KZWKZd/ZdKZz

/ZdKZ^

ƌ͘DŝĐŚĂĞůƚŚĞƌŝĚŐĞ EŽŶͲdžĞĐƵƚŝǀĞŚĂŝƌŵĂŶ

Dƌ͘'ŽƌĚŽŶĂƌŶĞƐ DĂŶĂŐŝŶŐŝƌĞĐƚŽƌ

ƌ͘:ĂŵĞƐDĂĐĚŽŶĂůĚ EŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌ;dĞĐŚŶŝĐĂůͿ

DƐ͘EĂƚĂůŝĞ&ŽƌƐLJƚŚͲ^ƚŽĐŬ džĞĐƵƚŝǀĞŝƌĞĐƚŽƌ;&ŝŶĂŶĐŝĂůͿ

KDWEz^ZdZz

Dƌ͘ZŽǁĂŶĂƌĞŶ

,/&&/EE/>K&&/Z

DƐ͘EĂƚĂůŝĞ&ŽƌƐLJƚŚͲ^ƚŽĐŬ

WZ/E/W>W>K&h^/E^^

ϯŽƌƉŽƌĂƚŝŽŶWůĂĐĞ KƌĂŶŐĞ͕EĞǁ^ŽƵƚŚtĂůĞƐ͕ϮϴϬϬ

dĞůĞƉŚŽŶĞ͗ ;ϬϮͿϲϯϲϭϭϮϴϱ &ĂĐƐŝŵŝůĞ͗ ;ϬϮͿϲϯϲϭϭϮϬϮ tĞďƐŝƚĞ͗ǁǁǁ͘ĐůĂŶĐLJĞdžƉůŽƌĂƚŝŽŶ͘ĐŽŵ

Z'/^dZK&&/

Ϯϱϱ,ĂLJ^ƚƌĞĞƚ ^ƵďŝĂĐŽ͕tĞƐƚĞƌŶƵƐƚƌĂůŝĂ͕ϲϬϬϴ

>tzZ^

,ŽůďŽƌŶ>ĞŶŚŽĨĨDĂƐƐĞLJ

ϯƌĚ&ůŽŽƌ͕/ƌǁŝŶŚĂŵďĞƌƐ ϭϲ/ƌǁŝŶ^ƚƌĞĞƚ WĞƌƚŚ͕tĞƐƚĞƌŶƵƐƚƌĂůŝĂ͕ϲϬϬϬ

tĂƚƐŽŶDĂŶŐŝŽŶŝ

ĞǀĞůϭϯ ϱϬĂƌƌŝŶŐƚŽŶ^ƚƌĞĞƚ ^LJĚŶĞLJ͕EĞǁ^ŽƵƚŚtĂůĞƐ͕ϮϬϬϬ

^,ZZ'/^dZz

^ĞĐƵƌŝƚLJdƌĂŶƐĨĞƌZĞŐŝƐƚƌĂƌƐ ϳϳϬĂŶŶŝŶŐ,ŝŐŚǁĂLJ ƉƉůĞĐƌŽƐƐ tĞƐƚĞƌŶƵƐƚƌĂůŝĂϲϭϱϯ

dĞůĞƉŚŽŶĞ͗нϲϭϴϵϯϭϱϮϯϯϯ &ĂĐƐŝŵŝůĞ͗нϲϭϴϵϯϭϱϮϮϯϯ

h/dKZ

ƌŶƐƚΘzŽƵŶŐ ƌŶƐƚΘzŽƵŶŐĞŶƚƌĞ ϲϴϬ'ĞŽƌŐĞ^ƚƌĞĞƚ ^LJĚŶĞLJ EĞǁ^ŽƵƚŚtĂůĞƐϮϬϬϬ

^yK

z

/Ey

,/ZDE͛^Z^^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯ
KWZd/KE^ZWKZd͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯ
/ZdKZ^ΖZWKZd͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮ
h/dKZΖ^/EWEE>Zd/KE͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϰ
^ddDEdK&KDWZ,E^/s/EKD͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϱ
^ddDEdK&&/EE/>WK^/d/KE͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϲ
^ddDEdK&,E'^/EYh/dz͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϳ
^ddDEdK&^,&>Kt^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϴ
EKd^dKd,&/EE/>^ddDEd^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϵ
/ZdKZ^Ζ>Zd/KE͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϱ
/EWEEdh/dKZΖ^ZWKZd͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϲ
^y/d/KE>/E&KZDd/KE͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϴ
>/^dK&D/EZ>dEDEd^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϬ
KZWKZd'KsZEE^ddDEd͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϭ

,/ZDE͛^>ddZ

ĞĂƌ&ĞůůŽǁ^ŚĂƌĞŚŽůĚĞƌƐ͕

KŶďĞŚĂůĨŽĨƚŚĞďŽĂƌĚ͕/ǁŽƵůĚůŝŬĞƚŽƉƌĞƐĞŶƚƚŽLJŽƵƚŚĞϮϬϭϯŶŶƵĂůZĞƉŽƌƚĨŽƌůĂŶĐLJdžƉůŽƌĂƚŝŽŶ>ŝŵŝƚĞĚ ;͞ůĂŶĐLJ͟Ϳ͘

KǀĞƌ ƚŚĞ ƉĂƐƚ ƚǁŽ LJĞĂƌƐ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ǁŽƌŬĞĚ ŚĂƌĚ ƚŽ ŝĚĞŶƚŝĨLJ ĂŶĚ ƚŽ ĂĐƋƵŝƌĞ͕ ĞŝƚŚĞƌ ƚŚƌŽƵŐŚ ƉƌŽũĞĐƚ ĂĐƋƵŝƐŝƚŝŽŶĂŶĚͬŽƌĐŽƌƉŽƌĂƚĞĂĐƚŝǀŝƚLJ͕ĂŵŽƌĞĂĚǀĂŶĐĞĚƉƌŽũĞĐƚǁŝƚŚĞdžŝƐƚŝŶŐŵŝŶĞƌĂůŝƐĞĚĚƌŝůůŝŶƚĞƌƐĞĐƚŝŽŶƐ ƚŽ ĐƌĞĂƚĞǀĂůƵĞĨŽƌŝƚƐƐŚĂƌĞŚŽůĚĞƌƐ͘^ƵĐŚĂ͞ĨůĂŐƐŚŝƉ͟ƉƌŽũĞĐƚŝƐƐĞĞŶďLJƚŚĞďŽĂƌĚĂƐĂĐĂƚĂůLJƐƚƚŽƌĂŝƐĞƚŚĞĐĂƉŝƚĂů ƌĞƋƵŝƌĞĚƚŽĂĚǀĂŶĐĞŝƚƐďƵƐŝŶĞƐƐĂŶĚĚĞůŝǀĞƌǀĂůƵĞƚŽƐŚĂƌĞŚŽůĚĞƌƐ͘

dŚĞƐĞĞĨĨŽƌƚƐĂƌĞĂƚůĂƐƚďĞĂƌŝŶŐĨƌƵŝƚĂŶĚǁĞĂƌĞŶŽǁĂůŵŽƐƚŝŶĂƉŽƐŝƚŝŽŶƚŽĂĐƋƵŝƌĞϭϬϬйŽĨDZĞƐŽƵƌĐĞƐ >ŝŵŝƚĞĚ͛ƐĞdžƉůŽƌĂƚŝŽŶ ƚĞŶĞŵĞŶƚŝŶƚĞƌĞƐƚƐ ŝŶ ƚŚĞEŽƌƚŚƌƵŶƚĂWƌŽũĞĐƚZĞŐŝŽŶŝŶ ƚŚĞEŽƌƚŚĞƌŶdĞƌƌŝƚŽƌLJ͘ ƵĞ ĚŝůŝŐĞŶĐĞŝŶƌĞƐƉĞĐƚŽĨƚŚĞĂĐƋƵŝƐŝƚŝŽŶŚĂƐďĞĞŶĐŽŵƉůĞƚĞĚĂŶĚǁĞŚĂǀĞĞdžĞƌĐŝƐĞĚƚŚĞŽƉƚŝŽŶƚŽƉƌŽĐĞĞĚǁŝƚŚ ƚŚĞĂĐƋƵŝƐŝƚŝŽŶ͕ƐƵďũĞĐƚƚŽĐŽŶĚŝƚŝŽŶƐŝŶĐůƵĚŝŶŐƐŚĂƌĞŚŽůĚĞƌĂƉƉƌŽǀĂů ;ǁŚŝĐŚŝƐƚŽďĞƐŽƵŐŚƚĂƚƚŚĞ'DƚŽďĞ ŚĞůĚŝŶDĂLJϮϬϭϰͿ͘

dŚĞ ŽĂƌĚ ĐŽŶƐŝĚĞƌƐ ƚŚĂƚ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ďƌŝŶŐƐ Ă ƉĂƌƚŝĐƵůĂƌůLJ ĂƚƚƌĂĐƚŝǀĞ ĐŽŵďŝŶĂƚŝŽŶ ŽĨ ǁĞůůͲĚĞĨŝŶĞĚ ƚĂƌŐĞƚƐ ƌĞĂĚLJĨŽƌĚƌŝůůƚĞƐƚŝŶŐĂŶĚĂŶĞdžƚĞŶƐŝǀĞƉŽƌƚĨŽůŝŽŽĨŐƌĞĞŶĨŝĞůĚŽƉƉŽƌƚƵŶŝƚŝĞƐ͘/ƚŝƐĂůƐŽĂŶĂĐƋƵŝƐŝƚŝŽŶǁŚŝĐŚǁĞ ĂƌĞĐŽŶĨŝĚĞŶƚǁŝůůďĞǁĞůůƐƵƉƉŽƌƚĞĚďLJƚŚĞŝŶǀĞƐƚŵĞŶƚĐŽŵŵƵŶŝƚLJĂŶĚŝŶƉĂƌƚŝĐƵůĂƌŽƵƌďƌŽŬĞƌƐ͘

ƵƌŝŶŐƚŚĞLJĞĂƌ͕ƚŚĞŽŵƉĂŶLJĐŽŶƚŝŶƵĞĚƚŽŵĂŶĂŐĞũŽŝŶƚǀĞŶƚƵƌĞƐŽŶƉƌŽƉĞƌƚŝĞƐŝŶE^tǁŚĞƌĞũŽŝŶƚǀĞŶƚƵƌĞ ƉĂƌƚŶĞƌƐĂƌĞ ĨĂƌŵŝŶŐŝŶ͘dŚĞƐĞũŽŝŶƚǀĞŶƚƵƌĞƐŚĂǀĞĞŶƐƵƌĞĚ ƚŚĂƚĂŚŝŐŚůĞǀĞůŽĨ ĨƵŶĚŝŶŐǁŝůůďĞĂǀĂŝůĂďůĞ ĨŽƌ ĞĂĐŚŽĨƚŚĞƐĞƉƌŽũĞĐƚƐ͕ǁŚŝůĞĂůůŽǁŝŶŐůĂŶĐLJƚŽĚƌŝǀĞĞdžƉůŽƌĂƚŝŽŶƚŽǁĂƌĚƐƚĞƐƚŝŶŐƚŚĞďĞƐƚƉŽƐƐŝďůĞƚĂƌŐĞƚƐ͘

DŝƚƐƵďŝƐŚŝ DĂƚĞƌŝĂůƐ ŽƌƉŽƌĂƚŝŽŶ ŽĨ :ĂƉĂŶ ;DDͿ ŚĂƐ ĐŽŶƚŝŶƵĞĚ ƚŽ ĨƵŶĚ ĞdžƉůŽƌĂƚŝŽŶ Ăƚ ƵŶĚƵŵďƵů͕ ƵƌƌƵŵďƵƌƌĂŵĂ ĂŶĚ 'ĞŶĂƌĞŶ͘ dŽ ƚŚĞ ĞŶĚ ŽĨ ĞĐĞŵďĞƌ ϮϬϭϯ DD ŚĂĚ ĐŽŶƚƌŝďƵƚĞĚ ĂƉƉƌŽdžŝŵĂƚĞůLJ Ψϭ͘ϳ ŵŝůůŝŽŶƚŽƚŚĞĞdžƉůŽƌĂƚŝŽŶĞĨĨŽƌƚ͘DDŝƐƚŽƐƉĞŶĚĂƚŽƚĂůŽĨΨϯŵŝůůŝŽŶŽǀĞƌƚŚƌĞĞLJĞĂƌƐƚŽĞĂƌŶĂŶŝŶƚĞƌĞƐƚ͘

<ĂŝnjĞŶ ŝƐĐŽǀĞƌLJ /ŶĐ ĞŶƚĞƌĞĚ ŝŶƚŽ Ă ĨĂƌŵŝŶ ĂƌƌĂŶŐĞŵĞŶƚ ǁŝƚŚ ůĂŶĐLJ ŽǀĞƌ ƚŚĞ &ĂŝƌŚŽůŵĞ ƉƌŽũĞĐƚ ĚƵƌŝŶŐ ƚŚĞ ƉĞƌŝŽĚ͘ <ĂŝnjĞŶ ŚĂƐĞĂƌŶĞĚ Ă ϰϵй ŝŶƚĞƌĞƐƚ ŝŶ ƚŚĞ ƉƌŽƉĞƌƚLJ ďLJ ƐƉĞŶĚŝŶŐ ĂŶ ŝŶŝƚŝĂů Ψϭ͕ϬϬϬ͕ϬϬϬ ǁŚŝĐŚ ŝŶĐůƵĚĞĚ ĐŽŵƉůĞƚŝŶŐĂŶ/W ƐƵƌǀĞLJ ŽǀĞƌĂ ϳϰŬŵϮ ĂƌĞĂ ƵƐŝŶŐ,Wy͛Ɛ ƉƌŽƉƌŝĞƚĂƌLJdLJƉŚŽŽŶ ƐLJƐƚĞŵ͘ <ĂŝnjĞŶŝƐ ƚŽ ƐƉĞŶĚĂŶ ĂĚĚŝƚŝŽŶĂůΨϰŵŝůůŝŽŶŽǀĞƌƚǁŽLJĞĂƌƐƚŽĞĂƌŶĂĨƵƌƚŚĞƌϭϲй͘

tĞƚƌƵƐƚƚŚĂƚĂƐŝŶǀĞƐƚŽƌƐĂŶĚƐŚĂƌĞŚŽůĚĞƌƐLJŽƵǁŝůůĐŽŶƚŝŶƵĞƚŽƐƵƉƉŽƌƚůĂŶĐLJŽǀĞƌƚŚĞĐŽŵŝŶŐLJĞĂƌĚƵƌŝŶŐ ǁŚŝĐŚ ǁĞ ůŽŽŬ ĨŽƌǁĂƌĚ ƚŽ ĚĞůŝǀĞƌŝŶŐ ŽŶ ƚŚŝƐ ƐƚƌĂƚĞŐLJ͘ tĞ ƉĂƌƚŝĐƵůĂƌůLJ ůŽŽŬ ĨŽƌǁĂƌĚ ƚŽ LJŽƵƌ ƐƵƉƉŽƌƚ ŽĨ ƚŚĞ EŽƌƚŚ ƌƵŶƚĂ ĂĐƋƵŝƐŝƚŝŽŶ ĂŶĚ ǁŽƵůĚ ĞŶĐŽƵƌĂŐĞ LJŽƵ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ LJŽƵ ĞdžĞƌĐŝƐĞ LJŽƵƌ ƌŝŐŚƚ ƚŽ ǀŽƚĞ ŽŶ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ͘

/ǁŽƵůĚůŝŬĞƚŽƚĂŬĞƚŚŝƐŽƉƉŽƌƚƵŶŝƚLJƚŽƚŚĂŶŬ'ŽƌĚŽŶĂƌŶĞƐ͕ƚŚĞƐƚĂĨĨŝŶKƌĂŶŐĞĂŶĚŵLJĨĞůůŽǁĚŝƌĞĐƚŽƌƐ ĨŽƌ ƚŚĞŝƌĞĨĨŽƌƚƐŽǀĞƌƚŚĞƉĂƐƚLJĞĂƌ͘

zŽƵƌƐƐŝŶĐĞƌĞůLJ͕

ƌ͘DŝŬĞƚŚĞƌŝĚŐĞ ŚĂŝƌŵĂŶ

EŽƌƚŚƌƵŶƚĂWƌŽũĞĐƚEŽƌƚŚĞƌŶdĞƌƌŝƚŽƌLJ

;ĐƋƵŝƐŝƚŝŽŶĨƌŽŵDZĞƐŽƵƌĐĞƐE>Ϳ

/Ŷ EŽǀĞŵďĞƌ ϮϬϭϯ ůĂŶĐLJ ĂŶŶŽƵŶĐĞĚϭ ƚŚĂƚ ŝƚ ŚĂĚ ĞŶƚĞƌĞĚ ŝŶƚŽ ĂŶ ŽƉƚŝŽŶ ĂŐƌĞĞŵĞŶƚ ǁŝƚŚ D ZĞƐŽƵƌĐĞƐE>;DͿǁŚĞƌĞďLJůĂŶĐLJƚŽĂĐƋƵŝƌĞϭϬϬйŽĨD͛ƐŝŶƚĞƌĞƐƚƐŝŶƚŚĞEŽƌƚŚƌƵŶƚĂWƌŽũĞĐƚ ;ƚŚĞ WƌŽũĞĐƚͿ ŝŶ ƚŚĞ EŽƌƚŚĞƌŶ dĞƌƌŝƚŽƌLJ͕ ƐƵďũĞĐƚ ƚŽ ĚƵĞ ĚŝůŝŐĞŶĐĞ͘ dŚĞ ŽƉƚŝŽŶ ǁĂƐ ĞdžĞƌĐŝƐĞĚϮ ŝŶ &ĞďƌƵĂƌLJ ϮϬϭϰ ĂŶĚ ƚŚĞ ƚƌĂŶƐĂĐƚŝŽŶ ŝƐ ƐĐŚĞĚƵůĞĚ ƚŽ ĐŽŵƉůĞƚĞ ŝŶDĂLJ ϮϬϭϰ͕ ƐƵďũĞĐƚ ƚŽ ƐŚĂƌĞŚŽůĚĞƌ ĂŶĚŽƚŚĞƌĂƉƉƌŽǀĂůƐ͘

dŚĞ ƚƌĂŶƐĂĐƚŝŽŶ ǁŝůů ĚĞůŝǀĞƌ ĂŶ ĞdžĐŝƚŝŶŐ ƉŽƌƚĨŽůŝŽ ŽĨ ƉƌŽƐƉĞĐƚƐ ĂŶĚ ŐƌĞĞŶĨŝĞůĚƐ ĞdžƉůŽƌĂƚŝŽŶ ƚĂƌŐĞƚƐ ǁŝƚŚŝŶĂůĂŶĚƉĂĐŬĂŐĞĐŽǀĞƌŝŶŐŵŽƌĞƚŚĂŶϭϭ͕ϱϬϬŬŵϮ ŝŶƚŚĞŚŝŐŚůLJƉƌŽƐƉĞĐƚŝǀĞƌƵŶƚĂƌĞŐŝŽŶŽĨƚŚĞ EŽƌƚŚĞƌŶ dĞƌƌŝƚŽƌLJ͘ dŚĞ WƌŽũĞĐƚ ŝƐ ůŽĐĂƚĞĚ ŝŶ ƚŚĞ WƌŽƚĞƌŽnjŽŝĐ dĂŶĂŵŝͲƌƵŶƚĂ KƌŽŐĞŶ ǁŚĞƌĞ ŽǀĞƌ ϭϭ͘ϱDŽnj ŽĨ ŐŽůĚ ŚĂƐ ďĞĞŶ ĚŝƐĐŽǀĞƌĞĚ ƐŝŶĐĞ ϭϵϴϱ͘ dŚĞ dĂŶĂŵŝ ŚŽƐƚ ƌŽĐŬƐ ĂƌĞ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ^ƚĂĨĨŽƌĚǀĞŶƚǁŚŝĐŚƵŶĞƋƵŝǀŽĐĂůůLJĞdžƚĞŶĚƐŝŶƚŽƚŚĞWƌŽũĞĐƚĂƌĞĂ͘DĂŶĚƉƌĞǀŝŽƵƐĞdžƉůŽƌĞƌƐŚĂǀĞ ĚĞĨŝŶĞĚĞdžƚĞŶƐŝǀĞŐŽůĚƐLJƐƚĞŵƐĂƚƚŚĞĂƌƌŽǁƌĞĞŬĂŶĚZĞLJŶŽůĚƐZĂŶŐĞǁŝƚŚƐƚƌŝŬĞůĞŶŐƚŚƐŝŶĞdžĐĞƐƐ ŽĨϭϬŬŝůŽŵĞƚƌĞƐ͘>ŝŵŝƚĞĚĚƌŝůůŝŶŐƚŽĚĂƚĞŚĂƐĚĞŵŽŶƐƚƌĂƚĞĚƚŚĞƉŽƚĞŶƚŝĂůŽĨƚŚĞƐĞƐLJƐƚĞŵƐǁŝƚŚŶĞĂƌ ƐƵƌĨĂĐĞ ŐŽůĚ ŝŶƚĞƌĐĞƉƚƐ Ăƚ <ƌŽĚĂ ŽĨ ϱϳŵ Λ ϯ͘ϴϯŐͬƚ Ƶ ĂŶĚ Ăƚ ^ĂďƌĞ ŽĨ ϭϳŵ Λ ϯ͘ϵϯŐͬƚ Ƶ͘ DŝŶĞƌĂůŝƐĂƚŝŽŶĂƚďŽƚŚƉƌŽƐƉĞĐƚƐŝƐŽƉĞŶĂƚĚĞƉƚŚĂŶĚĂůŽŶŐƐƚƌŝŬĞ͘

EŽƌƚŚƌƵŶƚĂWƌŽũĞĐƚƚĞŶĞŵĞŶƚƐ;LJĞůůŽǁͿŽǀĞƌdD/ŵĂŐŶĞƚŝĐŝŵĂŐĞƐŚŽǁŝŶŐŬĞLJƐƚƌƵĐƚƵƌĞƐ;ďůĂĐŬͿ͕ ŽƌŽŐĞŶƐ;ǁŚŝƚĞͿĂŶĚŵĂũŽƌĚĞƉŽƐŝƚƐ͘

ϭ ^yƌĞůĞĂƐĞĚĂƚĞĚϮϵEŽǀĞŵďĞƌϮϬϭϯ

Ϯ ^yƌĞůĞĂƐĞĚĂƚĞĚϯ&ĞďƌƵĂƌLJϮϬϭϰ

dŚĞdĂŶĂŵŝͲƌƵŶƚĂKƌŽŐĞŶŚĂƐŵĂŶLJ ƐŝŵŝůĂƌŝƚŝĞƐǁŝƚŚ ƚŚĞůďĂŶLJͲ&ƌĂƐĞƌKƌŽŐĞŶŝŶt͕ǁŚŝĐŚŝƐĂ ĐƵƌƌĞŶƚĞdžƉůŽƌĂƚŝŽŶŚŽƚƐƉŽƚ͘dŚĞWƌŽũĞĐƚŝƐƉƌŽƐƉĞĐƚŝǀĞĨŽƌƵ͕ƵĂŶĚEŝц^Ŷ͕t͕^ďĂƐƐŽĐŝĂƚĞĚǁŝƚŚ ĚĞƉŽƐŝƚƐƚLJůĞƐŝŶĐůƵĚŝŶŐŽƌŽŐĞŶŝĐŐŽůĚƐLJƐƚĞŵƐ͕/ŶƚƌƵƐŝŽŶZĞůĂƚĞĚ'ŽůĚ^LJƐƚĞŵƐ;/Z'^ͿĂŶĚŵĂŐŵĂƚŝĐ EŝͲƵĂŶĚW'ƐLJƐƚĞŵƐ͘dŚĞƉŽƚĞŶƚŝĂůĨŽƌ/Z'^ĂŶĚŵĂŐŵĂƚŝĐEŝͲƵĂŶĚW'ĚĞƉŽƐŝƚƐŵĂLJŚĂǀĞďĞĞŶ ŽǀĞƌůŽŽŬĞĚŝŶƚŚĞƉĂƐƚ͘DŽĚĞƌŶƚĞĐŚŶŝƋƵĞƐĂŶĚƚĞĐŚŶŽůŽŐŝĞƐ͕ĂŶĞǁĞdžƉůŽƌĂƚŝŽŶŵŽĚĞůĂŶĚĂĨƌĞƐŚ ĂƉƉƌŽĂĐŚ ĐŽƵůĚ ƉƌŽǀŝĚĞ ƚŚĞ ŬĞLJ ƚŽ ĚŝƐĐŽǀĞƌLJ͘ WƌĞǀŝŽƵƐ ĚƌŝůůŝŶŐ ŚĂƐ ŝŶƚĞƌƐĞĐƚĞĚ ŵĞĚŝƵŵͲ ƚŽ ŚŝŐŚͲ ŐƌĂĚĞ͕ ďƵƚ ůŽǁͲƚŽŶŶĂŐĞ ŐŽůĚ ŵŝŶĞƌĂůŝƐĂƚŝŽŶ Ăƚ <ƌŽĚĂ ĂŶĚ ^ĂďƌĞ͕ ŚŽǁĞǀĞƌ ŝƚ ŝƐ ƉŽƐƐŝďůĞ ƚŚĂƚ ƚŚĞ ĐƵƌƌĞŶƚ ƉƌŽƐƉĞĐƚƐ ĂƌĞ ƉĞƌŝƉŚĞƌĂů Žƌ ƐĞĐŽŶĚĂƌLJ ƚŽ Ă ůĂƌŐĞƌ ƐĐĂůĞ ŵŝŶĞƌĂů ƐLJƐƚĞŵ ƚŚĂƚ ƌĞŵĂŝŶƐ ƵŶĚŝƐĐŽǀĞƌĞĚ͘

/ĨƚŚĞƚƌĂŶƐĂĐƚŝŽŶĐŽŵƉůĞƚĞƐ͕ĨŝĞůĚǁŽƌŬǁŝůůĐŽŵŵĞŶĐĞŝŶ:ƵŶĞϮϬϭϰ͘

EĞǁ^ŽƵƚŚtĂůĞƐWƌŽũĞĐƚƐ

ůĂŶĐLJ͛Ɛ ƚĞŶĞŵĞŶƚ ƉŽƌƚĨŽůŝŽ ŝŶ E^t ĐŽŶƐŝƐƚƐ ŽĨ ϭϭ ĞdžƉůŽƌĂƚŝŽŶ ƉƌŽũĞĐƚƐ ĐŽǀĞƌŝŶŐ ϭ͕ϲϲϲŬŵϮ ŝŶ ƚŚĞ >ĂĐŚůĂŶ &ŽůĚ Ğůƚ͕ ǁŚŝĐŚ ŚŽƐƚƐ ƐĞǀĞƌĂů ůĂƌŐĞ ƉŽƌƉŚLJƌLJ ĐŽƉƉĞƌͲŐŽůĚ ĚĞƉŽƐŝƚƐ ŝŶ ƚŚĞDĂĐƋƵĂƌŝĞ ƌĐ͕ ŝŶĐůƵĚŝŶŐƚŚĞǁŽƌůĚĐůĂƐƐĚĞƉŽƐŝƚƐŝŶƚŚĞĂĚŝĂsĂůůĞLJŶĞĂƌKƌĂŶŐĞ͘ůĂŶĐLJ͛ƐƚĂƌŐĞƚŝŶŐŝŶĚŝĐĂƚĞƐƚŚĂƚ ƚŚĞŐĞŽůŽŐŝĐĂůĞŶǀŝƌŽŶŵĞŶƚǁŝƚŚŝŶ ƚŚĞDĂĐƋƵĂƌŝĞƌĐ ƉƌŽũĞĐƚƐŝƐ ƉƌŽƐƉĞĐƚŝǀĞ ĨŽƌ ƉŽƌƉŚLJƌLJ ĐŽƉƉĞƌͲ ŐŽůĚĚĞƉŽƐŝƚƐ͘ůĂŶĐLJĂůƐŽŚĂƐƉƌŽũĞĐƚƐŽƵƚƐŝĚĞŽĨ ƚŚĞDĂĐƋƵĂƌŝĞƌĐ ƚŚĂƚĂƌĞƉƌŽƐƉĞĐƚŝǀĞ ĨŽƌŐŽůĚ͕ ďĂƐĞŵĞƚĂůƐĂŶĚŵŽůLJďĚĞŶƵŵ͘

>ŽĐĂƚŝŽŶŽĨůĂŶĐLJƉƌŽũĞĐƚƐŝŶĐĞŶƚƌĂůE^t͘

dŚĞůĂŶĐLJƉŽƌƚĨŽůŝŽŝŶE^tĐŽŶƐŝƐƚƐŽĨϳǁŚŽůůLJŽǁŶĞĚƉƌŽũĞĐƚƐĂŶĚϰũŽŝŶƚǀĞŶƚƵƌĞƉƌŽũĞĐƚƐĂůůŽĨ ǁŚŝĐŚ ĂƌĞ ŵĂŶĂŐĞĚ ďLJ ůĂŶĐLJ͘ ƚŽƚĂů ŽĨ ϳ͕ϲϭϮŵ ŽĨ ĚƌŝůůŝŶŐ ǁĂƐ ĐŽŵƉůĞƚĞĚ ŽŶ ƚŚĞ E^t ƉƌŽũĞĐƚ ƉŽƌƚĨŽůŝŽŝŶƚŚĞLJĞĂƌƚŽϯϭĞĐĞŵďĞƌϮϬϭϯ͘

ŽŶĚŽďŽůŝŶ

;ůĂŶĐLJϭϬϬйͿ

ŽŶĚŽďŽůŝŶ >ϳϯϵϵ ŝƐ ůŽĐĂƚĞĚ ŝŶ ƚŚĞ ĐĞŶƚƌĂů ǁĞƐƚ ŽĨ E^t ŝŵŵĞĚŝĂƚĞůLJ ŶŽƌƚŚ ŽĨ ƚŚĞ ŽŶĚŽďŽůŝŶ ƚŽǁŶƐŚŝƉ͘ŽŶĚŽďŽůŝŶŚĂƐĂƐƵďƐƚĂŶƚŝĂůŵŝŶŝŶŐŚŝƐƚŽƌLJ͕ƉƌĞĚŽŵŝŶĂŶƚůLJĂƐĂďĂƐĞŵĞƚĂůƐ ĨŝĞůĚ ;ůĞĂĚ͕ njŝŶĐĂŶĚĐŽƉƉĞƌͿ͕ĂƐǁĞůůĂƐŐŽůĚ͘dŚĞŵŝŶĞƌĂůŝƐĂƚŝŽŶŝƐŚŽƐƚĞĚŝŶĞƉŝƚŚĞƌŵĂůͲƐƚLJůĞƋƵĂƌƚnjǀĞŝŶƐǁŝƚŚŝŶ ƚŚĞŵĞƚĂƐĞĚŝŵĞŶƚĂƌLJƵŶŝƚƐŽĨƚŚĞKƌĚŽǀŝĐŝĂŶ'ŝƌŝůĂŵďŽŶĞ'ƌŽƵƉ͕ĂƐƐŽĐŝĂƚĞĚǁŝƚŚƉLJƌŝƚĞ͕ƐƉŚĂůĞƌŝƚĞ͕ ŐĂůĞŶĂ͕ĐŚĂůĐŽƉLJƌŝƚĞ͕ĂƌƐĞŶŽƉƌLJƌŝƚĞĂŶĚĨƌĞĞŐŽůĚ͘

ƵƌŝŶŐƚŚĞLJĞĂƌ͕ŐƌĂǀŝƚLJĂŶĚϯ/WƐƵƌǀĞLJƐǁĞƌĞĐŽŵƉůĞƚĞĚǁŚŝĐŚĂƐƐŝƐƚĞĚĚƌŝůůƚĂƌŐĞƚŝŶŐĂƚDĞƌŝƚŝůŐĂ ĂŶĚ ůƵĞďĞůů͘ Z ĚƌŝůůŝŶŐ ǁĂƐ ĐŽŵƉůĞƚĞĚ Ăƚ ďŽƚŚ ƉƌŽƐƉĞĐƚƐ ;ϭϳ ŚŽůĞƐ ĨŽƌ Ϯ͕ϭϭϴŵͿ ƚŚĞ ƌĞƐƵůƚƐ ĨƌŽŵ ǁŚŝĐŚŝŶĐůƵĚĞĚĂƐŝŐŶŝĨŝĐĂŶƚŝŶƚĞƌĐĞƉƚĂƚDĞƌŝƚŝůŐĂŽĨϱŵΛϳ͘ϴϵŐͬƚƵĚŽǁŶĚŝƉŽĨ ƚŚĞĚŝƐĐŽǀĞƌLJ ŝŶƚĞƌĐĞƉƚƌĞƉŽƌƚĞĚŝŶϮϬϭϮŽĨϰŵΛϮϬŐͬƚƵ;ƐĞĞďĞůŽǁͿ͘

^ŝŐŶŝĨŝĐĂŶƚĨŝŶĚŝŶŐƐƚŽĚĂƚĞŚĂǀĞ͗

x ĐŽŶĨŝƌŵĞĚƚŚĞƉƌĞƐĞŶĐĞŽĨĂůŽǁƐƵůƉŚŝĚĂƚŝŽŶĞƉŝƚŚĞƌŵĂůƐLJƐƚĞŵ͖
x ĚĞŵŽŶƐƚƌĂƚĞĚƚŚĂƚƚŚĞŵŝŶĞƌĂůŝƐĞĚƐLJƐƚĞŵŝƐƉŽůLJŵĞƚĂůůŝĐǁŝƚŚƐŝŐŶŝĨŝĐĂŶƚĚƌŝůůŝŶƚĞƌĐĞƉƚƐŝŶ ŐŽůĚ͕ƐŝůǀĞƌ͕ůĞĂĚ͕njŝŶĐĂŶĚĐŽƉƉĞƌĂĐƌŽƐƐŵƵůƚŝƉůĞƉƌŽƐƉĞĐƚƐ;ƐĞĞďĞůŽǁͿ͖
x ĚĞƚĞƌŵŝŶĞĚƚŚĂƚƚŚĞĂůƚĞƌĂƚŝŽŶĂŶĚŐĞŽĐŚĞŵŝĐĂůĨŽŽƚƉƌŝŶƚŽĨƚŚĞƐLJƐƚĞŵŝƐϯŬŵdžϯŬŵ͖
x ŝĚĞŶƚŝĨŝĞĚƚŚĂƚƚŚĞƐLJƐƚĞŵĐŽŝŶĐŝĚĞƐǁŝƚŚĂΕϮϬŬŵĚŝĂŵĞƚĞƌŐƌĂǀŝƚLJĂŶŽŵĂůLJǁŚŝĐŚŵĂLJďĞ ĂƐƐŽĐŝĂƚĞĚǁŝƚŚĂĚĞĞƉŝŶƚƌƵƐŝǀĞƵŶŝƚĂƚƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶŽĨŵĂũŽƌƌĞŐŝŽŶĂůĨĂƵůƚƐ͖ĂŶĚ
x ƐŚŽǁŶƚŚĂƚƚŚĞŚŽƐƚŽĨƚŚĞŵŝŶĞƌĂůŝƐĂƚŝŽŶŝƐĂǀŽůĐĂŶŝĐƐĂŶĚƐƚŽŶĞǁŚŝĐŚŵĂLJďĞĞƋƵŝǀĂůĞŶƚ ƚŽƚŚĞǁĞůůŵŝŶĞƌĂůŝƐĞĚDŝŶĞƌĂů,ŝůůsŽůĐĂŶŝĐƐĨƵƌƚŚĞƌƚŽƚŚĞŶŽƌƚŚ͘

^ŝŐŶŝĨŝĐĂŶƚĚƌŝůůƌĞƐƵůƚƐĂƚƚŚĞǀĂƌŝŽƵƐŽŶĚŽďŽůŝŶƉƌŽƐƉĞĐƚƐŝŶĐůƵĚĞ͗

x DĞƌŝƚŝůŐĂʹǁŚĞƌĞĂŚŝŐŚͲŐƌĂĚĞŐŽůĚůĞŶƐƵƉƚŽϱŵƚƌƵĞǁŝĚƚŚƌĞŵĂŝŶƐŽƉĞŶƵƉĂŶĚĚŽǁŶĚŝƉ ĂŶĚǀŝƐŝďůĞŐŽůĚŝƐƉƌĞƐĞŶƚĂĚũĂĐĞŶƚƚŽŚŝƐƚŽƌŝĐǁŽƌŬŝŶŐƐ͗
- x ϰŵΛϮϬŐͬƚƵ͕Ϭ͘ϮϲйƵ͕ϯϬ͘ϮŐͬƚŐĨƌŽŵϳϱŵϯ ͖
- x ϭϬŵΛϱ͘ϳϴŐͬƚƵΘϮϲ͘ϳϵŐͬƚŐĨƌŽŵϴϬŵϰ ͖ĂŶĚ
- x ϭϱŵΛϮ͘ϳϲŐͬƚƵΘϴ͘ϳϴŐͬƚŐĨƌŽŵϵϬŵϮ
x WŚŽĞŶŝdžʹǁŚĞƌĞŐŽůĚĂŶĚnjŝŶĐŝŶƚĞƌĐĞƉƚƐĂƌĞŽƉĞŶƚŽƚŚĞƐŽƵƚŚĂŶĚĚŽǁŶĚŝƉ͗
- x ϴŵΛϯ͘ϳŐͬƚƵĨƌŽŵϱϵŵϱ ͖
- x ϴŵΛϯ͘ϳϯŐͬƚƵĨƌŽŵϳϮŵϯ ͖ĂŶĚ
- x ϵŵΛϭ͘ϯϱйŶĨƌŽŵϵϭŵϲ ͘
x ůƵĞďĞůůʹǁŚĞƌĞŶĂƌƌŽǁĐŽƉƉĞƌŝŶƚĞƌĐĞƉƚƐƌĞŵĂŝŶŽƉĞŶŝŶĂůůĚŝƌĞĐƚŝŽŶƐ͗
- x ϭŵΛϬ͘ϰϭŐͬƚƵ͕ϰ͘ϳйƵĨƌŽŵϭϬϬŵϮ ͖
- x ϭŵΛϬ͘ϯϱŐͬƚƵ͕ϭ͘ϯйƵĨƌŽŵϴϭŵϮ ͖
- x ϰŵΛϬ͘ϱϭŐͬƚƵ͕ϭ͘ϮϰйƵĨƌŽŵϭϬϱŵϳ ͖ĂŶĚ
- x ϰŵΛϬ͘ϮϵŐͬƚŐŽůĚ͕ϭ͘ϭϰйƵĨƌŽŵϵϴŵϱ ͘

ϯ ĞƚĂŝůĞĚĚƌŝůůƌĞƐƵůƚƐĂƌĞĐŽŶƚĂŝŶĞĚŝŶ^yƌĞůĞĂƐĞĚĂƚĞĚϮϬDĂƌĐŚϮϬϭϮ͘

ϰ ĞƚĂŝůĞĚĚƌŝůůƌĞƐƵůƚƐĂƌĞĐŽŶƚĂŝŶĞĚŝŶ^yƌĞůĞĂƐĞĚĂƚĞĚϭϳ:ƵŶĞϮϬϭϯ͘

ϱ ĞƚĂŝůĞĚĚƌŝůůƌĞƐƵůƚƐĂƌĞĐŽŶƚĂŝŶĞĚŝŶ^yƌĞůĞĂƐĞĚĂƚĞĚϮϯDĂƌĐŚϮϬϭϭ͘ ϲ ĞƚĂŝůĞĚĚƌŝůůƌĞƐƵůƚƐĂƌĞĐŽŶƚĂŝŶĞĚŝŶ^yƌĞůĞĂƐĞĚĂƚĞĚϮϬ:ĂŶƵĂƌLJϮϬϭϮ͘

ϳ ĞƚĂŝůĞĚĚƌŝůůƌĞƐƵůƚƐĂƌĞĐŽŶƚĂŝŶĞĚŝŶ^yƌĞůĞĂƐĞĚĂƚĞĚϯϬDĂƌĐŚϮϬϭϮ͘

x WŽƚƚĞƌƐʹǁŚĞƌĞĐŽĂƌƐĞŐƌĂŝŶĞĚnjŝŶĐ͕ůĞĂĚĂŶĚƐŝůǀĞƌƐƵůƉŚŝĚĞŝŶƚĞƌĐĞƉƚƐƌĞŵĂŝŶŽƉĞŶŝŶĂůů ĚŝƌĞĐƚŝŽŶƐ͗
- x ϲŵΛϮ͘ϳйŶ͕Ϯ͘ϳйWď͕ϯϬŐͬƚŐĨƌŽŵϭϬϬŵϯ ͘
x DĂƐĐŽƚƚĞʹǁŚĞƌĞnjŝŶĐĂŶĚŐŽůĚŝŶƚĞƌĐĞƉƚƐĂƌĞŽƉĞŶŝŶĂůůĚŝƌĞĐƚŝŽŶƐŚŽǁĞǀĞƌƚŚĞŐĞŽŵĞƚƌLJ ŝƐƉŽŽƌůLJĚĞĨŝŶĞĚ͗
- x ϰŵΛϯ͘ϳйŶ͕ϭ͘ϯŐͬƚƵ͕ϭϮŐͬƚŐ͕Ϭ͘ϲϰйWďĨƌŽŵϳϲŵϯ ͘

ĐŽŵƉƌĞŚĞŶƐŝǀĞƌĞǀŝĞǁŽĨĂůůǁŽƌŬĐŽŵƉůĞƚĞĚĂƚŽŶĚŽďŽůŝŶŝƐŝŶƉƌŽŐƌĞƐƐĂŶĚĨƵƌƚŚĞƌǁŽƌŬŝƐ ƉůĂŶŶĞĚŝŶϮϬϭϰ͘

DŝƚƐƵďŝƐŚŝ:sWƌŽũĞĐƚƐ

ƵƌŝŶŐ ϮϬϭϮ ůĂŶĐLJ ĞŶƚĞƌĞĚ ŝŶƚŽ Ă ũŽŝŶƚ ǀĞŶƚƵƌĞ ǁŝƚŚ DŝƚƐƵďŝƐŚŝ DĂƚĞƌŝĂůƐ ŽƌƉŽƌĂƚŝŽŶ ŽĨ :ĂƉĂŶ ;DDͿŽŶƚŚƌĞĞĐŽƉƉĞƌͲŐŽůĚƉƌŽũĞĐƚƐŝŶE^t͘hŶĚĞƌƚŚĞƚĞƌŵƐŽĨƚŚĞĂŐƌĞĞŵĞŶƚ͕DDŚĂƐƚŚĞƌŝŐŚƚ ƚŽĞĂƌŶϰϵйŽĨƚŚĞƵŶĚƵŵďƵů͕ƵƌƌƵŵďƵƌƌĂŵĂĂŶĚ'ĞŶĂƌĞŶƉƌŽũĞĐƚƐďLJ ĨƵŶĚŝŶŐΨϯŵŝůůŝŽŶŽǀĞƌ ƚŚƌĞĞ LJĞĂƌƐ͘ ůĂŶĐLJ ŝƐŵĂŶĂŐŝŶŐ ƚŚĞ ũŽŝŶƚ ǀĞŶƚƵƌĞ͘ dŚĞ ũŽŝŶƚ ǀĞŶƚƵƌĞ ǁŝƚŚDD ŚĂƐ ƐƚƌĞŶŐƚŚĞŶĞĚ ůĂŶĐLJ͛ƐĞdžƉůŽƌĂƚŝŽŶ ƉƌŽŐƌĂŵ ŝŶE^t ďLJ ƉƌŽǀŝĚŝŶŐ ƚŚĞĞdžƉůŽƌĂƚŝŽŶ ĨƵŶĚŝŶŐ ŝŶ ǁŚĂƚ ŝƐ ŽƚŚĞƌǁŝƐĞ Ă ĐŚĂůůĞŶŐŝŶŐ ĐĂƉŝƚĂůŵĂƌŬĞƚ ĨŽƌũƵŶŝŽƌĞdžƉůŽƌĂƚŝŽŶ ĐŽŵƉĂŶŝĞƐ͘dŽ ƚŚĞĞŶĚ ŽĨĞĐĞŵďĞƌϮϬϭϯDD ŚĂĚĐŽŶƚƌŝďƵƚĞĚĂƉƉƌŽdžŝŵĂƚĞůLJΨϭ͘ϳŵŝůůŝŽŶƚŽƚŚĞĞdžƉůŽƌĂƚŝŽŶĞĨĨŽƌƚ͘

ƵŶĚƵŵďƵů>ϲϲϲϭĂŶĚ>ϳϯϵϵ

;E^t͕ůĂŶĐLJϭϬϬй͖DŝƚƐƵďŝƐŚŝĞĂƌŶŝŶŐϰϵйĂŶĚĨƵŶĚŝŶŐϭϬϬйͿ

dŚĞ ƵŶĚƵŵďƵů ƉƌŽũĞĐƚ ĐŽǀĞƌƐ ϮϬϰ͘ϵŬŵϮ ŽĨ ƉƌŽƐƉĞĐƚŝǀĞ ĂƌĐ ƵŶŝƚƐ ŝŶ ƚŚĞ DŽůŽŶŐ sŽůĐĂŶŝĐ Ğůƚ ďĞƚǁĞĞŶDŽůŽŶŐĂŶĚtĞůůŝŶŐƚŽŶ͘dŚĞƌĞĂƌĞŶƵŵĞƌŽƵƐŝŶƚƌƵƐŝǀĞĐŽŵƉůĞdžĞƐĂƚƵŶĚƵŵďƵůƚŚĂƚŚĂǀĞ ĂŶŽŵĂůŽƵƐĐŽƉƉĞƌĂŶĚͬŽƌŐŽůĚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞŵ͘

ƵƌŝŶŐ ƚŚĞ LJĞĂƌ͕ ƉƌŽĐĞƐƐŝŶŐ ŽĨ ŐƌĂǀŝƚLJ ƐƵƌǀĞLJƐ ǁĞƌĞ ĐŽŵƉůĞƚĞĚ ĂŶĚŵĞĐŚĂŶŝĐĂů ĂƵŐĞƌ ĚƌŝůůŝŶŐ ǁĂƐ ĐŽŶĚƵĐƚĞĚĂƚƚŚĞDĞŚƌƵĚĂĂŶĚŶĚƌĞǁƐƉƌŽƐƉĞĐƚƐ͘^ĞǀĞƌĂůĚƌŝůůƚĂƌŐĞƚƐǁĞƌĞĚĞĨŝŶĞĚĂŶĚZĚƌŝůůŝŶŐ ŽĨƚŚŽƐĞƚĂƌŐĞƚƐǁĂƐŝŶƉƌŽŐƌĞƐƐĂƚLJĞĂƌĞŶĚ͘

DĞĐŚĂŶŝĐĂů ĂƵŐĞƌ ĚƌŝůůŝŶŐ ǁĂƐ ĐŽŵƉůĞƚĞĚ Ăƚ ƚŚĞ ŶĚƌĞǁƐ ƉƌŽƐƉĞĐƚ ĂŶĚ DĞŚƌƵĚĂ DŽůLJďĚĞŶƵŵ ŶŽŵĂůLJ͘,ŽůĞƐǁĞƌĞĚƌŝůůĞĚƚŽƌĞĨƵƐĂůĂƚϳϱŵƐƉĂĐŝŶŐĂůŽŶŐϮϬϬŵƐƉĂĐĞĚEͲ^tŽƌŝĞŶƚĂƚĞĚůŝŶĞƐƚŽ ŝŶĨŝůůĞdžŝƐƚŝŶŐŐƌŝĚƐ͕ĂŶĚϭϬϬŵ ƐƉĂĐĞĚůŝŶĞƐ ƚŽĞdžƉĂŶĚ ƚŚĞŶĚƌĞǁƐŐƌŝĚ ƚŽ ƚŚĞ ƐŽƵƚŚͲĞĂƐƚ͘ǀĞƌĂŐĞ ƌĞĨƵƐĂůĚĞƉƚŚǁĂƐϰ͘Ϯŵ͘dŚĞƉƌŽŐƌĂŵƚŽƚĂůǁĂƐϭϲϱŚŽůĞƐĨŽƌϳϬϰ͘ϱϭŵ͘

ƚƚŚĞŶĚƌĞǁƐWƌŽƐƉĞĐƚ͕ĂƐĞƌŝĞƐŽĨŝŶƚƌƵƐŝŽŶƐŚĂǀĞďĞĞŶŝŶƚĞƌƐĞĐƚĞĚŝŶƚŚĞĞdžƉĂŶƐŝŽŶĚƌŝůůŝŶŐŝŶƚŚĞ ^ŽĨƚŚĞĂƌĞĂ͘DŝĐƌŽĚŝŽƌŝƚĞ͕ĚŝŽƌŝƚĞĂŶĚŐƌĂŶŽĚŝŽƌŝƚĞŝŶƚƌƵĚĞƚŚĞKƌĚŽǀŝĐŝĂŶKĂŬĚĂůĞ&ŽƌŵĂƚŝŽŶĂŶĚ ĂƌĞ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƉĞƌǀĂƐŝǀĞ ĐŚůŽƌŝƚĞцƐĞƌŝĐŝƚĞͲĞƉŝĚŽƚĞͲĐĂƌďŽŶĂƚĞ ĂůƚĞƌĂƚŝŽŶ͘ ŝƐƐĞŵŝŶĂƚĞĚ ŵĂŐŶĞƚŝƚĞ ĨŽƌŵƐ ĂŶ ŝŶĐŽŵƉůĞƚĞ ŚĂůŽ ĂƌŽƵŶĚ ƚŚĞ ĐŚůŽƌŝƚĞ ĂůƚĞƌĂƚŝŽŶ͘ ZĞƐƵůƚƐ ŝŶĚŝĐĂƚĞ ĐŽƌƌĞůĂƚŝŽŶ ďĞƚǁĞĞŶ ĂƌƐĞŶŝĐ ĂŶĚ ĂŶƚŝŵŽŶLJ ĂƌŽƵŶĚ ƉƌŽŵŝŶĞŶƚ EtͲŽƌŝĞŶƚĞĚ ƐƚƌƵĐƚƵƌĞƐ͕ ǁŚŝĐŚ ƐƵŐŐĞƐƚƐ ƚŚĞ ƉƌĞƐĞŶĐĞ ŽĨ Ă ůŽǁͲƚĞŵƉĞƌĂƚƵƌĞ ƐLJƐƚĞŵ͕ ƉŽƐƐŝďůLJ ĚŝƐƚĂů ƚŽ Ă ƚĞůĞƐĐŽƉĞĚ ŵŝŶĞƌĂů ƐLJƐƚĞŵ͕ Žƌ ŽƚŚĞƌ ĨĂƵůƚͲŚŽƐƚĞĚ ŵŝŶĞƌĂůŝnjĂƚŝŽŶ͘ ŽƉƉĞƌ ŝƐ ǁŝĚĞƐƉƌĞĂĚ Ăƚ ŶĚƌĞǁƐ͕ ƌĞĨůĞĐƚŝŶŐ Ă ďĂĐŬŐƌŽƵŶĚ ůĞǀĞů ŽĨ ĂƌŽƵŶĚϭϬϬƉƉŵ͕ǁŝƚŚŝŶĐƌĞĂƐĞƐƚŽϮĂŶĚϯƚŝŵĞƐďĂĐŬŐƌŽƵŶĚĂƌŽƵŶĚEtͲƚƌĞŶĚŝŶŐƐƚƌƵĐƚƵƌĞƐ͘

ƚƚŚĞDĞŚƌƵĚĂDŽůLJďĚĞŶƵŵŶŽŵĂůLJ͕ƚŚĞĞdžƚĞŶƚŽĨĂŵŝĐƌŽĚŝŽƌŝƚĞŝŶƚƌƵƐŝŽŶŚĂƐďĞĞŶĐŽŶƐƚƌĂŝŶĞĚ ǁŝƚŚŝŶ ǀŽůĐĂŶŝĐůĂƐƚŝĐ ƐĞĚŝŵĞŶƚƐ ŽĨ ƚŚĞ KƌĚŽǀŝĐŝĂŶ KĂŬĚĂůĞ &ŽƌŵĂƚŝŽŶ͘ ŚůŽƌŝƚĞͲƐĞƌŝĐŝƚĞͲŚĞŵĂƚŝƚĞ ĂůƚĞƌĂƚŝŽŶŝƐǁŝĚĞƐƉƌĞĂĚ͘ZĞƐƵůƚƐƐŚŽǁĂŶŽŵĂůŽƵƐ͕ĐŽŝŶĐŝĚĞŶƚŵŽůLJďĚĞŶƵŵ;DŽͿĂŶĚƚĞůůƵƌŝƵŵ;dĞͿ͘ dŚŝƐƐŝŐŶĂƚƵƌĞŝƐĐŽŵŵŽŶŝŶƉƌŽdžŝŵĂůƉŚLJůůŝĐĂůƚĞƌĂƚŝŽŶnjŽŶĞƐĂƌŽƵŶĚŵŝŶĞƌĂůŝnjĞĚƉŽƌƉŚLJƌŝĞƐĂŶĚŝƐ ĐŽŝŶĐŝĚĞŶƚǁŝƚŚĂ ϯ/W ĂŶŽŵĂůLJ ĂŶĚ Ă ŐƌĂǀŝƚLJ ůŽǁ ĂŶŽŵĂůLJ ĚĞĨŝŶĞĚĞĂƌůŝĞƌ ŝŶ ƚŚĞ LJĞĂƌ͘ ŽƉƉĞƌ ŝƐ ĂŶŽŵĂůŽƵƐƐƵƌƌŽƵŶĚŝŶŐƚŚĞDŽͲdĞĨŽŽƚƉƌŝŶƚ͕ƐƵŐŐĞƐƚŝŶŐƚŚĂƚĐŽƉƉĞƌŝƐŵŽďŝůĞŝŶƚŚĞŽdžŝĚŝnjĞĚƉƌŽĨŝůĞ͘ ůůĂŶŽŵĂůŽƵƐŐĞŽĐŚĞŵŝƐƚƌLJŝƐĐůĞĂƌůLJĂƐƐŽĐŝĂƚĞĚǁŝƚŚEtͲƚƌĞŶĚŝŶŐĨĂƵůƚƐĂĐƌŽƐƐƚŚĞƉƌŽƐƉĞĐƚ͕ǁŚŝĐŚ ŵĂLJŚĂǀĞĂĐƚĞĚĂƐĐŽŶĚƵŝƚƐĨŽƌŵŝŶĞƌĂůŝnjŝŶŐĨůƵŝĚƐ͘

ƚŽƚĂůŽĨϴZŚŽůĞƐ ;ϭ͕ϭϵϴŵͿǁĞƌĞĚƌŝůůĞĚĂƚ ƚŚĞDĞŚƌƵĚĂĂŶĚDĞŚƌƵĚĂDŽůLJďĚĞŶƵŵƉƌŽƐƉĞĐƚƐ ƉƌŝŽƌƚŽLJĞĂƌĞŶĚ͘dŚĞĚƌŝůůŝŶŐǁŝůůďĞĐŽŵƉůĞƚĞĚŝŶƚŚĞDĂƌĐŚϮϬϭϰƋƵĂƌƚĞƌ͘

'ĞŶĂƌĞŶ>ϳϵϮϳ

;E^t͕ůĂŶĐLJϭϬϬй͖DŝƚƐƵďŝƐŚŝĞĂƌŶŝŶŐϰϵйĂŶĚĨƵŶĚŝŶŐϭϬϬйͿ

'ĞŶĂƌĞŶ ŝƐ ůŽĐĂƚĞĚ Ăƚ ƚŚĞ ŶŽƌƚŚĞƌŶ ĞŶĚ ŽĨ ƚŚĞ EŽƌƚŚƉĂƌŬĞƐ /ŐŶĞŽƵƐ ŽŵƉůĞdž ϮϵŬŵ ŶŽƌƚŚ ŽĨ ƚŚĞ EŽƌƚŚƉĂƌŬĞƐĐŽƉƉĞƌͲŐŽůĚŵŝŶĞ͘ƵƌŝŶŐ ƚŚĞLJĞĂƌĂŐƌĂǀŝƚLJƐƵƌǀĞLJǁĂƐĐŽŵƉůĞƚĞĚĂŶĚŝŶƚĞƌƉƌĞƚĂƚŝŽŶ ŽĨ ƚŚĞŐƌĂǀŝƚLJĚĂƚĂŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƉƌĞǀŝŽƵƐůLJĂĐƋƵŝƌĞĚĂĞƌŽŵĂŐŶĞƚŝĐĚĂƚĂĚĞĨŝŶĞĚƐĞǀĞƌĂůĚƌŝůů ƚĂƌŐĞƚƐ͘DƵĚͲƌŽƚĂƌLJ ƉƌĞͲĐŽůůĂƌ ĚŝĂŵŽŶĚ ĚƌŝůůŝŶŐ ǁĂƐ ƵŶĚĞƌƚĂŬĞŶƚŽ ƚĞƐƚ ƚŚĞƐĞ ƚĂƌŐĞƚƐ ;ϵ ŚŽůĞƐ ĨŽƌ ϭ͕ϬϳϵŵͿ͘

EŽƐŝŐŶŝĨŝĐĂŶƚĐŽƉƉĞƌŽƌŐŽůĚŝŶƚĞƌĐĞƉƚƐǁĞƌĞƌĞƚƵƌŶĞĚ͕ŚŽǁĞǀĞƌƉĂƚŚĨŝŶĚĞƌŐĞŽĐŚĞŵŝƐƚƌLJƐƵŐŐĞƐƚƐ ƚŚĞ ĚƌŝůůŝŶŐ ĐŽƵůĚ ďĞ ŝŶ ƚŚĞ ĚŝƐƚĂů ƐĞĐƚŝŽŶ ŽĨ Ă ƉŽƌƉŚLJƌLJ ƐLJƐƚĞŵ͘ Ŷ ƵƉĚĂƚĞĚ ƐƚƌƵĐƚƵƌĂů ĂŶĚ ƐƚƌĂƚŝŐƌĂƉŚŝĐ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ ǁĂƐ ƐƵďƐĞƋƵĞŶƚůLJ ĐŽŵƉůĞƚĞĚ͕ ǁŚŝĐŚ ƐƵŐŐĞƐƚƐ ƚŚĂƚ tŽŵďŝŶ sŽůĐĂŶŝĐƐ ŵĂLJ ďĞ ƉƌĞƐĞŶƚ ŶŽƌƚŚǁĞƐƚ ŽĨ ƚŚĞ ĂƌĞĂ ĚƌŝůůĞĚ ƚŽ ĚĂƚĞ͘ dŚŝƐ ŝƐ ƐŝŐŶŝĨŝĐĂŶƚ ďĞĐĂƵƐĞ ƚŚĞ tŽŵďŝŶ sŽůĐĂŶŝĐƐ ĂƌĞ ƚŚĞ ŚŽƐƚ ĨŽƌ ŵŽƐƚ ŽĨ ƚŚĞ EŽƌƚŚƉĂƌŬĞƐ ƉŽƌƉŚLJƌLJ ƐLJƐƚĞŵƐ͘ &ƵƌƚŚĞƌ ƉĞƚƌŽŐƌĂƉŚŝĐ ĂŶĚ ƐƚƌĂƚŝŐƌĂƉŚŝĐƐƚƵĚŝĞƐŽŶĚƌŝůůĐŽƌĞĂƌĞŝŶƉƌŽŐƌĞƐƐǁŝƚŚƚŚĞĂŝŵŽĨĐŽŶĨŝƌŵŝŶŐƚŚĞƉƌĞƐĞŶĐĞŽĨtŽŵďŝŶ sŽůĐĂŶŝĐƐĞƋƵŝǀĂůĞŶƚƐŝŶƚŚĞƉƌŽũĞĐƚĂƌĞĂĂŶĚĨƵƌƚŚĞƌĚƌŝůůŝŶŐŝƐƉůĂŶŶĞĚŝŶƚŚĞDĂƌĐŚϮϬϭϰƋƵĂƌƚĞƌ͘

ƵƌƌƵŵďƵƌƌĂŵĂ>ϲϳϴϰ

;E^t͕ůĂŶĐLJϭϬϬй͖DŝƚƐƵďŝƐŚŝĞĂƌŶŝŶŐϰϵйĂŶĚĨƵŶĚŝŶŐϭϬϬйͿ

ƵƌƌƵŵďƵƌƌĂŵĂ ŝƐ ůŽĐĂƚĞĚ ϰϬŬŵ ĞĂƐƚ ŽĨ tĞƐƚ tLJĂůŽŶŐ ĂŶĚ ĐŽǀĞƌƐ Ă ůĂƌŐĞ ďĂƐĞŵĞŶƚ ŵĂŐŶĞƚŝĐ ĐŽŵƉůĞdžƚŚĂƚŝƐŝŶĨĞƌƌĞĚƚŽďĞƚŚĞKƌĚŽǀŝĐŝĂŶDĂĐƋƵĂƌŝĞĂƌĐďĂƐĞĚŽŶŵĂŐŶĞƚŝĐĂŶĚŐƌĂǀŝƚLJĚĂƚĂ͘

'ĞŽƉŚLJƐŝĐĂů ƐƵƌǀĞLJƐ ƐƵĐĐĞƐƐĨƵůůLJ ŵĂƉƉĞĚ ƚŚĞ ĨƌĂŐŵĞŶƚĞĚ KƌĚŽǀŝĐŝĂŶ ďĂƐĞŵĞŶƚ ĂŶĚ ŚŝŐŚůŝŐŚƚĞĚ ŶƵŵĞƌŽƵƐďĂƐĞŵĞŶƚ ĨĂƵůƚƐ͘ƌŝůů ƚĂƌŐĞƚƐǁĞƌĞĚĞƚĞƌŵŝŶĞĚďLJŝŶƚĞƌƉƌĞƚŝŶŐ ƌĞƐƵůƚƐ ĨƌŽŵƉƌĞǀŝŽƵƐĂŝƌ ĐŽƌĞ ĚƌŝůůŝŶŐ ĂŶĚ ƚŚĞ ĚĞƚĂŝůĞĚ ĂŝƌďŽƌŶĞŵĂŐŶĞƚŝĐ ĚĂƚĂ ĂŶĚ ŐƌŽƵŶĚ ŐƌĂǀŝƚLJ ĚĂƚĂ͘ ŵƵĚͲƌŽƚĂƌLJ ƉƌĞͲ ĐŽůůĂƌ ĚŝĂŵŽŶĚ ĚƌŝůůŝŶŐ ;ϲ ŚŽůĞƐ ĨŽƌ ϵϳϵŵͿ ǁĂƐ ƵŶĚĞƌƚĂŬĞŶ ƚŽ ƚĞƐƚ ŐĞŽƉŚLJƐŝĐĂů͕ ŐĞŽĐŚĞŵŝĐĂů ĂŶĚ ƐƚƌƵĐƚƵƌĂůƚĂƌŐĞƚƐ͘EŽƐŝŐŶŝĨŝĐĂŶƚĂƐƐĂLJƌĞƐƵůƚƐǁĞƌĞƌĞƚƵƌŶĞĚ͘

ŶƵŵďĞƌŽĨĚƌŝůůƐĂŵƉůĞƐǁĞƌĞ ƐƵďŵŝƚƚĞĚ ĨŽƌ^ͲŝƐŽƚŽƉĞĂŶĂůLJƐŝƐĂŶĚ ƌĞƐƵůƚƐǁĞƌĞƉĞŶĚŝŶŐĂƚLJĞĂƌ ĞŶĚ͘

<ĂŝnjĞŶ:sWƌŽũĞĐƚ

ƵƌŝŶŐ ƚŚĞLJĞĂƌ͕ůĂŶĐLJ ĨŽƌŵĞĚĂŶĞǁũŽŝŶƚǀĞŶƚƵƌĞǁŝƚŚ,ŝŐŚWŽǁĞƌdžƉůŽƌĂƚŝŽŶ/ŶĐ͘ ;,WyͿŽŶ ƚŚĞ &ĂŝƌŚŽůŵĞƉƌŽũĞĐƚ͘hŶĚĞƌƚŚĞƚĞƌŵƐŽĨƚŚĞŐƌĞĞŵĞŶƚ͕,WyŚĂĚƚŚĞƌŝŐŚƚƚŽĞĂƌŶĂŶŝŶŝƚŝĂůϰϵйŽĨƚŚĞ &ĂŝƌŚŽůŵĞ ƉƌŽũĞĐƚ ďLJ ĨƵŶĚŝŶŐ Ψϭ ŵŝůůŝŽŶ ŝŶ ĞdžƉůŽƌĂƚŝŽŶ͕ ǁŚŝĐŚ ŚĂƐ ŶŽǁ ďĞĞŶ ĐŽŵƉůĞƚĞĚ͘ ,Wy ƚƌĂŶƐĨĞƌƌĞĚŝƚƐ:sŝŶƚĞƌĞƐƚƚŽĂŵĂũŽƌŝƚLJŽǁŶĞĚůŝƐƚĞĚƐƵďƐŝĚŝĂƌLJ<ĂŝnjĞŶŝƐĐŽǀĞƌLJ/ŶĐ͘;<ĂŝnjĞŶͿŝŶůĂƚĞ ϮϬϭϯ͘<ĂŝnjĞŶŚĂƐƚŚĞƌŝŐŚƚƚŽĨƵŶĚĂĨƵƌƚŚĞƌΨϰŵŝůůŝŽŶŝŶĞdžƉůŽƌĂƚŝŽŶŽǀĞƌƚŚĞƐƵďƐĞƋƵĞŶƚƚǁŽLJĞĂƌƐ ǁŝƚŚƚŚĞĂŝŵŽĨĚĞůŝŶĞĂƚŝŶŐĂƐĐŽƉŝŶŐƐƚƵĚLJƚŽƚĂŬĞ<ĂŝnjĞŶ͛ƐƐƚĂŬĞƚŽϲϱй͘

ůĂŶĐLJǁŝůůŵĂŶĂŐĞ ƚŚĞƉƌŽũĞĐƚŽŶďĞŚĂůĨŽĨ ƚŚĞũŽŝŶƚǀĞŶƚƵƌĞƉĂƌƚŶĞƌƐĚƵƌŝŶŐ ƚŚĞ ĨŝƌƐƚ ƚǁŽĞĂƌŶͲŝŶ ƉŚĂƐĞƐ͘<ĂŝnjĞŶĐĂŶŝŶĐƌĞĂƐĞŝƚƐƐƚĂŬĞƚŽϴϬйŽƌϴϱйďLJĨƵŶĚŝŶŐĂWƌĞĨĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ͕ĚĞƉĞŶĚŝŶŐŽŶ ƚŚĞĐŽƐƚŽĨƚŚĞƐƚƵĚLJ͘

&ĂŝƌŚŽůŵĞ>ϲϱϱϮĂŶĚ>ϲϵϭϱ

;E^t͕ůĂŶĐLJϱϭй͖<ĂŝnjĞŶŝƐĐŽǀĞƌLJ/ŶĐϰϵй͕ĞĂƌŶŝŶŐϲϱйĂŶĚĨƵŶĚŝŶŐϭϬϬйͿ

dŚĞ&ĂŝƌŚŽůŵĞƉƌŽũĞĐƚŝƐůŽĐĂƚĞĚĂďŽƵƚϭϮŬŵEŽĨƵƌĐŚĞƌĂŶĚϭϮŬŵŶŽƌƚŚŽĨƚŚĞŽǁĂůŐŽůĚŵŝŶĞ͘ dŚĞ ƉƌŽũĞĐƚ ĐŽŶƐŝƐƚƐ ŽĨ ƚǁŽ ƚĞŶĞŵĞŶƚƐ͕ >ϲϱϱϮ ĂŶĚ >ϲϵϭϱ ƚŚĂƚ ĐŽǀĞƌ ϭϳϮŬŵϮ ŽĨ ƚŚĞ &ĂŝƌŚŽůŵĞ /ŐŶĞŽƵƐ ŽŵƉůĞdž͘dŚĞŐĞŽƉŚLJƐŝĐĂů ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨ ƚŚĞ&ĂŝƌŚŽůŵĞ/ŐŶĞŽƵƐ ŽŵƉůĞdžĂƌĞ ƐŝŵŝůĂƌ ƚŽ ƚŚĞ ŽǁĂů ŽŵƉůĞdž ƚŽ ƚŚĞ ƐŽƵƚŚ͕ ǁŚŝĐŚ ŚŽƐƚƐ ƚŚĞ ŽǁĂů ŐŽůĚ ŵŝŶĞ ;ĂƌƌŝĐŬͿ ĂŶĚ ƚŚĞ DĂƌƐĚĞŶ ĐŽƉƉĞƌͲŐŽůĚƉƌŽƐƉĞĐƚ;EĞǁĐƌĞƐƚͿ͘

ƵƌŝŶŐƚŚĞLJĞĂƌ͕,WyƐƵĐĐĞƐƐĨƵůůLJĐŽŵƉůĞƚĞĚĂŶ/WƐƵƌǀĞLJŽǀĞƌĂϳϰŬŵϮ ĂƌĞĂƵƐŝŶŐ,Wy͛ƐƉƌŽƉƌŝĞƚĂƌLJ dLJƉŚŽŽŶ ƐLJƐƚĞŵ͘ ĂƚĂ ƉƌŽĐĞƐƐŝŶŐ ĂŶĚ ŝŶǀĞƌƐŝŽŶ ŵŽĚĞůůŝŶŐ ǁĂƐ ĐŽŵƉůĞƚĞĚ ďLJ ŽŵƉƵƚĂƚŝŽŶĂů 'ĞŽƐĐŝĞŶĐĞƐ /ŶĐ ŝŶ sĂŶĐŽƵǀĞƌ͘ ^ĞǀĞƌĂů ƐŝŐŶŝĨŝĐĂŶƚ ƚĂƌŐĞƚƐ ǁĞƌĞ ĚĞĨŝŶĞĚ ĂŶĚ ĨŽůůŽǁͲƵƉ Ěƌŝůů ƚĞƐƚŝŶŐ ĐŽŵŵĞŶĐĞĚŝŶƚŚĞĞĐĞŵďĞƌϮϬϭϯƋƵĂƌƚĞƌǁŝƚŚƚŚĞĚƌŝůůŝŶŐŽĨƚǁŽdLJƉŚŽŽŶ/WĐŚĂƌŐĞĂďŝůŝƚLJƚĂƌŐĞƚƐ ĂƚƚŚĞtŝůůŝĂŵƐĂŶĚŽƌŝŶĞůůĂ^ŽƵƚŚƉƌŽƐƉĞĐƚƐ͘

dŚĞ ƚĂƌŐĞƚ Ăƚ ƚŚĞ tŝůůŝĂŵƐ ƉƌŽƐƉĞĐƚ ŝƐ Ă ůĂƌŐĞ͕ ĐŚĂƌŐĞĂďůĞ͕ ůŽǁ ŵĂŐŶĞƚŝĐ ĂŵƉůŝƚƵĚĞ͕ ŵŽĚĞƌĂƚĞ ĐŽŶĚƵĐƚŝǀŝƚLJĂŶŽŵĂůLJĂƚĚĞƉƚŚĐŽŝŶĐŝĚĞŶƚǁŝƚŚĂŵĂũŽƌŝŶƚĞƌƉƌĞƚĞĚĨĂƵůƚ͘ŝƌĐŽƌĞĚƌŝůůŝŶŐŝŶƚŚĞĂƌĞĂ ďLJĂƉƌĞǀŝŽƵƐĞdžƉůŽƌĞƌŚĂĚŝŶƚĞƌƐĞĐƚĞĚĂŶŽŵĂůŽƵƐŐŽůĚ͕EϯϭϬ͗ϯŵΛϭ͘ϬϱŐͬƚƵĨƌŽŵϱϰŵ͖ĂŶĚ ĐŽƉƉĞƌEϮϮϵ͗ϯŵΛϬ͘ϭϰйƵĨƌŽŵϲϲŵϴ ͘dǁŽŚŽůĞƐǁĞƌĞĐŽŵƉůĞƚĞĚĂƚƚŚĞtŝůůŝĂŵƐƉƌŽƐƉĞĐƚ͘ dŚĞĨŝƌƐƚŚŽůĞ&,ϬϬϭ͕ŚĂĚĂŵƵĚͲƌŽƚĂƌLJƉƌĞĐŽůůĂƌƚŽϵϬ͘ϲŵĨŽůůŽǁĞĚďLJ,YĂŶĚEYĚŝĂŵŽŶĚĐŽƌĞƚŽ ĂĨŝŶĂůĚĞƉƚŚŽĨϳϵϵ͘ϱŵĂƚŝŶĐůŝŶĂƚŝŽŶͲϲϱŽ ƚŽĂnjŝŵƵƚŚϬϵϬŽ ͘dŚĞƐĞĐŽŶĚŚŽůĞ&,ϬϬϮ͕ǁĂƐĚƌŝůůĞĚƚŽ ϴϱ͘ϯŵĂŶĚǁĂƐĂƌĞͲĚƌŝůůŽĨƚŚĞŵƵĚͲƌŽƚĂƌLJƉƌĞĐŽůůĂƌǁŝƚŚEYĐŽƌĞĨƌŽŵƐƵƌĨĂĐĞĂƚŝŶĐůŝŶĂƚŝŽŶͲϲϬŽ ƚŽ ĂnjŝŵƵƚŚϬϵϬŽ ͘

&,ϬϬϭ ŝŶƚĞƌƐĞĐƚĞĚ ŵĂĨŝĐ ǀŽůĐĂŶŝĐůĂƐƚŝĐ ƌŽĐŬƐ ŝŶƚƌƵĚĞĚ ďLJ ŵŝĐƌŽĚŝŽƌŝƚĞ ĂŶĚ ŚŽƌŶďůĞŶĚĞͲ ĂŶĚ ƉůĂŐŝŽĐůĂƐĞͲƉŚLJƌŝĐ ŵĂĨŝĐ ĚLJŬĞƐ͘ ůƚĞƌĂƚŝŽŶ ĐŽŶƐŝƐƚĞĚ ŵŽƐƚůLJ ŽĨ ĐŚůŽƌŝƚĞͲŚĞŵĂƚŝƚĞ Ăƚ ƚŚĞ ƚŽƉ ŽĨ ƚŚĞ ŚŽůĞǁŝƚŚĚĞĞƉĞƌnjŽŶĞƐŽĨƉŽƚĂƐƐŝĐĂůƚĞƌĂƚŝŽŶ͘ƐƵďͲǀĞƌƚŝĐĂůƋƵĂƌƚnjͲĐĂůĐŝƚĞͲŵĂŐŶĞƚŝƚĞͲďŽƌŶŝƚĞ ĨŝůůĞĚ ĨƌĂĐƚƵƌĞǁŝƚŚĞƉŝĚŽƚĞƐĞůǀĂŐĞƐǁĂƐŝŶƚĞƌƐĞĐƚĞĚĂƚϭϳϱ͘ϱŵ͘dŚŝƐǀĞŝŶŚĂƐƉƌŽǀŝĚĞĚĞŶĐŽƵƌĂŐĞŵĞŶƚĨŽƌ ĨƵƌƚŚĞƌ ǁŽƌŬ ŝŶ ƚŚĞ ĂƌĞĂ͘ dŚĞ ĐŚĂƌŐĞĂďŝůŝƚLJ ĂŶŽŵĂůLJ ŝƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ĚŝƐƐĞŵŝŶĂƚĞĚ ƉLJƌŝƚĞ ǁŚŝĐŚ ĐŽƵůĚďĞƉĞƌŝƉŚĞƌĂůƚŽĂĚĞĞƉĞƌƉŽƌƉŚLJƌLJͲƐƚLJůĞƚĂƌŐĞƚ͘dŚĞƉƌĞƐĞŶĐĞŽĨƚŚĞƋƵĂƌƚnjͲĐĂůĐŝƚĞͲŵĂŐŶĞƚŝƚĞͲ ďŽƌŶŝƚĞ ĨƌĂĐƚƵƌĞĂŶĚ ƚŚĞŽďƐĞƌǀĞĚĂůƚĞƌĂƚŝŽŶ ƐƵƉƉŽƌƚ ƚŚŝƐŝŶƚĞƌƉƌĞƚĂƚŝŽŶ͘dŚĞŚŽůĞĞŶĚĞĚŝŶĂ ĨĂƵůƚ njŽŶĞĐŽŶƚĂŝŶŝŶŐƋƵĂƌƚnjͲĐĂůĐŝƚĞǀĞŝŶƐǁŝƚŚĐŚůŽƌŝƚĞͲƐĞƌŝĐŝƚĞƐĞůǀĂŐĞƐ͘

^ƵďͲǀĞƌƚŝĐĂůƋƵĂƌƚnjͲĐĂůĐŝƚĞͲŵĂŐŶĞƚŝƚĞͲďŽƌŶŝƚĞĨŝůůĞĚĨƌĂĐƚƵƌĞǁŝƚŚĞƉŝĚŽƚĞƐĞůǀĂŐĞĨƌŽŵ&,ϬϬϭĂƚϭϳϱ͘ϱŵ͘ ,YĐŽƌĞǁŝƚŚĂĚŝĂŵĞƚĞƌŽĨϲĐŵ͘ŽǁŶŚŽůĞŝƐƚŽƚŚĞƌŝŐŚƚ͘

dŚĞƉĞƌƐŝƐƚĞŶƚŚLJĚƌŽƚŚĞƌŵĂůĂůƚĞƌĂƚŝŽŶĚŽǁŶŚŽůĞ͕ŶƵŵĞƌŽƵƐƉŽƌƉŚLJƌŝƚŝĐŝŶƚƌƵƐŝŽŶƐĂŶĚƵͲďĞĂƌŝŶŐ ŵŝŶĞƌĂůŝnjĂƚŝŽŶ ŝŶ &,ϬϬϭ ƐƵŐŐĞƐƚƐ ƚŚĞ ƉƌĞƐĞŶĐĞ ŽĨ Ă ŶĞĂƌďLJ ŵŝŶĞƌĂůŝnjĞĚ ƐLJƐƚĞŵ ƚŽ ƚŚĞ tŝůůŝĂŵƐ ƉƌŽƐƉĞĐƚ͘dŚŝƐŝƐƐŝŐŶŝĨŝĐĂŶƚĂƐ&,ϬϬϭŝƐƚŚĞĨŝƌƐƚŚŽůĞƚŽƚĞƐƚĨƌĞƐŚKƌĚŽǀŝĐŝĂŶďĂƐĞŵĞŶƚǁŝƚŚŝŶƚŚĞ ǀŝĐŝŶŝƚLJ ŽĨ ƚŚĞ ĐŚĂƌŐĞĂďŝůŝƚLJ ĂŶŽŵĂůLJ͘ dŚĞƌĞ ŝƐ ŶŽǁ ƐŝŐŶŝĨŝĐĂŶƚ ĞŶĐŽƵƌĂŐĞŵĞŶƚ ƚŽ ĐŽŵƉůĞƚĞ ŵŽƌĞ ĚĞƚĂŝůĞĚŐĞŽƉŚLJƐŝĐĂůŝŶǀĞƐƚŝŐĂƚŝŽŶƐŝŶŽƌĚĞƌƚŽďĞƚƚĞƌĐŚĂƌĂĐƚĞƌŝnjĞƚŚĞnjŽŶĞĐŽŶƚĂŝŶŝŶŐƚŚĞďŽƌŶŝƚĞͲ ďĞĂƌŝŶŐĨƌĂĐƚƵƌĞ͘

ůů Ěƌŝůů ƌĞƐƵůƚƐ ŚĂǀĞ ďĞĞŶ ƌĞĐĞŝǀĞĚ ĂŶĚ ƚŚĞ ďĞƐƚ ŝŶƚĞƌĐĞƉƚ ǁĂƐ ϮŵΛ Ϭ͘Ϯϳй Ƶ ĨƌŽŵ ϭϳϱŵϵ ͘ dĞŶ ƐĂŵƉůĞƐ ŚĂǀĞ ďĞĞŶ ƐĞŶƚ ĨŽƌ ƉĞƚƌŽůŽŐŝĐĂů ĞdžĂŵŝŶĂƚŝŽŶ ƚŽ ĐŽŶĨŝƌŵ ƚŚĞ ĐƵƌƌĞŶƚ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ ĂŶĚ ĐŚĂƌĂĐƚĞƌŝnjĞƚŚĞƐƵůĨŝĚĞƚĞdžƚƵƌĞƐ͘

KŶĞ ŚŽůĞ ;&,ϬϬϯͿ ǁĂƐ ĚƌŝůůĞĚ Ăƚ ƚŚĞ ŽƌŝŶĞůůĂ ^ŽƵƚŚ ƉƌŽƐƉĞĐƚ ǁŚĞƌĞ Ă ůĂƌŐĞ͕ ĐŚĂƌŐĞĂďůĞ͕ ůŽǁͲ ŵĂŐŶĞƚŝĐ͕ƌĞƐŝƐƚŝǀĞĂŶĚŵŽĚĞƌĂƚĞĚĞŶƐŝƚLJĂŶŽŵĂůLJŽĐĐƵƌƐĂĚũĂĐĞŶƚƚŽŽŽďĞƌŽŝ&ĂƵůƚŝŶĂŶĂƌĞĂŽĨŶŽ ƉƌĞǀŝŽƵƐ ĞdžƉůŽƌĂƚŝŽŶ͘ &,ϬϬϯ ǁĂƐ ĚƌŝůůĞĚ ĨƌŽŵ ƐƵƌĨĂĐĞ ǁŝƚŚ ,Y ĂŶĚ EY ĐŽƌĞ ƚŽ Ă ĨŝŶĂů ĚĞƉƚŚ ŽĨ

ϴ ϯŵĐŽŵƉŽƐŝƚĞƐĂŵƉůĞƐĂƐƐĂLJĞĚďLJEĞǁĐƌĞƐƚŝŶƚŚĞϭϵϵϬ͛ƐďLJĂŶƵŶŬŶŽǁŶĂŶĂůLJƚŝĐĂůŵĞƚŚŽĚĂŶĚĂƌĞŶŽƚƌĞƉŽƌƚĞĚƚŽƚŚĞ ƐƚĂŶĚĂƌĚƐŽĨ:KZϮϬϭϮ͘

