NOTICE OF SPECIAL MEETING OF THE SHAREHOLDERS OF CHRONOS RESOURCES LTD.

to be held on December 12, 2022

and

MANAGEMENT INFORMATION CIRCULAR

with respect to a

BUSINESS COMBINATION

involving

CHRONOS RESOURCES CORP., SAMOTH OILFIELD INC. AND 2470638 ALBERTA LTD.

November 21, 2022

NOTICE OF SPECIAL MEETING OF CHRONOSSHAREHOLDERSII
GLOSSARY OF TERMS	5
NOTICE TO READERS	11
CONVENTIONSABBREVIATIONSFORWARD-LOOKING STATEMENTSSPECIFIED FINANCIAL MEASURESADVISORY REGARDING OIL AND GAS INFORMATION 18RESERVESSELECTED OIL AND GAS TERMS	111212171820
MANAGEMENT INFORMATION CIRCULAR	23
GENERAL INFORMATION FOR CHRONOS SHAREHOLDERS23
SUMMARY	24
THE BUSINESS COMBINATIONTHE CHRONOS MEETINGBUSINESS COMBINATION AGREEMENTBACKGROUND TO THE BUSINESS COMBINATIONDISSENT RIGHTSRISK FACTORS	242526262727
THE BUSINESS COMBINATION	28
CHRONOS RESOURCES LTD.SAMOTH OILFIELD INC.BACKGROUND TO THE BUSINESS COMBINATIONCHRONOS BOARD RECOMMENDATION	282828

THE BUSINESS COMBINATION AGREEMENT	37
EXCHANGE OF CHRONOS SHARES	43
CHRONOS SHAREHOLDER APPROVALPROCEDURE FOR EXCHANGE OF CHRONOS SHARESCHRONOS SHAREHOLDER DISSENT RIGHTS	434345
SECURITIES LAW MATTERS	47
CERTAIN CANADIAN FEDERAL INCOME TAXCONSIDERATIONS	47
HOLDERS RESIDENT IN CANADA	48
INFORMATION CONCERNING CHRONOSRESOURCES LTD.	53
INFORMATION CONCERNING SAMOTHOILFIELD INC.	53
INFORMATION CONCERNING LYCOS ENERGYINC.	53
RISK FACTORS	54
GENERAL PROXY MATTERS	57
SOLICITATION OF PROXIESAPPOINTMENT AND REVOCATION OF PROXIESPROXY VOTINGINFORMATION FOR BENEFICIAL HOLDERSPROCEDURE AND VOTES REQUIRED	5758585960
QUESTIONS AND OTHER ASSISTANCE	61

ADDENDA

-	Chronos Amalgamation Resolution
-	Information Concerning Chronos Resources Ltd.
-	Information Concerning Samoth Oilfield Inc.
-	Information Concerning Lycos Energy Inc.
-	Section 191 of the Business Corporations Act (Alberta)

NOTICE OF SPECIAL MEETING OF CHRONOS SHAREHOLDERS

NOTICE IS HEREBY GIVEN that a special meeting (the "Chronos Meeting") of the holders ("Chronos Shareholders") of class A voting common shares ("Chronos Shares") of Chronos Resources Ltd. ("Chronos") is to be held at the Calgary offices of Stikeman Elliott LLP, located at 4300 Bankers Hall West, 888 – 3rd Street SW, Calgary, Alberta, T2P 5C5, and will be cast virtually via Microsoft Teams, on Monday, December 12, 2022 at 10:00 a.m. (Calgary time), for the following purposes:

1. to consider and, if deemed advisable, to approve, with or without variation, a special resolution (the "Chronos Amalgamation Resolution"), the full text of which is set forth in Appendix "A" to the accompanying management information circular dated November 21, 2022 (the "Information Circular"), to approve:
- the business combination agreement dated November 7, 2022, among Chronos, Samoth Oilfield Inc. ("Samoth") and 2470638 Alberta Ltd. ("AcquisitionCo"), a wholly-owned subsidiary of Samoth, a copy of which is available on the SEDAR profile of Samoth at www.sedar.com; and
- the amalgamation under the Business Corporations Act (Alberta) of Chronos and AcquisitionCo, substantially as set forth in the business combination agreement; and
1. to transact such further and other business as may properly be brought before the Chronos Meeting or any adjournment(s) or postponement(s) thereof.

Specific details of the matters to be put before the Chronos Meeting are set forth in the Information Circular.

THE CHRONOS BOARD UNANIMOUSLY RECOMMENDS THAT CHRONOS SHAREHOLDERS VOTE FOR THE CHRONOS AMALGAMATION RESOLUTION.

It is a condition to the completion of the Business Combination that the Chronos Amalgamation Resolution be approved at the Chronos Meeting. If the Chronos Amalgamation Resolution is not approved by the Chronos Shareholders, the Business Combination cannot be completed.

Each Chronos Share entitled to be voted in respect of the Chronos Amalgamation Resolution will entitle the holder to one vote at the Chronos Meeting. The Chronos Amalgamation Resolution must be approved by 66Ҁ% of the votes cast by Chronos Shareholders present in person or represented by proxy at the Chronos Meeting.

The record date for determination of Chronos Shareholders entitled to receive notice of and to vote at the Chronos Meeting is the close of business on November 15, 2022 (the "Record Date"). Chronos Shareholders whose names have been entered in the register of holders of Chronos Shares at the close of business on the Record Date will be entitled to receive notice of and to vote at the Chronos Meeting.

Registered Chronos Shareholders may attend the Chronos Meeting in person or may be represented by proxy. Chronos Shareholders who are unable to attend the Chronos Meeting or any adjournments or postponements thereof in person are requested to date, sign and return the accompanying proxy form for use at the Chronos Meeting or any adjournment or postponement thereof. To be effective, the enclosed proxy form must be dated, signed and deposited with Chronos' registrar and transfer agent, Odyssey Trust Company: (i) by internet, at the website indicated on the proxy form, for which the 12 digit Control Number which is noted on the proxy form will be required; (ii) by mailing a complete, signed and dated proxy form using the enclosed return envelope or an envelope addressed to the registrar and transfer agent of Chronos, Odyssey Trust Company, Traders Bank Building, 702, 67 Yonge Street, Toronto, Ontario M5E 1J8 attention: Proxy Department; (iii) by email at [email protected] no later than 10:00 a.m. (Calgary time) on December 8, 2022 or, if the Chronos Meeting is adjourned or postponed, no later than 48 hours (excluding Saturdays, Sundays and statutory holidays in Alberta) before the beginning of any adjourned or postponed Chronos Meeting. The time limit for the deposit of proxies may be waived or extended by the Chair of the Chronos Meeting at his or her discretion without notice.

If a Chronos Shareholder receives more than one proxy form because such holder owns Chronos Shares registered in different names or addresses, each proxy form should be completed and returned.

A proxyholder has discretion under the accompanying proxy form in respect of amendments or variations to matters identified in this Notice and with respect to other matters which may properly come before the Chronos Meeting, or any adjournment or postponement thereof. As of the date hereof, management of Chronos knows of no amendments, variations or other matters to come before the Chronos Meeting other than the matters set forth in this Notice. Chronos Shareholders who are planning to return the proxy form are encouraged to review the Information Circular carefully before submitting the proxy form.

It is the intention of the persons named in the enclosed proxy form, if not expressly directed to the contrary in such proxy form, to vote in favour of the Chronos Amalgamation Resolution.

Chronos Shareholders are entitled to dissent and to be paid by Chronos the fair value of the Chronos Shares held by such Dissenting Shareholder, determined as of the close of business on the last business day before the day on which the Chronos Amalgamation Resolution was adopted and provided the Business Combination is completed. A Dissenting Shareholder must provide a written objection to the Chronos Amalgamation Resolution by the second Business Day preceding the Chronos Meeting.

Failure to strictly comply with the requirements set forth in section 191 of the ABCA may result in the loss of any right of dissent. Persons who are beneficial owners of Chronos Shares registered in the name of a broker, dealer, bank, trust company or other nominee who wish to dissent should be aware that only the registered holders of such Chronos Shares are entitled to dissent. Accordingly, a beneficial owner of Chronos Shares desiring to exercise the right of dissent must make arrangements for the Chronos Shares beneficially owned by such holder to be registered in the holder's name prior to the time the written objection to the Chronos Amalgamation Resolution is required to be received by Chronos or, alternatively, make arrangements for the registered holder of such Chronos Shares to dissent on behalf of the beneficial holder. It is strongly recommended that any Chronos Shareholders wishing to dissent seek independent legal advice.

Chronos reserves the right to take any additional precautionary measures it deems appropriate in relation to the Chronos Meeting in response to further developments in respect of the COVID-19 outbreak including, if considered necessary or advisable, hosting the Chronos Meeting solely by means of remote communication, placing restrictions on in-person attendance, or postponing or adjourning the Chronos Meeting. Chronos Shareholders will be notified of changes to the Chronos Meeting date and/or means of holding the Chronos Meeting. Chronos does not intend to prepare or mail an amended Information Circular in the event of changes to the Chronos Meeting format.

As an alternative to attending the Meeting in person, Chronos Shareholders may join the Meeting via webcast by following the below instructions. While the instructions will allow you to listen to the Meeting, the Meeting is not a virtual meeting and you will not be able to ask questions or vote at the Meeting through the website, which is why Chronos urges Chronos Shareholders to complete the Proxy form or other voting instruction form provided by your broker in accordance with the instructions outlined in the Information Circular.

Shareholders may use the below information to list to the Meeting via webcast. If you come across any technical difficulties, please contact Raveena Benipal at [email protected].

Webcast: via Microsoft Teams

Link: https://teams.microsoft.com/l/meetupjoin/19%3ameeting\_YTU2ZmJjMDAtMzlhNS00MTY2LWFlZjctZmFjY2M3NDY4Z WU2%40thread.v2/0?context=%7b%22Tid%22%3a%22394646df-a118-4f83-a4f4- 6a20e463e3a8%22%2c%22Oid%22%3a%2278409574-17cb-477e-99bdb29d5f29bbb9%22%7d
Dial-in: +1 403-910-7168 ID: 812 877 201#

Dated at Calgary, Alberta, this 21st day of November, 2022.

BY ORDER OF THE BOARD OF DIRECTORS OF CHRONOS RESOURCES LTD.

(signed) "Dave Burton"

Dave Burton President & Chief Executive Officer Chronos Resources Ltd.

GLOSSARY OF TERMS

The following is a glossary of certain terms used in this Information Circular including the Summary and Appendices "B", "C" and "D". Terms and abbreviations used in the Appendices to this Information Circular other than Appendices "B", "C" and "D" are defined separately and the terms and abbreviations defined below are not used therein, except where otherwise indicated.

"ABCA" means the Business Corporations Act, RSA 2000, c B-9, as amended.

"Acquisition Proposal" means, means, other than the transactions contemplated by the Business Combination Agreement, any written or oral offer, proposal, inquiry or request for discussions or negotiations from any Person or group of Persons "acting jointly or in concert" (within the meaning of National Instrument 62-104 - Takeover Bids and Issuer Bids) which contemplates, relates to or could reasonably be expected to lead to (in either case in one transaction or a series of transactions) any sale, issuance, acquisition, lease, joint venture, amalgamation, arrangement, merger, business combination, consolidation, take-over bid, issuer bid, exchange offer, liquidation, dissolution, reorganization, recapitalization or other arrangement or transaction having the same economic effect as a purchase and sale involving the shares or substantially all of the assets of either Samoth or Chronos or the consummation of which would materially reduce to either Samoth or Chronos the benefit of the transactions contemplated in the Business Combination Agreement.

"affiliate" means any Person that is affiliated with another Person in accordance with the meaning of the Securities Act.

"Agreement Date" means November 7, 2022.

"allowable capital loss" has the meaning given to it under the heading "Certain Canadian Federal Income Tax Considerations – Holders Resident in Canada – Taxation of Capital Gains and Losses".

"AcquisitionCo" means 2470638 Alberta Ltd.

"Amalgamation" means the amalgamation of Chronos and AcquisitionCo.

"Applicable Canadian Securities Laws" means, collectively, the Securities Act or similar statutes of each of the provinces and territories of Canada and the respective rules and regulations under such Laws, together with applicable published national, multilateral and local policy statements, instruments, notices and blanket orders of the provinces and territories of Canada and all applicable rules, by-laws and regulations governing any stock exchange.

"Applicable Laws" means, in any context that refers to one or more Persons or its or their respective businesses, activities, properties, assets, undertakings or securities, the Laws that apply to such Person or Persons or its or their respective businesses, activities, properties, assets, undertakings or securities and emanate from a Governmental Authority having jurisdiction over the Person or Persons or its or their respective businesses, activities, properties, assets, undertakings or securities and, for greater certainty, includes Applicable Canadian Securities Laws and Applicable U.S. Securities Laws.

"Applicable U.S. Securities Laws" means federal and state securities legislation of the United States and all rules, regulations and orders promulgated thereunder.

"associate" has the meaning ascribed thereto in the Securities Act.

"Beneficial Holders" means Chronos Shareholders who do not hold their Chronos Shares in their own name.

"Business Combination" means the business combination, supplemented, modified or amended in accordance with the Business Combination Agreement.

"Business Combination Agreement" means the Business Combination Agreement dated November 7, 2022 between Chronos, Samoth and AcquisitionCo, as supplemented, modified or amended, a copy of which is available for viewing on Samoth's SEDAR profile at www.sedar.com.

"Business Day" means, with respect to any action to be taken, any day other than a Saturday, Sunday or a statutory holiday in the Province of Alberta.

"CDS" means CDS Clearing and Depository Services Inc.

"Chronos" means Chronos Resources Ltd., a corporation formed pursuant to the laws of the Province of Alberta.

"Chronos Board" means the board of directors of Chronos.

"Chronos DuvCo" means Chronos Duvernay Ltd., a corporation formed pursuant to the laws of the Province of Alberta, and a wholly-owned subsidiary of Chronos.

"Chronos Financial Statements" means, collectively (a) the audited consolidated financial statements of Chronos as at and for the years ended December 31, 2021 and 2020, together with the notes thereto and the auditor's report thereon; and (b) the interim unaudited financial statements of Chronos as at and for the three and six months ended June 30, 2022, together with the notes thereto.

"Chronos GP" means Chronos Duvernay GP Ltd., a corporation formed pursuant to the laws of the Province of Alberta, and a subsidiary of Chronos.

"Chronos Meeting" means the special meeting of Chronos Shareholders to be held on December 12, 2022, as called to permit the Chronos Shareholders to consider the Chronos Amalgamation Resolution and related matters, and any adjournment(s) or postponement(s) thereof.

"Chronos Proxy Deadline" means 10:00 a.m. (Calgary time) on December 8, 2022, or 48 hours (excluding Saturdays, Sundays and statutory holidays in the Province of Alberta) prior to the time of any adjournment or postponement of the Chronos Meeting.

"Chronos Shareholders" means the holders of Chronos Shares.

"Chronos Shares" means the class A voting shares in the capital of Chronos.

"Chronos SubCo" means Chronos Duvernay SubCo Ltd., a corporation formed pursuant to the laws of the Province of Alberta, and a wholly-owned subsidiary of Chronos.

"Chronos Amalgamation Resolution" means the resolutions to be considered by the Chronos Shareholders at the Chronos Meeting, the full text of which is set forth in Appendix "A" to this Information Circular.

"Closing" means the completion of the transactions contemplated herein, including the Business Combination (including the Amalgamation), the Name Change and the Consolidation.

"Closing Date" means the date that Closing occurs, which is currently expected to be December 12, 2022, or such other date as Chronos, Samoth and AcquisitionCo agree in writing, and in any event, no later than December 31, 2022.

"Confidentiality Agreement" means the mutual confidentiality and non-disclosure agreement dated September 30, 2022, between Chronos and Samoth.

"Contract" means, with respect to a Party, a contract, lease, instrument, note, bond, debenture, mortgage, agreement, arrangement or understanding, written or oral, to which such Party, or any of its subsidiaries, is a Party or under which such Party or any of its subsidiaries is bound, has unfulfilled obligations or contingent liabilities or is owed unfulfilled obligations, whether known or unknown, and whether asserted or not.

"Control Shares" has the meaning given to it under the heading "Management Information Circular – Information for United States Securityholders".

"Consolidation" means the consolidation of the Samoth Shares on the basis of one (1) post-Consolidation Resulting Issuer Share for every eight (8) pre-Consolidation Samoth Shares.

"CRA" means the Canada Revenue Agency, or any successor agency thereto.

"Depositary" means Odyssey Trust Company, or such other Person that may be appointed by the Parties in connection with the Business Combination for the purpose of receiving deposits of Chronos Shares.

"Dissent Rights" means, the rights of registered Chronos Shareholders, as applicable, to dissent in respect of the Chronos Amalgamation Resolution, as applicable, and to be paid the fair value of the Chronos Shares in respect of which the holder dissents, all in accordance with the provisions of Section 191 of the ABCA, as applicable.

"Dissenting Shareholders" means any registered Chronos Shareholder who has duly and validly exercised its Dissent Rights with respect to the Chronos Amalgamation Resolution pursuant to the ABCA, and has not withdrawn or been deemed to have been withdrawn such exercise of Dissent Rights.

"DRS Advice" means a Direct Registration System (DRS) advice.

"Encumbrance" means, any mortgage, pledge, assignment, charge, lien, security interest, adverse interest in property, other third party interest or encumbrance of any kind whether contingent or absolute, and any agreement, option, right or privilege (whether by Law, Contract or otherwise) capable of becoming any of the foregoing.

"ESG" means environmental, social and governance.

"forward-looking statements" has the meaning given to it under the heading "Forward-Looking Statements".

"Governmental Authority" means any: (a) domestic or foreign federal, territorial, provincial, state, regional, municipal or local governmental, regulatory or administrative authority, department, court, agency, commission, board or tribunal, arbitral body, bureau, ministry, agency or instrumentality or official, including any political subdivision thereof; (b) quasi-governmental or private body exercising regulatory, expropriation or taxing authority under or for the account of any of the foregoing; or (c) any stock exchange.

"Holder" has the meaning given to it under the heading "Certain Canadian Federal Income Tax Considerations".

"IFRS" means accounting principles generally accepted in Canada applicable to public companies at the relevant time and which incorporates International Financial Reporting Standards as adopted by the Canadian Accounting Standards Boards.

"Information Circular" means this management information circular dated November 21, 2022, together with all Appendices hereto, distributed to the Chronos Shareholders in connection with the Chronos Meeting, as the case may be.

"Laws" means all laws (including, for greater certainty, common law), statutes, regulations, bylaws, statutory rules, orders, ordinances, protocols, codes, guidelines, notices and directions enacted by a Governmental Authority (including all Applicable Canadian Securities Laws and all Applicable U.S. Securities Laws) and the terms and conditions of any grant of approval, permission, judgment, decision, ruling, award, authority or license of any Governmental Authority or self-regulatory authority.

"Letter of Transmittal" means the letter of transmittal enclosed with this Information Circular pursuant to which Chronos Shareholders (other than Dissenting Shareholders) are required to deposit their Chronos Shares in order to receive the Resulting Issuer Shares to which such Chronos Shareholder is entitled to receive pursuant to the terms of the Business Combination Agreement.

"Material Adverse Change" or "Material Adverse Effect" means, with respect to a Party, any effect, change, event, development, circumstance or occurrence that, individually or in the aggregate with other such effects, changes, events, developments, circumstances or occurrences is, or would reasonably be expected to be material and adverse to the financial condition, business, operations, results of operations, assets, properties or capitalization of such Party (taken as a whole), other than any effect, change, event or development resulting from:

(a) general economic, financial, currency exchange, securities, credit or commodity prices in Canada or elsewhere, including, without limitation, changes as a result of, or relating to, the COVIDဨ19 pandemic or any escalation of the Russian invasion of Ukraine;
(b) conditions affecting the oil and natural gas exploration, exploitation, development and production industry as a whole, including, without limitation, changes as a result of, or relating to, the COVIDဨ19 pandemic or any escalation of the Russian invasion of Ukraine;
(c) any decline in crude oil or natural gas prices on a current or forward basis;
(d) any matter in respect of which there has been disclosure in writing to the other Party on or prior to the date hereof;
(e) changes in Applicable Laws (including tax laws);
(f) any changes in IFRS;
(g) the announcement of the execution of the Business Combination Agreement or the transactions contemplated hereby;
(h) the failure of such Party to meet any internal or published projections, forecasts or estimates of revenues, earnings, cash flow or production or petroleum substances or natural gas (provided, however, that the causes underlying such failure may be

considered to determine whether such causes constitute a Material Adverse Change or Material Adverse Effect);

(i) any changes in the trading price or trading volumes of the securities of such Party (provided, however, that the causes underlying such changes may be considered to determine whether such causes constitute a Material Adverse Change or Material Adverse Effect);
(j) any acts of God, riots, terrorism, sabotage, earthquakes, epidemics (including the COVID 19 pandemic), military action or war (whether or not declared), change in global, national or regional political conditions, civil unrest, or disturbances or similar event or escalation or worsening thereof; or
(k) any changes or effects arising from matters permitted or contemplated by the Business Combination Agreement or consented to or approved in writing by the other Party;

provided, however, that in the case of (a), (b), (c), (d), (e) and (j) such change or effect relating to or resulting from the foregoing does not disproportionately affect a Party compared to other entities of similar size operating in the oil and gas exploration, exploitation, development and production industry, in which case the relevant exclusion from this definition of Material Adverse Change or Material Adverse Effect referred to above shall not be applicable to the extent of the disproportionate effect.

"material change" has the meaning ascribed thereto in the Securities Act.

"misrepresentation" has the meaning ascribed thereto in the Securities Act.

"Name Change" means the name change of Samoth from "Samoth Oilfield Inc." to "Lycos Energy Inc." pursuant to the Business Combination.

"NI 51-101" means National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities.

"NI 62-104" means National Instrument 62-104 – Take-Over Bids and Issuer Bids.

"Non-Resident Dissenter" has the meaning given to it under the heading "Certain Canadian Federal Income Tax Considerations – Holders Not Resident in Canada – Dissenting Non-Resident Holders".

"Non-Resident Holder" has the meaning given to it under the heading "Certain Canadian Federal Income Tax Considerations – Holders Not Resident in Canada".

"Odyssey" means Odyssey Trust Company, in its capacity as registrar and transfer agent of Chronos.

"Order" means all judicial, arbitral, administrative, ministerial, departmental or regulatory judgments, injunctions, orders, decisions, rulings, determinations, awards, or decrees of any Governmental Authority (in each case, whether temporary, preliminary or permanent).

"Outside Date" means December 31, 2022 or such later date as may be agreed to in writing by the Parties.

"Parties" means Chronos and Samoth, and "Party" means either of them.

"Partnership" means Chronos Duvernay LP., a limited partnership formed pursuant to the laws of the Province of Alberta, and a subsidiary of Chronos.

"Person" includes any individual, firm, partnership, joint venture, venture capital fund, association, trust, trustee, executor, administrator, legal personal representative, estate group, body corporate, corporation, unincorporated association or organization, Governmental Authority, syndicate or other entity, whether or not having legal status.

"Proposed Amendments" has the meaning given to it under the heading "Certain Canadian Federal Income Tax Considerations".

"Record Date" means November 15, 2022.

"RDSP" has the meaning given to it under the heading "Certain Canadian Federal Income Tax Considerations – Holders Resident in Canada – Eligibility for Investment".

"Registered Plans" has the meaning given to it under the heading "Certain Canadian Federal Income Tax Considerations – Holders Resident in Canada – Eligibility for Investment".

"Representatives" means, with respect to each Party, its respective subsidiaries and its and their officers, directors, employees, financial advisors, related parties, legal counsel, accountants, advisors and all other representatives and agents.

"Resident Dissenter" has the meaning given to it under the heading "Certain Canadian Federal Income Tax Considerations – Holders Resident in Canada – Dissenting Resident Holders of Samoth Shares".

"Resident Holder" has the meaning given to it under the heading "Certain Canadian Federal Income Tax Considerations – Holders Resident in Canada".

"Resident Holder's Dissent Shares" has the meaning given to it under the heading "Certain Canadian Federal Income Tax Considerations – Holders Resident in Canada – Dissenting Resident Holders of Samoth Shares".

"RESP" has the meaning given to it under the heading "Certain Canadian Federal Income Tax Considerations – Holders Resident in Canada – Eligibility for Investment".

"Resulting Issuer" means Lycos Energy Inc., being the successor of Samoth following the Business Combination, the Consolidation, and the Name Change.

"Resulting Issuer Shares" means the common shares of the Resulting Issuer, presented on a post-Consolidation basis.

"RRIF" has the meaning given to it under the heading "Certain Canadian Federal Income Tax Considerations – Holders Resident in Canada – Eligibility for Investment".

"RRSP" has the meaning given to it under the heading "Certain Canadian Federal Income Tax Considerations – Holders Resident in Canada – Eligibility for Investment".

"Samoth Annual MD&A" means management's discussion and analysis of the financial and operating results of Samoth for the year ended October 31, 2021.

"Samoth Board" means the board of directors of Samoth.

"Samoth Financial Statements" means, collectively, (a) the audited consolidated financial statements of Samoth as at and for the years ended October 31, 2021 and 2020, together with the notes thereto and the auditor's report thereon; and (b) the interim unaudited condensed consolidated financial statements of Samoth as at and for the three and nine months ended July 31, 2022, together with the notes thereto.

"Samoth Interim MD&A" means management's discussion and analysis of the financial and operating results of Samoth for the quarter ended July 31, 2022.

"Samoth Shareholders" means the holders of Samoth Shares and Samoth preferred shares.

"Samoth Shares" means the common shares in the capital of Samoth.

"Samoth Stock Options" means the stock options of Samoth, whether vested or unvested, granted by contract to certain employees, officers and directors of Samoth.

"SEC" means the United States Securities and Exchange Commission.

"Securities Act" means the Securities Act, RSA 2000, c S-4, as amended.

"SEDAR" means the System for Electronic Document Analysis and Retrieval.

"subsidiary" has the meaning ascribed thereto in the Securities Act.

"Tax Act" means the Income Tax Act, RSC 1985, c 1 (5th Supp), and the regulations prescribed thereunder, as amended from time to time.

"taxable capital gain" has the meaning given to it under the heading "Certain Canadian Federal Income Tax Considerations – Holders Resident in Canada – Taxation of Capital Gains and Losses".

"Third Party" means any Person, other than Chronos, Samoth, AcquisitionCo and their respective Representatives.

"TFSA" has the meaning given to it under the heading "Certain Canadian Federal Income Tax Considerations – Holders Resident in Canada – Eligibility for Investment".

"TSXV" means TSX Venture Exchange.

"United States" or "U.S." means the United States of America, its territories and possessions, any State of the United States, and the District of Columbia.

"U.S. Securities Act" means the United States Securities Act of 1933, as amended.

"Voting Instruction Form" means the voting instruction form provided to Beneficial Holders.

Words importing the singular include the plural and vice versa and words importing any gender include all genders.

NOTICE TO READERS

Conventions

Certain terms used herein are defined in the "Glossary of Terms". Unless otherwise indicated, references herein to "$" or "dollars" are to Canadian dollars. All financial information in Appendices "B", "C" and "D" to this Information Circular has been presented in Canadian dollars in accordance with IFRS.

Abbreviations

The following are abbreviations and definitions used in this Information Circular (including Appendices "B" and "C", respectively):

Oil and Natural Gas Liquids
bbl	barrel
bbl/d	barrels per day
boe	barrels of oil equivalent
boe/d	barrels of oil equivalent per day
mbbl	thousand barrels
mboe	thousand barrels of oil equivalent
NGL	natural gas liquids
WTI	West Texas Intermediate

	Natural Gas
mcf	thousand cubic feet
mcf/d	thousand cubic feet per day
mmBtu	million British thermal units
mmcf	million cubic feet
mmcf/d	million cubic feet per day

	Other
API	American Petroleum Institute
AUM	assets under management

Forward-Looking Statements

Certain statements contained in this Information Circular (including Appendices "B", "C" and "D" to this Information Circular) and in the documents incorporated by reference herein constitute forward-looking information and forward-looking statements (collectively referred to as "forward-looking statements") within the meaning of Applicable Canadian Securities Laws about Chronos' current expectations, estimates and projections about the future, based on certain assumptions made in light of experiences and perceptions of historical trends. Although Chronos believes that expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions or the negative thereof.

This Information Circular (including Appendices "B", "C" and "D" to this Information Circular) contains forward-looking statements pertaining, but not limited to, the following:

x the expectations regarding whether the Business Combination will be completed, the principal steps of the Business Combination, including whether the conditions to completion of the Business Combination will be satisfied, the anticipated timing for the Closing Date and the effect(s) of the Business Combination;
x the expectation that Chronos will amalgamate with Samoth subsequent to the Business Combination;
x the perceived benefits of the Business Combination and expected attributes of the Resulting Issuer, including anticipated corporate, operational and other synergies and the timing thereof, anticipated savings and the sustainability and timing thereof, and the plans and strategies to achieve such benefits and synergies;
x the focus and business strategies of each of Chronos, Samoth and the Resulting Issuer;
x the ability to successfully integrate the businesses of Chronos and Samoth;
x the structure and effect of the Business Combination on Samoth and Chronos and their respective Shareholders;
x the expected issuance, and terms of, Samoth Shares to Chronos Shareholders;
x the Resulting Issuer's financial position, including its costs, cash flow profile, annual sustaining capital requirements and expected liquidity;
x the anticipated effect of the transaction on the competitiveness of the Resulting Issuer and its profitability, liquidity and cost structure;
x the expected size and scale of the Resulting Issuer, as well as the expected position of the Resulting Issuer in the market relative to comparable peer companies;
x the anticipated improved access to markets;
x the anticipated safety and reliability of the operations of the Resulting Issuer;
x the timing, administration and conduct of the Chronos Meeting;
x Chronos' and Samoth's anticipated abilities to obtain the required approvals, including TSX Venture Exchange ("TSXV") and Chronos Shareholder approval, for the Business Combination and the timing of such approvals;
x the expectation that there will be no significant events occurring outside of the normal course of business of Chronos, Samoth and the Resulting Issuer, as applicable;
x the expected expenses associated with the Business Combination;
x the effect of the Business Combination on Chronos' share capital, including the total issued and outstanding Chronos Shares and anticipated percentages of Resulting Issuer Shares that current Chronos Shareholders will hold in the Resulting Issuer;
x the composition and compensation of the Resulting Issuer Board and management team upon the Business Combination becoming effective, and the constitution of board committees and expected meetings, policies and mandates thereof;
x the anticipated treatment and entitlements of Chronos Shareholders under securities and tax Laws;
x the treatment of the Business Combination and the future operations of the Resulting Issuer under government regulatory regimes;
x industry conditions pertaining to the oil and gas industry; and
x pro forma information pertaining to the Resulting Issuer after giving effect to the Business Combination.

Additionally, statements relating to "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and can be profitably produced in the future.

The reports of KPMG LLP and Crowe MacKay LLP included or incorporated by reference in this Information Circular refer exclusively to the historical financial statements described therein and do not extend to the prospective financial information included in this Information Circular and should not be read to do so.

Developing forward-looking statements involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Chronos, Samoth and the Resulting Issuer and others that apply to the industry generally. These forward-looking statements are based on certain expectations and assumptions, including, but not limited to, expectations and assumptions respecting:

x the perceived benefits of the Business Combination and expected attributes of the Resulting Issuer resulting from the Business Combination are based upon a number of factors, including the terms and conditions of the Business Combination Agreement and current industry, economic and market conditions (see "The Business Combination – Chronos Board Recommendation" and "The Business Combination – Key Benefits of the Business Combination");
x the completion of certain steps in, and timing of, the Business Combination and the Effective Date of the Business Combination are based upon the terms of the Business Combination Agreement and advice received from counsel to Samoth and Chronos relating to timing expectations (see "The Business Combination – The Business Combination");
x the absence of any event, change or other circumstance that could give rise to the termination of the Business Combination Agreement;
x the treatment of Chronos Shareholders under tax Laws is subject to the statements under "Certain Canadian Federal Income Tax Considerations";
x the effects of the Business Combination on Chronos are based on Chronos management's current expectations;
x the satisfaction of the conditions to closing of the Business Combination in a timely manner and completion of the Business Combination on the expected terms;
x the expected adherence to the terms of the Business Combination Agreement and agreements related to the Business Combination Agreement;
x the ability of management of the Resulting Issuer to successfully integrate the businesses of Samoth and Chronos;
x the accuracy of each of reserves reports of Samoth and Chronos and any assumptions listed therein;
x the Resulting Issuer's ability to issue securities and receive TSXV approval in respect of same;
x future commodity prices;
x planned drilling, exploration and development, including the Resulting Issuer's ability to accelerate drilling activity;
x the projected capital investment levels, the flexibility of capital spending plans and associated sources of funding;
x the achievement of further cost reductions and sustainability thereof;
x cash flows, cash balances on hand and access to credit and demand facilities being sufficient to fund capital investments;
x estimates of quantities of oil, natural gas, condensate and NGLs from properties and other sources not currently classified as proved;
x accounting estimates and judgments;
x forecast inflation and other assumptions inherent in the current guidance of Chronos; and
x other risks, uncertainties and assumptions described from time to time in the filings made by Chronos and Samoth with securities regulatory authorities, including those incorporated by reference in this Information Circular.

Any financial outlook and forward-looking information contained in this Information Circular regarding prospective financial performance or financial position is based on reasonable assumptions about future events, including economic conditions and proposed courses of action based on the assessment by management of each of Chronos and Samoth of the relevant information that is currently available. Projected operational information contains forward-looking information and is based on a number of material assumptions and factors, as are set out above. These projections may also be considered to contain future-oriented financial information or a financial outlook. The actual results will likely vary from the amounts set forth herein and such variations may be material. Readers are cautioned that any such financial outlook and forward-looking information contained herein should not be used for purposes other than those for which it is disclosed herein. Such information was made as of the date of this Information Circular.

The risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements include, but are not limited to, the following, as well as the risk factors set out under the heading "Risk Factors" in the Information Circular:

x Chronos and Samoth may fail to realize, or may fail to realize in the expected timeframes, the anticipated benefits and synergies resulting from the Business Combination;
x the conditions to completion of the Business Combination may not be satisfied or waived and may result in the Business Combination not being completed in a timely manner or at all;
x the timing of the Chronos Meeting and the anticipated Closing Date may be changed or delayed or may not occur at all;
x interloper risk, including actions taken by government entities or others seeking to prevent or alter the terms of the Business Combination or competing offers for Chronos or Samoth, which arise as a result of or in connection with the proposed Business Combination;
x inaccuracy of the pro forma financial and operational information of the Resulting Issuer after the Business Combination;
x the potential exposure to political, economic, or social instability in certain jurisdictions in which the Resulting Issuer will operate, and public perception of the industries and local markets in which the Resulting Issuer operates;
x Chronos will incur significant costs relating to the Business Combination, regardless of whether the Business Combination is completed or not completed;
x the Business Combination Agreement could be terminated by either Party under certain circumstances, including as a result of the occurrence of a change, event, circumstance, or development that would reasonably be likely to have (individually or in the aggregate) a Material Adverse Effect on the other Party;
x if the Business Combination is not completed, Chronos Shareholders will not realize the anticipated benefits of the Business Combination and Chronos' future business and operations could be adversely affected;
x litigation relating to the Business Combination may be commenced which may prevent, delay or give rise to significant costs or liabilities on the part of Chronos;
x changes in income or other tax Laws or actions taken by taxing authorities could have adverse implications on Chronos or its securityholders;
x the Parties may discover previously undisclosed liabilities following the Closing Date;
x the focus of management's time and attention on the Business Combination may detract from other aspects of the respective businesses of Chronos;
x the loss of key employees and the risk that the Resulting Issuer may not be able to retain key employees of Chronos following completion of the Business Combination in a timely manner or at all;
x the Resulting Issuer may be unable to access necessary sources of debt and equity capital on acceptable terms or at all;
x the Resulting Issuer may be unable to finance growth, sustain capital expenditures, or successfully find, acquire, develop and commercially produce oil and natural gas reserves or future projects in line with the goals of the Resulting Issuer;
x the Resulting Issuer may be unable to utilize and apply, or carry forward, tax losses and other tax attributes in the future;
x changes in the regulatory framework in any of the locations in which the Resulting Issuer operates, or changes to the interpretation of such Laws and regulations, as adopted or proposed, the negative impact thereof and the costs associated with compliance, including but not limited to costs relating to historical liabilities of Chronos or Samoth, and potential liabilities relating to environmental non-compliance;
x discrepancies between actual and estimated production for the Resulting Issuer;
x increased costs, delays, suspensions, and technical challenges associated with the construction of capital projects;
x risk of loss and increased cost due to acts of war, terrorism, sabotage, civil disturbances, fires, explosions, blow-outs, equipment failures, transportation incidents, extreme weather events, technological changes and resource shortages, related to climate change or similar events;
x the global economic and financial climate;
x competition, and the effects of competition and pricing pressures;
x industry overcapacity;
x the speculative nature of the oil and gas industry, including risks and uncertainties involving the geology and geophysics of oil and gas exploration and production such as minor earthquakes which have been attributed to hydraulic fracturing operations;
x operational risks in exploring for, developing and producing crude oil, natural gas and NGLs;
x the success of the Resulting Issuer's assets, and potential geological hazards that may impact the performance of these assets; and
x a resurgence in cases of COVID-19 or other virus strains, and the extent to which such infections impact the Resulting Issuer, and its results of operations and financial condition.

Readers are cautioned that the foregoing lists of factors are not exhaustive. Events or circumstances could cause the actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking statements. The forward-looking statements contained in this Information Circular and in the documents incorporated by reference herein are expressly qualified by this cautionary statement. Except as required by Law, Chronos does not undertakes any obligation to publicly update or revise any forward-looking statements.

Readers should also carefully consider the matters discussed under the headings "Risk Factors", "Certain Canadian Federal Income Tax Considerations" and other risks described elsewhere in this Information Circular and in the documents incorporated by reference herein as they may cause the actual results to differ materially from the forward-looking statements, including Appendices "B", "C" and "D", and the Samoth Annual MD&A, which is incorporated by reference herein. Additional information on these and other factors that could affect the operations or financial results of Samoth are included in documents on file with Applicable Canadian Securities Administrators and may be accessed on Samoth's issuer profile through the SEDAR website (www.sedar.com). Such documents, unless expressly incorporated by reference herein, do not form part of this Information Circular.

Specified Financial Measures

This Information Circular and certain documents incorporated by reference herein make reference to certain non-IFRS financial measures to assist in assessing the financial performance of Chronos and Samoth. These financial measures do not have a standardized meaning as prescribed by IFRS and are therefore considered non-IFRS measures. These measures may not be comparable to similar measures presented by other issuers. These measures have been described and presented in order to provide shareholders, potential investors and analysts with additional measures for analyzing the transaction and the Resulting Issuer's ability to generate funds to finance its operations and information regarding its liquidity. Such information should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

In respect of various specified financial measures regarding Chronos, please review the following:

"Operating netback" (non-IFRS financial measure) is used by Chronos management to evaluate Chronos' operational performance as this figure demonstrates its field level profitability relative to current commodity prices. Operating netback equals total petroleum and natural gas sales less royalties and operating expenses, divided by production on a boe basis.

"EBITDA" (non-IFRS financial measure) is used by Chronos management to demonstrate the company's ability to generate the cash necessary to repay debt or fund future capital investment. EBITDA is calculated as consolidated net income (loss) before interest and financing expenses, income taxes, depletion, depreciation and amortization, adjusted for certain non-cash, extraordinary and non-recurring items primarily relating to unrealized gains and losses on financial instruments and impairment losses. The most directly comparable IFRS measure to EBITDA is cash provided by operating activities.

In respect of various specified financial measures regarding Samoth, please see the Samoth Annual MD&A and the Samoth Interim MD&A incorporated by reference in this Information Circular for additional information with respect to non-IFRS financial measures.

Advisory Regarding Oil and Gas Information

The reserves information contained in this Information Circular has been prepared in accordance with NI 51-101. Listed below are cautionary statement(s) that are specifically required by NI 51-101 that qualify the oil and gas disclosure contained in this Information Circular and Appendices hereto.

The terms "boe" and "mcfe" may be misleading, particularly if used in isolation. A boe conversion rate of six thousand cubic feet of natural gas per barrel of oil (6 mcf:1 bbl) and an mcfe conversion rate of one barrel of oil per six thousand cubic feet of natural gas (1 bbl:6 mcf) are each based on an energy equivalency conversion method primarily applicable at the burner tip and do not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from an energy equivalency of 6:1, utilizing a conversion ratio of 6:1 may be misleading as an indication of value.

NI 51-101 defines "shale gas" as natural gas (i) contained in dense organic-rich rocks, including lowpermeability shales, siltstones and carbonates, in which the natural gas is primarily absorbed on the kerogen or clay minerals, and (ii) that usually requires the use of hydraulic fracturing to achieve economic production rates. Chronos has also categorized what is typically referred to as "tight gas" under "shale gas" since "tight gas" is not defined in NI 51-101. This includes natural gas that is contained in lowpermeability shales, siltstones and carbonates, in which the natural gas is primarily contained in microscopic pore spaces that are poorly connected to one another, which typically requires the use of hydraulic fracturing to achieve economic production rates.

Reserves

The discounted and undiscounted net present value of future net revenues attributable to the reserves of Chronos and Samoth, respectively, do not represent the fair market value of such reserves. There is no assurance that the forecast prices and cost assumptions applied by the independent reserves evaluators in evaluating the reserves of Chronos or Samoth, respectively, will be attained and variances could be material. The estimates of light and medium crude oil, NGL, conventional natural gas and shale gas reserves provided in this Information Circular are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual light and medium crude oil, NGLs, conventional natural gas and shale gas reserves may be greater than or less than the estimates provided in this Information Circular or otherwise referred to in this Information Circular, and the difference may be material.

The determination of reserves involves the preparation of estimates that have an inherent degree of associated risk and uncertainty. The estimation and classification of reserves is a complex process involving the application of professional judgment combined with geological and engineering knowledge to assess whether specific classification criteria have been satisfied. Knowledge of concepts including uncertainty and risk, probability and statistics, and deterministic and probabilistic estimation methods is required to properly use and apply reserves definitions. In addition, rules set forth in the COGEH and NI 51-101 override professional judgments as to volumes of recovery, well productivity and other factors.

The estimates of reserves of Samoth and Chronos provided in this Information Circular are estimates only and there is no guarantee that the estimated reserves or resources will be recovered. Actual oil, NGLs and natural gas reserves and resources may be greater than or less than the estimates provided in this prospectus, and the difference may be material.

The estimates of reserves and future net revenue for individual properties in this Information Circular may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation.

The information set forth in this Information Circular relating to the reserves of Samoth, Chronos and related future net revenues constitutes forward-looking statements which are subject to certain risks and uncertainties. See "Forward-Looking Statements" and "Risk Factors" in this Information Circular.

Reserves are classified as proved reserves, probable reserves and possible reserves according to the certainty associated with the estimates. Each of the reserves categories (proved, probable and possible) may be divided into developed and undeveloped categories. See below under "Selected Oil and Gas Terms" for definitions of the foregoing terms and other oil and natural gas terms used in this Information Circular. Additional clarification of the classification of reserves, the certainty levels associated with reserves estimates and the effect of aggregation are provided in COGEH.

The qualitative certainty levels referred to in the definitions set forth in "Selected Oil and Gas Terms" in this Information Circular below are applicable to individual reserves entries (which refers to the lowest level at which reserves calculations are performed) and to reported reserves (which refers to the highest level sum of individual entity estimates for which reserves are presented). Reported reserves should target the following levels of certainty under a specific set of economic conditions:

x at least a 90% probability that the quantities actually recovered will equal or exceed the estimated proved reserves;
x at least a 50% probability that the quantities actually recovered will equal or exceed the sum of the estimated proved plus probable reserves; and
x at least a 10% probability that the quantities actually recovered will equal or exceed the sum of the estimated proved plus probable plus possible reserves.

A qualitative measure of the certainty levels pertaining to estimates prepared for the various reserves categories is desirable to provide a clearer understanding of the associated risks and uncertainties. However, the majority of reserves estimates will be prepared using deterministic methods that do not provide a mathematically derived quantitative measure of probability. In principle, there should be no difference between estimates prepared using probabilistic or deterministic methods.

Selected Oil and Gas Terms

In this Information Circular (including Appendix "B" – Information Concerning Chronos Resources Ltd.), unless otherwise indicated or the context otherwise requires, the following terms have the meaning set forth below. These definitions are generally as set forth in the COGEH and NI 51-101 and are reproduced below for the convenience of the reader.

"COGEH" means the Canadian Oil and Gas Evaluation Handbook prepared jointly by The Society of Petroleum Evaluation Engineers (Calgary Chapter), as amended from time to time.

"condensate" means a mixture of hydrocarbons consisting primarily of pentanes and heavier liquids extracted from natural gas.

"conventional natural gas" means natural gas that has been generated elsewhere and has migrated as a result of hydrodynamic forces and is trapped in discrete accumulations by seals that may be formed by localized structural, depositional or erosional geological features.

"developed non-producing reserves" are those reserves that either have not been on production, or have previously been on production, but are shut in, and the date of resumption of production is unknown.

"developed producing reserves" are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if they shut in, they must have previously been on production, and on the date of resumption and production must be known with reasonable certainty.

"developed reserves" are those reserves that are expected to be recovered from existing wells and installed facilities or, if facilities have not been installed, that would involve a low expenditure (for example, when compared to the cost of drilling a well) to put the reserves on production. The developed category may be subdivided into producing and non-producing.

"development costs" means costs incurred to obtain access to reserves and to provide facilities for extracting, treating, gathering and storing the oil, NGL and natural gas from reserves. More specifically, development costs, including applicable operating costs of support equipment and facilities and other costs of development activities, are costs incurred to: (a) gain access to and prepare well locations for drilling, including surveying well locations for the purpose of determining specific development drilling sites, clearing ground, draining, road building and relocating public roads, natural gas lines and power lines, to the extent necessary in developing the reserves; (b) drill and equipment development wells, development type stratigraphic test wells and service wells, including the costs of platforms and of well equipment such as casing, tubing, pumping equipment and wellhead assembly; (c) acquire, construct and install production facilities such as flow lines, separators, treaters, heaters, manifolds, measuring devices and production storage tanks, natural gas cycling and processing plants, and central utility and waste disposal systems; and (d) provide improved recovery systems.

"development well" means a well drilled inside the established limits of an oil or natural gas reservoir, or in close proximity to the edge of the reservoir, to the depth of a stratigraphic horizon known to be productive.

"exploration costs" means costs incurred in identifying areas that may warrant examination and in examining specific areas that are considered to have prospects that may contain oil and natural gas reserves, including costs of drilling exploratory wells and exploratory type stratigraphic test wells. Exploration costs may be incurred both before acquiring the related property and after acquiring the property. Exploration costs, which include applicable operating costs of support equipment and facilities and other costs of exploration activities, are: (a) costs of topographical, geochemical, geological and geophysical studies, rights of access to properties to conduct those studies, and salaries and other expenses of geologists, geophysical crews and others conducting those studies; (b) costs of carrying and retaining unproved properties, such as delay rentals, taxes (other than income and capital taxes) on properties, legal costs for title defence and the maintenance of land and lease records; (c) dry hole contributions and bottom hole contributions; (d) costs of drilling and equipping exploratory wells; and (e) costs of drilling exploratory type stratigraphic test wells.

"field" means a defined geographical area consisting of a single reservoir or multiple reservoirs all grouped on, or related to, the same individual geological structural feature or stratigraphic condition. The field name refers to the surface area, although it may refer to both the surface and the underground productive formations.

"forecast prices and costs" means future prices and costs that are: (a) generally acceptable as being a reasonable outlook of the future; and (b) if and only to the extent that, there are fixed or presently determinable future prices or costs to which a company is legally bound by a contractual or other obligation to supply a physical product, including those for an extension period of a contract that is likely to be extended, those prices or costs rather than the prices and costs referred to in the paragraph above.

"gross" means: (a) in relation to a company's interest in production or reserves, its "company gross reserves", which are the company's working interest (operating or non-operating) share before deduction of royalties and without including any royalty interests of the company; (b) in relation to wells, the total number of wells in which a company has an interest; and (c) in relation to properties, the total area of properties in which a company has an interest.

"heavy crude oil or heavy oil" means crude oil with a relative density greater than 10 degrees API gravity and less than or equal to 22.3 degrees API gravity.

"light crude oil or light oil" means crude oil with a relative density greater than 31.1 degrees API gravity. Light and medium crude oil means light crude oil and medium crude oil combined.

"medium crude oil" or "medium oil" means crude oil with a relative density greater than 22.3 degrees API gravity and less than or equal to 31.1 degrees API gravity.

"natural gas liquids" or "NGL" means those hydrocarbon components that can be recovered from natural gas as a liquid including, but not limited to, ethane, propane, butanes, pentanes plus, and condensates.

"net" means: (a) in relation to a company's interest in production or reserves, the company's working interest (operating or nonoperating) share after deduction of royalty obligations, plus the company's royalty interest in production or reserves; (b) in relation to a company's interest in wells, the number of wells obtained by aggregating the company's working interest in each of its gross wells; and (c) in relation to a company's interest in a property, the total area in which the company has an interest multiplied by the working interest owned by the company.

"net acres" means the percentage of total acres an owner has out of a particular number of acres, or a specified tract. An owner who has 50% interest in 100 acres owns 50 net acres.

"possible reserves" are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves.

"probable reserves" are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.

"proved reserves" are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.

"reserves" are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on: (i) analysis of drilling, geological, geophysical and engineering data; (ii) the use of established technology; and (iii) specified economic conditions, which are generally accepted as being reasonable, and shall be disclosed. Reserves are classified according to the degree of certainty associated with the estimates.

"reservoir" means a porous and permeable underground rock formation containing a natural accumulation of petroleum that is confined by impermeable rock or water barriers, is separate from other reservoirs and is characterized by a single pressure system.

"resources" means petroleum quantities that originally existed on or within the earth's crust in naturally occurring accumulations, including discovered and undiscovered (recoverable and unrecoverable) plus quantities already produced.

"shale gas" is defined by NI 51-101 as natural gas (i) contained in dense organic-rich rocks, including lowpermeability shales, siltstones and carbonates, in which the natural gas is primarily adsorbed on the kerogen or clay minerals, and (b) that usually requires the use of hydraulic fracturing to achieve economic production rates. Chronos and Samoth, respectively, have also categorized what is typically referred to as "tight gas" under "shale gas" since "tight gas" is not defined in NI 51-101. This includes natural gas that is contained in low-permeability shales, siltstones and carbonates, in which the natural gas is primarily contained in microscopic pore spaces that are poorly connected to one another, which typically requires the use of hydraulic fracturing to achieve economic production rates.

"undeveloped reserves" are those reserves expected to be recovered from known accumulations where a significant expenditure (for example, when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves classification (proved, probable) to which they are assigned.

"working interest" means the right granted to the lessee of a property to explore for and to produce and own oil, natural gas, or other minerals. The working interest owners bear the exploration, development, and operating costs on either a cash, penalty, or carried basis.

The information set forth in this Information Circular, inclusive of the Appendices hereto, relating to Chronos' and Samoth's reserves and future net revenues, respectively, constitutes forward-looking statements which are subject to certain risks and uncertainties. See "Forward-Looking Statements" and "Risk Factors" in this Information Circular.

MANAGEMENT INFORMATION CIRCULAR

General Information for Chronos Shareholders

This Information Circular is furnished in connection with the solicitation of proxies by the management of Chronos for use at the Chronos Meeting, and at any adjournment(s) or postponement(s) thereof. No Person has been authorized to give any information or make any representation in connection with the Business Combination and the issuance of Resulting Issuer Shares in connection with the Business Combination, or any other matters to be considered at the Chronos Meeting other than those contained in this Information Circular, and if given or made, any such information or representation must not be relied upon as having been authorized.

The information concerning Samoth contained and incorporated by reference in this Information Circular, including but not limited to the information in Appendix "C" to this Information Circular, has been provided by Samoth. Although Chronos has no knowledge that would indicate that any of such information is untrue or incomplete, Chronos does not assume any responsibility for the accuracy or completeness of such information or the failure by Samoth to disclose events which may have occurred or may affect the completeness or accuracy of such information but which are unknown to Chronos.

This Information Circular does not constitute an offer to sell or a solicitation of an offer to purchase any securities or the solicitation of a proxy by any Person in any jurisdiction in which such an offer or solicitation is not authorized or in which the Person making such offer or solicitation is not qualified to do so or to any Person to whom it is unlawful to make such an offer or solicitation of an offer or a proxy solicitation. Neither the delivery of this Information Circular nor any distribution of the securities referred to in this Information Circular will, under any circumstances, create an implication that there has been no change in the information set forth herein since the date as of which such information is given in this Information Circular.

Information contained in or otherwise accessed through Chronos' website, Samoth's website, or any other website, other than those documents incorporated by reference herein and filed on SEDAR, does not constitute part of this Information Circular.

All summaries of, and references to, the Business Combination Agreement and the Business Combination in this Information Circular are qualified in their entirety by reference to the complete text of the Business Combination Agreement which is incorporated by reference herein, a copy of which is available for viewing on Samoth's SEDAR profile at www.sedar.com. You are urged to carefully read the full text of the Business Combination Agreement.

All capitalized terms used in this Information Circular (including Appendices "B", "C" and "D") but not otherwise defined herein have the meanings set forth herein under "Glossary of Terms". The terms and abbreviations used in the Appendices to this Information Circular, other than in Appendices "B", "C" and "D", are defined separately therein. Information contained in this Information Circular is given as of November 21, 2022, unless otherwise specifically stated. Details of the Business Combination are set forth under the heading "The Business Combination".

SUMMARY

This summary is qualified in its entirety by the more detailed information appearing elsewhere in this Information Circular, including the Appendices hereto. Terms with initial capital letters in this summary are defined in the "Glossary of Terms" set out elsewhere in this Information Circular.

The Business Combination

On November 7, 2022, Chronos, Samoth and AcquisitionCo, a wholly-owned subsidiary of Samoth, entered into the Business Combination Agreement, providing for the Business Combination of Chronos, Samoth and AcquisitionCo.

Pursuant to the terms of the Business Combination Agreement:

x Chronos and Samoth will complete a Business Combination which will result in the reconstitution of the management team and board of directors of Samoth (for more details, please see "Resulting Issuer Management Team" and "Resulting Issuer Board");
x Chronos will complete the Chronos Financings for aggregate gross proceeds of up to $65.0 million;
x each issued and outstanding Chronos Share will be acquired by Samoth in exchange for twenty (20) pre-Consolidation Samoth Shares at a deemed price of $0.035 per Samoth Share with the final number of Samoth Shares to be issued being determined based on the size of the Chronos Financings;
x the Resulting Issuer created from the combination of Samoth, AcquisitionCo and Chronos will be renamed "Lycos Energy Inc." and is expected to trade on the TSXV under the new trading symbol "LCX" as a Tier 1 oil and gas issuer; and
x Samoth will complete a Consolidation of the Samoth Shares on the basis of one (1) post-Consolidation Samoth Share for every eight (8) pre-Consolidation Samoth Shares, representing an exchange ratio, on a post-Consolidation basis, of two and a half (2.5) Resulting Issuer Shares at a deemed price of C$0.28 per Resulting Issuer Share for every Chronos Share.

Pro forma the completion of the Chronos Financings (assuming aggregate gross proceeds of $65.0 million), the Business Combination and the Consolidation, the Resulting Issuer will have approximately 314,930,462 Resulting Issuer Shares issued and outstanding, of which:

x 1.36% will be held by current Samoth Shareholders;
x 24.93% will be held by current Chronos Shareholders; and
x 73.71% will be held by subscribers under the Financings, certain of whom may be current Chronos Shareholders.

Resulting Issuer Management Team

The Resulting Issuer will be led by the management team of Chronos: Dave Burton (President and Chief Executive Officer); Lindsay Goos (Vice President, Finance and Chief Financial Officer); Jamie Conboy (Vice President, Exploration); Kyle Boon, (Vice President, Operations); Jeff Rideout (Vice President, Land); and Sony Gill (Corporate Secretary). For more details, please see "The Business Combination – The New Management Team".

Resulting Issuer Board

Upon completion of the Transaction, the New Board will be comprised of Dave Burton and the following directors: Kevin Olson (Chair), Ian Atkinson, Ali Horvath, Bruce Beynon, Don Cowie and Kel Johnston. In addition, Neil Roszell will serve as a Special Advisor to the New Board. The members of the New Board have strong track records and distinguished careers in both the oil and gas industry and in capital markets, each having held prominent lead positions within a range of successful companies. Their combined experience and expertise will provide the New Management Team with invaluable advice, guidance and support. For more details, please see "The Business Combination – The New Board".

The Chronos Meeting

The Chronos Meeting will be held at 10:00 a.m. (Calgary time) on Monday, December 12, 2022 at the Calgary offices of Stikeman Elliott LLP, located at 4300 Bankers Hall West, 888 – 3rd Street SW, Calgary, Alberta, T2P 5C5, for the purposes set forth in the accompanying notice of special meeting. The business of the Chronos Meeting will be for Chronos Shareholders to consider and vote on the Chronos Amalgamation Resolution. See "Matters to be Considered at the Chronos Meeting".

Shareholders may use the below information to list to the Meeting via webcast. If you come across any technical difficulties, please contact Raveena Benipal at [email protected].

Webcast: via Microsoft Teams

Link: https://teams.microsoft.com/l/meetupjoin/19%3ameeting\_YTU2ZmJjMDAtMzlhNS00MTY2LWFlZjctZmFjY2M3NDY4Z WU2%40thread.v2/0?context=%7b%22Tid%22%3a%22394646df-a118-4f83-a4f4- 6a20e463e3a8%22%2c%22Oid%22%3a%2278409574-17cb-477e-99bdb29d5f29bbb9%22%7d

Dial-in: +1 403-910-7168 ID: 812 877 201#

The Record Date for determining Chronos Shareholders entitled to receive notice of, and to vote at, the Chronos Meeting is the close of business on November 15, 2022. Only Chronos Shareholders of record as of the Record Date are entitled to receive notice of the Chronos Meeting. Chronos Shareholders of record will be entitled to vote those Chronos Shares included in the list of Chronos Shareholders prepared as at the Record Date. If a Chronos Shareholder transfers Chronos Shares after the Record Date and the transferee of those Chronos Shares, having produced properly endorsed certificates evidencing such Chronos Shares or having otherwise established that the transferee owns such Chronos Shares, demands, at least ten days before the Chronos Meeting, that the transferee's name be included in the list of Chronos Shareholders entitled to vote at the Chronos Meeting, such transferee shall be entitled to vote such Chronos Shares on the Chronos Amalgamation Resolution at the Chronos Meeting. See "General Proxy Matters – Chronos".

Business Combination Agreement

The obligations of Samoth and Chronos to complete the Business Combination are subject to the satisfaction or waiver of certain conditions set out in the Business Combination Agreement. These conditions include, among others: (i) receipt of the approval of Chronos Shareholders; (ii) receipt of conditional approval from the TSXV for the Business Combination and the issuance of Samoth Shares pursuant to the Business Combination; (iii) completion of the Chronos Financings; (iv) all conditions under the Business Combination Agreement (other than the issuance of Samoth Shares necessary to complete the Transaction) having been satisfied or waived; and (v) receipt of all other required regulatory, governmental and third party approvals.

The foregoing is a summary of certain terms of the Business Combination Agreement and is qualified in its entirety by the full text of the Business Combination Agreement, which is available for viewing on Samoth's SEDAR profile which can be accessed at www.sedar.com. For more details, please see "The Business Combination – The Business Combination Agreement".

Background to the Business Combination

The terms of the Business Combination are the result of arm's length negotiations among Samoth, Chronos and their respective financial and legal advisors. This Information Circular contains a summary of the events leading up to the negotiation and execution of the Business Combination Agreement and the meetings, negotiations, discussions and actions by the Parties, their respective boards of directors and senior management teams that preceded the execution and public announcement of the Business Combination Agreement. See "The Business Combination – Background to the Business Combination".

Recommendation of the Chronos Board

After considering various factors including, without limitation, the Chronos business plan and various strategic opportunities available to Chronos, with a view to enhancing shareholder value, the Chronos Board unanimously: (i) determined that the Business Combination and the entry into the Business Combination Agreement are in the best interests of Chronos; (ii) determined that the Business Combination is fair to Chronos; (iii) approved the Business Combination Agreement and the transactions contemplated thereby; and (iv) resolved to recommend that the Chronos Shareholders vote in favour of the Chronos Amalgamation Resolution. See "The Business Combination – Recommendation of the Chronos Board".

THE CHRONOS BOARD RECOMMENDS THAT CHRONOS SHAREHOLDERS VOTE FOR THE CHRONOS AMALGAMATION RESOLUTION.

The Chronos Amalgamation Resolution must be approved by not less than 66Ҁ% of the votes cast by the Chronos Shareholders present in person or represented by proxy at the Chronos Meeting. If the Chronos Amalgamation Resolution is not approved by Chronos Shareholders, the Business Combination cannot be completed.

It is the intention of the Persons named in the enclosed proxy form, if not expressly directed to the contrary in such proxy form, to vote such proxy in favour of the Chronos Amalgamation Resolution set forth in Appendix "A" to this Information Circular.

Notwithstanding the foregoing, the Chronos Amalgamation Resolution proposed for consideration by the Chronos Shareholders authorizes the Chronos Board, without further notice to or approval of Chronos Shareholders, to abandon any part of the Chronos Amalgamation Resolution.

Procedure for Exchange of Chronos Shares

Registered Chronos Shareholders (other than Dissenting Shareholders) must duly complete and return a Letter of Transmittal representing their Chronos Shares and all other required documents to the Depositary at one of the offices specified in the Letter of Transmittal, or via email as specified in the Letter of Transmittal. The Letter of Transmittal contains complete instructions on how to exchange your Chronos Shares. In the event the Business Combination is not effected, your Letter of Transmittal will be considered void.

See "Exchange of Chronos Shares – Procedure for Exchange of Chronos Shares".

Dissent Rights

Dissenting Shareholders are entitled, in addition to any other right such Dissenting Shareholder may have, to dissent and to be paid by Chronos the fair value of the Chronos Shares held by such Dissenting Shareholder in respect of which such Dissenting Shareholder dissents, determined as of the close of business on the last Business Day before the day on which the Chronos Amalgamation Resolution was adopted and provided the Business Combination is completed. A Dissenting Shareholder must provide a written objection to the Chronos Amalgamation Resolution by the second Business Day preceding the Chronos Meeting.

A Dissenting Shareholder may dissent only with respect to all of the Chronos Shares held by such Dissenting Shareholder, or on behalf of any one beneficial owner and registered in the Dissenting Shareholder's name. Only registered Chronos Shareholders may dissent. Persons who are beneficial owners of Chronos Shares registered in the name of a broker, dealer, bank, trust company or other nominee (including CDS) who wish to dissent, should be aware that they may only do so through the registered owner of such Chronos Shares. A registered Chronos Shareholder, such as a broker or CDS, who holds Chronos Shares as nominee for Beneficial Holders, some of whom wish to dissent, must exercise the Dissent Right on behalf of such beneficial owners with respect to all of the Chronos Shares held for such beneficial owners. In such case, the written objection to the Chronos Amalgamation Resolution should set forth the number of Chronos Shares covered by it.

See "Chronos Shareholder Dissent Rights".

Risk Factors

Chronos Shareholders voting in favour of the Chronos Amalgamation Resolution be choosing to combine the businesses of Samoth and Chronos. The completion of the Business Combination and investment in Samoth Shares involves risks. Please see "Risk Factors" for risk factors associated with the Business Combination and the investment in Samoth Shares which Chronos Shareholders should carefully consider before approving the Chronos Amalgamation Resolution.

THE BUSINESS COMBINATION

Chronos Resources Ltd.

Chronos is an oil-focused, exploration, development and production company based in Calgary, Alberta, operating high-quality, heavy-oil, development assets in the Gull Lake area of southwest Saskatchewan and in the Lloydminster area of Saskatchewan and Alberta.

Chronos' principal office is located at Suite 2600, 333 – 7th Avenue SW, Calgary, Alberta, T2P 2Z1 and its registered office is located at the Calgary office of Stikeman Elliott LLP at Suite 4300, 888 – 3rd Street SW, Calgary, Alberta T2P 5C5.

See Appendix "B" – Information Concerning Chronos Resources Ltd.

Samoth Oilfield Inc.

Samoth is an exploration-focused corporation pursuing opportunities in the natural gas business in Alberta. Samoth is a "reporting issuer" in British Columbia, Alberta, and Saskatchewan. Samoth's head office is located at #2, 64 Riel Drive, St. Albert, Alberta T8N 5B3 and the registered and records office of Samoth is located at 1900, 520 – 3rd Avenue SW, Calgary, Alberta, T2P 0R3.

See Appendix "C" – Information Concerning Samoth Oilfield Inc.

Background to the Business Combination

Chronos' management team and the Chronos Board regularly review Chronos' business plan and strategic opportunities available to Chronos, with a view to enhancing shareholder value. Such reviews have occurred over multiple formal and informal meetings of the Chronos Board and have been primarily focused on, among other things, management's and the Chronos Board's views with respect to the nature, maturity, quality and characteristics of its assets and the potential value enhancement opportunities associated therewith, with a view on maximizing returns for Chronos Shareholders.

During the summer and into the fall of 2022, Chronos began to explore opportunities which could result in the development of its existing assets, and the potential for future acquisitions and opportunities which could result in greater access to capital and provide liquidity to the Chronos Shareholders. In that regard, Chronos engaged in discussions with its financial and legal advisors with respect to a possible gopublic transaction by way of reverse take-over of a publicly listed entity.

On October 12, 2022, the Parties entered into an exclusivity agreement. During the period of exclusive negotiations with Samoth, management of Chronos, under the oversight of the Chronos Board and with the assistance of Chronos' financial and legal counsel, negotiated the terms of the Business Combination and conducted due diligence in respect of Samoth.

Chronos Board Recommendation

On November 4, 2022, the Chronos Board held a meeting at which management and Stikeman Elliott LLP ("Stikeman Elliott"), as counsel to Chronos, presented the Business Combination, the proposed terms of the Business Combination Agreement and the ancillary agreements related thereto. Based on the advice of management and Stikeman Elliott, the Chronos Board unanimously: (i) determined that the Business Combination and entry into the Business Combination Agreement are in the best interests of Chronos; (ii) determined that the Business Combination is fair to Chronos; (iii) approved the Business Combination Agreement and the transactions contemplated thereby; and (iv) recommended that Chronos Shareholders vote in favour of the Chronos Amalgamation Resolution.

THE CHRONOS BOARD UNANIMOUSLY RECOMMENDS THAT THE CHRONOS SHAREHOLDERS VOTE FOR THE CHRONOS AMALGAMATION RESOLUTION.

In coming to its conclusion and recommendations, the Chronos Board consulted with and received advice from its financial advisors and legal counsel and considered, among others, the following factors: (i) the purpose and anticipated benefits of, and the inherent risks of proceeding, or not proceeding, with the Business Combination as outlined elsewhere in this Information Circular including under "The Business Combination – Key Benefits of the Business Combination" above; (ii) information concerning the financial condition, results of operations, business plans and prospects of Chronos, and the resulting potential for the enhancement of the business efficiency, shareholder liquidity, management effectiveness, access to capital and financial results of going public; and (iii) the alternatives reasonably available to Chronos, including continuing to operate as a standalone private entity.

The foregoing discussion of the information and factors considered and given weight by the Chronos Board is not intended to be exhaustive. In addition, in reaching the determination to approve and recommend the Business Combination, the Chronos Board did not assign any relative or specific weights to the foregoing factors which were considered, and individual directors may have given differing weights to different factors.

The Chronos Board realizes that there are risks associated with the Business Combination, including that some of the potential benefits set forth below may not be realized or that there may be significant costs associated with realizing such benefits. The Chronos Board believes that the factors in favour of the Business Combination outweigh the risks and potential disadvantages, although there can be no assurance in this regard. See "Risk Factors".

Notwithstanding the recommendation of the Chronos Board that Chronos Shareholders vote in favour of the Chronos Amalgamation Resolution, Chronos Shareholders should make their own decision whether to vote their Chronos Shares in favour of the Chronos Amalgamation Resolution and, if appropriate, should consult their own legal, tax, financial or other professional advisors in making that decision.

Key Benefits of the Business Combination

In reaching the conclusion that the Business Combination is fair to Chronos, that the Business Combination and the entry into the Business Combination Agreement were in the best interests of Chronos, in authorizing and approving the Business Combination Agreement and the transactions contemplated thereby, and in recommending to Chronos Shareholders that they approve the Chronos Amalgamation Resolution, the Chronos Board considered and relied upon a number of factors, including, among others, the following:

x Increased Liquidity & Access to Equity Markets

The Resulting Issuer is anticipated to be a leading heavy oil-weighted producer with a highquality asset base and ability to grow. The consideration to be received by Chronos Shareholders (other than Dissenting Shareholders) provides Chronos Shareholders with liquidity as the Canadian Chronos Shareholders will receive freely trading Resulting Issuer Shares in exchange for their Chronos Shares. Shareholders are expected to benefit from improved liquidity and greater institutional investor interest as a result of listing on the TSXV. The Chronos Board concluded that the value offered to Chronos Shareholders under the Business Combination, enabling Chronos to go-public, is more favourable than the value that might have been realized through pursuing Chronos' current business plan as a private entity.

x Experienced Board & Management Team

The Resulting Issuer Management Team and the Resulting Issuer Board, in addition to the technical and operational teams of Chronos, are expected to be ideally positioned to continue to build on the strong operational momentum and play development with its highly aligned strategy and culture of operational excellence and innovation.

x Impact of the Chronos Financings

Upon completion of the Chronos Financings and the Business Combination, the Resulting Issuer is expected to have a net cash position of approximately $63.2 million. The Business Combination will position the Resulting Issuer to exploit its opportunity suite through internally generated prospects and strategic acquisitions. The Chronos Board determined that, pursuant to the Business Combination, the Resulting Issuer will be able to leverage its increased scale to better compete in an increasingly consolidated energy industry.

In determining that the Business Combination is fair to Chronos, the Chronos Board relied upon a number of factors. The following are some of the key factors that were considered and relied upon by the Chronos Board in making their recommendations: the opportunities and risks associated with Chronos continuing as a stand-alone private entity in order to create value for the Chronos Shareholders relative to the opportunities and risks associated with going public by way of a business combination with Samoth; Chronos' current capital structure and financial position; the expectation that the recapitalized corporate structure will allow the Resulting Issuer to develop its internally generated prospects and pursue strategic acquisitions; the expectation that the Resulting Issuer Shares will trade on the TSXV thereby improving the Resulting Issuer's cost of capital and liquidity, enabling accelerated near-term organic and acquisition-related growth; the continued representation of Chronos management in management of the Resulting Issuer; Chronos' review of potential alternatives; the advice of legal and financial advisors to Chronos; the support of the certain Chronos Shareholders; the reasonableness of the terms and conditions of the Business Combination Agreement; and the likelihood that the Business Combination would receive all required approvals on terms and conditions satisfactory to Chronos and Samoth.

The Business Combination

On November 7, 2022, Chronos, Samoth and AcquisitionCo entered into the Business Combination Agreement. A copy of the Business Combination Agreement is available for viewing on Samoth's SEDAR profile, which can be accessed at www.sedar.com. Pursuant to the terms of the Business Combination Agreement:

x Chronos and Samoth will complete a Business Combination which will result in the reconstitution of the management team and board of directors of Samoth (for more details, please see "Resulting Issuer Management Team" and "Resulting Issuer Board");
x Chronos will complete the Chronos Financings for aggregate gross proceeds of up to $65.0 million;
x each issued and outstanding Chronos Share will be acquired by Samoth in exchange for twenty (20) pre-Consolidation Samoth Shares at a deemed price of $0.035 per Samoth Share

with the final number of Samoth Shares to be issued being determined based on the size of the Chronos Financings;

x the Resulting Issuer created from the combination of Samoth, AcquisitionCo and Chronos will be renamed "Lycos Energy Inc." and is expected to trade on the TSXV under the new trading symbol "LCX" as a Tier 1 oil and gas issuer; and
x Samoth will complete a Consolidation of the Samoth Shares on the basis of one (1) post-Consolidation Samoth Share for every eight (8) pre-Consolidation Samoth Shares, representing an exchange ratio, on a post-Consolidation basis, of two and a half (2.5) Resulting Issuer Shares at a deemed price of C$0.28 per Resulting Issuer Share for every Chronos Share.

Pro forma the closing of the Chronos Financings (assuming aggregate gross proceeds of $65.0 million), the Business Combination and the Consolidation, the Resulting Issuer will have approximately 314,930,462 Resulting Issuer Shares issued and outstanding, of which:

x 1.36% will be held by current Samoth Shareholders;
x 24.93% will be held by current Chronos Shareholders; and
x 73.71% will be held by subscribers under the Financings, certain of whom may be current Chronos Shareholders.

No fractional Resulting Issuer Shares will be issued under the Business Combination. In the event that a Chronos Shareholder would otherwise be entitled to a fractional Resulting Issuer Share, the number of Resulting Issuer Shares issued to such Chronos Shareholder will be rounded up to the next whole number of Resulting Issuer Shares if the fractional entitlement is equal to or greater than 0.5 and shall, without any additional compensation, be rounded down to the next whole number of Resulting Issuer Shares if the fractional entitlement is less than 0.5. In calculating fractional interests, all Chronos Shares registered in the name of or beneficially held by such Chronos Shareholder, or its nominee(s), will be aggregated.

It is anticipated that, on completion of the Business Combination, the head office of the Resulting Issuer will continue to be Chronos' head office, which is located at Suite 2600, 333 – 7th Avenue SW Dome Tower, TD Square, Calgary, Alberta T2P 2Z1. The registered office of the Resulting Issuer will be the Calgary office of Stikeman Elliott LLP, at Suite 4300, 888 – 3rd Street SW, Calgary, Alberta T2P 5C5.

The Chronos Financings

Pursuant to the terms of the Business Combination Agreement, Chronos will complete:

x a non-brokered private placement of subscription receipts (each, a "Chronos Subscription Receipt") at a price of $0.70 per Chronos Subscription Receipt for maximum aggregate gross proceeds of up to $53.0 million (the "Subscription Receipt Private Placement"); and
x a non-brokered private placement of units (each, a "Chronos Unit") at a price of $0.70 per Chronos Unit for maximum aggregate gross proceeds of up to $12.0 million (the "Unit Private Placement", and together with the Subscription Receipt Private Placement, the "Chronos Financings").

The Chronos Financings are expected to close on or about December 1, 2022, or such other date as may be determined by Chronos. The net proceeds from the Chronos Financings will be used for additional working capital and to fund future acquisition opportunities for the Resulting Issuer.

National Bank Financial, Inc., DeltaCap Partners Inc. and Everleaf Capital Corp. are acting as financial advisors to Chronos with respect to the Business Combination and the Subscription Receipt Private Placement. Chronos will be paying certain advisory fees to the advisors in connection with the transactions contemplated under the Business Combination Agreement, as applicable.

Subscription Receipt Private Placement

Each Subscription Receipt will, following the closing of the Subscription Receipt Private Placement and the satisfaction of the Escrow Release Conditions, entitle the holder thereof to receive, without payment of any additional consideration or taking further action, one Chronos Share. Each Chronos Share will then be exchanged, through the Business Combination, for twenty (20) Samoth Shares (on a pre-Consolidation basis). On a post-Consolidation basis, each Chronos Share will be exchanged for two and a half (2.5) Resulting Issuer Shares.

The Subscription Receipts will be governed by the terms of a subscription receipt agreement (the "Subscription Receipt Agreement") between Chronos and Odyssey Trust Company ("Odyssey") to be entered into on the closing date of the Chronos Financings. The gross proceeds of the Subscription Reception Receipt Private Placement (the "Subscription Receipt Proceeds") will be deposited in escrow on the closing date of the Offering with Odyssey, in its capacity as subscription receipt agent under the Subscription Receipt Agreement, and invested in short-term interest bearing or discount debt obligations issued or guaranteed by the Government of Canada or a province, or one or more of the six largest Canadian chartered banks and such other approved investments as may be set out in the Subscription Receipt Agreement pending the satisfaction of the Escrow Release Conditions.

Unit Private Placement

Each Chronos Unit acquired through the Unit Private Placement will be comprised of one (1) Chronos Share and one (1) Chronos Share purchase warrant (each, a "Chronos Warrant"). Each Chronos Warrant will entitle the holder thereof to one (1) Chronos Share for a period of five (5) years following the date of issuance at an exercise price per Chronos Warrant equal to $0.70. The Chronos Warrants shall vest as to: (i) 1/3 upon the 10-day volume weighted average trading price (the "Market Price") equaling or exceeding $1.05; (ii) 1/3 upon the Market Price equaling or exceeding $1.23; and (iii) 1/3 upon the Market Price equaling or exceeding $1.40. All of the Chronos Warrants to be issued pursuant to the Unit Private Placement shall be adjusted in accordance with the Business Combination and the Consolidation.

The gross proceeds from the Unit Private Placement will be deposited in escrow on the closing date of the Unit Offering (the "Unit Proceeds", and together with the Subscription Receipt Proceeds, the "Escrowed Funds") with Stikeman Elliott LLP, as counsel to the Chronos, as set out in the subscription agreements to be entered into in respect of the Unit Proceeds pending the satisfaction of the Escrow Release Conditions.

Escrow Release Conditions

The Escrowed Funds, including accrued interest, if any, will be released from escrow to the Chronos upon the satisfaction of the following conditions (collectively, the "Escrow Release Conditions"):

x written confirmation from each of the Chronos and Samoth that all conditions to the completion of the Business Combination in accordance with the terms of the Business Combination Agreement, without any material amendment, have been satisfied or waived (any such waiver to be consented to by the lead financial advisor to Chronos in writing, in its sole discretion acting reasonably), other than the release of the Escrowed Funds and the filing of certain documents with government authorities required to give effect to the Business Combination;

x with respect to the Subscription Receipt Private Placement only: (i) written confirmation from each of Chronos and Samoth that Chronos and Samoth, as applicable, shall not be in breach or default of any of its covenants and obligations under the Subscription Receipt Agreement; and (ii) the delivery of the release certificate and irrevocable direction to issue the Chronos Shares pursuant to the Subscription Receipts (in order for such Chronos Shares to be exchanged under the Business Combination) to Odyssey, in its capacity as subscription receipt agent, all in accordance with the terms of the Subscription Receipt Agreement; and
x with respect to the Unit Private Placement only, the delivery of an irrevocable direction to issue the Chronos Shares and Chronos Warrants pursuant to the Units (in order for such Common Shares to be exchanged under the Business Combination) to Stikeman Elliott LLP.

Provided that the Escrow Release Conditions are satisfied on or before the Termination Time (as defined below), the Escrowed Funds will be released to the Chronos and; (i) Chronos Shares will be issued to holders of the Subscription Receipts as contemplated herein; and (ii) Chronos Shares and Chronos Warrants will be released to holders of Units as contemplated herein. All Chronos Shares issued pursuant to the Subscription Receipts and Units shall be exchanged for Resulting Issuer Shares, on a post-Consolidation basis, under the Business Combination. No certificates representing the Chronos Shares will be issued. If: (i) the Escrow Release Conditions are not satisfied on or before 5:00 p.m. (Calgary time) on December 30, 2022; (ii) the Definitive Agreement is terminated at any earlier time; or (iii) the Chronos advises the Lead Financial Advisor or announced to the public that they do not intend to proceed with the Business Combination (in any case, the "Termination Time"), then the Subscription Receipts and Units shall be cancelled and the Escrowed Funds plus accrued interest, if any, shall be returned to the subscribers on a pro rata basis.

The Name Change & Consolidation

Contemporaneous with the Closing, the name of the Resulting Issuer will change from "Samoth Oilfield Inc." to "Lycos Energy Inc." and the Consolidation will be effect on the basis of one (1) post-Consolidation Resulting Issuer Share for every eight (8) pre-Consolidation Samoth Shares. No fractional shares will be issued. Any fractional interest in Resulting Issuer Shares that is less than 0.5 resulting from the Consolidation will be rounded down to the nearest whole Resulting Issuer Share and any fractional interest in Resulting Issuer Shares that is 0.5 or greater will be rounded up to the nearest whole Resulting Issuer Share.

The Resulting Issuer

References to the Resulting Issuer and Resulting Issuer Shares refer to Samoth and Samoth Shares following the closing of the Business Combination, the Consolidation and the Name Change. The Resulting Issuer Shares are expected to trade on the TSXV under the new stock symbol "LCX" as a Tier 1 oil and gas issuer. Further details in respect of the management team of the Resulting Issuer and the board of directors of the Resulting Issuer are presented below. Management expects that the trading of the Resulting Issuer Shares on the TSXV under the name "Lycos Energy Inc." and the trading symbol "LCX" will commence two or three trading days after the closing of the Business Combination.

Executive	Experience
Dave BurtonPresident & ChiefExecutive OfficerCalgary, Canada	Mr. Burton has more than 27 years of experience in the upstream oil and gasindustry in all facets of petroleum engineering work including reservoirengineering, evaluations, secondary and tertiary recovery, unconventional oil andgas, area development and acid gas projects including work on CO2sequestration in coals. He has had numerous executive roles and been involved infounding multiple successful start up energy companies. Prior to foundingChronos, Mr. Burton was a co-founder at Raging River Exploration Inc. ("RagingRiver") and Wild Stream Exploration Inc. ("Wild Stream").
	Mr. Burton is a professional engineer and a member of the Alberta Association ofProfessional Engineers and Geoscientists of Alberta. Mr. Burton holds degrees inPetroleum Engineering from the University of Alberta (BSc) and a Master ofEngineering degree in Chemical and Petroleum Engineering from the Universityof Calgary.
Lindsay Goos	Ms. Goos has 20 years of experience in the oil and gas industry in the disciplinesof finance, financial reporting, budgeting, accounting, management, treasury, tax
Vice President,	and business development. Previously, Founder, VP Finance & CFO of Imaginea
Finance and Chief	Energy Ltd. and prior thereto Controller of BlackShire Energy Ltd. Ms. Goos
Financial Officer	began her professional career with KPMG LLP and has held progressively senior
Calgary, Canada	roles at various other oil and gas companies.
	Ms. Goos is a member of the Chartered Professional Accountants of Alberta andis a Chartered Professional in Human Resources of Alberta. Ms. Goos holds aBachelor of Commerce and Arts degree from the University of Saskatchewan.
Jamie Conboy	Jamie Conboy is professional geologist, most recently working as subsurface leadwith Bison Low Carbon Ventures (CCS) and formerly as founding member of the
Vice President,	Storm Group of companies for 20 years in capacities of Vice President Geoscience
Exploration	and Chief Geologist. In his previous 12 years in the industry Mr. Conboy has
Calgary, Canada	worked on a variety of properties and play types at Canadian Hunter ExplorationLtd, Renaissance Energy Ltd. and Pinnacle Resources Ltd, among others.
	Mr. Conboy is a registered Professional Geologist and Responsible Member ofAPEGA in the Province of Alberta and holds a B.Sc. (Honours) in Geology fromQueen's University (1992).
Kyle Boon	Mr. Boon has 20 years' experience in the Western Canadian oil and gas sector. Mr.
Vice President,Operations	Boon most recently was a Founder and the Drilling and Completions Manager ofRaging River and prior thereto held the role of Senior Production Technologist atWild Stream.
Calgary, Canada	Mr. Boon holds a Petroleum Engineering Technology Diploma from the NorthernAlberta Institute of Technology and is a member of the Association of Science &Engineering Technology Professionals of Alberta (ASET).

Executive	Experience
Jeff Rideout	Mr. Rideout has over 20 years of experience in the oil and gas industry in the
	disciplines of commercial negotiations, acquisitions and divestitures in private,
Vice President, Land	public and service companies. Mr. Rideout was previously a Senior
Calgary, Canada	Land/Commercial Negotiator with Whitecap Resources Inc., TORC Oil and GasLtd, and prior thereto Founder and Vice President Elkhorn Resources Inc.

	Jeff holds his Professional Landman (P.Land) designation and earned a Master of
	Business Administration (MBA) degree from The Haskayne School of Business,
	and a Bachelor of Arts (B.A.) degree from the University of Calgary.
Sony Gill	Mr. Gill is a partner at Stikeman Elliot LLP in the Capital Markets and Mergers &
	Acquisitions Groups. His practice focuses on public and private company
Corporate Secretary	creation, growth, restructuring and value maximization. He has extensive
	experience in the negotiation, structuring and consummation of a broad range of
Calgary, Canada	corporate finance, securities and M&A transactions, including public and private
	and equity financings, strategic investments, joint ventures,debt
	recapitalizations, restructurings, takeover bids, reverse takeovers, asset
	acquisitions and divestitures, share purchases and dispositions, plans of
	arrangement, spin-outs and other forms of business combination and corporate
	activity.

Board Member	Experience
Kevin Olson	Mr. Olson has over 27 years of industry experience and is currently a director of
Chair	Headwater Exploration Inc. ("Headwater"). Mr. Olson is a former board member
	of Raging River, Wild Stream, Wild River Resources Inc. ("Wild River") and
Calgary, Canada	Prairie Schooner Petroleum Ltd. Mr. Olson has served as a director of ten public
	companies and five private entities. Mr. Olson holds a Bachelor of Commerce
	degree majoring in finance and accounting from the University of Calgary.
Ian Atkinson	Mr. Atkinson has been the founder of several private and public oil and gas
	companies, with over 27 years of technical, executive and board of director
Calgary, Canada	experience. Mr. Atkinson has been President and CEO of Southern Energy Corp.
	(formerly Gulf Pine Energy Partners LP) since 2014. Prior thereto, Mr. Atkinson
	was a founder and Senior Executive Officer of Athabasca Oil Corporation.
Ali Horvath	Ms. Horvath is the Vice President, Finance and Chief Financial Officer of
	Headwater. Ms. Horvath was previously a founder and the Controller of Raging
Calgary, Canada	River and prior thereto was a Senior Financial Accountant with Wild Stream. Ms.
	Horvath is a Chartered Professional Accountant and holds a Bachelor of
	Management degree from the University of Lethbridge.

Board Member	Experience
Kel Johnston	Mr. Johnston is currently CEO of Wylander Crude Corp, a firm that provides
	consultancy services to numerous oil and gas and private equity clients in Canada
Calgary, Canada	and the USA. He is also a Technical Advisor to Carbon Infrastructure Partners.

	Mr. Johnston has forty years of technical/financial/ ESG experience in theCanadian and Northern USA oil and gas sector, and capital markets experiencefrom public companies to the oversight of private equity investments to leadingedge carbon capture and storage knowledge. He has been directly involved in theconceptualization, discovery and exploitation of numerous oil and gas pools fromthe foothills of Alberta, BC and Montana to the plains of SE Saskatchewan.Mr.Johnston has maintained technical skills through ownership/active technicalrole in a private E&P company that holds interests in 2 CCUS projects. He has
	over thirty years of experience as a founder, executive and board member ofnumerous public and private oil and gas companies. Direct experience in a widerange of corporate activities including capital markets, private equity, ESG,mergers, sales/acquisition/strategic processes and IPOs.
	Mr. Johnston is a Professional Geologist and holds a Bachelor of Science (Hons.)degree in Geology from the University of Manitoba and a Master's degree inEconomics from the University of Calgary.
Bruce Beynon	Mr. Beynon is a professional geologist with over 30 years of oil and gas industry
	experience. Mr. Beynon is currently the President of Tiburon Exploration Corp., a
Calgary, Canada	private consulting company. Prior thereto, Mr. Beynon was Executive Vice
	President, Exploration and Corporate Development at Baytex Energy Corp. Prior
	to the merger between Baytex and Raging River, Mr. Beynon held several
	positions with Raging River including President, Executive Vice President and
	Vice President, Exploration. Mr. Beynon graduated with a Bachelors and Masters
	of Science degree in Geology from the University of Alberta. Mr. Beynon serves
	on the Board of Southern Energy Corp., a TSXV listed company with focused
	operations in the southeast Gulf States of the US.
Don Cowie	Mr. Cowie was the founding Partner of JOG in 2002 and was the President of the
	firm from its inception until November 2016. Mr. Cowie was the Chairman of the
Calgary, Canada	Investment Committee of JOG from November 2016 until his retirement in
	December 2017. Since his retirement from JOG in December 2017, Mr. Cowie was
	a significant shareholder of JOG (now Carbon Infrastructure Partners) and sat on
	the board of several of its portfolio companies. Mr. Cowie no longer has any
	interest in Carbon Infrastructure Partners or JOG. Prior to founding JOG, Mr.
	Cowie was the head of Energy Investment Banking for Bank of America in
	Calgary, and prior thereto was one of the founders and directors of two junior oil
	and gas companies.

The Business Combination Agreement

The following is a summary only of the Business Combination Agreement and reference should be made to the full text of the Business Combination Agreement, as available on Samoth's SEDAR profile at www.sedar.com.

The Business Combination will be effected pursuant to the Business Combination Agreement. The Business Combination Agreement contains covenants, representations and warranties of and from each of Samoth and Chronos and various conditions precedent, both mutual and with respect to Samoth and Chronos individually.

Unless all conditions are satisfied or waived by the Party for whose benefit such conditions exist, to the extent they may be capable of waiver, the Business Combination will not proceed. There is no assurance that the conditions will be satisfied or waived on a timely basis, or at all.

The following is a summary of certain provisions of the Business Combination Agreement and is qualified in its entirety by the full text of the Business Combination Agreement, a copy of which is available for viewing on Samoth's SEDAR profile at www.sedar.com. Chronos Shareholders are urged to read the Business Combination Agreement in its entirety.

Representations, Warranties and Covenants

The Business Combination Agreement contains certain customary representations and warranties of each of Samoth and Chronos relating to, among other things, their respective organization, capitalization, operations, compliance with Laws and regulations and other matters, including their authority to enter into the Business Combination Agreement and to consummate the Business Combination. For the complete text of the applicable provisions, see Section 4 [Representations and Warranties] of the Business Combination Agreement, a copy of which is available for review on Samoth's SEDAR profile at www.sedar.com.

In addition, pursuant to the Business Combination Agreement, each of the Parties has covenanted, among other things, until the earlier of the Closing Time or the termination of the Business Combination Agreement, to use all reasonable commercial efforts to maintain and preserve their respective businesses and refrain from taking certain actions outside the ordinary course. For the complete text of the applicable provisions, see Section 3 [Covenants] of the Business Combination Agreement.

Mutual Conditions Precedent

The respective obligations of Chronos, Samoth and AcquisitionCo to complete the Business Combination are subject to the satisfaction of the following conditions:

x the completion of the Chronos Financings;
x the approval of the Chronos Amalgamation Resolution by Chronos Shareholders at the Chronos Meeting, in accordance with applicable laws;
x the number of Chronos Shares subject to a notice of Dissent Rights that has not been withdrawn being equal to or less than 5.0% of the total number of Chronos Shares issued and outstanding prior to Closing;
x the Closing taking place on or before December 31, 2022 (the "Outside Date");
x approval from the TSXV in respect of the Business Combination; and

x no Governmental Authority having enacted, issued, promulgated, applied for (or advised any of the Parties in writing that it has determined to make such application), enforced or entered any Applicable Law (whether temporary, preliminary or permanent) that makes illegal, restrains, enjoins or otherwise prohibits consummation of, or dissolves the transactions contemplated by the Business Combination Agreement.

The foregoing conditions are for the mutual benefit of the Parties and may be asserted by either Party regardless of the circumstances and may be waived by the mutual written consent of the Parties, in whole or in part, at any time and from time to time without prejudice to any other rights that the Parties may have, including the right of the Parties to rely on any other of such conditions.

Conditions to the Obligations of Chronos

The obligation of Chronos to complete the Business Combination and take the other actions required to be taken by Chronos on or before the Closing Date is subject to the satisfaction or waiver of the following conditions:

x all covenants of Samoth and AcquisitionCo under the Business Combination Agreement to be performed on or before the Closing (without giving effect to, applying or taking into consideration any Material Adverse Effect, Material Adverse Change or other materiality qualifications already contained in such covenants) shall have been duly performed by Samoth and AcquisitionCo, in all material respects; and Chronos shall have received a certificate of Samoth addressed to Chronos dated the Closing Date, signed on behalf of Samoth by two senior executive officers of Samoth (on Samoth's behalf and without personal liability), confirming the same as at the Closing;
x the representations and warranties of Samoth and AcquisitionCo set forth in the Business Combination Agreement shall be true and correct (for representations and warranties qualified as to Material Adverse Effect, Material Adverse Change or other materiality qualification, true and correct in all respects), except to the extent that the failure or failures of such representations and warranties to be so true and correct, individually or in the aggregate, would not have a Material Adverse Effect on Samoth as of the date of the Business Combination Agreement and as of the Closing, as though made on and as of the Closing (except for representations and warranties made as of a specified date, the accuracy of which shall be determined as of that specified date); provided that the representations in Section 4.2(g) [Representations and Warranties – Representations and Warranties of Samoth - Capitalization] of the Business Combination Agreement shall be true and correct in all but de minimis respects as of the applicable dates referred to above (other than the issuance of Samoth Shares in connection with the exercise and/or cancellation of Samoth Options pursuant to the Samoth Exercise and Cancellation Agreements (as such term is defined in the Business Combination Agreement). Chronos shall have received a certificate of Samoth addressed to Chronos and dated the Closing Date, signed on behalf of Samoth by two senior executive officers or directors of Samoth (on Samoth's behalf and without personal liability), confirming the above as at the Closing;
x no Material Adverse Change respecting Samoth or AcquisitionCo shall have occurred after the date of the Business Combination Agreement;
x no Claims, enquiries, charges, indictments, hearings or other civil, criminal, administrative or investigative proceedings, or other investigations or examinations (whether, for greater certainty, by a Governmental Authority or any other person) shall be commenced, pending or threatened, and no Applicable Law shall have been proposed, enacted, promulgated or

applied, in either case: (a) seeking to cease trade, restrict, enjoin, prohibit, materially delay or impose material conditions on the transactions contemplated herein or any of the material terms and conditions of any transaction contemplated by this Agreement or seeking to obtain from Samoth any material damages directly or indirectly in connection with the transactions contemplated by this Agreement; or (b)seeking to prohibit or restrict the completion of the transactions contemplated by this Agreement in accordance with the terms hereof or otherwise relating to the transactions contemplated by this Agreement, that would, if successful, in the judgment of Chronos, be reasonably likely to have a Material Adverse Effect on Samoth;

x Chronos shall be satisfied, acting reasonably, that all Samoth Options shall have been exercised in full or shall terminate upon the occurrence of Closing in accordance with the Samoth Exercise and Cancellation Agreement;
x Samoth shall have delivered Mutual Releases duly executed by each director and/or executive officer of Samoth prior to the Closing; and
x Samoth Transaction Costs do not exceed, in the aggregate, $220,000.00 on the Closing Date and Chronos shall have received a certificate of Samoth addressed to Chronos and dated the Closing Date, signed on behalf of Samoth by two senior executive officers or directors of Samoth (on Samoth's behalf and without personal liability), confirming the above as at the Closing.

The foregoing conditions are for the exclusive benefit of Chronos and may be asserted by Chronos regardless of the circumstances or may be waived by Chronos in its sole discretion, in whole or in part, at any time and from time to time without prejudice to any other rights which Chronos may have, including the right of Chronos to rely on any other of such conditions.

Conditions to the Obligations of Samoth

The obligation of Samoth to complete the Business Combination and to take the other actions required to be taken by Samoth on or before the Closing Date is subject to the satisfaction or waiver of the following conditions:

x all covenants of Chronos under the Business Combination Agreement to be performed on or before the Closing (without giving effect to, applying or taking into consideration any Material Adverse Effect, Material Adverse Change or other materiality qualifications already contained in such covenants) shall have been duly performed by Chronos in all material respects; and Samoth shall have received a certificate of Chronos addressed to Samoth dated the Closing Date, signed on behalf of Chronos by two senior executive officers of Chronos (on Chronos' behalf and without personal liability), confirming the same as at the Closing;
x the representations and warranties of Chronos set forth in the Business Combination Agreement shall be true and correct (for representations and warranties qualified as to Material Adverse Effect, Material Adverse Change or other materiality qualification, true and correct in all respects) except to the extent that the failure or failures of such representations and warranties to be so true and correct, individually or in the aggregate, would not have a Material Adverse Effect on Chronos as of the date of this Agreement and as of the Closing, as though made on and as of the Closing (except for representations and warranties made as of a specified date, the accuracy of which shall be determined as of that specified date); provided that the representations in Section 4.1(g) [Representations and Warranties – Representations and Warranties of Chronos - Capitalization] shall be true and correct in all but de

minimis respects as of the applicable dates referred to above (other than the issuance of Chronos Shares in connection with the Chronos Financings). Samoth shall have received a certificate of Chronos addressed to Samoth and dated the Closing Date, signed on behalf of Chronos by two senior executive officers of Chronos (on Chronos' behalf and without personal liability), confirming the above as at the Closing;

x no Material Adverse Change respecting Chronos shall have occurred after the date of the Business Combination Agreement; and
x no Claims, enquiries, charges, indictments, hearings or other civil, criminal, administrative or investigative proceedings, or other investigations or examinations (whether, for greater certainty, by a Governmental Authority or any other person) shall be commenced, pending or threatened, and no Applicable Law shall have been proposed, enacted, promulgated or applied, in either case: (a) seeking to cease trade, restrict, enjoin, prohibit, materially delay or impose material conditions on the transactions contemplated herein or any of the material terms and conditions of any transaction contemplated by this Agreement or seeking to obtain from Chronos any material damages directly or indirectly in connection with the transactions contemplated by this Agreement; or (b) seeking to prohibit or restrict the completion of the transactions contemplated by this Agreement in accordance with the terms hereof or otherwise relating to the transactions contemplated by this Agreement, that would, if successful, in the judgment of Samoth, be reasonably likely to have a Material Adverse Effect on Chronos.

The foregoing conditions are for the exclusive benefit of Samoth and may be asserted by Samoth regardless of the circumstances or may be waived by Samoth in its sole discretion, in whole or in part, at any time and from time to time without prejudice to any other rights which Samoth may have, including the right of Samoth to rely on any other of such conditions.

Covenants of the Parties Regarding Non-Solicitation

Under the Business Combination Agreement, Samoth and Chronos have agreed to certain nonsolicitation covenants as summarized below:

x from the date of the Business Combination Agreement until the earlier of the Closing or the termination of the Business Combination Agreement, each of the Parties shall immediately cease and cause to be terminated all existing solicitations, discussions and negotiations (including, without limitation, through any of its Representatives), if any, with any third parties other than each other, initiated on or before the date of this Agreement with respect to any actual or potential Acquisition Proposal. Each Party shall immediately discontinue, and shall cause its Representatives to discontinue, access to any of their confidential information and not allow or establish access to any of their confidential information, or any data room, virtual or otherwise and shall promptly request the return or destruction of all confidential information regarding such Party provided to any Third Party in connection with a potential or actual Acquisition Proposal to the extent that such information has not previously been returned or destroyed, and shall use all reasonable commercial efforts to ensure that such requests are honored in accordance with the terms of any confidentiality agreement governing such information. Each Party agrees that it shall not terminate, waive, release, amend, modify or otherwise forbear from the enforcement of, and agrees to take all necessary actions to actively prosecute and enforce, any agreement containing standstill provisions and any provision of any existing confidentiality agreement or any standstill agreement to which it is a party;

x neither Chronos nor Samoth shall, directly or indirectly, do or authorize or permit any of its Representatives to do, any of the following until the Business Combination Agreement is terminated in accordance with its terms:
- (i) solicit, initiate, encourage or facilitate any inquiries, proposals or offers, whether publicly or otherwise, regarding an actual or potential Acquisition Proposal;
- (ii) in the case of Chronos only, withdraw, amend, modify or qualify, or propose to withdraw, amend, modify or qualify, in any manner adverse to the other Parties, the approval of the transactions contemplated by the Business Combination Agreement by the Chronos Board or the recommendation of the Chronos Board that the Chronos Shareholders vote in favour of the Amalgamation Resolution;
- (iii) encourage or participate in any negotiations or discussions with any other person regarding an actual or potential Acquisition Proposal, or furnish information or provide access to any other person any information with respect to such Party's securities, business, properties, operations or condition (financial or otherwise) in connection with, or in furtherance of, an actual or potential Acquisition Proposal; or
- (iv) accept, recommend, approve, agree to endorse or propose to accept, recommend, approve, agree to endorse or enter into an agreement to implement any Acquisition Proposal.

Chronos and Samoth shall ensure that its Representatives are aware of the provisions of Section 3.4 [Covenants – Covenants Regarding Non-Solicitation] of the Business Combination Agreement, and any violation of or the taking of any action which is inconsistent with any of the restrictions set forth in Section 3.4 [Covenants – Covenants Regarding Non-Solicitation] by any Representative shall be deemed to constitute a breach of Section 3.4 [Covenants – Covenants Regarding Non-Solicitation] by its Representatives.

Termination

Chronos, Samoth and AcquisitionCo have agreed that the Business Combination Agreement may be terminated at any time prior to the Closing Date:

x by mutual written agreement of the Parties;
x by either Chronos or Samoth if:
- (i) the Closing has not occurred on or prior to the Outside Date, except that the right to terminate the Business Combination Agreement under this clause shall not be available to either party whose failure to fulfill any of its obligations under the Business Combination Agreement has been the cause of, or resulted in, the failure of the Closing to occur on or prior to such date; or
- (ii) any Applicable Law makes the consummation of the transactions contemplated by the Business Combination Agreement or the transactions contemplated by the Business Combination Agreement illegal or otherwise prohibited, and such Applicable Law has become final and non-applicable;
x by Chronos if:
(i) subject to Section 5.4 of the Business Combination Agreement [Conditions Precedent Notice and Effect of Failure to Comply with Conditions], Samoth breaches any of its representations, warranties, covenants or agreements contained in the Business Combination Agreement, which breach or breaches would, individually or in the aggregate, give rise to the failure of a condition set forth in Section 5.2(a) [Conditions Precedent – Additional Conditions Precedent to Obligations of Chronos – Performance of Covenants] or Section 5.2(b) [Conditions Precedent – Additional Conditions Precedent to Obligations of Chronos – Representations and Warranties], except that the right to terminate the Business Combination Agreement under this clause shall not be available to Chronos if its failure to fulfill any of its obligations under the Business Combination Agreement has been the cause of, or resulted in, the failure of any of the conditions in Section 5.2(a) [Conditions Precedent – Additional Conditions Precedent to Obligations of Chronos – Performance of Covenants] or Section 5.2(b) [Conditions Precedent – Additional Conditions Precedent to Obligations of Chronos – Representations and Warranties] of the Business Combination Agreement;
(ii) Samoth breaches any of its covenants or agreements in any material respect in Section 3.4 [Covenants – Covenants Regarding Non-Solicitation] of the Business Combination Agreement; or
(iii) a Material Adverse Effect in respect of Samoth occurs; or
x by Samoth if:
- (i) subject to Section 5.4 of the Business Combination Agreement [Conditions Precedent Notice and Effect of Failure to Comply with Conditions], Chronos breaches any of its representations, warranties, covenants or agreements contained in the Business Combination Agreement, which breach or breaches would, individually or in the aggregate, give rise to the failure of a condition set forth in Section 5.3(a) [Conditions Precedent – Additional Conditions Precedent to Obligations of Samoth – Performance of Covenants] or Section 5.3(b) [Conditions Precedent – Additional Conditions Precedent to Obligations of Samoth – Representations and Warranties], except that the right to terminate the Business Combination Agreement under this clause shall not be available to Samoth if its failure to fulfill any of its obligations under the Business Combination Agreement has been the cause of, or resulted in, the failure of any of the conditions in Section 5.3(a) [Conditions Precedent – Additional Conditions Precedent to Obligations of Samoth – Performance of Covenants] or Section 5.3(b) [Conditions Precedent – Additional Conditions Precedent to Obligations of Samoth – Representations and Warranties] of the Business Combination Agreement;
- (ii) Chronos breaches any of its covenants or agreements in any material respect in Section 3.4 [Covenants – Covenants Regarding Non-Solicitation] of the Business Combination Agreement; or
- (iii) a Material Adverse Effect in respect of Chronos occurs.

Under the provisions of the Business Combination Agreement, in the event of the termination of the Business Combination Agreement in the circumstances set out above, the Business Combination Agreement will forthwith become void and neither Party will have any liability or further obligation to the other Party thereunder, except with respect to: (i) certain obligations as specified in Section 8.3(a) [Term and Termination – Survival and Right to Pursue Remedies] of the Business Combination Agreement; and (ii) each Party's obligations under the Confidentiality Agreement, which shall survive such termination.

Timing of the Business Combination

If the Chronos Meeting is held as scheduled and is not adjourned or postponed, and the necessary conditions for completion of the Business Combination are otherwise satisfied or waived, Chronos expects the Closing Date will occur on or about December 12, 2022. It is not possible, however, to state with certainty when the Closing Date will occur and it is possible that factors outside the control Chronos could result in the Business Combination being completed at a later time, or not at all. Subject to certain limitations, Chronos or Samoth may terminate the Business Combination Agreement if the Business Combination is not consummated on or prior to December 31, 2022.

The Closing Date could be delayed for a number of reasons.

Interests of Certain Persons or Companies in the Business Combination

Except as described herein, management of Chronos is not aware of any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, of any director or executive officer of Chronos or Samoth at any time since the beginning of Chronos' last completed financial year, or any associate or affiliate of any of the foregoing persons, in any matter to be acted upon.

Directors and officers of Chronos are expected to participate in the Chronos Financings, which are expected to close on or about December 1, 2022. Please see "The Business Combination – The Chronos Financings".

EXCHANGE OF CHRONOS SHARES

Chronos Shareholder Approval

It is the intention of the persons named in the enclosed proxy form, if not expressly directed to the contrary in such proxy form, to vote such proxy in favour of the Chronos Amalgamation Resolution set forth in Appendix "A" to this Information Circular.

Procedure for Exchange of Chronos Shares

Following receipt by the Depositary of a duly completed Letter of Transmittal, together with such other documentation as may be required thereby, the Depositary will forward by first class mail (postage prepaid), email deliver, or hold for pick-up, the DRS Advices for the Resulting Issuer Shares to which the holder is entitled in accordance with the instructions provided by the holder in the Letter of Transmittal. Physical certificates for Resulting Issuer Shares will not be issued pursuant to the Business Combination. Instead, former holders of Chronos Shares will receive DRS Advices which will represent the total number of Resulting Issuer Shares such holder is entitled to receive pursuant to the Business Combination. Holders that subsequently wish to receive a share certificate for their Resulting Issuer Shares in exchange for the applicable DRS Advices should follow the instructions provided on the applicable DRS Advice.

Chronos Shareholders whose Chronos Shares are registered in the name of a broker, dealer, bank, trust company or other nominee must contact their nominee to exchange their Chronos Shares pursuant to the Business Combination.

The use of the mail to transmit Letters of Transmittal is at each holder's risk. Chronos recommends that documents be delivered by hand to the Depositary and a receipt therefor be obtained or that registered mail or electronic delivery be used.

If the DRS Advices representing Resulting Issuer Shares is to be issued to a person other than such registered owner(s) or sent to an address other than the address of the registered holder(s) as shown on the register of Chronos Shareholders maintained by Chronos' registrar and transfer agent, the signature on the Letter of Transmittal must be medallion guaranteed by an Eligible Institution. If the Letter of Transmittal is executed by a person other than the registered owner(s) of the Chronos Shares deposited therewith, and in certain other circumstances as set forth in the Letter of Transmittal, then the certificate(s) representing Chronos Shares must be endorsed or be accompanied by an appropriate share transfer power of attorney duly and properly completed by the registered owner(s). The signature(s) on the endorsement panel or share transfer power of attorney must correspond exactly to the name(s) of the registered owner(s) as registered or as appearing on the certificate(s) and must be medallion guaranteed by an Eligible Institution.

No fractional Resulting Issuer Shares will be issued under the Business Combination. In the event that a Chronos Shareholder would otherwise be entitled to a fractional Resulting Issuer Share, the number of Resulting Issuer Shares issued to such Chronos Shareholder will be rounded up to the next whole number of Resulting Issuer Shares if the fractional entitlement is equal to or greater than 0.5 and shall, without any additional compensation, be rounded down to the next whole number of Resulting Issuer Shares if the fractional entitlement is less than 0.5. In calculating fractional interests, all Chronos Shares registered in the name or beneficially held by such Chronos Shareholder, or its nominee(s), will be aggregated.

Chronos Shareholders will not receive their DRS Advice(s) for Resulting Issuer Shares until they submit a duly completed Letter of Transmittal to the Depositary. Any Letter of Transmittal that is not deposited with the Depositary on or before the last Business Day prior to the third anniversary of the Closing Date shall cease to represent a right or claim of any kind or nature, including the right of the holder of such Chronos Shares to receive the consideration that the holder is entitled pursuant to the Business Combination. In such case, the Resulting Issuer Shares shall be returned to the Resulting Issuer for cancellation.

Subject to the provisions of the Business Combination Agreement, Chronos and Samoth reserve the right to permit the procedure for the exchange of shares pursuant to the Business Combination to be completed other than as set out above.

All questions as to validity, form, eligibility (including timely receipt), and acceptance of any Chronos Shares pursuant to the Business Combination will be determined by Chronos in its sole discretion. Depositing Chronos Shareholders agree that such determination shall be final and binding. Chronos reserves the absolute right to reject any and all deposits which it determines not to be in proper form or which may be unlawful for it to accept under the Laws of any jurisdiction. Chronos reserves the absolute right to waive any defect or irregularity in the exchange of Chronos Shares. There shall be no duty or obligation on Chronos, the Depositary or any other Person to give notice of any defect or irregularity in any deposit of Chronos Shares and no liability shall be incurred by any of them for failure to give such notice.

Notwithstanding the provisions of this Information Circular or the Letter of Transmittal, DRS Advices representing Resulting Issuer Shares representing the consideration to be received pursuant to the Business Combination will not be mailed if Chronos determines that delivery thereof by mail may be delayed.

Chronos Shareholders are encouraged to deliver a validly completed and duly executed Letter of Transmittal to the Depositary as soon as possible.

Chronos Shareholder Dissent Rights

The following description of the Dissent Rights to which registered Chronos Shareholders are entitled is not a comprehensive statement of the procedures to be followed by a Dissenting Shareholder who seeks payment of the fair value of such Dissenting Shareholder's Chronos Shares and is qualified in its entirety by reference to section 191 of the ABCA, which is attached to this Information Circular as Appendix "E". A Dissenting Shareholder who intends to exercise Dissent Rights should carefully consider and comply with the provisions of the ABCA. Failure to adhere to the procedures established therein may result in the loss of all rights thereunder.

Accordingly, each Dissenting Shareholder who might desire to exercise Dissent Rights should consult his or her own legal advisor.

The dissent procedures require that a registered Chronos Shareholder who wishes to dissent ensure that a written notice of objection to the Chronos Amalgamation Resolution is sent to Chronos c/o Stikeman Elliott LLP, Suite 4300, Bankers Hall West, 888 3rd Street S.W., Calgary, Alberta, T2P 5C5, Attention: Sony Gill or by e-mail at: [email protected], and such notice must received no later than 10:00 a.m. (Calgary Time) on December 8, 2022 or 10:00 a.m. (Calgary Time) on the day which is two Business Days immediately preceding the date that any adjourned or postponed Chronos Meeting is reconvened or held, as the case may be, and must otherwise strictly comply with the dissent procedures described.

