞĚƚŚĂƚŽŶůLJ ƚŚŽƐĞŚŽůĚĞƌƐŽĨƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƐƌĞŐŝƐƚĞƌĞĚŽŶƚŚĞZĞŐŝƐƚĞƌŽĨDĞŵďĞƌƐŽĨƚŚĞŽŵƉĂŶLJĂƐĂƚϭϭ͗ϬϬĂ͘ŵ͘ŽŶ ϭϵDĂƌĐŚϮϬϭϴŽƌ͕ŝŶƚŚĞĞǀĞŶƚƚŚĂƚƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐŝƐĂĚũŽƵƌŶĞĚ͕ŽŶƚŚĞZĞŐŝƐƚĞƌŽĨDĞŵďĞƌƐϰϴŚŽƵƌƐ ďĞĨŽƌĞƚŚĞƚŝŵĞŽĨĂŶLJĂĚũŽƵƌŶĞĚŵĞĞƚŝŶŐ͕ƐŚĂůůďĞĞŶƚŝƚůĞĚƚŽĂƚƚĞŶĚĂŶĚǀŽƚĞĂƚƚŚĞƐĂŝĚŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƐƵĐŚ ƐŚĂƌĞƐ ƌĞŐŝƐƚĞƌĞĚ ŝŶ ƚŚĞŝƌ ŶĂŵĞ Ăƚ ƚŚĞ ƌĞůĞǀĂŶƚ ƚŝŵĞ͘ ŚĂŶŐĞƐ ƚŽ ĞŶƚƌŝĞƐ ŽŶ ƚŚĞ ZĞŐŝƐƚĞƌ ŽĨ DĞŵďĞƌƐĂĨƚĞƌϭϭ͗ϬϬĂ͘ŵ͘ŽŶϭϵDĂƌĐŚϮϬϭϴŽƌ͕ŝŶƚŚĞĞǀĞŶƚƚŚĂƚƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐŝƐĂĚũŽƵƌŶĞĚ͕ŽŶƚŚĞ ZĞŐŝƐƚĞƌ ŽĨ DĞŵďĞƌƐ ůĞƐƐ ƚŚĂŶ ϰϴ ŚŽƵƌƐ ďĞĨŽƌĞ ƚŚĞ ƚŝŵĞ ŽĨ ĂŶLJ ĂĚũŽƵƌŶĞĚ ŵĞĞƚŝŶŐ͕ ƐŚĂůů ďĞ ĚŝƐƌĞŐĂƌĚĞĚ ŝŶ ĚĞƚĞƌŵŝŶŝŶŐƚŚĞƌŝŐŚƚŽĨĂŶLJƉĞƌƐŽŶƚŽĂƚƚĞŶĚĂŶĚǀŽƚĞĂƚƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐ͘

• ;ŐͿ ƐĂƚϵ͗ϬϬĂ͘ŵ͘ŽŶϵ:ĂŶƵĂƌLJϮϬϭϴ͕ƚŚĞŽŵƉĂŶLJ͛ƐŝƐƐƵĞĚƐŚĂƌĞĐĂƉŝƚĂůĐŽŵƉƌŝƐĞĚϮϯ͕ϲϯϴ͕ϬϱϴKƌĚŝŶĂƌLJ^ŚĂƌĞƐĂŶĚ ϯϱ͕ϵϳϳ͕ϳϳϰ ͚͛ ^ŚĂƌĞƐ ĂŶĚ ƚŚĞ ƚŽƚĂů ŶƵŵďĞƌ ŽĨ ǀŽƚŝŶŐ ƌŝŐŚƚƐ ŝŶƚŚĞ ŽŵƉĂŶLJ ǁĞƌĞ Ϯϯ͕ϲϳϰ͕Ϭϯϱ͕ϳϳϰ͘ /ŶĨŽƌŵĂƚŝŽŶ ƌĞŐĂƌĚŝŶŐƚŚĞŶƵŵďĞƌŽĨƐŚĂƌĞƐĂŶĚǀŽƚŝŶŐƌŝŐŚƚƐŵĂLJďĞŽďƚĂŝŶĞĚĨƌŽŵŽǁŶŝŶŐ͛ƐǁĞďƐŝƚĞ͕ǁǁǁ͘ĚŽǁŶŝŶŐ͘ĐŽ͘ƵŬ͘

