Deep Value Driller AS — Annual Report 2023

Apr 30, 2024

ANNUAL REPORT 2023

dŚĞďŽĂƌĚŽĨĚŝƌĞĐƚŽƌƐΖƌĞƉŽƌƚϮϬϮϯĨŽƌĞĞƉsĂůƵĞƌŝůůĞƌ^

KƉĞƌĂƚŝŽŶƐĂŶĚůŽĐĂƚŝŽŶƐ

DŝƐƐŝŽŶ͗ ƌŝůůƐŚŝƉŝŶǀĞƐƚŵĞŶƚĂŶĚŽƉĞƌĂƚŝŽŶ͘ dŚĞ'ƌŽƵƉŝŶĐůƵĚĞƐ͕ŝŶĂĚĚŝƚŝŽŶƚŽĞĞƉsĂůƵĞƌŝůůĞƌ^͕ƚŚĞĨŽůůŽǁŝŶŐƐƵďƐŝĚŝĂƌŝĞƐ͗ ĞĞƉsĂůƵĞƌŝůůĞƌ,ŽůĚŝŶŐ>ƚĚ ĞĞƉsĂůƵĞƌŝůůĞƌ>ƚĚ

ĞĞƉsĂůƵĞƌŝůůĞƌ^ŚŽůĚƐŽĨĨŝĐĞĂĚĚƌĞƐƐŝŶKƐůŽ͕ǁŚŝůĞƚŚĞĚƌŝůůƐŚŝƉŝƐŽƉĞƌĂƚĞĚĨƌŽŵĞĞƉsĂůƵĞ ƌŝůůĞƌ>ƚĚŝŶDĂůƚĂ͘^ǀĞŶĚ͘DĂŝĞƌŝƐĞŵƉůŽLJĞĚĂƐKŝŶĞĞƉsĂůƵĞƌŝůůĞƌ>ƚĚŝŶDĂůƚĂ͕ǁŚŝůĞĨŽƌ ƚŚĞƚŝŵĞďĞŝŶŐƚŚĞƌĞĂƌĞŶŽĞŵƉůŽLJĞĞƐŝŶĞĞƉsĂůƵĞƌŝůůĞƌ^͘dŚĞĐŽŵƉĂŶLJ͛ƐĂƐƐĞƚ͕ƚŚĞĚƌŝůůƐŚŝƉ ĞĞƉsĂůƵĞƌŝůůĞƌ͕ŝƐŽǁŶĞĚĂŶĚŽƉĞƌĂƚĞĚďLJĞĞƉsĂůƵĞƌŝůůĞƌ>ƚĚŝŶDĂůƚĂ͘

dŚĞĚƌŝůůƐŚŝƉǁĂƐƚŚƌŽƵŐŚŽƵƚϮϬϮϮǁĂƌŵƐƚĂĐŬĞĚŽŶƚŚĞtĞƐƚĐŽĂƐƚŽĨEŽƌǁĂLJ͘tĂŝƚŝŶŐĨŽƌĂ ĐŽŶƚƌĂĐƚƚŚĞĚƌŝůůƐŚŝƉǁĂƐŵĂŝŶƚĂŝŶĞĚ͕ĂŶĚƐůŽǁůLJďĞŝŶŐƉƌĞƉĂƌĞĚĨŽƌƌĞĂĐƚŝǀĂƚŝŽŶ͘

Ϯϯ&ĞďƌƵĂƌLJϮϬϮϯƚŚĞĐŽŵƉĂŶLJĂŶŶŽƵŶĐĞĚĂďĂƌĞďŽĂƚĐŚĂƌƚĞƌĨŽƌƚŚĞĚƌŝůůŝŶŐǀĞƐƐĞůĞĞƉsĂůƵĞ ƌŝůůĞƌ͘ĨƚĞƌĂϳͲŵŽŶƚŚŝŶƚĞŶƐŝǀĞƌĞĐĞƌƚŝĨŝĐĂƚŝŽŶĂĐƚŝǀŝƚLJ͕ƚŚĞƌŝůůƐŚŝƉǁĂƐĚĞůŝǀĞƌĞĚƚŽƚŚĞĐŚĂƌƚĞƌĞƌ ^ĂŝƉĞŵϴ͘^ĞƉƚĞŵďĞƌϮϬϮϯ͘dŚĞĚƌŝůůƐŚŝƉůĞĨƚƚŚĞƐŚŝƉLJĂƌĚŝŶEŽƌǁĂLJĂŶĚƐŝŶĐĞϭ͘EŽǀĞŵďĞƌϮϬϮϯ ŚĂƐďĞĞŶŝŶĨƵůůŽƉĞƌĂƚŝŽŶŽƵƚƐŝĚĞƚŚĞtĞƐƚŽĂƐƚŽĨĨƌŝĐĂ͘

ŽŵŵĞŶƚƐƌĞůĂƚĞĚƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ

dŚĞ'ƌŽƵƉŝŶĐŽŵĞĂƚh^ϭϮ͘ϲŵŝůůŝŽŶŽƌŝŐŝŶĂƚĞƐĨƌŽŵĐŽŶƚƌĂĐƚƵĂůĚĂŝůLJƌĂƚĞƐĨŽƌƚŚĞŵŽďŝůŝnjĂƚŝŽŶ ƉĞƌŝŽĚŝŶ^ĞƉƚĞŵďĞƌĂŶĚKĐƚŽďĞƌϮϬϮϯ͕ĂŶĚĨƌŽŵƚŚĞĨƵůůŽƉĞƌĂƚŝŽŶĂůĚĂŝůLJƌĂƚĞƐĂƐĨƌŽŵϭ͘ EŽǀĞŵďĞƌϮϬϮϯ͘'ƌŽƵƉŽƉĞƌĂƚŝŽŶĂůĐŽƐƚƐŽĨh^Ϯϳ͘ϰŵŝůůŝŽŶůĂƐƚLJĞĂƌŝƐƉĂƌƚůLJĐŽƐƚƐĞƋƵŝǀĂůĞŶƚƚŽ ǁĂƌŵƐƚĂĐŬŝŶŐ͕ƉĂƌƚůLJŶŽŶͲŝŶǀĞƐƚŵĞŶƚĐŽƐƚƐŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƌĞĐĞƌƚŝĨŝĐĂƚŝŽŶĂĐƚŝǀŝƚŝĞƐ͕ĂŶĚƌƵŶŶŝŶŐ ŽƉĞƌĂƚŝŽŶĂůĐŽƐƚƐŽĨƚŚĞƚŚƌĞĞůĞŐĂůĐŽŵƉĂŶLJƵŶŝƚƐ͘

'ƌŽƵƉĐĂƐŚďĂůĂŶĐĞh^Ϭ͘ϭŵŝůůŝŽŶďĞŐŝŶŶŝŶŐŽĨLJĞĂƌŝŶĐƌĞĂƐĞĚĞŶĚŽĨLJĞĂƌƚŽh^ϭϭ͘ϵŵŝůůŝŽŶ͘

&ŝdžĞĚĂƐƐĞƚƐĞŶĚŽĨLJĞĂƌŝƐh^ϭϮϭ͘ϭŵŝůůŝŽŶ͕ŽĨǁŚŝĐŚh^ϲϬ͘ϳŵŝůůŝŽŶŝƐƌĞŵĂŝŶŝŶŐŬǀĂůƵĞĨƌŽŵ ĂĐƋƵŝƐŝƚŝŽŶ͕ĂŶĚh^ϲϬ͘ϰŵŝůůŝŽŶŝƐĐĂƉŝƚĂůŝnjĞĚĐůĂƐƐŝĨŝĐĂƚŝŽŶĐŽƐƚƐĨƌŽŵƌĞĐĞƌƚŝĨŝĐĂƚŝŽŶĂĐƚŝǀŝƚŝĞƐ ĚƵƌŝŶŐϮϬϮϯ͘

dŚĞ'ƌŽƵƉ͛ƐĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐĂƚLJĞĂƌĞŶĚŝƐh^ϯϭ͘ϲŵŝůůŝŽŶŽĨǁŚŝĐŚh^ϳ͘ϱŵŝůůŝŽŶŝƐƐŚŽƌƚƚĞƌŵ ůŽĂŶĨƌŽŵƐŚĂƌĞŚŽůĚĞƌƐĂŶĚh^ϭϲ͘ϰĂƌĞƚƌĂĚĞƉĂLJĂďůĞƐ͘>ŽŶŐͲƚĞƌŵĚĞďƚĂƚLJĞĂƌĞŶĚŝƐh^ϳϳ͘Ϭ ŵŝůůŝŽŶ͕ŽĨǁŚŝĐŚŵĂŝŶůLJůŝĂďŝůŝƚLJƚŽĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶh^ϳϱ͘ϬŵŝůůŝŽŶ͘

dŽƚĂůĂƐƐĞƚƐLJĞĂƌĞŶĚĂŵŽƵŶƚĞĚƚŽh^ϭϰϭ͘ϲŵŝůůŝŽŶ͕ĂŶĚĞƋƵŝƚLJh^ϯϯ͘ϬŵŝůůŝŽŶǁŚŝĐŚĞƋƵĂůƐ ĞƋƵŝƚLJƌĂƚŝŽϮϯй͘

dƌĞĂƐƵƌLJƐƚŽĐŬ

tĞƌĞĨĞƌƚŽŶŽƚĞϴĨŽƌĨƵƌƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶŽŶĐŚĂŶŐĞƐŝŶƚŚĞŚŽůĚŝŶŐƐŽĨƚƌĞĂƐƵƌLJƐƚŽĐŬ͘

&ƵƚƵƌĞĞǀĞŶƚƐ

dŚĞĚƌŝůůƐŚŝƉĞĞƉsĂůƵĞƌŝůůĞƌŝƐŝŶĨƵůůŽƉĞƌĂƚŝŽŶŽƵƚƐŝĚĞƚŚĞtĞƐƚŽĂƐƚŽĨĨƌŝĐĂƵŶĚĞƌĂďĂƌĞďŽĂƚ ĐŽŶƚƌĂĐƚǁŝƚŚ^ĂŝƉĞŵĨŽƌϭϭǁĞůůƐ͘^ĂŝƉĞŵŚĂƐŽŶĐĞƌƚĂŝŶƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐƚŚĞƌŝŐŚƚƚŽƉƌŽůŽŶŐ ƚŚĞŚĂƌƚĞƌĨŽƌĂĚĚŝƚŝŽŶĂůϲǁĞůůƐ͘dŚĞŽĂƌĚǁŝůůŝŶĚƵĞƚŝŵĞŝŶŝƚŝĂƚĞŝĚĞŶƚŝĨŝĐĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶŽĨ ĂůƚĞƌŶĂƚŝǀĞƐĨŽůůŽǁŝŶŐƚŽĚĂLJ͛ƐĐŽŶƚƌĂĐƚ͘

&ŝŶĂŶĐŝĂůƌŝƐŬ

/Ŷ&ĞďƌƵĂƌLJϮϬϮϯĞĞƉsĂůƵĞƌŝůůĞƌ>ƚĚ͘ĞŶƚĞƌĞĚŝŶƚŽĂh^ϳϱ͘ϬŵŝůůŝŽŶůŽĂŶĨĂĐŝůŝƚLJĂŐƌĞĞŵĞŶƚǁŝƚŚ ĂƌĞƉƵƚĂďůĞƉƌŝǀĂƚĞůĞŶĚĞƌ͘/ŶDĂƌĐŚϮϬϮϰƚŚŝƐůŽĂŶǁĂƐƵƉƐŝnjĞĚďLJh^ϱϬ͘ϬŵŝůůŝŽŶƚŽƌĞƉĂLJĂ ƐŚĂƌĞŚŽůĚĞƌ͛ƐůŽĂŶ͕ĐŽǀĞƌƚŚĞƌĞŵĂŝŶŝŶŐƉĂƌƚŽĨƌĞĐĞƌƚŝĨŝĐĂƚŝŽŶĐŽƐƚƐĂŶĚƚŽĨĂƐƚƚƌĂĐŬƚŚĞƉĂLJŵĞŶƚŽĨ ĚŝǀŝĚĞŶĚƐƚŽƐŚĂƌĞŚŽůĚĞƌƐ͘

'ŽŝŶŐĐŽŶĐĞƌŶ

/ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĐĐŽƵŶƚŝŶŐĐƚΑϯͲϯĂ͕ǁĞĐŽŶĨŝƌŵƚŚĂƚƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶ ƉƌĞƉĂƌĞĚƵŶĚĞƌƚŚĞĂƐƐƵŵƉƚŝŽŶŽĨŐŽŝŶŐĐŽŶĐĞƌŶ͘dŚŝƐĂƐƐƵŵƉƚŝŽŶŝƐďĂƐĞĚŽŶƉƌŽĨŝƚĨŽƌĞĐĂƐƚƐĨŽƌƚŚĞ LJĞĂƌϮϬϮϰĂŶĚƚŚĞ'ƌŽƵƉ͛ƐůŽŶŐͲƚĞƌŵƐƚƌĂƚĞŐŝĐĨŽƌĞĐĂƐƚƐ͘dŚĞ'ƌŽƵƉ͛ƐĞĐŽŶŽŵŝĐĂŶĚĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ ŝƐƐŽƵŶĚ͘

ůůŽĐĂƚŝŽŶŽĨŶĞƚŝŶĐŽŵĞ

dŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŚĂƐƉƌŽƉŽƐĞĚƚŚĞŶĞƚƉƌŽĨŝƚͬůŽƐƐŽĨĞĞƉsĂůƵĞƌŝůůĞƌ^ƚŽďĞĂůůŽĐĂƚĞĚƚŽ͗

ZĞƚĂŝŶĞĚĂƌŶŝŶŐƐͬůŽƐƐ ϭϵϭϬϭϯϳh^

EĞƚŝŶĐŽŵĞĂůůŽĐĂƚĞĚ ϭϵϭϬϭϯϳh^

The working environment and the employees

The company has one employee.

No incidences or reporting of work-related accidents resulting in significant material damage or personal injury occurred during the year.

Equal opportunities and discrimination

There is one employee in the company.

The company Is facilitating a working place for many people employed by sub suppliers, and the company has a principal policy to support equal rights across nationality, gender, and age.

Environmental responsibility

The company has established an Environmental Protection Policy, as a part of a Safety Management Manual.

We aim to conduct our business in a professional and safe manner and to meet the requirements of ISM, applicable laws, rules, regulations, Flag State requirements and governing agreements. By doing so, we believe we reduce the risk of incidents and consequent or potential hazardous situation.

There shall be a continual improvement process by setting targets and goals which may be revised and optimized from time to time with a view to reduce the environmental risk. All our employees and partners are encouraged to take interest in environment, health, and the best possible utilization of natural resources.

Insurance for board members and CEO

Insurance for board members and CEO is established.

Information about shareholders

The company is listed on Euronext Growth Oslo.

Corporate Governance Statement

The company is a single asset, single employee, investment operation. Corporate governance is managed through detailed contracts with major sub suppliers for vessel maintenance, activation, legal, accounting and auditor; to act in accordance with national and local law, and Euronext Growth regulations.

Being a global player with a variety of different possible partners and customers, the Board of Directors has signed and implemented an anti-bribery and -corruption policy in the company.