ϵ ĞƚĂŝůĞĚĚƌŝůůƌĞƐƵůƚƐĂƌĞĐŽŶƚĂŝŶĞĚŝŶƚŚĞĞĐĞŵďĞƌϮϬϭϯƋƵĂƌƚĞƌůLJƌĞƉŽƌƚ͕^yƌĞůĞĂƐĞĚĂƚĞϯϭ:ĂŶƵĂƌLJϮϬϭϰ͘

Ϯϰϵ͘ϳŵĂƚŝŶĐůŝŶĂƚŝŽŶ ͲϳϱŽ ƚŽĂnjŝŵƵƚŚϯϭϬŽ ͘&,ϬϬϯŝŶƚĞƌƐĞĐƚĞĚ ƐĞƌŝĐŝƚĞĂůƚĞƌĞĚ ƋƵĂƌƚnjŽĨĞůĚƐƉĂƚŚŝĐ ƐĂŶĚƐƚŽŶĞĂŶĚŚĞŵĂƚŝƚĞĂůƚĞƌĞĚƉŽůLJŵŝĐƚŝĐĐŽŶŐůŽŵĞƌĂƚĞ͘ůůƌĞƐƵůƚƐĨƌŽŵ&,ϬϬϯǁĞƌĞƉĞŶĚŝŶŐĂƚ LJĞĂƌĞŶĚ͕ƚŚŽƵŐŚŶŽƐŝŐŶŝĨŝĐĂŶƚŵŝŶĞƌĂůŝƐĂƚŝŽŶǁĂƐŽďƐĞƌǀĞĚŝŶƚŚĞĐŽƌĞ͘dŚƌĞĞƐĂŵƉůĞƐŚĂǀĞďĞĞŶ ƐĞŶƚĨŽƌƉĞƚƌŽůŽŐŝĐĂůĞdžĂŵŝŶĂƚŝŽŶ͘

ŶƵŵďĞƌŽĨdLJƉŚŽŽŶ/WĐŚĂƌŐĞĂďůĞĂŶŽŵĂůŝĞƐƌĞƋƵŝƌĞŚŝŐŚĞƌƌĞƐŽůƵƚŝŽŶϯ/WĨŽůůŽǁͲƵƉƚŽƉƌŽǀŝĚĞ ƚĂƌŐĞƚƐ ĨŽƌĚĞĞƉĞƌĚƌŝůůŝŶŐ͘dLJƉŚŽŽŶϯ/WƐƵƌǀĞLJŝƐƐĐŚĞĚƵůĞĚ ƚŽĐĂƌƌLJŽƵƚ ƚŚŝƐǁŽƌŬŝŶ ƚŚĞ :ƵŶĞ ϮϬϭϰƋƵĂƌƚĞƌ͕ǁŝƚŚĨŽůůŽǁͲƵƉĚŝĂŵŽŶĚĚƌŝůůŝŶŐŽĨĚĞĨŝŶĞĚƚĂƌŐĞƚƐŝŶƚŚĞƐĞĐŽŶĚŚĂůĨŽĨϮϬϭϰ͘

tŝůůŝĂŵƐWƌŽƐƉĞĐƚƉůĂŶǀŝĞǁ;ƚŽƉͿĂŶĚĞĂƐƚͲǁĞƐƚƐĞĐƚŝŽŶůŽŽŬŝŶŐŶŽƌƚŚ;ďŽƚƚŽŵͿĂƚĚƌŝůůŚŽůĞ&,ϬϬϭ͘ ĂĐŬŐƌŽƵŶĚŝŵĂŐĞŝƐŵĂŐŶĞƚŝĐŝŶǀĞƌƐŝŽŶŵŽĚĞůƐŚŽǁŝŶŐ/WĐŚĂƌŐĞĂďŝůŝƚLJĐŽŶƚŽƵƌƐ;ŵsͬsͿ͘tŚŝƚĞ ůĂďĞůůĞĚŝŶƚĞƌĐĞƉƚƐŝŶƚŽƉĨŝŐƵƌĞĂƌĞĨƌŽŵƉƌĞǀŝŽƵƐĞdžƉůŽƌĞƌƐ͘D'ϵϰŽŶĞϱϱŐƌŝĚ͘^ƵƌĨĂĐĞŚĞŝŐŚƚƐĂƌĞ ŝŶŵĞƚƌĞƐ͘

dƌƵŶĚůĞ

;ůĂŶĐLJϭϬϬйͿ

dƌƵŶĚůĞĐŽŶƐŝƐƚƐŽĨŽŶĞĞdžƉůŽƌĂƚŝŽŶůŝĐĞŶĐĞ>ϴϮϮϮůŽĐĂƚĞĚϮϱŬŵǁĞƐƚŽĨ ƚŚĞEŽƌƚŚƉĂƌŬĞƐĐŽƉƉĞƌͲ ŐŽůĚŵŝŶĞ͘/ƚŚĂƐŵĂŶLJƐŝŵŝůĂƌŝƚŝĞƐƚŽEŽƌƚŚƉĂƌŬĞƐĂŶĚŝƐƐĞƉĂƌĂƚĞĚĨƌŽŵƚŚĞEŽƌƚŚƉĂƌŬĞƐĚŝƐƚƌŝĐƚďLJ ĂŶŽƌƚŚͲƐŽƵƚŚƚƌĞŶĚŝŶŐĞǀŽŶŝĂŶƌŝĨƚďĂƐŝŶ͘/ŶƚĞƌƉƌĞƚĂƚŝŽŶŽĨŐĞŽƉŚLJƐŝĐĂůĚĂƚĂƐƵŐŐĞƐƚƐƚŚĂƚdƌƵŶĚůĞ ŵĂLJŚĂǀĞŽƌŝŐŝŶĂůůLJďĞĞŶƉĂƌƚŽĨ ƚŚĞEŽƌƚŚƉĂƌŬĞƐĐŽŵƉůĞdž͕ǁŚŝĐŚǁĂƐ ƐƵďƐĞƋƵĞŶƚůLJĚŝƐŵĞŵďĞƌĞĚ ĚƵƌŝŶŐĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƌŝĨƚ͘ƵƌŝŶŐƚŚĞLJĞĂƌ͕ĨŽƌŵĞƌĞdžƉůŽƌĂƚŝŽŶůŝĐĞŶĐĞƐĂƚdƌƵŶĚůĞ͕>ϰϱϭϮĂŶĚ >ϳϭϴϳ͕ ǁĞƌĞ ĐŽŶƐŽůŝĚĂƚĞĚ ŝŶƚŽ Ă ůĂƌŐĞƌ ƐŝŶŐůĞ ĞdžƉůŽƌĂƚŝŽŶ ůŝĐĞŶĐĞ͕ >ϴϮϮϮ ǁŚŝĐŚ ǁĂƐ ŐƌĂŶƚĞĚ ŝŶ :ĂŶƵĂƌLJϮϬϭϰ͘tŽƌŬĐŽŵƉůĞƚĞĚƚŽĚĂƚĞďLJůĂŶĐLJŚĂƐŝŶĐůƵĚĞĚϯ/WƐƵƌǀĞLJƐ͕ĚŝĂŵŽŶĚĚƌŝůůŝŶŐĂŶĚZ ĚƌŝůůŝŶŐ͘^ĞǀĞƌĂůƉƌŽƐƉĞĐƚƐƌĞƋƵŝƌĞĨŽůůŽǁƵƉĂŶĚĨƵƌƚŚĞƌǁŽƌŬǁŝůůďĞƵŶĚĞƌƚĂŬĞŶŝŶϮϬϭϰ͘

KƌĂŶŐĞĂƐƚ

;ůĂŶĐLJϭϬϬйͿ

KƌĂŶŐĞĂƐƚ>ϲϭϴϭŝƐůŽĐĂƚĞĚĞĂƐƚŽĨƚŚĞĐŝƚLJŽĨKƌĂŶŐĞĂŶĚĐŽŶƚĂŝŶƐƐĞǀĞƌĂůƚĂƌŐĞƚƐƚLJůĞƐŝŶĐůƵĚŝŶŐ KƌĚŽǀŝĐŝĂŶƉŽƌƉŚLJƌLJĐŽƉƉĞƌͲŐŽůĚĂŶĚƉŽƐƚͲKƌĚŽǀŝĐŝĂŶĐŽƉƉĞƌͲŐŽůĚƚĂƌŐĞƚƐ͘EƵŵĞƌŽƵƐŽůĚǁŽƌŬŝŶŐƐ ŽĐĐƵƌŝŶ ƚŚĞĂƌĞĂĂŶĚŵĂŶLJĂƌĞ ĨŽĐƵƐĞĚĂůŽŶŐ ƌĞŐŝŽŶĂůͲƐĐĂůĞ ƐƚƌƵĐƚƵƌĞƐ͕ ƐƵĐŚĂƐ ƚŚĞ >ƵĐŬŶŽǁĂŶĚ 'ŽĚŽůƉŚŝŶĨĂƵůƚƐ͘^ĞůĞĐƚŝǀĞůĂďŽƌĂƚŽƌLJĂŶĂůLJƐŝƐŽĨĂƵŐĞƌƐŽŝůƐĂŵƉůĞƐƐŚŽǁƚŚĂƚƚŚĞ^ƉƌŝŶŐĨŝĞůĚŶͲƵͲ WďͲƐͲƵĂŶŽŵĂůLJĐŽŶƚŝŶƵĞƐƚŽƚŚĞŶŽƌƚŚ͘dŚĞŶŽƌƚŚĞƌŶƉŽƌƚŝŽŶŽĨƚŚĞĂŶŽŵĂůLJ͕ĂƐĚĞĨŝŶĞĚďLJхϱϬ ƉƉŵƐŝŶƐŽŝůŝƐϭϬϬϬŵůŽŶŐďLJϭϱϬŵǁŝĚĞĂŶĚƚŚĞƐŽƵƚŚĞƌŶƉŽƌƚŝŽŶŝƐϯϮϬŵůŽŶŐďLJϭϱϬŵǁŝĚĞ͘ dŚĞ&ĂǀĞůůŽŶĞŝƐĂůƐŽƉĞƌƐŝƐƚĞŶƚůLJĂŶŽŵĂůŽƵƐŝŶĐŽƉƉĞƌĨŽƌхϰŬŵĂůŽŶŐƐƚƌŝŬĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞ ŽĐĐƵƌƌĞŶĐĞŽĨĂƋƵĂƌƚnjͲƐƵůĨŝĚĞǀĞŝŶƐLJƐƚĞŵĂůŽŶŐƚŚŝƐůĞŶŐƚŚ͘EŽǁŽƌŬǁĂƐĐĂƌƌŝĞĚŽƵƚŽŶƚŚĞKƌĂŶŐĞ ĂƐƚƉƌŽũĞĐƚŝŶϮϬϭϰ͘

<ŝŽůĂ

;ůĂŶĐLJϭϬϬйͿ

<ŝŽůĂ>ϴϭϱϭŝƐůŽĐĂƚĞĚŝŶƚŚĞƐŽƵƚŚĞƌŶƉĂƌƚŽĨƚŚĞDŽůŽŶŐǀŽůĐĂŶŝĐďĞůƚ͕ĂŶĚǁĂƐŐƌĂŶƚĞĚŝŶƵŐƵƐƚ ϮϬϭϯ͘ <ŝŽůĂ ŚĂƐ ďĞĞŶ ĞdžƉůŽƌĞĚ ďĞĨŽƌĞ ďLJ DŝŶŽƚĂƵƌ ;ϮϬϬϴͲϮϬϬϵͿ͕ 'ŽůĚŵŝŶĐŽ͕ ;ϮϬϬϰͲϮϬϬϲͿ ĂŶĚ 'ĂƚĞǁĂLJ;ϮϬϬϭͲϮϬϬϯͿĂŶĚŚĂƐĂŐĞŽƉŚLJƐŝĐĂůĚĂƚĂďĂƐĞĐŽŵƉƌŝƐŝŶŐŵĂŐŶĞƚŝĐƐ͕ƉƌŽũĞĐƚͲǁŝĚĞsdD͕/W ƐƵƌǀĞLJƐĂŶĚŐƌŽƵŶĚDƐƵƌǀĞLJƐ͘'ĞŽƉŚLJƐŝĐĂůǁŽƌŬƐƵŐŐĞƐƚƐƚŚĂƚƚĂƌŐĞƚƐĂƚ<ŝŽůĂŵĂLJŶŽƚŚĂǀĞďĞĞŶ ĞĨĨĞĐƚŝǀĞůLJƚĞƐƚĞĚ͘

DŽƵŶƚdĞŶŶLJƐŽŶ>ϴϮϮϲ

;ůĂŶĐLJϭϬϬйͿ

DŽƵŶƚdĞŶŶLJƐŽŶ>ϴϮϮϲǁĂƐŐƌĂŶƚĞĚŝŶ :ĂŶƵĂƌLJϮϬϭϰ͘/ƚŝƐůŽĐĂƚĞĚĂďŽƵƚϯϬŬŵĞĂƐƚŽĨĂƚŚƵƌƐƚ͕ ǁŝƚŚŝŶƚŚĞ^ŝůƵƌŝĂŶʹĞǀŽŶŝĂŶƌŝĨƚƐĞƋƵĞŶĐĞƐĞĂƐƚŽĨƚŚĞDŽůŽŶŐsŽůĐĂŶŝĐĞůƚ͘dŚĞƉƌŽũĞĐƚŝƐůŽĐĂƚĞĚ ŝŶ ĂƌůLJ ĞǀŽŶŝĂŶ ƌŽĐŬƐ ŽŶ ƚŚĞ ŵĂƌŐŝŶ ŽĨ ƚŚĞ ĂƚŚƵƌƐƚ 'ƌĂŶŝƚĞ͕ ĂŶĚ ƌĞƉƌĞƐĞŶƚƐ Ă ŐĂƌŶĞƚͲƋƵĂƌƚnjͲ ĐĂůĐŝƚĞͲĚŝŽƉƐŝĚĞ ƐŬĂƌŶ ĂƐƐĞŵďůĂŐĞ͘ dŚĞƌĞ ŝƐ Ă ƐŵĂůů ŚŝƐƚŽƌŝĐĂů ŶŽŶͲ:KZ ĐŽŵƉůŝĂŶƚ ŵŽůLJďĚĞŶƵŵ ƌĞƐŽƵƌĐĞŝŶƚŚĞƉƌŽũĞĐƚ͘DŝŶĞƌĂůŝƐĂƚŝŽŶŝŶĐůƵĚĞƐŵŽůLJďĚĞŶŝƚĞĂŶĚƐĐŚĞĞůŝƚĞǁŝƚŚĂĐĐĞƐƐŽƌLJƉŽǁĞůůŝƚĞ͘

DŽƵŶƚWůĞĂƐĂŶƚ >ϴϮϯϳ ;ůĂŶĐLJϭϬϬйͿ

DŽƵŶƚWůĞĂƐĂŶƚ>ϴϮϯϳǁĂƐŐƌĂŶƚĞĚŝŶ&ĞďƌƵĂƌLJϮϬϭϰĂŶĚŝƐůŽĐĂƚĞĚϮϱŬŵƐŽƵƚŚŽĨDƵĚŐĞĞ͘/ƚŝƐĂ ƉŽƌƉŚLJƌLJ ƐƚLJůĞ DŽͲt ƚĂƌŐĞƚ ŝŶ ŐƌĂŶŝƚĞ͘ DŝŶĞƌĂůŝƐĂƚŝŽŶ ĐŽŶƐŝƐƚƐ ƉƌĞĚŽŵŝŶĂŶƚůLJ ŽĨ ƉLJƌŝƚĞ ǁŝƚŚ ƐƵďŽƌĚŝŶĂƚĞ ŵŽůLJďĚĞŶƵŵ͕ ƐĐŚĞĞůŝƚĞ͕ ĐŚĂůĐŽƉLJƌŝƚĞ ĂŶĚ ďŝƐŵƵƚŚŝŶŝƚĞ͘ dŚĞ ŵŝŶĞƌĂůŝƐĂƚŝŽŶ ŝƐ ŝŶ Ă ĨƌĂĐƚƵƌĞͲĐŽŶƚƌŽůůĞĚ ƐƚŽĐŬǁŽƌŬ ŽĨ ƋƵĂƌƚnj ǀĞŝŶƐ͘ dŚĞ ƉƌŽƐƉĞĐƚ ŚĂƐ ĂŶ ŚŝƐƚŽƌŝĐĂů ŶŽŶͲ:KZ ĐŽŵƉůŝĂŶƚ ƌĞƐŽƵƌĐĞďĂƐĞĚŽŶĚĂƚĂĐŽůůĞĐƚĞĚďĞƚǁĞĞŶϭϵϳϵĂŶĚϭϵϴϯ͘

&ŽƌŵĞƌ'ŽůĚ&ŝĞůĚƐ:sWƌŽũĞĐƚƐ

/Ŷ ƚŚĞDĂƌĐŚϮϬϭϯƋƵĂƌƚĞƌůĂŶĐLJ ƐŽůĚŝƚƐŵŝŶŽƌŝƚLJŝŶƚĞƌĞƐƚŝŶƐŝdžũŽŝŶƚǀĞŶƚƵƌĞƐ ƚŽŝƚƐ ĨŽƌŵĞƌũŽŝŶƚ ǀĞŶƚƵƌĞƉĂƌƚŶĞƌ'ŽůĚ&ŝĞůĚƐ>ƚĚ͘ůĂŶĐLJ ƌĞƚĂŝŶƐĂϮ͘ϱйEĞƚ^ŵĞůƚĞƌZŽLJĂůƚŝĞƐ ;E^ZͿŽŶ ƚŚĞƉƌŽũĞĐƚƐ ŚŽǁĞǀĞƌ'ŽůĚ&ŝĞůĚƐŚĂƐƚŚĞƌŝŐŚƚƚŽďƵLJďĂĐŬĞĂĐŚE^ZĨŽƌΨϮϬŵ͘

dĂƐŵĂŶŝĂŶWƌŽũĞĐƚƐ

ůĂŶĐLJŚĂƐƚǁŽũŽŝŶƚǀĞŶƚƵƌĞƉƌŽũĞĐƚƐǁŝƚŚĂƐƐDĞƚĂůƐ>ŝŵŝƚĞĚ;ĂƐƐͿĂŶĚŽŶĞũŽŝŶƚǀĞŶƚƵƌĞƉƌŽũĞĐƚ ǁŝƚŚdEdDŝŶĞƐWƚLJ>ƚĚ;dEdͿ͘ĂƐƐĂŶĚdEdŵĂŶĂŐĞƚŚĞƌĞƐƉĞĐƚŝǀĞũŽŝŶƚǀĞŶƚƵƌĞƐǁŚŝĐŚĂƌĞůŽĐĂƚĞĚ ŝŶƚŚĞDŽƵŶƚZĞĂĚsŽůĐĂŶŝĐĞůƚŝŶŶŽƌƚŚǁĞƐƚdĂƐŵĂŶŝĂ͘dŚŝƐĂƌĞĂŝƐŚŽƐƚƚŽĂǁŝĚĞǀĂƌŝĞƚLJŽĨŵŝŶĞƌĂů ĚĞƉŽƐŝƚƐ ƐƚLJůĞƐ͕ ŝŶĐůƵĚŝŶŐ ZĞŶŝƐŽŶ Ğůů ;ƚŝŶ ĂŶĚ ƐŝůǀĞƌͿ͕ Dƚ >LJĞůů ;ĐŽƉƉĞƌ ĂŶĚ ŐŽůĚͿ ĂŶĚ ƚŚĞ s,D^ ĚĞƉŽƐŝƚƐZŽƐĞďĞƌLJ͕,ĞůůLJĞƌ͕YƵĞZŝǀĞƌĂŶĚ,ĞƌĐƵůĞƐ;njŝŶĐ͕ƐŝůǀĞƌ͕ůĞĂĚ͕ĐŽƉƉĞƌĂŶĚŐŽůĚͿ͘DŽƌĞƌĞĐĞŶƚ discoveries include intrusive-related skarn-style nickel deposits (Avebury) and skarn-style tintungsten-iron deposits (Mt Lindsay).

Bass Metals JV's

(Bass 75%, Clancy 25%)

Clancy has two joint ventures with Bass: Lake Margaret EL28/2009 located 5km north of the Mt Lyell copper mine and 10km south of the Henty gold mine; and Sock Creek EL20/2010 located 7.5km southwest of the Hellyer mine. Both tenements cover prospective stratigraphy for base metal and gold deposits within the Mount Read Volcanic Belt.

No fieldwork was completed on the Bass Metals JV's in 2013.

TNT Mines IV's

(TNT 75%, Clancy 25%)

Clancy has one joint venture with TNT at Oonah EL63/2004 which is located immediately north of the historic Zeehan lead-zinc-tin field. TNT has identified a magnetic target that is prospective for Renison-style tin mineralisation.

No fieldwork was completed on the TNT JV's in 2013.

The information in this annual report that relate to Initial Exploration Results is based on information compiled by Mr Gordon Barnes who is a Member of the Australian Institute of Geoscientists. Mr Barnes is a full-time employee of Clancy Exploration Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the "Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves". Mr Gordon Barnes consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

DIRECTORS' REPORT

The Board of Directors has pleasure in presenting its report on the consolidated entity consisting of Clancy Exploration Limited and the entity it controlled at the end of, or during, the year ended 31 December 2013.

$1.$ Directors

(i) Names, Qualifications and Experience

The names and details of the Company's directors in office at any time during the financial year and until the date of this report are as follows. Directors were in office for the entire period unless otherwise stated.

Dr Michael Etheridge, FTSE, FAICD, FAIG, FGSA

(Non-Executive Chairman) 67 Years

Dr Etheridge is a geologist who has had a varied career in universities, a government research organisation and in industry. He is currently non-executive chairman of ABM Resources Ltd (ASX: ABU) (appointed November 2009) and a non-executive director of DET CRC Ltd, a collaborative research organisation involving the mining industry, universities and government research bodies. Until November 2013, he was deputy chairman of Zeus Resources Ltd (ASX: ZEU), He was previously a director of Ballarat Gold Fields NL prior to its takeover by Lihir Gold Ltd in March 2007 and of Lihir Gold Ltd (from March 2007 to September 2010), prior to its merger with Newcrest Ltd. He was also a director of Consolidated Minerals Ltd prior to its takeover by Palmary Plc (AIM) and Ariana Resources Plc (AIM). In 1989, Dr Etheridge switched from public sector research to industry and co-founded the geoscience consultancy business Etheridge Henley Williams (EHW). EHW grew to over 30 staff on three continents before it merged with the SRK Consulting group to become SRK's Australasian business in 1997. In 2004 Dr Etheridge left SRK Australasia, where he was chairman, to pursue a career as a professional company director in the resources and related R&D sectors.

Dr Etheridge was appointed as a director of the Company on 11 March 2011 and became Chairman on 25 July 2011. His relationship with the Company stretches back to 2004 when he was founding non-executive chairman of Geoinformatics Exploration Inc (TSX-V), from which Clancy Exploration Ltd was spun out in 2007. He is currently a member of the audit and the remuneration committees.

Dr Etheridge is a Fellow of the Australian Academy of Technological Sciences and Engineering, the Australian Institute of Company Directors, the Society of Economic Geologists and the Australian Institute of Geoscientists.

Gordon Barnes, BSc, MSc, MAIG, MSEG, GAICD

(Managing Director) 49 years

Mr Barnes is an exploration geologist with a background in exploration project management and technical consulting services. He has 26 years of practical experience, ranging from active field based projects through to multi-commodity project generation initiatives in Australia, Asia, North and South America. He worked as an Exploration Geologist with Freeport-McMoRan Copper & Gold Inc at the Karonie gold project in the Eastern Gold Fields. Following Freeport's merger with the Normandy-Poseidon Group in 1989, Mr Barnes became a Project then Senior Geologist with Normandy Exploration, working on projects in the Murchison (Au), Southern Cross (Au, Ni), Eastern Gold Fields (Au), Pilbara (Au, Cu) and Kimberley (Ni, Co, Zn) regions of Western Australia.

Mr Barnes started consulting to the industry in 1996 and co-founded the Insight Geoscience Group the following year. Insight Geoscience participated in several client-sponsored project generative initiatives in Asia (Au, Cu), Australia (Zn, Cu, Pb) and North America (Zn). He has also worked on a variety of advanced database projects for multi-national clients.

Mr Barnes joined Clancy's original parent company, Geoinformatics Exploration Inc., in April 2004 to manage the Australian exploration projects and transferred to Clancy in 2007 with overall responsibility for the management of Clancy's exploration projects.

Mr Barnes graduated from Royal Melbourne Institute of Technology with a Bachelor of Science in Applied Geology in 1987 and completed a MSc in Ore Deposit Geology at the University of Western Australia in 1996. He is a Member of the Australian Institute of Geoscientists, the Society of Economic Geologists and a Graduate of the Australian Institute of Company Directors.

Mr Barnes was appointed as Managing Director on 1 January 2011. He has not held a directorship in any other listed entity in the past three years.

DIRECTORS' REPORT

$1.$ Directors (continued)

Dr James Macdonald, BA (Hon), MSc, PhD, PGeo, FSEG, MAICD (Non-Executive, (Technical)) 59 Years

Dr Macdonald is a geoscientist. During the past four years he has operated a New Zealand-based consultancy business which for the previous five years was Brisbane-based, providing professional geoscientific services to exploration and mining companies, mainly in Australia, Asia and Southern Africa. Dr Macdonald has over 37 years' experience in the global exploration and mining industries. He was Chief Geologist for AGIP Resources focused on exploration in Canada and Europe in the late 1980's. Dr Macdonald managed Andean gold exploration for Homestake Mining Company from 1994 to 1998. In 1998, Dr Macdonald joined Billiton International Metals as Chief Geoscientist, based in the Netherlands. Following the merger with BHP in 2001, he relocated to Brisbane, Australia, in a similar capacity as Global Geoscience Leader. In 2008, Dr Macdonald became a non-executive director of International Base Metals Ltd. (unlisted) based in Sydney - a position he held until October 2013. He was a director of Mantle Diamonds Limited based in London from June 2006 to November 2009. In 2009, he became a non-executive Chairman of Craton Mining and Exploration Ltd, based in Windhoek, Namibia, until October 2013. He has not held a directorship in any other listed entity in the past three years. He is currently Chairman of the audit committee and Chairman of the remuneration committee. He was the chairman of the Company until 25 July 2011.

Dr Macdonald completed a Bachelor of Arts with Honours at Oxford University, majoring in Geology and Mineralogy. He subsequently completed an MSc and a PhD in Economic Geology at the University of Toronto. He is a Member of the Association of Professional Engineers and Geoscientists of British Columbia, a Fellow of the Society of Economic Geologists and a Member of the Australian Institute of Company Directors.

Natalie Forsyth-Stock, B.Bus, M.Bus, GAICD Executive Director, 47 Years

Ms Forsyth-Stock is an investment professional with over 20 years' experience in investment banking and private equity investment. She was previously a Director of Allco Equity Partners Management Limited and Gresham Rabo Management Limited (both private equity managers), and the corporate advisory division of Gresham Partners Limited, where she specialized in mergers and acquisitions, fund raisings and valuations.

Ms Forsyth-Stock has a Bachelor of Business (Accounting) and a Master of Business (Banking and Finance) from the University of Technology, Sydney, a Graduate Diploma in Applied Finance and Investment and is a Graduate of the Australian Institute of Company Directors.

Ms. Forsyth-Stock was appointed to the board on 3 September 2012 and is the Company's Chief Financial Officer. She is also a member of the Audit Committee.

From August 2010 until July 2013, Ms Forsyth-Stock was a director of Bounty Mining Limited (ASX: BNT).

The Company's Audit Committee consists of three members, two of which are non-executive directors and independent and one executive director (who is not independent).

ϭ͘ ŝƌĞĐƚŽƌƐ;ĐŽŶƚŝŶƵĞĚͿ

;ŝŝͿ/ŶƚĞƌĞƐƚƐŝŶƚŚĞ^ŚĂƌĞƐĂŶĚKƉƚŝŽŶƐŽĨƚŚĞŽŵƉĂŶLJ

EŽ͘ŽĨ^ŚĂƌĞƐ						EŽ͘ŽĨhŶůŝƐƚĞĚKƉƚŝŽŶƐ
	,ĞůĚĂƚĞŐŝŶŶŝŶŐŽĨzĞĂƌ	ĐƋƵŝƌĞĚƵƌŝŶŐzĞĂƌ	'ƌĂŶƚĞĚĂƐZĞŵƵŶĞƌĂƚŝŽŶ	,ĞůĚĂƚŶĚŽĨzĞĂƌϭ	,ĞůĚĂƚĞŐŝŶŶŝŶŐŽĨzĞĂƌ	'ƌĂŶƚĞĚƵƌŝŶŐzĞĂƌ;džƉŝƌŝŶŐϯϭĞĐĞŵďĞƌϮϬϭϯͿ	'ƌĂŶƚĞĚƵƌŝŶŐzĞĂƌ;džƉŝƌŝŶŐϯϬ^ĞƉƚĞŵďĞƌϮϬϭϯͿ	>ĂƉƐĞĚƵƌŝŶŐzĞĂƌ	,ĞůĚĂƚŶĚŽĨzĞĂƌϭ
'ĂƌŶĞƐ	Ϯ͕ϰϱϳ͕ϱϰϳ	Ͳ	Ͳ	Ϯ͕ϰϱϳ͕ϱϰϳ	ϭ͕ϬϬϬ͕ϬϬϬ	Ͳ	Ͳ	ϭ͕ϬϬϬ͕ϬϬϬ	Ͳ
DƚŚĞƌŝĚŐĞ	Ϯ͕ϱϭϭ͕ϴϳϳ	ϳϬϮ͕ϵϴϲ	Ͳ	ϯ͕Ϯϭϰ͕ϴϲϯ	Ͳ	Ͳ	Ͳ		ͲͲ
:DĂĐĚŽŶĂůĚ	ϭ͕Ϭϵϵ͕ϭϵϵ	ϮϬϴ͕ϯϯϰ	Ͳ	ϭ͕ϯϬϳ͕ϱϯϯ	ϰϬϬ͕ϬϬϬ	Ͳ	Ͳ	ϰϬϬ͕ϬϬϬ	Ͳ
E&ŽƌƐLJƚŚͲ^ƚŽĐŬ	ϯϰϳ͕ϬϬϵ	Ͳ	Ϯϲϰ͕ϯϰϯ	ϲϭϭ͕ϯϱϮ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ
	ϲ͕ϰϭϱ͕ϲϯϮ	ϵϭϭ͕ϯϮϬ	Ϯϲϰ͕ϯϰϯ	ϳ͕ϱϵϭ͕Ϯϵϱ	ϭ͕ϰϬϬ͕ϬϬϬ	Ͳ	Ͳ	ϭ͕ϰϬϬ͕ϬϬϬ	Ͳ

	EŽ͘ŽĨ>ŝƐƚĞĚKƉƚŝŽŶƐ
	,ĞůĚĂƚĞŐŝŶŶŝŶŐŽĨzĞĂƌ	ĐƋƵŝƌĞĚƵƌŝŶŐzĞĂƌ	>ĂƉƐĞĚƵƌŝŶŐLJĞĂƌ	,ĞůĚĂƚŶĚŽĨzĞĂƌϭ
'ĂƌŶĞƐ	ϯϰϱ͕ϳϳϭ	Ͳ	ϯϰϱ͕ϳϳϭ	Ͳ
DƚŚĞƌŝĚŐĞ	Ϯϱϵ͕ϰϮϰ	Ͳ	Ϯϱϵ͕ϰϮϰ	Ͳ
:DĂĐĚŽŶĂůĚ	ϭϰϮ͕ϲϮϴ	Ͳ	ϭϰϮ͕ϲϮϴ	Ͳ
D>ĞƐƚĞƌ	ϭϬϬ͕ϵϲϰ	Ͳ	ϭϬϬ͕ϵϲϰ	Ͳ
	ϴϰϴ͕ϳϴϳ	Ͳ	ϴϰϴ͕ϳϴϳ	Ͳ

ϭ dŚĞŝƌĞĐƚŽƌƐ͛ŝŶƚĞƌĞƐƚƐŝŶƚŚĞƐŚĂƌĞƐĂŶĚŽƉƚŝŽŶƐŽĨƚŚĞŽŵƉĂŶLJĂƚƌĞƉŽƌƚŝŶŐĚĂƚĞĂŶĚĂƚƚŚĞŽŵƉĂŶLJ͛ƐϯϭĞĐĞŵďĞƌ ϮϬϭϯĨŝŶĂŶĐŝĂůLJĞĂƌĞŶĚǁĞƌĞŝĚĞŶƚŝĐĂů͘

Ϯ͘ ŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ

ZŽǁĂŶĂƌĞŶ͕͘Žŵ͕

;ŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJͿϰϳzĞĂƌƐ

Dƌ ĂƌĞŶ ŝƐ Ă ŚĂƌƚĞƌĞĚ ĐĐŽƵŶƚĂŶƚ ǁŝƚŚ ŽǀĞƌ Ϯϱ LJĞĂƌƐ ĐŽŵŵĞƌĐŝĂů ĞdžƉĞƌŝĞŶĐĞ͘ ,Ğ ŚĂƐ ďĞĞŶ ĚŝƌĞĐƚůLJ ŝŶǀŽůǀĞĚ ŝŶ ƚŚĞ ŵŝŶĞƌĂůƐ ĞdžƉůŽƌĂƚŝŽŶ ŝŶĚƵƐƚƌLJ ĨŽƌ ŽǀĞƌ ϭϱ LJĞĂƌƐ͘ /Ŷ ϮϬϬϰ ŚĞ ĐƌĞĂƚĞĚ Ă ƐƉĞĐŝĂůŝƐƚ ĐŽŵƉĂŶLJ ƐĞĐƌĞƚĂƌŝĂů ĂŶĚ ĂĚǀŝƐŽƌLJ ĐŽŶƐƵůƚĂŶĐLJ͕ĂďŝŶĞƚƚŽƌƉŽƌĂƚĞ͘,ĞŚĂƐƉƌŽǀŝĚĞĚĨŝŶĂŶĐŝĂůĂŶĚĐŽƌƉŽƌĂƚĞƐĞƌǀŝĐĞƐƚŽƐĞǀĞƌĂůůŝƐƚĞĚĂŶĚƵŶůŝƐƚĞĚĐŽŵƉĂŶŝĞƐ ŝŶǀŽůǀĞĚŝŶƚŚĞƌĞƐŽƵƌĐĞƐƐĞĐƚŽƌ͘,ĞƋƵĂůŝĨŝĞĚǁŝƚŚWƌŝĐĞǁĂƚĞƌŚŽƵƐĞŽŽƉĞƌƐĂŶĚǁŽƌŬĞĚĨŽƌƚŚĞŵŝŶƵƐƚƌĂůŝĂĂŶĚŽǀĞƌƐĞĂƐ ĨŽƌƐŝdžLJĞĂƌƐ͘

DƌĂƌĞŶŐƌĂĚƵĂƚĞĚǁŝƚŚĂĂĐŚĞůŽƌŽĨŽŵŵĞƌĐĞ;ĐĐŽƵŶƚŝŶŐͿĨƌŽŵƚŚĞhŶŝǀĞƌƐŝƚLJŽĨtĞƐƚĞƌŶƵƐƚƌĂůŝĂĂŶĚŝƐĂŵĞŵďĞƌ ŽĨƚŚĞ/ŶƐƚŝƚƵƚĞŽĨŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐŝŶƵƐƚƌĂůŝĂ͘DƌĂƌĞŶŝƐĂŵĞŵďĞƌŽĨƚŚĞZĞŵƵŶĞƌĂƚŝŽŶŽŵŵŝƚƚĞĞ͘

ϯ͘ WƌŝŶĐŝƉĂůĐƚŝǀŝƚŝĞƐ

dŚĞ ƉƌŝŶĐŝƉĂů ĂĐƚŝǀŝƚŝĞƐ ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌ ŽĨ ƚŚĞ ĞŶƚŝƚŝĞƐ ǁŝƚŚŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĞŶƚŝƚLJ ǁĞƌĞ ŵŝŶĞƌĂů ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ͘

ϰ͘ ZĞǀŝĞǁŽĨĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞ

dŚĞ ŶĞƚ ĐŽŶƐŽůŝĚĂƚĞĚ ůŽƐƐ ĨƌŽŵ ĐŽŶƚŝŶƵŝŶŐ ŽƉĞƌĂƚŝŽŶƐ ĨŽƌ ƚŚĞ LJĞĂƌ͕ ĂĨƚĞƌ ŝŶĐŽŵĞ ƚĂdž͕ ĂŵŽƵŶƚĞĚ ƚŽ Ψϲϳϳ͕ϳϬϮ ;ϮϬϭϮ͗ Ψϭ͕ϵϯϭ͕ϯϳϭͿ͘

dŚĞƌĞĚƵĐƚŝŽŶŝŶůŽƐƐǁĂƐƉƌŝŵĂƌŝůLJĂƚƚƌŝďƵƚĂďůĞƚŽ ƚŚĞƐĂůĞŽĨŵŝŶŽƌŝƚLJŝŶƚĞƌĞƐƚƐŝŶĂŶƵŵďĞƌŽĨƚĞŶĞŵĞŶƚƐƚŽ'ŽůĚ&ŝĞůĚƐ ƵƐƚƌĂůŝĂWƚLJ>ƚĚĨŽƌƚŽƚĂůƉƌŽĐĞĞĚƐŽĨΨϭ͘ϱŵŝůůŝŽŶ͕ŝŶĐůƵĚŝŶŐĐĂƐŚŽĨΨϭ͘ϬŵŝůůŝŽŶĂŶĚĂƐŚĂƌĞƉůĂĐĞŵĞŶƚŽĨΨϬ͘ϱŵŝůůŝŽŶ͘/Ŷ ĂĚĚŝƚŝŽŶ͕ĞdžƉĞŶĚŝƚƵƌĞĂŵŽƵŶƚŝŶŐ ƚŽ ΨϮ͕ϯϯϮ͕ϲϴϱǁĂƐ ĨƵŶĚĞĚďLJũŽŝŶƚǀĞŶƚƵƌĞƉĂƌƚŶĞƌƐ ;ϮϬϭϮ͗ΨϮϯϲ͕ϯϮϴͿ͘ƵƌŝŶŐ ƚŚĞLJĞĂƌ͕ ƚŽƚĂů ĞdžƉĞŶƐĞƐ ĂŵŽƵŶƚĞĚ ƚŽ Ψϭ͕ϵϴϮ͕ϳϴϬ ;ϮϬϭϮ͗ ΨϮ͕ϵϬϴ͕ϰϯϵͿ ŽĨ ǁŚŝĐŚ ΨŶŝů ;ϮϬϭϮ͗ Ψϭϯϲ͕ϰϬϰͿ ƌĞůĂƚĞĚ ƚŽ ĞƋƵŝƚLJ ƐĞƚƚůĞĚ ĞdžƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞŽƌƐŚĂƌĞďĂƐĞĚĞŵƉůŽLJĞĞďĞŶĞĨŝƚƐ͘

hŶƌĞƐƚƌŝĐƚĞĚĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĂŵŽƵŶƚĞĚƚŽΨϭ͕ϴϱϬ͕ϳϲϵĂƐĂƚϯϭĞĐĞŵďĞƌϮϬϭϯ;ϯϭĞĐĞŵďĞƌϮϬϭϮ͗Ψϭ͕ϴϯϵ͕ϵϴϲͿ͘ hŶĚĞƌƚŚĞƚĞƌŵƐŽĨĂũŽŝŶƚǀĞŶƚƵƌĞ͕ƚŚĞŽŵƉĂŶLJŚĂƐĂŶŽďůŝŐĂƚŝŽŶƚŽƐƉĞŶĚΨϭϯϰ͕ϰϭϵ;ϮϬϭϮ͗Ψϴϵϴ͕ϵϭϯͿŽĨƚŚŝƐĐĂƐŚŽŶĂ ƐƉĞĐŝĨŝĐ ũŽŝŶƚ ǀĞŶƚƵƌĞ Žƌ ŝŶ ƚŚĞ ĞǀĞŶƚ ƚŚĞ ũŽŝŶƚ ǀĞŶƚƵƌĞ ƉĂƌƚŶĞƌ ĚŽĞƐ ŶŽƚ ĞůĞĐƚ ƚŽ ĐŽŶƚƌŝďƵƚĞ ďĞLJŽŶĚ ŝƚƐ ŵŝŶŝŵƵŵ ĐŽŶƚƌŝďƵƚŝŽŶƚŚŝƐĂŵŽƵŶƚǁŝůůďĞƌĞĨƵŶĚĞĚ͘

ϱ͘ ŝǀŝĚĞŶĚƐ

EŽĚŝǀŝĚĞŶĚŚĂƐďĞĞŶĚĞĐůĂƌĞĚŽƌƉĂŝĚďLJƚŚĞŽŵƉĂŶLJƐŝŶĐĞƚŚĞĞŶĚŽĨƚŚĞƉƌĞǀŝŽƵƐĨŝŶĂŶĐŝĂůLJĞĂƌĂŶĚƚŚĞĚŝƌĞĐƚŽƌƐĚŽ ŶŽƚĂƚƉƌĞƐĞŶƚƌĞĐŽŵŵĞŶĚĂĚŝǀŝĚĞŶĚ͘

ϲ͘ ZĞǀŝĞǁŽĨKƉĞƌĂƚŝŽŶƐ

ƵƌŝŶŐ ƚŚĞ LJĞĂƌ͕ ƚŚĞ ŽŵƉĂŶLJ ĐŽŶƚŝŶƵĞĚ ƚŽ ĞdžƉůŽƌĞ ŝƚƐ ŐŽůĚ͕ ĐŽƉƉĞƌ ĂŶĚ ďĂƐĞ ŵĞƚĂůƐ ƉƌŽũĞĐƚƐ ŝŶ EĞǁ ^ŽƵƚŚ tĂůĞƐ͕ dĂƐŵĂŶŝĂĂŶĚtĞƐƚĞƌŶƵƐƚƌĂůŝĂ͕ĚŝƌĞĐƚůLJĂŶĚƚŚƌŽƵŐŚũŽŝŶƚǀĞŶƚƵƌĞƉĂƌƚŶĞƌƐ͘

KŶϮϬDĂLJϮϬϭϯ͕ƚŚĞŽŵƉĂŶLJĞŶƚĞƌĞĚŝŶƚŽĂŶĞǁũŽŝŶƚǀĞŶƚƵƌĞǁŝƚŚƚŚĞƐŝŐŶŝŶŐŽĨĂ&Ăƌŵ/ŶĂŶĚ:ŽŝŶƚsĞŶƚƵƌĞŐƌĞĞŵĞŶƚ ǁŝƚŚ,ŝŐŚWŽǁĞƌdžƉůŽƌĂƚŝŽŶ/ŶĐ;,WyͿŽŶƚŚĞ&ĂŝƌŚŽůŵĞĐŽƉƉĞƌŐŽůĚƉƌŽũĞĐƚŝŶEĞǁ^ŽƵƚŚtĂůĞƐ͘hŶĚĞƌƚŚĞƚĞƌŵƐŽĨƚŚĞ ŐƌĞĞŵĞŶƚ,WyŚĂƐƚŚĞƌŝŐŚƚƚŽĞĂƌŶĂŶŝŶŝƚŝĂůϰϵйŽĨƚŚĞ&ĂŝƌŚŽůŵĞƉƌŽũĞĐƚďLJĨƵŶĚŝŶŐΨϭŵŝůůŝŽŶŝŶĞdžƉůŽƌĂƚŝŽŶŽǀĞƌŽŶĞ LJĞĂƌ ǁŝƚŚ Ă ŵŝŶŝŵƵŵ ƐƉĞŶĚŝŶŐ ĐŽŵŵŝƚŵĞŶƚ ŽĨ ΨϱϬϬ͕ϬϬϬ͘ ,Wy ƚŚĞŶ ǁŝůů ŚĂǀĞ ƚŚĞ ƌŝŐŚƚ ƚŽ ĨƵŶĚ Ă ĨƵƌƚŚĞƌ Ψϰ ŵŝůůŝŽŶ ŝŶ ĞdžƉůŽƌĂƚŝŽŶŽǀĞƌƚŚĞƐƵďƐĞƋƵĞŶƚƚǁŽLJĞĂƌƐǁŝƚŚƚŚĞĂŝŵŽĨĚĞůŝŶĞĂƚŝŶŐĂƐĐŽƉŝŶŐƐƚƵĚLJƚŽƚĂŬĞ,Wy͛ƐƐƚĂŬĞƚŽϲϱй͘ ,Wy ĐĂŶŝŶĐƌĞĂƐĞŝƚƐƐƚĂŬĞ ƚŽϴϬйŝŶƉŚĂƐĞƐŽƌϴϱйďLJ ĨƵŶĚŝŶŐĂWƌĞĨĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ ;ĚĞƉĞŶĚŝŶŐŽŶƚŚĞĐŽƐƚŽĨƚŚĞƐƚƵĚLJͿ͘/Ŷ ĞĐĞŵďĞƌϮϬϭϯ͕,WyƚƌĂŶƐĨĞƌƌĞĚŝƚƐŝŶƚĞƌĞƐƚŝŶƚŚĞũŽŝŶƚǀĞŶƚƵƌĞƚŽ<ĂŝnjĞŶŝƐĐŽǀĞƌLJ/ŶĐ͘

ϳ͘ >ŝŬĞůLJĞǀĞůŽƉŵĞŶƚƐĂŶĚdžƉĞĐƚĞĚZĞƐƵůƚƐ

KƚŚĞƌƚŚĂŶĂƐƌĞĨĞƌƌĞĚƚŽŝŶƚŚŝƐƌĞƉŽƌƚ͕ ĨƵƌƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶĂƐƚŽůŝŬĞůLJĚĞǀĞůŽƉŵĞŶƚƐŝŶƚŚĞŽƉĞƌĂƚŝŽŶƐŽĨƚŚĞŽŵƉĂŶLJ ĂŶĚůŝŬĞůLJƌĞƐƵůƚƐŽĨƚŚŽƐĞŽƉĞƌĂƚŝŽŶƐŝŶĨƵƚƵƌĞĨŝŶĂŶĐŝĂůLJĞĂƌƐǁŽƵůĚ͕ŝŶƚŚĞŽƉŝŶŝŽŶŽĨƚŚĞĚŝƌĞĐƚŽƌƐ͕ďĞƐƉĞĐƵůĂƚŝǀĞ͘

ϴ͘ ^ŝŐŶŝĨŝĐĂŶƚŚĂŶŐĞƐŝŶƚŚĞ^ƚĂƚĞŽĨĨĨĂŝƌƐ

ƵƌŝŶŐ ƚŚĞLJĞĂƌ͕ ƚŚĞŽŵƉĂŶLJĞŶƚĞƌĞĚŝŶƚŽĂ :ŽŝŶƚsĞŶƚƵƌĞdĞƌŵŝŶĂƚŝŽŶ͕^ƵďƐĐƌŝƉƚŝŽŶĂŶĚZŽLJĂůƚLJĂŐƌĞĞŵĞŶƚǁŝƚŚ'ŽůĚ &ŝĞůĚƐƵƐƚƌĂůŝĂWƚLJ>ƚĚ͕ƵŶĚĞƌǁŚŝĐŚƚŚĞŽŵƉĂŶLJƐŽůĚŝƚƐũŽŝŶƚǀĞŶƚƵƌĞŝŶƚĞƌĞƐƚƐŝŶƐŝdžĐŽƉƉĞƌͲŐŽůĚƉƌŽũĞĐƚƐŝŶE^t͘ůĂŶĐLJ ƌĞĐĞŝǀĞĚĂ ƚŽƚĂůŽĨΨϭ͘ϬŵŝůůŝŽŶĨƌŽŵ ƚŚĞƐĂůĞĐŽŶƐŝĚĞƌĂƚŝŽŶĂŶĚ ΨϬ͘ϱŵŝůůŝŽŶ ĨŽƌ ƚŚĞĂƐƐŽĐŝĂƚĞĚ ƉůĂĐĞŵĞŶƚŽĨƐŚĂƌĞƐ ƚŽĂ ƌĞůĂƚĞĚďŽĚLJĐŽƌƉŽƌĂƚĞŽĨ'ŽůĚ&ŝĞůĚƐ͘

dŚĞƐĂůĞĐŽŶƐŝĚĞƌĂƚŝŽŶǁĂƐΨϭŵŝůůŝŽŶŝŶĐĂƐŚǁŚŝĐŚǁĂƐƉĂŝĚŝŵŵĞĚŝĂƚĞůLJƵƉŽŶƐĞƚƚůĞŵĞŶƚ͘dŚĞĞƋƵŝƚLJĐŽŵƉŽŶĞŶƚŽĨΨϬ͘ϱ ŵŝůůŝŽŶǁĂƐƌĞĐĞŝǀĞĚŝŵŵĞĚŝĂƚĞůLJƵƉŽŶƐĞƚƚůĞŵĞŶƚŽĨƚŚĞƉůĂĐĞŵĞŶƚŽĨƐŚĂƌĞƐĂƚϯ͘ϱĐĞĂĐŚ͘ůĂŶĐLJƌĞƚĂŝŶƐƌŝŐŚƚƐƚŽŝƚƐϮ͘ϱй EĞƚ^ŵĞůƚĞƌZĞƚƵƌŶ;E^ZͿƌŽLJĂůƚŝĞƐŽŶƚŚĞƐŝdžƉƌŽũĞĐƚƐ;ŝŶĂĚĚŝƚŝŽŶ ƚŽtĞůůŝŶŐƚŽŶEŽƌƚŚͿ͕ƐƵďũĞĐƚƚŽ'ŽůĚ&ŝĞůĚƐŚĂǀŝŶŐƚŚĞ ƌŝŐŚƚĂƚĂŶLJƚŝŵĞƚŽƉƵƌĐŚĂƐĞƚŚĞE^Z͛ƐĨŽƌΨϮϬŵŝůůŝŽŶĞĂĐŚ͘ŽƚŚƉĂƌƚŝĞƐ͛ƉƌĞͲĞŵƉƚŝǀĞƌŝŐŚƚƐĂŶĚƚŚĞ'ŽůĚ&ŝĞůĚƐďĂĐŬͲŝŶ ƌŝŐŚƚŽŶƚŚĞ'ŽďŽŶĚĞƌLJƉƌŽũĞĐƚǁĞƌĞƚĞƌŵŝŶĂƚĞĚĂƐƉĂƌƚŽĨƚŚĞĂŐƌĞĞŵĞŶƚ͘

KŶϮϵEŽǀĞŵďĞƌϮϬϭϯ͕ƚŚĞŽŵƉĂŶLJĂŶŶŽƵŶĐĞĚƚŚĂƚŝƚŚĂĚĞŶƚĞƌĞĚŝŶƚŽĂŶĂŐƌĞĞŵĞŶƚǁŝƚŚDZĞƐŽƵƌĐĞƐE>;^y͗hͿ ǁŚĞƌĞďLJ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ƚŚĞ ŽƉƚŝŽŶ ƚŽ ĂĐƋƵŝƌĞ ϭϬϬй ŽĨ D͛Ɛ ŝŶƚĞƌĞƐƚƐ ŝŶ ƚŚĞ EŽƌƚŚ ƌƵŶƚĂ WƌŽũĞĐƚ ZĞŐŝŽŶ ŝŶ ƚŚĞ EŽƌƚŚĞƌŶ dĞƌƌŝƚŽƌLJ͘ ůĂŶĐLJ ƉĂŝĚ ĂŶ ŽƉƚŝŽŶ ĨĞĞ ŽĨ ΨϮϱϬ͕ϬϬϬ ĨŽƌ ƚŚĞ ĞdžĐůƵƐŝǀĞ ŽƉƚŝŽŶ ƚŽ ĐŽŵƉůĞƚĞ ĚƵĞ ĚŝůŝŐĞŶĐĞ ŽŶ ƚŚĞ ƉƌŽũĞĐƚƐĂŶĚƐƵďũĞĐƚ ƚŽǀĂƌŝŽƵƐĐŽŶĚŝƚŝŽŶƐŝŶĐůƵĚŝŶŐƐĂƚŝƐĨĂĐƚŽƌLJĚƵĞĚŝůŝŐĞŶĐĞďLJďŽƚŚƉĂƌƚŝĞƐĂŶĚǀĂƌŝŽƵƐĂƉƉƌŽǀĂůƐ͕ ƚŚĞ ƌŝŐŚƚƚŽĂĐƋƵŝƌĞƚŚĞƉƌŽũĞĐƚƐ͘ƐĐŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌƚŚŝƐĂĐƋƵŝƐŝƚŝŽŶ͕ůĂŶĐLJǁŝůů͗

x ŝƐƐƵĞƚŽD͕ϭϮϱŵŝůůŝŽŶĨƵůůLJƉĂŝĚƐŚĂƌĞƐŝŶƚŚĞĐĂƉŝƚĂůŽĨůĂŶĐLJ
x ŝƐƐƵĞƚŽD͕ϭϳϱŵŝůůŝŽŶƵŶůŝƐƚĞĚŽƉƚŝŽŶƐƚŽĂĐƋƵŝƌĞĂŶĞƋƵŝǀĂůĞŶƚŶƵŵďĞƌŽĨĨƵůůLJƉĂŝĚƐŚĂƌĞƐŝŶƚŚĞĐĂƉŝƚĂůŽĨ ůĂŶĐLJ͕ĞdžĞƌĐŝƐĂďůĞŝŶǁŚŽůĞŽƌŝŶƚŚƌĞĞƚƌĂŶĐŚĞƐŽĨϱϴ͘ϯϯϯŵŽƉƚŝŽŶƐǁŝƚŚŝŶƚŚƌĞĞLJĞĂƌƐŽĨŝƐƐƵĞ͖
x ƚƌĂŶƐĨĞƌ ŝƚƐ ĞŶƚŝƌĞ ƐŚĂƌĞŚŽůĚŝŶŐ ŝŶ 'ĞŶĞƐŝƐ ZĞƐŽƵƌĐĞƐ >ŝŵŝƚĞĚ ;^y͗ '^Ϳ ďĞŝŶŐ ϴ͕ϭϱϳ͕ϬϬϬ ĨƵůůLJ ƉĂŝĚ ŽƌĚŝŶĂƌLJ ƐŚĂƌĞƐŽƌƚŚĞƉƌŽĐĞĞĚƐĨƌŽŵƐĂůĞŽĨŝƚƐ'ĞŶĞƐŝƐZĞƐŽƵƌĐĞƐ>ŝŵŝƚĞĚƐŚĂƌĞŚŽůĚŝŶŐ͕ƚŽD͖

DIRECTORS' REPORT

offer ABM the right to initially have one nominee (but ultimately two nominees subject to the exercise by ABM of the first tranche of options) appointed to the Board of Clancy; and
pay to ABM an option exercise fee of $150,000 and an acquisition fee of $200,000 in cash.

Completion of the acquisition will be subject to conditions including:

Clancy obtaining all necessary approvals including any shareholder approvals required pursuant to the Corporations Act or ASX Listing Rules and any government or third party approvals;
ABM obtaining all necessary approvals including any shareholder approvals required pursuant to the Corporations Act or ASX Listing Rules:
Clancy appointing an Investment bank/broker to coordinate a placement of its ordinary shares to raise gross proceeds of between $2,500,000 and $4,000,000.

On 20 December 2013, the Company sold its shareholding in Genesis Resources Limited (ASX: GES) for net proceeds of $567.850.

9. Significant Events After Balance Date

Since the end of the financial year, Clancy announced that it has completed the due diligence processes and has exercised its option to acquire 100% of ABM's interests in the North Arunta Project Region in the Northern Territory. The Company has paid the exercise fee of $150,000.

10. Indemnity for Group Officers and Auditors

To the extent permitted by law, the Company indemnifies every person who is or has been:

an Officer against any liability to any person (other than the Company or a related entity) incurred while acting in that capacity and in good faith; and
- $\bullet$ an Officer or auditor of the Company, against costs and expenses incurred by that person in that capacity in successfully defending legal proceedings and ancillary matters.

11. Remuneration Report - Audited

This report details the nature and amount of remuneration for each director of Clancy Exploration Limited and the Group, and for the executives receiving the highest remuneration in accordance with the requirements of Section 300A of the Corporations Act 2001 and its Regulations. The information provided in this remuneration report has been audited as required by Section 308(3C) of the Act. This remuneration report forms a part of the Directors' Report.

For the purposes of this report Key Management Personnel (KMP) of the Group are defined as those persons having authority and responsibility for planning, directing and controlling the major activities of the Company and the Group, directly or indirectly, including any director (whether executive or otherwise) of the parent company.

Remuneration Policy

The remuneration policy of Clancy Exploration Limited has been designed to align director and executive objectives with shareholder and business objectives by providing a fixed remuneration component and offering specific long-term incentives. The board of Clancy Exploration Limited believes the remuneration policy to be appropriate and effective in its ability to attract and retain the best executives and directors to run and manage the consolidated entity, as well as align interests of directors, executives and shareholders.

No options to acquire ordinary shares were granted during the year ended 31 December 2013. A number of options expired during the year, including:

The options, granted in 2009 with an expiry date of 10 August 2013, which were not transferable and were to be forfeited if either the grantee voluntarily terminates his employment and does not exercise the options within thirty days of resignation or the Company terminates his employment for reasons of serious misconduct;
The options, granted in 2010 with an expiry date of 30 September 2013 which could only be transferred with the Board's consent and were to be cancelled if either the grantee voluntarily terminated his employment and did not exercise the options within thirty days of resignation or the company terminated his employment for reasons of serious misconduct:
The options, granted in 2010 with an expiry date of 31 December 2013 which were not transferable and could be cancelled at the Board's discretion if either the grantee voluntarily terminated his employment and did not exercise the options within thirty days of resignation or the Company terminated his employment for reasons of serious misconduct.

ϭϭ͘ ZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚʹƵĚŝƚĞĚ;ĐŽŶƚŝŶƵĞĚͿ

ƵƌŝŶŐƚŚĞLJĞĂƌ͕ƐŚĂƌĞƐǁĞƌĞŝƐƐƵĞĚƚŽĂŶĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌƉƵƌƐƵĂŶƚƚŽƚŚĞŽŵƉĂŶLJ͛ƐŵƉůŽLJĞĞ^ŚĂƌĞKƉƚŝŽŶĂŶĚ>ŽĂŶ WůĂŶ;͞WůĂŶ͟Ϳ͘dŚĞŽĂƌĚďĞůŝĞǀĞƐƚŚĂƚƐŚĂƌĞƐĂƌĞĂŶĞĨĨĞĐƚŝǀĞƌĞŵƵŶĞƌĂƚŝŽŶƚŽŽůǁŚŝĐŚƉƌĞƐĞƌǀĞƐƚŚĞĐĂƐŚƌĞƐĞƌǀĞƐŽĨƚŚĞ ŽŵƉĂŶLJǁŚŝůƐƚ ƉƌŽǀŝĚŝŶŐǀĂůƵĂďůĞ ƌĞŵƵŶĞƌĂƚŝŽŶ͘dŚĞ WůĂŶǁĂƐĂƉƉƌŽǀĞĚ ďLJ ƐŚĂƌĞŚŽůĚĞƌƐŝŶDĂLJ ϮϬϭϭĂŶĚĂůůŽǁƐ ƚŚĞ ŽĂƌĚƚŽŵĂŬĞŽĨĨĞƌƐŽĨ^ŚĂƌĞƐ;͟WůĂŶ^ŚĂƌĞƐ͟ͿŝŶŽƌĚĞƌƚŽƉƌŽǀŝĚĞĂŶŝŶĐĞŶƚŝǀĞƚŽĚĞůŝǀĞƌŐƌŽǁƚŚĂŶĚǀĂůƵĞĨŽƌƚŚĞďĞŶĞĨŝƚ ŽĨ Ăůů ƐŚĂƌĞŚŽůĚĞƌƐ͘ dŚĞ WůĂŶ ĚŝĨĨĞƌƐ ĨƌŽŵ ƚŚĞ ŽƉƚŝŽŶ ƉůĂŶ ĂƐ ŝƚ ĚĞůŝǀĞƌƐ Ă ĚŝƌĞĐƚ ŽǁŶĞƌƐŚŝƉ ŝŶƚĞƌĞƐƚ ŝŶ ƚŚĞ ŽŵƉĂŶLJ͘ ƉĂƌƚŝĐŝƉĂŶƚŝŶƚŚĞWůĂŶŵƵƐƚŶŽƚƐĞůů͕ƚƌĂŶƐĨĞƌ͕ĂƐƐŝŐŶ͕ŵŽƌƚŐĂŐĞ͕ĐŚĂƌŐĞŽƌŽƚŚĞƌǁŝƐĞĞŶĐƵŵďĞƌĂ^ŚĂƌĞŝƐƐƵĞĚƵŶĚĞƌƚŚĞ WůĂŶƵŶƚŝůƚŚĞůĂƚĞƌŽĨƚŚĞĨŽůůŽǁŝŶŐ;ƚŽƚŚĞĞdžƚĞŶƚĂƉƉůŝĐĂďůĞͿ͗

x ƚŚĞƌĞƉĂLJŵĞŶƚŝŶĨƵůůŽĨĂŶLJůŽĂŶĂĚǀĂŶĐĞĚďLJƚŚĞŽŵƉĂŶLJƚŽƚŚĞƉĂƌƚŝĐŝƉĂŶƚĐŽŶƚĞŵƉŽƌĂŶĞŽƵƐůLJǁŝƚŚƚŚĞŝƐƐƵĞ ŽĨ^ŚĂƌĞƐƵŶĚĞƌƚŚĞWůĂŶ͖
x ƚŚĞĞdžƉŝƌLJŽĨĂŶLJƐĞƌǀŝĐĞĐŽŶƚŝŶƵŝƚLJƉĞƌŝŽĚƐƉĞĐŝĨŝĞĚďLJƚŚĞŽŵƉĂŶLJĂƚƚŚĞƚŝŵĞŽĨŝƐƐƵĞŽĨƚŚĞ^ŚĂƌĞƐ͖ĂŶĚ
x ƚŚĞƐĂƚŝƐĨĂĐƚŝŽŶŽĨĂŶLJƉĞƌĨŽƌŵĂŶĐĞĐƌŝƚĞƌŝĂƐƉĞĐŝĨŝĞĚďLJƚŚĞŽŵƉĂŶLJĂƚƚŚĞƚŝŵĞŽĨŝƐƐƵĞŽĨƚŚĞ^ŚĂƌĞƐ͘

/ĨĂŶĞůŝŐŝďůĞĞŵƉůŽLJĞĞ ĐĞĂƐĞƐ ƚŽ ďĞĂŶĞůŝŐŝďůĞĞŵƉůŽLJĞĞ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ĚƵƌŝŶŐ ƚŚĞ ƉĞƌŝŽĚ ŽĨ ƌĞƐƚƌŝĐƚŝŽŶ ƚŚĞ ŽŵƉĂŶLJ ŵĂLJďƵLJͲďĂĐŬƚŚĞWůĂŶ^ŚĂƌĞƐƚŚĞƐƵďũĞĐƚŽĨƚŚĞƌĞƐƚƌŝĐƚŝŽŶĂƚĂƉƌŝĐĞĞƋƵĂůƚŽƚŚĞŝƐƐƵĞƉƌŝĐĞŽƌƚŚĞŵĂƌŬĞƚƉƌŝĐĞĂƚƚŚĞ ŽĂƌĚ͛ƐĚŝƐĐƌĞƚŝŽŶ͘

ŽĂŶƐŚĂǀĞďĞĞŶĂĚǀĂŶĐĞĚƚŽƚŚĞĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌƐ͕ĞdžĞĐƵƚŝǀĞƐĂŶĚĞŵƉůŽLJĞĞƐƚŽƉĂLJƚŚĞĐĂƐŚĐŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌƚŚĞWůĂŶ ^ŚĂƌĞƐ͘ƵƌŝŶŐƚŚĞƚĞƌŵŽĨĂŶLJƐƵĐŚůŽĂŶ͕ĚŝǀŝĚĞŶĚƐƉĂŝĚŝŶƌĞƐƉĞĐƚŽĨƚŚĞWůĂŶ^ŚĂƌĞƐŝŶƌĞůĂƚŝŽŶƚŽǁŚŝĐŚƚŚĞŽŵƉĂŶLJ ŵĂĚĞƚŚĞůŽĂŶǁŝůůďĞƌĞƚĂŝŶĞĚďLJƚŚĞŽŵƉĂŶLJĂƐŝŶƚĞƌĞƐƚƉĂŝĚďLJƚŚĞďŽƌƌŽǁĞƌŽŶƚŚĞůŽĂŶ͘dŚĞďŽƌƌŽǁĞƌŵƵƐƚƌĞƉĂLJƚŚĞ ůŽĂŶƚŽƚŚĞŽŵƉĂŶLJŽŶƚŚĞĞĂƌůŝĞƌŽĨϱLJĞĂƌƐĨƌŽŵƚŚĞĚĂƚĞŽĨĂůůŽƚŵĞŶƚŽĨƚŚĞWůĂŶ^ŚĂƌĞƐƚŽǁŚŝĐŚƚŚĞůŽĂŶƌĞůĂƚĞƐ͕Žƌ ƚŚĞ ĚĂƚĞ ƚŚĞ ďŽƌƌŽǁĞƌ ĐĞĂƐĞƐ ƚŽ ďĞ ĞŵƉůŽLJĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ͘ /Ŷ ƐƵĐŚ ĂŶ ĞǀĞŶƚ͕ ƚŚĞ ďŽƌƌŽǁĞƌ ŝƐ ƌĞƋƵŝƌĞĚ ƚŽ ŵĂŬĞ ĂǀĂŝůĂďůĞƚŽƚŚĞŽŵƉĂŶLJƚŚĞŝƌWůĂŶ^ŚĂƌĞƐƚŽƐĞƚƚůĞƚŚĞůŽĂŶ͘dŚŝƐǁŝůůƌĞƐƵůƚŝŶƚŚĞŽŵƉĂŶLJŵĞĞƚŝŶŐƚŚĞůŽƐƐŽŶƚŚĞůŽĂŶ ƐŽƚŚĂƚƚŚĞůŽĂŶŝƐĞĨĨĞĐƚŝǀĞůLJůŝŶŬĞĚƚŽƚŚĞǀĂůƵĞŽĨƚŚĞ^ŚĂƌĞƐ͘

dŚĞďŽĂƌĚ͛ƐƉŽůŝĐLJ ĨŽƌĚĞƚĞƌŵŝŶŝŶŐƚŚĞŶĂƚƵƌĞĂŶĚĂŵŽƵŶƚŽĨƌĞŵƵŶĞƌĂƚŝŽŶ ĨŽƌďŽĂƌĚŵĞŵďĞƌƐĂŶĚƐĞŶŝŽƌĞdžĞĐƵƚŝǀĞƐŽĨ ƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJŝƐĂƐĨŽůůŽǁƐ͗

x dŚĞ ƌĞŵƵŶĞƌĂƚŝŽŶ ƉŽůŝĐLJ͕ ƐĞƚƚŝŶŐ ƚŚĞ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƚŝŽŶƐ ĨŽƌ ƚŚĞ ĞdžĞĐƵƚŝǀĞ ĚŝƌĞĐƚŽƌƐ ĂŶĚ ŽƚŚĞƌ ƐĞŶŝŽƌ ĞdžĞĐƵƚŝǀĞƐ͕ǁĂƐĚĞǀĞůŽƉĞĚĂŶĚĂƉƉƌŽǀĞĚďLJƚŚĞďŽĂƌĚ͘
x ůůĞdžĞĐƵƚŝǀĞƐƌĞĐĞŝǀĞĂďĂƐĞƐĂůĂƌLJ;ǁŚŝĐŚŝƐďĂƐĞĚŽŶĨĂĐƚŽƌƐƐƵĐŚĂƐůĞŶŐƚŚŽĨƐĞƌǀŝĐĞĂŶĚĞdžƉĞƌŝĞŶĐĞͿ͘
x dŚĞDĂŶĂŐŝŶŐŝƌĞĐƚŽƌŵĂLJĂůƐŽƌĞĐĞŝǀĞĂĐĂƐŚďŽŶƵƐŝĨĐĞƌƚĂŝŶ<ĞLJWĞƌĨŽƌŵĂŶĐĞ/ŶĚŝĐĂƚŽƌƐĂƌĞŵĞƚ͘
x /ŶƉƌŝŽƌLJĞĂƌƐ͕ĞdžĞĐƵƚŝǀĞƐŚĂǀĞƌĞĐĞŝǀĞĚŽƉƚŝŽŶƐƚŽĂĐƋƵŝƌĞŽƌĚŝŶĂƌLJƐŚĂƌĞƐ͘
x /Ŷ ƚŚĞ ĐƵƌƌĞŶƚ LJĞĂƌ͕ ŽŶĞ ĞdžĞĐƵƚŝǀĞ ĚŝƌĞĐƚŽƌ ǁĂƐ ŐƌĂŶƚĞĚ ^ŚĂƌĞƐ ƉƵƌƐƵĂŶƚ ƚŽ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŵƉůŽLJĞĞ ^ŚĂƌĞ KƉƚŝŽŶ ĂŶĚ >ŽĂŶ WůĂŶ͘ Ŷ ĂůůŽĐĂƚŝŽŶ ŽĨ ƐŚĂƌĞƐ ǁĂƐ ŵĂĚĞ ďĂƐĞĚ ŽŶ ĨĂĐƚŽƌƐ ƐƵĐŚ ĂƐ ůĞŶŐƚŚ ŽĨ ƐĞƌǀŝĐĞ ĂŶĚ ĞdžƉĞƌŝĞŶĐĞ͘
x dŚĞďŽĂƌĚƌĞǀŝĞǁƐĞdžĞĐƵƚŝǀĞƉĂĐŬĂŐĞƐĂŶŶƵĂůůLJďLJƌĞĨĞƌĞŶĐĞƚŽƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJ͛ƐƉĞƌĨŽƌŵĂŶĐĞ͕ĞdžĞĐƵƚŝǀĞ ƉĞƌĨŽƌŵĂŶĐĞĂŶĚĐŽŵƉĂƌĂďůĞŝŶĨŽƌŵĂƚŝŽŶĨƌŽŵŝŶĚƵƐƚƌLJƐĞĐƚŽƌƐ͘

ůů ƌĞŵƵŶĞƌĂƚŝŽŶ ƉĂŝĚ ƚŽ ĚŝƌĞĐƚŽƌƐ ĂŶĚ ĞdžĞĐƵƚŝǀĞƐ ŝƐ ǀĂůƵĞĚ Ăƚ ƚŚĞ ĐŽƐƚ ƚŽ ƚŚĞ ŽŵƉĂŶLJ ĂŶĚ ŝƐ ĞdžƉĞŶƐĞĚ ŽǀĞƌ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞǀĞƐƚŝŶŐƉĞƌŝŽĚ͘KƉƚŝŽŶƐĂŶĚƐŚĂƌĞƐŝƐƐƵĞĚƵŶĚĞƌƚŚĞŵƉůŽLJĞĞ^ŚĂƌĞWůĂŶĂƌĞǀĂůƵĞĚƵƐŝŶŐƚŚĞŝŶŽŵŝĂůdƌĞĞ ŵĞƚŚŽĚŽůŽŐLJ͘

EŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌƐ

dŚĞďŽĂƌĚƉŽůŝĐLJŝƐƚŽƌĞŵƵŶĞƌĂƚĞŶŽŶͲĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌƐĂƚŵĂƌŬĞƚƌĂƚĞƐĨŽƌƚŝŵĞ͕ĐŽŵŵŝƚŵĞŶƚĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͘dŚĞ ďŽĂƌĚ ĚĞƚĞƌŵŝŶĞƐ ƉĂLJŵĞŶƚƐ ƚŽ ƚŚĞ ŶŽŶͲĞdžĞĐƵƚŝǀĞ ĚŝƌĞĐƚŽƌƐ ĂŶĚ ƌĞǀŝĞǁƐ ƚŚĞŝƌ ƌĞŵƵŶĞƌĂƚŝŽŶ ĂŶŶƵĂůůLJ͕ ďĂƐĞĚ ŽŶ ŵĂƌŬĞƚ ƉƌĂĐƚŝĐĞ͕ĚƵƚŝĞƐĂŶĚĂĐĐŽƵŶƚĂďŝůŝƚLJ͘/ŶĚĞƉĞŶĚĞŶƚĞdžƚĞƌŶĂůĂĚǀŝĐĞŝƐƐŽƵŐŚƚǁŚĞŶƌĞƋƵŝƌĞĚ͘

dŚĞŵĂdžŝŵƵŵĂŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨĨĞĞƐƚŚĂƚĐĂŶďĞƉĂŝĚƚŽŶŽŶͲĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌƐŝƐƐƵďũĞĐƚƚŽĂƉƉƌŽǀĂůďLJƐŚĂƌĞŚŽůĚĞƌƐ Ăƚ ƚŚĞ ŶŶƵĂů 'ĞŶĞƌĂů DĞĞƚŝŶŐ͘ ƵƌƌĞŶƚůLJ ƚŚĞƌĞ ŝƐ Ă ŵĂdžŝŵƵŵ ĂŐŐƌĞŐĂƚĞ ƐƵŵ ŽĨ ΨϮϬϬ͕ϬϬϬ ƉĞƌ ĂŶŶƵŵ͕ ǁŚŝĐŚ ŝƐ ƚŽ ďĞ ĚŝǀŝĚĞĚďĞƚǁĞĞŶƚŚĞŶŽŶͲĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌƐŝŶƚŚĞƉƌŽƉŽƌƚŝŽŶƐĂŐƌĞĞĚďĞƚǁĞĞŶƚŚĞŵŽƌ͕ĨĂŝůŝŶŐĂŐƌĞĞŵĞŶƚ͕ĞƋƵĂůůLJ͘

ŝƌĞĐƚŽƌƐĂƌĞĞŶĐŽƵƌĂŐĞĚ ƚŽŚŽůĚƐŚĂƌĞƐŝŶ ƚŚĞŽŵƉĂŶLJĂŶĚŚĂǀĞďĞĞŶŐƌĂŶƚĞĚŽƉƚŝŽŶƐŝŶƉƌĞǀŝŽƵƐLJĞĂƌƐ͘^ŚĂƌĞƐǁĞƌĞ ŝƐƐƵĞĚƚŽŶŽŶͲĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌƐŝŶƉƌŝŽƌLJĞĂƌƐƉƵƌƐƵĂŶƚƚŽƚŚĞŽŵƉĂŶLJ͛ƐŵƉůŽLJĞĞ^ŚĂƌĞKƉƚŝŽŶĂŶĚ>ŽĂŶWůĂŶ;͞WůĂŶ͟Ϳ ĂƐƐĞƚŽƵƚĂďŽǀĞƵŶĚĞƌ͞ZĞŵƵŶĞƌĂƚŝŽŶWŽůŝĐLJ͘͟dŚĞŽĂƌĚďĞůŝĞǀĞƐƚŚĂƚƐŚĂƌĞƐĂƌĞĂŶĞĨĨĞĐƚŝǀĞƌĞŵƵŶĞƌĂƚŝŽŶƚŽŽůǁŚŝĐŚ ƉƌĞƐĞƌǀĞƐ ƚŚĞĐĂƐŚ ƌĞƐĞƌǀĞƐŽĨ ƚŚĞŽŵƉĂŶLJǁŚŝůƐƚƉƌŽǀŝĚŝŶŐǀĂůƵĂďůĞ ƌĞŵƵŶĞƌĂƚŝŽŶ͘>ŽĂŶƐ ŚĂǀĞďĞĞŶĂĚǀĂŶĐĞĚ ƚŽ ƚŚĞ ŶŽŶͲĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌƐƚŽƉĂLJƚŚĞĐĂƐŚĐŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌƚŚĞWůĂŶ^ŚĂƌĞƐ͘

ϭϭ͘ ZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚʹƵĚŝƚĞĚ;ĐŽŶƚŝŶƵĞĚͿ

ZĞŵƵŶĞƌĂƚŝŽŶ^ƵďͲŽŵŵŝƚƚĞĞ

dŚĞŽĂƌĚŚĂƐĞƐƚĂďůŝƐŚĞĚĂƐƵďͲĐŽŵŵŝƚƚĞĞƚŽĐŽŶƐŝĚĞƌƌĞŵƵŶĞƌĂƚŝŽŶŽĨƚŚĞŽĂƌĚĂŶĚŬĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞů͘dŚĞ ZĞŵƵŶĞƌĂƚŝŽŶ ^ƵďͲŽŵŵŝƚƚĞĞ ŵĂLJ ƐĞĞŬ ŝŶĚĞƉĞŶĚĞŶƚ ƉƌŽĨĞƐƐŝŽŶĂů ĂĚǀŝĐĞ ƚŽ ĨŽƌŵƵůĂƚĞ ƌĞŵƵŶĞƌĂƚŝŽŶ ƉŽůŝĐLJ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ǁŚŝĐŚ ĂƌĞ ƚŚĞŶ ƐƵďŵŝƚƚĞĚ ƚŽ ƚŚĞ ŽĂƌĚ ĨŽƌ ĂƉƉƌŽǀĂů͘ dŚĞ ZĞŵƵŶĞƌĂƚŝŽŶ ^ƵďͲŽŵŵŝƚƚĞĞ ŵĞƚ ŽŶ Ϯϭ DĂƌĐŚ ϮϬϭϯ͘ dŚĞ ZĞŵƵŶĞƌĂƚŝŽŶ ^ƵďͲŽŵŵŝƚƚĞĞ ŝƐ ĐŽŵƉƌŝƐĞĚ ŽĨ ƚŚĞ ŚĂŝƌŵĂŶ ŽĨ ƚŚĞ ŽĂƌĚ͕ ƌ DŝŬĞ ƚŚĞƌŝĚŐĞ͕ ƚŚĞ ŝŶĚĞƉĞŶĚĞŶƚŶŽŶͲĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌ͕ƌ:ĂŵĞƐDĂĐĚŽŶĂůĚĂŶĚƚŚĞŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ͕DƌZŽǁĂŶĂƌĞŶ͘

ŽŵƉĂŶLJƉĞƌĨŽƌŵĂŶĐĞ͕ƐŚĂƌĞŚŽůĚĞƌǁĞĂůƚŚĂŶĚĚŝƌĞĐƚŽƌĂŶĚĞdžĞĐƵƚŝǀĞƌĞŵƵŶĞƌĂƚŝŽŶ

^ŚĂƌĞƐ ĂƌĞ ŝƐƐƵĞĚ ƚŽ ƚŚĞ ŵĂũŽƌŝƚLJ ŽĨ ĚŝƌĞĐƚŽƌƐ ĂŶĚ ĞdžĞĐƵƚŝǀĞƐ ƚŽ ĞŶĐŽƵƌĂŐĞ ƚŚĞ ĂůŝŐŶŵĞŶƚ ŽĨ ƉĞƌƐŽŶĂů ĂŶĚ ƐŚĂƌĞŚŽůĚĞƌ ŝŶƚĞƌĞƐƚƐ͘

džĞĐƵƚŝǀĞĂŶĚŶŽŶͲĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌƐ͕ŽƚŚĞƌŬĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞůĂŶĚŽƚŚĞƌƐĞŶŝŽƌĞŵƉůŽLJĞĞƐŚĂǀĞďĞĞŶŐƌĂŶƚĞĚ ŽƌĚŝŶĂƌLJ ƐŚĂƌĞƐ ƉƵƌƐƵĂŶƚ ƚŽ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŵƉůŽLJĞĞ ^ŚĂƌĞ KƉƚŝŽŶ ĂŶĚ >ŽĂŶ WůĂŶ͘ dŚĞ ƌĞĐŝƉŝĞŶƚƐ ŽĨ WůĂŶ ^ŚĂƌĞƐ ĂƌĞ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌŐƌŽǁŝŶŐ ƚŚĞ ŽŵƉĂŶLJ ĂŶĚ ŝŶĐƌĞĂƐŝŶŐ ƐŚĂƌĞŚŽůĚĞƌ ǀĂůƵĞ͘ /Ĩ ƚŚĞLJ ĂĐŚŝĞǀĞ ƚŚŝƐ ŐŽĂů ƚŚĞ ǀĂůƵĞ ŽĨ ƚŚĞ WůĂŶ ^ŚĂƌĞƐŐƌĂŶƚĞĚƚŽƚŚĞŵǁŝůůĂůƐŽŝŶĐƌĞĂƐĞ͘dŚĞƌĞĨŽƌĞƚŚĞWůĂŶ^ŚĂƌĞƐƉƌŽǀŝĚĞĂŶŝŶĐĞŶƚŝǀĞƚŽƚŚĞƌĞĐŝƉŝĞŶƚƐƚŽƌĞŵĂŝŶǁŝƚŚ ƚŚĞŽŵƉĂŶLJĂŶĚƚŽĐŽŶƚŝŶƵĞƚŽǁŽƌŬƚŽĞŶŚĂŶĐĞƚŚĞŽŵƉĂŶLJΖƐǀĂůƵĞ͘

dŚĞƌĞŝƐŶŽƉŽůŝĐLJŝŶƉůĂĐĞǁŚŝĐŚůŝŵŝƚƐĞdžƉŽƐƵƌĞƚŽƌŝƐŬŝŶƌĞůĂƚŝŽŶƚŽƚŚŽƐĞƐĞĐƵƌŝƚŝĞƐŝŶƚŚĞŽŵƉĂŶLJǁŚŝĐŚĐŽŶƐƚŝƚƵƚĞĂŶ ĞůĞŵĞŶƚŽĨĚŝƌĞĐƚŽƌƐ͛ƌĞŵƵŶĞƌĂƚŝŽŶĂŶĚǁŚŝĐŚĂƌĞůŝŶŬĞĚƚŽƐĂƚŝƐĨĂĐƚŝŽŶŽĨŽŵƉĂŶLJƉĞƌĨŽƌŵĂŶĐĞĐŽŶĚŝƚŝŽŶƐ͘

dŚĞ ƚĂďůĞ ďĞůŽǁ ƐĞƚƐ ŽƵƚ ƐƵŵŵĂƌLJŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJ͛ƐĞĂƌŶŝŶŐƐĂŶĚŵŽǀĞŵĞŶƚƐŝŶ ƐŚĂƌĞŚŽůĚĞƌ ǁĞĂůƚŚĨŽƌƚŚĞĨŝǀĞLJĞĂƌƐƚŽϯϭĞĐĞŵďĞƌϮϬϭϯ͗