There can be no assurance that a Chronos Shareholder that dissents will receive consideration for his, her or its Chronos Shares of equal or greater value to the post-consolidation Chronos Shares such Chronos Shareholder would have received on completion of the Business Combination if such Chronos Shareholder did not exercise its Dissent Rights. Only Registered Chronos Shareholders are entitled to dissent. Chronos Shareholders should carefully read this section in this Information Circular if they wish to exercise Dissent Rights and seek their own legal advice as failure to strictly comply with the dissent procedures in section 191 of the ABCA will result in the loss or unavailability of the right to dissent.

Dissenting Shareholders who are ultimately determined to be entitled to be paid the fair value of the Chronos Shares in respect of which they have exercised Dissent Rights will have their Chronos Shares transferred to Chronos (which for purposes hereof shall include any successor to Chronos) and cancelled in exchange for the right to be paid by Chronos the fair value of their Chronos Shares. Each such Dissenting Shareholder will cease to be a holder of Chronos Shares, and their name will be deemed to be removed from the securities register for the Chronos Shares, as of the Closing Date.

In addition to any other restrictions under section 191 of the ABCA, holders of Chronos Shares who vote in favour of the Chronos Amalgamation Resolution, or have instructed a proxyholder to vote such Chronos Shares in favour of the Chronos Amalgamation Resolution shall not be entitled to exercise Dissent Rights and shall be deemed to have not exercised Dissent Rights in respect of such Chronos Shares.

In no circumstances shall Chronos or any of its successors or any other Person be required to recognize a Person exercising Dissent Rights unless such Person is the registered holder of those Chronos Shares in respect of which such rights are sought to be exercised. Only registered Chronos Shareholders may dissent. Persons who are beneficial owners of Chronos Shares registered in the name of a broker, dealer, bank, trust company or other nominee (including CDS) who wish to dissent, should be aware that they may only do so through the registered owner of such Chronos Shares. A registered Chronos Shareholder, such as a broker or CDS, who holds Chronos Shares as nominee for Beneficial Holders, some of whom wish to dissent, must exercise the Dissent Right on behalf of such beneficial owners with respect to all of the Chronos Shares held for such beneficial owners. In such case, the written objection to the Chronos Amalgamation Resolution should set forth the number of Chronos Shares covered by it.

In no case shall Chronos or any other Person be required to recognize a Dissenting Shareholder as a holder of Chronos Shares after the Closing Date and the name of each Dissenting Shareholder shall be deleted from the register of holders of Chronos Shares as at the time those Chronos Shares are so transferred and such shares will be cancelled.

Section 191 of the ABCA

A brief summary of the provisions of section 191 of the ABCA is set out below. This summary is qualified in its entirety by reference to the text of section 191 of the ABCA, which is attached to this Information Circular as Appendix "E".

A Dissenting Shareholder may apply to the Court, after the approval of the Chronos Amalgamation Resolution to fix the fair value of such Dissenting Shareholder's Chronos Shares. If such an application is made to the Court by a Dissenting Shareholder, Chronos must, unless the Court orders otherwise, send to each Dissenting Shareholder, a written offer to pay such Dissenting Shareholder an amount considered to be the fair value of the Chronos Shares held by such Dissenting Shareholder. The offer, unless the Court orders otherwise, must be sent to each Dissenting Shareholder, as the case may be, at least ten days before the date on which the application is returnable, if Chronos is the applicant, or within ten days after Chronos is served a copy of the application, if a Dissenting Shareholder is the applicant. Every offer will be made on the same terms to each Dissenting Shareholder and contain or be accompanied with a statement showing how the fair value was determined.

A Dissenting Shareholder will not be required to give security for costs in respect of an application and, except in special circumstances, will not be required to pay the costs of the application or appraisal. On the application, the Court will make an order fixing the fair value of the Chronos Shares of all Dissenting Shareholders, as the case may be, who are parties to the application, giving judgment in favour of each of those Dissenting Shareholders, and fixing the time within which Chronos must pay the amount payable to each Dissenting Shareholder calculated from the date on which such Dissenting Shareholder ceases to have any rights as a Chronos Shareholder until the date of payment.

On the Business Combination becoming effective in respect of the Chronos Shares held by the Dissenting Shareholder, such Dissenting Shareholder will cease to have any rights as a Chronos Shareholder, as the case may be, other than the right to be paid the fair value of such holder's Chronos Shares. Until one of these events occurs, the Dissenting Shareholder may withdraw his or her dissent or, if the Business Combination has not yet become effective, Chronos may rescind the Chronos Amalgamation Resolution and in either event, the dissent and appraisal proceedings in respect of that Dissenting Shareholder will be discontinued.

Chronos shall not make a payment to a Dissenting Shareholder under section 191 of the ABCA if there are reasonable grounds for believing that it is or would after the payment be unable to pay its liabilities as they become due, or that the realizable value of its assets would thereby be less than the aggregate of its liabilities. In such event, Chronos shall notify each Dissenting Shareholder that they are unable lawfully to pay such Dissenting Shareholder for his or her Chronos Shares, in which case the Dissenting Shareholder may, by written notice to Chronos within 30 days after receipt of such notice, withdraw such holder's written objection, in which case the holder shall be deemed to have participated in the Business Combination as a Chronos Shareholder. If the Dissenting Shareholder does not withdraw such holder's written objection, such Dissenting Shareholder retains status as a claimant against Chronos to be paid as soon as Chronos are lawfully entitled to do so or, in a liquidation, to be ranked subordinate to the rights of creditors of Chronos but in priority to their equity securityholders.

The above summary does not purport to provide a comprehensive statement of the procedures to be followed by Dissenting Shareholders who seek payment of the fair value of their Chronos Shares. Section 191 of the ABCA requires adherence to the procedures established therein and failure to do so may result in the loss of all rights thereunder. Accordingly, Dissenting Shareholders who might desire to exercise the right to dissent and appraisal should carefully consider and comply with the provisions of section 191 of the ABCA, the full text of which is set out in Appendix "E" to this Information Circular and consult their own legal advisor.

SECURITIES LAW MATTERS

All securities to be issued under the Business Combination, including, without limitation, the Resulting Issuer Shares, will be issued in reliance on exemptions from the prospectus and registration requirements of Applicable Canadian Securities Laws.

The Chronos Shares are not currently traded or listed on a Canadian or foreign marketplace. Pursuant to the Business Combination, all of the Resulting Issuer Shares will generally be "freely tradeable" (other than as a result of any "control block" restrictions which may arise by virtue of the ownership thereof) under applicable securities laws of the Provinces of Canada.

CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS

The following is, as of the date of this Information Circular, a summary of the principal Canadian federal income tax considerations generally applicable under the Tax Act to a beneficial owner of Chronos Shares who disposes of or exchanges, or is deemed to have disposed of or exchanged, a Chronos Share pursuant to the Business Combination and who, for purposes of the Tax Act and at all relevant times: (i) deals at arm's length with each of Samoth, AcquisitionCo and Chronos; (ii) is not affiliated with Samoth, AcquisitionCo or Chronos; and (ii) holds all Chronos Shares, and will hold all Resulting Issuer Shares acquired under the Business Combination, as capital property (each, a "Holder"). Generally, the Chronos Shares will be considered to be capital property to a holder thereof provided the holder does not use or hold such securities in the course of carrying on a business and has not acquired such securities in one or more transactions considered to be an adventure or concern in the nature of trade.

This summary is based on the current provisions of the Tax Act, and on an understanding of the current administrative policies and assessing practices of the CRA published in writing prior to the date hereof. This summary takes into account all specific proposals to amend the Tax Act or the regulations in respect thereof publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof (the "Proposed Amendments") and assumes that all Proposed Amendments will be enacted in the form proposed. However, no assurances can be given that the Proposed Amendments will be enacted as proposed, or at all. This summary does not otherwise take into account or anticipate any changes in law or administrative policy whether by legislative, regulation, administrative or judicial action nor does it take into account tax legislation or considerations of any province, territory or foreign jurisdiction, which may differ from those discussed herein.

This summary is not applicable to a Holder: (i) that is a "specified financial institution" or "restricted financial institution"; (ii) an interest in which is a "tax shelter investment"; (iii) that is, for purposes of certain rules (referred to as the mark-to-market rules) applicable to securities held by financial institutions, a "financial institution"; (iv) that reports its "Canadian tax results" in a currency other than Canadian currency; (v) that has entered into, or will enter into, with respect to its Chronos Shares, a "derivative forward agreement" or "synthetic disposition agreement"; (vii) that is a partnership or trust, each within the meaning of the Tax Act; or (vii) that is exempt from Part I tax under the Tax Act; or, each as defined in the Tax Act. Such Holders should consult their own tax advisors.

This summary does not address the deductibility of interest by a Holder who has borrowed money or otherwise incurred debt in connection with the acquisition of the Samoth Shares.

This summary does not address all issues relevant to Holders who acquired their Chronos Shares on the exercise of options or pursuant to other employee equity compensation plans. Such Holders should consult their own tax advisors.

The tax treatment of holders of Samoth Options is not addressed in this summary. All holders of Samoth Incentives should consult their own tax advisors with respect to the Business Combination.

This summary is not exhaustive of all possible Canadian federal income tax considerations applicable to a Holder in respect of the transactions described herein. The income or other tax consequences will vary depending on the particular circumstances of the Holder. Accordingly, this summary is of a general nature only and is not intended to be, nor should it be construed to be, legal or tax advice or representations to any particular Holder. This summary does not discuss any non-Canadian income or other tax consequences of the Business Combination. Holders resident or subject to taxation in a jurisdiction other than Canada should be aware that the Business Combination may have tax consequences both in Canada and in such other jurisdiction. Such consequences are not described in this summary. Holders should consult their own legal and tax advisors for advice with respect to the tax consequences of the transactions described in this Information Circular based on their particular circumstances.

Holders Resident in Canada

This portion of the summary is generally applicable to a Holder who, at all relevant times, for purposes of the Tax Act and any applicable income tax convention, is, or is deemed to be, resident in Canada (a "Resident Holder"). Certain Resident Holders may be entitled to make or may have already made the irrevocable election permitted by subsection 39(4) of the Tax Act, the effect of which may be to deem to be capital property any Chronos Shares (and all other "Canadian securities", as defined in the Tax Act) owned by such Resident Holder in the taxation year in which the election is made and in all subsequent taxation years. Resident Holders whose Chronos Shares might not otherwise be considered to be capital property should consult their own tax advisors concerning this election.

Amalgamation

A Resident Holder who receives Resulting Issuer Shares in exchange for Chronos Shares on the Amalgamation for purposes of the Business Combination will not realize any capital gain (or capital loss) as a result of the exchange. Such Resident Holder will be deemed to dispose of its Chronos Shares for proceeds of disposition equal to the adjusted cost base of such Chronos Shares immediately before the Amalgamation and to have acquired the Resulting Issuer Shares at an aggregate cost equal to such proceeds of disposition.

For the purposes of determining at any time the adjusted cost base of the Resulting Issuer Shares acquired by a Resident Holder on the Amalgamation, the cost of such shares must be averaged with the adjusted cost base to the Resident Holder of all shares held in the Resulting Issuer by the Resident Holder as capital property at that time.

Dividends on Resulting Issuer Shares

A Resident Holder will be required to include in computing its income for a taxation year any taxable dividend received or deemed to be received on such Resident Holder's Resulting Issuer Shares.

A Resident Holder who is an individual will be subject to the gross-up and dividend tax credit rules applicable to taxable dividends received from taxable Canadian corporations, including the enhanced gross-up and dividend tax credit applicable to any dividends designated by the Resulting Issuer as an "eligible dividend" for purposes of the Tax Act with respect to any dividends paid on the Consideration Shares.

In certain circumstances, subsection 55(2) of the Tax Act will treat a taxable dividend received by a Canadian resident corporation as proceeds of disposition or a capital gain. Shareholders that are corporations should consult their own tax advisors with respect to the potential application of subsection 55(2) of the Tax Act to such dividends. The taxation of capital gains and capital losses is described in "Taxation of Capital Gains and Capital Losses".

Disposition of Resulting Issuer Shares

A Resident Holder that disposes or is deemed to dispose of a resulting Issuer Share will realize a capital gain (or a capital loss) equal to the amount by which the proceeds of disposition of the Resulting Issuer Share exceed (or are less than) the aggregate of the adjusted cost base to the Resident Holder of such share, determined immediately before the disposition, and any reasonable costs of disposition. The taxation of capital gains and capital losses is described in "Taxation of Capital Gains and Capital Losses".

Taxation of Capital Gains and Capital Losses

Generally, a Resident Holder will be required to include in computing its income for a taxation year onehalf of the amount of any capital gain (a "taxable capital gain") realized by it in that year. A Resident Holder will generally be required to deduct one-half of the amount of any capital loss (an "allowable capital loss") realized in a taxation year from taxable capital gains for a taxation year may be carried back to any of the three preceding taxation years or carried forward to any subsequent taxation year and deducted against net taxable capital gains realized in such years, subject to the detailed rules contained in the Tax Act.

A capital loss realized on the disposition of a Chronos Share or Resulting Issuer Share by a Resident Holder that is a corporation may, to the extent and under the circumstances specified by the Tax Act, be reduced by the amount of dividends received or deemed to have been received by the corporation on such shares (or on a share for which such share is substituted or exchanged). Similar rules may apply where shares are owned by a partnership or trust of which a corporation, trust or partnership is a member or beneficiary. Resident Holders to whom these rules may be relevant should consult their own advisors.

Additional Taxes

A capital gain realized, or dividend received, by a Resident Holder who is an individual (including certain trusts and estates) may give rise to liability for alternative minimum tax under the Tax Act.

A Resident Holder that is a "Canadian-controlled private corporation" as defined in the Tax Act or a "substantive CCPC", as defined in the Proposed Amendments contained in the 2022 Canadian Federal Budget as supplemented by the Proposed Amendments released on August 9, 2022, may be required to pay an additional refundable tax on its "aggregate investment income" as defined in the Tax Act which includes certain amounts in respect of net taxable capital gains and dividends not deductible in computing taxable income.

A Resident Holder that is a corporation generally will be entitled to deduct in computing its taxable income an amount equal to the amount of the taxable dividend included in its income. A "private corporation" or a "subject corporation" (each as defined in the Tax Act) may be liable under Part IV of the Tax Act to pay a refundable tax on any dividend that it receives, to the extent that the dividend is deductible in computing the corporation's taxable income.

Dissenting Resident Holders

A Resident Holder who exercises Dissent Rights in respect of the Business Combination (a "Resident Dissenter"), will be deemed to have transferred such Resident Dissenter's Chronos Shares to Chronos and will be entitled to receive a payment from Chronos, or any successor thereof, of an amount equal to the fair value of the Resident Dissenter's Chronos Shares.

A Resident Dissenter who, as a result of the exercise of Dissent Rights, is entitled to be paid the fair value of their Chronos Shares by Chronos, or any successor thereof, will be deemed to have received a taxable dividend in the taxation year of payment equal to the amount, if any, by which such payment (other than that portion that is in respect of interest, if any, awarded by a court) exceeds the "paid-up capital" (determined for purposes of the Tax Act) attributable to such Resident Dissenter's Chronos Shares immediately before their surrender to Chronos. The tax consequences described above in "Dividends on Resulting Issuer Shares" will generally apply with respect to any such deemed dividend.

A Resident Dissenter who exercises Dissent Rights in respect of the Business Combination will also realize a capital gain (or capital loss) to the extent that such payment less the amount of any deemed dividend described above exceeds (or is less than) the total of (i) the aggregate of the adjusted cost base of the Chronos Shares to the Resident Dissenter and (ii) any reasonable costs of the disposition. The taxation of capital gains and capital losses is discussed above under the heading "Taxation of Capital Gains and Capital Losses".

Interest awarded by a court to a Resident Dissenter who is a Resident Holder will be included in the Resident Holder's income for a particular taxation year to the extent the amount is received or receivable in that year, depending upon the method regularly followed by the Resident Dissenter in computing income. Where the Resident Dissenter is a corporation, partnership or, subject to certain exceptions, a trust, the Resident Dissenter must include in income for a taxation year the amount of interest that accrues to it before the end of the taxation year, or becomes receivable or is received before the end of the year (to the extent not included in income for a preceding taxation year). Resident Holders who wish to exercise Dissent Rights should consult their own tax advisors with respect to the income tax consequences applicable to their particular circumstances.

Holders Not Resident in Canada

The following portion of this summary applies to a Holder who, at all relevant times, for the purposes of the Tax Act: (i) is not and is not deemed to be resident in Canada for purposes of the Tax Act; and (ii) does not and will not use or hold, and is not and will not be deemed to use or hold, Chronos Shares or Resulting Issuer Shares in connection with carrying on a business in Canada (a "Non-Resident Holder"). This portion of the summary is not applicable to a Non-Resident Holder that is: (i) an insurer carrying on an insurance business in Canada and elsewhere for the purposes of the Tax Act; or (ii) an "authorized foreign bank" as defined in the Tax Act.

Amalgamation

A Non-Resident Holder who receives resulting Issuer Shares in exchange for Chronos Shares on the Amalgamation completed for the purposes of the Business Exchange will not realize any capital gain (or capital loss) as a result of the exchange. Such Non-Resident Holder will be deemed to dispose of its Chronos Shares for proceeds of disposition equal to the adjusted cost base of such Chronos Shares immediately before the Amalgamation and to not have acquired the Resulting Issuer Shares at an aggregate cost equal to such proceeds of disposition.

For the purposes of determining at any time the adjusted cost base of the Resulting Issuer Shares acquired by a Non-Resident Holder on the Amalgamation, the cost of such shares must be averaged with the adjusted cost base to the Non-Resident Holder of all other shares in the Resulting Issuer held by the Non-Resident Holder as capital property at that time.

In addition, if the Resulting Issuer Shares are "taxable Canadian property" to a Non-Resident Holder, the Resulting Issuer Shares received by such Non-Resident Holder on the Amalgamation will be deemed to be taxable Canadian property to such Non-Resident Holder. Non-Resident Holders who dispose of Chronos Shares that are "taxable Canadian property" (as defined in the Tax Act) should consult their own tax advisors concerning the potential requirement to file a Canadian income tax return depending on their particular circumstances. For a description of the definition of "taxable Canadian property", see "Disposition of Chronos Shares".

Dividends on Resulting Issuer Shares

Dividends paid or credited, or deemed to be paid or credited, to a Non-Resident Holder generally will be subject to Canadian withholding tax at a rate of 25% of the gross amount of the dividend, unless the rate is reduced under the provisions of an applicable income tax treaty or convention. For example, the rate of withholding tax under the Canada-U.S. Income Tax Convention (the "Treaty"), as amended, applicable to a Non-Resident Holder of the United States for purposes of the Treaty, is the beneficial owner of the dividend and is entitled to all of the benefits under the Treaty, generally will be reduced to 15%. Non-Resident Holders who may be eligible for a reduced rate of withholding tax on dividends pursuant to any applicable income tax treaty or convention should consult with their own tax advisors.

Disposition of Chronos Shares

A Non-Resident Holder will not be subject to tax under the Tax Act on any capital gain realized on a disposition or deemed disposition of Chronos Shares, unless the Chronos Shares constitute "taxable Canadian property" to the Non-Resident Holder and do not constitute "treaty- protected property".

Generally, the Resulting Issuer Shares will not constitute "taxable Canadian property" to a Non-Resident Holder at the time of disposition provided that the Resulting Issuer Shares are listed at that time on a designated stock exchange (which includes the TSXV), unless at any particular time during the 60-month period that ends at that time:

one or any combination of: (i)the Non-Resident Holder; (ii)Persons with whom the Non-Resident Holder does not deal with at arm's length; and (iii)partnerships in which the Non-Resident Holder or a Person described in (ii) holds a membership interest directly or indirectly through one or more partnerships, has owned 25% or more of the issued shares of any class or series of the capital stock of Chronos; and
more than 50% of the fair market value of the Chronos Shares was derived directly or indirectly from one or any combination of: (i)real or immovable properties situated in Canada; (ii) "Canadian resource properties" (as defined in the Tax Act); (iii) "timber resource properties" (as defined in the Tax Act); and (iv)options in respect of, or interests in, or for civil law rights in, property in any of the foregoing whether or not the property exists.

Notwithstanding the foregoing, in certain circumstances set out in the Tax Act, Chronos Shares could be deemed to be taxable Canadian property. Non-Resident Holders whose Chronos Shares may constitute taxable Canadian property should consult their own tax advisors.

Even if the Chronos Shares are taxable Canadian property to a Non-Resident Holder, a taxable capital gain resulting from the disposition of such shares will not be included in computing the Non-Resident Holder's income for the purposes of the Tax Act if the Chronos Shares constitute "treaty-protected property". Chronos Shares owned by a Non-Resident Holder will generally be treaty-protected property of a Non-Resident Holder if the gain from the disposition of such shares would, because of an applicable income tax treaty between Canada and the country in which the Non-Resident Holder is resident for purposes of such treaty and in respect of which the Non-Resident Holder is entitled to receive benefits thereunder, be exempt from tax under the Tax Act.

Pursuant to the provisions of the Tax Act, where Chronos Shares constitute "taxable Canadian property" to a Non-Resident Holder, any Resulting Issuer Shares received by the Non-Resident Holder on the Amalgamation will be deemed to constitute "taxable Canadian property" to the Non-Resident Holder throughout the period that begins at the Closing Date and ends on the day that is 60 months after the Closing Date. The result is that such Non-Resident Holder may be subject to tax under the Tax Act on future gains realized on a disposition of those Resulting Issuer Shares so long as such shares constitute "taxable Canadian property" and are not "treaty-protected property" of the Non-Resident Holder, at the time of disposition.

A Non-Resident Holder who disposes of Chronos Shares may, in certain circumstances, also be required to file a Canadian income tax return reporting the disposition.

In circumstances where a Resulting Issuer Share is, or is deemed to be, taxable Canadian property of the Non-Resident Holder, any capital gain that would be realized on the disposition of such share that is not "treaty-protected property" generally will be subject of the Canadian tax consequences discussed above for a Resident Holder in "Holders Resident in Canada – Taxation of Capital Gains and Capital Losses".

Dissenting Non-Resident Holders

A Non-Resident Holder who exercises Dissent Rights in respect of the Business Combination (a "Non-Resident Dissenter") will be deemed to have transferred such Non-Resident Dissenter's Chronos Shares to Chronos immediately prior to the Amalgamation, and will be entitled to receive a payment from Chronos, or any successor thereof, of an amount equal to the fair value of the Non-Resident Dissenter's Chronos Shares.

A Non-Resident Dissent who, as a result of the exercise of Dissent Rights, is entitled to be paid the fair value of their Chronos Shares by Chronos, or any successor thereof, will be deemed to have received a taxable dividend in the taxation year of payment equal to the amount, if any, by which such payment (other than that portion that is in respect of interest, if any, awarded by a court) exceeds the "paid-up capital" (determined for purposes of the Tax Act) attributable to such Non-Resident Dissenter's Chronos Shares immediately before their surrender to Chronos pursuant to the Amalgamation. Any such deemed will be subject to Canadian withholding tax at the same rate as described above under the heading "Dividends on Resulting Issuer Shares" with respect to dividends on the Chronos Shares.

In addition, a Non-Resident Dissenter will be considered to have disposed of such Chronos Shares for proceeds of disposition equal to the payment received, less the amount of any deemed dividend arising on the surrender of such shares as described above. A Non-Resident Dissenter will, in general, realize a capital gain (or a capital loss) equal to the amount by which such proceeds of disposition, net of any reasonable costs of disposition, exceed (or are less than) the adjusted cost base to such holder of the Chronos Shares immediately before their surrender to Chronos prior to the Amalgamation. A Non-Resident Dissenter will not be subject to tax under the Tax Act on any capital gain realized on the disposition of its Chronos Shares unless such Chronos Shares are "taxable Canadian property" of the Non-Resident Dissenter and the Non-Resident Dissenter is not entitled to relief under an applicable income tax treaty or convention, as discussed above under the heading "Disposition of Chronos Shares".

Any interest paid to a Non-Resident Dissenter upon the exercise of Dissent Rights should not be subject to Canadian withholding tax.

Non-Resident Holders whose Chronos Shares are, or may be, taxable Canadian property should consult their own tax advisors with respect to the Canadian federal tax consequences to them of disposing of Chronos Shares, including any resulting Canadian reporting obligations.

INFORMATION CONCERNING CHRONOS RESOURCES LTD.

See Appendix "B" attached to this Information Circular for detailed information concerning Chronos.

INFORMATION CONCERNING SAMOTH OILFIELD INC.

See Appendix "C" attached to this Information Circular for detailed information concerning Samoth.

INFORMATION CONCERNING LYCOS ENERGY INC.

See Appendix "D" attached to this Information Circular for detailed information concerning the Resulting Issuer.

RISK FACTORS

Chronos Shareholders voting in favour of the Chronos Amalgamation Resolution will be choosing to combine the businesses of Chronos and Samoth. The completion of the Business Combination involves risks. In addition to the risk factors present in each of the businesses of Chronos and Samoth, the risk factors described under the heading "Risk Factors" in Appendix "B" – "Information Concerning Chronos Resources Ltd." and in the Samoth Annual MD&A. Chronos Shareholders should carefully consider the following risk factors in evaluating whether to approve the Chronos Amalgamation Resolution. Readers are cautioned that such risk factors are not exhaustive. These risk factors should be considered in conjunction with the other information included in this Information Circular, including the documents incorporated by reference herein and the documents filed by Samoth and Chronos pursuant to Applicable Laws from time to time.

Possible Failure to Realize Anticipated Benefits of the Business Combination

Chronos and Samoth are proposing to complete the Business Combination to create the opportunity to realize certain anticipated benefits including, among other things, those set forth in this Information Circular under the heading "The Business Combination – Chronos Board Recommendation" and "The Business Combination – Key Benefits of the Business Combination", and information in set forth in Appendix "B" – Information Concerning Chronos Resources Ltd. The Business Combination is subject to normal commercial risks that such transaction may not be completed on the terms negotiated or at all. Chronos and Samoth are proposing to complete the Business Combination to realize certain benefits. Achieving the benefits of the Business Combination depends in part on the Resulting Issuer's ability to realize the anticipated growth opportunities and synergies from integrating the respective businesses of Samoth and Chronos following completion of the Business Combination.

The Completion of the Business Combination is Subject to Numerous Conditions Precedent

The completion of the Business Combination is subject to a number of conditions precedent, certain of which are outside the control of Chronos and Samoth. Among other things, completion of the Business Combination is subject to the completion of the Chronos Financings and approval of the Chronos Amalgamation Resolution by Chronos Shareholders. There is no certainty, nor can Chronos or Samoth provide any assurance, that these conditions will be satisfied or, if satisfied, when they will be satisfied. In addition, if the Business Combination is not completed, Samoth or Chronos could be subject to litigation related to the failure to complete the Business Combination or to require Samoth or Chronos to perform their respective obligations under the Business Combination Agreement.

Even if all approvals and orders are obtained and conditions precedent to the completion of the Business Combination are satisfied, no assurance can be made as to the terms, conditions and timing of such approvals, orders and consents. For example, these approvals, orders and consents may impose conditions on or require divestitures relating to the divisions, operations or assets of Chronos or Samoth or may impose requirements, limitations or costs or place restrictions on the conduct of Chronos' or Samoth's respective businesses, and if such approvals, orders or consents require an extended period of time to be obtained, such extended period of time could increase the chance that an adverse event occurs with respect to Chronos or Samoth. Such extended period of time may also increase the chance that other adverse effects with respect to Chronos or Samoth could occur, such as the loss of key personnel. Each Party's obligation to complete the Business Combination is also subject to the accuracy of the representations and warranties of the other party (subject to certain qualifications and exceptions) and the performance in all material respects of the other party's covenants under the Business Combination Agreement. As a result of these conditions, Chronos cannot provide assurance that the Business Combination will be completed on the terms or timeline contemplated in the Business Combination Agreement, or at all.

Chronos Expects to Incur Significant Costs Associated with the Business Combination

Chronos will incur significant direct transaction costs in connection with the Business Combination. Actual direct transaction costs incurred in connection with the Business Combination may be higher than expected. Moreover, certain of Chronos' costs related to the Business Combination, including legal, financial advisory services, accounting, printing and mailing costs, must be paid even if the Business Combination is not completed.

The Business Combination Agreement May Be Terminated

Each of Samoth and Chronos has the right to terminate the Business Combination Agreement in certain circumstances. Accordingly, there is no certainty, nor can Chronos nor Samoth provide any assurance, that the Business Combination Agreement will not be terminated by either Samoth or Chronos before the completion of the Business Combination.

If the Business Combination is not completed for any reason, including in the event the Chronos Shareholders do not approve the Chronos Amalgamation Resolution, the ongoing businesses of Chronos may be adversely affected and, without realizing any of the anticipated benefits of having completed the Business Combination, Chronos would be subject to a number of risks, including the following:

x Chronos may experience negative reactions from the investment community, their customers, suppliers, regulators and employees and other partners in the business community;
x Chronos may be required to pay certain costs relating to the Business Combination, whether or not the Business Combination is completed; and
x matters relating to the Business Combination will have required substantial commitments of time and other resources by Chronos management, which would otherwise have been devoted to day-to-day operations and strategic opportunities that may have been beneficial to Chronos had the Business Combination not been contemplated.

Chronos Dissent Rights

Chronos Shareholders have the right to exercise certain dissent and appraisal rights and demand payment of the fair value of their Chronos Shares in cash in connection with the Business Combination in accordance with the ABCA. If there are a significant number of Dissenting Shareholders, a substantial cash payment may be required to be made to such Chronos Shareholders that could have an adverse effect on Chronos' financial condition and cash resources if the Business Combination is completed.

Income Tax Laws

There can be no assurance that the CRA or other applicable taxing authorities will agree with the federal income tax consequences of the Business Combination, as applicable, as summarized in this Information Circular. Furthermore, there can be no assurance that applicable Canadian and U.S. income tax Laws, regulations or tax treaties will not be changed or interpreted in a manner, or that applicable taxing authorities will not take administrative positions, that are adverse to Chronos Shareholders in respect of the Business Combination or to Chronos and its securityholders following completion of the Business Combination. Such taxation authorities may also disagree with how Chronos calculates or has in the past calculated its income for income tax purposes. In addition, the Business Combination and related transactions may restrict the ability of the Resulting Issuer to use certain pre-combination tax attributes of either or both of Chronos and Samoth. Any such events could adversely affect the Resulting Issuer, its share price or the dividends or other payments to be paid to Chronos' Shareholders following completion of the Business Combination.

Samoth Shares issued in connection with the Business Combination may have a Market Value Different than Expected

Each Chronos Shareholder (other than Dissenting Shareholders) will be entitled to receive twenty (20) Samoth Shares (pre-Consolidation, and two and a half (2.5) Resulting Issuer Shares post-Consolidation) for each Chronos Share held, subject to adjustment for fractional shares. Because the exchange ratio will not be adjusted to reflect any changes in the market value of Samoth Shares the market values of the Samoth Shares and the Chronos Shares on the Closing Date may vary significantly from the values at the date of this Information Circular. If the market price of Samoth Shares declines, the value of the consideration received by Chronos Shareholders will decline as well. Variations may occur as a result of changes in, or market perceptions of changes in, the business, operations or prospects of Samoth, market assessments of the likelihood the Business Combination will be consummated, regulatory considerations, general market and economic conditions and other factors over which neither Chronos nor Samoth has control.

Chronos Directors and Officers may have Interests in the Business Combination Different from the Interests of Chronos Shareholders Following Completion of the Business Combination

Certain of the directors and executive officers of Chronos were involved with negotiating the terms of the Business Combination Agreement, and the Chronos Board has unanimously recommended that Chronos Shareholders vote in favour of the Chronos Amalgamation Resolution. These directors and executive officers may have interests in the Business Combination that are different from, or in addition to, those of Chronos Shareholders generally. These interests include, but are not limited to, the continued employment of certain executive officers of Chronos by the Resulting Issuer and the continued service of certain directors of Chronos as directors of the Resulting Issuer. The Chronos Board were aware of, and considered, these interests when they declared the advisability of the Business Combination Agreement and unanimously recommended, that Chronos Shareholders approve the Chronos Amalgamation Resolution.

If the Business Combination is Not Completed, Chronos' Future Business and Operations Could be Harmed

If the Business Combination is not completed, Chronos will continue to face many of the risks that it currently faces with respect to its business and affairs, including the commodity price environment that Chronos currently faces and the risks set forth or incorporated by reference in Appendix "B" – Information Concerning Chronos Resources Ltd. under the heading "Risk Factors". In addition, if the Business Combination is not completed, Chronos may be subject to a number of additional material risks, including the following:

x Chronos may have lost other opportunities that would have otherwise been available had the Business Combination Agreement not been executed, including, without limitation, opportunities not pursued as a result of affirmative and negative covenants made by it in the Business Combination Agreement;
x Chronos may be unable to conclude another sale, merger or amalgamation on as favourable terms, in a timely manner or at all.

Potential Undisclosed Liabilities Associated with the Business Combination

In connection with the Business Combination, there may be liabilities that Chronos failed to discover or was unable to quantify in its due diligence of Samoth, which was conducted prior to the execution of the Business Combination Agreement. It is possible that Chronos may not be indemnified for some or all of such undisclosed liabilities.

Samoth may be the Targets of Legal Claims, Securities Class Actions, Derivative Lawsuits and Other Claims

Samoth may be the target of securities class actions and derivative lawsuits which could result in substantial costs and may delay or prevent the Business Combination from being completed. Securities class action lawsuits and derivative lawsuits are often brought against companies that have entered into an agreement to merge, to acquire a public company or to be acquired. Third parties may also attempt to bring claims against Chronos and/or Samoth seeking to restrain the Business Combination or seeking monetary compensation or other remedies. Even if the lawsuits are without merit, defending against these claims can result in substantial costs and divert the time and resources of management. Additionally, if a plaintiff is successful in obtaining an injunction prohibiting consummation of the Business Combination, then that injunction may delay or prevent the Business Combination from being completed.

In addition, political and public attitudes towards the Business Combination could result in negative press coverage and other adverse public statements affecting Chronos and Samoth. Adverse press coverage and other adverse statements could lead to investigations by regulators, legislators and law enforcement officials or in legal claims or otherwise negatively impact the ability of Chronos, Samoth or the Resulting Issuer to take advantage of various business and market opportunities. The direct and indirect effects of negative publicity, and the demands of responding to and addressing it, may have a material adverse effect on Chronos, Samoth or the Resulting Issuer.

GENERAL PROXY MATTERS

Solicitation of Proxies

This Information Circular is delivered in connection with the solicitation by or on behalf of management of Chronos of proxies for use at the Chronos Meeting. In addition to solicitation by mail, proxies may be solicited by personal interviews, telephone or other means of communication and by directors, officers and employees of Chronos. The cost of soliciting proxies will be borne by Chronos. The solicitation of proxies will be done primarily by mail and electronic means, but may also be solicited personally, by telephone, facsimile or other similar means by directors, officers, employees or agents of Chronos. The costs of preparing and distributing this Information Circular and meeting materials will be borne by Chronos.

The Chronos Meeting is being called to seek the requisite approval of Chronos Shareholders of the Chronos Amalgamation Resolution. See "The Business Combination" and "Exchange of Chronos Shares".

The information set forth below generally applies to registered holders of Chronos Shares. If you are a Beneficial Holder of Chronos Shares (i.e. your Chronos Shares are held through a broker, financial institution or other nominee), see "General Proxy Matters - Information for Beneficial Holders" in this Information Circular.

Appointment and Revocation of Proxies

Accompanying this Information Circular is a proxy form for registered holders of Chronos Shares. The Persons named in the enclosed proxy form are directors and/or officers of Chronos.

A registered Chronos Shareholder has a choice of voting by proxy on the internet, by email, by mail or by fax or by using the proxy form provided by Chronos to appoint another Person (who need not be a Chronos Shareholder) other than the Persons designated in the proxy form provided by Chronos to attend the Chronos Meeting and act for such Chronos Shareholder, or voting in person by attending the Chronos Meeting. If a Chronos Shareholder votes by proxy on the internet, by email, by mail or by facsimile in advance of the Chronos Meeting, such Chronos Shareholder's vote will be counted, whether or not such Chronos Shareholder attends the Chronos Meeting. Even if a Chronos Shareholder attends the Chronos Meeting, it may be more convenient to vote in advance. To exercise this right to vote at the Chronos Meeting, the Chronos Shareholder should strike out the names of management designees in the enclosed proxy form and insert the name of the desired representative in the blank space provided in the proxy form or submit another appropriate proxy form. Completed forms of proxy must be received by Odyssey no later than the Proxy Deadline.

A registered shareholder may vote in one of the following ways: (i) by internet, at the website indicated on the proxy form, for which the 12 digit Control Number which is noted on the proxy form will be required; (ii) by email, at [email protected]; (iii) by mailing a complete, signed and dated proxy form using the enclosed return envelope or an envelope addressed to the registrar and transfer agent of Chronos, Traders Bank Building, 702, 67 Yonge Street, Toronto, Ontario M5E 1J8or (vi) in person at the Chronos Meeting wherein the proxy form does not need to be completed or return in advance of the Chronos Meeting.

The following applies to Chronos Shareholders who wish to appoint as their proxyholders individuals other than those named in the proxy. Chronos Shareholders who wish to appoint as their proxyholders individuals other than those named in the proxy to attend and participate in the Chronos Meeting and vote their securities MUST submit their proxies appointing such individuals as proxyholders. To appoint someone other than the individuals named in the proxy as proxyholder, insert that person's name in the blank space provided in the proxy and follow the instructions for submitting such proxy. This must be completed before registering such proxyholder, which is an additional step to be completed once you have submitted your proxy.

In addition to revocation in any other manner permitted by law, a Chronos Shareholder may revoke a proxy: (i) by instrument in writing executed by the Chronos Shareholder or such Chronos Shareholder's attorney authorized in writing or if the Chronos Shareholder is a corporation, under its corporate seal or by an officer or attorney thereof, duly authorized, indicating the capacity under which such officer or attorney is signing and deposited with Odyssey, the transfer agent of Chronos, at the office designated in the Notice of Special Meeting of Chronos Shareholders not later than 10:00 a.m. (Calgary time) on the Business Day preceding the day of the Chronos Meeting, (or any adjournment or postponement thereof); or (ii) by a duly executed and deposited proxy as provided herein bearing a later date or time than the date or time of the proxy being revoked.

Proxy Voting

The Chronos Shares represented by an effective proxy form will be voted or withheld from voting in accordance with such Chronos Shareholder's instructions. If a Chronos Shareholder returns the proxy form but does not indicate how to vote such Chronos Shares, and does not appoint a Person other than the Persons designed on the proxy form, such Chronos Shares will be voted FOR approval of the Chronos Amalgamation Resolution. In respect of any other matters other than those set forth above which are to be considered at the Chronos Meeting, where no choice is specified, the Chronos Shares will be voted in favour of each matter identified in the accompanying Notice of Special Meeting of Chronos Shareholders. Chronos Shareholders have the right to appoint a Person other than the Persons designated in the enclosed proxy form as proxy holder to vote the Chronos Shares on their behalf.

The enclosed applicable proxy form confers discretionary authority in respect of amendments or variations to matters identified in the Notice of Special Meeting of Chronos Shareholders and with respect to other matters which may properly come before the Chronos Meeting or any adjournment or postponement thereof. As of the date hereof, management of Chronos is not aware of any amendments, variations or other matters to come before the Chronos Meeting. If a Chronos Shareholder attends the Chronos Meeting and is eligible to vote, such Chronos Shareholder can vote on any amendments, variations or other matters that properly come before the Chronos Meeting in accordance with the wishes of such Chronos Shareholder. If a Chronos Shareholder is voting by proxy, the Persons named in the proxy form will have discretionary authority to vote on any such amendments, variations or other matters that may properly come before the Chronos Meeting, as he or she sees fit for each item of business at the Chronos Meeting.

Information for Beneficial Holders

The information set forth in this section is of significant importance to Chronos Shareholders who do not hold Chronos Shares in their own name. Beneficial Holders should note that only proxies deposited by Chronos Shareholders whose names appear on the records of the registrar and transfer agent for Chronos as the registered holders of Chronos Shares can be recognized and acted upon at the Chronos Meeting. If Chronos Shares are listed in an account statement provided to a Chronos Shareholder by a broker, then, in almost all cases, those Chronos Shares will not be registered in a holder's name on the records of Chronos. Such Shares will most likely be registered in the name of the holder's broker or an agent of the broker. In Canada, the vast majority of such Shares are registered under the name of CDS & Co. (the registration name for CDS, which acts as nominee for many Canadian brokerage firms). Shares held by brokers or their nominees can only be voted (for or against resolutions) upon instructions of the Beneficial Holder. Without specific instructions, brokers/nominees are prohibited from voting shares for their clients. Beneficial Holders should therefore ensure that instructions regarding the voting of their Chronos Shares are properly communicated to the appropriate Person or that the Chronos Shares are duly registered in their name well in advance of the Chronos Meeting.

Applicable regulatory policies require intermediaries/brokers to seek voting instructions from Beneficial Holders in advance of shareholder meetings. Every intermediary/broker has its own mailing procedures and provides its own return instructions which should be carefully followed by Beneficial Holders in order to ensure that their shares are voted at the applicable meeting. Often, the proxy form supplied to a Beneficial Holder by its broker is identical to that provided to a registered shareholder. However, its purpose is limited to instructing the registered shareholder on how to vote on behalf of the Beneficial Holder. The majority of brokers now delegate responsibility for obtaining instructions from clients to Broadridge. Broadridge typically mails a scannable Voting Instruction Form in lieu of the applicable proxy form. The Beneficial Holder is requested to complete and return the Voting Instruction Form by mail or facsimile. Alternatively, the Beneficial Holder can call a toll-free telephone number or access the internet to vote the shares held by the Beneficial Holder. Broadridge then tabulates the results of all instructions received and provides appropriate instructions respecting the voting of shares to be represented at the applicable meeting. A Beneficial Holder receiving a proxy form or Voting Instruction Form from its broker or other intermediary (or an agent or nominee of such broker or other intermediary) cannot use that form to vote shares directly at the applicable meeting. Voting instructions must be communicated to the broker, intermediary, agent or nominee (in accordance with the instructions provided by it or on its behalf) well in advance of the meeting in order to have the shares to which such instructions relate voted at the meeting.

If you are a Beneficial Holder and wish to vote at the Chronos Meeting, you must insert your own name in the space provided on the Voting Instruction Form sent to you by your intermediary, follow all of the applicable instructions provided by your intermediary. By doing so, you are instructing your intermediary to appoint you as proxyholder. It is important that you comply with the signature and return instructions provided by your intermediary.

Submit the Voting Instruction Form: To appoint someone other than the individuals named in the Voting Instruction Form as proxyholder, insert that person's name in the blank space provided in the Voting Instruction Form (if permitted) and follow the instructions for submitting such Voting Instruction Form. This must be completed before registering such proxyholder, which is an additional step to be completed once you have submitted the Voting Instruction Form.

If you are a Beneficial Holder located in the United States and wish to vote at the applicable Meeting or, if permitted, appoint a third party as your proxyholder, you must additionally obtain a valid legal proxy from your intermediary. Follow the instructions from your intermediary included with the legal proxy form sent to you or contact your intermediary to request a legal proxy form if you have not received one. After obtaining a valid legal proxy from your intermediary, you must then submit such legal proxy to Odyssey. Requests for registration from non-registered Chronos Shareholders located in the United States that wish to vote at the applicable Meeting or, if permitted, appoint third parties as their proxyholders must be sent by e-mail or by courier to: Traders Bank Building, 702, 67 Yonge Street, Toronto, Ontario M5E 1J8, Attn: Proxy Department, and must be labeled "Legal Proxy" and received no later than the Chronos Proxy Deadline.

Shareholders whose Chronos Shares are registered in the name of a broker, dealer, bank, trust company or other nominee must contact their nominee to deposit their Chronos Shares.

Procedure and Votes Required

Only Chronos Shareholders whose names have been entered on the register of Chronos Shares on the close of business on the Record Date will be entitled to receive notice of and to vote at the Chronos Meeting, subject to Section 137 of the ABCA with respect to transferees of Chronos Shares after the Record Date (for more details, please see Appendix "E" – Section 191 of the Business Corporations Act (Alberta)).

Pursuant to the Business Combination Agreement:

x the Chronos Shareholders will consider and vote upon the Chronos Amalgamation Resolution and such other business as may be properly brought before the Chronos Meeting or any adjournment(s) or postponement(s) thereof. Each Chronos Share entitled to be voted at the Chronos Meeting will entitle the holder thereof to one vote at the Chronos Meeting in respect of the Chronos Amalgamation Resolution and any other matters to be considered at the Chronos Meeting;
x a quorum at the Chronos Meeting shall be persons present not being less than two (2) in number and holding or representing not less than five (5%) percent of the shares entitled to be voted at the Meeting. If within 30 minutes from the time appointed for the Chronos Meeting a quorum is not present, the Chronos Meeting shall be adjourned to such Business Day that is less than 30 days following the day appointed for the Chronos Meeting. No notice of adjourned Chronos Meeting will be required and, if at such adjourned meeting a quorum is not present, the Chronos Shareholders present in person or by proxy shall be a quorum for all purposes; and

x the number of votes required to pass the Chronos Amalgamation Resolution shall be not less than 66Ҁ% of the votes cast by Chronos Shareholders present in person or represented by proxy at the Chronos Meeting.

To the knowledge of the directors and officers of Chronos, as of November 15, 2022, no Person or company beneficially owns, or exercises control or direction over, directly or indirectly, more than 10% of the voting rights attached to all of the outstanding Chronos Shares.

QUESTIONS AND OTHER ASSISTANCE

If you are a Chronos Shareholder and you have any questions about the information contained in this Information Circular or require assistance in completing your proxy form, or your Letter of Transmittal please contact your financial, legal, tax or other professional advisors.

APPENDIX "A"

CHRONOS AMALGAMATION RESOLUTION

BE IT RESOLVED AS A SPECIAL RESOLUTION OF THE HOLDERS OF COMMON SHARES OF CHRONOS RESOURCES LTD. ("CHRONOS") THAT:

1. the business combination agreement between Chronos, Samoth Oilfield Inc. ("Samoth") and 2470638 Alberta Ltd. ("AcquisitionCo") dated November 7, 2022 (the "Business Combination Agreement"), a copy of which is available for viewing on Samoth's SEDAR profile at www.sedar.com, with such amendments or variations thereto made in accordance with the terms of the Business Combination Agreement as may be approved by any one officer or director of Chronos, such approval to be evidenced conclusively by their execution and delivery of any such amendments or variations, is hereby authorized, approved, ratified and confirmed;
1. the amalgamation under the Business Corporations Act (Alberta) of Chronos and AcquisitionCo, substantially as set forth in the Business Combination Agreement, as the same may be modified or amended, is authorized, approved, ratified and confirmed;
1. any officer or director of Chronos is hereby authorized, for and on behalf of Chronos, to execute and deliver articles of amalgamation and to execute, with or without the corporate seal, and, if appropriate, deliver all other documents and instruments and to do all other things as in the opinion of such director or officer may be necessary or desirable to implement these resolutions and the matters authorized hereby, such determination to be conclusively evidenced by the execution and delivery of any such document or instrument, and the taking of any such action; and
1. all actions heretofore taken by or on behalf of Chronos in connection with any matter referred to in any of the foregoing resolutions which were in furtherance of the transactions contemplated under the Business Combination Agreement are hereby approved, ratified and confirmed in all respects.

APPENDIX "B"

INFORMATION CONCERNING CHRONOS RESOURCES LTD.

Capitalized words, phrases and abbreviations used but not otherwise defined in this Appendix "B" shall have the meanings ascribed to such words, phrases and abbreviations in the "Glossary of Terms" in the body of this Information Circular to which this Appendix "B" is attached. Certain other terms used herein are defined in NI 51-101 and unless the context otherwise requires, shall have the same meaning herein as ascribed to such terms in NI 51-101.

NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Appendix "B" contains certain forward-looking statements and forward-looking information which are based upon Chronos' current internal expectations, estimates, projections, assumptions and beliefs. In some cases, words such as "plan", "expect", "intend", "believe", "estimate", "may", "will", "potential" and other similar words, or statements that certain events or conditions "may" or "will" occur are intended to identify forward-looking statements and forward-looking information. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking statements or information. In addition, this Appendix "B" may contain forward-looking statements and information attributed to third-party industry sources. Undue reliance should not be placed on these forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By its nature, forward-looking information involves numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur. Such forward-looking statements and information in this Appendix "B" speak only as of the date of this Appendix "B".

Forward-looking statements and information in this Appendix "B" include, but are not limited to, statements with respect to:

x plans to complete the Business Combination;
x the consideration to be received by Chronos Shareholders pursuant to the Business Combination;
x timing and development of undeveloped reserves;
x the tax position of Chronos;
x production levels;
x abandonment and reclamation costs and timelines;
x the anticipated benefits to be derived from Chronos' hedging activities;
x allocation of funding for the development of reserves;
x sources of funding for development and costs related thereto.

Although Chronos believes that the expectations reflected in the forward-looking statements contained in this Appendix "B" are reasonable, there can be no assurance that such expectations will prove to be correct. Chronos cannot guarantee future results, levels of activity, performance or achievements. Some of the risks and other factors, some of which are beyond Chronos' control, which could cause results to differ materially from those expressed in the forward-looking statements and information contained in this Appendix "B" include, but are not limited to:

x general economic conditions in Canada and globally;
x industry conditions, including fluctuations in the price of oil and natural gas;
x governmental regulation of the oil and gas industry, including environmental regulation;
x fluctuation in foreign exchange or interest rates;
x liabilities inherent in oil and natural gas operations;
x geological, technical, drilling and processing problems and other difficulties in producing reserves;
x failure to realize anticipated benefits of acquisitions;
x failure to obtain industry partner and other third-party consents and approvals, when required;
x competition for, among other things, capital, acquisitions of reserves, undeveloped land and skilled personnel;
x competition for and inability to retain drilling rigs and other services; and
x the need to obtain required approvals from regulatory authorities.

Statements relating to "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this Appendix "B" are expressly qualified by this cautionary statement. Chronos assumes no duty to update any of the forward-looking statements contained herein after the date hereof to conform such statements to actual results or to changes in Chronos' expectations except as otherwise required by applicable legislation.

All dollar amounts in this Appendix "B" are in Canadian dollars unless otherwise stated.

CORPORATE STRUCTURE

Chronos was incorporated under the ABCA on May 16, 2012 as "1678411 Alberta Ltd.". Chronos filed articles of amendment under the ABCA on October 24, 2012 to change its name to "Chronos Exploration Ltd.". On November 5, 2012, Chronos filed articles of amendment under the ABCA to change its name to "Chronos Resources Ltd.". On September 19, 2014, Chronos amended and restated its articles to remove its share transfer restrictions and to create a new class of shares, namely the preferred shares. On November 19, 2015, Chronos filed articles of amendment under the ABCA to effect a consolidation of the Chronos Shares on the basis of one (1) post-consolidation Chronos Share for every ten (10) preconsolidation Chronos Shares. On February 11, 2019, Chronos filed articles of arrangement in connection with a plan of arrangement between Chronos Resources Ltd. and 2156736 Alberta Ltd., pursuant to which the entities amalgamated to form Chronos.

As of November 21, 2022, the corporate structure of Chronos is as follows:

Note:

(1) Ownership of Chronos Duvernay LP (the "Partnership") is as follows: (i) Chronos Duvernay GP Ltd. ("Chronos GP") is the general partner of the Partnership; (ii) Chronos Duvernay Ltd. ("Chronos DuvCo") has a 21.85% interest of the Partnership, holding 30.0 million Class A Units; (iii) Chronos Duvernay MIS Ltd. ("Chronos MIS") has a nominal ownership stake of the Partnership, holding 30,000 Class C Units; and (iv) JV Partner has a 78.15% interest in the Partnership, holding approximately 73.8 million Class B Units and 33.5 million Class D Units.

Chronos' head office is located at 333 7 Ave SW, Calgary, Alberta T2P 2Z1 and its registered office is located at 4300 Bankers Hall West, 888 - 3rd Street S.W., Calgary, Alberta T2P 5C5.

GENERAL DEVELOPMENT OF THE BUSINESS

Chronos commenced operations in June 2012 with the acquisition of undeveloped lands in southwest Saskatchewan and the subsequent drilling of two test wells. In 2014, Chronos identified and recruited an experienced and seasoned management team and board of directors. Late in 2014, Chronos completed a $12.0 million private placement to management and directors and a $100.0 million brokered financing to capitalize Chronos. Concurrent with the completion of the brokered financing, Chronos identified and executed on three strategic acquisitions for aggregate cash consideration of $69.0 million. The acquisitions were characterized by 735 bbl/d of production (90% oil), five facilities and 25,600 net acres of undeveloped land in southwest Saskatchewan. Commencing in November 2017 Chronos initiated a 7 well (7 net) drilling program. The latter part of 2017 and into 2018 represented a transformational shift for Chronos into a new core area in the Duvernay East Shale Basis in central Alberta. During this time, Chronos secured 139 sections of land in the East Duvernay Shale Basin. In 2018, Chronos completed a financing and partnership arrangement with a private equity firm to provide capital for the exploration and development of these lands. As part of the arrangement, Chronos contributed the 139 sections of land to the Partnership in exchange for partnership units, and the private equity firm agreed to provide the partnership with up to a $100 million equity line of credit. In 2018, Chronos implemented the Beverley Cantuar waterflood in its southwest Saskatchewan area. As part of its joint venture arrangement, the Partnership drilled two test stratigraphic core vertical wells and three horizontal wells in the East Duvernay Shale Basin. 2019 presented a challenging year, with the results from the Partnership's exploratory wells not performing as expected. In 2020, Chronos commenced the drilling of one well in southwest Saskatchewan when the Covid-19 pandemic was declared. As a result, Chronos safely shut down drilling operations and cased the well. For the remainder of 2020 and into 2021, Chronos responded to the pandemic and dramatic commodity price declines by reducing costs and sustaining its operations to survive under such conditions. The latter part of 2021 represented a transformative shift in strategy with the acquisition of the Lloydminster assets in both Chronos and the Partnership. In 2022, Chronos was able to repay all outstanding indebtedness under its secured credit facilities and develop its newly established core area in Lloydminster, Saskatchewan.

Developments in 2022

x On November 7, 2022, Chronos entered into the Business Combination Agreement with Samoth and AcquisitionCo, pursuant to which Samoth proposes to acquire all of the issued and outstanding Chronos Shares. For a full description of the Business Combination Agreement, see "The Business Combination – The Business Combination Agreement" in the Information Circular.
x Chronos repaid all outstanding indebtedness under its secured credit facilities and was released from all fixed and floating charges in respect of its assets.
x Executed a successful reactivation program on its newly acquired Lloydminster assets, bringing on 181 boe/d of production.
x Drilled two multi-lateral wells in the Baldwinton area of Lloydminster, Saskatchewan.

Developments in 2021

x Pursuant to a purchase and sale agreement dated September 22, 2021 with Crew Energy Inc., an arm's length oil and gas producer, Chronos completed the acquisition of properties in the Lloydminster area of Saskatchewan on September 24, 2021, characterized by 400 bbl/d of heavy oil production for aggregate consideration of $1.1 million.

Developments in 2020

x Chronos responded to the COVID-19 pandemic and dramatic commodity price decline by drastically reducing overall cost structure and sustaining its operations.

Significant Acquisitions

Chronos did not complete any significant acquisitions during its most recently completed financial year for which disclosure is required under Part 8 of National Instrument 51-105 – Continuous Disclosure Obligations.

DESCRIPTION OF CHRONOS' BUSINESS AND OPERATIONS

Chronos is a crude oil and natural gas exploration, development and production company based in Calgary, Alberta, Canada. Chronos' operations are in the Gull Lake area of southwest Saskatchewan and recently acquired assets in the Lloydminster regions of Saskatchewan and Alberta. Current production is approximately 1,085 boe/d, comprised of 128 mcf/d of natural gas and 1,064 bbls/d of crude oil and NGLs. As of September 30, 2022, Chronos' assets included proved plus probable reserves of 5,276 mboe and 38,904 net acres of undeveloped and developed lands.

Specialized Skill and Knowledge

Chronos relies on specialized skills and knowledge to gather, interpret and process geological and geophysical data; drill and complete wells; design and operate production facilities; and numerous additional activities required to explore for, acquire and produce oil and natural gas. Chronos' permanent staff have training and experience in the disciplines of engineering, finance, geology and land.

Personnel

As of November 21, 2022, Chronos employed 14 individuals at its head office in Calgary, Alberta and 8 individual(s) in the field.

Reorganizations

No material reorganizations have been either completed or proposed during the current financial year other than in respect of the Business Combination.

PRINCIPAL PROPERTIES

Chronos' principal oil and natural gas properties are focused in southwest Saskatchewan and Lloydminster Saskatchewan. The following is a description of Chronos' principal oil and natural gas properties as at December 31, 2021. Information in respect of current production is average production, net to Chronos' working interest, except where otherwise indicated. Estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation.

Lloydminster Saskatchewan

The Lloydminster area includes Chronos operations at Baldwinton, Forest Bank, Golden Lake, Lashburn West and Neilburg, Tangleflags and Unwin-Epping and is situated in the Saskatchewan region near the city of Lloydminster, Saskatchewan. Chronos' production in the area is comprised of 12° to 14° API oil from several stacked Cretaceious aged reservoirs in the Mannville. Development includes applying multileg horizontal technology to redevelop lands and increase overall recovery. At December 31, 2021, Chronos owned 50 (45.6 net) producing oil wells, along with a 100% owned oil battery and numerous single and multi-well batteries located at individual well sites. The majority of Chronos' oil production from the Lloyminster area is processed at Chronos' 100% owned oil battery which is directly tied into the Manito Pipeline System. As of the date of this Information Circular, Chronos has drilled 2 horizontal wells in the Baldwinton area. As at December 31, 2021, the Chronos Reserves Report attributed proved plus probable reserves of 768 mboe to this area, 768 mbbls of which was made up of heavy oil.

Southwest Saskatchewan

The Saskatchewan property located in the Gull Lake area of southwest Saskatchewan consists of an average working interest of approximately 94%, 17,615 gross (16,929 net) acres of undeveloped and developed lands with average production for the year ended December 31, 2021 of 517 boe/d, 98% of which was from oil and NGLs. As of December 31, 2021, Chronos owned 33 (30.9 net) producing oil wells. Chronos did not drill any wells during 2021, with the majority of activity focused on recompletion and production facilities related to reactivating existing wellbores. As at December 31, 2021, the Chronos Reserves Report attributed proved plus probable reserves of 4,340 mboe to this area, 4,299 mbbls of which was made up of oil and NGLs.

Partnership Assets

On June 14, 2018, Chronos GP, Chronos DuvCo, and Chronos MIS entered into a limited partnership agreement (the "Limited Partnership Agreement"), as amended and restated from time to time, with EMG Chronos Resources ULC ("JV Partner"), an entity managed by affiliates of The Energy & Minerals Group, for the development of Chronos' land base in the East Duvernay Shale Basin in Alberta. Chronos GP, Chronos DuvCo, Chronos MIS and Chronos Duvernay SubCo Ltd. ("Chronos SubCo") also entered into a governance agreement (the "Governance Agreement") with the JV Partner on June 14, 2018, as amended and restated from time to time, in respect of the management and operations of Chronos GP), in its capacity as general partner of the Partnership. As of November 21, 2022, Chronos' ownership, directly and indirectly, of the Partnership is equal to 21.85%. Chronos and the Chronos Shareholders entered into a unanimous shareholder agreement (the "Chronos USA") to provide Chronos GP with an irrevocable power of attorney to approve certain transactions in respect of the Partnership to the extent that they constitute the sale, lease or exchange of all or substantially all of the property of Chronos, other than in the ordinary course of business of Chronos. Effective November 21, 2022, the Chronos USA was extinguished and terminated. The assets of the Partnership are located in Duvernay Alberta and Lloydminster Alberta, as described below.

Duvernay Alberta

The Alberta Duvernay property is in the Ghost Pine embayment of the East Duvernay Shale Basin, located in the Elnora and Mikwan area of west central Alberta. As at December 31, 2021, the lands held by the Partnership consisted of a 100% working interest in 36,616 gross and net undeveloped and developed lands. The Partnership has drilled two core wells (one in Elnora and one in Mikwan), two test horizontal wells in Elnora, one horizontal well in Mikwan area and one horizontal well in Pine Lake. The Duvernay assets are an exploration play.

Lloydminster Alberta

The Lloydminster area includes Chronos' operations at Wildmere, Swimming, Lloydminster and Wainwright. Chronos' production in the area is comprised of 12° to 14° API oil from several stacked Cretaceious aged reservoirs in the Manville. Development includes applying multileg horizontal technology to redevelop lands and increase overall recovery. The majority of the Partnership's oil production from the Lloyminster area is processed at Chronos' 100% owned oil battery which is directly tied into the Manito Pipeline System. As of the date of this Information Circular, Chronos has drilled 5 horizontal wells in the Swimming area.

STATEMENT OF RESERVES DATA AND OTHER OIL AND GAS INFORMATION

Oil and Gas Reserves

Sproule Associates Limited ("Sproule"), qualified reserves evaluators, evaluated the light and medium crude oil, heavy crude oil, conventional natural gas and natural gas liquids ("NGLs") reserves of Chronos as at December 31, 2021, in accordance with NI 51-101 and COGEH, pursuant to the independent reserves report of Chronos (the "Chronos Reserves Report") prepared on April 23, 2022.

The tables below are a summary of the light and medium crude oil, heavy crude oil, conventional natural gas and NGL reserves and the net present value of future net revenue attributable to the reserves of Chronos prior to the completion of the Business Combination, as evaluated in the Chronos Reserves Report, based on forecast price and cost assumptions. Further, the tables summarize the data contained in the Chronos Reserves Report and, as a result, may contain slightly different numbers than such report due to rounding. Also, due to rounding, certain columns may not sum exactly. All of Chronos' reserves are located in Canada and specifically, in the Province of Saskatchewan.

The net present value of future net revenue attributable to reserves is stated without provision for interest costs and general and administrative costs, but after providing for estimated royalties, production costs, development costs, other income, future capital expenditures and well abandonment and reclamation costs.

It should not be assumed that the undiscounted or discounted net present value of future net revenue attributable to reserves estimated by Sproule represent the fair market value of those reserves.

Other assumptions and qualifications relating to costs, prices for future production and other matters are summarized herein. The recovery and reserve estimates of oil, NGLs and natural gas reserves provided herein are estimates only. Actual reserves may be greater than or less than the estimates provided.

Chronos determined the future net revenue and present value of future net revenue after income tax expenses by utilizing Sproule's before income tax future net revenue and Chronos' estimate of income tax. Sproule's estimates of the after income tax value of future net revenue have been prepared based on before income tax reserves information and include assumptions and estimates of Chronos' tax pools and the sequences of claims and rates of claim thereon. The values shown may not be representative of future income tax obligations, applicable tax horizons or after tax valuations. The after tax net present value of Chronos' oil and gas properties reflects the tax burden of Chronos' properties on a standဨalone basis. It does not provide an estimate of the value of Chronos as a business entity, which may be significantly different. The Chronos Financial Statements attached as Schedule "A" to this Appendix "B" should be consulted for additional information regarding Chronos' taxes.

The Chronos Reserves Report is based on certain factual data supplied by Chronos and Sproule's opinion of reasonable practice in the industry. The extent and character of ownership and all factual data pertaining to petroleum properties and contracts (except for certain information residing in the public domain) were supplied by Chronos to Sproule. Sproule accepted this data as presented and neither title searches nor field inspections were conducted.

Reserves Data (Forecast Prices and Costs)

	RESERVES
RESERVES CATEGORY	Light &Med Oil(Mbbl)	Heavy Oil(Mbbl)	Solution Gas(MMcf)	NGLs(Mbbl)	Equivalent(Mboe)
Proved:
Developed Producing	214 5	1,073.7	41	0.1	1,295.1
Developed Non-Producing	11 0	141.4	22	0.0	156.1
Undeveloped	49 2	1,077.7	59	0.1	1,136.9
TOTAL PROVED	274.7	2,292.7	122	0.2	2,588.0
Probable:
Developed Producing	133.4	479 5	17	0.0	615.7
Developed Non-Producing	5.1	53.9	11	0.0	60.9
Undeveloped	261 0	1,566 0	97	0.2	1,843.3
TOTAL PROBABLE	399.4	2,099 3	125	0.2	2,519.8
TOTAL PROVED PLUS PROBABLE	674.1	4,392.1	247	0.4	5,107.8

NET PRESENT VALUES OF RESERVES (PRE-TAX) RESERVES CATEGORY 0% ($000s) 5% ($000s) 10% ($000s) 15% ($000s) 20% ($000s) 25% ($000s) Proved: Developed Producing 26,640 23,099 20,644 18,815 17,382 16,218 Developed Non-Producing 1,531 1,599 1,605 1,576 1,528 1,471 Undeveloped 33,076 21,458 14,475 10,051 7,106 5,063 TOTAL PROVED 61,247 46,157 36,724 30,442 26,015 22,752 Probable: Developed Producing 16,444 10,343 7,277 5,510 4,384 3,613 Developed Non-Producing 961 864 772 691 621 561 Undeveloped 72,015 45,881 31,659 23,142 17,632 13,849 TOTAL PROBABLE 89,420 57,087 39,708 29,344 22,637 18,023 TOTAL PROVED PLUS PROBABLE 150,667 103,244 76,432 59,786 48,652 40,775

Pricing Assumptions – Forecast Prices and Costs

Sproule employed the following pricing, exchange rate and inflation rate assumptions as of December 31, 2021 in the Chronos Reserves Report in estimating reserves data using forecast prices and costs.

Year	WTICushingOklahoma40° API($US/bbl)	CanadianLightSweetCrude40° API($bbl)	HardistyHeavy12° API($bbl)	WesternCanadaSelect20.5° API($bbl)	HardistyBow River24.9° API($bbl)	OperatingCostInflationRate(%Yr)	Capital CostInflationRate(%Yr)	ExchangeRate($US/$Cdn)
Historical
2017	50.95	61.85	45.76	50.24	50.56	1.7%	2.4%	0.77
2018	64.77	68.49	44.74	52.34	53.11	2.4%	4 2%	0.77
2019	57.02	68.87	55.11	58.77	59.10	-0.7%	0.4%	0.75
2020	39.40	45.39	31.47	35.59	35.92	-5.0%	-5.0%	0.75
2021	67.91	80.31	63.82	68.73	69.04	3.3%	6 6%	0 80

Year	WTICushingOklahoma40° API($US/bbl)	CanadianLightSweetCrude40° API($bbl)	HardistyHeavy12° API($bbl)	WesternCanadaSelect20.5° API($bbl)	HardistyBow River24.9° API($bbl)	OperatingCostInflationRate(%Yr)	Capital CostInflationRate(%Yr)	ExchangeRate($US/$Cdn)
Forecast
2022	73.00	86.25	69.58	75.63	76.76	0.0%	0 0%	0 80
2023	70.00	82.40	65.84	71.56	72.64	2.0%	2 0%	0 80
2024	68.00	79.80	63.24	68.74	69.77	2.0%	2 0%	0 80
2025	69.36	81.69	64.51	70.12	71.17	2.0%	2 0%	0 80
2026	70.75	83.02	65.80	71.52	75.59	2.0%	2 0%	0 80
2027	72.16	84.68	67.12	72.95	74.05	2.0%	2 0%	0 80
2028	73.61	86.38	68.46	74.41	75.53	2.0%	2 0%	0 80
2029	75.08	88.10	69.83	75.90	77.04	2.0%	2 0%	0 80
2030	76.58	89.87	71.22	77.42	78.58	2.0%	2 0%	0 80
2031	78.11	91.66	72.65	78.96	80.15	2.0%	2 0%	0 80
2032	79.67	93.50	74.10	80.54	81.75	2.0%	2 0%	0 80

Reconciliation of Changes in Reserves

The following tables set forth a reconciliation of the gross reserves of Chronos as at December 31, 2021, derived from the Chronos Reserves Report using forecast prices and cost estimates, reconciled to the gross reserves of Chronos as at December 31, 2020 and December 31, 2019.

		RESERVES RECONCILIATION
	Gross Proved	Gross Probable	Gross Proved Plus Probable
RESERVES CATEGORY	(MBOE)	(MBOE)	(MBOE)
Balance, December 31, 2019	2,429.7	2,518.2	4,947.9
Technical Revisions	316.6	137.8	454.4
Economic Factors	(183 8)	(47.2)	(231 0)
Production	(182.7)	-	(182.7)
Balance, December 31, 2020	2,379.7	2,608.9	4,988.6
Acquisitions	647.3	160.4	807.7
Technical Revisions	(796 5)	(126.6)	(923 2)
Economic Factors	591.4	(122.9)	468.5
Production	(233.9)	-	(233.9)
Balance, December 31, 2021	2,588.0	2,519.8	5,107.8

Additional Information Relating to Reserves Data

Undeveloped Reserves

Undeveloped reserves are attributed by Sproule in accordance with standards and procedures contained in the COGEH. Proved undeveloped reserves are those reserves that can be estimated with a high degree of certainty and are expected to be recovered from known accumulations where a significant expenditure is required to render them capable of production. Probable undeveloped reserves are those reserves that are less certain to be recovered than proved reserves and are expected to be recovered from known accumulations where a significant expenditure is required to render them capable of production.

Proved Undeveloped Reserves

The following table discloses, for each product type, the volumes of proved undeveloped reserves that were attributed in each of the most recent three financial years.

		RESERVES
	Light &		Solution
RESERVES CATEGORY	Med Oil(Mbbl)	Heavy Oil(Mbbl)	Gas(MMcf)	NGLs(Mbbl)	Equivalent(Mboe)
2019 Proved Undeveloped	-	1,107 6	89	0.3	1,122.7
2020 Proved Undeveloped	50.9	1,136 5	82	0.2	1,201 3
2021 Proved Undeveloped	49.2	1,077.7	59	0.1	1,136.9

Probable Undeveloped Reserves

The following table discloses, for each product type, the volumes of probable undeveloped reserves that were first attributed in each of the most recent three financial years.

	RESERVES
	Light &Med Oil	Heavy Oil	SolutionGas	NGLs	Equivalent
RESERVES CATEGORY	(Mbbl)	(Mbbl)	(MMcf)	(Mbbl)	(Mboe)
2019 Probable Undeveloped	274.9	1,557	129	0.5	1,853.9
2020 Probable Undeveloped	250.3	1,601.5	125	0.3	1,872.9
2021 Probable Undeveloped	261.0	1,566.0	97	0.2	1,843.3

Significant Factors or Uncertainties Affecting Reserves Data

Changes in future commodity prices relative to the forecasts provided under "Pricing Assumptions – Forecast Prices and Costs" above could have a negative impact on Chronos' reserves and in particular the development of Chronos' undeveloped reserves unless future development costs are adjusted in parallel. Chronos' reserves can also be affected significantly by fluctuations in capital expenditures, operating costs, royalty regimes, abandonment and reclamation costs and well performance that are beyond Chronos' control.

Abandonment and Reclamation Costs

In connection with Chronos' operations, Chronos will incur abandonment and reclamation costs for surface leases, wells, facilities and pipelines. Chronos' overall abandonment and reclamation costs include all costs associated with the process of restoring a property that has been disturbed by oil and gas activities to the standard imposed by the applicable government or regulatory authorities.

Finding and Development Costs

The table below sets out the total development costs deducted in the estimation in the Chronos Reserves Report of future net revenue attributable to proved reserves and proved plus probable reserves (using forecast prices and costs).

	as at	as at
Reserve Category ($ in thousands, except per unit amounts)	Dec 31, 2021	Dec 31, 2020
Total capital expenditures on operations and acquisitions'	1,734	767
Change in estimated future development costs	1,837	(1,593)
Total F&D Costs	3,571	(826)

Finding & Development Costs (Proved +Probable)
	as at	as at
Reserve Category ($ in thousands, except per unit amounts)	Dec 31, 2021	Dec 31, 2020
Reserve additions for F&D (mboe)	353.0	223.4
Corporate F&D costs per boe	10.12	(3.70)

Chronos expects to fund the development costs of its reserves through a combination of internally generated cash flow, debt and equity issuances. There can be no guarantee that funds will be available or that the Chronos Board will allocate funding to develop all of the reserves attributed in the Chronos Reserves Report. Failure to develop those reserves could have a negative impact on Chronos' future cash flow.

Interest or other costs of external funding are not included in Chronos' reserves and future net revenue estimates and would reduce reserves and future net revenue to some degree depending upon the funding sources utilized. The cost of the debt component for funding future development costs is expected to be minimal and to not materially impact the disclosed reserves or future net revenue.

Other Oil and Natural Gas Information

Oil and Natural Gas Wells

The following table summarizes, as at December 31, 2021, Chronos' interests in producing wells and in non- producing wells along with its interests in unproved properties (as defined by NI 51-101). All of Chronos' properties are located in the Provinces of Alberta and Saskatchewan.

			Oil Wells			Gas Wells		Undeveloped Properties
		Producing		Non-Producing	Producing		Non-Producing			(acres)
	Gross	Net	Gross	Net	Gross	Net	Gross	Net	Gross	Net
Total	103.0	97.4	358.0	330.0	2.0	1.8	8 0	7.0	26,337	25,880

Significant Factors or Uncertainties Relevant to Properties with no Attributed Reserves

Chronos does not anticipate that any significant economic factors or significant uncertainties will affect any particular components of its properties with no attributed reserves. However, Chronos' decision to develop its properties with no attributed reserves can be affected significantly by fluctuations in product pricing, capital expenditures, operating costs and royalty regimes, all of which are beyond its control. There are no unusually significant abandonment and reclamation costs with Chronos' properties with no attributed reserves.

Forward Contracts

Chronos is exposed to market risks resulting from fluctuations in commodity prices, foreign exchange rates and interest rates in the normal course of operations. A variety of financial instruments may be used by Chronos from time to time to reduce Chronos' exposure to fluctuations in commodity prices and foreign exchange rates.

Chronos may use certain financial instruments to hedge exposure to commodity price fluctuations on a portion of its crude oil and natural gas production. Below is a summary of the hedging agreements Chronos currently has in place.

Benchmark	Period	Volume	Price/Unit
Lloydminster Kerrobert (1)	October 1, 2022 to December 31, 2022	100 bbl/d	CAD $101.50

Note:

(1) Please note that this is a forward fixed price physical delivery contract of Chronos.

SELECTED FINANCIAL INFORMATION

The following is a summary of certain selected financial information for Chronos (on a consolidated basis) for the periods indicated. The following information should be read in conjunction with the Chronos Financial Statements, attached as Schedule "A" to this Appendix "B".

	June 30, 2022(1)$000s	December 31, 2021(2)$000s
Revenues	16,184	13,934
Expenses	(1,070)	(520)
Net Income	15,661	14,433
Total Assets	76,520	64,369
Total Liabilities	23,119	26,629
Total Shareholders' Equity (Deficit)	53,401	37,740

Notes:

(1) Based on the unaudited consolidated financial statements for the six-month period ended June 30, 2022.

(2) Based on the audited financial statements for the year ended December 31, 2021.

Financial Statements

The Chronos Financial Statements are attached hereto as Schedule "B" to this Appendix "B".

KMPG LLP ("KPMG"), Chronos' auditor has not participated in the preparation of or reviewed the information contained in this Information Circular and its Appendices.

DIVIDENDS

Chronos has not paid any dividends during the two most recently completed financial years. Any decision to pay dividends on the Chronos Shares is made by the Chronos Board on the basis of Chronos' earnings, financial requirements and other conditions existing at such future time, subject to compliance with Applicable Laws.

DESCRIPTION OF CAPITAL STRUCTURE

The authorized capital of Chronos consists of an unlimited number of Chronos Shares and an unlimited number of preferred shares, issuable in series. As of November 21, 2022, there are 31,399,439 Chronos Shares issued and outstanding and nil Chronos preferred shares.

Chronos Shares

Holders of Chronos Shares are entitled to one vote per share at meetings of Chronos Shareholders, to receive dividends if, as and when declared by the Chronos Board and to receive rateably the remaining property and assets of Chronos upon its liquidation, dissolution, winding-up or other distribution of assets of Chronos for the purposes of winding-up its affairs, subject to the rights of shares having priority over the Chronos Shares.

Chronos Preferred Shares

Holders of Chronos preferred shares are entitled to receive dividends if, as and when declared by the Chronos Board and, in the event of a distribution, to be paid ratably with holders of each series of preferred shares the amount, if any, specified as being payable preferentially to the holder of such series on a distribution. As of November 21, 2022, there are nil Chronos preferred shares issued and outstanding.

CONSOLIDATED CAPITALIZATION

The below table sets forth the capitalization of Chronos for the year ended December 31, 2021, before giving effect to the Business Combination. This table should be read in conjunction with the Chronos Financial Statements attached as Schedule "A" to this Appendix "B".

Description	AmountAuthorized	Amount Issued &Outstanding	As at December 31, 2021, beforegiving effect to the BusinessCombination and the ChronosFinancings
Chronos Shares	Unlimited	31,399,439	$ 113,332,000
Chronos Preferred shares	Unlimited	Nil	$ 0

Chronos has no outstanding credit facilities or debt.

PRIOR SALES

Chronos did not issue any securities in the 12-month period before the date of this Information Circular. However, in connection with the Business Combination and pursuant to the terms of the Business Combination Agreement, Chronos will issue Subscription Receipts and Units pursuant to the Chronos Financings. For more details, please review "The Business Combination – The Chronos Financings" in the Information Circular.

PRINCIPAL SECURITYHOLDERS

To the best of the knowledge of Chronos' directors and executive officers, there are no Chronos Shareholders that beneficially owns, directly or indirectly, or exercise control or direction over Chronos Shares carrying more than 10% of the votes attached to all of the issued and outstanding Chronos Shares, other than as set forth below.

Name	Number of Chronos Shares Beneficially Owned orControlled or Directed, Directly or Indirectly	% ChronosEquity
JOG Limited Partnership No. VI	7,500,000 Chronos Shares	23.89%

DIRECTORS AND OFFICERS

Name, Occupation and Security Holding

The table set forth below lists the names of the current directors and executive officers of Chronos, their province and country of residence, positions and offices with Chronos, and principal occupations in the preceding five years. Please note that the below does not take the Chronos Financings into account (see Appendix "D" – Information Concerning Lycos Energy Inc.).

Name, Provinceand Country ofResidence	PositionwithChronos	DirectorSince	Principal Occupation During theFive Preceding Years	Number ofChronos SharesBeneficiallyOwned orControlled orDirected, Directlyor Indirectly
Dave Burton (1)Alberta, Canada	President,ChiefExecutive	June 5, 2014	Mr. Burton has been with Chronos since 2014.	1,957,821(6.24%)
	Officer andDirector
Lindsay Goos (1)Alberta, Canada	VP, Financeand Chief	N/A	Ms. Goos has been with Chronos since December2021, and was previously Founder, VP Finance &	Nil
	FinancialOfficer		CFO of Imaginea Energy Ltd. and prior theretoController of BlackShire Energy Ltd.	(0%)
Jamie Conboy (1)Alberta, Canada	VP,Exploration	N/A	Mr. Conboy has been with Chronos since November2022, and was most recently working as subsurface	Nil
			lead with Bison Low Carbon Ventures (CCS) andformerly as founding member of the Storm Group ofcompanies for 20 years in capacities of Vice PresidentGeoscience and Chief Geologist.	(0%)
Kyle Boon (1)Alberta, Canada	VP,Operations	N/A	Mr. Boon has been with Chronos since November2017, and was most recently a Founder and the	1,142,017
			Drilling and Completions Manager of Raging Riverand prior thereto held the role of Senior ProductionTechnologist at Wild Stream.	(3.64%)
Jeff Rideout (1)Alberta, Canada	VP, Land	N/A	Mr. Rideout started with Chronos in October 2022,and was previously a Senior Land/Commercial	Nil
			Negotiator with Whitecap Resources Inc., TORC Oiland Gas Ltd, and prior thereto Founder and VicePresident Elkhorn Resources Inc.	(0%)
Ian Atkinson (1)Alberta, Canada	Director	Sept. 19, 2012	Mr. Atkinson has been President and CEO ofSouthern Energy Corp. (formerly Gulf Pine Energy	192,933
			Partners LP) since 2014.	(0.61%)
Kel Johnston (1)Alberta, Canada	Director	Nov. 8, 2018	Mr. Johnston is currently CEO of Wylander CrudeCorp, a firm that provides consultancy services to oil	Nil
			and gas and private equity clients in Canada and theUSA. He is also a Technical Advisor to CarbonInfrastructure Partners.	(0%)
Tyson BirchallAlberta, Canada	Director	Nov. 8, 2018	Mr. Birchall is currently the Managing Director ofLongbow Capital Inc., a Calgary based private equity	Nil
			investment management firm specializing in theenergy sector. Prior to joining Longbow in January2009, Mr. Birchall was Vice President, InvestmentBanking at Tristone Capital Inc. Mr. Birchall is a CFAcharter holder.	(0%)
Don Cowie (1)Alberta, Canada	Director	Aug. 11, 2016	Founder, JOG Capital from 2002 to 2017. Mr. Cowieis currently retired	Nil
				(0%)

Note:

(1) Please note that this individual is a proposed director and/or executive officer of the Resulting Issuer. For more details about this individual, please see "The Business Combination – The Resulting Issuer" in the Information Circular.

As of November 21, 2022, the existing directors and executive officers of Chronos beneficially own, directly or indirectly, or exercise control or direction over, as a group, an aggregate of 3,292,771 Chronos Shares, being 10.49% of the issued and outstanding Chronos Shares (prior to the Chronos Financings and the Business Combination).

Corporate Cease Trade Orders and Bankruptcies

Other than as below herein, no director is, or has been within the past 10 years, a director, chief executive officer or chief financial officer of any company (including Chronos) that was subject to a cease trade or similar order or an order that denied the relevant company access to any exemption under securities legislation for a period of more than 30 consecutive days: (i) that was issued while such person was acting in that capacity; or (ii) that was issued after such person ceased to be a director, chief executive officer or chief financial officer of that company and which resulted from an event that occurred while that person was acting in that capacity.

Mr. Birchall was a director of Advantage Tower Ltd. and Tower Acquisition Corp. until his resignation on April 10, 2017. Advantage Tower Ltd. and Tower Acquisition Corp. consented to the court appointment of a receiver and manager of the assets, undertakings and properties of the companies. The receivership order was granted on August 9, 2017.

Personal Bankruptcies

No director of Chronos has, within the past 10 years, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, Business Combination or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold the assets of the proposed director.

Penalties and Sanctions

No director has been subject to: (i) any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority; or (ii) any penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable securityholder.

Conflicts of Interest

There are potential conflicts of interest to which the directors and/or executive officers of Chronos are subject with respect to the operations of Chronos. The directors and/or officers of Chronos may also be directors and/or officers of other oil and gas companies or otherwise involved in natural resource exploration and development and situations may arise where they are in a conflict of interest with Chronos, or have significant shareholdings in other companies. Situations may arise where the directors and/or officers of Chronos will be engaged in direct competition with Chronos. Conflicts of interest, if any, which arise will be subject to and governed by procedures prescribed by the ABCA, which require a director or officer of a corporation who is a party to, or is a director or an officer of, or has a material interest in any person who is a party to, a material contract or proposed material contract with Chronos, to disclose his or her interest, and in certain cases, to refrain from voting on any matter in respect of such contract unless otherwise permitted under the ABCA.

See also "Interests of Certain Persons or Companies in the Matters to be Acted Upon" in the accompanying Information Circular.

EXECUTIVE COMPENSATION

During the fiscal year ended December 31, 2021, the five (5) highest paid officers and employees of Chronos, other than directors, were paid an aggregate of $921,060 in cash remuneration. No cash or other remuneration was paid to the directors of Chronos during the fiscal year ended December 31, 2021.

AUDIT COMMITTEE

Composition of the Audit Committee

The members of the Chronos' Audit Committee are Don Cowie (Chair) and Tyson Birchall, each of whom are independent and financially literate. Chronos has adopted the definition of "independence" as set out in Section 1.4 of National Instrument 52-110 – Audit Committees. The relevant experience of each Audit Committee member is described above under "Directors and Officers".

Audit Committee Oversight

At no time since commencement to the most recently completed financial year has a recommendation of the Audit Committee to nominate or compensate an external auditor not been adopted by the Chronos Board.

Pre-Approval Policies and Procedures

The Audit Committee has adopted a policy to review and pre-approve any non-audit services to be provided to Chronos by Chronos' external auditors and will consider the impact on the independence of such auditors. The Audit Committee delegated to the Audit Committee Chair the authority to preapprove non-audit services, provided that the Chair reports to the Audit Committee at the next scheduled meeting such pre-approval and the Chair complies with such other procedures as may be established by the Audit committee from time to time.

External Auditor Service Fees

KPMG LLP is Chronos' auditor and has been Chronos' auditor since Chronos' inception. Fees incurred by Chronos to KPMG LLP for audit and non-audit services in the last two fiscal years are outlined in the following table.

Nature of Services	Fees Paid to Auditor inYear Ended Dec. 31, 2020	Fees Paid to Auditor inYear Ended Dec. 31, 2021
Audit Fees (1)	$ 47,676	$ 76,398
Tax Fees (2)	-	$ 14,044
Total	$47,676	$90,442

Notes:

(2) "Tax Fees" include fees for all tax services other than those included in "Audit Fees" and "Audit-Related Fees". This category includes fees for tax compliance, tax planning and tax advice.

(1) "Audit Fees" include fees necessary to perform the annual audit and quarterly reviews of Chronos' financial statements. Audit Fees include fees for review of tax provisions and for accounting consultations on matters reflected in the financial statements. Audit Fees also include audit or other attest services required by legislation or regulation, such as comfort letters, consents, reviews of securities filings and statutory audits.

CORPORATE GOVERNANCE

Board of Directors

The Chronos Board consists of five (5) directors, the following four (4) of whom are independent:

Ian Atkinson Don Cowie Tyson Birchall Kel Johnston

David Burton is not an independent director as he is the President and Chief Executive Officer of Chronos.

The Chronos Board facilitates its exercise of independent supervision over management by endeavouring for at least 50% of the directors to qualify as independent directors pursuant to National Instrument 58- 101 – Corporate Governance Disclosure and by establishing committees, which are comprised of all or a majority of independent members. In order to ensure that the Chronos Board acts independently, the chairs of all committees are independent members of the Chronos Board. Independent directors hold in camera sessions at most meetings at which non-independent directors and members of management are not in attendance.

Directorships

The following directors are also directors of the following reporting issuers:

Name	Reporting Issuer
Ian Atkinson	Southern Energy Corp.
Don Cowie	CanadaBis Capital Inc.

Orientation and Continuing Education

While Chronos does not currently have a formal orientation and education program for new members of the Chronos Board, Chronos provides such orientation and education on an informal basis. As new directors join the Chronos Board, management will provide these individuals with corporate policies, historical information about Chronos, as well as information on Chronos' performance and its strategic plan with an outline of the general duties and responsibilities entailed in carrying out their duties. The Chronos Board believes that the procedures are a practical and effective approach in light of Chronos' particular circumstances, including the size of Chronos, limited changes to members of the Chronos Board and the experience and expertise of the members of the Chronos Board.

Ethical Business Conduct

The Chronos Board believes that at the present time, the fiduciary duties placed on individual directors by Chronos' governing corporate legislation and the common law and the restrictions placed by applicable corporate legislation on an individual director's participation in decisions of the Chronos Board in which the director has an interest have been sufficient to ensure that the Chronos Board operates independently of management and in the best interests of Chronos.

Nomination of Directors

It is expected that any new candidates will be identified having regard to: (i) the competence and skills that the Chronos Board considers to be necessary for the Chronos Board, as a whole, to possess; (ii) the competence and skills that the Chronos Board considers each existing director to possess; (iii) the competencies and skills that each new nominee will bring to the boardroom; and (iv) whether or not each new nominee can devote sufficient time and resources to his or her duties as a member of the Chronos Board. The Compensation and Corporate Governance Committee has been formed to: review on a periodic basis the composition of the Chronos Board to ensure that an appropriate number of independent directors sit on the Chronos Board; analyze the needs of the Chronos Board; and recommend nominees who meet such needs.

Compensation

The Compensation and Corporate Governance Committee is responsible for: (i) evaluating senior management; and (ii) developing appropriate compensation policies for the senior management and directors of Chronos.

Other Board Committees

Chronos' Compensation and Corporate Governance Committee is comprised of Tyson Birchall (Chair) and Kel Johnston, and is involved in the implementation and oversight of the human resources and compensation policies recommended by such committee, specifically those concerning executive compensation, employment agreements and share compensation and those concerning proposed changes involving officers reporting to the President and Chief Executive Officer as well as the corporate governance of Chronos.

In addition to the Audit Committee and the Compensation and Corporate Governance Committee, Chronos also has a Reserves and Health, Safety and Environmental Committee, which is currently comprised of Ian Atkinson (Chair), Don Cowie and Kel Johnston.

Assessments

The Chronos Board does not currently have a formalized process for assessing the effectiveness of the Chronos Board, its committees and individual directors or the compensation provided to directors. These matters have historically been dealt with by the full Chronos Board through formal and informal discussions from time to time.

LEGAL PROCEEDINGS AND REGULATORY ACTIONS

To the knowledge of Chronos, there are no outstanding legal proceedings material to Chronos to which Chronos is, or was a party to, or that any of its properties are or were the subject of, since the beginning of the most recently completed financial year, and no such proceedings are known to Chronos to be contemplated.

To the knowledge of Chronos, there were no: (i) penalties or sanctions imposed against Chronos by a court relating to securities legislation or by a securities regulatory authority during the three years prior to the date hereof; (ii) penalties or sanctions imposed by a court or regulatory body against Chronos that would likely be considered important to a reasonable investor in making an investment decision; or (iii) settlement agreements that Chronos entered into with a court relating to securities legislation or with a securities regulatory authority during the three years prior to the date hereof.

INTERESTS OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS

Other than as set forth in the accompanying Information Circular or as described below, the directors and executive officers of Chronos are not aware of any material interest, direct or indirect, of any director, executive officer or Chronos Shareholder holding a sufficient number of securities of Chronos to affect materially the control of Chronos, or any associate or affiliate of any such person, in any transaction within the last three years, or in any proposed transaction, that has materially affected or will materially affect Chronos.

AUDITORS, TRANSFER AGENT AND REGISTRAR

The auditors of Chronos are KPMG of Calgary, Alberta and the transfer agent of Chronos for its common shares is Odyssey Trust Company at its offices in Calgary, Alberta. The Resulting Issuer will retain the services of KPMG as auditor.

MATERIAL CONTRACTS

Other than the Business Combination Agreement, and those agreements set forth below, there are no contracts entered into by Chronos during its most recently completed financial year, or before Chronos' most recently completed financial year, which are still in effect and which can reasonably be regarded as presently material.

The following agreements may be considered to be material contracts to Chronos as of the date of this Information Circular:

x Business Combination Agreement. See "The Business Combination The Business Combination Agreement" in the body of this Information Circular.
x Limited Partnership Agreement.
x Governance Agreement.

SIGNIFICANT ACQUISITIONS AND SIGNIFICANT DISPOSITIONS

Chronos has not completed any significant acquisitions or significant dispositions or entered into any significant probable acquisitions within or since the completion of Chronos' most recently completed financial year other than the probable disposition of all of the Chronos Shares in connection with the Business Combination described under the heading "The Business Combination – The Business Combination Agreement" in the body of this Information Circular.

REPORTING REQUIREMENTS

Chronos is not a reporting issuer or the equivalent thereof under the securities legislation in any jurisdiction in Canada, the United States or elsewhere. Accordingly, Chronos is not subject to the continuous reporting and disclosure requirements prescribed by such securities legislation. Therefore, there is no requirement that Chronos comply with such requirements, including, without limitation, the requirements to provide prompt notification of material changes by way of press releases, to formally file disclosure documents with applicable securities regulatory authorities or to prepare and file quarterly unaudited financial statements.

SCHEDULE "A" TO APPENDIX "B"

CHRONOS FINANCIAL STATEMENTS

(Please see attached.)

DE'DEdΖ^ /^h^^/KE E E>z^/^

DĂŶĂŐĞŵĞŶƚ͛Ɛ ŝƐĐƵƐƐŝŽŶ ĂŶĚ ŶĂůLJƐŝƐ ;ƚŚĞ ΗDΘΗͿ ŚĂƐ ďĞĞŶ ƉƌĞƉĂƌĞĚ ďLJ ŵĂŶĂŐĞŵĞŶƚ͕ ĂŶĚ ƌĞǀŝĞǁĞĚ ĂŶĚ ĂƉƉƌŽǀĞĚ ďLJ ƚŚĞ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ ;ƚŚĞ ΗŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐΗͿ ŽĨ ŚƌŽŶŽƐ ZĞƐŽƵƌĐĞƐ >ƚĚ͘ ;ΗŚƌŽŶŽƐΗ Žƌ ƚŚĞ ΗŽŵƉĂŶLJΗͿ ŽŶ :ƵŶĞ ϲƚŚ͕ ϮϬϮϮ͘ dŚŝƐ DΘ ƐŚŽƵůĚ ďĞ ƌĞĂĚ ŝŶ ĐŽŶũƵŶĐƚŝŽŶ ǁŝƚŚ ƚŚĞ ĂƵĚŝƚĞĚ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶĚ ƚŚĞ ŶŽƚĞƐ ƚŚĞƌĞƚŽ͘ dŚĞƐĞ ĂƵĚŝƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŚĂǀĞ ďĞĞŶ ƉƌĞƉĂƌĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ /ŶƚĞƌŶĂƚŝŽŶĂů &ŝŶĂŶĐŝĂů ZĞƉŽƌƚŝŶŐ ^ƚĂŶĚĂƌĚƐ ;Η/&Z^ΗͿ ĂƐ ŝƐƐƵĞĚ ďLJ ƚŚĞ /ŶƚĞƌŶĂƚŝŽŶĂů ĐĐŽƵŶƚŝŶŐ ^ƚĂŶĚĂƌĚƐ ŽĂƌĚ ;Η/^ΗͿ͘ ůů ĚŽůůĂƌ ĂŵŽƵŶƚƐ ĂƌĞ ƌĞĨĞƌĞŶĐĞĚ ŝŶ ĂŶĂĚŝĂŶ ĚŽůůĂƌƐ͘ dŚĞ ƌĞĂĚĞƌ ƐŚŽƵůĚ ďĞ ĂǁĂƌĞ ƚŚĂƚ ŚŝƐƚŽƌŝĐĂů ƌĞƐƵůƚƐ ĂƌĞ ŶŽƚ ŶĞĐĞƐƐĂƌŝůLJ ŝŶĚŝĐĂƚŝǀĞ ŽĨ ĨƵƚƵƌĞ ƉĞƌĨŽƌŵĂŶĐĞ͘

ĞƐĐƌŝƉƚŝŽŶ ŽĨ ƚŚĞ ŽŵƉĂŶLJ

ŚƌŽŶŽƐ ǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ƵŶĚĞƌ ƚŚĞ ƵƐŝŶĞƐƐ ŽƌƉŽƌĂƚŝŽŶƐ Đƚ ;ůďĞƌƚĂͿ ŽŶ DĂLJ ϭϲ͕ ϮϬϭϮ͘ ŚƌŽŶŽƐ ŝƐ Ă ĐƌƵĚĞ Žŝů ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ĞdžƉůŽƌĂƚŝŽŶ͕ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ƉƌŽĚƵĐƚŝŽŶ ĐŽŵƉĂŶLJ ďĂƐĞĚ ŝŶ ĂůŐĂƌLJ͕ ůďĞƌƚĂ͕ ĂŶĂĚĂ͘ dŚĞ ŽŵƉĂŶLJ͛Ɛ ŽƉĞƌĂƚŝŽŶƐ ĂƌĞ ŝŶ ƚŚĞ 'Ƶůů >ĂŬĞ ĂƌĞĂ ŽĨ ƐŽƵƚŚǁĞƐƚ ^ĂƐŬĂƚĐŚĞǁĂŶ ĂŶĚ ƌĞĐĞŶƚůLJ ĂĐƋƵŝƌĞĚ ĂƐƐĞƚƐ ŝŶ ƚŚĞ ĂƌĞĂ ŽĨ >ůŽLJĚŵŝŶƐƚĞƌ ^ĂƐŬĂƚĐŚĞǁĂŶ͘

hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞ ŝŶĚŝĐĂƚĞĚ ŚĞƌĞŝŶ͕ Ăůů ƉƌŽĚƵĐƚŝŽŶ ŝŶĨŽƌŵĂƚŝŽŶ ƉƌĞƐĞŶƚĞĚ ŚĞƌĞŝŶ ŚĂǀĞ ďĞĞŶ ƉƌĞƐĞŶƚĞĚ ŽŶ Ă ŐƌŽƐƐ ďĂƐŝƐ͕ ǁŚŝĐŚ ŝƐ ƚŚĞ ŽŵƉĂŶLJΖƐ ǁŽƌŬŝŶŐ ŝŶƚĞƌĞƐƚ ƉƌŝŽƌ ƚŽ ĚĞĚƵĐƚŝŽŶ ŽĨ ƌŽLJĂůƚŝĞƐ ĂŶĚ ǁŝƚŚŽƵƚ ŝŶĐůƵĚŝŶŐ ĂŶLJ ƌŽLJĂůƚLJ ŝŶƚĞƌĞƐƚƐ͘

ZĞƐƉŽŶĚŝŶŐ ƚŽ ŽǀŝĚͲϭϵ

dŚĞ ŽŵƉĂŶLJ ĐŽŶƚŝŶƵĞƐ ƚŽ ƌĞƐƉŽŶĚ ĂŶĚ ĂĚĂƉƚ ƚŽ ŽƵƌ Ks/Ͳϭϵ ƉŽůŝĐŝĞƐ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ ƚŽ ƚŚĞ ŵĞĂƐƵƌĞƐ ƌĞĐŽŵŵĞŶĚĞĚ ďLJ ƚŚĞ ǀĂƌŝŽƵƐ ůĞǀĞůƐ ŽĨ 'ŽǀĞƌŶŵĞŶƚ͘ KǀĞƌ ƚŚĞ ƉĂƐƚ LJĞĂƌ͕ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ďƵƐŝŶĞƐƐ ĂŶĚ ŽƉĞƌĂƚŝŽŶƐ ŚĂǀĞ ŶŽƚ ďĞĞŶ ŵĂƚĞƌŝĂůůLJ ŝŵƉĂĐƚĞĚ ďLJ ƚŚĞ Ks/Ͳϭϵ ƉĂŶĚĞŵŝĐ͘ dŚĞ ŝŵƉĂĐƚ ŽĨ ƚŚĞ ƉĂŶĚĞŵŝĐ ŽŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ĨƵƚƵƌĞ ĨŝŶĂŶĐŝĂů ƉĞƌĨŽƌŵĂŶĐĞ ŝƐ ĐƵƌƌĞŶƚůLJ ƵŶŬŶŽǁŶ͘ dŚĞ ĨƵƚƵƌĞ ŝŵƉĂĐƚ ŽŶ ŚƌŽŶŽƐ ǁŝůů ĚĞƉĞŶĚ ŽŶ ĚĞǀĞůŽƉŵĞŶƚƐ ƚŚĂƚ ĂƌĞ ƵŶĐĞƌƚĂŝŶ ĂŶĚ ƵŶƉƌĞĚŝĐƚĂďůĞ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ĚƵƌĂƚŝŽŶ ĂŶĚ ƐƉƌĞĂĚ ŽĨ Ks/Ͳϭϵ͕ ŝƚƐ ĐŽŶƚŝŶƵĞĚ ŝŵƉĂĐƚ ŽŶ ĨŝŶĂŶĐŝĂů ŵĂƌŬĞƚƐ ŽŶ Ă ŵĂĐƌŽͲƐĐĂůĞ ĂŶĚ ĂŶLJ ŶĞǁ ŝŶĨŽƌŵĂƚŝŽŶ ƚŚĂƚ ŵĂLJ ĞŵĞƌŐĞ ĐŽŶĐĞƌŶŝŶŐ ƚŚĞ ĞĨĨĞĐƚŝǀĞŶĞƐƐ ŽĨ ĂǀĂŝůĂďůĞ ǀĂĐĐŝŶĞƐ ĂŶĚ ƚŚĞ ƐĞǀĞƌŝƚLJ ĂŶĚ ƐƉƌĞĂĚ ŽĨ ƚŚĞ ǀŝƌƵƐ͛ ǀĂƌŝĂŶƚƐ͘ dŚĞ ƉĂŶĚĞŵŝĐ ƉƌĞƐĞŶƚƐ ƵŶĐĞƌƚĂŝŶƚLJ ĂŶĚ ƌŝƐŬ ǁŝƚŚ ƌĞƐƉĞĐƚ ƚŽ ƚŚĞ ĐŽŵƉĂŶLJ͕ ŝƚƐ ƉĞƌĨŽƌŵĂŶĐĞ͕ ĂŶĚ ƚŚĞ ĞƐƚŝŵĂƚĞƐ ĂŶĚ ĂƐƐƵŵƉƚŝŽŶƐ ƵƐĞĚ ďLJ ŵĂŶĂŐĞŵĞŶƚ ŝŶ ƚŚĞ ƉƌĞƉĂƌĂƚŝŽŶ ŽĨ ŝƚƐ ĨŝŶĂŶĐŝĂů ƌĞƐƵůƚƐ͘ dŚĞ ŽŵƉĂŶLJ ďĞůŝĞǀĞƐ ƚŚĞ ŵĞĂƐƵƌĞƐ ŝƚ ŚĂƐ ƚĂŬĞŶ ǁŝůů ƉƌŽǀŝĚĞ ŝƚ ǁŝƚŚ ƚŚĞ ĨŝŶĂŶĐŝĂů ĐĂƉĂďŝůŝƚLJ ƚŽ ĞdžĞĐƵƚĞ ŽŶ ŝƚƐ ďƵƐŝŶĞƐƐ ƉůĂŶ͕ ĚĞůŝǀĞƌ ƐĂĨĞ ĂŶĚ ƌĞůŝĂďůĞ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ĐŽŶƚŝŶƵĞ ƚŽ ďƵŝůĚ ŝƚƐ ƐƵƐƚĂŝŶĂďůĞ ďƵƐŝŶĞƐƐ͘

Yϰ ϮϬϮϭ ,/',>/',d^

,ŝŐŚůŝŐŚƚƐ ĨŽƌ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ŝŶĐůƵĚĞ͗

x dŚĞ ĐŽŵƉĂŶLJ ƐƵĐĐĞƐƐĨƵůůLJ ŝŶĐŽƌƉŽƌĂƚĞĚ ƚŚĞ ŶĞǁůLJ ĂĐƋƵŝƌĞĚ >ůŽLJĚŵŝŶƐƚĞƌ ĂƐƐĞƚƐ ŝŶƚŽ ŚƌŽŶŽƐ ŽŶŐŽŝŶŐ ŽƉĞƌĂƚŝŽŶƐ ǁŚŝĐŚ ŝƐ ĂĚĚŝŶŐ ĂĚĚŝƚŝŽŶĂů ĐĂƐŚĨůŽǁ ĂŶĚ ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ ŽƉƉŽƌƚƵŶŝƚŝĞƐ͘
x ŚƌŽŶŽƐ ƌĞƉĂŝĚ Ăůů ďĂŶŬ ĚĞďƚ ĂŶĚ ƐƵďƐĞƋƵĞŶƚ ƚŽ LJĞĂƌ ĞŶĚ ǁĂƐ ƌĞůĞĂƐĞĚ ďLJ ƚŚĞ ĂŶĂĚŝĂŶ ĐŚĂƌƚĞƌĞĚ ďĂŶŬ ĨƌŽŵ Ăůů ĨŝdžĞĚ ĂŶĚ ĨůŽĂƚŝŶŐ ĐŚĂƌŐĞ ĚĞŵĂŶĚ ĚĞďĞŶƚƵƌĞ ŽŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƉƌŽĚƵĐŝŶŐ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƉƌŽƉĞƌƚŝĞƐ͘
x WƌŽĚƵĐƚŝŽŶ ŝŶ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ǁĂƐ ϵϭϴ ďŽĞͬĚ ;ϵϵй ŽŝůͿ ŐĞŶĞƌĂƚŝŶŐ ƌĞǀĞŶƵĞ ŽĨ Ψϲ͘Ϯ ŵŝůůŝŽŶ ǁŝƚŚ ĂŶ ŽƉĞƌĂƚŝŶŐ ŶĞƚďĂĐŬ ŽĨ ΨϮ͘Ϭ ŵŝůůŝŽŶ Žƌ ΨϮϯ͘ϯϯͬďŽĞ͕ ĂŶ ŝŶĐƌĞĂƐĞ ŽĨ ϮϬй ŝŶ ŽƉĞƌĂƚŝŶŐ ŶĞƚďĂĐŬ ĨƌŽŵ ƚŚĞ ƉƌŝŽƌ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϭ͘
x td/ ĐƌƵĚĞ Žŝů ƉƌŝĐĞ ŝŶĐƌĞĂƐĞĚ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ƋƵĂƌƚĞƌ ĂŶĚ ĂǀĞƌĂŐĞĚ h^Ψϳϳ͘ϭϵͬďďů ƵƉ ĨƌŽŵ h^ΨϳϬ͘ϱϲͬďďů ŝŶ ƚŚĞ ƚŚŝƌĚ ƋƵĂƌƚĞƌ ϮϬϮϭ͘
x ZĞĂůŝnjĞĚ ĐƌƵĚĞ Žŝů ƉƌŝĐĞ ǁĂƐ Ψϳϯ͘ϯϱͬďďů ŝŶ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϭ ƵƉ ĨƌŽŵ Ψϲϱ͘ϭϵͬďďů ŝŶ ƚŚĞ ƚŚŝƌĚ ƋƵĂƌƚĞƌ ϮϬϮϭ͕ ƌĞƉƌĞƐĞŶƚŝŶŐ Ă ϭϯ й ŝŶĐƌĞĂƐĞ͘
x &ƵŶĚƐ ĨůŽǁ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ;ϭͿ ǁĂƐ ΨϬ͘ϵ ŵŝůůŝŽŶ ĨŽƌ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϭ ĂŶĚ Ψϯ͘Ϭ ŵŝůůŝŽŶ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͘

DΘ ĨŽƌ LJĞĂƌƐ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶĚ ϮϬϮϬ

&/EE/> EKWZd/E' ,/',>/',d^

&ŝŶĂŶĐŝĂů

;Ψ ŝŶ ƚŚŽƵƐĂŶĚƐͿ	dŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚ		zĞĂƌ ĞŶĚĞĚ
	ĞĐĞŵďĞƌ ϯϭ͕		ĞĐĞŵďĞƌ ϯϭ͕
	ϮϬ Ϯ ϭ	ϮϬϮϬ	ϮϬ Ϯ ϭ	ϮϬϮϬ
ZĞǀĞŶƵĞ	ϲ͕ϭ ϲ ϱ	ϭ͕ϲϴϭ	ϭϯ͕ϵ ϯ ϰ	ϱ͕ϱϵϯ
&ƵŶĚƐ ĨůŽǁ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ ;ϭͿ	ϵϬ Ϭ	ϭϵϳ	ϯ͕Ϭ ϰ ϲ	ϭϱϬ
EĞƚ ŝŶĐŽŵĞ ;ůŽƐƐͿ	ϭ ϯ͕Ϭ ϴ ϯ	;ϯ͕ϰϯϳͿ	ϭϰ͕ϰ ϯ ϯ	;ϯϲ͕ϬϲϮͿ
džƉůŽƌĂƚŝŽŶ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĞdžƉĞŶĚŝƚƵƌĞƐ	Ϯ ϯ ϳ	ϭϲϱ	ϲϲ ϴ	ϭ͕ϴϮϲ

;Ψ ŝŶ ƚŚŽƵƐĂŶĚƐͿ				Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕
			Ϯ Ϭ Ϯ ϭ	ϮϬϮϬ
tŽƌŬŝŶŐ ĂƉŝƚĂů ;ŶĞƚ ĚĞďƚ ;ϭͿͿ			;ϭ͕Ϯ Ϯ ϮͿ	;Ϯ͕ϯϵϮͿ
dŽƚĂů ƐĞĐƵƌŝƚŝĞƐ ŽƵƚƐƚĂŶĚŝŶŐ͗
ŽŵŵŽŶ ƐŚĂƌĞƐ			ϯ ϭ͕ϯ ϵ ϵ	ϯϭ͕ϯϵϵ
^ŚĂƌĞ ŽƉƚŝŽŶƐ			Ͳ	Ͳ
dŽƚĂů ĚŝůƵƚĞĚ ƐĞĐƵƌŝƚŝĞƐ ŽƵƚƐƚĂŶĚŝŶŐ			ϯ ϭ͕ϯ ϵ ϵ	ϯϭ͕ϯϵϵ
;ϲ͗ϭ ďŽĞ ĐŽŶǀĞƌƐŝŽŶͿ	dŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚ		zĞĂƌ ĞŶĚĞĚ
	ĞĐĞŵďĞƌ ϯϭ͕		ĞĐĞŵďĞƌ ϯϭ͕
	Ϯ Ϭ Ϯ ϭ	ϮϬϮϬ	ϮϬ Ϯ ϭ	ϮϬϮϬ
ĂŝůLJ Ɖ ƌŽĚƵĐ ƚŝŽŶ͗
ƌƵĚĞ Žŝů ;ďďůƐͬĚͿ	ϵ ϭ Ϭ	ϰϴϬ	ϲϮ ϴ	ϰϵϭ
EĂƚƵƌĂů ŐĂƐ ;ŵĐĨͬĚͿ	ϱ Ϭ	ϱϯ	ϱϱ	ϰϵ
dŽƚĂů ;ďŽĞͬĚͿ	ϵ ϭ ϴ	ϰϴϵ	ϲϯ ϳ	ϱϬϬ
й ƌƵĚĞ Žŝů	ϵ ϵй	ϵϴй	ϵϵй	ϵϴй
ZĞĂůŝnjĞĚ Ɖ ƌŝĐĞƐ͗
ƌƵĚĞ Žŝů ;ΨͬďďůͿ	ϳ ϯ͘ϯ ϱ	ϯϳ͘ϳϵ	ϲϬ͘ϰ Ϯ	ϯϬ͘ϵϬ
EĂƚƵƌĂů ŐĂƐ ;ΨͬŵĐĨͿ	ϰ͘ϵ ϲ	Ϯ͘ϰϱ	ϯ͘ϱ ϲ	ϭ͘ϵϰ
ĂƌƌĞůƐ ŽĨ Žŝů ĞƋƵŝǀĂůĞŶƚ ;ΨͬďŽĞͿ	ϳ Ϯ͘ϵ ϱ	ϯϳ͘ϯϳ	ϱϵ͘ϴ ϲ	ϯϬ͘ϱϵ
K ƉĞƌĂƚŝŶŐ ŶĞƚ ďĂĐ Ŭ ;Ψ ͬďŽĞͿ ; ϭ Ϳ	Ϯ ϯ͘ϯ ϯ	ϲ͘ϲϳ	ϭϵ͘ϴ ϰ	ϰ͘Ϯϳ
ƌŝůůŝŶŐ ĂĐ ƚŝǀŝ ƚLJ
'ƌŽƐƐ ǁĞůůƐ	Ͳ	Ͳ	Ͳ	ϭ
EĞƚ ǁĞůůƐ	Ͳ	Ͳ	Ͳ	ϭ
^ƵĐĐĞƐƐ ƌĂƚĞ	Ͳ	Ͳ	Ͳ	ŶͬĂ
>ĂŶĚ ,ŽůĚŝŶŐƐ
ůďĞƌƚĂ			ϲϯϯ	ϲϰϬ
^ĂƐŬĂƚĐŚĞǁĂŶ			Ϯϱ͕Ϯϰϳ	ϭϮ͕Ϭϳϲ
dŽƚĂů			Ϯϱ͕ϴϴϬ	ϭϮ͕ϳϭϲ