Oslo, 29. April 2022

cuSigned by: 5F7B62A2D044D

Svend Anton Maier CEO

-DocuSigned by: Einar Jesigen Grene
ESF3D9FD50E1426...

Einar J. Greve

Chairman

-DocuSigned by: Guruar Huammen —3EA894E7E5224CA…

Gunnar Hvammen

Board member

-DocuSigned by:

Gen Die Rodland -DF6DFE8175DC42C...

Glen Ole Rødland Board member

Financial statements 2023

Income statement

Balance sheet

Cashflow statement

Notes

Board of directors' report

Independent auditors report

Deep Value Driller Group

Deep Value Driller AS (Norway) Deep Value Driller Holding Ltd (Malta) Deep Value Driller Ltd (Malta)

ŵŽƵŶƚƐŝŶh^		ĞĞƉsĂůƵĞƌŝůůĞƌ^			ĞĞƉsĂůƵĞƌŝůůĞƌ'ƌŽƵƉ
	EŽƚĞ	ϮϬϮϯ	ϮϬϮϮ	ϮϬϮϯ	ϮϬϮϮ
ĂŝůLJƌĂƚĞ	Ϯ	Ͳ	Ͳ	ϭϭϮϮϲϲϲϳ	Ͳ
KƚŚĞƌŝŶĐŽŵĞ	Ϯ	ϰϰϬϮϵϱ	ϮϬϳϬϴϴ	ϭϰϬϱϰϳϭ	Ͳ
dŽƚĂů/ŶĐŽŵĞ		ϰϰϬϮϵϱ	ϮϬϳϬϴϴ	ϭϮϲϯϮϭϯϴ	Ͳ
KƉĞƌĂƚŝŽŶĂůĐŽƐƚ		;ϮϭϱϰͿ	Ͳ	;ϭϴϴϰϭϰϲϭͿ	;ϳϳϭϰϵϵϯͿ
ŵƉůŽLJĞĞďĞŶĞĨŝƚƐĞdžƉĞŶƐĞ	ϯ	;ϲϳϲϳϵͿ	;ϭϲϬϯϬϰͿ	;ϭϬϭϭϰϵϲͿ	;ϴϮϲϵϲϮͿ
ĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ	ϰ	;ϰϰϰϵͿ	;ϰϮϭϰͿ	;ϱϵϴϯϰϯϴͿ	;ϮϴϴϲϴϵϭͿ
KƚŚĞƌĞdžƉĞŶƐĞƐ		;ϲϵϮϲϴϮͿ	;ϯϵϵϳϱϵͿ	;ϭϱϰϰϰϭϴͿ	;ϭϰϳϰϳϬϱͿ
dŽƚĂůĞdžƉĞŶƐĞƐ		;ϳϲϲϵϲϰͿ	;ϱϲϰϮϳϴͿ	;ϮϳϯϴϬϴϭϮͿ	;ϭϮϵϬϯϱϱϮͿ
KƉĞƌĂƚŝŶŐƉƌŽĨŝƚ;ůŽƐƐͿ		;ϯϮϲϲϲϵͿ	;ϯϱϳϭϵϬͿ	;ϭϰϳϰϴϲϳϰͿ	;ϭϮϵϬϯϱϱϮͿ
&ŝŶĂŶĐŝĂůŝŶĐŽŵĞĂŶĚĞdžƉĞŶƐĞƐ
&ŝŶĂŶĐŝĂůŝŶĐŽŵĞ		ϵϮϬϱϭ	ϭϴϮϴϱϳ	ϮϬϯϯϮϯϴ	ϭϴϯϰϴϬ
/ŶƚĞƌĞƐƚĨƌŽŵŐƌŽƵƉĐŽŵƉĂŶŝĞƐ	ϱ	ϱϯϯϲϭϵϴ	ϯϬϯϱϭϬϱ	Ͳ	Ͳ
&ŝŶĂŶĐŝĂůĞdžƉĞŶƐĞƐ		;ϭϴϳϳϴϰϯͿ	;ϳϬϮϯϬϭͿ	;ϭϬϯϲϬϮϵϵͿ	;ϳϬϬϱϲϯͿ
EĞƚĨŝŶĂŶĐŝĂůŝƚĞŵƐ		ϯϱϱϬϰϬϲ	ϮϱϭϱϲϲϬ	;ϴϯϮϳϬϲϭͿ	;ϱϭϳϬϴϯͿ
EĞƚƉƌŽĨŝƚ;ůŽƐƐͿďĞĨŽƌĞƚĂdž		ϯϮϮϯϳϯϳ	Ϯϭϱϴϰϳϭ	;ϮϯϬϳϱϳϯϱͿ	;ϭϯϰϮϬϲϯϲͿ
/ŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞ	ϲ	;ϭϮϮϲϵϯϮͿ	;ϭϱϰϮϱϮϰͿ	;ϭϮϮϲϵϯϮͿ	;ϭϱϰϮϱϮϰͿ
EĞƚƉƌŽĨŝƚ;ůŽƐƐͿĂĨƚĞƌƚĂdž	ϳ	ϭϵϵϲϴϬϲ	ϲϭϱϵϰϳ	;ϮϰϯϬϮϲϲϳͿ	;ϭϰϵϲϯϭϲϬͿ
ůůŽĐĂƚŝŽŶŽĨŶĞƚƌĞƐƵůƚ
dƌĂŶƐĨĞƌƌĞĚƚŽƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ		ϭϵϵϲϴϬϲ	ϲϭϱϵϰϳ	ͲϮϰϯϬϮϲϲϳ	ϭϰϵϲϯϭϲϬ

ĂůĂŶĐĞƐŚĞĞƚ

ŵŽƵŶƚƐŝŶh^		ĞĞƉsĂůƵĞƌŝůůĞƌ^		ĞĞƉsĂůƵĞƌŝůůĞƌ'ƌŽƵƉ
ƐƐĞƚƐ	EŽƚĞ	ϯϭ͘ϭϮ͘ϮϬϮϯ	ϯϭ͘ϭϮ͘ϮϬϮϮ	ϯϭ͘ϭϮ͘ϮϬϮϯ	ϯϭ͘ϭϮ͘ϮϬϮϮ
EŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ
/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐ
ŽŶĐĞƐƐŝŽŶƐ͕ƉĂƚĞŶƚƐ͕ůŝĐĞŶĐĞƐ	ϰ	ϰϮϳϬ	ϲϬϯϳ	ϰϮϳϬ	ϲϬϯϳ
dŽƚĂůŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ		ϰϮϳϬ	ϲϬϯϳ	ϰϮϳϬ	ϲϬϯϳ
WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ
^ŚŝƉƐ	ϰ	Ͳ	Ͳ	ϲϬϲϳϴϴϱϲ	ϲϯϱϲϭϱϯϯ
ĂƉŝƚĂůŝƐĞĚĐůĂƐƐĐŽƐƚƐ	ϰ	Ͳ	Ͳ	ϲϬϰϮϱϭϴϴ	Ͳ
ƋƵŝƉŵĞŶƚĂŶĚŽƚŚĞƌŵŽǀĂďůĞƐ	ϰ	ϭϯϬϱ	ϯϵϴϳ	ϭϯϬϱ	ϯϵϴϳ
dŽƚĂůƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ		ϭϯϬϱ	ϯϵϴϳ	ϭϮϭϭϬϱϯϰϵ	ϲϯϱϲϱϱϮϬ
EŽŶͲĐƵƌƌĞŶƚĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ
^ŚĂƌĞƐŝŶƐƵďƐŝĚŝĂƌŝĞƐ	ϴ	ϭϰϭϯ	ϭϰϭϯ	Ͳ	Ͳ
>ŽĂŶƚŽŐƌŽƵƉĐŽŵƉĂŶŝĞƐ	ϱ	ϲϴϲϲϯϯϴϳ	ϲϴϲϲϯϯϴϳ	Ͳ	Ͳ
dŽƚĂůŶŽŶͲĐƵƌƌĞŶƚĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ		ϲϴϲϲϰϴϬϬ	ϲϴϲϲϰϴϬϬ	Ͳ	Ͳ
dŽƚĂůĨŝdžĞĚĂƐƐĞƚƐ		ϲϴϲϳϬϯϳϱ	ϲϴϲϳϰϴϮϰ	ϭϮϭϭϬϵϲϭϴ	ϲϯϱϳϭϱϱϳ
ƵƌƌĞŶƚĂƐƐĞƚƐ
/ŶǀĞŶƚŽƌŝĞƐ	ϵ	Ͳ	Ͳ	ϭϱϭϰϮϬϬ	ϴϲϱϱϯϬ
ĞďƚŽƌƐ
KƚŚĞƌƐŚŽƌƚͲƚĞƌŵƌĞĐĞŝǀĂďůĞƐ		ϮϮϰϮϴ	ϰϵϲϲϱϲ	ϳϬϬϴϭϭϲ	ϳϰϯϮϱϯ
ZĞĐĞŝǀĂďůĞƐĨƌŽŵŐƌŽƵƉĐŽŵƉĂŶŝĞƐ	ϱ	ϮϮϴϱϰϰϳϲ	ϭϴϯϮϬϳϵϲ	Ͳ	Ͳ
dŽƚĂůƌĞĐĞŝǀĂďůĞƐ		ϮϮϴϳϲϵϬϰ	ϭϴϴϭϳϰϱϮ	ϳϬϬϴϭϭϲ	ϳϰϯϮϱϯ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ	ϭϬ	ϭϰϳϮϰϱ	ϭϬϴϭϯϴ	ϭϭϵϯϭϮϱϱ	ϭϬϴϭϯϴ
dŽƚĂůĐƵƌƌĞŶƚĂƐƐĞƚƐ		ϮϯϬϮϰϭϰϵ	ϭϴϵϮϱϱϵϬ	ϮϬϰϱϯϱϳϬ	ϭϳϭϲϵϮϭ
dŽƚĂůĂƐƐĞƚƐ		ϵϭϲϵϰϱϮϰ	ϴϳϲϬϬϰϭϰ	ϭϰϭϱϲϯϭϴϴ	ϲϱϮϴϴϰϳϴ

ĂůĂŶĐĞƐŚĞĞƚ

ŵŽƵŶƚƐŝŶh^		ĞĞƉsĂůƵĞƌŝůůĞƌ^		ĞĞƉsĂůƵĞƌŝůůĞƌ'ƌŽƵƉ
ƋƵŝƚLJĂŶĚůŝĂďŝůŝƚŝĞƐ	EŽƚĞ	ϯϭ͘ϭϮ͘ϮϬϮϯ	ϯϭ͘ϭϮ͘ϮϬϮϮ	ϯϭ͘ϭϮ͘ϮϬϮϯ	ϯϭ͘ϭϮ͘ϮϬϮϮ
ƋƵŝƚLJ
WĂŝĚͲŝŶĐĂƉŝƚĂů
^ŚĂƌĞĐĂƉŝƚĂů	ϳ͕ϭϭ	ϭϬϭϵϭϳϳ	ϭϬϭϵϭϳϳ	ϭϬϭϵϭϳϳ	ϭϬϭϵϭϳϳ
dƌĞĂƐƵƌLJƐƚŽĐŬ	ϳ͕ϭϭ	;ϯϱϭϵͿ	;ϯϱϭϵͿ	;ϯϱϭϵͿ	;ϯϱϭϵͿ
^ŚĂƌĞƉƌĞŵŝƵŵƌĞƐĞƌǀĞ	ϳ	ϴϮϮϬϵϮϯϯ	ϴϮϮϬϵϮϯϯ	ϴϮϮϬϵϮϯϯ	ϴϮϮϬϵϮϯϯ
KƚŚĞƌƉĂŝĚͲƵƉĞƋƵŝƚLJ	Ϯ͕ϳ͕ϭϮ	ϯϴϯϭϰϲ	ϯϮϯϴϯϬ	ϯϴϯϭϰϲ	ϯϮϯϴϯϬ
dŽƚĂůƉĂŝĚͲƵƉĞƋƵŝƚLJ		ϴϯϲϬϴϬϯϳ	ϴϯϱϰϴϳϮϮ	ϴϯϲϬϴϬϯϳ	ϴϯϱϰϴϳϮϮ
ZĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ
KƚŚĞƌĞƋƵŝƚLJ	ϳ͕ϭϭ	ϯϱϭϵ	ϯϱϭϵ	ϯϱϭϵ	ϯϱϭϵ
hŶĐŽǀĞƌĞĚůŽƐƐ	ϳ	;ϮϰϰϭϲϴϬͿ	;ϰϰϯϴϰϴϱͿ	;ϱϭϯϴϴϳϵϭͿ	;ϮϳϬϴϲϭϮϰͿ
dŽƚĂůƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ		;ϮϰϯϴϭϲϬͿ	;ϰϰϯϰϵϲϲͿ	;ϱϭϯϴϱϮϳϮͿ	;ϮϳϬϴϮϲϬϱͿ
dŽƚĂůĞƋƵŝƚLJ		ϴϭϭϲϵϴϳϳ	ϳϵϭϭϯϳϱϲ	ϯϮϮϮϮϳϲϲ	ϱϲϰϲϲϭϭϳ
>ŝĂďŝůŝƚŝĞƐ
>ŽŶŐͲƚĞƌŵůŝĂďŝůŝƚŝĞƐ
ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐ	ϲ	Ϯϯϲϱϰϴϲ	ϭϱϰϮϱϮϰ	Ϯϯϲϱϰϴϲ	ϭϱϰϮϱϮϰ
>ŽŶŐͲƚĞƌŵůŝĂďŝůŝƚŝĞƐƚŽĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶƐ	ϭϯ	Ͳ	Ͳ	ϳϱϬϬϬϬϬϬ	Ͳ
dŽƚĂů>ŽŶŐͲƚĞƌŵůŝĂďŝůŝƚŝĞƐ		Ϯϯϲϱϰϴϲ	ϭϱϰϮϱϮϰ	ϳϳϯϲϱϰϴϲ	ϭϱϰϮϱϮϰ
ƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ
^ŚŽƌƚͲƚĞƌŵůŝĂďŝůŝƚŝĞƐƚŽĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶƐ	ϭϯ	Ͳ	ϲϬϬϬϬϬϬ	Ͳ	ϲϬϬϬϬϬϬ
dƌĂĚĞƉĂLJĂďůĞƐ		Ϯϴϴϳϭ	ϴϯϰϱϬϳ	ϭϲϰϬϵϰϮϬ	ϴϯϰϱϬϳ
WĂLJĂďůĞƚĂdž	ϲ	ϰϬϯϵϳϬ	Ͳ	ϰϬϯϵϳϬ	Ͳ
KƚŚĞƌĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ		ϭϲϭϱϲϴ	ϭϬϵϲϮϳ	ϳϲϲϭϱϰϳ	ϰϰϱϯϮϵ
^ŚĂƌĞŚŽůĚĞƌůŽĂŶ	ϭϯ	ϳϱϬϬϬϬϬ	Ͳ	ϳϱϬϬϬϬϬ	Ͳ
WĂLJĂďůĞƐƚŽŐƌŽƵƉĐŽŵƉĂŶŝĞƐ	ϱ	ϲϰϳϱϮ	Ͳ	Ͳ	Ͳ
dŽƚĂůĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ		ϴϭϱϵϭϲϭ	ϲϵϰϰϭϯϰ	ϯϭϵϳϰϵϯϲ	ϳϮϳϵϴϯϲ
dŽƚĂůůŝĂďŝůŝƚŝĞƐ		ϭϬϱϮϰϲϰϳ	ϴϰϴϲϲϱϴ	ϭϬϵϯϰϬϰϮϯ	ϴϴϮϮϯϲϬ
dŽƚĂůĞƋƵŝƚLJĂŶĚůŝĂďŝůŝƚŝĞƐ		ϵϭϲϵϰϱϮϰ	ϴϳϲϬϬϰϭϰ	ϭϰϭϱϲϯϭϴϴ	ϲϱϮϴϴϰϳϳ