• ;ŚͿ /ĨLJŽƵĂƌĞĂƉĞƌƐŽŶǁŚŽŚĂƐďĞĞŶŶŽŵŝŶĂƚĞĚƵŶĚĞƌƐĞĐƚŝŽŶϭϰϲŽĨƚŚĞĐƚƚŽĞŶũŽLJŝŶĨŽƌŵĂƚŝŽŶƌŝŐŚƚƐ;͞EŽŵŝŶĂƚĞĚ WĞƌƐŽŶ͟Ϳ͗
• x zŽƵŵĂLJŚĂǀĞĂƌŝŐŚƚƵŶĚĞƌĂŶĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶLJŽƵĂŶĚƚŚĞŵĞŵďĞƌŽĨƚŚĞŽŵƉĂŶLJǁŚŽŚĂƐŶŽŵŝŶĂƚĞĚLJŽƵ ƚŽŚĂǀĞŝŶĨŽƌŵĂƚŝŽŶƌŝŐŚƚƐ;͞ZĞůĞǀĂŶƚDĞŵďĞƌ͟ͿƚŽďĞĂƉƉŽŝŶƚĞĚŽƌƚŽŚĂǀĞƐŽŵĞŽŶĞĞůƐĞĂƉƉŽŝŶƚĞĚĂƐĂƉƌŽdžLJ ĨŽƌƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐ͖
• x /ĨLJŽƵĞŝƚŚĞƌĚŽŶŽƚŚĂǀĞƐƵĐŚĂƌŝŐŚƚŽƌŝĨLJŽƵŚĂǀĞƐƵĐŚĂƌŝŐŚƚďƵƚĚŽŶŽƚǁŝƐŚƚŽĞdžĞƌĐŝƐĞŝƚ͕LJŽƵŵĂLJŚĂǀĞĂƌŝŐŚƚ ƵŶĚĞƌĂŶĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶLJŽƵĂŶĚƚŚĞZĞůĞǀĂŶƚDĞŵďĞƌƚŽŐŝǀĞŝŶƐƚƌƵĐƚŝŽŶƐƚŽƚŚĞZĞůĞǀĂŶƚDĞŵďĞƌĂƐƚŽ ƚŚĞĞdžĞƌĐŝƐĞŽĨǀŽƚŝŶŐƌŝŐŚƚƐ͖ĂŶĚ
• x zŽƵƌŵĂŝŶƉŽŝŶƚŽĨĐŽŶƚĂĐƚŝŶƚĞƌŵƐŽĨLJŽƵƌŝŶǀĞƐƚŵĞŶƚŝŶƚŚĞŽŵƉĂŶLJƌĞŵĂŝŶƐƚŚĞZĞůĞǀĂŶƚDĞŵďĞƌ;Žƌ͕ƉĞƌŚĂƉƐ LJŽƵƌĐƵƐƚŽĚŝĂŶŽƌďƌŽŬĞƌͿĂŶĚLJŽƵƐŚŽƵůĚĐŽŶƚŝŶƵĞƚŽĐŽŶƚĂĐƚƚŚĞŵ;ĂŶĚŶŽƚƚŚĞŽŵƉĂŶLJͿƌĞŐĂƌĚŝŶŐĂŶLJĐŚĂŶŐĞƐ Žƌ ƋƵĞƌŝĞƐ ƌĞůĂƚŝŶŐ ƚŽ LJŽƵƌ ƉĞƌƐŽŶĂů ĚĞƚĂŝůƐ ĂŶĚ LJŽƵƌ ŝŶƚĞƌĞƐƚ ŝŶ ƚŚĞ ŽŵƉĂŶLJ ;ŝŶĐůƵĚŝŶŐ ĂŶLJ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ŵĂƚƚĞƌƐͿ͘dŚĞŽŶůLJĞdžĐĞƉƚŝŽŶƚŽƚŚŝƐŝƐǁŚĞƌĞƚŚĞŽŵƉĂŶLJĞdžƉƌĞƐƐůLJƌĞƋƵĞƐƚƐĂƌĞƐƉŽŶƐĞĨƌŽŵLJŽƵ͘
• ;ŝͿ ĐŽƌƉŽƌĂƚŝŽŶǁŚŝĐŚ ŝƐĂŵĞŵďĞƌ ĐĂŶĂƉƉŽŝŶƚ ŽŶĞ ŽƌŵŽƌĞ ĐŽƌƉŽƌĂƚĞ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐǁŚŽŵĂLJĞdžĞƌĐŝƐĞ͕ ŽŶ ŝƚƐ ďĞŚĂůĨ͕ĂůůŝƚƐƉŽǁĞƌƐĂƐĂŵĞŵďĞƌƉƌŽǀŝĚĞĚƚŚĂƚŶŽŵŽƌĞƚŚĂŶŽŶĞĐŽƌƉŽƌĂƚĞƌĞƉƌĞƐĞŶƚĂƚŝǀĞĞdžĞƌĐŝƐĞƐƉŽǁĞƌƐŽǀĞƌ ƚŚĞƐĂŵĞƐŚĂƌĞ͘
• ;ũͿ ǀŽƚĞǁŝƚŚŚĞůĚŝƐŶŽƚĂǀŽƚĞŝŶůĂǁ͕ǁŚŝĐŚŵĞĂŶƐƚŚĂƚƚŚĞǀŽƚĞǁŝůůŶŽƚďĞĐŽƵŶƚĞĚŝŶƚŚĞĐĂůĐƵůĂƚŝŽŶŽĨǀŽƚĞƐĨŽƌŽƌ ĂŐĂŝŶƐƚ ƚŚĞ ƌĞƐŽůƵƚŝŽŶ͘ /Ĩ ŶŽ ǀŽƚŝŶŐ ŝŶĚŝĐĂƚŝŽŶ ŝƐ ŐŝǀĞŶ͕ ƚŚĞ ƉƌŽdžLJ ǁŝůů ǀŽƚĞ Žƌ ĂďƐƚĂŝŶ ĨƌŽŵ ǀŽƚŝŶŐ Ăƚ ŚŝƐ Žƌ ŚĞƌ ĚŝƐĐƌĞƚŝŽŶ͘dŚĞƉƌŽdžLJǁŝůůǀŽƚĞ;ŽƌĂďƐƚĂŝŶĨƌŽŵǀŽƚŝŶŐͿĂƐŚĞŽƌƐŚĞƚŚŝŶŬƐĨŝƚŝŶƌĞůĂƚŝŽŶƚŽĂŶLJŽƚŚĞƌŵĂƚƚĞƌǁŚŝĐŚŝƐ ƉƵƚďĞĨŽƌĞƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐ͘
• ;ŬͿ džĐĞƉƚĂƐƉƌŽǀŝĚĞĚĂďŽǀĞ͕ŵĞŵďĞƌƐǁŚŽŚĂǀĞŐĞŶĞƌĂůƋƵĞƌŝĞƐĂďŽƵƚƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐƐŚŽƵůĚǁƌŝƚĞƚŽ ƚŚĞŚĂŝƌŵĂŶĂƚƚŚĞƌĞŐŝƐƚĞƌĞĚŽĨĨŝĐĞƐĞƚŽƵƚĂďŽǀĞ͘