	ϯϭĞĐĞŵďĞƌϮϬϭϯ	ϯϭĞĐĞŵďĞƌϮϬϭϮ	ϯϭĞĐĞŵďĞƌϮϬϭϭ	ϯϭĞĐĞŵďĞƌϮϬϭϬ	ϯϭĞĐĞŵďĞƌϮϬϬϵ
ZĞǀĞŶƵĞ	Ψϭ͕ϯϬϱ͕Ϭϳϴ	Ψϵϳϳ͕Ϭϲϵ	Ψϱϵϱ͕ϰϮϬ	Ψϴϭ͕ϲϰϯ	Ψϯϵϰ͕Ϭϴϲ
EĞƚůŽƐƐďĞĨŽƌĞƚĂdž	;Ψϲϳϳ͕ϳϬϮͿ	;Ψϭ͕ϵϯϭ͕ϯϳϭͿ	;ΨϮ͕ϯϮϱ͕ϯϲϱͿ	;Ψϯ͕ϭϭϵ͕ϴϬϮͿ	;Ψϯ͕ϮϬϭ͕ϭϳϭͿ
EĞƚůŽƐƐĂĨƚĞƌƚĂdž	;Ψϲϳϳ͕ϳϬϮͿ	;Ψϭ͕ϵϯϭ͕ϯϳϭͿ	;ΨϮ͕ϯϮϱ͕ϮϲϱͿ	;ΨϮ͕ϳϰϯ͕ϵϱϵͿ	;Ψϯ͕ϮϬϭ͕ϭϳϭͿ

^ŚĂƌĞ ƉƌŝĐĞ Ăƚ ĞŶĚŽĨLJĞĂƌϭ	ϮĐĞŶƚƐ	ϯĐĞŶƚƐ	ϱĐĞŶƚƐ	ϵĐĞŶƚƐ	ϭϱĐĞŶƚƐ
ĂƐŝĐůŽƐƐƉĞƌƐŚĂƌĞ	;Ϭ͘ϯĐĞŶƚƐͿ	;ϭ͘ϭĐĞŶƚƐͿ	;ϭ͘ϳĐĞŶƚƐͿ	;ϯ͘ϬĐĞŶƚƐͿ	;ϱ͘ϰĐĞŶƚƐͿ
ŝůƵƚĞĚůŽƐƐƉĞƌƐŚĂƌĞ	;Ϭ͘ϯĐĞŶƚƐͿ	;ϭ͘ϭĐĞŶƚƐͿ	;ϭ͘ϳĐĞŶƚƐͿ	;ϯ͘ϬĐĞŶƚƐͿ	;ϱ͘ϰĐĞŶƚƐͿ

ŽŶƐŽůŝĚĂƚĞĚŶƚŝƚLJ͗

EŽƚĞϭ͗dŚĞŽŵƉĂŶLJǁĂƐůŝƐƚĞĚŽŶƚŚĞ^yŽŶϭϭ:ƵůLJϮϬϬϳ͘

EŽƚĞϮ͗EŽĚŝǀŝĚĞŶĚƐŚĂǀĞďĞĞŶĚĞĐůĂƌĞĚŽƌƉĂŝĚƐŝŶĐĞƚŚĞŽŵƉĂŶLJǁĂƐůŝƐƚĞĚ͘

<ĞLJDĂŶĂŐĞŵĞŶƚWĞƌƐŽŶŶĞůZĞŵƵŶĞƌĂƚŝŽŶWŽůŝĐLJ

dŚĞƌĞŵƵŶĞƌĂƚŝŽŶƐƚƌƵĐƚƵƌĞĨŽƌŬĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞů͕ĂƐĚĞƚĞƌŵŝŶĞĚďLJƚŚĞŽĂƌĚ͕ŝƐďĂƐĞĚŽŶĂŶƵŵďĞƌŽĨĨĂĐƚŽƌƐ͕ ŝŶĐůƵĚŝŶŐůĞŶŐƚŚ ŽĨ ƐĞƌǀŝĐĞ͕ ƉĂƌƚŝĐƵůĂƌĞdžƉĞƌŝĞŶĐĞ ŽĨ ƚŚĞŝŶĚŝǀŝĚƵĂůĐŽŶĐĞƌŶĞĚĂŶĚ ƚŚĞŝƌ ƌŽůĞǁŝƚŚŝŶ ƚŚĞ ŽƌŐĂŶŝƐĂƚŝŽŶ͘dŚĞ ĐŽŶƚƌĂĐƚƐŽĨƐĞƌǀŝĐĞďĞƚǁĞĞŶƚŚĞŽŵƉĂŶLJĂŶĚŬĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞůĂƌĞŽŶĂĐŽŶƚŝŶƵŝŶŐďĂƐŝƐ͕ƚŚĞƚĞƌŵƐŽĨǁŚŝĐŚ ĂƌĞŶŽƚĞdžƉĞĐƚĞĚƚŽĐŚĂŶŐĞŝŶƚŚĞŝŵŵĞĚŝĂƚĞĨƵƚƵƌĞ͘

ϭϭ͘ ZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚʹƵĚŝƚĞĚ;ĐŽŶƚŝŶƵĞĚͿ

<ĞLJDĂŶĂŐĞŵĞŶƚWĞƌƐŽŶŶĞůZĞŵƵŶĞƌĂƚŝŽŶ͗

ZĞŵƵŶĞƌĂƚŝŽŶĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϭϯ

<ĞLJDĂŶĂŐĞŵĞŶƚWĞƌƐŽŶΘWŽƐŝƚŝŽŶ		^ŚŽƌƚͲƚĞƌŵĞŶĞĨŝƚƐ		>ŽŶŐͲƚĞƌŵĞŶĞĨŝƚƐ	WŽƐƚͲĞŵƉůŽLJŵĞŶƚĞŶĞĨŝƚƐ	>ŽŶŐƚĞƌŵŝŶĐĞŶƚŝǀĞ	dŽƚĂů
	^ĂůĂƌLJŽƌ&ĞĞƐ	ŽŶƐƵůƚŝŶŐĨĞĞƐ	EŽŶͲŵŽŶĞƚĂƌLJďĞŶĞĨŝƚƐ	>ŽŶŐƐĞƌǀŝĐĞůĞĂǀĞϯ	^ƵƉĞƌĂŶŶƵĂƚŝŽŶ	^ŚĂƌĞĂƐĞĚWĂLJŵĞŶƚƐ
	Ψ	Ψ	Ψ	Ψ	Ψ	Ψ	Ψ
'ĂƌŶĞƐϭDĂŶĂŐŝŶŐŝƌĞĐƚŽƌ	ϮϰϬ͕ϬϬϬ	Ͳ	ϭϴ͕ϰϲϲ	ϰ͕ϱϳϴ	Ϯϭ͕ϵϬϬ	ϭϳ͕ϱϲϰ	ϯϬϮ͕ϱϬϴ
DƚŚĞƌŝĚŐĞEŽŶͲdžĞĐƵƚŝǀĞŚĂŝƌŵĂŶ	ϲϬ͕ϬϬϬ	Ͳ	Ͳ	Ͳ	ϱ͕ϰϳϱ	ϴ͕ϴϵϱ	ϳϰ͕ϯϳϬ
:DĂĐĚŽŶĂůĚEŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌ	ϯϲ͕ϬϬϬ	Ͳ	Ͳ	Ͳ	Ͳ	ϱ͕ϵϯϬ	ϰϭ͕ϵϯϬ
E&ŽƌƐLJƚŚͲ^ƚŽĐŬϮŚŝĞĨ &ŝŶĂŶĐŝĂů KĨĨŝĐĞƌĂŶĚĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌ	ϯϯ͕ϬϮϳ	ϴϵ͕ϮϱϬ	Ͳ	Ͳ	ϯ͕ϭϬϰ	ϯ͕ϲϱϱ	ϭϮϵ͕Ϭϯϲ
	ϯϲϵ͕ϬϮϳ	ϴϵ͕ϮϱϬ	ϭϴ͕ϰϲϲ	ϰ͕ϱϳϴ	ϯϬ͕ϰϳϵ	ϯϲ͕Ϭϰϰ	ϱϰϳ͕ϴϰϰ

ZĞŵƵŶĞƌĂƚŝŽŶĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϭϮ

<ĞLJDĂŶĂŐĞŵĞŶƚWĞƌƐŽŶΘWŽƐŝƚŝŽŶ		^ŚŽƌƚͲƚĞƌŵĞŶĞĨŝƚƐ		>ŽŶŐͲƚĞƌŵĞŶĞĨŝƚƐ	WŽƐƚͲĞŵƉůŽLJŵĞŶƚĞŶĞĨŝƚƐ	>ŽŶŐƚĞƌŵŝŶĐĞŶƚŝǀĞ	dŽƚĂů
	^ĂůĂƌLJŽƌ&ĞĞƐΨ	ŽŶƐƵůƚŝŶŐĨĞĞƐΨ	EŽŶͲŵŽŶĞƚĂƌLJďĞŶĞĨŝƚƐΨ	>ŽŶŐƐĞƌǀŝĐĞůĞĂǀĞϯΨ	^ƵƉĞƌĂŶŶƵĂƚŝŽŶΨ	^ŚĂƌĞĂƐĞĚWĂLJŵĞŶƚƐΨ	Ψ
'ĂƌŶĞƐϭDĂŶĂŐŝŶŐŝƌĞĐƚŽƌ	ϮϰϬ͕ϬϬϬ	Ͳ	ϭϴ͕ϰϲϲ	ϯ͕ϮϲϮ	Ϯϭ͕ϲϬϬ	ϯ͕ϱϭϯ	Ϯϴϲ͕ϴϰϭ
DƚŚĞƌŝĚŐĞEŽŶͲdžĞĐƵƚŝǀĞŚĂŝƌŵĂŶ	ϲϬ͕ϬϬϬ	Ͳ	Ͳ	Ͳ	ϱ͕ϰϬϬ	ϭ͕ϳϳϵ	ϲϳ͕ϭϳϵ
:DĂĐĚŽŶĂůĚEŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌ	ϯϱ͕ϵϵϵ	Ͳ	Ͳ	Ͳ	Ͳ	ϭ͕ϭϴϲ	ϯϳ͕ϭϴϱ
D>ĞƐƚĞƌϮEŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌ	ϮϮ͕Ϭϭϴ	Ͳ	Ͳ	Ͳ	ϭ͕ϵϴϮ	Ͳ	Ϯϰ͕ϬϬϬ
E&ŽƌƐLJƚŚͲ^ƚŽĐŬϮŚŝĞĨ &ŝŶĂŶĐŝĂů KĨĨŝĐĞƌĂŶĚĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌη	ϭϭ͕ϬϬϵ	ϭϮϮ͕ϰϲϴ	Ͳ	Ͳ	ϵϵϬ	Ϯ͕ϵϲϵ	ϭϯϳ͕ϰϯϲ
	ϯϲϵ͕ϬϮϲ	ϭϮϮ͕ϰϲϴ	ϭϴ͕ϰϲϲ	ϯ͕ϮϲϮ	Ϯϵ͕ϵϳϮ	ϵ͕ϰϰϳ	ϱϱϮ͕ϲϰϭ

ϭ'ĂƌŶĞƐǁĂƐŵĂŶĂŐŝŶŐĚŝƌĞĐƚŽƌĂŶĚĞdžƉůŽƌĂƚŝŽŶŵĂŶĂŐĞƌƵŶƚŝůϯϬƉƌŝůϮϬϭϮ͕ĂƚǁŚŝĐŚƚŝŵĞŚĞĐĞĂƐĞĚƚŽďĞĞdžƉůŽƌĂƚŝŽŶ ŵĂŶĂŐĞƌ͘,ĞŵĂLJƌĞĐĞŝǀĞĂĐĂƐŚďŽŶƵƐǁŚŝĐŚŝƐƉĞƌĨŽƌŵĂŶĐĞƌĞůĂƚĞĚĂƚƚŚĞŽĂƌĚ͛ƐĚŝƐĐƌĞƚŝŽŶ͘

ϮD͘>ĞƐƚĞƌƌĞƐŝŐŶĞĚĚƵƌŝŶŐϮϬϭϮĂŶĚƚŚĞƌĞĨŽƌĞŚŝƐƌĞŵƵŶĞƌĂƚŝŽŶĚŽĞƐŶŽƚƌĞƉƌĞƐĞŶƚŚŝƐƌĞŵƵŶĞƌĂƚŝŽŶĨŽƌƚŚĞĞŶƚŝƌĞLJĞĂƌ ĞŶĚĞĚ ϯϭ ĞĐĞŵďĞƌ ϮϬϭϮ͘ E͘ &ŽƌƐLJƚŚͲ^ƚŽĐŬ ǁĂƐ ĂƉƉŽŝŶƚĞĚ ĂƐ ĂŶ džĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌ ĚƵƌŝŶŐ ϮϬϭϮ ĂŶĚ ƚŚĞƌĞĨŽƌĞ ŚĞƌ

ƌĞŵƵŶĞƌĂƚŝŽŶĨŽƌϮϬϭϮĚŽĞƐŶŽƚƌĞƉƌĞƐĞŶƚƌĞŵƵŶĞƌĂƚŝŽŶĨŽƌƚŚĞǁŚŽůĞĨŝŶĂŶĐŝĂůLJĞĂƌ͘ ϯ>ŽŶŐͲƐĞƌǀŝĐĞůĞĂǀĞĚŝƐĐůŽƐĞĚĂƐƌĞŵƵŶĞƌĂƚŝŽŶĨŽƌϮϬϭϯĂŶĚϮϬϭϮŝƐƉƌĞƐĞŶƚĞĚŽŶĂŶĂĐĐƌƵĂůƐďĂƐŝƐĂŶĚŚĂƐŶŽƚďĞĞŶƉĂŝĚ ŽƵƚ͘

ϭϭ͘ ZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚʹƵĚŝƚĞĚ;ĐŽŶƚŝŶƵĞĚͿ

ƵƌŝŶŐƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌ͕ƚŚĞĨŽůůŽǁŝŶŐƐŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚĂƌƌĂŶŐĞŵĞŶƚƐŐƌĂŶƚĞĚĂƐĐŽŵƉĞŶƐĂƚŝŽŶǁĞƌĞŝŶĞdžŝƐƚĞŶĐĞ͗

KƉƚŝŽŶƐ

,ŽůĚĞƌ	KƉƚŝŽŶ^ĞƌŝĞƐ	'ƌĂŶƚĞĚEŽ͘	'ƌĂŶƚĂƚĞ	sĞƐƚŝŶŐĂƚĞ	džƉŝƌLJĂƚĞ	&ĂŝƌsĂůƵĞƉĞƌKƉƚŝŽŶĂƚ'ƌĂŶƚĂƚĞΨ	džĞƌĐŝƐĞWƌŝĐĞΨ
ŽŶƐƵůƚĂŶƚƐ	/ŶĐĞŶƚŝǀĞ	Ϯ͕ϬϱϬ͕ϬϬϬ	ϭϮƵŐƵƐƚϮϬϬϵ	ϭϮƵŐƵƐƚϮϬϬϵ	ϭϬƵŐƵƐƚϮϬϭϯ	Ϭ͘ϬϱϬϳ	Ϭ͘ϭϳϱ
ŝƌĞĐƚŽƌƐ	/ŶĐĞŶƚŝǀĞ	ϭ͕ϲϱϬ͕ϬϬϬ	Ϯϴ:ĂŶƵĂƌLJϮϬϭϬ	Ϯϴ:ĂŶƵĂƌLJϮϬϭϬ	ϯϭĞĐĞŵďĞƌϮϬϭϯ	Ϭ͘ϬϲϴϬ	Ϭ͘ϭϵϱ
ŵƉůŽLJĞĞƐ	/ŶĐĞŶƚŝǀĞ	ϭ͕ϭϬϬ͕ϬϬϬ	ϰDĂLJϮϬϭϬ		ϰDĂLJϮϬϭϬ ϯϬ^ĞƉƚĞŵďĞƌϮϬϭϯ	Ϭ͘Ϭϲϱϰ	Ϭ͘ϭϴϱ
dŽƚĂů		ϰ͕ϴϬϬ͕ϬϬϬ

ůůŽĨƚŚĞĂďŽǀĞŽƉƚŝŽŶƐĞdžƉŝƌĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ͘

WůĂŶ^ŚĂƌĞƐ

'ƌĂŶƚĞĚŝŶϮϬϭϯ

,ŽůĚĞƌ	'ƌĂŶƚĞĚEŽ͘	'ƌĂŶƚĂƚĞ	/ƐƐƵĞWƌŝĐĞĐĞŶƚƐ	&ĂŝƌsĂůƵĞŽĨ^ŚĂƌĞĂƐĞĚWĂLJŵĞŶƚƐ;dŽƚĂůͿΨ	&ĂŝƌsĂůƵĞŽĨ^ŚĂƌĞĂƐĞĚWĂLJŵĞŶƚƐdžƉĞŶƐĞĚŝŶϮϬϭϯΨ	&ĂŝƌsĂůƵĞŽĨ^ŚĂƌĞĂƐĞĚWĂLJŵĞŶƚƐdžƉĞŶƐĞĚŝŶϮϬϭϮΨ
ŝƌĞĐƚŽƌƐ	Ϯϲϰ͕ϯϰϯ	ϭϲƵŐƵƐƚϮϬϭϯ	͘Ϭϵϯ	ϭ͕ϰϳϭ	ϱϱϭ	Ͳ
dŽƚĂů				ϭ͕ϰϳϭ	ϱϱϭ	Ͳ

^yůŝƐƚŝŶŐZƵůĞϭϬ͘ϭϰĂƉƉƌŽǀĂůĨŽƌƚŚĞŝƐƐƵĞŽĨƚŚĞWůĂŶ^ŚĂƌĞƐŝŶϮϬϭϯǁĂƐŽďƚĂŝŶĞĚŽŶϮϰDĂLJϮϬϭϯ͘ĞƚĂŝůƐŽĨƚŚĞWůĂŶ ĂƌĞĚŝƐĐůŽƐĞĚŝŶZĞŵƵŶĞƌĂƚŝŽŶWŽůŝĐLJŽĨƚŚŝƐZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚ͘dŚĞĐŽŶƚŝŶƵŝƚLJƐĞƌǀŝĐĞƉĞƌŝŽĚŝŶƌĞůĂƚŝŽŶƚŽƚŚĞƐĞƐŚĂƌĞƐ ŝƐƚǁĞůǀĞŵŽŶƚŚƐĨƌŽŵƚŚĞĚĂƚĞŽĨĂůůŽƚŵĞŶƚ͘dŚĞƌĞǁĞƌĞŶŽƉĞƌĨŽƌŵĂŶĐĞĐƌŝƚĞƌŝĂƐƉĞĐŝĨŝĞĚďLJƚŚĞŽŵƉĂŶLJĂƚƚŚĞƚŝŵĞŽĨ ĂůůŽƚŵĞŶƚ͘

'ƌĂŶƚĞĚŝŶϮϬϭϮ

,ŽůĚĞƌ	'ƌĂŶƚĞĚEŽ͘	'ƌĂŶƚĂƚĞ	/ƐƐƵĞWƌŝĐĞĐĞŶƚƐ	&ĂŝƌsĂůƵĞŽĨ^ŚĂƌĞĂƐĞĚWĂLJŵĞŶƚƐ;dŽƚĂůͿΨ	&ĂŝƌsĂůƵĞŽĨ^ŚĂƌĞĂƐĞĚWĂLJŵĞŶƚƐdžƉĞŶƐĞĚŝŶϮϬϭϯΨ	&ĂŝƌsĂůƵĞŽĨ^ŚĂƌĞĂƐĞĚWĂLJŵĞŶƚƐdžƉĞŶƐĞĚŝŶϮϬϭϮΨ
ŵƉůŽLJĞĞƐĂŶĚŽŶƐƵůƚĂŶƚƐ	Ϯ͕ϳϱϴ͕ϳϮϯΎ	ϭϬ:ƵůLJϮϬϭϮ	Ϭ͘ϬϮ	ϰϵ͕ϯϱϴ	Ϯϱ͕ϳϱϴ	Ϯϯ͕ϲϬϬ
ŝƌĞĐƚŽƌƐ	Ϯ͕ϴϴϳ͕ϲϬϮ	ϯϭKĐƚŽďĞƌϮϬϭϮ	Ϭ͘ϬϮϲ	ϯϴ͕ϴϲϴ	ϯϮ͕ϯϵϬ	ϲ͕ϰϳϴ
dŽƚĂů				ϴϴ͕ϮϮϲ	ϱϴ͕ϭϰϴ	ϯϬ͕Ϭϳϴ

ΎEĞƚŽĨƐŚĂƌĞƐďŽƵŐŚƚďĂĐŬ

^y ůŝƐƚŝŶŐ ZƵůĞ ϭϬ͘ϭϰ ĂƉƉƌŽǀĂů ĨŽƌ ƚŚĞ ŝƐƐƵĞ ŽĨ ƚŚĞ WůĂŶ ^ŚĂƌĞƐ ǁĂƐ ŽďƚĂŝŶĞĚ ŽŶ ϯϭDĂLJ ϮϬϭϭ͘ ĞƚĂŝůƐ ŽĨ ƚŚĞ WůĂŶ ĂƌĞ ĚŝƐĐůŽƐĞĚŝŶZĞŵƵŶĞƌĂƚŝŽŶWŽůŝĐLJŽĨƚŚŝƐZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚ͘dŚĞĐŽŶƚŝŶƵŝƚLJƐĞƌǀŝĐĞƉĞƌŝŽĚŝŶƌĞůĂƚŝŽŶƚŽƚŚĞƐĞƐŚĂƌĞƐŝƐ ƚǁĞůǀĞŵŽŶƚŚƐ ĨƌŽŵƚŚĞĚĂƚĞŽĨĂůůŽƚŵĞŶƚ͘dŚĞƌĞǁĞƌĞŶŽƉĞƌĨŽƌŵĂŶĐĞĐƌŝƚĞƌŝĂƐƉĞĐŝĨŝĞĚďLJƚŚĞŽŵƉĂŶLJĂƚƚŚĞƚŝŵĞŽĨ ĂůůŽƚŵĞŶƚ͘

ϭϭ͘ ZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚʹƵĚŝƚĞĚ;ĐŽŶƚŝŶƵĞĚͿ

KƉƚŝŽŶƐ'ƌĂŶƚĞĚĂƐWĂƌƚŽĨZĞŵƵŶĞƌĂƚŝŽŶĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϭϯ

EŽŽƉƚŝŽŶƐǁĞƌĞŝƐƐƵĞĚƚŽĚŝƌĞĐƚŽƌƐĂƐƉĂƌƚŽĨƚŚĞŝƌƌĞŵƵŶĞƌĂƚŝŽŶĚƵƌŝŶŐƚŚĞĐŽƵƌƐĞŽĨƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϭϯ͘ EŽŽƉƚŝŽŶƐǁĞƌĞĞdžĞƌĐŝƐĞĚ͕ŽƌĨŽƌĨĞŝƚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ͘

dŚĞƌĞǁĞƌĞŶŽĂůƚĞƌĂƚŝŽŶƐƚŽƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨĂŶLJŽƉƚŝŽŶƐŐƌĂŶƚĞĚĂƐƌĞŵƵŶĞƌĂƚŝŽŶ ƐŝŶĐĞƚŚĞŝƌŐƌĂŶƚĚĂƚĞ͘ůů ŽƉƚŝŽŶƐĞdžƉŝƌĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϭϯ͘

ĞƚĂŝůƐŽĨƐŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐŝŶĞdžŝƐƚĞŶĐĞĚƵƌŝŶŐϮϬϭϯĂƌĞĚŝƐĐůŽƐĞĚŝŶƚŚŝƐŝƌĞĐƚŽƌƐ͛ZĞƉŽƌƚĂŶĚEŽƚĞƐϭϴ͕ϮϲĂŶĚϮϳƚŽ ƚŚĞŶŶƵĂů&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͘

ŽŶƚƌĂĐƚƐǁŝƚŚŝƌĞĐƚŽƌƐĂŶĚ<ĞLJDĂŶĂŐĞŵĞŶƚWĞƌƐŽŶŶĞů

'ŽƌĚŽŶĂƌŶĞƐ

dŚĞŬĞLJƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞĐŽŶƚƌĂĐƚǁŝƚŚ'ŽƌĚŽŶĂƌŶĞƐ;DĂŶĂŐŝŶŐŝƌĞĐƚŽƌͿĂƌĞĂƐĨŽůůŽǁƐ͗

ŽŶƚƌĂĐƚƵƌĂƚŝŽŶ	ZŽůůŝŶŐĐŽŶƚƌĂĐƚ
EŽƚŝĐĞ WĞƌŝŽĚ ĨŽƌ dĞƌŵŝŶĂƚŝŽŶ	Dƌ ĂƌŶĞƐ͛ ƌĞŵƵŶĞƌĂƚŝŽŶ ŝƐ ƐƵďũĞĐƚ ƚŽ ĂŶ ĂŶŶƵĂů ƌĞǀŝĞǁ ƵŶĚĞƌƚĂŬĞŶ ďLJ ƚŚĞ
ĂŶĚdĞƌŵŝŶĂƚŝŽŶWĂLJŵĞŶƚƐ	ƌĞŵƵŶĞƌĂƚŝŽŶĐŽŵŵŝƚƚĞĞ͘
	Dƌ ĂƌŶĞƐ ŵĂLJ ƌĞĐĞŝǀĞ Ă ĚŝƐĐƌĞƚŝŽŶĂƌLJ ƉĞƌĨŽƌŵĂŶĐĞͲďĂƐĞĚ ĐĂƐŚ ďŽŶƵƐ ŽĨ ƵƉ ƚŽϮϱй ŽĨ ŚŝƐ ŐƌŽƐƐ ƐĂůĂƌLJ ŝĨ ŝŶ ƚŚĞ ŽƉŝŶŝŽŶ ŽĨ ƚŚĞ ŽĂƌĚ ĐĞƌƚĂŝŶ <ĞLJ WĞƌĨŽƌŵĂŶĐĞ/ŶĚŝĐĂƚŽƌŵĞĂƐƵƌĞƐĂƌĞŵĞƚ͘Dƌ ĂƌŶĞƐ ŵĂLJ ƚĞƌŵŝŶĂƚĞ ŚŝƐ ĞŵƉůŽLJŵĞŶƚ ďLJ ƉƌŽǀŝĚŝŶŐ ϯ ŵŽŶƚŚƐ͛ ŶŽƚŝĐĞ ŝŶ
	ǁƌŝƚŝŶŐ͘
	dŚĞ ŽŵƉĂŶLJ ŵĂLJ ƚĞƌŵŝŶĂƚĞ Dƌ ĂƌŶĞƐ͛ ĞŵƉůŽLJŵĞŶƚ͕ ĨŽƌ ƌĞĂƐŽŶƐ ŽƚŚĞƌ ƚŚĂŶƐĞƌŝŽƵƐŵŝƐĐŽŶĚƵĐƚ͕ďLJƉƌŽǀŝĚŝŶŐϯŵŽŶƚŚƐ͛ŶŽƚŝĐĞŽƌƉƌŽǀŝĚŝŶŐƉĂLJŵĞŶƚŝŶůŝĞƵŽĨƚŚŝƐŶŽƚŝĐĞƉĞƌŝŽĚ͘
	dŚĞŽŵƉĂŶLJŵĂLJŝŵŵĞĚŝĂƚĞůLJƚĞƌŵŝŶĂƚĞDƌĂƌŶĞƐ͛ĞŵƉůŽLJŵĞŶƚ ĨŽƌƌĞĂƐŽŶƐŽĨƐĞƌŝŽƵƐŵŝƐĐŽŶĚƵĐƚ͘

ϭϮ͘ ƵĚŝƚŽƌ/ŶĚĞƉĞŶĚĞŶĐĞĂŶĚEŽŶͲƵĚŝƚ^ĞƌǀŝĐĞƐ

ƵƌŝŶŐƚŚĞ ĨŝŶĂŶĐŝĂůLJĞĂƌ͕ƌŶƐƚĂŶĚzŽƵŶŐ͕ƚŚĞ'ƌŽƵƉ͛ƐĂƵĚŝƚŽƌ͕ƉĞƌĨŽƌŵĞĚĐĞƌƚĂŝŶƐĞƌǀŝĐĞƐŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐƐƚĂƚƵƚŽƌLJĂƵĚŝƚ ĚƵƚŝĞƐ͘dŚĞƚŽƚĂůŶŽŶͲĂƵĚŝƚƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚďLJƚŚĞĞdžƚĞƌŶĂůĂƵĚŝƚŽƌƉƌŽǀŝĚĞĚĂŵŽƵŶƚĞĚƚŽΨϱϬ͕ϰϲϵ;ϮϬϭϮ͗Ψϱϲ͕ϵϮϭͿ͘

dŚĞŽĂƌĚ ŽĨŝƌĞĐƚŽƌƐŝƐ ƐĂƚŝƐĨŝĞĚ ƚŚĂƚ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ŽĨ ŶŽŶͲĂƵĚŝƚ ƐĞƌǀŝĐĞƐ ďLJ ƚŚĞĞdžƚĞƌŶĂůĂƵĚŝƚŽƌ ĚŝĚ ŶŽƚ ĐŽŵƉƌŽŵŝƐĞ ƚŚĞ ĂƵĚŝƚŽƌŝŶĚĞƉĞŶĚĞŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞĂĐƚĚƵĞƚŽƚŚĞĨŽůůŽǁŝŶŐƌĞĂƐŽŶƐ͗

ϭͿĂůůŵĂƚĞƌŝĂů ŶŽŶͲĂƵĚŝƚ ƐĞƌǀŝĐĞƐ ŚĂǀĞ ďĞĞŶ ƌĞǀŝĞǁĞĚĂŶĚĂƉƉƌŽǀĞĚ ďLJ ƚŚĞŽĂƌĚ ŽĨŝƌĞĐƚŽƌƐ ƉƌŝŽƌ ƚŽ ĐŽŵŵĞŶĐĞŵĞŶƚ ƚŽ ĞŶƐƵƌĞƚŚĞLJĚŽŶŽƚĂĚǀĞƌƐĞůLJĂĨĨĞĐƚƚŚĞŝŶƚĞŐƌŝƚLJĂŶĚŽďũĞĐƚŝǀŝƚLJŽĨƚŚĞĂƵĚŝƚŽƌ͖

ϮͿŶŽŶĞŽĨƚŚĞƐĞƌǀŝĐĞƐƵŶĚĞƌŵŝŶĞƐƚŚĞŐĞŶĞƌĂůƉƌŝŶĐŝƉůĞƐƌĞůĂƚŝŶŐƚŽĂƵĚŝƚŽƌƐŝŶĚĞƉĞŶĚĞŶĐĞĂƐƐĞƚŽƵƚŝŶW^ϭϭϬŽĚĞŽĨ ƚŚŝĐƐ ĨŽƌ WƌŽĨĞƐƐŝŽŶĂů ĐĐŽƵŶƚĂŶƚƐ͕ ŝŶĐůƵĚŝŶŐ ƌĞǀŝĞǁŝŶŐ ĂŶĚ ĂƵĚŝƚŝŶŐ ƚŚĞ ĂƵĚŝƚŽƌ͛Ɛ ŽǁŶ ǁŽƌŬ͕ ĂĐƚŝŶŐ ŝŶ Ă ŵĂŶĂŐĞŵĞŶƚ Žƌ ĚĞĐŝƐŝŽŶŵĂŬŝŶŐĐĂƉĂĐŝƚLJĨŽƌƚŚĞ'ƌŽƵƉ͕ĂĐƚŝŶŐĂƐĂŶĂĚǀŽĐĂƚĞĨŽƌƚŚĞ'ƌŽƵƉŽƌũŽŝŶƚůLJƐŚĂƌŝŶŐĞĐŽŶŽŵŝĐƌŝƐŬƐĂŶĚƌĞǁĂƌĚƐ͘

ϭϯ͘ ƵĚŝƚŽƌƐ͛/ŶĚĞƉĞŶĚĞŶĐĞĞĐůĂƌĂƚŝŽŶ

dŚĞĂƵĚŝƚŽƌƐ͛ŝŶĚĞƉĞŶĚĞŶĐĞĚĞĐůĂƌĂƚŝŽŶĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϭϯŚĂƐďĞĞŶƌĞĐĞŝǀĞĚĂŶĚĐĂŶďĞĨŽƵŶĚŽŶƉĂŐĞ ϭϰ͘

ϭϰ͘ ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ

/Ŷ ƌĞĐŽŐŶŝƐŝŶŐ ƚŚĞ ŶĞĞĚ ĨŽƌ ƚŚĞ ŚŝŐŚĞƐƚ ƐƚĂŶĚĂƌĚƐ ŽĨ ĐŽƌƉŽƌĂƚĞďĞŚĂǀŝŽƵƌ ĂŶĚ ĂĐĐŽƵŶƚĂďŝůŝƚLJ͕ ƚŚĞ ĚŝƌĞĐƚŽƌƐ ƐƵƉƉŽƌƚ ĂŶĚ ŚĂǀĞĂĚŚĞƌĞĚƚŽƚŚĞƉƌŝŶĐŝƉůĞƐŽĨĐŽƌƉŽƌĂƚĞŐŽǀĞƌŶĂŶĐĞ͘dŚĞŽŵƉĂŶLJ͛ƐĐŽƌƉŽƌĂƚĞŐŽǀĞƌŶĂŶĐĞƐƚĂƚĞŵĞŶƚǁŝůůďĞŝŶĐůƵĚĞĚ ŝŶƚŚĞŽŵƉĂŶLJ͛ƐŶŶƵĂůZĞƉŽƌƚ͘

ϭϱ͘ ^ŚĂƌĞKƉƚŝŽŶƐ

ƚƚŚĞĚĂƚĞŽĨƚŚŝƐƌĞƉŽƌƚŶŝůŽƉƚŝŽŶƐƚŽĂĐƋƵŝƌĞŽƌĚŝŶĂƌLJƐŚĂƌĞƐŝŶůĂŶĐLJdžƉůŽƌĂƚŝŽŶ>ŝŵŝƚĞĚǁĞƌĞŽŶŝƐƐƵĞ͘

^ŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐĂŶĚŽƉƚŝŽŶƐŝƐƐƵĞĚƚŽĚŝƌĞĐƚŽƌƐ͕ĐŽŶƐƵůƚĂŶƚƐĂŶĚĞůŝŐŝďůĞĞŵƉůŽLJĞĞƐ͕ĂƌĞĚŝƐĐůŽƐĞĚŝŶƚŚŝƐŝƌĞĐƚŽƌƐ͛ ZĞƉŽƌƚĂŶĚEŽƚĞƐϭϴ͕ϮϲĂŶĚϮϳƚŽƚŚĞŶŶƵĂů&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚ͘

KƉƚŝŽŶ ŚŽůĚĞƌƐ ĚŽ ŶŽƚ ŚĂǀĞĂŶLJ ƌŝŐŚƚ͕ ďLJ ǀŝƌƚƵĞ ŽĨ ƚŚĞ ŽƉƚŝŽŶ͕ƚŽ ƉĂƌƚŝĐŝƉĂƚĞ ŝŶ ĂŶLJ ƐŚĂƌĞ ŝƐƐƵĞ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ŽƌĂŶLJ ƌĞůĂƚĞĚďŽĚLJĐŽƌƉŽƌĂƚĞ͘

ϭϲ͘ ŝƌĞĐƚŽƌƐ͛DĞĞƚŝŶŐƐ

dŚĞŶƵŵďĞƌŽĨŵĞĞƚŝŶŐƐŽĨĚŝƌĞĐƚŽƌƐ;ŝŶĐůƵĚŝŶŐŵĞĞƚŝŶŐƐŽĨĐŽŵŵŝƚƚĞĞƐŽĨĚŝƌĞĐƚŽƌƐͿŚĞůĚĚƵƌŝŶŐƚŚĞLJĞĂƌĂŶĚƚŚĞŶƵŵďĞƌ ŽĨŵĞĞƚŝŶŐƐĂƚƚĞŶĚĞĚďLJĞĂĐŚĚŝƌĞĐƚŽƌǁĂƐĂƐĨŽůůŽǁƐ͗

ŝƌĞĐƚŽƌ	ŝƌĞĐƚŽƌƐ͛	ŝƌĞĐƚŽƌƐ͛	ZĞŵƵŶĞƌĂƚŝŽŶ	ZĞŵƵŶĞƌĂƚŝŽŶ	ƵĚŝƚ	ƵĚŝƚ
	DĞĞƚŝŶŐƐ	DĞĞƚŝŶŐƐ	ŽŵŵŝƚƚĞĞ	ŽŵŵŝƚƚĞĞ	ŽŵŵŝƚƚĞĞ	ŽŵŵŝƚƚĞĞ
	ůŝŐŝďůĞƚŽ	ƚƚĞŶĚĞĚ	DĞĞƚŝŶŐƐ	DĞĞƚŝŶŐƐ	DĞĞƚŝŶŐƐ	DĞĞƚŝŶŐƐ
	ƚƚĞŶĚ		ůŝŐŝďůĞƚŽ	ƚƚĞŶĚĞĚ	ůŝŐŝďůĞƚŽ	ƚƚĞŶĚĞĚ
			ƚƚĞŶĚ		ƚƚĞŶĚ
'ĂƌŶĞƐ	ϴ	ϴ	Ͳ	Ͳ	Ͳ	Ͳ
DƚŚĞƌŝĚŐĞ	ϴ	ϴ	ϭ	ϭ	ϯ	ϯ
:DĂĐĚŽŶĂůĚ	ϴ	ϴ	ϭ	ϭ	ϯ	ϯ
E&ŽƌƐLJƚŚͲ
^ƚŽĐŬ	ϴ	ϴ	Ͳ	Ͳ	ϯ	ϯ

ϭϳ͘ /ŶƐƵƌĂŶĐĞĂŶĚ/ŶĚĞŵŶŝƚLJŽĨKĨĨŝĐĞƌƐ

dŚĞ ŽŵƉĂŶLJ ŚĂƐŝŶ ƌĞƐƉĞĐƚ ŽĨ ĂŶLJ ƉĞƌƐŽŶǁŚŽŝƐ Žƌ ŚĂƐ ďĞĞŶ Ă ĚŝƌĞĐƚŽƌŽƌŽĨĨŝĐĞƌŽĨ ƚŚĞŽŵƉĂŶLJ ƉĂŝĚĂ ƉƌĞŵŝƵŵ ŝŶ ƌĞƐƉĞĐƚŽĨĂĐŽŶƚƌĂĐƚŝŶƐƵƌŝŶŐĂůůĚŝƌĞĐƚŽƌƐĂŶĚŽĨĨŝĐĞƌƐĂŐĂŝŶƐƚĂůŝĂďŝůŝƚLJ͘dŚĞŽŵƉĂŶLJŵĂŝŶƚĂŝŶƐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨŽƌƚŚĞ ďĞŶĞĨŝƚŽĨƚŚĞƌĞůĞǀĂŶƚĚŝƌĞĐƚŽƌŽƌŽĨĨŝĐĞƌĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŝƌĂƉƉŽŝŶƚŵĞŶƚĂŶĚĨŽƌĂƉĞƌŝŽĚŽĨƐĞǀĞŶLJĞĂƌƐĂĨƚĞƌƌĞƚŝƌĞŵĞŶƚ ŽƌƌĞƐŝŐŶĂƚŝŽŶ͘

dŚĞ ŽŵƉĂŶLJ ŚĂƐĞŶƚĞƌĞĚ ŝŶƚŽ ĂĞĞĚ ŽĨ/ŶĚĞŵŶŝƚLJ͕ ĐĐĞƐƐ ĂŶĚ/ŶƐƵƌĂŶĐĞ ǁŝƚŚĞĂĐŚ ŽĨ ŝƚƐŝƌĞĐƚŽƌƐ ĂŶĚ ƚŚĞ ŽŵƉĂŶLJ ^ĞĐƌĞƚĂƌLJ͘ hŶĚĞƌ ƚŚĞ ĞĞĚƐ ŽĨ /ŶĚĞŵŶŝƚLJ͕ ĐĐĞƐƐ ĂŶĚ /ŶƐƵƌĂŶĐĞ ƚŚĞ ŽŵƉĂŶLJ ǁŝůů ŝŶĚĞŵŶŝĨLJ ĞĂĐŚ ŽĨĨŝĐĞƌ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ƉĞƌŵŝƚƚĞĚďLJƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚĂŐĂŝŶƐƚĂŶLJůŝĂďŝůŝƚLJĂƌŝƐŝŶŐĂƐĂƌĞƐƵůƚŽĨƚŚĞŽĨĨŝĐĞƌĂĐƚŝŶŐĂƐĂŶŽĨĨŝĐĞƌŽĨƚŚĞŽŵƉĂŶLJ͘ dŚĞ ĞĞĚƐ ŽĨ /ŶĚĞŵŶŝƚLJ͕ ĐĐĞƐƐ ĂŶĚ /ŶƐƵƌĂŶĐĞ ĂůƐŽ ƉƌŽǀŝĚĞ ĨŽƌ ƚŚĞ ƌŝŐŚƚ ƚŽ ĂĐĐĞƐƐ ŽĂƌĚ ƉĂƉĞƌƐ ĂŶĚ ŽƚŚĞƌ ŽŵƉĂŶLJ ƌĞĐŽƌĚƐ͘

ϭϴ͘ ZŝƐŬDĂŶĂŐĞŵĞŶƚ

dŚĞŽŵƉĂŶLJ ƚĂŬĞƐĂ ƉƌŽĂĐƚŝǀĞ ĂƉƉƌŽĂĐŚ ƚŽ ƌŝƐŬŵĂŶĂŐĞŵĞŶƚŝŶĐůƵĚŝŶŐŵŽŶŝƚŽƌŝŶŐĂĐƚƵĂů ƉĞƌĨŽƌŵĂŶĐĞĂŐĂŝŶƐƚ ďƵĚŐĞƚƐ ĂŶĚ ĨŽƌĞĐĂƐƚ ĂŶĚ ŵŽŶŝƚŽƌŝŶŐ ŝŶǀĞƐƚŵĞŶƚ ƉĞƌĨŽƌŵĂŶĐĞ͘ dŚĞ ŽĂƌĚ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĞŶƐƵƌŝŶŐ ƚŚĂƚ ƌŝƐŬƐ͕ ĂŶĚ ĂůƐŽ ŽƉƉŽƌƚƵŶŝƚŝĞƐ͕ĂƌĞŝĚĞŶƚŝĨŝĞĚŽŶĂƚŝŵĞůLJďĂƐŝƐĂŶĚƚŚĂƚƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJ͛ƐŽďũĞĐƚŝǀĞƐĂŶĚĂĐƚŝǀŝƚŝĞƐĂƌĞĂůŝŐŶĞĚǁŝƚŚ ƚŚĞƌŝƐŬƐĂŶĚŽƉƉŽƌƚƵŶŝƚŝĞƐŝĚĞŶƚŝĨŝĞĚďLJƚŚĞŽĂƌĚ͘

ϭϵ͘ ŶǀŝƌŽŶŵĞŶƚĂůZĞŐƵůĂƚŝŽŶƐĂŶĚWĞƌĨŽƌŵĂŶĐĞ

dŚĞŽŵƉĂŶLJŝƐƌĞƋƵŝƌĞĚƚŽĐĂƌƌLJŽƵƚƚŚĞĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶŽĨŝƚƐŵŝŶŝŶŐƚĞŶĞŵĞŶƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚǀĂƌŝŽƵƐ ^ƚĂƚĞ'ŽǀĞƌŶŵĞŶƚĐƚƐĂŶĚZĞŐƵůĂƚŝŽŶƐ͘

/Ŷ ƌĞŐĂƌĚ ƚŽ ĞŶǀŝƌŽŶŵĞŶƚĂů ĐŽŶƐŝĚĞƌĂƚŝŽŶƐ͕ ƚŚĞ ŽŵƉĂŶLJ ŝƐ ƌĞƋƵŝƌĞĚ ƚŽ ŽďƚĂŝŶ ĂƉƉƌŽǀĂů ĨƌŽŵ ǀĂƌŝŽƵƐ ^ƚĂƚĞ ƌĞŐƵůĂƚŽƌLJ ĂƵƚŚŽƌŝƚŝĞƐďĞĨŽƌĞĂŶLJĞdžƉůŽƌĂƚŝŽŶƌĞƋƵŝƌŝŶŐŐƌŽƵŶĚĚŝƐƚƵƌďĂŶĐĞ͕ƐƵĐŚĂƐůŝŶĞĐůĞĂƌŝŶŐ͕ĚƌŝůůŝŶŐƉƌŽŐƌĂŵƐĂŶĚĐŽƐƚĞĂŶŝŶŐŝƐ ĐĂƌƌŝĞĚŽƵƚ͘/ƚŝƐŶŽƌŵĂůůLJĂĐŽŶĚŝƚŝŽŶŽĨƐƵĐŚƌĞŐƵůĂƚŽƌLJĂƉƉƌŽǀĂůƚŚĂƚĂŶLJĂƌĞĂŽĨŐƌŽƵŶĚĚŝƐƚƵƌďĞĚĚƵƌŝŶŐƚŚĞŽŵƉĂŶLJ͛Ɛ ĂĐƚŝǀŝƚŝĞƐŝƐƌĞŚĂďŝůŝƚĂƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚǀĂƌŝŽƵƐŐƵŝĚĞůŝŶĞƐ͘

dŚĞƌĞŚĂǀĞďĞĞŶŶŽƐŝŐŶŝĨŝĐĂŶƚďƌĞĂĐŚĞƐŽĨƚŚĞƐĞŐƵŝĚĞůŝŶĞƐ͘

DIRECTORS' REPORT

This report is made in accordance with a resolution of the directors.

G.J. Barnes Managing Director Signed at Orange, NSW dated this 17th day of March 2014

680 George StreetSydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001 Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au

Auditor's Independence Declaration to the Directors of Clancy Exploration Limited

In relation to our audit of the financial report of Clancy Exploration Limited for the financial year ended 31 December 2013, to the best of my knowledge and belief, there have been no contraventions of the auditor independence requirements of the Corporations Act 2001 or any applicable code of professional conduct.

Erst & Young

Ernst & Young

Ryan Fisk Partner 17 March 2014

^ddDEdK&KDWZ,E^/s/EKD &KZd,zZEϯϭDZϮϬϭϯ

			ŽŶƐŽůŝĚĂƚĞĚ
		ϮϬϭϯ	ϮϬϭϮ
	EŽƚĞƐ	Ψ	Ψ
/ŶĐŽŵĞ
KƚŚĞƌŝŶĐŽŵĞ	ϰ	ϭ͕ϯϬϱ͕Ϭϳϴ	ϵϳϳ͕Ϭϲϵ
dŽƚĂů/ŶĐŽŵĞ		ϭ͕ϯϬϱ͕Ϭϳϴ	ϵϳϳ͕Ϭϲϵ


ŵƉůŽLJĞĞďĞŶĞĨŝƚƐĞdžƉĞŶƐĞ	ϱ;ĂͿ	;ϭ͕Ϭϲϰ͕ϬϱϰͿ	;ϭ͕Ϭϰϰ͕ϳϱϯͿ
ŽŶƐƵůƚŝŶŐĂŶĚŽƵƚƐŽƵƌĐĞĚƐĞƌǀŝĐĞƐĞdžƉĞŶƐĞ		;ϯϱϰ͕ϮϰϯͿ	;ϱϵϰ͕ϱϮϯͿ
^ĞůĨͲĨƵŶĚĞĚĞdžƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞ		;ϰϵϵ͕ϴϱϯͿ	;ϭ͕ϭϭϯ͕ϮϮϵͿ
EĞƚƌĞĐŽǀĞƌLJĨƌŽŵũŽŝŶƚǀĞŶƚƵƌĞƉĂƌƚŶĞƌƐ	ϱ;ďͿ	ϰϴϴ͕ϱϬϳ	ϴϮ͕ϮϮϬ
dƌĂǀĞůĞdžƉĞŶƐĞ		;ϯϰ͕ϬϵϳͿ	;ϯϮ͕ϳϳϴͿ
^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚĞdžƉĞŶƐĞ	Ϯϳ;ĂͿ	;ϱϴ͕ϲϵϵͿ	;ϯϬ͕ϬϳϴͿ
ŽŵƉƵƚĞƌƌĞůĂƚĞĚĐŽƐƚƐ		;ϭ͕ϱϵϮͿ	;ϭϯ͕ϰϱϰͿ
KĐĐƵƉĂŶĐLJĐŽƐƚƐ		;ϴ͕ϵϬϴͿ	;Ϯ͕ϯϰϲͿ
/ŶƐƵƌĂŶĐĞĞdžƉĞŶƐĞ		;Ϯϳ͕ϮϵϳͿ	;Ϯϲ͕ϳϴϯͿ
DĂƌŬĞƚŝŶŐĞdžƉĞŶƐĞ		;ϱ͕ϴϱϳͿ	;ϭϭ͕ϯϴϱͿ
ĞƉƌĞĐŝĂƚŝŽŶ͕ĂŵŽƌƚŝƐĂƚŝŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚĞdžƉĞŶƐĞ	ϱ;ĐͿ	;ϰϭ͕ϭϵϵͿ	;ϳϮ͕ϭϲϲͿ
ZĞǀĂůƵĂƚŝŽŶŽĨĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚ		;ϵϱ͕ϳϴϯͿ	Ͳ
>ŽƐƐŽŶƐĂůĞŽĨĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚ		;Ϯϰϳ͕ϴϱϬͿ	Ͳ
KƚŚĞƌĞdžƉĞŶƐĞƐ		;ϯϭ͕ϴϱϱͿ	;ϰϵ͕ϭϲϲͿ
dŽƚĂůĞdžƉĞŶƐĞƐ		;ϭ͕ϵϴϮ͕ϳϴϬͿ	;Ϯ͕ϵϬϴ͕ϰϰϬͿ

>ŽƐƐĨƌŽŵĐŽŶƚŝŶƵŝŶŐŽƉĞƌĂƚŝŽŶƐďĞĨŽƌĞŝŶĐŽŵĞƚĂdžďĞŶĞĨŝƚ		;ϲϳϳ͕ϳϬϮͿ	;ϭ͕ϵϯϭ͕ϯϳϭͿ
/ŶĐŽŵĞƚĂdžďĞŶĞĨŝƚ	ϲ	Ͳ	Ͳ
>ŽƐƐĨƌŽŵĐŽŶƚŝŶƵŝŶŐŽƉĞƌĂƚŝŽŶƐĂĨƚĞƌƚĂdžĨŽƌƚŚĞƉĞƌŝŽĚ		;ϲϳϳ͕ϳϬϮͿ	;ϭ͕ϵϯϭ͕ϯϳϭͿ
KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͗
KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ		Ͳ	Ͳ
KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞͬ;ůŽƐƐͿŶĞƚŽĨƚĂdž		Ͳ	Ͳ
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞůŽƐƐĂƚƚƌŝďƵƚĂďůĞƚŽŽǁŶĞƌƐŽĨƚŚĞƉĂƌĞŶƚ		;ϲϳϳ͕ϳϬϮͿ	;ϭ͕ϵϯϭ͕ϯϳϭͿ

ĂƐŝĐĂŶĚĚŝůƵƚĞĚůŽƐƐƉĞƌƐŚĂƌĞ;ĐĞŶƚƐƉĞƌƐŚĂƌĞͿ	ϳ	;Ϭ͘ϯĐĞŶƚƐͿ	;ϭ͘ϭĐĞŶƚƐͿ

dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐĨŽƌŵƉĂƌƚŽĨƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽŶƉĂŐĞƐϭϵƚŽϱϰ͘

^ddDEdK&&/EE/>WK^/d/KE &KZd,zZEϯϭDZϮϬϭϯ ŽŶƐŽůŝĚĂƚĞĚ

		ϮϬϭϯ	ϮϬϭϮ
	EŽƚĞƐ	Ψ	Ψ
^^d^
ƵƌƌĞŶƚƐƐĞƚƐ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ	ϴ	ϭ͕ϴϱϬ͕ϳϲϵ	ϭ͕ϴϯϵ͕ϵϴϲ
ZĞƐƚƌŝĐƚĞĚĐĂƐŚĂƐƐĞƚ	ϴ	ϯϬϬ͕ϬϬϬ	ϯϬϬ͕ϬϬϬ
dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ	ϵ	ϮϮϵ͕ϭϲϬ	ϱϳϱ͕ϰϰϳ
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐ	ϭϬ	Ͳ	ϵϭϭ͕ϰϴϯ
dŽƚĂůƵƌƌĞŶƚƐƐĞƚƐ		Ϯ͕ϯϳϵ͕ϵϮϵ	ϯ͕ϲϮϲ͕ϵϭϲ
EŽŶͲƵƌƌĞŶƚƐƐĞƚƐ
WůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ	ϭϭ	ϲϰ͕ϳϯϳ	ϵϵ͕ϰϮϱ
/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐ	ϭϮ	ϯ͕ϳϰϮ	ϭ͕ϮϮϭ
džƉůŽƌĂƚŝŽŶĂƐƐĞƚ	ϭϯ	ϮϱϬ͕ϬϬϬ	Ͳ
dŽƚĂůEŽŶͲƵƌƌĞŶƚƐƐĞƚƐ		ϯϭϴ͕ϰϳϵ	ϭϬϬ͕ϲϰϲ

dKd>^^d^		Ϯ͕ϲϵϴ͕ϰϬϴ	ϯ͕ϳϮϳ͕ϱϲϮ
>//>/d/^
ƵƌƌĞŶƚ>ŝĂďŝůŝƚŝĞƐ
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ	ϭϰ	Ϯϳϭ͕ϮϬϲ	ϯϮϬ͕ϯϱϯ
WƌŽǀŝƐŝŽŶƐ	ϭϱ	ϭϬϴ͕ϯϮϮ	ϰϴ͕ϮϳϬ
hŶĞĂƌŶĞĚƌĞǀĞŶƵĞ	ϭϲ	ϭϲ͕ϰϴϯ	ϴϵ͕ϴϵϭ
džƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞƌĞŝŵďƵƌƐĞĚŝŶĂĚǀĂŶĐĞ	ϭϲ	ϭϯϰ͕ϰϭϵ	ϴϵϴ͕ϵϭϯ
dŽƚĂůƵƌƌĞŶƚ>ŝĂďŝůŝƚŝĞƐ		ϱϯϬ͕ϰϯϬ	ϭ͕ϯϱϳ͕ϰϮϳ
EŽŶͲƵƌƌĞŶƚ>ŝĂďŝůŝƚŝĞƐ
WƌŽǀŝƐŝŽŶƐ	ϭϱ	ϭϱ͕ϳϴϬ	ϯϴ͕ϱϬϲ
dŽƚĂůEŽŶͲƵƌƌĞŶƚ>ŝĂďŝůŝƚŝĞƐ		ϭϱ͕ϳϴϬ	ϯϴ͕ϱϬϲ
dKd>>//>/d/^		ϱϰϲ͕ϮϭϬ	ϭ͕ϯϵϱ͕ϵϯϯ

Ed^^d^		Ϯ͕ϭϱϮ͕ϭϵϴ	Ϯ͕ϯϯϭ͕ϲϮϵ
Yh/dz
ŽŶƚƌŝďƵƚĞĚĞƋƵŝƚLJ	ϭϳ	ϭϰ͕ϰϱϳ͕ϮϬϬ	ϭϯ͕ϵϱϴ͕ϵϮϵ
ZĞƐĞƌǀĞƐ	ϭϴ	ϭ͕ϲϲϬ͕ϵϳϰ	ϭ͕ϲϲϬ͕ϵϳϰ
ĐĐƵŵƵůĂƚĞĚůŽƐƐĞƐ		;ϭϯ͕ϵϲϱ͕ϵϳϲͿ	;ϭϯ͕Ϯϴϴ͕ϮϳϰͿ
dKd>Yh/dz		Ϯ͕ϭϱϮ͕ϭϵϴ	Ϯ͕ϯϯϭ͕ϲϮϵ

dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐƐĞƚŽƵƚŽŶƉĂŐĞƐϭϵƚŽϱϰĨŽƌŵƉĂƌƚŽĨƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

^ddDEdK&,E'^/EYh/dz&KZd,zZEϯϭDZϮϬϭϯ

KE^K>/d	EŽƚĞƐ	KƌĚŝŶĂƌLJ^ŚĂƌĞƐΨ	^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚZĞƐĞƌǀĞΨ	;ĐĐƵŵƵůĂƚĞĚ>ŽƐƐĞƐͿΨ	dŽƚĂůƋƵŝƚLJΨ

ƚϭ:ĂŶƵĂƌLJϮϬϭϯ		ϭϯ͕ϵϱϴ͕ϵϮϵ	ϭ͕ϲϲϬ͕ϵϳϰ	;ϭϯ͕Ϯϴϴ͕ϮϳϰͿ	Ϯ͕ϯϯϭ͕ϲϮϵ
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞƉĞƌŝŽĚ͕ŶĞƚŽĨ
ƚĂdž		Ͳ	Ͳ	;ϲϳϳ͕ϳϬϮͿ	;ϲϳϳ͕ϳϬϮͿ
dƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐŽŶƐŚĂƌĞŝƐƐƵĞƐ	ϭϳ	;ϯ͕ϮϬϬͿ	Ͳ	Ͳ	;ϯ͕ϮϬϬͿ
/ƐƐƵĞŽĨƐŚĂƌĞĐĂƉŝƚĂů	ϭϳ	ϱϬϬ͕ϬϬϬ	Ͳ	Ͳ	ϱϬϬ͕ϬϬϬ
^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚͲĞŵƉůŽLJĞĞ͕ĚŝƌĞĐƚŽƌƐĂŶĚ
ĐŽŶƐƵůƚĂŶƚƐƐŚĂƌĞƐ	ϭϳ	ϭ͕ϰϳϭ	Ͳ	Ͳ	ϭ͕ϰϳϭ
ƚϯϭĞĐĞŵďĞƌϮϬϭϯ		ϭϰ͕ϰϱϳ͕ϮϬϬ	ϭ͕ϲϲϬ͕ϵϳϰ	;ϭϯ͕ϵϲϱ͕ϵϳϲͿ	Ϯ͕ϭϱϮ͕ϭϵϴ

ƚϭ:ĂŶƵĂƌLJϮϬϭϮ		ϭϯ͕ϰϬϵ͕ϵϳϬ	ϭ͕ϲϲϬ͕ϵϳϰ	;ϭϭ͕ϯϱϲ͕ϵϬϯͿ	ϯ͕ϳϭϰ͕Ϭϰϭ
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞƉĞƌŝŽĚ͕ŶĞƚŽĨ
ƚĂdž		Ͳ	Ͳ	;ϭ͕ϵϯϭ͕ϯϳϭͿ	;ϭ͕ϵϯϭ͕ϯϳϭͿ
dƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐŽŶƐŚĂƌĞŝƐƐƵĞƐ	ϭϳ	;ϳ͕ϱϭϰͿ	Ͳ	Ͳ	;ϳ͕ϱϭϰͿ
/ƐƐƵĞŽĨƐŚĂƌĞĐĂƉŝƚĂů	ϭϳ	ϰϲϴ͕Ϯϰϳ	Ͳ	Ͳ	ϰϲϴ͕Ϯϰϳ
^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚͲĞŵƉůŽLJĞĞ͕ĚŝƌĞĐƚŽƌƐĂŶĚ
ĐŽŶƐƵůƚĂŶƚƐƐŚĂƌĞƐ	ϭϳ	ϴϴ͕ϮϮϲ	Ͳ	Ͳ	ϴϴ͕ϮϮϲ
ƚϯϭĞĐĞŵďĞƌϮϬϭϮ		ϭϯ͕ϵϱϴ͕ϵϮϵ	ϭ͕ϲϲϬ͕ϵϳϰ	;ϭϯ͕Ϯϴϴ͕ϮϳϰͿ	Ϯ͕ϯϯϭ͕ϲϮϵ

dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐƐĞƚŽƵƚŽŶƉĂŐĞƐϭϵƚŽϱϰĨŽƌŵƉĂƌƚŽĨƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

^ddDEdK&^,&>Kt^ &KZd,zZEϯϭDZϮϬϭϯ

		ŽŶƐŽůŝĚĂƚĞĚ
		ϮϬϭϯ	ϮϬϭϮ
	EŽƚĞƐ	Ψ	Ψ
^,&>Kt^h^/EKWZd/E'd/s/d/^
^ƵŶĚƌLJŝŶĐŽŵĞ		Ͳ	ϭϳ͕ϰϯϭ
ZĞŝŵďƵƌƐĞŵĞŶƚŽĨĞdžƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞ		ϭ͕ϱϲϴ͕ϭϵϮ	ϵϭϴ͕Ϯϱϳ
DĂŶĂŐĞŵĞŶƚĨĞĞƌĞĐĞŝǀĞĚ		ϲϰ͕ϯϭϮ	ϵϭ͕ϴϮϲ
WĂLJŵĞŶƚƐƚŽƐƵƉƉůŝĞƌƐĂŶĚĞŵƉůŽLJĞĞƐ		;ϯ͕ϵϬϱ͕ϬϰϱͿ	;Ϯ͕ϴϱϭ͕ϱϴϮͿ
ZĞĐĞŝƉƚƐŽĨƌĞƐĞĂƌĐŚĂŶĚĚĞǀĞůŽƉŵĞŶƚƌĞďĂƚĞ		ϰϬϴ͕Ϭϴϰ	ϰϬϱ͕Ϯϲϭ
/ŶƚĞƌĞƐƚƌĞĐĞŝǀĞĚ		ϲϵ͕ϴϱϰ	ϭϰϱ͕ϲϭϭ
Ed^,&>Kt^h^/EKWZd/E'd/s/d/^	ϭϵ	;ϭ͕ϳϵϰ͕ϲϬϯͿ	;ϭ͕Ϯϳϯ͕ϭϵϲͿ
^,&>Kt^h^/E/Es^d/E'd/s/d/^
WƵƌĐŚĂƐĞŽĨƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ		;Ϯ͕ϱϴϵͿ	;ϭϯ͕ϭϮϳͿ
WƵƌĐŚĂƐĞŽĨŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ		;ϲ͕ϰϰϰͿ	;ϱϲϮͿ
WĂLJŵĞŶƚĨŽƌĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ		Ͳ	;ϵϱ͕ϲϮϱͿ
WƌĞƉĂLJŵĞŶƚŽŶĂĐƋƵŝƐŝƚŝŽŶŽĨƚĞŶĞŵĞŶƚƐ	ϭϯ	;ϮϱϬ͕ϬϬϬͿ	Ͳ
WƌŽĐĞĞĚƐŽŶƐĂůĞŽĨƚĞŶĞŵĞŶƚƐ	ϮϬ	ϭ͕ϬϬϬ͕ϬϬϬ	Ͳ
WƌŽĐĞĞĚƐĨƌŽŵƐĂůĞŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ	ϭϬ	ϱϲϳ͕ϴϰϵ	Ͳ
Ed^,&>Kt^h^/E/Es^d/E'd/s/d/^		ϭ͕ϯϬϴ͕ϴϭϲ	;ϭϬϵ͕ϯϭϰͿ
^,&>Kt^&ZKD&/EE/E'd/s/d/^
WƌŽĐĞĞĚƐĨƌŽŵƚŚĞŝƐƐƵĞŽĨƐŚĂƌĞƐ		ϱϬϬ͕ϬϬϬ	Ͳ
ŽƐƚƐŽĨƐŚĂƌĞŝƐƐƵĞ		;ϯ͕ϮϬϬͿ	;ϳ͕ϱϭϰͿ
>ŽĂŶƐƚŽƌĞůĂƚĞĚĞŶƚŝƚLJͲƉĂLJŵĞŶƚƐŵĂĚĞ		;ϮϯϬͿ	Ͳ
Ed^,&>Kt^&ZKD&/EE/E'd/s/d/^		ϰϵϲ͕ϱϳϬ	;ϳ͕ϱϭϰͿ

Ed/EZ^ͬ;Z^Ϳ/E^,E^,Yh/s>Ed^		ϭϬ͕ϳϴϯ	;ϭ͕ϯϵϬ͕ϬϮϰͿ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĂƚďĞŐŝŶŶŝŶŐŽĨƉĞƌŝŽĚ		ϭ͕ϴϯϵ͕ϵϴϲ	ϯ͕ϮϯϬ͕ϬϭϬ
^,E^,Yh/s>Ed^dEK&WZ/K	ϴ	ϭ͕ϴϱϬ͕ϳϲϵ	ϭ͕ϴϯϵ͕ϵϴϲ

dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐƐĞƚŽƵƚŽŶƉĂŐĞƐϭϵƚŽϱϰĨŽƌŵƉĂƌƚŽĨƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

ϭ͘ KZWKZd/E&KZDd/KE

dŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ůĂŶĐLJ džƉůŽƌĂƚŝŽŶ >ŝŵŝƚĞĚ ;ƚŚĞ ŽŵƉĂŶLJ Žƌ ƚŚĞ 'ƌŽƵƉͿ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϭ ĞĐĞŵďĞƌ ϮϬϭϯ ǁĞƌĞ ĂƵƚŚŽƌŝƐĞĚ ĨŽƌ ŝƐƐƵĞ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ Ă ƌĞƐŽůƵƚŝŽŶ ŽĨ ƚŚĞ ĚŝƌĞĐƚŽƌƐ ŽŶ ϭϰDĂƌĐŚ ϮϬϭϰ͘ ůĂŶĐLJdžƉůŽƌĂƚŝŽŶ>ŝŵŝƚĞĚŝƐĂĨŽƌƉƌŽĨŝƚĞŶƚŝƚLJ͘

ůĂŶĐLJ džƉůŽƌĂƚŝŽŶ >ŝŵŝƚĞĚ ;ƚŚĞ ƉĂƌĞŶƚͿ ŝƐ Ă ĐŽŵƉĂŶLJ ůŝŵŝƚĞĚ ďLJ ƐŚĂƌĞƐ͕ ŝŶĐŽƌƉŽƌĂƚĞĚ ŝŶ ƵƐƚƌĂůŝĂ͕ ĂŶĚ ǁŚŽƐĞ ƐŚĂƌĞƐĂƌĞƉƵďůŝĐůLJƚƌĂĚĞĚŽŶƚŚĞƵƐƚƌĂůŝĂŶ^ĞĐƵƌŝƚŝĞƐdžĐŚĂŶŐĞ͘

dŚĞ ŶĂƚƵƌĞ ŽĨ ƚŚĞ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ƉƌŝŶĐŝƉĂů ĂĐƚŝǀŝƚŝĞƐ ŽĨ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĞŶƚŝƚLJ ĂƌĞ ĚĞƐĐƌŝďĞĚ ŝŶ ƚŚĞ ŝƌĞĐƚŽƌƐΖ ZĞƉŽƌƚ͘

Ϯ͘ ^hDDZzK&^/'E/&/EdKhEd/E'WK>//^

dŚĞƉƌŝŶĐŝƉĂůĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐĂĚŽƉƚĞĚŝŶƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞƐĞƚŽƵƚďĞůŽǁ͘dŚĞƐĞ ƉŽůŝĐŝĞƐ ŚĂǀĞ ďĞĞŶ ĐŽŶƐŝƐƚĞŶƚůLJ ĂƉƉůŝĞĚ ƚŽ Ăůů ƚŚĞ LJĞĂƌƐ ƉƌĞƐĞŶƚĞĚ͕ ƵŶůĞƐƐ ŽƚŚĞƌǁŝƐĞ ƐƚĂƚĞĚ͘ dŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐŝŶĐůƵĚĞ ƐĞƉĂƌĂƚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĨŽƌůĂŶĐLJdžƉůŽƌĂƚŝŽŶ >ŝŵŝƚĞĚĂƐĂŶŝŶĚŝǀŝĚƵĂůĞŶƚŝƚLJĂŶĚ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJĐŽŶƐŝƐƚŝŶŐŽĨůĂŶĐLJdžƉůŽƌĂƚŝŽŶ>ŝŵŝƚĞĚĂŶĚŝƚƐĐŽŶƚƌŽůůĞĚĞŶƚŝƚLJ͘

;ĂͿ ĂƐŝƐŽĨƉƌĞƉĂƌĂƚŝŽŶ

dŚĞƐĞ ŐĞŶĞƌĂů ƉƵƌƉŽƐĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŚĂǀĞ ďĞĞŶ ƉƌĞƉĂƌĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ ŽƌƉŽƌĂƚŝŽŶƐ Đƚ ϮϬϬϭ͕ ƵƐƚƌĂůŝĂŶ ĐĐŽƵŶƚŝŶŐ ^ƚĂŶĚĂƌĚƐ ĂŶĚ ŽƚŚĞƌ ĂƵƚŚŽƌŝƚĂƚŝǀĞ ƉƌŽŶŽƵŶĐĞŵĞŶƚƐ ŽĨ ƚŚĞ ƵƐƚƌĂůŝĂŶĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐŽĂƌĚ͘dŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞĂůƐŽďĞĞŶƉƌĞƉĂƌĞĚŽŶĂŚŝƐƚŽƌŝĐĂůĐŽƐƚ ďĂƐŝƐ͕ĞdžĐĞƉƚĨŽƌĂǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞŝŶǀĞƐƚŵĞŶƚƐ͕ǁŚŝĐŚŚĂǀĞďĞĞŶŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ͘

dŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞƉƌĞƐĞŶƚĞĚŝŶƵƐƚƌĂůŝĂŶĚŽůůĂƌƐ͘

;ďͿ ^ƚĂƚĞŵĞŶƚŽĨŽŵƉůŝĂŶĐĞ

dŚĞƐĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĐŽŵƉůLJ ǁŝƚŚ ƵƐƚƌĂůŝĂŶ ĐĐŽƵŶƚŝŶŐ ^ƚĂŶĚĂƌĚƐ ĂŶĚ /ŶƚĞƌŶĂƚŝŽŶĂů &ŝŶĂŶĐŝĂů ZĞƉŽƌƚŝŶŐ ^ƚĂŶĚĂƌĚƐ;/&Z^ͿĂƐŝƐƐƵĞĚďLJƚŚĞ/ŶƚĞƌŶĂƚŝŽŶĂůĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐŽĂƌĚ͘

dŚĞƐĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂƌĞ ŐĞŶĞƌĂů ƉƵƌƉŽƐĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ǁŚŝĐŚ ŚĂǀĞ ďĞĞŶ ƉƌĞƉĂƌĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭ͕ĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐĂŶĚ/ŶƚĞƌƉƌĞƚĂƚŝŽŶƐ͕ĂŶĚĐŽŵƉůLJǁŝƚŚŽƚŚĞƌƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨƚŚĞůĂǁ͘

;ĐͿ EĞǁĂĐĐŽƵŶƚŝŶŐƐƚĂŶĚĂƌĚƐĂŶĚŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐ

;ͿŚĂŶŐĞƐŝŶĂĐĐŽƵŶƚŝŶŐƉŽůŝĐLJĂŶĚĚŝƐĐůŽƐƵƌĞ

&ƌŽŵϭ :ĂŶƵĂƌLJϮϬϭϯ ƚŚĞ'ƌŽƵƉ ŚĂƐĂĚŽƉƚĞĚĂůůƐƚĂŶĚĂƌĚƐĂŶĚŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐ͕ŵĂŶĚĂƚŽƌLJ ĨŽƌĂŶŶƵĂů ƌĞƉŽƌƚŝŶŐ ƉĞƌŝŽĚƐďĞŐŝŶŶŝŶŐϭ:ĂŶƵĂƌLJϮϬϭϯ͘ĚŽƉƚŝŽŶŽĨƚŚĞƐĞƐƚĂŶĚĂƌĚƐĂŶĚŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐĚŝĚŶŽƚŚĂǀĞĂŶLJĞĨĨĞĐƚŽŶƚŚĞ ĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶŽƌƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ'ƌŽƵƉ͘

^ϭϬͲŽŶƐŽůŝĚĂƚĞĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ

^ϭϬĞƐƚĂďůŝƐŚĞƐĂŶĞǁĐŽŶƚƌŽůŵŽĚĞůƚŚĂƚĂƉƉůŝĞƐƚŽĂůůĞŶƚŝƚŝĞƐ͘/ƚ ƌĞƉůĂĐĞƐƉĂƌƚƐŽĨ^ϭϮϳŽŶƐŽůŝĚĂƚĞĚ ĂŶĚ^ĞƉĂƌĂƚĞ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐĚĞĂůŝŶŐǁŝƚŚƚŚĞĂĐĐŽƵŶƚŝŶŐĨŽƌĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚh/'ͲϭϭϮ ŽŶƐŽůŝĚĂƚŝŽŶͲ*^ƉĞĐŝĂůWƵƌƉŽƐĞŶƚŝƚŝĞƐ͘*

dŚĞŶĞǁĐŽŶƚƌŽůŵŽĚĞůďƌŽĂĚĞŶƐƚŚĞƐŝƚƵĂƚŝŽŶƐǁŚĞŶĂŶĞŶƚŝƚLJŝƐĐŽŶƐŝĚĞƌĞĚ ƚŽďĞĐŽŶƚƌŽůůĞĚďLJĂŶŽƚŚĞƌĞŶƚŝƚLJ ĂŶĚŝŶĐůƵĚĞƐŶĞǁŐƵŝĚĂŶĐĞĨŽƌĂƉƉůLJŝŶŐƚŚĞŵŽĚĞůƚŽƐƉĞĐŝĨŝĐƐŝƚƵĂƚŝŽŶƐ͕ŝŶĐůƵĚŝŶŐǁŚĞŶĂĐƚŝŶŐĂƐĂŵĂŶĂŐĞƌŵĂLJ ŐŝǀĞĐŽŶƚƌŽů͕ ƚŚĞŝŵƉĂĐƚŽĨƉŽƚĞŶƚŝĂůǀŽƚŝŶŐ ƌŝŐŚƚƐĂŶĚǁŚĞŶŚŽůĚŝŶŐůĞƐƐ ƚŚĂŶĂŵĂũŽƌŝƚLJǀŽƚŝŶŐ ƌŝŐŚƚƐŵĂLJŐŝǀĞ ĐŽŶƚƌŽů͘

dŚŝƐƐƚĂŶĚĂƌĚĚŝĚŶŽƚŚĂǀĞĂŶŝŵƉĂĐƚŽŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

^ϭϭͲ:ŽŝŶƚƌƌĂŶŐĞŵĞŶƚƐ

^ ϭϭ ƌĞƉůĂĐĞƐ ^ ϭϯϭ /ŶƚĞƌĞƐƚƐ ŝŶ :ŽŝŶƚ sĞŶƚƵƌĞƐ ĂŶĚ h/'Ͳϭϭϯ*:ŽŝŶƚůLJͲ ĐŽŶƚƌŽůůĞĚ ŶƚŝƚŝĞƐ Ͳ EŽŶͲŵŽŶĞƚĂƌLJ ŽŶƚƌŝďƵƚŝŽŶƐďLJsĞŶƚƵƌĞƐ*͘

Ϯ͘ ^hDDZzK&^/'E/&/EdKhEd/E'WK>//^;ĐŽŶƚŝŶƵĞĚͿ

^ ϭϭ ƵƐĞƐ ƚŚĞ ƉƌŝŶĐŝƉůĞ ŽĨ ĐŽŶƚƌŽů ŝŶ ^ ϭϬ ƚŽ ĚĞĨŝŶĞ ũŽŝŶƚ ĐŽŶƚƌŽů͕ ĂŶĚ ƚŚĞƌĞĨŽƌĞ ƚŚĞ ĚĞƚĞƌŵŝŶĂƚŝŽŶ ŽĨ ǁŚĞƚŚĞƌũŽŝŶƚĐŽŶƚƌŽůĞdžŝƐƚƐŵĂLJĐŚĂŶŐĞ͘/ŶĂĚĚŝƚŝŽŶŝƚƌĞŵŽǀĞƐƚŚĞŽƉƚŝŽŶƚŽĂĐĐŽƵŶƚĨŽƌũŽŝŶƚůLJĐŽŶƚƌŽůůĞĚĞŶƚŝƚŝĞƐ ;:ƐͿƵƐŝŶŐƉƌŽƉŽƌƚŝŽŶĂƚĞĐŽŶƐŽůŝĚĂƚŝŽŶ͘/ŶƐƚĞĂĚ͕ĂĐĐŽƵŶƚŝŶŐĨŽƌĂũŽŝŶƚĂƌƌĂŶŐĞŵĞŶƚŝƐĚĞƉĞŶĚĞŶƚŽŶƚŚĞŶĂƚƵƌĞ ŽĨƚŚĞƌŝŐŚƚƐĂŶĚŽďůŝŐĂƚŝŽŶƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞĂƌƌĂŶŐĞŵĞŶƚ͘:ŽŝŶƚŽƉĞƌĂƚŝŽŶƐƚŚĂƚŐŝǀĞƚŚĞǀĞŶƚƵƌĞƌƐĂƌŝŐŚƚƚŽƚŚĞ ƵŶĚĞƌůLJŝŶŐ ĂƐƐĞƚƐ ĂŶĚ ŽďůŝŐĂƚŝŽŶƐ ƚŚĞŵƐĞůǀĞƐ ŝƐ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ďLJ ƌĞĐŽŐŶŝƐŝŶŐ ƚŚĞ ƐŚĂƌĞ ŽĨ ƚŚŽƐĞ ĂƐƐĞƚƐ ĂŶĚ ŽďůŝŐĂƚŝŽŶƐ͘ :ŽŝŶƚ ǀĞŶƚƵƌĞƐ ƚŚĂƚ ŐŝǀĞ ƚŚĞ ǀĞŶƚƵƌĞƌƐ Ă ƌŝŐŚƚ ƚŽ ƚŚĞ ŶĞƚ ĂƐƐĞƚƐ ŝƐ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ƵƐŝŶŐ ƚŚĞ ĞƋƵŝƚLJ ŵĞƚŚŽĚdŚŝƐƐƚĂŶĚĂƌĚĚŝĚŶŽƚŚĂǀĞĂŶŝŵƉĂĐƚŽŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

^ϭϮͲŝƐĐůŽƐƵƌĞŽĨ/ŶƚĞƌĞƐƚƐŝŶKƚŚĞƌŶƚŝƚŝĞƐ

^ϭϮŝŶĐůƵĚĞƐĂůůĚŝƐĐůŽƐƵƌĞƐƌĞůĂƚŝŶŐƚŽĂŶĞŶƚŝƚLJΖƐŝŶƚĞƌĞƐƚƐŝŶƐƵďƐŝĚŝĂƌŝĞƐ͕ũŽŝŶƚĂƌƌĂŶŐĞŵĞŶƚƐ͕ĂƐƐŽĐŝĂƚĞƐĂŶĚ ƐƚƌƵĐƚƵƌĞĚ ĞŶƚŝƚŝĞƐ͘ EĞǁ ĚŝƐĐůŽƐƵƌĞƐ ŚĂǀĞ ďĞĞŶ ŝŶƚƌŽĚƵĐĞĚ ĂďŽƵƚ ƚŚĞ ũƵĚŐŵĞŶƚƐ ŵĂĚĞ ďLJ ŵĂŶĂŐĞŵĞŶƚ ƚŽ ĚĞƚĞƌŵŝŶĞǁŚĞƚŚĞƌĐŽŶƚƌŽůĞdžŝƐƚƐ͕ĂŶĚƚŽƌĞƋƵŝƌĞƐƵŵŵĂƌŝƐĞĚŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚũŽŝŶƚĂƌƌĂŶŐĞŵĞŶƚƐ͕ĂƐƐŽĐŝĂƚĞƐ͕ ƐƚƌƵĐƚƵƌĞĚĞŶƚŝƚŝĞƐĂŶĚƐƵďƐŝĚŝĂƌŝĞƐǁŝƚŚŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ͘

dŚŝƐƐƚĂŶĚĂƌĚĚŝĚŶŽƚŚĂǀĞĂŶŝŵƉĂĐƚŽŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

^ϭϯͲ&ĂŝƌsĂůƵĞDĞĂƐƵƌĞŵĞŶƚ

^ϭϯĞƐƚĂďůŝƐŚĞƐĂƐŝŶŐůĞƐŽƵƌĐĞŽĨŐƵŝĚĂŶĐĞ ĨŽƌĚĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ĨĂŝƌǀĂůƵĞŽĨĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͘^ϭϯ ĚŽĞƐŶŽƚĐŚĂŶŐĞǁŚĞŶĂŶĞŶƚŝƚLJŝƐƌĞƋƵŝƌĞĚƚŽƵƐĞĨĂŝƌǀĂůƵĞ͕ďƵƚƌĂƚŚĞƌ͕ƉƌŽǀŝĚĞƐŐƵŝĚĂŶĐĞŽŶŚŽǁƚŽĚĞƚĞƌŵŝŶĞ ĨĂŝƌǀĂůƵĞǁŚĞŶĨĂŝƌǀĂůƵĞŝƐƌĞƋƵŝƌĞĚŽƌƉĞƌŵŝƚƚĞĚ͘ƉƉůŝĐĂƚŝŽŶŽĨƚŚŝƐĚĞĨŝŶŝƚŝŽŶŵĂLJƌĞƐƵůƚŝŶĚŝĨĨĞƌĞŶƚĨĂŝƌǀĂůƵĞƐ ďĞŝŶŐĚĞƚĞƌŵŝŶĞĚĨŽƌƚŚĞƌĞůĞǀĂŶƚĂƐƐĞƚƐ͘