KƐůŽϮϵƉƌŝůϮϬϮϰ͕ŽĂƌĚŽĨĞĞƉsĂůƵĞƌŝůůĞƌ^

'ƵŶŶĂƌ,ǀĂŵŵĞŶ͕DĞŵďĞƌŽĨƚŚĞďŽĂƌĚ ^ǀĞŶĚŶƚŽŶDĂŝĞƌ͕'ĞŶĞƌĂůDĂŶĂŐĞƌ

ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ

ŝŶĂƌ:͘'ƌĞǀĞ͕ŚĂŝƌŵĂŶŽĨƚŚĞďŽĂƌĚ 'ůĞŶKůĞZƆĚůĂŶĚ͕DĞŵďĞƌŽĨƚŚĞďŽĂƌĚ

ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ

ĂƐŚĨůŽǁ

ŵŽƵŶƚƐŝŶh^		ĞĞƉsĂůƵĞƌŝůůĞƌ^	ĞĞƉsĂůƵĞƌŝůůĞƌ'ƌŽƵƉ
	ϮϬϮϯ	ϮϬϮϮ	ϮϬϮϯ	ϮϬϮϮ
ĂƐŚĨůŽǁĨƌŽŵŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ
WƌŽĨŝƚ;ůŽƐƐͿďĞĨŽƌĞƚĂdž	ϯϮϮϯϳϯϳ	Ϯϭϱϴϰϳϭ	;ϮϯϬϳϱϳϯϱͿ	;ϭϯϰϮϬϲϯϲͿ
ĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ	ϰϰϰϵ	ϰϮϭϰ	ϱϵϴϯϰϯϴ	Ϯϴϴϲϴϵϭ
ŚĂŶŐĞƐŝŶ͗
ŝŶǀĞŶƚŽƌŝĞƐ	Ͳ	Ͳ	;ϲϰϴϲϳϬͿ	;ϮϯϮϰϱϴͿ
ŽƚŚĞƌƐŚŽƌƚͲƚĞƌŵƌĞĐĞŝǀĂďůĞƐ	ϰϳϰϮϮϴ	;ϲϬϱϰϲͿ	;ϲϮϲϰϴϲϯͿ	;ϯϬϳϭϰϯͿ
ĂĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞ	;ϰϱϯϯϲϴϬͿ	;ϭϯϭϳϵϱϰϮͿ	Ͳ	Ͳ
ĂĐĐŽƵŶƚƐƉĂLJĂďůĞ	;ϴϬϱϲϯϲͿ	;ϯϲϬϬϵϬͿ	ϭϱϱϳϰϵϭϯ	;ϰϲϯϱϱϳͿ
ŽƚŚĞƌĂĐĐƌƵĂůŝƚĞŵƐ	ϭϭϲϲϵϯ	ϰϭϯϴϰ	ϳϮϭϲϮϭϴ	ϭϰϬϳϵϯ
EĞƚĐĂƐŚĨůŽǁƐĨƌŽŵŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ	;ϭϱϮϬϮϬϴͿ	;ϭϭϯϵϲϭϬϵͿ	;ϭϮϭϰϲϵϵͿ	;ϭϭϯϵϲϭϬϵͿ
ĂƐŚĨůŽǁĨƌŽŵŝŶǀĞƐƚŵĞŶƚĂĐƚŝǀŝƚŝĞƐ
ĐƋƵŝƐŝƚŝŽŶŽĨƚĂŶŐŝďůĞĂƐƐĞƚƐ	Ͳ	;ϭϲϰϯͿ	;ϲϯϱϮϭϱϬϬͿ	;ϭϲϰϯͿ
EĞƚĐĂƐŚĨůŽǁƐĨƌŽŵŝŶǀĞƐƚŵĞŶƚĂĐƚŝǀŝƚŝĞƐ	Ͳ	;ϭϲϰϯͿ	;ϲϯϱϮϭϱϬϬͿ	;ϭϲϰϯͿ
ĂƐŚĨůŽǁĨƌŽŵĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ
WƌŽĐĞĞĚƐĨƌŽŵĞƋƵŝƚLJ	ϱϵϯϭϲ	ϰϳϯϯϴϳ	ϱϵϯϭϲ	ϰϳϯϯϴϳ
^ŚŽƌƚͲƚĞƌŵůŝĂďŝůŝƚŝĞƐƚŽĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶƐΘ^ŚĂƌĞŚŽůĚĞƌƐ	ϳϱϬϬϬϬϬ	ϲϬϬϬϬϬϬ	ϳϱϬϬϬϬϬ	ϲϬϬϬϬϬϬ
ZĞƉĂLJŵĞŶƚŽĨƐŚŽƌƚͲƚĞƌŵůŝĂďŝůŝƚŝĞƐƚŽĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶƐΘ
^ŚĂƌĞŚŽůĚĞƌƐ	;ϲϬϬϬϬϬϬͿ		;ϲϬϬϬϬϬϬͿ
>ŽŶŐͲƚĞƌŵůŝĂďŝůŝƚŝĞƐƚŽĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶƐ	Ͳ	Ͳ	ϳϱϬϬϬϬϬϬ	Ͳ
EĞƚĐĂƐŚĨůŽǁĨƌŽŵĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ	ϭϱϱϵϯϭϲ	ϲϰϳϯϯϴϳ	ϳϲϱϱϵϯϭϲ	ϲϰϳϯϯϴϳ
EĞƚĐŚĂŶŐĞŝŶĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ	ϯϵϭϬϴ	;ϰϵϮϰϯϲϱͿ	ϭϭϴϮϯϭϭϳ	;ϰϵϮϰϯϲϱͿ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĂƚƚŚĞĞŶĚŽĨƉĞƌŝŽĚ	ϭϰϳϮϰϱ	ϭϬϴϭϯϴ	ϭϭϵϯϭϮϱϱ	ϭϬϴϭϯϴ

ĂƚϯϭĞĐĞŵďĞƌϮϬϮϯ

ϭ͘ZĞƉŽƌƚŝŶŐŶƚŝƚLJ

dŚĞƌĞŐŝƐƚĞƌĞĚĂĚĚƌĞƐƐŽĨĞĞƉsĂůƵĞƌŝůůĞƌ^ŝƐDƵŶŬĞĚĂŵƐǀĞŝĞŶϰϱ&ϴƚŚĨůŽŽƚ͕ϬϮϱϬKƐůŽ͕EŽƌǁĂLJ͘dŚĞƉƵƌƉŽƐĞŽĨ ƚŚĞĐŽŵƉĂŶLJŝƐĐŽŶƚƌĂĐƚŝŶŐ͕ŵĂŶĂŐŝŶŐ͕ĂŶĚŽǁŶŝŶŐĚƌŝůůŝŶŐƌŝŐƐ͘

dŚĞĐŽŵƉĂŶLJǁĂƐĨŽƵŶĚĞĚϰ:ĂŶƵĂƌLJϮϬϮϭ͘

Ϯ͘ĂƐŝƐŽĨƉƌĞƉĂƌĂƚŝŽŶ

ŽŶƐŽůŝĚĂƚŝŽŶ

dŚĞŐƌŽƵƉĂĐĐŽƵŶƚƐŝŶĐůƵĚĞĞĞƉsĂůƵĞƌŝůůĞƌ^ĂŶĚĐŽŵƉĂŶŝĞƐǁŚĞƌĞĞĞƉsĂůƵĞƌŝůůĞƌ^ŚĂƐĂĐŽŶƚƌŽůůŝŶŐ ŝŶĨůƵĞŶĐĞ͘ŽŶƚƌŽůůŝŶŐŝŶĨůƵĞŶĐĞŝƐŶŽƌŵĂůůLJĂĐŚŝĞǀĞĚǁŚĞŶƚŚĞŐƌŽƵƉŽǁŶƐŵŽƌĞƚŚĂŶϱϬйŽĨƚŚĞƐŚĂƌĞƐŝŶƚŚĞ ĐŽŵƉĂŶLJĂŶĚƚŚĞŐƌŽƵƉŝƐŝŶĂƉŽƐŝƚŝŽŶƚŽĞdžĞƌĐŝƐĞĂĐƚƵĂůĐŽŶƚƌŽůŽǀĞƌƚŚĞĐŽŵƉĂŶLJ͘dƌĂŶƐĂĐƚŝŽŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ ďĞƚǁĞĞŶĐŽŵƉĂŶŝĞƐŝŶƚŚĞŐƌŽƵƉŚĂǀĞďĞĞŶĞůŝŵŝŶĂƚĞĚ͘dŚĞŐƌŽƵƉĂĐĐŽƵŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚĂƉƉůLJŝŶŐƵŶŝĨŽƌŵ ƉƌŝŶĐŝƉůĞƐ͕ŝŶƚŚĂƚƚŚĞƐƵďƐŝĚŝĂƌLJĨŽůůŽǁƐƚŚĞƐĂŵĞĂĐĐŽƵŶƚŝŶŐƉƌŝŶĐŝƉůĞƐĂƐƚŚĞƉĂƌĞŶƚĐŽŵƉĂŶLJ͘

^ƚĂƚĞŵĞŶƚŽĨĐŽŵƉůŝĂŶĐĞ

dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐůĂŝĚĚŽǁŶŝŶƚŚĞEŽƌǁĞŐŝĂŶĐĐŽƵŶƚŝŶŐ ĐƚĂŶĚŐĞŶĞƌĂůůLJĂĐĐĞƉƚĞĚĂĐĐŽƵŶƚŝŶŐƉƌŝŶĐŝƉůĞƐŝŶEŽƌǁĂLJ͘

dŚĞƉƌŽƉŽƐĞĚLJĞĂƌůLJĂĐĐŽƵŶƚƐǁĞƌĞĂƉƉƌŽǀĞĚďLJƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽŶƚŚĞĚĂƚĞƚŚĂƚŝƐƐŚŽǁŶŝŶƚŚĞƐŝŐŶĞĚĂůĂŶĐĞ ^ŚĞĞƚ͘

ĂƐŝƐŽĨŵĞĂƐƵƌĞŵĞŶƚ

dŚĞĐŽŵƉĂŶLJ͛ƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŽŶƚŚĞŚŝƐƚŽƌŝĐĂůĐŽƐƚďĂƐŝƐ͘

&ƵŶĐƚŝŽŶĂůĂŶĚƉƌĞƐĞŶƚĂƚŝŽŶĐƵƌƌĞŶĐLJ

dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞƉƌĞƐĞŶƚĞĚŝŶh^͕ǁŚŝĐŚŝƐƚŚĞĐŽŵƉĂŶLJ͛ƐĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJ͘dŚĞĞdžĐŚĂŶŐĞƌĂƚĞĂƐĂƚϯϭ ĞĐĞŵďĞƌϮϬϮϯǁĂƐh^ϭͬEK<ϭϬ͕ϭϳϮϰ͘

'ŽŝŶŐĐŽŶĐĞƌŶ

/ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĐĐŽƵŶƚŝŶŐĐƚϯͲϯĂ͕ƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚƵŶĚĞƌƚŚĞĂƐƐƵŵƉƚŝŽŶŽĨŐŽŝŶŐ ĐŽŶĐĞƌŶ͘dŚĞĂƐƐƵŵƉƚŝŽŶŝƐďĂƐĞĚŽŶƉƌŽĨŝƚĨŽƌĞĐĂƐƚƐϮϬϮϰͲϮϬϮϲďĂƐĞĚŽŶĞdžŝƐƚŝŶŐďĂƌĞďŽĂƚĐŽŶƚƌĂĐƚǁŝƚŚ^ĂŝƉĞŵĨŽƌ ƚŚĞĚƌŝůůƐŚŝƉĞĞƉsĂůƵĞƌŝůůĞƌ͘

ϯ͘^ŝŐŶŝĨŝĐĂŶƚĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐ

dŚĞĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐƐĞƚŽƵƚďĞůŽǁŚĂǀĞďĞĞŶĂƉƉůŝĞĚĐŽŶƐŝƐƚĞŶƚůLJĨŽƌĂůůƉĞƌŝŽĚƐ͘

hƐĞŽĨĞƐƚŝŵĂƚĞƐ

dŚĞŵĂŶĂŐĞŵĞŶƚŚĂƐƵƐĞĚĞƐƚŝŵĂƚĞƐĂŶĚĂƐƐƵŵƉƚŝŽŶƐƚŚĂƚŚĂǀĞĂĨĨĞĐƚĞĚĂƐƐĞƚƐ͕ůŝĂďŝůŝƚŝĞƐ͕ŝŶĐŽŵĞƐ͕ĞdžƉĞŶƐĞƐĂŶĚ ŝŶĨŽƌŵĂƚŝŽŶŽŶƉŽƚĞŶƚŝĂůůŝĂďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŐĞŶĞƌĂůůLJĂĐĐĞƉƚĞĚĂĐĐŽƵŶƚŝŶŐƉƌŝŶĐŝƉůĞƐŝŶEŽƌǁĂLJ͘

&ŽƌĞŝŐŶĐƵƌƌĞŶĐLJƚƌĂŶƐĂĐƚŝŽŶƐ

dƌĂŶƐĂĐƚŝŽŶƐŵĂĚĞŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐŝĞƐĂƌĞĐŽŶǀĞƌƚĞĚƚŽƚŚĞĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐŝĞƐƵƐŝŶŐƚŚĞĞdžĐŚĂŶŐĞƌĂƚĞŽŶƚŚĞ ƚƌĂŶƐĂĐƚŝŽŶĚĂƚĞ͘DŽŶĞƚĂƌLJĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĚĞŶŽŵŝŶĂƚĞĚŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐŝĞƐĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞĂƌĞĐŽŶǀĞƌƚĞĚ ƚŽĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJƵƐŝŶŐƚŚĞĞdžĐŚĂŶŐĞƌĂƚĞŽŶƚŚĞƚƌĂŶƐĂĐƚŝŽŶĚĂƚĞ͘ŚĂŶŐĞƐŝŶĞdžĐŚĂŶŐĞƌĂƚĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶ ƚŚĞŝŶĐŽŵĞƐƚĂƚĞŵĞŶƚĂƐƚŚĞLJŽĐĐƵƌĚƵƌŝŶŐƚŚĞĂĐĐŽƵŶƚŝŶŐƉĞƌŝŽĚ͘