;ϭͿ ^ĞĞ ŶŽŶͲ/&Z^ ŵĞĂƐƵƌĞƐ ĂŶĚ ŽƚŚĞƌ ĨŝŶĂŶĐŝĂů ŵĞĂƐƵƌĞƐ͘

DΘ ĨŽƌ LJĞĂƌƐ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶĚ ϮϬϮϬ

Z^h>d^ K& KWZd/KE^

;Ψ ŝŶ ƚŚŽƵƐĂŶĚƐͿ	dŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚ		zĞĂƌ ĞŶĚĞĚ
	ĞĐĞŵďĞƌ ϯϭ͕		ĞĐĞŵďĞƌ ϯϭ͕
	ϮϬ Ϯ ϭ	ϮϬϮϬ	ϮϬ Ϯ ϭ	ϮϬϮϬ
ZĞǀĞŶƵĞ	ϲ͕ϭ ϲ ϱ	ϭ͕ϲϴϭ	ϭϯ͕ϵ ϯ ϰ	ϱ͕ϱϵϯ
ZŽLJĂůƚŝĞƐ	;ϭ͕Ϭ ϴ ϱͿ	;ϯϯϯͿ	;Ϯ͕ϲ ϱ ϲͿ	;ϭ͕ϭϭϬͿ
EĞƚ ƌĞǀĞŶƵĞ	ϱ͕Ϭ ϴ Ϭ	ϭ͕ϯϰϴ	ϭϭ͕Ϯ ϳ ϴ	ϰ͕ϰϴϯ
KƚŚĞƌ ŝŶĐŽŵĞ	Ϯ ϳ	Ͳ	Ϯϳ	Ͳ
KƉĞƌĂƚŝŶŐ ĞdžƉĞŶƐĞƐ	;ϯ͕Ϭ ϱ ϰͿ	;ϵϵϭͿ	;ϲ͕ϰ Ϯ ϴͿ	;ϯ͕ϰϵϮͿ
dƌĂŶƐƉŽƌƚĂƚŝŽŶ ĞdžƉĞŶƐĞƐ	;ϴ ϭͿ	;ϱϳͿ	;Ϯ ϱ ϴͿ	;ϮϭϭͿ
K ƉĞƌĂƚŝŶŐ EĞƚďĂĐ Ŭ	ϭ͕ϵ ϳ Ϯ	ϯϬϬ	ϰ͕ϲ ϭ ϵ	ϳϴϬ
'ĞŶĞƌĂů ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĞdžƉĞŶƐĞƐ	;ϭ͕Ϭ ϭ ϱͿ	;ϲϬͿ	;ϭ͕ϰ ϰ ϯͿ	;ϱϬϵͿ
dƌĂŶƐĂĐƚŝŽŶ ƌĞůĂƚĞĚ ĞdžƉĞŶƐĞƐ	;ϯ ϴͿ	Ͳ	;ϲ ϯͿ	Ͳ
/ŶƚĞƌĞƐƚ ĞdžƉĞŶƐĞ	;ϭ ϵͿ	;ϰϯͿ	;ϲ ϳͿ	;ϭϮϭͿ
&ƵŶĚƐ ĨůŽǁ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ	ϵ Ϭ Ϭ	ϭϵϳ	ϯ͕Ϭ ϰ ϲ	ϭϱϬ
ĐĐƌĞƚŝŽŶ	ϭ	;ϰϬͿ	;ϳ ϬͿ	;ϭϲϬͿ
džƉůŽƌĂƚŝŽŶ ĞdžƉĞŶƐĞ	Ͳ	Ͳ	Ͳ	;ϭϯ͕ϮϵϵͿ
ĞƉůĞƚŝŽŶ ĂŶĚ ĚĞƉƌĞĐŝĂƚŝŽŶ	;ϭ͕ϭ ϵ ϱͿ	;ϱϰϯͿ	;Ϯ͕ϴ ϳ ϱͿ	;Ϯ͕ϴϲϲͿ
/ŵƉĂŝƌŵĞŶƚ ;ƌĞǀĞƌƐĂůͿ	ϭ ϭ͕ϱ Ϭ ϵ	;Ϯ͕ϵϴϯͿ	ϭϭ͕ϱ Ϭ ϵ	;ϭϵ͕ϵϴϯͿ
^ŚĂƌĞ ŽĨ ũŽŝŶƚ ǀĞŶƚƵƌĞ ĂĐƚŝǀŝƚŝĞƐ	ϭ͕ϲ ϯ ϴ	;ϲϲͿ	Ϯ͕ϱ ϲ ϲ	ϭϬϰ
/ŶƚĞƌĞƐƚ ŽŶ ůĞĂƐĞ ŽďůŝŐĂƚŝŽŶƐ	;ϮͿ	;ϮͿ	;ϭ ϭͿ	;ϭϯͿ
KƚŚĞƌ ŝŶĐŽŵĞ	ϭ ϵ Ϭ	Ͳ	ϭϵ Ϭ	Ͳ
'ĂŝŶ ŽŶ ĚŝƐƉŽƐŝƚŝŽŶ	ϰ Ϯ	Ͳ	ϳϴ	ϱ
EĞƚ ŝŶĐ ŽŵĞ ;ůŽƐƐͿ ĨŽ ƌ ƚŚĞ ƉĞƌŝŽĚ	ϭ ϯ͕Ϭ ϴ ϯ	;ϯ͕ϰϯϳͿ	ϭϰ͕ϰ ϯ ϯ	;ϯϲ͕ϬϲϮͿ

;ϲ͗ϭ ďŽĞ ĐŽŶǀĞƌƐŝŽŶͿ		dŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚ		zĞĂƌ ĞŶĚĞĚ
	ĞĐĞŵďĞƌ ϯϭ͕		ĞĐĞŵďĞƌ ϯϭ͕
	Ϯ Ϭ Ϯ ϭ	ϮϬϮϬ	ϮϬ Ϯ ϭ	ϮϬϮϬ
ĂŝůLJ ƉƌŽĚƵĐƚŝŽŶ͗
ƌƵĚĞ Žŝů ;ďďůƐͬĚͿ	ϵϭ Ϭ	ϰϴϬ	ϲϮ ϴ	ϰϵϭ
EĂƚƵƌĂů ŐĂƐ ;ŵĐĨͬĚͿ	ϱϬ	ϱϯ	ϱϱ	ϰϵ
dŽƚĂů ;ďŽĞͬĚͿ	ϵϭ ϴ	ϰϴϵ	ϲϯ ϳ	ϱϬϬ
й ƌƵĚĞ Žŝů	ϵϵй	ϵϴй	ϵϵй	ϵϴй

WƌŽĚƵĐƚŝŽŶ ĚƵƌŝŶŐ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ǁĂƐ ϵϭϴ ďŽĞͬĚ ;ϵϵй ŽŝůͿ ĐŽŶƐŝƐƚŝŶŐ ŽĨ ĐƌƵĚĞ Žŝů ŽĨ ϵϭϬ ďďůƐͬĚ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ŽĨ ϱϬ ŵĐĨͬĚ͕ ĂŶ ŝŶĐƌĞĂƐĞ ŽĨ ϴϴй ŽǀĞƌ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ϮϬϮϬ ƉƌŽĚƵĐƚŝŽŶ ŽĨ ϰϴϵ ďŽĞͬĚ ;ϵϴй ŽŝůͿ͘ dŚĞ ƐŝŐŶŝĨŝĐĂŶƚ ŝŶĐƌĞĂƐĞ ŝŶ ƉƌŽĚƵĐƚŝŽŶ ŝƐ ƚŚĞ ƌĞƐƵůƚ ŽĨ ƚŚĞ ĨƵůů ƋƵĂƌƚĞƌ ƌĞƐƵůƚƐ ŽĨ ƚŚĞ ŶĞǁůLJ ĂĐƋƵŝƌĞĚ ŚĞĂǀLJ Žŝů ĂƐƐĞƚƐ ŝŶ >ůŽLJĚŵŝŶƐƚĞƌ͕ ^ĂƐŬĂƚĐŚĞǁĂŶ͘

&Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ƉƌŽĚƵĐƚŝŽŶ ǁĂƐ ϲϯϳ ďŽĞͬĚ ;ϵϵй ŽŝůͿ͕ Ă Ϯϳй Žƌ ϭϯϳ ďŽĞͬĚ ŝŶĐƌĞĂƐĞ ŽǀĞƌ ƉƌŝŽƌ LJĞĂƌ͘ dŚĞ ŝŶĐƌĞĂƐĞ Ă ƌĞƐƵůƚ ŽĨ ŝŶĐŽƌƉŽƌĂƚŝŶŐ ƚŚĞ ŶĞǁůLJ ĂĐƋƵŝƌĞĚ ŚĞĂǀLJ Žŝů ĂƐƐĞƚƐ ĨŽƌ ƚŚĞ ůĂƚƚĞƌ ƉĂƌƚ ŽĨ ϮϬϮϭ͘

'ĂƐ ƉƌŽĚƵĐƚŝŽŶ ŝƐ ŶŽƚ Ă ƐŝŐŶŝĨŝĐĂŶƚ ĐŽŵƉŽŶĞŶƚ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƉƌŽĚƵĐƚŝŽŶ ƌĞŵĂŝŶĞĚ ƌĞůĂƚŝǀĞůLJ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƉƌŝŽƌ ƉĞƌŝŽĚƐ͘ dŚĞ ŽŵƉĂŶLJ ĞdžƉĞĐƚƐ ŐĂƐ ƉƌŽĚƵĐƚŝŽŶ ƚŽ ĚĞĐůŝŶĞ ĚƵĞ ƚŽ ŶŽƌŵĂů ĨŝĞůĚ ĚĞĐůŝŶĞƐ ĂŶĚ ŶŽ ĐĂƉŝƚĂů ďĞŝŶŐ ĚĞƉůŽLJĞĚ ƚŽ ŝŶĐƌĞĂƐĞ ŐĂƐ ǀŽůƵŵĞƐ͘

DΘ ĨŽƌ LJĞĂƌƐ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶĚ ϮϬϮϬ

ZĞǀĞŶƵĞ ĂŶĚ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ

;Ψ ŝŶ ƚŚŽƵƐĂŶĚƐͿ	dŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚ		zĞĂƌ ĞŶĚĞĚ
	ĞĐĞŵďĞƌ ϯϭ͕		ĞĐĞŵďĞƌ ϯϭ͕
	ϮϬ Ϯ ϭ	ϮϬϮϬ	ϮϬ Ϯ ϭ	ϮϬϮϬ
ƌƵĚĞ Žŝů ƌĞǀĞŶƵĞ	ϲ͕ϭ ϰ Ϯ	ϭ͕ϲϲϵ	ϭϯ͕ϴ ϲ ϯ	ϱ͕ϱϱϴ
EĂƚƵƌĂů ŐĂƐ ƌĞǀĞŶƵĞ	Ϯϯ	ϭϮ	ϳϭ	ϯϱ
	ϲ͕ϭ ϲ ϱ	ϭ͕ϲϴϭ	ϭϯ͕ϵ ϯ ϰ	ϱ͕ϱϵϯ
ZĞĂůŝnjĞĚ Ɖ ƌŝĐĞƐ͗
ƌƵĚĞ Žŝů ;ΨͬďďůͿ	ϳϯ͘ϯ ϱ	ϯϳ͘ϳϵ	ϲϬ͘ϰ Ϯ	ϯϬ͘ϵϬ
EĂƚƵƌĂů ŐĂƐ ;ΨͬŵĐĨͿ	ϰ͘ϵ ϲ	Ϯ͘ϰϱ	ϯ͘ϱ ϲ	ϭ͘ϵϰ
ĂƌƌĞůƐ ŽĨ Žŝů ĞƋƵŝǀĂůĞŶƚ ;ΨͬďŽĞͿ	ϳϮ͘ϵ ϱ	ϯϳ͘ϯϳ	ϱϵ͘ϴ ϲ	ϯϬ͘ϱϵ
ĞŶĐ ŚŵĂƌŬ Ɖ ƌŝĐĞƐ͗
ƌƵĚĞ Žŝů Ͳ td/ ;Ψh^ͬďďůͿ	ϳϳ͘ϭ ϵ	ϰϮ͘ϲϲ	ϲϳ͘ϵ ϭ	ϯϵ͘ϰϬ
ƌƵĚĞ Žŝů Ͳ ĂŶĂĚŝĂŶ >ŝŐŚƚ ;ΨͬďďůͿ	ϵϮ͘ϭ ϰ	ϰϵ͘ϭϳ	ϴϬ͘ϯ ϭ	ϰϱ͘ϯϵ
tĞƐƚĞƌŶ ĂŶĂĚŝĂŶ ^ĞůĞĐƚ ;Ψh^ͬďďůͿ	ϲϮ͘ϰ ϳ	ϯϯ͘ϯϯ	ϱϰ͘ϵ ϴ	Ϯϲ͘ϱϲ
tĞƐƚĞƌŶ ĂŶĂĚŝĂŶ ^ĞůĞĐƚ ;ΨͬďďůͿ	ϳϴ͘ϳ ϭ	ϰϯ͘ϰϮ	ϲϴ͘ϳ ϯ	ϯϱ͘ϱϵ
EĂƚƵƌĂů ŐĂƐ Ͳ K ;ΨͬDŵďƚƵͿ	ϰ͘ϳ ϰ	Ϯ͘ϲϱ	ϯ͘ϲ ϰ	Ϯ͘Ϯϰ
džĐŚĂŶŐĞ ƌĂƚĞ ;ΨĚŶͬΨh^Ϳ	ϭ͘Ϯ ϲ	ϭ͘ϯϬϮϵ	ϭ͘Ϯ ϱ	ϭ͘ϯϯϵϵ

dŚĞ ŽŵƉĂŶLJ ƚĂŬĞƐ Ăůů ŽĨ ŝƚƐ ǁŽƌŬŝŶŐ ŝŶƚĞƌĞƐƚ ƉƌŽĚƵĐƚŝŽŶ ΗŝŶ ŬŝŶĚΗ ǁŚŝĐŚ ŝƐ ŵĂƌŬĞƚĞĚ ĂŶĚ ƐŽůĚ ƚŚƌŽƵŐŚ ǀĂƌŝŽƵƐ ĐƌĞĚŝƚͲ ǁŽƌƚŚLJ ĐŽŵŵŽĚŝƚLJ ƉƵƌĐŚĂƐĞƌƐ͘ ŚƌŽŶŽƐΖ ĐƌƵĚĞ Žŝů ŝƐ ŵĂƌŬĞƚĞĚ ƵŶĚĞƌ ƐŚŽƌƚͲƚĞƌŵ ;ϯϬ ĚĂLJͿ Žƌ ĨŝdžĞĚ ƉƌŝĐĞ ĐŽŶƚƌĂĐƚƐ ǁŝƚŚ Ă ĐƌƵĚĞ Žŝů ŵĂƌŬĞƚĞƌ ĂŶĚ ƚŚƌŽƵŐŚ ŵĂũŽƌ EŽƌƚŚ ŵĞƌŝĐĂŶ ĐƌƵĚĞ Žŝů ƉƵƌĐŚĂƐĞƌƐ͘ ůů ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ ŶĂƚƵƌĂů ŐĂƐ ŝƐ ĐƵƌƌĞŶƚůLJ ƐŽůĚ ĂƐ ƐƉŽƚ ŐĂƐ ƚŚƌŽƵŐŚ ƐŝŐŶŝĨŝĐĂŶƚ EŽƌƚŚ ŵĞƌŝĐĂŶ ŶĂƚƵƌĂů ŐĂƐ ŵĂƌŬĞƚĞƌƐ͘

dŚĞ ƉƌŝĐĞƐ ƌĞĐĞŝǀĞĚ ĨŽƌ ĐƌƵĚĞ Žŝů ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƉƌŽĚƵĐƚŝŽŶ ĚŝƌĞĐƚůLJ ŝŵƉĂĐƚ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĞĂƌŶŝŶŐƐ͕ ĨƵŶĚƐ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ͘

ŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ ĂƌĞ ĂĨĨĞĐƚĞĚ ďLJ ďŽƚŚ ĚŽŵĞƐƚŝĐ ĂŶĚ ŝŶƚĞƌŶĂƚŝŽŶĂů ĨĂĐƚŽƌƐ ƚŚĂƚ ĂƌĞ ďĞLJŽŶĚ ƚŚĞ ĐŽŶƚƌŽů ŽĨ ƚŚĞ ŽŵƉĂŶLJ͘ WƌŝĐĞƐ ƌĞĐĞŝǀĞĚ ĨŽƌ ĐƌƵĚĞ Žŝů ĂƌĞ ĚĞƚĞƌŵŝŶĞĚ ďLJ ƚŚĞ ƋƵĂůŝƚLJ ŽĨ ƚŚĞ ĐƌƵĚĞ Žŝů ĐŽŵƉĂƌĞĚ ƚŽ ƚŚĞ ďĞŶĐŚŵĂƌŬ ƉƌŝĐĞ ĨŽƌ tĞƐƚĞƌŶ ĂŶĂĚŝĂŶ ^ĞůĞĐƚ ;Ηt^ΗͿ ĐƌƵĚĞ Žŝů ĞdžƉƌĞƐƐĞĚ ŝŶ ĂŶĂĚŝĂŶ ĚŽůůĂƌƐ͕ ǁŚŝĐŚ ŝƐ ĚĞƚĞƌŵŝŶĞĚ ďLJ ƚŚĞ ƉƌŝĐĞ ĨŽƌ tĞƐƚ dĞdžĂƐ /ŶƚĞƌŵĞĚŝĂƚĞ ůŝŐŚƚ Žŝů ;Ηtd/ΗͿ͕ ƚŚĞ ĞdžĐŚĂŶŐĞ ƌĂƚĞ ďĞƚǁĞĞŶ ĂŶĂĚŝĂŶ ĚŽůůĂƌ ĂŶĚ h^ ĚŽůůĂƌ͕ ƚŚĞ ŚĞĂǀLJ Žŝů ĚŝĨĨĞƌĞŶƚŝĂů ďĞƚǁĞĞŶ td/ ĂŶĚ t^ ĚĞŶŽŵŝŶĂƚĞĚ ŝŶ h^ ĚŽůůĂƌƐ͕ ĂŶĚ ĨŝĞůĚ ůĞǀĞů ƉƌŝĐĞ ĂĚũƵƐƚŵĞŶƚƐ ĨŽƌ ƋƵĂůŝƚLJ ŽĨ ĐƌƵĚĞ Žŝů ĂŶĚ ĚŝůƵĞŶƚ ĐŽƐƚƐ ƚŽ ďůĞŶĚ Žŝů ƚŽ ŵĞĞƚ ƉŝƉĞůŝŶĞ ƐƉĞĐŝĨŝĐĂƚŝŽŶƐ͘ dŚĞ ŽŵƉĂŶLJ͛Ɛ ƌĞĂůŝnjĞĚ ĐƌƵĚĞ Žŝů ƉƌŝĐĞƐ ŝŶ ƐŽƵƚŚǁĞƐƚ ^ĂƐŬĂƚĐŚĞǁĂŶ ĂƌĞ ďĂƐĞĚ ŽŶ &ŽƐƚĞƌƚŽŶ Žŝů ƉƌŝĐĞƐ Ăƚ ZĞŐŝŶĂ͘ ŚƌŽŶŽƐ ƌĞĂůŝnjĞĚ ŚĞĂǀLJ Žŝů ƉƌŝĐĞƐ ĂƌĞ ďĂƐĞĚ ŽŶ >ůŽLJĚ <ĞƌƌŽďĞƌƚ ǁŚŝĐŚ ŝƐ ŐĂƚŚĞƌĞĚ ƚŽ ƚŚĞ ĞĂƐƚ ĂŶĚ ƐŽƵƚŚ ŽĨ >ůŽLJĚŵŝŶƐƚĞƌ ŽŶ ƚŚĞ DĂŶŝƚŽ WŝƉĞůŝŶĞ ƐLJƐƚĞŵ ĨŽƌ ĚĞůŝǀĞƌLJ ƚŽ ƚŚĞ <ĞƌƌŽďĞƌƚ ƐƚĂƚŝŽŶ ŽŶ ŶďƌŝĚŐĞ WŝƉĞůŝŶĞ /ŶĐ͛Ɛ ŵĂŝŶůŝŶĞ ƐLJƐƚĞŵ͘

dŚĞ ŽŵƉĂŶLJ͛Ɛ ƌĞĂůŝnjĞĚ ĐƌƵĚĞ Žŝů ƉƌŝĐĞ ĨŽƌ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϭ ǁĂƐ Ψϳϯ͘ϯϱͬďďů Ă ϵϰй ŝŶĐƌĞĂƐĞ ĨƌŽŵ Ψϯϳ͘ϳϵͬďďů ƌĞĂůŝnjĞĚ ŝŶ ƚŚĞ ƐĂŵĞ ƋƵĂƌƚĞƌ ůĂƐƚ LJĞĂƌ Ă ƌĞƐƵůƚ ŽĨ ŚŝŐŚĞƌ td/ Žŝů ƉƌŝĐĞ ĂŶĚ Ă ŶĂƌƌŽǁĞƌ ŚĞĂǀLJ Žŝů ĚŝĨĨĞƌĞŶƚŝĂů ĂŶĚ ƚŚĞ ŝŵƉĂĐƚ ŽĨ ůŽǁĞƌ ƉƌŝĐĞĚ ƉŚLJƐŝĐĂů ƐĂůĞƐ ĐŽŶƚƌĂĐƚƐ ŝŶ ƚŚĞ ƉƌŝŽƌ LJĞĂƌ͘ dŚĞ td/ ďĞŶĐŚŵĂƌŬ ƉƌŝĐĞ ŝŶĐƌĞĂƐĞĚ ϴϭй ƚŽ h^Ψϳϳ͘ϭϵͬďďů ĨƌŽŵ h^ΨϰϮ͘ϲϲͬďďů ƚŚĞ ƉƌŝŽƌ LJĞĂƌ ĂŶĚ ƚŚĞ ƉƌŝĐĞ ĨŽƌ t^ ĚĞŶŽŵŝŶĂƚĞĚ ŝŶ h^ ĚŽůůĂƌƐ ŝŶĐƌĞĂƐĞĚ ϴϳй ƚŽ h^ΨϲϮ͘ϰϳ ĨƌŽŵ h^Ψϯϯ͘ϯϯͬďďů ƚŚĞ ƐĂŵĞ ƋƵĂƌƚĞƌ ŽĨ ƉƌŝŽƌ LJĞĂƌ͘

&Žƌ LJĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƌĞĂůŝnjĞĚ ĐƌƵĚĞ Žŝů ƉƌŝĐĞ ǁĂƐ ΨϲϬ͘ϰϮͬďďů͕ Ă ϵϲй ŝŶĐƌĞĂƐĞ ŽǀĞƌ ƌĞĂůŝnjĞĚ ĐƌƵĚĞ Žŝů ƉƌŝĐĞ ŽĨ ΨϯϬ͘ϵϬͬďďů ĨŽƌ ƚŚĞ ƐĂŵĞ ƉĞƌŝŽĚ ŝŶ ϮϬϮϬ ƌĞĨůĞĐƚŝŶŐ ŚŝŐŚĞƌ td/ Žŝů ƉƌŝĐĞ ĂŶĚ Ă ŶĂƌƌŽǁĞƌ ŚĞĂǀLJ Žŝů ĚŝĨĨĞƌĞŶƚŝĂů ĂŶĚ ƚŚĞ ŝŵƉĂĐƚ ŽĨ ůŽǁĞƌ ƉƌŝĐĞĚ ƉŚLJƐŝĐĂů ƐĂůĞƐ ĐŽŶƚƌĂĐƚƐ ŝŶ ƚŚĞ ƉƌŝŽƌ LJĞĂƌ͘ dŚĞ td/ ďĞŶĐŚŵĂƌŬ ƉƌŝĐĞ ĨŽƌ ƚŚĞ LJĞĂƌ ĂǀĞƌĂŐĞĚ h^Ψϲϳ͘ϵϭͬďďů͕ ŚŝŐŚĞƌ ďLJ ϳϮй ĨƌŽŵ ƚŚĞ ƐĂŵĞ ƉĞƌŝŽĚ ŝŶ ϮϬϮϬ͘ dŚĞ t^ ŚĞĂǀLJ Žŝů ďĞŶĐŚŵĂƌŬ ĚĞŶŽŵŝŶĂƚĞĚ ŝŶ h^ ĚŽůůĂƌƐ ǁĂƐ Ψϱϰ͘ϵϴͬďďů ĨŽƌ ƚŚĞ LJĞĂƌ ϮϬϮϭ͕ Ă ϭϬϳй ŝŶĐƌĞĂƐĞ ŽǀĞƌ ΨϮϲ͘ϱϲͬďďů ƚŚĞ ƉƌŝŽƌ LJĞĂƌ ƌĞĨůĞĐƚŝŶŐ ƚŚĞ ƐƵďƐƚĂŶƚŝĂů ƌĞĐŽǀĞƌLJ ŽĨ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ ƚŚƌŽƵŐŚ ϮϬϮϭ͘

EĂƚƵƌĂů ŐĂƐ ŝƐ ŶŽƚ Ă ƐŝŐŶŝĨŝĐĂŶƚ ĐŽŵƉŽŶĞŶƚ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƌĞǀĞŶƵĞ ƐƚƌĞĂŵ͘

DΘ ĨŽƌ LJĞĂƌƐ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶĚ ϮϬϮϬ

ZĞǀĞŶƵĞ

ZĞǀĞŶƵĞ ĨŽƌ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ǁĂƐ Ψϲ͘Ϯ ŵŝůůŝŽŶ͕ Ă Ϯϲϳй ŝŶĐƌĞĂƐĞ ĨƌŽŵ ƌĞǀĞŶƵĞ ŽĨ Ψϭ͘ϳ ŵŝůůŝŽŶ ŝŶ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϬ ĚƵĞ ƚŽ ŚŝŐŚĞƌ ƉƌŽĚƵĐƚŝŽŶ ǀŽůƵŵĞƐ ĂŶĚ ƐŝŐŶŝĨŝĐĂŶƚůLJ ŚŝŐŚĞƌ ƌĞĂůŝnjĞĚ ƉƌŝĐĞ͘ ZĞǀĞŶƵĞ ĨŽƌ LJĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ǁĂƐ Ψϭϯ͘ϵ ŵŝůůŝŽŶ Žƌ ϭϰϵй ŚŝŐŚĞƌ ƚŚĂŶ ƌĞǀĞŶƵĞ ŽĨ Ψϱ͘ϲ ŵŝůůŝŽŶ ƚŚĞ ƉƌŝŽƌ LJĞĂƌ ĚƵĞ ŚŝŐŚĞƌ ƉƌŽĚƵĐƚŝŽŶ ǀŽůƵŵĞƐ ĂŶĚ ƐŝŐŶŝĨŝĐĂŶƚůLJ ŚŝŐŚĞƌ ƌĞĂůŝnjĞĚ ƉƌŝĐĞƐ͘

WŚLJƐŝĐĂů ƐĂůĞƐ ĐŽŶƚƌĂĐƚƐ

Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ŶŽ ĚĞƌŝǀĂƚŝǀĞ ĐŽŶƚƌĂĐƚƐ ŚĂǀĞ ďĞĞŶ ĞŶƚĞƌĞĚ ŝŶƚŽ ĂŶĚ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ƚŚĞ ĨŽůůŽǁŝŶŐ ĨŝdžĞĚ ƉƌŝĐĞ ĨŝdžĞĚ ƉƌŝĐĞ ƉŚLJƐŝĐĂů ƐĂůĞƐ ĐŽŶƚƌĂĐƚƐ͗

Benchmark	Period	Volume	Price/Unit
Fosterton	January 1, 2022 to March 31, 2022	100 bbl/d	CAD $69.60
Fosterton	February 1, 2022 to June 30, 2022	100 bbl/d	CAD $78.90
Lloydminster Kerrobert	February 1, 2022 to June 30, 2022	100 bbl/d	CAD $78.90
Fosterton	February 1, 2022 to February 28, 2022	100 bbl/d	CAD $83.00
Lloydminster Kerrobert	February 1, 2022 to February 28, 2022	100 bbl/d	CAD $83.00
Fosterton	April 1, 2022 to June 30, 2022	100 bbl/d	CAD $112.5

ZŽLJĂůƚŝĞƐ

($ in thousands)	Three months endedDecember 31,		Year ended
			December 31,
	2021	2020	2021	2020
Crown	383	126	1,152	470
Saskatchewan resource surcharge	133	34	278	109
Freehold and gross overriding	569	173	1,226	531
	1.085	333	2,656	1,110
Percent of total revenue	17.6%	19.8%	19.1%	19.8%
Per boe ($)	12.84	7.40	11.41	6.07

ZŽLJĂůƚŝĞƐ ĂƌĞ ƉĂŝĚ ƚŽ ƉƌŽǀŝŶĐŝĂů ŐŽǀĞƌŶŵĞŶƚƐ͕ ĨƌĞĞŚŽůĚ ŵŝŶĞƌĂů ƌŝŐŚƚƐ ŽǁŶĞƌƐ ĂŶĚ ƌŽLJĂůƚLJ ĐŽŶƚƌĂĐƚ ŽǁŶĞƌƐ ĂŶĚ ŝŶĐůƵĚĞ ƚŚĞ ^ĂƐŬĂƚĐŚĞǁĂŶ ƌĞƐŽƵƌĐĞ ƐƵƌĐŚĂƌŐĞ͘ ZŽLJĂůƚŝĞƐ ĂƌĞ ĐĂůĐƵůĂƚĞĚ ďĂƐĞĚ ŽŶ ƌĞǀĞŶƵĞ ůĞƐƐ ĂůůŽǁĞĚ ĐŽƐƚƐ ŽĨ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ĂŶĚ ƉƌŽĐĞƐƐŝŶŐ ĂŶĚ ĂƌĞ ŐĞŶĞƌĂůůLJ ĞdžƉƌĞƐƐĞĚ ĂƐ Ă ƉĞƌĐĞŶƚĂŐĞ ŽĨ ƌĞǀĞŶƵĞ͘ ZŽLJĂůƚLJ ƌĂƚĞƐ ĐĂŶ ǀĂƌLJ ĚƵĞ ƚŽ ƐĞǀĞƌĂů ĨĂĐƚŽƌƐ ŝŶĐůƵĚŝŶŐ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ͕ ŵŝdž ŽĨ ƉƌŽĚƵĐƚŝŽŶ ƐƵďũĞĐƚ ƚŽ ĞĂĐŚ ƚLJƉĞ ŽĨ ƌŽLJĂůƚLJ͕ ĐŽŵŵŽĚŝƚLJ ƉƌŽĚƵĐĞĚ͕ ƌŽLJĂůƚLJ ĐŽŶƚƌĂĐƚ ƚĞƌŵƐ͕ ĂŶĚ ƌŽLJĂůƚLJ ŝŶĐĞŶƚŝǀĞ ƐĐŚĞŵĞƐ͘

dŽƚĂů ƌŽLJĂůƚŝĞƐ ŝŶ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϭ ǁĞƌĞ Ψϭ͘ϭ ŵŝůůŝŽŶ Ă ϮϮϲй ŝŶĐƌĞĂƐĞ ĨƌŽŵ ΨϬ͘ϯ ŵŝůůŝŽŶ ŝŶ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϬ ƌĞĨůĞĐƚŝǀĞ ŽĨ ƚŚĞ ƐƵďƐƚĂŶƚŝĂů ŝŶĐƌĞĂƐĞ ŝŶ ƌĞǀĞŶƵĞ͘ KŶ Ă ƉĞƌĐĞŶƚĂŐĞ ŽĨ ƌĞǀĞŶƵĞ ďĂƐŝƐ͕ ƌŽLJĂůƚŝĞƐ ǁĞƌĞ ϭϳ͘ϲй ŝŶ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ϮϬϮϭ Žƌ Ϯ͘Ϯй ůŽǁĞƌ ƚŚĂŶ ϭϵ͘ϴй ƚŚĞ ƉƌŝŽƌ LJĞĂƌ ĚƵĞ ƚŽ ƚŚĞ ŶĞǁ ĂĐƋƵŝƌĞĚ >ůŽLJĚ ĂƐƐĞƚƐ ǁŚŝĐŚ ŐĂƌŶŝƐŚ Ă ůŽǁĞƌ ƌŽLJĂůƚLJ ƌĂƚĞ ŝŶ ĐŽŵƉĂƌŝƐŽŶ ƚŽ ƚŚĞ ůĞŐĂĐLJ ĂƐƐĞƚƐ͘

&Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ƚŽƚĂů ƌŽLJĂůƚŝĞƐ ǁĞƌĞ ΨϮ͘ϳ ŵŝůůŝŽŶ Žƌ ϭϵ͘ϭй ŽĨ ƌĞǀĞŶƵĞ ĐŽŵƉĂƌĞĚ ƚŽ Ψϭ͘ϭ ŵŝůůŝŽŶ Žƌ ϭϵ͘ϴй ŽĨ ƌĞǀĞŶƵĞ ĨŽƌ ƚŚĞ LJĞĂƌ ϮϬϮϬ͘ dŚĞ ĚĞĐƌĞĂƐĞ ŽŶ Ă ƉĞƌĐĞŶƚĂŐĞ ŽĨ ƌĞǀĞŶƵĞ ďĂƐŝƐ ŝƐ ĚƵĞ ƚŽ ƚŚĞ ĂĚĚŝƚŝŽŶ ŽĨ ƚŚĞ ŚĞĂǀLJ Žŝů ĂƐƐĞƚƐ ĂĐƋƵŝƌĞĚ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ LJĞĂƌ ƚŚĂƚ ĂƚƚƌĂĐƚ Ă ůŽǁĞƌ ƌŽLJĂůƚLJ ƌĂƚĞ ĂƐ Ă ƉĞƌĐĞŶƚĂŐĞ ŽĨ ƌĞǀĞŶƵĞ͘

KƉĞƌĂƚŝŶŐ ĞdžƉĞŶƐĞƐ

($ in thousands)	Three months endedDecember 31,		Year ended
			December 31,
	2021	2020	2021	2020
Operating expenses	3.054	991	6.428	3,492
Per boe ($)	36.14	22.03	27.62	19.10

ƵƌŝŶŐ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϭ͕ ŽƉĞƌĂƚŝŶŐ ĞdžƉĞŶƐĞƐ ǁĞƌĞ Ψϯ͘ϭ ŵŝůůŝŽŶ Žƌ ϮϬϴй ŚŝŐŚĞƌ ƚŚĂŶ Ψϭ͘Ϭ ŵŝůůŝŽŶ ŝŶ ƚŚĞ ƐĂŵĞ ƋƵĂƌƚĞƌ ůĂƐƚ LJĞĂƌ ƉƌŝŵĂƌŝůLJ ĚƵĞ ƚŽ Ă ĨƵůů ƋƵĂƌƚĞƌ ƌĞƐƵůƚ ŽĨ ƚŚĞ ŚĞĂǀLJ Žŝů ĂƐƐĞƚƐ ĂĐƋƵŝƌĞĚ ŝŶ >ůŽLJĚŵŝŶƐƚĞƌ͘ dŚĞ ŽŵƉĂŶLJ ŝƐ DΘ ĨŽƌ LJĞĂƌƐ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶĚ ϮϬϮϬ

ĐŽŶƚŝŶƵŝŶŐ ƚŽ ĨŽĐƵƐ ŽŶ ŽƉĞƌĂƚŝŶŐ ĞĨĨŝĐŝĞŶĐŝĞƐ ǁŝƚŚ ƚŚĞ ĂĚĚŝƚŝŽŶ ŽĨ ƚŚĞƐĞ ŶĞǁ ĂƐƐĞƚƐ͘ /ŶĐůƵĚĞĚ ŝŶ ƚŚĞ Ψϯ͘ϭ ŵŝůůŝŽŶ ŽĨ ŽƉĞƌĂƚŝŶŐ ĐŽƐƚƐ ŝŶ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϭ ŝƐ ΨϬ͘ϲ ŵŝůůŝŽŶ ŽĨ ǁŽƌŬŽǀĞƌ ĐŽƐƚƐ ;Ψϲ͘ϴϴͬďŽĞͿ ĐŽŵƉĂƌĞĚ ƚŽ ƉƌŝŽƌ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϬ ŽĨ ΨϬ͘Ϯ ŵŝůůŝŽŶ ;Ψϵ͘ϯϲͬďŽĞͿ͘ KŶ Ă ƉĞƌ ďŽĞ ďĂƐŝƐ͕ ŽƉĞƌĂƚŝŶŐ ĞdžƉĞŶƐĞƐ ǁĞƌĞ Ψϯϲ͘ϭϰͬďŽĞ Žƌ ϲϰй ŵŽƌĞ ƚŚĂŶ ΨϮϮ͘ϬϯͬďŽĞ ĨŽƌ ƚŚĞ ƐĂŵĞ ƋƵĂƌƚĞƌ ƉƌŝŽƌ LJĞĂƌ͘ džĐůƵĚŝŶŐ ǁŽƌŬŽǀĞƌ ĐŽƐƚƐ͕ ŽƉĞƌĂƚŝŶŐ ĐŽƐƚ ŽŶ Ă ƉĞƌ ďŽĞ ďĂƐŝƐ ǁĞƌĞ ΨϮϵ͘ϮϲͬďŽĞ ĨŽƌ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϭ ĐŽŵƉĂƌĞĚ ƚŽ Ψϭϳ͘ϬϲͬďŽĞ ĨŽƌ ƚŚĞ ƐĂŵĞ ƋƵĂƌƚĞƌ ŽĨ ƉƌŝŽƌ LJĞĂƌ͘ dŚĞ ŽǀĞƌĂůů ŝŶĐƌĞĂƐĞ ŝŶ ŽƉĞƌĂƚŝŶŐ ĐŽƐƚƐ ŝƐ ƌĞĨůĞĐƚŝǀĞ ŽĨ Ă ĨƵůů ƋƵĂƌƚĞƌ ŽĨ ƚŚĞ ŶĞǁůLJ ĂĐƋƵŝƌĞĚ >ůŽLJĚŵŝŶƐƚĞƌ ŚĞĂǀLJ Žŝů ĂƐƐĞƚƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ƚŚĞ ƐŝŐŶŝĨŝĐĂŶƚ ŝŶĐƌĞĂƐĞ ŝŶ ǁŽƌŬŽǀĞƌƐ ŝƐ ĚƵĞ ƚŽ ƌĞƉĂŝƌ ĂŶĚ ƌĞĂĐƚŝǀĂƚŝŽŶƐ ŽĨ ǁĞůůƐ ŝŶ ƌĞƐƉŽŶƐĞ ƚŽ ŚŝŐŚĞƌ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ ĂŶĚ ŽƉƚŝŵŝnjĂƚŝŽŶ ŽĨ ĨůƵŝĚ ŚĂŶĚůŝŶŐ ƐLJƐƚĞŵƐ͘

&Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ŽƉĞƌĂƚŝŶŐ ĞdžƉĞŶƐĞƐ ǁĞƌĞ Ψϲ͘ϰ ŵŝůůŝŽŶ Žƌ ϴϰй ŵŽƌĞ ƚŚĂŶ Ψϯ͘ϱ ŵŝůůŝŽŶ ŝŶ ϮϬϮϬ ĚƵĞ ƚŽ ƚŚĞ ĂĚĚŝƚŝŽŶ ŽĨ ƚŚĞ ŚĞĂǀLJ Žŝů ĂƐƐĞƚƐ ŶŽƚĞĚ ĂďŽǀĞ͘ KŶ Ă ƉĞƌ ďŽĞ ďĂƐŝƐ͕ ŽƉĞƌĂƚŝŶŐ ĞdžƉĞŶƐĞƐ ǁĞƌĞ ŚŝŐŚĞƌ Ăƚ ΨϮϳ͘ϲϮͬďŽĞ ĐŽŵƉĂƌĞĚ ƚŽ Ψϭϵ͘ϭϬͬďŽĞ ĨŽƌ ƉƌŝŽƌ LJĞĂƌ ĂƐ ĚŝƐĐƵƐƐĞĚ ĂďŽǀĞ͘

dƌĂŶƐƉŽƌƚĂƚŝŽŶ ĞdžƉĞŶƐĞƐ

;Ψ ŝŶ ƚŚŽƵƐĂŶĚƐͿ	dŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚĞĐĞŵďĞƌ ϯϭ͕		zĞĂƌ ĞŶĚĞĚĞĐĞŵďĞƌ ϯϭ͕

	ϮϬ Ϯ ϭ	ϮϬϮϬ	ϮϬ Ϯ ϭ	ϮϬϮϬ
dƌĂŶƐƉŽƌƚĂƚŝŽŶ ĞdžƉĞŶƐĞƐ	ϴϭ	ϱϳ	Ϯϱ ϴ	Ϯϭϭ
WĞƌ ďŽĞ ;ΨͿ	Ϭ͘ϵϲ	ϭ͘Ϯϳ	ϭ͘ϭϭ	ϭ͘ϭϱ

dƌĂŶƐƉŽƌƚĂƚŝŽŶ ĞdžƉĞŶƐĞƐ ŝŶĐůƵĚĞ ƚŚĞ ĐŽƐƚ ŽĨ ƚƌĂŶƐƉŽƌƚŝŶŐ ŶĂƚƵƌĂů ŐĂƐ ĂŶĚ ƚŚĞ ĐŽƐƚ ƚŽ ƚƌƵĐŬ ĐůĞĂŶ ĐƌƵĚĞ Žŝů ĨƌŽŵ ƚŚĞ ĨŝĞůĚ ƚŽ ƐĂůĞƐ ƉŽŝŶƚƐ ĂŶĚ ĐĂŶ ĨůƵĐƚƵĂƚĞ ŵŽŶƚŚ ƚŽ ŵŽŶƚŚ ĚĞƉĞŶĚŝŶŐ ŽŶ ƚŚĞ ƉƌŽĚƵĐƚ ŵŝdž ĂŶĚ ƚŚĞ ƉƌŽdžŝŵŝƚLJ ŽĨ ĞĂĐŚ ǁĞůů ƚŽ Ă ƐĂůĞƐ ƉŽŝŶƚ͘ dƌĂŶƐƉŽƌƚĂƚŝŽŶ ĞdžƉĞŶƐĞƐ ĂƌĞ ŶŽƚ Ă ƐŝŐŶŝĨŝĐĂŶƚ ĞdžƉĞŶƐĞ ĂŶĚ ĂƌĞ ƌĞůĂƚŝǀĞůLJ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƉƌŝŽƌ LJĞĂƌ͘

'ĞŶĞƌĂů ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ;Η'ΘΗͿ ĞdžƉĞŶƐĞƐ

;Ψ ŝŶ ƚŚŽƵƐĂŶĚƐͿ	dŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚĞĐĞŵďĞƌ ϯϭ͕		zĞĂƌ ĞŶĚĞĚĞĐĞŵďĞƌ ϯϭ͕

	ϮϬ Ϯ ϭ	ϮϬϮϬ	ϮϬ Ϯ ϭ	ϮϬϮϬ
'ĞŶĞƌĂů ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĞdžƉĞŶƐĞƐ	ϭ͕ϯ Ϯ ϴ	ϯϲϰ	Ϯ͕ϲϲ ϲ	Ϯ͕ϭϯϲ
KǀĞƌŚĞĂĚ ƌĞĐŽǀĞƌŝĞƐ	;ϯ ϭ ϯͿ	;ϯϬϰͿ	;ϭ͕Ϯ Ϯ ϯͿ	;ϭ͕ϰϳϳͿ
ĂƉŝƚĂůŝnjĞĚ 'Θ	Ͳ	Ͳ	Ͳ	;ϭϱϬͿ
'ĞŶĞƌĂů ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĞdžƉĞŶƐĞƐ	ϭ͕Ϭ ϭ ϱ	ϲϬ	ϭ͕ϰ ϰ ϯ	ϱϬϵ
WĞƌ ďŽĞ ;ΨͿ	ϭϮ͘Ϭ ϭ	ϭ͘ϯϯ	ϲ͘Ϯ Ϭ	Ϯ͘ϳϴ

'Θ ĞdžƉĞŶƐĞƐ ĂƌĞ ƉƌŝŵĂƌŝůLJ ĨŽƌ ƉĞƌƐŽŶŶĞů ĂŶĚ ŽĨĨŝĐĞ ƉƌĞŵŝƐĞ ƌĞůĂƚĞĚ ĞdžƉĞŶƐĞƐ ĂŶĚ ĂƌĞ ĞdžƉĞĐƚĞĚ ƚŽ ŝŶĐƌĞĂƐĞ ĂƐ ƚŚĞ ŽǀĞƌĂůů ƐŝnjĞ ŽĨ ƚŚĞ ďƵƐŝŶĞƐƐ ĞdžƉĂŶĚƐ͖ ŚŽǁĞǀĞƌ͕ ǁŚĞŶ ŵĞĂƐƵƌĞĚ ŽŶ Ă ƉĞƌ ƵŶŝƚ ďĂƐŝƐ͕ ƚŚĞ ĞdžƉĞŶƐĞ ŝƐ ĞdžƉĞĐƚĞĚ ƚŽ ĚĞĐƌĞĂƐĞ ĂƐ ƉƌŽĚƵĐƚŝŽŶ ǀŽůƵŵĞƐ ŝŶĐƌĞĂƐĞ͘ dŚĞ ŽŵƉĂŶLJ ǁŝůů ĐĂƉŝƚĂůŝnjĞ ƐĂůĂƌŝĞƐ ĂŶĚ ŽǀĞƌŚĞĂĚ ĐŽƐƚƐ ĚŝƌĞĐƚůLJ ƌĞůĂƚĞĚ ƚŽ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĂĐƚŝǀŝƚŝĞƐ͘

/Ŷ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϭ͕ ƚŚĞ ŽŵƉĂŶLJ ŝŶĐƵƌƌĞĚ ŐƌŽƐƐ ŐĞŶĞƌĂů ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĞdžƉĞŶƐĞƐ ŽĨ Ψϭ͘ϯ ŵŝůůŝŽŶ͕ ĂŶ ŝŶĐƌĞĂƐĞ ŽĨ Ϯϲϱй ŽǀĞƌ ƚŚĞ ƉƌŝŽƌ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϬ͘ /ŶĐůƵĚĞĚ ŝŶ ƚŚĞ ŐƌŽƐƐ 'Θ ĞdžƉĞŶƐĞƐ ǁĞƌĞ ΨϬ͘ϲ ŵŝůůŝŽŶ ŽŶĞͲƚŝŵĞ͕ ƐĞǀĞƌĂŶĐĞ ƌĞůĂƚĞĚ ĐŽƐƚƐ ĨŽƌ ƉĞƌƐŽŶŶĞů ĐŚĂŶŐĞƐ ŵĂĚĞ ŝŶ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϭ͘ džĐůƵĚŝŶŐ ƚŚĞ ƐĞǀĞƌĂŶĐĞ ĐŽƐƚƐ͕ ŽŶ Ă ƉĞƌ ďŽĞ ďĂƐŝƐ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ 'Θ ĞdžƉĞŶƐĞƐ ǁĞƌĞ Ψϰ͘ϯϵͬďŽĞ ĐŽŵƉĂƌĞĚ ƚŽ ƚŚĞ ƐĂŵĞ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϬ ŽĨ Ψϭ͘ϯϯͬďŽĞ͘ džĐůƵĚŝŶŐ ƚŚĞ ƐĞǀĞƌĂŶĐĞ ĐŽƐƚƐ͕ ƚŚĞ ŝŶĐƌĞĂƐĞ ŽǀĞƌ ƉƌŝŽƌ ƋƵĂƌƚĞƌ ŝƐ ƚŚĞ ƌĞƐƵůƚ ŽĨ ƌĞĚƵĐĞĚ ƌĞĐŽǀĞƌŝĞƐ ŽĨ ŽǀĞƌŚĞĂĚ ƚŚƌŽƵŐŚ ƚŚĞ ƉĂƌƚŶĞƌƐŚŝƉ ĂƌƌĂŶŐĞŵĞŶƚ ĂŶĚ ŽƉĞƌĂƚŝŶŐ ĂŐƌĞĞŵĞŶƚƐ͘ EŽ 'Θ ǁĂƐ ĐĂƉŝƚĂůŝnjĞĚ ŝŶ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϭ ĂŶĚ ϮϬϮϬ ĂƐ ĞdžƉůŽƌĂƚŝŽŶ ĂĐƚŝǀŝƚŝĞƐ ǁĞƌĞ ĐƵƌƚĂŝůĞĚ ŝŶ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚĞ ĐŽǀŝĚͲϭϵ ƉĂŶĚĞŵŝĐ͘

&Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ 'Θ ĞdžƉĞŶƐĞƐ ĂĨƚĞƌ ŽǀĞƌŚĞĂĚ ƌĞĐŽǀĞƌŝĞƐ ĂŶĚ ĐĂƉŝƚĂůŝnjĞĚ 'Θ͕ ƚŚĞ ŶĞƚ ĞdžƉĞŶƐĞ ǁĞƌĞ Ψϭ͘ϰ ŵŝůůŝŽŶ Žƌ ϭϴϯй ŚŝŐŚĞƌ ƚŚĂŶ ΨϬ͘ϱ ŵŝůůŝŽŶ ƚŚĞ ƉƌŝŽƌ LJĞĂƌ͘ džĐůƵĚŝŶŐ ƚŚĞ ŽŶĞ ƚŝŵĞ ƐĞǀĞƌĂŶĐĞ ĐŽƐƚƐ ŶŽƚĞĚ ĂďŽǀĞ͕ ŶĞƚ 'Θ ǁĞƌĞ ΨϬ͘ϴ ŵŝůůŝŽŶ ĐŽŵƉĂƌĞĚ ƚŽ ƉƌŝŽƌ LJĞĂƌ ŶĞƚ 'Θ ŽĨ ΨϬ͘ϱ ŵŝůůŝŽŶ͘ KŶ Ă ƉĞƌ ďŽĞ ďĂƐŝƐ͕ ĞdžĐůƵĚŝŶŐ ƐĞǀĞƌĂŶĐĞ ĐŽƐƚƐ͕ ŶĞƚ 'Θ ĞdžƉĞŶƐĞƐ ǁĞƌĞ Ψϯ͘ϰϯͬďŽĞ ŝŶ ϮϬϮϭ ĐŽŵƉĂƌĞĚ ΨϮ͘ϳϴͬďŽĞ ůĂƐƚ LJĞĂƌ͘ dŚĞ ŝŶĐƌĞĂƐĞ ŝŶ ŶĞƚ 'Θ ŝƐ ƚŚĞ ƌĞƐƵůƚ ŽĨ ƌĞĚƵĐĞĚ ŽǀĞƌŚĞĂĚ ƌĞĐŽǀĞƌŝĞƐ ŽĨ ΨϬ͘ϯ ŵŝůůŝŽŶ ŝŶ ϮϬϮϭ ƚŚƌŽƵŐŚ ƚŚĞ ƉĂƌƚŶĞƌƐŚŝƉ ĂƌƌĂŶŐĞŵĞŶƚ ĂŶĚ ŽƉĞƌĂƚŝŶŐ ĂŐƌĞĞŵĞŶƚƐ͘

DΘ ĨŽƌ LJĞĂƌƐ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶĚ ϮϬϮϬ

džƉůŽƌĂƚŝŽŶ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ĞdžƉĞŶƐĞ

;Ψ ŝŶ ƚŚŽƵƐĂŶĚƐͿ		dŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚĞĐĞŵďĞƌ ϯϭ͕		zĞĂƌ ĞŶĚĞĚ
				ĞĐĞŵďĞƌ ϯϭ͕
	ϮϬ Ϯ ϭ	ϮϬϮϬ	ϮϬ Ϯ ϭ	ϮϬϮϬ
džƉůŽƌĂƚŝŽŶ ĞdžƉĞŶƐĞ	Ͳ	Ͳ	Ͳ	ϭϯ͕Ϯϵϵ
WĞƌ ďŽĞ ;ΨͿ	Ͳ	Ͳ	Ͳ	ϳϮ͘ϳϯ

džƉůŽƌĂƚŝŽŶ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ;͞Θ͟Ϳ ĞdžƉĞŶƐĞ ŝƐ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ ĞdžƉŝƌLJ ŽĨ ůĞĂƐĞƐ ĂŶĚ ƚŚĞ ĚĞͲƌĞĐŽŐŶŝƚŝŽŶ ŽĨ ĐŽƐƚƐ ĨŽƌ ĞdžƉůŽƌĂƚŝŽŶ ƉƌŽŐƌĂŵƐ ƚŚĂƚ ŚĂǀĞ ŶŽƚ ĚĞŵŽŶƐƚƌĂƚĞĚ ĐŽŵŵĞƌĐŝĂů ǀŝĂďŝůŝƚLJ ĂŶĚ ƚĞĐŚŶŝĐĂů ĨĞĂƐŝďŝůŝƚLJ͘ Θ ĞdžƉĞŶƐĞ ǁŝůů ǀĂƌLJ ĚĞƉĞŶĚŝŶŐ ŽŶ ƚŚĞ ƚŝŵŝŶŐ ŽĨ ĞdžƉŝƌŝŶŐ ůĞĂƐĞƐ͕ ƚŚĞ ĂĐĐƵŵƵůĂƚĞĚ ĐŽƐƚƐ ŽĨ ƚŚĞ ĞdžƉŝƌŝŶŐ ůĞĂƐĞƐ ĂŶĚ ƚŚĞ ĞĐŽŶŽŵŝĐ ĨĂĐƚƐ ĂŶĚ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĞdžƉůŽƌĂƚŝŽŶ ƉƌŽŐƌĂŵƐ͘ Ŷ ĞdžƉůŽƌĂƚŝŽŶ ĞdžƉĞŶƐĞ ǁĂƐ ŶŽƚ ƌĞĐŽƌĚĞĚ ŝŶ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϮϬϮϭ ĂƐ Ăůů ůĞĂƐĞ ĞdžƉŝƌŝĞƐ ǁĞƌĞ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƚŚĞ ƉƌŝŽƌ LJĞĂƌ͘

ĞƉůĞƚŝŽŶ͕ ĚĞƉƌĞĐŝĂƚŝŽŶ ĂŶĚ ŝŵƉĂŝƌŵĞŶƚ ;͞Θ͟Ϳ

;Ψ ŝŶ ƚŚŽƵƐĂŶĚƐͿ	dŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚĞĐĞŵďĞƌ ϯϭ͕		zĞĂƌ ĞŶĚĞĚĞĐĞŵďĞƌ ϯϭ͕

	ϮϬ Ϯ ϭ	ϮϬϮϬ	ϮϬ Ϯ ϭ	ϮϬϮϬ
ĞƉůĞƚŝŽŶ ĂŶĚ ĚĞƉƌĞĐŝĂƚŝŽŶ	ϭ͕ϭ ϵ ϱ	ϱϰϯ	Ϯ͕ϴϳ ϱ	Ϯ͕ϴϲϲ
/ŵƉĂŝƌŵĞŶƚ ;ƌĞǀĞƌƐĂůͿ	;ϭ ϭ͕ϱ Ϭ ϵͿ	Ϯ͕ϵϴϯ	;ϭ ϭ͕ϱ Ϭ ϵͿ	ϭϵ͕ϵϴϯ
	;ϭ Ϭ͕ϯ ϭ ϰͿ	ϯ͕ϱϮϲ	;ϴ͕ϲ ϯ ϰͿ	ϮϮ͕ϴϰϵ
WĞƌ ďŽĞ͕ ďĞĨŽƌĞ ŝŵƉĂŝƌŵĞŶƚ ;ΨͿ	ϭϰ͘ϭ ϰ	ϭϮ͘Ϭϳ	ϭϮ͘ϯ ϱ	ϭϱ͘ϲϳ
WĞƌ ďŽĞ͕ ĂĨƚĞƌ ŝŵƉĂŝƌŵĞŶƚ ;ΨͿ	;ϭ Ϯ Ϯ͘Ϭ ϱͿ	ϳϴ͘ϯϴ	;ϯ ϳ͘Ϭ ϵͿ	ϭϮϰ͘ϵϲ

ĞƉůĞƚŝŽŶ ŽĨ Žŝů ĂŶĚ ŐĂƐ ĂƐƐĞƚƐ ŝƐ ƉƌŽǀŝĚĞĚ ŽŶ ƚŚĞ ƵŶŝƚͲŽĨͲƉƌŽĚƵĐƚŝŽŶ ŵĞƚŚŽĚ ďĂƐĞĚ ŽŶ ƚŽƚĂů ƉƌŽǀĞĚ ĂŶĚ ƉƌŽďĂďůĞ ƌĞƐĞƌǀĞƐ͕ ŝŶĐůƵĚŝŶŐ ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ͕ ŽŶ Ă ĐŽŵƉŽŶĞŶƚ ďĂƐŝƐ͘ ĞƉůĞƚŝŽŶ ĂŶĚ ĚĞƉƌĞĐŝĂƚŝŽŶ ĞdžƉĞŶƐĞ ĨŽƌ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϭ ǁĂƐ Ψϭ͘Ϯ ŵŝůůŝŽŶ Žƌ ϭϮϬй ŚŝŐŚĞƌ ƚŚĂŶ ΨϬ͘ϱ ŵŝůůŝŽŶ ĨŽƌ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϬ͘ KŶ Ă ƉĞƌ ďŽĞ ďĂƐŝƐ͕ ĚĞƉůĞƚŝŽŶ ĂŶĚ ĚĞƉƌĞĐŝĂƚŝŽŶ ďĞĨŽƌĞ ŝŵƉĂŝƌŵĞŶƚ ;ƌĞǀĞƌƐĂůͿ ĨŽƌ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ǁĂƐ Ψϭϰ͘ϭϰͬďŽĞ ĐŽŵƉĂƌĞĚ ƚŽ ΨϭϮ͘ϬϳͬďŽĞ ĨŽƌ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ůĂƐƚ LJĞĂƌ͘ dŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ŝŶĐƌĞĂƐĞ ŝƐ ƉƌŝŵĂƌŝůLJ ĂƚƚƌŝďƵƚĂďůĞ ƚŽ ƚŚĞ ĂĚĚŝƚŝŽŶ ŽĨ ƚŚĞ >ůŽLJĚŵŝŶƐƚĞƌ ŚĞĂǀLJ Žŝů ĂƐƐĞƚƐ ĂĐƋƵŝƌĞĚ ĞŶĚ ŽĨ ^ĞƉƚĞŵďĞƌ ϮϬϮϭ͕ ǁŚŝĐŚ ŚĂĚ Ă ŚŝŐŚĞƌ ĚĞƉůĞƚŝŽŶ ƌĂƚĞ ƚŚĂŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ůĞŐĂĐLJ ĂƐƐĞƚƐ͘

&Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ĚĞƉůĞƚŝŽŶ ĂŶĚ ĚĞƉƌĞĐŝĂƚŝŽŶ ďĞĨŽƌĞ ŝŵƉĂŝƌŵĞŶƚ ;ƌĞǀĞƌƐĂůͿ ǁĂƐ ΨϮ͘ϵ ŵŝůůŝŽŶ͕ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ΨϮ͘ϵ ŵŝůůŝŽŶ ŝŶ ƚŚĞ ƉƌŝŽƌ LJĞĂƌ͘ KŶ Ă ƉĞƌ ďŽĞ ďĂƐŝƐ͕ ĚĞƉůĞƚŝŽŶ ĂŶĚ ĚĞƉƌĞĐŝĂƚŝŽŶ ďĞĨŽƌĞ ŝŵƉĂŝƌŵĞŶƚ ǁĂƐ ΨϭϮ͘ϯϱͬďŽĞ ŝŶ ϮϬϮϭ ĐŽŵƉĂƌĞĚ ƚŽ Ψϭϱ͘ϲϳͬďŽĞ ƚŚĞ ƉƌŝŽƌ LJĞĂƌ͘

Θ ƉĞƌ ďŽĞ ǁŝůů ĨůƵĐƚƵĂƚĞ ĨƌŽŵ ŽŶĞ ƉĞƌŝŽĚ ƚŽ ƚŚĞ ŶĞdžƚ ĚĞƉĞŶĚŝŶŐ ŽŶ ƚŚĞ ĂŵŽƵŶƚ ĂŶĚ ƚLJƉĞ ŽĨ ĐĂƉŝƚĂů ƐƉĞŶĚŝŶŐ͕ ƚŚĞ ƌĞĐŽŐŶŝƚŝŽŶ Žƌ ƌĞǀĞƌƐĂů ŽĨ ŝŵƉĂŝƌŵĞŶƚƐ͕ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ƌĞƐĞƌǀĞƐ ĂĚĚĞĚ ĂŶĚ ƉƌŽĚƵĐƚŝŽŶ ǀŽůƵŵĞƐ͘

/ŵƉĂŝƌŵĞŶƚ

&Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ƚŚĞ ĐŽŵƉĂŶLJ ƌĞĐŽŐŶŝnjĞĚ ĂŶ ŝŵƉĂŝƌŵĞŶƚ ƌĞǀĞƌƐĂů ŽĨ Ψϭϭ͘ϱ ŵŝůůŝŽŶ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƐŽƵƚŚǁĞƐƚ ^ĂƐŬĂƚĐŚĞǁĂŶ 'h͘ dŚĞ ĨƵůů ĂŵŽƵŶƚ ŽĨ ƚŚĞ ŝŵƉĂŝƌŵĞŶƚ ƌĞǀĞƌƐĂů ǁĂƐ ĂƚƚƌŝďƵƚĞĚ ƚŽ WWΘ͘ dŚĞ ŝŵƉĂŝƌŵĞŶƚ ƌĞǀĞƌƐĂů ǁĂƐ ƉƌŝŵĂƌŝůLJ ƚŚĞ ƌĞƐƵůƚ ŽĨ ŚŝŐŚĞƌ ĨŽƌĞĐĂƐƚ ďĞŶĐŚŵĂƌŬ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĐŽŵƉĂƌĞĚ ƚŽ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϬ͘

&Žƌ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ŝŵƉĂŝƌŵĞŶƚ ƚĞƐƚŝŶŐ ŽĨ WWΘ ĂƐƐĞƚƐ͕ ƚŚĞ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ 'hƐ ŝƐ ƚŚĞ ŐƌĞĂƚĞƌ ŽĨ ŝƚƐ ǀĂůƵĞ ŝŶ ƵƐĞ ĂŶĚ ŝƚƐ ĨĂŝƌ ǀĂůƵĞ ůĞƐƐ ĐŽƐƚƐ ŽĨ ĚŝƐƉŽƐĂů ĂŶĚ ƚŚĞ ǀĂůƵĞ ŝŶ ƵƐĞ ŝƐ ƚŚĞ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ ĞdžƉĞĐƚĞĚ ƚŽ ďĞ ĚĞƌŝǀĞĚ ĨƌŽŵ ƉƌŽĚƵĐƚŝŽŶ ŽĨ ƉƌŽǀĞŶ ĂŶĚ ƉƌŽďĂďůĞ ƌĞƐĞƌǀĞƐ ĞƐƚŝŵĂƚĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƚŚŝƌĚͲƉĂƌƚLJ ƌĞƐĞƌǀĞ ĞǀĂůƵĂƚŽƌƐ͘ /ŵƉĂŝƌŵĞŶƚ ƌĞǀĞƌƐĂůƐ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ƚŚĂƚ ŝŵƉĂŝƌŵĞŶƚ ŚĂĚ ďĞĞŶ ƉƌĞǀŝŽƵƐůLJ ƌĞĐŽƌĚĞĚ͕ ďƵƚ ĂƌĞ ůŝŵŝƚĞĚ ƚŽ ƚŚĞ ŶĞƚ Ŭ ǀĂůƵĞ ƚŚĂƚ ǁŽƵůĚ ĞdžŝƐƚ ŚĂĚ ƚŚĞ ŽƌŝŐŝŶĂů ŝŵƉĂŝƌŵĞŶƚ ŶĞǀĞƌ ďĞĞŶ ƌĞĐŽƌĚĞĚ͕ ŝŶĐůƵĚŝŶŐ ĞƐƚŝŵĂƚĞƐ ĨŽƌ ĚĞƉůĞƚŝŽŶ͘

ƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϬ͕ ƚŚĞ ŽŵƉĂŶLJ ƌĞĐŽŐŶŝnjĞĚ ĂŶ ŝŵƉĂŝƌŵĞŶƚ ĐŚĂƌŐĞ ŽĨ ΨϮϬ͘Ϭ ŵŝůůŝŽŶ ;LJĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϵ͕ ΨϭϬ͘Ϭ ŵŝůůŝŽŶͿ͕ ĐŽŶƐŝƐƚŝŶŐ ŽĨ Ψϭϳ͘Ϭ ŵŝůůŝŽŶ ĨŽƌ ƚŚĞ ƚŚƌĞĞ ŵŽŶƚŚ ƉĞƌŝŽĚ ĞŶĚĞĚ DĂƌĐŚ ϯϭ͕ ϮϬϮϬ ĚƵĞ ƚŽ ĚĞĐůŝŶĞƐ ŝŶ

DΘ ĨŽƌ LJĞĂƌƐ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶĚ ϮϬϮϬ

ĨŽƌĞĐĂƐƚĞĚ Žŝů ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ͕ ĂŶĚ Ψϯ͘Ϭ ŵŝůůŝŽŶ ĨŽƌ ƚŚĞ ƚŚƌĞĞ ŵŽŶƚŚ ƉĞƌŝŽĚ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϬ ĚƵĞ ƚŽ ůŽǁĞƌ ƌŽǁŶ ůĂŶĚ ƐĂůĞ ƉƌŝĐĞƐ ŝŶ ƐŽƵƚŚǁĞƐƚ ^ĂƐŬĂƚĐŚĞǁĂŶ͘

ƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϬ͕ ƚŚĞ ŽŵƉĂŶLJ ĚĞƚĞƌŵŝŶĞĚ ƚŚĂƚ ůŽǁ ƉƌŝĐĞƐ Ăƚ ƌŽǁŶ ůĂŶĚ ƐĂůĞƐ ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌ ǁĂƐ ĂŶ ŝŶĚŝĐĂƚŽƌ ŽĨ ŝŵƉĂŝƌŵĞŶƚ ǁŝƚŚ ƌĞƐƉĞĐƚ ƚŽ ŝƚƐ Θ ĂƐƐĞƚƐ ǁŚŝĐŚ ĂƌĞ Ăůů ŝŶ ƐŽƵƚŚǁĞƐƚ ^ĂƐŬĂƚĐŚĞǁĂŶ͘ dŚĞ ĞƐƚŝŵĂƚĞĚ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ǁĂƐ ĚĞƚĞƌŵŝŶĞĚ ƚŽ ďĞ ĨĂŝƌ ǀĂůƵĞ ůĞƐƐ ĐŽƐƚ ƚŽ ƐĞůů ǁĂƐ ĞƐƚŝŵĂƚĞĚ ǁŝƚŚ ƌĞĨĞƌĞŶĐĞ ƚŽ Ăƌŵ͛Ɛ ůĞŶŐƚŚ ƚƌĂŶƐĂĐƚŝŽŶƐ Ăƚ ƌĞůĞǀĂŶƚ ůĂŶĚ ƐĂůĞƐ ŝŶ ĐŽŵƉĂƌĂďůĞ ůŽĐĂƚŝŽŶƐ͘ dŚĞ ŝŵƉĂŝƌŵĞŶƚ ƚĞƐƚ ĚĞƚĞƌŵŝŶĞĚ ƚŚĂƚ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ƐŽƵƚŚǁĞƐƚ ^ĂƐŬĂƚĐŚĞǁĂŶ Θ ĂƐƐĞƚƐ ŽĨ Ψϰ͘ϲ ŵŝůůŝŽŶ ĞdžĐĞĞĚĞĚ ƚŚĞ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ŽĨ Ψϭ͘ϲ ŵŝůůŝŽŶ͘ Ɛ Ă ƌĞƐƵůƚ͕ Ă Ψϯ͘Ϭ ŵŝůůŝŽŶ ŝŵƉĂŝƌŵĞŶƚ ŝƐ ŝŶĐůƵĚĞĚ ŝŶ ĚĞƉůĞƚŝŽŶ͕ ĚĞƉƌĞĐŝĂƚŝŽŶ ĂŶĚ ŝŵƉĂŝƌŵĞŶƚ ĞdžƉĞŶƐĞ ĨŽƌ ƚŚĞ LJĞĂƌ͘

ƚ DĂƌĐŚ ϯϭ͕ ϮϬϮϬ͕ ŵĂŶĂŐĞŵĞŶƚ ŝĚĞŶƚŝĨŝĞĚ ŝŶĚŝĐĂƚŽƌƐ ŽĨ ŝŵƉĂŝƌŵĞŶƚ ĂƐ Ă ƌĞƐƵůƚ ŽĨ ĚĞĐƌĞĂƐĞ ŝŶ ĨŽƌĞĐĂƐƚĞĚ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ ĨŽƌ ŚĞĂǀLJ ĐƌƵĚĞ Žŝů ƐŝŶĐĞ ƚŚĞ ůĂƐƚ ŝŵƉĂŝƌŵĞŶƚ ƚĞƐƚ ƉĞƌĨŽƌŵĞĚ ŽŶ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϵ ĂŶĚ ĂŶ ŝŵƉĂŝƌŵĞŶƚ ƚĞƐƚ ǁĂƐ ƉĞƌĨŽƌŵĞĚ Ăƚ DĂƌĐŚ ϯϭ͕ ϮϬϮϬ͘ dŚĞ ĐŽŵƉĂŶLJ ƵƐĞĚ ǀĂůƵĞ ŝŶ ƵƐĞ͕ ĚŝƐĐŽƵŶƚĞĚ Ăƚ ƉƌĞͲƚĂdž ƌĂƚĞƐ ďĞƚǁĞĞŶ ϴй ĂŶĚ Ϯϱй ĚĞƉĞŶĚĞŶƚ ŽŶ ƚŚĞ ƌŝƐŬ ƉƌŽĨŝůĞ ĨŽƌ ƚŚĞ ƌĞƐĞƌǀĞ ĐĂƚĞŐŽƌLJ ĨŽƌ ƚŚĞ 'h͘

dŚĞ ŝŵƉĂŝƌŵĞŶƚ ƚĞƐƚ ŽĨ WWΘ Ăƚ DĂƌĐŚ ϯϭ͕ ϮϬϮϬ ĚĞƚĞƌŵŝŶĞĚ ƚŚĂƚ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ƐŽƵƚŚǁĞƐƚ ^ĂƐŬĂƚĐŚĞǁĂŶ 'h ŽĨ ΨϱϬ͘ϯ ŵŝůůŝŽŶ ĞdžĐĞĞĚĞĚ ƚŚĞ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ŽĨ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ ŽĨ Ψϯϯ͘ϯ ŵŝůůŝŽŶ͘ Ɛ Ă ƌĞƐƵůƚ͕ Ă Ψϭϳ͘Ϭ ŵŝůůŝŽŶ ŝŵƉĂŝƌŵĞŶƚ ŝƐ ŝŶĐůƵĚĞĚ ŝŶ ĚĞƉůĞƚŝŽŶ͕ ĚĞƉƌĞĐŝĂƚŝŽŶ ĂŶĚ ŝŵƉĂŝƌŵĞŶƚ ĞdžƉĞŶƐĞ͘

ƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϬ͕ ŝŶĚŝĐĂƚŽƌƐ ĨŽƌ ƉŽƚĞŶƚŝĂů ƌĞǀĞƌƐĂů ŽĨ ŚŝƐƚŽƌŝĐĂů ŝŵƉĂŝƌŵĞŶƚ ǁĞƌĞ ŝĚĞŶƚŝĨŝĞĚ ŝŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŽŶůLJ 'h ŝŶ ƐŽƵƚŚǁĞƐƚ ^ĂƐŬĂƚĐŚĞǁĂŶ͘ &ĂĐƚŽƌƐ ĐŽŶƐŝĚĞƌĞĚ ďLJ ŵĂŶĂŐĞŵĞŶƚ ŝŶĐůƵĚĞĚ ĂŶ ŝŶĐƌĞĂƐĞ ŝŶ ƉƌŽǀĞŶ ƉůƵƐ ƉƌŽďĂďůĞ ƌĞƐĞƌǀĞƐ ĂŶĚ ŝŵƉƌŽǀĞĚ ĨŽƌĞĐĂƐƚĞĚ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ ĨŽƌ ŚĞĂǀLJ ĐƌƵĚĞ Žŝů ƐŝŶĐĞ ƚŚĞ ůĂƐƚ ŝŵƉĂŝƌŵĞŶƚ ƚĞƐƚ ƉĞƌĨŽƌŵĞĚ ŽŶ DĂƌĐŚ ϯϭ͕ ϮϬϮϬ͘ dŚĞ ŽŵƉĂŶLJ ƵƐĞĚ ǀĂůƵĞ ŝŶ ƵƐĞ͕ ĚŝƐĐŽƵŶƚĞĚ Ăƚ ƉƌĞͲƚĂdž ƌĂƚĞƐ ďĞƚǁĞĞŶ ϭϬй ĂŶĚ Ϯϱй ĚĞƉĞŶĚĞŶƚ ŽŶ ƚŚĞ ƌŝƐŬ ƉƌŽĨŝůĞ ŽĨ ƚŚĞ ƌĞƐĞƌǀĞ ĐĂƚĞŐŽƌLJ ĨŽƌ ƚŚĞ 'h ĨŽƌ ƚŚĞ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϬ ŝŵƉĂŝƌŵĞŶƚ ƌĞǀĞƌƐĂů ƚĞƐƚ͘

dŚĞ ŝŵƉĂŝƌŵĞŶƚ ƌĞǀĞƌƐĂů ƚĞƐƚ ŽĨ WWΘ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϬ ĚĞƚĞƌŵŝŶĞĚ ƚŚĂƚ ƚŚĂƚ ƚŚĞ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ĂƉƉƌŽdžŝŵĂƚĞĚ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ĂŶĚ ŶŽ ƌĞǀĞƌƐĂů ŽĨ ŚŝƐƚŽƌŝĐĂů ŝŵƉĂŝƌŵĞŶƚ ǁĂƐ ƌĞĐŽƌĚĞĚ͘

&Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϬ͕ ƚŚĞ ŽŵƉĂŶLJ ĚĞƚĞƌŵŝŶĞĚ ƚŚĂƚ ůŽǁ ƉƌŝĐĞƐ Ăƚ ƌŽǁŶ ůĂŶĚ ƐĂůĞƐ ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌ ǁĂƐ ĂŶ ŝŶĚŝĐĂƚŽƌ ŽĨ ŝŵƉĂŝƌŵĞŶƚ ǁŝƚŚ ƌĞƐƉĞĐƚ ƚŽ ŝƚƐ Θ ĂƐƐĞƚƐ ǁŚŝĐŚ ĂƌĞ Ăůů ŝŶ ƐŽƵƚŚǁĞƐƚ ^ĂƐŬĂƚĐŚĞǁĂŶ͘ dŚĞ ŝŵƉĂŝƌŵĞŶƚ ƚĞƐƚ ĚĞƚĞƌŵŝŶĞĚ ƚŚĂƚ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ƐŽƵƚŚǁĞƐƚ ^ĂƐŬĂƚĐŚĞǁĂŶ Θ ĂƐƐĞƚƐ ŽĨ Ψϰ͘ϲ ŵŝůůŝŽŶ ĞdžĐĞĞĚĞĚ ƚŚĞ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ŽĨ Ψϭ͘ϲ ŵŝůůŝŽŶ͘ Ɛ Ă ƌĞƐƵůƚ͕ Ă Ψϯ͘Ϭ ŵŝůůŝŽŶ ŝŵƉĂŝƌŵĞŶƚ ŝƐ ŝŶĐůƵĚĞĚ ŝŶ ĚĞƉůĞƚŝŽŶ͕ ĚĞƉƌĞĐŝĂƚŝŽŶ ĂŶĚ ŝŵƉĂŝƌŵĞŶƚ ĞdžƉĞŶƐĞ ĨŽƌ ƚŚĞ LJĞĂƌ͘

&ŝŶĂŶĐĞ ĞdžƉĞŶƐĞ

;Ψ ŝŶ ƚŚŽƵƐĂŶĚƐͿ	dŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚ		zĞĂƌ ĞŶĚĞĚ
	ĞĐĞŵďĞƌ ϯϭ͕	ĞĐĞŵďĞƌ ϯϭ͕
	ϮϬ Ϯ ϭ	ϮϬϮϬ	ϮϬ Ϯ ϭ	ϮϬϮϬ
/ŶƚĞƌĞƐƚ ĞdžƉĞŶƐĞ	ϭϵ	ϰϯ	ϲϳ	ϭϮϭ
/ŶƚĞƌĞƐƚ ŽŶ ůĞĂƐĞ ŽďůŝŐĂƚŝŽŶ	Ϯ	Ϯ	ϭϭ	ϭϯ
ĐĐƌĞƚŝŽŶ ŽĨ ĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐ ůŝĂďŝůŝƚŝĞƐ	;ϭͿ	ϰϬ	ϳϬ	ϭϲϬ
	Ϯ Ϭ	ϴϱ	ϭϰ ϴ	Ϯϵϰ
WĞƌ ďŽĞ ;ΨͿ	Ϭ͘Ϯ ϯ	ϭ͘ϴϵ	Ϭ͘ϲ ϰ	ϭ͘ϲϭ

&ŝŶĂŶĐĞ ĞdžƉĞŶƐĞ ŝŶĐůƵĚĞƐ ŝŶƚĞƌĞƐƚ ƉĂŝĚ ŽŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ďĂŶŬ ůŽĂŶ͕ ŝŶƚĞƌĞƐƚ ŽŶ ůĞĂƐĞ ŽďůŝŐĂƚŝŽŶƐ ĂŶĚ ĂĐĐƌĞƚŝŽŶ ŽŶ ĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐ ůŝĂďŝůŝƚŝĞƐ͘

dŚĞ ŽŵƉĂŶLJ͛Ɛ ĨŝŶĂŶĐĞ ĞdžƉĞŶƐĞ ĨŽƌ ƚŚĞ ƚŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ǁĂƐ ΨϮϬ ƚŚŽƵƐĂŶĚ ĐŽŵƉĂƌĞĚ ƚŽ ĨŝŶĂŶĐĞ ĞdžƉĞŶƐĞ ŽĨ Ψϴϱ ƚŚŽƵƐĂŶĚ ŝŶ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϬ͘ &Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϮϬϮϭ͕ ĨŝŶĂŶĐĞ ĞdžƉĞŶƐĞ ǁĂƐ Ψϭϰϴ ƚŚŽƵƐĂŶĚ ĐŽŵƉĂƌĞĚ ƚŽ ĨŝŶĂŶĐĞ ĞdžƉĞŶƐĞ ŽĨ ΨϮϵϰ ƚŚŽƵƐĂŶĚ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϮϬϮϬ͘ dŚĞ ĚĞĐƌĞĂƐĞ ŝŶ ĨŝŶĂŶĐĞ ĞdžƉĞŶƐĞ ŝƐ ĂĐĐƌĞĚŝƚĞĚ ƚŽ ƚŚĞ ƌĞĚƵĐƚŝŽŶ ŝŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ďĂŶŬ ĚĞďƚ ĂŶĚ ůŽǁĞƌ ĂĐĐƌĞƚŝŽŶ ŽĨ ĚĞĐŽŵŵŝƐƐŝŽŶ ůŝĂďŝůŝƚŝĞƐ ĚƵĞ ƚŽ ĐŚĂŶŐĞƐ ŝŶ ŝŶĨůĂƚŝŽŶ ĂŶĚ ƌŝƐŬͲĨƌĞĞ ƌĂƚĞ͘

DΘ ĨŽƌ LJĞĂƌƐ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶĚ ϮϬϮϬ

KƉĞƌĂƚŝŶŐ ŶĞƚďĂĐŬ͕ ĨƵŶĚƐ ĨůŽǁ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ŶĞƚ ůŽƐƐ

dŚĞ ĨŽůůŽǁŝŶŐ ƚĂďůĞ ƐƵŵŵĂƌŝnjĞƐ ŽƉĞƌĂƚŝŶŐ ŶĞƚďĂĐŬ͕ ĨƵŶĚƐ ĨůŽǁ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ͕ ĂŶĚ ŶĞƚ ůŽƐƐ ŽŶ Ă ďĂƌƌĞůƐ ŽĨ Žŝů ĞƋƵŝǀĂůĞŶƚ ďĂƐŝƐ͗

;ΨͬďŽĞͿ	dŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚ		zĞĂƌ ĞŶĚĞĚ
	ĞĐĞŵďĞƌ ϯϭ͕		ĞĐĞŵďĞƌ ϯϭ͕
	ϮϬ Ϯ ϭ	ϮϬϮϬ	ϮϬ Ϯ ϭ	ϮϬϮϬ
ZĞǀĞŶƵĞ	ϳϮ͘ϵ ϱ	ϯϳ͘ϯϳ	ϱϵ͘ϴ ϲ	ϯϬ͘ϱϵ
ZŽLJĂůƚŝĞƐ	;ϭ Ϯ͘ϴ ϰͿ	;ϳ͘ϰϬͿ	;ϭ ϭ͘ϰ ϭͿ	;ϲ͘ϬϳͿ
EĞƚ ƌĞǀĞŶƵĞ	ϲ Ϭ͘ϭ ϭ	Ϯϵ͘ϵϳ	ϰϴ͘ϰ ϱ	Ϯϰ͘ϱϮ
KƚŚĞƌ ŝŶĐŽŵĞ	Ϭ͘ϯ Ϯ	Ͳ	Ϭ͘ϭ Ϯ	Ͳ
KƉĞƌĂƚŝŶŐ ĞdžƉĞŶƐĞƐ	;ϯ ϲ͘ϭ ϰͿ	;ϮϮ͘ϬϯͿ	;Ϯ ϳ͘ϲ ϮͿ	;ϭϵ͘ϭϬͿ
dƌĂŶƐƉŽƌƚĂƚŝŽŶ ĞdžƉĞŶƐĞƐ	;Ϭ͘ϵ ϲͿ	;ϭ͘ϮϳͿ	;ϭ͘ϭ ϭͿ	;ϭ͘ϭϱͿ
K ƉĞƌĂƚŝŶŐ EĞƚďĂĐ Ŭ ; ϭ Ϳ	Ϯ ϯ͘ϯ ϯ	ϲ͘ϲϳ	ϭϵ͘ϴ ϰ	ϰ͘Ϯϳ
'ĞŶĞƌĂů ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĞdžƉĞŶƐĞƐ	;ϭ Ϯ͘Ϭ ϭͿ	;ϭ͘ϯϯͿ	;ϲ͘Ϯ ϬͿ	;Ϯ͘ϳϴͿ
dƌĂŶƐĂĐƚŝŽŶ ƌĞůĂƚĞĚ ĞdžƉĞŶƐĞƐ	;Ϭ͘ϰ ϱͿ	Ͳ	;Ϭ͘Ϯ ϳͿ	Ͳ
/ŶƚĞƌĞƐƚ ĞdžƉĞŶƐĞ	;Ϭ͘Ϯ ϮͿ	;Ϭ͘ϵϲͿ	;Ϭ͘Ϯ ϵͿ	;Ϭ͘ϲϲͿ
&ƵŶĚƐ ĨůŽǁ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ ; ϭ Ϳ	ϭ Ϭ͘ϲ ϱ	ϰ͘ϯϴ	ϭϯ͘Ϭ ϴ	Ϭ͘ϴϯ
ĐĐƌĞƚŝŽŶ	Ϭ͘Ϭ ϭ	;Ϭ͘ϴϵͿ	;Ϭ͘ϯ ϬͿ	;Ϭ͘ϴϴͿ
džƉůŽƌĂƚŝŽŶ ĞdžƉĞŶƐĞ	Ͳ	Ͳ	Ͳ	;ϳϮ͘ϳϯͿ
ĞƉůĞƚŝŽŶ ĂŶĚ ĚĞƉƌĞĐŝĂƚŝŽŶ	;ϭ ϰ͘ϭ ϰͿ	;ϭϮ͘ϬϳͿ	;ϭ Ϯ͘ϯ ϱͿ	;ϭϱ͘ϲϳͿ
/ŵƉĂŝƌŵĞŶƚ ;ƌĞǀĞƌƐĂůͿ	ϭ ϯ ϲ͘ϭ ϵ	;ϲϲ͘ϯϭͿ	ϰϵ͘ϰ ϰ	;ϭϬϵ͘ϮϵͿ
^ŚĂƌĞ ŽĨ ũŽŝŶƚ ǀĞŶƚƵƌĞ ĂĐƚŝǀŝƚŝĞƐ	ϭ ϵ͘ϯ ϴ	;ϭ͘ϰϳͿ	ϭϭ͘Ϭ Ϯ	Ϭ͘ϱϳ
/ŶƚĞƌĞƐƚ ŽŶ ůĞĂƐĞ ŽďůŝŐĂƚŝŽŶƐ	;Ϭ͘Ϭ ϮͿ	;Ϭ͘ϬϰͿ	;Ϭ͘Ϭ ϱͿ	;Ϭ͘ϬϳͿ
KƚŚĞƌ ŝŶĐŽŵĞ	Ϯ͘Ϯ ϱ	Ͳ	Ϭ͘ϴ Ϯ	Ͳ
'ĂŝŶ ŽŶ ĚŝƐƉŽƐŝƚŝŽŶ	Ϭ͘ϱ Ϭ	Ͳ	Ϭ͘ϯ ϰ	Ϭ͘Ϭϯ
EĞƚ ŝŶĐ ŽŵĞ ;ůŽƐƐͿ ĨŽ ƌ ƚŚĞ ƉĞƌŝŽĚ	ϭ ϱ ϰ͘ϴ Ϯ	;ϳϲ͘ϰϬͿ	ϲϮ͘Ϭ Ϭ	;ϭϵϳ͘ϮϭͿ

;ϭͿ ^ĞĞ ŶŽŶ /&Z^ ŵĞĂƐƵƌĞƐ ĂŶĚ ŽƚŚĞƌ ĨŝŶĂŶĐŝĂů ŵĞĂƐƵƌĞƐ

dŚĞ ŽŵƉĂŶLJΖƐ ŽƉĞƌĂƚŝŶŐ ŶĞƚďĂĐŬ͕ ĨƵŶĚƐ ĨůŽǁ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ŶĞƚ ĞĂƌŶŝŶŐƐ ŐĞŶĞƌĂƚŝŶŐ ĐĂƉĂďŝůŝƚLJ ĂƌĞ Ă ĚŝƌĞĐƚ ƌĞƐƵůƚ ŽĨ ƉƌŽĚƵĐƚŝŽŶ ǀŽůƵŵĞƐ͕ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ͕ ƌŽLJĂůƚLJ ƌĂƚĞƐ͕ ĂŶĚ ƚŚĞ ĐŽƐƚ ƚŽ ĨŝŶĚ ĂŶĚ ƉƌŽĚƵĐĞ ƌĞƐĞƌǀĞƐ͘

KƉĞƌĂƚŝŶŐ ŶĞƚďĂĐŬ

/Ŷ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϭ͕ ŽƉĞƌĂƚŝŶŐ ŶĞƚďĂĐŬ ǁĂƐ ΨϮ͘Ϭ ŵŝůůŝŽŶ ĐŽŵƉĂƌĞĚ ƚŽ ΨϬ͘ϯ ŵŝůůŝŽŶ ĨŽƌ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ϮϬϮϬ ĂŶĚ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ŽƉĞƌĂƚŝŶŐ ŶĞƚďĂĐŬ ǁĂƐ Ψϰ͘ϲ ŵŝůůŝŽŶ ĐŽŵƉĂƌĞĚ ƚŽ ΨϬ͘ϴ ŵŝůůŝŽŶ ĨŽƌ ƚŚĞ LJĞĂƌ ϮϬϮϬ͘ dŚĞ ŚŝŐŚĞƌ ŽƉĞƌĂƚŝŶŐ ŶĞƚďĂĐŬ ŝŶ ϮϬϮϭ ŝƐ ƚŚĞ ŝŵƉĂĐƚ ŽĨ ŚŝŐŚĞƌ ƉƌŽĚƵĐƚŝŽŶ ǀŽůƵŵĞƐ ĂŶĚ ŚŝŐŚĞƌ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ͘

&ƵŶĚƐ ĨůŽǁ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ

/Ŷ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϭ͕ ĨƵŶĚƐ ĨůŽǁ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ ǁĂƐ ΨϬ͘ϵ ŵŝůůŝŽŶ ĐŽŵƉĂƌĞĚ ƚŽ ΨϬ͘Ϯ ŵŝůůŝŽŶ ƚŚĞ LJĞĂƌ ďĞĨŽƌĞ ĂŶĚ ĨŽƌ ƚŚĞ ϮϬϮϭ LJĞĂƌ Ψϯ͘Ϭ ŵŝůůŝŽŶ ĐŽŵƉĂƌĞĚ ƚŽ ΨϬ͘Ϯ ŵŝůůŝŽŶ ƚŚĞ ƉƌŝŽƌ LJĞĂƌ ĚƵĞ ƚŽ ƚŚĞ ŝŵƉĂĐƚ ŽĨ ŚŝŐŚĞƌ ǀŽůƵŵĞƐ ĂŶĚ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ͘

DΘ ĨŽƌ LJĞĂƌƐ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶĚ ϮϬϮϬ

W/d> yWE/dhZ^

;Ψ ŝŶ ƚŚŽƵƐĂŶĚƐͿ	dŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚ	zĞĂƌ ĞŶĚĞĚ
	ĞĐĞŵďĞƌ ϯϭ͕	ĞĐĞŵďĞƌ ϯϭ͕
	ϮϬ Ϯ ϭ	ϮϬϮϬ	ϮϬ Ϯ ϭ	ϮϬϮϬ
>ĂŶĚ	ϲ	Ͳ	ϯϭ	ϯϭ
'ĞŽůŽŐŝĐĂů ĂŶĚ ŐĞŽƉŚLJƐŝĐĂů	Ͳ	Ͳ	Ͳ	Ϯ
ƌŝůůŝŶŐ ĂŶĚ ĐŽŵƉůĞƚŝŽŶƐ	ϭ ϭ ϴ	Ϯϲ	Ϯϴ ϳ	ϭ͕ϮϭϬ
WƌŽĚƵĐƚŝŽŶ ĨĂĐŝůŝƚŝĞƐ	ϴ ϵ	ϭϯϯ	ϯϬ ϯ	ϰϮϳ
KƚŚĞƌ	Ϯ ϰ	ϲ	ϰϳ	ϭϱϲ
džƉůŽ ƌĂƚŝŽŶ ĂŶĚ ĚĞǀĞůŽƉŵĞŶ ƚ	Ϯ ϯ ϳ	ϭϲϱ	ϲϲϴ	ϭ͕ϴϮϲ
WƌŽƉĞƌƚLJ ĂĐƋƵŝƐŝƚŝŽŶƐ	ϯ ϲ ϲ	Ͳ	ϭ͕ϭ ϰ ϰ	Ͳ
dŽ ƚĂů ĐĂƉŝ ƚĂů ĞdžƉĞŶĚŝ ƚƵ ƌĞƐ ; ϭ Ϳ	ϲ Ϭ ϯ	ϭϲϱ	ϭ͕ϴ ϭ Ϯ	ϭ͕ϴϮϲ

;ϭͿ ^ĞĞ ŶŽŶ /&Z^ ŵĞĂƐƵƌĞƐ ĂŶĚ ŽƚŚĞƌ ĨŝŶĂŶĐŝĂů ŵĞĂƐƵƌĞƐ

dŽƚĂů ĐĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞƐ ĨŽƌ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ϮϬϮϭ ǁĞƌĞ ΨϬ͘ϲ ŵŝůůŝŽŶ ĐŽŵƉĂƌĞĚ ƚŽ ΨϬ͘Ϯ ŵŝůůŝŽŶ ŝŶ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ŽĨ ƚŚĞ ƉƌŝŽƌ LJĞĂƌ͘ dŚĞ ĐŽŵƉĂŶLJ ĐůŽƐĞĚ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ŽĨ ƉƌŽƉĞƌƚŝĞƐ ŝŶ ƚŚĞ >ůŽLJĚŵŝŶƐƚĞƌ ĂƌĞĂ ŽĨ ^ĂƐŬĂƚĐŚĞǁĂŶ ĨŽƌ ƚŽƚĂů ĐĂƐŚ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ŽĨ Ψϭ͘ϭ ŵŝůůŝŽŶ͘ dŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ƉƌŽƉĞƌƚLJ ĂĐƋƵŝƐŝƚŝŽŶ ĞdžƉĞŶĚŝƚƵƌĞ ŝŶĐůƵĚĞĚ ŝŶƚĞƌŝŵ ĐůŽƐŝŶŐ ĂĚũƵƐƚŵĞŶƚƐ͘ KƚŚĞƌ ĂĚĚŝƚŝŽŶƐ ŝŶ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϭ ǁĞƌĞ ƉƌŝŵĂƌŝůLJ ŽŶ ĐŽŵƉůĞƚŝŽŶͬƌĞĐŽŵƉůĞƚŝŽŶ ĂŶĚ ƉƌŽĚƵĐƚŝŽŶ ĨĂĐŝůŝƚŝĞƐ ƌĞůĂƚĞĚ ƚŽ ƌĞĂĐƚŝǀĂƚŝŶŐ ĞdžŝƐƚŝŶŐ ǁĞůůďŽƌĞƐ͘

dŽƚĂů ĐĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞƐ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ǁĞƌĞ Ψϭ͘ϴ ŵŝůůŝŽŶ ĐŽŵƉĂƌĞĚ ƚŽ Ψϭ͘ϴ ŵŝůůŝŽŶ ƚŚĞ LJĞĂƌ ďĞĨŽƌĞ͘ Ɛ ĚŝƐĐƵƐƐĞĚ ĂďŽǀĞ͕ ƚŚĞ ƐŝŐŶŝĨŝĐĂŶƚ ĐĂƉŝƚĂů ĂĚĚŝƚŝŽŶƐ ŝŶ ϮϬϮϭ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ >ůŽLJĚ ŚĞĂǀLJ Žŝů ĂƐƐĞƚ ĂĐƋƵŝƐŝƚŝŽŶ ĨŽƌ ƚŽƚĂů ĐĂƐŚ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ŽĨ Ψϭ͘ϭ ŵŝůůŝŽŶ ĂŶĚ ĐŽŵƉůĞƚŝŽŶͬƌĞĐŽŵƉůĞƚŝŽŶ ĂŶĚ ƉƌŽĚƵĐƚŝŽŶ ĨĂĐŝůŝƚŝĞƐ ƌĞůĂƚĞĚ ƚŽ ƌĞĂĐƚŝǀĂƚŝŶŐ ĞdžŝƐƚŝŶŐ ǁĞůůďŽƌĞƐ͘ /Ŷ ĐŽŵƉĂƌŝƐŽŶ ƚŽ ƉƌŝŽƌ LJĞĂƌ͕ ŚƌŽŶŽƐ ĐŽŶƐƚƌƵĐƚĞĚ Ă ŵƵůƚŝͲǁĞůů ƉĂĚ ĂŶĚ ĚƌŝůůĞĚ ŽŶĞ ŚŽƌŝnjŽŶƚĂů ǁĞůů ďƵƚ ŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞ ĚŝƐƌƵƉƚĞĚ ĚƵĞ ƚŽ ĐŽǀŝĚͲϭϵ ƉĂŶĚĞŵŝĐ͘

>E ,K>/E'^

Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ůĂŶĚ ŚŽůĚŝŶŐƐ ;ŝŶ ĂĐƌĞƐͿ ĂƌĞ ĂƐ ĨŽůůŽǁƐ͗

	hŶĚĞǀĞůŽƉĞĚ		dŽƚĂů
	'ƌŽƐƐ;ϭͿ	EĞƚ ;ϮͿ	'ƌŽƐƐ;ϭͿ	EĞƚ ;ϮͿ
ůďĞƌƚĂ	ϲϯϯ	ϲϯϯ	ϲϯϯ	ϲϯϯ
^ĂƐŬĂƚĐŚĞǁĂŶ	Ϯϱ͕ϳϬϰ	Ϯϱ͕Ϯϰϳ	ϰϲ͕ϴϱϮ	ϰϰ͕ϬϬϭ
dŽƚĂů	Ϯϲ͕ϯϯϳ	Ϯϱ͕ϴϴϬ	ϰϳ͕ϰϴϱ	ϰϰ͕ϲϯϰ

1RWHV

;ϭͿ Η'ƌŽƐƐΗ ŵĞĂŶƐ ƚŚĞ ƚŽƚĂů ŶƵŵďĞƌ ŽĨ ĂĐƌĞƐ ŝŶ ǁŚŝĐŚ ǁĞ ŚŽůĚ ĂŶ ŝŶƚĞƌĞƐƚ͘

;ϮͿ ΗEĞƚΗ ŵĞĂŶƐ ƚŚĞ ĂŐŐƌĞŐĂƚĞ ŽĨ ƚŚĞ ƉĞƌĐĞŶƚĂŐĞ ǁŽƌŬŝŶŐ ŝŶƚĞƌĞƐƚƐ ŽĨ ŚƌŽŶŽƐ ŝŶ ƚŚĞ ŐƌŽƐƐ ĂĐƌĞƐ͘

DΘ ĨŽƌ LJĞĂƌƐ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶĚ ϮϬϮϬ

Z^Zs ZWKZd ,/',>/',d^

dŚĞ ĨŽůůŽǁŝŶŐ ŝƐ Ă ƐƵŵŵĂƌLJ ŽĨ ϮϬϮϭ LJĞĂƌ ĞŶĚ ƌĞƐĞƌǀĞƐ ĂŶĚ ƌĞƐĞƌǀĞƐ ǀĂůƵĞ ĂƐ ĞǀĂůƵĂƚĞĚ ĂŶĚ ƌĞƉŽƌƚĞĚ ďLJ ƚŚĞ ŝŶĚĞƉĞŶĚĞŶƚ ĞŶŐŝŶĞĞƌŝŶŐ Ĩŝƌŵ ^ƉƌŽƵůĞ ƐƐŽĐŝĂƚĞƐ >ƚĚ͘ ĚĂƚĞĚ Ɖƌŝů Ϯϯ͕ ϮϬϮϮ ĞŶƚŝƚůĞĚ ΗǀĂůƵĂƚŝŽŶ ŽĨ ƚŚĞ WΘE' ZĞƐĞƌǀĞƐ ŽĨ ŚƌŽŶŽƐ ZĞƐŽƵƌĐĞƐ >ƚĚ͘ ;ĂƐ ŽĨ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭͿΗ dŚĞ ƌĞƐĞƌǀĞƐ ƌĞƉŽƌƚ ŚĂƐ ďĞĞŶ ƉƌĞƉĂƌĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ E/ ϱϭͲϭϬϭ ĚĞĨŝŶŝƚŝŽŶƐ͕ ƐƚĂŶĚĂƌĚƐ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ͘

ZĞƐĞƌǀĞƐ

Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ

	>ŝŐŚƚ Θ DĞĚŝƵŵ	,ĞĂǀLJ Kŝů	^ŽůƵƚŝŽŶ 'ĂƐ		ƋƵŝǀĂůĞŶƚ
ZĞƐĞƌǀĞ ĂƚĞŐŽƌLJ	Kŝů ;DďďůͿ	;DďďůͿ	;DDĐĨͿ	E'>Ɛ ;DďďůͿ	;DďŽĞͿ
WƌŽǀĞĚ ĚĞǀĞůŽƉĞĚ ƉƌŽĚƵĐŝŶŐ	Ϯϭϰ͘ϱ	ϭ͕Ϭϳϯ͘ϳ	ϰϭ	Ϭ͘ϭ	ϭ͕Ϯϵϱ͘ϭ
WƌŽǀĞĚ ĚĞǀĞůŽƉĞĚ ŶŽŶͲƉƌŽĚƵĐŝŶŐ	ϭϭ͘Ϭ	ϭϰϭ͘ϰ	ϮϮ	Ϭ͘Ϭ	ϭϱϲ͘ϭ
WƌŽǀĞĚ ƵŶĚĞǀĞůŽƉĞĚ	ϰϵ͘Ϯ	ϭ͕Ϭϳϳ͘ϳ	ϱϵ	Ϭ͘ϭ	ϭ͕ϭϯϲ͘ϵ
dŽƚĂů ƉƌŽǀĞĚ	Ϯϳϰ͘ϳ	Ϯ͕ϮϵϮ͘ϳ	ϭϮϮ	Ϭ͘Ϯ	Ϯ͕ϱϴϴ͘Ϭ
WƌŽďĂďůĞ ĚĞǀĞůŽƉĞĚ ƉƌŽĚƵĐŝŶŐ	ϭϯϯ͘ϰ	ϰϳϵ͘ϱ	ϭϳ	Ϭ͘Ϭ	ϲϭϱ͘ϳ
WƌŽďĂďůĞ ĚĞǀĞůŽƉĞĚ ŶŽŶͲƉƌŽĚƵĐŝŶ	ϱ͘ϭ	ϱϯ͘ϵ	ϭϭ	Ϭ͘Ϭ	ϲϬ͘ϵ
WƌŽďĂďůĞ ƵŶĚĞǀĞůŽƉĞĚ	Ϯϲϭ͘Ϭ	ϭ͕ϱϲϲ͘Ϭ	ϵϳ	Ϭ͘Ϯ	ϭ͕ϴϰϯ͘ϯ
dŽƚĂů ƉƌŽďĂďůĞ	ϯϵϵ͘ϰ	Ϯ͕Ϭϵϵ͘ϯ	ϭϮϱ	Ϭ͘Ϯ	Ϯ͕ϱϭϵ͘ϴ
dŽƚĂů ƉƌŽǀĞĚ ƉůƵƐ ƉƌŽďĂďůĞ	ϲϳϰ͘ϭ	ϰ͕ϯϵϮ͘ϭ	Ϯϰϳ	Ϭ͘ϰ	ϱ͕ϭϬϳ͘ϴ

EĞƚ W ƌĞƐĞŶ ƚ sĂůƵĞ ŽĨ ZĞƐĞƌǀĞƐ

ĞĨŽƌĞ dĂdž EĞƚ WƌĞƐĞŶƚ sĂůƵĞ ;DΨͿ

Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ	ĞĨŽƌĞ dĂdž EĞƚ WƌĞƐĞŶƚ sĂůƵĞ ;DΨͿ
ZĞƐĞƌǀĞ ĂƚĞŐŽƌLJ	Ϭй	ϱй	ϭϬй	ϭϱй	ϮϬй	Ϯϱй
WƌŽǀĞĚ ĚĞǀĞůŽƉĞĚ ƉƌŽĚƵĐŝŶŐ	Ϯϲ͕ϲϰϬ	Ϯϯ͕Ϭϵϵ	ϮϬ͕ϲϰϰ	ϭϴ͕ϴϭϱ	ϭϳ͕ϯϴϮ	ϭϲ͕Ϯϭϴ
WƌŽǀĞĚ ĚĞǀĞůŽƉĞĚ ŶŽŶͲƉƌŽĚƵĐŝŶŐ	ϭ͕ϱϯϭ	ϭ͕ϱϵϵ	ϭ͕ϲϬϱ	ϭ͕ϱϳϲ	ϭ͕ϱϮϴ	ϭ͕ϰϳϭ
WƌŽǀĞĚ ƵŶĚĞǀĞůŽƉĞĚ	ϯϯ͕Ϭϳϲ	Ϯϭ͕ϰϱϴ	ϭϰ͕ϰϳϱ	ϭϬ͕Ϭϱϭ	ϳ͕ϭϬϲ	ϱ͕Ϭϲϯ
dŽƚĂů ƉƌŽǀĞĚ	ϲϭ͕Ϯϰϳ	ϰϲ͕ϭϱϳ	ϯϲ͕ϳϮϰ	ϯϬ͕ϰϰϮ	Ϯϲ͕Ϭϭϱ	ϮϮ͕ϳϱϮ
WƌŽďĂďůĞ ĚĞǀĞůŽƉĞĚ ƉƌŽĚƵĐŝŶŐ	ϭϲ͕ϰϰϰ	ϭϬ͕ϯϰϯ	ϳ͕Ϯϳϳ	ϱ͕ϱϭϬ	ϰ͕ϯϴϰ	ϯ͕ϲϭϯ
WƌŽďĂďůĞ ĚĞǀĞůŽƉĞĚ ŶŽŶͲƉƌŽĚƵĐŝŶ	ϵϲϭ	ϴϲϰ	ϳϳϮ	ϲϵϭ	ϲϮϭ	ϱϲϭ
WƌŽďĂďůĞ ƵŶĚĞǀĞůŽƉĞĚ	ϳϮ͕Ϭϭϱ	ϰϱ͕ϴϴϭ	ϯϭ͕ϲϱϵ	Ϯϯ͕ϭϰϮ	ϭϳ͕ϲϯϮ	ϭϯ͕ϴϰϵ
dŽƚĂů ƉƌŽďĂďůĞ	ϴϵ͕ϰϮϬ	ϱϳ͕Ϭϴϳ	ϯϵ͕ϳϬϴ	Ϯϵ͕ϯϰϰ	ϮϮ͕ϲϯϳ	ϭϴ͕ϬϮϯ
dŽƚĂů ƉƌŽǀĞĚ ƉůƵƐ ƉƌŽďĂďůĞ	ϭϱϬ͕ϲϲϳ	ϭϬϯ͕Ϯϰϰ	ϳϲ͕ϰϯϮ	ϱϵ͕ϳϴϲ	ϰϴ͕ϲϱϮ	ϰϬ͕ϳϳϱ

dŚĞ ĨŽůůŽǁŝŶŐ ƚĂďůĞ ƐƵŵŵĂƌŝnjĞƐ ĐŚĂŶŐĞƐ ƚŽ ƚŚĞ ƌĞƐĞƌǀĞƐ ĚƵƌŝŶŐ ϮϬϮϭ͘

ZĞƐĞƌǀĞƐ ZĞĐ ŽŶĐŝůŝĂƚŝŽŶ

	'ƌŽƐƐ WƌŽǀĞĚ	'ƌŽƐƐ WƌŽďĂďůĞ	'ƌŽƐƐ WƌŽǀĞĚ WůƵƐ
	;DKͿ	;DKͿ	WƌŽďĂďůĞ ;DKͿ
ĂůĂŶĐĞ͕ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϵ	Ϯ͕ϰϮϵ͘ϳ	Ϯ͕ϱϭϴ͘Ϯ	ϰ͕ϵϰϳ͘ϵ
dĞĐŚŶŝĐĂů	ϯϭϲ͘ϲ	ϭϯϳ͘ϴ	ϰϱϰ͘ϰ
ĐŽŶŽŵŝĐ ĨĂĐƚŽƌƐ	;ϭϴϯ͘ϴͿ	;ϰϳ͘ϮͿ	;Ϯϯϭ͘ϬͿ
WƌŽĚƵĐƚŝŽŶ	;ϭϴϮ͘ϳͿ	Ͳ	;ϭϴϮ͘ϳͿ
ĂůĂŶĐĞ͕ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϬ	Ϯ͕ϯϳϵ͘ϳ	Ϯ͕ϲϬϴ͘ϵ	ϰ͕ϵϴϴ͘ϲ
ĐƋƵŝƐŝƚŝŽŶƐ	ϲϰϳ͘ϯ	ϭϲϬ͘ϰ	ϴϬϳ͘ϳ
dĞĐŚŶŝĐĂů ƌĞǀŝƐŝŽŶƐ	;ϳϵϲ͘ϱͿ	;ϭϮϲ͘ϲͿ	;ϵϮϯ͘ϮͿ
ĐŽŶŽŵŝĐ ĨĂĐƚŽƌƐ	ϱϵϭ͘ϰ	;ϭϮϮ͘ϵͿ	ϰϲϴ͘ϱ
WƌŽĚƵĐƚŝŽŶ	;Ϯϯϯ͘ϵͿ	Ͳ	;Ϯϯϯ͘ϵͿ
ĂůĂŶĐĞ͕ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ	Ϯ͕ϱϴϴ͘Ϭ	ͲϮ͕ϱϭϵ͘ϴ	Ͳϱ͕ϭϬϳ͘ϴ

DΘ ĨŽƌ LJĞĂƌƐ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶĚ ϮϬϮϬ

&ŝŶĚŝŶŐ ĂŶĚ ĞǀĞůŽƉŵĞŶ ƚ ŽƐƚƐ ; ϭ ͿWƌŽǀĞĚ н WƌŽďĂďůĞ
;Ψ ŝŶ ƚŚŽƵƐĂŶĚƐ͕ ĞdžĐĞƉƚ ƉĞƌ ƵŶŝƚ ĂŵŽƵŶƚƐͿ	Ɛ Ăƚ	Ɛ Ăƚ
ZĞƐĞƌǀĞ ĂƚĞŐŽƌLJ	ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ	ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϬ
dŽƚĂů ĐĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞƐ ŽŶ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ĂĐƋƵŝƐŝƚŝŽŶƐΖ	ϭ͕ϳϯϰ	ϳϲϳ
ŚĂŶŐĞ ŝŶ ĞƐƚŝŵĂƚĞĚ ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ	ϭ͕ϴϯϳ	;ϭ͕ϱϵϯͿ
dŽƚĂů &Θ ŽƐƚƐ	ϯ͕ϱϳϭ	;ϴϮϲͿ
ZĞƐĞƌǀĞ ĂĚĚŝƚŝŽŶƐ ĨŽƌ &Θ ;ŵďŽĞͿ	ϯϱϯ͘Ϭ	ϮϮϯ͘ϰ
ŽƌƉŽƌĂƚĞ &Θ ĐŽƐƚƐ ƉĞƌ ďŽĞ	ϭϬ͘ϭϮ	;ϯ͘ϳϬͿ

;ϭͿ ^ĞĞ ŶŽŶ /&Z^ ŵĞĂƐƵƌĞƐ ĂŶĚ ŽƚŚĞƌ ĨŝŶĂŶĐŝĂů ŵĞĂƐƵƌĞƐ

dŽƚĂů &Θ ĐŽƐƚƐ ĨŽƌ ƚŚĞ LJĞĂƌ ŽĨ Ψϯ͘ϲ ŵŝůůŝŽŶ ;ϮϬϮϬ Ͳ Ψ;Ϭ͘ϴͿ ŵŝůůŝŽŶͿ ŝŶĐůƵĚĞ Ăůů ĐŽƐƚƐ ƚŽ ŽďƚĂŝŶ ĂĐĐĞƐƐ ƚŽ ƌĞƐĞƌǀĞƐ ŝŶĐůƵĚŝŶŐ ĂĐƋƵŝƐŝƚŝŽŶƐ͘ dŚĞ &Θ ĐŽƐƚƐ ƌĞůĂƚĞĚ ƚŽ ƌĞƐĞƌǀĞ ĂĚĚŝƚŝŽŶƐ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ǁĞƌĞ ΨϮϵ͘ϵϴͬďŽĞ ;ϮϬϮϬͲ ;ΨϮϬ͘ϯϬͿͬďŽĞͿ͘

KDD/^^/KE/E' >//>/dz

ƵƌŝŶŐ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐ ůŝĂďŝůŝƚŝĞƐ ŝŶĐƌĞĂƐĞĚ ďLJ Ψϭϯ͘ϳ ŵŝůůŝŽŶ͕ ƉƌŝŵĂƌŝůLJ ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ ĂĚĚŝƚŝŽŶ ŽĨ Ψϭϱ͘ϭ ŵŝůůŝŽŶ ŝŶ ĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ĂŶĚ ƌĞǀĂůƵĂƚŝŽŶ ŽĨ ĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐ ůŝĂďŝůŝƚŝĞƐ ŽĨ ƉƌŽƉĞƌƚŝĞƐ ŝŶ ƚŚĞ >ůŽLJĚŵŝŶƐƚĞƌ ĂƌĞĂ ŽĨ ^ĂƐŬĂƚĐŚĞǁĂŶ͕ ĂŶĚ Ă ĚŽǁŶǁĂƌĚ ƌĞǀŝƐŝŽŶ ŽĨ Ψϭ͘ϰ ŵŝůůŝŽŶ ƌĞůĂƚĞĚ ƚŽ Ă ĐŚĂŶŐĞ ŝŶ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ĂďĂŶĚŽŶŵĞŶƚ ĂŶĚ ƌĞŵĞĚŝĂƚŝŽŶ ĐŽƐƚƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ůĞŐĂĐLJ ĂƐƐĞƚƐ ĂŶĚ Ă ĐŚĂŶŐĞ ĚŝƐĐŽƵŶƚ ĂŶĚ ŝŶĨůĂƚŝŽŶ ƌĂƚĞƐ͘

dŚĞ ŽŵƉĂŶLJ ĞƐƚŝŵĂƚĞƐ ƚŚĞ ƚŽƚĂů ĨƵƚƵƌĞ ƵŶĚŝƐĐŽƵŶƚĞĚ ĂŵŽƵŶƚ ŽĨ ĐĂƐŚ ĨůŽǁƐ ƌĞƋƵŝƌĞĚ ƚŽ ƐĞƚƚůĞ ŝƚƐ ĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐ ůŝĂďŝůŝƚŝĞƐ ŝƐ ĂƉƉƌŽdžŝŵĂƚĞůLJ ΨϮϬ͘ϰ ŵŝůůŝŽŶ ;ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϬ Ͳ Ψϴ͘ϱ ŵŝůůŝŽŶͿ͘ dŚĞƐĞ ƉĂLJŵĞŶƚƐ ĂƌĞ ĞdžƉĞĐƚĞĚ ƚŽ ďĞ ŵĂĚĞ ŽǀĞƌ ƚŚĞ ŶĞdžƚ ϲϬ LJĞĂƌƐ͘

>/Yh//dz E W/d> Z^KhZ^

EĞƚ ĚĞďƚ

Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂĚ ŶĞƚ ĚĞďƚ ŽĨ Ψϭ͘Ϯ ŵŝůůŝŽŶ ĐŽŵƉĂƌĞĚ ƚŽ ŶĞƚ ĚĞďƚ ŽĨ ΨϮ͘ϰ ŵŝůůŝŽŶ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϬ͘ dŚĞ ĚĞĐƌĞĂƐĞ ŝƐ ƚŚĞ ƌĞƐƵůƚ ŽĨ ĨƵŶĚƐ ĨůŽǁ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ ŽĨ Ψϯ͘Ϭ ŵŝůůŝŽŶ ŝŶ ƚŚĞ LJĞĂƌ ϮϬϮϭ ĐŽŵƉĂƌĞĚ ƚŽ ΨϬ͘Ϯ ŵŝůůŝŽŶ ŝŶ ƚŚĞ LJĞĂƌ ϮϬϮϬ͕ ŶĞƚ ŽĨ ĐĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞƐ͘

ĂƉŝƚĂů ĨƵŶĚŝŶŐ

ĂŶŬ ůŽĂŶ

Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂĚ Ă ĚĞŵĂŶĚ ĐƌĞĚŝƚ ĨĂĐŝůŝƚLJ ǁŝƚŚ Ă ĂŶĂĚŝĂŶ ĐŚĂƌƚĞƌĞĚ ďĂŶŬ ĐŽŶƐŝƐƚŝŶŐ ŽĨ Ă ĚĞŵĂŶĚ ƌĞǀŽůǀŝŶŐ ƉƌŝŵĞ ƌĂƚĞ ůŽĂŶ ĂŶĚ Ă ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ĐƌĞĚŝƚ ƐƵƉƉŽƌƚ ĨĂĐŝůŝƚLJ͘

dŚĞ ĐƌĞĚŝƚ ĨĂĐŝůŝƚLJ ƉƌŽǀŝĚĞƐ ĨŽƌ ĂĚǀĂŶĐĞƐ ƚŽ ďĞ ŵĂĚĞ ďLJ ǁĂLJ ŽĨ ůŽĂŶ ĂĚǀĂŶĐĞƐ͕ ůĞƚƚĞƌƐ ŽĨ ĐƌĞĚŝƚͬŐƵĂƌĂŶƚĞĞƐ͕ Žƌ ĞŶƚĞƌŝŶŐ ŝŶƚŽ ŽŶĞ Žƌ ŵŽƌĞ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ŝŶĐůƵĚŝŶŐ ƐǁĂƉƐ ĂŶĚ ĨŽƌǁĂƌĚ ĐŽŵŵŽĚŝƚLJ ĐŽŶƚƌĂĐƚƐ͘ dŚĞ ĐƌĞĚŝƚ ĨĂĐŝůŝƚLJ ďĞĂƌƐ ŝŶƚĞƌĞƐƚ Ăƚ ƚŚĞ ďĂŶŬΖƐ ƉƌŝŵĞ ůĞŶĚŝŶŐ ƌĂƚĞ ƉůƵƐ ĂƉƉůŝĐĂďůĞ ŵĂƌŐŝŶƐ͘ dŚĞ ĂƉƉůŝĐĂďůĞ ŵĂƌŐŝŶƐ ĨŽƌ ƚŚĞ ƉƌŝŵĞ ƌĂƚĞ ĂĚǀĂŶĐĞƐ ĂƌĞ Ϭ͘ϱϬй ĂŶĚ ůĞƚƚĞƌƐ ŽĨ ĐƌĞĚŝƚͬŐƵĂƌĂŶƚĞĞ ϭ͘ϱй͘ hŶĚƌĂǁŶ ĨƵŶĚƐ ĂƌĞ ƐƵďũĞĐƚ ƚŽ ĂŶ ĂǀĂŝůĂďŝůŝƚLJ ĨĞĞ ŽĨ Ϭ͘Ϯϱй͘

dŚĞ ĐƌĞĚŝƚ ĨĂĐŝůŝƚLJ ŝƐ ƐĞĐƵƌĞĚ ďLJ Ă ĨŝdžĞĚ ĂŶĚ ĨůŽĂƚŝŶŐ ĐŚĂƌŐĞ ĚĞŵĂŶĚ ĚĞďĞŶƚƵƌĞ ŽŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƉƌŽĚƵĐŝŶŐ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƉƌŽƉĞƌƚŝĞƐ ůŽĐĂƚĞĚ ŝŶ ^ĂƐŬĂƚĐŚĞǁĂŶ ĂŶĚ ƌĞƋƵŝƌĞƐ ƚŚĞ ŽŵƉĂŶLJ ƚŽ ŵĂŝŶƚĂŝŶ Ă >ŝĂďŝůŝƚLJ DĂŶĂŐĞŵĞŶƚ ZĂƚŝŶŐ ;͞>DZ͟Ϳ ŽĨ ŐƌĞĂƚĞƌ ƚŚĂŶ ϭ͘Ϭ ŝŶ ĞĂĐŚ ũƵƌŝƐĚŝĐƚŝŽŶ ƚŚĞ ŽŵƉĂŶLJ ŽǁŶƐ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƉƌŽƉĞƌƚŝĞƐ͘

dŚĞ ĂǀĂŝůĂďůĞ ďŽƌƌŽǁŝŶŐ ůŝŵŝƚ ŽĨ ƚŚĞ ĐƌĞĚŝƚ ĨĂĐŝůŝƚLJ ŝƐ ƌĞǀŝĞǁĞĚ ƐĞŵŝͲĂŶŶƵĂůůLJ ĂŶĚ ŝƐ ďĂƐĞĚ ŽŶ ƚŚĞ ďĂŶŬƐ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƌĞƐĞƌǀĞƐ ĂŶĚ ĨƵƚƵƌĞ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ͘ KŶ :ƵŶĞ ϯϬ͕ ϮϬϮϭ͕ ƚŚĞ ĐƌĞĚŝƚ ĨĂĐŝůŝƚLJ ǁĂƐ ĂŵĞŶĚĞĚ ĂŶĚ ƚŚĞ ďŽƌƌŽǁŝŶŐ ůŝŵŝƚ ǁĂƐ ĐŽŶĨŝƌŵĞĚ Ăƚ ΨϮ͘ϰϱ ŵŝůůŝŽŶ ƚŽ ďĞ ƌĞĚƵĐĞĚ ďLJ ΨϱϬ ƚŚŽƵƐĂŶĚ ŽŶ :ƵůLJ ϭ͕ ϮϬϮϭ ĂŶĚ ďLJ ΨϭϱϬ ƚŚŽƵƐĂŶĚ ƵŐƵƐƚ ϭ͕ ϮϬϮϭ ĂŶĚ ďLJ ΨϮϱϬ ƚŚŽƵƐĂŶĚ ƚŚĞ ĨŝƌƐƚ ŽĨ ĞĂĐŚ ŵŽŶƚŚ ƚŚĞƌĞĂĨƚĞƌ͘ KŶ ^ĞƉƚĞŵďĞƌ Ϯϰ͕ ϮϬϮϭ͕ ƚŚĞ ĐƌĞĚŝƚ ĨĂĐŝůŝƚLJ ǁĂƐ ĂŵĞŶĚĞĚ ƚŽ ƉĞƌŵŝƚ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ŽĨ ĐĞƌƚĂŝŶ ƉƌŽƉĞƌƚŝĞƐ ŝŶ ƚŚĞ >ůŽLJĚŵŝŶƐƚĞƌ ĂƌĞĂ ŽĨ ^ĂƐŬĂƚĐŚĞǁĂŶ͕ ƚŽ ĂŵĞŶĚ ƚŚĞ ŵŝŶŝŵƵŵ >DZ ƚŽ ŐƌĞĂƚĞƌ ƚŚĂŶ ϭ͘Ϭ ŝŶ ĞĂĐŚ ũƵƌŝƐĚŝĐƚŝŽŶ ƚŚĞ ŽŵƉĂŶLJ ŽǁŶƐ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƉƌŽƉĞƌƚŝĞƐ ĂŶĚ ĐŽŶĨŝƌŵĞĚ ƚŚĞ ďŽƌƌŽǁŝŶŐ ůŝŵŝƚ Ăƚ ΨϮ͘Ϭ ŵŝůůŝŽŶ ƚŽ ďĞ ƌĞĚƵĐĞĚ ďLJ ΨϮϱϬ ƚŚŽƵƐĂŶĚ ŽŶ KĐƚŽďĞƌ ϭ͕ ϮϬϮϭ ĂŶĚ ďLJ ΨϰϬϬ ƚŚŽƵƐĂŶĚ ŽŶ ƚŚĞ ĨŝƌƐƚ ŽĨ ĞĂĐŚ ŵŽŶƚŚ ƚŚĞƌĞĂĨƚĞƌ ƵŶƚŝů ĂŶĚ ŝŶĐůƵĚŝŶŐ &ĞďƌƵĂƌLJ ϭ͕ ϮϬϮϮ͘

DΘ ĨŽƌ LJĞĂƌƐ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶĚ ϮϬϮϬ

Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ƚŚĞ ĂŵŽƵŶƚ ĚƌĂǁŶ ŽŶ ƚŚĞ ďĂŶŬ ůŽĂŶ ǁĂƐ ΨŶŝů͘ dŚĞ ďĂŶŬ ůŽĂŶ ĨůƵĐƚƵĂƚĞƐ ĚƵĞ ƚŽ ƚŝŵŝŶŐ ŽĨ ƌĞĐĞŝƉƚ ŽĨ ƌĞǀĞŶƵĞ͕ ĨƵŶĚŝŶŐ ŽĨ ƚŚĞ ĐĂƉŝƚĂů ƉƌŽŐƌĂŵ͕ ĐĂƐŚ ĨůŽǁƐ͕ ĂŶĚ ŵŽǀĞŵĞŶƚƐ ŝŶ ǁŽƌŬŝŶŐ ĐĂƉŝƚĂů͘

^ƵďƐĞƋƵĞŶƚ ƚŽ LJĞĂƌͲĞŶĚ͕ ƚŚĞ ŽŵƉĂŶLJ ĂŶĚ ƚŚĞ ĂŶĂĚŝĂŶ ĐŚĂƌƚĞƌĞĚ ďĂŶŬ ƚĞƌŵŝŶĂƚĞĚ ƚŚĞ ĚĞŵĂŶĚ ĐƌĞĚŝƚ ĨĂĐŝůŝƚLJ͘ dŚĞ ĂŶĂĚŝĂŶ ĐŚĂƌƚĞƌĞĚ ďĂŶŬ ƌĞůĞĂƐĞĚ ƚŚĞ ĨŝdžĞĚ ĂŶĚ ĨůŽĂƚŝŶŐ ĐŚĂƌŐĞ ĚĞŵĂŶĚ ĚĞďĞŶƚƵƌĞ ŽŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƉƌŽĚƵĐŝŶŐ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƉƌŽƉĞƌƚŝĞƐ͘

ĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞ ƉƌŽŐƌĂŵ

dŚĞ ĐĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞ ƉƌŽŐƌĂŵ ĨŽƌ ƚŚĞ LJĞĂƌ ϮϬϮϭ ŝƐ ĨůĞdžŝďůĞ ĂŶĚ ĐĂŶ ďĞ ĂĚũƵƐƚĞĚ ƚŽ ƉƌĞƐĞƌǀĞ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ďĂůĂŶĐĞ ƐŚĞĞƚ ƐƚƌĞŶŐƚŚ ĂŶĚ ƉƌƵĚĞŶƚůLJ ĂůůŽĐĂƚĞ ĐĂƉŝƚĂů ĚĞƉĞŶĚŝŶŐ ŽŶ ƚŚĞ ĞĐŽŶŽŵŝĐ ĞŶǀŝƌŽŶŵĞŶƚ ĂŶĚ ƉƌŽũĞĐƚ ĞĐŽŶŽŵŝĐƐ͘ dŚĞ ŽŵƉĂŶLJ ŵĂLJ ŵĂŬĞ ƵƐĞ ŽĨ ĂĚĚŝƚŝŽŶĂů ďĂŶŬ ĚĞďƚ Žƌ ĞƋƵŝƚLJ ĨŝŶĂŶĐŝŶŐ ĨŽƌ ĂŶLJ ƐƵďƐƚĂŶƚŝĂů ĞdžƉĂŶƐŝŽŶ ƚŽ ƚŚĞ ĐĂƉŝƚĂů ƉƌŽŐƌĂŵ Žƌ ƚŽ ĨŝŶĂŶĐĞ ĂŶLJ ƐŝŐŶŝĨŝĐĂŶƚ ĂĐƋƵŝƐŝƚŝŽŶƐ͘ ŚƌŽŶŽƐ ŝƐ ƚŚĞ ŽƉĞƌĂƚŽƌ ŽĨ Ăůů ŝƚƐ Žŝů ĂŶĚ ŐĂƐ ƉƌŽƉĞƌƚŝĞƐ ĂŶĚ ƐŽ ƚŚĞ ĐĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞ ƉƌŽŐƌĂŵ ĐĂŶ ďĞ ƌĞĂĚŝůLJ ĂĚũƵƐƚĞĚ ŝŶ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚĞ ĞĐŽŶŽŵŝĐ ĐůŝŵĂƚĞ ĂŶĚ ŽƚŚĞƌ ĨĂĐƚŽƌƐ͕ ĂŶĚ ĐĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞƐ ĐĂŶ ďĞ ĚŝƌĞĐƚĞĚ ƚŽǁĂƌĚƐ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƐƚƌĂƚĞŐLJ ŽĨ ŐƌŽǁƚŚ ŝŶ ůĂŶĚ ďĂƐĞ͕ ĚƌŝůůŝŶŐ ŝŶǀĞŶƚŽƌLJ͕ ƌĞƐĞƌǀĞƐ͕ ĂŶĚ ƉƌŽĚƵĐƚŝŽŶ ǀŽůƵŵĞƐ͘ dŚĞ ŽŵƉĂŶLJ͛Ɛ ƉƌŽĚƵĐƚŝŽŶ ďĂƐĞ ŝŶ ƐŽƵƚŚǁĞƐƚ ^ĂƐŬĂƚĐŚĞǁĂŶ ŚĂƐ Ă ƌĞůĂƚŝǀĞůLJ ůŽǁ ĚĞĐůŝŶĞ ƌĂƚĞ ƚŚƵƐ ƌĞĚƵĐŝŶŐ ƚŚĞ ĐĂƉŝƚĂů ƌĞƋƵŝƌĞĚ ƚŽ ŵĂŝŶƚĂŝŶ ŝƚƐ ƉƌŽĚƵĐƚŝŽŶ ďĂƐĞ͘

ĂƉŝƚĂů ƐƚƌƵĐƚƵƌĞ

dŚĞ ŽŵƉĂŶLJ͛Ɛ ŽďũĞĐƚŝǀĞ ĨŽƌ ŵĂŶĂŐŝŶŐ ŝƚƐ ĐĂƉŝƚĂů ƐƚƌƵĐƚƵƌĞ ŝƐ ƚŽ ĞŶƐƵƌĞ ŝƚ ŚĂƐ ƚŚĞ ĨŝŶĂŶĐŝĂů ĐĂƉĂĐŝƚLJ͕ ůŝƋƵŝĚŝƚLJ ĂŶĚ ĨůĞdžŝďŝůŝƚLJ ƚŽ ĞdžĞĐƵƚĞ ŝƚƐ ĐĂƉŝƚĂů ŝŶǀĞƐƚŵĞŶƚ ƉƌŽŐƌĂŵ͕ ƉƌŽǀŝĚĞ ĐƌĞĚŝƚŽƌ ĂŶĚ ŵĂƌŬĞƚ ĐŽŶĨŝĚĞŶĐĞ͕ ĂŶĚ ƚŽ ƐƵƐƚĂŝŶ ƚŚĞ ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ƚŚĞ ďƵƐŝŶĞƐƐ͘

dŚĞ ŽŵƉĂŶLJ ĐŽŶƐŝĚĞƌƐ ĐĂƉŝƚĂů ƐƚƌƵĐƚƵƌĞ ƚŽ ŝŶĐůƵĚĞ ǁŽƌŬŝŶŐ ĐĂƉŝƚĂů͕ ďĂŶŬ ůŽĂŶ ĂŶĚ ƐŚĂƌĞŚŽůĚĞƌƐ͛ ĞƋƵŝƚLJ͘ tŽƌŬŝŶŐ ĐĂƉŝƚĂů ŝŶĐůƵĚĞƐ ĐĂƐŚ͕ ĂĐĐŽƵŶƚƐ ƌĞĐĞŝǀĂďůĞ͕ ĚƵĞ ĨƌŽŵ ƌĞůĂƚĞĚ ƉĂƌƚLJ ĂŶĚ ƉƌĞƉĂŝĚ ĞdžƉĞŶƐĞƐ ůĞƐƐ ĂĐĐŽƵŶƚƐ ƉĂLJĂďůĞ ĂŶĚ ĂĐĐƌƵĞĚ ůŝĂďŝůŝƚŝĞƐ ĂŶĚ ĐƵƌƌĞŶƚ ƉŽƌƚŝŽŶ ŽĨ ůĞĂƐĞ ůŝĂďŝůŝƚLJ͘ ƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂĚ ŶĞƚ ĚĞďƚ ŽĨ Ψϭ͘Ϯ ŵŝůůŝŽŶ ĂŶĚ ĨƵŶĚƐ ĨůŽǁ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ ĨŽƌ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ŽĨ ΨϬ͘ϵ ŵŝůůŝŽŶ ĂŶĚ ĨŽƌ ƚŚĞ LJĞĂƌ Ψϯ͘Ϭ ŵŝůůŝŽŶ͘

;Ψ ŝŶ ƚŚŽƵƐĂŶĚƐͿ	Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕
	ϮϬϮϭ
ĂƉŝƚĂů ƐƚƌƵĐƚƵƌĞ͗
EĞƚ ĚĞďƚ ;ϭͿ	;ϭ͕ϮϮϮͿ
^ŚĂƌĞŚŽůĚĞƌƐΖ ĞƋƵŝƚLJ	ϯϲ͕ϮϬϰ

;ϭͿ ^ĞĞ ŶŽŶͲ/&Z^ ŵĞĂƐƵƌĞƐ ĂŶĚ ŽƚŚĞƌ ĨŝŶĂŶĐŝĂů ŵĞĂƐƵƌĞƐ

KEdZdh>K>/'d/KE^ E KDD/dDEd^

ŽŵŵŝƚŵĞŶƚƐ ǁŝƚŚ Ă ĨŝdžĞĚ ƚĞƌŵ ĂƌĞ ƐĞƚ ŽƵƚ ďĞůŽǁ͘ KĨĨŝĐĞ ƉƌĞŵŝƐĞ ĐŽƐƚƐ ŝŶĐůƵĚĞ ĂŶ ĞƐƚŝŵĂƚĞ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƐŚĂƌĞ ŽĨ ŽƉĞƌĂƚŝŶŐ ĐŽƐƚƐ ĨŽƌ ŝƚƐ ŽĨĨŝĐĞ ƉƌĞŵŝƐĞƐ ĨŽƌ ƚŚĞ ĚƵƌĂƚŝŽŶ ŽĨ ƚŚĞ ůĞĂƐĞ ƚĞƌŵ͘

;Ψ ŝŶ ƚŚŽƵƐĂŶĚƐͿ	>ĞƐƐ ƚŚĂŶ ϭ LJĞĂƌ	ϭ ƚŽ ϯ LJĞĂƌƐ	ϰ ƚŽ ϱ LJĞĂƌƐ	dŽƚĂů
KĨĨŝĐĞ ƉƌĞŵŝƐĞ	ϯϴϴ	Ͳ	Ͳ	ϯϴϴ
sĞŚŝĐůĞ ůĞĂƐĞ	ϰϴ	ϰϬ	Ͳ	ϴϴ
dŽƚĂů	ϰϯϲ	ϰϬ	Ͳ	ϰϳϲ

^,Z W/d>

dŚĞ ŽŵƉĂŶLJ ŚĂĚ ϯϭ͕ϯϵϵ͕ϰϯϵ ĐŽŵŵŽŶ ƐŚĂƌĞƐ ŽƵƚƐƚĂŶĚŝŶŐ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϬ ĂŶĚ ŶŽ ƐŚĂƌĞ ŽƉƚŝŽŶƐ͘

ƚ :ƵŶĞ ϲ͕ ϮϬϮϮ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂĚ ϯϭ͕ϯϵϵ͕ϰϯϵ ĐŽŵŵŽŶ ƐŚĂƌĞƐ ŽƵƚƐƚĂŶĚŝŶŐ ĂŶĚ ŶŽ ƐŚĂƌĞ ŽƉƚŝŽŶƐ͘

DΘ ĨŽƌ LJĞĂƌƐ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶĚ ϮϬϮϬ

Z>d WZdz dZE^d/KE^

ZĞůĂƚĞĚ ƉĂƌƚŝĞƐ ŝŶ ƚŚĞ zĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶĚ ϮϬϮϬ ŝŶĐůƵĚĞ ŬĞLJ ŵĂŶĂŐĞŵĞŶƚ ƉĞƌƐŽŶŶĞů ĂŶĚ Ă ůŝŵŝƚĞĚ ƉĂƌƚŶĞƌƐŚŝƉ͕ ŚƌŽŶŽƐ ƵǀĞƌŶĂLJ >W ŝŶ ƚŚĂƚ Ă ǁŚŽůůLJ ŽǁŶĞĚ ƐƵďƐŝĚŝĂƌLJ ŝƐ Ă ƉĂƌƚŶĞƌ ŝŶ ƚŚĞ ƉĂƌƚŶĞƌƐŚŝƉ͘

dŚĞ ŽŵƉĂŶLJ ƉĞƌĨŽƌŵƐ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ĂĚǀŝƐŽƌLJ ƐĞƌǀŝĐĞƐ ĨŽƌ ƚŚĞ ƉĂƌƚŶĞƌƐŚŝƉ ĂŶĚ ŝƐ ƌĞŝŵďƵƌƐĞĚ ĨŽƌ ƚŚĞƐĞ ƐĞƌǀŝĐĞƐ͘ ƵƌŝŶŐ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ƚŚĞ ŽŵƉĂŶLJ ĐŚĂƌŐĞĚ ŚƌŽŶŽƐ ƵǀĞƌŶĂLJ >W Ψϭ͘Ϭ ŵŝůůŝŽŶ ;ϮϬϮϬ Ͳ Ψϭ͘Ϯ ŵŝůůŝŽŶͿ ƌĞůĂƚĞĚ ƚŽ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ĂĚǀŝƐŽƌLJ ƐĞƌǀŝĐĞƐ ǁŚŝĐŚ ǁĂƐ ŶĞƚƚĞĚ ĂŐĂŝŶƐƚ 'Θ͘ Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ƚŚĞ ŽŵƉĂŶLJ ŚĂĚ Ă ŶĞƚ ƌĞĐĞŝǀĂďůĞ ŽĨ ΨϬ͘ϴ ŵŝůůŝŽŶ ĚƵĞ ĨƌŽŵ ŚƌŽŶŽƐ ƵǀĞƌŶĂLJ >W ;ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϬ Ͳ Ψϭ͘Ϭ ŵŝůůŝŽŶͿ͘ ^ƵďƐĞƋƵĞŶƚ ƚŽ LJĞĂƌ ĞŶĚ͕ ΨϬ͘ϲ ŵŝůůŝŽŶ ŽĨ ƚŚĞ ƌĞĐĞŝǀĂďůĞ ŚĂƐ ďĞĞŶ ĐŽůůĞĐƚĞĚ͘ ůů ƚƌĂŶƐĂĐƚŝŽŶƐ ĂƌĞ ƌĞĐŽƌĚĞĚ Ăƚ ƚŚĞ ĞdžĐŚĂŶŐĞ ĂŵŽƵŶƚ ǁŚŝĐŚ ŝƐ ƚŚĞ ĂŵŽƵŶƚ ĂŐƌĞĞĚ ƵƉŽŶ ďĞƚǁĞĞŶ ƚŚĞ ƉĂƌƚŝĞƐ͘

K&&Ͳ>E ^,d ZZE'DEd^

dŚĞƌĞ ĂƌĞ ŶŽ ĨŝŶĂŶĐŝĂů ĂƌƌĂŶŐĞŵĞŶƚƐ ƚŚĂƚ ĂƌĞ ĞdžĐůƵĚĞĚ ĨƌŽŵ ƚŚĞ ƵŶĂƵĚŝƚĞĚ ĐŽŶĚĞŶƐĞĚ ŝŶƚĞƌŝŵ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ Žƌ ƌĞŵĂŝŶ ŽƵƚƐƚĂŶĚŝŶŐ ĂƐ ŽĨ ƚŚĞ ĚĂƚĞ ŽĨ ĂƉƉƌŽǀĂů ŽĨ ƚŚĞ ƵŶĂƵĚŝƚĞĚ ĐŽŶĚĞŶƐĞĚ ŝŶƚĞƌŝŵ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂŶĚ DΘ͘

YhZdZ>z Z^h>d^

dŚĞ ĨŽůůŽǁŝŶŐ ƐƵŵŵĂƌŝnjĞƐ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŬĞLJ ƋƵĂƌƚĞƌůLJ ĨŝŶĂŶĐŝĂů ƌĞƐƵůƚƐ ĨŽƌ ƚŚĞ ƉĂƐƚ ĞŝŐŚƚ ƋƵĂƌƚĞƌƐ͘

;Ψ ŝŶ ƚŚŽƵƐĂŶĚƐͿ		ϮϬϮϭ				ϮϬϮϬ
	Yϰ	Yϯ	YϮ	Yϭ	Yϰ	Yϯ	YϮ	Yϭ
džƉůŽƌĂƚŝŽŶ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĞdžƉĞŶĚŝƚƵƌĞƐ	Ϯϯϳ	ϭϰϲ	Ϯϱϯ	ϯϮ	ϭϲϱ	Ϯϭϳ	ϭϮϬ	ϭ͕ϯϮϰ
dŽƚĂů ĚĂŝůLJ ƉƌŽĚƵĐƚŝŽŶ ;ďŽĞͬĚͿ	ϵϭϴ	ϱϴϰ	ϱϮϲ	ϱϭϴ	ϰϴϵ	ϰϴϮ	ϰϰϵ	ϱϳϱ
ǀĞƌĂŐĞ ƌĞĂůŝnjĞĚ ƉƌŝĐĞ ;ΨͬďŽĞͿ	ϳϮ͘ϵϱ	ϲϰ͘ϯϰ	ϰϴ͘ϲϳ	ϰϮ͘ϰϱ	ϯϳ͘ϯϳ	ϯϰ͘ϰϯ	ϭϬ͘ϱϬ	ϯϳ͘ϯϱ
ZĞǀĞŶƵĞ	ϲ͕ϭϲϱ	ϯ͕ϰϲϬ	Ϯ͕ϯϮϵ	ϭ͕ϵϴϬ	ϭ͕ϲϴϭ	ϭ͕ϱϮϴ	ϰϮϵ	ϭ͕ϵϱϱ
ZŽLJĂůƚŝĞƐ	;ϭ͕ϬϴϱͿ	;ϲϳϰͿ	;ϰϵϬͿ	;ϰϬϳͿ	;ϯϯϯͿ	;ϯϭϬͿ	;ϰϱͿ	;ϰϮϮͿ
KƚŚĞƌ ŝŶĐŽŵĞ	Ϯϳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ
KƉĞƌĂƚŝŶŐ ĞdžƉĞŶƐĞƐ	;ϯ͕ϬϱϰͿ	;ϭ͕ϬϳϲͿ	;ϭ͕ϭϭϲͿ	;ϭ͕ϭϴϮͿ	;ϵϵϭͿ	;ϳϯϵͿ	;ϲϯϳͿ	;ϭ͕ϭϮϱͿ
dƌĂŶƐƉŽƌƚĂƚŝŽŶ ĞdžƉĞŶƐĞƐ	;ϴϭͿ	;ϲϮͿ	;ϲϮͿ	;ϱϯͿ	;ϱϳͿ	;ϱϬͿ	;ϱϰͿ	;ϱϬͿ
KƉĞƌĂƚŝŶŐ EĞƚďĂĐŬ	ϭ͕ϵϳϮ	ϭ͕ϲϰϴ	ϲϲϭ	ϯϯϴ	ϯϬϬ	ϰϮϵ	;ϯϬϳͿ	ϯϱϴ
'ĞŶĞƌĂů ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĞdžƉĞŶƐĞƐ	;ϭ͕ϬϭϱͿ	;ϭϱϮͿ	;ϭϲϯͿ	;ϭϭϯͿ	;ϲϬͿ	;ϭϱϳͿ	;ϴϱͿ	;ϮϬϳͿ
dƌĂŶƐĂĐƚŝŽŶƐ ƌĞůĂƚĞĚ ĞdžƉĞŶƐĞƐ	;ϯϴͿ	;ϮϱͿ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ
/ŶƚĞƌĞƐƚ ĞdžƉĞŶƐĞ	;ϭϵͿ	;ϭϮͿ	;ϭϵͿ	;ϭϳͿ	;ϰϯͿ	;ϮϯͿ	;ϮϰͿ	;ϯϭͿ
&ƵŶĚƐ ĨůŽǁ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ	ϵϬϬ	ϭ͕ϰϱϵ	ϰϳϵ	ϮϬϴ	ϭϵϳ	Ϯϰϴ	;ϰϭϲͿ	ϭϮϬ
EĞƚ ŝŶĐŽŵĞ ;ůŽƐƐͿ	ϭϯ͕Ϭϴϯ	ϭ͕ϴϭϭ	;ϳϯͿ	;ϯϴϴͿ	;ϯ͕ϰϯϳͿ	;ϮϱϲͿ	;ϭ͕ϰϲϯͿ	;ϯϬ͕ϵϬϱͿ

džĐĞƉƚ ĨŽƌ ƚŚĞ ĂĚĚŝƚŝŽŶ ŽĨ ƚŚĞ >ůŽLJĚ ĂƐƐĞƚƐ ĨƵůů ƌĞƐƵůƚƐ ŝŶ Yϰ ϮϬϮϭ ĂŶĚ ƚŚĞ ŝŵƉĂĐƚ ŽĨ ƚŚĞ ŽǀŝĚͲϭϵ ƉĂŶĚĞŵŝĐ ŽŶ ĐŽŵŵŽĚŝƚLJ ĚĞŵĂŶĚ ĂŶĚ ƉƌŝĐĞƐ ŝŶ ĞĂƌůŝĞƌ ƋƵĂƌƚĞƌƐ͕ ŽƉĞƌĂƚŝŶŐ ƌĞƐƵůƚƐ ŚĂǀĞ ďĞĞŶ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ĞdžƉĞĐƚĂƚŝŽŶƐ ĂŶĚ ŚĂǀĞ ǀĂƌŝĞĚ ƉƌŝŵĂƌŝůLJ ĚƵĞ ƚŽ ĐŚĂŶŐĞƐ ŝŶ ƉƌŽĚƵĐƚŝŽŶ ǀŽůƵŵĞƐ ĂŶĚ ĐƌƵĚĞ Žŝů ƉƌŝĐŝŶŐ͕ ŝŶ ƉĂƌƚŝĐƵůĂƌ ĐŚĂŶŐĞƐ ŝŶ ƚŚĞ t^ ďĞŶĐŚŵĂƌŬ Žŝů ƉƌŝĐĞ͘ dŚĞ ĂĚĚŝƚŝŽŶ ŽĨ ƚŚĞ >ůŽLJĚ ŚĞĂǀLJ Žŝů ĂƐƐĞƚƐ ĞŶĚ ŽĨ ^ĞƉƚĞŵďĞƌ ϮϬϮϭ ŚĂƐ ƐƵďƐƚĂŶƚŝĂůůLJ ŝŵƉƌŽǀĞĚ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƉƌŽĚƵĐƚŝŽŶ ďĂƐĞ ƚŽ ƚĂŬĞ ĂĚǀĂŶƚĂŐĞ ŽĨ ƚŚĞ ƐƚƌĞŶŐƚŚĞŶ ĐŽŵŵŽĚŝƚLJ ĞŶǀŝƌŽŶŵĞŶƚ͘

ĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞƐ ŽǀĞƌ ƚŚĞ ƉĂƐƚ ĞŝŐŚƚ ƋƵĂƌƚĞƌƐ ŚĂǀĞ ďĞĞŶ ĚŝƌĞĐƚĞĚ ƉƌŝŵĂƌŝůLJ ƚŽǁĂƌĚƐ Ă ĚĞǀĞůŽƉŵĞŶƚ ƉƌŽŐƌĂŵ ŝŶ ƐŽƵƚŚǁĞƐƚ ^ĂƐŬĂƚĐŚĞǁĂŶ ĐŽŶƐŝƐƚŝŶŐ ŽĨ ĚƌŝůůŝŶŐ͕ ĐŽŵƉůĞƚŝŶŐ͕ ĞƋƵŝƉƉŝŶŐ ŶĞǁ ǁĞůůƐ͕ ŽŶ Ă ǁĂƚĞƌĨůŽŽĚ ƉƌĞƐƐƵƌĞ ŵĂŝŶƚĞŶĂŶĐĞ ƐĐŚĞŵĞ ĂŶĚ ŽŶ ĨĂĐŝůŝƚŝĞƐ ƚŽ ŝŶĐƌĞĂƐĞ ĨůƵŝĚ ŚĂŶĚůŝŶŐ ĐĂƉĂĐŝƚLJ ĂŶĚ ŽƚŚĞƌ ŽƉƚŝŵŝnjĂƚŝŽŶ ƉƌŽũĞĐƚƐ ƚŽ ƌĞĚƵĐĞ ĨƵƚƵƌĞ ŽƉĞƌĂƚŝŶŐ ĞdžƉĞŶƐĞƐ͘

^h^YhEd sEd^

^ƵďƐĞƋƵĞŶƚ ƚŽ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ƚŚĞ ĐŽŵƉĂŶLJ ĞŶƚĞƌĞĚ ŝŶƚŽ Ă ŶƵŵďĞƌ ŽĨ ĨŝdžĞĚ ƉƌŝĐĞ ƉŚLJƐŝĐĂů ƐĂůĞƐ ĐŽŶƚƌĂĐƚƐ ĨŽƌ Ă ƉŽƌƚŝŽŶ ŽĨ ĐƌƵĚĞ Žŝů ƉƌŽĚƵĐƚŝŽŶ ĂƐ ĚĞƐĐƌŝďĞĚ ŝŶ ZĞǀĞŶƵĞ ƐĞĐƚŝŽŶ ŽĨ ƚŚŝƐ DΘ͘

DΘ ĨŽƌ LJĞĂƌƐ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶĚ ϮϬϮϬ

Z/d/> :h'DEd^ /E WW>z/E' KhEd/E' WK>//^

dŚĞƌĞ ŚĂǀĞ ďĞĞŶ ŶŽ ĐŚĂŶŐĞƐ ŝŶ ƚŚĞ ĐƌŝƚŝĐĂů ĂĐĐŽƵŶƚŝŶŐ ĞƐƚŝŵĂƚĞƐ ŝŶ ƚŚĞ zĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͘ /ŶĨŽƌŵĂƚŝŽŶ ŽŶ ĐƌŝƚŝĐĂů ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐŝĞƐ ĂŶĚ ĞƐƚŝŵĂƚĞƐ ĐĂŶ ďĞ ĨŽƵŶĚ ŝŶ ƚŚĞ ŶŽƚĞƐ ƚŽ ƚŚĞ ĂŶŶƵĂů ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂŶĚ DΘ ĨŽƌ ƚŚĞ LJĞĂƌƐ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶĚ ϮϬϮϬ͘

^hDDZz K& ^/'E/&/Ed KhEd/E' WK>//^

dŚĞ ŽŵƉĂŶLJΖƐ ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐŝĞƐ ĂƌĞ ĚĞƐĐƌŝďĞĚ ŝŶ EŽƚĞ ϯ ƚŽ ƚŚĞ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂƵĚŝƚĞĚ ĂŶŶƵĂů ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘

&KZtZ >KK</E' ^ddDEd^

dŚŝƐ DΘ ŵĂLJ ŝŶĐůƵĚĞ ĨŽƌǁĂƌĚͲůŽŽŬŝŶŐ ƐƚĂƚĞŵĞŶƚƐ Žƌ ĨŽƌǁĂƌĚͲůŽŽŬŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ ƵŶĚĞƌ ĂƉƉůŝĐĂďůĞ ƐĞĐƵƌŝƚŝĞƐ ůĞŐŝƐůĂƚŝŽŶ͘ ^ƵĐŚ ĨŽƌǁĂƌĚͲůŽŽŬŝŶŐ ƐƚĂƚĞŵĞŶƚƐ Žƌ ŝŶĨŽƌŵĂƚŝŽŶ ĂƌĞ ŝŶĐůƵĚĞĚ ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ƉƌŽǀŝĚŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ ŵĂŶĂŐĞŵĞŶƚΖƐ ĐƵƌƌĞŶƚ ĞdžƉĞĐƚĂƚŝŽŶƐ ĂŶĚ ƉůĂŶƐ ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ ĨƵƚƵƌĞ͘ ZĞĂĚĞƌƐ ĂƌĞ ĐĂƵƚŝŽŶĞĚ ƚŚĂƚ ƌĞůŝĂŶĐĞ ŽŶ ƐƵĐŚ ŝŶĨŽƌŵĂƚŝŽŶ ŵĂLJ ŶŽƚ ďĞ ĂƉƉƌŽƉƌŝĂƚĞ ĨŽƌ ŽƚŚĞƌ ƉƵƌƉŽƐĞƐ͘ &ŽƌǁĂƌĚͲůŽŽŬŝŶŐ ƐƚĂƚĞŵĞŶƚƐ Žƌ ŝŶĨŽƌŵĂƚŝŽŶ ƚLJƉŝĐĂůůLJ ĐŽŶƚĂŝŶ ƐƚĂƚĞŵĞŶƚƐ ǁŝƚŚ ǁŽƌĚƐ ƐƵĐŚ ĂƐ ΗĂŶƚŝĐŝƉĂƚĞΗ͕ ΗďĞůŝĞǀĞΗ͕ ΗĞdžƉĞĐƚΗ͕ ΗƉůĂŶΗ͕ ΗŝŶƚĞŶĚΗ͕ ΗĞƐƚŝŵĂƚĞΗ͕ ΗƉƌŽƉŽƐĞΗ͕ ΗƉƌŽũĞĐƚΗ͕ ͞ŵĂLJ͟ Žƌ ƐŝŵŝůĂƌ ǁŽƌĚƐ ƐƵŐŐĞƐƚŝŶŐ ĨƵƚƵƌĞ ŽƵƚĐŽŵĞƐ Žƌ ƐƚĂƚĞŵĞŶƚƐ ƌĞŐĂƌĚŝŶŐ ĂŶ ŽƵƚůŽŽŬ͘ &ŽƌǁĂƌĚͲůŽŽŬŝŶŐ ƐƚĂƚĞŵĞŶƚƐ Žƌ ĨŽƌǁĂƌĚͲůŽŽŬŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ ŝŶ ƚŚŝƐ DΘ ŝŶĐůƵĚĞ͕ ďƵƚ ĂƌĞ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ͕ ƐƚĂƚĞŵĞŶƚƐ Žƌ ŝŶĨŽƌŵĂƚŝŽŶ ǁŝƚŚ ƌĞƐƉĞĐƚ ƚŽ͗ ;ŝͿ ŚƌŽŶŽƐ͛ ďƵƐŝŶĞƐƐ ƐƚƌĂƚĞŐLJ ĂŶĚ ŽďũĞĐƚŝǀĞƐ͖ ;ŝŝͿ ƐƚĂƚĞŵĞŶƚƐ ǁŝƚŚ ƌĞƐƉĞĐƚ ƚŽ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ ŽĨ ŚƌŽŶŽƐΖ Žŝů ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƉƌŽƉĞƌƚŝĞƐ͖ ;ŝŝŝͿ ŚƌŽŶŽƐ͛ ĞdžƉĞĐƚĂƚŝŽŶ ĂŶĚ ƉůĂŶƐ ƌĞŐĂƌĚŝŶŐ ĚƌŝůůŝŶŐ ĂŶĚ ĐŽŵƉůĞƚŝŽŶƐ ŽĨ ǁĞůůƐ͕ ;ŝǀͿ ŚƌŽŶŽƐ͛ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƌŽLJĂůƚLJ ĞdžƉĞŶƐĞƐ ĂƐ Ă ƉĞƌĐĞŶƚĂŐĞ ŽĨ ƌĞǀĞŶƵĞ͕ 'Θ ĞdžƉĞŶƐĞƐ ŝŶĐƌĞĂƐŝŶŐ ǁŝƚŚ ŽŵƉĂŶLJ ŐƌŽǁƚŚ͕ ĂĐĐƌĞƚŝŽŶ ŐŽŝŶŐ ĨŽƌǁĂƌĚ ĂŶĚ ĨƵŶĚŝŶŐ ŚƌŽŶŽƐ͛ ϮϬϮϮ ĐĂƉŝƚĂů ďƵĚŐĞƚ͖ ;ǀͿ ŚƌŽŶŽƐ͛ ƉůĂŶƐ ǁŝƚŚ ƌĞƐƉĞĐƚ ƚŽ ĞdžƉŝƌŝŶŐ ůĞĂƐĞƐ͖ ;ǀŝͿ ƚŚĞ ƚŝŵŝŶŐ ŽĨ ƚŚĞ ƌĞǀŝĞǁ ŽĨ ŚƌŽŶŽƐ͛ ĐƌĞĚŝƚ ĨĂĐŝůŝƚLJ͕ ĂŶĚ ;ǀŝŝͿ ŚƌŽŶŽƐ ĚƌĂǁŝŶŐ ŽŶ ƚŚĞ ĐƌĞĚŝƚ ĨĂĐŝůŝƚLJ ĂŶĚͬŽƌ ĐŽŵƉůĞƚŝŶŐ ĂŶ ĞƋƵŝƚLJ ĨŝŶĂŶĐŝŶŐ ƚŽ ĨƵŶĚ ĐĂƉŝƚĂů ĂĐƚŝǀŝƚŝĞƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ƚŚĞ ƐƚĂƚĞŵĞŶƚƐ ĐŽŶƚĂŝŶĞĚ ŚĞƌĞŝŶ ƌĞůĂƚŝŶŐ ƚŽ ΗƌĞƐĞƌǀĞƐΗ ĂŶĚ ΗƌĞƐŽƵƌĐĞƐΗ ĂƌĞ ďLJ ƚŚĞŝƌ ŶĂƚƵƌĞ ĨŽƌǁĂƌĚͲůŽŽŬŝŶŐ ƐƚĂƚĞŵĞŶƚƐ͕ ĂƐ ƚŚĞLJ ŝŶǀŽůǀĞ ƚŚĞ ŝŵƉůŝĞĚ ĂƐƐĞƐƐŵĞŶƚ͕ ďĂƐĞĚ ŽŶ ĐĞƌƚĂŝŶ ĞƐƚŝŵĂƚĞƐ ĂŶĚ ĂƐƐƵŵƉƚŝŽŶƐ ƚŚĂƚ ƚŚĞ ƌĞƐĞƌǀĞƐ Žƌ ƌĞƐŽƵƌĐĞƐ ĚĞƐĐƌŝďĞĚ ĐĂŶ ďĞ ƉƌŽĨŝƚĂďůLJ ƉƌŽĚƵĐĞĚ ŝŶ ƚŚĞ ĨƵƚƵƌĞ͘ dŚĞ ƌĞĐŽǀĞƌLJ͕ ƌĞƐĞƌǀĞƐ ĂŶĚ ƌĞƐŽƵƌĐĞƐ ĞƐƚŝŵĂƚĞƐ ƉƌŽǀŝĚĞĚ ŚĞƌĞŝŶ ĂƌĞ ŝŶƚĞƌŶĂů ĞƐƚŝŵĂƚĞƐ ŽŶůLJ ĂŶĚ ƚŚĞƌĞ ŝƐ ŶŽ ŐƵĂƌĂŶƚĞĞ ƚŚĂƚ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ƌĞƐĞƌǀĞƐ Žƌ ƌĞƐŽƵƌĐĞƐ ǁŝůů ďĞ ƌĞĐŽǀĞƌĞĚ͘ Ɛ Ă ĐŽŶƐĞƋƵĞŶĐĞ͕ ĂĐƚƵĂů ƌĞƐƵůƚƐ ŵĂLJ ĚŝĨĨĞƌ ŵĂƚĞƌŝĂůůLJ ĨƌŽŵ ƚŚŽƐĞ ĂŶƚŝĐŝƉĂƚĞĚ ŝŶ ƚŚĞ ĨŽƌǁĂƌĚͲůŽŽŬŝŶŐ ƐƚĂƚĞŵĞŶƚƐ͘ ŚƌŽŶŽƐ ĚŝƐĐůĂŝŵƐ ĂŶLJ ŝŶƚĞŶƚŝŽŶ Žƌ ŽďůŝŐĂƚŝŽŶ ƚŽ ƵƉĚĂƚĞ Žƌ ƌĞǀŝƐĞ ĂŶLJ ĨŽƌǁĂƌĚͲůŽŽŬŝŶŐ ƐƚĂƚĞŵĞŶƚƐ͕ ǁŚĞƚŚĞƌ ĂƐ Ă ƌĞƐƵůƚ ŽĨ ŶĞǁ ŝŶĨŽƌŵĂƚŝŽŶ͕ ĨƵƚƵƌĞ ĞǀĞŶƚƐ Žƌ ŽƚŚĞƌǁŝƐĞ͕ ĞdžĐĞƉƚ ĂƐ ƌĞƋƵŝƌĞĚ ďLJ ůĂǁ͘

ƐƐƵŵƉƚŝŽŶƐ

&ŽƌǁĂƌĚͲůŽŽŬŝŶŐ ƐƚĂƚĞŵĞŶƚƐ Žƌ ŝŶĨŽƌŵĂƚŝŽŶ ĂƌĞ ďĂƐĞĚ ŽŶ Ă ŶƵŵďĞƌ ŽĨ ĨĂĐƚŽƌƐ ĂŶĚ ĂƐƐƵŵƉƚŝŽŶƐ ǁŚŝĐŚ ŚĂǀĞ ďĞĞŶ ƵƐĞĚ ŝŶ ĚĞǀĞůŽƉŝŶŐ ƐƵĐŚ ƐƚĂƚĞŵĞŶƚƐ ĂŶĚ ŝŶĨŽƌŵĂƚŝŽŶ ďƵƚ ǁŚŝĐŚ ŵĂLJ ƉƌŽǀĞ ƚŽ ďĞ ŝŶĐŽƌƌĞĐƚ͘ ůƚŚŽƵŐŚ ƚŚĞ ŽŵƉĂŶLJ ďĞůŝĞǀĞƐ ƚŚĂƚ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ƌĞĨůĞĐƚĞĚ ŝŶ ƐƵĐŚ ĨŽƌǁĂƌĚͲůŽŽŬŝŶŐ ƐƚĂƚĞŵĞŶƚƐ Žƌ ŝŶĨŽƌŵĂƚŝŽŶ ĂƌĞ ƌĞĂƐŽŶĂďůĞ͕ ƵŶĚƵĞ ƌĞůŝĂŶĐĞ ƐŚŽƵůĚ ŶŽƚ ďĞ ƉůĂĐĞĚ ŽŶ ĨŽƌǁĂƌĚͲůŽŽŬŝŶŐ ƐƚĂƚĞŵĞŶƚƐ ďĞĐĂƵƐĞ ƚŚĞ ŽŵƉĂŶLJ ĐĂŶ ŐŝǀĞ ŶŽ ĂƐƐƵƌĂŶĐĞ ƚŚĂƚ ƐƵĐŚ ĞdžƉĞĐƚĂƚŝŽŶƐ ǁŝůů ƉƌŽǀĞ ƚŽ ďĞ ĐŽƌƌĞĐƚ͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ŽƚŚĞƌ ĨĂĐƚŽƌƐ ĂŶĚ ĂƐƐƵŵƉƚŝŽŶƐ ǁŚŝĐŚ ŵĂLJ ďĞ ŝĚĞŶƚŝĨŝĞĚ ŝŶ ƚŚŝƐ DΘ͕ ĂƐƐƵŵƉƚŝŽŶƐ ŚĂǀĞ ďĞĞŶ ŵĂĚĞ ƌĞŐĂƌĚŝŶŐ͕ ĂŵŽŶŐ ŽƚŚĞƌ ƚŚŝŶŐƐ͗ ƚŚĞ ĂĐĐƵƌĂĐLJ ŽĨ ŐĞŽůŽŐŝĐĂů ĂŶĚ ŐĞŽƉŚLJƐŝĐĂů ĚĂƚĂ ĂŶĚ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ ŽĨ ƚŚĂƚ ĚĂƚĂ͖ ĞƐƚŝŵĂƚĞĚ ĚĞĐůŝŶĞ ƌĂƚĞƐ͖ ƚŚĞ ŝŵƉĂĐƚ ŽĨ ŝŶĐƌĞĂƐŝŶŐ ĐŽŵƉĞƚŝƚŝŽŶ͖ ƚŚĞ ŐĞŶĞƌĂů ƐƚĂďŝůŝƚLJ ŽĨ ƚŚĞ ĞĐŽŶŽŵŝĐ ĂŶĚ ƉŽůŝƚŝĐĂů ĞŶǀŝƌŽŶŵĞŶƚ ŝŶ ǁŚŝĐŚ ƚŚĞ ŽŵƉĂŶLJ ŽƉĞƌĂƚĞƐ͖ ƚŚĞ ƚŝŵĞůLJ ƌĞĐĞŝƉƚ ŽĨ ĂŶLJ ƌĞƋƵŝƌĞĚ ƌĞŐƵůĂƚŽƌLJ ĂƉƉƌŽǀĂůƐ͖ ƚŚĞ ĂďŝůŝƚLJ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ƚŽ ŽďƚĂŝŶ ƋƵĂůŝĨŝĞĚ ƐƚĂĨĨ͕ ĞƋƵŝƉŵĞŶƚ ĂŶĚ ƐĞƌǀŝĐĞƐ ŝŶ Ă ƚŝŵĞůLJ ĂŶĚ ĐŽƐƚ ĞĨĨŝĐŝĞŶƚ ŵĂŶŶĞƌ͖ ƚŚĞ ĂďŝůŝƚLJ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ƚŽ ŽƉĞƌĂƚĞ ŝŶ Ă ƐĂĨĞ͕ ĞĨĨŝĐŝĞŶƚ ĂŶĚ ĞĨĨĞĐƚŝǀĞ ŵĂŶŶĞƌ͖ ƚŚĞ ĂďŝůŝƚLJ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ƚŽ ŽďƚĂŝŶ ĨŝŶĂŶĐŝŶŐ ŽŶ ĂĐĐĞƉƚĂďůĞ ƚĞƌŵƐ͖ ĨŝĞůĚ ƉƌŽĚƵĐƚŝŽŶ ƌĂƚĞƐ ĂŶĚ ĚĞĐůŝŶĞ ƌĂƚĞƐ͖ ƚŚĞ ĂďŝůŝƚLJ ƚŽ ƌĞƉůĂĐĞ ĂŶĚ ĞdžƉĂŶĚ Žŝů ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƌĞƐĞƌǀĞƐ ƚŚƌŽƵŐŚ ĂĐƋƵŝƐŝƚŝŽŶ͕ ĚĞǀĞůŽƉŵĞŶƚ Žƌ ĞdžƉůŽƌĂƚŝŽŶ͖ ƚŚĞ ƚŝŵŝŶŐ ŽĨ ĂŶĚ ĐŽƐƚƐ ŽĨ ƉŝƉĞůŝŶĞ͕ ƐƚŽƌĂŐĞ ĂŶĚ ĨĂĐŝůŝƚLJ ĐŽŶƐƚƌƵĐƚŝŽŶ ĂŶĚ ĞdžƉĂŶƐŝŽŶ ĂŶĚ ƚŚĞ ĂďŝůŝƚLJ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ƚŽ ƐĞĐƵƌĞ ĂĚĞƋƵĂƚĞ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ĨŽƌ ƉƌŽĚƵĐƚƐ͖ ĨƵƚƵƌĞ Žŝů ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƉƌŝĐĞƐ͖ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐLJ ĞdžĐŚĂŶŐĞ ĂŶĚ ŝŶƚĞƌĞƐƚ ƌĂƚĞƐ͖ ƚŚĞ ƌĞŐƵůĂƚŽƌLJ ĨƌĂŵĞǁŽƌŬ ƌĞŐĂƌĚŝŶŐ ƌŽLJĂůƚŝĞƐ͕ ƚĂdžĞƐ ĂŶĚ ĞŶǀŝƌŽŶŵĞŶƚĂů ŵĂƚƚĞƌƐ ŝŶ ƚŚĞ ũƵƌŝƐĚŝĐƚŝŽŶƐ ŝŶ ǁŚŝĐŚ ƚŚĞ ŽŵƉĂŶLJ ŽƉĞƌĂƚĞƐ͖ ĂŶĚ ƚŚĞ ĂďŝůŝƚLJ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ƚŽ ƐƵĐĐĞƐƐĨƵůůLJ ŵĂƌŬĞƚ ŝƚƐ Žŝů ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƉƌŽĚƵĐƚƐ͘ ZĞĂĚĞƌƐ ĂƌĞ ĐĂƵƚŝŽŶĞĚ ƚŚĂƚ ƚŚĞ ĨŽƌĞŐŽŝŶŐ ůŝƐƚ ŝƐ ŶŽƚ ĞdžŚĂƵƐƚŝǀĞ ŽĨ Ăůů ĨĂĐƚŽƌƐ ĂŶĚ ĂƐƐƵŵƉƚŝŽŶƐ ǁŚŝĐŚ ŚĂǀĞ ďĞĞŶ ƵƐĞĚ͘

ZŝƐŬƐ ĂŶĚ ƵŶĐĞƌƚĂŝŶƚŝĞƐ

DΘ ĨŽƌ LJĞĂƌƐ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶĚ ϮϬϮϬ

ŽŵƉĂŶLJ ĂŶĚ ĚĞƐĐƌŝďĞĚ ŝŶ ƚŚĞ ĨŽƌǁĂƌĚͲůŽŽŬŝŶŐ ƐƚĂƚĞŵĞŶƚƐ Žƌ ŝŶĨŽƌŵĂƚŝŽŶ͘ dŚĞƐĞ ƌŝƐŬƐ ĂŶĚ ƵŶĐĞƌƚĂŝŶƚŝĞƐ ǁŚŝĐŚ ŵĂLJ ĐĂƵƐĞ ĂĐƚƵĂů ƌĞƐƵůƚƐ ƚŽ ĚŝĨĨĞƌ ŵĂƚĞƌŝĂůůLJ ĨƌŽŵ ƚŚĞ ĨŽƌǁĂƌĚͲůŽŽŬŝŶŐ ƐƚĂƚĞŵĞŶƚƐ Žƌ ŝŶĨŽƌŵĂƚŝŽŶ ŝŶĐůƵĚĞ͕ ĂŵŽŶŐ ŽƚŚĞƌ ƚŚŝŶŐƐ͗ ƚŚĞ ĂďŝůŝƚLJ ŽĨ ŵĂŶĂŐĞŵĞŶƚ ƚŽ ĞdžĞĐƵƚĞ ŝƚƐ ďƵƐŝŶĞƐƐ ƉůĂŶ͖ ŐĞŶĞƌĂů ĞĐŽŶŽŵŝĐ ĂŶĚ ďƵƐŝŶĞƐƐ ĐŽŶĚŝƚŝŽŶƐ͖ ƚŚĞ ƌŝƐŬ ŽĨ ŝŶƐƚĂďŝůŝƚLJ ĂĨĨĞĐƚŝŶŐ ƚŚĞ ũƵƌŝƐĚŝĐƚŝŽŶƐ ŝŶ ǁŚŝĐŚ ƚŚĞ ŽŵƉĂŶLJ ŽƉĞƌĂƚĞƐ͖ ƚŚĞ ƌŝƐŬƐ ŽĨ ƚŚĞ Žŝů ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ŝŶĚƵƐƚƌLJ͕ ƐƵĐŚ ĂƐ ŽƉĞƌĂƚŝŽŶĂů ƌŝƐŬƐ ŝŶ ĞdžƉůŽƌŝŶŐ ĨŽƌ͕ ĚĞǀĞůŽƉŝŶŐ ĂŶĚ ƉƌŽĚƵĐŝŶŐ ĐƌƵĚĞ Žŝů ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ͕ ĂŶĚ ŵĂƌŬĞƚ ĚĞŵĂŶĚ͖ ƚŚĞ ƉŽƐƐŝďŝůŝƚLJ ƚŚĂƚ ŐŽǀĞƌŶŵĞŶƚ ƉŽůŝĐŝĞƐ Žƌ ůĂǁƐ ŵĂLJ ĐŚĂŶŐĞ Žƌ ŐŽǀĞƌŶŵĞŶƚĂů ĂƉƉƌŽǀĂůƐ ŵĂLJ ďĞ ĚĞůĂLJĞĚ Žƌ ǁŝƚŚŚĞůĚ͖ ƌŝƐŬƐ ĂŶĚ ƵŶĐĞƌƚĂŝŶƚŝĞƐ ŝŶǀŽůǀŝŶŐ ŐĞŽůŽŐLJ ŽĨ Žŝů ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ĚĞƉŽƐŝƚƐ͖ ƚŚĞ ƵŶĐĞƌƚĂŝŶƚLJ ŽĨ ƌĞƐĞƌǀĞƐ ĞƐƚŝŵĂƚĞƐ ĂŶĚ ƌĞƐĞƌǀĞƐ ůŝĨĞ͖ ƚŚĞ ĂďŝůŝƚLJ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ƚŽ ĂĚĚ ƉƌŽĚƵĐƚŝŽŶ ĂŶĚ ƌĞƐĞƌǀĞƐ ƚŚƌŽƵŐŚ ĂĐƋƵŝƐŝƚŝŽŶ͕ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ĞdžƉůŽƌĂƚŝŽŶ ĂĐƚŝǀŝƚŝĞƐ͖ ƚŚĞ ŽŵƉĂŶLJΖƐ ĂďŝůŝƚLJ ƚŽ ĞŶƚĞƌ ŝŶƚŽ Žƌ ƌĞŶĞǁ ůĞĂƐĞƐ͖ ƉŽƚĞŶƚŝĂů ĚĞůĂLJƐ Žƌ ĐŚĂŶŐĞƐ ŝŶ ƉůĂŶƐ ǁŝƚŚ ƌĞƐƉĞĐƚ ƚŽ ĞdžƉůŽƌĂƚŝŽŶ Žƌ ĚĞǀĞůŽƉŵĞŶƚ ƉƌŽũĞĐƚƐ Žƌ ĐĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞƐ͖ ƚŚĞ ƵŶĐĞƌƚĂŝŶƚLJ ŽĨ ĞƐƚŝŵĂƚĞƐ ĂŶĚ ƉƌŽũĞĐƚŝŽŶƐ ƌĞůĂƚŝŶŐ ƚŽ ƉƌŽĚƵĐƚŝŽŶ ;ŝŶĐůƵĚŝŶŐ ĚĞĐůŝŶĞ ƌĂƚĞƐͿ͕ ĐŽƐƚƐ ĂŶĚ ĞdžƉĞŶƐĞƐ͖ ĨůƵĐƚƵĂƚŝŽŶƐ ŝŶ Žŝů ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƉƌŝĐĞƐ͕ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐLJ ĞdžĐŚĂŶŐĞ ƌĂƚĞƐ ĂŶĚ ŝŶƚĞƌĞƐƚ ƌĂƚĞƐ͖ ƌŝƐŬƐ ŝŶŚĞƌĞŶƚ ŝŶ ƚŚĞ ŽŵƉĂŶLJΖƐ ŵĂƌŬĞƚŝŶŐ ŽƉĞƌĂƚŝŽŶƐ ŝŶĐůƵĚŝŶŐ ĐƌĞĚŝƚ ƌŝƐŬ͖ ƵŶĐĞƌƚĂŝŶƚLJ ŝŶ ĂŵŽƵŶƚƐ ĂŶĚ ƚŝŵŝŶŐ ŽĨ ƌŽLJĂůƚLJ ƉĂLJŵĞŶƚƐ͖ ŚĞĂůƚŚ͕ ƐĂĨĞƚLJ ĂŶĚ ĞŶǀŝƌŽŶŵĞŶƚĂů ƌŝƐŬƐ͖ ƌŝƐŬƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƉŽƚĞŶƚŝĂů ĨƵƚƵƌĞ ůĂǁ ƐƵŝƚƐ ;ŝĨ ĂŶLJͿ ĂŶĚ ƌĞŐƵůĂƚŽƌLJ ĂĐƚŝŽŶƐ ĂŐĂŝŶƐƚ ƚŚĞ ŽŵƉĂŶLJ͖ ƵŶĐĞƌƚĂŝŶƚŝĞƐ ĂƐ ƚŽ ƚŚĞ ĂǀĂŝůĂďŝůŝƚLJ ĂŶĚ ĐŽƐƚ ŽĨ ĨŝŶĂŶĐŝŶŐ͖ ĂŶĚ ĨŝŶĂŶĐŝĂů ƌŝƐŬƐ ĂĨĨĞĐƚŝŶŐ ƚŚĞ ǀĂůƵĞ ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ ŝŶǀĞƐƚŵĞŶƚƐ͘ ZĞĂĚĞƌƐ ĂƌĞ ĐĂƵƚŝŽŶĞĚ ƚŚĂƚ ƚŚĞ ĨŽƌĞŐŽŝŶŐ ůŝƐƚ ŝƐ ŶŽƚ ĞdžŚĂƵƐƚŝǀĞ ŽĨ Ăůů ƉŽƐƐŝďůĞ ƌŝƐŬƐ ĂŶĚ ƵŶĐĞƌƚĂŝŶƚŝĞƐ͘

dŚŝƐ ĚŝƐĐůŽƐƵƌĞ ĐŽŶƚĂŝŶƐ ĐĞƌƚĂŝŶ ĨŽƌǁĂƌĚͲůŽŽŬŝŶŐ ƐƚĂƚĞŵĞŶƚƐ ƚŚĂƚ ŝŶǀŽůǀĞ ƐƵďƐƚĂŶƚŝĂů ŬŶŽǁŶ ĂŶĚ ƵŶŬŶŽǁŶ ƌŝƐŬƐ ĂŶĚ ƵŶĐĞƌƚĂŝŶƚŝĞƐ͕ ĐĞƌƚĂŝŶ ŽĨ ǁŚŝĐŚ ĂƌĞ ďĞLJŽŶĚ ƚŚĞ ŽŵƉĂŶLJΖƐ ĐŽŶƚƌŽů͘ dŚĞƐĞ ŝŶĐůƵĚĞ͕ ďƵƚ ĂƌĞ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ͗ ƚŚĞ ŝŵƉĂĐƚ ŽĨ ŐĞŶĞƌĂů ŐůŽďĂů ĞĐŽŶŽŵŝĐ ĐŽŶĚŝƚŝŽŶƐ͖ ĐŚĂŶŐĞƐ ŝŶ ůĂǁƐ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ ŝŶĐůƵĚŝŶŐ ƚŚĞ ĂĚŽƉƚŝŽŶ ŽĨ ŶĞǁ ĞŶǀŝƌŽŶŵĞŶƚĂů ůĂǁƐ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ ĂŶĚ ĐŚĂŶŐĞƐ ŝŶ ŚŽǁ ƚŚĞLJ ĂƌĞ ŝŶƚĞƌƉƌĞƚĞĚ ĂŶĚ ĞŶĨŽƌĐĞĚ͖ ĐŽŵƉĞƚŝƚŝŽŶ͖ ƚŚĞ ůĂĐŬ ŽĨ ĂǀĂŝůĂďŝůŝƚLJ ŽĨ ƋƵĂůŝĨŝĞĚ ƉĞƌƐŽŶŶĞů Žƌ ŵĂŶĂŐĞŵĞŶƚ͖ ƚŚĞ ůĂĐŬ ŽĨ ĂǀĂŝůĂďŝůŝƚLJ ŽĨ Žƌ ĂĐĐĞƐƐ ƚŽ ƐĞƌǀŝĐĞƐ͖ ĨůƵĐƚƵĂƚŝŽŶƐ ŝŶ ĨŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞ ƌĂƚĞƐ͕ ŝŶƚĞƌĞƐƚ ƌĂƚĞƐ Žƌ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ͖ ƚŚĞ ƌĞƐƵůƚƐ ŽĨ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĚƌŝůůŝŶŐ ƌĞůĂƚĞĚ ĂĐƚŝǀŝƚŝĞƐ͖ ŝŵƉƌĞĐŝƐŝŽŶ ŝŶ ƌĞƐĞƌǀĞ ĞƐƚŝŵĂƚĞƐ͖ ŵĂƌŬĞƚ ǀŽůĂƚŝůŝƚLJ͖ ĐŚĂŶŐĞƐ ƚŽ ŵĂƌŬĞƚ ǀĂůƵĂƚŝŽŶƐ͖ ĂŶĚ ŽďƚĂŝŶŝŶŐ ƌĞƋƵŝƌĞĚ ĂƉƉƌŽǀĂůƐ ĨƌŽŵ ƌĞŐƵůĂƚŽƌLJ ĂƵƚŚŽƌŝƚŝĞƐ͘

dŚĞƐĞ ŬŶŽǁŶ ĂŶĚ ƵŶŬŶŽǁŶ ƌŝƐŬƐ ĂŶĚ ƵŶĐĞƌƚĂŝŶƚŝĞƐ ŵĂLJ ĐĂƵƐĞ ĂĐƚƵĂů ĨŝŶĂŶĐŝĂů ĂŶĚ ŽƉĞƌĂƚŝŶŐ ƌĞƐƵůƚƐ͕ ƉĞƌĨŽƌŵĂŶĐĞ͕ ůĞǀĞůƐ ŽĨ ĂĐƚŝǀŝƚLJ ĂŶĚ ĂĐŚŝĞǀĞŵĞŶƚƐ ƚŽ ĚŝĨĨĞƌ ŵĂƚĞƌŝĂůůLJ ĨƌŽŵ ƚŚŽƐĞ ĞdžƉƌĞƐƐĞĚ ŝŶ͕ Žƌ ŝŵƉůŝĞĚ ďLJ͕ ƐƵĐŚ ĨŽƌǁĂƌĚͲůŽŽŬŝŶŐ ƐƚĂƚĞŵĞŶƚƐ͘ ĐĐŽƌĚŝŶŐůLJ͕ ƚŚĞƌĞ ŝƐ ŶŽ ĂƐƐƵƌĂŶĐĞ ƚŚĂƚ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ĐŽŶǀĞLJĞĚ ďLJ ƚŚĞ ĨŽƌǁĂƌĚͲůŽŽŬŝŶŐ ƐƚĂƚĞŵĞŶƚƐ ǁŝůů ƉƌŽǀĞ ƚŽ ďĞ ĐŽƌƌĞĐƚ͘ ůů ƐƵďƐĞƋƵĞŶƚ ĨŽƌǁĂƌĚͲůŽŽŬŝŶŐ ƐƚĂƚĞŵĞŶƚƐ͕ ǁŚĞƚŚĞƌ ǁƌŝƚƚĞŶ ďLJ Žƌ ŽƌĂůůLJ ĂƚƚƌŝďƵƚĂďůĞ ƚŽ ƚŚĞ ŽŵƉĂŶLJ Žƌ ƉĞƌƐŽŶƐ ĂĐƚŝŶŐ ŽŶ ŝƚƐ ďĞŚĂůĨ͕ ĂƌĞ ĞdžƉƌĞƐƐůLJ ƋƵĂůŝĨŝĞĚ ŝŶ ƚŚĞŝƌ ĞŶƚŝƌĞƚLJ ďLJ ƚŚĞƐĞ ĐĂƵƚŝŽŶĂƌLJ ƐƚĂƚĞŵĞŶƚƐ͘ dŚĞ ŽŵƉĂŶLJ ƵŶĚĞƌƚĂŬĞƐ ŶŽ ŽďůŝŐĂƚŝŽŶ ƚŽ ƉƵďůŝĐůLJ ƵƉĚĂƚĞ Žƌ ƌĞǀŝƐĞ ĂŶLJ ĨŽƌǁĂƌĚͲůŽŽŬŝŶŐ ƐƚĂƚĞŵĞŶƚƐ͘

K/> E '^ dZD/EK>K'z

dŚĞ ŽŵƉĂŶLJ ƵƐĞƐ ƚŚĞ ĨŽůůŽǁŝŶŐ ŝŶĚƵƐƚƌLJ ƚĞƌŵƐ ŝŶ ƚŚĞ DΘ͗ ͞ďďů͟ ƌĞĨĞƌƐ ƚŽ ďĂƌƌĞůƐ͕ ͞ŵďďů͟ ƌĞĨĞƌƐ ƚŽ ƚŚŽƵƐĂŶĚ ďĂƌƌĞůƐ͕ ͞ŵĐĨ͟ ƌĞĨĞƌƐ ƚŽ ƚŚŽƵƐĂŶĚ ĐƵďŝĐ ĨĞĞƚ͕ ͞ŵŵĐĨ͟ ƌĞĨĞƌƐ ƚŽ ŵŝůůŝŽŶ ĐƵďŝĐ ĨĞĞƚ͕ ͞DDďƚƵ͟ ƌĞĨĞƌƐ ƚŽ ŽŶĞ ŵŝůůŝŽŶ ƌŝƚŝƐŚ ƚŚĞƌŵĂů ƵŶŝƚƐ͕ ͞ďŽĞ͟ ƌĞĨĞƌƐ ƚŽ ďĂƌƌĞů ŽĨ Žŝů ĞƋƵŝǀĂůĞŶƚ͕ ĂŶĚ ͞ŵďŽĞ͟ ƌĞĨĞƌƐ ƚŽ ƚŚŽƵƐĂŶĚ ďĂƌƌĞůƐ ŽĨ Žŝů ĞƋƵŝǀĂůĞŶƚ͘ ŝƐĐůŽƐƵƌĞ ƉƌŽǀŝĚĞĚ ŚĞƌĞŝŶ ŝŶ ƌĞƐƉĞĐƚ ŽĨ Ă ďŽĞ ŵĂLJ ďĞ ŵŝƐůĞĂĚŝŶŐ͕ ƉĂƌƚŝĐƵůĂƌůLJ ŝĨ ƵƐĞĚ ŝŶ ŝƐŽůĂƚŝŽŶ͘ ďŽĞ ĐŽŶǀĞƌƐŝŽŶ ƌĂƚĞ ŽĨ ŶŝŶĞ ƚŚŽƵƐĂŶĚ ĐƵďŝĐ ĨĞĞƚ ŽĨ ŶĂƚƵƌĂů ŐĂƐ ƚŽ ŽŶĞ ďĂƌƌĞů ŽĨ Žŝů ĞƋƵŝǀĂůĞŶƚ ŚĂƐ ďĞĞŶ ƵƐĞĚ ŝŶ ƚŚĞ ĐĂůĐƵůĂƚŝŽŶ ŽĨ ƚŚĞ ďŽĞ ĂŵŽƵŶƚƐ ŝŶ ƚŚĞ DΘ͘ dŚĞ ďŽĞ ĐŽŶǀĞƌƐŝŽŶ ƌĂƚĞ ŝƐ ďĂƐĞĚ ŽŶ ĂŶ ĞŶĞƌŐLJ ĞƋƵŝǀĂůĞŶĐLJ ĐŽŶǀĞƌƐŝŽŶ ŵĞƚŚŽĚ ƉƌŝŵĂƌŝůLJ ĂƉƉůŝĐĂďůĞ Ăƚ ƚŚĞ ďƵƌŶĞƌ ƚŝƉ ĂŶĚ ĚŽĞƐ ŶŽƚ ƌĞƉƌĞƐĞŶƚ Ă ǀĂůƵĞ ĞƋƵŝǀĂůĞŶĐLJ Ăƚ ƚŚĞ ǁĞůůŚĞĂĚ͘ Ɛ ƚŚĞ ǀĂůƵĞ ƌĂƚŝŽ ďĞƚǁĞĞŶ ŶĂƚƵƌĂů ŐĂƐ ĂŶĚ ĐƌƵĚĞ Žŝů ďĂƐĞĚ ŽŶ ƚŚĞ ĐƵƌƌĞŶƚ ƉƌŝĐĞƐ ŽĨ ŶĂƚƵƌĂů ŐĂƐ ĂŶĚ ĐƌƵĚĞ Žŝů ŝƐ ƐŝŐŶŝĨŝĐĂŶƚůLJ ĚŝĨĨĞƌĞŶƚ ĨƌŽŵ ƚŚĞ ĞŶĞƌŐLJ ĞƋƵŝǀĂůĞŶĐLJ ŽĨ ϲ͗ϭ͕ ƵƚŝůŝnjŝŶŐ Ă ĐŽŶǀĞƌƐŝŽŶ ŽŶ Ă ϲ͗ϭ ďĂƐŝƐ ŵĂLJ ďĞ ŵŝƐůĞĂĚŝŶŐ ĂƐ ĂŶ ŝŶĚŝĐĂƚŝŽŶ ŽĨ ǀĂůƵĞ͘

EKEͲ/&Z^ D^hZ^ EKd,Z &/EE/> D^hZ^

dŚƌŽƵŐŚŽƵƚ ƚŚŝƐ DΘ ĂŶĚ ŽƚŚĞƌ ŵĂƚĞƌŝĂůƐ ĚŝƐĐůŽƐĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ͕ ŚƌŽŶŽƐ ƵƐĞƐ ĐĞƌƚĂŝŶ ŵĞĂƐƵƌĞĚ ƚŽ ĂŶĂůLJnjĞ ĨŝŶĂŶĐŝĂů ƉĞƌĨŽƌŵĂŶĐĞ͕ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ͕ ĂŶĚ ĐĂƐŚ ĨůŽǁ͘ dŚĞƐĞ ŶŽŶͲ/&Z^ ĂŶĚ ŽƚŚĞƌ ĨŝŶĂŶĐŝĂů ŵĞĂƐƵƌĞƐ ĚŽ ŶŽƚ ŚĂǀĞ ĂŶLJ ƐƚĂŶĚĂƌĚŝnjĞĚ ŵĞĂŶŝŶŐ ƉƌĞƐĐƌŝďĞĚ ƵŶĚĞƌ /&Z^ ĂŶĚ ƚŚĞƌĞĨŽƌĞ ŵĂLJ ŶŽƚ ďĞ ĐŽŵƉĂƌĂďůĞ ƚŽ ƐŝŵŝůĂƌ ŵĞĂƐƵƌĞƐ ƉƌĞƐĞŶƚĞĚ ďLJ ŽƚŚĞƌ ĞŶƚŝƚŝĞƐ͘ dŚĞ ŶŽŶͲ/&Z^ ĂŶĚ ŽƚŚĞƌ ĨŝŶĂŶĐŝĂů ŵĞĂƐƵƌĞƐ ƐŚŽƵůĚ ŶŽƚ ďĞ ĐŽŶƐŝĚĞƌĞĚ ĂůƚĞƌŶĂƚŝǀĞƐ ƚŽ͕ Žƌ ŵŽƌĞ ŵĞĂŶŝŶŐĨƵů ƚŚĂŶ͕ ĨŝŶĂŶĐŝĂů ŵĞĂƐƵƌĞƐ ƚŚĂƚ ĂƌĞ ĚĞƚĞƌŵŝŶĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ /&Z^ ĂƐ ŝŶĚŝĐĂƚŽƌƐ ŽĨ ŚƌŽŶŽƐ͛ ƉĞƌĨŽƌŵĂŶĐĞ͘ DĂŶĂŐĞŵĞŶƚ ďĞůŝĞǀĞƐ ƚŚĂƚ ƚŚĞ ƉƌĞƐĞŶƚĂƚŝŽŶ ŽĨ ƚŚĞƐĞ ŶŽŶͲ/&Z^ ĂŶĚ ŽƚŚĞƌ ĨŝŶĂŶĐŝĂů ŵĞĂƐƵƌĞƐ ƉƌŽǀŝĚĞƐ ƵƐĞĨƵů ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ƐŚĂƌĞŚŽůĚĞƌƐ ĂŶĚ ŝŶǀĞƐƚŽƌƐ ŝŶ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ĂŶĚ ĞǀĂůƵĂƚŝŶŐ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŽŶŐŽŝŶŐ ŽƉĞƌĂƚŝŶŐ ƉĞƌĨŽƌŵĂŶĐĞ͘

DΘ ĨŽƌ LJĞĂƌƐ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶĚ ϮϬϮϬ

Ϳ &ƵŶĚƐ ĨůŽǁ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ

dŚĞ ŽŵƉĂŶLJ ƌĞĐŽŶĐŝůĞƐ ĨƵŶĚƐ ĨůŽǁ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ ƚŽ ĐĂƐŚ ĨůŽǁ ĨƌŽŵ ŽƉĞƌĂƚŝŶŐ ĂĐƚŝǀŝƚŝĞƐ͕ ǁŚŝĐŚ ŝƐ ƚŚĞ ŵŽƐƚ ĚŝƌĞĐƚůLJ ĐŽŵƉĂƌĂďůĞ ŵĞĂƐƵƌĞ ĐĂůĐƵůĂƚĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ /&Z^ ĂƐ ĨŽůůŽǁƐ͗

;Ψ ŝŶ ƚŚŽƵƐĂŶĚƐͿ	dŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚ		zĞĂƌ ĞŶĚĞĚ
	ĞĐĞŵďĞƌ ϯϭ͕		ĞĐĞŵďĞƌ ϯϭ͕
	ϮϬ Ϯ ϭ	ϮϬϮϬ	ϮϬ Ϯ ϭ	ϮϬϮϬ
ĂƐŚ ĨůŽǁ ĨƌŽŵ ŽƉĞƌĂƚŝŶŐ ĂĐƚŝǀŝƚŝĞƐ	Ϯ͕Ϯ ϭ ϰ	ϭϯϬ	ϰ͕ϯϵ ϰ	ϭ͕ϭϱϲ
ŚĂŶŐĞƐ ŝŶ ŶŽŶͲĐĂƐŚ ǁŽƌŬŝŶŐ ĐĂƉŝƚĂů	;ϭ͕ϯ ϭ ϰͿ	ϲϳ	;ϭ͕ϯ ϰ ϴͿ	;ϭ͕ϬϭϳͿ
&ƵŶĚƐ ĨůŽǁ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ	ϵϬ Ϭ	ϭϵϳ	ϯ͕Ϭ ϰ ϲ	ϭϯϵ
ĞĐŽŵŵŝƐƐŝŽŶŝŶŐ ĐŽƐƚƐ ŝŶĐƵƌƌĞĚ	Ͳ	Ͳ	Ͳ	ϭϭ
ĚũƵƐƚĞĚ ĨƵŶĚƐ ĨůŽǁ	ϵϬ Ϭ	ϭϵϳ	ϯ͕Ϭ ϰ ϲ	ϭϱϬ

Ϳ EĞƚ Ğďƚ

ŚƌŽŶŽƐ ĐůŽƐĞůLJ ŵŽŶŝƚŽƌƐ ŝƚƐ ĐĂƉŝƚĂů ƐƚƌƵĐƚƵƌĞ ǁŝƚŚ Ă ŐŽĂů ŽĨ ŵĂŝŶƚĂŝŶŝŶŐ Ă ƐƚƌŽŶŐ ďĂůĂŶĐĞ ƐŚĞĞƚ ƚŽ ĨƵŶĚ ƚŚĞ ĨƵƚƵƌĞ ŐƌŽǁƚŚ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͘ dŚĞ ŽŵƉĂŶLJ ŵŽŶŝƚŽƌƐ ŶĞƚ ĚĞďƚ ĂƐ ƉĂƌƚ ŽĨ ŝƚƐ ĐĂƉŝƚĂů ƐƚƌƵĐƚƵƌĞ͘ ŚƌŽŶŽƐ ƵƐĞƐ ŶĞƚ ĚĞďƚ ;ĐƵƌƌĞŶƚ ĂƐƐĞƚƐ ůĞƐƐ ĐƵƌƌĞŶƚ ůŝĂďŝůŝƚŝĞƐ ĂŶĚ ďĂŶŬ ůŽĂŶͿ ĂƐ ĂŶ ĂůƚĞƌŶĂƚŝǀĞ ŵĞĂƐƵƌĞ ŽĨ ŽƵƚƐƚĂŶĚŝŶŐ ĚĞďƚ͘ DĂŶĂŐĞŵĞŶƚ ĐŽŶƐŝĚĞƌƐ ŶĞƚ ĚĞďƚ ĂƐ ĂŶ ŝŵƉŽƌƚĂŶƚ ŵĞĂƐƵƌĞ ƚŽ ĂƐƐŝƐƚ ŝŶ ĂƐƐĞƐƐŝŶŐ ƚŚĞ ůŝƋƵŝĚŝƚLJ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͘

Ϳ KƉĞƌĂƚŝŶŐ EĞƚďĂĐŬ

KƉĞƌĂƚŝŶŐ ŶĞƚďĂĐŬ ŝƐ ƌĞǀĞŶƵĞ͕ ůĞƐƐ ƌŽLJĂůƚŝĞƐ͕ ƉůƵƐ ŽƚŚĞƌ ŝŶĐŽŵĞ͕ ůĞƐƐ ŽƉĞƌĂƚŝŶŐ ĐŽƐƚƐ ĂŶĚ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ĞdžƉĞŶƐĞƐ͘ DĂŶĂŐĞŵĞŶƚ ďĞůŝĞǀĞƐ ƚŚĞƐĞ ŵĞĂƐƵƌĞƐ ĂƌĞ ƵƐĞĨƵů ƐƵƉƉůĞŵĞŶƚĂů ŵĞĂƐƵƌĞƐ ŽĨ ĨŝƌƐƚůLJ͕ ƚŚĞ ƚŽƚĂů ĂŵŽƵŶƚ ŽĨ ĐƵƌƌĞŶƚ ĂŶĚ ůŽŶŐͲƚĞƌŵ ĚĞďƚ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ͕ ĂŶĚ ƐĞĐŽŶĚůLJ͕ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ƌĞǀĞŶƵĞƐ ƌĞĐĞŝǀĞĚ ŽŶ Ă ƉĞƌ ƵŶŝƚ ŽĨ ƉƌŽĚƵĐƚŝŽŶ ďĂƐŝƐ ĂĨƚĞƌ ƚŚĞ ƌŽLJĂůƚŝĞƐ͕ ŽƚŚĞƌ ŝŶĐŽŵĞ͕ ŽƉĞƌĂƚŝŶŐ ĂŶĚ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ĐŽƐƚƐ͘

Ϳ ĂƉŝƚĂů džƉĞŶĚŝƚƵƌĞƐ

DĂŶĂŐĞŵĞŶƚ ƵƐĞƐ ƚŚĞ ƚĞƌŵ ͞ĐĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞƐ͟ ĂƐ Ă ŵĞĂƐƵƌĞ ŽĨ ĐĂƉŝƚĂů ŝŶǀĞƐƚŵĞŶƚ ŝŶ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ƉƌŽĚƵĐƚŝŽŶ ĂĐƚŝǀŝƚLJ͕ ĂƐ ǁĞůů ĂƐ ƉƌŽƉĞƌƚLJ ĂĐƋƵŝƐŝƚŝŽŶƐ ĂŶĚ ĚŝƐƉŽƐŝƚŝŽŶƐ͕ ĂƐ ƐƵĐŚ ƐƉĞŶĚŝŶŐ ŝƐ ĐŽŵƉĂƌĞĚ ƚŽ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĂŶŶƵĂů ďƵĚŐĞƚĞĚ ĐĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞƐ͘ dŚĞ ŵŽƐƚ ĚŝƌĞĐƚůLJ ĐŽŵƉĂƌĂďůĞ /&Z^ ŵĞĂƐƵƌĞ ĨŽƌ ĐĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞƐ ŝƐ ĐĂƐŚ ĨůŽǁ ƵƐĞĚ ŝŶ ŝŶǀĞƐƚŝŶŐ ĂĐƚŝǀŝƚŝĞƐ͘ ƐƵŵŵĂƌLJ ŽĨ ƚŚĞ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ŽĨ ĐĂƐŚ ĨůŽǁ ƵƐĞĚ ŝŶ ŝŶǀĞƐƚŝŶŐ ĂĐƚŝǀŝƚŝĞƐ ƚŽ ĐĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞƐ ŝƐ ƐĞƚ ĨŽƌƚŚ ďĞůŽǁ͗

	dŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚ	zĞĂƌ ĞŶĚĞĚ
		ĞĐĞŵďĞƌ ϯϭ͕		ĞĐĞŵďĞƌ ϯϭ͕
	Ϯ Ϭ Ϯ ϭ	ϮϬϮϬ	ϮϬ Ϯ ϭ	ϮϬϮϬ
EĞƚ ĐĂƐŚ ƵƐĞĚ ŝŶ ŝŶǀĞƐƚŝŶŐ ĂĐƚŝǀŝƚŝĞƐ	ϱϲ ϭ	ϭϭϯ	ϭ͕ϳ ϭ ϵ	ϭ͕ϭϬϮ
WƌŽĐĞĞĚƐ ŽŶ ĚŝƐƉŽƐŝƚŝŽŶ	;ϲ ϲͿ	Ͳ	;ϭ Ϯ ϱͿ	;ϲϭϭͿ
ŚĂŶŐĞ ŝŶ ŶŽŶͲĐĂƐŚ ǁŽƌŬŝŶŐ ĐĂƉŝƚĂů	Ϯϰ	;ϱϮͿ	ϯϮ	;ϭϭϯͿ
ĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞƐ	ϲϬ ϯ	ϭϲϱ	ϭ͕ϴ ϭ Ϯ	ϭ͕ϴϮϲ

Ϳ ^ƵƉƉůĞŵĞŶƚĂƌLJ &ŝŶĂŶĐŝĂů DĞĂƐƵƌĞƐ

͞WĞƌ ďŽĞ͟ ŝƐ ĐŽŵƉƌŝƐĞĚ ŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚ ůŝŶĞ ŝƚĞŵ ;ƌŽLJĂůƚŝĞƐ͕ ŽƉĞƌĂƚŝŶŐ ĞdžƉĞŶƐĞ͕ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ĞdžƉĞŶƐĞ͕ 'Θ͕ Θ͕ Θ ĂŶĚ ĨŝŶĂŶĐĞ ĞdžƉĞŶƐĞͿ͕ ĂƐ ĚĞƚĞƌŵŝŶĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ /&Z^͕ ĚŝǀŝĚĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƚŽƚĂů ƉƌŽĚƵĐƚŝŽŶ͘

͞ZĞĂůŝnjĞĚ ƉƌŝĐĞƐ͟ ŝƐ ĐŽŵƉƌŝƐĞĚ ŽĨ ĐƌƵĚĞ Žŝů ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ĐŽŵŵŽĚŝƚLJ ƐĂůĞƐ ĨƌŽŵ ƉƌŽĚƵĐƚŝŽŶ͕ ĂƐ ĚĞƚĞƌŵŝŶĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ /&Z^͕ ĚŝǀŝĚĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĐƌƵĚĞ Žŝů ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƉƌŽĚƵĐƚŝŽŶ͘

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DΘ ĨŽƌ LJĞĂƌƐ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶĚ ϮϬϮϬ

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,ĞĂĚ KĨĨŝĐĞ

^ƵŝƚĞ ϮϲϬϬ ŽŵĞ dŽǁĞƌ ϯϯϯ ʹ ϳƚŚ ǀĞŶƵĞ ^t ĂůŐĂƌLJ͕ ůďĞƌƚĂ dϮW Ϯϭ dĞů͗ ;ϰϬϯͿ ϰϱϯͲϭϵϱϬ &Ădž͗ ;ϰϬϯͿ ϰϱϯͲϭϵϱϴ

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Opinion

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(in thousands)

			December 31,
(Expressed in CDN dollars)	Notes		2021		2020
Assets
Current assets
Cash		$	243	$
Accounts receivable	18		3,019		1,122
Due from related party	17		807		1,002
Prepaid expenses			586		335
			4,655		2,459
Exploration and evaluation assets	4		755		1,594
Property, plant and equipment	5 & 6		55,318		29,731
Investment in joint venture	7		3,641		1,074
		$	64,369	$	34,858
Liabilities and Shareholders' EquityCurrent liabilitiesAccounts payable and accrued liabilitiesBank loanLease obligations	89	$	5,731146	$	2,4622,273116
			5,877		4,851
Lease obligations	9		36		101
Decommissioning liabilities	10		20,716		6,599
			26,629		11,551
Shareholders' equity
Share capital	11		113,332		113,332
Contributed surplus			6,954		6,954
Deficit			(82, 546)		(96, 979)
			37,740		23,307
		$	64,369	$	34,858

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[signed] ƐŝŐŶĞĚ

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(in thousands)
		For the year ended
		December 31,
(Expressed in CDN dollars)	Notes	2021	2020
Revenue
Petroleum and natural gas	13	$13,934	$5,593
Royalties		(2,656)	(1, 110)
		11,278	4,483
Other income	20	217
		11,495	4,483
Expenses
Operating		6,428	3,492
Transportation		258	211
General and administrative		1,443	509
Transaction related expenses		63
Exploration expense	4		13,299
Depletion and depreciation	6	2,875	2,866
Impairment (impairment reversal)	4 & 6	(11, 509)	19,983
Gain on disposition		(78)	(5)
		(520)	40,355
Net income (loss) from operating activities		$12,015	$(35, 872)
Dilution gain on disposition to joint venture	$\overline{7}$	(1,040)	(402)
Gain on additional joint venture partner contribution	7	(1, 346)
Share of joint venture net income (loss)	$\overline{7}$	(180)	298
Net income (loss) before finance expense		$14,581	$(35, 768)
Finance expense	14	148	294
Net income (loss) and comprehensive income (loss)		$14,433	$(36,062)

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([SUHVVHG LQ &'1 GROODUV	1RWHV	&RPPRQ 6KDUHV 6KDUH &DSLWDO				6XUSOXV		'HILFLW		7RWDO (TXLW\
%DODQFH 'HFHPEHU	ϭϭ	ϯϭ͕ϯϵϵ							Ψ	ϱϵ͕ϯϲϵ
1HW ORVV IRU WKH \HDU		Ͳ		Ͳ		Ͳ		;ϯϲ͕ϬϲϮͿ	Ψ	;ϯϲ͕ϬϲϮͿ
%DODQFH 'HFHPEHU	ϭϭ	ϯϭ͕ϯϵϵ	Ψ	ϭϭϯ͕ϯϯϮ	Ψ	ϲ͕ϵϱϰ	Ψ	;ϵϲ͕ϵϳϵͿ	Ψ	Ϯϯ͕ϯϬϳ

%DODQFH 'HFHPEHU		ϯϭ͕ϯϵϵ							Ψ	Ϯϯ͕ϯϬϳ
1HW LQFRPH IRU WKH \HDU		Ͳ		Ͳ		Ͳ		ϭϰ͕ϰϯϯ		ϭϰ͕ϰϯϯ
%DODQFH 'HFHPEHU		ϯϭ͕ϯϵϵ	Ψ	ϭϭϯ͕ϯϯϮ	Ψ	ϲ͕ϵϱϰ	Ψ	;ϴϮ͕ϱϰϲͿ	Ψ	ϯϳ͕ϳϰϬ

6HH DFFRPSDQ\LQJ QRWHV WR WKH FRQVROLGDWHG ILQDQFLDO VWDWHPHQWV

&RQVROLGDWHG 6WDWHPHQWV RI &DVK )ORZV

(in thousands)
		For the year ended
		December 31,
(Expressed in CDN dollars)	Notes	2021	2020
Cash provided by (used in):
Operating activities
Net income (loss) for the year	$	14,433- $	(36,062)
Non-cash items:
Accretion and finance expense	14	81	173
Depletion and depreciation	4 & 6	2,875	2,866
Impairment (impairment reversal)	6	(11, 509)	19,983
Gain on disposition		(78)	(5)
Other income	20	(190)
Share of joint venture activities	$\overline{7}$	(2, 566)	(104)
Exploration and evaluation expense	4	$\blacksquare$	13,299
Decommissioning expenditures	10		(11)
		3,046	139
Change in non-cash working capital	16	1,348	1,017
Net cash from operating activities		4,394	1,156
Financing activities
Change in bank loan	8	(2, 273)	35
Payments on lease obligations	9	(158)	(148)
Net cash (used in) financing activities		(2, 431)	(113)

Investing activitiesAdditions to exploration and evaluation assets	4		(1,054)
Additions to property, plant and equipment	6	(31)(637)	(772)
Acquisition through business combination	5	(1, 144)
Proceeds on disposition	6	125	611
Change in non-cash working capital	16	(32)	113
Net cash (used in) investing activities		(1, 719)	(1, 102)

Increase in cash		243	(59)
Cash - beginning of year			59
Cash - end of year	$	$243

6HH DFFRPSDQ\LQJ QRWHV WR WKH FRQVROLGDWHG ILQDQFLDO VWDWHPHQWV

ŽƌƉŽƌĂƚĞ ŝŶĨŽƌŵĂƚŝŽŶ

ŚƌŽŶŽƐ ZĞƐŽƵƌĐĞƐ >ƚĚ͘ ;͞ŚƌŽŶŽƐ͟ Žƌ ƚŚĞ ͞ŽŵƉĂŶLJ͟Ϳ ǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ƵŶĚĞƌ ƚŚĞ ƵƐŝŶĞƐƐ ŽƌƉŽƌĂƚŝŽŶƐ Đƚ ;ůďĞƌƚĂͿ ŽŶ DĂLJ ϭϲ͕ ϮϬϭϮ͘ ŚƌŽŶŽƐ ŝƐ Ă ƉƌŝǀĂƚĞ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĐŽŵƉĂŶLJ ƉƵƌƐƵŝŶŐ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƉƌŽĚƵĐƚŝŽŶ ĂŶĚ ƌĞƐĞƌǀĞƐ ŝŶ ǁĞƐƚĞƌŶ ĂŶĂĚĂ͘ dŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ;ƚŚĞ ͞ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͟Ϳ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ĂƌĞ ĐŽŵƉƌŝƐĞĚ ŽĨ ƚŚĞ ĂĐĐŽƵŶƚƐ ŽĨ ŚƌŽŶŽƐ ĂŶĚ ŝƚƐ ǁŚŽůůLJ ŽǁŶĞĚ ƐƵďƐŝĚŝĂƌLJ͕ ŚƌŽŶŽƐ ƵǀĞƌŶĂLJ >dĚ͕͘ ŚƌŽŶŽƐ ƵǀĞƌŶĂLJ D/^ >ƚĚ͘ ĂŶĚ ŚƌŽŶŽƐ ƵǀĞƌŶĂLJ ^Ƶď Ž͘ >ƚĚ͕͘ ǁŚŝĐŚ ŝƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ŝŶ ĂŶĂĚĂ͘ dŚĞ ŽŵƉĂŶLJ͛Ɛ ŚĞĂĚ ŽĨĨŝĐĞ ŝƐ ůŽĐĂƚĞĚ Ăƚ ϮϲϬϬ͕ ϯϯϯ ʹ ϳƚŚ ǀĞŶƵĞ ^͘t͕͘ ĂůŐĂƌLJ͕ ůďĞƌƚĂ͘

ĂƐŝƐ ŽĨ ƉƌĞƉĂƌĂƚŝŽŶ

^ƚĂƚĞŵĞŶƚ ŽĨ ĐŽŵƉůŝĂŶĐĞ

dŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŚĂǀĞ ďĞĞŶ ƉƌĞƉĂƌĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ /ŶƚĞƌŶĂƚŝŽŶĂů &ŝŶĂŶĐŝĂů ZĞƉŽƌƚŝŶŐ ^ƚĂŶĚĂƌĚƐ ;͞/&Z^͟Ϳ ĂƐ ŝƐƐƵĞĚ ďLJ ƚŚĞ /ŶƚĞƌŶĂƚŝŽŶĂů ĐĐŽƵŶƚŝŶŐ ^ƚĂŶĚĂƌĚƐ ŽĂƌĚ ;͞/^͟Ϳ͘ dŚĞƐĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŚĂǀĞ ďĞĞŶ ƉƌĞƉĂƌĞĚ ƵƐŝŶŐ ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐŝĞƐ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ /&Z^ ĂƐ ƐĞƚ ĨŽƌƚŚ ŝŶ ŶŽƚĞ ϯ͘

dŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ǁĞƌĞ ĂƵƚŚŽƌŝnjĞĚ ĨŽƌ ŝƐƐƵĞ ďLJ ƚŚĞ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ ŽŶ :ƵŶĞ ϲƚŚ͕ ϮϬϮϮ͘

ĂƐŝƐ ŽĨ ŵĞĂƐƵƌĞŵĞŶƚ

dŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŚĂǀĞ ďĞĞŶ ƉƌĞƉĂƌĞĚ ŽŶ Ă ŚŝƐƚŽƌŝĐĂů ĐŽƐƚ ďĂƐŝƐ͕ ĞdžĐĞƉƚ ĨŽƌ ĐĞƌƚĂŝŶ ĨŝŶĂŶĐŝĂů ĂŶĚ ŶŽŶͲ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ǁŚŝĐŚ ŚĂǀĞ ďĞĞŶ ŵĞĂƐƵƌĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ͘

&ƵŶĐƚŝŽŶĂů ĂŶĚ ƉƌĞƐĞŶƚĂƚŝŽŶ ĐƵƌƌĞŶĐLJ

dŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂƌĞ ƉƌĞƐĞŶƚĞĚ ŝŶ ĂŶĂĚŝĂŶ ĚŽůůĂƌƐ͕ ǁŚŝĐŚ ŝƐ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĨƵŶĐƚŝŽŶĂů ĐƵƌƌĞŶĐLJ͘

hƐĞ ŽĨ ƐŝŐŶŝĨŝĐĂŶƚ ĂĐĐŽƵŶƚŝŶŐ ĞƐƚŝŵĂƚĞƐ ĂŶĚ ũƵĚŐĞŵĞŶƚƐ

dŚĞ ƚŝŵĞůLJ ƉƌĞƉĂƌĂƚŝŽŶ ŽĨ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ƌĞƋƵŝƌĞƐ ŵĂŶĂŐĞŵĞŶƚ ƚŽ ŵĂŬĞ ũƵĚŐŵĞŶƚƐ͕ ĞƐƚŝŵĂƚĞƐ ĂŶĚ ĂƐƐƵŵƉƚŝŽŶƐ ƚŚĂƚ ĂĨĨĞĐƚ ƚŚĞ ĂƉƉůŝĐĂƚŝŽŶ ŽĨ ƉŽůŝĐŝĞƐ ĂŶĚ ƌĞƉŽƌƚĞĚ ĂŵŽƵŶƚƐ ŽĨ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ͕ ƌĞǀĞŶƵĞ͕ ĂŶĚ ĞdžƉĞŶƐĞƐ͘ dŚĞ ĞƐƚŝŵĂƚĞƐ ĂŶĚ ĂƐƐŽĐŝĂƚĞĚ ĂƐƐƵŵƉƚŝŽŶƐ ĂƌĞ ďĂƐĞĚ ŽŶ ŚŝƐƚŽƌŝĐĂů ĞdžƉĞƌŝĞŶĐĞ ĂŶĚ ǀĂƌŝŽƵƐ ŽƚŚĞƌ ĨĂĐƚŽƌƐ ƚŚĂƚ ĂƌĞ ďĞůŝĞǀĞĚ ƚŽ ďĞ ƌĞĂƐŽŶĂďůĞ ƵŶĚĞƌ ƚŚĞ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ ƚŚĞ ƌĞƐƵůƚƐ ŽĨ ǁŚŝĐŚ ĨŽƌŵ ƚŚĞ ďĂƐŝƐ ŽĨ ŵĂŬŝŶŐ ƚŚĞ ũƵĚŐŵĞŶƚƐ ĂďŽƵƚ ĐĂƌƌLJŝŶŐ ǀĂůƵĞƐ ŽĨ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ƚŚĂƚ ĂƌĞ ŶŽƚ ƌĞĂĚŝůLJ ĂƉƉĂƌĞŶƚ ĨƌŽŵ ŽƚŚĞƌ ƐŽƵƌĐĞƐ͘ ^ƵĐŚ ĞƐƚŝŵĂƚĞƐ ƉƌŝŵĂƌŝůLJ ƌĞůĂƚĞ ƚŽ ƵŶƐĞƚƚůĞĚ ƚƌĂŶƐĂĐƚŝŽŶƐ ĂŶĚ ĞǀĞŶƚƐ ĂƐ Ăƚ ƚŚĞ ĚĂƚĞ ŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ ĐĐŽƌĚŝŶŐůLJ͕ ĂĐƚƵĂů ƌĞƐƵůƚƐ ŵĂLJ ĚŝĨĨĞƌ ĨƌŽŵ ĞƐƚŝŵĂƚĞĚ ĂŵŽƵŶƚƐ ĂƐ ĨƵƚƵƌĞ ĐŽŶĨŝƌŵŝŶŐ ĞǀĞŶƚƐ ŽĐĐƵƌ͘

Ks/Ͳϭϵ ĂŶĚ ĨƵƚƵƌĞ ŽƉĞƌĂƚŝŽŶƐ

/Ŷ DĂƌĐŚ ϮϬϮϬ͕ ƚŚĞ tŽƌůĚ ,ĞĂůƚŚ KƌŐĂŶŝnjĂƚŝŽŶ ĚĞĐůĂƌĞĚ Ks/Ͳϭϵ ƚŽ ďĞ Ă ƉĂŶĚĞŵŝĐ͘ dŚĞ ƉĂŶĚĞŵŝĐ ĂŶĚ ŵĞĂƐƵƌĞƐ ƚĂŬĞŶ ƚŽ ůŝŵŝƚ ŝƚƐ ƐƉƌĞĂĚ ŚĂǀĞ ĐŽŶƚƌŝďƵƚĞĚ ƚŽ ƐŝŐŶŝĨŝĐĂŶƚ ǀŽůĂƚŝůŝƚLJ ŝŶ ŐůŽďĂů ŵĂƌŬĞƚƐ͘ dŚĞ ƉĂŶĚĞŵŝĐ ŚĂƐ ĂĚǀĞƌƐĞůLJ ŝŵƉĂĐƚĞĚ ŐůŽďĂů ĐŽŵŵĞƌĐŝĂů ĂĐƚŝǀŝƚLJ ĐƌĞĂƚŝŶŐ ĞĐŽŶŽŵŝĐ ƵŶĐĞƌƚĂŝŶƚLJ ĂŶĚ ǀŽůĂƚŝůŝƚLJ ŝŶ ĐŽŵŵŽĚŝƚLJ ŵĂƌŬĞƚƐ͘

dŚĞ ĨƵůů ĞdžƚĞŶƚ ŽĨ ƚŚĞ ŝŵƉĂĐƚ ŽĨ Ks/Ͳϭϵ ŽŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ĨƵƚƵƌĞ ĨŝŶĂŶĐŝĂů ƉĞƌĨŽƌŵĂŶĐĞ ŝƐ ƵŶŬŶŽǁŶ͘ /ƚ ǁŝůů ĚĞƉĞŶĚ ŽŶ ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚƐ ƚŚĂƚ ĂƌĞ ƵŶĐĞƌƚĂŝŶ ĂŶĚ ƵŶƉƌĞĚŝĐƚĂďůĞ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ĚƵƌĂƚŝŽŶ ĂŶĚ ƚŚĞ ĐŽŶƚŝŶƵĞĚ ƐƉƌĞĂĚ ŽĨ Ks/Ͳϭϵ͕ ŝƚƐ ĐŽŶƚŝŶƵĞĚ ŝŵƉĂĐƚ ŽŶ ĨŝŶĂŶĐŝĂů ŵĂƌŬĞƚƐ ŽŶ Ă ŵĂĐƌŽͲƐĐĂůĞ ĂŶĚ ĂŶLJ ŶĞǁ ŝŶĨŽƌŵĂƚŝŽŶ ƚŚĂƚ ŵĂLJ ĞŵĞƌŐĞ ĐŽŶĐĞƌŶŝŶŐ ƚŚĞ ĞĨĨĞĐƚŝǀĞŶĞƐƐ ŽĨ ĂǀĂŝůĂďůĞ ǀĂĐĐŝŶĞƐ ĂŶĚ ƚŚĞ ƐĞǀĞƌŝƚLJ ĂŶĚ ƐƉƌĞĂĚ ŽĨ ƚŚĞ ǀŝƌƵƐ͘ dŚĞ ƉĂŶĚĞŵŝĐ ƉƌĞƐĞŶƚƐ ƵŶĐĞƌƚĂŝŶƚLJ ĂŶĚ ƌŝƐŬ ǁŝƚŚ ƌĞƐƉĞĐƚ ƚŽ ƚŚĞ ŽŵƉĂŶLJ͕ ŝƚƐ ƉĞƌĨŽƌŵĂŶĐĞ͕ ĂŶĚ ĞƐƚŝŵĂƚĞƐ ĂŶĚ ĂƐƐƵŵƉƚŝŽŶƐ ƵƐĞĚ ďLJ ŵĂŶĂŐĞŵĞŶƚ ŝŶ ƚŚĞ ƉƌĞƉĂƌĂƚŝŽŶ ŽĨ ŝƚƐ ĨŝŶĂŶĐŝĂů ƌĞƐƵůƚƐ͘

dŚĞ ŽŵƉĂŶLJ͛Ɛ ĨŝŶĂŶĐŝĂů ƉĞƌĨŽƌŵĂŶĐĞ͕ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ďƵƐŝŶĞƐƐ ĂƌĞ ƉĂƌƚŝĐƵůĂƌůLJ ƐĞŶƐŝƚŝǀĞ ƚŽ Ă ƌĞĚƵĐƚŝŽŶ ŝŶ ƚŚĞ ĚĞŵĂŶĚ ĨŽƌ ĂŶĚ ƉƌŝĐĞƐ ŽĨ ĐƌƵĚĞ Žŝů ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ͘ dŚĞ ƉŽƚĞŶƚŝĂů ĚŝƌĞĐƚ ĂŶĚ ŝŶĚŝƌĞĐƚ ĞĐŽŶŽŵŝĐ ŝŵƉĂĐƚ ŽĨ Ks/Ͳ ϭϵ ŚĂǀĞ ďĞĞŶ ĐŽŶƐŝĚĞƌĞĚ ŝŶ ŵĂŶĂŐĞŵĞŶƚ͛Ɛ ĞƐƚŝŵĂƚĞƐ ĂŶĚ ĂƐƐƵŵƉƚŝŽŶƐ Ăƚ LJĞĂƌͲĞŶĚ ĂŶĚ ŚĂǀĞ ďĞĞŶ ƌĞĨůĞĐƚĞĚ ŝŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƌĞƐƵůƚƐ ǁŝƚŚ ĂŶLJ ƐŝŐŶŝĨŝĐĂŶƚ ĐŚĂŶŐĞƐ ĚĞƐĐƌŝďĞĚ ŝŶ ƚŚĞ ƌĞůĞǀĂŶƚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŶŽƚĞ͘

dŚĞ Ks/Ͳϭϵ ƉĂŶĚĞŵŝĐ ŝƐ ĂŶ ĞǀŽůǀŝŶŐ ƐŝƚƵĂƚŝŽŶ ƚŚĂƚ ǁŝůů ĐŽŶƚŝŶƵĞ ƚŽ ŚĂǀĞ ǁŝĚĞƐƉƌĞĂĚ ŝŵƉůŝĐĂƚŝŽŶƐ ĨŽƌ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ďƵƐŝŶĞƐƐ ĞŶǀŝƌŽŶŵĞŶƚ͕ ŽƉĞƌĂƚŝŽŶƐ͕ ĂŶĚ ĨŝŶĂŶĐŝĂů ĐŽŶĚŝƚŝŽŶ͘ DĂŶĂŐĞŵĞŶƚ ĐĂŶŶŽƚ ƌĞĂƐŽŶĂďůLJ ĞƐƚŝŵĂƚĞ ƚŚĞ ůĞŶŐƚŚ Žƌ ƐĞǀĞƌŝƚLJ ŽĨ ƚŚŝƐ ƉĂŶĚĞŵŝĐ͕ Žƌ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ƚŽ ǁŚŝĐŚ ƚŚĞ ĚŝƐƌƵƉƚŝŽŶ ŵĂLJ ŵĂƚĞƌŝĂůůLJ ŝŵƉĂĐƚ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŝŶ ĨŝƐĐĂů ϮϬϮϮ ĂŶĚ ďĞLJŽŶĚ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ĂĨƚĞƌ LJĞĂƌ ĞŶĚ͕ ĞŶĞƌŐLJ ƉƌŝĐĞƐ ƐƚƌĞŶŐƚŚĞŶĞĚ ƚŽ ŵƵůƚŝͲLJĞĂƌ ŚŝŐŚƐ ĚƵĞ ƚŽ ĞůĞǀĂƚĞĚ ƵŶĐĞƌƚĂŝŶůLJ ŽĨ ŐůŽďĂů Žŝů ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƐƵƉƉůLJ ĂĨƚĞƌ ZƵƐƐŝĂ͛Ɛ ŝŶǀĂƐŝŽŶ ŽĨ hŬƌĂŝŶĞ͘ tŚŝůĞ ŚƌŽŶŽƐ͛ ďĞŶĞĨŝƚƐ ĨƌŽŵ ƚŚĞƐĞ ŝŵƉƌŽǀĞŵĞŶƚƐ ŝŶ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ͕ ƚŚĞƌĞ ŝƐ Ă ĚĞŐƌĞĞ ŽĨ ƵŶĐĞƌƚĂŝŶůLJ ƌĞůĂƚĞĚ ƚŽ Ks/Ͳϭϵ ĂŶĚ ŐĞŽƉŽůŝƚŝĐĂů ĞǀĞŶƚƐ ƚŚĂƚ ŚĂǀĞ ďĞĞŶ ĐŽŶƐŝĚĞƌĞĚ ŝŶ ŽƵƌ ĞƐƚŝŵĂƚĞƐ Ăƚ LJĞĂƌͲĞŶĚ͘