^ ϭϯĂůƐŽĞdžƉĂŶĚƐ ƚŚĞ ĚŝƐĐůŽƐƵƌĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ĨŽƌĂůů ĂƐƐĞƚƐ Žƌ ůŝĂďŝůŝƚŝĞƐ ĐĂƌƌŝĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ͘dŚŝƐ ŝŶĐůƵĚĞƐ ŝŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ ƚŚĞ ĂƐƐƵŵƉƚŝŽŶƐ ŵĂĚĞ ĂŶĚ ƚŚĞ ƋƵĂůŝƚĂƚŝǀĞ ŝŵƉĂĐƚ ŽĨ ƚŚŽƐĞ ĂƐƐƵŵƉƚŝŽŶƐ ŽŶ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ĚĞƚĞƌŵŝŶĞĚ

ĚĚŝƚŝŽŶĂůĚŝƐĐůŽƐƵƌĞƐŚĂǀĞďĞĞŶŵĂĚĞŝŶEŽƚĞϭϬŽĨƚŚĞĂĐĐŽƵŶƚƐŝŶƌĞůĂƚŝŽŶƚŽƚŚŝƐƐƚĂŶĚĂƌĚ͘

;ͿĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐŝƐƐƵĞĚďƵƚŶŽƚLJĞƚĞĨĨĞĐƚŝǀĞ

^ ϮϬϭϮͲϯͲ ŵĞŶĚŵĞŶƚƐ ƚŽ ƵƐƚƌĂůŝĂŶ ĐĐŽƵŶƚŝŶŐ ^ƚĂŶĚĂƌĚƐ Ͳ KĨĨƐĞƚƚŝŶŐ &ŝŶĂŶĐŝĂů ƐƐĞƚƐ ĂŶĚ &ŝŶĂŶĐŝĂů >ŝĂďŝůŝƚŝĞƐ

^ ϮϬϭϮͲϯ ĂĚĚƐ ĂƉƉůŝĐĂƚŝŽŶ ŐƵŝĚĂŶĐĞ ƚŽ ^ ϭϯϮ &ŝŶĂŶĐŝĂů /ŶƐƚƌƵŵĞŶƚƐ͗ WƌĞƐĞŶƚĂƚŝŽŶ ƚŽ ĂĚĚƌĞƐƐ ŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐŝĚĞŶƚŝĨŝĞĚŝŶĂƉƉůLJŝŶŐƐŽŵĞŽĨƚŚĞŽĨĨƐĞƚƚŝŶŐĐƌŝƚĞƌŝĂŽĨ^ϭϯϮ͕ŝŶĐůƵĚŝŶŐĐůĂƌŝĨLJŝŶŐƚŚĞŵĞĂŶŝŶŐ ŽĨΗĐƵƌƌĞŶƚůLJŚĂƐĂůĞŐĂůůLJĞŶĨŽƌĐĞĂďůĞƌŝŐŚƚŽĨƐĞƚͲŽĨĨΗĂŶĚƚŚĂƚƐŽŵĞŐƌŽƐƐƐĞƚƚůĞŵĞŶƚƐLJƐƚĞŵƐŵĂLJďĞĐŽŶƐŝĚĞƌĞĚ ĞƋƵŝǀĂůĞŶƚƚŽŶĞƚƐĞƚƚůĞŵĞŶƚ͘

/ƚŝƐĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚƚŚŝƐƐƚĂŶĚĂƌĚǁŝůůŚĂǀĞŶŝůŝŵƉĂĐƚŽŶƚŚĞŽŵƉĂŶLJƐŝŶĐĞŝƚĚŽĞƐŶŽƚŽĨĨƐĞƚĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚ ĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ͘

^ϮϬϭϯͲϯͲŵĞŶĚŵĞŶƚƐƚŽ^ϭϯϲʹZĞĐŽǀĞƌĂďůĞŵŽƵŶƚŝƐĐůŽƐƵƌĞƐĨŽƌEŽŶͲ&ŝŶĂŶĐŝĂůƐƐĞƚƐ

^ϮϬϭϯͲϯĂŵĞŶĚƐ ƚŚĞ ĚŝƐĐůŽƐƵƌĞ ƌĞƋƵŝƌĞŵĞŶƚƐŝŶ^ϭϯϲ*/ŵƉĂŝƌŵĞŶƚŽĨƐƐĞƚƐ*͘dŚĞĂŵĞŶĚŵĞŶƚƐŝŶĐůƵĚĞ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚ ƚŽ ĚŝƐĐůŽƐĞ ĂĚĚŝƚŝŽŶĂů ŝŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŵĞĂƐƵƌĞŵĞŶƚ ǁŚĞŶ ƚŚĞ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚŽĨŝŵƉĂŝƌĞĚĂƐƐĞƚƐŝƐďĂƐĞĚŽŶĨĂŝƌǀĂůƵĞůĞƐƐĐŽƐƚƐŽĨĚŝƐƉŽƐĂů͘

dŚĞĨŽůůŽǁŝŶŐƵƐƚƌĂůŝĂŶĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐĂŶĚ/ŶƚĞƌƉƌĞƚĂƚŝŽŶƐƚŚĂƚŚĂǀĞƌĞĐĞŶƚůLJďĞĞŶŝƐƐƵĞĚďƵƚĂƌĞŶŽƚLJĞƚ ĞĨĨĞĐƚŝǀĞŚĂǀĞŶŽƚďĞĞŶĂĚŽƉƚĞĚďLJƚŚĞ'ƌŽƵƉĨŽƌƚŚĞĂŶŶƵĂůƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚĞŶĚŝŶŐϯϭĞĐĞŵďĞƌϮϬϭϯ͘EŽŶĞ ŽĨƚŚĞƐƚĂŶĚĂƌĚƐŝƐƐƵĞĚĂŶĚŶŽƚLJĞƚĞĨĨĞĐƚŝǀĞĂƌĞĞdžƉĞĐƚĞĚƚŽŚĂǀĞĂƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ ƵŶůĞƐƐƐƉĞĐŝĨŝĐĂůůLJƐƚĂƚĞĚďĞůŽǁ͘dŚŽƐĞƚŚĂƚĂƌĞƌĞůĞǀĂŶƚƚŽƚŚĞ'ƌŽƵƉĂƌĞŽƵƚůŝŶĞĚďĞůŽǁ͗

^ϵ&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐ

^ϵŝŶĐůƵĚĞƐƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƚŚĞĐůĂƐƐŝĨŝĐĂƚŝŽŶĂŶĚŵĞĂƐƵƌĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͘/ƚǁĂƐĨƵƌƚŚĞƌĂŵĞŶĚĞĚ ďLJ^ϮϬϭϬͲϳƚŽƌĞĨůĞĐƚĂŵĞŶĚŵĞŶƚƐƚŽƚŚĞĂĐĐŽƵŶƚŝŶŐĨŽƌĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ͘dŚĞƐĞƌĞƋƵŝƌĞŵĞŶƚƐŝŵƉƌŽǀĞĂŶĚ ƐŝŵƉůŝĨLJƚŚĞĂƉƉƌŽĂĐŚĨŽƌĐůĂƐƐŝĨŝĐĂƚŝŽŶĂŶĚŵĞĂƐƵƌĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĐŽŵƉĂƌĞĚǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨ ^ϭϯϵ͘dŚĞŵĂŝŶĐŚĂŶŐĞƐĂƌĞĚĞƐĐƌŝďĞĚďĞůŽǁ͘

Ϯ͘ ^hDDZzK&^/'E/&/EdKhEd/E'WK>//^;ĐŽŶƚŝŶƵĞĚͿ

;ĂͿ&ŝŶĂŶĐŝĂůĂƐƐĞƚƐƚŚĂƚĂƌĞĚĞďƚŝŶƐƚƌƵŵĞŶƚƐǁŝůůďĞĐůĂƐƐŝĨŝĞĚďĂƐĞĚŽŶ

x ƚŚĞŽďũĞĐƚŝǀĞŽĨƚŚĞĞŶƚŝƚLJ͛ƐďƵƐŝŶĞƐƐŵŽĚĞůĨŽƌŵĂŶĂŐŝŶŐƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͖
x ƚŚĞĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨƚŚĞĐŽŶƚƌĂĐƚƵĂůĐĂƐŚĨůŽǁƐ͘

;ďͿ ůůŽǁƐ ĂŶ ŝƌƌĞǀŽĐĂďůĞ ĞůĞĐƚŝŽŶ ŽŶ ŝŶŝƚŝĂů ƌĞĐŽŐŶŝƚŝŽŶ ƚŽ ƉƌĞƐĞŶƚ ŐĂŝŶƐ ĂŶĚ ůŽƐƐĞƐ ŽŶ ŝŶǀĞƐƚŵĞŶƚƐ ŝŶ ĞƋƵŝƚLJ ŝŶƐƚƌƵŵĞŶƚƐ ƚŚĂƚ ĂƌĞ ŶŽƚ ŚĞůĚ ĨŽƌ ƚƌĂĚŝŶŐ ŝŶ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ͘ ŝǀŝĚĞŶĚƐ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƚŚĞƐĞ ŝŶǀĞƐƚŵĞŶƚƐ ƚŚĂƚĂƌĞĂ ƌĞƚƵƌŶ ŽŶ ŝŶǀĞƐƚŵĞŶƚĐĂŶ ďĞ ƌĞĐŽŐŶŝƐĞĚŝŶ ƉƌŽĨŝƚ ŽƌůŽƐƐĂŶĚ ƚŚĞƌĞŝƐ ŶŽŝŵƉĂŝƌŵĞŶƚŽƌ ƌĞĐLJĐůŝŶŐŽŶĚŝƐƉŽƐĂůŽĨƚŚĞŝŶƐƚƌƵŵĞŶƚ͘

;ĐͿ &ŝŶĂŶĐŝĂůĂƐƐĞƚƐ ĐĂŶ ďĞ ĚĞƐŝŐŶĂƚĞĚ ĂŶĚŵĞĂƐƵƌĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ ƚŚƌŽƵŐŚ ƉƌŽĨŝƚ Žƌ ůŽƐƐ Ăƚ ŝŶŝƚŝĂů ƌĞĐŽŐŶŝƚŝŽŶ ŝĨ ĚŽŝŶŐ ƐŽĞůŝŵŝŶĂƚĞƐ Žƌ ƐŝŐŶŝĨŝĐĂŶƚůLJ ƌĞĚƵĐĞƐĂŵĞĂƐƵƌĞŵĞŶƚŽƌ ƌĞĐŽŐŶŝƚŝŽŶŝŶĐŽŶƐŝƐƚĞŶĐLJ ƚŚĂƚǁŽƵůĚĂƌŝƐĞ ĨƌŽŵ ŵĞĂƐƵƌŝŶŐĂƐƐĞƚƐŽƌůŝĂďŝůŝƚŝĞƐ͕ŽƌƌĞĐŽŐŶŝƐŝŶŐƚŚĞŐĂŝŶƐĂŶĚůŽƐƐĞƐŽŶƚŚĞŵ͕ŽŶĚŝĨĨĞƌĞŶƚďĂƐĞƐ͘

;ĚͿtŚĞƌĞ ƚŚĞ ĨĂŝƌǀĂůƵĞŽƉƚŝŽŶŝƐƵƐĞĚ ĨŽƌ ĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ ƚŚĞĐŚĂŶŐĞŝŶ ĨĂŝƌǀĂůƵĞŝƐ ƚŽďĞĂĐĐŽƵŶƚĞĚ ĨŽƌĂƐ ĨŽůůŽǁƐ͗

x dŚĞĐŚĂŶŐĞĂƚƚƌŝďƵƚĂďůĞƚŽĐŚĂŶŐĞƐŝŶĐƌĞĚŝƚƌŝƐŬĂƌĞƉƌĞƐĞŶƚĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ;K/Ϳ
x dŚĞƌĞŵĂŝŶŝŶŐĐŚĂŶŐĞŝƐƉƌĞƐĞŶƚĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ͘

/Ĩ ƚŚŝƐ ĂƉƉƌŽĂĐŚ ĐƌĞĂƚĞƐ Žƌ ĞŶůĂƌŐĞƐ ĂŶ ĂĐĐŽƵŶƚŝŶŐ ŵŝƐŵĂƚĐŚ ŝŶƚŚĞ ƉƌŽĨŝƚ Žƌ ůŽƐƐ͕ ƚŚĞ ĞĨĨĞĐƚ ŽĨƚŚĞ ĐŚĂŶŐĞƐ ŝŶ ĐƌĞĚŝƚƌŝƐŬĂƌĞĂůƐŽƉƌĞƐĞŶƚĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ͘

&ƵƌƚŚĞƌ ĂŵĞŶĚŵĞŶƚƐ ǁĞƌĞ ŵĂĚĞ ďLJ ^ ϮϬϭϯͲϵ ǁŚŝĐŚ ĂŵĞŶĚƐ ƚŚĞ ŵĂŶĚĂƚŽƌLJ ĞĨĨĞĐƚŝǀĞ ĚĂƚĞ ƚŽ ĂŶŶƵĂů ƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚƐďĞŐŝŶŶŝŶŐŽŶŽƌĂĨƚĞƌϭ:ĂŶƵĂƌLJϮϬϭϳ͘^ϮϬϭϯͲϵĂůƐŽŵŽĚŝĨŝĞƐƚŚĞƌĞůŝĞĨĨƌŽŵƌĞƐƚĂƚŝŶŐƉƌŝŽƌ ƉĞƌŝŽĚƐ ďLJ ĂŵĞŶĚŝŶŐ ^ ϳ ƚŽ ƌĞƋƵŝƌĞ ĂĚĚŝƚŝŽŶĂů ĚŝƐĐůŽƐƵƌĞƐ ŽŶ ƚƌĂŶƐŝƚŝŽŶ ƚŽ ^ ϵ ŝŶ ƐŽŵĞ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͘ ŽŶƐĞƋƵĞŶƚŝĂůĂŵĞŶĚŵĞŶƚƐǁĞƌĞĂůƐŽŵĂĚĞƚŽŽƚŚĞƌƐƚĂŶĚĂƌĚƐĂƐĂƌĞƐƵůƚŽĨ^ϵ͕ŝŶƚƌŽĚƵĐĞĚďLJ^ϮϬϬϵͲ ϭϭĂŶĚƐƵƉĞƌƐĞĚĞĚďLJ^ϮϬϭϬͲϳĂŶĚϮϬϭϬͲϭϬ͘

dŚĞ ƌĞǀŝƐĞĚ ƐƚĂŶĚĂƌĚ ŝƐ ŶŽƚ ĞdžƉĞĐƚĞĚ ƚŽ ŚĂǀĞ Ă ƐŝŐŶŝĨŝĐĂŶƚ ŝŵƉĂĐƚ ŽŶ ƚŚĞ ĐůĂƐƐŝĨŝĐĂƚŝŽŶ ĂŶĚ ŵĞĂƐƵƌĞŵĞŶƚ ŽĨ ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŽƌĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ͘

;ĚͿ ĂƐŝƐŽĨĐŽŶƐŽůŝĚĂƚŝŽŶ

dŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĐŽŵƉƌŝƐĞƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞ'ƌŽƵƉĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĂƐĂƚϯϭ ĞĐĞŵďĞƌ ϮϬϭϯ͘ ŽŶƚƌŽů ŝƐ ĂĐŚŝĞǀĞĚ ǁŚĞŶ ƚŚĞ 'ƌŽƵƉ ŝƐ ĞdžƉŽƐĞĚ͕ Žƌ ŚĂƐ ƌŝŐŚƚƐ͕ ƚŽ ǀĂƌŝĂďůĞ ƌĞƚƵƌŶƐ ĨƌŽŵ ŝƚƐ ŝŶǀŽůǀĞŵĞŶƚǁŝƚŚ ƚŚĞŝŶǀĞƐƚĞĞĂŶĚ ŚĂƐ ƚŚĞĂďŝůŝƚLJ ƚŽĂĨĨĞĐƚ ƚŚŽƐĞ ƌĞƚƵƌŶƐ ƚŚƌŽƵŐŚŝƚƐ ƉŽǁĞƌ ŽǀĞƌ ƚŚĞŝŶǀĞƐƚĞĞ͘ ^ƉĞĐŝĨŝĐĂůůLJ͕ƚŚĞ'ƌŽƵƉĐŽŶƚƌŽůƐĂŶŝŶǀĞƐƚĞĞŝĨĂŶĚŽŶůLJŝĨƚŚĞ'ƌŽƵƉŚĂƐ͗

x WŽǁĞƌŽǀĞƌƚŚĞŝŶǀĞƐƚĞĞ;ŝ͘Ğ͘ĞdžŝƐƚŝŶŐƌŝŐŚƚƐƚŚĂƚŐŝǀĞŝƚƚŚĞĐƵƌƌĞŶƚĂďŝůŝƚLJƚŽĚŝƌĞĐƚƚŚĞƌĞůĞǀĂŶƚĂĐƚŝǀŝƚŝĞƐŽĨ ƚŚĞŝŶǀĞƐƚĞĞͿ
x džƉŽƐƵƌĞ͕ŽƌƌŝŐŚƚƐ͕ƚŽǀĂƌŝĂďůĞƌĞƚƵƌŶƐĨƌŽŵŝƚƐŝŶǀŽůǀĞŵĞŶƚǁŝƚŚƚŚĞŝŶǀĞƐƚĞĞ͕ĂŶĚ
x dŚĞĂďŝůŝƚLJƚŽƵƐĞŝƚƐƉŽǁĞƌŽǀĞƌƚŚĞŝŶǀĞƐƚĞĞƚŽĂĨĨĞĐƚŝƚƐƌĞƚƵƌŶƐ

tŚĞŶ ƚŚĞ'ƌŽƵƉ ŚĂƐůĞƐƐ ƚŚĂŶĂŵĂũŽƌŝƚLJŽĨ ƚŚĞǀŽƚŝŶŐŽƌƐŝŵŝůĂƌ ƌŝŐŚƚƐŽĨĂŶŝŶǀĞƐƚĞĞ͕ ƚŚĞ'ƌŽƵƉĐŽŶƐŝĚĞƌƐĂůů ƌĞůĞǀĂŶƚĨĂĐƚƐĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐŝŶĂƐƐĞƐƐŝŶŐǁŚĞƚŚĞƌŝƚŚĂƐƉŽǁĞƌŽǀĞƌĂŶŝŶǀĞƐƚĞĞ͕ŝŶĐůƵĚŝŶŐ͗

x dŚĞĐŽŶƚƌĂĐƚƵĂůĂƌƌĂŶŐĞŵĞŶƚǁŝƚŚƚŚĞŽƚŚĞƌǀŽƚĞŚŽůĚĞƌƐŽĨƚŚĞŝŶǀĞƐƚĞĞ
x ZŝŐŚƚƐĂƌŝƐŝŶŐĨƌŽŵŽƚŚĞƌĐŽŶƚƌĂĐƚƵĂůĂƌƌĂŶŐĞŵĞŶƚƐ
x dŚĞ'ƌŽƵƉ͛ƐǀŽƚŝŶŐƌŝŐŚƚƐĂŶĚƉŽƚĞŶƚŝĂůǀŽƚŝŶŐƌŝŐŚƚƐ

dŚĞ'ƌŽƵƉ ƌĞͲĂƐƐĞƐƐĞƐǁŚĞƚŚĞƌŽƌŶŽƚŝƚĐŽŶƚƌŽůƐĂŶŝŶǀĞƐƚĞĞŝĨ ĨĂĐƚƐĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐŝŶĚŝĐĂƚĞ ƚŚĂƚ ƚŚĞƌĞĂƌĞ ĐŚĂŶŐĞƐƚŽŽŶĞŽƌŵŽƌĞŽĨƚŚĞƚŚƌĞĞĞůĞŵĞŶƚƐŽĨĐŽŶƚƌŽů͘ŽŶƐŽůŝĚĂƚŝŽŶŽĨĂƐƵďƐŝĚŝĂƌLJďĞŐŝŶƐǁŚĞŶƚŚĞ'ƌŽƵƉ ŽďƚĂŝŶƐĐŽŶƚƌŽůŽǀĞƌƚŚĞƐƵďƐŝĚŝĂƌLJĂŶĚĐĞĂƐĞƐǁŚĞŶƚŚĞ'ƌŽƵƉůŽƐĞƐĐŽŶƚƌŽůŽĨƚŚĞƐƵďƐŝĚŝĂƌLJ͘ƐƐĞƚƐ͕ůŝĂďŝůŝƚŝĞƐ͕ ŝŶĐŽŵĞĂŶĚĞdžƉĞŶƐĞƐ ŽĨĂ ƐƵďƐŝĚŝĂƌLJĂĐƋƵŝƌĞĚ ŽƌĚŝƐƉŽƐĞĚ ŽĨ ĚƵƌŝŶŐ ƚŚĞLJĞĂƌĂƌĞ ŝŶĐůƵĚĞĚŝŶ ƚŚĞ ƐƚĂƚĞŵĞŶƚŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĨƌŽŵ ƚŚĞ ĚĂƚĞ ƚŚĞ 'ƌŽƵƉ ŐĂŝŶƐ ĐŽŶƚƌŽů ƵŶƚŝů ƚŚĞ ĚĂƚĞ ƚŚĞ 'ƌŽƵƉ ĐĞĂƐĞƐ ƚŽ ĐŽŶƚƌŽů ƚŚĞ ƐƵďƐŝĚŝĂƌLJ͘

WƌŽĨŝƚŽƌůŽƐƐĂŶĚĞĂĐŚĐŽŵƉŽŶĞŶƚŽĨŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ;K/ͿĂƌĞĂƚƚƌŝďƵƚĞĚƚŽƚŚĞĞƋƵŝƚLJŚŽůĚĞƌƐŽĨ ƚŚĞƉĂƌĞŶƚŽĨƚŚĞ'ƌŽƵƉĂŶĚƚŽƚŚĞŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ͕ĞǀĞŶŝĨƚŚŝƐƌĞƐƵůƚƐŝŶƚŚĞŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ ŚĂǀŝŶŐ Ă ĚĞĨŝĐŝƚ ďĂůĂŶĐĞ͘tŚĞŶ ŶĞĐĞƐƐĂƌLJ͕ ĂĚũƵƐƚŵĞŶƚƐ ĂƌĞŵĂĚĞƚŽ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ƐƵďƐŝĚŝĂƌŝĞƐ ƚŽ ďƌŝŶŐƚŚĞŝƌĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐŝŶƚŽůŝŶĞǁŝƚŚƚŚĞ'ƌŽƵƉ͛ƐĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐ͘ůůŝŶƚƌĂͲŐƌŽƵƉĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͕ ĞƋƵŝƚLJ͕ŝŶĐŽŵĞ͕ĞdžƉĞŶƐĞƐĂŶĚĐĂƐŚĨůŽǁƐƌĞůĂƚŝŶŐƚŽƚƌĂŶƐĂĐƚŝŽŶƐďĞƚǁĞĞŶŵĞŵďĞƌƐŽĨƚŚĞ'ƌŽƵƉĂƌĞĞůŝŵŝŶĂƚĞĚ ŝŶĨƵůůŽŶĐŽŶƐŽůŝĚĂƚŝŽŶ͘

Ϯ͘ ^hDDZzK&^/'E/&/EdKhEd/E'WK>//^;ĐŽŶƚŝŶƵĞĚͿ

ĐŚĂŶŐĞ ŝŶ ƚŚĞ ŽǁŶĞƌƐŚŝƉ ŝŶƚĞƌĞƐƚ ŽĨ Ă ƐƵďƐŝĚŝĂƌLJ͕ ǁŝƚŚŽƵƚ Ă ůŽƐƐ ŽĨ ĐŽŶƚƌŽů͕ ŝƐ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ĂƐ ĂŶ ĞƋƵŝƚLJ ƚƌĂŶƐĂĐƚŝŽŶ͘/ĨƚŚĞ'ƌŽƵƉůŽƐĞƐĐŽŶƚƌŽůŽǀĞƌĂƐƵďƐŝĚŝĂƌLJ͕ŝƚ͗

EKd^dKKhEd^

x ĞƌĞĐŽŐŶŝƐĞƐƚŚĞĂƐƐĞƚƐ;ŝŶĐůƵĚŝŶŐŐŽŽĚǁŝůůͿĂŶĚůŝĂďŝůŝƚŝĞƐŽĨƚŚĞƐƵďƐŝĚŝĂƌLJ
x ĞƌĞĐŽŐŶŝƐĞƐƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨĂŶLJŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ
x ĞƌĞĐŽŐŶŝƐĞƐƚŚĞĐƵŵƵůĂƚŝǀĞƚƌĂŶƐůĂƚŝŽŶĚŝĨĨĞƌĞŶĐĞƐƌĞĐŽƌĚĞĚŝŶĞƋƵŝƚLJ
x ZĞĐŽŐŶŝƐĞƐƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶƌĞĐĞŝǀĞĚ
x ZĞĐŽŐŶŝƐĞƐƚŚĞĨĂŝƌǀĂůƵĞŽĨĂŶLJŝŶǀĞƐƚŵĞŶƚƌĞƚĂŝŶĞĚ
x ZĞĐŽŐŶŝƐĞƐĂŶLJƐƵƌƉůƵƐŽƌĚĞĨŝĐŝƚŝŶƉƌŽĨŝƚŽƌůŽƐƐ
x ZĞĐůĂƐƐŝĨŝĞƐƚŚĞƉĂƌĞŶƚ͛ƐƐŚĂƌĞŽĨĐŽŵƉŽŶĞŶƚƐƉƌĞǀŝŽƵƐůLJƌĞĐŽŐŶŝƐĞĚŝŶK/ƚŽƉƌŽĨŝƚŽƌůŽƐƐŽƌƌĞƚĂŝŶĞĚ ĞĂƌŶŝŶŐƐ͕ĂƐĂƉƉƌŽƉƌŝĂƚĞ͕ĂƐǁŽƵůĚďĞƌĞƋƵŝƌĞĚŝĨƚŚĞ'ƌŽƵƉŚĂĚĚŝƌĞĐƚůLJĚŝƐƉŽƐĞĚŽĨƚŚĞƌĞůĂƚĞĚĂƐƐĞƚƐŽƌ ůŝĂďŝůŝƚŝĞƐ

;ĞͿ /ŶǀĞƐƚŵĞŶƚŝŶũŽŝŶƚŽƉĞƌĂƚŝŽŶƐ

ũŽŝŶƚŽƉĞƌĂƚŝŽŶŝƐĂƚLJƉĞŽĨũŽŝŶƚĂƌƌĂŶŐĞŵĞŶƚǁŚĞƌĞďLJƚŚĞƉĂƌƚŝĞƐƚŚĂƚŚĂǀĞũŽŝŶƚĐŽŶƚƌŽůŽĨƚŚĞĂƌƌĂŶŐĞŵĞŶƚ ŚĂǀĞƌŝŐŚƚƐƚŽƚŚĞĂƐƐĞƚƐ͕ĂŶĚŽďůŝŐĂƚŝŽŶƐĨŽƌƚŚĞůŝĂďŝůŝƚŝĞƐ͕ƌĞůĂƚŝŶŐƚŽƚŚĞĂƌƌĂŶŐĞŵĞŶƚ͘

:ŽŝŶƚĐŽŶƚƌŽůŝƐƚŚĞĐŽŶƚƌĂĐƚƵĂůůLJĂŐƌĞĞĚƐŚĂƌŝŶŐŽĨĐŽŶƚƌŽůŽĨĂŶĂƌƌĂŶŐĞŵĞŶƚ͕ǁŚŝĐŚĞdžŝƐƚƐŽŶůLJǁŚĞŶĚĞĐŝƐŝŽŶƐ ĂďŽƵƚƚŚĞƌĞůĞǀĂŶƚĂĐƚŝǀŝƚŝĞƐƌĞƋƵŝƌĞƵŶĂŶŝŵŽƵƐĐŽŶƐĞŶƚŽĨƚŚĞƉĂƌƚŝĞƐƐŚĂƌŝŶŐĐŽŶƚƌŽů͘dŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶƐŵĂĚĞ ŝŶ ĚĞƚĞƌŵŝŶŝŶŐ ƐŝŐŶŝĨŝĐĂŶƚ ŝŶĨůƵĞŶĐĞ Žƌ ũŽŝŶƚ ĐŽŶƚƌŽů ĂƌĞ ƐŝŵŝůĂƌ ƚŽ ƚŚŽƐĞ ŶĞĐĞƐƐĂƌLJ ƚŽ ĚĞƚĞƌŵŝŶĞ ĐŽŶƚƌŽů ŽǀĞƌ ƐƵďƐŝĚŝĂƌŝĞƐ͘

tŚĞŶƚŚĞ'ƌŽƵƉƵŶĚĞƌƚĂŬĞƐŝƚƐĂĐƚŝǀŝƚŝĞƐƵŶĚĞƌũŽŝŶƚŽƉĞƌĂƚŝŽŶƐ͕ŝƚƌĞĐŽŐŶŝƐĞƐ͗

x ŝƚƐĂƐƐĞƚƐ͕ŝŶĐůƵĚŝŶŐŝƚƐƐŚĂƌĞŽĨĂŶLJĂƐƐĞƚƐŚĞůĚũŽŝŶƚůLJ͖
x ŝƚƐůŝĂďŝůŝƚŝĞƐ͕ŝŶĐůƵĚŝŶŐŝƚƐƐŚĂƌĞŽĨĂŶLJůŝĂďŝůŝƚŝĞƐŝŶĐƵƌƌĞĚũŽŝŶƚůLJ͖
x ŝƚƐƌĞǀĞŶƵĞĨƌŽŵƚŚĞƐĂůĞŽĨŝƚƐƐŚĂƌĞŽĨƚŚĞŽƵƚƉƵƚĂƌŝƐŝŶŐĨƌŽŵƚŚĞũŽŝŶƚŽƉĞƌĂƚŝŽŶ͖
x ŝƚƐƐŚĂƌĞŽĨƚŚĞƌĞǀĞŶƵĞĨƌŽŵƚŚĞƐĂůĞŽĨƚŚĞŽƵƚƉƵƚďLJƚŚĞũŽŝŶƚŽƉĞƌĂƚŝŽŶ͖ĂŶĚ
x ŝƚƐĞdžƉĞŶƐĞƐ͕ŝŶĐůƵĚŝŶŐŝƚƐƐŚĂƌĞŽĨĂŶLJĞdžƉĞŶƐĞƐŝŶĐƵƌƌĞĚũŽŝŶƚůLJ͘

dŚĞ'ƌŽƵƉĂĐĐŽƵŶƚƐĨŽƌƚŚĞĂƐƐĞƚƐ͕ůŝĂďŝůŝƚŝĞƐ͕ƌĞǀĞŶƵĞƐĂŶĚĞdžƉĞŶƐĞƐƌĞůĂƚŝŶŐƚŽŝƚƐŝŶƚĞƌĞƐƚŝŶĂũŽŝŶƚŽƉĞƌĂƚŝŽŶŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ/&Z^ƐĂƉƉůŝĐĂďůĞƚŽƚŚĞƉĂƌƚŝĐƵůĂƌĂƐƐĞƚƐ͕ůŝĂďŝůŝƚŝĞƐ͕ƌĞǀĞŶƵĞƐĂŶĚĞdžƉĞŶƐĞƐ͘

dŚĞ'ƌŽƵƉĐĂŶĞůĞĐƚƚŽĐŽŶƚƌŝďƵƚĞƚŽŽŶŐŽŝŶŐĞdžƉůŽƌĂƚŝŽŶĐŽƐƚƐŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŝŶƚĞƌĞƐƚƐŽƌĚŝůƵƚĞ;ĂĨĂƌŵͲŽƵƚ ĂƌƌĂŶŐĞŵĞŶƚͿ͘ /Ĩ ĐŽŶƚƌŝďƵƚŝŽŶƐ ĂƌĞ ŵĂĚĞ ĚƵƌŝŶŐ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ƉĞƌŝŽĚ͕ ƚŚĞLJ ĂƌĞ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ĂƐ ĞdžƉůŽƌĂƚŝŽŶ ĞdžƉĞŶĚŝƚƵƌĞ͘ KŶĐĞ ƚŚĞ ũŽŝŶƚ ĂƌƌĂŶŐĞŵĞŶƚ ƉĂƌƚŶĞƌ ŚĂĚ ĞĂƌŶĞĚ ŝƚƐ ŝŶƚĞƌĞƐƚ͕ ƚŚĞ ŽŵƉĂŶLJ ƌĞĐŽǀĞƌƐ ĞdžƉĞŶĚŝƚƵƌĞ ĞƋƵŝǀĂůĞŶƚƚŽƚŚĞŽƚŚĞƌũŽŝŶƚĂƌƌĂŶŐĞŵĞŶƚƉĂƌƚŶĞƌ͛ƐŝŶƚĞƌĞƐƚ͘

dŚĞ'ƌŽƵƉĚŽĞƐŶŽƚƌĞĐŽƌĚĂŶLJĞdžƉĞŶĚŝƚƵƌĞŵĂĚĞďLJƚŚĞ ĨĂƌŵĞĞŽŶŝƚƐĂĐĐŽƵŶƚ͘/ƚĂůƐŽĚŽĞƐŶŽƚƌĞĐŽŐŶŝƐĞĂŶLJ ŐĂŝŶ ŽƌůŽƐƐ ŽŶŝƚƐĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶ ĨĂƌŵͲŽƵƚĂƌƌĂŶŐĞŵĞŶƚƐ͘ŶLJ ĐĂƐŚ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ƌĞĐĞŝǀĞĚ ĚŝƌĞĐƚůLJ ĨƌŽŵƚŚĞĨĂƌŵĞĞŝƐĐƌĞĚŝƚĞĚĂŐĂŝŶƐƚĐŽƐƚƐƉƌĞǀŝŽƵƐůLJŝŶĐƵƌƌĞĚŝŶƌĞůĂƚŝŽŶƚŽƚŚĞǁŚŽůĞŝŶƚĞƌĞƐƚ͘

tŚĞŶƚŚĞ'ƌŽƵƉ͕ĂĐƚŝŶŐĂƐĂŶŽƉĞƌĂƚŽƌ͕ƌĞĐĞŝǀĞƐƌĞŝŵďƵƌƐĞŵĞŶƚŽĨĚŝƌĞĐƚĐŽƐƚƐƌĞĐŚĂƌŐĞĚƚŽƚŚĞũŽŝŶƚŽƉĞƌĂƚŝŽŶ͕ ƐƵĐŚƌĞĐŚĂƌŐĞƐƌĞƉƌĞƐĞŶƚƌĞŝŵďƵƌƐĞŵĞŶƚƐŽĨĐŽƐƚƐƚŚĂƚƚŚĞŽƉĞƌĂƚŽƌŝŶĐƵƌƌĞĚĂƐĂŶĂŐĞŶƚĨŽƌƚŚĞũŽŝŶƚŽƉĞƌĂƚŝŽŶ ĂŶĚƚŚĞƌĞĨŽƌĞŚĂǀĞŶŽĞĨĨĞĐƚŽŶƉƌŽĨŝƚŽƌůŽƐƐ͘

/ŶŵĂŶLJĐĂƐĞƐ͕ƚŚĞ'ƌŽƵƉĂůƐŽŝŶĐƵƌƐĐĞƌƚĂŝŶŐĞŶĞƌĂůŽǀĞƌŚĞĂĚĞdžƉĞŶƐĞƐŝŶĐĂƌƌLJŝŶŐŽƵƚĂĐƚŝǀŝƚŝĞƐŽŶďĞŚĂůĨŽĨƚŚĞ ũŽŝŶƚ ŽƉĞƌĂƚŝŽŶ͘ Ɛ ƚŚĞƐĞ ĐŽƐƚƐ ĐĂŶ ŽĨƚĞŶ ŶŽƚ ďĞ ƐƉĞĐŝĨŝĐĂůůLJ ŝĚĞŶƚŝĨŝĞĚ͕ ũŽŝŶƚ ŽƉĞƌĂƚŝŽŶ ĂŐƌĞĞŵĞŶƚƐ ĂůůŽǁ ƚŚĞ ŽƉĞƌĂƚŽƌƚŽƌĞĐŽǀĞƌƚŚĞŐĞŶĞƌĂůŽǀĞƌŚĞĂĚĞdžƉĞŶƐĞƐŝŶĐƵƌƌĞĚďLJĐŚĂƌŐŝŶŐĂŶŽǀĞƌŚĞĂĚĨĞĞƚŚĂƚŝƐďĂƐĞĚŽŶĂĨŝdžĞĚ ƉĞƌĐĞŶƚĂŐĞŽĨƚŚĞƚŽƚĂůĐŽƐƚƐŝŶĐƵƌƌĞĚĨŽƌƚŚĞLJĞĂƌ͕ŽĨƚĞŶŝŶƚŚĞĨŽƌŵŽĨĂŵĂŶĂŐĞŵĞŶƚĨĞĞ͘ůƚŚŽƵŐŚƚŚĞƉƵƌƉŽƐĞ ŽĨƚŚŝƐƌĞĐŚĂƌŐĞŝƐǀĞƌLJƐŝŵŝůĂƌƚŽƚŚĞƌĞŝŵďƵƌƐĞŵĞŶƚŽĨĚŝƌĞĐƚĐŽƐƚƐ͕ƚŚĞ'ƌŽƵƉŝƐŶŽƚĂĐƚŝŶŐĂƐĂŶĂŐĞŶƚŝŶƚŚŝƐ ĐĂƐĞ͘ dŚĞƌĞĨŽƌĞ͕ ƚŚĞ ŐĞŶĞƌĂů ŽǀĞƌŚĞĂĚ ĞdžƉĞŶƐĞƐ ĂŶĚ ƚŚĞ ŽǀĞƌŚĞĂĚ ĨĞĞ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ĂƐ ĂŶ ĞdžƉĞŶƐĞĂŶĚŝŶĐŽŵĞ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘

Ϯ͘ ^hDDZzK&^/'E/&/EdKhEd/E'WK>//^;ĐŽŶƚŝŶƵĞĚͿ

;ĨͿ ƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƐ

ƵƐŝŶĞƐƐ ĐŽŵďŝŶĂƚŝŽŶƐ ĂƌĞ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ƵƐŝŶŐ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ŵĞƚŚŽĚ͘ dŚĞ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ƚƌĂŶƐĨĞƌƌĞĚ ŝŶ Ă ďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƐŚĂůůďĞŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ͕ǁŚŝĐŚƐŚĂůůďĞĐĂůĐƵůĂƚĞĚĂƐƚŚĞƐƵŵŽĨƚŚĞĂĐƋƵŝƐŝƚŝŽŶĚĂƚĞ ĨĂŝƌǀĂůƵĞŽĨƚŚĞĂƐƐĞƚƐƚƌĂŶƐĨĞƌƌĞĚďLJƚŚĞĂĐƋƵŝƌĞƌ͕ƚŚĞůŝĂďŝůŝƚŝĞƐŝŶĐƵƌƌĞĚďLJƚŚĞĂĐƋƵŝƌĞƌƚŽĨŽƌŵĞƌŽǁŶĞƌƐŽĨƚŚĞ ĂĐƋƵŝƌĞĞĂŶĚƚŚĞĞƋƵŝƚLJŝƐƐƵĞĚďLJƚŚĞĂĐƋƵŝƌĞƌ͕ĂŶĚƚŚĞĂŵŽƵŶƚŽĨĂŶLJŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚŝŶƚŚĞĂĐƋƵŝƌĞĞ͘ &ŽƌĞĂĐŚďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶ͕ƚŚĞĂĐƋƵŝƌĞƌŵĞĂƐƵƌĞƐƚŚĞŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚŝŶƚŚĞĂĐƋƵŝƌĞĞĞŝƚŚĞƌĂƚ ĨĂŝƌ ǀĂůƵĞ Žƌ Ăƚ ƚŚĞ ƉƌŽƉŽƌƚŝŽŶĂƚĞ ƐŚĂƌĞ ŽĨ ƚŚĞ ĂĐƋƵŝƌĞĞ͛Ɛ ŝĚĞŶƚŝĨŝĂďůĞ ŶĞƚ ĂƐƐĞƚƐ͘ ĐƋƵŝƐŝƚŝŽŶ ƌĞůĂƚĞĚ ĐŽƐƚƐ ĂƌĞ ĞdžƉĞŶƐĞĚĂƐŝŶĐƵƌƌĞĚ͘

tŚĞŶ ƚŚĞ 'ƌŽƵƉ ĂĐƋƵŝƌĞƐ Ă ďƵƐŝŶĞƐƐ͕ ŝƚ ĂƐƐĞƐƐĞƐ ƚŚĞ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĂƐƐƵŵĞĚ ĨŽƌ ĂƉƉƌŽƉƌŝĂƚĞ ĐůĂƐƐŝĨŝĐĂƚŝŽŶ ĂŶĚ ĚĞƐŝŐŶĂƚŝŽŶ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ĐŽŶƚƌĂĐƚƵĂů ƚĞƌŵƐ͕ ĞĐŽŶŽŵŝĐ ĐŽŶĚŝƚŝŽŶƐ͕ ƚŚĞ 'ƌŽƵƉ͛Ɛ ŽƉĞƌĂƚŝŶŐ Žƌ ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐŝĞƐ ĂŶĚ ŽƚŚĞƌ ƉĞƌƚŝŶĞŶƚ ĐŽŶĚŝƚŝŽŶƐ ĂƐ Ăƚ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ĚĂƚĞ͘ dŚŝƐ ŝŶĐůƵĚĞƐ ƚŚĞ ƐĞƉĂƌĂƚŝŽŶŽĨĞŵďĞĚĚĞĚĚĞƌŝǀĂƚŝǀĞƐŝŶŚŽƐƚĐŽŶƚƌĂĐƚƐďLJƚŚĞĂĐƋƵŝƌĞĞ͘

/ĨƚŚĞďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶŝƐĂĐŚŝĞǀĞĚŝŶƐƚĂŐĞƐ͕ƚŚĞĂĐƋƵŝƐŝƚŝŽŶĚĂƚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞĂĐƋƵŝƌĞƌ͛ƐƉƌĞǀŝŽƵƐůLJŚĞůĚ ĞƋƵŝƚLJŝŶƚĞƌĞƐƚŝŶƚŚĞĂĐƋƵŝƌĞĞŝƐƌĞŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞĂƐĂƚƚŚĞĂĐƋƵŝƐŝƚŝŽŶĚĂƚĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐ͘

ŶLJĐŽŶƚŝŶŐĞŶƚĐŽŶƐŝĚĞƌĂƚŝŽŶƚŽďĞƚƌĂŶƐĨĞƌƌĞĚďLJƚŚĞĂĐƋƵŝƌĞƌǁŝůůďĞƌĞĐŽŐŶŝƐĞĚĂƚĨĂŝƌǀĂůƵĞĂƚƚŚĞĂĐƋƵŝƐŝƚŝŽŶ ĚĂƚĞ͘^ƵďƐĞƋƵĞŶƚĐŚĂŶŐĞƐ ƚŽ ƚŚĞ ĨĂŝƌǀĂůƵĞ ŽĨ ƚŚĞ ĐŽŶƚŝŶŐĞŶƚĐŽŶƐŝĚĞƌĂƚŝŽŶǁŚŝĐŚŝƐ ĚĞĞŵĞĚ ƚŽ ďĞĂŶĂƐƐĞƚŽƌ ůŝĂďŝůŝƚLJǁŝůůďĞƌĞĐŽŐŶŝƐĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ^ϭϯϵĞŝƚŚĞƌŝŶƉƌŽĨŝƚŽƌůŽƐƐŽƌŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͘ /ĨƚŚĞĐŽŶƚŝŶŐĞŶƚĐŽŶƐŝĚĞƌĂƚŝŽŶŝƐĐůĂƐƐŝĨŝĞĚĂƐĞƋƵŝƚLJ͕ŝƚƐŚĂůůŶŽƚďĞƌĞŵĞĂƐƵƌĞĚ͘

;ŐͿ ^ĞŐŵĞŶƚƌĞƉŽƌƚŝŶŐ

DĂŶĂŐĞŵĞŶƚŚĂƐĂƐƐĞƐƐĞĚƚŚĂƚƚŚĞŽŵƉĂŶLJ͛ƐƌĞƉŽƌƚĂďůĞďƵƐŝŶĞƐƐƐĞŐŵĞŶƚƐƵŶĚĞƌƚŚĞƋƵĂŶƚŝƚĂƚŝǀĞĐƌŝƚĞƌŝĂƐĞƚ ŽƵƚ ŝŶ ^ ϴ ^ĞŐŵĞŶƚ ZĞƉŽƌƚŝŶŐ ĂŶĚ ŚĂƐ ĚĞƚĞƌŵŝŶĞĚ ƚŚĂƚ ŶŽ ĂĚĚŝƚŝŽŶĂů ŽƉĞƌĂƚŝŶŐ ƐĞŐŵĞŶƚƐ ĚŝƐĐůŽƐƵƌĞƐ ĂƌĞ ƌĞƋƵŝƌĞĚ͘

^ ϴ ƌĞƋƵŝƌĞƐ ƚŚĞ ͚ŵĂŶĂŐĞŵĞŶƚ ĂƉƉƌŽĂĐŚ͛ ƚŽ ƚŚĞ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ͕ ŵĞĂƐƵƌĞŵĞŶƚ ĂŶĚ ĚŝƐĐůŽƐƵƌĞ ŽĨ ŽƉĞƌĂƚŝŶŐ ƐĞŐŵĞŶƚƐ͘dŚĞ͚ŵĂŶĂŐĞŵĞŶƚĂƉƉƌŽĂĐŚ͛ ƌĞƋƵŝƌĞƐ ƚŚĂƚ ŽƉĞƌĂƚŝŶŐ ƐĞŐŵĞŶƚƐ ďĞŝĚĞŶƚŝĨŝĞĚ ŽŶ ƚŚĞ ďĂƐŝƐ ŽĨŝŶƚĞƌŶĂů ƌĞƉŽƌƚƐƚŚĂƚĂƌĞƌĞŐƵůĂƌůLJƌĞǀŝĞǁĞĚďLJƚŚĞĞŶƚŝƚLJ͛ƐĐŚŝĞĨŽƉĞƌĂƚŝŶŐĚĞĐŝƐŝŽŶŵĂŬĞƌ͕ ĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨĂůůŽĐĂƚŝŶŐ ƌĞƐŽƵƌĐĞƐĂŶĚĂƐƐĞƐƐŝŶŐƉĞƌĨŽƌŵĂŶĐĞ͘dŚŝƐĐŽƵůĚĂůƐŽŝŶĐůƵĚĞƚŚĞŝĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐǁŚŝĐŚƐĞůů ƉƌŝŵĂƌŝůLJŽƌĞdžĐůƵƐŝǀĞůLJƚŽŽƚŚĞƌŝŶƚĞƌŶĂůŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐ͘

/ŶŝƚƐĂĚŽƉƚŝŽŶŽĨƚŚĞ͚ŵĂŶĂŐĞŵĞŶƚĂƉƉƌŽĂĐŚ͛ƚŽƐĞŐŵĞŶƚƌĞƉŽƌƚŝŶŐ͕ƚŚĞŽŵƉĂŶLJŚĂƐŝĚĞŶƚŝĨŝĞĚƚŚĂƚŝƚĐŽŶƚŝŶƵĞƐ ƚŽŽƉĞƌĂƚĞĂƐĂŐŽůĚ͕ĐŽƉƉĞƌĂŶĚďĂƐĞŵĞƚĂůƐĞdžƉůŽƌĞƌĂŶĚ ĚĞǀĞůŽƉĞƌ͕ŝŶĂƐŝŶŐůĞ ƌĞƉŽƌƚĂďůĞďƵƐŝŶĞƐƐƐĞŐŵĞŶƚ͕ ƵŶĚĞƌ ŽŶĞ ƐĞŐŵĞŶƚŵĂŶĂŐĞƌ͕ ŝŶ ŽŶĞ ŐĞŽŐƌĂƉŚŝĐĂů ůŽĐĂƚŝŽŶ ďĞŝŶŐ ƵƐƚƌĂůŝĂ͕ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚ ƚŚĞ ƉƌŝŽƌ LJĞĂƌ͘dŚĞ ŝŶĨŽƌŵĂƚŝŽŶĚŝƐĐůŽƐĞĚŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝƐƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶƵƚŝůŝƐĞĚŝŶƚĞƌŶĂůůLJďLJƚŚĞĐŚŝĞĨŽƉĞƌĂƚŝŶŐ ĚĞĐŝƐŝŽŶŵĂŬĞƌ͘ĐĐŽƌĚŝŶŐůLJŶŽĂĚĚŝƚŝŽŶĂůƋƵĂŶƚŝƚĂƚŝǀĞŽƌƋƵĂůŝƚĂƚŝǀĞĚŝƐĐůŽƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘

;ŚͿ &ŽƌĞŝŐŶĐƵƌƌĞŶĐLJƚƌĂŶƐůĂƚŝŽŶ

;ŝͿ &ƵŶĐƚŝŽŶĂůĂŶĚƉƌĞƐĞŶƚĂƚŝŽŶĐƵƌƌĞŶĐLJ

/ƚĞŵƐŝŶĐůƵĚĞĚŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨĞĂĐŚŽĨƚŚĞ'ƌŽƵƉ͛ƐĞŶƚŝƚŝĞƐĂƌĞŵĞĂƐƵƌĞĚƵƐŝŶŐƚŚĞĐƵƌƌĞŶĐLJŽĨƚŚĞ ƉƌŝŵĂƌLJ ĞĐŽŶŽŵŝĐ ĞŶǀŝƌŽŶŵĞŶƚ ŝŶ ǁŚŝĐŚ ƚŚĞ ĞŶƚŝƚLJ ŽƉĞƌĂƚĞƐ ;͞ƚŚĞ ĨƵŶĐƚŝŽŶĂů ĐƵƌƌĞŶĐLJ͟Ϳ͘ dŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂƌĞ ƉƌĞƐĞŶƚĞĚ ŝŶ ƵƐƚƌĂůŝĂŶ ĚŽůůĂƌƐ͕ ǁŚŝĐŚ ŝƐ ůĂŶĐLJ džƉůŽƌĂƚŝŽŶ >ŝŵŝƚĞĚ͛Ɛ ĨƵŶĐƚŝŽŶĂů ĂŶĚ ƉƌĞƐĞŶƚĂƚŝŽŶĐƵƌƌĞŶĐLJ͘

;ŝŝͿ dƌĂŶƐĂĐƚŝŽŶƐĂŶĚďĂůĂŶĐĞƐ

dƌĂŶƐĂĐƚŝŽŶƐŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐŝĞƐĂƌĞŝŶŝƚŝĂůůLJƌĞĐŽƌĚĞĚŝŶƚŚĞĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJďLJĂƉƉůLJŝŶŐƚŚĞĞdžĐŚĂŶŐĞƌĂƚĞƐ ƌƵůŝŶŐ Ăƚ ƚŚĞ ĚĂƚĞ ŽĨ ƚŚĞ ƚƌĂŶƐĂĐƚŝŽŶ͘ DŽŶĞƚĂƌLJ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĚĞŶŽŵŝŶĂƚĞĚ ŝŶ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐŝĞƐ ĂƌĞ ƌĞƚƌĂŶƐůĂƚĞĚĂƚƚŚĞƌĂƚĞŽĨĞdžĐŚĂŶŐĞƌƵůŝŶŐĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ͘

EŽŶͲŵŽŶĞƚĂƌLJŝƚĞŵƐƚŚĂƚĂƌĞŵĞĂƐƵƌĞĚŝŶƚĞƌŵƐŽĨŚŝƐƚŽƌŝĐĂůĐŽƐƚŝŶĂĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĂƌĞƚƌĂŶƐůĂƚĞĚƵƐŝŶŐƚŚĞ ĞdžĐŚĂŶŐĞ ƌĂƚĞĂƐĂƚ ƚŚĞĚĂƚĞŽĨ ƚŚĞŝŶŝƚŝĂů ƚƌĂŶƐĂĐƚŝŽŶ͘EŽŶͲŵŽŶĞƚĂƌLJŝƚĞŵƐŵĞĂƐƵƌĞĚĂƚ ĨĂŝƌǀĂůƵĞŝŶĂ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐLJĂƌĞƚƌĂŶƐůĂƚĞĚƵƐŝŶŐƚŚĞĞdžĐŚĂŶŐĞƌĂƚĞƐĂƚƚŚĞĚĂƚĞǁŚĞŶƚŚĞĨĂŝƌǀĂůƵĞǁĂƐĚĞƚĞƌŵŝŶĞĚ͘

Ϯ͘ ^hDDZzK&^/'E/&/EdKhEd/E'WK>//^;ĐŽŶƚŝŶƵĞĚͿ

;ŝͿ ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ

ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĐŽŵƉƌŝƐĞĐĂƐŚĂƚďĂŶŬĂŶĚƐŚŽƌƚͲƚĞƌŵĚĞƉŽƐŝƚƐ ǁŝƚŚĂŶŽƌŝŐŝŶĂůŵĂƚƵƌŝƚLJŽĨŶŽƚŵŽƌĞƚŚĂŶϯŵŽŶƚŚƐƚŚĂƚĂƌĞƌĞĂĚŝůLJĐŽŶǀĞƌƚŝďůĞƚŽŬŶŽǁŶĂŵŽƵŶƚƐŽĨĐĂƐŚĂŶĚ ǁŚŝĐŚĂƌĞƐƵďũĞĐƚƚŽĂŶŝŶƐŝŐŶŝĨŝĐĂŶƚƌŝƐŬŽĨĐŚĂŶŐĞƐŝŶǀĂůƵĞ͘

&ŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƚŚĞ^ƚĂƚĞŵĞŶƚŽĨĂƐŚ&ůŽǁƐ͕ĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĐŽŶƐŝƐƚŽĨĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ ĂƐĚĞĨŝŶĞĚĂďŽǀĞ͘dŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJĚŽĞƐŶŽƚŚĂǀĞĂŶLJďĂŶŬŽǀĞƌĚƌĂĨƚĨĂĐŝůŝƚŝĞƐ͘

ZĞƐƚƌŝĐƚĞĚĐĂƐŚƌĞƉƌĞƐĞŶƚƐƚŚĞĐĂƐŚĨƵŶĚƐŚĞůĚŝŶƚĞƌŵĚĞƉŽƐŝƚĨŽƌĞdžƉůŽƌĂƚŝŽŶůŝĐĞŶƐĞƐĨŽƌĂƉĞƌŝŽĚůŽŶŐĞƌƚŚĂŶϯ ŵŽŶƚŚƐďƵƚƐŚŽƌƚĞƌƚŚĂŶϭϮŵŽŶƚŚƐ͘

;ũͿ dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ

dƌĂĚĞƌĞĐĞŝǀĂďůĞƐĂƌĞŐĞŶĞƌĂůůLJƉĂŝĚŽŶϯϬĚĂLJƐĞƚƚůĞŵĞŶƚƚĞƌŵƐĂŶĚĂƌĞƌĞĐŽŐŶŝƐĞĚĂŶĚĐĂƌƌŝĞĚĂƚŽƌŝŐŝŶĂůŝŶǀŽŝĐĞ ĂŵŽƵŶƚůĞƐƐĂŶĂůůŽǁĂŶĐĞĨŽƌŝŵƉĂŝƌŵĞŶƚ͘dƌĂĚĞƌĞĐĞŝǀĂďůĞƐĂƌĞŶŽŶͲŝŶƚĞƌĞƐƚďĞĂƌŝŶŐ͘

ŽůůĞĐƚĂďŝůŝƚLJ ŽĨ ƚƌĂĚĞ ƌĞĐĞŝǀĂďůĞƐ ŝƐ ƌĞǀŝĞǁĞĚ ŽŶ ĂŶ ŽŶŐŽŝŶŐ ďĂƐŝƐ͘ /ŶĚŝǀŝĚƵĂů ĚĞďƚƐ ƚŚĂƚ ĂƌĞ ŬŶŽǁŶ ƚŽ ďĞ ƵŶĐŽůůĞĐƚŝďůĞĂƌĞǁƌŝƚƚĞŶŽĨĨǁŚĞŶŝĚĞŶƚŝĨŝĞĚ͘ŶŝŵƉĂŝƌŵĞŶƚƉƌŽǀŝƐŝŽŶǁŽƵůĚďĞƌĞĐŽŐŶŝƐĞĚǁŚĞŶůĞŐĂůŶŽƚŝĐĞŚĂƐ ďĞĞŶƐĞŶƚĂŶĚĂƌĞƉůLJŶŽƚƌĞĐĞŝǀĞĚǁŝƚŚŝŶϯϬĚĂLJƐ͘

;ŬͿ /ŶǀĞƐƚŵĞŶƚƐĂŶĚŽƚŚĞƌĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ

/ŶǀĞƐƚŵĞŶƚƐĂŶĚĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŝŶƚŚĞƐĐŽƉĞŽĨ^ϭϯϵ*&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐ͗ZĞĐŽŐŶŝƚŝŽŶĂŶĚDĞĂƐƵƌĞŵĞŶƚ* ĂƌĞ ĐĂƚĞŐŽƌŝƐĞĚ ĂƐ ĞŝƚŚĞƌ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ Ăƚ ĨĂŝƌ ǀĂůƵĞ ƚŚƌŽƵŐŚ ƉƌŽĨŝƚ ĂŶĚ ůŽƐƐ͕ ůŽĂŶƐ ĂŶĚ ƌĞĐĞŝǀĂďůĞƐ͕ ŚĞůĚͲƚŽͲ ŵĂƚƵƌŝƚLJŝŶǀĞƐƚŵĞŶƚƐ͕ŽƌĂǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞ ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͘dŚĞĐůĂƐƐŝĨŝĐĂƚŝŽŶĚĞƉĞŶĚƐŽŶƚŚĞƉƵƌƉŽƐĞ ĨŽƌǁŚŝĐŚ ƚŚĞŝŶǀĞƐƚŵĞŶƚƐǁĞƌĞĂĐƋƵŝƌĞĚ͘ĞƐŝŐŶĂƚŝŽŶŝƐƌĞͲĞǀĂůƵĂƚĞĚĂƚĞĂĐŚĨŝŶĂŶĐŝĂůLJĞĂƌĞŶĚ͕ďƵƚƚŚĞƌĞĂƌĞƌĞƐƚƌŝĐƚŝŽŶƐ ŽŶƌĞĐůĂƐƐŝĨLJŝŶŐƚŽŽƚŚĞƌĐĂƚĞŐŽƌŝĞƐ͘

tŚĞŶ ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƌĞ ƌĞĐŽŐŶŝƐĞĚŝŶŝƚŝĂůůLJ͕ƚŚĞLJĂƌĞŵĞĂƐƵƌĞĚĂƚ ĨĂŝƌǀĂůƵĞ͕ƉůƵƐ͕ŝŶƚŚĞĐĂƐĞŽĨĂƐƐĞƚƐŶŽƚĂƚ ĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚĂŶĚůŽƐƐ͕ĚŝƌĞĐƚůLJĂƚƚƌŝďƵƚĂďůĞƚƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐ͘

ZĞĐŽŐŶŝƚŝŽŶĂŶĚĞƌĞĐŽŐŶŝƚŝŽŶ

ůů ƌĞŐƵůĂƌ ǁĂLJ ƉƵƌĐŚĂƐĞƐ ĂŶĚ ƐĂůĞƐ ŽĨ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ŽŶ ƚŚĞ ƚƌĂĚĞ ĚĂƚĞ ŝ͘Ğ͘ ƚŚĞ ĚĂƚĞ ƚŚĂƚ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĞŶƚŝƚLJ ĐŽŵŵŝƚƐ ƚŽ ƉƵƌĐŚĂƐĞ ƚŚĞ ĂƐƐĞƚ͘ ZĞŐƵůĂƌ ǁĂLJ ƉƵƌĐŚĂƐĞƐ Žƌ ƐĂůĞƐ ĂƌĞ ƉƵƌĐŚĂƐĞƐ Žƌ ƐĂůĞƐ ŽĨ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ƵŶĚĞƌ ĐŽŶƚƌĂĐƚƐ ƚŚĂƚ ƌĞƋƵŝƌĞ ĚĞůŝǀĞƌLJ ŽĨ ƚŚĞ ĂƐƐĞƚƐ ǁŝƚŚŝŶ ƚŚĞ ƉĞƌŝŽĚ ĞƐƚĂďůŝƐŚĞĚ ŐĞŶĞƌĂůůLJ ďLJ ƌĞŐƵůĂƚŝŽŶ ŽƌĐŽŶǀĞŶƚŝŽŶŝŶ ƚŚĞŵĂƌŬĞƚ ƉůĂĐĞ͘&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƌĞ ĚĞƌĞĐŽŐŶŝƐĞĚǁŚĞŶ ƚŚĞ ƌŝŐŚƚ ƚŽ ƌĞĐĞŝǀĞ ĐĂƐŚ ĨůŽǁƐĨƌŽŵƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŚĂƐĞdžƉŝƌĞĚŽƌǁŚĞŶƚŚĞĞŶƚŝƚLJƚƌĂŶƐĨĞƌƐƐƵďƐƚĂŶƚŝĂůůLJĂůůƚŚĞƌŝƐŬƐĂŶĚƌĞǁĂƌĚƐŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ͘ /Ĩ ƚŚĞ ĞŶƚŝƚLJ ŶĞŝƚŚĞƌ ƌĞƚĂŝŶƐ ŶŽƌ ƚƌĂŶƐĨĞƌƐ ƐƵďƐƚĂŶƚŝĂůůLJ Ăůů ŽĨ ƚŚĞ ƌŝƐŬƐ ĂŶĚ ƌĞǁĂƌĚƐ͕ ŝƚ ĚĞƌĞĐŽŐŶŝƐĞƐƚŚĞĂƐƐĞƚŝĨŝƚŚĂƐƚƌĂŶƐĨĞƌƌĞĚĐŽŶƚƌŽůŽĨƚŚĞĂƐƐĞƚƐ͘

;ŝͿ >ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ

ŽĂŶƐ ĂŶĚ ƌĞĐĞŝǀĂďůĞƐ ŝŶĐůƵĚŝŶŐ ůŽĂŶ ŶŽƚĞƐ ĂƌĞ ŶŽŶͲĚĞƌŝǀĂƚŝǀĞ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ǁŝƚŚ ĨŝdžĞĚ Žƌ ĚĞƚĞƌŵŝŶĂďůĞ ƉĂLJŵĞŶƚƐƚŚĂƚĂƌĞŶŽƚƋƵŽƚĞĚŝŶĂŶĂĐƚŝǀĞŵĂƌŬĞƚ͘^ƵĐŚĂƐƐĞƚƐĂƌĞĐĂƌƌŝĞĚĂƚƚŚĞƚƌĂŶƐĂĐƚŝŽŶƉƌŝĐĞŵŝŶƵƐƉƌŝŶĐŝƉĂů ƌĞƉĂLJŵĞŶƚƐĂŶĚŵŝŶƵƐĂŶLJĂůůŽǁĂŶĐĞĨŽƌŝŵƉĂŝƌŵĞŶƚŽƌƵŶĐŽůůĞĐƚĂďŝůŝƚLJ͘'ĂŝŶƐĂŶĚůŽƐƐĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĨŝƚ ŽƌůŽƐƐǁŚĞŶ ƚŚĞůŽĂŶƐĂŶĚ ƌĞĐĞŝǀĂďůĞƐĂƌĞ ĚĞƌĞĐŽŐŶŝƐĞĚ ŽƌŝŵƉĂŝƌĞĚ͘ >ŽĂŶƐĂŶĚ ƌĞĐĞŝǀĂďůĞƐĂƌĞŝŶĐůƵĚĞĚǁŝƚŚ ƌĞĐĞŝǀĂďůĞƐŝŶĐƵƌƌĞŶƚĂƐƐĞƚƐŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͕ĞdžĐĞƉƚĨŽƌƚŚŽƐĞǁŝƚŚŵĂƚƵƌŝƚŝĞƐŐƌĞĂƚĞƌƚŚĂŶ ϭϮŵŽŶƚŚƐĂĨƚĞƌďĂůĂŶĐĞĚĂƚĞ͕ǁŚŝĐŚĂƌĞĐůĂƐƐŝĨŝĞĚĂƐŶŽŶͲĐƵƌƌĞŶƚ͘>ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐǁŝƚŚŵĂƚƵƌŝƚŝĞƐŐƌĞĂƚĞƌ ƚŚĂŶϭϮŵŽŶƚŚƐĂƌĞĐĂƌƌŝĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚƌĂƚĞŵĞƚŚŽĚ͘

;ŝŝͿ ǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞƐĞĐƵƌŝƚŝĞƐ

ǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞ ŝŶǀĞƐƚŵĞŶƚƐ ĂƌĞ ƚŚŽƐĞ ŶŽŶͲĚĞƌŝǀĂƚŝǀĞ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ͕ ƉƌŝŶĐŝƉĂůůLJ ĞƋƵŝƚLJ ƐĞĐƵƌŝƚŝĞƐ ƚŚĂƚ ĂƌĞ ĚĞƐŝŐŶĂƚĞĚ ĂƐ ĂǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞ Žƌ ĂƌĞ ŶŽƚ ĐůĂƐƐŝĨŝĞĚ ĂƐ ĂŶLJ ŽĨ ƚŚĞ ĨŽůůŽǁŝŶŐ ĐĂƚĞŐŽƌŝĞƐ͗ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ Ăƚ ĨĂŝƌ ǀĂůƵĞ ƚŚƌŽƵŐŚ ƉƌŽĨŝƚ Žƌ ůŽƐƐ͕ ŚĞůĚͲƚŽͲŵĂƚƵƌŝƚLJ ŝŶǀĞƐƚŵĞŶƚƐ Žƌ ůŽĂŶƐ ĂŶĚ ƌĞĐĞŝǀĂďůĞƐ͘ ĨƚĞƌ ŝŶŝƚŝĂů ƌĞĐŽŐŶŝƚŝŽŶ ĂǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞ ƐĞĐƵƌŝƚŝĞƐ ĂƌĞ ŵĞĂƐƵƌĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ ǁŝƚŚ ŐĂŝŶƐ Žƌ ůŽƐƐĞƐ ďĞŝŶŐ ƌĞĐŽŐŶŝƐĞĚ ĂƐ Ă ƐĞƉĂƌĂƚĞ ĐŽŵƉŽŶĞŶƚŽĨĞƋƵŝƚLJƵŶƚŝůƚŚĞŝŶǀĞƐƚŵĞŶƚŝƐĚĞƌĞĐŽŐŶŝƐĞĚŽƌƵŶƚŝůƚŚĞŝŶǀĞƐƚŵĞŶƚŝƐĚĞƚĞƌŵŝŶĞĚƚŽďĞŝŵƉĂŝƌĞĚ͕ ĂƚǁŚŝĐŚƚŝŵĞƚŚĞĐƵŵƵůĂƚŝǀĞŐĂŝŶŽƌůŽƐƐƉƌĞǀŝŽƵƐůLJƌĞƉŽƌƚĞĚŝŶĞƋƵŝƚLJŝƐƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ͘

Ϯ͘ ^hDDZzK&^/'E/&/EdKhEd/E'WK>//^;ĐŽŶƚŝŶƵĞĚͿ

dŚĞĨĂŝƌǀĂůƵĞƐŽĨŝŶǀĞƐƚŵĞŶƚƐƚŚĂƚĂƌĞĂĐƚŝǀĞůLJƚƌĂĚĞĚŝŶŽƌŐĂŶŝƐĞĚĨŝŶĂŶĐŝĂůŵĂƌŬĞƚƐĂƌĞĚĞƚĞƌŵŝŶĞĚďLJƌĞĨĞƌĞŶĐĞ ƚŽƋƵŽƚĞĚŵĂƌŬĞƚďŝĚƉƌŝĐĞƐĂƚƚŚĞĐůŽƐĞŽĨďƵƐŝŶĞƐƐŽŶƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ͘&ŽƌŝŶǀĞƐƚŵĞŶƚƐǁŝƚŚŶŽĂĐƚŝǀĞŵĂƌŬĞƚ͕ ĨĂŝƌǀĂůƵĞƐĂƌĞĚĞƚĞƌŵŝŶĞĚƵƐŝŶŐǀĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞƐ͘^ƵĐŚƚĞĐŚŶŝƋƵĞƐŝŶĐůƵĚĞ͗ƵƐŝŶŐƌĞĐĞŶƚĂƌŵ͛ƐůĞŶŐƚŚŵĂƌŬĞƚ ƚƌĂŶƐĂĐƚŝŽŶƐ͖ ƌĞĨĞƌĞŶĐĞ ƚŽ ƚŚĞ ĐƵƌƌĞŶƚ ŵĂƌŬĞƚ ǀĂůƵĞ ŽĨ ĂŶŽƚŚĞƌ ŝŶƐƚƌƵŵĞŶƚ ƚŚĂƚ ŝƐ ƐƵďƐƚĂŶƚŝĂůůLJ ƚŚĞ ƐĂŵĞ͖ ĚŝƐĐŽƵŶƚĞĚĐĂƐŚĨůŽǁĂŶĂůLJƐŝƐĂŶĚŽƉƚŝŽŶƉƌŝĐŝŶŐŵŽĚĞůƐŵĂŬŝŶŐĂƐŵƵĐŚƵƐĞŽĨĂǀĂŝůĂďůĞĂŶĚƐƵƉƉŽƌƚĂďůĞŵĂƌŬĞƚ ĚĂƚĂĂƐƉŽƐƐŝďůĞĂŶĚŬĞĞƉŝŶŐũƵĚŐŵĞŶƚĂůŝŶƉƵƚƐƚŽĂŵŝŶŝŵƵŵ͘

;ŝŝŝͿ &ŝŶĂŶĐŝĂůĂƐƐĞƚƐĐĂƌƌŝĞĚĂƚĐŽƐƚ

/ŶǀĞƐƚŵĞŶƚƐ ĂƌĞ ŝŶŝƚŝĂůůLJ ŵĞĂƐƵƌĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ͕ ŶĞƚ ŽĨ ƚƌĂŶƐĂĐƚŝŽŶ ĐŽƐƚƐ͘ ^ƵďƐĞƋƵĞŶƚ ƚŽ ŝŶŝƚŝĂů ƌĞĐŽŐŶŝƚŝŽŶ͕ ŝŶǀĞƐƚŵĞŶƚƐ ŝŶ ƐƵďƐŝĚŝĂƌŝĞƐ ĂƌĞ ŵĞĂƐƵƌĞĚ Ăƚ ĐŽƐƚ ŝŶ ƚŚĞ ŽŵƉĂŶLJ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ /Ĩ ƚŚĞƌĞ ŝƐ ŽďũĞĐƚŝǀĞ ĞǀŝĚĞŶĐĞƚŚĂƚĂŶŝŵƉĂŝƌŵĞŶƚůŽƐƐŚĂƐďĞĞŶŝŶĐƵƌƌĞĚŽŶĂŶƵŶƋƵŽƚĞĚĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƚŚĂƚŝƐŶŽƚĐĂƌƌŝĞĚĂƚĨĂŝƌ ǀĂůƵĞ;ďĞĐĂƵƐĞŝƚƐĨĂŝƌǀĂůƵĞĐĂŶŶŽƚďĞƌĞůŝĂďůLJŵĞĂƐƵƌĞĚͿ͕ƚŚĞĂŵŽƵŶƚŽĨƚŚĞůŽƐƐŝƐŵĞĂƐƵƌĞĚĂƐƚŚĞĚŝĨĨĞƌĞŶĐĞ ďĞƚǁĞĞŶ ƚŚĞ ĂƐƐĞƚ͛Ɛ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚĂŶĚ ƚŚĞ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨĞƐƚŝŵĂƚĞĚ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ͕ ĚŝƐĐŽƵŶƚĞĚĂƚ ƚŚĞ ĐƵƌƌĞŶƚŵĂƌŬĞƚƌĂƚĞŽĨƌĞƚƵƌŶĨŽƌĂƐŝŵŝůĂƌĨŝŶĂŶĐŝĂůĂƐƐĞƚ͘

;ůͿ /ŶƚĂŶŐŝďůĞƐĂŶĚ/ŵƉĂŝƌŵĞŶƚŽĨŶŽŶͲĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŽƚŚĞƌƚŚĂŶƚŚĂƚŽĨŐŽŽĚǁŝůů

/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂĐƋƵŝƌĞĚƐĞƉĂƌĂƚĞůLJĂƌĞŝŶŝƚŝĂůůLJŵĞĂƐƵƌĞĚĂƚĐŽƐƚ͘&ŽůůŽǁŝŶŐŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶ͕ŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ ĂƌĞ ĐĂƌƌŝĞĚ Ăƚ ĐŽƐƚ ůĞƐƐ ĂŶLJ ĂĐĐƵŵƵůĂƚĞĚ ĂŵŽƌƚŝƐĂƚŝŽŶ ĂŶĚ ĂŶLJ ĂĐĐƵŵƵůĂƚĞĚ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐĞƐ͘ /ŶƚĞƌŶĂůůLJ ŐĞŶĞƌĂƚĞĚŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂƌĞŶŽƚĐĂƉŝƚĂůŝƐĞĚĂŶĚĞdžƉĞŶĚŝƚƵƌĞŝƐƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐŝŶƚŚĞLJĞĂƌŝŶǁŚŝĐŚ ƚŚĞĞdžƉĞŶĚŝƚƵƌĞŝƐŝŶĐƵƌƌĞĚ͘

dŚĞƵƐĞĨƵůůŝǀĞƐŽĨŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂƌĞĂƐƐĞƐƐĞĚƚŽďĞĞŝƚŚĞƌĨŝŶŝƚĞŽƌŝŶĚĞĨŝŶŝƚĞ͘/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐǁŝƚŚĨŝŶŝƚĞůŝǀĞƐ ĂƌĞĂŵŽƌƚŝƐĞĚŽǀĞƌƚŚĞƵƐĞĨƵůůŝĨĞĂŶĚƚĞƐƚĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚǁŚĞŶĞǀĞƌƚŚĞƌĞŝƐĂŶŝŶĚŝĐĂƚŝŽŶƚŚĂƚƚŚĞŝŶƚĂŶŐŝďůĞ ĂƐƐĞƚŵĂLJďĞŝŵƉĂŝƌĞĚ͘dŚĞĂŵŽƌƚŝƐĂƚŝŽŶƉĞƌŝŽĚĂŶĚƚŚĞĂŵŽƌƚŝƐĂƚŝŽŶŵĞƚŚŽĚĨŽƌĂŶŝŶƚĂŶŐŝďůĞĂƐƐĞƚǁŝƚŚĂĨŝŶŝƚĞ ƵƐĞĨƵůůŝĨĞŝƐƌĞǀŝĞǁĞĚǁŚĞŶĞǀĞƌĞǀĞŶƚƐŽƌĐŚĂŶŐĞƐŝŶĐŝƌĐƵŵƐƚĂŶĐĞƐŝŶĚŝĐĂƚĞƚŚĂƚƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŵĂLJŶŽƚ ďĞƌĞĐŽǀĞƌĂďůĞŽƌĂƚůĞĂƐƚĂƚĞĂĐŚĨŝŶĂŶĐŝĂůLJĞĂƌͲĞŶĚ͘ŚĂŶŐĞƐŝŶƚŚĞĞdžƉĞĐƚĞĚƵƐĞĨƵůůŝĨĞŽƌƚŚĞĞdžƉĞĐƚĞĚƉĂƚƚĞƌŶ ŽĨĐŽŶƐƵŵƉƚŝŽŶŽĨĨƵƚƵƌĞĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƐĞŵďŽĚŝĞĚŝŶƚŚĞĂƐƐĞƚĂƌĞĂĐĐŽƵŶƚĞĚĨŽƌƉƌŽƐƉĞĐƚŝǀĞůLJďLJĐŚĂŶŐŝŶŐ ƚŚĞĂŵŽƌƚŝƐĂƚŝŽŶƉĞƌŝŽĚŽƌŵĞƚŚŽĚ͕ĂƐĂƉƉƌŽƉƌŝĂƚĞ͕ǁŚŝĐŚŝƐĂĐŚĂŶŐĞŝŶĂĐĐŽƵŶƚŝŶŐĞƐƚŝŵĂƚĞ͘dŚĞĂŵŽƌƚŝƐĂƚŝŽŶ ĞdžƉĞŶƐĞŽŶŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐǁŝƚŚĨŝŶŝƚĞůŝǀĞƐŝƐƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐŝŶƚŚĞĞdžƉĞŶƐĞĐĂƚĞŐŽƌLJĐŽŶƐŝƐƚĞŶƚǁŝƚŚ ƚŚĞĨƵŶĐƚŝŽŶŽĨƚŚĞŝŶƚĂŶŐŝďůĞĂƐƐĞƚ͘

;ŝͿ /ŵƉĂŝƌŵĞŶƚ

/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐŽƚŚĞƌƚŚĂŶŐŽŽĚǁŝůůĂŶĚŝŶĚĞĨŝŶŝƚĞůŝĨĞŝŶƚĂŶŐŝďůĞƐĂƌĞƚĞƐƚĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚǁŚĞŶĞǀĞƌĞǀĞŶƚƐŽƌ ĐŚĂŶŐĞƐŝŶĐŝƌĐƵŵƐƚĂŶĐĞƐŝŶĚŝĐĂƚĞƚŚĂƚƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŵĂLJŶŽƚďĞƌĞĐŽǀĞƌĂďůĞ͘

dŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĞŶƚŝƚLJ ĐŽŶĚƵĐƚƐ ĂŶ ĂŶŶƵĂů ŝŶƚĞƌŶĂů ƌĞǀŝĞǁ ŽĨ ĂƐƐĞƚ ǀĂůƵĞƐ͕ ǁŚŝĐŚ ŝƐ ƵƐĞĚ ĂƐ Ă ƐŽƵƌĐĞ ŽĨ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ĂƐƐĞƐƐ ĨŽƌ ĂŶLJ ŝŶĚŝĐĂƚŽƌƐ ŽĨ ŝŵƉĂŝƌŵĞŶƚ͘ džƚĞƌŶĂů ĨĂĐƚŽƌƐ͕ ƐƵĐŚ ĂƐ ĐŚĂŶŐĞƐ ŝŶ ĞdžƉĞĐƚĞĚ ĨƵƚƵƌĞ ƉƌŽĐĞƐƐĞƐ͕ƚĞĐŚŶŽůŽŐLJĂŶĚĞĐŽŶŽŵŝĐĐŽŶĚŝƚŝŽŶƐ͕ĂƌĞĂůƐŽŵŽŶŝƚŽƌĞĚƚŽĂƐƐĞƐƐĨŽƌŝŶĚŝĐĂƚŽƌƐŽĨŝŵƉĂŝƌŵĞŶƚ͘/ĨĂŶLJ ŝŶĚŝĐĂƚŝŽŶŽĨŝŵƉĂŝƌŵĞŶƚĞdžŝƐƚƐ͕ĂŶĞƐƚŝŵĂƚĞŽĨƚŚĞĂƐƐĞƚ͛ƐƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŝƐĐĂůĐƵůĂƚĞĚ͘

ŶŝŵƉĂŝƌŵĞŶƚůŽƐƐŝƐ ƌĞĐŽŐŶŝƐĞĚ ĨŽƌ ƚŚĞĂŵŽƵŶƚďLJǁŚŝĐŚ ƚŚĞĂƐƐĞƚ͛ƐĐĂƌƌLJŝŶŐĂŵŽƵŶƚĞdžĐĞĞĚƐŝƚƐ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ͘ ZĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ŝƐ ƚŚĞ ŚŝŐŚĞƌ ŽĨ ƚŚĞ ĂƐƐĞƚ͛Ɛ ĨĂŝƌ ǀĂůƵĞ ůĞƐƐ ĐŽƐƚƐ ƚŽ ƐĞůů ĂŶĚ ǀĂůƵĞͲŝŶͲƵƐĞ͘ &Žƌ ƚŚĞ ƉƵƌƉŽƐĞƐ ŽĨ ĂƐƐĞƐƐŝŶŐ ŝŵƉĂŝƌŵĞŶƚ͕ ĂƐƐĞƚƐ ĂƌĞ ŐƌŽƵƉĞĚ Ăƚ ƚŚĞ ůŽǁĞƐƚ ůĞǀĞůƐ ĨŽƌ ǁŚŝĐŚ ƚŚĞƌĞ ĂƌĞ ƐĞƉĂƌĂƚĞůLJ ŝĚĞŶƚŝĨŝĂďůĞĐĂƐŚŝŶĨůŽǁƐ ƚŚĂƚĂƌĞůĂƌŐĞůLJŝŶĚĞƉĞŶĚĞŶƚŽĨ ƚŚĞĐĂƐŚŝŶĨůŽǁƐ ĨƌŽŵŽƚŚĞƌĂƐƐĞƚƐŽƌŐƌŽƵƉƐŽĨĂƐƐĞƚƐ ;ĐĂƐŚͲŐĞŶĞƌĂƚŝŶŐ ƵŶŝƚƐͿ͘ EŽŶͲĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ŽƚŚĞƌ ƚŚĂŶ ŐŽŽĚǁŝůů ƚŚĂƚ ǁĞƌĞ ŝŵƉĂŝƌĞĚ ĂƌĞ ƚĞƐƚĞĚ ĨŽƌ ƉŽƐƐŝďůĞ ƌĞǀĞƌƐĂů ŽĨ ƚŚĞ ŝŵƉĂŝƌŵĞŶƚ ǁŚĞŶ ĞǀĞŶƚƐ Žƌ ĐŚĂŶŐĞƐ ŝŶ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ŝŶĚŝĐĂƚĞ ƚŚĂƚ ƚŚĞ ŝŵƉĂŝƌŵĞŶƚ ŵĂLJ ŚĂǀĞ ƌĞǀĞƌƐĞĚ͘