/ŶĐŽŵĞƚĂdž

dŚĞƚĂdžĐŚĂƌŐĞŝŶƚŚĞƉƌŽĨŝƚĂŶĚůŽƐƐĂĐĐŽƵŶƚĐŽŶƐŝƐƚƐŽĨƚĂdžƉĂLJĂďůĞĨŽƌƚŚĞƉĞƌŝŽĚĂŶĚƚŚĞĐŚĂŶŐĞŝŶĚĞĨĞƌƌĞĚƚĂdž͘ ĞĨĞƌƌĞĚƚĂdžŝƐĐĂůĐƵůĂƚĞĚĂƚƚŚĞƚĂdžƌĂƚĞĂƚϮϮй;ŝŶEŽƌǁĂLJͿĂŶĚϯϱй;ŝŶDĂůƚĂͿŽŶƚŚĞďĂƐŝƐŽĨƚĂdžͲƌĞĚƵĐŝŶŐĂŶĚƚĂdžͲ ŝŶĐƌĞĂƐŝŶŐƚĞŵƉŽƌĂƌLJ ĚŝĨĨĞƌĞŶĐĞƐƚŚĂƚĞdžŝƐƚďĞƚǁĞĞŶĂĐĐŽƵŶƚŝŶŐĂŶĚƚĂdžǀĂůƵĞƐ͕ĂŶĚƚŚĞƚĂdžůŽƐƐĐĂƌƌŝĞĚĨŽƌǁĂƌĚĂƚƚŚĞ ĞŶĚŽĨƚŚĞĂĐĐŽƵŶƚŝŶŐLJĞĂƌ͘dĂdžͲŝŶĐƌĞĂƐŝŶŐĂŶĚƚĂdžͲƌĞĚƵĐŝŶŐƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐƚŚĂƚƌĞǀĞƌƐĞŽƌŵĂLJƌĞǀĞƌƐĞŝŶƚŚĞ ƐĂŵĞƉĞƌŝŽĚĂƌĞƐĞƚŽĨĨĂŶĚĞŶƚĞƌĞĚŶĞƚ͘ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂƌĞƌĞĐŽƌĚĞĚŝŶƚŚĞďĂůĂŶĐĞƐŚĞĞƚǁŚĞŶŝƚŝƐŵŽƌĞůŝŬĞůLJ ƚŚĂŶŶŽƚƚŚĂƚƚŚĞƚĂdžĂƐƐĞƚƐǁŝůůďĞƵƚŝůŝnjĞĚ͘dĂdžĞƐƉĂLJĂďůĞĂŶĚĚĞĨĞƌƌĞĚƚĂdžĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚĚŝƌĞĐƚůLJŝŶĞƋƵŝƚLJƚŽƚŚĞ ĞdžƚĞŶƚƚŚĂƚƚŚĞLJƌĞůĂƚĞƚŽĞƋƵŝƚLJƚƌĂŶƐĂĐƚŝŽŶƐ͘

^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƐ

ƋƵŝƚLJͲƐĞƚƚůĞĚƐŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞŝŶĐŽŵĞƐƚĂƚĞŵĞŶƚĂƐĞdžƉĞŶƐĞƐĚƵƌŝŶŐƚŚĞǀĞƐƚŝŶŐƉĞƌŝŽĚ͘ dŚĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚĂƌĞŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞĂƚŐƌĂŶƚĚĂƚĞƵƐŝŶŐĂŶŽƉƚŝŶŐƉƌŝĐŝŶŐŵŽĚĞů͘

ůĂƐƐŝĨŝĐĂƚŝŽŶŽĨďĂůĂŶĐĞƐŚĞĞƚĂŵŽƵŶƚƐ

ƵƌƌĞŶƚĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŝŶĐůƵĚĞŝƚĞŵƐĚƵĞĨŽƌƉĂLJŵĞŶƚǁŝƚŚŝŶŽŶĞLJĞĂƌŽĨƚŚĞĂĐƋƵŝƌĞĚĚĂƚĞ͘dŚĞƌĞŵĂŝŶŝŶŐŝƚĞŵƐ ĂƌĞĐůĂƐƐŝĨŝĞĚĂƐĨŝdžĞĚĂƐƐĞƚƐͬůŽŶŐƚĞƌŵůŝĂďŝůŝƚŝĞƐ͘

ƵƌƌĞŶƚĂƐƐĞƚƐĂƌĞǀĂůƵĞĚĂƚƚŚĞůŽǁĞƌŽĨĐŽƐƚĂŶĚĨĂŝƌǀĂůƵĞ͘^ŚŽƌƚƚĞƌŵůŝĂďŝůŝƚŝĞƐĂƌĞƌĞĐŽŐŶŝnjĞĚĂƚŶŽŵŝŶĂůǀĂůƵĞ͘ &ŝdžĞĚĂƐƐĞƚƐĂƌĞǀĂůƵĞĚĂƚĐŽƐƚ͕ůĞƐƐĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͘>ŽŶŐƚĞƌŵůŝĂďŝůŝƚŝĞƐĂƌĞƌĞĐŽŐŶŝnjĞĚĂƚŶŽŵŝŶĂů ǀĂůƵĞ͘

^ƉĞĐŝĂůƉĞƌŝŽĚŝĐƐƵƌǀĞLJƐ

^ƉĞĐŝĂůƉĞƌŝŽĚŝĐƐƵƌǀĞLJƐ;ĂůƐŽŬŶŽǁŶĂƐĚĞĨĞƌƌĞĚĚƌLJĚŽĐŬ;ĚĞĨĞƌƌĞĚĐĞƌƚŝĨŝĐĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞͿĂƌĞĂĨŝǀĞLJĞĂƌůLJƚŚŽƌŽƵŐŚ ŝŶƐƉĞĐƚŝŽŶĂŶĚƌĞĐĞƌƚŝĨŝĐĂƚŝŽŶŽĨƚŚĞŚƵůůĂŶĚŵĂĐŚŝŶĞƌLJĐŽŵƉŽŶĞŶƚƐŽĨƚŚĞƌŝŐ͕ǁŚŝĐŚĂůƐŽŝŶĐůƵĚĞƐŽďƚĂŝŶŝŶŐƌĞƋƵŝƌĞĚ ŵĂƌŝƚŝŵĞĐĞƌƚŝĨŝĐĂƚŝŽŶ͘dŚĞĂƐƐŽĐŝĂƚĞĚĐŽƐƚƐĂƌĞĂŵŽƌƚŝƐĞĚŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞƉĞƌŝŽĚĨƌŽŵƚŚĞŵŽŶƚŚ ĨŽůůŽǁŝŶŐƚŚĞĞŶĚŽĨƚŚĞĐŽŵƉůĞƚĞĚƐƵƌǀĞLJƚŽƚŚĞŵŽŶƚŚŽĨĞdžƉŝƌĂƚŝŽŶŽĨƚŚĞƐƵƌǀĞLJĐĞƌƚŝĨŝĐĂƚĞ͘dŚĞĐŽƐƚƐĂƌĞĐůĂƐƐŝĨŝĞĚ ĂƐƐƉĞĐŝĂůƉĞƌŝŽĚŝĐƐƵƌǀĞLJƐǁŝƚŚŝŶĨŝdžĞĚĂƐƐĞƚƐ͘tŚĞŶƚŚĞĂƐƐŽĐŝĂƚĞĚƌŝŐŝƐŝŶŽƉĞƌĂƚŝŽŶ͕ƚŚĞƐĞĐŽƐƚƐĂƌĞĐĂƌƌŝĞĚďLJƚŚĞƌŝŐ ŽƉĞƌĂƚŝŶŐĐŽŵƉĂŶLJ͘tŚĞŶƚŚĞĂƐƐŽĐŝĂƚĞĚƌŝŐŝƐĐŽůĚƐƚĂĐŬĞĚ͕ƚŚĞƐĞĐŽƐƚƐĂƌĞĐĂƌƌŝĞĚďLJƚŚĞƌŝŐŽǁŶŝŶŐĐŽŵƉĂŶLJ͘

ZĞǀĞŶƵĞZĞĐŽŐŶŝƚŝŽŶ

ZĞǀĞŶƵĞĨƌŽŵĐŚĂƌƚĞƌŚŝƌĞƐĞƌǀŝĐĞƐŝƐƌĞĐŽŐŶŝnjĞĚŽǀĞƌƚŚĞĐŽŶƚƌĂĐƚƚĞƌŵĂƐƚŚĞƐĞƌǀŝĐĞƐĂƌĞƌĞŶĚĞƌĞĚ͘&ŽƌƐĂůĞƐŽĨ ŐŽŽĚƐ͕ƌĞǀĞŶƵĞŝƐƌĞĐŽŐŶŝnjĞĚĂƚƚŚĞƉŽŝŶƚŽĨĚĞůŝǀĞƌLJ͘

ZŝŐŵŽďŝůŝƐĂƚŝŽŶ

ZĞǀĞŶƵĞĐŽƌƌĞƐƉŽŶĚŝŶŐƚŽŵŽďŝůŝnjĂƚŝŽŶĂŶĚĚĞŵŽďŝůŝnjĂƚŝŽŶŝƐƌĞĐŽŐŶŝnjĞĚŽǀĞƌƚŚĞƐƉĂŶŽĨƚŚĞĐŚĂƌƚĞƌĐŽŶƚƌĂĐƚ͘dŚŝƐ ĂƉƉƌŽĂĐŚĂůŝŐŶƐƚŚĞƐLJƐƚĞŵĂƚŝĐƌĞĐŽŐŶŝƚŝŽŶŽĨĐŽƐƚƐŝŶĐƵƌƌĞĚǁŝƚŚƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐƌĞǀĞŶƵĞ͕ĞŶƐƵƌŝŶŐĂŵĂƚĐŚŝŶŐ ƉƌŝŶĐŝƉůĞĨŽƌƚŚĞĨŝŶĂŶĐŝĂůƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞƐĞƌǀŝĐĞŝƐĚĞůŝǀĞƌĞĚ͘ZĞĐŽŐŶŝƚŝŽŶŚŝŶŐĞƐŽŶďŽƚŚƚŚĞĞdžƉĞĐƚĂƚŝŽŶŽĨ ĞĐŽŶŽŵŝĐďĞŶĞĨŝƚĂŶĚƚŚĞƌĞůŝĂďůĞŵĞĂƐƵƌĂďŝůŝƚLJŽĨƌĞǀĞŶƵĞĂůŽŶŐƐŝĚĞƚŚĞƐĞĐŽƐƚƐ͘

/ŶǀĞŶƚŽƌLJ

/ŶǀĞŶƚŽƌLJŝƐŚĞůĚĂƚƚŚĞůŽǁĞƌŽĨĐŽƐƚŽƌŶĞƚƌĞĂůŝƐĂďůĞǀĂůƵĞ͘tŚĞŶƚŚĞĂƐƐŽĐŝĂƚĞĚƌŝŐŝƐŝŶŽƉĞƌĂƚŝŽŶ͕ƚŚĞƐĞĐŽƐƚƐĂƌĞ ĐĂƌƌŝĞĚďLJƚŚĞƌŝŐŽƉĞƌĂƚŝŶŐĐŽŵƉĂŶLJ͘tŚĞŶƚŚĞĂƐƐŽĐŝĂƚĞĚƌŝŐŝƐĐŽůĚƐƚĂĐŬĞĚ͕ƚŚĞƐĞĐŽƐƚƐĂƌĞĐĂƌƌŝĞĚďLJƚŚĞƌŝŐŽǁŶŝŶŐ ĐŽŵƉĂŶLJ͘

dĂŶŐŝďůĞĨŝdžĞĚĂƐƐĞƚƐ

dĂŶŐŝďůĞĨŝdžĞĚĂƐƐĞƚƐĂƌĞĐĂƉŝƚĂůŝnjĞĚĂŶĚĚĞƉƌĞĐŝĂƚĞĚŽǀĞƌƚŚĞĞdžƉĞĐƚĞĚĞĐŽŶŽŵŝĐůŝĨĞŽĨƚŚĞĂƐƐĞƚ͘dŚĞĐŽŵƉĂŶLJ͛Ɛ ƚĂŶŐŝďůĞĨŝdžĞĚĂƐƐĞƚƐĐŽŶƐŝƐƚŽĨƚŚĞĞĞƉsĂůƵĞƌŝůůĞƌƌŝŐ͘dŚĞƌŝŐŝƐĐŽŵƉŽŶĞŶƚŝƐĞĚ͕ĂŶĚĞĂĐŚĐŽŵƉŽŶĞŶƚŝƐĞǀĂůƵĂƚĞĚ ĨŽƌƵƐĞĨƵůůŝĨĞ͘dŚĞĐŽŵƉŽŶĞŶƚƐŚĂǀĞĂŶĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝĨĞŽĨϱͲϮϬLJĞĂƌƐ͘

ĞƉƌĞĐŝĂƚŝŽŶŵĞƚŚŽĚ͕ƚŚĞƵƐĞĨƵůůŝĨĞĂŶĚƌĞƐŝĚƵĂůǀĂůƵĞƐĂƌĞĂƐƐĞƐƐĞĚĂŶŶƵĂůůLJ͘ŚĂŶŐĞƐŝŶĂĐĐŽƵŶƚŝŶŐĞƐƚŝŵĂƚĞƐĂƌĞ ƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞŝŶĐŽŵĞƐƚĂƚĞŵĞŶƚĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚǁŚĞŶƚŚĞĞƐƚŝŵĂƚĞƐĂƌĞĐŚĂŶŐĞĚ͘

ŝƌĞĐƚŵĂŝŶƚĞŶĂŶĐĞŽĨŽƉĞƌĂƚŝŶŐĂƐƐĞƚƐŝƐĐŚĂƌŐĞĚƵŶĚĞƌŽƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞƐ͕ǁŚŝůĞĐŽƐƚƐŽĨŝŵƉƌŽǀĞŵĞŶƚƐĂƌĞĂĚĚĞĚ ƚŽƚŚĞĐŽƐƚŽĨƚŚĞĂƐƐĞƚĂŶĚĚĞƉƌĞĐŝĂƚĞĚŝŶůŝŶĞǁŝƚŚƚŚĞĂƐƐĞƚ͘/ĨƚŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŽĨƚŚĞĂƐƐĞƚŝƐůŽǁĞƌƚŚĂŶƚŚĞ ĐĂƌƌLJŝŶŐĂŵŽƵŶƚ͕ĂŶŝŵƉĂŝƌŵĞŶƚŝƐŵĂĚĞƚŽƚŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͘ZĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŝƐƚŚĞŚŝŐŚĞƐƚŽĨŶĞƚƐĂůĞƐ ǀĂůƵĞĂŶĚǀĂůƵĞŝŶƵƐĞ͘sĂůƵĞŝŶƵƐĞŝƐƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĨƵƚƵƌĞĐĂƐŚĨůŽǁƐƚŚĂƚƚŚĞĂƐƐĞƚŝƐĞdžƉĞĐƚĞĚƚŽŐĞŶĞƌĂƚĞ͘

ŽƌƌŽǁŝŶŐĐŽƐƚƐĂƌĞƌĞĐŽŐŶŝnjĞĚĂƐĞdžƉĞŶƐĞƐǁŚĞŶƚŚĞLJŽĐĐƵƌ͕ŶŽƚĐĂƉŝƚĂůŝnjĞĚĂƐƉĂƌƚŽĨƚŚĞĂƐƐĞƚΖƐĐŽƐƚ͘

ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ

ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞƐĂŶĚŽƚŚĞƌĐƵƌƌĞŶƚƌĞĐĞŝǀĂďůĞƐĂƌĞƌĞĐŽƌĚĞĚŝŶƚŚĞďĂůĂŶĐĞƐŚĞĞƚĂƚŶŽŵŝŶĂůǀĂůƵĞůĞƐƐƉƌŽǀŝƐŝŽŶƐ ĨŽƌĚŽƵďƚĨƵůĂĐĐŽƵŶƚƐ͘WƌŽǀŝƐŝŽŶƐĨŽƌĚŽƵďƚĨƵůĂĐĐŽƵŶƚƐĂƌĞďĂƐĞĚŽŶĂŶŝŶĚŝǀŝĚƵĂůĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞĚŝĨĨĞƌĞŶƚ ƌĞĐĞŝǀĂďůĞƐ͘&ŽƌƚŚĞƌĞŵĂŝŶŝŶŐƌĞĐĞŝǀĂďůĞƐ͕ĂŐĞŶĞƌĂůƉƌŽǀŝƐŝŽŶŝƐĞƐƚŝŵĂƚĞĚďĂƐĞĚŽŶĞdžƉĞĐƚĞĚůŽƐƐ͘

&ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ

ŝĂďŝůŝƚŝĞƐǁŝƚŚůŽŶŐͲƚĞƌŵŵĂƚƵƌŝƚŝĞƐĂƌĞƌĞĐŽƌĚĞĚĂƚƚŚĞŝƌŶŽŵŝŶĂůǀĂůƵĞ͘&ĞĞƐŝŶĐƵƌƌĞĚĨƌŽŵƐĞĐƵƌŝŶŐĂůŽĂŶĂƌĞƚƌĞĂƚĞĚ ĂƐƉƌĞƉĂŝĚĨŝŶĂŶĐĞĐŽƐƚƐĂŶĚĂƌĞĂŵŽƌƚŝnjĞĚƚŽŝŶƚĞƌĞƐƚĞdžƉĞŶƐĞĞǀĞŶůLJŽǀĞƌƚŚĞĚƵƌĂƚŝŽŶŽĨƚŚĞůŽĂŶ͘

ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ

dŚĞĐĂƐŚĨůŽǁƐƚĂƚĞŵĞŶƚŝƐƉƌĞƐĞŶƚĞĚƵƐŝŶŐƚŚĞŝŶĚŝƌĞĐƚŵĞƚŚŽĚŽĨĂĐĐŽƵŶƚŝŶŐ͘ĂƐŚŝŶĐůƵĚĞƐĐĂƐŚŝŶŚĂŶĚĂŶĚĂƚďĂŶŬ͘ ĂƐŚĞƋƵŝǀĂůĞŶƚƐĂƌĞƐŚŽƌƚͲƚĞƌŵůŝƋƵŝĚŝŶǀĞƐƚŵĞŶƚƐƚŚĂƚĐĂŶďĞŝŵŵĞĚŝĂƚĞůLJĐŽŶǀĞƌƚĞĚŝŶƚŽĂŬŶŽǁŶĂŵŽƵŶƚŽĨĐĂƐŚ ĂŶĚŚĂǀĞĂŵĂdžŝŵƵŵƚĞƌŵƚŽŵĂƚƵƌŝƚLJŽĨϭϮŵŽŶƚŚƐ͘

WƌŽǀŝƐŝŽŶƐ

ƉƌŽǀŝƐŝŽŶŝƐƌĞĐŽŐŶŝƐĞĚǁŚĞŶ͗

ͻĂƐĂƌĞƐƵůƚŽĨĂƉĂƐƚĞǀĞŶƚ͕ƚŚĞƌĞŝƐĂůĞŐĂůŽƌĐŽŶƐƚƌƵĐƚŝǀĞŽďůŝŐĂƚŝŽŶ͘

ͻ/ƚŝƐƉƌŽďĂďůĞƚŚĂƚĂŶŽƵƚĨůŽǁŽĨĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƐǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƐĞƚƚůĞƚŚĞŽďůŝŐĂƚŝŽŶ͕ĂŶĚŝƚĐĂŶďĞƌĞůŝĂďůLJ ĞƐƚŝŵĂƚĞĚ͘

WƌŽǀŝƐŝŽŶƐĂƌĞĐŽŶƐŝĚĞƌĞĚĂƚĞĂĐŚďĂůĂŶĐĞƐŚĞĞƚĚĂƚĞĂŶĚĂƌĞĂĚũƵƐƚĞĚƚŽƌĞĨůĞĐƚƵƉĚĂƚĞĚďĞƐƚĞƐƚŝŵĂƚĞƐ͘

ĂƐŚĨůŽǁƐƚĂƚĞŵĞŶƚ

dŚĞĐĂƐŚĨůŽǁƐƚĂƚĞŵĞŶƚŝƐƉƌĞƐĞŶƚĞĚƵƐŝŶŐƚŚĞŝŶĚŝƌĞĐƚŵĞƚŚŽĚ͘ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐŝŶĐůƵĚĞƐĐĂƐŚ͕ďĂŶŬ ĚĞƉŽƐŝƚƐĂŶĚŽƚŚĞƌƐŚŽƌƚƚĞƌŵ͕ŚŝŐŚůLJůŝƋƵŝĚŝŶǀĞƐƚŵĞŶƚƐǁŝƚŚŵĂƚƵƌŝƚŝĞƐŽĨƚŚƌĞĞŵŽŶƚŚƐŽƌůĞƐƐ͘

DĂƌŬĞĚƌŝƐŬĨĂĐƚŽƌƐ

DĂƌŬĞƚƌŝƐŬŝƐƚŚĞƌŝƐŬŽĨĐŚĂŶŐĞŝŶŵĂƌŬĞƚƉƌŝĐĞƐĂŶĚĚĞŵĂŶĚ͕ƚŚĞƌĞƵŶĚĞƌĐŚĂŶŐĞƐŝŶĐƵƌƌĞŶĐLJĞdžĐŚĂŶŐĞƌĂƚĞƐĂŶĚ ŝŶƚĞƌĞƐƚůĞǀĞůƐ͘

>ŝƋƵŝĚŝƚLJƌŝƐŬ

ŝƋƵŝĚŝƚLJƌŝƐŬŝƐƚŚĞƌŝƐŬƚŚĂƚƚŚĞĐŽŵƉĂŶLJǁŝůůŶŽƚďĞĂďůĞƚŽƐĞƚƚůĞŝƚƐĨŝŶĂŶĐŝĂůĐŽŵŵŝƚŵĞŶƚƐĂƐƚŚĞLJĨĂůůĚƵĞ͘tŝƚŚ ƌĞŐƵůĂƌƉƌŽŐŶŽƐĞƐĂŶĚůŝƋƵŝĚŝƚLJĂŶĂůLJƐŝƐ͕ƚŚĞĐŽŵƉĂŶLJǁŝůů͕ĂƐĨĂƌĂƐƉŽƐƐŝďůĞ͕ĞŶƐƵƌĞƚŚĂƚƐƵĨĨŝĐŝĞŶƚĂĐĐĞƐƐƚŽĨƵŶĚƐŝƐ ŵĂĚĞĂǀĂŝůĂďůĞŝŶŽƌĚĞƌƚŽƐĞƚƚůĞĐŽŵŵŝƚŵĞŶƚƐŽŶƚŚĞĚƵĞĚĂƚĞǁŝƚŚŽƵƚƵŶĂĐĐĞƉƚĂďůĞůŽƐƐĞƐŽƌƌŝƐŬƐŽĨĚĂŵĂŐŝŶŐƚŚĞ ĐŽŵƉĂŶLJ͛ƐƌĞƉƵƚĂƚŝŽŶ͘

ƵƌƌĞŶĐLJƌŝƐŬ

dŚĞĐŽŵƉĂŶLJ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶĂŶĚĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJŝƐh^ŽůůĂƌ͘KŶůLJŵŝŶŽƌŽƉĞƌĂƚŝŶŐĐŽƐƚƐĂŶĚďĂůĂŶĐĞƐŚĞĞƚĞŶƚƌŝĞƐ ĂƌĞĚĞŶŽŵŝŶĂƚĞĚŝŶŽƚŚĞƌĐƵƌƌĞŶĐŝĞƐƚŚĂŶEK<͘ƵƌƌĞŶĐLJƌŝƐŬŝƐĐŽŶƐŝĚĞƌĞĚůŽǁ͘

/ŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬ

dŚĞ'ƌŽƵƉ͛ƐŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬĂƌŝƐĞƐŝŶďŽƚŚƚŚĞƐŚŽƌƚĂŶĚŵĞĚŝƵŵͲƚĞƌŵƉĞƌƐƉĞĐƚŝǀĞĂƐdŚĞ'ƌŽƵƉ͛ƐďŽƌƌŽǁŝŶŐƐŝƐ ŚĞůĚĂƚĨůŽĂƚŝŶŐŝŶƚĞƌĞƐƚƌĂƚĞƐ͘ŚĂŶŐĞƐŝŶƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞůĞǀĞůǁŝůůŚĂǀĞĂůŝŵŝƚĞĚďƵƚĚŝƌĞĐƚŝŵƉĂĐƚŽŶĨƵƚƵƌĞĐĂƐŚ ĨůŽǁƐ͘

ŽƌƌŽǁŝŶŐƐŚĂǀĞďĞĞŶĂƚĂůŽǁůĞǀĞů͘dŚĞƌĞĨŽƌĞ͕ŶŽŵĞĂƐƵƌĞƐŝŵƉůĞŵĞŶƚĞĚƚŽǁĂƌĚƐƌĞĚƵĐŝŶŐƚŚĞĞdžƉŽƐƵƌĞ ƚŽǁĂƌĚƐŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬ͘

ƌĞĚŝƚƌŝƐŬ

ƌĞĚŝƚƌŝƐŬŝƐƚŚĞƌŝƐŬŽĨĨŝŶĂŶĐŝĂůůŽƐƐƚŽƚŚĞĐŽŵƉĂŶLJŝĨĂĐƵƐƚŽŵĞƌŽƌĐŽƵŶƚĞƌƉĂƌƚLJƚŽĂĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚĨĂŝůƐƚŽ ŵĞĞƚŝƚƐĐŽŶƚƌĂĐƚƵĂůŽďůŝŐĂƚŝŽŶ͘ƌĞĚŝƚƌŝƐŬĂƌŝƐĞƐƉƌŝŶĐŝƉĂůůLJĨƌŽŵƚŚĞĐŽŵƉĂŶLJ͛ƐƌĞĐĞŝǀĂďůĞƐĨƌŽŵĐƵƐƚŽŵĞƌƐ͘ƚƉĞƌŝŽĚ ĞŶĚƚŚĞŽŵƉĂŶLJ͛ƐŚĂĚŶŽƌĞĐĞŝǀĂďůĞƐ͘

EŽƚĞϮ^ĂůĞƐ

	ĞĞƉsĂůƵĞƌŝůůĞƌ^		ĞĞƉsĂůƵĞƌŝůůĞƌ'ƌŽƵƉ
KƉĞƌĂƚŝŶŐƌĞǀĞŶƵĞƐďLJŐĞŽŐƌĂƉŚŝĐĂůůŽĐĂƚŝŽŶ͗	ϮϬϮϯ	ϮϬϮϮ	ϮϬϮϯ	ϮϬϮϮ
tĞƐƚĨƌŝĐĂ	Ͳ	Ͳ	ϭϭϬϴϳϮϴϴ	Ͳ
/ŶƚĞƌŶĂƚŝŽŶĂůǁĂƚĞƌƐ	Ͳ	Ͳ	ϭϱϰϰϴϱϬ	Ͳ
EŽƌǁĂLJ	ϰϰϬϮϵϱ	ϮϬϳϬϴϴ	Ͳ	Ͳ
dŽƚĂů	ϰϰϬϮϵϱ	ϮϬϳϬϴϴ	ϭϮϲϯϮϭϯϴ	Ͳ
KƉĞƌĂƚŝŶŐƌĞǀĞŶƵĞƐďLJƐĞŐŵĞŶƚ͗	ϮϬϮϯ	ϮϬϮϮ	ϮϬϮϯ	ϮϬϮϮ
ŚĂƌƚĞƌŚŝƌĞ	Ͳ	Ͳ	ϭϭϮϮϲϲϲϳ	Ͳ
KƚŚĞƌ	ϰϰϬϮϵϱ	ϮϬϳϬϴϴ	ϭϰϬϱϰϳϭ	Ͳ
dŽƚĂů	ϰϰϬϮϵϱ	ϮϬϳϬϴϴ	ϭϮϲϯϮϭϯϴ	Ͳ

EŽƚĞϯ^ĂůĂƌLJĐŽƐƚƐĂŶĚďĞŶĞĨŝƚƐ͕ƌĞŵƵŶĞƌĂƚŝŽŶƚŽƚŚĞŵĂŶĂŐŝŶŐĚŝƌĞĐƚŽƌ͕ďŽĂƌĚĂŶĚĂƵĚŝƚŽƌ

ĞĞƉsĂůƵĞƌŝůůĞƌ^

ZĞŵƵŶĞƌĂƚŝŽŶƚŽŵĂŶĂŐĞŵĞŶƚ

tĂƌƌĂŶƚƐĂƐĚŝƐĐůŽƐĞĚŝŶŶŽƚĞϭϬďĞůŽǁŚĂǀĞďĞĞŶŝƐƐƵĞĚƚŽƚŚĞŵĂŶĂŐŝŶŐĚŝƌĞĐƚŽƌĂŶĚďŽĂƌĚŵĞŵďĞƌƐ͘ tĂƌƌĂŶƚƐƚŚĂƚŚĂǀĞďĞĞŶŝƐƐƵĞƐĂƐƉĂLJŵĞŶƚĨŽƌƐĞƌǀŝĐĞƐŚĂǀĞďĞĞŶƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘dŚĞƐĞ ǁĂƌƌĂŶƚƐŚĂǀĞĂŶĞƐƚŝŵĂƚĞĚĨĂŝƌǀĂůƵĞŽĨh^ϯϬϬϬϬϰ͘dŚĞǁĂƌƌĂŶƚƐǁŝůůďĞĞƋƵŝƚLJƐĞƚƚůĞĚ͘

dŚĞĞƐƚŝŵĂƚĞĚǀĞƐƚŝŶŐƉĞƌŝŽĚŝƐ͕ĨŽƌĐĂůĐƵůĂƚŝŽŶƉƵƌƉŽƐĞƐ͕ŽŶĞ͕ƚǁŽĂŶĚƚŚƌĞĞLJĞĂƌƐƌĞƐƉĞĐƚŝǀĞůLJĨŽƌƚŚĞƚŚƌĞĞ ĐůĂƐƐĞƐŽĨǁĂƌƌĂŶƚƐ͘dŚĞǁĂƌƌĂŶƚƐǁĞƌĞŐƌĂŶƚĞĚĂƚϯϭDĂƌĐŚϮϬϮϭ͕ŶŽĞdžƉĞŶƐĞŚĂƐďĞĞŶƌĞĐŽŐŶŝnjĞĚĨŽƌƚŚĞƉĞƌŝŽĚ dŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞǁĂƌƌĂŶƚƐŚĂƐďĞĞŶĞƐƚŝŵĂƚĞĚďĂƐĞĚŽŶƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽŶǁŚŝĐŚƚŚĞǁĂƌƌĂŶƚƐǁĞƌĞ ŐƌĂŶƚĞĚ͘/ƚƚĂŬĞƐŝŶƚŽĂĐĐŽƵŶƚĂŶĞƐƚŝŵĂƚĞĚǀŽůĂƚŝůŝƚLJŽĨϮϱй͘