ĂͿ ƌŝƚŝĐĂů ĂĐĐŽƵŶƚŝŶŐ ũƵĚŐŵĞŶƚƐ ŝŶ ĂƉƉůLJŝŶŐ ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐĞƐ

dŚĞ ĨŽůůŽǁŝŶŐ ĂƌĞ ƚŚĞ ĐƌŝƚŝĐĂů ũƵĚŐŵĞŶƚƐ ƚŚĂƚ ŵĂŶĂŐĞŵĞŶƚ ŚĂƐ ŵĂĚĞ ŝŶ ƚŚĞ ƉƌŽĐĞƐƐ ŽĨ ĂƉƉůLJŝŶŐ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐŝĞƐ ĂŶĚ ƚŚĂƚ ŚĂǀĞ ƚŚĞ ŵŽƐƚ ƐŝŐŶŝĨŝĐĂŶƚ ĞĨĨĞĐƚ ŽŶ ƚŚĞ ĂŵŽƵŶƚƐ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƚŚĞƐĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͗

;ŝͿ /ĚĞŶƚŝĨŝĐĂƚŝŽŶ ŽĨ ĐĂƐŚ ŐĞŶĞƌĂƚŝŶŐ ƵŶŝƚƐ ;͞'h͟Ϳ

dŚĞ ŽŵƉĂŶLJ͛Ɛ ĂƐƐĞƚƐ ĂƌĞ ĂŐŐƌĞŐĂƚĞĚ ŝŶƚŽ 'hƐ͕ ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ĐĂůĐƵůĂƚŝŶŐ ŝŵƉĂŝƌŵĞŶƚ͕ ďĂƐĞĚ ŽŶ ƚŚĞŝƌ ĂďŝůŝƚLJ ƚŽ ŐĞŶĞƌĂƚĞ ůĂƌŐĞůLJ ŝŶĚĞƉĞŶĚĞŶƚ ĐĂƐŚ ĨůŽǁƐ͘ LJ ƚŚĞŝƌ ŶĂƚƵƌĞ͕ ƚŚĞƐĞ ĞƐƚŝŵĂƚĞƐ ĂŶĚ ĂƐƐƵŵƉƚŝŽŶƐ ĂƌĞ ƐƵďũĞĐƚ ƚŽ ũƵĚŐĞŵĞŶƚ ĂŶĚ ŵĂLJ ŝŵƉĂĐƚ ƚŚĞ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĂƐƐĞƚƐ ŝŶ ĨƵƚƵƌĞ ƉĞƌŝŽĚƐ͘

;ŝŝͿ /ŵƉĂŝƌŵĞŶƚ ĂŶĚ ŝŵƉĂŝƌŵĞŶƚ ƌĞǀĞƌƐĂůƐ ŽĨ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ĂƐƐĞƚƐ

:ƵĚŐŵĞŶƚƐ ĂƌĞ ƌĞƋƵŝƌĞĚ ƚŽ ĂƐƐĞƐƐ ǁŚĞŶ ŝŵƉĂŝƌŵĞŶƚ ŝŶĚŝĐĂƚŽƌƐ Žƌ ŝŶĚŝĐĂƚŽƌƐ ŽĨ ƌĞǀĞƌƐĂů ĞdžŝƐƚ ĂŶĚ ŝŵƉĂŝƌŵĞŶƚ ƚĞƐƚŝŶŐ ŝƐ ƌĞƋƵŝƌĞĚ͘ /Ŷ ĚĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ŽĨ ĂƐƐĞƚƐ͕ ŝŶ ƚŚĞ ĂďƐĞŶĐĞ ŽĨ ƋƵŽƚĞĚ ŵĂƌŬĞƚ ƉƌŝĐĞƐ͕ ŝŵƉĂŝƌŵĞŶƚ ƚĞƐƚƐ ĂƌĞ ďĂƐĞĚ ŽŶ ĞƐƚŝŵĂƚĞƐ ŽĨ ƌĞƐĞƌǀĞƐ͕ ƉƌŽĚƵĐƚŝŽŶ ƌĂƚĞƐ͕ ĨƵƚƵƌĞ Žŝů ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƉƌŝĐĞƐ͕ ĨƵƚƵƌĞ ĐŽƐƚƐ͕ ĚŝƐĐŽƵŶƚ ƌĂƚĞƐ͕ ŵĂƌŬĞƚ ǀĂůƵĞ ŽĨ ůĂŶĚ ĂŶĚ ŽƚŚĞƌ ƌĞůĞǀĂŶƚ ĂƐƐƵŵƉƚŝŽŶƐ͘

;ŝŝŝͿ džƉůŽƌĂƚŝŽŶ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ĂƐƐĞƚƐ

dŚĞ ĂƉƉůŝĐĂƚŝŽŶ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐLJ ĨŽƌ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ĂƐƐĞƚƐ ƌĞƋƵŝƌĞƐ ŵĂŶĂŐĞŵĞŶƚ ƚŽ ŵĂŬĞ ĐĞƌƚĂŝŶ ũƵĚŐŵĞŶƚƐ ĂƐ ƚŽ ĨƵƚƵƌĞ ĞǀĞŶƚƐ ĂŶĚ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ĂƐ ƚŽ ǁŚĞƚŚĞƌ ĞĐŽŶŽŵŝĐ ƋƵĂŶƚŝƚŝĞƐ ŽĨ ƌĞƐĞƌǀĞƐ ŚĂǀĞ ďĞĞŶ ĨŽƵŶĚ ŝŶ ĂƐƐĞƐƐŝŶŐ ĞĐŽŶŽŵŝĐ ĂŶĚ ƚĞĐŚŶŝĐĂů ĨĞĂƐŝďŝůŝƚLJ͘

;ŝǀͿ ŽŶƚƌĂĐƚƵĂů ĂƌƌĂŶŐĞŵĞŶƚ

DĂŶĂŐĞŵĞŶƚ ĂƉƉůŝĞƐ ũƵĚŐŵĞŶƚ ŝŶ ƌĞǀŝĞǁŝŶŐ ĞĂĐŚ ŽĨ ŝƚƐ ĐŽŶƚƌĂĐƚƵĂů ĂƌƌĂŶŐĞŵĞŶƚƐ ƚŽ ĚĞƚĞƌŵŝŶĞ ǁŚĞƚŚĞƌ ƚŚĞ ĂƌƌĂŶŐĞŵĞŶƚ ĐŽŶƚĂŝŶƐ Ă ůĞĂƐĞ ǁŝƚŚŝŶ ƚŚĞ ƐĐŽƉĞ ŽĨ /&Z^ ϭϲ͘ dŚĞ ŵĞĂƐƵƌĞŵĞŶƚ ŽĨ ůĞĂƐĞ ůŝĂďŝůŝƚŝĞƐ ŝƐ ƐƵďũĞĐƚ ƚŽ ŵĂŶĂŐĞŵĞŶƚΖƐ ũƵĚŐŵĞŶƚ ŽĨ ƚŚĞ ĂƉƉůŝĐĂďůĞ ŝŶĐƌĞŵĞŶƚĂů ďŽƌƌŽǁŝŶŐ ƌĂƚĞ͘

;ǀͿ ĞĨĞƌƌĞĚ ŝŶĐŽŵĞ ƚĂdžĞƐ

:ƵĚŐŵĞŶƚƐ ĂƌĞ ŵĂĚĞ ďLJ ŵĂŶĂŐĞŵĞŶƚ ƚŽ ĚĞƚĞƌŵŝŶĞ ƚŚĞ ůŝŬĞůŝŚŽŽĚ ŽĨ ǁŚĞƚŚĞƌ ĚĞĨĞƌƌĞĚ ŝŶĐŽŵĞ ƚĂdž ĂƐƐĞƚƐ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ƉĞƌŝŽĚ ǁŝůů ďĞ ƌĞĂůŝnjĞĚ ĨƌŽŵ ĨƵƚƵƌĞ ƚĂdžĂďůĞ ĞĂƌŶŝŶŐƐ͘ dŽ ƚŚĞ ĞdžƚĞŶƚ ƚŚĂƚ ĂƐƐƵŵƉƚŝŽŶƐ ƌĞŐĂƌĚŝŶŐ ĨƵƚƵƌĞ ƉƌŽĨŝƚĂďŝůŝƚLJ ĐŚĂŶŐĞ͕ ƚŚĞƌĞ ĐĂŶ ďĞ ĂŶ ŝŶĐƌĞĂƐĞ Žƌ ĚĞĐƌĞĂƐĞ ŝŶ ƚŚĞ ĂŵŽƵŶƚƐ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚƐ ĂƐ ǁĞůů ĂƐ ƚŚĞ ĂŵŽƵŶƚƐ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ŝŶ ƚŚĞ ƉĞƌŝŽĚ ŝŶ ǁŚŝĐŚ ƚŚĞ ĐŚĂŶŐĞ ŽĐĐƵƌƐ͘

ďͿ <ĞLJ ƐŽƵƌĐĞƐ ŽĨ ĞƐƚŝŵĂƚŝŽŶ ƵŶĐĞƌƚĂŝŶƚLJ

dŚĞ ĨŽůůŽǁŝŶŐ ĂƌĞ ŬĞLJ ĞƐƚŝŵĂƚĞƐ ĂŶĚ ƚŚĞ ĂƐƐƵŵƉƚŝŽŶƐ ŵĂĚĞ ďLJ ŵĂŶĂŐĞŵĞŶƚ ĂĨĨĞĐƚŝŶŐ ƚŚĞ ŵĞĂƐƵƌĞŵĞŶƚ ŽĨ ďĂůĂŶĐĞƐ ĂŶĚ ƚƌĂŶƐĂĐƚŝŽŶƐ ŝŶ ƚŚĞƐĞ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ͘

;ŝͿ ĞƉůĞƚŝŽŶ͕ ĚĞƉƌĞĐŝĂƚŝŽŶ ĂŶĚ ĂŵŽƌƚŝnjĂƚŝŽŶ

ŵŽƵŶƚƐ ƌĞĐŽƌĚĞĚ ĨŽƌ ĚĞƉůĞƚŝŽŶ͕ ĚĞƉƌĞĐŝĂƚŝŽŶ ĂŶĚ ĂŵŽƌƚŝnjĂƚŝŽŶ ĂŶĚ ĂŵŽƵŶƚƐ ƵƐĞĚ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ ĐĂůĐƵůĂƚŝŽŶƐ ĂƌĞ ďĂƐĞĚ ŽŶ ĞƐƚŝŵĂƚĞƐ ŽĨ ƉƌŽǀĞĚ ĂŶĚ ƉƌŽďĂďůĞ Žŝů ĂŶĚ ŐĂƐ ƌĞƐĞƌǀĞƐ ĂŶĚ ƌĞůĂƚĞĚ ĐĂƐŚ ĨůŽǁƐ͘ LJ ƚŚĞŝƌ ŶĂƚƵƌĞ͕ ƚŚĞ ĞƐƚŝŵĂƚĞƐ ŽĨ ƌĞƐĞƌǀĞƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ĞƐƚŝŵĂƚĞƐ ŽĨ ĨƵƚƵƌĞ ƉƌŝĐĞƐ͕ ĐŽƐƚƐ͕ ĚŝƐĐŽƵŶƚ ƌĂƚĞƐ ĂŶĚ ƌĞůĂƚĞĚ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ͕ ĂƌĞ ƐƵďũĞĐƚ ƚŽ ŵĞĂƐƵƌĞŵĞŶƚ ƵŶĐĞƌƚĂŝŶƚLJ͘ ĐĐŽƌĚŝŶŐůLJ͕ ƚŚĞ ŝŵƉĂĐƚ ŽŶ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĨƵƚƵƌĞ ƉĞƌŝŽĚƐ ĐŽƵůĚ ďĞ ŵĂƚĞƌŝĂů͘

;ŝŝͿ ZĞƐĞƌǀĞƐ

dŚĞ ĂƐƐĞƐƐŵĞŶƚ ŽĨ ƌĞƉŽƌƚĞĚ ƌĞĐŽǀĞƌĂďůĞ ƋƵĂŶƚŝƚŝĞƐ ŽĨ ƉƌŽǀĞĚ ĂŶĚ ƉƌŽďĂďůĞ ƌĞƐĞƌǀĞƐ ŝŶĐůƵĚĞ ĞƐƚŝŵĂƚĞƐ ƌĞŐĂƌĚŝŶŐ ƉƌŽĚƵĐƚŝŽŶ ƉƌŽĨŝůĞ͕ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ͕ ĞdžĐŚĂŶŐĞ ƌĂƚĞƐ͕ ƌŽLJĂůƚLJ ƌĂƚĞƐ͕ ƚŝŵŝŶŐ ĂŶĚ ĂŵŽƵŶƚ ŽĨ ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ͕ ƌĞŵĞĚŝĂƚŝŽŶ ĐŽƐƚƐ͕ ĂŶĚ ƉƌŽĚƵĐƚŝŽŶ͕ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ĂŶĚ ŵĂƌŬĞƚŝŶŐ ĐŽƐƚƐ ĨŽƌ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ͘ /ƚ ĂůƐŽ ƌĞƋƵŝƌĞƐ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ ŽĨ ŐĞŽůŽŐŝĐĂů ĂŶĚ ŐĞŽƉŚLJƐŝĐĂů ŵŽĚĞůƐ ŝŶ ĂŶƚŝĐŝƉĂƚĞĚ ƌĞĐŽǀĞƌŝĞƐ͘ dŚĞ ĞĐŽŶŽŵŝĐĂů͕ ŐĞŽůŽŐŝĐĂů ĂŶĚ ƚĞĐŚŶŝĐĂů ĨĂĐƚŽƌƐ ƵƐĞĚ ƚŽ ĞƐƚŝŵĂƚĞ ƌĞƐĞƌǀĞƐ ŵĂLJ ĐŚĂŶŐĞ ĨƌŽŵ ƉĞƌŝŽĚ ƚŽ ƉĞƌŝŽĚ͘ ŚĂŶŐĞƐ ŝŶ ƌĞƉŽƌƚĞĚ ƌĞƐĞƌǀĞƐ ĐĂŶ ŝŵƉĂĐƚ ƚŚĞ ĐĂƌƌLJŝŶŐ ǀĂůƵĞƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƉƌŽƉĞƌƚŝĞƐ ĂŶĚ ĞƋƵŝƉŵĞŶƚ͕ ƚŚĞ ĐĂůĐƵůĂƚŝŽŶ ŽĨ ĚĞƉůĞƚŝŽŶ ĂŶĚ ĚĞƉƌĞĐŝĂƚŝŽŶ ĂŶĚ ƚŚĞ ƌĞĐŽŐŶŝƚŝŽŶ ŽĨ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚƐ ĚƵĞ ƚŽ ĐŚĂŶŐĞƐ ŝŶ ĞdžƉĞĐƚĞĚ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ͘ dŚĞ ƌĞĐŽǀĞƌĂďůĞ ƋƵĂŶƚŝƚŝĞƐ ŽĨ ƌĞƐĞƌǀĞƐ ĂŶĚ ĞƐƚŝŵĂƚĞĚ ĐĂƐŚ ĨůŽǁƐ ĨƌŽŵ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ŝŶƚĞƌĞƐƚƐ ĂƌĞ ŝŶĚĞƉĞŶĚĞŶƚůLJ ĞǀĂůƵĂƚĞĚ ďLJ ƌĞƐĞƌǀĞ ĞŶŐŝŶĞĞƌƐ Ăƚ ůĞĂƐƚ ĂŶŶƵĂůůLJ͘

dŚĞ ŽŵƉĂŶLJ͛Ɛ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƌĞƐĞƌǀĞƐ ƌĞƉƌĞƐĞŶƚ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ƋƵĂŶƚŝƚŝĞƐ ŽĨ ƉĞƚƌŽůĞƵŵ͕ ŶĂƚƵƌĂů ŐĂƐ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ůŝƋƵŝĚƐ ǁŚŝĐŚ ŐĞŽůŽŐŝĐĂů͕ ŐĞŽƉŚLJƐŝĐĂů ĂŶĚ ĞŶŐŝŶĞĞƌŝŶŐ ĚĂƚĂ ĚĞŵŽŶƐƚƌĂƚĞ ǁŝƚŚ Ă ƐƉĞĐŝĨŝĞĚ ĚĞŐƌĞĞ ŽĨ ĐĞƌƚĂŝŶƚLJ ƚŽ ďĞ ĞĐŽŶŽŵŝĐĂůůLJ ƌĞĐŽǀĞƌĂďůĞ ŝŶ ĨƵƚƵƌĞ LJĞĂƌƐ ĨƌŽŵ ŬŶŽǁŶ ƌĞƐĞƌǀŽŝƌƐ ĂŶĚ ǁŚŝĐŚ ĂƌĞ ĐŽŶƐŝĚĞƌĞĚ ĐŽŵŵĞƌĐŝĂůůLJ ƉƌŽĚƵĐŝďůĞ͘ ^ƵĐŚ ƌĞƐĞƌǀĞƐ ŵĂLJ ďĞ ĐŽŶƐŝĚĞƌĞĚ ĐŽŵŵĞƌĐŝĂůůLJ ƉƌŽĚƵĐŝďůĞ ŝĨ ŵĂŶĂŐĞŵĞŶƚ ŚĂƐ ƚŚĞ ŝŶƚĞŶƚŝŽŶ ŽĨ ĚĞǀĞůŽƉŝŶŐ ĂŶĚ ƉƌŽĚƵĐŝŶŐ ƚŚĞŵ ĂŶĚ ƐƵĐŚ ŝŶƚĞŶƚŝŽŶ ŝƐ ďĂƐĞĚ ƵƉŽŶ ;ŝͿ Ă ƌĞĂƐŽŶĂďůĞ ĂƐƐĞƐƐŵĞŶƚ ŽĨ ƚŚĞ ĨƵƚƵƌĞ ĞĐŽŶŽŵŝĐƐ ŽĨ ƐƵĐŚ ƉƌŽĚƵĐƚŝŽŶ͖ ;ŝŝͿ Ă ƌĞĂƐŽŶĂďůĞ ĞdžƉĞĐƚĂƚŝŽŶ ƚŚĂƚ ƚŚĞƌĞ ŝƐ Ă ŵĂƌŬĞƚ ĨŽƌ Ăůů Žƌ ƐƵďƐƚĂŶƚŝĂůůLJ Ăůů ƚŚĞ ĞdžƉĞĐƚĞĚ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƉƌŽĚƵĐƚŝŽŶ͖ ĂŶĚ ;ŝŝŝͿ ĞǀŝĚĞŶĐĞ ƚŚĂƚ ƚŚĞ ŶĞĐĞƐƐĂƌLJ ƉƌŽĚƵĐƚŝŽŶ͕ ƚƌĂŶƐŵŝƐƐŝŽŶ ĂŶĚ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ĨĂĐŝůŝƚŝĞƐ ĂƌĞ ĂǀĂŝůĂďůĞ Žƌ ĐĂŶ ďĞ ŵĂĚĞ ĂǀĂŝůĂďůĞ͘ ZĞƐĞƌǀĞƐ ŵĂLJ ŽŶůLJ ďĞ ĐŽŶƐŝĚĞƌĞĚ ƉƌŽǀĞŶ ĂŶĚ ƉƌŽďĂďůĞ ŝĨ ƉƌŽĚƵĐŝďŝůŝƚLJ ŝƐ ƐƵƉƉŽƌƚĞĚ ďLJ ĞŝƚŚĞƌ ƉƌŽĚƵĐƚŝŽŶ Žƌ ĐŽŶĐůƵƐŝǀĞ ĨŽƌŵĂƚŝŽŶ ƚĞƐƚƐ͘ dŚĞ ŽŵƉĂŶLJ͛Ɛ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŐĂƐ ƌĞƐĞƌǀĞƐ ĂƌĞ ĚĞƚĞƌŵŝŶĞĚ ƉƵƌƐƵĂŶƚ EĂƚŝŽŶĂů /ŶƐƚƌƵŵĞŶƚ ϱϭͲϭϬϭ͕ ^ƚĂŶĚĂƌĚ ŽĨ ŝƐĐůŽƐƵƌĞƐ ĨŽƌ Kŝů ĂŶĚ 'ĂƐ ĐƚŝǀŝƚŝĞƐ͘

;ŝŝŝͿ ĞĐŽŵŵŝƐƐŝŽŶŝŶŐ ŽďůŝŐĂƚŝŽŶƐ

dŚĞ ŽŵƉĂŶLJ ĞƐƚŝŵĂƚĞƐ ĨƵƚƵƌĞ ƌĞŵĞĚŝĂƚŝŽŶ ĐŽƐƚƐ ŽĨ ƉƌŽĚƵĐƚŝŽŶ ĨĂĐŝůŝƚŝĞƐ͕ ǁĞůůƐ ĂŶĚ ƉŝƉĞůŝŶĞƐ Ăƚ ĚŝĨĨĞƌĞŶƚ ƐƚĂŐĞƐ ŽĨ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨ ĂƐƐĞƚƐ Žƌ ĨĂĐŝůŝƚŝĞƐ͘ /Ŷ ŵŽƐƚ ŝŶƐƚĂŶĐĞƐ͕ ƌĞŵŽǀĂů ŽĨ ĂƐƐĞƚƐ ŽĐĐƵƌƐ ŵĂŶLJ LJĞĂƌƐ ŝŶƚŽ ƚŚĞ ĨƵƚƵƌĞ͘ dŚŝƐ ƌĞƋƵŝƌĞƐ ĂƐƐƵŵƉƚŝŽŶƐ ƌĞŐĂƌĚŝŶŐ ĂďĂŶĚŽŶŵĞŶƚ ĚĂƚĞ͕ ĨƵƚƵƌĞ ĞŶǀŝƌŽŶŵĞŶƚĂů ĂŶĚ ƌĞŐƵůĂƚŽƌLJ ůĞŐŝƐůĂƚŝŽŶ͕ ƚŚĞ ĞdžƚĞŶƚ ŽĨ ƌĞĐůĂŵĂƚŝŽŶ ĂĐƚŝǀŝƚŝĞƐ͕ ƚŚĞ ĞŶŐŝŶĞĞƌŝŶŐ ŵĞƚŚŽĚŽůŽŐLJ ĨŽƌ ĞƐƚŝŵĂƚŝŶŐ ĐŽƐƚ͕ ĨƵƚƵƌĞ ƌĞŵŽǀĂů ƚĞĐŚŶŽůŽŐŝĞƐ ŝŶ ĚĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ƌĞŵŽǀĂů ĐŽƐƚ ĂŶĚ ůŝĂďŝůŝƚLJͲƐƉĞĐŝĨŝĐ ĚŝƐĐŽƵŶƚ ƌĂƚĞƐ ƚŽ ĚĞƚĞƌŵŝŶĞ ƚŚĞ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ƚŚĞƐĞ ĐĂƐŚ ĨůŽǁƐ͘

;ŝǀͿ ƵƐŝŶĞƐƐ ĐŽŵďŝŶĂƚŝŽŶƐ

/Ŷ Ă ďƵƐŝŶĞƐƐ ĐŽŵďŝŶĂƚŝŽŶ͕ ŵĂŶĂŐĞŵĞŶƚ ŵĂŬĞƐ ĞƐƚŝŵĂƚĞƐ ŽĨ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ĂƐƐĞƚƐ ĂĐƋƵŝƌĞĚ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĂƐƐƵŵĞĚ ǁŚŝĐŚ ŝŶĐůƵĚĞƐ ĂƐƐĞƐƐŝŶŐ ƚŚĞ ǀĂůƵĞ ŽĨ Žŝů ĂŶĚ ŐĂƐ ƉƌŽƉĞƌƚŝĞƐ ďĂƐĞĚ ƵƉŽŶ ƚŚĞ ĞƐƚŝŵĂƚŝŽŶ ŽĨ ƌĞĐŽǀĞƌĂďůĞ ƋƵĂŶƚŝƚŝĞƐ ŽĨ ƉƌŽǀĞŶ ĂŶĚ ƉƌŽďĂďůĞ ƌĞƐĞƌǀĞƐ ďĞŝŶŐ ĂĐƋƵŝƌĞĚ͘

;ǀͿ /ŶĐŽŵĞ ƚĂdžĞƐ

dĂdž ƉƌŽǀŝƐŝŽŶƐ ĂƌĞ ďĂƐĞĚ ŽŶ ĞŶĂĐƚĞĚ Žƌ ƐƵďƐƚĂŶƚŝǀĞůLJ ĞŶĂĐƚĞĚ ůĂǁƐ͘ ŚĂŶŐĞƐ ŝŶ ƚŚŽƐĞ ůĂǁƐ ĐŽƵůĚ ĂĨĨĞĐƚ ĂŵŽƵŶƚƐ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ďŽƚŚ ŝŶ ƚŚĞ ƉĞƌŝŽĚ ŽĨ ĐŚĂŶŐĞ͕ ǁŚŝĐŚ ǁŽƵůĚ ŝŶĐůƵĚĞ ĂŶLJ ŝŵƉĂĐƚ ŽŶ ĐƵŵƵůĂƚŝǀĞ ƉƌŽǀŝƐŝŽŶƐ͕ ĂŶĚ ŝŶ ĨƵƚƵƌĞ ƉĞƌŝŽĚƐ͘ ĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚƐ͕ ŝĨ ĂŶLJ͕ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ŽŶůLJ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ŝƚ ŝƐ ĐŽŶƐŝĚĞƌĞĚ ƉƌŽďĂďůĞ ƚŚĂƚ ƚŚŽƐĞ ĂƐƐĞƚƐ ǁŝůů ďĞ ƌĞĐŽǀĞƌĂďůĞ͘ dŚŝƐ ŝŶǀŽůǀĞƐ ĂŶ ĂƐƐĞƐƐŵĞŶƚ ŽĨ ǁŚĞŶ ƚŚŽƐĞ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚƐ ĂƌĞ ůŝŬĞůLJ ƚŽ ƌĞǀĞƌƐĞ͘

;ǀŝͿ >ŝƋƵŝĚŝƚLJ

Ɛ ƉĂƌƚ ŽĨ ŝƚƐ ĐĂƉŝƚĂů ŵĂŶĂŐĞŵĞŶƚ ƉƌŽĐĞƐƐ͕ ƚŚĞ ŽŵƉĂŶLJ ƉƌĞƉĂƌĞƐ ďƵĚŐĞƚƐ ĂŶĚ ĨŽƌĞĐĂƐƚƐ͕ ǁŚŝĐŚ ĂƌĞ ƵƐĞĚ ďLJ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ƚŽ ĚŝƌĞĐƚ ƚŚĞ ƐƚƌĂƚĞŐLJ ĂŶĚ ŽŶŐŽŝŶŐ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ůŝƋƵŝĚŝƚLJ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͘ ƵĚŐĞƚƐ ĂŶĚ ĨŽƌĞĐĂƐƚƐ ĂƌĞ ƐƵďũĞĐƚ ƚŽ ƐŝŐŶŝĨŝĐĂŶƚ ũƵĚŐĞŵĞŶƚ ĂŶĚ ĞƐƚŝŵĂƚĞƐ ƌĞůĂƚŝŶŐ ƚŽ ĂĐƚŝǀŝƚLJ ůĞǀĞůƐ͕ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ ĂŶĚ ƚŚĞ ƚŝŵŝŶŐ ƚŚĞƌĞŽĨ ĂŶĚ ŽƚŚĞƌ ĨĂĐƚŽƌƐ ǁŚŝĐŚ ŵĂLJ Žƌ ŵĂLJ ŶŽƚ ďĞ ǁŝƚŚŝŶ ƚŚĞ ĐŽŶƚƌŽů ŽĨ ƚŚĞ ŽŵƉĂŶLJ͘

^ŝŐŶŝĨŝĐĂŶƚ ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐŝĞƐ

dŚĞ ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐŝĞƐ ŚĂǀĞ ďĞĞŶ ĂƉƉůŝĞĚ ĐŽŶƐŝƐƚĞŶƚůLJ ďLJ ƚŚĞ ŽŵƉĂŶLJ ŝŶ Ăůů ƉĞƌŝŽĚƐ ƉƌĞƐĞŶƚĞĚ ŝŶ ƚŚĞƐĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘

ĂͿ :ŽŝŶƚůLJ ŽǁŶĞĚ ĂƐƐĞƚƐ

ƉŽƌƚŝŽŶ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ Žŝů ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ĂĐƚŝǀŝƚŝĞƐ ŝŶǀŽůǀĞ ũŽŝŶƚůLJ ŽǁŶĞĚ ĂƐƐĞƚƐ͘ dŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŝŶĐůƵĚĞ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƐŚĂƌĞ ŽĨ ƚŚĞƐĞ ũŽŝŶƚůLJ ŽǁŶĞĚ ĂƐƐĞƚƐ ĂŶĚ ŝƚƐ ƉƌŽƉŽƌƚŝŽŶĂƚĞ ƐŚĂƌĞ ŽĨ ƚŚĞ ƌĞůĞǀĂŶƚ ƌĞǀĞŶƵĞ ĂŶĚ ƌĞůĂƚĞĚ ĐŽƐƚƐ͘

ďͿ ƋƵŝƚLJͲĂĐĐŽƵŶƚĞĚ ŝŶǀĞƐƚĞĞƐ

dŚĞ ŽŵƉĂŶLJ͛Ɛ ŝŶƚĞƌĞƐƚƐ ŝŶ ƚŚĞ ũŽŝŶƚ ǀĞŶƚƵƌĞ ĐŽŵƉƌŝƐĞƐ ĂŶ ŝŶƚĞƌĞƐƚ ŝŶ ĂŶ ĂƐƐŽĐŝĂƚĞ͘ ƐƐŽĐŝĂƚĞƐ ĂƌĞ ƚŚŽƐĞ ĞŶƚŝƚŝĞƐ ŝŶ ǁŚŝĐŚ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ƐŝŐŶŝĨŝĐĂŶƚ ŝŶĨůƵĞŶĐĞ͕ ďƵƚ ŶŽƚ ĐŽŶƚƌŽů Žƌ ũŽŝŶƚ ĐŽŶƚƌŽů͕ ŽǀĞƌ ƚŚĞ ĨŝŶĂŶĐŝĂů ĂŶĚ ŽƉĞƌĂƚŝŶŐ ƉŽůŝĐŝĞƐ͘ /ŶƚĞƌĞƐƚƐ ŝŶ ĂƐƐŽĐŝĂƚĞƐ ĂƌĞ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ƵƐŝŶŐ ƚŚĞ ĞƋƵŝƚLJ ŵĞƚŚŽĚ͘ dŚĞLJ ĂƌĞ ŝŶŝƚŝĂůůLJ ƌĞĐŽŐŶŝnjĞĚ Ăƚ ĐŽƐƚ͕ ǁŚŝĐŚ ŝŶĐůƵĚĞƐ ƚƌĂŶƐĂĐƚŝŽŶ ĐŽƐƚƐ͘ ^ƵďƐĞƋƵĞŶƚ ƚŽ ƚŚĞ ŝŶŝƚŝĂů ƌĞĐŽŐŶŝƚŝŽŶ͕ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŝŶĐůƵĚĞ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƐŚĂƌĞ ŽĨ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ĂŶĚ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ŽĨ ĞƋƵŝƚLJ ĂĐĐŽƵŶƚĞĚ ŝŶǀĞƐƚĞĞƐ͕ ƵŶƚŝů ƚŚĞ ĚĂƚĞ ŽŶ ǁŚŝĐŚ ƐŝŐŶŝĨŝĐĂŶƚ ŝŶĨůƵĞŶĐĞ Žƌ ũŽŝŶƚ ĐŽŶƚƌŽů ĐĞĂƐĞƐ͘

ĐͿ &ŝŶĂŶĐŝĂů /ŶƐƚƌƵŵĞŶƚƐ

;ŝͿ EŽŶͲĚĞƌŝǀĂƚŝǀĞ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ͗

EŽŶͲĚĞƌŝǀĂƚŝǀĞ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ĂƌĞ ĐŽŵƉƌŝƐĞĚ ŽĨ ĐĂƐŚ͕ ĂĐĐŽƵŶƚƐ ƌĞĐĞŝǀĂďůĞ͕ ĚƵĞ ĨƌŽŵ ƌĞůĂƚĞĚ ƉĂƌƚLJ͕ ĂĐĐŽƵŶƚƐ ƉĂLJĂďůĞ ĂŶĚ ĂĐĐƌƵĞĚ ůŝĂďŝůŝƚŝĞƐ͕ ĂŶĚ ƚŚĞ ďĂŶŬ ůŽĂŶ͘ EŽŶͲĚĞƌŝǀĂƚŝǀĞ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ŝŶŝƚŝĂůůLJ Ăƚ ĨĂŝƌ ǀĂůƵĞ ƉůƵƐ͕ ĨŽƌ ŝŶƐƚƌƵŵĞŶƚƐ ŶŽƚ Ăƚ ĨĂŝƌ ǀĂůƵĞ ƚŚƌŽƵŐŚ ƉƌŽĨŝƚ Žƌ ůŽƐƐ͕ ĂŶLJ ĚŝƌĞĐƚůLJ ĂƚƚƌŝďƵƚĂďůĞ ƚƌĂŶƐĂĐƚŝŽŶ ĐŽƐƚƐ͘ ^ƵďƐĞƋƵĞŶƚ ƚŽ ŝŶŝƚŝĂů ƌĞĐŽŐŶŝƚŝŽŶ͕ ŶŽŶͲĚĞƌŝǀĂƚŝǀĞ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ĂƌĞ ŵĞĂƐƵƌĞĚ ĂƐ ĚĞƐĐƌŝďĞĚ ďĞůŽǁ͘

ĂƐŚ ŝƐ ĐŽŵƉƌŝƐĞĚ ŽĨ ĐĂƐŚ ŽŶ ŚĂŶĚ͘ ĂŶŬ ŽǀĞƌĚƌĂĨƚƐ ƚŚĂƚ ĂƌĞ ƌĞƉĂLJĂďůĞ ŽŶ ĚĞŵĂŶĚ ĂŶĚ ĨŽƌŵ ĂŶ ŝŶƚĞŐƌĂů ƉĂƌƚ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĐĂƐŚ ŵĂŶĂŐĞŵĞŶƚ͕ ǁŚĞƌĞďLJ ŵĂŶĂŐĞŵĞŶƚ ŚĂƐ ƚŚĞ ĂďŝůŝƚLJ ĂŶĚ ŝŶƚĞŶƚ ƚŽ ŶĞƚ ďĂŶŬ ŽǀĞƌĚƌĂĨƚƐ ĂŐĂŝŶƐƚ ĐĂƐŚ͕ ĂƌĞ ŝŶĐůƵĚĞĚ ĂƐ Ă ĐŽŵƉŽŶĞŶƚ ŽĨ ĐĂƐŚ ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ƚŚĞ ƐƚĂƚĞŵĞŶƚ ŽĨ ĐĂƐŚ ĨůŽǁƐ͘

KƚŚĞƌ ŶŽŶͲĚĞƌŝǀĂƚŝǀĞ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ͕ ƐƵĐŚ ĂƐ ĂĐĐŽƵŶƚƐ ƌĞĐĞŝǀĂďůĞ͕ ĚƵĞ ĨƌŽŵ ƌĞůĂƚĞĚ ƉĂƌƚLJ͕ ƚŚĞ ďĂŶŬ ůŽĂŶ͕ ĂŶĚ ĂĐĐŽƵŶƚƐ ƉĂLJĂďůĞ ĂŶĚ ĂĐĐƌƵĞĚ ůŝĂďŝůŝƚŝĞƐ͕ ĂƌĞ ŵĞĂƐƵƌĞĚ Ăƚ ĂŵŽƌƚŝnjĞĚ ĐŽƐƚ ƵƐŝŶŐ ƚŚĞ ĞĨĨĞĐƚŝǀĞ ŝŶƚĞƌĞƐƚ ŵĞƚŚŽĚ͕ ůĞƐƐ ĂŶLJ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐĞƐ͘

;ŝŝͿ ĞƌŝǀĂƚŝǀĞ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ͗

dŚĞ ŽŵƉĂŶLJ ŵĂLJ ĞŶƚĞƌ ŝŶƚŽ ĐĞƌƚĂŝŶ ĨŝŶĂŶĐŝĂů ĚĞƌŝǀĂƚŝǀĞ ĐŽŶƚƌĂĐƚƐ ŝŶ ŽƌĚĞƌ ƚŽ ŵĂŶĂŐĞ ƚŚĞ ĞdžƉŽƐƵƌĞ ƚŽ ŵĂƌŬĞƚ ƌŝƐŬƐ ĨƌŽŵ ĨůƵĐƚƵĂƚŝŽŶƐ ŝŶ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ͕ ŝŶƚĞƌĞƐƚ ƌĂƚĞƐ ĂŶĚ ƚŚĞ ĞdžĐŚĂŶŐĞ ƌĂƚĞ ďĞƚǁĞĞŶ ĂŶĂĚŝĂŶ ĂŶĚ hŶŝƚĞĚ ^ƚĂƚĞƐ ĚŽůůĂƌƐ͘ dŚĞƐĞ ŝŶƐƚƌƵŵĞŶƚƐ ǁŝůů ŶŽƚ ďĞ ƵƐĞĚ ĨŽƌ ƚƌĂĚŝŶŐ Žƌ ƐƉĞĐƵůĂƚŝǀĞ ƉƵƌƉŽƐĞƐ͘ tŚĞŶ ƚŚĞ ŽŵƉĂŶLJ ĞŶƚĞƌƐ ŝŶƚŽ ƚŚĞƐĞ ĐŽŶƚƌĂĐƚƐ͕ ŝƚ ǁŝůů ŶŽƚ ĚĞƐŝŐŶĂƚĞ ŝƚƐ ĨŝŶĂŶĐŝĂů ĚĞƌŝǀĂƚŝǀĞ ĐŽŶƚƌĂĐƚƐ ĂƐ ĞĨĨĞĐƚŝǀĞ ĂĐĐŽƵŶƚŝŶŐ ŚĞĚŐĞƐ͕ ĂŶĚ ĂƐ Ă ƌĞƐƵůƚ͕ ǁŝůů ŶŽƚ ĂƉƉůLJ ŚĞĚŐĞ ĂĐĐŽƵŶƚŝŶŐ͕ ĞǀĞŶ ƚŚŽƵŐŚ ƚŚĞ ŽŵƉĂŶLJ ǁŝůů ĐŽŶƐŝĚĞƌ Ăůů ĨŝŶĂŶĐŝĂů ĚĞƌŝǀĂƚŝǀĞ ĐŽŶƚƌĂĐƚƐ ƚŽ ďĞ ĞĐŽŶŽŵŝĐ ŚĞĚŐĞƐ͘ ŽŶƐĞƋƵĞŶƚůLJ͕ Ăůů ĨŝŶĂŶĐŝĂů ĚĞƌŝǀĂƚŝǀĞ ĐŽŶƚƌĂĐƚƐ ǁŝůů ďĞ ĐůĂƐƐŝĨŝĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ ƚŚƌŽƵŐŚ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ĂŶĚ ĂƌĞ ƌĞĐŽƌĚĞĚ ŽŶ ƚŚĞ ƐƚĂƚĞŵĞŶƚ ŽĨ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ Ăƚ ĨĂŝƌ ǀĂůƵĞ͘ dƌĂŶƐĂĐƚŝŽŶ ĐŽƐƚƐ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ǁŚĞŶ ŝŶĐƵƌƌĞĚ͘

WŚLJƐŝĐĂů ĚĞůŝǀĞƌLJ ƐĂůĞƐ ĐŽŶƚƌĂĐƚƐ͕ ǁŚŝĐŚ ĂƌĞ ĞŶƚĞƌĞĚ ŝŶƚŽ ĂŶĚ ĐŽŶƚŝŶƵĞ ƚŽ ďĞ ŚĞůĚ ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ƌĞĐĞŝƉƚ Žƌ ĚĞůŝǀĞƌLJ ŽĨ ŶŽŶͲĨŝŶĂŶĐŝĂů ŝƚĞŵƐ͕ ĂƌĞ ŶŽƚ ĐŽŶƐŝĚĞƌĞĚ ƚŽ ďĞ ĚĞƌŝǀĂƚŝǀĞ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ĂŶĚ ĂƌĞ ŶŽƚ ƌĞĐŽƌĚĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ ŽŶ ƚŚĞ ƐƚĂƚĞŵĞŶƚ ŽĨ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ͘ ^ĞƚƚůĞŵĞŶƚƐ ŽŶ ƉŚLJƐŝĐĂů ƐĂůĞƐ ĐŽŶƚƌĂĐƚƐ ǁŝůů ďĞ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƌĞǀĞŶƵĞƐ͘

ŵďĞĚĚĞĚ ĚĞƌŝǀĂƚŝǀĞƐ ĂƌĞ ƐĞƉĂƌĂƚĞĚ ĨƌŽŵ ƚŚĞ ŚŽƐƚ ĐŽŶƚƌĂĐƚ ĂŶĚ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ƐĞƉĂƌĂƚĞůLJ ŝĨ ƚŚĞ ĞĐŽŶŽŵŝĐ ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ ĂŶĚ ƌŝƐŬƐ ŽĨ ƚŚĞ ŚŽƐƚ ĐŽŶƚƌĂĐƚ ĂŶĚ ƚŚĞ ĞŵďĞĚĚĞĚ ĚĞƌŝǀĂƚŝǀĞ ĂƌĞ ŶŽƚ ĐůŽƐĞůLJ ƌĞůĂƚĞĚ͕ Ă ƐĞƉĂƌĂƚĞ ŝŶƐƚƌƵŵĞŶƚ ǁŝƚŚ ƚŚĞ ƐĂŵĞ ƚĞƌŵƐ ĂƐ ƚŚĞ ĞŵďĞĚĚĞĚ ĚĞƌŝǀĂƚŝǀĞ ǁŽƵůĚ ŵĞĞƚ ƚŚĞ ĚĞĨŝŶŝƚŝŽŶ ŽĨ Ă ĚĞƌŝǀĂƚŝǀĞ͕ ĂŶĚ ƚŚĞ ĐŽŵďŝŶĞĚ ŝŶƐƚƌƵŵĞŶƚ ŝƐ ŶŽƚ ŵĞĂƐƵƌĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ ƚŚƌŽƵŐŚ ƉƌŽĨŝƚ Žƌ ůŽƐƐ͘ ŚĂŶŐĞƐ ŝŶ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƐĞƉĂƌĂďůĞ ĞŵďĞĚĚĞĚ ĚĞƌŝǀĂƚŝǀĞƐ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ŝŵŵĞĚŝĂƚĞůLJ ŝŶ ĞĂƌŶŝŶŐƐ͘

;ŝŝŝͿ ^ŚĂƌĞ ĐĂƉŝƚĂů͗

ŽŵŵŽŶ ƐŚĂƌĞƐ ĂƌĞ ĐůĂƐƐŝĨŝĞĚ ĂƐ ĞƋƵŝƚLJ͘ /ŶĐƌĞŵĞŶƚĂů ĐŽƐƚƐ ĚŝƌĞĐƚůLJ ĂƚƚƌŝďƵƚĂďůĞ ƚŽ ƚŚĞ ŝƐƐƵĂŶĐĞ ŽĨ ĐŽŵŵŽŶ ƐŚĂƌĞƐ ĂŶĚ ƌĞƐƚƌŝĐƚĞĚ ĂŶĚ ƉĞƌĨŽƌŵĂŶĐĞ ĂǁĂƌĚƐ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ĂƐ Ă ĚĞĚƵĐƚŝŽŶ ĨƌŽŵ ĞƋƵŝƚLJ͕ ŶĞƚ ŽĨ ĂŶLJ ƚĂdž ĞĨĨĞĐƚƐ͘

ĚͿ WƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ĂŶĚ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ĂƐƐĞƚƐ

;ŝͿ ZĞĐŽŐŶŝƚŝŽŶ ĂŶĚ ŵĞĂƐƵƌĞŵĞŶƚ͗

džƉůŽƌĂƚŝŽŶ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ;͞Θ͟Ϳ ĞdžƉĞŶĚŝƚƵƌĞƐ͗

WƌĞͲůŝĐĞŶƐĞ ĐŽƐƚƐ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ĞĂƌŶŝŶŐƐ ĂƐ ŝŶĐƵƌƌĞĚ͘ Θ ĐŽƐƚƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ĐŽƐƚƐ ŽĨ ĂĐƋƵŝƌŝŶŐ ůĞĂƐĞƐ ĂŶĚ ůŝĐĞŶƐĞƐ ĂŶĚ ĚŝƌĞĐƚůLJ ĂƚƚƌŝďƵƚĂďůĞ ŐĞŶĞƌĂů ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĐŽƐƚƐ͕ ŝŶŝƚŝĂůůLJ ĂƌĞ ĐĂƉŝƚĂůŝnjĞĚ ĂƐ Θ ĂƐƐĞƚƐ͘ dŚĞ ĐŽƐƚƐ ĂƌĞ ĂĐĐƵŵƵůĂƚĞĚ ŝŶ ĐŽƐƚ ĐĞŶƚƌĞƐ ďLJ ǁĞůů͕ ĨŝĞůĚ Žƌ ĞdžƉůŽƌĂƚŝŽŶ ĂƌĞĂ ƉĞŶĚŝŶŐ ĚĞƚĞƌŵŝŶĂƚŝŽŶ ŽĨ ƚĞĐŚŶŝĐĂů ĨĞĂƐŝďŝůŝƚLJ ĂŶĚ ĐŽŵŵĞƌĐŝĂů ǀŝĂďŝůŝƚLJ͘

dŚĞ ŽŵƉĂŶLJ ĂƐƐĞƐƐĞƐ ƚŚĞ ƌĞĐŽǀĞƌĂďŝůŝƚLJ ŽĨ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ĂƐƐĞƚƐ ďĞĨŽƌĞ ĂŶĚ Ăƚ ƚŚĞ ŵŽŵĞŶƚ ŽĨ ƌĞĐůĂƐƐŝĨŝĐĂƚŝŽŶ ƚŽ ƉƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ͘ Θ ĂƐƐĞƚƐ ĂƌĞ ĂƐƐĞƐƐĞĚ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ ŝĨ ;ŝͿ ƐƵĨĨŝĐŝĞŶƚ ĚĂƚĂ ĞdžŝƐƚƐ ƚŽ ĚĞƚĞƌŵŝŶĞ ƚĞĐŚŶŝĐĂů ĨĞĂƐŝďŝůŝƚLJ ĂŶĚ ĐŽŵŵĞƌĐŝĂů ǀŝĂďŝůŝƚLJ͕ ĂŶĚ ;ŝŝͿ ĨĂĐƚƐ ĂŶĚ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ƐƵŐŐĞƐƚ ƚŚĂƚ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ĞdžĐĞĞĚƐ ƚŚĞ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ͘ &Žƌ ƉƵƌƉŽƐĞƐ ŽĨ ŝŵƉĂŝƌŵĞŶƚ ƚĞƐƚŝŶŐ͕ Θ ĂƐƐĞƚƐ ĂƌĞ ĂůůŽĐĂƚĞĚ ƚŽ ƚŚĞ ƌĞůĂƚĞĚ 'h͘

dŚĞ ƚĞĐŚŶŝĐĂů ĨĞĂƐŝďŝůŝƚLJ ĂŶĚ ĐŽŵŵĞƌĐŝĂů ǀŝĂďŝůŝƚLJ ŽĨ ĞdžƚƌĂĐƚŝŶŐ Ă ŵŝŶĞƌĂů ƌĞƐŽƵƌĐĞ ŝƐ ĐŽŶƐŝĚĞƌĞĚ ƚŽ ďĞ ĚĞƚĞƌŵŝŶĂďůĞ ǁŚĞŶ ƉƌŽǀĞŶ ĂŶĚͬŽƌ ƉƌŽďĂďůĞ ƌĞƐĞƌǀĞƐ ĂƌĞ ĚĞƚĞƌŵŝŶĞĚ ƚŽ ĞdžŝƐƚ͘ ƌĞǀŝĞǁ ŽĨ ĞĂĐŚ ĞdžƉůŽƌĂƚŝŽŶ ůŝĐĞŶƐĞ Žƌ ĨŝĞůĚ ŝƐ ĐĂƌƌŝĞĚ ŽƵƚ͕ Ăƚ ůĞĂƐƚ ĂŶŶƵĂůůLJ͕ ƚŽ ĂƐĐĞƌƚĂŝŶ ǁŚĞƚŚĞƌ ƉƌŽǀĞŶ ĂŶĚͬŽƌ ƉƌŽďĂďůĞ ƌĞƐĞƌǀĞƐ ŚĂǀĞ ďĞĞŶ ĚŝƐĐŽǀĞƌĞĚ͘ hƉŽŶ ĚĞƚĞƌŵŝŶĂƚŝŽŶ ŽĨ ƉƌŽǀĞŶ ĂŶĚͬŽƌ ƉƌŽďĂďůĞ ƌĞƐĞƌǀĞƐ͕ Θ ĂƐƐĞƚƐ ĂƚƚƌŝďƵƚĂďůĞ ƚŽ ƚŚŽƐĞ ƌĞƐĞƌǀĞƐ ĂƌĞ ĨŝƌƐƚ ƚĞƐƚĞĚ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ ĂŶĚ ƚŚĞŶ ƌĞĐůĂƐƐŝĨŝĞĚ ĨƌŽŵ Θ ĂƐƐĞƚƐ ƚŽ ƉƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ͘ dŚĞ ĐŽƐƚ ŽĨ ƵŶĚĞǀĞůŽƉĞĚ ůĂŶĚ ƚŚĂƚ ĞdžƉŝƌĞƐ ŝƐ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ͘

ĞǀĞůŽƉŵĞŶƚ ĂŶĚ ƉƌŽĚƵĐƚŝŽŶ ĐŽƐƚƐ͗

/ƚĞŵƐ ŽĨ ƉƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ͕ ǁŚŝĐŚ ŝŶĐůƵĚĞ Žŝů ĂŶĚ ŐĂƐ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ƉƌŽĚƵĐƚŝŽŶ ĂƐƐĞƚƐ͕ ĂƌĞ ŵĞĂƐƵƌĞĚ Ăƚ ĐŽƐƚ ůĞƐƐ ĂĐĐƵŵƵůĂƚĞĚ ĚĞƉůĞƚŝŽŶ ĂŶĚ ĚĞƉƌĞĐŝĂƚŝŽŶ ĂŶĚ ĂĐĐƵŵƵůĂƚĞĚ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐĞƐ͘ ĞǀĞůŽƉŵĞŶƚ ĂŶĚ ƉƌŽĚƵĐƚŝŽŶ ĂƐƐĞƚƐ ĂƌĞ ŐƌŽƵƉĞĚ ŝŶƚŽ 'hƐ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ ƚĞƐƚŝŶŐ͘ tŚĞŶ ƐŝŐŶŝĨŝĐĂŶƚ ƉĂƌƚƐ ŽĨ ĂŶ ŝƚĞŵ ŽĨ ƉƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ͕ ŝŶĐůƵĚŝŶŐ Žŝů ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ŝŶƚĞƌĞƐƚƐ͕ ŚĂǀĞ ĚŝĨĨĞƌĞŶƚ ƵƐĞĨƵů ůŝǀĞƐ ƚŚĞLJ ĂƌĞ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ĂƐ ƐĞƉĂƌĂƚĞ ŝƚĞŵƐ ;ŵĂũŽƌ ĐŽŵƉŽŶĞŶƚƐͿ͘ /Ĩ ƚŚĞƌĞ ŝƐ ĂŶ ŝŶĚŝĐĂƚŝŽŶ ƚŚĂƚ Ă ƉƌĞǀŝŽƵƐůLJ ƌĞĐŽŐŶŝnjĞĚ ŝŵƉĂŝƌŵĞŶƚ ĐŚĂƌŐĞ ŵĂLJ ŶŽ ůŽŶŐĞƌ ĞdžŝƐƚ Žƌ ŵĂLJ ŚĂǀĞ ĚĞĐƌĞĂƐĞĚ͕ ƚŚĞ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ƌĞůĞǀĂŶƚ 'h ŝƐ ĐĂůĐƵůĂƚĞĚ ĂŶĚ ĐŽŵƉĂƌĞĚ ĂŐĂŝŶƐƚ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ͘ Ŷ ŝŵƉĂŝƌŵĞŶƚ ĐŚĂƌŐĞ ŝƐ ƌĞǀĞƌƐĞĚ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ƚŚĂƚ ƚŚĞ ĂƐƐĞƚ͛Ɛ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ĚŽĞƐ ŶŽƚ ĞdžĐĞĞĚ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ƚŚĂƚ ǁŽƵůĚ ŚĂǀĞ ďĞĞŶ ĚĞƚĞƌŵŝŶĞĚ͕ ŶĞƚ ŽĨ ĚĞƉůĞƚŝŽŶ͕ ĚĞƉƌĞĐŝĂƚŝŽŶ ĂŶĚ ĂŵŽƌƚŝnjĂƚŝŽŶ͕ ŝĨ ŶŽ ŝŵƉĂŝƌŵĞŶƚ ĐŚĂƌŐĞ ŚĂĚ ďĞĞŶ ƌĞĐŽŐŶŝnjĞĚ͘ ƌĞǀĞƌƐĂů ŽĨ ĂŶ ŝŵƉĂŝƌŵĞŶƚ ĐŚĂƌŐĞ ŝƐ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ŝŶ ĚĞƉůĞƚŝŽŶ͕ ĚĞƉƌĞĐŝĂƚŝŽŶ͕ ĂŵŽƌƚŝnjĂƚŝŽŶ ĂŶĚ ŝŵƉĂŝƌŵĞŶƚ͘

'ĂŝŶƐ ĂŶĚ ůŽƐƐĞƐ ŽŶ ĚŝƐƉŽƐĂů ŽĨ ƉƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ͕ ƉƌŽƉĞƌƚLJ ƐǁĂƉƐ ĂŶĚ ĨĂƌŵͲŽƵƚƐ͕ ĂƌĞ ĚĞƚĞƌŵŝŶĞĚ ďLJ ĐŽŵƉĂƌŝŶŐ ƚŚĞ ƉƌŽĐĞĞĚƐ Žƌ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƚŚĞ ĂƐƐĞƚ ƌĞĐĞŝǀĞĚ Žƌ ŐŝǀĞŶ ƵƉ ǁŝƚŚ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŽĨ ƉƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ĂŶĚ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ͘

;ŝŝͿ ^ƵďƐĞƋƵĞŶƚ ĐŽƐƚƐ͗

ŽƐƚƐ ŝŶĐƵƌƌĞĚ ƐƵďƐĞƋƵĞŶƚ ƚŽ ƚŚĞ ĚĞƚĞƌŵŝŶĂƚŝŽŶ ŽĨ ƚĞĐŚŶŝĐĂů ĨĞĂƐŝďŝůŝƚLJ ĂŶĚ ĐŽŵŵĞƌĐŝĂů ǀŝĂďŝůŝƚLJ ĂŶĚ ƚŚĞ ĐŽƐƚƐ ŽĨ ƌĞƉůĂĐŝŶŐ ƉĂƌƚƐ ŽĨ ƉƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ĂƐ Žŝů ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ŝŶƚĞƌĞƐƚƐ ŽŶůLJ ǁŚĞŶ ƚŚĞLJ ŝŶĐƌĞĂƐĞ ƚŚĞ ĨƵƚƵƌĞ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚƐ ĞŵďŽĚŝĞĚ ŝŶ ƚŚĞ ƐƉĞĐŝĨŝĐ ĂƐƐĞƚ ƚŽ ǁŚŝĐŚ ƚŚĞLJ ƌĞůĂƚĞ͘ ůů ŽƚŚĞƌ ĞdžƉĞŶĚŝƚƵƌĞƐ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ĂƐ ŝŶĐƵƌƌĞĚ͘ ^ƵĐŚ ĐĂƉŝƚĂůŝnjĞĚ Žŝů ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ŝŶƚĞƌĞƐƚƐ ŐĞŶĞƌĂůůLJ ƌĞƉƌĞƐĞŶƚ ĐŽƐƚƐ ŝŶĐƵƌƌĞĚ ŝŶ ĚĞǀĞůŽƉŝŶŐ ƉƌŽǀĞĚ ĂŶĚͬŽƌ ƉƌŽďĂďůĞ ƌĞƐĞƌǀĞƐ ĂŶĚ ďƌŝŶŐŝŶŐ ŽŶ Žƌ ĞŶŚĂŶĐŝŶŐ ƉƌŽĚƵĐƚŝŽŶ ĨƌŽŵ ƐƵĐŚ ƌĞƐĞƌǀĞƐ͕ ĂŶĚ ĂƌĞ ĂĐĐƵŵƵůĂƚĞĚ ŽŶ Ă ĨŝĞůĚ Žƌ ŐĞŽƚĞĐŚŶŝĐĂů ĂƌĞĂ ďĂƐŝƐ͘ dŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŽĨ ĂŶLJ ƌĞƉůĂĐĞĚ Žƌ ƐŽůĚ ĐŽŵƉŽŶĞŶƚ ŝƐ ĚĞƌĞĐŽŐŶŝnjĞĚ͘ dŚĞ ĐŽƐƚƐ ŽĨ ƚŚĞ ĚĂLJͲƚŽͲĚĂLJ ƐĞƌǀŝĐŝŶŐ ŽĨ ƉƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ĂƐ ŽƉĞƌĂƚŝŶŐ ĐŽƐƚƐ ǁŚĞŶ ŝŶĐƵƌƌĞĚ͘

;ŝŝŝͿ ĞƉůĞƚŝŽŶ ĂŶĚ ĚĞƉƌĞĐŝĂƚŝŽŶ͗

dŚĞ ŶĞƚ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ ŽĨ ĚĞǀĞůŽƉŵĞŶƚ Žƌ ƉƌŽĚƵĐƚŝŽŶ ĂƐƐĞƚƐ ŝƐ ĚĞƉůĞƚĞĚ ƵƐŝŶŐ ƚŚĞ ƵŶŝƚ ŽĨ ƉƌŽĚƵĐƚŝŽŶ ŵĞƚŚŽĚ ďLJ ƌĞĨĞƌĞŶĐĞ ƚŽ ƚŚĞ ƌĂƚŝŽ ŽĨ ƉƌŽĚƵĐƚŝŽŶ ŝŶ ƚŚĞ LJĞĂƌ ƚŽ ƚŚĞ ƌĞůĂƚĞĚ ƉƌŽǀĞĚ ĂŶĚ ƉƌŽďĂďůĞ ƌĞƐĞƌǀĞƐ͕ ƚĂŬŝŶŐ ŝŶƚŽ ĂĐĐŽƵŶƚ ĞƐƚŝŵĂƚĞĚ ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ ŶĞĐĞƐƐĂƌLJ ƚŽ ďƌŝŶŐ ƚŚŽƐĞ ƌĞƐĞƌǀĞƐ ŝŶƚŽ ƉƌŽĚƵĐƚŝŽŶ͘ ZĞůĂƚŝǀĞ ǀŽůƵŵĞƐ ŽĨ ƌĞƐĞƌǀĞƐ ĂŶĚ ƉƌŽĚƵĐƚŝŽŶ ĂƌĞ ĐŽŶǀĞƌƚĞĚ Ăƚ ƚŚĞ ĞŶĞƌŐLJ ĞƋƵŝǀĂůĞŶƚ ĐŽŶǀĞƌƐŝŽŶ ƌĂƚŝŽ ŽĨ Ɛŝdž ƚŚŽƵƐĂŶĚ ĐƵďŝĐ ĨĞĞƚ ŽĨ ŶĂƚƵƌĂů ŐĂƐ ƚŽ ŽŶĞ ďĂƌƌĞů ŽĨ Žŝů͘ &ƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ ĂƌĞ ĞƐƚŝŵĂƚĞĚ ƚĂŬŝŶŐ ŝŶƚŽ ĂĐĐŽƵŶƚ ƚŚĞ ůĞǀĞů ŽĨ ĚĞǀĞůŽƉŵĞŶƚ ƌĞƋƵŝƌĞĚ ƚŽ ƉƌŽĚƵĐĞ ƚŚĞ ƌĞƐĞƌǀĞƐ͘ dŚĞƐĞ ĞƐƚŝŵĂƚĞƐ ĂƌĞ ƌĞǀŝĞǁĞĚ ďLJ ŝŶĚĞƉĞŶĚĞŶƚ ƌĞƐĞƌǀĞ ĞŶŐŝŶĞĞƌƐ Ăƚ ůĞĂƐƚ ĂŶŶƵĂůůLJ͘

WƌŽǀĞĚ ĂŶĚ ƉƌŽďĂďůĞ ƌĞƐĞƌǀĞƐ ĂƌĞ ĞƐƚŝŵĂƚĞĚ ƵƐŝŶŐ ŝŶĚĞƉĞŶĚĞŶƚ ƌĞƐĞƌǀĞƐ ĞŶŐŝŶĞĞƌ ƌĞƉŽƌƚƐ ĂŶĚ ƌĞƉƌĞƐĞŶƚ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ƋƵĂŶƚŝƚŝĞƐ ŽĨ ĐƌƵĚĞ Žŝů͕ ŶĂƚƵƌĂů ŐĂƐ ĂŶĚ E'>Ɛ ƚŚĂƚ ŐĞŽůŽŐŝĐĂů͕ ŐĞŽƉŚLJƐŝĐĂů ĂŶĚ ĞŶŐŝŶĞĞƌŝŶŐ ĚĂƚĂ ĚĞŵŽŶƐƚƌĂƚĞ ǁŝƚŚ Ă ƐƉĞĐŝĨŝĞĚ ĚĞŐƌĞĞ ŽĨ ĐĞƌƚĂŝŶƚLJ ƚŽ ďĞ ƌĞĐŽǀĞƌĂďůĞ ŝŶ ĨƵƚƵƌĞ LJĞĂƌƐ ĨƌŽŵ ŬŶŽǁŶ ƌĞƐĞƌǀŽŝƌƐ ĂŶĚ ƚŚĂƚ ĂƌĞ ĐŽŶƐŝĚĞƌĞĚ ĐŽŵŵĞƌĐŝĂůůLJ ƉƌŽĚƵĐŝďůĞ͘

&Žƌ ŽƚŚĞƌ ĂƐƐĞƚƐ͕ ĚĞƉƌĞĐŝĂƚŝŽŶ ŝƐ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ŽŶ Ă ĚĞĐůŝŶŝŶŐ ďĂůĂŶĐĞ ďĂƐŝƐ ŽǀĞƌ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ƵƐĞĨƵů ůŝǀĞƐ ŽĨ ĞĂĐŚ ƉĂƌƚ ŽĨ ĂŶ ŝƚĞŵ ŽĨ ƉƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ĂŶĚ ůĞĂƐĞĚ ĂƐƐĞƚƐ ĂƌĞ ĚĞƉƌĞĐŝĂƚĞĚ ŽǀĞƌ ƚŚĞ ůĞĂƐĞ ƚĞƌŵ͘ >ĂŶĚ ŝƐ ŶŽƚ ĚĞƉƌĞĐŝĂƚĞĚ͘

dŚĞ ĞƐƚŝŵĂƚĞĚ ƵƐĞĨƵů ůŝǀĞƐ ĨŽƌ ŽƚŚĞƌ ĂƐƐĞƚƐ ĨŽƌ ƚŚĞ ĐƵƌƌĞŶƚ ĂŶĚ ĐŽŵƉĂƌĂƚŝǀĞ LJĞĂƌƐ ĂƌĞ ĂƐ ĨŽůůŽǁƐ͗

x KĨĨŝĐĞ͕ ĐŽŵƉƵƚĞƌ ĂŶĚ ŽƚŚĞƌ ĞƋƵŝƉŵĞŶƚ ϱ LJĞĂƌƐ

ĞƉƌĞĐŝĂƚŝŽŶ ŵĞƚŚŽĚƐ͕ ƵƐĞĨƵů ůŝǀĞƐ ĂŶĚ ƌĞƐŝĚƵĂů ǀĂůƵĞƐ ĂƌĞ ƌĞǀŝĞǁĞĚ Ăƚ ĞĂĐŚ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ͘

ĞͿ /ŵƉĂŝƌŵĞŶƚ͗

;ŝͿ EŽŶͲĚĞƌŝǀĂƚŝǀĞ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ͗

ĨŝŶĂŶĐŝĂů ĂƐƐĞƚ ŝƐ ĂƐƐĞƐƐĞĚ Ăƚ ĞĂĐŚ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ ƚŽ ĚĞƚĞƌŵŝŶĞ ǁŚĞƚŚĞƌ ƚŚĞƌĞ ŝƐ ĂŶLJ ŽďũĞĐƚŝǀĞ ĞǀŝĚĞŶĐĞ ƚŚĂƚ ŝƚ ŝƐ ŝŵƉĂŝƌĞĚ͘ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚ ŝƐ ĐŽŶƐŝĚĞƌĞĚ ƚŽ ďĞ ŝŵƉĂŝƌĞĚ ŝĨ ŽďũĞĐƚŝǀĞ ĞǀŝĚĞŶĐĞ ŝŶĚŝĐĂƚĞƐ ƚŚĂƚ ŽŶĞ Žƌ ŵŽƌĞ ĞǀĞŶƚƐ ŚĂǀĞ ŚĂĚ Ă ŶĞŐĂƚŝǀĞ ĞĨĨĞĐƚ ŽŶ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ ŽĨ ƚŚĂƚ ĂƐƐĞƚ͘

Ŷ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ŝŶ ƌĞƐƉĞĐƚ ŽĨ Ă ĨŝŶĂŶĐŝĂů ĂƐƐĞƚ ŵĞĂƐƵƌĞĚ Ăƚ ĂŵŽƌƚŝnjĞĚ ĐŽƐƚ ŝƐ ĐĂůĐƵůĂƚĞĚ ĂƐ ƚŚĞ ĚŝĨĨĞƌĞŶĐĞ ďĞƚǁĞĞŶ ŝƚƐ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ĂŶĚ ƚŚĞ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ ĚŝƐĐŽƵŶƚĞĚ Ăƚ ƚŚĞ ŽƌŝŐŝŶĂů ĞĨĨĞĐƚŝǀĞ ŝŶƚĞƌĞƐƚ ƌĂƚĞ͘

/ŶĚŝǀŝĚƵĂůůLJ ƐŝŐŶŝĨŝĐĂŶƚ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ƚĞƐƚĞĚ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ ŽŶ ĂŶ ŝŶĚŝǀŝĚƵĂů ďĂƐŝƐ͘ dŚĞ ƌĞŵĂŝŶŝŶŐ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ĂƐƐĞƐƐĞĚ ĐŽůůĞĐƚŝǀĞůLJ ŝŶ ŐƌŽƵƉƐ ƚŚĂƚ ƐŚĂƌĞ ƐŝŵŝůĂƌ ĐƌĞĚŝƚ ƌŝƐŬ ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ͘

ůů ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐĞƐ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ͘ Ŷ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ŝƐ ƌĞǀĞƌƐĞĚ ŝĨ ƚŚĞ ƌĞǀĞƌƐĂů ĐĂŶ ďĞ ƌĞůĂƚĞĚ ŽďũĞĐƚŝǀĞůLJ ƚŽ ĂŶ ĞǀĞŶƚ ŽĐĐƵƌƌŝŶŐ ĂĨƚĞƌ ƚŚĞ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ǁĂƐ ƌĞĐŽŐŶŝnjĞĚ͘ &Žƌ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ŵĞĂƐƵƌĞĚ Ăƚ ĂŵŽƌƚŝnjĞĚ ĐŽƐƚ͕ ƚŚĞ ƌĞǀĞƌƐĂů ŝƐ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ͘

;ŝŝͿ EŽŶͲĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ͗

dŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŶŽŶͲĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ͕ ŽƚŚĞƌ ƚŚĂŶ Θ ĂƐƐĞƚƐ͕ ĂƌĞ ƌĞǀŝĞǁĞĚ Ăƚ ĞĂĐŚ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ ƚŽ ĚĞƚĞƌŵŝŶĞ ǁŚĞƚŚĞƌ ƚŚĞƌĞ ŝƐ ĂŶLJ ŝŶĚŝĐĂƚŝŽŶ ŽĨ ŝŵƉĂŝƌŵĞŶƚ͘ /Ĩ ĂŶLJ ƐƵĐŚ ŝŶĚŝĐĂƚŝŽŶ ĞdžŝƐƚƐ͕ ƚŚĞŶ ƚŚĞ ĂƐƐĞƚ͛Ɛ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ŝƐ ĞƐƚŝŵĂƚĞĚ͘ Θ ĂƐƐĞƚƐ ĂƌĞ ĂƐƐĞƐƐĞĚ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ ǁŚĞŶ ƚŚĞLJ ĂƌĞ ƌĞĐůĂƐƐŝĨŝĞĚ ƚŽ ƉƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ͕ ĂŶĚ ĂůƐŽ ŝĨ ĨĂĐƚƐ ĂŶĚ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ƐƵŐŐĞƐƚ ƚŚĂƚ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ĞdžĐĞĞĚƐ ƚŚĞ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ͘

&Žƌ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ŝŵƉĂŝƌŵĞŶƚ ƚĞƐƚŝŶŐ͕ ĂƐƐĞƚƐ ĂƌĞ ŐƌŽƵƉĞĚ ƚŽŐĞƚŚĞƌ ŝŶƚŽ ƚŚĞ ƐŵĂůůĞƐƚ ŐƌŽƵƉ ŽĨ ĂƐƐĞƚƐ ƚŚĂƚ ŐĞŶĞƌĂƚĞ ĐĂƐŚ ŝŶĨůŽǁƐ ĨƌŽŵ ĐŽŶƚŝŶƵŝŶŐ ƵƐĞ ƚŚĂƚ ĂƌĞ ůĂƌŐĞůLJ ŝŶĚĞƉĞŶĚĞŶƚ ŽĨ ƚŚĞ ĐĂƐŚ ŝŶĨůŽǁƐ ŽĨ ŽƚŚĞƌ ĂƐƐĞƚƐ Žƌ ŐƌŽƵƉƐ ŽĨ ĂƐƐĞƚƐ Žƌ 'hƐ͘ dŚĞ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ŽĨ ĂŶ ĂƐƐĞƚ Žƌ Ă 'h ŝƐ ƚŚĞ ŐƌĞĂƚĞƌ ŽĨ ŝƚƐ ǀĂůƵĞ ŝŶ ƵƐĞ ĂŶĚ ŝƚƐ ĨĂŝƌ ǀĂůƵĞ ůĞƐƐ ĐŽƐƚƐ ƚŽ ƐĞůů͘

/Ŷ ĂƐƐĞƐƐŝŶŐ ǀĂůƵĞ ŝŶ ƵƐĞ͕ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ ĂƌĞ ĚŝƐĐŽƵŶƚĞĚ ƚŽ ƚŚĞŝƌ ƉƌĞƐĞŶƚ ǀĂůƵĞ ƵƐŝŶŐ Ă ƉƌĞͲƚĂdž ĚŝƐĐŽƵŶƚ ƌĂƚĞ ƚŚĂƚ ƌĞĨůĞĐƚƐ ĐƵƌƌĞŶƚ ŵĂƌŬĞƚ ĂƐƐĞƐƐŵĞŶƚƐ ŽĨ ƚŚĞ ƚŝŵĞ ǀĂůƵĞ ŽĨ ŵŽŶĞLJ ĂŶĚ ƚŚĞ ƌŝƐŬƐ ƐƉĞĐŝĨŝĐ ƚŽ ƚŚĞ ĂƐƐĞƚ͘ sĂůƵĞ ŝŶ ƵƐĞ ŝƐ ŐĞŶĞƌĂůůLJ ĐŽŵƉƵƚĞĚ ďLJ ƌĞĨĞƌĞŶĐĞ ƚŽ ƚŚĞ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ƚŚĞ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ ĞdžƉĞĐƚĞĚ ƚŽ ďĞ ĚĞƌŝǀĞĚ ĨƌŽŵ ƉƌŽĚƵĐƚŝŽŶ ŽĨ ƉƌŽǀĞĚ ĂŶĚ ƉƌŽďĂďůĞ ƌĞƐĞƌǀĞƐ͘

&Ăŝƌ ǀĂůƵĞ ůĞƐƐ ĐŽƐƚƐ ƚŽ ƐĞůů ŝƐ ĚĞƚĞƌŵŝŶĞĚ ĂƐ ƚŚĞ ĂŵŽƵŶƚ ƚŚĂƚ ǁŽƵůĚ ďĞ ŽďƚĂŝŶĞĚ ĨƌŽŵ ƚŚĞ ƐĂůĞ ŽĨ ĂŶ ĂƐƐĞƚ ŝŶ ĂŶ Ăƌŵ͛Ɛ ůĞŶŐƚŚ ƚƌĂŶƐĂĐƚŝŽŶ ďĞƚǁĞĞŶ ŬŶŽǁůĞĚŐĞĂďůĞ ĂŶĚ ǁŝůůŝŶŐ ƉĂƌƚŝĞƐ͘ dŚĞ ĨĂŝƌ ǀĂůƵĞ ůĞƐƐ ĐŽƐƚƐ ƚŽ ƐĞůů ŝƐ ŐĞŶĞƌĂůůLJ ĚĞƚĞƌŵŝŶĞĚ ĂƐ ƚŚĞ ŶĞƚ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ ĞdžƉĞĐƚĞĚ ƚŽ ĂƌŝƐĞ ĨƌŽŵ ƉƌŽĚƵĐƚŝŽŶ ŽĨ ƉƌŽǀĞĚ ƉůƵƐ ƉƌŽďĂďůĞ ƌĞƐĞƌǀĞƐ ŝŶ Ă 'h ĂŶĚ ŝƚƐ ĞǀĞŶƚƵĂů ĚŝƐƉŽƐĂů͕ ƵƐŝŶŐ ĂƐƐƵŵƉƚŝŽŶƐ ƚŚĂƚ ĂŶ ŝŶĚĞƉĞŶĚĞŶƚ ŵĂƌŬĞƚ ƉĂƌƚŝĐŝƉĂŶƚ ŵĂLJ ƚĂŬĞ ŝŶƚŽ ĂĐĐŽƵŶƚ͘ dŚĞƐĞ ĐĂƐŚ ĨůŽǁƐ ĂƌĞ ĚŝƐĐŽƵŶƚĞĚ ƵƐŝŶŐ Ă ƌĂƚĞ ƚŚĂƚ ǁŽƵůĚ ďĞ ĂƉƉůŝĞĚ ďLJ Ă ŵĂƌŬĞƚ ƉĂƌƚŝĐŝƉĂŶƚ ƚŽ ĂƌƌŝǀĞ Ăƚ Ă ŶĞƚ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ƚŚĞ 'h͘

Ŷ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ŝƐ ƌĞĐŽŐŶŝnjĞĚ ŝĨ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŽĨ ĂŶ ĂƐƐĞƚ Žƌ ŝƚƐ 'h ĞdžĐĞĞĚƐ ŝƚƐ ĞƐƚŝŵĂƚĞĚ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ͘ /ŵƉĂŝƌŵĞŶƚ ůŽƐƐĞƐ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ͘

Θ ĂƐƐĞƚƐ ĂƌĞ ĂƐƐĞƐƐĞĚ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ ŝĨ ;ŝͿ ƐƵĨĨŝĐŝĞŶƚ ĚĂƚĂ ĞdžŝƐƚƐ ƚŽ ĚĞƚĞƌŵŝŶĞ ƚĞĐŚŶŝĐĂů ĨĞĂƐŝďŝůŝƚLJ ĂŶĚ ĐŽŵŵĞƌĐŝĂů ǀŝĂďŝůŝƚLJ͕ ĂŶĚ ;ŝŝͿ ĨĂĐƚƐ ĂŶĚ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ƐƵŐŐĞƐƚ ƚŚĂƚ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ĞdžĐĞĞĚƐ ƚŚĞ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ͘

Ŷ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƉƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƉƌŝŽƌ LJĞĂƌƐ͕ ŝƐ ĂƐƐĞƐƐĞĚ Ăƚ ĞĂĐŚ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ ĨŽƌ ĂŶLJ ŝŶĚŝĐĂƚŝŽŶƐ ƚŚĂƚ ƚŚĞ ůŽƐƐ ŚĂƐ ĚĞĐƌĞĂƐĞĚ Žƌ ŶŽ ůŽŶŐĞƌ ĞdžŝƐƚƐ͘ Ŷ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ŝƐ ƌĞǀĞƌƐĞĚ ŝĨ ƚŚĞƌĞ ŚĂƐ ďĞĞŶ Ă ĐŚĂŶŐĞ ŝŶ ƚŚĞ ĞƐƚŝŵĂƚĞƐ ƵƐĞĚ ƚŽ ĚĞƚĞƌŵŝŶĞ ƚŚĞ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ͘ Ŷ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ŝƐ ƌĞǀĞƌƐĞĚ ŽŶůLJ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ƚŚĂƚ ƚŚĞ ĂƐƐĞƚ͛Ɛ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ĚŽĞƐ ŶŽƚ ĞdžĐĞĞĚ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ƚŚĂƚ ǁŽƵůĚ ŚĂǀĞ ďĞĞŶ ĚĞƚĞƌŵŝŶĞĚ͕ ŶĞƚ ŽĨ ĚĞƉůĞƚŝŽŶ ĂŶĚ ĚĞƉƌĞĐŝĂƚŝŽŶ Žƌ ĂŵŽƌƚŝnjĂƚŝŽŶ͕ ŝĨ ŶŽ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ŚĂĚ ďĞĞŶ ƌĞĐŽŐŶŝnjĞĚ͘

ĨͿ ^ŚĂƌĞ ďĂƐĞĚ ƉĂLJŵĞŶƚƐ͗

dŚĞ ŐƌĂŶƚ ĚĂƚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ŽƉƚŝŽŶƐ ŐƌĂŶƚĞĚ ƚŽ ĞŵƉůŽLJĞĞƐ ĂŶĚ ĐŽŶƐƵůƚĂŶƚƐ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ĂƐ ĐŽŵƉĞŶƐĂƚŝŽŶ ĞdžƉĞŶƐĞ͕ ǁŝƚŚ Ă ĐŽƌƌĞƐƉŽŶĚŝŶŐ ŝŶĐƌĞĂƐĞ ŝŶ ĐŽŶƚƌŝďƵƚĞĚ ƐƵƌƉůƵƐ ŽǀĞƌ ƚŚĞ ǀĞƐƚŝŶŐ ƉĞƌŝŽĚ͘ ĨŽƌĨĞŝƚƵƌĞ ƌĂƚĞ ŝƐ ĞƐƚŝŵĂƚĞĚ ŽŶ ƚŚĞ ŐƌĂŶƚ ĚĂƚĞ ĂŶĚ ŝƐ ĂĚũƵƐƚĞĚ ƚŽ ƌĞĨůĞĐƚ ƚŚĞ ĂĐƚƵĂů ŶƵŵďĞƌ ŽĨ ƌĞƐƚƌŝĐƚĞĚ ĂŶĚ ƉĞƌĨŽƌŵĂŶĐĞ ĂǁĂƌĚƐ ƚŚĂƚ ĂƌĞ ĞdžƉĞĐƚĞĚ ƚŽ ǀĞƐƚ͘

ŐͿ WƌŽǀŝƐŝŽŶƐ͗

ƉƌŽǀŝƐŝŽŶ ŝƐ ƌĞĐŽŐŶŝnjĞĚ ŝĨ͕ ĂƐ Ă ƌĞƐƵůƚ ŽĨ Ă ƉĂƐƚ ĞǀĞŶƚ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ Ă ƉƌĞƐĞŶƚ ůĞŐĂů Žƌ ĐŽŶƐƚƌƵĐƚŝǀĞ ŽďůŝŐĂƚŝŽŶ ƚŚĂƚ ĐĂŶ ďĞ ĞƐƚŝŵĂƚĞĚ ƌĞůŝĂďůLJ͕ ĂŶĚ ŝƚ ŝƐ ƉƌŽďĂďůĞ ƚŚĂƚ ĂŶ ŽƵƚĨůŽǁ ŽĨ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚƐ ǁŝůů ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ƐĞƚƚůĞ ƚŚĞ ŽďůŝŐĂƚŝŽŶ͘ WƌŽǀŝƐŝŽŶƐ ĂƌĞ ĚĞƚĞƌŵŝŶĞĚ ďLJ ĚŝƐĐŽƵŶƚŝŶŐ ƚŚĞ ĞdžƉĞĐƚĞĚ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ Ăƚ Ă ƉƌĞͲƚĂdž ƌĂƚĞ ƚŚĂƚ ƌĞĨůĞĐƚƐ ĐƵƌƌĞŶƚ ŵĂƌŬĞƚ ĂƐƐĞƐƐŵĞŶƚƐ ŽĨ ƚŚĞ ƚŝŵĞ ǀĂůƵĞ ŽĨ ŵŽŶĞLJ ĂŶĚ ƚŚĞ ƌŝƐŬƐ ƐƉĞĐŝĨŝĐ ƚŽ ƚŚĞ ůŝĂďŝůŝƚLJ͘ WƌŽǀŝƐŝŽŶƐ ĂƌĞ ŶŽƚ ƌĞĐŽŐŶŝnjĞĚ ĨŽƌ ĨƵƚƵƌĞ ŽƉĞƌĂƚŝŶŐ ůŽƐƐĞƐ͘

;ŝͿ ĞĐŽŵŵŝƐƐŝŽŶŝŶŐ ŽďůŝŐĂƚŝŽŶƐ͗

dŚĞ ŽŵƉĂŶLJ͛Ɛ ĂĐƚŝǀŝƚŝĞƐ ŐŝǀĞ ƌŝƐĞ ƚŽ ĚŝƐŵĂŶƚůŝŶŐ͕ ĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐ ĂŶĚ ƐŝƚĞ ĚŝƐƚƵƌďĂŶĐĞ ƌĞŵĞĚŝĂƚŝŽŶ ĂĐƚŝǀŝƚŝĞƐ͘ WƌŽǀŝƐŝŽŶ ŝƐ ŵĂĚĞ ĨŽƌ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ĐŽƐƚ ŽĨ ƐŝƚĞ ƌĞƐƚŽƌĂƚŝŽŶ ĂŶĚ ĐĂƉŝƚĂůŝnjĞĚ ŝŶ ƚŚĞ ƌĞůĞǀĂŶƚ ĂƐƐĞƚ ĐĂƚĞŐŽƌLJ͘

ĞĐŽŵŵŝƐƐŝŽŶŝŶŐ ŽďůŝŐĂƚŝŽŶƐ ĂƌĞ ŵĞĂƐƵƌĞĚ Ăƚ ƚŚĞ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ŵĂŶĂŐĞŵĞŶƚ͛Ɛ ďĞƐƚ ĞƐƚŝŵĂƚĞ ŽĨ ĞdžƉĞŶĚŝƚƵƌĞ ƌĞƋƵŝƌĞĚ ƚŽ ƐĞƚƚůĞ ƚŚĞ ƉƌĞƐĞŶƚ ŽďůŝŐĂƚŝŽŶ Ăƚ ƚŚĞ ƐƚĂƚĞŵĞŶƚ ŽĨ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ ĚĂƚĞ͘ ^ƵďƐĞƋƵĞŶƚ ƚŽ ƚŚĞ ŝŶŝƚŝĂů ŵĞĂƐƵƌĞŵĞŶƚ͕ ƚŚĞ ŽďůŝŐĂƚŝŽŶ ŝƐ ĂĚũƵƐƚĞĚ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ĞĂĐŚ ƉĞƌŝŽĚ ƚŽ ƌĞĨůĞĐƚ ƚŚĞ ƉĂƐƐĂŐĞ ŽĨ ƚŝŵĞ ĂŶĚ ĐŚĂŶŐĞƐ ŝŶ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ ƵŶĚĞƌůLJŝŶŐ ƚŚĞ ŽďůŝŐĂƚŝŽŶ͘ dŚĞ ŝŶĐƌĞĂƐĞ ŝŶ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ĚƵĞ ƚŽ ƚŚĞ ƉĂƐƐĂŐĞ ŽĨ ƚŝŵĞ ŝƐ ƌĞĐŽŐŶŝnjĞĚ ĂƐ Ă ĨŝŶĂŶĐĞ ĐŽƐƚ ǁŚĞƌĞĂƐ ŝŶĐƌĞĂƐĞƐͬĚĞĐƌĞĂƐĞƐ ĚƵĞ ƚŽ ĐŚĂŶŐĞƐ ŝŶ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ ĂƌĞ ĐĂƉŝƚĂůŝnjĞĚ͘ ĐƚƵĂů ĐŽƐƚƐ ŝŶĐƵƌƌĞĚ ƵƉŽŶ ƐĞƚƚůĞŵĞŶƚ ŽĨ ƚŚĞ ĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐ ŽďůŝŐĂƚŝŽŶƐ ĂƌĞ ĐŚĂƌŐĞĚ ĂŐĂŝŶƐƚ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ǁĂƐ ĞƐƚĂďůŝƐŚĞĚ͘

ŚͿ ZĞǀĞŶƵĞ͗

ZĞǀĞŶƵĞ ĨƌŽŵ ƚŚĞ ƐĂůĞ ŽĨ ĐƌƵĚĞ Žŝů͕ ŶĂƚƵƌĂů ŐĂƐ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ůŝƋƵŝĚƐ ŝƐ ƌĞĐŽƌĚĞĚ ǁŚĞŶ ĐŽŶƚƌŽů ŽĨ ƚŚĞ ƉƌŽĚƵĐƚ ŝƐ ƚƌĂŶƐĨĞƌƌĞĚ ƚŽ ƚŚĞ ďƵLJĞƌ ďĂƐĞĚ ŽŶ ƚŚĞ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ƐƉĞĐŝĨŝĞĚ ŝŶ ƚŚĞ ĐŽŶƚƌĂĐƚƐ ǁŝƚŚ ĐƵƐƚŽŵĞƌƐ͘ dŚŝƐ ƵƐƵĂůůLJ ŽĐĐƵƌƐ ǁŚĞŶ ƚŚĞ ƉƌŽĚƵĐƚ ŝƐ ƉŚLJƐŝĐĂůůLJ ƚƌĂŶƐĨĞƌƌĞĚ Ăƚ ƚŚĞ ĚĞůŝǀĞƌLJ ƉŽŝŶƚ ĂŐƌĞĞĚ ƵƉŽŶ ŝŶ ƚŚĞ ĐŽŶƚƌĂĐƚ ĂŶĚ ůĞŐĂů ƚŝƚůĞ ƚŽ ƚŚĞ ƉƌŽĚƵĐƚ ƉĂƐƐĞƐ ƚŽ ƚŚĞ ĐƵƐƚŽŵĞƌ͘

dŚĞ ŽŵƉĂŶLJ ĞǀĂůƵĂƚĞƐ ŝƚƐ ĂƌƌĂŶŐĞŵĞŶƚƐ ǁŝƚŚ ƚŚŝƌĚ ƉĂƌƚŝĞƐ ĂŶĚ ƉĂƌƚŶĞƌƐ ƚŽ ĚĞƚĞƌŵŝŶĞ ŝĨ ƚŚĞ ŽŵƉĂŶLJ ĂĐƚƐ ĂƐ ƚŚĞ ƉƌŝŶĐŝƉĂů Žƌ ĂƐ ĂŶ ĂŐĞŶƚ͘ /Ŷ ŵĂŬŝŶŐ ƚŚŝƐ ĞǀĂůƵĂƚŝŽŶ͕ ƚŚĞ ŽŵƉĂŶLJ ĐŽŶƐŝĚĞƌƐ ŝĨ ŝƚ ŽďƚĂŝŶƐ ĐŽŶƚƌŽů ŽĨ ƚŚĞ ƉƌŽĚƵĐƚ ĚĞůŝǀĞƌĞĚ Žƌ ƐĞƌǀŝĐĞƐ ƉƌŽǀŝĚĞĚ͕ ǁŚŝĐŚ ŝƐ ŝŶĚŝĐĂƚĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ ŚĂǀŝŶŐ ƚŚĞ ƉƌŝŵĂƌLJ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ĨŽƌ ƚŚĞ ĚĞůŝǀĞƌLJ ŽĨ ƚŚĞ ƉƌŽĚƵĐƚ Žƌ ƌĞŶĚĞƌŝŶŐ ŽĨ ƚŚĞ ƐĞƌǀŝĐĞ͕ ŚĂǀŝŶŐ ƚŚĞ ĂďŝůŝƚLJ ƚŽ ĞƐƚĂďůŝƐŚ ƉƌŝĐĞƐ Žƌ ŚĂǀŝŶŐ ŝŶǀĞŶƚŽƌLJ ƌŝƐŬ͘ /Ĩ ƚŚĞ ŽŵƉĂŶLJ ĂĐƚƐ ŝŶ ƚŚĞ ĐĂƉĂĐŝƚLJ ŽĨ ĂŶ ĂŐĞŶƚ ƌĂƚŚĞƌ ƚŚĂŶ ĂƐ Ă ƉƌŝŶĐŝƉĂů ŝŶ Ă ƚƌĂŶƐĂĐƚŝŽŶ͕ ƚŚĞŶ ƚŚĞ ƌĞǀĞŶƵĞ ŝƐ ƌĞĐŽŐŶŝnjĞĚ ŽŶ Ă ŶĞƚͲďĂƐŝƐ͕ ŽŶůLJ ƌĞĨůĞĐƚŝŶŐ ƚŚĞ ĨĞĞ͕ ŝĨ ĂŶLJ͕ ƌĞĂůŝnjĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ ĨƌŽŵ ƚŚĞ ƚƌĂŶƐĂĐƚŝŽŶ͘

dĂƌŝĨĨƐ͕ ƚŽůůƐ ĂŶĚ ŽƚŚĞƌ ĨĞĞƐ ĐŚĂƌŐĞĚ ƚŽ ŽƚŚĞƌ ĞŶƚŝƚŝĞƐ ĨŽƌ ƵƐĞ ŽĨ ƉŝƉĞůŝŶĞƐ ĂŶĚ ĨĂĐŝůŝƚŝĞƐ ŽǁŶĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ ĂƌĞ ĞǀĂůƵĂƚĞĚ ďLJ ŵĂŶĂŐĞŵĞŶƚ ƚŽ ĚĞƚĞƌŵŝŶĞ ŝĨ ƚŚĞƐĞ ŽƌŝŐŝŶĂƚĞ ĨƌŽŵ ĐŽŶƚƌĂĐƚƐ ǁŝƚŚ ĐƵƐƚŽŵĞƌƐ Žƌ ĨƌŽŵ ŝŶĐŝĚĞŶƚĂů Žƌ ĐŽůůĂďŽƌĂƚŝǀĞ ĂƌƌĂŶŐĞŵĞŶƚƐ͘ &ĞĞƐ ĐŚĂƌŐĞĚ ƚŽ ŽƚŚĞƌ ĞŶƚŝƚŝĞƐ ƚŚĂƚ ĂƌĞ ĨƌŽŵ ĐŽŶƚƌĂĐƚƐ ǁŝƚŚ ĐƵƐƚŽŵĞƌƐ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƌĞǀĞŶƵĞ ǁŚĞŶ ƚŚĞ ƌĞůĂƚĞĚ ƐĞƌǀŝĐĞƐ ĂƌĞ ƉƌŽǀŝĚĞĚ͘

ZŽLJĂůƚLJ ŝŶĐŽŵĞ ŝƐ ƌĞĐŽŐŶŝnjĞĚ ĂƐ ŝƚ ĂĐĐƌƵĞƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƚĞƌŵƐ ŽĨ ƚŚĞ ŽǀĞƌƌŝĚŝŶŐ ƌŽLJĂůƚLJ ĂŐƌĞĞŵĞŶƚƐ͘

ŝͿ &ŝŶĂŶĐĞ ŝŶĐŽŵĞ ĂŶĚ ĞdžƉĞŶƐĞƐ͗

&ŝŶĂŶĐĞ ĞdžƉĞŶƐĞ ĐŽŵƉƌŝƐĞƐ ŝŶƚĞƌĞƐƚ ĞdžƉĞŶƐĞ ŽŶ ďŽƌƌŽǁŝŶŐƐ ĂŶĚ ĂĐĐƌĞƚŝŽŶ ŽĨ ƚŚĞ ĚŝƐĐŽƵŶƚ ŽŶ ĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐ ůŝĂďŝůŝƚŝĞƐ͘ /ŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ŝƐ ƌĞĐŽŐŶŝnjĞĚ ĂƐ ŝƚ ĂĐĐƌƵĞƐ͕ ƵƐŝŶŐ ƚŚĞ ĞĨĨĞĐƚŝǀĞ ŝŶƚĞƌĞƐƚ ŵĞƚŚŽĚ͘

ũͿ /ŶĐŽŵĞ ƚĂdž͗

/ŶĐŽŵĞ ƚĂdž ĞdžƉĞŶƐĞ ĐŽŵƉƌŝƐĞƐ ĐƵƌƌĞŶƚ ĂŶĚ ĚĞĨĞƌƌĞĚ ƚĂdž͘ /ŶĐŽŵĞ ƚĂdž ĞdžƉĞŶƐĞ ŝƐ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ĞdžĐĞƉƚ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ƚŚĂƚ ŝƚ ƌĞůĂƚĞƐ ƚŽ ŝƚĞŵƐ ƌĞĐŽŐŶŝnjĞĚ ĚŝƌĞĐƚůLJ ŝŶ ĞƋƵŝƚLJ͕ ŝŶ ǁŚŝĐŚ ĐĂƐĞ ŝƚ ŝƐ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ĞƋƵŝƚLJ͘

ƵƌƌĞŶƚ ƚĂdž ŝƐ ƚŚĞ ĞdžƉĞĐƚĞĚ ƚĂdž ƉĂLJĂďůĞ ŽŶ ƚŚĞ ƚĂdžĂďůĞ ŝŶĐŽŵĞ ĨŽƌ ƚŚĞ LJĞĂƌ͕ ƵƐŝŶŐ ƚĂdž ƌĂƚĞƐ ĞŶĂĐƚĞĚ Žƌ ƐƵďƐƚĂŶƚŝǀĞůLJ ĞŶĂĐƚĞĚ Ăƚ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ͕ ĂŶĚ ĂŶLJ ĂĚũƵƐƚŵĞŶƚ ƚŽ ƚĂdž ƉĂLJĂďůĞ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƉƌĞǀŝŽƵƐ LJĞĂƌƐ͘

ĞĨĞƌƌĞĚ ƚĂdž ŝƐ ƌĞĐŽŐŶŝnjĞĚ ƵƐŝŶŐ ƚŚĞ ďĂůĂŶĐĞ ƐŚĞĞƚ ŵĞƚŚŽĚ͕ ƉƌŽǀŝĚŝŶŐ ĨŽƌ ƚĞŵƉŽƌĂƌLJ ĚŝĨĨĞƌĞŶĐĞƐ ďĞƚǁĞĞŶ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚƐ ŽĨ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĨŽƌ ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐ ƉƵƌƉŽƐĞƐ ĂŶĚ ƚŚĞ ĂŵŽƵŶƚƐ ƵƐĞĚ ĨŽƌ ƚĂdžĂƚŝŽŶ ƉƵƌƉŽƐĞƐ͘ ĞĨĞƌƌĞĚ ƚĂdž ŝƐ ŶŽƚ ƌĞĐŽŐŶŝnjĞĚ ŽŶ ƚŚĞ ŝŶŝƚŝĂů ƌĞĐŽŐŶŝƚŝŽŶ ŽĨ ĂƐƐĞƚƐ Žƌ ůŝĂďŝůŝƚŝĞƐ ŝŶ Ă ƚƌĂŶƐĂĐƚŝŽŶ ƚŚĂƚ ŝƐ ŶŽƚ Ă ďƵƐŝŶĞƐƐ ĐŽŵďŝŶĂƚŝŽŶ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ĚĞĨĞƌƌĞĚ ƚĂdž ŝƐ ŶŽƚ ƌĞĐŽŐŶŝnjĞĚ ĨŽƌ ƚĂdžĂďůĞ ƚĞŵƉŽƌĂƌLJ ĚŝĨĨĞƌĞŶĐĞƐ ĂƌŝƐŝŶŐ ŽŶ ƚŚĞ ŝŶŝƚŝĂů ƌĞĐŽŐŶŝƚŝŽŶ ŽĨ ŐŽŽĚǁŝůů͘ ĞĨĞƌƌĞĚ ƚĂdž ŝƐ ŵĞĂƐƵƌĞĚ Ăƚ ƚŚĞ ƚĂdž ƌĂƚĞƐ ƚŚĂƚ ĂƌĞ ĞdžƉĞĐƚĞĚ ƚŽ ďĞ ĂƉƉůŝĞĚ ƚŽ ƚĞŵƉŽƌĂƌLJ ĚŝĨĨĞƌĞŶĐĞƐ ǁŚĞŶ ƚŚĞLJ ƌĞǀĞƌƐĞ͕ ďĂƐĞĚ ŽŶ ƚŚĞ ůĂǁƐ ƚŚĂƚ ŚĂǀĞ ďĞĞŶ ĞŶĂĐƚĞĚ Žƌ ƐƵďƐƚĂŶƚŝǀĞůLJ ĞŶĂĐƚĞĚ ďLJ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ͘ ĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĂƌĞ ŽĨĨƐĞƚ ŝĨ ƚŚĞƌĞ ŝƐ Ă ůĞŐĂůůLJ ĞŶĨŽƌĐĞĂďůĞ ƌŝŐŚƚ ƚŽ ŽĨĨƐĞƚ͕ ĂŶĚ ƚŚĞLJ ƌĞůĂƚĞ ƚŽ ŝŶĐŽŵĞ ƚĂdžĞƐ ůĞǀŝĞĚ ďLJ ƚŚĞ ƐĂŵĞ ƚĂdž ĂƵƚŚŽƌŝƚLJ ŽŶ ƚŚĞ ƐĂŵĞ ƚĂdžĂďůĞ ĞŶƚŝƚLJ͕ Žƌ ŽŶ ĚŝĨĨĞƌĞŶƚ ƚĂdž ĞŶƚŝƚŝĞƐ͕ ďƵƚ ƚŚĞLJ ŝŶƚĞŶĚ ƚŽ ƐĞƚƚůĞ ĐƵƌƌĞŶƚ ƚĂdž ůŝĂďŝůŝƚŝĞƐ ĂŶĚ ĂƐƐĞƚƐ ŽŶ Ă ŶĞƚ ďĂƐŝƐ Žƌ ƚŚĞŝƌ ƚĂdž ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ǁŝůů ďĞ ƌĞĂůŝnjĞĚ ƐŝŵƵůƚĂŶĞŽƵƐůLJ͘

ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚ ŝƐ ƌĞĐŽŐŶŝnjĞĚ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ƚŚĂƚ ŝƚ ŝƐ ƉƌŽďĂďůĞ ƚŚĂƚ ĨƵƚƵƌĞ ƚĂdžĂďůĞ ƉƌŽĨŝƚƐ ǁŝůů ďĞ ĂǀĂŝůĂďůĞ ĂŐĂŝŶƐƚ ǁŚŝĐŚ ƚŚĞ ƚĞŵƉŽƌĂƌLJ ĚŝĨĨĞƌĞŶĐĞ ĐĂŶ ďĞ ƵƚŝůŝnjĞĚ͘ ĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚƐ ĂƌĞ ƌĞǀŝĞǁĞĚ Ăƚ ĞĂĐŚ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ ĂŶĚ ĂƌĞ ƌĞĚƵĐĞĚ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ƚŚĂƚ ŝƚ ŝƐ ŶŽ ůŽŶŐĞƌ ƉƌŽďĂďůĞ ƚŚĂƚ ƚŚĞ ƌĞůĂƚĞĚ ƚĂdž ďĞŶĞĨŝƚ ǁŝůů ďĞ ƌĞĂůŝnjĞĚ͘

ŬͿ >ĞĂƐĞ ĂƌƌĂŶŐĞŵĞŶƚƐ

dŚĞ ŽŵƉĂŶLJ ƌĞĐŽŐŶŝnjĞƐ Ă ƌŝŐŚƚͲŽĨͲƵƐĞ ĂƐƐĞƚ ĂŶĚ Ă ůĞĂƐĞ ůŝĂďŝůŝƚLJ Ăƚ ƚŚĞ ůĞĂƐĞ ĐŽŵŵĞŶĐĞŵĞŶƚ ĚĂƚĞ͘ dŚĞ ƌŝŐŚƚͲŽĨͲ ƵƐĞ ĂƐƐĞƚ ŝƐ ŝŶŝƚŝĂůůLJ ŵĞĂƐƵƌĞĚ Ăƚ ĐŽƐƚ͕ ǁŚŝĐŚ ĐŽŵƉƌŝƐĞƐ ƚŚĞ ŝŶŝƚŝĂů ĂŵŽƵŶƚ ŽĨ ƚŚĞ ůĞĂƐĞ ůŝĂďŝůŝƚLJ ĂĚũƵƐƚĞĚ ĨŽƌ ĂŶLJ ůĞĂƐĞ ƉĂLJŵĞŶƚƐ ŵĂĚĞ Ăƚ Žƌ ďĞĨŽƌĞ ƚŚĞ ĐŽŵŵĞŶĐĞŵĞŶƚ ĚĂƚĞ͕ ƉůƵƐ ĂŶLJ ŝŶŝƚŝĂů ĚŝƌĞĐƚ ĐŽƐƚƐ ŝŶĐƵƌƌĞĚ͕ ůĞƐƐ ĂŶLJ ŝŶĐĞŶƚŝǀĞƐ ƌĞĐĞŝǀĞĚ͘ dŚĞ ƌŝŐŚƚͲŽĨͲƵƐĞ ĂƐƐĞƚ ŝƐ ƐƵďƐĞƋƵĞŶƚůLJ ĚĞƉƌĞĐŝĂƚĞĚ ŽŶ Ă ƐƚƌĂŝŐŚƚͲůŝŶĞ ďĂƐŝƐ ŽǀĞƌ ƚŚĞ ůĞĂƐĞ ƚĞƌŵ͘

dŚĞ ůĞĂƐĞ ůŝĂďŝůŝƚLJ ŝƐ ŝŶŝƚŝĂůůLJ ŵĞĂƐƵƌĞĚ Ăƚ ƚŚĞ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ĨƵƚƵƌĞ ůĞĂƐĞ ƉĂLJŵĞŶƚƐ͕ ĚŝƐĐŽƵŶƚĞĚ ƵƐŝŶŐ ƚŚĞ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ŝŵƉůŝĐŝƚ ŝŶ ƚŚĞ ůĞĂƐĞ͕ ŝĨ ĂƉƉůŝĐĂďůĞ͕ Žƌ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŝŶĐƌĞŵĞŶƚĂů ďŽƌƌŽǁŝŶŐ ƌĂƚĞ͘ dŚĞ ůĞĂƐĞ ůŝĂďŝůŝƚLJ ŝƐ ƐƵďƐĞƋƵĞŶƚůLJ ŵĞĂƐƵƌĞĚ Ăƚ ĂŵŽƌƚŝnjĞĚ ĐŽƐƚ ƵƐŝŶŐ ƚŚĞ ĞĨĨĞĐƚŝǀĞ ŝŶƚĞƌĞƐƚ ŵĞƚŚŽĚ͘ /ƚ ŝƐ ƌĞŵĞĂƐƵƌĞĚ ŝĨ ƚŚĞ ŽŵƉĂŶLJ ĐŚĂŶŐĞƐ ŝƚƐ ĂƐƐĞƐƐŵĞŶƚ ŽĨ ǁŚĞƚŚĞƌ ŝƚ ǁŝůů ĞdžĞƌĐŝƐĞ Ă ƉƵƌĐŚĂƐĞ͕ ĞdžƚĞŶƐŝŽŶ͕ Žƌ ƚĞƌŵŝŶĂƚŝŽŶ ŽƉƚŝŽŶ ǁŝƚŚ Ă ĐŽƌƌĞƐƉŽŶĚŝŶŐ ĂĚũƵƐƚŵĞŶƚ ƚŽ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ƌŝŐŚƚͲŽĨͲƵƐĞ ĂƐƐĞƚ͘

ĞĂƐĞ ƉĂLJŵĞŶƚƐ ĂƌĞ ĂůůŽĐĂƚĞĚ ďĞƚǁĞĞŶ ƚŚĞ ůĞĂƐĞ ůŝĂďŝůŝƚLJ ĂŶĚ ĨŝŶĂŶĐĞ ĐŚĂƌŐĞƐ͘ ĂƐŚ ŽƵƚĨůŽǁƐ ĨŽƌ ƌĞƉĂLJŵĞŶƚ ŽĨ ƚŚĞ ƉƌŝŶĐŝƉĂů ƉŽƌƚŝŽŶ ŽĨ ƚŚĞ ůĞĂƐĞ ůŝĂďŝůŝƚLJ ŝƐ ĐůĂƐƐŝĨŝĞĚ ĂƐ ĐĂƐŚ ĨůŽǁƐ ƉƌŽǀŝĚĞĚ ďLJ ĨŝŶĂŶĐŝŶŐ ĂĐƚŝǀŝƚŝĞƐ͘ dŚĞ ŝŶƚĞƌĞƐƚ ƉŽƌƚŝŽŶ ŽĨ ƚŚĞ ůĞĂƐĞ ƉĂLJŵĞŶƚƐ ŝƐ ĐůĂƐƐŝĨŝĞĚ ĂƐ ĐĂƐŚ ĨůŽǁƐ ƉƌŽǀŝĚĞĚ ďLJ ŽƉĞƌĂƚŝŶŐ ĂĐƚŝǀŝƚŝĞƐ͘

dŚĞ ŽŵƉĂŶLJ ĚŽĞƐ ŶŽƚ ƌĞĐŽŐŶŝnjĞ ĂƐƐĞƚƐ ĂŶĚ ůĞĂƐĞ ůŝĂďŝůŝƚŝĞƐ ĨŽƌ ƐŚŽƌƚͲƚĞƌŵ ůĞĂƐĞƐ ǁŝƚŚ Ă ƚĞƌŵ ŽĨ ƚǁĞůǀĞ ŵŽŶƚŚƐ Žƌ ůĞƐƐ͕ ĂŶĚ ůĞĂƐĞƐ ŽĨ ůŽǁ ǀĂůƵĞ ĂƐƐĞƚƐ͘ dŚĞ ůĞĂƐĞ ƉĂLJŵĞŶƚƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞƐĞ ůĞĂƐĞƐ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ĂƐ ĂŶ ĞdžƉĞŶƐĞ ŝŶ ƚŚĞ ^ƚĂƚĞŵĞŶƚ ŽĨ KƉĞƌĂƚŝŽŶƐ ĂŶĚ ŽŵƉƌĞŚĞŶƐŝǀĞ >ŽƐƐ ŽǀĞƌ ƚŚĞ ůĞĂƐĞ ƚĞƌŵ͘

ůͿ ƵƐŝŶĞƐƐ ĐŽŵďŝŶĂƚŝŽŶƐ͗

dŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ŵĞƚŚŽĚ ŽĨ ĂĐĐŽƵŶƚŝŶŐ ŝƐ ƵƐĞĚ ƚŽ ĂĐĐŽƵŶƚ ĨŽƌ ĂĐƋƵŝƐŝƚŝŽŶƐ ŽĨ ĞŶƚŝƚŝĞƐ Žƌ ĂƐƐĞƚƐ ƚŚĂƚ ŵĞĞƚ ƚŚĞ ĚĞĨŝŶŝƚŝŽŶ ŽĨ Ă ďƵƐŝŶĞƐƐ ƵŶĚĞƌ /&Z^͘ dŚĞ ĐŽƐƚ ŽĨ ĂŶ ĂĐƋƵŝƐŝƚŝŽŶ ŝƐ ŵĞĂƐƵƌĞĚ Ăƚ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƚŚĞ ĂƐƐĞƚƐ ŐŝǀĞŶ͕ ĞƋƵŝƚLJ ŝŶƐƚƌƵŵĞŶƚƐ ŝƐƐƵĞĚ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ŝŶĐƵƌƌĞĚ Žƌ ĂƐƐƵŵĞĚ Ăƚ ƚŚĞ ĚĂƚĞ ŽĨ ĂĐƋƵŝƐŝƚŝŽŶ͘ ĐƋƵŝƐŝƚŝŽŶͲƌĞůĂƚĞĚ ĐŽƐƚƐ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ĞĂƌŶŝŶŐƐ ĂƐ ŝŶĐƵƌƌĞĚ͘ /ĚĞŶƚŝĨŝĂďůĞ ĂƐƐĞƚƐ ĂĐƋƵŝƌĞĚ͕ ůŝĂďŝůŝƚŝĞƐ ĂŶĚ ĐŽŶƚŝŶŐĞŶƚ ůŝĂďŝůŝƚŝĞƐ ĂƐƐƵŵĞĚ ŝŶ Ă ďƵƐŝŶĞƐƐ ĐŽŵďŝŶĂƚŝŽŶ ĂƌĞ ŵĞĂƐƵƌĞĚ ŝŶŝƚŝĂůůLJ Ăƚ ƚŚĞŝƌ ĨĂŝƌ ǀĂůƵĞƐ Ăƚ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ĚĂƚĞ͘ dŚĞ ĞdžĐĞƐƐ ĐŽƐƚ ŽĨ ĂĐƋƵŝƐŝƚŝŽŶ ŽǀĞƌ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƚŚĞ ŝĚĞŶƚŝĨŝĂďůĞ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĂĐƋƵŝƌĞĚ ĂŶĚ ĐŽŶƚŝŶŐĞŶƚ ůŝĂďŝůŝƚŝĞƐ ĨŽƌ ǁŚŝĐŚ Ă ƉƌŽǀŝƐŝŽŶ ŝƐ ƉƌŽǀŝĚĞĚ ŝƐ ƌĞĐŽƌĚĞĚ ĂƐ ŐŽŽĚǁŝůů͘ /Ĩ ƚŚĞ ĐŽƐƚ ŽĨ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ŝƐ ůĞƐƐ ƚŚĂŶ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƚŚĞ ŶĞƚ ĂƐƐĞƚƐ ŽĨ ƚŚĞ ĞŶƚŝƚŝĞƐ ĂĐƋƵŝƌĞĚ͕ ƚŚĞ ĚŝĨĨĞƌĞŶĐĞ ŝƐ ƌĞĐŽŐŶŝnjĞĚ ĂƐ Ă ďĂƌŐĂŝŶ ƉƵƌĐŚĂƐĞ ŐĂŝŶ ŝŶ ĞĂƌŶŝŶŐƐ͘ KƉĞƌĂƚŝŽŶĂů ƌĞƐƵůƚƐ ŽĨ ƚŚĞ ďƵƐŝŶĞƐƐ ĂĐƋƵŝƌĞĚ ĂƌĞ ŝŶĐůƵĚĞĚ ŝŶ ĞĂƌŶŝŶŐƐ ĨƌŽŵ ƚŚĞ ĐůŽƐŝŶŐ ĚĂƚĞ ŽĨ ĂĐƋƵŝƐŝƚŝŽŶ͘