;ŝŝͿ ĞƌĞĐŽŐŶŝƚŝŽŶĂŶĚĚŝƐƉŽƐĂů

ŶLJ ŐĂŝŶ Žƌ ůŽƐƐ ĂƌŝƐŝŶŐ ŽŶ ĚĞƌĞĐŽŐŶŝƚŝŽŶ ŽĨ ĂŶ ŝŶƚĂŶŐŝďůĞ ĂƐƐĞƚ ;ĐĂůĐƵůĂƚĞĚ ĂƐ ƚŚĞ ĚŝĨĨĞƌĞŶĐĞ ďĞƚǁĞĞŶ ƚŚĞ ŶĞƚ ĚŝƐƉŽƐĂů ƉƌŽĐĞĞĚƐ ĂŶĚ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ĂƐƐĞƚͿ ŝƐ ŝŶĐůƵĚĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ǁŚĞŶ ƚŚĞ ĂƐƐĞƚ ŝƐ ĚĞƌĞĐŽŐŶŝƐĞĚ͘

;ŵͿ WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ

WůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ŝƐ ƐƚĂƚĞĚ Ăƚ ŚŝƐƚŽƌŝĐĂů ĐŽƐƚ ůĞƐƐ ĚĞƉƌĞĐŝĂƚŝŽŶ ĂŶĚ ĂŶLJ ĂĐĐƵŵƵůĂƚĞĚ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐĞƐ͘ ,ŝƐƚŽƌŝĐĂůĐŽƐƚŝŶĐůƵĚĞƐĞdžƉĞŶĚŝƚƵƌĞƚŚĂƚŝƐĚŝƌĞĐƚůLJĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨƚŚĞƐĞŝƚĞŵƐ͘

Ϯ͘ ^hDDZzK&^/'E/&/EdKhEd/E'WK>//^;ĐŽŶƚŝŶƵĞĚͿ

^ƵďƐĞƋƵĞŶƚĐŽƐƚƐĂƌĞŝŶĐůƵĚĞĚŝŶƚŚĞĂƐƐĞƚ͛ƐĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽƌƌĞĐŽŐŶŝƐĞĚĂƐĂƐĞƉĂƌĂƚĞĂƐƐĞƚ͕ĂƐĂƉƉƌŽƉƌŝĂƚĞ͕ ŽŶůLJ ǁŚĞŶ ŝƚ ŝƐ ƉƌŽďĂďůĞ ƚŚĂƚ ĨƵƚƵƌĞ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ŝƚĞŵ ǁŝůů ĨůŽǁ ƚŽ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĞŶƚŝƚLJĂŶĚƚŚĞĐŽƐƚŽĨƚŚĞŝƚĞŵĐĂŶďĞŵĞĂƐƵƌĞĚƌĞůŝĂďůLJ͘ůůŽƚŚĞƌƌĞƉĂŝƌƐĂŶĚŵĂŝŶƚĞŶĂŶĐĞĂƌĞĐŚĂƌŐĞĚƚŽƚŚĞ ƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĚƵƌŝŶŐƚŚĞĨŝŶĂŶĐŝĂůƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞLJĂƌĞŝŶĐƵƌƌĞĚ͘

ĞƉƌĞĐŝĂƚŝŽŶŝƐĐĂůĐƵůĂƚĞĚƵƐŝŶŐƚŚĞƐƚƌĂŝŐŚƚůŝŶĞĂŶĚĚŝŵŝŶŝƐŚŝŶŐǀĂůƵĞŵĞƚŚŽĚƐƚŽĂůůŽĐĂƚĞƚŚĞĐŽƐƚŽĨƚŚĞƐƉĞĐŝĨŝĐ ĂƐƐĞƚƐŽǀĞƌƚŚĞŝƌĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐ͘dŚĞĞdžƉĞĐƚĞĚƵƐĞĨƵůůŝǀĞƐĂƌĞĚĞƚĂŝůĞĚŝŶEŽƚĞϭϭ͘

dŚĞĂƐƐĞƚƐ͛ƌĞƐŝĚƵĂůǀĂůƵĞƐ͕ƵƐĞĨƵůůŝǀĞƐĂŶĚĚĞƉƌĞĐŝĂƚŝŽŶŵĞƚŚŽĚƐĂƌĞƌĞǀŝĞǁĞĚ͕ĂŶĚĂĚũƵƐƚĞĚŝĨĂƉƉƌŽƉƌŝĂƚĞ͕Ăƚ ĞĂĐŚĨŝŶĂŶĐŝĂůLJĞĂƌĞŶĚ͘

;ŝͿ /ŵƉĂŝƌŵĞŶƚ

dŚĞ ĐĂƌƌLJŝŶŐ ǀĂůƵĞƐ ŽĨ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ĂƌĞ ƌĞǀŝĞǁĞĚ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ Ăƚ ĞĂĐŚ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ͕ ǁŝƚŚ ƚŚĞ ƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚďĞŝŶŐĞƐƚŝŵĂƚĞĚǁŚĞŶĞǀĞŶƚƐŽƌĐŚĂŶŐĞƐŝŶĐŝƌĐƵŵƐƚĂŶĐĞƐŝŶĚŝĐĂƚĞ ƚŚĂƚ ƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞ ŵĂLJďĞŝŵƉĂŝƌĞĚ͘

dŚĞĚŝƌĞĐƚŽƌƐŚĂǀĞĚĞƚĞƌŵŝŶĞĚƚŚĂƚŝƚĞŵƐŽĨƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚĚŽŶŽƚŐĞŶĞƌĂƚĞŝŶĚĞƉĞŶĚĞŶƚĐĂƐŚŝŶĨůŽǁƐĂŶĚ ƚŚĂƚƚŚĞďƵƐŝŶĞƐƐŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJŝƐ͕ŝŶŝƚƐĞŶƚŝƌĞƚLJ͕ĂĐĂƐŚͲŐĞŶĞƌĂƚŝŶŐƵŶŝƚ͘dŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŽĨ ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚŝƐƚŚƵƐĚĞƚĞƌŵŝŶĞĚƚŽďĞŝƚƐĨĂŝƌǀĂůƵĞůĞƐƐĐŽƐƚƐƚŽƐĞůů͘

Ŷ ŝŵƉĂŝƌŵĞŶƚ ĞdžŝƐƚƐ ǁŚĞŶ ƚŚĞ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ ŽĨ ĂŶ ĂƐƐĞƚ Žƌ ĐĂƐŚͲŐĞŶĞƌĂƚŝŶŐ ƵŶŝƚ ĞdžĐĞĞĚƐ ŝƚƐ ĞƐƚŝŵĂƚĞĚ ƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͘dŚĞĂƐƐĞƚŽƌĐĂƐŚͲŐĞŶĞƌĂƚŝŶŐƵŶŝƚŝƐƚŚĞŶǁƌŝƚƚĞŶĚŽǁŶƚŽŝƚƐƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͘&ŽƌƉůĂŶƚ ĂŶĚĞƋƵŝƉŵĞŶƚ͕ŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĂƐĂŶĞdžƉĞŶƐĞ͘

;ŝŝͿ ĞƌĞĐŽŐŶŝƚŝŽŶĂŶĚĚŝƐƉŽƐĂů

ŶŝƚĞŵŽĨƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚŝƐĚĞƌĞĐŽŐŶŝƐĞĚƵƉŽŶĚŝƐƉŽƐĂůŽƌǁŚĞŶŶŽĨƵƌƚŚĞƌĨƵƚƵƌĞĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƐĂƌĞ ĞdžƉĞĐƚĞĚĨƌŽŵŝƚƐƵƐĞ͘

'ĂŝŶƐ ĂŶĚ ůŽƐƐĞƐ ŽŶ ĚŝƐƉŽƐĂůƐ ĂƌĞ ĚĞƚĞƌŵŝŶĞĚ ďLJ ĐŽŵƉĂƌŝŶŐ ƉƌŽĐĞĞĚƐ ǁŝƚŚ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ͘ dŚĞƐĞ ĂƌĞ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ƐƚĂƚĞŵĞŶƚ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ͘ tŚĞŶ ƌĞǀĂůƵĞĚ ĂƐƐĞƚƐ ĂƌĞ ƐŽůĚ͕ ŝƚ ŝƐ ĐŽŶƐŽůŝĚĂƚĞĚ ĞŶƚŝƚLJ ƉŽůŝĐLJƚŽƚƌĂŶƐĨĞƌƚŚĞĂŵŽƵŶƚƐŝŶĐůƵĚĞĚŝŶŽƚŚĞƌƌĞƐĞƌǀĞƐŝŶƌĞƐƉĞĐƚŽĨƚŚŽƐĞĂƐƐĞƚƐƚŽƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ͘

;ŶͿ dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ

dƌĂĚĞ ƉĂLJĂďůĞƐ ĂŶĚ ŽƚŚĞƌ ƉĂLJĂďůĞƐ ĂƌĞ ĐĂƌƌŝĞĚ Ăƚ ƚŚĞ ƚƌĂŶƐĂĐƚŝŽŶ ƉƌŝĐĞ ŵŝŶƵƐ ƉƌŝŶĐŝƉĂů ƌĞƉĂLJŵĞŶƚƐ͘ dŚĞLJ ƌĞƉƌĞƐĞŶƚůŝĂďŝůŝƚŝĞƐ ĨŽƌŐŽŽĚƐĂŶĚ ƐĞƌǀŝĐĞƐ ƉƌŽǀŝĚĞĚ ƚŽ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJ ƉƌŝŽƌ ƚŽ ƚŚĞĞŶĚ ŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂů LJĞĂƌƚŚĂƚĂƌĞƵŶƉĂŝĚĂŶĚĂƌŝƐĞǁŚĞŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJďĞĐŽŵĞƐŽďůŝŐĞĚƚŽŵĂŬĞĨƵƚƵƌĞƉĂLJŵĞŶƚƐŝŶƌĞƐƉĞĐƚ ŽĨƚŚĞƉƵƌĐŚĂƐĞŽĨƚŚĞƐĞŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ͘dŚĞĂŵŽƵŶƚƐĂƌĞƵŶƐĞĐƵƌĞĚĂŶĚĂƌĞƵƐƵĂůůLJ ƉĂŝĚǁŝƚŚŝŶϯϬĚĂLJƐŽĨ ƌĞĐŽŐŶŝƚŝŽŶ͘

;ŽͿ WƌŽǀŝƐŝŽŶƐĂŶĚĞŵƉůŽLJĞĞďĞŶĞĨŝƚƐ

WƌŽǀŝƐŝŽŶƐĂƌĞƌĞĐŽŐŶŝƐĞĚǁŚĞŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJŚĂƐĂƉƌĞƐĞŶƚŽďůŝŐĂƚŝŽŶ;ůĞŐĂůŽƌĐŽŶƐƚƌƵĐƚŝǀĞͿĂƐĂƌĞƐƵůƚ ŽĨĂƉĂƐƚĞǀĞŶƚ͕ŝƚŝƐƉƌŽďĂďůĞƚŚĂƚĂŶŽƵƚĨůŽǁŽĨƌĞƐŽƵƌĐĞƐĞŵďŽĚLJŝŶŐĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƐǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƐĞƚƚůĞ ƚŚĞŽďůŝŐĂƚŝŽŶĂŶĚĂƌĞůŝĂďůĞĞƐƚŝŵĂƚĞĐĂŶďĞŵĂĚĞŽĨƚŚĞĂŵŽƵŶƚŽĨƚŚĞŽďůŝŐĂƚŝŽŶ͘

tŚĞŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĞŶƚŝƚLJ ĞdžƉĞĐƚƐ ƐŽŵĞ Žƌ Ăůů ŽĨ Ă ƉƌŽǀŝƐŝŽŶ ƚŽ ďĞ ƌĞŝŵďƵƌƐĞĚ͕ ĨŽƌ ĞdžĂŵƉůĞ ƵŶĚĞƌ ĂŶ ŝŶƐƵƌĂŶĐĞ ĐŽŶƚƌĂĐƚ͕ ƚŚĞ ƌĞŝŵďƵƌƐĞŵĞŶƚ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ĂƐ Ă ƐĞƉĂƌĂƚĞ ĂƐƐĞƚ ďƵƚ ŽŶůLJ ǁŚĞŶ ƚŚĞ ƌĞŝŵďƵƌƐĞŵĞŶƚ ŝƐ ǀŝƌƚƵĂůůLJĐĞƌƚĂŝŶ͘dŚĞĞdžƉĞŶƐĞ ƌĞůĂƚŝŶŐ ƚŽĂŶLJƉƌŽǀŝƐŝŽŶŝƐƉƌĞƐĞŶƚĞĚŝŶ ƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ ŶĞƚŽĨĂŶLJƌĞŝŵďƵƌƐĞŵĞŶƚ͘

WƌŽǀŝƐŝŽŶƐ ĂƌĞ ŵĞĂƐƵƌĞĚ Ăƚ ƚŚĞ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ŵĂŶĂŐĞŵĞŶƚ͛Ɛ ďĞƐƚ ĞƐƚŝŵĂƚĞ ŽĨ ƚŚĞ ĞdžƉĞŶĚŝƚƵƌĞ ƌĞƋƵŝƌĞĚ ƚŽ ƐĞƚƚůĞƚŚĞƉƌĞƐĞŶƚŽďůŝŐĂƚŝŽŶĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞƵƐŝŶŐĂĚŝƐĐŽƵŶƚĞĚĐĂƐŚĨůŽǁŵĞƚŚŽĚŽůŽŐLJ͘dŚĞƌŝƐŬƐƐƉĞĐŝĨŝĐƚŽ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ĂƌĞ ĨĂĐƚŽƌĞĚ ŝŶƚŽ ƚŚĞ ĐĂƐŚ ĨůŽǁƐ ĂŶĚ ĂƐ ƐƵĐŚ Ă ƌŝƐŬͲĨƌĞĞ ŐŽǀĞƌŶŵĞŶƚ ďŽŶĚ ƌĂƚĞ ƌĞůĂƚŝǀĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĞĚ ůŝĨĞ ŽĨ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ŝƐ ƵƐĞĚ ĂƐ Ă ĚŝƐĐŽƵŶƚ ƌĂƚĞ͘ /Ĩ ƚŚĞ ĞĨĨĞĐƚ ŽĨ ƚŚĞ ƚŝŵĞ ǀĂůƵĞ ŽĨ ŵŽŶĞLJ ŝƐŵĂƚĞƌŝĂů͕ ƉƌŽǀŝƐŝŽŶƐĂƌĞĚŝƐĐŽƵŶƚĞĚƵƐŝŶŐĂĐƵƌƌĞŶƚƉƌĞͲƚĂdžƌĂƚĞƚŚĂƚƌĞĨůĞĐƚƐƚŚĞƚŝŵĞǀĂůƵĞŽĨŵŽŶĞLJĂŶĚƚŚĞƌŝƐŬƐƐƉĞĐŝĨŝĐ ƚŽƚŚĞůŝĂďŝůŝƚLJ͘dŚĞŝŶĐƌĞĂƐĞŝŶƚŚĞƉƌŽǀŝƐŝŽŶƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞƉĂƐƐĂŐĞŽĨƚŝŵĞŝƐƌĞĐŽŐŶŝƐĞĚŝŶĨŝŶĂŶĐĞĐŽƐƚƐ͘

Ϯ͘ ^hDDZzK&^/'E/&/EdKhEd/E'WK>//^;ĐŽŶƚŝŶƵĞĚͿ

ŵƉůŽLJĞĞůĞĂǀĞďĞŶĞĨŝƚƐ

;ŝͿ tĂŐĞƐ͕ƐĂůĂƌŝĞƐ͕ĂŶŶƵĂůůĞĂǀĞĂŶĚƐŝĐŬůĞĂǀĞ

ŝĂďŝůŝƚŝĞƐĨŽƌǁĂŐĞƐĂŶĚƐĂůĂƌŝĞƐ͕ŝŶĐůƵĚŝŶŐŶŽŶͲŵŽŶĞƚĂƌLJďĞŶĞĨŝƚƐĂŶĚĂŶŶƵĂůůĞĂǀĞĞdžƉĞĐƚĞĚƚŽďĞƐĞƚƚůĞĚǁŝƚŚ ϭϮ ŵŽŶƚŚƐ ŽĨ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ĞŵƉůŽLJĞĞƐ͛ ƐĞƌǀŝĐĞƐ ƵƉ ƚŽ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ͘ >ŝĂďŝůŝƚŝĞƐ ĨŽƌĂŶŶƵĂůůĞĂǀĞĞdžƉĞĐƚĞĚƚŽďĞƐĞƚƚůĞĚǁŝƚŚŝŶϭϮŵŽŶƚŚƐŽĨƚŚĞ ƌĞƉŽƌƚŝŶŐĚĂƚĞĂƌĞ ƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚƉƌŽǀŝƐŝŽŶ ĨŽƌ ƚŚĞĞŵƉůŽLJĞĞďĞŶĞĨŝƚƐ͘dŚĞLJĂƌĞŵĞĂƐƵƌĞĚĂƚ ƚŚĞĂŵŽƵŶƚƐĞdžƉĞĐƚĞĚ ƚŽďĞƉĂŝĚǁŚĞŶ ƚŚĞ ůŝĂďŝůŝƚŝĞƐĂƌĞƐĞƚƚůĞĚ͘džƉĞŶƐĞƐ ĨŽƌŶŽŶͲĂĐĐƵŵƵůĂƚŝŶŐ ƐŝĐŬůĞĂǀĞĂƌĞ ƌĞĐŽŐŶŝƐĞĚǁŚĞŶ ƚŚĞůĞĂǀĞŝƐ ƚĂŬĞŶĂŶĚĂƌĞ ŵĞĂƐƵƌĞĚĂƚƚŚĞƌĂƚĞƐƉĂŝĚŽƌƉĂLJĂďůĞ͘&ŽƌĂŶŶƵĂůůĞĂǀĞ͕ĞdžƉĞĐƚĞĚĨƵƚƵƌĞƉĂLJŵĞŶƚƐĂƌĞĚŝƐĐŽƵŶƚĞĚƵƐŝŶŐŵĂƌŬĞƚ LJŝĞůĚƐĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞŽŶŶĂƚŝŽŶĂůŐŽǀĞƌŶŵĞŶƚďŽŶĚƐǁŝƚŚƚĞƌŵƐƚŽŵĂƚƵƌŝƚLJĂŶĚĐƵƌƌĞŶĐŝĞƐƚŚĂƚŵĂƚĐŚ͕ĂƐ ĐůŽƐĞůLJĂƐƉŽƐƐŝďůĞ͕ƚŚĞĞƐƚŝŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚŽƵƚĨůŽǁƐ͘

;ŝŝͿ >ŽŶŐ^ĞƌǀŝĐĞ>ĞĂǀĞ

dŚĞůŝĂďŝůŝƚLJĨŽƌůŽŶŐƐĞƌǀŝĐĞůĞĂǀĞŝƐƌĞĐŽŐŶŝƐĞĚĂŶĚŵĞĂƐƵƌĞĚĂƐƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨĞdžƉĞĐƚĞĚĨƵƚƵƌĞƉĂLJŵĞŶƚƐ ƚŽ ďĞ ŵĂĚĞ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƐĞƌǀŝĐĞƐ ƉƌŽǀŝĚĞĚ ďLJ ĞŵƉůŽLJĞĞƐ ƵƉ ƚŽ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ͘ ŽŶƐŝĚĞƌĂƚŝŽŶ ŝƐ ŐŝǀĞŶ ƚŽ ĞdžƉĞĐƚĞĚ ĨƵƚƵƌĞ ǁĂŐĞ ĂŶĚ ƐĂůĂƌLJ ůĞǀĞůƐ͕ ĞdžƉĞƌŝĞŶĐĞ ŽĨ ĞŵƉůŽLJĞĞ ĚĞƉĂƌƚƵƌĞƐ͕ ĂŶĚ ƉĞƌŝŽĚƐ ŽĨ ƐĞƌǀŝĐĞ͘ džƉĞĐƚĞĚ ĨƵƚƵƌĞ ƉĂLJŵĞŶƚƐĂƌĞ ĚŝƐĐŽƵŶƚĞĚ ƵƐŝŶŐŵĂƌŬĞƚLJŝĞůĚƐĂƚ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ ŽŶ ŶĂƚŝŽŶĂůŐŽǀĞƌŶŵĞŶƚďŽŶĚƐǁŝƚŚ ƚĞƌŵƐƚŽŵĂƚƵƌŝƚLJĂŶĚĐƵƌƌĞŶĐŝĞƐƚŚĂƚŵĂƚĐŚ͕ĂƐĐůŽƐĞůLJĂƐƉŽƐƐŝďůĞ͕ƚŚĞĞƐƚŝŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚŽƵƚĨůŽǁƐ͘

;ƉͿ ^ŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƚƌĂŶƐĂĐƚŝŽŶƐ

;ŝͿ ƋƵŝƚLJƐĞƚƚůĞĚƚƌĂŶƐĂĐƚŝŽŶƐ͗

dŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJƉƌŽǀŝĚĞƐďĞŶĞĨŝƚƐƚŽŝƚƐĚŝƌĞĐƚŽƌƐ͕ĞŵƉůŽLJĞĞƐĂŶĚĐŽŶƐƵůƚĂŶƚƐŝŶƚŚĞĨŽƌŵŽĨƐŚĂƌĞͲďĂƐĞĚ ƉĂLJŵĞŶƚƐ͕ ǁŚĞƌĞďLJ ĚŝƌĞĐƚŽƌƐ ĂŶĚ ĞŵƉůŽLJĞĞƐ ƌĞŶĚĞƌ ƐĞƌǀŝĐĞƐ ŝŶ ĞdžĐŚĂŶŐĞ ĨŽƌ ŽƉƚŝŽŶƐ ƚŽ ĂĐƋƵŝƌĞ ƐŚĂƌĞƐ͕ ƌŝŐŚƚƐ ŽǀĞƌƐŚĂƌĞƐ;ĞƋƵŝƚLJͲƐĞƚƚůĞĚƚƌĂŶƐĂĐƚŝŽŶƐͿĂŶĚƐŚĂƌĞƐŝƐƐƵĞĚƉƵƌƐƵĂŶƚƚŽƚŚĞŽŵƉĂŶLJ͛ƐŵƉůŽLJĞĞ^ŚĂƌĞĂŶĚ>ŽĂŶ WůĂŶ ;͞WůĂŶ͟Ϳ͘ dŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĞŶƚŝƚLJ ŚĂƐ ĂůƐŽ ŝƐƐƵĞĚ ŽƌĚŝŶĂƌLJ ƐŚĂƌĞƐ ĂŶĚ ƵŶůŝƐƚĞĚ ŽƉƚŝŽŶƐ ĂƐ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ƚŽ ǀĞŶĚŽƌƐĨŽƌƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨĞdžƉůŽƌĂƚŝŽŶůŝĐĞŶĐĞƐ ĂŶĚĚƌŝůůŝŶŐƐĞƌǀŝĐĞƐ͘

dŚĞĐŽƐƚŽĨ ƚŚĞƐĞĞƋƵŝƚLJͲƐĞƚƚůĞĚ ƚƌĂŶƐĂĐƚŝŽŶƐŝƐŵĞĂƐƵƌĞĚďLJ ƌĞĨĞƌĞŶĐĞ ƚŽ ƚŚĞ ĨĂŝƌǀĂůƵĞ ƚŽ ƚŚĞŽŵƉĂŶLJŽĨ ƚŚĞ ĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƐĂƚƚŚĞĚĂƚĞĂƚǁŚŝĐŚƚŚĞLJǁĞƌĞŐƌĂŶƚĞĚŝŶƚŚĞĐĂƐĞŽĨŽƉƚŝŽŶƐĂŶĚƐŚĂƌĞƐŝƐƐƵĞĚƵŶĚĞƌƚŚĞ

WůĂŶ ĨŽƌĚŝƌĞĐƚŽƌƐ͕ĞŵƉůŽLJĞĞƐĂŶĚĐŽŶƐƵůƚĂŶƚƐ͖ĂŶĚƚŚĞĐůŽƐŝŶŐƐŚĂƌĞƉƌŝĐĞŽŶ͕ŽƌũƵƐƚďĞĨŽƌĞ͕ĞŝƚŚĞƌƚŚĞĚĂƚĞŽĨ ĞŶƚĞƌŝŶŐŝŶƚŽ͕ŽƌĞdžĞĐƵƚŝŶŐ͕ĂŶĞdžƉůŽƌĂƚŝŽŶůŝĐĞŶĐĞƉƵƌĐŚĂƐĞĂŐƌĞĞŵĞŶƚŝŶƚŚĞĐĂƐĞŽĨŽƉƚŝŽŶƐĂŶĚƐŚĂƌĞƐŝƐƐƵĞĚƚŽ ƚĞŶĞŵĞŶƚ ǀĞŶĚŽƌƐ ĂƐ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ĨŽƌ ƚŚĞ ƐĞƚƚůĞŵĞŶƚ ƉƌŝĐĞ͘dŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƚŚĞ ƵŶůŝƐƚĞĚ ŽƉƚŝŽŶƐ ĂŶĚ ƐŚĂƌĞƐ ŝƐƐƵĞĚƵŶĚĞƌƚŚĞWůĂŶŝƐĚĞƚĞƌŵŝŶĞĚƵƐŝŶŐĂŝŶŽŵŝĂůdƌĞĞŵŽĚĞů͕ƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ ƵƉŽŶǁŚŝĐŚƚŚĞŽƉƚŝŽŶƐǁĞƌĞŐƌĂŶƚĞĚ͘

dŚĞ ĐŽƐƚ ŽĨĞƋƵŝƚLJͲƐĞƚƚůĞĚ ƚƌĂŶƐĂĐƚŝŽŶƐ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ĂƐ ĂŶĞdžƉĞŶƐĞ͕ ƚŽŐĞƚŚĞƌ ǁŝƚŚ Ă ĐŽƌƌĞƐƉŽŶĚŝŶŐ ŝŶĐƌĞĂƐĞ ŝŶ ĞƋƵŝƚLJŽǀĞƌƚŚĞƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞǀĞƐƚŝŶŐĂŶĚͬŽƌƐĞƌǀŝĐĞĐŽŶĚŝƚŝŽŶƐĂƌĞĨƵůĨŝůůĞĚ;ƚŚĞǀĞƐƚŝŶŐƉĞƌŝŽĚͿ͕ĞŶĚŝŶŐŽŶ ƚŚĞĚĂƚĞŽŶǁŚŝĐŚƚŚĞƌĞůĞǀĂŶƚĚŝƌĞĐƚŽƌƐĂŶĚĞŵƉůŽLJĞĞƐďĞĐŽŵĞĨƵůůLJĞŶƚŝƚůĞĚƚŽƚŚĞŽƉƚŝŽŶƐ;ƚŚĞǀĞƐƚŝŶŐĚĂƚĞͿŽƌ ƐŚĂƌĞƐŝƐƐƵĞĚƵŶĚĞƌƚŚĞWůĂŶ͘

ƚ ĞĂĐŚ ƐƵďƐĞƋƵĞŶƚ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ ƵŶƚŝů ǀĞƐƚŝŶŐ͕ ƚŚĞ ĐƵŵƵůĂƚŝǀĞ ĐŚĂƌŐĞ ƚŽ ƚŚĞ ƐƚĂƚĞŵĞŶƚ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞƌĞĨůĞĐƚƐ͗

;ŝͿ ƚŚĞŐƌĂŶƚĚĂƚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞŽƉƚŝŽŶƐĂŶĚƐŚĂƌĞƐŝƐƐƵĞĚƵŶĚĞƌƚŚĞWůĂŶ͖
- ;ŝŝͿ ƚŚĞĐƵƌƌĞŶƚďĞƐƚĞƐƚŝŵĂƚĞŽĨƚŚĞŶƵŵďĞƌŽĨŽƉƚŝŽŶƐĂŶĚƐŚĂƌĞƐŝƐƐƵĞĚƵŶĚĞƌƚŚĞWůĂŶƚŚĂƚǁŝůůƵůƚŝŵĂƚĞůLJ ǀĞƐƚ͕ƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƐƵĐŚĨĂĐƚŽƌƐĂƐƚŚĞůŝŬĞůŝŚŽŽĚŽĨĞŵƉůŽLJĞĞƚƵƌŶŽǀĞƌĚƵƌŝŶŐƚŚĞǀĞƐƚŝŶŐƉĞƌŝŽĚ ĂŶĚƚŚĞůŝŬĞůŝŚŽŽĚŽĨǀĞƐƚŝŶŐĐŽŶĚŝƚŝŽŶƐďĞŝŶŐŵĞƚ͕ďĂƐĞĚŽŶďĞƐƚĂǀĂŝůĂďůĞŝŶĨŽƌŵĂƚŝŽŶĂƚďĂůĂŶĐĞĚĂƚĞ͖ ĂŶĚ
;ŝŝŝͿ ƚŚĞĞdžƚĞŶƚƚŽǁŚŝĐŚƚŚĞǀĞƐƚŝŶŐƉĞƌŝŽĚŚĂƐĞdžƉŝƌĞĚ͘

dŚĞ ĐŚĂƌŐĞ ƚŽ ƚŚĞ ƐƚĂƚĞŵĞŶƚ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĨŽƌ ƚŚĞ ƉĞƌŝŽĚ ŝƐ ƚŚĞ ĐƵŵƵůĂƚŝǀĞ ĂŵŽƵŶƚ ĂƐ ĐĂůĐƵůĂƚĞĚ ĂďŽǀĞůĞƐƐƚŚĞĂŵŽƵŶƚƐĂůƌĞĂĚLJĐŚĂƌŐĞĚŝŶƉƌĞǀŝŽƵƐƉĞƌŝŽĚƐ͘dŚĞƌĞŝƐĂĐŽƌƌĞƐƉŽŶĚŝŶŐĞŶƚƌLJƚŽĞƋƵŝƚLJ͘

/ĨƚŚĞƚĞƌŵƐŽĨĂŶĞƋƵŝƚLJͲƐĞƚƚůĞĚĂǁĂƌĚĂƌĞŵŽĚŝĨŝĞĚ͕ĂƐĂŵŝŶŝŵƵŵĂŶĞdžƉĞŶƐĞŝƐƌĞĐŽŐŶŝƐĞĚĂƐŝĨƚŚĞƚĞƌŵƐŚĂĚ ŶŽƚďĞĞŶŵŽĚŝĨŝĞĚ͘ŶĂĚĚŝƚŝŽŶĂůĞdžƉĞŶƐĞŝƐƌĞĐŽŐŶŝƐĞĚĨŽƌĂŶLJŵŽĚŝĨŝĐĂƚŝŽŶƚŚĂƚŝŶĐƌĞĂƐĞƐƚŚĞƚŽƚĂůĨĂŝƌǀĂůƵĞŽĨ ƚŚĞƐŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚĂƌƌĂŶŐĞŵĞŶƚ͕ŽƌŝƐŽƚŚĞƌǁŝƐĞďĞŶĞĨŝĐŝĂů ƚŽ ƚŚĞĞŵƉůŽLJĞĞ͕ĂƐŵĞĂƐƵƌĞĚĂƚ ƚŚĞĚĂƚĞŽĨ ŵŽĚŝĨŝĐĂƚŝŽŶ͘

Ϯ͘ ^hDDZzK&^/'E/&/EdKhEd/E'WK>//^;ĐŽŶƚŝŶƵĞĚͿ

/ĨĂŶĞƋƵŝƚLJͲƐĞƚƚůĞĚĂǁĂƌĚŝƐĐĂŶĐĞůůĞĚ͕ŝƚŝƐƚƌĞĂƚĞĚĂƐŝĨŝƚŚĂƐǀĞƐƚĞĚŽŶƚŚĞĚĂƚĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͕ĂŶĚĂŶLJĞdžƉĞŶƐĞ ŶŽƚ LJĞƚ ƌĞĐŽŐŶŝƐĞĚ ĨŽƌ ƚŚĞ ĂǁĂƌĚ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ŝŵŵĞĚŝĂƚĞůLJ͘ ,ŽǁĞǀĞƌ͕ ŝĨ Ă ŶĞǁ ĂǁĂƌĚ ŝƐ ƐƵďƐƚŝƚƵƚĞĚ ĨŽƌ ƚŚĞ ĐĂŶĐĞůůĞĚĂǁĂƌĚĂŶĚ ĚĞƐŝŐŶĂƚĞĚĂƐĂ ƌĞƉůĂĐĞŵĞŶƚĂǁĂƌĚ ŽŶ ƚŚĞ ĚĂƚĞ ƚŚĂƚŝƚŝƐŐƌĂŶƚĞĚ͕ ƚŚĞ ĐĂŶĐĞůůĞĚĂŶĚ ŶĞǁ ĂǁĂƌĚĂƌĞƚƌĞĂƚĞĚĂƐŝĨƚŚĞLJǁĞƌĞĂŵŽĚŝĨŝĐĂƚŝŽŶŽĨƚŚĞŽƌŝŐŝŶĂůĂǁĂƌĚ͕ĂƐĚĞƐĐƌŝďĞĚŝŶƚŚĞƉƌĞǀŝŽƵƐƉĂƌĂŐƌĂƉŚ͘

dŚĞĚŝůƵƚŝǀĞĞĨĨĞĐƚ͕ŝĨĂŶLJ͕ŽĨŽƵƚƐƚĂŶĚŝŶŐŽƉƚŝŽŶƐĂŶĚƐŚĂƌĞƐŝƐƐƵĞĚƵŶĚĞƌƚŚĞWůĂŶŝƐƌĞĨůĞĐƚĞĚĂƐĂĚĚŝƚŝŽŶĂůƐŚĂƌĞ ĚŝůƵƚŝŽŶŝŶƚŚĞĐŽŵƉƵƚĂƚŝŽŶŽĨĚŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ͘

;ƋͿ /ƐƐƵĞĚĂƉŝƚĂů

KƌĚŝŶĂƌLJ ƐŚĂƌĞƐ ĂƌĞ ĐůĂƐƐŝĨŝĞĚ ĂƐ ĞƋƵŝƚLJ͘ /ŶĐƌĞŵĞŶƚĂů ĐŽƐƚƐ ĚŝƌĞĐƚůLJ ĂƚƚƌŝďƵƚĂďůĞ ƚŽ ƚŚĞ ŝƐƐƵĞ ŽĨ ŶĞǁ ƐŚĂƌĞƐ Žƌ ŽƉƚŝŽŶƐĂƌĞƐŚŽǁŶŝŶĞƋƵŝƚLJĂƐĂĚĞĚƵĐƚŝŽŶ͕ŶĞƚŽĨƚĂdž͕ĨƌŽŵƚŚĞƉƌŽĐĞĞĚƐ͘

;ƌͿ ZĞǀĞŶƵĞƌĞĐŽŐŶŝƚŝŽŶ

ZĞǀĞŶƵĞŝƐƌĞĐŽŐŶŝƐĞĚĂŶĚŵĞĂƐƵƌĞĚĂƚƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶƌĞĐĞŝǀĞĚŽƌƌĞĐĞŝǀĂďůĞƚŽƚŚĞĞdžƚĞŶƚŝƚ ŝƐ ƉƌŽďĂďůĞ ƚŚĂƚ ƚŚĞ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚƐ ǁŝůů ĨůŽǁ ƚŽ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĞŶƚŝƚLJ ĂŶĚ ƚŚĞ ƌĞǀĞŶƵĞ ĐĂŶ ďĞ ƌĞůŝĂďůLJ ŵĞĂƐƵƌĞĚ͘dŚĞĨŽůůŽǁŝŶŐƐƉĞĐŝĨŝĐƌĞĐŽŐŶŝƚŝŽŶĐƌŝƚĞƌŝĂŵƵƐƚĂůƐŽďĞŵĞƚďĞĨŽƌĞƌĞǀĞŶƵĞŝƐƌĞĐŽŐŶŝƐĞĚ͗

;ŝͿ ZĞŶĚĞƌŝŶŐŽĨ^ĞƌǀŝĐĞƐ

tŚĞƌĞƚŚĞǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶƌĞůĂƚŝŽŶƚŽĂũŽŝŶƚǀĞŶƚƵƌĞŽƌŽƚŚĞƌĐŽŶƚƌĂĐƚŽƵƚĐŽŵĞĐĂŶďĞƌĞůŝĂďůLJŵĞĂƐƵƌĞĚ͗

Ͳ ƌŝŐŚƚ ƚŽ ƌĞĐĞŝǀĞ ĐŽŵƉĞŶƐĂƚŝŽŶ ĨŽƌ ƚŚĞ ƐĞƌǀŝĐĞƐ ƉƌŽǀŝĚĞĚ ĂŶĚ ƚŚĞ ƐƚĂŐĞ ŽĨ ĐŽŵƉůĞƚŝŽŶ ĐĂŶ ďĞ ƌĞůŝĂďůLJ ŵĞĂƐƵƌĞĚ͘ ^ƚĂŐĞ ŽĨ ĐŽŵƉůĞƚŝŽŶ ŝƐ ŵĞĂƐƵƌĞĚ ďLJ ƌĞĨĞƌĞŶĐĞ ƚŽ ƚŚĞ ůĂďŽƵƌ ŚŽƵƌƐ ƉĞƌĨŽƌŵĞĚ ƚŽ ĚĂƚĞ ĂƐ Ă ƉĞƌĐĞŶƚĂŐĞŽĨ ƚŽƚĂůĞƐƚŝŵĂƚĞĚůĂďŽƵƌŚŽƵƌƐŝŶ ƌĞůĂƚŝŽŶ ƚŽĂũŽŝŶƚǀĞŶƚƵƌĞŽƌ ĨŽƌĞĂĐŚĐŽŶƚƌĂĐƚ͘tŚĞƌĞŝƚŝƐ ƉƌŽďĂďůĞƚŚĂƚĂůŽƐƐǁŝůůĂƌŝƐĞŝŶƌĞůĂƚŝŽŶƚŽĂũŽŝŶƚǀĞŶƚƵƌĞŽƌĨƌŽŵĂĐŽŶƚƌĂĐƚ͕ƚŚĞĞdžĐĞƐƐŽĨƚŽƚĂůĐŽƐƚƐŽǀĞƌ ƌĞǀĞŶƵĞŝƐƌĞĐŽŐŶŝƐĞĚĂƐĂŶĞdžƉĞŶƐĞŝŵŵĞĚŝĂƚĞůLJ͘

tŚĞƌĞƚŚĞĐŽŶƚƌĂĐƚŽƵƚĐŽŵĞĐĂŶŶŽƚďĞƌĞůŝĂďůLJŵĞĂƐƵƌĞĚ͗

Ͳ ƌĞǀĞŶƵĞŝƐƌĞĐŽŐŶŝƐĞĚŽŶůLJƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚƚŚĞĐŽƐƚƐƚŚĂƚŚĂǀĞďĞĞŶŝŶĐƵƌƌĞĚĂƌĞƌĞĐŽǀĞƌĂďůĞ͘

hŶĞĂƌŶĞĚŝŶĐŽŵĞŝƐƌĞĐŽŐŶŝƐĞĚŝŶƌĞƐƉĞĐƚŽĨƉƌŽŐƌĞƐƐďŝůůŝŶŐƐĂŶĚĂĚǀĂŶĐĞƐŽŶĞdžƉůŽƌĂƚŝŽŶĐŽŶƚƌĂĐƚƐŝŶƉƌŽŐƌĞƐƐ͕ ƌĞĐĞŝǀĞĚŝŶĂĚǀĂŶĐĞ͕ŽƌŶŽƚƌĞƉƌĞƐĞŶƚĞĚďLJǁŽƌŬĚŽŶĞŽƌƌĞŝŵďƵƌƐĂďůĞĞdžƉĞŶĚŝƚƵƌĞŝŶĐƵƌƌĞĚ͕ƵŶĚĞƌũŽŝŶƚǀĞŶƚƵƌĞ ĂƌƌĂŶŐĞŵĞŶƚƐ͘^ƵĐŚŝŶĐŽŵĞŝƐƌĞĐŽŐŶŝƐĞĚĂŶĚďƌŽƵŐŚƚƚŽĂĐĐŽƵŶƚŽǀĞƌƚŝŵĞĂƐŝƚŝƐĞĂƌŶĞĚ͘

;ŝŝͿ /ŶƚĞƌĞƐƚƌĞǀĞŶƵĞ

ZĞǀĞŶƵĞŝƐƌĞĐŽŐŶŝƐĞĚĂƐŝŶƚĞƌĞƐƚĂĐĐƌƵĞĚƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚ͘dŚŝƐŝƐĂŵĞƚŚŽĚŽĨĐĂůĐƵůĂƚŝŶŐƚŚĞ ĂŵŽƌƚŝƐĞĚ ĐŽƐƚƐ ŽĨ Ă ĨŝŶĂŶĐŝĂů ĂƐƐĞƚ ĂŶĚ ĂůůŽĐĂƚŝŶŐ ƚŚĞ ŝŶƚĞƌĞƐƚ ƌĞǀĞŶƵĞ ŽǀĞƌ ƚŚĞ ƌĞůĞǀĂŶƚ ƉĞƌŝŽĚ ƵƐŝŶŐ ƚŚĞ ĞĨĨĞĐƚŝǀĞ ŝŶƚĞƌĞƐƚ ƌĂƚĞ͕ ǁŚŝĐŚ ŝƐ ƚŚĞ ƌĂƚĞ ƚŚĂƚ ĞdžĂĐƚůLJ ĚŝƐĐŽƵŶƚƐ ĞƐƚŝŵĂƚĞĚ ĨƵƚƵƌĞ ĐĂƐŚ ƌĞĐĞŝƉƚƐ ƚŚƌŽƵŐŚ ƚŚĞ ĞdžƉĞĐƚĞĚůŝĨĞŽĨƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƚŽƚŚĞŶĞƚĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚ͘

ůůƌĞǀĞŶƵĞŝƐƐƚĂƚĞĚŶĞƚŽĨ'ŽŽĚƐĂŶĚ^ĞƌǀŝĐĞƐdĂdž;͞'^d͟Ϳ͘

;ƐͿ /ŶĐŽŵĞƚĂdžĂŶĚŽƚŚĞƌƚĂdžĞƐ

ƵƌƌĞŶƚ ƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ ĨŽƌ ƚŚĞĐƵƌƌĞŶƚĂŶĚ ƉƌŝŽƌƉĞƌŝŽĚƐĂƌĞŵĞĂƐƵƌĞĚĂƚ ƚŚĞĂŵŽƵŶƚĞdžƉĞĐƚĞĚ ƚŽ ďĞ ƌĞĐŽǀĞƌĞĚ ĨƌŽŵŽƌƉĂŝĚƚŽƚŚĞƚĂdžĂƚŝŽŶĂƵƚŚŽƌŝƚŝĞƐďĂƐĞĚŽŶƚŚĞĐƵƌƌĞŶƚƉĞƌŝŽĚ͛ƐƚĂdžĂďůĞŝŶĐŽŵĞ͘dŚĞƚĂdžƌĂƚĞƐ ĂŶĚƚĂdžůĂǁƐƵƐĞĚƚŽĐŽŵƉƵƚĞƚŚĞĂŵŽƵŶƚĂƌĞƚŚŽƐĞƚŚĂƚĂƌĞĞŶĂĐƚĞĚŽƌƐƵďƐƚĂŶƚŝǀĞůLJĞŶĂĐƚĞĚďLJƚŚĞƌĞƉŽƌƚŝŶŐ ĚĂƚĞ͘

ĞĨĞƌƌĞĚ ŝŶĐŽŵĞ ƚĂdž ŝƐ ƉƌŽǀŝĚĞĚ ŽŶ Ăůů ƚĞŵƉŽƌĂƌLJ ĚŝĨĨĞƌĞŶĐĞƐ Ăƚ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ ďĞƚǁĞĞŶ ƚŚĞ ƚĂdž ďĂƐĞƐ ŽĨ ĂƐƐĞƚƐ͕ůŝĂďŝůŝƚŝĞƐĂŶĚƚŚĞŝƌĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐĨŽƌĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƉƵƌƉŽƐĞƐ͘

ĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžůŝĂďŝůŝƚŝĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚĨŽƌĂůůƚĂdžĂďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐĞdžĐĞƉƚ͗

Ͳ ǁŚĞŶƚŚĞĚĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžůŝĂďŝůŝƚLJĂƌŝƐĞƐĨƌŽŵƚŚĞŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶŽĨŐŽŽĚǁŝůůŽƌŽĨĂŶĂƐƐĞƚͬůŝĂďŝůŝƚLJŝŶĂ ƚƌĂŶƐĂĐƚŝŽŶ ƚŚĂƚ ŝƐ ŶŽƚ Ă ďƵƐŝŶĞƐƐ ĐŽŵďŝŶĂƚŝŽŶ ĂŶĚ ƚŚĂƚ͕ Ăƚ ƚŚĞ ƚŝŵĞ ŽĨ ƚƌĂŶƐĂĐƚŝŽŶ͕ ĂĨĨĞĐƚƐ ŶĞŝƚŚĞƌ ƚŚĞ ĂĐĐŽƵŶƚŝŶŐƉƌŽĨŝƚŶŽƌƚĂdžĂďůĞƉƌŽĨŝƚŽƌůŽƐƐ͖Žƌ
Ͳ ǁŚĞŶƚŚĞƚĂdžĂďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞŝƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚŝŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌŝĞƐ͕ĂƐƐŽĐŝĂƚĞƐŽƌŝŶƚĞƌĞƐƚŝŶ ũŽŝŶƚǀĞŶƚƵƌĞƐ͕ĂŶĚƚŚĞƚŝŵŝŶŐŽĨƚŚĞƌĞǀĞƌƐĂůŽĨƚŚĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞĐĂŶďĞĐŽŶƚƌŽůůĞĚĂŶĚŝƚŝƐƉƌŽďĂďůĞ ƚŚĂƚƚŚĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞǁŝůůŶŽƚƌĞǀĞƌƐĞŝŶƚŚĞĨŽƌĞƐĞĞĂďůĞĨƵƚƵƌĞ͘

Ϯ͘ ^hDDZzK&^/'E/&/EdKhEd/E'WK>//^;ĐŽŶƚŝŶƵĞĚͿ

ĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžĂƐƐĞƚƐĂƌĞƌĞĐŽŐŶŝƐĞĚĨŽƌĂůůĚĞĚƵĐƚŝďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ͕ĐĂƌƌLJͲĨŽƌǁĂƌĚŽĨƵŶƵƐĞĚƚĂdž ĐƌĞĚŝƚƐĂŶĚƵŶƵƐĞĚƚĂdžůŽƐƐĞƐ͕ƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚŝƚŝƐƉƌŽďĂďůĞƚŚĂƚƚĂdžĂďůĞƉƌŽĨŝƚǁŝůůďĞĂǀĂŝůĂďůĞĂŐĂŝŶƐƚǁŚŝĐŚ ƚŚĞĚĞĚƵĐƚŝďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐĂŶĚƚŚĞĐĂƌƌLJͲĨŽƌǁĂƌĚŽĨƵŶƵƐĞĚƚĂdžĐƌĞĚŝƚƐĂŶĚƵŶƵƐĞĚƚĂdžůŽƐƐĞƐĐĂŶďĞ ƵƚŝůŝƐĞĚ͕ĞdžĐĞƉƚ͗

Ͳ ǁŚĞŶ ƚŚĞ ĚĞĨĞƌƌĞĚ ŝŶĐŽŵĞ ƚĂdž ĂƐƐĞƚ ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ ĚĞĚƵĐƚŝďůĞ ƚĞŵƉŽƌĂƌLJ ĚŝĨĨĞƌĞŶĐĞ ĂƌŝƐĞƐ ĨƌŽŵ ƚŚĞ ŝŶŝƚŝĂů ƌĞĐŽŐŶŝƚŝŽŶŽĨƚŚĞĂƐƐĞƚŽƌůŝĂďŝůŝƚLJŝŶĂƚƌĂŶƐĂĐƚŝŽŶƚŚĂƚŝƐŶŽƚĂďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶĂŶĚ͕ĂƚƚŚĞƚŝŵĞŽĨƚŚĞ ƚƌĂŶƐĂĐƚŝŽŶ͕ĂĨĨĞĐƚƐŶĞŝƚŚĞƌƚŚĞĂĐĐŽƵŶƚŝŶŐƉƌŽĨŝƚŶŽƌƚĂdžĂďůĞƉƌŽĨŝƚŽƌůŽƐƐ͖Žƌ
Ͳ ǁŚĞŶ ƚŚĞ ĚĞĚƵĐƚŝďůĞ ƚĞŵƉŽƌĂƌLJ ĚŝĨĨĞƌĞŶĐĞ ŝƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ŝŶǀĞƐƚŵĞŶƚƐ ŝŶ ƐƵďƐŝĚŝĂƌŝĞƐ͕ ĂƐƐŽĐŝĂƚĞƐ Žƌ ŝŶƚĞƌĞƐƚƐ ŝŶ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ͕ ŝŶ ǁŚŝĐŚ ĐĂƐĞ Ă ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚ ŝƐ ŽŶůLJ ƌĞĐŽŐŶŝƐĞĚ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ƚŚĂƚ ŝƚ ŝƐ ƉƌŽďĂďůĞ ƚŚĂƚ ƚŚĞ ƚĞŵƉŽƌĂƌLJ ĚŝĨĨĞƌĞŶĐĞ ǁŝůů ƌĞǀĞƌƐĞ ŝŶ ƚŚĞ ĨŽƌĞƐĞĞĂďůĞ ĨƵƚƵƌĞ ĂŶĚ ƚĂdžĂďůĞ ƉƌŽĨŝƚ ǁŝůů ďĞ ĂǀĂŝůĂďůĞĂŐĂŝŶƐƚǁŚŝĐŚƚŚĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞĐĂŶďĞƵƚŝůŝƐĞĚ͘

dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨĚĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžĂƐƐĞƚƐŝƐƌĞǀŝĞǁĞĚĂƚĞĂĐŚƌĞƉŽƌƚŝŶŐĚĂƚĞĂŶĚƌĞĚƵĐĞĚƚŽƚŚĞĞdžƚĞŶƚ ƚŚĂƚ ŝƚ ŝƐ ŶŽ ůŽŶŐĞƌ ƉƌŽďĂďůĞ ƚŚĂƚ ƐƵĨĨŝĐŝĞŶƚ ƚĂdžĂďůĞ ƉƌŽĨŝƚ ǁŝůů ďĞ ĂǀĂŝůĂďůĞ ƚŽ ĂůůŽǁ Ăůů Žƌ ƉĂƌƚ ŽĨ ƚŚĞ ĚĞĨĞƌƌĞĚ ŝŶĐŽŵĞƚĂdžĂƐƐĞƚƚŽďĞƵƚŝůŝƐĞĚ͘

hŶƌĞĐŽŐŶŝƐĞĚĚĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžĂƐƐĞƚƐĂƌĞƌĞĂƐƐĞƐƐĞĚĂƚĞĂĐŚƌĞƉŽƌƚŝŶŐĚĂƚĞĂŶĚĂƌĞƌĞĐŽŐŶŝƐĞĚƚŽƚŚĞĞdžƚĞŶƚ ƚŚĂƚŝƚŚĂƐďĞĐŽŵĞƉƌŽďĂďůĞƚŚĂƚĨƵƚƵƌĞƚĂdžĂďůĞƉƌŽĨŝƚǁŝůůĂůůŽǁƚŚĞĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƚŽďĞƌĞĐŽǀĞƌĞĚ͘

ĞĨĞƌƌĞĚŝŶĐŽŵĞ ƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂƌĞŵĞĂƐƵƌĞĚĂƚ ƚŚĞƚĂdž ƌĂƚĞƐ ƚŚĂƚĂƌĞĞdžƉĞĐƚĞĚ ƚŽĂƉƉůLJ ƚŽ ƚŚĞLJĞĂƌ ǁŚĞŶƚŚĞĂƐƐĞƚŝƐƌĞĂůŝƐĞĚŽƌƚŚĞůŝĂďŝůŝƚLJŝƐƐĞƚƚůĞĚ͕ďĂƐĞĚŽŶƚĂdžƌĂƚĞƐ;ĂŶĚƚĂdžůĂǁƐͿƚŚĂƚŚĂǀĞďĞĞŶĞŶĂĐƚĞĚŽƌ ƐƵďƐƚĂŶƚŝǀĞůLJĞŶĂĐƚĞĚĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ͘

ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂŶĚĚĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐĂƌĞŽĨĨƐĞƚŽŶůLJŝĨĂůĞŐĂůůLJĞŶĨŽƌĐĞĂďůĞƌŝŐŚƚĞdžŝƐƚƐƚŽƐĞƚŽĨĨĐƵƌƌĞŶƚ ƚĂdžĂƐƐĞƚƐĂŐĂŝŶƐƚĐƵƌƌĞŶƚƚĂdžůŝĂďŝůŝƚŝĞƐĂŶĚƚŚĞĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐƌĞůĂƚĞƚŽƚŚĞƐĂŵĞƚĂdžĂďůĞĞŶƚŝƚLJ ĂŶĚƚŚĞƐĂŵĞƚĂdžĂƚŝŽŶĂƵƚŚŽƌŝƚLJ͘

dĂdžĐŽŶƐŽůŝĚĂƚŝŽŶůĞŐŝƐůĂƚŝŽŶ

ůĂŶĐLJdžƉůŽƌĂƚŝŽŶ>ŝŵŝƚĞĚĂŶĚŝƚƐǁŚŽůůLJͲŽǁŶĞĚƵƐƚƌĂůŝĂŶĐŽŶƚƌŽůůĞĚĞŶƚŝƚLJĨŽƌŵĞĚĂƚĂdžĐŽŶƐŽůŝĚĂƚĞĚŐƌŽƵƉŽŶ ϭ :ƵůLJ ϮϬϬϴ͘ ,ŽǁĞǀĞƌ͕ ƚŚĞLJ ĐŽŶƚŝŶƵĞ ƚŽ ĂĐĐŽƵŶƚ ĨŽƌ ƚŚĞŝƌ ŽǁŶ ĐƵƌƌĞŶƚ ĂŶĚ ĚĞĨĞƌƌĞĚ ƚĂdž ĂŵŽƵŶƚƐ͘ dŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĞŶƚŝƚLJ ŚĂƐ ĂƉƉůŝĞĚ ƚŚĞ ƐƚĂŶĚ ĂůŽŶĞ ƚĂdžƉĂLJĞƌ ĂƉƉƌŽĂĐŚ ŝŶ ĚĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ ĂŵŽƵŶƚ ŽĨ ĐƵƌƌĞŶƚƚĂdžĞƐĂŶĚĚĞĨĞƌƌĞĚƚĂdžĞƐƚŽĂůůŽĐĂƚĞƚŽŵĞŵďĞƌƐŽĨƚŚĞƚĂdžĐŽŶƐŽůŝĚĂƚĞĚŐƌŽƵƉ͘dŚĞĐƵƌƌĞŶƚĂŶĚĚĞĨĞƌƌĞĚ ƚĂdž ĂŵŽƵŶƚƐ ĂƌĞ ŵĞĂƐƵƌĞĚ ŝŶ Ă ƐLJƐƚĞŵĂƚŝĐ ŵĂŶŶĞƌ ƚŚĂƚ ŝƐ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚĞ ďƌŽĂĚ ƉƌŝŶĐŝƉůĞƐ ŝŶ ^ ϭϭϮ /ŶĐŽŵĞdĂdžĞƐ͘

/ŶĂĚĚŝƚŝŽŶƚŽŝƚƐŽǁŶĐƵƌƌĞŶƚĂŶĚĚĞĨĞƌƌĞĚƚĂdžĂŵŽƵŶƚƐ͕ůĂŶĐLJdžƉůŽƌĂƚŝŽŶ>ŝŵŝƚĞĚĂůƐŽƌĞĐŽŐŶŝƐĞƐƚŚĞĐƵƌƌĞŶƚ ƚĂdž ůŝĂďŝůŝƚŝĞƐ ;Žƌ ĂƐƐĞƚƐͿ ĂŶĚ ƚŚĞ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚƐ ĂƌŝƐŝŶŐ ĨƌŽŵ ƵŶƵƐĞĚ ƚĂdž ůŽƐƐĞƐ ĂŶĚ ƵŶƵƐĞĚ ƚĂdž ĐƌĞĚŝƚƐ ĂƐƐƵŵĞĚĨƌŽŵĐŽŶƚƌŽůůĞĚĞŶƚŝƚŝĞƐŝŶƚŚĞƚĂdžĐŽŶƐŽůŝĚĂƚĞĚŐƌŽƵƉ͘

DĞŵďĞƌƐ ŽĨ ƚŚĞ ƚĂdž ĐŽŶƐŽůŝĚĂƚĞĚ ŐƌŽƵƉ ŚĂǀĞ ŶŽƚĞŶƚĞƌĞĚ ŝŶƚŽ Ă ƚĂdž ĨƵŶĚŝŶŐ ĂŐƌĞĞŵĞŶƚĂŶĚ ĂƐ ŶŽ ĐƵƌƌĞŶƚ ƚĂdž ĂƐƐĞƚƐ Žƌ ůŝĂďŝůŝƚŝĞƐ Žƌ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ƌĞůĂƚŝŽŶ ƚŽ ƚĂdž ůŽƐƐĞƐ Žƌ ƵŶƵƐĞĚ ƚĂdž ĐƌĞĚŝƚƐ͕ ŶŽ ĐŽŶƚƌŝďƵƚŝŽŶƐŽƌĚŝƐƚƌŝďƵƚŝŽŶƐĂƌĞƌĞƋƵŝƌĞĚƚŽďĞŵĂĚĞƵŶĚĞƌ^/ŶƚϭϬϱϮdĂdžŽŶƐŽůŝĚĂƚŝŽŶĐĐŽƵŶƚŝŶŐ͘

KƚŚĞƌƚĂdžĞƐ

ZĞǀĞŶƵĞƐ͕ĞdžƉĞŶƐĞƐĂŶĚĂƐƐĞƚƐĂƌĞƌĞĐŽŐŶŝƐĞĚŶĞƚŽĨƚŚĞĂŵŽƵŶƚŽĨ'^dĞdžĐĞƉƚ͗

ͼ ǁŚĞŶƚŚĞ'^dŝŶĐƵƌƌĞĚŽŶĂƉƵƌĐŚĂƐĞŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐŝƐŶŽƚƌĞĐŽǀĞƌĂďůĞĨƌŽŵƚŚĞƚĂdžĂƚŝŽŶĂƵƚŚŽƌŝƚLJ͕ŝŶ ǁŚŝĐŚĐĂƐĞƚŚĞ'^dŝƐƌĞĐŽŐŶŝƐĞĚĂƐƉĂƌƚŽĨƚŚĞĐŽƐƚŽĨĂĐƋƵŝƐŝƚŝŽŶŽĨƚŚĞĂƐƐĞƚŽƌĂƐƉĂƌƚŽĨƚŚĞĞdžƉĞŶƐĞŝƚĞŵ ĂƐĂƉƉůŝĐĂďůĞ͖ĂŶĚ
ͼ ƌĞĐĞŝǀĂďůĞƐĂŶĚƉĂLJĂďůĞƐ͕ǁŚŝĐŚĂƌĞƐƚĂƚĞĚǁŝƚŚƚŚĞĂŵŽƵŶƚŽĨ'^dŝŶĐůƵĚĞĚ͘

dŚĞŶĞƚĂŵŽƵŶƚŽĨ'^dƌĞĐŽǀĞƌĂďůĞĨƌŽŵ͕ŽƌƉĂLJĂďůĞƚŽ͕ƚŚĞƚĂdžĂƚŝŽŶĂƵƚŚŽƌŝƚLJŝƐŝŶĐůƵĚĞĚĂƐƉĂƌƚŽĨƌĞĐĞŝǀĂďůĞƐ ŽƌƉĂLJĂďůĞƐŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͘

ĂƐŚ ĨůŽǁƐĂƌĞŝŶĐůƵĚĞĚŝŶ ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨĂƐŚ&ůŽǁƐŽŶĂŐƌŽƐƐďĂƐŝƐĂŶĚ ƚŚĞ'^dĐŽŵƉŽŶĞŶƚŽĨĐĂƐŚ ĨůŽǁƐ ĂƌŝƐŝŶŐĨƌŽŵŝŶǀĞƐƚŝŶŐĂŶĚĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ͕ǁŚŝĐŚŝƐƌĞĐŽǀĞƌĂďůĞĨƌŽŵ͕ŽƌƉĂLJĂďůĞƚŽ͕ƚŚĞƚĂdžĂƚŝŽŶĂƵƚŚŽƌŝƚLJŝƐ ĐůĂƐƐŝĨŝĞĚĂƐƉĂƌƚŽĨŽƉĞƌĂƚŝŶŐĐĂƐŚĨůŽǁƐ͘

Ϯ͘ ^hDDZzK&^/'E/&/EdKhEd/E'WK>//^;ĐŽŶƚŝŶƵĞĚͿ

ŽŵŵŝƚŵĞŶƚƐ ĂŶĚ ĐŽŶƚŝŶŐĞŶĐŝĞƐ ĂƌĞ ĚŝƐĐůŽƐĞĚ ŶĞƚ ŽĨ ƚŚĞ ĂŵŽƵŶƚ ŽĨ '^d ƌĞĐŽǀĞƌĂďůĞ ĨƌŽŵ͕ Žƌ ƉĂLJĂďůĞ ƚŽ ƚŚĞ ƚĂdžĂƚŝŽŶĂƵƚŚŽƌŝƚLJ͘

;ƚͿ ĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ

ĂƐŝĐĞĂƌŶŝŶŐƐ ƉĞƌ ƐŚĂƌĞŝƐ ĐĂůĐƵůĂƚĞĚĂƐ ƉƌŽĨŝƚĂƚƚƌŝďƵƚĂďůĞ ƚŽŵĞŵďĞƌƐ ŽĨ ƚŚĞ ƉĂƌĞŶƚ͕ĂĚũƵƐƚĞĚ ƚŽĞdžĐůƵĚĞĂŶLJ ĐŽƐƚƐŽĨƐĞƌǀŝĐŝŶŐĞƋƵŝƚLJ;ŽƚŚĞƌƚŚĂŶĚŝǀŝĚĞŶĚƐͿĂŶĚƉƌĞĨĞƌĞŶĐĞƐŚĂƌĞĚŝǀŝĚĞŶĚƐ͕ĚŝǀŝĚĞĚďLJƚŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞ ŶƵŵďĞƌŽĨŽƌĚŝŶĂƌLJƐŚĂƌĞƐ͕ĂĚũƵƐƚĞĚĨŽƌĂŶLJďŽŶƵƐĞůĞŵĞŶƚ͘

ŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞŝƐĐĂůĐƵůĂƚĞĚĂƐƉƌŽĨŝƚĂƚƚƌŝďƵƚĂďůĞƚŽŵĞŵďĞƌƐŽĨƚŚĞƉĂƌĞŶƚ͕ĂĚũƵƐƚĞĚĨŽƌ͗

Ͳ ĐŽƐƚƐŽĨƐĞƌǀŝĐŝŶŐĞƋƵŝƚLJ;ŽƚŚĞƌƚŚĂŶĚŝǀŝĚĞŶĚƐͿ͖
Ͳ ƚŚĞĂĨƚĞƌƚĂdžĞĨĨĞĐƚŽĨĚŝǀŝĚĞŶĚƐĂŶĚŝŶƚĞƌĞƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚĚŝůƵƚŝǀĞƉŽƚĞŶƚŝĂůŽƌĚŝŶĂƌLJƐŚĂƌĞƐƚŚĂƚŚĂǀĞďĞĞŶ ƌĞĐŽŐŶŝƐĞĚĂƐĞdžƉĞŶƐĞƐ͖ĂŶĚ
Ͳ ŽƚŚĞƌ ŶŽŶͲĚŝƐĐƌĞƚŝŽŶĂƌLJ ĐŚĂŶŐĞƐ ŝŶ ƌĞǀĞŶƵĞƐ Žƌ ĞdžƉĞŶƐĞƐ ĚƵƌŝŶŐ ƚŚĞ ƉĞƌŝŽĚ ƚŚĂƚ ǁŽƵůĚ ƌĞƐƵůƚ ĨƌŽŵ ƚŚĞ ĚŝůƵƚŝŽŶŽĨƉŽƚĞŶƚŝĂůŽƌĚŝŶĂƌLJƐŚĂƌĞƐ͕ĚŝǀŝĚĞĚďLJƚŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨŽƌĚŝŶĂƌLJƐŚĂƌĞƐĂŶĚĚŝůƵƚŝǀĞ ƉŽƚĞŶƚŝĂůŽƌĚŝŶĂƌLJƐŚĂƌĞƐ͕ĂĚũƵƐƚĞĚĨŽƌĂŶLJďŽŶƵƐĞůĞŵĞŶƚ͘

;ƵͿ džƉůŽƌĂƚŝŽŶdžƉĞŶĚŝƚƵƌĞ

džƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĐŽƐƚƐĂƌĞĂĐĐƵŵƵůĂƚĞĚĂŶĚĂĐĐŽƵŶƚĞĚĨŽƌƐĞƉĂƌĂƚĞůLJŽŶĂŶĂƌĞĂŽĨŝŶƚĞƌĞƐƚďĂƐŝƐ͘Ŷ ĂƌĞĂŽĨŝŶƚĞƌĞƐƚŝƐƌĞƉƌĞƐĞŶƚĞĚďLJĂŶĞdžƉůŽƌĂƚŝŽŶƉƌŽũĞĐƚ͕ǁŚŝĐŚŵĂLJŝŶĐůƵĚĞŵƵůƚŝƉůĞƚĞŶĞŵĞŶƚƐǁŝƚŚŝŶĂƐŝŶŐůĞ ŐĞŽŐƌĂƉŚŝĐƌĞŐŝŽŶ͘

&ŽƌĞĂĐŚĂƌĞĂŽĨŝŶƚĞƌĞƐƚ͕ƚŚĞĐŽŵƉĂŶLJŵĂŬĞƐĂŶĞůĞĐƚŝŽŶƌĞŐĂƌĚŝŶŐŝƚƐƚƌĞĂƚŵĞŶƚŽĨĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶ ĞdžƉĞŶĚŝƚƵƌĞ ĂŶĚ ǁŚĞƚŚĞƌ ŝƚǁŝůů ďĞ ĐŚĂƌŐĞĚ ƚŽ ƚŚĞ ŝŶĐŽŵĞ ƐƚĂƚĞŵĞŶƚĂƐ ŝŶĐƵƌƌĞĚ͕ ƵŶĚĞƌ ƚŚĞ ĞdžƉĞŶƐĞ ĐĂƚĞŐŽƌLJ ͞ĞdžƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞ͕͟ŽƌĐĂƉŝƚĂůŝƐĞĚĂƐĂŶĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĂƐƐĞƚ͘

ŶĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĐĂŶŽŶůLJďĞƌĞĐŽŐŶŝƐĞĚŝŶƌĞůĂƚŝŽŶƚŽĂŶĂƌĞĂŽĨŝŶƚĞƌĞƐƚŝĨƚŚĞĨŽůůŽǁŝŶŐĐŽŶĚŝƚŝŽŶƐ ĂƌĞƐĂƚŝƐĨŝĞĚ͗

ĂͿ ƚŚĞƌŝŐŚƚƐƚŽƚĞŶƵƌĞŽĨƚŚĞĂƌĞĂŽĨŝŶƚĞƌĞƐƚĂƌĞĐƵƌƌĞŶƚ͖ĂŶĚ
ďͿ ĂƚůĞĂƐƚŽŶĞŽĨƚŚĞĨŽůůŽǁŝŶŐĐŽŶĚŝƚŝŽŶƐŝƐĂůƐŽŵĞƚ͗
- ;ŝͿ ƚŚĞĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞƐĂƌĞĞdžƉĞĐƚĞĚƚŽďĞƌĞĐŽƵƉĞĚƚŚƌŽƵŐŚƐƵĐĐĞƐƐĨƵů ĚĞǀĞůŽƉŵĞŶƚĂŶĚĞdžƉůŽŝƚĂƚŝŽŶŽĨƚŚĞĂƌĞĂŽĨŝŶƚĞƌĞƐƚ͕ŽƌĂůƚĞƌŶĂƚŝǀĞůLJ͕ďLJŝƚƐƐĂůĞ͖ĂŶĚ
- ;ŝŝͿ ĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĂĐƚŝǀŝƚŝĞƐŝŶ ƚŚĞĂƌĞĂ ŽĨŝŶƚĞƌĞƐƚ ŚĂǀĞŶŽƚĂƚ ƚŚĞĞŶĚ ŽĨ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ƉĞƌŝŽĚ ƌĞĂĐŚĞĚĂ ƐƚĂŐĞǁŚŝĐŚ ƉĞƌŵŝƚƐĂ ƌĞĂƐŽŶĂďůĞĂƐƐĞƐƐŵĞŶƚ ŽĨ ƚŚĞĞdžŝƐƚĞŶĐĞ ŽƌŽƚŚĞƌǁŝƐĞ ŽĨ ĞĐŽŶŽŵŝĐĂůůLJ ƌĞĐŽǀĞƌĂďůĞ ƌĞƐĞƌǀĞƐ͕ĂŶĚĂĐƚŝǀĞĂŶĚƐŝŐŶŝĨŝĐĂŶƚŽƉĞƌĂƚŝŽŶƐŝŶ͕ŽƌŝŶ ƌĞůĂƚŝŽŶ ƚŽ͕ ƚŚĞ ĂƌĞĂŽĨŝŶƚĞƌĞƐƚĂƌĞĐŽŶƚŝŶƵŝŶŐ͘

ĂƉŝƚĂůŝƐĞĚĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞƐĂƌĞƌĞĐŽƌĚĞĚĂƐĂŶĞdžƉůŽƌĂƚŝŽŶĂƐƐĞƚĂƚĐŽƐƚůĞƐƐŝŵƉĂŝƌŵĞŶƚ ĐŚĂƌŐĞƐ͘ ůů ĐĂƉŝƚĂůŝƐĞĚ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ĞdžƉĞŶĚŝƚƵƌĞ ĂƌĞ ŵŽŶŝƚŽƌĞĚ ĨŽƌ ŝŶĚŝĐĂƚŽƌƐ ŽĨ ŝŵƉĂŝƌŵĞŶƚ͘ tŚĞƌĞĂŶŝŵƉĂŝƌŵĞŶƚŝŶĚŝĐĂƚŽƌŝƐŝĚĞŶƚŝĨŝĞĚ͕ĂŶĂƐƐĞƐƐŵĞŶƚŝƐƉĞƌĨŽƌŵĞĚ ĨŽƌĞĂĐŚĂƌĞĂŽĨŝŶƚĞƌĞƐƚƚŽǁŚŝĐŚƚŚĞ ĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞŝƐĂƚƚƌŝďƵƚĞĚ͘dŽƚŚĞĞdžƚĞŶƚƚŚĂƚĐĂƉŝƚĂůŝƐĞĚĞdžƉĞŶĚŝƚƵƌĞŝƐŶŽƚĞdžƉĞĐƚĞĚ ƚŽďĞƌĞĐŽǀĞƌĞĚŝƚŝƐĐŚĂƌŐĞĚƚŽƚŚĞŝŶĐŽŵĞƐƚĂƚĞŵĞŶƚ͘

ƚϯϭĞĐĞŵďĞƌϮϬϭϯ͕ƚŚĞ'ƌŽƵƉĞůĞĐƚĞĚƚŽĐĂƉŝƚĂůŝƐĞƚŚĞĂĐƋƵŝƐŝƚŝŽŶĐŽƐƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨƚŚĞ EŽƌƚŚ ƌƵŶƚĂ ƚĞŶĞŵĞŶƚƐ͘ ŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƉƌŝŽƌ ƉĞƌŝŽĚƐ͕ ĨŽƌ Ăůů ŽƚŚĞƌ ƚĞŶĞŵĞŶƚƐ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ĞůĞĐƚĞĚ ƚŽ ĞdžƉĞŶƐĞƚŚĞĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĐŽƐƚƐ͘

džƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞŝŶƌĞůĂƚŝŽŶƚŽƚŚĞũŽŝŶƚŽƉĞƌĂƚŝŽŶƐŵĂŶĂŐĞĚďLJƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJŝƐĨƵŶĚĞĚďLJƚŚĞ ũŽŝŶƚůLJĐŽŶƚƌŽůůĞĚŽƉĞƌĂƚŝŽŶƉĂƌƚŶĞƌ͘dŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJŵĂŬĞƐĂĐĂƐŚĐĂůůĨŽƌĞdžƉĞŶĚŝƚƵƌĞĂƚƚŚĞďĞŐŝŶŶŝŶŐ ŽĨĞĂĐŚƋƵĂƌƚĞƌĨŽƌƚŚĞƐĞũŽŝŶƚŽƉĞƌĂƚŝŽŶƐŽŶƚŚĞďĂƐŝƐŽĨĨŽƌĞĐĂƐƚĞdžƉĞŶĚŝƚƵƌĞ͘dŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJƌĞĐŽŐŶŝƐĞƐ ĞdžƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞƌĞŝŵďƵƌƐĞĚŝŶĂĚǀĂŶĐĞĂƚLJĞĂƌĞŶĚŝŶƚŚĞĞǀĞŶƚƚŚĂƚĐĂƐŚŚĂƐďĞĞŶƌĞĐĞŝǀĞĚŝŶĂĚǀĂŶĐĞ ŽĨ ĞdžƉĞŶĚŝƚƵƌĞ͘ džƉůŽƌĂƚŝŽŶ ĞdžƉĞŶĚŝƚƵƌĞ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƚŚĞƐĞ ũŽŝŶƚ ŽƉĞƌĂƚŝŽŶƐ ĐůĂƐƐŝĨŝĞĚ ŝŶ ƚŚĞ ƐƚĂƚĞŵĞŶƚ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞǁŝƚŚŝŶƚŚĞŝŶĐŽŵĞŽƌĞdžƉĞŶƐĞĐĂƚĞŐŽƌLJ͞EĞƚũŽŝŶƚǀĞŶƚƵƌĞƌĞŝŵďƵƌƐĞĚĞdžƉĞŶƐĞƐ͘͟

NOTES TO ACCOUNTS

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

$(v)$ Financial Liabilities and Equity Instruments Issued by the Consolidated Entity

Classification as debt or equity $(i)$

Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual agreement.

(ii) Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Group are recognised at the proceeds received, net of direct issue costs.

(iii) Financial liabilities Financial liabilities are classified as either financial liabilities 'at fair value through profit and loss' or 'other financial liabilities'.
(iv) Other financial liabilities Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs.

Other financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis.

The effective interest method is a method of calculating the amortised cost of a financially liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition.

$3.$ CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Equally, the consolidated entity continually employs judgement in the application of its accounting policies.

Management has identified the following critical accounting policies for which significant judgements, estimates and assumptions are made. Actual results may differ from these estimates under different assumptions and conditions. Those which may materially affect the carrying amounts of assets and liabilities reported in future periods are discussed below:

(a) Significant accounting judgements

Impairment of non-financial assets including intangible computer software $(i)$

The consolidated entity assesses impairment on all assets at each reporting date by evaluating conditions specific to the consolidated entity and to the particular asset that may lead to impairment. These include technology and economic environments. If an impairment trigger exists, the recoverable amount of the asset is determined. This involves value-in-use calculations, which incorporate a number of key estimates and assumptions.

Significant accounting estimates and assumptions $(b)$

$(i)$ Share-based payment transactions

The consolidated entity measures the cost of equity settled transactions with directors, employees, consultants and brokers by reference to the fair value of the equity instruments at the date at which they are granted. In the case of options and shares issued to tenement vendors as consideration for the settlement price, fair value is measured at the closing share price on, or just before, either the date of entering into, or executing, an exploration licence purchase agreement.

In the case of shares issued to vendors of drilling services, fair value is measured by a reference to a value of the services received.