• ;ůͿ DĞŵďĞƌƐŵĂLJ ŶŽƚ ƵƐĞ ĂŶLJĞůĞĐƚƌŽŶŝĐ ĂĚĚƌĞƐƐ ƉƌŽǀŝĚĞĚĞŝƚŚĞƌ ŝŶ ƚŚŝƐ ŶŽƚŝĐĞ ŽĨ ŶŶƵĂů 'ĞŶĞƌĂůDĞĞƚŝŶŐ͕ Žƌ ĂŶLJ ƌĞůĂƚĞĚĚŽĐƵŵĞŶƚƐ;ŝŶĐůƵĚŝŶŐƚŚĞŚĂŝƌŵĂŶ͛ƐůĞƚƚĞƌĂŶĚ&ŽƌŵŽĨWƌŽdžLJͿ͕ƚŽĐŽŵŵƵŶŝĐĂƚĞǁŝƚŚƚŚĞŽŵƉĂŶLJĨŽƌĂŶLJ ƉƵƌƉŽƐĞƐŽƚŚĞƌƚŚĂŶƚŚŽƐĞĞdžƉƌĞƐƐůLJƐƚĂƚĞĚ͘

,>ZEt>EZ'zsdϭW> &KZDK&WZKyz

&ŽƌƵƐĞĂƚƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐŽĨƚŚĞĂďŽǀĞŶĂŵĞĚŽŵƉĂŶLJƚŽďĞŚĞůĚĂƚϲƚŚ&ůŽŽƌ͕^ƚ͘DĂŐŶƵƐ,ŽƵƐĞ͕ϯ>ŽǁĞƌ dŚĂŵĞƐ^ƚƌĞĞƚ͕>ŽŶĚŽŶϯZϲ,Ăƚϭϭ͗ϬϬĂ͘ŵ͘ŽŶϮϭDĂƌĐŚϮϬϭϴ͘

/ͬtĞΎ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘;ŝŶ>K ^ƉůĞĂƐĞͿ
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ŽĨ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ďĞŝŶŐ ƚŚĞŚŽůĚĞƌ;ƐͿΎŽĨKƌĚŝŶĂƌLJ^ŚĂƌĞƐŽĨϬ͘ϭƉĞĂĐŚͬ^ŚĂƌĞƐŽĨϬ͘ϭƉĞĂĐŚŝŶ ƚŚĞĂďŽǀĞͲŶĂŵĞĚŽŵƉĂŶLJ͕ŚĞƌĞďLJ ĂƉƉŽŝŶƚƚŚĞŚĂŝƌŵĂŶŽĨƚŚĞŵĞĞƚŝŶŐ;ƐĞĞEŽƚĞϭͿ

Žƌ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘

ŽĨ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ĂƐŵLJͬŽƵƌΎƉƌŽdžLJƚŽĂƚƚĞŶĚĨŽƌŵĞͬƵƐΎŽŶŵLJͬŽƵƌΎďĞŚĂůĨĂƚƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐŽĨƚŚĞŽŵƉĂŶLJƚŽďĞŚĞůĚ ĂƚϲƚŚ&ůŽŽƌ͕^ƚ͘DĂŐŶƵƐ,ŽƵƐĞ͕ϯ>ŽǁĞƌdŚĂŵĞƐ^ƚƌĞĞƚ͕>ŽŶĚŽŶϯZϲ,Ăƚϭϭ͗ϬϬĂ͘ŵ͘ŽŶϮϭDĂƌĐŚϮϬϭϴŽƌĂƚĂŶLJ ĂĚũŽƵƌŶŵĞŶƚƚŚĞƌĞŽĨ͘