ŵͿ 'ŽǀĞƌŶŵĞŶƚ ŐƌĂŶƚƐ

'ŽǀĞƌŶŵĞŶƚ ŐƌĂŶƚƐ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ǁŚĞŶ ƚŚĞƌĞ ŝƐ ƌĞĂƐŽŶĂďůĞ ĂƐƐƵƌĂŶĐĞ ƚŚĂƚ ƚŚĞ ŐƌĂŶƚ ǁŝůů ďĞ ƌĞĐĞŝǀĞĚ͕ ĂŶĚ Ăůů ĐŽŶĚŝƚŝŽŶƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ŐƌĂŶƚ ĂƌĞ ŵĞƚ͘ ůĂŝŵƐ ƵŶĚĞƌ ŐŽǀĞƌŶŵĞŶƚ ŐƌĂŶƚ ƉƌŽŐƌĂŵƐ ƌĞůĂƚĞĚ ƚŽ ŝŶĐŽŵĞ Žƌ ĞdžƉĞŶƐĞ ŝƚĞŵ͕ ŝƚ ŝƐ ƌĞĐŽŐŶŝnjĞĚ ĂƐ ŝŶĐŽŵĞ Žƌ Ă ƌĞĚƵĐƚŝŽŶ ŽĨ ƚŚĞ ƌĞůĂƚĞĚ ĞdžƉĞŶƐĞ ŝƚĞŵ ŝŶ ƚŚĞ ƉĞƌŝŽĚ ŝŶ ǁŚŝĐŚ ƚŚĞ ŝŶĐŽŵĞ ŝƐ ĞĂƌŶĞĚ Žƌ ĐŽƐƚƐ ĂƌĞ ŝŶĐƵƌƌĞĚ͘

džƉůŽƌĂƚŝŽŶ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ĂƐƐĞƚƐ

ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ŽĨ ƚŚĞ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ ŽĨ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ĂƐƐĞƚƐ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶĚ ϮϬϮϬ ŝƐ ƐĞƚ ŽƵƚ ďĞůŽǁ͗

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džƉůŽƌĂƚŝŽŶ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ;ΗΘΗͿ ĂƐƐĞƚƐ ĐŽŶƐŝƐƚ ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ ƵŶĚĞǀĞůŽƉĞĚ ůĂŶĚ ĂŶĚ ĞdžƉůŽƌĂƚŝŽŶ ƉƌŽũĞĐƚƐ ǁŚŝĐŚ ĂƌĞ ƉĞŶĚŝŶŐ ƚŚĞ ĚĞƚĞƌŵŝŶĂƚŝŽŶ ŽĨ ƉƌŽǀĞŶ Žƌ ƉƌŽďĂďůĞ ƌĞƐĞƌǀĞƐ͘ ĚĚŝƚŝŽŶƐ ƌĞƉƌĞƐĞŶƚ ƚŚĞ ŽŵƉĂŶLJΖƐ ƐŚĂƌĞ ŽĨ ƚŚĞ ĐŽƐƚ ŽĨ Θ ĂƐƐĞƚƐ͘

ƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ Ψϳϱϱ ƚŚŽƵƐĂŶĚ ;ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϬ Ͳ Ψϭ͘ϲ ŵŝůůŝŽŶͿ ƌĞŵĂŝŶĞĚ ŝŶ Θ ĂƐƐĞƚƐ ĂĨƚĞƌ ΨϬ͘ϵ ŵŝůůŝŽŶ ǁĂƐ ƚƌĂŶƐĨĞƌƌĞĚ ƚŽ ƉƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ƵƉŽŶ ĚĞƚĞƌŵŝŶĂƚŝŽŶ ŽĨ ƚĞĐŚŶŝĐĂů ĂŶĚ ĐŽŵŵĞƌĐŝĂů ĨĞĂƐŝďŝůŝƚLJ͘ dŚĞ ŽŵƉĂŶLJ ŝŶĐƵƌƌĞĚ ĐŽƐƚƐ ŝŶ ϮϬϮϭ ŽĨ Ψϯϭ ƚŚŽƵƐĂŶĚ ĨŽƌ ůĞĂƐĞ ƌĞŶƚĂůƐ ƌĞůĂƚĞĚ ƚŽ ƵŶĚĞǀĞůŽƉĞĚ ůĂŶĚƐ͘ dŚĞ ŽŵƉĂŶLJ ĚŽĞƐ ŶŽƚ ĂŵŽƌƚŝnjĞ ŝƚƐ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ĂƐƐĞƚƐ͘ ƵƌŝŶŐ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ƚŚĞ ŽŵƉĂŶLJ ĐĂƉŝƚĂůŝnjĞĚ ΨŶŝů ;ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϬ Ͳ ΨϬ͘ϮŵŝůůŝŽŶͿ ŽĨ ŐĞŶĞƌĂů ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĐŽƐƚƐ ĚŝƌĞĐƚůLJ ĂƚƚƌŝďƵƚĂďůĞ ƚŽ ƚŚĞ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ŽĨ Žŝů ĂŶĚ ŐĂƐ ƉƌŽƉĞƌƚŝĞƐ͘

&Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ŶŽ ĞdžƉůŽƌĂƚŝŽŶ ĞdžƉĞŶƐĞ ǁĂƐ ƌĞĐŽƌĚĞĚ͘ /Ŷ ϮϬϮϬ͕ ŝŶ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚĞ Ks/Ͳ ϭϵ ƌĞƐƚƌŝĐƚŝŽŶƐ ŽŶ ŽƉĞƌĂƚŝŽŶƐ͕ ƚŚĞ ŽŵƉĂŶLJ ĚĞĨĞƌƌĞĚ ĚƌŝůůŝŶŐ ĂŶĚ ĞdžƉůŽƌĂƚŝŽŶ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ƌĞĚƵĐĞĚ ƚŚĞ ĐĂƉŝƚĂů ƉƌŽŐƌĂŵ͘ Ɛ Ă ƌĞƐƵůƚ͕ ƚŚĞ ŽŵƉĂŶLJ ƐƵƌƌĞŶĚĞƌĞĚ ĐĞƌƚĂŝŶ ŵŝŶĞƌĂů ůĞĂƐĞƐ ƚŽ ŵŝŶŝŵŝnjĞ ůĞĂƐĞ ƌĞŶƚĂů ĞdžƉĞŶĚŝƚƵƌĞƐ ĂŶĚ ƌĞĐŽƌĚĞĚ ĂŶ ĞdžƉůŽƌĂƚŝŽŶ ĞdžƉĞŶƐĞ ŽĨ Ψϴ͘Ϯ ŵŝůůŝŽŶ͕ ĂŶĚ ĚĞĨĞƌƌĞĚ ƉůĂŶƐ ĨŽƌ ĚƌŝůůŝŶŐ ĂŶĚ ĐŽŵƉůĞƚŝŽŶ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ƌĞĐŽƌĚĞĚ ĂŶ ĞdžƉůŽƌĂƚŝŽŶ ĞdžƉĞŶƐĞ ŽĨ Ψϱ͘ϭ ŵŝůůŝŽŶ ĨŽƌ Ă ǁĞůů ƉĞŶĚŝŶŐ ĚĞƚĞƌŵŝŶĂƚŝŽŶ ŽĨ ƌĞƐĞƌǀĞƐ͘

/ŵƉĂŝƌŵĞŶƚ

ƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ƚŚĞƌĞ ǁĞƌĞ ŶŽ ŝŶĚŝĐĂƚŽƌƐ ŽĨ ŝŵƉĂŝƌŵĞŶƚ Žƌ ŝŵƉĂŝƌŵĞŶƚ ƌĞǀĞƌƐĂů ĨŽƌ Θ ĂƐƐĞƚƐ͘

&Žƌ ŝŵƉĂŝƌŵĞŶƚ ƚĞƐƚŝŶŐ͕ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ŽĨ Θ ĂƐƐĞƚƐ ŝƐ ƚŚĞ ŐƌĞĂƚĞƌ ŽĨ ;ŝͿ ŝƚƐ ǀĂůƵĞ ŝŶ ƵƐĞ͕ ĂŶĚ ;ŝŝͿ ŝƚƐ ĨĂŝƌ ǀĂůƵĞ ůĞƐƐ ĐŽƐƚ ƚŽ ƐĞůů͘ dŚĞ ĞƐƚŝŵĂƚĞĚ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ǁĂƐ ĚĞƚĞƌŵŝŶĞĚ ƚŽ ďĞ ĨĂŝƌ ǀĂůƵĞ ůĞƐƐ ĐŽƐƚ ƚŽ ƐĞůů ĂŶĚ ǁĂƐ ĞƐƚŝŵĂƚĞĚ ǁŝƚŚ ƌĞĨĞƌĞŶĐĞ ƚŽ Ăƌŵ͛Ɛ ůĞŶŐƚŚ ƚƌĂŶƐĂĐƚŝŽŶƐ Ăƚ ƌĞůĞǀĂŶƚ ůĂŶĚ ƐĂůĞƐ ŝŶ ĐŽŵƉĂƌĂďůĞ ůŽĐĂƚŝŽŶƐ͘ dŚĞ ŝŵƉĂŝƌŵĞŶƚ ƚĞƐƚ ĚĞƚĞƌŵŝŶĞĚ ƚŚĂƚ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ƐŽƵƚŚǁĞƐƚ ^ĂƐŬĂƚĐŚĞǁĂŶ Θ ĂƐƐĞƚƐ ŽĨ Ψϰ͘ϲ ŵŝůůŝŽŶ ĞdžĐĞĞĚĞĚ ƚŚĞ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ŽĨ Ψϭ͘ϲ ŵŝůůŝŽŶ͘ Ɛ Ă ƌĞƐƵůƚ͕ Ă Ψϯ͘Ϭ ŵŝůůŝŽŶ ŝŵƉĂŝƌŵĞŶƚ ŝƐ ŝŶĐůƵĚĞĚ ŝŶ ĚĞƉůĞƚŝŽŶ͕ ĚĞƉƌĞĐŝĂƚŝŽŶ ĂŶĚ ŝŵƉĂŝƌŵĞŶƚ ĞdžƉĞŶƐĞ ĨŽƌ ƚŚĞ LJĞĂƌ͘

ƵƐŝŶĞƐƐ ŽŵďŝŶĂƚŝŽŶ

KŶ ^ĞƉƚĞŵďĞƌ Ϯϰ͕ ϮϬϮϭ͕ ƚŚĞ ŽŵƉĂŶLJ ĐůŽƐĞĚ ĂŶ ĂĐƋƵŝƐŝƚŝŽŶ ŽĨ ĐĞƌƚĂŝŶ ŚĞĂǀLJ Žŝů ƉƌŽƉĞƌƚŝĞƐ ŝŶ ƚŚĞ >ůŽLJĚŵŝŶƐƚĞƌ ĂƌĞĂ ŽĨ ^ĂƐŬĂƚĐŚĞǁĂŶ ĨŽƌ ĂŶ ĞƐƚŝŵĂƚĞĚ ƚŽƚĂů ĐŽŶƐŝĚĞƌĂƚŝŽŶ ŽĨ Ψϭ͘ϭ ŵŝůůŝŽŶ ŝŶ ĐĂƐŚ ;ŝŶĐůƵƐŝǀĞ ŽĨ ŝŶƚĞƌŝŵ ĂĚũƵƐƚŵĞŶƚƐͿ ĂŶĚ ĂƐƐƵŵƉƚŝŽŶ ŽĨ Ψϵ͘Ϯ ŵŝůůŝŽŶ ŽĨ ĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐ ůŝĂďŝůŝƚŝĞƐ͘ dŚĞ ĞĨĨĞĐƚŝǀĞ ĚĂƚĞ ŽĨ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ǁĂƐ ƵŐƵƐƚ ϭ͕ ϮϬϮϭ͘ dŚĞƐĞ ĂƐƐĞƚƐ ŚĂǀĞ ďĞĞŶ ŝŶĐůƵĚĞĚ ŝŶ ŝƚƐ ŽǁŶ 'h͘

dŚĞ ŽŵƉĂŶLJ ĂƐƐĞƐƐĞĚ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ĂŶĚ ĚĞƚĞƌŵŝŶĞĚ ŝƚ ĐŽŶƐƚŝƚƵƚĞƐ Ă ďƵƐŝŶĞƐƐ ĐŽŵďŝŶĂƚŝŽŶ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ /&Z^ ϯ͘ dŚĞ dĂďůĞ ďĞůŽǁ ƐƵŵŵĂƌŝnjĞƐ ƚŚĞ ŝĚĞŶƚŝĨŝĂďůĞ ĂƐƐĞƚƐ ĂĐƋƵŝƌĞĚ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĂƐƐƵŵĞĚ͘

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ƐƚŝŵĂƚĞƐ ĨŽƌ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ŝĚĞŶƚŝĨŝĂďůĞ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĂĐƋƵŝƌĞĚ ĂƌĞ ŵĂŶĂŐĞŵĞŶƚ͛Ɛ ďĞƐƚ ĞƐƚŝŵĂƚĞƐ ďĂƐĞĚ ŽŶ ŝŶĨŽƌŵĂƚŝŽŶ ĂǀĂŝůĂďůĞ Ăƚ ƚŚĞ ƚŝŵĞ ŽĨ ƉƌĞƉĂƌŝŶŐ ƚŚĞƐĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ dŚĞ ƌĞĂĚĞƌ ŝƐ ĐĂƵƚŝŽŶĞĚ ƚŚĂƚ ĨƵƚƵƌĞ ƌĞǀŝƐŝŽŶƐ ƚŽ ƚŚĞƐĞ ĞƐƚŝŵĂƚĞƐ ŽǀĞƌ ƚŚĞ ŵĞĂƐƵƌĞŵĞŶƚ ƉĞƌŝŽĚ ;ŽŶĞ LJĞĂƌ ĨƌŽŵ ƚŚĞ ĐůŽƐŝŶŐ ĚĂƚĞ ŽĨ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶͿ ĐŽƵůĚ ƌĞƐƵůƚ ŝŶ Ă ŵĂƚĞƌŝĂů ĐŚĂŶŐĞ ĨƌŽŵ ƚŚĞ ĂŵŽƵŶƚƐ ƌĞƉŽƌƚĞĚ ŚĞƌĞŝŶ͘

dŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ WWΘ ĂĐƋƵŝƌĞĚ ǁĂƐ ĞƐƚŝŵĂƚĞĚ ŽŶ ƚŚĞ ĐůŽƐŝŶŐ ĚĂƚĞ ƵƐŝŶŐ ƚŚĞ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ĐĂƐŚ ĨůŽǁƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƉƌŽǀĞĚ ĚĞǀĞůŽƉĞĚ Žŝů ĂŶĚ ŐĂƐ ƌĞƐĞƌǀĞƐ ĂŶĚ ĚŝƐĐŽƵŶƚĞĚ Ăƚ ƚĞŶ ƉĞƌĐĞŶƚ ;>ĞǀĞů ϯ ĨĂŝƌ ǀĂůƵĞ ŝŶƉƵƚƐͿ͘ dŚĞ ĚŝƐĐŽƵŶƚ ƌĂƚĞ ƵƐĞĚ ǁĂƐ ĚĞƚĞƌŵŝŶĞĚ ďĂƐĞĚ ŽŶ Ă ƉĞĞƌ ŐƌŽƵƉ ǁĞŝŐŚƚĞĚ ĂǀĞƌĂŐĞ ĐŽƐƚ ŽĨ ĐĂƉŝƚĂů ĨĂĐƚŽƌŝŶŐ ŝŶ ƌŝƐŬƐ ƐƉĞĐŝĨŝĐ ƚŽ ƚŚĞ ƚLJƉĞƐ ŽĨ ƌĞƐĞƌǀĞƐ͘ dŚĞ ƉƌŽũĞĐƚĞĚ ĐĂƐŚ ĨůŽǁƐ ǁĞƌĞ ĚĞƌŝǀĞĚ ĨƌŽŵ ĂŶ ĞdžƚĞƌŶĂůůLJ ƉƌĞƉĂƌĞĚ ƌĞƐĞƌǀĞ ƌĞƉŽƌƚ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ǁŚŝĐŚ ǁĂƐ ƌŽůůĞĚ ďĂĐŬ ƚŽ ƚŚĞ ĐůŽƐŝŶŐ ĚĂƚĞ ƉƌĞƉĂƌĞĚ ŝŶƚĞƌŶĂůůLJ͘ dŚĞ ĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐ ůŝĂďŝůŝƚLJ ǁĂƐ ĞƐƚŝŵĂƚĞĚ ƵƐŝŶŐ Ă ĚŝƐĐŽƵŶƚ ƌĂƚĞ ŽĨ ƚĞŶ ƉĞƌĐĞŶƚ ĂŶĚ ĂŶ ŝŶĨůĂƚŝŽŶ ƌĂƚĞ ŽĨ ƚǁŽ ƉĞƌĐĞŶƚ͘

dŚĞ ŽŶĚĞŶƐĞĚ /ŶƚĞƌŝŵ ^ƚĂƚĞŵĞŶƚƐ ŽĨ /ŶĐŽŵĞ ĂŶĚ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ ŝŶĐůƵĚĞƐ ƚŚĞ ƌĞƐƵůƚƐ ŽĨ ŽƉĞƌĂƚŝŽŶƐ ĨŽƌ ƚŚĞ ƉĞƌŝŽĚ ĨŽůůŽǁŝŶŐ ƚŚĞ ĐůŽƐĞ ŽĨ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ŽŶ ^ĞƉƚĞŵďĞƌ Ϯϰ͕ ϮϬϮϭ͘ WĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƐĂůĞƐ ŝŶĐůƵĚĞƐ Ψϯ͘Ϯ ŵŝůůŝŽŶ ŽĨ ĐƌƵĚĞ Žŝů ƐĂůĞƐ ĂŶĚ Ψϭ͘ϯ ŵŝůůŝŽŶ ŽĨ ŝŶĐŽŵĞ ĨƌŽŵ ŽƉĞƌĂƚŝŶŐ ĂĐƚŝǀŝƚŝĞƐ ;ĐƌƵĚĞ Žŝů ƐĂůĞƐ ůĞƐƐ ƌŽLJĂůƚŝĞƐ͕ ďůĞŶĚŝŶŐ ĂŶĚ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ĞdžƉĞŶƐĞ ĂŶĚ ŽƉĞƌĂƚŝŶŐ ĞdžƉĞŶƐĞͿ ĂƚƚƌŝďƵƚĂďůĞ ƚŽ ƚŚĞ >ůŽLJĚŵŝŶƐƚĞƌ ĂĐƋƵŝƐŝƚŝŽŶ͘ ,ĂĚ ƚŚĞ ĂƐƐĞƚ ĂĐƋƵŝƐŝƚŝŽŶ ŽĐĐƵƌƌĞĚ ŽŶ :ĂŶƵĂƌLJ ϭ͕ ϮϬϮϭ͕ ĂŶ ĂĚĚŝƚŝŽŶĂů Ψϳ͘Ϭ ŵŝůůŝŽŶ ŽĨ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƐĂůĞƐ ĂŶĚ ΨϮ͘ϭ ŵŝůůŝŽŶ ŽĨ ŝŶĐŽŵĞ ĨƌŽŵ ŽƉĞƌĂƚŝŶŐ ĂĐƚŝǀŝƚŝĞƐ ǁŽƵůĚ ŚĂǀĞ ďĞĞŶ ƌĞĐŽŐŶŝnjĞĚ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͘ dŚĞ ĂĚĚŝƚŝŽŶĂů ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƐĂůĞƐ ĂŶĚ ŶĞƚ ŝŶĐŽŵĞ ĨƌŽŵ ŽƉĞƌĂƚŝŶŐ ĂĐƚŝǀŝƚŝĞƐ ĂƌĞ ĞƐƚŝŵĂƚĞƐ ĂŶĚ ŵĂLJ ŶŽƚ ŶĞĐĞƐƐĂƌŝůLJ ďĞ ŝŶĚŝĐĂƚŝǀĞ ŽĨ ƚŚĞ ƌĞƐƵůƚƐ ƐŚŽƵůĚ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ŚĂǀĞ ŽĐĐƵƌƌĞĚ ŽŶ :ĂŶƵĂƌLJ ϭ͕ ϮϬϮϭ͘

WƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ

ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ŽĨ ƚŚĞ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ ŽĨ ƉƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϬ ŝƐ ƐĞƚ ŽƵƚ ďĞůŽǁ͗

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ƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ĞƐƚŝŵĂƚĞĚ ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ ŽĨ ΨϮϵ͘Ϭ ŵŝůůŝŽŶ ;ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϬ Ͳ ΨϮϳ͘ϭ ŵŝůůŝŽŶͿ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƉƌŽǀĞĚ ĂŶĚ ƉƌŽďĂďůĞ ƌĞƐĞƌǀĞƐ ǁĞƌĞ ĂĚĚĞĚ ƚŽ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ ŝŶ ƚŚĞ ĚĞƉůĞƚŝŽŶ ĂŶĚ ĚĞƉƌĞĐŝĂƚŝŽŶ ĐĂůĐƵůĂƚŝŽŶ͘ dŚĞ ĚĞƉůĞƚŝŽŶ ĂŶĚ ĚĞƉƌĞĐŝĂƚŝŽŶ ĐĂůĐƵůĂƚŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĞdžĐůƵĚĞĚ ΨϭϬ͘ϲ ŵŝůůŝŽŶ ŽĨ ĞƐƚŝŵĂƚĞĚ ŶĞƚ ƐĂůǀĂŐĞ ǀĂůƵĞ ;ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϬ Ͳ Ψϯ͘Ϭ ŵŝůůŝŽŶͿ͘

/ŶĐůƵĚĞĚ ŝŶ ŶĞƚ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ ŽĨ ŽƚŚĞƌ ĂƐƐĞƚƐ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ŝƐ ΨϬ͘ϭ ŵŝůůŝŽŶ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ ƌŝŐŚƚͲŽĨͲƵƐĞ ĨŽƌ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŚĞĂĚ ŽĨĨŝĐĞ ;ϮϬϮϬ Ͳ ΨϬ͘Ϯ ŵŝůůŝŽŶͿ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ΨϬ͘ϭ ŵŝůůŝŽŶ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ ƌŝŐŚƚͲŽĨͲƵƐĞ ĨŽƌ ĨŝĞůĚ ƚƌƵĐŬƐ ŚĂƐ ďĞĞŶ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ŶĞƚ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ ŽĨ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ƉƌŽĚƵĐƚŝŽŶ ĂƐƐĞƚƐ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ;ϮϬϮϬ Ͳ ΨŶŝůͿ͘ &Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ƚŚĞ ĚĞƉƌĞĐŝĂƚŝŽŶ ŽĨ ƚŚĞƐĞ ƌŝŐŚƚͲŽĨͲƵƐĞ ĂƐƐĞƚƐ ŝƐ ΨϬ͘ϭ ŵŝůůŝŽŶ ;ϮϬϮϬ Ͳ ΨϬ͘ϭ ŵŝůůŝŽŶͿ͘

ƵƌŝŶŐ ƚŚĞ LJĞĂƌ͕ ƚŚĞ ŽŵƉĂŶLJ ĚŝƐƉŽƐĞĚ ĨŽƵƌ ĨŝĞůĚ ƚƌƵĐŬƐ ĨŽƌ ŶĞƚ ƉƌŽĐĞĞĚƐ ŽĨ ΨϭϮϱ ƚŚŽƵƐĂŶĚ ǁŝƚŚ ŶĞƚ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ ŽĨ Ψϰϳ ƚŚŽƵƐĂŶĚ͕ ƌĞƐƵůƚŝŶŐ ŝŶ Ă ŐĂŝŶ ŽŶ ĚŝƐƉŽƐĂů ŽĨ Ψϳϴ ƚŚŽƵƐĂŶĚ͘

/ŵƉĂŝƌŵĞŶƚ

ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ

ƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ƚŚĞ ŽŵƉĂŶLJ ĐŽŶĚƵĐƚĞĚ ĂŶ ĂƐƐĞƐƐŵĞŶƚ ŽĨ ŝŶĚŝĐĂƚŽƌƐ ŽĨ ŝŵƉĂŝƌŵĞŶƚ Žƌ ŝŵƉĂŝƌŵĞŶƚ ƌĞǀĞƌƐĂů ĨŽƌ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ 'hƐ͘ /Ŷ ƉĞƌĨŽƌŵŝŶŐ ƚŚĞ ƌĞǀŝĞǁ͕ ŵĂŶĂŐĞŵĞŶƚ ĚĞƚĞƌŵŝŶĞĚ ƚŚĂƚ ƚŚĞ ŝŶĐƌĞĂƐĞ ŝŶ ĨŽƌǁĂƌĚ ďĞŶĐŚŵĂƌŬ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ ĐŽŵƉĂƌĞĚ ƚŽ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϬ ĂŶĚ ƚŚĞ ŝŶĐƌĞĂƐĞ ŝŶ ƌĞƐĞƌǀĞ ǀĂůƵĞ ĨŽƌ ƚŚĞ ƐŽƵƚŚǁĞƐƚ ^ĂƐŬĂƚĐŚĞǁĂŶ 'h ũƵƐƚŝĨŝĞĚ Ă ƌĞǀŝĞǁ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ Žƌ ŝŵƉĂŝƌŵĞŶƚ ƌĞǀĞƌƐĂů͘ ƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ƚŚĞƌĞ ǁĞƌĞ ŶŽ ŝŶĚŝĐĂƚŽƌƐ ŽĨ ŝŵƉĂŝƌŵĞŶƚ ĨŽƌ ƚŚĞ >ůŽLJĚ ^ĂƐŬĂƚĐŚĞǁĂŶ 'h ĂĐƋƵŝƌĞĚ ŽŶ ^ĞƉƚĞŵďĞƌ Ϯϰ͕ ϮϬϮϭ ;ƐĞĞ ŶŽƚĞ ϱͿ͘ dŚĞ ZĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚƐ ŽĨ ƚŚĞ ƐŽƵƚŚǁĞƐƚ ^ĂƐŬĂƚĐŚĞǁĂŶ 'h ǁĞƌĞ ĞƐƚŝŵĂƚĞĚ ƵƐŝŶŐ ǀĂůƵĞͲŝŶͲƵƐĞ ďĂƐĞĚ ŽŶ ƚŚĞ ŶĞƚ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ďĞĨŽƌĞ ƚĂdž ĐĂƐŚ ĨůŽǁƐ ĨƌŽŵ Žŝů ĂŶĚ ƉƌŽǀĞĚ ƉůƵƐ ƉƌŽďĂďůĞ ƌĞƐĞƌǀĞƐ ĞƐƚŝŵĂƚĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƚŚŝƌĚͲƉĂƌƚLJ ƌĞƐĞƌǀĞ ĞǀĂůƵĂƚŽƌƐ Ăƚ ƌĂƚĞƐ ƌĂŶŐŝŶŐ ĨƌŽŵ ϭϮ ƚŽ Ϯϱ ƉĞƌĐĞŶƚ͘ /Ŷ ĚĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ ĚŝƐĐŽƵŶƚ ƌĂƚĞƐ͕ ƚŚĞ ŽŵƉĂŶLJ ƌĞĨĞƌĞŶĐĞĚ ƌĞĐĞŶƚ ŵĂƌŬĞƚ ƚƌĂŶƐĂĐƚŝŽŶƐ ĐŽŵƉůĞƚĞĚ ŽŶ ĂƐƐĞƚƐ ƐŝŵŝůĂƌ ƚŽ ƚŚŽƐĞ ŝŶ ƚŚĞ 'h͘

ƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ƚŚĞ ŽŵƉĂŶLJ ĚĞƚĞƌŵŝŶĞĚ ƚŚĂƚ ƚŚĞ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ƐŽƵƚŚǁĞƐƚ ^ĂƐŬĂƚĐŚĞǁĂŶ 'hƐ ĞdžĐĞĞĚĞĚ ƚŚĞ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ͕ ŶĞƚ ŽĨ ĚĞƉůĞƚŝŽŶ͕ ďLJ Ψϭϭ͘ϱ ŵŝůůŝŽŶ͘ ĐĐŽƌĚŝŶŐůLJ͕ ĂŶ ŝŵƉĂŝƌŵĞŶƚ ƌĞǀĞƌƐĂů ŽĨ Ψϭϭ͘ϱ ŵŝůůŝŽŶ ǁĂƐ ƌĞĐŽƌĚĞĚ ŝŶ ƉƌŽĨŝƚ ĂŶĚ ůŽƐƐ͘

dŚĞ ĨŽůůŽǁŝŶŐ ƚĂďůĞ ŽƵƚůŝŶĞƐ ĨŽƌĞĐĂƐƚĞĚ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ ĂŶĚ ĞdžĐŚĂŶŐĞ ƌĂƚĞƐ ƵƐĞĚ ŝŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŝŵƉĂŝƌŵĞŶƚ ƌĞǀĞƌƐĂů ƚĞƐƚ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͘ dŚĞ ĨŽƌĞĐĂƐƚĞĚ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ ĂƌĞ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚŽƐĞ ƵƐĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĞdžƚĞƌŶĂů ƌĞƐĞƌǀĞ ĞǀĂůƵĂƚŽƌƐ ĂŶĚ ĂƌĞ Ă ŬĞLJ ĂƐƐƵŵƉƚŝŽŶ ŝŶ ĂƐƐĞƐƐŝŶŐ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ͘ dŚĞ ƌĞƐĞƌǀĞ ĞǀĂůƵĂƚŽƌƐ ĂůƐŽ ŝŶĐůƵĚĞ ĨŝŶĂŶĐŝĂů ĂƐƐƵŵƉƚŝŽŶƐ ƌĞŐĂƌĚŝŶŐ ƌŽLJĂůƚLJ ƌĂƚĞƐ͕ ŽƉĞƌĂƚŝŶŐ ĐŽƐƚƐ͕ ĂŶĚ ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ ĐĂƉŝƚĂů ƚŚĂƚ ĐĂŶ ƐŝŐŶŝĨŝĐĂŶƚůLJ ŝŵƉĂĐƚ ƚŚĞ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ǁŚŝĐŚ ŝƐ ĂƐƐŝŐŶĞĚ ďĂƐĞĚ ŽŶ ŚŝƐƚŽƌŝĐĂů ƌĂƚĞƐ ĂŶĚ ĨƵƚƵƌĞ ĂŶƚŝĐŝƉĂƚĞĚ ĂĐƚŝǀŝƚŝĞƐ ďLJ ŵĂŶĂŐĞŵĞŶƚ͘

	td/ WƌŝĐĞ Ͳ Kŝů ;h^ΨͬďďůͿ ;ϭͿ	t^ WƌŝĐĞ Ͳ Kŝů ;ΨͬďďůͿ	K WƌŝĐĞ Ͳ 'ĂƐ ;ΨͬDDƚƵͿ ;ϭͿ džĐŚĂŶŐĞ ZĂƚĞ ;ΨĚŶͬΨh^Ϳ
ϮϬϮϮ	ϳϯ͘ϬϬ	ϳϱ͘ϲϯ	ϯ͘ϴϴ	Ϭ͘ϴϬ
ϮϬϮϯ	ϳϬ͘ϬϬ	ϳϭ͘ϱϲ	ϯ͘ϯϲ	Ϭ͘ϴϬ
ϮϬϮϰ	ϲϴ͘ϬϬ	ϲϴ͘ϳϰ	ϯ͘ϬϮ	Ϭ͘ϴϬ
ϮϬϮϱ	ϲϵ͘ϯϲ	ϳϬ͘ϭϮ	ϯ͘Ϭϴ	Ϭ͘ϴϬ
ϮϬϮϲ	ϳϬ͘ϳϱ	ϳϭ͘ϱϮ	ϯ͘ϭϰ	Ϭ͘ϴϬ
ϮϬϮϳ	ϳϮ͘ϭϲ	ϳϮ͘ϵϱ	ϯ͘Ϯϭ	Ϭ͘ϴϬ
ϮϬϮϴ	ϳϯ͘ϲϭ	ϳϰ͘ϰϭ	ϯ͘Ϯϳ	Ϭ͘ϴϬ
ϮϬϮϵ	ϳϱ͘Ϭϴ	ϳϱ͘ϵϬ	ϯ͘ϯϰ	Ϭ͘ϴϬ
ϮϬϯϬ	ϳϲ͘ϱϴ	ϳϳ͘ϰϮ	ϯ͘ϰϬ	Ϭ͘ϴϬ
ϮϬϯϭ	ϳϴ͘ϭϭ	ϳϴ͘ϵϲ	ϯ͘ϰϳ	Ϭ͘ϴϬ
ϮϬϯϮ	ϳϵ͘ϲϳ	ϴϬ͘ϱϰ	ϯ͘ϱϰ	Ϭ͘ϴϬ
	ƐĐĂůĂƚŝŽŶ ƌĂƚĞ ŽĨ Ϯй ƉĞƌ LJĞĂƌ ƚŚĞƌĞĂĨƚĞƌ

;ϭͿ dŚĞ ĨŽƌĞĐĂƐƚ ďĞŶĐŚŵĂƌŬ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ ůŝƐƚĞĚ ĂƌĞ ĂĚũƵƐƚĞĚ ĨŽƌ ƋƵĂůŝƚLJ ĚŝĨĨĞƌĞŶƚŝĂůƐ͕ ŚĞĂƚ ĐŽŶƚĞŶƚ͕ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ĂŶĚ ŵĂƌŬĞƚŝŶŐ ĐŽƐƚƐ ĂŶĚ ŽƚŚĞƌ ĨĂĐƚŽƌƐ ƐƉĞĐŝĨŝĐ ƚŽ ƚŚĞ ŽŵƉĂŶLJΖƐ ŽƉĞƌĂƚŝŽŶƐ ŝŶ ƉĞƌĨŽƌŵŝŶŐ ƚŚĞ ŽŵƉĂŶLJΖƐ ŝŵƉĂŝƌŵĞŶƚ ƚĞƐƚ͘

Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ Ă ŽŶĞ ƉĞƌĐĞŶƚ ŝŶĐƌĞĂƐĞ ŝŶ ƚŚĞ ĂƐƐƵŵĞĚ ĚŝƐĐŽƵŶƚ ƌĂƚĞ ĂŶĚͬŽƌ Ă ĨŝǀĞ ƉĞƌĐĞŶƚ ĚĞĐƌĞĂƐĞ ŝŶ ƚŚĞ ĨŽƌĞĐĂƐƚ ŽƉĞƌĂƚŝŶŐ ĐĂƐŚ ĨůŽǁƐ ǁŽƵůĚ ƌĞƐƵůƚ ŝŶ ƚŚĞ ĨŽůůŽǁŝŶŐ ƚŽƚĂů ƉƌĞͲƚĂdž ŝŵƉĂŝƌŵĞŶƚ ĞdžƉĞŶƐĞ ;ƌĞǀĞƌƐĂůͿ ďĞŝŶŐ ƌĞĐŽŐŶŝnjĞĚ͘

			ϭй ŝŶĐƌĞĂƐĞ ŝŶ ĚŝƐĐŽƵŶƚ
	ϭй ŝŶĐƌĞĂƐĞ ŝŶ ĚŝƐĐŽƵŶƚ		ƌĂƚĞ ĂŶĚ ϱй ĚĞĐƌĞĂƐĞ ŝŶ
	ƌĂƚĞ	ϱй ĚĞĐƌĞĂƐĞ ŝŶ ĐĂƐŚ ĨůŽǁƐ	ĐĂƐŚ ĨůŽǁƐ
^ŽƵƚŚǁĞƐƚ ^ĂƐŬĂƚĐŚĞǁĂŶ	;ϭ͕ϰϰϲͿ	;ϭ͕ϴϴϯͿ	;ϯ͕ϮϱϲͿ

DĂƌĐŚ ϯϭ͕ ϮϬϮϬ

ƚ DĂƌĐŚ ϯϭ͕ ϮϬϮϬ͕ ŵĂŶĂŐĞŵĞŶƚ ŝĚĞŶƚŝĨŝĞĚ ŝŶĚŝĐĂƚŽƌƐ ŽĨ ŝŵƉĂŝƌŵĞŶƚ ĂƐ Ă ƌĞƐƵůƚ ŽĨ ƚŚĞ ĚĞĐƌĞĂƐĞ ŝŶ ĨŽƌĞĐĂƐƚĞĚ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ ĨŽƌ ŚĞĂǀLJ ĐƌƵĚĞ Žŝ ƐŝŶĐĞ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϵ͘ dŚĞ ŽŵƉĂŶLJ ƵƐĞĚ ǀĂůƵĞ ŝŶ ƵƐĞ͕ ĚŝƐĐŽƵŶƚĞĚ Ăƚ ƉƌĞͲƚĂdž ƌĂƚĞƐ ďĞƚǁĞĞŶ ϴй ĂŶĚ Ϯϱй ĚĞƉĞŶĚĞŶƚ ŽŶ ƚŚĞ ƌŝƐŬ ƉƌŽĨŝůĞ ĨŽƌ ƚŚĞ ƌĞƐĞƌǀĞ ĐĂƚĞŐŽƌLJ ĨŽƌ ƚŚĞ 'h͘

dŚĞ ĨŽůůŽǁŝŶŐ ƚĂďůĞ ŽƵƚůŝŶĞƐ ƚŚĞ ĨŽƌĞĐĂƐƚ ďĞŶĐŚŵĂƌŬ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ ĂŶĚ ĞdžĐŚĂŶŐĞ ƌĂƚĞ ƵƐĞĚ ŝŶ ƚŚĞ ŝŵƉĂŝƌŵĞŶƚ ĐĂůĐƵůĂƚŝŽŶ ŽĨ ƉƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ Ăƚ DĂƌĐŚ ϯϭ͕ ϮϬϮϬ͘ &ŽƌĞĐĂƐƚ ďĞŶĐŚŵĂƌŬ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞ ĂƐƐƵŵƉƚŝŽŶƐ ƚĞŶĚ ƚŽ ďĞ ƐƚĂďůĞ ďĞĐĂƵƐĞ ƐŚŽƌƚͲƚĞƌŵ ĨůƵĐƚƵĂƚŝŽŶƐ ŝŶ ƉƌŝĐĞƐ ĂƌĞ ŶŽƚ ĐŽŶƐŝĚĞƌĞĚ ŝŶĚŝĐĂƚŝǀĞ ŽĨ ůŽŶŐͲ ƚĞƌŵ ƉƌŝĐĞ ůĞǀĞůƐ ďƵƚ ĂƌĞ ŶŽŶĞƚŚĞůĞƐƐ ƐƵďũĞĐƚ ƚŽ ĐŚĂŶŐĞ͘

EŽƚĞƐ ƚŽ ƚŚĞ ŽŶƐŽůŝĚĂƚĞĚ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶĚ ϮϬϮϬ ;dĂďƵůĂƌ ĂŵŽƵŶƚƐ ŝŶ ƚŚŽƵƐĂŶĚƐͿ

	td/ WƌŝĐĞ Ͳ Kŝů ;h^ΨͬďďůͿ ;ϭͿ	t^ WƌŝĐĞ Ͳ Kŝů ;ΨͬďďůͿ	K WƌŝĐĞ Ͳ 'ĂƐ ;ΨͬDDƚƵͿ ;ϭͿ džĐŚĂŶŐĞ ZĂƚĞ ;ΨĚŶͬΨh^Ϳ
ϮϬϮϬ	Ϯϱ͘ϬϬ	ϭϮ͘ϴϲ	ϭ͘ϰϯ	Ϭ͘ϳϬ
ϮϬϮϭ	ϯϳ͘ϬϬ	ϯϬ͘ϭϰ	Ϯ͘Ϭϱ	Ϭ͘ϳϯ
ϮϬϮϮ	ϰϴ͘ϬϬ	ϰϱ͘ϯϯ	Ϯ͘ϯϯ	Ϭ͘ϳϱ
ϮϬϮϯ	ϰϴ͘ϵϲ	ϰϲ͘Ϯϰ	Ϯ͘ϰϭ	Ϭ͘ϳϱ
ϮϬϮϰ	ϰϵ͘ϵϰ	ϰϳ͘ϭϲ	Ϯ͘ϰϴ	Ϭ͘ϳϱ
ϮϬϮϱ	ϱϬ͘ϵϰ	ϰϴ͘ϭϭ	Ϯ͘ϱϲ	Ϭ͘ϳϱ
ϮϬϮϲ	ϱϭ͘ϵϲ	ϰϵ͘Ϭϳ	Ϯ͘ϲϰ	Ϭ͘ϳϱ
ϮϬϮϳ	ϱϯ͘ϬϬ	ϱϬ͘Ϭϱ	Ϯ͘ϳϭ	Ϭ͘ϳϱ
ϮϬϮϴ	ϱϰ͘Ϭϲ	ϱϭ͘Ϭϱ	Ϯ͘ϴ	Ϭ͘ϳϱ
ϮϬϮϵ	ϱϱ͘ϭϰ	ϱϮ͘Ϭϳ	Ϯ͘ϴϴ	Ϭ͘ϳϱ
ƐĐĂůĂƚŝŽŶ ƌĂƚĞ ŽĨ Ϯй ƉĞƌ LJĞĂƌ ƚŚĞƌĞĂĨƚĞƌ

;ϭͿ dŚĞ ĨŽƌĞĐĂƐƚ ďĞŶĐŚŵĂƌŬ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ ůŝƐƚĞĚ ĂƌĞ ĂĚũƵƐƚĞĚ ĨŽƌ ƋƵĂůŝƚLJ ĚŝĨĨĞƌĞŶƚŝĂůƐ͕ ŚĞĂƚ ĐŽŶƚĞŶƚ͕ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ĂŶĚ ŵĂƌŬĞƚŝŶŐ

dŚĞ ŝŵƉĂŝƌŵĞŶƚ ƚĞƐƚ ŽĨ WWΘ Ăƚ DĂƌĐŚ ϯϭ͕ ϮϬϮϬ ĚĞƚĞƌŵŝŶĞĚ ƚŚĂƚ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ƐŽƵƚŚǁĞƐƚ ^ĂƐŬĂƚĐŚĞǁĂŶ 'h ŽĨ ΨϱϬ͘ϯ ŵŝůůŝŽŶ ĞdžĐĞĞĚĞĚ ƚŚĞ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ŽĨ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ ŽĨ Ψϯϯ͘ϯ ŵŝůůŝŽŶ͘ Ɛ Ă ƌĞƐƵůƚ͕ Ă Ψϭϳ͘Ϭ ŵŝůůŝŽŶ ŝŵƉĂŝƌŵĞŶƚ ǁĂƐ ƌĞĐŽƌĚĞĚ ĂƐ ŝŵƉĂŝƌŵĞŶƚ ĞdžƉĞŶƐĞ͘

ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϬ

ƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϬ͕ ŝŶĚŝĐĂƚŽƌƐ ĨŽƌ ƉŽƚĞŶƚŝĂů ƌĞǀĞƌƐĂů ŽĨ ŚŝƐƚŽƌŝĐĂů ŝŵƉĂŝƌŵĞŶƚ ǁĞƌĞ ŝĚĞŶƚŝĨŝĞĚ ŝŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŽŶůLJ 'h ŝŶ ƐŽƵƚŚǁĞƐƚ ^ĂƐŬĂƚĐŚĞǁĂŶ͘ &ĂĐƚŽƌƐ ĐŽŶƐŝĚĞƌĞĚ ďLJ ŵĂŶĂŐĞŵĞŶƚ ŝŶĐůƵĚĞĚ ĂŶ ŝŶĐƌĞĂƐĞ ŝŶ ƉƌŽǀĞĚ ƉůƵƐ ƉƌŽďĂďůĞ ƌĞƐĞƌǀĞƐ ĂŶĚ ŝŵƉƌŽǀĞĚ ĨŽƌĞĐĂƐƚĞĚ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ ĨŽƌ ŚĞĂǀLJ ĐƌƵĚĞ Žŝů ƐŝŶĐĞ ƚŚĞ ůĂƐƚ ŝŵƉĂŝƌŵĞŶƚ ƚĞƐƚ ƉĞƌĨŽƌŵĞĚ ŽŶ DĂƌĐŚ ϯϭ͕ ϮϬϮϬ͘ dŚĞ ŽŵƉĂŶLJ ƵƐĞĚ ǀĂůƵĞ ŝŶ ƵƐĞ͕ ĚŝƐĐŽƵŶƚĞĚ Ăƚ ƉƌĞͲƚĂdž ƌĂƚĞƐ ďĞƚǁĞĞŶ ϭϬй ĂŶĚ Ϯϱй ĚĞƉĞŶĚĞŶƚ ŽŶ ƚŚĞ ƌŝƐŬ ƉƌŽĨŝůĞ ŽĨ ƚŚĞ ƌĞƐĞƌǀĞ ĐĂƚĞŐŽƌLJ ĨŽƌ ƚŚĞ 'h ĨŽƌ ƚŚĞ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϬ ŝŵƉĂŝƌŵĞŶƚ ƌĞǀĞƌƐĂů ƚĞƐƚ͘

dŚĞ ĨŽůůŽǁŝŶŐ ƚĂďůĞ ŽƵƚůŝŶĞƐ ƚŚĞ ĨŽƌĞĐĂƐƚ ďĞŶĐŚŵĂƌŬ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ ĂŶĚ ĞdžĐŚĂŶŐĞ ƌĂƚĞ ƵƐĞĚ ŝŶ ƚŚĞ ŝŵƉĂŝƌŵĞŶƚ ĐĂůĐƵůĂƚŝŽŶ ŽĨ ƉƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϬ͘ &ŽƌĞĐĂƐƚ ďĞŶĐŚŵĂƌŬ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞ ĂƐƐƵŵƉƚŝŽŶƐ ƚĞŶĚ ƚŽ ďĞ ƐƚĂďůĞ ďĞĐĂƵƐĞ ƐŚŽƌƚͲƚĞƌŵ ĨůƵĐƚƵĂƚŝŽŶƐ ŝŶ ƉƌŝĐĞƐ ĂƌĞ ŶŽƚ ĐŽŶƐŝĚĞƌĞĚ ŝŶĚŝĐĂƚŝǀĞ ŽĨ ůŽŶŐͲ ƚĞƌŵ ƉƌŝĐĞ ůĞǀĞůƐ ďƵƚ ĂƌĞ ŶŽŶĞƚŚĞůĞƐƐ ƐƵďũĞĐƚ ƚŽ ĐŚĂŶŐĞ͘

	td/ WƌŝĐĞ Ͳ Kŝů ;h^ΨͬďďůͿ ;ϭͿ	t^ WƌŝĐĞ Ͳ Kŝů ;ΨͬďďůͿ	K WƌŝĐĞ Ͳ 'ĂƐ ;ΨͬDDƚƵͿ ;ϭͿ džĐŚĂŶŐĞ ZĂƚĞ ;ΨĚŶͬΨh^Ϳ
ϮϬϮϭ	ϰϲ͘ϬϬ	ϰϯ͘ϱϭ	Ϯ͘ϴϲ	Ϭ͘ϳϳ
ϮϬϮϮ	ϰϴ͘ϬϬ	ϰϲ͘ϭϬ	Ϯ͘ϳϴ	Ϭ͘ϳϳ
ϮϬϮϯ	ϱϯ͘ϬϬ	ϱϮ͘ϲϬ	Ϯ͘ϲϵ	Ϭ͘ϳϳ
ϮϬϮϰ	ϱϰ͘Ϭϲ	ϱϯ͘ϲϱ	Ϯ͘ϳϱ	Ϭ͘ϳϳ
ϮϬϮϱ	ϱϱ͘ϭϰ	ϱϰ͘ϳϮ	Ϯ͘ϴϬ	Ϭ͘ϳϳ
ϮϬϮϲ	ϱϲ͘Ϯϰ	ϱϱ͘ϴϮ	Ϯ͘ϴϲ	Ϭ͘ϳϳ
ϮϬϮϳ	ϱϳ͘ϯϳ	ϱϲ͘ϵϯ	Ϯ͘ϵϭ	Ϭ͘ϳϳ
ϮϬϮϴ	ϱϴ͘ϱϮ	ϱϴ͘Ϭϳ	Ϯ͘ϵϳ	Ϭ͘ϳϳ
ϮϬϮϵ	ϱϵ͘ϲϵ	ϱϵ͘Ϯϯ	ϯ͘Ϭϯ	Ϭ͘ϳϳ
ϮϬϯϬ	ϲϬ͘ϴϴ	ϲϬ͘ϰϮ	ϯ͘Ϭϵ	Ϭ͘ϳϳ
	ƐĐĂůĂƚŝŽŶ ƌĂƚĞ ŽĨ Ϯй ƉĞƌ LJĞĂƌ ƚŚĞƌĞĂĨƚĞƌ

:ŽŝŶƚ ǀĞŶƚƵƌĞ

KŶ :ƵŶĞ ϭϰ͕ ϮϬϭϴ͕ ƚŚĞ ŽŵƉĂŶLJ ĞŶƚĞƌĞĚ ŝŶƚŽ Ă ƉĂƌƚŶĞƌƐŚŝƉ ĂŶĚ ĨŝŶĂŶĐŝŶŐ ĂƌƌĂŶŐĞŵĞŶƚ ǁŝƚŚ Ă ƉƌŝǀĂƚĞ ĞƋƵŝƚLJ Ĩŝƌŵ ĨŽƌ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ůĂŶĚ ďĂƐĞ ŝŶ ƚŚĞ ĂƐƚ ƵǀĞƌŶĂLJ ^ŚĂůĞ ĂƐŝŶ ŝŶ ůďĞƌƚĂ͘ ƚ ĐůŽƐŝŶŐ ŚƌŽŶŽƐ ĐŽŶƚƌŝďƵƚĞĚ ƵŶĚĞǀĞůŽƉĞĚ ƵǀĞƌŶĂLJ ƉƌŽƉĞƌƚŝĞƐ ŝŶƚŽ ŚƌŽŶŽƐ ƵǀĞƌŶĂLJ >W ;͞ƚŚĞ WĂƌƚŶĞƌƐŚŝƉ͟Ϳ ĂŶĚ ƚŚĞ ƉƌŝǀĂƚĞ ĞƋƵŝƚLJ Ĩŝƌŵ ĐŽŶƚƌŝďƵƚĞĚ ĐĂƐŚ͕ ĞĂĐŚ ŝŶ ƌĞƚƵƌŶ ĨŽƌ ĞƋƵŝƚLJ ŽĨ ƚŚĞ ůŝŵŝƚĞĚ ƉĂƌƚŶĞƌƐŚŝƉ͘ dŚĞ ĨŝŶĂŶĐŝŶŐ ĂƌƌĂŶŐĞŵĞŶƚ ŝƐ ĐŽŵƉƌŝƐĞĚ ŽĨ ĂŶ ĞƋƵŝƚLJ ůŝŶĞ ŽĨ ĐƌĞĚŝƚ ƉƵƌƐƵĂŶƚ ƚŽ ǁŚŝĐŚ ƚŚĞ ƉƌŝǀĂƚĞ ĞƋƵŝƚLJ Ĩŝƌŵ ŵĂLJ ŝŶǀĞƐƚ͕ ŽŶ Ă ĐĂƉŝƚĂů ĐĂůů ďĂƐŝƐ͕ ĨƌŽŵ ƚŝŵĞ ƚŽ ƚŝŵĞ͕ ƵƉ ƚŽ ΨϭϬϬ ŵŝůůŝŽŶ ŝŶ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ŽĨ ĂĚĚŝƚŝŽŶĂů ĞƋƵŝƚLJ ŽĨ ƚŚĞ ůŝŵŝƚĞĚ ƉĂƌƚŶĞƌƐŚŝƉ͘ dŚĞ ĐĂƐŚ ĐŽŶƚƌŝďƵƚĞĚ ďLJ ƚŚĞ ƉƌŝǀĂƚĞ ĞƋƵŝƚLJ Ĩŝƌŵ ŽŶ ĐůŽƐŝŶŐ ƌĞƉƌĞƐĞŶƚĞĚ ƚŚĞ ĨŝƌƐƚ ĐĂƉŝƚĂů ĐŽŶƚƌŝďƵƚŝŽŶ ƵŶĚĞƌ ƚŚĞ ŝŶŝƚŝĂů ƚƌĂŶĐŚĞ ŽĨ ĐĂƉŝƚĂů ƚŽ ďĞ ŝŶǀĞƐƚĞĚ ƵŶĚĞƌ ƚŚĞ ĞƋƵŝƚLJ ůŝŶĞ ŽĨ ĐƌĞĚŝƚ͘ džƉůŽƌĂƚŝŽŶ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĂĐƚŝǀŝƚŝĞƐ ŽŶ ƚŚĞ ĂƐƚ ƵǀĞƌŶĂLJ ^ŚĂůĞ ĂƐŝŶ ĂƐƐĞƚƐ ĂƌĞ ƚŽ ďĞ ĨƵŶĚĞĚ ǁŝƚŚ ƚŚĞ ĐĂƐŚ ĐŽŶƚƌŝďƵƚĞĚ ďLJ ƚŚĞ ƉƌŝǀĂƚĞ ĞƋƵŝƚLJ Ĩŝƌŵ ƵŶĚĞƌ ƚŚĞ ĞƋƵŝƚLJ ůŝŶĞ ŽĨ ĐƌĞĚŝƚ͘

dŚĞ ŽŵƉĂŶLJ ƐŚĂƌĞƐ ũŽŝŶƚ ĐŽŶƚƌŽů ǁŝƚŚ ƚŚĞ ƉƌŝǀĂƚĞ ĞƋƵŝƚLJ Ĩŝƌŵ ĂŶĚ ƚŚĞ ƌĞƐƵůƚŝŶŐ ũŽŝŶƚ ĂƌƌĂŶŐĞŵĞŶƚ ŝƐ ĐůĂƐƐŝĨŝĞĚ ĂƐ Ă :ŽŝŶƚ sĞŶƚƵƌĞ ƵŶĚĞƌ /&Z^ ϭϭ ĂŶĚ ŝƐ ƌĞƋƵŝƌĞĚ ƚŽ ďĞ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ƵƐŝŶŐ ƚŚĞ ĞƋƵŝƚLJ ŵĞƚŚŽĚ ŽĨ ĂĐĐŽƵŶƚŝŶŐ͘ dŚĞ ŝŶǀĞƐƚŵĞŶƚ ǁĂƐ ƌĞĐŽƌĚĞĚ Ăƚ ƚŚĞ ĐŽƐƚ ŽĨ ƚŚĞ ƵŶĚĞǀĞůŽƉĞĚ ůĂŶĚ ĚŝƐƉŽƐĞĚ ĂŶĚ ƌĞůĂƚĞĚ ĞdžƉĞŶƐĞƐ ĂŶĚ ƚŚĞ ƐƵďƐĞƋƵĞŶƚ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŝƐ ŝŶĐƌĞĂƐĞĚ Žƌ ĚĞĐƌĞĂƐĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƐŚĂƌĞ ŽĨ ƉƌŽĨŝƚ Žƌ ůŽƐƐ͘ dŚĞ ƵŶƌĞĐŽŐŶŝnjĞĚ ƉŽƌƚŝŽŶ ŽĨ ƚŚĞ ĚŝůƵƚŝŽŶ ŐĂŝŶ ŝƐ ƚŚĞ ŽƌŝŐŝŶĂů ŐĂŝŶ ŽŶ ĚŝƐƉŽƐĂů ŽĨ ƚŚĞ ůĂŶĚƐ ďLJ ŚƌŽŶŽƐ ƚŽ ƚŚĞ ũŽŝŶƚ ǀĞŶƚƵƌĞ ŶŽƚĞĚ ĂďŽǀĞ ŽĨ Ψϭϯ͘ϱ ŵŝůůŝŽŶ Ăƚ ŚƌŽŶŽƐ ƌĞŵĂŝŶŝŶŐ ŽǁŶĞƌƐŚŝƉ ŝŶ ƚŚĞ ũŽŝŶƚ ǀĞŶƚƵƌĞ͘

KŶ DĂLJ Ϯϳ͕ ϮϬϮϬ͕ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŽǁŶĞƌƐŚŝƉ ŝŶ ƚŚĞ ũŽŝŶƚ ǀĞŶƚƵƌĞ ĚĞĐƌĞĂƐĞĚ ƚŽ ϯϭ͘Ϭй ĨƌŽŵ ϯϮ͘ϲй ǁŚĞŶ ƚŚĞ ƉƌŝǀĂƚĞ ĞƋƵŝƚLJ Ĩŝƌŵ ĐŽŶƚƌŝďƵƚĞĚ ĂĚĚŝƚŝŽŶĂů ĐĂƉŝƚĂů ŝŶƚŽ ƚŚĞ WĂƌƚŶĞƌƐŚŝƉ ŝŶ ĞdžĐŚĂŶŐĞ ĨŽƌ ϰ͘ϳ ŵŝůůŝŽŶ ůĂƐƐ hŶŝƚƐ ŝŶ ƚŚĞ WĂƌƚŶĞƌƐŚŝƉ Ăƚ ΨϬ͘ϯϬ ƉĞƌ hŶŝƚ ĨŽƌ Ă ƚŽƚĂů ĐĂƐŚ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ŽĨ Ψϭ͘ϰ ŵŝůůŝŽŶ ŝŶĐƌĞĂƐŝŶŐ ƚŚĞŝƌ ŽǁŶĞƌƐŚŝƉ ŝŶ ƚŚĞ ũŽŝŶƚ ǀĞŶƚƵƌĞ ƚŽ ϲϵ͘Ϭй ĨƌŽŵ ϲϳ͘ϰй͕ ƌĞƐƵůƚŝŶŐ ŝŶ Ă ĚŝůƵƚŝŽŶ ŐĂŝŶ ŽŶ ũŽŝŶƚ ǀĞŶƚƵƌĞ ŽĨ ΨϮϭϬ ƚŚŽƵƐĂŶĚ͘

KŶ :ƵůLJ Ϯϰ͕ ϮϬϮϬ͕ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŽǁŶĞƌƐŚŝƉ ŝŶ ƚŚĞ ũŽŝŶƚ ǀĞŶƚƵƌĞ ĚĞĐƌĞĂƐĞĚ ƚŽ Ϯϵ͘ϲй ĨƌŽŵ ϯϭ͘Ϭй ǁŚĞŶ ƚŚĞ ƉƌŝǀĂƚĞ ĞƋƵŝƚLJ Ĩŝƌŵ ĐŽŶƚƌŝďƵƚĞĚ ĂĚĚŝƚŝŽŶĂů ĐĂƉŝƚĂů ŝŶƚŽ ƚŚĞ WĂƌƚŶĞƌƐŚŝƉ ŝŶ ĞdžĐŚĂŶŐĞ ĨŽƌ ϰ͘ϳ ŵŝůůŝŽŶ ůĂƐƐ hŶŝƚƐ ŝŶ ƚŚĞ WĂƌƚŶĞƌƐŚŝƉ Ăƚ ΨϬ͘ϯϬ ƉĞƌ hŶŝƚ ĨŽƌ Ă ƚŽƚĂů ĐĂƐŚ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ŽĨ Ψϭ͘ϰ ŵŝůůŝŽŶ ŝŶĐƌĞĂƐŝŶŐ ƚŚĞŝƌ ŽǁŶĞƌƐŚŝƉ ŝŶ ƚŚĞ ũŽŝŶƚ ǀĞŶƚƵƌĞ ƚŽ ϳϬ͘ϰй ĨƌŽŵ ϲϵ͘Ϭй͕ ƌĞƐƵůƚŝŶŐ ŝŶ Ă ĚŝůƵƚŝŽŶ ŐĂŝŶ ŽŶ ũŽŝŶƚ ǀĞŶƚƵƌĞ ŽĨ ΨϭϵϮ ƚŚŽƵƐĂŶĚ͘

KŶ :ƵŶĞ ϯ͕ ϮϬϮϭ͕ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŽǁŶĞƌƐŚŝƉ ŝŶ ƚŚĞ ũŽŝŶƚ ǀĞŶƚƵƌĞ ĚĞĐƌĞĂƐĞĚ ƚŽ Ϯϴ͘ϵй ĨƌŽŵ Ϯϵ͘ϲй ǁŚĞŶ ƚŚĞ ƉƌŝǀĂƚĞ ĞƋƵŝƚLJ Ĩŝƌŵ ĐŽŶƚƌŝďƵƚĞĚ ĂĚĚŝƚŝŽŶĂů ĐĂƉŝƚĂů ŝŶƚŽ ƚŚĞ WĂƌƚŶĞƌƐŚŝƉ ŝŶ ĞdžĐŚĂŶŐĞ ĨŽƌ Ϯ͘ϰ ŵŝůůŝŽŶ ůĂƐƐ hŶŝƚƐ ŝŶ ƚŚĞ WĂƌƚŶĞƌƐŚŝƉ Ăƚ ΨϬ͘ϯϬ ƉĞƌ hŶŝƚ ĨŽƌ Ă ƚŽƚĂů ĐĂƐŚ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ŽĨ ΨϬ͘ϳ ŵŝůůŝŽŶ ŝŶĐƌĞĂƐŝŶŐ ƚŚĞŝƌ ŽǁŶĞƌƐŚŝƉ ŝŶ ƚŚĞ ũŽŝŶƚ ǀĞŶƚƵƌĞ ƚŽ ϳϭ͘ϭй ĨƌŽŵ ϳϬ͘ϰй͕ ƌĞƐƵůƚŝŶŐ ŝŶ Ă ĚŝůƵƚŝŽŶ ŐĂŝŶ ŽŶ ũŽŝŶƚ ǀĞŶƚƵƌĞ ŽĨ Ψϵϭ ƚŚŽƵƐĂŶĚ͘

KŶ ^ĞƉƚĞŵďĞƌ Ϯϭ͕ ϮϬϮϭ͕ >ŝŵŝƚĞĚ WĂƌƚŶĞƌƐŚŝƉ ŐƌĞĞŵĞŶƚ ǁĂƐ ĂŵĞŶĚĞĚ ƚŽ ŝŶĐůƵĚĞ ůĂƐƐ hŶŝƚƐ͕ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŽǁŶĞƌƐŚŝƉ ŝŶ ƚŚĞ ũŽŝŶƚ ǀĞŶƚƵƌĞ ĚĞĐƌĞĂƐĞĚ ƚŽ Ϯϴ͘Ϭй ĨƌŽŵ Ϯϴ͘ϵй ǁŚĞŶ ƚŚĞ ƉƌŝǀĂƚĞ ĞƋƵŝƚLJ Ĩŝƌŵ ĐŽŶƚƌŝďƵƚĞĚ ĂĚĚŝƚŝŽŶĂů ĐĂƉŝƚĂů ŝŶƚŽ ƚŚĞ WĂƌƚŶĞƌƐŚŝƉ ŝŶ ĞdžĐŚĂŶŐĞ ĨŽƌ ϯ͘ϯ ŵŝůůŝŽŶ ůĂƐƐ hŶŝƚƐ ŝŶ ƚŚĞ WĂƌƚŶĞƌƐŚŝƉ Ăƚ ΨϬ͘ϯϬ ƉĞƌ hŶŝƚ ĨŽƌ Ă ƚŽƚĂů ĐĂƐŚ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ŽĨ Ψϭ͘Ϭ ŵŝůůŝŽŶ ŝŶĐƌĞĂƐŝŶŐ ƚŚĞŝƌ ŽǁŶĞƌƐŚŝƉ ŝŶ ƚŚĞ ũŽŝŶƚ ǀĞŶƚƵƌĞ ƚŽ ϳϮ͘Ϭй ĨƌŽŵ ϳϭ͘ϭй͕ ƌĞƐƵůƚŝŶŐ ŝŶ Ă ĚŝůƵƚŝŽŶ ŐĂŝŶ ŽŶ ũŽŝŶƚ ǀĞŶƚƵƌĞ ŽĨ Ψϵϰϵ ƚŚŽƵƐĂŶĚ͘

EŽƚĞƐ ƚŽ ƚŚĞ ŽŶƐŽůŝĚĂƚĞĚ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶĚ ϮϬϮϬ ;dĂďƵůĂƌ ĂŵŽƵŶƚƐ ŝŶ ƚŚŽƵƐĂŶĚƐͿ

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ĂŶŬ ůŽĂŶ

ƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂĚ Ă ĚĞŵĂŶĚ ĐƌĞĚŝƚ ĨĂĐŝůŝƚLJ ǁŝƚŚ Ă ĂŶĂĚŝĂŶ ĐŚĂƌƚĞƌĞĚ ďĂŶŬ ĐŽŶƐŝƐƚŝŶŐ ŽĨ Ă ĚĞŵĂŶĚ ƌĞǀŽůǀŝŶŐ ƉƌŝŵĞ ƌĂƚĞ ůŽĂŶ ĂŶĚ Ă ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ĐƌĞĚŝƚ ƐƵƉƉŽƌƚ ĨĂĐŝůŝƚLJ͘

dŚĞ ĂǀĂŝůĂďůĞ ďŽƌƌŽǁŝŶŐ ůŝŵŝƚ ŽĨ ƚŚĞ ĐƌĞĚŝƚ ĨĂĐŝůŝƚLJ ŝƐ ƌĞǀŝĞǁĞĚ ƐĞŵŝͲĂŶŶƵĂůůLJ ĂŶĚ ŝƐ ďĂƐĞĚ ŽŶ ƚŚĞ ďĂŶŬƐ

ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƌĞƐĞƌǀĞƐ ĂŶĚ ĨƵƚƵƌĞ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ͘ KŶ ^ĞƉƚĞŵďĞƌ Ϯϰ͕ ϮϬϮϭ͕ ƚŚĞ ĐƌĞĚŝƚ ĨĂĐŝůŝƚLJ ǁĂƐ ĂŵĞŶĚĞĚ ƚŽ ƉĞƌŵŝƚ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ŽĨ ĐĞƌƚĂŝŶ ƉƌŽƉĞƌƚŝĞƐ ŝŶ ƚŚĞ >ůŽLJĚŵŝŶƐƚĞƌ ĂƌĞĂ ŽĨ ^ĂƐŬĂƚĐŚĞǁĂŶ͕ ƚŽ ĂŵĞŶĚ ƚŚĞ ŵŝŶŝŵƵŵ >DZ ƚŽ ŐƌĞĂƚĞƌ ƚŚĂŶ ϭ͘Ϭ ŝŶ ĞĂĐŚ ũƵƌŝƐĚŝĐƚŝŽŶ ƚŚĞ ŽŵƉĂŶLJ ŽǁŶƐ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƉƌŽƉĞƌƚŝĞƐ ĂŶĚ ĐŽŶĨŝƌŵĞĚ ƚŚĞ ďŽƌƌŽǁŝŶŐ ůŝŵŝƚ Ăƚ ΨϮ͘Ϭ ŵŝůůŝŽŶ ƚŽ ďĞ ƌĞĚƵĐĞĚ ďLJ ΨϮϱϬ ƚŚŽƵƐĂŶĚ ŽŶ KĐƚŽďĞƌ ϭ͕ ϮϬϮϭ ĂŶĚ ďLJ ΨϰϬϬ ƚŚŽƵƐĂŶĚ ŽŶ ƚŚĞ ĨŝƌƐƚ ŽĨ ĞĂĐŚ ŵŽŶƚŚ ƚŚĞƌĞĂĨƚĞƌ ƵŶƚŝů ĂŶĚ ŝŶĐůƵĚŝŶŐ &ĞďƌƵĂƌLJ ϭ͕ ϮϬϮϮ͘

ƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ƚŚĞ ďŽƌƌŽǁŝŶŐ ůŝŵŝƚ ǁĂƐ ΨϵϱϬ ƚŚŽƵƐĂŶĚ ĂŶĚ ƚŚĞ ŽŵƉĂŶLJ ŚĂĚ ĚƌĂǁŶ ΨŶŝů ŽŶ ƚŚŝƐ ĨĂĐŝůŝƚLJ ;ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϬ Ͳ ΨϮ͘ϯ ŵŝůůŝŽŶͿ͘ ^ƵďƐĞƋƵĞŶƚ ƚŽ LJĞĂƌͲĞŶĚ͕ ƚŚĞ ŽŵƉĂŶLJ ƚĞƌŵŝŶĂƚĞĚ ƚŚĞ ĐƌĞĚŝƚ ĨĂĐŝůŝƚLJ ĂŶĚ ƚŚĞ ĂŶĂĚŝĂŶ ĐŚĂƌƚĞƌĞĚ ďĂŶŬ ƌĞůĞĂƐĞĚ ƚŚĞ ĨŝdžĞĚ ĂŶĚ ĨůŽĂƚŝŶŐ ĐŚĂƌŐĞ ĚĞŵĂŶĚ ĚĞďĞŶƚƵƌĞ ŽŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƉƌŽĚƵĐŝŶŐ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƉƌŽƉĞƌƚŝĞƐ͘

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ĞĐŽŵŵŝƐƐŝŽŶŝŶŐ ůŝĂďŝůŝƚŝĞƐ

dŚĞ ŽŵƉĂŶLJ͛Ɛ ĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐ ůŝĂďŝůŝƚŝĞƐ ƌĞƐƵůƚ ĨƌŽŵ ŶĞƚ ŽǁŶĞƌƐŚŝƉ ŝŶƚĞƌĞƐƚƐ ŝŶ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ĂƐƐĞƚƐ ŝŶĐůƵĚŝŶŐ ǁĞůů ƐŝƚĞƐ͕ ŐĂƚŚĞƌŝŶŐ ƐLJƐƚĞŵƐ ĂŶĚ ƉƌŽĐĞƐƐŝŶŐ ĨĂĐŝůŝƚŝĞƐ͘ dŚĞ ŽŵƉĂŶLJ ĞƐƚŝŵĂƚĞƐ ƚŚĞ ƚŽƚĂů ĨƵƚƵƌĞ ƵŶĚŝƐĐŽƵŶƚĞĚ ĂŵŽƵŶƚ ŽĨ ĐĂƐŚ ĨůŽǁƐ ƌĞƋƵŝƌĞĚ ƚŽ ƐĞƚƚůĞ ŝƚƐ ĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐ ůŝĂďŝůŝƚŝĞƐ ŝƐ ĂƉƉƌŽdžŝŵĂƚĞůLJ ΨϮϬ͘ϰ ŵŝůůŝŽŶ ;ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϬ Ͳ Ψϴ͘ϱ ŵŝůůŝŽŶͿ͘ dŚĞƐĞ ƉĂLJŵĞŶƚƐ ĂƌĞ ĞdžƉĞĐƚĞĚ ƚŽ ďĞ ŵĂĚĞ ŽǀĞƌ ƚŚĞ ŶĞdžƚ ϲϬ LJĞĂƌƐ͘ ƌŝƐŬͲĨƌĞĞ ƌĂƚĞ ŽĨ ϭ͘ϲϴй ;ϮϬϮϬ ʹ ϭ͘ϮйͿ ĂŶĚ ĂŶ ŝŶĨůĂƚŝŽŶ ƌĂƚĞ ŽĨ ϭ͘ϴϮй ;ϮϬϮϬ ʹ ϭ͘ϱйͿ ǁĂƐ ƵƐĞĚ ƚŽ ĐĂůĐƵůĂƚĞ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƚŚĞ ĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐ ůŝĂďŝůŝƚŝĞƐ͘

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dŚĞ ŽŵƉĂŶLJ͛Ɛ ĂƵƚŚŽƌŝnjĞĚ ƐŚĂƌĞ ĐĂƉŝƚĂů ĐŽŶƐŝƐƚƐ ŽĨ ĂŶ ƵŶůŝŵŝƚĞĚ ŶƵŵďĞƌ ŽĨ ĐŽŵŵŽŶ ǀŽƚŝŶŐ ƐŚĂƌĞƐ ĂŶĚ ĂŶ ƵŶůŝŵŝƚĞĚ ŶƵŵďĞƌ ŽĨ ƉƌĞĨĞƌƌĞĚ ƐŚĂƌĞƐ͕ ŝƐƐƵĂďůĞ ŝŶ ƐĞƌŝĞƐ͘

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<ĞLJ ŵĂŶĂŐĞŵĞŶƚ ƉĞƌƐŽŶŶĞů ĂƌĞ ƚŚŽƐĞ ƉĞƌƐŽŶƐ ŚĂǀŝŶŐ ĂƵƚŚŽƌŝƚLJ ĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ĨŽƌ ƉůĂŶŶŝŶŐ͕ ĚŝƌĞĐƚŝŶŐ ĂŶĚ ĐŽŶƚƌŽůůŝŶŐ ƚŚĞ ĂĐƚŝǀŝƚŝĞƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͘ dŚĞ ŬĞLJ ŵĂŶĂŐĞŵĞŶƚ ƉĞƌƐŽŶŶĞů ĐŽŵƉĞŶƐĂƚŝŽŶ ďĞĨŽƌĞ ĐĂƉŝƚĂůŝnjĂƚŝŽŶ ŝƐ ĐŽŵƉƌŝƐĞĚ ŽĨ ƚŚĞ ĨŽůůŽǁŝŶŐ͗

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dŚĞ ŽŵƉĂŶLJ ƐĞůůƐ ŝƚƐ ƉƌŽĚƵĐƚŝŽŶ ƉƵƌƐƵĂŶƚ ƚŽ ĨŝdžĞĚ Žƌ ǀĂƌŝĂďůĞͲƉƌŝĐĞ ĐŽŶƚƌĂĐƚƐ͘ dŚĞ ƚƌĂŶƐĂĐƚŝŽŶ ƉƌŝĐĞ ĨŽƌ ǀĂƌŝĂďůĞ ƉƌŝĐĞĚ ĐŽŶƚƌĂĐƚƐ ŝƐ ďĂƐĞĚ ŽŶ ƚŚĞ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞ͕ ĂĚũƵƐƚĞĚ ĨŽƌ ƋƵĂůŝƚLJ͕ ůŽĐĂƚŝŽŶ Žƌ ŽƚŚĞƌ ĨĂĐƚŽƌƐ͕ ǁŚĞƌĞďLJ ĞĂĐŚ ĐŽŵƉŽŶĞŶƚ ŽĨ ƚŚĞ ƉƌŝĐŝŶŐ ĨŽƌŵƵůĂ ĐĂŶ ďĞ ĞŝƚŚĞƌ ĨŝdžĞĚ Žƌ ǀĂƌŝĂďůĞ͕ ĚĞƉĞŶĚŝŶŐ ŽŶ ƚŚĞ ĐŽŶƚƌĂĐƚ ƚĞƌŵƐ͘ hŶĚĞƌ ƚŚĞ ĐŽŶƚƌĂĐƚƐ͕ ƚŚĞ ŽŵƉĂŶLJ ŝƐ ƌĞƋƵŝƌĞĚ ƚŽ ĚĞůŝǀĞƌ Ă ĨŝdžĞĚ Žƌ ǀĂƌŝĂďůĞ ǀŽůƵŵĞ ŽĨ ĐƌƵĚĞ Žŝů͕ ĐŽŶĚĞŶƐĂƚĞ͕ ŶĂƚƵƌĂů ŐĂƐ Žƌ ŶĂƚƵƌĂů ŐĂƐ ůŝƋƵŝĚƐ ƚŽ ƚŚĞ ĐƵƐƚŽŵĞƌ͘ ZĞǀĞŶƵĞ ŝƐ ƌĞĐŽŐŶŝnjĞĚ ǁŚĞŶ Ă ƵŶŝƚ ŽĨ ƉƌŽĚƵĐƚŝŽŶ ŝƐ ĚĞůŝǀĞƌĞĚ ƚŽ ƚŚĞ ĐƵƐƚŽŵĞƌ͘ dŚĞ ĂŵŽƵŶƚ ŽĨ ƌĞǀĞŶƵĞ ƌĞĐŽŐŶŝnjĞĚ ŝƐ ďĂƐĞĚ ŽŶ ƚŚĞ ĂŐƌĞĞĚ ƚƌĂŶƐĂĐƚŝŽŶ ƉƌŝĐĞ͕ ǁŚĞƌĞďLJ ĂŶLJ ǀĂƌŝĂďŝůŝƚLJ ŝŶ ƌĞǀĞŶƵĞ ƌĞůĂƚĞƐ ƐƉĞĐŝĨŝĐĂůůLJ ƚŽ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĞĨĨŽƌƚƐ ƚŽ ƚƌĂŶƐĨĞƌ ƉƌŽĚƵĐƚŝŽŶ͕ ĂŶĚ ƚŚĞƌĞĨŽƌĞ ƚŚĞ ƌĞƐƵůƚŝŶŐ ƌĞǀĞŶƵĞ ŝƐ ĂůůŽĐĂƚĞĚ ƚŽ ƚŚĞ ƉƌŽĚƵĐƚŝŽŶ ĚĞůŝǀĞƌĞĚ ŝŶ ƚŚĞ ƉĞƌŝŽĚ ĚƵƌŝŶŐ ǁŚŝĐŚ ƚŚĞ ǀĂƌŝĂďŝůŝƚLJ ŽĐĐƵƌƐ͘ Ɛ Ă ƌĞƐƵůƚ͕ ŶŽŶĞ ŽĨ ƚŚĞ ǀĂƌŝĂďůĞ ƌĞǀĞŶƵĞ ŝƐ ĐŽŶƐŝĚĞƌĞĚ ĐŽŶƐƚƌĂŝŶĞĚ͘

ƌƵĚĞ Žŝů͕ ĐŽŶĚĞŶƐĂƚĞ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ůŝƋƵŝĚƐ ĂƌĞ ƐŽůĚ ƵŶĚĞƌ ĐŽŶƚƌĂĐƚƐ ŽĨ ǀĂƌLJŝŶŐ ƚĞƌŵƐ ŽĨ ƵƉ ƚŽ ŽŶĞ LJĞĂƌ͘ ZĞǀĞŶƵĞƐ ĂƌĞ ƚLJƉŝĐĂůůLJ ĐŽůůĞĐƚĞĚ ŽŶ ƚŚĞ ϮϱƚŚ ĚĂLJ ŽĨ ƚŚĞ ŵŽŶƚŚ ĨŽůůŽǁŝŶŐ ƉƌŽĚƵĐƚŝŽŶ͘

dŚĞ ĨŽůůŽǁŝŶŐ ƚĂďůĞ ƐƵŵŵĂƌŝnjĞƐ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƐĂůĞƐ Ăůů ŽĨ ǁŚŝĐŚ ĂƌĞ ĨƌŽŵ ƌĞǀĞŶƵĞ ǁŝƚŚ ĐŽŶƚƌĂĐƚƐ ǁŝƚŚ ĐƵƐƚŽŵĞƌƐ͗

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EŽƚĞƐ ƚŽ ƚŚĞ ŽŶƐŽůŝĚĂƚĞĚ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶĚ ϮϬϮϬ ;dĂďƵůĂƌ ĂŵŽƵŶƚƐ ŝŶ ƚŚŽƵƐĂŶĚƐͿ

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dŚĞ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ ŚĂƐ ŽǀĞƌĂůů ƌĞƐƉŽŶƐŝďŝůŝƚLJ ĨŽƌ ƚŚĞ ĞƐƚĂďůŝƐŚŵĞŶƚ ĂŶĚ ŽǀĞƌƐŝŐŚƚ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ĨƌĂŵĞǁŽƌŬ͘ dŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŚĂƐ ŝŵƉůĞŵĞŶƚĞĚ ĂŶĚ ŵŽŶŝƚŽƌƐ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ƉŽůŝĐŝĞƐ͘

dŚĞ ŽŵƉĂŶLJ͛Ɛ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ƉŽůŝĐŝĞƐ ĂƌĞ ĞƐƚĂďůŝƐŚĞĚ ƚŽ ŝĚĞŶƚŝĨLJ ĂŶĚ ĂŶĂůLJnjĞ ƚŚĞ ƌŝƐŬƐ ĨĂĐĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ͕ ƚŽ ƐĞƚ ĂƉƉƌŽƉƌŝĂƚĞ ƌŝƐŬ ůŝŵŝƚƐ ĂŶĚ ĐŽŶƚƌŽůƐ͕ ĂŶĚ ƚŽ ŵŽŶŝƚŽƌ ƌŝƐŬƐ ĂŶĚ ĂĚŚĞƌĞŶĐĞ ƚŽ ŵĂƌŬĞƚ ĐŽŶĚŝƚŝŽŶƐ ĂŶĚ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĂĐƚŝǀŝƚŝĞƐ͘

DĂƌŬĞƚ ƌŝƐŬ

DĂƌŬĞƚ ƌŝƐŬ ŝƐ ƚŚĞ ƌŝƐŬ ƚŚĂƚ ĐŚĂŶŐĞƐ ŝŶ ŵĂƌŬĞƚ ƉƌŝĐĞƐ͕ ƐƵĐŚ ĂƐ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ ĨŽƌ ĐƌƵĚĞ Žŝů ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ĂƐ ǁĞůů ĂƐ ĐŽƐƚƐ ŽĨ ĞůĞĐƚƌŝĐŝƚLJ ĐŽŶƐƵŵƉƚŝŽŶ͕ ĨŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞ ƌĂƚĞƐ ĂŶĚ ŝŶƚĞƌĞƐƚ ƌĂƚĞƐ ǁŝůů ĂĨĨĞĐƚ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ǀĂůƵĂƚŝŽŶ ŽĨ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ͕ ƚŚĞ ĚĞďƚ ůĞǀĞůƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͕ ĂƐ ǁĞůů ĂƐ ŝƚƐ ŝŶĐŽŵĞ ĂŶĚ ĐĂƐŚ ĨůŽǁ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ͘ dŚĞ ŽďũĞĐƚŝǀĞ ŽĨ ŵĂƌŬĞƚ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ŝƐ ƚŽ ŵĂŶĂŐĞ ĂŶĚ ĐŽŶƚƌŽů ŵĂƌŬĞƚ ƌŝƐŬ ĞdžƉŽƐƵƌĞƐ ǁŝƚŚŝŶ ĂĐĐĞƉƚĂďůĞ ƉĂƌĂŵĞƚĞƌƐ͕ ǁŚŝůĞ ŵĂdžŝŵŝnjŝŶŐ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƌĞƚƵƌŶƐ͘ ůů ƐƵĐŚ ƚƌĂŶƐĂĐƚŝŽŶƐ ĂƌĞ ĐŽŶĚƵĐƚĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ƉŽůŝĐLJ ƚŚĂƚ ŚĂƐ ďĞĞŶ ĂƉƉƌŽǀĞĚ ďLJ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ͘

ŽŵŵŽĚŝƚLJ ƉƌŝĐĞ ƌŝƐŬ

ŽŵŵŽĚŝƚLJ ƉƌŝĐĞ ƌŝƐŬ ŝƐ ƚŚĞ ƌŝƐŬ ƚŚĂƚ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ ǁŝůů ĨůƵĐƚƵĂƚĞ ĂƐ Ă ƌĞƐƵůƚ ŽĨ ĐŚĂŶŐĞƐ ŝŶ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ͘ ŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ ĨŽƌ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ĂƌĞ ŝŵƉĂĐƚĞĚ ďLJ ƚŚĞ ƌĞůĂƚŝŽŶƐŚŝƉ ďĞƚǁĞĞŶ ƚŚĞ ĂŶĂĚŝĂŶ ĂŶĚ hŶŝƚĞĚ ^ƚĂƚĞƐ ĚŽůůĂƌ ĂŶĚ ĂůƐŽ ǁŽƌůĚ ĞĐŽŶŽŵŝĐ ĞǀĞŶƚƐ ƚŚĂƚ ĚŝĐƚĂƚĞ ƚŚĞ ůĞǀĞůƐ ŽĨ ƐƵƉƉůLJ ĂŶĚ ĚĞŵĂŶĚ͘ dŚĞ ŽŵƉĂŶLJ ŵĂLJ ƵƚŝůŝnjĞ ďŽƚŚ ĨŝŶĂŶĐŝĂů ĚĞƌŝǀĂƚŝǀĞƐ ĂŶĚ ƉŚLJƐŝĐĂů ĚĞůŝǀĞƌLJ ĐŽŶƚƌĂĐƚƐ ƚŽ ŵĂŶĂŐĞ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞ ƌŝƐŬƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĞdžƉĞĐƚĞĚ ƐĂůĞ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ &ŝdžĞĚ ƉƌŝĐĞ ƉŚLJƐŝĐĂů ĚĞůŝǀĞƌLJ ĐŽŶƚƌĂĐƚƐ ĂƌĞ ŶŽƚ ĐŽŶƐŝĚĞƌĞĚ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ͖ ƚŚĞƌĞĨŽƌĞ͕ ŶŽ ĂƐƐĞƚ Žƌ ůŝĂďŝůŝƚLJ ŚĂƐ ďĞĞŶ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ŶŽ ĨŝŶĂŶĐŝĂů ĚĞƌŝǀĂƚŝǀĞ ĐŽŶƚƌĂĐƚƐ ŚĂǀĞ ďĞĞŶ ĞŶƚĞƌĞĚ ŝŶƚŽ ĂŶĚ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ƚŚĞ ĨŽůůŽǁŝŶŐ ƉŚLJƐŝĐĂů ƐĂůĞƐ ĐŽŶƚƌĂĐƚƐ͗

ĞŶĐŚŵĂƌŬ	WĞƌŝŽĚ	sŽůƵŵĞ	WƌŝĐĞͬhŶŝƚ
&ŽƐƚĞƌƚŽŶ	:ĂŶƵĂƌLJ ϭ͕ ϮϬϮϮ ƚŽ DĂƌĐŚ ϯϭ͕ ϮϬϮϮ	ϭϬϬ ďďůͬĚ	Ψϲϵ͘ϲϬ
&ŽƐƚĞƌƚŽŶ	&ĞďƌƵĂƌLJ ϭ͕ ϮϬϮϮ ƚŽ :ƵŶĞ ϯϬ͕ ϮϬϮϮ	ϭϬϬ ďďůͬĚ	Ψϳϴ͘ϵϬ
>ůŽLJĚŵŝŶƐƚĞƌ <ĞƌƌŽďĞƌƚ	&ĞďƌƵĂƌLJ ϭ͕ ϮϬϮϮ ƚŽ :ƵŶĞ ϯϬ͕ ϮϬϮϮ	ϭϬϬ ďďůͬĚ	Ψϳϴ͘ϵϬ
&ŽƐƚĞƌƚŽŶ	&ĞďƌƵĂƌLJ ϭ͕ ϮϬϮϮ ƚŽ &ĞďƌƵĂƌLJ Ϯϴ͕ ϮϬϮϮ	ϭϬϬ ďďůͬĚ	Ψϴϯ͘ϬϬ
>ůŽLJĚŵŝŶƐƚĞƌ <ĞƌƌŽďĞƌƚ	&ĞďƌƵĂƌLJ ϭ͕ ϮϬϮϮ ƚŽ &ĞďƌƵĂƌLJ Ϯϴ͕ ϮϬϮϮ	ϭϬϬ ďďůͬĚ	Ψϴϯ͘ϬϬ
&ŽƐƚĞƌƚŽŶ	Ɖƌŝů ϭ͕ ϮϬϮϮ ƚŽ :ƵŶĞ ϯϬ͕ ϮϬϮϮ	ϭϬϬ ďďůͬĚ	ΨϭϭϮ͘ϱ

/ŶƚĞƌĞƐƚ ƌĂƚĞ ƌŝƐŬ

dŚĞ ŽŵƉĂŶLJ ŝƐ ĞdžƉŽƐĞĚ ƚŽ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ƌŝƐŬ ŽŶ ďĂŶŬ ĐƌĞĚŝƚ ĨĂĐŝůŝƚLJ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ŽĨ ĐŚĂŶŐĞƐ ŝŶ ŵĂƌŬĞƚ ŝŶƚĞƌĞƐƚ ƌĂƚĞƐ͘ Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶĚ ϮϬϮϬ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂĚ ŶŽ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ƐǁĂƉ Žƌ ĚĞƌŝǀĂƚŝǀĞ ĐŽŶƚƌĂĐƚƐ ŝŶ ƉůĂĐĞ͘

&ŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞ ƌŝƐŬ

&ŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞ ƌŝƐŬ ĂƌŝƐĞƐ ĨƌŽŵ ĐŚĂŶŐĞƐ ŝŶ ĨŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞ ƌĂƚĞƐ ƚŚĂƚ ŵĂLJ ĂĨĨĞĐƚ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ Žƌ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ Žƌ ůŝĂďŝůŝƚŝĞƐ͘ dŚĞ ŽŵƉĂŶLJ ŝƐ ĞdžƉŽƐĞĚ ƚŽ ĨŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞ ƌŝƐŬ ŝŶ ƌĞůĂƚŝŽŶ ƚŽ ŝƚƐ ĐƌƵĚĞ Žŝů ƐĂůĞƐ͘ Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂĚ ŶŽ ĨŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞ ƐǁĂƉ Žƌ ĚĞƌŝǀĂƚŝǀĞ ĐŽŶƚƌĂĐƚƐ ŝŶ ƉůĂĐĞ͘

ƌĞĚŝƚ ƌŝƐŬ

ƌĞĚŝƚ ƌŝƐŬ ŝƐ ƚŚĞ ƌŝƐŬ ŽĨ ĨŝŶĂŶĐŝĂů ůŽƐƐ ƚŽ ƚŚĞ ŽŵƉĂŶLJ ŝĨ Ă ĐƵƐƚŽŵĞƌ Žƌ ĐŽƵŶƚĞƌƉĂƌƚLJ ƚŽ Ă ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚ ĨĂŝůƐ ƚŽ ŵĞĞƚ ŝƚƐ ĐŽŶƚƌĂĐƚƵĂů ŽďůŝŐĂƚŝŽŶƐ͕ ĂŶĚ ĂƌŝƐĞƐ ƉƌŝŶĐŝƉĂůůLJ ĨƌŽŵ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƌĞĐĞŝǀĂďůĞƐ ĨƌŽŵ ƉƵƌĐŚĂƐĞƌƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ͕ ũŽŝŶƚ ǀĞŶƚƵƌĞ ƉĂƌƚŶĞƌƐ ĂŶĚ ƚŚĞ ĐŽƵŶƚĞƌƉĂƌƚŝĞƐ ƚŽ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ĐŽŶƚƌĂĐƚƐ͘ Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƌĞĐĞŝǀĂďůĞƐ ĐŽŶƐŝƐƚĞĚ ŽĨ ΨϮ͘ϰ ŵŝůůŝŽŶ ĨƌŽŵ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƉƵƌĐŚĂƐĞƌƐ͕ ΨϬ͘ϰ ŵŝůůŝŽŶ ĚƵĞ ĨƌŽŵ ũŽŝŶƚ ǀĞŶƚƵƌĞ ƉĂƌƚŶĞƌƐ ĂŶĚ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐ͕ ΨϬ͘Ϯ ŵŝůůŝŽŶ ĚƵĞ ĨƌŽŵ ŐŽǀĞƌŶŵĞŶƚ ĨŽƌ ŐŽŽĚƐ ĂŶĚ ƐĞƌǀŝĐĞƐ ƚĂdž ƌĞĐĞŝǀĂďůĞ͘

ZĞĐĞŝǀĂďůĞƐ ĨƌŽŵ ƉƵƌĐŚĂƐĞƌƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ĂƌĞ ŶŽƌŵĂůůLJ ĐŽůůĞĐƚĞĚ ŽŶ ƚŚĞ ϮϱƚŚ ĚĂLJ ŽĨ ƚŚĞ ŵŽŶƚŚ ĨŽůůŽǁŝŶŐ ƐŚŝƉŵĞŶƚ͘ dŚĞ ŽŵƉĂŶLJ͛Ɛ ƉŽůŝĐLJ ƚŽ ŵŝƚŝŐĂƚĞ ĐƌĞĚŝƚ ƌŝƐŬ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞƐĞ ďĂůĂŶĐĞƐ ŝƐ ƚŽ ĞƐƚĂďůŝƐŚ ŵĂƌŬĞƚŝŶŐ ƌĞůĂƚŝŽŶƐŚŝƉƐ ǁŝƚŚ ůĂƌŐĞ͕ ĐƌĞĚŝƚ ǁŽƌƚŚLJ ƉĞƚƌŽůĞƵŵ ŵĂƌŬĞƚĞƌƐ͘ dŚĞ ŽŵƉĂŶLJ ŝŶƚĞŶƚŝŽŶĂůůLJ ƵƐĞƐ ƐĞǀĞƌĂů ŵĂƌŬĞƚĞƌƐ ŝŶ ŽƌĚĞƌ ƚŽ ĚŝǀĞƌƐŝĨLJ ƚŚŝƐ ƌŝƐŬ͘ &ŝŶĂŶĐŝĂů ĚĞƌŝǀĂƚŝǀĞ ĐŽŶƚƌĂĐƚƐ ĂƌĞ ŽŶůLJ ĞŶƚĞƌĞĚ ŝŶƚŽ ǁŝƚŚ ĐƌĞĚŝƚ ǁŽƌƚŚLJ ŝŶƐƚŝƚƵƚŝŽŶƐ͘ :ŽŝŶƚ ǀĞŶƚƵƌĞ ƌĞĐĞŝǀĂďůĞƐ ĂƌĞ ƚLJƉŝĐĂůůLJ ĐŽůůĞĐƚĞĚ ǁŝƚŚŝŶ ŽŶĞ ƚŽ ĨŽƵƌ ŵŽŶƚŚƐ ŽĨ ƚŚĞ ũŽŝŶƚ ǀĞŶƚƵƌĞ ďŝůů ďĞŝŶŐ ŝƐƐƵĞĚ ƚŽ ƚŚĞ ƉĂƌƚŶĞƌ͘ dŚĞ ŽŵƉĂŶLJ ĂƚƚĞŵƉƚƐƚŽ ŵŝƚŝŐĂƚĞ ƚŚĞ ƌŝƐŬ ĨƌŽŵ ũŽŝŶƚ ǀĞŶƚƵƌĞ ƌĞĐĞŝǀĂďůĞƐ ďLJ ŽďƚĂŝŶŝŶŐ ƉĂƌƚŶĞƌ ĂƉƉƌŽǀĂů ŽĨ ƐŝŐŶŝĨŝĐĂŶƚ ĐĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞƐ ƉƌŝŽƌ ƚŽ ĐŽŵŵĞŶĐĞŵĞŶƚ ŽĨ ƚŚĞ ũŽŝŶƚ ǀĞŶƚƵƌĞ ƉƌŽũĞĐƚ ĂŶĚ ƐŵĂůůĞƌ ƉĂƌƚŶĞƌƐ ĂƌĞ ĐĂƐŚ ĐĂůůĞĚ ƚŽ ƉĂLJ ĨŽƌ ƚŚĞŝƌ ƐŚĂƌĞ ŽĨ ĐŽƐƚƐ ŝŶ ĂĚǀĂŶĐĞ ŽĨ Ă ƉƌŽũĞĐƚ ĐŽŵŵĞŶĐŝŶŐ͘ ,ŽǁĞǀĞƌ͕ ƚŚĞ ƌĞĐĞŝǀĂďůĞƐ ĂƌĞ ĨƌŽŵ ƉĂƌƚŝĐŝƉĂŶƚƐ ŝŶ ƚŚĞ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƐĞĐƚŽƌ͕ ĂŶĚ ĐŽůůĞĐƚŝŽŶ ŽĨ ƚŚĞ ŽƵƚƐƚĂŶĚŝŶŐ ďĂůĂŶĐĞƐ ŝƐ ĚĞƉĞŶĚĞŶƚ ŽŶ ŝŶĚƵƐƚƌLJ ĨĂĐƚŽƌƐ ƐƵĐŚ ĂƐ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞ ĨůƵĐƚƵĂƚŝŽŶƐ͕ ĞƐĐĂůĂƚŝŶŐ ĐŽƐƚƐ ĂŶĚ ƚŚĞ ƌŝƐŬ ŽĨ ƵŶƐƵĐĐĞƐƐĨƵů ĚƌŝůůŝŶŐ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ĨƵƌƚŚĞƌ ƌŝƐŬ ĞdžŝƐƚƐ ǁŝƚŚ ũŽŝŶƚ ǀĞŶƚƵƌĞ ƉĂƌƚŶĞƌƐ ĂƐ ĚŝƐĂŐƌĞĞŵĞŶƚƐ ŽĐĐĂƐŝŽŶĂůůLJ ĂƌŝƐĞ ƚŚĂƚ ŝŶĐƌĞĂƐĞ ƚŚĞ ƉŽƚĞŶƚŝĂů ĨŽƌ ŶŽŶͲĐŽůůĞĐƚŝŽŶ͘ dŽ ŽĨĨƐĞƚ ƚŚŝƐ ƌŝƐŬ͕ ƚŚĞ ŽŵƉĂŶLJ ŽĨƚĞŶ ŚĂƐ ƚŚĞ ĂďŝůŝƚLJ ƚŽ ǁŝƚŚŚŽůĚ ƉƌŽĚƵĐƚŝŽŶ ĨƌŽŵ ũŽŝŶƚ ǀĞŶƚƵƌĞ ƉĂƌƚŶĞƌƐ ŝŶ ƚŚĞ ĞǀĞŶƚ ŽĨ ŶŽŶͲƉĂLJŵĞŶƚ͘

dŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŽĨ ĂĐĐŽƵŶƚƐ ƌĞĐĞŝǀĂďůĞ ĂŶĚ ĚƵĞ ĨƌŽŵ ƌĞůĂƚĞĚ ƉĂƌƚLJ ƌĞƉƌĞƐĞŶƚƐ ƚŚĞ ŵĂdžŝŵƵŵ ĐƌĞĚŝƚ ĞdžƉŽƐƵƌĞ͘

dŚĞ ŽŵƉĂŶLJ ĚŽĞƐ ŶŽƚ ŚĂǀĞ ĂŶ ĂůůŽǁĂŶĐĞ ĨŽƌ ĚŽƵďƚĨƵů ĂĐĐŽƵŶƚƐ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ĂŶĚ ĚŝĚ ŶŽƚ ƉƌŽǀŝĚĞ ĨŽƌ ĂŶLJ ĚŽƵďƚĨƵů ĂĐĐŽƵŶƚƐ ŶŽƌ ǁĂƐ ŝƚ ƌĞƋƵŝƌĞĚ ƚŽ ǁƌŝƚĞͲŽĨĨ ĂŶLJ ƌĞĐĞŝǀĂďůĞƐ ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͘ dŚĞƌĞ ĂƌĞ ŶŽ ŵĂƚĞƌŝĂů ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ƚŚĂƚ ƚŚĞ ŽŵƉĂŶLJ ĐŽŶƐŝĚĞƌƐ ƉĂƐƚ ĚƵĞ ĂŶĚ Ăƚ ƌŝƐŬ ŽĨ ĐŽůůĞĐƚŝŽŶ͘

Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĂĐĐŽƵŶƚƐ ƌĞĐĞŝǀĂďůĞƐ ĂƌĞ ĂŐĞĚ ĂƐ ĨŽůůŽǁƐ͗

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dŚĞ ŽŵƉĂŶLJ ŚĂƐ ĐĂůĐƵůĂƚĞĚ ƚŚĞ ĞdžƉĞĐƚĞĚ ĐƌĞĚŝƚ ůŽƐƐĞƐ ĂƐ ƉƌĞƐĐƌŝďĞĚ ďLJ /&Z^ ϵ ƵƐŝŶŐ ƚŚĞ ƐŝŵƉůŝĨŝĞĚ ĂƉƉƌŽĂĐŚ ǁŚŝĐŚ ƉĞƌŵŝƚƐ ƚŚĞ ƵƐĞ ŽĨ ƚŚĞ ůŝĨĞƚŝŵĞ ĞdžƉĞĐƚĞĚ ůŽƐƐ ƉƌŽǀŝƐŝŽŶ͘ dŽ ĂƐƐĞƐƐ ƚŚĞ ĞdžƉĞĐƚĞĚ ĐƌĞĚŝƚ ůŽƐƐ͕ ƚŚĞ ŽŵƉĂŶLJ ƵƐĞƐ ŚŝƐƚŽƌŝĐĂů ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ĨŽƌǁĂƌĚͲůŽŽŬŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ͘ EŽ ůŽƐƐ ƉƌŽǀŝƐŝŽŶ ǁĂƐ ƌĞĐŽƌĚĞĚ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͘ ,ŝƐƚŽƌŝĐĂůůLJ͕ ƚŚĞƌĞ ǁĂƐ ŶŽ ŝŶĚŝĐĂƚŝŽŶ ƚŚĂƚ ĂŵŽƵŶƚƐ ǁĞƌĞ ŶŽŶͲĐŽůůĞĐƚĂďůĞ ƚŚƵƐ͕ ĂŶ ĂůůŽǁĂŶĐĞ ĨŽƌ ĚŽƵďƚĨƵů ĂĐĐŽƵŶƚƐ ǁĂƐ ŶŽƚ ƐĞƚ ƵƉ͘

&Ăŝƌ ǀĂůƵĞ ŽĨ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ͗

dŚĞ ŽŵƉĂŶLJ ĐůĂƐƐŝĨŝĞƐ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƚŚĞƐĞ ƚƌĂŶƐĂĐƚŝŽŶƐ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ĨŽůůŽǁŝŶŐ ŚŝĞƌĂƌĐŚLJ ďĂƐĞĚ ŽŶ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ŽďƐĞƌǀĂďůĞ ŝŶƉƵƚƐ ƵƐĞĚ ƚŽ ǀĂůƵĞ ƚŚĞ ŝŶƐƚƌƵŵĞŶƚ͘

ͻ >ĞǀĞů ϭ ʹ YƵŽƚĞĚ ƉƌŝĐĞƐ ĂƌĞ ĂǀĂŝůĂďůĞ ŝŶ ĂĐƚŝǀĞ ŵĂƌŬĞƚƐ ĨŽƌ ŝĚĞŶƚŝĐĂů ĂƐƐĞƚƐ Žƌ ůŝĂďŝůŝƚŝĞƐ ĂƐ ŽĨ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ͘ ĐƚŝǀĞ ŵĂƌŬĞƚƐ ĂƌĞ ƚŚŽƐĞ ŝŶ ǁŚŝĐŚ ƚƌĂŶƐĂĐƚŝŽŶƐ ŽĐĐƵƌ ŝŶ ƐƵĨĨŝĐŝĞŶƚ ĨƌĞƋƵĞŶĐLJ ĂŶĚ ǀŽůƵŵĞ ƚŽ ƉƌŽǀŝĚĞ ƉƌŝĐŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ĂŶ ŽŶŐŽŝŶŐ ďĂƐŝƐ͘
ͻ >ĞǀĞů Ϯ ʹ WƌŝĐŝŶŐ ŝŶƉƵƚƐ ĂƌĞ ŽƚŚĞƌ ƚŚĂŶ ƋƵŽƚĞĚ ƉƌŝĐĞƐ ŝŶ ĂĐƚŝǀĞ ŵĂƌŬĞƚƐ ŝŶĐůƵĚĞĚ ŝŶ >ĞǀĞů ϭ͘ WƌŝĐĞƐ ĂƌĞ ĞŝƚŚĞƌ ĚŝƌĞĐƚůLJ Žƌ ŝŶĚŝƌĞĐƚůLJ ŽďƐĞƌǀĂďůĞ ĂƐ ŽĨ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ͘ >ĞǀĞů Ϯ ǀĂůƵĂƚŝŽŶƐ ĂƌĞ ďĂƐĞĚ ŽŶ ŝŶƉƵƚƐ͕ ŝŶĐůƵĚŝŶŐ ƋƵŽƚĞĚ ĨŽƌǁĂƌĚ ƉƌŝĐĞƐ ĨŽƌ ĐŽŵŵŽĚŝƚŝĞƐ͕ ƚŝŵĞ ǀĂůƵĞ ĂŶĚ ǀŽůĂƚŝůŝƚLJ ĨĂĐƚŽƌƐ͕ ǁŚŝĐŚ ĐĂŶ ďĞ ƐƵďƐƚĂŶƚŝĂůůLJ ŽďƐĞƌǀĞĚ Žƌ ĐŽƌƌŽďŽƌĂƚĞĚ ŝŶ ƚŚĞ ŵĂƌŬĞƚƉůĂĐĞ͘
ͻ >ĞǀĞů ϯ ʹ sĂůƵĂƚŝŽŶƐ ŝŶ ƚŚŝƐ ůĞǀĞů ĂƌĞ ƚŚŽƐĞ ǁŝƚŚ ŝŶƉƵƚƐ ĨŽƌ ƚŚĞ ĂƐƐĞƚ Žƌ ůŝĂďŝůŝƚLJ ƚŚĂƚ ĂƌĞ ŶŽƚ ďĂƐĞĚ ŽŶ ŽďƐĞƌǀĂďůĞ ŵĂƌŬĞƚ ĚĂƚĂ͘

dŚĞ ŽŵƉĂŶLJΖƐ ĞdžƉŽƐƵƌĞ ƵŶĚĞƌ ŝƚƐ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ŝƐ ůŝŵŝƚĞĚ ƚŽ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ͕ Ăůů ŽĨ ǁŚŝĐŚ ĂƌĞ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞƐĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ dŚĞ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ ŽĨ ĂĐĐŽƵŶƚƐ ƌĞĐĞŝǀĂďůĞ͕ ĚƵĞ ĨƌŽŵ ƌĞůĂƚĞĚ ƉĂƌƚLJ͕ ĂĐĐŽƵŶƚƐ ƉĂLJĂďůĞ ĂŶĚ ĂĐĐƌƵĞĚ ůŝĂďŝůŝƚŝĞƐ ĂŶĚ ďĂŶŬ ůŽĂŶ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ďĂůĂŶĐĞ ƐŚĞĞƚ ĂƉƉƌŽdžŝŵĂƚĞ ĨĂŝƌ ǀĂůƵĞ ĚƵĞ ƚŽ ƚŚĞ ƐŚŽƌƚͲƚĞƌŵ ŶĂƚƵƌĞ ŽĨ ƚŚŽƐĞ ŝŶƐƚƌƵŵĞŶƚƐ Žƌ ƚŚĞ ŝŶĚĞdžĞĚ ƌĂƚĞ ŽĨ ŝŶƚĞƌĞƐƚ ŽŶ ƚŚĞ ďĂŶŬ ůŽĂŶ͘

>ŝƋƵŝĚŝƚLJ ƌŝƐŬ

ŝƋƵŝĚŝƚLJ ƌŝƐŬ ŝƐ ƚŚĞ ƌŝƐŬ ƚŚĂƚ ƚŚĞ ŽŵƉĂŶLJ ǁŝůů ŶŽƚ ďĞ ĂďůĞ ƚŽ ŵĞĞƚ ŝƚƐ ĨŝŶĂŶĐŝĂů ŽďůŝŐĂƚŝŽŶƐ ĂƐ ƚŚĞLJ ĂƌĞ ĚƵĞ͘ dŚĞ ŽŵƉĂŶLJ ŵĂŶĂŐĞƐ ĐĂƐŚ ĂŶĚ ĚĞďƚ ƚŽ ŵŝƚŝŐĂƚĞ ƚŚĞ ůŝŬĞůŝŚŽŽĚ ŽĨ ĞŶĐŽƵŶƚĞƌŝŶŐ ĚŝĨĨŝĐƵůƚŝĞƐ ŝŶ ŵĞĞƚŝŶŐ ŝƚƐ ĨŝŶĂŶĐŝĂů ŽďůŝŐĂƚŝŽŶƐ͘ dŚĞ ŽŵƉĂŶLJ ŝƐ ŶŽƚ ĂǀĞƌƐĞ ƚŽ ŵĂŝŶƚĂŝŶŝŶŐ Ă ŚŝŐŚĞƌ ƌĂƚŝŽ ŽĨ ĚĞďƚ ƚŽ ƚŽƚĂů ĐĂƉŝƚĂů ŝĨ ŵĂŶĂŐĞŵĞŶƚ ĚĞƚĞƌŵŝŶĞƐ ƚŚĞ ĂƐƐĞƚƐ ŝƚ ŝƐ ĂĐƋƵŝƌŝŶŐ Žƌ ƚŚĞ ƉƌŽũĞĐƚƐ ŝƚ ŝƐ ĚƌŝůůŝŶŐ ĂƌĞ ŽĨ ŚŝŐŚ ƋƵĂůŝƚLJ͘

dŚĞ ŽŵƉĂŶLJ ƉƌĞƉĂƌĞƐ ĂŶŶƵĂů ĐĂƉŝƚĂů ĂŶĚ ŽƉĞƌĂƚŝŶŐ ĞdžƉĞŶĚŝƚƵƌĞ ďƵĚŐĞƚƐ͕ ǁŚŝĐŚ ĂƌĞ ƌĞŐƵůĂƌůLJ ŵŽŶŝƚŽƌĞĚ ĂŶĚ ƵƉĚĂƚĞĚ ĂƐ ĐŽŶƐŝĚĞƌĞĚ ŶĞĐĞƐƐĂƌLJ͘ &ƵƌƚŚĞƌ͕ ƚŚĞ ŽŵƉĂŶLJ ƵƚŝůŝnjĞƐ ĂƵƚŚŽƌŝnjĂƚŝŽŶƐ ĨŽƌ ĞdžƉĞŶĚŝƚƵƌĞƐ ŽŶ ďŽƚŚ ŽƉĞƌĂƚĞĚ ĂŶĚ ŶŽŶͲŽƉĞƌĂƚĞĚ ƉƌŽũĞĐƚƐ ƚŽ ĨƵƌƚŚĞƌ ŵĂŶĂŐĞ ĐĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞƐ͘ dŚĞ ŽŵƉĂŶLJ ĂůƐŽ ĂƚƚĞŵƉƚƐ ƚŽ ŵĂƚĐŚ ŝƚƐ ƉĂLJŵĞŶƚ ĐLJĐůĞ ǁŝƚŚ ĐŽůůĞĐƚŝŽŶ ŽĨ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƌĞǀĞŶƵĞƐ ŽŶ ƚŚĞ ϮϱƚŚ ŽĨ ĞĂĐŚ ŵŽŶƚŚ͘

dŚĞ ĨŽůůŽǁŝŶŐ ĂƌĞ ƚŚĞ ĐŽŶƚƌĂĐƚƵĂů ŵĂƚƵƌŝƚŝĞƐ ŽĨ ĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐ ĂŶĚ ĂƐƐŽĐŝĂƚĞĚ ŝŶƚĞƌĞƐƚ ƉĂLJŵĞŶƚƐ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͗

EŽƚĞƐ ƚŽ ƚŚĞ ŽŶƐŽůŝĚĂƚĞĚ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶĚ ϮϬϮϬ ;dĂďƵůĂƌ ĂŵŽƵŶƚƐ ŝŶ ƚŚŽƵƐĂŶĚƐͿ