			ŽŶƐŽůŝĚĂƚĞĚ
		ϮϬϭϯ	ϮϬϭϮ
ϰ͘	Kd,ZZsEh	Ψ	Ψ
	;ĂͿ^ĂůĞŽĨŝŶƚĞƌĞƐƚŝŶƚĞŶĞŵĞŶƚƐ
	^ĂůĞŽĨŝŶƚĞƌĞƐƚŝŶƚĞŶĞŵĞŶƚƐ	ϭ͕ϬϬϬ͕ϬϬϬ	Ͳ
		ϭ͕ϬϬϬ͕ϬϬϬ	Ͳ
	;ďͿKƚŚĞƌƌĞǀĞŶƵĞ
	/ŶƚĞƌĞƐƚƌĞǀĞŶƵĞ	ϲϵ͕ϴϱϯ	ϴϲ͕ϯϰϳ
	DĂŶĂŐĞŵĞŶƚ&ĞĞƐ	Ϯϯϱ͕ϮϮϱ	Ϯϭ͕ϮϴϬ
	DŝƐĐĞůůĂŶĞŽƵƐƌĞǀĞŶƵĞ	Ͳ	ϭϳ͕ϰϯϮ
	&ĂŝƌǀĂůƵĞŐĂŝŶŽŶĨŝŶĂŶĐŝĂůĂƐƐĞƚ	Ͳ	ϰϱϯ͕ϵϯϴ
	ZΘ'ƌĂŶƚ	Ͳ	ϯϵϴ͕ϬϳϮ
		ϯϬϱ͕Ϭϳϴ	ϵϳϳ͕Ϭϲϵ
	dKd>Kd,ZZsEh	ϭ͕ϯϬϱ͕Ϭϳϴ	ϵϳϳ͕Ϭϲϵ

ϱ͘ yWE^^

;ĂͿ ŵƉůŽLJĞĞďĞŶĞĨŝƚƐĞdžƉĞŶƐĞŝŶĐůƵĚĞƐ͗

ŝƌĞĐƚŽƌƐΖĨĞĞƐ	ϭϮϵ͕ϬϮϲ	ϭϮϵ͕ϬϮϲ
^ĂůĂƌŝĞƐ	ϳϳϴ͕ϳϯϳ	ϳϳϰ͕ϯϰϱ
tŽƌŬĞƌƐ͛ĐŽŵƉĞŶƐĂƚŝŽŶĐŽƐƚƐ	Ϯϱ͕ϭϱϳ	Ϯϳ͕ϵϳϰ
ŶŶƵĂůůĞĂǀĞƉƌŽǀŝƐŝŽŶ	ϭϱ͕ϲϯϵ	ϭϮ͕ϭϲϯ
>ŽŶŐƐĞƌǀŝĐĞůĞĂǀĞƉƌŽǀŝƐŝŽŶ	Ϯϭ͕ϲϴϳ	ϯ͕ϮϲϮ
WŽƐƚͲĞŵƉůŽLJŵĞŶƚďĞŶĞĨŝƚƐĞdžƉĞŶƐĞ	ϴϬ͕ϯϰϬ	ϳϵ͕ϯϳϭ
KƚŚĞƌĞŵƉůŽLJĞĞďĞŶĞĨŝƚƐĞdžƉĞŶƐĞ	ϭϯ͕ϰϲϴ	ϭϴ͕ϲϭϮ
	ϭ͕Ϭϲϰ͕Ϭϱϰ	ϭ͕Ϭϰϰ͕ϳϱϯ
;ďͿEĞƚƌĞĐŽǀĞƌLJĨƌŽŵũŽŝŶƚǀĞŶƚƵƌĞƉĂƌƚŶĞƌƐ
:ŽŝŶƚsĞŶƚƵƌĞdžƉůŽƌĂƚŝŽŶdžƉĞŶĚŝƚƵƌĞ	ϭ͕ϴϰϰ͕ϭϳϴ	ϭϱϰ͕ϭϬϴ
>ĞƐƐũŽŝŶƚǀĞŶƚƵƌĞĨƵŶĚŝŶŐ	;Ϯ͕ϯϯϮ͕ϲϴϱͿ	;Ϯϯϲ͕ϯϮϴͿ
EĞƚƌĞĐŽǀĞƌLJĨƌŽŵũŽŝŶƚǀĞŶƚƵƌĞƉĂƌƚŶĞƌƐ;ŝͿ	;ϰϴϴ͕ϱϬϳͿ	;ϴϮ͕ϮϮϬͿ

;ŝͿ dŚĞŽŵƉĂŶLJƌĞĐŽǀĞƌƐĂƌĂŶŐĞŽĨĞdžƉĞŶƐĞƐĐůĂƐƐŝĨŝĞĚĞůƐĞǁŚĞƌĞŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞĨƌŽŵŝƚƐũŽŝŶƚǀĞŶƚƵƌĞƉĂƌƚŶĞƌƐ͕ŝŶĂĚĚŝƚŝŽŶƚŽĞdžƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞ͘^ƵĐŚĞdžƉĞŶƐĞƐ ŝŶĐůƵĚĞƐĂƉŽƌƚŝŽŶŽĨƐĂůĂƌŝĞƐĂŶĚŽƚŚĞƌĞdžƉůŽƌĂƚŝŽŶƌĞůĂƚĞĚŽǀĞƌŚĞĂĚƐŝŶĐůƵĚŝŶŐĚĞƉƌĞĐŝĂƚŝŽŶ͕ ŽĐĐƵƉĂŶĐLJĐŽƐƚƐĂŶĚŝŶƐƵƌĂŶĐĞ͘

;ĐͿ ĞƉƌĞĐŝĂƚŝŽŶ͕ĂŵŽƌƚŝƐĂƚŝŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚĞdžƉĞŶƐĞŝŶĐůƵĚĞĚ

ŝŶƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ
ĞƉƌĞĐŝĂƚŝŽŶŽĨƉůĂŶƚΘĞƋƵŝƉŵĞŶƚ	ϯϳ͕Ϭϱϰ	ϲϲ͕Ϯϲϴ
ŵŽƌƚŝƐĂƚŝŽŶŽĨƐŽĨƚǁĂƌĞĂŶĚůĞĂƐĞŚŽůĚŝŵƉƌŽǀĞŵĞŶƚƐ	ϯ͕ϵϮϯ	Ϯ͕ϴϵϮ
/ŵƉĂŝƌŵĞŶƚŽĨƉůĂŶƚΘĞƋƵŝƉŵĞŶƚ	ϮϮϮ	ϯ͕ϬϬϲ
	ϰϭ͕ϭϵϵ	ϳϮ͕ϭϲϲ

	/EKDdy		ŽŶƐŽůŝĚĂƚĞĚ
		ϮϬϭϯΨ	ϮϬϭϮΨ
;ĂͿ	/ŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞ
	dŚĞŵĂũŽƌĐŽŵƉŽŶĞŶƚƐŽĨŝŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞĂƌĞ͗
	^ƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ
	ƵƌƌĞŶƚŝŶĐŽŵĞƚĂdž
	ƵƌƌĞŶƚŝŶĐŽŵĞƚĂdžĐŚĂƌŐĞͬ;ďĞŶĞĨŝƚͿ	Ͳ	Ͳ
	ĚũƵƐƚŵĞŶƚƐŝŶƌĞƐƉĞĐƚŽĨĐƵƌƌĞŶƚŝŶĐŽŵĞƚĂdžŽĨƉƌĞǀŝŽƵƐLJĞĂƌƐ	Ͳ
	ĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdž	Ͳ	Ͳ
	ZĞůĂƚŝŶŐƚŽŽƌŝŐŝŶĂƚŝŽŶĂŶĚƌĞǀĞƌƐĂůŽĨƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ	Ͳ	Ͳ
	/ŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞͬ;ďĞŶĞĨŝƚͿƌĞƉŽƌƚĞĚŝŶƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞ
	ŝŶĐŽŵĞ	Ͳ	Ͳ
;ďͿ	ŵŽƵŶƚƐĐŚĂƌŐĞĚŽƌĐƌĞĚŝƚĞĚĚŝƌĞĐƚůLJƚŽĞƋƵŝƚLJ
	ĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžƌĞůĂƚĞĚƚŽŝƚĞŵƐĐŚĂƌŐĞĚŽƌĐƌĞĚŝƚĞĚĚŝƌĞĐƚůLJƚŽĞƋƵŝƚLJ	Ͳ	Ͳ
	hŶƌĞĂůŝƐĞĚůŽƐƐŽŶĂǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ	Ͳ	Ͳ
	/ŶĐŽŵĞƚĂdžďĞŶĞĨŝƚƌĞƉŽƌƚĞĚŝŶĞƋƵŝƚLJ	Ͳ	Ͳ

;ĐͿ EƵŵĞƌŝĐĂůƌĞĐŽŶĐŝůŝĂƚŝŽŶŽĨĂĐĐŽƵŶƚŝŶŐƉƌŽĨŝƚƚŽƚĂdžĞdžƉĞŶƐĞ

ƌĞĐŽŶĐŝůŝĂƚŝŽŶďĞƚǁĞĞŶƚĂdžĞdžƉĞŶƐĞĂŶĚƚŚĞĂĐĐŽƵŶƚŝŶŐƉƌŽĨŝƚďĞĨŽƌĞŝŶĐŽŵĞƚĂdž ŵƵůƚŝƉůŝĞĚďLJƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJΖƐĂƉƉůŝĐĂďůĞŝŶĐŽŵĞƚĂdžƌĂƚĞŝƐĂƐĨŽůůŽǁƐ͗

	ĐĐŽƵŶƚŝŶŐůŽƐƐďĞĨŽƌĞŝŶĐŽŵĞƚĂdž	;ϲϳϳ͕ϳϬϮͿ	;ϭ͕ϵϯϭ͕ϯϳϭͿ

	ƚƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJΖƐƐƚĂƚƵƚŽƌLJŝŶĐŽŵĞƚĂdžƌĂƚĞŽĨϯϬй;ϮϬϭϮ͗ϯϬйͿ	;ϮϬϯ͕ϯϭϭͿ	;ϱϳϵ͕ϰϭϭͿ
	EŽŶͲĚĞĚƵĐƚŝďůĞĞŶƚĞƌƚĂŝŶŵĞŶƚͬƉĞŶĂůƚŝĞƐ	ϱϲϮ	ϱϳϰ
	KƚŚĞƌŶŽŶͲĂůůŽǁĂďůĞŝƚĞŵƐ	Ϯϲϯ	ϭϲϱ
	^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƐ	ϭϴ͕ϲϵϬ	ϰϮ͕ϬϬϰ
	&ƌŝŶŐĞďĞŶĞĨŝƚƐƚĂdž	Ϯϵϲ	;ϮϰϭͿ
	/ŶĐƌĞĂƐĞŝŶƵŶƌĞĐŽŐŶŝƐĞĚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ	ϮϮϳ͕ϲϵϯ	ϱϯϲ͕ϵϬϵ
	ŝƐƉŽƐĂůŽĨƚĞŶĞŵĞŶƚƐ	;ϰϰ͕ϭϵϯͿ	Ͳ
	/ŶĐŽŵĞƚĂdžďĞŶĞĨŝƚ	Ͳ	Ͳ

;ĚͿ	ƵƌƌĞŶƚƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ
	ƵƌƌĞŶƚƚĂdžůŝĂďŝůŝƚLJ	Ͳ	Ͳ

;ĞͿ ZĞĐŽŐŶŝƐĞĚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ

dŚĞ'ƌŽƵƉŚĂƐŶŽƚƌĞĐŽŐŶŝƐĞĚĂŶLJĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐŽƌůŝĂďŝůŝƚŝĞƐĚƵƌŝŶŐƚŚĞLJĞĂƌ;ϮϬϭϮ͗EŝůͿ

;ĨͿ dĂdžůŽƐƐĞƐ

dŚĞ ŐƌŽƵƉ ŚĂƐ ƵƐƚƌĂůŝĂŶ ƌĞǀĞŶƵĞ ƚĂdž ůŽƐƐĞƐ ĨŽƌ ǁŚŝĐŚ ŶŽ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ŽŶ ƚŚĞ ƐƚĂƚĞŵĞŶƚ ŽĨ ĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶŽĨΨϭϮ͕Ϭϯϭ͕ϭϰϭ;ϮϬϭϮ͗Ψϭϭ͕ϰϲϬ͕ϵϱϲͿǁŚŝĐŚĂƌĞĂǀĂŝůĂďůĞŝŶĚĞĨŝŶŝƚĞůLJĨŽƌŽĨĨƐĞƚĂŐĂŝŶƐƚĨƵƚƵƌĞƚĂdžĂďůĞ ŝŶĐŽŵĞƐƵďũĞĐƚƚŽĐŽŶƚŝŶƵŝŶŐƚŽŵĞĞƚƚŚĞƌĞůĞǀĂŶƚƐƚĂƚƵƚŽƌLJƚĞƐƚƐ͘

dŚĞŐƌŽƵƉŚĂƐƵƐƚƌĂůŝĂŶĐĂƉŝƚĂůƚĂdžůŽƐƐĞƐĨŽƌǁŚŝĐŚŶŽĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚŝƐƌĞĐŽŐŶŝƐĞĚŽŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶŽĨΨϭϭϭ͕ϵϲϮ;ϮϬϭϮ͗Ψϭϭϭ͕ϵϲϮͿǁŚŝĐŚĂƌĞĂǀĂŝůĂďůĞŝŶĚĞĨŝŶŝƚĞůLJĨŽƌŽĨĨƐĞƚĂŐĂŝŶƐƚĨƵƚƵƌĞƚĂdžĂďůĞĐĂƉŝƚĂůŐĂŝŶƐ ƐƵďũĞĐƚƚŽĐŽŶƚŝŶƵŝŶŐƚŽŵĞĞƚƚŚĞƌĞůĞǀĂŶƚƐƚĂƚƵƚŽƌLJƚĞƐƚƐ͘

ϲ͘ /EKDdy;ĐŽŶƚŝŶƵĞĚͿ

;ŐͿ hŶƌĞĐŽŐŶŝƐĞĚƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ

ƐĂƚϯϭĞĐĞŵďĞƌϮϬϭϯ͕ƚŚĞŐƌŽƵƉŚĂƐŽƚŚĞƌƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ;ĞdžĐůƵĚŝŶŐƚĂdžĚŝĨĨĞƌĞŶĐĞƐƌĞůĂƚŝŶŐƚŽƚĂdžůŽƐƐĞƐͿ ĨŽƌǁŚŝĐŚ ŶŽ ĚĞĨĞƌƌĞĚ ƚĂdžĂƐƐĞƚ ŝƐ ƌĞĐŽŐŶŝƐĞĚŝŶ ƚŚĞ ƐƚĂƚĞŵĞŶƚŽĨ ĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ ŽĨ ΨϭϳϬ͕ϱϲϯ ;ϮϬϭϮ͗ ΨϮϴϲ͕ϰϭϵͿ͘ EŽŶĞŽĨƚŚĞƐĞƵŶƌĞĐŽŐŶŝƐĞĚƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐƌĞůĂƚĞƚŽŝŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌŝĞƐ͕ĂƐƐŽĐŝĂƚĞƐŽƌũŽŝŶƚǀĞŶƚƵƌĞƐ͘

;ŚͿ dĂdžĐŽŶƐŽůŝĚĂƚŝŽŶ

DĞŵďĞƌƐŽĨƚŚĞƚĂdžĐŽŶƐŽůŝĚĂƚĞĚŐƌŽƵƉĂŶĚƚŚĞƚĂdžƐŚĂƌŝŶŐĂŐƌĞĞŵĞŶƚ

ůĂŶĐLJ džƉůŽƌĂƚŝŽŶ >ŝŵŝƚĞĚ ĂŶĚ ŝƚƐ ϭϬϬй ŽǁŶĞĚ ƵƐƚƌĂůŝĂŶ ƌĞƐŝĚĞŶƚ ƐƵďƐŝĚŝĂƌLJ ǁĞƌĞ ďŽƚŚ ƐƵďƐŝĚŝĂƌŝĞƐ ŝŶ Ă ƚĂdžͲ ĐŽŶƐŽůŝĚĂƚĞĚŐƌŽƵƉǁŝƚŚ'ĞŽŝŶĨŽƌŵĂƚŝĐƐdžƉůŽƌĂƚŝŽŶƵƐƚƌĂůŝĂWƚLJ>ƚĚĂƐƚŚĞŚĞĂĚĞŶƚŝƚLJƵŶƚŝůϮ:ƵůLJϮϬϬϳ͘ŶĞǁƚĂdžͲ ĐŽŶƐŽůŝĚĂƚĞĚŐƌŽƵƉǁĂƐĨŽƌŵĞĚŽŶϭ:ƵůLJϮϬϬϴǁŝƚŚůĂŶĐLJdžƉůŽƌĂƚŝŽŶ>ŝŵŝƚĞĚĂƐ,ĞĂĚŶƚŝƚLJ͘DĞŵďĞƌƐŽĨƚŚĞŶĞǁ ƚĂdžͲĐŽŶƐŽůŝĚĂƚĞĚŐƌŽƵƉŚĂǀĞŶŽƚLJĞƚĞŶƚĞƌĞĚŝŶƚŽĂƚĂdžƐŚĂƌŝŶŐĂŐƌĞĞŵĞŶƚ͘

ϳ͘ ZE/E'^WZ^,Z

dŚĞĨŽůůŽǁŝŶŐƌĞĨůĞĐƚƐƚŚĞŝŶĐŽŵĞƵƐĞĚŝŶƚŚĞďĂƐŝĐĂŶĚĚŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞĐŽŵƉƵƚĂƚŝŽŶƐ͘

;ĂͿ	ĂƌŶŝŶŐƐƵƐĞĚŝŶĐĂůĐƵůĂƚŝŶŐĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ		ŽŶƐŽůŝĚĂƚĞĚ
		ϮϬϭϯ	ϮϬϭϮ
		Ψ	Ψ
	&ŽƌďĂƐŝĐĂŶĚĚŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ͗
	>ŽƐƐĨƌŽŵĐŽŶƚŝŶƵŝŶŐŽƉĞƌĂƚŝŽŶƐĂĨƚĞƌƚĂdžĨŽƌƚŚĞLJĞĂƌ	;ϲϳϳ͕ϳϬϮͿ	;ϭ͕ϵϯϭ͕ϯϳϭͿ

;ďͿ	tĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨƐŚĂƌĞƐ	ϮϬϭϯ	ϮϬϭϮ
		EŽ͘ŽĨƐŚĂƌĞƐ	EŽ͘ŽĨƐŚĂƌĞƐ
	tĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨŽƌĚŝŶĂƌLJƐŚĂƌĞƐĨŽƌďĂƐŝĐĂŶĚĚŝůƵƚĞĚĞĂƌŶŝŶŐƐ
	ƉĞƌƐŚĂƌĞ	ϮϬϰ͕Ϯϴϴ͕ϴϳϳ	ϭϳϱ͕ϰϵϵ͕ϳϳϲ

;ĐͿ	ĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ	ϮϬϭϯ	ϮϬϭϮ
	ĂƐŝĐĂŶĚĚŝůƵƚĞĚůŽƐƐƉĞƌƐŚĂƌĞ	;Ϭ͘ϯĐĞŶƚƐͿ	;ϭ͘ϭĐĞŶƚƐͿ

;ŝͿ ŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞĂƌĞĐĂůĐƵůĂƚĞĚĂĨƚĞƌĐůĂƐƐŝĨLJŝŶŐĂůůŽƉƚŝŽŶƐŽŶŝƐƐƵĞƌĞŵĂŝŶŝŶŐƵŶĐŽŶǀĞƌƚĞĚĂƚ ƚŚĞ ƌĞůĞǀĂŶƚ ďĂůĂŶĐĞ ĚĂƚĞ ĂƐ ƉŽƚĞŶƚŝĂů ŽƌĚŝŶĂƌLJ ƐŚĂƌĞƐ͘ Ɛ Ăƚ ϯϭĞĐĞŵďĞƌ ϮϬϭϯ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ŽŶ ŝƐƐƵĞEŝů ;ϮϬϭϮ͗ ϵϴ͕ϵϯϰ͕ϳϴϲͿ ŽƉƚŝŽŶƐ ŽǀĞƌ ƵŶŝƐƐƵĞĚ ĐĂƉŝƚĂů ĂŶĚŚĂƐ ŝŶĐƵƌƌĞĚ Ă ŶĞƚ ůŽƐƐ͘ Ɛ ƚŚĞ ŶŽƚŝŽŶĂů ĞdžĞƌĐŝƐĞƉƌŝĐĞƐŽĨƚŚĞƐĞŽƉƚŝŽŶƐŝƐŐƌĞĂƚĞƌƚŚĂŶƚŚĞĐƵƌƌĞŶƚŵĂƌŬĞƚƉƌŝĐĞŽĨƚŚĞƐŚĂƌĞƐ͕ƚŚĞLJŚĂǀĞŶŽƚďĞĞŶ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ĐĂůĐƵůĂƚŝŽŶƐ ŽĨ ƚŚĞ ĚŝůƵƚĞĚ ĞĂƌŶŝŶŐƐ ƉĞƌ ƐŚĂƌĞ ĂƐ ƚŚĞLJ ĂƌĞ ĂŶƚŝͲĚŝůƵƚŝǀĞ ĨŽƌ Ăůů ƉĞƌŝŽĚƐ ƉƌĞƐĞŶƚĞĚ͘

^,E^,Yh/s>Ed^			ŽŶƐŽůŝĚĂƚĞĚ
	EŽƚĞƐ	ϮϬϭϯΨ	ϮϬϭϮΨ
ĂƐŚĂƚďĂŶŬ		ϭ͕ϲϬϬ͕ϳϲϵ	ϭ͕Ϯϴϵ͕ϵϴϲ
^ŚŽƌƚƚĞƌŵďĂŶŬĚĞƉŽƐŝƚƐ		ϮϱϬ͕ϬϬϬ	ϱϱϬ͕ϬϬϬ
		ϭ͕ϴϱϬ͕ϳϲϵ	ϭ͕ϴϯϵ͕ϵϴϲ

/Ŷ ĂĚĚŝƚŝŽŶ͕ ĂƐ Ăƚ ϯϭ ĞĐĞŵďĞƌ ϮϬϭϯ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ΨϯϬϬ͕ϬϬϬ ŝŶ ƌĞƐƚƌŝĐƚĞĚ ĐĂƐŚ ;ϮϬϭϮ͗ ΨϯϬϬ͕ϬϬϬͿ ǁŚŝĐŚ ŝƐ ŝŶĐůƵĚĞĚĂƐĂĐƵƌƌĞŶƚĂƐƐĞƚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůWŽƐŝƚŝŽŶ͕ŚĞůĚĂƚtĞƐƚƉĂĐĂŶŬŝŶŐŽƌƉŽƌĂƚŝŽŶǁŚŝĐŚŚĂǀĞ ďĞĞŶƉƌŽǀŝĚĞĚĂƐƐĞƚͲŽĨĨƐĞĐƵƌŝƚLJŝŶƌĞƐƉĞĐƚŽĨĂΨϮϱϬ͕ϬϬϬďĂŶŬŐƵĂƌĂŶƚĞĞĨĂĐŝůŝƚLJƉƌŽǀŝĚĞĚŝŶƚƵƌŶĨŽƌĞdžƉůŽƌĂƚŝŽŶ ůŝĐĞŶĐĞƐĞĐƵƌŝƚLJƉƵƌƉŽƐĞƐĂŶĚĂΨϱϬ͕ϬϬϬĐŽƌƉŽƌĂƚĞĐƌĞĚŝƚĐĂƌĚĨĂĐŝůŝƚLJ͘

&ŝŶĂŶĐŝŶŐĨĂĐŝůŝƚŝĞƐĂǀĂŝůĂďůĞ

KƚŚĞƌ ƚŚĂŶ ƚŚĞ ĂĨŽƌĞŵĞŶƚŝŽŶĞĚ ďĂŶŬ ŐƵĂƌĂŶƚĞĞ ĨĂĐŝůŝƚLJ͕ Ăƚ ďĂůĂŶĐĞ ĚĂƚĞ͕ ƚŚĞ ŽŵƉĂŶLJ ĚŝĚ ŶŽƚ ŚĂǀĞ ĂŶLJ ĨŝŶĂŶĐŝŶŐ ĨĂĐŝůŝƚŝĞƐĂǀĂŝůĂďůĞ

dZEKd,ZZ/s>^;ƵƌƌĞŶƚͿ	ŽŶƐŽůŝĚĂƚĞĚ
	ϮϬϭϯϮϬϭϮΨΨ
^ƵŶĚƌLJĚĞďƚŽƌƐ	ϰ͕ϴϲϲ	Ϯ͕ϰϱϬ
ĐĐƌƵĞĚŝŶĐŽŵĞ	ϵϴ͕ϳϲϰ	ϭ͕ϮϲϬ
'^dŝŶƉƵƚƚĂdžƌĞĨƵŶĚĂďůĞ	ϳϱ͕ϰϮϰ	ϰϯ͕Ϭϵϭ
ZΘ'ƌĂŶƚͬZΘďĞŶĞĨŝƚƐƌĞĐĞŝǀĂďůĞ	Ͳ	ϰϬϴ͕Ϭϴϰ
WƌĞƉĂLJŵĞŶƚƐ	ϱϬ͕ϭϬϲ	ϭϮϬ͕ϱϲϮ
	ϮϮϵ͕ϭϲϬ	ϱϳϱ͕ϰϰϳ

;ĂͿ &ĂŝƌǀĂůƵĞĂŶĚĐƌĞĚŝƚƌŝƐŬ

ƵĞƚŽƚŚĞƐŚŽƌƚƚĞƌŵŶĂƚƵƌĞŽĨƚŚĞƌĞĐĞŝǀĂďůĞƐ͕ƚŚĞŝƌĐĂƌƌLJŝŶŐǀĂůƵĞŝƐĂƐƐƵŵĞĚƚŽĂƉƉƌŽdžŝŵĂƚĞƚŚĞŝƌĨĂŝƌǀĂůƵĞ͘'^d ŝŶƉƵƚƚĂdžƌĞĨƵŶĚĂďůĞĂŶĚ/ŶĐŽŵĞƚĂdžZΘďĞŶĞĨŝƚƐƌĞĐĞŝǀĂďůĞĂƌĞƌĞĐĞŝǀĂďůĞĨƌŽŵƚŚĞŽŵŵŽŶǁĞĂůƚŚŽĨƵƐƚƌĂůŝĂ ĂŶĚĂƌĞ ƚŚĞƌĞĨŽƌĞǀŝĞǁĞĚĂƐ ŚĂǀŝŶŐůŽǁĐƌĞĚŝƚ ƌŝƐŬ͘ĐĐƌƵĞĚŝŶĐŽŵĞŝƐ ƉƌŝŵĂƌŝůLJ ;Ψϵϳ͕ϱϬϱͿ ƌĞĐĞŝǀĂďůĞ ĨƌŽŵ<ĂŝnjĞŶ ŝƐĐŽǀĞƌLJ /ŶĐ͕ Ă ũŽŝŶƚ ǀĞŶƚƵƌĞ ƉĂƌƚŶĞƌ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ŵĂŶĂŐĞŵĞŶƚ ĨĞĞƐ͘ 'ŝǀĞŶ ƚŚĞ ĐŽŶƚƌĂĐƚƵĂů ŶĂƚƵƌĞ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛ƐũŽŝŶƚǀĞŶƚƵƌĞ͕ ƚŚĞ ĐƌĞĚŝƚ ƌŝƐŬŝƐ ƉĞƌĐĞŝǀĞĚ ƚŽ ďĞůŽǁ͘dŚĞ ƌĞŵĂŝŶĚĞƌ ƌĞĐĞŝǀĂďůĞ ĨƌŽŵtĞƐƚƉĂĐĂŶŬŝŶŐ ŽƌƉŽƌĂƚŝŽŶĂŶĚ ƚŚĞEĂƚŝŽŶĂůƵƐƚƌĂůŝĂĂŶŬĂŶĚĂƌĞ ƚŚĞƌĞĨŽƌĞ ǀŝĞǁĞĚĂƐ ŚĂǀŝŶŐůŽǁ ĐƌĞĚŝƚ ƌŝƐŬ͘^ƵŶĚƌLJĚĞďƚŽƌƐ ƌĞůĂƚĞ ƉƌŝŶĐŝƉĂůůLJ ƚŽ ĂŶ ĂŵŽƵŶƚ ƌĞĐĞŝǀĂďůĞ ďLJ ƚŚĞ ŽŵƉĂŶLJ ĨƌŽŵ Ă ŵĂũŽƌ ŝŶƐƵƌĂŶĐĞ ĐŽŵƉĂŶLJ ŝŶ ƌĞƐƉĞĐƚ ŽĨ Ă ǁŽƌŬĞƌƐ͛ ĐŽŵƉĞŶƐĂƚŝŽŶ ĐůĂŝŵĂŶĚ ƚŚĞƌĞĨŽƌĞ ǀŝĞǁĞĚ ĂƐ ŚĂǀŝŶŐ ůŽǁ ĐƌĞĚŝƚ ƌŝƐŬ͘dŚĞ ƉƌĞƉĂLJŵĞŶƚƐ ƌĞůĂƚĞ ƚŽ ǀĂƌŝŽƵƐ ƐƵƉƉůŝĞƌƐĂŶĚǁŽƵůĚŚĂǀĞǀĂƌLJŝŶŐůĞǀĞůƐŽĨĐƌĞĚŝƚƌŝƐŬ͘

&/EE/>^^d^			ŽŶƐŽůŝĚĂƚĞĚ
	EŽƚĞƐ	ϮϬϭϯ	ϮϬϭϮ
		Ψ	Ψ
^ŚĂƌĞƐŚĞůĚĨŽƌƐĂůĞ	;ŝͿ	Ͳ	ϴϭϱ͕ϳϬϬ
KƉƚŝŽŶƐ	;ŝŝͿ	Ͳ	ϵϱ͕ϳϴϯ
		Ͳ	ϵϭϭ͕ϰϴϯ

ϭϬ͘ &/EE/>^^d^;ŽŶƚŝŶƵĞĚͿ

ŝͿ Eŝů;ϮϬϭϮ͗ϴ͕ϭϱϳ͕ϬϬϬͿƐŚĂƌĞƐŚĞůĚŝŶ'ĞŶĞƐŝƐZĞƐŽƵƌĐĞƐ>ŝŵŝƚĞĚ͘dŚĞŝƌĞĐƚŽƌƐŚĂĚǀĂůƵĞĚƚŚĞƐĞƐŚĂƌĞƐĂƚ ϭϬĐƉĞƌƐŚĂƌĞĂƚϯϭĞĐĞŵďĞƌϮϬϭϮ͘dŚĞĐůŽƐŝŶŐƉƌŝĐĞŽĨƚŚĞƐĞƐŚĂƌĞƐŽŶƚŚĞ^yǁĂƐϭϱĐƉĞƌƐŚĂƌĞƐĂƐ ĂƚϯϭĞĐĞŵďĞƌϮϬϭϮ͕ŚŽǁĞǀĞƌƚŚĞŝƌĞĐƚŽƌƐďĞůŝĞǀĞĚƚŚĂƚĚƵĞƚŽƚŚĞůŝŵŝƚĞĚůŝƋƵŝĚŝƚLJŝŶƚŚĞƐƚŽĐŬ͕ƚŚĞ ĐůŽƐŝŶŐƐŚĂƌĞƉƌŝĐĞŽŶϯϭĞĐĞŵďĞƌĚŝĚŶŽƚƌĞƉƌĞƐĞŶƚĨĂŝƌǀĂůƵĞ͘dŚĞƐŚĂƌĞƐǁĞƌĞƐŽůĚŽŶϮϬĞĐĞŵďĞƌ ϮϬϭϯ͕ĨŽƌŶĞƚƉƌŽĐĞĞĚƐŽĨΨϱϲϳ͕ϴϰϵ͘
ŝŝͿ Ϯ͕ϭϮϱ͕ϬϬϬ ŽƉƚŝŽŶƐ ŝŶ 'ĞŶĞƐŝƐ ZĞƐŽƵƌĐĞƐ >ŝŵŝƚĞĚ͘ dŚĞ ŽƉƚŝŽŶƐ ŚĂǀĞ ĂŶ ĞdžĞƌĐŝƐĞ ƉƌŝĐĞ ŽĨ ϭϬ ĐĞŶƚƐ ĂŶĚ ĞdžƉŝƌĞŽŶϰDĂLJϮϬϭϰ͘dŚĞŽƉƚŝŽŶƐǁĞƌĞǀĂůƵĞĚĂƐϯϭĞĐĞŵďĞƌϮϬϭϯƵƐŝŶŐƚŚĞďŝŶŽŵŝĂůŽƉƚŝŽŶƉƌŝĐŝŶŐ ŵŽĚĞů͕ďĂƐĞĚŽŶƚŚĞƐŚĂƌĞƉƌŝĐĞŽĨϵĐĞŶƚƐĂŶĚŵŝŶŝŵĂůǀŽůĂƚŝůŝƚLJ͘ĐĐŽƌĚŝŶŐůLJ͕ĂƚϯϭĞĐĞŵďĞƌϮϬϭϯ͕ŶŽ ǀĂůƵĞǁĂƐĂƚƚƌŝďƵƚĞĚ ƚŽ ƚŚĞŽƉƚŝŽŶƐ͘dŚĞǀĂůƵĞĂƐĂƚϯϭĞĐĞŵďĞƌϮϬϭϮǁĂƐĐĂůĐƵůĂƚĞĚ ĂƐƐƵŵŝŶŐĂ ĨĂŝƌ ŵĂƌŬĞƚǀĂůƵĞŽĨϭϬĐĞŶƚƐƉĞƌ'ĞŶĞƐŝƐZĞƐŽƵƌĐĞƐ>ŝŵŝƚĞĚƐŚĂƌĞĂƐĂƚϯϭĞĐĞŵďĞƌϮϬϭϮ͕ĂƌŝƐŬĨƌĞĞƌĂƚĞŽĨ ϯйĂŶĚĂǀŽůĂƚŝůŝƚLJŽĨϭ͘ϬϬϲ͘

ůů ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ĨŽƌ ǁŚŝĐŚ ĨĂŝƌ ǀĂůƵĞ ŝƐ ƌĞĐŽŐŶŝƐĞĚ Žƌ ĚŝƐĐůŽƐĞĚ ĂƌĞ ĐĂƚĞŐŽƌŝƐĞĚ ǁŝƚŚŝŶ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŚŝĞƌĂƌĐŚLJ͕ĚĞƐĐƌŝďĞĚĂƐĨŽůůŽǁƐ͕ďĂƐĞĚŽŶƚŚĞůŽǁĞƐƚůĞǀĞůŝŶƉƵƚƚŚĂƚŝƐƐŝŐŶŝĨŝĐĂŶƚƚŽƚŚĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚ ĂƐĂǁŚŽůĞ͗

ĞǀĞůϭʹYƵŽƚĞĚŵĂƌŬĞƚƉƌŝĐĞƐŝŶĂŶĂĐƚŝǀĞŵĂƌŬĞƚ;ƚŚĂƚĂƌĞƵŶĂĚũƵƐƚĞĚͿĨŽƌŝĚĞŶƚŝĐĂůĂƐƐĞƚƐŽƌůŝĂďŝůŝƚŝĞƐ >ĞǀĞůϮͲsĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞƐ;ĨŽƌǁŚŝĐŚƚŚĞůŽǁĞƐƚůĞǀĞůŝŶƉƵƚƚŚĂƚŝƐƐŝŐŶŝĨŝĐĂŶƚƚŽƚŚĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚ ŝƐĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJŽďƐĞƌǀĂďůĞͿ

ĞǀĞůϯͲsĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞƐ;ĨŽƌǁŚŝĐŚƚŚĞůŽǁĞƐƚůĞǀĞůŝŶƉƵƚƚŚĂƚŝƐƐŝŐŶŝĨŝĐĂŶƚƚŽƚŚĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚ ŝƐƵŶŽďƐĞƌǀĂďůĞͿ͘

&Žƌ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ƚŚĂƚ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ ŽŶ Ă ƌĞĐƵƌƌŝŶŐ ďĂƐŝƐ͕ ƚŚĞ ŽŵƉĂŶLJ ĚĞƚĞƌŵŝŶĞƐ ǁŚĞƚŚĞƌƚƌĂŶƐĨĞƌƐŚĂǀĞŽĐĐƵƌƌĞĚďĞƚǁĞĞŶůĞǀĞůƐŝŶƚŚĞŚŝĞƌĂƌĐŚLJďLJƌĞͲĂƐƐĞƐƐŝŶŐĐĂƚĞŐŽƌŝƐĂƚŝŽŶƐ;ďĂƐĞĚŽŶƚŚĞ ůŽǁĞƐƚ ůĞǀĞů ŝŶƉƵƚ ƚŚĂƚ ŝƐ ƐŝŐŶŝĨŝĐĂŶƚ ƚŽ ƚŚĞ ĨĂŝƌ ǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚĂƐ Ă ǁŚŽůĞͿ Ăƚ ƚŚĞĞŶĚ ŽĨĞĂĐŚ ƌĞƉŽƌƚŝŶŐ ƉĞƌŝŽĚ͘

Ɛ Ăƚ ϯϭ ĞĐĞŵďĞƌ ϮϬϭϯ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĞůĚ ƚŚĞ ĨŽůůŽǁŝŶŐ ĐůĂƐƐĞƐ ŽĨ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ŵĞĂƐƵƌĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ͗

	ϯϭĞĐĞŵďĞƌ	>ĞǀĞůϭ	>ĞǀĞů	>ĞǀĞů
	ϮϬϭϯ		Ϯ	ϯ
	Ψ	Ψ	Ψ	Ψ
KƉƚŝŽŶƐ	E/>	Ͳ	E/>	Ͳ

dŽƚĂů	E/>	Ͳ	E/>	Ͳ

&ŝŶĂŶĐŝĂůƐƐĞƚƐ

&ŽƌĂůůŽƚŚĞƌĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ͕ƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞĂƉƉƌŽdžŝŵĂƚĞƐƚŚĞĨĂŝƌǀĂůƵĞ͘

ϭϭ͘ W>EdEYh/WDEd ŽŶƐŽůŝĚĂƚĞĚ

	ϮϬϭϯ	ϮϬϭϮ
	Ψ	Ψ
zĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌ
ŽŵƉƵƚĞƌƋƵŝƉŵĞŶƚ
ƚϭ:ĂŶƵĂƌLJ͕ŶĞƚŽĨĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ	ϱ͕Ϭϵϱ	ϭϬ͕ϲϴϬ
ĚĚŝƚŝŽŶƐ	Ϯ͕ϱϴϵ	ϲϳϭ
ĞƉƌĞĐŝĂƚŝŽŶĐŚĂƌŐĞĨŽƌƚŚĞLJĞĂƌ	;ϯ͕ϭϭϳͿ	;ϲ͕ϬϰϱͿ
/ŵƉĂŝƌŵĞŶƚ	Ͳ	;ϮϭϭͿ
EĞƚŽĨĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚ	ϰ͕ϱϲϳ	ϱ͕Ϭϵϱ

WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ
ƚϭ:ĂŶƵĂƌLJ͕ŶĞƚŽĨĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶĚĚŝƚŝŽŶƐ	Ϯϰ͕ϬϰϯͲ	ϰϯ͕ϴϬϯϮ͕ϵϱϮ
ŝƐƉŽƐĂůƐ	;ϮϮϮͿ	;Ϯ͕ϬϳϳͿ
ĞƉƌĞĐŝĂƚŝŽŶĐŚĂƌŐĞĨŽƌƚŚĞLJĞĂƌ	;ϭϭ͕ϭϴϲͿ	;ϮϬ͕ϲϯϱͿ
EĞƚŽĨĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚ	ϭϮ͕ϲϯϱ	Ϯϰ͕Ϭϰϯ

DŽƚŽƌsĞŚŝĐůĞƐ
ƚϭ:ĂŶƵĂƌLJ͕ŶĞƚŽĨĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ	ϱϭ͕ϴϳϲ	ϳϵ͕Ϭϭϴ
ĚĚŝƚŝŽŶƐ	Ͳ	Ͳ
ŝƐƉŽƐĂůƐ	Ͳ	;ϲϬϴͿ
ĞƉƌĞĐŝĂƚŝŽŶĐŚĂƌŐĞĨŽƌƚŚĞLJĞĂƌ	;ϭϱ͕ϱϯϭͿ	;Ϯϲ͕ϱϯϰͿ
EĞƚŽĨĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ	ϯϲ͕ϯϰϱ	ϱϭ͕ϴϳϲ

KĨĨŝĐĞ&ƵƌŶŝƚƵƌĞ
ƚϭ:ĂŶƵĂƌLJ͕ŶĞƚŽĨĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ	ϭϬ͕ϳϲϬ	ϭϰ͕ϰϰϭ
ĚĚŝƚŝŽŶƐ	Ͳ	ϭ͕ϬϬϯ
ĞƉƌĞĐŝĂƚŝŽŶĐŚĂƌŐĞĨŽƌƚŚĞLJĞĂƌ	;ϯ͕ϬϮϳͿ	;ϰ͕ϲϴϰͿ
EĞƚŽĨĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚ	ϳ͕ϳϯϯ	ϭϬ͕ϳϲϬ

>ĞĂƐĞŚŽůĚ/ŵƉƌŽǀĞŵĞŶƚƐ
ƚϭ:ĂŶƵĂƌLJ͕ŶĞƚŽĨĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ	ϳ͕ϰϮϬ	ϱ͕ϴϵϴ
ĚĚŝƚŝŽŶƐ	Ͳ	ϴ͕ϯϮϳ
ŵŽƌƚŝƐĂƚŝŽŶĐŚĂƌŐĞĨŽƌƚŚĞLJĞĂƌ	;ϰ͕ϭϬϳͿ	;ϲ͕ϴϬϱͿ
EĞƚŽĨĂĐĐƵŵƵůĂƚĞĚĂŵŽƌƚŝƐĂƚŝŽŶ	ϯ͕ϯϭϯ	ϳ͕ϰϮϬ

>ŝďƌĂƌLJ
ƚϭ:ĂŶƵĂƌLJ͕ŶĞƚŽĨĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ	Ϯϯϭ	ϯϳϬ
ĚĚŝƚŝŽŶƐ	Ͳ	ϭϳϭ
ŝƐƉŽƐĂůƐ	Ͳ	;ϭϬϵͿ
ĞƉƌĞĐŝĂƚŝŽŶĐŚĂƌŐĞĨŽƌƚŚĞLJĞĂƌ	;ϴϳͿ	;ϮϬϭͿ
EĞƚŽĨĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ	ϭϰϰ	Ϯϯϭ
dŽƚĂůWůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ
ƚϭ:ĂŶƵĂƌLJ͕ŶĞƚŽĨĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ	ϵϵ͕ϰϮϱ	ϭϱϰ͕ϮϭϬ
ĚĚŝƚŝŽŶƐ	Ϯ͕ϱϴϵ	ϭϯ͕ϭϮϰ
ŝƐƉŽƐĂůƐ	;ϮϮϮͿ	;ϯ͕ϬϬϱͿ
ĞƉƌĞĐŝĂƚŝŽŶĐŚĂƌŐĞĨŽƌƚŚĞLJĞĂƌ	;ϯϳ͕ϬϱϱͿ	;ϲϰ͕ϵϬϰͿ
EĞƚŽĨĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚ	ϲϰ͕ϳϯϳ	ϵϵ͕ϰϮϱ

ϭϭ͘ W>EdEYh/WDEd;ĐŽŶƚŝŶƵĞĚͿ ŽŶƐŽůŝĚĂƚĞĚ

		ϮϬϭϯ	ϮϬϭϮ
		Ψ	Ψ
ƚϯϭĞĐĞŵďĞƌ
ŽŵƉƵƚĞƌĞƋƵŝƉŵĞŶƚĂƚĐŽƐƚ		ϰϱ͕ϯϵϭ	ϰϮ͕ϴϬϮ
ĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚ		;ϰϬ͕ϴϮϰͿ	;ϯϳ͕ϳϬϳͿ
EĞƚĐĂƌƌLJŝŶŐĂŵŽƵŶƚ		ϰ͕ϱϲϳ	ϱ͕Ϭϵϱ
WůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚĂƚĐŽƐƚ		ϵϬ͕ϰϵϭ	ϵϬ͕ϰϵϭ
ĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚ		;ϳϳ͕ϴϱϲͿ	;ϲϲ͕ϰϰϴͿ
EĞƚĐĂƌƌLJŝŶŐĂŵŽƵŶƚ		ϭϮ͕ϲϯϱ	Ϯϰ͕Ϭϰϯ
DŽƚŽƌǀĞŚŝĐůĞƐĂƚĐŽƐƚ		ϭϲϯ͕Ϭϭϳ	ϭϲϯ͕Ϭϭϳ
ĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ		;ϭϮϲ͕ϲϳϮͿ	;ϭϭϭ͕ϭϰϭͿ
EĞƚĐĂƌƌLJŝŶŐĂŵŽƵŶƚ		ϯϲ͕ϯϰϱ	ϱϭ͕ϴϳϲ
KĨĨŝĐĞĨƵƌŶŝƚƵƌĞĂƚĐŽƐƚ		Ϯϯ͕ϲϵϯ	Ϯϯ͕ϲϵϯ
ĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚ		;ϭϱ͕ϵϲϬͿ	;ϭϮ͕ϵϯϯͿ
EĞƚĐĂƌƌLJŝŶŐĂŵŽƵŶƚ		ϳ͕ϳϯϯ	ϭϬ͕ϳϲϬ

>ĞĂƐĞŚŽůĚŝŵƉƌŽǀĞŵĞŶƚƐĂƚĐŽƐƚ		ϭϵ͕ϳϵϭ	ϭϵ͕ϳϵϭ
ĐĐƵŵƵůĂƚĞĚĂŵŽƌƚŝƐĂƚŝŽŶ		;ϭϲ͕ϰϳϴͿ	;ϭϮ͕ϯϳϭͿ
EĞƚĐĂƌƌLJŝŶŐĂŵŽƵŶƚ		ϯ͕ϯϭϯ	ϳ͕ϰϮϬ
>ŝďƌĂƌLJĂƚĐŽƐƚ		ϭ͕ϱϭϱ	ϭ͕ϱϭϱ
ĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚ		;ϭ͕ϯϳϭͿ	;ϭ͕ϮϴϰͿ
EĞƚĐĂƌƌLJŝŶŐĂŵŽƵŶƚ		ϭϰϰ	Ϯϯϭ
dŽƚĂůĐŽƐƚ		ϯϰϯ͕ϴϵϴ	ϯϰϭ͕ϯϬϵ
ĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ͕ĂŵŽƌƚŝƐĂƚŝŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚ		;Ϯϳϵ͕ϭϲϭͿ	;Ϯϰϭ͕ϴϴϰͿ
EĞƚĐĂƌƌLJŝŶŐĂŵŽƵŶƚ		ϲϰ͕ϳϯϳ	ϵϵ͕ϰϮϱ

;ŝͿdŚĞƵƐĞĨƵůůŝĨĞŽĨƚŚĞĂƐƐĞƚƐǁĂƐĞƐƚŝŵĂƚĞĚĂƐĨŽůůŽǁƐ͗
^ƵŶĚƌLJĞƋƵŝƉŵĞŶƚ͗ŽŵƉƵƚĞƌĞƋƵŝƉŵĞŶƚ͗	ϱƚŽϭϱLJĞĂƌƐϰLJĞĂƌƐ
DŽƚŽƌǀĞŚŝĐůĞƐ͗	ϱƚŽϴLJĞĂƌƐ
&ƵƌŶŝƚƵƌĞĂŶĚ&ŝƚƚŝŶŐƐ͗	ϱƚŽϭϱLJĞĂƌƐ
>ŝďƌĂƌLJ͗	ϳLJĞĂƌƐ
>ĞĂƐĞŚŽůĚŝŵƉƌŽǀĞŵĞŶƚƐ͗		KǀĞƌƚŚĞƌĞŵĂŝŶĚĞƌŽĨƚŚĞůĞĂƐĞƚĞƌŵƵƉƚŽϮLJĞĂƌƐ

;ŝŝͿEŽĂƐƐĞƚƐŚĂǀĞďĞĞŶƉůĞĚŐĞĚĂƐƐĞĐƵƌŝƚLJĨŽƌďŽƌƌŽǁŝŶŐƐ͘

ϭϮ͘ /EdE'/>^^d^	ŽŶƐŽůŝĚĂƚĞĚ
	ϮϬϭϯ	ϮϬϭϮ
	Ψ	Ψ
ŽŵƉƵƚĞƌ^ŽĨƚǁĂƌĞ
zĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌ
ƚϭ:ĂŶƵĂƌLJ͕ŶĞƚŽĨĂĐĐƵŵƵůĂƚĞĚĂŵŽƌƚŝƐĂƚŝŽŶ	ϭ͕ϮϮϭ	ϯ͕ϱϱϭ
ĚĚŝƚŝŽŶƐ	ϲ͕ϰϰϰ	ϱϲϮ
ŵŽƌƚŝƐĂƚŝŽŶĐŚĂƌŐĞĨŽƌƚŚĞLJĞĂƌ	;ϯ͕ϵϮϯͿ	;Ϯ͕ϴϵϮͿ
/ŵƉĂŝƌŵĞŶƚ	Ͳ	Ͳ
EĞƚŽĨĂĐĐƵŵƵůĂƚĞĚĂŵŽƌƚŝƐĂƚŝŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚ	ϯ͕ϳϰϮ	ϭ͕ϮϮϭ
ƚϯϭĞĐĞŵďĞƌ
'ƌŽƐƐŬǀĂůƵĞ	ϱϭ͕Ϭϱϳ	ϰϰ͕ϲϭϯ
ĐĐƵŵƵůĂƚĞĚĂŵŽƌƚŝƐĂƚŝŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚ	;ϰϳ͕ϯϭϱͿ	;ϰϯ͕ϯϵϮͿ
EĞƚĐĂƌƌLJŝŶŐĂŵŽƵŶƚ	ϯ͕ϳϰϮ	ϭ͕ϮϮϭ

;ŝͿ dŚĞƵƐĞĨƵůůŝĨĞŽĨŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐǁĂƐĞƐƚŝŵĂƚĞĚĂƐĨŽůůŽǁƐĨŽƌϮϬϭϯ͗

ŽŵƉƵƚĞƌƐŽĨƚǁĂƌĞ͗Ϯ͘ϱLJĞĂƌƐ

Consolidated

Notes

NOTES TO ACCOUNTS

13. EXPLORATION ASSET

On 29 November 2013, the Company announced that it had entered into an agreement with ABM Resources NL (ASX: ABU) whereby the Company has the option to acquire 100% of ABM's interests in the North Arunta Project Region in the Northern Territory. The agreement is subject to due diligence. Clancy paid an option fee of $250,000 for the exclusive option to complete due diligence on the projects and subject to various conditions including satisfactory due diligence by both parties and various approvals, the right to acquire the projects. The option fee has been capitalised as an Exploration Asset at 31 December 2013, in accordance with AASB6.

14. TRADE AND OTHER PAYABLES (Current)

		2013	2012
Trade payables	$(i) - (ii)$	140,918	153,716
Accrued expenses		89,906	80,867
GST Payable		40,382	85,770
		271,206	320,353

Terms and conditions:

Due to the short term nature of these payables, their carrying value is assumed to approximate their fair $(i)$ value.
Trade payables are non-interest bearing and are normally settled on 30 day terms. $(ii)$

15. PROVISIONS

	2013	2012
	$	$
CURRENT
Employee entitlements - accumulated annual leave
Balance as at 1 January	48,270	41,179
Additions during the period	18,185	33,252
Utilised during the period	(2, 545)	(26, 161)
Balance as at 31 December	63,910	48,270

Employee entitlements - accumulated long service leave
Balance as at 1 January
Transferred from non-current	44,412
Balance as at 31 December	44,412
Total Current	108,322	48,270

NON-CURRENT
Employee entitlements - long service leave
Balance as at 1 January	38,506	35,244
Additions during the period	21,686	3,262
Transferred to current	(44, 412)
Balance as at 31 December	15,780	38,506
Total Non-Current	15,780	38,506

ŽŶƐŽůŝĚĂƚĞĚ

EKd^dKKhEd^

ϭϲ͘ hEZEZsEhEyW>KZd/KE

hEZ^WE
		ϮϬϭϯΨ	ϮϬϭϮΨ
hŶĞĂƌŶĞĚƌĞǀĞŶƵĞ	;ŝͿ	ϭϲ͕ϰϴϯ	ϴϵ͕ϴϵϭ
džƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞƌĞŝŵďƵƌƐĞĚŝŶĂĚǀĂŶĐĞ	;ŝŝͿ	ϭϯϰ͕ϰϭϵ	ϴϵϴ͕ϵϭϯ
		ϭϱϬ͕ϵϬϮ	ϵϴϴ͕ϴϬϰ

;ŝͿ ƐĂƚϯϭĞĐĞŵďĞƌϮϬϭϯ͕ƚŚĞŽŵƉĂŶLJŚĂĚƵŶĞĂƌŶĞĚƌĞǀĞŶƵĞŝŶƌĞƐƉĞĐƚŽĨŝƚƐŵĂŶĂŐĞŵĞŶƚĨĞĞƐ ĚĞƌŝǀĞĚĨƌŽŵŝƚƐũŽŝŶƚǀĞŶƚƵƌĞƐǁŝƚŚDŝƚƐƵďŝƐŚŝDĞƚĂůƐŽƌƉŽƌĂƚŝŽŶ;͞DD͟ͿĂŶĚ<ĂŝnjĞŶŝƐĐŽǀĞƌLJ/ŶĐ͘ ;͞<ĂŝnjĞŶ͟Ϳ͘

;ŝŝͿ Ɛ Ăƚ ϯϭĞĐĞŵďĞƌ ϮϬϭϯ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂĚŵĂĚĞ Ă ĐĂƐŚ ĐĂůů ĨŽƌĞdžƉĞŶĚŝƚƵƌĞ ǁŚŝĐŚ ƵŶĚĞƌ ŝƚƐ ũŽŝŶƚ ǀĞŶƚƵƌĞĂŐƌĞĞŵĞŶƚƐǁŝƚŚDDĂŶĚ<ĂŝnjĞŶǁŝůůĞŝƚŚĞƌďĞƐƉĞŶƚŽŶĞdžƉůŽƌĂƚŝŽŶŝŶƌĞƐƉĞĐƚŽĨƚŚĞũŽŝŶƚ ǀĞŶƚƵƌĞƐŽƌŝŶƚŚĞĞǀĞŶƚƚŚĂƚDDĂŶĚͬŽƌ<ĂŝnjĞŶĚŽĞƐŶŽƚĞůĞĐƚƚŽĐŽŶƚƌŝďƵƚĞďĞLJŽŶĚŝƚƐŵŝŶŝŵƵŵ ĐŽŶƚƌŝďƵƚŝŽŶ;ƐĞĞŶŽƚĞϮϬͿ͕ǁŝůůďĞƌĞĨƵŶĚĞĚƚŽDDĂŶĚͬŽƌ<ĂŝnjĞŶ͘

ϭϳ͘	/^^hW/d>			ŽŶƐŽůŝĚĂƚĞĚ
			ϮϬϭϯΨ	ϮϬϭϮΨ
	KƌĚŝŶĂƌLJƐŚĂƌĞƐ	;ĂͿ	ϭϰ͕ϰϱϳ͕ϮϬϬ	ϭϯ͕ϵϱϴ͕ϵϮϵ

;ĂͿKƌĚŝŶĂƌLJƐŚĂƌĞƐ

/ƐƐƵĞĚĂŶĚĨƵůůLJƉĂŝĚŽƌĚŝŶĂƌLJƐŚĂƌĞƐĐĂƌƌLJŽŶĞǀŽƚĞƉĞƌƐŚĂƌĞĂŶĚĐĂƌƌLJƚŚĞƌŝŐŚƚƚŽĚŝǀŝĚĞŶĚƐ͘

			ŽŶƐŽůŝĚĂƚĞĚ
			ϮϬϭϯϮϬϭϮ
			EƵŵďĞƌŽĨƐŚĂƌĞƐ	Ψ	EƵŵďĞƌŽĨƐŚĂƌĞƐ	Ψ
	DŽǀĞŵĞŶƚŝŶŽƌĚŝŶĂƌLJƐŚĂƌĞƐŽŶŝƐƐƵĞ
	ĞŐŝŶŶŝŶŐŽĨĨŝŶĂŶĐŝĂůLJĞĂƌ		ϭϵϭ͕ϳϬϰ͕ϯϯϱ	ϭϯ͕ϵϱϴ͕ϵϮϵ	ϭϲϱ͕ϮϰϮ͕ϰϮϱ	ϭϯ͕ϰϬϵ͕ϵϳϬ
ĚĚ
	^ŚĂƌĞƐŝƐƐƵĞĚƉƵƌƐƵĂŶƚƚŽĂĚƌŝůůŝŶŐĨŽƌĞƋƵŝƚLJĂŐƌĞĞŵĞŶƚ	;ŝͿ	Ͳ	Ͳ	Ϯ͕ϳϭϵ͕ϱϴϱ	ϭϬϲ͕ϯϮϳ
	^ŚĂƌĞƐŝƐƐƵĞĚƉƵƌƐƵĂŶƚƚŽŽĨĨŵĂƌŬĞƚƚĂŬĞŽǀĞƌŽĨĨĞƌ	;ŝŝͿ	Ͳ	Ͳ	ϭϴ͕Ϭϵϲ͕ϬϬϬ	ϯϲϭ͕ϵϮϬ
	^ŚĂƌĞƐŝƐƐƵĞĚƉƵƌƐƵĂŶƚƚŽŵƉůŽLJĞĞ^ŚĂƌĞ^ĐŚĞŵĞ	;ŝŝŝͿ	Ϯϲϰ͕ϯϰϯ	ϭ͕ϰϳϭ	ϱ͕ϲϰϲ͕ϯϮϱ	ϴϴ͕ϮϮϲ
	^ŚĂƌĞƐŝƐƐƵĞĚƉƵƌƐƵĂŶƚƚŽƉůĂĐĞŵĞŶƚ	;ŝǀͿ	ϭϰ͕Ϯϴϱ͕ϳϭϰ	ϱϬϬ͕ϬϬϬ	Ͳ	Ͳ
>ĞƐƐ͗	dƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐŽŶƐŚĂƌĞŝƐƐƵĞƐ	;ǀͿ	Ͳ	;ϯ͕ϮϬϬͿ	Ͳ	;ϳ͕ϱϭϰͿ
	ƐĂƚϯϭĞĐĞŵďĞƌ		ϮϬϲ͕Ϯϱϰ͕ϯϵϮ	ϭϰ͕ϰϱϳ͕ϮϬϬ	ϭϵϭ͕ϳϬϰ͕ϯϯϱ	ϭϯ͕ϵϱϴ͕ϵϮϵ

;ŝͿ KŶ Ϯϱ :ĂŶƵĂƌLJ ϮϬϭϮ ĂŶĚ ϭϴ Ɖƌŝů ϮϬϭϮ ƌĞƐƉĞĐƚŝǀĞůLJ͕ ϱϮϳ͕ϯϵϵ ĂŶĚ Ϯ͕ϭϵϮ͕ϭϴϲ ŽƌĚŝŶĂƌLJ ƐŚĂƌĞƐ ǁĞƌĞ ŝƐƐƵĞĚ ƚŽ ƵƐƚƌĂůŝĂŶDŝŶĞƌĂů ĂŶĚtĂƚĞƌǁĞůů ƌŝůůŝŶŐ WƚLJ >ƚĚ ;͞Dt͟Ϳ͕ ƐƵďũĞĐƚ ƚŽ Ă ϭϮŵŽŶƚŚ ĞƐĐƌŽǁ͕ ƉƵƌƐƵĂŶƚ ƚŽ Ă ĚƌŝůůŝŶŐĞĂƌŶͲŝŶĂŐƌĞĞŵĞŶƚ͘hŶĚĞƌƚŚŝƐĂŐƌĞĞŵĞŶƚ͕DtƉƌŽǀŝĚĞƐĚƌŝůůŝŶŐƐĞƌǀŝĐĞƐŽĨΨϱŵŝůůŝŽŶŽƌĨŽƌĂƚŚƌĞĞ LJĞĂƌ ƉĞƌŝŽĚ ĨƌŽŵ Ϯϯ^ĞƉƚĞŵďĞƌ ϮϬϭϭ͕ǁŝƚŚ Ϯϱй ŽĨ ƚŚĞŵŽŶƚŚůLJŝŶǀŽŝĐĞĂŵŽƵŶƚ ƐĞƚƚůĞĚ ďLJ ƚŚĞŝƐƐƵĞ ŽĨ ĨƵůůLJ ƉĂŝĚŽƌĚŝŶĂƌLJƐŚĂƌĞƐĞƐĐƌŽǁĞĚĨŽƌϭϮŵŽŶƚŚƐĨƌŽŵĚĂƚĞŽĨŝƐƐƵĞ͘

;ŝŝͿ KŶϮϭƵŐƵƐƚϮϬϭϮƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚϭϴ͕Ϭϵϲ͕ϬϬϬƐŚĂƌĞƐĂƚϮĐĞŶƚƐƉĞƌƐŚĂƌĞƉƵƌƐƵĂŶƚƚŽƚŚĞŽŵƉĂŶLJΖƐŽĨĨ ŵĂƌŬĞƚƚĂŬĞŽǀĞƌŽĨĨĞƌŽĨ'ĞŶĞƐŝƐZĞƐŽƵƌĐĞƐ>ŝŵŝƚĞĚ͘dŚĞƐŚĂƌĞƐǁĞƌĞŝƐƐƵĞĚƚŽ'ĞŶĞƐŝƐZĞƐŽƵƌĐĞƐ>ŝŵŝƚĞĚ ƐŚĂƌĞŚŽůĚĞƌƐ ǁŚŽ ĂĐĐĞƉƚĞĚ ƚŚĞ ŽŵƉĂŶLJΖƐ ŽĨĨ ŵĂƌŬĞƚ ƚĂŬĞŽǀĞƌ ŽĨĨĞƌ͘ Ɛ Ă ƌĞƐƵůƚ ƚŚĞ ŽŵƉĂŶLJ ĂĐƋƵŝƌĞĚ ϲ͕ϬϯϮ͕ϬϬϬƐŚĂƌĞƐŝŶ'ĞŶĞƐŝƐZĞƐŽƵƌĐĞƐ>ŝŵŝƚĞĚ͘

ϭϳ͘ /^^hW/d>;ĐŽŶƚŝŶƵĞĚͿ

;ŝŝŝͿ KŶϭϲ:ƵůLJϮϬϭϮ͕ϲEŽǀĞŵďĞƌϮϬϭϮĂŶĚϭϯƵŐƵƐƚϮϬϭϯƌĞƐƉĞĐƚŝǀĞůLJ͕Ϯ͕ϳϱϴ͕ϳϮϯ;ŶĞƚŽĨĂďƵLJďĂĐŬŽĨϮϵϰ͕ϵϱϴ ƐŚĂƌĞƐͿ͕Ϯ͕ϴϴϳ͕ϲϬϮĂŶĚϮϲϰ͕ϯϰϯ ƐŚĂƌĞƐǁĞƌĞŝƐƐƵĞĚ ƚŽĞŵƉůŽLJĞĞƐĂŶĚĚŝƌĞĐƚŽƌƐŽĨ ƚŚĞŽŵƉĂŶLJƉƵƌƐƵĂŶƚ ƚŽ ƚŚĞŵƉůŽLJĞĞ^ŚĂƌĞ^ĐŚĞŵĞ͘dŚĞƐŚĂƌĞƐǁĞƌĞǀĂůƵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐŽĨ^Ϯ^ŚĂƌĞ ďĂƐĞĚƉĂLJŵĞŶƚƐ͘ZĞĨĞƌƚŽEŽƚĞϮϳ͘
;ŝǀͿ KŶ ϭϯ &ĞďƌƵĂƌLJ ϮϬϭϯ͕ ƚŚĞ ŽŵƉĂŶLJ ĞŶƚĞƌĞĚ ŝŶƚŽ Ă :ŽŝŶƚ sĞŶƚƵƌĞ dĞƌŵŝŶĂƚŝŽŶ͕ ^ƵďƐĐƌŝƉƚŝŽŶ ĂŶĚ ZŽLJĂůƚLJ ŐƌĞĞŵĞŶƚ ǁŝƚŚ 'ŽůĚ &ŝĞůĚƐ ƵƐƚƌĂůĂƐŝĂ WƚLJ >ƚĚ ;͞'ŽůĚ &ŝĞůĚƐ͟Ϳ͘ Ɛ ƉĂƌƚ ŽĨ ƚŚŝƐ ĂŐƌĞĞŵĞŶƚ͕ 'ŽůĚ &ŝĞůĚƐ ƐƵďƐĐƌŝďĞĚĨŽƌϭϰ͕Ϯϴϱ͕ϳϭϰƐŚĂƌĞƐĂƚϯ͘ϱĐĞŶƚƐƉĞƌƐŚĂƌĞ͘
;ǀͿ dŚĞƚƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐƌĞƉƌĞƐĞŶƚƚŚĞĐŽƐƚŽĨŝƐƐƵŝŶŐƐŚĂƌĞƐƉƵƌƐƵĂŶƚƚŽƉŽŝŶƚƐ;ŝŝŝͿʹ;ŝǀͿĂďŽǀĞ͘

;ďͿ ĂƉŝƚĂůZŝƐŬDĂŶĂŐĞŵĞŶƚ

tŚĞŶŵĂŶĂŐŝŶŐĐĂƉŝƚĂů͕ŵĂŶĂŐĞŵĞŶƚ͛ƐŽďũĞĐƚŝǀĞŝƐ ƚŽĞŶƐƵƌĞ ƚŚĞĞŶƚŝƚLJĐŽŶƚŝŶƵĞƐĂƐĂŐŽŝŶŐĐŽŶĐĞƌŶĂƐǁĞůůĂƐ ƚŽ ŵĂŝŶƚĂŝŶĂƉƉƌŽƉƌŝĂƚĞƌĞƚƵƌŶƐƚŽƐŚĂƌĞŚŽůĚĞƌƐĂŶĚďĞŶĞĨŝƚƐĨŽƌŽƚŚĞƌƐƚĂŬĞŚŽůĚĞƌƐ͘DĂŶĂŐĞŵĞŶƚĂůƐŽĂŝŵƐƚŽŵĂŝŶƚĂŝŶ ĂĐĂƉŝƚĂůƐƚƌƵĐƚƵƌĞƚŚĂƚĞŶƐƵƌĞƐĂŶĂƉƉƌŽƉƌŝĂƚĞĐŽƐƚŽĨĐĂƉŝƚĂůĂǀĂŝůĂďůĞĨŽƌƚŚĞĞŶƚŝƚLJ͘

/Ŷ ŽƌĚĞƌ ƚŽ ŵĂŝŶƚĂŝŶ Žƌ ĂĚũƵƐƚ ƚŚĞ ĐĂƉŝƚĂů ƐƚƌƵĐƚƵƌĞ͕ ƚŚĞ ĞŶƚŝƚLJ ŵĂLJ ĂĚũƵƐƚ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ĚŝǀŝĚĞŶĚƐ ƉĂŝĚ ƚŽ ƐŚĂƌĞŚŽůĚĞƌƐ͕ƌĞƚƵƌŶĐĂƉŝƚĂůƚŽƐŚĂƌĞŚŽůĚĞƌƐ͕ŝƐƐƵĞŶĞǁƐŚĂƌĞƐ͕ĞŶƚĞƌŝŶƚŽũŽŝŶƚǀĞŶƚƵƌĞƐŽƌƐĞůůĂƐƐĞƚƐ͘

dŚĞĞŶƚŝƚLJĚŽĞƐŶŽƚŚĂǀĞĂĚĞĨŝŶĞĚƐŚĂƌĞďƵLJͲďĂĐŬƉůĂŶ͘

EŽĚŝǀŝĚĞŶĚƐǁĞƌĞƉĂŝĚŝŶϮϬϭϯĂŶĚŶŽĚŝǀŝĚĞŶĚƐĂƌĞĞdžƉĞĐƚĞĚƚŽďĞƉĂŝĚŝŶϮϬϭϰ͘

dŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJŝƐŶŽƚƐƵďũĞĐƚƚŽĂŶLJĞdžƚĞƌŶĂůůLJŝŵƉŽƐĞĚĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚƐ͘

DĂŶĂŐĞŵĞŶƚƌĞǀŝĞǁƐŵĂŶĂŐĞŵĞŶƚĂĐĐŽƵŶƚƐŽŶĂŵŽŶƚŚůLJďĂƐŝƐĂŶĚĂĐƚƵĂůĞdžƉĞŶĚŝƚƵƌĞƐĂŐĂŝŶƐƚďƵĚŐĞƚŽŶĂ ŵŽŶƚŚůLJďĂƐŝƐ͘

Z^Zs^		ŽŶƐŽůŝĚĂƚĞĚ
	ϮϬϭϯ	ϮϬϭϮ
	Ψ	Ψ
^ŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƌĞƐĞƌǀĞ	ϭ͕ϲϲϬ͕ϵϳϰ	ϭ͕ϲϲϬ͕ϵϳϰ
	ϭ͕ϲϲϬ͕ϵϳϰ	ϭ͕ϲϲϬ͕ϵϳϰ
;ĂͿDŽǀĞŵĞŶƚŝŶƌĞƐĞƌǀĞƐ
^ŚĂƌĞͲďĂƐĞĚƌĞƐĞƌǀĞ
ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌƌŝƐŝŶŐŽŶƐŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐ	ϭ͕ϲϲϬ͕ϵϳϰͲ	ϭ͕ϲϲϬ͕ϵϳϰͲ
ĂůĂŶĐĞĂƚĞŶĚŽĨĨŝŶĂŶĐŝĂůLJĞĂƌ	ϭ͕ϲϲϬ͕ϵϳϰ	ϭ͕ϲϲϬ͕ϵϳϰ

KƉƚŝŽŶƐŽŶŝƐƐƵĞĚƵƌŝŶŐƚŚĞLJĞĂƌĂƌĞĚĞƚĂŝůĞĚďĞůŽǁ͗

EŽƚĞ	džĞƌĐŝƐĞƉƌŝĐĞ	KŶŝƐƐƵĞĂƚϭ:ĂŶƵĂƌLJϮϬϭϯ	/ƐƐƵĞĚ	džĞƌĐŝƐĞĚ	>ĂƉƐĞĚ	&ŽƌĨĞŝƚĞĚ	KŶŝƐƐƵĞĂƚϯϭĞĐĞŵďĞƌϮϬϭϯ
;ŝŝͿ	ΨϬ͘ϭϳϱ	Ϯ͕ϬϱϬ͕ϬϬϬ	Ͳ	Ͳ	Ϯ͕ϬϱϬ͕ϬϬϬ	Ͳ	Ͳ
;ŝŝŝͿ	ΨϬ͘ϭϵϱ	ϭ͕ϲϱϬ͕ϬϬϬ	Ͳ	Ͳ	ϭ͕ϲϱϬ͕ϬϬϬ	Ͳ	Ͳ
;ŝǀͿ	ΨϬ͘ϭϴϱ	ϭ͕ϭϬϬ͕ϬϬϬ	Ͳ	Ͳ	ϭ͕ϭϬϬ͕ϬϬϬ	Ͳ	Ͳ
;ǀͿ͕;ǀŝͿ	ΨϬ͘ϭϱϬ	ϴϮ͕ϭϯϰ͕ϳϴϲ	Ͳ	Ͳ	ϴϮ͕ϭϯϰ͕ϳϴϲ	Ͳ	Ͳ
;ǀŝŝͿ	ΨϬ͘ϭϱϬ	ϭϬ͕ϬϬϬ͕ϬϬϬ	Ͳ	Ͳ	ϭϬ͕ϬϬϬ͕ϬϬϬ	Ͳ	Ͳ
;ǀŝŝŝͿ	ΨϬ͘ϭϱϬ	Ϯ͕ϬϬϬ͕ϬϬϬ	Ͳ	Ͳ	Ϯ͕ϬϬϬ͕ϬϬϬ	Ͳ	Ͳ
		ϵϴ͕ϵϯϰ͕ϳϴϲ	Ͳ	Ͳ	ϵϴ͕ϵϯϰ͕ϳϴϲ	Ͳ	Ͳ

;ŝͿůůŽƉƚŝŽŶƐŝŶƚŚĞƚĂďůĞĂďŽǀĞǁĞƌĞǀĂůƵĞĚĂĐĐŽƌĚŝŶŐƚŽƚŚĞďŝŶŽŵŝĂůƚƌĞĞŵĞƚŚŽĚĞdžĐĞƉƚĨŽƌƚŚĞϮϬϭϬĨƌĞĞĂƚƚĂĐŚŝŶŐ ŽƉƚŝŽŶƐ ;ǀͿ ĂŶĚ ;ǀŝͿ ǁŚŝĐŚ ǁĞƌĞ ĐŽŶƐŝĚĞƌĞĚ ƚŽ ŚĂǀĞ Ŷŝů ǀĂůƵĞ͘ ůů ŽƉƚŝŽŶƐ ǀĞƐƚĞĚ ĨƵůůLJ ŽŶ ŐƌĂŶƚ ĚĂƚĞ ĂŶĚ ǁĞƌĞ ĨƵůůLJ ĞdžƉĞŶƐĞĚŽŶƚŚĂƚĚĂƚĞ͕ǁŝƚŚƚŚĞĞdžĐĞƉƚŝŽŶŽĨƚŚĞŽƉƚŝŽŶƐŐƌĂŶƚĞĚŝŶƌĞƐƉĞĐƚŽĨƚŚĞĚƌŝůůĨŽƌĞƋƵŝƚLJ͕ǁŚŝĐŚĂƌĞĞdžƉĞŶƐĞĚ ŽǀĞƌƚŚƌĞĞLJĞĂƌƐĂƐĂŶĞdžƉůŽƌĂƚŝŽŶĞdžƉĞŶƐĞ͘EŽŽƉƚŝŽŶƐǁĞƌĞŝƐƐƵĞĚĚƵƌŝŶŐϮϬϭϯŽƌϮϬϭϮ͘

;ŝŝͿ KŶ ϭϮ ƵŐƵƐƚ ϮϬϬϵ ƚŚĞ ŽŵƉĂŶLJ ŝƐƐƵĞĚ Ϯ͕ϯϱϬ͕ϬϬϬ ŽƉƚŝŽŶƐ ƚŽ ƐƚĂĨĨ ĂŶĚ ĐŽŶƐƵůƚĂŶƚƐ͕ ŽĨ ǁŚŝĐŚ ϯϬϬ͕ϬϬϬ ǁĞƌĞ ĨŽƌĨĞŝƚĞĚŝŶϮϬϭϬ͘

;ŝŝŝͿKŶϮϴ:ĂŶƵĂƌLJϮϬϭϬ͕ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚϭ͕ϲϱϬ͕ϬϬϬŽƉƚŝŽŶƐƚŽĚŝƌĞĐƚŽƌƐ͘

;ŝǀͿKŶϰDĂLJϮϬϭϬ͕ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚϭ͕ϭϬϬ͕ϬϬϬŽƉƚŝŽŶƐƚŽĞŵƉůŽLJĞĞƐ͘

;ǀͿ ĂŶĚ ;ǀŝͿ WƵƌƐƵĂŶƚ ƚŽ Ă ϭ ĨŽƌ Ϯ ƌĞŶŽƵŶĐĞĂďůĞ ƌŝŐŚƚƐ ŝƐƐƵĞ ŝŶ :ƵůLJ ϮϬϭϭ ƉĂƌƚŝĐŝƉĂƚŝŶŐ ƐŚĂƌĞŚŽůĚĞƌƐ ƌĞĐĞŝǀĞĚ ϭ ĨƌĞĞ ĂƚƚĂĐŚŝŶŐŽƉƚŝŽŶĨŽƌĞǀĞƌLJŶĞǁƐŚĂƌĞƐƵďƐĐƌŝďĞĚƚŽƚĂůŝŶŐϱϰ͕ϳϱϲ͕ϳϮϰŽƉƚŝŽŶƐ;ƐĞĞŶŽƚĞϭϳ;ĂͿ;ŝͿͿ͘WƵƌƐƵĂŶƚƚŽĂϭĨŽƌϯ ƌĞŶŽƵŶĐĞĂďůĞ ƌŝŐŚƚƐŝƐƐƵĞŝŶƵŐƵƐƚ ϮϬϭϬ ƉĂƌƚŝĐŝƉĂƚŝŶŐ ƐŚĂƌĞŚŽůĚĞƌƐ ƌĞĐĞŝǀĞĚ ϭ ĨƌĞĞĂƚƚĂĐŚŝŶŐ ŽƉƚŝŽŶ ĨŽƌĞǀĞƌLJŶĞǁ ƐŚĂƌĞƐƵďƐĐƌŝďĞĚͲƚŽƚĂůŝŶŐϮϳ͕ϯϳϴ͕ϯϲϮŽƉƚŝŽŶƐ͘

;ǀŝŝͿWƵƌƐƵĂŶƚƚŽĂŶƵŶĚĞƌǁƌŝƚĞƌƐΖĂŐƌĞĞŵĞŶƚŝŶƌĞůĂƚŝŽŶƚŽƚŚĞDĂLJϮϬϭϭƌĞŶŽƵŶĐĞĂďůĞƌŝŐŚƚƐŝƐƐƵĞϭϬ͕ϬϬϬ͕ϬϬϬŽƉƚŝŽŶƐ ǁĞƌĞŝƐƐƵĞĚ͘

;ǀŝŝŝͿWƵƌƐƵĂŶƚƚŽƚŚĞĚƌŝůůŝŶŐĞĂƌŶͲŝŶĂŐƌĞĞŵĞŶƚƉĞƌŶŽƚĞϭϳ;ĂͿ;ŝͿĂďŽǀĞ͕Ϯ͕ϬϬϬ͕ϬϬϬŽƉƚŝŽŶƐǁĞƌĞŝƐƐƵĞĚƚŽDt͘

;ďͿEĂƚƵƌĞĂŶĚƉƵƌƉŽƐĞŽĨƌĞƐĞƌǀĞƐ

dŚĞƐŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐƌĞƐĞƌǀĞƌĞĐŽƌĚƐƚŚĞǀĂůƵĞŽĨƐŚĂƌĞŽƉƚŝŽŶƐŝƐƐƵĞĚƚŽƚŚĞŽŵƉĂŶLJΖƐĚŝƌĞĐƚŽƌƐ͕ĞŵƉůŽLJĞĞƐ͕ ĐŽŶƐƵůƚĂŶƚƐĂŶĚďƌŽŬĞƌƐĂƐǁĞůůĂƐƚŚĞǀĞŶĚŽƌƐŽĨĚƌŝůůŝŶŐƐĞƌǀŝĐĞƐĂŶĚƚĞŶĞŵĞŶƚƐ͘/ƚĂůƐŽŝŶĐůƵĚĞƐĂŶĂƉƉŽƌƚŝŽŶŵĞŶƚ ĨŽƌƚŚĞǀĂůƵĞŽĨĨƌĞĞĂƚƚĂĐŚŝŶŐŽƉƚŝŽŶƐĨƌŽŵƉƌŽĐĞĞĚƐŽĨĂƌŝŐŚƚƐŝƐƐƵĞ͘

ϭϵ͘ ^ddDEdK&^,&>Kt^ZKE/>/d/KE ŽŶƐŽůŝĚĂƚĞĚ

	ϮϬϭϯΨ	ϮϬϭϮΨ
;ĂͿZĞĐŽŶĐŝůŝĂƚŝŽŶ ŽĨ ƚŚĞ ŶĞƚ ƉƌŽĨŝƚͬ;ůŽƐƐͿĂĨƚĞƌ ƚĂdž ƚŽ ŶĞƚ ĐĂƐŚ ĨůŽǁƐĨƌŽŵŽƉĞƌĂƚŝŽŶƐ
>ŽƐƐĨƌŽŵŽƌĚŝŶĂƌLJĂĐƚŝǀŝƚŝĞƐĂĨƚĞƌŝŶĐŽŵĞƚĂdž	;ϲϳϳ͕ϳϬϮͿ	;ϭ͕ϵϯϭ͕ϯϳϭͿ
ĚũƵƐƚŵĞŶƚƐĨŽƌ͗
ĞƉƌĞĐŝĂƚŝŽŶ	ϯϳ͕Ϭϱϰ	ϲϲ͕Ϯϲϴ
ŵŽƌƚŝƐĂƚŝŽŶŽĨŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ	ϯ͕ϵϮϯ	Ϯ͕ϴϵϮ
/ŵƉĂŝƌŵĞŶƚŽĨĨŝdžĞĚĂƐƐĞƚƐ	Ͳ	ϯ͕ϬϬϲ
>ŽƐƐŽŶĚŝƐƉŽƐĂůŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ	ϮϮϮ	Ͳ
EŽŶͲĐĂƐŚƉƵƌĐŚĂƐĞŽĨĚƌŝůůŝŶŐƐĞƌǀŝĐĞƐ	Ͳ	ϭϬϲ͕ϯϮϲ
EŽŶͲĐĂƐŚ ŶĞƚ ĞdžƉĞŶƐĞƐ ƉĂŝĚ ŽŶ ďĞŚĂůĨ ŽĨ ĐŽŶƚƌŽůůĞĚ ĞŶƚŝƚLJ ǀŝĂ ůŽĂŶ
ĂĐĐŽƵŶƚ	ϮϯϬ	ϮϬϲ
ƋƵŝƚLJƐĞƚƚůĞĚƐŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƐ	ϱϴ͕ϲϵϵ	ϯϬ͕Ϭϳϴ
&ĂŝƌǀĂůƵĞŐĂŝŶŽŶĨŝŶĂŶĐŝĂůĂƐƐĞƚ	Ͳ	;ϰϱϯ͕ϵϯϴͿ
ZĞĂůŝƐĞĚůŽƐƐŽŶĨŝŶĂŶĐŝĂůĂƐƐĞƚ	Ϯϰϳ͕ϴϱϬ	Ͳ
hŶƌĞĂůŝƐĞĚůŽƐƐŽŶĨŝŶĂŶĐŝĂůĂƐƐĞƚ	ϵϱ͕ϳϴϯ	Ͳ
WƌŽĐĞĞĚƐƐĂůĞŽĨƚĞŶĞŵĞŶƚƐ	;ϭ͕ϬϬϬ͕ϬϬϬͿ	Ͳ
ŚĂŶŐĞƐŝŶĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ
;/ŶĐƌĞĂƐĞͿͬĚĞĐƌĞĂƐĞŝŶƚƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ	Ϯϳϱ͕ϴϯϭ	ϭϬϰ͕Ϯϵϲ
ĞĐƌĞĂƐĞͬ;ŝŶĐƌĞĂƐĞͿŝŶƉƌĞƉĂLJŵĞŶƚƐĂŶĚďŽŶĚƐ	ϭϯ͕ϮϮϵ	ϴ͕ϲϳϳ
/ŶĐƌĞĂƐĞͬ;ĚĞĐƌĞĂƐĞͿŝŶƚƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ	;ϰϵ͕ϭϰϳͿ	;Ϯϲ͕ϳϵϯͿ
/ŶĐƌĞĂƐĞͬ;ĚĞĐƌĞĂƐĞͿŝŶƉƌŽǀŝƐŝŽŶƐ	;ϴϬϬ͕ϱϳϱͿ	ϵϵϵ͕ϭϱϳ
;/ŶĐƌĞĂƐĞͿͬĚĞĐƌĞĂƐĞŝŶƌĞƐƚƌŝĐƚĞĚĐĂƐŚďĂůĂŶĐĞƐ	Ͳ	;ϭϴϮ͕ϬϬϬͿ
EĞƚĐĂƐŚĨůŽǁƵƐĞĚŝŶŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ	;ϭ͕ϳϵϰ͕ϵϬϯͿ	;ϭ͕Ϯϳϯ͕ϭϵϲͿ

;ďͿĂŶŬŐƵĂƌĂŶƚĞĞĨĂĐŝůŝƚLJ
ĂŶŬŐƵĂƌĂŶƚĞĞĨĂĐŝůŝƚLJ	ϯϬϬ͕ϬϬϬ	ϯϬϬ͕ϬϬϬ
ŵŽƵŶƚƵƚŝůŝƐĞĚ	;ϭϲϬ͕ϬϬϬͿ	;ϭϲϴ͕ϬϬϬͿ
	ϭϰϬ͕ϬϬϬ	ϭϯϮ͕ϬϬϬ

dŚĞ ďĂŶŬ ŐƵĂƌĂŶƚĞĞ ĨĂĐŝůŝƚLJ ŚĂƐ ďĞĞŶ ƉƌŽǀŝĚĞĚ ďLJ Ă ĨŝŶĂŶĐŝĂů ŝŶƐƚŝƚƵƚŝŽŶ ĨŽƌ ĞdžƉůŽƌĂƚŝŽŶ ůŝĐĞŶĐĞ ƐĞĐƵƌŝƚLJ ĂŶĚ ĐŽƌƉŽƌĂƚĞ ĐƌĞĚŝƚ ĐĂƌĚ ƉƵƌƉŽƐĞƐ͘ dĞƌŵ ĚĞƉŽƐŝƚƐ ŽĨ ΨϯϬϬ͕ϬϬϬ ;ϮϬϭϮ͗ ΨϯϬϬ͕ϬϬϬͿ ŚĂǀĞ ďĞĞŶ ƉƌŽǀŝĚĞĚ ĂƐ ƐĞƚͲŽĨĨ ƐĞĐƵƌŝƚLJ ĨŽƌ ƚŚĞƐĞ ĨĂĐŝůŝƚŝĞƐ͘

ϮϬ͘ /EdZ^d/E:K/Ed>zKEdZK>>KWZd/KE^

ƐĂƚϯϭĞĐĞŵďĞƌϮϬϭϯ͕ƚŚĞ'ƌŽƵƉŚĂĚƚŚĞĨŽůůŽǁŝŶŐƐŝŐŶŝĨŝĐĂŶƚŝŶƚĞƌĞƐƚƐŝŶũŽŝŶƚǀĞŶƚƵƌĞƐ͗

;ĂͿ ĂƐƐDĞƚĂůƐ>ŝŵŝƚĞĚƵŶŝŶĐŽƌƉŽƌĂƚĞĚũŽŝŶƚǀĞŶƚƵƌĞ

;ŝͿ ĂƐƐDĞƚĂůƐ>ŝŵŝƚĞĚ;ΗĂƐƐΗͿĂŶĚůĂŶĐLJdžƉůŽƌĂƚŝŽŶ>ŝŵŝƚĞĚŚĂǀĞĂϳϱйĂŶĚϮϱйŝŶƚĞƌĞƐƚƌĞƐƉĞĐƚŝǀĞůLJŝŶ ƚǁŽdĂƐŵĂŶŝĂŶĞdžƉůŽƌĂƚŝŽŶůŝĐĞŶĐĞƐ;ΗƚĞŶĞŵĞŶƚƐΗͿ͕ƚŚĞ>ĂŬĞDĂƌŐĂƌĞƚůŝĐĞŶĐĞĂŶĚƚŚĞ^ŽĐŬƌĞĞŬůŝĐĞŶĐĞ ŝŶƚŚĞDƚZĞĂĚsŽůĐĂŶŝĐĞůƚŝŶtĞƐƚĞƌŶdĂƐŵĂŶŝĂ͘
;ŝŝͿ :ŽŝŶƚǀĞŶƚƵƌĞƉƌŽƉĞƌƚLJŝŶŝƚŝĂůůLJĐŽŶƐŝƐƚƐŽĨƚŚĞƐĞƚĞŶĞŵĞŶƚƐĂŶĚĂůůŵŝŶŝŶŐŝŶĨŽƌŵĂƚŝŽŶŝŶƚŚĞƉŽƐƐĞƐƐŝŽŶŽƌ ĐŽŶƚƌŽůŽĨĞŝƚŚĞƌƉĂƌƚLJ ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞƐĞ ƚĞŶĞŵĞŶƚƐ͘/ƚŝƐŽǁŶĞĚ ďLJ ƚŚĞ ƉĂƌƚŝĞƐĂƐ ƚĞŶĂŶƚƐŝŶĐŽŵŵŽŶŝŶ ƉƌŽƉŽƌƚŝŽŶƚŽƚŚĞŝƌƌĞƐƉĞĐƚŝǀĞŝŶƚĞƌĞƐƚƐ͘džƉůŽƌĂƚŝŽŶĐŽƐƚƐĂƌĞĐƵƌƌĞŶƚůLJŝŶĐƵƌƌĞĚďLJĂƐƐĂŶĚƚŚĞƌĞĂƌĞŶŽ ũŽŝŶƚǀĞŶƚƵƌĞĂƐƐĞƚƐŽƌůŝĂďŝůŝƚŝĞƐ͘