>ĞĂĚŝŶŐƉĞƌƐŽŶŶĞů	tĂƌƌĂŶƚͲ ďĂƐĞĚƉĂLJ	džƉĞŶƐĞĚ ϮϬϮϭ	džƉĞŶƐĞĚ ϮϬϮϮ	džƉĞŶƐĞĚ ϮϬϮϯ	dŽƚĂů
K͕^ǀĞŶĚŶƚŽŶDĂŝĞƌ				ϵϬϬϬϬϬ ϳϯϯϯϰ ϯϯϯϯϰ ϭϯϯϯϯ ϭϮϬϬϬϭ
ŚĂŝƌŵĂŶ͕ŝŶĂƌ:͘'ƌĞǀĞ				ϵϬϬϬϬϬ ϳϯϯϯϰ ϯϯϯϯϰ ϭϯϯϯϯ ϭϮϬϬϬϭ
ŽĂƌĚŵĞŵďĞƌ͕'ƵŶŶĂƌ,ǀĂŵŵĞŶ				ϰϱϬϬϬϬ ϯϲϲϲϳ ϭϲϲϲϳ ϲϲϲϳ ϲϬϬϬϭ
ŽĂƌĚŵĞŵďĞƌ͕'ůĞŶKůĞZƆĚůĂŶĚ	ϯϬϬϬϬϬ			ϱϳϭϲϬ ϮϱϵϴϮ ϴϯϭϰϮ
dŽƚĂů				ϮϱϱϬϬϬϬ ϭϴϯϯϯϱ ϭϰϬϰϵϰ ϱϵϯϭϱ ϯϴϯϭϰϰ

ĞĞƉsĂůƵĞƌŝůůĞƌ'ƌŽƵƉ

WĞƌƐŽŶŶĞůŽƐƚ	ϮϬϮϯ	ϮϬϮϮ
^ĂůĂƌŝĞƐ	ϴϳϬϱϬϭ	ϱϰϰϵϭϭ
ŵƉůŽLJĞƌƚĂdžĞƐ	ϴϯϲϰ	ϭϲϬϯϬϰ
WĞŶƐŝŽŶƐ	Ϭ	Ϭ
KƚŚĞƌƉĞƌƐŽŶŶĞůĐŽƐƚ	ϭϯϮϲϯϭ	ϭϮϭϳϰϳ
^Ƶŵ	ϭϬϭϭϰϵϲ	ϴϮϲϵϲϮ

>ĞĂĚŝŶŐƉĞƌƐŽŶŶĞů	^ĂůĂƌLJ	ŽŶƵƐ	KƚŚĞƌ	dŽƚĂů
K͕^ǀĞŶĚŶƚŽŶDĂŝĞƌ	ϱϱϱϲϬϲ	ϯϬϬϬϬϬ	ϴϲϲϰϵ	ϵϰϮϮϱϱ
ŚĂŝƌŵĂŶ͕ŝŶĂƌ:͘'ƌĞǀĞ	Ͳ	Ͳ	ϭϯϯϯϯ	ϭϯϯϯϯ
ŽĂƌĚŵĞŵďĞƌ͕'ƵŶŶĂƌ,ǀĂŵŵĞŶ	Ͳ	Ͳ	ϲϲϲϳ	ϲϲϲϳ
ŽĂƌĚŵĞŵďĞƌ͕'ůĞŶKůĞZƆĚůĂŶĚ	Ͳ	Ͳ	ϮϱϵϴϮ	ϮϱϵϴϮ
ŽĂƌĚŵĞŵďĞƌ;D>dͿ͕ŶƚŚŽŶLJ>ĂǁƌĞŶĐĞ
ƵƚƚŝŐŝĞŐ	ϭϰϴϵϲ	Ͳ	Ͳ	ϭϰϴϵϲ
dŽƚĂů	ϱϳϬϱϬϭ	ϯϬϬϬϬϬ	ϭϯϮϲϯϭ	ϭϬϬϯϭϯϮ

ŽŶƵƐ͗

dŚŝƐLJĞĂƌ͕ƚŚĞKǁĂƐĂǁĂƌĚĞĚƚŚĞďŽŶƵƐĨŽůůŽǁŝŶŐƚŚĞƐƵĐĐĞƐƐĨƵůĨƵůĨŝůŵĞŶƚŽĨƚŚĞƐƚŝƉƵůĂƚĞĚĐŽŶĚŝƚŝŽŶƚŽƐĞĐƵƌĞĂ ĐŚĂƌƚĞƌŝŶŐĂŐƌĞĞŵĞŶƚĨŽƌƚŚĞĐŽŵƉĂŶLJΖƐŵŽďŝůĞŽĨĨƐŚŽƌĞĚƌŝůůŝŶŐƌŝŐ͘

ƵĚŝƚŽƌ

ZĞŵƵŶĞƌĂƚŝŽŶƚŽƚŚĞĂƵĚŝƚŽƌŝƐĚŝƐƚƌŝďƵƚĞĚĂƐĨŽůůŽǁƐ͗

	^	'ƌŽƵƉ
	ϮϬϮϯ	ϮϬϮϯ
^ƚĂƚƵƚŽƌLJĂƵĚŝƚ	ϳϬϮϲϲ	ϵϰϵϬϵ
KƚŚĞƌĂƚƚĞƐƚĂƚŝŽŶƐĞƌǀŝĐĞƐ	Ϭ
dĂdžĂĚǀŝĐĞ	Ϭ	Ϯϯϳϭ
KƚŚĞƌŶŽŶͲĂƵĚŝƚƐĞƌǀŝĐĞƐ	Ϭ	Ϭ
dŽƚĂů	ϳϬϮϲϲ	ϵϳϮϴϬ

ŵŽƵŶƚƐĂƌĞďĞĨŽƌĞǀĂƚ͘

EŽƚĞϰ&ŝdžĞĚĂƐƐĞƚƐ

ĞĞƉsĂůƵĞƌŝůůĞƌ^

	/ŶƚĂŶŐŝďůĞ ĂƐƐĞƚƐ	&ŝdžƚƵƌĞƐĂŶĚ ĨŝƚƚŝŶŐƐ	dŽƚĂů
ĐƋƵŝƐŝƚŝŽŶŽĨĨŝdžĞĚĂƐƐĞƚƐ			Ͳ
ĐƋƵŝƐŝƚŝŽŶĐŽƐƚϯϭĞĐĞŵďĞƌϮϬϮϯ		ϴϴϯϱ ϴϬϯϭ	ϭϲϴϲϲ
ĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶϯϭĞĐĞŵďĞƌϮϬϮϯ		ϰϱϲϱ ϲϳϮϲ	ϭϭϮϵϭ
ŽŽŬǀĂůƵĞϯϭĞĐĞŵďĞƌϮϬϮϯ		ϰϮϳϬ ϭϯϬϱ	ϱϱϳϱ
dŚŝƐƉĞƌŝŽĚΖƐŽƌĚŝŶĂƌLJĚĞƉƌĞĐŝĂƚŝŽŶƐ		ϭϳϲϳ ϮϲϴϮ	ϰϰϰϵ
ĐŽŶŽŵŝĐůŝĨĞ	ϱLJĞĂƌƐ	ϯLJĞĂƌƐ

ĞĞƉsĂůƵĞƌŝůůĞƌ'ƌŽƵƉ

	/ŶƚĂŶŐŝďůĞ ĂƐƐĞƚƐ	&ŝdžƚƵƌĞƐĂŶĚ ĨŝƚƚŝŶŐƐ	^ŚŝƉƐ	ĂƉŝƚĂůŝƐĞĚ ĐůĂƐƐĐŽƐƚƐ	dŽƚĂů
ĐƋƵŝƐŝƚŝŽŶŽĨĨŝdžĞĚĂƐƐĞƚƐ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ
ĐƋƵŝƐŝƚŝŽŶĐŽƐƚϯϭĞĐĞŵďĞƌϮϬϮϯ		ϴϴϯϱ ϴϬϯϭ ϲϴϲϲϯϯϴϳ		ϲϯϱϮϭϰϵϵ	ϭϯϮϮϬϭϳϱϮ
ĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶϯϭĞĐĞŵďĞƌϮϬϮϯ		ϰϱϲϱ ϲϳϮϲ ϳϵϴϰϱϯϭ		ϯϬϵϲϯϭϭ	ϭϭϬϵϮϭϯϯ
ŽŽŬǀĂůƵĞϯϭĞĐĞŵďĞƌϮϬϮϯ		ϰϮϳϬ ϭϯϬϱ ϲϬϲϳϴϴϱϲ		ϲϬϰϮϱϭϴϴ	ϭϮϭϭϬϵϲϭϵ
dŚŝƐƉĞƌŝŽĚΖƐŽƌĚŝŶĂƌLJĚĞƉƌĞĐŝĂƚŝŽŶƐ		ϭϳϲϴ ϮϲϴϮ ϮϴϴϮϲϳϳ		ϯϬϵϲϯϭϭ	ϱϵϴϯϰϯϴ
ĐŽŶŽŵŝĐůŝĨĞ	ϱLJĞĂƌƐ	ϯLJĞĂƌƐ	ϱͲϮϬLJĞĂƌƐ	ϱLJĞĂƌƐ

KŶϮϰDĂƌĐŚϮϬϮϭƚŚĞĐŽŵƉĂŶLJĂĐƋƵŝƌĞĚƚŚĞϳƚŚŐĞŶĞƌĂƚŝŽŶŵŽďŝůĞŽĨĨƐŚŽƌĞĚƌŝůůŝŶŐƌŝŐΗŽůĞƚƚĞŽůƉŚŝŶΗ͕Ă'h^dKWϭϬϬϬϬ ĚĞƐŝŐŶĞĚĚƌŝůůƐŚŝƉďƵŝůƚŝŶϮϬϭϰĂƚ,LJƵŶĚĂŝ͕,ĞĂǀLJ/ŶĚƵƐƚƌŝĞƐŽ>ƚĚ;^ŽƵƚŚ<ŽƌĞĂͿǁŝƚŚ/DKEƵŵďĞƌϵϲϮϱϱϭϲĨŽƌĂƉƵƌĐŚĂƐĞ ƉƌŝĐĞŽĨh^ϲϱŵŝůůŝŽŶĨƌŽŵŽůĞƚƚĞ&ůĞĞƚĐŽ>ƚĚ͘

KŶϬϵƵŐƵƐƚϮϬϮϭĞĞƉsĂůƵĞƌŝůůĞƌ^ƐŽůĚƚŚĞZŝŐƚŽĞĞƉsĂůƵĞƌŝůůĞƌ>ƚĚ͘dŚĞƐĂůĞǁĂƐĨŝŶĂŶĐĞĚǁŝƚŚĂƐĞůůĞƌ͛ƐĐƌĞĚŝƚ ďĞƚǁĞĞŶƚŚĞĐŽŵƉĂŶŝĞƐ͘dŚŝƐĐƌĞĚŝƚŚĂƐďĞĞŶĞƐƚĂďůŝƐŚĞĚŝŶĂĐĐŽƌĚĂŶĐĞƚŽƚŚĞĐŽŵƉĂŶLJΖƐƚƌĂŶƐĨĞƌƉƌŝĐŝŶŐƉŽůŝĐLJ͘

EŽƚĞϱ/ŶƚĞƌͲĐŽŵƉĂŶLJŝƚĞŵƐďĞƚǁĞĞŶĐŽŵƉĂŶŝĞƐŝŶƚŚĞƐĂŵĞŐƌŽƵƉĞƚĐ͘

	ĞĞƉsĂůƵĞƌŝůůĞƌ^		s,ŽůĚŝŶŐ>d		ĞĞƉsĂůƵĞƌŝůůĞƌ>d
	ϮϬϮϯ	ϮϬϮϮ	ϮϬϮϯ	ϮϬϮϮ	ϮϬϮϯ	ϮϬϮϮ
>ŽŶŐͲƚĞƌŵůŝĂďŝůŝƚŝĞƐ					ϲϴϲϲϯϯϴϳ	ϲϴϲϲϯϯϴϳ
^ŚŽƌƚͲƚĞƌŵůŝĂďŝůŝƚŝĞƐ			ϱϲϳϮϳ	ϮϲϮϬϲ	ϮϮϳϯϮϵϵϳ	ϭϴϮϵϰϱϵϭ
dŽƚĂů	Ϭ	Ϭ	ϱϲϳϮϳ	ϮϲϮϬϲ	ϵϭϯϵϲϯϴϰ	ϴϲϵϱϳϵϳϴ
>ŽŶŐͲƚĞƌŵƌĞĐĞŝǀĂďůĞƐ	ϲϴϲϲϯϯϴϳ	ϲϴϲϲϯϯϴϳ
^ŚŽƌƚͲƚĞƌŵƌĞĐĞŝǀĂďůĞƐ	ϮϮϳϴϵϳϮϰ	ϭϴϯϮϬϳϵϲ
dŽƚĂů	ϵϭϰϱϯϭϭϭ	ϴϲϵϴϰϭϴϯ	Ϭ	Ϭ	Ϭ	Ϭ

dŚĞĐŽŵƉĂŶLJŚĂƐĐĂůĐƵůĂƚĞĚƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞŽĨƚŚĞůŽŶŐͲƚĞƌŵůŝĂďŝůŝƚŝĞƐŽŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƚƌĂŶƐĨĞƌƉƌŝĐŝŶŐƉŽůŝĐLJ͘

		ĞĞƉsĂůƵĞƌŝůůĞƌ^		s,ŽůĚŝŶŐ>d	ĞĞƉsĂůƵĞƌŝůůĞƌ>d
	ϮϬϮϯ	ϮϬϮϮ	ϮϬϮϯ	ϮϬϮϮ	ϮϬϮϯ	ϮϬϮϮ
/ŶƚĞƌĞƐƚŝŶĐŽŵĞ	ϱϯϯϲϭϵϴ	ϯϬϰϳϲϮϮ
/ŶƚĞƌĞƐƚĞdžƉĞŶƐĞƐ					ϱϯϯϲϭϵϴ	ϯϬϰϳϲϮϮ
dŽƚĂů	ϱϯϯϲϭϵϴ	ϯϬϰϳϲϮϮ	Ϭ	Ϭ	ϱϯϯϲϭϵϴ	ϯϬϰϳϲϮϮ