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dŚĞ ŽŵƉĂŶLJ ŵĂŶĂŐĞƐ ŝƚƐ ĐĂƉŝƚĂů ƐƚƌƵĐƚƵƌĞ ĂŶĚ ŵĂŬĞƐ ĂĚũƵƐƚŵĞŶƚƐ ďLJ ĐŽŶƚŝŶƵĂůůLJ ŵŽŶŝƚŽƌŝŶŐ ŝƚƐ ďƵƐŝŶĞƐƐ ĐŽŶĚŝƚŝŽŶƐ͕ ŝŶĐůƵĚŝŶŐ͗ ĐŚĂŶŐĞƐ ŝŶ ĞĐŽŶŽŵŝĐ ĐŽŶĚŝƚŝŽŶƐ ĂŶĚ ƌĞƐƵůƚŝŶŐ ĐŚĂŶŐĞƐ ŝŶ ĐĂƉŝƚĂů ŵĂƌŬĞƚƐ͕ ƚŚĞ ĐƵƌƌĞŶƚ ĂŶĚ ĨŽƌĞĐĂƐƚĞĚ ŶĞƚ ĚĞďƚ ůĞǀĞůƐ͕ ƚŚĞ ĨŽƌĞĐĂƐƚĞĚ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ ĂŶĚ ƌĞƐƵůƚŝŶŐ ĐĂƐŚ ĨůŽǁ͘ dŚĞ ŽŵƉĂŶLJ ƉƌĞƉĂƌĞƐ ĂŶŶƵĂů ĐĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞ ďƵĚŐĞƚƐ ĂŶĚ ůŽŶŐĞƌ ƚĞƌŵ ƉůĂŶƐ͕ ǁŚŝĐŚ ĂƌĞ ĐŽŶƚŝŶƵĂůůLJ ŵŽŶŝƚŽƌĞĚ ĂŶĚ ƵƉĚĂƚĞĚ ĂƐ ŶĞĐĞƐƐĂƌLJ ĚĞƉĞŶĚŝŶŐ ŽŶ ǀĂƌLJŝŶŐ ĨĂĐƚŽƌƐ ŝŶĐůƵĚŝŶŐ ĐƵƌƌĞŶƚ ĂŶĚ ĨŽƌĞĐĂƐƚ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ͕ ĞĂƌŶŝŶŐ ĂŶĚ ĞdžƉŝƌLJ ĐŽŵŵŝƚŵĞŶƚƐ͕ ǁĞĂƚŚĞƌ ĂŶĚ ĂĐĐĞƐƐ ƌĞƐƚƌŝĐƚŝŽŶƐ͕ ĂŶĚ ƉƌŽũĞĐƚ ŝŶǀĞƐƚŵĞŶƚ ƌŝƐŬ ƌĞƚƵƌŶ ƉƌŽĨŝůĞ͘ dŚĞ ĂŶŶƵĂů ĂŶĚ ƵƉĚĂƚĞĚ ďƵĚŐĞƚƐ ĂƌĞ ĂƉƉƌŽǀĞĚ ďLJ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ͘ dŚĞ ŽŵƉĂŶLJ ǁŝůů ĂĚũƵƐƚ ŝƚƐ ĐĂƉŝƚĂů ƐƚƌƵĐƚƵƌĞ ƚŚƌŽƵŐŚ ŝƐƐƵĂŶĐĞ ŽĨ ƐŚĂƌĞƐ ĂŶĚ ŵĂŬĞ ĂĚũƵƐƚŵĞŶƚƐ ƚŽ ĐĂƉŝƚĂů ƐƉĞŶĚŝŶŐ ƚŽ ďĂůĂŶĐĞ ƚŚĞ ĐĂƉŝƚĂů ƐƚƌƵĐƚƵƌĞ͘ dŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ĚŽĞƐ ŶŽƚ ĞƐƚĂďůŝƐŚ ƋƵĂŶƚŝƚĂƚŝǀĞ ƌĞƚƵƌŶ ŽŶ ĐĂƉŝƚĂů ƚĂƌŐĞƚƐ ĨŽƌ ŵĂŶĂŐĞŵĞŶƚ͕ ďƵƚ ƌĂƚŚĞƌ ƌĞůŝĞƐ ŽŶ ƚŚĞ ĞdžƉĞƌƚŝƐĞ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŵĂŶĂŐĞŵĞŶƚ ƚŽ ƐƵƐƚĂŝŶ ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ƚŚĞ ďƵƐŝŶĞƐƐ͘

dŚĞ ŽŵƉĂŶLJ͛Ɛ ĐĂƉŝƚĂů ƐƚƌƵĐƚƵƌĞ Ăƚ ĞĐĞŵďĞƌ ϯϭ ŝƐ ĂƐ ĨŽůůŽǁƐ͗

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ŽŵŵŝƚŵĞŶƚƐ ĞdžŝƐƚ ƵŶĚĞƌ ǀĂƌŝŽƵƐ ĂŐƌĞĞŵĞŶƚƐ ĂŶĚ ŽƉĞƌĂƚŝŽŶƐ ŝŶ ƚŚĞ ŶŽƌŵĂů ĐŽƵƌƐĞ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ďƵƐŝŶĞƐƐ͕ ŶŽŶĞ ŽĨ ǁŚŝĐŚ ĂƌĞ ĞdžƉĞĐƚĞĚ ƚŽ ŚĂǀĞ Ă ƐŝŐŶŝĨŝĐĂŶƚ ŝŵƉĂĐƚ ŽŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ Žƌ ŽƉĞƌĂƚŝŽŶƐ͘ ŽŵŵŝƚŵĞŶƚƐ ǁŝƚŚ Ă ĨŝdžĞĚ ƚĞƌŵ ĂƌĞ ĂƐ ďĞůŽǁ͘ KĨĨŝĐĞ ƉƌĞŵŝƐĞ ůĞĂƐĞ ĐŽƐƚƐ ŝŶĐůƵĚĞ ĂŶ ĞƐƚŝŵĂƚĞ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƐŚĂƌĞ ŽĨ ŽƉĞƌĂƚŝŶŐ ĐŽƐƚƐ ĨŽƌ ŝƚƐ ŽĨĨŝĐĞ ƉƌĞŵŝƐĞƐ ĨŽƌ ƚŚĞ ĚƵƌĂƚŝŽŶ ŽĨ ƚŚĞ ůĞĂƐĞ ƚĞƌŵ͘

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DĂŶĂŐĞŵĞŶƚ͛Ɛ ŝƐĐƵƐƐŝŽŶ ĂŶĚ ŶĂůLJƐŝƐ ;ƚŚĞ ΗDΘΗͿ ŚĂƐ ďĞĞŶ ƉƌĞƉĂƌĞĚ ďLJ ŵĂŶĂŐĞŵĞŶƚ͕ ĂŶĚ ƌĞǀŝĞǁĞĚ ĂŶĚ ĂƉƉƌŽǀĞĚ ďLJ ƚŚĞ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ ;ƚŚĞ ΗŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐΗͿ ŽĨ ŚƌŽŶŽƐ ZĞƐŽƵƌĐĞƐ >ƚĚ͘ ;ΗŚƌŽŶŽƐΗ Žƌ ƚŚĞ ΗŽŵƉĂŶLJΗͿ Ž ^ĞƉƚĞŵďĞƌ ϳƚŚ͕ ϮϬϮϮ͘ dŚŝƐ DΘ ƐŚŽƵůĚ ďĞ ƌĞĂĚ ŝŶ ĐŽŶũƵŶĐƚŝŽŶ ǁŝƚŚ ƚŚĞ ĂƵĚŝƚĞĚ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶĚ ƚŚĞ ŶŽƚĞƐ ƚŚĞƌĞƚŽ͘ dŚĞƐĞ ƵŶĂƵĚŝƚĞĚ ĐŽŶĚĞŶƐĞĚ ŝŶƚĞƌŝŵ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŚĂǀĞ ďĞĞŶ ƉƌĞƉĂƌĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ /ŶƚĞƌŶĂƚŝŽŶĂů ĐĐŽƵŶƚŝŶŐ ^ƚĂŶĚĂƌĚ ;͞/^͟Ϳ ϯϰ͕ /ŶƚĞƌŝŵ &ŝŶĂŶĐŝĂů ZĞƉŽƌƚŝŶŐ͘ ůů ĚŽůůĂƌ ĂŵŽƵŶƚƐ ĂƌĞ ƌĞĨĞƌĞŶĐĞĚ ŝŶ ĂŶĂĚŝĂŶ ĚŽůůĂƌƐ͘ dŚĞ ƌĞĂĚĞƌ ƐŚŽƵůĚ ďĞ ĂǁĂƌĞ ƚŚĂƚ ŚŝƐƚŽƌŝĐĂů ƌĞƐƵůƚƐ ĂƌĞ ŶŽƚ ŶĞĐĞƐƐĂƌŝůLJ ŝŶĚŝĐĂƚŝǀĞ ŽĨ ĨƵƚƵƌĞ ƉĞƌĨŽƌŵĂŶĐĞ͘

ĞƐĐƌŝƉƚŝŽŶ ŽĨ ƚŚĞ ŽŵƉĂŶLJ

ŚƌŽŶŽƐ ǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ƵŶĚĞƌ ƚŚĞ ƵƐŝŶĞƐƐ ŽƌƉŽƌĂƚŝŽŶƐ Đƚ ;ůďĞƌƚĂͿ ŽŶ DĂLJ ϭϲ͕ ϮϬϭϮ͘ ŚƌŽŶŽƐ ŝƐ Ă ĐƌƵĚĞ Žŝů ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ĞdžƉůŽƌĂƚŝŽŶ͕ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ƉƌŽĚƵĐƚŝŽŶ ĐŽŵƉĂŶLJ ďĂƐĞĚ ŝŶ ĂůŐĂƌLJ͕ ůďĞƌƚĂ͕ ĂŶĂĚĂ͘ dŚĞ ŽŵƉĂŶLJ͛Ɛ ŽƉĞƌĂƚŝŽŶƐ ĂƌĞ ŝŶ ƚŚĞ 'Ƶůů >ĂŬĞ ĂƌĞĂ ŽĨ ƐŽƵƚŚǁĞƐƚ ^ĂƐŬĂƚĐŚĞǁĂŶ ĂŶĚ ƚŚĞ ĂƌĞĂ ŽĨ >ůŽLJĚŵŝŶƐƚĞƌ ^ĂƐŬĂƚĐŚĞǁĂŶ͘

YϮ ϮϬϮϮ,/',>/',d^

,ŝŐŚůŝŐŚƚƐ ĨŽƌ ƚŚĞ ƚŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ŝŶĐůƵĚĞ͗

x WƌŽĚƵĐƚŝŽŶ ŝŶ ƚŚĞ ƐĞĐŽŶĚ ƋƵĂƌƚĞƌ ϮϬϮϮ ǁĂƐ ϵϬϯ ďŽĞͬĚ ;ϵϵй ŽŝůͿ͕ Ă ϳϮй ŝŶĐƌĞĂƐĞ ŽǀĞƌ ϱϯϲ ďŽĞͬĚ ;ϵϴй ŽŝůͿ ŝŶ YϮ ϮϬϮϭ ;ϵϴй ŽŝůͿ͘
x ZĞĂůŝnjĞĚ Ă ƌĞĐŽƌĚ ƋƵĂƌƚĞƌůLJ ƌĞǀĞŶƵĞ ŽĨ Ψϴ͘ϴ ŵŝůůŝŽŶ͕ Ă Ϯϳϴй ŝŶĐƌĞĂƐĞ ŽǀĞƌ ƚŚĞ ƐĞĐŽŶĚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϭ ĂŶĚ ϭϵй ŝŶĐƌĞĂƐĞ ŽǀĞƌ Yϭ ϮϬϮϮ͘
x ĐŚŝĞǀĞĚ ŽƉĞƌĂƚŝŶŐ ŶĞƚďĂĐŬ ;ϭͿ ŽĨ ΨϮ͘ϴ ŵŝůůŝŽŶ͕ ĂŶ ŝŶĐƌĞĂƐĞ ŽĨ ϯϮϰй ŝŶĐƌĞĂƐĞ ŽǀĞƌ ƚŚĞ ƐĞĐŽŶĚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϭ ĂŶĚ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚĞ ƉƌŝŽƌ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϮ͘ KŶ Ă ƉĞƌ ďŽĞ ďĂƐŝƐ͕ ŽƉĞƌĂƚŝŶŐ ŶĞƚ ďĂĐŬ ƉĞƌ ďŽĞ ĨŽƌ YϮ ϮϬϮϮ ǁĂƐ Ψϯϰ͘ϬϲͬďŽĞ ĐŽŵƉĂƌĞĚ ƚŽ Ψϭϯ͘ϴϭͬďŽĞ ŝŶ ƚŚĞ ƐĂŵĞ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϭ ĂŶĚ Ψϯϰ͘ϰϯͬďŽĞ ŝŶ ƉƌŝŽƌ ƋƵĂƌƚĞƌ ϮϬϮϮ͘
x td/ ĐƌƵĚĞ Žŝů ƉƌŝĐĞ ŝŶĐƌĞĂƐĞĚ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ƋƵĂƌƚĞƌ ĂŶĚ ĂǀĞƌĂŐĞĚ h^ΨϭϬϴ͘ϰϭͬďďů ƵƉ ĨƌŽŵ h^Ψϵϰ͘Ϯϵͬďďů ŝŶ ƚŚĞ ĨŝƌƐƚ ƋƵĂƌƚĞƌ ϮϬϮϮ͘
x ZĞĂůŝnjĞĚ ĐƌƵĚĞ Žŝů ƉƌŝĐĞ ǁĂƐ ΨϭϬϳ͘ϴϱͬďďů ŝŶ ƚŚĞ ƐĞĐŽŶĚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϮ ƵƉ ĨƌŽŵ Ψϵϭ͘ϯϳͬďďů ŝŶ ƚŚĞ ĨŝƌƐƚ ƋƵĂƌƚĞƌ ϮϬϮϮ͕ ƌĞƉƌĞƐĞŶƚŝŶŐ Ă ϭϴй ŝŶĐƌĞĂƐĞ͘
x &ƵŶĚƐ ĨůŽǁ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ;ϭͿ ǁĂƐ ΨϮ͘ϯ ŵŝůůŝŽŶ ĨŽƌ ƚŚĞ ƐĞĐŽŶĚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϮ͕ ƌĞƉƌĞƐĞŶƚŝŶŐ Ă ϯϴϵй ŝŶĐƌĞĂƐĞ ĨƌŽŵ ƚŚĞ ƐĞĐŽŶĚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϭ͘
x Ɛ Ăƚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͕ ŚƌŽŶŽƐ ŚĂĚ ǁŽƌŬŝŶŐ ĐĂƉŝƚĂů ;ϭͿ ŽĨ ΨϮ͘Ϯ ŵŝůůŝŽŶ ĂŶĚ ŶŽ ŽƵƚƐƚĂŶĚŝŶŐ ďĂŶŬ ĚĞďƚ͘

EŽƚĞ͗ ϭͿ ^ĞĞ ŶŽŶͲ/&Z^ ŵĞĂƐƵƌĞƐ ĂŶĚ ŽƚŚĞƌ ĨŝŶĂŶĐŝĂů ŵĞĂƐƵƌĞƐ DΘ ĨŽƌ ƚŚĞ ƚŚƌĞĞ ĂŶĚ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ĂŶĚ ϮϬϮϭ

&/EE/> EKWZd/E' ,/',>/',d^

&ŝŶĂŶĐŝĂů

$(5$ in thousands)		Three months ended	Six months ended
		June 30,	June 30,
	2022	2021	2022	2021
Revenue	8,803	2,329	16,184	4,309
Funds flow from operations (1)	2,342	479	4,768	687
Net income (loss)	1,682	(73)	15,661	(461)
Exploration and development expenditures	1,089	253	1,580	285
$(5$ in thousands)			June 30,	December 31,
			2022	2021
Working Capital (net debt (1)			2,199	(1, 222)
Total securities outstanding:
Common shares			31,399	31,399
Total diluted securities outstanding			31,399	31,399
(6:1 boe conversion)		Three months ended		Six months ended
	June 30,		June 30,
	2022	2021	2022	2021
Daily production:
Crude oil (bbls/d)	892	516	894	513
Natural gas (mcf/d)	67	58	56	51
Total (boe/d)	$\overline{903}$	526	903	522
% Crude oil	99%	98%	99%	98%
Realized prices:
Crude oil ($/bbl)	107.85	49.28	99.64	46.06
Natural gas ($/mcf)	7.00	2.67	6.00	3.02
Barrels of oil equivalent ($/boe)	107.03	48.67	98.98	45.6
Operating net back ($/boe) (1)	34.06	13.81	34.26	10.57

Drilling activity
Gross wells
Net wells
Success rate			n/a	n/a
Land Holdings (undeveloped net acres)
Alberta			633	633
Saskatchewan			20,196	10,876
Total			20,829	11,509

;ϭͿ ^ĞĞ ŶŽŶͲ/&Z^ ŵĞĂƐƵƌĞƐ ĂŶĚ ŽƚŚĞƌ ĨŝŶĂŶĐŝĂů ŵĞĂƐƵƌĞƐ͘

DΘ ĨŽƌ ƚŚĞ ƚŚƌĞĞ ĂŶĚ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ĂŶĚ ϮϬϮϭ

Z^h>d^ K&KWZd/KE^

;Ψ ŝŶ ƚŚŽƵƐĂŶĚƐͿ		dŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚ	^ŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ
		:ƵŶĞ ϯϬ͕		:ƵŶĞ ϯϬ͕
	ϮϬ Ϯ Ϯ	ϮϬϮϭ	ϮϬ Ϯ Ϯ	ϮϬϮϭ
ZĞǀĞŶƵĞ	ϴ͕ϴ Ϭ ϯ	Ϯ͕ϯϮϵ	ϭϲ͕ϭ ϴ ϰ	ϰ͕ϯϬϵ
ZŽLJĂůƚŝĞƐ	;ϭ͕ϯ Ϭ ϭͿ	;ϰϵϬͿ	;Ϯ͕ϰ ϵ ϰͿ	;ϴϵϳͿ
EĞƚ ƌĞǀĞŶƵĞ	ϳ͕ϱ Ϭ Ϯ	ϭ͕ϴϯϵ	ϭϯ͕ϲ ϵ Ϭ	ϯ͕ϰϭϮ
KƚŚĞƌ ŝŶĐŽŵĞ	ϭ ϯ	Ͳ	Ϯϭ	Ͳ
KƉĞƌĂƚŝŶŐ ĞdžƉĞŶƐĞƐ	;ϰ͕ϲ ϰ ϭͿ	;ϭ͕ϭϭϲͿ	;ϳ͕ϵ ϴ ϯͿ	;Ϯ͕ϮϵϴͿ
dƌĂŶƐƉŽƌƚĂƚŝŽŶ ĞdžƉĞŶƐĞƐ	;ϳ ϮͿ	;ϲϮͿ	;ϭ Ϯ ϴͿ	;ϭϭϱͿ
K ƉĞƌĂƚŝŶŐ EĞƚďĂĐ Ŭ	Ϯ͕ϴ Ϭ Ϯ	ϲϲϭ	ϱ͕ϲ Ϭ Ϭ	ϵϵϵ
'ĞŶĞƌĂů ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĞdžƉĞŶƐĞƐ	;ϰ ϱ ϴͿ	;ϭϲϯͿ	;ϴ Ϯ ϳͿ	;ϮϳϲͿ
dƌĂŶƐĂĐƚŝŽŶ ƌĞůĂƚĞĚ ĞdžƉĞŶƐĞƐ	Ͳ	Ͳ	Ͳ	Ͳ
/ŶƚĞƌĞƐƚ ĞdžƉĞŶƐĞ	;ϮͿ	;ϭϵͿ	;ϱͿ	;ϯϲͿ
&ƵŶĚƐ ĨůŽǁ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ	Ϯ͕ϯ ϰ Ϯ	ϰϳϵ	ϰ͕ϳ ϲ ϴ	ϲϴϳ
ĐĐƌĞƚŝŽŶ	;ϱ ϵͿ	;ϮϬͿ	;ϴ ϱͿ	;ϰϬͿ
džƉůŽƌĂƚŝŽŶ ĞdžƉĞŶƐĞ	Ͳ	Ͳ	Ͳ	Ͳ
ĞƉůĞƚŝŽŶ ĂŶĚ ĚĞƉƌĞĐŝĂƚŝŽŶ	;ϭ͕ϰ ϱ ϰͿ	;ϱϱϬͿ	;Ϯ͕ϳ ϲ ϬͿ	;ϭ͕ϬϴϰͿ
/ŵƉĂŝƌŵĞŶƚ ;ƌĞǀĞƌƐĂůͿ	Ͳ	Ͳ	ϭϮ͕ϱ ϳ ϭ	Ͳ
^ŚĂƌĞ ŽĨ ũŽŝŶƚ ǀĞŶƚƵƌĞ ĂĐƚŝǀŝƚŝĞƐ	ϲ ϰ ϱ	Ϯϭ	ϳϯ ϯ	;ϱϰͿ
/ŶƚĞƌĞƐƚ ŽŶ ůĞĂƐĞ ŽďůŝŐĂƚŝŽŶƐ	;ϭͿ	;ϯͿ	;ϯͿ	;ϲͿ
KƚŚĞƌ ŝŶĐŽŵĞ	ϭ ϵ ϳ	Ͳ	Ϯϰ Ϭ	Ͳ
'ĂŝŶ ŽŶ ĚŝƐƉŽƐŝƚŝŽŶ	ϭ Ϯ	Ͳ	ϭϵ ϳ	ϯϲ
EĞƚ ŝŶĐ ŽŵĞ ;ůŽƐƐͿ ĨŽ ƌ ƚŚĞ ƉĞƌŝŽĚ	ϭ͕ϲ ϴ Ϯ	;ϳϯͿ	ϭϱ͕ϲ ϲ ϭ	;ϰϲϭͿ

;ϲ͗ϭ ďŽĞ ĐŽŶǀĞƌƐŝŽŶͿ	dŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚ		^ŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ
		:ƵŶĞ ϯϬ͕		:ƵŶĞ ϯϬ͕
	Ϯ Ϭ Ϯ Ϯ	ϮϬϮϭ	ϮϬ Ϯ Ϯ	ϮϬϮϭ
ĂŝůLJ ƉƌŽĚƵĐƚŝŽŶ͗
ƌƵĚĞ Žŝů ;ďďůƐͬĚͿ	ϴϵ Ϯ	ϱϭϲ	ϴϵ ϰ	ϱϭϯ
EĂƚƵƌĂů ŐĂƐ ;ŵĐĨͬĚͿ	ϲϳ	ϱϴ	ϱϲ	ϱϭ
dŽƚĂů ;ďŽĞͬĚͿ	ϵϬ ϯ	ϱϮϲ	ϵϬ ϯ	ϱϮϮ
й ƌƵĚĞ Žŝů	ϵϵй	ϵϴй	ϵϵй	ϵϴй

WƌŽĚƵĐƚŝŽŶ ĚƵƌŝŶŐ ƚŚĞ ƐĞĐŽŶĚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϮ ǁĂƐ ϵϬϯ ďŽĞͬĚ ;ϵϵй ŽŝůͿ ĐŽŶƐŝƐƚŝŶŐ ŽĨ ĐƌƵĚĞ Žŝů ŽĨ ϴϵϮ ďďůƐͬĚ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ŽĨ ϲϳ ŵĐĨͬĚ͕ ĂŶ ŝŶĐƌĞĂƐĞ ŽĨ ϳϮй ĐŽŵƉĂƌĞĚ ƚŽ ƚŚĞ ƐĞĐŽŶĚ ƋƵĂƌƚĞƌ ϮϬϮϭ ƉƌŽĚƵĐƚŝŽŶ ŽĨ ϱϮϲ ďŽĞͬĚ ;ϵϴй ŽŝůͿ͘ &Žƌ ƚŚĞ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͕ ƉƌŽĚƵĐƚŝŽŶ ǁĂƐ ϵϬϯ ďŽĞͬĚ ;ϵϵй ŽŝůͿ ƌĞƉƌĞƐĞŶƚŝŶŐ Ă ϳϯй ŝŶĐƌĞĂƐĞ ĨƌŽŵ ϱϮϮ ďŽĞͬĚ ;ϵϴй ŽŝůͿ ĨŽƌ ƚŚĞ ƐĂŵĞ ƉĞƌŝŽĚ ŽĨ ϮϬϮϭ͘ dŚĞ ƐŝŐŶŝĨŝĐĂŶƚ ŝŶĐƌĞĂƐĞ ŝŶ ƉƌŽĚƵĐƚŝŽŶ ŝƐ ƚŚĞ ƌĞƐƵůƚ ŽĨ ƚŚĞ ŚĞĂǀLJ Žŝů ĂƐƐĞƚƐ ŝŶ >ůŽLJĚŵŝŶƐƚĞƌ͕ ^ĂƐŬĂƚĐŚĞǁĂŶ ĂĐƋƵŝƌĞĚ ƚŚĞ ůĂƚƚĞƌ ƉĂƌƚ ŽĨ ^ĞƉƚĞŵďĞƌ ϮϬϮϭ͘ ŽŵƉĂƌŝŶŐ ƚŽ ƚŚĞ ĨŝƌƐƚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϮ͕ ŚƌŽŶŽƐ ŚĂƐ ŵĂŝŶƚĂŝŶĞĚ ŝƚƐ ƉƌŽĚƵĐƚŝŽŶ ůĞǀĞů ŽĨ ϵϬϯ ďŽĞͬĚ ;ϵϵй ŽŝůͿ͘ ŚƌŽŶŽƐ ŚĂƐ ĨŽĐƵƐĞĚ ŝƚƐ ĐĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞƐ ƚŽǁĂƌĚƐ ǁĞůů ƌĞĂĐƚŝǀĂƚŝŽŶƐ ĂŶĚ ƉƵŵƉ ƵƉƐŝnjĞƐ ƚŽ ŵĂŝŶƚĂŝŶ ŝƚƐ ƉƌŽĚƵĐƚŝŽŶ ůĞǀĞůƐ͕ ŽĨĨƐĞƚƚŝŶŐ ƚŚĞ ŶĂƚƵƌĂů ƉƌŽĚƵĐƚŝŽŶ ĚĞĐůŝŶĞ ŽĨ ƚŚĞ ǁĞůůƐ ĂŶĚ ƵŶƉůĂŶŶĞĚ ǁĞůů ĨĂŝůƵƌĞƐ͘

DΘ ĨŽƌ ƚŚĞ ƚŚƌĞĞ ĂŶĚ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ĂŶĚ ϮϬϮϭ

ZĞǀĞŶƵĞ ĂŶĚ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ

;Ψ ŝŶ ƚŚŽƵƐĂŶĚƐͿ		dŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚ		^ŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ
	:ƵŶĞ ϯϬ͕		:ƵŶĞ ϯϬ͕
	ϮϬ Ϯ Ϯ	ϮϬϮϭ	ϮϬ Ϯ Ϯ	ϮϬϮϭ
ƌƵĚĞ Žŝů ƌĞǀĞŶƵĞ	ϴ͕ϳ ϲ Ϭ	Ϯ͕ϯϭϱ	ϭϲ͕ϭ Ϯ ϯ	ϰ͕Ϯϴϭ
EĂƚƵƌĂů ŐĂƐ ƌĞǀĞŶƵĞ	ϰϯ	ϭϰ	ϲϭ	Ϯϴ
	ϴ͕ϴ Ϭ ϯ	Ϯ͕ϯϮϵ	ϭϲ͕ϭ ϴ ϰ	ϰ͕ϯϬϵ

ZĞĂůŝnjĞĚ Ɖ ƌŝĐĞƐ͗
ƌƵĚĞ Žŝů ;ΨͬďďůͿ	ϭϬ ϳ͘ϴ ϱ	ϰϵ͘Ϯϴ	ϵϵ͘ϲ ϰ	ϰϲ͘Ϭϲ
EĂƚƵƌĂů ŐĂƐ ;ΨͬŵĐĨͿ	ϳ͘Ϭ Ϭ	Ϯ͘ϲϳ	ϲ͘Ϭ Ϭ	ϯ͘ϬϮ
ĂƌƌĞůƐ ŽĨ Žŝů ĞƋƵŝǀĂůĞŶƚ ;ΨͬďŽĞͿ	ϭϬ ϳ͘Ϭ ϯ	ϰϴ͘ϲϳ	ϵϴ͘ϵ ϴ	ϰϱ͘ϲϬ
ĞŶĐ ŚŵĂƌŬ Ɖ ƌŝĐĞƐ͗
ƌƵĚĞ Žŝů Ͳ td/ ;Ψh^ͬďďůͿ	ϭϬ ϴ͘ϰ ϭ	ϲϲ͘Ϭϯ	ϭϬ ϭ͘ϯ ϱ	ϲϭ͘ϵϰ
ƌƵĚĞ Žŝů Ͳ ĂŶĂĚŝĂŶ >ŝŐŚƚ ;ΨͬďďůͿ	ϭϯ ϲ͘ϯ ϰ	ϳϲ͘Ϯϵ	ϭϮ ϳ͘Ϭ Ϭ	ϳϮ͘ϰϲ
tĞƐƚĞƌŶ ĂŶĂĚŝĂŶ ^ĞůĞĐƚ ;Ψh^ͬďďůͿ	ϵϱ͘ϲ ϱ	ϱϰ͘ϱϲ	ϴϳ͘ϳ ϰ	ϰϵ͘ϵϬ
tĞƐƚĞƌŶ ĂŶĂĚŝĂŶ ^ĞůĞĐƚ ;ΨͬďďůͿ	ϭϮ Ϯ͘Ϭ ϴ	ϲϲ͘ϵϴ	ϭϭ ϭ͘ϱ ϲ	ϲϮ͘ϮϬ
EĂƚƵƌĂů ŐĂƐ Ͳ K ;ΨͬDŵďƚƵͿ	ϳ͘Ϯ ϲ	ϯ͘Ϭϳ	ϲ͘Ϭ ϭ	ϯ͘ϭϬ
džĐŚĂŶŐĞ ƌĂƚĞ ;ΨĚŶͬΨh^Ϳ	ϭ͘Ϯ ϴ	ϭ͘Ϯϯ	ϭ͘Ϯ ϳ	ϭ͘Ϯϱ

dŚĞ ŽŵƉĂŶLJ ƚĂŬĞƐ Ăůů ŽĨ ŝƚƐ ǁŽƌŬŝŶŐ ŝŶƚĞƌĞƐƚ ƉƌŽĚƵĐƚŝŽŶ ΗŝŶ ŬŝŶĚΗ ǁŚŝĐŚ ŝƐ ŵĂƌŬĞƚĞĚ ĂŶĚ ƐŽůĚ ƚŚƌŽƵŐŚ ǀĂƌŝŽƵƐ ĐƌĞĚŝƚͲ ǁŽƌƚŚLJ ĐŽŵŵŽĚŝƚLJ ƉƵƌĐŚĂƐĞƌƐ͘ ŚƌŽŶŽƐΖ ĐƌƵĚĞ Žŝů ŝƐ ŵĂƌŬĞƚĞĚ ƵŶĚĞƌ ƐŚŽƌƚͲƚĞƌŵ ;ϯϬ ĚĂLJͿ Žƌ ĨŝdžĞĚ ƉƌŝĐĞ ĐŽŶƚƌĂĐƚƐ ǁŝƚŚ Ă ĐƌƵĚĞ Žŝů ŵĂƌŬĞƚĞƌ ĂŶĚ ƚŚƌŽƵŐŚ ŵĂũŽƌ EŽƌƚŚ ŵĞƌŝĐĂŶ ĐƌƵĚĞ Žŝů ƉƵƌĐŚĂƐĞƌƐ͘ dŚĞ ŽŵƉĂŶLJΖƐ ŶĂƚƵƌĂů ŐĂƐ ŝƐ ĐƵƌƌĞŶƚůLJ ƐŽůĚ ĂƐ ƐƉŽƚ ŐĂƐ ƚŚƌŽƵŐŚ ƐŝŐŶŝĨŝĐĂŶƚ EŽƌƚŚ ŵĞƌŝĐĂŶ ŶĂƚƵƌĂů ŐĂƐ ŵĂƌŬĞƚĞƌƐ͘

dŚĞ ŽŵƉĂŶLJ͛Ɛ ƌĞĂůŝnjĞĚ ĐƌƵĚĞ Žŝů ƉƌŝĐĞ ĨŽƌ ƚŚĞ ƐĞĐŽŶĚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϮ ǁĂƐ ΨϭϬϳ͘ϴϱͬďďů Ă ϭϭϵй ŝŶĐƌĞĂƐĞ ĨƌŽŵ Ψϰϵ͘Ϯϴͬďďů ƌĞĂůŝnjĞĚ ŝŶ ƚŚĞ ƐĂŵĞ ƋƵĂƌƚĞƌ ůĂƐƚ LJĞĂƌ ĚƵĞ ƚŽ ŚŝŐŚĞƌ td/ Žŝů ƉƌŝĐĞ ĂŶĚ ƚŚĞ ŝŵƉĂĐƚ ŽĨ ůŽǁĞƌ ƉƌŝĐĞĚ ƉŚLJƐŝĐĂů ƐĂůĞƐ ĐŽŶƚƌĂĐƚƐ ŝŶ ƚŚĞ ƉƌŝŽƌ LJĞĂƌ͘ &Žƌ ƚŚĞ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͕ ƌĞĂůŝnjĞĚ ĐƌƵĚĞ Žŝů ƉƌŝĐĞ ǁĂƐ Ψϵϵ͘ϲϰͬďďů Ă ϭϭϲй ŝŶĐƌĞĂƐĞ ĨƌŽŵ Ψϰϲ͘Ϭϲͬďďů ŝŶ ƚŚĞ ƐĂŵĞ ƉĞƌŝŽĚ ŽĨ ϮϬϮϭ͘ dŚĞ td/ ďĞŶĐŚŵĂƌŬ ƉƌŝĐĞ ŝŶĐƌĞĂƐĞĚ ϲϰй ƚŽ h^ΨϭϬϭ͘ϯϱͬďďů ĨƌŽŵ h^Ψϲϭ͘ϵϰͬďďů ƚŚĞ ƐĂŵĞ ƉĞƌŝŽĚ ŽĨ ϮϬϮϭ ĂŶĚ ƚŚĞ ƉƌŝĐĞ ĨŽƌ t^ ĚĞŶŽŵŝŶĂƚĞĚ ŝŶ h^ ĚŽůůĂƌƐ ŝŶĐƌĞĂƐĞĚ ϳϲй ƚŽ h^Ψϴϳ͘ϳϰ ĨƌŽŵ h^Ψϰϵ͘ϵϬͬďďů ƚŚĞ ƐĂŵĞ ƉĞƌŝŽĚ ŽĨ ƉƌŝŽƌ LJĞĂƌ͘

EĂƚƵƌĂů ŐĂƐ ŝƐ ŶŽƚ Ă ƐŝŐŶŝĨŝĐĂŶƚ ĐŽŵƉŽŶĞŶƚ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƌĞǀĞŶƵĞ ƐƚƌĞĂŵ͘

DΘ ĨŽƌ ƚŚĞ ƚŚƌĞĞ ĂŶĚ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ĂŶĚ ϮϬϮϭ

ZĞǀĞŶƵĞ

ZĞǀĞŶƵĞ ĨŽƌ ƚŚĞ ƐĞĐŽŶĚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϮ ǁĂƐ Ψϴ͘ϴ ŵŝůůŝŽŶ͕ Ă Ϯϳϴй ŝŶĐƌĞĂƐĞ ĨƌŽŵ ƌĞǀĞŶƵĞ ŽĨ ΨϮ͘ϯ ŵŝůůŝŽŶ ŝŶ ƚŚĞ ƐĞĐŽŶĚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϭ ĚƵĞ ƚŽ ŚŝŐŚĞƌ ƉƌŽĚƵĐƚŝŽŶ ǀŽůƵŵĞƐ ĂŶĚ ƐŝŐŶŝĨŝĐĂŶƚůLJ ŚŝŐŚĞƌ ƌĞĂůŝnjĞĚ ƉƌŝĐĞƐ͘ &Žƌ ƚŚĞ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͕ ƌĞǀĞŶƵĞ ŝŶĐƌĞĂƐĞĚ Ϯϳϲй ƚŽ Ψϭϲ͘Ϯ ŵŝůůŝŽŶ ĨƌŽŵ Ψϰ͘ϯ ŵŝůůŝŽŶ ŝŶ ƚŚĞ ƐĂŵĞ ƉĞƌŝŽĚ ŽĨ ϮϬϮϭ ĨŽƌ ƚŚĞ ƐĂŵĞ ĞdžƉůĂŶĂƚŝŽŶ ĂƐ ĂďŽǀĞ͘

WŚLJƐŝĐĂů ƐĂůĞƐ ĐŽŶƚƌĂĐƚƐ

Ɛ Ăƚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͕ ŶŽ ĚĞƌŝǀĂƚŝǀĞ ĐŽŶƚƌĂĐƚƐ ŚĂǀĞ ďĞĞŶ ĞŶƚĞƌĞĚ ŝŶƚŽ ĂŶĚ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ƚŚĞ ĨŽůůŽǁŝŶŐ ĨŝdžĞĚ ƉƌŝĐĞ ĨŝdžĞĚ ƉƌŝĐĞ ƉŚLJƐŝĐĂů ƐĂůĞƐ ĐŽŶƚƌĂĐƚƐ͗

Benchmark	Period	Volume	Price/Unit
Fosterton	February 1, 2022 to June 30, 2022	$100$ bbl/d	CAD $78.90
Lloydminster Kerrobert	February 1, 2022 to June 30, 2022	$100$ bbl/d	CAD $78.90
Fosterton	April 1, 2022 to June 30, 2022	$100$ bbl/d	CAD $112.5
Lloydminster Kerrobert	July 1, 2022 to September 30, 2022	$200$ bbl/d	CAD $111.50
Lloydminster Kerrobert	July 1, 2022 to July 31, 2022	200 bbl/d	CAD $117.50
Lloydminster Kerrobert	October 1, 2022 to December 31, 2022	$100$ bbl/d	CAD $101.50

ZŽLJĂůƚŝĞƐ

($ in thousands)	Three months endedJune 30,		Six months endedJune 30,
	2022	2021	2022	2021
Crown	556	261	1,077	469
Saskatchewan resource surcharge	165	44	341	81
Freehold and gross overriding	580	185	1,076	347
	1,301	490	2.494	897
Percent of total revenue	14.8%	21.0%	15.4%	20.8%
Per boe ($)	15.82	10.24	15.25	9.49

dŽƚĂů ƌŽLJĂůƚŝĞƐ ŝŶ ƚŚĞ ƚŚƌĞĞ ĂŶĚ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ǁĞƌĞ Ψϭ͘ϯ ŵŝůůŝŽŶ ĂŶĚ ΨϮ͘ϱ ŵŝůůŝŽŶ͕ ƌĞƐƉĞĐƚŝǀĞůLJ͕ ĨƌŽŵ ΨϬ͘ϱ ŵŝůůŝŽŶ ĂŶĚ ΨϬ͘ϵ ŵŝůůŝŽŶ ŝŶ ƚŚĞ ĐŽŵƉĂƌĂďůĞ ƉĞƌŝŽĚƐ ŽĨ ϮϬϮϭ͕ ĚƵĞ ƚŽ ƚŚĞ ƐŝŐŶŝĨŝĐĂŶƚ ŝŶĐƌĞĂƐĞ ŝŶ ŚĞĂǀLJ Žŝů ƐĂůĞƐ ǀŽůƵŵĞƐ ĂŶĚ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐŝŶŐ͘ ŚƌŽŶŽƐ ĂǀĞƌĂŐĞ ƌŽLJĂůƚLJ ƌĂƚĞ ǁĂƐ ϭϰ͘ϴй ĨŽƌ ƚŚĞ ƚŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͕ ĐŽŵƉĂƌĞĚ ƚŽ Ϯϭ͘Ϭй ŝŶ ƚŚĞ ĐŽƌƌĞƐƉŽŶĚŝŶŐ ƉĞƌŝŽĚ ŽĨ ϮϬϮϭ͕ ǁŚŝůĞ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĂǀĞƌĂŐĞ ƌŽLJĂůƚLJ ƌĂƚĞ ǁĂƐ ϭϱ͘ϰй ĨŽƌ ƚŚĞ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͕ ĐŽŵƉĂƌĞĚ ƚŽ ϮϬ͘ϴй ŝŶ ƚŚĞ ĐŽƌƌĞƐƉŽŶĚŝŶŐ ƉĞƌŝŽĚ ŽĨ ϮϬϮϭ͘ dŚĞ ĚĞĐƌĞĂƐĞ ŝŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŽǀĞƌĂůů ƌŽLJĂůƚLJ ƌĂƚĞ ĂƐ Ă ƉĞƌĐĞŶƚĂŐĞ ŽĨ ƌĞǀĞŶƵĞ ŝƐ ĚƵĞ ƚŽ ƚŚĞ ŶĞǁůLJ ĂĐƋƵŝƌĞĚ >ůŽLJĚŵŝŶƐƚĞƌ ĂƐƐĞƚƐ ǁŚŝĐŚ ŐĂƌŶŝƐŚ Ă ůŽǁĞƌ ƌŽLJĂůƚLJ ƌĂƚĞ ŝŶ ĐŽŵƉĂƌŝƐŽŶ ƚŽ ƚŚĞ ůĞŐĂĐLJ ĂƐƐĞƚƐ͘

DΘ ĨŽƌ ƚŚĞ ƚŚƌĞĞ ĂŶĚ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ĂŶĚ ϮϬϮϭ

KƉĞƌĂƚŝŶŐ ĞdžƉĞŶƐĞƐ

;Ψ ŝŶ ƚŚŽƵƐĂŶĚƐͿ		dŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚ		^ŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ:ƵŶĞ ϯϬ͕
		:ƵŶĞ ϯϬ͕
	ϮϬ Ϯ Ϯ	ϮϬϮϭ	ϮϬ Ϯ Ϯ	ϮϬϮϭ
KƉĞƌĂƚŝŶŐ ĞdžƉĞŶƐĞƐ	ϯ͕ϲ ϲ ϲ	ϴϴϮ	ϲ͕ϯ ϲ ϯ	ϭ͕ϲϵϵ
tŽƌŬŽǀĞƌ ĞdžƉĞŶƐĞƐ	ϵϳ ϱ	Ϯϯϰ	ϭ͕ϲ Ϯ Ϭ	ϱϵϵ
	ϰ͕ϲ ϰ ϭ	ϭ͕ϭϭϲ	ϳ͕ϵ ϴ ϯ	Ϯ͕Ϯϵϴ
WĞƌ ďŽĞ͕ ďĞĨŽƌĞ ǁŽƌŬŽǀĞƌ ĞdžƉĞŶƐĞƐ ;ΨͿ	ϰϰ͘ϱ ϳ	ϭϴ͘ϰϯ	ϯϴ͘ϵ Ϯ	ϭϳ͘ϵϴ
WĞƌ ďŽĞ ;ΨͿ	ϱϲ͘ϰ ϯ	Ϯϯ͘ϯϮ	ϰϴ͘ϴ Ϯ	Ϯϰ͘ϯϮ

ƵƌŝŶŐ ƚŚĞ ƚŚƌĞĞ ĂŶĚ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͕ ŽƉĞƌĂƚŝŶŐ ĞdžƉĞŶƐĞƐ ŝŶĐƌĞĂƐĞĚ ƚŽ Ψϰ͘ϳ ŵŝůůŝŽŶ ĂŶĚ Ψϴ͘Ϭ ŵŝůůŝŽŶ͕ ƌĞƐƉĞĐƚŝǀĞůLJ͕ ĨƌŽŵ Ψϭ͘ϭ ŵŝůůŝŽŶ ĂŶĚ ΨϮ͘ϯ ŵŝůůŝŽŶ ŝŶ ƚŚĞ ĐŽŵƉĂƌĂďůĞ ƉĞƌŝŽĚƐ ŽĨ ϮϬϮϭ ĚƵĞ ƚŽ ƚŚĞ ĂĚĚŝƚŝŽŶ ŽĨ ƚŚĞ ŚĞĂǀLJ Žŝů ĂƐƐĞƚƐ ŝŶ >ůŽLJĚŵŝŶƐƚĞƌ͕ ^<͘ džĐůƵĚŝŶŐ ǁŽƌŬ ŽǀĞƌ ĞdžƉĞŶƐĞƐ͕ ŽƉĞƌĂƚŝŶŐ ĐŽƐƚƐ ŝŶ ƚŚĞ ƚŚƌĞĞ ĂŶĚ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ŝƐ Ψϯ͘ϳ ŵŝůůŝŽŶ ĂŶĚ Ψϲ͘ϰ ŵŝůůŝŽŶ͕ ƌĞƐƉĞĐƚŝǀĞůLJ͕ ĐŽŵƉĂƌĞĚ ƚŽ ΨϬ͘ϵ ŵŝůůŝŽŶ ĂŶĚ Ψϭ͘ϳ ŵŝůůŝŽŶ ŝŶ ƚŚĞ ĐŽŵƉĂƌĂďůĞ ƉĞƌŝŽĚƐ ŽĨ ϮϬϮϭ ĚƵĞ ƚŽ ƚŚĞ ĂĚĚŝƚŝŽŶ ŽĨ ƚŚĞ ŚĞĂǀLJ Žŝů ĂƐƐĞƚƐ ǁŝƚŚ ŚŝŐŚĞƌ ŽƉĞƌĂƚŝŶŐ ĐŽƐƚƐ ĐŽŵƉĂƌĞĚ ƚŽ ŚƌŽŶŽƐ͛ ^t ^ĂƐŬĂƚĐŚĞǁĂŶ ĂƐƐĞƚƐ͘

KŶ Ă ƉĞƌ ďŽĞ ďĂƐŝƐ͕ ĚƵƌŝŶŐ ƚŚĞ ƚŚƌĞĞ ĂŶĚ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͕ ŽƉĞƌĂƚŝŶŐ ĞdžƉĞŶƐĞƐ ǁĞƌĞ Ψϱϲ͘ϰϯͬďŽĞ ĂŶĚ Ψϰϴ͘ϴϮͬďŽĞ ĐŽŵƉĂƌĞĚ ƚŽ ΨϮϯ͘ϯϮͬďŽĞ ĂŶĚ ΨϮϰ͘ϯϮͬďŽĞ ĨŽƌ ƚŚĞ ƐĂŵĞ ƉĞƌŝŽĚƐ ŽĨ ϮϬϮϭ͘ džĐůƵĚŝŶŐ ǁŽƌŬŽǀĞƌ ĞdžƉĞŶƐĞƐ ǁĞƌĞ Ψϰϰ͘ϱϳͬďŽĞ ĂŶĚ Ψϯϴ͘ϵϮͬďŽĞ ĐŽŵƉĂƌĞĚ ƚŽ Ψϭϴ͘ϰϯͬďŽĞ ĂŶĚ Ψϭϳ͘ϵϴͬďŽĞ ĨŽƌ ƚŚĞ ƐĂŵĞ ƉĞƌŝŽĚƐ ŽĨ ϮϬϮϭ͘ dŚĞ ŽǀĞƌĂůů ŝŶĐƌĞĂƐĞ ŝŶ ŽƉĞƌĂƚŝŶŐ ĐŽƐƚƐ ŝƐ ƌĞĨůĞĐƚŝǀĞ ŽĨ ƚŚĞ ĞdžƉůĂŶĂƚŝŽŶ ƉƌŽǀŝĚĞĚ ĂďŽǀĞ͕ ŝŶ ĂĚĚŝƚŝŽŶ͕ Ă ƐŝŐŶŝĨŝĐĂŶƚ ŝŶĐƌĞĂƐĞ ŝŶ ǁĂƚĞƌ ŚĂŶĚůŝŶŐ ĐŽƐƚƐ ǁĞƌĞ ŝŶĐƵƌƌĞĚ ŽŶ ƐĞǀĞƌĂů ƌĞĂĐƚŝǀĂƚĞĚ ǁĞůůƐ ƚŚĂƚ ǁĞƌĞ ƉƌĞǀŝŽƵƐůLJ ƐŚƵƚ ŝŶ Ăƚ ůŽǁĞƌ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ͘ &Žƌ ƚŚĞ ƚŚƌĞĞ ĂŶĚ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͕ ƚŚĞ ĐŽƐƚƐ ŝŶĐƵƌƌĞĚ ŽŶ ƚŚĞƐĞ ǁĞůůƐ ǁĞƌĞ ĂƉƉƌŽdžŝŵĂƚĞůLJ ΨϬ͘ϱ ŵŝůůŝŽŶ ;Ψϱ͘ϰϵͬďŽĞ Žƌ ϵ͘ϳй ŽĨ ŽƉĞƌĂƚŝŶŐ ĞdžƉĞŶƐĞƐͿ ĂŶĚ ΨϬ͘ϱ ŵŝůůŝŽŶ ;ΨϮ͘ϳϲͬďŽĞ Žƌ ϱ͘ϲй ŽĨ ŽƉĞƌĂƚŝŶŐ ĞdžƉĞŶƐĞƐͿ ƚŽ ĨƵŶĚ ƚŚĞ ĞǀĂůƵĂƚŝŽŶ ŽĨ ĨŝǀĞ ƌĞĂĐƚŝǀĂƚĞĚ ǁĞůůƐ ŝŶ ƚŚĞ EĞŝůďƵƌŐ ĂƌĞĂ͘ dŚĞ ǁĞůůƐ ĂƌĞ ĐƵƌƌĞŶƚůLJ ƐŚƵƚ ŝŶ ĂƐ ǁĂƚĞƌ ŚĂŶĚůŝŶŐ ĞƋƵŝƉŵĞŶƚ ŝƐ ŝŶƐƚĂůůĞĚ ƚŽ ĞůŝŵŝŶĂƚĞ ŵŽƐƚ ŽĨ ƚŚĞ ĐŽƐƚƐ ŐŽ ĨŽƌǁĂƌĚ͘

dƌĂŶƐƉŽƌƚĂƚŝŽŶ ĞdžƉĞŶƐĞƐ

;Ψ ŝŶ ƚŚŽƵƐĂŶĚƐͿ		dŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚ		^ŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ
	:ƵŶĞ ϯϬ͕	:ƵŶĞ ϯϬ͕
	ϮϬ Ϯ Ϯ	ϮϬϮϭ	ϮϬ Ϯ Ϯ	ϮϬϮϭ
dƌĂŶƐƉŽƌƚĂƚŝŽŶ ĞdžƉĞŶƐĞƐ	ϳϮ	ϲϮ	ϭϮ ϴ	ϭϭϱ
WĞƌ ďŽĞ ;ΨͿ	Ϭ͘ϴϴ	ϭ͘ϯϬ	Ϭ͘ϳϴ	ϭ͘ϮϮ

'ĞŶĞƌĂů ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ;Η'ΘΗͿ ĞdžƉĞŶƐĞƐ

;Ψ ŝŶ ƚŚŽƵƐĂŶĚƐͿ	dŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚ:ƵŶĞ ϯϬ͕	^ŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ:ƵŶĞ ϯϬ͕
	ϮϬ Ϯ Ϯ	ϮϬϮϭ	ϮϬ Ϯ Ϯ	ϮϬϮϭ
'ĞŶĞƌĂů ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĞdžƉĞŶƐĞƐ	ϳϵ ϭ	ϰϲϴ	ϭ͕ϰ ϳ ϵ	ϴϴϭ
KǀĞƌŚĞĂĚ ƌĞĐŽǀĞƌŝĞƐ	;ϯ ϯ ϯͿ	;ϯϬϱͿ	;ϲ ϱ ϮͿ	;ϲϬϱͿ
ĂƉŝƚĂůŝnjĞĚ 'Θ	Ͳ	Ͳ	Ͳ	Ͳ
'ĞŶĞƌĂů ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĞdžƉĞŶƐĞƐ	ϰϱ ϴ	ϭϲϯ	ϴϮ ϳ	Ϯϳϲ
WĞƌ ďŽĞ ;ΨͿ	ϱ͘ϱ ϳ	ϯ͘ϰϭ	ϱ͘Ϭ ϲ	Ϯ͘ϵϮ

'Θ ĞdžƉĞŶƐĞƐ ĂƌĞ ƉƌŝŵĂƌŝůLJ ĨŽƌ ƉĞƌƐŽŶŶĞů ĂŶĚ ŽĨĨŝĐĞ ƉƌĞŵŝƐĞ ƌĞůĂƚĞĚ ĞdžƉĞŶƐĞƐ͘ dŚĞ ŽŵƉĂŶLJ ǁŝůů ĐĂƉŝƚĂůŝnjĞ ƐĂůĂƌŝĞƐ ĂŶĚ ŽǀĞƌŚĞĂĚ ĐŽƐƚƐ ĚŝƌĞĐƚůLJ ƌĞůĂƚĞĚ ƚŽ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĂĐƚŝǀŝƚŝĞƐ͘

DΘ ĨŽƌ ƚŚĞ ƚŚƌĞĞ ĂŶĚ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ĂŶĚ ϮϬϮϭ

/Ŷ ƚŚĞ ƚŚƌĞĞ ĂŶĚ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͕ ƚŚĞ ŽŵƉĂŶLJ ŝŶĐƵƌƌĞĚ ŐƌŽƐƐ ŐĞŶĞƌĂů ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĞdžƉĞŶƐĞƐ ŽĨ ΨϬ͘ϴ ŵŝůůŝŽŶ ĂŶĚ Ψϭ͘ϱ ŵŝůůŝŽŶ͕ ƌĞƐƉĞĐƚŝǀĞůLJ͕ ĨƌŽŵ ΨϬ͘ϱ ŵŝůůŝŽŶ ĂŶĚ ΨϬ͘ϵ ŵŝůůŝŽŶ ŝŶ ƚŚĞ ĐŽƌƌĞƐƉŽŶĚŝŶŐ ƉĞƌŝŽĚƐ ŽĨ ƚŚĞ ƉƌŝŽƌ LJĞĂƌ͘ /ŶĐƌĞĂƐĞĚ ŝŶ 'Θ ĐŽƐƚƐ ďĞĨŽƌĞ ŽǀĞƌŚĞĂĚ ƌĞĐŽǀĞƌŝĞƐ ŝƐ ƚŚĞ ƌĞƐƵůƚ ŽĨ ΨϬ͘Ϯ ŵŝůůŝŽŶ ŝŶ ĨĞĚĞƌĂů ƐĂůĂƌLJ ĂŶĚ ƌĞŶƚ ƐƵďƐŝĚŝĞƐ ƚŚĂƚ ǁĞƌĞ ƌĞĐĞŝǀĞĚ ŝŶ ϮϬϮϭ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ ŽǀŝĚͲϭϵ ƉĂŶĚĞŵŝĐ ƚŚĂƚ ŚƌŽŶŽƐ ŶŽ ůŽŶŐĞƌ ƋƵĂůŝĨLJ ĨŽƌ ŝŶ ϮϬϮϮ͘ dŚĞ ƌĞŵĂŝŶĚĞƌ ŽĨ ƚŚĞ ŝŶĐƌĞĂƐĞ ŝƐ ĚƵĞ ƚŽ ŝŶĐƌĞĂƐĞĚ ĞŵƉůŽLJĞĞ ƌĞůĂƚĞĚ ĐŽƐƚƐ ĂŶĚ ƉƌŽĨĞƐƐŝŽŶĂů ĨĞĞƐ ƌĞƋƵŝƌĞĚ ƚŽ ŽƉĞƌĂƚĞ ƚŚĞ ŶĞǁůLJ ĂĐƋƵŝƌĞĚ ĂƐƐĞƚƐ͘

/Ŷ ĐŽŵƉĂƌŝŶŐ ƚŽ ƚŚĞ ƉƌŝŽƌ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϮ͕ 'Θ ĞdžƉĞŶƐĞƐ ŝŶĐƌĞĂƐĞĚ ϭϰй ĨƌŽŵ ΨϬ͘ϳ ŵŝůůŝŽŶ ƚŽ ΨϬ͘ϴ ŵŝůůŝŽŶ ŝŶ ŐƌŽƐƐ 'Θ ĞdžƉĞŶƐĞƐ͘ dŚĞ ŝŶĐƌĞĂƐĞ ŝƐ ƚŚĞ ƌĞƐƵůƚ ŽĨ ĂĐĐĞůĞƌĂƚĞĚ ƉĂLJŵĞŶƚƐ ŽĨ ƌĞŶƚ ŵĂĚĞ ŝŶ ƚŚĞ ƋƵĂƌƚĞƌ ƚŽ ƐƵƌƌĞŶĚĞƌ ƚŚĞ ŽĨĨŝĐĞ ůĞĂƐĞ ĂŶĚ ĂŶ ŝŶĐƌĞĂƐĞ ŝŶ ĞŵƉůŽLJĞĞ ƌĞůĂƚĞĚ ĐŽƐƚƐ͘ dŚĞ ĂĐĐĞůĞƌĂƚĞĚ ƌĞŶƚ ƉĂLJŵĞŶƚƐ ŚĂƐ ƌĞŵŽǀĞĚ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ůĞĂƐĞ ŽďůŝŐĂƚŝŽŶ ĂŶĚ ƌĞĚƵĐĞĚ ŽƵƌ ŐŽ ĨŽƌǁĂƌĚ ƌĞŶƚ ƉĂLJŵĞŶƚƐ͘

;Ψ ŝŶ ƚŚŽƵƐĂŶĚƐͿ	dŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚ		^ŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ
	:ƵŶĞ ϯϬ͕		:ƵŶĞ ϯϬ͕
	ϮϬ Ϯ Ϯ	ϮϬϮϭ	ϮϬ Ϯ Ϯ	ϮϬϮϭ
ĞƉůĞƚŝŽŶ ĂŶĚ ĚĞƉƌĞĐŝĂƚŝŽŶ	ϭ͕ϰ ϱ ϰ	ϱϱϬ	Ϯ͕ϳ ϲ Ϭ	ϭ͕Ϭϴϰ
/ŵƉĂŝƌŵĞŶƚ ;ƌĞǀĞƌƐĂůͿ	Ͳ	Ͳ	;ϭ Ϯ͕ϱ ϳ ϭͿ	Ͳ
	ϭ͕ϰ ϱ ϰ	ϱϱϬ	;ϵ͕ϴ ϭ ϭͿ	ϭ͕Ϭϴϰ
WĞƌ ďŽĞ͕ ďĞĨŽƌĞ ŝŵƉĂŝƌŵĞŶƚ ;ΨͿ	ϭϳ͘ϲ ϴ	ϭϭ͘ϰϵ	ϭϲ͘ϴ ϴ	ϭϭ͘ϰϳ
WĞƌ ďŽĞ͕ ĂĨƚĞƌ ŝŵƉĂŝƌŵĞŶƚ ;ΨͿ	ϭϳ͘ϲ ϴ	ϭϭ͘ϰϵ	;ϲ Ϭ͘Ϭ ϬͿ	ϭϭ͘ϰϳ

ĞƉůĞƚŝŽŶ͕ ĚĞƉƌĞĐŝĂƚŝŽŶ ĂŶĚ ŝŵƉĂŝƌŵĞŶƚ ;͞Θ͟Ϳ

ĞƉůĞƚŝŽŶ ŽĨ Žŝů ĂŶĚ ŐĂƐ ĂƐƐĞƚƐ ŝƐ ƉƌŽǀŝĚĞĚ ŽŶ ƚŚĞ ƵŶŝƚͲŽĨͲƉƌŽĚƵĐƚŝŽŶ ŵĞƚŚŽĚ ďĂƐĞĚ ŽŶ ƚŽƚĂů ƉƌŽǀĞĚ ĂŶĚ ƉƌŽďĂďůĞ ƌĞƐĞƌǀĞƐ͕ ŝŶĐůƵĚŝŶŐ ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ͕ ŽŶ Ă ĐŽŵƉŽŶĞŶƚ ďĂƐŝƐ͘ ĞƉůĞƚŝŽŶ ĂŶĚ ĚĞƉƌĞĐŝĂƚŝŽŶ ĞdžƉĞŶƐĞ ĨŽƌ ƚŚĞ ƚŚƌĞĞ ĂŶĚ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ǁĂƐ Ψϭ͘ϱ ŵŝůůŝŽŶ ĂŶĚ ΨϮ͘ϴ ŵŝůůŝŽŶ ĐŽŵƉĂƌĞĚ ƚŽ ΨϬ͘ϲ ŵŝůůŝŽŶ ĂŶĚ Ψϭ͘ϭ ŵŝůůŝŽŶ ŝŶ ƚŚĞ ƐĂŵĞ ƉĞƌŝŽĚƐ ŽĨ ϮϬϮϭ͘ KŶ Ă ƉĞƌ ďŽĞ ďĂƐŝƐ͕ ĚĞƉůĞƚŝŽŶ ĂŶĚ ĚĞƉƌĞĐŝĂƚŝŽŶ ďĞĨŽƌĞ ŝŵƉĂŝƌŵĞŶƚ ;ƌĞǀĞƌƐĂůͿ ĨŽƌ ƚŚĞ ƚŚƌĞĞ ĂŶĚ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ǁĂƐ Ψϭϳ͘ϲϴͬďŽĞ ĂŶĚ Ψϭϲ͘ϴϴͬďŽĞ ĐŽŵƉĂƌĞĚ ƚŽ Ψϭϭ͘ϰϵͬďŽĞ ĂŶĚ Ψϭϭ͘ϰϳ ĨŽƌ ƚŚĞ ƐĂŵĞ ƉĞƌŝŽĚƐ ŽĨ ϮϬϮϭ͘ dŚĞ ŝŶĐƌĞĂƐĞƐ ŝƐ ƉƌŝŵĂƌŝůLJ ĂƚƚƌŝďƵƚĂďůĞ ƚŽ ƚŚĞ ĂĚĚŝƚŝŽŶ ŽĨ ƚŚĞ >ůŽLJĚŵŝŶƐƚĞƌ ŚĞĂǀLJ Žŝů ĂƐƐĞƚƐ ĂĐƋƵŝƌĞĚ ĞŶĚ ŽĨ ^ĞƉƚĞŵďĞƌ ϮϬϮϭ͕ ǁŚŝĐŚ ŚĂĚ Ă ŚŝŐŚĞƌ ĚĞƉůĞƚŝŽŶ ƌĂƚĞ ƚŚĂŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ůĞŐĂĐLJ ĂƐƐĞƚƐ͘

/ŵƉĂŝƌŵĞŶƚ

Ɛ Ăƚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͕ ŚƌŽŶŽƐ ĐŽŶĐůƵĚĞĚ ƚŚĂƚ ƚŚĞƌĞ ǁĞƌĞ ŶŽ ŝŶĚŝĐĂƚŽƌƐ ŽĨ ŝŵƉĂŝƌŵĞŶƚ Žƌ ŝŵƉĂŝƌŵĞŶƚ ƌĞǀĞƌƐĂůƐ ĨŽƌ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ 'hƐ͘

Ɛ Ăƚ DĂƌĐŚ ϯϭ͕ ϮϬϮϮ͕ ŚƌŽŶŽƐ ĐŽŶĚƵĐƚĞĚ ĂŶ ĂƐƐĞƐƐŵĞŶƚ ŽĨ ŝŶĚŝĐĂƚŽƌƐ ŽĨ ŝŵƉĂŝƌŵĞŶƚ Žƌ ŝŵƉĂŝƌŵĞŶƚ ƌĞǀĞƌƐĂůƐ ĨŽƌ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ 'hƐ͘ /Ŷ ƉĞƌĨŽƌŵŝŶŐ ƚŚĞ ƌĞǀŝĞǁ͕ ŵĂŶĂŐĞŵĞŶƚ ĚĞƚĞƌŵŝŶĞĚ ƚŚĂƚ ƚŚĞ ŝŶĐƌĞĂƐĞ ŝŶ ĨŽƌǁĂƌĚ ďĞŶĐŚŵĂƌŬ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ ĐŽŵƉĂƌĞĚ ƚŽ ƉƌŝŽƌ LJĞĂƌ ϮϬϮϭ ĂŶĚ ƚŚĞ ŝŶĐƌĞĂƐĞ ŝŶ ƌĞƐĞƌǀĞ ǀĂůƵĞ ĨŽƌ ƚŚĞ ƐŽƵƚŚǁĞƐƚ ^ĂƐŬĂƚĐŚĞǁĂŶ 'h ũƵƐƚŝĨŝĞĚ Ă ƌĞǀŝĞǁ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ Žƌ ŝŵƉĂŝƌŵĞŶƚ ƌĞǀĞƌƐĂů͘ Ɛ Ă ƌĞƐƵůƚ͕ ƚŚĞ ŽŵƉĂŶLJ ĚĞƚĞƌŵŝŶĞĚ ƚŚĂƚ ƚŚĞ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ƐŽƵƚŚǁĞƐƚ ^ĂƐŬĂƚĐŚĞǁĂŶ 'hƐ ĞdžĐĞĞĚĞĚ ƚŚĞ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ͕ ŶĞƚ ŽĨ ĚĞƉůĞƚŝŽŶ ďLJ ΨϭϮ͘ϲ ŵŝůůŝŽŶ͘ ĐĐŽƌĚŝŶŐůLJ͕ ĂŶ ŝŵƉĂŝƌŵĞŶƚ ƌĞǀĞƌƐĂů ŽĨ ΨϭϮ͘ϲ ŵŝůůŝŽŶ ǁĂƐ ƌĞĐŽƌĚĞĚ ŝŶ ƉƌŽĨŝƚ ĂŶĚ ůŽƐƐ͘

DΘ ĨŽƌ ƚŚĞ ƚŚƌĞĞ ĂŶĚ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ĂŶĚ ϮϬϮϭ

&ŝŶĂŶĐĞ ĞdžƉĞŶƐĞ

;Ψ ŝŶ ƚŚŽƵƐĂŶĚƐͿ	dŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚ	^ŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ
	:ƵŶĞ ϯϬ͕	:ƵŶĞ ϯϬ͕
	ϮϬ Ϯ Ϯ	ϮϬϮϭ	ϮϬ Ϯ Ϯ	ϮϬϮϭ
/ŶƚĞƌĞƐƚ ĞdžƉĞŶƐĞ	Ϯ	ϭϵ	ϱ	ϯϲ
/ŶƚĞƌĞƐƚ ŽŶ ůĞĂƐĞ ŽďůŝŐĂƚŝŽŶ	ϭ	ϯ	ϯ	ϲ
ĐĐƌĞƚŝŽŶ ŽĨ ĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐ ůŝĂďŝůŝƚŝĞƐ	ϱϵ	ϮϬ	ϴϱ	ϰϬ
	ϲ Ϯ	ϰϮ	ϵϯ	ϴϮ
WĞƌ ďŽĞ ;ΨͿ	Ϭ͘ϳ ϱ	Ϭ͘ϴϳ	Ϭ͘ϲ ϰ	Ϭ͘ϴϲ

&ŝŶĂŶĐĞ ĞdžƉĞŶƐĞ ŝŶĐůƵĚĞƐ ĐĂƐŚ ŝŶƚĞƌĞƐƚ͕ ŝŶƚĞƌĞƐƚ ŽŶ ůĞĂƐĞ ŽďůŝŐĂƚŝŽŶƐ ĂŶĚ ĂĐĐƌĞƚŝŽŶ ŽŶ ĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐ ůŝĂďŝůŝƚŝĞƐ͘

dŚĞ ŽŵƉĂŶLJ͛Ɛ ĨŝŶĂŶĐĞ ĞdžƉĞŶƐĞ ĨŽƌ ƚŚĞ ƚŚƌĞĞ ĂŶĚ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ǁĂƐ ΨϲϮ ƚŚŽƵƐĂŶĚ ĂŶĚ Ψϵϯ ƚŚŽƵƐĂŶĚ ĐŽŵƉĂƌĞĚ ƚŽ ĨŝŶĂŶĐĞ ĞdžƉĞŶƐĞ ŽĨ ΨϰϮ ƚŚŽƵƐĂŶĚ ĂŶĚ ΨϴϮ ƚŚŽƵƐĂŶĚ ŝŶ ĐŽŵƉĂƌĂďůĞ ƉĞƌŝŽĚƐ ŽĨ ϮϬϮϭ͘ dŚĞ ŝŶĐƌĞĂƐĞ ŝƐ ƚŚĞ ƌĞƐƵůƚ ŽĨ ŚŝŐŚĞƌ ĂĐĐƌĞƚŝŽŶ ŽĨ ĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐ ůŝĂďŝůŝƚŝĞƐ ĚƵĞ ƚŽ ĐŚĂŶŐĞƐ ŝŶ ŝŶĨůĂƚŝŽŶ ĂŶĚ ƌŝƐŬͲĨƌĞĞ ƌĂƚĞ ŽŶ Ă ŚŝŐŚĞƌ ĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐ ůŝĂďŝůŝƚLJ͕ ŽĨĨƐĞƚ ďLJ Ă ĚĞĐƌĞĂƐĞ ŝŶ ŝŶƚĞƌĞƐƚ ĞdžƉĞŶƐĞƐ ĂĐĐƌĞĚŝƚĞĚ ƚŽ ƚŚĞ ĞůŝŵŝŶĂƚŝŽŶ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ďĂŶŬ ĚĞďƚ͘

KƉĞƌĂƚŝŶŐ ŶĞƚďĂĐŬ͕ ĨƵŶĚƐ ĨůŽǁ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ŶĞƚ ůŽƐƐ

;ΨͬďŽĞͿ		dŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚ	^ŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ
		:ƵŶĞ ϯϬ͕	:ƵŶĞ ϯϬ͕
	ϮϬ Ϯ Ϯ	ϮϬϮϭ	ϮϬ Ϯ Ϯ	ϮϬϮϭ
ZĞǀĞŶƵĞ	ϭϬ ϳ͘Ϭ ϯ	ϰϴ͘ϲϳ	ϵϴ͘ϵ ϴ	ϰϱ͘ϲϬ
ZŽLJĂůƚŝĞƐ	;ϭ ϱ͘ϴ ϮͿ	;ϭϬ͘ϮϰͿ	;ϭ ϱ͘Ϯ ϱͿ	;ϵ͘ϰϵͿ
EĞƚ ƌĞǀĞŶƵĞ	ϵ ϭ͘Ϯ ϭ	ϯϴ͘ϰϯ	ϴϯ͘ϳ ϯ	ϯϲ͘ϭϭ
KƚŚĞƌ ŝŶĐŽŵĞ	Ϭ͘ϭ ϲ	Ͳ	Ϭ͘ϭ ϯ	Ͳ
KƉĞƌĂƚŝŶŐ ĞdžƉĞŶƐĞƐ	;ϱ ϲ͘ϰ ϯͿ	;Ϯϯ͘ϯϮͿ	;ϰ ϴ͘ϴ ϮͿ	;Ϯϰ͘ϯϮͿ
dƌĂŶƐƉŽƌƚĂƚŝŽŶ ĞdžƉĞŶƐĞƐ	;Ϭ͘ϴ ϴͿ	;ϭ͘ϯϬͿ	;Ϭ͘ϳ ϴͿ	;ϭ͘ϮϮͿ
K ƉĞƌĂƚŝŶŐ EĞƚďĂĐ Ŭ ; ϭ Ϳ	ϯ ϰ͘Ϭ ϲ	ϭϯ͘ϴϭ	ϯϰ͘Ϯ ϲ	ϭϬ͘ϱϳ
'ĞŶĞƌĂů ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĞdžƉĞŶƐĞƐ	;ϱ͘ϱ ϳͿ	;ϯ͘ϰϭͿ	;ϱ͘Ϭ ϲͿ	;Ϯ͘ϵϮͿ
/ŶƚĞƌĞƐƚ ĞdžƉĞŶƐĞ	;Ϭ͘Ϭ ϮͿ	;Ϭ͘ϰϬͿ	;Ϭ͘Ϭ ϯͿ	;Ϭ͘ϯϴͿ
&ƵŶĚƐ ĨůŽǁ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ ; ϭ Ϳ	Ϯ ϴ͘ϰ ϳ	ϭϬ͘ϬϬ	Ϯϵ͘ϭ ϳ	ϳ͘Ϯϳ
ĐĐƌĞƚŝŽŶ	;Ϭ͘ϳ ϮͿ	;Ϭ͘ϰϮͿ	;Ϭ͘ϱ ϮͿ	;Ϭ͘ϰϮͿ
ĞƉůĞƚŝŽŶ ĂŶĚ ĚĞƉƌĞĐŝĂƚŝŽŶ	;ϭ ϳ͘ϲ ϴͿ	;ϭϭ͘ϰϵͿ	;ϭ ϲ͘ϴ ϴͿ	;ϭϭ͘ϰϳͿ
/ŵƉĂŝƌŵĞŶƚ ;ƌĞǀĞƌƐĂůͿ	Ͳ	Ͳ	ϳϲ͘ϴ ϴ	Ͳ
^ŚĂƌĞ ŽĨ ũŽŝŶƚ ǀĞŶƚƵƌĞ ĂĐƚŝǀŝƚŝĞƐ	ϳ͘ϴ ϱ	Ϭ͘ϰϰ	ϰ͘ϰ ϵ	;Ϭ͘ϱϳͿ
/ŶƚĞƌĞƐƚ ŽŶ ůĞĂƐĞ ŽďůŝŐĂƚŝŽŶƐ	;Ϭ͘Ϭ ϭͿ	;Ϭ͘ϬϲͿ	;Ϭ͘Ϭ ϮͿ	;Ϭ͘ϬϲͿ
KƚŚĞƌ ŝŶĐŽŵĞ	Ϯ͘ϰ Ϭ	Ͳ	ϭ͘ϰ ϳ	Ͳ
'ĂŝŶ ŽŶ ĚŝƐƉŽƐŝƚŝŽŶ	Ϭ͘ϭ ϱ	Ͳ	ϭ͘Ϯ Ϭ	Ϭ͘ϯϴ
EĞƚ ŝŶĐ ŽŵĞ ;ůŽƐƐͿ ĨŽ ƌ ƚŚĞ ƉĞƌŝŽĚ	Ϯ Ϭ͘ϰ ϲ	;ϭ͘ϱϯͿ	ϵϱ͘ϳ ϵ	;ϰ͘ϴϳͿ

;ϭͿ ^ĞĞ ŶŽŶ /&Z^ ŵĞĂƐƵƌĞƐ ĂŶĚ ŽƚŚĞƌ ĨŝŶĂŶĐŝĂů ŵĞĂƐƵƌĞƐ

KƉĞƌĂƚŝŶŐ ŶĞƚďĂĐŬ

/Ŷ ƚŚĞ ƚŚƌĞĞ ĂŶĚ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͕ ŽƉĞƌĂƚŝŶŐ ŶĞƚďĂĐŬ ǁĂƐ ΨϮ͘ϴ ŵŝůůŝŽŶ ĂŶĚ Ψϱ͘ϲ ŵŝůůŝŽŶ͕ ƌĞƐƉĞĐƚŝǀĞůLJ͕ ĐŽŵƉĂƌĞĚ ƚŽ ΨϬ͘ϳ ŵŝůůŝŽŶ ĂŶĚ Ψϭ͘Ϭ ŵŝůůŝŽŶ ŝŶ ƚŚĞ ĐŽŵƉĂƌĂďůĞ ƉĞƌŝŽĚƐ ŽĨ ϮϬϮϭ͘ dŚŝƐ ƌĞƉƌĞƐĞŶƚƐ Ă ϯϮϰй ĂŶĚ ϰϲϭй ŝŶĐƌĞĂƐĞ

DΘ ĨŽƌ ƚŚĞ ƚŚƌĞĞ ĂŶĚ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ĂŶĚ ϮϬϮϭ

ŽǀĞƌ ƚŚĞ ƉĞƌŝŽĚƐ ĐŽŵƉĂƌĞĚ͘ dŚĞ ŚŝŐŚĞƌ ŽƉĞƌĂƚŝŶŐ ŶĞƚďĂĐŬ ŝŶ ϮϬϮϮ ŝƐ ƚŚĞ ŝŵƉĂĐƚ ŽĨ ŚŝŐŚĞƌ ƉƌŽĚƵĐƚŝŽŶ ǀŽůƵŵĞƐ ĂŶĚ ŚŝŐŚĞƌ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ͘

ŽŵƉĂƌĞĚ ƚŽ ƚŚĞ ĨŝƌƐƚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϮ͕ ŽƉĞƌĂƚŝŶŐ ŶĞƚďĂĐŬ ǁĂƐ ŵĂŝŶƚĂŝŶĞĚ Ăƚ ΨϮ͘ϴ ŵŝůůŝŽŶ͘ KƉĞƌĂƚŝŶŐ ŶĞƚďĂĐŬ ďĞŶĞĨŝƚĞĚ ĨƌŽŵ ŚŝŐŚĞƌ ƌĞĂůŝnjĞĚ ƉƌŝĐĞƐ͕ ŽĨĨƐĞƚ ďLJ ŚŝŐŚĞƌ ŽƉĞƌĂƚŝŶŐ ĞdžƉĞŶƐĞƐ͘

&ƵŶĚƐ ĨůŽǁ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ

/Ŷ ƚŚĞ ƚŚƌĞĞ ĂŶĚ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͕ ĨƵŶĚƐ ĨůŽǁ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ ǁĂƐ ΨϮ͘ϯ ŵŝůůŝŽŶ ĂŶĚ Ψϰ͘ϴ ŵŝůůŝŽŶ ĐŽŵƉĂƌĞĚ ƚŽ ΨϬ͘ϱ ŵŝůůŝŽŶ ĂŶĚ ΨϬ͘ϳ ŵŝůůŝŽŶ͕ ƌĞƐƉĞĐƚŝǀĞůLJ͕ ŝŶ ƚŚĞ ĐŽŵƉĂƌĂďůĞ ƉĞƌŝŽĚƐ ŽĨ ϮϬϮϭ ĚƵĞ ƚŽ ƚŚĞ ŝŵƉĂĐƚ ŽĨ ŚŝŐŚĞƌ ǀŽůƵŵĞƐ ĂŶĚ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ͘ &ƵŶĚƐ ĨůŽǁ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ ŝŶ ƚŚĞ ƐĞĐŽŶĚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϮ ŝƐ ΨϮ͘ϯ ŵŝůůŝŽŶ ĐŽŵƉĂƌĞĚ ƚŽ ΨϮ͘ϰ ŵŝůůŝŽŶ ŝŶ ƚŚĞ ĨŝƌƐƚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϮ ƌĞƉƌĞƐĞŶƚŝŶŐ Ă ϯ͘ϱй ĚĞĐƌĞĂƐĞ ĚƵĞ ƚŽ ŚŝŐŚĞƌ ŽƉĞƌĂƚŝŶŐ ĂŶĚ 'Θ ĐŽƐƚƐ͕ ŽĨĨƐĞƚ ďLJ ŚŝŐŚĞƌ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ͘

W/d> yWE/dhZ^

;Ψ ŝŶ ƚŚŽƵƐĂŶĚƐͿ	dŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚ		^ŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ:ƵŶĞ ϯϬ͕
	:ƵŶĞ ϯϬ͕
	ϮϬϮϮ	ϮϬϮϭ	ϮϬϮϮ	ϮϬϮϭ
>ĂŶĚ	ϳϵ	Ϯϰ	ϴϵ	Ϯϰ
'ĞŽůŽŐŝĐĂů ĂŶĚ ŐĞŽƉŚLJƐŝĐĂů	Ͳ	Ͳ	Ͳ	Ͳ
ƌŝůůŝŶŐ ĂŶĚ ĐŽŵƉůĞƚŝŽŶƐ	ϱϱϬ	ϭϭϮ	ϴϬϭ	ϭϯϲ
WƌŽĚƵĐƚŝŽŶ ĨĂĐŝůŝƚŝĞƐ	ϰϯϬ	ϵϰ	ϲϱϰ	ϭϬϮ
KƚŚĞƌ	ϯϬ	Ϯϯ	ϯϲ	Ϯϯ
džƉůŽƌĂƚŝŽŶ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ	ϭ͕Ϭϴϵ	Ϯϱϯ	ϭ͕ϱϴϬ	Ϯϴϱ
WƌŽƉĞƌƚLJ ĂĐƋƵŝƐŝƚŝŽŶƐ	Ͳ	Ͳ	Ͳ	Ͳ
dŽƚĂů ĐĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞƐ ;ϭͿ	ϭ͕Ϭϴϵ	Ϯϱϯ	ϭ͕ϱϴϬ	Ϯϴϱ

;ϭͿ ^ĞĞ ŶŽŶ /&Z^ ŵĞĂƐƵƌĞƐ ĂŶĚ ŽƚŚĞƌ ĨŝŶĂŶĐŝĂů ŵĞĂƐƵƌĞƐ

dŽƚĂů ĐĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞƐ ĨŽƌ ƚŚĞ ƚŚƌĞĞ ĂŶĚ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ǁĞƌĞ Ψϭ͘ϭ ŵŝůůŝŽŶ ĂŶĚ Ψϭ͘ϲ ŵŝůůŝŽŶ͕ ƌĞƐƉĞĐƚŝǀĞůLJ͕ ĐŽŵƉĂƌĞĚ ƚŽ ΨϬ͘ϯ ŵŝůůŝŽŶ ĂŶĚ ΨϬ͘ϯ ŵŝůůŝŽŶ ŝŶ ƚŚĞ ĐŽŵƉĂƌĂďůĞ ƉĞƌŝŽĚƐ ŽĨ ϮϬϮϭ͘ dŚĞ ĐĂƉŝƚĂů ŝŶĐƵƌƌĞĚ ŝŶ ƚŚĞ ƚŚƌĞĞ ĂŶĚ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ǁĞƌĞ ƉƌŝŵĂƌŝůLJ ŽŶ ĐŽŵƉůĞƚŝŽŶͬƌĞĐŽŵƉůĞƚŝŽŶ ĂŶĚ ƉƌŽĚƵĐƚŝŽŶ ĨĂĐŝůŝƚŝĞƐ ƌĞůĂƚĞĚ ƚŽ ƌĞĂĐƚŝǀĂƚŝŽŶƐ ĂŶĚ ƉƵŵƉ ƵƉƐŝnjĞƐ ŽŶ ĞdžŝƐƚŝŶŐ ǁĞůůďŽƌĞƐ ƚŚĂƚ ǁĞƌĞ ƌĞƐƚĂƌƚĞĚ ĨŽƌ ŝŶĐƌĞŵĞŶƚĂů ƉƌŽĚƵĐƚŝŽŶ͘ dŚĞ ĂĚĚŝƚŝŽŶƐ ƚŽ ůĂŶĚ ƌĞůĂƚĞ ƚŽ ƵŶĚĞǀĞůŽƉĞĚ ůĞĂƐĞ ƌĞŶƚĂůƐ ƚŚĂƚ ĂƌĞ ĐĂƉŝƚĂůŝnjĞĚ ƚŽ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ĂƐƐĞƚƐ͘ KƚŚĞƌ ĐĂƉŝƚĂů ĂĚĚŝƚŝŽŶƐ ƌĞůĂƚĞ ƚŽ ƚŚĞ ƉƵƌĐŚĂƐĞ ŽĨ Ă ůĞĂƐĞĚ ĨŝĞůĚ ƚƌƵĐŬ ĂŶĚ ŽĨĨŝĐĞ ƌĞůĂƚĞĚ ĞƋƵŝƉŵĞŶƚ͘

>E ,K>/E'^

Ɛ Ăƚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͕ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ůĂŶĚ ŚŽůĚŝŶŐƐ ;ŝŶ ĂĐƌĞƐͿ ĂƌĞ ĂƐ ĨŽůůŽǁƐ͗

	hŶĚĞǀĞůŽƉĞĚ		dŽƚĂů
	'ƌŽƐƐ;ϭͿ	EĞƚ ;ϮͿ	'ƌŽƐƐ;ϭͿ	EĞƚ ;ϮͿ
ůďĞƌƚĂ	ϲϯϯ	ϲϯϯ	ϲϯϯ	ϲϯϯ
^ĂƐŬĂƚĐŚĞǁĂŶ	ϮϬ͕ϲϱϯ	ϮϬ͕ϭϵϲ	ϰϬ͕ϴϴϭ	ϯϴ͕ϬϯϬ
dŽƚĂů	Ϯϭ͕Ϯϴϲ	ϮϬ͕ϴϮϵ	ϰϭ͕ϱϭϰ	ϯϴ͕ϲϲϯ

1RWHV

;ϭͿ Η'ƌŽƐƐΗ ŵĞĂŶƐ ƚŚĞ ƚŽƚĂů ŶƵŵďĞƌ ŽĨ ĂĐƌĞƐ ŝŶ ǁŚŝĐŚ ǁĞ ŚŽůĚ ĂŶ ŝŶƚĞƌĞƐƚ͘

;ϮͿ ΗEĞƚΗ ŵĞĂŶƐ ƚŚĞ ĂŐŐƌĞŐĂƚĞ ŽĨ ƚŚĞ ƉĞƌĐĞŶƚĂŐĞ ǁŽƌŬŝŶŐ ŝŶƚĞƌĞƐƚƐ ŽĨ ŚƌŽŶŽƐ ŝŶ ƚŚĞ ŐƌŽƐƐ ĂĐƌĞƐ͘

KDD/^^/KE/E' >//>/dz

Ɛ Ăƚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͕ ĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐ ůŝĂďŝůŝƚŝĞƐ ǁĞƌĞ Ψϭϳ͘ϵ ŵŝůůŝŽŶ ĐŽŵƉĂƌĞĚ ƚŽ ΨϮϬ͘ϳ ŵŝůůŝŽŶ ƚŚĞ ƉƌŝŽƌ LJĞĂƌ ŽĨ ϮϬϮϭ͘ dŚĞ ĚĞĐƌĞĂƐĞ ŝƐ ƚŚĞ ƌĞƐƵůƚ ŽĨ Ă ĐŚĂŶŐĞ ŝŶ ĚŝƐĐŽƵŶƚ ĂŶĚ ŝŶĨůĂƚŝŽŶ ƌĂƚĞƐ ĂƐ ĐŽŵƉĂƌĞĚ ƚŽ ƉƌŝŽƌ LJĞĂƌ͘ dŚĞ ŽŵƉĂŶLJ ĞƐƚŝŵĂƚĞƐ ƚŚĞ ƚŽƚĂů ĨƵƚƵƌĞ ƵŶĚŝƐĐŽƵŶƚĞĚ ĂŵŽƵŶƚ ŽĨ ĐĂƐŚ ĨůŽǁƐ ƌĞƋƵŝƌĞĚ ƚŽ ƐĞƚƚůĞ ŝƚƐ ĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐ ůŝĂďŝůŝƚŝĞƐ ŝƐ ĂƉƉƌŽdžŝŵĂƚĞůLJ ΨϮϬ͘ϱ ŵŝůůŝŽŶ ;ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ Ͳ ΨϮϬ͘ϰ ŵŝůůŝŽŶͿ͘ dŚĞƐĞ ƉĂLJŵĞŶƚƐ ĂƌĞ ĞdžƉĞĐƚĞĚ ƚŽ ďĞ ŵĂĚĞ ŽǀĞƌ ƚŚĞ ŶĞdžƚ ϲϬ LJĞĂƌƐ͘

DΘ ĨŽƌ ƚŚĞ ƚŚƌĞĞ ĂŶĚ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ĂŶĚ ϮϬϮϭ

>/Yh//dz E W/d> Z^KhZ^

EĞƚ ĚĞďƚ

Ɛ Ăƚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂĚ Ă ǁŽƌŬŝŶŐ ĐĂƉŝƚĂů ŽĨ ΨϮ͘Ϯ ŵŝůůŝŽŶ ĐŽŵƉĂƌĞĚ ƚŽ ŶĞƚ ĚĞďƚ ŽĨ Ψϭ͘Ϯ ŵŝůůŝŽŶ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͘ dŚĞ ŝŵƉƌŽǀĞŵĞŶƚ ŝƐ ƚŚĞ ƌĞƐƵůƚ ŽĨ ĨƵŶĚƐ ĨůŽǁ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ ŽĨ Ψϰ͘ϴ ŵŝůůŝŽŶ ŝŶ ƚŚĞ ĨŝƌƐƚ ŚĂůĨ ŽĨ ϮϬϮϮ͕ ŶĞƚ ŽĨ ĐĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞƐ͘

ĂƉŝƚĂů ĨƵŶĚŝŶŐ

ĂŶŬ ůŽĂŶ

Ɛ Ăƚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͕ ŚƌŽŶŽƐ ŚĂƐ ŶŽ ďĂŶŬ ĚĞďƚ Žƌ ĂǀĂŝůĂďůĞ ĐƌĞĚŝƚ ĨĂĐŝůŝƚLJ͘

ĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞ ƉƌŽŐƌĂŵ

dŚĞ ĐĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞ ƉƌŽŐƌĂŵ ĨŽƌ ƚŚĞ ϮϬϮϮ LJĞĂƌ ŝƐ ĨůĞdžŝďůĞ ĂŶĚ ĐĂŶ ďĞ ĂĚũƵƐƚĞĚ ƚŽ ƉƌĞƐĞƌǀĞ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ďĂůĂŶĐĞ ƐŚĞĞƚ ƐƚƌĞŶŐƚŚ ĂŶĚ ƉƌƵĚĞŶƚůLJ ĂůůŽĐĂƚĞ ĐĂƉŝƚĂů ĚĞƉĞŶĚŝŶŐ ŽŶ ƚŚĞ ĞĐŽŶŽŵŝĐ ĞŶǀŝƌŽŶŵĞŶƚ ĂŶĚ ƉƌŽũĞĐƚ ĞĐŽŶŽŵŝĐƐ͘ dŚĞ ŽŵƉĂŶLJ ŵĂLJ ŵĂŬĞ ƵƐĞ ŽĨ ĂĚĚŝƚŝŽŶĂů ďĂŶŬ ĚĞďƚ Žƌ ĞƋƵŝƚLJ ĨŝŶĂŶĐŝŶŐ ĨŽƌ ĂŶLJ ƐƵďƐƚĂŶƚŝĂů ĞdžƉĂŶƐŝŽŶ ƚŽ ƚŚĞ ĐĂƉŝƚĂů ƉƌŽŐƌĂŵ Žƌ ƚŽ ĨŝŶĂŶĐĞ ĂŶLJ ƐŝŐŶŝĨŝĐĂŶƚ ĂĐƋƵŝƐŝƚŝŽŶƐ͘ ŚƌŽŶŽƐ ŝƐ ƚŚĞ ŽƉĞƌĂƚŽƌ ŽĨ Ăůů ŝƚƐ Žŝů ĂŶĚ ŐĂƐ ƉƌŽƉĞƌƚŝĞƐ ĂŶĚ ƐŽ ƚŚĞ ĐĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞ ƉƌŽŐƌĂŵ ĐĂŶ ďĞ ƌĞĂĚŝůLJ ĂĚũƵƐƚĞĚ ŝŶ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚĞ ĞĐŽŶŽŵŝĐ ĐůŝŵĂƚĞ ĂŶĚ ŽƚŚĞƌ ĨĂĐƚŽƌƐ͕ ĂŶĚ ĐĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞƐ ĐĂŶ ďĞ ĚŝƌĞĐƚĞĚ ƚŽǁĂƌĚƐ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƐƚƌĂƚĞŐLJ ŽĨ ŐƌŽǁƚŚ ŝŶ ůĂŶĚ ďĂƐĞ͕ ĚƌŝůůŝŶŐ ŝŶǀĞŶƚŽƌLJ͕ ƌĞƐĞƌǀĞƐ͕ ĂŶĚ ƉƌŽĚƵĐƚŝŽŶ ǀŽůƵŵĞƐ͘ dŚĞ ŽŵƉĂŶLJ͛Ɛ ƉƌŽĚƵĐƚŝŽŶ ďĂƐĞ ŝŶ ƐŽƵƚŚǁĞƐƚ ^ĂƐŬĂƚĐŚĞǁĂŶ ĂŶĚ >ůŽLJĚŵŝŶƐƚĞƌ ^ĂƐŬĂƚĐŚĞǁĂŶ ŚĂƐ Ă ƌĞůĂƚŝǀĞůLJ ůŽǁ ĚĞĐůŝŶĞ ƌĂƚĞ ƚŚƵƐ ƌĞĚƵĐŝŶŐ ƚŚĞ ĐĂƉŝƚĂů ƌĞƋƵŝƌĞĚ ƚŽ ŵĂŝŶƚĂŝŶ ŝƚƐ ƉƌŽĚƵĐƚŝŽŶ ďĂƐĞ͘

ĂƉŝƚĂů ƐƚƌƵĐƚƵƌĞ

dŚĞ ŽŵƉĂŶLJ ĐŽŶƐŝĚĞƌƐ ĐĂƉŝƚĂů ƐƚƌƵĐƚƵƌĞ ƚŽ ŝŶĐůƵĚĞ ǁŽƌŬŝŶŐ ĐĂƉŝƚĂů͕ ďĂŶŬ ůŽĂŶ ĂŶĚ ƐŚĂƌĞŚŽůĚĞƌƐ͛ ĞƋƵŝƚLJ͘ tŽƌŬŝŶŐ ĐĂƉŝƚĂů ŝŶĐůƵĚĞƐ ĐĂƐŚ͕ ĂĐĐŽƵŶƚƐ ƌĞĐĞŝǀĂďůĞ͕ ĚƵĞ ĨƌŽŵ ƌĞůĂƚĞĚ ƉĂƌƚLJ ĂŶĚ ƉƌĞƉĂŝĚ ĞdžƉĞŶƐĞƐ ůĞƐƐ ĂĐĐŽƵŶƚƐ ƉĂLJĂďůĞ ĂŶĚ ĂĐĐƌƵĞĚ ůŝĂďŝůŝƚŝĞƐ ĂŶĚ ĐƵƌƌĞŶƚ ƉŽƌƚŝŽŶ ŽĨ ůĞĂƐĞ ůŝĂďŝůŝƚLJ͘ ƚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂĚ Ă ǁŽƌŬŝŶŐ ĐĂƉŝƚĂů ŽĨ ΨϮ͘Ϯ ŵŝůůŝŽŶ ĂŶĚ ĨƵŶĚƐ ĨůŽǁ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ ĨŽƌ ƚŚĞ ĨŝƌƐƚ ŚĂůĨ ŽĨ ϮϬϮϮ ŽĨ Ψϰ͘ϴ ŵŝůůŝŽŶ͘

;Ψ ŝŶ ƚŚŽƵƐĂŶĚƐͿ	Ɛ Ăƚ :ƵŶĞ ϯϬ͕
	ϮϬϮϮ
ĂƉŝƚĂů ƐƚƌƵĐƚƵƌĞ͗
tŽƌŬŝŶŐ ĂƉŝƚĂů ;ŶĞƚ ĚĞďƚ ;ϭͿͿ	Ϯ͕ϭϵϵ
^ŚĂƌĞŚŽůĚĞƌƐΖ ĞƋƵŝƚLJ	ϱϯ͕ϰϬϭ

;ϭͿ ^ĞĞ ŶŽŶͲ/&Z^ ŵĞĂƐƵƌĞƐ ĂŶĚ ŽƚŚĞƌ ĨŝŶĂŶĐŝĂů ŵĞĂƐƵƌĞƐ

KEdZdh>K>/'d/KE^ E KDD/dDEd^

;Ψ ŝŶ ƚŚŽƵƐĂŶĚƐͿ	>ĞƐƐ ƚŚĂŶ ϭ LJĞĂƌ	ϭ ƚŽ ϯ LJĞĂƌƐ		dŽƚĂů

sĞŚŝĐůĞ ůĞĂƐĞ	ϯϰ	Ϯϯ	Ͳ	ϱϳ
dŽƚĂů	ϯϰ	Ϯϯ	Ͳ	ϱϳ

DΘ ĨŽƌ ƚŚĞ ƚŚƌĞĞ ĂŶĚ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ĂŶĚ ϮϬϮϭ

^,Z W/d>

dŚĞ ŽŵƉĂŶLJ ŚĂĚ ϯϭ͕ϯϵϵ͕ϰϯϵ ĐŽŵŵŽŶ ƐŚĂƌĞƐ ŽƵƚƐƚĂŶĚŝŶŐ ĂƐ Ăƚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ĂŶĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶĚ ŶŽ ƐŚĂƌĞ ŽƉƚŝŽŶƐ͘

ƚ ^ĞƉƚĞŵďĞƌ ϳƚŚ͕ ϮϬϮϮ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂĚ ϯϭ͕ϯϵϵ͕ϰϯϵ ĐŽŵŵŽŶ ƐŚĂƌĞƐ ŽƵƚƐƚĂŶĚŝŶŐ ĂŶĚ ŶŽ ƐŚĂƌĞ ŽƉƚŝŽŶƐ͘

Z>d WZdz dZE^d/KE^

ZĞůĂƚĞĚ ƉĂƌƚŝĞƐ ŝŶ ƚŚĞ ƚŚƌĞĞ ĂŶĚ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ĂŶĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ŝŶĐůƵĚĞ ŬĞLJ ŵĂŶĂŐĞŵĞŶƚ ƉĞƌƐŽŶŶĞů ĂŶĚ Ă ůŝŵŝƚĞĚ ƉĂƌƚŶĞƌƐŚŝƉ͕ ŚƌŽŶŽƐ ƵǀĞƌŶĂLJ >W ŝŶ ƚŚĂƚ Ă ǁŚŽůůLJ ŽǁŶĞĚ ƐƵďƐŝĚŝĂƌLJ ŝƐ Ă ƉĂƌƚŶĞƌ ŝŶ ƚŚĞ ƉĂƌƚŶĞƌƐŚŝƉ͘

dŚĞ ŽŵƉĂŶLJ ƉĞƌĨŽƌŵƐ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ĂĚǀŝƐŽƌLJ ƐĞƌǀŝĐĞƐ ĨŽƌ ƚŚĞ ƉĂƌƚŶĞƌƐŚŝƉ ĂŶĚ ŝƐ ƌĞŝŵďƵƌƐĞĚ ĨŽƌ ƚŚĞƐĞ ƐĞƌǀŝĐĞƐ͘ ƵƌŝŶŐ ƚŚĞ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͕ ƚŚĞ ŽŵƉĂŶLJ ĐŚĂƌŐĞĚ ŚƌŽŶŽƐ ƵǀĞƌŶĂLJ >W ΨϬ͘ϱ ŵŝůůŝŽŶ ;:ƵŶĞ ϯϬ͕ ϮϬϮϭ Ͳ ΨϬ͘ϱ ŵŝůůŝŽŶͿ ƌĞůĂƚĞĚ ƚŽ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ĂĚǀŝƐŽƌLJ ƐĞƌǀŝĐĞƐ͕ ǁŚŝĐŚ ǁĂƐ ŶĞƚƚĞĚ ĂŐĂŝŶƐƚ 'Θ ĂŶĚ ŝŶǀŽŝĐĞĚ Ψϭ͘Ϯ ŵŝůůŝŽŶ ;:ƵŶĞ ϯϬ͕ ϮϬϮϭͲ ΨŶŝůͿ ŽĨ ĞdžƉĞŶƐĞƐ͘

Ɛ Ăƚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ƚŚĞ ŽŵƉĂŶLJ ŚĂĚ Ă ŶĞƚ ƌĞĐĞŝǀĂďůĞ ŽĨ Ψϭ͘ϱ ŵŝůůŝŽŶ ĚƵĞ ĨƌŽŵ ŚƌŽŶŽƐ ƵǀĞƌŶĂLJ >W ;ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ Ͳ ΨϬ͘ϴ ŵŝůůŝŽŶͿ͘ ĨƚĞƌ ƚŚĞ ƋƵĂƌƚĞƌ ĞŶĚ͕ ƚŚĞ ŽŵƉĂŶLJ ĐŽůůĞĐƚĞĚ Ψϭ͘ϯ ŵŝůůŝŽŶ ŽĨ ƚŚĞ ŽƵƚƐƚĂŶĚŝŶŐ ďĂůĂŶĐĞ͘

K&&Ͳ>E ^,d ZZE'DEd^

dŚĞƌĞ ĂƌĞ ŶŽ ĨŝŶĂŶĐŝĂů ĂƌƌĂŶŐĞŵĞŶƚƐ ƚŚĂƚ ĂƌĞ ĞdžĐůƵĚĞĚ ĨƌŽŵ ƚŚĞ ƵŶĂƵĚŝƚĞĚ ĐŽŶĚĞŶƐĞĚ ŝŶƚĞƌŝŵ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂƐ Ăƚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ Žƌ ƌĞŵĂŝŶ ŽƵƚƐƚĂŶĚŝŶŐ ĂƐ ŽĨ ƚŚĞ ĚĂƚĞ ŽĨ ĂƉƉƌŽǀĂů ŽĨ ƚŚĞ ƵŶĂƵĚŝƚĞĚ ĐŽŶĚĞŶƐĞĚ ŝŶƚĞƌŝŵ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂŶĚ DΘ͘

YhZdZ>z Z^h>d^

dŚĞ ĨŽůůŽǁŝŶŐ ƐƵŵŵĂƌŝnjĞƐ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŬĞLJ ƋƵĂƌƚĞƌůLJ ĨŝŶĂŶĐŝĂů ƌĞƐƵůƚƐ ĨŽƌ ƚŚĞ ƉĂƐƚ ĞŝŐŚƚ ƋƵĂƌƚĞƌƐ͘

;Ψ ŝŶ ƚŚŽƵƐĂŶĚƐͿ	ϮϬϮϮ			ϮϬϮϭ			ϮϬϮϬ
	YϮ	Yϭ	Yϰ	Yϯ	YϮ	Yϭ	Yϰ	Yϯ
džƉůŽƌĂƚŝŽŶ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĞdžƉĞŶĚŝƚƵƌĞƐ	ϭϬ ϴ ϵ	ϰϵϭ	Ϯϯϳ	ϭϰϲ	Ϯϱϯ	ϯϮ	ϭϲϱ	Ϯϭϳ
dŽƚĂů ĚĂŝůLJ ƉƌŽĚƵĐƚŝŽŶ ;ďŽĞͬĚͿ	ϵϬ ϯ	ϵϬϯ	ϵϭϴ	ϱϴϰ	ϱϮϲ	ϱϭϴ	ϰϴϵ	ϰϴϮ
ǀĞƌĂŐĞ ƌĞĂůŝnjĞĚ ƉƌŝĐĞ ;ΨͬďŽĞͿ	ϭϬ ϳ͘Ϭ ϯ	ϵϬ͘ϴϯ	ϳϮ͘ϵϱ	ϲϰ ϯϰ	ϰϴ͘ϲϳ	ϰϮ͘ϰϱ	ϯϳ͘ϯϳ	ϯϰ͘ϰϯ
ZĞǀĞŶƵĞ	ϴ͕ϴ Ϭ ϯ	ϳ͕ϯϴϭ	ϲ͕ϭϲϱ	ϯ͕ϰϲϬ	Ϯ͕ϯϮϵ	ϭ͕ϵϴϬ	ϭ͕ϲϴϭ	ϭ͕ϱϮϴ
ZŽLJĂůƚŝĞƐ	;ϭ͕ϯ Ϭ ϭͿ	;ϭ͕ϭϵϯͿ	;ϭ͕ϬϴϱͿ	;ϲϳϰͿ	;ϰϵϬͿ	;ϰϬϳͿ	;ϯϯϯͿ	;ϯϭϬͿ
KƚŚĞƌ ŝŶĐŽŵĞ	ϭϯ	ϴ	Ϯϳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ
KƉĞƌĂƚŝŶŐ ĞdžƉĞŶƐĞƐ	;ϰ͕ϲ ϰ ϭͿ	;ϯ͕ϯϰϮͿ	;ϯ͕ϬϱϰͿ	;ϭ͕ϬϳϲͿ	;ϭ͕ϭϭϲͿ	;ϭ͕ϭϴϮͿ	;ϵϵϭͿ	;ϳϯϵͿ
dƌĂŶƐƉŽƌƚĂƚŝŽŶ ĞdžƉĞŶƐĞƐ	;ϳ ϮͿ	;ϱϲͿ	;ϴϭͿ	;ϲϮͿ	;ϲϮͿ	;ϱϯͿ	;ϱϳͿ	;ϱϬͿ
KƉĞƌĂƚŝŶŐ EĞƚďĂĐŬ	Ϯ͕ϴ Ϭ Ϯ	Ϯ͕ϳϵϴ	ϭ͕ϵϳϮ	ϭ͕ϲϰϴ	ϲϲϭ	ϯϯϴ	ϯϬϬ	ϰϮϵ
'ĞŶĞƌĂů ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĞdžƉĞŶƐĞƐ	;ϰ ϱ ϴͿ	;ϯϲϵͿ	;ϭ͕ϬϭϱͿ	;ϭϱϮͿ	;ϭϲϯͿ	;ϭϭϯͿ	;ϲϬͿ	;ϭϱϳͿ
dƌĂŶƐĂĐƚŝŽŶƐ ƌĞůĂƚĞĚ ĞdžƉĞŶƐĞƐ	Ͳ	Ͳ	;ϯϴͿ	;ϮϱͿ	Ͳ	Ͳ	Ͳ	Ͳ
/ŶƚĞƌĞƐƚ ĞdžƉĞŶƐĞ	;ϮͿ	;ϯͿ	;ϭϵͿ	;ϭϮͿ	;ϭϵͿ	;ϭϳͿ	;ϰϯͿ	;ϮϯͿ
&ƵŶĚƐ ĨůŽǁ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ	Ϯ͕ϯ ϰ Ϯ	Ϯ͕ϰϮϲ	ϵϬϬ	ϭ͕ϰϱϵ	ϰϳϵ	ϮϬϴ	ϭϵϳ	Ϯϰϴ
EĞƚ ŝŶĐŽŵĞ ;ůŽƐƐͿ	ϭ͕ϲ ϴ Ϯ	ϭϯ͕ϵϳϵ	ϭϯ͕Ϭϴϯ	ϭ͕ϴϭϭ	;ϳϯͿ	;ϯϴϴͿ	;ϯ͕ϰϯϳͿ	;ϮϱϲͿ

dŚĞ ƌĞƐƵůƚƐ ĨƌŽŵ ƚŚĞ ŵŽƐƚ ƌĞĐĞŶƚ ƚǁŽ ƋƵĂƌƚĞƌƐ ŝŶ ϮϬϮϮ ĂŶĚ Yϰ ϮϬϮϭ ŚĂǀĞ ďĞĞŶ ĨƵůůLJ ŝŵƉĂĐƚĞĚ ďLJ ƚŚĞ ĂĚĚŝƚŝŽŶ ŽĨ ƚŚĞ >ůŽLJĚŵŝŶƐƚĞƌ͕ ^< ĂƐƐĞƚƐ ĂŶĚ ƚŚĞ ƐƚƌĞŶŐƚŚĞŶŝŶŐ ŽĨ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞ ĞŶǀŝƌŽŶŵĞŶƚ͘ /Ŷ ƚŚĞ ĞĂƌůŝĞƌ ƋƵĂƌƚĞƌƐ͕ ŽƉĞƌĂƚŝŶŐ ƌĞƐƵůƚƐ ŚĂǀĞ ďĞĞŶ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ĞdžƉĞĐƚĂƚŝŽŶƐ ĂŶĚ ŚĂǀĞ ǀĂƌŝĞĚ ƉƌŝŵĂƌŝůLJ ĚƵĞ ƚŽ ĐŚĂŶŐĞƐ ŝŶ ƉƌŽĚƵĐƚŝŽŶ ǀŽůƵŵĞƐ ĂŶĚ ĐƌƵĚĞ Žŝů ƉƌŝĐŝŶŐ͕ ŝŶ ƉĂƌƚŝĐƵůĂƌ ĐŚĂŶŐĞƐ ŝŶ ƚŚĞ t^ ďĞŶĐŚŵĂƌŬ Žŝů ƉƌŝĐĞ͘

ĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞƐ ŽǀĞƌ ϮϬϮϭ ĂŶĚ ϮϬϮϬ ŚĂǀĞ ďĞĞŶ ĚŝƌĞĐƚĞĚ ƉƌŝŵĂƌŝůLJ ƚŽǁĂƌĚƐ Ă ĚĞǀĞůŽƉŵĞŶƚ ƉƌŽŐƌĂŵ ŝŶ ƐŽƵƚŚǁĞƐƚ ^ĂƐŬĂƚĐŚĞǁĂŶ ĐŽŶƐŝƐƚŝŶŐ ŽĨ ĚƌŝůůŝŶŐ͕ ĐŽŵƉůĞƚŝŶŐ͕ ĞƋƵŝƉƉŝŶŐ ŶĞǁ ǁĞůůƐ ŽŶ Ă ǁĂƚĞƌĨůŽŽĚ ƉƌĞƐƐƵƌĞ ŵĂŝŶƚĞŶĂŶĐĞ ƐĐŚĞŵĞ ĂŶĚ ŽŶ ĨĂĐŝůŝƚŝĞƐ ƚŽ ŝŶĐƌĞĂƐĞ ĨůƵŝĚ ŚĂŶĚůŝŶŐ ĐĂƉĂĐŝƚLJ ĂŶĚ ŽƚŚĞƌ ŽƉƚŝŵŝnjĂƚŝŽŶ ƉƌŽũĞĐƚƐ ƚŽ ƌĞĚƵĐĞ ĨƵƚƵƌĞ ŽƉĞƌĂƚŝŶŐ ĞdžƉĞŶƐĞƐ͘

DΘ ĨŽƌ ƚŚĞ ƚŚƌĞĞ ĂŶĚ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ĂŶĚ ϮϬϮϭ

/Ŷ ϮϬϮϮ͕ ĐĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞƐ ǁĞƌĞ ĚŝƌĞĐƚĞĚ ŝŶ ďŽƚŚ ƚŚĞ ƐŽƵƚŚǁĞƐƚ ^ĂƐŬĂƚĐŚĞǁĂŶ ĂŶĚ >ůŽLJĚŵŝŶƐƚĞƌ ĂƐƐĞƚƐ ƚŽǁĂƌĚƐ ĐŽŵƉůĞƚŝŽŶͬƌĞĐŽŵƉůĞƚŝŽŶ ĂŶĚ ƉƌŽĚƵĐƚŝŽŶ ĨĂĐŝůŝƚŝĞƐ ƌĞůĂƚĞĚ ƚŽ ƌĞĂĐƚŝǀĂƚŝŶŐ ĂŶĚ ƉƵŵƉ ƵƉƐŝnjĞƐ ŽŶ ĞdžŝƐƚŝŶŐ ǁĞůůďŽƌĞƐ͘

^h^YhEd sEd^

Ɛ ŶŽƚĞĚ ĂďŽǀĞ͕ ƚŚĞ ŽŵƉĂŶLJ ĐŽůůĞĐƚĞĚ Ψϭ͘ϯ ŵŝůůŝŽŶ ŽĨ ƚŚĞ Ψϭ͘ϱ ŵŝůůŝŽŶ ĚƵĞ ĨƌŽŵ ƌĞůĂƚĞĚ ƉĂƌƚLJ ƌĞĐĞŝǀĂďůĞ͘

Z/d/> :h'DEd^ /E WW>z/E' KhEd/E' WK>//^

dŚĞƌĞ ŚĂǀĞ ďĞĞŶ ŶŽ ĐŚĂŶŐĞƐ ŝŶ ƚŚĞ ĐƌŝƚŝĐĂů ĂĐĐŽƵŶƚŝŶŐ ĞƐƚŝŵĂƚĞƐŝŶ ƚŚĞ ƚŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͘ /ŶĨŽƌŵĂƚŝŽŶ ŽŶ ĐƌŝƚŝĐĂů ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐŝĞƐ ĂŶĚ ĞƐƚŝŵĂƚĞƐ ĐĂŶ ďĞ ĨŽƵŶĚ ŝŶ ƚŚĞ ŶŽƚĞƐ ƚŽ ƚŚĞ ĂŶŶƵĂů ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂŶĚ DΘ ĨŽƌ ƚŚĞ LJĞĂƌƐ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶĚ ϮϬϮϬ͘

^hDDZz K& ^/'E/&/Ed KhEd/E' WK>//^

dŚĞ ŽŵƉĂŶLJΖƐ ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐŝĞƐ ĂƌĞ ĚĞƐĐƌŝďĞĚ ŝŶ EŽƚĞ ϯ ƚŽ ƚŚĞ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂƵĚŝƚĞĚ ĂŶŶƵĂů ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘

&KZtZ >KK</E' ^ddDEd^

ƐƐƵŵƉƚŝŽŶƐ

DΘ ĨŽƌ ƚŚĞ ƚŚƌĞĞ ĂŶĚ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ĂŶĚ ϮϬϮϭ