/ͬtĞΎĚĞƐŝƌĞƚŽǀŽƚĞŽŶƚŚĞƌĞƐŽůƵƚŝŽŶƐĂƐŝŶĚŝĐĂƚĞĚŝŶƚŚĞĂƉƉƌŽƉƌŝĂƚĞĐŽůƵŵŶďĞůŽǁ͘WůĞĂƐĞŝŶĚŝĐĂƚĞǁŝƚŚĂŶ͞y͟ŚŽǁ LJŽƵǁŝƐŚLJŽƵƌǀŽƚĞƚŽďĞĐĂƐƚ͘

ĞƚĂŝůƐŽĨƚŚĞƌĞƐŽůƵƚŝŽŶƐĂƌĞƐĞƚŽƵƚŝŶƚŚĞEŽƚŝĐĞŽĨƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐ͘

KZ/EZzh^/E^^ ϭ͘ dŽƌĞĐĞŝǀĞĂŶĚĂĚŽƉƚƚŚĞŝƌĞĐƚŽƌƐ͛ZĞƉŽƌƚĂŶĚĐĐŽƵŶƚƐ͘	&KZ	'/E^d	t/d,,>
Ϯ͘ dŽĂƉƉƌŽǀĞƚŚĞŝƌĞĐƚŽƌƐ͛ZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚ͘
ϯ͘ dŽƌĞͲĂƉƉŽŝŶƚƚŚĞƵĚŝƚŽƌĂŶĚĂƵƚŚŽƌŝƐĞƚŚĞŝƌĞĐƚŽƌƐƚŽĚĞƚĞƌŵŝŶĞƚŚĞŝƌ ƌĞŵƵŶĞƌĂƚŝŽŶ͘
ϰ͘ dŽƌĞͲĞůĞĐƚ^ƚĞƉŚĞŶ,ĂLJĂƐĂĚŝƌĞĐƚŽƌ͘
^W/>h^/E^^ ϱ͘ dŽĂŵĞŶĚƚŚĞƌƚŝĐůĞƐŽĨƐƐŽĐŝĂƚŝŽŶƐ
ϲ͘ dŽĂƵƚŚŽƌŝƐĞƚŚĞŽŵƉĂŶLJƚŽĂůůŽƚƐŚĂƌĞƐ
ϳ͘ dŽĚŝƐĂƉƉůLJƉƌĞͲĞŵƉƚŝŽŶƌŝŐŚƚƐ͘
ϴ͘ dŽĂƵƚŚŽƌŝƐĞƚŚĞŽŵƉĂŶLJƚŽŵĂŬĞŵĂƌŬĞƚƉƵƌĐŚĂƐĞƐŽĨŝƚƐƐŚĂƌĞƐ͘

^ŝŐŶĂƚƵƌĞ;ƐͿΎ͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ĂƚĞ͙͙͙͙͙͙͙͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϬϭϴ ΎĞůĞƚĞĂƐĂƉƉƌŽƉƌŝĂƚĞ

W>^ZdhZEdKKtE/E'>>W/Ed,WZͲW/Es>KWWZKs/

EKd^E/E^dZhd/KE^͗