EŽƚĞϲdĂdž

ĞĞƉsĂůƵĞƌŝůůĞƌ^

dŚŝƐLJĞĂƌΖƐƚĂdžĞdžƉĞŶƐĞ	ϯϭ͘ϭϮ͘ϮϬϮϯ	ϯϭ͘ϭϮ͘ϮϬϮϮ
ŶƚĞƌĞĚƚĂdžŽŶŽƌĚŝŶĂƌLJƉƌŽĨŝƚͬůŽƐƐ͗
WĂLJĂďůĞƚĂdž	ϰϬϯϵϳϬ	Ϭ
ŚĂŶŐĞƐŝŶĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ	ϴϮϮϵϲϮ	ϭϱϰϮϱϮϰ
dĂdžĞdžƉĞŶƐĞŽŶŽƌĚŝŶĂƌLJƉƌŽĨŝƚͬůŽƐƐ	ϭϮϮϲϵϯϮ	ϭϱϰϮϱϮϰ
dĂdžĂďůĞŝŶĐŽŵĞ͗
KƌĚŝŶĂƌLJƌĞƐƵůƚďĞĨŽƌĞƚĂdž	ϯϮϮϯϳϯϳ	Ϯϭϱϴϰϳϭ
WĞƌŵĂŶĞŶƚĚŝĨĨĞƌĞŶĐĞƐ	ϱϵϯϭϲ	ϭϰϬϱϬϱ
ĂƉŝƚĂůZĂŝƐĞĐŽƐƚ	Ϭ	Ϭ
ŚĂŶŐĞƐŝŶƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ	ͲϭϰϵϵϬϲϳ	ͲϳϬϳϱϲϯϮ
ůůŽĐĂƚŝŽŶŽĨůŽƐƐƚŽďĞďƌŽƵŐŚƚĨŽƌǁĂƌĚ	ͲϮϮϰϭϲϳϭ	Ͳϯϰϰϲϰϳϲ
ŽŶǀĞƌƐŝŽŶĚŝĨĨĞƌĞŶĐĞƐ	Ͳϭϳϭϵϵ	ϴϮϮϯϭϯϯ
dĂdžĂďůĞŝŶĐŽŵĞͬůŽƐƐďƌŽƵŐŚƚĨŽƌǁĂƌĚ	ϭϳϲϲϳϴϳ	Ϭ
WĂLJĂďůĞƚĂdžŝŶƚŚĞďĂůĂŶĐĞ͗
WĂLJĂďůĞƚĂdžŽŶƚŚŝƐLJĞĂƌΖƐƌĞƐƵůƚ;ϮϮйͿ	ϰϬϯϵϳϬ	Ϭ
dŽƚĂůƉĂLJĂďůĞƚĂdžŝŶƚŚĞďĂůĂŶĐĞ	ϰϬϯϵϳϬ	Ϭ
^ƉĞĐŝĨŝĐĂƚŝŽŶŽĨƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ	ϯϭ͘ϭϮ͘ϮϬϮϯ	ϯϭ͘ϭϮ͘ϮϬϮϮ	ŝĨĨĞƌĞŶĐĞ
dĂŶŐŝďůĞĂƐƐĞƚƐ	Ͳϲϲϳϱ	ͲϯϮϳϭ	ϯϰϬϱ
ZĞǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞ;>ŽŶŐƚĞƌŵĨŝŶĂŶĐŝĂůĂƐƐĞƚƐͿ	ϵϰϬϴϬϭϵ	ϳϱϭϯϴϱϮ	Ͳϭϴϵϰϭϲϲ
WƌŽĨŝƚĂŶĚůŽƐƐĂĐĐŽƵŶƚ	ϭϯϱϬϴϲϳ	ϭϳϰϮϱϲϮ	ϯϵϭϲϵϰ
dŽƚĂů	ϭϬϳϱϮϮϭϭ	ϵϮϱϯϭϰϯ	ͲϭϰϵϵϬϲϳ
ĐĐƵŵƵůĂƚĞĚůŽƐƐƚŽďĞďƌŽƵŐŚƚĨŽƌǁĂƌĚ	Ϭ	ͲϮϮϰϭϲϳϭ	ͲϮϮϰϭϲϳϭ
ĨĨĞĐƚŽĨŶŽƚƌĞĐŽŐŶŝƐĞĚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ			Ϭ
ĂƐŝƐĨŽƌĚĞĨĞƌƌĞĚƚĂdž	ϭϬϳϱϮϮϭϭ	ϳϬϭϭϰϳϮ	ͲϯϳϰϬϳϯϴ
ĞĨĞƌƌĞĚƚĂdž;ϮϮйͿ	Ϯϯϲϱϰϴϲ	ϭϱϰϮϱϮϰ	ͲϴϮϮϵϲϮ
ĞĞƉsĂůƵĞƌŝůůĞƌŐƌŽƵƉ
dŚŝƐLJĞĂƌΖƐƚĂdžĞdžƉĞŶƐĞ	ϯϭ͘ϭϮ͘ϮϬϮϯ	ϯϭ͘ϭϮ͘ϮϬϮϮ
ŶƚĞƌĞĚƚĂdžŽŶŽƌĚŝŶĂƌLJƉƌŽĨŝƚͬůŽƐƐ͗
WĂLJĂďůĞƚĂdž	ϰϬϯϵϳϬ	Ϭ
ŚĂŶŐĞƐŝŶĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ	ϴϮϮϵϲϮ	ϭϱϰϮϱϮϰ
dĂdžĞdžƉĞŶƐĞŽŶŽƌĚŝŶĂƌLJƉƌŽĨŝƚͬůŽƐƐ	ϭϮϮϲϵϯϮ	ϭϱϰϮϱϮϰ
dĂdžĂďůĞŝŶĐŽŵĞ͗
KƌĚŝŶĂƌLJƌĞƐƵůƚďĞĨŽƌĞƚĂdž	ͲϮϯϬϳϱϳϯϱ	ͲϭϯϰϮϬϲϯϲ
WĞƌŵĂŶĞŶƚĚŝĨĨĞƌĞŶĐĞƐ	ϱϵϯϭϲ	ϭϰϬϱϬϱ
ĂƉŝƚĂůZĂŝƐĞĐŽƐƚ	Ϭ	Ϭ
ŚĂŶŐĞƐŝŶƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ	ͲϭϰϵϵϬϲϳ	ͲϳϬϳϱϲϯϮ
ůůŽĐĂƚŝŽŶŽĨůŽƐƐƚŽďĞďƌŽƵŐŚƚĨŽƌǁĂƌĚ	ͲϮϮϰϭϲϳϭ	Ͳϯϰϰϲϰϳϲ

ŽŶǀĞƌƐŝŽŶĚŝĨĨĞƌĞŶĐĞƐ Ͳϭϳϭϵϵ ϴϮϮϯϭϯϯ dĂdžĂďůĞŝŶĐŽŵĞͬůŽƐƐďƌŽƵŐŚƚĨŽƌǁĂƌĚ ͲϮϲϳϳϰϯϱϳ ͲϭϱϱϳϵϭϬϲ

Ϯϯϲϱϰϴϲ	ϭϱϰϮϱϮϰ	ͲϴϮϮϵϲϯ
		ͲϯϳϰϬϳϯϵ
ϰϵϯϲϲϰϰϬ	ϮϮϲϰϳϲϯϵ	ͲϮϲϳϭϴϴϬϭ
ͲϰϵϯϲϲϰϰϬ	ͲϮϰϴϴϵϯϭϬ	ϮϰϰϳϳϭϯϬ
		ͲϭϰϵϵϬϲϴ
		ϯϵϭϲϵϱ
		Ͳϭϴϵϰϭϲϳ
Ͳϲϲϳϱ	ͲϯϮϳϭ	ϯϰϬϰ
ϯϭ͘ϭϮ͘ϮϬϮϯ	ϯϭ͘ϭϮ͘ϮϬϮϮ	ŝĨĨĞƌĞŶĐĞ
ϰϬϯϵϳϬ	Ϭ
ϰϬϯϵϳϬ	Ϭ
	ϵϰϬϴϬϭϵ ϭϯϱϬϴϲϳ ϭϬϳϱϮϮϭϭ ϭϬϳϱϮϮϭϭ	ϳϱϭϯϴϱϮ ϭϳϰϮϱϲϮ ϵϮϱϯϭϰϯ ϳϬϭϭϰϳϮ

EŽƚĞϳ^ŚĂƌĞŚŽůĚĞƌƐΖĞƋƵŝƚLJ

ĞĞƉsĂůƵĞƌŝůůĞƌ^

	^ŚĂƌĞ ĐĂƉŝƚĂů	KǁŶ^ƚŽĐŬ	^ŚĂƌĞ ƉƌĞŵŝƵŵ	KƚŚĞƌ ƉĂŝĚͲƵƉ ĞƋƵŝƚLJ	KƚŚĞƌ ĞƋƵŝƚLJ	hŶĐŽǀĞƌĞĚ ůŽƐƐ	dŽƚĂů
Wƌ͘ϯϭ͘ϭϮ͘ϮϬϮϯ	ϭϬϭϵϭϳϳ	Ͳϯϱϭϵ	ϴϮϮϬϵϮϯϯ	ϯϮϯϴϯϬ	ϯϱϭϵ	Ͳϰϰϯϴϰϴϱ	ϳϵϭϭϯϳϱϱ
>ŽƐƐĨŽƌƚŚĞƉĞƌŝŽĚ						ϭϵϵϲϴϬϲ	ϭϵϵϲϴϬϲ
^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚ				ϱϵϯϭϲ			ϱϵϯϭϲ
Wƌ͘ϯϭ͘ϭϮ͘ϮϬϮϯ	ϭϬϭϵϭϳϳ	Ͳϯϱϭϵ	ϴϮϮϬϵϮϯϯ	ϯϴϯϭϰϲ	ϯϱϭϵ	ͲϮϰϰϭϲϳϵ	ϴϭϭϲϵϴϳϳ

ĞĞƉsĂůƵĞƌŝůůĞƌ'ƌŽƵƉ

	^ŚĂƌĞ ĐĂƉŝƚĂů	KǁŶ^ƚŽĐŬ	^ŚĂƌĞ ƉƌĞŵŝƵŵ	KƚŚĞƌ ƉĂŝĚͲƵƉ ĞƋƵŝƚLJ	KƚŚĞƌ ĞƋƵŝƚLJ	hŶĐŽǀĞƌĞĚ ůŽƐƐ	dŽƚĂů
Wƌ͘ϯϭ͘ϭϮ͘ϮϬϮϯ	ϭϬϭϵϭϳϳ	Ͳϯϱϭϵ	ϴϮϮϬϵϮϯϯ	ϯϮϯϴϯϬ	ϯϱϭϵ	ͲϮϳϬϴϲϭϮϰ	ϱϲϰϲϲϭϭϲ
>ŽƐƐĨŽƌƚŚĞƉĞƌŝŽĚ						ͲϮϰϯϬϮϲϲϳ	ͲϮϰϯϬϮϲϲϳ
^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚ				ϱϵϯϭϲ			ϱϵϯϭϲ
Wƌ͘ϯϭ͘ϭϮ͘ϮϬϮϯ	ϭϬϭϵϭϳϳ	Ͳϯϱϭϵ	ϴϮϮϬϵϮϯϯ	ϯϴϯϭϰϲ	ϯϱϭϵ	Ͳϱϭϯϴϴϳϵϭ	ϯϮϮϮϮϳϲϱ

EŽƚĞϴ^ƵďƐŝĚŝĂƌŝĞƐ͕ĂƐƐŽĐŝĂƚĞƐ͕ũŽŝŶƚǀĞŶƚƵƌĞƐ

^ƵďƐŝĚŝĂƌLJĐŽŵƉĂŶLJ	ŽƵŶƚƌLJ	KǁŶĞƌƐŚĂƌĞ	ƋƵŝƚLJ		WƌŽĨŝƚ
ĞĞƉsĂůƵĞƌŝůůĞƌ,ŽůĚŝŶŐ>ƚĚ	DĂůƚĂ	ϭϬϬй		ϭϰϭϯ	ͲϮϲϲϴϴϮϴϬ
ĞĞƉsĂůƵĞƌŝůůĞƌ>ƚĚ	DĂůƚĂ	ϭϬϬй		ϭϰϭϯ	ͲϯϬϱϮϭ

EŽƚĞϵ/ŶǀĞŶƚŽƌŝĞƐ

ĞĞƉsĂůƵĞƌŝůůĞƌ'ƌŽƵƉ

ƐŽĨϬϴ^ĞƉƚĞŵďĞƌϮϬϮϯ͕ƚŚĞĨƵĞůůĞǀĞůŽŶƚŚĞǀĞƐƐĞůĞĞƉsĂůƵĞƌŝůůĞƌǁĂƐϱϯϬ͕ϴϭŵϯ;ĐƵďŝĐŵĞƚĞƌͿĂƚƚŚĞƚŝŵĞŽĨŚĂŶĚŽǀĞƌƚŽ ƚŚĞĐŚĂƌƚĞƌĞƌ͘dŚŝƐŝŶŝƚŝĂůĨƵĞůůĞǀĞůŝƐĐŽŶƐŝĚĞƌĞĚƚŚĞŝŶǀĞŶƚŽƌLJĂƚƚŚĞƐƚĂƌƚŽĨƚŚĞĐŚĂƌƚĞƌ͘ŶLJĐŚĂŶŐĞƐŝŶƚŚĞĨƵĞůůĞǀĞůďLJƚŚĞ ĞŶĚŽĨƚŚĞĐŚĂƌƚĞƌƉĞƌŝŽĚŝƐƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨƚŚĞĐŚĂƌƚĞƌĞƌ͘^ƉĞĐŝĨŝĐĂůůLJ͕ĂŶLJĚĞĨŝĐŝĞŶĐLJŝŶƚŚĞĨƵĞůůĞǀĞůĂƚƚŚĞƚŝŵĞŽĨǀĞƐƐĞů ƌĞĚĞůŝǀĞƌLJǁŝůůďĞďŝůůĞĚƚŽƚŚĞĐŚĂƌƚĞƌĞƌĂƚƉƌĞǀĂŝůŝŶŐŵĂƌŬĞƚƉƌŝĐĞƐ͘

EŽƚĞϭϬĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ

ĞĞƉsĂůƵĞƌŝůůĞƌ'ƌŽƵƉ

/ŶĐůƵĚĞĚŝŶĂƐŚĂŶĚĂƐŚƋƵŝǀĂůĞŶƚƐŝƐĂƌĞƚĞŶƚŝŽŶĂĐĐŽƵŶƚƚŚĂƚŝƐŵĂŶĚĂƚĞĚƚŽŵĂŝŶƚĂŝŶĂďĂůĂŶĐĞĞƋƵŝǀĂůĞŶƚƚŽƚǁĞůǀĞ ŵŽŶƚŚƐŽĨĨŽƌĞĐĂƐƚĞĚŝŶƚĞƌĞƐƚĞdžƉĞŶƐĞƐ͘ƐŽĨƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ͕ƚŚŝƐƌĞƚĞŶƚŝŽŶĂĐĐŽƵŶƚŝƐƌĞƋƵŝƌĞĚƚŽŚŽůĚĂŵŝŶŝŵƵŵŽĨh^ ϳ͕ϯϭϮ͕ϱϬϬ͘

EŽƚĞϭϭ^ŚĂƌĞĐĂƉŝƚĂů͕ƐŚĂƌĞŚŽůĚĞƌƐĞƚĐ͘

dŚĞƐŚĂƌĞĐĂƉŝƚĂůŝŶĞĞƉsĂůƵĞƌŝůůĞƌ^ĂƐĂƚϯϭ͘ϭϮ͘ϮϬϮϯĐŽŶƐŝƐƚƐŽĨ͗

	EƵŵďĞƌ	WĂƌǀĂůƵĞ	WŽƐƚĞĚh^
KƌĚŝŶĂƌLJƐŚĂƌĞƐ	ϴϲϲϵϲϲϲϳ	Ϭ͕Ϭϭϭϳϲ	ϭϬϭϵϭϳϳ
dŽƚĂů	ϴϲϲϵϲϲϲϳ	Ϭ͕Ϭϭϭϳϲ	ϭϬϭϵϭϳϳ

ůůƐŚĂƌĞƐŐŝǀĞƚŚĞƐĂŵĞƌŝŐŚƚƐŝŶƚŚĞĐŽŵƉĂŶLJ͘ ĞĞƉsĂůƵĞƌŝůůĞƌ^ŚĂĚϭϭϰϱƐŚĂƌĞŚŽůĚĞƌƐĂƐĂƚϯϭ͘ϭϮ͘ϮϬϮϯ͘

^ƚĂƚĞŵĞŶƚŽĨƚŚĞůĂƌŐĞƐƚƐŚĂƌĞŚŽůĚĞƌƐĂƐĂƚϯϭ͘ϭϮ͘ϮϬϮϯ͗

^ŚĂƌĞŚŽůĚĞƌƐ	KƌĚŝŶĂƌLJ	^ŚĂƌĞŽĨǀŽƚĞƐ
hd,>E^	ϳϴϲϴϯϲϱ	ϵ͕Ϭϴй
^K>EW/d>^	ϲϬϬϬϬϬϬ	ϲ͕ϵϮй
'ŽůĚŵĂŶ^ĂĐŚƐΘŽ͘>>	ϱϵϬϰϳϴϭ	ϲ͕ϴϭй
,KZdh>E^	ϯϯϳϱϬϬϬ	ϯ͕ϴϵй
>E^	ϯϮϬϵϲϲϬ	ϯ͕ϳϬй
dsE'	ϯϮϬϬϬϬϬ	ϯ͕ϲϵй
^E,D/>^^	ϮϰϬϬϬϬϬ	Ϯ͕ϳϳй
D^	ϮϭϱϬϬϬϬ	Ϯ͕ϰϴй
EWWĂƌŝďĂƐ^ĞĐƵƌŝƚŝĞƐŽƌƉ͘	ϭϵϬϮϴϲϭ	Ϯ͕ϭϵй
,h^,Ks	ϭϳϬϳϯϭϭ	ϭ͕ϵϳй
EKZ^	ϭϲϳϳϲϵϮ	ϭ͕ϵϰй
/^ĂŶŬ^ƉĂŝŶ^	ϭϲϬϱϬϬϬ	ϭ͕ϴϱй
/WZ/EK^	ϭϱϬϬϬϬϬ	ϭ͕ϳϯй
ŝƚŝďĂŶŬƵƌŽƉĞƉůĐ	ϭϰϯϴϮϮϰ	ϭ͕ϲϲй
,T'^d,K>/E'^	ϭϮϬϬϬϬϬ	ϭ͕ϯϴй
K>Zh^d^	ϭϭϳϭϯϵϴ	ϭ͕ϯϱй
>Z^dZDE</E'^͘͘	ϭϭϯϰϰϰϭ	ϭ͕ϯϭй
ƵƌŽĐůĞĂƌĂŶŬ^ͬ͘͘E͘s͘	ϭϭϭϭϱϬϭ	ϭ͕Ϯϴй
D>^/K/Es^d^	ϭϬϯϬϱϵϭ	ϭ͕ϭϵй
^KE'W/d>^	ϭϬϮϲϰϰϳ	ϭ͕ϭϴй
dd/Es^d^	ϭϬϬϬϬϬϬ	ϭ͕ϭϱй
,K>/E'^^	ϭϬϬϬϬϬϬ	ϭ͕ϭϱй
WKZd/^	ϭϬϬϬϬϬϬ	ϭ͕ϭϱй
d,KEZ'z^	ϭϬϬϬϬϬϬ	ϭ͕ϭϱй
EKZEd>/s^&KZ^/<Z/E'^	ϵϵϴϯϯϬ	ϭ͕ϭϱй
dŚĞĂŶŬŽĨEĞǁzŽƌŬDĞůůŽŶ^ͬEs	ϵϱϯϱϯϴ	ϭ͕ϭϬй
/^ĂŶŬ	ϵϬϲϰϮϵ	ϭ͕Ϭϱй
dŽƚĂů	ϱϳϰϳϭϱϲϵ	ϲϲ͕ϯй
KƚŚĞƌƐ;ŝŶƚĞƌĞƐƚфϭйͿ	ϮϵϮϮϱϬϵϴ	ϯϯ͕ϳй
dŽƚĂů	ϴϲϲϵϲϲϲϳ	ϭϬϬй

ĞĞƉsĂůƵĞƌŝůůĞƌ^ŽǁŶƐϯϬϬϬϬϬdƌĞĂƐƵƌLJƐƚŽĐŬƐĂƚƉĂƌǀĂůƵĞϬ͕ϭEK<ǁŚŝĐŚĂŵŽƵŶƚƐƚŽϬ͕ϯϱйŽĨƚŚĞĐŽŵƉĂŶLJΖƐƚŽƚĂůƐƚŽĐŬƐ͘

	Warrants	Shares
CEO, Svend Anton Maier (Tarraco AS) *	900 000	275 000
Chairman Einar J. Greve (Cirpriano AS)	1 495 000	1 500 000
Board member Gunnar Hvammen (Solan Capital AS & Thabo Energy AS)	2 433 333	7 000 000
Board member, Glen Ole Rødland	300 000
Total	5 128 333	8 775 000

*As of 31.12.2023 the CEO holds 275 000 ordinary shares.

Note 12 Warrants

The Company has in general meetings resolved to issue 8,403,333 warrants (Nw. frittstående tegningsretter) pursuant to section 11-12 of the Norwegian Private Companies Act as set out below:

Name	Number of warrants
1) Tarraco AS (Svend Anton Maier)	900 000
2) Cipriano AS (Einar J. Greve)	1 495 000
3) Solan Capital AS (Gunnar Hvammen)	2 433 333
4) Uthalden AS (Harald Moræus-Hanssen)	1 983 333
5) First Fondene (First Generator and First Global Fokus)	991 667
6) Glen Ole Rødland	300 000
In Total:	8 103 333

The warrants were subscribed and granted on March 2021 and June 8th 2022

Each warrant gives the holder the right to demand the issuance of one Share. The consideration to be paid per Share is NOK 8.50 for the first shareholders 1-5 and a share price of NOK 12.50 for shareholder 6. The warrants must be exercised no later than 5 March 2026 on the following conditions:

i) 1/3 of the warrants may be exercised if the Shares for a period of at least five consecutive trading to a price which is at least 20% higher than NOK 8.50;

ii) the next 1/3 of the warrants may be exercised if the Shares for a period of at least five trading days are trading to a price which is at least 40% higher than NOK 8.50; and

iii) the final 1/3 of the warrants may be exercised if the Shares for a period of at least five consecutive trading days are trading to a price which is at least 60% higher than NOK 8.50.

Other than as set out above, the Company has not issued any options, warrants, convertible loans or other instruments that would entitle a holder of any such instrument to subscribe for any shares in the Company.

Note 13 Liabilities to financial institutions

On 23 February 2023 Deep Value Driller Ltd in Malta entered into a 75 million USD senior secured term loan facility agreement to fund the reactivation activities for the Drillship, refinancing of the Company's existing credit facility and general corporate purposes.

The loan will be repaid by 1,4 million USD monthly as from August 2024 and a ballon payment of 50 million USD in February 2026.

An amount equal to 12 months of interest payments on the Loan shall be standing to the credit of the Debt Service Reserve Account at all times. The group is in compliance with this covenant.

On 3 November 2023 the Deep Value Driller AS entered a 7,5 million USD credit facility with major shareholders to fund recertification cost overrun.

The loan was repaid on 4 April 2024, which was prior to the maturity date of 2 September 2024.

EŽƚĞϭϰ^ƵďƐĞƋƵĞŶƚĞǀĞŶƚƐ

KŶϮ&ĞďƌƵĂƌLJϮϬϮϰĞĞƉsĂůƵĞƌŝůůĞƌ^ƐŝŐŶĞĚĂŶĂĚĚĞŶĚƵŵŽŶϳ͕ϱŵŝůůŝŽŶh^ĐƌĞĚŝƚĨĂĐŝůŝƚLJŵŽǀŝŶŐŵĂƚƵƌŝƚLJĚĂƚĞŽŶƚŚĞůŽĂŶ ƚŽϮ^ĞƉƚĞŵďĞƌϮϬϮϰ͘

KŶϮϲDĂƌĐŚϮϬϮϰĞĞƉsĂůƵĞƌŝůůĞƌ>ƚĚ͘ĞŶƚĞƌĞĚŝŶƚŽĂŶĂŐƌĞĞŵĞŶƚǁŝƚŚĞdžŝƐƚŝŶŐĐƌĞĚŝƚŽƌŽŶϳϱŵŝůůŝŽŶh^ůŽĂŶŽŶĂŶƵƉƐŝnjĞŽĨ ϱϬŵŝůůŝŽŶh^͘dŚĞůŽĂŶǁŝůůďĞƵƐĞĚƚŽƌĞƉĂLJϳ͕ϱŵŝůůŝŽŶh^ƐŚĂƌĞŚŽůĚĞƌƐůŽĂŶ͕ƌĞŵĂŝŶŝŶŐƌĞĂĐƚŝǀĂƚŝŽŶĐŽƐƚƐĂŶĚĚŝƐƚƌŝďƵƚŝŽŶƚŽ ƐŚĂƌĞŚŽůĚĞƌƐ͘

dŚĞůŽĂŶǁŝůůďĞƌĞƉĂŝĚďLJϭ͕ϰŵŝůůŝŽŶh^ŵŽŶƚŚůLJĂƐĨƌŽŵƵŐƵƐƚϮϬϮϰĂŶĚĂďĂůůŽŶƉĂLJŵĞŶƚŽĨϵϯŵŝůůŝŽŶh^ŝŶ:ƵůLJϮϬϮϲ͘

Statsautoriserte revisorer Ernst & Young AS

Vassbotnen 11a Forus, 4313 Sandnes Postboks 8015, 4068 Stavanger

Foretaksregisteret: NO 976 389 387 MVA Tlf: +47 24 00 24 00

www.ey.no Medlemmer av Den norske Revisorforening

INDEPENDENT AUDITOR'S REPORT

To the Annual Shareholders' Meeting of Deep Value Driller AS

Opinion

We have audited the financial statements of Deep Value Driller AS (the Company), which comprise the financial statements of the Company and the consolidated financial statements of the Company and its subsidiaries (the Group). The financial statements of the Company and the Group comprise the balance sheet as at 31 December 2023, the income statement and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion the financial statements comply with applicable legal requirements and give a true and fair view of the financial position of the Company and the Group as at 31 December 2023 and their financial performance and cash flows for the year then ended in accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the \$XGLWRU¶VUHVSRQVLELOLWLHVIRUWKHDXGLWRI the financial statements section of our report. We are independent of the Company and the Group in accordance with the requirements of the relevant laws and regulations in Norway and the International (WKLFV6WDQGDUGV%RDUGIRU\$FFRXQWDQWV¶International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation (537/2014) Article 5.1 have been provided.

Other information

Other information consists of the information included in the annual report other than the financial VWDWHPHQWVDQGRXUDXGLWRU¶VUHSRUWWKHUHRQ0DQDJHPHQWWKHERDUGRIGLUHFWRUVDQGWKHchief executive director) is responsible for the other information. Our opinion on the financial statements does not cover the other information, and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information, DQGLQGRLQJVRFRQVLGHUZKHWKHUWKHERDUGRIGLUHFWRUV¶UHSRUWFRQWDLQVWKHLQIRUPDWLRQUHTXLUHGE\OHJDO requirements and whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information or that the information required by legal requirements is not included, we are required to report that fact.

:HKDYHQRWKLQJWRUHSRUWLQWKLVUHJDUGDQGLQRXURSLQLRQWKHERDUGRIGLUHFWRUV¶UHSRUWLVFRQVLVWHQW with the financial statements and contains the information required by applicable legal requirements.

Responsibilities of management for the financial statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with the Norwegian Accounting Act and accounting standards and practices generally

accepted in Norway, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial VWDWHPHQWVPDQDJHPHQWLVUHVSRQVLEOHIRUDVVHVVLQJWKH&RPSDQ\¶VDQGWKH *URXS¶VDELOLW\WRFRQWLQXHDVDJRLQJFRQFHUQGLVFORVLQJDVDSSOLFDEOHPDWWHUVUHODWHGWRJRLQJFRQFHUQ and using the going concern basis of accounting unless management either intends to liquidate the Company or the Group, or to cease operations, or has no realistic alternative but to do so.

\$XGLWRU¶VUHVSRQVLELOLWLHVIRUWKHDXGLWRIWKHILQDQFLDOVWDWHPHQWV

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are IUHHIURPPDWHULDOPLVVWDWHPHQWZKHWKHUGXHWRIUDXGRUHUURUDQGWRLVVXHDQDXGLWRU¶VUHSRUWWKDW includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs 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.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• x Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• x Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the CompaQ\¶VDQGWKH*URXS¶VLQWHUQDOFRQWURO
• x Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• x &RQFOXGHRQWKHDSSURSULDWHQHVVRIPDQDJHPHQW¶VXVHRIWKHJRLQJconcern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to HYHQWVRUFRQGLWLRQVWKDWPD\FDVWVLJQLILFDQWGRXEWRQWKH&RPSDQ\¶VDQGWKH*URXS¶VDELOLW\WR continue as a going concern. If we conclude that a material uncertainty exists, we are required to GUDZDWWHQWLRQLQRXUDXGLWRU¶VUHSRUWWRWKHUHODWHGGLVFORVXUHVLQWKHILQDQFLDOVWDWHPHQWVRULI such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit HYLGHQFHREWDLQHGXSWRWKHGDWHRIRXUDXGLWRU¶VUHSRUW+RZHYHUIXWXUHHYHQWVRUFRQGLWLRQV may cause the Company and the Group to cease to continue as a going concern.
• x Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
• x Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with the board of directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Stavanger, 29 April 2024 ERNST & YOUNG AS

The auditor's report is signed electronically

Erik Søreng State Authorised Public Accountant (Norway)

of the subject of the production of the program and

The signatures in this document are legally binding. The document is signed using Penneo™ secure digital signature. The identity of the signers has been recorded, and are listed below.

"By my signature I confirm all dates and content in this document."

Søreng, Erik

State Authorised Public Accountant (Norway) On behalf of: ERNST & YOUNG AS Serial number: no_bankid:9578-5999-4-1529830 IP: 147.161.xxx.xxx 2024-04-29 10:40:04 UTC

This document is digitally signed using Penneo.com. The digital signature data within the document is secured and validated by the computed hash value of the original document. The document is locked and timestamped with a certificate from a trusted third party. All cryptographic evidence is embedded within this PDF, for future validation if necessary.

How to verify the originality of this document

This document is protected by an Adobe CDS certificate. When you open the

document in Adobe Reader, you should see, that the document is certified by Penneo e-signature service penneo@penneo.com. This guarantees that the contents of the document have not been changed.

You can verify the cryptographic evidence within this document using the Penneo validator, which can be found at https://penneo.com/validator