ĨĂĐŝůŝƚLJ ĐŽŶƐƚƌƵĐƚŝŽŶ ĂŶĚ ĞdžƉĂŶƐŝŽŶ ĂŶĚ ƚŚĞ ĂďŝůŝƚLJ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ƚŽ ƐĞĐƵƌĞ ĂĚĞƋƵĂƚĞ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ĨŽƌ ƉƌŽĚƵĐƚƐ͖ ĨƵƚƵƌĞ Žŝů ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƉƌŝĐĞƐ͖ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐLJ ĞdžĐŚĂŶŐĞ ĂŶĚ ŝŶƚĞƌĞƐƚ ƌĂƚĞƐ͖ ƚŚĞ ƌĞŐƵůĂƚŽƌLJ ĨƌĂŵĞǁŽƌŬ ƌĞŐĂƌĚŝŶŐ ƌŽLJĂůƚŝĞƐ͕ ƚĂdžĞƐ ĂŶĚ ĞŶǀŝƌŽŶŵĞŶƚĂů ŵĂƚƚĞƌƐ ŝŶ ƚŚĞ ũƵƌŝƐĚŝĐƚŝŽŶƐ ŝŶ ǁŚŝĐŚ ƚŚĞ ŽŵƉĂŶLJ ŽƉĞƌĂƚĞƐ͖ ĂŶĚ ƚŚĞ ĂďŝůŝƚLJ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ƚŽ ƐƵĐĐĞƐƐĨƵůůLJ ŵĂƌŬĞƚ ŝƚƐ Žŝů ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƉƌŽĚƵĐƚƐ͘ ZĞĂĚĞƌƐ ĂƌĞ ĐĂƵƚŝŽŶĞĚ ƚŚĂƚ ƚŚĞ ĨŽƌĞŐŽŝŶŐ ůŝƐƚ ŝƐ ŶŽƚ ĞdžŚĂƵƐƚŝǀĞ ŽĨ Ăůů ĨĂĐƚŽƌƐ ĂŶĚ ĂƐƐƵŵƉƚŝŽŶƐ ǁŚŝĐŚ ŚĂǀĞ ďĞĞŶ ƵƐĞĚ͘

ZŝƐŬƐ ĂŶĚ ƵŶĐĞƌƚĂŝŶƚŝĞƐ

&ŽƌǁĂƌĚͲůŽŽŬŝŶŐ ƐƚĂƚĞŵĞŶƚƐ Žƌ ŝŶĨŽƌŵĂƚŝŽŶ ĂƌĞ ďĂƐĞĚ ŽŶ ĐƵƌƌĞŶƚ ĞdžƉĞĐƚĂƚŝŽŶƐ͕ ĞƐƚŝŵĂƚĞƐ ĂŶĚ ƉƌŽũĞĐƚŝŽŶƐ ƚŚĂƚ ŝŶǀŽůǀĞ Ă ŶƵŵďĞƌ ŽĨ ƌŝƐŬƐ ĂŶĚ ƵŶĐĞƌƚĂŝŶƚŝĞƐ ǁŚŝĐŚ ĐŽƵůĚ ĐĂƵƐĞ ĂĐƚƵĂů ƌĞƐƵůƚƐ ƚŽ ĚŝĨĨĞƌ ŵĂƚĞƌŝĂůůLJ ĨƌŽŵ ƚŚŽƐĞ ĂŶƚŝĐŝƉĂƚĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ ĂŶĚ ĚĞƐĐƌŝďĞĚ ŝŶ ƚŚĞ ĨŽƌǁĂƌĚͲůŽŽŬŝŶŐ ƐƚĂƚĞŵĞŶƚƐ Žƌ ŝŶĨŽƌŵĂƚŝŽŶ͘ dŚĞƐĞ ƌŝƐŬƐ ĂŶĚ ƵŶĐĞƌƚĂŝŶƚŝĞƐ ǁŚŝĐŚ ŵĂLJ ĐĂƵƐĞ ĂĐƚƵĂů ƌĞƐƵůƚƐ ƚŽ ĚŝĨĨĞƌ ŵĂƚĞƌŝĂůůLJ ĨƌŽŵ ƚŚĞ ĨŽƌǁĂƌĚͲůŽŽŬŝŶŐ ƐƚĂƚĞŵĞŶƚƐ Žƌ ŝŶĨŽƌŵĂƚŝŽŶ ŝŶĐůƵĚĞ͕ ĂŵŽŶŐ ŽƚŚĞƌ ƚŚŝŶŐƐ͗ ƚŚĞ ĂďŝůŝƚLJ ŽĨ ŵĂŶĂŐĞŵĞŶƚ ƚŽ ĞdžĞĐƵƚĞ ŝƚƐ ďƵƐŝŶĞƐƐ ƉůĂŶ͖ ŐĞŶĞƌĂů ĞĐŽŶŽŵŝĐ ĂŶĚ ďƵƐŝŶĞƐƐ ĐŽŶĚŝƚŝŽŶƐ͖ ƚŚĞ ƌŝƐŬ ŽĨ ŝŶƐƚĂďŝůŝƚLJ ĂĨĨĞĐƚŝŶŐ ƚŚĞ ũƵƌŝƐĚŝĐƚŝŽŶƐ ŝŶ ǁŚŝĐŚ ƚŚĞ ŽŵƉĂŶLJ ŽƉĞƌĂƚĞƐ͖ ƚŚĞ ƌŝƐŬƐ ŽĨ ƚŚĞ Žŝů ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ŝŶĚƵƐƚƌLJ͕ ƐƵĐŚ ĂƐ ŽƉĞƌĂƚŝŽŶĂů ƌŝƐŬƐ ŝŶ ĞdžƉůŽƌŝŶŐ ĨŽƌ͕ ĚĞǀĞůŽƉŝŶŐ ĂŶĚ ƉƌŽĚƵĐŝŶŐ ĐƌƵĚĞ Žŝů ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ͕ ĂŶĚ ŵĂƌŬĞƚ ĚĞŵĂŶĚ͖ ƚŚĞ ƉŽƐƐŝďŝůŝƚLJ ƚŚĂƚ ŐŽǀĞƌŶŵĞŶƚ ƉŽůŝĐŝĞƐ Žƌ ůĂǁƐ ŵĂLJ ĐŚĂŶŐĞ Žƌ ŐŽǀĞƌŶŵĞŶƚĂů ĂƉƉƌŽǀĂůƐ ŵĂLJ ďĞ ĚĞůĂLJĞĚ Žƌ ǁŝƚŚŚĞůĚ͖ ƌŝƐŬƐ ĂŶĚ ƵŶĐĞƌƚĂŝŶƚŝĞƐ ŝŶǀŽůǀŝŶŐ ŐĞŽůŽŐLJ ŽĨ Žŝů ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ĚĞƉŽƐŝƚƐ͖ ƚŚĞ ƵŶĐĞƌƚĂŝŶƚLJ ŽĨ ƌĞƐĞƌǀĞƐ ĞƐƚŝŵĂƚĞƐ ĂŶĚ ƌĞƐĞƌǀĞƐ ůŝĨĞ͖ ƚŚĞ ĂďŝůŝƚLJ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ƚŽ ĂĚĚ ƉƌŽĚƵĐƚŝŽŶ ĂŶĚ ƌĞƐĞƌǀĞƐ ƚŚƌŽƵŐŚ ĂĐƋƵŝƐŝƚŝŽŶ͕ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ĞdžƉůŽƌĂƚŝŽŶ ĂĐƚŝǀŝƚŝĞƐ͖ ƚŚĞ ŽŵƉĂŶLJΖƐ ĂďŝůŝƚLJ ƚŽ ĞŶƚĞƌ ŝŶƚŽ Žƌ ƌĞŶĞǁ ůĞĂƐĞƐ͖ ƉŽƚĞŶƚŝĂů ĚĞůĂLJƐ Žƌ ĐŚĂŶŐĞƐ ŝŶ ƉůĂŶƐ ǁŝƚŚ ƌĞƐƉĞĐƚ ƚŽ ĞdžƉůŽƌĂƚŝŽŶ Žƌ ĚĞǀĞůŽƉŵĞŶƚ ƉƌŽũĞĐƚƐ Žƌ ĐĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞƐ͖ ƚŚĞ ƵŶĐĞƌƚĂŝŶƚLJ ŽĨ ĞƐƚŝŵĂƚĞƐ ĂŶĚ ƉƌŽũĞĐƚŝŽŶƐ ƌĞůĂƚŝŶŐ ƚŽ ƉƌŽĚƵĐƚŝŽŶ ;ŝŶĐůƵĚŝŶŐ ĚĞĐůŝŶĞ ƌĂƚĞƐͿ͕ ĐŽƐƚƐ ĂŶĚ ĞdžƉĞŶƐĞƐ͖ ĨůƵĐƚƵĂƚŝŽŶƐ ŝŶ Žŝů ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƉƌŝĐĞƐ͕ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐLJ ĞdžĐŚĂŶŐĞ ƌĂƚĞƐ ĂŶĚ ŝŶƚĞƌĞƐƚ ƌĂƚĞƐ͖ ƌŝƐŬƐ ŝŶŚĞƌĞŶƚ ŝŶ ƚŚĞ ŽŵƉĂŶLJΖƐ ŵĂƌŬĞƚŝŶŐ ŽƉĞƌĂƚŝŽŶƐ ŝŶĐůƵĚŝŶŐ ĐƌĞĚŝƚ ƌŝƐŬ͖ ƵŶĐĞƌƚĂŝŶƚLJ ŝŶ ĂŵŽƵŶƚƐ ĂŶĚ ƚŝŵŝŶŐ ŽĨ ƌŽLJĂůƚLJ ƉĂLJŵĞŶƚƐ͖ ŚĞĂůƚŚ͕ ƐĂĨĞƚLJ ĂŶĚ ĞŶǀŝƌŽŶŵĞŶƚĂů ƌŝƐŬƐ͖ ƌŝƐŬƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƉŽƚĞŶƚŝĂů ĨƵƚƵƌĞ ůĂǁ ƐƵŝƚƐ ;ŝĨ ĂŶLJͿ ĂŶĚ ƌĞŐƵůĂƚŽƌLJ ĂĐƚŝŽŶƐ ĂŐĂŝŶƐƚ ƚŚĞ ŽŵƉĂŶLJ͖ ƵŶĐĞƌƚĂŝŶƚŝĞƐ ĂƐ ƚŽ ƚŚĞ ĂǀĂŝůĂďŝůŝƚLJ ĂŶĚ ĐŽƐƚ ŽĨ ĨŝŶĂŶĐŝŶŐ͖ ĂŶĚ ĨŝŶĂŶĐŝĂů ƌŝƐŬƐ ĂĨĨĞĐƚŝŶŐ ƚŚĞ ǀĂůƵĞ ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ ŝŶǀĞƐƚŵĞŶƚƐ͘ ZĞĂĚĞƌƐ ĂƌĞ ĐĂƵƚŝŽŶĞĚ ƚŚĂƚ ƚŚĞ ĨŽƌĞŐŽŝŶŐ ůŝƐƚ ŝƐ ŶŽƚ ĞdžŚĂƵƐƚŝǀĞ ŽĨ Ăůů ƉŽƐƐŝďůĞ ƌŝƐŬƐ ĂŶĚ ƵŶĐĞƌƚĂŝŶƚŝĞƐ͘

K/> E'^ dZD/EK>K'z

DΘ ĨŽƌ ƚŚĞ ƚŚƌĞĞ ĂŶĚ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ĂŶĚ ϮϬϮϭ

EKEͲ/&Z^ D^hZ^ EKd,Z &/EE/> D^hZ^

Ϳ &ƵŶĚƐ ĨůŽǁ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ

;Ψ ŝŶ ƚŚŽƵƐĂŶĚƐͿ	dŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚ	^ŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ:ƵŶĞ ϯϬ͕
	:ƵŶĞ ϯϬ͕
	ϮϬ Ϯ Ϯ	ϮϬϮϭ	ϮϬ Ϯ Ϯ	ϮϬϮϭ
ĂƐŚ ĨůŽǁ ĨƌŽŵ ŽƉĞƌĂƚŝŶŐ ĂĐƚŝǀŝƚŝĞƐ	;ϳ ϲ ϵͿ	ϲϴϲ	ϭ͕ϯ ϭ ϴ	ϳϮϭ
ŚĂŶŐĞƐ ŝŶ ŶŽŶͲĐĂƐŚ ǁŽƌŬŝŶŐ ĐĂƉŝƚĂů	;ϯ͕ϭ ϭ ϭͿ	ϮϬϳ	;ϯ͕ϰ ϱ ϬͿ	ϯϰ
&ƵŶĚƐ ĨůŽǁ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ	Ϯ͕ϯ ϰ Ϯ	ϰϳϵ	ϰ͕ϳ ϲ ϴ	ϲϴϳ
ĞĐŽŵŵŝƐƐŝŽŶŝŶŐ ĐŽƐƚƐ ŝŶĐƵƌƌĞĚ	Ͳ	Ͳ	Ͳ	Ͳ
ĚũƵƐƚĞĚ ĨƵŶĚƐ ĨůŽǁ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ	Ϯ͕ϯ ϰ Ϯ	ϰϳϵ	ϰ͕ϳ ϲ ϴ	ϲϴϳ

Ϳ EĞƚ Ğďƚ

Ϳ KƉĞƌĂƚŝŶŐ EĞƚďĂĐŬ

Ϳ ĂƉŝƚĂů džƉĞŶĚŝƚƵƌĞƐ

		dŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚ		^ŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ
		:ƵŶĞ ϯϬ͕		:ƵŶĞ ϯϬ͕
	ϮϬ Ϯ Ϯ	ϮϬϮϭ	ϮϬ Ϯ Ϯ	ϮϬϮϭ
EĞƚ ĐĂƐŚ ƵƐĞĚ ŝŶ ŝŶǀĞƐƚŝŶŐ ĂĐƚŝǀŝƚŝĞƐ	;ϵ Ϯ ϳͿ	;ϳϲͿ	;ϵϲ ϴͿ	;ϭϯϴͿ
WƌŽĐĞĞĚƐ ŽŶ ĚŝƐƉŽƐŝƚŝŽŶ	ϯϯ	Ͳ	Ϯϭ ϴ	ϱϵ
ŚĂŶŐĞ ŝŶ ŶŽŶͲĐĂƐŚ ǁŽƌŬŝŶŐ ĐĂƉŝƚĂů	ϭϮ ϵ	ϭϳϳ	ϯϵ ϰ	ϴϴ
ĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞƐ	;ϭ͕Ϭ ϴ ϵͿ	;ϮϱϯͿ	;ϭ͕ϱ ϴ ϬͿ	;ϮϴϱͿ

DΘ ĨŽƌ ƚŚĞ ƚŚƌĞĞ ĂŶĚ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ĂŶĚ ϮϬϮϭ

Ϳ ^ƵƉƉůĞŵĞŶƚĂƌLJ &ŝŶĂŶĐŝĂů DĞĂƐƵƌĞƐ

DΘ ĨŽƌ ƚŚĞ ƚŚƌĞĞ ĂŶĚ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ĂŶĚ ϮϬϮϭ

KZWKZd /E&KZDd/KE

ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ KĨĨŝĐĞƌƐ

/E d</E^KE͕ W͘ŶŐ͕͘ D͘^Đ͕͘ /͘ ;ϯͿ ŚĂŝƌŵĂŶ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ WƌĞƐŝĚĞŶƚ ĂŶĚ K͕ ^ŽƵƚŚĞƌŶ ŶĞƌŐLJ ŽƌƉ͘ ĂůŐĂƌLJ͕ ůďĞƌƚĂ

KE Kt/ ;ϭͿ /ŶĚĞƉĞŶĚĞŶƚ ŝƌĞĐƚŽƌ WƌĞƐŝĚĞŶƚ͕ ŽǁŝĞ ĂƉŝƚĂů ŽƌƉ͘ ĂůŐĂƌLJ͕ ůďĞƌƚĂ

s hZdKE WƌĞƐŝĚĞŶƚ Θ K͕ ŚƌŽŶŽƐ ZĞƐŽƵƌĐĞƐ >ƚĚ͘ ĂůŐĂƌLJ͕ ůďĞƌƚĂ

dz^KE /Z,>> ;ϭͿ;ϮͿ /ŶĚĞƉĞŶĚĞŶƚ ŝƌĞĐƚŽƌ DĂŶĂŐŝŶŐ ŝƌĞĐƚŽƌ͕ >ŽŶŐďŽǁ ĂƉŝƚĂů /ŶĐ͘ ĂůŐĂƌLJ͕ ůďĞƌƚĂ

<> :K,E^dKE ;ϮͿ;ϯͿ /ŶĚĞƉĞŶĚĞŶƚ ŝƌĞĐƚŽƌ dĞĐŚŶŝĐĂů ĚǀŝƐŽƌ͕ ĂƌďŽŶ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ WĂƌƚŶĞƌƐ ĂůŐĂƌLJ͕ ůďĞƌƚĂ

ƵĚŝƚ ŽŵŵŝƚƚĞĞ
ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ ĂŶĚ ŽŵƉĞŶƐĂƚŝŽŶ ŽŵŵŝƚƚĞĞ
ZĞƐĞƌǀĞƐ ŽŵŵŝƚƚĞĞ

s hZdKE͕ W͘ŶŐ͕͘ D͘ŶŐ͘ WƌĞƐŝĚĞŶƚ Θ K

/E^z 'KK^͕ WͲ͕ W,Z sŝĐĞ WƌĞƐŝĚĞŶƚ &ŝŶĂŶĐĞ Θ &K

KKE͕ W͘dĞĐŚ ;ŶŐ͘Ϳ sŝĐĞ WƌĞƐŝĚĞŶƚ KƉĞƌĂƚŝŽŶƐ

Zh >>&KZ ŽƌƉŽƌĂƚĞ ^ĞĐƌĞƚĂƌLJ WĂƌƚŶĞƌ͕ ƵƌŶĞƚ͕ ƵĐŬǁŽƌƚŚ Θ WĂůŵĞƌ >>W

,ĞĂĚ KĨĨŝĐĞ

^ƵŝƚĞ ϮϲϬϬ ŽŵĞ dŽǁĞƌ ϯϯϯ ʹ ϳƚŚ ǀĞŶƵĞ ^t ĂůŐĂƌLJ͕ ůďĞƌƚĂ dϮW Ϯϭ dĞů͗ ;ϰϬϯͿ ϰϱϯͲϭϵϱϬ &Ădž͗ ;ϰϬϯͿ ϰϱϯͲϭϵϱϴ

ƵĚŝƚŽƌƐ

<WD' >>W ŚĂƌƚĞƌĞĚ WƌŽĨĞƐƐŝŽŶĂů ĐĐŽƵŶƚĂŶƚƐ ĂůŐĂƌLJ͕ ůďĞƌƚĂ

/ŶĚĞƉĞŶĚĞŶƚ ZĞƐĞƌǀŽŝƌ ŽŶƐƵůƚĂŶƚƐ

^ƉƌŽƵůĞ ƐƐŽĐŝĂƚĞƐ >ŝŵŝƚĞĚ ĂůŐĂƌLJ͕ ůďĞƌƚĂ

ŽŶĚĞŶƐĞĚ /ŶƚĞƌŝŵ ŽŶƐŽůŝĚĂƚĞĚ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ

&Žƌ ƚŚĞ ƚŚƌĞĞ ĂŶĚ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ;ƵŶĂƵĚŝƚĞĚͿ

EKd/ K& EK h/dKZ^ Zs/t K& KEE^ KE^K>/d /EdZ/D &/EE/> ^ddDEd^

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(in thousands)

(Expressed in CDN dollars)	Notes	June 30,2022	December 31,2021
Assets
Current assets
Cash	$	494	$243
Accounts receivable	15	4,347	3,019
Due from related party	14	1,456	807
Prepaid expenses		1,103	586
		7,400	4,655
Exploration and evaluation assets	$\overline{\mathbf{4}}$	844	755
Property, plant and equipment	5 & 6	63,902	55,318
Investment in joint venture	$\overline{7}$	4,374	3,641
	$	76,520	$64,369
Liabilities and Shareholders' EquityCurrent liabilities
Accounts payable and accrued liabilities	$	5,169	$5,731
Lease obligations	8	325,201	1465,877
Lease obligations	8	20	36
Decommissioning liabilities	9	17,898	20,716
		23,119	26,629
Shareholders' equity
Share capital	10	113,332	113,332
Contributed surplus		6,954	6,954
Deficit		(66, 885)	(82, 546)
		53,401	37,740
	$	76,520	$64,369

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(in thousands)
		Three months ended				Six months ended
(Expressed in CDN dollars)	Notes	June 30, 2022		June 30, 2021		June 30, 2022	June 30, 2021
Revenue
Petroleum and natural gas	11	$8,803	-$	2,329	- $	16,184 $	4,309
Royalties		(1, 301)		(490)		(2, 494)	(897)
		7,502		1,839		13,690	3,412
Other income	17	210				261	۰
		7,712		1,839		13,951	3,412
Expenses
Operating		4,641		1,116		7,983	2,298
Transportation		72		62		128	115
General and administrative		458		163		827	276
Depletion and depreciation	6	1,454		550		2,760	1,084
Impairment (impairment reversal)	4 & 6					(12, 571)
Gain on disposals	6	(12)				(197)	(36)
		6,613		1,891		(1,070)	3,737
Net income (loss) from operating activities		$1,099	$	$(52)$ $		15,021	$(325)
Dilution gain on disposition to joint venture				(91)			(91)
Share of joint venture	7	(645)		70		(733)	145
Net income (loss) before finance expense		$1,744	-$	$(31)$ $		$15,754$ $	(379)
Finance expense	12	62		42		93	82
Net income (loss) and comprehensive income (loss)		$1,682	$	$(73)$ $		15,661	$(461)

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(in thousands)
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(in thousands)
		Three months ended		Six months ended
(Expressed in CDN dollars)	Notes	June 30, 2022	June 30, 2021	June 30, 2022	June 30, 2021

Cash provided by (used in):
Operating activities
Net income (loss) for the year		$$1,682$ $	$(73)$ $	15,661	$(461)
Non-cash items:
Accretion and finance expense	12	60	23	88	46
Depletion and depreciation	6	1,454	550	2,760	1,084
Impairment (impairment reversal)	6	$\blacksquare$	-	(12, 571)	$\overline{\phantom{0}}$
Gain on disposition	6	(12)		(197)	(36)
Other income	9 & 17	(197)	$\overline{\phantom{0}}$	(240)
Share of joint venture activities	$\overline{7}$	(645)	(21)	(733)	54
		2,342	479	4,768	687
Change in non-cash working capital	13	(3, 111)	207	(3, 450)	34
Net cash (used in) operating activities		(769)	686	1,318	721

Financing activities
Change in bank loan			(571)		(510)
Payments on lease obligations	8	(46)	(39)	(99)	(73)
Net cash used in financing activities		(46)	(610)	(99)	(583)

Investing activities
Additions to exploration and evaluation assets	4	(79)	(24)	(89)	(24)
Additions to property, plant and equipment	6	(1,010)	(229)	(1, 491)	(261)
Proceeds on disposition	6	33	$\overline{\phantom{0}}$	218	59
Change in non-cash working capital	13	129	177	394	88
Net cash used in investing activities		(927)	(76)	(968)	(138)

Increase in cash		(1, 742)		251
Cash - beginning of year		2.236	$\overline{\phantom{a}}$	243	-
Cash - end of year		$494	$	$494	$$\overline{a}$

EŽƚĞƐ ƚŽ ƚŚĞ hŶĂƵĚŝƚĞĚ /ŶƚĞƌŝŵ ŽŶĚĞŶƐĞĚ ŽŶƐŽůŝĚĂƚĞĚ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ &Žƌ ƚŚĞ ƚŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ĂŶĚ ϮϬϮϭ ;dĂďƵůĂƌ ĂŵŽƵŶƚƐ ŝŶ ƚŚŽƵƐĂŶĚƐͿ

ŽƌƉŽƌĂƚĞ ŝŶĨŽƌŵĂƚŝŽŶ

ŚƌŽŶŽƐ ZĞƐŽƵƌĐĞƐ >ƚĚ͘ ;͞ŚƌŽŶŽƐ͟ Žƌ ƚŚĞ ͞ŽŵƉĂŶLJ͟Ϳ ǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ƵŶĚĞƌ ƚŚĞ ƵƐŝŶĞƐƐ ŽƌƉŽƌĂƚŝŽŶƐ Đƚ ;ůďĞƌƚĂͿ ŽŶ DĂLJ ϭϲ͕ ϮϬϭϮ͘ ŚƌŽŶŽƐ ŝƐ Ă ƉƌŝǀĂƚĞ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĐŽŵƉĂŶLJ ƉƵƌƐƵŝŶŐ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƉƌŽĚƵĐƚŝŽŶ ĂŶĚ ƌĞƐĞƌǀĞƐ ŝŶ ǁĞƐƚĞƌŶ ĂŶĂĚĂ͘ dŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ;ƚŚĞ ͞ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͟Ϳ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ĂƌĞ ĐŽŵƉƌŝƐĞĚ ŽĨ ƚŚĞ ĂĐĐŽƵŶƚƐ ŽĨ ŚƌŽŶŽƐ ĂŶĚ ŝƚƐ ǁŚŽůůLJ ŽǁŶĞĚ ƐƵďƐŝĚŝĂƌLJ͕ ŚƌŽŶŽƐ ƵǀĞƌŶĂLJ >ƚĚ͕͘ ŚƌŽŶŽƐ ƵǀĞƌŶĂLJ D/^ >ƚĚ͘ ĂŶĚ ŚƌŽŶŽƐ ƵǀĞƌŶĂLJ ^Ƶď Ž͘ >ƚĚ͕͘ ǁŚŝĐŚ ŝƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ŝŶ ĂŶĂĚĂ͘ dŚĞ ŽŵƉĂŶLJ͛Ɛ ŚĞĂĚ ŽĨĨŝĐĞ ŝƐ ůŽĐĂƚĞĚ Ăƚ ϮϲϬϬ͕ ϯϯϯ ʹ ϳƚŚ ǀĞŶƵĞ ^͘t͕͘ ĂůŐĂƌLJ͕ ůďĞƌƚĂ͘

ĂƐŝƐ ŽĨ ƉƌĞƉĂƌĂƚŝŽŶ

dŚĞƐĞ ƵŶĂƵĚŝƚĞĚ ĐŽŶĚĞŶƐĞĚ ĐŽŶƐŽůŝĚĂƚĞĚ ŝŶƚĞƌŝŵ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ;͞&ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ͟Ϳ ŚĂǀĞ ďĞĞŶ ƉƌĞƉĂƌĞĚ ďLJ ŵĂŶĂŐĞŵĞŶƚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ /ŶƚĞƌŶĂƚŝŽŶĂů ĐĐŽƵŶƚŝŶŐ ^ƚĂŶĚĂƌĚ ϯϰ͕ /ŶƚĞƌŝŵ &ŝŶĂŶĐŝĂů ZĞƉŽƌƚŝŶŐ ƵŶĚĞƌ /ŶƚĞƌŶĂƚŝŽŶĂů &ŝŶĂŶĐŝĂů ZĞƉŽƌƚŝŶŐ ^ƚĂŶĚĂƌĚƐ ;Η/&Z^ΗͿ ĂƐ ŝƐƐƵĞĚ ďLJ ƚŚĞ /ŶƚĞƌŶĂƚŝŽŶĂů ĐĐŽƵŶƚŝŶŐ ^ƚĂŶĚĂƌĚƐ ŽĂƌĚ ;ƚŚĞ Η/^ΗͿ͘ ĞƌƚĂŝŶ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ĚŝƐĐůŽƐƵƌĞƐ ŶŽƌŵĂůůLJ ƌĞƋƵŝƌĞĚ ƚŽ ďĞ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ŶŽƚĞƐ ƚŽ ƚŚĞ ĂŶŶƵĂů ĂƵĚŝƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŚĂǀĞ ďĞĞŶ ĐŽŶĚĞŶƐĞĚ͕ ŽŵŝƚƚĞĚ Žƌ ŚĂǀĞ ďĞĞŶ ĚŝƐĐůŽƐĞĚ ŽŶ ĂŶ ĂŶŶƵĂů ďĂƐŝƐ ŽŶůLJ͘ ĐĐŽƌĚŝŶŐůLJ͕ ƚŚĞƐĞ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ ƐŚŽƵůĚ ďĞ ƌĞĂĚ ŝŶ ĐŽŶũƵŶĐƚŝŽŶ ǁŝƚŚ ƚŚĞ ĂŶŶƵĂů ĂƵĚŝƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂŶĚ ƚŚĞ ŶŽƚĞƐ ƚŚĞƌĞƚŽ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͘ dŚĞ ŽŵƉĂŶLJΖƐ ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐŝĞƐ ĂƌĞ ĚŝƐĐƵƐƐĞĚ ŝŶ ŶŽƚĞ ϯ ƚŽ ƚŚĞ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂƵĚŝƚĞĚ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ dŚĞƐĞ ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐŝĞƐ ŚĂǀĞ ďĞĞŶ ĂƉƉůŝĞĚ ĐŽŶƐŝƐƚĞŶƚůLJ ƚŽ Ăůů ƉĞƌŝŽĚƐ ƉƌĞƐĞŶƚĞĚ ŝŶ ƚŚĞƐĞ ŝŶƚĞƌŝŵ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĞdžĐĞƉƚ ĂƐ ŶŽƚĞĚ ďĞůŽǁ͘ dŚĞ ƵƐĞ ŽĨ ĞƐƚŝŵĂƚĞƐ ĂŶĚ ũƵĚŐŵĞŶƚƐ ŝƐ ĂůƐŽ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚĞ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶŶƵĂů ĂƵĚŝƚĞĚ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘

dŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŚĂǀĞ ďĞĞŶ ƉƌĞƉĂƌĞĚ ŽŶ Ă ŚŝƐƚŽƌŝĐĂů ĐŽƐƚ ďĂƐŝƐ ĂŶĚ ĂƌĞ ƉƌĞƐĞŶƚĞĚ ŝŶ ĂŶĂĚŝĂŶ ĚŽůůĂƌƐ͕ ǁŚŝĐŚ ŝƐ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĨƵŶĐƚŝŽŶĂů ĐƵƌƌĞŶĐLJ͘ ůů ĨŝŶĂŶĐŝĂů ŝŶĨŽƌŵĂƚŝŽŶ ŝƐ ƌŽƵŶĚĞĚ ƚŽ ƚŚĞ ŶĞĂƌĞƐƚ ƚŚŽƵƐĂŶĚ͕ ĞdžĐĞƉƚ ĂƐ ŽƚŚĞƌǁŝƐĞ ŶŽƚĞĚ͘

dŚĞ ƉƌĞƉĂƌĂƚŝŽŶ ŽĨ ƚŚĞƐĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ƌĞƋƵŝƌĞƐ ŵĂŶĂŐĞŵĞŶƚ ƚŽ ŵĂŬĞ ũƵĚŐĞŵĞŶƚƐ͕ ĞƐƚŝŵĂƚĞƐ ĂŶĚ ĂƐƐƵŵƉƚŝŽŶƐ ƚŚĂƚ ĂĨĨĞĐƚ ƚŚĞ ĂƉƉůŝĐĂƚŝŽŶ ŽĨ ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐŝĞƐ ĂŶĚ ƚŚĞ ƌĞƉŽƌƚĞĚ ĂŵŽƵŶƚƐ ŽĨ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ͕ ŝŶĐŽŵĞ ĂŶĚ ĞdžƉĞŶƐĞƐ͘ ĐƚƵĂů ƌĞƐƵůƚƐ ŵĂLJ ĚŝĨĨĞƌ ĨƌŽŵ ƚŚĞƐĞ ĞƐƚŝŵĂƚĞƐ͘

dŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ǁĞƌĞ ĂƵƚŚŽƌŝnjĞĚ ĨŽƌ ŝƐƐƵĞ ďLJ ƚŚĞ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ ŽŶ ^ĞƉƚĞŵďĞƌ ϳƚŚ͕ ϮϬϮϮ͘

ƵƌƌĞŶƚ ĞŶǀŝƌŽŶŵĞŶƚ ĂŶĚ ĞƐƚŝŵĂƚŝŽŶ ƵŶĐĞƌƚĂŝŶƚLJ

DĂŶĂŐĞŵĞŶƚ ŵĂŬĞƐ ũƵĚŐĞŵĞŶƚƐ ĂŶĚ ĂƐƐƵŵƉƚŝŽŶƐ ĂďŽƵƚ ƚŚĞ ĨƵƚƵƌĞ ŝŶ ĚĞƌŝǀŝŶŐ ĞƐƚŝŵĂƚĞƐ ƵƐĞĚ ŝŶ ƉƌĞƉĂƌĂƚŝŽŶ ŽĨ ƚŚĞƐĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ /&Z^͘ ^ŽƵƌĐĞƐ ŽĨ ĞƐƚŝŵĂƚŝŽŶ ƵŶĐĞƌƚĂŝŶƚLJ ŝŶĐůƵĚĞ ĞƐƚŝŵĂƚĞƐ ƵƐĞĚ ƚŽ ĚĞƚĞƌŵŝŶĞ ĞĐŽŶŽŵŝĐĂůůLJ ƌĞĐŽǀĞƌĂďůĞ Žŝů͕ ŶĂƚƵƌĂů ŐĂƐ͕ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ůŝƋƵŝĚƐ ƌĞƐĞƌǀĞƐ͕ ƚŚĞ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ŽĨ ůŽŶŐͲůŝǀĞĚ ĂƐƐĞƚƐ Žƌ ĐĂƐŚ ŐĞŶĞƌĂƚŝŶŐ ƵŶŝƚƐ ĂŶĚ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ĨŽƌ ĂƐƐĞƚ ƌĞƚŝƌĞŵĞŶƚ ŽďůŝŐĂƚŝŽŶƐ͘

ƵƌŝŶŐ ƚŚĞ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͕ ƚŚĞ ŐůŽďĂů ĞĐŽŶŽŵLJ ĐŽŶƚŝŶƵĞĚ ƚŽ ƌĞĐŽǀĞƌ ĨƌŽŵ ƚŚĞ ŝŵƉĂĐƚƐ ŽĨ ƚŚĞ Ks/Ͳϭϵ ƉĂŶĚĞŵŝĐ͘ ŶĞƌŐLJ ƉƌŝĐĞƐ ƐƚƌĞŶŐƚŚĞŶĞĚ ƚŽ ŵƵůƚŝͲLJĞĂƌ ŚŝŐŚƐ ĚƵĞ ƚŽ ĞůĞǀĂƚĞĚ ƵŶĐĞƌƚĂŝŶƚLJ ŽĨ ŐůŽďĂů Žŝů ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƐƵƉƉůLJ ĂĨƚĞƌ ZƵƐƐŝĂ͛Ɛ ŝŶǀĂƐŝŽŶ ŽĨ hŬƌĂŝŶĞ͕ ŝŶ ĂĚĚŝƚŝŽŶ ƚŽ ƌĞƐƚƌŝĐƚĞĚ Žŝů ĂŶĚ ŐĂƐ ŝŶǀĞƐƚŵĞŶƚ ŐůŽďĂůůLJ͘ tŚŝůĞ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ďĞŶĞĨŝƚĞĚ ĨƌŽŵ ƚŚĞƐĞ ƌĞĐĞŶƚ ŝŵƉƌŽǀĞŵĞŶƚƐ ŝŶ ĐƌƵĚĞ Žŝů ƉƌŝĐĞƐ ƚŚĞƌĞ ŝƐ Ă ĚĞŐƌĞĞ ŽĨ ƵŶĐĞƌƚĂŝŶƚLJ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ Ks/Ͳϭϵ ĂŶĚ ŐĞŽƉŽůŝƚŝĐĂů ĞǀĞŶƚƐ ƚŚĂƚ ŚĂƐ ďĞĞŶ ĐŽŶƐŝĚĞƌĞĚ ŝŶ ŽƵƌ ĞƐƚŝŵĂƚĞƐ ĨŽƌ ƚŚĞ ƉĞƌŝŽĚ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͘

ĨƵůů ůŝƐƚ ŽĨ ƚŚĞ ŬĞLJ ƐŽƵƌĐĞƐ ŽĨ ĞƐƚŝŵĂƚŝŽŶ ƵŶĐĞƌƚĂŝŶƚLJ ĐĂŶ ďĞ ĨŽƵŶĚ ŝŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĂŶŶƵĂů ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͘

džƉůŽƌĂƚŝŽŶ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ĂƐƐĞƚƐ

ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ŽĨ ƚŚĞ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ ŽĨ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ĂƐƐĞƚƐ ĂƐ Ăƚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ĂŶĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ŝƐ ƐĞƚ ŽƵƚ ďĞůŽǁ͗

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ƚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ĂŶĚ LJĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͕ ƚŚĞƌĞ ǁĞƌĞ ŶŽ ŝŶĚŝĐĂƚŽƌƐ ŽĨ ŝŵƉĂŝƌŵĞŶƚ Žƌ ŝŵƉĂŝƌŵĞŶƚ ƌĞǀĞƌƐĂů ĨŽƌ Θ ĂƐƐĞƚƐ͘

ƵƐŝŶĞƐƐ ŽŵďŝŶĂƚŝŽŶ

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WƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ

ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ŽĨ ƚŚĞ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ ŽĨ ƉƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ĂƐ Ăƚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ĂŶĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ŝƐ ƐĞƚ ŽƵƚ ďĞůŽǁ͗

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&Žƌ ƚŚĞ ƚŚƌĞĞ ĂŶĚ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͕ ŚƌŽŶŽƐ ƌĞĐŽƌĚĞĚ Ă ŐĂŝŶ ŽĨ Ψϯϲ ƚŚŽƵƐĂŶĚ ĂŶĚ ΨϮϮϭ ƚŚŽƵƐĂŶĚ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ ĚŝƐƉŽƐŝƚŝŽŶ ŽĨ ǀĂƌŝŽƵƐ ĞƋƵŝƉŵĞŶƚ ŝŶ ƚŚĞ ĨŝĞůĚ͘

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dŚĞ ŽŵƉĂŶLJ ĐŽŶĐůƵĚĞĚ ƚŚĞƌĞ ĂƌĞ ŶŽ ŝŶĚŝĐĂƚŽƌƐ ŽĨ ŝŵƉĂŝƌŵĞŶƚ ĨŽƌ ŝƚƐ 'hƐ ĂƐ Ăƚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͘

DĂƌĐŚ ϯϭ͕ ϮϬϮϮ

ƚ DĂƌĐŚ ϯϭ͕ ϮϬϮϮ͕ ƚŚĞ ŽŵƉĂŶLJ ĐŽŶĚƵĐƚĞĚ ĂŶ ĂƐƐĞƐƐŵĞŶƚ ŽĨ ŝŶĚŝĐĂƚŽƌƐ ŽĨ ŝŵƉĂŝƌŵĞŶƚ Žƌ ŝŵƉĂŝƌŵĞŶƚ ƌĞǀĞƌƐĂů ĨŽƌ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ 'hƐ͘ /Ŷ ƉĞƌĨŽƌŵŝŶŐ ƚŚĞ ƌĞǀŝĞǁ͕ ŵĂŶĂŐĞŵĞŶƚ ĚĞƚĞƌŵŝŶĞĚ ƚŚĂƚ ƚŚĞ ŝŶĐƌĞĂƐĞ ŝŶ ĨŽƌǁĂƌĚ ďĞŶĐŚŵĂƌŬ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ ĐŽŵƉĂƌĞĚ ƚŽ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ ĂŶĚ ƚŚĞ ŝŶĐƌĞĂƐĞ ŝŶ ƌĞƐĞƌǀĞ ǀĂůƵĞ ĨŽƌ ƚŚĞ ƐŽƵƚŚǁĞƐƚ ^ĂƐŬĂƚĐŚĞǁĂŶ 'h ũƵƐƚŝĨŝĞĚ Ă ƌĞǀŝĞǁ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ Žƌ ŝŵƉĂŝƌŵĞŶƚ ƌĞǀĞƌƐĂů͘

ƚ DĂƌĐŚ ϯϭ͕ ϮϬϮϮ͕ ƚŚĞƌĞ ǁĞƌĞ ŶŽ ŝŶĚŝĐĂƚŽƌƐ ŽĨ ŝŵƉĂŝƌŵĞŶƚ ĨŽƌ ƚŚĞ >ůŽLJĚ ^ĂƐŬĂƚĐŚĞǁĂŶ 'h ĂĐƋƵŝƌĞĚ ŽŶ ^ĞƉƚĞŵďĞƌ Ϯϰ͕ ϮϬϮϭ ;ƐĞĞ ŶŽƚĞ ϱͿ͘ dŚĞ ZĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚƐ ŽĨ ƚŚĞ ƐŽƵƚŚǁĞƐƚ ^ĂƐŬĂƚĐŚĞǁĂŶ 'h ǁĞƌĞ ĞƐƚŝŵĂƚĞĚ ƵƐŝŶŐ ǀĂůƵĞͲŝŶͲƵƐĞ ďĂƐĞĚ ŽŶ ƚŚĞ ŶĞƚ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ďĞĨŽƌĞ ƚĂdž ĐĂƐŚ ĨůŽǁƐ ĨƌŽŵ Žŝů ĂŶĚ ƉƌŽǀĞĚ ƉůƵƐ ƉƌŽďĂďůĞ ƌĞƐĞƌǀĞƐ ĞƐƚŝŵĂƚĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŝŶƚĞƌŶĂů ƌĞƐĞƌǀĞ ĞǀĂůƵĂƚŽƌƐ Ăƚ ƌĂƚĞƐ ƌĂŶŐŝŶŐ ĨƌŽŵ ϭϮ ƚŽ Ϯϱ ƉĞƌĐĞŶƚ͘ /Ŷ ĚĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ ĚŝƐĐŽƵŶƚ ƌĂƚĞƐ͕ ƚŚĞ ŽŵƉĂŶLJ ƌĞĨĞƌĞŶĐĞĚ ƌĞĐĞŶƚ ŵĂƌŬĞƚ ƚƌĂŶƐĂĐƚŝŽŶƐ ĐŽŵƉůĞƚĞĚ ŽŶ ĂƐƐĞƚƐ ƐŝŵŝůĂƌ ƚŽ ƚŚŽƐĞ ŝŶ ƚŚĞ 'h͘

ƚ DĂƌĐŚ ϯϭ͕ ϮϬϮϮ͕ ƚŚĞ ŽŵƉĂŶLJ ĚĞƚĞƌŵŝŶĞĚ ƚŚĂƚ ƚŚĞ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ƐŽƵƚŚǁĞƐƚ ^ĂƐŬĂƚĐŚĞǁĂŶ 'hƐ ĞdžĐĞĞĚĞĚ ƚŚĞ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ͕ ŶĞƚ ŽĨ ĚĞƉůĞƚŝŽŶ͕ ďLJ ΨϭϮ͘ϲ ŵŝůůŝŽŶ͘ ĐĐŽƌĚŝŶŐůLJ͕ ĂŶ ŝŵƉĂŝƌŵĞŶƚ ƌĞǀĞƌƐĂů ŽĨ ΨϭϮ͘ϲ ŵŝůůŝŽŶ ǁĂƐ ƌĞĐŽƌĚĞĚ ŝŶ ƉƌŽĨŝƚ ĂŶĚ ůŽƐƐ͘

dŚĞ ĨŽůůŽǁŝŶŐ ƚĂďůĞ ŽƵƚůŝŶĞƐ ĨŽƌĞĐĂƐƚĞĚ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ ĂŶĚ ĞdžĐŚĂŶŐĞ ƌĂƚĞƐ ƵƐĞĚ ŝŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŝŵƉĂŝƌŵĞŶƚ ƌĞǀĞƌƐĂů ƚĞƐƚ ĂƐ Ăƚ DĂƌĐŚ ϯϭ͕ ϮϬϮϮ͘ dŚĞ ĨŽƌĞĐĂƐƚĞĚ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ ĂƌĞ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚŽƐĞ ƵƐĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĞdžƚĞƌŶĂů ƌĞƐĞƌǀĞ ĞǀĂůƵĂƚŽƌƐ ĂŶĚ ĂƌĞ Ă ŬĞLJ ĂƐƐƵŵƉƚŝŽŶ ŝŶ ĂƐƐĞƐƐŝŶŐ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ͘ dŚĞ ƌĞƐĞƌǀĞ ĞǀĂůƵĂƚŽƌƐ ĂůƐŽ ŝŶĐůƵĚĞ ĨŝŶĂŶĐŝĂů ĂƐƐƵŵƉƚŝŽŶƐ ƌĞŐĂƌĚŝŶŐ ƌŽLJĂůƚLJ ƌĂƚĞƐ͕ ŽƉĞƌĂƚŝŶŐ ĐŽƐƚƐ͕ ĂŶĚ ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ ĐĂƉŝƚĂů ƚŚĂƚ ĐĂŶ ƐŝŐŶŝĨŝĐĂŶƚůLJ ŝŵƉĂĐƚ ƚŚĞ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ǁŚŝĐŚ ŝƐ ĂƐƐŝŐŶĞĚ ďĂƐĞĚ ŽŶ ŚŝƐƚŽƌŝĐĂů ƌĂƚĞƐ ĂŶĚ ĨƵƚƵƌĞ ĂŶƚŝĐŝƉĂƚĞĚ ĂĐƚŝǀŝƚŝĞƐ ďLJ ŵĂŶĂŐĞŵĞŶƚ͘

	td/ WƌŝĐĞ Ͳ Kŝů ;h^ΨͬďďůͿ ;ϭͿ	t^ WƌŝĐĞ Ͳ Kŝů ;ΨͬďďůͿ	K WƌŝĐĞ Ͳ 'ĂƐ ;ΨͬDDƚƵͿ ;ϭͿ džĐŚĂŶŐĞ ZĂƚĞ ;ΨĚŶͬΨh^Ϳ
ϮϬϮϮ	ϵϯ͘ϬϬ	ϭϬϬ͘ϲϯ	ϱ͘ϭϯ	Ϭ͘ϴϬ
ϮϬϮϯ	ϴϯ͘ϬϬ	ϴϳ͘ϴϭ	ϰ͘Ϯϵ	Ϭ͘ϴϬ
ϮϬϮϰ	ϳϯ͘ϬϬ	ϳϰ͘ϵϵ	ϯ͘ϬϮ	Ϭ͘ϴϬ
ϮϬϮϱ	ϳϰ͘ϰϲ	ϳϲ͘ϰϵ	ϯ͘Ϭϴ	Ϭ͘ϴϬ
ϮϬϮϲ	ϳϱ͘ϵϱ	ϳϴ͘ϬϮ	ϯ͘ϭϰ	Ϭ͘ϴϬ
ϮϬϮϳ	ϳϳ͘ϰϳ	ϳϵ͘ϱϴ	ϯ͘Ϯϭ	Ϭ͘ϴϬ
ϮϬϮϴ	ϳϵ͘ϬϮ	ϴϭ͘ϭϴ	ϯ͘Ϯϳ	Ϭ͘ϴϬ
ϮϬϮϵ	ϴϬ͘ϲϬ	ϴϮ͘ϴϬ	ϯ͘ϯϰ	Ϭ͘ϴϬ
ϮϬϯϬ	ϴϮ͘Ϯϭ	ϴϰ͘ϰϲ	ϯ͘ϰϬ	Ϭ͘ϴϬ
ϮϬϯϭ	ϴϯ͘ϴϱ	ϴϲ͘ϭϰ	ϯ͘ϰϳ	Ϭ͘ϴϬ
ϮϬϯϮ	ϴϱ͘ϱϯ	ϴϳ͘ϴϳ	ϯ͘ϱϰ	Ϭ͘ϴϬ
ƐĐĂůĂƚŝŽŶ ƌĂƚĞ ŽĨ Ϯй ƉĞƌ LJĞĂƌ ƚŚĞƌĞĂĨƚĞƌ

ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ

	td/ WƌŝĐĞ Ͳ Kŝů ;h^ΨͬďďůͿ ;ϭͿ	t^ WƌŝĐĞ Ͳ Kŝů ;ΨͬďďůͿ	K WƌŝĐĞ Ͳ 'ĂƐ ;ΨͬDDƚƵͿ ;ϭͿ džĐŚĂŶŐĞ ZĂƚĞ ;ΨĚŶͬΨh^Ϳ
ϮϬϮϮ	ϳϯ͘ϬϬ	ϳϱ͘ϲϯ	ϯ͘ϴϴ	Ϭ͘ϴϬ
ϮϬϮϯ	ϳϬ͘ϬϬ	ϳϭ͘ϱϲ	ϯ͘ϯϲ	Ϭ͘ϴϬ
ϮϬϮϰ	ϲϴ͘ϬϬ	ϲϴ͘ϳϰ	ϯ͘ϬϮ	Ϭ͘ϴϬ
ϮϬϮϱ	ϲϵ͘ϯϲ	ϳϬ͘ϭϮ	ϯ͘Ϭϴ	Ϭ͘ϴϬ
ϮϬϮϲ	ϳϬ͘ϳϱ	ϳϭ͘ϱϮ	ϯ͘ϭϰ	Ϭ͘ϴϬ
ϮϬϮϳ	ϳϮ͘ϭϲ	ϳϮ͘ϵϱ	ϯ͘Ϯϭ	Ϭ͘ϴϬ
ϮϬϮϴ	ϳϯ͘ϲϭ	ϳϰ͘ϰϭ	ϯ͘Ϯϳ	Ϭ͘ϴϬ
ϮϬϮϵ	ϳϱ͘Ϭϴ	ϳϱ͘ϵϬ	ϯ͘ϯϰ	Ϭ͘ϴϬ
ϮϬϯϬ	ϳϲ͘ϱϴ	ϳϳ͘ϰϮ	ϯ͘ϰϬ	Ϭ͘ϴϬ
ϮϬϯϭ	ϳϴ͘ϭϭ	ϳϴ͘ϵϲ	ϯ͘ϰϳ	Ϭ͘ϴϬ
ϮϬϯϮ	ϳϵ͘ϲϳ	ϴϬ͘ϱϰ	ϯ͘ϱϰ	Ϭ͘ϴϬ
	ƐĐĂůĂƚŝŽŶ ƌĂƚĞ ŽĨ Ϯй ƉĞƌ LJĞĂƌ ƚŚĞƌĞĂĨƚĞƌ

:ŽŝŶƚ ǀĞŶƚƵƌĞ

KŶ :ƵŶĞ ϯ͕ ϮϬϮϭ͕ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŽǁŶĞƌƐŚŝƉ ŝŶ ƚŚĞ ũŽŝŶƚ ǀĞŶƚƵƌĞ ĚĞĐƌĞĂƐĞĚ ƚŽ Ϯϴ͘ϵй ĨƌŽŵ Ϯϵ͘ϲй ǁŚĞŶ ƚŚĞ ƉƌŝǀĂƚĞ

ĞƋƵŝƚLJ Ĩŝƌŵ ĐŽŶƚƌŝďƵƚĞĚ ĂĚĚŝƚŝŽŶĂů ĐĂƉŝƚĂů ŝŶƚŽ ƚŚĞ WĂƌƚŶĞƌƐŚŝƉ ŝŶ ĞdžĐŚĂŶŐĞ ĨŽƌ Ϯ͘ϰ ŵŝůůŝŽŶ ůĂƐƐ hŶŝƚƐ ŝŶ ƚŚĞ WĂƌƚŶĞƌƐŚŝƉ Ăƚ ΨϬ͘ϯϬ ƉĞƌ hŶŝƚ ĨŽƌ Ă ƚŽƚĂů ĐĂƐŚ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ŽĨ ΨϬ͘ϳ ŵŝůůŝŽŶ ŝŶĐƌĞĂƐŝŶŐ ƚŚĞŝƌ ŽǁŶĞƌƐŚŝƉ ŝŶ ƚŚĞ ũŽŝŶƚ ǀĞŶƚƵƌĞ ƚŽ ϳϭ͘ϭй ĨƌŽŵ ϳϬ͘ϰй͕ ƌĞƐƵůƚŝŶŐ ŝŶ Ă ĚŝůƵƚŝŽŶ ŐĂŝŶ ŽŶ ũŽŝŶƚ ǀĞŶƚƵƌĞ ŽĨ Ψϵϭ ƚŚŽƵƐĂŶĚ͘

KŶ ^ĞƉƚĞŵďĞƌ Ϯϰ͕ ϮϬϮϭ͕ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŽǁŶĞƌƐŚŝƉ ŝŶ ƚŚĞ ũŽŝŶƚ ǀĞŶƚƵƌĞ ĚĞĐƌĞĂƐĞĚ ƚŽ Ϯϭ͘ϴϱй ĨƌŽŵ Ϯϴ͘Ϭй ǁŚĞŶ ƚŚĞ ƉƌŝǀĂƚĞ ĞƋƵŝƚLJ Ĩŝƌŵ ĐŽŶƚƌŝďƵƚĞĚ ĂĚĚŝƚŝŽŶĂů ĐĂƉŝƚĂů ŝŶƚŽ ƚŚĞ WĂƌƚŶĞƌƐŚŝƉ ŝŶ ĞdžĐŚĂŶŐĞ ĨŽƌ ϯϬ͘Ϯ ŵŝůůŝŽŶ ůĂƐƐ hŶŝƚƐ ŝŶ ƚŚĞ WĂƌƚŶĞƌƐŚŝƉ Ăƚ ΨϬ͘ϯϬ ƉĞƌ hŶŝƚ ĨŽƌ Ă ƚŽƚĂů ĐĂƐŚ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ŽĨ Ψϵ͘Ϭ ŵŝůůŝŽŶ ŝŶĐƌĞĂƐŝŶŐ ƚŚĞŝƌ ŽǁŶĞƌƐŚŝƉ ŝŶ ƚŚĞ ũŽŝŶƚ ǀĞŶƚƵƌĞ ƚŽ ϳϴ͘ϭϱй ĨƌŽŵ ϳϮ͘Ϭй͕ ƌĞƐƵůƚŝŶŐ ŝŶ Ă ĚŝůƵƚŝŽŶ ŐĂŝŶ ŽŶ ũŽŝŶƚ ǀĞŶƚƵƌĞ ŽĨ Ψϭ͘ϯ ŵŝůůŝŽŶ͘ ƵƌŝŶŐ ƚŚĞ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͕ ŚƌŽŶŽƐ ƵǀĞƌŶĂLJ >W ƉĂŝĚ Ă ĚŝƐƚƌŝďƵƚŝŽŶ ŽĨ Ψϭ͘ϴ ŵŝůůŝŽŶ ƚŽ ƚŚĞ ůĂƐƐ hŶŝƚŚŽůĚĞƌƐ͕ ƌĞƐƵůƚŝŶŐ ŝŶ ĂŶ ƵŶƌĞĐŽŐŶŝnjĞĚ ůŽƐƐ ŽĨ Ψϰϰϳ ƚŚŽƵƐĂŶĚ͘ ^ƵďƐĞƋƵĞŶƚ ƚŽ ƚŚĞ ƋƵĂƌƚĞƌ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͕ ĂŶ ĂĚĚŝƚŝŽŶĂů Ψϭ͘ϭ ŵŝůůŝŽŶ ǁĂƐ ƉĂŝĚ ŽƵƚ ĂƐ Ă ĚŝƐƚƌŝďƵƚŝŽŶ͘

^ƵŵŵĂƌŝnjĞĚ ďĞůŽǁ ŝƐ ƚŚĞ ĨŝŶĂŶĐŝĂů ŝŶĨŽƌŵĂƚŝŽŶ ŽĨ ŚƌŽŶŽƐ ƵǀĞƌŶĂLJ >W͘

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dŚĞ ŽŵƉĂŶLJ͛Ɛ ƚŽƚĂů ƵŶĚŝƐĐŽƵŶƚĞĚ ĨƵƚƵƌĞ ůĞĂƐĞ ƉĂLJŵĞŶƚƐ ĂƐ Ăƚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ĂƌĞ ΨϬ͘ϭ ŵŝůůŝŽŶ ;ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ Ͳ ΨϬ͘Ϯ ŵŝůůŝŽŶͿ͘ ƵƌŝŶŐ ƚŚĞ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͕ ƚŚĞ ŽŵƉĂŶLJ ĐĂŶĐĞůůĞĚ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŚĞĂĚ ŽĨĨŝĐĞ ůĞĂƐĞ ĂŶĚ ĨŝĞůĚ ƚƌƵĐŬ ůĞĂƐĞ ƌĞƐƵůƚŝŶŐ ŝŶ ƚŚĞ ĚĞƌĞĐŽŐŶŝƚŝŽŶ ŽĨ Ψϯϰ ƚŚŽƵƐĂŶĚ ŽĨ ůĞĂƐĞ ŽďůŝŐĂƚŝŽŶ͘

ĞĐŽŵŵŝƐƐŝŽŶŝŶŐ ůŝĂďŝůŝƚŝĞƐ

dŚĞ ŽŵƉĂŶLJ͛Ɛ ĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐ ůŝĂďŝůŝƚŝĞƐ ƌĞƐƵůƚ ĨƌŽŵ ŶĞƚ ŽǁŶĞƌƐŚŝƉ ŝŶƚĞƌĞƐƚƐ ŝŶ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ĂƐƐĞƚƐ ŝŶĐůƵĚŝŶŐ ǁĞůů ƐŝƚĞƐ͕ ŐĂƚŚĞƌŝŶŐ ƐLJƐƚĞŵƐ ĂŶĚ ƉƌŽĐĞƐƐŝŶŐ ĨĂĐŝůŝƚŝĞƐ͘ dŚĞ ŽŵƉĂŶLJ ĞƐƚŝŵĂƚĞƐ ƚŚĞ ƚŽƚĂů ĨƵƚƵƌĞ ƵŶĚŝƐĐŽƵŶƚĞĚ ĂŵŽƵŶƚ ŽĨ ĐĂƐŚ ĨůŽǁƐ ƌĞƋƵŝƌĞĚ ƚŽ ƐĞƚƚůĞ ŝƚƐ ĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐ ůŝĂďŝůŝƚŝĞƐ ŝƐ ĂƉƉƌŽdžŝŵĂƚĞůLJ ΨϮϬ͘ϱ ŵŝůůŝŽŶ ;ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ Ͳ ΨϮϬ͘ϰ ŵŝůůŝŽŶͿ͘ dŚĞƐĞ ƉĂLJŵĞŶƚƐ ĂƌĞ ĞdžƉĞĐƚĞĚ ƚŽ ďĞ ŵĂĚĞ ŽǀĞƌ ƚŚĞ ŶĞdžƚ ϲϬ LJĞĂƌƐ͘ ƌŝƐŬͲĨƌĞĞ ƌĂƚĞ ŽĨ ϯ͘ϭϰй ;ϮϬϮϭ ʹ ϭ͘ϲϴйͿ ĂŶĚ ĂŶ ŝŶĨůĂƚŝŽŶ ƌĂƚĞ ŽĨ ϭ͘ϳϴй ;ϮϬϮϭ ʹ ϭ͘ϴϮйͿ ǁĂƐ ƵƐĞĚ ƚŽ ĐĂůĐƵůĂƚĞ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƚŚĞ ĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐ ůŝĂďŝůŝƚŝĞƐ͘

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^ŚĂƌĞ ĐĂƉŝƚĂů

(a) ƵƚŚŽƌŝnjĞĚ

(b) /ƐƐƵĞĚ ĂŶĚ ŽƵƚƐƚĂŶĚŝŶŐ ĐŽŵŵŽŶ ƐŚĂƌĞƐ

dŚĞ ĨŽůůŽǁŝŶŐ ƚĂďůĞ ƐƵŵŵĂƌŝnjĞƐ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŝƐƐƵĞĚ ĂŶĚ ŽƵƚƐƚĂŶĚŝŶŐ ĐŽŵŵŽŶ ƐŚĂƌĞƐ ĂƐ Ăƚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ĂŶĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͘

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ŚƌŽŶŽƐ ZĞƐŽƵƌĐĞƐ >ƚĚ͘ EŽƚĞƐ ƚŽ ƚŚĞ hŶĂƵĚŝƚĞĚ /ŶƚĞƌŝŵ ŽŶĚĞŶƐĞĚ ŽŶƐŽůŝĚĂƚĞĚ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ &Žƌ ƚŚĞ ƚŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ĂŶĚ ϮϬϮϭ ;dĂďƵůĂƌ ĂŵŽƵŶƚƐ ŝŶ ƚŚŽƵƐĂŶĚƐͿ

EŽ ƐŚĂƌĞƐ ǁĞƌĞ ŝƐƐƵĞĚ ĚƵƌŝŶŐ ƚŚĞ ƉĞƌŝŽĚ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ĂŶĚ LJĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϭ͘

ZĞǀĞŶƵĞ

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/ŶĐůƵĚĞĚ ŝŶ ĂĐĐŽƵŶƚƐ ƌĞĐĞŝǀĂďůĞ ĂƐ Ăƚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ŝƐ Ψϯ͘ϲ ŵŝůůŝŽŶ ;:ƵŶĞ ϯϬ͕ ϮϬϮϭ Ͳ ΨϬ͘ϵ ŵŝůůŝŽŶͿ ŽĨ ĂĐĐƌƵĞĚ Žŝů ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƐĂůĞƐ ƌĞůĂƚĞĚ ƚŽ :ƵŶĞ ϮϬϮϮ ƉƌŽĚƵĐƚŝŽŶ͘

&ŝŶĂŶĐĞ ĞdžƉĞŶƐĞ

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dŚĞ ĨŽůůŽǁŝŶŐ ƚĂďůĞ ĚĞƚĂŝůƐ ƚŚĞ ĐŚĂŶŐĞƐ ŝŶ ŶŽŶͲĐĂƐŚ ǁŽƌŬŝŶŐ ĐĂƉŝƚĂů͘

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EŽ ĐĂƐŚ ƚĂdž ǁĂƐ ƉĂŝĚ ŝŶ ƚŚĞ ƉĞƌŝŽĚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ĂŶĚ ϮϬϮϭ͘

ZĞůĂƚĞĚ ƉĂƌƚLJ ƚƌĂŶƐĂĐƚŝŽŶƐ

&ŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ

DĂƌŬĞƚ ƌŝƐŬ

ŽŵŵŽĚŝƚLJ ƉƌŝĐĞ ƌŝƐŬ

ŽŵŵŽĚŝƚLJ ƉƌŝĐĞ ƌŝƐŬ ŝƐ ƚŚĞ ƌŝƐŬ ƚŚĂƚ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ ǁŝůů ĨůƵĐƚƵĂƚĞ ĂƐ Ă ƌĞƐƵůƚ ŽĨ ĐŚĂŶŐĞƐ ŝŶ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ͘ ŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ ĨŽƌ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ĂƌĞ ŝŵƉĂĐƚĞĚ ďLJ ƚŚĞ ƌĞůĂƚŝŽŶƐŚŝƉ ďĞƚǁĞĞŶ ƚŚĞ ĂŶĂĚŝĂŶ ĂŶĚ hŶŝƚĞĚ ^ƚĂƚĞƐ ĚŽůůĂƌ ĂŶĚ ĂůƐŽ ǁŽƌůĚ ĞĐŽŶŽŵŝĐ ĞǀĞŶƚƐ ƚŚĂƚ ĚŝĐƚĂƚĞ ƚŚĞ ůĞǀĞůƐ ŽĨ ƐƵƉƉůLJ ĂŶĚ ĚĞŵĂŶĚ͘ dŚĞ ŽŵƉĂŶLJ ŵĂLJ ƵƚŝůŝnjĞ ďŽƚŚ ĨŝŶĂŶĐŝĂů ĚĞƌŝǀĂƚŝǀĞƐ ĂŶĚ ƉŚLJƐŝĐĂů ĚĞůŝǀĞƌLJ ĐŽŶƚƌĂĐƚƐ ƚŽ ŵĂŶĂŐĞ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞ ƌŝƐŬƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĞdžƉĞĐƚĞĚ ƐĂůĞ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ &ŝdžĞĚ ƉƌŝĐĞ ƉŚLJƐŝĐĂů ĚĞůŝǀĞƌLJ ĐŽŶƚƌĂĐƚƐ ĂƌĞ ŶŽƚ ĐŽŶƐŝĚĞƌĞĚ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ͖ ƚŚĞƌĞĨŽƌĞ͕ ŶŽ ĂƐƐĞƚ Žƌ ůŝĂďŝůŝƚLJ ŚĂƐ ďĞĞŶ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ Ɛ Ăƚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͕ ŶŽ ĨŝŶĂŶĐŝĂů ĚĞƌŝǀĂƚŝǀĞ ĐŽŶƚƌĂĐƚƐ ŚĂǀĞ ďĞĞŶ ĞŶƚĞƌĞĚ ŝŶƚŽ ĂŶĚ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ƚŚĞ ĨŽůůŽǁŝŶŐ ƉŚLJƐŝĐĂů ƐĂůĞƐ ĐŽŶƚƌĂĐƚƐ͗

ĞŶĐŚŵĂƌŬ	WĞƌŝŽĚ	sŽůƵŵĞ	WƌŝĐĞͬhŶŝƚ
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>ůŽLJĚŵŝŶƐƚĞƌ <ĞƌƌŽďĞƌƚ	&ĞďƌƵĂƌLJ ϭ͕ ϮϬϮϮ ƚŽ :ƵŶĞ ϯϬ͕ ϮϬϮϮ	ϭϬϬ ďďůͬĚ	Ψϳϴ͘ϵϬ
&ŽƐƚĞƌƚŽŶ	Ɖƌŝů ϭ͕ ϮϬϮϮ ƚŽ :ƵŶĞ ϯϬ͕ ϮϬϮϮ	ϭϬϬ ďďůͬĚ	ΨϭϭϮ͘ϱ
>ůŽLJĚŵŝŶƐƚĞƌ <ĞƌƌŽďĞƌƚ	:ƵůLJ ϭ͕ ϮϬϮϮ ƚŽ ^ĞƉƚĞŵďĞƌ ϯϬ͕ ϮϬϮϮ	ϮϬϬ ďďůͬĚ	Ψϭϭϭ͘ϱϬ
>ůŽLJĚŵŝŶƐƚĞƌ <ĞƌƌŽďĞƌƚ	:ƵůLJ ϭ͕ ϮϬϮϮ ƚŽ :ƵůLJ ϯϭ͕ ϮϬϮϮ	ϮϬϬ ďďůͬĚ	Ψϭϭϳ͘ϱϬ
>ůŽLJĚŵŝŶƐƚĞƌ <ĞƌƌŽďĞƌƚ	KĐƚŽďĞƌ ϭ͕ ϮϬϮϮ ƚŽ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϮ	ϭϬϬ ďďůͬĚ	ΨϭϬϭ͘ϱϬ

/ŶƚĞƌĞƐƚ ƌĂƚĞ ƌŝƐŬ

dŚĞ ŽŵƉĂŶLJ ŝƐ ĞdžƉŽƐĞĚ ƚŽ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ƌŝƐŬ ŽŶ ďĂŶŬ ĐƌĞĚŝƚ ĨĂĐŝůŝƚLJ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ŽĨ ĐŚĂŶŐĞƐ ŝŶ ŵĂƌŬĞƚ ŝŶƚĞƌĞƐƚ ƌĂƚĞƐ͘ Ɛ Ăƚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂĚ ŶŽ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ƐǁĂƉ Žƌ ĚĞƌŝǀĂƚŝǀĞ ĐŽŶƚƌĂĐƚƐ ŝŶ ƉůĂĐĞ͘

&ŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞ ƌŝƐŬ

&ŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞ ƌŝƐŬ ĂƌŝƐĞƐ ĨƌŽŵ ĐŚĂŶŐĞƐ ŝŶ ĨŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞ ƌĂƚĞƐ ƚŚĂƚ ŵĂLJ ĂĨĨĞĐƚ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ Žƌ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ Žƌ ůŝĂďŝůŝƚŝĞƐ͘ dŚĞ ŽŵƉĂŶLJ ŝƐ ĞdžƉŽƐĞĚ ƚŽ ĨŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞ ƌŝƐŬ ŝŶ ƌĞůĂƚŝŽŶ ƚŽ ŝƚƐ ĐƌƵĚĞ Žŝů ƐĂůĞƐ͘ Ɛ Ăƚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂĚ ŶŽ ĨŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞ ƐǁĂƉ Žƌ ĚĞƌŝǀĂƚŝǀĞ ĐŽŶƚƌĂĐƚƐ ŝŶ ƉůĂĐĞ͘

ƌĞĚŝƚ ƌŝƐŬ

ƌĞĚŝƚ ƌŝƐŬ ŝƐ ƚŚĞ ƌŝƐŬ ŽĨ ĨŝŶĂŶĐŝĂů ůŽƐƐ ƚŽ ƚŚĞ ŽŵƉĂŶLJ ŝĨ Ă ĐƵƐƚŽŵĞƌ Žƌ ĐŽƵŶƚĞƌƉĂƌƚLJ ƚŽ Ă ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚ ĨĂŝůƐ ƚŽ ŵĞĞƚ ŝƚƐ ĐŽŶƚƌĂĐƚƵĂů ŽďůŝŐĂƚŝŽŶƐ͕ ĂŶĚ ĂƌŝƐĞƐ ƉƌŝŶĐŝƉĂůůLJ ĨƌŽŵ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƌĞĐĞŝǀĂďůĞƐ ĨƌŽŵ ƉƵƌĐŚĂƐĞƌƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ͕ ũŽŝŶƚ ǀĞŶƚƵƌĞ ƉĂƌƚŶĞƌƐ ĂŶĚ ƚŚĞ ĐŽƵŶƚĞƌƉĂƌƚŝĞƐ ƚŽ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ĐŽŶƚƌĂĐƚƐ͘ Ɛ Ăƚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͕ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƌĞĐĞŝǀĂďůĞƐ ĐŽŶƐŝƐƚĞĚ ŽĨ Ψϯ͘ϲ ŵŝůůŝŽŶ ĨƌŽŵ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƉƵƌĐŚĂƐĞƌƐ͕ ΨϬ͘ϱ ŵŝůůŝŽŶ ĚƵĞ ĨƌŽŵ ũŽŝŶƚ ǀĞŶƚƵƌĞ ƉĂƌƚŶĞƌƐ ĂŶĚ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐ͕ ΨϬ͘Ϯ ŵŝůůŝŽŶ ĚƵĞ ĨƌŽŵ ŐŽǀĞƌŶŵĞŶƚ ĨŽƌ ŐŽŽĚƐ ĂŶĚ ƐĞƌǀŝĐĞƐ ƚĂdž ƌĞĐĞŝǀĂďůĞ͘

ZĞĐĞŝǀĂďůĞƐ ĨƌŽŵ ƉƵƌĐŚĂƐĞƌƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ĂƌĞ ŶŽƌŵĂůůLJ ĐŽůůĞĐƚĞĚ ŽŶ ƚŚĞ ϮϱƚŚ ĚĂLJ ŽĨ ƚŚĞ ŵŽŶƚŚ ĨŽůůŽǁŝŶŐ ƐŚŝƉŵĞŶƚ͘ dŚĞ ŽŵƉĂŶLJ͛Ɛ ƉŽůŝĐLJ ƚŽ ŵŝƚŝŐĂƚĞ ĐƌĞĚŝƚ ƌŝƐŬ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞƐĞ ďĂůĂŶĐĞƐ ŝƐ ƚŽ ĞƐƚĂďůŝƐŚ ŵĂƌŬĞƚŝŶŐ ƌĞůĂƚŝŽŶƐŚŝƉƐ ǁŝƚŚ ůĂƌŐĞ͕ ĐƌĞĚŝƚ ǁŽƌƚŚLJ ƉĞƚƌŽůĞƵŵ ŵĂƌŬĞƚĞƌƐ͘ dŚĞ ŽŵƉĂŶLJ ŝŶƚĞŶƚŝŽŶĂůůLJ ƵƐĞƐ ƐĞǀĞƌĂů ŵĂƌŬĞƚĞƌƐ ŝŶ ŽƌĚĞƌ ƚŽ ĚŝǀĞƌƐŝĨLJ ƚŚŝƐ ƌŝƐŬ͘ &ŝŶĂŶĐŝĂů ĚĞƌŝǀĂƚŝǀĞ ĐŽŶƚƌĂĐƚƐ ĂƌĞ ŽŶůLJ ĞŶƚĞƌĞĚ ŝŶƚŽ ǁŝƚŚ ĐƌĞĚŝƚ ǁŽƌƚŚLJ ŝŶƐƚŝƚƵƚŝŽŶƐ͘ :ŽŝŶƚ ǀĞŶƚƵƌĞ ƌĞĐĞŝǀĂďůĞƐ ĂƌĞ ƚLJƉŝĐĂůůLJ ĐŽůůĞĐƚĞĚ ǁŝƚŚŝŶ ŽŶĞ ƚŽ ĨŽƵƌ ŵŽŶƚŚƐ ŽĨ ƚŚĞ ũŽŝŶƚ ǀĞŶƚƵƌĞ ďŝůů ďĞŝŶŐ ŝƐƐƵĞĚ ƚŽ ƚŚĞ ƉĂƌƚŶĞƌ͘ dŚĞ ŽŵƉĂŶLJ ĂƚƚĞŵƉƚƐ ƚŽ ŵŝƚŝŐĂƚĞ ƚŚĞ ƌŝƐŬ ĨƌŽŵ ũŽŝŶƚ ǀĞŶƚƵƌĞ ƌĞĐĞŝǀĂďůĞƐ ďLJ ŽďƚĂŝŶŝŶŐ ƉĂƌƚŶĞƌ ĂƉƉƌŽǀĂů ŽĨ ƐŝŐŶŝĨŝĐĂŶƚ ĐĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞƐ ƉƌŝŽƌ ƚŽ ĐŽŵŵĞŶĐĞŵĞŶƚ ŽĨ ƚŚĞ ũŽŝŶƚ ǀĞŶƚƵƌĞ ƉƌŽũĞĐƚ ĂŶĚ ƐŵĂůůĞƌ ƉĂƌƚŶĞƌƐ ĂƌĞ ĐĂƐŚ ĐĂůůĞĚ ƚŽ ƉĂLJ ĨŽƌ ƚŚĞŝƌ ƐŚĂƌĞ ŽĨ ĐŽƐƚƐ ŝŶ ĂĚǀĂŶĐĞ ŽĨ Ă ƉƌŽũĞĐƚ ĐŽŵŵĞŶĐŝŶŐ͘ ,ŽǁĞǀĞƌ͕ ƚŚĞ ƌĞĐĞŝǀĂďůĞƐ ĂƌĞ ĨƌŽŵ ƉĂƌƚŝĐŝƉĂŶƚƐ ŝŶ ƚŚĞ ƉĞƚƌŽůĞƵŵ ĂŶĚ ŶĂƚƵƌĂů ŐĂƐ ƐĞĐƚŽƌ͕ ĂŶĚ ĐŽůůĞĐƚŝŽŶ ŽĨ ƚŚĞ ŽƵƚƐƚĂŶĚŝŶŐ ďĂůĂŶĐĞƐ ŝƐ ĚĞƉĞŶĚĞŶƚ ŽŶ ŝŶĚƵƐƚƌLJ ĨĂĐƚŽƌƐ ƐƵĐŚ ĂƐ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞ ĨůƵĐƚƵĂƚŝŽŶƐ͕ ĞƐĐĂůĂƚŝŶŐ ĐŽƐƚƐ ĂŶĚ ƚŚĞ ƌŝƐŬ ŽĨ ƵŶƐƵĐĐĞƐƐĨƵů ĚƌŝůůŝŶŐ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ĨƵƌƚŚĞƌ ƌŝƐŬ ĞdžŝƐƚƐ ǁŝƚŚ ũŽŝŶƚ ǀĞŶƚƵƌĞ ƉĂƌƚŶĞƌƐ ĂƐ ĚŝƐĂŐƌĞĞŵĞŶƚƐ ŽĐĐĂƐŝŽŶĂůůLJ ĂƌŝƐĞ ƚŚĂƚ ŝŶĐƌĞĂƐĞ ƚŚĞ ƉŽƚĞŶƚŝĂů ĨŽƌ ŶŽŶͲĐŽůůĞĐƚŝŽŶ͘ dŽ ŽĨĨƐĞƚ ƚŚŝƐ ƌŝƐŬ͕ ƚŚĞ ŽŵƉĂŶLJ ŽĨƚĞŶ ŚĂƐ ƚŚĞ ĂďŝůŝƚLJ ƚŽ ǁŝƚŚŚŽůĚ ƉƌŽĚƵĐƚŝŽŶ ĨƌŽŵ ũŽŝŶƚ ǀĞŶƚƵƌĞ ƉĂƌƚŶĞƌƐ ŝŶ ƚŚĞ ĞǀĞŶƚ ŽĨ ŶŽŶͲƉĂLJŵĞŶƚ͘

dŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŽĨ ĂĐĐŽƵŶƚƐ ƌĞĐĞŝǀĂďůĞ ĂŶĚ ĚƵĞ ĨƌŽŵ ƌĞůĂƚĞĚ ƉĂƌƚLJ ƌĞƉƌĞƐĞŶƚƐ ƚŚĞ ŵĂdžŝŵƵŵ ĐƌĞĚŝƚ ĞdžƉŽƐƵƌĞ͘ dŚĞ ŽŵƉĂŶLJ ĚŽĞƐ ŶŽƚ ŚĂǀĞ ĂŶ ĂůůŽǁĂŶĐĞ ĨŽƌ ĚŽƵďƚĨƵů ĂĐĐŽƵŶƚƐ ĂƐ Ăƚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͕ ĂŶĚ ĚŝĚ ŶŽƚ ƉƌŽǀŝĚĞ ĨŽƌ ĂŶLJ ĚŽƵďƚĨƵů ĂĐĐŽƵŶƚƐ ŶŽƌ ǁĂƐ ŝƚ ƌĞƋƵŝƌĞĚ ƚŽ ǁƌŝƚĞͲŽĨĨ ĂŶLJ ƌĞĐĞŝǀĂďůĞƐ ĚƵƌŝŶŐ ƚŚĞ Ɛŝdž ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͘ dŚĞƌĞ ĂƌĞ ŶŽ ŵĂƚĞƌŝĂů ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ƚŚĂƚ ƚŚĞ ŽŵƉĂŶLJ ĐŽŶƐŝĚĞƌƐ ƉĂƐƚ ĚƵĞ ĂŶĚ Ăƚ ƌŝƐŬ ŽĨ ĐŽůůĞĐƚŝŽŶ͘

Ɛ Ăƚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĂĐĐŽƵŶƚƐ ƌĞĐĞŝǀĂďůĞƐ ĂƌĞ ĂŐĞĚ ĂƐ ĨŽůůŽǁƐ͗

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dŚĞ ŽŵƉĂŶLJ ŚĂƐ ĐĂůĐƵůĂƚĞĚ ƚŚĞ ĞdžƉĞĐƚĞĚ ĐƌĞĚŝƚ ůŽƐƐĞƐ ĂƐ ƉƌĞƐĐƌŝďĞĚ ďLJ /&Z^ ϵ ƵƐŝŶŐ ƚŚĞ ƐŝŵƉůŝĨŝĞĚ ĂƉƉƌŽĂĐŚ ǁŚŝĐŚ ƉĞƌŵŝƚƐ ƚŚĞ ƵƐĞ ŽĨ ƚŚĞ ůŝĨĞƚŝŵĞ ĞdžƉĞĐƚĞĚ ůŽƐƐ ƉƌŽǀŝƐŝŽŶ͘ dŽ ĂƐƐĞƐƐ ƚŚĞ ĞdžƉĞĐƚĞĚ ĐƌĞĚŝƚ ůŽƐƐ͕ ƚŚĞ ŽŵƉĂŶLJ ƵƐĞƐ ŚŝƐƚŽƌŝĐĂů ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ĨŽƌǁĂƌĚͲůŽŽŬŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ͘ EŽ ůŽƐƐ ƉƌŽǀŝƐŝŽŶ ǁĂƐ ƌĞĐŽƌĚĞĚ ĨŽƌ ƚŚĞ ƚŚƌĞĞ ŵŽŶƚŚƐ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͘ ,ŝƐƚŽƌŝĐĂůůLJ͕ ƚŚĞƌĞ ǁĂƐ ŶŽ ŝŶĚŝĐĂƚŝŽŶ ƚŚĂƚ ĂŵŽƵŶƚƐ ǁĞƌĞ ŶŽŶͲĐŽůůĞĐƚĂďůĞ ƚŚƵƐ͕ ĂŶ ĂůůŽǁĂŶĐĞ ĨŽƌ ĚŽƵďƚĨƵů ĂĐĐŽƵŶƚƐ ǁĂƐ ŶŽƚ ƐĞƚ ƵƉ͘

&Ăŝƌ ǀĂůƵĞ ŽĨ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ͗

ͻ >ĞǀĞů ϭ ʹ YƵŽƚĞĚ ƉƌŝĐĞƐ ĂƌĞ ĂǀĂŝůĂďůĞ ŝŶ ĂĐƚŝǀĞ ŵĂƌŬĞƚƐ ĨŽƌ ŝĚĞŶƚŝĐĂů ĂƐƐĞƚƐ Žƌ ůŝĂďŝůŝƚŝĞƐ ĂƐ ŽĨ ƚŚĞ ƌĞƉŽƌƚŝŶŐ

ĚĂƚĞ͘ ĐƚŝǀĞ ŵĂƌŬĞƚƐ ĂƌĞ ƚŚŽƐĞ ŝŶ ǁŚŝĐŚ ƚƌĂŶƐĂĐƚŝŽŶƐ ŽĐĐƵƌ ŝŶ ƐƵĨĨŝĐŝĞŶƚ ĨƌĞƋƵĞŶĐLJ ĂŶĚ ǀŽůƵŵĞ ƚŽ ƉƌŽǀŝĚĞ ƉƌŝĐŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ĂŶ ŽŶŐŽŝŶŐ ďĂƐŝƐ͘

ͻ >ĞǀĞů Ϯ ʹ WƌŝĐŝŶŐ ŝŶƉƵƚƐ ĂƌĞ ŽƚŚĞƌ ƚŚĂŶ ƋƵŽƚĞĚ ƉƌŝĐĞƐ ŝŶ ĂĐƚŝǀĞ ŵĂƌŬĞƚƐ ŝŶĐůƵĚĞĚ ŝŶ >ĞǀĞů ϭ͘ WƌŝĐĞƐ ĂƌĞ ĞŝƚŚĞƌ ĚŝƌĞĐƚůLJ Žƌ ŝŶĚŝƌĞĐƚůLJ ŽďƐĞƌǀĂďůĞ ĂƐ ŽĨ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ͘ >ĞǀĞů Ϯ ǀĂůƵĂƚŝŽŶƐ ĂƌĞ ďĂƐĞĚ ŽŶ ŝŶƉƵƚƐ͕ ŝŶĐůƵĚŝŶŐ ƋƵŽƚĞĚ ĨŽƌǁĂƌĚ ƉƌŝĐĞƐ ĨŽƌ ĐŽŵŵŽĚŝƚŝĞƐ͕ ƚŝŵĞ ǀĂůƵĞ ĂŶĚ ǀŽůĂƚŝůŝƚLJ ĨĂĐƚŽƌƐ͕ ǁŚŝĐŚ ĐĂŶ ďĞ ƐƵďƐƚĂŶƚŝĂůůLJ ŽďƐĞƌǀĞĚ Žƌ ĐŽƌƌŽďŽƌĂƚĞĚ ŝŶ ƚŚĞ ŵĂƌŬĞƚƉůĂĐĞ͘
ͻ >ĞǀĞů ϯ ʹ sĂůƵĂƚŝŽŶƐ ŝŶ ƚŚŝƐ ůĞǀĞů ĂƌĞ ƚŚŽƐĞ ǁŝƚŚ ŝŶƉƵƚƐ ĨŽƌ ƚŚĞ ĂƐƐĞƚ Žƌ ůŝĂďŝůŝƚLJ ƚŚĂƚ ĂƌĞ ŶŽƚ ďĂƐĞĚ ŽŶ ŽďƐĞƌǀĂďůĞ ŵĂƌŬĞƚ ĚĂƚĂ͘

>ŝƋƵŝĚŝƚLJ ƌŝƐŬ

ŝƋƵŝĚŝƚLJ ƌŝƐŬ ŝƐ ƚŚĞ ƌŝƐŬ ƚŚĂƚ ƚŚĞ ŽŵƉĂŶLJ ǁŝůů ŶŽƚ ďĞ ĂďůĞ ƚŽ ŵĞĞƚ ŝƚƐ ĨŝŶĂŶĐŝĂů ŽďůŝŐĂƚŝŽŶƐ ĂƐ ƚŚĞLJ ĂƌĞ ĚƵĞ͘ dŚĞ ŽŵƉĂŶLJ ŵĂŶĂŐĞƐ ĐĂƐŚ ĂŶĚ ĚĞďƚ ƚŽ ŵŝƚŝŐĂƚĞ ƚŚĞ ůŝŬĞůŝŚŽŽĚ ŽĨ ĞŶĐŽƵŶƚĞƌŝŶŐ ĚŝĨĨŝĐƵůƚŝĞƐ ŝŶ ŵĞĞƚŝŶŐ ŝƚƐ ĨŝŶĂŶĐŝĂů ŽďůŝŐĂƚŝŽŶƐ͘ dŚĞ ŽŵƉĂŶLJ ŝƐ ŶŽƚ ĂǀĞƌƐĞ ƚŽ ŵĂŝŶƚĂŝŶŝŶŐ Ă ŚŝŐŚĞƌ ƌĂƚŝŽ ŽĨ ĚĞďƚ ƚŽ ƚŽƚĂů ĐĂƉŝƚĂů ŝĨ ŵĂŶĂŐĞŵĞŶƚ ĚĞƚĞƌŵŝŶĞƐ ƚŚĞ ĂƐƐĞƚƐ ŝƚ ŝƐ ĂĐƋƵŝƌŝŶŐ Žƌ ƚŚĞ ƉƌŽũĞĐƚƐ ŝƚ ŝƐ ĚƌŝůůŝŶŐ ĂƌĞ ŽĨ ŚŝŐŚ ƋƵĂůŝƚLJ͘

dŚĞ ĨŽůůŽǁŝŶŐ ĂƌĞ ƚŚĞ ĐŽŶƚƌĂĐƚƵĂů ŵĂƚƵƌŝƚŝĞƐ ŽĨ ĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐ ĂŶĚ ĂƐƐŽĐŝĂƚĞĚ ŝŶƚĞƌĞƐƚ ƉĂLJŵĞŶƚƐ ĂƐ Ăƚ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͗

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APPENDIX "C"

INFORMATION CONCERNING SAMOTH OILFIELD INC.

NOTICE TO READER

Unless the context indicates otherwise, capitalized terms which are used in this Appendix "C" and not otherwise defined in this Appendix "C" have the respective meanings given to such terms under the heading "Glossary of Terms" in this Information Circular.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this Appendix "C", and in certain documents incorporated by reference in this Appendix "C", constitute forward-looking statements or information (collectively, "forward-looking statements") within the meaning of Applicable Canadian Securities Laws. Such forward-looking statements relate to future events or Samoth's future performance. See "Forward-Looking Statements" in this Information Circular. Readers should also carefully consider the matters and cautionary statements discussed under the heading "Risk Factors" in this Appendix "C" and the Samoth Annual MD&A.

GENERAL

Samoth is an exploration-focused corporation pursuing opportunities in the natural gas business in Alberta. Samoth was incorporated in Alberta on May 8, 2006.

Samoth is a "reporting issuer" or the equivalent in British Columbia, Saskatchewan and Alberta. Samoth's producing assets are the Garrington and Willesden Green gas properties, located approximately 35 miles west of Red Deer and 15 miles east of Rocky Mountain House, respectively. The underlying mineral rights to both properties are Crown and the wells are operated by Samoth.

The head office of Samoth is located at #2, 64 Riel Drive St. Albert, Alberta, T8N 5B3.

RECENT DEVELOPMENTS

Business Combination Agreement

On November 7, 2022, Samoth entered into the Business Combination Agreement with Chronos, pursuant to which Samoth proposes to, among other things, acquire all of the issued and outstanding Chronos Shares that Samoth does not already own in exchange for Samoth Shares. For a full description of the Business Combination and the Business Combination Agreement, see "The Business Combination" and "Effect of the Business Combination" in this Information Circular. Also see Appendix "B" – Information Concerning Chronos Resources Ltd.

Grant of Stock Options

On June 16, 2022, Samoth announced the board of directors of Samoth granted an aggregate of 1,100,000 options to purchase common shares of Samoth to certain directors and officers pursuant to Samoth's stock option plan. The options are exercisable at a price of $0.05 per share for a period of five years.

DOCUMENTS INCORPORATED BY REFERENCE

Information has been incorporated by reference in this Information Circular, including this Appendix "C", from documents filed with securities commissions or similar authorities in Canada. Copies of the documents incorporated in this Information Circular by reference may be obtained by request to Samoth Oilfield Inc., attention: Chief Financial Officer. In addition, copies of the documents incorporated by reference herein may be obtained by accessing the disclosure documents available through the Internet on the SEDAR website at www.sedar.com.

The following documents of Samoth are filed with the various securities commissions or similar authorities in the provinces of Canada in which Samoth is a reporting issuer and are specifically incorporated by reference in and form an integral part of this Information Circular:

the Samoth Financial Statements;
the Samoth Annual MD&A;
the Samoth Interim MD&A;
the Samoth AGM Circular;
the Statement of Reserves Data and Other Oil and Gas Information (Form 51-101F1) of Samoth filed on Samoth's SEDAR profile at www.sedar.com on February 28, 2022; and
the material change report of Samoth dated November 17, 2022 relating to the Business Combination.

Any documents of the type required by National Instrument 41-101 – Short Form Prospectus Distributions to be incorporated by reference in a short form prospectus, including any material change reports (excluding confidential reports), comparative interim financial statements, comparative annual financial statements and the auditor's report thereon, management's discussion and analysis of financial condition and results of operations, information circulars, annual information forms, marketing materials and business acquisition reports filed by Samoth with the securities commissions or similar authorities in Canada subsequent to the date of this Information Circular and before the Closing Date, are deemed to be incorporated by reference in this Information Circular, including this Appendix "C".

Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this Information Circular to the extent that a statement contained herein or in any other subsequently filed document which also is, or is deemed to be, incorporated by reference herein modifies or supersedes such statement. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in the document that it modifies or supersedes. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Information Circular.

CONSOLIDATED CAPITALIZATION

Samoth has no bank debt. There have been no material changes in the share and debt capital of Samoth on a consolidated basis since July 31, 2022.

See the Samoth Annual Financial Statements, the Samoth Annual MD&A and the Samoth Interim MD&A incorporated by reference in this Information Circular for additional information with respect to Samoth's consolidated capitalization.

Description of Share Capital

Samoth is authorized to issue an unlimited number of common shares and an unlimited number of preferred shares. As of November 21, 2022, there were 34,312,055 Samoth Shares issued and outstanding. No preferred shares have currently been issued.

The Samoth Shareholders are entitled to: (i) receive notice of and to attend and vote at all meetings of shareholders (except meetings at which only holders of a specified class of shares are entitled to vote); (ii) to receive dividends (corporation can declare dividends on Preferred shares without being obliged to declare dividends on common voting shares); (iii) to receive the remaining property of Samoth upon dissolution (subject to the rights, privileges, restrictions and conditions attaching to any other class of shares); and (iv) to the rights, privileges and restrictions normally attached to common shares.

Samoth Options

As of November 12, 2022, there are currently 3,395,000 Samoth Options outstanding. As a condition of Closing pursuant to the Business Combination Agreement, all outstanding and issued Samoth Options will be exercised or terminated. The Samoth Board shall approve and use all reasonable commercial efforts to obtain exercise and cancellation agreements from each holder of Samoth Options providing for the exercise or cancellation of all outstanding Samoth Options held by such holder effective immediately before the Closing.

MARKET FOR SECURITIES

Samoth Shares are currently listed on the TSXV under the trading symbol "SCD".

RISK FACTORS

An investment in the securities of Samoth is subject to certain risks. Chronos Shareholders should carefully review and consider all other information contained in this Information Circular, including the risk factors described under the heading "Risk Factors". In addition, Chronos Shareholders should carefully consider the risk factors and cautionary statements contained in the Samoth Annual MD&A and the Samoth Interim MD&A, each of which is incorporated by reference herein. If any of the identified risks were to materialize, Samoth's business, financial position, results and/or future operations may be materially affected.

MATERIAL CONTRACTS

Other than as disclosed below and elsewhere in this Information Circular, during the 12 months prior to the date of this Information Circular, Samoth has not entered into any contracts, nor are there any contracts still in effect, that are material to Samoth's business, other than Contracts entered into in the ordinary course of business.

AUDITORS, TRANSFER AGENT AND REGISTRAR

Crowe MacKay LLP, Samoth's auditor, is independent with respect to Samoth within the meaning of the Rules of Professional Conduct of the Chartered Professional Accountants of Alberta.

TSX Trust Company is the transfer agent and registrar of the Samoth Shares.

Name and Position	Number of Samoth Incentivesheld at October 18, 2022
Leonard D. Jaroszuk,President and Chief Executive Officer	2,200,000
Douglas Moak,Chief Financial Officer	245,000
Mathew Potter,Director	200,000
Desmond O'Kell,Director	750,000

APPENDIX "D"

INFORMATION CONCERNING LYCOS ENERGY INC.

Pursuant to the Business Combination, Chronos, Samoth and AcquisitionCo will complete a threecornered amalgamation, and the Resulting Issuer will be named "Lycos Energy Inc." (from "Samoth Oilfield Inc."). The Resulting Issuer is expected to trade on the TSXV under the new stock symbol "LCX" as a Tier 1 oil and gas issuer. Following the Closing of the Business Combination, the Resulting Issuer will carry on the business of Chronos, and have approximately 314,930,462 Resulting Issuer Shares (on a post-Consolidation basis) issued and outstanding, along with approximately 42,857,143 Resulting Issuer Share purchase warrants (following the exchange and adjustment to the Chronos Warrants issued under the Chronos Unit Private Placement).

Following the completion of the Business Combination as contemplated, the Resulting Issuer's head office will continue to be located at 333 7 Ave SW, Calgary, Alberta T2P 2Z1, with its registered office being located at 4300 Bankers Hall West, 888 - 3rd Street S.W., Calgary, Alberta T2P 5C5.

The organizational structure of the Resulting Issuer will be same as that of Chronos, with the parent entity being replaced by the Resulting Issuer, as set forth below. For more details about the subsidiaries of the Resulting Issuer, please consult Appendix "B" – Information Concerning Chronos Resources Ltd.

RECENT DEVELOPMENTS

For a detailed description of the recent developments of Chronos and Samoth, see above in this Appendix "B" – Information Concerning Chronos Resources Ltd., and Appendix "C" – Information Concerning Samoth Oilfield Inc., respectively.

DESCRIPTION OF SHARE CAPITAL

Following the Business Combination, the authorized capital of the Resulting Issuer will consist of an unlimited number of Resulting Issuer Shares and an unlimited number of preferred shares, issuable in series. Assuming the Chronos Financings are completed for aggregate gross proceeds of $65.0 million, following the closing of the Business Combination, approximately 314,930,462 Resulting Issuer Shares and nil Resulting Issuer preferred shares will be issued and outstanding.

Resulting Issuer Shares

Holders of Resulting Issuer Shares will be entitled to: (a) receive notice of and to attend and vote at all meetings of shareholders (except meetings at which only holders of a specified class of shares are entitled to vote); (b) receive dividends (corporation can declare dividends on preferred shares without being obliged to declare dividends on common voting shares); (c) receive the remaining property of the Resulting Issuer upon dissolution (subject to the rights, privileges, restrictions and conditions attaching to any other class of shares); and (d) the rights, privileges and restrictions normally attached to common shares

Resulting Issuer Preferred Shares

Holders of Resulting Issuer preferred shares will be entitled to the designations, rights, privileges, restrictions and conditions attaching to each series authorized and issued by the directors of the Resulting Issuer, including: any voting rights, the rate/amount of dividend, date of payment, terms of redemption, purchase and conversion. With respect to payment of dividends and distribution of assets, preference will be given to Resulting Issuer preferred shares over Resulting Issuer Shares, and additional preference may be given over any other shares ranking junior.

Principal Holders of Resulting Issuer Shares

Upon completion of the Business Combination and to the best of the knowledge of the directors and executive officers of Chronos, no person or company will beneficially own, directly or indirectly, or exercise control or discretion over 10% or more of the voting rights attached to the outstanding Resulting Issuer Shares, other than as set out below. Please note that the number of Resulting Issuer Shares set out below is an estimate only, and remains subject to change based on each shareholder's subscription under the Chronos Financings.

Name	Number of Resulting Issuer Shares Beneficially Ownedor Controlled or Directed, Directly or Indirectly	% ResultingIssuer Equity
JOG Capital	43,750,000 Resulting Issuer Shares	13.89%

Note:

(1) Resulting Issuer Shares will be held through JOG Limited Partnership No. VI and CIP Energy Fund 1-A. Please note that this incorporates Resulting Issuer shares subscribed for through the Chronos Financings.

DIRECTORS AND OFFICERS

The below table sets out the name, municipality, province of residence and proposed position with the Resulting Issuer, and the number and percentage of Resulting Issuer Shares which will be beneficially owned, directly or indirectly, or over which control or direction is proposed to be exercised, by each of the Resulting Issuer's proposed directors and officers following the completion of the Business Combination. Please note that the below table includes Resulting Issuer Shares that may be subscribed for by the proposed directors and officers of the Resulting Issuer under the Chronos Financings, and remains subject to change. Detailed biographies for each of the proposed directors and officers of the Resulting Issuer setting out their professional history for the previous five years, are provided in the Information Circular under the heading "The Business Combination – The Resulting Issuer".

Name & Residence	Position withNumber of Resulting Issuer Shares Beneficially OwnedResulting Issueror Controlled or Directed, Directly or Indirectly		% ResultingIssuer Equity
Dave BurtonAlberta, Canada	President, ChiefExecutive Officer andDirector	12,037,410 Resulting Issuer Shares	3.82%
Lindsay GoosAlberta, Canada	VP, Finance and ChiefFinancial Officer	892,857 Resulting Issuer Shares	0.28%
Jamie ConboyAlberta, Canada	VP, Exploration	1,178,571 Resulting Issuer Shares	0.37%
Kyle BoonAlberta, Canada	VP, Operations	6,426,471 Resulting Issuer Shares	2.04%
Jeff RideoutAlberta, Canada	VP, Land	1,071,429 Resulting Issuer Shares	0.34%
Sony GillAlberta, Canada	Corporate Secretary	1,428,571 Resulting Issuer Shares	0.45%
Kevin OlsonAlberta, Canada	Director (Chair)	7,940,982 Resulting Issuer Shares	2.52%
Ian AtkinsonAlberta, Canada	Director	1,732,332 Resulting Issuer Shares	0.55%
Ali HorvathAlberta, Canada	Director	892,857 Resulting Issuer Shares	0.28%
Kel JohnstonAlberta, Canada	Director	3,571,429 Resulting Issuer Shares	1.13%
Bruce BeynonAlberta, Canada	Director	1,964,286 Resulting Issuer Shares	0.62%
Don CowieAlberta, Canada	Director	267,857 Resulting Issuer Shares	0.09%

CONSOLIDATED CAPITALIZATION

The following table outlines the consolidated capitalization of Chronos and Samoth before giving effect to the Business Combination and the Chronos Financings as of June 30, 2022 and July 31, 2022, respectively, and the Resulting Issuer after giving effect to the Business Combination as of July 31, 2022. Please note that the Resulting Issuer Shares are presented on a post-Consolidation basis.

Description	Chronos as at June 30,2022 before givingeffect to the ChronosFinancings and theBusinessCombination	Samoth as at July 31,2022 before givingeffect to the ChronosFinancings and theBusiness Combination	Resulting Issuer as at July31, 2022 before givingeffect to the ChronosFinancings and after givingeffect to the BusinessCombination (3)	Resulting Issuer as atJuly 31, 2022 aftergiving effect to theChronos Financingsand BusinessCombination (4)
Common Shares ($) (1)	$ 53,401	$3,510	$ 56,911	$ 121,911
Common Shares (2)	31,399,439	34,312,055	82,787,604	314,930,462

Notes:

(1) $ in thousands.

(2) Common Shares refers to Chronos Shares with respect to Chronos, Samoth Shares with respect to Samoth, and Resulting Issuers Shares with respect to the Resulting Issuer.

(3) This figure accounts for the Business Combination, pursuant to which: (i) each Chronos Share will be exchanged for twenty (20) Samoth Shares; and then (ii) the Consolidation will be effected on the basis of one (1) post-Consolidation Resulting Issuer Share for every eight (8) pre-Consolidation Samoth Shares.

(4) This figure assumes full subscription of the Chronos Financings for aggregate gross proceeds of $65.0 million.

RISK FACTORS

An investment in the Resulting Issuer Shares is subject to certain risks. Investors should carefully read the risk factors described under the heading "Risk Factors" in the Information Circular, and in Appendices "B", "C" and "D" of the Information Circular.

INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS

No proposed executive officer, director or employee of the Resulting Issuer following the Business Combination, at any point within thirty days before the date of this Information Circular, had any outstanding indebtedness owing to Chronos or Samoth.

AUDITOR, TRANSFER AGENT AND REGISTRAR

Following the completion of the Business Combination, KPMG LLP will be the auditor of the Resulting Issuer. The transfer agent and registrar of the Resulting Issuer will be Odyssey Trust Company.

APPENDIX "E"

SECTION 191 OF THE BUSINESS CORPORATIONS ACT (ALBERTA)

Shareholder's right to dissent

191(1) Subject to sections 192 and 242, a holder of shares of any class of a corporation may dissent if the corporation resolves to

(a) amend its articles under section 173 or 174 to add, change or remove any provisions restricting or constraining the issue or transfer of shares of that class,

(b) amend its articles under section 173 to add, change or remove any restrictions on the business or businesses that the corporation may carry on,

(b.1) amend its articles under section 173 to add or remove an express statement establishing the unlimited liability of shareholders as set out in section 15.2(1),

(d) be continued under the laws of another jurisdiction under section 189, or
(e) sell, lease or exchange all or substantially all its property under section 190.

(2) A holder of shares of any class or series of shares entitled to vote under section 176, other than section 176(1)(a), may dissent if the corporation resolves to amend its articles in a manner described in that section.

(3) In addition to any other right the shareholder may have, but subject to subsection (20), a shareholder entitled to dissent under this section and who complies with this section is entitled to be paid by the corporation the fair value of the shares held by the shareholder in respect of which the shareholder dissents, determined as of the close of business on the last business day before the day on which the resolution from which the shareholder dissents was adopted.

(4) A dissenting shareholder may only claim under this section with respect to all the shares of a class held by the shareholder or on behalf of any one beneficial owner and registered in the name of the dissenting shareholder.

(5) A dissenting shareholder shall send to the corporation a written objection to a resolution referred to in subsection (1) or (2)

(a) at or before any meeting of shareholders at which the resolution is to be voted on, or

(b) if the corporation did not send notice to the shareholder of the purpose of the meeting or of the shareholder's right to dissent, within a reasonable time after the shareholder learns that the resolution was adopted and of the shareholder's right to dissent.

(6) An application may be made to the Court after the adoption of a resolution referred to in subsection (1) or (2),

(a) by the corporation, or

(b) by a shareholder if the shareholder has sent an objection to the corporation under subsection (5),

to fix the fair value in accordance with subsection (3) of the shares of a shareholder who dissents under this section, or to fix the time at which a shareholder of an unlimited liability corporation who dissents under this section ceases to become liable for any new liability, act or default of the unlimited liability corporation.

(7) If an application is made under subsection (6), the corporation shall, unless the Court otherwise orders, send to each dissenting shareholder a written offer to pay the shareholder an amount considered by the directors to be the fair value of the shares.

(8) Unless the Court otherwise orders, an offer referred to in subsection (7) shall be sent to each dissenting shareholder

(a) at least 10 days before the date on which the application is returnable, if the corporation is the applicant, or

(b) within 10 days after the corporation is served with a copy of the application, if a shareholder is the applicant.

(9) Every offer made under subsection (7) shall

(a) be made on the same terms, and

(b) contain or be accompanied with a statement showing how the fair value was determined.

(10) A dissenting shareholder may make an agreement with the corporation for the purchase of the shareholder's shares by the corporation, in the amount of the corporation's offer under subsection (7) or otherwise, at any time before the Court pronounces an order fixing the fair value of the shares.

(11) A dissenting shareholder

(a) is not required to give security for costs in respect of an application under subsection (6), and

(b) except in special circumstances must not be required to pay the costs of the application or appraisal.

(12) In connection with an application under subsection (6), the Court may give directions for

(a) joining as parties all dissenting shareholders whose shares have not been purchased by the corporation and for the representation of dissenting shareholders who, in the opinion of the Court, are in need of representation,

(b) the trial of issues and interlocutory matters, including pleadings and questioning under Part 5 of the Alberta Rules of Court,

(d) the deposit of the share certificates with the Court or with the corporation or its transfer agent,

(e) the appointment and payment of independent appraisers, and the procedures to be followed by them,

(f) the service of documents, and

(g) the burden of proof on the parties.

(13) On an application under subsection (6), the Court shall make an order

(a) fixing the fair value of the shares in accordance with subsection (3) of all dissenting shareholders who are parties to the application,

(b) giving judgment in that amount against the corporation and in favour of each of those dissenting shareholders,

(d) fixing the time at which a dissenting shareholder of an unlimited liability corporation ceases to become liable for any new liability, act or default of the unlimited liability corporation.

(14) On

(a) the action approved by the resolution from which the shareholder dissents becoming effective,

(b) the making of an agreement under subsection (10) between the corporation and the dissenting shareholder as to the payment to be made by the corporation for the shareholder's shares, whether by the acceptance of the corporation's offer under subsection (7) or otherwise, or

whichever first occurs, the shareholder ceases to have any rights as a shareholder other than the right to be paid the fair value of the shareholder's shares in the amount agreed to between the corporation and the shareholder or in the amount of the judgment, as the case may be.

(15) Subsection (14)(a) does not apply to a shareholder referred to in subsection (5)(b).

(16) Until one of the events mentioned in subsection (14) occurs,

(a) the shareholder may withdraw the shareholder's dissent, or
(b) the corporation may rescind the resolution,

and in either event proceedings under this section shall be discontinued.

(17) The Court may in its discretion allow a reasonable rate of interest on the amount payable to each dissenting shareholder, from the date on which the shareholder ceases to have any rights as a shareholder by reason of subsection (14) until the date of payment.

(18) If subsection (20) applies, the corporation shall, within 10 days after

(a) the pronouncement of an order under subsection (13), or

(b) the making of an agreement between the shareholder and the corporation as to the payment to be made for the shareholder's shares,

notify each dissenting shareholder that it is unable lawfully to pay dissenting shareholders for their shares.

(19) Notwithstanding that a judgment has been given in favour of a dissenting shareholder under subsection (13)(b), if subsection (20) applies, the dissenting shareholder, by written notice delivered to the corporation within 30 days after receiving the notice under subsection (18), may withdraw the shareholder's notice of objection, in which case the corporation is deemed to consent to the withdrawal and the shareholder is reinstated to the shareholder's full rights as a shareholder, failing which the shareholder retains a status as a claimant against the corporation, to be paid as soon as the corporation is lawfully able to do so or, in a liquidation, to be ranked subordinate to the rights of creditors of the corporation but in priority to its shareholders.

(20) A corporation shall not make a payment to a dissenting shareholder under this section if there are reasonable grounds for believing that

(a) the corporation is or would after the payment be unable to pay its liabilities as they become due, or

(b) the realizable value of the corporation's assets would by reason of the payment be less than the aggregate of its liabilities.

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AI assistant

Lycos Energy Inc. — Proxy Solicitation & Information Statement 2023

45909_rns_2023-04-11_2fba1417-2bb8-4fb1-921c-e25e59f81cb1.pdf

NOTICE OF SPECIAL MEETING OF THE SHAREHOLDERS OF CHRONOS RESOURCES LTD.

MANAGEMENT INFORMATION CIRCULAR

BUSINESS COMBINATION

TABLE OF CONTENTS

ADDENDA

NOTICE OF SPECIAL MEETING OF CHRONOS SHAREHOLDERS

THE CHRONOS BOARD UNANIMOUSLY RECOMMENDS THAT CHRONOS SHAREHOLDERS VOTE FOR THE CHRONOS AMALGAMATION RESOLUTION.

If a Chronos Shareholder receives more than one proxy form because such holder owns Chronos Shares registered in different names or addresses, each proxy form should be completed and returned.

It is the intention of the persons named in the enclosed proxy form, if not expressly directed to the contrary in such proxy form, to vote in favour of the Chronos Amalgamation Resolution.

BY ORDER OF THE BOARD OF DIRECTORS OF CHRONOS RESOURCES LTD.

GLOSSARY OF TERMS

NOTICE TO READERS

Conventions

Abbreviations

Forward-Looking Statements

Specified Financial Measures

Advisory Regarding Oil and Gas Information

Reserves

Selected Oil and Gas Terms

MANAGEMENT INFORMATION CIRCULAR

General Information for Chronos Shareholders

SUMMARY

The Business Combination

Resulting Issuer Management Team

Resulting Issuer Board

The Chronos Meeting

Business Combination Agreement

Background to the Business Combination

Recommendation of the Chronos Board

THE CHRONOS BOARD RECOMMENDS THAT CHRONOS SHAREHOLDERS VOTE FOR THE CHRONOS AMALGAMATION RESOLUTION.

Procedure for Exchange of Chronos Shares

Dissent Rights

Risk Factors

THE BUSINESS COMBINATION

Chronos Resources Ltd.

Samoth Oilfield Inc.

Background to the Business Combination

Chronos Board Recommendation

THE CHRONOS BOARD UNANIMOUSLY RECOMMENDS THAT THE CHRONOS SHAREHOLDERS VOTE FOR THE CHRONOS AMALGAMATION RESOLUTION.

Key Benefits of the Business Combination

x Increased Liquidity & Access to Equity Markets

x Experienced Board & Management Team

x Impact of the Chronos Financings

The Business Combination

The Chronos Financings

Subscription Receipt Private Placement

Unit Private Placement

Escrow Release Conditions

The Name Change & Consolidation

The Resulting Issuer

The Business Combination Agreement

Representations, Warranties and Covenants

Mutual Conditions Precedent

Conditions to the Obligations of Chronos

Conditions to the Obligations of Samoth

Covenants of the Parties Regarding Non-Solicitation

Termination

Timing of the Business Combination

Interests of Certain Persons or Companies in the Business Combination

EXCHANGE OF CHRONOS SHARES

Chronos Shareholder Approval

It is the intention of the persons named in the enclosed proxy form, if not expressly directed to the contrary in such proxy form, to vote such proxy in favour of the Chronos Amalgamation Resolution set forth in Appendix "A" to this Information Circular.

Procedure for Exchange of Chronos Shares

Chronos Shareholders are encouraged to deliver a validly completed and duly executed Letter of Transmittal to the Depositary as soon as possible.

Chronos Shareholder Dissent Rights

Section 191 of the ABCA

SECURITIES LAW MATTERS

CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS

Holders Resident in Canada

Amalgamation

Dividends on Resulting Issuer Shares

Disposition of Resulting Issuer Shares

Taxation of Capital Gains and Capital Losses

Additional Taxes

Dissenting Resident Holders

Holders Not Resident in Canada

Amalgamation

Lycos Energy Inc. Proxy Solicitation & Information Statement 2023