• ϭ͘ ŶLJŵĞŵďĞƌŽĨƚŚĞŽŵƉĂŶLJĞŶƚŝƚůĞĚƚŽĂƚƚĞŶĚĂŶĚǀŽƚĞĂƚƚŚĞDĞĞƚŝŶŐŝƐĂůƐŽĞŶƚŝƚůĞĚƚŽĂƉƉŽŝŶƚŽŶĞŽƌŵŽƌĞ ƉƌŽdžŝĞƐƚŽĂƚƚĞŶĚ͕ƐƉĞĂŬĂŶĚǀŽƚĞŝŶƐƚĞĂĚŽĨƚŚĂƚŵĞŵďĞƌ͘ŵĞŵďĞƌŵĂLJĂƉƉŽŝŶƚŵŽƌĞƚŚĂŶŽŶĞƉƌŽdžLJŝŶƌĞůĂƚŝŽŶ ƚŽƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐƉƌŽǀŝĚĞĚƚŚĂƚĞĂĐŚƉƌŽdžLJŝƐĂƉƉŽŝŶƚĞĚƚŽĞdžĞƌĐŝƐĞƚŚĞƌŝŐŚƚƐĂƚƚĂĐŚĞĚƚŽĂĚŝĨĨĞƌĞŶƚ ƐŚĂƌĞŽƌƐŚĂƌĞƐŚĞůĚďLJƚŚĂƚŵĞŵďĞƌ͘ƉƌŽdžLJŵĂLJĚĞŵĂŶĚ͕ŽƌũŽŝŶŝŶĚĞŵĂŶĚŝŶŐ͕ĂƉŽůů͘ƉƌŽdžLJŶĞĞĚŶŽƚďĞĂ ŵĞŵďĞƌŽĨƚŚĞŽŵƉĂŶLJďƵƚŵƵƐƚĂƚƚĞŶĚƚŚĞDĞĞƚŝŶŐŝŶŽƌĚĞƌƚŽƌĞƉƌĞƐĞŶƚŚŝƐĂƉƉŽŝŶƚĞƌ͘ŵĞŵďĞƌĞŶƚŝƚůĞĚƚŽ ĂƚƚĞŶĚĂŶĚǀŽƚĞĂƚƚŚĞDĞĞƚŝŶŐŵĂLJĂƉƉŽŝŶƚƚŚĞŚĂŝƌŵĂŶŽƌĂŶŽƚŚĞƌƉĞƌƐŽŶĂƐŚŝƐƉƌŽdžLJĂůƚŚŽƵŐŚƚŚĞŚĂŝƌŵĂŶ ǁŝůůŶŽƚƐƉĞĂŬĨŽƌƚŚĞŵĞŵďĞƌ͘ŵĞŵďĞƌǁŚŽǁŝƐŚĞƐŚŝƐƉƌŽdžLJƚŽƐƉĞĂŬĨŽƌŚŝŵƐŚŽƵůĚĂƉƉŽŝŶƚŚŝƐŽǁŶĐŚŽŝĐĞŽĨ ƉƌŽdžLJ;ŶŽƚƚŚĞŚĂŝƌŵĂŶͿĂŶĚŐŝǀĞŝŶƐƚƌƵĐƚŝŽŶƐĚŝƌĞĐƚůLJƚŽƚŚĂƚƉĞƌƐŽŶ͘
• Ϯ͘ ĞůĞƚĞ͞ƚŚĞŚĂŝƌŵĂŶŽĨƚŚĞŵĞĞƚŝŶŐ͟ŝĨŝƚŝƐĚĞƐŝƌĞĚƚŽĂƉƉŽŝŶƚĂŶLJŽƚŚĞƌƉĞƌƐŽŶĂŶĚŝŶƐĞƌƚŚŝƐŽƌŚĞƌŶĂŵĞĂŶĚ ĂĚĚƌĞƐƐ͘/ĨŶŽŶĂŵĞŝƐŝŶƐĞƌƚĞĚ͕ƚŚĞƉƌŽdžLJǁŝůůďĞĚĞĞŵĞĚƚŽŚĂǀĞďĞĞŶŐŝǀĞŶŝŶ ĨĂǀŽƵƌŽĨƚŚĞŚĂŝƌŵĂŶŽĨƚŚĞ ŵĞĞƚŝŶŐ͘/ĨƚŚŝƐ&ŽƌŵŽĨWƌŽdžLJŝƐƌĞƚƵƌŶĞĚǁŝƚŚŽƵƚƐƚĂƚŝŶŐŚŽǁƚŚĞƉƌŽdžLJƐŚĂůůǀŽƚĞŽŶĂŶLJƉĂƌƚŝĐƵůĂƌŵĂƚƚĞƌƚŚĞ ƉƌŽdžLJǁŝůůĞdžĞƌĐŝƐĞŚŝƐĚŝƐĐƌĞƚŝŽŶĂƐƚŽǁŚĞƚŚĞƌ͕ĂŶĚŝĨƐŽŚŽǁ͕ŚĞǀŽƚĞƐ͘