ϮϬ͘ /EdZ^d/E:K/Ed>zKEdZK>>KWZd/KE^;ĐŽŶƚŝŶƵĞĚͿ

;ŝŝŝͿ ĂƐƐĂƐ ƚŚĞƉĂƌƚLJŚŽůĚŝŶŐ ƚŚĞŵĂũŽƌŝƚLJŝŶƚĞƌĞƐƚŝƐ ƚŚĞŵĂŶĂŐĞƌŽĨ ƚŚĞũŽŝŶƚ ǀĞŶƚƵƌĞĂŶĚĂůůũŽŝŶƚǀĞŶƚƵƌĞ ĂĐƚŝǀŝƚŝĞƐ͘
;ŝǀͿ ĂƐƐŚĂƐĂŐƌĞĞĚƚŽƐŽůĞĨƵŶĚƚŚĞũŽŝŶƚǀĞŶƚƵƌĞƵŶƚŝůƚŚĞĐŽŵƉůĞƚŝŽŶŽĨĂƉƌĞͲĨĞĂƐŝďŝůŝƚLJƐƚƵĚLJŽŶĂŶLJŽŶĞŽĨ ƚŚĞ ƚĞŶĞŵĞŶƚƐ͘ dŚĞƌĞĂĨƚĞƌ ĞdžƉĞŶĚŝƚƵƌĞ ŝƐ ŝŶ ƉƌŽƉŽƌƚŝŽŶ ƚŽ ũŽŝŶƚ ǀĞŶƚƵƌĞ ŝŶƚĞƌĞƐƚƐ͘ ƚ ƚŚĞ ƚŝŵĞ ŽĨ ĂŶLJ ǁŝƚŚĚƌĂǁĂůďLJĂƐƐ ƚŚĞ ƚĞŶĞŵĞŶƚƐŵƵƐƚ ďĞŝŶŐŽŽĚ ƐƚĂŶĚŝŶŐĂŶĚĞdžƉĞŶĚŝƚƵƌĞ ĐŽŵŵŝƚŵĞŶƚƐŵĞƚ͘ƐĂƚ ƚŚĞĚĂƚĞŽĨƚŚŝƐƌĞƉŽƌƚ͕ĂƐƐŚĂĚŶŽƚǁŝƚŚĚƌĂǁŶĨƌŽŵƚŚĞũŽŝŶƚǀĞŶƚƵƌĞ͘
;ǀͿ dŚĞŽŵƉĂŶLJŚĂƐŶŽĐĂƉŝƚĂůĐŽŵŵŝƚŵĞŶƚƐŽƌĐŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚŝĞƐŝŶƌĞƐƉĞĐƚŽĨƚŚŝƐũŽŝŶƚǀĞŶƚƵƌĞ͘
;ǀŝͿ hŶĚĞƌƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞũŽŝŶƚǀĞŶƚƵƌĞĂŐƌĞĞŵĞŶƚ͕ƚŚĞŽŵƉĂŶLJŵĂLJďĞĐŽŵĞĞŶƚŝƚůĞĚƚŽƉĞƌĨŽƌŵĂŶĐĞ ƐŚĂƌĞƐ͘

;ďͿ 'ŽůĚ&ŝĞůĚƐƵƐƚƌĂůĂƐŝĂWƚLJ>ƚĚƵŶŝŶĐŽƌƉŽƌĂƚĞĚũŽŝŶƚǀĞŶƚƵƌĞ

;ŝͿ WƌŝŽƌƚŽ&ĞďƌƵĂƌLJϮϬϭϯ͕ůĂŶĐLJŚĂĚĂŶŝŶƚĞƌĞƐƚŝŶϲƚĞŶĞŵĞŶƚƐŝŶƚŚĞĞĂƐƚĞƌŶ>ĂĐŚůĂŶ&ŽůĚĞůƚŝŶEĞǁ^ŽƵƚŚ tĂůĞƐŝŶũŽŝŶƚǀĞŶƚƵƌĞǁŝƚŚ'ŽůĚ&ŝĞůĚƐƵƐƚƌĂůĂƐŝĂWƚLJ>ƚĚ͘dŚĞŝŶƚĞƌĞƐƚŝŶƚŚĞƐĞũŽŝŶƚǀĞŶƚƵƌĞƐǁĂƐĚŝƐƉŽƐĞĚ ŽĨ ĚƵƌŝŶŐ ƚŚĞLJĞĂƌĂƐ ƉĂƌƚ ŽĨ ƚŚĞ :ŽŝŶƚsĞŶƚƵƌĞdĞƌŵŝŶĂƚŝŽŶ͕ ^ƵďƐĐƌŝƉƚŝŽŶĂŶĚZŽLJĂůƚLJŐƌĞĞŵĞŶƚ͘ƵƌŝŶŐ ƚŚĞLJĞĂƌ͕ƚŚĞŽŵƉĂŶLJĞŶƚĞƌĞĚŝŶƚŽĂ:ŽŝŶƚsĞŶƚƵƌĞdĞƌŵŝŶĂƚŝŽŶ͕^ƵďƐĐƌŝƉƚŝŽŶĂŶĚZŽLJĂůƚLJĂŐƌĞĞŵĞŶƚǁŝƚŚ 'ŽůĚ&ŝĞůĚƐƵƐƚƌĂůŝĂ WƚLJ >ƚĚ͕ ƵŶĚĞƌǁŚŝĐŚ ƚŚĞŽŵƉĂŶLJ ƐŽůĚŝƚƐ ũŽŝŶƚǀĞŶƚƵƌĞŝŶƚĞƌĞƐƚƐŝŶ Ɛŝdž ĐŽƉƉĞƌͲŐŽůĚ ƉƌŽũĞĐƚƐŝŶE^t͘
;ŝŝͿ ůĂŶĐLJ ƌĞĐĞŝǀĞĚĂ ƚŽƚĂůŽĨΨϭ͘ϱŵŝůůŝŽŶ ĨƌŽŵĂĐŽŵďŝŶĂƚŝŽŶŽĨƚŚĞƐĂůĞĐŽŶƐŝĚĞƌĂƚŝŽŶĂŶĚĂƉůĂĐĞŵĞŶƚŽĨ ƐŚĂƌĞƐƚŽĂƌĞůĂƚĞĚďŽĚLJĐŽƌƉŽƌĂƚĞŽĨ'ŽůĚ&ŝĞůĚƐ͘dŚĞƐĂůĞĐŽŶƐŝĚĞƌĂƚŝŽŶǁĂƐΨϭŵŝůůŝŽŶŝŶĐĂƐŚǁŚŝĐŚǁĂƐ ƉĂŝĚŝŵŵĞĚŝĂƚĞůLJ ƵƉŽŶ ƐĞƚƚůĞŵĞŶƚ͘dŚĞĞƋƵŝƚLJ ĐŽŵƉŽŶĞŶƚ ŽĨΨϱϬϬ͕ϬϬϬǁĂƐ ƌĞĐĞŝǀĞĚŝŵŵĞĚŝĂƚĞůLJ ƵƉŽŶ ƐĞƚƚůĞŵĞŶƚŽĨƚŚĞƉůĂĐĞŵĞŶƚǁŚŝĐŚǁĂƐĚŽŶĞĂƚϯ͘ϱĐƉĞƌƐŚĂƌĞ͘ůĂŶĐLJƌĞƚĂŝŶƐƌŝŐŚƚƐƚŽŝƚƐϮ͘ϱйEĞƚ^ŵĞůƚĞƌ ZĞƚƵƌŶ ;E^ZͿ ƌŽLJĂůƚŝĞƐŽŶ ƚŚĞ ƐŝdžƉƌŽũĞĐƚƐ ;ŝŶĂĚĚŝƚŝŽŶ ƚŽtĞůůŝŶŐƚŽŶEŽƌƚŚͿ͕ƐƵďũĞĐƚ ƚŽ'ŽůĚ&ŝĞůĚƐŚĂǀŝŶŐ ƚŚĞƌŝŐŚƚĂƚĂŶLJƚŝŵĞƚŽƉƵƌĐŚĂƐĞƚŚĞE^Z͛ƐĨŽƌΨϮϬŵŝůůŝŽŶĞĂĐŚ͘ŽƚŚƉĂƌƚŝĞƐ͛ƉƌĞͲĞŵƉƚŝǀĞƌŝŐŚƚƐĂŶĚƚŚĞ 'ŽůĚ&ŝĞůĚƐďĂĐŬͲŝŶƌŝŐŚƚŽŶƚŚĞ'ŽďŽŶĚĞƌLJƉƌŽũĞĐƚǁĂƐƚĞƌŵŝŶĂƚĞĚĂƐƉĂƌƚŽĨƚŚĞĂŐƌĞĞŵĞŶƚ͘

;ĐͿ DŝŶĞŵĂŬĞƌƐdddWƚLJ>ƚĚƵŶŝŶĐŽƌƉŽƌĂƚĞĚũŽŝŶƚǀĞŶƚƵƌĞ

;ŝͿ DŝŶĞŵĂŬĞƌƐdddWƚLJ>ƚĚ ;ΗDdddΗͿĂŶĚůĂŶĐLJdžƉůŽƌĂƚŝŽŶ>ŝŵŝƚĞĚŚĂǀĞ͕ ĨŽůůŽǁŝŶŐƚŚĞĞdžĞĐƵƚŝŽŶŽĨĂũŽŝŶƚ ǀĞŶƚƵƌĞĂŐƌĞĞŵĞŶƚ ;͞ĂŐƌĞĞŵĞŶƚ͟ͿŽŶϮϱ&ĞďƌƵĂƌLJϮϬϭϭ͕ĂϳϱйĂŶĚϮϱйŝŶƚĞƌĞƐƚƌĞƐƉĞĐƚŝǀĞůLJŝŶĞĂĐŚŽĨϮ dĂƐŵĂŶŝĂŶĞdžƉůŽƌĂƚŝŽŶůŝĐĞŶĐĞƐ;ΗƚĞŶĞŵĞŶƚƐΗͿŝŶƚŚĞDƚZĞĂĚsŽůĐĂŶŝĐĞůƚŝŶtĞƐƚĞƌŶdĂƐŵĂŶŝĂ͘
;ŝŝͿ DdddŝƐŵĂŶĂŐĞƌŽĨƚŚĞũŽŝŶƚǀĞŶƚƵƌĞĂŶĚŚĂƐĨƵŶĚĞĚĂǁŽƌŬƉƌŽŐƌĂŵŽŶĞĂĐŚƚĞŶĞŵĞŶƚ͘
;ŝŝŝͿ KŶ ϭϱ &ĞďƌƵĂƌLJ ϮϬϭϮ Ă ĚĞĐŝƐŝŽŶ ǁĂƐ ƚĂŬĞŶ ďLJ ďŽƚŚ Dddd ĂŶĚ ƚŚĞ ŽŵƉĂŶLJ ƚŽ ƌĞůŝŶƋƵŝƐŚ ƚŚĞ tĂƌĂƚĂŚ ůŝĐĞŶĐĞ͘
;ŝǀͿ DdddŝƐĐƵƌƌĞŶƚůLJĞĂƌŶŝŶŐͲŝŶŽŶƚŚĞKŽŶĂŚůŝĐĞŶĐĞ͘dŚĞŽŵƉĂŶLJŚĂƐĞůĞĐƚĞĚƚŽĨƵŶĚŝƚƐϮϱйƐŚĂƌĞŽĨĨƵƚƵƌĞ ĞdžƉĞŶĚŝƚƵƌĞŽŶƚŚŝƐƚĞŶĞŵĞŶƚŽŶĐĞƚŚŝƐĞĂƌŶͲŝŶŚĂƐďĞĞŶĐŽŵƉůĞƚĞĚ͘
;ǀͿ dŚĞƌĞĂƌĞŶŽũŽŝŶƚǀĞŶƚƵƌĞĂƐƐĞƚƐŽƌůŝĂďŝůŝƚŝĞƐ͘
;ǀŝͿ /ŶƌĞƐƉĞĐƚŽĨŝƚƐũŽŝŶƚǀĞŶƚƵƌĞĂŐƌĞĞŵĞŶƚǁŝƚŚDŝŶĞŵĂŬĞƌƐdddWƚLJ>ƚĚ;͞Dddd͟Ϳ͕ƚŚĞŽŵƉĂŶLJŚĂƐĞůĞĐƚĞĚ ƚŽ ĨƵŶĚ ŝƚƐ Ϯϱй ƐŚĂƌĞ ŽĨ ĨƵƚƵƌĞ ĞdžƉĞŶĚŝƚƵƌĞ ŽŶ ƚŚĞ KŽŶĂŚ ƚĞŶĞŵĞŶƚ ŽŶĐĞ Dddd͛Ɛ ĞĂƌŶͲŝŶ ŚĂƐ ďĞĞŶ ĐŽŵƉůĞƚĞĚ͘ĚƌŝůůŝŶŐƉƌŽŐƌĂŵŚĂƐLJĞƚƚŽďĞĨŝŶĂůŝƐĞĚďƵƚŝƐŶŽƚĞdžƉĞĐƚĞĚƚŽĞdžĐĞĞĚΨϮϱϬ͕ϬϬϬŽĨǁŚŝĐŚƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƐŚĂƌĞ ǁŽƵůĚ ďĞ ΨϲϮ͕ϱϬϬ͘ dŚĞ KŽŶĂŚ ƚĞŶĞŵĞŶƚ ŚĂƐ ĂŶ ĂŶŶƵĂů ĞdžƉĞŶĚŝƚƵƌĞ ĐŽŵŵŝƚŵĞŶƚ ŽĨ Ψϭϯϳ͕ϵϬϬ ĂŶĚ ŚĂƐ ďĞĞŶ ƌĞŶĞǁĞĚ ƚŽ ϳ ƵŐƵƐƚ ϮϬϭϰ͘ dŚĞ ŽŵƉĂŶLJ ŚĂƐ ŶŽ ŽƚŚĞƌ ĐĂƉŝƚĂů ĐŽŵŵŝƚŵĞŶƚƐ Žƌ ĐŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚŝĞƐŝŶƌĞƐƉĞĐƚŽĨƚŚŝƐũŽŝŶƚǀĞŶƚƵƌĞ͘

;ĚͿ DŝƚƐƵďŝƐŚŝDĞƚĂůƐŽƌƉŽƌĂƚŝŽŶƵŶŝŶĐŽƌƉŽƌĂƚĞĚũŽŝŶƚǀĞŶƚƵƌĞ

;ŝͿ /ŶϮϬϭϮ͕ ƚŚĞŽŵƉĂŶLJĞŶƚĞƌĞĚŝŶƚŽĂũŽŝŶƚǀĞŶƚƵƌĞǁŝƚŚDŝƚƐƵďŝƐŚŝDĞƚĂůƐŽƌƉŽƌĂƚŝŽŶŽĨ :ĂƉĂŶ ;͞DD͟Ϳ ǁŚĞƌĞďLJDD ĐŽƵůĚĞĂƌŶ ϰϵй ŽĨ ƚŚĞ ƵŶĚƵŵďƵů͕ ƵƌƌƵŵďƵƌƌĂŵĂ ĂŶĚ 'ĞŶĂƌĞŶ ƉƌŽũĞĐƚƐ ďLJ ĨƵŶĚŝŶŐ Ψϯ ŵŝůůŝŽŶĞdžƉĞŶĚŝƚƵƌĞŽǀĞƌƚŚƌĞĞLJĞĂƌƐǁŝƚŚĂŵŝŶŝŵƵŵĐŽŵŵŝƚŵĞŶƚŽĨΨϱϬϬ͕ϬϬϬŝŶƚŚĞĨŝƌƐƚLJĞĂƌ͘
;ŝŝͿ dŚĞŽŵƉĂŶLJŝƐŵĂŶĂŐŝŶŐƚŚĞƉƌŽũĞĐƚŽŶďĞŚĂůĨŽĨƚŚĞũŽŝŶƚǀĞŶƚƵƌĞ͘
;ŝŝŝͿ ƐĂƚϯϭĞĐĞŵďĞƌϮϬϭϯ͕ƚŚĞŽŵƉĂŶLJǁĂƐĞŶƚŝƚůĞĚƚŽĂϭϬϬйŝŶƚĞƌĞƐƚŝŶĞĂĐŚŽĨƚŚĞƉƌŽũĞĐƚƐ;ϮϬϭϮ͗ϭϬϬйͿ͘

ϮϬ͘ /EdZ^d/E:K/Ed>zKEdZK>>KWZd/KE;ĐŽŶƚŝŶƵĞĚͿ

;ĞͿ <ĂŝnjĞŶŝƐĐŽǀĞƌLJ/ŶĐ͘ƵŶŝŶĐŽƌƉŽƌĂƚĞĚũŽŝŶƚǀĞŶƚƵƌĞ

;ŝͿ KŶϮϬDĂLJϮϬϭϯ͕ƚŚĞŽŵƉĂŶLJĞŶƚĞƌĞĚŝŶƚŽĂŶĞǁũŽŝŶƚǀĞŶƚƵƌĞǁŝƚŚƚŚĞƐŝŐŶŝŶŐŽĨĂ&Ăƌŵ/ŶĂŶĚ:ŽŝŶƚ sĞŶƚƵƌĞŐƌĞĞŵĞŶƚǁŝƚŚ,ŝŐŚWŽǁĞƌdžƉůŽƌĂƚŝŽŶ/ŶĐ;,WyͿŽŶƚŚĞ&ĂŝƌŚŽůŵĞĐŽƉƉĞƌŐŽůĚƉƌŽũĞĐƚŝŶEĞǁ ^ŽƵƚŚtĂůĞƐ͘
;ŝŝͿ hŶĚĞƌƚŚĞƚĞƌŵƐŽĨƚŚĞŐƌĞĞŵĞŶƚ,WyŚĂƐƚŚĞƌŝŐŚƚƚŽĞĂƌŶĂŶŝŶŝƚŝĂůϰϵйŽĨƚŚĞ&ĂŝƌŚŽůŵĞƉƌŽũĞĐƚďLJ ĨƵŶĚŝŶŐΨϭŵŝůůŝŽŶŝŶĞdžƉůŽƌĂƚŝŽŶŽǀĞƌŽŶĞLJĞĂƌǁŝƚŚĂŵŝŶŝŵƵŵƐƉĞŶĚŝŶŐĐŽŵŵŝƚŵĞŶƚŽĨΨϱϬϬ͕ϬϬϬ͘ ,WyƚŚĞŶǁŝůůŚĂǀĞƚŚĞƌŝŐŚƚƚŽĨƵŶĚĂĨƵƌƚŚĞƌΨϰŵŝůůŝŽŶŝŶĞdžƉůŽƌĂƚŝŽŶŽǀĞƌƚŚĞƐƵďƐĞƋƵĞŶƚƚǁŽLJĞĂƌƐ ǁŝƚŚƚŚĞĂŝŵŽĨĚĞůŝŶĞĂƚŝŶŐĂƐĐŽƉŝŶŐƐƚƵĚLJƚŽƚĂŬĞ,Wy͛ƐƐƚĂŬĞ ƚŽϲϱй͘,WyĐĂŶŝŶĐƌĞĂƐĞŝƚƐƐƚĂŬĞƚŽ ϴϬйŝŶƉŚĂƐĞƐŽƌϴϱйďLJĨƵŶĚŝŶŐĂWƌĞĨĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ;ĚĞƉĞŶĚŝŶŐŽŶƚŚĞĐŽƐƚŽĨƚŚĞƐƚƵĚLJͿ͘
;ŝŝŝͿ /ŶĞĐĞŵďĞƌϮϬϭϯ͕,WyƚƌĂŶƐĨĞƌƌĞĚŝƚƐŝŶƚĞƌĞƐƚŝŶƚŚĞũŽŝŶƚǀĞŶƚƵƌĞƚŽ<ĂŝnjĞŶŝƐĐŽǀĞƌLJ/ŶĐ͘
;ŝǀͿ dŚĞŽŵƉĂŶLJŝƐŵĂŶĂŐŝŶŐƚŚĞƉƌŽũĞĐƚŽŶďĞŚĂůĨŽĨƚŚĞũŽŝŶƚǀĞŶƚƵƌĞ͘
;ǀͿ ƐĂƚϯϭĞĐĞŵďĞƌϮϬϭϯ͕ƚŚĞŽŵƉĂŶLJǁĂƐĞŶƚŝƚůĞĚƚŽĂϱϭйŝŶƚĞƌĞƐƚŝŶƚŚĞƉƌŽũĞĐƚƐ͘

Ϯϭ͘ ^'DEd/E&KZDd/KE

dŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĞŶƚŝƚLJ ŽƉĞƌĂƚĞƐ ƉƌĞĚŽŵŝŶĂŶƚůLJ ŝŶ ŽŶĞ ƌĞƉŽƌƚĂďůĞ ďƵƐŝŶĞƐƐ ƐĞŐŵĞŶƚ͕ŵĂŶĂŐĞĚ ďLJ ŽŶĞ ƐĞŐŵĞŶƚ ŵĂŶĂŐĞƌĂŶĚŝŶŽŶĞŐĞŽŐƌĂƉŚŝĐĂůůŽĐĂƚŝŽŶ͘dŚŝƐŝƐůŝŬĞůLJƚŽĐŚĂŶŐĞŝĨƚŚĞŽŵƉĂŶLJĂĐƋƵŝƌĞƐƚŚĞƉƌŽũĞĐƚƐŝŶƚŚĞEŽƌƚŚ ƌƵŶƚĂZĞŐŝŽŶŽĨ ƚŚĞEŽƌƚŚĞƌŶdĞƌƌŝƚŽƌLJ ĨƌŽŵDZĞƐŽƵƌĐĞƐ>ŝŵŝƚĞĚĂƐĚŝƐĐƵƐƐĞĚŝŶEŽƚĞϭϯ͘dŚĞŽƉĞƌĂƚŝŽŶƐŽĨ ƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJĐŽŶƐŝƐƚŽĨŐŽůĚ͕ĐŽƉƉĞƌĂŶĚďĂƐĞŵĞƚĂůƐĞdžƉůŽƌĂƚŝŽŶ͕ǁŝƚŚŝŶƵƐƚƌĂůŝĂ͘

dŚĞŝŶĨŽƌŵĂƚŝŽŶĚŝƐĐůŽƐĞĚŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝƐƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶƵƚŝůŝƐĞĚŝŶŝŶƚĞƌŶĂůƌĞƉŽƌƚŝŶŐďLJƚŚĞ ĐŚŝĞĨŽƉĞƌĂƚŝŶŐĚĞĐŝƐŝŽŶŵĂŬĞƌ͘ĐĐŽƌĚŝŶŐůLJŶŽĂĚĚŝƚŝŽŶĂůƋƵĂŶƚŝƚĂƚŝǀĞŽƌƋƵĂůŝƚĂƚŝǀĞĚŝƐĐůŽƐƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚ͘

ϮϮ͘	KDD/dDEd^	ŽŶƐŽůŝĚĂƚĞĚ
		ϮϬϭϯΨ	ϮϬϭϮΨ
	ƐƚŝŵĂƚĞĚ ĐŽŵŵŝƚŵĞŶƚƐ ĨŽƌ ǁŚŝĐŚ ŶŽ ƉƌŽǀŝƐŝŽŶƐ ǁĞƌĞ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞĂƐĨŽůůŽǁƐ͗

;ĂͿ džƉůŽƌĂƚŝŽŶdžƉĞŶĚŝƚƵƌĞŽŵŵŝƚŵĞŶƚƐ͗

;ŝͿ hŶĚĞƌ ϭϮ ;ϮϬϭϮ͗ϯϬͿ E^t 'ŽǀĞƌŶŵĞŶƚ͕ Ŷŝů ;ϮϬϭϮ͗ϭͿ tĞƐƚĞƌŶ ƵƐƚƌĂůŝĂŶ 'ŽǀĞƌŶŵĞŶƚĂŶĚϮ;ϮϬϭϮ͗ϮͿdĂƐŵĂŶŝĂŶ'ŽǀĞƌŶŵĞŶƚĞdžƉůŽƌĂƚŝŽŶůŝĐĞŶƐĞƐ WĂLJĂďůĞ

ͲŶŽƚůĂƚĞƌƚŚĂŶŽŶĞLJĞĂƌͲůĂƚĞƌƚŚĂŶŽŶĞLJĞĂƌĂŶĚŶŽƚůĂƚĞƌƚŚĂŶĨŝǀĞLJĞĂƌƐ	ϱϮϱ͕ϭϬϰ	ϲϯϵ͕ϳϱϵ
	ϮϲϬ͕ϬϬϱϳϴϱ͕ϭϬϵ	ϱϵ͕ϭϬϴϲϵϴ͕ϴϲϳ

dŚĞĞdžƉĞŶĚŝƚƵƌĞĐŽŵŵŝƚŵĞŶƚƐĂƐĂƚϯϭĞĐĞŵďĞƌϮϬϭϯŝŶĐůƵĚĞΨϰϭϮ͕ϰϯϱ;ϮϬϭϮ͗ΨϮϭϴ͕ϳϯϵͿĐŽŵŵŝƚŵĞŶƚƐƚŚĂƚǁŝůů ďĞŵĞƚ ďLJ ĞŝƚŚĞƌ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ũŽŝŶƚ ǀĞŶƚƵƌĞ ƉĂƌƚŶĞƌƐ Ͳ DŝƚƐƵďŝƐŚŝDĞƚĂůƐ ŽƌƉŽƌĂƚŝŽŶ ;͞DD͟Ϳ Žƌ <ĂŝnjĞŶ ŝƐĐŽǀĞƌLJ/ŶĐ͘ĂƐĂƌĞƐƵůƚŽĨƚŚĞŵŝŶŝŵƵŵĞdžƉĞŶĚŝƚƵƌĞĐŽŵŵŝƚŵĞŶƚƵŶĚĞƌƚŚĞũŽŝŶƚǀĞŶƚƵƌĞĂŐƌĞĞŵĞŶƚƐǁŝƚŚƚŚŽƐĞ ƉĂƌƚŝĞƐ͘

dŚĞƌĞ ŝƐ Ă ĐŽŵďŝŶĞĚ Ϯй ŶĞƚ ƐŵĞůƚĞƌ ƌŽLJĂůƚLJ ƉĂLJĂďůĞ ƚŽ ƚŚŝƌĚ ƉĂƌƚŝĞƐ ŝŶ ƌĞůĂƚŝŽŶ ƚŽ ďŽƚŚ ƚŚĞĞdžƉůŽƌĂƚŝŽŶ ůŝĐĞŶĐĞƐ ĐŽŵƉƌŝƐŝŶŐƚŚĞdƌƵŶĚůĞƉƌŽũĞĐƚ͘dŚĞĞdžƉůŽƌĂƚŝŽŶůŝĐĞŶĐĞƐƚŚĂƚŵĂŬĞƵƉƚŚĞdƌƵŶĚůĞƉƌŽũĞĐƚĂƌĞϭϬϬйŽǁŶĞĚďLJƚŚĞ ŽŵƉĂŶLJ͘dŚĞƌŽLJĂůƚLJŝƐŽŶůLJƉĂLJĂďůĞŝŶƚŚĞĞǀĞŶƚƚŚĂƚĂŵŝŶĞŝƐƵůƚŝŵĂƚĞůLJĐŽŶƐƚƌƵĐƚĞĚ͘dŚĞǀĂůƵĞŽĨƐƵĐŚƉĂLJĂďůĞ ŝƐnjĞƌŽĂƚƚŚĞƚŝŵĞŽĨƚŚŝƐƌĞƉŽƌƚ͕ĂƐƚŚĞƌĞĂƌĞŶŽƌĞƐĞƌǀĞƐŽƌƌĞƐŽƵƌĐĞƐƉƌŽǀĞŶŽƌƉƌŽďĂďůĞƵŶĚĞƌƚŚŽƐĞĞdžƉůŽƌĂƚŝŽŶ ůŝĐĞŶƐĞƐĂƐŽĨƚŚĞĚĂƚĞŽĨƚŚŝƐƌĞƉŽƌƚ͘

ƵƌŝŶŐϮϬϭϯĂŶĚ ƐƵďƐĞƋƵĞŶƚ ƚŽ ƚŚĞĞŶĚŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂůLJĞĂƌ͕ ϯE^tůŝĐĞŶĐĞƐǁĞƌĞĂƉƉůŝĞĚ ĨŽƌďLJ ƚŚĞŽŵƉĂŶLJ͕ ŝŶĐůƵĚŝŶŐŽŶĞůŝĐĞŶĐĞǁŚŝĐŚǁŝůůƌĞƉůĂĐĞƚǁŽŽĨƚŚĞĞdžŝƐƚŝŶŐůŝĐĞŶĐĞƐ͘KĨƚŚĞϭϰůŝĐĞŶĐĞƐŚĞůĚďLJƚŚĞŽŵƉĂŶLJ͕ŶŽŶĞ ĂƌĞƉĞŶĚŝŶŐƌĞŶĞǁĂů͘

ϮϮ͘ KDD/dDEd^;ĐŽŶƚŝŶƵĞĚͿ

dŚĞŽŵƉĂŶLJĂŶĚŝƚƐ ƐƵďƐŝĚŝĂƌLJ'ĞŽŝŶĨŽƌŵĂƚŝĐƐdžƉůŽƌĂƚŝŽŶdĂƐŵĂŶŝĂ WƚLJ >ƚĚ ŚĂĚ͕Ăƚ ϯϭĞĐĞŵďĞƌ ϮϬϭϯ͕Ă Ϯϱй ŝŶƚĞƌĞƐƚŝŶ ĨŽƵƌ ;ϯϭĞĐĞŵďĞƌϮϬϭϮ͗ ĨŽƵƌͿdĂƐŵĂŶŝĂŶůŝĐĞŶĐĞƐ ƚǁŽŽĨǁŚŝĐŚĂƌĞĐŽǀĞƌĞĚ ďLJĂŵŝŶŝŶŐĞdžƉůŽƌĂƚŝŽŶ ĂůůŝĂŶĐĞĂŐƌĞĞŵĞŶƚǁŝƚŚĂƐƐDĞƚĂůƐ>ƚĚ;͞ĂƐƐ͟Ϳ͕ĞŶƚĞƌĞĚŝŶƚŽŽŶϭϬDĂLJϮϬϬϱ͕ǁŚŝůĞĂĨƵƌƚŚĞƌƚǁŽĂƌĞĐŽǀĞƌĞĚďLJ ĂũŽŝŶƚǀĞŶƚƵƌĞĂŐƌĞĞŵĞŶƚĞŶƚĞƌĞĚŝŶƚŽŽŶϮϱ&ĞďƌƵĂƌLJϮϬϭϭǁŝƚŚDŝŶĞŵĂŬĞƌƐdddWƚLJ>ƚĚ;͞Dddd͟Ϳ͘hŶĚĞƌƚŚĞƐĞ ǀĂƌŝŽƵƐĂŐƌĞĞŵĞŶƚƐ͕ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ĨŽƌĂůů ƌĞŵĂŝŶŝŶŐ ĐŽŵŵŝƚŵĞŶƚƐ ƚŽĞdžƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞ͕ŝŶ ƌĞŐĂƌĚ ƚŽ ƚŚĞƐĞ ůŝĐĞŶĐĞƐ͕ ŚĂƐ ďĞĞŶ ƵŶĚĞƌƚĂŬĞŶ ďLJ ĂƐƐ ĂŶĚ Dddd͕ ǁŚŽ ĂƌĞ ĂůƐŽ ŵĂŶĂŐĞƌƐ ŽĨ ƚŚŝƐ ũŽŝŶƚ ǀĞŶƚƵƌĞ ƵŶĚĞƌ ƚŚŝƐ ĂŐƌĞĞŵĞŶƚ͘

/ŶĐůƵĚĞĚŝŶŽǀĞƌĂůůĐŽŵŵŝƚŵĞŶƚƐĐĂůĐƵůĂƚŝŽŶƐĂƌĞĞƐƚŝŵĂƚĞƐŽĨƚŚĞŽŵƉĂŶLJ͛ƐĞdžƉĞĐƚĞĚĐŽŵŵŝƚŵĞŶƚƐŝŶƌĞƐƉĞĐƚŽĨ ŝƚƐƐŽůĞͲĨƵŶĚĞĚĞdžƉůŽƌĂƚŝŽŶůŝĐĞŶĐĞƐ͘

ůů ƚŚĞ ĞdžƉůŽƌĂƚŝŽŶ ĞdžƉĞŶĚŝƚƵƌĞ ĐŽŵŵŝƚŵĞŶƚƐ ĂƌĞ ŶŽŶͲďŝŶĚŝŶŐ͕ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ŽƵƚƐƚĂŶĚŝŶŐ ĞdžƉĞŶĚŝƚƵƌĞ ĐŽŵŵŝƚŵĞŶƚƐ͕ ŝŶ ƚŚĂƚ ƚŚĞ ŽŵƉĂŶLJ Žƌ ŝƚƐ ũŽŝŶƚ ǀĞŶƚƵƌĞ ƉĂƌƚŶĞƌƐ ŚĂǀĞ ƚŚĞ ŽƉƚŝŽŶ ƚŽ ƌĞůŝŶƋƵŝƐŚ ĂŶĚ ůŽƐĞ ƚŚĞƐĞ ůŝĐĞŶĐĞƐŽƌƚŚĞŝƌĐŽŶƚƌĂĐƚƵĂůĐŽŵŵŝƚŵĞŶƚƐĂƚĂŶLJƐƚĂŐĞ͕ĂƚƚŚĞĐŽƐƚŽĨŝƚƐĐƵŵƵůĂƚŝǀĞĞdžƉĞŶĚŝƚƵƌĞƐƵƉƚŽƚŚĞƉŽŝŶƚ ŽĨƌĞůŝŶƋƵŝƐŚŵĞŶƚ͘

ZĞĨĞƌƚŽEŽƚĞϮϬĨŽƌĚĞƚĂŝůƐŽĨ:ŽŝŶƚůLJŽŶƚƌŽůůĞĚKƉĞƌĂƚŝŽŶƐ͘

;ďͿ KƉĞƌĂƚŝŶŐ>ĞĂƐĞŽŵŵŝƚŵĞŶƚƐ

/ŶKĐƚŽďĞƌϮϬϭϮƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJĞdžƚĞŶĚĞĚƚŚĞůĞĂƐĞĨŽƌŽĨĨŝĐĞĂŶĚĐŽƌĞƐŚĞĚƉƌĞŵŝƐĞƐŝŶKƌĂŶŐĞ͕E^tĨŽƌ Ϯϰ ŵŽŶƚŚƐ͘ /Ŷ EŽǀĞŵďĞƌ ϮϬϭϬ ŝƚ ĂůƐŽ ĞŶƚĞƌĞĚ ŝŶƚŽ Ă ϰϴ ŵŽŶƚŚ ŽƉĞƌĂƚŝŶŐ ůĞĂƐĞ ĨŽƌ Ă ƉŚŽƚŽĐŽƉŝĞƌͲƉƌŝŶƚĞƌ͘ /ƚƐ ŽƉĞƌĂƚŝŶŐůĞĂƐĞĐŽŵŵŝƚŵĞŶƚƐĂƌĞĂƐĨŽůůŽǁƐ͗

	ŽŶƐŽůŝĚĂƚĞĚ
	ϮϬϭϯ	ϮϬϭϮ
	Ψ	Ψ
WĂLJĂďůĞ
ͲŶŽƚůĂƚĞƌƚŚĂŶŽŶĞLJĞĂƌ	ϳϵ͕Ϭϳϲ	ϳϵ͕Ϭϳϲ
ͲůĂƚĞƌƚŚĂŶŽŶĞLJĞĂƌĂŶĚŶŽƚůĂƚĞƌƚŚĂŶĨŝǀĞLJĞĂƌƐ	ϭ͕ϵϵϭ	ϲϯ͕ϱϭϰ
	ϴϭ͕Ϭϲϳ	ϭϰϮ͕ϱϵϬ

Ϯϯ͘ KEd/E'Ed>//>/d/^

/ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŶŽƌŵĂůŝŶĚƵƐƚƌLJƉƌĂĐƚŝĐĞ ƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJŚĂƐĞŶƚĞƌĞĚŝŶƚŽũŽŝŶƚǀĞŶƚƵƌĞŽƉĞƌĂƚŝŽŶƐ ĂŶĚĨĂƌŵͲŝŶĂŐƌĞĞŵĞŶƚƐǁŝƚŚŽƚŚĞƌƉĂƌƚŝĞƐĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨĞdžƉůŽƌŝŶŐĂŶĚĚĞǀĞůŽƉŝŶŐŝƚƐŵŝŶĞƌĂůŝŶƚĞƌĞƐƚƐ͘/ĨĂ ƉĂƌƚLJ ƚŽĂũŽŝŶƚǀĞŶƚƵƌĞĚĞĨĂƵůƚƐĂŶĚĚŽĞƐŶŽƚĐŽŶƚƌŝďƵƚĞŝƚƐƐŚĂƌĞŽĨũŽŝŶƚǀĞŶƚƵƌĞŽďůŝŐĂƚŝŽŶƐ͕ ƚŚĞŶ ƚŚĞŽƚŚĞƌ ũŽŝŶƚǀĞŶƚƵƌĞƉĂƌƚŶĞƌƐĂƌĞůŝĂďůĞƚŽŵĞĞƚƚŚŽƐĞŽďůŝŐĂƚŝŽŶƐ͘/ŶƚŚŝƐĞǀĞŶƚƚŚĞŝŶƚĞƌĞƐƚŝŶƚŚĞƚĞŶĞŵĞŶƚƐŚĞůĚďLJ ƚŚĞĚĞĨĂƵůƚŝŶŐƉĂƌƚLJŵĂLJďĞƌĞĚŝƐƚƌŝďƵƚĞĚƚŽƚŚĞƌĞŵĂŝŶŝŶŐũŽŝŶƚǀĞŶƚƵƌĞƉĂƌƚŶĞƌƐ͘ĐŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚLJĞdžŝƐƚƐŝŶ ƌĞƐƉĞĐƚŽĨĐŽŶƚƌŝďƵƚŝŽŶƐĚƵĞƚŽďĞƉĂŝĚďLJĨĂƌŵͲŝŶƉĂƌƚŶĞƌƐŽĨƚŚĞĞĐŽŶŽŵŝĐĞŶƚŝƚLJƚŽƐŽŵĞŽĨŝƚƐũŽŝŶƚǀĞŶƚƵƌĞƐ͘ ,ŽǁĞǀĞƌ͕ ŶŽ ŵĂƚĞƌŝĂů ůŽƐƐĞƐ ĂƌĞ ĂŶƚŝĐŝƉĂƚĞĚ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ĂŶLJ ŽĨ ƚŚĞƐĞ ĐŽŶƚŝŶŐĞŶĐŝĞƐ ĂƐ ĞdžƉĞŶĚŝƚƵƌĞ ĐŽŵŵŝƚŵĞŶƚƐ͕ ŝĨ ŶŽƚ ƌĞĐŽǀĞƌĞĚ ĨƌŽŵ ũŽŝŶƚ ǀĞŶƚƵƌĞ ƉĂƌƚŶĞƌƐ͕ ĐĂŶ ďĞ ƚĞƌŵŝŶĂƚĞĚ ƚŚƌŽƵŐŚ ĞdžƉůŽƌĂƚŝŽŶ ůŝĐĞŶĐĞ ƌĞůŝŶƋƵŝƐŚŵĞŶƚĂƚĂŶLJƐƚĂŐĞ͘

Ϯϰ͘ Z>dWZdz/^>K^hZ^

;ĂͿ hůƚŝŵĂƚĞƉĂƌĞŶƚ

dŚĞ ƵůƚŝŵĂƚĞƵƐƚƌĂůŝĂŶ ƉĂƌĞŶƚĞŶƚŝƚLJĂŶĚ ƚŚĞ ƵůƚŝŵĂƚĞ ƉĂƌĞŶƚ ŽĨ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJŝƐůĂŶĐLJdžƉůŽƌĂƚŝŽŶ >ŝŵŝƚĞĚ͘

;ďͿ ^ƵďƐŝĚŝĂƌŝĞƐ

dŚĞƐƵďƐŝĚŝĂƌLJŽĨůĂŶĐLJdžƉůŽƌĂƚŝŽŶ>ŝŵŝƚĞĚŝƐůŝƐƚĞĚŝŶƚŚĞĨŽůůŽǁŝŶŐƚĂďůĞ͗

	EĂƚƵƌĞŽĨŝŶǀĞƐƚŵĞŶƚ	ŽƵŶƚƌLJŽĨŝŶĐŽƌƉŽƌĂƚŝŽŶ		йƋƵŝƚLJŝŶƚĞƌĞƐƚ		/ŶǀĞƐƚŵĞŶƚΨ
			ϮϬϭϯ	ϮϬϭϮ	ϮϬϭϯ	ϮϬϭϮ
EĂŵĞ
'ĞŽŝŶĨŽƌŵĂƚŝĐƐdžƉůŽƌĂƚŝŽŶdĂƐŵĂŶŝĂWƚLJ>ƚĚ	KƌĚŝŶĂƌLJƐŚĂƌĞƐ	ƵƐƚƌĂůŝĂ	ϭϬϬ	ϭϬϬ	ϭ	ϭ
					ϭ	ϭ

;ĐͿ dƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚƌĞůĂƚĞĚƉĂƌƚŝĞƐ

dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƉƌŽǀŝĚĞƐƚŚĞƚŽƚĂůĂŵŽƵŶƚŽĨƚƌĂŶƐĂĐƚŝŽŶƐ;'^dŝŶĐůƵƐŝǀĞǁŚĞƌĞ'^dĂƉƉůŝĞƐͿĞŶƚĞƌĞĚŝŶƚŽǁŝƚŚ ƌĞůĂƚĞĚƉĂƌƚŝĞƐĨŽƌƚŚĞƌĞůĞǀĂŶƚĨŝŶĂŶĐŝĂůLJĞĂƌ͘dŚĞƚƌĂŶƐĂĐƚŝŽŶƐŚĂǀĞĂůůďĞĞŶƵŶĚĞƌƚĂŬĞŶŽŶĂŶĂƌŵƐ͛ůĞŶŐƚŚďĂƐŝƐ͘

	ŽŶƐŽůŝĚĂƚĞĚ
	ϮϬϭϯΨ	ϮϬϭϮΨ
WƵƌĐŚĂƐĞŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ
ŝƌĞĐƚŽƌΖƐĨĞĞƐďŝůůĞĚďLJϮ^ŬLJĞDĂŶĂŐĞŵĞŶƚ>ƚĚ͕ĂĐŽŵƉĂŶLJĐŽŶƚƌŽůůĞĚďLJĂ
ĚŝƌĞĐƚŽƌ:͘DĂĐĚŽŶĂůĚ	ϯϲ͕ϬϬϬ	ϯϱ͕ϵϵϵ
ŝƌĞĐƚŽƌƐƚƌĂǀĞůĞdžƉĞŶƐĞƐďŝůůĞĚďLJϮ^ŬLJĞDĂŶĂŐĞŵĞŶƚ>ƚĚ	ϲ͕ϲϰϳ	ϰ͕ϲϯϲ
ŝƌĞĐƚŽƌƐƚƌĂǀĞůĞdžƉĞŶƐĞƐďŝůůĞĚďLJdĞĐƚŽŶĞdž'ĞŽĐŽŶƐƵůƚĂŶƚƐWƚLJ>ƚĚ͕ĂĐŽŵƉĂŶLJ
ĐŽŶƚƌŽůůĞĚďLJƚŚĞĐŚĂŝƌŵĂŶD͘ƚŚĞƌŝĚŐĞ	ϲ͕ϱϲϵ	ϵ͕ϵϭϱ
ĐĐŽƵŶƚŝŶŐĂŶĚĨŝŶĂŶĐŝĂůĐŽŶƐƵůƚĂŶĐLJƐĞƌǀŝĐĞƐƉĂŝĚƚŽ&ŽƌƐLJƚŚΘƐƐŽĐŝĂƚĞƐWƚLJ>ƚĚ͕
ĂĐŽŵƉĂŶLJĂƐƐŽĐŝĂƚĞĚǁŝƚŚĚŝƌĞĐƚŽƌĂŶĚĐŚŝĞĨĨŝŶĂŶĐŝĂůŽĨĨŝĐĞƌ͕E͘&ŽƌƐLJƚŚͲ^ƚŽĐŬ	ϴϵ͕ϮϱϬ	ϭϮϮ͕ϰϲϴ
ŝƌĞĐƚŽƌƐƚƌĂǀĞůĞdžƉĞŶƐĞƐƉĂŝĚƚŽ&ŽƌƐLJƚŚΘƐƐŽĐŝĂƚĞƐWƚLJ>ƚĚ͕ĂĐŽŵƉĂŶLJ
ĂƐƐŽĐŝĂƚĞĚǁŝƚŚĚŝƌĞĐƚŽƌĂŶĚĐŚŝĞĨĨŝŶĂŶĐŝĂůŽĨĨŝĐĞƌ͕E͘&ŽƌƐLJƚŚͲ^ƚŽĐŬ	ϲϱϲ	Ͳ
ŵŽƵŶƚƐƉĂŝĚŽŶƚƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ
ŵŽƵŶƚƐƉĂŝĚƚŽϮ^ŬLJĞDĂŶĂŐĞŵĞŶƚ>ƚĚĨŽƌĚŝƌĞĐƚŽƌΖƐĨĞĞƐĂŶĚƚƌĂǀĞůĞdžƉĞŶƐĞ
ƌĞŝŵďƵƌƐĞŵĞŶƚƐ	ϰϮ͕ϲϰϲ	ϰϬ͕ϲϯϱ
ŵŽƵŶƚƐƉĂŝĚƚŽdĞĐƚŽŶĞdž'ĞŽĐŽŶƐƵůƚĂŶƚƐWƚLJ>ƚĚĨŽƌƚƌĂǀĞůĞdžƉĞŶƐĞ
ƌĞŝŵďƵƌƐĞŵĞŶƚƐ	ϲ͕ϱϲϵ	ϳ͕ϳϬϳ
ĐĐŽƵŶƚŝŶŐĂŶĚĨŝŶĂŶĐŝĂůĐŽŶƐƵůƚĂŶĐLJƐĞƌǀŝĐĞƐƉĂŝĚƚŽ&ŽƌƐLJƚŚΘƐƐŽĐŝĂƚĞƐWƚLJ>ƚĚ͕	ϴϵ͕ϵϬϲ	ϭϮϮ͕ϰϲϴ
ĂĐŽŵƉĂŶLJĂƐƐŽĐŝĂƚĞĚǁŝƚŚĚŝƌĞĐƚŽƌĂŶĚĐŚŝĞĨĨŝŶĂŶĐŝĂůŽĨĨŝĐĞƌ͕E͘&ŽƌƐLJƚŚͲ^ƚŽĐŬ

Ϯϰ͘ Z>dWZdz/^>K^hZ^;ĐŽŶƚŝŶƵĞĚͿ

^ƵƉĞƌĂŶŶƵĂƚŝŽŶŐƵĂƌĂŶƚĞĞĐŽŶƚƌŝďƵƚŝŽŶƐƉĂŝĚ

ŵŽƵŶƚƐƉĂŝĚƚŽD>^ƵƉĞƌ&ƵŶĚWƚLJ>ƚĚĂƐƚƌƵƐƚĞĞĨŽƌD>^ƵƉĞƌĂŶŶƵĂƚŝŽŶ&ƵŶĚ͕
ĂƚƌƵƐƚĞĞĐŽŵƉĂŶLJĐŽŶƚƌŽůůĞĚďLJĨŽƌŵĞƌĚŝƌĞĐƚŽƌD͘>ĞƐƚĞƌǁŚŽŝƐĂůƐŽĂďĞŶĞĨŝĐŝĂƌLJ
ŽĨƚŚĞƐƵƉĞƌĂŶŶƵĂƚŝŽŶĨƵŶĚ	Ͳ	Ϯ͕ϳϮϱ
ŵŽƵŶƚƐƉĂŝĚƚŽdĞĐƚŽŶĞdž'ĞŽĐŽŶƐƵůƚĂŶƚƐWƚLJ>ƚĚĂƐƚƌƵƐƚĞĞĨŽƌƚŚĞƌŝĚŐĞ
^ƵƉĞƌĂŶŶƵĂƚŝŽŶ&ƵŶĚ͕ĂƚƌƵƐƚĞĞĐŽŵƉĂŶLJĐŽŶƚƌŽůůĞĚďLJƚŚĞĐŚĂŝƌŵĂŶD͘ƚŚĞƌŝĚŐĞ
ǁŚŽŝƐĂůƐŽĂďĞŶĞĨŝĐŝĂƌLJŽĨƚŚĞƐƵƉĞƌĂŶŶƵĂƚŝŽŶĨƵŶĚ
	ϱ͕ϰϳϱ	ϱ͕ϰϬϬ
ŵŽƵŶƚƐƉĂŝĚƚŽ&ĂƌZĂŶŐĞWƚLJ>ƚĚĂƐƚƌƵƐƚĞĞĨŽƌ&ĂƌZĂŶŐĞ^ƵƉĞƌĂŶŶƵĂƚŝŽŶ&ƵŶĚĂ
ƚƌƵƐƚĞĞĐŽŵƉĂŶLJĐŽŶƚƌŽůůĞĚďLJĂĚŝƌĞĐƚŽƌ'͘ĂƌŶĞƐǁŚŽŝƐĂůƐŽĂďĞŶĞĨŝĐŝĂƌLJŽĨƚŚĞ
ƐƵƉĞƌĂŶŶƵĂƚŝŽŶĨƵŶĚ	Ϯϭ͕ϵϬϬ	Ϯϭ͕ϲϬϬ
ŵŽƵŶƚƐƉĂŝĚƚŽDĂƚƌŝdž^ƵƉĞƌĂŶŶƵĂƚŝŽŶDĂƐƚĞƌdƌƵƐƚ͕ĂƐƵƉĞƌĂŶŶƵĂƚŝŽŶĨƵŶĚŝŶ
ǁŚŝĐŚĚŝƌĞĐƚŽƌĂŶĚĐŚŝĞĨĨŝŶĂŶĐŝĂůŽĨĨŝĐĞƌ͕E͘&ŽƌƐLJƚŚͲ^ƚŽĐŬŝƐĂďĞŶĞĨŝĐŝĂƌLJ	ϯ͕Ϭϭϰ	ϵϵϭ

Ϯϱ͘ ^h^YhEdsEd^

^ŝŶĐĞƚŚĞĞŶĚŽĨƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌ͕ůĂŶĐLJĂŶŶŽƵŶĐĞĚƚŚĂƚŝƚŚĂƐĐŽŵƉůĞƚĞĚƚŚĞĚƵĞĚŝůŝŐĞŶĐĞƉƌŽĐĞƐƐĞƐĂŶĚŚĂƐ ĞdžĞƌĐŝƐĞĚŝƚƐŽƉƚŝŽŶƚŽĂĐƋƵŝƌĞϭϬϬйŽĨD͛ƐŝŶƚĞƌĞƐƚƐŝŶƚŚĞEŽƌƚŚƌƵŶƚĂWƌŽũĞĐƚZĞŐŝŽŶ ;ƚŚĞWƌŽũĞĐƚƐͿŝŶƚŚĞ EŽƌƚŚĞƌŶdĞƌƌŝƚŽƌLJ͘dŚĞŽŵƉĂŶLJŚĂƐƉĂŝĚĂŶĞdžĞƌĐŝƐĞĨĞĞŽĨΨϭϱϬ͕ϬϬϬ͘

Ϯϲ͘ /ZdKZ^E<zDE'DEdWZ^KEE>

;ĂͿ ĞƚĂŝůƐŽĨ<ĞLJDĂŶĂŐĞŵĞŶƚWĞƌƐŽŶŶĞů

dŚĞ ŶĂŵĞƐ ŽĨ ƚŚĞŽŵƉĂŶLJ͛Ɛ ĚŝƌĞĐƚŽƌƐŝŶ ŽĨĨŝĐĞĂƚĂŶLJ ƚŝŵĞ ĚƵƌŝŶŐ ƚŚĞ ĨŝŶĂŶĐŝĂůLJĞĂƌĂƌĞĂƐ ĨŽůůŽǁƐ͘ŝƌĞĐƚŽƌƐ ǁĞƌĞŝŶŽĨĨŝĐĞĨŽƌƚŚĞĞŶƚŝƌĞƉĞƌŝŽĚƵŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƚĂƚĞĚ͘

'ĂƌŶĞƐ	ŝƌĞĐƚŽƌ͕ĂĚĚŝƚŝŽŶĂůůLJDĂŶĂŐŝŶŐŝƌĞĐƚŽƌ
DƚŚĞƌŝĚŐĞ	ŚĂŝƌŵĂŶ;EŽŶͲdžĞĐƵƚŝǀĞͿ
:DĂĐĚŽŶĂůĚ	ŝƌĞĐƚŽƌ;EŽŶͲdžĞĐƵƚŝǀĞͲdĞĐŚŶŝĐĂůͿ
E&ŽƌƐLJƚŚͲ^ƚŽĐŬ	ŝƌĞĐƚŽƌ;džĞĐƵƚŝǀĞʹ&ŝŶĂŶĐŝĂůͿ͕ĂůƐŽŚŝĞĨ&ŝŶĂŶĐŝĂůKĨĨŝĐĞƌ

;ďͿ ŽŵƉĞŶƐĂƚŝŽŶĨŽƌ<ĞLJDĂŶĂŐĞŵĞŶƚWĞƌƐŽŶŶĞů

	ŽŶƐŽůŝĚĂƚĞĚ
	ϮϬϭϯ	ϮϬϭϮ
	Ψ	Ψ
^ŚŽƌƚͲƚĞƌŵĞŵƉůŽLJĞĞďĞŶĞĨŝƚƐ	ϯϲϵ͕ϬϮϲ	ϯϲϵ͕ϬϮϲ
^ŚŽƌƚͲƚĞƌŵĐŽŶƐƵůƚŝŶŐĨĞĞƐ	ϴϵ͕ϮϱϬ	ϭϮϮ͕ϰϲϳ
WŽƐƚͲĞŵƉůŽLJŵĞŶƚďĞŶĞĨŝƚƐ	ϯϬ͕ϯϴϵ	Ϯϵ͕ϵϳϮ
KƚŚĞƌůŽŶŐͲƚĞƌŵďĞŶĞĨŝƚƐ	ϰ͕ϱϳϴ	ϯ͕ϮϲϮ
^ŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐ	ϯϲ͕Ϭϰϱ	ϵ͕ϰϰϳ
dŽƚĂůŽŵƉĞŶƐĂƚŝŽŶ	ϱϮϵ͕Ϯϴϴ	ϱϯϰ͕ϭϳϰ

Ϯϲ͘ /ZdKZ^E<zDE'DEdWZ^KEE>;ĐŽŶƚŝŶƵĞĚͿ

;ĐͿ <ĞLJDĂŶĂŐĞŵĞŶƚWĞƌƐŽŶŶĞů͕ŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJĂŶĚdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƐ;ŽŶƐŽůŝĚĂƚĞĚͿ

;ŝͿ KWd/KE^ʹϯϭDZϮϬϭϯ

		,ĞůĚĂƚϭ:ĂŶƵĂƌLJϮϬϭϯ	'ƌĂŶƚĞĚĂƐZĞŵƵŶĞƌĂƚŝŽŶ	KƉƚŝŽŶƐdžĞƌĐŝƐĞĚ	džƉŝƌĞĚͬ&ŽƌĨĞŝƚĞĚ	,ĞůĚĂƚϯϭĞĐĞŵďĞƌϮϬϭϯ
ŝƌĞĐƚŽƌ
'ĂƌŶĞƐ	/ŶĐĞŶƚŝǀĞ	ϭ͕ϬϬϬ͕ϬϬϬ	Ͳ	Ͳ	ϭ͕ϬϬϬ͕ϬϬϬ	Ͳ
	>ŝƐƚĞĚ	ϯϰϱ͕ϳϳϭ	Ͳ	Ͳ	ϯϰϱ͕ϳϳϭ	Ͳ
DƚŚĞƌŝĚŐĞ	>ŝƐƚĞĚ	Ϯϱϵ͕ϰϮϰ	Ͳ	Ͳ	Ϯϱϵ͕ϰϮϰ	Ͳ
:DĂĐĚŽŶĂůĚ	/ŶĐĞŶƚŝǀĞ	ϰϬϬ͕ϬϬϬ	Ͳ	Ͳ	ϰϬϬ͕ϬϬϬ	Ͳ
	>ŝƐƚĞĚ	ϭϰϮ͕ϲϮϴ	Ͳ	Ͳ	ϭϰϮ͕ϲϮϴ	Ͳ
E&ŽƌƐLJƚŚͲ
^ƚŽĐŬ		Ͳ	Ͳ	Ͳ	Ͳ	Ͳ
džĞĐƵƚŝǀĞƐ
ZĂƌĞŶ	/ŶĐĞŶƚŝǀĞ	ϮϬϬ͕ϬϬϬ	Ͳ	Ͳ	ϮϬϬ͕ϬϬϬ	Ͳ
	>ŝƐƚĞĚ	ϲϯ͕ϰϲϮ	Ͳ	Ͳ	ϲϯ͕ϰϲϮ	Ͳ
:sĂƐƐĂůůŽ	/ŶĐĞŶƚŝǀĞ	ϳϬϬ͕ϬϬϬ	Ͳ	Ͳ	ϳϬϬ͕ϬϬϬ	Ͳ
	>ŝƐƚĞĚ	ϲϲ͕ϵϴϴ	Ͳ	Ͳ	ϲϲ͕ϵϴϴ	Ͳ
		ϯ͕ϭϳϴ͕Ϯϳϯ	Ͳ	Ͳ	ϯ͕ϭϳϴ͕Ϯϳϯ

ZĞĨĞƌƚŽEŽƚĞϭϴĨŽƌĂĚĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞƐŚĂƌĞŽƉƚŝŽŶƐ͛ƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘

;ŝŝͿ KWd/KE^ʹϯϭDZϮϬϭϮ

		,ĞůĚĂƚϭ:ĂŶƵĂƌLJϮϬϭϮ	'ƌĂŶƚĞĚĂƐZĞŵƵŶĞƌĂƚŝŽŶ	KƉƚŝŽŶƐdžĞƌĐŝƐĞĚ	džƉŝƌĞĚͬ&ŽƌĨĞŝƚĞĚ	,ĞůĚĂƚϯϭĞĐĞŵďĞƌϮϬϭϮ	džĞƌĐŝƐĂďůĞͬsĞƐƚĞĚĂƚϯϭĞĐĞŵďĞƌϮϬϭϮ
ŝƌĞĐƚŽƌ
'ĂƌŶĞƐ	/ŶĐĞŶƚŝǀĞ	ϭ͕ϬϬϬ͕ϬϬϬ	Ͳ	Ͳ	Ͳ	ϭ͕ϬϬϬ͕ϬϬϬ	ϭ͕ϬϬϬ͕ϬϬϬ
	>ŝƐƚĞĚ	ϯϰϱ͕ϳϳϭ	Ͳ	Ͳ	Ͳ	ϯϰϱ͕ϳϳϭ	ϯϰϱ͕ϳϳϭ
DƚŚĞƌŝĚŐĞ	>ŝƐƚĞĚ	Ϯϱϵ͕ϰϮϰ	Ͳ	Ͳ	Ͳ	Ϯϱϵ͕ϰϮϰ	Ϯϱϵ͕ϰϮϰ
:DĂĐĚŽŶĂůĚ	/ŶĐĞŶƚŝǀĞ	ϰϬϬ͕ϬϬϬ	Ͳ	Ͳ	Ͳ	ϰϬϬ͕ϬϬϬ	ϰϬϬ͕ϬϬϬ
	>ŝƐƚĞĚ	ϭϰϮ͕ϲϮϴ	Ͳ	Ͳ	Ͳ	ϭϰϮ͕ϲϮϴ	ϭϰϮ͕ϲϮϴ
D>ĞƐƚĞƌ	/ŶĐĞŶƚŝǀĞ	ϮϱϬ͕ϬϬϬ	Ͳ	Ͳ	Ͳ	ϮϱϬ͕ϬϬϬ	ϮϱϬ͕ϬϬϬ
	>ŝƐƚĞĚ	ϭϬϬ͕ϵϲϰ	Ͳ	Ͳ	Ͳ	ϭϬϬ͕ϵϲϰ	ϭϬϬ͕ϵϲϰ
E&ŽƌƐLJƚŚͲ
^ƚŽĐŬ		Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ
džĞĐƵƚŝǀĞƐ
ZĂƌĞŶ	/ŶĐĞŶƚŝǀĞ	ϮϬϬ͕ϬϬϬ	Ͳ	Ͳ	Ͳ	ϮϬϬ͕ϬϬϬ	ϮϬϬ͕ϬϬϬ
	>ŝƐƚĞĚ	ϲϯ͕ϰϲϮ	Ͳ	Ͳ	Ͳ	ϲϯ͕ϰϲϮ	ϲϯ͕ϰϲϮ
'ŽŝŐ	/ŶĐĞŶƚŝǀĞ	ϮϬϬ͕ϬϬϬ	Ͳ	Ͳ	Ͳ	ϮϬϬ͕ϬϬϬ	ϮϬϬ͕ϬϬϬ
	>ŝƐƚĞĚ	ϯϬ͕ϰϭϴ	Ͳ	Ͳ	Ͳ	ϯϬ͕ϰϭϴ	ϯϬ͕ϰϭϴ
:sĂƐƐĂůůŽ	/ŶĐĞŶƚŝǀĞ	ϳϬϬ͕ϬϬϬ	Ͳ	Ͳ	Ͳ	ϳϬϬ͕ϬϬϬ	ϳϬϬ͕ϬϬϬ
	>ŝƐƚĞĚ	ϲϲ͕ϵϴϴ	Ͳ	Ͳ	Ͳ	ϲϲ͕ϵϴϴ	ϲϲ͕ϵϴϴ
		ϯ͕ϳϱϵ͕ϲϱϱ	Ͳ	Ͳ	Ͳ	ϯ͕ϳϱϵ͕ϲϱϱ	ϯ͕ϳϱϵ͕ϲϱϱ

ZĞĨĞƌƚŽEŽƚĞϭϴĨŽƌĂĚĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞƐŚĂƌĞŽƉƚŝŽŶƐ͛ƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘

;ĚͿ ^ŚĂƌĞŚŽůĚŝŶŐƐŽĨ<ĞLJDĂŶĂŐĞŵĞŶƚWĞƌƐŽŶŶĞů;ŽŶƐŽůŝĚĂƚĞĚͿ

dŚĞŵŽǀĞŵĞŶƚĚƵƌŝŶŐƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚŝŶƚŚĞŶƵŵďĞƌŽĨŽƌĚŝŶĂƌLJƐŚĂƌĞƐŽĨůĂŶĐLJdžƉůŽƌĂƚŝŽŶ>ŝŵŝƚĞĚŚĞůĚ ĚŝƌĞĐƚůLJ͕ ŝŶĚŝƌĞĐƚůLJ Žƌ ďĞŶĞĨŝĐŝĂůůLJ͕ ďLJ ĞĂĐŚ ƐƉĞĐŝĨŝĞĚ ĚŝƌĞĐƚŽƌ ĂŶĚ ĞĂĐŚ ƐƉĞĐŝĨŝĞĚ ĞdžĞĐƵƚŝǀĞ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞŝƌ ƉĞƌƐŽŶĂůůLJƌĞůĂƚĞĚĞŶƚŝƚŝĞƐŝƐĂƐĨŽůůŽǁƐ͗

Ϯϲ͘ /ZdKZ^E<zDE'DEdWZ^KEE>;ĐŽŶƚŝŶƵĞĚͿ

;ŝͿ ^,Z^ʹϯϭDZϮϬϭϯ

	+HOGDW-DQXDU<br>	*UDQWHGDV5HPXQHUDWLRQ	2Q([HUFLVHRI2SWLRQV	$FTXLUHG	1HW&KDQJH	+HOGDW'HFHPEHU
'LUHFWRU
*%DUQHV
0(WKHULGJH
-0DFGRQDOG
1)RUV\WK6WRFN

;ŝŝͿ ^,Z^ʹϯϭDZϮϬϭϮ

	,ĞůĚĂƚϭ:ĂŶƵĂƌLJϮϬϭϮ	'ƌĂŶƚĞĚĂƐZĞŵƵŶĞƌĂƚŝŽŶ	KŶdžĞƌĐŝƐĞŽĨKƉƚŝŽŶƐ	ĐƋƵŝƌĞĚ	EĞƚŚĂŶŐĞ	,ĞůĚĂƚϯϭĞĐĞŵďĞƌϮϬϭϮ
ŝƌĞĐƚŽƌ
'ĂƌŶĞƐ	ϱϬϰ͕Ϭϰϭ	ϭ͕ϱϲϱ͕ϴϴϱ	Ͳ	ϯϴϳ͕ϲϮϭ	ϭ͕ϵϱϯ͕ϱϬϲ	Ϯ͕ϰϱϳ͕ϱϰϳ
DƚŚĞƌŝĚŐĞ	ϱϭϴ͕ϴϰϳ	ϳϵϯ͕ϬϯϬ	Ͳ	ϭ͕ϮϬϬ͕ϬϬϬ	ϭ͕ϵϵϯ͕ϬϯϬ	Ϯ͕ϱϭϭ͕ϴϳϳ
:DĂĐĚŽŶĂůĚ	ϱϳϬ͕ϱϭϮ	ϱϮϴ͕ϲϴϳ	Ͳ	Ͳ	ϱϮϴ͕ϲϴϳ	ϭ͕Ϭϵϵ͕ϭϵϵ
D>ĞƐƚĞƌ	ϮϬϭ͕ϵϮϲ	Ͳ	Ͳ	Ͳ	Ͳ	ϮϬϭ͕ϵϮϲ
E&ŽƌƐLJƚŚͲ^ƚŽĐŬ	Ͳ	ϯϰϳ͕ϬϬϵ	Ͳ	Ͳ	ϯϰϳ͕ϬϬϵ	ϯϰϳ͕ϬϬϵ
	ϭ͕ϳϵϱ͕ϯϮϲ	ϯ͕Ϯϯϰ͕ϲϭϭ	Ͳ	ϭ͕ϱϴϳ͕ϲϮϭ	ϰ͕ϴϮϮ͕ϮϯϮ	ϲ͕ϲϭϳ͕ϱϱϴ

ZĞĨĞƌƚŽEŽƚĞƐϭϳĂŶĚϭϴĨŽƌƚŚĞƚLJƉĞƐŽĨƐŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƉůĂŶƐ͘

dŚĞŽƌĚŝŶĂƌLJƐŚĂƌĞƐĂĐƋƵŝƌĞĚďLJĚŝƌĞĐƚŽƌƐĂŶĚĞdžĞĐƵƚŝǀĞƐĚƵƌŝŶŐƚŚĞLJĞĂƌǁĞƌĞĨƌŽŵƉĂƌƚŝĐŝƉĂƚŝŽŶŝŶĂƌŝŐŚƚƐŝƐƐƵĞ ;ZĞĨĞƌƚŽEŽƚĞϭϳĂďŽǀĞͿ͘

Ϯϳ͘ ^,ZͲ^WzDEd^

;ĂͿZĞĐŽŐŶŝƐĞĚƐŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐĞdžƉĞŶƐĞƐ

dŚĞ ĞdžƉĞŶƐĞ ƌĞĐŽŐŶŝƐĞĚ ĨŽƌ ƚŚĞ ƐĞƚƚůĞŵĞŶƚ ƉƌŝĐĞ ĨŽƌ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ŽĨ ĚƌŝůůŝŶŐ ƐĞƌǀŝĐĞƐ ĂŶĚ ƚŚĞ ĞdžƉĞŶƐŝŶŐ ŽĨ ĞŵƉůŽLJĞĞĂŶĚĐŽŶƐƵůƚĂŶƚƐĞƌǀŝĐĞƐƌĞĐĞŝǀĞĚŝƐƐŚŽǁŶŝŶƚŚĞƚĂďůĞďĞůŽǁ͗

	ŽŶƐŽůŝĚĂƚĞĚ
	ϮϬϭϯ	ϮϬϭϮ
	Ψ	Ψ
džƉĞŶƐĞ ƌĞĐŽŐŶŝƐĞĚ ĨŽƌ ƚŚĞ ƐĞƚƚůĞŵĞŶƚ ƉƌŝĐĞ ĨŽƌ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ŽĨ ĚƌŝůůŝŶŐƐĞƌǀŝĐĞƐ
džƉĞŶƐĞ ĂƌŝƐŝŶŐ ĨƌŽŵ ĞƋƵŝƚLJͲƐĞƚƚůĞĚ ƐŚĂƌĞ ďĂƐĞĚ ƉĂLJŵĞŶƚ Ͳ ƐĞƚƚůĞŵĞŶƚ ƉƌŝĐĞ;ƐŚŽǁŶĂƐĂƉĂƌƚŽĨĞdžƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞŝŶƚŚĞ/ŶĐŽŵĞ^ƚĂƚĞŵĞŶƚͿ	Ͳ	ϭϬϲ͕ϯϮϲ
džƉĞŶƐĞƌĞĐŽŐŶŝƐĞĚĨŽƌŽĨĞŵƉůŽLJĞĞĂŶĚĐŽŶƐƵůƚĂŶƚƐĞƌǀŝĐĞƐƌĞĐĞŝǀĞĚ
džƉĞŶƐĞ ĂƌŝƐŝŶŐ ĨƌŽŵ ĞƋƵŝƚLJͲƐĞƚƚůĞĚ ƐŚĂƌĞͲďĂƐĞĚ ƉĂLJŵĞŶƚ ƚƌĂŶƐĂĐƚŝŽŶƐ ʹ
ĞŵƉůŽLJĞĞƐĂŶĚĐŽŶƐƵůƚĂŶƚƐ;ŝͿ	Ϯϱ͕ϳϱϴ	Ϯϯ͕ϲϬϬ
džƉĞŶƐĞ ĂƌŝƐŝŶŐ ĨƌŽŵ ĞƋƵŝƚLJͲƐĞƚƚůĞĚ ƐŚĂƌĞͲďĂƐĞĚ ƉĂLJŵĞŶƚ ƚƌĂŶƐĂĐƚŝŽŶƐ ʹ
ĚŝƌĞĐƚŽƌƐ;ŝŝͿ	ϯϮ͕ϵϰϭ	ϲ͕ϰϳϴ
	ϱϴ͕ϲϵϵ	ϯϬ͕Ϭϳϴ

;ŝͿ /Ŷ ϮϬϭϮ͕ Ϯ͕ϳϱϴ͕ϳϮϯ ƐŚĂƌĞƐ ǁĞƌĞ ŝƐƐƵĞĚ ƚŽ ĞŵƉůŽLJĞĞƐ ĂŶĚ ĐŽŶƐƵůƚĂŶƚƐ ƵŶĚĞƌ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŵƉůŽLJĞĞ ^ŚĂƌĞKƉƚŝŽŶĂŶĚ>ŽĂŶWůĂŶ;͞ƚŚĞWůĂŶ͟ͿǁŝƚŚĂĨĂŝƌǀĂůƵĞŽĨΨϰϵ͕ϯϱϴ͘dŚŝƐĂŵŽƵŶƚǁĂƐĞdžƉĞŶƐĞĚŽǀĞƌĂϭϮ ŵŽŶƚŚ ƉĞƌŝŽĚ ĨƌŽŵ ƚŚĞ ĚĂƚĞ ŽĨŝƐƐƵĞ͕ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚ ƚŚĞ ĐŽŶƚŝŶƵŝƚLJ ƐĞƌǀŝĐĞ ƉĞƌŝŽĚ ƵŶĚĞƌ ƚŚĞ WůĂŶ͘^ĞĞ EŽƚĞϭϳ͘
;ŝŝͿ /ŶϮϬϭϮĂŶĚϮϬϭϯ͕Ϯ͕ϴϴϳ͕ϲϬϮĂŶĚϮϲϰ͕ϯϰϯƐŚĂƌĞƐƌĞƐƉĞĐƚŝǀĞůLJǁĞƌĞŝƐƐƵĞĚƵŶĚĞƌƚŚĞŽŵƉĂŶLJ͛ƐŵƉůŽLJĞĞ ^ŚĂƌĞ KƉƚŝŽŶ ĂŶĚ >ŽĂŶ WůĂŶ ;͞ƚŚĞ WůĂŶ͟Ϳ ǁŝƚŚ Ă ĨĂŝƌ ǀĂůƵĞ ŽĨ Ψϯϴ͕ϴϲϴ ĂŶĚ Ψϭ͕ϰϳϭ ƌĞƐƉĞĐƚŝǀĞůLJ͘ dŚĞƐĞ ĂŵŽƵŶƚƐǁĞƌĞͬĂƌĞ ƚŽ ďĞĞdžƉĞŶƐĞĚ ŽǀĞƌĂ ϭϮŵŽŶƚŚ ƉĞƌŝŽĚ ĨƌŽŵ ƚŚĞ ĚĂƚĞ ŽĨŝƐƐƵĞ͕ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚĞ ĐŽŶƚŝŶƵŝƚLJƐĞƌǀŝĐĞƉĞƌŝŽĚƵŶĚĞƌƚŚĞWůĂŶ͘^ĞĞEŽƚĞϭϳ͘

;ďͿ tĞŝŐŚƚĞĚĂǀĞƌĂŐĞƌĞŵĂŝŶŝŶŐĐŽŶƚƌĂĐƚƵĂůůŝĨĞ

ůů ŽƉƚŝŽŶƐ ŚĂĚ ĞdžƉŝƌĞĚ Ăƚ ϯϭ ĞĐĞŵďĞƌ ϮϬϭϯ͘ dŚĞ ǁĞŝŐŚƚĞĚ ĂǀĞƌĂŐĞ ƌĞŵĂŝŶŝŶŐ ĐŽŶƚƌĂĐƚƵĂů ůŝĨĞ ĨŽƌ ƚŚĞ ƐŚĂƌĞ ŽƉƚŝŽŶƐŽƵƚƐƚĂŶĚŝŶŐĂƐĂƚϯϭĞĐĞŵďĞƌϮϬϭϮǁĂƐϬ͘ϱϵLJĞĂƌƐ͘

;ĐͿ ZĂŶŐĞŽĨĞdžĞƌĐŝƐĞƉƌŝĐĞ

ůůŽƉƚŝŽŶƐŚĂĚĞdžƉŝƌĞĚĂƚϯϭĞĐĞŵďĞƌϮϬϭϯ͘

x dŚĞƌĂŶŐĞŽĨĞdžĞƌĐŝƐĞƉƌŝĐĞƐĨŽƌĚŝƌĞĐƚŽƌƐ͕ĞŵƉůŽLJĞĞƐĂŶĚĐŽŶƐƵůƚĂŶƚƐŽƉƚŝŽŶƐŽƵƚƐƚĂŶĚŝŶŐĂƚƚŚĞĞŶĚŽĨ ϯϭ ĞĐĞŵďĞƌϮϬϭϮǁĂƐΨϬ͘ϭϳϱƚŽΨϬ͘ϭϵϱ͘
x dŚĞďƌŽŬĞƌƐ͛ŽƉƚŝŽŶƐŽƵƚƐƚĂŶĚŝŶŐĂƚƚŚĞĞŶĚŽĨϯϭĞĐĞŵďĞƌϮϬϭϮǁĞƌĞĞdžĞƌĐŝƐĂďůĞĂƚΨϬ͘ϭϱ͘
x dŚĞĚƌŝůůŝŶŐƐĞƌǀŝĐĞƉƌŽǀŝĚĞƌŽƉƚŝŽŶƐŽƵƚƐƚĂŶĚŝŶŐĂƚϯϭĞĐĞŵďĞƌϮϬϭϮǁĞƌĞĞdžĞƌĐŝƐĂďůĞĂƚΨϬ͘ϭϱ͘

ƐƚŚĞƌĂŶŐĞŽĨĞdžĞƌĐŝƐĞŝƐǁŝĚĞ͕ƌĞĨĞƌƚŽEŽƚĞƐϭϳ;ĂͿĂŶĚEŽƚĞϭϴĂďŽǀĞĨŽƌĨƵƌƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶŝŶĂƐƐĞƐƐŝŶŐƚŚĞ ŶƵŵďĞƌĂŶĚƚŝŵŝŶŐŽĨĂĚĚŝƚŝŽŶĂůƐŚĂƌĞƐƚŚĂƚŵĂLJďĞŝƐƐƵĞĚĂŶĚƚŚĞĐĂƐŚƚŚĂƚŵĂLJďĞƌĞĐĞŝǀĞĚƵƉŽŶĞdžĞƌĐŝƐĞŽĨ ƚŚŽƐĞŽƉƚŝŽŶƐ͘

;ĚͿ tĞŝŐŚƚĞĚĂǀĞƌĂŐĞĨĂŝƌǀĂůƵĞ

dŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞĨĂŝƌǀĂůƵĞŽĨƚŚĞĚŝƌĞĐƚŽƌƐĂŶĚĞŵƉůŽLJĞĞƐŽƉƚŝŽŶƐŐƌĂŶƚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌǁĂƐΨŶŝů;ϮϬϭϮ͗ ΨŶŝůͿ͘dŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞĨĂŝƌǀĂůƵĞŽĨĚƌŝůůŝŶŐƐĞƌǀŝĐĞƉƌŽǀŝĚĞƌŽƉƚŝŽŶƐŐƌĂŶƚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌǁĂƐΨŶŝů;ϮϬϭϮ͗ ΨŶŝůͿ͘

;ĞͿ tĞŝŐŚƚĞĚĂǀĞƌĂŐĞƐŚĂƌĞƉƌŝĐĞ

dŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞƉƌŝĐĞƉĞƌƐŚĂƌĞĚƵƌŝŶŐƚŚĞLJĞĂƌǁĂƐΨϬ͘Ϭϭ;ϮϬϭϮ͗ΨϬ͘ϬϯͿ͘

Ϯϴ͘ h/dKZ^͛ZDhEZd/KE

dŚĞĂƵĚŝƚŽƌŽĨůĂŶĐLJdžƉůŽƌĂƚŝŽŶ>ŝŵŝƚĞĚŝƐƌŶƐƚΘzŽƵŶŐ͘WƌŝŽƌƚŽDĂLJϮϬϭϮ͕ƚŚĞĂƵĚŝƚŽƌǁĂƐ ĞůŽŝƚƚĞdŽƵĐŚĞ dŽŚŵĂƚƐƵ;͞ĞůŽŝƚƚĞ͟Ϳ

	ŽŶƐŽůŝĚĂƚĞĚ
	ϮϬϭϯ	ϮϬϭϮ
	Ψ	Ψ
ŵŽƵŶƚƐƌĞĐĞŝǀĞĚŽƌĚƵĞĂŶĚƌĞĐĞŝǀĂďůĞĨŽƌ͗
ͲĂŶĂƵĚŝƚŽƌƌĞǀŝĞǁŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞĞŶƚŝƚLJĂŶĚŝƚƐ
ĐŽŶƚƌŽůůĞĚĞŶƚŝƚLJʹƌŶƐƚΘzŽƵŶŐ	ϰϰ͕ϳϴϵ	ϯϳ͕ϰϰϲ
ͲŽƚŚĞƌƐĞƌǀŝĐĞƐŝŶƌĞůĂƚŝŽŶƚŽƚŚĞĞŶƚŝƚLJĂŶĚŝƚƐĐŽŶƚƌŽůůĞĚĞŶƚŝƚLJͲ ƚĂdž
ĐŽŵƉůŝĂŶĐĞƐĞƌǀŝĐĞƐͲƌŶƐƚΘzŽƵŶŐ	ϱϬ͕ϰϲϵ	ϱϲ͕ϵϮϭ
ͲĂŶĂƵĚŝƚŽƌƌĞǀŝĞǁŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞĞŶƚŝƚLJĂŶĚŝƚƐ
ĐŽŶƚƌŽůůĞĚĞŶƚŝƚLJͲĞůŽŝƚƚĞ	Ͳ	ϰ͕ϬϬϬ
	ϵϱ͕Ϯϱϴ	ϵϴ͕ϯϲϳ

Ϯϵ͘ /E&KZDd/KEZ>d/E'dK>EzyW>KZd/KE>/D/d;͚ƚŚĞWĂƌĞŶƚŶƚŝƚLJΗͿ

	ϮϬϭϯ	ϮϬϭϮ
	Ψ	Ψ
^^d^
ƵƌƌĞŶƚƐƐĞƚƐ	Ϯ͕ϯϴϮ͕ϴϯϭ	ϯ͕ϲϮϵ͕ϱϴϲ
EŽŶͲĐƵƌƌĞŶƚƐƐĞƚƐ	ϯϭϴ͕ϰϳϵ	ϭϬϬ͕ϲϰϱ
dKd>^^d^	Ϯ͕ϳϬϭ͕ϯϭϬ	ϯ͕ϳϯϬ͕Ϯϯϭ

>//>/d/^
ƵƌƌĞŶƚ>ŝĂďŝůŝƚŝĞƐ	ϱϮϬ͕ϰϱϲ	ϭ͕ϯϰϵ͕ϵϵϳ
EŽŶͲĐƵƌƌĞŶƚ>ŝĂďŝůŝƚŝĞƐ	Ϯϱ͕ϳϱϱ	ϰϱ͕ϵϯϱ
dKd>>//>/d/^	ϱϰϲ͕Ϯϭϭ	ϭ͕ϯϵϱ͕ϵϯϮ

Ed^^d^	Ϯ͕ϭϱϱ͕Ϭϵϵ	Ϯ͕ϯϯϰ͕Ϯϵϵ

Yh/dz
/ƐƐƵĞĚĐĂƉŝƚĂů	ϭϰ͕ϵϭϳ͕ϮϬϬ	ϭϰ͕ϰϭϴ͕ϵϮϴ

ZĞƐĞƌǀĞƐ	ϭ͕ϲϲϬ͕ϵϳϰ	ϭ͕ϲϲϬ͕ϵϳϰ
ĐĐƵŵƵůĂƚĞĚůŽƐƐĞƐ	;ϭϰ͕ϰϮϯ͕ϬϳϱͿ	;ϭϯ͕ϳϰϱ͕ϲϬϯͿ
dKd>Yh/dz	Ϯ͕ϭϱϱ͕Ϭϵϵ	Ϯ͕ϯϯϰ͕Ϯϵϵ


>ŽƐƐŽĨƚŚĞƉĂƌĞŶƚĞŶƚŝƚLJ	;ϲϳϳ͕ϰϳϮͿ	;ϭ͕ϵϯϭ͕ϭϲϱͿ
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞůŽƐƐŽĨƚŚĞƉĂƌĞŶƚĞŶƚŝƚLJ	;ϲϳϳ͕ϰϳϮͿ	;ϭ͕ϵϯϭ͕ϭϲϱͿ

ŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚŝĞƐŽĨƚŚĞƉĂƌĞŶƚĞŶƚŝƚLJ͗Eŝů

ŽŵŵŝƚŵĞŶƚƐĨŽƌƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚďLJƚŚĞƉĂƌĞŶƚĞŶƚŝƚLJ͗Eŝů

Ϯϵ͘ /E&KZDd/KEZ>d/E'dK>EzyW>KZd/KE>/D/d;ĐŽŶƚŝŶƵĞĚͿ

ZĞƐĞƌǀĞƐŝŶĐůƵĚĞĚŝŶƚŚĞƉĂƌĞŶƚĞŶƚŝƚLJ͗

	ŽŶƐŽůŝĚĂƚĞĚ
	ϮϬϭϯ	ϮϬϭϮ
	Ψ	Ψ
^ŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƌĞƐĞƌǀĞ	ϭ͕ϲϲϬ͕ϵϳϰ	ϭ͕ϲϲϬ͕ϵϳϰ
	ϭ͕ϲϲϬ͕ϵϳϰ	ϭ͕ϲϲϬ͕ϵϳϰ

ϯϬ͘ &/EE/>/E^dZhDEd^͕Z/^<DE'DEdK:d/s^EWK>//^

dŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJ͛ƐƉƌŝŶĐŝƉĂůĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĐŽŵƉƌŝƐĞĐĂƐŚ͕ƐŚŽƌƚͲƚĞƌŵĚĞƉŽƐŝƚƐĂŶĚĂǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞ ŝŶǀĞƐƚŵĞŶƚƐ͘

dŚĞ ŵĂŝŶ ƉƵƌƉŽƐĞ ŽĨ ƚŚĞƐĞ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ŝƐ ƚŽ ĨŝŶĂŶĐĞ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĞŶƚŝƚLJ͛Ɛ ŽƉĞƌĂƚŝŽŶƐ͘ dŚĞ ĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJŚĂƐǀĂƌŝŽƵƐŽƚŚĞƌĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐƐƵĐŚĂƐƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐĂŶĚƚƌĂĚĞƉĂLJĂďůĞƐ͕ ǁŚŝĐŚ ĂƌŝƐĞ ĚŝƌĞĐƚůLJ ĨƌŽŵ ŝƚƐ ŽƉĞƌĂƚŝŽŶƐ͘ /ƚ ŝƐ͕ ĂŶĚ ŚĂƐ ďĞĞŶ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ĞŶƚŝƌĞ ƉĞƌŝŽĚ ƵŶĚĞƌ ƌĞǀŝĞǁ͕ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJ͛ƐƉŽůŝĐLJƚŚĂƚŶŽƚƌĂĚŝŶŐŝŶĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐƐŚĂůůďĞƵŶĚĞƌƚĂŬĞŶ͘

dŚĞǀĂƌŝŽƵƐĐĂƚĞŐŽƌŝĞƐŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĂŶĚƉĂƌĞŶƚĞŶƚŝƚLJ͛ƐĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂŶĚƚŚĞŝƌĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐ ĐŽŝŶĐŝĚĞ ǁŝƚŚ ƚŚĞ ƚĂďůĞƐ ďĞůŽǁ ǁŚŝĐŚ ƐĞƚ ŽƵƚ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚ ĞdžƉŽƐƵƌĞ ƚŽ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ƌŝƐŬ͘ ĐĐŽƌĚŝŶŐůLJ ĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂƌĞŶŽƚƐĞƉĂƌĂƚĞůLJĐĂƚĞŐŽƌŝƐĞĚĞůƐĞǁŚĞƌĞ͘

dŚĞ ŵĂŝŶ ƌŝƐŬ ĂƌŝƐŝŶŐ ĨƌŽŵ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĞŶƚŝƚLJ͛Ɛ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ŝƐ ĐĂƐŚ ĨůŽǁ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ƌŝƐŬ͘ KƚŚĞƌ ŵŝŶŽƌƌŝƐŬƐĂƌĞĞŝƚŚĞƌƐƵŵŵĂƌŝƐĞĚďĞůŽǁŽƌĚŝƐĐůŽƐĞĚĂƚEŽƚĞϵŝŶƚŚĞĐĂƐĞŽĨĐƌĞĚŝƚƌŝƐŬĂŶĚEŽƚĞϭϲŝŶƚŚĞĐĂƐĞ ŽĨĐĂƉŝƚĂůƌŝƐŬŵĂŶĂŐĞŵĞŶƚ͘dŚĞŽĂƌĚƌĞǀŝĞǁƐĂŶĚĂŐƌĞĞƐƉŽůŝĐŝĞƐĨŽƌŵĂŶĂŐŝŶŐĞĂĐŚŽĨƚŚĞƐĞƌŝƐŬƐ͘

;ĂͿ ĂƐŚ&ůŽǁ/ŶƚĞƌĞƐƚZĂƚĞZŝƐŬ

dŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĞŶƚŝƚLJ͛Ɛ ĞdžƉŽƐƵƌĞ ƚŽ ƚŚĞ ƌŝƐŬƐ ŽĨ ĐŚĂŶŐĞƐ ŝŶ ŵĂƌŬĞƚ ŝŶƚĞƌĞƐƚ ƌĂƚĞƐ ƌĞůĂƚĞƐ ƉƌŝŵĂƌŝůLJ ƚŽ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJ͛ƐƐŚŽƌƚͲƚĞƌŵĚĞƉŽƐŝƚƐǁŝƚŚĂ ĨůŽĂƚŝŶŐŝŶƚĞƌĞƐƚ ƌĂƚĞ͘dŚĞƐĞ ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐǁŝƚŚǀĂƌŝĂďůĞƌĂƚĞƐ ĞdžƉŽƐĞƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJƚŽĐĂƐŚĨůŽǁŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬ͘ůůŽƚŚĞƌĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŝŶƚŚĞĨŽƌŵ ŽĨƌĞĐĞŝǀĂďůĞƐĂŶĚƉĂLJĂďůĞƐĂƌĞŶŽŶͲŝŶƚĞƌĞƐƚďĞĂƌŝŶŐ͘dŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJĚŽĞƐŶŽƚĞŶŐĂŐĞŝŶĂŶLJŚĞĚŐŝŶŐŽƌ ĚĞƌŝǀĂƚŝǀĞ ƚƌĂŶƐĂĐƚŝŽŶƐ ƚŽ ŵĂŶĂŐĞ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ƌŝƐŬ͘ /Ŷ ƌĞŐĂƌĚ ƚŽ ŝƚƐ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ƌŝƐŬ͕ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĞŶƚŝƚLJ ĐŽŶƚŝŶƵŽƵƐůLJĂŶĂůLJƐĞƐ ŝƚƐĞdžƉŽƐƵƌĞ͘tŝƚŚŝŶ ƚŚŝƐĂŶĂůLJƐŝƐ ĐŽŶƐŝĚĞƌĂƚŝŽŶŝƐ ŐŝǀĞŶ ƚŽ ƉŽƚĞŶƚŝĂů ƌĞŶĞǁĂůƐ ŽĨĞdžŝƐƚŝŶŐ ƉŽƐŝƚŝŽŶƐ͕ĂůƚĞƌŶĂƚŝǀĞŝŶǀĞƐƚŵĞŶƚƐĂŶĚƚŚĞŵŝdžŽĨĨŝdžĞĚĂŶĚǀĂƌŝĂďůĞŝŶƚĞƌĞƐƚƌĂƚĞƐ͘

dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐƐĞƚŽƵƚƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJ͛ƐĞdžƉŽƐƵƌĞƚŽŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬĂŶĚƚŚĞĞĨĨĞĐƚŽŶƉƌŽĨŝƚďĞĨŽƌĞ ƚĂdžŝĨŝŶƚĞƌĞƐƚƌĂƚĞƐĂƚƚŚĂƚĚĂƚĞŚĂĚďĞĞŶϮϬй;ϮϬϭϮ͗ϮϬйͿŚŝŐŚĞƌŽƌůŽǁĞƌǁŝƚŚĂůůŽƚŚĞƌǀĂƌŝĂďůĞƐŚĞůĚĐŽŶƐƚĂŶƚ ĂƐĂƐĞŶƐŝƚŝǀŝƚLJĂŶĂůLJƐŝƐ͘

zĞĂƌ	/ŶĐƌĞĂƐĞͬĞĐƌĞĂƐĞďĂƐŝƐƉŽŝŶƚƐ	ĨĨĞĐƚŽŶWƌŽĨŝƚĞĨŽƌĞdĂdžΨ
ϮϬϭϯ	нϰϴ	ϭϬ͕ϭϴϯ
	Ͳϰϴ	;ϭϬ͕ϭϴϯͿ

ϮϬϭϮ	нϲϬ	ϭϮ͕ϯϳϳ
	ͲϲϬ	;ϭϮ͕ϯϳϳͿ

ƐĞŶƐŝƚŝǀŝƚLJŽĨϮϬй;ϮϬϭϮ͗ϮϬйͿŚĂƐďĞĞŶƐĞůĞĐƚĞĚĂƐƚŚŝƐŝƐĐŽŶƐŝĚĞƌĞĚƌĞĂƐŽŶĂďůĞŐŝǀĞŶƚŚĞĐƵƌƌĞŶƚůĞǀĞůŽĨďŽƚŚ ƐŚŽƌƚƚĞƌŵĂŶĚůŽŶŐƚĞƌŵƵƐƚƌĂůŝĂŶĚŽůůĂƌŝŶƚĞƌĞƐƚƌĂƚĞƐ͘ϮϬй ;ϮϬϭϮ͗ϮϬйͿƐĞŶƐŝƚŝǀŝƚLJǁŽƵůĚŵŽǀĞƐŚŽƌƚƚĞƌŵ ŝŶƚĞƌĞƐƚƌĂƚĞƐĂƚϯϭĞĐĞŵďĞƌϮϬϭϯĨƌŽŵĂƌŽƵŶĚϮ͘ϰйƌĞƉƌĞƐĞŶƚŝŶŐĂϰϴďĂƐŝƐƉŽŝŶƚƐƐŚŝĨƚĞŝƚŚĞƌĚŽǁŶƚŽϭ͘ϵϮй ŽƌƵƉƚŽϮ͘ϴϴй ;ϮϬϭϮ͗ ĨƌŽŵĂƌŽƵŶĚϯйƌĞƉƌĞƐĞŶƚŝŶŐĂϲϬďĂƐŝƐƉŽŝŶƚƐƐŚŝĨƚĞŝƚŚĞƌĚŽǁŶƚŽϮ͘ϰйŽƌƵƉƚŽϯ͘ϲйͿ͘ dŚŝƐĐŽƵůĚ ƌĞƉƌĞƐĞŶƚŽŶĞŽƌ ƚǁŽĂĚũƵƐƚŵĞŶƚƐ ƵƉǁĂƌĚƐŝŶ ƚŚĞĐŽŶƚĞdžƚŽĨĂŶĞĂƐŝŶŐŽĨŵŽŶĞƚĂƌLJ ƐƚŝŵƵůƵƐďLJ ƚŚĞ ZĞƐĞƌǀĞĂŶŬŽĨƵƐƚƌĂůŝĂŝŶƌĞƐƉŽŶƐĞƚŽƐƚƌŽŶŐĞƌĚŽŵĞƐƚŝĐĐŽŶĚŝƚŝŽŶƐĂŶĚĂŶŝŵƉƌŽǀŝŶŐŝŶƚĞƌŶĂƚŝŽŶĂůĞĐŽŶŽŵLJ͘

ϯϬ͘ &/EE/>/E^dZhDEd^͕Z/^<DE'DEdK:d/s^EWK>//^;ĐŽŶƚŝŶƵĞĚͿ

ĂƐĞĚŽŶƚŚĞƐĞŶƐŝƚŝǀŝƚLJĂŶĂůLJƐŝƐŽŶůLJŝŶƚĞƌĞƐƚƌĞǀĞŶƵĞĨƌŽŵǀĂƌŝĂďůĞƌĂƚĞĚĞƉŽƐŝƚƐĂŶĚĐĂƐŚďĂůĂŶĐĞƐŝƐŝŵƉĂĐƚĞĚ͕ ƌĞƐƵůƚŝŶŐŝŶĂĚĞĐƌĞĂƐĞŽƌŝŶĐƌĞĂƐĞŝŶŽǀĞƌĂůůŝŶĐŽŵĞ͘

;ĂͿ >ŝƋƵŝĚŝƚLJƌŝƐŬ

dŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJŵĂŶĂŐĞƐůŝƋƵŝĚŝƚLJƌŝƐŬďLJŵĂŝŶƚĂŝŶŝŶŐƐƵĨĨŝĐŝĞŶƚĐĂƐŚƌĞƐĞƌǀĞƐĂŶĚƚŚƌŽƵŐŚƚŚĞĐŽŶƚŝŶƵŽƵƐ ŵŽŶŝƚŽƌŝŶŐ ŽĨ ďƵĚŐĞƚĞĚ ĂŶĚ ĂĐƚƵĂů ĐĂƐŚ ĨůŽǁƐ͘ &ƵƌƚŚĞƌ͕ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĞŶƚŝƚLJ ŽŶůLJ ŝŶǀĞƐƚƐ ƐƵƌƉůƵƐ ĐĂƐŚ ǁŝƚŚ ŵĂũŽƌĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶƐ͘

ŽŶƚƌĂĐƚĞĚŵĂƚƵƌŝƚŝĞƐŽĨƉĂLJĂďůĞƐLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌ͗

		ŽŶƐŽůŝĚĂƚĞĚ
	ϮϬϭϯ	ϮϬϭϮ
	Ψ	Ψ
WĂLJĂďůĞ
ͲůĞƐƐƚŚĂŶϲŵŽŶƚŚƐ	Ϯϳϭ͕ϮϬϲ	ϯϮϬ͕ϯϱϯ
ͲϲƚŽϭϮŵŽŶƚŚƐ	Ͳ	Ͳ
ͲϭƚŽϱLJĞĂƌƐ	Ͳ	Ͳ
ͲůĂƚĞƌƚŚĂŶϱLJĞĂƌƐ	Ͳ	Ͳ
dŽƚĂů	Ϯϳϭ͕ϮϬϲ	ϯϮϬ͕ϯϱϯ

;ďͿ ŽŵŵŽĚŝƚLJƉƌŝĐĞƌŝƐŬ

dŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĞŶƚŝƚLJ ŝƐ ĞdžƉŽƐĞĚ ƚŽ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞ ƌŝƐŬ͘ dŚŝƐ ƌŝƐŬ ĂƌŝƐĞƐ ĨƌŽŵ ŝƚƐ ĂĐƚŝǀŝƚŝĞƐ ĚŝƌĞĐƚĞĚ Ăƚ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ŵŝŶĞƌĂů ĐŽŵŵŽĚŝƚŝĞƐ͘ /Ĩ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ ĨĂůů͕ ƚŚĞ ŵĂƌŬĞƚ ĨŽƌ ĐŽŵƉĂŶŝĞƐ ĞdžƉůŽƌŝŶŐĨŽƌƚŚĞƐĞĐŽŵŵŽĚŝƚŝĞƐŝƐĂĨĨĞĐƚĞĚ͘dŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJĚŽĞƐŶŽƚŚĞĚŐĞŝƚƐĞdžƉŽƐƵƌĞƐ͘

;ĐͿ &ŽƌĞŝŐŶĞdžĐŚĂŶŐĞƌŝƐŬ

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ƵĞƚŽƚŚĞŝƌƐŚŽƌƚƚĞƌŵŶĂƚƵƌĞ͕ƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ͕ŶŽƚƌĞĐŽŐŶŝƐĞĚĂƚĨĂŝƌ ǀĂůƵĞ͕ƌĞĐŽƌĚĞĚŝŶ ƚŚĞ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƉƉƌŽdžŝŵĂƚĞƐƚŚĞŝƌƌĞƐƉĞĐƚŝǀĞ ĨĂŝƌǀĂůƵĞƐ͕ĚĞƚĞƌŵŝŶĞĚŝŶĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐĚŝƐĐůŽƐĞĚŝŶEŽƚĞϮŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

The directors of Clancy Exploration Limited declare that:

In the opinion of the directors: $1.$
- the attached financial statements and the notes thereto of the Company and of the consolidated entity $(a)$ are in accordance with the Corporations Act 2001, including:
  - $(i)$ giving a true and fair view of the Company's and consolidated entity's financial position as at 31 December 2013 and of their performance for the year ended on that date; and
  - $(iii)$ complying with Accounting Standards;

the attached financial statements and the notes thereto of the Company and of the consolidated entity $(b)$ are in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board; and

there are reasonable grounds to believe that the Company will be able to pay its debts as and when they $(c)$ become due and payable.

$2.$ This declaration has been made after receiving the declarations required to be made to the directors in accordance with section 295A of the Corporations Act 2001 for the financial year ending 31 December 2013.

Signed in accordance with a resolution of directors made pursuant to Section 295(5) of the Corporations Act 2001.

On behalf of the Board

G. J. BARNES Managing Director

Orange, NSW

Dated this 17th day of March 2014

680 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001

Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ev com/au

Independent auditor's report to the members of Clancy Exploration Limited

Report on the financial report

We have audited the accompanying financial report of Clancy Exploration Limited, which comprises the consolidated statement of financial position as at 31 December 2013, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the directors' declaration of the consolidated entity comprising the company and the entities it controlled at the year's end or from time to time during the financial year.

Directors' responsibility for the financial report

The directors of the company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal controls as the directors determine are necessary to enable the preparation of the financial report that is free from material misstatement. whether due to fraud or error. In Note 2, the directors also state, in accordance with Accounting Standard AASB 101 Presentation of Financial Statements, that the financial statements comply with International Financial Reporting Standards

Auditor's responsibility

Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance about whether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal controls relevant to the entity's preparation and fair presentation of the financial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Independence

In conducting our audit we have complied with the independence requirements of the Corporations Act 2001. We have given to the directors of the company a written Auditor's Independence Declaration, a copy of which is included in the directors' report.

Opinion

In our opinion:

the financial report of Clancy Exploration Limited is in accordance with the Corporations Act 2001, including: $ar$
- i. giving a true and fair view of the consolidated entity's financial position as at 31 December 2013 and of its performance for the year ended on that date; and
- ii complying with Australian Accounting Standards and the Corporations Regulations 2001; and
. the financial report also complies with International Financial Reporting Standards as disclosed in Note 2.

Report on the remuneration report

We have audited the Remuneration Report included in pages 6 to 11 of the directors' report for the year ended 31 December 2013. The directors of the company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.

Opinion

In our opinion, the Remuneration Report of Clancy Exploration Limited for the year ended 31 December 2013, complies with section 300A of the Corporations Act 2001.

not & Young

Ernst & Young

Ryan Fisk Partner Sydney 17 March 2014

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ASX ADDITIONAL INFORMATION

D. SUBSTANTIAL SHAREHOLDERS

The Company's Register of Substantial Shareholders, prepared in accordance with Chapter 6C of the Corporations Act 2011, recorded the following information as at 17 March 2014;

Gold Fields Limited	17.764.783	8.61%
Evolution Master Fund Limited SPC, Segregated Portfolio M and	13.377.251	6.49%
Evolution Capital Management LLC
Wallis-Mance Pty Limited	12.232.785	6.42%

E. SHARES ISSUED PURSUANT TO EMPLOYEE SHARE AND LOAN PLAN (THE PLAN")

Total Shares issued pursuant to the Plan and on issue as at start of period
Number of Shares issued to eligible employees and consultants pursuant to the	5,646,325
Plan		3,053,681
Number of Shares issued to Directors pursuant to the Plan	264,343	3,151,945
Total Shares issued pursuant to the Plan	264.343	6,205,626
Less Shares Bought Back following resignation of an eligible employee		(294, 958)
Less Shares sold on market following resignation of an eligible employee	(294, 958)	(294, 958)
Total Shares issued pursuant to the Plan and on issue as at 31 December 2013	5,615,710	5,615,710

All shares issued to Directors under the Plan were approved pursuant to ASX Listing Rule 10.14 obtained at general meetings of the Company held on 29 May 2011 and 24 May 2013.

5,615,710 shares issued under the Plan are subject to voluntary restrictions.

F. VOTING RIGHTS ATTACHING TO EQUITY SECURITIES

Subject to the Constitution of the Company and any rights or restrictions at the time being attached to a class of shares, at a general meeting of the Company every Shareholder present in person, or by proxy, attorney or representative has one vote on a show of hands, and upon a poll, one vote for each Share held by the Shareholder. In the case of an equality of votes, the chairperson has a casting vote.

Options to acquire ordinary shares do not carry any voting rights.

Last 5 years

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dŚŝƐƐƚĂƚĞŵĞŶƚŽƵƚůŝŶĞƐƚŚĞŵĂŝŶĐŽƌƉŽƌĂƚĞŐŽǀĞƌŶĂŶĐĞƉƌĂĐƚŝĐĞƐŝŶƉůĂĐĞƚŚƌŽƵŐŚŽƵƚƚŚĞƉĞƌŝŽĚĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϭϯ͕ ǁŚŝĐŚĐŽŵƉůLJǁŝƚŚƚŚĞ^yŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞŽƵŶĐŝůƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƚĂƚĞĚ͘

dŚĞŽŵƉĂŶLJŝƐĐŽŵŵŝƚƚĞĚƚŽŝŵƉůĞŵĞŶƚŝŶŐƚŚĞŚŝŐŚĞƐƚƐƚĂŶĚĂƌĚƐŽĨĐŽƌƉŽƌĂƚĞŐŽǀĞƌŶĂŶĐĞ͘/ŶĚĞƚĞƌŵŝŶŝŶŐǁŚĂƚƚŚŽƐĞ ŚŝŐŚ ƐƚĂŶĚĂƌĚƐ ƐŚŽƵůĚ ŝŶǀŽůǀĞ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ƚƵƌŶĞĚ ƚŽ ƚŚĞ ^y ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ ŽƵŶĐŝů͛Ɛ WƌŝŶĐŝƉůĞƐ ŽĨ 'ŽŽĚ ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞĂŶĚĞƐƚWƌĂĐƚŝĐĞZĞĐŽŵŵĞŶĚĂƚŝŽŶƐ͘dŚĞ^yŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞŽƵŶĐŝů;͞ƚŚĞŽƵŶĐŝů͟ͿŝƐƐƵĞĚ ƚŚĞƐĞĐŽŶĚĞĚŝƚŝŽŶŽĨƚŚĞŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞWƌŝŶĐŝƉůĞƐĂŶĚZĞĐŽŵŵĞŶĚĂƚŝŽŶƐǁŝƚŚϮϬϭϬŵĞŶĚŵĞŶƚƐŝŶ:ƵŶĞϮϬϭϬ͘

dŽŝůůƵƐƚƌĂƚĞǁŚĞƌĞ ƚŚĞŽŵƉĂŶLJŚĂƐĂĚĚƌĞƐƐĞĚĞĂĐŚŽĨ ƚŚĞŽƵŶĐŝů͛Ɛ ƌĞǀŝƐĞĚ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ͕ ƚŚĞ ĨŽůůŽǁŝŶŐƐƵŵŵĂƌLJ ĐƌŽƐƐͲƌĞĨĞƌĞŶĐĞƐƚŽĞĂĐŚƌĞǀŝƐĞĚƌĞĐŽŵŵĞŶĚĂƚŝŽŶ͘ĞƚĂŝůƐŽĨĂůůŽĨƚŚĞƌĞǀŝƐĞĚƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĐĂŶďĞĨŽƵŶĚŽŶƚŚĞ^y ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞŽƵŶĐŝů͛ƐǁĞďƐŝƚĞ͘

/ŶƚƌŽĚƵĐƚŝŽŶ

ůĂŶĐLJdžƉůŽƌĂƚŝŽŶŚĂƐĂĚŽƉƚĞĚƐLJƐƚĞŵƐŽĨĐŽŶƚƌŽůĂŶĚĂĐĐŽƵŶƚĂďŝůŝƚLJĂƐƚŚĞďĂƐŝƐĨŽƌƚŚĞĂĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨĐŽƌƉŽƌĂƚĞ ŐŽǀĞƌŶĂŶĐĞ͘^ŽŵĞŽĨƚŚĞƐĞƉŽůŝĐŝĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐĂƌĞƐƵŵŵĂƌŝƐĞĚďĞůŽǁ͘

dŚĞĨŽůůŽǁŝŶŐĂĚĚŝƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚŚĞŽŵƉĂŶLJΖƐĐŽƌƉŽƌĂƚĞŐŽǀĞƌŶĂŶĐĞƉƌĂĐƚŝĐĞƐŝƐƐĞƚŽƵƚŽŶƚŚĞŽŵƉĂŶLJΖƐ ǁĞďƐŝƚĞĂƚǁǁǁ͘ĐůĂŶĐLJĞdžƉůŽƌĂƚŝŽŶ͘ĐŽŵ͗

x ŽĂƌĚŽĚĞŽĨŽŶĚƵĐƚ͖
x ŽĚĞŽĨŽŶĚƵĐƚ
x ^ĞĐƵƌŝƚŝĞƐdƌĂĚŝŶŐWŽůŝĐLJ͖
x ŽŶƚŝŶƵŽƵƐŝƐĐůŽƐƵƌĞ^ƚƌĂƚĞŐLJ͖
x ^ŚĂƌĞŚŽůĚĞƌŽŵŵƵŶŝĐĂƚŝŽŶWŽůŝĐLJ
x ZŝƐŬDĂŶĂŐĞŵĞŶƚWŽůŝĐLJ͖
x ŽĂƌĚŚĂƌƚĞƌ͖
x ĞĨŝŶŝƚŝŽŶŽĨĂŶ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌ
x ƵĚŝƚŽŵŵŝƚƚĞĞŚĂƌƚĞƌ͖
x ŽĂƌĚ^ĞůĞĐƚŝŽŶĂŶĚƉƉŽŝŶƚŵĞŶƚWƌŽĐĞĚƵƌĞ͖ĂŶĚ
x ŝǀĞƌƐŝƚLJWŽůŝĐLJ͘

džƉůĂŶĂƚŝŽŶƐĨŽƌĞƉĂƌƚƵƌĞƐĨƌŽŵĞƐƚWƌĂĐƚŝĐĞZĞĐŽŵŵĞŶĚĂƚŝŽŶƐ

ƵƌŝŶŐ ƚŚĞ ĨŝŶĂŶĐŝĂů LJĞĂƌ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ĐŽŵƉůŝĞĚ ǁŝƚŚ ƚŚĞ ŵĂũŽƌŝƚLJ ŽĨ ƚŚĞ ŝŐŚƚ ƐƐĞŶƚŝĂů ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ WƌŝŶĐŝƉůĞƐĂŶĚƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐĞƐƚWƌĂĐƚŝĐĞZĞĐŽŵŵĞŶĚĂƚŝŽŶƐĂƐƉƵďůŝƐŚĞĚďLJƚŚĞŽƵŶĐŝůĂŶĚĂƐĚĞƚĂŝůĞĚďĞůŽǁ͗

ϭ͘ >z^K>/&KhEd/KE^&KZDE'DEdEKsZ^/',d

ŽƵŶĐŝůWƌŝŶĐŝƉůĞϭ͗

ŽŵƉĂŶŝĞƐƐŚŽƵůĚĞƐƚĂďůŝƐŚĂŶĚĚŝƐĐůŽƐĞƚŚĞƌĞƐƉĞĐƚŝǀĞƌŽůĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŽĨďŽĂƌĚĂŶĚŵĂŶĂŐĞŵĞŶƚ͘

ŽƵŶĐŝůZĞĐŽŵŵĞŶĚĂƚŝŽŶϭ͘ϭ͗

ƐƚĂďůŝƐŚƚŚĞĨƵŶĐƚŝŽŶƐƌĞƐĞƌǀĞĚƚŽƚŚĞďŽĂƌĚĂŶĚƚŚŽƐĞĚĞůĞŐĂƚĞĚƚŽƐĞŶŝŽƌĞdžĞĐƵƚŝǀĞƐĂŶĚĚŝƐĐůŽƐĞƚŚŽƐĞĨƵŶĐƚŝŽŶƐ͘

dŚĞŽŵƉĂŶLJĐŽŵƉůŝĞƐǁŝƚŚƚŚŝƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶ͘

dŚĞďŽĂƌĚŚĂƐƐĞƚŽƵƚƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŽĨƚŚĞŽĂƌĚŝŶƚŚĞŽĂƌĚŚĂƌƚĞƌǁŚŝĐŚĐĂŶďĞĂĐĐĞƐƐĞĚŽŶƚŚĞĐŽŵƉĂŶLJǁĞďƐŝƚĞ͘ ŶLJĨƵŶĐƚŝŽŶƐŶŽƚƌĞƐĞƌǀĞĚĨŽƌƚŚĞŽĂƌĚĂŶĚŶŽƚĞdžƉƌĞƐƐůLJƌĞƐĞƌǀĞĚĨŽƌŵĞŵďĞƌƐďLJ ƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚĂŶĚ^y>ŝƐƚŝŶŐ ZƵůĞƐĂƌĞƌĞƐĞƌǀĞĚĨŽƌƐĞŶŝŽƌĞdžĞĐƵƚŝǀĞƐ͘

ŽƵŶĐŝůZĞĐŽŵŵĞŶĚĂƚŝŽŶϭ͘Ϯ͗

ŝƐĐůŽƐĞƚŚĞƉƌŽĐĞƐƐĨŽƌĞǀĂůƵĂƚŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƐĞŶŝŽƌĞdžĞĐƵƚŝǀĞƐ͘

dŚĞZĞŵƵŶĞƌĂƚŝŽŶƐƵďͲĐŽŵŵŝƚƚĞĞŽĨƚŚĞŽĂƌĚŝƐƚŽŵĞĞƚĂŶŶƵĂůůLJƚŽƌĞǀŝĞǁƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨĞdžĞĐƵƚŝǀĞƐ͘dŚĞƐĞŶŝŽƌ ĞdžĞĐƵƚŝǀĞƐ͛ƉĞƌĨŽƌŵĂŶĐĞŝƐĂƐƐĞƐƐĞĚĂŐĂŝŶƐƚƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞĐŽŵƉĂŶLJĂƐĂǁŚŽůĞďLJĞĂĐŚŽĨƚŚĞĚŝƌĞĐƚŽƌƐŝŶĚŝǀŝĚƵĂůůLJ ĂŶĚĐŽůůĞĐƚŝǀĞůLJ͘

ŽƵŶĐŝůZĞĐŽŵŵĞŶĚĂƚŝŽŶϭ͘ϯ͗

ŽŵƉĂŶŝĞƐƐŚŽƵůĚƉƌŽǀŝĚĞƚŚĞŝŶĨŽƌŵĂƚŝŽŶŝŶĚŝĐĂƚĞĚŝŶƚŚĞ'ƵŝĚĞƚŽƌĞƉŽƌƚŝŶŐŽŶWƌŝŶĐŝƉůĞϭ

dŚĞŽŵƉĂŶLJĐŽŵƉůŝĞƐǁŝƚŚƚŚŝƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶ͘

dŚĞĞdžĞĐƵƚŝǀĞĞǀĂůƵĂƚŝŽŶƉƌŽĐĞƐƐǁĂƐƵŶĚĞƌƚĂŬĞŶďLJƚŚĞDĂŶĂŐŝŶŐŝƌĞĐƚŽƌŝŶDĂƌĐŚϮϬϭϰ͘ dŚĞDĂŶĂŐŝŶŐŝƌĞĐƚŽƌĞǀĂůƵĂƚŝŽŶƉƌŽĐĞƐƐǁĂƐƵŶĚĞƌƚĂŬĞŶďLJƚŚĞŚĂŝƌŵĂŶŝŶDĂƌĐŚϮϬϭϰ͘ dŚĞZĞŵƵŶĞƌĂƚŝŽŶŽŵŵŝƚƚĞĞŵĞƚŽŶĐĞĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚ͘

Ϯ͘ ^dZhdhZd,KZdKs>h

ŽƵŶĐŝůWƌŝŶĐŝƉůĞϮ͗

ŽŵƉĂŶŝĞƐ ƐŚŽƵůĚ ŚĂǀĞ Ă ďŽĂƌĚ ŽĨ ĂŶ ĞĨĨĞĐƚŝǀĞ ĐŽŵƉŽƐŝƚŝŽŶ͕ ƐŝnjĞ ĂŶĚ ĐŽŵŵŝƚŵĞŶƚ ƚŽ ĂĚĞƋƵĂƚĞůLJ ĚŝƐĐŚĂƌŐĞ ŝƚƐ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĂŶĚĚƵƚŝĞƐ

ŽƵŶĐŝůZĞĐŽŵŵĞŶĚĂƚŝŽŶϮ͘ϭ͗

ŵĂũŽƌŝƚLJŽĨƚŚĞŽĂƌĚƐŚŽƵůĚďĞŝŶĚĞƉĞŶĚĞŶƚĚŝƌĞĐƚŽƌƐ͘

ĚĞĨŝŶŝƚŝŽŶŽĨĚŝƌĞĐƚŽƌŝŶĚĞƉĞŶĚĞŶĐĞĐĂŶďĞĂĐĐĞƐƐĞĚĂƚǁǁǁ͘ĐůĂŶĐLJĞdžƉůŽƌĂƚŝŽŶ͘ĐŽŵ͘

ƵƌŝŶŐƚŚĞƉĞƌŝŽĚ͕ƚŚĞŽĂƌĚŽĨůĂŶĐLJdžƉůŽƌĂƚŝŽŶŚĂĚƚǁŽŝŶĚĞƉĞŶĚĞŶƚĚŝƌĞĐƚŽƌƐ͕ƌƚŚĞƌŝĚŐĞĂŶĚƌDĂĐĚŽŶĂůĚĂŶĚƚǁŽ ŶŽŶͲŝŶĚĞƉĞŶĚĞŶƚ ĚŝƌĞĐƚŽƌƐ͕ Dƌ ĂƌŶĞƐ ĂŶĚ DƐ &ŽƌƐLJƚŚ ^ƚŽĐŬ͘ dŚĞƌĞĨŽƌĞ ƚŚĞ ŽĂƌĚ ĐƵƌƌĞŶƚůLJ ŚĂƐ ƚŚĞ ƐĂŵĞ ŶƵŵďĞƌ ŽĨ ŝŶĚĞƉĞŶĚĞŶƚĚŝƌĞĐƚŽƌƐĂƐŶŽŶͲŝŶĚĞƉĞŶĚĞŶƚĚŝƌĞĐƚŽƌƐ͖ŚŽǁĞǀĞƌƚŚĞŚĂŝƌŵĂŶ͕ǁŚŽŝƐŝŶĚĞƉĞŶĚĞŶƚ͕ŚĂƐƚŚĞĐĂƐƚŝŶŐǀŽƚĞ͘ dŚĞŽŵƉĂŶLJĐŽŵƉůŝĞƐǁŝƚŚZĞĐŽŵŵĞŶĚĂƚŝŽŶϮ͘ϭ͘

ŽƵŶĐŝůZĞĐŽŵŵĞŶĚĂƚŝŽŶϮ͘Ϯ͗

dŚĞĐŚĂŝƌƐŚŽƵůĚďĞĂŶŝŶĚĞƉĞŶĚĞŶƚĚŝƌĞĐƚŽƌ͘

dŚĞŽŵƉĂŶLJ͛ƐŚĂŝƌŵĂŶ͕ƌDŝŬĞƚŚĞƌŝĚŐĞ͕ŝƐĐŽŶƐŝĚĞƌĞĚďLJƚŚĞŽĂƌĚƚŽďĞŝŶĚĞƉĞŶĚĞŶƚ͘

ŽƵŶĐŝůZĞĐŽŵŵĞŶĚĂƚŝŽŶϮ͘ϯ͗

dŚĞƌŽůĞƐŽĨĐŚĂŝƌĂŶĚĐŚŝĞĨĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌƐŚŽƵůĚŶŽƚďĞĞdžĞƌĐŝƐĞĚďLJƚŚĞƐĂŵĞŝŶĚŝǀŝĚƵĂů͘

dŚĞƌŽůĞƐŽĨĐŚĂŝƌŵĂŶĂŶĚĐŚŝĞĨĞdžĞĐƵƚŝǀĞŽĨĨŝĐĞƌĂƌĞŶŽƚĞdžĞƌĐŝƐĞĚďLJƚŚĞƐĂŵĞŝŶĚŝǀŝĚƵĂů͘

ŽƵŶĐŝůZĞĐŽŵŵĞŶĚĂƚŝŽŶϮ͘ϰ͗

dŚĞŽĂƌĚƐŚŽƵůĚĞƐƚĂďůŝƐŚĂŶŽŵŝŶĂƚŝŽŶĐŽŵŵŝƚƚĞĞ͘

dŚĞďŽĂƌĚĚŽĞƐŶŽƚĐŽŵƉůLJǁŝƚŚƚŚŝƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶ͘

/ƚŝƐŶŽƚĂĐŽŵƉĂŶLJƉŽůŝĐLJƚŽŚĂǀĞĂŶŽŵŝŶĂƚŝŽŶĐŽŵŵŝƚƚĞĞ͕ŐŝǀĞŶƚŚĞƐŝnjĞĂŶĚƐĐĂůĞŽĨůĂŶĐLJdžƉůŽƌĂƚŝŽŶ>ŝŵŝƚĞĚ͘dŚĞƌŽůĞ ŽĨĂŶŽŵŝŶĂƚŝŽŶĐŽŵŵŝƚƚĞĞŝƐĐĂƌƌŝĞĚŽƵƚďLJƚŚĞĨƵůůŽĂƌĚ͘dŚĞĨƵůůďŽĂƌĚĐŽŶƐŝĚĞƌƐƚŚĞĂƉƉŽŝŶƚŵĞŶƚŽĨŶĞǁĚŝƌĞĐƚŽƌƐŽŶĂŶ ŝŶĨŽƌŵĂůďĂƐŝƐ͘dŚĞŽĂƌĚ͛ƐƉŽůŝĐLJĨŽƌƚŚĞĂƉƉŽŝŶƚŵĞŶƚŽĨŶĞǁĚŝƌĞĐƚŽƌƐƚŽƚŚĞŽĂƌĚĐĂŶďĞĂĐĐĞƐƐĞĚĂƚ ǁǁǁ͘ĐůĂŶĐLJĞdžƉůŽƌĂƚŝŽŶ͘ĐŽŵ

ŽƵŶĐŝůZĞĐŽŵŵĞŶĚĂƚŝŽŶϮ͘ϱ͗

ŝƐĐůŽƐĞƚŚĞƉƌŽĐĞƐƐĨŽƌĞǀĂůƵĂƚŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞďŽĂƌĚ͕ŝƚƐĐŽŵŵŝƚƚĞĞƐĂŶĚŝŶĚŝǀŝĚƵĂůĚŝƌĞĐƚŽƌƐ͘

dŚĞŽŵƉĂŶLJĐŽŵƉůŝĞƐǁŝƚŚƚŚŝƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶ͘

dŚĞƉĞƌĨŽƌŵĂŶĐĞĞǀĂůƵĂƚŝŽŶŽĨďŽĂƌĚŵĞŵďĞƌƐŽĐĐƵƌƐďLJǁĂLJŽĨĂĨŽƌŵĂůƌĞǀŝĞǁŽĨĞĂĐŚĚŝƌĞĐƚŽƌďLJƚŚĂƚĚŝƌĞĐƚŽƌĂŶĚďLJ ĞĂĐŚĨĞůůŽǁĚŝƌĞĐƚŽƌĨŽůůŽǁĞĚďLJĂŵĞĞƚŝŶŐďĞƚǁĞĞŶƚŚĞŚĂŝƌŵĂŶĂŶĚƚŚĞƌĞůĞǀĂŶƚĚŝƌĞĐƚŽƌŽƌ͕ŝŶƚŚĞĐĂƐĞŽĨƚŚĞŚĂŝƌŵĂŶ͛Ɛ ŽǁŶĞǀĂůƵĂƚŝŽŶ͕ďLJƚŚĞŚĂŝƌŵĂŶĂŶĚƚŚĞŶŽŶͲĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌƐ͘

ŽƵŶĐŝůZĞĐŽŵŵĞŶĚĂƚŝŽŶϮ͘ϲ͗

ŽŵƉĂŶŝĞƐƐŚŽƵůĚƉƌŽǀŝĚĞƚŚĞŝŶĨŽƌŵĂƚŝŽŶŝŶĚŝĐĂƚĞĚŝŶƚŚĞ'ƵŝĚĞƚŽƌĞƉŽƌƚŝŶŐŽŶWƌŝŶĐŝƉůĞϮ͘

dŚĞŽŵƉĂŶLJĐŽŵƉůŝĞƐǁŝƚŚƚŚŝƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶĂŶĚƉƌŽǀŝĚĞƐƚŚĞĨŽůůŽǁŝŶŐĚŝƐĐůŽƐƵƌĞƐ͘

dŚĞƐŬŝůůƐ͕ĞdžƉĞƌŝĞŶĐĞĂŶĚĞdžƉĞƌƚŝƐĞƌĞůĞǀĂŶƚƚŽƚŚĞƉŽƐŝƚŝŽŶŚĞůĚďLJĞĂĐŚĚŝƌĞĐƚŽƌĂƌĞĚŝƐĐůŽƐĞĚŝŶƚŚĞŝƌĞĐƚŽƌƐZĞƉŽƌƚ͘

dŚĞ ŽĂƌĚ ŚĂƐ ĚĞƚĞƌŵŝŶĞĚ ƚŚĂƚ ŝŶĚŝǀŝĚƵĂů ŝƌĞĐƚŽƌƐ ŚĂǀĞ ƚŚĞ ƌŝŐŚƚ ŝŶ ĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚ ƚŚĞŝƌ ĚƵƚŝĞƐ ĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ĂƐ ŝƌĞĐƚŽƌƐ͕ ƚŽ ƐĞĞŬ ŝŶĚĞƉĞŶĚĞŶƚ ƉƌŽĨĞƐƐŝŽŶĂů ĂĚǀŝĐĞ Ăƚ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĞdžƉĞŶƐĞ͘ dŚĞ ĞŶŐĂŐĞŵĞŶƚ ŽĨ ĂŶ ŽƵƚƐŝĚĞ ĂĚǀŝƐĞƌ ŝƐ ƐƵďũĞĐƚƚŽƉƌŝŽƌĂƉƉƌŽǀĂůŽĨƚŚĞŚĂŝƌŵĂŶĂŶĚƚŚŝƐǁŝůůŶŽƚďĞǁŝƚŚŚĞůĚƵŶƌĞĂƐŽŶĂďůLJ͘/ĨĂƉƉƌŽƉƌŝĂƚĞ͕ĂŶLJĂĚǀŝĐĞƐŽƌĞĐĞŝǀĞĚ ǁŝůůďĞŵĂĚĞĂǀĂŝůĂďůĞƚŽĂůůŽĂƌĚŵĞŵďĞƌƐ͘

dŚĞƉĞƌŝŽĚŽĨŽĨĨŝĐĞŚĞůĚďLJĞĂĐŚĚŝƌĞĐƚŽƌĂƐĂƚϯϭDĂƌĐŚϮϬϭϰŝƐĂƐĨŽůůŽǁƐ͖

Dƌ'ŽƌĚŽŶĂƌŶĞƐ	ϯLJĞĂƌƐ͕ϯŵŽŶƚŚƐ
ƌ:ĂŵĞƐDĂĐĚŽŶĂůĚ	ϳLJĞĂƌƐ͕ϯŵŽŶƚŚƐ
DƐEĂƚĂůŝĞ&ŽƌƐLJƚŚ^ƚŽĐŬ	ϭLJĞĂƌ͕ϳŵŽŶƚŚƐ
ƌDŝŬĞƚŚĞƌŝĚŐĞ	ϯLJĞĂƌƐ͕ϭŵŽŶƚŚ

dŚĞĞǀĂůƵĂƚŝŽŶƉƌŽĐĞƐƐǁĂƐƵŶĚĞƌƚĂŬĞŶŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐƉƌŽĐĞƐƐŝŶDĂƌĐŚϮϬϭϰ͘

ϯ͘ WZKDKdd,/>EZ^WKE^/>/^/KEͲD</E'

ŽƵŶĐŝůWƌŝŶĐŝƉůĞϯ͗

ŽŵƉĂŶŝĞƐƐŚŽƵůĚĂĐƚŝǀĞůLJƉƌŽŵŽƚĞĞƚŚŝĐĂůĂŶĚƌĞƐƉŽŶƐŝďůĞĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐ͘

ŽƵŶĐŝůZĞĐŽŵŵĞŶĚĂƚŝŽŶϯ͘ϭ͗

ƐƚĂďůŝƐŚĂĐŽĚĞŽĨĐŽŶĚƵĐƚĂŶĚĚŝƐĐůŽƐĞƚŚĞĐŽĚĞŽƌĂƐƵŵŵĂƌLJŽĨƚŚĞĐŽĚĞĂƐƚŽ͗

ƚŚĞƉƌĂĐƚŝĐĞƐŶĞĐĞƐƐĂƌLJƚŽŵĂŝŶƚĂŝŶĐŽŶĨŝĚĞŶĐĞŝŶƚŚĞŽŵƉĂŶLJΖƐŝŶƚĞŐƌŝƚLJ͖
ƚŚĞƉƌĂĐƚŝĐĞƐŶĞĐĞƐƐĂƌLJƚŽƚĂŬĞŝŶƚŽĂĐĐŽƵŶƚƚŚĞŝƌůĞŐĂůŽďůŝŐĂƚŝŽŶƐĂŶĚƚŚĞƌĞĂƐŽŶĂďůĞĞdžƉĞĐƚĂƚŝŽŶƐŽĨƚŚĞŝƌƐƚĂŬĞŚŽůĚĞƌƐ͖
ƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJĂŶĚĂĐĐŽƵŶƚĂďŝůŝƚLJŽĨŝŶĚŝǀŝĚƵĂůƐĨŽƌƌĞƉŽƌƚŝŶŐĂŶĚŝŶǀĞƐƚŝŐĂƚŝŶŐƌĞƉŽƌƚƐŽĨƵŶĞƚŚŝĐĂůƉƌĂĐƚŝĐĞƐ͘

dŚĞŽŵƉĂŶLJĐŽŵƉůŝĞƐǁŝƚŚƚŚŝƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶ͘

dŚĞŽŵƉĂŶLJŚĂƐĂĚŽƉƚĞĚĂŽĚĞŽĨŽŶĚƵĐƚĨŽƌŝƌĞĐƚŽƌƐǁŚŝĐŚĐĂŶďĞĂĐĐĞƐƐĞĚŽŶƚŚĞǁĞďƐŝƚĞ͘

ŽƵŶĐŝůZĞĐŽŵŵĞŶĚĂƚŝŽŶϯ͘Ϯ͗

ŽŵƉĂŶŝĞƐƐŚŽƵůĚĞƐƚĂďůŝƐŚĂƉŽůŝĐLJĐŽŶĐĞƌŶŝŶŐĚŝǀĞƌƐŝƚLJ͕ĂŶĚĚŝƐĐůŽƐĞƚŚĞƉŽůŝĐLJŽƌĂƐƵŵŵĂƌLJŽĨƚŚĂƚƉŽůŝĐLJ͘dŚĞƉŽůŝĐLJ ƐŚŽƵůĚŝŶĐůƵĚĞƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƚŚĞďŽĂƌĚƚŽĞƐƚĂďůŝƐŚŵĞĂƐƵƌĂďůĞŽďũĞĐƚŝǀĞƐĨŽƌĂĐŚŝĞǀŝŶŐŐĞŶĚĞƌĚŝǀĞƌƐŝƚLJĂŶĚĨŽƌƚŚĞďŽĂƌĚ ƚŽĂƐƐĞƐƐĂŶŶƵĂůůLJďŽƚŚƚŚĞŽďũĞĐƚŝǀĞƐĂŶĚƉƌŽŐƌĞƐƐŝŶĂĐŚŝĞǀŝŶŐƚŚĞŵ

dŚĞŽŵƉĂŶLJƉĂƌƚůLJĐŽŵƉůŝĞƐǁŝƚŚƚŚŝƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶ͘

dŚĞŽŵƉĂŶLJƌĞĐŽŐŶŝƐĞƐƚŚĞďĞŶĞĨŝƚƐĂƌŝƐŝŶŐĨƌŽŵĞŵƉůŽLJĞĞĂŶĚďŽĂƌĚĚŝǀĞƌƐŝƚLJ͕ŝŶĐůƵĚŝŶŐĂĐĐĞƐƐŝŶŐĚŝĨĨĞƌĞŶƚƉĞƌƐƉĞĐƚŝǀĞƐ ĂŶĚŝĚĞĂƐĂŶĚďĞŶĞĨŝƚƚŝŶŐĨƌŽŵĂŐƌĞĂƚĞƌƉŽŽůŽĨƚĂůĞŶƚ͘

dŚĞŽĂƌĚŚĂƐĂĚŽƉƚĞĚĂŝǀĞƌƐŝƚLJWŽůŝĐLJ͕ĂĐŽƉLJŽĨǁŚŝĐŚŝƐĂǀĂŝůĂďůĞŽŶƚŚĞŽŵƉĂŶLJ͛ƐǁĞďƐŝƚĞ͘dŚĞŽŵƉĂŶLJŚĂƐĂƉŽůŝĐLJ ŶŽƚƚŽĚŝƐĐƌŝŵŝŶĂƚĞŽŶƚŚĞďĂƐŝƐŽĨŐĞŶĚĞƌ͕ĂŐĞ͕ƌĞůŝŐŝŽŶĞƚĐ͘

&ĂĐƚŽƌƐƐƵĐŚĂƐŐĞŶĚĞƌ͕ƌĂĐĞ͕ĂŐĞŽƌĚŝƐĂďŝůŝƚLJĂƌĞŝƌƌĞůĞǀĂŶƚĂŶĚĂƌĞŶŽƚƚĂŬĞŶŝŶƚŽĂĐĐŽƵŶƚǁŚĞŶŵĂŬŝŶŐĞŵƉůŽLJŵĞŶƚ ĚĞĐŝƐŝŽŶƐ͘/ŶĂůůĐĂƐĞƐ͕ƚŚĞƉĞƌƐŽŶŵŽƐƚƐƵŝƚĞĚƚŽƚŚĞƉŽƐŝƚŝŽŶŝƐƐĞůĞĐƚĞĚďĂƐĞĚŽŶƚŚĞŝƌƐŬŝůůƐĂŶĚƋƵĂůŝĨŝĐĂƚŝŽŶƐǁŝƚŚŽƵƚďŝĂƐ ŽƌƉƌĞũƵĚŝĐĞ͘

ŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŽŵƉĂŶLJ͛ƐƉŽůŝĐLJŽĨŶŽŶͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶ͕ƚŚĞŽĂƌĚŚĂƐĐŚŽƐĞŶŶŽƚƚŽƐĞƚƐƉĞĐŝĨŝĐŵĞĂƐƵƌĂďůĞƚĂƌŐĞƚƐĨŽƌ ŐĞŶĚĞƌĚŝǀĞƌƐŝƚLJ͘

ŽƵŶĐŝůZĞĐŽŵŵĞŶĚĂƚŝŽŶϯ͘ϯ͗

ŽŵƉĂŶŝĞƐƐŚŽƵůĚĚŝƐĐůŽƐĞŝŶĞĂĐŚĂŶŶƵĂůƌĞƉŽƌƚƚŚĞŵĞĂƐƵƌĂďůĞŽďũĞĐƚŝǀĞƐĨŽƌĂĐŚŝĞǀŝŶŐŐĞŶĚĞƌĚŝǀĞƌƐŝƚLJ͘

ŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŽŵƉĂŶLJ͛ƐƉŽůŝĐLJŽĨŶŽŶͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶ͕ƚŚĞŽĂƌĚŚĂƐĐŚŽƐĞŶŶŽƚƚŽƌĞƉŽƌƚ͕ƐƉĞĐŝĨŝĐŵĞĂƐƵƌĂďůĞƚĂƌŐĞƚƐ ĨŽƌŐĞŶĚĞƌĚŝǀĞƌƐŝƚLJ͘

ŽƵŶĐŝůZĞĐŽŵŵĞŶĚĂƚŝŽŶϯ͘ϰ͗

ŽŵƉĂŶŝĞƐƐŚŽƵůĚĚŝƐĐůŽƐĞŝŶĞĂĐŚĂŶŶƵĂůƌĞƉŽƌƚƚŚĞƉƌŽƉŽƌƚŝŽŶŽĨǁŽŵĞŶĞŵƉůŽLJĞĞƐŝŶƚŚĞǁŚŽůĞŽƌŐĂŶŝƐĂƚŝŽŶ͕ǁŽŵĞŶŝŶ ƐĞŶŝŽƌĞdžĞĐƵƚŝǀĞƉŽƐŝƚŝŽŶƐĂŶĚǁŽŵĞŶŽŶƚŚĞďŽĂƌĚ͘

dŚĞŽŵƉĂŶLJĐŽŵƉůŝĞƐǁŝƚŚƚŚŝƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶĂŶĚƉƌŽǀŝĚĞƐƚŚĞĨŽůůŽǁŝŶŐĚŝƐĐůŽƐƵƌĞ͖

EŽ͘ŽĨĨĞŵĂůĞďŽĂƌĚŵĞŵďĞƌƐĂƐĂƚϯϭDĂƌĐŚϮϬϭϰ	ϭ;ϮϱйͿ
EŽŽĨĞŵƉůŽLJĞĞƐĂƐĂƚϯϭDĂƌĐŚϮϬϭϯ	Ϯ;ϯϯйͿ
EŽ͘ŽĨĨĞŵĂůĞĞŵƉůŽLJĞĞƐŝŶƐĞŶŝŽƌƉŽƐŝƚŝŽŶƐĂƐĂƚϯϭDĂƌĐŚϮϬϭϰ	ϭ;ϯϯйͿ
EŽ͘ŽĨĨĞŵĂůĞĐŽŶƚƌĂĐƚŽƌƐĂƐĂƚϯϭDĂƌĐŚϮϬϭϰ	ϭ;ϱϬйͿ
EŽ͘ŽĨĨĞŵĂůĞĐŽŶƚƌĂĐƚŽƌƐŝŶƐĞŶŝŽƌƉŽƐŝƚŝŽŶƐĂƐĂƚϯϭDĂƌĐŚϮϬϭϰ	ϭ;ϱϬйͿ

ŽƵŶĐŝůZĞĐŽŵŵĞŶĚĂƚŝŽŶϯ͘ϱ͗

WƌŽǀŝĚĞƚŚĞŝŶĨŽƌŵĂƚŝŽŶŝŶĚŝĐĂƚĞĚŝŶƚŚĞ'ƵŝĚĞƚŽƌĞƉŽƌƚŝŶŐŽŶWƌŝŶĐŝƉůĞϯ͘

dŚĞŽŵƉĂŶLJĐŽŵƉůŝĞƐǁŝƚŚƚŚŝƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶ͘

CORPORATE GOVERNANCE STATEMENT

SAFEGUARD INTEGRITY IN FINANCIAL REPORTING Δ.

Council Principle 4:

Companies should have a structure to independently verify and safequard the integrity of their financial reporting

Council Recommendation 4.1:

The Board should establish an audit committee.

An audit committee has been established.

The Company complies with this Recommendation.

Council Recommendation 4.2.

The audit committee should be structured so that it:

consists only of non-executive directors;
consists of a majority of independent directors;
is chaired by an independent chair, who is not chair of the board;
has at least three members.

The Audit Committee has three members, consisting of two independent directors, Dr Macdonald and Dr Etheridge and one non-independent director, Ms Forsyth Stock.

The Audit Committee is chaired by Dr Macdonald, who is an independent director and is not the Chairman of the Board

Council Recommendation 4.3

The audit committee should have a formal charter.

The audit committee has a charter.

Council Recommendation 4.4:

Provide the information indicated in the Guide to reporting on Principle 4.

The Company complies with this recommendation, except that one member of the Audit Committee is an Executive Director, and provides the following disclosure.

The audit committee met three times during the year. All members of the Committee attended the meetings. The Board has only two independent directors and therefore is not currently able to satisfy the requirement for at least three members all of whom are to be non-executive. The Board does not believe that the appointment of an additional independent director is justified simply to satisfy the minimum requirements for sub-committees.

The external auditor, Ernst & Young, has a rotation policy such that partners must rotate off a client after five successive years, for at least two years. Ernst & Young became the Company's auditor during 2012.

MAKE TIMELY AND BALANCED DISCLOSURE 5.

Council Principle 5:

Companies should promote timely and balanced disclosure of all material matters concerning the Company

Council Recommendation 5.1:

Establish written policies and procedures designed to ensure compliance with ASX Listing Rule disclosure requirements and to ensure accountability at a senior executive level for that compliance and disclose those policies or a summary of those policies.

The Company complies with this recommendation.

The Company has adopted a Continuous Disclosure Policy which is available on its website.

Council Recommendation 5.2:

WƌŽǀŝĚĞƚŚĞŝŶĨŽƌŵĂƚŝŽŶŝŶĚŝĐĂƚĞĚŝŶƚŚĞ'ƵŝĚĞƚŽƌĞƉŽƌƚŝŶŐŽŶWƌŝŶĐŝƉůĞϱ͘

dŚĞŽŵƉĂŶLJĐŽŵƉůŝĞƐǁŝƚŚƚŚŝƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶ͘

ϲ͘ Z^Wdd,Z/',d^K&^,Z,K>Z^

ŽƵŶĐŝůWƌŝŶĐŝƉůĞϲ͗

ŽŵƉĂŶŝĞƐƐŚŽƵůĚƌĞƐƉĞĐƚƚŚĞƌŝŐŚƚƐŽĨƐŚĂƌĞŚŽůĚĞƌƐĂŶĚĨĂĐŝůŝƚĂƚĞƚŚĞĞĨĨĞĐƚŝǀĞĞdžĞƌĐŝƐĞŽĨƚŚŽƐĞƌŝŐŚƚƐ

ŽƵŶĐŝůZĞĐŽŵŵĞŶĚĂƚŝŽŶϲ͘ϭ͗

ĞƐŝŐŶ Ă ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ƉŽůŝĐLJ ĨŽƌ ƉƌŽŵŽƚŝŶŐ ĞĨĨĞĐƚŝǀĞ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ǁŝƚŚ ƐŚĂƌĞŚŽůĚĞƌƐ ĂŶĚ ĞŶĐŽƵƌĂŐŝŶŐ ƚŚĞŝƌ ƉĂƌƚŝĐŝƉĂƚŝŽŶĂƚŐĞŶĞƌĂůŵĞĞƚŝŶŐƐĂŶĚĚŝƐĐůŽƐĞƚŚĂƚƉŽůŝĐLJŽƌĂƐƵŵŵĂƌLJŽĨƚŚĂƚƉŽůŝĐLJ͘

dŚĞŽŵƉĂŶLJĐŽŵƉůŝĞƐǁŝƚŚƚŚŝƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶ͘

dŚĞŽŵƉĂŶLJŚĂƐĂĚŽƉƚĞĚĂ^ŚĂƌĞŚŽůĚĞƌŽŵŵƵŶŝĐĂƚŝŽŶ^ƚƌĂƚĞŐLJǁŚŝĐŚŝƐĂǀĂŝůĂďůĞŽŶŝƚƐǁĞďƐŝƚĞ͘

ŽƵŶĐŝůZĞĐŽŵŵĞŶĚĂƚŝŽŶϲ͘Ϯ͗

WƌŽǀŝĚĞƚŚĞŝŶĨŽƌŵĂƚŝŽŶŝŶĚŝĐĂƚĞĚŝŶƚŚĞ'ƵŝĚĞƚŽƌĞƉŽƌƚŝŶŐŽŶWƌŝŶĐŝƉůĞϲ͘

dŚĞŽŵƉĂŶLJĐŽŵƉůŝĞƐǁŝƚŚƚŚŝƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶ͘

ϳ͘ ZK'E/^EDE'Z/^<

ŽƵŶĐŝůWƌŝŶĐŝƉůĞϳ͗

ŽŵƉĂŶŝĞƐƐŚŽƵůĚĞƐƚĂďůŝƐŚĂƐŽƵŶĚƐLJƐƚĞŵŽĨƌŝƐŬŽǀĞƌƐŝŐŚƚĂŶĚŵĂŶĂŐĞŵĞŶƚĂŶĚŝŶƚĞƌŶĂůĐŽŶƚƌŽů

ŽƵŶĐŝůZĞĐŽŵŵĞŶĚĂƚŝŽŶϳ͘ϭ͗

ŽŵƉĂŶŝĞƐƐŚŽƵůĚĞƐƚĂďůŝƐŚƉŽůŝĐŝĞƐĨŽƌƚŚĞŽǀĞƌƐŝŐŚƚĂŶĚŵĂŶĂŐĞŵĞŶƚŽĨŵĂƚĞƌŝĂůďƵƐŝŶĞƐƐƌŝƐŬƐĂŶĚĚŝƐĐůŽƐĞĂƐƵŵŵĂƌLJŽĨ ƚŚŽƐĞƉŽůŝĐŝĞƐ͘

dŚĞŽŵƉĂŶLJĐŽŵƉůŝĞƐǁŝƚŚƚŚŝƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶ͘

dŚĞŽŵƉĂŶLJŚĂƐĂZŝƐŬDĂŶĂŐĞŵĞŶƚWŽůŝĐLJǁŚŝĐŚŝƐĂǀĂŝůĂďůĞŽŶƚŚĞǁĞďƐŝƚĞ͘

ŽƵŶĐŝůZĞĐŽŵŵĞŶĚĂƚŝŽŶϳ͘Ϯ

dŚĞ ďŽĂƌĚ ƐŚŽƵůĚ ƌĞƋƵŝƌĞ ŵĂŶĂŐĞŵĞŶƚ ƚŽ ĚĞƐŝŐŶ ĂŶĚ ŝŵƉůĞŵĞŶƚ ƚŚĞ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽů ƐLJƐƚĞŵ ƚŽ ŵĂŶĂŐĞƚŚĞŽŵƉĂŶLJΖƐŵĂƚĞƌŝĂůďƵƐŝŶĞƐƐƌŝƐŬƐĂŶĚƌĞƉŽƌƚƚŽŝƚŽŶǁŚĞƚŚĞƌƚŚŽƐĞƌŝƐŬƐĂƌĞďĞŝŶŐŵĂŶĂŐĞĚĞĨĨĞĐƚŝǀĞůLJ͘dŚĞ ďŽĂƌĚ ƐŚŽƵůĚ ĚŝƐĐůŽƐĞ ƚŚĂƚ ŵĂŶĂŐĞŵĞŶƚ ŚĂƐ ƌĞƉŽƌƚĞĚ ƚŽ ŝƚ ĂƐ ƚŽƚŚĞ ĞĨĨĞĐƚŝǀĞŶĞƐƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ŝƚƐ ŵĂƚĞƌŝĂůďƵƐŝŶĞƐƐƌŝƐŬƐ͘

dŚĞ ŽĂƌĚ ďĞůŝĞǀĞƐ ƚŚĞ ƌŝƐŬŵĂŶĂŐĞŵĞŶƚĂŶĚ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽů ƐLJƐƚĞŵƐ ĚĞƐŝŐŶĞĚ ĂŶĚ ŝŵƉůĞŵĞŶƚĞĚ ďLJ ƚŚĞ ŚŝĞĨdžĞĐƵƚŝǀĞ KĨĨŝĐĞƌ ĂŶĚ ƚŚĞ ŚŝĞĨ &ŝŶĂŶĐŝĂů KĨĨŝĐĞƌ ĂƌĞ ĂĚĞƋƵĂƚĞ ŐŝǀĞŶ ƚŚĞ ƐŝnjĞ ĂŶĚ ŶĂƚƵƌĞ ŽĨ ƚŚĞ ĐŽŵƉĂŶLJ͛Ɛ ĂĐƚŝǀŝƚŝĞƐ͘ dŚĞ ŽĂƌĚ ĐŽŶĨŝƌŵƐƚŚĂƚŵĂŶĂŐĞŵĞŶƚƌĞƉŽƌƚĞĚƚŽŝƚĂƐƚŽƚŚĞĞĨĨĞĐƚŝǀĞŶĞƐƐŽĨƚŚĞŽŵƉĂŶLJΖƐŵĂŶĂŐĞŵĞŶƚŽĨŝƚƐŵĂƚĞƌŝĂůďƵƐŝŶĞƐƐƌŝƐŬƐ ĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚ͘

ŽƵŶĐŝůZĞĐŽŵŵĞŶĚĂƚŝŽŶϳ͘ϯ

dŚĞ ďŽĂƌĚ ƐŚŽƵůĚ ĚŝƐĐůŽƐĞǁŚĞƚŚĞƌŝƚ ŚĂƐ ƌĞĐĞŝǀĞĚ ĂƐƐƵƌĂŶĐĞ ĨƌŽŵ ƚŚĞ ĐŚŝĞĨĞdžĞĐƵƚŝǀĞ ŽĨĨŝĐĞƌ ;Žƌ ĞƋƵŝǀĂůĞŶƚͿĂŶĚ ƚŚĞ ĐŚŝĞĨ ĨŝŶĂŶĐŝĂů ŽĨĨŝĐĞƌ ;Žƌ ĞƋƵŝǀĂůĞŶƚͿ ƚŚĂƚ ƚŚĞ ĚĞĐůĂƌĂƚŝŽŶ ƉƌŽǀŝĚĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƐĞĐƚŝŽŶ Ϯϵϱ ŽĨ ƚŚĞ ŽƌƉŽƌĂƚŝŽŶƐ Đƚ ŝƐ ĨŽƵŶĚĞĚ ŽŶ Ă ƐŽƵŶĚ ƐLJƐƚĞŵ ŽĨ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽů ĂŶĚ ƚŚĂƚ ƚŚĞ ƐLJƐƚĞŵ ŝƐ ŽƉĞƌĂƚŝŶŐ ĞĨĨĞĐƚŝǀĞůLJ ŝŶ Ăůů ŵĂƚĞƌŝĂůƌĞƐƉĞĐƚƐŝŶƌĞůĂƚŝŽŶƚŽĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐƌŝƐŬƐ͘

ŽŵƉĂŶLJĐŽŵƉůŝĞƐǁŝƚŚƚŚŝƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶ͘

dŚĞŽĂƌĚƌĞĐĞŝǀĞƐĂƐƐƵƌĂŶĐĞ ĨƌŽŵƚŚĞŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌĂŶĚƚŚĞŚŝĞĨ&ŝŶĂŶĐŝĂůKĨĨŝĐĞƌŝŶƚŚĞ ĨŽƌŵŽĨĂĚĞĐůĂƌĂƚŝŽŶ͕ ƉƌŝŽƌƚŽĂƉƉƌŽǀŝŶŐƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

ŽƵŶĐŝůZĞĐŽŵŵĞŶĚĂƚŝŽŶϳ͘ϰ͗

WƌŽǀŝĚĞƚŚĞŝŶĨŽƌŵĂƚŝŽŶŝŶĚŝĐĂƚĞĚŝŶƚŚĞ'ƵŝĚĞƚŽƌĞƉŽƌƚŝŶŐŽŶWƌŝŶĐŝƉůĞϳ͘

dŚĞŽŵƉĂŶLJĐŽŵƉůŝĞƐǁŝƚŚƚŚŝƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶĂŶĚƉƌŽǀŝĚĞƐƚŚĞĨŽůůŽǁŝŶŐĚŝƐĐůŽƐƵƌĞ͖

dŚĞ ďŽĂƌĚ ŚĂƐ ƌĞĐĞŝǀĞĚ ĂƐƐƵƌĂŶĐĞ ĨƌŽŵ ƚŚĞ ŚŝĞĨ džĞĐƵƚŝǀĞ KĨĨŝĐĞƌ ĂŶĚ ƚŚĞ ŚŝĞĨ &ŝŶĂŶĐŝĂů KĨĨŝĐĞƌ ƚŚĂƚ ƚŚĞ ĚĞĐůĂƌĂƚŝŽŶ ƉƌŽǀŝĚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƐĞĐƚŝŽŶϮϵϱŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚŝƐ ĨŽƵŶĚĞĚŽŶĂƐŽƵŶĚƐLJƐƚĞŵŽĨƌŝƐŬŵĂŶĂŐĞŵĞŶƚĂŶĚ ŝŶƚĞƌŶĂůĐŽŶƚƌŽůĂŶĚƚŚĂƚƚŚĞƐLJƐƚĞŵŝƐŽƉĞƌĂƚŝŶŐĞĨĨĞĐƚŝǀĞůLJŝŶĂůůŵĂƚĞƌŝĂůƌĞƐƉĞĐƚƐŝŶƌĞůĂƚŝŽŶƚŽĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐƌŝƐŬƐ͘

ϴ͘ ZDhEZd&/Z>zEZ^WKE^/>z

ŽƵŶĐŝůWƌŝŶĐŝƉůĞϴ͗

ŽŵƉĂŶŝĞƐ ƐŚŽƵůĚ ĞŶƐƵƌĞ ƚŚĂƚ ƚŚĞ ůĞǀĞů ĂŶĚ ĐŽŵƉŽƐŝƚŝŽŶ ŽĨ ƌĞŵƵŶĞƌĂƚŝŽŶ ŝƐ ƐƵĨĨŝĐŝĞŶƚ ĂŶĚ ƌĞĂƐŽŶĂďůĞ ĂŶĚ ƚŚĂƚ ŝƚƐ ƌĞůĂƚŝŽŶƐŚŝƉƚŽƉĞƌĨŽƌŵĂŶĐĞŝƐĐůĞĂƌ͘

ŽƵŶĐŝůZĞĐŽŵŵĞŶĚĂƚŝŽŶϴ͘ϭ

dŚĞŽĂƌĚƐŚŽƵůĚĞƐƚĂďůŝƐŚĂƌĞŵƵŶĞƌĂƚŝŽŶĐŽŵŵŝƚƚĞĞ͘

dŚĞĐŽŵƉĂŶLJŚĂƐĂZĞŵƵŶĞƌĂƚŝŽŶŽŵŵŝƚƚĞĞ͘

dŚĞĨŽƌŵĂůĐŚĂƌƚĞƌŽĨƚŚĞZĞŵƵŶĞƌĂƚŝŽŶŽŵŵŝƚƚĞĞǁĂƐĂĚŽƉƚĞĚŽŶϮϬDĂƌĐŚϮϬϬϳ͘

ŽƵŶĐŝůZĞĐŽŵŵĞŶĚĂƚŝŽŶϴ͘Ϯ

dŚĞƌĞŵƵŶĞƌĂƚŝŽŶĐŽŵŵŝƚƚĞĞƐŚŽƵůĚďĞƐƚƌƵĐƚƵƌĞĚƐŽƚŚĂƚŝƚ͖

x ŽŶƐŝƐƚƐŽĨĂŵĂũŽƌŝƚLJŽĨŝŶĚĞƉĞŶĚĞŶƚĚŝƌĞĐƚŽƌƐ͖
x /ƐĐŚĂŝƌĞĚďLJĂŶŝŶĚĞƉĞŶĚĞŶƚĐŚĂŝƌ
x ,ĂƐĂƚůĞĂƐƚƚŚƌĞĞŵĞŵďĞƌƐ

dŚĞŽŵƉĂŶLJĐŽŵƉůŝĞƐǁŝƚŚƚŚŝƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶ͘

dŚĞZĞŵƵŶĞƌĂƚŝŽŶŽŵŵŝƚƚĞĞŚĂƐƚŚƌĞĞŵĞŵďĞƌƐĐŽŶƐŝƐƚŝŶŐŽĨƚŚĞŝŶĚĞƉĞŶĚĞŶƚĚŝƌĞĐƚŽƌƐ͕ƌDĂĐĚŽŶĂůĚĂŶĚƌƚŚĞƌŝĚŐĞ ĂŶĚƚŚĞŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ͕DƌĂƌĞŶ͘

dŚĞZĞŵƵŶĞƌĂƚŝŽŶŽŵŵŝƚƚĞĞŵĞƚŽŶĐĞĚƵƌŝŶŐƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͘ůůŵĞŵďĞƌƐŽĨƚŚĞŽŵŵŝƚƚĞĞĂƚƚĞŶĚĞĚƚŚŝƐŵĞĞƚŝŶŐ͘

dŚĞ ZĞŵƵŶĞƌĂƚŝŽŶ ŽŵŵŝƚƚĞĞ ŝƐ ĐŚĂŝƌĞĚ ďLJ ƌ DĂĐĚŽŶĂůĚ͘ dŚĞ ZĞŵƵŶĞƌĂƚŝŽŶ ĐŽŵŵŝƚƚĞĞ ĐŚĂƌƚĞƌ ĐĂŶ ďĞ ĂĐĐĞƐƐĞĚ Ăƚ ǁǁǁ͘ĐůĂŶĐLJĞdžƉůŽƌĂƚŝŽŶ͘ĐŽŵ

ŽƵŶĐŝůZĞĐŽŵŵĞŶĚĂƚŝŽŶϴ͘ϯ

ŽŵƉĂŶŝĞƐƐŚŽƵůĚĐůĞĂƌůLJĚŝƐƚŝŶŐƵŝƐŚƚŚĞƐƚƌƵĐƚƵƌĞŽĨŶŽŶͲĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌƐ͛ƌĞŵƵŶĞƌĂƚŝŽŶĨƌŽŵƚŚĂƚŽĨĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌƐ ĂŶĚƐĞŶŝŽƌĞdžĞĐƵƚŝǀĞƐ͘

dŚĞŽŵƉĂŶLJĐŽŵƉůŝĞƐǁŝƚŚƚŚŝƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶ͘

dŚĞďƌŽĂĚƌĞŵƵŶĞƌĂƚŝŽŶƉŽůŝĐLJŝƐƚŽĞŶƐƵƌĞƚŚĂƚƌĞŵƵŶĞƌĂƚŝŽŶƉƌŽƉĞƌůLJƌĞĨůĞĐƚƐƚŚĞƌĞůĞǀĂŶƚƉĞƌƐŽŶΖƐĚƵƚŝĞƐĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͕ĂŶĚƚŚĂƚƚŚĞƌĞŵƵŶĞƌĂƚŝŽŶŝƐĐŽŵƉĞƚŝƚŝǀĞŝŶĂƚƚƌĂĐƚŝŶŐ͕ƌĞƚĂŝŶŝŶŐĂŶĚŵŽƚŝǀĂƚŝŶŐƉĞŽƉůĞŽĨƚŚĞŚŝŐŚĞƐƚ ƋƵĂůŝƚLJ͘dŚĞŽĂƌĚďĞůŝĞǀĞƐƚŚĂƚƚŚĞďĞƐƚǁĂLJƚŽĂĐŚŝĞǀĞƚŚŝƐŽďũĞĐƚŝǀĞŝƐƚŽƉƌŽǀŝĚĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌƐĂŶĚĞdžĞĐƵƚŝǀĞƐǁŝƚŚ ĂƌĞŵƵŶĞƌĂƚŝŽŶƉĂĐŬĂŐĞĐŽŶƐŝƐƚŝŶŐŽĨ͖

;ŝͿ ĨŝdžĞĚĐŽŵƉŽŶĞŶƚƐƚŚĂƚƌĞĨůĞĐƚƚŚĞƉĞƌƐŽŶ͛ƐƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͕ĚƵƚŝĞƐĂŶĚƉĞƌƐŽŶĂůƉĞƌĨŽƌŵĂŶĐĞ͖ĂŶĚ
;ŝŝͿ ƐŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƐŝŶƚŚĞĨŽƌŵŽĨŽƉƚŝŽŶƐŽƌƐŚĂƌĞƐĂƐĂŶŝŶĐĞŶƚŝǀĞ͘

dŚĞƌĞŵƵŶĞƌĂƚŝŽŶŽĨEŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌƐŝƐĚĞƚĞƌŵŝŶĞĚďLJƚŚĞŽĂƌĚĂƐĂǁŚŽůĞŚĂǀŝŶŐƌĞŐĂƌĚƚŽƚŚĞůĞǀĞůŽĨĨĞĞƐƉĂŝĚ ƚŽEŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌƐďLJŽƚŚĞƌĐŽŵƉĂŶŝĞƐŽĨƐŝŵŝůĂƌƐŝnjĞŝŶƚŚĞŝŶĚƵƐƚƌLJ͘

dŚĞĂŐŐƌĞŐĂƚĞĂŵŽƵŶƚƉĂLJĂďůĞƚŽƚŚĞŽŵƉĂŶLJ͛ƐEŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌƐŝŶƌĞƐƉĞĐƚŽĨŶŽŶͲĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌĨĞĞƐŵƵƐƚŶŽƚ ĞdžĐĞĞĚ ƚŚĞ ŵĂdžŝŵƵŵ ĂŶŶƵĂů ĂŵŽƵŶƚ ĂƉƉƌŽǀĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƐŚĂƌĞŚŽůĚĞƌƐ͕ ǁŚŝĐŚ ŝƐ ĐƵƌƌĞŶƚůLJ ƐĞƚ Ăƚ ΨϮϬϬ͕ϬϬϬ ƉĞƌ ĂŶŶƵŵ͘

Ɛ ƉĂƌƚ ŽĨ ƚŚĞŝƌ ƌĞŵƵŶĞƌĂƚŝŽŶ ƉĂĐŬĂŐĞƐ͕ ŶŽŶͲĞdžĞĐƵƚŝǀĞ ĚŝƌĞĐƚŽƌƐ ŽĨ ƚŚĞ ĐŽŵƉĂŶLJ ǁĞƌĞ ;ŝŶ ϮϬϭϮͿ ŐƌĂŶƚĞĚ ƐŚĂƌĞƐ ŝŶ ƚŚĞ ĐŽŵƉĂŶLJ͘&ŽƌĂĐŽŵƉĂŶLJŽĨƚŚĞƐŝnjĞĂŶĚĐĂƐŚƌĞƐŽƵƌĐĞƐŽĨůĂŶĐLJdžƉůŽƌĂƚŝŽŶƚŚŝƐŝƐĂƵƐĞĨƵůƚŽŽůĨŽƌĂƚƚƌĂĐƚŝŶŐĂŶĚƌĞƚĂŝŶŝŶŐ ƋƵĂůŝƚLJĚŝƌĞĐƚŽƌƐǁŝƚŚŽƵƚĚŝŵŝŶŝƐŚŝŶŐƚŚĞĐŽŵƉĂŶLJ͛ƐĐĂƐŚƌĞƐŽƵƌĐĞƐ͘

CORPORATE GOVERNANCE STATEMENT

Council Recommendation 8.4:

Provide the information indicated in the Guide to reporting on Principle 8.

The Company complies with this recommendation and provides the following disclosures;

The Company currently has no schemes for retirement benefits, other than superannuation for directors. $\blacksquare$
$\blacksquare$ The Company does not have any unvested entitlements under any equity-based remuneration schemes.

Clancy Exploration Limited ACN 105 578 756

PO Box 7040 Orange NSW 2800 Ph: (02) 6361 1285 Fax: (02) 6361 1202 Email: [email protected] Website: www.clancyexploration.com

AI assistant

RAREX LIMITED — Annual Report 2013

65681_rns_2014-04-01_ea2cefcc-6cb1-40fb-848d-68f297f8822b.pdf

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Bass Metals JV's

(Bass 75%, Clancy 25%)

TNT Mines IV's

(TNT 75%, Clancy 25%)

DIRECTORS' REPORT

$1.$ Directors

(i) Names, Qualifications and Experience

Dr Michael Etheridge, FTSE, FAICD, FAIG, FGSA

(Non-Executive Chairman) 67 Years

Gordon Barnes, BSc, MSc, MAIG, MSEG, GAICD

(Managing Director) 49 years

DIRECTORS' REPORT

$1.$ Directors (continued)

Dr James Macdonald, BA (Hon), MSc, PhD, PGeo, FSEG, MAICD (Non-Executive, (Technical)) 59 Years

Natalie Forsyth-Stock, B.Bus, M.Bus, GAICD Executive Director, 47 Years

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DIRECTORS' REPORT

9. Significant Events After Balance Date

10. Indemnity for Group Officers and Auditors

11. Remuneration Report - Audited

Remuneration Policy

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RAREX LIMITED Annual Report 2013