• ϯ͘ ŶLJĂůƚĞƌĂƚŝŽŶƐƚŽƚŚĞ&ŽƌŵŽĨWƌŽdžLJƐŚŽƵůĚďĞŝŶŝƚŝĂůůĞĚ͘
• ϰ͘ dŽďĞǀĂůŝĚ͕Ă&ŽƌŵŽĨWƌŽdžLJĂŶĚƚŚĞƉŽǁĞƌŽĨĂƚƚŽƌŶĞLJŽƌŽƚŚĞƌǁƌŝƚƚĞŶĂƵƚŚŽƌŝƚLJ͕ŝĨĂŶLJ͕ƵŶĚĞƌǁŚŝĐŚŝƚŝƐƐŝŐŶĞĚ ŽƌĂŶŽĨĨŝĐĞŽƌŶŽƚĂƌŝĂůůLJĐĞƌƚŝĨŝĞĚĐŽƉLJŽƌĂĐŽƉLJĐĞƌƚŝĨŝĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞWŽǁĞƌƐŽĨƚƚŽƌŶĞLJĐƚϭϵϳϭŽĨ ƐƵĐŚƉŽǁĞƌĂŶĚǁƌŝƚƚĞŶĂƵƚŚŽƌŝƚLJ͕ŵƵƐƚďĞĚĞůŝǀĞƌĞĚƚŽŽǁŶŝŶŐ>>W͕ϲƚŚ&ůŽŽƌ͕^ƚ͘DĂŐŶƵƐ,ŽƵƐĞ͕ϯ>ŽǁĞƌdŚĂŵĞƐ ^ƚƌĞĞƚ͕>ŽŶĚŽŶϯZϲ,ŽƌĞůĞĐƚƌŽŶŝĐĂůůLJĂƚƉƌŽdžLJΛĚŽǁŶŝŶŐ͘ĐŽ͘ƵŬ͕ŝŶĞĂĐŚĐĂƐĞŶŽƚůĞƐƐƚŚĂŶϰϴŚŽƵƌƐ;ĞdžĐůƵĚŝŶŐ ǁĞĞŬĞŶĚƐĂŶĚƉƵďůŝĐŚŽůŝĚĂLJƐͿďĞĨŽƌĞƚŚĞƚŝŵĞĂƉƉŽŝŶƚĞĚĨŽƌŚŽůĚŝŶŐƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐŽƌĂĚũŽƵƌŶĞĚ ŵĞĞƚŝŶŐĂƚǁŚŝĐŚƚŚĞƉĞƌƐŽŶŶĂŵĞĚŝŶƚŚĞ&ŽƌŵŽĨWƌŽdžLJƉƌŽƉŽƐĞƐƚŽǀŽƚĞ͘/ŶƚŚĞĐĂƐĞŽĨĂƉŽůůƚĂŬĞŶŵŽƌĞƚŚĂŶ ϰϴŚŽƵƌƐ;ĞdžĐůƵĚŝŶŐǁĞĞŬĞŶĚƐĂŶĚƉƵďůŝĐŚŽůŝĚĂLJƐͿĂĨƚĞƌŝƚŝƐĚĞŵĂŶĚĞĚ͕ƚŚĞĚŽĐƵŵĞŶƚ;ƐͿŵƵƐƚďĞĚĞůŝǀĞƌĞĚĂƐ ĂĨŽƌĞƐĂŝĚŶŽƚůĞƐƐƚŚĂŶϮϰŚŽƵƌƐ;ĞdžĐůƵĚŝŶŐǁĞĞŬĞŶĚƐĂŶĚƉƵďůŝĐŚŽůŝĚĂLJƐͿďĞĨŽƌĞƚŚĞƚŝŵĞĂƉƉŽŝŶƚĞĚĨŽƌƚĂŬŝŶŐ ƚŚĞƉŽůů͕ŽƌǁŚĞƌĞƚŚĞƉŽůůŝƐƚĂŬĞŶŶŽƚŵŽƌĞƚŚĂŶϰϴŚŽƵƌƐ;ĞdžĐůƵĚŝŶŐǁĞĞŬĞŶĚƐĂŶĚƉƵďůŝĐŚŽůŝĚĂLJƐͿĂĨƚĞƌŝƚǁĂƐ ĚĞŵĂŶĚĞĚ͕ďĞĚĞůŝǀĞƌĞĚĂƚƚŚĞŵĞĞƚŝŶŐĂƚǁŚŝĐŚƚŚĞĚĞŵĂŶĚŝƐŵĂĚĞ͘
• ϱ͘ /ŶƚŚĞĐĂƐĞŽĨĂĐŽƌƉŽƌĂƚŝŽŶ͕ƚŚŝƐĨŽƌŵŵƵƐƚďĞƵŶĚĞƌŝƚƐĐŽŵŵŽŶƐĞĂůŽƌƵŶĚĞƌƚŚĞŚĂŶĚŽĨƐŽŵĞŽĨĨŝĐĞƌŽƌĂƚƚŽƌŶĞLJ ĚƵůLJĂƵƚŚŽƌŝƐĞĚŽŶƚŚĂƚďĞŚĂůĨ͘
• ϲ͘ /ŶƚŚĞĐĂƐĞŽĨũŽŝŶƚŚŽůĚĞƌƐ͕ƚŚĞǀŽƚĞŽĨƚŚĞƐĞŶŝŽƌŚŽůĚĞƌƚĞŶĚĞƌŝŶŐĂǀŽƚĞǁŝůůďĞĂĐĐĞƉƚĞĚƚŽƚŚĞĞdžĐůƵƐŝŽŶŽĨƚŚĞ ǀŽƚĞƐ ŽĨ ƚŚĞ ŽƚŚĞƌ ũŽŝŶƚ ŚŽůĚĞƌƐ͘ ^ĞŶŝŽƌŝƚLJ ĚĞƉĞŶĚƐ ŽŶ ƚŚĞ ŽƌĚĞƌ ŝŶ ǁŚŝĐŚ ƚŚĞ ŶĂŵĞƐ ƐƚĂŶĚ ŝŶ ƚŚĞ ƌĞŐŝƐƚĞƌ ŽĨ ŵĞŵďĞƌƐ͘
• ϳ͘ dŚĞĐŽŵƉůĞƚŝŽŶĂŶĚƌĞƚƵƌŶŽĨƚŚŝƐ&ŽƌŵŽĨWƌŽdžLJǁŝůůŶŽƚƉƌĞĐůƵĚĞLJŽƵĨƌŽŵĂƚƚĞŶĚŝŶŐĂŶĚǀŽƚŝŶŐĂƚƚŚĞŶŶƵĂů 'ĞŶĞƌĂůDĞĞƚŝŶŐƐŚŽƵůĚLJŽƵƐƵďƐĞƋƵĞŶƚůLJĚĞĐŝĚĞƚŽĚŽƐŽ͘/ĨĂŵĞŵďĞƌĂƉƉŽŝŶƚƐĂƉƌŽdžLJĂŶĚƚŚĂƚŵĞŵďĞƌĂƚƚĞŶĚƐ ƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐŝŶƉĞƌƐŽŶ͕ƚŚĞƉƌŽdžLJĂƉƉŽŝŶƚŵĞŶƚǁŝůůĂƵƚŽŵĂƚŝĐĂůůLJďĞƚĞƌŵŝŶĂƚĞĚ͘
• ϴ͘ ǀŽƚĞǁŝƚŚŚĞůĚŝƐŶŽƚĂǀŽƚĞŝŶůĂǁ͕ǁŚŝĐŚŵĞĂŶƐƚŚĂƚƚŚĞǀŽƚĞǁŝůůŶŽƚďĞĐŽƵŶƚĞĚŝŶƚŚĞĐĂůĐƵůĂƚŝŽŶŽĨǀŽƚĞƐĨŽƌ ŽƌĂŐĂŝŶƐƚƚŚĞƌĞƐŽůƵƚŝŽŶ͘/ĨŶŽǀŽƚŝŶŐŝŶĚŝĐĂƚŝŽŶŝƐŐŝǀĞŶ͕ƚŚĞƉƌŽdžLJǁŝůůǀŽƚĞŽƌĂďƐƚĂŝŶĨƌŽŵǀŽƚŝŶŐĂƚŚŝƐŽƌŚĞƌ ĚŝƐĐƌĞƚŝŽŶ͘dŚĞƉƌŽdžLJǁŝůůǀŽƚĞ;ŽƌĂďƐƚĂŝŶĨƌŽŵǀŽƚŝŶŐͿĂƐŚĞŽƌƐŚĞƚŚŝŶŬƐĨŝƚŝŶƌĞůĂƚŝŽŶƚŽĂŶLJŽƚŚĞƌŵĂƚƚĞƌǁŚŝĐŚ ŝƐƉƵƚďĞĨŽƌĞƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐ͘