THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to what action you should take, you should immediately consult a person authorised under the Financial Services and Markets Act 2000, as amended, ("FSMA") who specialises in advising on the acquisition of shares and other securities.

This document comprises a prospectus relating to SolGold plc ("the Company") and has been prepared in accordance with the Prospectus Rules of the Financial Conduct Authority (the "FCA") made under section 73A of FSMA and has been filed with the FCA and has been made available to the public as required by the Prospectus Rules. This document has been approved as a prospectus by the FCA under section 87A of FSMA and relates to all of the ordinary shares in the share capital of the Company ("Ordinary Shares").

This document will be made available to the public in accordance with the Prospectus Rule 3.2.1 by the same being made available, free of charge, at the National Storage Mechanism and at the Company's registered office at c/o Locke Lord (UK) LLP, 201 Bishopsgate, London EC2M 3AB, England.

Applications will be made to the FCA for all of the Ordinary Shares to be admitted to the Official List of the UK Listing Authority (the "Official List") (by way of a standard listing under Chapter 14 of the listing rules published by the UK Listing Authority under section 73A of FSMA as amended from time to time (the "Listing Rules")) and to London Stock Exchange plc (the "London Stock Exchange") for such Ordinary Shares to be admitted to trading on the London Stock Exchange's main market for listed securities ("Admission"). The Ordinary Shares are already listed on the Toronto Stock Exchange ("TSX") and the AIM Market of London Stock Exchange ("AIM"). No application has been made or is currently intended to be made for the Ordinary Shares to be admitted to listing or dealt with on any other exchange. It is expected that Admission will become effective, and that unconditional dealings in the Ordinary Shares will commence, at 8.00 a.m. on 6 October 2017. Trading of the Ordinary Shares on AIM will be cancelled on Admission.

This document has been prepared solely in respect of Admission and no Ordinary Shares or other securities are being offered for subscription or sale pursuant to this document. This prospectus is being made publically available for information purposes only and does not require any action to be taken by Shareholders. This prospectus does not constitute an offer or invitation to any person to subscribe for or purchase and securities of the Company or any other entity.

The Company and its Directors (whose names appear on page 22 of this document) accept the information contained in this document. To the best of the knowledge of the Company and the Directors (who have taken all reasonable care to ensure that such is the case), the information contained in this document is in accordance with the facts and contains no omission likely to affect the import of such information.

THE WHOLE OF THE TEXT OF THIS DOCUMENT SHOULD BE READ BY PROSPECTIVE INVESTORS. YOUR ATTENTION IS SPECIFICALLY DRAWN TO THE DISCUSSION OF CERTAIN RISKS AND OTHER FACTORS THAT SHOULD BE CONSIDERED IN CONNECTION WITH AN INVESTMENT IN THE ORDINARY SHARES, AS SET OUT IN THE SECTION ENTITLED "RISK FACTORS" BEGINNING ON PAGE 13 OF THIS DOCUMENT.

SOLGOLD PLC

(Incorporated in England and Wales under company number 05449516)

Admission of up to 1,604,599,454 Ordinary Shares of 1p each to the Official List (by way of a Standard Listing under Chapter 14 of the Listing Rules) and to trading on the London Stock Exchange's main market for listed securities

The Ordinary Shares may not be taken up, offered, sold, resold, transferred or distributed, directly or indirectly within, into or in the United States except pursuant to an exemption from, or in a transaction that is not subject to, the registration requirements of the Securities Act. There will be no public offer in the United States. The Company has not been and will not be registered under the US Investment Company Act of 1940 ("US Investment Company Act") pursuant to the exemption provided by Section 3(c)(7) thereof, and Investors will not be entitled to the benefits of the US Investment Company Act.

The Ordinary Shares have not been approved or disapproved by the US Securities Exchange Commission, any State securities commission in the United States or any other US regulatory authority, nor have any of the foregoing authorities passed comment upon or endorsed the merits of the Placing or adequacy of this document. Any representations to the contrary is a criminal offence in the United States.

The Ordinary Shares are subject to selling and transfer restrictions in certain jurisdictions. The Ordinary Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state or other jurisdiction of the United States or under applicable securities laws of Australia, the Republic of South Africa, the Republic of Ireland or Japan. Subject to certain exceptions, the Ordinary Shares may not be, offered, sold, resold, transferred or distributed, directly or indirectly, within, into or in the United States or to or for the account or benefit of persons in the United States, Australia, the Republic of South Africa, the Republic of Ireland, Japan or any other jurisdiction where such offer or sale would violate the relevant securities laws of such jurisdiction.

SUMMARY	Page No. 3
RISK FACTORS	13
FORWARD LOOKING STATEMENTS	19
STATISTICS AND TIMETABLE	20
CONSEQUENCES OF A STANDARD LISTING	21
DIRECTORS, SECRETARY AND ADVISERS TO THE COMPANY	22
PART I INFORMATION ON THE GROUP	23
PART II COMPETENT PERSON'S REPORT	44
PART III FINANCIAL INFORMATION	142
PART IV ADDITIONAL INFORMATION	154
PART V DEFINITIONS	188
PART VI GLOSSARY OF TECHNICAL TERMS	193
APPENDICES HISTORICAL INFORMATION ON THE GROUP
APPENDIX A: AUDITED FINANCIAL INFORMATION FOR THE YEAR ENDED 30 JUNE 2017	204
APPENDIX B: AUDITED FINANCIAL INFORMATION FOR THE YEAR ENDED 30 JUNE 2016	278

APPENDIX C: AUDITED FINANCIAL INFORMATION FOR THE YEAR ENDED 30 JUNE 2015 344

SUMMARY OF KEY INFORMATION

This summary should be read as an introduction only to this document and any decision to invest in the Company should be based on consideration of this document as a whole by the investor. Investors should note that if a claim relating to the information contained in this document is brought by an investor before a court, the investor bringing the claim might, under the national legislation of the EEA States, have to bear the costs of translating the document before legal proceedings are initiated. Civil liability attaches to those persons who are responsible for this summary, including any translation of this summary, but only if the summary is misleading, inaccurate or inconsistent when read together with other parts of this document.

		SECTION A—INTRODUCTION AND WARNINGS
A.1	Warning to	This summary should be read as an introduction to this document.
	investors	Any decision to invest in the Ordinary Shares should be based on consideration of this document as a whole by the investor.
		Where a claim relating to the information contained in this document is brought before a court, the plaintiff investor might under the national legislation of the EEA States, have to bear the costs of translating this document before legal proceedings are initiated.
		Civil liability attaches only to those persons who have tabled this summary including any translation thereof but only if this summary is misleading, inaccurate or inconsistent when read together with the other parts of this document or it does not provide, when read together with the other parts of this document, key information in order to aid investors when considering whether to invest in such securities.
A.2	Consent for intermediaries	Not applicable; this is not a public offer of securities and consent will not be given by the Company for the use of this document for subsequent resale or final placement of securities by financial intermediaries.

		SECTION B—ISSUER
B.1	Legal and commercial name	The legal and commercial name of the issuer is SolGold Plc.
B.2	Domicile/Legal form/Legislation/ Country of incorporation	The Company was incorporated and registered in England and Wales with company number 05449516 on 11 May 2005 as a private limited company under the Companies Act 1985. The Company re-registered as a public limited company on 22 December 2005 under the name Solomon Gold Plc. The Company changed its name to SolGold Plc on 28 May 2012.
B.3	Current operations/ Principal activities and markets	The Company is a Brisbane based copper/gold exploration and development company that has a diverse portfolio of exploration projects in Ecuador, Australia and the Solomon Islands.
		Ecuador The Company holds an 85 per cent. indirect interest in the Cascabel Concession in Ecuador through its shareholding in the Company's subsidiary, Exploraciones Novomining S. A. ("ENSA"), which in turn holds a 100 per cent. ownership interest of the Cascabel Concession. The Company also holds 31,153,092 shares and 10 million warrants exercisable at CAD\$0.10 in Cornerstone, which is the entity that holds the remaining 15 per cent. interest in ENSA. Accordingly, through the shares currently held in Cornerstone, the Company has a further indirect interest in the Cascabel Concession of approximately 0.8 per cent.
		Cascabel is the Company's flagship project and the directors believe that it shows significant potential of hosting an economic resource. The Cascabel Project is an advanced exploration project.
		The Cascabel Project is located within the Imbabura province of northern Ecuador, approximately 100 km north of the capital Quito and 50 km north-northwest of the provincial capital, Ibarra.
		The Cascabel Concession applies to an area over approximately 50 km2. The Cascabel Concession was registered with the Ministry of Energy and Mines on 7 May 2010 and

		has a term of 25 years which expires on 7 May 2035. On 23 August 2013, the Company was granted the Environmental Licence permitting it to carry out diamond drilling.
		The mineralised system at the first drill target area at the Cascabel Project, Alpala, is considered by the directors to be extensive and the limits of this system have not yet been fully drill tested and assessed. The Company is focusing on extending the dimensions of the Alpala deposit before completing a resource estimate. Currently the target zone at Alpala is 1.3 kms long with a vertical extent of 1800m high with a higher grade section 1300m high and a zonal thickness of approximately 400m. The Company is targeting extensions to the mineralisation discovered at the Cascabel Project to the North East, South East and South West prior to calculation and release of the maiden resource estimate. In addition other targets evident at Aguinaga, Tandayama – America Trevino, and Moran are expected to be tested over the next 2 years of exploration.
		At Alpala, 42,422.06m of drilling has been completed for 35 drill holes with 30 valid drill hole tests including 3 deviated holes, and only 2 have missed the deposit. Holes 5, 9, 12, 15R2, 16, 17, 18, 19, 21 and 23R delivered very significant intersections consisting of up to 1.5km of continuous mineralisation after grading over 1 per cent. Copper Equivalent. Drill hole CSD-15-012 returned results comparable to the larger copper porphyry projects in operation around the world, with 1,560m grading 0.59 per cent. copper and 0.54 g/t gold for 0.93 per cent. Copper Equivalent.
		The Company proposes to test extensions of Alpala and drill test the other copper gold targets, particularly Alpala, Alpala South East, Hematite Hill, Trivinio, Moran, Aguinaga and Tandayama-America. The Company is proposing to complete 122,550m of drilling to the end of 2018.
		The Company currently has approximately US\$65 million of cash to invest in its assets which will primarily be used to advance its core asset, the Cascabel Project. The Directors are presently anticipating expending not less than approximately 91 per cent. of the Company's existing cash on exploration costs on the Cascabel Project over the next 18 months following Admission.
		The Company has been granted a total of 59 licences in Ecuador in addition to the Cascabel Concession which are held in four subsidiaries. These areas have no previous published exploration results and present speculative targets for exploration activities over the next 18 months which are expected to be prospective in nature and not involve significant expenditure of the Company's existing cash resources. Similarly, the Directors expect that the expenditure on the non-core projects in the Solomon Islands and Australia will not impact materially on the Company's existing cash resources.
		The Company's material asset is the Cascabel Project. Whilst it will continue to fund administrative costs in relation to the maintenance of its non-material licences in Australia, it does not anticipate incurring any further expenditure in respect of the exploration of those assets until the development of the Cascabel Project is substantially advanced.
		Australia
		In Queensland, Australia, the Company has identified the following projects: (i) the Mount Perry Project; (ii) the Normanby Project; (iii) the Rannes Project; and (iv) the Cracow West Project. The Company has not conducted any recent exploration activity on these projects. Joint venture opportunities have been sought for these projects and, while there has been interest from several junior exploration and mining companies, due to the continued challenging equities markets, companies have found it difficult to raise exploration funds. As such, no joint venture deals resulting in the commencement of exploration have materialized.
		The Company's interest in the Australian projects are held by Central Minerals Pty Limited (which holds the Rannes Licence and the Cracow West Licence) and Acapulco Mining Pty Ltd (which holds the Mount Perry Licence and the Normanby Licence).
B.4	Significant trends	Market Trends:
		Whilst exploration for copper in mature provinces has increased in recent years the amount of copper being discovered has declined and the tonnage and grade of copper resources in undeveloped inventories has also declined increasing the supply demand. The same trend is evident in gold. In addition there is a general trend in most mining jurisdictions towards an improved culture of permitting responsible resource development. The copper/gold exploration and mining companies are showing an increasing trend towards the investigation of large porphyry copper gold

		systems as a source of large gold inventories forming a credit to a copper orebody. Copper porphyries are generally geologically young and have therefore not been subject to the type of destructive or attenuating physical faulting and structuring that geologically much older pure gold terrain as found in West Africa have suffered.
		Ecuador is currently driving a reformation of popular regulatory and legislative support for the development of a mining industry. This trend in Ecuador has been driven by a decline in oil and gas revenues and resources from the Western Amazon Basin.
		Trends in porphyry exploration
		Porphyry copper gold exploration around the world has been made considerably more cost effective than was the case 20 years ago. This is due to the rapid advancement in the understanding of metal zonation in porphyry mineralisation systems and the
		relationship between the amount of oxygen in the porphyry systems and grade. Geophysical exploration techniques which seek and analyse signals from mineralised zones have become over the same period considerably more sophisticated. Higher power magnetic and electrical survey units mean that more data can be collected quicker, cheaper and deeper using both ground based and aerial systems. Powerful three dimensional modelling techniques are based on integrated analysis of magnetic and electric signals from magnetic minerals and sulphide minerals. These modelling techniques mean that magnetic and electric iso surfaces in these models are more reliably matching to copper mineralisation in porphyry systems. As a result the Company anticipates that accurate 3d models for magnetics and electrical properties could become proxies for copper grades enabling these techniques to be predictive.
		Economic trends:
		Copper prices are increasing recently in response to inexorable global growth and specific new broader uses for copper, including for electric cars, antibiotic applications, light communications and power supply in undeveloped nations and such general use. This is expected to continue to at least the end of the calendar year 2018. Copper is
		expected to be in shortfall with stock piles depleted by the end of calendar year 2018.
B.5	Group structure	The Company is the ultimate parent company of the Group that has a diverse portfolio of exploration projects in Ecuador and Australia.
		The Company has the following wholly owned subsidiaries:
		Australian Resources Management (ARM) Pty Ltd ●
		Acapulco Mining Pty Ltd ●
		Central Minerals Pty Ltd ●
		Solomon Operations Ltd ●
		Honiara Holdings Pty Ltd ●
		Guadalcanal Exploration Pty Ltd ●
		Carnegie Ridge Resources S.A. ●
		Green Rock Resources S.A. ●
		Valle Rico Resources S.A. ●
		Cruz Del Sol S.A. ●
		The Company also owns (directly) 85 per cent. of the issued share capital of its subsidiary ENSA which holds 100% of the Cascabel Concession. As at the date of this document, the Company holds a further indirect interest of approximately 0.8 per cent. in the Cascabel Concession through its share holding in Cornerstone which holds 15 per cent of ENSA. The Company holds 31,153,092 shares in Cornerstone which equates to approximately 5.34 per cent. of the issued share capital of Cornerstone. In addition, the Company holds 10 million warrants exercisable at CAD\$0.10 in Cornerstone.
B.6	Major	On Admission, the following Shareholders will have a notifiable interest in the issued
	shareholders	shares of the Company:
				Percentage
			No. of Ordinary	of issued ordinary
		Shareholder	Shares	share capital
		Newcrest International	220,462,271	14.54%
		DGR Global	204,151,800	13.46%
		Cornerstone	170,156,414	11.22%
		Tenstar Guyana Goldfield Inc.	143,206,062 103,125,000	9.44% 6.80%
		Nicholas Mather	90,768,275	5.99%

		On Admission, save as otherwise disclosed in this document, such Shareholders will not have special voting rights and the Ordinary Shares owned by them will rank pari passu in all respects with other Ordinary Shares.
B.7	Selected historical key	The table below sets out the summary financial information of the Group for the years ended 30 June 2015, 2016 and 2017.
	financial information	(in thousands of AUD)	2015 (audited) \$	For the year ended 30 June 2016 (audited) \$	2017 (audited) \$
		Revenue	–	–	–
		Expenses Administrative Exploration costs written-off Movement in fair value of derivative liability	(3,067) (1,175) – ––––––––	(2,553) (1,555) (1,378) ––––––––	(8,232) (17) – ––––––––
		Operating loss Finance income	(4,242) 10	(5,486) 1	(8,249) –
		Finance costs	(7) ––––––––	(238) ––––––––	(74) ––––––––
		Loss before tax Tax expense (benefit)	(4,239) –	(5,723) –	(8,323) (3,823)
		Loss for the year/period	–––––––– (4,239) –––––––– ––––––––	–––––––– (5,723) –––––––– ––––––––	–––––––– (4,500) –––––––– ––––––––
		Other comprehensive income Change in fair value of available-for-sale financial assets Exchange differences on translation of	(2,045)	191	8,921
		foreign operations	1,159 ––––––––	1,049 ––––––––	(2,089) ––––––––
		Total comprehensive income for the year	(5,125) –––––––– ––––––––	(4,483) –––––––– ––––––––	2,332 –––––––– ––––––––
		Current assets Non-current assets	473 32,224 ––––––––	298 43,202 ––––––––	90,620 76,094 ––––––––
		Total assets	32,697 –––––––– ––––––––	43,500 –––––––– ––––––––	166,714 –––––––– ––––––––
		Current liabilities Non-current liabilities	2,338 –	8,519 –	2,741 –
		Total liabilities	–––––––– 2,338 ––––––––	–––––––– 8,519 ––––––––	–––––––– 2,741 ––––––––
		Net Assets	–––––––– 30,359 –––––––– ––––––––	–––––––– 34,981 –––––––– ––––––––	–––––––– 163,973 –––––––– ––––––––
		Since 30 June 2017 (being the end of the last financial period of the Group for which financial information has been published), there has been no significant change in the financial or trading position of the Group or operating position of the Group, except for the issue of a total of 3,290,000 Ordinary Shares to Newcrest International pursuant to the Newcrest Subscription Agreement raising A\$0.43 million and the exercise of employment Options raising A\$0.93 million. On 9 August 2017, there were 46,762,000 unlisted options granted to Directors, certain employees and contractors. There were no significant changes in the financial or trading position of the Group during the period covered by the Financial Statements.
B.8	Selected key pro forma financial information	Not applicable; there is no pro forma financial information.
B.9	Profit forecast or estimate	Not applicable; no profit forecast or estimate is made.
B.10	Qualified audit report	Not applicable; there are no qualifications in the accountant's report on the historical financial information.
B.11	Insufficient working capital	Not applicable; the Company is of the opinion that the working capital available to the Group is sufficient for its present requirements, that is for at least 12 months from the date of this document.

		SECTION C—SECURITIES
C.1	Description of the type and the class of the securities being offered	Not applicable; no securities are being offered.
C.2	Currency of the securities issue	The currency of the Ordinary Shares is Pounds Sterling.
C.3	Issued share capital	The nominal value of the total issued share capital of the Company immediately following Admission will be up to £16,045,994.54 divided into up to 1,604,599,454 Ordinary Shares of 1p each on a fully diluted basis. When admitted to trading, the Shares will be registered with ISIN GB00B0WD0R35 and SEDOL number B0WD0R3, and that the Ordinary Shares will be traded under the ticker SOLG.
C.4	Rights attached to the securities	The liability of the members of the Company is limited to the amount, if any, unpaid on the Ordinary Shares held by them.
		Subject to the provisions of the Acts and Statutes and to any special rights for the time being attached to any existing shares, any shares may be allotted or issued with or have attached to them such preferred, deferred or other special rights or restrictions whether in regard to dividends, voting, transfer, return of capital or otherwise as the Company may from time to time by ordinary resolution determine or if no such resolution has been passed or so far as the resolution does not make specific provision as the Board may determine.
		Subject to any rights or restrictions attached to shares, on a vote on a resolution on a show of hands at a meeting, every member who (being an individual) is present in person or by proxy shall have one vote, and on a poll every member shall have one vote for every share of which he is the holder.
		A share held in certificated form may be transferred by an instrument of transfer in any usual form or in any other form which the Board may approve, which shall be executed by or on behalf of the transferor and, unless the share is fully paid, by or on behalf of the transferee. A share held in uncertificated form may be transferred by means of a relevant system in accordance with the CREST Regulations. The transferor shall be deemed to remain the holder of the share until the transferee is entered on the Register as its holder.
		The Board may also refuse to register a transfer of shares held in certificated form unless the instrument of transfer is:
		(a) in respect of a share which is fully paid up;
		(b) in respect of a share on which the Company has no lien;
		(c) in respect of only one class of shares;
		(d) in favour of a single transferee or not more than four joint transferees;
		(e) duly stamped (if so required); and (f) delivered for registration to the Company's registered office or such other place as the Board may from time to time determine, accompanied (except in the case of a transfer by a recognised person where a certificate has not been issued) by the certificate for the shares to which it relates and such other evidence as the Board may reasonably require to prove the title of the transferor and the due execution by him of the transfer or if the transfer is executed by some other person on his behalf, the authority of that person to do so,
		provided that such discretion may not be exercised in such a way as to prevent dealings in such shares from taking place on an open and proper basis.
		Subject to the provisions of the Acts and the Statutes, the Company may by ordinary resolution declare dividends in accordance with the respective rights of the members, but no dividend shall exceed the amount recommended by the Board.
		If the Company is wound up, the liquidator may, with the sanction of a special resolution of the Company and any other sanction required by law, divide among the members in specie the whole or any part of the assets of the Company and

	may, for that purpose, value any assets and determine how the division shall be carried out as between the members or different classes of members. Any such division may be otherwise than in accordance with the existing rights of the members but if any division is resolved otherwise than in accordance with such rights the members shall have the same right of dissent and consequential rights as if such resolution were a special resolution passed pursuant to section 111 of the Insolvency Act 1986. The liquidator may, with the like sanction, vest the whole or any part of the assets in trustees upon such trusts for the benefit of the members as he with the like sanction determines, but no member shall be compelled to accept any assets upon which there is a liability.
	Unless otherwise determined by ordinary resolution of the Company, the number of Directors shall not be less than two or more than eight.
	Subject to the provisions of the Articles, the Company may by ordinary resolution appoint a person who is willing to act to be a Director either to fill a vacancy or as an additional Director.
	Each Director shall retire from office and shall be eligible for reappointment at the third annual general meeting after the general meeting at which he was appointed or last reappointed. If the Company, at the meeting at which a Director retires under this Article, does not fill the vacancy the retiring Director shall, if willing to act, be deemed to have been reappointed unless at the meeting it is resolved not to fill the vacancy or unless a resolution for the reappointment of the Director is put to the meeting and lost.
	Subject to the provisions of the Acts and the Articles and to any directions given by special resolution, the business of the Company shall be managed by the Board which may exercise all the powers of the Company. A Director may, and the Secretary at the request of a Director shall, call a meeting of the Board.
	The quorum for the transaction of the business of the Board may be fixed by the Board and unless so fixed at any other number shall be two.
	Questions arising at a meeting shall be decided by a majority of votes of the participating directors, with each director having one vote. In the case of an equality of votes the chairman shall have a second or casting vote.
	The ordinary remuneration of the Directors (other than any alternate Directors) shall be such amount as the Directors shall from time to time determine (not exceeding £250,000 per annum unless otherwise approved by the Company in general meeting). The Directors may be paid all travelling, hotel and other expenses as they may incur in connection with their attendance at meetings of the Board or of committees of the Board or general meetings or separate meetings of the holders of any class of shares or debentures of the Company or otherwise in connection with the discharge of their duties.
	The Directors may authorise, to the fullest extent permitted by law, any matter proposed to them which would otherwise result in a Director infringing his duty under section 175 of the Companies Act to avoid a situation in which he has, or can have, a direct or indirect interest that conflicts, or possibly may conflict, with the interests of the Company and which may reasonably be regarded as likely to give rise to a conflict of interest.
	Authorisation of such a matter is effective only if:
	(a) any requirement as to quorum at the meeting of the Directors at which the matter is considered is met without counting the Director in question and any other interested Director; and
	(b) the matter has been agreed to without the Director in question and any other interested Director voting or would have been agreed to if their votes had not been counted.
	The Board may exercise all the powers of the Company to borrow money, to guarantee, to indemnify, to mortgage or charge all or any part of the undertaking, property and assets (present and future) and uncalled capital of the Company, to issue debentures and other securities and to give security, whether outright or as collateral security, for any debt, liability or obligation of the Company or of any third party.

		All meetings other than annual general meetings shall be called general meetings. The Board may call general meetings and, on the requisition of members pursuant to the provisions of the Acts and the statutes, shall forthwith convene a general meeting.
		An annual general meeting shall be called by at least 21 clear days' notice. Every other general meeting shall, subject to the provisions of the Act, be called by at least 14 clear days' notice.
		Every notice of meeting shall specify the place, the day and the time of the meeting and the general nature of the business to be transacted and, in the case of an annual general meeting, shall specify the meeting as such. Every notice calling a meeting for the passing of a special resolution shall specify the intention to propose the resolution as a special resolution and the terms of the resolution.
		Two members present in person or by proxy and entitled to vote upon the business to be transacted at the meeting shall be a quorum. A Director shall be entitled to attend and speak at any general meeting and at any separate meeting of the holders of any class of shares in the Company, notwithstanding that he is not a member, or not a holder of the class of shares in question.
C.5	Restrictions on transferability	Not applicable; all Ordinary Shares are freely transferable.
C.6	Application for admission to trading on a regulated market	Application has been made for the Ordinary Shares to be admitted to a Standard Listing on the Official List and to trading on the London Stock Exchange's main market for listed securities. The Ordinary Shares are already listed on the Toronto Stock Exchange ("TSX") and the AIM Market of London Stock Exchange ("AIM"). No application has been made or is currently intended to be made for the Ordinary Shares to be admitted to listing or dealt with on any other exchange. It is expected that Admission will become effective and that unconditional dealings will commence at 8.00 a.m. on 6 October 2017.
C.7	Dividend policy	The Company has not paid dividends since its incorporation. While there are no restrictions precluding the Company from paying dividends, it anticipates using all available cash resources toward its stated business objectives. At present, the Company's policy is to retain earnings, if any, to finance its business operations. The Board will determine if and when dividends should be declared and paid in the future based on the Company's financial position at the relevant time. See "Risk Factors".

	SECTION D—RISKS
D.1	Key information	Geopolitical, Regulatory and Sovereign Risk
	on the key risks that are specific to the issuer or its industry	The Company's exploration and development activities and its operations depend on its ability to obtain, sustain or renew various mineral rights, licenses, permits, authorisations and regulatory approvals (collectively, "Regulatory Consents") from governmental and quasi-governmental authorities. The Company's ability to obtain, sustain or renew such Regulatory Consents on acceptable terms and on a timely basis is subject to changes in regulations and policies and to the discretion of the Ecuadorian governmental and quasi-governmental bodies. The Company may not be able to obtain, sustain or renew its Regulatory Consents and they may not be obtainable on reasonable terms or on a timely basis.
		The Cascabel Project is subject to certain risks and possible political and economic instability specific to Ecuador, such as political unrest, labour disputes, invalidation of government orders, permits or property rights, risk of corruption including violations under applicable foreign corrupt practices laws, civil disturbances, criminal acts, arbitrary changes in laws, expropriation, nationalization, renegotiation or nullification of existing agreements and changes to monetary or taxation policies. The occurrence of any of these risks may adversely affect the mining industry, mineral exploration and mining activities generally in Ecuador and could result in the impairment or loss of mineral concessions or other mineral rights. The Ecuadorian government has broad authority to shut down and/or levy fines against companies that do not comply with Ecuadorian legal regulations or

standards. The Cascabel Project may be exposed to potentially adverse risks associated with the evolving rules and laws governing mining expansion and development in Ecuador. Operations may be affected in varying degrees by government regulations with respect to restrictions on production, price controls, export controls, income taxes, limitations on foreign ownership, ownership of assets, expropriation of property, environmental legislation and mine safety. Additionally, the Company's operations may be detrimentally affected in the event that the Ecuadorian government were to default on its foreign debt obligations or become subject to wider global economic and investment uncertainty. Whilst the Company is not aware of any current material changes in legislative, regulatory and public policy initiatives in Ecuador, recent presidential election may result in a change of policy, which may adversely affect the Cascabel Project or the Company's ability to operate successfully in Ecuador. The Company is not, however, able to ascertain any potential risk as a result of any change of policy at this time given the short period that has passed since the new president was elected. Under the current legislative regime, a mining company must enter into an exploitation contract with the Ecuadorian Government prior to exploitation of natural resources. There is no certainty that the Company will be able to successfully enter into an exploitation contract, or enter into one on commercially favourable terms, and such a scenario may adversely impact the Cascabel Project or render it uneconomical. Without the protection of a signed exploitation agreement, there is also a risk that successor governmental bodies will revoke or significantly alter the

conditions of the applicable exploration and mining authorisations and surface rights. In addition, such exploration and mining authorisations and surface rights may be challenged or impugned by third parties. In addition, there is a risk that the Company will not be able to renew the Cascabel Concession in the future. Inability to renew the Cascabel Concession could result in the loss of the Cascabel Project. Furthermore, the Company may not be able to acquire any additional surface rights required on reasonable terms or at all.

Cascabel Project

The Cascabel Project is the Company's flagship property. Actual development costs may differ materially from the Company's estimates and may render the development of the Cascabel Project economically unfeasible. The Company is largely dependent upon the Cascabel Project for future revenue and profits, if any. Should the development of the Cascabel Project not be possible or practicable for political, engineering, technical or economic reasons, then the Company's business and financial position will be significantly and adversely affected.

If the Group discovers a potentially economic resource or reserve at the Cascabel Project, there is no assurance that the Group will be able to develop a mine thereon, or otherwise commercially exploit such resource or reserve which could materially adversely affect the Company's financial condition and prospects.

Title Risk

The Cascabel Project may be subject to prior unregistered agreements or transfers or native or indigenous peoples' land claims and title maybe affected by undetected defects or governmental actions. No assurance can be given that title defects do not exist. If a title defect does exist, it is possible that may lose all or a portion of the Cascabel Property to which the title defects relates.

Land Access Risk

Access to land for exploration purposes in Australia can be affected by land ownership, including private (freehold) land, pastoral lease and native title land or indigenous claims. Immediate access to land in the areas of activities cannot in all cases be guaranteed. The Company may be required to seek consent of land holders or other persons or groups with an interest in real property encompassed by, or adjacent to, the Company's tenements. Compensation may be required to be paid by the Company to land holders so that the Company may carry out exploration and/or mining activities. Where applicable, agreements with indigenous groups have to be in place before a mineral tenement can be granted.

Operational Risks

		to locate or identify deposits and a failure to achieve predicted grade in exploration, mining and processing, the ability to attract and retain personnel, technical difficulties encountered in commissioning and operating plant and equipment, mechanical failures, metallurgical problems which affect extraction rates and costs, adverse weather conditions, industrial and environmental accidents, industrial disputes, unexpected shortages or increases in the costs of consumables, spare parts, plant and equipment, and the ability to develop and maintain the properties held by the Company.
		Financial Risks
		Whilst the Group currently has sufficient working capital for the twelve month period following Admission ("Initial Working Capital Period"), its ability to effectively implement its business strategy over time may depend in part on its ability to raise additional funds and/or its ability to generate revenue from the Cascabel Project. The need for and amount of any additional funds required following the exploration phase at the Cascabel Project is currently unknown and will depend on numerous factors related to the Group's current and future activities.
		If additional working capital is required after the Initial Working Capital Period, the Group would seek to raise additional funds through equity, debt or joint venture financing. There can be no assurance that any such equity, debt or joint venture financing will be available to the Group in a timely manner, on favourable terms, or at all. Any additional equity financing will dilute current shareholdings and debt financing, if available, may involve restrictions on further financing and operating activities.
If adequate funds are not available on acceptable terms when required, the Group may not be able to progress development at the Cascabel Project and this may well result in the delay or indefinite postponement of the Group's current activities.
Volatility of Commodity and Equity Prices
		The Company monitors commodity prices of gold, copper and other metals, individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company. The Company believes that both commodity and equity price movements can have a substantial effect on the market value of the Company's investments and its Ordinary Shares.
		If the market price of gold and copper sold by the Company were to fall below the costs of production and remain at such a level for any sustained period, the Company would experience losses and could have to curtail or suspend some or all of its proposed mining activities. In such circumstances, the Company would also have to assess the economic impact of any sustained lower commodity prices on recoverability.
D.3	Key information	Regulatory Protection
	on the key risks that are specific to the securities	Application will be made for the Ordinary Shares to be admitted to a Standard Listing on the Official List. A Standard Listing will afford Investors in the Company a lower level of regulatory protection than that afforded to investors in a company with a Premium Listing, which is subject to additional obligations under the Listing Rules.
		Realisation of Investment
		Admission to listing on the Official List should not be taken as implying that there will always be a liquid market in the Ordinary Shares. Investors should be aware that the value of the Ordinary Shares may be volatile and may go down as well as up and investors may therefore not recover the full value of their original investment. The price at which investors may dispose of their Ordinary Shares may be influenced by a number of factors, some of which may pertain to the Company and others of which are extraneous. On any disposal investors may realise less than the original amount invested.
		Volatility of Share Price
		The market price of the Ordinary Shares could fluctuate significantly based on a number of factors in addition to those listed in this document, including: the Company's operating performance and the performance of competitors ●
		and other similar companies;

	●	the market's reaction to the Company's press releases, other public announcements and the Company's filings with various securities regulatory authorities;
	●	changes in earnings estimates or recommendations by research analysts who track the Ordinary Shares or the shares of other companies in the resource sector;
	●	changes in general economic conditions;
	●	the number of Ordinary Shares publicly traded;
	●	the arrival or departure of key personnel;
	●	acquisitions, strategic alliances or joint ventures involving the Company, the Group or its competitors; and
	●	the factors associated with 'Forward-looking Statements'.

	SECTION E—OFFER
E.1	Total net proceeds/ expenses	Not applicable; no offer is being made.
E.2a	Reasons for the offer and use of proceeds	Not applicable; no offer is being made.
E.3	Terms and conditions of the offer	Not applicable; no offer is being made.
E.4	Material interests	Not applicable; no offer is being made.
E.5	Selling Shareholders/ Lock-up agreements	Not applicable; no person or entity is offering to sell the relevant securities.
E.6	Dilution	Not applicable; no offer is being made.
E.7	Expenses charged to investors	Not applicable; no offer is being made.

RISK FACTORS

You should consider carefully the following risk factors, as well as the other information in this document, before investing in the Ordinary Shares. Potential investors should read the whole of this document and not rely solely on the information in this section entitled "Risk Factors". The Group's business, operating results and financial condition could be adversely affected if any of the following risks were to occur and as a result the trading price of the Ordinary Shares could decline and investors could lose part or all of their investment. The Directors consider the following risk factors to be significant for potential investors. Additional risks and uncertainties currently unknown to the Directors or which the Directors currently believes are immaterial, may also have a material adverse effect on its financial condition or prospects or the trading price of an Ordinary Share.

A. RISKS RELATING TO THE GROUP AND ITS INDUSTRY

Geopolitical, Regulatory and Sovereign Risk

The Company's principal exploration tenement is located in Ecuador and is therefore subject to the risks associated with operating in a foreign jurisdiction. As Ecuador is a developing country, its legal and political system is emerging when compared to those in operation in the United Kingdom. Such risks include, but are not limited to:

economic, social or political instability or change;
hyperinflation, currency non-convertibility or instability;
changes of law affecting foreign ownership, government participation, taxation, working conditions, rates of exchange, exchange control, exploration licensing, export duties, resource rent taxes, repatriation of capital, environmental protection, mine safety and labour relations;
government control over mineral properties or government regulations that require the employment of local staff or contractors or require other benefits to be provided to local residents; and
delays and declines in the standard and effective operation of the Company's activities, unforeseen and un-budgeted costs, and/or threats to occupational health and safety as a consequence of geopolitical, regulatory and sovereign risk.

The Company's future exploration and development activities and its operations may depend on its ability to obtain, sustain or renew various mineral rights, licenses, permits, authorisations and regulatory approvals (collectively, "Regulatory Consents") from governmental and quasi-governmental authorities. The Company's ability to obtain, sustain or renew such Regulatory Consents on acceptable terms and on a timely basis is subject to changes in regulations and policies and to the discretion of the Ecuadorian governmental and quasi-governmental bodies. The Company may not be able to obtain, sustain or renew its Regulatory Consents and they may not be obtainable on reasonable terms or on a timely basis.

The Cascabel Project is subject to certain risks and possible political and economic instability specific to Ecuador, such as political unrest, labour disputes, invalidation of government orders, permits or property rights, risk of corruption including violations under applicable foreign corrupt practices laws, civil disturbances, criminal acts, arbitrary changes in laws, expropriation, nationalization, renegotiation or nullification of existing agreements and changes to monetary or taxation policies. The occurrence of any of these risks may adversely affect the mining industry, mineral exploration and mining activities generally in Ecuador and could result in the impairment or loss of mineral concessions or other mineral rights.

The Ecuadorian government has broad authority to shut down and/or levy fines against companies that do not comply with Ecuadorian legal regulations or standards. The Cascabel Project may be exposed to potentially adverse risks associated with the evolving rules and laws governing mining expansion and development in Ecuador. Operations may be affected in varying degrees by government regulations with respect to restrictions on production, price controls, export controls, income taxes, limitations on foreign ownership, ownership of assets, expropriation of property, environmental legislation and mine safety. Additionally, the Company's operations may be detrimentally affected in the event that the Ecuadorian government were to default on its foreign debt obligations or become subject to wider global economic and investment uncertainty. Whilst the Company is not aware of any current material changes in legislative, regulatory and public policy initiatives in Ecuador, the recent presidential election may result in a change of policy, the outcome of which may adversely affect the Cascabel Project or the Company's ability to operate successfully in Ecuador. The Company is not, however, able to ascertain any potential risk as a result of a change of policy at this time, given the short period that has passed since the new president was elected.

As with all jurisdictions in which the Company has interests, a particular permitting regime exists in Ecuador with which the Company must comply. Before commencing any exploration activity, the Company may be required to negotiate access and compensation arrangements with any interested land access groups and relevant authorities in Ecuador. The Company has engaged experienced advisors and consultants to assist with negotiations, however, there is no guarantee that all necessary access and compensation arrangements will be entered in a timely manner, on favourable terms, without onerous conditions or at all. Similarly, no guarantees can be made as to timeframes within which negotiations may be finalised or the reasonableness of third parties. Failure to obtain all necessary access and negotiate compensations arrangements may have a material adverse effect on the Company.

Under the current legislative regime, a mining company must enter into an exploitation contract with the Ecuadorian Government prior to exploitation of natural resources. There is no certainty that the Company will be able to successfully enter into an exploitation contract, or enter into one on commercially favourable terms, and such a scenario may adversely impact the Cascabel Project or render it uneconomical. Without the protection of a signed exploitation agreement, there is also a risk that successor governmental bodies will revoke or significantly alter the conditions of the applicable exploration and mining authorisations and surface rights. In addition, such exploration and mining authorisations and surface rights may be challenged or impugned by third parties. In addition, there is a risk that the Company will not be able to renew the Cascabel Concession in the future. Inability to renew the Cascabel Concession could result in the loss of the Cascabel Project. Furthermore, the Company may not be able to acquire any additional surface rights required on reasonable terms or at all.

Cascabel Project

The Company is a party to various contracts (such as contracts with contractors or other service providers currently or in the future used by the Group, including providers of engineering, project management and mineral processing services). All dealings with third parties have an inherent associated risk by virtue of the fact a party is relying on another to perform and uphold an agreement or promise of some form. No assurance can be given that all contracts to which the Company is a party will be fully performed by all contracting parties. In the event a contracting party breaches its obligations, the Company may have contractual remedies or other avenues of recourse available, however, such avenues of redress may be costly to pursue. Additionally, if a contracting party does not comply with any contractual provisions, there is no guarantee that the Company will be successful in securing compliance or an alternative remedy.

Mining, processing, development and exploration activities depend, to one degree or another, on adequate infrastructure. Reliable roads, bridges, power sources and water supply are important elements of infrastructure, which affect capital and operating costs. The lack of availability on acceptable terms or the delay in the availability of any one or more of these items could prevent or delay exploration or development of the Cascabel Project. If adequate infrastructure is not available in a timely manner, there is a risk that (i) the exploration or development of the Cascabel Project will not be commenced or completed on a timely basis, if at all, (ii) the resulting operations will not achieve the anticipated production volume or (iii) the anticipated construction costs and ongoing operating costs associated with the exploration and/or development of the Cascabel Project will be higher than anticipated. Furthermore, unusual or infrequent weather phenomena, sabotage, government or other interference in the maintenance or provision of necessary infrastructure could adversely affect the Company's operations and profitability.

Environmental Risk

The Cascabel Project is expected to have an impact on the environment, particularly if advanced exploration or mine development proceeds. Its activities are or will be subject to in-country Ecuadorian national and local laws and regulations regarding environmental hazards. These laws and regulations set various standards regulating certain aspects of health and environmental quality and provide for penalties and other liabilities for the violation of such standards. In certain circumstances they establish obligations to remediate current and former facilities and locations where operations are or were conducted. Significant liability could be imposed on the Company for damages, clean-up costs, or penalties in the event of certain discharges into the environment, environmental damage caused by previous owners of property acquired by the Company or its subsidiaries, or non-compliance with environmental laws or regulations. The Company proposes to minimise these risks by conducting its activities in an environmentally responsible manner, in accordance with applicable laws and regulations, and where possible, by carrying appropriate insurance coverage. Nevertheless, there are certain risks inherent in the Company's proposed activities at the Cascabel Project which could subject it to extensive liability.

Title Risk

Land Access Risk

Land access is critical for exploration and evaluation to succeed. In all cases the acquisition of prospective tenements is a competitive business, in which propriety knowledge or information is critical and the ability to negotiate satisfactory commercial arrangements with other parties is often essential.

Queensland, Australia

Access to land for exploration purposes can be affected by land ownership, including private (freehold) land, pastoral lease and native title land or indigenous claims. Immediate access to land in the areas of activities cannot in all cases be guaranteed. The Company may be required to seek consent of land holders or other persons or groups with an interest in real property encompassed by, or adjacent to, the Company's tenements. Compensation may be required to be paid by the Company to land holders so that the Company may carry out exploration and/or mining activities. Where applicable, agreements with indigenous groups have to be in place before a mineral tenement can be granted.

In Queensland, the Aboriginal Cultural Heritage Act 2003 and the Torres Strait Islander Cultural Heritage Act 2003 (Qld) impose duties of care which require persons, including the Company, to take all reasonable and practical measures to avoid damaging or destroying Aboriginal cultural heritage. This obligation applies across the State of Queensland and requires the Company to develop suitable internal procedures to discharge its duty of care in order to avoid exposure to substantial financial penalties if its activities damage items of cultural significance. Under this legislation, indigenous people can exercise control over land with respect to cultural heritage without necessarily having established the connection element (as required under native title law). This creates a potential risk that the tenement holder may have to deal with several indigenous individuals or corporations, where no native title has been established, to identify and manage cultural heritage issues. This could result in tenement holders requiring lengthy lead times to manage cultural heritage for their projects.

Changing attitudes to environmental, land care, cultural heritage and indigenous land rights' issues, together with the nature of the political process, provide the possibility for future policy changes. There is a risk that such changes may affect the Company's exploration plans or, indeed, its rights and/or obligations with respect to the tenements.

Australian Native Title Risk

The effect of the Native Title Act 1993 (Cth) ("NTA") is that existing and new tenements held by the Company in Australia may be affected by native title claims and procedures. As the Company's Australian properties are not core assets of the Group, the Company has not undertaken the historical, legal or anthropological research and investigations at the date of this report that would be required to form an opinion as to whether any existing or future claim for native title could be upheld over a particular parcel of land covered by a tenement.

There is a potential risk that a determination could be made that native title exists in relation to land the subject of a tenement held or to be held by the Company which may affect the operation of the Company's business and development activities. In the event that it is determined that native title does exist or a native title claim is registered, the Company may need to comply with procedures under the NTA in order to carry out its operations or to be granted any additional rights such as a mining lease. Such procedures may take considerable time, involve the negotiation of significant agreements, involve a requirement to negotiate for access rights, and require the payment of compensation to those persons holding or claiming native title in the land which is the subject of a tenement. The administration and determination of native title issues may have a material adverse impact on the position of the Company in terms of its cash flows, financial performance, business development, ability to pay dividends and share price.

Operational Risks

The current operations of the Company generally include exploration, marketing and, administrative functions any of which may be impacted by a wide range of factors which are outside of the Company's control.

If the Company successfully develops and commissions a mine at the Cascabel Project, the operations of the Company, which would include mining and processing, may be affected by a range of factors. These include, but are not limited to, a failure to locate or identify deposits and a failure to achieve predicted grade in exploration, mining and processing, the ability to attract and retain personnel, technical difficulties encountered in commissioning and operating plant and equipment, mechanical failures, metallurgical problems which affect extraction rates and costs, adverse weather conditions, industrial and environmental accidents, industrial disputes, unexpected shortages or increases in the costs of consumables, spare parts, plant and equipment, and the ability to develop and maintain the properties held by the Company.

The success of the Company's operations at the Cascabel Project will also require the use of outside suppliers, the performance of whom is beyond the Company's control.

Key Personnel

Recruiting and retaining qualified personnel is critical to the Company's success. The Company is dependent on the services of key executives including its Chief Executive Officer and other highly skilled and experienced executives and personnel focused on managing the Company's interests. The number of persons skilled in acquisition, exploration and development of mining properties is limited and competition for such persons is intense. As the Company's business activity grows, the Company will require additional key financial, administrative, geologic and mining personnel as well as additional operations staff. There is a risk that the Company will not be successful in attracting, training and retaining qualified personnel as competition for persons with these skill sets increases. If the Company is not successful in attracting, training and retaining qualified personnel, the efficiency of the Company's operations could be impaired, which could have an adverse impact on the Company's future cash flows, earnings, results of operations and financial condition.

Financial Risks

Whilst the Group currently has sufficient working capital for the twelve month period following Admission ("Initial Working Capital Period"), its ability to effectively implement its business strategy over time may depend in part on its ability to raise additional funds and/or its ability to generate revenue from the Cascabel Project. The need for and amount of any additional funds required following the exploration phase at the Cascabel Project is currently unknown and will depend on numerous factors related to the Group's current and future activities.

If additional working capital is required after the Initial Working Capital Period, the Group would seek to raise additional funds through equity, debt or joint venture financing. There can be no assurance that any such equity, debt or joint venture financing will be available to the Group in a timely manner, on favourable terms, or at all. Any additional equity financing will dilute current shareholdings and debt financing, if available, may involve restrictions on further financing and operating activities.

If adequate funds are not available on acceptable terms when required, the Group may not be able to progress development at the Cascabel Project and this may well result in the delay or indefinite postponement of the Group's current activities.

Tax regimes in Ecuador may be subject to differing interpretations and are subject to change without notice. The Company's interpretation of tax law as applied to its transactions and activities may not coincide with that of the tax authorities. As a result, the taxation applicable to transactions and operations may be challenged or revised by the tax authorities, which could result in significant additional taxes, penalties and/or interest.

There is a risk that restrictions on the repatriation of earnings from Ecuador to foreign entities will be imposed in the future and the Company has no control over withholding tax rates. In addition, there is a risk that new laws and regulations in Ecuador may result in a capital gains tax on profits derived from the sale of shares, ownership interests and other rights, such as exploration rights, of companies with permanent establishments in the country. It has yet to be determined how these new laws and regulations may impact the Company or its Shareholders.

The Company transacts a significant portion of its business in USD, which is the currency of Ecuador, and therefore is subject to foreign exchange risk on USD receivables, trade payables and cash balances. The Company attempts to mitigate these risks by managing its USD inflows and outflows and maintaining a significant portion of it cash and cash deposits in USD. No hedging instruments have been used by the Company, however, depending upon the nature and level of future foreign exchange transactions, consideration may be given to the use of hedging instruments. The Company believes that it adequately manages its foreign exchange risk.

The Company has no source of operating cash flow to funds its exploration projects and is dependent on raising funds in capital markets from a variety of eligible private, corporate and fund investors, or from interested third parties (including other exploration and mining companies) which may be interested in earning an interest in the exploration project. The success or otherwise of such capital raisings is dependent upon a variety of factors including general equities and metals market sentiment, macro-economic outlook, project prospectivity, operational risks and other factors from time to time. Whilst the Company has sufficient funding for the Initial Working Capital Period, any lack of funding thereafter would likely have a material adverse impact on the financial condition and prospects of the Company.

Volatility of Commodity and Equity Prices

The Company is exposed to price risk with respect to commodity and equity prices. Equity price risk is defined as the potential adverse impact on the Company's earnings due to movements in individual equity prices or general movements in the level of the stock market. Commodity price risk is defined as the potential adverse impact on earnings and economic value due to commodity price movements and volatilities. The Company monitors commodity prices of gold, copper and other metals, individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company. The Company believes that both commodity and equity price movements can have a substantial effect on the market value of the Company's investments and its Ordinary Shares.

The Company's possible future revenues will likely be derived from gold and copper and/or from royalties gained from potential joint ventures or from mineral projects sold. The revenues earned from the Company's operations will also be dependent on the terms of any agreement for the activities. Consequently, the Company's potential future earnings could be closely related to the price of either of these commodities.

Gold and copper prices are affected by numerous industry factors, many of which are beyond the control of the Company. Such factors include, but are not limited to, demand for CDIs, technological advancements, forward selling by producers, production cost levels in major producing regions, macroeconomic factors, inflation, interest rates, currency exchange rates and global and regional demand for, and supply of, gold and copper.

If the market price of gold and copper sold by the Company were to fall below the costs of production and remain at such a level for any sustained period, the Company would experience losses and could have to curtail or suspend some or all of its proposed mining activities. In such circumstances, the Company would also have to assess the economic impact of any sustained lower commodity prices on recoverability.

B. RISKS RELATING TO THE ORDINARY SHARES

Regulatory Protection

Application will be made for the Ordinary Shares to be admitted to a Standard Listing on the Official List. A Standard Listing will afford Investors in the Company a lower level of regulatory protection than that afforded to investors in a company with a Premium Listing, which is subject to additional obligations under the Listing Rules.

Realisation of Investment

Admission to listing on the Official List should not be taken as implying that there will always be a liquid market in the Ordinary Shares. Investors should be aware that the value of the Ordinary Shares may be volatile and may go down as well as up and investors may therefore not recover the full value of their original investment. The price at which investors may dispose of their Ordinary Shares may be influenced by a number of factors, some of which may pertain to the Company and others of which are extraneous. On any disposal investors may realise less than the original amount invested.

Volatility of Share Price

The market price of the Ordinary Shares could fluctuate significantly based on a number of factors in addition to those listed in this document, including:

the Company's operating performance and the performance of competitors and other similar companies;
the market's reaction to the Company's press releases, other public announcements and the Company's filings with various securities regulatory authorities;
changes in earnings estimates or recommendations by research analysts who track the Ordinary Shares or the shares of other companies in the resource sector;
changes in general economic conditions;
the number of Ordinary Shares publicly traded;
the arrival or departure of key personnel;
acquisitions, strategic alliances or joint ventures involving the Company, the Group or its competitors; and
the factors listed under the heading 'Forward-looking Statements' on page 19 of this document.

Payment of Dividends

The Company has not declared or paid any dividends on the Ordinary Shares to date and cannot assure investors that it will pay dividends in the future. The payment of any future dividends will depend upon earnings and the Company's financial condition, current and anticipated cash needs and such other factors as the Directors consider appropriate.

FORWARD LOOKING STATEMENTS

Some of the statements in this document include forward looking statements which reflect the Directors' current views with respect to financial performance, business strategy, plans and objectives of management for future operations (including development plans relating to the Group's products and services). These statements include forward looking statements both with respect to the Group and the sectors and industries in which the Group operates. Statements which include the words "expects", "intends", "plans", "believes", "projects", "anticipates", "will", "targets", "aims", "may", "would", "could", "continue" and similar statements are of a future or forward looking nature.

All forward looking statements address matters that involve risks and uncertainties. Accordingly, there are or will be important factors that could cause the Group's actual results to differ materially from those indicated in these statements. These factors include but are not limited to those described in the part of this document entitled "Risk Factors", which should be read in conjunction with the other cautionary statements that are included in this document. Any forward looking statements in this document reflect the Directors' current views with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to the Group's operations, results of operations and growth strategy.

These forward looking statements speak only as of the date of this document. Subject to any obligations under the Prospectus Rules, the Listing Rules, the Market Abuse Regulation or the Disclosure Guidance and Transparency Rules, the Company undertakes no obligation to publicly update or review any forward looking statement, whether as a result of new information, future developments or otherwise. All subsequent written and oral forward looking statements attributable to the Group or individuals acting on behalf of the Group are expressly qualified in their entirety by this paragraph. Prospective investors should specifically consider the factors identified in this document which could cause actual results to differ before making an investment decision.

STATISTICS

Number of Ordinary Shares in issue following Admission	up to 1,604,599,454
Number of Ordinary Shares under Option	88,353,768
Market Capitalisation	£473.83 million

EXPECTED TIMETABLE

Publication of Prospectus	2 October 2017
Admission to trading on the main market and commencement of dealings in Ordinary Shares	by 8.00 a.m. on 6 October 2017
Cancellation of the admission of the Ordinary Shares to trading on AIM	8.00 a.m. on 6 October 2017

Save in relation to the date upon which the Prospectus is published, each of the times and dates in the above timetable are subject to change.

EXCHANGE RATES

All references to US\$ or USD are to US Dollars, £ are to UK Pounds Sterling and AUS\$ are to Australian Dollars. The rate of exchange used throughout this document is 1.7089 AUS\$ to the £ and 1.3414 USD to the £, unless otherwise stated (being the relevant rate of exchange on 29 September 2017).

CONSEQUENCES OF A STANDARD LISTING

Application will be made for the Ordinary Shares to be admitted to listing on the Official List pursuant to Chapter 14 of the Listing Rules, which sets out the requirements for Standard Listings. Listing Principles 1 and 2 which are contained in Chapter 7 of the Listing Rules will apply to the Company with effect from Admission. As the Company will have a Standard Listing and not a Premium Listing, the Premium Listing Principles will not apply to it. The Company will, however, voluntarily comply with Premium Listing Principles 1, 5 and 6 from Admission.

However, while the Company has a Standard Listing, it is not required to comply with the provisions of, among other things:

Chapter 8 of the Listing Rules regarding the appointment of a sponsor to guide the Company in understanding and meeting its responsibilities under the Listing Rules in connection with certain matters. The Company has not and does not intend to appoint such a sponsor in connection with Admission;
Chapter 9 of the Listing Rules regarding continuing obligations;
Chapter 10 of the Listing Rules relating to significant transactions;
Chapter 11 of the Listing Rules regarding related party transactions;
Chapter 12 of the Listing Rules regarding purchases by the Company of its Ordinary Shares; and
Chapter 13 of the Listing Rules regarding the form and content of circulars to be sent to Shareholders.

It should be noted that the UK Listing Authority will not have the authority to (and will not) monitor the Company's compliance with any of the Listing Rules which the Company has indicated herein that it intends to comply with on a voluntary basis, nor to impose sanctions in respect of any failure by the Company so to comply. However, the FCA should be able to impose sanctions for non-compliance where the statements regarding compliance in this document are themselves misleading, false or deceptive.

DIRECTORS, SECRETARY AND ADVISERS TO THE COMPANY

Directors	John Bovard (Non-executive Director) Nicholas Mather (Chief Executive Officer) Brian Moller (Non-executive Director and Chairman) Robert Maurice Weinberg (Non-executive Director) Craig Jones (Non-executive Director)
Registered Office	c/o Locke Lord (UK) LLP 201 Bishopsgate London EC2M 3AB United Kingdom
Company Secretary	Karl Schlobohm
Legal advisers to the Company as to Australian law	HopgoodGanim Lawyers Level 8 Waterfront Place 1 Eagle Street Brisbane QLD 4000 Australia
Legal advisers to the Company as to English law	Locke Lord (UK) LLP 201 Bishopsgate London EC2M 3AB United Kingdom
Competent Person	SRK Exploration Services Ltd 12 St Andrew's Crescent Cardiff CF10 3DD United Kingdom
Reporting Accountants	BDO LLP 55 Baker Street London W1U 7EU United Kingdom
Auditors	BDO LLP 55 Baker Street London W1U 7EU United Kingdom
Registrars	Computershare Investor Services plc The Pavilions Bridgwater Road Bristol BS99 7NH United Kingdom
Bankers	Macquarie Bank Ltd (Brisbane branch) 345 Queen Street Brisbane QLD 4000 Australia

PART I

INFORMATION ON THE GROUP

1. Introduction

The Company is a Brisbane based copper/gold exploration and development company that has a diverse portfolio of exploration projects in Ecuador and Australia. The Company (through its wholly owned subsidiaries, Australian Resources Management (ARM) Pty Ltd and Guadalcanal Exploration Pty Ltd) has also applied for two prospecting licences, both of which are located in Guadalcanal in the Solomon Islands. The Company has been focused on mineral exploration in the Andean copper belt in northern Ecuador since 2012. The Cascabel Project is the Company's flagship project.

2. Brief History of the Company

The Company was incorporated on 11 May 2005, and its primary focus has since been to acquire, explore and, if appropriate, develop precious metal properties principally in Ecuador and Australia. The following is a summary of key developments in the Company's history:

Calendar Year	Key Milestones
May 2010	The Cascabel Concession is registered with the Ministry of Energy and Mines in the name of ENSA.
July 2011	Santa Barbara Resources and Ms. Silvia Janneth Chavez Arostegui sell the entire issued share capital of ENSA to Cornerstone Ecuador.
February 2013	The Company acquires an initial 20 per cent. equity interest in ENSA.
July 2013	The Company acquires a further 10 per cent. equity interest in ENSA.
November 2013	The Company acquires a further 20 per cent. equity interest in ENSA.
May 2014	The Company acquires a further 35 per cent. equity interest in ENSA, bringing its aggregate equity interest in ENSA to 85 per cent.
March 2015	The Company carries out a fundraising of approximately £3,428,000 pursuant to the Open Offer and enters into the DGR Short Term Loan. The Open Offer results in the Company raising gross proceeds of approximately £2,240,000 for the Cascabel Concession.
October 2015	The Company issues the Convertible Note Deeds to DGR Global and Tenstar for funding of AUS\$1,250,000 and £500,000, respectively.
November 2015	The Company issues 34,252,668 new Ordinary Shares for gross proceeds of £513,790 pursuant to the Placing and issues 28,010,866 Ordinary Shares at a deemed price of 1.5 pence per Ordinary Share in consideration for the settlement of approximately £420,000 of fees due to the Company's drilling contractor and professional advisors.
March 2016	The Convertible Note Deeds are converted to Ordinary Shares at 2.3 pence per Ordinary Share. A total of 50,271,739 Ordinary Shares are issued to DGR Global and Tenstar. In addition, a total of 2,142,457 Ordinary Shares are issued to DGR Global and Tenstar in lieu of interest due to them in connection with the Convertible Note Deeds. DGR Global further elects to convert loans owed to it by the Company of approximately £805,803 into 35,034,896 Ordinary Shares at 2.3 pence per Ordinary Share.
May 2016	The Company subscribes for 10,000,000 common shares in Cornerstone for CAD\$500,000 aggregate in cash.
August 2016	The Company enters into the Maxit Subscription Agreement and issues 268,819,004 Ordinary Shares to Maxit Capital and clients of Maxit Capital.
	The Company enters into the Newcrest Subscription Agreement.
September 2016	The Company receives a further investment proposal from Maxit Capital. Maxit Capital, offers to (i) arrange a cash investment into the Company at a price of

	US\$0.16 per Ordinary Share, for a total aggregate proceeds of US\$20,000,000, or (ii) jointly subscribe with Newcrest International for aggregate proceeds of US\$33,000,000, whereby Newcrest International would subscribe for 10 per cent. of the capital of the Company at US\$0.16 per Ordinary Share for aggregate proceeds of US\$22,863,000, and Maxit Capital and its clients would subscribe for aggregate proceeds of US\$10,137,000 at US\$0.16 per Ordinary Share.
October 2016	The Company enters into the Maxit Second Subscription Agreement and Further Deed of Variation, whereby Newcrest International subscribes for 142,896,661 Ordinary Shares at US\$0.16 per Ordinary Share for aggregate proceeds of US\$22,863,000, and Maxit Capital and its clients subscribe for 63,353,338 Ordinary Shares at US\$0.16 per Ordinary Share for aggregate of US\$10,137,000.
	The Company receives an alternative investment proposal from BHP Billiton (by way of Minera Spence S.A or a nominated affiliate) to acquire, inter alia, 10 per cent. of the capital of the Company for US\$30,000,000 at an implied price of US\$0.22 per Ordinary Share. The BHP Billiton proposal is rejected by the Board.
	Following shareholder approval, the Company issues a total of 63,353,339 Ordinary Shares to Maxit Capital and clients of Maxit Capital pursuant to the Maxit Second Subscription Agreement.
	Following shareholder approval, the Company issues a total of 142,896,661 Ordinary Shares to Newcrest International pursuant to the Newcrest Subscription Agreement.
	The Company subsequently announces that it has signed new drilling contracts underpinning an aggressive four year exploration in respect of the Cascabel Concession.
December 2016	The Company announces that as part of the December Quarterly Review by FTSE, the Company has become a constituent of the FTSE AIM UK 50 companies with effect from 12 December 2016.
June 2017	The Company announces a placing of 78,889,080 Ordinary Shares at 41p per Ordinary Share, raising, in aggregate, US\$41,230,000 (the "Placing"). Pursuant to the Placing, Newcrest International increases its shareholding in the Company to 14.54 per cent. of the total issued share capital.
August 2017	The Company issues a total of 46,762,000 unlisted options to Directors, certain employees and contractors. The options have an exercise price of £0.60 each and can be exercised on or prior to 8 August 2020.
August 2017	The Company issues an additional 690,000 Ordinary Shares at £0.38 to Newcrest International raising in aggregate gross proceeds of \$0.43 million in accordance with Newcrest International's "top up rights" pursuant to the Newcrest Subscription Agreement.

3. Core and Non-Core Assets

The Company currently owns the following projects:

Project	Location	Style	Ownership	Materiality of Asset to the Group
Cascabel Project	Ecuador	Copper Gold Porphyry	85% owned	Core
Blanca Nieves Project (2)*	Ecuador	Copper Gold Porphyry and Epithermal Gold	100% owned	Non-core
Chical Project (4)	Ecuador	Copper Gold Porphyry and Epithermal Gold	100% owned	Non-core
Rio Amarillo Project (3)	Ecuador	Copper Gold Porphyry	100% owned	Non-core
Helipuerto Project (4)	Ecuador	Copper Gold Porphyry and Epithermal Gold	100% owned	Non-core
Ayangasa Project (4)	Ecuador	Copper Gold Porphyry and Epithermal Gold	100% owned	Non-core

Project	Location	Style	Ownership	Materiality of Asset to the Group
Coangos Project (7)	Ecuador	Copper Gold Porphyry and Epithermal Gold	100% owned	Non-core
El Cisne Project (4)	Ecuador	Copper Gold Porphyry and Epithermal Gold	100% owned	Non-core
Zhucay Project (1)	Ecuador	Copper Gold Porphyry and Epithermal Gold	100% owned	Non-core
Machos Project (2)	Ecuador	Copper Gold Porphyry and Epithermal Gold	100% owned	Non-core
La Hueca Project (3)	Ecuador	Copper Gold Porphyry and Epithermal Gold	100% owned	Non-core
Chillanes Project (1)	Ecuador	Copper Gold Porphyry and Epithermal Gold	100% owned	Non-core
Piñas Project (1)	Ecuador	Copper Gold Porphyry and Epithermal Gold	100% owned	Non-core
Porvenir Project (7)	Ecuador	Copper Gold Porphyry	100% owned	Non-core
Sacapalca Project (2)	Ecuador	Copper Gold Porphyry and Epithermal Gold	100% owned	Non-core
San Antonio Project (1)	Ecuador	Copper Gold Porphyry and Epithermal Gold	100% owned	Non-core
Sharug Project (2)	Ecuador	Copper Gold Porphyry and Epithermal Gold	100% owned	Non-core
Timbara Project (4)	Ecuador	Copper Gold Porphyry and Epithermal Gold	100% owned	Non-core
Agustin Project (3)	Ecuador	Copper Gold Porphyry and Epithermal Gold	100% owned	Non-core
Yatubi Project (4)	Ecuador	Copper Gold Porphyry and Epithermal Gold	100% owned	Non-core
Rannes Project	Queensland, Australia Epithermal Gold		100% owned	Non-core
Mount Perry Project		Queensland, Australia Porphyry and Vein Gold	100% owned	Non-core
Normanby Project		Queensland, Australia Gold Copper Porphyry	100% owned	Non-core
Cracow West Project	Queensland, Australia Epithermal Gold		100% owned	Non-core

* Bracketed figures indicate number of individual licences within the project area. The Group holds 59 licences in total, excluding the Cascabel Concession.

The Company currently has approximately US\$65 million of cash to invest in its assets which will primarily be used to advance its core asset, the Cascabel Project. The Directors are anticipating expending not less than approximately 91 per cent. of the Company's existing cash on exploration costs on the Cascabel Project over the next 18 months following Admission. The Company has been granted a total of 59 licences in Ecuador in addition to the Cascabel Concession which are held in four subsidiaries. These areas have no previous published exploration results and present speculative targets. Exploration activities over the next 18 months are expected to be prospective in nature and not involve significant expenditure of the Company's existing cash resources. Similarly, the Directors expect that the expenditure on the non-core projects in the Solomon Islands and Australia will not impact materially on the Company's existing cash resources.

The Company holds an 85 per cent. indirect interest in the Cascabel Concession through its subsidiary ENSA. The Company also currently holds an indirect interest of approximately 0.8 per cent. in the Cascabel Concession through its shareholding in Cornerstone. As at the date of this document, the Company holds 31,153,092 shares in Cornerstone which equates to approximately a 5.34 per cent. interest in the issued share capital of Cornerstone.

ECUADOR

Cascabel Concession

The Company holds an 85 per cent. indirect interest in the Cascabel Concession in Ecuador through its shareholding in ENSA, which in turn holds a 100 per cent. ownership interest in the Cascabel Concession. A brief summary of the ownership and interests in the Cascabel Project is set out below:

Location:	100 km north of the capital Quito, Ecuador
Ownership:	ENSA holds 100 per cent. ownership interest of the Cascabel Concession.
	The Company indirectly holds 85 per cent. ownership in the Cascabel Concession as a result of its ownership of ENSA.
Tenement Area:	approximately 50 km2
Primary Target:	Porphyry copper-gold

The Company also holds 31,153,092 shares and 10 million warrants exercisable at CAD\$0.10 in Cornerstone which is the entity that holds the remaining 15 per cent. equity interest in ENSA. Accordingly, through the shares held in Cornerstone, the Company has a further indirect interest in the Cascabel Concession of approximately 0.8 per cent.

The Cascabel Concession applies to an area of approximately 50 km2. The Cascabel Concession was registered with the Ministry of Energy and Mines on 7 May 2010 and has a term of 25 years which expires on 7 May 2035. On 23 August 2013, ENSA was granted the Environmental Licence permitting it to carry out diamond drilling.

The Ecuador mining cadastre classifies the Cascabel Concession as an advanced exploration licence for metallic minerals, with gold listed as the primary commodity. The licence was initially issued to a subsidiary of Santa Barbara Resources (namely Santa Barbara Copper & Gold S.A., which later changed its name to ENSA) on 12 January 2007, and was sold to Cornerstone in July 2011. In May 2012, the Company entered into a joint venture with Cornerstone to explore the Cascabel Project.

As part of the terms of the sale of the property by Santa Barbara Resources in 2012, an option to purchase 2 per cent. of the net smelter return (the "NSR") was retained by Santa Barbara Resources. The NSR is the gross amount received from the sale of ores, concentrates or precipitates process for the mine less the fair market costs of smelting, refining, sampling, charges and penalties for treatment and testing and less the fair market costs of handling, transporting, securing and insuring that material. Santa Barbara Resources is entitled to the purchase of 1 per cent. NSR for US\$1,000,000 within 3 months of the completion of a bankable feasibility report, and a further 1 per cent. NSR for US\$3,000,000 within 3 months of a decision made by the owners to mine the projects. Since the dissolution of Santa Barbara Resources in 2015, this option has been held by a third party agent in trust for the benefit of the prior shareholders of Santa Barbara Resources.

The Company holds the necessary permits required to undertake exploration within the Cascabel Project.

The Cascabel Project is a porphyry copper-gold deposit located in the Imbabura province of northwest Ecuador, approximately 100 km north of the capital Quito and 50 km north-northwest of the provincial capital, Ibarra. It lies just off the main road, an easy 3-hour drive north of Ecuador's capital city, Quito. The climate zone is tropical-savannah and vegetation is tropical forest with a well-developed soil horizon. Topography rises from elevations of 1,000 metres to 1,800 metres and the moderate to steep landscape is incised by four large drainage complexes. A first-order paved highway provides year-round access and crosses the north-east corner of the Cascabel Concession (please see Figure 1 below).

Figure 1: Location of the Cascabel Project in northwest Ecuador. Source: CPR Figure 3-1, page 17.

The accretionary geological terrain around the Cascabel Concession are considered to hold significant potential for hosting economic porphyry systems due to the combination of terrain accretion and compressional tectonics, shallow subduction, crustal scale sutures and calc-alkaline magmatism.

The Cascabel Project is the Company's flagship project and the Directors believe that it shows significant potential of hosting an economic resource. At Alpala, 42,422.06m of drilling has been completed over 2 phases for 35 drill holes, 30 valid drill hole tests including 3 deviated holes, and only 2 have missed the deposit. Phase one drilling has included 35 holes including 5 redrills of which 33 have hit the Alpala deposit and 10 of which holes, 5, 9, 12, 15R2, 16, 17, 18, 19, 21 and 23R, delivered very significant intersections consisting of up to 1.5km of continuous mineralisation after grading over 1 per cent. Copper Equivalent. Drill hole CSD-15-012 returned results comparable to the larger copper porphyry projects in operation around the world, with 1,560m grading 0.59 per cent. copper and 0.54 g/t gold for 0.93 per cent. Copper Equivalent.

Drilling to date has not yet constrained the rich Alpala copper-gold deposit, and estimation of a resource is premature. Alpala alone is emerging as a potential economic copper project with high average grades in both copper and gold. The project will also enjoy the support of the surrounding 14 identified targets. Due to the size of the yet undefined giant porphyry copper gold deposit at Alpala, and the number of individual projects which comprise the Cascabel Project, the Company anticipates that development if feasible, will not likely commence sooner than 2020. The large number of individual projects within the Cascabel concession area makes the timing of development and extraction difficult to estimate as at the date of this document.

The Company proposes to expand Alpala and drill test the other copper-gold targets, particularly Alpala, Trivinio, Moran, Aguinaga and Tandayama-America. The Company is proposing to complete over 122,550m of drilling over the next 18 months.

Ecuador is undergoing a transformation with potential for significant improvements to infrastructure, including five key sea ports, over 10,000km of new highways, and 9 new hydroelectric projects. These infrastructure improvements could afford the project capital advantages as it moves toward feasibility over the coming years. Completion of a new access road to Alpala Camp via the village of Santa Cecilia in co-operation between the provincial government and the local community is providing vital operational advantages to the project.

Northern Ecuador lies within the under-explored northern section of the richly endowed Andean Copper Belt, which extends from Chile in the south to Colombia in the north and then north-west into Panama. The tenement lies on the margin of the Eocene and Miocene metallogenic belts which are renowned for hosting some of the world's largest porphyry copper and gold deposits, like the giant La Escondido Copper Mine in Chile, which is the world's largest producer of copper and hosted within the same age host rocks as Cascabel.

A number of other globally significant deposits have been discovered in the region, some of which are becoming mines. These include the Junin copper project located some 60 km to the south-west of Cascabel, the La Colosa porphyry deposit located to the north in Colombia and the massive Cobre Panama deposit located to the north in Panama. The Fruta del Norte project in southern Ecuador is among the largest and highest grade undeveloped gold projects in the world and highlights the pedigree of potential within the country.

The project is located within the Cordillera Occidental (or Western Cordillera) of the Ecuadorian Andes. Basement rocks consist of ocean floor basalts and sediments of Cretaceous age. High-level Eocene (and possibly Late-Miocene) batholiths and associated granite, granodiorite and diorite bodies intrude volcanic and sedimentary rocks of Cretaceous to Tertiary age. The regional controls that localise gold and copper mineralisation at Cascabel are intimately related with the three-dimensional interaction of deep seated NEtrending 1st order (arc-parallel) structures, with NW-trending 2nd order (arc-normal) faults, and NNW-trending 3rd order structures.

Within the Cascabel Concession, volcanic and sedimentary rocks are intruded by a number of quartz diorite, diorite and hornblende diorite stocks and dykes. The Company field teams continue to perform 1:500 scale. "Anaconda" style geological mapping over the tenement area and updates to the local geology map remain ongoing.

Exploration Highlights

Exploration on the Cascabel Concession has included geological mapping, stream silt sampling, soil sampling, rock chip sampling, channel sampling, a heli-magnetic survey (which has been modelled in 3D), a radiometric survey, gridding in preparation for a 3D Induced Polarisation (IP) and magneto-telluric (MT) survey, diamond drilling, petrography, mineragraphy, metallurgical scoping work, terra-spec spectral mapping, and orientation and environmental base line sampling.

Exploration activity to date has identified 15 potential targets for porphyry centres at Cascabel, with 8 high priority prospects forming the Alpala cluster:

These prospects in priority order are:

Alpala cluster ( which includes 1. Central, 2. Hematite Hill, 3. Alpala SE, 4. Alpala NW, 5. Alpala E 6. Alpala W, 7. Trivinio, 8. Cristal);

1. Aguinaga;
1. Moran;
1. America-Tandayama;
1. Carmen;
1. Alpala West;
1. Parambas; and
1. Chinambicito.

Exploration activities during 2016/2017 included:

Anaconda style geological mapping in key areas.
Exploration reconnaissance mapping and sampling across the mineralized corridors identified.
Extension and infill soil sampling across the remaining prospective portion of the tenement. Rock-saw channel sampling at Alpala, Alpala Southwest, Alpala South, Trivinio and Moran prospects.
Re-modelling of constrained heli-magnetic, Orion 3D IP and MT surveys at Alpala and Aguinaga using data collected from magnetic susceptibility of drill core and magnetic susceptibility of rock outcrops at satellite prospects.
Diamond drilling of holes 15R to 27 at Alpala, for a total of 24,090.86m, bringing the total metres drilled at Cascabel to 42,422.06m over 35 drill holes of which 30 were valid drill hole tests and 33 hit the deposit.
Upgrade and expansion of the Alpala field camp and the Rocafuerte field office.
Petrographic work on drill core from drill holes at Alpala, confirming intrusive lithologies, mineralization styles paragenesis, and alteration types.
Mineragraphy and metallurgical scoping work.
Spectral alteration mapping and soil gridding across the tenement, and follow-up deep auger mapping. Further refining targets identified.
Ongoing environmental management with strict adherence to guidelines provided by the Ministry of Environment.
Submission of annual technical and environmental management reports.
Ground-magnetic surveys recently completed.
Preparation for a deep induced polarisation and magnetotelluric survey and LIDAR survey.

The completion of soil gridding and infill across the entire tenement area has produced coincident molybdenum, gold and copper/zinc ratio in soil anomalies that highlight targets of potential porphyry centres characterized by higher temperatures of mineralization. The low manganese in soil is inferred to be related to intense late-stage hydrothermal alteration, whilst the presence of elevated zinc surrounding these areas of low manganese is a geochemical signature that is typical of the metal zonation around porphyry coppergold deposits.

Priority target areas at Alpala, Trivinio, Hematite Hill, Alpala South East and Aguinaga will be drill tested in the coming year, whilst field programs continue to assess potential of the 14 possible porphyry centres identified to date. Detailed follow-up fieldwork and technical studies of the other satellite targets continue as new target are being generated in the surrounding areas and exploration over the tenement.

During the past year, the geology department collected 34 rock chip samples, 279 two metre long rocksaw channel samples, and 504 soil samples. Rock saw channel sampling was completed at Alpala, Alpala South, Parambas Trivinio and Moran, whilst soil sampling saw completion of 100 per cent. coverage across the tenement, as well as completing infill sampling over the Alpala Central area.

Alpala Deposit

Following the granting of the Environmental Licence, ENSA commenced diamond drilling on 1 September 2013. The completion of 35 diamond core holes over a 1,300m by 400m surface area along an 1,800m deep vertical column has now defined a northwesterly-trending, steeply northeast-dipping zone of multiphase porphyry style stock-work veining and associated phases of diorite to quartz diorite stocks and dykes. This intrusive complex is hosted by a sequence of andesitic volcanoclastic rocks and lavas. The host-rocks are mapped as the Oligocene to Early Miocene San Juan de Lachas Formation, however, age date constraints from studies conducted by the Company suggest that the lower portion of this sequence was deposited in the Eocene.

The geometry and nature of the mineralisation at Alpala is now quite well understood. A total of 6 main phases of intrusion are defined on the basis of composition and relative timing-relationships with porphyryrelated vein-stages. Pre-mineralisation Volcanogenic and "D10" diorite host rocks, are intruded by upward tapering intrusions of early pre-to syn-mineral "QD10" quartz diorite, which are all subsequently intruded by intra-mineral "D15" diorite and "QD15" quartz diorite, cut later by late-mineralisation dikes and breccia bodies. Each intrusive phase has its own set of quartz veining, and the intimate association between "B" type quartz vein abundance, with Copper Equivalent grades continues to prove an efficient targeting tool.

Age dating on zircons in late staged mineralised intrusions returned 38.7 + 0.6 Ma, which lies near the boundary of the Middle-to-Late-Eocene. The porphyry-related vein types and paragenesis at Alpala indicate a systematic progression in time and classical porphyry B-type quartz veins contain the majority of the copper and gold in the deposit. Chalcopyrite-rich, C-type sulphide veins containing accessory bornite also contain significant amounts of metal and are associated with elevated gold grades. The B- and C-type veins are spatially associated with intrusions that show variable feldspar-destructive, sericite-chlorite+clay overprinting of biotite-actinolite and chlorite-epidote alteration.

During the past 18 months drilling has focused on expanding the known mineralisation at Alpala along strike, both towards the northwest and southeast. Holes 15R to 27 were completed, for a combined 24,090.86m. Holes 15 and 15R were abandoned due to drilling issues encountered down hole.

The mineralised porphyry copper gold system at Alpala occurs at surface over 250m in length and 50m and drilling to date has identified its extents at depth over a zone 1,300m in length and 400m width over a continuous 1,800m vertical column. The limits of the Alpala deposit are not yet defined and an aggressive drilling program is underway.

The most notable drill intercept to date is 1,560 m at 0.59 per cent. Cu and 0.54 g/t Au from 14 to 1,574 m depth in CSD-15-012. Holes 5, 9, 15R2, 16, 17, 18, 19, 21 and 23R have also had notable results. The deposit remains open at depth, along and across-strike and has similarities to several globally significant copper-gold deposits, many of which have or are becoming mines.

Aguinaga Prospect

Aguinaga prospect lies along a prominent topographic high (1,615 m) about 3 km south of Rocafuerte site office and 1.3 km to the northwest of Alpala. The interpreted porphyry centre at Aguinaga occurs at the confluence of a deep seated regional northwest trending structure with a major northeast trending lineament. This is a similar structural regime within similar host rocks that hold the recently discovered porphyry deposit at Alpala.

It is characterized by a classical 500 m by 500 m magnetic high surrounded by an annular magnetic-low which has strong similarities with the enormous Alumbrera deposit in Chile, as well as the Grasberg and Batu Hijau magnetic signatures. This geometry may be consistent with a large porphyry system characterized by a central magnetic high related to an intrusive centre and a magnetite destructive halo caused by pyritic phyllic/argillic alteration. The presence of a strong annular chargeability high with a central tapering root at Aguinaga is consistent with sulphide-bearing, disseminated and/or stock-work style mineralization peripheral to and above a porphyry stock.

The presence of coincident copper, gold, and molybdenum in soil anomalies supports the inferred porphyry centre at Aguinaga. The low manganese in soil that flanks the central copper zone to the north and south is likely to be related to intense late-stage hydrothermal alteration. The presence of an elevated zinc aureole surrounding this area of low manganese is a geochemical signature that is typical of the metal zonation around porphyry copper-gold deposits.

Reconnaissance field-work initially located mineralized porphyritic diorite along the northern slope of Aguinaga Hills, subsequent detailed, 1:500 scale. "Anaconda" style geological and structural mapping has led to the discovery of porphyry stock-work copper-gold mineralization outcropping at surface. Mineralization is exposed along the upper section of Aguinaga Creek, where classic porphyry style 'B'-type quartzmagnetite-chalcopyrite-bornite stock-work veining occurs within porphyritic diorite.

The outcropping mineralization is accompanied by potassic (biotite) alteration and remains open to the north where creek sediments and jungle limit further surface exposure. Rock-saw channel sampling results over the exposed outcrop returned an open ended intersection of 9.0 m at 1.01 per cent. Cu, and 0.79 g/t Au. Infill soil-sampling along with spectral analysis of soil rock fragments using deep motorized auger gridding has been completed, but the results have yet to be interpreted.

Trivinio Prospect

Ongoing expansion of 1:500 scale geological mapping across the growing porphyry field at the Cascabel Project led to the discovery of porphyry copper-gold mineralization in outcrop this year, along the northern and northeastern slopes of Trivinio Hills, which lies 750 m due north of hole 5 at Alpala Central. Trivinio occurs along the northeastern margin of a deep seated regional northwest trending structure inferred to be a zone of crustal weakness tapping into copper and gold rich intrusions at Alpala Central (the "Alpala Structural Zone").

The extent of outcropping mineralization occurs over an area of approximately 300 m by 200 m and occurs as classic porphyry stock-work style 'B'-type quartz veins with a centreline of magnetite and chalcopyrite as well as fine disseminated chalcopyrite in the wall rock. The high copper content mineral species chalcocite (70 per cent. Cu) has also been observed in the vein and in disseminations. Veins strike northwest and northeast and vein density is strong, making up 10 per cent. of the rock mass in some zones. This material is comparable with the outcrops discovered in Alpala Creek, near hole 12 (CSD-15-012) at Alpala Central.

The Trivinio target, like the recent find of outcropping copper and gold mineralization at Aguinaga, highlights the fertility and potential for a broader porphyry copper-gold system at the Cascabel Project. Mineralized surface outcrops such as these, in such close proximity to the vertically extensive high-grade copper and gold mineralization discovered at Alpala, make for robust drill targets. The frequency of mineralized outcrops of porphyry at the Cascabel Project highlights the significance of the Trivinio target.

The Trivinio outcrops are located immediately north of the Alpala lithocap area where a discrete magnetic high occurs, and forms part of the complex magnetic signature over the wider Alpala area. The presence of coincident copper, molybdenum, and copper/zinc in soil, supports a porphyry centre characterized by higher temperatures of mineralization. This geochemical signature is typical of the metal zonation around many global porphyry copper-gold deposits.

Assay results for surface rock saw channel sampling at Trivinio indicate surface copper gold mineralization of up to 0.43 per cent. copper and 0.43g/t gold. The mineralization occurs within volcanic rocks within the upper argillic clay altered zone interpreted to lie above a significant copper porphyry system responsible for the mineralization. The prospect covers an area of 300 m by 400 m at surface, more extensive than the Alpala Creek discovery outcrop. Trivinio has been advanced to drill-ready status and a drilling platform has been identified. Subject to the results of hole 16, rig availability and logistics, the Company intends to drill this target in the near future, along with the outcropping Aguinaga prospect located 1.2 km northeast of Alpala Central.

Alpala South Prospect

1:500 scale geological mapping and rock-saw channel sampling to the south and southeast of the Alpala deposit also lead to discovery of porphyry copper-gold mineralization in outcrop, along the northern and southern slopes of the Alpala South prospect, which lies 400 m due south of hole 5 at Alpala Central. The extent of outcropping mineralization at Alpala South and Hematite Hill has not yet been defined, as mapping continues over the ridges that separate Alpala Central and Alpala Southeast.

The prospective centres at Alpala South and Hematite Hill occur within an area of elevated magnetic response within the Alpala magnetic complex, and occur along either side of the southeastern extension of the Alpala Structural Zone.

The presence of a discrete copper/zinc soil anomaly, supports a preserved porphyry centre characterized by higher temperatures of mineralization. This geochemical signature is typical of the metal zonation around many global porphyry copper-gold deposits. The occurrences of more distinct copper/zinc anomalies further south of Alpala South, and at Alpala Southeast are priority areas for ongoing reconnaissance field inspection.

The outcrops at Alpala South contain porphyry style quartz – iron oxide veins, the fresh sulphides having been leached from the weathering environment. The veining occurs within volcanic host rocks in a sheeted form, with veins orientated along a west-northwest-trend, and dipping steeply towards the north-northeast.

Figure 2: Outcrops recently discovered at Hematite Hill and Alpala South. Source: Figure produced by the Company.

The Alpala South target, similar to the recent discovery of outcropping copper and gold mineralization at Aguinaga and Trivinio, highlights the potential of a broader porphyry copper-gold system at the Cascabel Project. Mineralized surface outcrops, such as the ones at Alpala South, that display high vein density up to 10 per cent. of the total rock mass, and in close proximity to the vertically extensive high-grade copper and gold mineralization discovered at Alpala, make for robust drill targets.

The discovery of new outcrops around Alpala is becoming increasingly numerous and the frequency of discovery of new mineralized outcrops of porphyry style mineralization at the Cascabel Project highlights significance of the Alpala South target.

Spectral alteration mapping along the Moran-Alpala trend highlights an abundance of high temperature clays in the southeastern quadrant of the greater Alpala area, and drill testing along this portion of the corridor with rig 1 moving further southeast is planned for the coming year. The presence of underlying magnetic vector inversion anomalies at Carmen, Moran, and Parambas have encouraged follow-up work on these areas, and new information will become available as the exploration program progresses.

The Company's material asset is the Cascabel Project. Whilst it will continue to fund administrative costs in relation to the maintenance of its non-material licences in Australia, it does not anticipate incurring any further expenditure in respect of the exploration of those assets until the development of the Cascabel Project is substantially advanced.

AUSTRALIA

In Queensland, Australia, the Company has identified the following projects: (i) the Mount Perry Project, (ii) the Normanby Project, (iii); the Rannes Project, and (iv) the Cracow West Project (please see Figure 3 below). The Company has not conducted any recent material exploration activity on these projects. Joint venture opportunities have been sought for these projects and, while there has been interest from several junior exploration and mining companies, due to the continued challenging equities markets, companies have found it difficult to raise exploration funds. As such, no joint venture deals resulting in the commencement of exploration have materialized. The Company's interest in the Australian projects are held by Central Minerals Pty Limited (which holds the Rannes Licence and Cracow West Licence) and Acapulco Mining Pty Ltd (which holds the Mount Perry Licence and Normanby Licence).

Figure 3: Location of tenements held by the Company in Queensland, Australia. Source: Figure produced by the Company.

Mount Perry Project

The Company holds a 100 per cent. indirect interest in the Mount Perry Project in Australia through its wholly owned subsidiary Acapulco Mining Pty Ltd, which in turn holds a 100 per cent. ownership interest in the Mount Perry Licence. A brief summary of the ownership and interests in the Mount Perry Project is set out below.

Location:	130 km northwest of Gympie, Queensland, Australia
Ownership of Mount Perry Licence:	Acapulco Mining Pty Ltd holds 100 per cent. ownership interest
Tenement Area:	108 granted sub-blocks (circa 345.6 km2)
Primary Targets:	High grade, lode gold deposits and possible gold porphyry deposits

Exploration at the Mount Perry Project has focused along 2 mineralized structural zones: (i) the Augustine-New Moonta trend; and (ii) the Chinamans-Reagans trend.

The primary target is the Augustine-New Moonta trend which extends over a 20 km long northeast trending corridor from Augustine in the southwest to the New Moonta mines in the northeast. The second target zone is the Chinaman's-Reagan trend. Exploration to date at the Mount Perry Project has identified several high grade vein-style targets and lower grade, high-tonnage porphyry-style gold targets. A significant amount of the tenement remains unexplored, leaving the potential for unrecognized prospects to be discovered within the area. The Company intends to pursue a joint venture partnership in order to continue exploration at the Mount Perry Project.

Normanby Project

The Company holds a 100 per cent. indirect interest in the Normanby Project in Australia through its wholly owned subsidiary Acapulco Mining Pty Ltd, which in turn holds a 100 per cent. ownership interest in the Normanby Licence. A brief summary of the ownership and interests in the Normanby Project is set out below.

Location:	120 km northwest of Mackay, Queensland, Australia
-----------	---------------------------------------------------

Ownership of
Normanby Licence:	Acapulco Mining Pty Ltd holds 100 per cent. ownership interest

Tenement Area: 60 granted sub-blocks (circa 192 km2)

Primary Targets: Cu-Au porphyry deposits and batholith associated gold vein deposits

The Company's exploration to date has focused around the Normanby Project goldfield, a collection of 70 historical workings. The most significant intersections were at the Mount Flat Top prospect.

No field explorations were conducted in 2016 at the Normanby Project. The Company is seeking expressions of interest to joint venture the Normanby Project.

Rannes Project

The Company holds a 100 per cent. indirect interest in the Rannes Project in Australia through its wholly owned subsidiary Central Minerals Pty Ltd, which in turn holds a 100 per cent. ownership interest in the Rannes Licence. A brief summary of the ownership and interests in the Rannes Project is set out below.

Location:	140 km west of Gladstone, Queensland, Australia
Ownership of Rannes Licence:	Central Minerals Pty Ltd holds 100 per cent. ownership interest
Tenement Area:	211 granted sub-blocks (circa 675.2 km2)
Primary Targets:	Disseminated and vein gold and silver deposits

Thirteen prospects have been identified within the Permian-aged Camboon Volcanics, with the majority lying along north-northwest trending fault zones.

Cracow West Project

The Company holds a 100 per cent. indirect interest in the Cracow West Project in Australia through its wholly owned subsidiary Central Minerals Pty Ltd, which in turn holds a 100 per cent. ownership interest in the Cracow West Licence. A brief summary of the ownership and interests in the Cracow West Project is set out below.

Location:	260 km west-northwest of Gympie, Queensland, Australia
Ownership of Cracow West Licence:	Central Minerals Pty Ltd holds 100 per cent. ownership interest
Tenement Area:	20 granted sub-blocks (circa 64 km2)
Primary Targets:	Low-sulphidation epithermal Au-Ag deposits

The Cracow West Project is located 15 km to the northwest of Evolution Mining's Cracow gold mine (approximately 1,500,000 ounces of gold).

The Company's exploration has identified three significant prospects; Dawson Park, Kambrook and Theodore Bends.

The Company's interests in the tenements outlined above are summarised below:

EPM	EPM Name	Principal Holder	Project	Expiry
Queensland
25245	Mount Perry Consolidated	Acapulco Mining Pty Ltd.	Mount Perry Project	21 January 2018
19410	Normanby Consolidated	Acapulco Mining Pty Ltd.	Normanby Project	16 June 2020
18760	Westwood	Central Minerals Pty Ltd.	Rannes Project	22 January 2017*
19243	Lonesome	Central Minerals Pty Ltd.	Rannes Project	22 January 2019
19639	Goovigen Consolidated	Central Minerals Pty Ltd.	Rannes Project	19 October 2017*
25300	Cooper Consolidated	Central Minerals Pty Ltd.	Rannes Project	4 March 2018
18032	Cracow West	Central Minerals Pty Ltd.	Cracow West Project	11 October 2018

*Renewal applications have been lodged with the Queensland Department of Natural Resources and Mines and the Group has no reason to believe the renewals will not be granted.

OTHER EXPLORATION PROSPECTS

Solomon Islands

On 10 February 2017, the Company (through its wholly owned subsidiary, Australian Resources Management (ARM) Pty Ltd applied for the Mbetilonga prospecting licence ("Mbetilonga Application"), which is located in Guadalcanal in the Solomon Islands. The Mbetilonga Application covers an area of approximately 46 km2 and is located approximately 8km south of the capital of the Solomon Islands, Honiara. On 13 April 2015, the Company (through its wholly subsidiary, Guadalcanal Exploration Pty Ltd) applied for the Kuma prospecting licence ("Kuma Application") which covers an area of approximately 50km2 and is located approximately 37km south-east of the capital of the Solomon Islands, Honiara.

If granted, the Company intends to target Porphyry Cu-Au deposits within the areas of the Mbetilonga Application and the Kuma Application.

The Mbetilonga Application relates to a large nested volcanic collapse structure covering an area of 46 km2. The present working hypothesis is that Mbetilonga is a partially exposed porphyry style Cu-Au system, and the presence of apparently stratabound mineralisation represents preferential hydrothermal fluid migration along more susceptible overlying agglomerate horizons. The degree of weathering and alteration renders determination of rock types difficult, however these have been variously described as altered volcanics, agglomerates, porphyries and hydrothermal breccias, but in many instances more closely resemble diatreme breccias.

The Company has historical familiarity with the area constituting the Mbetilonga Application having previously held (through its wholly owned subsidiary Australian Resources Management (ARM) Pty Ltd), a prospecting licence over substantially the same area from November 2005 until January 2013.

The Kuma Application area lies on the south coast of Guadalcanal just to the southwest of a series of major northwest-southeast-trending arc-parallel faults. These faults are associated with numerous Cu and Au anomalies, including the Sutakiki prospect and the Mbetilonga prospect (formerly part of the Guadalcanal Joint Venture). The Kuma Application area overlies a 3.5km wide, annular, caldera-like topographic feature. Annular and nested topographic anomalies in the region suggest the presence of extensive batholiths of the Koloula Diorite beneath the volcanic cover of the Suta Volcanics.

Anaconda-style geological mapping is planned for the coming year.

4. Trends affecting the Company

The following summary sets out recent trends affecting the Company.

Market Trends

Whilst exploration for copper in mature provinces has increased in recent years the amount of copper being discovered has declined and the tonnage and grade of copper resources in undeveloped inventories has also declined increasing supply demand. The same trend is evident in gold. In addition there is a general trend in most mining jurisdictions towards an improved culture of permitting responsible resource development. The gold exploration and mining companies are showing an increasing trend towards the investigation of large porphyry copper gold systems as a source of large gold inventories forming a credit to a copper orebody. Copper porphyries are generally geologically young and have therefore have not been subject to the type of destructive or attenuating physical faulting and structuring that geologically much older pure gold terrains as found in West Africa have suffered.

Ecuador is currently driving a reformation of popular regulatory and legislative support for the development of a mining Industry. This trend in Ecuador has been driven by a decline in oil and gas revenues and resources from the Western Amazon Basin.

Trends in porphyry exploration

Porphyry copper gold exploration around the world has been made considerably more cost effective than was the case 20 years ago. This is due to the rapid advancement in the understanding of metal zonation in porphyry mineralisation systems and the relationship between the amount of oxygen in the porphyry systems and grade.

Geophysical exploration techniques which seek and analyse signals from mineralised zones have become over the same period considerably more sophisticated. Higher power magnetic and electrical survey units mean that more data can be collected quicker, cheaper and deeper using both ground based and aerial systems. Using three dimensional modelling techniques based on integrated analysis of magnetic and electric signals, show correlation between magnetic and electric isosurfaces which are reliably associated with copper mineralisation in porphyry systems. As a result, the Company anticipates that accurate 3D models for magnetics and electrical properties will become increasingly important in predictive copper porphyry exploration.

Economic trends

Copper prices are increasing recently in response to inexorable global growth and specific new broader uses for copper, including for electric cars antibiotic applications, light communications and power supply in undeveloped nations and such general use. This is expected to continue to at least the end of the calendar year 2018. Copper is expected to be in shortfall with stock piles depleted by the end of calendar year 2018.

5. Strategy

Corporate Strategy

The Group's corporate strategy is to:

Create substantial wealth for its shareholders by exploring, discovering and defining large inventories of, but not limited to, copper and gold metal.
Primarily focus on copper and gold, taking up the growth potential and increasing global demands.
Target regions that host very significant deposits.
Target grass roots level exploration opportunities to enable low cost entry into projects.
Focus on disciplined and systematic approach to exploration.
Maximise shareholder funds on "in the ground' exploration expenditure as a proportion of the total budget in order to generate high-quality results.
Secure additional exploration projects by the application for new tenements and/or farm-in style agreements.
Undertake an on-going review of potentially 'value accretive' opportunities that are presented to the company from time to time.
Respect the communities and environment in which we operate.
Maintain a strong focus on health and safety for our employees and contractors.

The Company is focused on two of the world's most important metals, copper and gold. The Company has a dedicated commitment to corporate social responsibility and is passionate about the Group's active health, safety, community and environment programs in its areas of exploration. The Group puts safety as a high priority and ensures that its people are properly trained and work in a planned and controlled manner under procedures that ensure safe operations.

Environmental and social management programs initiated in 2015 continue to expand and build on the programs initially established in 2012. The Cascabel Project is situated within the boundaries of three communities. The main community of Santa Cecilia located in the central part of the concession is very supportive of the Group's presence and exploration activities. Local concerns regarding mining and exploration relate primarily to issues of water use and water management, and the Group have state of the art water recycling facilities in place at the Rocafuerte base and Alpala field camp and at each drill site, including the commissioning of innovative Solids Removal Unit ("SRU") sediment removal technology through AMC Minerals. The SRU units are highly beneficial towards good environmental stewardship during drilling programs at Cascabel, and substantially lower water usage by reducing the volume of material transported from drilling and reduces the potential of suspended solids running off into natural fresh waters. The AMC SRU unit technology won the Association of Mining and Exploration Companies (AMEC) Convention Award in 2014.

The Company upholds community relations, and strives to build strong community relations with the communities at Cascabel, through sponsoring many community enterprises as well as engaging the community in regular environmental monitoring studies and rehabilitation programmes.

Exploration Strategy

The Group's exploration strategy includes the following elements:

Capitalisation of the Group's track record of success in the discovery of mineral resources.
Detailed due diligence of project opportunities.
A disciplined approach to the evaluation of projects to generate exploration datasets that may include all or some of the following exploration activities: geological mapping, stream, soil and rock chip geochemical sampling, and geophysical surveying.
Generation of robust drill targets testing ore deposit models based on multiple exploration datasets.
Drill testing targets to define potentially economic mineral resources that the Group can take to feasibility study stage.

The Company has a track record of experience at operational management and Board level to define and develop mineral resources from discovery through to feasibility and development. The team remains engaged upon project generation globally, targeting tectonically fertile areas and in countries set to blossom in the next mining up turn, as well as streamlining assets in Australia.

In Ecuador, the Group is advancing the Cascabel Project countrywide generative work in order to acquire top quality projects and is progressing with a number of tenements being granted.

At Cascabel, the benefits of corporate deals with Newcrest Mining and Maxit Capital are being realised as exploration widens beyond the deposit being discovered at Alpala.

The competent person was commissioned to qualify complex geological modelling and a technical report on exploration at Alpala. The Alpala deposit is larger than previously thought, and the Alpala Maiden Resource was deferred due to excessive portions of the deposit remaining open. Further drilling is required to fully constrain the Alpala resource which is expected to require an additional 95,000m of drill testing over the next 18 months. The aggressive ramp up of Alpala Resource drilling includes 5 current drill rigs, ahead of a progressive ramp up to 10 diamond drill rigs, for testing of high-priority targets by March 2018.

Additional porphyry copper-gold targets within the Cascabel Concession require over 100,000m of drill testing, with the potential for additional drilling anticipated for resource definition at each target defined.

In Australia, a reassessment of the range of projects held in Queensland has resulted in definition of detailed work programs that will be put in place as exploration funds become available.

6. Directors and Senior Management

The management expertise and experience of each of the Directors and senior management is set out below.

Nicholas Mather, Chief Executive Officer (date of birth 23 June 1957, aged 60)

Nicholas Mather graduated in 1979 from the University of Queensland with a B.Sc. (Hons, Geology). He has 32 years' experience in exploration and resource company management in a variety of countries. His career has taken him to numerous countries exploring for precious and base metals and fossil fuels. Mr Mather has focused his attention on the identification of and investment in large resource exploration projects.

He was managing director of BeMaX Resources NL (an ASX-listed company) from 1997 until 2000 and instrumental in the discovery of the Ginkgo mineral sand deposit in the Murray Basin in 1998.

As an executive director of Arrow Energy NL (ASX-listed) until his resignation in 2004, Mr Mather drove the acquisition and business development of Arrow's large Surat Basin Coal Bed Methane project in south-east Queensland. Arrow was taken over by Shell/Petro China joint venture in 2010 for AUS\$3.7 billion. He was also a founding director of Bow Energy which was sold to Shell in 2012 for \$530 million. He was managing director of Auralia Resources NL, a junior gold explorer, before its USD\$23 million merger with Ross Mining NL in 1995. He was a non-executive director of Ballarat Goldfields NL until 2004, having assisted that company in its recapitalisation and requotation on the ASX in 2003. He was also founder and Chairman of TSX-V listed Waratah Coal Inc until its \$130 million takeover by Minerology Pty Ltd in December 2008.

Mr Mather was a co-founder of Orbis Gold, an African gold explorer, taken over by Semafo in 2014 for US\$180 million.

Mr Mather is Chief Executive of ASX-listed DGR Global Limited.

Mr Mather is a member of the Company's Health, Safety, Environment and Community Committee.

Brian Moller, Non-Executive Director (date of birth 20 November 1958, aged 58)

Brian Moller is a corporate partner in the Brisbane-based law firm HopgoodGanim Lawyers, the Australian solicitors to the Company. He was admitted as a solicitor in 1981 and has been a partner at HopgoodGanim since 1983. He practices almost exclusively in the corporate area with an emphasis on capital raising, mergers and acquisitions.

Mr Moller holds an LLB Hons from the University of Queensland, is a solicitor of the Supreme Court of Queensland and Solicitor and Barrister of the Supreme Court of Western Australia and is a member of the Australian Mining and Petroleum Law Association.

Mr Moller acts for many publicly-listed resource and industrial companies and brings a wealth of experience and expertise to the board, particularly in the corporate regulatory and governance areas. He is a nonexecutive director of ASX-listed DGR Global Ltd, Dark Horse Resources Limited, Platina Resources Ltd, Lithium Consolidated Mineral Exploration Limited, and ASX and TSX listed Aguia Resources Ltd and Chairman of ASX listed AusTin Mining Limited.

Mr Moller is a member of the Company's Remuneration Committee and is the Chair of the Audit Committee and the Health, Safety, Environment and Community Committee.

John Bovard, Non-Executive Director (date of birth 27 September 1945, aged 72)

John Bovard is a civil engineer with over 48 years' experience in mining, heavy construction, project development and corporate management throughout Australia and overseas. His career to date has included roles as CEO of public companies and both executive and non executive directorships. He holds a Bachelor's Degree in Civil Engineering, is a Fellow of the Australasian Institute of Mining and Metallurgy, and a Fellow of the Australian Institute of Company Directors.

As well as holding the position of Non-Executive Director on the Board of the Company, Mr Bovard is also a non-executive director of Aus Tin Ltd.

Previously he was also Chairman of Orbis Gold Ltd from inception until its successful takeover by Semafo of Canada in March 2015.

International experience includes over four years as CEO of Asia Pacific Resources (TSX) working in Thailand, six years working on the OkTedi copper project in the early days including as General Manager, Chairman of Danae Resources (LSE), Project Manager Porgera during the feasibility study and Director of Australian Solomons Gold. Multiple due diligence and feasibility work has been undertaken in Laos, Kazakhstan, West Africa, Mozambique, Mongolia, Vietnam and Thailand.

Major project experience also includes the SuperPit expansion at Kaloorlie as CEO and project manager of the Phosphate Hill Fertiliser Project in Queensland.

Mr Bovard has experience in the emerging resources sector includes being Managing Director of the startup of St Barbara Mines (ASX), and Chairman of start-up Orbis Gold Ltd (ASX) together with completing a number of corporate "resuscitation" assignments.

Dr Robert Weinberg, Non-Executive Director (date of birth 14 September 1947, aged 70)

Dr Robert Weinberg gained his doctorate in geology from Oxford University in 1973. He has more than 40 years' experience of the international mining industry and is an independent mining research analyst and consultant as well as an independent non-executive director of a number of minerals exploration, development and mining companies. He is a fellow of the Geological Society of London and also a Fellow of the Institute of Materials, Minerals and Mining.

Prior to his current activities Dr Weinberg was Managing Director, Institutional Investment at the World Gold Council, and a Director of Gold Bullion Securities. Previously he was a director of the investment banking division at Deutsche Bank in London after having been head of the global mining research team at SG Warburg Securities. Dr Weinberg has also held senior positions within Société Générale and was head of the mining team at James Capel & Co. He was formerly marketing manager of the gold and uranium division of Anglo American Corporation of South Africa Ltd.

Dr Weinberg is a member of the Company's Audit Committee, Remuneration Committee and Health, Safety, Environment and Community Committee.

Craig Jones, Non-Executive Director (date of birth 30 November 1971, aged 45)

Craig Jones graduated from the University of Newcastle, Newcastle, Australia, with a Bachelor of Mechanical Engineering (1996).

Mr Jones is currently the Executive General Manager of the Wafi-Golpu project (held jointly by subsidiaries of Newcrest Mining and Harmony Gold) in Papua New Guinea.

Mr Jones joined Newcrest Mining in 2008 and has held various senior management and executive roles within the Newcrest group, including General Manager Projects, General Manager Cadia Valley Operations, Executive General Manager Projects and Asset Management, Executive General Manager Australian and Indonesian Operations, Executive General Manager Australian Operations and Projects, and Executive General Manager Cadia and Morobe Mining Joint Venture. Prior to joining Newcrest, Mr Jones worked for Rio Tinto as a project manager.

Jason Ward, Country Manager (date of birth 6 July 1970, aged 47)

Jason Ward graduated from Queensland University of Technology, Brisbane, Australia, with a Bachelor of Applied Science (Geology) (1991) and a Graduate Diploma of Education (Science/Maths) (1992).

Mr Ward has over 20 years' geological exploration experience from project generation and grass roots exploration through to resources drilling. Mr Ward has worked for the Company since its formation, in both the Solomon Islands and in Ecuador.

Priy Jayasuriya, Chief Financial Officer (date of birth 18 November 1975, aged 42)

Priyanka (Priy) Jayasuriya is a Chartered Accountant with over 20 years' experience in public practice and has broad experience over a number of industries. Mr Jayasuriya has worked as a Chartered Accountant in Australia, Singapore and the USA and brings a range of expertise in the areas of due diligence, internal control, corporate governance, international financial reporting and statuary compliance.

Mr Jayasuriya commenced his career with Ernst & Young, advancing to the position of Executive Director at the firm. Mr Jayasuriya was appointed Chief Financial Officer of SolGold plc on 23 November 2010.

Mr Jayasuriya is currently also the CFO for ASX-listed DGR Global Limited, Armour Energy Limited, Aus Tin Mining Limited and Dark Horse Resources Limited and for AIM-listed IronRidge Resources Limited.

Mr Jayasuriya graduated from the University of Queensland, Brisbane, Australia, with a Bachelor of Commerce (1997).

Karl Schlobohm, Company Secretary (12 July 1968, aged 49)

Karl Schlobohm is a Chartered Accountant with over 25 years' experience across a wide range of industries and businesses. He holds Bachelor Degrees in Commerce (1988) and Economics (1989) from the University of Queensland, Brisbane, Australia, and a Masters of Taxation (1998) from the University of New South Wales, Sydney, Australia.

He has extensive experience with financial accounting, corporate governance, company secretarial duties and board reporting. Mr Schlobohm currently acts as Company Secretary for ASX-listed DGR Global Limited, Armour Energy Limited, Aus Tin Mining Limited and Dark Horse Resources Limited and for AIM-listed IronRidge Resources Limited. In the past three years, Karl has acted as a Director of Dark Horse Resources Limited (ASX) and as an Alternate Director of DGR Global Limited (ASX), Armour Energy Limited (ASX) and Lakes Oil NL (ASX).

7. Reasons for the listing on the Official List

As detailed above, the Company has had a successful year of considerable exploration, development and financial investment. The Company was shortlisted for the Mining Journal Explorer Achievement Award for 2016. The Company announced approximately US\$95.7 million in capital raisings in the period August 2016 to June 2017 involving Maxit Capital and Newcrest International, all undertaken at substantial premiums to previous raisings. The Company currently has approximately US\$65 million of cash to invest in its assets and which will primarily be used to advance the Cascabel Project.

As a result of these successes, on 5 December 2016, as part of the December Quarterly Review by FTSE, the Company became a constituent of the FTSE AIM UK 50 companies with effect from 12 December 2016 and its shares were traded on the London Stock Exchange's SETS trading platform. The Board of the Company believes that the Group has now reached a size and stage of maturity at which the standard segment of the Official List will be the most appropriate platform for future growth. The Directors believe that the move will result in the Group benefiting from the increased potential investor base, a higher profile and an increase in the liquidity of its Shares, which will benefit investors and the Group alike.

8. Working Capital

The Company is of the opinion that the working capital available to the Group is sufficient for its present requirements, that is for at least 12 months from the date of this document.

9. Dividend policy

The Company has not paid dividends since its incorporation. While there are no restrictions precluding the Company from paying dividends, it anticipates using all available cash resources toward its stated business objectives. At present, the Company's policy is to retain earnings, if any, to finance its business operations. The Board will determine if and when dividends should be declared and paid in the future based on the Company's financial position at the relevant time. Please see the section of this document called "Risk Factors" set out on page 13 of this document.

10. Incentive arrangements

As of the date of this document, there are 31,795,884 Options exercisable at 28 pence, 9,795,884 Options exercisable at 14 pence and 46,762,000 Options exercisable at 60 pence outstanding.

The long term compensation plan of the Company is comprised of a Share Incentive Plan for employees, officers and consultants. A summary of the material terms of the Share Incentive Plan is set out in paragraph 6 of Part IV of this document.

11. Corporate governance

In formulating the Group's corporate governance procedures the Board takes due regard of the principles of good governance set out in the UK Corporate Governance Code (the "Code") to the extent they consider appropriate in light of the Group's size, stage of development and resources. However, given the size of the Company, at present the Board does not consider it necessary to adopt the Code in its entirety and, as a company with a Standard Listing, the Company is not required to comply with the provisions of the Code. Nevertheless, the Directors are committed to maintaining high standards of corporate governance as detailed in the Company's corporate governance charter and propose, so far as is practicable given the Company's size and nature, to voluntarily adopt and comply with the QCA Code. At present, the Directors acknowledge that adherence to certain other provisions of the QCA Code may be delayed until such time as the Directors are able to fully adopt them. In particular, action will be required in the following areas:

In keeping with the QCA Code provisions on board composition, the Company has separated the roles of chairman and chief executive. However, the Company does not currently have a senior independent director. Accordingly, the Company does not comply with the QCA recommendations regarding board composition. Craig Jones, John Bovard and Robert Weinberg are considered by the Board to be independent. As the Company grows, the Board will seek to appoint additional independent directors, one of whom will be appointed as senior independent director.
The Directors have established an audit and risk management committee and a remuneration committee with formally delegated duties and responsibilities. The Company has not, however, established a nomination committee, as it is considered not necessary at this stage of the Company's development. The Board as a whole will consider appointments on a case by case basis.

The Board of the Company is made up of one Executive Director and four Non-executive Directors. Nicholas Mather is the Executive Director. It is the Board's policy to maintain independence by having at least half of the Board comprising Non-executive Directors who are free from any material business or other relationship with the Group. The structure of the Board ensures that no one individual or group is able to dominate the decision making process.

The Board ordinarily meets on a monthly basis providing effective leadership and overall control and direction of the Group's affairs through the schedule of matters reserved for its decision. This includes the approval of the budget and business plan, major capital expenditure, acquisitions and disposals, risk management policies and the approval of the financial statements. Formal agendas, papers and reports are sent to the Directors in a timely manner, prior to Board meetings. The Board also receives summary financial and operational reports before each Board meeting. The Board delegates certain of its responsibilities to management, who have clearly defined terms of reference.

All Directors have access to the advice and services of the Company Secretary, who is responsible for ensuring that all Board procedures are followed. Any Director may take independent professional advice at the Group's expense in the furtherance of his duties. One third of the Directors retire from office at every Annual General Meeting of the Company. In general, those Directors who have held office the longest time since their election are required to retire. A retiring Director may be re-elected and a Director appointed by the Board may also be elected, though in the latter case the Director's period of prior appointment by the Board will not be taken into account for the purposes of rotation.

The Board attaches importance to maintaining good relationships with all its Shareholders and ensures that all price sensitive information is released to all Shareholders at the same time. The Group's principal communication with its investors is through the Annual General Meeting, the annual report and accounts, the interim statement and its website.

Audit and Risk Management Committee

The Audit and Risk Management Committee, meets not less than twice a year and is responsible for ensuring that the financial performance, position and prospects of the Group are properly monitored as well as being jointly responsible with the Board for appointing the external auditor of the Company and liaising with the Company's auditors to discuss accounts and the Group's internal controls and reporting procedures.

The members of the Audit and Risk Management Committee consists of a minimum of 3 members who are Brian Moller (as Chair), John Bovard and Robert Weinberg. The Executive Directors attend meetings by invitation, if appropriate.

Remuneration Committee

The Remuneration Committee meets at least once a year and is responsible for making decisions on Directors' and key management's remuneration packages.

Remuneration of any Executive Directors is established by reference to the remuneration of Executives of equivalent status both in terms of the level of responsibility of the position and by reference to their job qualifications and skills. The Remuneration Committee will also have regard to the terms which may be required to attract an executive of equivalent experience to join the Board from another company. Such packages include performance related bonuses and the grant of share options.

The members of the Remuneration Committee are John Bovard (as Chair), Nick Mather, Robert Weinberg and Brian Moller.

Health, Safety, Environment and Community Committee ("HSEC Committee")

The HSEC Committee is responsible for the overall health, safety and environmental performance of the Group and its operations and its relationship with the local community in Ecuador and Queensland. The Committee is comprised of the entire Board of Directors.

Nomination of Directors

The Board does not currently have a formal nominating committee. The Board as a whole is responsible for identifying and recommending candidates for the Board. The Board reviews and makes determinations with respect to: (i) the size and composition of the Board; (ii) the organization and responsibilities of the appropriate committees of the Board; (iii) the evaluation process for the Board and committees of the Board and the chairpersons of the Board and such committees; and (iv) creating a desirable balance of expertise and qualifications among members of the Board. The Board does not take any formal steps to ensure that objectivity in the nomination process. In the nomination process, the Board assesses its current composition and requirements going forward in light of the stage of the Company and the skills required to ensure proper oversight of the Company and its operations.

The Board has recently amended its corporate governance charter to include a nominee director policy setting out the principles to be followed by the Board, in respect of those Directors that are nominated by a Shareholder and the nominating shareholders.

Compensation

The Board with the assistance of the Remuneration Committee, is responsible for approving compensation objectives and the specific compensation programs for policies and practices of the Company.

12. Taxation

Further information on United Kingdom taxation with regard to the Ordinary Shares is set out in the paragraph entitled "United Kingdom Taxation" on pages 181 to 183 in paragraph 17 of Part IV of this document. All information in relation to taxation in this document is intended only as a general guide to the current United Kingdom tax position. If you are in any doubt as to your own tax position, or are subject to tax in a jurisdiction other than the United Kingdom, you should consult your own independent professional adviser immediately.

13. CREST

CREST is a paperless settlement procedure enabling securities to be evidenced otherwise than by a certificate and transferred otherwise than by a written instrument. The Articles permit the holding of Ordinary Shares under the CREST system. The Company's Ordinary Shares were admitted to CREST on the date of admission to the Official List.

Accordingly, settlement of transactions in the Ordinary Shares following Admission may take place within CREST if any Shareholder so wishes. However, CREST is a voluntary system and holders of Ordinary Shares who wish to receive and retain share certificates will be able to do so.

14. The City Code on Takeovers and Mergers

The City Code on Takeovers and Mergers ("City Code") applies to the Company. The City Code is issued and administered by the Takeover Panel.

Mandatory Bids

Under Rule 9 of the City Code, if:

(a) a person acquires an interest in shares in the Company which, when taken together with shares already held by him or persons acting in concert with him, carry 30 per cent. or more of the voting rights in the Company; or
(b) a person who, together with persons acting in concert with him, is interested in not less than 30 per cent. and not more than 50 per cent. of the voting rights in the Company acquires additional interests in shares which increase the percentage of shares carrying voting rights in which that person is interested,

the acquirer and, depending on the circumstances, his concert parties, would be required (except with the consent of the Panel on Takeovers and Mergers) to make a cash offer for the outstanding shares in the Company at a price not less than the highest price paid for any interests in the Ordinary Shares by the acquirer or his concert parties during the previous 12 months.

Squeeze-out rules

Under the Companies Act, if an offeror were to acquire 90 per cent. or more of the Ordinary Shares within the period specified by the Companies Act, it could then compulsorily acquire the remaining Ordinary Shares. It would do so by sending a notice to the relevant Shareholders telling them that it will compulsorily acquire their shares and then, six weeks later, it would execute a transfer of the outstanding shares in its favour and pay the consideration to the Company, which would hold such consideration on trust for such Shareholders. The consideration offered to Shareholders whose Ordinary Shares are compulsorily acquired under the Companies Act must, in general, be the same as the consideration that was available under the relevant takeover offer, unless such Shareholders can show that the offer value is unfair.

Sell-out rules

The Companies Act also gives minority Shareholders a right to be bought out in certain circumstances by an offeror who has made a takeover offer. If a takeover offer relates to all of the Ordinary Shares and at any time before the end of the period within which the offer could be accepted the offeror holds or has agreed to acquire not less than 90 per cent. of the Ordinary Shares, any holder of the Ordinary Shares to which such offer relates who has not accepted the offer can by written communication to the offeror require it to acquire those Ordinary Shares. The offeror would be required to give any Shareholder notice of his right to be bought out within one month of that right arising. If a Shareholder exercises its right to be bought out, the offeror is bound to acquire the relevant Ordinary Shares on the terms of the offer or on such other terms as may be agreed.

15. Foreign Laws

The Company may also be subject to the various corporate laws and regulations in Canada and Australia as a result of being a reporting issuer in Canada and a registered corporation in Australia.

16. Risk factors

Prior to investing in the Ordinary Shares, prospective investors should consider, together with the other information contained in this document, the factors and risks attaching to an investment in the Company including, in particular, the factors set out in the section entitled "Risk Factors" on pages 13 to 18 of this document.

17. Further information

Your attention is also drawn to the remaining parts of this document which contains further information on the Company.

PART II

COMPETENT PERSON'S REPORT

A COMPETENT PERSONS REPORT ON THE CASCABEL PROJECT, ECUADOR

Prepared for SolGold PLC

Report prepared by

SRK Exploration Services Ltd ES7684

Head Office

12 St Andrew's Crescent Cardiff CF10 3DD United Kingdom

UK: +44 (0) 2920 233 233 Russia: +7 (0) 4955 454 413 Gabon: +241 (0) 173 0501

Email: [email protected] Web: www.srkexploration.com

SRK ES Legal Entity: SRK Exploration Services Ltd SRK ES Registered Address 21 Gold Tops Newport NP20 4PG SRK ES Office Address: 12 St Andrew's Crescent Cardiff CF10 3DD Date: 04/09/2017 Project Number: ES7684 SRK ES Project Manager: James Gilbertson Managing Director, SRK Exploration Services Client Legal Entity: SolGold PLC. Client Address: Level 27, 111 Eagle Street, Brisbane, Australia. website: www.solgold.com.au

COPYRIGHT AND DISCLAIMER

Copyright (and any other applicable intellectual property rights) in this document and any accompanying data or models is reserved by SRK Exploration Services Limited ("SRK ES") and is protected by international copyright and other laws. The use of this document is strictly subject to terms licensed by SRK ES to its client as the recipient of this Report and unless otherwise agreed by SRK ES, this does not grant rights to any third party. This document may not be reproduced or circulated in the public domain (in whole or in part) or in any edited, abridged or otherwise amended form unless expressly agreed by SRK ES. This document may not be utilised or relied upon for any purpose other than that for which it is stated within and SRK ES shall not be liable for any loss or damage caused by such use or reliance.

SRK ES respects the general confidentiality of its clients' confidential information whether formally agreed with clients or not. See the attached Terms and Conditions as included in the Commercial Appendices contain mutual confidentiality obligations upon SRK ES and the Client. The contents of this Report should be treated as confidential by the Client. The Client may not release the technical and pricing information contained in this Report or any other documents submitted by SRK ES to the Client, or otherwise make it available to any third party without the express written consent of SRK ES.

Client Feedback

We merit all comments received from our clients, take pride in providing an excellent service and place value on our ability to correct error. Should you wish to comment on any aspect of the service that an individual staff member has provided, or else the company as a whole, please feedback a reply to the email address [email protected], or if appropriate write in confidence to our Managing Director at the address above.

© SRK Exploration Services Ltd 2017

SRK Exploration Services Ltd 12 St Andrew's Crescent Cardiff CF10 3DD Tel : +44 29 20 23 32 33 Fax : +44 29 20 23 3211 [email protected] www.srkexploration.com

A COMPETENT PERSONS REPORT ON THE CASCABEL PROJECT, ECUADOR – EXECUTIVE SUMMARY

1 INTRODUCTION

SolGold PLC, a Brisbane-based mineral exploration company operates the Cascabel Project through their 85% ownership of Exploraciones Novomining S.A. The Cascabel Project comprises a single licence of area 50km2 in northern Ecuador. Within this licence exists the Alpala copper/gold porphyry which is at an advanced level of exploration. Alpala was discovered through a series of discovery trench/channel samples in the Alpala creek in 2012 followed by systematic soil geochemical and airborne geophysical surveys through 2013 and 2014.

Since September 2013 the Alpala cluster of porphyry centres has been subject to diamond core drilling which has resulted in significant economically mineralised intersections. A review of these intersections shows that drilling illustrates 3D continuity of mineralisation and that this mineralisation remains open in multiple directions.

2 GEOLOGY AND MINERALISATION

At the regional scale, the Cascabel Project lies within the composite terranes of the Western Tectonic Realm (WTR) of Ecuador and Colombia and within the Cordillera Occidental of northern Ecuador. In the vicinity of the Cascabel Project, the principal terrane boundary is the Cauca-Pujili fault system which forms the suture between the Romeral terrane and the Dagua-Pinon Terrane. This is a major fault system which comprises multiple strands; several of which pass near or through the Cascabel Project.

The magmatism in northern Ecuador and southern Colombia is characterised by the lack of a well-developed arc and with erratic pluton distribution. This suggests a low-angle subduction environment, conducive to compression and porphyry mineralisation.

Locally the Miocene Apuela Batholith hosts the Junín porphyry deposit and is likely intruded along the Toachi Fault. The geology of the Cascabel Project on the north side of the Toachi Fault comprises a series of relatively small to modest sized intrusive stocks. These stocks together with the abundance of andesitic pyroclastics, suggest that the relics of an andesitic stratovolcanic centre are preserved in and around the Cascabel Project, north of the Toachi Fault.

Exploration work has defined five principal rock types within the Cascabel Project: diorite, andesite, conglomerate, sediments and later colluvium. The Alpala group of porphyries are located to the south of the licence. Six phases of intrusion have been delineated on the basis of composition and relative timing-relationships with porphyry-related vein-stages. These Middle- to Late-Eocene hornblende-bearing intrusions are narrow tapering bodies which

comprise diorite, microdiorite and quartz diorite with multiple phases of mineralisation. The Alpala porphyries have a roughly northwest trend and appear to be centred between northwesttrending deep seated structures and northeast- and north-trending structural corridors which have been interpreted across the Cascabel Project area.

The porphyry-related vein types and paragenesis at Alpala indicate a systematic progression in time. The earliest formed sulphide mineral observed in drillcore consists of bornite in B-type veins. Chalcopyrite most commonly forms after this in B2, C- and D-type veins, and surrounds cubic and massive pyrite. The bulk of the copper mineralisation is hosted within the B-veins with chalcopyrite-rich, C-type sulphide veins containing accessory bornite, which also contain significant amounts of metal and may be associated with elevated gold grades. There is a strong correlation between B-vein intensities and final assay grades which are highest within the pre-mineral diorite (D10) and syn-mineral quartz diorite (QD10) bodies. Raw assay statistics also highlight these two bodies as being the primary hosts. The 3D continuity of both the D10 and QD10 lithologies as well as B-vein intensities have been demonstrated through a programme of modelling from the results of the first 19 drillholes.

Other than the Alpala cluster, SolGold has identified five additional interpreted porphyry centres as primary exploration targets and a further three lower priority prospects. The most important of these are the Aguinaga target 1.3 km to the northwest of Alpala. This is characterised by a 500 m by 500 m airborne magnetic high surrounded by an annular magnetic-low. This geometry may be consistent with a porphyry system characterised by a central magnetic high related to an intrusive centre and a magnetite-destructive halo caused by pyritic phyllic/argillic alteration. B-vein style mineralisation here is exposed within a nine metre trench/channel grading 1.01% Cu, and 0.79 g/t Au.

3 DRILLING

SolGold commenced diamond drilling on 1 September 2013. Initial drilling focused on intersecting the down-dip extension of outcropping sheeted and stockwork "B" type quartz veins in Alpala Creek.

This first phase of drilling involved 19 diamond core holes drilled over a 700 m by 250 m area. Drilling results have defined a north-westerly trending, steeply northeast-dipping, dykestockwork complex of diorite to quartz diorite that extends around 1300 m along strike. The first phase of drilling concluded on 31 May 2016.

Phase two drilling is targeting deeper zones of the Alpala body using longer, inclined holes in order to achieve better intersection angles. To this objective drilling remains ongoing having so far completed an additional 16 holes (including re-drilled holes), with a further 3 in progress since commencing in June 2016.

Since drilling commenced, the best drill intercept reported by SolGold to date was 1560 m at 0.0.59% Cu and 0.54 g/t Au from a depth of 14 m below surface to 1574 m in drillhole CSD-15- 012.

Due to the positioning of these first drillholes, many produced steep intersections into the Alpala deposit; this is not uncommon during early drilling of deposits with this type of morphology. The true width of the mineralisation at Alpala is not yet known and is being tested as part of further drilling.

From SRK ES's review during their technical site visit, the drilling at Alpala has been conducted in a professional manner using industry best practices and has produced core of sufficient quality and recovery to be used in a future Mineral Resource estimation.

4 SAMPLE PREPARATION AND ANALYSIS

The assaying of drillcore and channel samples collected during SolGold's exploration programmes have been performed by one of three laboratories; ACME, Vancouver, ALS Geochemistry, Lima and Met-Solve, British Columbia. Following their review of the sample preparation, sample and data security procedures and assaying employed by SolGold, SRK ES is of the opinion that they are consistent with industry best practices and suitable for a project at this level of exploration.

5 DATA VERIFICATION AND TECHNICAL SITE VISIT

SolGold conduct routine validation of sample results from drilling using standards, blanks and duplicate samples. SRK ES has assessed these results and is of the opinion that to date assay data for the drilling and sampling has appropriate accuracy and precision. SRK ES has recommended that the sample QAQC programme be expanded so that the insertion frequency is increased to approximately 15% and has suggested a number of amendments to the programme.

In accordance with National Instrument 43-101 guidelines, James Gilbertson and Fernando Saez from SRK ES and SRK Consulting (Peru) S.A. respectively, visited the Cascabel project on 13 June to 17 June 2016. SRK ES was given full access to relevant data and conducted interviews with SolGold personnel to obtain information on the past exploration work, to understand procedures used to collect, record, store and analyse historical and current exploration data. During this technical site visit SRK ES conducted a database validation which suggests that SolGold's approach is reasonable and appropriate. Notwithstanding this, SRK ES recommends that, as the project database grows, a more robust Access based data storage is employed to limit potential human transmission errors. SRK ES has also made a number of recommendations in relation to the approach to recording structural data employed by SolGold.

SRK ES plan to conduct a further site visit to the Cascabel project in the coming months.

6 EXPLORATION TARGET

An initial Exploration Target from the Alpala drilling results within the Cascabel Project has been completed using an initial 3D model and grade shell interpolants. These have outlined an approximate exploration target at Alpala that ranges from 737Mt at 1.07% copper equivalent, using a cut-off grade of 0.4% copper equivalent, to 952Mt at 0.93% copper equivalent, using a cut-off grade of 0.3% copper equivalent. These estimates equate to an exploration target of between 7.9-8.9Mt of contained copper equivalent.

The Author cautions that the potential quantity and grade ranges (exploration target) disclosed for the Alpala Porphyry is conceptual in nature, and it is uncertain if further exploration will result in the exploration target being delineated within a mineral resource estimate.

7 MINERAL RESOURCES AND RESERVES

The mineralised system at Alpala is considered by SolGold to be extensive and the system limits is only now being fully drill tested and assessed. As such SolGold has not yet published a Mineral Resource statement as they do not consider it appropriate to calculate a maiden resource estimate on the system until the entire mineralised system is adequately defined. Therefore, there are no defined Mineral Resources of Ore reserves for the project at this time. Notwithstanding this SolGold does plan to produce a Mineral Resource statements by the end of 2017.

8 MINERAL PROCESSING AND METALLURGICAL TESTING

Reflecting the current stage of development at the Cascabel Project, only a limited amount of metallurgical test work has been conducted. The three composite samples selected for analysis at Inspectorate Metallurgical Division (IMD) have all been sourced from a single drill hole, which has been drilled predominantly in diorite. However, based on the results received so far and IMD's summary of the testing, the overall metallurgy appears promising. SRK ES recommends that future test work should include a wider variety of representative rock types, mineralisation styles and mineralogy and should target improving grade-recovery.

9 2017-2018 EXPLORATION PHASE

Using SolGold's internal schedule and budget, SRK ES has outlined the current phase of exploration starting from the start of July 2017 and taking the project up to the end of 2018. This phase will bring SolGold up to the next decision point. It will involve continued mapping, soil and channel sampling, further airborne geophysics, topographical surveying and an additional 122,550m of core drilling. It should also include further metallurgical testing and a Mineral Resource estimate.

During the proposed 2017/2018 exploration phase, 73 percent of the core drilling will be targeting Alpala. The man-portable drill rigs are scheduled to continue to define the mineralised body through sub-vertical drillholes, while the current Major Drilling tracked drill rig, as well as up to a further three tracked drill rigs, will conduct fan drilling through a series of deep holes and wedged splays on targeted levels on a 200 m vertical spacing.

Based on SolGold's internal schedule and budget, SRK ES has constructed a working budget from this phase of work which equates to US\$63.4M. It has been put together under a number of assumptions as well as actual contract quotes and costs. This has been reviewed by SRK ES and found to be reasonable.

1		INTRODUCTION AND TERMS OF REFERENCE 10
	1.1	Scope of Work 10
	1.2	Work Programme 10
	1.3	Basis of Technical Report 11
	1.4	Qualifications of SRK ES 11
	1.5	Site Visit 11
	1.6	Acknowledgement 12
	1.7	Declaration 12
2		RELIANCE ON OTHER EXPERTS 13
3		PROPERTY DESCRIPTION AND LOCATION 14
	3.1	Location 14
	3.2	Mineral Tenure 14
	3.3	Underlying Agreements 15
	3.4	Licences and Authorisations 15
	3.5	Environmental Considerations 15
	3.6	Mineral Rights in Ecuador 16
4		ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY 18
	4.1	Accessibility 18
	4.2	Local Resources and Infrastructure 19
	4.3	Climate 19
	4.4	Physiography 20
5		HISTORY 21
	5.1	Introduction 21
		5.1.1 Noroccidente Project (1980 - 1984) 21
		5.1.2 Belgian Cooperation Project (1984 - 1985) 21
		5.1.3 Western Cordillera I (1986) 21
		5.1.4 Lumina Gold Corp (Formally Odin Mining and Exploration Ltd). (1988-1991) 21
		5.1.5 Japan International Cooperation Agency (1991-1997) 21
		5.1.6 Western Cordillera II (1998 - 2000) 22
		5.1.7 Santa Barbara Copper & Gold SA (2008 - 2011) 22
		5.1.8 Cornerstone Capital Resource (2011 – 2012) 22
6		GEOLOGICAL SETTING AND MINERALISATION 23
	6.1	Regional Geology 23
	6.2	Local Geology 25
	6.3	Deposit Geology 27
		6.3.1 Introduction 27
		6.3.2 Alpala Group of Prospects 31

		6.3.3 Aguinaga 43
		6.3.4 Other Prospects 46
7		DEPOSIT TYPES 49
	7.1	Porphyry Copper Systems 49
8		EXPLORATION 52
	8.1	Introduction 52
	8.2	Licence-wide Geochemical Sampling 52
		8.2.1 Soil Orientation Survey 52
	8.3	Licence-wide Geological Mapping 53
	8.4	Exploration on the Alpala Group 53
		8.4.3 Magnetic Modelling 55
	8.5	Exploration on the Aguinaga Prospect 55
		8.5.1 Rock Chip/Grab Sampling 55
		8.5.2 Channel Sampling 55
	8.6	Exploration on Other Prospects 56
		8.6.1 Rock Chip and Grab Samples 56
		8.6.2 Channel Samples 56
9		DRILLING 57
	9.1	Introduction 57
	9.5	Downhole Surveys 62
	9.6	Diamond Drilling Procedures 62
	9.7	Core Recovery 63
	9.8	Core Storage 63
	9.9	SRK ES Comments 63
10		SAMPLE PREPARATION, ANALYSES AND SECURITY 64
		10.1 Introduction 64
		10.2 Diamond Drilling Sampling and Chain of Custody 64
		10.2.1Geotechnical Logging 64
		10.2.2Geological Logging 64
		10.2.3Core Photography 65
		10.2.4Specific Gravity Analysis 65
		10.2.5Sample Selection and Mark-up 66
		10.2.6Core Sawing 66
		10.2.7Sample Collection 66
		10.2.8Magnetic Susceptibility Analysis 67
		10.2.9Sample Security 67
		10.3 Channel Sampling 67
		10.4 Sample Preparation and Analyses 67
		10.4.1ACME Laboratory 67

	10.4.2ALS Laboratories 68
	10.4.3Met-Solve Laboratories 68
	10.5 SRK ES Comments 68
11	DATA VERIFICATION 69
	11.1 Verifications by SolGold 69
	11.1.1Sample Quality Assurance and Quality Control Programmes 69
	11.1.2Inter-Laboratory Comparisons 75
	11.2 Verifications by SRK ES 77
	11.2.1Site Visit 77
	11.2.2Verification of Sample Database 77
	11.2.3Structural Data Review 77
	11.3 SRK ES Comments 78
12	MINERAL PROCESSING AND METALLURGICAL TESTING 79
	12.1 Introduction 79
	12.1.1Composite Sample Description 79
	12.2 Test Work Programme Overview 79
	12.2.1Summary of Test Results 80
	12.2.2Grind versus Recovery in the Rougher Circuit 80
	12.2.3Rougher Flotation Optimisation Testing 81
	12.2.4Cleaner Circuit Testing 82
	12.2.5SRK ES Comments 83
13	EXPLORATION TARGET 84
14	MINERAL RESOURCE ESTIMATE 85
15	PROJECT INFRASTRUCTURE 85
16	ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT 85
17	ADJACENT PROPERTIES 86
18	INTERPRETATION AND CONCLUSIONS 87
	18.1 Conclusions 87
	18.2 Risks and Opportunities 88
19	RECOMMENDATIONS 89
	19.1 Introduction 89
	19.2 2017-2018 Exploration Phase 89
	19.2.1Surface Exploration 89
	19.2.2Geophysics 89
	19.2.3Topographical Surveying 89
	19.2.4Drilling 89
	19.2.5QAQC 90
	19.2.6Structural Interpretation 90

	19.2.7Mineral Resource Estimate 91
	19.2.8Budgets 91
20	REFERENCES 92
	REPORT DISTRIBUTION RECORD 95

List of Tables

Table 3-1	Cascabel Licence Boundary Coordinates 15
Table 6-1	Relative Timing of the Volcanics and Six Main Intrusive Phases Identified at Alpala . 32
Table 8-1	Channel AG001 Results - Aguinaga 56
Table 8-2	Number of Rock Chip and Channel Samples by Prospect 56
Table 9-1	Summary of Phase 1 Core Drilling at Alpala 57
Table 9-2	Key Mineralised Intersections from Alpala Phase 1 Drilling 58
Table 9-3	Summary or Phase 2 Core Drilling at Alpala (as of 18th August 2017) 59
Table 9-4	Key Mineralised Intersections from Alpala Phase 2 Drilling 60
Table 11-1	Summary of Phase 1 QAQC Samples Inserted into the Cascabel Sample Stream 69
Table 11-2	Certified Reference Material Summary Details 70
Table 11-3	Certified Blank Summary Details 71
Table 12-1	Summary of Metallurgical Test work 80
Table 12-2	Head Assay Results of Composites 80
Table 12-3	Grind versus Rough Circuit Recovery 81
Table 12-4	Rougher Flotation optimisation 81
Table 12-5	Rougher Flotation Optimisation results 82
Table 12-6	Cleaner Circuit details 82
Table 12-7	Cleaner Circuit Results 83
Table 19-1	Proposed Drilling Meterage by Prospect, 2017-2018 Exploration Phase 90
Table 19-2	15-month summary Budgets for the July 2017-2018 Exploration programme	at
	Cascabel 91

List of Figures

Figure 3-1	Location of the Cascabel Project within Northern Ecuador (Source: SolGold, 2016) . 14
Figure 4-1	Major Access Roads and Tracks for the Cascabel Project, (Source: SolGold, 2016) 18
Figure 4-2	Local Infrastructure in the Vicinity of the Cascabel Project, (Source: SolGold, 2016) 19
Figure 4-3	Typical Landscape in the Cascabel Project Area (Source: SRK ES, 2016) 20
Figure 6-1	Regional Tectonic Elements of Northern Ecuador and Colombia (Source: Rohrlach 2012) 24
Figure 6-2	Regional Tectonic Elements of Colombia and Northern Ecuador Showing the Subducting Carnegie Ridge (Source: SolGold 2017) 25
Figure 6-3	Regional Geology Around and Southwest of the Cascabel Licence. (Source: Rohrlach 2012) 26
Figure 6-4	Geology of the Cascabel Licence, (Source: Garwin, 2017) 28
Figure 6-5	Key Interpreted Porphyry Prospects Identified by SolGold over RTP Magnetics Background, (Source: SolGold) 29
Figure 6-6	Priority Prospects at Cascabel and their Association with Molybdenum, Manganese and Copper/Zinc Ratio Soil Geochemical Anomalism (Source: SolGold) 30
Figure 6-7	Location of the Alpala Group of Prospects over RTP Magnetics Background (Source: SolGold) 31
Figure 6-8	Alpala Lithology Wireframe Model Illustrating the Main Mineralised Bodies (Source: SRK ES, 2017) 33
Figure 6-9	Paragenesis of the Porphyry-Related Vein Types Observed at Alpala 34
Figure 6-10	Example Cross Cutting Relationships Observed in Alpala Core (SolGold, 2014) 35
Figure 6-11	Surface Alteration Expression Across the Cascabel Licence (Source: SolGold, 2017) 36
Figure 6-12	Example of B-Vein from Alpala Phase 1 Core (Source: SRK ES) 37
Figure 6-13	Correlation Statistics between B-Vein Intensities and Final Cu Assay Grades from Phase 1 Drilling (Source: SRK ES, 2016) 37

Figure 6-19 Surface B-Vein Intensities across Alpala Central Illustrating the Intersection between the NW and NE trending structures (Source: SRK ES) 43 Figure 6-20 Cross Sectional Images Looking East through the 3D Geophysical Modelled of Aguinaga (Source: SolGold) 44 Figure 6-21 Correlation between Geophysical and Geochemical Signatures at Aguinaga (Source: SolGold) 45 Figure 6-22 2014) 46 Figure 6-23 Anomaly, (Source: SolGold) 47 Figure 6-24 Altered Intermediate Sulphidation Veins Seen at Surface at Parambas 48 Figure 7-1 Schematic of an Idealised Copper Porphyry Deposit Illustrating the Classic Generic Model and Possible Related Deposit Types. Sillitoe, 2010 50 Figure 7-2 Distribution of Copper Porphyry Deposits and their Documented Ages; Sillitoe, 2010 51 Figure 8-1 Evidence of Channel TH46 in Alpala Central, (Source: SRK ES, 2016) 54 Figure 8-2 Locations of Alpala Surface Channels, (Source: SolGold) 54 Figure 8-3 Example 3D Inversion Model of Magnetic Data at Alpala below Surface Alteration Anomaly, looking NNE (Source: SolGold) 55 Figure 9-1 Diamond Drillhole Location at Alpala (Source: SRK ES, 2017) 60 Figure 9-2 Extent of current Drilling and the Copper Equivilancy Model generated from the returning drill assays (Source: SRK ES, 2017) 61 Figure 9-3 Example Final Collar Position – CSD-13-001 (SRK ES, 2016) 61 Figure 9-4 Diamond Drillhole Location CSD-16-017 (SRK ES, 2016) 62 Figure 10-1 Logging Facilities at Rocafuerte (SRK ES, 2016) 65 Figure 10-2 Core Cutting Facilities at Rocafuerte, (SRK ES, 2016) 66 Figure 11-1 Plot of CDN-ME-19 CRM Assay Results for Copper (ppm) through time 70 Figure 11-2 Plot of CDN-ME-19 CRM Assay Results for Gold (ppm) through time 71 Figure 11-3 Plot of OREAS 22d Blank Assay Results for Copper (ppm) through time 72 Figure 11-4 Plot of Blank Assay Results for Gold (ppm) through time 73 Figure 11-5 Comparison of Parent and Field Duplicate Check Sample Assay Results for Copper (ppm) 74 Figure 11-6 Comparison of Parent and Field Duplicate Check Sample Assay Results for Gold (ppm) 75 Figure 11-7 Drillhole CSD-16-016 76 Figure 11-8 Plot of Copper (ppm) Assay Results; ACME vs Met-Solve Laboratories 76 Figure 11-9 Drillhole CSD-16-016 76 Figure 11-10 Plot of Gold (ppm) Assay Results; ACME vs Met-Solve Laboratories 77 Figure 13-1 3D models at respective cut of grades used in calculating the Alpala Exploration potential 84 Figure 17-1 Adjacent Properties under Application to the Cascabel Project December 2016) 86 Figure 19-1 Proposed Deep Infill Drilling at Alpala Central (Source: SolGold 2017) 90	Figure 6-14 Figure 6-15 Figure 6-16 Figure 6-17 Figure 6-18	Alpala B-Vein Intensity Wireframe Model (Source: SRK ES, 2017) 38 Phase 1 and 2 Drilling Cu Boxplot by Lithology (Source: SRK ES, 2017) 39 Phase 1 and 2 Drilling Au Boxplot by Lithology (Source: SRK ES, 2017) 40 Phase 1 and 2 Drilling Cu-Au Scatterplot by Lithology (Source: SRK ES, 2017) 41 Drilling Interpreted Structural Corridors at the Cascabel Licence (Source: SolGold,
Trench AG001 Sampling Surface B-vein Mineralisation at Aguinaga (Source: SolGold, Stockwork Veining Observed at Trivinio and its Association with Cu/Zn Geochemical Copper (ppm) Assay Comparison between Met-Solve and ACME Laboratories through Gold (ppm) Assay Comparison between Met-Solve and ACME Laboratories through (SNL Database,		2016) 42

A COMPETENT PERSONS REPORT ON THE CASCABEL PROJECT, ECUADOR

1 INTRODUCTION AND TERMS OF REFERENCE

SRK Exploration Limited ("SRK ES") has been requested by SolGold PLC. ("SolGold" or the "Company"), a mineral exploration and development company currently listed on the Alternative Investment Market (AIM) of the London Stock Exchange, to prepare a Competent Person's Report (CPR) on its 85% owned Cascabel Project (the Project).

This CPR has been structured following the Guidelines of the CIM (Canadian Institute of Mining, Metallurgy and Petroleum) reporting code, the National Instrument 43-101 and accompanying documents 43-101.F1 and 43-101.CP ("NI43-101")

The CIM reporting code is a national reporting organisation that is aligned with the Committee for Mineral Reserves International Reporting Standards ("CRIRSCO") who promote international best practise in the reporting of mineral exploration results, mineral resources and mineral reserves.

The Cascabel Project is an advanced stage exploration project, located in Ecuador. It is located 200 km north of the capital Quito.

1.1 Scope of Work

The scope of work, as defined in a letter of engagement executed on 9 December 2016 between SolGold and SRK ES includes the preparation of a Competent Person's technical report. This work typically involves the assessment of the following aspects of this project:

x Topography, landscape, access
x Regional and local geology
x Exploration history
x Audit of exploration work carried out on the project
x Geological modelling
x Recommendations for additional work

1.2 Work Programme

The exploration database has been compiled and maintained by SolGold and was reviewed by SRK ES. The 3D geological model and outlines for the porphyry mineralisation were constructed by SolGold with guidance from SRK ES from a two-dimensional geological interpretation. In the opinion of SRK ES, the geological model is a reasonable representation of the distribution of the targeted mineralisation at the current level of sampling.

The technical report was assembled in Cardiff during the month of December 2016 and further updated in August 2017.

1.3 Basis of Technical Report

This report is based on information collected by SRK ES during a site visit performed between 13 June to 17 June 2016 and on additional information provided by SolGold throughout the course of SRK ES's investigations. SRK ES has no reason to doubt the reliability of the information provided by SolGold. Other information was obtained from the public domain. This technical report is based on the following sources of information:

x Discussions with SolGold personnel
x Inspection of the Cascabel Project area, including outcrop and drill core
x Review of exploration data collected by SolGold
x Additional information from public domain sources

1.4 Qualifications of SRK ES

The SRK Group comprises of more than 1,400 professionals, offering expertise in a wide range of resource engineering disciplines. The independence of the SRK Group is ensured by the fact that it holds no equity in any project it investigates and that its ownership rests solely with its staff. These facts permit SRK ES to provide its clients with conflict-free and objective recommendations. SRK ES has a proven track record in undertaking independent assessments of mineral resources and mineral reserves, project evaluations and audits, technical reports and independent feasibility evaluations to bankable standards on behalf of exploration and mining companies, and financial institutions worldwide. Through its work with a large number of major international mining companies, the SRK Group has established a reputation for providing valuable consultancy services to the global mining industry.

This technical report was completed by James Gilbertson CGeol (Chartered Geologist, Geological Society of London). Mr Gilbertson is Managing Director of SRK Exploration Services Limited, and Principal Consultant with over 16 years' experience in mineral exploration, resource estimation and mineral project evaluation. He holds a BSc Hons in Geology from Durham University and a MSc in Mining Geology from Camborne School of Mines. The report was reviewed by Alexandra Akyurek, CSci MIMMM (Chartered Scientist and Professional Member of the Institute of Materials Minerals and Mining).

Both Mr Gilbertson and Mrs Akyurek hold at least five years' relevant experience in the estimation, assessment and evaluation of porphyry style deposits. Further, by virtue of their education, membership to a recognized professional association and relevant work experience, Mrs Akyurek and Mr Gilbertson are independent Qualified Persons or Competent Persons as this term is defined by National Instrument 43-101 of JORC 2012.

1.5 Site Visit

In accordance with international best practices, James Gilbertson and Fernando Saez of SRK Consulting (Peru) S.A., (SRK Peru), visited the Cascabel Project on 13 June to 17 June 2016 accompanied by Benn Whistler of SolGold.

The purpose of the site visit was to review the digitisation of the exploration database and validation procedures, review exploration procedures, define geological modelling procedures, examine drill core, interview project personnel, and collect all relevant information for the preparation of a revised mineral resource model and the compilation of a technical report. During the visit, a particular attention was given to the treatment and validation of historical drilling data.

The site visit was also aimed at investigating the geological and structural controls on the distribution of the gold mineralisation in order to aid the construction of three dimensional gold

mineralisation domains.

SRK ES was given full access to relevant data and conducted interviews with SolGold personnel to obtain information on the past exploration work, to understand procedures used to collect, record, store and analyse historical and current exploration data.

SRK ES plans to return to the Cascabel licence to conduct an update technical site visit in October/November 2017.

1.6 Acknowledgement

SRK ES would like to acknowledge the support and collaboration provided by SolGold personnel for this assignment. Their collaboration was greatly appreciated and instrumental to the success of this project.

1.7 Declaration

SRK ES' opinion contained herein and effective as of 28th August 2017, is based on information collected by SRK ES throughout the course of its investigations, which in turn reflect various technical and economic conditions at the time of writing. Given the nature of the mining business, these conditions can change significantly over relatively short periods of time. Consequently, actual results may be significantly more or less favourable.

SRK ES has confirmed that the data reported herein are within the licence boundaries given below. SRK ES has not, however, conducted any legal due diligence on the ownership of the licences themselves.

SRK ES has not undertaken any detailed investigations into the legal status of the project nor any potential environmental issues and liabilities the project may have at this stage.

SRK ES is not aware of any other information that would materially impact on the findings and conclusions of the report. SRK ES was informed by SolGold that there are no known litigations potentially affecting the Cascabel Project.

This report may include technical information that requires subsequent calculations to derive subtotals, totals and weighted averages. Such calculations inherently involve a degree of rounding and consequently introduce a margin of error. Where these occur, SRK ES does not consider them to be material.

SRK ES is not an insider, associate or an affiliate of SolGold, and neither SRK ES nor any affiliate has acted as advisor to SolGold, its subsidiaries or its affiliates in connection with this project. The results of the technical review by SRK ES are not dependent on any prior agreements concerning the conclusions to be reached, nor are there any undisclosed understandings concerning any future business dealings.

2 RELIANCE ON OTHER EXPERTS

SRK ES's opinion is based on information provided to SRK ES by SolGold and their consultants and associates. SRK ES was reliant upon such information and, where possible, SRK ES has verified the data provided independently and completed a site visit to review physical evidence for the deposit.

SolGold contracted the services of Dr Steve Garwin, as their Chief Technical Advisor, to provide expert direction in the identification of the mineralisation systems at Alpala, and the implementation of detailed mapping and core logging strategies. His input covers the local and deposit scale geology as well as providing advice into the 3D modelling of the deposit. Steve has worked in the exploration industry for over 28 years and is considered an authority on porphyry, epithermal and CarlinǦstyle mineralization in the circumǦPacific region and is suitably experienced in methods of structural geology and geochemistry towards gold and baseǦmetals exploration.

Inspectorate Metallurgical Division (IMD) was contracted by SolGold to conduct initial metallurgical testing from Alpala core in August 2014. SRK ES have relied on the results and recommendations provided by IMD following this test work in Section 12 of this report.

Some of the reports used by SRK ES in the creation of this technical report are authored by persons who are not recognised as independent Qualified Persons as this term is defined by National Instrument 43-101. In this case SRK ES has relied upon the professional measures used by the companies who completed the work. The information in those reports is assumed to be accurate based on the data review conducted by the author.

SRK ES has not performed an independent verification of land title and tenure information as summarized in Section 3 of this report. SRK ES did not verify the legality of any underlying agreement(s) that may exist concerning the licences or other agreement(s) between third parties, but has relied on Xavier Rosal of Corral Rosales Carmigniani Perez CRCP as legal advisor to SolGold. The reliance applies solely to the legal status of the rights disclosed in Sections 3 below.

SRK ES was informed by SolGold that there are no known litigations potentially affecting the Cascabel Project.

3 PROPERTY DESCRIPTION AND LOCATION

3.1 Location

The Cascabel Project is located within the Imbabura province of northern Ecuador, approximately 100 km north of the capital Quito and 50 km north-northwest of the provincial capital, Ibarra. The project lies approximately 20 km south of the Colombia-Ecuador border, and 75 km southeast of San Lorenzo, located on Ecuador's pacific coast.

Figure 3-1 Location of the Cascabel Project within Northern Ecuador (Source: SolGold, 2016)

3.2 Mineral Tenure

As of June 2016, the licence has an area of 50 km2, consisting of a single licence (Claim ID 402288). The UTM PSAD56, Zone 17 South coordinates are provided in Table 3-1.

The Ecuador Mining cadastre classifies the licence as an Advanced Exploration Licence for metallic minerals, with gold listed as the primary commodity. The licence was initially issued to Santa Barbara Resources Ltd. on 12 January 2007, and was subsequently sold to Cornerstone Capital Resources Ltd in July 2011 via a subsidiary, to Exploraciones Novomining S.A (ENSA). In May 2012, SolGold Plc entered into a Joint Venture with Cornerstone to explore the Cascabel licence. Exploraciones Novomining S.A., is currently jointly owned by SolGold (85%) and Cornerstone Capital Resources (15%). The current licence was granted in March 2011 and is valid for 25 years.

		Coordinates (UTM PSAD56)
Point	X	Y
1	799000	10090000
2	799000	10089000
3	800000	10089000
4	800000	10087000
5	801000	10087000
6	801000	10082000
7	794000	10082000
8	794000	10088500
9	795000	10088500
10	795000	10089500
11	796000	10089500
12	796000	10090000

Table 3-1 Cascabel Licence Boundary Coordinates

3.3 Underlying Agreements

SRK ES understand that as part of the sale of the property by Santa Barbara Resources Ltd in 2012, an option to purchase 2% of the Net Smelter Return (NSR) has been retained by the seller. This option allows for the purchase of 1% NSR for US\$1,000,000 within three months of the completion of a Bankable Feasibility report, and a further 1% NSR for US\$3,000,000 within three months of a decision made by the owners to mine the projects. Since the dissolution of Santa Barbara Resources in 2015, this option has been held by an agent.

3.4 Licences and Authorisations

According to SolGold, no additional licences beyond the granted Mining Licence and Environmental Licence are required to undertake exploration within the Cascabel licence.

3.5 Environmental Considerations

Exploration and mining activities in Ecuador are subject to provisions of the Mining Act, 2009. According to the Mining Act, the holders of mining licences must obtain and submit environmental studies to prevent, mitigate, control and repair the environmental and social impact resulting from such activities.

The Environmental Department of the Ministry of Energy and Mines is responsible for the approval of the environmental studies of the Project. According to the Environmental Regulation for Mining Activities, the required environmental studies are:

x Environmental Impact Preliminary Evaluation (EPIA). The EPIA is a general environmental study which describes the environmental components, project activities, potential environmental effects, and planned prevention, correction, and/or mitigation measures.
x Environmental Impact Assessment (EIA), The EIA is a detailed, multidisciplinary technical study which identifies and evaluates the potential negative environmental effects and details specific preventative or corrective measures for the effects.
x Environmental Audit (AA) the AA provides a means of assessing and controlling the measures proposed in the EIA and legal framework.

In August 2013, an Environmental Licence for advanced exploration including drilling was issued

by the Ecuadorean Ministry of Environment.

SRK ES has not carried out any legal due diligence relating to the Environmental Licence. SRK ES is not aware of any environmental liabilities on the property

3.6 Mineral Rights in Ecuador

Mining in Ecuador is mainly governed by the Mining Act ("MA"), issued on January 29, 2009 and the General Regulation of the Mining Act ("GRMA"), issued on November 16, 2009, which regulates activity as a whole. The MA and GRMA recognise, regulate, and classify mining activities depending on production levels, namely: large-scale mining; medium-scale mining; small-scale mining; and artisanal mining.

To conduct exploration in Ecuador, a mining licence must be granted by the Ministry of Mining and registered with the respective mining registry managed by the Agency for Regulation and Control of Mining ("ARCOM" (Agencia de Regulacion y Control Minero)). The term of a mining licence is 25 years, and is renewable for similar periods upon request by the licence holder. Once the licence has been granted, exploration may be conducted for a four-year term, which is identified as the initial exploration period and governed by Article 6.

The holder of the licence is entitled to request a further four-year period from the Ministry of Mines, under Article 7, to proceed with advanced exploration. At this point, part of the exploration licence will be relinquished, although there is no legislated minimum area to be dropped. The Ministry will process this application provided the company has met the minimum investment commitment during the initial exploration stage, and submitted a plan of activities and minimum expenditures contemplated under the advanced exploration stage.

Other aspects of the Mining Act that are considered to be pertinent are described as follows:

Regarding taxation and royalties – Mining companies are subject to a Windfall Tax (Extraordinary Income), equivalent to 70% of the gross amounts obtained from the sale of mineral at a higher price than the base price established in the Mining Exploitation Contract.

The holder of the licence is also subject to other taxes, payments and contributions such as:

x Income Tax 22% of profits
x Labour Profit Sharing Tax 15% (12% to the State and 3% to employees in the case of large-scale mining, and 10% to the State and 5% to employees in the case of mediumand small-scale mining)
x Value Added Tax 14%
x Municipal taxes and contributions, social security contributions
x Annual conservation fee that the holder of the licence shall pay for each mining hectare by March each year – This equates to 2.5% of the government mandate "basic salary", currently \$366, per hectare of the mining licence for the initial exploration period. This doubles to 5% of the basic salary per hectare for the advanced exploration and economic evaluation periods, and doubles again to 10% during the operational phase of the mining licence.

In addition to the taxes outlined above, the holder of the licence must pay to the State a royalty of no less than 5% of the value of all sales, and no more than 8% for the sale of gold, silver and copper (large-scale mining). For medium- and small-scale mining, the royalty is 4% and 3% respectively, while artisanal mining is not subject to royalties.

Regarding surface rights – The holder of a mining licence has an easement over the surface land in order to duly exercise its mining rights. The rights emanating from this easement include, among others, the right to occupy certain areas for constructions required for mining activities, as well as rights related to waterways, railways, landing strips, ramps, transport belts, and electrical installations. The easement must be registered in the mining registry managed by the ARCOM.

The owner of the surface land is entitled to receive payment from the holder of the mining licence for the easement granted. In certain cases, the easement rights, including terms and conditions, are expressly agreed to in contracts executed between the holder of the licence and the owner of the surface land. If no agreement is reached, ARCOM may order the creation of the easement and determine the mandatory payments due to the owner of the land.

4 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

4.1 Accessibility

The Cascabel Project is easily accessible from Quito, the Capital. International flights regularly arrive and depart from Quito airport from major carriers including KLM, American and Lufthansa. From Quito the Project is accessible by good sealed roads, travelling initially to Ibarra (approximately 100 km). Ibarra is connected to the northern margin of the licence (approximately 90 km) via the Ibarra-San Lorenzo road that runs along the Rio Mira river valley. Driving time to the project camp at Rocafuerte is roughly 3.5 hours.

Access to the main exploration prospects within the Cascabel licence is via a series of 4x4 accessible tracks and hiking trails from the main highway just outside the towns of San Pedro and Rocafuerte (Figure 4-1). The distance from Rocafuerte to the Alpala camp is approximately 6 km and takes 45 mins on dirt tracks.

Figure 4-1 Major Access Roads and Tracks for the Cascabel Project, (Source: SolGold, 2016)

4.2 Local Resources and Infrastructure

The property is largely undeveloped, containing only two small settlements, Santa Cecilia and Urbina.

Infrastructure in the region and throughout Ecuador is generally good, with road access, power and water all readily available in the local area. A major highway (Highway E10) connecting the cities of Ibarra and San Lorenzo runs along the northern margin of the property, and further highways provide links between Ibarra and the capital Quito, Figure 4-2.

Power generation in Ecuador is dominated by hydro-electric, with 18 power plants across the state. Currently eight new hydroelectric dams are under construction in Ecuador, with the first completed in April 2016. Once fully operational, this power station is set to generate 1,500 MW, with Ecuador aiming for 86% of electricity needs to be met by hydropower in 2020.

A small hydro-electric site is located at Carolinas to the south east of the licence (Figure 4-2). Its current design capacity is unknown.

Local labour is available from Rocafuerte and surrounding settlements. Other services and goods can be procured from Ibarra or directly from Quito

Figure 4-2 Local Infrastructure in the Vicinity of the Cascabel Project, (Source: SolGold, 2016)

4.3 Climate

The climate in the mountainous regions of Ecuador is typically cooler than in other parts of the country due to the altitude of between 1000 m to 2,100 m. Daily temperatures are around 18°C (65°F), and nightly temperatures around 9°C (50°F), with little seasonal variation (Weatherbase,

2015).

There is one defined rainy-season, with April being the wettest month and a dry season between July and September. Average monthly rainfall is 17 mm and 41 mm in the dry and wet seasons respectively (Weatherbase, 2015).

Highest average rainfall is between February and May. This provides some challenges for access for fieldwork.

4.4 Physiography

Ecuador comprises three main physical regions: The Costa (coastal region), the Sierra (highland region) and the Oriente (eastern region). A central graben called the inter-Andean graben effectively divides the Sierra region into the Cordillera Real (Eastern Cordillera) and the Cordillera Occidental (Western Cordillera). The Cascabel Project lies within the Cordillera Occidental of northern Ecuador.

The topography of the project area is moderate to steep (Figure 4-3) with elevations rising from 750 to 2,100 m above sea level. The rugged terrain is incised by four large drainage complexes. Vegetation is tropical forest with a well-developed soil horizon.

Figure 4-3 Typical Landscape in the Cascabel Project Area (Source: SRK ES, 2016)

5 HISTORY

5.1 Introduction

In preparing these sections of this report relating to background and historical information, exploration and geological setting, SRK ES has relied upon information provided by SolGold.

5.1.1 Noroccidente Project (1980 - 1984)

The first exploration undertaken over the Cascabel Project was through an initiative of the General Director of Geology and Mines (DGGM) called the Noroccidente Project. The project targeted the mineral resources in the northern provinces of Carchi, part of Esmeraldas and Imbabura. Work involved 1:500,000 scale regional geology mapping, the collection of 822 stream sediment samples which were analysed by atomic absorption spectroscopy (AAS) for Au, Ag, Cu, Zn and Pb. This work identified 10 anomalies (one being Junín Cu-Mo mineral property).

The National Government of Ecuador signed a technical assistance agreement with the Government of Belgium to undertake exploration work over each of the anomalies detected, including the Parambas River (part of Cascabel) and to expand regional exploration (DGGM, 1980). The Cascabel project was originally named the Parambas Project.

5.1.2 Belgian Cooperation Project (1984 - 1985)

A cooperative agreement between the Belgian Mission and the Ecuadorian Institute of Mining (INEMIN, ex-DGGM) resulted in geological, geochemical and geophysical investigations being carried out for VMS (Volcanogenic-massive sulphide) and porphyry Cu mineralisation.

Stockworks, veins and disseminated sulphides, and sulphosalts were discovered over a number of sites. Only the Junín, Parambas and Zarapullo occurrences were deemed to have economic potential.

5.1.3 Western Cordillera I (1986)

Through an agreement between INEMIN (ex-DGGM) and the Rio Tinto Zinc Corporation (RTZ), selected samples collected from previously determined anomalies (Parambas and Morán rivers) and their extensions were reanalysed using Inductively Coupled Plasma (ICP) for 29 elements

The samples had been historically collected during exploration projects sponsored by the United Nations and with technical assistance from the United Kingdom and cooperation with Belgium.

Some exploration and sampling to the west of Junín (outside the current Cascabel licence area) was undertaken where additional samples were collected for analysis by RTZ. A database was compiled containing 9120 samples (INEMIN, 1990).

5.1.4 Lumina Gold Corp (Formally Odin Mining and Exploration Ltd). (1988-1991)

Lumina Gold Corp conducted limited stream sediment sampling in the Cascabel licence area. Anomalous Cu, Pb, Zn, and Ag results were obtained in an area controlled by mainly propylitic alteration. Despite this, Odin did not continue its work and the licence was returned to the Ecuadorian State (Silva and Rosero, 2011).

5.1.5 Japan International Cooperation Agency (1991-1997)

Detailed exploration studies were conducted by the Japan International Cooperation Agency - Metal Mining Agency of Japan (JICA-MMAJ) in Junín area adjacent to the Cascabel licence and discovered porphyries that intrude the Apuela batholith.

They concluded that the mineralisation is associated with zones of sericitic alteration and facies of

granodioritic porphyries. Using the available geological data, preliminary mineral resource calculations were made for Junín which indicated 318 Mt of copper with an average grade of 0.71% copper and 0.026% molybdenum using a 0.4% copper cut-off grade. The Cascabel licence is regionally in the same belt of mineralisation (JICA, 1998).

5.1.6 Western Cordillera II (1998 - 2000)

Under the Mining Development and Environmental Control Project (PRODEMINCA) along the Western Cordillera, the Government of Ecuador collected 15,175 stream sediment samples. Samples were analysed using 38 elements ICP. The location of each sample was recorded which allowed geochemical analysis of the results for each element and these to be related to different parts of the cordillera and its geological environment. These data allowed the Geochemical Provinces of the Western Cordillera to be defined.

The Parambas sector, which contains the Cascabel licence, within the framework of this project was considered as a Cu-Pb-Zn-Ag-Au epithermal deposit, consisting of irregular veins in an area of propylitic alteration and locally siliceous. The mineralisation may be related to the volcanic activity of the San Juan de Lachas Unit (Boland et al., 2000).

5.1.7 Santa Barbara Copper & Gold SA (2008 - 2011)

The private company Santa Bárbara Copper and Gold S.A. (SBCG) applied for the Cascabel licence from the Ecuadorian State, along with other licences and in 2008, submitted an environmental impact study to the Ministry of the Environment. Stream silt surveys and other prospecting identified widespread geochemical anomalism.

5.1.8 Cornerstone Capital Resource (2011 – 2012)

Cornerstone Capital Resources (Cornerstone) through a subsidiary Exploraciones Novomining SA (ENSA) purchased the property from SBCG in February 2011 and conducted regional geochemical exploration and reconnaissance mapping programmes. This work identified widespread Cu-Au-Mo-Pb-Zn-Ag geochemical anomalism in the Parambas, Cristal and Cachaco catchments, and discovered porphyry-related stockwork veins in the Alpala, Moran, Tandayama and America creeks.

In May 2012, SolGold Plc entered into a Joint Venture with Cornerstone to explore the Cascabel licence.

6 GEOLOGICAL SETTING AND MINERALISATION

6.1 Regional Geology

The accretionary terranes around the Cascabel licence are considered to hold significant potential for hosting economic porphyry systems due to the combination of terrane accretion and compressional tectonics, shallow subduction, crustal scale sutures and calc-alkaline magmatism.

At the regional scale, the Cascabel Project lies within the Western Tectonic Realm (WTR) of Ecuador and Colombia according to Cedial et al. (2003) and within the Cordillera Occidental of northern Ecuador. The Western Tectonic Realm of Ecuador and Colombia comprises the three composite terrane assemblages: PAT (Pacific assemblage), CHO (Choco arc) and CAT (Caribbean terranes) as shown in Figure 6-1. Within the Pacific composite terrane assemblage (PAT) there are three terranes, from east to west: RO (Romeral), DAP (Dagua-Pinon) and GOR (Gorgona) terranes. The Dagua-Pinon terrane (DAP) is correlated with the Pinon and Macuchi terranes of western Ecuador.

Complete characterization of the terranes of the WTR, including their exact boundaries and times of collision with the continent, is not well known. However, all litho-tectonic terranes of the WTR contain fragments of Pacific oceanic plateaus, aseismic ridges, intra-oceanic island arcs and/or ophiolites. All terranes were developed in or on oceanic basement and all are allochthonous with respect to continental South America.

In the PAT (Pacific assemblage), the Romeral (RO) terrane contains ultramafic complexes, ophiolite sequences and oceanic sediments of probable Jurassic to early Cretaceous age. The Romeral terrane is traced southward into Ecuador where it underlies the western margin of the Cordillera Real and much of the Inter-Andean depression beneath extensive Miocene, Pliocene and Recent volcanic cover.

To the west of the Romeral terrane, the Dagua-Pinon terrane, hosting the Cascabel Project is dominated by basaltic rocks of tholeiitic MORB affinity, and sequences of flyschoid siliciclastic sediments (including chert, siltstone and greywacke). These are thought to be accreted fragments of oceanic crust, aseismic ridges and oceanic plateaus. Several I-type calc-alkaline batholiths and plutons ranging from tonalitic to granodioritic composition and of Palaeocene to Miocene age intrude the Dagua-Pinon (DAP) terrane along its entire length (Cedial et al., 2003). These are the plutons that are responsible for porphyry mineralisation within the Dagua-Pinon terrane, and host the Junín and Cascabel porphyry deposits.

The Gorgona terrane (GOR – Figure 3) lies further west, mostly offshore. It comprises a more recently accreted oceanic plateau.

The tectonic building blocks that comprise this northwest margin of South America are bound by north-northeast-trending crustal-scale faults or sutures. Strike-slip structures are the dominant structural pattern. In the vicinity of the Cascabel Project, the principal terrane boundary is the Cauca-Pujili fault system which forms the suture between the Romeral terrane and the Dagua-Pinon terrane. This is a major fault system which in detail comprises several strands; several of which pass near or through the Cascabel Project (e.g. the Toachi Fault). In Colombia, the Cauca fault system is well exposed for much of its length, and where its' kinematics are that of a dextral strike-slip fault. The fault is poorly exposed in northern Ecuador due to Pliocene and Quaternary volcanic and sedimentary cover in the Inter-Andean depression, however, the presence of ophiolite (i.e. obducted oceanic crust) along the extension of this fault zone (i.e. the Pujili Fault) southwest of Quito attests to its role as a major terrane suture. In northern Ecuador the Cauca Fault is referred to as the Pujili Fault.

Figure 6-1 Regional Tectonic Elements of Northern Ecuador and Colombia (Source: Rohrlach 2012)

Subduction-related calc-alkaline magmatism of tonalitic to quartz dioritic composition affected the Dagua-Pinon terrane between 44 Ma and 13 Ma (Piedrancha, Rio Santiago, Apuela, Anchicaya Batholiths and the Arboledus Stock), as well as the Romeral Terrane (Suarez, Piedrasentada and San Cristobal Plutons in southern Colombia). This magmatism in northern Ecuador and southern Colombia is characterised by the lack of a well-developed arc and with erratic pluton distribution. This suggests a low-angle subduction environment, conducive to compression and porphyry mineralisation. There is a general eastward migration of magmatic focus from the Dagua-Pinon terrane to the Romeral terrane, suggesting final approach of the Gorgona oceanic plateau as subduction progressively shallowed due to the increasingly buoyant nature of crust entering the subduction zone.

Figure 6-2 Regional Tectonic Elements of Colombia and Northern Ecuador Showing the Subducting Carnegie Ridge (Source: SolGold 2017)

In addition to the long history of transpressive compression in the Cascabel region as recorded by the docking of the Romeral, Dagua-Pinon and Gorgona terranes, more recent cause for ongoing tectonic compression (an important requirement for forming porphyry systems) is the shallow buoyant subduction of the Carnegie Ridge (post 8 Ma), whose eastward subducted projection is interpreted by Gutscher et al. (2003) to extend beneath the Ecuador-Colombia border and underlie the area of the Cascabel Project (Figure 6-2).

6.2 Local Geology

Figure 6-3 illustrates the geology of the region around and southwest of Cascabel. The Cascabel Project lies along the western foothills of the Western Cordillera. The Caucha-Pujili Fault zone is defined by the series of sub-parallel structures located midway between Otavalo and the Apuela Batholith. The Toachi Fault is a major structure that is sub-parallel to the Cauca-Pujili Fault Zone, and is mapped near the El Corazon deposit on the southwest side of the Apuela Batholith. The mapped extension of the northeast-trending Toachi Fault, to the northeast of the Apuela Batholith, runs through the Cascabel Project and several kilometres west of Chical (Figure 6-3).

Magmatism in northern Ecuador is typified by the lack of a well-developed volcanic arc and with erratic pluton distribution consistent with shallow subduction systems. There is a crude migration of the focus of magnetism from west to east reflecting post Eocene shoaling of the subducting Farallon plate. The northwestern granodiorite batholith shown in Figure 6-3 is believed to be of Cretaceous age and may have been emplaced in the Dagua-Pinon terrane prior to its docking

against the mainland. In contrast, the Apuela Batholith (which hosts the Junín porphyry deposit) is of younger (Miocene) age, and the intrusive complexes south of Cascabel, and at Chical, are also interpreted to be Miocene age (Figure 6-3), an important time for porphyry formation in Ecuador. This belt of Miocene age intrusives extends into southern Colombia and hosts the porphyry deposits at Piedrasentada-Dominical (Miocene), El Tambo (Miocene) and Piedrancha (Eocene) (Sillitoe, 1982).

Figure 6-3 Regional Geology Around and Southwest of the Cascabel Licence. (Source: Rohrlach 2012)

The regional administrative centres of Otavalo and Ibarra are shown by the black stars. Intrusive sequences west of the Cauca-Pujili Fault Zone are shown by the red colours. The more significant deposits are shown by the yellow circles, with other mineral occurrences and prospects shown by green circles.

The Apuela Batholith sits astride the Toachi fault and likely intruded along the fault plane (Figure 6-3). This structure is consequently inferred to penetrate to or near the base of the crust, facilitating mid-to-upper crustal emplacement of batholiths, including the Apuela Batholith. The Apuela Batholith comprises a nested series of intrusives that include quartz porphyry, granodioritic porphyries and diorite porphyry, all of which are different intrusive facies of the larger composite batholith.

The principal deposits and prospects in the region are:

x Junín Empresa Nacional Minera del Ecuador (Enami): Porphyry Cu-Mo (318 Mt @ 0.70% Cu and 0.026% Mo).
x Cuellaje: Pb-Zn-Ag occurrence near the east border of the Apuela Batholith is related to a porphyry Cu system (Graves, 2012).
x Pacto Enami: Low-sulphidation epithermal quartz veins (bonanza grades up to 108 g/t Au).
x Chical: Epithermal vein system in proximity to a Miocene age intrusion near the Colombian border.
x El Corazon Skeena Resources (50%): Epithermal Au, Ag, Cu vein system and siliceous hydrothermal breccias (6.4 Mt @1.7 g/t Au).
x Rio Amarillo: Au, Ag, Cu occurrence related to epithermal veins and porphyritic intrusions. A Cu skarn is reported at Rio Amarillo (Graves 2012).

The Cascabel Project lies within an area of andesitic volcaniclastics which suggest that an andesitic volcanic centre occurred somewhere proximal to Cascabel. This is corroborated by the principal host sequence mapped by Cornerstone which comprises andesitic volcaniclastic. The geology of the Cascabel Project on the north side of the Toachi Fault comprises a series of relatively small to modest size stocks. These smaller stocks together with the abundance of andesitic pyroclastics, suggest that the relics of an andesitic stratovolcanic centre are preserved in and around the Cascabel Project, north of the Toachi Fault. In contrast, to the south of the Toachi Fault, the intrusives are more extensive and this suggests that a deeper level of erosion has exposed this batholith at deeper levels.

These observations suggest that there may be a differential level of erosion to the north and south of the Toachi Fault.

Structural mapping by Cornerstone at Cascabel as well as interpretation by Rohrlach of more regional DEM (Digital Elevation Model) data within the 5 km Area Of Interest (AOI), reveal a series of four major northwest-trending faults.

These second-order northwest-trending structures are likely to exhibit important controls on mineralisation both at Cascabel, where they control the northwest-trending zone of argillic alteration, and also further south where regional stream sediment Au anomalism appears to be crudely controlled by northwest-trending structures. Third-order NNW-trending structures may also play an important role in localising mineralisation

6.3 Deposit Geology

6.3.1 Introduction

Exploration work has defined eight principal rock types within the Cascabel Project that have been mapped at regional scale by Cornerstone and SolGold geologists. These are diorite, Andesitic Volcanics and Agglomerates, Sediments, Conglomerates, Colluvium, Quartz Diorite, Diorite, and Hydrothermal Breccias, Figure 6-4.

Figure 6-4 Geology of the Cascabel Licence, (Source: Garwin, 2017)

SolGold's exploration worked across a total of 15 porphyry targets within the Cascabel licence defined from both airborne magnetic (geophysical highs) and soil geochemical surveys (molybdenum and copper:zinc enrichment, and manganese depletion), Figure 6-5 and Figure 6-6. These prospects in priority order are:

Alpala Cluster (1. Central, 2. Hematite Hill, 3. Alpala SE, 4. Alpala NW, 5. Alpala E 6. Alpala W, 7. Trivinio, 8. Cristal)

1. Aguinaga
1. Moran
1. America-Tandayama
1. Carmen
1. Alpala West
1. Parambas
1. Chinambicito

SRKES_Cascabel_CPR_v0.17.docx 4 September 2017

Figure 6-5 Key Interpreted Porphyry Prospects Identified by SolGold over RTP Magnetics Background, (Source: SolGold)

The deposit geology has primarily been defined within these prospects although the Alpala group and Aguinaga are the furthest advanced.

6.3.2 Alpala Group of Prospects

The Alpala group is a roughly northwest trending porphyry cluster located to the south of the licence and has been the primary focus for exploration under SolGold and has hosted all the drilling to date, Figure 6-7. Almost all exploration here has targeted Alpala Central with the Alpala Northwest and Alpala Southeast targets providing strike extensions to this elongated mineralised body. Drilling to date over a 900 m by 400 m area has defined a north-westerly-trending, steeply northeast-dipping dyke-stock complex of diorite to quartz diorite that exceeds 1300 m in height.

Figure 6-7 Location of the Alpala Group of Prospects over RTP Magnetics Background (Source: SolGold)

Lithology

The geometry of the various lithologies and intrusive bodies at Alpala is now quite well understood and has been modelled from the completed drilling demonstrating 3D continuity. A total of six main phases of intrusion are delineated on the basis of composition and relative timing-relationships with porphyry-related vein-stages, Table 6-1. A series of later stage post mineralisation barren intrusions have also been identified. This intrusive complex is hosted by a sequence of andesitic volcaniclastic rocks and lavas. The host-rocks are interpreted to be part of the Palaeocene to Late Eocene Macuchi Formation (BGS-CODIGEM, 1997; Cruz, 2007).

Table 6-1	Relative Timing of the	Six Volcanics and	Main Intrusive	Phases Identified at Alpala
Lithology	V	QD10	D10	QD15	D15	D20	QD20
Vein Chronology	Pre-A	Post-A	Post-A	Post-B1	Post-A Pre-B1	Post-C	Post-B Pre-C/D
Relative Timing	0	1	2	3	4	5	6
Phase Intrusive	Del Lucas Volcanics Juan San	Qz- Porphyritic Diorite	Diorite Sub-porphyritic fine-med	Qz- Porphyritic Diorite	grained Diorite Fine	Diorite Porphyritic	Qz- Porphyritic Diorite
Alteration	argillic to argillic Intermediate	and Intermediate potassic argillic	and potassic/epidote- Intermediate propylitic argillic	argillic and phyllic Intermediate	and potassic/epidote- Intermediate propylitic argillic	and strong Intermediate potassic argillic	argillic and phyllic Intermediate
Veining	All vein types	AB, abundant B1, lesser B2	AB, abundant B1, lesser B3	only B2 No B1	D, and of occasional B1 Presence B2	veins D abundant B No	veins D abundant B No

SRKES Cascabel_CPR_v0.17.docx 4 September 2017

Page 32 of 93

These equigranular to sub-porphyritic, hornblende-bearing intrusions are narrow, taper upwards and consist of pre- to early-mineralisation diorite to microdiorite and quartz diorite; intramineralisation diorite and quartz diorite; and late-mineralisation dykes of diorite and quartz diorite. Radiometric U-Pb SHRIMP dates on zircons return 39.4 + 0.6 Ma (2 ı) for the early mineralisation quartz diorite intrusion and 38.7 + 0.6 Ma (2 ı) for a late-mineralisation dyke (Armstrong, 2015 and 2016), which lies near the boundary of the Middle- to Late-Eocene.

Post mineralisation intrusions are mostly tonalities with large plagioclase and hornblende phenocrysts and are barren of any associated quartz veining.

The near surface veining has been sampled and described from the rock-saw trenching programme conducted by SolGold.

SolGold, with assistance from SRK ES and SRK Peru, has conducted a modelling programme in Leapfrog software for the pre-mineral diorite (D10), syn-mineral quartz diorite (QD10) bodies and the interpreted brecciation zone within the volcanics from the Phase 1 drilling, Figure 6-8. This has been conducted to demonstrate the 3D continuity of these mineralised units, for use in future drill planning and ultimately a maiden Mineral Resource estimate.

Figure 6-8 Alpala Lithology Wireframe Model Illustrating the Main Mineralised Bodies (Source: SRK ES, 2017)

Yellow = D10 diorite intrusion, Red = QD10, QD15 Quartz diorite intrusion, Grey = Breccia/Sheeted vein zone within the overlying volcanics

The D10 and QD10 bodies exist as inter-fingered steeply dipping tongue-shaped intrusions that taper upwards. This Leapfrog based modelling has also demonstrated that the interpretations of the D10 and QD10 bodies remain open in all directions providing reasonable potential that further drilling will expand their extent.

SRKES_Cascabel_CPR_v0.17.docx 4 September 2017

Porphyry-Related Veining

The porphyry-related vein types and paragenesis at Alpala indicate a systematic progression in time and have been described by SolGold using the nomenclature originated by Gustafson and Hunt (1975) as follows and illustrated in Figure 6-9 and Figure 6-10:

x Early-stage, minor and wavy AB-type quartz veins deficient in sulphide minerals are followed by magnetite (M) veinlets.
x Planar and through-going, B-type quartz veins cross-cut the early vein types and consist of quartz-magnetite-chalcopyrite. At least two stages of B-type veins are recognised at Alpala, with magnetite more abundant in early B1 veins and chalcopyrite more common in the later B2 veins. The B-type veins contain the majority of the copper and gold in the deposit.
x Chalcopyrite-rich, C-type veins contain rare to minor bornite and cross-cut earlier vein types. The C-type veins contain significant amounts of metal but constitute a small volumeportion of the drill-core.
x D-type veins with quartz-sericite-pyrite selvages contain chalcopyrite, minor bornite and locally, molybdenite. Many of the later vein stages exploit and re-open earlier vein stages. A Re-Os date on molybdenite in a D-type vein that cuts a late-mineralisation diorite dike indicates 38.6 + 0.2 Ma (2 ı).

Early-formed hydrothermal magnetite occurs within early AB- and B1-type veins, and as monomineralic veinlets, disseminated grains and replacements of hornblende. Magnetite is variably converted to metallic haematite and pyrite in the upper part of the deposit where chloriteepidote altered intrusions and volcaniclastic rocks are moderately to strongly affected by feldspardestructive alteration, (Garwin et al 2017).

Figure 6-9 Paragenesis of the Porphyry-Related Vein Types Observed at Alpala

Figure 6-10 Example Cross Cutting Relationships Observed in Alpala Core (SolGold, 2014) B1 cut by B2, cut by C cut by CD cut by D vein

Alteration

The best observed alteration can be seen in the surface trenches conducted by SolGold. Here vein densities are sufficiently high that the sericitic (illitic) vein selvages merge and result in the entire rock mass being argillic-altered, completely overprinting precursor chlorite or epidote that may have characterised any high temperature propylitic alteration. The exposures of stockwork veins are strongly oxidised at surface, although relic sulphides are observed in some samples.

In core, B and C-type veins are spatially associated with intrusions that show variable feldspardestructive, sericite-chlorite+clay overprinting of biotite-actinolite and chlorite-epidote alteration mineral assemblages. Late-stage, pyritic anhydrite is a common vein constituent as it is deposited over a wide range of temperatures and re-opens earlier vein stages.

Spectral analysis on surface and auger samples has defined a number of surface phyllic and kaolinite-dickite centres across the Alpala group, Figure 6-11. However, in general, whilst alteration is recorded during drill core logging, the three-dimensional distribution of the alteration assemblages and their association with the observed mineralisation is still poorly understood. SolGold is hopeful that a unified alteration model can be defined following further drilling.

Figure 6-11 Surface Alteration Expression Across the Cascabel Licence (Source: SolGold, 2017)

Mineralisation

Mineralisation is seen across the six main intrusive bodies and the porphyry-related vein types to a varying degree. The earliest formed sulphide mineral observed in drill-core consists of bornite in B-type veins. Chalcopyrite most commonly forms after, and surrounds, cubic and massive pyrite in B2, C- and D-type veins. It also occurs in anhydrite-rich veins and B-type veins that have been re-opened by later vein types. Late-stage bornite is in textural equilibrium with pyrite and chalcopyrite in C- and D-type veins, which suggests that these later-stage veins formed at a lower temperature and a higher sulphidation state than chalcopyrite in early-stage B-type veins (Einaudi et al., 2003).

The bulk of the copper mineralisation is hosted within the B-veins (Figure 6-12), with chalcopyriterich, C-type sulphide veins containing accessory bornite, which also contain significant amounts of metal and may be associated with elevated gold grades.

These vein intensities are recorded by SolGold during core logging and allow for the correlation with the final assay grades (Figure 6-13). Using predefined regular ranges the correlation appears to be very strong until around 2.5% Cu thereby illustrating the importance of B-veins to the mineralising system and how B-vein intensities can be used as an analogy for the mineralisation boundaries.

Figure 6-12 Example of B-Vein from Alpala Phase 1 Core (Source: SRK ES)

A = B-veins seen in cut core from CSD-14-009, 781 m to 786 m
B = Close up of B-veins observed in CSC-16-016, 961 m

Figure 6-13 Correlation Statistics between B-Vein Intensities and Final Cu Assay Grades from Phase 1 Drilling (Source: SRK ES, 2016)

As with the mineralized lithologies, these B-vein intensities, taken from Phase 1 drilling results, have also been modelled within Leapfrog software to aid in further understanding of the distribution of the intrusive and mineralisation systems at Alpala, Figure 6-14.

Based upon the correlation shown in Figure 6-13 and seen from core inspection, this modelling provides further 3D continuity of the mineralisation at Alpala.

SRKES_Cascabel_CPR_v0.17.docx 4 September 2017

Figure 6-14 Alpala B-Vein Intensity Wireframe Model (Source: SRK ES, 2017)

A – Plan view, B – Cross section looking west with 50m tolerance B- -Vein intensities = yellow = >0.5%; orange = > 2% red = > 5%

The raw assay data statistics from the Phase 1 and 2 drilling are illustrated within the copper and gold box plots in Figure 6-15 and Figure 6-16. These highlight that the main hosts for mineralisation are the pre-mineral diorite (D10) and syn-mineral quartz diorite (QD10) bodies with marginal grades also experienced in the intra-mineral diorite (QD15) and intra-mineral diorite (D15) intrusives. There also exists a strong correlation between copper and gold grades which reiterates the importance of the QD10 and D10 intrusions as the primary host for mineralisation at Alpala, Figure 6-17.

These grade are of economic levels and their distributions and correlations illustrate the distinction between the six main intrusive bodies and when coupled with the B-vein intensities, provide robust initial grade domains for use in future drill planning and Mineral Resource estimation.

Figure 6-15 Phase 1 and 2 Drilling Cu Boxplot by Lithology (Source: SRK ES, 2017)

SRKES Cascabel_CPR_v0.17.docx 4 September 2017

Page 39 of 93

Figure 6-16 Phase 1 and 2 Drilling Au Boxplot by Lithology (Source: SRK ES, 2017)

Page 40 of 93

Figure 6-17 Phase 1 and 2 Drilling Cu-Au Scatterplot by Lithology (Source: SRK ES, 2017)

Structural Geology

The structural model for the Alpala group is in its early stages. Mapping and topographical and geophysical data suggest that the intrusive centres are aligned at the confluence between northwest trending deep seated structures and northeast and north-trending structural corridors that cross the Cascabel Project, Figure 6-19.

Figure 6-18 Drilling Interpreted Structural Corridors at the Cascabel Licence (Source: SolGold, 2016)

Drill core orientation and subsequent structural measurements further indicate that veining is also aligned to this trend (Figure 6-19). It also highlights that the central regions are offset into a northeasterly direction again suggesting that Alpala Central is located on a junction between these two structures. The late stage post mineralisation D20 diorite dyke also intrudes along this north east structure.

Figure 6-19 Surface B-Vein Intensities across Alpala Central Illustrating the Intersection between the NW and NE trending structures (Source: SRK ES)

B-Vein intensities = light blue = 0.5 to 2%; purple = 2 to 5%; red = 5 to 20%; green > 20% B-veins

6.3.3 Aguinaga

The Aguinaga prospect is centred on a magnetic high anomaly that occupies the southwest slope of a significant hilltop (1615 m) east of Santa Cecilia. The geology of the region is dominated by an extensive diorite body. The prospect lies about 3 km south of the site office and 1.3 km to the northwest of Alpala. The interpreted porphyry centre at Aguinaga occurs at the confluence of a deep seated regional northwest trending structure with a major north-east trending lineament.

It is characterised by a 500 m x 500 m magnetic high surrounded by an annular magnetic-low. This geometry may be consistent with a porphyry system characterized by a central magnetic high related to an intrusive centre and a magnetite-destructive halo caused by pyritic phyllic / argillic alteration. A series of magnetic inversion and induced polarization (IP) chargeability models infer the presence of a deep rooted system at Aguinaga (Figure 6-20).

SRKES_Cascabel_CPR_v0.17.docx 4 September 2017

Figure 6-20 Cross Sectional Images Looking East through the 3D Geophysical Modelled of Aguinaga (Source: SolGold)

Left - MVI Magnetic Inversion model >800, Right – IP Chargeability model >145 msec

The Aguinaga hill-top is the locus of significant coincident copper, gold, and molybdenum geochemical soil anomalies along with manganese and zinc depletion and surrounding halo (Figure 6-21). Low manganese in soil is possibly related to intense late-stage hydrothermal alteration, while an elevated zinc aureole surrounding this area of low manganese is a metal zonation pattern described at other porphyry centres along the Andean porphyry belt.

Figure 6-21 Correlation between Geophysical and Geochemical Signatures at Aguinaga (Source: SolGold) A = RTP Magnetics, B = 3D Chareability, C = Copper in soil, D = Manganese in soil, E = Molybdenum in Soil, F = Gold in soil, G = Copper/Zinc ratio in soil,

SRKES Cascabel_CPR_v0.17.docx 4 September 2017

H = Zinc in Soil

Page 45 of 93

Lithology

Due to very limited surface outcrops, the lithology at Aguinaga is poorly understood. Reconnaissance field-work initially identified mineralised porphyritic diorite along the northern slope of Aguinaga Hill. Subsequent detailed, 1:500 scale, geological and structural mapping defined stock-work style copper-gold mineralisation outcropping at surface hosted in porphyritic diorite.

Mineralisation

Mineralisation is exposed along the upper section of Aguinaga Creek, where B-type quartzmagnetite-chalcopyrite-bornite stock-work veining occurs within porphyritic diorite (Figure 6-22). The outcropping mineralisation is accompanied by potassic (biotite) alteration and remains open to the north where creek sediments and jungle limit further surface exposure.

Rock-saw channel sampling results over the exposed outcrop returned an intersection of 9.0 m at 1.01% Cu, and 0.79 g/t Au.

Figure 6-22 Trench AG001 Sampling Surface B-vein Mineralisation at Aguinaga (Source: SolGold, 2014)

6.3.4 Other Prospects

SolGold has defined a number of other prospects from both geophysical and soil geochemical anomalies. Brief outlines of the observed geology at some of these prospects are provided below. While these have seen less exploration than Alpala or Aguinaga, most are aligned on similar structural northwest structural trends.

Chinambicito

Chinambicito has been defined as a prospect based on RTP magnetic imagery. These data

revealed an annular magnetic anomaly comprising a magnetic low core about 800 m in diameter and a surrounding irregular magnetic high annulus. A K-radiometric high and Cu anomalism in soil samples is partly coincident with the magnetic low core.

America-Tandayama

A strongly magnetic and potassic-altered diorite has been observed while conducting geological mapping but no significant quartz veining has been identified to date.

Moran

Geological mapping has highlighted the presence of veins of quartz-carbonate-chalcopyritesphalerite, with coarse clotted chalcopyrite occurring within a 1 m-wide zone of intense tectonic brecciation and long with some strong argillic alteration.

Trivinio

Outcropping stockwork vein mineralisation has been observed while conducting geological mapping across the Trivino area. This aligns with both magnetic and soil geochemical anomalies which suggest the possible presence of a porphyry centre, Figure 6-23.

Figure 6-23 Stockwork Veining Observed at Trivinio and its Association with Cu/Zn Geochemical Anomaly, (Source: SolGold)

Parambas

Parambas lies around 1 km east northeast of Alpala. It is characterised by a discrete RTP (reduced to pole) magnetics high and also an adjoining ovoid 3D Magnetic Inversion model.

The area is interpreted as a window through the San Juan De Lacas Volcanics into the older Calcareous arenites, characterised by a coincident molybdenum geochemical soil anomaly.

The surrounding area contains several occurrences of altered polymetallic intermediate

sulphidation veins as seen in Figure 6-24.

Figure 6-24 Altered Intermediate Sulphidation Veins Seen at Surface at Parambas

Carmen

The Carmen prospect is characterised by a series of multi-element soil geochemical anomalies that cluster along Quebrada Carmen, a south-southwest-draining stream located west and northwest of the Alpala field camp. The mineralisation and alteration at Carmen appears to comprise intermediate-sulphidation base-metal bearing veins that are often seen on the margins of porphyry systems.

The Carmen prospect may represent a high-level peripheral position relative to the Alpala porphyry system, with intermediate sulphidation epithermal veins displaying acid alteration haloes and Au-Pb-Zn-Cu-Mo-Ag anomalism.

7 DEPOSIT TYPES

As with much of the composite terrane across South America, the WTR hosts multiple intrusion related systems. These are hosted within a linear belt that extends from southern Chile right through to Ecuador and beyond. These bodies host the largest concentrations of copper in the world and numerous deposits are in active mining operation. This geological setting is associated with the following mineral deposit types:

x Porphyry copper related to the early stages of magmatism;
x Epithermal gold, low- and high-sulphidation associated with volcanic regions above porphyry systems; and
x Polymetallic skarn related to hydrothermal fluid flow from granite stocks through pervious, reactive limestone.

The mineralisation observed at Cascabel is considered as a classic porphyry copper + gold system and exploration has been designed with this interpretation in mind.

7.1 Porphyry Copper Systems

Porphyry systems are major metalliferous sources and can host a number of different deposits. These include porphyry deposits centred on the parent intrusion, and skarns (copper and more distal lead/zinc and/or gold), carbonate replacement and sediment hosted gold with increasing distances from the parent intrusion. High sulphidation epithermal deposits may also occur within the lithocaps as shown in Figure 7-1. Copper porphyry mineralisation forms as sequences of quartz-bearing veinlets and disseminated wall rock between vein sets. These tend to define large tonnage, low grade bodies of copper ± gold ± molybdenum.

These systems tend to be Mesozoic or Cenozoic in age and hosted in linear belts related to composite plutons and convergent plate boundaries either within continental magmatic arcs or island arcs in association with subduction zones or post-collision volcanism. This type of deposit forms at relatively shallow depths of 1 to 4 km and relate to fluid supply to magma chambers forming vertical elongate stocks or dyke swarms (Sillitoe, 2010). Several discrete stocks are often emplaced in one area resulting in clusters or structurally controlled alignments comprising several generations of intermediate to felsic porphyry intrusions.

In terms of host rock alteration; porphyry copper deposits tend to be upwardly zoned from barren to early sodic-calcic, potassic, chlorite-sericite and finally to advanced argillic. Progressive cooling in the system often results in a characteristic overprinting of these alteration assemblages in a process termed as telescoping.

The Andean Porphyry belt is a well-documented linear belt that hosts many known copper porphyry deposits as well as epithermal concentrations of gold, copper and silver. The belt extends from southern Chile and Argentina in the south to Equator and Colombia in the north.

Within this metallogenic belt, these porphyry and epithermal deposits are often located at the intersection between belt and intra-arc fault zones. Examples of porphyry and epithermal deposits within this belt are shown in Figure 7-2. The majority of these deposits formed during the Miocene; the same era as the intrusive stock-works within the Cascabel Project.

Figure 7-1 Schematic of an Idealised Copper Porphyry Deposit Illustrating the Classic Generic Model and Possible Related Deposit Types. Sillitoe, 2010

Figure 7-2 Distribution of Copper Porphyry Deposits and their Documented Ages; Sillitoe, 2010

Page 51 of 93

8 EXPLORATION

8.1 Introduction

SolGold's exploration has initially targeted the licence as a whole as well as specifically targeting a number of the priority prospects within the licence.

Recent exploration at the Cascabel Project began with the acquisition of the project by Cornerstone Capital Resources from Santa Barbara Copper and Gold S.A. in 2011.

Cornerstone expanded on preliminary exploration carried out in the 1980s by completing reconnaissance mapping alongside stream-sediment, panned concentrate and rock chip sampling campaigns in June to July 2011. The early Cornerstone exploration identified Cu-Au-Mo and Pb-Zn-As rock chip anomalies, as well as Cu-Mo-Au stream sediment anomalies, while concluding that copper was consistently anomalous and that a high proportion of rock chip samples contain >1 g/t Au.

SolGold assumed technical management of the project following the signing of an Earn-in Agreement with Cornerstone in April 2012 and the first systematic exploration commenced at Cascabel in May 2012.

SolGold's exploration began with reconnaissance rock chip and channel sampling in conjunction with multi element soil geochemistry studies taking in approximately 3000 samples across 30 km2.

A heli-borne magnetic survey was conducted in November 2012 across the 50 km2 licence.

Following the receipt of an Environmental Licence in August 2013, drilling commenced at Alpala in September 2013. To date (04 August 2017) 46,680 m of drilling across 38 drillholes has been completed at Alpala.

In August 2014 a deep penetration 3D IP Orion survey was conducted over a 30 km2 area of the Cascabel Project.

8.2 Licence-wide Geochemical Sampling

Amongst the first exploration techniques employed on the Cascabel Project was geochemical sampling of steam sediment, soil and rock which built on historical programmes discussed in Section 6.

8.2.1 Soil Orientation Survey

In order to support the soil geochemical sampling programmes, an orientation survey was carried out from August 2012 to January 2013. This survey involved the collection of six samples per sample site, with two samples from each of the A, B and C soil horizons, for a total of 1420 soil samples. The two samples collected from each horizon enabled sieving to two size fractions for analysis: -80 mesh and -230 mesh. Each sieved fraction was dissolved in the laboratory using the same four-acid digestion prior to analysis.

Based on the orientation soil results, the conclusion reached was that the C-horizon yielded the greatest contrast between anomaly and background, and that the C-horizon should be targeted in future soil sampling campaigns at Cascabel.

8.2.2 Soil Geochemical Sampling

Following the results of this orientation survey, C-horizon samples were taken on a 200 m by 100 m grid from August 2014 and sieved to -80 mesh in the laboratory. The grid was later in-filled to a density of 100 m x 100 m over priority areas until February 2016. The samples were collected on a grid trending 045°, principally orthogonal to the strike of the dominant structures in the licence area. Soil samples are hand dug to around 50 to 70 cm depth.

Between 2012 and 2016 almost 3300 soils samples were collected over the Cascabel Project area producing coincident molybdenum, gold and copper/zinc ratio in soil anomalies across a number of inferred porphyry centres.

Identification of spectral analysis of alteration was also conducted on the coarse fragments of these soils to assess the location of any lithocap from paragonite and kaolinite ratios.

8.3 Licence-wide Geological Mapping

Building on past 1:10,000 scale mapping of the project area, the SolGold field teams continue to perform 1:500 scale, "Anaconda" style geological mapping over the tenement area and updates to the local geology map remain on-going. This mapping targets the identification of alteration styles as well as porphyry vein style mineralisation in outcrops. The process is limited by the degree of cover and the deep tropical weathering experienced across the region.

8.4 Exploration on the Alpala Group

Alpala (Alpala Central) is the most advanced of the Cascabel prospects and has been the subject of geological mapping, soil and rock geochemical sampling and heli-borne geophysical surveys. This exploration work quickly moved towards detailed trenching/channel sampling of the exposed mineralisation within the Alpala creek system and then ultimately to the current core drilling programme as discussed in Section 9. Exploration has extended out along strike to incorporate areas of Alpala Northwest and Southeast.

8.4.1 Rock Chip Sampling

A total of 74 rock chip and grab samples have been taken across the Alpala prospect in an attempt to identify and define the surface mineralisation and geology ahead of further more detailed channel sampling.

8.4.2 Channel Sampling

A programme of channel sampling has been conducted across Alpala in 2012 and 2013, resulting in 702 samples from 84 channels. These have focussed on the surface expression of the intense B-veining and alteration observed within the Alpala creek system. After marking out a roughly 5 cm wide channel along the base of these outcrops in such a way to ensure continual sampling, a 5 cm deep channel is cut with the use of a rock saw to ensure that consistent samples are taken. Examples of this channel sampling are shown in Figure 8-1.

Samples were taken on average every two metres although final sample lengths varied from 0.35 m to 2.7 m.

At Alpala, most of the sample channels have been along drainages over an area of approximately 250 m x 200 m of erosional exposures of quartz stockwork veins. Zones of moderate-to-high density sheeted and stockwork quartz veining are associated with the highest grades, Figure 8-2. The highlights of these trenches are:

x TH46 45.64m @ 0.81 g/t Au, 0.59% Cu
x TH56A 56.93m @ 1.16 g/t Au, 0.34% Cu
x TH57 45.50m @ 0.46 g/t Au, 0.25% Cu
x TH64A 54.73m @ 0.21 g/t Au, 0.17% Cu

These channel results provided an inferred margin of a mineralised porphyry system and allowed SolGold to plan the first targeted core drillholes into the Alpala system. These are discussed in Section 9.

Figure 8-1 Evidence of Channel TH46 in Alpala Central, (Source: SRK ES, 2016)

Figure 8-2 Locations of Alpala Surface Channels, (Source: SolGold)

8.4.3 Magnetic Modelling

Three-dimensional inversion modelling of the interpreted intrusives at Alpala and the surrounding prospects, based on the helicopter flown magnetic data across Cascabel, has also been conducted by SolGold. An image of the 3D model in the Carmen-Alpala region is shown in Figure 8-3. These data were correlated with the TerraSec surface alteration data in an attempt to understand the characteristics of the host intrusives and the potential location for economic mineralisation.

Figure 8-3 Example 3D Inversion Model of Magnetic Data at Alpala below Surface Alteration Anomaly, looking NNE (Source: SolGold)

8.5 Exploration on the Aguinaga Prospect

8.5.1 Rock Chip/Grab Sampling

The Aguinaga prospect is in an area with minimal outcrop. A total of 69 grab samples have been taken to date from locally-derived float samples. These samples have been inserted into the same sampling stream as other channel and core samples.

8.5.2 Channel Sampling

Rock-saw channel sampling using the same approach as that used at Alpala was conducted on a single channel at Aguinaga in 2015 producing 8 samples from between 1 to 2 m in length. Results over the exposed outcrop returned an open ended intersection of 9.0 m at 1.01% Cu and 0.79 g/t Au, Table 8-1.

	Channel AG001 Results - Aguinaga
Channel ID	Length (m)	Cu %	Au g/t
AG001	1	0.84	0.57
AG001	1	1.59	0.93
AG001	1	0.8	0.42
AG001	1	0.47	0.24
AG001	1	0.7	0.33
AG001	2	0.26	0.196
AG001	2	2.07	2.11
Totals	9	1.01	0.79

8.6 Exploration on Other Prospects

Exploration has predominately been focused on the Alpala and Aguinaga and only limited exploration has so far been conducted on the other identified targets within the Cascabel licence. This has mainly been in the form of rock chip and channel samples which have been collected using the same procedures as detailed above.

8.6.1 Rock Chip and Grab Samples

SolGold has collected 173 rock chip samples on seven of the other exploration prospects as detailed in Table 8-2

8.6.2 Channel Samples

During 2012 and 2013 exploration programmes, a number of the prospects have also seen some limited channel sampling undertaken as detailed in Table 8-2. These were conducted using the same approach as that detailed above.

Prospect	No. of Rock Chips	No. of Trenches	No. of Samples
Alpala	74	84	702
Aguinaga	69	1	7
America-Tandayama	32	25	230
Cristal (part of Alpala Cluster)	18	0	0
Trivinio	37	3	99
Carmen	14	5	10
Moran	46	47	256
Parambas	16	0	0
Chinambicito	10	0	0

Table 8-2 Number of Rock Chip and Channel Samples by Prospect

9 DRILLING

9.1 Introduction

Following the granting of the Environmental Licence on 27 August 2013, SolGold commenced diamond drilling on 1 September 2013. Initial drilling focussed on intersecting the down-dip extension of outcropping sheeted and stockwork "B" type quartz veins in Alpala Creek.

This first phase of drilling involved 19 diamond core holes drilled over a 700 m by 250 m area. Drilling results have defined a north-westerly trending, steeply northeast-dipping, dyke-stockwork complex of diorite to quartz diorite that extends around 1,300 m along strike. The first phase of drilling concluded on 31 May 2016.

Since drilling commenced, SolGold have released drill results with the best drill intercept reported to date being 1560 m at 0.59% Cu and 0.54 g/t Au from a depth of 14 m below surface to 1574 m in drillhole CSD-15-012.

Following a review and interpretation period, SolGold commenced with a second phase of drilling on the 18 October 2016. Drilling is now also utilising tracked rigs, provided by Major Drilling, with greater depth capacities than those used in the initial drilling phase. At the time of writing this report a further 16 holes have been completed (including re-drills) with 3 additional holes in progress 23,010.36 m having been drilled. This second phase is targeting deeper zones of the Alpala body using longer, inclined holes in order to achieve better intersection angles.

9.2 Alpala Phase 1 Drilling

From 1 September 2013, 23,670.04 m from 19 drillholes (including two re-drills) were completed using man-portable rigs, contracted through Hubbard Perforaciones, positioned directly above the Alpala creek outcrops targeting the Alpala Central anomaly, defined by the geochemical and geophysical results discussed in Section 8. Drillhole inclination angles between -60 to -87° provided relatively steep intersection angles into the near vertical Alpala body. Initial results indicate that a mineralised copper-gold porphyry system exists at depth and that this mineralisation may be distinct from the sheeted vein system seen at surface.

Further drilling focused on expanding the known mineralisation at Alpala along strike, both towards the northwest and southeast (the Alpala cluster). Summary details of the first phase of drillholes are given in Table 9-1. The key intersections from the Phase 1 drilling are listed in Table 9-2. These grade intercepts are based on intervals greater than 100 m and derived using copper equivalency at a cut off of 0.1 % CuEq and no more than 10 m continuous dilution.

Drillhole ID	Azimuth	Dip	Length	Easting*	Northing*	Elevation
CSD-13-001	221	-61	353.56	797194	83183.5	1608.15
CSD-13-002	85	-63	547.42	797071.84	83163.2	1626.21
CSD-13-003	107	-60	751.33	797140.65	82999.13	1574.1
CSD-13-004	222	-75	318.51	797323.04	83199.83	1612.98
CSD-13-005	225	-85	1,370.00	797194.53	83183.96	1608.15
CSD-14-006	47	-76	1,401.50	797045.76	83424.37	1770
CSD-14-007	220	-85	1,672.76	797087.76	83312.37	1757
CSD-14-008	2	-85	1,310.45	797195.91	83190.01	1608.15
CSD-14-009	210	-85	1,757.35	797183.8	83306.55	1699.09
CSD-15-010	260	-85	974.84	797185.1	83308.08	1699.09

Table 9-1 Summary of Phase 1 Core Drilling at Alpala

SRKES_Cascabel_CPR_v0.17.docx 4 September 2017

Drillhole ID	Azimuth	Dip	Length	Easting*	Northing*	Elevation
CSD-15-011	225	-85	1,668.20	797043	83422	1770
CSD-15-012	210	-87	1,683.00	797231	83122	1634.47
CSD-15-013	225	-87	1,666.89	796875	83560	1792
CSD-15-014	320	-87	1,857.00	797323.04	83199.83	1612.98
CSD-15-015	205	-85	1,048.40	797128	83425	1768
CSD-16-015R	205	-85	141.43	797125	83425.5	1768
CSD-16-015R2	198	-85	1,970.00	797125	83425.5	1768
CSD-16-016	198	-83	1,661.60	797323.04	83199.83	1620
CSD-16-017	233	-74	1,515.80	797323.04	83199.83	1620
GRAND TOTAL			23,670.04

*UTM PSAD56

Table 9-2 Key Mineralised Intersections from Alpala Phase 1 Drilling

Drillhole	From	To	Interval	Cu (%)	Au (g/t)	Cueq (%)
CSD-13-001	10	320	310	0.39	0.47	0.68
CSD-13-002	112	420	308	0.35	0.28	0.53
CSD-13-003	88	186	98	0.16	0.03	0.17
CSD-13-003	572	746	174	0.19	0.11	0.26
CSD-13-004	194	318.51	124.51	0.12	0.05	0.15
CSD-13-005	12	1370	1358	0.61	0.61	0.94
CSD-14-006	276	374	98	0.13	0.05	0.16
CSD-14-006	606	1184	578	0.16	0.12	0.23
CSD-14-006	1200	1401.5	201.5	0.12	0.07	0.16
CSD-14-007	478	1670	1192	0.35	0.15	0.45
CSD-14-008	8	1310.45	1302.45	0.33	0.34	0.55
CSD-14-009	316	1757.35	1441.35	0.54	0.69	0.97
CSD-15-010	336	974.84	638.84	0.32	0.27	0.49
CSD-15-011	512	1668.2	1156.2	0.40	0.25	0.56
CSD-15-012	14	1574	1560	0.59	0.54	0.93
CSD-15-013	866	1624	758	0.34	0.16	0.44
CSD-15-014	44	192	148	0.10	0.07	0.15
CSD-15-014	534	1830	1296	0.37	0.30	0.55
CSD-15-015	372	1048.4	676.4	0.32	0.13	0.40
CSD-16-015R2	362	1764	1402	0.48	0.34	0.69
CSD-16-015R2	1790	1900	110	0.17	0.05	0.20
CSD-16-016	506	1442	936	0.75	0.95	1.35
CSD-16-017	156	258	102	0.13	0.18	0.24
CSD-16-017	330	1284	954	0.60	0.52	0.93

Note: Intervals selected based on a 0.1% CuEq cut offgrade. CuEq grades are calculated using a gold conversion factor of 0.63 calculated from a copper price of US\$3.00/lb and a gold price of US\$1300/oz Au.

9.3 Alpala Phase 2 Drilling

The current Phase 2 drilling commence on the 18 October 2016. Sixteen drillholes have been completed (18,752.03 m) including three re-drills, three additional holes are currently in progress. Therefore at the time of writing (02 August 2017) a total of 19,938.97 m has been completed from

ninteen holes. Summary details are provided in Table 9-3.

The key intersections from the Phase 2 drilling are listed in Table 9-4. These grade intercepts are based on intervals greater than 100 m and derived using copper equivalency at a cut off of 0.1 % CuEq and no more than 10 m continuous dilution.

The aim for this second phase of drilling is to further define the extent of the mineralisation at Alpala and into the northwest and southeast extensions, to allow for a maiden Mineral Resource estimate to be calculated. Detailed infill drilling, involving deep diamond core holes with a number of wedged holes, are planned at selected levels as described in Section 25. These will improve the confidence in the in-situ resource and allow for the project to develop to the prefeasibility study level.

A plan map of all drilling so far conducted at Alpala Central in both drill phases is illustrated in Figure 9-1.

Drillhole ID	Azimuth	Dip	Length	Easting*	Northing*	Elevation	Status
CSD-16-018	154.59	-81.7	2216.75	797111.3	83431.98	1746.74	Complete
CSD-16-019	211	-80	1632.52	797308	83177	1620	Complete
CSD-16-020	191.75	-79.8	157	797345	83500	1760	Complete
CSD-16-020R	192.8	-87	1342.4	797345	83500	1760	Complete
CSD-17-021	240	-82	1619.2	797531	83098	1720	Complete
CSD-17-022	211	-73	1311.2	797308	83177	1620	Complete
CSD-17-023	211	-90	159	797308	83177	1620	Complete
CSD-17-023R	180	-89	1560.3	797308	83177	1620	Complete
CSD-17-023R-D1	180	-89	931.66*	797308	83177	1620	Complete
CSD-17-024	215	-82	1665.7	797787	82871	1718	Complete
CSD-17-024-D1	215	-82	6.20*	797787	82871	1718	Complete
CSD-17-024-D1R	215	-82	500.15*	797787	82871	1718	Complete
CSD-17-025	204.36	-89	1681.55	797531	83098	1720	Complete
CSD-17-026	233.16	-75.62	1875.95	797450	83646	1767.8	Complete
CSD-17-026-D1	233.16	-75.62	478.15*	797450	83646	1767.8	Complete
CSD-17-027	204.36	-80.32	1614.3	797531	83098	1720	Complete
CSD-17-028	232.72	-78.22	986.94	797531	83098	1720	In Progress
CSD-17-029	202	-84	182	797632	83380	1716	In Progress
CSD-17-030	180	-77	18	797308	83177	1620	In Progress
GRAND TOTAL			19,938.97

Table 9-3 Summary or Phase 2 Core Drilling at Alpala (as of 18th August 2017)

*holes not collared on surface

Drillhole	From	To	Interval	Cu (%)	Au (g/t)	Cueq (%)
CSD-16-018	462	660	198	0.25	0.19	0.37
CSD-16-018	900	1684	784	0.62	0.66	1.04
CSD-16-019	268	`1612	1344	0.44	0.28	0.62
CSD-16-020R	844	1342.4	498.4	0.20	0.15	0.30
CSD-17-021	668	1614	946	0.67	0.39	0.92
CSD-17-022	192	1254	1062	0.40	0.18	0.52
CSD-17-023R	490	1518	1028	0.59	0.90	1.16
CSD-17-024	636	1222	586	0.27	0.25	0.43
CSD-17-025	754	1542	788	0.57	0.30	0.76
CSD-17-026	802	1875.95	1073.95	0.43	0.28	0.60

Table 9-4	Key Mineralised Intersections from Alpala Phase 2 Drilling

Intervals selected based on a 0.1% CuEq cut off grade. CuEq grades are calculated using a gold conversion factor of 0.63 calculated from a copper price of US\$3.00/lb and a gold price of US\$1300/oz Au.

Figure 9-1 Diamond Drillhole Location at Alpala (Source: SRK ES, 2017)

Due to the positioning of these drillholes, many produced steep intersections into the Alpala deposit; this is not uncommon during early drilling of a body the shape and form of a porphyry deposit. The true width of the mineralisation at Alpala is not yet known and continues to be tested as part of the Phase 2 drilling programme.

Figure 9-2 illustrates the copper equivalency model and the extent of the current drilling programme.

Figure 9-2 Extent of current Drilling and the Copper Equivilancy Model generated from the returning drill assays (Source: SRK ES, 2017)

9.4 Collar Surveys

Azimuth and dip of the drill rig setup are measured and checked by SolGold ahead of the start of all drillholes.

Collar locations are initially positioned using hand-held GPS units and then picked up by professional surveyors after drilling has been completed (Figure 9-3).

Figure 9-3 Example Final Collar Position – CSD-13-001 (SRK ES, 2016)

9.5 Downhole Surveys

A Single Shot Reflex Ezi-Gyro system is used to provide a down hole survey upon completion of each drillhole. Readings are taken by the drilling contractors at 50 m intervals and provided to the SolGold geology team. Any deflection of more than 10 degrees in dip or azimuth within a 50 metre interval, is resurveyed.

9.6 Diamond Drilling Procedures

During SRK ES site visit in June 2016, the drilling being performed by contractors and managed by SolGold's geological team, was observed. Two drilling contractors are undertaking the drilling: Hubbard Perforaciones ("HP") and Major Drilling.

HP drill rigs are custom made Hydracore man-portable rigs with a maximum capacity drilling at PQ diameter (85.0 mm core.) to 300 m depth, HQ (63.5 mm core) to 1000 m, NQ (47.6 mm core) to 1900 m, or BQ (36.4 mm core) to 2400 m.

Major Drilling drill rigs are track mounted Atelier Val d'Or VD6000PC with a capacity at PQ diameter to 900 m depth, HQ to 1400 m, NQ to 2200 m and BQ to 2800 m.

Drill pads, water sumps and rain shelters are constructed by SolGold field teams at each site under the supervision of the contractors, Figure 9-4.

All drilling is undertaken using Diamond Core ("DC") triple tube at either PQ3 (83.0 mm core), HQ3 (61.1 mm core) or NQ3 (45.0 mm core) core size.

Core is produced in 3 m core runs and placed into wooden core boxes. Core recoveries are recorded at the drill site. Core boxes are then transported to the main project office for logging and sampling. Cut wooden blocks are placed at the end of each run to record drill depths.

Core orientation is performed at 30 m intervals using a Reflex ACT III Ezi-Ori system.

Figure 9-4 Diamond Drillhole Location CSD-16-017 (SRK ES, 2016)

9.7 Core Recovery

SRK ES has reviewed the drill core recovery results and found that recovery is good with average recoveries of 97% being achieved.

9.8 Core Storage

Core is labelled ahead of being transported from the drill sites via mule and 4x4 vehicles to the project office site at Rocafuerte where it is photographed, logged and sampled. The core is stored at the camp under cover, alongside the logging area.

SRK ES understands that some of the core from the first drillholes is stored offsite in Quito but SolGold intend to return this core to the camp in due course.

9.9 SRK ES Comments

The initial spread and design of the drillholes was limited by access and topography hence the use of man-portable rigs. This has resulted in some high intersection angles of the mineralised body which is not uncommon when drilling a body the form of a porphyry deposit. With the introduction of the Major Drilling drill rigs with greater drill capabilities, SolGold intend to step out from the target area and undertake wedged drilling to gain better intersection angles and to realise their continued exploration plan towards defining the full extent of the Alpala mineralised body.

10 SAMPLE PREPARATION, ANALYSES AND SECURITY

10.1 Introduction

The following section outlines the sample preparation and assay procedures and protocols employed by SolGold.

10.2 Diamond Drilling Sampling and Chain of Custody

All drillcore has been processed at the drill site, Alpala field camp and the Santa Cecilia core facility, including geological and geotechnical logging, specific gravity analysis and magnetic susceptibility measurements. Following completion of the onsite analytical processes, samples are selected, cut and collected from the drillcore before being transported to one of three analytical laboratories for analysis.

10.2.1 Geotechnical Logging

Geotechnical logging, conducted on the core ahead of any cutting, includes measurements of recovery, hardness, fracture interval, fractures per metre, fracture angle, fracture style and Rock Quality Designation (RQD). Geotechnical logging is conducted at the Santa Cecilia core yard unless the drill site geologist believes that the core is of insufficient competence to be transported without inducing fractures. In these cases the core is geotechnically logged at the drill site.

The Santa Cecilia core facility is located approximately 12 km north of the Alpala field camp.

10.2.2 Geological Logging

Geological logging onto standardised paper logs is conducted at the main exploration camp at Rocafuerte, Figure 10-1. This includes standard geological factors such as lithology, texture and grain size. The intensity of B- and C-veins are also estimated as this has been shown by SolGold to have a good correlation with grade and may aid in future grade domaining.

A spear tool has been used to mark the bottom of holes at 30 m intervals and the orientation marked onto the core with a permanent marker along with up- or down-hole arrows whilst it is still contained within the triple-tube. Where possible core is re-orientated during logging and structures measured as dip/dip direction using a core orientating "rocket launcher" device.

All logging data are manually input into Excel based digital databases that are periodically validated and audited by SolGold geologists.

Figure 10-1 Logging Facilities at Rocafuerte (SRK ES, 2016)

10.2.3 Core Photography

Core photographs have been taken systematically on both wet and dry core either at the drill site or the Alpala field camp to show the state and quality of the drillcore prior to logging and sampling. Photographs of cut core are not systematically taken.

10.2.4 Specific Gravity Analysis

Specific gravity analysis has been undertaken using a wax method on selected sections of whole core approximately 10 cm in length. Measurements are taken at a rate of one per core tray, and are made prior to cutting of core for sampling.

Core is sawed orthogonally to provide smooth ended core-cylinders, before being placed into a small drying oven for 10 to 12 hours. Core is then weighed to provide mass of dried, unwaxed core in air (Measurement A). Dried core is then coated in wax, before a second measurement of the mass of waxed core in air (Measurement B). Waxed core is then submerged in water, and again weighed to provide mass of submerged, waxed core (Measurement C).

Specific gravity is then calculated using the expression below, assuming that the density of paraffin wax is 0.914 g/cm3.

$$
SG = \frac{A}{[B - C] - [B - A]/0.914}
$$

The current project database contains 2,796 specific gravity measurements.

10.2.5 Sample Selection and Mark-up

Prior to cutting and collection of samples, all core is marked up for sampling. A standard sampling interval of 2 m has been selected by SolGold although smaller samples may be taken in significant zones (25 cm) of massive sulphide. In these situations, the massive sulphide zone is sampled to its margins, and the sampling interval returned to even number depth intervals (e.g. 2 m, 4 m, 6 m) as soon as possible after the interval.

Where there are extended intervals of barren rock, while all core is marked up for sampling, samples are only taken every six metres. This approach allows for infill sampling at consistent 2 m intervals if required.

10.2.6 Core Sawing

Before cutting, all core is marked up by a geologist or competent core technician, ensuring that representative half core is created.

Two petrol driven core saws are operated at the Rocafuerte exploration camp, alongside the logging facility, Figure 10-2. All core is split longitudinally. Following splitting, all core is returned to the core trays prior to being selected for sampling. Intervals of highly broken core that may be washed away by the water supply are wrapped in plastic and/or masking tape to increase the retention of fines. Intervals of extremely broken or fragmented core, or clay rich core, are left in the core tray without sawing, and split during sampling by cleaver and spatula.

Figure 10-2 Core Cutting Facilities at Rocafuerte, (SRK ES, 2016)

10.2.7 Sample Collection

Half core is sampled, including coarse and fine rock fragments. Where there is significant fine

material, a trowel is used to ensure that no less than 50% of the fines are included in the sample. All material is placed into high strength plastic sample bags, which are in turn placed into calico sample bags. Sample numbers are written on the exterior of the calico bags with a waterproof marker, and a corresponding barcoded plastic sample ticket placed into each bag.

10.2.8 Magnetic Susceptibility Analysis

Following sampling of the core, magnetic susceptibility measurements are taken of the half core samples over the length of each hole at two metre intervals. All measurements are taken using a KT-10 Magnetic Susceptibility Meter, manufactured by Terraplus.

10.2.9 Sample Security

Samples are packaged on site by SolGold and dispatched periodically to one of the three assaying laboratories via two sample preparation laboratories in either Cuenca or Quito. Sample security and dispatch forms are completed for each shipment documenting the number and type of samples to be received by the laboratory. A SolGold driver transports the samples to either the ACME preparation laboratory in Cuenca (ACME or Met-Solve assaying), or the ALS preparation laboratory in Quito (ALS assaying).

10.3 Channel Sampling

Channel samples taken with the use of a rock saw are collected at either 1 or 2 m intervals, bagged and labelled using the same procedures as detailed for drill core above.

10.4 Sample Preparation and Analyses

The assaying of drill core and channel samples collected during SolGold's exploration programmes have been performed by one of three laboratories; ACME Vancouver, ALS Geochemistry, Lima and Met-Solve, British Columbia. All soil samples for the Cascabel have been submitted to ACME laboratory. Current rock, channel and drill core samples are to be submitted to ALS.

10.4.1 ACME Laboratory

At the ACME Laboratory in Cuenca, all rock, channel and drill core samples are prepared using standard rock preparation procedures (ACME Code: R200-250/ PRP70-250) including crushing (1kg to 70% passing 10 mesh (2mm)), splitting (split to 250g) and pulverising (85% passing 200 mesh (75 m)).

Prepared samples are then assayed by ACME Laboratories in Vancouver using two methods. Gold is measured by fire assay using a 30 g sample with an AAS (Atomic Adsorption Spectrometry) finish (ACME Code: G601/FA430). Four-acid digestion and ICP-ES (Inductively Coupled Plasma – Emission Spectrometry) finish on a 0.25g aliquot (ACME Code: 1E/ MA300) is used to determine 36 elements. This method of multi-element analysis is only partial for some S-, Cr- and Ba- bearing minerals and some oxides of Al, Hf, Mn, Sn, Ta and Zr. Volatilisation during fuming may result in some loss of As, Sb and Au.

Soil samples submitted to ACME undergo SS80 preparation (Dry at 60˚C; sieve 100 g to -80 mesh), followed by AQ201 Aqua Regia 1:1:1 digestion ICP-MS analysis for 36 elements.

SRKES_Cascabel_CPR_v0.17.docx 4 September 2017

10.4.2 ALS Laboratories

Samples sent to ALS Laboratories in Quito are prepared by crushing (CRU-31), logging (LOG-22), weighing (LOG-24), pulverisation of 1 kg to 85% passing 75 m (PUL-32) and splitting (SPL-21), before being transferred to a new sample bag (TRA-21) and re-weighed.

Prepared samples are then dispatched to ALS Lima, Peru for assaying.

Two methods were used for analysis of all rock, channel, and drill core samples by ALS:

x An ALS 4 acid digest ICP with MS finish for 48 elements (ME-MS61); and,
x Au was measured using Au-AA23, a lead collection fire assay with AAS finish on a 30g sample.

10.4.3 Met-Solve Laboratories

Samples submitted to Met-Solve laboratories in Langley, British Columbia, first undergo sample preparation at ACME's laboratory in Cuenca as detailed above. Once received by Met-Solve, samples are assayed for gold by fire assay with AAS finish (30 g sample, Met-solve code: FAS-111), and for multi-element analysis by four-acid digestion followed by ICP-AES/MS (Atomic Emission Spectrometry/Mass Spectrometry) with a 0.2 g aliquot (Met-solve Code: IMS-230).

10.5 SRK ES Comments

Following a review of the sample preparation, sample and data security procedures and assaying employed by SolGold, SRK ES is of the opinion that they are consistence with industry best practices and suitable for a project at this level of exploration.

11 DATA VERIFICATION

11.1 Verifications by SolGold

SolGold routinely undertakes data verification as part of the on-going exploration programme. Checks completed include validation for all tabulated data, including collar and down-hole survey, sampling information, assay and lithology interval data. Validation of sample results from the latest phase of drilling uses standards, blanks and duplicate samples inserted routinely into each batch submitted to the laboratory to a percentage of 7.3%, Table 11-1.

At the time of writing/updating, Phase 2 results had not been fully received and collated. The information here relates to drilling undertaken up to and including April 2017 (CSD-17-022).

Sampling Programme		Total	(%)	Comment
Sample count		19,137	94.0
Pulverised certificated blanks		375	1.9
	OREAS 22d	248	1.2	Gold Blank from Ore Research & Exploration
	OREAS 22e	22	0.1
	CDN-BL-10	114	0.6	Blank from CDN Resource Laboratories
Certified Reference Material		334	1.6
	CDN-CM-17	51	0.3	CM-17 from CDN Resource Laboratories
	CDN-CM-19	62	0.3	CM-19 from CDN Resource Laboratories
	OREAS 501b	99	0.5	CRM-501b from Ore Research & Exploration
	OREAS 502b	79	0.4	CRM-502b from Ore Research & Exploration
	OREAS 504b	42	0.2	CRM-504b from Ore Research & Exploration
Field duplicates		503	2.5
Preparation duplicates		0	0
Pulp duplicates		0	0
Total QC Samples		1073	6
Total Samples		20,357	100

Table 11-1 Summary of Phase 1 QAQC Samples Inserted into the Cascabel Sample Stream

11.1.1 Sample Quality Assurance and Quality Control Programmes

A routine quality assurance and quality control ("QAQC") programme has been implemented by SolGold to monitor on-going quality of the analytical database. This programme is set out for all geologists in a standard sampling protocols document and involves the insertion of:

x Certified Blanks every 50th sample and at the start of every drillhole;
x Certified Reference Material ("CRMs" or standards) a selection of five CRMs sourced from CDN Resource Laboratories Ltd., Canada, and Ore Research & Exploration, Australia - inserted every 50th sample; and
x Field Duplicates two sets of ¼ core are sampled and inserted as every 30th sample.

Certified Reference Materials

Since the start of the drilling at Cascabel, SolGold has introduced five different CRMs into the analysis sample stream, sourced from CDN Resource Laboratories Ltd., Canada, and Ore Research & Exploration, Australia. A total of 333 standards have been inserted into the sample stream to date.

Table 11-2			Certified Reference Material Summary Details
QAQC_ID	Au g/t	Cu ppm	Mo ppm	Ag g/t	Pb %	Zn %
CDN-CM-17	1.37	7910	750	14.4	-	-
CDN-ME-19	0.62	4740	-	103	0.98 ± 0.06	0.75 ± 0.04
OREAS 501b	0.248	2600	99	0.778	-	-
OREAS 502b	0.495	7730	238	2.09	-	-
OREAS 504b	1.61	11100	499	3.07	-	-

The certified limits for the respective standards are provided in Table 11-2 below.

SRK ES has reviewed the results for each of the five CRM's in relation to copper and gold
values. The three OREAS sourced CRM performed well, reporting results within two standard
deviations from the certified value. Two CDN CRM's used from the start of the drilling through
to completion of hole CSD-15-011 show initially poor performance in both copper and gold, this
however has improved with time. Further investigation has shown that these initial poor results
are directly associated with the ACME laboratory, later analysis undertaken by ALS directly
relates to the improvement in performance (Figure 11-1 & Figure 11-2). The mean value of both
the gold and copper results for both the CDN CRM fall well within the two standard deviation
from the certified value. SRK ES is therefore satisfied that in general the standards demonstrate
(with the exception of a limited number of samples) an acceptable degree of accuracy at the
assaying laboratories and the poorer performance from the ACME laboratory, which has now
been addressed with the change in laboratory, has not introduced a bias into the results.

Figure 11-1 Plot of CDN-ME-19 CRM Assay Results for Copper (ppm) through time

Figure 11-2 Plot of CDN-ME-19 CRM Assay Results for Gold (ppm) through time

Blanks

Certified blank material sourced from CDN Resource Laboratories Ltd., Canada, and Ore Research & Exploration, Australia, has been inserted into the sample stream at a frequency of approximately 2-3%. The certified limits for the blank material are presented in Table 11-3. A total of 384 blanks have been inserted into the sample stream at Cascabel.

QAQC ID	Au g/t	Cu ppm	Mo ppm	Ag g/t	Pb %	Zn %
CDN-BL-10	0.01	-	-	-	-	-
OREAS 22d	0.001	9.23	-	-	-	-
OREAS 22e	0.001	7.97	1.05	<0.05	<1	4.33

Table 11-3 Certified Blank Summary Details

The two blank sourced used where certified low grade pulped material designed for use as gold blanks and as such contain low concentrations of copper (OREAS-22d certified, CDN-BL-10 not certified), and have therefore been interpreted as a low level standard rather than a blank (Figure 11-3) for copper. The copper and gold results both show a single outlier (two different samples) which cannot be explained from a review of the database. SRK ES considers these both to be anomalous but non-material.

The copper results from OREAS 22d generally performed well, falling within two standard deviations from the certified value. There are however two discrete periods in time where the results were elevated above the two standard deviation value. The most significant over reporting batches correlate to the beginning of the 'blanks' insertion into the sample stream and cover a time frame from December 2014 through to November 2015, during which ALS was the singular laboratory used. A review into the standards performance in these batches shows that this bias is only seen at these low level values and is therefore not material to the

economical mineralised zones.

The copper results from CDN-BL-10 show a consistent low value (ignoring the singular anomaly), however due to the copper value not being certified for the material and its inerrant value being clearly above detection limit for the analytical method, the interpretation of these results is limited.

The gold results from both pulped blanks report constantly (84% of results) below detection limit. The samples which did report grades above detection were all under 0.015 ppm/Au (not including the singular anomaly). SRK ES considers the performance of these pulped gold blanks to be good and there is generally little evidence for material sample contamination during the gold analysis.

The blank material used to date has been submitted in a pulped form and will therefore not assess the preparation facilities. Blank sample analysis charts for copper and gold are presented in Figure 11-3, and Figure 11-4.

Figure 11-3 Plot of OREAS 22d Blank Assay Results for Copper (ppm) through time

Figure 11-4 Plot of Blank Assay Results for Gold (ppm) through time

Field Duplicates

For intervals of core that are assigned as a field duplicate sample, two ¼ core samples are submitted concurrently to serve as the pair.

To date, 503 field duplicates have been collected, at an average of around 20 per hole, and a frequency of approximately 3% of the sample stream.

There is a strong positive correlation between the parent and field duplicate assay results for copper and gold. The limited outliers within the gold duplicates is considered to be a reflection of the geological variability and (resultant) heterogeneity of the mineralisation in the drill core. Plots for parent and field duplicate comparisons for copper and gold are presented in Figure 11-5 and Figure 11-6.

Figure 11-5 Comparison of Parent and Field Duplicate Check Sample Assay Results for Copper (ppm)

Figure 11-6 Comparison of Parent and Field Duplicate Check Sample Assay Results for Gold (ppm)

11.1.2 Inter-Laboratory Comparisons

ACME vs Met-Solve

A comparison of drill hole sample analysis between ACME and Met-Solve laboratories was conducted by SolGold in May 2016, using samples from drillhole CSD-16-016. The results of the comparison on copper and gold are presented in Figure 11-7, Figure 11-8, Figure 11-9, and Figure 11-10, below.

Figure 11-7 Copper (ppm) Assay Comparison between Met-Solve and ACME Laboratories through Drillhole CSD-16-016

Figure 11-8 Plot of Copper (ppm) Assay Results; ACME vs Met-Solve Laboratories

Figure 11-9 Gold (ppm) Assay Comparison between Met-Solve and ACME Laboratories through Drillhole CSD-16-016

The outcome of the laboratory comparison illustrates that there is a strong positive correlation between results from ACME and Met-Solve.

11.2 Verifications by SRK ES

11.2.1 Site Visit

In accordance with National Instrument international best practices, James Gilbertson and Fernando Saez from SRK ES and SRK Peru respectively, visited the Cascabel project on 13 June to 17 June 2016 accompanied by Benn Whistler of SolGold.

The purpose of the site visit was to review the digitalization of the exploration database and validation procedures, review exploration procedures, define geological modelling procedures, examine drill core, interview project personnel, and collect all relevant information for the preparation of a technical report. During the visit, particular attention was given to the treatment and validation of drilling data.

The site visit was also aimed at investigating the geological and structural controls on the distribution of porphyry style veining and copper and gold mineralisation in order to aid the construction of three dimensional models.

SRK ES planning to conduct an updated technical visit to the Cascabel licence during October/November 2017

11.2.2 Verification of Sample Database

Following this technical site visit, SRK ES completed a phase of data validation on the digital sample database supplied by SolGold which included a search for sample overlaps, duplicate or absent samples, anomalous assay and survey results. Following some minor amendments recommended by SRK ES, no material issues were noted in the final sample database.

11.2.3 Structural Data Review

Following their technical site visit, SRK ES carried out an analysis on the drill core structural

data from Cascabel following guidelines by R. Holcombe, T. Coughline and N. Oliver, 2013, "Oriented Drill Core: Measurement, Conversion, and QA/QC Procedures for Structural and Exploration Geologists". This review assessed the quality of these data when illustrating the poles to planes on a stereographic projection. Here any errors will show small circle distributions centred on the drill-hole orientation.

SRK ES's review suggest that the current orientation procedures or data conversion and/or data entry may require amendment, and that orientation data are currently considered uncertain. These errors are normally due to a combination of human error, from the initial markup by the driller (marking top/bottom of core, understanding how equipment works), the technicians/geologists drawing the orientation line imprecisely, the geologist measuring the orientation of the structure without re-orientating properly, inconsistent alpha/beta measuring techniques, etc.

11.3 SRK ES Comments

SRK ES has reviewed the data collection methodologies during the technical site visit, and has undertaken a review of the assay and geology database provided by SolGold.

Assessment of the current QAQC data indicates the assay data for the drilling and sampling to date has appropriate accuracy and precision. SRK ES also conclude that the move to ALS and Met-solve laboratories has improved the sampling precision.

SRK ES has recommended that, with the project at its current level of exploration, the sample QAQC programme is expanded so that the insertion frequency is increased to approximately 15% and that the following are employed:

x CRMs and blanks inserted in a randomised approach;
x Coarse blanks are also utilised to assess potential contamination at the sample preparation facility;
x Pulp duplicates are inserted as well as field duplicates; and
x Periodic check assay programmes are employed where stored pulps are selected in a way that honours the original statistical spread of assays and are re-assayed at a separated umpire laboratory.

SRK ES's database validation suggests that SolGold's approach is reasonable and appropriate. Notwithstanding this, SRK ES recommend that, as the project grows in data, a more robust Access based data storage is employed to limit potential human transmission errors.

In relation to drillhole structural data, SRK ES recommends a visual comparison of outcrop data with drillhole data to check the quality of the drillhole measurements and to identify likely erroneous orientation measurements.

This should be followed by the re-marking of orientation lines along the entire length of the drillhole ensuring that the orientation lines are accurate. Procedures should be put in place for high, medium and low confidence orientation lines to be drawn. Arrows, indicating the downhole direction, should be added to the orientation line to avoid "way up" confusions whilst measuring the structure. If the drill core cannot be oriented, then no orientation line should be drawn and no measurements taken; no information is better than wrong information. High confidence orientation lines should only be drawn when at least three or four complete runs of core can be well fitted together and the orientation "marks" line up accurately.

SRKES_Cascabel_CPR_v0.17.docx 4 September 2017

12 MINERAL PROCESSING AND METALLURGICAL TESTING

12.1 Introduction

In August 2014, preliminary metallurgical studies were conducted by Bureau Veritas Commodities Canada Ltd., Inspectorate Metallurgical Division in Vancouver on three composite samples taken from drillhole CSD-13-005 at Alpala.

Metallurgical testwork was undertaken in order to study the recovery of copper and gold in the three composite samples. The samples were selected to represent higher-grade intersections and were prepared from coarse rejects.

The coarse reject samples were recovered from the ACME sample preparation laboratory in Cuenca, Ecuador, riffle split, packaged and exported to Vancouver.

The results and laboratory comments included below have been extracted from the summary report "Metallurgical Testing of Samples from the SolGold Cascabel Porphyry Cu-Au Project in Ecuador", produced by the Inspectorate Metallurgical Division in August 2014.

12.1.1 Composite Sample Description

The three composite samples have been selected from increasing depth intervals.

Composite 1

Composite 1 consists of 24 contiguous, 2 m long samples from CSD-13-005. The composite sample covers the interval of 802 m to 850 m depth from surface with a calculated average grade of 0.94 g/t Au, 0.99 g/t Mo and 1.03% Cu and a total bulk sample weight of 73.52 kg.

The composite sample consists predominantly of early (pre-, possibly syn-, mineralisation) porphyritic quartz diorite with intermediate argillic and potassic alteration.

Composite 2

Composite 2 consist of 24 contiguous, 2 m long samples from CSD-13-005 selected over the interval of 934 m to 982 m depth from surface. Calculated average grade of the sample is 0.57 g/t Au, 5.83 g/t Mo and 0.67% Cu and a total bulk sample weight of 72.49 kg.

The sample consists predominantly of fine grained, equigranular to sub-porphyritic, with pre-, possibly early mineral intrusion, diorite with intermediate argillic and potassic alteration.

Composite 3

Composite 3 consist of 24 contiguous, 2 m long samples from CSD-13-005 selected over the interval of 1098 m to 1146 m depth from surface. Calculated average grade of the sample is 2.35 g/t Au, 4.07 g/t Mo and 1.87% Cu and a total bulk sample weight of 71.54 kg.

The composite sample consists predominantly of early, pre-, possibly syn-, mineral, medium grained diorite with sub-porphyritic texture. Alteration is intermediate argillic and potassic.

12.2 Test Work Programme Overview

The programme tested three composite samples of various grades and mineralogy as described above and included sample preparation, head assay, ore hardness, grindability, flotation test work and mineralogy. A summary of the test work is presented in Table 12-1.

Test	Details	Comment
Sample Receipt and Inventory	Check inventory of samples submitted	Check samples against client list and air-dry
Sample Preparation	Samples crushed, mixed and riffle split	Head assay aliquots riffle split from the main sample
Head assay	ICP-MS	Assayed for Cu, Au, S, 30-element and whole rock analysis (WRA).
Bond Mill Work Index	Bico-Braun laboratory mill	Hardness
Test Grinds	Three tests on each composite for varying grinding times	Develop a grind time versus P80 sizing curve
Rougher Flotation Kinetics	Scoping level flotation tests on each composite at 3 grind sizes to establish a grind versus recovery basis	Products analysed for Cu, Au, S
Rougher Flotation Optimization	Using optimum grind size and flotation times from the Kinetic testing, 4 additional rougher tests to be conducted	Using various Ph and reagent schemes
Cleaner Flotation	Using the optimum grind and rougher kinetics parameters, a 3 stage cleaner circuit test with and without regrind	Products analysed for Cu, Au, S
Size by Assay Analysis	Rougher scavenger tailings to be screened to 7 size fractions and undergo screen by assay	Each fraction assayed for Cu, Au, S to calculate metal and mineral distribution
Mineralogy	Particle Mineral Association Study (PMA) using QEMSCAN (if required)	Mineral composition and deportment, associations, liberation characteristics, effect of primary grind, and size elemental mineral analysis

Table 12-1 Summary of Metallurgical Test work

12.2.1 Summary of Test Results

A summary of the head assay results is presented in Table 12-2.

Table 12-2 Head Assay Results of Composites

				Head Assays
	Composite 1			Composite 2			Composite 3
Au g/t	% Cu	% S	Au g/t	% Cu	% S	Au g/t	% Cu	% S
1.08	1.05	2.43	0.54	0.67	5.95	2.21	1.8	7.57

12.2.2 Grind versus Recovery in the Rougher Circuit

Three different grind sizes were produced from each composite to establish grind versus recovery. Timed rougher concentrates were collected and assayed from the rougher kinetic flotation. A conventional reagent scheme using lime to pH 9.0, potassium amyl xanthate (PAX) and methyl isobutyl carbinol (MIBC) as frother were employed. Results are presented in Table 12-3

Following the rougher circuit test work, it was found that a finer grind did not improve grade or recovery and identified that a coarser primary grind may be acceptable. Good copper and gold

rougher recovery results were obtained from all three composites.

Test No	Composite	Grind P80	% Weight		Rough Concentrate Assay			% Rougher Recovery
		(˜m)	Pull	Au g/t	% Cu	% S	Au	Cu	S
F1	1	128	16.0	5.72	6.18	9.1	91.6	96.5	62.9
F2	1	94	16.5	5.62	6.06	9.3	91.7	96.6	63.1
F3	1	74	17	7.98	5.80	9.3	94.2	96.8	63.7

F4	2	120	20.0	2.71	3.30	18.5	93.1	96.5	91.3
F5	2	96	18.7	2.35	3.45	19.1	91.5	96.9	60.05
F6	2	78	18.4	2.51	3.57	20.0	91.9	96.9	61.0

F7	3	136	23.2	8.26	8.01	23.8	94.0	98.0	74.1
F8	3	94	21.9	9.49	8.24	26.2	95.0	98.7	74.3
F9	3	72	21.6	9.62	8.62	26.7	95.3	98.8	74.7

Table 12-3			Grind versus Rough Circuit Recovery
------------	--	--	-------------------------------------	--

12.2.3 Rougher Flotation Optimisation Testing

Using an optimum grind size and flotation times from the kinetic testing, additional rougher tests were conducted including studies using different reagent schemes and frother dosages, Table 12-4

The results of the Rougher Flotation optimisation test work are presented in Table 12-5.

The rougher circuit metallurgy remained consistent regardless of the changes in grind, pH and collector dosage indicating that the ore samples are not very sensitive to change or conditions.

Test	Composite	Rougher Circuit Testing Details
F10	1	Coarse grind. pH increase from natural (8.1 – 8.3) to 10.0
F13	1	Coarse grind, natural pH, collector dosage lower PAX80 to 65g/t A3418 40 to 30g/t
F16	1	Same as F1, continued with cleaner flotation testing
F11	2	Coarse grind. pH increase from natural (8.1 – 8.3) to 10.0
F14	2	Coarse grind, natural pH, collector dosage lower PAX80 to 65g/t A3418 40 to 30g/t
F17	2	Same as F4, continued with cleaner flotation testing
F19	2	Same as F17, continued with cleaner flotation testing
F12	3	Coarse grind. pH increase from natural (8.1 – 8.3) to 10.0
F15	3	Coarse grind, natural pH, collector dosage lower PAX80 to 65g/t A3418 30 to 20g/t
F18	3	Same as F7, continued with cleaner flotation testing
F20	3	Same as F18, continued with cleaner flotation testing

Table 12-4 Rougher Flotation optimisation

Test No	Composite	Grind	%		Rough Concentrate Assay			% Rougher Recovery
		P80 (˜m)	Weight Pull	Au g/t	% Cu	% S	Au	Cu	S
F10	1	131	14.7	6.25	7.58	11.2	90.7	95.9	63.6
F13	1	129	11.6	8.21	8.23	12.3	92.3	94.2	58.6
F16	1	129	12.2	7.55	8.10	11.8	90.9	95.7	61.0

F11	2	121	18.4	2.69	3.51	19.6	91.0	96.0	60.1
F14	2	123	17.3	2.30	3.76	21.1	92.3	95.6	59.7
F17	2	127	17.3	3.46	3.8	19.3	93.6	95.2	57.7
F19	2	128	15.6	3.64	4.04	21.5	92.4	94.9	58.2

F12	3	131	21.6	9.36	8.06	25.7	94.8	97.9	73.7
F15	3	129	20.8	10.90	7.84	28.3	95.7	97.2	75.1
F18	3	138	20.0	8.91	8.41	27.4	94.1	97.2	74.2
F20	3	130	19.2	13.29	9.24	28.0	95.5	97.3	73.3

Table 12-5 Rougher Flotation Optimisation results

12.2.4 Cleaner Circuit Testing

Using the optimum grind and rougher kinetics parameters, a three stage cleaner circuit test was conducted both with and without a regrind. Details of the cleaner circuit testing can be seen in Table 12-6.

The results of the cleaner circuit test work on the concentrates are summarised in Table 12-7

Tests F16, F17 and F18 did not use a regrind. It was observed that the rougher concentrate from Composite 1 was very fine grained and produced a reasonable final concentrate grade without any regrinding. This is considered to be a function of the mineralogy present in that composite.

Test	Composite	Rougher Circuit Testing Details
F16	1	No regrind, natural (8.1 – 8.3), two cleaning stages
F17	2	No regrind, natural (7.8 – 7.9), two stages cleaning
F19	2	Regrind rougher concentrate to P80 = 33˜m, natural (7.6 – 7.8), two cleaning stages
F18	3	No regrind, natural (7.7 – 7.8), two stages cleaning
F20	3	Regrind rougher concentrate to P80 = 43˜m, natural (7.7 – 7.8), two cleaning stages

Table 12-6 Cleaner Circuit details

	Comp			Ro. Con.	Regrind		Concentrate	2nd Cleaner			Cleaner Circuit Recover %			Total Circuit % Recovery
Test		Au g/t	Cu %	P80=˜m		% Wt	Au g/t	Cu %	S %	Au	Cu	S	Au	Cu	S
F16	1	7.6	8.1	22	No	3.9								21.2 21.1 30.2 89.1 83.1 81.8 81.0 79.5 49.9
F17	2	3.5	3.8	70	No	7.2	7.6	7.5						37.3 93.4 84.3 82.5 87.4 80.3 47.6
F19	2	3.6	4.0	33	Yes	5.4	9.7							10.5 46.6 91.0 88.8 74.2 84.1 84.3 43.2
F18	3	8.9	8.4	128	No									13.1 13.1 12.0 39.2 96.0 92.8 93.3 90.3 90.2 69.2
F20	3	13.3 9.2		34	Yes	7.3								29.8 20.3 41.6 84.9 83.4 56.3 81.1 81.1 41.3

Table 12-7 Cleaner Circuit Results

12.2.5 SRK ES Comments

Reflecting the current stage of development at the Cascabel Project, only a limited amount of metallurgical test work has been conducted. SRK ES is unaware of any deleterious elements identified in the metallurgical testwork samples that could have a significant effect on potential future economic extraction but this should be further investigated in future testing.

The three composite samples selected for analysis at Inspectorate Metallurgical Division (IMD) have all been sourced from a single drill hole, which has been drilled predominantly in diorite. However, based on the results received so far and IMD's summary of the testing, the overall metallurgy appears promising. The tests show it is possible to get either good concentrate grades or good recoveries but that it may be a trade-off between them. Reducing grind size did not significantly improve recoveries from the rough circuit indicating that a coarser initial grind may be sufficient. The rougher circuit metallurgy results indicate that the ore samples are not very sensitive to change or conditions in grind, pH or collector dosage.

SRK ES recommends that future test work should include a wider variety of representative rock type, mineralisation styles and mineralogy and should target improving grade-recovery. IMD has recommended that the main areas of focus should be to increase the rougher concentrate grade followed by determining factors that will increase the cleaner circuit recovery. Cleaner recovery for a typical porphyry copper should be above 95%, current testing indicates an average cleaner recovery 86.5% for Alpala. SRK ES agrees with IMD and anticipates that both concentrate recovery and concentrate grade may be improved through further studies and refinements to the test work.

IMD recommends concentrating on improving the metallurgy for the "lowest grade" Composite 2 which has a head grade of 0.67% Cu. Once the flotation parameters are established for this sample, they can readily be applied to the other composites. It is recommended to start with increasing the rougher concentrate grade while maintaining a very good recovery. The higher rougher concentrate grade will translate into better cleaner circuit metallurgy. Following this, the cleaner circuit recovery and final concentrate grade should be improved.

13 EXPLORATION TARGET

SolGold has undertaken an initial Exploration Target from the Alpala drilling results within the Cascabel Project. The Initial 3D modelling and grade shell interpolants have outlined an approximate exploration target at Alpala that ranges from 737Mt at 1.07% copper equivalent, using a cut-off grade of 0.4% copper equivalent, to 952Mt at 0.93% copper equivalent, using a cut-off grade of 0.3% copper equivalent. These estimates equate to an endowment of between 7.9-8.9Mt of contained copper equivalent (Figure 13-1).

Copper equivalent grades used were calculated using a gold conversion factor of 0.63, determined using a copper price of USD 3.00/lb Cu and a gold price of USD 1300/oz Au. Drill hole intercepts are calculated using a data aggregation method, defined by copper equivalent cut-off grades and reported with up to 10m internal dilution, excluding bridging to a single sample. True widths of down hole intersections are estimated to be approximately 25-50%.

Figure 13-1 3D models at respective cut of grades used in calculating the Alpala Exploration potential

SRKES_Cascabel_CPR_v0.17.docx 4 September 2017

14 MINERAL RESOURCE ESTIMATE

The mineralised system at Alpala is considered by SolGold to be extensive and the system limits not yet been fully drill tested and assessed. As such SolGold has not yet published a Mineral Resource statement as they do not consider it appropriate to calculate a maiden resource estimate on the system until the entire mineralised system is adequately defined. Therefore, there are no defined Mineral Resources of Ore reserves for the project at this time. Notwithstanding this SolGold believes that sufficient data will soon exist and plan to produce a maiden Mineral Resource towards the end of 2017.

In addition, SolGold aim to develop Mineral Resources at the Aguinaga, Tandayama – America, Trevino, and Moran targets over the next two years of exploration.

15 PROJECT INFRASTRUCTURE

Other than the roads connecting the project site to Quito and onwards to the coast, there is no infrastructure in the Cascabel licence.

16 ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT

SRK ES have been informed that SolGold hold all necessary permits to conduct their exploration programmes. SolGold initiated their environmental and social management programmes in 2012. The Environmental Licence for the Cascabel project required for drilling was received from the Environmental Ministry (MAE) on 27 August 2013. Since 2013, SolGold has continued to expand and build on those programmes.

SolGold has assigned US\$ 722,000 to social and environmental works which equates to 1% of its SolGold's total current exploration budget of US\$65.7M.

Additional environmental licences will be required ahead of any future mine development and operation.

17 ADJACENT PROPERTIES

SRK ES understand through industry databases and the Ecuador Mining Cadastre that a number of licence applications are currently pending for areas surrounding the Cascabel Project, Figure 22-1. Two of these applications have been made by Exploraciones Novomining S.A. (85% owned by SolGold, 15% by Cornerstone Resources) which lie immediately to the northwest and southeast of the Cascabel property. Other applicant includes Enami EP, Carnegie Ridge Resources, La Plata Minerales and Exploraciones Mineras Andinas.

Enami EP (Empresa Nacional Minera del Ecuador), the Ecuador National Mining Company has an application pending for the area immediately to the southwest of the Cascabel Project.

SRK ES has not been able to identify any information published by Enami, Carnegie Ridge Resources or La Plata Minerales on their activities in the area.

Exploraciones Mineras Andinas is jointly owned by Codelco, La Corporación Nacional del Cobre de Chile and la Sociedad de Inversiones Copperfield Ltda. SRK ES has not been able to identify any information on exploration activities undertaken in the licences area.

Figure 17-1 Adjacent Properties under Application to the Cascabel Project (SNL Database, December 2016)

18 INTERPRETATION AND CONCLUSIONS

18.1 Conclusions

The Cascabel Project, operated by SolGold, is situated along the western foothills of the Cordillera Occidental of northern Ecuador and within the Western Tectonic Realm that has been affected by magmatism associated with the subduction of the flat-lying buoyant Carnegie Ridge.

The licence hosts numerous porphyry centres interpreted from airborne geophysical surveys as well as distinct molybdenum, copper/zinc and manganese soil geochemical anomalies and surface kaolinite and paragonite alteration halos. The most pronounced of these is the Alpala cluster and Aguinaga.

SRK ES consider the Alpala prospect (or Alpala cluster), within the Cascabel Project, an Advanced Exploration Property that has demonstrated 3D continuity of economic grade copper/gold mineralisation through a core drilling and surface channel sampling programme. Alpala hosts a high grade copper gold porphyry deposit centred on the confluence between a northeast and northwest striking structural trend. Alpala has been the focus of deep diamond core drilling since September 2013. This has resulted in a total of 42,771.18 m from 35 completed drillholes to date (a further 3 holes are currently in progress totalling 1,186.94 m). Due to access and drill rig capabilities, many of these holes have intersected the mineralisation at a high angle; not uncommon during initial drilling of a body the shape and form of a porphyry deposit; and the true width of the mineralisation is yet to be fully tested and remains open. This is the target for the current round of drilling.

This drilling has defined six main equigranular to sub-porphyritic, hornblende-bearing intrusions that are narrow, taper upwards and exhibit four types of porphyry-related vein types. Chalcopyrite and bornite precipitation are associated with the B-vein series with distinct mineralisation also observed in the later C-veins. These six intrusions are hosted by a sequence of andesitic volcaniclastic rocks and lavas and are cut by late-mineralisation diorite and a series of low volume post mineralisation tonalities.

Copper and gold mineralisation is most prolific in the D10 diorite to microdiorite and QD10 quartz diorite bodies. These bodies and the associated zone of intense B-veins, form a steeply dipping northwest elongated tapered tongue-shaped body. Key mineralised intersections include from the drilling to date:

x 1358 m at 0.61% Cu and 0.61g/t Au in CSD-13-005
x 1441.35 m at 0.54% Cu and 0.69g/t Au in CSD-14-009
x 1560 m at 0.59% Cu and 0.54g/t Au in CSD-15-012
x 936 m at 0.75% Cu and 0.95g/t Au in CSD-16-016
x 1028 m at 0.59% Cu and 0.90g/t Au in CSD-17-023R

The observed mineralisation remains open in all directions and may be spatially related to other interpreted porphyry centres along the same northwest trend. The host intrusion may also be related to the interpreted intrusive bodies below the Aguinaga anomaly. SRK ES believe that there is reasonable potential for the mineralisation extent to increase following further exploration drilling.

SRK ES have reviewed the exploration processes and the channel and core sampling procedures and consider them to be of industry standard and have made a number of recommendations to optimise these practises as the project develops further. SRK ES have also audited the exploration and sample database held by SolGold and consider this robust and can be relied upon for future Mineral Resource estimation.

Initial metallurgical testing has all been sourced from one drillhole but has indicated that good recoveries can be expected (96.5% to 98.8% Cu and 91.5% to 95.3% Au) but that a trade off with concentrate grade may exist.

Further exploration should be concentrated on the Alpala prospect and as such SolGold are currently proceeding with the second core drilling programme that is aimed at extending and infilling the Alpala deposit both along strike (to include Alpala Northwest and Alpala Southeast) and down-dip through the use of stepped out and deeper wedged drilling which SRK ES concur with. SRK ES recommend that this work should also include the production of a maiden Mineral Resource estimate and further, more detailed metallurgical testing on a selection of mineralised units. This testwork should also assess the potential for any significant deleterious elements during future processing.

Looking towards future development and mine operation, SolGold will require additional environmental licences but SRK is unaware of any significant risk of this not being achieved.

The exact economic conditions required to permit operation are not as yet understood and will only become clear upon the completion of a Pre and full feasibility study.

18.2 Risks and Opportunities

SRK ES is not aware of any significant risks and uncertainties that could be expected to affect the reliability or confidence in the exploration information discussed herein.

As with all mineral projects, there is an inherent risk associated with mineral exploration. As such, there is a risk that exploration will not result in material being included in a future resource or reserve estimate. However, SRK are confident that an economic resource can be classified following the collation of the current and future drill data. The potential for this to be converted to a reserve however, will only become evident following a the completion of a Pre-feasibility study.

19 RECOMMENDATIONS

19.1 Introduction

This report supports the continued exploration at Cascabel. SolGold are actively drilling and conducting other exploration programmes across the Cascabel licence and have defined an internal working schedule and budget for the continued exploration drilling of multiple prospects through to 2021. SRK ES have reviewed this programme and consider the input into this to be reasonable and recommend that for the next phase of exploration SolGold conduct a maiden Mineral Resource estimate and concentrate their exploration efforts at Alpala, the adjoining anomalies (the Alpala cluster) and Aguinaga on a results-driven basis.

Using SolGold's schedule and budget, SRK ES have here outlined the next phase of exploration starting from the end of 2016 and taking the project up to the end of 2018. This phase will bring SolGold up to the next decision point and involve continued mapping, soil and channel sampling, further airborne geophysics, topographical surveying and an additional 99,000 m of core drilling. It should also include further metallurgical testing and Mineral Resource estimate updates.

19.2 2017-2018 Exploration Phase

19.2.1 Surface Exploration

SRK ES recommend to continued surface geological mapping as well as soil and channel sampling across the Cascabel licence to gain better knowledge of the anomalies, the surface mineralisation, alteration and the hosting geology.

19.2.2 Geophysics

Continued ground magnetics surveys are scheduled to continue through 2017. SRK ES concur with this plan.

19.2.3 Topographical Surveying

A LiDAR (Light Detection and Ranging) survey is scheduled for 2017. This will allow for a much better understanding of the local topography and will accurately position all current and future drillhole collars.

19.2.4 Drilling

SRK ES recommend that current and future drilling budgets are concentrated on the Alpala group of prospects and its definition towards a maiden Mineral Resource estimate and ultimate Prefeasibility study.

The proposed 2017/2018 exploration phase has 75% of core drilling targeted at Alpala. The man-portable drill rigs are scheduled to continue to define the mineralised body through sub vertical drillholes, while the current Major Drilling tracked drill rig, as well as up to a further three tracked drill rigs, will conduct fan drilling through a series of deep holes (Rig 5 and 6 shown in Figure 19-1).

Other prospects to be targeted during this next phase of drilling are Aguinaga, the Trivinio to Moran trend and Tandayama-America prospect, Table 12-1.

SRKES_Cascabel_CPR_v0.17.docx 4 September 2017

Table 19-1		Proposed Drilling Meterage by Prospect, 2017-2018 Exploration Phase

Programme/Prospect Alpala Cluster Drillout	Meters 88,650	Percentage 72%
Aguinaga Phase 1	22,650	18%
Trivinio - Moran Phase 1	11,250	9%
Tandayama-America-Chinambicito
GRAND TOTAL	122,550	100%

Figure 19-1 Proposed Deep Infill Drilling at Alpala Central (Source: SolGold 2017)

19.2.5 QAQC

Based upon their review, SRK ES would recommend that the current QAQC procedures are expanded and that an ongoing review is undertaken on a batch by batch basis.

In addition to the QAQC measured currently in place SRK ES would further recommend the insertion of a coarse blank material (ideally sourced locally) to act as a check measure against contamination during the sample preparation.

19.2.6 Structural Interpretation

SRK ES would recommend that all future drill core be carefully orientated and audited. Following this, a more detailed structural analysis should be conducted to define small scale structural controls on mineralisation that could have exploration implications. This study would also assess geotechnical and geometallurgical controls that can be utilised in future mining

studies.

19.2.7 Mineral Resource Estimate

SRK ES believe that sufficient information is available to undertake a maiden Mineral Resource to be calculated and understand that SolGold is planning to produce this in the coming months. This could be used to further assist SolGold in future deep drilling targeting and understanding the grade distribution within the body.

19.2.8 Budgets

Based on SolGold's internal schedule, SRK ES have constructed a 15 month working budget which equates to US\$63.4M, from September 2017 to December 2018. It has been put together under a number of assumptions as well as actual contract quotes and costs. This has been reviewed by SRK ES and found to be reasonable. The summary budget is provided in Table 19-2.

In addition, SolGold has started to put a feasibility budget together for 2018 onwards which involves significant underground development. SRK ES have recommended that these advanced studies commence with a preliminary economic assessment ("PEA"). As such SolGold, in discussion with SRK ES, have calculated a budget in region of US\$500,000 be put aside to undertake this work.

Descriptions Exploration Costs	Total Cost (US\$)	Percentage 73%
Core Drilling	29,231,000	46%
Assaying	3,214,000	5%
Geophysics	510,000	1%
Other Associated Costs	10,690,000	17%
Consulting	2,324,000	4%
Administration	2,469,000	4%
Social and Environmental	722,000	1%
Land Management and Access	5,244,000	8%
Transport	1,083,000	2%
Staffing	7,427,000	12%
Other Services	446,000	1%
GRAND TOTAL	63,359,000	100%

Table 19-2 15-month summary Budgets for the July 2017-2018 Exploration programme at Cascabel

Note: Appropriate rounding of figures

20 REFERENCES

Armstrong, R., (2016), SHRIMP U-Pb dating of a sample from the Alpala porphyry Cu-Au system, Ecuador, unpublished report for SolGold Plc., PRISE – Research School of Earth Sciences, Australia National University, 12 January, 2015, p. 8.

Armstrong, R., 2016, SHRIMP U-Pb dating of two samples from the Alpala porphyry Cu-Au system, Ecuador, unpublished report for SolGold Plc., PRISE – Research School of Earth Sciences, Australia National University, 8 March, 2016, p. 8.

British Geological Survey and Corporación de Desarrollo e Investigación Geologico, Minero y metalúrgico, 1997. Geological map of the Western Cordillera, Ecuador between 0° and 1° S. (1:200,000), BGS, Keyworth, UK.

Bureau Veritas Commodities Canada Ltd., Inspectorate Metallurgical Division, 2014. Metallurgical Testing of Samples from the SolGold Cascabel Porphyry Cu-Au Project in Ecuador. Metallurgical Interim Summary.

Cediel, F., R. P. Shaw, and C. Ca´ceres, 2003. Tectonic assembly of the Northern Andean Block, in C. Bartolini, R. T. Buffler, and J. Blickwede, eds., The Circum-Gulf of Mexico and the Caribbean: Hydrocarbon habitats, basin formation, and plate tectonics: AAPG Memoir 79, p. 815– 848.

Cruz, C.V., 2007. Evolution of the western cordillera in the Andes of Ecuador (Late Cretaceous - Paleogene), unpublished doctoral thesis ETH No. 17023, Swiss Federal Institute of Technology Zurich, Switzerland, p. 208.

Einaudi, M. T., Hedenquist J. W., and Inan, E. E., 2003. Sulfidation state of fluids in active and extinct hydrothermal systems: Transitions from porphyry to epithermal environments, in Simmons, S. F., and Graham, I., eds., Giggenbach Volume, Special Publication 10, Society of Economic Geologists and Geochemical Society, p. 285-314.

EXPLORACIONES NOVOMINING S.A., (April 2015): Actualización plan manejo ambiental fase de exploración avanzada - Proyecto Cascabel. (Includes Responses to the Observations of Official Ministry No. MAE-DNCA-2015-0434 of the Ministry of the Environment). CONCESIÓN MINERA. Cascabel (Cód. 402288).

EXPLORACIONES NOVOMINING S.A., (August 2016): Informe de monitoreo y cumplimiento ambiental Proyecto Minero Cascabel, Fase de exploracion avanzada informe semestral 2016. March – August 2016.

EXPLORATIONS NOVOMINING S.A., (April 2014): Auditoría ambiental de cumplimiento fase de exploración avanzada, Proyecto Cascabel. (Includes Answers to the Office No. MAE-DNCA-2015-0434 of the Ministry of the Environment) Period August 2013 - August 2014. CONCESIÓN MINERA. Cascabel (Cód. 402288).

Garwin, S, et al., 2017. Alpala: the discovery and geology of a world-class porphyry coppergold deposit in the Cascabel project of northern Ecuador, v. 70, p. 857-912.

Gustafson, L.B., and Hunt, J.P., 1975. The porphyry copper deposit at El Salvador, Chile: ECONOMIC GEOLOGY, v. 70, p. 857-912.

Muhling, J., 2014, Analysis of six samples from CSD13-005 in the Alpala Cu-Au porphyry deposit, Cascabel project, northern Ecuador, unpublished report for SolGold Plc. by J. Muhling, University of Western Australia, 46 p.

Muhling, J., 2015, Analysis of eight samples from drill holes CSD9 and CSD11 in the Alpala Cu-Au porphyry deposit, Cascabel project, northern Ecuador, unpublished report for SolGold Plc. by J. Muhling, University of Western Australia, p. 56.

Ordóৄez Malla, F.P., 2013. Studio de Geologia, Mineralización y Alteraciones en la Concesión Minera Cascabel Provincia de Imbabura. Escuela Politecnica Nacional (Ecuador), Facultad de Ingenieria en Geologia y Petroleos. Project for title of Engineering Geologist.

Rohrlach, B., Poma O., Rosero, B., Silva, J., Ward, J., 2015. High Grade Porphyry Copper-Gold Mineralisation in North-west Ecuador - The Alpala Cu-Au Porphyry Discovery. PACRIM 2015 Congress, Hong Kong, China.

Rohrlach, B.D. (2012): Cascabel Property – Imbabura, Northern Ecuador. Regional tectonic setting plus district and property geology, 14-20th August 2012. Internal report to SolGold. pp. 1-45.

Rohrlach, B.D. (2013): Cascabel Property – Imbabura, Northern Ecuador. Geological Observations at the Cascabel Property and Drill Target Proposal, 14-24th March 2013. Internal report to SolGold. pp 1-36.

S. Garwin, B. Whistler, J. Ward, S. Vaca, A. Cruz, S. Mantilla and B. Poulsen., 2017. The intrusions, vein-stages and sulfide mineral paragenesis of the Eocene Alpala porphyry coppergold deposit, northwestern Ecuador. Proceedings for the AME - Round Up Conference, 23 - 26 January 2017 in Vancouver BC.

Schutte, P., Chiaradia, M. and Beate, B. 2003. Petrogenetic Evolution of Arc Magmatism Associated With Late Oligocene to Late Miocene Porphyry-Related Ore Deposits in Ecuador. Economic Geology, V 105, p. 1243-1270.

Sillitoe, R., 2010, Porphyry Copper Systems, Economic Geology, Vol. 10, No. 1, p. 3-41.

Sillitoe, R., Jaramillo, L., Damon, P.E., Shafiqullah, M. and Escovar, R. 1982. Setting, Characteristics, and Age of the Andean Porphyry Copper Belt in Colombia. Economic Geology, V 77, p. 1837-1850.

SolGold, Rohrlach, B. Lulofs, D. Ward, J., 2013. Cascabel Drill Program – Operational Protocols.

SolGold., 2016. Towards a World Class Copper-Gold Development, Cascabel, Northern Ecuador. Company presentation.

SolGold., June 2014. Strategic Report.

WEB RESOURCES

Cornerstoneresources.com. (2017). Cornerstone Capital Resources Inc - Home. [online] Available at: http://www.cornerstoneresources.com [Accessed 24 Dec. 2016].

SolGold. (2017). Home. [online] Available at: http://www.solgold.com.au [Accessed 24 Dec. 2016].

SRKES_Cascabel_CPR_v0.17.docx 4 September 2017

Andes.info.ec. (2016). Ecuador announces the construction of a new hydroelectric project with international private investment | ANDES. [online] Available at: http://www.andes.info.ec/en/news/ecuador-announces-construction-new-hydroelectric-projectinternational-private-investment.html [Accessed 13 Dec. 2016].

Ecuadorexplorer.com. (2016). The Ecuadorian Railway: The Most Difficult Train in the World | Ecuador Explorer. [online] Available at: http://www.ecuadorexplorer.com/html/train.html [Accessed 13 Dec. 2016].

Weatherbase. (2016). Ibarra, Ecuador Travel Weather Averages (Weatherbase). [online] Available at:

http://www.weatherbase.com/weather/weather.php3?s=840430&cityname=Ibarra-Imbabura-Ecuador [Accessed 13 Dec. 2016].

Geni.org. (2016). National Energy Grid of Ecuador - National Electricity Transmission Grid of Ecuador - Global Energy Network Institute - GENI conducts research and education on: renewable energy resources interconnections globally, world peace, stable sustainable development solutions. [online] Available at:

http://www.geni.org/globalenergy/library/national_energy_grid/ecuador/index.shtml [Accessed 13 Dec. 2016].

For and on behalf of SRK Exploration Services Ltd

James Gilbertson, Managing Director, SRK Exploration Services Ltd Date: 04/09/2017

Alexandra Akyürek, Principal Consultant (Geology), SRK Exploration Services Ltd Date: 04/09/2017

SRK EXPLORATION SERVICES LTD REPORT DISTRIBUTION RECORD

Report No. SRKES_Cascabel_CPR_v0.14.docx

Copy No. 1

Name/Title	Company	Copy	Date	Authorised by
Nick Mather	SolGold	1	04/09/2017	GILB
James Channo	Locke Lord	2	04/09/2017	GILB
James Gilbertson	SRK Exploration	3	04/09/2017	GILB

Approval Signature:

This report is protected by copyright vested in SRK Exploration Services Ltd. It may not be reproduced or transmitted in any form or by any means whatsoever to any person without the written permission of the copyright holder, SRK ES.

PART III

FINANCIAL INFORMATION

PART A

CAPITALISATION AND INDEBTEDNESS OF THE COMPANY

The following table sets forth the cash and cash equivalents and capitalisation of the Group and the indebtedness of the Group as at 31 July 2017.

The following section should be read in conjunction with the half year financial report for the period ended 31 December 2016 and the annual report for the year ended 30 June 2016 and considered together with any public announcements made by the Company and its controlled entities during and up to the period ended 31 July 2017.

(in thousands of AUD) \$ Cash and cash equivalents 84,938 Cash 84,938 Cash equivalents – Restricted cash – –––––––––––– Total current debt – –––––––––––– Guaranteed – Secured – Unguaranteed/unsecured – –––––––––––– Total non-current debt – –––––––––––– Guaranteed – Secured – Unguaranteed/unsecured – –––––––––––– Total debt – –––––––––––– Shareholders' equity Share capital 226,622 Available for sale financial asset reserve 12,317 Share option reserve 9,234 Foreign currency translation reserve 1,253 Non-controlling interest reserve (68) Accumulated losses (87,078) Non-controlling interest (471) –––––––––––– Total equity 159,303 –––––––––––– Total capitalisation1 159,303 –––––––––––– ––––––––––––	31 July 2017

There has been no significant change in the capitalisation and indebtedness of the Group since 31 June 2017.

¹ Total capitalisation is the sum of total debt and total equity.

PART B

OPERATING AND FINANCIAL REVIEW

This Operating and Financial Review (OFR) is the Directors' assessment of the results and financial condition of SolGold plc ("SolGold" or the "Company") and should be read in conjunction with the Company's audited consolidated financial statements for the years ended 30 June 2017, 2016 and 2015 and the notes thereto. The financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

The Directors are responsible for the preparation of the financial statements and this OFR. Unless otherwise stated, all amounts discussed in this OFR are denominated in Australian dollars.

This OFR includes certain statements that may be deemed forward-looking statements. All statements in this OFR, other than statements of historical facts, that address exploration drilling, exploration activities and events or developments which reflect the Directors' current plans and objectives are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and readers are cautioned that actual results or developments may differ materially from those in the forwardlooking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include market prices, exploration, continued availability of capital and financing and general economic, market or business conditions.

This OFR has been prepared as of 30 June 2017 and all information is current as of such date.

Description of Business

SolGold is a Brisbane, Australia based, dual AIM and TSX listed (SOLG on both exchanges) copper gold exploration and future development company with assets in Ecuador and Australia along with exploration permit applications in the Solomon Islands. SolGold's primary objective is to discover and define world class copper gold deposits. Cascabel, SolGold's 85 per cent. flagship copper gold porphyry project, is located in northern Ecuador on the under explored northern section of the richly endowed Andean Copper Belt. SolGold owns 85 per cent. of Exploraciones Novomining S.A. ("ENSA") and approximately 5.34 per cent. of TSX V listed Cornerstone Capital Resources Inc. ("Cornerstone"), which holds the remaining 15 per cent. of ENSA, the Ecuadorian registered company which holds 100 per cent. of the Cascabel concession.

SolGold's Board and Management Team have substantial vested interests in the success of the Company as shareholders as well as strong track records in the areas of exploration, mine appraisal and development, investment, finance and law. SolGold's experience is augmented by state of the art geophysical and modelling techniques and the guidance of porphyry copper and gold expert Dr Steve Garwin.

Results of Operations

The financial year ended 30 June 2017 compared with the financial year ended 30 June 2016 and the financial year ended 30 June 2016 compared with the financial year ended 30 June 2015.

Overall Performance

At 1 July 2016, exploration tenements/concessions held by the Company totalled 7 claims. During the financial year ended 30 June 2017, SolGold announced an update to its strategy to become a globally important copper company by expanding the Company's copper-gold exploration portfolio in Ecuador. Accordingly, a comprehensive, nation-wide desktop study was undertaken by SolGold's independent experts resulting in 38 new licences being granted, leaving the Company with 7 exploration tenements in Australia, 39 exploration concession in Ecuador and 1 exploration permit under application in the Solomon Islands as at 30 June 2017.

Operating Results

The Company incurred a loss before tax of A\$8,323,050 and loss per share of 0.3 cents per share for the financial year ended 30 June 2017 compared to a loss before tax of A\$5,723,122 and loss per share of 0.7 cents per share for the financial year ended 30 June 2016. Expenses incurred during the financial year ended 30 June 2017 were A\$8,323,119 compared to A\$5,723,707 for the financial year ended 30 June 2016. The increase in expenses of A\$2,599,412 over the prior year was due to a number of factors, the most notable of which are:

Exploration costs written-off was A\$17,310 for the financial year ended 30 June 2017 compared to A\$1,555,004 for the financial year ended 30 June 2016. Exploration costs written off during the financial year ended 30 June 2017 represents deferred exploration assets written off for the La Encrucijada concession that was relinquished in Ecuador. Exploration costs written off during the financial year ended 30 June 2016 represents deferred exploration assets written off for tenements/concessions that were relinquished in Australia (EPMs 16420 and 18035) and Ecuador (La Encrucijada).

Administrative expenses were A\$8,232,307 for the financial year ended 30 June 2017 compared to A\$2,553,010 for the financial year ended 30 June 2016. The increase in administrative expenses of A\$5,679,297 is largely due to the following:

share based payments expense of A\$2,239,533 (2016: A\$nil) representing the fair value of share options granted to employees and contractors. No share options were granted to employees and contractors for the financial year ended 30 June 2016;
unrealised foreign exchange loss of A\$1,032,010 (2016: gain of A\$129,619) on funds held in U.S. dollars due to the appreciation of the Australian dollar;
legal fees of A\$854,399 (2016: A\$99,284) representing fees associated predominantly with the TSX listing and London main market listing;
employment expenses of A\$858,681 (2016: A\$604,921) due to the increase in staffing numbers over the prior year; and
marketing and promotional expenses of A\$607,717 (2016: A\$258,488) due to increased profiling of the Company at industry conferences and roadshows.

Movement in fair value of derivative liability was A\$nil for the financial year ended 30 June 2017 compared to A\$1,378,260 for the financial year ended 30 June 2016. The movement in fair value of derivative liability represents the difference between the conversion value and the amortised cost of the convertible notes issued to the Company's major shareholders DGR Global Limited ("DGR Global") and Tenstar Trading Limited, as calculated in accordance with the provisions of International Accounting Standards ("IAS") 39, Financial Instruments, Recognition and Measurement. The convertible notes were converted into ordinary shares as part of the share placement completed in August 2016.

Finance costs were A\$73,502 for the financial year ended 30 June 2017 compared to A\$237,433 for the financial year ended 30 June 2016. The decrease in finance costs of A\$163,931 is due to the short term interest bearing liabilities and convertible notes being converted into ordinary shares as part of the share placement completed in August 2016.

The Company incurred a loss before tax of A\$4,238,661 and loss per share of 0.6 cents per share for the financial year ended 30 June 2015, which is A\$1,484,461 lower than the loss before tax incurred in the financial year ended 30 June 2016. Expenses incurred during the financial year ended 30 June 2015 were A\$4,249,231 and was A\$1,474,476 lower than the expenses incurred during the financial year ended 30 June 2016. The main contributing factor for the increase in expenses during the financial year ended 30 June 2016 compared to 2015 is the recognition of an expense in relation to a derivative liability on the convertible notes issued in 2016. There was no such expense during 2015.

The operating variances for the period are:

For the financial year ended 30 June	2017 A\$	2016 A\$	Variance A\$
Revenue Cost of sales	– – ––––––––––––	– – ––––––––––––	– – ––––––––––––
Gross profit Other income Expenses	– –	– –	– –
Exploration costs written-off Administrative Movement in fair value of derivative liability	(17,310) (8,232,307) – ––––––––––––	(1,555,004) (2,553,010) (1,378,260) ––––––––––––	1,537,694 (5,679,297) 1,378,260 ––––––––––––
Operating loss Finance income Finance costs	(8,249,617) 69 (73,502)	(5,486,274) 585 (237,433)	(2,763,343) (516) 163,931
Loss before tax Tax expense (benefit)	–––––––––––– (8,323,050) (3,823,078) ––––––––––––	–––––––––––– (5,723,122) – ––––––––––––	–––––––––––– (2,599,928) (3,823,078) ––––––––––––
Loss for the year	(4,499,972) –––––––––––– ––––––––––––	(5,723,122) –––––––––––– ––––––––––––	1,223,150 –––––––––––– ––––––––––––

Other Comprehensive Income (Loss)

For the financial year ended 30 June 2017, the Company had a total comprehensive profit of A\$2,331,272 compared to a total comprehensive loss of A\$4,483,698 for the financial year ended 30 June 2016. The increase in total comprehensive profit was due to the following:

Change in fair value of available for sale financial assets was a gain of A\$8,920,515 net of tax for the financial year ended 30 June 2017 compared to a gain of A\$190,610 for the financial year ended 30 June 2016. The change year on year represents the mark to market adjustments that the Company makes on its investment in Cornerstone. The share price of Cornerstone at 30 June 2017 was C\$0.46 per share compared to C\$0.05 per share at 30 June 2016 and C\$0.04 per share at 30 June 2015.

Exchange differences on translation of foreign operations representing the gain or loss recognised on translating the Company's subsidiary Exploraciones Novomining S.A.'s ("ENSA") financial statements was a loss of A\$2,089,272 for the financial year ended 30 June 2017 compared to a gain of A\$1,048,814 for the financial year ended 30 June 2016. The average exchange rate used to translate ENSA's financial statements for the year ended 30 June 2017 from United States dollars to Australian dollars was 1.3254 compared to 1.3725 for the financial year ended 30 June 2016.

Financial Position

Total assets at 30 June 2017 were A\$166,713,608 compared to A\$43,500,102 at 30 June 2016 representing an increase of A\$123,213,506 from the previous financial year as a result of increased cash due to the share placements completed during the year and the continued exploration at the Company's flagship Cascabel project in Ecuador. Total assets at 30 June 2016 were A\$10,803,116 higher than the total assets at 30 June 2015. The increase in total assets year on year is primarily due to the continued exploration in Ecuador and Australia.

Current assets increased by A\$90,321,985 at 30 June 2017 as a result of an increase in cash by A\$89,217,810 and an increase in other receivables and prepayments of A\$1,104,174 representing funds receivable from the exercise of share options and recoverable taxes such as the goods and services tax in Australia and valued added tax in the United Kingdom. Current assets at 30 June 2016 were A\$174,633 lower than the current assets at 30 June 2015. The decrease is due to the reduction in cash and cash equivalents as result of exploration expenditure incurred during the year.

Non-current assets increased by A\$32,891,521 at 30 June 2017 mainly due to increases in intangible assets and investment in available for sale securities. Deferred exploration assets increased A\$18,643,191 due predominantly to the exploration expenditure incurred at the Cascabel project during the financial year ended 30 June 2017. Investment in available for sale securities increased by A\$12,743,592 net of tax at 30 June 2017 representing the mark to market adjustments that the Company makes on its investment in Cornerstone. Non-current assets at 30 June 2016 were A\$10,977,749 higher than the non-current assets at 30 June 2015. The increase is due to the increase in deferred exploration assets of A\$10,331,191 year on year.

Current and total liabilities at 30 June 2017 were A\$2,741,175 compared to A\$8,518,765 at 30 June 2016 representing a decrease of A\$5,777,590 from the previous financial year. The significant change in comparison to the previous financial year is due to the repayment of trade and other payables and the conversion of the short term interest bearing liabilities and convertible notes into ordinary share in the share placement completed in August 2016. Current and total liabilities at 30 June 2016 were A\$6,180,319 higher than the current and total liabilities at 30 June 2015. The increase is due to the committing to short term interest bearing liabilities and issuing convertible notes in 2016 to fund the Company's exploration program.

Financings

During the financial year ended 30 June 2017, the Company issued the following equities:

On 26 August 2016, the Company issued an additional 268,819,004 shares at £0.06 to raise A\$27.9 million (£16.1 million) in a combination of cash and debt conversions pursuant to a private placement to progress its exploration and project development efforts across its portfolio of projects in the Solomon Islands, Ecuador and Queensland, Australia.
On 14 October 2016, the Company issued an additional 63,353,339 shares at £0.13 to raise A\$13.4 million (£8.2 million) in cash pursuant to a private placement to continue to fund the Company's exploration of its flagship Cascabel project, for general working capital purposes and ongoing corporate costs.
On 17 October 2016, the Company issued an additional 142,896,661 shares at £0.13 to raise A\$30 million (£18.6 million) in cash pursuant to a private placement to continue to fund the Company's exploration of its flagship Cascabel project, for general working capital purposes and ongoing corporate costs.
On 17 October 2016, the Company issued an additional 19,591,768 unlisted options to Maxit Capital LP. The options consist of two tranches of 9,795,884 options, one tranche exercisable at £0.14 and one tranche at £0.28.
On 28 October 2016, the Company issued a total of 22,000,000 unlisted options to employees and contractors. The options have a strike price of £0.28 each and are exercisable through to 28 October 2018.
On 17 January 2017, the Company issued an additional 900,000 shares at £0.14 to raise A\$0.19 million (£0.13 million) in cash as a result of the exercise of employment options.
On 31 January 2017, the Company issued an additional 100,000 shares at £0.30 to raise A\$0.05 million (£0.03 million) in cash to Newcrest International Pty Ltd ("Newcrest International"), a wholly owned subsidiary of Newcrest Mining Ltd pursuant to "top-up rights" held by Newcrest International pursuant to the Newcrest Subscription Agreement. The allotment price was based on the 10 day VWAP, in accordance with the terms of the Newcrest Subscription Agreement.
On 3 February 2017, the Company issued an additional 1,200,000 shares at £0.14 to raise A\$0.28 million (£0.17 million) in cash as a result of the exercise of employment options.
On 21 February 2017, the Company issued an additional 900,000 shares at £0.14 to raise A\$0.20 million (£0.13 million) in cash as a result of the exercise of employment options.
On 1 March 2017, the Company issued an additional 240,000 shares at £0.38 to raise A\$0.15 million (£0.09 million) in cash to Newcrest International pursuant to "top-up rights" held by Newcrest International pursuant to the Newcrest Subscription Agreement. The allotment price was based on the 10 day VWAP, in accordance with the terms of the Newcrest Subscription Agreement.
On 21 June 2017, the Company issued 78,889,080 ordinary shares at £0.41 to raise A\$54.5 million in cash pursuant to a private placement to continue to fund the continued exploration of the Cascabel Project, general working capital and SolGold's pan Ecuadorean exploration strategy.
On 26 June 2017, the Company issued an additional 880,000 shares at £0.14 to raise A\$0.20 million (£0.12 million) in cash as a result of the exercise of employment options.
On 26 June 2017, the Company issued an additional 880,000 shares at £0.28 to raise A\$0.41 million (£0.25 million) in cash as a result of the exercise of employment options.

Selected Financial Data

The following table provides selected annual financial information and should be read in conjunction with the Company's audited consolidated financial statements for the periods below:

	2017	2016	2015
Year ended 30 June	A\$	A\$	A\$
Operations
Loss for the year after tax	(4,499,972)	(5,723,122)	(4,238,661)
Total comprehensive income (loss) for the year	2,331,271	(4,483,698)	(5,125,505)
Total comprehensive income (loss) for the year attributable to:
– Owners of the parent company	2,697,343	(4,383,728)	(5,258,040)
– Non-controlling interest	(366,071)	(99,970)	132,535
	2,331,271	(4,483,698)	(5,125,505)

Basic and diluted loss per share (cents per share)	(0.3)/(0.3)	(0.7)/(0.7)	(0.6)/(0.6)
Balance Sheet
Working capital (deficit)	87,878,912	(8,220,663)	(1,865,711)
Total assets	166,713,608	43,500,102	32,696,986

Total liabilities	2,741,175	8,518,765	2,338,446
Distributions or cash dividends declared per share	Nil	Nil	Nil

The Company prepares its consolidated annual financial statements in accordance with IFRS as issued by the IASB.

Exploration and Evaluation Assets

Total capitalised expenditures on exploration and evaluation assets as at 30 June 2017 were A\$59,723,105 compared to A\$41,079,914 at 30 June 2016. Exploration expenditure of A\$18,660,501 was incurred during the financial year ended 30 June 2017 compared to A\$11,886,195 during the financial year ended 30 June 2016. An impairment charge of A\$17,310 (2016: A\$1,555,004) was recognised for exploration expenditure associated with tenements that were surrendered or lapsed in the financial year ended 30 June 2017.

Cascabel Project (Ecuador)

The Company is advancing the Cascabel project, whilst continuing to pursue its strategy to become a globally important copper company by expanding the Company's copper-gold exploration portfolio in Ecuador.

At Cascabel, the benefits of corporate deals with Newcrest Mining Ltd and Maxit Capital LP were realised with exploration fully funded for the next 18 months as drilling continued to expand the growing world class deposit at Alpala. A review of drilling results has clarified world class intersections at updated metal prices and geology model analysis is constantly improving drill targeting capabilities.

SolGold has completed approximately over 42,000m of drilling and this has been accomplished with a workforce of up to 176 Ecuadorean workers and geoscientists, and 6 expatriate Australian geoscientists. Drilling to date has not yet constrained the rich Alpala copper-gold deposit, and the deposit continues to grow with each drill hole. Alpala alone is emerging as a Tier 1 copper project with high average grades in both copper and gold. The Cascabel project will also enjoy the support of the surrounding 14 identified targets, with drill testing at Aguinaga and other high priority targets planned for the coming year.

Exploration activities during the financial year ended 30 June 2017 included:

Anaconda style geological mapping in key areas, including exploration reconnaissance mapping and sampling.
Re-modelling of constrained heli-magnetic, Orion 3DIP and magneto-telluric (MT) surveys at Alpala and Aguinaga using data collected from magnetic susceptibility of drill core and magnetic susceptibility of rock outcrops at satellite prospects.
Diamond drilling of holes 18 to 27 at Alpala.
Upgrade and expansion of the Alpala field camp and the Rocafuerte field office and core handling and storage facilities.
Petrographic work on drill core, confirming intrusive lithologies, mineralisation styles, paragenesis, and alteration types.
Mineragraphy and metallurgical scoping work.
Spectral alteration mapping, soil gridding, and follow-up deep auger mapping. Further refining targets identified.
Ongoing environmental management with strict adherence to guidelines provided by the Ministry of Environment.
Submission of annual technical and environmental management reports.
A hybrid "Spartan-Orion" 3D MV IP survey is currently underway
Lidar topographic control survey is currently final planning stages.

The results of 35 holes completed and assayed to date have produced over 1km of continuous mineralisation grading over 1 per cent. copper equivalent. Drill hole CSD-15-012 returned 1044m grading 1.21 per cent. copper equivalent (0.74 per cent. Cu, 0.74 g/t Au). The average grade of all metres drilled to date on the project currently stands at 0.31 per cent. copper and 0.26 g/t gold.

New Concessions for 100 per cent. SolGold Subsidiaries (Ecuador)

The Company was granted 38 new concessions by 30 June 2017. These tenements cover the targets previously identified in the study of potential prospective porphyry centres throughout the northern Andean copper belt in Ecuador. Initial baseline data was collected to identify prospective targets for follow-up exploration. The teams were focused on first pass exploration on the Porvenir, San Antonio, Sharug, Machos, Agustin and Rio Amarillo projects.

Initial mapping campaigns have been very encouraging with widespread areas of hydrothermal alteration identified which are considered highly prospective for porphyry and epithermal style mineralisation. Initial rock chip samples taken of altered outcrops have returned values as high as 12 per cent. Cu.

Queensland Projects (Australia)

The Company holds 6 major project areas in Queensland at Normanby, Rannes, Mt Perry, Cracow West, Westwood and Lonesome. There was no exploration activity on the projects in Queensland during the financial year ended 30 June 2017. A reassessment of the range of other projects held in Queensland resulted in definition of detailed work programs that will be put in place as exploration funds become available.

Solomon Islands Projects

On 13 April 2015, the Company (through its wholly subsidiary, Guadalcanal Exploration Pty Ltd) applied for the Kuma prospecting licence ("Kuma Application") which covers an area of approximately 50km2 and is located approximately 37km south-east of the capital of the Solomon Islands, Honiara.

Liquidity and Capital Resources

At 30 June 2017 the Company had cash and cash deposits of A\$89,312,743, an increase of A\$89,217,810 from A\$94,933 as at 30 June 2016.

Cash expenditure (before financing activities) for the year ended 30 June 2017 was A\$28.3 million (2016: A\$9.9 million). During the financial year ended 30 June 2017, cash of A\$117,862,952 (2016: A\$908,329) was received from the issue of shares via private placements and the exercise of share options, A\$nil (2016: A\$2,332,000) received from the issue of convertible notes and A\$852,736 (2016: A\$6,535,205) received as unsecured short term borrowings. Accordingly, the net cash inflow of the Company for the year ended 30 June 2017 was A\$90,249,820 (2016: outflow of A\$226,507).

Cash of A\$21,739,184 (2016: A\$6,408,358) was invested by the Company on exploration expenditure during the financial year ended 30 June 2017.

The Company has no history of revenues from its operating activities and the Company has financed its activities by raising capital through equity issuances or debt. Given the nature of the Company's current activities, it will remain dependent on equity funding in the short to medium term until such time as the Company becomes self-financing from the commercial production of mineral resources.

Outstanding Share Data

The Company was authorised to issue 2,020,000,000 ordinary shares at 30 June 2017 of which 1,512,955,685 were outstanding at 30 June 2017 and 1,516,245,686 at the date of the report, 14 September 2017. At 30 June 2017, the Company had outstanding options to purchase an aggregate of 44,191,768 ordinary shares under its Employee Share Option Plan ("ESOP") with exercise prices ranging from £0.14 to £0.28 per share and expiry dates ranging from 8 July 2017 and 28 October 2018. At 14 September 2017, the Company had 88,353,768 options outstanding after the exercise of 2,600,000 options and the grant of 46,762,000 options subsequent to 30 June 2017. There were 22,000,000 unvested share options at 30 June 2017.

Commitments and Contingencies

Commitments

The Company has certain obligations to expend minimum amounts on exploration in tenement areas. These obligations may be varied from time to time and are expected to be fulfilled in the normal course of operations of the Company.

The combined commitments of the Company related to its granted tenement interests are as follows:

Location	Up to 12 Months	13 Months to 5 Years	Later than 5 Years
Ecuador	A\$1,019,748	A\$5,098,739	–
Solomon Islands	–	–	–
Queensland	A\$556,000	A\$40,000	–
	–––––––––––––––	–––––––––––––––	–––––––––––––––
	A\$1,575,748	A\$5,138,739	–
	–––––––––––––––	–––––––––––––––	–––––––––––––––
	–––––––––––––––	–––––––––––––––	–––––––––––––––

To keep tenements in good standing, work programs should meet certain minimum expenditure requirements. If the minimum expenditure requirements are not met, the Company has the option to negotiate new terms or relinquish the tenements. The Company also has the ability to meet expenditure requirements by joint venture or farm in agreements.

Contingencies

A 2 per cent. net smelter royalty is payable to Santa Barbara Resources Limited, who were the previous owners of the Cascabel tenements. These royalties can be bought out by paying a total of US\$4 million. Fifty percent (50 per cent.) of the royalty can be purchased for US\$1 million 90 days following the completion of a feasibility study and the remaining 50 per cent. of the royalty can be purchased for US\$3 million 90 days following a production decision.

In the event Cornerstone's equity interest in ENSA is diluted below 10 per cent., Cornerstone's equity interest will be converted to a half of one percent (0.5 per cent.) interest in a Net Smelter Return and SolGold will have right to purchase the Net Smelter Return for US\$3.5 million at any time.

Transactions with Related Parties

Transactions with related parties are disclosed in Note 22 to the 30 June 2017 audited consolidated financial statements. Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated.

The figures noted below are for the financial year ended 30 June 2017 with comparative figures for the year ended 30 June 2016.

The Company had a commercial agreement with Samuel Capital Ltd ("Samuel") for the engagement of Nicholas Mather as Chief Executive Officer and Executive Director of the Company. For the year ended 30 June 2017 A\$416,667 was paid or payable to Samuel (2016: A\$150,000). The total amount outstanding at year end is A\$26,725 (2016: A\$62,500).

The Company has a long-standing commercial arrangement with DGR Global, an entity associated with Nicholas Mather (Director) and Brian Moller (Director), for the provision of various services, whereby DGR Global provides resources and services including the provision of its administration and exploration staff, its premises (for the purposes of conducting the Company's business operations), use of existing office furniture, equipment and certain stationery, together with general telephone, reception and other office facilities (''Services''). In consideration for the provision of the Services, the Company shall reimburse DGR Global for any expenses incurred by it in providing the Services. For the year ended 30 June 2017 A\$360,000 was paid or payable to DGR Global (2016: A\$360,000) for the provision of administration, management and office facilities to the Company during the year. The total amount outstanding at year end was A\$22,011 (2016: A\$120,000). The administration services agreement expires on 21 March 2019.

Mr Brian Moller (a Director), is a partner in the Australian firm HopgoodGanim lawyers. For the year ended 30 June 2017, HopgoodGanim were paid A\$459,325 (2016: A\$66,263) for the provision of legal services to the Company. The services were based on normal commercial terms and conditions. The total amount outstanding at year end was A\$92,350 (2016: A\$66,263).

On 20 November 2015, DGR Global agreed to provide short term funding to SolGold to provide working capital. Interest on the facility was charged at the rate of 9.5 per cent. per annum. The loan was repayable by SolGold plc on the earlier of any capital raising event, or 31 December 2016. DGR Global could, at its sole election, convert all or part of the loan, including accrued interest, into further equity as part of a SolGold capital raising, and at the same price as third party participants, subject to DGR Global and SolGold plc obtaining all necessary regulatory approvals. A new loan agreement was signed on 30 June 2016 revising the limit on the facility to A\$7 million, all other conditions remained the same. On 29 August 2016, DGR Global converted A\$5,700,000 of the debt funding provided to SolGold into SolGold shares in accordance with the terms of the loan arrangements announced to the market on 1 July 2016.

The key management personnel of the Company are the directors and officers of the Company. Compensation awarded to key management relating to consulting fees and share-based payments for the years ended June 30, 2017 and 2016 are as follows:

	Basic Annual Salary A\$	Other Benefits1 A\$	A\$	Total Pensions Remuneration A\$
2017
Directors
Nicholas Mather	416,667	–	–	416,667
Brian Moller	50,000	–	–	50,000
Robert Weinberg3	50,000	–	–	50,000
John Bovard3	50,000	–	–	50,000
Scott A Caldwell	39,028	–	–	39,028
Craig Jones	16,667	–	–	16,667
Other Key Management Personnel2	956,524 ––––––––––––	181,473 ––––––––––––	52,144 ––––––––––––	1,190,151 ––––––––––––
Total paid to Key Management Personnel	–––––––––––– 1,578,886 ––––––––––––	–––––––––––– 181,473 ––––––––––––	–––––––––––– 52,144 ––––––––––––	–––––––––––– 1,812,503 ––––––––––––
Other staff and contractors	4,040,645 ––––––––––––	2,058,061 ––––––––––––	459,832 ––––––––––––	6,558,537 ––––––––––––
Total	5,619,531 ––––––––––––	2,239,534 ––––––––––––	511,976 –––––––––––– ––––––––––––	8,371,040 –––––––––––– ––––––––––––
	––––––––––––	––––––––––––

1 Other Benefits represents the fair value of the share options granted during the year based on either the Black-Scholes model or Monte Carlo Simulation considering the effects of the vesting conditions.

2 Other Key Management Personnel consist of the aggregated remuneration of Karl Schlobohm (Company Secretary), Priy Jayasuriya (Chief Financial Officer), Jason Ward (Chief Geologist), Benn Whistler (Technical Geologist) and Lazaro Roque-Albelo (Latin Affairs Manager).

3 During the year Dr Robert Weinberg and Mr John Bovard exercised a total of 1,760,000 options granted under the ESOP (2016: nil). The nominal gain on the date of exercise of the share options was A\$465,399.

Basic	Other Benefits1		Total Pensions Remuneration
A\$	A\$	A\$	A\$


150,000	–	–	150,000
50,000	–	–	50,000
50,000	–	–	50,000
33,333	–	–	33,333
670,807	–	20,498	691,305 –––––––––––– ––––––––––––
954,140	–	20,498	974,638 ––––––––––––
2,212,962	–	214,916	2,427,878 ––––––––––––
3,117,102	–	235,414	3,352,516 –––––––––––– ––––––––––––
	Annual Salary –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––	–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––	–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

1 Other Key Management Personnel consist of the aggregated remuneration of Karl Schlobohm (Company Secretary), Priy Jayasuriya (Chief Financial Officer), Jason Ward (Chief Geologist), Benn Whistler (Technical Geologist) and Lazaro Roque-Albelo (Latin Affairs Manager).

During the year, A\$52,144 employer's social security costs (2016: A\$20,498) were paid in respect of remuneration for key management personnel.

Subsequent Events

On 7 July 2017, the Company issued an additional 1,300,000 shares at £0.14 to raise A\$0.31 million (£0.18 million) in cash as a result of the exercise of employment options.

On 7 July 2017, the Company issued an additional 1,300,000 shares at £0.28 to raise A\$0.62 million (£0.36 million) in cash as a result of the exercise of employment options.

On 9 August 2017, the Company issued a total of 46,762,000 unlisted options to directors, certain employees and contractors. The options have a strike price of £0.60 each and are exercisable through to 8 August 2020.

On 11 August 2017, the Company issued an additional 690,000 shares at £0.38 to raise A\$0.43 million (£0.26 million) to Newcrest International pursuant to "top-up rights" held by Newcrest International pursuant to the Newcrest Subscription Agreement. The allotment was price was based on a 10 day VWAP, in accordance with the terms of the Newcrest Subscription Agreement.

On 29 August 2017, the Company announced that it had been granted an additional 21 new concessions in Ecuador taking the total number of tenements in Ecuador to 59 tenements.

Off-Balance Sheet Arrangements

At 30 June 2017, the Company had no off-balance sheet arrangements such as guarantee contracts, contingent interest in assets transferred to an entity, derivative instruments obligations or any obligations that trigger financing, liquidity, market or credit risk to the Company.

Critical Accounting Estimates

The preparation of financial statements in accordance with IFRS requires management to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities, disclosure of commitments and contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The determination of estimates requires the exercise of judgement based on various assumptions and other factors such as historical experience, current and expected economic conditions. Actual results could differ from these estimates.

The significant judgements and estimates used in the preparation of these consolidated annual financial statements that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities and earnings within the next financial year include:

Impairment and reversal of impairment of deferred exploration assets

Deferred exploration assets are tested for impairment at the end of each reporting period if in management's judgement there is an indicator of impairment. If there are indicators, management performs an impairment test on the major assets within this balance.

Impairment reviews for deferred exploration costs are carried out on a project-by-project basis, with each project representing a potential single cash generating unit. An impairment review is undertaken when indicators of impairment arise, typically when one of the following circumstances apply:

The period for which the entity has the right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed;
Substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned;
Exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area; and
Sufficient data exist to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale.

Fair value of share based payments

Determining the fair value of share-based payments involves estimates of interest rates, expected life of options, share price volatility and the application of the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires the input of highly subjective assumptions that can materially affect the fair value estimate. Share options granted vest in accordance with the ESOP. The valuation of share based compensation is subjective and can impact profit and loss significantly. Several other variables are used when determining the value of share options using the Black-Scholes valuation model:

Dividend yield: The Company has not paid dividends in the past because it is in the exploration stage and has not yet earned any significant operating income. Also, the Company does not expect to pay dividends in the foreseeable future. Therefore, a dividend rate of 0 per cent. was used for the purposes of the valuation of the share options.
Volatility: The Company uses historical information on the market price to determine the degree of volatility at the date when the share options are granted. Therefore, depending on when the share options were granted and the period of historical information examined, the degree of volatility can be different when calculating the value of different stock options.
Risk-free interest rate: The Company used the interest rate available for government securities of an equivalent expected term as at the date of the grant of the share options. The risk-free interest rate will vary depending on the date of the grant of the share options and their expected term.

Changes in IFRS Accounting Policies and Future Accounting Pronouncements

New standards and amendments in the year

Certain pronouncements were issued by the IASB or the International Financial Reporting Interpretations Committee that are mandatory for accounting years beginning 1 July 2016.

These new standards and interpretations had no effect on reported results, financial position or disclosure in the financial statements:

Annual Improvements to IFRSs 2012 2014 Cycle
IAS 27 Amendment Equity method in separate financial statements
IAS 16 & 38 Amendments Clarification of acceptable methods of depreciation and amortisation

New standards and interpretations not yet adopted

The Company has elected not to early adopt the following revised and amended standards, which are not yet endorsed in the EU. The list below includes only standards and interpretations that could have an impact on the consolidated financial statements of the Company.

IFRS 9 Financial instruments

The complete standard has been issued in July 2014 including the requirements previously issued and additional amendments. The new standard replaces IAS 39 and includes a new expected loss impairment model, changes to the classification and measurement requirements of financial assets as well as to hedge accounting. The new standard becomes effective for financial years beginning on or after 1 January 2018. The Company will assess the impact on its consolidated financial statements.

IFRS 15 Revenue from contracts with customers

The new standard was issued in May 2014 and establishes the principles for the disclosure of useful information in the financial statements in respect of contracts with customers. The new standard becomes mandatory for financial years beginning on or after 1 January 2018. The effect will be assessed and disclosure will be made once the Company has assessed the impact of applying IFRS 15. However as the Company currently does not generate revenue there is no significant impact expected.

IFRS 16 Leases

The new standard was issued in January 2016 replacing the previous leases standard, IAS 17 Leases, and related Interpretations. IFRS 16 establishes the principles for the recognition, measurement, presentation and disclosure of leases for the customer ('lessee') and the supplier ('lessor'). IFRS 16 eliminates the classification of leases as either operating or finance as is required by IAS 17 and, instead, introduces a single lessee accounting model requiring a lessee to recognise assets and liabilities for all leases unless the underlying asset has a low value or the lease term is twelve months or less. This new standard applies to annual reporting periods beginning on or after 1 January 2019 subject to EU endorsement. The Company will review its arrangements in place in order to evaluate the potential impact of the new standard.

Management's Responsibility for Financial Statements

The Board of Directors carries out its responsibility for the consolidated financial statements primarily through the audit committee which is comprised of independent, non-executive directors who meet periodically with management and auditors to review financial reporting and internal control matters.

PART IV

ADDITIONAL INFORMATION

1. Responsibility

1.1 The Directors, whose names appear on page 22 of this document, and the Company accept responsibility for the information contained in this document. To the best of the knowledge of the Directors and the Company (who have each taken all reasonable care to ensure that such is the case), the information contained in this document is in accordance with the facts and contains no omission likely to affect its import.
1.2 The Competent Person, whose name appears on page 22 of this document, accepts responsibility for the information contained in the Competent Person's Report which is set out in Part II of this document. To the best of the knowledge of the Competent Person (who has taken all reasonable care to ensure that such is the case), the information contained in this document is in accordance with the facts and contains no omission likely to affect its import.

2. History and Development

2.1 The Company's full name is SolGold Plc. The Company is registered in England and Wales under company registration number 05449516. The Company was incorporated as a private limited company on 11 May 2005 in England and Wales under the Companies Act 1985 with the name Solomon Gold Limited. The Company was re-registered as a public limited company on 22 December 2005 under the name Solomon Gold Plc. The Company changed its name to SolGold Plc on 28 May 2012. The Company is registered as a 'foreign company' for the purposes of the Corporations Act under Australian Business Number 65 117 169 856.
2.2 The Company is domiciled in the United Kingdom, it is a public company limited by shares and operates under English law. The Company is governed by the provisions of the Articles (a summary of which is set out in paragraph 4.1 of Part IV of this document) and the principal legislation under which the Company operates is the Companies Act.
2.3 The Company's registered office is at c/o Locke Lord (UK) LLP, 201 Bishopsgate, London EC2M 3AB, United Kingdom. The Company's telephone number is +61 3303 0660 and its website is www.solgold.com.au. Its principal place of business is at Level 27, 111 Eagle Street, Brisbane, QLD 4000, Australia.
2.4 The Company was admitted to AIM, a market operated by the London Stock Exchange, on 10 February 2006. The Company was admitted to the TSX on 14 July 2017.
2.5 The ISIN of the Ordinary Shares is GB00B0WD0R35. The Ordinary Shares are sterling denominated Ordinary Shares of 1p each in capital of the Company.
2.6 As at the date of this document, the Company has no administrative, management or supervisory bodies other than the Board, the Audit and Risk Management Committee, the Remuneration Committee and the Health, Safety, Environment and Community Committee.
2.7 The Company's auditor is BDO LLP. BDO LLP is registered to carry out audit work by the Institute of Chartered Accountants of England and Wales and has been the Company's auditor since 2013.
2.8 The accounting reference date of the Company is 30 June.

3. Subsidiaries

3.1 The Company is the ultimate holding company of the Group and, immediately after Admission, it will have the following subsidiaries:

	Country		Proportion of ownership of
	of incorporation		share capital and
Name of Subsidiary	and operation	Principal activity	voting power held
Australian Resources
Management (ARM) Pty Ltd	Australia	Exploration	100%
Acapulco Mining Pty Ltd	Australia	Exploration	100%
Central Minerals Pty Ltd	Australia	Exploration	100%
Solomon Operations Ltd	Solomon Islands	Exploration	100%
Honiara Holdings Pty Ltd	Australia	Exploration	100%
Guadalcanal Exploration Pty Ltd	Australia	Exploration	100%
ENSA	Ecuador	Exploration	85%
Carnegie Ridge Resources S.A.	Ecuador	Exploration	100%
Green Rock Resources S.A.	Ecuador	Exploration	100%
Valle Rico Resources S.A.	Ecuador	Exploration	100%
Cruz Del Sol S.A.	Ecuador	Exploration	100%

3.2 Australian Resources Management (ARM) Pty Ltd was incorporated on 9 July 1992. It was registered in New South Wales, Australia with ACN 056 692 829. The registered office is at Level 27, 111 Eagle Street, Brisbane, Qld, Australia. It operates subject to the provisions of the Corporations Act.
3.3 Acapulco Mining Pty Ltd was incorporated on 3 February 1995. It was registered in Queensland, Australia with ACN 067 983 582. The registered office is at Level 27, 111 Eagle Street, Brisbane, Qld, Australia. It operates subject to the provisions of the Corporations Act.
3.4 Central Minerals Pty Ltd was incorporated on 25 May 2007. It was registered in Queensland, Australia with ACN 125 394 201. The registered office is at Level 27, 111 Eagle Street, Brisbane, Qld, Australia. It operates subject to the provisions of the Corporations Act.
3.5 Solomon Operations Ltd was incorporated on 27 April 2007. It was registered in the Solomon Islands with company number CRO 47 of 2007. The registered office is at Wong Building, Ranadi Crescent, Ranadi Industrial Estate, Honiara, Solomon Islands. It operates subject to the provisions of the Companies Act 2009.
3.6 Honiara Holdings Pty Ltd was incorporated on 2 December 2009. It was registered in Queensland, Australia with ACN 140 891 390. The registered office is at Level 27, 111 Eagle Street, Brisbane, Qld, Australia. It operates subject to the provisions of the Corporations Act.
3.7 Guadalcanal Exploration Pty Ltd was incorporated on 1 June 2009. It was registered in Queensland, Australia with Australian Company Number 137 435 851. The registered office is at Level 27, 111 Eagle Street, Brisbane, Qld, Australia. It operates subject to the provisions of the Corporations Act.
3.8 ENSA was incorporated on 25 May 2006. It was registered in Ecuador with company number 155875 (RUC number 1792038472001). The registered office is at Av. 12 de Octubre N26-97 y Abraham Lincoln Edit Torre 1492, Piso 11, Oficina 1101, Quito, Ecuador . ENSA operates subject to the provisions of the Codigo de Comercio.
3.9 Carnegie Ridge Resources S.A. was incorporated on 9 July 2015. It was registered in Ecuador with company number MM-CZM-N-2015-0153-RM. The registered office is at Av. 12 de Octubre N26-97 y Abraham Lincoln Edit Torre 1492, Piso 11, Oficina 1101, Quito, Ecuador. It operates subject to the provisions of the Codigo de Comercio.
3.10 Green Rock Resources S.A. was incorporated on 9 July 2015. It was registered in Ecuador with company number MM-CZM-N-2015-0155-RM. The registered office is at Av. 12 de Octubre N26-97 y Abraham Lincoln Edit Torre 1492, Piso 11, Oficina 1101, Quito, Ecuador. It operates subject to the provisions of the Codigo de Comercio.
3.11 Valle Rico Resources S.A. was incorporated on 9 July 2015. It was registered in Ecuador with company number MM-CZM-N-2015-0308-OF. The registered office is at Av. 12 de Octubre N26-97 y Abraham Lincoln Edit Torre 1492, Piso 11, Oficina 1101, Quito, Ecuador. It operates subject to the provisions of the Codigo de Comercio.
3.12 Cruz Del Sol S.A. was incorporated on 9 July 2015. It was registered in Ecuador with company number MM-CZM-N-2015-0130-OF. The registered office is at Av. 12 de Octubre N26-97 y Abraham Lincoln Edit Torre 1492, Piso 11, Oficina 1101, Quito, Ecuador. It operates subject to the provisions of the Codigo de Comercio.
3.13 Save as disclosed in this paragraph 3, there are no undertakings in which the Company holds a proportion of the capital which is likely to have a significant effect on the assessment of its own assets and liabilities, financial position and profits.
3.14 The Ordinary Shares may be held in certificated form or uncertificated form and traded on CREST, which is a paperless settlement procedure enabling securities to be evidenced and transferred otherwise than by a written instrument in accordance with the CREST Regulations.

4. Share Capital

4.1 Share capital history

4.1.1 The authorised share capital of the Company on incorporation was £1,000,000 divided into 1,000,000,000 ordinary shares of £0.0001 each. On incorporation one ordinary share of £0.0001 was issued to the subscriber to the Memorandum of Association. On 27 October 2005, the Company consolidated its share capital so that each ordinary share of £0.0001 consolidated into one ordinary share of 1p.
4.1.2 On Admission, a total of up to 1,604,599,454 Ordinary Shares will have been issued fully paid or credited as fully paid.
4.1.3 At a general meeting held on 28 July 2017, the Company passed, inter alia, the following resolutions:
(a) That, in addition to all existing authorities to the extent unused, the Directors be generally and unconditionally authorised in accordance with section 551 of the Companies Act 2006 (the 'Act') to exercise all the powers of the Company to allot shares in the Company or grant rights to subscribe for or to convert any securities into shares in the Company ("Relevant Securities") up to a maximum aggregate nominal amount of £6,000,000 provided that this authority shall expire at the conclusion of the next annual general meeting of the Company or, if earlier, fifteen (15) months from the date of passing of this resolution save that the Company may before such expiry make an offer or agreement which would or might require Relevant Securities to be allotted after such expiry and the Directors may allot Relevant Securities in pursuance of such an offer or agreement as if the authority conferred had not expired. This resolution revokes and replaces all unexercised authorities previously granted to the Directors to allot shares or grant rights for or to convert any securities into shares but without prejudice to any allotment of shares or grant of rights already made, offered or agreed to be made pursuant to such authorities.
(b) That subject to, and conditional on, the passing of Resolution 1, and in addition to all existing authorities to the extent unused, the Directors be empowered pursuant to section 570 of the Act to allot equity securities (within the meaning of section 560(1) of the Act) for cash pursuant to the authority given by Resolution 1 as if section 561(1) of the Act did not apply to any such allotment provided that this power shall be limited to the allotment of equity securities up to an aggregate nominal amount of £6,000,000, and this power shall expire at the conclusion of the next annual general meeting of the Company or, if earlier, fifteen (15) months from the date of passing of this resolution save that the Company may before such expiry make an offer or agreement which would or might require equity securities to be allotted after such expiry and the Directors may allot equity securities in pursuance of such an offer or agreement as if the power conferred hereby has not expired.

4.1.4 The following changes have taken place in the issued share capital of the Company during the three years prior to the date of this document:

Date	Purpose of the issue	Number of Ordinary Shares issued	Issue price per Ordinary Share
30 September 2013	Private placement of Ordinary Shares	49,840,967	£0.075
10 March 2014	Issued to Cornerstone as part consideration for the Company increasing its direct shareholding in ENSA to 85%	488,560	CDN\$0.2047
27 March 2014 to 31 March 2014	Private placement of Ordinary Shares	47,769,333	£0.09
17 December 2014	Private placement of Ordinary Shares	33,591,828	£0.03
9 April 2015	Issue of Ordinary Shares pursuant to the Open Offer. Qualifying shareholders were able to subscribe for Open Offer Shares on the basis of 1 Open Offer Share for every 6 Ordinary Shares the qualifying shareholder held as of the specified record date	74,708,041	£0.03
19 November 2015	34,252,668 new Ordinary Shares were issued for cash at 1.5 pence per share for gross proceeds of £513,790 with institutional and other investors and the proceeds were utilised for continued exploration of the Cascabel Project. 28,010,866 new Ordinary Shares were issued at a deemed price of 1.5 pence per share as consideration for the settlement of approximately £420,000 of fees due to the Company's drilling contractor and professional advisors	62,263,534	£0.015

Date	Purpose of the issue	Number of Ordinary Shares issued	Issue price per Ordinary Share
7 March 2016	50,271,739 Ordinary Shares were issued to DGR Global and Tenstar from the conversion of all of the convertible notes. In addition, a total of 2,142,457 Ordinary Shares were issued to DGR Global and Tenstar in lieu of interest due to them in connection with the Convertible Note Deeds. On the same day, DGR Global elected to convert a number of other loans it provided the Company, amounting to a principal amount equal to approximately £805,803, into 35,034,896 Ordinary Shares at 2.3 pence per Ordinary Share. An additional 43,731,904 Ordinary Shares were issued to certain Directors and employees on account of fees and renumeration owed, and to the Company's service providers, drilling contractors and professional advisors	131,180,996	£0.023
26 August 2016	Issue of Ordinary Shares to Maxit Capital pursuant to the Maxit Capital Subscription Agreement	268,819,004	US\$0.08
14 October 2016	Issue of Ordinary Shares to Maxit Capital pursuant to the Maxit Second Subscription Agreement	63,353,339	US\$0.16
17 October 2016	Issue of Ordinary Shares to Newcrest International pursuant to the Newcrest Subscription Agreement	142,896,661	US\$0.16
17 January 2017	Exercise of Options by contractors and employees	900,000	£0.14
31 January 2017	Issue of Ordinary Shares to Newcrest International pursuant to its Top-Up Right	100,000	£0.299
3 February 2017	Exercise of Options by contractors and employees	1,200,000	£0.14
21 February 2017	Exercise of Options by employees	900,000	£0.14
1 March 2017	Issue of Ordinary Shares to Newcrest International pursuant to the Newcrest Subscription Agreement	240,000	£0.384
21 June 2017	Issue of Ordinary Shares pursuant to the Placing	78,889,080	£0.41

		Number of Ordinary	Issue price per
Date	Purpose of the issue	Shares issued	Ordinary Share
26 June 2017	Exercise of Options by employees	880,000	£0.14
26 June 2017	Exercise of Options by employees	880,000	£0.28
7 July 2017	Exercise of Options by Directors	1,300,000	£0.14
7 July 2017	Exercise of Options by Directors	1,300,000	£0.28
11 August 2017	Issue of Ordinary Shares to Newcrest International pursuant to the Newcrest Subscription Agreement	690,000	£0.38

4.1.5 As at the date of this document, the Company has granted the following Options:

Number of Options	Exercise Price	Expiry Date
9,795,884 granted to Maxit Capital pursuant to the Maxit Subscription Agreement and the Maxit Second Subscription Agreement	28 pence	17 October 2018
9,795,884 granted to Maxit Capital pursuant to the Maxit Subscription Agreement and the Maxit Second Subscription Agreement	14 pence	17 October 2018
22,000,000 granted to the Company's employees and contractors pursuant to the Share Plan	28 pence	28 October 2018
2,180,000 granted to the Board*	28 pence	8 July 2017
2,180,000 granted to the Board*	14 pence	8 July 2017
3,000,000 granted to Alan Martin, former CEO of the Company*	14 pence	19 August 2017
36,750,000 granted to the Board	60 pence	7 August 2020
10,000,000 granted to the Company's two key geologists	60 pence	7 August 2020
12,000 granted to third parties pursuant to the Placing	60 pence	7 August 2020

* As at the date of this document, all these Options have been exercised.

4.1.6 The Company has not issued any convertible securities, exchangeable securities, redeemable securities or securities with warrants.
4.1.7 No shares in the capital of the Company are held by or on behalf of the Company or the Group.
4.1.8 Save for the Options detailed at paragraph 4.1.5 above and the Anti-Dilution and Top-Up Right described at paragraph 12.1.1 below, the Company has not granted acquisition rights and/or obligations over its unissued capital.
4.1.9 The Company has not issued any shares which do not represent capital.
4.1.10 Save as otherwise disclosed in this document, the Company has not granted commissions, discounts, brokerages or other special terms in connection with the issue or sale of shares or loan capital in the Company in the three years preceding the date of this document.
4.1.11 Save for the Options detailed at paragraph 4.1.5 above, no capital of any member of the Group is under option or agreed conditionally to be put under option.
4.1.12 Save as otherwise disclosed in this document, the Company has not issued any preferential subscription rights for any share capital of the Company.

5. Memorandum and Articles of the Company

5.1 Memorandum of Association

The object of the Company, as set out in clause 4 of its Memorandum of Association, is to carry on business as a general commercial company.

5.2 Articles of Association

The Articles contain provisions, inter alia, to the following effect:

5.2.1 Limited liability

The liability of the members of the Company is limited to the amount, if any, unpaid on the Ordinary Shares held by them.

5.2.2 Share Capital

Subject to the provisions of the Acts and Statutes and to any special rights for the time being attached to any existing shares, any shares may be allotted or issued with or have attached to them such preferred, deferred or other special rights or restrictions whether in regard to dividends, voting, transfer, return of capital or otherwise as the Company may from time to time by ordinary resolution determine or if no such resolution has been passed or so far as the resolution does not make specific provision as the Board may determine.

5.2.3 Voting Rights

Subject to any rights or restrictions attached to shares, on a vote on a resolution on a show of hands at a meeting, every member who (being an individual) is present in person or by proxy shall have one vote, and on a poll every member shall have one vote for every share of which he is the holder.

5.2.4 Variation of Rights

Subject to the Acts and the Statutes, whenever the capital of the Company is divided into different classes of shares, the rights attached to any class of shares in issue may (unless otherwise provided by the terms of issue of the shares of that class) from time to time be varied or abrogated, whether or not the Company is being wound up, either with the consent in writing of the holders of three-fourths in nominal value of the issued shares of the class (excluding any shares of that class held as treasury shares) or with the sanction of a special resolution passed at a separate meeting of such holders (but not otherwise).

5.2.5 Alteration of capital

The Company may, subject to the passing of a resolution authorising it to do so in accordance with the Act and the Statutes, consolidate and divide all or any of its share capital into shares of a larger nominal amount than its existing shares and sub-divide its shares or any of them into shares of smaller nominal amount, provided that in the sub-division, consolidation or division, the proportion between the amount paid and the amount, if any, unpaid on each resulting share shall be the same as it was in the case of the share from which that share is derived.

5.2.6 Transfer of shares

A share held in certificated form may be transferred by an instrument of transfer in any usual form or in any other form which the Board may approve, which shall be executed by or on behalf of the transferor and, unless the share is fully paid, by or on behalf of the transferee. A share held in uncertificated form may be transferred by means of a relevant system in accordance with the CREST Regulations. The transferor shall be deemed to remain the holder of the share until the transferee is entered on the Register as its holder.

The Board may also refuse to register a transfer of shares held in certificated form unless the instrument of transfer is:

(a) in respect of a share which is fully paid up;
(b) in respect of a share on which the Company has no lien;
(c) in respect of only one class of shares;
(d) in favour of a single transferee or not more than four joint transferees;
(e) duly stamped (if so required); and
(f) delivered for registration to the Company's registered office, or such other place as the Board may from time to time determine, accompanied (except in the case of a transfer by a recognised person where a certificate has not been issued) by the certificate for the shares to which it relates and such other evidence as the Board may reasonably require to prove the title of the transferor and the due execution by him of the transfer or if the transfer is executed by some other person on his behalf, the authority of that person to do so,

provided that such discretion may not be exercised in such a way as to prevent dealings in such shares from taking place on an open and proper basis.

5.2.7 Dividends

Subject to the provisions of the Acts and the Statutes, the Company may by ordinary resolution declare dividends in accordance with the respective rights of the members, but no dividend shall exceed the amount recommended by the Board. Subject to the provisions of the Acts, the Board may pay interim dividends if it appears to the Board that they are justified by the profits of the Company available for distribution. If the share capital is divided into different classes of shares, the Board may pay interim dividends on shares which confer deferred or non-preferred rights with regard to dividend as well as on shares which confer preferential rights with regard to dividend, but no interim dividend shall be paid on shares carrying deferred or non-preferred rights if, at the time of payment, any preferential dividend is in arrears.

5.2.8 Winding Up

If the Company is wound up, the liquidator may, with the sanction of a special resolution of the Company and any other sanction required by law, divide among the members in specie the whole or any part of the assets of the Company and may, for that purpose, value any assets and determine how the division shall be carried out as between the members or different classes of members. Any such division may be otherwise than in accordance with the existing rights of the members but if any division is resolved otherwise than in accordance with such rights the members shall have the same right of dissent and consequential rights as if such resolution were a special resolution passed pursuant to section 111 of the Insolvency Act 1986. The liquidator may, with the like sanction, vest the whole or any part of the assets in trustees upon such trusts for the benefit of the members as he with the like sanction determines, but no member shall be compelled to accept any assets upon which there is a liability.

5.2.9 Untraced Shareholders

The Company shall be entitled to sell at the best price reasonably obtainable any shares of a member or the shares to which a person is entitled by virtue of transmission on death or if and provided that (i) for a period of twelve years, no cash dividend payable in respect of the shares has been claimed, no cheque or warrant sent by the Company through the post in a pre-paid envelope addressed to the member or to the person entitled to the shares at his address on the Register or (if different) the last known address given by the member or the person so entitled to which cheques and warrants are to be sent has been paid, each attempt to make a payment in respect of the shares by means of bank transfer or other method for the payment of dividends or other moneys in respect of shares has failed and no communication has been received by the Company from the member or the person so entitled (in his capacity as member or person entitled), (ii) in such period of twelve years at least three dividends (whether interim or final) have become payable on the shares, and (iii) the Company has at the expiration of the said period of twelve years by advertisement in both a national newspaper published in the United Kingdom and in a newspaper circulating in the area in which the address referred to above is located given notice of its intention to sell such shares.

5.2.10 Provisions relating to Directors

Unless otherwise determined by ordinary resolution of the Company, the number of Directors shall not be less than two or more than eight.

Subject to the provisions of the Articles, the Company may by ordinary resolution appoint a person who is willing to act to be a Director either to fill a vacancy or as an additional Director.

Each Director shall retire from office and shall be eligible for reappointment at the third annual general meeting after the general meeting at which he was appointed or last reappointed. If the Company, at the meeting at which a Director retires under this Article, does not fill the vacancy the retiring Director shall, if willing to act, be deemed to have been reappointed unless at the meeting it is resolved not to fill the vacancy or unless a resolution for the reappointment of the Director is put to the meeting and lost.

Subject to the provisions of the Acts and the Articles and to any directions given by special resolution, the business of the Company shall be managed by the Board which may exercise all the powers of the Company. A Director may, and the Secretary at the request of a Director shall, call a meeting of the Board.

The quorum for the transaction of the business of the Board may be fixed by the Board and unless so fixed at any other number shall be two.

Questions arising at a meeting shall be decided by a majority of votes of the participating directors, with each director having one vote. In the case of an equality of votes the chairman shall have a second or casting vote.

The ordinary remuneration of the Directors (other than any alternate Directors shall be such amount as the Directors shall from time to time determine (not exceeding £250,000 per annum unless otherwise approved by the Company in general meeting). The Directors may be paid all travelling, hotel and other expenses as they may incur in connection with their attendance at meetings of the Board or of committees of the Board or general meetings or separate meetings of the holders of any class of shares or debentures of the Company or otherwise in connection with the discharge of their duties.

The Directors may authorise, to the fullest extent permitted by law, any matter proposed to them which would otherwise result in a Director infringing his duty under section 175 of the Companies Act to avoid a situation in which he has, or can have, a direct or indirect interest that conflicts, or possibly may conflict, with the interests of the Company and which may reasonably be regarded as likely to give rise to a conflict of interest.

Authorisation of such a matter is effective only if:

(a) any requirement as to quorum at the meeting of the Directors at which the matter is considered is met without counting the Director in question and any other interested Director; and
(b) the matter has been agreed to without the Director in question and any other interested Director voting or would have been agreed to if their votes had not been counted.

5.2.11 Borrowing powers

The Board may exercise all the powers of the Company to borrow money, to guarantee, to indemnify, to mortgage or charge all or any part of the undertaking, property and assets (present and future) and uncalled capital of the Company, to issue debentures and other securities and to give security, whether outright or as collateral security, for any debt, liability or obligation of the Company or of any third party.

5.2.12 Uncertificated Shares

The Company may issue shares and other securities which do not have certificates, permit existing shares and other securities to be held without certificates, and permit any shares or other securities held without certificate to be transferred without an instrument of transfer, in each case in dematerialised form pursuant to the Regulations.

5.2.13 General Meetings

All meetings other than annual general meetings shall be called general meetings. The Board may call general meetings and, on the requisition of members pursuant to the provisions of the Acts, shall forthwith convene a general meeting.

An annual general meeting shall be called by at least 21 clear days' notice. Every other general meeting shall, subject to the provisions of the Act, be called by at least 14 clear days' notice.

Every notice of meeting shall specify the place, the day and the time of the meeting and the general nature of the business to be transacted and, in the case of an annual general meeting, shall specify the meeting as such. Every notice calling a meeting for the passing of a special resolution shall specify the intention to propose the resolution as a special resolution and the terms of the resolution.

Two members present in person or by proxy and entitled to vote upon the business to be transacted at the meeting shall be a quorum. A Director shall be entitled to attend and speak at any general meeting and at any separate meeting of the holders of any class of shares in the Company, notwithstanding that he is not a member, or not a holder of the class of shares in question.

5.2.14 Disclosure of Interests in Shares

Nothwithstanding anything in the Articles to the contrary, if a disclosure notice has been served on a member or any other person appearing to be interested in the specified shares, and the Company has not received the information required therein in respect of any of the specified shares within 14 days after the service of such disclosure notices, then:

5.2.14.1 if the shares are held in certificated form from the time of such failure until not more than seven days after the earlier of:
5.2.14.1.1 receipt by the Company of notice that there has been a transfer of the shares pursuant to an Arm's Length Sale; and
5.2.14.1.2 due compliance, to the satisfaction of the Company, with the statutory disclosure requirements:
- 5.2.14.1.2.1 (should the Directors so resolve) such holder shall not be entitled to attend or vote or to exercise any right conferred by membership at meetings of the Company in respect of all the shares for the time being registered in the account in the register of members of the Company in respect of which such notice was served;
- 5.2.14.1.2.2 (in circumstances where the holding represents at least 0.25 per cent. of the issued shares of the relevant class and should the Directors so resolve) the payment of dividends in respect of such shares may be withheld; and
- 5.2.14.1.2.3 (in circumstances where the holding represents at least 0.25 per cent. of the issued shares of the relevant class and should the Directors so resolve) such holder shall not be

entitled to transfer such shares otherwise than pursuant to an Arm's Length Sale; or

5.2.14.2 if the shares are held in uncertificated form, the Directors may serve upon the registered holder of such shares a notice requiring the holder to convert his holding of such uncertificated shares into certificated form within such period as is specified in the notice and require the holder to continue to hold such shares in certificated form for so long as such failure continues. If the holder shall fail to do so within such time as is specified in the said notice from the Company the Directors are empowered to authorise some person to take all such steps and issue such instructions by means of the relevant system as defined in the CREST Regulations or otherwise in the name of the holder of such shares as may be necessary to effect the conversion of such shares to certificated form and such steps shall be as effective as if they had been taken by the registered holder of the relevant uncertificated shares.
5.3 There are no conditions imposed by the Articles regarding changes in the Company's capital which are more stringent than required by the laws of England and Wales.

6. Share Plan

6.1 The share incentive plan of the Company was adopted by the Board on 5 July 2017 and approved by Shareholders on 28 July 2017 ("Share Incentive Plan"). The Company believes that the Share Incentive Plan is instrumental in securing for the Company and its Shareholders the benefits of incentives inherent in share ownership by officers, employees and consultants of the Company who, in the judgment of the Board, will be largely responsible for its future growth and success, through the holding of Ordinary Shares. I 17.3
6.2 An Option entitles a holder (an "Optionee") to purchase Ordinary Shares at an exercise price set at the time of the grant.
6.3 Under the Share Incentive Plan, eligible participants includes the Directors, officers and employees (including both full-time and part-time employees) of the Company or of any designated affiliate of the Company and any person or corporation engaged to provide ongoing management or consulting services for the Company or a designated affiliate of the Company (or any employee of such person or corporation).
6.4 The Share Incentive Plan is administered by the Board or the committee of the Board authorised to administer the Share Incentive Plan, including the Remuneration Committee (the "Committee").
6.5 The exercise price for Options is determined by the Committee at the time the Option is granted, provided that the exercise price of any Option may not be less than the closing price of the Ordinary Shares on the TSX, or such other principal market upon with the Ordinary Shares are traded, on the last trading day immediately preceding the date of the grant of such Option.
6.6 The maximum number of Ordinary Shares made available for the Share Incentive Plan shall not exceed 10 per cent. of the total number of Ordinary Shares then outstanding on a non-diluted basis immediately prior to the proposed grant of the applicable Option.
6.7 The maximum number of Ordinary Shares issuable to insiders, at any time, pursuant to the Share Incentive Plan and any other share compensation arrangement is 10 per cent. of the total number of Ordinary Shares then outstanding. The maximum number of Ordinary Shares issued to insiders, within any one year period, pursuant to the Share Incentive Plan and any other share compensation arrangement is 10 per cent. of the total number of Ordinary Shares then outstanding.

7. Directors, Senior Managers and other Interests

7.1 The tables below state the names of all companies and partnerships of which the Directors and Senior Managers are or have been a director or partner at any time in the period of five years immediately preceding the date of this document:

Name John Bovard	Current Directorships/Partnerships Aus Tin Mining Limited (ASX) New England Tin Pty Ltd Pakse Holdings Pty Ltd SMG Nominees Pty Ltd Taronga Mines Pty Ltd Ten Star Mining Pty Ltd	Past Directorships/Partnerships Orbis Gold Pty Limited Australian Pacific Coal Limited AQC Services Pty Ltd Area Coal Pty Ltd Australian Solomons Gold Pty Limited Inter-Medteq Pty Ltd Inter-Whistle Pty Ltd Ipoh Pacific Pty Ltd Ipoh Pacific Resources Pty Ltd IPR Operations Pty Ltd Kokstad Mining Pty Limited Medteq Innovations Pty Ltd Met BF Pty Ltd Mining Investments One Pty Ltd Mining Investments Two Pty Ltd Mining Investments Three Pty Ltd Mining Investments Four Pty Ltd Sterling Mining Partners Pty Ltd
Nicholas Mather	DGR Global Limited Armour Energy Limited Aus Tin Mining Limited Dark Horse Resources Limited Lakes Oil NL IronRidge Resources Limited Aegpas Pty Ltd Airhawk Pty Ltd Albatross Bauxite Pty Ltd Armour Energy (Surat Basin) Pty Ltd Armour Energy (Victoria) Pty Ltd Auburn Resources Limited Barlyne Mining Pty Ltd Belinga Holdings Pty Ltd Burning Log Australia Pty Ltd Coolgarra Minerals Pty Ltd Dark Horse Energy Holdings Pty Ltd Dark Horse Lithium Holdings Pty Ltd Drowning Horse Pty Ltd Eastern Exploration Pty Ltd Excarb Pty Ltd Gabon Exploration Pty Ltd Hartz Rare Earths Pty Ltd Jasperoid Pty Ltd Lionhearted Pty Ltd Mather Equity Holdings Pty Ltd Mather Foundation Limited Mather Investments (Qld) Pty Ltd Milingui Pty Ltd Mingoola Gold Pty Ltd Navgas Pty Ltd New England Tin Pty Ltd Pennant Resources Pty Ltd	Orbis Gold Pty Limited Bow Energy Limited Q.F.G. Mining N.L.

Name Nicholas Mather (continued)	Current Directorships/Partnerships Pinnacle Gold Pty Ltd Red Blanket Pty Ltd Ripple Resources Pty Ltd Samuel Capital Pty Ltd Samuel Holdings Pty Ltd Taronga Mines Pty Ltd	Past Directorships/Partnerships
Brian Moller	Ten Star Mining Pty Ltd Tinco Australia Pty Ltd DGR Global Limited	Buccaneer Energy Limited
	Dark Horse Resources Limited Aguia Resources Limited Platina Resources Limited Aus Tin Mining Limited Lithium Consolidated Mineral Exploration Limited Aguia Mining Pty Ltd Aguia Phosphate Pty Ltd Aguia Potash Pty Limited Auburn Resources Limited Excarb Pty Ltd H&G Corporate Consulting Pty Ltd Pinnacle Gold Pty Ltd Platina (South America) Pty Ltd Sealth Pty Ltd Sepreh Pty Ltd South Resource Ventures Pty Ltd Taronga Mines Pty Ltd Ten Star Mining Pty Ltd West Resource Ventures Pty Ltd	Stanburgh Pty Ltd
Robert Maurice Weinberg N/A		Medusa Mining Limited Kasbah Resources Limited Chaarat Gold Holdings Limited Metallon Corporation Limited Chang Tai Mineral Group Inc. Metallon Corporation Management Services Limited
Craig Jones	N/A	N/A
Jason Ward	N/A	N/A
Priy Jayasuriya	N/A	N/A
Karl Schlobohm	N/A	Armour Energy Limited (Alternate director) Dark Horse Resources Limited DGR Global Limited (Alternate director) Lakes Oil NL (Alternate director)

7.2 Save as disclosed above, none of the Directors or Senior Managers has been a director or member of any administrative, management or supervisory body of any companies or partner in any partnerships at any time in the period of five years immediately preceding the date of this document. 7.3 As at the date of this document the interests (all of which are beneficial unless otherwise stated) of the Directors, Senior Managers and persons connected with them (within the meaning of sections 252 to 255 of the Companies Act) in the issued share capital of the Company are as set out below.

	On Admission
	% of Enlarged
Ordinary Shares	Issued Share Capital
	0.25%
	5.99%
	0.34%
	0.28%
	0.00%
	0.61%
	0.01%
	0.22%
	Number of 3,858,813 90,768,275 5,189,121 4,296,091 Nil 9,264,280 126,446 3,384,692

7.4 In addition, at the date of this document, the Directors, Senior Managers and persons connected with them (within the meaning of sections 252 to 255 of the Companies Act) hold the following Options:

Name of Director	Number of Options	Expiry Date	Exercise Price per Ordinary Share
Craig Jones	2,250,000	7 August 2020	£0.60
Jason Ward	5,000,000	28 October 2018	£0.28
Priy Jayasuriya	1,250,000	28 October 2018	£0.28
Karl Schlobohm	1,250,000	28 October 2018	£0.28
Nicholas Mather*	26,250,000	7 August 2020	£0.60
Brian Moller	3,750,000	7 August 2020	£0.60
John Bovard	2,250,000	7 August 2020	£0.60
Robert Weinberg	2,250,000	7 August 2020	£0.60

*The Options are held by Samuel Holdings Pty Ltd, a company associated with Nicholas Mather.

7.5 None of the Directors or Senior Managers has had any convictions in relation to fraudulent or indictable offences in the five years preceding the date of this document.
7.6 None of the Directors or Senior Managers has been bankrupt or entered into an individual voluntary arrangement. None of the Directors or Senior Managers has owned an asset over which a receiver has been appointed. Save as disclosed in this paragraph 7, none of the Directors or Senior Managers acting in a capacity of director or senior manager has been associated with any bankruptcies, receiverships, compulsory liquidations, creditors' voluntary liquidations, company voluntary liquidations or any company's composition or arrangements with its creditors generally or any class of its creditors in the five years preceding the date of this document.
7.7 There have been no public official incriminations and/or sanctions of any of the Directors or Senior Managers, nor any public criticism of any of the Directors or Senior Managers, by any statutory or regulatory authority (including designated professional bodies) and none of the Directors or Senior Managers has ever been disqualified by a court from acting as a director of a company or from acting in the management or conduct of the affairs of any company within the five years preceding the date of this document.
7.8 There are no conflicts of interest between any duties to the Company of the Directors and Senior Managers and their private interests or other duties.
7.9 For the year ended 30 June 2017, the Directors and Senior Managers were granted the following remuneration (including contingent or deferred compensation) and benefits in kind by the Company and the Subsidiaries for services in all capacities to the Company and the Subsidiaries:

				Total
			Benefit	(Excl
Name	Salary	Bonus	in kind	pension)	Pension
John Bovard	AUS\$50,000	N/A	N/A	AUS\$50,000	N/A
Nicholas Mather	AUS\$416,667	N/A	N/A	AUS\$416,667	N/A
Brian Moller	AUS\$50,000	N/A	N/A	AUS\$50,000	N/A
Robert Maurice
Weinberg	AUS\$50,000	N/A	N/A	AUS\$50,000	N/A
Craig Jones	AUS\$16,667	N/A	N/A	AUS\$16,667	N/A
Jason Ward	AU\$298,178	N/A	N/A	AUS\$298,178	N/A
Priy Jayasuriya	Nil	Nil	Nil	Nil	Nil
Karl Schlobohm	AUS\$59,750	N/A	N/A	AUS\$59,750	N/A

7.10 No sums have been set aside or accrued by the Company and its Subsidiaries to provide pension, retirement and similar benefits for the Directors or Senior Managers.
7.11 Save as set out in this paragraph 7, as at the date of this document, neither the Directors nor Senior Managers nor any member of their families family (within the meaning of section 253 of the Companies Act) held any financial product whose value in whole or in part is determined directly or indirectly by reference to the price of Ordinary Shares.
7.12 There are no outstanding loans granted or guarantees provided by any member of the Group to or for the benefit of any of the Directors or Senior Managers, nor are there any outstanding loans or guarantees provided by the Directors or Senior Managers to or for the benefit of any member of the Group.
7.13 No Director or Senior Manager has any interest, whether direct or indirect, in any transaction which is or was unusual in its nature or conditions or was significant to the business of the Company taken as a whole and which was effected by the Company during the current or immediately preceding financial year, or during any earlier financial year and which remains in any respect outstanding or unperformed.

8. Major shareholders

8.1 Save as set out below, the Company is not aware of any person (other than the Directors) who, directly or indirectly, has an interest representing 3 per cent. or more of the existing share capital of the Company (being the threshold at or above which, in accordance with the Disclosure Guidance and Transparency Rules, an interest must be disclosed to the Company). So far as the Company is aware the disclosable interests prior to and on Admission will be:

Shareholder	Number of Ordinary Shares	% of Issued Share Capital
Cornerstone	170,156,414	11.22
DGR Global Tenstar	204,151,800 143,206,062	13.46 9.44
Newcrest International	220,462,271	14.50
Guyana Goldfield Inc. Nicholas Mather	103,125,000 90,768,275	6.80 5.99

8.2 Save as otherwise disclosed in this document, all the Ordinary Shares rank pari passu and no Shareholder enjoys different or enhanced voting rights.
8.3 As at 29 September 2017 (being the latest practicable date prior to the publication of this document), the Company is not aware of any persons who directly or indirectly, own or control the Company.
8.4 Save as otherwise disclosed in this document, none of the holders of Ordinary Shares listed in paragraph 8.1 above has in respect of his holding of Ordinary Shares voting rights different from the other holders of Ordinary Shares.

8.5 The Company is not aware of any arrangements the operation of which may at a date subsequent to this document result in a change in control of the Company.

9. Directors' Service Contracts

9.1 Executive Service Contract Terms

Nicholas Mather, Executive Director

On 23 June 2017, the Company entered into a consultancy agreement ("Samuel Consultancy Agreement") with Samuel Capital Pty Ltd. (ACN 078 336 044) ("Samuel"), a company associated with Nicholas Mather, pursuant to which Samuel is engaged as an independent contractor to the Company. Samuel is appointed to provide the Company with the following services including, but not limited to (i) causing and procuring the services of an executive director, who shall discharge all of the duties expected of an executive director of a publicly listed gold and copper exploration company, (ii) preparing and submitting work programs and budgets for all proposed Company activities to the Board for their approval on a six monthly update basis, (iii) managing and delivering the implementation of acquisition and divestment strategies, (iv) liaising with corporate and financial advisors, bankers, regulators and independent consultants; (v) managing broker and investor liaison and promotional activities, (vi) preparing and executing capital raisings, corporate restructures and change of control transactions, (vii) presenting activity reports and new business proposals to the Board; and (viii) executing Board directives. ("Samuel Services"). In consideration for the provision of the Samuel Services, Samuel is entitled to an annual fee (exclusive of GST) of AUS\$400,000, payable in monthly installments ("Consultancy Fee"). The Samuel Consultancy Agreement continues for a term of two years with an option to extend the arrangement for a further two years at the election of either party.

Every six months during the term of the Samuel Consultancy Agreement, the Remuneration Committee will undertake a review of the performance of Samuel in providing the Samuel Services. Based on that review, the Remuneration Committee may adjust the Consultancy Fee as deemed appropriate and determine whether or not a bonus (up to 40 per cent. of the value of the Consultancy Fee at that time) is to be awarded to Samuel having regard to certain key performance indicators (such as surpassing targeted works, time estimates and cost savings, growth of the Company's business through acquisitions and other strategies, risk management and safety performance and share price performance of the Company).

In addition to any bonus determined by reference to the key performance indicators, the Board may also in its sole discretion, issue or pay additional bonuses to Samuel. The Samuel Consultancy Agreement also provides for the payment of AUS\$100,000 for past unpaid services and AUS\$187,497 by way of prepayment of the Consultancy Fee.

The Samuel Consultancy Agreement provides for the issue for nil consideration (subject to any necessary regulatory consents or approvals) to Samuel (or its nominee) of 26.25 million options that are non-transferable and exercisable immediately from the date of their issue, have an exercise price of £0.60 option and expire 3 years after the date of their issue.

The Company will reimburse Samuel for all reasonable and necessary expenses incurred in the performance of the Services on the production of documentary evidence acceptable to the Company. Samuel is also entitled to be reimbursed for the cost of two return business class international airfares for Nicholas Mather's spouse each year during the term of the Samuel Consultancy Agreement.

The Samuel Consultancy Agreement can be terminated by Samuel, by giving 3 months' written notice to the Company, or by the Company, by giving 12 months' written notice to Samuel. If Samuel gives notice, the Company may in lieu of retaining the services of Samuel for the notice period, elect to pay Samuel the balance of the notice period. If the Company gives notice, Samuel may by written notice require the Company to pay the Consultancy Fees for the balance of the notice period. In the event that Samuel breaches the Samuel Consultancy Agreement, becomes insolvent, its officers are charged with a criminal offence which brings the Company or its business into disrepute, or Nicholas Mather resigns as a Director, the Company may terminate the Samuel Consultancy Agreement without payment of any fees, remuneration or compensation (other than that which has already accrued). The Samuel Consultancy Agreement is governed by the laws of Queensland, Australia.

9.2 Non-Executive Appointment Terms

Brian Moller, Non-Executive Director

Brian Moller entered into a letter of appointment with the Company dated on or around 13 December 2005. Mr Moller was appointed as Non-Executive Director of the Company. The appointment may be terminated with three months' written notice given by the Company or Mr Moller or in the event that Mr Moller ceases to be a Director of the Company. Mr Moller is entitled to director's fees of AUS\$110,000 per annum at the date of this document, and will be paid such fees as shall be determined by the Board in accordance with the Articles from time to time. If the Company is obliged under the laws of Australia to superannuate Mr Moller, it will do so at the applicable rates under Australian law. Mr Moller has agreed to comply with certain post-termination restrictions in his letter of appointment, including in relation to the disclosure of confidential information, non-solicitation of employees, clients and contacts of the Company for a period of 12 months after his appointment is terminated and employment of senior employees of the Company a period of 12 months after his appointment is terminated. The letter of appointment is governed by English law.

John Bovard, Non-Executive Director

John Bovard entered into a letter of appointment with the Company dated 18 December 2009. Mr Bovard was appointed as Non-Executive Director of the Company. The appointment may be terminated with three months' written notice given by the Company or Mr Bovard or in the event that Mr Bovard ceases to be a Director of the Company. Mr Bovard is entitled to director's fees of AUS\$70,000 per annum at the date of this document, and will be paid such fees as shall be determined by the Board in accordance with the Articles from time to time. Mr Bovard has agreed to comply with certain post-termination restrictions in his letter of appointment, including in relation to the disclosure of confidential information, non-solicitation of employees, clients and contacts of the Company for a period of 12 months after his appointment is terminated and employment of senior employees of the Company for a period of 12 months after his appointment is terminated. The letter of appointment is governed by English law.

Robert Maurice Weinberg, Non-Executive Director

Robert Maurice Weinberg entered into a letter of appointment with the Company dated 12 December 2005. Dr Weinberg was appointed as Non-Executive Director of the Company. The appointment may be terminated with 3 months' written notice given by the Company or by Dr Weinberg or in the event that Dr Weinberg ceases to be a Director of the Company. Dr Weinberg is entitled to director's fees of AUS\$70,000 per annum at the date of this document, and will be paid such fees as shall be determined by the Board in accordance with the Articles from time to time. Dr Weinberg has agreed to comply with certain post-termination restrictions in his letter of appointment, including in relation to the disclosure of confidential information, non-solicitation of employees, clients and contacts of the Company for a period of 12 months after his appointment is terminated and employment of senior employees of the Company for a period of 12 months after his appointment is terminated. The letter of appointment is governed by English law.

Craig Jones, Non-Executive Director

Craig Jones entered into a letter of appointment with the Company dated 27 February 2017. Mr Jones was appointed as Non-Executive Director of the Company. The term contemplated under the letter of appointment continues until retirement by rotation under the Articles unless terminated earlier, however, Mr Jones's service to the Company may be affected by the Newcrest Subscription Agreement, pursuant to which Newcrest International has certain director appointment rights depending on its percentage shareholding in the Company. The appointment will continue for further terms if Mr Jones is re-elected at future annual general meetings. The appointment may be terminated with three months' written notice given by the Company or by Mr Jones or in the event that Mr Jones ceases to be a Director of the Company. Mr Jones is entitled to director's fees of AUS\$70,000 per annum at the date of this document, and will be paid such fees as shall be determined by the Board in accordance with the Articles from time to time. Mr Jones is subject to certain restrictive covenants following the termination of his appointment for a period of 12 months which includes non-solicitation of clients and employees of the Company. Mr Jones has agreed to comply with certain post-termination restrictions in his letter of appointment, including in relation to the disclosure of confidential information, non-solicitation of employees, clients and contacts of the Company for a period of 12 months after his appointment is terminated and employment of senior employees of the Company for a period of 12 months after his appointment is terminated. The letter of appointment is governed by English law.

9.3 Deeds of Indemnity

The Company has entered into deeds of indemnity in favour of each of the Directors indemnifying them in respect of any liability suffered or incurred by him in the proper discharge of his duties as an officer of the Company to the fullest extent permitted by law ("Deeds"). The Deeds are governed by and construed in accordance with the laws of Queensland, Australia.

9.4 Consultancy arrangements

Jason Ward, Consultant/Country Manager

On 1 July 2015, the Company entered into a services contract with Jason Ward ("Mr Ward"), pursuant to which Mr Ward was engaged by the Company as an independent contractor in the position of "country manager", to provide management and geological services to the Company and its Subsidiaries until such time as the contract is terminated ("Ward Consultancy Agreement").

Mr Ward is engaged to perform services under the Ward Consultancy Agreement on a day-rate basis and in consideration for such services (as varied by the parties by way of letter dated 1 October 2016), Mr Ward receives A\$1,430 (exclusive of GST) per day (based upon a 7.5 hour day) in a combination of cash and Ordinary Shares.

Either party may terminate the Ward Consultancy Agreement by giving 3 months' written notice (or by way of payment in lieu). The Company may terminate the Ward Consultancy Agreement at any time with notice for cause, where Mr Ward (i) is in breach of the Ward Consultancy Agreement, (ii) becomes bankrupt, or (iii) is charged with a criminal offence which in the reasonable opinion of the Company brings the Company or its business into disrepute.

The Ward Consultancy Agreement is governed by the laws of Queensland, Australia, or such other jurisdiction as the Company resolves in its sole discretion.

9.5 Service Contracts

Karl Schlobohm, Company Secretary

On 1 July 2015, the Company entered into a service contract with Millbohm Consulting Group Pty Ltd. (ACN 094 474 218) ("Millbohm"), a company associated with the Company's secretary, Karl Schlobohm ("Millbohm Services Contract"). Pursuant to the Millbohm Services Contract, Millbohm was engaged as an independent contractor to the Company on a non-exclusive basis until such time as the contract is terminated. Millbohm is engaged to provide primarily company secretarial related services to the Company and is required to devote 47 weeks per year to the Company. In consideration for the services provided under the Millbohm Services Contract (as varied by the parties by way of letter dated 1 October 2016), Millbohm receives A\$66,000 (exclusive of GST) per annum.

Either party may terminate the Millbohm Services Contract at any time by giving the other party 3 months' written notice, or in the absence of notice or the full period of notice, upon payment to the other party of compensation for short notice. However, in the event that in the 12 month period following the Company undergoing a "change of control" (which includes where any person or entity acquires fifty percent or more of the Company's shares in issue), either (i) the Millbohm Services Contract is terminated, or (ii) Millbohm is removed or required to resign, in which case the Company must give 6 months' written notice to Millbohm (or pay an amount equivalent to 6 months' fees).

The Company may also terminate the Millbohm Services Contract at any time without notice for cause (for example, where the conduct of Millbohm is fraudulent or illegal or where Millbohm is in breach of the Millbohm Services Contract).

The Millbohm Services Contract is governed by the laws of Queensland, Australia.

Benn Whistler, Technical Services Manager

On or around 1 July 2015, the Company entered into an employee services agreement with Benn Whistler ("Mr Whistler"), pursuant to which Mr Whistler was engaged by the Company as Technical Services Manager on and from 1 July 2015 until such time as the agreement is terminated ("Whistler Services Agreement").

Mr Whistler is engaged to manage the technical services and technical team business unit of the Company and to assist the Country Manager, Jason Ward. In consideration for the services provided under the Whistler Services Agreement (as varied by the parties by way of letter dated 1 October 2016), Mr Whistler is entitled to receive an annual base salary of A\$278,784 (inclusive of statutory superannuation entitlements), he may be invited to participate in the Share Plan and may be entitled to receive an annual bonus payment as determined by the Board (subject to the satisfaction of key performance indicators).

Mr Whistler may terminate the Whistler Services Agreement by giving 3 months' written notice of termination to the Company (or such other period as may be mutually agreed in writing), or immediately in the event that there is a significant diminution of his job content, status, responsibility or authority ("Diminution Termination"). The Company may terminate the Whistler Services Agreement without cause by giving 3 months' notice, or immediately in the event of serious misconduct by Mr Whistler. In the event of Diminution Termination, but subject to any applicable statutory or securities law restrictions or approvals required, the Company will pay Mr Whistler such sum as is equal to 3 months of his annual base salary (inclusive of any other payments to which he might be entitled on termination).

The Whistler Services Agreement is governed by the laws of Queensland, Australia.

Lazaro Roque-Albelo, Manager of Latin American Affairs

On 27 August 2014, the Company entered into an executive services agreement with Lazaro Roque-Albelo ("Mr Roque-Albelo"), pursuant to which Mr Roque-Albelo was engaged by the Company as Manager of Latin American Affairs on and from 15 September 2014 until such time as the agreement is terminated ("LRA Services Agreement").

Mr Roque-Albelo is required to devote himself to usual working hours of at least 50 hours per week to the performance of his duties, which include (i) assisting in relation to environmental management plan and related matters in Ecuador and other Latin American countries, (ii) overseeing community relations and governmental relations in Ecuador and other Latin American countries, (iii) advising in relation to health and safety related issues in Ecuador and other Latin American countries, (iv) assisting senior management of ENSA in relation to Ecuadorian mining exploration projects, (v) the provision of advice in negotiations in respect of security, taxation, fiscal arrangements, environmental planning and execution, permitting, labour and industrial relations, occupational workplace health and safety, insurance and any other corporate, government or community liaison activities or introductions at any level in Ecuador and other Latin American countries (and advice on the design and supervision of programs and studies required in respect of such matters), (vi) assistance with the acquisition of other projects and tenures in Ecuador and other Latin American countries, and (vii) supervising all stakeholder relations matters in respect of Ecuador and other Latin American countries.

In consideration for the provision of his services under the LRA Services Agreement, Mr Roque-Albelo is entitled to receive an annual base salary of AUS\$275,000 (plus statutory superannuation contributions), he may be invited to participate in the Share Plan and may receive an annual bonus payment as determined by the Board (subject to satisfaction of key performance indicators) up to a maximum of 30 per cent. of annual base salary.

Mr Roque-Albelo may terminate the LRA Services Agreement by giving 6 months' written notice of termination to the Company (or such other period as may be mutually agreed in writing), or immediately in the event that there is a significant diminution of his job content, status, responsibility or authority ("Diminution Termination"). The Company may terminate the LRA Services Agreement without cause by giving 6 months' notice, or immediately in the event of serious misconduct by Mr Roque-Albelo.

In the event of Diminution Termination, but subject to any applicable statutory or securities law restrictions or approvals required, the Company will pay Mr Roque-Albelo such sum as is equal to 6 months of his annual base salary (inclusive of any other payments to which he might be entitled on termination).

The LRA Services Agreement is governed by the laws of Queensland, Australia.

9.6 Save as disclosed above, there are no existing or proposed service agreements between any of the Directors and the Company. Save as disclosed above, none of the service agreements referred to above, contains a right to benefits (other than those due during the notice period under the contract) upon termination.

10. Investments

The Company has not made any major investments from incorporation and up to the date of this document.

11. Principal Establishments

11.1 The following is a summary of the principal establishments occupied by the Group:
11.1.1 Av. 12 de Octubre N26-97 y Abraham Lincoln, Edif. Torre 1492, piso 11, oficina 1101, Quito, Ecuador; and
11.1.2 Level 27, 111 Eagle Street, Brisbane QLD 4000 Australia.
11.2 There are no material environmental issues affecting the Group's utilisation of the properties referred to above.

12. Material Contracts

12.1 The following is a summary of those material contracts, not being contracts entered into in the ordinary course of business, which have been entered into by the Company or any member of the Group within the two years immediately preceding the date of this document and of those other contracts, not being contracts entered into in the ordinary course of business by any member of the Group, that contain provisions under which the Company and/or any member of the Group has an obligation or entitlement which is or may be material to the Group as at the date of this document:

12.1.1 Newcrest Subscription Agreement

On 30 August 2016, the Company, Newcrest International and Newcrest Mining Limited ("Newcrest Mining") entered into the Newcrest Subscription Agreement, pursuant to which Newcrest International agreed to subscribe for 135,857,401 Ordinary Shares at a price of US\$0.08 per Ordinary Share for aggregate gross proceeds of US\$10,868,592.08. On 26 September 2016, the Company, Newcrest International and Newcrest Mining entered into a deed to vary the Newcrest Subscription Agreement (the "Further Deed of Variation"), pursuant to which Newcrest International agreed to subscribe for 142,896,661 Ordinary Shares at a price of US\$0.16 per Ordinary Share for aggregate gross proceeds of US\$22,863,465.76.

Pursuant to the Newcrest Subscription Agreement (as varied by the Further Deed of Variation), the Company granted to Newcrest International a right (but not an obligation) to nominate an individual to be appointed as a director of the Board (the "Board Appointment Right") for so long as Newcrest International, Newcrest Mining or any wholly owned subsidiary (together, "Newcrest") holds at least 10 per cent. of the total number of Ordinary Shares in issue (the "Newcrest Minimum Holding"). In the event that Newcrest's shareholding in the Company falls below the Newcrest Minimum Holding solely as a result of Newcrest having failed to participate in any future equity raising or due to a voluntary sale of Ordinary Shares, and provided the Company has complied with its obligations pursuant to the Anti-Dilution Right (as defined below), Newcrest must procure the resignation of any nominated director and the Board Appointment Right ceases to apply.

Subject to the passing of any necessary authorised share capital resolution and/or disapplication resolution, which the Company must use its reasonable endeavours to secure, if the Company wishes to allot and issue any equity securities either for cash (a "Further Raising") or pursuant to a transaction for non-cash consideration (an "Other Transaction"), and at that time Newcrest International holds at least 5 per cent. of the Ordinary Shares in the Company, then the Company must give Newcrest International the opportunity to subscribe for:

(a) in the case of a Further Raising, such number of Ordinary Shares in the Further Raising; and
(b) in the case of an Other Transaction, such number of Ordinary Shares (a "New Issue"),

that following the allotment and issue of all Ordinary Shares pursuant to the Further Raising or the Other Transaction (as the case may be, together the "Relevant Transaction"), Newcrest International holds the same percentage of Ordinary Shares as it held immediately prior to the Further Raising or the Other Transaction, as the case may be (the "Anti-Dilution Right"). If at the time of a Relevant Transaction, Newcrest International holds more than 10 per cent. of the Ordinary Shares, Newcrest International shall have the opportunity to subscribe for such number of Ordinary Shares that following the allotment and issue of all Ordinary Shares issued pursuant to the Relevant Transaction, Newcrest International holds 10 per cent. of the Ordinary Shares then issued and outstanding.

If at any time before a Relevant Transaction, Newcrest International holds less than 5 per cent. of the Ordinary Shares as a result of failing to take part in an earlier Relevant Transaction or due to a voluntary sale of Ordinary Shares, the Anti-Dilution Right ceases to apply.

The Anti-Dilution Right does not apply to an allotment or issue of equity securities that would, apart from any renunciation or assignment of their right to their allotment, be held under an employee share scheme, employee share option scheme, directors' and officers' share scheme or directors' and officers' share option scheme.

The issue price of Ordinary Shares issued pursuant to a New Issue will be the 10 day VWAP calculated as at the date 10 business days after completion of the Other Transaction.

Subject to the passing of any necessary authorised share capital resolution and/or disapplication resolution, which the Company must use its reasonable endeavours to secure, if at the beginning of each 6 month period (the first of which 6 month period commenced on 18 October 2016) (each a "Relevant Period") Newcrest International holds at least 5 per cent. of the Ordinary Shares and the Company allots and issues equity securities during the Relevant Period either:

(a) as part of an employee share scheme, employee share option scheme, directors and officers share scheme or directors' and officers' share option scheme;
(b) as a result of the conversion of debt (including the exercise of convertible notes); or
(c) upon the exercise of options over unissued Ordinary Shares,

(each a "Top-Up Event"), Newcrest International will be entitled, at the same time or immediately following the Top-Up Event, to subscribe for so many Ordinary Shares (the "Top-Up Shares") so that Newcrest International holds the same percentage of Ordinary Shares as it held immediately prior to the Top-Up Event (a "Top-Up")(the "Top-Up Right"). However, in the event that Newcrest International has been issued convertible notes or options during a Relevant Period and those notes or options may be converted or exercised, Newcrest International must first convert those convertible notes or exercise those options (as the case may be) in order to Top-Up, and if the resulting number of Ordinary Shares issued to it after having done so is insufficient to satisfy its entitlement under the Top-Up Right, Newcrest International may subscribe for Top-Up Shares.

Any Top-Up Shares will be issued at the higher of:

(a) the conversion price of the last convertible notes converted or the exercise price of the last options exercised during the Relevant Period;

(b) the 10 day VWAP calculated as at the date of issue of the Top-Up Shares; and
(c) the highest subscription price at which a bona fide independent third party offers in writing to subscribe for Ordinary Shares representing not less than 5 per cent. of the issued Ordinary Share capital of the Company during or at the end of the Relevant Period (the "Offer"), on terms acceptable to and capable of acceptance by the Company where:
a. the Offer is a cash offer;
b. the Offer is made no more than 2 months prior to the end of the Relevant Period; and
c. a copy of the Offer has been provided to Newcrest International.

If at any time before a Top-Up Event, Newcrest International holds less than 5 per cent. of the Ordinary Shares on issue as a result of failing to take part in an earlier Further Raising or due to a voluntary sale of Ordinary Shares, the Top-Up Right ceases to apply.

Newcrest International has undertaken to the Company that until 17 October 2019 and unless otherwise agreed:

(a) in respect of any Relevant Control Proposal that cannot proceed to completion or conclusion without shareholder approval (the "RCP Shareholder Resolutions"), to vote in favour of the RCP Shareholder Resolutions, provided that:
a. the Relevant Control Proposal is the subject of a favourable report by an independent expert (in the absence of a superior proposal); and
b. immediately prior to the consideration of the RCP Shareholder Resolutions at the relevant meeting of shareholders, at least 60 per cent. of the votes that may be cast in respect of the RCP Shareholder Resolutions (exclusive of Newcrest International) are in favour of those resolutions;
(b) in respect of any Offer undertaken as a tender offer to shareholders, accept the Offer, provided that:
a. the Offer is the subject of a favourable report by an independent expert (in the absence of a superior proposal); and
b. holders of at least 60 per cent. of all Ordinary Shares to whom the Offer has been made have accepted the Offer (excluding Newcrest International);
(c) that it will vote on any authorised share capital resolution or disapplication resolution in respect of which holders of at least 60 per cent. of the votes that may be cast (exclusive of Newcrest International) are in favour of those resolutions and will not (and must ensure that its related bodies corporate do not), directly or indirectly:
a. solicit, invite facilitate, encourage or initiate any enquiries, negotiations or discussions;
b. communicate any intention to do any of the things described above in paragraph (a); or
c. liaise with other shareholders with a view to voting against any authorised share capital resolution or any disapplication resolution;
(d) that subject to the Board Appointment Right, it will vote as the Board recommends to shareholders, on any resolution in respect of the appointment or removal of any director (the "Board Recommendation") and will not (and must ensure that its related bodies corporate do not), directly or indirectly:
a. solicit, invite facilitate, encourage or initiate any enquiries, negotiations or discussions;
b. communicate any intention to do any of the things described above in paragraph (a); or
c. liaise with other Shareholders with a view to voting against any Board Recommendation; and
(e) for so long as Newcrest International holds at least 5 per cent. of the Ordinary Shares, neither Newcrest International, Newcrest Mining nor any of their subsidiaries shall (and must procure that their respective representatives and advisers do not) without the prior written consent of the Company:
a. directly or indirectly solicit, initiate or enter into any discussions or negotiations with any other creditor of the Company, nor purchase or agree to purchase any debt of the Company;
b. in any way contact or communicate with, or attempt to contact or communicate with any representative, landlord, customer or supplier of the Company or ENSA or any of their related bodies corporate, except in the ordinary course of business; or
c. solicit, canvass, induce or encourage any employee of the Company or ENSA or any of their related bodies corporate to leave the employment of the Company or ENSA or any of its related bodies corporate, as the case may be, except where Newcrest International, Newcrest Mining or any of their subsidiaries is advertising employment vacancies in any newspaper, website or other publication or through a recruitment agency or interviewing, negotiating with, and employing any person responding to such advertisement, or employing any person following cessation of such person's employment with the Company without any solicitation or encouragement by Newcrest International, Newcrest Mining or any of their subsidiaries.

The Newcrest Subscription Agreement contains warranties given by each of the Company and Newcrest International. The warranties expire on the date falling 12 months after the date of completion of the Newcrest Subscription Agreement. The maximum liability of each of the Company and Newcrest International under the warranties is capped at an amount equal to the gross proceeds received by the Company pursuant to the Newcrest Subscription Agreement.

The Newcrest Subscription Agreement and Further Deed of Variation are governed by the laws of Queensland, Australia.

12.1.2 Cornerstone Term Sheet

On 24 February 2014, the Company entered into a binding term sheet ("Cornerstone Term Sheet") with Cornerstone, Cornerstone Ecuador and ENSA. Pursuant to the Cornerstone Term Sheet, it was acknowledged and agreed that the Company had made a placement in Cornerstone of CAD\$200,000 on or around 18 February 2013, in return for which it received a 20 per cent. equity interest in ENSA and such number of Cornerstone shares based on CAD\$200,000 divided by an issue price of the higher of CAD\$0.05 or the 7 day VWAP per Cornerstone share. It was further acknowledged and agreed that on or before 24 March 2013, the Company had exercised its right to make a placement in Cornerstone of CAD\$250,000 and in return the Company received such number of Cornerstone shares based on CAD\$250,000 divided by an issue price of the higher of CAD\$0.05 or the 7 day VWAP per Cornerstone share and an additional 10 per cent. equity interest in ENSA. The Company was also granted the right but not the obligation to elect to make a placement in Cornerstone of CAD\$500,000 and in return the Company would receive such number of Cornerstone shares based on CAD\$500,000 divided by an issue price of the higher of CAD\$0.05 or the 7 day VWAP per Cornerstone share and an additional 20 per cent. equity interest in ENSA ("Third Subscription"). The Third Subscription was completed on or around 28 August 2013, bringing the Company's aggregate shareholding in ENSA to 50 per cent. Pursuant to the Cornerstone Term Sheet, the Company was also granted the right but not the obligation to elect to make a placement in Cornerstone of CAD\$250,000 at any time after the date of the Cornerstone Term Sheet but prior to the date being 50 days after receipt of all assay results from the first phase drilling program to 2,500 metres in the Cascabel Project. In return, the Company would receive Cornerstone shares and an additional 35% equity interest in ENSA, by way of, at the Company's election, either a new issue or transfer from Cornerstone Ecuador ("Optional Subscription"), which would bring the Company's stake in ENSA to 85 per cent. The Company exercised this right and the Optional Subscription completed on or around 25 February 2014.

Under the terms of the Cornerstone Term Sheet, in the event that Cornerstone Ecuador's equity interest in ENSA falls below 10 per cent., its equity interest will be converted to a 0.5 per cent. interest in the NSR and the Company will have the right to purchase the 0.5 per cent. interest in the NSR from Cornerstone for an aggregate consideration of US\$3,500,000. The Company is also entitled under the terms of the Cornerstone Term Sheet to buy out the NSR royalty payable pursuant to the ENSA SPA, as more particularly described in paragraph 12.1.5 of this Part IV below.

The Cornerstone Term Sheet is governed by the laws of Queensland, Australia and matters relating to the Cascabel Project are governed by the law of the Republic of Ecuador.

12.1.3 Maxit Subscription Agreement

On 25 August 2016, the Company and Maxit Capital, acting by its general partner, Maxit Capital Inc., entered into the Maxit Subscription Agreement, pursuant to which Maxit Capital agreed to subscribe for 12,501,563 Ordinary Shares at a price of US\$0.08 per Ordinary Share for aggregate gross proceeds of US\$1,000,125. Subscribers procured by Maxit Capital (the "Other Subscribers") subsequently entered into individual subscription agreements (the "Other Subscription Agreements"), pursuant to which the Other Subscribers agreed to subscribe for 256,317,441 Ordinary Shares at a price of US\$0.08 per Ordinary Share for aggregate gross proceeds of US\$14,535,000. The total gross proceeds received by the Company pursuant to the Maxit Subscription Agreement and Other Subscription Agreements was US\$15,709,381.

In consideration for Maxit Capital entering into the Maxit Subscription Agreement and procuring that the Other Subscribers entered into the Other Subscription Agreements (together, the "Maxit Subscription"), the Company agreed to pay or issue:

(i) a cash fee paid on completion of the Maxit Subscription equal to 6 per cent. of the aggregate gross proceeds raised pursuant to the Maxit Subscription. The cash fee can, at Maxit Capital's election, be settled by the issue and allotment of Ordinary Shares;
(ii) such number of Options which are equal to 3 per cent. of the Ordinary Shares issued pursuant to the Maxit Subscription with an exercise price of 14p and which will expire on the date falling 24 months after the date of completion of the Maxit Subscription; and
(iii) such number of Options which are equal to 3 per cent. of the Ordinary Shares issued pursuant to the Maxit Subscription with an exercise price of 28p and which will expire on the date falling 24 months after the date of completion of the Maxit Subscription.

The Maxit Subscription Agreement granted Maxit Capital the option to request the Company within 45 days of completion to issue up to an aggregate of 187,500,000 Ordinary Shares at a price of US\$0.08 per Ordinary Shares.

Pursuant to the Maxit Subscription Agreement, the Company granted to Maxit Capital the right to nominate one person to be appointed as a director of the Company within 30 days of completion of the Maxit Subscription. In the event that Maxit Capital's percentage interest in the capital of the Company falls below its percentage interest held immediately following the issue of Ordinary Shares to Maxit Capital pursuant to the Maxit Subscription through a voluntary sale of Ordinary Shares, Maxit Capital must procure the resignation of its nominated director and shall have no further rights to make another appointment. The Company retains the right to take any steps necessary to remove Maxit Capital's nominated director in the event that Maxit Capital fails to do so.

The Maxit Subscription Agreement contains warranties given by each of the Company and Maxit Capital which expire on the date falling 24 months after completion of the Maxit Subscription. The maximum liability of each of the Company and Maxit Capital under the warranties is capped at an amount equal to the gross proceeds received by the Company pursuant to the Maxit Subscription (excluding the proceeds attributable to the Other Subscription Agreements).

The Maxit Subscription Agreement is governed by the laws of Queensland, Australia.

12.1.4 Maxit Second Subscription Agreement

On 11 October 2016, the Company and Maxit Capital, acting by its general partner, Maxit Capital Inc., entered into the Maxit Second Subscription Agreement, pursuant to which Maxit Capital agreed to subscribe for 2,513,359 Ordinary Shares at a price of US\$0.16 per Ordinary Share for aggregate gross proceeds of US\$402,137. Subscribers procured by Maxit Capital (the "Other Subscribers") subsequently entered into individual subscription agreements (the "Other Subscription Agreements"), pursuant to which the Other Subscribers agreed to subscribe for 60,839,979 Ordinary Shares at a price of US\$0.16 per Ordinary Share for aggregate gross proceeds of US\$9,734,397. The total gross proceeds received by the Company pursuant to the Maxit Second Subscription Agreement and Other Subscription Agreements was US\$10,136,534.

In consideration for Maxit Capital entering into the Maxit Second Subscription Agreement and procuring that the Other Subscribers entered into the Other Subscription Agreements (together, the "Maxit Second Subscription"), the Company agreed to pay or issue:

(i) a cash fee paid on completion of the Maxit Second Subscription equal to 6 per cent. of the aggregate gross proceeds raised pursuant to the Maxit Second Subscription, plus 6 per cent. of any subscription funds received by the Company in excess of US\$10,856,640. The cash fee can, at Maxit Capital's election, be settled by the issue and allotment of Ordinary Shares; and
(ii) 7,833,730 Options, of which 3,916,865 Options will have an exercise price of 14p and will expire on the date falling 24 months after the date of completion of the Maxit Second Subscription, and 3,916,865 Options will have an exercise price of 28p and will expire on the date falling 24 months after the date of completion.

The Maxit Second Subscription Agreement contains warranties given by each of the Company and Maxit Capital which expire on the date falling 24 months after completion of the Maxit Second Subscription. The maximum liability of each of the Company and Maxit Capital under the warranties is capped at an amount equal to the gross proceeds received by the Company pursuant to the Maxit Second Subscription (excluding the proceeds attributable to the Other Subscription Agreements).

The Maxit Second Subscription Agreement is governed by the laws of Queensland, Australia.

12.1.5 ENSA SPA

On 23 March 2011, the Sellers, Cornerstone Ecuador and ENSA entered into the ENSA SPA, pursuant to which the Sellers agreed to sell the entire issued share capital of ENSA to Cornerstone Ecuador for an aggregate purchase price of US\$20,000. Cornerstone Ecuador also agreed to pay an additional US\$766.13 to Santa Barbara Resources representing the balance due to Santa Barbara Resources following an assessment of ENSA's accounts payable, accounts receivable and cash at bank.

Pursuant to the ENSA SPA, in the event of commercial exploitation of the Projects, the Sellers are also entitled to a royalty equal to 2 per cent. NSR on future production. Cornerstone Ecuador has the option to purchase 1 per cent. of the NSR royalty for each of the Projects individually by paying the Sellers US\$1,000,000 during the period of 3 months following the conclusion of the feasibility study of the deposit by Cornerstone Ecuador. Cornerstone Ecuador also has the option to purchase the remaining 1 per cent. of the NSR royalty for each of the Projects individually by paying US\$3,000,000 to the Sellers during the period of 3 months following commencement of production.

Cornerstone Ecuador further agreed to pay US\$3,024 in relation to the technical audits carried out in 2010 and to pay all costs associated with the preparation and signature of the ENSA SPA.

Santa Barbara Resources agreed to compensate Cornerstone Ecuador and its shareholders, officers, representatives, officials and employees in relation to any payment, complaint, claim, judicial or administrative action which has the basis of any future labour claims, lack of payment for professional services of contractors or workers or social security. The costs of defending any such action will be borne by Santa Barbara Resources.

The Sellers provided Cornerstone Ecuador with guarantees as to (i) existence and due incorporation of Santa Barbara Resources, (ii) their respective capacity to sell the sale shares, (iii) the share capital of Santa Barbara Resources, (iv) title to the Projects free of encumbrances, property, (v) compliance with laws, (vi) possession of licences and authorisations, (vii) litigation, (viii) books and records, and (ix) false and erroneous statements and omissions.

The ENSA SPA also provides that Santa Barbara Resources would compensate and hold harmless Cornerstone and its shareholders, officers, representatives, officials and employees with respect to any loss, damage, liability, costs and expenses, reasonable attorney fees and amounts paid to liquidation that occur as a result of (i) ENSA having any debt, liability or obligation of any kind except as reflected in its financial statements, (ii) there being an audit, dispute or claim pending by any Government or third parties on any matter, including taxation, (iii) litigation and contingencies.

In the event of any dispute between the parties, they agreed to follow the arbitration procedures set out in the ENSA SPA at the centre of arbitration and mediation of the Chamber of Commerce of Quito.

The ENSA SPA is governed by and construed in accordance with the laws of the Republic of Ecuador.

12.1.6 Environmental Licence

On 23 August 2013, pursuant to the terms of Resolution No. 618, the Ministry of Environment of the Republic of Ecuador, acting through the Environment Minister Lorena Tapia Núñez, resolved, inter alia, to:

(i) approve the environmental impact assessment for the advance exploration phase of metallic minerals at the Cascabel Project ("EIA"); and
(ii) give an environmental licence to ENSA for the advance exploration phase of metallic minerals at the Cascabel Project, subject to strict compliance with the EIA.

Pursuant to the terms of the Environmental Licence, ENSA must, inter alia:

(i) comply with the environmental regulations applicable to national and local level and as set out in the EIA and the approved environmental management plan ("Management Plan");
(ii) maintain a continuous monitoring and follow up program in accordance with the measures contemplated in the Management Plan and report its results to the Ministry of Environment every 6 months;
(iii) present audit environmental reports to the Ministry of Environment in accordance with Article 14 of the Mining Law Reform, published in the Official Register Second Supplement 37 of 16 July 2013;
(iv) provide facilities for the technical staff of the Ministry of Environment to control and follow up on the Management Plan;
(v) ensure its advance exploration activities are development within the mining interest declared in the EIA;
(vi) comply with Ministerial Agreement No.161 of 31 August 2011 in relation to the control and prevention of chemical dangerous substances and hazardous waste, and to register as a generator of hazardous waste; and
(vii) maintain in force the guarantee of performance bond of the Management Plan during the validity of the project.

The Environmental Licence is valid from the date of issue until the execution term of the advance exploration phase of metallic minerals at the Cascabel Project.

The Environmental Licence may be revoked or suspended in accordance with applicable legislation if the terms of the Environmental Licence are breached by ENSA.

12.1.7 Cascabel Concession

On 30 April 2010, the Ministry of Non-Renewable Natural Resources, acting through the Undersecretariat of Mining, resolved to replace the previous mining concession granted in favour of ENSA on 5 January 2007 relating to the Cascabel Project with the Cascabel Concession on, inter alia, the following terms:

(i) the Cascabel Concession covers an area of 5,000.00 contiguous mining hectares located in the parishes Lits, Carolina, Jijon y Caamaño (Rio Blanco), cantons Ibarra, Mira, Provinces of Imbabura, Carchi;
(ii) the Cascabel Concession was granted for a term of 25 years, commencing on the date of registration with the Mining Registry;
(iii) ENSA is obliged to pay conservation patent, royalties and other tax obligations in the form and amounts sets out in the Mining Act, the General Rules of the Mining Act and Regulation of the Special Scheme for Artisanal and Small-scale Mining, respectively;
(vi) ENSA must submit the reports required in the Mining Act and its Regulations on the dates set out therein during the term;
(v) ENSA must strictly observe environmental and social rules referred to in the Mining Act, the Environmental Management Act, the General Rules of the Mining Act, the Environmental Regulations on Mining Activities in the Republic of Ecuador, and all other regulations in force;
(vi) ENSA must preserve the mental and physical health and life of its technical staff and workers, applying mining-industrial safety and hygiene standards in accordance with Article 68 of the Mining Act;
(vii) the rights derived from the Cascabel Concession will become extinct in accordance with the grounds determined in the Mining Act and General Regulations; and
(viii) ENSA is obliged to keep permanent training processes and programs for its staff at every level and these must be reported periodically to the Ministry of Non-Renewable Natural Resources.

The Cascabel Concession was registered with the Mining Registry on 7 May 2010.

12.1.8 Advanced Exploration Concession

On 17 September 2014, the Ministry of Non-Renewable Natural Resources, acting through the North Regional Undersecretariat of Mining, resolved to grant authorisation to ENSA for commencement of the advanced exploration phase at the Cascabel Project ("Advanced Exploration Concession"), on inter alia the following terms:

(i) the Advanced Exploration Concession, which relates to a reduced surface area in accordance with article 37 of the Mining Act, grants an additional period of up to four years to perform advanced exploration activities at the Cascabel Project, commencing on the date of registration of the resolution granting the Advanced Exploration Concession with the Mining Registry;

(ii) ENSA is obliged to observe all applicable provisions in the Ecuadorian legislation regulating exploration stages and comply with applicable environmental laws in Ecuador; and
(iii) the resolution granting the Advanced Exploration Concession must be notarised, registered and provided to the Ministry of Non-Renewable Natural Resources.

The resolution was registered with the Mining Registry on 7 October 2014.

12.1.9 Water Concession

On 26 July 2013, the National Water Secretariat for the Mira Hydrographic Demarcation resolved to grant ENSA the right to exploit the waters of River Mira, to be used during the execution of the advanced mining exploration period at the Cascabel Project ("Water Concession"), on inter alia the following terms:

(i) the water intake shall be a permanent water volume of 1.5 litres per second per water intake, with a total of 7.5 permanent litres per second, and is to be used in mining and industrial exploration activities within the area authorised by the Ministry of Mines located in Parish Lita Canton Ibarra province of Imbabura;
(ii) ENSA must submit to the Mira Hydrographic Demarcation the designs and drawings corresponding to the collection and conduction works of the flow, in order to be approved by the demarcation within 90 days;
(iii) the Water Concession shall be granted for a term of ten years, which period shall be renewable;
(iv) ENSA shall pay \$1.08 per litre per second to the National Water Secretariat; and
(v) within one year of the Water Concession being granted, ENSA shall mandatorily reforest the area of influence of the water area and will avoid the indiscriminate logging of the Andean Forest, the burning of vegetation existing in the sector and all forms of contamination of the Water Concession are prohibited.

12.1.10 Additional Services Agreement

In anticipation of Admission, on 21 March 2017, the Company and DGR Global entered into an administration services agreement ("Additional Services Agreement"), agreeing to update and supersede the terms and conditions of their previous administration services agreement dated 18 November 2005, pursuant to which DGR Global provided administration services to the Company as an independent contractor. DGR Global granted a non-exclusive licence to the Company to occupy Level 27, 111 Eagle Street, Brisbane QLD 4000 Australia for the term of the Additional Services Agreement for the purpose of carrying out the business of the Company, including use of office furniture, equipment, IT infrastructure, maintenance, general corporate support services, public investor and shareholder website establishment and payroll and accounts services.

The Company agreed to pay DGR Global AUS\$30,000 (plus GST) per month, payable within thirty days of receipt of an invoice for the provision of the services, for a term of two years from the date of the Administration Services Agreement, as may be extended from time to time. Interest is payable on invoices that remain outstanding after thirty days of the invoice date at an aggregate rate of 2 per cent. plus such additional percentage being fixed by DGR Global's banker for commercial overdrafts exceeding AUS\$100,000. At the end of each twelve month period commencing on the date of the Additional Services Agreement, the parties have agreed to review the service fee payable, having regard to the services being provided and the market on which the Company is listed. The Company will pay any stamp duty assessed on the Additional Services Agreement.

DGR Global agreed to attend to the discharge of all the outgoings of the Company's business, but the Company remains liable for all such outgoings and shall reimburse DGR Global for any costs it incurs related to the outgoings. DGR Global shall conduct all its business in its own name and be responsible for all expenses of its employees, agents and activities including in relation to providing the services under the Additional Services Agreement.

Either party may terminate the Additional Services Agreement in the event of a material breach of the agreement which is not remedied within 10 Business Days of written notice, or upon giving six months' written notice to the other party, or if a change of control occurs in relation to the other party. No assignment is permitted under the Additional Services Agreement. The Additional Services Agreement is governed by the laws of Queensland, Australia.

12.1.11On 21 June 2017, the Company, Newcrest International and Newcrest Mining entered into a third deed of variation in order to vary the terms of the Newcrest Subscription Agreement ("Third Deed of Variation"). Pursuant to the terms of the Third Deed of Variation, the Newcrest Subscription Agreement was varied by the parties agreeing, inter alia, to increase Newcrest International's Anti-Dilution Right to 14.54 per cent. for a period of 12 months from the date of the Third Deed of Variation. Following the expiry of this period, Newcrest International's Anti-Dilution Right will reduce to 10 per cent. in accordance with the Newcrest Subscription Agreement. All other provisions of the Newcrest Subscription Agreement are stated to continue in full force and effect.

The Third Deed of Variation is governed by the laws of Queensland, Australia.

12.1.12 Maxit Control Advisory Letter Agreement

On 14 June 2016, the Company and Maxit Capital, acting by its general partner, Maxit Capital Inc., entered into the maxit control advisory letter agreement ("Maxit Control Advisory Letter Agreement"), pursuant to which the Company appointed Maxit Capital to provide financial advisory services to the Company in connection with any proposal to acquire control of the Company (including by way of share or asset acquisition and whether by way of direct or indirect acquisition).

The services provided by Maxit Capital pursuant to the Maxit Control Advisory Letter Agreement include financial advisory services such as assistance and advice in respect of relevant valuation analysis, transaction structuring, financing and negotiations. In addition to the reimbursement of its reasonable expenses, and in consideration for its services, Maxit Capital is entitled to:

(a) where a fairness opinion is requested and delivered, a fairness opinion fee of C\$150,000;
(b) a transaction fee on any transaction announced and subsequently completed during the term of the Maxit Control Advisory Letter Agreement or within 12 months following its termination ("Transaction Fee"), of 2.5 per cent. of the value of the transaction up to the first C\$100 million, plus 3.5 per cent. of any value of the transaction greater than C\$100 million; and
(c) on any transaction that is publicly announced during the term of the Maxit Control Advisory Letter Agreement but is not completed, and for which the Company receives some form of break-up fee ("Termination Fee"), a termination fee equal to 30 per cent. of the Termination Fee (to a maximum of the Transaction Fee) received by the Company.

Either party may terminate the Maxit Control Advisory Letter Agreement at any time upon written notice to the other party. If the Company terminates the Maxit Control Advisory Letter Agreement, the Company has agreed to pay any fees and expenses of Maxit Capital incurred in connection with the engagement up until the date of termination.

The Maxit Control Advisory Letter Agreement is governed by the laws of the Province of Ontario, Canada.

12.1.13 Maxit Strategic Advisory Letter Agreement

On or about 19 June 2016, the Company and Maxit Capital, acting by its general partner, Maxit Capital Inc., entered into the maxit strategic advisory letter agreement ("Maxit Strategic Advisory Letter Agreement"), pursuant to which the Company appointed Maxit Capital to provide financial advisory services in connection with a strategic investment. The services provided by Maxit Capital pursuant to the Maxit Strategic Advisory Letter Agreement include standard financial advisory services.

In addition to the reimbursement of its reasonable expenses, Maxit Capital is entitled to a completion fee if during the term of the engagement or within 12 months following termination of the agreement, a transaction is completed with a party identified or introduced by Maxit Capital or the Company announces or enters into an agreement in respect of a transaction that is subsequently completed with a party identified or introduced by Maxit Capital, equal to 6 per cent. of the gross transaction value in cash or shares plus warrants equal to 6 per cent. of the shares issued in the relevant transaction.

Either party may terminate the Maxit Strategic Advisory Letter Agreement at any time upon written notice to the other party. If the Company terminates the Maxit Strategic Advisory Letter Agreement, the Company has agreed to pay any fees and expenses of Maxit Capital incurred in connection with the engagement up until the date of termination.

The Maxit Strategic Advisory Letter Agreement is governed by the laws of the Province of Ontario, Canada.

13. Employees

13.1 As at 30 June 2017, the Group employed approximately 255 employees. The split of employees and contractors by area of activity is as follows:

Activity	Employees	Consultants/ Contractors
Corporate finance and administration	17	0
Technical	238	0

14. Legal And Arbitration Proceedings

There are no governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened of which the Company is aware) which may have or have had during the 12 months prior to the date of this document a significant effect on the financial position or profitability of the Group.

15. Working capital

The Company is of the opinion that the Group has sufficient working capital for its present requirements, that is for at least the next twelve months from the date of this document.

16. Related party transactions

Except as disclosed in Part III and the Appendices of this document the Company was not party to any related party transactions.

17. United Kingdom Taxation

17.1 General

The following statements do not constitute tax advice and are intended only as a general guide to current UK law as applied in England and Wales and HM Revenue & Customs ("HMRC") published practice, which may not be binding on HMRC, as at the date of this document (which are both subject to change at any time, possibly with retrospective effect). They relate only to certain limited aspects of the UK taxation treatment of Shareholders in connection with Admission and are intended to apply only, except to the extent stated below, to persons who are resident and, if individuals, domiciled in the UK for UK tax purposes, who are absolute beneficial owners of Ordinary Shares (otherwise than through an Individual Savings Account or a Self-Invested Personal Pension) and who hold the Ordinary Shares as investments (and not as securities to be realised in the course of a trade).

They may not apply to certain Shareholders, such as dealers in securities, insurance companies and collective investment schemes, Shareholders who are exempt from taxation and Shareholders who have (or are deemed to have) acquired their Ordinary Shares by virtue of an office or employment. Such persons may be subject to special rules.

Any person who is in any doubt as to their tax position, or who is subject to taxation in any jurisdiction other than the UK, should consult their own professional adviser without delay.

17.2 Taxation of dividends

(A) General

There is no UK withholding tax on dividends, including cases where dividends are paid to a Shareholder who is not resident (for tax purposes) in the UK.

(B) Individual Shareholders

Under current law, when the Company pays a dividend to a Shareholder who is an individual resident (for tax purposes) in the UK, the Shareholder will pay income tax on the amount received.

Dividend income is regarded as the top slice of the individual's income. Each individual currently has an annual dividend allowance of £5,000 which means that they will not pay tax on the first £5,000 of all dividend income that they receive (the "Dividend Allowance"). The UK Government has announced that, with effect from April 2018, the amount of the Dividend Allowance will be reduced to £2,000.

Dividends in excess of the Dividend Allowance are taxed at the individual's marginal rate of tax. Where the dividend income falls within the basic rate income tax band that dividend income is taxable at 7.5 per cent. Where the dividend income falls within the higher rate income tax band, that dividend income is taxable at 32.5 per cent. and where it falls within the additional rate income tax band, it is taxable at 38.1 per cent. (the "dividend additional rate").

The annual Dividend Allowance available to individuals is not available to UK resident trustees of a discretionary trust. Instead UK resident trustees of a discretionary trust in receipt of dividend income are liable to income tax at a rate of 38.1 per cent., which mirrors the dividend additional rate.

(C) Corporate Shareholders

Shareholders within the charge to UK corporation tax which are "small companies" (for the purposes of UK taxation of dividends) will not generally expect to be subject to tax on dividends from the Company. Other Shareholders within the charge to UK corporation tax will not be subject to tax on dividends from the Company so long as the dividends fall within an exempt class and certain conditions are met. In general, (i) dividends paid on shares that are not redeemable and do not carry any present or future preferential rights to dividends or to a company's assets on its winding up and (ii) dividends paid to a person holding less than, among other things, 10 per cent. of the issued share capital of the payer (or any class of that share capital) are examples of dividends that fall within an exempt class.

17.3 Taxation of chargeable gains

(A) Individual Shareholders

A disposal of Ordinary Shares may give rise to a chargeable gain (or allowable loss) for the purposes of UK capital gains tax, depending on the circumstances and subject to any available exemption or relief. For Shareholders who are UK tax resident or only temporarily non-UK tax resident, capital gains tax at the rate of tax of 10 per cent. (for basic rate taxpayers) or 28 per cent. (for higher or additional rate taxpayers) may be payable on any gain (after any available exemptions, reliefs or losses).

(B) Corporate Shareholders

Where a Shareholder is within the charge to corporation tax, including cases where it is not resident (for tax purposes) in the UK, a disposal of Ordinary Shares may give rise to a chargeable gain (or allowable loss) for the purposes of UK corporation tax, depending on the circumstances and subject to any available exemption or relief. Indexation allowance may reduce the amount of chargeable gain that is subject to corporation tax, but may not create or increase any allowable loss.

(C) Non-resident Holders

A Shareholder that is not resident in the UK (and is not temporarily non-resident) for UK tax purposes and whose Ordinary Shares are not held in connection with carrying on a trade, profession or vocation in the UK generally will not be subject to UK tax on chargeable gains on the disposal of Ordinary Shares.

17.4 Stamp Duty and Stamp Duty Reserve Tax ("SDRT")

The statements below (which apply whether or not a Shareholder is resident or domiciled in the UK) summarise the current position and are intended as a general guide only to stamp duty and SDRT. Certain categories of person are not liable to stamp duty or SDRT, and special rules apply to agreements made by broker dealers and market makers in the ordinary course of their business and to certain categories of person (such as depositaries and clearance services) who may be liable to stamp duty or SDRT at a higher rate or who may, although not primarily liable for tax, be required to notify and account for SDRT under the Stamp Duty Reserve Tax Regulations 1986.

No UK stamp duty or SDRT will be payable on the issue of Ordinary Shares pursuant to Admission, other than as explained below.

Dealings in Ordinary Shares will generally be subject to stamp duty or SDRT in the normal way. An instrument effecting the transfer on sale of Ordinary Shares will generally be liable to stamp duty at the rate of 0.5 per cent. (rounded up, if necessary, to the nearest multiple of £5) of the amount or value of the consideration payable. However, where the amount or value of the consideration is £1,000 or less, and provided that the transfer does not form part of a larger transaction or series of transactions where the combined consideration exceeds £1,000, such instrument should be exempt from charge upon certification of such facts.

An unconditional agreement to transfer Ordinary Shares will generally be liable to SDRT at the rate of 0.5 per cent. of the amount or value of the consideration payable, but such liability will be cancelled, or a right to a repayment (generally, with interest) in respect of the payment of such SDRT liability will arise, if the agreement is completed by a duly stamped or exempt transfer within six years of the agreement having become unconditional. Stamp duty and SDRT are normally the liability of the purchaser.

Subject to certain exemptions, a charge to stamp duty or SDRT will arise on the transfer of Ordinary Shares to a person providing a clearance service, its nominee or agent, or to an issuer of depositary receipts, its nominee or agent, where that transfer is not an integral part of an issue of share capital. The rate of stamp duty or SDRT, as the case may be, in such circumstances will generally be 1.5 per cent. of the amount or value of the consideration for the transfer or, in some circumstances, the value of the Ordinary Shares concerned, in the case of stamp duty rounded up, if necessary, to the nearest multiple of £5.

No stamp duty or SDRT will arise on a transfer of Ordinary Shares into the CREST system provided that the transfer is not for money or money's worth. Paperless transfers of Ordinary Shares within CREST are liable to SDRT (at a rate of 0.5 per cent. of the amount or value of the consideration payable) rather than stamp duty, and SDRT arising on the agreement to transfer Ordinary Shares under relevant transactions settled within the system or reported through it for regulatory purposes will generally be collected by CREST.

18. Further Information

18.1 There has been no significant change in the financial or trading position of the Group since 30 June 2017 except for the issue of a total of 3,290,000 Ordinary Shares to Newcrest International pursuant to the Newcrest Subscription Agreement raising A\$0.43 million and the exercise of employment Options raising A\$0.93 million. On 9 August 2017, there were 46,762,000 unlisted options granted to Directors, certain employees and contractors. Please refer to the section headed 'Subsequent Events' on page 151 of this document.
18.2 Application has been made by the Company for the Ordinary Shares to be admitted to the Official List. It is expected that Admission will take place on 6 October 2017.
18.3 Save as disclosed in this document, the Directors are not aware of any patents or other intellectual property rights, licenses, industrial, commercial or financial contracts or new manufacturing processes which are or may be of fundamental importance to the Group's business.
18.4 Save for the remuneration payable in respect of its role as reporting accountant and auditor to the Company, BDO LLP does not have a material interest in the Company.
18.5 Save for the remuneration payable in respect of its role as Competent Person, SRK Exploration Services Ltd does not have a material interest in the Company.
18.6 No public takeover bids have been made by third parties in respect of the Company's issued share capital since incorporation.
18.7 The expenses relating to Admission which are payable by the Company are estimated to amount to approximately £332,000 (excluding value added tax).
18.8 The Company does not have any restriction on borrowings that may materially affect its operations under its Articles.
18.9 In the event a takeover offer is made for Ordinary Shares in accordance with sections 974 to 991 of the Companies Act, the offerer may become entitled to acquire any Ordinary Shares which are not accepted by the offerees to the takeover offer in accordance with the provisions set out in the Companies Act.
18.10 Within this document, where information has been sourced from a third party, the Company confirms that this information has been accurately reproduced and, insofar as the Company is aware and is able to ascertain from information published by that party, no facts have been omitted which would render the reproduced information inaccurate or misleading. Where information has been sourced from a third party, the source of the information has been identified in this document.
18.11 The Ordinary Shares have all been issued in registered form (in either certificated or uncertificated form) and rank pari passu amongst themselves for all dividends and other distributions which may be declared, paid or made by the Company. All of the Ordinary Shares, which have been issued pursuant to the provisions of the Act and the Articles, have equal voting rights.
18.12 There are no restrictions on the transferability of the existing Ordinary Shares.
18.13 The Directors may permit the holding of Ordinary Shares in certificated and uncertificated form. Subject to the provisions of the CREST Regulations, title to such shares may be transferred by means of a relevant system (as defined in the CREST Regulations). The Registrar has responsibility for maintaining the Company's register of members.
18.14 The Company published a prospectus dated 9 August 2017 which was not used for the purposes of Admission and which has been superseded by this document.
18.15 The Competent Person has given and not withdrawn its written consent to the issue of this document with the inclusion herein of the references to his name and the CPR in the form and context in which they appear and has authorised the contents of those parts of this document which comprise the CPR for the purposes of Rule 5.5.3R(2)(F) of the Prospectus Rules.
18.16 The Competent Person has over 16 years' experience in mineral exploration, resource estimation and mineral project evaluation. The Competent Person has previously worked at SRK Consulting (Peru S.A.), SRK Consulting (UK) Ltd, AXMIN Inc and Lankelma CPT.
18.17 The Company confirms that no material changes have occurred since the date of the CPR, the omission of which would make the CPR misleading.

19. Documents available for inspection

19.1 Copies of the following documents may be inspected, during normal business hours on working days, at the offices of Locke Lord (UK) LLP, 201 Bishopsgate, London EC2M 3AB during the life of this document:
(a) this document;
(b) the Articles; and
(c) the audited consolidated accounts of the Group for the financial periods ended 30 June 2015, 30 June 2016 and 30 June 2017.

2 October 2017

PART V

DEFINITIONS

"2015 Financial Statements"	means the audited consolidated financial information for the twelve months ending 30 June 2015, as set out in Appendix C.
"2016 Financial Statements"	means the audited consolidated financial information for the twelve months ending 30 June 2016, as set out in Appendix B.
"2017 Financial Statements"	means the audited consolidated financial information for the twelve months ending 30 June 2017, as set out in Appendix A.
"Acts"	means, for the purposes of the Articles, the Companies Acts (as defined in section 2 of the Companies Act 2006) insofar as they apply to the Company.
"Admission"	means the admission to trading of the Ordinary Shares to trading on the London Stock Exchange's main market for listed securities.
"Advanced Exploration Concession"	means the advanced exploration authorisation granted to ENSA by the Ministry of Non-Renewable Resources on 17 September 2014 and registered with the Mining Registry on 7 October 2014.
"AIM"	the market of that name operated by London Stock Exchange.
"An Arm's Length Sale"	means a sale to an unconnected party under which the beneficial ownership of the shares in question passes and shall include (but without limitation) a sale through a recognised investment exchange (as defined in the FSMA) or other recognised market or sale in connection with acceptance of a takeover offer for the Company (as defined in section 974 of the Acts).
"Articles"	means the articles of association of the Company as at the date of this document.
"ASX"	means the Australian Securities Exchange.
"Board"	means the board of directors of the Company, from time to time.
"Cascabel Concession"	means the exploration mining concession granted to ENSA by the Ministry of Non-Renewable Resources on 26 April 2010 and registered with the Mining Registry on 7 May 2010, which is identified by area code 402288.
"Cascabel Project"	means the porphyry copper- gold deposit located in northern Ecuador.
"City Code"	means the City Code on Takeovers and Mergers issued and administered by the Panel on Takeovers and Mergers.
"Code"	means the UK Corporate Governance Code issued by the Financial Reporting Council.
"Company"	means SolGold plc, company number 05449516, a public limited company incorporated in England and Wales.
"Companies Act" or "Act"	means the UK Companies Act 2006, as amended.
"Competent Person"	means Mr James Gilbertson of SRK Exploration Services Ltd.

"Convertible Note Deeds"	means the convertible note deeds entered into between the Company, DGR Global and Tenstar on 2 October 2015, carrying an interest rate of 9.5 per cent. per annum for a fixed term of 12 months.
"Cornerstone"	means Cornerstone Capital Resources Inc.
"Cornerstone Ecuador"	means Cornerstone Ecuador S.A., an Ecuadorian registered company incorporated under the laws of Ecuador.
"Corporations Act"	means the Australian Corporations Act 2001 (Cth).
"CPR"	means the technical report on the Cascabel Project prepared by the Competent Person dated 16 February 2017.
"Cracow West Licence"	means the exploration licence granted to Central Minerals Pty Ltd in respect of the Cracow West Project.
"Cracow West Project"	means the epithermal gold deposit located 260 km west-northwest of Gympie, Queensland, Australia.
"CREST Regulations"	means the Uncertificated Securities Regulations 2001, as amended.
"Disclosure Guidance and Transparency Rules"	means the FCA disclosure guidance and transparency rules made in accordance with section 73A of FSMA as amended from time to time.
"Directors"	means the directors of the Company from time to time.
"DGR Global"	means DGR Global Limited, ACN 052 354 837, an Australian listed public company registered in Queensland, Australia.
"DGR Short Term Loan"	means the short term loan of AUS\$300,000 at an interest rate of 9.5 per cent. per annum, repayable on the earlier of the closing of the Open Offer or 30 June 2015.
"EEA States"	means the States of the European Economic Area.
"ENSA"	means Exploraciones Novomining S.A., an Ecuadorian registered company (formerly known as Santa Barbara Copper & Gold S.A.).
"ENSA SPA"	means the share purchase agreement dated 23 March 2011, entered into between the Sellers, Cornerstone Ecuador and ENSA, further details of which are set out in paragraph 12.1.5 of Part V of this document.
"Environmental Licence"	means the environmental licence granted to ENSA by the Ministry of Environment of Ecuador, dated 23 August 2013, permitting the advanced exploration phase of metallic minerals at the Cascabel Project.
"FCA"	means the Financial Conduct Authority.
"Financial Statements"	means the 2015 Financial Statements, 2016 Financial Statements and 2017 Financial Statements.
"FSMA"	means the Financial Services and Markets Act 2000 (as amended).
"Further Deed of Variation"	means the deed of variation entered into between the Company, Newcrest International and Newcrest Mining on 26 September 2016 to vary the Newcrest Subscription Agreement, pursuant to which

	Newcrest International subscribed for 142,896,661 Ordinary Shares at a price of US\$0.16 per Ordinary Share for aggregate gross proceeds of US\$22,863,465.76.
"IFRS"	means the International Financial Reporting Standards as issued by the International Accounting Standards Board.
"Group"	means the Company and the Subsidiaries.
"Kuma Application"	means the Kuma prospecting licence application which covers an area of approximately 50km2 and is located approximately 37km south-east of the capital of the Solomon Islands, Honiara.
"Listing Rules"	means the listing rules published by the UK Listing Authority.
"London Stock Exchange"	means London Stock Exchange plc.
"Mbetilonga Application"	means the Mbetilonga prospecting licence application which covers an area of approximately 46 km2 and is located approximately 8 km south of the capital of the Solomon Islands, Honiara.
"Market Abuse Regulation"	means the Market Abuse Regulation (EU) No 596/2014.
"Maxit Capital"	means Maxit Capital LP, a corporation registered in Canada with its registered office address at Brookfield Place, 181 Bay Street, Suite 830, Toronto, ON, M5J 2T3 .
"Maxit Subscription Agreement"	means the subscription agreement entered into between the Company and Maxit Capital on 25 August 2016, as more particularly described in paragraph 12.1.3 of Part IV of this document.
"Maxit Second Subscription Agreement"	means the second subscription agreement entered into between the Company and Maxit Capital on 11 October 2016, as more particularly described in paragraph 12.1.4 of Part IV of this document.
"Ministry of Energy and Mines"	means the Ecuadorian Ministry of Energy and Mines.
"Mount Perry Licence"	means the exploration licence granted to Acapulco Mining Pty Ltd in respect of the Mount Perry Project.
"Mount Perry Project"	means the porphyry vein gold deposit located 130 km northwest of Gympie, Queensland, Australia.
"Newcrest International"	means Newcrest International Pty Ltd., ACN 007 449 194, an Australian private company registered in Victoria, Australia.
"Newcrest Subscription Agreement"	means the subscription agreement entered into between the Company and Newcrest International on 30 August 2016, as more particularly described in paragraph 12.1.1 of part IV of this document.
"Non-Executive Director"	means the non-executive Directors of the Company.
"Normanby Licence"	means the exploration licence granted to Acapulco Mining Pty Ltd in respect of the Normanby Project.
"Normanby Project"	means the gold copper porphyry deposit located 120 km northwest of Mackay, Queensland, Australia.

"NSR"	means net smelter return, being the gross amount that the payer of the NSR has received from the sale of ores or concentrates or precipitates processed for the mine of minerals from the property or concession subject to NSR.
"Official List"	means the Official List of the UK Listing Authority.
"Open Offer"	means the open offer of Ordinary Shares for an issue price of 3 pence per Ordinary Share made by the Company on 18 March 2015, pursuant to which qualifying Shareholders were able to subscribe for Open Offer Shares on the basis of 1 Open Offer Share for every 6 Ordinary Shares the qualifying Shareholder held as of the specified record date.
"Open Offer Shares"	means the issuance of up to 114,290,838 Ordinary Shares pursuant to the Open Offer.
"Options"	means options to subscribe for Ordinary Shares.
"Ordinary Shares"	means ordinary shares of 1 penny each in the share capital of the Company.
"Placing"	the placing of 78,889,080 new Ordinary Shares for cash at 41p per Ordinary Share raising gross proceeds of US\$41,230,000 on or around 16 June 2017, such proceeds being utilised for continued exploration of the Cascabel Concession.
"Projects"	means, for the purposes of the ENSA SPA, each of the Cascabel Project, La Encrucijada, La Encrucijada 1, La Encrucijada 2, La Encrucijada 3 and Alumbre.
"Prospectus Rules"	means the Prospectus Rules made by the Financial Conduct Authority.
"Rannes Licence"	means the exploration licences granted to Central Minerals Pty Ltd in respect of the Rannes Project.
"Rannes Project"	means the epithermal gold deposit located 140 km west of Gladstone, Queensland, Australia.
"Relevant Control Proposal"	means an "Offer" (as that term is defined in the City Code), or other proposal or transaction for control of the Company, or any bid or proposal for control of, or major dealing with or in respect of the Cascabel Concession or any part of the Cascabel Concession (including but not limited to any proposal to make any of the Cascabel Concession subject to a security interest), which Offer, bid, transaction or other proposal is made by any person other than DGR Global or a party who is acting in concert, or affiliated with, DGR Global.
"Santa Barbara Resources"	means Santa Barbara Resources Limited, a company incorporated under the laws of the Province of British Columbia, Canada, which has now been dissolved.
"Securities Act"	means the US Securities Act of 1933, as amended.
"Senior Managers"	means Jason Ward, Priy Jayasuriya and Karl Schlobohm.
"Sellers"	means the selling parties under the ENSA SPA being Ms Silvia Janneth Chavez Arostegui and Santa Barbara Resources.

"Shareholder"	means a shareholder of the Company, from time to time.
"Share Incentive Plan"	means the Company's share incentive plan which was adopted to incentive Shareholders as further described in paragraph 6 of Part IV of this document.
"Statutes"	means the CREST Regulations and all other statutes, orders, rules, regulations and other subordinate legislation for the time being in force concerning companies so far as they apply to the Company.
"Subsidiaries"	means the subsidiaries of the Company, as set out in paragraph 3.1 of Part IV of this document.
"Tenstar"	means Tenstar Trading Limited, a company duly incorporated under the laws of the British Virgin Islands.
"Top-Up Right"	means the anti-dilution right granted to Newcrest International pursuant to the Newcrest Subscription Agreement, as further described in paragraphs 12.1.1 and 12.1.11 of Part IV of this document.
"VWAP"	means volume weighted average price.

PART VI

GLOSSARY OF TECHNICAL TERMS

1. GLOSSARY OF TERMS

Accretion	Growth or increase in the land surface by gradual accumulation of sediments.
Actinolite	Amphibole silicate mineral with the chemical formula Ca2(Mg4.5- 2.5Fe2+0.5-2.5)Si8O22(OH)2.
Allochthonous	A terrane displaced from its parent geological unit and forming part of an unrelated geological unit.
Alteration	Alteration of a rock/mineral by geological forces.
Andesite	Fine-grained volcanic rock characterised by the presence of plagioclase feldspars and some combination of augite, orthopyroxene and hornblende.
Annular	Ring-shaped.
Arenite	Sedimentary rock with sand grain size between 0.0625 mm and 2 mm, containing less than 15 per cent. matrix.
Argillic	Hydrothermal alteration characterised by the introduction of clay minerals including kaolinite, smectite and illite through the replacement of plagioclase and amphibole minerals. Grades into phyllic alteration at higher temperatures.
Artisanal	Non-mechanised.
Assay	The analysis of minerals, rocks and mine products to determine and quantify their constituent parts.
Basalt	A dark-coloured, fine-grained extrusive igneous rock composed of plagioclase feldspar, pyroxene, and magnetite, with of without olivine and not more than 53 per cent. SiO2.
Batholith	Large (with a surface expression of more than 100 km2) igneous intrusion, that may comprise several plutons amalgamated at depth. Commonly of granitic composition.
Bornite	Common and important copper ore mineral, Cu5FeS4 (Cu 63 per cent.)
BQ Core	Drill core of 36.5 mm diameter.
Breccia	Coarse, clastic, sedimentary rock, the constituent clasts of which are angular. May also be applied to coarse, angular volcanic rocks from a volcanic vent (vent breccia).
Brecciation	The process of formation of a breccia.
Cadastre	A comprehensive register of the mining and exploration properties of a country.
Calc-alkaline	Suite of igneous rocks associated with calcium and aluminium enriched igneous rocks. Includes the Basalt-Andesite-Dacite Rhyolite series.

Calcite	Carbonate mineral and the most common form of calcium carbonate, CaCO3.
Carbonate	A group of minerals found mostly in limestones and dolomites. Calcite (CaCO3) is the most abundant. Dolomite is a magnesium-bearing carbonate, commonly a rock forming mineral.
Cenozoic	Geological era from 65.5 million years ago to the present.
Chalcocite	Copper mineral that can occur in hydrothermal veins in a primary state, but more usually found in zones of supergene enrichment of copper ore bodies., CuS (Cu, 80 per cent.).
Chalcopyrite	Most common copper mineral, important in porphyry-copper deposits, syngenetic copper ores, skarns and contact metamorphic zones, CuFeS2 (Cu, 35 per cent.).
Channel sampling	A technique for generating representative sampling across the face of a rock body or vein system.
Chert	Dense, extremely hard microcrystalline rock consisting of interlocking silica grains.
Chlorite	Green mineral (Mg,Fe)3(Si,Al)4O10(OH)2(Mg,Fe)3(OH)6.
Clay	Material with a particle size of less than 2μm.
Collar	The beginning point of a shaft or drill hole, the surface.
Colluvium	Material which collects at the foot of a steep slope.
Concentrate	Metal ore once it has been through milling and concentration so that it is ready for chemical processing or smelting.
Conglomerate	A coarse grained sedimentary rock composed of more or less rounded fragments or particles at least 2 mm in diameter, set in a fine grained matrix of sand or silt. Commonly cemented.
Contact	The place or surface where two different kinds of rocks meet. Applies to sedimentary rocks, as the contact between a limestone and a sandstone, for example, and to metamorphic rocks; it is especially applicable between igneous intrusions and the host rock.
Cordillera	A Spanish word for mountain belt used to distinguish subduction related mountains on ocean/continent margins from intercontinental collision mountains.
Core samples	Cylindrical rock samples collected by diamond core drilling.
Core	A cylindrical sample of rock obtained by core drilling.
Cratonic (rocks)	Rocks coming from areas of the Earth's crust, invariably continental crust, which are no longer affected by orogenic activity. The stability has existed for in excess of 1000 Ma.
Cretaceous	Geological period between 136 to 66 Ma.
Crushing	Reduction in size of mined rocks by mechanical action, generally to the size of one or two centimetres.

Cut off	The grade above which the commodity could be considered ore in a particular deposit.
Dacite	A light-coloured, fine-grained igneous rock containing 63-70wt. per cent. SiO2, as well as plagioclase feldspar, alkali feldspar, quartz, biotite and hornblende as essential minerals. The volcanic equivalent of granodiorites.
Deposit	A naturally occurring accumulation of minerals that may be considered economically valuable.
Diorite	A dark coloured, coarse-grained plutonic rock composed essentially of plagioclase feldspar, hornblende, pyroxene and little to no quartz.
Dip	Inclination of a geological feature/rock from the horizontal (perpendicular to strike).
Disseminated	Fine grained material scattered quite evenly throughout the rock.
Domain	A distinct sub-set or unit of a global population.
Dyke swarm	A collection of many subvertical radial dykes around a central intrusion, or many parallel to subparallel dykes occurring over a large regional area.
Dyke	A sub-vertical tabular igneous intrusion which cuts across the bedding or other planar structures in the country rock.
Enrichment	The process by which the relative amount of one constituent mineral or element within a rock is increased.
Eocene	An epoch in the Tertiary between 55.8 Ma and 33.9 Ma.
Epidote	Rock-forming mineral occurring in hydrothermal systems and as a replacement of various minerals, such as amphiboles, which break down under late stage hydrothermal alteration, Ca2(Al2Fe3+)Si3O12(OH).
Epithermal	Vein deposit formed within about a kilometre of the Earth's surface by hot (50-200°C) ascending solutions.
Equigranular	All minerals and grains of approximately the same size.
Exploration drilling	Drilling in an unproved area or to an untried depth either to seek new areas of mineralisation or the possibility of increasing the area of known mineralisation.
Facies	An assemblage or association of minerals/rock/fossil features reflecting the environment and conditions of the origin of the rock. Refers to the specific characteristics which distinguish the unit from adjacent units.
Fault	A fracture or a fracture zone along which there has been displacement of the two sides relative to one another parallel to the fracture. The displacement may be a few inches or many miles.

Feldspar	The most important group of rock-forming silicate minerals, including the plagioclase feldspars KAlSi3O8 to NaAlSi3O8 (potassium fledspar to albite) and the plagioclase feldspars NaAlSi3O8 to CaAl2Si3O8 (albite to anorthite).
Flysch	Sedimentary deposit typically consisting of a thick sequence of interbedded marine shales and greywacke sandstones typically deposited by turbidites. Flysch is derived from the erosion of rapidly rising fold mountains and is itself deformed in the later stages of the orogeny.
Flyschoid	Composed of flysch rocks.
Fracture	A general term to include any kind of discontinuity in a body of rock if produced by mechanical failure, whether by shear stress or tensile stress. Fractures include faults, shears, joints, and planes of fracture cleavage.
Geochemical	A prospecting technique which measures the content of certain metals in soils and rocks used to define anomalies for further testing.
Geological mapping	Recording geological information.
Geology	The scientific study of the origin, history, and structure of the earth.
Geometallurgy	The practice of combining geology or geostatistics with metallurgy, or, more specifically, extractive metallurgy, to create a spatially or geologically based predictive model for mineral processing plants.
Gossan	Near-surface, iron oxide-rich zone overlying a sulphide-bearing mineral deposit, caused by the oxidation and leaching of sulphides. Characteristic red or yellow colour.
Grab Sample	A sample of rock taken from surface outcrop for observation and analysis.
Grade	The quantity of ore or metal in a specified quantity of rock.
Granite	A medium to coarse grained plutonic igneous rock usually light coloured and consisting largely of quartz and feldspar.
Granodiorite	A coarse grained rock intermediate in composition between granite and diorite: approx. 65 per cent. SiO2.
Greywacke	Well compacted and cemented sandstone characterised by angular particles of quartz, feldspar and rock fragments.
Haematite (hematite)	Iron mineral, Fe2O3. Widely distributed as an accessory mineral in igneous rocks, hydrothermal veins, as a primary mineral, as a cementing agent or replacement of other minerals.
High grade	Pertaining to ore which is rich in the metal being mined.
Holocene	Epoch that covers the last 11,000 years before present, often referred to the post-glacial.

Hornblende	The most common member of the amphibole group, (Ca,Na)2– 3(Mg,Fe,Al)5(Al,Si)8O22(OH,F)2.
HQ Core	Drill core of 63.5 mm diameter.
Hydrothermal	The name given to any processes associated with igneous activity which involve heated or superheated water.
Intra-	Prefix meaning on the inside, within.
Intrusion	A body of igneous rock that is emplaced into pre-existing older rocks.
Intrusive Complex	A large body of igneous rock intruded over several periods of time and with changing composition.
Intrusive	In petrology, having, while molten, penetrated into or between other rocks, but solidifying before reaching the surface; said of certain igneous rocks; nearly the same plutonic and contrasted with effusive or extrusive.
I-type	Magma derived by from the partial melting of older igneous rocks within a crystal plate which have not previously been exposed at surface.
Jurassic	The middle of three Mesozoic periods, between 201.3 Ma and 145 Ma.
Limestone	A sedimentary rock composed almost entirely of calcium carbonate (CaCO3).
Lineament	A linear topographical feature.
Lithology	The physical characteristics of rock.
Logging	Recording geological, geotechnical and other information from drill core.
Low Grade	Pertaining to ore which is comparatively low in content for the metal which is being mined.
Mafic	Describing an igneous rock of low silica and high magnesium and iron content, usually dark in colour.
Magnetite
	A ferromagnetic mineral with chemical formula Fe3O4.
Manganese	A grey-white, brittle metallic element (Mn) which does not occur uncombined in nature.
Massive	Having homogeneous structure or texture.
Mesozoic	An era of geological time spanning 250-65Ma, including the Triassic, Jurassic and Cretaceous periods.
Metalliferous	Containing a metallic element. Often used to describe ores that are mined commercially.

Metallurgy	The domain of materials science that studies the physical and chemical behaviour of metallic elements, their intermetallic compounds and alloys.
Metamorphic	Term applied to pre-existing sedimentary and igneous rocks which have been altered in composition, texture, or internal structure by processes involving pressure, heat and/or the introduction of new chemical substances.
Metamorphism	The process of rocks being metamorphosed by heat and/or pressure.
Metamorphosed	Rock transformed by heat and/or pressure.
Mineral Reserve	That part of a Mineral Resource that has been demonstrated to be economically extractable.
Mineral Resource	A concentration or occurrence of material of intrinsic economic interest in or on the Earth's crust in such a form and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are estimated or interpreted from specific geological evidence and knowledge. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories.
Mineral	A natural, inorganic, homogeneous material that can be expressed by a chemical formula.
Mineralisation	The process by which minerals are introduced into a rock. More generally, a term applied to accumulations of economic or related minerals in quantities ranging from weakly anomalous to economically recoverable.
Mineralised zone	A mineral-bearing belt or area extending across or through a district. It is usually distinguished from a vein or lode as being wide, the mineralisation extending in some cases hundreds of feet from a fissure of contact plane.
Mineralised	Containing ore minerals.
Miocene	Fourth of the five epochs of the Tertiary period, between 23.03 Ma and 5.332 Ma.
Molybdenite	Molybdenum sulphide mineral with the formula MoS2.
Net Smelter Return	The net revenue that the owner of a mining property receives from the sale of the mine's metal/non metal products less transportation and refining costs. As a royalty it refers to the fraction of net smelter return that a mine operator is obligated to pay the owner of the royalty agreement.
NQ Core	Drill core of 47.6 mm diameter.
Ophiolite	Segments of oceanic crust emplaced onto a continent during plate collisions.
Orebody	A continuous, well-defined mass of material of sufficient ore content to make extraction economically feasible.

Orogenic belt	A linear or arcuate, regional scale belt of rocks which have undergone compressional tectonics.
Orogeny	The tectonic process in which large areas are folded, thrust faulted, metamorphosed, and subjected to plutonism. The cycle ends with uplift and the formation of mountains.
Outcrop	A visible exposure of rock that is in-situ and has no covering of soil or vegetation.
Oxide	Soft, weathered rock formed by the process of weathering near the surface.
Palaeozoic	The first of three Eras of the Phanerozoic, between 542 Ma and 251 Ma.
Palaeocene	The first of three Eras of the Palaeogene, between 66 Ma and 56 Ma.
Paragenesis	The characteristic association of a mineral or mineral assemblage in a particular geologic setting.
Phenocryst	A large and often well-formed crystal set in a finer groundmass or matrix. Rocks containing phenocrysts are said to be porphyritic.
Phosphate	Rock or deposit made up mostly of inorganic phosphate, commonly calcium phosphate.
Phyllic	Hydrothermal alteration characterised by the assemblage of quartz-sericite-pyrite.
Pluton	General term applied to a body of intrusive igneous rock, irrespective of its shape, size or composition.
Polymetallic	A term used to describe a mineral deposit comprising at least three minerals in potentially economic quantities.
Porphyry	A medium to coarse-grained intrusive, felsic, igneous rock which is conspicuously porphyritic, containing more than 25 per cent. phenocrysts by volume. The phenocryst mineral is usually alkali feldspar.
PQ Core	Drill core of 85 mm diameter.
Propylitic	Chemical alteration of a rock caused by iron and magnesium bearing hydrothermal fluids, altering biotite or amphibole. Typically results in epidote-chlorite-albite aleration.
Prospect	A mineral property, the value of which has not been proved by exploration. To search for minerals or oil by looking for surface indications, by drilling boreholes, or both.
Proterozoic	The later of the two major subdivisions of the Precambrian (compare with Archaean) between 2500 and 590Ma.
Pyrite	A common iron sulphide mineral, FeS2.
Pyroclastic	Fragmental rock formed by volcanic explosion or aerial ejection from a volcanic vent.

Quartz	A very common mineral in sedimentary, magmatic, metamorphic, and hydrothermal environments: SiO2.
Quaternary	Period of the Cenozoic Era from 2.588 Ma to 1.806 Ma.
Resource	The total quantity of a mineral which is calculated to lie within given boundaries and which is economically workable.
Sample	A representative fraction of body of material; removed by approved methods; guarded against accidental or fraudulent adulteration; and tested or analysed to determine the nature, composition, percentage of specified constituents. Bulk samples are large (several tons), so taken as to represent the ore for the purpose of developing a suitable treatment. Channel samples, cores, chips, grab, are small – made primarily to establish the value of the ore.
Sandstone	Sedimentary rock comprising sand size grains (>0.06mm, <2.0mm).
Sedimentary	A type of rock formed from pre-existing rocks or pieces of once-living organisms. They form from deposits that accumulate on the Earth's surface.
Sericite	A fine grained muscovite mica. Particularly common in schist where it can impart a 'silky' lustre to foliation planes.
Shear (zone)	Tabular zone of rock showing evidence of shear stress in the form of crushing and brecciation by many parallel fractures.
Silliclastic	Clastic rocks primarily composed of silica or silicate minerals.
Siltstone	Fine grained sedimentary rock, principally composed of silt grade material. Dominantly siltstones are composed of clastic quartz together with some feldspar and mica.
Skarn	A term with a usage that includes contact rock containing calcium, magnesium and iron silicates derived from nearly pure limestone or dolomite into which abundant amounts of silicon, iron, aluminium and magnesium were metosomatically introduced during contact metamorphism.
Spectral Analysis	Analysis of core using visible and non-visible light.
Sphalerite	Zinc sulphide mineral and primary ore of zinc, (Zn,Fe)S.
Stock	An intrusive body of a deep-seated igneous rock, usually discordant with surrounding material. A stock is generally elliptical or circular in cross sections and covers less than 100 square kilometres in surface exposure.
Stockwork	Branching network of veinlets associated with a plutonic intrusion. May be associated with extensive hydrothermal alteration.
Stope	An excavation made in a mine, esp. from a steeply inclined vein, to remove the ore that has been rendered accessible by the shafts and drifts.

Strike	A geological term which describes a horizontal line on the surface of a dipping stratum. The strike is 90° to the dip of the stratum.
Subduction	The movement of one crustal plate (lithospheric plate) under another so that its descending plate is 'consumed'.
Sulphide	A group of minerals where sulphur is combined with one or more minerals.
Supergene	In ore deposit geology, supergene processes or enrichment occur relatively near the surface and include chemical weathering and oxidation of primary minerals.
Suture (zone)	A joining together along a major fault zone of separate terranes showing evidence of shear stress in the form of crushing and brecciation by many parallel fractures.
Syn-	Prefix meaning with or at the same time.
Tectonic	Relating to a major structural event.
Terrane	Tectonostratigraphic terrane, which is a fragment of crustal material formed on, or broken off from, one tectonic plate and accreted or "sutured" to crust lying on another plate.
Tholeiite	A variety of basalt weak in alkali minerals.
Thrust	A low angle reverse fault, often developing on the limb of a major fold, sub-parallel to the axial plane.
Tonalite	Plutonic igneous rock consisting of dominantly of quartz and plagioclase feldspars with additional mafic minerals (hornblende or biotite).
Transpressive	Tectonic collision with both a collisional and strike-slip component.
Ultramafic	Igneous rock containing more than 90 per cent. mafic minerals.
UTM Projection	Universal Transverse Mercator projection – A projected co ordinate system which divides the earth into sixty, six-degree bands based on longitude for geographical reference.
Vein/veinlet	A fracture which has been filled by minerals which have crystallised from mineralised fluids.
Volcanic	A subtype of igneous rock which has been extruded and cooled at the Earth's surface usually found as a lava flow.
Volcaniclastic	Fragmental rocks containing volcanic material in any proportion without regard to origin.
Weathered	Action of climatic conditions such as rainfall and heat on near surface rocks resulting in chemical changes and the breakdown of original mineral grains.
WGS 1984 Datum	The World Geodetic System (1984 revision) co-ordinate system.
Zircon	Silicate mineral with the chemical formular ZrSiO4. Commonly used in radiometric dating.

Illite	Group of clay minerals formed by hydrothermal alteration of feldspars and micas.
Dickite	Clay mineral with the same composition as kaolinite but with a different chemical structure.
Kaolinite	Clay mineral formed by the alteration of alkali feldspars and other aluminium-bearing minerals.
Aliquot	A portion of a larger whole, especially a sample taken for chemical analysis or other treatment.
Aqua Regia	Very strong acid made by mixing nitric and hydrochloric acid.
Abbreviations
Ag	Silver.
AIM	Alternative Investment Market of the London Stock Exchange.
Au	Gold.
BSc	Batchelor of Science degree.
CGeol	Chartered Geologist
CP	Competent Person. A status granted to a geologist based on their professional qualification, experience and association in good standing of a recognised professional organisation.
CPR	Competent person's report.
Cu	Copper.
CuEq	Copper equivalent.
Fe	Iron.
FGS	Fellow of the Geological Society of London.
IMMM	Institute of Materials, Minerals and Mining.
K	Potassium.
MORB	Mid-Ocean Ridge Basalt.
MSc	Master of Science degree.
Pb	Lead.
QAQC	Quality control/Quality assurance.
Sb	Antimony.
Si	Silicon.
SiO2	Silica/Silicon Dioxide. Commonly forming as quartz.
SRK ES	SRK Exploration Services.
Zn	Zinc.

Units
g/t	Grams per tonne.
kg	Kilogramme.
km	Kilometres.
Mt	Million metric tonnes.
ppm	Parts per million.
Tonne	Metric ton.

APPENDICES

HISTORICAL FINANCIAL INFORMATION ON THE GROUP

APPENDIX A

AUDITED FINANCIAL INFORMATION

FOR THE YEAR ENDED 30 JUNE 2017

ŶŶƵĂůZĞƉŽƌƚ

&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϭϳ

3 KZWKZd/E&KZDd/KE
4 ,/ZDE͛^^ddDEd
^dZd'/ZWKZd5
Zs/tK&KWZd/KE^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱ
/EdZ^d^/EdEDEd^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϳ
Z/^<^EhEZd/Ed/^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϵ
&/EE/>Zs/t͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϯ
/ZdKZ^ΖZWKZd 27
/ZdKZ^EKDWEz^ZdZz͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϳ
KZWKZd'KsZEE͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϬ
/EWEEdh/dKZΖ^ZWKZd 33
KE^K>/d^ddDEdK&KDWZ,E^/s/EKD37
KE^K>/dEKDWEz^ddDEd^K&&/EE/>WK^/d/KE 38
39 KE^K>/dEKDWEz^ddDEd^K&,E'^/EYh/dz
41 KE^K>/dEKDWEz^ddDEd^K&^,&>Kt^
EKd^dKd,&/EE/>^ddDEd^42

KZWKZd/E&KZDd/KE

/ZdKZ^

ƌŝĂŶDŽůůĞƌ;EŽŶͲdžĞĐƵƚŝǀĞŚĂŝƌŵĂŶͿ EŝĐŚŽůĂƐDĂƚŚĞƌ;džĞĐƵƚŝǀĞŝƌĞĐƚŽƌͿ ƌZŽďĞƌƚtĞŝŶďĞƌŐ;EŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌͿ :ŽŚŶŽǀĂƌĚ;EŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌͿ ƌĂŝŐ:ŽŶĞƐ;EŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌͿ

KDWEz^ZdZz <Ăƌů^ĐŚůŽďŽŚŵ

Z'/^dZK&&/

ϮϬϭŝƐŚŽƉƐŐĂƚĞ͕ >ŽŶĚŽŶϮD ϯ͕ hŶŝƚĞĚ<ŝŶŐĚŽŵ

ZĞŐŝƐƚĞƌĞĚEƵŵďĞƌϱϰϰϵϱϭϲ

h^dZ>/E K&&/

ĞǀĞůϮϳ͕ϭϭϭ ĂŐůĞ^ƚ ƌŝƐďĂŶĞY>ϰϬϬϬ WŚŽŶĞ͗нϲϭ ϳ ϯϯϬϯ ϬϲϲϬ &Ădž͗нϲϭ ϳ ϯϯϬϯ Ϭϲϴϭ ŵĂŝů͗ŝŶĨŽΛƐŽůŐŽůĚ͘ĐŽŵ͘ĂƵ tĞď^ŝƚĞ͗ǁǁǁ͘ƐŽůŐŽůĚ͘ĐŽŵ͘ĂƵ

h/dKZ

K >>W ϱϱĂŬĞƌ^ƚƌĞĞƚ >ŽŶĚŽŶtϭh ϳh hŶŝƚĞĚ<ŝŶŐĚŽŵ

EKD/Eds/^Z

^W ŶŐĞůŽƌƉŽƌĂƚĞ&ŝŶĂŶĐĞ>>W WƌŝŶĐĞ&ƌĞĚĞƌŝĐŬ,ŽƵƐĞ ϯϱͲϯϵ DĂĚĚŽdž^ƚƌĞĞƚ >ŽŶĚŽŶtϭ^ ϮWW hŶŝƚĞĚ<ŝŶŐĚŽŵ

ZK<Z

^W ŶŐĞůŽƌƉŽƌĂƚĞ&ŝŶĂŶĐĞ>>W WƌŝŶĐĞ&ƌĞĚĞƌŝĐŬ,ŽƵƐĞ ϯϱͲϯϵ DĂĚĚŽdž^ƚƌĞĞƚ >ŽŶĚŽŶtϭ^ ϮWW hŶŝƚĞĚ<ŝŶŐĚŽŵ

E<Z^

DĂĐƋƵĂƌŝĞĂŶŬ>ƚĚ;ƌŝƐďĂŶĞƌĂŶĐŚͿ ϯϰϱ YƵĞĞŶ^ƚƌĞĞƚ͕ƌŝƐďĂŶĞY>ϰϬϬϬ ƵƐƚƌĂůŝĂ

h<^K>//dKZ^

ŽĐŬĞ>ŽƌĚ>>W ϮϬϭŝƐŚŽƉƐŐĂƚĞ͕ >ŽŶĚŽŶϮD ϯ͕ hŶŝƚĞĚ<ŝŶŐĚŽŵ

h^dZ>/E ^K>//dKZ^

,ŽƉŐŽŽĚ'ĂŶŝŵ >ĞǀĞůϴ͕tĂƚĞƌĨƌŽŶƚWůĂĐĞ ϭ ĂŐůĞ^ƚƌĞĞƚ͕ ƌŝƐďĂŶĞY>ϰϬϬϬ͕ƵƐƚƌĂůŝĂ

Z'/^dZZ^

ŽŵƉƵƚĞƌƐŚĂƌĞ/ŶǀĞƐƚŽƌ^ĞƌǀŝĐĞƐƉůĐ dŚĞWĂǀŝůŝŽŶƐ͕ƌŝĚŐǁĂƚĞƌZŽĂĚ ƌŝƐƚŽů^ϵϵ ϳE, hŶŝƚĞĚ<ŝŶŐĚŽŵ

,/ZDE͛^ ^ddDEd

ĞĂƌ^ŚĂƌĞŚŽůĚĞƌ͕

KŶďĞŚĂůĨŽĨ ƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽĨ^Žů'ŽůĚƉůĐ ;͞^Žů'ŽůĚ͟Žƌ ƚŚĞ͞ŽŵƉĂŶLJ͟ͿĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ ;ĐŽůůĞĐƚŝǀĞůLJ ƚŚĞ͞'ƌŽƵƉ͟Ϳ͕/ ƚĂŬĞƉůĞĂƐƵƌĞŝŶƉƌĞƐĞŶƚŝŶŐƚŚĞŶŶƵĂůZĞƉŽƌƚĨŽƌϮϬϭϳŝŶǁŚĂƚŚĂƐďĞĞŶĂƚƌĂŶƐĨŽƌŵĂƚŝǀĞůĂƐƚϭϮŵŽŶƚŚƐĨŽƌƚŚĞŽŵƉĂŶLJ͘

/ŶƚŚĞƉĂƐƚLJĞĂƌEĞǁĐƌĞƐƚ/ŶƚĞƌŶĂƚŝŽŶĂůWƚLJ>ƚĚ;͞EĞǁĐƌĞƐƚ͟Ϳ͕ĂƐƵďƐŝĚŝĂƌLJŽĨ^yͲůŝƐƚĞĚEĞǁĐƌĞƐƚDŝŶŝŶŐ>ŝŵŝƚĞĚ͕ĂŐƌĞĞĚƚŽŝŶǀĞƐƚ h^ϮϮ͘ϴŵƚŽďĞĐŽŵĞĂϭϬйƐŚĂƌĞŚŽůĚĞƌŽĨƚŚĞŽŵƉĂŶLJ͘dŚŝƐǁĂƐĂƉŝǀŽƚĂůĞŶĚŽƌƐĞŵĞŶƚŽĨ^Žů'ŽůĚ͕ŝƚƐŵĂŶĂŐĞŵĞŶƚƚĞĂŵ͕ĂŶĚ ƋƵĂůŝƚLJ ĂŶĚ ƉŽƚĞŶƚŝĂů ŽĨ ƚŚĞ ĂƐĐĂďĞů WƌŽũĞĐƚ͘ EĞǁĐƌĞƐƚ͕ ŝƐ ƚŚĞ ůĂƌŐĞƐƚ ĚĞĚŝĐĂƚĞĚ ŐŽůĚ ƉƌŽĚƵĐĞƌ ůŝƐƚĞĚ ŽŶ ^y͕ ĂŶĚ ŚĂƐ ĂŶ ŽƵƚƐƚĂŶĚŝŶŐƌĞĐŽƌĚŝŶĞdžƉůŽƌĂƚŝŽŶĂŶĚŝŶĚĞǀĞůŽƉŝŶŐŚŝŐŚƚŽŶŶĂŐĞŽƉĞŶĐƵƚĂŶĚƵŶĚĞƌŐƌŽƵŶĚďůŽĐŬĐĂǀĞŵŝŶĞƐĂƐǁĞůůĂƐƐŵĂůůĞƌ ŚŝŐŚŐƌĂĚĞŽƉĞƌĂƚŝŽŶƐ͘

&ƵƌƚŚĞƌĞŶĚŽƌƐĞŵĞŶƚŽĨƚŚĞŽŵƉĂŶLJĂŶĚƚŚĞĂƐĐĂďĞůWƌŽũĞĐƚĐĂŵĞŝŶƚŚĞĨŽƌŵŽĨĂŶŝŶǀĞƐƚŵĞŶƚĂŶĚĨĂƌŵͲŝŶƉƌŽƉŽƐĂůĨƌŽŵ,W ŝůůŝƚŽŶ͕ǁŚŝĐŚǁĂƐƵůƚŝŵĂƚĞůLJƌĞũĞĐƚĞĚĂƐŶŽƚďĞŝŶŐŝŶƚŚĞďĞƐƚŝŶƚĞƌĞƐƚƐŽĨ^Žů'ŽůĚƐŚĂƌĞŚŽůĚĞƌƐ͘dŚĞƐĞƚĞĐŚŶŝĐĂůĂŶĚĐŽƌƉŽƌĂƚĞ ĞŶĚŽƌƐĞŵĞŶƚƐ͕ĂŶĚƚŚĞĐĂƉŝƚĂůƌĂŝƐŝŶŐƐƵŶĚĞƌƚĂŬĞŶĂƚƉƌĞŵŝƵŵƐƚŽƚŚĞƉƌĞǀĂŝůŝŶŐŵĂƌŬĞƚƉƌŝĐĞŽĨƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƐŝŶƚŚĞƚŚŝƌĚ ƋƵĂƌƚĞƌŽĨϮϬϭϲ͕ŚĞůƉĞĚƉƌŽƉĞůƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞĂŶĚƉƌŽǀŝĚĞŝƚǁŝƚŚǁŽƌŬŝŶŐĐĂƉŝƚĂůƚŽĐŽŶƚŝŶƵĞƚŚĞĂĚǀĂŶĐĞĚĞdžƉůŽƌĂƚŝŽŶ ŽĨƚŚĞĂƐĐĂďĞůWƌŽũĞĐƚ͘EĞǁĐƌĞƐƚŝŶǀĞƐƚĞĚĂĨƵƌƚŚĞƌh^ϰϬŵŝŶƚŽƚŚĞŽŵƉĂŶLJŝŶ :ƵŶĞϮϬϭϳƚŽŝŶĐƌĞĂƐĞŝƚƐƐƚĂŬĞŝŶ^Žů'ŽůĚƚŽ ϭϰ͘ϱй͘ƐĂ ƌĞƐƵůƚŽĨ ƚŚĞŝƌĞƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚƐ͕EĞǁĐƌĞƐƚŶŽŵŝŶĂƚĞĚƌĂŝŐ :ŽŶĞƐ ƚŽũŽŝŶ ƚŚĞ^Žů'ŽůĚŽĂƌĚŽĨŝƌĞĐƚŽƌƐŝŶDĂƌĐŚ ϮϬϭϳ͘ƌĂŝŐŚĂƐďĞĞŶĂǀĞƌLJǁĞůĐŽŵĞĂĚĚŝƚŝŽŶƚŽƚŚĞŽĂƌĚŐŝǀĞŶŚŝƐƉĞĚŝŐƌĞĞŽĨŽƉĞƌĂƚŝŽŶĂůĂŶĚďůŽĐŬĐĂǀĞŵŝŶŝŶŐĞdžƉĞƌƚŝƐĞ͕ĂŶĚ ǁŝůůĚŽƵďƚůĞƐƐĂĚĚƐŝŐŶŝĨŝĐĂŶƚǀĂůƵĞƚŽƚŚĞƉƌĞůŝŵŝŶĂƌLJĞĐŽŶŽŵŝĐĂƐƐĞƐƐŵĞŶƚƚŽďĞƵŶĚĞƌƚĂŬĞŶŝŶϮϬϭϴ͘

dǁĞůǀĞŵŽŶƚŚƐ ŽŶ͕ ĂŶĚ ƚŚĞŽŵƉĂŶLJ ŚĂƐ ĚƌŝůůĞĚ Ă ƚŽƚĂů ŽĨ ϰϰ͕ϱϬϬŵĞƚƌĞƐ ŽĨ ĚƌŝůůŝŶŐ Ăƚ ĂŶĚ ĂƌŽƵŶĚ ƚŚĞ ŐƌĞĂƚĞƌůƉĂůĂWƌŽƐƉĞĐƚ ǁŝƚŚŝŶƚŚĞĂƐĐĂďĞůWƌŽũĞĐƚĐŽŶĐĞƐƐŝŽŶĂƌĞĂ͘DĂŶLJŽƚŚĞƌƉŽƚĞŶƚŝĂůƉŽƌƉŚLJƌLJƚĂƌŐĞƚƐǁŝƚŚŝŶĂƐĐĂďĞůƌĞŵĂŝŶƚŽďĞĚƌŝůůƚĞƐƚĞĚ͕ĂŶĚ ďLJ:ĂŶƵĂƌLJϮϬϭϴ͕ƚŚĞŽŵƉĂŶLJŝƐĂŝŵŝŶŐƚŽŚĂǀĞƚĞŶ;ϭϬͿĚƌŝůůƌŝŐƐǁŽƌŬŝŶŐŽŶƐŝƚĞ͘ůůĚƌŝůůŝŶŐĞĨĨŽƌƚƐĂƌĞĐƵƌƌĞŶƚůLJĨŽĐƵƐĞĚŽŶƚŚĞ ƉƌŽĚƵĐƚŝŽŶŽĨĚĂƚĂƚŽ ĨĂĐŝůŝƚĂƚĞĂŶŝŶĚĞƉĞŶĚĞŶƚĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞŽŵƉĂŶLJ͛ƐŵĂŝĚĞŶƌĞƐŽƵƌĐĞĞƐƚŝŵĂƚĞ ĨŽƌƚŚĞůƉĂůĂWƌŽƐƉĞĐƚ͕ ǁŚŝĐŚŝƐĞdžƉĞĐƚĞĚƚŽďĞĐŽŵƉůĞƚĞĚďLJƚŚĞĞŶĚŽĨϮϬϭϳ͘

ƐƉĂƌƚŽĨ^Žů'ŽůĚ͛ƐƐƚƌĂƚĞŐLJƚŽďĞĐŽŵĞĂŐůŽďĂůůLJŝŵƉŽƌƚĂŶƚĐŽƉƉĞƌĐŽŵƉĂŶLJďLJĞdžƉĂŶĚŝŶŐŝƚƐĐŽƉƉĞƌͲŐŽůĚĞdžƉůŽƌĂƚŝŽŶƉŽƌƚĨŽůŝŽŝŶ ĐƵĂĚŽƌ͕ĂĐŽŵƉƌĞŚĞŶƐŝǀĞ͕ŶĂƚŝŽŶͲǁŝĚĞĚĞƐŬƚŽƉƐƚƵĚLJǁĂƐƵŶĚĞƌƚĂŬĞŶďLJ^Žů'ŽůĚ͛ƐŝŶĚĞƉĞŶĚĞŶƚĞdžƉĞƌƚƐƚŽĂŶĂůLJƐĞƚŚĞĂǀĂŝůĂďůĞ ƌĞŐŝŽŶĂů ƚŽƉŽŐƌĂƉŚŝĐ͕ŐĞŽůŽŐŝĐĂů͕ŐĞŽĐŚĞŵŝĐĂůĂŶĚŐƌĂǀŝƚLJĚĂƚĂŽǀĞƌ ƚŚĞƉƌŽƐƉĞĐƚŝǀĞŵĂŐŵĂƚŝĐ ďĞůƚƐŽĨĐƵĂĚŽƌ͕ǁŝƚŚ ƚŚĞĂŝŵŽĨ ƵŶĚĞƌƐƚĂŶĚŝŶŐƚŚĞĐŽŶƚƌŽůƐƚŽĐŽƉƉĞƌͲŐŽůĚŵŝŶĞƌĂůŝƐĂƚŝŽŶŽŶĂƌĞŐŝŽŶĂůƐĐĂůĞ͘dŚĞŽŵƉĂŶLJďŝĚĨŽƌĂƌĂŶŐĞŽĨƚĞŶĞŵĞŶƚƐŽŶƚŚĞ ďĂƐŝƐ ŽĨ ƚŚŝƐ ƐƚƵĚLJ ĂŶĚ͕ ĂƐ Ă ƌĞƐƵůƚ ŽĨ ƚŚĞƐĞ ŝŶŝƚŝĂƚŝǀĞƐ͕ ^Žů'ŽůĚ ƐƵďƐŝĚŝĂƌŝĞƐ ŶŽǁ ŚŽůĚ Ă ƚŽƚĂů ŽĨ ϱϵ ŐƌĂŶƚĞĚ ƚĞŶĞŵĞŶƚƐ͕ ĨŽƌ Ă ĐŽŵďŝŶĞĚŐƌŽƵŶĚƉŽƐŝƚŝŽŶŽĨϮ͕ϰϵϲŬŵ^Ϯ ͕ŝŶĂĚĚŝƚŝŽŶƚŽƚŚĞŽŵƉĂŶLJ͛ƐǁŽƌůĚĐůĂƐƐĂƐĐĂďĞůWƌŽũĞĐƚ͘

&ƌŽŵĂĐŽƌƉŽƌĂƚĞƉĞƌƐƉĞĐƚŝǀĞ͕ƚŚĞŽŵƉĂŶLJǁĂƐĂĚŵŝƚƚĞĚƚŽƚŚĞdŽƌŽŶƚŽ^ƚŽĐŬdžĐŚĂŶŐĞ;d^yͿŝŶ:ƵůLJŽĨϮϬϭϳ͕ĂŶĚĐŽŶƚŝŶƵĞƐƚŽ ǁŽƌŬƚŽǁĂƌĚƐůŝƐƚŝŶŐŽŶƚŚĞŵĂŝŶďŽĂƌĚŽĨƚŚĞ>ŽŶĚŽŶ^ƚŽĐŬdžĐŚĂŶŐĞĨŽƌŐƌĞĂƚĞƌĂĐĐĞƐƐƚŽŝŶƐƚŝƚƵƚŝŽŶĂůŝŶǀĞƐƚŽƌƐǁŽƌůĚǁŝĚĞ͘dŚĞ >^ŵĂŝŶďŽĂƌĚůŝƐƚŝŶŐŝƐĞdžƉĞĐƚĞĚƚŽŽĐĐƵƌŝŶĞĂƌůLJKĐƚŽďĞƌϮϬϭϳ͕ƐƵďũĞĐƚƚŽƚŚĞƌĞĐĞŝƉƚŽĨƚŚĞŶĞĐĞƐƐĂƌLJĂƉƉƌŽǀĂůƐ ĨƌŽŵƚŚĞh< >ŝƐƚŝŶŐƵƚŚŽƌŝƚLJĂŶĚƚŚĞ>ŽŶĚŽŶ^ƚŽĐŬdžĐŚĂŶŐĞ͘

/ ǁŽƵůĚ ĂůƐŽ ůŝŬĞ ƚŽ ŵĞŶƚŝŽŶ ƚŚĞ ĞĨĨŽƌƚƐ ŽǀĞƌ ƚŚĞ ƉĂƐƚ ϭϮ ŵŽŶƚŚƐ ďLJ Ăůů ŽƵƌ ƐƚĂĨĨ͕ ďƵƚ ǁŝƚŚ ƐƉĞĐŝĂů ŵĞŶƚŝŽŶ ƚŽ ŽƵƌ ƐĞŶŝŽƌ ŵĂŶĂŐĞŵĞŶƚƚĞĂŵŝŶďŽƚŚƵƐƚƌĂůŝĂĂŶĚĐƵĂĚŽƌ͕ǁŚŽŚĂǀĞǁŽƌŬĞĚƚŝƌĞůĞƐƐůLJ ƚŽĂĚǀĂŶĐĞƚŚĞĂƐĐĂďĞůƉƌŽũĞĐƚĂŶĚĂůƐŽŽƵƌK ĂŶĚD EŝĐŬDĂƚŚĞƌ͕ǁŚŽŚĂƐďĞĞŶŝŶƐƚƌƵŵĞŶƚĂůŝŶƐĞĐƵƌŝŶŐĨƵŶĚŝŶŐ͕ŝŶǁŚĂƚĂƚƚŝŵĞƐŚĂĚďĞĞŶĂĐŚĂůůĞŶŐŝŶŐĐĂƉŝƚĂůŵĂƌŬĞƚ͘

KŶďĞŚĂůĨŽĨƚŚĞŽĂƌĚ͕/ǁŽƵůĚůŝŬĞƚŽƚŚĂŶŬLJŽƵĨŽƌLJŽƵƌƐƵƉƉŽƌƚŽĨƚŚĞ'ƌŽƵƉĂŶĚ/ůŽŽŬĨŽƌǁĂƌĚƚŽďƌŝŶŐŝŶŐLJŽƵĨƵƌƚŚĞƌŶĞǁƐĂƐ ŽƵƌĞdžƉůŽƌĂƚŝŽŶĞĨĨŽƌƚƐĐŽŶƚŝŶƵĞ͘

zŽƵƌƐĨĂŝƚŚĨƵůůLJ

ƌŝĂŶDŽůůĞƌ ŚĂŝƌŵĂŶ

^dZd'/ ZWKZd

Zs/tK& KWZd/KE^

ŽƌƉŽƌĂƚĞ^ƚƌƵĐƚƵƌĞ

^Žů'ŽůĚŝƐĂ ƉƵďůŝĐ ůŝƐƚĞĚ ĐŽŵƉĂŶLJŝŶĐŽƌƉŽƌĂƚĞĚŝŶŶŐůĂŶĚĂŶĚtĂůĞƐĂŶĚŝƐĂ ƌŝƐďĂŶĞ ďĂƐĞĚdžƉůŽƌĂƚŝŽŶ'ƌŽƵƉ ƚŚĂƚ ĐĂƌƌŝĞƐĂ ĚŝǀĞƌƐĞ ƉŽƌƚĨŽůŝŽ ŽĨĞdžƉůŽƌĂƚŝŽŶ ƉƌŽũĞĐƚƐŝŶĐƵĂĚŽƌ͕^ŽůŽŵŽŶ/ƐůĂŶĚƐĂŶĚƵƐƚƌĂůŝĂ͘ ^Žů'ŽůĚ ŚĂƐ ďĞĞŶ ĨŽĐƵƐĞĚ ŽŶĞdžƉůŽƌŝŶŐ ƚŚĞ ƌŝĐŚĞƐŽĨƚŚĞŶĚĞĂŶŽƉƉĞƌĞůƚŝŶEŽƌƚŚĞƌŶĐƵĂĚŽƌƐŝŶĐĞϮϬϭϮ͘ dŚĞĂƐĐĂďĞůWƌŽũĞĐƚŝƐ^Žů'ŽůĚΖƐĨůĂŐƐŚŝƉƉƌŽũĞĐƚĂŶĚƚŽĚĂƚĞƚŚĞ 'ƌŽƵƉŚĂƐĂŶŶŽƵŶĐĞĚĂŶƵŵďĞƌŽĨǁŽƌůĚĐůĂƐƐŝŶƚĞƌƐĞĐƚŝŽŶƐŽĨĐŽŶƚŝŶƵŽƵƐĐŽƉƉĞƌĂŶĚŐŽůĚŵŝŶĞƌĂůŝƐĂƚŝŽŶĂƚƚŚĞůƉĂůĂĞƉŽƐŝƚ͘

^Žů'ŽůĚ͛Ɛ ŽĂƌĚ ŝŶĐůƵĚĞƐ ĂĐĐŽŵƉůŝƐŚĞĚ ƉƌŽĨĞƐƐŝŽŶĂůƐ ǁŝƚŚ ƐƚƌŽŶŐ ƚƌĂĐŬ ƌĞĐŽƌĚƐ ŝŶ ƚŚĞ ĂƌĞĂƐ ŽĨ ĞdžƉůŽƌĂƚŝŽŶ͕ ŵŝŶĞ ĚĞǀĞůŽƉŵĞŶƚ͕ ŝŶǀĞƐƚŵĞŶƚ͕ ĨŝŶĂŶĐĞ ĂŶĚ ůĂǁ͘ ŽĂƌĚ ĂŶĚ DĂŶĂŐĞŵĞŶƚ ŚĂǀĞ ƐŝŐŶŝĨŝĐĂŶƚ ǀĞƐƚĞĚ ŝŶƚĞƌĞƐƚƐ ŝŶ ƚŚĞ ŽŵƉĂŶLJ͘ ^Žů'ŽůĚ ŝƐ ďĂƐĞĚ ŝŶ ƌŝƐďĂŶĞ͕YƵĞĞŶƐůĂŶĚ͕ƵƐƚƌĂůŝĂ͘dŚĞĐŽŵƉĂŶLJŝƐůŝƐƚĞĚŽŶ>ŽŶĚŽŶ͛ƐůƚĞƌŶĂƚŝǀĞ/ŶǀĞƐƚŵĞŶƚDĂƌŬĞƚ;/DͿĂŶĚƚŚĞdŽƌŽŶƚŽ^ƚŽĐŬ džĐŚĂŶŐĞƵŶĚĞƌƚŚĞĐŽĚĞ͚^K>'͛͘

ŽƌƉŽƌĂƚĞ^ƚƌĂƚĞŐLJ

dŚĞŽŵƉĂŶLJ͛ƐĐŽƌƉŽƌĂƚĞƐƚƌĂƚĞŐLJŝƐƚŽ͗

x ƌĞĂƚĞƐƵďƐƚĂŶƚŝĂůǁĞĂůƚŚĨŽƌŝƚƐƐŚĂƌĞŚŽůĚĞƌƐďLJĞdžƉůŽƌŝŶŐ͕ĚŝƐĐŽǀĞƌŝŶŐĂŶĚĚĞĨŝŶŝŶŐůĂƌŐĞŝŶǀĞŶƚŽƌŝĞƐŽĨ͕ďƵƚŶŽƚůŝŵŝƚĞĚ ƚŽ͕ĐŽƉƉĞƌĂŶĚŐŽůĚŵĞƚĂů͘
x WƌŝŵĂƌŝůLJĨŽĐƵƐŽŶĐŽƉƉĞƌĂŶĚŐŽůĚ͕ƚĂŬŝŶŐƵƉƚŚĞŐƌŽǁƚŚƉŽƚĞŶƚŝĂůĂŶĚŝŶĐƌĞĂƐŝŶŐŐůŽďĂůĚĞŵĂŶĚƐ
x dĂƌŐĞƚƌĞŐŝŽŶƐǁŝƚŚǁŽƌůĚĐůĂƐƐĚĞƉŽƐŝƚƐ͘
x dĂƌŐĞƚŐƌĂƐƐƌŽŽƚƐůĞǀĞůĞdžƉůŽƌĂƚŝŽŶŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽĞŶĂďůĞůŽǁĐŽƐƚĞŶƚƌLJŝŶƚŽƉƌŽũĞĐƚƐ͘
x &ŽĐƵƐŽŶĚŝƐĐŝƉůŝŶĞĚĂŶĚƐLJƐƚĞŵĂƚŝĐĂƉƉƌŽĂĐŚƚŽĞdžƉůŽƌĂƚŝŽŶ͘
x DĂdžŝŵŝƐĞƐŚĂƌĞŚŽůĚĞƌĨƵŶĚƐŽŶ͞ŝŶƚŚĞŐƌŽƵŶĚ͟ĞdžƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞĂƐĂƉƌŽƉŽƌƚŝŽŶŽĨƚŚĞƚŽƚĂůďƵĚŐĞƚŝŶŽƌĚĞƌƚŽ ŐĞŶĞƌĂƚĞŚŝŐŚͲƋƵĂůŝƚLJƌĞƐƵůƚƐ͘
x ^ĞĐƵƌĞĂĚĚŝƚŝŽŶĂůĞdžƉůŽƌĂƚŝŽŶƉƌŽũĞĐƚƐďLJƚŚĞĂƉƉůŝĐĂƚŝŽŶĨŽƌŶĞǁƚĞŶĞŵĞŶƚƐĂŶĚͬŽƌĨĂƌŵͲŝŶƐƚLJůĞĂŐƌĞĞŵĞŶƚƐ͘
x hŶĚĞƌƚĂŬĞĂŶŽŶͲŐŽŝŶŐƌĞǀŝĞǁŽĨƉŽƚĞŶƚŝĂůůLJ͚ǀĂůƵĞĂĐĐƌĞƚŝǀĞ͛ŽƉƉŽƌƚƵŶŝƚŝĞƐƚŚĂƚĂƌĞƉƌĞƐĞŶƚĞĚƚŽƚŚĞĐŽŵƉĂŶLJĨƌŽŵƚŝŵĞ ƚŽƚŝŵĞ͘
x ZĞƐƉĞĐƚƚŚĞĐŽŵŵƵŶŝƚŝĞƐĂŶĚĞŶǀŝƌŽŶŵĞŶƚŝŶǁŚŝĐŚǁĞŽƉĞƌĂƚĞ͘
x DĂŝŶƚĂŝŶĂƐƚƌŽŶŐĨŽĐƵƐŽŶ,ĞĂůƚŚĂŶĚ^ĂĨĞƚLJĨŽƌŽƵƌĞŵƉůŽLJĞĞƐĂŶĚĐŽŶƚƌĂĐƚŽƌƐ͘

^Žů'ŽůĚ ŝƐ ƉƵƌƐƵŝŶŐ ƚŚĞ ŐƌŽǁƚŚ ƉŽƚĞŶƚŝĂů ĨŽƌ ĐŽƉƉĞƌ ĂƐ ŐůŽďĂů ƵƌďĂŶŝƐĂƚŝŽŶ ŝƌƌĞǀŽĐĂďůLJ ĚƌŝǀĞƐ ĐŽƉƉĞƌ ĚĞŵĂŶĚ ŚŝŐŚĞƌ͕ ĂŶĚ ŚĂƐ ĞŶũŽLJĞĚĂĐŚŝĞǀŝŶŐƐƵďƐƚĂŶƚŝĂůůLJŐƌŽǁŝŶŐƚŚĞŵĂƌŬĞƚĐĂƉŝƚĂůŝƐĂƚŝŽŶŽĨƚŚĞĐŽŵƉĂŶLJŽǀĞƌƚŚĞůĂƐƚLJĞĂƌ͘dŚĞŽŵƉĂŶLJŝƐĨŽĐƵƐĞĚŽŶ ƚǁŽ ŽĨ ƚŚĞ ǁŽƌůĚ͛Ɛ ŵŽƐƚ ŝŵƉŽƌƚĂŶƚ ŵĞƚĂůƐ͕ ĐŽƉƉĞƌ ĂŶĚ ŐŽůĚ͘ ^Žů'ŽůĚ ŚĂƐ Ă ĚĞĚŝĐĂƚĞĚ ĐŽŵŵŝƚŵĞŶƚ ƚŽ ŽƌƉŽƌĂƚĞ ^ŽĐŝĂů ZĞƐƉŽŶƐŝďŝůŝƚLJ ĂŶĚ ŝƐ ƉĂƐƐŝŽŶĂƚĞ ĂďŽƵƚ ƚŚĞ'ƌŽƵƉ͛Ɛ ĂĐƚŝǀĞ ŚĞĂůƚŚ͕ ƐĂĨĞƚLJ͕ ĐŽŵŵƵŶŝƚLJ ĂŶĚ ĞŶǀŝƌŽŶŵĞŶƚ ƉƌŽŐƌĂŵƐ ŝŶ ŝƚƐ ĂƌĞĂƐ ŽĨ ĞdžƉůŽƌĂƚŝŽŶ͘ dŚĞ ŽŵƉĂŶLJ ŝƐ ƉƌŽƵĚ ďƵƚ ŶŽƚ ĐŽŵƉůĂĐĞŶƚ ĂďŽƵƚ ŝƚƐ ŽƵƚƐƚĂŶĚŝŶŐ ƐĂĨĞƚLJ ƌĞĐŽƌĚ ĂŶĚ ĞŶƐƵƌĞƐ ƚŚĂƚ ŝƚƐ ƉĞŽƉůĞ ĂƌĞ ƉƌŽƉĞƌůLJƚƌĂŝŶĞĚĂŶĚǁŽƌŬŝŶĂƉůĂŶŶĞĚĂŶĚĐŽŶƚƌŽůůĞĚŵĂŶŶĞƌƵŶĚĞƌƉƌŽĐĞĚƵƌĞƐƚŚĂƚĞŶƐƵƌĞƐĂĨĞŽƉĞƌĂƚŝŽŶƐ͘

dŚĞĂƐĐĂďĞůƉƌŽƉĞƌƚLJŝƐƐŝƚƵĂƚĞĚǁŝƚŚŝŶƚŚĞďŽƵŶĚĂƌŝĞƐŽĨƚŚƌĞĞĐŽŵŵƵŶŝƚŝĞƐ͘ dŚĞŵĂŝŶĐŽŵŵƵŶŝƚLJŽĨ^ĂŶƚĂĞĐŝůŝĂůŽĐĂƚĞĚŝŶƚŚĞ ĐĞŶƚƌĂů ƉĂƌƚ ŽĨ ƚŚĞ ĐŽŶĐĞƐƐŝŽŶ ŝƐ ǀĞƌLJ ƐƵƉƉŽƌƚŝǀĞ ŽĨ ƚŚĞ 'ƌŽƵƉ͛Ɛ ƉƌĞƐĞŶĐĞ ĂŶĚ ĞdžƉůŽƌĂƚŝŽŶ ĂĐƚŝǀŝƚŝĞƐ͘ >ŽĐĂů ĐŽŶĐĞƌŶƐ ƌĞŐĂƌĚŝŶŐ ŵŝŶŝŶŐĂŶĚĞdžƉůŽƌĂƚŝŽŶƌĞůĂƚĞƉƌŝŵĂƌŝůLJƚŽŝƐƐƵĞƐŽĨǁĂƚĞƌƵƐĞĂŶĚǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚ͕ĂŶĚƚŚĞ'ƌŽƵƉŚĂƐƐƚĂƚĞŽĨƚŚĞĂƌƚǁĂƚĞƌ ƌĞĐLJĐůŝŶŐ ĨĂĐŝůŝƚŝĞƐ ŝŶ ƉůĂĐĞ Ăƚ ƚŚĞ ZŽĐĂĨƵĞƌƚĞ ďĂƐĞ ĂŶĚ ůƉĂůĂ ĨŝĞůĚ ĐĂŵƉ ĂŶĚ Ăƚ ĞĂĐŚ Ěƌŝůů ƐŝƚĞ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ĐŽŵŵŝƐƐŝŽŶŝŶŐ ŽĨ ŝŶŶŽǀĂƚŝǀĞ^ŽůŝĚƐZĞŵŽǀĂůhŶŝƚ;^ZhͿƐĞĚŝŵĞŶƚƌĞŵŽǀĂůƚĞĐŚŶŽůŽŐLJ͕ĂŶĚĚĞǀĞůŽƉŵĞŶƚŽĨǁŽƌůĚĨŝƌƐƚŵĂŶͲƉŽƌƚĂďůĞ^ZhƵŶŝƚƐĨŽƌƚŚĞ ĂƐĐĂďĞů ƉƌŽũĞĐƚ͘ dŚĞ ^Zh ƵŶŝƚƐ ĂƌĞ ŚŝŐŚůLJ ďĞŶĞĨŝĐŝĂů ƚŽǁĂƌĚƐ ŐŽŽĚ ĞŶǀŝƌŽŶŵĞŶƚĂů ƐƚĞǁĂƌĚƐŚŝƉ ĚƵƌŝŶŐ ĚƌŝůůŝŶŐ ƉƌŽŐƌĂŵƐ Ăƚ ĂƐĐĂďĞů͕ ĂŶĚ ƐƵďƐƚĂŶƚŝĂůůLJ ůŽǁĞƌ ǁĂƚĞƌ ƵƐĂŐĞ ďLJ ƌĞĚƵĐŝŶŐ ƚŚĞ ǀŽůƵŵĞ ŽĨ ŵĂƚĞƌŝĂů ƚƌĂŶƐƉŽƌƚĞĚ ĨƌŽŵ ĚƌŝůůŝŶŐ ĂŶĚ ƌĞĚƵĐĞƐ ƚŚĞ ƉŽƚĞŶƚŝĂůŽĨƐƵƐƉĞŶĚĞĚƐŽůŝĚƐƌƵŶŶŝŶŐŽĨĨŝŶƚŽŶĂƚƵƌĂůĨƌĞƐŚǁĂƚĞƌƐ͘dŚĞD DŝŶĞƌĂůƐ^ZhƵŶŝƚƚĞĐŚŶŽůŽŐLJǁŽŶƚŚĞƐƐŽĐŝĂƚŝŽŶŽĨ DŝŶŝŶŐĂŶĚdžƉůŽƌĂƚŝŽŶŽŵƉĂŶŝĞƐ;DͿŽŶǀĞŶƚŝŽŶǁĂƌĚŝŶϮϬϭϰ͘

^Žů'ŽůĚ ĐĂƌĞƐ ĚĞĞƉůLJ ĂďŽƵƚ ĐŽŵŵƵŶŝƚLJ ƌĞůĂƚŝŽŶƐ Ăƚ ĂƐĐĂďĞů ĂŶĚ ƚŚƌŽƵŐŚŽƵƚ ĐƵĂĚŽƌ͘ dŚƌŽƵŐŚ ƐƉŽŶƐŽƌŝŶŐ ŵĂŶLJ ĐŽŵŵƵŶŝƚLJ ĞŶƚĞƌƉƌŝƐĞƐ ĂƐ ǁĞůů ĂƐ ĞŶŐĂŐŝŶŐ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ŝŶ ƌĞŐƵůĂƌ ĞŶǀŝƌŽŶŵĞŶƚĂů ŵŽŶŝƚŽƌŝŶŐ ƐƚƵĚŝĞƐ ĂŶĚ ƌĞŚĂďŝůŝƚĂƚŝŽŶ ƉƌŽŐƌĂŵƐ ƚŚĞ ŽŵƉĂŶLJĐŽŶƚŝŶƵĞƐƚŽƐƚƌĞŶŐƚŚĞŶƚŚĞƐĞƌĞůĂƚŝŽŶƐ͘

Zs/tK& KWZd/KE^;ĐŽŶƚŝŶƵĞĚͿ

džƉůŽƌĂƚŝŽŶ^ƚƌĂƚĞŐLJ

dŚĞŽŵƉĂŶLJ͛ƐĞdžƉůŽƌĂƚŝŽŶƐƚƌĂƚĞŐLJŝŶĐůƵĚĞƐƚŚĞĨŽůůŽǁŝŶŐĞůĞŵĞŶƚƐ͗

x ĂƉŝƚĂůŝƐĂƚŝŽŶŽĨƚŚĞŽŵƉĂŶLJ͛ƐƚƌĂĐŬƌĞĐŽƌĚŽĨƐƵĐĐĞƐƐŝŶƚŚĞĚŝƐĐŽǀĞƌLJŽĨŵŝŶĞƌĂůƌĞƐŽƵƌĐĞƐ͘
x ĞƚĂŝůĞĚĚƵĞĚŝůŝŐĞŶĐĞŽĨƉƌŽũĞĐƚŽƉƉŽƌƚƵŶŝƚŝĞƐ͘
x ĚŝƐĐŝƉůŝŶĞĚĂƉƉƌŽĂĐŚƚŽƚŚĞĞǀĂůƵĂƚŝŽŶŽĨƉƌŽũĞĐƚƐƚŽŐĞŶĞƌĂƚĞĞdžƉůŽƌĂƚŝŽŶĚĂƚĂƐĞƚƐƚŚĂƚŵĂLJŝŶĐůƵĚĞĂůůŽƌƐŽŵĞŽĨƚŚĞ ĨŽůůŽǁŝŶŐĞdžƉůŽƌĂƚŝŽŶ ĂĐƚŝǀŝƚŝĞƐ͗ ŐĞŽůŽŐŝĐĂůŵĂƉƉŝŶŐ͕ ƐƚƌĞĂŵ͕ ƐŽŝů ĂŶĚ ƌŽĐŬ ĐŚŝƉ ŐĞŽĐŚĞŵŝĐĂů ƐĂŵƉůŝŶŐ͕ ĂŶĚ ŐĞŽƉŚLJƐŝĐĂů ƐƵƌǀĞLJŝŶŐ͘
x 'ĞŶĞƌĂƚŝŽŶŽĨƌŽďƵƐƚĚƌŝůůƚĂƌŐĞƚƐƚĞƐƚŝŶŐŽƌĞĚĞƉŽƐŝƚŵŽĚĞůƐďĂƐĞĚŽŶŵƵůƚŝƉůĞĞdžƉůŽƌĂƚŝŽŶĚĂƚĂƐĞƚƐ͘
x ƌŝůůƚĞƐƚŝŶŐƚĂƌŐĞƚƐƚŽĚĞĨŝŶĞƉŽƚĞŶƚŝĂůůLJĞĐŽŶŽŵŝĐŵŝŶĞƌĂůƌĞƐŽƵƌĐĞƐƚŚĂƚƚŚĞŐƌŽƵƉĐĂŶƚĂŬĞƚŽĨĞĂƐŝďŝůŝƚLJƐƚƵĚLJƐƚĂŐĞ͘

^Žů'ŽůĚ ŚĂƐ Ă ƚƌĂĐŬ ƌĞĐŽƌĚ ŽĨ ĞdžƉĞƌŝĞŶĐĞ Ăƚ ďŽƚŚ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ďŽĂƌĚ ůĞǀĞů ƚŽ ĚĞĨŝŶĞ ĂŶĚ ĚĞǀĞůŽƉ ŵŝŶĞƌĂů ƌĞƐŽƵƌĐĞƐ ĨƌŽŵ ĚŝƐĐŽǀĞƌLJ ƚŚƌŽƵŐŚ ƚŽ ĨĞĂƐŝďŝůŝƚLJ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ͘ dŚĞ ƚĞĂŵ ƌĞŵĂŝŶƐ ĞŶŐĂŐĞĚ ƵƉŽŶ ƉƌŽũĞĐƚ ŐĞŶĞƌĂƚŝŽŶ ŐůŽďĂůůLJ͕ ƚĂƌŐĞƚŝŶŐ ƚĞĐƚŽŶŝĐĂůůLJĨĞƌƚŝůĞĂƌĞĂƐĂŶĚŝŶĐŽƵŶƚƌŝĞƐƐĞƚƚŽďůŽƐƐŽŵŝŶƚŚĞŶĞdžƚŵŝŶŝŶŐƵƉƚƵƌŶ͕ĂƐǁĞůůĂƐƐƚƌĞĂŵůŝŶŝŶŐĂƐƐĞƚƐŝŶƵƐƚƌĂůŝĂĂŶĚ ƚŚĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐ;dĂďůĞ ϭͿ͘

</hd<>

WƌŽũĞĐƚ	>ŽĐĂƚŝŽŶ	^ƚLJůĞ	KǁŶĞƌƐŚŝƉ
^>	ĐƵĂĚŽƌ	ƵͲƵWŽƌƉŚLJƌLJ	^Žů'ŽůĚ;ϴϱйŝŶƚĞƌĞƐƚͿ
>E E/s^	ĐƵĂĚŽƌ	ƵͲƵWŽƌƉŚLJƌLJΘƵƉŝƚŚĞƌŵĂů	ϭϬϬйŽǁŶĞĚ
,/>	ĐƵĂĚŽƌ	ƵͲƵWŽƌƉŚLJƌLJΘƵƉŝƚŚĞƌŵĂů	ϭϬϬйŽǁŶĞĚ
Z,/	ĐƵĂĚŽƌ	ƵͲƵWŽƌƉŚLJƌLJΘƵƉŝƚŚĞƌŵĂů	ϭϬϬйŽǁŶĞĚ
,/>	ĐƵĂĚŽƌ	ƵͲƵWŽƌƉŚLJƌLJΘƵƉŝƚŚĞƌŵĂů	ϭϬϬйŽǁŶĞĚ
Z/K DZ/>>K	ĐƵĂĚŽƌ	ƵͲƵWŽƌƉŚLJƌLJ	ϭϬϬйŽǁŶĞĚ
,>/WhZdK	ĐƵĂĚŽƌ	ƵͲƵWŽƌƉŚLJƌLJΘƵƉŝƚŚĞƌŵĂů	ϭϬϬйŽǁŶĞĚ
zE'^	ĐƵĂĚŽƌ	ƵͲƵWŽƌƉŚLJƌLJΘƵƉŝƚŚĞƌŵĂů	ϭϬϬйŽǁŶĞĚ
KE'K^	ĐƵĂĚŽƌ	ƵͲƵWŽƌƉŚLJƌLJΘƵƉŝƚŚĞƌŵĂů	ϭϬϬйŽǁŶĞĚ
> /^E	ĐƵĂĚŽƌ	ƵͲƵWŽƌƉŚLJƌLJΘƵƉŝƚŚĞƌŵĂů	ϭϬϬйŽǁŶĞĚ
^E ^>sKZ	ĐƵĂĚŽƌ	ƵͲƵWŽƌƉŚLJƌLJΘƵƉŝƚŚĞƌŵĂů	ϭϬϬйŽǁŶĞĚ
,hz	ĐƵĂĚŽƌ	ƵͲƵWŽƌƉŚLJƌLJΘƵƉŝƚŚĞƌŵĂů	ϭϬϬйŽǁŶĞĚ
D,K^	ĐƵĂĚŽƌ	ƵͲƵWŽƌƉŚLJƌLJΘƵƉŝƚŚĞƌŵĂů	ϭϬϬйŽǁŶĞĚ
> ,h	ĐƵĂĚŽƌ	ƵͲƵWŽƌƉŚLJƌLJΘƵƉŝƚŚĞƌŵĂů	ϭϬϬйŽǁŶĞĚ
> &>KZ/	ĐƵĂĚŽƌ	ƵͲƵWŽƌƉŚLJƌLJΘƵƉŝƚŚĞƌŵĂů	ϭϬϬйŽǁŶĞĚ
> ,h	ĐƵĂĚŽƌ	ƵͲƵWŽƌƉŚLJƌLJΘƵƉŝƚŚĞƌŵĂů	ϭϬϬйŽǁŶĞĚ
^Ed Zh	ĐƵĂĚŽƌ	ƵͲƵWŽƌƉŚLJƌLJΘƵƉŝƚŚĞƌŵĂů	ϭϬϬйŽǁŶĞĚ
,/>>E^	ĐƵĂĚŽƌ	ƵͲƵWŽƌƉŚLJƌLJΘƵƉŝƚŚĞƌŵĂů	ϭϬϬйŽǁŶĞĚ
,/DKZK	ĐƵĂĚŽƌ	ƵͲƵWŽƌƉŚLJƌLJΘƵƉŝƚŚĞƌŵĂů	ϭϬϬйŽǁŶĞĚ
W/H^	ĐƵĂĚŽƌ	ƵͲƵWŽƌƉŚLJƌLJΘƵƉŝƚŚĞƌŵĂů	ϭϬϬйŽǁŶĞĚ
WKZsE/Z	ĐƵĂĚŽƌ	ƵͲƵWŽƌƉŚLJƌLJ	ϭϬϬйŽǁŶĞĚ
^W>	ĐƵĂĚŽƌ	ƵͲƵWŽƌƉŚLJƌLJΘƵƉŝƚŚĞƌŵĂů	ϭϬϬйŽǁŶĞĚ
^E EdKE/K	ĐƵĂĚŽƌ	ƵͲƵWŽƌƉŚLJƌLJΘƵƉŝƚŚĞƌŵĂů	ϭϬϬйŽǁŶĞĚ
^,Zh'	ĐƵĂĚŽƌ	ƵͲƵWŽƌƉŚLJƌLJΘƵƉŝƚŚĞƌŵĂů	ϭϬϬйŽǁŶĞĚ
d/DZ	ĐƵĂĚŽƌ	ƵͲƵWŽƌƉŚLJƌLJΘƵƉŝƚŚĞƌŵĂů	ϭϬϬйŽǁŶĞĚ
'h^d/E	ĐƵĂĚŽƌ	ƵͲƵWŽƌƉŚLJƌLJΘƵƉŝƚŚĞƌŵĂů	ϭϬϬйŽǁŶĞĚ
>K^ Z/K^	ĐƵĂĚŽƌ	ƵͲƵWŽƌƉŚLJƌLJΘƵƉŝƚŚĞƌŵĂů	ϭϬϬйŽǁŶĞĚ
'h^d/E	ĐƵĂĚŽƌ	ƵͲƵWŽƌƉŚLJƌLJΘƵƉŝƚŚĞƌŵĂů	ϭϬϬйŽǁŶĞĚ
zdh/	ĐƵĂĚŽƌ	ƵͲƵWŽƌƉŚLJƌLJΘƵƉŝƚŚĞƌŵĂů	ϭϬϬйŽǁŶĞĚ
<hd< td="">	^ŽůŽŵŽŶ/ƐůĂŶĚƐ	ƵͲƵWŽƌƉŚLJƌLJ	ϭϬϬйŽǁŶĞĚ	^ŽůŽŵŽŶ/ƐůĂŶĚƐ	ƵͲƵWŽƌƉŚLJƌLJ	ϭϬϬйŽǁŶĞĚ
ZEE^	Y> ƵƐƚƌĂůŝĂ	ƵͲŐƉŝƚŚĞƌŵĂů	ϭϬϬйŽǁŶĞĚ
Dd WZZz	Y> ƵƐƚƌĂůŝĂ	ƵDĞƐŽƚŚĞƌŵĂů	ϭϬϬйŽǁŶĞĚ
EKZDEz	Y> ƵƐƚƌĂůŝĂ	ƵͲƵWŽƌƉŚLJƌLJ	ϭϬϬйŽǁŶĞĚ
ZKt t^d	Y> ƵƐƚƌĂůŝĂ	ƵƉŝƚŚĞƌŵĂů	ϭϬϬйŽǁŶĞĚ
t^dtKK	Y> ƵƐƚƌĂůŝĂ	W' >ĂLJĞƌĞĚ/ŶƚƌƵƐŝŽŶ	ϭϬϬйŽǁŶĞĚ
>KE^KD	Y> ƵƐƚƌĂůŝĂ	ƵƉŝƚŚĞƌŵĂů	ϭϬϬйŽǁŶĞĚ

dĂďůĞ ϭ͗ ^Žů'ŽůĚĞdžƉůŽƌĂƚŝŽŶƉƌŽũĞĐƚƐǁŽƌůĚǁŝĚĞ͘

Zs/tK& KWZd/KE^;ĐŽŶƚŝŶƵĞĚͿ

ĐƵĂĚŽƌ

/ŶĐƵĂĚŽƌ͕ƚŚĞ'ƌŽƵƉŝƐĂĚǀĂŶĐŝŶŐƚŚĞĂƐĐĂďĞůƉƌŽũĞĐƚ͕ǁŚŝůƐƚĐŽŶƚŝŶƵŝŶŐƚŽƉƵƌƐƵĞŝƚƐƐƚƌĂƚĞŐLJƚŽďĞĐŽŵĞĂŐůŽďĂůůLJŝŵƉŽƌƚĂŶƚ ĐŽƉƉĞƌĐŽŵƉĂŶLJďLJĞdžƉĂŶĚŝŶŐƚŚĞŽŵƉĂŶLJ͛ƐĐŽƉƉĞƌͲŐŽůĚĞdžƉůŽƌĂƚŝŽŶƉŽƌƚĨŽůŝŽŝŶĐƵĂĚŽƌ͘

ĂƐĐĂďĞů WƌŽũĞĐƚ

dŚĞĂƐĐĂďĞůWƌŽũĞĐƚŝƐĂƉŽƌƉŚLJƌLJĐŽƉƉĞƌͲŐŽůĚĚĞƉŽƐŝƚůŽĐĂƚĞĚŝŶƚŚĞ/ŵďĂďƵƌĂƉƌŽǀŝŶĐĞŽĨŶŽƌƚŚǁĞƐƚĐƵĂĚŽƌ͘ /ƚůŝĞƐũƵƐƚŽĨĨƚŚĞ ŵĂŝŶ ƌŽĂĚ͕ ĂŶĞĂƐLJϯͲŚŽƵƌ ĚƌŝǀĞ ŶŽƌƚŚ ŽĨĐƵĂĚŽƌΖƐ ĐĂƉŝƚĂů ĐŝƚLJ͕YƵŝƚŽ͘ dŚĞ ĐůŝŵĂƚĞ njŽŶĞ ŝƐ ƚƌŽƉŝĐĂůͲƐĂǀĂŶŶĂŚ ĂŶĚ ǀĞŐĞƚĂƚŝŽŶ ŝƐ ƚƌŽƉŝĐĂů ĨŽƌĞƐƚ ǁŝƚŚ Ă ǁĞůůͲĚĞǀĞůŽƉĞĚ ƐŽŝů ŚŽƌŝnjŽŶ͘ dŽƉŽŐƌĂƉŚLJ ƌŝƐĞƐ ĨƌŽŵ ĞůĞǀĂƚŝŽŶƐ ŽĨ ϵϬϬ ŵĞƚƌĞƐ ƚŽ Ϯ͕ϮϬϬ ŵĞƚƌĞƐ ĂŶĚ ƚŚĞ ŵŽĚĞƌĂƚĞƚŽƐƚĞĞƉůĂŶĚƐĐĂƉĞŝƐŝŶĐŝƐĞĚďLJĨŽƵƌůĂƌŐĞĚƌĂŝŶĂŐĞĐŽŵƉůĞdžĞƐ͘ĨŝƌƐƚͲŽƌĚĞƌƉĂǀĞĚŚŝŐŚǁĂLJƉƌŽǀŝĚĞƐLJĞĂƌͲƌŽƵŶĚĂĐĐĞƐƐ ĂŶĚĐƌŽƐƐĞƐƚŚĞŶŽƌƚŚͲĞĂƐƚĐŽƌŶĞƌŽĨƚŚĞĐŽŶĐĞƐƐŝŽŶ͘

^Žů'ŽůĚŚĂƐĐŽŵƉůĞƚĞĚŽǀĞƌϰϰ͕ϱϬϬŵŽĨĚƌŝůůŝŶŐĂŶĚƚŚŝƐŚĂƐďĞĞŶĂĐĐŽŵƉůŝƐŚĞĚǁŝƚŚĂǁŽƌŬĨŽƌĐĞŽĨƵƉƚŽϭϳϲĐƵĂĚŽƌĞĂŶǁŽƌŬĞƌƐ ĂŶĚŐĞŽƐĐŝĞŶƚŝƐƚƐ͕ĂŶĚϲĞdžƉĂƚƌŝĂƚĞƵƐƚƌĂůŝĂŶŐĞŽƐĐŝĞŶƚŝƐƚƐ͘

ƚϯϬ:ƵŶĞϮϬϭϳ͕^Žů'ŽůĚŚĂĚĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐŽĨĂƉƉƌŽdžŝŵĂƚĞůLJΨϴϵ͘ϯŵŝůůŝŽŶ͕ǁŚŝĐŚǁŝůůƉƌŝŵĂƌŝůLJďĞƵƐĞĚƚŽĞdžƉĂŶĚ ƚŚĞŵŝŶĞƌĂůŝƐĂƚŝŽŶďĞŝŶŐĚĞĨŝŶĞĚĂůŽŶŐƚŚĞŐƌĞĂƚĞƌůƉĂůĂƚƌĞŶĚ͘ KǀĞƌϮϱ͕ϬϬϬŵŽĨĚƌŝůůŝŶŐŝƐĞdžƉĞĐƚĞĚƚŽďĞĐŽŵƉůĞƚĞĚŝŶƚŚĞƐĞĐŽŶĚ ŚĂůĨŽĨϮϬϭϳ͕ĂŶĚŽǀĞƌϭϬϲ͕ϬϬϬŵĞƚƌĞƐŽĨĚƌŝůůŝŶŐŝƐƉůĂŶŶĞĚŝŶϮϬϭϴ͘ dŽĚĂƚĞ͕^Žů'ŽůĚŚĂƐĚƌŝůů ƚĞƐƚĞĚϰŽĨ ƚŚĞϭϱ ƚĂƌŐĞƚƐ͕ďĞŝŶŐ ůƉĂůĂEŽƌƚŚǁĞƐƚ͕ůƉĂůĂĞŶƚƌĂů͕,ĞŵĂƚŝƚĞ,ŝůů͕ĂŶĚůƉĂůĂ^ŽƵƚŚĞĂƐƚ͘ƵƌƌĞŶƚůLJĚƌŝůů ƚĞƐƚŝŶŐŽĨůƉĂůĂEŽƌƚŚǁĞƐƚ͕ůƉĂůĂĞŶƚƌĂů ĂŶĚůƉĂůĂ^ŽƵƚŚĞĂƐƚƚĂƌŐĞƚƐŝƐƵŶĚĞƌǁĂLJ͕ǁŝƚŚĚƌŝůůƚĞƐƚŝŶŐŽĨƚŚĞŐƵŝŶĂŐĂƚĂƌŐĞƚĂŶĚŽƚŚĞƌŚŝŐŚƉƌŝŽƌŝƚLJƚĂƌŐĞƚƐƚŽĐŽŵŵĞŶĐĞŝŶ ƚŚĞĐŽŵŝŶŐLJĞĂƌ͘

dŚĞďĞŶĞĨŝƚƐŽĨĐŽƌƉŽƌĂƚĞĚĞĂůƐǁŝƚŚEĞǁĐƌĞƐƚDŝŶŝŶŐůƚĚĂŶĚDĂdžŝƚĂƉŝƚĂůǁĞƌĞƌĞĂůŝƐĞĚǁŝƚŚĞdžƉůŽƌĂƚŝŽŶĨƵůůLJĨƵŶĚĞĚĨŽƌĐŽŵŝŶŐ LJĞĂƌƐĂƐĚƌŝůůŝŶŐĐŽŶƚŝŶƵĞĚƚŽĞdžƉĂŶĚƚŚĞŐƌŽǁŝŶŐǁŽƌůĚĐůĂƐƐĚĞƉŽƐŝƚĂƚůƉĂůĂ͘ ƌĞǀŝĞǁŽĨĚƌŝůůŝŶŐƌĞƐƵůƚƐŚĂƐĐůĂƌŝĨŝĞĚǁŽƌůĚĐůĂƐƐ ŝŶƚĞƌƐĞĐƚŝŽŶƐ Ăƚ ƵƉĚĂƚĞĚŵĞƚĂů ƉƌŝĐĞƐ͕ ĂŶĚ ŐĞŽůŽŐLJDŽĚĞů ĂŶĂůLJƐŝƐ ŝƐ ĐŽŶƐƚĂŶƚůLJ ŝŵƉƌŽǀŝŶŐ Ěƌŝůů ƚĂƌŐĞƚŝŶŐ ĐĂƉĂďŝůŝƚŝĞƐ͘ ƌŝůůŝŶŐ ƚŽ ĚĂƚĞŚĂƐŶŽƚLJĞƚĐŽŶƐƚƌĂŝŶĞĚ ƚŚĞ ƌŝĐŚůƉĂůĂĐŽƉƉĞƌͲŐŽůĚĚĞƉŽƐŝƚ͕ĂŶĚ ƚŚĞĚĞƉŽƐŝƚĐŽŶƚŝŶƵĞƐ ƚŽŐƌŽǁǁŝƚŚĞĂĐŚĚƌŝůůŚŽůĞ͘ ůƉĂůĂ ĂůŽŶĞŝƐĞŵĞƌŐŝŶŐĂƐĂdŝĞƌϭĐŽƉƉĞƌƉƌŽũĞĐƚǁŝƚŚŚŝŐŚĂǀĞƌĂŐĞŐƌĂĚĞƐŝŶďŽƚŚĐŽƉƉĞƌĂŶĚŐŽůĚ͘

dŚĞ ŽŵƉĂŶLJ ŝƐ ĐƵƌƌĞŶƚůLJ ĚŝƌĞĐƚŝŶŐ ĚƌŝůůŝŶŐ ĐĂƉĂďŝůŝƚLJ ĂŶĚ ŽƉĞƌĂƚŝŽŶƐ ĐƵƌƌĞŶƚůLJ ƚŽ ƚŚĞ ĐŽůůĞĐƚŝŽŶ ŽĨ Ěƌŝůů ĚĂƚĂ ƚŽ ďĞ ƵƐĞĚ ŝŶ ƚŚĞ ĚĞůŝǀĞƌLJŽĨĂDĂŝĚĞŶ/ŶĨĞƌƌĞĚZĞƐŽƵƌĐĞƐƚŝŵĂƚĞďLJůĂƚĞĞĐĞŵďĞƌϮϬϭϳ͘ ^Žů'ŽůĚŝƐĂůƐŽĐŽŵŵĞŶĐŝŶŐƉůĂŶŶŝŶŐĨŽƌƚŚĞĐŽůůĞĐƚŝŽŶŽĨ ŶĞĐĞƐƐĂƌLJĚĂƚĂƚŽĐŽŵƉůĞƚĞĂƉƌĞůŝŵŝŶĂƌLJĞĐŽŶŽŵŝĐĂƐƐĞƐƐŵĞŶƚďLJƚŚĞĞŶĚŽĨϮϬϭϴ͘

ĐƵĂĚŽƌ ŝƐ ƵŶĚĞƌŐŽŝŶŐ Ă ƚƌĂŶƐĨŽƌŵĂƚŝŽŶ ǁŝƚŚ ƐŝŐŶŝĨŝĐĂŶƚ ŝŵƉƌŽǀĞŵĞŶƚƐ ƚŽ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ ŝŶĐůƵĚŝŶŐ ĨŝǀĞ ŬĞLJ ƐĞĂ ƉŽƌƚƐ͕ ŽǀĞƌ ϭϬ͕ϬϬϬŬŵŽĨŶĞǁŚŝŐŚǁĂLJƐ͕ĂŶĚϭϬŶĞǁŚLJĚƌŽĞůĞĐƚƌŝĐƉƌŽũĞĐƚƐ͘ dŚĞƐĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝŵƉƌŽǀĞŵĞŶƚƐĂƌĞƐƵƌĞƚŽĂĨĨŽƌĚƚŚĞƉƌŽũĞĐƚ ĞŶŽƌŵŽƵƐ ĐĂƉŝƚĂůĂĚǀĂŶƚĂŐĞƐĂƐŝƚŵŽǀĞƐ ƚŽǁĂƌĚ ĨĞĂƐŝďŝůŝƚLJ ŽǀĞƌ ƚŚĞ ĐŽŵŝŶŐ LJĞĂƌƐ͘ ŽŵƉůĞƚŝŽŶ ŽĨĂ ŶĞǁĂĐĐĞƐƐ ƌŽĂĚ ƚŽůƉĂůĂ ĂŵƉǀŝĂƚŚĞǀŝůůĂŐĞŽĨ^ĂŶƚĂĞĐŝůŝĂŝŶĐŽͲŽƉĞƌĂƚŝŽŶďĞƚǁĞĞŶƚŚĞƉƌŽǀŝŶĐŝĂůŐŽǀĞƌŶŵĞŶƚĂŶĚƚŚĞůŽĐĂůĐŽŵŵƵŶŝƚLJŝƐƉƌŽǀŝĚŝŶŐǀŝƚĂů ŽƉĞƌĂƚŝŽŶĂůĂĚǀĂŶƚĂŐĞƐƚŽƚŚĞƉƌŽũĞĐƚ͘

EŽƌƚŚĞƌŶĐƵĂĚŽƌůŝĞƐǁŝƚŚŝŶƚŚĞƵŶĚĞƌͲĞdžƉůŽƌĞĚŶŽƌƚŚĞƌŶƐĞĐƚŝŽŶŽĨƚŚĞƌŝĐŚůLJĞŶĚŽǁĞĚŶĚĞĂŶŽƉƉĞƌĞůƚ͕ǁŚŝĐŚĞdžƚĞŶĚƐĨƌŽŵ ŚŝůĞŝŶƚŚĞƐŽƵƚŚƚŽŽůŽŵďŝĂŝŶƚŚĞŶŽƌƚŚĂŶĚƚŚĞŶŶŽƌƚŚͲǁĞƐƚŝŶƚŽWĂŶĂŵĂ͘dŚĞƚĞŶĞŵĞŶƚůŝĞƐŽŶƚŚĞŵĂƌŐŝŶŽĨƚŚĞŽĐĞŶĞĂŶĚ DŝŽĐĞŶĞŵĞƚĂůůŽŐĞŶŝĐďĞůƚƐǁŚŝĐŚĂƌĞƌĞŶŽǁŶĞĚ ĨŽƌŚŽƐƚŝŶŐƐŽŵĞŽĨƚŚĞǁŽƌůĚ͛ƐůĂƌŐĞƐƚƉŽƌƉŚLJƌLJĐŽƉƉĞƌĂŶĚŐŽůĚĚĞƉŽƐŝƚƐ͕ůŝŬĞ ƚŚĞŐŝĂŶƚ>ĂƐĐŽŶĚŝĚĂŽƉƉĞƌDŝŶĞŝŶŚŝůĞ͕ǁŚŝĐŚŝƐƚŚĞǁŽƌůĚΖƐůĂƌŐĞƐƚƉƌŽĚƵĐĞƌŽĨĐŽƉƉĞƌĂŶĚŚŽƐƚĞĚǁŝƚŚŝŶƚŚĞƐĂŵĞĂŐĞŚŽƐƚ ƌŽĐŬƐĂƐĂƐĐĂďĞů͘

ŶƵŵďĞƌŽĨŐůŽďĂůůLJƐŝŐŶŝĨŝĐĂŶƚĚĞƉŽƐŝƚƐŚĂǀĞďĞĞŶĚŝƐĐŽǀĞƌĞĚŝŶƚŚĞƌĞŐŝŽŶ͕ƐŽŵĞŽĨǁŚŝĐŚĂƌĞďĞĐŽŵŝŶŐŵŝŶĞƐ͘dŚĞƐĞŝŶĐůƵĚĞ ƚŚĞ :ƵŶŝŶ ĐŽƉƉĞƌ ƉƌŽũĞĐƚ ;ϵϴϮ ŵŝůůŝŽŶ ƚŽŶŶĞƐ Ăƚ Ϭ͘ϴϵй ƵͿ͕ ůŽĐĂƚĞĚ ƐŽŵĞ ϲϬ Ŭŵ ƚŽ ƚŚĞ ƐŽƵƚŚͲǁĞƐƚ ŽĨ ĂƐĐĂďĞů͕ ƚŚĞ >Ă ŽůŽƐĂ ƉŽƌƉŚLJƌLJĚĞƉŽƐŝƚ;ϵϬϱŵŝůůŝŽŶƚŽŶŶĞƐĂƚϬ͘ϵϮŐͬƚƵͿůŽĐĂƚĞĚƚŽƚŚĞŶŽƌƚŚŝŶŽůŽŵďŝĂĂŶĚƚŚĞŵĂƐƐŝǀĞŽďƌĞWĂŶĂŵĂĚĞƉŽƐŝƚ;ϯ͘ϯ ďŝůůŝŽŶ ƚŽŶŶĞĂƚϬ͘ϯϲйƵͿ ůŽĐĂƚĞĚ ƚŽ ƚŚĞ ŶŽƌƚŚŝŶWĂŶĂŵĂǁŚŝĐŚ ĐŽŶƚĂŝŶƐ ŽǀĞƌϮϲŵŝůůŝŽŶ ŽƵŶĐĞƐ ŽĨŐŽůĚ͘ dŚĞ&ƌƵƚĂ ĚĞůEŽƌƚĞ ƉƌŽũĞĐƚŝŶƐŽƵƚŚĞƌŶĐƵĂĚŽƌŝƐĂŵŽŶŐƚŚĞůĂƌŐĞƐƚĂŶĚŚŝŐŚĞƐƚŐƌĂĚĞƵŶĚĞǀĞůŽƉĞĚŐŽůĚƉƌŽũĞĐƚƐŝŶƚŚĞǁŽƌůĚ;Ϯϯ͘ϱŵŝůůŝŽŶƚŽŶŶĞƐĂƚ ϵ͘ϱϵŐͬƚƵͿĂŶĚŚŝŐŚůŝŐŚƚƐƚŚĞƉĞĚŝŐƌĞĞŽĨƉŽƚĞŶƚŝĂůǁŝƚŚŝŶƚŚĞĐŽƵŶƚƌLJ͘

dŚĞƉƌŽũĞĐƚŝƐůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞŽƌĚŝůůĞƌĂKĐĐŝĚĞŶƚĂů;ŽƌtĞƐƚĞƌŶŽƌĚŝůůĞƌĂͿŽĨƚŚĞĐƵĂĚŽƌŝĂŶŶĚĞƐ͘ĂƐĞŵĞŶƚƌŽĐŬƐĐŽŶƐŝƐƚŽĨ ŽĐĞĂŶ ĨůŽŽƌ ďĂƐĂůƚƐ ĂŶĚ ƐĞĚŝŵĞŶƚƐ ŽĨ ƌĞƚĂĐĞŽƵƐ ĂŐĞ͘ ,ŝŐŚͲůĞǀĞů ŽĐĞŶĞ ;ĂŶĚ ƉŽƐƐŝďůLJ >ĂƚĞͲDŝŽĐĞŶĞͿ ďĂƚŚŽůŝƚŚƐ ĂŶĚ ĂƐƐŽĐŝĂƚĞĚ ŐƌĂŶŝƚĞ͕ ŐƌĂŶŽĚŝŽƌŝƚĞ ĂŶĚ ĚŝŽƌŝƚĞ ďŽĚŝĞƐ ŝŶƚƌƵĚĞ ǀŽůĐĂŶŝĐ ĂŶĚ ƐĞĚŝŵĞŶƚĂƌLJ ƌŽĐŬƐ ŽĨ ƌĞƚĂĐĞŽƵƐ ƚŽ dĞƌƚŝĂƌLJ ĂŐĞ͘ dŚĞ ƌĞŐŝŽŶĂů ĐŽŶƚƌŽůƐƚŚĂƚůŽĐĂůŝƐĞŐŽůĚĂŶĚĐŽƉƉĞƌŵŝŶĞƌĂůŝƐĂƚŝŽŶĂƚĂƐĐĂďĞůĂƌĞŝŶƚŝŵĂƚĞůLJƌĞůĂƚĞĚǁŝƚŚƚŚĞƚŚƌĞĞͲĚŝŵĞŶƐŝŽŶĂůŝŶƚĞƌĂĐƚŝŽŶŽĨ ĚĞĞƉ ƐĞĂƚĞĚEͲƚƌĞŶĚŝŶŐϭƐƚ ŽƌĚĞƌ ;ĂƌĐͲƉĂƌĂůůĞůͿ ƐƚƌƵĐƚƵƌĞƐ͕ǁŝƚŚEtͲƚƌĞŶĚŝŶŐϮŶĚ ŽƌĚĞƌ ;ĂƌĐͲŶŽƌŵĂůͿ ĨĂƵůƚƐ͕ ĂŶĚEEtͲƚƌĞŶĚŝŶŐ ϯƌĚŽƌĚĞƌƐƚƌƵĐƚƵƌĞƐ͘

Zs/tK& KWZd/KE^;ĐŽŶƚŝŶƵĞĚͿ

ĐƵĂĚŽƌ;ĐŽŶƚŝŶƵĞĚͿ

ĂƐĐĂďĞů WƌŽũĞĐƚ;ĐŽŶƚŝŶƵĞĚͿ

tŝƚŚŝŶ ƚŚĞ ĂƐĐĂďĞů ĐŽŶĐĞƐƐŝŽŶ͕ ǀŽůĐĂŶŝĐ ĂŶĚ ƐĞĚŝŵĞŶƚĂƌLJ ƌŽĐŬƐ ĂƌĞ ŝŶƚƌƵĚĞĚ ďLJ Ă ŶƵŵďĞƌ ŽĨ YƵĂƌƚnj ĚŝŽƌŝƚĞ͕ ĚŝŽƌŝƚĞ ĂŶĚ ŚŽƌŶďůĞŶĚĞĚŝŽƌŝƚĞƐƚŽĐŬƐĂŶĚĚLJŬĞƐ͘dŚĞ^Žů'ŽůĚ ĨŝĞůĚ ƚĞĂŵƐĐŽŵƉůĞƚĞĚϭ͗ϱϬϬƐĐĂůĞ͕͞ŶĂĐŽŶĚĂ͟ƐƚLJůĞŐĞŽůŽŐŝĐĂůŵĂƉƉŝŶŐŽǀĞƌ ƚŚĞƚĞŶĞŵĞŶƚĂƌĞĂĂŶĚĂůůŚŝŐŚƉƌŝŽƌŝƚLJƉŽƌƉŚLJƌLJƚĂƌŐĞƚĐĞŶƚƌĞƐŚĂǀĞďĞĞŶĞůĞǀĂƚĞĚƚŽĚƌŝůůƌĞĂĚLJƐƚĂƚƵƐ͘

džƉůŽƌĂƚŝŽŶ,ŝŐŚůŝŐŚƚƐ

džƉůŽƌĂƚŝŽŶŽŶƚŚĞĂƐĐĂďĞůĐŽŶĐĞƐƐŝŽŶŚĂƐŝŶĐůƵĚĞĚ͗ŐĞŽůŽŐŝĐĂůŵĂƉƉŝŶŐ͕ƐƚƌĞĂŵƐŝůƚƐĂŵƉůŝŶŐ͕ƐŽŝůƐĂŵƉůŝŶŐ͕ƌŽĐŬĐŚŝƉƐĂŵƉůŝŶŐ͕ ĐŚĂŶŶĞůƐĂŵƉůŝŶŐ͕ĂŚĞůŝͲŵĂŐŶĞƚŝĐƐƵƌǀĞLJ;ǁŚŝĐŚŚĂƐďĞĞŶŵŽĚĞůůĞĚŝŶϯͿ͕ĂƌĂĚŝŽŵĞƚƌŝĐƐƵƌǀĞLJ͕Ăϯ /ŶĚƵĐĞĚWŽůĂƌŝƐĂƚŝŽŶ;/WͿĂŶĚ ŵĂŐŶĞƚŽͲƚĞůůƵƌŝĐ ;DdͿ ƐƵƌǀĞLJ͕ ĚŝĂŵŽŶĚ ĚƌŝůůŝŶŐ͕ ƉĞƚƌŽŐƌĂƉŚLJ͕ ŵŝŶĞƌĂŐƌĂƉŚLJ͕ ŵĞƚĂůůƵƌŐŝĐĂů ƐĐŽƉŝŶŐ ǁŽƌŬ͕ ƚĞƌƌĂͲƐƉĞĐ ƐƉĞĐƚƌĂů ŵĂƉƉŝŶŐ͕ĂŶĚŽƌŝĞŶƚĂƚŝŽŶĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůďĂƐĞůŝŶĞƐĂŵƉůŝŶŐ͘

džƉůŽƌĂƚŝŽŶĂĐƚŝǀŝƚLJ ƚŽ ĚĂƚĞ ŚĂƐŝĚĞŶƚŝĨŝĞĚϭϱ ƉŽƚĞŶƚŝĂů ƉŽƌƉŚLJƌLJ ĐĞŶƚƌĞƐĂƚĂƐĐĂďĞů͕ĂƚůƉĂůĂĞŶƚƌĂů͕ůƉĂůĂEŽƌƚŚǁĞƐƚ͕ůƉĂůĂ ^ŽƵƚŚĞĂƐƚ͕,ĞŵĂƚŝƚĞ,ŝůů͕ůƉĂůĂĂƐƚ͕ůƉĂůĂtĞƐƚ͕ůƉĂůĂ^ŽƵƚŚ͕DŽƌĂŶ͕dƌŝǀŝŶŝŽ͕ĂƌŵĞŶ͕ƌŝƐƚĂů͕ŐƵŝŶĂŐĂ͕dĂŶĚĂLJĂŵĂͲŵĞƌŝĐĂ͕ ĂŶĚWĂƌĂŵďĂƐ͗

džƉůŽƌĂƚŝŽŶĂĐƚŝǀŝƚŝĞƐĚƵƌŝŶŐƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϭϳŝŶĐůƵĚĞĚ͗

Ͳ ͞ŶĂĐŽŶĚĂ͟ƐƚLJůĞŐĞŽůŽŐŝĐĂůŵĂƉƉŝŶŐŝŶŬĞLJĂƌĞĂƐ͕ŝŶĐůƵĚŝŶŐĞdžƉůŽƌĂƚŝŽŶƌĞĐŽŶŶĂŝƐƐĂŶĐĞŵĂƉƉŝŶŐĂŶĚƐĂŵƉůŝŶŐ͘
Ͳ ZĞͲŵŽĚĞůůŝŶŐŽĨĐŽŶƐƚƌĂŝŶĞĚŚĞůŝͲŵĂŐŶĞƚŝĐ͕KƌŝŽŶϯ/WĂŶĚŵĂŐŶĞƚŽͲƚĞůůƵƌŝĐ ;DdͿƐƵƌǀĞLJƐĂƚůƉĂůĂĂŶĚŐƵŝŶĂŐĂƵƐŝŶŐ ĚĂƚĂĐŽůůĞĐƚĞĚĨƌŽŵŵĂŐŶĞƚŝĐƐƵƐĐĞƉƚŝďŝůŝƚLJŽĨĚƌŝůůĐŽƌĞĂŶĚŵĂŐŶĞƚŝĐƐƵƐĐĞƉƚŝďŝůŝƚLJŽĨƌŽĐŬŽƵƚĐƌŽƉƐĂƚƐĂƚĞůůŝƚĞƉƌŽƐƉĞĐƚƐ
Ͳ ŝĂŵŽŶĚĚƌŝůůŝŶŐŽĨŚŽůĞƐϭϴƚŽϮϳĂƚůƉĂůĂ͕ĨŽƌĂƚŽƚĂůŽĨϭϰ͕ϴϴϰŵ͘
Ͳ hƉŐƌĂĚĞĂŶĚĞdžƉĂŶƐŝŽŶŽĨƚŚĞůƉĂůĂĨŝĞůĚĐĂŵƉĂŶĚƚŚĞZŽĐĂĨƵĞƌƚĞĨŝĞůĚŽĨĨŝĐĞĂŶĚĐŽƌĞŚĂŶĚůŝŶŐĂŶĚƐƚŽƌĂŐĞĨĂĐŝůŝƚŝĞƐ͘
Ͳ WĞƚƌŽŐƌĂƉŚŝĐǁŽƌŬŽŶĚƌŝůůĐŽƌĞ͕ĐŽŶĨŝƌŵŝŶŐŝŶƚƌƵƐŝǀĞůŝƚŚŽůŽŐŝĞƐ͕ŵŝŶĞƌĂůŝƐĂƚŝŽŶƐƚLJůĞƐ͕ƉĂƌĂŐĞŶĞƐŝƐ͕ĂŶĚĂůƚĞƌĂƚŝŽŶƚLJƉĞƐ͘
Ͳ DŝŶĞƌĂŐƌĂƉŚLJĂŶĚŵĞƚĂůůƵƌŐŝĐĂůƐĐŽƉŝŶŐǁŽƌŬ͘
Ͳ ^ƉĞĐƚƌĂůĂůƚĞƌĂƚŝŽŶŵĂƉƉŝŶŐ͕ƐŽŝůŐƌŝĚĚŝŶŐ͕ĂŶĚĨŽůůŽǁͲƵƉĚĞĞƉĂƵŐĞƌŵĂƉƉŝŶŐ͘ &ƵƌƚŚĞƌƌĞĨŝŶŝŶŐƚĂƌŐĞƚƐŝĚĞŶƚŝĨŝĞĚ͘
Ͳ KŶŐŽŝŶŐĞŶǀŝƌŽŶŵĞŶƚĂůŵĂŶĂŐĞŵĞŶƚǁŝƚŚƐƚƌŝĐƚĂĚŚĞƌĞŶĐĞƚŽŐƵŝĚĞůŝŶĞƐƉƌŽǀŝĚĞĚďLJƚŚĞDŝŶŝƐƚƌLJŽĨŶǀŝƌŽŶŵĞŶƚ͘
Ͳ ^ƵďŵŝƐƐŝŽŶŽĨĂŶŶƵĂůƚĞĐŚŶŝĐĂůĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůŵĂŶĂŐĞŵĞŶƚƌĞƉŽƌƚƐ͘
Ͳ ŚLJďƌŝĚ͞^ƉĂƌƚĂŶͲKƌŝŽŶ͟ϯ Ds /WƐƵƌǀĞLJŝƐĐƵƌƌĞŶƚůLJƵŶĚĞƌǁĂLJ
Ͳ >ŝĚĂƌƚŽƉŽŐƌĂƉŚŝĐĐŽŶƚƌŽůƐƵƌǀĞLJŝƐĐƵƌƌĞŶƚůLJĨŝŶĂůƉůĂŶŶŝŶŐƐƚĂŐĞƐ͘

dŚĞƌĞƐƵůƚƐŽĨŚŽůĞƐĐŽŵƉůĞƚĞĚĂŶĚĂƐƐĂLJĞĚƚŽĚĂƚĞŚĂǀĞƉƌŽĚƵĐĞĚƐŽŵĞŽĨƚŚĞŐƌĞĂƚĞƐƚĚƌŝůůŚŽůĞŝŶƚĞƌĐĞƉƚƐŝŶƉŽƌƉŚLJƌLJĐŽƉƉĞƌͲ ŐŽůĚĞdžƉůŽƌĂƚŝŽŶŚŝƐƚŽƌLJͲĐŽŶƐŝƐƚŝŶŐŽĨŽǀĞƌϭŬŵŽĨĐŽŶƚŝŶƵŽƵƐŵŝŶĞƌĂůŝƐĂƚŝŽŶŐƌĂĚŝŶŐŽǀĞƌϭйĐŽƉƉĞƌĞƋƵŝǀĂůĞŶƚ͘ƌŝůůŚŽůĞ^Ͳ ϭϱͲϬϭϮ ĨŽƌ ĞdžĂŵƉůĞ͕ ƌĞƚƵƌŶĞĚ ŽŶĞ ŽĨ ƚŚĞ ďĞƐƚ ƌĞƐƵůƚƐ ŝŶ ƚŚĞ ŚŝƐƚŽƌLJ ŽĨ ŵŝŶĞƌĂů ĞdžƉůŽƌĂƚŝŽŶ͕ ǁŝƚŚ ϭϬϰϰŵ ŐƌĂĚŝŶŐ ϭ͘Ϯϭй ĐŽƉƉĞƌ ĞƋƵŝǀĂůĞŶƚ;Ϭ͘ϳϰйƵ͕Ϭ͘ϳϰŐͬƚƵͿ͘ dŚĞĂǀĞƌĂŐĞŐƌĂĚĞŽĨĂůůŵĞƚƌĞƐĚƌŝůůĞĚƚŽĚĂƚĞŽŶƚŚĞƉƌŽũĞĐƚĐƵƌƌĞŶƚůLJƐƚĂŶĚƐĂƚϬ͘ϯϭйĐŽƉƉĞƌ ĂŶĚϬ͘ϮϲŐͬƚŐŽůĚ͘

WƌĞǀŝŽƵƐĞdžƉůŽƌĂƚŝŽŶŽĨ ƚŚĞƉƌŽũĞĐƚĂƌĞĂ͕ĞdžƚĞŶĚŝŶŐ ĨƌŽŵϭϵϴϬ ƚŽϮϬϭϭ͕ ĨŽĐƵƐƐĞĚŽŶ ƚŚĞƐŽƵƌĐĞŽĨŐŽůĚ͕ĐŽƉƉĞƌ͕ůĞĂĚĂŶĚnjŝŶĐŝŶ ƐƚƌĞĂŵƐĞĚŝŵĞŶƚƐ͕ǁŚŝĐŚůĞĚƚŽƚŚĞůŽĐĂƚŝŽŶŽĨŐŽůĚͲďĞĂƌŝŶŐƉŽůLJŵĞƚĂůůŝĐĞƉŝƚŚĞƌŵĂůƋƵĂƌƚnjǀĞŝŶƐŝŶƐƚƌĞĂŵƐƚŚĂƚĨůĂŶŬƚŚĞůƉĂůĂ ĚĞƉŽƐŝƚ͘ ^Žů'ŽůĚWůĐ͘ƚŽŽŬĂŶŝŶƚĞƌĞƐƚŝŶƚŚĞƚĞŶĞŵĞŶƚ͕ƐŝŐŶĞĚĂĚĞĂůǁŝƚŚŽƌŶĞƌƐƚŽŶĞĂŶĚĂƐƐƵŵĞĚŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞƉƌŽũĞĐƚŝŶ Ɖƌŝů ϮϬϭϮ͘ /Ŷ DĂLJ ϮϬϭϮ͕ ^Žů'ŽůĚ ŐĞŽůŽŐŝƐƚƐ ŝŶƚĞƌƉƌĞƚĞĚ ĂůƚĞƌĂƚŝŽŶ ǀĞĐƚŽƌƐ ůĞĂĚŝŶŐ ƐŽƵƚŚǁĞƐƚ ŽĨ DŽƌĂŶ ƌĞĞŬ ǁŚĞƌĞ ƉƌĞǀŝŽƵƐ ǁŽƌŬĞƌƐ ĨŽĐƵƐĞĚĞdžƉůŽƌĂƚŝŽŶ͘ ƵƌŝŶŐ ƚŚĞ ĨŝƌƐƚŵŽŶƚŚŽĨ ƌĞĐŽŶŶĂŝƐƐĂŶĐĞŵĂƉƉŝŶŐĂůŽŶŐůƉĂůĂƌĞĞŬΕϴϬŵǁŝĚĞnjŽŶĞŽĨĐŽƉƉĞƌͲ ĂŶĚ ŐŽůĚͲďĞĂƌŝŶŐ͕ ƐŚĞĞƚĞĚ͕ ƉŽƌƉŚLJƌLJͲƐƚLJůĞ ƋƵĂƌƚnj ǀĞŝŶƐ ǁĂƐ ĚŝƐĐŽǀĞƌĞĚ͘ džƉůŽƌĂƚŝŽŶ ŚĂƐ ƐŚŽǁŶ ƚŚĂƚ ƚŚŝƐ ƐŵĂůů ƐƚƌĞĂŵ ŽƵƚĐƌŽƉ ĨŽƌŵƐ ƚŚĞ ƵƉƉĞƌ ƉŽƌƚŝŽŶ ŽĨ Ă ĐůƵƐƚĞƌ ŽĨ ƉŽƌƉŚLJƌLJ ƚĂƌŐĞƚƐ ƚŚĂƚĞdžƚĞŶĚƐ ŽǀĞƌϮ͘Ϯ Ŭŵ ŶŽƌƚŚǁĞƐƚ ďLJϭ͘ϭ Ŭŵ ŶŽƌƚŚĞĂƐƚ͕ ƚĞƌŵĞĚ ƚŚĞ ŐƌĞĂƚĞƌůƉĂůĂƉŽƌƉŚLJƌLJĐůƵƐƚĞƌ͘

dŚĞůƉĂůĂĚŝƐĐŽǀĞƌLJŽƵƚĐƌŽƉůŝĞƐŝŶƚŚĞĂƉƉƌŽdžŝŵĂƚĞĐĞŶƚƌĞŽĨĂϭ͘ϱŬŵďLJϮ͘ϮŬŵDŽ;хϭ͘ϰƉƉŵͿĂŶŽŵĂůLJ͘ ůƉĂůĂ͕ŐƵŝŶĂŐĂĂŶĚ dĂŶĚĂLJĂŵĂͲŵĞƌŝĐĂĂƌĞĐŚĂƌĂĐƚĞƌŝnjĞĚďLJůŽǁŶĂŶĚDŶ͕ǁŚŝĐŚǁŚĞŶŝŵĂŐĞĚĂƐƌĂƚŝŽƐǁŝƚŚƵĂŶĚDŽƉƌŽĚƵĐĞƌŽďƵƐƚĂŶŽŵĂůŝĞƐ ;Ğ͘Ő͕͘ ďƵůůƐĞLJĞƐ ĨŽƌ ŚŝŐŚ ƵͬŶ ĂŶĚ DŽͬDŶͿ͘ dŚĞ ůƉĂůĂ ƉŽƌƉŚLJƌLJ ĐůƵƐƚĞƌ ŝƐ ĐŚĂƌĂĐƚĞƌŝnjĞĚ ďLJ ĞůĞǀĂƚĞĚ Ɛ͕ ŝ͕ ^Ğ ĂŶĚ dĞ ŝŶ ƐŽŝů͘ tŚĞƌĞĂƐ͕ŐƵŝŶĂŐĂĂŶĚdĂŶĚĂLJĂŵĂͲŵĞƌŝĐĂĂƌĞůŽǁŝŶƚŚĞƐĞĞůĞŵĞŶƚƐ͘ ^ƉĞĐƚƌĂůĂŶĂůLJƐŝƐŽĨĐŚŝƉƐĨƌŽŵŐƌŝĚƐŽŝůƐĂŵƉůĞƐůĞĚƚŽƚŚĞ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨnjŽŶĞĚĐůĂLJͲŵŝĐĂĂůƚĞƌĂƚŝŽŶĂƐƐĞŵďůĂŐĞƐŽǀĞƌϮ͘ϱŬŵďLJϭ͘ϬŬŵ͕ĐĞŶƚƌĞĚŽǀĞƌƚŚĞĚŝƐĐŽǀĞƌLJŽƵƚĐƌŽƉ͘

dŚŝƐŵĂLJŝŶĚŝĐĂƚĞĂŚŝŐŚĞƌůĞǀĞůŽĨĞdžƉŽƐƵƌĞĂŶĚůĞƐƐĞƌŽƐŝŽŶĨŽƌƚŚĞůƉĂůĂĐůƵƐƚĞƌƚŚĂŶĨŽƌŐƵŝŶĂŐĂĂŶĚdĂŶĚĂLJĂŵĂͲŵĞƌŝĐĂ͘ dŚŝƐ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ ŝƐ ƐƵƉƉŽƌƚĞĚ ďLJ ƚŚĞ ŽĐĐƵƌƌĞŶĐĞ ŽĨ ŚŝŐŚͲƚĞŵƉĞƌĂƚƵƌĞ ďŝŽƚŝƚĞ ;ƉŽƚĂƐƐŝĐͿ ĂůƚĞƌĂƚŝŽŶ ŝŶ ƚŚĞ ŽƵƚĐƌŽƉƐ ĂƚŐƵŝŶĂŐĂ ĂŶĚ dĂŶĚĂLJĂŵĂͲŵĞƌŝĐĂ ĂŶĚ ůŽǁĞƌͲƚĞŵƉĞƌĂƚƵƌĞ ĐůĂLJͲŵŝĐĂ ;ƉŚLJůůŝĐ͕ ŝŶƚĞƌŵĞĚŝĂƚĞ ĂŶĚ ĂĚǀĂŶĐĞĚ ĂƌŐŝůůŝĐͿ ĂůƚĞƌĂƚŝŽŶ Ăƚ ƐƵƌĨĂĐĞ ŝŶ ƚŚĞ ůƉĂůĂĐůƵƐƚĞƌ͘

Zs/tK& KWZd/KE^;ĐŽŶƚŝŶƵĞĚͿ

ĐƵĂĚŽƌ;ĐŽŶƚŝŶƵĞĚͿ

ĂƐĐĂďĞů WƌŽũĞĐƚ;ĐŽŶƚŝŶƵĞĚͿ

džƉůŽƌĂƚŝŽŶ,ŝŐŚůŝŐŚƚƐ;ĐŽŶƚŝŶƵĞĚͿ

dŚĞ ĐŽŵƉůĞƚŝŽŶ ŽĨϯϰ ĚŝĂŵŽŶĚ ĐŽƌĞ ŚŽůĞƐ ŽǀĞƌ Ă ϮϮϬϬŵ ďLJϳϬϬŵ ƐƵƌĨĂĐĞ ĂƌĞĂ ĂůŽŶŐ ĂŶϭϴϬϬŵ ĚĞĞƉ ǀĞƌƚŝĐĂů ĐŽůƵŵŶ ŚĂƐ ŶŽǁ ĚĞĨŝŶĞĚĂŶŽƌƚŚǁĞƐƚĞƌůLJͲƚƌĞŶĚŝŶŐ͕ƐƚĞĞƉůLJŶŽƌƚŚĞĂƐƚͲĚŝƉƉŝŶŐnjŽŶĞŽĨŵƵůƚŝͲƉŚĂƐĞƉŽƌƉŚLJƌLJƐƚLJůĞƐƚŽĐŬͲǁŽƌŬǀĞŝŶŝŶŐĂŶĚĂƐƐŽĐŝĂƚĞĚ ƉŚĂƐĞƐ ŽĨ ĚŝŽƌŝƚĞ ƚŽ ƋƵĂƌƚnj ĚŝŽƌŝƚĞ ƐƚŽĐŬƐĂŶĚ ĚLJŬĞƐ͘ dŚŝƐŝŶƚƌƵƐŝǀĞ ĐŽŵƉůĞdžŝƐ ŚŽƐƚĞĚ ďLJĂ ƐĞƋƵĞŶĐĞ ŽĨĂŶĚĞƐŝƚŝĐ ǀŽůĐĂŶŽĐůĂƐƚŝĐ ƌŽĐŬƐĂŶĚůĂǀĂƐ͘ dŚĞŚŽƐƚͲƌŽĐŬƐĂƌĞŵĂƉƉĞĚĂƐƚŚĞKůŝŐŽĐĞŶĞƚŽĂƌůLJDŝŽĐĞŶĞ^ĂŶ:ƵĂŶĚĞ>ĂĐŚĂƐ&ŽƌŵĂƚŝŽŶ͕ŚŽǁĞǀĞƌ͕ĂŐĞĚĂƚĞ ĐŽŶƐƚƌĂŝŶƚƐĨƌŽŵƐƚƵĚŝĞƐĐŽŶĚƵĐƚĞĚďLJ^Žů'ŽůĚƐƵŐŐĞƐƚƚŚĂƚƚŚĞůŽǁĞƌƉŽƌƚŝŽŶŽĨƚŚŝƐƐĞƋƵĞŶĐĞǁĂƐĚĞƉŽƐŝƚĞĚŝŶƚŚĞŽĐĞŶĞ͘

dŚĞŐĞŽŵĞƚƌLJĂŶĚŶĂƚƵƌĞŽĨƚŚĞŵŝŶĞƌĂůŝƐĂƚŝŽŶĂƚůƉĂůĂŝƐŶŽǁƋƵŝƚĞǁĞůůƵŶĚĞƌƐƚŽŽĚ͘ƚŽƚĂůŽĨϭϳƉŚĂƐĞƐŽĨŝŶƚƌƵƐŝŽŶĂƌĞĚĞĨŝŶĞĚ ŽŶ ƚŚĞďĂƐŝƐŽĨĐŽŵƉŽƐŝƚŝŽŶĂŶĚƌĞůĂƚŝǀĞ ƚŝŵŝŶŐͲƌĞůĂƚŝŽŶƐŚŝƉƐǁŝƚŚƉŽƌƉŚLJƌLJͲƌĞůĂƚĞĚǀĞŝŶͲƐƚĂŐĞƐ͘ WƌĞͲŵŝŶĞƌĂůŝƐĂƚŝŽŶǀŽůĐĂŶŽŐĞŶŝĐ ĂŶĚ͞ϭϬ͟ĚŝŽƌŝƚĞŚŽƐƚƌŽĐŬƐ͕ĂƌĞŝŶƚƌƵĚĞĚďLJƵƉǁĂƌĚƚĂƉĞƌŝŶŐŝŶƚƌƵƐŝŽŶƐŽĨĞĂƌůLJƉƌĞͲƚŽƐLJŶͲŵŝŶĞƌĂů͞YϭϬ͟ƋƵĂƌƚnjĚŝŽƌŝƚĞ͕ǁŚŝĐŚ ĂƌĞĂůůƐƵďƐĞƋƵĞŶƚůLJŝŶƚƌƵĚĞĚďLJŝŶƚƌĂͲŵŝŶĞƌĂů͞ϭϱ͟ĚŝŽƌŝƚĞĂŶĚ͞Yϭϱ͟ƋƵĂƌƚnjĚŝŽƌŝƚĞ͕ĐƵƚůĂƚĞƌďLJůĂƚĞͲŵŝŶĞƌĂůŝƐĂƚŝŽŶĚŝŬĞƐĂŶĚ ďƌĞĐĐŝĂďŽĚŝĞƐ͘ĂĐŚŝŶƚƌƵƐŝǀĞƉŚĂƐĞŚĂƐŝƚƐŽǁŶƐĞƚŽĨƋƵĂƌƚnjǀĞŝŶŝŶŐ͕ĂŶĚƚŚĞŝŶƚŝŵĂƚĞĂƐƐŽĐŝĂƚŝŽŶďĞƚǁĞĞŶ͟͞ͲƚLJƉĞƋƵĂƌƚnjǀĞŝŶ ĂďƵŶĚĂŶĐĞ͕ǁŝƚŚŽƉƉĞƌƋƵŝǀĂůĞŶƚŐƌĂĚĞƐĐŽŶƚŝŶƵĞƐƚŽƉƌŽǀĞĂŶĞĨĨŝĐŝĞŶƚƚĂƌŐĞƚŝŶŐƚŽŽů͘

sĞƌLJŚŝŐŚŐƌĂĚĞƐŚĂǀĞďĞĞŶĞŶĐŽƵŶƚĞƌĞĚĂƚƚŚĞĐƵƉŽůĂŽĨĂŶƵŵďĞƌŽĨĞĂƌůLJ͞YϭϬ͟ƋƵĂƌƚnjͲĚŝŽƌŝƚĞƐŽƵƌĐĞŝŶƚƌƵƐŝŽŶƐ͘

ŐĞĚĂƚŝŶŐŽŶnjŝƌĐŽŶƐŝŶŵŝŶĞƌĂůŝƐĞĚŝŶƚƌƵƐŝŽŶƐƌĞƚƵƌŶĞĚϯϴ͘ϳнϬ͘ϲDĂ͕ǁŚŝĐŚůŝĞƐŶĞĂƌƚŚĞďŽƵŶĚĂƌLJŽĨƚŚĞDŝĚĚůĞͲƚŽ>ĂƚĞͲŽĐĞŶĞ͘ dŚĞƉŽƌƉŚLJƌLJͲƌĞůĂƚĞĚǀĞŝŶƚLJƉĞƐĂŶĚƉĂƌĂŐĞŶĞƐŝƐĂƚůƉĂůĂŝŶĚŝĐĂƚĞĂƐLJƐƚĞŵĂƚŝĐƉƌŽŐƌĞƐƐŝŽŶŝŶƚŝŵĞĂŶĚĐůĂƐƐŝĐĂůƉŽƌƉŚLJƌLJͲƚLJƉĞ ƋƵĂƌƚnj ǀĞŝŶƐ ĐŽŶƚĂŝŶ ƚŚĞ ŵĂũŽƌŝƚLJ ŽĨ ƚŚĞ ĐŽƉƉĞƌ ĂŶĚ ŐŽůĚ ŝŶ ƚŚĞ ĚĞƉŽƐŝƚ͘ ŚĂůĐŽƉLJƌŝƚĞͲƌŝĐŚ͕ ͲƚLJƉĞ ƐƵůƉŚŝĚĞ ǀĞŝŶƐ ĐŽŶƚĂŝŶŝŶŐ ĂĐĐĞƐƐŽƌLJďŽƌŶŝƚĞĂůƐŽĐŽŶƚĂŝŶƐŝŐŶŝĨŝĐĂŶƚĂŵŽƵŶƚƐŽĨŵĞƚĂůĂŶĚĂƌĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚĞůĞǀĂƚĞĚŐŽůĚŐƌĂĚĞƐ͘ dŚĞͲĂŶĚͲƚLJƉĞǀĞŝŶƐ ĂƌĞ ƐƉĂƚŝĂůůLJ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ŝŶƚƌƵƐŝŽŶƐ ƚŚĂƚ ƐŚŽǁ ǀĂƌŝĂďůĞ ĨĞůĚƐƉĂƌͲĚĞƐƚƌƵĐƚŝǀĞ͕ ƐĞƌŝĐŝƚĞͲĐŚůŽƌŝƚĞнĐůĂLJ ŽǀĞƌƉƌŝŶƚŝŶŐ ŽĨ ďŝŽƚŝƚĞͲ ĂĐƚŝŶŽůŝƚĞĂŶĚĐŚůŽƌŝƚĞͲĞƉŝĚŽƚĞĂůƚĞƌĂƚŝŽŶ͘

^Žů'ŽůĚ͛ƐůƉĂůĂĚĞƉŽƐŝƚĐŽŶƚŝŶƵĞƐƚŽŐƌŽǁǁŝƚŚĞĂĐŚŶĞǁĚƌŝůůŚŽůĞĂƐĚƌŝůůŝŶŐ ĨŽĐƵƐƐĞƐŽŶŚŝŐŚŐƌĂĚĞƉŽƌƉŚLJƌLJĐĞŶƚƌĞƐĂƚůƉĂůĂ EŽƌƚŚǁĞƐƚ͕ůƉĂůĂĞŶƚƌĂůĂŶĚůƉĂůĂ^ŽƵƚŚĞĂƐƚ͘KǀĞƌ ϰϰ͕ϱϬϬŵ ŽĨ ĚƌŝůůŝŶŐ ŚĂƐďĞĞŶ ĐŽŵƉůĞƚĞĚ ƚŽ ĚĂƚĞĂůŽŶŐ ƚŚĞŐƌĞĂƚĞƌůƉĂůĂ ƚƌĞŶĚ͘dŚĞƵƐĞŽĨƚŚĞĞǀŝĐŽĚƌŝůůŝŶŐƚĞĐŚŶŝƋƵĞĨŽƌĚĞǀŝĂƚĞĚƉĂƚŚŚŽůĞƐĨƌŽŵĞdžŝƐƚŝŶŐƉĂƌĞŶƚŚŽůĞƐŝƐĚĞůŝǀĞƌŝŶŐĐŽŶƐŝĚĞƌĂďůĞƐĂǀŝŶŐƐ ŝŶďŽƚŚĚƌŝůůŝŶŐŵĞƚĞƌĂŐĞĂŶĚĞdžƉĞŶĚŝƚƵƌĞ͘

dŚĞŵŝŶĞƌĂůŝƐĞĚƉŽƌƉŚLJƌLJĐŽƉƉĞƌŐŽůĚƐLJƐƚĞŵĂƚůƉĂůĂŽĐĐƵƌƐĂƚƐƵƌĨĂĐĞŽǀĞƌϮϱϬŵŝŶůĞŶŐƚŚĂŶĚϱϬŵǁŝĚƚŚĂŶĚĚƌŝůůŝŶŐƚŽĚĂƚĞ ŚĂƐŝĚĞŶƚŝĨŝĞĚŝƚƐĞdžƚĞŶƚƐĂƚ ĚĞƉƚŚ ŽǀĞƌĂ njŽŶĞϳϬϬŵŝŶůĞŶŐƚŚĂŶĚϱϱϬŵǁŝĚƚŚ ŽǀĞƌĂ ĐŽŶƚŝŶƵŽƵƐϭϴϬϬŵ ǀĞƌƚŝĐĂů ĐŽůƵŵŶ͘ dŚĞ ůŝŵŝƚƐŽĨƚŚĞůƉĂůĂĚĞƉŽƐŝƚĂƌĞŶŽƚLJĞƚĚĞĨŝŶĞĚĂŶĚĂŶĂŐŐƌĞƐƐŝǀĞĨŽƌǁĂƌĚĚƌŝůůŝŶŐƉƌŽŐƌĂŵŝƐƵŶĚĞƌǁĂLJ͘

dŚĞďĞƐƚĚƌŝůůŝŶƚĞƌĐĞƉƚƚŽĚĂƚĞŝƐϭϯϭϮŵĂƚϬ͘ϲϳйƵĂŶĚϬ͘ϲϯŐͬƚƵĨƌŽŵϭϮϴŵĚĞƉƚŚŝŶ^ͲϭϱͲϬϭϮ͕ǁŚŝĐŚŝŶĐůƵĚĞƐϱϳϲŵĂƚ ϭ͘ϬϯйƵĂŶĚ ϭ͘ϭϵŐͬƚƵ͘,ŽůĞƐϭϱZϮ͕ϭϲ͕ĂŶĚϮϯZĂůƐŽƌĞƚƵƌŶĞĚƐƉĞĐƚĂĐƵůĂƌƌĞƐƵůƚƐ͘dŚĞĚĞƉŽƐŝƚƌĞŵĂŝŶƐŽƉĞŶĂƚĚĞƉƚŚ͕ĂůŽŶŐͲ ĂŶĚ ĂĐƌŽƐƐͲƐƚƌŝŬĞ ĂŶĚ ŚĂƐ ƐŝŵŝůĂƌŝƚŝĞƐ ƚŽ ƐĞǀĞƌĂů ŐůŽďĂůůLJ ƐŝŐŶŝĨŝĐĂŶƚ ĐŽƉƉĞƌͲŐŽůĚ ĚĞƉŽƐŝƚƐ͕ ŵĂŶLJ ŽĨ ǁŚŝĐŚ ŚĂǀĞ ďĞĐŽŵĞ Žƌ ĂƌĞ ďĞĐŽŵŝŶŐŵŝŶĞƐ͘ƐƵŵŵĂƌLJŽĨĚƌŝůůŝŶŐ ƌĞƐƵůƚƐƐŚŽǁƐ ƚŚĞƐŝŐŶŝĨŝĐĂŶĐĞŽĨ ƚŚĞůĂƌŐĞŚŝŐŚͲŐƌĂĚĞƉŽƌƉŚLJƌLJƐLJƐƚĞŵďĞŝŶŐĚĞĨŝŶĞĚĂƚ ůƉĂůĂ;dĂďůĞ ϮͿ͘

&ƌŽŵ ƚŚĞ ĚƌŝůůŝŶŐ ƌĞƐƵůƚƐ Ăƚ ƚŚĞ ŐƌŽǁŝŶŐůƉĂůĂ WŽƌƉŚLJƌLJ ŽƉƉĞƌ'ŽůĚĞƉŽƐŝƚ ;ŽŶůLJͿ ǁŝƚŚŝŶ ƚŚĞ ĂƐĐĂďĞů WƌŽũĞĐƚ͕ ƚŚĞ ŽŵƉĂŶLJ ĐŽŶƐŝĚĞƌƐƚŚĞĚĞƉŽƐŝƚƚŽŚĂǀĞƐŝŐŶŝĨŝĐĂŶƚƌĞƐŽƵƌĐĞƉŽƚĞŶƚŝĂůĂŶĚƚŚĞĚĂƚĂŐĂƚŚĞƌĞĚŚĂƐƉƌŽǀŝĚĞĚƚŚĞďĂƐŝƐĨŽƌƚŚĞĞƐƚŝŵĂƚŝŽŶŽĨĂŶ ĞdžƉůŽƌĂƚŝŽŶ ƚĂƌŐĞƚ ŽǀĞƌ ƚŚĞĂƌĞĂ ĚƌŝůůĞĚ ƚŽ ĚĂƚĞ͘ /ŶŝƚŝĂůϯŵŽĚĞůůŝŶŐĂŶĚŐƌĂĚĞ ƐŚĞůůŝŶƚĞƌƉŽůĂŶƚƐ ŚĂǀĞ ŽƵƚůŝŶĞĚĂŶĂƉƉƌŽdžŝŵĂƚĞ ĞdžƉůŽƌĂƚŝŽŶƚĂƌŐĞƚĂƚůƉĂůĂƚŚĂƚƌĂŶŐĞƐĨƌŽŵϳϮϵDƚĂƚϭ͘ϬϲйĐŽƉƉĞƌĞƋƵŝǀĂůĞŶƚ͕ƵƐŝŶŐĂĐƵƚͲŽĨĨŐƌĂĚĞŽĨϬ͘ϰйĐŽƉƉĞƌĞƋƵŝǀĂůĞŶƚ͕ ƚŽϵϲϵDƚĂƚϬ͘ϵϮйĐŽƉƉĞƌĞƋƵŝǀĂůĞŶƚ͕ƵƐŝŶŐĂĐƵƚͲŽĨĨŐƌĂĚĞŽĨϬ͘ϯйĐŽƉƉĞƌĞƋƵŝǀĂůĞŶƚ͘dŚĞƐĞĞƐƚŝŵĂƚĞƐĞƋƵĂƚĞƚŽĂŶĞŶĚŽǁŵĞŶƚ ŽĨďĞƚǁĞĞŶϳ͘ϳͲϴ͘ϵDƚŽĨĐŽŶƚĂŝŶĞĚĐŽƉƉĞƌĞƋƵŝǀĂůĞŶƚ͘

Zs/tK& KWZd/KE^;ĐŽŶƚŝŶƵĞĚͿ

ĐƵĂĚŽƌ;ĐŽŶƚŝŶƵĞĚͿ

ĂƐĐĂďĞů WƌŽũĞĐƚ;ĐŽŶƚŝŶƵĞĚͿ

džƉůŽƌĂƚŝŽŶ,ŝŐŚůŝŐŚƚƐ;ĐŽŶƚŝŶƵĞĚͿ

		dŽ	/ŶƚĞƌǀĂů	Ƶ	Ƶ	Ƶ͘Ƌ	ƵƚͲŽĨĨ	ŵй		&ƌŽŵ	dŽ	/ŶƚĞƌǀĂů	Ƶ	Ƶ	Ƶ͘Ƌ	ƵƚͲŽĨĨ	ŵй
,ŽůĞ /	&ƌŽŵŵ	ŵ	ŵ	й	Őͬƚ	й	;ƵƋйͿ	;ƵƋйͿ	,ŽůĞ /	ŵ	ŵ	ŵ	й	Őͬƚ	й	;ƵƋйͿ	;ƵƋйͿ

^ͲϭϯͲϬϬϭ	ϭϬ ϭϵϬ	ϯϮϬ ϯϬϮ	ϯϭϬ ϭϭϮ	Ϭ͘ϯϵ Ϭ͘ϲϮ	Ϭ͘ϰϳ Ϭ͘ϵϬ	Ϭ͘ϲϴ ϭ͘ϭϵ	Ϭ͘ϭϬ Ϭ͘ϮϬ	ϮϭϮ͘Ϯ ϭϯϯ͘ϴ		ϱϯϴ ϵϮϰ	ϭϰϯϮ ϭϰϭϴ	ϴϵϰ ϰϵϰ		Ϭ͘ϳϴ Ϭ͘ϵϵ Ϭ͘ϴϳ ϭ͘Ϭϵ	ϭ͘ϰϭ ϭ͘ϱϲ	Ϭ͘ϯϬ Ϭ͘ϱϬ	ϭϮϱϴ͘ϱ ϳϳϬ͘ϭ
	ϮϮϰ	Ϯϵϲ	ϳϮ	Ϭ͘ϴϰ	ϭ͘ϯϴ	ϭ͘ϳϭ	Ϭ͘ϯϬ	ϭϮϯ͘Ϯ	^ͲϭϲͲϬϭϲ	ϵϯϰ	ϭϯϬϭ͘ϲ	ϯϲϳ͘ϲ		ϭ͘Ϭϭ ϭ͘ϯϱ	ϭ͘ϴϲ	ϭ͘ϬϬ	ϲϴϱ͘ϱ
	ϭϮϴ	ϰϮϬ	ϮϵϮ	Ϭ͘ϯϲ	Ϭ͘Ϯϵ	Ϭ͘ϱϱ	Ϭ͘ϮϬ	ϭϲϬ͘ϵ		ϭϬϬϮ	ϭϮϱϲ	Ϯϱϰ		ϭ͘ϭϭ ϭ͘ϱϱ	Ϯ͘Ϭϵ	ϭ͘ϱϬ	ϱϯϭ͘ϲ
^ͲϭϯͲϬϬϮ	Ϯϱϲ	ϰϮϬ	ϭϲϰ	Ϭ͘ϯϰ	Ϭ͘ϮϬ	Ϭ͘ϰϳ	Ϭ͘ϯϬ	ϳϲ͘ϯ		ϰϬϲ	ϭϮϲϰ	ϴϱϴ		Ϭ͘ϲϯ Ϭ͘ϱϱ	Ϭ͘ϵϴ	Ϭ͘ϯϬ	ϴϰϰ͘ϯ
	ϯϰϴ	ϰϬϲ	ϱϴ	Ϭ͘ϰϲ	Ϭ͘ϯϭ	Ϭ͘ϲϱ	Ϭ͘ϱϬ	ϯϳ͘ϵ		ϳϱϲ	ϭϬϱϮ	Ϯϵϲ		ϭ͘Ϭϯ ϭ͘ϭϳ	ϭ͘ϳϳ	Ϭ͘ϱϬ	ϱϮϯ͘Ϭ
^ͲϭϯͲϬϬϯ	ϴϴ ϱϴϰ	ϭϴϲ ϲϵϮ	ϵϴ ϭϬϴ	Ϭ͘ϭϲ Ϭ͘Ϯϱ	Ϭ͘Ϭϯ Ϭ͘ϭϱ	Ϭ͘ϭϳ Ϭ͘ϯϱ	Ϭ͘ϭϬ Ϭ͘ϮϬ	ϭϳ͘ϭ ϯϳ͘ϳ	^ͲϭϲͲϬϭϳ	ϴϬϴ ϴϮϴ	ϭϬϯϮ ϵϵϴ	ϮϮϰ ϭϳϬ		ϭ͘Ϯϯ ϭ͘ϰϵ ϭ͘ϰϱ ϭ͘ϴϴ	Ϯ͘ϭϳ Ϯ͘ϲϰ	Ϭ͘ϳϬ ϭ͘ϬϬ	ϰϴϱ͘ϵ ϰϰϴ͘ϴ
^ͲϭϯͲϬϬϰ	ϭϵϰ	ϯϭϴ͘ϱϭ	ϭϮϰ͘ϱϭ	Ϭ͘ϭϮ	Ϭ͘Ϭϱ	Ϭ͘ϭϱ	Ϭ͘ϭϬ	ϭϴ͘ϳ		ϴϰϲ	ϵϵϲ	ϭϱϬ		ϭ͘ϱϰ Ϯ͘Ϭϱ	Ϯ͘ϴϯ	ϭ͘ϱϬ	ϰϮϱ͘Ϯ
	ϭϮ	ϭϯϳϬ	ϭϯϱϴ	Ϭ͘ϲϭ	Ϭ͘ϱϯ	Ϭ͘ϵϰ	Ϭ͘ϭϬ	ϭϮϳϴ͘ϴ		ϵϬϰ	ϭϱϲϲ	ϲϲϮ		Ϭ͘ϳϬ Ϭ͘ϳϳ	ϭ͘ϭϵ	Ϭ͘ϯϬ	ϳϴϳ͘ϳ
	ϱϮϮ	ϭϯϲϰ	ϴϰϮ	Ϭ͘ϴϬ	Ϭ͘ϳϱ	ϭ͘Ϯϴ	Ϭ͘ϮϬ	ϭϬϳϰ͘ϳ		ϭϬϰϬ	ϭϱϱϴ	ϱϭϴ		Ϭ͘ϳϯ Ϭ͘ϳϳ	ϭ͘ϮϮ	Ϭ͘ϱϬ	ϲϯϭ͘ϯ
	ϮϮϰ	ϯϴϴ	ϭϲϰ	Ϭ͘ϰϱ	Ϭ͘Ϯϲ	Ϭ͘ϲϮ	Ϭ͘ϯϬ	ϭϬϭ͘ϲ	^ͲϭϲͲϬϭϴ	ϵϬϲ	ϵϵϮ	ϴϲ		Ϭ͘ϴϲ ϭ͘ϭϰ	ϭ͘ϱϴ	Ϭ͘ϳϬ	ϭϯϱ͘ϲ
^ͲϭϯͲϬϬϱ	ϲϰϲ ϳϲϲ	ϭϯϲϬ ϭϯϮϰ	ϳϭϰ ϱϱϴ	Ϭ͘ϴϵ ϭ͘ϬϮ	Ϭ͘ϴϳ ϭ͘Ϭϰ	ϭ͘ϰϰ ϭ͘ϲϴ	Ϭ͘ϯϬ Ϭ͘ϳϬ	ϭϬϯϬ͘Ϭ ϵϯϳ͘ϭ		ϭϬϰϬ ϭϭϳϰ	ϭϭϬϴ ϭϯϮϰ	ϲϴ ϭϱϬ		Ϭ͘ϱϳ Ϭ͘ϰϮ ϭ͘ϭϮ ϭ͘ϲϯ	Ϭ͘ϴϯ Ϯ͘ϭϱ	Ϭ͘ϳϬ ϭ͘ϬϬ	ϱϲ͘ϳ ϯϮϮ͘ϰ
	ϵϱϬ	ϭϯϭϬ	ϯϲϬ	ϭ͘ϭϰ	ϭ͘ϭϴ	ϭ͘ϴϵ	ϭ͘ϬϬ	ϲϴϭ͘ϭ		ϱϬϰ	ϭϰϵϰ	ϵϵϬ		Ϭ͘ϱϱ Ϭ͘ϯϲ	Ϭ͘ϳϴ	Ϭ͘ϯϬ	ϳϲϴ͘ϴ
	ϭϬϰϲ	ϭϮϭϮ	ϭϲϲ	ϭ͘ϰϱ	ϭ͘ϲϯ	Ϯ͘ϰϴ	ϭ͘ϱϬ	ϰϭϭ͘ϯ		ϭϬϬϰ	ϭϯϳϰ	ϯϳϬ		Ϭ͘ϲϰ Ϭ͘ϰϬ	Ϭ͘ϴϵ	Ϭ͘ϱϬ	ϯϮϵ͘Ϯ
	ϲϬϲ	ϭϰϬϭ͘ϱ	ϳϵϱ͘ϱ	Ϭ͘ϭϱ	Ϭ͘ϭϬ	Ϭ͘Ϯϭ	Ϭ͘ϭϬ	ϭϲϳ͘Ϭ	^ͲϭϲͲϬϭϵ	ϭϬϮϰ	ϭϭϳϴ	ϭϱϰ		Ϭ͘ϴϬ Ϭ͘ϱϬ	ϭ͘ϭϮ	Ϭ͘ϳϬ	ϭϳϮ͘ϱ
^ͲϭϰͲϬϬϲ	ϴϬϴ	ϭϬϯϴ	ϮϯϬ	Ϭ͘ϮϬ	Ϭ͘ϭϰ	Ϭ͘Ϯϴ	Ϭ͘ϮϬ	ϲϱ͘ϰ		ϴϴϲ	ϵϴϰ	ϵϴ		ϭ͘Ϭϲ Ϭ͘ϴϯ	ϭ͘ϱϴ	ϭ͘ϬϬ	ϭϱϰ͘ϴ
	ϭϭϬϬ	ϭϭϴϮ	ϴϮ	Ϭ͘ϮϬ	Ϭ͘ϮϮ	Ϭ͘ϯϰ	Ϭ͘ϮϬ	Ϯϳ͘ϴ		ϴϰϰ	ϭϯϰϮ͘ϰ	ϰϵϴ͘ϰ		Ϭ͘ϮϬ Ϭ͘ϭϱ	Ϭ͘ϯϬ	Ϭ͘ϭϬ	ϭϰϴ͘ϲ
	ϴϳϴ ϰϳϴ	ϵϱϮ ϭϲϳϬ	ϳϰ ϭϭϵϮ	Ϭ͘Ϯϯ Ϭ͘ϯϱ	Ϭ͘ϮϮ Ϭ͘ϭϱ	Ϭ͘ϯϳ Ϭ͘ϰϱ	Ϭ͘ϯϬ Ϭ͘ϭϬ	Ϯϳ͘ϱ ϱϯϯ͘ϴ	^ͲϭϲͲϬϮϬZ	ϵϬϴ ϵϳϮ	ϵϭϬ ϭϬϯϬ	Ϯ ϱϴ		Ϭ͘ϲϳ Ϭ͘ϯϯ Ϭ͘Ϯϰ Ϭ͘ϭϬ	Ϭ͘ϴϴ Ϭ͘ϯϭ	ŶĂ Ϭ͘ϯϬ	ϭ͘ϴ ϭϳ͘ϵ
	ϲϱϮ	ϭϲϱϬ	ϵϵϴ	Ϭ͘ϯϵ	Ϭ͘ϭϳ	Ϭ͘ϱϬ	Ϭ͘ϮϬ	ϱϬϬ͘ϭ		ϭϬϰϲ	ϭϭϬϲ	ϲϬ		Ϭ͘ϯϬ Ϭ͘ϭϯ	Ϭ͘ϯϵ	Ϭ͘ϯϬ	Ϯϯ͘ϭ
^ͲϭϰͲϬϬϳ	ϭϬϬϮ	ϭϯϰϬ	ϯϯϴ	Ϭ͘ϱϲ	Ϭ͘Ϯϵ	Ϭ͘ϳϰ	Ϭ͘ϯϬ	Ϯϱϭ͘ϰ		ϭϮϬϮ	ϭϮϰϲ	ϰϰ		Ϭ͘Ϯϳ Ϭ͘ϱϴ	Ϭ͘ϲϰ	Ϭ͘ϱϬ	Ϯϴ͘Ϯ
	ϭϬϱϲ	ϭϮϵϰ	Ϯϯϴ	Ϭ͘ϲϱ	Ϭ͘ϯϲ	Ϭ͘ϴϴ	Ϭ͘ϱϬ	ϮϬϴ͘ϴ		ϲϴϴ	ϭϱϯϮ	ϴϰϰ		Ϭ͘ϳϯ Ϭ͘ϰϯ	ϭ͘Ϭϭ	Ϭ͘ϯϬ	ϴϱϬ͘ϰ
	ϴ		ϭϯϭϬ͘ϰϱ ϭϯϬϮ͘ϰϱ	Ϭ͘ϯϯ	Ϭ͘ϯϰ	Ϭ͘ϱϱ	Ϭ͘ϭϬ	ϳϭϮ͘ϴ		ϴϯϬ	ϵϰϰ	ϭϭϰ		Ϭ͘ϵϰ Ϭ͘ϰϮ	ϭ͘ϮϬ	Ϭ͘ϳϬ	ϭϯϳ͘Ϯ
^ͲϭϰͲϬϬϴ	ϯϵϲ	ϭϯϭϬ͘ϰϱ	ϵϭϰ͘ϰϱ	Ϭ͘ϰϭ	Ϭ͘ϰϱ	Ϭ͘ϲϵ	Ϭ͘ϮϬ	ϲϯϬ͘Ϯ	^ͲϭϳͲϬϮϭ	ϭϮϳϴ	ϭϯϳϲ	ϵϴ		Ϭ͘ϱϳ Ϭ͘ϰϲ	Ϭ͘ϴϲ	Ϭ͘ϳϬ	ϴϰ͘ϱ
	ϴϲϮ ϭϮϲϰ	ϭϯϭϬ͘ϰϱ ϭϯϭϬ͘ϰϱ	ϰϰϴ͘ϰϱ ϰϲ͘ϰϱ	Ϭ͘ϱϲ Ϭ͘ϳϭ	Ϭ͘ϲϲ Ϭ͘ϳϯ	Ϭ͘ϵϴ ϭ͘ϭϳ	Ϭ͘ϱϬ ϭ͘ϬϬ	ϰϰϬ͘ϱ ϱϰ͘ϭ		ϭϯϵϲ ϵϲϰ	ϭϰϵϲ ϭϮϲϬ	ϭϬϬ Ϯϵϲ		Ϭ͘ϲϵ Ϭ͘ϰϲ Ϭ͘ϵϵ Ϭ͘ϲϰ	Ϭ͘ϵϵ ϭ͘ϰϬ	Ϭ͘ϳϬ ϭ͘ϬϬ	ϵϴ͘ϲ ϰϭϰ͘ϲ
	ϯϯϲ		ϭϳϱϳ͘ϯϱ ϭϰϮϭ͘ϯϱ	Ϭ͘ϱϰ	Ϭ͘ϲϵ	Ϭ͘ϵϳ	Ϭ͘ϭϬ	ϭϯϴϱ͘ϴ		ϭϭϱϬ	ϭϮϱϮ	ϭϬϮ		ϭ͘ϰϬ Ϭ͘ϵϰ	ϭ͘ϵϵ	ϭ͘ϱϬ	ϮϬϯ͘Ϭ
	ϱϲϬ		ϭϳϱϳ͘ϯϱ ϭϭϵϳ͘ϯϱ	Ϭ͘ϲϯ	Ϭ͘ϴϯ	ϭ͘ϭϲ	Ϭ͘ϮϬ	ϭϯϴϱ͘Ϭ		ϭϵϮ	ϭϮϱϰ	ϭϬϲϮ		Ϭ͘ϰϬ Ϭ͘ϭϴ	Ϭ͘ϱϮ	Ϭ͘ϭϬ	ϱϰϵ͘ϯ
^ͲϭϰͲϬϬϵ	ϵϳϬ	ϭϲϯϮ	ϲϲϮ	Ϭ͘ϳϱ	Ϭ͘ϵϮ	ϭ͘ϯϯ	Ϭ͘ϯϬ	ϴϳϴ͘Ϯ		ϰϰϲ	ϭϭϳϲ	ϳϯϬ		Ϭ͘ϱϮ Ϭ͘Ϯϯ	Ϭ͘ϲϲ	Ϭ͘ϯϬ	ϰϴϯ͘ϵ
	ϭϭϯϰ	ϭϱϰϮ	ϰϬϴ	ϭ͘Ϭϭ	ϭ͘ϯϮ	ϭ͘ϴϱ	Ϭ͘ϱϬ	ϳϱϯ͘ϴ		ϱϳϮ	ϲϰϬ	ϲϴ		Ϭ͘ϱϰ Ϭ͘ϭϱ	Ϭ͘ϲϯ	Ϭ͘ϱϬ	ϰϯ͘Ϭ
	ϭϭϴϰ ϭϮϬϴ	ϭϰϴϮ ϭϯϵϬ	Ϯϵϴ ϭϴϮ	ϭ͘Ϯϰ	ϭ͘ϳϮ ϭ͘ϱϵ Ϯ͘ϰϰ	Ϯ͘ϯϯ ϯ͘ϭϯ	Ϭ͘ϳϬ ϭ͘ϱϬ	ϲϵϰ͘ϱ ϱϲϴ͘ϴ	^ͲϭϳͲϬϮϮ	ϳϳϬ ϳϳϬ	ϭϭϱϰ ϵϵϲ	ϯϴϰ ϮϮϲ		Ϭ͘ϲϱ Ϭ͘ϯϰ Ϭ͘ϳϴ Ϭ͘ϯϴ	Ϭ͘ϴϳ ϭ͘ϬϮ	ŶĂ Ϭ͘ϱϬ	ϯϯϮ͘ϳ Ϯϯϭ͘ϭ
	ϯϯϲ	ϵϳϰ͘ϴϰ	ϲϯϴ͘ϴϰ		Ϭ͘ϯϮ Ϭ͘Ϯϳ	Ϭ͘ϰϵ	Ϭ͘ϭϬ	ϯϭϯ͘ϲ		ϭϬϭϴ	ϭϭϱϰ	ϭϯϲ		Ϭ͘ϱϬ Ϭ͘Ϯϵ	Ϭ͘ϲϴ	Ϭ͘ϱϬ	ϵϯ͘Ϭ
^ͲϭϱͲϬϭϬ	ϱϲϲ	ϵϳϰ͘ϴϰ	ϰϬϴ͘ϴϰ		Ϭ͘ϰϮ Ϭ͘ϯϵ	Ϭ͘ϲϲ	Ϭ͘ϯϬ	Ϯϳϭ͘ϲ		ϴϮϮ	ϵϲϲ	ϭϰϰ		Ϭ͘ϴϵ Ϭ͘ϰϱ	ϭ͘ϭϳ	ŶĂ	ϭϲϴ͘ϰ
	ϲϴϰ	ϵϬϰ	ϮϮϬ		Ϭ͘ϱϴ Ϭ͘ϱϵ	Ϭ͘ϵϲ	Ϭ͘ϱϬ	ϮϭϬ͘ϯ		ϭϬϳϲ	ϭϭϯϰ	ϱϴ		Ϭ͘ϰϴ Ϭ͘ϯϭ	Ϭ͘ϲϴ	Ϭ͘ϳϬ	ϯϵ͘ϯ
	ϱϭϮ	ϭϲϲϴ͘Ϯ	ϭϭϱϲ͘Ϯ		Ϭ͘ϰϬ Ϭ͘Ϯϱ	Ϭ͘ϱϲ	Ϭ͘ϭϬ	ϲϰϵ͘ϴ		ϴϵϲ	ϵϵϰ	ϵϴ		ϭ͘ϭϭ Ϭ͘ϱϴ	ϭ͘ϰϳ	ϭ͘ϬϬ	ϭϰϰ͘ϭ
^ͲϭϱͲϬϭϭ	ϵϵϲ	ϭϲϲϴ͘Ϯ	ϲϳϮ͘Ϯ		Ϭ͘ϱϳ Ϭ͘ϯϵ	Ϭ͘ϴϭ	Ϭ͘ϮϬ	ϱϰϲ͘ϵ		ϰϵϬ	ϭϱϮϬ	ϭϬϯϬ		Ϭ͘ϱϵ Ϭ͘ϵϬ	ϭ͘ϭϲ	Ϭ͘ϭϬ	Ϭ͘Ϭ
	ϭϭϭϬ ϵϵϲ	ϭϯϮϮ ϭϬϱϰ	ϮϭϮ ϱϴ		Ϭ͘ϲϬ Ϭ͘ϯϭ ϭ͘ϰϱ ϭ͘ϰϰ	Ϭ͘ϳϴ Ϯ͘ϯϲ	Ϭ͘ϱϬ Ϭ͘ϳϬ	ϭϲϲ͘ϯ ϭϯϳ͘Ϭ	^ͲϭϳͲϬϮϯ	ϱϰϬ ϴϯϬ	ϭϯϭϬ ϭϯϬϰ	ϳϳϬ ϰϳϰ		Ϭ͘ϳϭ ϭ͘ϭϲ Ϭ͘ϴϵ ϭ͘ϱϳ	ϭ͘ϰϰ ϭ͘ϴϴ	Ϭ͘ϯϬ Ϭ͘ϱϬ	Ϭ͘Ϭ Ϭ͘Ϭ
	ϭϰ	ϭϱϳϰ	ϭϱϲϬ		Ϭ͘ϱϵ Ϭ͘ϱϰ	Ϭ͘ϵϯ	Ϭ͘ϭϬ	ϭϰϱϰ͘ϵ		ϵϳϬ	ϭϭϴϲ	Ϯϭϲ		ϭ͘Ϯϵ Ϯ͘ϴϰ	ϯ͘Ϭϴ	ϭ͘ϱϬ	Ϭ͘Ϭ
	ϰϯϴ	ϭϰϴϮ	ϭϬϰϰ		Ϭ͘ϳϰ Ϭ͘ϳϰ	ϭ͘Ϯϭ	Ϭ͘ϯϬ	ϭϮϱϵ͘ϯ		ϲϯϲ	ϭϮϮϮ	ϱϴϲ		Ϭ͘Ϯϳ Ϭ͘Ϯϱ	Ϭ͘ϰϯ	Ϭ͘ϭϬ	Ϯϱϯ͘ϳ
^ͲϭϱͲϬϭϮ	ϴϯϰ	ϭϰϮϬ	ϱϴϲ		ϭ͘ϬϮ ϭ͘ϭϳ	ϭ͘ϳϲ	Ϭ͘ϱϬ	ϭϬϯϭ͘ϱ	^ͲϭϳͲϬϮϰ	ϳϯϴ	ϴϵϴ	ϭϲϬ		Ϭ͘ϲϯ Ϭ͘ϲϱ	ϭ͘Ϭϰ	Ϭ͘ϯϬ	ϭϲϲ͘ϳ
	ϴϳϲ	ϭϯϰϰ	ϰϲϴ		ϭ͘ϭϰ ϭ͘ϰϬ	Ϯ͘Ϭϯ	ϭ͘ϬϬ	ϵϰϴ͘ϴ		ϳϱϰ	ϭϱϯϬ	ϳϳϲ		Ϭ͘ϱϴ Ϭ͘ϯϬ	Ϭ͘ϳϳ	Ϭ͘ϯϬ	ϱϵϴ͘Ϭ
	ϭϬϬϮ ϴϲϲ	ϭϮϮϮ ϭϲϮϰ	ϮϮϬ ϳϱϴ		ϭ͘ϯϵ Ϯ͘ϬϬ Ϭ͘ϯϰ Ϭ͘ϭϲ	Ϯ͘ϲϱ Ϭ͘ϰϰ	ϭ͘ϱϬ Ϭ͘ϭϬ	ϱϴϯ͘ϵ ϯϯϯ͘ϵ	^ͲϭϳͲϬϮϱ	ϳϳϮ ϳϳϮ	ϭϬϭϬ ϴϳϮ	Ϯϯϴ ϭϬϬ		ϭ͘ϯϭ Ϭ͘ϳϬ Ϯ͘ϲϰ ϭ͘ϱϭ	ϭ͘ϳϲ ϯ͘ϱϵ	Ϭ͘ϱϬ Ϭ͘ϳϬ	ϰϭϴ͘ϭ ϯϱϵ͘ϱ
	ϴϲϴ	ϭϯϳϴ	ϱϭϬ		Ϭ͘ϰϰ Ϭ͘Ϯϭ	Ϭ͘ϱϴ	Ϭ͘ϮϬ	Ϯϵϰ͘ϯ		ϵϱϲ	ϭϴϳϱ͘ϵϱ ϵϭϵ͘ϵϱ			Ϭ͘ϰϴ Ϭ͘ϯϭ	Ϭ͘ϲϴ	Ϭ͘ϯϬ	ϲϮϱ͘ϲ
^ͲϭϱͲϬϭϯ	ϴϴϮ	ϭϯϭϮ	ϰϯϬ		Ϭ͘ϰϵ Ϭ͘Ϯϰ	Ϭ͘ϲϰ	Ϭ͘ϯϬ	Ϯϳϰ͘ϴ			ϭϬϲϲ ϭϴϳϱ͘ϵϱ ϴϬϵ͘ϵϱ			Ϭ͘ϱϬ Ϭ͘ϯϰ	Ϭ͘ϳϮ	Ϭ͘ϰϬ	ϱϴϯ͘Ϯ
	ϵϯϮ	ϭϭϮϮ	ϭϵϬ		Ϭ͘ϲϯ Ϭ͘ϯϭ	Ϭ͘ϴϮ	Ϭ͘ϳϬ	ϭϱϲ͘Ϯ	^ͲϭϳͲϬϮϲ	ϭϬϴϰ	ϭϰϰϬ	ϯϱϲ		Ϭ͘ϱϯ Ϭ͘ϯϲ	Ϭ͘ϳϱ	Ϭ͘ϱϬ	Ϯϲϳ͘Ϭ
	ϱϯϰ	ϭϴϯϬ	ϭϮϵϲ		Ϭ͘ϯϳ Ϭ͘ϯϬ	Ϭ͘ϱϱ	Ϭ͘ϭϬ	ϳϭϰ͘ϳ		ϭϰϵϮ	ϭϲϬϲ	ϭϭϰ		Ϭ͘ϰϲ Ϭ͘Ϯϳ	Ϭ͘ϲϯ	Ϭ͘ϱϬ	ϳϭ͘ϴ
	ϲϮϴ	ϭϯϵϲ	ϳϲϴ		Ϭ͘ϱϬ Ϭ͘ϰϱ	Ϭ͘ϳϵ	Ϭ͘ϯϬ	ϲϬϱ͘ϰ			ϭϲϳϮ ϭϴϳϱ͘ϵϱ ϮϬϯ͘ϵϱ			Ϭ͘ϲϯ Ϭ͘ϰϳ	Ϭ͘ϵϮ	Ϭ͘ϱϬ	ϭϴϳ͘ϲ
^ͲϭϱͲϬϭϰ	ϴϬϮ ϵϮϬ	ϭϮϴϰ ϭϭϴϬ	ϰϴϮ ϮϲϬ		Ϭ͘ϲϮ Ϭ͘ϲϰ Ϭ͘ϴϬ Ϭ͘ϵϵ	ϭ͘Ϭϯ ϭ͘ϰϯ	Ϭ͘ϱϬ Ϭ͘ϳϬ	ϰϵϱ͘ϲ ϯϳϬ͘ϲ	^ͲϭϳͲϬϮϳ	ϳϭϴ ϴϬϲ	ϭϱϮϬ ϭϭϳϴ	ϴϬϮ ϯϳϮ		Ϭ͘ϯϮ Ϭ͘ϭϰ Ϭ͘ϯϵ Ϭ͘ϭϵ	Ϭ͘ϰϭ Ϭ͘ϱϮ	Ϭ͘ϭϬ Ϭ͘ϯϬ	ϯϮϴ͘ϴ ϭϵϯ͘ϰ
	ϵϮϮ	ϭϭϴϬ	Ϯϱϴ		Ϭ͘ϴϬ Ϭ͘ϵϵ	ϭ͘ϰϯ	ϭ͘ϬϬ	ϯϲϵ͘ϭ		ϵϬϲ	ϭϭϭϴ	ϮϭϮ		Ϭ͘ϱϮ Ϭ͘Ϯϰ	Ϭ͘ϲϳ	Ϭ͘ϱϬ	ϭϰϮ͘Ϭ
	ϰϬϲ	ϭϬϰϴ͘ϰ	ϲϰϮ͘ϰ		Ϭ͘ϯϯ Ϭ͘ϭϰ	Ϭ͘ϰϮ	Ϭ͘ϮϬ	Ϯϲϳ͘ϲ
^ͲϭϱͲϬϭϱ	ϲϲϴ	ϭϬϰϴ͘ϰ	ϯϴϬ͘ϰ		Ϭ͘ϯϵ Ϭ͘ϭϰ	Ϭ͘ϰϴ	Ϭ͘ϯϬ	ϭϴϭ͘ϰ
	ϴϭϲ	ϵϭϬ	ϵϰ		Ϭ͘ϱϮ Ϭ͘ϮϬ	Ϭ͘ϲϱ	Ϭ͘ϱϬ	ϲϭ͘Ϯ
	ϯϵϰ	ϭϳϯϮ	ϭϯϯϴ		Ϭ͘ϰϵ Ϭ͘ϯϲ	Ϭ͘ϳϮ	Ϭ͘ϮϬ	ϵϲϰ͘ϵ
^ͲϭϲͲϬϭϱZϮ	ϴϵϬ ϭϮϵϮ	ϭϳϮϬ ϭϲϰϲ	ϴϯϬ ϯϱϰ		Ϭ͘ϲϯ Ϭ͘ϰϲ Ϭ͘ϴϱ Ϭ͘ϲϳ	Ϭ͘ϵϯ ϭ͘Ϯϳ	Ϭ͘ϯϬ Ϭ͘ϱϬ	ϳϲϴ͘ϵ ϰϱϭ͘Ϭ
	ϭϮϵϰ	ϭϱϭϲ	ϮϮϮ		ϭ͘Ϭϭ Ϭ͘ϴϲ	ϭ͘ϱϱ	Ϭ͘ϳϬ	ϯϰϰ͘ϱ
	ϭϯϴϮ	ϭϰϲϮ	ϴϬ		ϭ͘ϲϬ ϭ͘ϯϴ	Ϯ͘ϰϳ	ϭ͘ϬϬ	ϭϵϳ͘ϲ

dĂďůĞ Ϯ͗ ƌŝůůŝŶŐ ƌĞƐƵůƚƐ ŚŝŐŚůŝŐŚƚƐ Ăƚ ůƉĂůĂ ƚŽ ĚĂƚĞ͘ ŽƉƉĞƌ ĞƋƵŝǀĂůĞŶƚ ŐƌĂĚĞƐ ƵƐĞĚ ĂƌĞ ĐĂůĐƵůĂƚĞĚ ƵƐŝŶŐ Ă ŐŽůĚ ĐŽŶǀĞƌƐŝŽŶ ĨĂĐƚŽƌ ŽĨ Ϭ͘ϲϯ͕ ĚĞƚĞƌŵŝŶĞĚ ƵƐŝŶŐ Ă ĐŽƉƉĞƌ ƉƌŝĐĞ ŽĨ h^ ϯ͘ϬϬͬƉŽƵŶĚ ĂŶĚ Ă ŐŽůĚ ƉƌŝĐĞ ŽĨ h^ ϭϯϬϬͬŽƵŶĐĞ͘ ƌŝůů ŚŽůĞ ŝŶƚĞƌĐĞƉƚƐ ĂƌĞ ĐĂůĐƵůĂƚĞĚ ƵƐŝŶŐ Ă ĚĂƚĂ ĂŐŐƌĞŐĂƚŝŽŶ ŵĞƚŚŽĚ͕ ĚĞĨŝŶĞĚ ďLJ ĐŽƉƉĞƌ ĞƋƵŝǀĂůĞŶƚ ĐƵƚͲŽĨĨ ŐƌĂĚĞƐ ĂŶĚ ƌĞƉŽƌƚĞĚ ǁŝƚŚ ƵƉ ƚŽ ϭϬŵ ŝŶƚĞƌŶĂů ĚŝůƵƚŝŽŶ͕ ĞdžĐůƵĚŝŶŐ ďƌŝĚŐŝŶŐ ƚŽ Ă ƐŝŶŐůĞ ƐĂŵƉůĞ͘ dƌƵĞ ǁŝĚƚŚƐ ŽĨ ĚŽǁŶ ŚŽůĞ ŝŶƚĞƌƐĞĐƚŝŽŶƐ ĂƌĞ ĞƐƚŝŵĂƚĞĚ ƚŽ ďĞ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϮϱͲϱϬй͘

Zs/tK& KWZd/KE^;ĐŽŶƚŝŶƵĞĚͿ

ĐƵĂĚŽƌ;ĐŽŶƚŝŶƵĞĚͿ

ĂƐĐĂďĞů WƌŽũĞĐƚ;ĐŽŶƚŝŶƵĞĚͿ

džƉůŽƌĂƚŝŽŶ,ŝŐŚůŝŐŚƚƐ;ĐŽŶƚŝŶƵĞĚͿ

dŚĞƌĞĨĞƌĞŶĐĞƚŽƚŚĞĂƐĐĂďĞůWƌŽũĞĐƚĂƐ͞tŽƌůĚůĂƐƐ͟;ŽƌΗdŝĞƌϭΗͿŝƐĐŽŶƐŝĚĞƌĞĚƚŽďĞĂƉƉƌŽƉƌŝĂƚĞ͘ džĂŵƉůĞƐŽĨŐůŽďĂůĐŽƉƉĞƌĂŶĚ ŐŽůĚĚŝƐĐŽǀĞƌŝĞƐƐŝŶĐĞϮϬϬϲƚŚĂƚĂƌĞŐĞŶĞƌĂůůLJĐŽŶƐŝĚĞƌĞĚƚŽďĞΗtŽƌůĚůĂƐƐΗĂƌĞƐƵŵŵĂƌŝƐĞĚŝŶdĂďůĞ ϯ͘

dŚĞĂƐĐĂďĞů ĚƌŝůůŝŶŐ ƉƌŽŐƌĂŵ ŝƐ ĞdžƉĂŶĚŝŶŐ ƚŽϭϬ Ěƌŝůů ƌŝŐƐ ďLJ :ĂŶƵĂƌLJϮϬϭϴ ĂƐ Ă ƐĞĐŽŶĚ ĚƌŝůůŝŶŐ ĐŽŶƚƌĂĐƚŽƌŵŽďŝůŝƐĞƐ ůĂƌŐĞ ƚƌĂĐŬ ŵŽƵŶƚĞĚĚƌŝůůƌŝŐƐǀŝĂƐĞĂĨƌĞŝŐŚƚ͘dǁŽĨƵƌƚŚĞƌŵĂŶͲƉŽƌƚĂďůĞĚƌŝůůƌŝŐƐ;ƌŝŐƐϲĂŶĚϳͿĂƌĞĐƵƌƌĞŶƚůLJŵŽďŝůŝƐŝŶŐƚŽƐŝƚĞ͘

Rank	Operator	Property	Location	Interval (m)	Cu (%)	Au (d)	Cu.Eq (%)	m/% CuEq
	Anglo American	Los Sulphatos	Central Chile	717.0	3.60	0.00	3.60	2581
2	Codeko	Chilean Giants	Northern Chile	unknown			unknown junknown junknown	2500
3	Kennecott	Bingham Canyon	Utah, USA	unknown			unknown unknown unknown	2500
4	Newcrest Mining	Wafi-Golpu	Rapua New Guinea	1421.5	1.14	0.64	1.54	21%
5	Newcrest Mining	Wafi-Golpu	Papua New Guinea	943.5	1.44	1.28	2.25	2122
6	Imperial Metals	Red Chris	BC, Canada	1024.0	1.01	1.26	1.81	1850
	Anglo Gold Ashanti	Nuevo Chaquiri	Colombia	810.0	1.65	0.78	2.14	1736
8	Freeport McMoran	Grasberg	Irian Jaya	\$91.0	1.70	1.80	2.84	1677
9	Ivanhoe Mines	Oyu Tolgoi	Southern Mongolia	326.0	3.77	1.23	4.55	1483
10	SolGold Plc	Cascabel - Hole 12	Ecuador	1560.0	0.59	0.54	0.93	1455
Ħ	SolGold Plc	Cascabel - Hole 9	Ecuador	1197.4	0.63	0.83	1.16	1385
12	Exeter Resources	Caspiche	Northern Chile	1214.0	0.90	0.33	1.11	1346
13	SolGold Plc	Cascabel - Hole 5	Ecuador	1358.0	0.61	0.53	0.94	1279
14	Metallica	El Morro, La Fortuna Chile		780.0	0.84	1.24	1.62	1266
15	SolGold Plc	Cascabel - Hole 16	Ecuador	936.0	0.75	0.95	1.35	1266
16	Anglo American	Los Sulphatos	Central Chile	990.0	1.26	0.00	1.26	1247
17	Ivanhoe Mines	Oyu Tolgoi	Southern Mongolia	476.0	2.16	0.67	2.58	1730
18	SolGold Plc	Cascabel - Hole 238	Ecuador	1030.0	0.59	0.90	1.16	1195
19	Metallica	El Morro, La Fortuna	Chile	758.0	0.93	0.99	1.56	1179
20	Newcrest	Cadia Ridgeway	NSW, Australia	341.0	0.93	3.86	3.37	1149
21	Ivanhoe Mines	Hugo Dummet	Southern Mongolia	302.0	3.11	0.98	3.73	1126
22	Ivanhoe Mines	Oyu Toleoi	Southern Monacila	422.0	2.48	0.21	2.61	1103
23	Imperial Metals	Red Chris	Canada	1135.0	0.50	0.59	0.87	991
24	Exeter Resources	Caspiche	Northern Chile	1058.0	0.70	0.35	0.92	975
25	SolGold Plc	Cascabel - Hole 15R2	Ecuador	1402.0	0.48	0.34	0.69	974
26	Exeter Resources	Caspiche	Northern Chile	792.5	0.96	0,40	1.21	961
27	Imperial Metals	Red Chris	BC, Canada	716.3	0.79	0.74	1.26	901
28	Newsun	Timosk	Seebia	798.0	0.80	0.22	1.11	886
29	SolGold Plc	Cascabel - Hole 17	Ecuador	954.0	0.60	0.52	0.93	884
30	SolGold Plc	Cascabel - Hole 21	Ecuador	946.0	0.67	0.39	0.92	872
31	Metallica	El Morro, La Fortuna	Chile	820.0	0.59	0.73	1.05	862
32	SolGold Pic	Cascabel - Hole 19	Ecuador	1344.0	0,44	0.28	0.62	829
33	SolGold Plc	Cascabel - Hole 18	Ecuador	864.0	0.57	0.61	0.96	825
34	Seabridge Gold Inc.	KSM	Canada	1023.4	0.24	0.77	0.73	744
NOTES:		Convenion factor of 6.63 calculated from a copper price of US\$3.00/8 and a gold price US\$3.500/ils. This willfliv of downtote interval lieigths are estimated to be approximately 25% to 56%. Sources: paer review, unl.com, various company releases & broker reports, interna-com,

dĂďůĞ ϯ͗ 'ůŽďĂůůLJ ƐŝŐŶŝĨŝĐĂŶƚ ĚƌŝůůŝŶŐ ƌĞƐƵůƚƐ ĨŽƌ ĐŽƉƉĞƌ ĂŶĚ ŐŽůĚ ĚĞƉŽƐŝƚƐ͘ dŚŝƐ ƚĂďůĞ ŚĂƐ ďĞĞŶ ƌĞǀŝĞǁĞĚ ďLJ Dƌ :ĂŵĞƐ 'ŝůďĞƌƚƐŽŶŽĨ^Z< džƉůŽƌĂƚŝŽŶ^ĞƌǀŝĐĞƐ >ƚĚ͕͘ ƚŚĞŽŵƉĂŶLJΖƐŝŶĚĞƉĞŶĚĞŶƚĐŽŶƐƵůƚĂŶƚĂŶĚ ΗYƵĂůŝĨŝĞĚWĞƌƐŽŶΗ͕ĂŶĚĚŽĞƐŶŽƚ ƉƵƌƉŽƌƚƚŽďĞĞdžŚĂƵƐƚŝǀĞ͘

Zs/tK& KWZd/KE^;ĐŽŶƚŝŶƵĞĚͿ

ĐƵĂĚŽƌ;ĐŽŶƚŝŶƵĞĚͿ

ĂƐĐĂďĞů WƌŽũĞĐƚ;ĐŽŶƚŝŶƵĞĚͿ

džƉůŽƌĂƚŝŽŶ,ŝŐŚůŝŐŚƚƐ;ĐŽŶƚŝŶƵĞĚͿ

ŐƌŽƵŶĚŵĂŐŶĞƚŝĐƐƵƌǀĞLJǁĂƐĐŽŵƉůĞƚĞĚŽǀĞƌĂďŽƵƚϯϬŬŵ^Ϯ ŽĨƚŚĞĂƐĐĂďĞůƚĞŶĞŵĞŶƚŝŶƉƌŝůϮϬϭϳ͘ /ŶƚŽƚĂů͕ϲϱϬŬŵŽĨƚŽƚĂůͲĨŝĞůĚ ŵĂŐŶĞƚŝĐĚĂƚĂǁĞƌĞĂĐƋƵŝƌĞĚĨƌŽŵĞĂƐƚͲǁĞƐƚŽƌŝĞŶƚĞĚůŝŶĞƐƐƉĂĐĞĚĞǀĞƌLJϱϬŵ͘ dŚŝƐƐƵƌǀĞLJƉƌŽĚƵĐĞĚĂŶĞdžĐĞƉƚŝŽŶĂůůLJŚŝŐŚͲƋƵĂůŝƚLJ ƉƌŽĚƵĐƚ͘ dŚĞ ŐƌŽƵŶĚ ŵĂŐŶĞƚŝĐƐ ĚĂƚĂ ƐŚŽǁƐ Ă ŵĂũŽƌ njŽŶĞ ŽĨ ŵĂŐŶĞƚŝƚĞͲĚĞƐƚƌƵĐƚŝŽŶ ƚŽ ŽĐĐƵƌ ŽǀĞƌ ŵƵĐŚ ŽĨ ƚŚĞůƉĂůĂ ƉŽƌƉŚLJƌLJ ĐůƵƐƚĞƌ͘dŚŝƐ njŽŶĞŽĨŵĂŐŶĞƚŝƚĞͲĚĞƐƚƌƵĐƚŝŽŶŝƐ ƌĞůĂƚĞĚ ƚŽŝŶƚĞŶƐĞŚLJĚƌŽƚŚĞƌŵĂů ;ƉŚLJůůŝĐĂŶĚĂĚǀĂŶĐĞĚĂƌŐŝůůŝĐͿĂůƚĞƌĂƚŝŽŶ ƚŚĂƚŚĂƐ ĐŽŶǀĞƌƚĞĚ ŵĂŐŶĞƚŝƚĞ ƚŽ ƉLJƌŝƚĞ ;нŚĞŵĂƚŝƚĞͿ ĂŶĚ ĐŚĂůĐŽƉLJƌŝƚĞ ĨƌŽŵ ƐƵƌĨĂĐĞ ƚŽ ĚĞƉƚŚƐ ŽĨ ŵŽƌĞ ƚŚĂŶ ϳϱϬ ŵ͕ ĂƐ ĚĞƚĞƌŵŝŶĞĚ ĨƌŽŵ ĚƌŝůůŝŶŐ͘ĞůŽǁƚŚŝƐĚĞƉƚŚ͕ŚŝŐŚͲŐƌĂĚĞĐŽƉƉĞƌĂŶĚŐŽůĚŵŝŶĞƌĂůŝnjĂƚŝŽŶŽĐĐƵƌƐǁŝƚŚŵĂŐŶĞƚŝƚĞͲƌŝĐŚ͕ŚLJĚƌŽƚŚĞƌŵĂůůLJĂůƚĞƌĞĚŝŶƚƌƵƐŝŽŶƐ͘ dŚĞƐƵƌĨĂĐĞƉƌŽũĞĐƚŝŽŶŽĨƚŚĞĐŽƉƉĞƌĞƋƵŝǀĂůĞŶƚŵŽĚĞůƐĨŽƌϬ͘ϳйĂŶĚϭ͘ϬйĐŽŝŶĐŝĚĞǁŝƚŚƚŚĞnjŽŶĞŽĨŵĂŐŶĞƚŝƚĞͲĚĞƐƚƌƵĐƚŝŽŶ͕ǁŚŝĐŚ ƐƵŐŐĞƐƚƐƚŚĂƚƐŝŵŝůĂƌŚŝŐŚͲŐƌĂĚĞŵŝŶĞƌĂůŝnjĂƚŝŽŶŵĂLJĞdžŝƐƚĂůŽŶŐƐƚƌŝŬĞŝŶĂƌĞĂƐǁŚĞƌĞŵĂŐŶĞƚŝƚĞͲĚĞƐƚƌƵĐƚŝǀĞĂůƚĞƌĂƚŝŽŶŽĐĐƵƌƐ͘ dŚĞ ƐŝŐŶŝĨŝĐĂŶƚĂŵŽƵŶƚƐŽĨĐŽƉƉĞƌĂŶĚŐŽůĚŝŶ,ŽůĞϮϰĂƚůƉĂůĂ^ŽƵƚŚĞĂƐƚŝŶĚŝĐĂƚĞƐƚŚĂƚĐŽƉƉĞƌŵŝŶĞƌĂůŝnjĂƚŝŽŶŝƐƌĞůĂƚĞĚƚŽƚŚĞĞĂƐƚĞƌŶ ŵĂƌŐŝŶŽĨƚŚĞnjŽŶĞŽĨŵĂŐŶĞƚŝƚĞͲĚĞƐƚƌƵĐƚŝŽŶ͘

dŚĞϯŵĂŐŶĞƚŝĐŝŶǀĞƌƐŝŽŶ;Ds/ͿŵŽĚĞůƐďĂƐĞĚŽŶƚŚĞŐƌŽƵŶĚŵĂŐŶĞƚŝĐĚĂƚĂŝŶƚŚĞůƉĂůĂƌĞŐŝŽŶŵŽƐƚůLJĐŽŝŶĐŝĚĞǁŝƚŚƐƵďƐƵƌĨĂĐĞ ŵŝŶĞƌĂůŝƐĞĚĞŶǀĞůŽƉĞƐĂŶĚ ƌĞǀĞĂůĂ ŶŽƌƚŚǁĞƐƚ ƚƌĞŶĚŝŶŐůŝŶĞ ŽĨ ƐŝŐŶŝĨŝĐĂŶƚŵĂŐŶĞƚŝĐ ďŽĚŝĞƐĂƚDŽƌĂŶ͕dƌŝǀŝŶŝŽ͕ůƉĂůĂEŽƌƚŚǁĞƐƚ͕ ĂŶĚůƉĂůĂĞŶƚƌĂů͘ dŚĞ ĐĞŶƚƌĂů ďŽĚLJ ĚĞĨŝŶĞĚ ďLJ ƚŚĞϯ Ds/ŵŽĚĞůƐ ĐŽŝŶĐŝĚĞƐǁŝƚŚ ƚŚĞϭ͘Ϭй ĐŽƉƉĞƌĞƋƵŝǀĂůĞŶƚŵŽĚĞůĂƚůƉĂůĂ ĞŶƚƌĂůĂŶĚĚĞĨŝŶĞƐƚŚĞĐƵƌƌĞŶƚŐƌŽǁŝŶŐĞdžƉůŽƌĂƚŝŽŶƚĂƌŐĞƚĐŽŶĨŝƌŵĞĚďLJĚƌŝůůŝŶŐ

^ƉĂƌƚĂŶʹKƌŝŽŶŚLJďƌŝĚ͕ĚŝƐƚƌŝďƵƚĞĚ/WͬϯDdƐƵƌǀĞLJĐŽŵŵĞŶĐĞĚŝŶƵŐƵƐƚǁŝƚŚƚŚĞĂŝŵŽĨĐŽǀĞƌŝŶŐĂƐŝŵŝůĂƌĂƌĞĂĂƐƚŚĞŐƌŽƵŶĚ ŵĂŐŶĞƚŝĐƐƵƌǀĞLJ͘ dŚŝƐƐƵƌǀĞLJǁŝůůĐŽǀĞƌĂůĂƌŐĞƌĂƌĞĂƚŚĂŶƚŚĞϮϬϭϰKƌŝŽŶ/WͬϯDdƐƵƌǀĞLJĂŶĚƉƌŽǀŝĚĞŐƌĞĂƚĞƌƌĞƐŽůƵƚŝŽŶĂŶĚĚĞƉƚŚ ŽĨƉĞŶĞƚƌĂƚŝŽŶ͘ dŚĞĚĂƚĂĨƌŽŵďŽƚŚƐƵƌǀĞLJƐǁŝůůďĞŵĞƌŐĞĚ͕ǁŚĞƌĞĂƉƉƌŽƉƌŝĂƚĞ͘ dŚĞĐŽŵďŝŶĞĚĞůĞĐƚƌŝĐĂůƐƵƌǀĞLJƌĞƐƵůƚƐǁŝůůĞŶĂďůĞ ĚĞƚĞĐƚŝŽŶĂŶĚŵŽĚĞůůŝŶŐŽĨƐƵůƉŚŝĚĞƐŝŶϯ͘ ,LJĚƌŽƚŚĞƌŵĂůĂůƚĞƌĂƚŝŽŶǁŝůůĂůƐŽďĞĚĞƚĞĐƚĞĚĂŶĚŵŽĚĞůůĞĚŝŶϯďLJ^ƉĂƌƚĂŶD ƚŽ ĚĞƉƚŚƐ ŝŶ ĞdžĐĞƐƐ ŽĨ ϯ Ŭŵ͘ /Ŷ ĐŽŵďŝŶĂƚŝŽŶ ǁŝƚŚ ƚŚĞ ŐƌŽƵŶĚ ŵĂŐŶĞƚŝĐ ĚĂƚĂ͕ ƚŚŝƐ ĞůĞĐƚƌŝĐĂů ƐƵƌǀĞLJ ǁŝůů ĂůůŽǁ ƚŚĞ ĚĞůŝŶĞĂƚŝŽŶ ĂŶĚ ŵŽĚĞůůŝŶŐŽĨƐĞĐŽŶĚĂƌLJ;ŚLJĚƌŽƚŚĞƌŵĂůͿŵĂŐŶĞƚŝƚĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚĂůƚĞƌĞĚŝŶƚƌƵƐŝŽŶƐŝŶƚŚĞƉŽƌƉŚLJƌLJƐLJƐƚĞŵƐĂŶĚĂƐƐŝƐƚĞdžƉůŽƌĂƚŝŽŶ ŝŶƚŚĞƚĞŶĞŵĞŶƚĂƌĞĂ͘

ŐƵŝŶĂŐĂƉƌŽƐƉĞĐƚůŝĞƐĂůŽŶŐĂƉƌŽŵŝŶĞŶƚƚŽƉŽŐƌĂƉŚŝĐŚŝŐŚ ;ϭϲϭϱŵͿĂďŽƵƚϯŬŵƐŽƵƚŚŽĨZŽĐĂĨƵĞƌƚĞƐŝƚĞŽĨĨŝĐĞĂŶĚϭ͘ϯŬŵƚŽƚŚĞ ŶŽƌƚŚͲǁĞƐƚŽĨůƉĂůĂ͘dŚĞŝŶƚĞƌƉƌĞƚĞĚƉŽƌƉŚLJƌLJĐĞŶƚƌĞĂƚŐƵŝŶĂŐĂŽĐĐƵƌƐĂƚƚŚĞĐŽŶĨůƵĞŶĐĞŽĨĂĚĞĞƉƐĞĂƚĞĚƌĞŐŝŽŶĂůŶŽƌƚŚͲǁĞƐƚ ƚƌĞŶĚŝŶŐƐƚƌƵĐƚƵƌĞǁŝƚŚĂŵĂũŽƌŶŽƌƚŚͲĞĂƐƚƚƌĞŶĚŝŶŐůŝŶĞĂŵĞŶƚ͘ dŚŝƐŝƐƚŚĞƐĂŵĞƐƚƌƵĐƚƵƌĂůƌĞŐŝŵĞǁŝƚŚŝŶƚŚĞƐĂŵĞŚŽƐƚƌŽĐŬƐƚŚĂƚ ŚŽůĚƚŚĞƌĞĐĞŶƚůLJĚŝƐĐŽǀĞƌĞĚƉŽƌƉŚLJƌLJĚĞƉŽƐŝƚĂƚůƉĂůĂ͘

/ƚŝƐĐŚĂƌĂĐƚĞƌŝƐĞĚďLJĂĐůĂƐƐŝĐĂůϱϬϬŵdžϱϬϬŵŵĂŐŶĞƚŝĐŚŝŐŚƐƵƌƌŽƵŶĚĞĚďLJĂŶĂŶŶƵůĂƌŵĂŐŶĞƚŝĐͲůŽǁǁŚŝĐŚŚĂƐƐƚƌŽŶŐƐŝŵŝůĂƌŝƚŝĞƐ ǁŝƚŚ ƚŚĞ ĞŶŽƌŵŽƵƐůƵŵďƌĞƌĂ ĚĞƉŽƐŝƚ ŝŶ ŚŝůĞ͕ ĂƐ ǁĞůů ĂƐ ƚŚĞ'ƌĂƐďĞƌŐ ĂŶĚ ĂƚƵ,ŝũĂƵ ŵĂŐŶĞƚŝĐ ƐŝŐŶĂƚƵƌĞƐ͘ dŚŝƐ ŐĞŽŵĞƚƌLJ ŝƐ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚĂůĂƌŐĞƉŽƌƉŚLJƌLJƐLJƐƚĞŵĐŚĂƌĂĐƚĞƌŝnjĞĚďLJĂĐĞŶƚƌĂůŵĂŐŶĞƚŝĐŚŝŐŚƌĞůĂƚĞĚƚŽĂŶŝŶƚƌƵƐŝǀĞĐĞŶƚƌĞĂŶĚĂŵĂŐŶĞƚŝƚĞͲ ĚĞƐƚƌƵĐƚŝǀĞŚĂůŽĐĂƵƐĞĚďLJƉLJƌŝƚŝĐƉŚLJůůŝĐͬĂƌŐŝůůŝĐĂůƚĞƌĂƚŝŽŶ͘dŚĞƉƌĞƐĞŶĐĞŽĨĂǀĞƌLJƐƚƌŽŶŐĂŶŶƵůĂƌĐŚĂƌŐĞĂďŝůŝƚLJŚŝŐŚǁŝƚŚĂĐĞŶƚƌĂů ƚĂƉĞƌŝŶŐ ƌŽŽƚĂƚŐƵŝŶĂŐĂŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƐƵůƉŚŝĚĞͲďĞĂƌŝŶŐ͕ĚŝƐƐĞŵŝŶĂƚĞĚĂŶĚͬŽƌƐƚŽĐŬǁŽƌŬƐƚLJůĞŵŝŶĞƌĂůŝƐĂƚŝŽŶƉĞƌŝƉŚĞƌĂů ƚŽ ĂŶĚĂďŽǀĞĂƉŽƌƉŚLJƌLJƐƚŽĐŬ͘

dŚĞ ƚĞdžƚŬ ƐƚLJůĞ ĐŽŵďŝŶĂƚŝŽŶ ŽĨ ƐŽŝů ŐĞŽĐŚĞŵŝĐĂů ĂŶŽŵĂůŝĞƐ ŽǀĞƌ ƚŚĞ ƉƌŽƐƉĞĐƚ ŝƐ ƚƌĞŵĞŶĚŽƵƐůLJ ĐŽŶǀŝŶĐŝŶŐ͘ dŚĞ ƉƌĞƐĞŶĐĞ ŽĨ ĐŽŝŶĐŝĚĞŶƚ ĐŽƉƉĞƌ͕ ŐŽůĚ͕ ĂŶĚ ŵŽůLJďĚĞŶƵŵ ŝŶ ƐŽŝů ĂŶŽŵĂůŝĞƐ ƐƵƉƉŽƌƚƐ ƚŚĞ ŝŶĨĞƌƌĞĚ ƉŽƌƉŚLJƌLJ ĐĞŶƚƌĞ Ăƚ ŐƵŝŶĂŐĂ͘ dŚĞ ůŽǁ ŵĂŶŐĂŶĞƐĞ ŝŶ ƐŽŝů ƚŚĂƚ ĨůĂŶŬƐ ƚŚĞ ĐĞŶƚƌĂů ĐŽƉƉĞƌ njŽŶĞ ƚŽ ƚŚĞ ŶŽƌƚŚ ĂŶĚ ƐŽƵƚŚ ŝƐ ůŝŬĞůLJ ƚŽ ďĞ ƌĞůĂƚĞĚ ƚŽ ŝŶƚĞŶƐĞ ůĂƚĞͲƐƚĂŐĞ ŚLJĚƌŽƚŚĞƌŵĂů ĂůƚĞƌĂƚŝŽŶ͘ dŚĞ ƉƌĞƐĞŶĐĞ ŽĨ ĂŶ ĞůĞǀĂƚĞĚ njŝŶĐ ĂƵƌĞŽůĞ ƐƵƌƌŽƵŶĚŝŶŐ ƚŚŝƐ ĂƌĞĂ ŽĨ ůŽǁ ŵĂŶŐĂŶĞƐĞ ŝƐ Ă ŐĞŽĐŚĞŵŝĐĂů ƐŝŐŶĂƚƵƌĞƚŚĂƚŝƐƚLJƉŝĐĂůŽĨƚŚĞŵĞƚĂůnjŽŶĂƚŝŽŶĂƌŽƵŶĚƉŽƌƉŚLJƌLJĐŽƉƉĞƌͲŐŽůĚĚĞƉŽƐŝƚƐ͘

ZĞĐŽŶŶĂŝƐƐĂŶĐĞ ĨŝĞůĚͲǁŽƌŬŝŶŝƚŝĂůůLJůŽĐĂƚĞĚŵŝŶĞƌĂůŝƐĞĚƉŽƌƉŚLJƌŝƚŝĐĚŝŽƌŝƚĞĂůŽŶŐ ƚŚĞŶŽƌƚŚĞƌŶ ƐůŽƉĞŽĨŐƵŝŶĂŐĂ,ŝůů͘ ^ƵďƐĞƋƵĞŶƚ ĚĞƚĂŝůĞĚ͕ϭ͗ϱϬϬƐĐĂůĞ͕͞ŶĂĐŽŶĚĂ͟ƐƚLJůĞŐĞŽůŽŐŝĐĂůĂŶĚƐƚƌƵĐƚƵƌĂůŵĂƉƉŝŶŐŚĂƐůĞĚƚŽƚŚĞĚŝƐĐŽǀĞƌLJŽĨƉŽƌƉŚLJƌLJƐƚŽĐŬͲǁŽƌŬĐŽƉƉĞƌͲ ŐŽůĚŵŝŶĞƌĂůŝnjĂƚŝŽŶ ŽƵƚĐƌŽƉƉŝŶŐĂƚ ƐƵƌĨĂĐĞ͘DŝŶĞƌĂůŝƐĂƚŝŽŶŝƐĞdžƉŽƐĞĚĂůŽŶŐ ƚŚĞ ƵƉƉĞƌ ƐĞĐƚŝŽŶ ŽĨŐƵŝŶĂŐĂƌĞĞŬ͕ǁŚĞƌĞ ĐůĂƐƐŝĐ ƉŽƌƉŚLJƌLJƐƚLJůĞ͚͛ͲƚLJƉĞƋƵĂƌƚnjͲŵĂŐŶĞƚŝƚĞͲĐŚĂůĐŽƉLJƌŝƚĞͲďŽƌŶŝƚĞƐƚŽĐŬͲǁŽƌŬǀĞŝŶŝŶŐŽĐĐƵƌƐǁŝƚŚŝŶƉŽƌƉŚLJƌŝƚŝĐĚŝŽƌŝƚĞ͘

dŚĞ ŽƵƚĐƌŽƉƉŝŶŐ ŵŝŶĞƌĂůŝƐĂƚŝŽŶ ŝƐ ĂĐĐŽŵƉĂŶŝĞĚ ďLJ ƉŽƚĂƐƐŝĐ ;ďŝŽƚŝƚĞͿ ĂůƚĞƌĂƚŝŽŶ ĂŶĚ ƌĞŵĂŝŶƐ ŽƉĞŶ ƚŽ ƚŚĞ ŶŽƌƚŚ ǁŚĞƌĞ ĐƌĞĞŬ ƐĞĚŝŵĞŶƚƐĂŶĚũƵŶŐůĞůŝŵŝƚ ĨƵƌƚŚĞƌ ƐƵƌĨĂĐĞĞdžƉŽƐƵƌĞ͘ZŽĐŬͲƐĂǁ ĐŚĂŶŶĞů ƐĂŵƉůŝŶŐ ƌĞƐƵůƚƐ ŽǀĞƌ ƚŚĞĞdžƉŽƐĞĚ ŽƵƚĐƌŽƉ ƌĞƚƵƌŶĞĚĂŶ ŽƉĞŶ ĞŶĚĞĚ ŝŶƚĞƌƐĞĐƚŝŽŶ ŽĨ ϵ͘Ϭŵ Λ ϭ͘Ϭϭ й Ƶ͕ ĂŶĚ Ϭ͘ϳϵ Őͬƚ Ƶ͘ /ŶĨŝůů ƐŽŝůͲƐĂŵƉůŝŶŐ ĂůŽŶŐ ǁŝƚŚ ƐƉĞĐƚƌĂů ĂŶĂůLJƐŝƐ ŽĨ ƐŽŝů ƌŽĐŬ ĨƌĂŐŵĞŶƚƐƵƐŝŶŐĚĞĞƉŵŽƚŽƌŝƐĞĚĂƵŐĞƌŐƌŝĚĚŝŶŐŚĂƐĐŽŶĨŝƌŵĞĚƚŚĞĂůƚĞƌĂƚŝŽŶƐŝŐŶĂƚƵƌĞĂƚŐƵŝŶĂŐĂĂƐĐŽŝŶĐŝĚĞŶƚǁŝƚŚŐĞŽůŽŐŝĐĂů ĂŶĚŐĞŽĐŚĞŵŝĐĂůƚĂƌŐĞƚƐĂŶĚƚŚĞƉƌŽƐƉĞĐƚŝƐƉůĂŶŶĞĚĨŽƌĚƌŝůůƚĞƐƚŝŶŐŝŶƚŚĞĐŽŵŝŶŐLJĞĂƌ͘

Zs/tK& KWZd/KE^;ĐŽŶƚŝŶƵĞĚͿ

ĐƵĂĚŽƌ;ĐŽŶƚŝŶƵĞĚͿ

EĞǁ ŽŶĐĞƐƐŝŽŶƐ 'ƌĂŶƚĞĚĨŽƌ ϭϬϬй ^Žů'ŽůĚ ĐƵĂĚŽƌ ^ƵďƐŝĚŝĂƌŝĞƐ

ŽƵŶƚƌLJǁŝĚĞŐĞŶĞƌĂƚŝǀĞǁŽƌŬŝƐďĞŝŶŐĐŽŶĚƵĐƚĞĚŝŶŽƌĚĞƌ ƚŽĂĐƋƵŝƌĞ ƚŽƉƋƵĂůŝƚLJƉƌŽũĞĐƚƐŝŶ ƚŚŝƐĞŵĞƌŐŝŶŐŵŝŶŝŶŐĐŽƵŶƚƌLJ͘dŚĞ 'ƌŽƵƉ ŚŽůĚƐ ϯϲ ƉƌŽũĞĐƚ ĂƌĞĂƐ͕ ĐŽŵƉƌŝƐŝŶŐ ϱϵ ƚĞŶĞŵĞŶƚƐ ŐƌĂŶƚĞĚ ƚŽ ^Žů'ŽůĚΖƐ ĨŽƵƌ ůŽĐĂů ƐƵďƐŝĚŝĂƌLJ ĐŽŵƉĂŶŝĞƐ ŽĨ ǁŚŝĐŚ ϯϴ ƚĞŶĞŵĞŶƚƐǁĞƌĞŐƌĂŶƚĞĚĚƵƌŝŶŐƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϭϲĂŶĚƚŚĞĂĚĚŝƚŝŽŶĂůϮϭƚĞŶĞŵĞŶƚƐŐƌĂŶƚĞĚƐƵďƐĞƋƵĞŶƚƚŽƚŚĞ ĞŶĚŽĨƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌ͘dŚĞϱϵƚĞŶĞŵĞŶƚƐĐŽǀĞƌĂŶĂƌĞĂŽĨϮ͕ϰϵϲŬŵ^Ϯ ͘ dŚĞƐĞƚĞŶĞŵĞŶƚƐĐŽǀĞƌƚŚĞƚĂƌŐĞƚƐƉƌĞǀŝŽƵƐůLJŝĚĞŶƚŝĨŝĞĚŝŶ ƚŚĞƐƚƵĚLJŽĨƉŽƚĞŶƚŝĂůƉƌŽƐƉĞĐƚŝǀĞƉŽƌƉŚLJƌLJĐĞŶƚƌĞƐƚŚƌŽƵŐŚŽƵƚƚŚĞŶŽƌƚŚĞƌŶŶĚĞĂŶĐŽƉƉĞƌďĞůƚŝŶĐƵĂĚŽƌ͘ dĞĂŵƐŽĨĐŽŵƉĂŶLJ ŐĞŽůŽŐŝƐƚƐĂƌĞŽŶƚŚĞŐƌŽƵŶĚƚŚƌŽƵŐŚŽƵƚĐƵĂĚŽƌĐŽŶĚƵĐƚŝŶŐŝŶŝƚŝĂůďĂƐĞůŝŶĞĚĂƚĂĐŽůůĞĐƚŝŽŶĂŶĚŝĚĞŶƚŝĨLJŝŶŐƉƌŽƐƉĞĐƚŝǀĞƚĂƌŐĞƚƐĨŽƌ ĨŽůůŽǁͲƵƉĞdžƉůŽƌĂƚŝŽŶ͘

dŚĞƚĞĂŵƐĂƌĞĨŽĐƵƐƐĞĚŽŶĨŝƌƐƚƉĂƐƐĞdžƉůŽƌĂƚŝŽŶŽŶƚŚĞWŽƌǀĞŶŝƌ͕^ĂŶŶƚŽŶŝŽ͕^ŚĂƌƵŐ͕DĂĐŚŽƐ͕ŐƵƐƚŝŶĂŶĚZŝŽŵĂƌŝůůŽƉƌŽũĞĐƚƐ͘ /ŶŝƚŝĂů ŵĂƉƉŝŶŐ ĐĂŵƉĂŝŐŶƐ ŚĂǀĞ ďĞĞŶ ǀĞƌLJ ĞŶĐŽƵƌĂŐŝŶŐ ǁŝƚŚ ǁŝĚĞƐƉƌĞĂĚ ĂƌĞĂƐ ŽĨ ŚLJĚƌŽƚŚĞƌŵĂů ĂůƚĞƌĂƚŝŽŶ ŝĚĞŶƚŝĨŝĞĚ ǁŚŝĐŚ ĂƌĞ ĐŽŶƐŝĚĞƌĞĚŚŝŐŚůLJƉƌŽƐƉĞĐƚŝǀĞĨŽƌƉŽƌƉŚLJƌLJĂŶĚĞƉŝƚŚĞƌŵĂůƐƚLJůĞŵŝŶĞƌĂůŝƐĂƚŝŽŶ͘/ŶŝƚŝĂůƌŽĐŬĐŚŝƉƐĂŵƉůĞƐƚĂŬĞŶŽĨĂůƚĞƌĞĚŽƵƚĐƌŽƉƐ ŚĂǀĞ ƌĞƚƵƌŶĞĚ ǀĂůƵĞƐ ĂƐ ŚŝŐŚ ĂƐ ϭϮй Ƶ͘ ZĞŐŝŽŶĂů ŐĞŽůŽŐLJ ƚĞĂŵƐ ĂƌĞ ĐŽŵŵĞŶĐŝŶŐ ƐLJƐƚĞŵĂƚŝĐ ƐƚƌĞĂŵ ƐĞĚŝŵĞŶƚ ƐĂŵƉůŝŶŐ ĂŶĚ ƉĂŶŶĞĚ ĐŽŶĐĞŶƚƌĂƚĞ ƉƌŽŐƌĂŵƐ ŽǀĞƌ ƚŚĞ ƉƌŽƐƉĞĐƚŝǀĞ ƚĞŶĞŵĞŶƚƐ͘ &ƌŽŵ ƚŚĞ ƐƚƌĞĂŵ ĂŶĚ ƉĂŶŶĞĚ ĐŽŶĐĞŶƚƌĂƚĞ ƌĞƐƵůƚƐ͕ ŐƌŝĚĚĞĚ ƐŽŝů ƉƌŽŐƌĂŵƐǁŝůůďĞƉůĂŶŶĞĚƚŽŝĚĞŶƚŝĨLJƚĂƌŐĞƚƐƚŽďĞĚƌŝůůĞĚŝŶĚƵĞĐŽƵƌƐĞ͘

^ŽůŽŵŽŶ/ƐůĂŶĚƐ

KŶϭϬ &ĞďƌƵĂƌLJϮϬϭϳ͕ƚŚĞŽŵƉĂŶLJ;ƚŚƌŽƵŐŚŝƚƐǁŚŽůůLJŽǁŶĞĚƐƵďƐŝĚŝĂƌLJ͕ƵƐƚƌĂůŝĂŶZĞƐŽƵƌĐĞƐDĂŶĂŐĞŵĞŶƚ;ZDͿWƚLJ>ƚĚĂƉƉůŝĞĚ ĨŽƌ ƚŚĞDďĞƚŝůŽŶŐĂ ƉƌŽƐƉĞĐƚŝŶŐ ůŝĐĞŶĐĞ ;͞DďĞƚŝůŽŶŐĂƉƉůŝĐĂƚŝŽŶ͟Ϳ͕ ǁŚŝĐŚ ŝƐ ůŽĐĂƚĞĚ ŝŶ'ƵĂĚĂůĐĂŶĂů ŝŶ ƚŚĞ ^ŽůŽŵŽŶ/ƐůĂŶĚƐ͘ dŚĞ DďĞƚŝůŽŶŐĂ ƉƉůŝĐĂƚŝŽŶ ĐŽǀĞƌƐ ĂŶ ĂƌĞĂ ŽĨ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϰϲ ŬŵϮ ĂŶĚ ŝƐ ůŽĐĂƚĞĚ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϴŬŵ ƐŽƵƚŚ ŽĨ ƚŚĞ ĐĂƉŝƚĂů ŽĨ ƚŚĞ ^ŽůŽŵŽŶ/ƐůĂŶĚƐ͕,ŽŶŝĂƌĂ͘

KŶϭϯ ƉƌŝůϮϬϭϳ͕ƚŚĞŽŵƉĂŶLJ;ƚŚƌŽƵŐŚŝƚƐǁŚŽůůLJƐƵďƐŝĚŝĂƌLJ͕'ƵĂĚĂůĐĂŶĞůdžƉůŽƌĂƚŝŽŶWƚLJ>ƚĚͿĂƉƉůŝĞĚĨŽƌƚŚĞ<ƵŵĂƉƌŽƐƉĞĐƚŝŶŐ ůŝĐĞŶĐĞ;͞<ƵŵĂƉƉůŝĐĂƚŝŽŶ͟ͿǁŚŝĐŚĐŽǀĞƌƐĂŶĂƌĞĂŽĨĂƉƉƌŽdžŝŵĂƚĞůLJϱϬŬŵϮĂŶĚŝƐůŽĐĂƚĞĚĂƉƉƌŽdžŝŵĂƚĞůLJϯϳŬŵƐŽƵƚŚͲĞĂƐƚŽĨƚŚĞ ĐĂƉŝƚĂůŽĨƚŚĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐ͕,ŽŶŝĂƌĂ͘

dŚĞ ĞdžĐŝƚŝŶŐ <ƵŵĂ ƉƌŽũĞĐƚ ŝŶ 'ƵĂĚĂůĐĂŶĂů ŚĂƐ ĞŵĞƌŐĞĚ ĂƐ Ă ƐŝŐŶŝĨŝĐĂŶƚ ƉŽƌƉŚLJƌLJ ĐŽƉƉĞƌͲŐŽůĚ ƚĂƌŐĞƚ ƵƉŐƌĂĚĞĚ ďLJ ƌĞĐĞŶƚ ŐĞŽĐŚĞŵŝĐĂůĂŶĚƐƉĞĐƚƌĂůǁŽƌŬďLJ'yŝŶϮϬϭϰͲϭϱ͘

<ƵŵĂ

dŚĞ<ƵŵĂƉƌŽũĞĐƚ͕ǁŚŝĐŚƚŚĞ'ƌŽƵƉŚĂƐĂŶĂƉƉůŝĐĂƚŝŽŶŝŶƉůĂĐĞǁŝƚŚƚŚĞ^ŽůŽŵŽŶ/ƐůĂŶĚ'ŽǀĞƌŶŵĞŶƚ͕ůŝĞƐũƵƐƚƚŽƚŚĞƐŽƵƚŚͲǁĞƐƚŽĨ ĂƐĞƌŝĞƐŽĨŵĂũŽƌEtͲ^ͲƚƌĞŶĚŝŶŐĂƌĐͲƉĂƌĂůůĞůĨĂƵůƚƐ͘ dŚĞƐĞĨĂƵůƚƐĂƌĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚŶƵŵĞƌŽƵƐƵĂŶĚƵĂŶŽŵĂůŝĞƐ͕ŝŶĐůƵĚŝŶŐƚŚĞ ^ƵƚĂŬŝŬŝ ƉƌŽƐƉĞĐƚ ĂŶĚ ƚŚĞ DďĞƚŝůŽŶŐĂ ƉƌŽƐƉĞĐƚ ;ĨŽƌŵĞƌůLJ ƉĂƌƚ ŽĨ ƚŚĞ 'ƵĂĚĂůĐĂŶĂů :ŽŝŶƚ sĞŶƚƵƌĞͿ͘ dŚĞ ƉƌŽũĞĐƚ ĂƌĞĂ ŽǀĞƌůŝĞƐ Ă ϯ͘ϱͲŬŝůŽŵĞƚƌĞǁŝĚĞ͕ĂŶŶƵůĂƌ͕ĐĂůĚĞƌĂͲůŝŬĞƚŽƉŽŐƌĂƉŚŝĐĨĞĂƚƵƌĞ͘ŶŶƵůĂƌĂŶĚŶĞƐƚĞĚƚŽƉŽŐƌĂƉŚŝĐĂŶŽŵĂůŝĞƐŝŶƚŚĞƌĞŐŝŽŶƐƵŐŐĞƐƚƚŚĞ ƉƌĞƐĞŶĐĞŽĨĞdžƚĞŶƐŝǀĞďĂƚŚŽůŝƚŚƐŽĨƚŚĞ<ŽůŽƵůĂŝŽƌŝƚĞďĞŶĞĂƚŚƚŚĞǀŽůĐĂŶŝĐĐŽǀĞƌŽĨƚŚĞ^ƵƚĂsŽůĐĂŶŝĐƐ͘dŚĞƉƌŽƐƉĞĐƚŐĞŽůŽŐLJŝƐ ĚŽŵŝŶĂƚĞĚ ďLJĂ ϰŬŵ ďLJϭŬŵ ůŝƚŚŽĐĂƉ͘ dŚŝƐĞdžƚĞŶƐŝǀĞ njŽŶĞ ŽĨĂƌŐŝůůŝĐĂŶĚĂĚǀĂŶĐĞĚĂƌŐŝůůŝĐĂůƚĞƌĂƚŝŽŶŝƐ ĐĂƵƐĞĚ ďLJ ŚLJĚƌŽƚŚĞƌŵĂů ĨůƵŝĚƐƚŚĂƚĞŵĂŶĂƚĞĨƌŽŵƚŚĞƚŽƉŽĨƉŽƌƉŚLJƌLJĐŽƉƉĞƌͲŐŽůĚŵŝŶĞƌĂůŝƐŝŶŐƐLJƐƚĞŵƐ͕ĂŶĚƚŚƵƐƉƌŽǀŝĚĞƐĂďƵƌŝĞĚƉŽƌƉŚLJƌLJĐŽƉƉĞƌŐŽůĚ ƚĂƌŐĞƚ͘

dŚĞŐĞŽĐŚĞŵŝĐĂůůLJĂŶŽŵĂůŽƵƐƉŽƌƚŝŽŶŽĨƚŚĞ<ƵŵĂůŝƚŚŽĐĂƉ ;ŶŽƌƚŚǁĞƐƚĞŶĚͿůŝĞƐǁŝƚŚŝŶƚŚĞĂŶŶƵůĂƌƚŽƉŽŐƌĂƉŚŝĐĂŶŽŵĂůLJ͘<ƵŵĂ ŚĂƐĂƐƉĞĐƚĂĐƵůĂƌŽdžŝĚŝnjĞĚ ĨůŽĂƚďŽƵůĚĞƌ ƚƌĂŝůĂůŽŶŐ ƚŚĞ<ƵŵĂZŝǀĞƌĂŶĚǁĂƐ ƚƌĂĐĞĚ ƚŽůĞŵďĂĂŶĚ<ŽůŽǀĞůŽĐƌĞĞŬƐǁŚŝĐŚůĞĂĚ ƚŽ ĚŝƐĐŽǀĞƌLJŽĨďƌŽĂĚŚLJĚƌŽƚŚĞƌŵĂůĂůƚĞƌĂƚŝŽŶnjŽŶĞƐĂŶĚůŝƚŚŽĐĂƉ͘

Zs/tK& KWZd/KE^;ĐŽŶƚŝŶƵĞĚͿ

^ŽůŽŵŽŶ/ƐůĂŶĚƐ;ĐŽŶƚŝŶƵĞĚͿ

<ƵŵĂ;ĐŽŶƚŝŶƵĞĚͿ

WƌĞǀŝŽƵƐĞdžƉůŽƌĂƚŝŽŶĐŽŵƉůĞƚĞĚĂƚ<ƵŵĂƵŶĚĞƌƚŚĞ'ƵĂĚĂůĐĂŶĂů:ŽŝŶƚsĞŶƚƵƌĞďĞƚǁĞĞŶ^Žů'ŽůĚĂŶĚEĞǁŵŽŶƚŝŶĐůƵĚĞĚĞdžƚĞŶƐŝǀĞ ŐĞŽĐŚĞŵŝĐĂů ƐĂŵƉůŝŶŐ ;>'͕ ƌŽĐŬ ĐŚŝƉ ĂŶĚ ĐŚĂŶŶĞů ƐĂŵƉůĞƐͿ͕ ŐĞŽůŽŐŝĐĂů ŵĂƉƉŝŶŐ͕ Ă ŵĂŐŶĞƚŝĐ ƐƵƌǀĞLJ ĂŶĚ ĂŶ ĞůĞĐƚƌŽŵĂŐŶĞƚŝĐ ƐƵƌǀĞLJ͘'ĞŽĐŚĞŵŝĐĂůƌĞƐƵůƚƐĚĞĨŝŶĞĂĐĞŶƚƌĂůnjŽŶĞŽĨŵĂŶŐĂŶĞƐĞĚĞƉůĞƚŝŽŶ;DŶфϮϬϬƉƉŵͿŝŶĨĞƌƌĞĚƚŽŝŶĚŝĐĂƚĞƚŚĞĚĞƐƚƌƵĐƚŝŽŶŽĨ ŵĂĨŝĐŵŝŶĞƌĂůƐďLJŚLJĚƌŽƚŚĞƌŵĂůĂůƚĞƌĂƚŝŽŶ͘ŝŶĐхϳϱƉƉŵĨŽƌŵƐĂŶĂŶŶƵůƵƐƚŽƚŚŝƐnjŽŶĞ͕ĂŶĚDŽůLJďĚĞŶƵŵхϰƉƉŵůŝĞƐĂůŽŶŐƚŚĞ ŵĂƌŐŝŶƐ ŽĨ ƚŚĞ ŵĂŶŐĂŶĞƐĞ ůŽǁ ŝŶĚŝĐĂƚŝŶŐ ƉŽƚĞŶƚŝĂů ĨŽƌ ƉŽƌƉŚLJƌLJ ƵͲƵ ŵŝŶĞƌĂůŝnjĂƚŝŽŶ Ăƚ ĚĞƉƚŚ͘ dĞƌƌĂ^ƉĞĐ ƐƉĞĐƚƌĂů ĂŶĂůLJƐŝƐ ŽĨ ƐŝĞǀĞĚĐŽĂƌƐĞĨƌĂĐƚŝŽŶƐŽŝůƐĂŵƉůĞƐĐŽǀĞƌŝŶŐƚŚĞ<ƵŵĂůŝƚŚŽĐĂƉĂƌĞĂǁĂƐĐŽŵƉůĞƚĞĚĂƚĂĐŽŵŵĞƌĐŝĂůůĂďŽƌĂƚŽƌLJŝŶƵƐƚƌĂůŝĂ͘dŚĞ ƌĞƐƵůƚƐ ŝŶƚĞŐƌĂƚĞĚ ǁŝƚŚ ŬŶŽǁŶ ŐĞŽůŽŐLJ ŝŶ ƚŚĞ ƉƌŽƐƉĞĐƚ ĂƌĞĂ ŚĂƐ ŚŝŐŚůŝŐŚƚĞĚ Ă ƉƌŝŵĂƌLJ ƉŽƌƉŚLJƌLJ ƚĂƌŐĞƚ ĐĞŶƚƌĞ ŝŶ ƚŚĞ ŶŽƌƚŚĞƌŶ ƉŽƌƚŝŽŶŽĨƚŚĞůŝƚŚŽĐĂƉ͘

ĐĐĞƐƐĂŐƌĞĞŵĞŶƚƐĂƌĞďĞŝŶŐŶĞŐŽƚŝĂƚĞĚĂŚĞĂĚŽĨŶĂĐŽŶĚĂƐƚLJůĞŐĞŽůŽŐŝĐĂůŵĂƉƉŝŶŐƉůĂŶŶĞĚĨŽƌƚŚĞĐŽŵŝŶŐLJĞĂƌƐŽĂƐƚŽďƌŝŶŐ ƚŚĞƉƌŽũĞĐƚƚŽĚƌŝůůƌĞĂĚLJƐƚĂƚƵƐŝŶϮϬϭϴ͘dŚƌĞĞƐƚĞĞƉůLJͲŝŶĐůŝŶĞĚĚŝĂŵŽŶĚĐŽƌĞĚƌŝůůͲŚŽůĞƐ͕ĞĂĐŚĂďŽƵƚϴϬϬŵĚĞĞƉ͕ĂƌĞĞŶǀŝƐĂŐĞĚĨŽƌ ĂŶŝŶŝƚŝĂůƚĞƐƚŽĨƚŚĞƚĂƌŐĞƚĂƌĞĂ͘ƌŝůů^ŝƚĞƐǁŝůůďĞůŽĐĂƚĞĚĨŽůůŽǁŝŶŐŶĂĐŽŶĚĂƐƚLJůĞŐĞŽůŽŐŝĐĂůŵĂƉƉŝŶŐǁŝƚŚŝŶĂŶĚƉĞƌŝƉŚĞƌĂůƚŽƚŚĞ ƚĂƌŐĞƚ ĂƌĞĂ͘ ^ŝůŝĐĂ ůĞĚŐĞƐ ĂŶĚ ĚŝĐŬŝƚĞ ĂŶŽŵĂůŝĞƐ ĐŽŶƚƌŽůůĞĚ ďLJ ŚŝŐŚ ůĞǀĞů ƐƚƌƵĐƚƵƌĞ ĐĂŶ ďĞ ƚĞƐƚĞĚ ƚŽ ƉƌŽǀŝĚĞ ǀĞĐƚŽƌƐ ƚŽǁĂƌĚ ƚŚĞ ĐĞŶƚƌĞŽĨƚŚĞ<ƵŵĂƉŽƌƉŚLJƌLJŐŽůĚͲĐŽƉƉĞƌƐLJƐƚĞŵĂŶĚƚŚĞŝĚĞŶƚŝĨŝĐĂƚŝŽŶĂŶĚŽƌŝĞŶƚĂƚŝŽŶŽĨĚŝŬĞƐ;ƉŽƌƉŚLJƌŝƚŝĐĨĞůƐŝĐͿ͕ǀĞŝŶƐ;ƋƵĂƌƚnj ĂŶĚĞƉŝĚŽƚĞͿĂŶĚĨƌĂĐƚƵƌĞƐ;ĐŽŶƚĂŝŶŝŶŐĐŚĂůĐŽƉLJƌŝƚĞŽƌŵĂŐŶĞƚŝƚĞͿ͘

ƵƐƚƌĂůŝĂ

/Ŷ ƵƐƚƌĂůŝĂ͕ Ěƌŝůů ƚĞƐƚŝŶŐ ŽĨ ƉŽƌƉŚLJƌLJ ƐƚLJůĞ ĐŽƉƉĞƌͲŐŽůĚ ŵŝŶĞƌĂůŝƐĂƚŝŽŶ Ăƚ ƚŚĞ EŽƌŵĂŶďLJ WƌŽũĞĐƚ͕ ŝŶ ŶŽƌƚŚĞƌŶ YƵĞĞŶƐůĂŶĚ ĐŽŵŵĞŶĐĞĚŝŶĞĂƌůLJ:ƵůLJϮϬϭϳ͘ƚŽƚĂůŽĨϱϭϴŵŽĨZĚƌŝůůŝŶŐĨƌŽŵϳ ZĚƌŝůůŚŽůĞƐĂŶĚϴϵ͘ϮŵŽĨĚŝĂŵŽŶĚĐŽƌŝŶŐĨƌŽŵϭĚƌŝůůŚŽůĞƐ ǁĂƐĐŽŵƉůĞƚĞĚĂƚƚŚĞƚŝŵĞŽĨǁƌŝƚŝŶŐ͘

ƌĞĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞƌĂŶŐĞŽĨŽƚŚĞƌƉƌŽũĞĐƚƐŚĞůĚŝŶYƵĞĞŶƐůĂŶĚƌĞƐƵůƚĞĚŝŶĚĞĨŝŶŝƚŝŽŶŽĨĚĞƚĂŝůĞĚǁŽƌŬƉƌŽŐƌĂŵƐƚŚĂƚǁŝůůďĞƉƵƚ ŝŶƉůĂĐĞĂƐĞdžƉůŽƌĂƚŝŽŶĨƵŶĚƐďĞĐŽŵĞĂǀĂŝůĂďůĞ͘:ŽŝŶƚǀĞŶƚƵƌĞŽƉƉŽƌƚƵŶŝƚŝĞƐĂƌĞďĞŝŶŐƐŽƵŐŚƚĨŽƌƚŚĞƐĞƉƌŽũĞĐƚƐĂŶĚŝƚŝƐƉůĞĂƐŝŶŐƚŽ ŶŽƚĞƚŚĂƚƚŚĞƌĞŚĂƐďĞĞŶŵƵĐŚŝŶƚĞƌĞƐƚďLJũƵŶŝŽƌĞdžƉůŽƌĂƚŝŽŶĂŶĚŵŝŶŝŶŐĐŽŵƉĂŶŝĞƐ͘ ,ŽǁĞǀĞƌ͕ĚĞƐƉŝƚĞƚŚŝƐŝŶƚĞƌĞƐƚ͕ƚŚĞĐŽŶƚŝŶƵĞĚ ĐŚĂůůĞŶŐŝŶŐĞƋƵŝƚŝĞƐŵĂƌŬĞƚƐĂƌĞŵĂŬŝŶŐŝƚĚŝĨĨŝĐƵůƚ ĨŽƌĐŽŵƉĂŶŝĞƐ ƚŽ ƌĂŝƐĞ ƚŚĞĞdžƉůŽƌĂƚŝŽŶ ĨƵŶĚƐ ƚŽĐŽŵƉůĞƚĞũŽŝŶƚǀĞŶƚƵƌĞĚĞĂůƐ ĂŶĚĐŽŵŵĞŶĐĞĞdžƉůŽƌĂƚŝŽŶ͘

dŚĞ'ƌŽƵƉŚŽůĚƐϲŵĂũŽƌƉƌŽũĞĐƚĂƌĞĂƐŝŶYƵĞĞŶƐůĂŶĚĂƚEŽƌŵĂŶďLJ͕ZĂŶŶĞƐ͕DƚWĞƌƌLJ͕ƌĂĐŽǁtĞƐƚ͕tĞƐƚǁŽŽĚĂŶĚ>ŽŶĞƐŽŵĞ͘

EŽƌŵĂŶďLJ

dŚĞEŽƌŵĂŶďLJWƌŽũĞĐƚŝƐůŽĐĂƚĞĚĂƚƚŚĞƐŽƵƚŚĞƌŶŵĂƌŐŝŶŽĨĞĂƐƚĞƌŶƵƐƚƌĂůŝĂ͛ƐĚĞŶƐĞƐƚĐůƵƐƚĞƌŽĨŵŝůůŝŽŶŽƵŶĐĞŐŽůĚĚĞƉŽƐŝƚƐ͕ƚŚĞ ŶĞĂƌĞƐƚŽĨǁŚŝĐŚŝƐƚŚĞDƚ͘ ĂƌůƚŽŶƵͲŐŵŝŶĞ͕ůŽĐĂƚĞĚϰϬŬŵƚŽƚŚĞŶŽƌƚŚǁĞƐƚŽĨEŽƌŵĂŶďLJ͘

ƐĞĐŽŶĚƉŚĂƐĞŽĨĚƌŝůůƚĞƐƚŝŶŐĐŽŵŵĞŶĐĞĚŝŶĞĂƌůLJ :ƵůLJϮϬϭϳƚŽƚĞƐƚƚŚĞůĂƚĞƌĂůĂŶĚǀĞƌƚŝĐĂůĞdžƚĞŶƐŝŽŶŽĨƚŚŝƐƉŽƚĞŶƚŝĂůƉŽƌƉŚLJƌLJ ƚĂƌŐĞƚ͘ƚŽƚĂůŽĨϱϭϴŵŽĨZĚƌŝůůŝŶŐĨƌŽŵϳ ZĚƌŝůůŚŽůĞƐĂŶĚϴϵ͘ϮŵŽĨĚŝĂŵŽŶĚĐŽƌŝŶŐĨƌŽŵϭĚƌŝůůŚŽůĞƐǁĂƐĐŽŵƉůĞƚĞĚĂƚƚŚĞ ƚŝŵĞŽĨǁƌŝƚŝŶŐ͘ƐŝŐŶŝĨŝĐĂŶƚǀĞƌƚŝĐĂůŵŝŶĞƌĂůŝƐĞĚƐƚƌƵĐƚƵƌĞǁĂƐŝŶƚĞƌƐĞĐƚĞĚŝŶŚŽůĞƐD&dϭϵ͕ĂŶĚD&dϭϳ͕ĂŶĚĂƐĞƉĂƌĂƚĞƐŚĂůůŽǁ ĚŝƉƉŝŶŐ njŽŶĞ ŽĨŵŝŶĞƌĂůŝƐĂƚŝŽŶ ǁĂƐ ĂůƐŽ ĚŝƐĐŽǀĞƌĞĚ ŝŶ ŚŽůĞƐD&dϮϰ ĂŶĚD&dϬϭϰ͘ ƐƐĂLJ ƌĞƐƵůƚƐ ƌĞŵĂŝŶ ƉĞŶĚŝŶŐ͘ ZĞŐŝŽŶĂůͲƐĐĂůĞ ƐƚƌĞĂŵƐĞĚŝŵĞŶƚĂŶĚ

ZŽĐŬĐŚŝƉƐĂŵƉůŝŶŐŚĂƐŝĚĞŶƚŝĨŝĞĚŶƵŵĞƌŽƵƐĂŶŽŵĂůŽƵƐĂƌĞĂƐ͕ŝŶĐůƵĚŝŶŐƚŚĞDƚƌŽŵƉƚŽŶďƌĞĐĐŝĂƉŝƉĞƚŚĂƚƌĞƋƵŝƌĞĨŽůůŽǁƵƉǁŽƌŬ ŽǀĞƌƚŚĞĐŽŵŝŶŐLJĞĂƌ͘

Zs/tK& KWZd/KE^;ĐŽŶƚŝŶƵĞĚͿ

ƵƐƚƌĂůŝĂ;ĐŽŶƚŝŶƵĞĚͿ

DŽƵŶƚ WĞƌƌLJ

dŚĞ Dƚ WĞƌƌLJ'ŽůĚĨŝĞůĚ ŝƐ ůŽĐĂƚĞĚ ĨŽƵƌ ŚŽƵƌƐ ďLJ ƌŽĂĚ ĨƌŽŵ ƌŝƐďĂŶĞ ĂŶĚ ŝƐ ŚŽƐƚ ƚŽ ŵŽƌĞ ƚŚĂŶ ϲϬ ŶĂŵĞĚ ĂŶĚ ŶƵŵĞƌŽƵƐ ŽƚŚĞƌ ƵŶŶĂŵĞĚŚŝƐƚŽƌŝĐĂůŵŝŶĞƐĂŶĚǁŽƌŬŝŶŐƐ͘ dŚĞĂƌĞĂůŝĞƐĂĚũĂĐĞŶƚ ƚŽǀŽůƵƚŝŽŶDŝŶŝŶŐ>ƚĚ͛ƐϭϬϬ͕ϬϬϬŽƵŶĐĞƉĞƌĂŶŶƵŵDƚZĂǁĚŽŶ 'ŽůĚDŝŶĞǁŚŝĐŚůŝĞƐĂƚ ƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶŽĨ ƚǁŽŵĂũŽƌŐĞŽůŽŐŝĐĂů ĨĂƵůƚ ƐƚƌƵĐƚƵƌĞƐ͖ ƚŚĞDƚĂŶŝĂĂŶĚĂƌůŝŶŐ>ŝŶĞĂŵĞŶƚƐ͘ ƵƌƌĞŶƚ ƉƵďůŝƐŚĞĚƌĞƐŽƵƌĐĞƐĂƚDƚZĂǁĚŽŶƐƚĂŶĚĂƚϯϲ͘ϳŵŝůůŝŽŶƚŽŶŶĞƐĂƚϬ͘ϴϳŐͬƚŐŽůĚĨŽƌϭŵŝůůŝŽŶŽƵŶĐĞƐ͕ĂŶĚŚŝƐƚŽƌŝĐĂůƉƌŽĚƵĐƚŝŽŶŚĂƐ ďĞĞŶĂƉƉƌŽdžŝŵĂƚĞůLJϭŵŝůůŝŽŶŽƵŶĐĞƐ͘džƉůŽƌĂƚŝŽŶĂƚDƚWĞƌƌLJŚĂƐĨŽĐƵƐƐĞĚĂůŽŶŐƚǁŽŵŝŶĞƌĂůŝƐĞĚƐƚƌƵĐƚƵƌĂůnjŽŶĞƐ;dŚĞƵŐƵƐƚŝŶĞͲ EĞǁDŽŽŶƚĂ ƚƌĞŶĚĂŶĚ ƚŚĞŚŝŶĂŵĂŶ͛ƐͲZĞĂŐĂŶƐ ƚƌĞŶĚͿ͘ dŚĞ ƐƚƌƵĐƚƵƌĂů ŽƌŝĞŶƚĂƚŝŽŶƐ ŽĨ ƚŚĞƐĞĂƌĞ ƐŝŵŝůĂƌ ƚŽ ƚŚĞŵĂũŽƌ ƐƚƌƵĐƚƵƌĞƐ ƚŚĂƚŚŽƐƚƚŚĞDƚZĂǁĚŽŶŐŽůĚŵŝŶĞ͘

dŚĞ͚ƵŐƵƐƚŝŶĞͲEĞǁDŽŽŶƚĂƚƌĞŶĚ͛ĞdžƚĞŶĚƐŽǀĞƌĂϮϬŬŵůŽŶŐŶŽƌƚŚͲĞĂƐƚƚƌĞŶĚŝŶŐĐŽƌƌŝĚŽƌĨƌŽŵƵŐƵƐƚŝŶĞŝŶƚŚĞƐŽƵƚŚͲǁĞƐƚƚŽƚŚĞ EĞǁ DŽŽŶƚĂ ŵŝŶĞƐ ŝŶ ƚŚĞ ŶŽƌƚŚͲĞĂƐƚ͘ ^ƵůƉŚŝĚĞͲŵŝŶĞƌĂůŝƐĞĚ ďƌĞĐĐŝĂ ďŽĚŝĞƐ ǁŝƚŚ ǀĂƌŝĂďůĞ ŐŽůĚ͕ ƐŝůǀĞƌ͕ ďĂƐĞ ŵĞƚĂůƐ ĂŶĚ ǁŝƚŚ ŽĐĐƵƌƌĞŶĐĞƐŽĨƵƌĂŶŝƵŵĐŚĂƌĂĐƚĞƌŝƐĞƚŚĞƵŐƵƐƚŝŶĞͲEĞǁDŽŽŶƚĂƚƌĞŶĚ͘ dŚĞƐĞĐŽŶĚƚĂƌŐĞƚnjŽŶĞŝƐƚŚĞ͚ŚŝŶĂŵĂŶ͛ƐͲZĞĂŐĂŶƐƚƌĞŶĚ͛͘ dŚŝƐƚĂƌŐĞƚnjŽŶĞŝƐĐŚĂƌĂĐƚĞƌŝƐĞĚďLJĐŽƉƉĞƌͲŵŽůLJďĚĞŶƵŵƉŽƌƉŚLJƌŝĞƐǁŝƚŚŐŽůĚĂŶĚnjŝŶĐĂŶŽŵĂůŽƵƐŚĂůŽƐŝŶƚŚĞƐŽƵƚŚŽĨƚŚĞƉƌŽũĞĐƚ ĂƌĞĂ͕ĂŶĚŝƚŵĞƌŐĞƐǁŝƚŚƚŚĞϳŬŵůŽŶŐĂŶĚƐƚƌŽŶŐůLJŵŝŶĞƌĂůŝƐĞĚŚŝŶĂŵĂŶ͛ƐƌĞĞŬʹZĞŝĚ͛ƐƌĞĞŬʹ^ƉƌŝŶŐƌĞĞŬʹZĞĂŐĂŶ͛ƐƚĂƌŐĞƚ ŝŵŵĞĚŝĂƚĞůLJ ƚŽ ƚŚĞ ŶŽƌƚŚ͘ džƚĞŶƐŝǀĞ ĂŝƌďŽƌŶĞ ŵĂŐŶĞƚŝĐ ĂŶĚ ĞůĞĐƚƌŽŵĂŐŶĞƚŝĐ ƐƵƌǀĞLJƐ ŚĂǀĞ ďĞĞŶ ĐŽŶĚƵĐƚĞĚ ŽǀĞƌ ƚŚĞ Dƚ WĞƌƌLJ WƌŽũĞĐƚĂƌĞĂ͕ƚŽŐĞƚŚĞƌǁŝƚŚĚĞƚĂŝůĞĚƐŽŝůƐĂŵƉůŝŶŐ͕ƌŽĐŬĐŚŝƉƐĂŵƉůŝŶŐĂŶĚŐĞŽůŽŐŝĐĂůŵĂƉƉŝŶŐƐƵƌǀĞLJƐ͘ dŚŝƐŚĂƐďĞĞŶĨŽůůŽǁĞĚďLJ ĚƌŝůůŝŶŐ ƉƌŽŐƌĂŵƐ ƚŚĂƚ ĐŽŶĚƵĐƚĞĚ ĨŝƌƐƚ ƉĂƐƐ ƌĞĐŽŶŶĂŝƐƐĂŶĐĞ ĚƌŝůůŝŶŐ ŽŶ ŶƵŵĞƌŽƵƐ ƚĂƌŐĞƚƐ͘ džƉůŽƌĂƚŝŽŶ ĂƚDƚWĞƌƌLJ ŚĂƐ ŝĚĞŶƚŝĨŝĞĚ ƐĞǀĞƌĂů ŚŝŐŚ ͲŐƌĂĚĞ ǀĞŝŶͲƐƚLJůĞ ƚĂƌŐĞƚƐ ĂŶĚ ůŽǁĞƌ ŐƌĂĚĞ͕ ŚŝŐŚͲƚŽŶŶĂŐĞ ƉŽƌƉŚLJƌLJͲƐƚLJůĞ ŐŽůĚ ƚĂƌŐĞƚƐ͘ /ŶĚĞƉĞŶĚĞŶƚ ƌĞǀŝĞǁ ŽĨ ƚŚĞ ŐĞŽůŽŐŝĐĂůƌĞƐŽƵƌĐĞƉŽƚĞŶƚŝĂůŽĨƚŚĞĂƌĞĂĐŽŶĐůƵĚĞĚƚŚĂƚƚŚĞƉƌŽƐƉĞĐƚƐŚĂǀĞĂĐŽŵďŝŶĞĚƉŽƚĞŶƚŝĂůƚŽŚŽƐƚďĞƚǁĞĞŶϮϬϬ͕ϬϬϬŽƵŶĐĞƐ ;ďĂƐĞĐĂƐĞͿĂŶĚϳϬϬ͕ϬϬϬŽƵŶĐĞƐ;ŐĞŽůŽŐŝĐĂůƉŽƚĞŶƚŝĂůͿŽĨŐŽůĚ͘ƐŝŐŶŝĨŝĐĂŶƚĂŵŽƵŶƚŽĨƚŚĞƚĞŶĞŵĞŶƚƌĞŵĂŝŶƐƵŶĞdžƉůŽƌĞĚ͕ůĞĂǀŝŶŐ ƚŚĞ ƉŽƚĞŶƚŝĂů ĨŽƌ ƵŶƌĞĐŽŐŶŝƐĞĚ ƉƌŽƐƉĞĐƚƐ ƚŽ ďĞ ĚŝƐĐŽǀĞƌĞĚ ǁŝƚŚŝŶ ƚŚĞ ĂƌĞĂ͘ ^Žů'ŽůĚ ĞŶĐŽƵƌĂŐĞƐ ŝŶƚĞƌĞƐƚ ŝŶ Ă :s ƉĂƌƚŶĞƌƐŚŝƉ ƚŽ ĐŽŶƚŝŶƵĞĞdžƉůŽƌĂƚŝŽŶĂƚDƚWĞƌƌLJ͘

ZĂŶŶĞƐ WƌŽũĞĐƚ

dŚĞZĂŶŶĞƐWƌŽũĞĐƚĂƌĞĂŝƐůŽĐĂƚĞĚϭϰϬŬŵǁĞƐƚŽĨ'ůĂĚƐƚŽŶĞ͕YƵĞĞŶƐůĂŶĚ͕ƵƐƚƌĂůŝĂĂŶĚĐŽŵƉƌŝƐĞƐĂŶƵŵďĞƌŽĨǀĞŝŶŐŽůĚĂŶĚƐŝůǀĞƌ ĚĞƉŽƐŝƚƐ͘

^Žů'ŽůĚ͛Ɛ ƉƌŝŶĐŝƉĂů ƚĂƌŐĞƚƐ Ăƚ ƚŚĞ ZĂŶŶĞƐ ƉƌŽũĞĐƚ ĂƌĞ ƐƚƌƵĐƚƵƌĂůůLJͲĐŽŶƚƌŽůůĞĚ͕ ůŽǁͲƐƵůƉŚŝĚĂƚŝŽŶ ĞƉŝƚŚĞƌŵĂů ŐŽůĚͲƐŝůǀĞƌ ĚĞƉŽƐŝƚƐ͘ dŚŝƌƚĞĞŶ ƉƌŽƐƉĞĐƚƐ ŚĂǀĞ ďĞĞŶ ŝĚĞŶƚŝĨŝĞĚ ǁŝƚŚŝŶ ƚŚĞ WĞƌŵŝĂŶͲĂŐĞĚ ĂŵŶ sŽůĐĂŶŝĐƐ͕ ǁŝƚŚ ƚŚĞ ŵĂũŽƌŝƚLJ ůLJŝŶŐ ĂůŽŶŐ ŶŽƌƚŚͲ ŶŽƌƚŚǁĞƐƚƚƌĞŶĚŝŶŐĨĂƵůƚnjŽŶĞƐ͘džƉůŽƌĂƚŝŽŶŚĂƐŝŶĐůƵĚĞĚƚĞŶĞŵĞŶƚǁŝĚĞƐƚƌĞĂŵƐĞĚŝŵĞŶƚ͕ƐŽŝůĂŶĚƌŽĐŬĐŚŝƉƐĂŵƉůŝŶŐƐƵƌǀĞLJƐ͘ ĚĞƚĂŝůĞĚĂŝƌďŽƌŶĞŵĂŐŶĞƚŝĐ ƐƵƌǀĞLJǁĂƐ ƌĞĐĞŶƚůLJ ƌĞͲŝŶƚĞƌƉƌĞƚĞĚ ƚŽĞŶŚĂŶĐĞ ƚŚĞĚĞǀĞůŽƉŵĞŶƚ ŽĨ ƚŚĞ ƐƚƌƵĐƚƵƌĂůŵŽĚĞů ŽĨ ƚŚĞ ďĞůƚ͘ džƉůŽƌĂƚŝŽŶŵĞƚŚŽĚƐ ŚĂǀĞ ŝŶĐůƵĚĞĚ Ăϯ /W ;/ŶĚƵĐĞĚWŽůĂƌŝƐĂƚŝŽŶͿ ƐƵƌǀĞLJ͕ ŐĞŽůŽŐŝĐĂůŵĂƉƉŝŶŐ͕ ĂŶĚ ƚƌĞŶĐŚŝŶŐ Ăůů ĐŽŶƚƌŝďƵƚŝŶŐ ƚŽ ĚĞĨŝŶŝƚŝŽŶŽĨĂĚĚŝƚŝŽŶĂůĚƌŝůůƚĂƌŐĞƚƐĂƚƐĞǀĞƌĂůƉƌŽƐƉĞĐƚƐ͘

ƚŽƚĂůŽĨϰϳϯŚŽůĞƐŚĂǀĞďĞĞŶĚƌŝůůĞĚĂƚƚŚĞZĂŶŶĞƐƉƌŽũĞĐƚĨŽƌĂƚŽƚĂůŽĨϱϴ͕ϴϴϳŵ͘ DŽƐƚŽĨƚŚŝƐĚƌŝůůŝŶŐŚĂƐŽĐĐƵƌƌĞĚĂƚ<ĂƵĨĨŵĂŶƐ ƉƌŽƐƉĞĐƚ;ϭϱϭŚŽůĞƐͿĂŶĚƚŚĞƌƵŶĐŚŝĞƉƌŽƐƉĞĐƚ;ϵϬŚŽůĞƐͿ͕ǁŚŝůĞůŽǁĞƌŵĞƚĞƌĂŐĞĚƌŝůůƉƌŽŐƌĂŵƐŚĂǀĞďĞĞŶĐŽŶĚƵĐƚĞĚĂƚƚŚĞ^ŚŝůŽ͕ ƌĂĐŬůŝŶZŽƐŝĞ͕WŽƌĐƵƉŝŶĞ͕ƌŽƚŚĞƌ͕^ƉƌŝŶŐƌĞĞŬĂŶĚWŽůŝĐĞĂŵƉƌĞĞŬƉƌŽƐƉĞĐƚƐ͘dŚĞŐĞŽŵĞƚƌLJĂŶĚŶĂƚƵƌĞŽĨƚŚĞ<ĂƵĨĨŵĂŶƐĂŶĚ ƌƵŶĐŚŝĞƐLJƐƚĞŵƐĂƌĞǁĞůůƵŶĚĞƌƐƚŽŽĚ͘

DŝŶĞƌĂů ƌĞƐŽƵƌĐĞƐ ĞƐƚŝŵĂƚĞƐ ǁĞƌĞ ĐŽŵƉůĞƚĞĚ ďLJ ,ĞůůŵĂŶ Θ ^ĐŚŽĨŝĞůĚ WƚLJ >ƚĚ͕ ĂŶĚ ďLJ ,Θ^ ŽŶƐƵůƚŝŶŐ WƚLJ͘ >ƚĚ͕͘ ŝŶĚĞƉĞŶĚĞŶƚ ŐĞŽůŽŐŝĐĂů ĐŽŶƐƵůƚĂŶĐŝĞƐ͘ dŚĞ ŵŽƐƚ ƌĞĐĞŶƚ ƌĞƐŽƵƌĐĞ ĞƐƚŝŵĂƚĞ ŝŶĐůƵĚĞƐ ƌĞƐŽƵƌĐĞƐ ŝŶ ďŽƚŚ /ŶĚŝĐĂƚĞĚ ĂŶĚ /ŶĨĞƌƌĞĚ ĐĂƚĞŐŽƌŝĞƐ ĨŽƌ ƌĞƉŽƌƚŝŶŐƵŶĚĞƌƚŚĞ:KZ ŽĚĞĨŽƌZĞƉŽƌƚŝŶŐŽĨDŝŶĞƌĂůZĞƐŽƵƌĐĞƐĂŶĚKƌĞZĞƐĞƌǀĞƐ͘dŚĞĐƵƌƌĞŶƚĐŽŵďŝŶĞĚŝŶĚŝĐĂƚĞĚĂŶĚŝŶĨĞƌƌĞĚ ƌĞƐŽƵƌĐĞĞƐƚŝŵĂƚĞƐƚĂŶĚƐĂƚϭϮ͘ϮϯŵŝůůŝŽŶƚŽŶŶĞƐĂƚϬ͘ϲŐͬƚŐŽůĚĂŶĚϮϯ͘ϭϴŐͬƚƐŝůǀĞƌ͖ĨŽƌϮϯϳ͕ϮϰϬŽƵŶĐĞƐƵĂŶĚϵ͕ϭϬϱ͕ϬϳϮŽƵŶĐĞƐ Ő͘dĂďůĞ ϰůŝƐƚƐƚŚĞĐƵƌƌĞŶƚƌĞƐŽƵƌĐĞĞƐƚŝŵĂƚĞƐĂƚƚŚĞĨŝǀĞŵĂŝŶƉƌŽƐƉĞĐƚƐ͘ dŚĞƐĞĞƐƚŝŵĂƚĞƐĂƌĞďĂƐĞĚŽŶŐŽůĚƚŽƐŝůǀĞƌƌĂƚŝŽŽĨϭ͗ϱϬ ĂŶĚĂϬ͘ϱŐͬƚƵĞƋƵŝǀĂůĞŶƚĐƵƚͲŽĨĨ͘

Zs/tK& KWZd/KE^;ĐŽŶƚŝŶƵĞĚͿ

ƵƐƚƌĂůŝĂ;ĐŽŶƚŝŶƵĞĚͿ

ZĂŶŶĞƐ WƌŽũĞĐƚ;ĐŽŶƚŝŶƵĞĚͿ

WƌŽũĞĐƚ	hd K&& ;Ƶ͘ƋͿ	ZĞƐŽƵƌĐĞ ĂƚĞŐŽƌLJ	D͘dŽŶŶĞƐ	Ƶ ;ŐͬƚͿ	Ő ;ŐͬƚͿ	KƵŶĐĞƐ ;ƵͿ	KƵŶĐĞƐ ;ŐͿ	KƵŶĐĞƐ ;Ƶ͘ƋͿ
		/ŶĚŝĐĂƚĞĚ	ϭ͘ϱϴ	Ϭ͘ϳϵ	ϭϬ͘ϯϬ	ϰϬ͕ϯϬϰ	ϱϮϮϬϳϰ	ϱϬϳϮϵ
<ĂƵĨĨŵĂŶƐ	Ϭ͘ϱ	/ŶĨĞƌƌĞĚ	ϯ͘ϰϵ	Ϭ͘ϳϰ	ϴ͘ϵϬ	ϴϯ͕ϬϲϬ	ϵϵϵϮϳϴ	ϭϬϯϬϵϮ
		/ŶĚŝĐĂƚĞĚ	Ϯ͘ϰϬ	Ϭ͘ϰϲ	ϰϮ͘ϰϬ	ϯϱ͕ϴϯϯ	ϯϯϭϬϬϬϬ	ϭϬϮϭϬϬ
ƌƵŶĐŚŝĞ	ϭ͘ϱ	/ŶĨĞƌƌĞĚ	ϯ͘ϮϬ	Ϭ͘ϰϵ	ϯϵ͘ϴϬ	ϰϵ͕ϳϵϳ	ϰϬϰϬϬϬϬ	ϭϯϬϲϳϲ
ƌĂĐŬůŝŶΖ	Ϭ͘ϱ	/ŶĨĞƌƌĞĚ	Ϭ͘ϰϯ	Ϭ͘ϱϵ	ϱ͘ϲϬ	ϴ͕ϬϮϯ	ϳϲϭϰϱ	ϵϱϰϰ
WŽƌĐƵƉŝŶĞ	Ϭ͘ϱ	/ŶĨĞƌƌĞĚ	Ϭ͘ϱϳ	Ϭ͘ϱϬ	ϳ͘ϱϬ	ϵ͕ϮϬϮ	ϭϯϳϬϴϱ	ϭϭϵϰϭ
ƌŽƚŚĞƌ	Ϭ͘ϱ	/ŶĨĞƌƌĞĚ	Ϭ͘ϱϳ	Ϭ͘ϲϬ	ϭ͘ϭϬ	ϭϭ͕ϬϮϭ	ϮϬϰ͕ϵϬ	ϭϭϰϯϰ
		dKd>;ůů WƌŽƐƉĞĐƚƐͿ	ϭϮ͘Ϯϰ	Ϭ͘ϲϯ	Ϯϯ͘ϭϴ	Ϯϯϳ͕ϮϰϬ	ϵϭϬϱϬϳϮ	ϰϭϵϱϭϲ

dĂďůĞ ϰ͗ ZĞƐŽƵƌĐĞ ĞƐƚŝŵĂƚĞƐ Ăƚ <ĂƵĨĨŵĂŶƐ͕ ƌƵŶĐŚŝĞ͕ ƌĂĐŬůŝŶ͕ WŽƌĐƵƉŝŶĞ ĂŶĚ ƌŽƚŚĞƌ ĂƐ ŽĨ Ϯϯ DĂLJ ϮϬϭϮ͘ dŚĞ ŐŽůĚ ĞƋƵŝǀĂůĞŶƚ ǀĂůƵĞƐ ĂƌĞ ďĂƐĞĚ ŽŶ Ă ƌĂƚŝŽ ŽĨ ϭ͗ϱϬ ;Ƶ͗ŐͿ͘ dŚĞ ƌĞƐŽƵƌĐĞ Ăƚ Ϭ͘ϯ Őͬƚ Ƶ ĐƵƚͲŽĨĨ ǁĂƐ ĂŶŶŽƵŶĐĞĚ ŽŶ Ϯϯ DĂLJ ϮϬϭϮ͘^Žů'ŽůĚ ǁĞůĐŽŵĞƐ ĞdžƉƌĞƐƐŝŽŶƐ ŽĨ ŝŶƚĞƌĞƐƚ ĨƌŽŵ ƉŽƚĞŶƚŝĂů :s ƉĂƌƚŶĞƌƐ ƚŽ ĐŽŶƚŝŶƵĞ ĞdžƉůŽƌĂƚŝŽŶ Ăƚ ZĂŶŶĞƐ͘

ƌĂĐŽǁtĞƐƚ

ƌĂĐŽǁ tĞƐƚ ŝƐ ůŽĐĂƚĞĚ ϭϱŬŵ ƚŽ ƚŚĞ ŶŽƌƚŚͲǁĞƐƚ ŽĨ ǀŽůƵƚŝŽŶ DŝŶŝŶŐ >ƚĚ͛Ɛ ƌĂĐŽǁ ŐŽůĚ ŵŝŶĞ ;ĂƉƉƌŽdžŝŵĂƚĞůLJ ϭ͘ϱ ŵŝůůŝŽŶ ŽƵŶĐĞƐ ŽĨ ŐŽůĚͿ͘ 'ŽůĚ ŵŝŶĞƌĂůŝƐĂƚŝŽŶ Ăƚ ƚŚĞ ŵŝŶĞ ŝƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ WĞƌŵŝĂŶͲĂŐĞĚ͕ ůŽǁͲƐƵůƉŚŝĚĂƚŝŽŶ͕ ĞƉŝƚŚĞƌŵĂů ƋƵĂƌƚnjǀĞŝŶƐ ǁŚŝĐŚ ŚĂǀĞ ďĞĞŶ ĞŵƉůĂĐĞĚ ĂůŽŶŐ ŶŽƌƚŚͲǁĞƐƚ ĂŶĚ ŶŽƌƚŚͲŶŽƌƚŚǁĞƐƚ ƚƌĞŶĚŝŶŐ ĨĂƵůƚ njŽŶĞƐ͘ ^Žů'ŽůĚ͛Ɛ ŝŶŝƚŝĂů ĞdžƉůŽƌĂƚŝŽŶ ĐŽŶĐĞƉƚ ǁĂƐ ƚŽ ĞdžƉůŽƌĞ ĨŽƌ Ă ƐŝŵŝůĂƌ ĚĞƉŽƐŝƚ ƚŽ ƌĂĐŽǁ ŐŽůĚ ŵŝŶĞ ďƵƚ Ă ƌĞĐĞŶƚ ƌĞǀŝĞǁ ŽĨ ƚŚĞ ƌĞŐŝŽŶĂů ŐĞŽůŽŐLJ ƐƵŐŐĞƐƚƐ ƚŚĂƚ ƚŚĞ ĂŶŽŵĂůŝƐŵ ƐĞĞŶ Ăƚ ƌĂĐŽǁ tĞƐƚ ŵĂLJ ďĞ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ Ă ůĂƚĞƌ ƉŚĂƐĞ ŽĨ dƌŝĂƐƐŝĐ ŝŶƚƌƵƐŝŽŶƐ͕ ƐƵŐŐĞƐƚŝŶŐ Ă ůĂƚĞƌ ŵŝŶĞƌĂůŝƐĂƚŝŽŶ ĞǀĞŶƚ͘

^Žů'ŽůĚ͛Ɛ ĞdžƉůŽƌĂƚŝŽŶ Ăƚ ƌĂĐŽǁ tĞƐƚ ŚĂƐ ŝŶĐůƵĚĞĚ ƐƚƌĞĂŵ ƐĞĚŝŵĞŶƚ͕ ƐŽŝů ĂŶĚ ƌŽĐŬ ĐŚŝƉ ƐĂŵƉůŝŶŐ͘ dŚŝƐ ŚĂƐ ŝĚĞŶƚŝĨŝĞĚ ƚŚƌĞĞ ƐŝŐŶŝĨŝĐĂŶƚ ƉƌŽƐƉĞĐƚƐ͖ĂǁƐŽŶ WĂƌŬ͕ <ĂŵďƌŽŽŬ ĂŶĚ dŚĞŽĚŽƌĞ ĞŶĚƐ͘ ͚^D͛ ƐƵƌǀĞLJ ;ƐƵďͲĂƵĚŝŽ ŵĂŐŶĞƚŽƚĞůůƵƌŝĐƐͿ ŚĂƐ ĂůƐŽ ďĞĞŶ ĐŽŵƉůĞƚĞĚ ŽǀĞƌ ƚŚĞ <ĂŵďƌŽŽŬ ĂŶĚ ĂǁƐŽŶ WĂƌŬ ƉƌŽƐƉĞĐƚ͘ dŚŝƐ ŚĂƐ ŝĚĞŶƚŝĨŝĞĚ Ă ƉŽƚĞŶƚŝĂů ďƵƌŝĞĚ ƚĂƌŐĞƚ Ăƚ ĂǁƐŽŶ WĂƌŬ͕ ǁŚŝĐŚ ĐŽŝŶĐŝĚĞƐ ǁŝƚŚ Ă ĚŝƐƚŝŶĐƚ ƐŽŝů ƚĞůůƵƌŝƵŵ ĂŶŽŵĂůLJ Ăƚ ƐƵƌĨĂĐĞ͘

Qualified Person:

^dZd'/ ZWKZd ;ĐŽŶƚŝŶƵĞĚͿ Information in this report relating to the exploration results is based on data reviewed by Mr Nicholas Mather (B.Sc. Hons Geol.), the Chief Executive Officer of the Company. Mr Mather is a Fellow of the Australasian Institute of Mining and Metallurgy who has in excess of 25 years' experience in mineral exploration and is a Qualified Person under the AIM Rules and under NI 43-101. Mr Mather consents to the inclusion of the information in the form and context in which it appears.

/EdZ^d^ /EdEDEd^

WD	WDEĂŵĞ	WƌŝŶĐŝƉĂů ,ŽůĚĞƌ	WƌŽũĞĐƚ	džƉŝƌLJ
YƵĞĞŶƐůĂŶĚ
ϮϱϮϰϱ	DŽƵŶƚ WĞƌƌLJ ŽŶƐŽůŝĚĂƚĞĚ	ĐĂƉƵůĐŽ DŝŶŝŶŐ WƚLJ >ƚĚ	Dƚ WĞƌƌLJ	ϮϭͲ:ĂŶͲϭϴ
ϭϵϰϭϬ	EŽƌŵĂŶďLJ ŽŶƐŽůŝĚĂƚĞĚ	ĐĂƉƵůĐŽ DŝŶŝŶŐ WƚLJ >ƚĚ	EŽƌŵĂŶďLJ	ϭϲͲ:ƵŶͲϭϳΎ
ϭϴϳϲϬ	tĞƐƚǁŽŽĚ	ĞŶƚƌĂů DŝŶĞƌĂůƐ WƚLJ >ƚĚ	ZĂŶŶĞƐ	ϮϮͬ:ĂŶͬϭϳΎ
ϭϵϮϰϯ	>ŽŶĞƐŽŵĞ	ĞŶƚƌĂů DŝŶĞƌĂůƐ WƚLJ >ƚĚ	ZĂŶŶĞƐ	ϮϮͬ:ĂŶͬϭϵ
ϭϵϲϯϵ	'ŽŽǀŝŐĞŶ ŽŶƐŽůŝĚĂƚĞĚ	ĞŶƚƌĂů DŝŶĞƌĂůƐ WƚLJ >ƚĚ	ZĂŶŶĞƐ	ϭϵͲKĐƚͲϭϳΎ
ϮϱϯϬϬ	ŽŽƉĞƌ ŽŶƐŽůŝĚĂƚĞĚ	ĞŶƚƌĂů DŝŶĞƌĂůƐ WƚLJ >ƚĚ	ZĂŶŶĞƐ	ϰͲDĂƌͲϭϴ
ϭϴϬϯϮ	ƌĂĐŽǁ tĞƐƚ	ĞŶƚƌĂů DŝŶĞƌĂůƐ WƚLJ >ƚĚ	ƌĂĐŽǁ tĞƐƚ	ϭϭͲKĐƚͲϭϴ
ĐƵĂĚŽƌ
ϰϬϮϮϴϴ	ĂƐĐĂďĞů	džƉůŽƌĂĐŝŽŶĞƐ EŽǀŽŵŝŶŝŶŐ ^͘͘	ĂƐĐĂďĞů	ϮϲͲƉƌͲϯϱ
ϮϬϬϬϬϭϲϵ	ŚŝůůĂŶĞƐ	'ƌĞĞŶ ZŽĐŬ ZĞƐŽƵƌĐĞƐ ''Z ^͘͘	ŚŝůůĂŶĞƐ	ϬϵͲEŽǀͲϰϭ
ϯϬϬϬϬϯϵϮ	WŝŹĂƐ	'ƌĞĞŶ ZŽĐŬ ZĞƐŽƵƌĐĞƐ ''Z ^͘͘	WŝŹĂƐ	ϬϱͲ:ƵůͲϰϮΎΎ
ϱϬϬϬϬϴϳϱ	>ŽLJŽůĂ	'ƌĞĞŶ ZŽĐŬ ZĞƐŽƵƌĐĞƐ ''Z ^͘͘	WŽƌǀĞŶŝƌ	ϭϱͲDĂLJͲϰϮ
ϱϬϬϬϬϵϲϯ	EĂŶŐĂƌŝƚnjĂ ϭ	'ƌĞĞŶ ZŽĐŬ ZĞƐŽƵƌĐĞƐ ''Z ^͘͘	WŽƌǀĞŶŝƌ	ϭϮͲͲDĂLJͲϰϮ
ϱϬϬϬϬϵϲϰ	EĂŶŐĂƌŝƚnjĂ Ϯ	'ƌĞĞŶ ZŽĐŬ ZĞƐŽƵƌĐĞƐ ''Z ^͘͘	WŽƌǀĞŶŝƌ	ϭϮͲͲDĂLJͲϰϮ
ϱϬϬϬϬϴϳϵ	WŽƌǀĞŶŝƌ ϭ	'ƌĞĞŶ ZŽĐŬ ZĞƐŽƵƌĐĞƐ ''Z ^͘͘	WŽƌǀĞŶŝƌ	ϬϴͲDĂLJͲϰϮ
ϱϬϬϬϬϴϳϲ	WŽƌǀĞŶŝƌ Ϯ	'ƌĞĞŶ ZŽĐŬ ZĞƐŽƵƌĐĞƐ ''Z ^͘͘	WŽƌǀĞŶŝƌ	ϬϴͲDĂLJͲϰϮ
ϱϬϬϬϬϴϳϳ	WŽƌǀĞŶŝƌ ϯ	'ƌĞĞŶ ZŽĐŬ ZĞƐŽƵƌĐĞƐ ''Z ^͘͘	WŽƌǀĞŶŝƌ	ϬϴͲDĂLJͲϰϮ
ϱϬϬϬϬϴϳϴ	WŽƌǀĞŶŝƌ ϰ	'ƌĞĞŶ ZŽĐŬ ZĞƐŽƵƌĐĞƐ ''Z ^͘͘	WŽƌǀĞŶŝƌ	ϬϴͲDĂLJͲϰϮ
ϲϬϬϬϬϰϴϴ	^ĂĐĂƉĂůĐĂ ϭ	'ƌĞĞŶ ZŽĐŬ ZĞƐŽƵƌĐĞƐ ''Z ^͘͘	^ĂĐĂƉĂůĐĂ	ϭϳͲDĂLJͲϰϮ
ϲϬϬϬϬϰϴϵ	^ĂĐĂƉĂůĐĂ Ϯ	'ƌĞĞŶ ZŽĐŬ ZĞƐŽƵƌĐĞƐ ''Z ^͘͘	^ĂĐĂƉĂůĐĂ	ϭϳͲDĂLJͲϰϮ
ϭϬϬϬϬϮϮϵ	^ĂŶ ŶƚŽŶŝŽ	'ƌĞĞŶ ZŽĐŬ ZĞƐŽƵƌĐĞƐ ''Z ^͘͘	^ĂŶ ŶƚŽŶŝŽ	ϯϬͲĞĐͲϰϭ
ϭϬϬϬϬϰϯϲ	^ŚĂƌƵŐ	'ƌĞĞŶ ZŽĐŬ ZĞƐŽƵƌĐĞƐ ''Z ^͘͘	^ŚĂƌƵŐ	ϭϳͲDĂLJͲϰϮ
ϭϬϬϬϬϰϲϮ	^ŚĂƌƵŐ Ϯ	'ƌĞĞŶ ZŽĐŬ ZĞƐŽƵƌĐĞƐ ''Z ^͘͘	^ŚĂƌƵŐ	ϭϳͲDĂLJͲϰϮ
ϱϬϬϬϬϴϴϬ	dŝŵďĂƌĂ	'ƌĞĞŶ ZŽĐŬ ZĞƐŽƵƌĐĞƐ ''Z ^͘͘	dŝŵďĂƌĂ	ϭϮͲDĂLJͲϰϮ
ϱϬϬϬϬϵϯϮ	dŝŵďĂƌĂ Ϯ	'ƌĞĞŶ ZŽĐŬ ZĞƐŽƵƌĐĞƐ ''Z ^͘͘	dŝŵďĂƌĂ	ϭϮͲDĂLJͲϰϮ
ϱϬϬϬϬϵϯϬ	dŝŵďĂƌĂ ϯ	'ƌĞĞŶ ZŽĐŬ ZĞƐŽƵƌĐĞƐ ''Z ^͘͘	dŝŵďĂƌĂ	ϮϴͲƉƌͲϰϮ
ϱϬϬϬϬϵϯϭ	dŝŵďĂƌĂ ϰ	'ƌĞĞŶ ZŽĐŬ ZĞƐŽƵƌĐĞƐ ''Z ^͘͘	dŝŵďĂƌĂ	ϮϴͲƉƌͲϰϮ
ϵϬϬϬϬϰϬϲ	,ĞůŝƉƵĞƌƚŽ	ƌƵnj Ğů ^Žů ^^ ^͘͘	,ĞůŝƉƵĞƌƚŽ	ϮϲͲƉƌͲϰϮ
ϵϬϬϬϬϰϯϳ	,ĞůŝƉƵĞƌƚŽ Ϯ	ƌƵnj Ğů ^Žů ^^ ^͘͘	,ĞůŝƉƵĞƌƚŽ	ϮϲͲƉƌͲϰϮ
ϵϬϬϬϬϰϯϴ	,ĞůŝƉƵĞƌƚŽ ϯ	ƌƵnj Ğů ^Žů ^^ ^͘͘	,ĞůŝƉƵĞƌƚŽ	ϮϲͲƉƌͲϰϮ
ϵϬϬϬϬϰϰϭ	,ĞůŝƉƵĞƌƚŽ ϰ	ƌƵnj Ğů ^Žů ^^ ^͘͘	,ĞůŝƉƵĞƌƚŽ	ϮϲͲƉƌͲϰϮ
ϵϬϬϬϬϰϱϵ	LJĂŶŐĂƐĂ ϭ	ƌƵnj Ğů ^Žů ^^ ^͘͘	LJĂŶŐĂƐĂ	ϭϭͲ:ƵůͲϰϮΎΎ
ϵϬϬϬϬϰϲϬ	LJĂŶŐĂƐĂ Ϯ	ƌƵnj Ğů ^Žů ^^ ^͘͘	LJĂŶŐĂƐĂ	ϭϭͲ:ƵůͲϰϮΎΎ
ϵϬϬϬϬϰϱϳ	ƵŵƚnjĂ ϭ	ƌƵnj Ğů ^Žů ^^ ^͘͘	LJĂŶŐĂƐĂ	ϭϭͲ:ƵůͲϰϮΎΎ
ϵϬϬϬϬϰϱϴ	ƵŵƚnjĂ Ϯ	ƌƵnj Ğů ^Žů ^^ ^͘͘	LJĂŶŐĂƐĂ	ϭϭͲ:ƵůͲϰϮΎΎ

/EdZ^d^ /EdEDEd^;ĐŽŶƚŝŶƵĞĚͿ

WD	WDEĂŵĞ	WƌŝŶĐŝƉĂů ,ŽůĚĞƌ	WƌŽũĞĐƚ	džƉŝƌLJ
ĐƵĂĚŽƌ;ĐŽŶƚŝŶƵĞĚͿ
ϵϬϬϬϬϰϰϱ	ŽĂŶŐŽƐ	ƌƵnj Ğů ^Žů ^^ ^͘͘	ŽĂŶŐŽƐ	ϭϭͲ:ƵůͲϰϮΎΎ
ϵϬϬϬϬϰϰϲ	ŽĂŶŐŽƐ Ϯ	ƌƵnj Ğů ^Žů ^^ ^͘͘	ŽĂŶŐŽƐ	ϭϭͲ:ƵůͲϰϮΎΎ
ϵϬϬϬϬϰϰϳ	ŚŝŵŝƵƐ	ƌƵnj Ğů ^Žů ^^ ^͘͘	ŽĂŶŐŽƐ	ϭϭͲ:ƵůͲϰϮΎΎ
ϵϬϬϬϬϰϰϴ	ŚŝŵŝƵƐ Ϯ	ƌƵnj Ğů ^Žů ^^ ^͘͘	ŽĂŶŐŽƐ	ϭϭͲ:ƵůͲϰϮΎΎ
ϵϬϬϬϬϰϰϵ	ŚŝŵŝƵƐ ϯ	ƌƵnj Ğů ^Žů ^^ ^͘͘	ŽĂŶŐŽƐ	ϭϭͲ:ƵůͲϰϮΎΎ
ϵϬϬϬϬϰϱϬ	ŝƐŶĞƌŽƐ	ƌƵnj Ğů ^Žů ^^ ^͘͘	ŽĂŶŐŽƐ	ϭϭͲ:ƵůͲϰϮΎΎ
ϵϬϬϬϬϰϱϮ	dƐĂƉĂ	ƌƵnj Ğů ^Žů ^^ ^͘͘	ŽĂŶŐŽƐ	ϭϭͲ:ƵůͲϰϮΎΎ
ϵϬϬϬϬϰϱϱ	ů ŝƐŶĞ	ƌƵnj Ğů ^Žů ^^ ^͘͘	ů ŝƐŶĞ	ϭϮͲ:ƵůͲϰϮΎΎ
ϵϬϬϬϬϰϱϲ	^ĂŶ ^ĂůǀĂĚŽƌ	ƌƵnj Ğů ^Žů ^^ ^͘͘	ů ŝƐŶĞ	ϭϮͲ:ƵůͲϰϮΎΎ
ϵϬϬϬϬϰϱϯ	sŝĐƚŽƌŝĂ	ƌƵnj Ğů ^Žů ^^ ^͘͘	ů ŝƐŶĞ	ϭϮͲ:ƵůͲϰϮΎΎ
ϵϬϬϬϬϰϱϰ	zĂŶŐƵnjĂ	ƌƵnj Ğů ^Žů ^^ ^͘͘	ů ŝƐŶĞ	ϭϮͲ:ƵůͲϰϮΎΎ
ϭϬϬϬϬϱϬϮ	ŚƵĐĂLJ	ƌƵnj Ğů ^Žů ^^ ^͘͘	ŚƵĐĂLJ	ϮϰͲƵŐͲϰϮΎΎ
ϱϬϬϬϭϬϬϵ	DĂĐŚŽƐ ϭ	ƌƵnj Ğů ^Žů ^^ ^͘͘	DĂĐŚŽƐ	ϭϰͲƵŐͲϰϮΎΎ
ϱϬϬϬϭϬϭϬ	DĂĐŚŽƐ Ϯ	ƌƵnj Ğů ^Žů ^^ ^͘͘	DĂĐŚŽƐ	ϭϰͲƵŐͲϰϮΎΎ
ϱϬϬϬϭϬϬϳ	>Ă &ůŽƌŝĚĂ	ƌƵnj Ğů ^Žů ^^ ^͘͘	>Ă ,ƵĞĐĂ	ƵƌƌĞŶƚůLJ ďĞŝŶŐ ƌĞŐŝƐƚĞƌĞĚ Ăƚ ŐĞŶĐŝĂ ĚĞ ZĞŐƵůĂĐŝŽŶ LJ ŽŶƚƌŽů DŝŶĞƌŽ ;͞ZKD͟ͿΎΎ
ϱϬϬϬϭϬϬϲ	>Ă ,ƵĞĐĂ	ƌƵnj Ğů ^Žů ^^ ^͘͘	>Ă ,ƵĞĐĂ	ƵƌƌĞŶƚůLJ ďĞŝŶŐ ƌĞŐŝƐƚĞƌĞĚ Ăƚ ZKDΎΎ
ϱϬϬϬϭϬϬϴ	^ĂŶƚĂ ƌƵnj	ƌƵnj Ğů ^Žů ^^ ^͘͘	>Ă ,ƵĞĐĂ	ƵƌƌĞŶƚůLJ ďĞŝŶŐ ƌĞŐŝƐƚĞƌĞĚ Ăƚ ZKDΎΎ
ϰϬϬϬϬϯϮϬ	ůĂŶĐĂ	ĂƌŶĞŐŝĞ ZŝĚŐĞ ZĞƐŽƵƌĐĞƐ ^͘͘	ůĂŶĐĂ EŝĞǀĞƐ	ϮϳͲƉƌͲϰϮ
ϰϬϬϬϬϯϭϰ	EŝĞǀĞƐ	ĂƌŶĞŐŝĞ ZŝĚŐĞ ZĞƐŽƵƌĐĞƐ ^͘͘	ůĂŶĐĂ EŝĞǀĞƐ	ϮϳͲƉƌͲϰϮ
ϰϬϬϬϬϭϳϵ	ŚŝĐĂů ϭ	ĂƌŶĞŐŝĞ ZŝĚŐĞ ZĞƐŽƵƌĐĞƐ ^͘͘	ŚŝĐĂů	ϬϰͲDĂLJͲϰϮ
ϰϬϬϬϬϭϴϬ	ŚŝĐĂů Ϯ	ĂƌŶĞŐŝĞ ZŝĚŐĞ ZĞƐŽƵƌĐĞƐ ^͘͘	ŚŝĐĂů	ϬϰͲDĂLJͲϰϮ
ϰϬϬϬϬϭϴϭ	ŚŝĐĂů ϯ	ĂƌŶĞŐŝĞ ZŝĚŐĞ ZĞƐŽƵƌĐĞƐ ^͘͘	ŚŝĐĂů	ϬϰͲDĂLJͲϰϮ
ϰϬϬϬϬϭϵϬ	ZŝŽ DŝƌĂ	ĂƌŶĞŐŝĞ ZŝĚŐĞ ZĞƐŽƵƌĐĞƐ ^͘͘	ŚŝĐĂů	ϬϰͲDĂLJͲϰϮ
ϰϬϬϬϬϭϰϴ	ZŝŽ ŵĂƌŝůůŽ /	ĂƌŶĞŐŝĞ ZŝĚŐĞ ZĞƐŽƵƌĐĞƐ ^͘͘	ZŝŽ ŵĂƌŝůůŽ	ϬϵͲEŽǀͲϰϭ
ϰϬϬϬϬϭϰϵ	ZŝŽ ŵĂƌŝůůŽ /ŝ	ĂƌŶĞŐŝĞ ZŝĚŐĞ ZĞƐŽƵƌĐĞƐ ^͘͘	ZŝŽ ŵĂƌŝůůŽ	ϬϵͲEŽǀͲϰϭ
ϰϬϬϬϬϯϰϯ	ZŝŽ ŵĂƌŝůůŽ /ŝŝ	ĂƌŶĞŐŝĞ ZŝĚŐĞ ZĞƐŽƵƌĐĞƐ ^͘͘	ZŝŽ ŵĂƌŝůůŽ
ϳϬϬϬϬϯϮϯ	ŐƵƐƚŝŶ ϭ	sĂůůĞ ZŝĐŽ ZĞƐŽƵƌĐĞƐ sZZ ^͘	ŐƵƐƚŝŶ	ϬϲͲƉƌͲϰϮ
ϮϬϬϬϬϮϵϳ	ŐƵƐƚŝŶ Ϯ	sĂůůĞ ZŝĐŽ ZĞƐŽƵƌĐĞƐ sZZ ^͘	ŐƵƐƚŝŶ	ϬϲͲƉƌͲϰϮ
ϮϬϬϬϬϮϵϴ	ŐƵƐƚŝŶ ϯ	sĂůůĞ ZŝĐŽ ZĞƐŽƵƌĐĞƐ sZZ ^͘	ŐƵƐƚŝŶ	ϬϲͲƉƌͲϰϮ
ϳϬϬϬϬϭϱϲ	^ĂůĂŵƉĞ	sĂůůĞ ZŝĐŽ ZĞƐŽƵƌĐĞƐ sZZ ^͘	zĂƚƵďŝ	ϭϭͲEŽǀͲϰϭ
ϳϬϬϬϬϭϱϴ	^ĂůŝŶĂƐ	sĂůůĞ ZŝĐŽ ZĞƐŽƵƌĐĞƐ sZZ ^͘	zĂƚƵďŝ	ϭϭͲEŽǀͲϰϭ
ϳϬϬϬϬϭϲϭ	zĂƚƵďŝ ϭ	sĂůůĞ ZŝĐŽ ZĞƐŽƵƌĐĞƐ sZZ ^͘	zĂƚƵďŝ	ϭϭͲEŽǀͲϰϭ
ϳϬϬϬϬϭϲϮ	zĂƚƵďŝ Ϯ	sĂůůĞ ZŝĐŽ ZĞƐŽƵƌĐĞƐ sZZ ^͘	zĂƚƵďŝ	ϭϭͲEŽǀͲϰϭ

ΎZĞŶĞǁĂů ĂƉƉůŝĐĂƚŝŽŶƐ ŚĂǀĞ ďĞĞŶ ůŽĚŐĞĚ ǁŝƚŚ ƚŚĞ YƵĞĞŶƐůĂŶĚ ĞƉĂƌƚŵĞŶƚ ŽĨ EĂƚƵƌĂů ZĞƐŽƵƌĐĞƐ ĂŶĚ DŝŶĞƐ ĂŶĚ ƚŚĞ 'ƌŽƵƉ ŚĂƐ ŶŽ ƌĞĂƐŽŶ ƚŽ ďĞůŝĞǀĞ ƚŚĞ ƌĞŶĞǁĂůƐ ǁŝůů ŶŽƚ ďĞ ŐƌĂŶƚĞĚ͘

ΎΎZĞƉƌĞƐĞŶƚƐ ƚĞŶĞŵĞŶƚƐ ŐƌĂŶƚĞĚ ƉŽƐƚ ϯϬ :ƵŶĞ ϮϬϭϳ͘

Z/^<^ E hEZd/Ed/^

dŚĞ ŝƌĞĐƚŽƌƐĐŽŶƐŝĚĞƌ ƚŚĂƚ ƚŚĞĨĂĐƚŽƌƐ ĂŶĚ ƌŝƐŬƐ ĚĞƐĐƌŝďĞĚďĞůŽǁ ĂƌĞ ƚŚĞ ŵŽƐƚ ƐŝŐŶŝĨŝĐĂŶƚ͘

&ƵŶĚŝŶŐ ZŝƐŬƐ

dŚĞ'ƌŽƵƉ͛ƐĂďŝůŝƚLJ ƚŽĞĨĨĞĐƚŝǀĞůLJŝŵƉůĞŵĞŶƚŝƚƐ ďƵƐŝŶĞƐƐ ƐƚƌĂƚĞŐLJ ŽǀĞƌ ƚŝŵĞŵĂLJ ĚĞƉĞŶĚŝŶ ƉĂƌƚ ŽŶŝƚƐĂďŝůŝƚLJ ƚŽ ƌĂŝƐĞĂĚĚŝƚŝŽŶĂů ĨƵŶĚƐ ĂŶĚͬŽƌ ŝƚƐ ĂďŝůŝƚLJ ƚŽ ŐĞŶĞƌĂƚĞ ƌĞǀĞŶƵĞ ĨƌŽŵ ŝƚƐ ƉƌŽũĞĐƚƐ͘ dŚĞ ŶĞĞĚ ĨŽƌ ĂŶĚ ĂŵŽƵŶƚ ŽĨ ĂŶLJ ĂĚĚŝƚŝŽŶĂů ĨƵŶĚƐ ƌĞƋƵŝƌĞĚ ŝƐ ĐƵƌƌĞŶƚůLJƵŶŬŶŽǁŶĂŶĚǁŝůůĚĞƉĞŶĚŽŶŶƵŵĞƌŽƵƐĨĂĐƚŽƌƐƌĞůĂƚĞĚƚŽƚŚĞ'ƌŽƵƉ͛ƐĐƵƌƌĞŶƚĂŶĚĨƵƚƵƌĞĂĐƚŝǀŝƚŝĞƐ͘

/ĨƌĞƋƵŝƌĞĚ͕ƚŚĞ'ƌŽƵƉǁŽƵůĚƐĞĞŬĂĚĚŝƚŝŽŶĂůĨƵŶĚƐ͕ƚŚƌŽƵŐŚĞƋƵŝƚLJ͕ĚĞďƚŽƌũŽŝŶƚǀĞŶƚƵƌĞĨŝŶĂŶĐŝŶŐ͘ dŚĞƌĞĐĂŶďĞŶŽĂƐƐƵƌĂŶĐĞƚŚĂƚ ĂŶLJƐƵĐŚĞƋƵŝƚLJ͕ĚĞďƚŽƌũŽŝŶƚǀĞŶƚƵƌĞĨŝŶĂŶĐŝŶŐǁŝůůďĞĂǀĂŝůĂďůĞƚŽƚŚĞ'ƌŽƵƉŝŶĂƚŝŵĞůLJŵĂŶŶĞƌ͕ŽŶĨĂǀŽƵƌĂďůĞƚĞƌŵƐ͕ŽƌĂƚĂůů͘ ŶLJĂĚĚŝƚŝŽŶĂůĞƋƵŝƚLJ ĨŝŶĂŶĐŝŶŐǁŝůůĚŝůƵƚĞĐƵƌƌĞŶƚƐŚĂƌĞŚŽůĚŝŶŐƐ͕ĂŶĚĚĞďƚ ĨŝŶĂŶĐŝŶŐ͕ŝĨĂǀĂŝůĂďůĞ͕ĂŶĚŵĂLJŝŶǀŽůǀĞƌĞƐƚƌŝĐƚŝŽŶƐŽŶ ĨƵƌƚŚĞƌĨŝŶĂŶĐŝŶŐĂŶĚŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ͘

/Ĩ ĂĚĞƋƵĂƚĞ ĨƵŶĚƐ ĂƌĞ ŶŽƚ ĂǀĂŝůĂďůĞ ŽŶ ĂĐĐĞƉƚĂďůĞ ƚĞƌŵƐ͕ ƚŚĞ 'ƌŽƵƉ ŵĂLJ ŶŽƚ ďĞ ĂďůĞ ƚŽ ƚĂŬĞ ĂĚǀĂŶƚĂŐĞ ŽĨ ŽƉƉŽƌƚƵŶŝƚŝĞƐ Žƌ ŽƚŚĞƌǁŝƐĞƌĞƐƉŽŶĚƚŽĐŽŵƉĞƚŝƚŝǀĞƉƌĞƐƐƵƌĞƐ͕ĂƐǁĞůůĂƐƉŽƐƐŝďůLJƌĞƐƵůƚŝŶŐŝŶƚŚĞĚĞůĂLJŽƌŝŶĚĞĨŝŶŝƚĞƉŽƐƚƉŽŶĞŵĞŶƚŽĨƚŚĞ'ƌŽƵƉ͛Ɛ ĂĐƚŝǀŝƚŝĞƐ͘

'ĞŶĞƌĂů džƉůŽƌĂƚŝŽŶ ĂŶĚ džƚƌĂĐƚŝŽŶ ZŝƐŬƐ

dŚĞƌĞ ŝƐ ŶŽ ĐĞƌƚĂŝŶƚLJ ƚŚĂƚ ƚŚĞ'ƌŽƵƉ ǁŝůů ŝĚĞŶƚŝĨLJ ĐŽŵŵĞƌĐŝĂůůLJ ŵŝŶĞĂďůĞ ƌĞƐĞƌǀĞƐ ŝŶ ƚŚĞ dĞŶĞŵĞŶƚƐ͘ dŚĞ ĞdžƉůŽƌĂƚŝŽŶ ĨŽƌ͕ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚŽĨ͕ŵŝŶĞƌĂůĚĞƉŽƐŝƚƐŝŶǀŽůǀĞƐƐŝŐŶŝĨŝĐĂŶƚƵŶĐĞƌƚĂŝŶƚŝĞƐĂŶĚƚŚĞ'ƌŽƵƉ͛ƐŽƉĞƌĂƚŝŽŶƐǁŝůůďĞƐƵďũĞĐƚƚŽĂůůŽĨƚŚĞŚĂnjĂƌĚƐ ĂŶĚ ƌŝƐŬƐ ŶŽƌŵĂůůLJ ĞŶĐŽƵŶƚĞƌĞĚ ŝŶ ƐƵĐŚ ĂĐƚŝǀŝƚŝĞƐ͕ ƉĂƌƚŝĐƵůĂƌůLJ ŐŝǀĞŶ ƚŚĞ ƚĞƌƌĂŝŶ ĂŶĚ ŶĂƚƵƌĞ ŽĨ ƚŚĞ ĂĐƚŝǀŝƚŝĞƐ ďĞŝŶŐ ƵŶĚĞƌƚĂŬĞŶ͘ ůƚŚŽƵŐŚƉƌĞĐĂƵƚŝŽŶƐƚŽŵŝŶŝŵŝƐĞƌŝƐŬƐǁŝůůďĞƚĂŬĞŶ͕ĞǀĞŶĂĐŽŵďŝŶĂƚŝŽŶŽĨĐĂƌĞĨƵůĞǀĂůƵĂƚŝŽŶ͕ĞdžƉĞƌŝĞŶĐĞĂŶĚŬŶŽǁůĞĚŐĞŵĂLJŶŽƚ ĞůŝŵŝŶĂƚĞĂůůŽĨƚŚĞŚĂnjĂƌĚƐĂŶĚƌŝƐŬƐ͘

dŚĞƚĂƌŐĞƚƐŝĚĞŶƚŝĨŝĞĚďLJƚŚĞ'ƌŽƵƉ͛ƐƉĞƌƐŽŶŶĞůĂŶĚĐŽŶƐƵůƚĂŶƚƐ͕ĂƌĞďĂƐĞĚŽŶĐƵƌƌĞŶƚĞdžƉĞƌŝĞŶĐĞĂŶĚŵŽĚĞůůŝŶŐĂŶĚĂůůĂǀĂŝůĂďůĞ ĚĂƚĂ͘dŚĞƌĞŝƐŶŽŐƵĂƌĂŶƚĞĞƚŚĂƚƐƵƌĨĂĐĞƐĂŵƉůĞŐƌĂĚĞƐŽĨĂŶLJŵĞƚĂůŽƌŵŝŶĞƌĂůƚĂŬĞŶŝŶƚŚĞƉĂƐƚǁŝůůƉĞƌƐŝƐƚďĞůŽǁƚŚĞƐƵƌĨĂĐĞŽĨ ƚŚĞŐƌŽƵŶĚ͘&ƵƌƚŚĞƌŵŽƌĞ͕ƚŚĞƌĞĐĂŶďĞŶŽŐƵĂƌĂŶƚĞĞƚŚĂƚƚŚĞĞƐƚŝŵĂƚĞƐŽĨƋƵĂŶƚŝƚŝĞƐĂŶĚŐƌĂĚĞƐŽĨŐŽůĚĂŶĚŵŝŶĞƌĂůƐĚŝƐĐůŽƐĞĚ ǁŝůůďĞĂǀĂŝůĂďůĞĨŽƌĞdžƚƌĂĐƚŝŽŶĂŶĚƐĂůĞ͘

ZĞƐĞƌǀĞĂŶĚƌĞƐŽƵƌĐĞĞƐƚŝŵĂƚĞƐĂƌĞĞdžƉƌĞƐƐŝŽŶƐŽĨũƵĚŐĞŵĞŶƚďĂƐĞĚŽŶŬŶŽǁůĞĚŐĞ͕ĞdžƉĞƌŝĞŶĐĞĂŶĚŝŶĚƵƐƚƌLJƉƌĂĐƚŝĐĞ͘ƐƚŝŵĂƚĞƐ ǁŚŝĐŚ ǁĞƌĞ ǀĂůŝĚ ǁŚĞŶ ŽƌŝŐŝŶĂůůLJ ĐĂůĐƵůĂƚĞĚ ŵĂLJ ĂůƚĞƌ ƐŝŐŶŝĨŝĐĂŶƚůLJ ǁŚĞŶ ŶĞǁ ŝŶĨŽƌŵĂƚŝŽŶ Žƌ ƚĞĐŚŶŝƋƵĞƐ ďĞĐŽŵĞ ĂǀĂŝůĂďůĞ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ďLJƚŚĞŝƌǀĞƌLJŶĂƚƵƌĞ͕ƌĞƐŽƵƌĐĞĞƐƚŝŵĂƚĞƐĂƌĞŝŵƉƌĞĐŝƐĞĂŶĚĚĞƉĞŶĚƚŽƐŽŵĞĞdžƚĞŶƚŽŶŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐ͕ǁŚŝĐŚŵĂLJƉƌŽǀĞ ƚŽďĞŝŶĂĐĐƵƌĂƚĞ͘

dŝƚůĞ ZŝƐŬ

^Žů'ŽůĚ͛ƐƚĞŶĞŵĞŶƚƐĂŶĚŝŶƚĞƌĞƐƚŝŶƚĞŶĞŵĞŶƚƐĂƌĞƐƵďũĞĐƚƚŽƚŚĞǀĂƌŝŽƵƐĐŽŶĚŝƚŝŽŶƐ͕ŽďůŝŐĂƚŝŽŶƐĂŶĚƌĞŐƵůĂƚŝŽŶƐǁŚŝĐŚĂƉƉůLJŝŶƚŚĞ ƌĞůĞǀĂŶƚũƵƌŝƐĚŝĐƚŝŽŶƐŝŶĐůƵĚŝŶŐĐƵĂĚŽƌŝŶ^ŽƵƚŚŵĞƌŝĐĂ͕YƵĞĞŶƐůĂŶĚ͕ƵƐƚƌĂůŝĂĂŶĚƚŚĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐ͘ /ĨĂƉƉůŝĐĂƚŝŽŶƐĨŽƌƚŝƚůĞŽƌ ƌĞŶĞǁĂůĂƌĞƌĞƋƵŝƌĞĚƚŚŝƐĐĂŶďĞĂƚƚŚĞĚŝƐĐƌĞƚŝŽŶŽĨƚŚĞƌĞůĞǀĂŶƚŐŽǀĞƌŶŵĞŶƚŵŝŶŝƐƚĞƌŽƌŽĨĨŝĐŝĂůƐ͘ /ĨĂƉƉƌŽǀĂůŝƐƌĞĨƵƐĞĚ͕^Žů'ŽůĚ ǁŝůůƐƵĨĨĞƌĂůŽƐƐŽĨƚŚĞŽƉƉŽƌƚƵŶŝƚLJƚŽƵŶĚĞƌƚĂŬĞĨƵƌƚŚĞƌĞdžƉůŽƌĂƚŝŽŶ͕ŽƌĚĞǀĞůŽƉŵĞŶƚ͕ŽĨƚŚĞƚĞŶĞŵĞŶƚ͘ ^Žů'ŽůĚĐƵƌƌĞŶƚůLJŬŶŽǁƐŽĨ ŶŽƌĞĂƐŽŶƚŽďĞůŝĞǀĞƚŚĂƚĐƵƌƌĞŶƚĂƉƉůŝĐĂƚŝŽŶƐǁŝůůŶŽƚďĞĂƉƉƌŽǀĞĚ͕ŐƌĂŶƚĞĚŽƌƌĞŶĞǁĞĚ͘ ^ŽŵĞŽĨƚŚĞƉƌŽƉĞƌƚŝĞƐŵĂLJďĞƐƵďũĞĐƚƚŽ ƉƌŝŽƌƵŶƌĞŐŝƐƚĞƌĞĚĂŐƌĞĞŵĞŶƚƐŽƌƚƌĂŶƐĨĞƌƐŽƌŶĂƚŝǀĞŽƌŝŶĚŝŐĞŶŽƵƐƉĞŽƉůĞƐ͛ůĂŶĚĐůĂŝŵƐĂŶĚƚŝƚůĞŵĂLJďĞĂĨĨĞĐƚĞĚďLJƵŶĚĞƚĞĐƚĞĚ ĚĞĨĞĐƚƐŽƌŐŽǀĞƌŶŵĞŶƚĂůĂĐƚŝŽŶƐ͘ EŽĂƐƐƵƌĂŶĐĞĐĂŶďĞŐŝǀĞŶƚŚĂƚƚŝƚůĞĚĞĨĞĐƚƐĚŽŶŽƚĞdžŝƐƚ͘ /ĨĂƚŝƚůĞĚĞĨĞĐƚĚŽĞƐĞdžŝƐƚ͕ŝƚŝƐƉŽƐƐŝďůĞ ƚŚĂƚ^Žů'ŽůĚŵĂLJůŽƐĞĂůůŽƌĂƉŽƌƚŝŽŶŽĨƚŚĞƉƌŽƉĞƌƚLJƚŽǁŚŝĐŚƚŚĞƚŝƚůĞĚĞĨĞĐƚƐƌĞůĂƚĞƐ͘

WĞƌŵŝƚƚŝŶŐ ZŝƐŬŝŶ ĐƵĂĚŽƌ

Ɛ ǁŝƚŚ Ăůů ũƵƌŝƐĚŝĐƚŝŽŶƐ ŝŶ ǁŚŝĐŚ ^Žů'ŽůĚ ŽƉĞƌĂƚĞƐ͕ Ă ƉĂƌƚŝĐƵůĂƌ ƉĞƌŵŝƚƚŝŶŐ ƌĞŐŝŵĞ ĞdžŝƐƚƐ ŝŶ ĐƵĂĚŽƌ ǁŝƚŚ ǁŚŝĐŚ ^Žů'ŽůĚ ŵƵƐƚ ĐŽŵƉůLJ͘ ĞĨŽƌĞ ĐŽŵŵĞŶĐŝŶŐ ĂŶLJ ĞdžƉůŽƌĂƚŝŽŶ ĂĐƚŝǀŝƚLJ͕ ^Žů'ŽůĚ ŵĂLJ ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ŶĞŐŽƚŝĂƚĞ ĂĐĐĞƐƐ ĂŶĚ ĐŽŵƉĞŶƐĂƚŝŽŶ ĂƌƌĂŶŐĞŵĞŶƚƐ ǁŝƚŚ ĂŶLJ ŝŶƚĞƌĞƐƚĞĚ ůĂŶĚ ĂĐĐĞƐƐ ŐƌŽƵƉƐ ĂŶĚ ƌĞůĞǀĂŶƚ ĂƵƚŚŽƌŝƚŝĞƐ ŝŶ ĐƵĂĚŽƌ͘ ^Žů'ŽůĚ ŚĂƐ ĞŶŐĂŐĞĚ ĞdžƉĞƌŝĞŶĐĞĚ ĂĚǀŝƐŽƌƐĂŶĚĐŽŶƐƵůƚĂŶƚƐ ƚŽĂƐƐŝƐƚǁŝƚŚŶĞŐŽƚŝĂƚŝŽŶƐ͕ŚŽǁĞǀĞƌ͕ƚŚĞƌĞŝƐŶŽŐƵĂƌĂŶƚĞĞ ƚŚĂƚĂůůŶĞĐĞƐƐĂƌLJĂĐĐĞƐƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶ ĂƌƌĂŶŐĞŵĞŶƚƐ ǁŝůů ďĞ ĞŶƚĞƌĞĚ ŝŶ Ă ƚŝŵĞůLJ ŵĂŶŶĞƌ͕ ŽŶ ĨĂǀŽƵƌĂďůĞ ƚĞƌŵƐ͕ ǁŝƚŚŽƵƚ ŽŶĞƌŽƵƐ ĐŽŶĚŝƚŝŽŶƐ Žƌ Ăƚ Ăůů͘ ^ŝŵŝůĂƌůLJ͕ ŶŽ ŐƵĂƌĂŶƚĞĞƐ ĐĂŶ ďĞ ŵĂĚĞ ĂƐ ƚŽ ƚŝŵĞĨƌĂŵĞƐ ǁŝƚŚŝŶ ǁŚŝĐŚ ŶĞŐŽƚŝĂƚŝŽŶƐ ŵĂLJ ďĞ ĨŝŶĂůŝƐĞĚ Žƌ ƚŚĞ ƌĞĂƐŽŶĂďůĞŶĞƐƐ ŽĨ ƚŚŝƌĚ ƉĂƌƚŝĞƐ͘ &ĂŝůƵƌĞƚŽŽďƚĂŝŶĂůůŶĞĐĞƐƐĂƌLJƉĞƌŵŝƚƐ͕ůŝĐĞŶƐĞƐĂŶĚĂĐĐĞƐƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƐĂƌƌĂŶŐĞŵĞŶƚƐŵĂLJŚĂǀĞĂŵĂƚĞƌŝĂůĂĚǀĞƌƐĞĞĨĨĞĐƚ ŽŶ^Žů'ŽůĚ͘

223

Z/^<^ E hEZd/Ed/^;ĐŽŶƚŝŶƵĞĚͿ

ƵƐƚƌĂůŝĂŶEĂƚŝǀĞ dŝƚůĞ ZŝƐŬ

dŚĞ ĞĨĨĞĐƚ ŽĨ ƚŚĞEĂƚŝǀĞ dŝƚůĞ Đƚ ϭϵϵϯ ;ƚŚͿ ;͞Ed͟Ϳ ŝƐ ƚŚĂƚ ĞdžŝƐƚŝŶŐ ĂŶĚ ŶĞǁ ƚĞŶĞŵĞŶƚƐ ŚĞůĚ ďLJ ^Žů'ŽůĚ ŝŶ ƵƐƚƌĂůŝĂ ŵĂLJ ďĞ ĂĨĨĞĐƚĞĚďLJŶĂƚŝǀĞ ƚŝƚůĞĐůĂŝŵƐĂŶĚƉƌŽĐĞĚƵƌĞƐ͘^Žů'ŽůĚŚĂƐŶŽƚƵŶĚĞƌƚĂŬĞŶ ƚŚĞŚŝƐƚŽƌŝĐĂů͕ůĞŐĂůŽƌĂŶƚŚƌŽƉŽůŽŐŝĐĂů ƌĞƐĞĂƌĐŚĂŶĚ ŝŶǀĞƐƚŝŐĂƚŝŽŶƐĂƚƚŚĞĚĂƚĞŽĨƚŚŝƐƌĞƉŽƌƚƚŚĂƚǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽĨŽƌŵĂŶŽƉŝŶŝŽŶĂƐƚŽǁŚĞƚŚĞƌĂŶLJĞdžŝƐƚŝŶŐŽƌĨƵƚƵƌĞĐůĂŝŵĨŽƌ ŶĂƚŝǀĞƚŝƚůĞĐŽƵůĚďĞƵƉŚĞůĚŽǀĞƌĂƉĂƌƚŝĐƵůĂƌƉĂƌĐĞůŽĨůĂŶĚĐŽǀĞƌĞĚďLJĂƚĞŶĞŵĞŶƚ͘

dŚĞƌĞŝƐĂƉŽƚĞŶƚŝĂůƌŝƐŬƚŚĂƚĂĚĞƚĞƌŵŝŶĂƚŝŽŶĐŽƵůĚďĞŵĂĚĞƚŚĂƚŶĂƚŝǀĞƚŝƚůĞĞdžŝƐƚƐŝŶƌĞůĂƚŝŽŶƚŽůĂŶĚƚŚĞƐƵďũĞĐƚŽĨĂƚĞŶĞŵĞŶƚ ŚĞůĚŽƌƚŽďĞŚĞůĚďLJ^Žů'ŽůĚǁŚŝĐŚŵĂLJĂĨĨĞĐƚƚŚĞŽƉĞƌĂƚŝŽŶŽĨ^Žů'ŽůĚ͛ƐďƵƐŝŶĞƐƐĂŶĚĚĞǀĞůŽƉŵĞŶƚĂĐƚŝǀŝƚŝĞƐ͘/ŶƚŚĞĞǀĞŶƚƚŚĂƚŝƚ ŝƐĚĞƚĞƌŵŝŶĞĚƚŚĂƚŶĂƚŝǀĞƚŝƚůĞĚŽĞƐĞdžŝƐƚŽƌĂŶĂƚŝǀĞƚŝƚůĞĐůĂŝŵŝƐƌĞŐŝƐƚĞƌĞĚ͕^Žů'ŽůĚŵĂLJŶĞĞĚƚŽĐŽŵƉůLJǁŝƚŚƉƌŽĐĞĚƵƌĞƐƵŶĚĞƌ ƚŚĞEdŝŶŽƌĚĞƌƚŽĐĂƌƌLJŽƵƚŝƚƐŽƉĞƌĂƚŝŽŶƐŽƌƚŽďĞŐƌĂŶƚĞĚĂŶLJĂĚĚŝƚŝŽŶĂůƌŝŐŚƚƐƐƵĐŚĂƐĂDŝŶŝŶŐ>ĞĂƐĞ͘^ƵĐŚƉƌŽĐĞĚƵƌĞƐŵĂLJ ƚĂŬĞĐŽŶƐŝĚĞƌĂďůĞƚŝŵĞ͕ŝŶǀŽůǀĞƚŚĞŶĞŐŽƚŝĂƚŝŽŶŽĨƐŝŐŶŝĨŝĐĂŶƚĂŐƌĞĞŵĞŶƚƐ͕ŝŶǀŽůǀĞĂƌĞƋƵŝƌĞŵĞŶƚƚŽŶĞŐŽƚŝĂƚĞĨŽƌĂĐĐĞƐƐƌŝŐŚƚƐ͕ĂŶĚ ƌĞƋƵŝƌĞ ƚŚĞ ƉĂLJŵĞŶƚ ŽĨ ĐŽŵƉĞŶƐĂƚŝŽŶ ƚŽ ƚŚŽƐĞ ƉĞƌƐŽŶƐ ŚŽůĚŝŶŐ Žƌ ĐůĂŝŵŝŶŐ ŶĂƚŝǀĞ ƚŝƚůĞ ŝŶ ƚŚĞ ůĂŶĚ ǁŚŝĐŚ ŝƐ ƚŚĞ ƐƵďũĞĐƚ ŽĨ Ă ƚĞŶĞŵĞŶƚ͘ dŚĞ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ĂŶĚ ĚĞƚĞƌŵŝŶĂƚŝŽŶ ŽĨ ŶĂƚŝǀĞ ƚŝƚůĞ ŝƐƐƵĞƐ ŵĂLJ ŚĂǀĞ Ă ŵĂƚĞƌŝĂů ĂĚǀĞƌƐĞ ŝŵƉĂĐƚ ŽŶ ƚŚĞ ƉŽƐŝƚŝŽŶ ŽĨ ^Žů'ŽůĚŝŶƚĞƌŵƐŽĨŝƚƐĐĂƐŚĨůŽǁƐ͕ĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞ͕ďƵƐŝŶĞƐƐĚĞǀĞůŽƉŵĞŶƚ͕ĂďŝůŝƚLJƚŽƉĂLJĚŝǀŝĚĞŶĚƐĂŶĚƐŚĂƌĞƉƌŝĐĞ͘

sŽůĂƚŝůŝƚLJ ŽĨŽŵŵŽĚŝƚLJ WƌŝĐĞƐ

^Žů'ŽůĚ͛ƐƉŽƐƐŝďůĞĨƵƚƵƌĞƌĞǀĞŶƵĞƐǁŝůůďĞĚĞƌŝǀĞĚŵĂŝŶůLJĨƌŽŵ'ŽůĚĂŶĚŽƉƉĞƌĂŶĚͬŽƌĨƌŽŵƌŽLJĂůƚŝĞƐŐĂŝŶĞĚĨƌŽŵƉŽƚĞŶƚŝĂůũŽŝŶƚ ǀĞŶƚƵƌĞƐŽƌĨƌŽŵŵŝŶĞƌĂůƉƌŽũĞĐƚƐƐŽůĚ͘ ůƐŽ͕ĚƵƌŝŶŐŽƉĞƌĂƚŝŽŶƐďLJ^Žů'ŽůĚ͕ƚŚĞƌĞǀĞŶƵĞƐĞĂƌŶĞĚǁŝůůďĞĚĞƉĞŶĚĞŶƚŽŶƚŚĞƚĞƌŵƐŽĨ ĂŶLJĂŐƌĞĞŵĞŶƚĨŽƌƚŚĞĂĐƚŝǀŝƚŝĞƐ͘ ŽŶƐĞƋƵĞŶƚůLJ͕^Žů'ŽůĚ͛ƐƉŽƚĞŶƚŝĂůĨƵƚƵƌĞĞĂƌŶŝŶŐƐ͕ƉƌŽĨŝƚĂďŝůŝƚLJĂŶĚŐƌŽǁƚŚĂƌĞůŝŬĞůLJƚŽďĞĐůŽƐĞůLJ ƌĞůĂƚĞĚƚŽƚŚĞƉƌŝĐĞŽĨĞŝƚŚĞƌŽĨƚŚĞƐĞĐŽŵŵŽĚŝƚŝĞƐ͘

'ŽůĚĂŶĚŽƉƉĞƌƉƌŝĐĞƐĨůƵĐƚƵĂƚĞĂŶĚĂƌĞĂĨĨĞĐƚĞĚďLJŶƵŵĞƌŽƵƐŝŶĚƵƐƚƌLJĨĂĐƚŽƌƐ͕ŵĂŶLJŽĨǁŚŝĐŚĂƌĞďĞLJŽŶĚƚŚĞĐŽŶƚƌŽůŽĨ^Žů'ŽůĚ͘ ^ƵĐŚ ĨĂĐƚŽƌƐ ŝŶĐůƵĚĞ͕ ďƵƚ ĂƌĞ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ͕ ĚĞŵĂŶĚ ĨŽƌ /Ɛ͕ ƚĞĐŚŶŽůŽŐŝĐĂů ĂĚǀĂŶĐĞŵĞŶƚƐ͕ ĨŽƌǁĂƌĚ ƐĞůůŝŶŐ ďLJ ƉƌŽĚƵĐĞƌƐ͕ ƉƌŽĚƵĐƚŝŽŶĐŽƐƚůĞǀĞůƐŝŶŵĂũŽƌƉƌŽĚƵĐŝŶŐ ƌĞŐŝŽŶƐ͕ŵĂĐƌŽĞĐŽŶŽŵŝĐ ĨĂĐƚŽƌƐ͕ŝŶĨůĂƚŝŽŶ͕ŝŶƚĞƌĞƐƚ ƌĂƚĞƐ͕ĐƵƌƌĞŶĐLJĞdžĐŚĂŶŐĞ ƌĂƚĞƐĂŶĚ ŐůŽďĂůĂŶĚƌĞŐŝŽŶĂůĚĞŵĂŶĚĨŽƌ͕ĂŶĚƐƵƉƉůLJŽĨ͕'ŽůĚĂŶĚŽƉƉĞƌ͘

ŶLJ ƐƵďƐƚĂŶƚŝĂůĂŶĚĞdžƚĞŶĚĞĚ ĚĞĐůŝŶĞŝŶ ƚŚĞŵĂƌŬĞƚ ƉƌŝĐĞ ŽĨ'ŽůĚĂŶĚŽƉƉĞƌ ĐŽƵůĚ ŚĂǀĞĂŶĂĚǀĞƌƐĞĞĨĨĞĐƚ ŽŶ^Žů'ŽůĚ͛Ɛ ĨƵƚƵƌĞ ƌĞǀĞŶƵĞƐ͕ ƉƌŽĨŝƚĂďŝůŝƚLJ͕ ĐĂƐŚ ĨůŽǁƐ ĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐ͕ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ ŽĨ ĐĂƉŝƚĂůŝƐĞĚ ĂƐƐĞƚƐ ĂŶĚ ďŽƌƌŽǁŝŶŐ ĐĂƉĂĐŝƚLJ ĂŵŽŶŐ ŽƚŚĞƌ ĨĂĐƚŽƌƐ͘

WƌŽũĞĐƚ ĞǀĞůŽƉŵĞŶƚ ZŝƐŬƐ

/ĨƚŚĞ'ƌŽƵƉĚŝƐĐŽǀĞƌƐĂƉŽƚĞŶƚŝĂůůLJĞĐŽŶŽŵŝĐƌĞƐŽƵƌĐĞŽƌƌĞƐĞƌǀĞ͕ƚŚĞƌĞŝƐŶŽĂƐƐƵƌĂŶĐĞƚŚĂƚƚŚĞ'ƌŽƵƉǁŝůůďĞĂďůĞƚŽĚĞǀĞůŽƉĂ ŵŝŶĞƚŚĞƌĞŽŶ͕ŽƌŽƚŚĞƌǁŝƐĞĐŽŵŵĞƌĐŝĂůůLJĞdžƉůŽŝƚƐƵĐŚƌĞƐŽƵƌĐĞŽƌƌĞƐĞƌǀĞ͘ &ƵƌƚŚĞƌ͕ƚŚĞƌĞĐĂŶďĞŶŽĂƐƐƵƌĂŶĐĞƚŚĂƚƚŚĞ'ƌŽƵƉǁŝůů ďĞ ĂďůĞ ƚŽ ŵĂŶĂŐĞ ĞĨĨĞĐƚŝǀĞůLJ ƚŚĞ ĞdžƉĂŶƐŝŽŶ ŽĨ ŝƚƐ ŽƉĞƌĂƚŝŽŶƐ Žƌ ƚŚĂƚ ƚŚĞ'ƌŽƵƉ͛Ɛ ĐƵƌƌĞŶƚ ƉĞƌƐŽŶŶĞů͕ ƐLJƐƚĞŵƐ͕ ƉƌŽĐĞĚƵƌĞƐ ĂŶĚ ĐŽŶƚƌŽůƐ ǁŝůů ďĞ ĂĚĞƋƵĂƚĞ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ 'ƌŽƵƉ͛Ɛ ŽƉĞƌĂƚŝŽŶƐ ĂƐ ŽƉĞƌĂƚŝŽŶƐ ĞdžƉĂŶĚ͘ ŶLJ ĨĂŝůƵƌĞ ŽĨ ŵĂŶĂŐĞŵĞŶƚ ƚŽ ŵĂŶĂŐĞ ĞĨĨĞĐƚŝǀĞůLJƚŚĞ'ƌŽƵƉ͛ƐŐƌŽǁƚŚĂŶĚĚĞǀĞůŽƉŵĞŶƚĐŽƵůĚŚĂǀĞĂŵĂƚĞƌŝĂůĂĚǀĞƌƐĞĞĨĨĞĐƚŽŶƚŚĞ'ƌŽƵƉ͛ƐďƵƐŝŶĞƐƐ͕ĨŝŶĂŶĐŝĂůĐŽŶĚŝƚŝŽŶ ĂŶĚƌĞƐƵůƚƐŽĨŽƉĞƌĂƚŝŽŶƐ͘dŚĞƌĞŝƐŶŽĐĞƌƚĂŝŶƚLJƚŚĂƚĂůůŽƌ͕ŝŶĚĞĞĚ͕ĂŶLJŽĨƚŚĞĞůĞŵĞŶƚƐŽĨƚŚĞ'ƌŽƵƉ͛ƐĐƵƌƌĞŶƚƐƚƌĂƚĞŐLJǁŝůůĚĞǀĞůŽƉ ĂƐĂŶƚŝĐŝƉĂƚĞĚ͘

ƵƌƌĞŶĐLJ &ůƵĐƚƵĂƚŝŽŶƐ

dŚĞ'ƌŽƵƉ͛Ɛ ĂƐƐĞƚ ĂŶĚ ůŝĂďŝůŝƚLJ ǀĂůƵĞƐ ŵĂLJ ĨůƵĐƚƵĂƚĞ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ŵŽǀĞŵĞŶƚƐ ŝŶ ƚŚĞ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐLJ ĞdžĐŚĂŶŐĞ ƌĂƚĞƐ͘ /Ĩ ^Žů'ŽůĚ ĂĐŚŝĞǀĞƐ ĐŽŵŵĞƌĐŝĂů ƉƌŽĚƵĐƚŝŽŶ ƚŚĞ ƌĞǀĞŶƵĞ ǁŝůůŵŽƐƚ ůŝŬĞůLJ ďĞ ĚĞŶŽŵŝŶĂƚĞĚ ŝŶh^͕ ĂůƚŚŽƵŐŚŵŽƐƚ ďƵƚ ŶŽƚ Ăůů ŽĨ ƚŚĞ ĐŽƐƚƐ ŽĨĞdžƉůŽƌĂƚŝŽŶĂŶĚ ƉƌŽĚƵĐƚŝŽŶǁŝůů ďĞŝŶĐƵƌƌĞĚŝŶh^͘ ĐĐŽƌĚŝŶŐůLJ͕ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐLJ ĨůƵĐƚƵĂƚŝŽŶƐŵĂLJĂĚǀĞƌƐĞůLJĂĨĨĞĐƚƚŚĞ 'ƌŽƵƉƐĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂŶĚŽƉĞƌĂƚŝŶŐƌĞƐƵůƚƐ͘

224

Z/^<^ E hEZd/Ed/^;ĐŽŶƚŝŶƵĞĚͿ

>ĂŶĚ ĐĐĞƐƐ ZŝƐŬ

ĂŶĚ ĂĐĐĞƐƐ ŝƐ ĐƌŝƚŝĐĂů ĨŽƌ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ƚŽ ƐƵĐĐĞĞĚ͘ /Ŷ Ăůů ĐĂƐĞƐ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ŽĨ ƉƌŽƐƉĞĐƚŝǀĞ ƚĞŶĞŵĞŶƚƐ ŝƐ Ă ĐŽŵƉĞƚŝƚŝǀĞďƵƐŝŶĞƐƐ͕ŝŶǁŚŝĐŚƉƌŽƉƌŝĞƚĂƌLJŬŶŽǁůĞĚŐĞŽƌŝŶĨŽƌŵĂƚŝŽŶŝƐĐƌŝƚŝĐĂůĂŶĚƚŚĞĂďŝůŝƚLJƚŽŶĞŐŽƚŝĂƚĞƐĂƚŝƐĨĂĐƚŽƌLJĐŽŵŵĞƌĐŝĂů ĂƌƌĂŶŐĞŵĞŶƚƐǁŝƚŚŽƚŚĞƌƉĂƌƚŝĞƐŝƐŽĨƚĞŶĞƐƐĞŶƚŝĂů͘

ĐĐĞƐƐ ƚŽůĂŶĚ ĨŽƌĞdžƉůŽƌĂƚŝŽŶƉƵƌƉŽƐĞƐĐĂŶďĞĂĨĨĞĐƚĞĚďLJůĂŶĚŽǁŶĞƌƐŚŝƉ͕ŝŶĐůƵĚŝŶŐƉƌŝǀĂƚĞ ;ĨƌĞĞŚŽůĚͿůĂŶĚ͕ƉĂƐƚŽƌĂůůĞĂƐĞĂŶĚ ŶĂƚŝǀĞƚŝƚůĞůĂŶĚŽƌŝŶĚŝŐĞŶŽƵƐĐůĂŝŵƐ͘ /ŵŵĞĚŝĂƚĞĂĐĐĞƐƐƚŽůĂŶĚŝŶƚŚĞĂƌĞĂƐŽĨĂĐƚŝǀŝƚŝĞƐĐĂŶŶŽƚŝŶĂůůĐĂƐĞƐďĞŐƵĂƌĂŶƚĞĞĚ͘ ^Žů'ŽůĚ ŵĂLJďĞƌĞƋƵŝƌĞĚƚŽƐĞĞŬĐŽŶƐĞŶƚŽĨůĂŶĚŚŽůĚĞƌƐŽƌŽƚŚĞƌƉĞƌƐŽŶƐŽƌŐƌŽƵƉƐǁŝƚŚĂŶŝŶƚĞƌĞƐƚŝŶƌĞĂůƉƌŽƉĞƌƚLJĞŶĐŽŵƉĂƐƐĞĚďLJ͕Žƌ ĂĚũĂĐĞŶƚƚŽ͕^Žů'ŽůĚ͛ƐƚĞŶĞŵĞŶƚƐ͘ ŽŵƉĞŶƐĂƚŝŽŶŵĂLJďĞƌĞƋƵŝƌĞĚƚŽďĞƉĂŝĚďLJ^Žů'ŽůĚƚŽůĂŶĚŚŽůĚĞƌƐƐŽƚŚĂƚ^Žů'ŽůĚŵĂLJĐĂƌƌLJ ŽƵƚ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚͬŽƌ ŵŝŶŝŶŐ ĂĐƚŝǀŝƚŝĞƐ͘ tŚĞƌĞ ĂƉƉůŝĐĂďůĞ͕ ĂŐƌĞĞŵĞŶƚƐ ǁŝƚŚ ŝŶĚŝŐĞŶŽƵƐ ŐƌŽƵƉƐ ŚĂǀĞ ƚŽ ďĞ ŝŶ ƉůĂĐĞ ďĞĨŽƌĞ Ă ŵŝŶĞƌĂůƚĞŶĞŵĞŶƚĐĂŶďĞŐƌĂŶƚĞĚ͘

ZŝŐŚƚƐ ƚŽŵŝŶĞƌĂů ƚĞŶĞŵĞŶƚƐĐĂƌƌLJǁŝƚŚ ƚŚĞŵǀĂƌŝŽƵƐŽďůŝŐĂƚŝŽŶƐŝŶƌĞŐĂƌĚ ƚŽŵŝŶŝŵƵŵĞdžƉĞŶĚŝƚƵƌĞůĞǀĞůƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŝŶ ƌĞƐƉĞĐƚŽĨƚŚĞĞŶǀŝƌŽŶŵĞŶƚĂŶĚƐĂĨĞƚLJ͘ &ĂŝůƵƌĞƚŽŽďƐĞƌǀĞƚŚĞƐĞƌĞƋƵŝƌĞŵĞŶƚƐĐŽƵůĚƉƌĞũƵĚŝĐĞƚŚĞƌŝŐŚƚƚŽŵĂŝŶƚĂŝŶƚŝƚůĞƚŽĂŐŝǀĞŶ ĂƌĞĂ͘

'ŽǀĞƌŶŵĞŶƚƉŽůŝĐLJ͕ŝŵƉĂƐƐĂďůĞŽƌĚŝĨĨŝĐƵůƚĂĐĐĞƐƐĂƐĂƌĞƐƵůƚŽĨƚŚĞƚĞƌƌĂŝŶ͕ƐĞĂƐŽŶĂůĐůŝŵĂƚŝĐĞĨĨĞĐƚƐŽƌŝŶĐůĞŵĞŶƚǁĞĂƚŚĞƌĐĂŶĂůƐŽ ĂĚǀĞƌƐĞůLJŝŵƉĂĐƚ^Žů'ŽůĚ͛ƐĂĐƚŝǀŝƚŝĞƐ͘

ŶǀŝƌŽŶŵĞŶƚĂů ZŝƐŬ

^Žů'ŽůĚ͛ƐŽƉĞƌĂƚŝŽŶƐĂŶĚƉƌŽũĞĐƚƐĂƌĞĞdžƉĞĐƚĞĚƚŽŚĂǀĞĂŶŝŵƉĂĐƚŽŶƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͕ƉĂƌƚŝĐƵůĂƌůLJŝĨĂĚǀĂŶĐĞĚĞdžƉůŽƌĂƚŝŽŶŽƌŵŝŶĞ ĚĞǀĞůŽƉŵĞŶƚ ƉƌŽĐĞĞĚƐ͘ /ƚƐ ĂĐƚŝǀŝƚŝĞƐ ĂƌĞ Žƌ ǁŝůů ďĞ ƐƵďũĞĐƚ ƚŽ ŝŶͲĐŽƵŶƚƌLJ ŶĂƚŝŽŶĂů ĂŶĚ ůŽĐĂů ůĂǁƐ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ ƌĞŐĂƌĚŝŶŐ ĞŶǀŝƌŽŶŵĞŶƚĂůŚĂnjĂƌĚƐ͘ dŚĞƐĞůĂǁƐĂŶĚƌĞŐƵůĂƚŝŽŶƐƐĞƚǀĂƌŝŽƵƐƐƚĂŶĚĂƌĚƐƌĞŐƵůĂƚŝŶŐĐĞƌƚĂŝŶĂƐƉĞĐƚƐŽĨŚĞĂůƚŚĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂů ƋƵĂůŝƚLJĂŶĚƉƌŽǀŝĚĞ ĨŽƌƉĞŶĂůƚŝĞƐĂŶĚŽƚŚĞƌůŝĂďŝůŝƚŝĞƐ ĨŽƌ ƚŚĞǀŝŽůĂƚŝŽŶŽĨ ƐƵĐŚ ƐƚĂŶĚĂƌĚƐ͘ /ŶĐĞƌƚĂŝŶĐŝƌĐƵŵƐƚĂŶĐĞƐ ƚŚĞLJĞƐƚĂďůŝƐŚ ŽďůŝŐĂƚŝŽŶƐ ƚŽ ƌĞŵĞĚŝĂƚĞĐƵƌƌĞŶƚĂŶĚ ĨŽƌŵĞƌ ĨĂĐŝůŝƚŝĞƐĂŶĚůŽĐĂƚŝŽŶƐǁŚĞƌĞŽƉĞƌĂƚŝŽŶƐĂƌĞŽƌǁĞƌĞĐŽŶĚƵĐƚĞĚ͘ ^ŝŐŶŝĨŝĐĂŶƚůŝĂďŝůŝƚLJ ĐŽƵůĚďĞŝŵƉŽƐĞĚŽŶ^Žů'ŽůĚ ĨŽƌĚĂŵĂŐĞƐ͕ĐůĞĂŶͲƵƉĐŽƐƚƐ͕ŽƌƉĞŶĂůƚŝĞƐŝŶ ƚŚĞĞǀĞŶƚŽĨĐĞƌƚĂŝŶĚŝƐĐŚĂƌŐĞƐŝŶƚŽ ƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͕ ĞŶǀŝƌŽŶŵĞŶƚĂů ĚĂŵĂŐĞ ĐĂƵƐĞĚ ďLJ ƉƌĞǀŝŽƵƐ ŽǁŶĞƌƐ ŽĨ ƉƌŽƉĞƌƚLJ ĂĐƋƵŝƌĞĚ ďLJ ^Žů'ŽůĚ Žƌ ŝƚƐ ƐƵďƐŝĚŝĂƌŝĞƐ͕ Žƌ ŶŽŶͲĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ĞŶǀŝƌŽŶŵĞŶƚĂů ůĂǁƐ Žƌ ƌĞŐƵůĂƚŝŽŶƐ͘ ^Žů'ŽůĚ ƉƌŽƉŽƐĞƐ ƚŽ ŵŝŶŝŵŝƐĞ ƚŚĞƐĞ ƌŝƐŬƐ ďLJ ĐŽŶĚƵĐƚŝŶŐ ŝƚƐ ĂĐƚŝǀŝƚŝĞƐ ŝŶ ĂŶ ĞŶǀŝƌŽŶŵĞŶƚĂůůLJ ƌĞƐƉŽŶƐŝďůĞŵĂŶŶĞƌ͕ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂƉƉůŝĐĂďůĞůĂǁƐĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ͕ĂŶĚǁŚĞƌĞ ƉŽƐƐŝďůĞ͕ ďLJ ĐĂƌƌLJŝŶŐĂƉƉƌŽƉƌŝĂƚĞŝŶƐƵƌĂŶĐĞ ĐŽǀĞƌĂŐĞ͘ EĞǀĞƌƚŚĞůĞƐƐ͕ƚŚĞƌĞĂƌĞĐĞƌƚĂŝŶƌŝƐŬƐŝŶŚĞƌĞŶƚŝŶ^Žů'ŽůĚ͛ƐĂĐƚŝǀŝƚŝĞƐǁŚŝĐŚĐŽƵůĚƐƵďũĞĐƚŝƚƚŽĞdžƚĞŶƐŝǀĞůŝĂďŝůŝƚLJ͘

'ĞŽƉŽůŝƚŝĐĂů͕ ZĞŐƵůĂƚŽƌLJ ĂŶĚ ^ŽǀĞƌĞŝŐŶ ZŝƐŬ

dŚĞĂǀĂŝůĂďŝůŝƚLJĂŶĚƌŝŐŚƚƐƚŽĞdžƉůŽƌĞĂŶĚŵŝŶĞ͕ĂƐǁĞůůĂƐŝŶĚƵƐƚƌLJƉƌŽĨŝƚĂďŝůŝƚLJŐĞŶĞƌĂůůLJ͕ĐĂŶďĞĂĨĨĞĐƚĞĚďLJĐŚĂŶŐĞƐŝŶŐŽǀĞƌŶŵĞŶƚ ƉŽůŝĐLJƚŚĂƚĂƌĞďĞLJŽŶĚƚŚĞĐŽŶƚƌŽůŽĨ^Žů'ŽůĚ͘

^Žů'ŽůĚ͛ƐĞdžƉůŽƌĂƚŝŽŶƚĞŶĞŵĞŶƚƐĂƌĞůŽĐĂƚĞĚŝŶĐƵĂĚŽƌ͕ƚŚĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐĂŶĚƵƐƚƌĂůŝĂĂŶĚĂƌĞƐƵďũĞĐƚƚŽƚŚĞƌŝƐŬƐĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚŽƉĞƌĂƚŝŶŐďŽƚŚŝŶĚŽŵĞƐƚŝĐĂŶĚĨŽƌĞŝŐŶũƵƌŝƐĚŝĐƚŝŽŶƐ͘ ƐƚŚĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐĂŶĚĐƵĂĚŽƌĂƌĞĚĞǀĞůŽƉŝŶŐĐŽƵŶƚƌŝĞƐ͕ƚŚĞŝƌůĞŐĂů ĂŶĚƉŽůŝƚŝĐĂůƐLJƐƚĞŵƐĂƌĞĞŵĞƌŐŝŶŐǁŚĞŶĐŽŵƉĂƌĞĚƚŽƚŚŽƐĞŝŶŽƉĞƌĂƚŝŽŶŝŶƵƐƚƌĂůŝĂĂŶĚƚŚĞhŶŝƚĞĚ<ŝŶŐĚŽŵ͘ ^ƵĐŚƌŝƐŬƐŝŶĐůƵĚĞ͕ ďƵƚĂƌĞŶŽƚůŝŵŝƚĞĚƚŽ͗

x ĞĐŽŶŽŵŝĐ͕ƐŽĐŝĂůŽƌƉŽůŝƚŝĐĂůŝŶƐƚĂďŝůŝƚLJŽƌĐŚĂŶŐĞ͖
x ŚLJƉĞƌŝŶĨůĂƚŝŽŶ͕ĐƵƌƌĞŶĐLJŶŽŶͲĐŽŶǀĞƌƚŝďŝůŝƚLJŽƌŝŶƐƚĂďŝůŝƚLJ͖
x ĐŚĂŶŐĞƐŽĨůĂǁĂĨĨĞĐƚŝŶŐ ĨŽƌĞŝŐŶŽǁŶĞƌƐŚŝƉ͕ŐŽǀĞƌŶŵĞŶƚƉĂƌƚŝĐŝƉĂƚŝŽŶ͕ ƚĂdžĂƚŝŽŶ͕ǁŽƌŬŝŶŐĐŽŶĚŝƚŝŽŶƐ͕ ƌĂƚĞƐŽĨĞdžĐŚĂŶŐĞ͕ ĞdžĐŚĂŶŐĞ ĐŽŶƚƌŽů͕ ĞdžƉůŽƌĂƚŝŽŶ ůŝĐĞŶƐŝŶŐ͕ ĞdžƉŽƌƚ ĚƵƚŝĞƐ͕ ƌĞƐŽƵƌĐĞ ƌĞŶƚ ƚĂdžĞƐ͕ ƌĞƉĂƚƌŝĂƚŝŽŶ ŽĨ ĐĂƉŝƚĂů͕ ĞŶǀŝƌŽŶŵĞŶƚĂů ƉƌŽƚĞĐƚŝŽŶ͕ŵŝŶĞƐĂĨĞƚLJ͕ůĂďŽƵƌƌĞůĂƚŝŽŶƐ͖
x ŐŽǀĞƌŶŵĞŶƚ ĐŽŶƚƌŽů ŽǀĞƌ ŵŝŶĞƌĂů ƉƌŽƉĞƌƚŝĞƐ Žƌ ŐŽǀĞƌŶŵĞŶƚ ƌĞŐƵůĂƚŝŽŶƐ ƚŚĂƚ ƌĞƋƵŝƌĞ ƚŚĞ ĞŵƉůŽLJŵĞŶƚ ŽĨ ůŽĐĂů ƐƚĂĨĨ Žƌ ĐŽŶƚƌĂĐƚŽƌƐŽƌƌĞƋƵŝƌĞŽƚŚĞƌďĞŶĞĨŝƚƐƚŽďĞƉƌŽǀŝĚĞĚƚŽůŽĐĂůƌĞƐŝĚĞŶƚƐ͖
x ĚĞůĂLJƐĂŶĚ ĚĞĐůŝŶĞƐŝŶ ƚŚĞ ƐƚĂŶĚĂƌĚĂŶĚĞĨĨĞĐƚŝǀĞ ŽƉĞƌĂƚŝŽŶ ŽĨ^Žů'ŽůĚ͛ƐĂĐƚŝǀŝƚŝĞƐ͕ ƵŶĨŽƌĞƐĞĞŶĂŶĚ ƵŶͲďƵĚŐĞƚĞĚ ĐŽƐƚƐ͕ ĂŶĚͬŽƌƚŚƌĞĂƚƐƚŽŽĐĐƵƉĂƚŝŽŶĂůŚĞĂůƚŚĂŶĚƐĂĨĞƚLJĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨŐĞŽƉŽůŝƚŝĐĂů͕ƌĞŐƵůĂƚŽƌLJĂŶĚƐŽǀĞƌĞŝŐŶƌŝƐŬ͘

Z/^<^ E hEZd/Ed/^;ĐŽŶƚŝŶƵĞĚͿ

'ĞŽƉŽůŝƚŝĐĂů͕ ZĞŐƵůĂƚŽƌLJ ĂŶĚ ^ŽǀĞƌĞŝŐŶ ZŝƐŬ;ĐŽŶƚŝŶƵĞĚͿ

ĐƵĂĚŽƌ

ĐƵĂĚŽƌƌĞŐƵůĂƚŝŽŶƐŚĂǀĞďƌŽĂĚĂƵƚŚŽƌŝƚLJƚŽƐŚƵƚĚŽǁŶĂŶĚͬŽƌůĞǀLJĨŝŶĞƐĂŐĂŝŶƐƚĨĂĐŝůŝƚŝĞƐƚŚĂƚĚŽŶŽƚĐŽŵƉůLJǁŝƚŚƌĞŐƵůĂƚŝŽŶƐŽƌ ƐƚĂŶĚĂƌĚƐ͘ ^Žů'ŽůĚ͛ƐƉƌŽũĞĐƚƐŝŶĐƵĂĚŽƌŵĂLJďĞĞdžƉŽƐĞĚƚŽƉŽƚĞŶƚŝĂůůLJĂĚǀĞƌƐĞƌŝƐŬƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞĞǀŽůǀŝŶŐƌƵůĞƐĂŶĚůĂǁƐ ŐŽǀĞƌŶŝŶŐŵŝŶŝŶŐĞdžƉĂŶƐŝŽŶĂŶĚĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĂƚũƵƌŝƐĚŝĐƚŝŽŶ͘ KƉĞƌĂƚŝŽŶƐŵĂLJďĞĂĨĨĞĐƚĞĚŝŶǀĂƌLJŝŶŐĚĞŐƌĞĞƐďLJŐŽǀĞƌŶŵĞŶƚ ƌĞŐƵůĂƚŝŽŶƐ ǁŝƚŚ ƌĞƐƉĞĐƚ ƚŽ ƌĞƐƚƌŝĐƚŝŽŶƐ ŽŶ ƉƌŽĚƵĐƚŝŽŶ͕ ƉƌŝĐĞ ĐŽŶƚƌŽůƐ͕ ĞdžƉŽƌƚ ĐŽŶƚƌŽůƐ͕ ŝŶĐŽŵĞ ƚĂdžĞƐ͕ ĞdžƉƌŽƉƌŝĂƚŝŽŶ ŽĨ ƉƌŽƉĞƌƚLJ͕ ĞŶǀŝƌŽŶŵĞŶƚĂůůĞŐŝƐůĂƚŝŽŶĂŶĚŵŝŶĞƐĂĨĞƚLJ͘ ĚĚŝƚŝŽŶĂůůLJ͕^Žů'ŽůĚ͛ƐŽƉĞƌĂƚŝŽŶƐŵĂLJďĞĚĞƚƌŝŵĞŶƚĂůůLJĂĨĨĞĐƚĞĚŝŶƚŚĞĞǀĞŶƚƚŚĂƚƚŚĞ ĐƵĂĚŽƌŝĂŶ ŐŽǀĞƌŶŵĞŶƚ ǁĞƌĞ ƚŽ ĚĞĨĂƵůƚ ŽŶ ŝƚƐ ĨŽƌĞŝŐŶ ĚĞďƚ ŽďůŝŐĂƚŝŽŶƐ Žƌ ďĞĐŽŵĞ ƐƵďũĞĐƚ ƚŽ ǁŝĚĞƌ ŐůŽďĂů ĞĐŽŶŽŵŝĐ ĂŶĚ ŝŶǀĞƐƚŵĞŶƚƵŶĐĞƌƚĂŝŶƚLJ͘ ^Žů'ŽůĚŝƐŶŽƚĂǁĂƌĞŽĨĂŶLJĐƵƌƌĞŶƚŵĂƚĞƌŝĂůĐŚĂŶŐĞƐŝŶůĞŐŝƐůĂƚŝǀĞ͕ƌĞŐƵůĂƚŽƌLJĂŶĚƉƵďůŝĐƉŽůŝĐLJŝŶŝƚŝĂƚŝǀĞƐ ŝŶ ĐƵĂĚŽƌ͕ ŚŽǁĞǀĞƌ ĂŶLJ ĨƵƚƵƌĞ Žƌ ƉƌŽƉŽƐĞĚ ĐŚĂŶŐĞƐ ŵĂLJ ĂĚǀĞƌƐĞůLJ ĂĨĨĞĐƚ ƚŚĞĂƐĐĂďĞů ƉƌŽũĞĐƚ Žƌ ^Žů'ŽůĚ͛Ɛ ĂďŝůŝƚLJ ƚŽ ŽƉĞƌĂƚĞ ƐƵĐĐĞƐƐĨƵůůLJŝŶĐƵĂĚŽƌ͘

hŶĚĞƌ ƚŚĞ ĐƵƌƌĞŶƚ ůĞŐŝƐůĂƚŝǀĞ ƌĞŐŝŵĞ͕ Ă ŵŝŶŝŶŐ ĐŽƌƉŽƌĂƚŝŽŶ ĂŶĚ ƚŚĞ ĐƵĂĚŽƌŝĂŶ 'ŽǀĞƌŶŵĞŶƚ ŵƵƐƚ ĞŶƚĞƌ ŝŶƚŽ ĂŶ ĞdžƉůŽŝƚĂƚŝŽŶ ĐŽŶƚƌĂĐƚ ƉƌŝŽƌ ƚŽ ĞdžƉůŽŝƚĂƚŝŽŶ ŽĨ ŶĂƚƵƌĂů ƌĞƐŽƵƌĐĞƐ͘ dŚĞƌĞ ŝƐ ŶŽ ĐĞƌƚĂŝŶƚLJ ƚŚĂƚ ^Žů'ŽůĚ ǁŝůů ďĞ ĂďůĞ ƚŽ ƐƵĐĐĞƐƐĨƵůůLJ ĞŶƚĞƌ ŝŶƚŽ ĂŶ ĞdžƉůŽŝƚĂƚŝŽŶ ĐŽŶƚƌĂĐƚ͕ Žƌ ĞŶƚĞƌ ŝŶƚŽ ŽŶĞ ŽŶ ĐŽŵŵĞƌĐŝĂůůLJ ĨĂǀŽƵƌĂďůĞ ƚĞƌŵƐ͕ ĂŶĚ ƐƵĐŚ Ă ƐĐĞŶĂƌŝŽ ŵĂLJ ĂĚǀĞƌƐĞůLJ ŝŵƉĂĐƚ ŽŶ ƚŚĞ ĂƐĐĂďĞůƉƌŽũĞĐƚŽƌƌĞŶĚĞƌŝƚƵŶĞĐŽŶŽŵŝĐĂů͘

YƵĞĞŶƐůĂŶĚ

dŚĞYƵĞĞŶƐůĂŶĚDŝŶŝƐƚĞƌĨŽƌEĂƚƵƌĂůZĞƐŽƵƌĐĞƐ͕DŝŶĞƐĂŶĚŶĞƌŐLJĐŽŶĚƵĐƚƐƌĞǀŝĞǁƐĨƌŽŵƚŝŵĞƚŽƚŝŵĞŽĨƉŽůŝĐŝĞƐƌĞůĂƚŝŶŐƚŽƚŚĞ ŐƌĂŶƚŝŶŐĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨŵŝŶŝŶŐƚĞŶĞŵĞŶƚƐ͘ƚƉƌĞƐĞŶƚ͕^Žů'ŽůĚŝƐŶŽƚĂǁĂƌĞŽĨĂŶLJƉƌŽƉŽƐĞĚĐŚĂŶŐĞƐƚŽƉŽůŝĐLJƚŚĂƚǁŽƵůĚ ĂĨĨĞĐƚŝƚƐƚĞŶĞŵĞŶƚƐ͘

/Ŷ YƵĞĞŶƐůĂŶĚ͕ ƚŚĞ ďŽƌŝŐŝŶĂů ƵůƚƵƌĂů ,ĞƌŝƚĂŐĞ Đƚ ϮϬϬϯ ĂŶĚ ƚŚĞ dŽƌƌĞƐ ^ƚƌĂŝƚ /ƐůĂŶĚĞƌ ƵůƚƵƌĂů ,ĞƌŝƚĂŐĞ Đƚ ϮϬϬϯ ;ǁŚŝĐŚ ĐŽŵŵĞŶĐĞĚŽŶϭϲƉƌŝůϮϬϬϰͿŝŵƉŽƐĞĚƵƚŝĞƐŽĨĐĂƌĞǁŚŝĐŚƌĞƋƵŝƌĞƉĞƌƐŽŶƐ͕ŝŶĐůƵĚŝŶŐ^Žů'ŽůĚ͕ƚŽƚĂŬĞĂůůƌĞĂƐŽŶĂďůĞĂŶĚƉƌĂĐƚŝĐĂů ŵĞĂƐƵƌĞƐ ƚŽ ĂǀŽŝĚ ĚĂŵĂŐŝŶŐ Žƌ ĚĞƐƚƌŽLJŝŶŐ ďŽƌŝŐŝŶĂů ĐƵůƚƵƌĂů ŚĞƌŝƚĂŐĞ͘ dŚŝƐ ŽďůŝŐĂƚŝŽŶ ĂƉƉůŝĞƐ ĂĐƌŽƐƐ ƚŚĞ ^ƚĂƚĞ ĂŶĚ ƌĞƋƵŝƌĞƐ ^Žů'ŽůĚ ƚŽ ĚĞǀĞůŽƉ ƐƵŝƚĂďůĞŝŶƚĞƌŶĂů ƉƌŽĐĞĚƵƌĞƐ ƚŽ ĚŝƐĐŚĂƌŐĞŝƚƐ ĚƵƚLJ ŽĨ ĐĂƌĞ ŝŶ ŽƌĚĞƌ ƚŽĂǀŽŝĚĞdžƉŽƐƵƌĞ ƚŽ ƐƵďƐƚĂŶƚŝĂů ĨŝŶĂŶĐŝĂů ƉĞŶĂůƚŝĞƐŝĨŝƚƐĂĐƚŝǀŝƚŝĞƐĚĂŵĂŐĞŝƚĞŵƐŽĨĐƵůƚƵƌĂůƐŝŐŶŝĨŝĐĂŶĐĞ͘ hŶĚĞƌƚŚŝƐůĞŐŝƐůĂƚŝŽŶ͕ŝŶĚŝŐĞŶŽƵƐƉĞŽƉůĞĐĂŶĞdžĞƌĐŝƐĞĐŽŶƚƌŽůŽǀĞƌ ůĂŶĚǁŝƚŚƌĞƐƉĞĐƚƚŽĐƵůƚƵƌĂůŚĞƌŝƚĂŐĞǁŝƚŚŽƵƚŶĞĐĞƐƐĂƌŝůLJŚĂǀŝŶŐĞƐƚĂďůŝƐŚĞĚƚŚĞĐŽŶŶĞĐƚŝŽŶĞůĞŵĞŶƚ;ĂƐƌĞƋƵŝƌĞĚƵŶĚĞƌŶĂƚŝǀĞƚŝƚůĞ ůĂǁͿ͘dŚŝƐĐƌĞĂƚĞƐĂƉŽƚĞŶƚŝĂůƌŝƐŬƚŚĂƚƚŚĞƚĞŶĞŵĞŶƚŚŽůĚĞƌŵĂLJŚĂǀĞƚŽĚĞĂůǁŝƚŚƐĞǀĞƌĂůŝŶĚŝŐĞŶŽƵƐŝŶĚŝǀŝĚƵĂůƐŽƌĐŽƌƉŽƌĂƚŝŽŶƐ͕ ǁŚĞƌĞŶŽŶĂƚŝǀĞƚŝƚůĞŚĂƐďĞĞŶĞƐƚĂďůŝƐŚĞĚ͕ƚŽŝĚĞŶƚŝĨLJĂŶĚŵĂŶĂŐĞĐƵůƚƵƌĂůŚĞƌŝƚĂŐĞŝƐƐƵĞƐ͘dŚŝƐĐŽƵůĚƌĞƐƵůƚŝŶƚĞŶĞŵĞŶƚŚŽůĚĞƌƐ ƌĞƋƵŝƌŝŶŐůĞŶŐƚŚLJůĞĂĚƚŝŵĞƐƚŽŵĂŶĂŐĞĐƵůƚƵƌĂůŚĞƌŝƚĂŐĞĨŽƌƚŚĞŝƌƉƌŽũĞĐƚƐ͘

ŚĂŶŐŝŶŐĂƚƚŝƚƵĚĞƐƚŽĞŶǀŝƌŽŶŵĞŶƚĂů͕ůĂŶĚĐĂƌĞ͕ĐƵůƚƵƌĂůŚĞƌŝƚĂŐĞĂŶĚŝŶĚŝŐĞŶŽƵƐůĂŶĚƌŝŐŚƚƐ͛ŝƐƐƵĞƐ͕ƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞŶĂƚƵƌĞŽĨƚŚĞ ƉŽůŝƚŝĐĂůƉƌŽĐĞƐƐ͕ƉƌŽǀŝĚĞƚŚĞƉŽƐƐŝďŝůŝƚLJĨŽƌĨƵƚƵƌĞƉŽůŝĐLJĐŚĂŶŐĞƐ͘ dŚĞƌĞŝƐĂƌŝƐŬƚŚĂƚƐƵĐŚĐŚĂŶŐĞƐŵĂLJĂĨĨĞĐƚ^Žů'ŽůĚ͛ƐĞdžƉůŽƌĂƚŝŽŶ ƉůĂŶƐŽƌ͕ŝŶĚĞĞĚ͕ŝƚƐƌŝŐŚƚƐĂŶĚͬŽƌŽďůŝŐĂƚŝŽŶƐǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞƚĞŶĞŵĞŶƚƐ͘

^ŽůŽŵŽŶ/ƐůĂŶĚƐ

dŚĞ ^ŽůŽŵŽŶ /ƐůĂŶĚƐ DŝŶĞƌĂůƐ ŽĂƌĚ ŵĂLJ ĨƌŽŵ ƚŝŵĞ ƚŽ ƚŝŵĞ ĂŵĞŶĚ ĂŶĚ ƌĞǀŝĞǁ ŝƚƐ ƉŽůŝĐŝĞƐ ŽŶ ŵŝŶŝŶŐ ĂŶĚ ĞdžƉůŽƌĂƚŝŽŶ ŝŶ ƚŚĞ ^ŽůŽŵŽŶ/ƐůĂŶĚƐ͘ ŶLJƐƵĐŚĐŚĂŶŐĞƐŝŶ'ŽǀĞƌŶŵĞŶƚƉŽůŝĐLJŵĂLJĂĨĨĞĐƚƚŚĞĂďŝůŝƚLJŽĨ^Žů'ŽůĚƚŽĐŽŶĚƵĐƚĂŶĚƵŶĚĞƌƚĂŬĞŵŝŶŝŶŐĂŶĚ ĞdžƉůŽƌĂƚŝŽŶŝŶƚŚĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐ͘

&/EE/> Zs/t

dŚĞ'ƌŽƵƉĂĐŚŝĞǀĞĚƐĞǀĞƌĂůŵŝůĞƐƚŽŶĞƐĚƵƌŝŶŐƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϭϳ͘dŚĞƐĞŝŶĐůƵĚĞĚ͗

x dŚĞĐŽŵƉůĞƚŝŽŶŽĨƐƵĐĐĞƐƐĨƵů ĨƵŶĚƌĂŝƐŝŶŐƐ ;ŝŶĐůƵĚŝŶŐĞdžĞƌĐŝƐĞŽĨƐŚĂƌĞŽƉƚŝŽŶƐͿƚŽƚĂůůŝŶŐĂƉƉƌŽdžŝŵĂƚĞůLJΨϭϮϳ͘ϳŵŝůůŝŽŶ ĨƌŽŵŝŶƐƚŝƚƵƚŝŽŶĂůĂŶĚƉƌŽĨĞƐƐŝŽŶĂůŝŶǀĞƐƚŽƌƐ͘dŚŝƐŚĂƐƌĞƐƵůƚĞĚŝŶĂĐĂƐŚďĂůĂŶĐĞŽĨĂƉƉƌŽdžŝŵĂƚĞůLJΨϴϵ͘ϯŵŝůůŝŽŶĂƚϯϬ :ƵŶĞϮϬϭϳ͘
x džƉůŽƌĂƚŝŽŶ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ĞdžƉĞŶĚŝƚƵƌĞ ŽĨ Ψϭϴ͘ϲϲ ŵŝůůŝŽŶ ŝŶĐƵƌƌĞĚ ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌ ƌĞƉƌĞƐĞŶƚŝŶŐ ƉƌĞĚŽŵŝŶĂŶƚůLJ ƚŚĞ ĚŝĂŵŽŶĚĚƌŝůůŝŶŐŽĨϭϬŚŽůĞƐĂƚůƉĂůĂĨŽƌĂƚŽƚĂůŽĨϭϰ͕ϴϴϰŵĞƚƌĞƐĂƚĂƐĐĂďĞů͘
x KƉĞƌĂƚŝŶŐůŽƐƐ ŽĨΨϴ͘ϯϮŵŝůůŝŽŶ ƌĞƉƌĞƐĞŶƚŝŶŐĂŶŝŶĐƌĞĂƐĞ ŽĨΨϮ͘ϲŵŝůůŝŽŶ ŽǀĞƌ ƚŚĞ ƉƌŝŽƌ LJĞĂƌ͘ dŚĞŝŶĐƌĞĂƐĞŝƐůĂƌŐĞůLJ ĂƚƚƌŝďƵƚĂďůĞƚŽĂƐŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƐĞdžƉĞŶƐĞŽĨΨϮ͘ϮϰŵŝůůŝŽŶƌĞĐŽŐŶŝƐĞĚŽŶƚŚĞĨĂŝƌǀĂůƵĞŽĨƐŚĂƌĞŽƉƚŝŽŶƐŐƌĂŶƚĞĚ ƚŽĞŵƉůŽLJĞĞĂŶĚĐŽŶƚƌĂĐƚŽƌƐĂŶĚĂŶƵŶƌĞĂůŝƐĞĚĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞůŽƐƐŽĨΨϭ͘ϬϯŵŝůůŝŽŶƌĞĐŽŐŶŝƐĞĚŽŶĨƵŶĚƐŚĞůĚŝŶh͘^͘ ĚŽůůĂƌƐ͘
x ŐĂŝŶ ŽĨ ΨϭϮ͘ϳϰ ŵŝůůŝŽŶ ƌĞĐŽŐŶŝƐĞĚ ŽŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŵĂƌŬ ƚŽ ŵĂƌŬĞƚ ĂĚũƵƐƚŵĞŶƚ ŽŶ ŝƚƐ ŝŶǀĞƐƚŵĞŶƚ ŝŶ ŽƌŶĞƌƐƚŽŶĞ ĂƉŝƚĂůZĞƐŽƵƌĐĞƐ/ŶĐ͘

ZĞƐƵůƚƐ

dŚĞ 'ƌŽƵƉ ŝŶĐƵƌƌĞĚ Ă ůŽƐƐ ďĞĨŽƌĞ ƚĂdž ŽĨ Ψϴ͕ϯϮϯ͕ϬϱϬ ĨŽƌ ƚŚĞ LJĞĂƌ ;ϮϬϭϲ͗ Ψϱ͕ϳϮϯ͕ϭϮϮͿ͕ ŝŶĐůƵƐŝǀĞ ŽĨ ƚŚĞ ĚĞĐŝƐŝŽŶ ƚŽ ĞdžƉĞŶƐĞ Ψϭϳ͕ϯϭϬ;ϮϬϭϲ͗Ψϭ͕ϱϱϱ͕ϬϬϰͿĨŽƌĞdžƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚĞŶĞŵĞŶƚƐƚŚĂƚǁĞƌĞƐƵƌƌĞŶĚĞƌĞĚŽƌǁŚŝĐŚŚĂĚĞdžƉŝƌĞĚ ĚƵƌŝŶŐƚŚĞLJĞĂƌ͘ĚĞƚĂŝůĞĚĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞƐŽĨĚĞĨĞƌƌĞĚĞdžƉůŽƌĂƚŝŽŶĐŽƐƚƐŝƐƉƌŽǀŝĚĞĚŝŶŶŽƚĞϭϮ͘ dŚĞŝŶĐƌĞĂƐĞŝŶ ƚŚĞůŽƐƐďĞĨŽƌĞƚĂdžŝƐĚƵĞƚŽΨϮ͕Ϯϯϵ͕ϱϯϯ;ϮϬϭϲ͗ΨŶŝůͿƌĞĐŽŐŶŝƐĞĚĂƐĂƐŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƐĞdžƉĞŶƐĞƌĞƉƌĞƐĞŶƚŝŶŐƚŚĞĨĂŝƌǀĂůƵĞ ŽĨ ƐŚĂƌĞŽƉƚŝŽŶƐŐƌĂŶƚĞĚ ƚŽĞŵƉůŽLJĞĞƐĂŶĚĐŽŶƚƌĂĐƚŽƌƐĚƵƌŝŶŐ ƚŚĞLJĞĂƌĂŶĚĂŶƵŶƌĞĂůŝƐĞĚ ĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞůŽƐƐŽĨΨϭ͕ϬϯϮ͕ϬϭϬ ;ϮϬϭϲ͗ŐĂŝŶŽĨΨϭϮϲ͕ϲϭϵͿƌĞĐŽŐŶŝƐĞĚŽŶĨƵŶĚƐŚĞůĚŝŶhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌƐ͘

ŐĂŝŶŽĨΨϭϮ͕ϳϰϯ͕ϱϵϯ;ϮϬϭϲ͗ΨϭϵϬ͕ϲϭϬͿǁĂƐƌĞĐŽŐŶŝƐĞĚŝŶĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞƌĞƉƌĞƐĞŶƚŝŶŐƚŚĞŵĂƌŬƚŽŵĂƌŬĞƚĂĚũƵƐƚŵĞŶƚ ŽŶƚŚĞŽŵƉĂŶLJ͛ƐŝŶǀĞƐƚŵĞŶƚŝŶŽƌŶĞƌƐƚŽŶĞĂƉŝƚĂůZĞƐŽƵƌĐĞƐ/ŶĐ͘

^ƚĂƚĞŵĞŶƚ ŽĨ&ŝŶĂŶĐŝĂů WŽƐŝƚŝŽŶ

ƐĂƚϯϬ:ƵŶĞϮϬϭϳ͕ƚŚĞ'ƌŽƵƉŚĂĚŶĞƚĂƐƐĞƚƐŽĨĂƉƉƌŽdžŝŵĂƚĞůLJΨϭϲϰ͘ϬŵŝůůŝŽŶ͕ĂŶŝŶĐƌĞĂƐĞŽĨĂƉƉƌŽdžŝŵĂƚĞůLJΨϭϮϵ͘ϬŵŝůůŝŽŶŽǀĞƌ ƚŚĞƉƌĞǀŝŽƵƐĨŝŶĂŶĐŝĂůLJĞĂƌ͘dŚŝƐŝŶĐƌĞĂƐĞǁĂƐůĂƌŐĞůLJĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞĐŽŵƉůĞƚŝŽŶŽĨΨϭϮϭ͘ϮŵŝůůŝŽŶŝŶƐŚĂƌĞƉůĂĐĞŵĞŶƚƐ͕ŶĞƚŽĨ ĐŽƐƚƐ͕ƚŚĞŝŶĐƌĞĂƐĞŝŶƚŚĞǀĂůƵĞŽĨĂǀĂŝůĂďůĞĨŽƌƐĂůĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŽĨΨϭϮ͘ϳŵŝůůŝŽŶ͕ƉƵƌĐŚĂƐĞŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚŽĨ Ψϭ͘ϲ ŵŝůůŝŽŶ͕ ŽĨĨƐĞƚ ďLJ ƚŚĞ ĞdžƉůŽƌĂƚŝŽŶ ǁƌŝƚĞ ŽĨĨ ŽĨΨϭϳŬ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƚŚĞ'ƌŽƵƉƐ͛ ĞdžƉůŽƌĂƚŝŽŶ ĂƐƐĞƚƐ ĂŶĚ ĂŶŶƵĂů ĐŽƌƉŽƌĂƚĞŽƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞƐ;ŝŶĐůƵĚŝŶŐĨŝŶĂŶĐĞĐŽƐƚƐͿŽĨĂƉƉƌŽdžŝŵĂƚĞůLJΨϴ͘ϯŵŝůůŝŽŶ͘

ĂƐŚ &ůŽǁ

ĂƐŚĞdžƉĞŶĚŝƚƵƌĞ;ďĞĨŽƌĞĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐͿĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϭϳǁĂƐΨϮϴ͘ϯŵŝůůŝŽŶ;ϮϬϭϲ͗Ψϵ͘ϵŵŝůůŝŽŶͿ͘ƵƌŝŶŐƚŚĞ ĨŝŶĂŶĐŝĂů LJĞĂƌĞŶĚĞĚϯϬ :ƵŶĞϮϬϭϳ͕ ĐĂƐŚ ŽĨΨϭϭϳ͕ϴϲϮ͕ϵϱϮ ;ϮϬϭϲ͗ΨϵϬϴ͕ϯϮϵͿ ǁĂƐ ƌĞĐĞŝǀĞĚ ĨƌŽŵ ƚŚĞŝƐƐƵĞ ŽĨ ƐŚĂƌĞƐ ǀŝĂ ƉƌŝǀĂƚĞ ƉůĂĐĞŵĞŶƚƐ ĂŶĚ ƚŚĞ ĞdžĞƌĐŝƐĞ ŽĨ ƐŚĂƌĞ ŽƉƚŝŽŶƐ͕ ΨŶŝů ;ϮϬϭϲ͗ ΨϮ͕ϯϯϮ͕ϬϬϬͿ ƌĞĐĞŝǀĞĚ ĨƌŽŵ ƚŚĞ ŝƐƐƵĞ ŽĨ ĐŽŶǀĞƌƚŝďůĞ ŶŽƚĞƐ ƚŽ 'Z 'ůŽďĂů >ƚĚ ĂŶĚdĞŶƐƚĂƌ dƌĂĚŝŶŐ >ŝŵŝƚĞĚ ĂŶĚΨϴϱϮ͕ϳϯϲ ;ϮϬϭϲ͗Ψϲ͕ϱϯϱ͕ϮϬϱͿ ƌĞĐĞŝǀĞĚ ĂƐ ƵŶƐĞĐƵƌĞĚ ƐŚŽƌƚ ƚĞƌŵ ďŽƌƌŽǁŝŶŐƐ ĨƌŽŵ 'Z 'ůŽďĂů >ƚĚ͘ ĐĐŽƌĚŝŶŐůLJ͕ ƚŚĞ ŶĞƚ ĐĂƐŚ ŝŶĨůŽǁ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϬ :ƵŶĞ ϮϬϭϳ ǁĂƐ ΨϵϬ͕Ϯϰϵ͕ϴϮϬ ;ϮϬϭϲ͗ ŽƵƚĨůŽǁŽĨΨϮϮϲ͕ϱϬϳͿ͘

ĂƐŚŽĨĂƉƉƌŽdžŝŵĂƚĞůLJΨϮϭ͘ϳŵŝůůŝŽŶ;ϮϬϭϲ͗Ψϲ͘ϰŵŝůůŝŽŶͿǁĂƐŝŶǀĞƐƚĞĚďLJƚŚĞ'ƌŽƵƉŽŶĞdžƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞĚƵƌŝŶŐƚŚĞLJĞĂƌ͘

ůŽƐŝŶŐ ĂƐŚ

ƐĂƚϯϬ:ƵŶĞϮϬϭϳ͕ƚŚĞ'ƌŽƵƉŚĞůĚĐĂƐŚďĂůĂŶĐĞƐŽĨΨϴϵ͘ϯŵŝůůŝŽŶ;ϮϬϭϲ͗ΨϬ͘ϬϵŵŝůůŝŽŶͿ͘

&/EE/> Zs/t;ĐŽŶƚŝŶƵĞĚͿ

WŽƐƚ ZĞƉŽƌƚŝŶŐĂƚĞ ǀĞŶƚƐ

KŶϳ :ƵůLJϮϬϭϳ͕ ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂŶĂĚĚŝƚŝŽŶĂůϭ͕ϯϬϬ͕ϬϬϬ ƐŚĂƌĞƐĂƚ άϬ͘ϭϰ ƚŽ ƌĂŝƐĞΨϬ͘ϯϭŵŝůůŝŽŶ ;άϬ͘ϭϴŵŝůůŝŽŶͿŝŶ ĐĂƐŚĂƐĂ ƌĞƐƵůƚŽĨƚŚĞĞdžĞƌĐŝƐĞŽĨĞŵƉůŽLJŵĞŶƚŽƉƚŝŽŶƐ͘

KŶϳ :ƵůLJϮϬϭϳ͕ ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂŶĂĚĚŝƚŝŽŶĂůϭ͕ϯϬϬ͕ϬϬϬ ƐŚĂƌĞƐĂƚ άϬ͘Ϯϴ ƚŽ ƌĂŝƐĞΨϬ͘ϲϮŵŝůůŝŽŶ ;άϬ͘ϯϲŵŝůůŝŽŶͿŝŶ ĐĂƐŚĂƐĂ ƌĞƐƵůƚŽĨƚŚĞĞdžĞƌĐŝƐĞŽĨĞŵƉůŽLJŵĞŶƚŽƉƚŝŽŶƐ͘

KŶϵ ƵŐƵƐƚϮϬϭϳ͕ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂƚŽƚĂůŽĨϰϲ͕ϳϲϮ͕ϬϬϬƵŶůŝƐƚĞĚŽƉƚŝŽŶƐƚŽŝƌĞĐƚŽƌƐ͕ĞŵƉůŽLJĞĞƐĂŶĚĐŽŶƚƌĂĐƚŽƌƐ͘ dŚĞŽƉƚŝŽŶƐ ŚĂǀĞĂƐƚƌŝŬĞƉƌŝĐĞŽĨάϬ͘ϲϬĞĂĐŚĂŶĚĂƌĞĞdžĞƌĐŝƐĂďůĞƚŚƌŽƵŐŚƚŽϴƵŐƵƐƚϮϬϮϬ͘

KŶϭϭ ƵŐƵƐƚϮϬϭϳ͕ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂŶĂĚĚŝƚŝŽŶĂůϲϵϬ͕ϬϬϬƐŚĂƌĞƐĂƚάϬ͘ϯϴƚŽƌĂŝƐĞΨϬ͘ϰϯŵŝůůŝŽŶ;άϬ͘ϮϲŵŝůůŝŽŶͿƚŽEĞǁĐƌĞƐƚ /ŶƚĞƌŶĂƚŝŽŶĂůƉƵƌƐƵĂŶƚ ƚŽΗƚŽƉͲƵƉ ƌŝŐŚƚƐΗŚĞůĚďLJEĞǁĐƌĞƐƚ/ŶƚĞƌŶĂƚŝŽŶĂůƉƵƌƐƵĂŶƚ ƚŽ ƚŚĞEĞǁĐƌĞƐƚ^ƵďƐĐƌŝƉƚŝŽŶŐƌĞĞŵĞŶƚ͘ dŚĞ ĂůůŽƚŵĞŶƚǁĂƐƉƌŝĐĞǁĂƐďĂƐĞĚŽŶĂϭϬĚĂLJstW͕ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƚĞƌŵƐŽĨƚŚĞEĞǁĐƌĞƐƚ^ƵďƐĐƌŝƉƚŝŽŶŐƌĞĞŵĞŶƚ͘

KŶϮϵ ƵŐƵƐƚϮϬϭϳ͕ƚŚĞŽŵƉĂŶLJĂŶŶŽƵŶĐĞĚƚŚĂƚŝƚŚĂĚďĞĞŶŐƌĂŶƚĞĚĂŶĂĚĚŝƚŝŽŶĂůϮϭŶĞǁĐŽŶĐĞƐƐŝŽŶƐŝŶĐƵĂĚŽƌƚĂŬŝŶŐƚŚĞƚŽƚĂů ŶƵŵďĞƌŽĨƚĞŶĞŵĞŶƚƐŝŶĐƵĂĚŽƌƚŽϱϵƚĞŶĞŵĞŶƚƐŝŶĂĚĚŝƚŝŽŶƚŽĂƐĐĂďĞů͘

dŚĞŝƌĞĐƚŽƌƐĂƌĞŶŽƚĂǁĂƌĞŽĨĂŶLJŽƚŚĞƌƐŝŐŶŝĨŝĐĂŶƚĐŚĂŶŐĞƐŝŶƚŚĞƐƚĂƚĞŽĨĂĨĨĂŝƌƐŽĨƚŚĞ'ƌŽƵƉŽƌĞǀĞŶƚƐĂĨƚĞƌƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ ƚŚĂƚǁŽƵůĚŚĂǀĞĂŵĂƚĞƌŝĂůŝŵƉĂĐƚŽŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚŽƌŽŵƉĂŶLJĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

KƵƚůŽŽŬ

dŚĞĨŽĐƵƐŽĨƚŚĞŽŵƉĂŶLJĚƵƌŝŶŐƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌĞŶĚŝŶŐϯϬ:ƵŶĞϮϬϭϴǁŝůůďĞƚŽĐŽŶƚŝŶƵĞĞdžƉůŽƌĂƚŝŽŶŽŶŝƚƐĂƐĐĂďĞůƉƌŽũĞĐƚŝŶ ĐƵĂĚŽƌĂŶĚ ĐŽŶƚŝŶƵĞ ĐĂƌƌLJŝŶŐ ŽƵƚ ƌĞĐŽŶŶĂŝƐƐĂŶĐĞ ĨŝůĞĚŵĂƉƉŝŶŐĂŶĚ ƌŽĐŬ ĐŚŝƉ ƐĂŵƉůŝŶŐ ƉƌŽŐƌĂŵƐĂƐǁĞůůĂƐĞǀĂůƵĂƚŝŶŐ ƐĞǀĞƌĂů ŽƵƚĐƌŽƉƉŝŶŐŵŝŶĞƌĂůŝƐĞĚƚĂƌŐĞƚŽǀĞƌƚŚĞϱϵŶĞǁƚĞŶĞŵĞŶƚƐŐƌĂŶƚĞĚƚŽ^Žů'ŽůĚ͛ƐĨŽƵƌĐƵĂĚŽƌŝĂŶƐƵďƐŝĚŝĂƌŝĞƐ͘

<ĞLJ WĞƌĨŽƌŵĂŶĐĞ /ŶĚŝĐĂƚŽƌƐ

'ŝǀĞŶ ƚŚĞ ƐƚĂŐĞ ŽĨ ƚŚĞ 'ƌŽƵƉΖƐ ŽƉĞƌĂƚŝŽŶƐ͕ ƚŚĞ ŽĂƌĚ ƌĞŐĂƌĚƐ ƚŚĞ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ƚĞŶƵƌĞ ĂŶĚ ůĂŶĚ ĂĐĐĞƐƐ ĂƌƌĂŶŐĞŵĞŶƚƐ͕ ŵĂŝŶƚĞŶĂŶĐĞŽĨŽƉĞƌĂƚŝŽŶĐĂƉĂďŝůŝƚŝĞƐĂŶĚƚŚĞĐŽŶƚŝŶƵĞĚĐŽůůĞĐƚŝŽŶŽĨĞdžƉůŽƌĂƚŝŽŶĚĂƚĂŝŶŽƌĚĞƌƚŽĂĚǀĂŶĐĞƚŚĞƉƌŽƐƉĞĐƚŝǀŝƚLJŽĨƚŚĞ ƉƌŽũĞĐƚĂƌĞĂƐƚŽďĞƚŚĞŬĞLJƉĞƌĨŽƌŵĂŶĐĞŝŶĚŝĐĂƚŽƌƐŝŶŵĞĂƐƵƌŝŶŐƚŚĞ'ƌŽƵƉΖƐƐƵĐĐĞƐƐ͘ dŚĞƌĞǀŝĞǁŽĨƚŚĞďƵƐŝŶĞƐƐǁŝƚŚƌĞĨĞƌĞŶĐĞƚŽ ŬĞLJƉĞƌĨŽƌŵĂŶĐĞŝŶĚŝĐĂƚŽƌƐŝƐƐĞƚŽƵƚŝŶƚŚĞKƉĞƌĂƚŝŽŶƐZĞƉŽƌƚĂŶĚ&ŝŶĂŶĐŝĂůZĞǀŝĞǁŽŶƉĂŐĞƐϱƚŽϮϰ͘

&ŝŶĂŶĐŝĂů ŽŶƚƌŽůƐ ĂŶĚ ZŝƐŬDĂŶĂŐĞŵĞŶƚ

dŚĞŽĂƌĚƌĞŐƵůĂƌůLJƌĞǀŝĞǁƐƚŚĞƌŝƐŬƐƚŽǁŚŝĐŚƚŚĞ'ƌŽƵƉŝƐĞdžƉŽƐĞĚĂŶĚĞŶƐƵƌĞƐƚŚƌŽƵŐŚŽĂƌĚŽŵŵŝƚƚĞĞƐĂŶĚƌĞŐƵůĂƌƌĞƉŽƌƚŝŶŐ ƚŚĂƚ ƚŚĞƐĞ ƌŝƐŬƐĂƌĞŵĂŶĂŐĞĚĂŶĚŵŝŶŝŵŝƐĞĚĂƐ ĨĂƌĂƐƉŽƐƐŝďůĞ͘ dŚĞƵĚŝƚŽŵŵŝƚƚĞĞŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶĂŶĚ ƌĞǀŝĞǁŽĨƚŚĞ'ƌŽƵƉ͛ƐŝŶƚĞƌŶĂůĨŝŶĂŶĐŝĂůĐŽŶƚƌŽůƐĂŶĚĨŝŶĂŶĐŝĂůƌŝƐŬŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵƐ͘

&/EE/> Zs/t;ĐŽŶƚŝŶƵĞĚͿ

ƋƵŝƚLJ

^ŝŶĐĞƚŚĞĚĂƚĞŽĨƚŚĞůĂƐƚŶŶƵĂůZĞƉŽƌƚ͕ƚŚĞŽŵƉĂŶLJŚĂƐŝƐƐƵĞĚƚŚĞĨŽůůŽǁŝŶŐĞƋƵŝƚŝĞƐ͗

KŶ ϮϲƵŐƵƐƚ ϮϬϭϲ͕ ƚŚĞ ŽŵƉĂŶLJ ŝƐƐƵĞĚ ĂŶ ĂĚĚŝƚŝŽŶĂů Ϯϲϴ͕ϴϭϵ͕ϬϬϰ ƐŚĂƌĞƐ Ăƚ άϬ͘Ϭϲ ƚŽ ƌĂŝƐĞΨϮϳ͘ϵ ŵŝůůŝŽŶ ;άϭϲ͘ϭ ŵŝůůŝŽŶͿ ŝŶ Ă ĐŽŵďŝŶĂƚŝŽŶŽĨĐĂƐŚĂŶĚĚĞďƚĐŽŶǀĞƌƐŝŽŶƐƉƵƌƐƵĂŶƚ ƚŽĂƉƌŝǀĂƚĞƉůĂĐĞŵĞŶƚ ƚŽƉƌŽŐƌĞƐƐŝƚƐĞdžƉůŽƌĂƚŝŽŶĂŶĚƉƌŽũĞĐƚĚĞǀĞůŽƉŵĞŶƚ ĞĨĨŽƌƚƐĂĐƌŽƐƐŝƚƐƉŽƌƚĨŽůŝŽŽĨƉƌŽũĞĐƚƐŝŶƚŚĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐ͕ĐƵĂĚŽƌĂŶĚYƵĞĞŶƐůĂŶĚ͕ƵƐƚƌĂůŝĂ͘

KŶϭϰKĐƚŽďĞƌϮϬϭϲ͕ ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂŶĂĚĚŝƚŝŽŶĂůϲϯ͕ϯϱϯ͕ϯϯϵƐŚĂƌĞƐĂƚάϬ͘ϭϯ ƚŽ ƌĂŝƐĞΨϭϯ͘ϰŵŝůůŝŽŶ ;άϴ͘ϮŵŝůůŝŽŶͿŝŶĐĂƐŚ ƉƵƌƐƵĂŶƚƚŽĂƉƌŝǀĂƚĞƉůĂĐĞŵĞŶƚƚŽĐŽŶƚŝŶƵĞƚŽĨƵŶĚƚŚĞ'ƌŽƵƉ͛ƐĞdžƉůŽƌĂƚŝŽŶŽĨŝƚƐĨůĂŐƐŚŝƉĂƐĐĂďĞůŽƉƉĞƌ'ŽůĚWŽƌƉŚLJƌLJWƌŽũĞĐƚ͕ ĨŽƌŐĞŶĞƌĂůǁŽƌŬŝŶŐĐĂƉŝƚĂůƉƵƌƉŽƐĞƐĂŶĚŽŶŐŽŝŶŐĐŽƌƉŽƌĂƚĞĐŽƐƚƐ͘

KŶϭϳ KĐƚŽďĞƌϮϬϭϲ͕ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂŶĂĚĚŝƚŝŽŶĂůϭϰϮ͕ϴϵϲ͕ϲϲϭƐŚĂƌĞƐĂƚάϬ͘ϭϯƚŽƌĂŝƐĞΨϯϬŵŝůůŝŽŶ ;άϭϴ͘ϲŵŝůůŝŽŶͿŝŶĐĂƐŚ ƉƵƌƐƵĂŶƚƚŽĂƉƌŝǀĂƚĞƉůĂĐĞŵĞŶƚƚŽĐŽŶƚŝŶƵĞƚŽĨƵŶĚƚŚĞ'ƌŽƵƉ͛ƐĞdžƉůŽƌĂƚŝŽŶŽĨŝƚƐĨůĂŐƐŚŝƉĂƐĐĂďĞůŽƉƉĞƌ'ŽůĚWŽƌƉŚLJƌLJWƌŽũĞĐƚ͕ ĨŽƌŐĞŶĞƌĂůǁŽƌŬŝŶŐĐĂƉŝƚĂůƉƵƌƉŽƐĞƐĂŶĚŽŶŐŽŝŶŐĐŽƌƉŽƌĂƚĞĐŽƐƚƐ͘

KŶϭϳ KĐƚŽďĞƌϮϬϭϲ͕ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂŶĂĚĚŝƚŝŽŶĂůϭϵ͕ϱϵϭ͕ϳϲϴƵŶůŝƐƚĞĚŽƉƚŝŽŶƐƚŽDĂdžŝƚĂƉŝƚĂů>W͘ dŚĞŽƉƚŝŽŶƐĐŽŶƐŝƐƚŽĨƚǁŽ ƚƌĂŶĐŚĞƐŽĨϵ͕ϳϵϱ͕ϴϴϰŽƉƚŝŽŶƐ͕ŽŶĞƚƌĂŶĐŚĞĞdžĞƌĐŝƐĂďůĞĂƚάϬ͘ϭϰĂŶĚŽŶĞƚƌĂŶĐŚĞĂƚάϬ͘Ϯϴ͘

KŶϮϴKĐƚŽďĞƌϮϬϭϲ͕ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂƚŽƚĂůŽĨϮϮ͕ϬϬϬ͕ϬϬϬƵŶůŝƐƚĞĚŽƉƚŝŽŶƐƚŽĞŵƉůŽLJĞĞƐĂŶĚĐŽŶƚƌĂĐƚŽƌƐ͘ dŚĞŽƉƚŝŽŶƐŚĂǀĞĂ ƐƚƌŝŬĞƉƌŝĐĞŽĨάϬ͘ϮϴĞĂĐŚĂŶĚĂƌĞĞdžĞƌĐŝƐĂďůĞƚŚƌŽƵŐŚƚŽϮϴKĐƚŽďĞƌϮϬϭϴ͘

KŶϭϳ:ĂŶƵĂƌLJϮϬϭϳ͕ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂŶĂĚĚŝƚŝŽŶĂůϵϬϬ͕ϬϬϬƐŚĂƌĞƐĂƚάϬ͘ϭϰƚŽƌĂŝƐĞΨϬ͘ϭϵŵŝůůŝŽŶ;άϬ͘ϭϯŵŝůůŝŽŶͿŝŶĐĂƐŚĂƐĂ ƌĞƐƵůƚŽĨƚŚĞĞdžĞƌĐŝƐĞŽĨĞŵƉůŽLJŵĞŶƚŽƉƚŝŽŶƐ͘

KŶϯϭ :ĂŶƵĂƌLJϮϬϭϳ͕ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂŶĂĚĚŝƚŝŽŶĂůϭϬϬ͕ϬϬϬƐŚĂƌĞƐĂƚάϬ͘ϯϬƚŽƌĂŝƐĞΨϬ͘ϬϱŵŝůůŝŽŶ ;άϬ͘ϬϯŵŝůůŝŽŶͿŝŶĐĂƐŚ ƚŽ EĞǁĐƌĞƐƚ/ŶƚĞƌŶĂƚŝŽŶĂůWƚLJ>ƚĚ ;EĞǁĐƌĞƐƚ/ŶƚĞƌŶĂƚŝŽŶĂůͿ͕ĂǁŚŽůůLJŽǁŶĞĚƐƵďƐŝĚŝĂƌLJŽĨEĞǁĐƌĞƐƚDŝŶŝŶŐ>ƚĚƉƵƌƐƵĂŶƚ ƚŽ ΗƚŽƉͲƵƉ ƌŝŐŚƚƐΗŚĞůĚďLJEĞǁĐƌĞƐƚ/ŶƚĞƌŶĂƚŝŽŶĂůƉƵƌƐƵĂŶƚƚŽƚŚĞEĞǁĐƌĞƐƚ^ƵďƐĐƌŝƉƚŝŽŶŐƌĞĞŵĞŶƚ͘ dŚĞĂůůŽƚŵĞŶƚƉƌŝĐĞǁĂƐďĂƐĞĚŽŶƚŚĞϭϬ ĚĂLJstW͕ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƚĞƌŵƐŽĨƚŚĞEĞǁĐƌĞƐƚ^ƵďƐĐƌŝƉƚŝŽŶŐƌĞĞŵĞŶƚ͘

KŶϯ &ĞďƌƵĂƌLJϮϬϭϳ͕ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂŶĂĚĚŝƚŝŽŶĂůϭ͕ϮϬϬ͕ϬϬϬƐŚĂƌĞƐĂƚάϬ͘ϭϰƚŽƌĂŝƐĞΨϬ͘ϮϴŵŝůůŝŽŶ;άϬ͘ϭϳŵŝůůŝŽŶͿŝŶĐĂƐŚĂƐĂ ƌĞƐƵůƚŽĨƚŚĞĞdžĞƌĐŝƐĞŽĨĞŵƉůŽLJŵĞŶƚŽƉƚŝŽŶƐ͘

KŶϮϭ &ĞďƌƵĂƌLJϮϬϭϳ͕ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂŶĂĚĚŝƚŝŽŶĂůϵϬϬ͕ϬϬϬƐŚĂƌĞƐĂƚάϬ͘ϭϰƚŽƌĂŝƐĞΨϬ͘ϮϬŵŝůůŝŽŶ;άϬ͘ϭϯŵŝůůŝŽŶͿŝŶĐĂƐŚĂƐĂ ƌĞƐƵůƚŽĨƚŚĞĞdžĞƌĐŝƐĞŽĨĞŵƉůŽLJŵĞŶƚŽƉƚŝŽŶƐ͘

KŶ ϭ DĂƌĐŚ ϮϬϭϳ͕ ƚŚĞŽŵƉĂŶLJ ŝƐƐƵĞĚ ĂŶ ĂĚĚŝƚŝŽŶĂůϮϰϬ͕ϬϬϬ ƐŚĂƌĞƐ Ăƚ άϬ͘ϯϴ ƚŽ ƌĂŝƐĞΨϬ͘ϭϱŵŝůůŝŽŶ ;άϬ͘Ϭϵ ŵŝůůŝŽŶͿ ŝŶ ĐĂƐŚ ƚŽ EĞǁĐƌĞƐƚ /ŶƚĞƌŶĂƚŝŽŶĂů ƉƵƌƐƵĂŶƚ ƚŽ ΗƚŽƉͲƵƉ ƌŝŐŚƚƐΗ ŚĞůĚ ďLJ EĞǁĐƌĞƐƚ /ŶƚĞƌŶĂƚŝŽŶĂů ƉƵƌƐƵĂŶƚ ƚŽ ƚŚĞ EĞǁĐƌĞƐƚ ^ƵďƐĐƌŝƉƚŝŽŶ ŐƌĞĞŵĞŶƚ͘ dŚĞ ĂůůŽƚŵĞŶƚ ƉƌŝĐĞ ǁĂƐ ďĂƐĞĚ ŽŶ ƚŚĞ ϭϬ ĚĂLJ stW͕ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƚĞƌŵƐ ŽĨ ƚŚĞ EĞǁĐƌĞƐƚ ^ƵďƐĐƌŝƉƚŝŽŶ ŐƌĞĞŵĞŶƚ͘

KŶϮϭ :ƵŶĞϮϬϭϳ͕ ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚϳϴ͕ϴϴϵ͕ϬϴϬŽƌĚŝŶĂƌLJƐŚĂƌĞƐĂƚάϬ͘ϰϭ ƚŽ ƌĂŝƐĞΨϱϰ͘ϱŵŝůůŝŽŶŝŶĐĂƐŚƉƵƌƐƵĂŶƚ ƚŽĂƉƌŝǀĂƚĞ ƉůĂĐĞŵĞŶƚ ƚŽ ĐŽŶƚŝŶƵĞ ƚŽ ĨƵŶĚ ƚŚĞ ĐŽŶƚŝŶƵĞĚ ĞdžƉůŽƌĂƚŝŽŶ ŽĨ ƚŚĞ ĂƐĐĂďĞů WƌŽũĞĐƚ͕ ŐĞŶĞƌĂů ǁŽƌŬŝŶŐ ĐĂƉŝƚĂů ĂŶĚ ^Žů'ŽůĚΖƐ ƉĂŶ ĐƵĂĚŽƌĞĂŶĞdžƉůŽƌĂƚŝŽŶƐƚƌĂƚĞŐLJ͘

KŶϮϲ :ƵŶĞϮϬϭϳ͕ ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂŶĂĚĚŝƚŝŽŶĂůϴϴϬ͕ϬϬϬ ƐŚĂƌĞƐĂƚάϬ͘ϭϰ ƚŽ ƌĂŝƐĞΨϬ͘ϮϬŵŝůůŝŽŶ ;άϬ͘ϭϮŵŝůůŝŽŶͿŝŶĐĂƐŚĂƐĂ ƌĞƐƵůƚŽĨƚŚĞĞdžĞƌĐŝƐĞŽĨĞŵƉůŽLJŵĞŶƚŽƉƚŝŽŶƐ͘

KŶϮϲ :ƵŶĞϮϬϭϳ͕ ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂŶĂĚĚŝƚŝŽŶĂůϴϴϬ͕ϬϬϬ ƐŚĂƌĞƐĂƚάϬ͘Ϯϴ ƚŽ ƌĂŝƐĞΨϬ͘ϰϭŵŝůůŝŽŶ ;άϬ͘ϮϱŵŝůůŝŽŶͿŝŶĐĂƐŚĂƐĂ ƌĞƐƵůƚŽĨƚŚĞĞdžĞƌĐŝƐĞŽĨĞŵƉůŽLJŵĞŶƚŽƉƚŝŽŶƐ͘

ƚ LJĞĂƌ ĞŶĚ ƚŚĞ ŽŵƉĂŶLJ ŚĂĚ Ă ƚŽƚĂů ŽĨϭ͕ϱϭϮ͕ϵϱϱ͕ϲϴϱ ƐŚĂƌĞƐ ĂŶĚ ϰϰ͕ϭϵϭ͕ϳϲϴ ŽƉƚŝŽŶƐ ŽŶŝƐƐƵĞ͘

&/EE/> Zs/t;ĐŽŶƚŝŶƵĞĚͿ

ƋƵŝƚLJ;ĐŽŶƚŝŶƵĞĚͿ

WŽƐƚ LJĞĂƌ ĞŶĚ ĞƋƵŝƚŝĞƐŝƐƐƵĞĚ

KŶϳ:ƵůLJϮϬϭϳ͕ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂŶĂĚĚŝƚŝŽŶĂůϭ͕ϯϬϬ͕ϬϬϬƐŚĂƌĞƐĂƚάϬ͘ϭϰƚŽƌĂŝƐĞΨϬ͘ϯϭŵŝůůŝŽŶ;άϬ͘ϭϴŵŝůůŝŽŶͿĂƐĂƌĞƐƵůƚŽĨƚŚĞ ĞdžĞƌĐŝƐĞŽĨĞŵƉůŽLJŵĞŶƚŽƉƚŝŽŶƐ͘

KŶϳ:ƵůLJϮϬϭϳ͕ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂŶĂĚĚŝƚŝŽŶĂůϭ͕ϯϬϬ͕ϬϬϬƐŚĂƌĞƐĂƚάϬ͘ϮϴƚŽƌĂŝƐĞΨϬ͘ϲϮŵŝůůŝŽŶ;άϬ͘ϯϲŵŝůůŝŽŶͿĂƐĂƌĞƐƵůƚŽĨƚŚĞ ĞdžĞƌĐŝƐĞŽĨĞŵƉůŽLJŵĞŶƚŽƉƚŝŽŶƐ͘

KŶϵ ƵŐƵƐƚϮϬϭϳ͕ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂƚŽƚĂůŽĨϰϲ͕ϳϲϮ͕ϬϬϬƵŶůŝƐƚĞĚŽƉƚŝŽŶƐƚŽŝƌĞĐƚŽƌƐĂŶĚĐĞƌƚĂŝŶĞŵƉůŽLJĞĞƐĂŶĚĐŽŶƚƌĂĐƚŽƌƐ͘ dŚĞŽƉƚŝŽŶƐŚĂǀĞĂƐƚƌŝŬĞƉƌŝĐĞŽĨάϬ͘ϲϬĞĂĐŚĂŶĚĂƌĞĞdžĞƌĐŝƐĂďůĞƚŚƌŽƵŐŚƚŽϴƵŐƵƐƚϮϬϮϬ͘

Ɛ Ăƚ ƚŚĞ ĚĂƚĞ ŽĨƚŚŝƐ ƌĞƉŽƌƚ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂĚ Ă ƚŽƚĂů ŽĨϭ͕ϱϭϲ͕Ϯϰϱ͕ϲϴϲ ƐŚĂƌĞƐ ĂŶĚ ϴϴ͕ϯϱϯ͕ϳϲϴ ŽƉƚŝŽŶƐ ŽŶŝƐƐƵĞ͘

dŚĞƐƚƌĂƚĞŐŝĐƌĞƉŽƌƚǁĂƐĂƵƚŚŽƌŝƐĞĚĨŽƌŝƐƐƵĞĂŶĚƐŝŐŶĞĚŽŶďĞŚĂůĨŽĨƚŚĞĚŝƌĞĐƚŽƌƐďLJ͕

EŝĐŚŽůĂƐDĂƚŚĞƌ džĞĐƵƚŝǀĞŝƌĞĐƚŽƌ

ϭϰ^ĞƉƚĞŵďĞƌϮϬϭϳ

/ZdKZ^ΖZWKZd

/ZdKZ^ E KDWEz ^ZdZz

dŚĞŽĂƌĚĐŽŶƐŝƐƚƐŽĨŽŶĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌĂŶĚĨŽƵƌEŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌƐ͘

EŝĐŚŽůĂƐ DĂƚŚĞƌ ;džĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌͿ

EŝĐŚŽůĂƐDĂƚŚĞƌ;ϲϬͿ͕ĂƉƉŽŝŶƚĞĚϭϭ DĂLJϮϬϬϱ͕ŐƌĂĚƵĂƚĞĚŝŶϭϵϳϵĨƌŽŵƚŚĞhŶŝǀĞƌƐŝƚLJŽĨYƵĞĞŶƐůĂŶĚǁŝƚŚĂ͘^Đ͘;,ŽŶƐ͕'ĞŽůŽŐLJͿ͘ ,ĞŚĂƐŽǀĞƌϮϱLJĞĂƌƐ͛ĞdžƉĞƌŝĞŶĐĞŝŶĞdžƉůŽƌĂƚŝŽŶĂŶĚƌĞƐŽƵƌĐĞĐŽŵƉĂŶLJŵĂŶĂŐĞŵĞŶƚŝŶĂǀĂƌŝĞƚLJŽĨĐŽƵŶƚƌŝĞƐ͘ ,ŝƐĐĂƌĞĞƌŚĂƐƚĂŬĞŶ ŚŝŵƚŽŶƵŵĞƌŽƵƐĐŽƵŶƚƌŝĞƐĞdžƉůŽƌŝŶŐĨŽƌƉƌĞĐŝŽƵƐĂŶĚďĂƐĞŵĞƚĂůƐĂŶĚĨŽƐƐŝůĨƵĞůƐ͘ EŝĐŚŽůĂƐDĂƚŚĞƌŚĂƐĨŽĐƵƐĞĚŚŝƐĂƚƚĞŶƚŝŽŶŽŶ ƚŚĞŝĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨĂŶĚŝŶǀĞƐƚŵĞŶƚŝŶůĂƌŐĞƌĞƐŽƵƌĐĞĞdžƉůŽƌĂƚŝŽŶƉƌŽũĞĐƚƐ͘

,ĞǁĂƐDĂŶĂŐŝŶŐŝƌĞĐƚŽƌŽĨĞDĂyZĞƐŽƵƌĐĞƐE>;ĂŶ^yͲůŝƐƚĞĚĐŽŵƉĂŶLJͿĨƌŽŵϭϵϵϳƵŶƚŝůϮϬϬϬĂŶĚŝŶƐƚƌƵŵĞŶƚĂůŝŶƚŚĞĚŝƐĐŽǀĞƌLJ ŽĨƚŚĞǁŽƌůĚĐůĂƐƐ'ŝŶŬŐŽŵŝŶĞƌĂůƐĂŶĚĚĞƉŽƐŝƚŝŶƚŚĞDƵƌƌĂLJĂƐŝŶŝŶϭϵϵϴ͘ ƐĂŶĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌŽĨƌƌŽǁŶĞƌŐLJE>;ĂůƐŽ^yͲ ůŝƐƚĞĚͿƵŶƚŝůŚŝƐƌĞƐŝŐŶĂƚŝŽŶŝŶϮϬϬϰ͕EŝĐŚŽůĂƐDĂƚŚĞƌĚƌŽǀĞƚŚĞĂĐƋƵŝƐŝƚŝŽŶĂŶĚďƵƐŝŶĞƐƐĚĞǀĞůŽƉŵĞŶƚŽĨƌƌŽǁ͛ƐůĂƌŐĞ^ƵƌĂƚĂƐŝŶ ŽĂůĞĚDĞƚŚĂŶĞƉƌŽũĞĐƚŝŶ ƐŽƵƚŚͲĞĂƐƚYƵĞĞŶƐůĂŶĚ͘ ,ĞǁĂƐŵĂŶĂŐŝŶŐŝƌĞĐƚŽƌŽĨƵƌĂůŝĂZĞƐŽƵƌĐĞƐE>͕ĂũƵŶŝŽƌŐŽůĚĞdžƉůŽƌĞƌ͕ ďĞĨŽƌĞŝƚƐh^ϮϯŵŝůůŝŽŶŵĞƌŐĞƌǁŝƚŚZŽƐƐDŝŶŝŶŐE>ŝŶϭϵϵϱ͘ ,ĞǁĂƐĂŶŽŶͲĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌŽĨĂůůĂƌĂƚ'ŽůĚĨŝĞůĚƐE>ƵŶƚŝůϮϬϬϰ͕ ŚĂǀŝŶŐĂƐƐŝƐƚĞĚƚŚĂƚĐŽŵƉĂŶLJŝŶŝƚƐƌĞĐĂƉŝƚĂůŝƐĂƚŝŽŶĂŶĚƌĞͲƋƵŽƚĂƚŝŽŶŽŶƚŚĞ^yŝŶϮϬϬϯ͘

EŝĐŚŽůĂƐ DĂƚŚĞƌ ŝƐ DĂŶĂŐŝŶŐ ŝƌĞĐƚŽƌ ĂŶĚ ŚŝĞĨ džĞĐƵƚŝǀĞ ŽĨ 'Z 'ůŽďĂů >ŝŵŝƚĞĚ ĂŶĚ ŶŽŶͲĞdžĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌ ŽĨ ^yͲůŝƐƚĞĚ ŽŵƉĂŶŝĞƐƌŵŽƵƌ ŶĞƌŐLJ >ŝŵŝƚĞĚ͕ƵƐ dŝŶDŝŶŝŶŐ >ŝŵŝƚĞĚ͕ĂƌŬ,ŽƌƐĞ >ŝŵŝƚĞĚ͕ ĂŶĚ >ĂŬĞƐKŝůE> ĂŶĚ >^ /DͲůŝƐƚĞĚŽŵƉĂŶLJ /ƌŽŶZŝĚŐĞZĞƐŽƵƌĐĞƐ>ŝŵŝƚĞĚ͘

ƌŝĂŶ DŽůůĞƌ ;EŽŶͲdžĞĐƵƚŝǀĞ ŚĂŝƌŵĂŶͿ

ƌŝĂŶDŽůůĞƌ ;ϱϴͿ͕ ĂƉƉŽŝŶƚĞĚϭϭ DĂLJϮϬϬϱ͕ ŝƐ Ă ĐŽƌƉŽƌĂƚĞ ƉĂƌƚŶĞƌ ŝŶ ƚŚĞ ƌŝƐďĂŶĞͲďĂƐĞĚ ůĂǁ Ĩŝƌŵ,ŽƉŐŽŽĚ'ĂŶŝŵ >ĂǁLJĞƌƐ͕ ƚŚĞ ƵƐƚƌĂůŝĂŶƐŽůŝĐŝƚŽƌƐƚŽƚŚĞŽŵƉĂŶLJ͘ ,ĞǁĂƐĂĚŵŝƚƚĞĚĂƐĂƐŽůŝĐŝƚŽƌŝŶϭϵϴϭĂŶĚŚĂƐďĞĞŶĂƉĂƌƚŶĞƌĂƚ,ŽƉŐŽŽĚ'ĂŶŝŵƐŝŶĐĞϭϵϴϯ͘ ,ĞƉƌĂĐƚŝĐĞƐĂůŵŽƐƚĞdžĐůƵƐŝǀĞůLJŝŶƚŚĞĐŽƌƉŽƌĂƚĞĂƌĞĂǁŝƚŚĂŶĞŵƉŚĂƐŝƐŽŶĐĂƉŝƚĂůƌĂŝƐŝŶŐ͕ŵĞƌŐĞƌƐĂŶĚĂĐƋƵŝƐŝƚŝŽŶƐ͘

ƌŝĂŶDŽůůĞƌŚŽůĚƐĂŶ>>,ŽŶƐĨƌŽŵƚŚĞhŶŝǀĞƌƐŝƚLJŽĨYƵĞĞŶƐůĂŶĚĂŶĚŝƐĂŵĞŵďĞƌŽĨƚŚĞƵƐƚƌĂůŝĂŶDŝŶŝŶŐĂŶĚWĞƚƌŽůĞƵŵ>Ăǁ ƐƐŽĐŝĂƚŝŽŶ͘

ƌŝĂŶDŽůůĞƌĂĐƚƐĨŽƌŵĂŶLJƉƵďůŝĐůLJͲůŝƐƚĞĚƌĞƐŽƵƌĐĞĂŶĚŝŶĚƵƐƚƌŝĂůĐŽŵƉĂŶŝĞƐĂŶĚďƌŝŶŐƐĂǁĞĂůƚŚŽĨĞdžƉĞƌŝĞŶĐĞĂŶĚĞdžƉĞƌƚŝƐĞƚŽƚŚĞ ďŽĂƌĚ͕ ƉĂƌƚŝĐƵůĂƌůLJ ŝŶ ƚŚĞ ĐŽƌƉŽƌĂƚĞ ƌĞŐƵůĂƚŽƌLJ ĂŶĚ ŐŽǀĞƌŶĂŶĐĞ ĂƌĞĂƐ͘ ,Ğ ŝƐ Ă ŶŽŶͲĞdžĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌ ŽĨ ^y ůŝƐƚĞĚ'Z 'ůŽďĂů >ŝŵŝƚĞĚ͕ĂƌŬ,ŽƌƐĞZĞƐŽƵƌĐĞƐ>ŝŵŝƚĞĚ͕>ŝƚŚŝƵŵŽŶƐŽůŝĚĂƚĞDŝŶĞƌĂůdžƉůŽƌĂƚŝŽŶ>ƚĚ͕^yĂŶĚd^yͲsůŝƐƚĞĚ͕ŐƵŝĂZĞƐŽƵƌĐĞƐ>ŝŵŝƚĞĚ ĂŶĚƚŚĞŶŽŶͲĞdžĞĐƵƚŝǀĞŚĂŝƌŵĂŶŽĨ^yͲůŝƐƚĞĚƵƐdŝŶDŝŶŝŶŐ>ŝŵŝƚĞĚĂŶĚWůĂƚŝŶĂZĞƐŽƵƌĐĞƐ>ŝŵŝƚĞĚ͘

ƌ ZŽďĞƌƚ tĞŝŶďĞƌŐ ;EŽŶͲdžĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌͿ

ZŽďtĞŝŶďĞƌŐ ;ϲϵͿ͕ĂƉƉŽŝŶƚĞĚϮϮ EŽǀĞŵďĞƌϮϬϬϱ͕ŐĂŝŶĞĚŚŝƐĚŽĐƚŽƌĂƚĞŝŶŐĞŽůŽŐLJ ĨƌŽŵKdžĨŽƌĚhŶŝǀĞƌƐŝƚLJŝŶϭϵϳϯ͘ ,ĞŚĂƐŵŽƌĞ ƚŚĂŶϰϬLJĞĂƌƐ͛ĞdžƉĞƌŝĞŶĐĞŽĨƚŚĞŝŶƚĞƌŶĂƚŝŽŶĂůŵŝŶŝŶŐŝŶĚƵƐƚƌLJĂŶĚŝƐĂŶŝŶĚĞƉĞŶĚĞŶƚŵŝŶŝŶŐƌĞƐĞĂƌĐŚĂŶĂůLJƐƚĂŶĚĐŽŶƐƵůƚĂŶƚ͘,ĞŝƐ Ă&ĞůůŽǁŽĨƚŚĞ'ĞŽůŽŐŝĐĂů^ŽĐŝĞƚLJŽĨ>ŽŶĚŽŶĂŶĚĂůƐŽĂ&ĞůůŽǁŽĨƚŚĞ/ŶƐƚŝƚƵƚĞŽĨDĂƚĞƌŝĂůƐ͕DŝŶĞƌĂůƐĂŶĚDŝŶŝŶŐ͘,ĞŚĂƐďĞĞŶĂŶ ŝŶĚĞƉĞŶĚĞŶƚŶŽŶͲĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌŽĨĂŶƵŵďĞƌŽĨŵŝŶĞƌĂůƐĞdžƉůŽƌĂƚŝŽŶ͕ĚĞǀĞůŽƉŵĞŶƚĂŶĚŵŝŶŝŶŐĐŽŵƉĂŶŝĞƐ͘

WƌŝŽƌ ƚŽŚŝƐĐƵƌƌĞŶƚĂĐƚŝǀŝƚŝĞƐŚĞǁĂƐDĂŶĂŐŝŶŐŝƌĞĐƚŽƌ͕/ŶƐƚŝƚƵƚŝŽŶĂů/ŶǀĞƐƚŵĞŶƚĂƚ ƚŚĞtŽƌůĚ'ŽůĚŽƵŶĐŝů͘ WƌĞǀŝŽƵƐůLJŚĞǁĂƐĂ ŝƌĞĐƚŽƌŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚďĂŶŬŝŶŐĚŝǀŝƐŝŽŶĂƚĞƵƚƐĐŚĞĂŶŬŝŶ>ŽŶĚŽŶĂĨƚĞƌŚĂǀŝŶŐďĞĞŶŚĞĂĚŽĨƚŚĞŐůŽďĂůŵŝŶŝŶŐƌĞƐĞĂƌĐŚƚĞĂŵ Ăƚ^' tĂƌďƵƌŐ^ĞĐƵƌŝƚŝĞƐ͘ ,ĞŚĂƐĂůƐŽŚĞůĚ ƐĞŶŝŽƌƉŽƐŝƚŝŽŶƐǁŝƚŚŝŶ^ŽĐŝĠƚĠ'ĠŶĠƌĂůĞĂŶĚǁĂƐŚĞĂĚŽĨ ƚŚĞŵŝŶŝŶŐ ƚĞĂŵĂƚ :ĂŵĞƐ ĂƉĞůΘ Ž͘ ,ĞǁĂƐĨŽƌŵĞƌůLJŵĂƌŬĞƚŝŶŐŵĂŶĂŐĞƌŽĨƚŚĞŐŽůĚĂŶĚƵƌĂŶŝƵŵĚŝǀŝƐŝŽŶŽĨŶŐůŽŵĞƌŝĐĂŶŽƌƉŽƌĂƚŝŽŶŽĨ^ŽƵƚŚĨƌŝĐĂ >ƚĚ͘

/ZdKZ^ E KDWEz ^ZdZz;ĐŽŶƚŝŶƵĞĚͿ

:ŽŚŶŽǀĂƌĚ ;EŽŶͲdžĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌͿ

:ŽŚŶŽǀĂƌĚ ;ϳϭͿ͕ĂƉƉŽŝŶƚĞĚϮ EŽǀĞŵďĞƌϮϬϬϵ͕ŝƐĂĐŝǀŝůĞŶŐŝŶĞĞƌǁŝƚŚŽǀĞƌ ϰϬLJĞĂƌƐ͛ĞdžƉĞƌŝĞŶĐĞŝŶŵŝŶŝŶŐ͕ŚĞĂǀLJĐŽŶƐƚƌƵĐƚŝŽŶ͕ ƉƌŽũĞĐƚ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ĐŽƌƉŽƌĂƚĞ ŵĂŶĂŐĞŵĞŶƚ ƚŚƌŽƵŐŚŽƵƚƵƐƚƌĂůŝĂ͘ ,ŝƐ ĐĂƌĞĞƌ ƚŽ ĚĂƚĞ ŚĂƐ ŝŶĐůƵĚĞĚ ƌŽůĞƐ ĂƐ K ŽĨ ƉƵďůŝĐ ĐŽŵƉĂŶŝĞƐĂŶĚďŽƚŚdžĞĐƵƚŝǀĞĂŶĚEŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌƐŚŝƉƐ͘,ĞŚŽůĚƐĂĂĐŚĞůŽƌ͛ƐĞŐƌĞĞŝŶŝǀŝůŶŐŝŶĞĞƌŝŶŐ͕ŝƐĂ&ĞůůŽǁŽĨ ƚŚĞƵƐƚƌĂůĂƐŝĂŶ/ŶƐƚŝƚƵƚĞŽĨDŝŶŝŶŐĂŶĚDĞƚĂůůƵƌŐLJ͕ĂŶĚĂ&ĞůůŽǁŽĨƚŚĞƵƐƚƌĂůŝĂŶ/ŶƐƚŝƚƵƚĞŽĨŽŵƉĂŶLJŝƌĞĐƚŽƌƐ͘

DƌŽǀĂƌĚŝƐĐƵƌƌĞŶƚůLJĂEŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌŽĨƚŚĞ^yͲůŝƐƚĞĚƵƐdŝŶDŝŶŝŶŐ>ƚĚ͘KƚŚĞƌƌŽůĞƐǁŝƚŚŝŶƚŚĞƉĂƐƚĨŝǀĞLJĞĂƌƐŚĂǀĞ ŝŶĐůƵĚĞĚEŽŶͲdžĞĐƵƚŝǀĞ ŚĂŝƌŵĂŶ ŽĨKƌďŝƐ'ŽůĚ >ŝŵŝƚĞĚ ;ƌĞƐŝŐŶĞĚ ϭϳ &ĞďƌƵĂƌLJ ϮϬϭϱͿ ĂŶĚEŽŶͲdžĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌ ŽĨ ƵƐƚƌĂůŝĂŶ WĂĐŝĨŝĐŽĂů>ŝŵŝƚĞĚ;ƌĞƐŝŐŶĞĚϮϵ EŽǀĞŵďĞƌϮϬϭϮͿ͘

,Ğ ǁĂƐ ĂůƐŽ WƌŽũĞĐƚ DĂŶĂŐĞƌ ĨŽƌ ƚŚĞ ΨϴϬϬ ŵŝůůŝŽŶ WŚŽƐƉŚĂƚĞ ,ŝůů &ĞƌƚŝůŝƐĞƌ WƌŽũĞĐƚ ĨŽƌ tĞƐƚĞƌŶ DŝŶŝŶŐ ŽƌƉŽƌĂƚŝŽŶ ;tDͿ ƐŝƚƵĂƚĞĚƐŽƵƚŚŽĨDŽƵŶƚ/ƐĂŝŶYƵĞĞŶƐůĂŶĚ͕ƵƐƚƌĂůŝĂ͘KƚŚĞƌƉƌĞǀŝŽƵƐƉƌŽũĞĐƚĞdžƉĞƌŝĞŶĐĞŝŶĐůƵĚĞƐŵĂŶĂŐŝŶŐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞ WŽƌŐĞƌĂDŝŶĞŝŶWĂƉƵĂEĞǁ'ƵŝŶĞĂ͕ƚŚĞ^ƵƉĞƌWŝƚĞdžƉĂŶƐŝŽŶĂƚ<ĂůŐŽŽƌůŝĞ͕ĂŶĚƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƌŽŶnjĞǁŝŶŐ'ŽůĚDŝŶĞŝŶ tĞƐƚĞƌŶ ƵƐƚƌĂůŝĂ͘ ,Ğ ǁĂƐ ƉƌĞǀŝŽƵƐůLJ ƚŚĞ'ĞŶĞƌĂů DĂŶĂŐĞƌ ŽĨ ƚŚĞ ŐŝĂŶƚK< dĞĚŝ ƉŽƌƉŚLJƌLJ ŽƉƉĞƌ'ŽůĚ DŝŶĞ͘ :ŽŚŶ ŽǀĂƌĚ͛Ɛ ĐŽƌƉŽƌĂƚĞƉƌŽĨŝůĞ͕ƚŽŐĞƚŚĞƌǁŝƚŚŚŝƐĞdžƚĞŶƐŝǀĞĞdžƉĞƌŝĞŶĐĞŝŶƐŽƵƚŚǁĞƐƚWĂĐŝĨŝĐŵŝŶŝŶŐŽƉĞƌĂƚŝŽŶƐĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶŝƐĐŽŶƐŝĚĞƌĞĚƚŽ ďĞŽĨŐƌĞĂƚǀĂůƵĞƚŽ^Žů'ŽůĚWůĐ͘

ƌĂŝŐ :ŽŶĞƐ ;EŽŶͲdžĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌͿ

Dƌ:ŽŶĞƐ;ϰϱͿ͕ĂƉƉŽŝŶƚĞĚϯ DĂƌĐŚϮϬϭϳ͕ũŽŝŶĞĚEĞǁĐƌĞƐƚDŝŶŝŶŐŝŶϮϬϬϴĂŶĚŚĂƐŚĞůĚǀĂƌŝŽƵƐƐĞŶŝŽƌŵĂŶĂŐĞŵĞŶƚĂŶĚĞdžĞĐƵƚŝǀĞ ƌŽůĞƐǁŝƚŚŝŶƚŚĞEĞǁĐƌĞƐƚŐƌŽƵƉ͕ŝŶĐůƵĚŝŶŐ'ĞŶĞƌĂůDĂŶĂŐĞƌWƌŽũĞĐƚƐ͕'ĞŶĞƌĂůDĂŶĂŐĞƌĂĚŝĂsĂůůĞLJKƉĞƌĂƚŝŽŶƐ͕džĞĐƵƚŝǀĞ'ĞŶĞƌĂů DĂŶĂŐĞƌWƌŽũĞĐƚƐĂŶĚƐƐĞƚDĂŶĂŐĞŵĞŶƚ͕džĞĐƵƚŝǀĞ'ĞŶĞƌĂůDĂŶĂŐĞƌƵƐƚƌĂůŝĂŶĂŶĚ/ŶĚŽŶĞƐŝĂŶKƉĞƌĂƚŝŽŶƐ͕džĞĐƵƚŝǀĞ'ĞŶĞƌĂů DĂŶĂŐĞƌƵƐƚƌĂůŝĂŶKƉĞƌĂƚŝŽŶƐĂŶĚWƌŽũĞĐƚƐ͕ĂŶĚdžĞĐƵƚŝǀĞ'ĞŶĞƌĂůDĂŶĂŐĞƌĂĚŝĂĂŶĚDŽƌŽďĞDŝŶŝŶŐ:ŽŝŶƚsĞŶƚƵƌĞ͘ Dƌ:ŽŶĞƐŝƐ ĐƵƌƌĞŶƚůLJ ƚŚĞdžĞĐƵƚŝǀĞ'ĞŶĞƌĂůDĂŶĂŐĞƌtĂĨŝͲ'ŽůƉƵ ;EĞǁĐƌĞƐƚ ͬ,ĂƌŵŽŶLJͿ͘ WƌŝŽƌ ƚŽũŽŝŶŝŶŐEĞǁĐƌĞƐƚ͕Dƌ :ŽŶĞƐǁŽƌŬĞĚ ĨŽƌZŝŽ dŝŶƚŽ͘

Dƌ:ŽŶĞƐŚŽůĚƐĂĂĐŚĞůŽƌŽĨDĞĐŚĂŶŝĐĂůŶŐŝŶĞĞƌŝŶŐĨƌŽŵƚŚĞhŶŝǀĞƌƐŝƚLJŽĨEĞǁĐĂƐƚůĞ͕ƵƐƚƌĂůŝĂ͘

KDWEz ^ZdZz

<Ăƌů ^ĐŚůŽďŽŚŵ ;ŽŵƉĂŶLJ ^ĞĐƌĞƚĂƌLJͿ

<Ăƌů ^ĐŚůŽďŽŚŵ ;ϰϵͿ ŚĂƐ ŽǀĞƌ ƚǁĞŶƚLJ LJĞĂƌƐ͛ ĞdžƉĞƌŝĞŶĐĞ ŝŶ ƚŚĞ ĂĐĐŽƵŶƚŝŶŐ ƉƌŽĨĞƐƐŝŽŶ ĂĐƌŽƐƐ Ă ǁŝĚĞ ƌĂŶŐĞ ŽĨ ďƵƐŝŶĞƐƐĞƐ ĂŶĚ ŝŶĚƵƐƚƌŝĞƐ͘,ĞŚĂƐ ƉƌĞǀŝŽƵƐůLJ ďĞĞŶ ĐŽŶƚƌĂĐƚĞĚŝŶƚŽ&K ƌŽůĞƐǁŝƚŚ^yͲůŝƐƚĞĚ ƌĞƐŽƵƌĐĞ ĐŽŵƉĂŶŝĞƐŝƐĐŽǀĞƌLJDĞƚĂůƐ >ŝŵŝƚĞĚĂŶĚ DĞƌŝĚŝĂŶDŝŶĞƌĂůƐ>ŝŵŝƚĞĚ͕ĂŶĚĂƐŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJŽĨ^yͲůŝƐƚĞĚ>ŝŶĐŶĞƌŐLJ>ŝŵŝƚĞĚ͕ŐĞŶŝdž>ŝŵŝƚĞĚ͕ŝƐĐŽǀĞƌLJDĞƚĂůƐ>ŝŵŝƚĞĚ ĂŶĚ'ůŽďĂů^ĞĂĨŽŽĚƵƐƚƌĂůŝĂ>ŝŵŝƚĞĚ͘

Dƌ^ĐŚůŽďŽŚŵŝƐĂŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚĂŶĚŚŽůĚƐĂĐŚĞůŽƌĞŐƌĞĞƐŝŶŽŵŵĞƌĐĞĂŶĚŝŶĐŽŶŽŵŝĐƐ͕ĂŶĚĂDĂƐƚĞƌ͛ƐĞŐƌĞĞŝŶ dĂdžĂƚŝŽŶ͘

Dƌ^ĐŚůŽďŽŚŵŝƐĂůƐŽĐŽŶƚƌĂĐƚĞĚ ƚŽĂĐƚĂƐ ƚŚĞŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJŽĨ ƚŚĞ/DůŝƐƚĞĚ/ƌŽŶZŝĚŐĞZĞƐŽƵƌĐĞƐ>ŝŵŝƚĞĚĂŶĚ^yͲůŝƐƚĞĚ 'Z 'ůŽďĂů>ŝŵŝƚĞĚ͕ĂƌŬ,ŽƌƐĞZĞƐŽƵƌĐĞƐ>ŝŵŝƚĞĚ͕ƵƐdŝŶDŝŶŝŶŐ>ŝŵŝƚĞĚĂŶĚƌŵŽƵƌŶĞƌŐLJ>ŝŵŝƚĞĚ͘

dŚĞŝƌĞĐƚŽƌƐƉƌĞƐĞŶƚƚŚĞŝƌĂŶŶƵĂůƌĞƉŽƌƚĂŶĚĂƵĚŝƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϭϳ͘

'K/E'KEZE

/ŶĐŽŵŵŽŶǁŝƚŚŵĂŶLJĞdžƉůŽƌĂƚŝŽŶĐŽŵƉĂŶŝĞƐ͕ ƚŚĞŽŵƉĂŶLJ ƌĂŝƐĞƐ ĨŝŶĂŶĐĞ ĨŽƌŝƚƐĞdžƉůŽƌĂƚŝŽŶĂŶĚĂƉƉƌĂŝƐĂůĂĐƚŝǀŝƚŝĞƐŝŶĚŝƐĐƌĞƚĞ ƚƌĂŶĐŚĞƐ͘dŚĞ'ƌŽƵƉĂŶĚƚŚĞŽŵƉĂŶLJŚĂǀĞŶŽƚŐĞŶĞƌĂƚĞĚƌĞǀĞŶƵĞƐĨƌŽŵŽƉĞƌĂƚŝŽŶƐ͘ƐƐƵĐŚ͕ƚŚĞ'ƌŽƵƉ͛ƐĂŶĚŽŵƉĂŶLJ͛ƐĂďŝůŝƚLJ ƚŽ ĐŽŶƚŝŶƵĞ ƚŽ ĂĚŽƉƚ ƚŚĞ ŐŽŝŶŐ ĐŽŶĐĞƌŶ ĂƐƐƵŵƉƚŝŽŶ ǁŝůů ĚĞƉĞŶĚ ƵƉŽŶ Ă ŶƵŵďĞƌ ŽĨ ŵĂƚƚĞƌƐ ŝŶĐůƵĚŝŶŐ ĨƵƚƵƌĞ ƐƵĐĐĞƐƐĨƵů ĐĂƉŝƚĂů ƌĂŝƐŝŶŐƐĨŽƌŶĞĐĞƐƐĂƌLJĨƵŶĚŝŶŐĂŶĚƚŚĞƐƵĐĐĞƐƐĨƵůĞdžƉůŽƌĂƚŝŽŶĂŶĚƐƵďƐĞƋƵĞŶƚĞdžƉůŽŝƚĂƚŝŽŶŽĨƚŚĞ'ƌŽƵƉ͛ƐƚĞŶĞŵĞŶƚƐ͘

hZZEz

dŚĞ ĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJŽĨ^Žů'ŽůĚWůĐĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐŝŶƵƐƚƌĂůŝĂŝƐĐŽŶƐŝĚĞƌĞĚ ƚŽďĞƵƐƚƌĂůŝĂŶŽůůĂƌƐ ;ΨͿ͘ dŚĞ ĨƵŶĐƚŝŽŶĂů ĐƵƌƌĞŶĐLJŽĨƚŚĞƐƵďƐŝĚŝĂƌŝĞƐŝŶ^ŽůŽŵŽŶ/ƐůĂŶĚƐŝƐĐŽŶƐŝĚĞƌĞĚƚŽďĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐŽůůĂƌƐ;^ΨͿ͘ dŚĞĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJŽĨƚŚĞ ƐƵďƐŝĚŝĂƌŝĞƐ ŝŶĐƵĂĚŽƌ ŝƐ ĐŽŶƐŝĚĞƌĞĚ ƚŽ ďĞhŶŝƚĞĚ ^ƚĂƚĞƐŽůůĂƌƐ ;h^ΨͿ͘ dŚĞ ƉƌĞƐĞŶƚĂƚŝŽŶĂů ĐƵƌƌĞŶĐLJ ŽĨ ƚŚĞ'ƌŽƵƉ ŝƐƵƐƚƌĂůŝĂŶ ĚŽůůĂƌƐ ;͞Ψ͟Ϳ ĂŶĚ Ăůů ĂŵŽƵŶƚƐ ƉƌĞƐĞŶƚĞĚ ŝŶ ƚŚĞŝƌĞĐƚŽƌƐ͛ ZĞƉŽƌƚ ĂŶĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂƌĞ ƉƌĞƐĞŶƚĞĚ ŝŶ ƵƐƚƌĂůŝĂŶ ĚŽůůĂƌƐ ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŝŶĚŝĐĂƚĞĚ͘

Z^h>d^

dŚĞ'ƌŽƵƉ͛ƐĐŽŶƐŽůŝĚĂƚĞĚůŽƐƐĨŽƌƚŚĞLJĞĂƌǁĂƐΨϰ͕ϰϵϵ͕ϵϳϮ;ϮϬϭϲ͗Ψϱ͕ϳϮϯ͕ϭϮϮͿ͘

,E'^ /E ^,Z W/d>hZ/E'ϮϬϭϳ

ƐƚĂƚĞŵĞŶƚŽĨĐŚĂŶŐĞƐŝŶƚŚĞƐŚĂƌĞĐĂƉŝƚĂůŽĨƚŚĞŽŵƉĂŶLJŝƐƐĞƚŽƵƚŝŶEŽƚĞϭϳƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

/s/E^ W/ KZ ZKDDE

dŚĞŝƌĞĐƚŽƌƐĚŽŶŽƚƌĞĐŽŵŵĞŶĚƚŚĞƉĂLJŵĞŶƚŽĨĂĚŝǀŝĚĞŶĚ;ϮϬϭϲ͗ŶŝůͿ͘

&/EE/>/E^dZhDEd^

dŚĞŽŵƉĂŶLJĚŽĞƐŶŽƚƵŶĚĞƌƚĂŬĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƚƌĂŶƐĂĐƚŝŽŶƐƚŚĂƚĂƌĞƐƉĞĐƵůĂƚŝǀĞŽƌƵŶƌĞůĂƚĞĚƚŽƚŚĞŽŵƉĂŶLJ͛ƐŽƌ'ƌŽƵƉΖƐ ĂĐƚŝǀŝƚŝĞƐ͘ dŚĞ'ƌŽƵƉ͛ƐĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĐŽŶƐŝƐƚŵĂŝŶůLJŽĨĚĞƉŽƐŝƚƐǁŝƚŚďĂŶŬƐ͕ĂĐĐŽƵŶƚƐƉĂLJĂďůĞĂŶĚůŽĂŶƐƉĂLJĂďůĞƚŽƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ ;ŝŶĐůƵĚŝŶŐ ĐŽŶǀĞƌƐŝŽŶ ŽƉƚŝŽŶƐͿ͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ 'ƌŽƵƉ͛Ɛ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ͕ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ĂůƐŽ ŝŶĐůƵĚĞŝƚƐůŽĂŶƐƚŽƐƵďƐŝĚŝĂƌŝĞƐ͘&ƵƌƚŚĞƌĚĞƚĂŝůƐŽĨĨŝŶĂŶĐŝĂůƌŝƐŬŵĂŶĂŐĞŵĞŶƚŽďũĞĐƚŝǀĞƐĂŶĚƉŽůŝĐŝĞƐ͕ĂŶĚĞdžƉŽƐƵƌĞŽĨƚŚĞ'ƌŽƵƉ ĂŶĚŽŵƉĂŶLJƚŽĨŝŶĂŶĐŝĂůƌŝƐŬƐĂƌĞƉƌŽǀŝĚĞĚŝŶŶŽƚĞϮϬƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

/ZdKZ^ E /ZdKZ^͛ /EdZ^d^

dŚĞŝƌĞĐƚŽƌƐǁŚŽŚĞůĚŽĨĨŝĐĞĚƵƌŝŶŐƚŚĞLJĞĂƌǁĞƌĞĂƐĨŽůůŽǁƐ͗

EŝĐŚŽůĂƐDĂƚŚĞƌ	džĞĐƵƚŝǀĞŝƌĞĐƚŽƌ
ƌŝĂŶDŽůůĞƌ	EŽŶͲdžĞĐƵƚŝǀĞŚĂŝƌŵĂŶ
ZŽďĞƌƚtĞŝŶďĞƌŐ	EŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌ
:ŽŚŶŽǀĂƌĚ	EŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌ
^ĐŽƚƚ ĂůĚǁĞůů	EŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌʹĂƉƉŽŝŶƚĞĚϵ ^ĞƉƚĞŵďĞƌϮϬϭϲ͕ ƌĞƐŝŐŶĞĚϭϵ:ƵŶĞϮϬϭϳ
ƌĂŝŐ:ŽŶĞƐ	EŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌʹĂƉƉŽŝŶƚĞĚϯ DĂƌĐŚϮϬϭϳ

dŚĞŽŵƉĂŶLJŚĂƐĂŝƌĞĐƚŽƌƐ͛ĂŶĚKĨĨŝĐĞƌƐ͛ >ŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞƉŽůŝĐLJĨŽƌĂůůŝƚƐŝƌĞĐƚŽƌƐ͘

KZWKZd'KsZEE

/ŶĨŽƌŵƵůĂƚŝŶŐƚŚĞ'ƌŽƵƉ͛ƐĐŽƌƉŽƌĂƚĞŐŽǀĞƌŶĂŶĐĞƉƌŽĐĞĚƵƌĞƐƚŚĞŽĂƌĚƚĂŬĞƐĚƵĞƌĞŐĂƌĚŽĨƚŚĞƉƌŝŶĐŝƉůĞƐŽĨŐŽŽĚŐŽǀĞƌŶĂŶĐĞƐĞƚ ŽƵƚŝŶƚŚĞh< ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞŽĚĞ;ƚŚĞ͞ŽĚĞ͟ͿƚŽƚŚĞĞdžƚĞŶƚƚŚĞLJĐŽŶƐŝĚĞƌĂƉƉƌŽƉƌŝĂƚĞŝŶůŝŐŚƚŽĨƚŚĞ'ƌŽƵƉ͛ƐƐŝnjĞ͕ƐƚĂŐĞŽĨ ĚĞǀĞůŽƉŵĞŶƚĂŶĚƌĞƐŽƵƌĐĞƐ͘ ,ŽǁĞǀĞƌ͕ŐŝǀĞŶƚŚĞƐŝnjĞŽĨƚŚĞŽŵƉĂŶLJ͕ĂƚƉƌĞƐĞŶƚƚŚĞŽĂƌĚĚŽĞƐŶŽƚĐŽŶƐŝĚĞƌŝƚŶĞĐĞƐƐĂƌLJƚŽĂĚŽƉƚ ƚŚĞŽĚĞŝŶŝƚƐĞŶƚŝƌĞƚLJĂŶĚ͕ĂƐĂĐŽŵƉĂŶLJǁŝƚŚĂŶ/D >ŝƐƚŝŶŐ͕ƚŚĞŽŵƉĂŶLJŝƐŶŽƚƌĞƋƵŝƌĞĚƚŽĐŽŵƉůLJǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ ŽĚĞ͘

EĞǀĞƌƚŚĞůĞƐƐ͕ ƚŚĞŝƌĞĐƚŽƌƐĂƌĞĐŽŵŵŝƚƚĞĚ ƚŽŵĂŝŶƚĂŝŶŝŶŐŚŝŐŚ ƐƚĂŶĚĂƌĚƐŽĨĐŽƌƉŽƌĂƚĞŐŽǀĞƌŶĂŶĐĞĂƐĚĞƚĂŝůĞĚŝŶ ƚŚĞŽŵƉĂŶLJ͛Ɛ ĐŽƌƉŽƌĂƚĞŐŽǀĞƌŶĂŶĐĞĐŚĂƌƚĞƌĂŶĚƉƌŽƉŽƐĞ͕ƐŽĨĂƌĂƐŝƐƉƌĂĐƚŝĐĂďůĞŐŝǀĞŶƚŚĞŽŵƉĂŶLJ͛ƐƐŝnjĞĂŶĚŶĂƚƵƌĞ͕ƚŽǀŽůƵŶƚĂƌŝůLJĂĚŽƉƚĂŶĚ ĐŽŵƉůLJǁŝƚŚƚŚĞY ŽĚĞ͘ ƚƉƌĞƐĞŶƚ͕ƚŚĞŝƌĞĐƚŽƌƐĂĐŬŶŽǁůĞĚŐĞƚŚĂƚĂĚŚĞƌĞŶĐĞƚŽĐĞƌƚĂŝŶŽƚŚĞƌƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞY ŽĚĞŵĂLJ ďĞĚĞůĂLJĞĚƵŶƚŝůƐƵĐŚƚŝŵĞĂƐƚŚĞŝƌĞĐƚŽƌƐĂƌĞĂďůĞƚŽĨƵůůLJĂĚŽƉƚƚŚĞŵ͘ /ŶƉĂƌƚŝĐƵůĂƌ͕ĂĐƚŝŽŶǁŝůůďĞƌĞƋƵŝƌĞĚŝŶƚŚĞĨŽůůŽǁŝŶŐĂƌĞĂƐ͗

x /ŶŬĞĞƉŝŶŐǁŝƚŚƚŚĞY ŽĚĞƉƌŽǀŝƐŝŽŶƐŽŶďŽĂƌĚĐŽŵƉŽƐŝƚŝŽŶ͕ƚŚĞŽŵƉĂŶLJŚĂƐƐĞƉĂƌĂƚĞĚƚŚĞƌŽůĞƐŽĨĐŚĂŝƌŵĂŶĂŶĚ ĐŚŝĞĨ ĞdžĞĐƵƚŝǀĞ͘ ,ŽǁĞǀĞƌ͕ ƚŚĞ ŽŵƉĂŶLJ ĚŽĞƐ ŶŽƚ ĐƵƌƌĞŶƚůLJ ŚĂǀĞ Ă ƐĞŶŝŽƌ ŝŶĚĞƉĞŶĚĞŶƚ ĚŝƌĞĐƚŽƌ͘ ĐĐŽƌĚŝŶŐůLJ͕ ƚŚĞ ŽŵƉĂŶLJĚŽĞƐŶŽƚĐŽŵƉůLJǁŝƚŚƚŚĞYƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐƌĞŐĂƌĚŝŶŐďŽĂƌĚĐŽŵƉŽƐŝƚŝŽŶ͘ ƌĂŝŐ:ŽŶĞƐ͕:ŽŚŶŽǀĂƌĚĂŶĚ ZŽďĞƌƚtĞŝŶďĞƌŐĂƌĞĐŽŶƐŝĚĞƌĞĚďLJƚŚĞŽĂƌĚƚŽďĞŝŶĚĞƉĞŶĚĞŶƚ͘ ƐƚŚĞŽŵƉĂŶLJŐƌŽǁƐ͕ƚŚĞŽĂƌĚǁŝůůƐĞĞŬƚŽĂƉƉŽŝŶƚ ĂĚĚŝƚŝŽŶĂůŝŶĚĞƉĞŶĚĞŶƚĚŝƌĞĐƚŽƌƐ͕ŽŶĞŽĨǁŚŽŵǁŝůůďĞĂƉƉŽŝŶƚĞĚĂƐƐĞŶŝŽƌŝŶĚĞƉĞŶĚĞŶƚĚŝƌĞĐƚŽƌ͘
x dŚĞŝƌĞĐƚŽƌƐŚĂǀĞĞƐƚĂďůŝƐŚĞĚĂŶĂƵĚŝƚĂŶĚƌŝƐŬŵĂŶĂŐĞŵĞŶƚĐŽŵŵŝƚƚĞĞĂŶĚĂƌĞŵƵŶĞƌĂƚŝŽŶĐŽŵŵŝƚƚĞĞǁŝƚŚĨŽƌŵĂůůLJ ĚĞůĞŐĂƚĞĚ ĚƵƚŝĞƐ ĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͘ dŚĞ ŽŵƉĂŶLJ ŚĂƐ ŶŽƚ͕ ŚŽǁĞǀĞƌ͕ ĞƐƚĂďůŝƐŚĞĚ Ă ŶŽŵŝŶĂƚŝŽŶ ĐŽŵŵŝƚƚĞĞ͕ ĂƐ ŝƚ ŝƐ ĐŽŶƐŝĚĞƌĞĚŶŽƚŶĞĐĞƐƐĂƌLJĂƚƚŚŝƐƐƚĂŐĞŽĨƚŚĞŽŵƉĂŶLJ͛ƐĚĞǀĞůŽƉŵĞŶƚ͘ dŚĞŽĂƌĚĂƐĂǁŚŽůĞǁŝůůĐŽŶƐŝĚĞƌĂƉƉŽŝŶƚŵĞŶƚƐ ŽŶĂĐĂƐĞďLJĐĂƐĞďĂƐŝƐ͘

dŚĞ ŽĂƌĚ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ŝƐ ŵĂĚĞ ƵƉ ŽĨ ŽŶĞ džĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌ ĂŶĚ ĨŽƵƌ EŽŶͲĞdžĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌƐ͘ EŝĐŚŽůĂƐ DĂƚŚĞƌ ŝƐ ƚŚĞ džĞĐƵƚŝǀĞŝƌĞĐƚŽƌ͘ /ƚŝƐƚŚĞŽĂƌĚ͛ƐƉŽůŝĐLJƚŽŵĂŝŶƚĂŝŶŝŶĚĞƉĞŶĚĞŶĐĞďLJŚĂǀŝŶŐĂƚůĞĂƐƚŚĂůĨŽĨƚŚĞŽĂƌĚĐŽŵƉƌŝƐŝŶŐEŽŶͲĞdžĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌƐǁŚŽĂƌĞĨƌĞĞĨƌŽŵĂŶLJŵĂƚĞƌŝĂůďƵƐŝŶĞƐƐŽƌŽƚŚĞƌƌĞůĂƚŝŽŶƐŚŝƉǁŝƚŚƚŚĞ'ƌŽƵƉ͘ dŚĞƐƚƌƵĐƚƵƌĞŽĨƚŚĞŽĂƌĚĞŶƐƵƌĞƐƚŚĂƚŶŽ ŽŶĞŝŶĚŝǀŝĚƵĂůŽƌŐƌŽƵƉŝƐĂďůĞƚŽĚŽŵŝŶĂƚĞƚŚĞĚĞĐŝƐŝŽŶŵĂŬŝŶŐƉƌŽĐĞƐƐ͘

dŚĞ ŽĂƌĚ ŽƌĚŝŶĂƌŝůLJ ŵĞĞƚƐ ŽŶ Ă ŵŽŶƚŚůLJ ďĂƐŝƐ ƉƌŽǀŝĚŝŶŐ ĞĨĨĞĐƚŝǀĞ ůĞĂĚĞƌƐŚŝƉ ĂŶĚ ŽǀĞƌĂůů ĐŽŶƚƌŽů ĂŶĚ ĚŝƌĞĐƚŝŽŶ ŽĨ ƚŚĞ'ƌŽƵƉ͛Ɛ ĂĨĨĂŝƌƐƚŚƌŽƵŐŚƚŚĞƐĐŚĞĚƵůĞŽĨŵĂƚƚĞƌƐƌĞƐĞƌǀĞĚĨŽƌŝƚƐĚĞĐŝƐŝŽŶ͘ dŚŝƐŝŶĐůƵĚĞƐƚŚĞĂƉƉƌŽǀĂůŽĨƚŚĞďƵĚŐĞƚĂŶĚďƵƐŝŶĞƐƐƉůĂŶ͕ŵĂũŽƌ ĐĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞ͕ ĂĐƋƵŝƐŝƚŝŽŶƐ ĂŶĚ ĚŝƐƉŽƐĂůƐ͕ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ƉŽůŝĐŝĞƐ ĂŶĚ ƚŚĞ ĂƉƉƌŽǀĂů ŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ &ŽƌŵĂů ĂŐĞŶĚĂƐ͕ ƉĂƉĞƌƐ ĂŶĚ ƌĞƉŽƌƚƐ ĂƌĞ ƐĞŶƚ ƚŽ ƚŚĞ ŝƌĞĐƚŽƌƐ ŝŶ Ă ƚŝŵĞůLJ ŵĂŶŶĞƌ͕ ƉƌŝŽƌ ƚŽ ŽĂƌĚ ŵĞĞƚŝŶŐƐ͘ dŚĞ ŽĂƌĚ ĂůƐŽ ƌĞĐĞŝǀĞƐ ƐƵŵŵĂƌLJ ĨŝŶĂŶĐŝĂů ĂŶĚ ŽƉĞƌĂƚŝŽŶĂů ƌĞƉŽƌƚƐ ďĞĨŽƌĞ ĞĂĐŚ ŽĂƌĚ ŵĞĞƚŝŶŐ͘ dŚĞ ŽĂƌĚ ĚĞůĞŐĂƚĞƐ ĐĞƌƚĂŝŶ ŽĨ ŝƚƐ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ƚŽ ŵĂŶĂŐĞŵĞŶƚ͕ǁŚŽŚĂǀĞĐůĞĂƌůLJĚĞĨŝŶĞĚƚĞƌŵƐŽĨƌĞĨĞƌĞŶĐĞ͘

ůů ŝƌĞĐƚŽƌƐ ŚĂǀĞ ĂĐĐĞƐƐ ƚŽ ƚŚĞ ĂĚǀŝĐĞ ĂŶĚ ƐĞƌǀŝĐĞƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ^ĞĐƌĞƚĂƌLJ͕ ǁŚŽ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĞŶƐƵƌŝŶŐ ƚŚĂƚ Ăůů ŽĂƌĚ ƉƌŽĐĞĚƵƌĞƐĂƌĞĨŽůůŽǁĞĚ͘ ŶLJŝƌĞĐƚŽƌŵĂLJƚĂŬĞŝŶĚĞƉĞŶĚĞŶƚƉƌŽĨĞƐƐŝŽŶĂůĂĚǀŝĐĞĂƚƚŚĞ'ƌŽƵƉ͛ƐĞdžƉĞŶƐĞŝŶƚŚĞĨƵƌƚŚĞƌĂŶĐĞŽĨŚŝƐ ĚƵƚŝĞƐ͘ KŶĞƚŚŝƌĚŽĨƚŚĞŝƌĞĐƚŽƌƐƌĞƚŝƌĞĨƌŽŵŽĨĨŝĐĞĂƚĞǀĞƌLJŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐŽĨƚŚĞŽŵƉĂŶLJ͘ /ŶŐĞŶĞƌĂů͕ƚŚŽƐĞŝƌĞĐƚŽƌƐ ǁŚŽ ŚĂǀĞ ŚĞůĚ ŽĨĨŝĐĞ ƚŚĞ ůŽŶŐĞƐƚ ƚŝŵĞ ƐŝŶĐĞ ƚŚĞŝƌ ĞůĞĐƚŝŽŶ ĂƌĞƌĞƋƵŝƌĞĚ ƚŽ ƌĞƚŝƌĞ͘ ƌĞƚŝƌŝŶŐ ŝƌĞĐƚŽƌ ŵĂLJ ďĞ ƌĞͲĞůĞĐƚĞĚ ĂŶĚ Ă ŝƌĞĐƚŽƌĂƉƉŽŝŶƚĞĚďLJƚŚĞŽĂƌĚŵĂLJĂůƐŽďĞĞůĞĐƚĞĚ͕ƚŚŽƵŐŚŝŶƚŚĞůĂƚƚĞƌĐĂƐĞƚŚĞŝƌĞĐƚŽƌ͛ƐƉĞƌŝŽĚŽĨƉƌŝŽƌĂƉƉŽŝŶƚŵĞŶƚďLJƚŚĞ ŽĂƌĚǁŝůůŶŽƚďĞƚĂŬĞŶŝŶƚŽĂĐĐŽƵŶƚĨŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƌŽƚĂƚŝŽŶ͘

dŚĞ ŽĂƌĚ ĂƚƚĂĐŚĞƐ ŝŵƉŽƌƚĂŶĐĞ ƚŽ ŵĂŝŶƚĂŝŶŝŶŐ ŐŽŽĚ ƌĞůĂƚŝŽŶƐŚŝƉƐ ǁŝƚŚ Ăůů ŝƚƐ ^ŚĂƌĞŚŽůĚĞƌƐ ĂŶĚ ĞŶƐƵƌĞƐ ƚŚĂƚ Ăůů ƉƌŝĐĞ ƐĞŶƐŝƚŝǀĞ ŝŶĨŽƌŵĂƚŝŽŶŝƐƌĞůĞĂƐĞĚƚŽĂůů^ŚĂƌĞŚŽůĚĞƌƐĂƚƚŚĞƐĂŵĞƚŝŵĞ͘ dŚĞ'ƌŽƵƉ͛ƐƉƌŝŶĐŝƉĂůĐŽŵŵƵŶŝĐĂƚŝŽŶǁŝƚŚŝƚƐŝŶǀĞƐƚŽƌƐŝƐƚŚƌŽƵŐŚƚŚĞ ŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐ͕ƚŚĞĂŶŶƵĂůƌĞƉŽƌƚĂŶĚĂĐĐŽƵŶƚƐ͕ƚŚĞŝŶƚĞƌŝŵƐƚĂƚĞŵĞŶƚĂŶĚŝƚƐǁĞďƐŝƚĞ͘

ƵĚŝƚ ĂŶĚZŝƐŬDĂŶĂŐĞŵĞŶƚ ŽŵŵŝƚƚĞĞ

dŚĞƵĚŝƚĂŶĚZŝƐŬDĂŶĂŐĞŵĞŶƚŽŵŵŝƚƚĞĞ͕ŵĞĞƚƐŶŽƚůĞƐƐ ƚŚĂŶ ƚǁŝĐĞĂLJĞĂƌĂŶĚŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌĞŶƐƵƌŝŶŐ ƚŚĂƚ ƚŚĞ ĨŝŶĂŶĐŝĂů ƉĞƌĨŽƌŵĂŶĐĞ͕ƉŽƐŝƚŝŽŶĂŶĚƉƌŽƐƉĞĐƚƐŽĨƚŚĞ'ƌŽƵƉĂƌĞƉƌŽƉĞƌůLJŵŽŶŝƚŽƌĞĚĂƐǁĞůůĂƐďĞŝŶŐũŽŝŶƚůLJƌĞƐƉŽŶƐŝďůĞǁŝƚŚƚŚĞŽĂƌĚĨŽƌ ĂƉƉŽŝŶƚŝŶŐ ƚŚĞ ĞdžƚĞƌŶĂů ĂƵĚŝƚŽƌ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ĂŶĚ ůŝĂŝƐŝŶŐ ǁŝƚŚ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĂƵĚŝƚŽƌƐ ƚŽ ĚŝƐĐƵƐƐ ĂĐĐŽƵŶƚƐ ĂŶĚ ƚŚĞ'ƌŽƵƉ͛Ɛ ŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐĂŶĚƌĞƉŽƌƚŝŶŐƉƌŽĐĞĚƵƌĞƐ͘

dŚĞŵĞŵďĞƌƐŽĨƚŚĞƵĚŝƚĂŶĚZŝƐŬDĂŶĂŐĞŵĞŶƚŽŵŵŝƚƚĞĞĐŽŶƐŝƐƚƐŽĨĂŵŝŶŝŵƵŵŽĨϯŵĞŵďĞƌƐǁŚŽĂƌĞƌŝĂŶDŽůůĞƌ;ĂƐŚĂŝƌͿ͕ :ŽŚŶŽǀĂƌĚĂŶĚZŽďĞƌƚtĞŝŶďĞƌŐ͘ dŚĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌƐĂƚƚĞŶĚŵĞĞƚŝŶŐƐďLJŝŶǀŝƚĂƚŝŽŶ͕ŝĨĂƉƉƌŽƉƌŝĂƚĞ͘

ZĞŵƵŶĞƌĂƚŝŽŶ ŽŵŵŝƚƚĞĞ

dŚĞ ZĞŵƵŶĞƌĂƚŝŽŶ ŽŵŵŝƚƚĞĞ ŵĞĞƚƐ Ăƚ ůĞĂƐƚ ŽŶĐĞ Ă LJĞĂƌ ĂŶĚ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŵĂŬŝŶŐ ĚĞĐŝƐŝŽŶƐ ŽŶ ŝƌĞĐƚŽƌƐ͛ ĂŶĚ ŬĞLJ ŵĂŶĂŐĞŵĞŶƚ͛ƐƌĞŵƵŶĞƌĂƚŝŽŶƉĂĐŬĂŐĞƐ͘

ZĞŵƵŶĞƌĂƚŝŽŶ ŽŵŵŝƚƚĞĞ ;ĐŽŶƚŝŶƵĞĚͿ

ZĞŵƵŶĞƌĂƚŝŽŶŽĨĂŶLJdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌƐŝƐĞƐƚĂďůŝƐŚĞĚďLJƌĞĨĞƌĞŶĐĞƚŽƚŚĞƌĞŵƵŶĞƌĂƚŝŽŶŽĨdžĞĐƵƚŝǀĞƐŽĨĞƋƵŝǀĂůĞŶƚƐƚĂƚƵƐďŽƚŚŝŶ ƚĞƌŵƐ ŽĨ ƚŚĞ ůĞǀĞů ŽĨ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ŽĨ ƚŚĞ ƉŽƐŝƚŝŽŶ ĂŶĚ ďLJ ƌĞĨĞƌĞŶĐĞ ƚŽ ƚŚĞŝƌ ũŽď ƋƵĂůŝĨŝĐĂƚŝŽŶƐ ĂŶĚ ƐŬŝůůƐ͘ dŚĞ ZĞŵƵŶĞƌĂƚŝŽŶ ŽŵŵŝƚƚĞĞǁŝůůĂůƐŽŚĂǀĞƌĞŐĂƌĚƚŽƚŚĞƚĞƌŵƐǁŚŝĐŚŵĂLJďĞƌĞƋƵŝƌĞĚƚŽĂƚƚƌĂĐƚĂŶĞdžĞĐƵƚŝǀĞŽĨĞƋƵŝǀĂůĞŶƚĞdžƉĞƌŝĞŶĐĞƚŽũŽŝŶƚŚĞ ŽĂƌĚĨƌŽŵĂŶŽƚŚĞƌĐŽŵƉĂŶLJ͘ ^ƵĐŚƉĂĐŬĂŐĞƐŝŶĐůƵĚĞƉĞƌĨŽƌŵĂŶĐĞƌĞůĂƚĞĚďŽŶƵƐĞƐĂŶĚƚŚĞŐƌĂŶƚŽĨƐŚĂƌĞŽƉƚŝŽŶƐ͘

dŚĞŵĞŵďĞƌƐŽĨƚŚĞZĞŵƵŶĞƌĂƚŝŽŶŽŵŵŝƚƚĞĞĂƌĞ:ŽŚŶŽǀĂƌĚ;ĂƐŚĂŝƌͿ͕EŝĐŬDĂƚŚĞƌ͕ZŽďĞƌƚtĞŝŶďĞƌŐĂŶĚƌŝĂŶDŽůůĞƌ͘

,ĞĂůƚŚ͕^ĂĨĞƚLJ͕ŶǀŝƌŽŶŵĞŶƚ ĂŶĚ ŽŵŵƵŶŝƚLJ ŽŵŵŝƚƚĞĞ ;͞,^ ŽŵŵŝƚƚĞĞ͟Ϳ

dŚĞ,^ ŽŵŵŝƚƚĞĞŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞŽǀĞƌĂůůŚĞĂůƚŚ͕ƐĂĨĞƚLJĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ'ƌŽƵƉĂŶĚŝƚƐŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ŝƚƐ ƌĞůĂƚŝŽŶƐŚŝƉ ǁŝƚŚ ƚŚĞ ůŽĐĂů ĐŽŵŵƵŶŝƚLJ ŝŶ ĐƵĂĚŽƌ ĂŶĚYƵĞĞŶƐůĂŶĚ͘ dŚĞŽŵŵŝƚƚĞĞ ŝƐ ĐŽŵƉƌŝƐĞĚ ŽĨ ƚŚĞ ĞŶƚŝƌĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ͘

EŽŵŝŶĂƚŝŽŶ ŽĨŝƌĞĐƚŽƌƐ

dŚĞ ŽĂƌĚ ĚŽĞƐ ŶŽƚ ĐƵƌƌĞŶƚůLJ ŚĂǀĞ Ă ĨŽƌŵĂů ŶŽŵŝŶĂƚŝŶŐ ĐŽŵŵŝƚƚĞĞ͘ dŚĞ ŽĂƌĚ ĂƐ Ă ǁŚŽůĞ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŝĚĞŶƚŝĨLJŝŶŐ ĂŶĚ ƌĞĐŽŵŵĞŶĚŝŶŐĐĂŶĚŝĚĂƚĞƐĨŽƌƚŚĞŽĂƌĚ͘ dŚĞŽĂƌĚƌĞǀŝĞǁƐĂŶĚŵĂŬĞƐĚĞƚĞƌŵŝŶĂƚŝŽŶƐǁŝƚŚƌĞƐƉĞĐƚƚŽ͗

;ŝͿ ƚŚĞƐŝnjĞĂŶĚĐŽŵƉŽƐŝƚŝŽŶŽĨƚŚĞŽĂƌĚ͖
;ŝŝͿ ƚŚĞŽƌŐĂŶŝnjĂƚŝŽŶĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŽĨƚŚĞĂƉƉƌŽƉƌŝĂƚĞĐŽŵŵŝƚƚĞĞƐŽĨƚŚĞŽĂƌĚ͖
;ŝŝŝͿ ƚŚĞ ĞǀĂůƵĂƚŝŽŶ ƉƌŽĐĞƐƐ ĨŽƌ ƚŚĞ ŽĂƌĚ ĂŶĚ ĐŽŵŵŝƚƚĞĞƐ ŽĨ ƚŚĞ ŽĂƌĚ ĂŶĚ ƚŚĞ ĐŚĂŝƌƉĞƌƐŽŶƐ ŽĨ ƚŚĞ ŽĂƌĚ ĂŶĚ ƐƵĐŚ ĐŽŵŵŝƚƚĞĞƐ͖ĂŶĚ
;ŝǀͿ ĐƌĞĂƚŝŶŐĂĚĞƐŝƌĂďůĞďĂůĂŶĐĞŽĨĞdžƉĞƌƚŝƐĞĂŶĚƋƵĂůŝĨŝĐĂƚŝŽŶƐĂŵŽŶŐŵĞŵďĞƌƐŽĨƚŚĞŽĂƌĚ͘

dŚĞ ŽĂƌĚ ĚŽĞƐ ŶŽƚ ƚĂŬĞĂŶLJ ĨŽƌŵĂů ƐƚĞƉƐ ƚŽĞŶƐƵƌĞ ƚŚĂƚ ŽďũĞĐƚŝǀŝƚLJŝŶ ƚŚĞ ŶŽŵŝŶĂƚŝŽŶ ƉƌŽĐĞƐƐ͘ /Ŷ ƚŚĞ ŶŽŵŝŶĂƚŝŽŶ ƉƌŽĐĞƐƐ͕ ƚŚĞ ŽĂƌĚĂƐƐĞƐƐĞƐŝƚƐĐƵƌƌĞŶƚĐŽŵƉŽƐŝƚŝŽŶĂŶĚƌĞƋƵŝƌĞŵĞŶƚƐŐŽŝŶŐĨŽƌǁĂƌĚŝŶůŝŐŚƚŽĨƚŚĞƐƚĂŐĞŽĨƚŚĞŽŵƉĂŶLJĂŶĚƚŚĞƐŬŝůůƐƌĞƋƵŝƌĞĚ ƚŽĞŶƐƵƌĞƉƌŽƉĞƌŽǀĞƌƐŝŐŚƚŽĨƚŚĞŽŵƉĂŶLJĂŶĚŝƚƐŽƉĞƌĂƚŝŽŶƐ͘

dŚĞŽĂƌĚŚĂƐƌĞĐĞŶƚůLJĂŵĞŶĚĞĚŝƚƐĐŽƌƉŽƌĂƚĞŐŽǀĞƌŶĂŶĐĞĐŚĂƌƚĞƌƚŽŝŶĐůƵĚĞĂŶŽŵŝŶĞĞĚŝƌĞĐƚŽƌƉŽůŝĐLJƐĞƚƚŝŶŐŽƵƚƚŚĞƉƌŝŶĐŝƉůĞƐƚŽ ďĞĨŽůůŽǁĞĚďLJƚŚĞŽĂƌĚ͕ŝŶƌĞƐƉĞĐƚŽĨƚŚŽƐĞŝƌĞĐƚŽƌƐƚŚĂƚĂƌĞŶŽŵŝŶĂƚĞĚďLJĂ^ŚĂƌĞŚŽůĚĞƌĂŶĚƚŚĞŶŽŵŝŶĂƚŝŶŐƐŚĂƌĞŚŽůĚĞƌƐ͘

ŽŵƉĞŶƐĂƚŝŽŶ

dŚĞ ŽĂƌĚ ǁŝƚŚ ƚŚĞ ĂƐƐŝƐƚĂŶĐĞ ŽĨ ƚŚĞ ZĞŵƵŶĞƌĂƚŝŽŶ ŽŵŵŝƚƚĞĞ͕ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĂƉƉƌŽǀŝŶŐ ĐŽŵƉĞŶƐĂƚŝŽŶ ŽďũĞĐƚŝǀĞƐ ĂŶĚ ƚŚĞ ƐƉĞĐŝĨŝĐĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽŐƌĂŵƐĨŽƌƉŽůŝĐŝĞƐĂŶĚƉƌĂĐƚŝĐĞƐŽĨƚŚĞŽŵƉĂŶLJ͘

dŚĞϮϬϭϳ ŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐǁŝůůƉƌŽǀŝĚĞĂŶŽƉƉŽƌƚƵŶŝƚLJ ĨŽƌƚŚĞŚĂŝƌŵĂŶĂŶĚͬŽƌŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƚŽƉƌĞƐĞŶƚƚŽƚŚĞ ƐŚĂƌĞŚŽůĚĞƌƐ Ă ƌĞƉŽƌƚ ŽŶ ĐƵƌƌĞŶƚ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚƐ ĂŶĚ ǁŝůů ĞŶĂďůĞ ƚŚĞ ƐŚĂƌĞŚŽůĚĞƌƐ ƚŽ ƋƵĞƐƚŝŽŶ ĂŶĚ ĞdžƉƌĞƐƐ ƚŚĞŝƌ ǀŝĞǁƐ ĂďŽƵƚ ƚŚĞ 'ƌŽƵƉ͛Ɛ ďƵƐŝŶĞƐƐ͘ ƐĞƉĂƌĂƚĞ ƌĞƐŽůƵƚŝŽŶ ǁŝůů ďĞ ƉƌŽƉŽƐĞĚ ŽŶ ĞĂĐŚ ƐƵďƐƚĂŶƚŝĂůůLJ ƐĞƉĂƌĂƚĞ ŝƐƐƵĞ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƌĞĐĞŝƉƚŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚƐŚĂƌĞŚŽůĚĞƌƐǁŝůůďĞĞŶƚŝƚůĞĚƚŽǀŽƚĞĞŝƚŚĞƌŝŶƉĞƌƐŽŶŽƌďLJƉƌŽdžLJ͘

Z>d WZdzdZE^d/KE^

ĞƚĂŝůƐŽĨƌĞůĂƚĞĚƉĂƌƚLJƚƌĂŶƐĂĐƚŝŽŶƐĨŽƌƚŚĞ'ƌŽƵƉĂŶĚŽŵƉĂŶLJĂƌĞŐŝǀĞŶŝŶŶŽƚĞϮϮ͘ <ĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞůƌĞŵƵŶĞƌĂƚŝŽŶ ĚŝƐĐůŽƐƵƌĞƐĂƌĞŐŝǀĞŶŝŶŶŽƚĞϱ͘

/ZdKZ^͛ /EDE/dz

dŚĞŽŵƉĂŶLJŚĂƐĂƌƌĂŶŐĞĚĂƉƉƌŽƉƌŝĂƚĞĚŝƌĞĐƚŽƌƐ͛ĂŶĚŽĨĨŝĐĞƌƐ͛ŝŶƐƵƌĂŶĐĞƚŽŝŶĚĞŵŶŝĨLJƚŚĞĚŝƌĞĐƚŽƌƐĂŐĂŝŶƐƚůŝĂďŝůŝƚLJŝŶƌĞƐƉĞĐƚŽĨ ƉƌŽĐĞĞĚŝŶŐƐďƌŽƵŐŚƚďLJƚŚŝƌĚƉĂƌƚŝĞƐ͘ ^ƵĐŚƉƌŽǀŝƐŝŽŶƐƌĞŵĂŝŶŝŶĨŽƌĐĞĂƚƚŚĞĚĂƚĞŽĨƚŚŝƐƌĞƉŽƌƚ͘

h/dKZ

ƌĞƐŽůƵƚŝŽŶĨŽƌƚŚĞƌĞͲĂƉƉŽŝŶƚŵĞŶƚŽĨƚŚĞŽŵƉĂŶLJ͛ƐĂƵĚŝƚŽƌǁŝůůďĞƉƌŽƉŽƐĞĚĂƚƚŚĞĨŽƌƚŚĐŽŵŝŶŐŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐ͘

^h^YhEd sEd^

dŚĞŝƌĞĐƚŽƌƐĂƌĞŶŽƚĂǁĂƌĞŽĨĂŶLJŽƚŚĞƌƐŝŐŶŝĨŝĐĂŶƚĐŚĂŶŐĞƐŝŶƚŚĞƐƚĂƚĞŽĨĂĨĨĂŝƌƐŽĨƚŚĞ'ƌŽƵƉŽƌĞǀĞŶƚƐĂĨƚĞƌƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ ƚŚĂƚŝƐŶŽƚĐŽǀĞƌĞĚŝŶƚŚŝƐƌĞƉŽƌƚĂŶĚǁŽƵůĚŚĂǀĞĂŵĂƚĞƌŝĂůŝŵƉĂĐƚŽŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚŽƌŽŵƉĂŶLJĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

/ZdKZ^͛ Z^WKE^//>/d/^ ^ddDEd

dŚĞĚŝƌĞĐƚŽƌƐĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƉƌĞƉĂƌŝŶŐƚŚĞĚŝƌĞĐƚŽƌƐ͛ƌĞƉŽƌƚĂŶĚƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂƉƉůŝĐĂďůĞůĂǁĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ͘

ŽŵƉĂŶLJ ůĂǁ ƌĞƋƵŝƌĞƐ ƚŚĞ ĚŝƌĞĐƚŽƌƐ ƚŽ ƉƌĞƉĂƌĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĨŽƌĞĂĐŚ ĨŝŶĂŶĐŝĂů LJĞĂƌ͘ hŶĚĞƌ ƚŚĂƚ ůĂǁ ƚŚĞ ĚŝƌĞĐƚŽƌƐ ŚĂǀĞ ĞůĞĐƚĞĚ ƚŽƉƌĞƉĂƌĞ ƚŚĞ'ƌŽƵƉĂŶĚŽŵƉĂŶLJ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/ŶƚĞƌŶĂƚŝŽŶĂů&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐ^ƚĂŶĚĂƌĚƐ ;/&Z^ƐͿĂƐĂĚŽƉƚĞĚďLJ ƚŚĞƵƌŽƉĞĂŶhŶŝŽŶ͘hŶĚĞƌĐŽŵƉĂŶLJůĂǁ ƚŚĞĚŝƌĞĐƚŽƌƐŵƵƐƚŶŽƚĂƉƉƌŽǀĞ ƚŚĞ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƵŶůĞƐƐ ƚŚĞLJĂƌĞƐĂƚŝƐĨŝĞĚƚŚĂƚƚŚĞLJŐŝǀĞĂƚƌƵĞĂŶĚĨĂŝƌǀŝĞǁŽĨƚŚĞƐƚĂƚĞŽĨĂĨĨĂŝƌƐŽĨƚŚĞ'ƌŽƵƉĂŶĚŽŵƉĂŶLJĂŶĚŽĨƚŚĞƉƌŽĨŝƚŽƌůŽƐƐŽĨƚŚĞ 'ƌŽƵƉĨŽƌƚŚĂƚƉĞƌŝŽĚ͘dŚĞĚŝƌĞĐƚŽƌƐĂƌĞĂůƐŽƌĞƋƵŝƌĞĚƚŽƉƌĞƉĂƌĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌƵůĞƐŽĨƚŚĞ>ŽŶĚŽŶ ^ƚŽĐŬdžĐŚĂŶŐĞĨŽƌĐŽŵƉĂŶŝĞƐƚƌĂĚŝŶŐƐĞĐƵƌŝƚŝĞƐŽŶƚŚĞůƚĞƌŶĂƚŝǀĞ/ŶǀĞƐƚŵĞŶƚDĂƌŬĞƚ͘

/ŶƉƌĞƉĂƌŝŶŐƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ƚŚĞĚŝƌĞĐƚŽƌƐĂƌĞƌĞƋƵŝƌĞĚƚŽ͗

x ƐĞůĞĐƚƐƵŝƚĂďůĞĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐĂŶĚƚŚĞŶĂƉƉůLJƚŚĞŵĐŽŶƐŝƐƚĞŶƚůLJ͖
x ŵĂŬĞũƵĚŐĞŵĞŶƚƐĂŶĚĂĐĐŽƵŶƚŝŶŐĞƐƚŝŵĂƚĞƐƚŚĂƚĂƌĞƌĞĂƐŽŶĂďůĞĂŶĚƉƌƵĚĞŶƚ͖
x ƐƚĂƚĞ ǁŚĞƚŚĞƌ ƚŚĞLJ ŚĂǀĞ ďĞĞŶ ƉƌĞƉĂƌĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ /&Z^Ɛ ĂƐ ĂĚŽƉƚĞĚ ďLJ ƚŚĞ ƵƌŽƉĞĂŶhŶŝŽŶ͕ ƐƵďũĞĐƚ ƚŽ ĂŶLJ ŵĂƚĞƌŝĂůĚĞƉĂƌƚƵƌĞƐĚŝƐĐůŽƐĞĚĂŶĚĞdžƉůĂŝŶĞĚŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͖ĂŶĚ
x ƉƌĞƉĂƌĞƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽŶƚŚĞŐŽŝŶŐĐŽŶĐĞƌŶďĂƐŝƐƵŶůĞƐƐŝƚŝƐŝŶĂƉƉƌŽƉƌŝĂƚĞƚŽƉƌĞƐƵŵĞƚŚĂƚƚŚĞ'ƌŽƵƉĂŶĚƚŚĞ ŽŵƉĂŶLJǁŝůůĐŽŶƚŝŶƵĞŝŶďƵƐŝŶĞƐƐ͘

dŚĞŝƌĞĐƚŽƌƐ ĂƌĞ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŬĞĞƉŝŶŐ ĂĚĞƋƵĂƚĞ ĂĐĐŽƵŶƚŝŶŐ ƌĞĐŽƌĚƐ ƚŚĂƚ ĂƌĞ ƐƵĨĨŝĐŝĞŶƚ ƚŽ ƐŚŽǁ ĂŶĚ ĞdžƉůĂŝŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƚƌĂŶƐĂĐƚŝŽŶƐĂŶĚĚŝƐĐůŽƐĞǁŝƚŚƌĞĂƐŽŶĂďůĞĂĐĐƵƌĂĐLJĂƚĂŶLJƚŝŵĞƚŚĞĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶŽĨƚŚĞŽŵƉĂŶLJĂŶĚĞŶĂďůĞƚŚĞŵƚŽĞŶƐƵƌĞ ƚŚĂƚƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĐŽŵƉůLJǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚϮϬϬϲ͘dŚĞLJĂƌĞĂůƐŽƌĞƐƉŽŶƐŝďůĞĨŽƌƐĂĨĞŐƵĂƌĚŝŶŐ ƚŚĞĂƐƐĞƚƐŽĨƚŚĞŽŵƉĂŶLJĂŶĚŚĞŶĐĞĨŽƌƚĂŬŝŶŐƌĞĂƐŽŶĂďůĞƐƚĞƉƐĨŽƌƚŚĞƉƌĞǀĞŶƚŝŽŶĂŶĚĚĞƚĞĐƚŝŽŶŽĨĨƌĂƵĚĂŶĚŽƚŚĞƌŝƌƌĞŐƵůĂƌŝƚŝĞƐ͘

t^/d Wh>/d/KE

dŚĞ ŝƌĞĐƚŽƌƐ ĂƌĞ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĞŶƐƵƌŝŶŐ ƚŚĞ ĂŶŶƵĂů ƌĞƉŽƌƚ ĂŶĚ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂƌĞ ŵĂĚĞ ĂǀĂŝůĂďůĞ ŽŶ Ă ǁĞďƐŝƚĞ͘ &ŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞƉƵďůŝƐŚĞĚŽŶƚŚĞŽŵƉĂŶLJΖƐǁĞďƐŝƚĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚůĞŐŝƐůĂƚŝŽŶŝŶƚŚĞhŶŝƚĞĚ<ŝŶŐĚŽŵŐŽǀĞƌŶŝŶŐƚŚĞ ƉƌĞƉĂƌĂƚŝŽŶĂŶĚ ĚŝƐƐĞŵŝŶĂƚŝŽŶŽĨ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͕ǁŚŝĐŚŵĂLJǀĂƌLJ ĨƌŽŵůĞŐŝƐůĂƚŝŽŶŝŶ ŽƚŚĞƌũƵƌŝƐĚŝĐƚŝŽŶƐ͘dŚĞŵĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ŝŶƚĞŐƌŝƚLJ ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ ǁĞďƐŝƚĞ ŝƐ ƚŚĞ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ŽĨ ƚŚĞŝƌĞĐƚŽƌƐ͘ dŚĞŝƌĞĐƚŽƌƐΖ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ĂůƐŽ ĞdžƚĞŶĚƐ ƚŽ ƚŚĞ ŽŶŐŽŝŶŐŝŶƚĞŐƌŝƚLJŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĐŽŶƚĂŝŶĞĚƚŚĞƌĞŝŶ͘

/^>K^hZ K& h/d /E&KZDd/KE

/ŶƚŚĞĐĂƐĞŽĨĞĂĐŚƉĞƌƐŽŶǁŚŽĂƌĞŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJĂƚƚŚĞĚĂƚĞǁŚĞŶƚŚŝƐƌĞƉŽƌƚŝƐĂƉƉƌŽǀĞĚ͗

x ^ŽĨĂƌĂƐƚŚĞLJĂƌĞŝŶĚŝǀŝĚƵĂůůLJĂǁĂƌĞ͕ƚŚĞƌĞŝƐŶŽƌĞůĞǀĂŶƚĂƵĚŝƚŝŶĨŽƌŵĂƚŝŽŶŽĨǁŚŝĐŚƚŚĞŽŵƉĂŶLJ͛ƐĂƵĚŝƚŽƌŝƐƵŶĂǁĂƌĞ͖ ĂŶĚ
x ĂĐŚŽĨƚŚĞŝƌĞĐƚŽƌƐŚĂƐƚĂŬĞŶĂůůƚŚĞƐƚĞƉƐƚŚĂƚƚŚĞLJŽƵŐŚƚƚŽŚĂǀĞƚĂŬĞŶĂƐĂŝƌĞĐƚŽƌƚŽŵĂŬĞƚŚĞŵƐĞůǀĞƐĂǁĂƌĞŽĨĂŶLJ ƌĞůĞǀĂŶƚĂƵĚŝƚŝŶĨŽƌŵĂƚŝŽŶĂŶĚƚŽĞƐƚĂďůŝƐŚƚŚĂƚƚŚĞŽŵƉĂŶLJ͛ƐĂƵĚŝƚŽƌŝƐĂǁĂƌĞŽĨƚŚĞŝŶĨŽƌŵĂƚŝŽŶ͘

dŚŝƐƌĞƉŽƌƚǁĂƐĂƉƉƌŽǀĞĚďLJƚŚĞďŽĂƌĚŽŶϭϰ^ĞƉƚĞŵďĞƌϮϬϭϳĂŶĚƐŝŐŶĞĚŽŶŝƚƐďĞŚĂůĨ͘

<Ăƌů ^ĐŚůŽďŽŚŵ ŽŵƉĂŶLJ ^ĞĐƌĞƚĂƌLJ >ǀůϮϳ͕ϭϭϭ ĂŐůĞ^ƚ ƌŝƐďĂŶĞY>ϰϬϬϬ ƵƐƚƌĂůŝĂ

/EWEEdh/dKZΖ^ZWKZd

/EWEEdh/dKZ͛^ZWKZddKd,DDZ^K&^K>'K> W>

KW/E/KE

tĞ ŚĂǀĞ ĂƵĚŝƚĞĚ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ^Žů'ŽůĚ WůĐ ;ƚŚĞ ͚WĂƌĞŶƚ ŽŵƉĂŶLJ͛Ϳ ĂŶĚ ŝƚƐ ƐƵďƐŝĚŝĂƌŝĞƐ ;ƚŚĞ ͚'ƌŽƵƉ͛Ϳ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϬ :ƵŶĞ ϮϬϭϳ ǁŚŝĐŚ ĐŽŵƉƌŝƐĞ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ͕ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĂŶĚ ĐŽŵƉĂŶLJ ƐƚĂƚĞŵĞŶƚƐŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͕ƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĂŶĚĐŽŵƉĂŶLJ͛ƐƐƚĂƚĞŵĞŶƚƐŽĨĐŚĂŶŐĞƐŝŶĞƋƵŝƚLJ͕ƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĂŶĚĐŽŵƉĂŶLJ͛Ɛ ƐƚĂƚĞŵĞŶƚƐŽĨĐĂƐŚĨůŽǁƐĂŶĚŶŽƚĞƐƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŝŶĐůƵĚŝŶŐĂƐƵŵŵĂƌLJŽĨƐŝŐŶŝĨŝĐĂŶƚĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐ͘

dŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐĨƌĂŵĞǁŽƌŬƚŚĂƚŚĂƐďĞĞŶĂƉƉůŝĞĚŝŶƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞŐƌŽƵƉĂŶĚƉĂƌĞŶƚĐŽŵƉĂŶLJĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ ŝƐĂƉƉůŝĐĂďůĞůĂǁĂŶĚ/ŶƚĞƌŶĂƚŝŽŶĂů&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐ^ƚĂŶĚĂƌĚƐ;/&Z^ƐͿĂƐĂĚŽƉƚĞĚďLJƚŚĞƵƌŽƉĞĂŶhŶŝŽŶ͘

/ŶŽƵƌŽƉŝŶŝŽŶ͗

ƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŐŝǀĞĂƚƌƵĞĂŶĚĨĂŝƌǀŝĞǁŽĨƚŚĞƐƚĂƚĞŽĨƚŚĞ'ƌŽƵƉ͛ƐĂŶĚŽĨƚŚĞWĂƌĞŶƚŽŵƉĂŶLJ͛ƐĂĨĨĂŝƌƐĂƐĂƚϯϬ:ƵŶĞ ϮϬϭϳĂŶĚŽĨƚŚĞ'ƌŽƵƉ͛ƐůŽƐƐĨŽƌƚŚĞLJĞĂƌƚŚĞŶĞŶĚĞĚ͖
ƚŚĞ'ƌŽƵƉĂŶĚWĂƌĞŶƚŽŵƉĂŶLJĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌŽƉĞƌůLJƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/&Z^ƐĂƐĂĚŽƉƚĞĚďLJƚŚĞ ƵƌŽƉĞĂŶhŶŝŽŶ͖
ƚŚĞWĂƌĞŶƚŽŵƉĂŶLJĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌŽƉĞƌůLJƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/&Z^ĂƐĂĚŽƉƚĞĚďLJƚŚĞƵƌŽƉĞĂŶ hŶŝŽŶĂŶĚĂƐĂƉƉůŝĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚϮϬϬϲ͖ĂŶĚ
ƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚϮϬϬϲ͘

^WZdKW/E/KE/EZ>d/KEdK/&Z^^^/^^hzd,/^

ƐĞdžƉůĂŝŶĞĚŝŶŶŽƚĞϭƚŽƚŚĞ'ƌŽƵƉĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ƚŚĞ'ƌŽƵƉŝŶĂĚĚŝƚŝŽŶĂƉƉůLJŝŶŐ/&Z^ƐĂƐĂĚŽƉƚĞĚďLJƚŚĞƵƌŽƉĞĂŶhŶŝŽŶ͕ ŚĂƐĂůƐŽĂƉƉůŝĞĚ/&Z^ƐĂƐŝƐƐƵĞĚďLJƚŚĞ/ŶƚĞƌŶĂƚŝŽŶĂůĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐŽĂƌĚ;/^Ϳ͘KƵƌŽƉŝŶŝŽŶŝƐĞdžƚĞŶĚĞĚƚŽƚŚŝƐĨŝŶĂŶĐŝĂů ĨƌĂŵĞǁŽƌŬ͘

^/^&KZKW/E/KE

tĞĐŽŶĚƵĐƚĞĚŽƵƌĂƵĚŝƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/ŶƚĞƌŶĂƚŝŽŶĂů^ƚĂŶĚĂƌĚƐŽŶƵĚŝƚŝŶŐ;h<Ϳ;/^Ɛ;h<ͿͿĂŶĚĂƉƉůŝĐĂďůĞůĂǁ͘ /ŶĂĚĚŝƚŝŽŶĨŽƌ ƚŚĞƉƵƌƉŽƐĞƐŽĨ ƚŚĞ'ƌŽƵƉ͛Ɛ ƌĞŐƵůĂƚŽƌLJ ĨŝůŝŶŐ ƌĞƋƵŝƌĞŵĞŶƚƐĂƐĂ ƌĞƉŽƌƚŝŶŐŝƐƐƵĞƌŝŶĂŶĂĚĂǁĞŚĂǀĞĂůƐŽĐŽŶĚƵĐƚĞĚŽƵƌĂƵĚŝƚŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/ŶƚĞƌŶĂƚŝŽŶĂů^ƚĂŶĚĂƌĚƐŽŶƵĚŝƚŝŶŐĂƐŝƐƐƵĞĚďLJƚŚĞ/ŶƚĞƌŶĂƚŝŽŶĂůƵĚŝƚŝŶŐĂŶĚƐƐƵƌĂŶĐĞ^ƚĂŶĚĂƌĚƐŽĂƌĚ ;/^ /^Ϳ͘ KƵƌ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ƵŶĚĞƌ ƚŚŽƐĞ ƐƚĂŶĚĂƌĚƐ ĂƌĞ ĨƵƌƚŚĞƌ ĚĞƐĐƌŝďĞĚ ŝŶ ƚŚĞ ƵĚŝƚŽƌ͛Ɛ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ĨŽƌ ƚŚĞ ĂƵĚŝƚ ŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƐĞĐƚŝŽŶŽĨŽƵƌƌĞƉŽƌƚ͘ tĞĂƌĞŝŶĚĞƉĞŶĚĞŶƚŽĨƚŚĞ'ƌŽƵƉŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĞƚŚŝĐĂůƌĞƋƵŝƌĞŵĞŶƚƐƚŚĂƚĂƌĞ ƌĞůĞǀĂŶƚƚŽŽƵƌĂƵĚŝƚŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶƚŚĞh<͕ŝŶĐůƵĚŝŶŐƚŚĞ&Z͛ƐƚŚŝĐĂů^ƚĂŶĚĂƌĚĂƐĂƉƉůŝĞĚƚŽůŝƐƚĞĚĞŶƚŝƚŝĞƐ͕ĂŶĚǁĞ ŚĂǀĞĨƵůĨŝůůĞĚŽƵƌŽƚŚĞƌĞƚŚŝĐĂůƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐĞƌĞƋƵŝƌĞŵĞŶƚƐ͘ tĞďĞůŝĞǀĞƚŚĂƚƚŚĞĂƵĚŝƚĞǀŝĚĞŶĐĞǁĞŚĂǀĞ ŽďƚĂŝŶĞĚŝƐƐƵĨĨŝĐŝĞŶƚĂŶĚĂƉƉƌŽƉƌŝĂƚĞƚŽƉƌŽǀŝĚĞĂďĂƐŝƐĨŽƌŽƵƌŽƉŝŶŝŽŶ͘

KE>h^/KE^Z>d/E'dK'K/E'KEZE

tĞŚĂǀĞŶŽƚŚŝŶŐƚŽƌĞƉŽƌƚŝŶƌĞƐƉĞĐƚŽĨƚŚĞĨŽůůŽǁŝŶŐŵĂƚƚĞƌƐŝŶƌĞůĂƚŝŽŶƚŽǁŚŝĐŚƚŚĞ/^Ɛ;h<ͿƌĞƋƵŝƌĞƵƐƚŽƌĞƉŽƌƚƚŽLJŽƵǁŚĞƌĞ͗

ƚŚĞ ŝƌĞĐƚŽƌƐ͛ ƵƐĞ ŽĨ ƚŚĞ ŐŽŝŶŐ ĐŽŶĐĞƌŶ ďĂƐŝƐ ŽĨ ĂĐĐŽƵŶƚŝŶŐ ŝŶ ƚŚĞ ƉƌĞƉĂƌĂƚŝŽŶ ŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŝƐ ŶŽƚ ĂƉƉƌŽƉƌŝĂƚĞ͖Žƌ
ƚŚĞŝƌĞĐƚŽƌƐŚĂǀĞŶŽƚĚŝƐĐůŽƐĞĚŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶLJŝĚĞŶƚŝĨŝĞĚŵĂƚĞƌŝĂůƵŶĐĞƌƚĂŝŶƚŝĞƐƚŚĂƚŵĂLJĐĂƐƚƐŝŐŶŝĨŝĐĂŶƚ ĚŽƵďƚĂďŽƵƚƚŚĞ'ƌŽƵƉ͛ƐŽƌƚŚĞWĂƌĞŶƚŽŵƉĂŶLJ͛ƐĂďŝůŝƚLJƚŽĐŽŶƚŝŶƵĞƚŽĂĚŽƉƚƚŚĞŐŽŝŶŐĐŽŶĐĞƌŶďĂƐŝƐŽĨĂĐĐŽƵŶƚŝŶŐĨŽƌĂ ƉĞƌŝŽĚŽĨĂƚůĞĂƐƚƚǁĞůǀĞŵŽŶƚŚƐĨƌŽŵƚŚĞĚĂƚĞǁŚĞŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞĂƵƚŚŽƌŝƐĞĚĨŽƌŝƐƐƵĞ͘

<zh/dDddZ^

<ĞLJ ĂƵĚŝƚ ŵĂƚƚĞƌƐ ĂƌĞ ƚŚŽƐĞŵĂƚƚĞƌƐ ƚŚĂƚ͕ ŝŶ ŽƵƌ ƉƌŽĨĞƐƐŝŽŶĂů ũƵĚŐŵĞŶƚ͕ ǁĞƌĞ ŽĨ ŵŽƐƚ ƐŝŐŶŝĨŝĐĂŶĐĞ ŝŶ ŽƵƌ ĂƵĚŝƚ ŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞĐƵƌƌĞŶƚƉĞƌŝŽĚĂŶĚŝŶĐůƵĚĞƚŚĞŵŽƐƚƐŝŐŶŝĨŝĐĂŶƚĂƐƐĞƐƐĞĚƌŝƐŬƐŽĨŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚ;ǁŚĞƚŚĞƌŽƌŶŽƚĚƵĞƚŽ ĨƌĂƵĚͿǁĞŝĚĞŶƚŝĨŝĞĚ͕ŝŶĐůƵĚŝŶŐƚŚŽƐĞǁŚŝĐŚŚĂĚƚŚĞŐƌĞĂƚĞƐƚĞĨĨĞĐƚŽŶ͗ƚŚĞŽǀĞƌĂůůĂƵĚŝƚƐƚƌĂƚĞŐLJ͕ƚŚĞĂůůŽĐĂƚŝŽŶŽĨƌĞƐŽƵƌĐĞƐŝŶƚŚĞ ĂƵĚŝƚ͖ĂŶĚĚŝƌĞĐƚŝŶŐƚŚĞĞĨĨŽƌƚƐŽĨƚŚĞĞŶŐĂŐĞŵĞŶƚƚĞĂŵ͘ dŚĞƐĞŵĂƚƚĞƌƐǁĞƌĞĂĚĚƌĞƐƐĞĚŝŶƚŚĞĐŽŶƚĞdžƚŽĨŽƵƌĂƵĚŝƚŽĨƚŚĞĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐĂƐĂǁŚŽůĞ͕ĂŶĚŝŶĨŽƌŵŝŶŐŽƵƌŽƉŝŶŝŽŶƚŚĞƌĞŽŶ͕ĂŶĚǁĞĚŽŶŽƚƉƌŽǀŝĚĞĂƐĞƉĂƌĂƚĞŽƉŝŶŝŽŶŽŶƚŚĞƐĞŵĂƚƚĞƌƐ͘

/EWEEdh/dKZΖ^ZWKZd;ŽŶƚŝŶƵĞĚͿ

<zh/dDddZ^;ĐŽŶƚŝŶƵĞĚͿ

Z/^<

ZZz/E's>hK& /EdE'/>yW>KZd/KEEs>hd/KE^^d^

dŚĞ'ƌŽƵƉ͛ƐŝŶƚĂŶŐŝďůĞĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĂƐƐĞƚƐ;͚ΘĂƐƐĞƚƐ͛ͿƌĞƉƌĞƐĞŶƚƚŚĞŵŽƐƚƐŝŐŶŝĨŝĐĂŶƚĂƐƐĞƚŽŶŝƚƐƐƚĂƚĞŵĞŶƚŽĨ ĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶƚŽƚĂůůŝŶŐhΨϱϵ͘ϳŵĂƐĂƚϯϬ:ƵŶĞϮϬϭϳ͘

DĂŶĂŐĞŵĞŶƚĂŶĚƚŚĞŽĂƌĚĂƌĞƌĞƋƵŝƌĞĚƚŽĞŶƐƵƌĞƚŚĂƚŽŶůLJĐŽƐƚƐǁŚŝĐŚŵĞĞƚƚŚĞ/&Z^ĐƌŝƚĞƌŝĂŽĨĂŶĂƐƐĞƚĂŶĚĂĐĐŽƌĚǁŝƚŚƚŚĞ 'ƌŽƵƉ͛Ɛ ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐLJ ĂƌĞ ĐĂƉŝƚĂůŝƐĞĚ ǁŝƚŚŝŶ ƚŚĞ Θ ĂƐƐĞƚ͘ /Ŷ ĂĚĚŝƚŝŽŶ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ /&Z^ ϲ ͚džƉůŽƌĂƚŝŽŶĨŽƌĂŶĚǀĂůƵĂƚŝŽŶŽĨDŝŶĞƌĂůZĞƐŽƵƌĐĞƐ͛;͚/&Z^ϲ͛ͿDĂŶĂŐĞŵĞŶƚĂŶĚƚŚĞŽĂƌĚĂƌĞƌĞƋƵŝƌĞĚƚŽĂƐƐĞƐƐǁŚĞƚŚĞƌƚŚĞƌĞ ŝƐĂŶLJŝŶĚŝĐĂƚŝŽŶǁŚĞƚŚĞƌƚŚĞƌĞĂƌĞĂŶLJŝŶĚŝĐĂƚŽƌƐŽĨŝŵƉĂŝƌŵĞŶƚŽĨƚŚĞΘĂƐƐĞƚƐ͘

'ŝǀĞŶ ƚŚĞ ƐŝŐŶŝĨŝĐĂŶĐĞ ŽĨ ƚŚĞ Θ ĂƐƐĞƚƐ ŽŶ ƚŚĞ 'ƌŽƵƉ͛Ɛ ƐƚĂƚĞŵĞŶƚ ŽĨ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ ĂŶĚ ƚŚĞ ƐŝŐŶŝĨŝĐĂŶƚ ŵĂŶĂŐĞŵĞŶƚ ũƵĚŐĞŵĞŶƚ ŝŶǀŽůǀĞĚ ŝŶ ƚŚĞ ĚĞƚĞƌŵŝŶĂƚŝŽŶ ŽĨ ƚŚĞ ĐĂƉŝƚĂůŝƐĂƚŝŽŶ ŽĨ ĐŽƐƚƐ ĂŶĚ ƚŚĞ ĂƐƐĞƐƐŵĞŶƚ ŽĨ ƚŚĞ ĐĂƌƌLJŝŶŐ ǀĂůƵĞƐ ŽĨ ƚŚĞ Θ ĂƐƐĞƚƚŚĞƌĞŝƐĂŶŝŶĐƌĞĂƐĞĚƌŝƐŬŽĨŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚ͘

KhZ Z^WKE^

tĞƉĞƌĨŽƌŵĞĚƐƵďƐƚĂŶƚŝǀĞƚĞƐƚŝŶŐŽŶƐĂŵƉůĞƐŽĨƚŚĞĞdžƉĞŶƐĞƐĐĂƉŝƚĂůŝƐĞĚŝŶƚŚĞLJĞĂƌŝŶŽƌĚĞƌƚŽĂƐƐĞƐƐǁŚĞƚŚĞƌƚŚĞĞdžƉĞŶƐĞƐ ŚĂĚďĞĞŶĂƉƉƌŽƉƌŝĂƚĞůLJĐĂƉŝƚĂůŝƐĞĚĂŶĚƚŚĞĂĐĐŽƵŶƚŝŶŐƚƌĞĂƚŵĞŶƚǁĂƐŝŶůŝŶĞǁŝƚŚƚŚĞ'ƌŽƵƉ͛ƐĂĐĐŽƵŶƚŝŶŐƉŽůŝĐLJ͘ /ŶĂĚĚŝƚŝŽŶǁĞ ĂůƐŽ ƐƵďƐƚĂŶƚŝǀĞůLJ ƚĞƐƚĞĚ ĐŽƐƚƐ ǁŚŝĐŚ ŚĂĚ ďĞĞŶ ĞdžƉĞŶƐĞĚ ƚŽ ƚŚĞ ŝŶĐŽŵĞ ƐƚĂƚĞŵĞŶƚ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ƚŚĞLJ ŚĂĚ ďĞĞŶ ĐŽƌƌĞĐƚůLJ ƌĞĨůĞĐƚĞĚĂƐŽƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞƐ͘

tĞĞǀĂůƵĂƚĞĚDĂŶĂŐĞŵĞŶƚ͛ƐĂŶĚ ƚŚĞŽĂƌĚ͛ƐŝŵƉĂŝƌŵĞŶƚ ƌĞǀŝĞǁǁŚŝĐŚĂƐƐĞƐƐĞĚĞĂĐŚĂƐƐĞƚŚĞůĚ ďLJ ƚŚĞ'ƌŽƵƉ͘ tĞ ĐƌŝƚŝĐĂůůLJ ĐŚĂůůĞŶŐĞĚ ƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶƐŵĂĚĞŽĨǁŚĞƚŚĞƌŽƌŶŽƚ ƚŚĞƌĞǁĞƌĞĂŶLJŝŶĚŝĐĂƚŽƌƐŽĨŝŵƉĂŝƌŵĞŶƚŝĚĞŶƚŝĨŝĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ /&Z^ϲ͘

KƵƌƐƉĞĐŝĨŝĐĂƵĚŝƚƚĞƐƚŝŶŐŝŶƚŚŝƐƌĞŐĂƌĚŝŶĐůƵĚĞĚ͗

x ƚŚĞǀĞƌŝĨŝĐĂƚŝŽŶŽĨůŝĐĞŶĐĞƐƚĂƚƵƐŝŶŽƌĚĞƌƚŽĐŽŶĨŝƌŵůĞŐĂůƚŝƚůĞ͕
x ƌĞǀŝĞǁŝŶŐĞdžƉůŽƌĂƚŝŽŶ ĂĐƚŝǀŝƚLJ ƚŽ ĂƐƐĞƐƐ ǁŚĞƚŚĞƌ ƚŚĞƌĞ ǁĂƐĞǀŝĚĞŶĐĞ ĨƌŽŵ ĞdžƉůŽƌĂƚŝŽŶ ƌĞƐƵůƚƐ ƚŽ ĚĂƚĞ ǁŚŝĐŚǁŽƵůĚ ŝŶĚŝĐĂƚĞĂƉŽƐƐŝďůĞŝŵƉĂŝƌŵĞŶƚ͕
x ƌĞǀŝĞǁŝŶŐ ĂƉƉƌŽǀĞĚ ďƵĚŐĞƚ ĨŽƌĞĐĂƐƚƐ ĂŶĚ ŵŝŶƵƚĞƐ ŽĨ DĂŶĂŐĞŵĞŶƚ ĂŶĚ ŽĂƌĚ ŵĞĞƚŝŶŐƐ ƚŽ ĐŽŶĨŝƌŵ ƚŚĞ 'ƌŽƵƉ͛Ɛ ŝŶƚĞŶƚŝŽŶƚŽĐŽŶƚŝŶƵĞƚŽĞdžƉůŽƌĞƚŚĞůŝĐĞŶĐĞĂƌĞĂƐ͕ĂŶĚ
x ŝŶŽƌĚĞƌƚŽŽďƚĂŝŶĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨŵĂŶĂŐĞŵĞŶƚ͛ƐĞdžƉĞĐƚĂƚŝŽŶŽĨĐŽŵŵĞƌĐŝĂůǀŝĂďŝůŝƚLJƌĞǀŝĞǁĞĚĂǀĂŝůĂďůĞƚĞĐŚŶŝĐĂů ĚŽĐƵŵĞŶƚĂƚŝŽŶ͕ ĚŝƐĐƵƐƐĞĚ ƌĞƐƵůƚƐ ĂŶĚ ŽƉĞƌĂƚŝŽŶƐ ǁŝƚŚ ƚŚĞ ŽƉĞƌĂƚŝŽŶĂů ƐŝƚĞ ƚĞĂŵƐ ĂŶĚ ĐŽŶĚƵĐƚĞĚ Ă ƐŝƚĞ ǀŝƐŝƚ ƚŽ ƚŚĞ ĂƐĐĂďĞůůŝĐĞŶĐĞĂƌĞĂ͘

tĞĂůƐŽĂƐƐĞƐƐĞĚƚŚĞĚŝƐĐůŽƐƵƌĞƐŝŶĐůƵĚĞĚŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

KhZ WW>/d/KEK& DdZ/>/dz

'ZKhW DdZ/>/dz ϯϬ :hEϮϬϭϳ	'ZKhW DdZ/>/dz ϯϬ :hEϮϬϭϲ	^/^&KZ DdZ/>/dz
hΨϮ͘ϱŵ	hΨϬ͘ϴϳŵ	ϭ͘ϱйŽĨƚŽƚĂůĂƐƐĞƚƐ ;ϮϬϭϲ͗ϮйŽĨƚŽƚĂůĂƐƐĞƚƐͿ

tĞĂƉƉůLJƚŚĞĐŽŶĐĞƉƚŽĨŵĂƚĞƌŝĂůŝƚLJďŽƚŚŝŶƉůĂŶŶŝŶŐĂŶĚƉĞƌĨŽƌŵŝŶŐŽƵƌĂƵĚŝƚ͕ĂŶĚŝŶĞǀĂůƵĂƚŝŶŐƚŚĞĞĨĨĞĐƚŽĨŵŝƐƐƚĂƚĞŵĞŶƚƐ͘ tĞ ĐŽŶƐŝĚĞƌŵĂƚĞƌŝĂůŝƚLJƚŽďĞƚŚĞŵĂŐŶŝƚƵĚĞďLJǁŚŝĐŚŵŝƐƐƚĂƚĞŵĞŶƚƐ͕ŝŶĐůƵĚŝŶŐŽŵŝƐƐŝŽŶƐ͕ĐŽƵůĚŝŶĨůƵĞŶĐĞƚŚĞĞĐŽŶŽŵŝĐĚĞĐŝƐŝŽŶƐŽĨ ƌĞĂƐŽŶĂďůĞƵƐĞƌƐƚŚĂƚĂƌĞƚĂŬĞŶŽŶƚŚĞďĂƐŝƐŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘/ŵƉŽƌƚĂŶƚůLJ͕ŵŝƐƐƚĂƚĞŵĞŶƚƐďĞůŽǁƚŚĞƐĞůĞǀĞůƐǁŝůůŶŽƚ ŶĞĐĞƐƐĂƌŝůLJ ďĞ ĞǀĂůƵĂƚĞĚ ĂƐ ŝŵŵĂƚĞƌŝĂů ĂƐ ǁĞ ĂůƐŽ ƚĂŬĞ ĂĐĐŽƵŶƚ ŽĨ ƚŚĞ ŶĂƚƵƌĞ ŽĨ ŝĚĞŶƚŝĨŝĞĚ ŵŝƐƐƚĂƚĞŵĞŶƚƐ͕ ĂŶĚ ƚŚĞ ƉĂƌƚŝĐƵůĂƌ ĐŝƌĐƵŵƐƚĂŶĐĞƐŽĨƚŚĞŝƌŽĐĐƵƌƌĞŶĐĞ͕ǁŚĞŶĞǀĂůƵĂƚŝŶŐƚŚĞŝƌĞĨĨĞĐƚŽŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƐĂǁŚŽůĞ͘

/EWEEdh/dKZΖ^ZWKZd;ŽŶƚŝŶƵĞĚͿ

KhZ WW>/d/KEK& DdZ/>/dz;ĐŽŶƚŝŶƵĞĚͿ

dŚĞďĂƐŝƐŽĨŽƵƌĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨŵĂƚĞƌŝĂůŝƚLJŚĂƐƌĞŵĂŝŶĞĚƵŶĐŚĂŶŐĞĚ͘ ,ŽǁĞǀĞƌ͕ĂƐƚŚĞƌĞŚĂƐďĞĞŶĂƐŝŐŶŝĨŝĐĂŶƚŵŽǀĞŵĞŶƚŝŶƚŚĞ ƚŽƚĂůĂƐƐĞƚƐŝŶƚŚĞLJĞĂƌƚŚŝƐŚĂƐŝŵƉĂĐƚĞĚƚŚĞĨŝŶĂůŵĂƚĞƌŝĂůŝƚLJĨŝŐƵƌĞĂƉƉůŝĞĚ͘ tŚĞŶƐĞƚƚŝŶŐŽƵƌŵĂƚĞƌŝĂůŝƚLJǁĞŚĂǀĞƚĂŬĞŶƚŚŝƐŝŶƚŽ ĐŽŶƐŝĚĞƌĂƚŝŽŶĂŶĚƌĞĚƵĐĞĚƚŚĞƉĞƌĐĞŶƚĂŐĞĂƉƉůŝĞĚƚŽƚŽƚĂůĂƐƐĞƚƐŝŶƚŚĞĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨŵĂƚĞƌŝĂůŝƚLJ͘ tĞĐŽŶƐŝĚĞƌƚŽƚĂůĂƐƐĞƚƐƚŽ ďĞƚŚĞŵŽƐƚƌĞůĞǀĂŶƚĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞ'ƌŽƵƉ͛ƐĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞĂƐƚŚĞ'ƌŽƵƉĐŽŶƚŝŶƵĞƐƚŽĨŽĐƵƐŽŶĂŶĚĚĞǀĞůŽƉŝƚƐΘ ĂƐƐĞƚƐ͘

tŚŝůƐƚŵĂƚĞƌŝĂůŝƚLJĨŽƌƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƐĂǁŚŽůĞǁĂƐhΨϮ͘ϱŵ͕ĞĂĐŚƐŝŐŶŝĨŝĐĂŶƚĐŽŵƉŽŶĞŶƚŽĨƚŚĞ'ƌŽƵƉǁĂƐĂƵĚŝƚĞĚƚŽĂ ůŽǁĞƌůĞǀĞůŽĨŵĂƚĞƌŝĂůŝƚLJƌĂŶŐŝŶŐĨƌŽŵhΨϬ͘Ϭ͘ϮϱŵƚŽhΨϬ͘ϲϭŵ͘ ^ƵĐŚŵĂƚĞƌŝĂůŝƚŝĞƐĂƌĞƵƐĞĚƚŽĚĞƚĞƌŵŝŶĞƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚ ĂƌĞĂƐƚŚĂƚĂƌĞŝŶĐůƵĚĞĚǁŝƚŚŝŶƚŚĞƐĐŽƉĞŽĨŽƵƌĂƵĚŝƚĂŶĚƚŚĞĞdžƚĞŶƚŽĨƐĂŵƉůĞƐŝnjĞƐƚĞƐƚĞĚĚƵƌŝŶŐƚŚĞĂƵĚŝƚ͘

dŚĞƌĞǁĞƌĞŶŽŵŝƐƐƚĂƚĞŵĞŶƚƐŝĚĞŶƚŝĨŝĞĚĚƵƌŝŶŐ ƚŚĞĐŽƵƌƐĞŽĨŽƵƌĂƵĚŝƚ ƚŚĂƚǁĞƌĞŝŶĚŝǀŝĚƵĂůůLJ͕ŽƌŝŶĂŐŐƌĞŐĂƚĞ͕ĐŽŶƐŝĚĞƌĞĚ ƚŽďĞ ŵĂƚĞƌŝĂůŝŶƚĞƌŵƐŽĨƚŚĞŝƌĂďƐŽůƵƚĞŵŽŶĞƚĂƌLJǀĂůƵĞŽƌŽŶƋƵĂůŝƚĂƚŝǀĞŐƌŽƵŶĚƐ͘

EKsZs/tK&d,^KWK&KhZ h/d

KƵƌ'ƌŽƵƉĂƵĚŝƚ ƐĐŽƉĞ ĨŽĐƵƐĞĚ ŽŶ ƚŚĞ'ƌŽƵƉ͛Ɛ ƉƌŝŶĐŝƉĂůŵŝŶŝŶŐĞŶƚŝƚLJ͕džƉůŽƌĂĐŝŽŶĞƐEŽǀŽŵŝŶŝŶŐ^͘ ;͞E^͟Ϳ͘ E^ ŚŽůĚƐ ƚŚĞ ĂƐĐĂďĞůĞdžƉůŽƌĂƚŝŽŶƉƌŽũĞĐƚ͘E^ǁĂƐƐƵďũĞĐƚƚŽĂĨƵůůƐĐŽƉĞĂƵĚŝƚ͘ dŚĞƚǁŽŽƚŚĞƌƐŝŐŶŝĨŝĐĂŶƚĐŽŵƉŽŶĞŶƚƐǁĞƌĞĚĞƚĞƌŵŝŶĞĚƚŽďĞ ƚŚĞWĂƌĞŶƚŽŵƉĂŶLJĂŶĚƚŚĞ'ƌŽƵƉĐŽŶƐŽůŝĚĂƚŝŽŶǁŚŝĐŚǁĞƌĞĂůƐŽďŽƚŚƐƵďũĞĐƚƚŽĂĨƵůůƐĐŽƉĞĂƵĚŝƚ͘

dŚĞƌĞŵĂŝŶŝŶŐĐŽŵƉŽŶĞŶƚƐŽĨƚŚĞ'ƌŽƵƉǁĞƌĞĐŽŶƐŝĚĞƌĞĚŶŽŶͲƐŝŐŶŝĨŝĐĂŶƚĂŶĚƐƵĐŚĐŽŵƉŽŶĞŶƚƐǁĞƌĞƐƵďũĞĐƚƚŽĂŶĂůLJƚŝĐĂůƌĞǀŝĞǁ ƉƌŽĐĞĚƵƌĞƐƚŽŐĞƚŚĞƌǁŝƚŚƐƵďƐƚĂŶƚŝǀĞƚĞƐƚŝŶŐŽŶ'ƌŽƵƉĂƵĚŝƚƌŝƐŬĂƌĞĂƐĂƉƉůŝĐĂďůĞƚŽƚŚĂƚĐŽŵƉŽŶĞŶƚ;͚ƌĞǀŝĞǁǁŽƌŬ͛Ϳ͘ tĞƐĞƚŽƵƚ ďĞůŽǁƚŚĞĞdžƚĞŶƚƚŽǁŚŝĐŚƚŚĞ'ƌŽƵƉ͛ƐƚŽƚĂůĂƐƐĞƚƐǁĞƌĞƐƵďũĞĐƚƚŽĂƵĚŝƚǀĞƌƐƵƐĂŶĂůLJƚŝĐĂůƌĞǀŝĞǁƉƌŽĐĞĚƵƌĞƐ͘

dŚĞĂƵĚŝƚŽĨE^ǁĂƐƉĞƌĨŽƌŵĞĚŝŶĐƵĂĚŽƌ͘ ůůĂƵĚŝƚǁŽƌŬ;ĨƵůůƐĐŽƉĞĂƵĚŝƚŽƌƌĞǀŝĞǁǁŽƌŬͿǁĂƐĐŽŶĚƵĐƚĞĚďLJK >>WĂŶĚK ŵĞŵďĞƌĨŝƌŵƐ͘

ƐƉĂƌƚŽĨŽƵƌĂƵĚŝƚ ƐƚƌĂƚĞŐLJ ƚŚĞ'ƌŽƵƉĂƵĚŝƚ ƚĞĂŵǁĞƌĞĞŵďĞĚĚĞĚŝŶƚŽ ƚŚĞĐƵĂĚŽƌŝĂŶĂƵĚŝƚ ƚĞĂŵĂŶĚǁĞƌĞƉƌĞƐĞŶƚŽŶƐŝƚĞŝŶ ĐƵĂĚŽƌĚƵƌŝŶŐƚŚĞůŽĐĂůĂƵĚŝƚ͘K >>WŚĂĚĨƵůůĂĐĐĞƐƐƚŽĂůůĂƵĚŝƚǁŽƌŬŝŶŐƉĂƉĞƌƐŽĨƚŚĞƐŝŐŶŝĨŝĐĂŶƚĐŽŵƉŽŶĞŶƚĂƵĚŝƚKŵĞŵďĞƌ Ĩŝƌŵ͘

Kd,Z /E&KZDd/KE

dŚĞŝƌĞĐƚŽƌƐĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶ͘ dŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶĐŽŵƉƌŝƐĞƐƚŚĞŝŶĨŽƌŵĂƚŝŽŶŝŶĐůƵĚĞĚŝŶƚŚĞĂŶŶƵĂů ƌĞƉŽƌƚ͕ ŽƚŚĞƌ ƚŚĂŶ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐĂŶĚ ŽƵƌĂƵĚŝƚŽƌ͛Ɛ ƌĞƉŽƌƚ ƚŚĞƌĞŽŶ͘ KƵƌ ŽƉŝŶŝŽŶ ŽŶ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĚŽĞƐ ŶŽƚ ĐŽǀĞƌ ƚŚĞ ŽƚŚĞƌ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ͕ĞdžĐĞƉƚ ƚŽ ƚŚĞĞdžƚĞŶƚ ŽƚŚĞƌǁŝƐĞĞdžƉůŝĐŝƚůLJ ƐƚĂƚĞĚ ŝŶ ŽƵƌ ƌĞƉŽƌƚ͕ ǁĞ ĚŽ ŶŽƚĞdžƉƌĞƐƐ ĂŶLJ ĨŽƌŵ ŽĨ ĂƐƐƵƌĂŶĐĞĐŽŶĐůƵƐŝŽŶƚŚĞƌĞŽŶ͘

/Ŷ ĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚ ŽƵƌ ĂƵĚŝƚ ŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͕ ŽƵƌ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ŝƐ ƚŽ ƌĞĂĚ ƚŚĞ ŽƚŚĞƌ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ͕ ŝŶ ĚŽŝŶŐ ƐŽ͕ ĐŽŶƐŝĚĞƌǁŚĞƚŚĞƌƚŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶŝƐŵĂƚĞƌŝĂůůLJŝŶĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽƌŽƵƌŬŶŽǁůĞĚŐĞŽďƚĂŝŶĞĚŝŶƚŚĞ ĂƵĚŝƚ Žƌ ŽƚŚĞƌǁŝƐĞ ĂƉƉĞĂƌƐ ƚŽ ďĞ ŵĂƚĞƌŝĂůůLJ ŵŝƐƐƚĂƚĞĚ͘ /Ĩ ǁĞ ŝĚĞŶƚŝĨLJ ƐƵĐŚ ŵĂƚĞƌŝĂů ŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐ Žƌ ĂƉƉĂƌĞŶƚ ŵĂƚĞƌŝĂů ŵŝƐƐƚĂƚĞŵĞŶƚƐ͕ǁĞĂƌĞƌĞƋƵŝƌĞĚƚŽĚĞƚĞƌŵŝŶĞǁŚĞƚŚĞƌƚŚĞƌĞŝƐĂŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽƌĂŵĂƚĞƌŝĂů ŵŝƐƐƚĂƚĞŵĞŶƚ ŽĨ ƚŚĞ ŽƚŚĞƌ ŝŶĨŽƌŵĂƚŝŽŶ͘ /Ĩ͕ ďĂƐĞĚ ŽŶ ƚŚĞ ǁŽƌŬ ǁĞ ŚĂǀĞ ƉĞƌĨŽƌŵĞĚ͕ ǁĞ ĐŽŶĐůƵĚĞ ƚŚĂƚ ƚŚĞƌĞ ŝƐ Ă ŵĂƚĞƌŝĂů ŵŝƐƐƚĂƚĞŵĞŶƚŽĨƚŚŝƐŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶ͕ǁĞĂƌĞƌĞƋƵŝƌĞĚƚŽƌĞƉŽƌƚƚŚĂƚĨĂĐƚ͘ tĞŚĂǀĞŶŽƚŚŝŶŐƚŽƌĞƉŽƌƚŝŶƚŚŝƐƌĞŐĂƌĚ͘

/EWEEdh/dKZΖ^ZWKZd;ŽŶƚŝŶƵĞĚͿ

KW/E/KE^KEKd,Z DddZ^WZ^Z/zd,KDWE/^dϮϬϬϲ

/ŶŽƵƌŽƉŝŶŝŽŶ͕ďĂƐĞĚŽŶƚŚĞǁŽƌŬƵŶĚĞƌƚĂŬĞŶŝŶƚŚĞĐŽƵƌƐĞŽĨƚŚĞĂƵĚŝƚ͗

ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŐŝǀĞŶ ŝŶ ƚŚĞ ^ƚƌĂƚĞŐŝĐ ZĞƉŽƌƚ ĂŶĚ ƚŚĞ ŝƌĞĐƚŽƌƐ͛ ƌĞƉŽƌƚ ĨŽƌ ƚŚĞ ĨŝŶĂŶĐŝĂů LJĞĂƌ ĨŽƌ ǁŚŝĐŚ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐĂƌĞƉƌĞƉĂƌĞĚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͖ĂŶĚ
ƚŚĞ^ƚƌĂƚĞŐŝĐZĞƉŽƌƚĂŶĚƚŚĞŝƌĞĐƚŽƌƐ͛ƌĞƉŽƌƚŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂƉƉůŝĐĂďůĞůĞŐĂůƌĞƋƵŝƌĞŵĞŶƚƐ͘

DddZ^KEt,/, tZZYh/ZdKZWKZdzyWd/KE

/ŶƚŚĞůŝŐŚƚŽĨƚŚĞŬŶŽǁůĞĚŐĞĂŶĚƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚŽŵƉĂŶLJĂŶĚŝƚƐĞŶǀŝƌŽŶŵĞŶƚŽďƚĂŝŶĞĚŝŶƚŚĞĐŽƵƌƐĞ ŽĨƚŚĞĂƵĚŝƚ͕ǁĞŚĂǀĞŶŽƚŝĚĞŶƚŝĨŝĞĚŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚƐŝŶƚŚĞ^ƚƌĂƚĞŐŝĐƌĞƉŽƌƚŽƌƚŚĞŝƌĞĐƚŽƌƐ͛ƌĞƉŽƌƚ͘

tĞŚĂǀĞŶŽƚŚŝŶŐƚŽƌĞƉŽƌƚŝŶƌĞƐƉĞĐƚŽĨƚŚĞĨŽůůŽǁŝŶŐŵĂƚƚĞƌƐŝŶƌĞůĂƚŝŽŶƚŽǁŚŝĐŚƚŚĞŽŵƉĂŶŝĞƐĐƚϮϬϬϲƌĞƋƵŝƌĞƐƵƐƚŽƌĞƉŽƌƚƚŽ LJŽƵŝĨ͕ŝŶŽƵƌŽƉŝŶŝŽŶ͗

ĂĚĞƋƵĂƚĞĂĐĐŽƵŶƚŝŶŐ ƌĞĐŽƌĚƐ ŚĂǀĞ ŶŽƚ ďĞĞŶŬĞƉƚ ďLJ ƚŚĞWĂƌĞŶƚŽŵƉĂŶLJ͕ Žƌ ƌĞƚƵƌŶƐĂĚĞƋƵĂƚĞ ĨŽƌ ŽƵƌĂƵĚŝƚ ŚĂǀĞ ŶŽƚ ďĞĞŶƌĞĐĞŝǀĞĚĨƌŽŵďƌĂŶĐŚĞƐŶŽƚǀŝƐŝƚĞĚďLJƵƐ͖Žƌ
ƚŚĞWĂƌĞŶƚŽŵƉĂŶLJĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞŶŽƚŝŶĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞĂĐĐŽƵŶƚŝŶŐƌĞĐŽƌĚƐĂŶĚƌĞƚƵƌŶƐ͖Žƌ
ĐĞƌƚĂŝŶĚŝƐĐůŽƐƵƌĞƐŽĨŝƌĞĐƚŽƌƐ͛ƌĞŵƵŶĞƌĂƚŝŽŶƐƉĞĐŝĨŝĞĚďLJůĂǁĂƌĞŶŽƚŵĂĚĞ͖Žƌ
ǁĞŚĂǀĞŶŽƚƌĞĐĞŝǀĞĚĂůůƚŚĞŝŶĨŽƌŵĂƚŝŽŶĂŶĚĞdžƉůĂŶĂƚŝŽŶƐǁĞƌĞƋƵŝƌĞĨŽƌŽƵƌĂƵĚŝƚ͘

Z^WKE^//>/d/^K& /ZdKZ^

Ɛ ĞdžƉůĂŝŶĞĚ ŵŽƌĞ ĨƵůůLJ ŝŶ ƚŚĞ ŝƌĞĐƚŽƌƐ͛ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ƐƚĂƚĞŵĞŶƚ͕ ƚŚĞ ŝƌĞĐƚŽƌƐ ĂƌĞ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ƉƌĞƉĂƌĂƚŝŽŶ ŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂŶĚ ĨŽƌ ďĞŝŶŐ ƐĂƚŝƐĨŝĞĚ ƚŚĂƚ ƚŚĞLJ ŐŝǀĞ Ă ƚƌƵĞ ĂŶĚ ĨĂŝƌ ǀŝĞǁ͕ ĂŶĚ ĨŽƌ ƐƵĐŚ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽů ĂƐ ƚŚĞ ŝƌĞĐƚŽƌƐ ĚĞƚĞƌŵŝŶĞŝƐŶĞĐĞƐƐĂƌLJƚŽĞŶĂďůĞƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƚŚĂƚĂƌĞĨƌĞĞĨƌŽŵŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚ͕ǁŚĞƚŚĞƌĚƵĞƚŽ ĨƌĂƵĚŽƌĞƌƌŽƌ͘

/ŶƉƌĞƉĂƌŝŶŐƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ƚŚĞŝƌĞĐƚŽƌƐĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂƐƐĞƐƐŝŶŐƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚŽŵƉĂŶLJ͛ƐĂďŝůŝƚLJƚŽ ĐŽŶƚŝŶƵĞ ĂƐ Ă ŐŽŝŶŐ ĐŽŶĐĞƌŶ͕ ĚŝƐĐůŽƐŝŶŐ͕ ĂƐ ĂƉƉůŝĐĂďůĞ͕ ŵĂƚƚĞƌƐ ƌĞůĂƚĞĚ ƚŽ ŐŽŝŶŐ ĐŽŶĐĞƌŶ ĂŶĚ ƵƐŝŶŐ ƚŚĞ ŐŽŝŶŐ ĐŽŶĐĞƌŶ ďĂƐŝƐ ŽĨ ĂĐĐŽƵŶƚŝŶŐƵŶůĞƐƐ ƚŚĞŝƌĞĐƚŽƌƐĞŝƚŚĞƌŝŶƚĞŶĚ ƚŽůŝƋƵŝĚĂƚĞ ƚŚĞ'ƌŽƵƉŽƌ ƚŚĞWĂƌĞŶƚŽŵƉĂŶLJŽƌ ƚŽ ĐĞĂƐĞŽƉĞƌĂƚŝŽŶƐ͕ŽƌŚĂǀĞŶŽ ƌĞĂůŝƐƚŝĐĂůƚĞƌŶĂƚŝǀĞďƵƚƚŽĚŽƐŽ͘

h/dKZ͛^Z^WKE^//>/d/^&KZd,h/dK&d,&/EE/>^ddDEd^

dŚŝƐƌĞƉŽƌƚŝƐŵĂĚĞƐŽůĞůLJƚŽƚŚĞŽŵƉĂŶLJ͛ƐŵĞŵďĞƌƐ͕ĂƐĂďŽĚLJ͕ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŚĂƉƚĞƌϯŽĨWĂƌƚϭϲŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ ϮϬϬϲ͘KƵƌĂƵĚŝƚǁŽƌŬŚĂƐďĞĞŶƵŶĚĞƌƚĂŬĞŶƐŽƚŚĂƚǁĞŵŝŐŚƚƐƚĂƚĞƚŽƚŚĞ ŽŵƉĂŶLJ͛ƐŵĞŵďĞƌƐƚŚŽƐĞŵĂƚƚĞƌƐǁĞĂƌĞƌĞƋƵŝƌĞĚƚŽ ƐƚĂƚĞƚŽƚŚĞŵŝŶĂŶĂƵĚŝƚŽƌ͛ƐƌĞƉŽƌƚĂŶĚĨŽƌŶŽŽƚŚĞƌƉƵƌƉŽƐĞ͘dŽƚŚĞĨƵůůĞƐƚĞdžƚĞŶƚƉĞƌŵŝƚƚĞĚďLJůĂǁ͕ǁĞĚŽŶŽƚĂĐĐĞƉƚŽƌĂƐƐƵŵĞ ƌĞƐƉŽŶƐŝďŝůŝƚLJƚŽĂŶLJŽŶĞŽƚŚĞƌƚŚĂŶƚŚĞŽŵƉĂŶLJĂŶĚƚŚĞŽŵƉĂŶLJ͛ƐŵĞŵďĞƌƐĂƐĂďŽĚLJ͕ĨŽƌŽƵƌĂƵĚŝƚǁŽƌŬ͕ĨŽƌƚŚŝƐƌĞƉŽƌƚ͕ŽƌĨŽƌ ƚŚĞŽƉŝŶŝŽŶƐǁĞŚĂǀĞĨŽƌŵĞĚ͘

KƵƌ ŽďũĞĐƚŝǀĞƐ ĂƌĞ ƚŽ ŽďƚĂŝŶ ƌĞĂƐŽŶĂďůĞ ĂƐƐƵƌĂŶĐĞ ĂďŽƵƚ ǁŚĞƚŚĞƌƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂƐ Ă ǁŚŽůĞ ĂƌĞ ĨƌĞĞ ĨƌŽŵ ŵĂƚĞƌŝĂů ŵŝƐƐƚĂƚĞŵĞŶƚ͕ǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͕ĂŶĚƚŽŝƐƐƵĞĂŶĂƵĚŝƚŽƌ͛ƐƌĞƉŽƌƚƚŚĂƚŝŶĐůƵĚĞƐŽƵƌŽƉŝŶŝŽŶ͘ ZĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞŝƐĂ ŚŝŐŚůĞǀĞůŽĨĂƐƐƵƌĂŶĐĞ͕ďƵƚŝƐŶŽƚĂŐƵĂƌĂŶƚĞĞƚŚĂƚĂŶĂƵĚŝƚĐŽŶĚƵĐƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/^Ɛ;h<ͿŽƌ/^ /^ǁŝůůĂůǁĂLJƐĚĞƚĞĐƚ ĂŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚǁŚĞŶŝƚĞdžŝƐƚƐ͘

DŝƐƐƚĂƚĞŵĞŶƚƐĐĂŶĂƌŝƐĞĨƌŽŵĨƌĂƵĚŽƌĞƌƌŽƌĂŶĚĂƌĞĐŽŶƐŝĚĞƌĞĚŵĂƚĞƌŝĂůŝĨ͕ŝŶĚŝǀŝĚƵĂůůLJŽƌŝŶƚŚĞĂŐŐƌĞŐĂƚĞ͕ƚŚĞLJĐŽƵůĚƌĞĂƐŽŶĂďůLJ ďĞĞdžƉĞĐƚĞĚƚŽŝŶĨůƵĞŶĐĞƚŚĞĞĐŽŶŽŵŝĐĚĞĐŝƐŝŽŶƐŽĨƵƐĞƌƐƚĂŬĞŶŽŶƚŚĞďĂƐŝƐŽĨƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

ĨƵƌƚŚĞƌĚĞƐĐƌŝƉƚŝŽŶŽĨŽƵƌƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĨŽƌƚŚĞĂƵĚŝƚŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝƐůŽĐĂƚĞĚŽŶƚŚĞ&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐŽƵŶĐŝů͛Ɛ ǁĞďƐŝƚĞĂƚ͗ǁǁǁ͘ĨƌĐ͘ŽƌŐ͘ƵŬͬĂƵĚŝƚŽƌƐƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͘ dŚŝƐĚĞƐĐƌŝƉƚŝŽŶĨŽƌŵƐƉĂƌƚŽĨŽƵƌĂƵĚŝƚŽƌ͛ƐƌĞƉŽƌƚ͘

ŶŶĞ^ĂLJĞƌƐ ;^ĞŶŝŽƌ^ƚĂƚƵƚŽƌLJƵĚŝƚŽƌͿ &ŽƌĂŶĚŽŶďĞŚĂůĨŽĨK >>W͕^ƚĂƚƵƚŽƌLJƵĚŝƚŽƌ >ŽŶĚŽŶ

K >>WŝƐĂůŝŵŝƚĞĚůŝĂďŝůŝƚLJƉĂƌƚŶĞƌƐŚŝƉƌĞŐŝƐƚĞƌĞĚŝŶŶŐůĂŶĚĂŶĚtĂůĞƐ;ǁŝƚŚƌĞŐŝƐƚĞƌĞĚŶƵŵďĞƌKϯϬϱϭϮϳͿ͘

KE^K>/d ^ddDEd K& KDWZ,E^/s /EKD &Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϬ :ƵŶĞ ϮϬϭϳ

		'ƌŽƵƉ	'ƌŽƵƉ
		ϮϬϭϳ	ϮϬϭϲ
	EŽƚĞƐ	Ψ	Ψ

džƉĞŶƐĞƐ
džƉůŽƌĂƚŝŽŶĐŽƐƚƐǁƌŝƚƚĞŶͲŽĨĨ	ϭϮ	;ϭϳ͕ϯϭϬͿ	;ϭ͕ϱϱϱ͕ϬϬϰͿ
ĚŵŝŶŝƐƚƌĂƚŝǀĞĞdžƉĞŶƐĞƐ		;ϴ͕ϮϯϮ͕ϯϬϳͿ	;Ϯ͕ϱϱϯ͕ϬϭϬͿ
DŽǀĞŵĞŶƚŝŶĨĂŝƌǀĂůƵĞŽĨĚĞƌŝǀĂƚŝǀĞůŝĂďŝůŝƚLJ	ϮϮĂ;ǀͿ
		Ͳ	;ϭ͕ϯϳϴ͕ϮϲϬͿ
KƉĞƌĂƚŝŶŐ ůŽƐƐ	ϯ	;ϴ͕Ϯϰϵ͕ϲϭϳͿ	;ϱ͕ϰϴϲ͕ϮϳϰͿ
&ŝŶĂŶĐĞŝŶĐŽŵĞ	ϲ	ϲϵ	ϱϴϱ
&ŝŶĂŶĐĞĐŽƐƚƐ	ϲ	;ϳϯ͕ϱϬϮͿ	;Ϯϯϳ͕ϰϯϯͿ
>ŽƐƐďĞĨŽƌĞ ƚĂdž		;ϴ͕ϯϮϯ͕ϬϱϬͿ	;ϱ͕ϳϮϯ͕ϭϮϮͿ
dĂdžĞdžƉĞŶƐĞ;ďĞŶĞĨŝƚͿ	ϳ	;ϯ͕ϴϮϯ͕ϬϳϴͿ	Ͳ
>ŽƐƐĨŽƌ ƚŚĞ LJĞĂƌ		;ϰ͕ϰϵϵ͕ϵϳϮͿ	;ϱ͕ϳϮϯ͕ϭϮϮͿ


KƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ƉƌŽĨŝƚ ͬ ;ůŽƐƐͿ
/ƚĞŵƐƚŚĂƚŵĂLJďĞƌĞĐůĂƐƐŝĨŝĞĚŝŶƚŽƉƌŽĨŝƚŽƌůŽƐƐ
ŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞŽĨĂǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞĨŝŶĂŶĐŝĂů
ĂƐƐĞƚƐŶĞƚŽĨƚĂdž	ϭϬĂͬϭϰ	ϴ͕ϵϮϬ͕ϱϭϱ	ϭϵϬ͕ϲϭϬ
džĐŚĂŶŐĞĚŝĨĨĞƌĞŶĐĞƐŽŶƚƌĂŶƐůĂƚŝŽŶŽĨĨŽƌĞŝŐŶ
ŽƉĞƌĂƚŝŽŶƐ		;Ϯ͕Ϭϴϵ͕ϮϳϮͿ	ϭ͕Ϭϰϴ͕ϴϭϰ
dŽƚĂů ĐŽŵƉƌĞŚĞŶƐŝǀĞ ƉƌŽĨŝƚ ͬ ;ůŽƐƐͿĨŽƌ ƚŚĞ LJĞĂƌ
		Ϯ͕ϯϯϭ͕Ϯϳϭ	;ϰ͕ϰϴϯ͕ϲϵϴͿ

>ŽƐƐĨŽƌ ƚŚĞ LJĞĂƌ ĂƚƚƌŝďƵƚĂďůĞ ƚŽ͗
KǁŶĞƌƐŽĨƚŚĞƉĂƌĞŶƚĐŽŵƉĂŶLJ		;ϰ͕ϰϭϴ͕ϬϮϱͿ	;ϱ͕ϰϲϱ͕ϴϯϬͿ
EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚ		;ϴϭ͕ϵϰϳͿ	;Ϯϱϳ͕ϮϵϮͿ
		;ϰ͕ϰϵϵ͕ϵϳϮͿ	;ϱ͕ϳϮϯ͕ϭϮϮͿ

dŽƚĂů ĐŽŵƉƌĞŚĞŶƐŝǀĞ ƉƌŽĨŝƚ ͬ ;ůŽƐƐͿĨŽƌ ƚŚĞ LJĞĂƌ
ĂƚƚƌŝďƵƚĂďůĞ ƚŽ͗
KǁŶĞƌƐŽĨƚŚĞƉĂƌĞŶƚĐŽŵƉĂŶLJ		Ϯ͕ϲϵϳ͕ϯϰϯ	;ϰ͕ϯϴϯ͕ϳϮϴͿ
EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚ		;ϯϲϲ͕ϬϳϮͿ	;ϵϵ͕ϵϳϬͿ
		Ϯ͕ϯϯϭ͕Ϯϳϭ	;ϰ͕ϰϴϯ͕ϲϵϴͿ


>ŽƐƐ ƉĞƌ ƐŚĂƌĞ		ĞŶƚƐ ƉĞƌ ƐŚĂƌĞ	ĞŶƚƐ ƉĞƌ ƐŚĂƌĞ
ĂƐŝĐůŽƐƐƉĞƌƐŚĂƌĞ	ϴ	;Ϭ͘ϯͿ	;Ϭ͘ϳͿ
ŝůƵƚĞĚůŽƐƐƉĞƌƐŚĂƌĞ	ϴ	;Ϭ͘ϯͿ	;Ϭ͘ϳͿ

dŚĞĂďŽǀĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞƐŚŽƵůĚďĞƌĞĂĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐ͘

KE^K>/d E KDWEz ^ddDEd^ K& &/EE/> WK^/d/KE

Ɛ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϳ

ZĞŐŝƐƚĞƌĞĚ EƵŵďĞƌ ϱϰϰϵϱϭϲ

	EŽƚĞƐ	'ƌŽƵƉ ϮϬϭϳ Ψ	'ƌŽƵƉ ϮϬϭϲ Ψ	ŽŵƉĂŶLJ ϮϬϭϳ Ψ	ŽŵƉĂŶLJ ϮϬϭϲ Ψ
ƐƐĞƚƐ
WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚ ĞƋƵŝƉŵĞŶƚ	ϭϭ	ϭ͕ϳϳϳ͕ϵϯϳ	ϯϳϱ͕ϰϬϬ	ϭϴϵ͕ϯϰϮ	ϵ͕ϰϰϵ
/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐ	ϭϮ	ϱϵ͕ϳϮϯ͕ϭϬϱ	ϰϭ͕Ϭϳϵ͕ϵϭϰ	Ͳ	Ͳ
/ŶǀĞƐƚŵĞŶƚ ŝŶƐƵďƐŝĚŝĂƌŝĞƐ	ϵ	Ͳ	Ͳ	ϲϰ͕Ϯϴϵ͕ϴϵϮ	ϰϬ͕ϭϯϮ͕ϴϮϳ
/ŶǀĞƐƚŵĞŶƚ ŝŶĂǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞ ƐĞĐƵƌŝƚŝĞƐ	ϭϬ;ĂͿ	ϭϰ͕ϯϲϲ͕ϯϬϰ	ϭ͕ϲϮϮ͕ϳϭϮ	ϭϰ͕ϯϲϬ͕ϳϮϱ	ϭ͕ϲϭϳ͕ϭϯϮ
>ŽĂŶƐ ƌĞĐĞŝǀĂďůĞĂŶĚŽƚŚĞƌŶŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ	ϭϯ	ϮϮϲ͕ϭϳϱ	ϭϮϯ͕ϵϳϰ	ϵϬ͕ϭϯϳ	Ͳ
dŽƚĂů ŶŽŶͲĐƵƌƌĞŶƚ ĂƐƐĞƚƐ		ϳϲ͕Ϭϵϯ͕ϱϮϭ	ϰϯ͕ϮϬϮ͕ϬϬϬ	ϳϴ͕ϵϯϬ͕Ϭϵϲ	ϰϭ͕ϳϱϵ͕ϰϬϴ
KƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐĂŶĚƉƌĞƉĂLJŵĞŶƚƐ	ϭϱ	ϭ͕ϯϬϳ͕ϯϰϰ	ϮϬϯ͕ϭϲϵ	ϳϴϬ͕ϭϲϴ	ϭϲϴ͕ϯϱϯ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ	ϭϲ	ϴϵ͕ϯϭϮ͕ϳϰϯ	ϵϰ͕ϵϯϯ	ϴϴ͕ϲϲϵ͕ϲϮϲ	ϭϳ͕ϭϵϵ
dŽƚĂů ĐƵƌƌĞŶƚ ĂƐƐĞƚƐ		ϵϬ͕ϲϮϬ͕Ϭϴϳ	Ϯϵϴ͕ϭϬϮ	ϴϵ͕ϰϰϵ͕ϳϵϰ	ϭϴϱ͕ϱϱϮ
dŽƚĂů ĂƐƐĞƚƐ		ϭϲϲ͕ϳϭϯ͕ϲϬϴ	ϰϯ͕ϱϬϬ͕ϭϬϮ	ϭϲϴ͕ϯϳϵ͕ϴϵϬ	ϰϭ͕ϵϰϰ͕ϵϲϬ
ƋƵŝƚLJ ^ŚĂƌĞĐĂƉŝƚĂů ^ŚĂƌĞƉƌĞŵŝƵŵ KƚŚĞƌ ƌĞƐĞƌǀĞƐ ĐĐƵŵƵůĂƚĞĚůŽƐƐ ƋƵŝƚLJĂƚƚƌŝďƵƚĂďůĞ ƚŽŽǁŶĞƌƐŽĨƚŚĞƉĂƌĞŶƚ ĐŽŵƉĂŶLJ	ϭϳ ϭϳ	Ϯϲ͕ϯϳϲ͕Ϯϲϱ ϭϵϵ͕ϯϮϮ͕ϰϯϲ ϭϱ͕ϯϴϱ͕ϳϬϱ ;ϳϲ͕ϴϲϵ͕ϬϯϴͿ	ϭϳ͕Ϭϭϱ͕Ϭϭϵ ϴϳ͕ϰϴϴ͕ϱϬϳ Ϯ͕ϴϰϰ͕Ϭϯϴ ;ϳϮ͕ϰϴϵ͕ϯϲϰͿ	Ϯϲ͕ϯϳϲ͕Ϯϲϱ ϭϵϵ͕ϯϮϮ͕ϰϯϲ ϭϱ͕ϯϬϵ͕ϴϱϮ ;ϳϯ͕ϯϴϵ͕ϬϯϳͿ	ϭϳ͕Ϭϭϱ͕Ϭϭϵ ϴϳ͕ϰϴϴ͕ϱϬϳ ϵϲϯ͕Ϭϯϴ ;ϲϵ͕ϱϭϰ͕ϴϱϮͿ
		ϭϲϰ͕Ϯϭϱ͕ϯϲϴ	ϯϰ͕ϴϱϴ͕ϮϬϬ	ϭϲϳ͕ϲϭϵ͕ϱϭϲ	ϯϱ͕ϵϱϭ͕ϳϭϮ
EŽŶͲĐŽŶƚƌŽůůŝŶŐ ŝŶƚĞƌĞƐƚ		;ϮϰϮ͕ϵϯϱͿ	ϭϮϯ͕ϭϯϳ	Ͳ	Ͳ
dŽƚĂů ĞƋƵŝƚLJ		ϭϲϯ͕ϵϳϮ͕ϰϯϯ	ϯϰ͕ϵϴϭ͕ϯϯϳ	ϭϲϳ͕ϲϭϵ͕ϱϭϲ	ϯϱ͕ϵϱϭ͕ϳϭϮ
>ŝĂďŝůŝƚŝĞƐ
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ	ϭϴ	Ϯ͕ϳϰϭ͕ϭϳϱ	ϯ͕ϳϰϮ͕ϯϲϭ	ϳϲϬ͕ϯϳϰ	ϭ͕Ϯϭϲ͕ϴϰϰ
ŽƌƌŽǁŝŶŐƐ	ϮϮĂ;ŝǀͿ	Ͳ	ϰ͕ϳϳϲ͕ϰϬϰ	Ͳ	ϰ͕ϳϳϲ͕ϰϬϰ
dŽƚĂů ĐƵƌƌĞŶƚ ůŝĂďŝůŝƚŝĞƐ		Ϯ͕ϳϰϭ͕ϭϳϱ	ϴ͕ϱϭϴ͕ϳϲϱ	ϳϲϬ͕ϯϳϰ	ϱ͕ϵϵϯ͕Ϯϰϴ
dŽƚĂů ůŝĂďŝůŝƚŝĞƐ		Ϯ͕ϳϰϭ͕ϭϳϱ	ϴ͕ϱϭϴ͕ϳϲϱ	ϳϲϬ͕ϯϳϰ	ϲ͕ϬϬϭ͕ϵϭϬ
dŽƚĂů ĞƋƵŝƚLJ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ		ϭϲϲ͕ϳϭϯ͕ϲϬϴ	ϰϯ͕ϱϬϬ͕ϭϬϮ	ϭϲϴ͕ϯϳϵ͕ϴϵϬ	ϰϭ͕ϵϰϰ͕ϵϲϬ

dŚĞĂďŽǀĞĐŽŶƐŽůŝĚĂƚĞĚĂŶĚĐŽŵƉĂŶLJƐƚĂƚĞŵĞŶƚƐŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶƐŚŽƵůĚ ďĞ ƌĞĂĚ ŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐ ŶŽƚĞƐ͘

242

ƐĞƉĂƌĂƚĞ ƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞĨŽƌ ƚŚĞƉĂƌĞŶƚĐŽŵƉĂŶLJŚĂƐŶŽƚ ďĞĞŶƉƌĞƐĞŶƚĞĚĂƐƉĞƌŵŝƚƚĞĚ ďLJƐĞĐƚŝŽŶϰϬϴŽĨ ƚŚĞ ŽŵƉĂŶŝĞƐ Đƚ ϮϬϬϲ͘dŚĞ ŽŵƉĂŶLJ͛ƐůŽƐƐĨŽƌ ƚŚĞLJĞĂƌǁĂƐ Ψϯ͕ϵϭϮ͕ϱϯϲ;ϮϬϭϲ͗Ψϯ͕ϲϯϵ͕ϵϬϲͿ͘

dŚĞ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐǁĞƌĞĂƉƉƌŽǀĞĚĂŶĚĂƵƚŚŽƌŝƐĞĚ ĨŽƌ ŝƐƐƵĞ ďLJƚŚĞ ŽĂƌĚĂŶĚǁĞƌĞ ƐŝŐŶĞĚ ŽŶŝƚƐ ďĞŚĂůĨ ŽŶϭϰ ^ĞƉƚĞŵďĞƌ ϮϬϭϳ͘

EŝĐŚŽůĂƐ DĂƚŚĞƌ ŝƌĞĐƚŽƌ

KE^K>/d E KDWEz ^ddDEd^ K& ,E'^ /E Yh/dz

&Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϬ :ƵŶĞ ϮϬϭϳ

ŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚ ŽĨĐŚĂŶŐĞƐ ŝŶ ĞƋƵŝƚLJ

	EŽƚĞƐ	ĐĂƉŝƚĂů ^ŚĂƌĞ	ƉƌĞŵŝƵŵ ^ŚĂƌĞ	ǀĂŝůĂďůĞͲ ĨŝŶĂŶĐŝĂů ĨŽƌͲƐĂůĞ ƌĞƐĞƌǀĞ ĂƐƐĞƚƐ	^ŚĂƌĞ ŽƉƚŝŽŶ ƌĞƐĞƌǀĞ	dƌĂŶƐůĂƚŝŽŶ ƵƌƌĞŶĐLJ ZĞƐĞƌǀĞ &ŽƌĞŝŐŶ	ƉƌŽƉŽƌƚŝŽŶĂƚĞ ŚĂŶŐĞ ŝŶ ŝŶƚĞƌĞƐƚ ƌĞƐĞƌǀĞ	ĐĐƵŵƵůĂƚĞĚ ůŽƐƐ	dŽƚĂů	ĐŽŶƚƌŽůůŝŶŐ ŝŶƚĞƌĞƐƚƐ EŽŶͲ	dŽƚĂů ƋƵŝƚLJ
		Ψ	Ψ	Ψ	Ψ	Ψ	Ψ	Ψ	Ψ	Ψ	Ψ
ĂůĂŶĐĞ Ăƚ ϭ :ƵůLJ ϮϬϭϱ	ϭϳ	ϭϯ͕ϭϴϰ͕ϳϮϭ	ϴϮ͕ϮϭϮ͕ϯϭϬ	;ϯϯϭ͕ϵϬϵͿ	ϭ͕ϭϬϰ͕ϯϯϳ	ϭ͕Ϭϱϳ͕ϯϳϮ	;ϲϳ͕ϴϲϰͿ	;ϲϳ͕ϬϮϯ͕ϱϯϰͿ	ϯϬ͕ϭϯϱ͕ϰϯϯ	ϮϮϯ͕ϭϬϳ	ϯϬ͕ϯϱϴ͕ϱϰϬ
>ŽƐƐĨŽƌƚŚĞLJĞĂƌ		Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	;ϱ͕ϰϲϱ͕ϴϯϬͿ	;ϱ͕ϰϲϱ͕ϴϯϬͿ	;Ϯϱϳ͕ϮϵϮͿ	;ϱ͕ϳϮϯ͕ϭϮϮͿ
KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞ									ϭ͕ϬϴϮ͕ϭϬϮ
ŝŶĐŽŵĞ		Ͳ	Ͳ	ϭϵϬ͕ϲϭϬ	Ͳ	ϴϵϭ͕ϰϵϮ	Ͳ	Ͳ		ϭϱϳ͕ϯϮϮ	ϭ͕Ϯϯϵ͕ϰϮϰ
dŽƚĂů ĐŽŵƉƌĞŚĞŶƐŝǀĞ
ŝŶĐŽŵĞĨŽƌ ƚŚĞ LJĞĂƌ		Ͳ	Ͳ	ϭϵϬ͕ϲϭϬ	Ͳ	ϴϵϭ͕ϰϵϮ	Ͳ	;ϱ͕ϰϲϱ͕ϴϯϬͿ	;ϰ͕ϯϴϯ͕ϳϮϴͿ	;ϵϵ͕ϵϳϬͿ	;ϰ͕ϰϴϯ͕ϲϵϴͿ
EĞǁƐŚĂƌĞĐĂƉŝƚĂů									ϵ͕ϭϮϮ͕ϲϱϲ
ƐƵďƐĐƌŝďĞĚ		ϯ͕ϴϯϬ͕Ϯϵϴ	ϱ͕ϮϵϮ͕ϯϱϴ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ		Ͳ	ϵ͕ϭϮϮ͕ϲϱϲ
^ŚĂƌĞŝƐƐƵĞĐŽƐƚƐ		Ͳ	;ϭϲ͕ϭϲϭͿ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	;ϭϲ͕ϭϲϭͿ	Ͳ	;ϭϲ͕ϭϲϭͿ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϲ		ϭϳ͕Ϭϭϱ͕Ϭϭϵ	ϴϳ͕ϰϴϴ͕ϱϬϳ	;ϭϰϭ͕ϮϵϵͿ	ϭ͕ϭϬϰ͕ϯϯϳ	ϭ͕ϵϰϴ͕ϴϲϰ	;ϲϳ͕ϴϲϰͿ	;ϳϮ͕ϰϴϵ͕ϯϲϰͿ	ϯϰ͕ϴϱϴ͕ϮϬϬ	ϭϮϯ͕ϭϯϳ	ϯϰ͕ϵϴϭ͕ϯϯϳ
>ŽƐƐĨŽƌƚŚĞLJĞĂƌ		Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	;ϰ͕ϰϭϴ͕ϬϮϱͿ	;ϰ͕ϰϭϴ͕ϬϮϱͿ	;ϴϭ͕ϵϰϳͿ	;ϰ͕ϰϵϵ͕ϵϳϮͿ
KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞ
ŝŶĐŽŵĞ		Ͳ	Ͳ	ϴ͕ϵϮϬ͕ϱϭϱ	Ͳ	;ϭ͕ϴϬϱ͕ϭϰϳͿ	Ͳ	Ͳ	ϳ͕ϭϭϱ͕ϯϲϴ	;Ϯϴϰ͕ϭϮϱͿ	ϲ͕ϴϯϭ͕Ϯϰϰ
dŽƚĂů ĐŽŵƉƌĞŚĞŶƐŝǀĞ
ŝŶĐŽŵĞĨŽƌ ƚŚĞ LJĞĂƌ		Ͳ	Ͳ	ϴ͕ϵϮϬ͕ϱϭϱ	Ͳ	;ϭ͕ϴϬϱ͕ϭϰϳͿ	Ͳ	;ϰ͕ϰϭϴ͕ϬϮϱͿ	Ϯ͕ϲϵϳ͕ϯϰϯ	;ϯϲϲ͕ϬϳϮͿ	Ϯ͕ϯϯϭ͕Ϯϳϭ
EĞǁƐŚĂƌĞĐĂƉŝƚĂů
ƐƵďƐĐƌŝďĞĚ		ϵ͕ϮϴϮ͕ϴϭϮ	ϭϭϳ͕ϬϵϮ͕Ϭϵϳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	ϭϮϲ͕ϯϳϰ͕ϵϬϵ	Ͳ	ϭϮϲ͕ϯϳϰ͕ϵϬϵ
KƉƚŝŽŶƐĞdžĞƌĐŝƐĞĚ		ϳϴ͕ϰϯϰ	ϭ͕Ϯϭϲ͕ϵϬϲ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	ϭ͕Ϯϵϱ͕ϯϰϬ	Ͳ	ϭ͕Ϯϵϱ͕ϯϰϬ
^ŚĂƌĞŝƐƐƵĞĐŽƐƚƐ		Ͳ	;ϲ͕ϰϳϱ͕ϬϳϰͿ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	;ϲ͕ϰϳϱ͕ϬϳϰͿ	Ͳ	;ϲ͕ϰϳϱ͕ϬϳϰͿ
KƉƚŝŽŶƐĞdžƉŝƌĞĚ		Ͳ	Ͳ	Ͳ	;ϯϴ͕ϯϱϭͿ	Ͳ	Ͳ	ϯϴ͕ϯϱϭ	Ͳ	Ͳ	Ͳ
sĂůƵĞŽĨƐŚĂƌĞĂŶĚŽƉƚŝŽŶƐ
ŝƐƐƵĞĚƚŽŝƌĞĐƚŽƌƐ͕
ĞŵƉůŽLJĞĞƐĂŶĚĐŽŶƐƵůƚĂŶƚƐ		Ͳ	Ͳ	Ͳ	ϱ͕ϰϲϰ͕ϲϱϬ	Ͳ	Ͳ	Ͳ	ϱ͕ϰϲϰ͕ϲϱϬ	Ͳ	ϱ͕ϰϲϰ͕ϲϱϬ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϳ	ϭϳ	Ϯϲ͕ϯϳϲ͕Ϯϲϱ	ϭϵϵ͕ϯϮϮ͕ϰϯϲ	ϴ͕ϳϳϵ͕Ϯϭϲ	ϲ͕ϱϯϬ͕ϲϯϲ	ϭϰϯ͕ϳϭϳ	;ϲϳ͕ϴϲϰͿ	;ϳϲ͕ϴϲϵ͕ϬϯϴͿ	ϭϲϰ͕Ϯϭϱ͕ϯϲϴ	;ϮϰϮ͕ϵϯϱͿ	ϭϲϯ͕ϵϳϮ͕ϰϯϯ
The above statement of changes in equity should be read in conjunction with the accompanying notes.

SolGold plc annual report for the year ended 30 June 2017 39

KE^K>/d E KDWEz ^ddDEd^ K& ,E'^ /E Yh/dz ;KEd/EhͿ &Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϬ :ƵŶĞ ϮϬϭϳ

ŽŵƉĂŶLJ ƐƚĂƚĞŵĞŶƚ ŽĨĐŚĂŶŐĞƐ ŝŶ ĞƋƵŝƚLJ

	EŽƚĞƐ	ĐĂƉŝƚĂů ^ŚĂƌĞ	ƉƌĞŵŝƵŵ ^ŚĂƌĞ	ǀĂŝůĂďůĞͲ ĨŝŶĂŶĐŝĂů ĨŽƌͲƐĂůĞ	ƌĞƐĞƌǀĞ ŽƉƚŝŽŶ ^ŚĂƌĞ	ĐĐƵŵƵůĂƚĞĚ ůŽƐƐ	dŽƚĂů
		Ψ	Ψ	ĂƐƐĞƚƐ Ψ	Ψ	Ψ	Ψ
ĂůĂŶĐĞ Ăƚ ϭ :ƵůLJ ϮϬϭϱ	ϭϳ	ϭϯ͕ϭϴϰ͕ϳϮϭ	ϴϮ͕ϮϭϮ͕ϯϭϬ	;ϯϯϭ͕ϵϬϵͿ	ϭ͕ϭϬϰ͕ϯϯϳ	;ϲϱ͕ϴϳϰ͕ϵϰϲͿ	ϯϬ͕Ϯϵϰ͕ϱϭϯ
>ŽƐƐĨŽƌƚŚĞLJĞĂƌ		Ͳ	Ͳ	Ͳ	Ͳ	;ϯ͕ϲϯϵ͕ϵϬϲͿ	;ϯ͕ϲϯϵ͕ϵϬϲͿ
KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ		Ͳ	Ͳ	ϭϵϬ͕ϲϭϬ	Ͳ	Ͳ	ϭϵϬ͕ϲϭϬ
dŽƚĂů ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞĨŽƌ ƚŚĞ LJĞĂƌ		Ͳ	Ͳ	ϭϵϬ͕ϲϭϬ	Ͳ	;ϯ͕ϲϯϵ͕ϵϬϲͿ	;ϯ͕ϰϰϵ͕ϮϵϲͿ
EĞǁƐŚĂƌĞĐĂƉŝƚĂůƐƵďƐĐƌŝďĞĚ		ϯ͕ϴϯϬ͕Ϯϵϴ	ϱ͕ϮϵϮ͕ϯϱϴ	Ͳ	Ͳ	Ͳ	ϵ͕ϭϮϮ͕ϲϱϲ
^ŚĂƌĞŝƐƐƵĞĐŽƐƚƐ		Ͳ	;ϭϲ͕ϭϲϭͿ	Ͳ	Ͳ	Ͳ	;ϭϲ͕ϭϲϭͿ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϲ		ϭϳ͕Ϭϭϱ͕Ϭϭϵ	ϴϳ͕ϰϴϴ͕ϱϬϳ	;ϭϰϭ͕ϮϵϵͿ	ϭ͕ϭϬϰ͕ϯϯϳ	;ϲϵ͕ϱϭϰ͕ϴϱϮͿ	ϯϱ͕ϵϱϭ͕ϳϭϮ
>ŽƐƐĨŽƌƚŚĞLJĞĂƌ		Ͳ	Ͳ	Ͳ	Ͳ	;ϯ͕ϵϭϮ͕ϱϯϲͿ	;ϯ͕ϵϭϮ͕ϱϯϴͿ
KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ		Ͳ	Ͳ	ϴ͕ϵϮϬ͕ϱϭϱ	Ͳ	Ͳ	ϴ͕ϵϮϬ͕ϱϭϱ
dŽƚĂů ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞĨŽƌ ƚŚĞ LJĞĂƌ		Ͳ	Ͳ	ϴ͕ϵϮϬ͕ϱϭϱ	Ͳ	;ϯ͕ϵϭϮ͕ϱϯϲͿ	ϱ͕ϬϬϳ͕ϵϳϵ
EĞǁƐŚĂƌĞĐĂƉŝƚĂůƐƵďƐĐƌŝďĞĚ		ϵ͕ϮϴϮ͕ϴϭϮ	ϭϭϳ͕ϬϵϮ͕Ϭϵϳ	Ͳ	Ͳ	Ͳ	ϭϮϲ͕ϯϳϰ͕ϵϬϵ
KƉƚŝŽŶƐĞdžĞƌĐŝƐĞĚ		ϳϴ͕ϰϯϰ	ϭ͕Ϯϭϲ͕ϵϬϲ	Ͳ	Ͳ	Ͳ	ϭ͕Ϯϵϱ͕ϯϰϬ
^ŚĂƌĞŝƐƐƵĞĐŽƐƚƐ		Ͳ	;ϲ͕ϰϳϱ͕ϬϳϰͿ	Ͳ	Ͳ	Ͳ	;ϲ͕ϰϳϱ͕ϬϳϰͿ
KƉƚŝŽŶƐĞdžƉŝƌĞĚ		Ͳ	Ͳ	Ͳ	;ϯϴ͕ϯϱϭͿ	ϯϴ͕ϯϱϭ	Ͳ
sĂůƵĞŽĨƐŚĂƌĞĂŶĚŽƉƚŝŽŶƐŝƐƐƵĞĚƚŽŝƌĞĐƚŽƌƐ͕
ĞŵƉůŽLJĞĞƐĂŶĚĐŽŶƐƵůƚĂŶƚƐ		Ͳ	Ͳ	Ͳ	ϱ͕ϰϲϰ͕ϲϱϬ	Ͳ	ϱ͕ϰϲϰ͕ϲϱϬ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϳ	ϭϳ	Ϯϲ͕ϯϳϲ͕Ϯϲϱ	ϭϵϵ͕ϯϮϮ͕ϰϯϲ	ϴ͕ϳϳϵ͕Ϯϭϲ	ϲ͕ϱϯϬ͕ϲϯϲ	;ϳϯ͕ϯϴϵ͕ϬϯϳͿ	ϭϲϳ͕ϲϭϵ͕ϱϭϲ

The above statement of changes in equity should be read in conjunction with the accompanying notes.

KE^K>/d E KDWEz ^ddDEd^ K& ^, &>Kt^ &Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϬ :ƵŶĞ ϮϬϭϳ

	EŽƚĞƐ	'ƌŽƵƉ ϮϬϭϳ Ψ	'ƌŽƵƉ ϮϬϭϲ Ψ	ŽŵƉĂŶLJ ϮϬϭϳ Ψ	ŽŵƉĂŶLJ ϮϬϭϲ Ψ
ĂƐŚĨůŽǁƐĨƌŽŵ ŽƉĞƌĂƚŝŶŐ ĂĐƚŝǀŝƚŝĞƐ
>ŽƐƐďĞĨŽƌĞƚĂdž		;ϰ͕ϰϵϵ͕ϵϳϮͿ	;ϱ͕ϳϮϯ͕ϭϮϮͿ	;ϯ͕ϵϭϮ͕ϱϯϲͿ	;ϯ͕ϲϯϵ͕ϵϬϲͿ
ĞƉƌĞĐŝĂƚŝŽŶ	ϭϬ	ϯϲ͕ϳϭϯ	ϭϰ͕ϯϬϯ	ϯϱ͕ϴϱϱ	ϴ͕ϬϭϮ
^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚĞdžƉĞŶƐĞ	ϱͬϭϵ	Ϯ͕Ϯϯϵ͕ϱϯϯ	Ͳ	Ϯ͕Ϯϯϵ͕ϱϯϯ	Ͳ
tƌŝƚĞͲŽĨĨŽĨĞdžƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞ	ϭϭ	ϭϳ͕ϯϭϬ	ϭ͕ϱϱϱ͕ϬϬϰ	Ͳ	Ͳ
ĞĨĞƌƌĞĚƚĂdžĞƐ	ϭϰ	;ϯ͕ϴϮϯ͕ϬϳϴͿ	Ͳ	;ϯ͕ϴϮϯ͕ϬϳϴͿ
DŽǀĞŵĞŶƚŝŶĨĂŝƌǀĂůƵĞŽĨĚĞƌŝǀĂƚŝǀĞ
ůŝĂďŝůŝƚLJ		Ͳ	ϭ͕ϯϳϴ͕ϮϲϬ	Ͳ	ϭ͕ϯϳϴ͕ϮϲϬ
;/ŶĐƌĞĂƐĞͿĚĞĐƌĞĂƐĞŝŶŽƚŚĞƌ
ƌĞĐĞŝǀĂďůĞƐĂŶĚƉƌĞƉĂLJŵĞŶƚƐ		;ϯϱϯ͕ϱϱϬͿ	;ϱϭ͕ϴϳϰͿ	ϴ͕ϳϭϴ	;ϯϭ͕ϰϴϭͿ
/ŶĐƌĞĂƐĞͬ;ĚĞĐƌĞĂƐĞͿŝŶƚƌĂĚĞĂŶĚ
ŽƚŚĞƌƉĂLJĂďůĞƐ		ϭ͕ϰϴϴ͕ϳϮϮ	;ϭϰϴ͕ϯϵϭͿ	ϴϮϬ͕ϱϵϮ	ϱϭϲ͕ϯϭϴ
EĞƚ ĐĂƐŚ ŽƵƚĨůŽǁĨƌŽŵ ŽƉĞƌĂƚŝŶŐ
ĂĐƚŝǀŝƚŝĞƐ		;ϰ͕ϴϵϰ͕ϯϮϭͿ	;Ϯ͕ϵϳϱ͕ϴϮϬͿ	;ϰ͕ϲϯϬ͕ϵϭϲͿ	;ϭ͕ϳϲϴ͕ϳϵϳͿ
ĂƐŚĨůŽǁƐĨƌŽŵ ŝŶǀĞƐƚŝŶŐ ĂĐƚŝǀŝƚŝĞƐ
/ŶƚĞƌĞƐƚƌĞĐĞŝǀĞĚ		ϲϵ	ϱϴϱ	Ͳ	Ͳ
/ŶƚĞƌĞƐƚƉĂŝĚ		;Ϯ͕ϲϰϮͿ	;ϭϱ͕ϰϰϵͿ	;Ϯ͕ϲϰϮͿ	;ϭϱ͕ϰϰϵͿ
^ĞĐƵƌŝƚLJĚĞƉŽƐŝƚ;ƉĂLJŵĞŶƚƐͿͬ
ƌĞĨƵŶĚƐ		;ϭϬϮ͕ϮϬϭͿ	ϮϮ͕ϳϭϱ	;ϵϬ͕ϭϯϳͿ	Ͳ
ĐƋƵŝƐŝƚŝŽŶŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚ
ĞƋƵŝƉŵĞŶƚ		;ϭ͕ϰϯϵ͕ϮϱϬͿ	;ϳϵ͕ϮϮϭͿ	;Ϯϭϱ͕ϳϰϴͿ	;ϲ͕ϯϰϯͿ
ĐƋƵŝƐŝƚŝŽŶŽĨĞdžƉůŽƌĂƚŝŽŶĂŶĚ
ĞǀĂůƵĂƚŝŽŶĂƐƐĞƚƐ		;Ϯϭ͕ϳϯϵ͕ϭϴϰͿ	;ϲ͕ϰϬϴ͕ϯϱϴͿ	Ͳ	Ͳ
/ŶǀĞƐƚŵĞŶƚŝŶĂǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞ
ƐĞĐƵƌŝƚŝĞƐ		Ͳ	;ϱϯϬ͕ϯϯϬͿ	Ͳ	;ϱϯϬ͕ϯϯϬͿ
/ŶǀĞƐƚŵĞŶƚŝŶƐƵďƐŝĚŝĂƌŝĞƐ		Ͳ	Ͳ	;ϰ͕ϮϬϳͿ
>ŽĂŶƐĂĚǀĂŶĐĞĚƚŽƐƵďƐŝĚŝĂƌŝĞƐ		Ͳ	Ͳ	;Ϯϯ͕ϳϵϵ͕ϮϲϮͿ	;ϳ͕ϲϯϲ͕ϱϲϱͿ
EĞƚ ĐĂƐŚ ŽƵƚĨůŽǁĨƌŽŵ ŝŶǀĞƐƚŝŶŐ		;Ϯϯ͕Ϯϴϯ͕ϮϬϴͿ	;ϳ͕ϬϭϬ͕ϬϱϴͿ	;Ϯϰ͕ϭϭϭ͕ϵϵϲͿ	;ϴ͕ϭϴϴ͕ϲϴϳͿ
ĂĐƚŝǀŝƚŝĞƐ

ĂƐŚĨůŽǁƐĨƌŽŵĨŝŶĂŶĐŝŶŐ ĂĐƚŝǀŝƚŝĞƐ
WƌŽĐĞĞĚƐĨƌŽŵƚŚĞŝƐƐƵĞŽĨŽƌĚŝŶĂƌLJ
ƐŚĂƌĞĐĂƉŝƚĂů	ϭϳ	ϭϭϳ͕ϴϲϮ͕ϵϱϮ	ϵϬϴ͕ϯϮϵ	ϭϭϳ͕ϴϲϮ͕ϵϱϮ	ϵϬϴ͕ϯϮϵ
WĂLJŵĞŶƚŽĨŝƐƐƵĞĐŽƐƚƐ		;Ϯϴϴ͕ϯϯϵͿ	;ϭϲ͕ϭϲϯͿ	;Ϯϴϴ͕ϯϯϵͿ	;ϭϲ͕ϭϲϯͿ
WƌŽĐĞĞĚƐĨƌŽŵŽŶǀĞƌƚŝďůĞŶŽƚĞ
ŝƐƐƵĞƐ		Ͳ	Ϯ͕ϯϯϮ͕ϬϬϬ	Ͳ	Ϯ͕ϯϯϮ͕ϬϬϬ
WƌŽĐĞĞĚƐĨƌŽŵďŽƌƌŽǁŝŶŐ		ϴϱϮ͕ϳϯϲ	ϲ͕ϱϯϱ͕ϮϬϱ	ϴϱϮ͕ϳϯϲ	ϲ͕ϱϯϱ͕ϮϬϱ
EĞƚ ĐĂƐŚ ŝŶĨůŽǁĨƌŽŵĨŝŶĂŶĐŝŶŐ		ϭϭϴ͕ϰϮϳ͕ϯϰϵ	ϵ͕ϳϱϵ͕ϯϳϭ	ϭϭϴ͕ϰϮϳ͕ϯϰϵ	ϵ͕ϳϱϵ͕ϯϳϭ
ĂĐƚŝǀŝƚŝĞƐ
EĞƚ ŝŶĐƌĞĂƐĞ ͬ ;ĚĞĐƌĞĂƐĞͿ ŝŶ ĐĂƐŚ
ĂŶĚ ĐĂƐŚ ĞƋƵŝǀĂůĞŶƚƐ		ϵϬ͕Ϯϰϵ͕ϴϮϬ	;ϮϮϲ͕ϱϬϳͿ	ϴϵ͕ϲϴϰ͕ϰϯϳ	;ϭϵϴ͕ϭϭϯͿ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĂƚƚŚĞ
ďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ		ϵϰ͕ϵϯϯ	ϯϮϭ͕ϰϰϬ	ϭϳ͕ϭϵϵ	Ϯϭϱ͕ϯϭϮ
ĨĨĞĐƚŽĨĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞŽŶĐĂƐŚ		;ϭ͕ϬϯϮ͕ϬϭϬͿ	Ͳ	;ϭ͕ϬϯϮ͕ϬϭϬͿ	Ͳ
ĂƐŚ ĂŶĚ ĐĂƐŚ ĞƋƵŝǀĂůĞŶƚƐ Ăƚ ĞŶĚ ŽĨ	ϭϲ	ϴϵ͕ϯϭϮ͕ϳϰϯ	ϵϰ͕ϵϯϯ	ϴϴ͕ϲϲϵ͕ϲϮϲ	ϭϳ͕ϭϵϵ
LJĞĂƌ

The above statements of cash flows should be read in conjunction with the accompanying notes.

245

EKd ϭ KhEd/E'WK>//^

dŚĞŽŵƉĂŶLJŝƐĂƉƵďůŝĐůŝŵŝƚĞĚĐŽŵƉĂŶLJŝŶĐŽƌƉŽƌĂƚĞĚŝŶŶŐůĂŶĚĂŶĚtĂůĞƐĂŶĚŝƐĚƵĂůůŝƐƚĞĚŽŶƚŚĞ/DŵĂƌŬĞƚŽĨƚŚĞ>ŽŶĚŽŶ^ƚŽĐŬ džĐŚĂŶŐĞĂŶĚƚŚĞdŽƌŽŶƚŽ^ƚŽĐŬdžĐŚĂŶŐĞ͘

;ĂͿ ^ƚĂƚĞŵĞŶƚ ŽĨĐŽŵƉůŝĂŶĐĞ

dŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂŶĚ ĐŽŵƉĂŶLJ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŚĂǀĞ ďĞĞŶ ƉƌĞƉĂƌĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ /ŶƚĞƌŶĂƚŝŽŶĂů &ŝŶĂŶĐŝĂů ZĞƉŽƌƚŝŶŐ ^ƚĂŶĚĂƌĚƐ ;͚/&Z^͛Ϳ ĂŶĚ ƚŚĞŝƌ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐ ŝƐƐƵĞĚ ďLJ ƚŚĞ /ŶƚĞƌŶĂƚŝŽŶĂů ĐĐŽƵŶƚŝŶŐ ^ƚĂŶĚĂƌĚƐ ŽĂƌĚ ;/^Ϳ͕ ĂƐ ĂĚŽƉƚĞĚďLJƚŚĞƵƌŽƉĞĂŶhŶŝŽŶ͘ dŚĞLJŚĂǀĞĂůƐŽďĞĞŶƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŽƐĞƉĂƌƚƐŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚϮϬϬϲĂƉƉůŝĐĂďůĞƚŽ ĐŽŵƉĂŶŝĞƐƌĞƉŽƌƚŝŶŐƵŶĚĞƌ/&Z^͘ dŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂůƐŽĐŽŵƉůLJǁŝƚŚ/&Z^ĂƐŝƐƐƵĞĚďLJƚŚĞ/^͕ĂƐŝƐƌĞƋƵŝƌĞĚĂƐĂ ƌĞƐƵůƚŽĨŽƵƌůŝƐƚŝŶŐŽŶd^yŝŶĂŶĂĚĂ͘

dŚĞĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐƐĞƚŽƵƚďĞůŽǁŚĂǀĞďĞĞŶĂƉƉůŝĞĚĐŽŶƐŝƐƚĞŶƚůLJƚŚƌŽƵŐŚŽƵƚƚŚĞƐĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

;ďͿĂƐŝƐ ŽĨƉƌĞƉĂƌĂƚŝŽŶ ŽĨĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂŶĚ ŐŽŝŶŐ ĐŽŶĐĞƌŶ

dŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞƉƌĞƐĞŶƚĞĚŝŶƵƐƚƌĂůŝĂŶĚŽůůĂƌƐ;͞Ψ͟Ϳ͕ƌŽƵŶĚĞĚƚŽƚŚĞŶĞĂƌĞƐƚĚŽůůĂƌ͘

dŚĞ ŽŵƉĂŶLJ ǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ŽŶ ϭϭ DĂLJ ϮϬϬϱ͘ dŚĞ 'ƌŽƵƉ ĨƌŽŵ ŝŶĐŽƌƉŽƌĂƚŝŽŶ ŚĂƐ ƉƌĞƉĂƌĞĚ ƚŚĞ ĂŶŶƵĂů ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/&Z^͘

dŚĞŽŵƉĂŶLJĐƵƌƌĞŶƚůLJŚĂƐƐƵĨĨŝĐŝĞŶƚǁŽƌŬŝŶŐĐĂƉŝƚĂůůĞǀĞůƐƚŽĐĂƌƌLJŽƵƚŝƚƐƉůĂŶŶĞĚĞdžƉůŽƌĂƚŝŽŶĂĐƚŝǀŝƚŝĞƐĨŽƌƚŚĞĨŽůůŽǁŝŶŐϭϮŵŽŶƚŚƐ ŚŽǁĞǀĞƌ ŝƚ ƐŚŽƵůĚ ďĞ ŶŽƚĞĚ ƚŚĂƚ ƚŚĞ ĐƵƌƌĞŶƚ ǁŽƌŬŝŶŐ ĐĂƉŝƚĂů ůĞǀĞůƐ ǁŝůů ŶŽƚ ďĞ ƐƵĨĨŝĐŝĞŶƚ ƚŽ ďƌŝŶŐ ƚŚĞ 'ƌŽƵƉ͛Ɛ ƉƌŽũĞĐƚƐ ŝŶƚŽ ĨƵůů ĚĞǀĞůŽƉŵĞŶƚĂŶĚƉƌŽĚƵĐƚŝŽŶĂŶĚ͕ŝŶĚƵĞĐŽƵƌƐĞ͕ĨƵƌƚŚĞƌĨƵŶĚŝŶŐǁŝůůďĞƌĞƋƵŝƌĞĚ͘/ŶƚŚĞĞǀĞŶƚƚŚĂƚƚŚĞŽŵƉĂŶLJŝƐƵŶĂďůĞƚŽƐĞĐƵƌĞ ĨƵƌƚŚĞƌĨŝŶĂŶĐĞĞŝƚŚĞƌƚŚƌŽƵŐŚŽƚŚĞƌĨŝŶĂŶĐĞĂƌƌĂŶŐĞŵĞŶƚƐŽƌĐĂƉŝƚĂůƌĂŝƐŝŶŐƐ͕ŝƚŵĂLJŶŽƚďĞĂďůĞƚŽĨƵůůLJĚĞǀĞůŽƉŝƚƐƉƌŽũĞĐƚƐĂŶĚƚŚŝƐ ŵĂLJŚĂǀĞĂĐŽŶƐĞƋƵĞŶƚŝĂůŝŵƉĂĐƚŽŶƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨƚŚĞƌĞůĂƚĞĚĞdžƉůŽƌĂƚŝŽŶĂƐƐĞƚƐĂŶĚƚŚĞŝŶǀĞƐƚŵĞŶƚŽĨƚŚĞƉĂƌĞŶƚĐŽŵƉĂŶLJŝŶ ŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ͘

;ĐͿĂƐŝƐ ŽĨĐŽŶƐŽůŝĚĂƚŝŽŶ

;ŝͿ^ƵďƐŝĚŝĂƌŝĞƐ

dŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶĐŽƌƉŽƌĂƚĞƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞŽŵƉĂŶLJĂŶĚĞŶƚŝƚŝĞƐĐŽŶƚƌŽůůĞĚďLJƚŚĞŽŵƉĂŶLJ;ŝƚƐ ƐƵďƐŝĚŝĂƌŝĞƐͿŵĂĚĞƵƉƚŽϯϬ:ƵŶĞĞĂĐŚLJĞĂƌ͘

tŚĞƌĞƚŚĞĐŽŵƉĂŶLJŚĂƐĐŽŶƚƌŽůŽǀĞƌĂŶŝŶǀĞƐƚĞĞ͕ŝƚŝƐĐůĂƐƐŝĨŝĞĚĂƐĂƐƵďƐŝĚŝĂƌLJ͘ dŚĞĐŽŵƉĂŶLJĐŽŶƚƌŽůƐĂŶŝŶǀĞƐƚĞĞŝĨĂůůƚŚƌĞĞŽĨƚŚĞ ĨŽůůŽǁŝŶŐĞůĞŵĞŶƚƐĂƌĞƉƌĞƐĞŶƚ͗ƉŽǁĞƌŽǀĞƌƚŚĞŝŶǀĞƐƚĞĞ͕ĞdžƉŽƐƵƌĞƚŽǀĂƌŝĂďůĞƌĞƚƵƌŶƐĨƌŽŵƚŚĞŝŶǀĞƐƚĞĞ͕ĂŶĚƚŚĞĂďŝůŝƚLJŽĨƚŚĞŝŶǀĞƐƚŽƌ ƚŽƵƐĞŝƚƐƉŽǁĞƌƚŽĂĨĨĞĐƚƚŚŽƐĞǀĂƌŝĂďůĞƌĞƚƵƌŶƐ͘ ŽŶƚƌŽůŝƐƌĞĂƐƐĞƐƐĞĚǁŚĞŶĞǀĞƌĨĂĐƚƐĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐŝŶĚŝĐĂƚĞƚŚĂƚƚŚĞƌĞŵĂLJďĞĂ ĐŚĂŶŐĞŝŶĂŶLJŽĨƚŚĞƐĞĞůĞŵĞŶƚƐŽĨĐŽŶƚƌŽů͘

EKd ϭ KhEd/E'WK>//^ ;ĐŽŶƚŝŶƵĞĚͿ

;ĐͿĂƐŝƐ ŽĨĐŽŶƐŽůŝĚĂƚŝŽŶ ;ĐŽŶƚŝŶƵĞĚͿ

dŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƉƌĞƐĞŶƚƚŚĞƌĞƐƵůƚƐŽĨƚŚĞĐŽŵƉĂŶLJĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ;ΗƚŚĞ'ƌŽƵƉΗͿĂƐŝĨƚŚĞLJĨŽƌŵĞĚĂƐŝŶŐůĞ ĞŶƚŝƚLJ͘ /ŶƚĞƌĐŽŵƉĂŶLJƚƌĂŶƐĂĐƚŝŽŶƐĂŶĚďĂůĂŶĐĞƐďĞƚǁĞĞŶŐƌŽƵƉĐŽŵƉĂŶŝĞƐĂƌĞƚŚĞƌĞĨŽƌĞĞůŝŵŝŶĂƚĞĚŝŶĨƵůů͘

dŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶĐŽƌƉŽƌĂƚĞƚŚĞƌĞƐƵůƚƐŽĨďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƐƵƐŝŶŐƚŚĞĂĐƋƵŝƐŝƚŝŽŶŵĞƚŚŽĚ͘ /ŶƚŚĞƐƚĂƚĞŵĞŶƚ ŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͕ƚŚĞĂĐƋƵŝƌĞĞΖƐŝĚĞŶƚŝĨŝĂďůĞĂƐƐĞƚƐ͕ůŝĂďŝůŝƚŝĞƐĂŶĚĐŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚŝĞƐĂƌĞŝŶŝƚŝĂůůLJƌĞĐŽŐŶŝƐĞĚĂƚƚŚĞŝƌĨĂŝƌǀĂůƵĞƐĂƚ ƚŚĞĂĐƋƵŝƐŝƚŝŽŶĚĂƚĞ͘ dŚĞƌĞƐƵůƚƐŽĨĂĐƋƵŝƌĞĚŽƉĞƌĂƚŝŽŶƐĂƌĞŝŶĐůƵĚĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨƌŽŵƚŚĞ ĚĂƚĞŽŶǁŚŝĐŚĐŽŶƚƌŽůŝƐŽďƚĂŝŶĞĚ͘ dŚĞLJĂƌĞĚĞĐŽŶƐŽůŝĚĂƚĞĚĨƌŽŵƚŚĞĚĂƚĞŽŶǁŚŝĐŚĐŽŶƚƌŽůĐĞĂƐĞƐ͘

dŚĞ ƌĞƐƵůƚƐ ŽĨ ƐƵďƐŝĚŝĂƌŝĞƐ ĂĐƋƵŝƌĞĚ Žƌ ĚŝƐƉŽƐĞĚ ŽĨ ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌ ĂƌĞ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞĨƌŽŵƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨĂĐƋƵŝƐŝƚŝŽŶŽƌƵƉƚŽƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨĚŝƐƉŽƐĂů͕ĂƐĂƉƉƌŽƉƌŝĂƚĞ͘tŚĞƌĞŶĞĐĞƐƐĂƌLJ͕ĂĚũƵƐƚŵĞŶƚƐĂƌĞ ŵĂĚĞƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƐƵďƐŝĚŝĂƌŝĞƐƚŽďƌŝŶŐƚŚĞĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐŝŶƚŽůŝŶĞǁŝƚŚƚŚŽƐĞƵƐĞĚďLJƚŚĞ'ƌŽƵƉ͘

EŽŶͲĐŽŶƚƌŽůůŝŶŐ ŝŶƚĞƌĞƐƚƐ ĂƌĞ ĂůůŽĐĂƚĞĚ ƚŚĞŝƌ ƐŚĂƌĞ ŽĨ ŶĞƚ ƉƌŽĨŝƚ ĂĨƚĞƌ ƚĂdž ŝŶ ƚŚĞ ƐƚĂƚĞŵĞŶƚ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĂŶĚ ƉƌĞƐĞŶƚĞĚ ǁŝƚŚŝŶĞƋƵŝƚLJŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͕ƐĞƉĂƌĂƚĞůLJĨƌŽŵƚŚĞĞƋƵŝƚLJŽĨƚŚĞŽǁŶĞƌƐŽĨƚŚĞƉĂƌĞŶƚ͘

;ŝŝͿdƌĂŶƐĂĐƚŝŽŶƐĞůŝŵŝŶĂƚĞĚŽŶĐŽŶƐŽůŝĚĂƚŝŽŶ

/ŶƚƌĂͲŐƌŽƵƉďĂůĂŶĐĞƐĂŶĚĂŶLJƵŶƌĞĂůŝƐĞĚŐĂŝŶƐĂŶĚůŽƐƐĞƐŽƌŝŶĐŽŵĞĂŶĚĞdžƉĞŶƐĞƐĂƌŝƐŝŶŐĨƌŽŵŝŶƚƌĂͲŐƌŽƵƉƚƌĂŶƐĂĐƚŝŽŶƐ͕ĂƌĞĞůŝŵŝŶĂƚĞĚ ŝŶƉƌĞƉĂƌŝŶŐƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

;ĚͿ &ŽƌĞŝŐŶ ĐƵƌƌĞŶĐLJ

dƌĂŶƐĂĐƚŝŽŶƐŝŶ ĨŽƌĞŝŐŶĐƵƌƌĞŶĐŝĞƐĂƌĞ ƚƌĂŶƐůĂƚĞĚĂƚ ƚŚĞ ĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƌĂƚĞƌƵůŝŶŐĂƚ ƚŚĞĚĂƚĞŽĨ ƚŚĞ ƚƌĂŶƐĂĐƚŝŽŶ͘DŽŶĞƚĂƌLJĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĚĞŶŽŵŝŶĂƚĞĚ ŝŶ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐŝĞƐ Ăƚ ƚŚĞ LJĞĂƌͲĞŶĚ ĂƌĞ ƚƌĂŶƐůĂƚĞĚ ŝŶƚŽƵƐƚƌĂůŝĂŶ ĚŽůůĂƌƐ Ăƚ ƚŚĞ ĨŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞ ƌĂƚĞ ƌƵůŝŶŐĂƚƚŚĂƚĚĂƚĞ͘ŶLJƌĞƐƵůƚĂŶƚĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞĐƵƌƌĞŶĐLJƚƌĂŶƐůĂƚŝŽŶĂŵŽƵŶƚŝƐƚĂŬĞŶƚŽƚŚĞƉƌŽĨŝƚĂŶĚůŽƐƐ͘

dŚĞ ĨƵŶĐƚŝŽŶĂů ĐƵƌƌĞŶĐLJ ŽĨ ƚŚĞ ƐƵďƐŝĚŝĂƌŝĞƐ ŝŶ ƵƐƚƌĂůŝĂ ŝƐ ĐŽŶƐŝĚĞƌĞĚ ƚŽ ďĞ ƵƐƚƌĂůŝĂŶ ŽůůĂƌƐ ;ΨͿ͘ dŚĞ ĨƵŶĐƚŝŽŶĂů ĐƵƌƌĞŶĐLJ ŽĨ ƚŚĞ ƐƵďƐŝĚŝĂƌŝĞƐŝŶƚŚĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐŝƐĐŽŶƐŝĚĞƌĞĚƚŽďĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐŽůůĂƌƐ ;^ΨͿ͘ dŚĞ ĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJŽĨƚŚĞƐƵďƐŝĚŝĂƌŝĞƐŝŶ ĐƵĂĚŽƌ ŝƐ ĐŽŶƐŝĚĞƌĞĚ ƚŽ ďĞ hŶŝƚĞĚ ^ƚĂƚĞƐ ŽůůĂƌƐ ;h^ΨͿ͘ dŚĞ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ŽĨ ƚŚĞ ĞŶƚŝƚŝĞƐ ĂƌĞ ƚƌĂŶƐůĂƚĞĚ ƚŽ ƚŚĞ ŐƌŽƵƉ ƉƌĞƐĞŶƚĂƚŝŽŶĐƵƌƌĞŶĐLJĂƚƌĂƚĞƐŽĨĞdžĐŚĂŶŐĞƌƵůŝŶŐĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ͘ /ŶĐŽŵĞĂŶĚĞdžƉĞŶƐĞŝƚĞŵƐĂƌĞƚƌĂŶƐůĂƚĞĚĂƚĂǀĞƌĂŐĞƌĂƚĞƐĨŽƌ ƚŚĞƉĞƌŝŽĚ͘

/ŶƚĞƌĐŽŵƉĂŶLJůŽĂŶƐďĞƚǁĞĞŶƚŚĞƉĂƌĞŶƚĂŶĚƐƵďƐŝĚŝĂƌŝĞƐĂƌĞƚƌĂŶƐůĂƚĞĚĂƚƚŚĞƌĂƚĞƚŚĞůŽĂŶǁĂƐŵĂĚĞƚŽƚŚĞƐƵďƐŝĚŝĂƌLJ͘ŶLJĞdžĐŚĂŶŐĞ ĚŝĨĨĞƌĞŶĐĞƐĂƌĞƚĂŬĞŶƚŽŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͘KŶĚŝƐƉŽƐĂůŽĨĂŶĞŶƚŝƚLJ͕ĐƵŵƵůĂƚŝǀĞĞdžĐŚĂŶŐĞĚŝĨĨĞƌĞŶĐĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ ŝŶĐŽŵĞƐƚĂƚĞŵĞŶƚĂƐƉĂƌƚŽĨƚŚĞƉƌŽĨŝƚŽƌůŽƐƐŽŶƐĂůĞ͘

dŚĞŽŵƉĂŶLJ͛Ɛ ĨƵŶĐƚŝŽŶĂů ĂŶĚ ƉƌĞƐĞŶƚĂƚŝŽŶ ĐƵƌƌĞŶĐLJ ŝƐƵƐƚƌĂůŝĂŶ ĚŽůůĂƌƐ ;ΨͿ͘ dŚĞĞdžĐŚĂŶŐĞ ƌĂƚĞƐ ĂƉƉůŝĞĚ ŝŶ ƉƌĞƉĂƌĂƚŝŽŶ ŽĨ ƚŚĞƐĞ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƚϯϬ :ƵŶĞϮϬϭϳǁĞƌĞάϬ͘ϱϵϱϭͬΨϭ͘Ϭ͕h^ΨϬ͘ϳϲϵϮͬΨϭ͘ϬĂŶĚ^Ψϱ͘ϵϰϬϭͬΨϭ͘Ϭ ;ϯϬ :ƵŶĞϮϬϭϲ͗άϬ͘ϱϱϯϱϵͬΨϭ͘Ϭ͕ h^ΨϬ͘ϳϰϱϭͬΨϭ͘ϬĂŶĚ^Ψϱ͘ϴϲϯϱͬΨϭ͘ϬͿ͘dŚĞĂǀĞƌĂŐĞĞdžĐŚĂŶŐĞƌĂƚĞĂƉƉůŝĞĚĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϭϳǁĂƐh^ΨϬ͘ϳϱϰϱͬΨϭ͘Ϭ ;ϮϬϭϲ͗h^ΨϬ͘ϳϮϴϲͬΨϭ͘ϬͿ͘

;ĞͿ WƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ

;ŝͿKǁŶĞĚĂƐƐĞƚƐ

/ƚĞŵƐ ŽĨ ƉƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ĂƌĞ ƐƚĂƚĞĚ Ăƚ ĐŽƐƚ ůĞƐƐ ĂĐĐƵŵƵůĂƚĞĚ ĚĞƉƌĞĐŝĂƚŝŽŶ ;ƐĞĞ ďĞůŽǁͿ ĂŶĚ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐĞƐ ;ƐĞĞ ĂĐĐŽƵŶƚŝŶŐƉŽůŝĐLJŝďĞůŽǁͿ͘

;ŝŝͿ^ƵďƐĞƋƵĞŶƚĐŽƐƚƐ

dŚĞ'ƌŽƵƉƌĞĐŽŐŶŝƐĞƐŝŶƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚƚŚĞĐŽƐƚŽĨƌĞƉůĂĐŝŶŐƉĂƌƚŽĨƐƵĐŚĂŶŝƚĞŵǁŚĞŶƚŚĂƚ ĐŽƐƚŝƐŝŶĐƵƌƌĞĚŝĨŝƚŝƐƉƌŽďĂďůĞƚŚĂƚƚŚĞĨƵƚƵƌĞĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞŝƚĞŵǁŝůůĨůŽǁƚŽƚŚĞ'ƌŽƵƉĂŶĚƚŚĞĐŽƐƚŽĨƚŚĞ ŝƚĞŵĐĂŶďĞŵĞĂƐƵƌĞĚƌĞůŝĂďůLJ͘ůůŽƚŚĞƌĐŽƐƚƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĂƐĂŶĞdžƉĞŶƐĞĂƐŝŶĐƵƌƌĞĚ͘

EKd ϭ KhEd/E'WK>//^ ;ĐŽŶƚŝŶƵĞĚͿ

;ĞͿ WƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ;ĐŽŶƚŝŶƵĞĚͿ

;ŝŝŝͿĞƉƌĞĐŝĂƚŝŽŶ

ĞƉƌĞĐŝĂƚŝŽŶŝƐĐŚĂƌŐĞĚƚŽƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐŽĨĞĂĐŚŝƚĞŵ ŽĨ ƉƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ƵƐĞĚ ŝŶ ĐŽƌƉŽƌĂƚĞ ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ŽƉĞƌĂƚŝŽŶƐ͘ ĞƉƌĞĐŝĂƚŝŽŶ ŝƐ ĐĂƉŝƚĂůŝƐĞĚ ƚŽ ĞdžƉůŽƌĂƚŝŽŶ ŽŶ Ă ƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐŽĨĞĂĐŚŝƚĞŵŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚƵƐĞĚŝŶĞdžƉůŽƌĂƚŝŽŶŽƉĞƌĂƚŝŽŶƐ͘dŚĞ ĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐŽĨĂůůĐĂƚĞŐŽƌŝĞƐŽĨĂƐƐĞƚƐĂƌĞ͗

Office Equipment	3 years
Furniture and Fittings	5 years
Motor Vehicles	5 years
Plant and Equipment	5 years
Land and Buildings	12 years

dŚĞƌĞƐŝĚƵĂůǀĂůƵĞƐĂŶĚƵƐĞĨƵůůŝǀĞƐĂƌĞĂƐƐĞƐƐĞĚĂŶŶƵĂůůLJ͘'ĂŝŶƐĂŶĚůŽƐƐĞƐŽŶĚŝƐƉŽƐĂůĂƌĞĚĞƚĞƌŵŝŶĞĚďLJĐŽŵƉĂƌŝŶŐƉƌŽĐĞĞĚƐǁŝƚŚ ĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐĂŶĚĂƌĞŝŶĐůƵĚĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͘

;ĨͿ /ŶƚĂŶŐŝďůĞ ĂƐƐĞƚƐ

ĞĨĞƌƌĞĚĞdžƉůŽƌĂƚŝŽŶĐŽƐƚƐ

ŽƐƚƐ ŝŶĐƵƌƌĞĚ ŝŶ ƌĞůĂƚŝŽŶ ƚŽ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ŽĨ͕ Žƌ ĂƉƉůŝĐĂƚŝŽŶ ĨŽƌ͕ Ă ƚĞŶĞŵĞŶƚ ĂƌĞĂ ĂƌĞ ĐĂƉŝƚĂůŝƐĞĚ ǁŚĞƌĞ ƚŚĞƌĞ ŝƐ Ă ƌĞĂƐŽŶĂďůĞ ĞdžƉĞĐƚĂƚŝŽŶƚŚĂƚƚŚĞƚĞŶĞŵĞŶƚǁŝůůďĞĂĐƋƵŝƌĞĚŽƌŐƌĂŶƚĞĚ͘tŚĞƌĞƚŚĞ'ƌŽƵƉŝƐƵŶƐƵĐĐĞƐƐĨƵůŝŶĂĐƋƵŝƌŝŶŐŽƌďĞŝŶŐŐƌĂŶƚĞĚĂƚĞŶĞŵĞŶƚ ĂƌĞĂ͕ĂŶLJƐƵĐŚĐŽƐƚƐĂƌĞŝŵŵĞĚŝĂƚĞůLJĞdžƉĞŶƐĞĚ͘

ůůŽƚŚĞƌĐŽƐƚƐŝŶĐƵƌƌĞĚƉƌŝŽƌƚŽŽďƚĂŝŶŝŶŐƚŚĞůĞŐĂůƌŝŐŚƚƚŽƵŶĚĞƌƚĂŬĞĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĂĐƚŝǀŝƚŝĞƐŽŶĂƉƌŽũĞĐƚĂƌĞǁƌŝƚƚĞŶͲŽĨĨ ĂƐŝŶĐƵƌƌĞĚ͘

džƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĐŽƐƚƐĂƌŝƐŝŶŐĨŽůůŽǁŝŶŐƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨĂŶĞdžƉůŽƌĂƚŝŽŶůŝĐĞŶĐĞĂƌĞĐĂƉŝƚĂůŝƐĞĚŽŶĂƉƌŽũĞĐƚͲďLJͲƉƌŽũĞĐƚďĂƐŝƐ͕ ƉĞŶĚŝŶŐĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞƚĞĐŚŶŝĐĂůĨĞĂƐŝďŝůŝƚLJĂŶĚĐŽŵŵĞƌĐŝĂůǀŝĂďŝůŝƚLJŽĨƚŚĞƉƌŽũĞĐƚ͘ŽƐƚƐŝŶĐƵƌƌĞĚŝŶĐůƵĚĞĂƉƉƌŽƉƌŝĂƚĞƚĞĐŚŶŝĐĂů ĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝǀĞŽǀĞƌŚĞĂĚƐ͘ĞĨĞƌƌĞĚĞdžƉůŽƌĂƚŝŽŶĐŽƐƚƐĂƌĞĐĂƌƌŝĞĚĂƚŚŝƐƚŽƌŝĐĂůĐŽƐƚůĞƐƐĂŶLJŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐƌĞĐŽŐŶŝƐĞĚ͘

/ĨĂŶĞdžƉůŽƌĂƚŝŽŶƉƌŽũĞĐƚŝƐƐƵĐĐĞƐƐĨƵů͕ƚŚĞƌĞůĂƚĞĚĞdžƉĞŶĚŝƚƵƌĞƐǁŝůůďĞƚƌĂŶƐĨĞƌƌĞĚƚŽŵŝŶŝŶŐĂƐƐĞƚƐĂŶĚĂŵŽƌƚŝƐĞĚŽǀĞƌƚŚĞĞƐƚŝŵĂƚĞĚ ůŝĨĞŽĨƚŚĞŽƌĞƌĞƐĞƌǀĞƐŽŶĂƵŶŝƚŽĨƉƌŽĚƵĐƚŝŽŶďĂƐŝƐ͘

dŚĞ ƌĞĐŽǀĞƌĂďŝůŝƚLJ ŽĨ ĚĞĨĞƌƌĞĚ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ĐŽƐƚƐ ŝƐ ĚĞƉĞŶĚĞŶƚ ƵƉŽŶ ƚŚĞ ĚŝƐĐŽǀĞƌLJ ŽĨ ĞĐŽŶŽŵŝĐĂůůLJ ƌĞĐŽǀĞƌĂďůĞ ŽƌĞ ƌĞƐĞƌǀĞƐ͕ƚŚĞĂďŝůŝƚLJŽĨƚŚĞ'ƌŽƵƉƚŽŽďƚĂŝŶƚŚĞŶĞĐĞƐƐĂƌLJĨŝŶĂŶĐŝŶŐƚŽĐŽŵƉůĞƚĞƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨŽƌĞƌĞƐĞƌǀĞƐĂŶĚĨƵƚƵƌĞƉƌŽĨŝƚĂďůĞ ƉƌŽĚƵĐƚŝŽŶŽƌƉƌŽĐĞĞĚƐĨƌŽŵƚŚĞĚŝƐƉŽƐĂůƚŚĞƌĞŽĨ͘

;ŐͿ >ŽĂŶƐ ƌĞĐĞŝǀĂďůĞƐ͕ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐ ĂŶĚ ƉƌĞƉĂLJŵĞŶƚƐ

KƚŚĞƌƌĞĐĞŝǀĂďůĞƐĂŶĚƉƌĞƉĂLJŵĞŶƚƐĂƌĞŶŽƚŝŶƚĞƌĞƐƚďĞĂƌŝŶŐĂŶĚĂƌĞƐƚĂƚĞĚĂƚƚŚĞŝƌŶŽŵŝŶĂůĂŵŽƵŶƚůĞƐƐƉƌŽǀŝƐŝŽŶĨŽƌŝŵƉĂŝƌŵĞŶƚ͘

;ŚͿ ĂƐŚ ĂŶĚ ĐĂƐŚ ĞƋƵŝǀĂůĞŶƚƐ

ĂƐŚ ĂŶĚ ĐĂƐŚ ĞƋƵŝǀĂůĞŶƚƐ ŝŶĐůƵĚĞ ĐĂƐŚ ŝŶ ŚĂŶĚ͕ ĚĞƉŽƐŝƚƐ ŚĞůĚ Ăƚ ĐĂůů ǁŝƚŚ ďĂŶŬƐ͕ ŽƚŚĞƌ ƐŚŽƌƚͲƚĞƌŵ ŚŝŐŚůLJ ůŝƋƵŝĚ ŝŶǀĞƐƚŵĞŶƚƐ ǁŝƚŚ ŽƌŝŐŝŶĂůŵĂƚƵƌŝƚŝĞƐŽĨƚŚƌĞĞŵŽŶƚŚƐŽƌůĞƐƐ͕ĂŶĚďĂŶŬŽǀĞƌĚƌĂĨƚƐ͘ĂŶŬŽǀĞƌĚƌĂĨƚƐĂƌĞƐŚŽǁŶǁŝƚŚŝŶďŽƌƌŽǁŝŶŐƐŝŶĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐŽŶ ƚŚĞƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͘

;ŝͿ /ŵƉĂŝƌŵĞŶƚ

tŚĞŶĞǀĞƌ ĞǀĞŶƚƐ Žƌ ĐŚĂŶŐĞƐ ŝŶ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ŝŶĚŝĐĂƚĞ ƚŚĂƚ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŽĨ ĂŶ ĂƐƐĞƚ ŵĂLJ ŶŽƚ ďĞ ƌĞĐŽǀĞƌĂďůĞ ƚŚĞ ĂƐƐĞƚ ŝƐ ƌĞǀŝĞǁĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚ͘ŶĂƐƐĞƚ͛ƐĐĂƌƌLJŝŶŐǀĂůƵĞŝƐǁƌŝƚƚĞŶĚŽǁŶƚŽŝƚƐĞƐƚŝŵĂƚĞĚƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ;ďĞŝŶŐƚŚĞŚŝŐŚĞƌŽĨƚŚĞĨĂŝƌ ǀĂůƵĞůĞƐƐĐŽƐƚƐƚŽƐĞůůĂŶĚǀĂůƵĞŝŶƵƐĞͿŝĨƚŚĂƚŝƐůĞƐƐƚŚĂŶƚŚĞĂƐƐĞƚ͛ƐĐĂƌƌLJŝŶŐĂŵŽƵŶƚ͘

EKd ϭ KhEd/E'WK>//^ ;ŽŶƚŝŶƵĞĚͿ

;ŝͿ /ŵƉĂŝƌŵĞŶƚ ;ĐŽŶƚŝŶƵĞĚͿ

/ŵƉĂŝƌŵĞŶƚ ƌĞǀŝĞǁƐ ĨŽƌ ĚĞĨĞƌƌĞĚ ĞdžƉůŽƌĂƚŝŽŶ ĐŽƐƚƐ ĂƌĞ ĐĂƌƌŝĞĚ ŽƵƚ ŽŶ Ă ƉƌŽũĞĐƚͲďLJͲƉƌŽũĞĐƚ ďĂƐŝƐ͕ ǁŝƚŚ ĞĂĐŚ ƉƌŽũĞĐƚ ƌĞƉƌĞƐĞŶƚŝŶŐ Ă ƉŽƚĞŶƚŝĂůƐŝŶŐůĞĐĂƐŚŐĞŶĞƌĂƚŝŶŐƵŶŝƚ͘ŶŝŵƉĂŝƌŵĞŶƚƌĞǀŝĞǁŝƐƵŶĚĞƌƚĂŬĞŶǁŚĞŶŝŶĚŝĐĂƚŽƌƐŽĨŝŵƉĂŝƌŵĞŶƚĂƌŝƐĞ͕ƚLJƉŝĐĂůůLJǁŚĞŶŽŶĞŽĨ ƚŚĞĨŽůůŽǁŝŶŐĐŝƌĐƵŵƐƚĂŶĐĞƐĂƉƉůLJ͗

dŚĞƉĞƌŝŽĚĨŽƌǁŚŝĐŚƚŚĞĞŶƚŝƚLJŚĂƐƚŚĞƌŝŐŚƚƚŽĞdžƉůŽƌĞŝŶƚŚĞƐƉĞĐŝĨŝĐĂƌĞĂŚĂƐĞdžƉŝƌĞĚĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚŽƌǁŝůůĞdžƉŝƌĞ ŝŶƚŚĞŶĞĂƌĨƵƚƵƌĞ͕ĂŶĚŝƐŶŽƚĞdžƉĞĐƚĞĚƚŽďĞƌĞŶĞǁĞĚ͖
^ƵďƐƚĂŶƚŝǀĞĞdžƉĞŶĚŝƚƵƌĞŽŶĨƵƌƚŚĞƌĞdžƉůŽƌĂƚŝŽŶĨŽƌĂŶĚĞǀĂůƵĂƚŝŽŶŽĨŵŝŶĞƌĂůƌĞƐŽƵƌĐĞƐŝŶƚŚĞƐƉĞĐŝĨŝĐĂƌĞĂŝƐŶĞŝƚŚĞƌ ďƵĚŐĞƚĞĚŶŽƌƉůĂŶŶĞĚ͖
džƉůŽƌĂƚŝŽŶĨŽƌĂŶĚĞǀĂůƵĂƚŝŽŶŽĨŵŝŶĞƌĂůƌĞƐŽƵƌĐĞƐŝŶƚŚĞƐƉĞĐŝĨŝĐĂƌĞĂŚĂǀĞŶŽƚůĞĚƚŽƚŚĞĚŝƐĐŽǀĞƌLJŽĨĐŽŵŵĞƌĐŝĂůůLJ ǀŝĂďůĞƋƵĂŶƚŝƚŝĞƐŽĨŵŝŶĞƌĂů ƌĞƐŽƵƌĐĞƐĂŶĚ ƚŚĞĞŶƚŝƚLJŚĂƐĚĞĐŝĚĞĚ ƚŽĚŝƐĐŽŶƚŝŶƵĞƐƵĐŚĂĐƚŝǀŝƚŝĞƐŝŶ ƚŚĞƐƉĞĐŝĨŝĐĂƌĞĂ͖ ĂŶĚ
^ƵĨĨŝĐŝĞŶƚ ĚĂƚĂĞdžŝƐƚ ƚŽŝŶĚŝĐĂƚĞ ƚŚĂƚ͕ĂůƚŚŽƵŐŚĂ ĚĞǀĞůŽƉŵĞŶƚ ŝŶ ƚŚĞ ƐƉĞĐŝĨŝĐĂƌĞĂŝƐůŝŬĞůLJ ƚŽ ƉƌŽĐĞĞĚ͕ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚŽĨƚŚĞĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĂƐƐĞƚŝƐƵŶůŝŬĞůLJƚŽďĞƌĞĐŽǀĞƌĞĚŝŶĨƵůůĨƌŽŵƐƵĐĐĞƐƐĨƵůĚĞǀĞůŽƉŵĞŶƚŽƌďLJ ƐĂůĞ͘

;ũͿ ^ŚĂƌĞ ĐĂƉŝƚĂů

;ŝͿKƌĚŝŶĂƌLJƐŚĂƌĞĐĂƉŝƚĂů

dŚĞŽŵƉĂŶLJ͛ƐŽƌĚŝŶĂƌLJƐŚĂƌĞƐĂƌĞĐůĂƐƐŝĨŝĞĚĂƐĞƋƵŝƚLJ͘

;ŝŝͿ^ŚĂƌĞƐŝƐƐƵĞĚƚŽƐĞƚƚůĞůŝĂďŝůŝƚŝĞƐ

dŚĞ 'ƌŽƵƉ ĨƌŽŵ ƚŝŵĞ ƚŽ ƚŝŵĞ ƐĞƚƚůĞƐ ĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐ ďLJ ŝƐƐƵŝŶŐ ƐŚĂƌĞƐ͘ dŚĞ 'ƌŽƵƉ ĐŽŶƐŝĚĞƌƐ ƚŚĞƐĞ ĞƋƵŝƚLJ ŝŶƐƚƌƵŵĞŶƚƐ ĂƐ ΖĐŽŶƐŝĚĞƌĂƚŝŽŶƉĂŝĚΖĂŶĚĂĐĐŽƌĚŝŶŐůLJĚĞƌĞĐŽŐŶŝƐĞƐƚŚĞĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚLJ͘

dŚĞĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƐŝƐƐƵĞĚĂƌĞŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ͕ǁŝƚŚƚŚĞĚŝĨĨĞƌĞŶĐĞďĞŝŶŐƚĂŬĞŶƚŽƚŚĞŝŶĐŽŵĞƐƚĂƚĞŵĞŶƚ͕ƵŶůĞƐƐƚŚĞĐƌĞĚŝƚŽƌ ŝƐ ĂůƐŽ Ă ĚŝƌĞĐƚ Žƌ ŝŶĚŝƌĞĐƚ ƐŚĂƌĞŚŽůĚĞƌ ĂŶĚ ŝƐ ĂĐƚŝŶŐ ŝŶ ŝƚƐ ĐĂƉĂĐŝƚLJ ĂƐ ĚŝƌĞĐƚ Žƌ ŝŶĚŝƌĞĐƚ ƐŚĂƌĞŚŽůĚĞƌ͘ tŚĞŶ ƚŚĞ ĐƌĞĚŝƚŽƌ ŝƐ ĂĐƚŝŶŐ ŝŶ ĐĂƉĂĐŝƚLJĂƐĂĚŝƌĞĐƚŽƌŝŶĚŝƌĞĐƚƐŚĂƌĞŚŽůĚĞƌƚŚĞǀĂůƵĞŽĨƐŚĂƌĞƐŝƐƐƵĞĚŝƐĚĞĞŵĞĚƚŽďĞƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨƚŚĞůŝĂďŝůŝƚLJ͘

;ŬͿ ŵƉůŽLJĞĞďĞŶĞĨŝƚƐ

;ŝͿ^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƚƌĂŶƐĂĐƚŝŽŶƐ

dŚĞ'ƌŽƵƉŵĞĂƐƵƌĞƐƚŚĞĐŽƐƚŽĨĞƋƵŝƚLJͲƐĞƚƚůĞĚƚƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚĞŵƉůŽLJĞĞƐďLJƌĞĨĞƌĞŶĐĞƚŽƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƐĂƚ ƚŚĞĚĂƚĞĂƚǁŚŝĐŚƚŚĞLJĂƌĞŐƌĂŶƚĞĚĂŶĚĂŵŽƌƚŝƐĞĚŽǀĞƌƚŚĞǀĞƐƚŝŶŐƉĞƌŝŽĚƐ͘^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƐƚŽŶŽŶͲĞŵƉůŽLJĞĞƐĂƌĞŵĞĂƐƵƌĞĚĂƚ ƚŚĞ ĨĂŝƌǀĂůƵĞŽĨŐŽŽĚƐŽƌƐĞƌǀŝĐĞƐƌĞŶĚĞƌĞĚŽƌƚŚĞ ĨĂŝƌǀĂůƵĞŽĨƚŚĞĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚŝƐƐƵĞĚ͕ŝĨŝƚŝƐĚĞƚĞƌŵŝŶĞĚƚŚĞ ĨĂŝƌǀĂůƵĞŽĨƚŚĞ ŐŽŽĚƐŽƌƐĞƌǀŝĐĞƐĐĂŶŶŽƚďĞƌĞůŝĂďůLJŵĞĂƐƵƌĞĚ͘ƐƚŝŵĂƚŝŶŐ ĨĂŝƌǀĂůƵĞ ĨŽƌƐŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƚƌĂŶƐĂĐƚŝŽŶƐƌĞƋƵŝƌĞƐĚĞƚĞƌŵŝŶŝŶŐƚŚĞ ŵŽƐƚ ĂƉƉƌŽƉƌŝĂƚĞ ǀĂůƵĂƚŝŽŶ ŵŽĚĞů͕ ǁŚŝĐŚ ŝƐ ĚĞƉĞŶĚĞŶƚ ŽŶ ƚŚĞ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƚŝŽŶƐ ŽĨ ƚŚĞ ŐƌĂŶƚ͘ dŚŝƐ ĞƐƚŝŵĂƚĞ ĂůƐŽ ƌĞƋƵŝƌĞƐ ĚĞƚĞƌŵŝŶŝŶŐƚŚĞŵŽƐƚĂƉƉƌŽƉƌŝĂƚĞŝŶƉƵƚƐƚŽƚŚĞǀĂůƵĂƚŝŽŶŵŽĚĞůŝŶĐůƵĚŝŶŐƚŚĞĞdžƉĞĐƚĞĚůŝĨĞŽĨƚŚĞƐŚĂƌĞŽƉƚŝŽŶ͕ǀŽůĂƚŝůŝƚLJĂŶĚĚŝǀŝĚĞŶĚ LJŝĞůĚ ĂŶĚ ŵĂŬŝŶŐ ĂƐƐƵŵƉƚŝŽŶƐ ĂďŽƵƚ ƚŚĞŵ͘ dŚĞ ĂƐƐƵŵƉƚŝŽŶƐ ĂŶĚ ŵŽĚĞů ƵƐĞĚ ĨŽƌ ĞƐƚŝŵĂƚŝŶŐ ĨĂŝƌ ǀĂůƵĞ ĨŽƌ ƐŚĂƌĞ ďĂƐĞĚ ƉĂLJŵĞŶƚ ƚƌĂŶƐĂĐƚŝŽŶƐĂƌĞĚŝƐĐůŽƐĞĚŝŶEŽƚĞϭϵ͘

;ŝŝͿZĞƚŝƌĞŵĞŶƚďĞŶĞĨŝƚƐ

dŚĞ 'ƌŽƵƉ ŽƉĞƌĂƚĞƐ Ă ĚĞĨŝŶĞĚ ĐŽŶƚƌŝďƵƚŝŽŶ ƉĞŶƐŝŽŶ ƐĐŚĞŵĞ͘ ŽŶƚƌŝďƵƚŝŽŶƐ ƉĂLJĂďůĞ ĨŽƌ ƚŚĞ LJĞĂƌ ĂƌĞ ĐŚĂƌŐĞĚ ƚŽ ƚŚĞ ƐƚĂƚĞŵĞŶƚ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͘

;ůͿ WƌŽǀŝƐŝŽŶƐ

WƌŽǀŝƐŝŽŶƐĂƌĞƌĞĐŽŐŶŝƐĞĚǁŚĞŶƚŚĞ'ƌŽƵƉŚĂƐĂůĞŐĂůŽƌĐŽŶƐƚƌƵĐƚŝǀĞŽďůŝŐĂƚŝŽŶĂƐĂƌĞƐƵůƚŽĨƉĂƐƚĞǀĞŶƚƐ͕ŝƚŝƐŵŽƌĞůŝŬĞůLJƚŚĂŶŶŽƚƚŚĂƚ ĂŶŽƵƚĨůŽǁŽĨƌĞƐŽƵƌĐĞƐǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƐĞƚƚůĞƚŚĞŽďůŝŐĂƚŝŽŶ͕ĂŶĚƚŚĞĂŵŽƵŶƚĐĂŶďĞƌĞůŝĂďůLJĞƐƚŝŵĂƚĞĚ͘

ĐŽŶƚŝŶŐĞŶƚĂƐƐĞƚŽƌůŝĂďŝůŝƚLJŝƐĚŝƐĐůŽƐĞĚŝŶƚŚĞŶŽƚĞƐƚŽƚŚĞ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐǁŚĞŶĂŶƵŶĐĞƌƚĂŝŶƚLJĞdžŝƐƚƐĂŶĚƚŚĞĂŵŽƵŶƚŽĨƚŚĞ ĂƐƐĞƚŽƌůŝĂďŝůŝƚLJĐĂŶŶŽƚďĞƌĞůŝĂďůLJŵĞĂƐƵƌĞĚ͘

EKd ϭ KhEd/E'WK>//^ ;ŽŶƚŝŶƵĞĚͿ

;ŵͿ dƌĂĚĞ ĂŶĚ ŽƚŚĞƌ ƉĂLJĂďůĞƐ

dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐĂƌĞŶŽƚŝŶƚĞƌĞƐƚďĞĂƌŝŶŐĂŶĚĂƌĞƐƚĂƚĞĚĂƚƚŚĞŝƌŶŽŵŝŶĂůǀĂůƵĞ͕ƵŶůĞƐƐƐĞƚƚůĞĚǁŝƚŚƐŚĂƌĞƐĂƐƉĞƌ;:Ϳ;ŝͿĂďŽǀĞ͘ dŚĞĞĨĨĞĐƚŽĨĚŝƐĐŽƵŶƚŝŶŐŝƐŝŵŵĂƚĞƌŝĂů͘

;ŶͿ ZĞǀĞŶƵĞ

ƵƌŝŶŐ ƚŚĞĞdžƉůŽƌĂƚŝŽŶ ƉŚĂƐĞ͕ĂŶLJ ƌĞǀĞŶƵĞŐĞŶĞƌĂƚĞĚ ĨƌŽŵŝŶĐŝĚĞŶƚĂů ƐĂůĞƐŝƐ ƚƌĞĂƚĞĚĂƐĂ ĐŽŶƚƌŝďƵƚŝŽŶ ƚŽǁĂƌĚƐ ƉƌĞǀŝŽƵƐůLJŝŶĐƵƌƌĞĚ ĐŽƐƚƐĂŶĚŽĨĨƐĞƚĂĐĐŽƌĚŝŶŐůLJ͘

;ŽͿ KƚŚĞƌ ŝŶĐŽŵĞ

KƚŚĞƌŝŶĐŽŵĞŝƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĂƐŝƚĂĐĐƌƵĞƐ͘

;ƉͿ &ŝŶĂŶĐŝŶŐ ĐŽƐƚƐ ĂŶĚ ŝŶĐŽŵĞ

;ŝͿ&ŝŶĂŶĐŝŶŐĐŽƐƚƐ

&ŝŶĂŶĐŝŶŐĐŽƐƚƐĐŽŵƉƌŝƐĞŝŶƚĞƌĞƐƚƉĂLJĂďůĞŽŶďŽƌƌŽǁŝŶŐƐĐĂůĐƵůĂƚĞĚƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚƌĂƚĞŵĞƚŚŽĚ͘

;ŝŝͿ&ŝŶĂŶĐĞŝŶĐŽŵĞ

/ŶƚĞƌĞƐƚŝŶĐŽŵĞŝƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĂƐŝƚĂĐĐƌƵĞƐ͕ƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚ͘

;ƋͿ dĂdžĂƚŝŽŶ

ĞĨĞƌƌĞĚƚĂdžŝƐƉƌŽǀŝĚĞĚƵƐŝŶŐƚŚĞďĂůĂŶĐĞƐŚĞĞƚůŝĂďŝůŝƚLJŵĞƚŚŽĚ͕ƉƌŽǀŝĚŝŶŐĨŽƌƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐďĞƚǁĞĞŶƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐŽĨ ĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĨŽƌĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐƉƵƌƉŽƐĞƐĂŶĚƚŚĞĂŵŽƵŶƚƐƵƐĞĚĨŽƌƚĂdžĂƚŝŽŶƉƵƌƉŽƐĞƐ͘ dŚĞĨŽůůŽǁŝŶŐƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ ĂƌĞ ŶŽƚ ƉƌŽǀŝĚĞĚ ĨŽƌ͗ ŐŽŽĚǁŝůů ŶŽƚ ĚĞĚƵĐƚŝďůĞ ĨŽƌ ƚĂdž ƉƵƌƉŽƐĞƐ͕ ƚŚĞ ŝŶŝƚŝĂů ƌĞĐŽŐŶŝƚŝŽŶ ŽĨ ĂƐƐĞƚƐ Žƌ ůŝĂďŝůŝƚŝĞƐ ƚŚĂƚ ĂĨĨĞĐƚ ŶĞŝƚŚĞƌ ĂĐĐŽƵŶƚŝŶŐŶŽƌƚĂdžĂďůĞƉƌŽĨŝƚ͕ĂŶĚĚŝĨĨĞƌĞŶĐĞƐƌĞůĂƚŝŶŐƚŽŝŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌŝĞƐƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚƚŚĞLJǁŝůůƉƌŽďĂďůLJŶŽƚƌĞǀĞƌƐĞŝŶ ƚŚĞ ĨŽƌĞƐĞĞĂďůĞ ĨƵƚƵƌĞ͘ dŚĞ ĂŵŽƵŶƚ ŽĨ ĚĞĨĞƌƌĞĚ ƚĂdž ƉƌŽǀŝĚĞĚ ŝƐ ďĂƐĞĚ ŽŶ ƚŚĞ ĞdžƉĞĐƚĞĚ ŵĂŶŶĞƌ ŽĨ ƌĞĂůŝƐĂƚŝŽŶ Žƌ ƐĞƚƚůĞŵĞŶƚ ŽĨ ƚŚĞ ĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͕ƵƐŝŶŐƚĂdžƌĂƚĞƐĞŶĂĐƚĞĚŽƌƐƵďƐƚĂŶƚŝǀĞůLJĞŶĂĐƚĞĚĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ͘ ĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚŝƐ ƌĞĐŽŐŶŝƐĞĚ ŽŶůLJ ƚŽ ƚŚĞĞdžƚĞŶƚ ƚŚĂƚŝƚŝƐ ƉƌŽďĂďůĞ ƚŚĂƚ ĨƵƚƵƌĞ ƚĂdžĂďůĞ ƉƌŽĨŝƚƐǁŝůů ďĞĂǀĂŝůĂďůĞĂŐĂŝŶƐƚǁŚŝĐŚ ƚŚĞĂƐƐĞƚ ĐĂŶ ďĞ ƵƚŝůŝƐĞĚ͘ ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂƌĞƌĞĚƵĐĞĚƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚŝƚŝƐŶŽůŽŶŐĞƌƉƌŽďĂďůĞƚŚĂƚƚŚĞƌĞůĂƚĞĚƚĂdžďĞŶĞĨŝƚǁŝůůďĞƌĞĂůŝƐĞĚ͘

;ƌͿ ^ĞŐŵĞŶƚ ƌĞƉŽƌƚŝŶŐ

dŚĞ'ƌŽƵƉ ĚĞƚĞƌŵŝŶĞƐĂŶĚ ƉƌĞƐĞŶƚƐ ŽƉĞƌĂƚŝŶŐ ƐĞŐŵĞŶƚƐ ďĂƐĞĚŽŶŝŶĨŽƌŵĂƚŝŽŶ ƚŚĂƚŝƐŝŶƚĞƌŶĂůůLJ ƉƌŽǀŝĚĞĚ ƚŽ ƚŚĞŽĂƌĚ ŽĨŝƌĞĐƚŽƌƐ͕ ǁŚŽĂƌĞƚŚĞ'ƌŽƵƉ͛ƐĐŚŝĞĨŽƉĞƌĂƚŝŶŐĚĞĐŝƐŝŽŶŵĂŬĞƌƐ͘

Ŷ ŽƉĞƌĂƚŝŶŐ ƐĞŐŵĞŶƚ ŝƐ Ă ĐŽŵƉŽŶĞŶƚ ŽĨ ƚŚĞ'ƌŽƵƉ ƚŚĂƚĞŶŐĂŐĞƐ ŝŶ ďƵƐŝŶĞƐƐ ĂĐƚŝǀŝƚŝĞƐ ĨƌŽŵ ǁŚŝĐŚ ŝƚŵĂLJĞĂƌŶ ƌĞǀĞŶƵĞƐ ĂŶĚ ŝŶĐƵƌ ĞdžƉĞŶƐĞƐ͕ ŝŶĐůƵĚŝŶŐ ƌĞǀĞŶƵĞƐ ĂŶĚ ĞdžƉĞŶƐĞƐ ƚŚĂƚ ƌĞůĂƚĞ ƚŽ ƚƌĂŶƐĂĐƚŝŽŶƐ ǁŝƚŚ ĂŶLJ ŽĨ ƚŚĞ 'ƌŽƵƉ͛Ɛ ŽƚŚĞƌ ĐŽŵƉŽŶĞŶƚƐ͘ Ŷ ŽƉĞƌĂƚŝŶŐ ƐĞŐŵĞŶƚ͛ƐŽƉĞƌĂƚŝŶŐƌĞƐƵůƚƐĂŶĚĂƐƐĞƚƉŽƐŝƚŝŽŶĂƌĞƌĞǀŝĞǁĞĚƌĞŐƵůĂƌůLJďLJƚŚĞŽĂƌĚƚŽŵĂŬĞĚĞĐŝƐŝŽŶƐĂďŽƵƚƌĞƐŽƵƌĐĞƐƚŽďĞĂůůŽĐĂƚĞĚ ƚŽƚŚĞƐĞŐŵĞŶƚĂŶĚĂƐƐĞƐƐŝƚƐƉĞƌĨŽƌŵĂŶĐĞ͕ĨŽƌǁŚŝĐŚĚŝƐĐƌĞƚĞĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶŝƐĂǀĂŝůĂďůĞ͘

^ĞŐŵĞŶƚƌĞƐƵůƚƐƚŚĂƚĂƌĞƌĞƉŽƌƚĞĚƚŽƚŚĞŽĂƌĚŝŶĐůƵĚĞŝƚĞŵƐĚŝƌĞĐƚůLJĂƚƚƌŝďƵƚĂďůĞƚŽĂƐĞŐŵĞŶƚ͕ĂƐǁĞůůĂƐƚŚŽƐĞƚŚĂƚĐĂŶďĞĂůůŽĐĂƚĞĚ ŽŶĂ ƌĞĂƐŽŶĂďůĞďĂƐŝƐ͘hŶĂůůŽĐĂƚĞĚŝƚĞŵƐĐŽŵƉƌŝƐĞŵĂŝŶůLJĐŽƌƉŽƌĂƚĞŽĨĨŝĐĞĂƐƐĞƚƐ͕ŚĞĂĚŽĨĨŝĐĞĞdžƉĞŶƐĞƐ͕ĂŶĚŝŶĐŽŵĞ ƚĂdžĂƐƐĞƚƐĂŶĚ ůŝĂďŝůŝƚŝĞƐ͘

EKd ϭ KhEd/E'WK>//^ ;ŽŶƚŝŶƵĞĚͿ

;ƐͿƵƐŝŶĞƐƐ ŽŵďŝŶĂƚŝŽŶƐ

ƵƐŝŶĞƐƐ ĐŽŵďŝŶĂƚŝŽŶƐ ŽĐĐƵƌ ǁŚĞƌĞ ĂŶĂĐƋƵŝƌĞƌ ŽďƚĂŝŶƐ ĐŽŶƚƌŽů ŽǀĞƌ ŽŶĞ ŽƌŵŽƌĞ ďƵƐŝŶĞƐƐĞƐĂŶĚ ƌĞƐƵůƚƐ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚŝŽŶ ŽĨ ŝƚƐ ĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͘

ƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƐĂƌĞĂĐĐŽƵŶƚĞĚĨŽƌďLJĂƉƉůLJŝŶŐƚŚĞĂĐƋƵŝƐŝƚŝŽŶŵĞƚŚŽĚ͕ƵŶůĞƐƐŝƚŝƐĂĐŽŵďŝŶĂƚŝŽŶŝŶǀŽůǀŝŶŐĞŶƚŝƚŝĞƐŽƌďƵƐŝŶĞƐƐĞƐ ƵŶĚĞƌ ĐŽŵŵŽŶĐŽŶƚƌŽů͘ dŚĞĂĐƋƵŝƐŝƚŝŽŶŵĞƚŚŽĚ ƌĞƋƵŝƌĞƐ ƚŚĂƚ ĨŽƌĞĂĐŚ ďƵƐŝŶĞƐƐ ĐŽŵďŝŶĂƚŝŽŶ ŽŶĞ ŽĨ ƚŚĞ ĐŽŵďŝŶŝŶŐĞŶƚŝƚŝĞƐŵƵƐƚ ďĞ ŝĚĞŶƚŝĨŝĞĚĂƐ ƚŚĞĂĐƋƵŝƌĞƌ ;ŝ͘Ğ͘ƉĂƌĞŶƚĞŶƚŝƚLJͿ͘ dŚĞďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶǁŝůůďĞĂĐĐŽƵŶƚĞĚ ĨŽƌĂƐĂƚ ƚŚĞĂĐƋƵŝƐŝƚŝŽŶĚĂƚĞ͕ǁŚŝĐŚŝƐ ƚŚĞ ĚĂƚĞ ƚŚĂƚ ĐŽŶƚƌŽů ŽǀĞƌ ƚŚĞ ĂĐƋƵŝƌĞĞ ŝƐ ŽďƚĂŝŶĞĚ ďLJ ƚŚĞ ƉĂƌĞŶƚ ĞŶƚŝƚLJ͘ ƚ ƚŚŝƐ ĚĂƚĞ͕ ƚŚĞ ƉĂƌĞŶƚ ƐŚĂůů ƌĞĐŽŐŶŝƐĞ͕ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĂĐĐŽƵŶƚƐ͕ĂŶĚƐƵďũĞĐƚƚŽĐĞƌƚĂŝŶůŝŵŝƚĞĚĞdžĐĞƉƚŝŽŶƐ͕ƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞŝĚĞŶƚŝĨŝĂďůĞĂƐƐĞƚƐĂĐƋƵŝƌĞĚĂŶĚůŝĂďŝůŝƚŝĞƐĂƐƐƵŵĞĚ͘ /ŶĂĚĚŝƚŝŽŶ͕ ĐŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚŝĞƐŽĨƚŚĞĂĐƋƵŝƌĞĞǁŝůůďĞƌĞĐŽŐŶŝƐĞĚǁŚĞƌĞĂƉƌĞƐĞŶƚŽďůŝŐĂƚŝŽŶŚĂƐďĞĞŶŝŶĐƵƌƌĞĚĂŶĚŝƚƐĨĂŝƌǀĂůƵĞĐĂŶďĞƌĞůŝĂďůLJ ŵĞĂƐƵƌĞĚ͘

dŚĞĂĐƋƵŝƐŝƚŝŽŶŵĂLJƌĞƐƵůƚŝŶƚŚĞƌĞĐŽŐŶŝƚŝŽŶŽĨŐŽŽĚǁŝůůŽƌĂŐĂŝŶĨƌŽŵĂďĂƌŐĂŝŶƉƵƌĐŚĂƐĞ͘ dŚĞŵĞƚŚŽĚĂĚŽƉƚĞĚĨŽƌƚŚĞŵĞĂƐƵƌĞŵĞŶƚ ŽĨŐŽŽĚǁŝůůǁŝůůŝŵƉĂĐƚ ŽŶ ƚŚĞŵĞĂƐƵƌĞŵĞŶƚ ŽĨĂŶLJ ŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚ ƚŽ ďĞ ƌĞĐŽŐŶŝƐĞĚŝŶ ƚŚĞĂĐƋƵŝƌĞĞǁŚĞƌĞůĞƐƐ ƚŚĂŶϭϬϬй ŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚŝƐŚĞůĚŝŶƚŚĞĂĐƋƵŝƌĞĞ͘

dŚĞĂĐƋƵŝƐŝƚŝŽŶĚĂƚĞ ĨĂŝƌǀĂůƵĞŽĨƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶƚƌĂŶƐĨĞƌƌĞĚ ĨŽƌĂďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƉůƵƐƚŚĞĂĐƋƵŝƐŝƚŝŽŶĚĂƚĞ ĨĂŝƌǀĂůƵĞŽĨĂŶLJ ƉƌĞǀŝŽƵƐůLJŚĞůĚĞƋƵŝƚLJŝŶƚĞƌĞƐƚƐŚĂůůĨŽƌŵƚŚĞĐŽƐƚŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚŝŶƚŚĞƐĞƉĂƌĂƚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ ŽŶƐŝĚĞƌĂƚŝŽŶŵĂLJĐŽŵƉƌŝƐĞ ƚŚĞ ƐƵŵ ŽĨ ƚŚĞĂƐƐĞƚƐ ƚƌĂŶƐĨĞƌƌĞĚ ďLJ ƚŚĞĂĐƋƵŝƌĞƌ͕ůŝĂďŝůŝƚŝĞƐ ŝŶĐƵƌƌĞĚ ďLJ ƚŚĞĂĐƋƵŝƌĞƌ ƚŽ ƚŚĞ ĨŽƌŵĞƌ ŽǁŶĞƌƐ ŽĨ ƚŚĞĂĐƋƵŝƌĞĞĂŶĚ ƚŚĞ ĞƋƵŝƚLJŝŶƚĞƌĞƐƚƐŝƐƐƵĞĚďLJƚŚĞĂĐƋƵŝƌĞƌ͘

&Ăŝƌ ǀĂůƵĞ ƵƉůŝĨƚƐ ŝŶ ƚŚĞ ǀĂůƵĞ ŽĨ ƉƌĞͲĞdžŝƐƚŝŶŐ ĞƋƵŝƚLJ ŚŽůĚŝŶŐƐ ŽŶ ĂĐƋƵŝƐŝƚŝŽŶ ĂƌĞ ƚĂŬĞŶ ƚŽ ƚŚĞ ƐƚĂƚĞŵĞŶƚ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ͘ tŚĞƌĞĐŚĂŶŐĞƐŝŶƚŚĞǀĂůƵĞŽĨƐƵĐŚĞƋƵŝƚLJŚŽůĚŝŶŐƐŚĂĚƉƌĞǀŝŽƵƐůLJďĞĞŶƌĞĐŽŐŶŝƐĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͕ƐƵĐŚĂŵŽƵŶƚƐĂƌĞ ƌĞĐLJĐůĞĚƚŽƉƌŽĨŝƚŽƌůŽƐƐŽŶĚŝƐƉŽƐĂůŽĨƚŚĞŝŶƚĞƌĞƐƚ͘

/ŶĐůƵĚĞĚ ŝŶ ƚŚĞ ŵĞĂƐƵƌĞŵĞŶƚ ŽĨ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ƚƌĂŶƐĨĞƌƌĞĚ ŝƐ ĂŶLJ ĂƐƐĞƚ Žƌ ůŝĂďŝůŝƚLJ ƌĞƐƵůƚŝŶŐ ĨƌŽŵ Ă ĐŽŶƚŝŶŐĞŶƚ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ĂƌƌĂŶŐĞŵĞŶƚ͘ ŶLJŽďůŝŐĂƚŝŽŶŝŶĐƵƌƌĞĚƌĞůĂƚŝŶŐƚŽĐŽŶƚŝŶŐĞŶƚĐŽŶƐŝĚĞƌĂƚŝŽŶŝƐĐůĂƐƐŝĨŝĞĚĂƐĞŝƚŚĞƌĂĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚLJŽƌĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚ͕ ĚĞƉĞŶĚŝŶŐ ƵƉŽŶ ƚŚĞ ŶĂƚƵƌĞ ŽĨ ƚŚĞ ĂƌƌĂŶŐĞŵĞŶƚ͘ ZŝŐŚƚƐ ƚŽ ƌĞĨƵŶĚƐ ŽĨ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ƉƌĞǀŝŽƵƐůLJ ƉĂŝĚ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ĂƐ Ă ƌĞĐĞŝǀĂďůĞ͘ ^ƵďƐĞƋƵĞŶƚ ƚŽ ŝŶŝƚŝĂů ƌĞĐŽŐŶŝƚŝŽŶ͕ ĐŽŶƚŝŶŐĞŶƚ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ĐůĂƐƐŝĨŝĞĚ ĂƐ ĞƋƵŝƚLJ ŝƐ ŶŽƚ ƌĞŵĞĂƐƵƌĞĚ ĂŶĚ ŝƚƐ ƐƵďƐĞƋƵĞŶƚ ƐĞƚƚůĞŵĞŶƚ ŝƐ ĂĐĐŽƵŶƚĞĚĨŽƌǁŝƚŚŝŶĞƋƵŝƚLJ͘ ŽŶƚŝŶŐĞŶƚĐŽŶƐŝĚĞƌĂƚŝŽŶĐůĂƐƐŝĨŝĞĚĂƐĂŶĂƐƐĞƚŽƌĂůŝĂďŝůŝƚLJŝƐƌĞŵĞĂƐƵƌĞĚĂƚĞĂĐŚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚƚŽĨĂŝƌ ǀĂůƵĞƚŚƌŽƵŐŚƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞƵŶůĞƐƐƚŚĞĐŚĂŶŐĞŝŶǀĂůƵĞĐĂŶďĞŝĚĞŶƚŝĨŝĞĚĂƐĞdžŝƐƚŝŶŐĂƚĂĐƋƵŝƐŝƚŝŽŶĚĂƚĞ͘

ůůƚƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐŝŶĐƵƌƌĞĚŝŶƌĞůĂƚŝŽŶƚŽƚŚĞďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶĂƌĞĞdžƉĞŶƐĞĚƚŽƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͘

;ƚͿ WƌŽũĞĐƚ &ŝŶĂŶĐŝŶŐ ͬ &ĂƌŵͲŽƵƚƐ

dŚĞ'ƌŽƵƉ͕ ĨƌŽŵƚŝŵĞƚŽƚŝŵĞ͕ĞŶƚĞƌƐŝŶƚŽ ĨƵŶĚŝŶŐĂƌƌĂŶŐĞŵĞŶƚƐǁŝƚŚƚŚŝƌĚƉĂƌƚŝĞƐŝŶŽƌĚĞƌƚŽƉƌŽŐƌĞƐƐƐƉĞĐŝĨŝĐƉƌŽũĞĐƚƐ͘dŚĞ'ƌŽƵƉ ĂĐĐŽƵŶƚƐĨŽƌƚŚĞƌĞůĂƚĞĚĞdžƉůŽƌĂƚŝŽŶĐŽƐƚƐŝŶůŝŶĞǁŝƚŚƚŚĞƚĞƌŵƐŽĨƚŚĞƐƉĞĐŝĨŝĐĂŐƌĞĞŵĞŶƚ͘ŽƐƚƐŝŶĐƵƌƌĞĚďLJ^Žů'ŽůĚƉůĐĂƌĞƌĞĐŽŐŶŝƐĞĚ ĂƐŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐǁŝƚŚŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ŽƐƚƐŝŶĐƵƌƌĞĚďLJƚŚŝƌĚƉĂƌƚŝĞƐĂƌĞŶŽƚƌĞĐŽŐŶŝƐĞĚďLJ^Žů'ŽůĚƉůĐ͘

;ƵͿ >ĞĂƐĞƐ

ĞĂƐĞƐŽĨĨŝdžĞĚĂƐƐĞƚƐǁŚĞƌĞƐƵďƐƚĂŶƚŝĂůůLJĂůůƚŚĞƌŝƐŬƐĂŶĚďĞŶĞĨŝƚƐŝŶĐŝĚĞŶƚĂůƚŽƚŚĞŽǁŶĞƌƐŚŝƉŽĨƚŚĞĂƐƐĞƚ͕ďƵƚŶŽƚƚŚĞůĞŐĂůŽǁŶĞƌƐŚŝƉ ĂƌĞƚƌĂŶƐĨĞƌƌĞĚƚŽĞŶƚŝƚŝĞƐŝŶƚŚĞ'ƌŽƵƉ͕ĂƌĞĐůĂƐƐŝĨŝĞĚĂƐĨŝŶĂŶĐĞůĞĂƐĞƐ͘

&ŝŶĂŶĐĞůĞĂƐĞƐĂƌĞĐĂƉŝƚĂůŝƐĞĚďLJ ƌĞĐŽƌĚŝŶŐĂŶĂƐƐĞƚĂŶĚĂůŝĂďŝůŝƚLJĂƚ ƚŚĞůŽǁĞƌŽĨ ƚŚĞĂŵŽƵŶƚƐĞƋƵĂů ƚŽ ƚŚĞ ĨĂŝƌǀĂůƵĞŽĨ ƚŚĞůĞĂƐĞĚ ƉƌŽƉĞƌƚLJŽƌƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞŵŝŶŝŵƵŵůĞĂƐĞƉĂLJŵĞŶƚƐ͕ŝŶĐůƵĚŝŶŐĂŶLJŐƵĂƌĂŶƚĞĞĚƌĞƐŝĚƵĂůǀĂůƵĞƐ͘>ĞĂƐĞƉĂLJŵĞŶƚƐĂƌĞĂůůŽĐĂƚĞĚ ďĞƚǁĞĞŶƚŚĞƌĞĚƵĐƚŝŽŶŽĨƚŚĞůĞĂƐĞůŝĂďŝůŝƚLJĂŶĚƚŚĞůĞĂƐĞŝŶƚĞƌĞƐƚĞdžƉĞŶƐĞĨŽƌƚŚĞƉĞƌŝŽĚ͘

ĞĂƐĞĚĂƐƐĞƚƐĂƌĞĚĞƉƌĞĐŝĂƚĞĚŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞƐŚŽƌƚĞƌŽĨƚŚĞŝƌĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐŽƌƚŚĞůĞĂƐĞƚĞƌŵ͘

ĞĂƐĞƉĂLJŵĞŶƚƐĨŽƌŽƉĞƌĂƚŝŶŐůĞĂƐĞƐ͕ǁŚĞƌĞƐƵďƐƚĂŶƚŝĂůůLJĂůůƚŚĞƌŝƐŬƐĂŶĚďĞŶĞĨŝƚƐƌĞŵĂŝŶǁŝƚŚƚŚĞůĞƐƐŽƌ͕ĂƌĞĐŚĂƌŐĞĚĂƐĞdžƉĞŶƐĞƐŽŶĂ ƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞƉĞƌŝŽĚŽĨƚŚĞůĞĂƐĞ͘

EKd ϭ KhEd/E'WK>//^ ;ŽŶƚŝŶƵĞĚͿ

(ǀͿ &ŝŶĂŶĐŝĂů /ŶƐƚƌƵŵĞŶƚƐ

ZĞĐŽŐŶŝƚŝŽŶĂŶĚ/ŶŝƚŝĂůDĞĂƐƵƌĞŵĞŶƚ

&ŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ͕ ŝŶĐŽƌƉŽƌĂƚŝŶŐ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŶĚ ĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐ͕ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ǁŚĞŶ ƚŚĞ ĞŶƚŝƚLJ ďĞĐŽŵĞƐ Ă ƉĂƌƚLJ ƚŽ ƚŚĞ ĐŽŶƚƌĂĐƚƵĂůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞŝŶƐƚƌƵŵĞŶƚ͘

&ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂƌĞŝŶŝƚŝĂůůLJŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞƉůƵƐƚƌĂŶƐĂĐƚŝŽŶƐĐŽƐƚƐǁŚĞƌĞƚŚĞŝŶƐƚƌƵŵĞŶƚŝƐŶŽƚĐůĂƐƐŝĨŝĞĚĂƐĂƚĨĂŝƌǀĂůƵĞ ƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐ͘ dƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐƌĞůĂƚĞĚƚŽŝŶƐƚƌƵŵĞŶƚƐĐůĂƐƐŝĨŝĞĚĂƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐĂƌĞĞdžƉĞŶƐĞĚƚŽƉƌŽĨŝƚŽƌ ůŽƐƐŝŵŵĞĚŝĂƚĞůLJ͘ &ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂƌĞĐůĂƐƐŝĨŝĞĚĂŶĚŵĞĂƐƵƌĞĚĂƐƐĞƚŽƵƚďĞůŽǁ͘

ůĂƐƐŝĨŝĐĂƚŝŽŶĂŶĚ^ƵďƐĞƋƵĞŶƚDĞĂƐƵƌĞŵĞŶƚ

;ŝͿ >ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ

ŽĂŶƐ ĂŶĚ ƌĞĐĞŝǀĂďůĞƐ ĂƌĞ ŶŽŶͲĚĞƌŝǀĂƚŝǀĞ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ǁŝƚŚ ĨŝdžĞĚ Žƌ ĚĞƚĞƌŵŝŶĂďůĞ ƉĂLJŵĞŶƚƐ ƚŚĂƚ ĂƌĞ ŶŽƚ ƋƵŽƚĞĚ ŝŶ ĂŶ ĂĐƚŝǀĞŵĂƌŬĞƚĂŶĚĂƌĞƐƵďƐĞƋƵĞŶƚůLJŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚƌĂƚĞŵĞƚŚŽĚ͘

;ŝŝͿ &ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐ

&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ ĨĂŝƌǀĂůƵĞ ƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐĂƌĞ ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŚĞůĚ ĨŽƌ ƚƌĂĚŝŶŐ͘ ĨŝŶĂŶĐŝĂůĂƐƐĞƚŝƐĐůĂƐƐŝĨŝĞĚŝŶ ƚŚŝƐ ĐĂƚĞŐŽƌLJŝĨĂĐƋƵŝƌĞĚƉƌŝŶĐŝƉĂůůLJĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨƐĞůůŝŶŐŝŶƚŚĞƐŚŽƌƚƚĞƌŵ͘ĞƌŝǀĂƚŝǀĞƐĂƌĞĐůĂƐƐŝĨŝĞĚĂƐŚĞůĚĨŽƌƚƌĂĚŝŶŐƵŶůĞƐƐ ƚŚĞLJĂƌĞĚĞƐŝŐŶĂƚĞĚĂƐŚĞĚŐĞƐ͘ƐƐĞƚƐŝŶƚŚŝƐĐĂƚĞŐŽƌLJĂƌĞĐůĂƐƐŝĨŝĞĚĂƐĐƵƌƌĞŶƚĂƐƐĞƚƐ͘dŚĞƐĞĂƐƐĞƚƐĂƌĞŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ ǁŝƚŚŐĂŝŶƐŽƌůŽƐƐĞƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƉƌŽĨŝƚŽƌůŽƐƐ͘

;ŝŝŝͿ ǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ

ǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĐŽŵƉƌŝƐĞ ŝŶǀĞƐƚŵĞŶƚƐ ŝŶ ůŝƐƚĞĚ ĂŶĚ ƵŶůŝƐƚĞĚ ĞŶƚŝƚŝĞƐ ĂŶĚ ŶŽŶͲĚĞƌŝǀĂƚŝǀĞƐ ƚŚĂƚ ĂƌĞ ĞŝƚŚĞƌ ĚĞƐŝŐŶĂƚĞĚŝŶƚŚŝƐĐĂƚĞŐŽƌLJŽƌŶŽƚĐůĂƐƐŝĨŝĞĚŝŶĂŶLJŽƚŚĞƌĐĂƚĞŐŽƌŝĞƐ͘ĨƚĞƌŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶ͕ƚŚĞƐĞŝŶǀĞƐƚŵĞŶƚƐĂƌĞŵĞĂƐƵƌĞĚ ĂƚĨĂŝƌǀĂůƵĞǁŝƚŚŐĂŝŶƐŽƌůŽƐƐĞƐƌĞĐŽŐŶŝƐĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͘

;ŝǀͿ &ŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ

EŽŶͲĚĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ;ĞdžĐůƵĚŝŶŐĨŝŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞƐͿĂƌĞƐƵďƐĞƋƵĞŶƚůLJŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚƵƐŝŶŐƚŚĞ ĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚƌĂƚĞŵĞƚŚŽĚ͘

;ǀͿ ĞƌŝǀĂƚŝǀĞƐ

ĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ͕ĐŽŶƐŝƐƚŝŶŐŽĨĞŵďĞĚĚĞĚĐŽŶǀĞƌƐŝŽŶŽƉƚŝŽŶƐŝŶĐŽŶǀĞƌƚŝďůĞůŽĂŶŶŽƚĞƐ͕ĂƌĞŝŶŝƚŝĂůůLJŵĞĂƐƵƌĞĚ ĂƚĨĂŝƌǀĂůƵĞŽŶƚŚĞĐŽŶƚƌĂĐƚĚĂƚĞĂŶĚĂƌĞƌĞͲŵĞĂƐƵƌĞĚƚŽĨĂŝƌǀĂůƵĞĂƚƐƵďƐĞƋƵĞŶƚƌĞƉŽƌƚŝŶŐĚĂƚĞƐ͘

ŚĂŶŐĞƐŝŶƚŚĞĨĂŝƌǀĂůƵĞŽĨĚĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐĂƐƚŚĞLJĂƌŝƐĞ͘

&ĂŝƌǀĂůƵĞ

&ĂŝƌǀĂůƵĞŝƐĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶĐƵƌƌĞŶƚďŝĚƉƌŝĐĞƐĨŽƌĂůůƋƵŽƚĞĚŝŶǀĞƐƚŵĞŶƚƐ͘sĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞƐĂƌĞĂƉƉůŝĞĚƚŽĚĞƚĞƌŵŝŶĞƚŚĞĨĂŝƌ ǀĂůƵĞ ŽĨ Ăůů ŽƚŚĞƌ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ͕ ǁŚĞƌĞ ĂƉƉƌŽƉƌŝĂƚĞ͕ ŝŶĐůƵĚŝŶŐ ƌĞĐĞŶƚ Ăƌŵ͛Ɛ ůĞŶŐƚŚ ƚƌĂŶƐĂĐƚŝŽŶƐ͕ ƌĞĨĞƌĞŶĐĞ ƚŽ ƐŝŵŝůĂƌ ŝŶƐƚƌƵŵĞŶƚƐĂŶĚŽƉƚŝŽŶƉƌŝĐŝŶŐŵŽĚĞůƐ͘

ĞƌĞĐŽŐŶŝƚŝŽŶ

&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƌĞĚĞƌĞĐŽŐŶŝƐĞĚǁŚĞƌĞ ƚŚĞĐŽŶƚƌĂĐƚƵĂů ƌŝŐŚƚƐ ƚŽ ƌĞĐĞŝƉƚŽĨĐĂƐŚ ĨůŽǁƐĞdžƉŝƌĞƐŽƌ ƚŚĞĂƐƐĞƚŝƐ ƚƌĂŶƐĨĞƌƌĞĚ ƚŽĂŶŽƚŚĞƌ ƉĂƌƚLJ ǁŚĞƌĞďLJ ƚŚĞ ĞŶƚŝƚLJ ŶŽ ůŽŶŐĞƌ ŚĂƐ ĂŶLJ ƐŝŐŶŝĨŝĐĂŶƚ ĐŽŶƚŝŶƵŝŶŐ ŝŶǀŽůǀĞŵĞŶƚ ŝŶ ƚŚĞ ƌŝƐŬƐ ĂŶĚ ďĞŶĞĨŝƚƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ĂƐƐĞƚ͘ &ŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĂƌĞĚĞƌĞĐŽŐŶŝƐĞĚǁŚĞƌĞƚŚĞƌĞůĂƚĞĚŽďůŝŐĂƚŝŽŶƐĂƌĞĞŝƚŚĞƌĚŝƐĐŚĂƌŐĞĚ͕ĐĂŶĐĞůůĞĚŽƌĞdžƉŝƌĞ͘ dŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶ ƚŚĞ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ ŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚLJ ĞdžƚŝŶŐƵŝƐŚĞĚ Žƌ ƚƌĂŶƐĨĞƌƌĞĚ ƚŽ ĂŶŽƚŚĞƌ ƉĂƌƚLJ ĂŶĚ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ƉĂŝĚ͕ ŝŶĐůƵĚŝŶŐƚŚĞƚƌĂŶƐĨĞƌŽĨŶŽŶͲĐĂƐŚĂƐƐĞƚƐŽƌůŝĂďŝůŝƚŝĞƐĂƐƐƵŵĞĚ͕ŝƐƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ͘

EKd ϭ KhEd/E'WK>//^ ;ŽŶƚŝŶƵĞĚͿ

(ǀͿ &ŝŶĂŶĐŝĂů /ŶƐƚƌƵŵĞŶƚƐ ;ĐŽŶƚŝŶƵĞĚͿ

/ŵƉĂŝƌŵĞŶƚŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ

Ŷ ĂƐƐĞƐƐŵĞŶƚ ŝƐŵĂĚĞ ĂƚĞĂĐŚ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ ƚŽ ĚĞƚĞƌŵŝŶĞ ǁŚĞƚŚĞƌ ƚŚĞƌĞ ŝƐ ŽďũĞĐƚŝǀĞĞǀŝĚĞŶĐĞ ƚŚĂƚ Ă ƐƉĞĐŝĨŝĐ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚ Žƌ Ă ŐƌŽƵƉŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŵĂLJďĞŝŵƉĂŝƌĞĚ͘/ĨƐƵĐŚĞǀŝĚĞŶĐĞĞdžŝƐƚƐ͕ƚŚĞĞƐƚŝŵĂƚĞĚƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŽĨƚŚĂƚĂƐƐĞƚŝƐĚĞƚĞƌŵŝŶĞĚĨƌŽŵ ĂǀĂŝůĂďůĞ ŝŶĨŽƌŵĂƚŝŽŶ ƐƵĐŚ ĂƐ ƋƵŽƚĞĚ ŵĂƌŬĞƚ ƉƌŝĐĞƐ Žƌ ďLJ ĐĂůĐƵůĂƚŝŶŐ ƚŚĞ ŶĞƚ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ĨƵƚƵƌĞ ĂŶƚŝĐŝƉĂƚĞĚ ĐĂƐŚ ĨůŽǁƐ͘ /Ŷ ĞƐƚŝŵĂƚŝŶŐƚŚĞƐĞĐĂƐŚĨůŽǁƐ͕ŵĂŶĂŐĞŵĞŶƚŵĂŬĞƐũƵĚŐĞŵĞŶƚƐĂďŽƵƚĂĐŽƵŶƚĞƌͲƉĂƌƚLJΖƐĨŝŶĂŶĐŝĂůƐŝƚƵĂƚŝŽŶĂŶĚƚŚĞŶĞƚƌĞĂůŝƐĂďůĞǀĂůƵĞŽĨ ĂŶLJƵŶĚĞƌůLJŝŶŐĐŽůůĂƚĞƌĂů͘/ŵƉĂŝƌŵĞŶƚůŽƐƐĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƉƌŽĨŝƚŽƌůŽƐƐ͘

/ŵƉĂŝƌŵĞŶƚ ůŽƐƐĞƐ ŽŶ ĂƐƐĞƚƐ ŵĞĂƐƵƌĞĚ Ăƚ ĂŵŽƌƚŝƐĞĚ ĐŽƐƚ ƵƐŝŶŐ ƚŚĞ ĞĨĨĞĐƚŝǀĞ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ŵĞƚŚŽĚ ĂƌĞ ĐĂůĐƵůĂƚĞĚ ďLJ ĐŽŵƉĂƌŝŶŐ ƚŚĞ ĐĂƌƌLJŝŶŐǀĂůƵĞŽĨƚŚĞĂƐƐĞƚǁŝƚŚƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨĞƐƚŝŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚĨůŽǁƐĂƚƚŚĞŽƌŝŐŝŶĂůĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚƌĂƚĞ͘

tŚĞƌĞƚŚĞƌĞŝƐŽďũĞĐƚŝǀĞĞǀŝĚĞŶĐĞƚŚĂƚĂŶĂǀĂŝůĂďůĞĨŽƌƐĂůĞĨŝŶĂŶĐŝĂůĂƐƐĞƚŝƐŝŵƉĂŝƌĞĚ;ƐƵĐŚĂƐĂƐŝŐŶŝĨŝĐĂŶƚŽƌƉƌŽůŽŶŐĞĚĚĞĐůŝŶĞŝŶƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ĂŶ ĂǀĂŝůĂďůĞ ĨŽƌ ƐĂůĞ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚͿ ƚŚĞ ĐƵŵƵůĂƚŝǀĞ ůŽƐƐ ƚŚĂƚ ŚĂƐ ďĞĞŶ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ŝƐ ƌĞĐůĂƐƐŝĨŝĞĚ ĨƌŽŵ ĞƋƵŝƚLJ ƚŽ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ĂƐ Ă ƌĞĐůĂƐƐŝĨŝĐĂƚŝŽŶ ĂĚũƵƐƚŵĞŶƚ͘ tŚĞŶ Ă ƐƵďƐĞƋƵĞŶƚ ĞǀĞŶƚ ƌĞĚƵĐĞƐ ƚŚĞ ŝŵƉĂŝƌŵĞŶƚ ŽĨ ĂŶ ĂǀĂŝůĂďůĞ ĨŽƌ ƐĂůĞ ĚĞďƚ ƐĞĐƵƌŝƚLJ ƚŚĞ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ŝƐ ƌĞǀĞƌƐĞĚ ƚŚƌŽƵŐŚ ƉƌŽĨŝƚ Žƌ ůŽƐƐ͘ tŚĞŶ Ă ƐƵďƐĞƋƵĞŶƚ ĞǀĞŶƚ ƌĞĚƵĐĞƐ ƚŚĞ ŝŵƉĂŝƌŵĞŶƚŽĨĂŶĂǀĂŝůĂďůĞĨŽƌƐĂůĞĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƚŚĞĨĂŝƌǀĂůƵĞŝŶĐƌĞĂƐĞĚŝƐƌĞĐŽŐŶŝƐĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͘

;ǁͿ ĐĐŽƵŶƚŝŶŐ ƉŽůŝĐŝĞƐĨŽƌ ƚŚĞ ŽŵƉĂŶLJ

dŚĞĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐĂƉƉůŝĞĚƚŽƚŚĞŽŵƉĂŶLJĂƌĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚŽƐĞĂĚŽƉƚĞĚďLJƚŚĞ'ƌŽƵƉǁŝƚŚƚŚĞĞdžĐĞƉƚŝŽŶŽĨƚŚĞĨŽůůŽǁŝŶŐ͗

;ŝͿ^ƵďƐŝĚŝĂƌLJŝŶǀĞƐƚŵĞŶƚƐ

/ŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌLJƵŶĚĞƌƚĂŬŝŶŐƐĂƌĞƐƚĂƚĞĚĂƚĐŽƐƚůĞƐƐŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͘džƉĞŶĚŝƚƵƌĞŝŶĐƵƌƌĞĚďLJƉůĐŽŶďĞŚĂůĨŽĨĂƐƵďƐŝĚŝĂƌLJ͕ ĂŶĚǁŚĞƌĞƚŚĞƐƵďƐŝĚŝĂƌLJĚŽĞƐŶŽƚƌĞŝŵďƵƌƐĞƚŚĞŽŵƉĂŶLJĨŽƌĂƐƐĞƚƐƚŚĂƚĐŽƵůĚďĞĐĂƉŝƚĂůŝƐĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/&Z^ϲ͕ŝƐƌĞĐŽƌĚĞĚ ǁŝƚŚŝŶŝŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌLJƵŶĚĞƌƚĂŬŝŶŐƐ͘

;džͿ EĂƚƵƌĞ ĂŶĚ ƉƵƌƉŽƐĞ ŽĨƌĞƐĞƌǀĞƐ

;ŝͿǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐƌĞƐĞƌǀĞ

ŚĂŶŐĞƐŝŶƚŚĞĨĂŝƌǀĂůƵĞĂŶĚĞdžĐŚĂŶŐĞĚŝĨĨĞƌĞŶĐĞƐĂƌŝƐŝŶŐŽŶƚƌĂŶƐůĂƚŝŽŶŽĨŝŶǀĞƐƚŵĞŶƚƐ͕ƐƵĐŚĂƐĞƋƵŝƚŝĞƐ͕ĐůĂƐƐŝĨŝĞĚĂƐĂǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ͕ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĂŶĚ ĂĐĐƵŵƵůĂƚĞĚ ŝŶ Ă ƐĞƉĂƌĂƚĞ ƌĞƐĞƌǀĞ ǁŝƚŚŝŶ ĞƋƵŝƚLJ͘ ŵŽƵŶƚƐ ĂƌĞ ƌĞĐůĂƐƐŝĨŝĞĚƚŽƉƌŽĨŝƚŽƌůŽƐƐǁŚĞŶƚŚĞĂƐƐŽĐŝĂƚĞĚĂƐƐĞƚƐĂƌĞƐŽůĚŽƌŝŵƉĂŝƌĞĚ͘

;ŝŝͿ^ŚĂƌĞŽƉƚŝŽŶƌĞƐĞƌǀĞ

dŚĞƐŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐƌĞƐĞƌǀĞŝƐƵƐĞĚƚŽƌĞĐŽŐŶŝƐĞ͗

x ƚŚĞŐƌĂŶƚĚĂƚĞĨĂŝƌǀĂůƵĞŽĨŽƉƚŝŽŶƐŝƐƐƵĞĚƚŽĞŵƉůŽLJĞĞƐďƵƚŶŽƚĞdžĞƌĐŝƐĞĚ͘
x ƚŚĞŐƌĂŶƚĚĂƚĞĨĂŝƌǀĂůƵĞŽĨƐŚĂƌĞƐŝƐƐƵĞĚƚŽĞŵƉůŽLJĞĞƐ͘

;ŝŝŝͿ ŚĂŶŐĞŝŶƉƌŽƉŽƌƚŝŽŶĂƚĞŝŶƚĞƌĞƐƚƌĞƐĞƌǀĞ

dŚŝƐ ƌĞƐĞƌǀĞŝƐ ƵƐĞĚ ƚŽ ƌĞĐŽƌĚ ƚŚĞ ĚŝĨĨĞƌĞŶĐĞƐǁŚŝĐŚŵĂLJĂƌŝƐĞĂƐĂ ƌĞƐƵůƚ ŽĨ ƚƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ ƚŚĂƚĚŽ ŶŽƚ ƌĞƐƵůƚŝŶĂůŽƐƐŽĨĐŽŶƚƌŽů͘

;ŝǀͿ&ŽƌĞŝŐŶĐƵƌƌĞŶĐLJƚƌĂŶƐůĂƚŝŽŶƌĞƐĞƌǀĞ

džĐŚĂŶŐĞ ĚŝĨĨĞƌĞŶĐĞƐ ĂƌŝƐŝŶŐ ŽŶ ƚƌĂŶƐůĂƚŝŽŶ ŽĨ ĨŽƌĞŝŐŶ ĐŽŶƚƌŽůůĞĚ ĞŶƚŝƚŝĞƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĂŶĚ ĂĐĐƵŵƵůĂƚĞĚŝŶĂ ƐĞƉĂƌĂƚĞ ƌĞƐĞƌǀĞǁŝƚŚŝŶĞƋƵŝƚLJ͘ dŚĞĐƵŵƵůĂƚŝǀĞĂŵŽƵŶƚŝƐ ƌĞĐůĂƐƐŝĨŝĞĚ ƚŽƉƌŽĨŝƚŽƌůŽƐƐǁŚĞŶ ƚŚĞŶĞƚŝŶǀĞƐƚŵĞŶƚŝƐ ĚŝƐƉŽƐĞĚŽĨ͘

&Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϬ :ƵŶĞ ϮϬϭϳ

EKd ϭ KhEd/E'WK>//^ ;ŽŶƚŝŶƵĞĚͿ

;LJͿ ŚĂŶŐĞƐ ŝŶ ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐŝĞƐ

EĞǁ ƐƚĂŶĚĂƌĚƐ ĂŶĚ ĂŵĞŶĚŵĞŶƚƐ ŝŶ ƚŚĞ LJĞĂƌ

dŚĞĨŽůůŽǁŝŶŐǁĞƌĞĂŵĞŶĚŵĞŶƚƐƚŽƉƵďůŝƐŚĞĚƐƚĂŶĚĂƌĚƐĂŶĚŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐƚŽĞdžŝƐƚŝŶŐƐƚĂŶĚĂƌĚƐĞĨĨĞĐƚŝǀĞŝŶƚŚĞLJĞĂƌĂŶĚĂĚŽƉƚĞĚďLJ ƚŚĞ'ƌŽƵƉ͘ dŚĞƐĞŶĞǁƐƚĂŶĚĂƌĚƐĂŶĚŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐŚĂĚŶŽĞĨĨĞĐƚŽŶƌĞƉŽƌƚĞĚƌĞƐƵůƚƐ͕ĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶŽƌĚŝƐĐůŽƐƵƌĞŝŶƚŚĞĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͗

x ŶŶƵĂů/ŵƉƌŽǀĞŵĞŶƚƐƚŽ/&Z^ƐʹϮϬϭϮͲϮϬϭϰLJĐůĞ
x /^ ϮϳʹŵĞŶĚŵĞŶƚʹƋƵŝƚLJŵĞƚŚŽĚŝŶƐĞƉĂƌĂƚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
x /^ ϭϲΘ ϯϴʹŵĞŶĚŵĞŶƚƐʹĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂĐĐĞƉƚĂďůĞŵĞƚŚŽĚƐŽĨĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝƐĂƚŝŽŶ

EĞǁ ƐƚĂŶĚĂƌĚƐ ĂŶĚ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐ ŶŽƚ LJĞƚ ĂĚŽƉƚĞĚ

dŚĞ'ƌŽƵƉŚĂƐĞůĞĐƚĞĚŶŽƚƚŽĞĂƌůLJĂĚŽƉƚƚŚĞĨŽůůŽǁŝŶŐƌĞǀŝƐĞĚĂŶĚĂŵĞŶĚĞĚƐƚĂŶĚĂƌĚƐ͕ǁŚŝĐŚĂƌĞŶŽƚLJĞƚŵĂŶĚĂƚŽƌLJŝŶƚŚĞh͘ dŚĞůŝƐƚ ďĞůŽǁŝŶĐůƵĚĞƐŽŶůLJƐƚĂŶĚĂƌĚƐĂŶĚŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐƚŚĂƚĐŽƵůĚŚĂǀĞĂŶŝŵƉĂĐƚŽŶƚŚĞŽŶƐŽůŝĚĂƚĞĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐŽĨƚŚĞ'ƌŽƵƉ͘

	ĨĨĞĐƚŝǀĞƉĞƌŝŽĚĐŽŵŵĞŶĐŝŶŐŽŶŽƌĂĨƚĞƌ
/&Z^ ϵ	&ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ	ϭ:ĂŶϮϬϭϴ
/&Z^ ϭϱ	ZĞǀĞŶƵĞĨƌŽŵĐŽŶƚƌĂĐƚƐǁŝƚŚĐƵƐƚŽŵĞƌƐ	ϭ:ĂŶϮϬϭϴ
/&Z^ ϭ ϭϲ	>ĞĂƐĞƐ	ϭ:ĂŶϮϬϭϵ
ϭ
/^ ϭϮ	ŵĞŶĚŵĞŶƚʹZĞĐŽŐŶŝƚŝŽŶŽĨĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĨŽƌƵŶƌĞĂůŝƐĞĚůŽƐƐĞƐ	ϭ:ĂŶϮϬϭϳ
ϭ /^ ϳ	ŵĞŶĚŵĞŶƚʹŝƐĐůŽƐƵƌĞŝŶŝƚŝĂƚŝǀĞ	ϭ:ĂŶϮϬϭϳ
ϭ /&Z^ Ϯ	ŵĞŶĚŵĞŶƚʹůĂƐƐŝĨŝĐĂƚŝŽŶĂŶĚŵĞĂƐƵƌĞŵĞŶƚŽĨƐŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƚƌĂŶƐĂĐƚŝŽŶƐ	ϭ:ĂŶϮϬϭϴ

^ϭ EŽƚLJĞƚĂĚŽƉƚĞĚďLJƚŚĞƵƌŽƉĞĂŶhŶŝŽŶ

/&Z^ ϵ&ŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ

dŚĞ ĐŽŵƉůĞƚĞ ƐƚĂŶĚĂƌĚ ǁĂƐ ŝƐƐƵĞĚ ŝŶ :ƵůLJϮϬϭϰ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ƉƌĞǀŝŽƵƐůLJ ŝƐƐƵĞĚ ĂŶĚ ĂĚĚŝƚŝŽŶĂů ĂŵĞŶĚŵĞŶƚƐ͘ dŚĞ ŶĞǁ ƐƚĂŶĚĂƌĚ ƌĞƉůĂĐĞƐ /^ ϯϵ ĂŶĚ ŝŶĐůƵĚĞƐ Ă ŶĞǁ ĞdžƉĞĐƚĞĚ ůŽƐƐ ŝŵƉĂŝƌŵĞŶƚ ŵŽĚĞů͕ ĐŚĂŶŐĞƐ ƚŽ ƚŚĞ ĐůĂƐƐŝĨŝĐĂƚŝŽŶ ĂŶĚ ŵĞĂƐƵƌĞŵĞŶƚ ƌĞƋƵŝƌĞŵĞŶƚƐŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƐǁĞůůĂƐƚŽŚĞĚŐĞĂĐĐŽƵŶƚŝŶŐ͘ dŚĞŶĞǁƐƚĂŶĚĂƌĚďĞĐŽŵĞƐĞĨĨĞĐƚŝǀĞĨŽƌĨŝŶĂŶĐŝĂůLJĞĂƌƐďĞŐŝŶŶŝŶŐŽŶŽƌ ĂĨƚĞƌϭ :ĂŶƵĂƌLJϮϬϭϴ͘ dŚĞ'ƌŽƵƉǁŝůůĂƐƐĞƐƐ ƚŚĞŝŵƉĂĐƚŽŶŝƚƐŽŶƐŽůŝĚĂƚĞĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐĚƵƌŝŶŐ ƚŚĞ ĨŝŶĂŶĐŝĂůLJĞĂƌĞŶĚŝŶŐϯϬ :ƵŶĞϮϬϭϴ͘

/&Z^ ϭϱZĞǀĞŶƵĞ ĨƌŽŵ ĐŽŶƚƌĂĐƚƐǁŝƚŚĐƵƐƚŽŵĞƌƐ

dŚĞŶĞǁƐƚĂŶĚĂƌĚǁĂƐŝƐƐƵĞĚŝŶDĂLJϮϬϭϰ͘/&Z^ ϭϱŝƐŝŶƚĞŶĚĞĚ ƚŽŝŶƚƌŽĚƵĐĞĂƐŝŶŐůĞ ĨƌĂŵĞǁŽƌŬ ĨŽƌ ƌĞǀĞŶƵĞ ƌĞĐŽŐŶŝƚŝŽŶĂŶĚĐůĂƌŝĨLJ ƉƌŝŶĐŝƉůĞƐŽĨƌĞǀĞŶƵĞƌĞĐŽŐŶŝƚŝŽŶ͘ dŚŝƐƐƚĂŶĚĂƌĚŵŽĚŝĨŝĞƐƚŚĞĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨǁŚĞŶƚŽƌĞĐŽŐŶŝƐĞƌĞǀĞŶƵĞĂŶĚŚŽǁŵƵĐŚƌĞǀĞŶƵĞƚŽ ƌĞĐŽŐŶŝƐĞ͘dŚĞŶĞǁƐƚĂŶĚĂƌĚďĞĐŽŵĞƐŵĂŶĚĂƚŽƌLJĨŽƌĨŝŶĂŶĐŝĂůLJĞĂƌƐďĞŐŝŶŶŝŶŐŽŶŽƌĂĨƚĞƌϭ:ĂŶƵĂƌLJϮϬϭϴ͘ dŚĞĞĨĨĞĐƚǁŝůůďĞĂƐƐĞƐƐĞĚ ĂŶĚĚŝƐĐůŽƐƵƌĞǁŝůůďĞŵĂĚĞŽŶĐĞƚŚĞ'ƌŽƵƉŚĂƐĂƐƐĞƐƐĞĚƚŚĞŝŵƉĂĐƚŽĨĂƉƉůLJŝŶŐ/&Z^ ϭϱ͘dŚĞĂĚŽƉƚŝŽŶŽĨƚŚŝƐƐƚĂŶĚĂƌĚŝƐŶŽƚĞdžƉĞĐƚĞĚ ƚŽŚĂǀĞĂŵĂƚĞƌŝĂůŝŵƉĂĐƚŝŶƚŚĞĨƵƚƵƌĞƉĞƌŝŽĚƐƵŶƚŝůƚŚĞ'ƌŽƵƉĐŽŵŵĞŶĐĞƐŐĞŶĞƌĂƚŝŶŐƌĞǀĞŶƵĞƐĨƌŽŵŝƚƐĞdžƉůŽƌĂƚŝŽŶƉƌŽũĞĐƚƐ͘

/&Z^ ϭϲ>ĞĂƐĞƐ

dŚĞŶĞǁƐƚĂŶĚĂƌĚǁĂƐŝƐƐƵĞĚŝŶ:ĂŶƵĂƌLJϮϬϭϲƌĞƉůĂĐŝŶŐƚŚĞƉƌĞǀŝŽƵƐůĞĂƐĞƐƐƚĂŶĚĂƌĚ͕/^ ϭϳ >ĞĂƐĞƐ͕ĂŶĚƌĞůĂƚĞĚ/ŶƚĞƌƉƌĞƚĂƚŝŽŶƐ͘ /&Z^ ϭϲĞƐƚĂďůŝƐŚĞƐ ƚŚĞƉƌŝŶĐŝƉůĞƐ ĨŽƌ ƚŚĞƌĞĐŽŐŶŝƚŝŽŶ͕ŵĞĂƐƵƌĞŵĞŶƚ͕ƉƌĞƐĞŶƚĂƚŝŽŶĂŶĚĚŝƐĐůŽƐƵƌĞŽĨůĞĂƐĞƐ ĨŽƌ ƚŚĞĐƵƐƚŽŵĞƌ ;͚ůĞƐƐĞĞ͛ͿĂŶĚ ƚŚĞƐƵƉƉůŝĞƌ;͚ůĞƐƐŽƌ͛Ϳ͘ /&Z^ ϭϲĞůŝŵŝŶĂƚĞƐƚŚĞĐůĂƐƐŝĨŝĐĂƚŝŽŶŽĨůĞĂƐĞƐĂƐĞŝƚŚĞƌŽƉĞƌĂƚŝŶŐŽƌĨŝŶĂŶĐĞĂƐŝƐƌĞƋƵŝƌĞĚďLJ/^ ϭϳĂŶĚ͕ŝŶƐƚĞĂĚ͕ ŝŶƚƌŽĚƵĐĞƐĂ ƐŝŶŐůĞůĞƐƐĞĞĂĐĐŽƵŶƚŝŶŐŵŽĚĞů ƌĞƋƵŝƌŝŶŐĂůĞƐƐĞĞƚŽ ƌĞĐŽŐŶŝƐĞĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ ĨŽƌĂůů ůĞĂƐĞƐ ƵŶůĞƐƐ ƚŚĞ ƵŶĚĞƌůLJŝŶŐ ĂƐƐĞƚŚĂƐĂůŽǁǀĂůƵĞŽƌƚŚĞůĞĂƐĞƚĞƌŵŝƐƚǁĞůǀĞŵŽŶƚŚƐŽƌůĞƐƐ͘ dŚŝƐŶĞǁƐƚĂŶĚĂƌĚĂƉƉůŝĞƐƚŽĂŶŶƵĂůƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚƐďĞŐŝŶŶŝŶŐŽŶŽƌ ĂĨƚĞƌ ϭ :ĂŶƵĂƌLJ ϮϬϭϵ ƐƵďũĞĐƚ ƚŽ h ĞŶĚŽƌƐĞŵĞŶƚ͘ dŚĞ 'ƌŽƵƉ ŚĂƐ ƌĞǀŝĞǁĞĚ ŝƚƐ ĂƌƌĂŶŐĞŵĞŶƚƐ ŝŶ ƉůĂĐĞ ĂŶĚ ŚĂƐ ĐŽŶĐůƵĚĞĚ ƚŚĂƚ ƚŚĞ ĂĚŽƉƚŝŽŶŽĨƚŚŝƐƐƚĂŶĚĂƌĚŝƐŶŽƚĞdžƉĞĐƚĞĚƚŽŚĂǀĞĂŵĂƚĞƌŝĂůŝŵƉĂĐƚŝŶƚŚĞĨƵƚƵƌĞƉĞƌŝŽĚƐ͘

EKd Ϯ ^'DEd ZWKZd/E'

dŚĞ'ƌŽƵƉ ĚĞƚĞƌŵŝŶĞƐ ĂŶĚ ƐĞƉĂƌĂƚĞůLJ ƌĞƉŽƌƚƐ ŽƉĞƌĂƚŝŶŐ ƐĞŐŵĞŶƚƐ ďĂƐĞĚ ŽŶ ŝŶĨŽƌŵĂƚŝŽŶ ƚŚĂƚ ŝƐ ŝŶƚĞƌŶĂůůLJ ƉƌŽǀŝĚĞĚ ƚŽ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ͕ǁŚŽĂƌĞƚŚĞ'ƌŽƵƉ͛ƐĐŚŝĞĨŽƉĞƌĂƚŝŶŐĚĞĐŝƐŝŽŶŵĂŬĞƌƐ͘

dŚĞ'ƌŽƵƉŚĂƐŽƵƚůŝŶĞĚďĞůŽǁƚŚĞƐĞƉĂƌĂƚĞůLJƌĞƉŽƌƚĂďůĞŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐ͕ŚĂǀŝŶŐƌĞŐĂƌĚƚŽƚŚĞƋƵĂŶƚŝƚĂƚŝǀĞƚŚƌĞƐŚŽůĚƚĞƐƚƐƉƌŽǀŝĚĞĚ ŝŶ/&Z^ϴ͕ŶĂŵĞůLJ ƚŚĂƚ ƚŚĞƌĞůĂƚŝǀĞƌĞǀĞŶƵĞ͕ĂƐƐĞƚŽƌƉƌŽĨŝƚͬ ;ůŽƐƐͿƉŽƐŝƚŝŽŶŽĨ ƚŚĞŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚĞƋƵĂƚĞƐƚŽϭϬйŽƌŵŽƌĞŽĨ ƚŚĞ 'ƌŽƵƉ͛ƐƌĞƐƉĞĐƚŝǀĞƚŽƚĂů͘dŚĞ'ƌŽƵƉƌĞƉŽƌƚƐŝŶĨŽƌŵĂƚŝŽŶƚŽƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĂůŽŶŐĐŽŵƉĂŶLJůŝŶĞƐ͘dŚĂƚŝƐ͕ƚŚĞĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ ŽĨ ^Žů'ŽůĚ ĂŶĚĞĂĐŚ ŽĨ ŝƚƐ ƐƵďƐŝĚŝĂƌLJ ĐŽŵƉĂŶŝĞƐ ŝƐ ƌĞƉŽƌƚĞĚ ĚŝƐĐƌĞĞƚůLJ͕ ƚŽŐĞƚŚĞƌ ǁŝƚŚ ĂŶ ĂŐŐƌĞŐĂƚĞĚ'ƌŽƵƉ ƚŽƚĂů͘ ĐĐŽƌĚŝŶŐůLJ͕ĞĂĐŚ ĐŽŵƉĂŶLJ ǁŝƚŚŝŶ ƚŚĞ 'ƌŽƵƉ ƚŚĂƚ ŵĞĞƚƐ Žƌ ĞdžĐĞĞĚƐ ƚŚĞ ƚŚƌĞƐŚŽůĚ ƚĞƐƚƐ ŽƵƚůŝŶĞĚ ĂďŽǀĞ ŝƐ ƐĞƉĂƌĂƚĞůLJ ĚŝƐĐůŽƐĞĚ ďĞůŽǁ͘ dŚĞ ĨŝŶĂŶĐŝĂů ŝŶĨŽƌŵĂƚŝŽŶ ŽĨ ƚŚĞ ƐƵďƐŝĚŝĂƌŝĞƐ ƚŚĂƚ ĚŽ ŶŽƚ ĞdžĐĞĞĚ ƚŚĞ ƚŚƌĞƐŚŽůĚƐ ŽƵƚůŝŶĞĚ ĂďŽǀĞ͕ ĂŶĚ ŝƐ ƚŚĞƌĞĨŽƌĞ ŶŽƚ ƌĞƉŽƌƚĞĚ ƐĞƉĂƌĂƚĞůLJ͕ ŝƐ ĂŐŐƌĞŐĂƚĞĚĂƐKƚŚĞƌ^ƵďƐŝĚŝĂƌŝĞƐ͘

ϯϬ :ƵŶĞ ϮϬϭϳ	&ŝŶĂŶĐĞ /ŶĐŽŵĞ	dŽƚĂů /ŶĐŽŵĞ	>ŽƐƐ ĨŽƌ ƚŚĞ LJĞĂƌ	ƐƐĞƚƐ	>ŝĂďŝůŝƚŝĞƐ	^ŚĂƌĞ ĂƐĞĚ WĂLJŵĞŶƚƐ	EŽŶͲĐƵƌƌĞŶƚ ĂƐƐĞƚ ĂĚĚŝƚŝŽŶƐ
	Ψ	Ψ	Ψ	Ψ	Ψ	Ψ	Ψ
ĂƐĐĂďĞůƉƌŽũĞĐƚΎ	Ͳ	Ͳ	;ϱϰϲ͕ϯϭϱͿ	ϰϵ͕ϭϯϮ͕ϵϮϯ	ϭ͕ϳϴϯ͕ϴϳϵ	Ͳ	ϭϲ͕ϱϵϬ͕ϴϵϮ
KƚŚĞƌĐƵĂĚŽƌŝĂŶ
ƉƌŽũĞĐƚƐ	Ͳ	Ͳ	;ϲ͕ϰϴϳͿ	ϯ͕ϯϱϱ͕ϳϲϬ	ϭϴϲ͕Ϯϭϭ	Ͳ	ϯ͕ϯϱϱ͕ϳϲϬ
YƵĞĞŶƐůĂŶĚ
ƉƌŽũĞĐƚƐ	ϯϬ	ϯϬ	;Ϯ͕ϲϵϮͿ	ϭϮ͕ϰϲϲ͕ϯϮϰ	ϴ͕ϰϬϴ	Ͳ	ϰϴϰ
^ŽůŽŵŽŶ/ƐůĂŶĚ
ƉƌŽũĞĐƚƐ	ϯϵ	ϯϵ	;ϯϭ͕ϵϰϮͿ	Ϯϵ͕ϰϬϲ	Ͳ	Ͳ	Ͳ
ŽƌƉŽƌĂƚĞ	Ͳ	Ͳ	;ϯ͕ϵϭϮ͕ϱϯϲͿ	ϭϬϭ͕ϳϮϵ͕ϭϵϰ	ϳϲϮ͕ϲϳϳ	Ϯ͕Ϯϯϵ͕ϱϯϯ	ϭϮ͕ϵϰϰ͕ϯϴϱ
dŽƚĂů	ϲϵ	ϲϵ	;ϰ͕ϰϵϵ͕ϵϳϮͿ	ϭϲϲ͕ϳϭϯ͕ϲϬϳ	Ϯ͕ϳϰϭ͕ϭϳϱ	Ϯ͕Ϯϯϵ͕ϱϯϯ	ϯϮ͕ϴϵϭ͕ϱϮϭ

ϯϬ :ƵŶĞ ϮϬϭϲ	&ŝŶĂŶĐĞ /ŶĐŽŵĞ	dŽƚĂů /ŶĐŽŵĞ	>ŽƐƐ ĨŽƌ ƚŚĞ LJĞĂƌ	ƐƐĞƚƐ	>ŝĂďŝůŝƚŝĞƐ	^ŚĂƌĞ ĂƐĞĚ WĂLJŵĞŶƚƐ	EŽŶͲĐƵƌƌĞŶƚ ĂƐƐĞƚ ĂĚĚŝƚŝŽŶƐ
	Ψ	Ψ	Ψ	Ψ	Ψ	Ψ	Ψ
ĂƐĐĂďĞůƉƌŽũĞĐƚΎ	Ͳ	Ͳ	;ϭ͕ϳϭϱ͕ϮϳϴͿ	Ϯϲ͕Ϯϱϴ͕ϮϬϴ	Ϯ͕ϰϮϳ͕ϭϴϱ	Ͳ	ϭϬ͕Ϯϴϭ͕ϱϵϭ
YƵĞĞŶƐůĂŶĚ
ƉƌŽũĞĐƚƐ	ϰϭϵ	ϰϭϵ	;ϯϲϭ͕ϬϭϮͿͿ	ϭϮ͕ϯϮϲ͕Ϯϳϱ	ϵϳ͕ϭϴϰ	Ͳ	Ϯϱ͕ϵϴϬ
^ŽůŽŵŽŶ/ƐůĂŶĚ
ƉƌŽũĞĐƚƐ	ϭϲϲ	ϭϲϲ	;ϱ͕ϭϬϮͿ	ϴϴ͕ϯϵϰ	Ͳ	Ͳ	Ͳ
ŽƌƉŽƌĂƚĞ	Ͳ	Ͳ	;ϯ͕ϲϰϭ͕ϳϯϬ	ϰ͕ϴϮϳ͕ϮϮϯ	ϱ͕ϵϵϰ͕ϯϵϲ	Ͳ	ϲϳϬ͕ϭϳϴ
dŽƚĂů	ϱϴϱ	ϱϴϱ	;ϱ͕ϳϮϯ͕ϭϮϮͿ	ϰϯ͕ϱϬϬ͕ϭϬϬ	ϴ͕ϱϭϴ͕ϳϲϱ	Ͳ	ϭϬ͕ϵϳϳ͕ϳϰϵ

ΎdŚĞĂƐĐĂďĞůƉƌŽũĞĐƚŝƐŚĞůĚƚŚĞƐƵďƐŝĚŝĂƌLJdžƉůŽƌĂĐŝŽŶĞƐEŽǀŽŵŝŶŝŶŐ^͘͘ǁŚŝĐŚŝƐϭϱйŽǁŶĞĚďLJĂŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚ͘ ^ĞĞ ĨƵƌƚŚĞƌĚĞƚĂŝůƐŽĨƚŚĞƐƵďƐŝĚŝĂƌLJŝŶŶŽƚĞϵ͘

'ĞŽŐƌĂƉŚŝĐĂů ŝŶĨŽƌŵĂƚŝŽŶ

EŽŶͲĐƵƌƌĞŶƚ ĂƐƐĞƚƐ	ϮϬϭϳ Ψ	ϮϬϭϲ Ψ
h<	Ͳ	Ͳ
ƵƐƚƌĂůŝĂ	Ϯϰ͕ϳϮϲ͕ϲϴϲ	ϭϭ͕ϱϳϬ͕ϵϳϬ
^ŽůŽŵŽŶ/ƐůĂŶĚƐ	Ͳ	Ͳ
ĐƵĂĚŽƌ	ϱϭ͕ϯϲϲ͕ϴϯϱ	ϯϭ͕ϲϯϭ͕ϬϯϬ
	ϳϲ͕Ϭϵϯ͕ϱϮϭ	ϰϯ͕ϮϬϮ͕ϬϬϬ

dŚĞ'ƌŽƵƉŚĂĚŶŽƌĞǀĞŶƵĞĚƵƌŝŶŐƚŚĞĐƵƌƌĞŶƚĂŶĚƉƌŝŽƌLJĞĂƌ͘

EKd ϯ KWZd/E'>K^^

	'ƌŽƵƉ ϮϬϭϳ Ψ	'ƌŽƵƉ ϮϬϭϲ Ψ
dŚĞ ŽƉĞƌĂƚŝŶŐ ůŽƐƐ ŝƐ ƐƚĂƚĞĚ ĂĨƚĞƌ ĐŚĂƌŐŝŶŐ ;ĐƌĞĚŝƚŝŶŐͿ
ƵĚŝƚŽƌƐ͛ƌĞŵƵŶĞƌĂƚŝŽŶ͗
ŵŽƵŶƚƐƌĞĐĞŝǀĞĚŽƌĚƵĞĂŶĚƌĞĐĞŝǀĂďůĞďLJK;h<ͿĨŽƌ͗
dŚĞĂƵĚŝƚŽĨƚŚĞĐŽŵƉĂŶLJ͛ƐĂŶŶƵĂůĂĐĐŽƵŶƚƐ	ϭϭϳ͕ϲϮϳ	ϯϲ͕ϳϯϱ
ŵŽƵŶƚƐƌĞĐĞŝǀĞĚŽƌĚƵĞĂŶĚƌĞĐĞŝǀĂďůĞďLJƌĞůĂƚĞĚƉƌĂĐƚŝĐĞƐŽĨK;h<ͿĨŽƌ͗
dŚĞĂƵĚŝƚŽĨƐƵďƐŝĚŝĂƌLJƵŶĚĞƌƚĂŬŝŶŐƐ	ϳϵ͕ϳϭϰ	ϲϮ͕ϵϯϵ
ĞƉƌĞĐŝĂƚŝŽŶ	ϯϲ͕ϳϭϯ	ϭϰ͕ϱϭϵ
&ŽƌĞŝŐŶĞdžĐŚĂŶŐĞ;ŐĂŝŶƐͿͬůŽƐƐĞƐ	ϭ͕ϬϯϮ͕ϬϭϬ	;ϭϮϵ͕ϲϭϵͿ
^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƐ	Ϯ͕Ϯϯϵ͕ϱϯϯ	Ͳ

EKd ϰ ^d&& EhDZ^ EK^d^

	'ƌŽƵƉ ϮϬϭϳ	'ƌŽƵƉ ϮϬϭϲ	ŽŵƉĂŶLJ ϮϬϭϳ	ŽŵƉĂŶLJ ϮϬϭϲ
ŽƌƉŽƌĂƚĞĨŝŶĂŶĐĞĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝŽŶ	ϭϳ	ϭϭ	ϭϮ	ϳ
dĞĐŚŶŝĐĂů	Ϯϯϴ	ϭϬϴ	ϯ	Ϯ
	Ϯϱϱ	ϭϭϵ	ϭϱ	ϵ

dŚĞĂŐŐƌĞŐĂƚĞƉĂLJƌŽůůĐŽƐƚƐŽĨƚŚĞƐĞƉĞƌƐŽŶƐǁĞƌĞĂƐĨŽůůŽǁƐ͗

	'ƌŽƵƉ ϮϬϭϳ Ψ	'ƌŽƵƉ ϮϬϭϲ Ψ	ŽŵƉĂŶLJ ϮϬϭϳ Ψ	ŽŵƉĂŶLJ ϮϬϭϲ Ψ
tĂŐĞƐĂŶĚƐĂůĂƌŝĞƐ	ϰ͕ϵϵϳ͕ϭϲϵ	Ϯ͕ϴϯϯ͕ϳϲϵ	ϭ͕ϮϰϬ͕ϱϯϲ	ϴϱϬ͕ϯϱϮ
ŽŶƚƌŝďƵƚŝŽŶƐƚŽƐƵƉĞƌĂŶŶƵĂƚŝŽŶ	ϱϭϭ͕ϵϳϲ	Ϯϯϱ͕ϰϭϰ	ϱϰ͕ϯϮϬ	ϰϳ͕ϲϭϱ
^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƐ	Ϯ͕Ϯϯϵ͕ϱϯϯ	Ͳ	Ϯ͕Ϯϯϵ͕ϱϯϯ	Ͳ
dŽƚĂů ƐƚĂĨĨĐŽƐƚƐ	ϳ͕ϳϰϴ͕ϲϳϴ	ϯ͕Ϭϲϵ͕ϭϴϯ	ϯ͕ϱϯϰ͕ϯϴϵ	ϴϵϳ͕ϵϲϳ

/ŶĐůƵĚĞĚǁŝƚŚŝŶƚŽƚĂůƐƚĂĨĨĐŽƐƚƐŝƐΨϱ͕ϬϬϮ͕ϲϴϵ;ϮϬϭϲ͗ΨϮ͕ϭϵϮ͕ϵϯϰͿǁŚŝĐŚŚĂƐďĞĞŶĐĂƉŝƚĂůŝƐĞĚĂƐƉĂƌƚŽĨĚĞĨĞƌƌĞĚĞdžƉůŽƌĂƚŝŽŶĐŽƐƚƐ͘

EKd ϱ ZDhEZd/KE K&

	ĂƐŝĐ ŶŶƵĂů ^ĂůĂƌLJ Ψ	KƚŚĞƌĞŶĞĨŝƚƐϭ Ψ	WĞŶƐŝŽŶƐ Ψ	dŽƚĂů ZĞŵƵŶĞƌĂƚŝŽŶ Ψ
ϮϬϭϳ
ŝƌĞĐƚŽƌƐ
EŝĐŚŽůĂƐDĂƚŚĞƌ;ŚŝŐŚĞƐƚƉĂŝĚĚŝƌĞĐƚŽƌͿ	ϰϭϲ͕ϲϲϳ	Ͳ	Ͳ	ϰϭϲ͕ϲϲϳ
ƌŝĂŶDŽůůĞƌ	ϱϬ͕ϬϬϬ	Ͳ	Ͳ	ϱϬ͕ϬϬϬ
ZŽďĞƌƚtĞŝŶďĞƌŐϮ	ϱϬ͕ϬϬϬ	Ͳ	Ͳ	ϱϬ͕ϬϬϬ
:ŽŚŶŽǀĂƌĚϮ	ϱϬ͕ϬϬϬ	Ͳ	Ͳ	ϱϬ͕ϬϬϬ
^ĐŽƚƚ ĂůĚǁĞůů	ϯϵ͕ϬϮϴ	Ͳ	Ͳ	ϯϵ͕ϬϮϴ
ƌĂŝŐ:ŽŶĞƐ	ϭϲ͕ϲϲϳ	Ͳ	Ͳ	ϭϲ͕ϲϲϳ
KƚŚĞƌ<ĞLJDĂŶĂŐĞŵĞŶƚWĞƌƐŽŶŶĞůϯ	ϵϱϲ͕ϱϮϰ	ϭϴϭ͕ϰϳϯ	ϱϮ͕ϭϰϰ	ϭ͕ϭϵϬ͕ϭϰϭ
dŽƚĂů ƉĂŝĚ ƚŽ<ĞLJ DĂŶĂŐĞŵĞŶƚ WĞƌƐŽŶŶĞů	ϭ͕ϱϳϴ͕ϴϴϲ	ϭϴϭ͕ϰϳϯ	ϱϮ͕ϭϰϰ	ϭ͕ϴϭϮ͕ϱϬϯ
KƚŚĞƌ ƐƚĂĨĨĂŶĚ ĐŽŶƚƌĂĐƚŽƌƐ	ϰ͕ϬϰϬ͕ϲϰϱ	Ϯ͕Ϭϱϴ͕Ϭϲϭ	ϰϱϵ͕ϴϯϮ	ϲ͕ϱϱϴ͕ϱϯϳ
dŽƚĂů	ϱ͕ϲϭϵ͕ϱϯϭ	Ϯ͕Ϯϯϵ͕ϱϯϰ	ϱϭϭ͕ϵϳϲ	ϴ͕ϯϳϭ͕ϬϰϬ

^ϭ KƚŚĞƌ ĞŶĞĨŝƚƐ ƌĞƉƌĞƐĞŶƚƐ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƚŚĞ ƐŚĂƌĞ ŽƉƚŝŽŶƐ ŐƌĂŶƚĞĚ ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌ ďĂƐĞĚ ŽŶĞŝƚŚĞƌ ƚŚĞ ůĂĐŬͲ^ĐŚŽůĞƐŵŽĚĞů Žƌ DŽŶƚĞĂƌůŽ^ŝŵƵůĂƚŝŽŶĐŽŶƐŝĚĞƌŝŶŐƚŚĞĞĨĨĞĐƚƐŽĨƚŚĞǀĞƐƚŝŶŐĐŽŶĚŝƚŝŽŶƐ͘

Ϯ ͘ ƵƌŝŶŐƚŚĞLJĞĂƌDƌZŽďĞƌƚtĞŝŶďĞƌŐĂŶĚDƌ:ŽŚŶŽǀĂƌĚĞdžĞƌĐŝƐĞĚĂƚŽƚĂůŽĨϭ͕ϳϲϬ͕ϬϬϬŽƉƚŝŽŶƐŐƌĂŶƚĞĚƵŶĚĞƌƚŚĞĞŵƉůŽLJĞĞƐŚĂƌĞ ŽƉƚŝŽŶƉůĂŶ;ϮϬϭϲ͗ŶŝůͿ͘ dŚĞŶŽŵŝŶĂůŐĂŝŶŽŶƚŚĞĚĂƚĞŽĨĞdžĞƌĐŝƐĞŽĨƚŚĞƐŚĂƌĞŽƉƚŝŽŶƐǁĂƐΨϰϲϱ͕ϯϵϵ͘

^ϯ KƚŚĞƌ<ĞLJDĂŶĂŐĞŵĞŶƚWĞƌƐŽŶŶĞůĐŽŶƐŝƐƚŽĨ ƚŚĞĂŐŐƌĞŐĂƚĞĚ ƌĞŵƵŶĞƌĂƚŝŽŶŽĨ<Ăƌů^ĐŚůŽďŽŚŵ ;ŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJͿ͕WƌŝLJ :ĂLJĂƐƵƌŝLJĂ ;ŚŝĞĨ &ŝŶĂŶĐŝĂů KĨĨŝĐĞƌͿ͕ :ĂƐŽŶ tĂƌĚ ;ŚŝĞĨ 'ĞŽůŽŐŝƐƚͿ͕ ĞŶŶ tŚŝƐƚůĞƌ ;dĞĐŚŶŝĐĂů 'ĞŽůŽŐŝƐƚͿ ĂŶĚ >ĂnjĂƌŽ ZŽƋƵĞͲůďĞůŽ ;>ĂƚŝŶ ĨĨĂŝƌƐ DĂŶĂŐĞƌͿ͘

	ĂƐŝĐ ŶŶƵĂů ^ĂůĂƌLJ Ψ	KƚŚĞƌĞŶĞĨŝƚƐ Ψ	WĞŶƐŝŽŶƐ Ψ	dŽƚĂů ZĞŵƵŶĞƌĂƚŝŽŶ Ψ
ϮϬϭϲ
ŝƌĞĐƚŽƌƐ
EŝĐŚŽůĂƐDĂƚŚĞƌ;ŚŝŐŚĞƐƚƉĂŝĚĚŝƌĞĐƚŽƌͿ	ϭϱϬ͕ϬϬϬ	Ͳ	Ͳ	ϭϱϬ͕ϬϬϬ
ƌŝĂŶDŽůůĞƌ	ϱϬ͕ϬϬϬ	Ͳ	Ͳ	ϱϬ͕ϬϬϬ
ZŽďĞƌƚtĞŝŶďĞƌŐ	ϱϬ͕ϬϬϬ	Ͳ	Ͳ	ϱϬ͕ϬϬϬ
:ŽŚŶŽǀĂƌĚ	ϯϯ͕ϯϯϯ	Ͳ	Ͳ	ϯϯ͕ϯϯϯ
KƚŚĞƌ<ĞLJDĂŶĂŐĞŵĞŶƚWĞƌƐŽŶŶĞůϭ	ϲϳϬ͕ϴϬϳ	Ͳ	ϮϬ͕ϰϵϴ	ϲϵϭ͕ϯϬϱ
dŽƚĂů ƉĂŝĚ ƚŽ<ĞLJ DĂŶĂŐĞŵĞŶƚ WĞƌƐŽŶŶĞů	ϵϱϰ͕ϭϰϬ	Ͳ	ϮϬ͕ϰϵϴ	ϵϳϰ͕ϲϯϴ
KƚŚĞƌ ƐƚĂĨĨĂŶĚ ĐŽŶƚƌĂĐƚŽƌƐ	Ϯ͕ϮϭϮ͕ϵϲϮ	Ͳ	Ϯϭϰ͕ϵϭϲ	Ϯ͕ϰϮϳ͕ϴϳϴ
dŽƚĂů	ϯ͕ϭϭϳ͕ϭϬϮ	Ͳ	Ϯϯϱ͕ϰϭϰ	ϯ͕ϯϱϮ͕ϱϭϲ

ϭ ͘ KƚŚĞƌ<ĞLJDĂŶĂŐĞŵĞŶƚWĞƌƐŽŶŶĞůĐŽŶƐŝƐƚŽĨƚŚĞĂŐŐƌĞŐĂƚĞĚƌĞŵƵŶĞƌĂƚŝŽŶŽĨ<Ăƌů^ĐŚůŽďŽŚŵ;ŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJͿ͕WƌŝLJ:ĂLJĂƐƵƌŝLJĂ ;ŚŝĞĨ &ŝŶĂŶĐŝĂů KĨĨŝĐĞƌͿ͕ :ĂƐŽŶ tĂƌĚ ;ŚŝĞĨ 'ĞŽůŽŐŝƐƚͿ͕ ĞŶŶ tŚŝƐƚůĞƌ ;dĞĐŚŶŝĐĂů 'ĞŽůŽŐŝƐƚͿ ĂŶĚ >ĂnjĂƌŽ ZŽƋƵĞͲůďĞůŽ ;>ĂƚŝŶ ĨĨĂŝƌƐ DĂŶĂŐĞƌͿ͘

ƵƌŝŶŐƚŚĞLJĞĂƌ͕ΨϱϮ͕ϭϰϰĞŵƉůŽLJĞƌ͛ƐƐŽĐŝĂůƐĞĐƵƌŝƚLJĐŽƐƚƐ;ϮϬϭϲ͗ΨϮϬ͕ϰϵϴͿǁĞƌĞƉĂŝĚŝŶƌĞƐƉĞĐƚŽĨƌĞŵƵŶĞƌĂƚŝŽŶĨŽƌŬĞLJŵĂŶĂŐĞŵĞŶƚ ƉĞƌƐŽŶŶĞů͘

EKd ϲ &/EE /EKD EK^d^

	'ƌŽƵƉ ϮϬϭϳ Ψ	'ƌŽƵƉ ϮϬϭϲ Ψ
/ŶƚĞƌĞƐƚŝŶĐŽŵĞ	ϲϵ	ϱϴϱ
&ŝŶĂŶĐĞ ŝŶĐŽŵĞ	ϲϵ	ϱϴϱ
/ŶƚĞƌĞƐƚĐŽƐƚ	;ϳϯ͕ϱϬϮͿ	;Ϯϯϳ͕ϰϯϯͿ
&ŝŶĂŶĐĞ ĐŽƐƚƐ	;ϳϯ͕ϱϬϮͿ	;Ϯϯϳ͕ϰϯϯͿ

EKd ϳ dyyWE^

&ĂĐƚŽƌƐ ĂĨĨĞĐƚŝŶŐ ƚŚĞ ƚĂdž ĐŚĂƌŐĞĨŽƌ ƚŚĞ ĐƵƌƌĞŶƚ LJĞĂƌ

dŚĞƚĂdžĐƌĞĚŝƚĨŽƌƚŚĞƉĞƌŝŽĚŝƐůŽǁĞƌƚŚĂŶƚŚĞĐƌĞĚŝƚƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞĂƉƉůŝĐĂƚŝŽŶŽĨƚŚĞƐƚĂŶĚĂƌĚƌĂƚĞŽĨĐŽƌƉŽƌĂƚŝŽŶƚĂdžŝŶƵƐƚƌĂůŝĂ ŽĨϯϬй;ϮϬϭϲ͗ϯϬйͿďĞŝŶŐĂƉƉůŝĞĚƚŽƚŚĞůŽƐƐďĞĨŽƌĞƚĂdžĂƌŝƐŝŶŐĚƵƌŝŶŐƚŚĞLJĞĂƌ͘dŚĞĚŝĨĨĞƌĞŶĐĞƐĂƌĞĞdžƉůĂŝŶĞĚďĞůŽǁ͘

	'ƌŽƵƉ	'ƌŽƵƉ
	ϮϬϭϲ	ϮϬϭϲ
	Ψ	Ψ
dĂdž ƌĞĐŽŶĐŝůŝĂƚŝŽŶ
>ŽƐƐďĞĨŽƌĞƚĂdž	;ϴ͕ϯϮϯ͕ϬϱϬͿ	;ϱ͕ϳϮϯ͕ϭϮϮͿ
dĂdžĂƚϯϬй;ϮϬϭϲ͗ϯϬйͿ	;Ϯ͕ϰϵϲ͕ϵϭϱͿ	;ϭ͕ϳϭϲ͕ϵϯϳͿ
ĚĚ ;ůĞƐƐͿ ƚĂdž ĞĨĨĞĐƚ ŽĨ͗
WĞƌŵĂŶĞŶƚĚŝĨĨĞƌĞŶĐĞƐ	ϲϳϬ͕ϴϭϴ	ϯϭ͕ϳϳϯ
ĞƌĞĐŽŐŶŝƐĞ;ZĞĐŽŐŶŝƐĞͿƉƌŝŽƌLJĞĂƌůŽƐƐĞƐ	;ϭ͕ϵϴϯ͕ϯϯϬͿ	ϭ͕ϳϮϴ͕ϴϮϲ
KƚŚĞƌ	;ϭϯ͕ϲϱϭͿ	;ϰϯ͕ϲϲϯͿ
/ŶĐŽŵĞ ƚĂdž ĞdžƉĞŶƐĞ ;ďĞŶĞĨŝƚͿ ŽŶ ůŽƐƐ	;ϯ͕ϴϮϯ͕ϬϳϴͿ	Ͳ

ŽŵƉŽŶĞŶƚƐ ŽĨƚĂdž ĞdžƉĞŶƐĞ ͬ ;ďĞŶĞĨŝƚͿ ŽŶ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ
ĐŽŵƉƌŝƐĞ ŽĨ͗
sĂůƵĂƚŝŽŶŐĂŝŶƐŽŶĂǀĂŝůĂďůĞĨŽƌƐĂůĞŝŶǀĞƐƚŵĞŶƚƐ	ϯ͕ϴϮϯ͕Ϭϳϴ	Ͳ
/ŶĐŽŵĞ ƚĂdž ĞdžƉĞŶƐĞ ;ďĞŶĞĨŝƚͿ ŽŶ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ	ϯ͕ϴϮϯ͕Ϭϳϴ	Ͳ

&ĂĐƚŽƌƐ ƚŚĂƚ ŵĂLJ ĂĨĨĞĐƚĨƵƚƵƌĞ ƚĂdž ĐŚĂƌŐĞƐ

dŚĞ'ƌŽƵƉŚĂƐĐĂƌƌŝĞĚĨŽƌǁĂƌĚƚĂdžůŽƐƐĞƐŽĨĂƉƉƌŽdžŝŵĂƚĞůLJΨϴϲ͘ϮŵŝůůŝŽŶ;ϮϬϭϲ͗Ψϲϱ͘ϳŵŝůůŝŽŶͿ͘dŚĞƐĞůŽƐƐĞƐŵĂLJďĞĚĞĚƵĐƚŝďůĞ ĂŐĂŝŶƐƚ ĨƵƚƵƌĞ ƚĂdžĂďůĞŝŶĐŽŵĞĚĞƉĞŶĚĞŶƚƵƉŽŶ ƚŚĞŽŶͲŐŽŝŶŐƐĂƚŝƐĨĂĐƚŝŽŶďLJ ƚŚĞ ƌĞůĞǀĂŶƚ'ƌŽƵƉŽŵƉĂŶLJŽĨǀĂƌŝŽƵƐ ƚĂdžŝŶƚĞŐƌŝƚLJ ŵĞĂƐƵƌĞƐ ĂƉƉůŝĐĂďůĞ ŝŶ ƚŚĞ ũƵƌŝƐĚŝĐƚŝŽŶ ǁŚĞƌĞ ƚŚĞ ƚĂdž ůŽƐƐ ŚĂƐ ďĞĞŶ ŝŶĐƵƌƌĞĚ͘ dŚĞ ũƵƌŝƐĚŝĐƚŝŽŶƐ ŝŶ ǁŚŝĐŚ ƚĂdž ůŽƐƐĞƐ ŚĂǀĞ ďĞĞŶ ŝŶĐƵƌƌĞĚŝŶĐůƵĚĞƵƐƚƌĂůŝĂ͕ĐƵĂĚŽƌĂŶĚ ƚŚĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐ͘dĂdžůŽƐƐĞƐŝŶƵƐƚƌĂůŝĂ ĐĂŶ ďĞ ĐĂƌƌŝĞĚ ĨŽƌǁĂƌĚŝŶĚĞĨŝŶŝƚĞůLJǁŚŝůĞŝŶ ĐƵĂĚŽƌ͕ƚĂdžůŽƐƐĞƐŵĂLJďĞĐĂƌƌŝĞĚ ĨŽƌǁĂƌĚĂŶĚŽĨĨƐĞƚĂŐĂŝŶƐƚƉƌŽĨŝƚƐŝŶƚŚĞ ĨŽůůŽǁŝŶŐ ĨŝǀĞLJĞĂƌƐ͕ƉƌŽǀŝĚĞĚƚŚĂƚƚŚĞĂŵŽƵŶƚŽĨĨƐĞƚ ĚŽĞƐŶŽƚĞdžĐĞĞĚϮϱйŽĨƚŚĞLJĞĂƌ͛ƐƉƌŽĨŝƚƐ͘

EKd ϴ >K^^ WZ ^,Z

	ϮϬϭϳ Ψ	ϮϬϭϲ Ψ
;ĂͿ ĂƌŶŝŶŐƐ
ĂƌŶŝŶŐƐƵƐĞĚƚŽĐĂůĐƵůĂƚĞďĂƐŝĐĂŶĚĚŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ	;ϰ͕ϰϵϵ͕ϵϳϮͿ	;ϱ͕ϳϮϯ͕ϭϮϮͿ

	EƵŵďĞƌ ŽĨ	EƵŵďĞƌ ŽĨ
	ƐŚĂƌĞƐ	ƐŚĂƌĞƐ
;ďͿ tĞŝŐŚƚĞĚ ĂǀĞƌĂŐĞ ŶƵŵďĞƌ ŽĨƐŚĂƌĞƐ
hƐĞĚ ŝŶ ĐĂůĐƵůĂƚŝŶŐďĂƐŝĐ W^	ϭ͕ϯϯϬ͕ϳϵϴ͕ϯϳϭ	ϴϯϵ͕ϵϵϱ͕ϭϭϱ
tĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨĚŝůƵƚŝǀĞŽƉƚŝŽŶƐ	ϭϱ͕ϰϭϱ͕Ϯϴϭ	Ͳ
tĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨŽƌĚŝŶĂƌLJƐŚĂƌĞƐĂŶĚƉŽƚĞŶƚŝĂůŽƌĚŝŶĂƌLJƐŚĂƌĞƐƵƐĞĚ	ϭ͕ϯϰϲ͕Ϯϭϯ͕ϲϱϮ	ϴϯϵ͕ϵϵϱ͕ϭϭϱ
ŝŶĐĂůĐƵůĂƚŝŶŐĚŝůƵƚŝǀĞW^

EKd ϵ /Es^dDEd^ /E ^h^//ZzhEZd</E'^

	ŽƵŶƚƌLJ ŽĨ ŝŶĐŽƌƉŽƌĂƚŝŽŶ ĂŶĚ ŽƉĞƌĂƚŝŽŶ	ZĞŐŝƐƚĞƌĞĚ ĚĚƌĞƐƐ	WƌŝŶĐŝƉĂů ĂĐƚŝǀŝƚLJ	^Žů'ŽůĚ ƉůĐ͛Ɛ ĞĨĨĞĐƚŝǀĞ ŝŶƚĞƌĞƐƚ
				ϮϬϭϳ	ϮϬϭϲ
ƵƐƚƌĂůŝĂŶZĞƐŽƵƌĐĞƐ DĂŶĂŐĞŵĞŶƚ;ZDͿWƚLJ>ƚĚ	ƵƐƚƌĂůŝĂ	>ĞǀĞůϮϳ͕ϭϭϭ ĂŐůĞ^ƚƌĞĞƚ ƌŝƐďĂŶĞ͕Y>͕ϰϬϬϬ ƵƐƚƌĂůŝĂ	džƉůŽƌĂƚŝŽŶ	ϭϬϬй	ϭϬϬй
ĐĂƉƵůĐŽDŝŶŝŶŐWƚLJ>ƚĚ	ƵƐƚƌĂůŝĂ	>ĞǀĞůϮϳ͕ϭϭϭ ĂŐůĞ^ƚƌĞĞƚ ƌŝƐďĂŶĞ͕Y>͕ϰϬϬϬ ƵƐƚƌĂůŝĂ	džƉůŽƌĂƚŝŽŶ	ϭϬϬй	ϭϬϬй
ĞŶƚƌĂůDŝŶĞƌĂůƐWƚLJ>ƚĚ	ƵƐƚƌĂůŝĂ	>ĞǀĞůϮϳ͕ϭϭϭ ĂŐůĞ^ƚƌĞĞƚ ƌŝƐďĂŶĞ͕Y>͕ϰϬϬϬ ƵƐƚƌĂůŝĂ	džƉůŽƌĂƚŝŽŶ	ϭϬϬй	ϭϬϬй
^ŽůŽŵŽŶKƉĞƌĂƚŝŽŶƐ>ƚĚ	^ŽůŽŵŽŶ /ƐůĂŶĚƐ	ĐͬͲDŽƌƌŝƐΘ ^ŽũŶŽĐŬŝ ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ ϭƐƚ&ůŽŽƌ ŝƚLJĞŶƚƌĞƵŝůĚŝŶŐ͕ DĞŶĚĂŶĂǀĞŶƵĞ͕,ŽŶŝĂƌĂ ^ŽůŽŵŽŶ/ƐůĂŶĚƐ	džƉůŽƌĂƚŝŽŶ	ϭϬϬй	ϭϬϬй
,ŽŶŝĂƌĂ,ŽůĚŝŶŐƐWƚLJ>ƚĚ	ƵƐƚƌĂůŝĂ	>ĞǀĞůϮϳ͕ϭϭϭ ĂŐůĞ^ƚƌĞĞƚ ƌŝƐďĂŶĞ͕Y>͕ϰϬϬϬ ƵƐƚƌĂůŝĂ	džƉůŽƌĂƚŝŽŶ	ϭϬϬй	ϭϬϬй
'ƵĂĚĂůĐĂŶĂůdžƉůŽƌĂƚŝŽŶWƚLJ >ƚĚ	ƵƐƚƌĂůŝĂ	>ĞǀĞůϮϳ͕ϭϭϭ ĂŐůĞ^ƚƌĞĞƚ ƌŝƐďĂŶĞ͕Y>͕ϰϬϬϬ ƵƐƚƌĂůŝĂ	džƉůŽƌĂƚŝŽŶ	ϭϬϬй	ϭϬϬй
džƉůŽƌĂĐŝŽŶĞƐEŽǀŽŵŝŶŝŶŐ^͘͘	ĐƵĂĚŽƌ	ǀ͘ ϭϮ ĞKĐƚƵďƌĞEϮϲͲϵϳ z ďƌĂŚĂŵ>ŝŶĐŽůŶ dŽƌƌĞϭϰϵϮ KĨŝĐŝŶĂϱϬϱ WŝƐŽϱ YƵŝƚŽ ĐƵĂĚŽƌ	džƉůŽƌĂƚŝŽŶ	ϴϱйΎ	ϴϱйΎ
ĂƌŶĞŐŝĞZŝĚŐĞZĞƐŽƵƌĐĞƐ^͘	ĐƵĂĚŽƌ	ǀ͘ ϭϮ ĞKĐƚƵďƌĞEϮϲͲϵϳ z ďƌĂŚĂŵ>ŝŶĐŽůŶ dŽƌƌĞϭϰϵϮ KĨŝĐŝŶĂϱϬϱ WŝƐŽϱ YƵŝƚŽ ĐƵĂĚŽƌ	džƉůŽƌĂƚŝŽŶ	ϭϬϬй	ϭϬϬй
'ƌĞĞŶZŽĐŬZĞƐŽƵƌĐĞƐ^͘	ĐƵĂĚŽƌ	ǀ͘ ϭϮ ĞKĐƚƵďƌĞEϮϲͲϵϳ z ďƌĂŚĂŵ>ŝŶĐŽůŶ dŽƌƌĞϭϰϵϮ KĨŝĐŝŶĂϱϬϱ WŝƐŽϱ YƵŝƚŽ ĐƵĂĚŽƌ	džƉůŽƌĂƚŝŽŶ	ϭϬϬй	ϭϬϬй
sĂůůĞZŝĐŽZĞƐŽƵƌĐĞƐ^͘͘	ĐƵĂĚŽƌ	ǀ͘ ϭϮ ĞKĐƚƵďƌĞEϮϲͲϵϳ z ďƌĂŚĂŵ>ŝŶĐŽůŶ dŽƌƌĞϭϰϵϮ KĨŝĐŝŶĂϱϬϱ WŝƐŽϱ YƵŝƚŽ ĐƵĂĚŽƌ	džƉůŽƌĂƚŝŽŶ	ϭϬϬй	ϭϬϬй
ƌƵnjĞů^Žů^͘	ĐƵĂĚŽƌ	ǀ͘ ϭϮ ĞKĐƚƵďƌĞEϮϲͲϵϳ z ďƌĂŚĂŵ>ŝŶĐŽůŶ dŽƌƌĞϭϰϵϮ KĨŝĐŝŶĂϱϬϱ WŝƐŽϱ YƵŝƚŽ ĐƵĂĚŽƌ	džƉůŽƌĂƚŝŽŶ	ϭϬϬй	ϭϬϬй
Ύ ĞƚĂŝůƐŽĨƚŚĞŝŶĚŝǀŝĚƵĂůĨŝŶĂŶĐŝĂůƐŽĨE^ĂƌĞŝŶĐůƵĚĞĚŝŶŶŽƚĞϮƐĞŐŵĞŶƚĂůƌĞƉŽƌƚŝŶŐŝŶƚŚĞĂƐĐĂďĞůƐĞŐŵĞŶƚ͘

SolGold plc annual report for the year ended 30 June 2017 55

EKd ϵ /Es^dDEd^ /E ^h^//ZzhEZd</E'^ ;ĐŽŶƚŝŶƵĞĚͿ

		/ŶǀĞƐƚŵĞŶƚ ŝŶ ƐƵďƐŝĚŝĂƌLJ ƵŶĚĞƌƚĂŬŝŶŐƐ
	^ŚĂƌĞƐ	>ŽĂŶƐ	dŽƚĂů
	Ψ	Ψ	Ψ
ŽƐƚ
ĂůĂŶĐĞ Ăƚ ϭ :ƵůLJ ϮϬϭϱ	ϭϰ͕ϬϬϰ͕ϴϳϵ	ϲϱ͕ϳϯϮ͕Ϭϲϰ	ϳϵ͕ϳϯϲ͕ϵϰϯ
ĐƋƵŝƐŝƚŝŽŶƐĂŶĚĂĚǀĂŶĐĞƐŝŶƚŚĞLJĞĂƌ	Ͳ	ϵ͕ϳϱϯ͕ϮϮϲ	ϵ͕ϳϱϯ͕ϮϮϲ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϲ	ϭϰ͕ϬϬϰ͕ϴϳϵ	ϳϱ͕ϰϴϱ͕ϮϵϬ	ϴϵ͕ϰϵϬ͕ϭϲϵ
ĐƋƵŝƐŝƚŝŽŶƐĂŶĚĂĚǀĂŶĐĞƐŝŶƚŚĞLJĞĂƌ	ϰ͕ϮϬϴ	Ϯϰ͕ϭϱϮ͕ϴϱϳ	Ϯϰ͕ϭϱϳ͕Ϭϲϲ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϳ	ϭϰ͕ϬϬϵ͕Ϭϴϳ	ϵϵ͕ϲϯϴ͕ϭϰϳ	ϭϭϯ͕ϲϰϳ͕Ϯϯϱ

ŵŽƌƚŝƐĂƚŝŽŶ ĂŶĚ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐĞƐ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϱ	;ϱ͕Ϭϭϲ͕ϵϰϴͿ	;ϰϰ͕ϯϰϬ͕ϯϵϰͿ	;ϰϵ͕ϯϱϳ͕ϯϰϮͿ
WƌŽǀŝƐŝŽŶĨŽƌŝŵƉĂŝƌŵĞŶƚ	Ͳ	Ͳ	Ͳ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϲ	;ϱ͕Ϭϭϲ͕ϵϰϴͿ	;ϰϰ͕ϯϰϬ͕ϯϵϰͿ	;ϰϵ͕ϯϱϳ͕ϯϰϮͿ
WƌŽǀŝƐŝŽŶĨŽƌŝŵƉĂŝƌŵĞŶƚ	Ͳ	Ͳ	Ͳ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϳ	;ϱ͕Ϭϭϲ͕ϵϰϴͿ	;ϰϰ͕ϯϰϬ͕ϯϵϰͿ	;ϰϵ͕ϯϱϳ͕ϯϰϮͿ

ĂƌƌLJŝŶŐ ĂŵŽƵŶƚƐ
ĂůĂŶĐĞĂƚϯϬ:ƵŶĞϮϬϭϱ	ϴ͕ϵϴϳ͕ϵϯϭ	Ϯϭ͕ϯϵϭ͕ϲϳϬ	ϯϬ͕ϯϳϵ͕ϲϬϭ
ĂůĂŶĐĞĂƚϯϬ:ƵŶĞϮϬϭϲ	ϴ͕ϵϴϳ͕ϵϯϭ	ϯϭ͕ϭϰϰ͕ϴϵϲ	ϰϬ͕ϭϯϮ͕ϴϮϳ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϳ	ϴ͕ϵϵϮ͕ϭϯϵ	ϱϱ͕Ϯϵϳ͕ϳϱϯ	ϲϰ͕Ϯϴϵ͕ϴϵϮ

EKd ϭϬ /Es^dDEd^

;ĂͿ /ŶǀĞƐƚŵĞŶƚƐ ĂĐĐŽƵŶƚĞĚĨŽƌ ĂƐ ĂǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞ ĂƐƐĞƚƐ

	'ƌŽƵƉ		ŽŵƉĂŶLJ
	ϮϬϭϳ	ϮϬϭϲ	ϮϬϭϳ	ϮϬϭϲ
	Ψ	Ψ	Ψ	Ψ
DŽǀĞŵĞŶƚƐ ŝŶ ĂǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞ ĂƐƐĞƚƐ
KƉĞŶŝŶŐďĂůĂŶĐĞĂƚϭ:ƵůLJ	ϭ͕ϲϮϮ͕ϳϭϮ	ϴϵϲ͕ϭϵϳ	ϭ͕ϲϭϳ͕ϭϯϮ	ϴϵϰ͕ϭϵϮ
ĚĚŝƚŝŽŶƐ	Ͳ	ϱϯϱ͕ϵϬϱ	Ͳ	ϱϯϮ͕ϯϯϬ
&ĂŝƌsĂůƵĞĂĚũƵƐƚŵĞŶƚƚŚƌŽƵŐŚŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞ	ϭϮ͕ϳϰϯ͕ϱϵϯ	ϭϵϬ͕ϲϭϬ	ϭϮ͕ϳϰϯ͕ϱϵϯ	ϭϵϬ͕ϲϭϬ
ŝŶĐŽŵĞ
	ϭϰ͕ϯϲϲ͕ϯϬϰ	ϭ͕ϲϮϮ͕ϳϭϮ	ϭϰ͕ϯϲϬ͕ϳϮϱ	ϭ͕ϲϭϳ͕ϭϯϮ

ǀĂŝůĂďůĞĨŽƌƐĂůĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĐŽŵƉƌŝƐĞĂŶŝŶǀĞƐƚŵĞŶƚŝŶƚŚĞŽƌĚŝŶĂƌLJŝƐƐƵĞĚĐĂƉŝƚĂůŽĨŽƌŶĞƌƐƚŽŶĞĂƉŝƚĂůZĞƐŽƵƌĐĞƐ/ŶĐ͕͘ůŝƐƚĞĚŽŶ ƚŚĞdŽƌŽŶƚŽsĞŶƚƵƌĞdžĐŚĂŶŐĞ;͞d^ys͟ͿĂŶĚĂŶŝŶǀĞƐƚŵĞŶƚŝŶƚŚĞŽƌĚŝŶĂƌLJŝƐƐƵĞĚĐĂƉŝƚĂůŽĨƵƐdŝŶDŝŶŝŶŐ>ƚĚ͕ĂĐŽŵƉĂŶLJůŝƐƚĞĚŽŶ ƚŚĞƵƐƚƌĂůŝĂŶ^ĞĐƵƌŝƚŝĞƐdžĐŚĂŶŐĞ͘

;ďͿ &Ăŝƌ ǀĂůƵĞ

&ĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJ

dŚĞ ĨŽůůŽǁŝŶŐ ƚĂďůĞ ĚĞƚĂŝůƐ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĞŶƚŝƚLJ͛Ɛ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ͕ ŵĞĂƐƵƌĞĚ Žƌ ĚŝƐĐůŽƐĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ͕ ƵƐŝŶŐ Ă ƚŚƌĞĞ ůĞǀĞů ŚŝĞƌĂƌĐŚLJ͕ďĂƐĞĚŽŶƚŚĞůŽǁĞƐƚůĞǀĞůŽĨŝŶƉƵƚƚŚĂƚŝƐƐŝŐŶŝĨŝĐĂŶƚƚŽƚŚĞĞŶƚŝƌĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚďĞŝŶŐ͗

>ĞǀĞů ϭ͗YƵŽƚĞĚƉƌŝĐĞƐ ;ƵŶĂĚũƵƐƚĞĚͿŝŶĂĐƚŝǀĞŵĂƌŬĞƚƐ ĨŽƌŝĚĞŶƚŝĐĂůĂƐƐĞƚƐŽƌůŝĂďŝůŝƚŝĞƐƚŚĂƚƚŚĞĞŶƚŝƚLJĐĂŶĂĐĐĞƐƐĂƚƚŚĞŵĞĂƐƵƌĞŵĞŶƚ ĚĂƚĞ͘

>ĞǀĞů Ϯ͗/ŶƉƵƚƐŽƚŚĞƌƚŚĂŶƋƵŽƚĞĚƉƌŝĐĞƐŝŶĐůƵĚĞĚǁŝƚŚŝŶ>ĞǀĞůϭƚŚĂƚĂƌĞŽďƐĞƌǀĂďůĞĨŽƌƚŚĞĂƐƐĞƚŽƌůŝĂďŝůŝƚLJ͕ĞŝƚŚĞƌĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJ͘ >ĞǀĞů ϯ͗hŶŽďƐĞƌǀĂďůĞŝŶƉƵƚƐĨŽƌƚŚĞĂƐƐĞƚŽƌůŝĂďŝůŝƚLJ͘

EKd ϭϬ /Es^dDEd^ ;ĐŽŶƚŝŶƵĞĚͿ

dŚĞĨĂŝƌǀĂůƵĞƐŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĂƉƉƌŽdžŝŵĂƚĞƚŚĞŝƌĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐƉƌŝŶĐŝƉĂůůLJĚƵĞƚŽƚŚĞŝƌƐŚŽƌƚͲƚĞƌŵŶĂƚƵƌĞ ŽƌƚŚĞĨĂĐƚƚŚĂƚƚŚĞLJĂƌĞŵĞĂƐƵƌĞĚĂŶĚƌĞĐŽŐŶŝƐĞĚĂƚĨĂŝƌǀĂůƵĞ͘

dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƌĞƉƌĞƐĞŶƚƐƚŚĞ'ƌŽƵƉ͛ƐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŵĞĂƐƵƌĞĚĂŶĚƌĞĐŽŐŶŝƐĞĚĂƚĨĂŝƌǀĂůƵĞ͘

	Ψ	Ψ	Ψ	Ψ
	>ĞǀĞů ϭ	>ĞǀĞů Ϯ	>ĞǀĞů ϯ	dŽƚĂů
ϮϬϭϳ
ǀĂŝůĂďůĞĨŽƌƐĂůĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ	ϭϰ͕ϯϲϬ͕ϳϮϱ	Ͳ	Ͳ	ϭϰ͕ϯϲϬ͕ϳϮϱ
ϮϬϭϲ
ǀĂŝůĂďůĞĨŽƌƐĂůĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ	ϭ͕ϲϮϮ͕ϳϭϮ	Ͳ	Ͳ	ϭ͕ϲϮϮ͕ϳϭϮ

dŚĞĂǀĂŝůĂďůĞĨŽƌƐĂůĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƌĞŵĞĂƐƵƌĞĚďĂƐĞĚŽŶƚŚĞƋƵŽƚĞĚŵĂƌŬĞƚƉƌŝĐĞƐĂƚϯϬ:ƵŶĞ͘

EKd ϭϭ WZKWZdz͕ W>Ed EYh/WDEd

			'ƌŽƵƉ				ŽŵƉĂŶLJ
	>ĂŶĚ ĂŶĚ ƵŝůĚŝŶŐƐ	WůĂŶƚ ĂŶĚ ƋƵŝƉŵĞŶƚ	DŽƚŽƌ sĞŚŝĐůĞƐ	KĨĨŝĐĞ ƋƵŝƉŵĞŶƚ	&ƵƌŶŝƚƵƌĞ Θ&ŝƚƚŝŶŐƐ	dŽƚĂů	dŽƚĂů
	Ψ	Ψ	Ψ	Ψ	Ψ	Ψ	Ψ
ŽƐƚ
ĂůĂŶĐĞ ϭ :ƵůLJ ϮϬϭϱ	Ͳ	ϮϴϮ͕ϲϬϳ	Ϯϲϲ͕ϴϰϱ	ϭϱϭ͕ϵϳϱ	ϲϬ͕ϯϰϲ	ϳϲϭ͕ϳϳϯ	ϱϴ͕ϭϳϵ
ĨĨĞĐƚŽĨĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞŽŶŽƉĞŶŝŶŐďĂůĂŶĐĞ	Ͳ	ϰ͕ϳϴϯ	ϱ͕Ϯϱϴ	ϭ͕ϵϯϲ	ϭ͕ϬϮϵ	ϭϯ͕ϬϬϲ	Ͳ
ĚĚŝƚŝŽŶƐ	Ͳ	Ϯϴ͕Ϯϵϰ	Ͳ	ϭϳ͕ϰϳϴ	ϮϮ͕ϴϴϳ	ϲϴ͕ϲϱϵ	ϲ͕ϯϰϯ
ŝƐƉŽƐĂůƐ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ
ĂůĂŶĐĞ ϯϬ :ƵŶĞ ϮϬϭϲ	Ͳ	ϯϭϱ͕ϲϴϰ	ϮϳϮ͕ϭϬϯ	ϭϳϭ͕ϯϴϵ	ϴϰ͕ϮϲϮ	ϴϰϯ͕ϰϯϴ	ϲϰ͕ϱϮϮ
ĨĨĞĐƚŽĨĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞŽŶŽƉĞŶŝŶŐďĂůĂŶĐĞ	Ͳ	;ϲ͕ϯϭϭͿ	;ϱ͕ϵϴϰͿ	;Ϯ͕ϱϰϱͿ	;ϭ͕ϴϱϳͿ	;ϭϲ͕ϲϵϳͿ	Ͳ
ĚĚŝƚŝŽŶƐ	ϭϵϰ͕ϰϰϬ	ϰϮϲ͕ϳϲϮ	ϱϴϳ͕ϮϮϳ	ϮϬϭ͕ϭϴϰ	ϭϳϴ͕ϰϭϰ	ϭ͕ϱϴϴ͕ϬϮϳ	Ϯϭϱ͕ϳϰϴ
ŝƐƉŽƐĂůƐ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ
ĂůĂŶĐĞ ϯϬ :ƵŶĞ ϮϬϭϳ	ϭϵϰ͕ϰϰϬ	ϳϯϲ͕ϭϯϱ	ϴϱϯ͕ϯϰϲ	ϯϳϬ͕ϬϮϴ	ϮϲϬ͕ϴϭϵ	Ϯ͕ϰϭϰ͕ϳϲϴ	ϮϴϬ͕ϮϳϬ

ĞƉƌĞĐŝĂƚŝŽŶ ĂŶĚ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐĞƐ
ĂůĂŶĐĞ ϭ :ƵůLJ ϮϬϭϱ	Ͳ	;ϭϮϲ͕ϲϬϱͿ	;ϵϭ͕ϬϬϱͿ	;ϭϬϬ͕ϵϯϭͿ	;Ϯϯ͕ϯϯϰͿ	;ϯϰϭ͕ϴϳϱͿ	;ϰϳ͕ϬϲϭͿ
ĨĨĞĐƚŽĨĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞŽŶŽƉĞŶŝŶŐďĂůĂŶĐĞ	Ͳ	;ϲϴϮͿ	;ϲϯϳͿ	;ϳϳϵͿ	;ϭϯϬͿ	;Ϯ͕ϮϮϴͿ	Ͳ
ĞƉƌĞĐŝĂƚŝŽŶĐŚĂƌŐĞĨŽƌƚŚĞLJĞĂƌ	Ͳ	;ϯ͕ϯϱϴͿ	;ϱ͕ϬϴϴͿ	;ϰ͕ϯϳϯͿ	;ϭ͕ϳϬϬͿ	;ϭϰ͕ϱϭϵͿ	;ϴ͕ϬϭϮͿ
ĞƉƌĞĐŝĂƚŝŽŶĐĂƉŝƚĂůŝƐĞĚƚŽĞdžƉůŽƌĂƚŝŽŶ	Ͳ	;ϰϯ͕ϮϱϵͿ	;ϯϴ͕ϵϵϵͿ	;ϮϮ͕ϵϴϰͿ	;ϰ͕ϭϳϰͿ	;ϭϬϵ͕ϰϭϲͿͿ	Ͳ
ŝƐƉŽƐĂůƐ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ
ĂůĂŶĐĞ ϯϬ :ƵŶĞ ϮϬϭϲ	Ͳ	;ϭϳϯ͕ϵϬϰͿ	;ϭϯϱ͕ϳϮϵͿ	;ϭϮϵ͕ϬϲϳͿ	;Ϯϵ͕ϯϯϴͿ	;ϰϲϴ͕ϬϯϴͿ	;ϱϱ͕ϬϳϯͿ
ĨĨĞĐƚŽĨĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞŽŶŽƉĞŶŝŶŐďĂůĂŶĐĞ	Ͳ	ϭ͕ϳϲϰ	ϭ͕ϵϬϴ	ϭ͕ϱϳϵ	ϮϲϮ	ϱ͕ϱϭϯ	Ͳ
ĞƉƌĞĐŝĂƚŝŽŶĐŚĂƌŐĞĨŽƌƚŚĞLJĞĂƌ	Ͳ	;Ϯϵ͕ϲϮϱͿ	;ϯϵϳͿ	;ϱ͕ϱϰϰͿ	;ϭ͕ϭϰϳͿ	;ϯϲ͕ϳϭϯͿ	;ϯϱ͕ϴϱϱͿ
ĞƉƌĞĐŝĂƚŝŽŶĐĂƉŝƚĂůŝƐĞĚƚŽĞdžƉůŽƌĂƚŝŽŶ	Ͳ	;ϰϳ͕ϯϭϰͿ	;ϰϬ͕ϴϬϵͿ	;Ϯϲ͕ϮϵϵͿ	;Ϯϯ͕ϭϳϭͿ	;ϭϯϳ͕ϱϵϯͿ	Ͳ
ŝƐƉŽƐĂůƐ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ
ĂůĂŶĐĞ ϯϬ :ƵŶĞ ϮϬϭϳ	Ͳ	;Ϯϰϵ͕ϬϳϵͿ	;ϭϳϱ͕ϬϮϳͿ	;ϭϱϵ͕ϯϯϭͿ	;ϱϯ͕ϯϵϰͿ	;ϲϯϲ͕ϴϯϭͿ	;ϵϬ͕ϵϮϲͿ

ĂƌƌLJŝŶŐ ĂŵŽƵŶƚƐ
ƚϯϬ:ƵŶĞϮϬϭϱ	Ͳ	ϭϱϲ͕ϬϬϮ	ϭϳϱ͕ϴϰϬ	ϱϭ͕Ϭϰϰ	ϯϳ͕ϬϭϮ	ϰϭϵ͕ϴϵϴ	ϭϭ͕ϭϭϴ
ƚϯϬ:ƵŶĞϮϬϭϲ	Ͳ	ϭϰϭ͕ϳϴϬ	ϭϯϲ͕ϯϳϰ	ϰϮ͕ϯϮϮ	ϱϰ͕ϵϮϰ	ϯϳϱ͕ϰϬϬ	ϵ͕ϰϰϵ
ƚ ϯϬ :ƵŶĞ ϮϬϭϳ	ϭϵϰ͕ϰϰϬ	ϰϴϳ͕Ϭϱϲ	ϲϳϴ͕ϯϭϵ	ϮϭϬ͕ϲϵϳ	ϮϬϳ͕ϰϮϱ	ϭ͕ϳϳϳ͕ϵϯϳ	ϭϴϵ͕ϯϰϮ

EKd ϭϮ /EdE'/> ^^d^

	Group deferred exploration costs A\$	Company deferred exploration costs A\$
Cost
Balance 1 July 2015	80,923,925
Additions - expenditure	11,886,195
Balance 30 June 2016	92,810,120
Additions - expenditure	18,660,501
Balance 30 June 2017	111,470,621

Impairment losses
Balance 1 July 2015	(50, 175, 202)
Impairment charge	(1,555,004)
Balance 30 June 2016	(51,730,206)
Impairment charge	(17, 310)
Balance 30 June 2017	(51, 747, 516)

Carrying amounts
At 30 June 2015	30,748,723
At 30 June 2016	41,079,914
At 30 June 2017	59,723,105

/ŵƉĂŝƌŵĞŶƚ ůŽƐƐ

ĚĞĐŝƐŝŽŶǁĂƐŵĂĚĞƚŽĞdžƉĞŶƐĞΨϭϳ͕ϯϭϬ;ϮϬϭϲ͗Ψϭ͕ϱϱϱ͕ϬϬϰͿĨŽƌĞdžƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚŽƚŚĞƌƚĞŶĞŵĞŶƚƐƚŚĂƚǁĞƌĞ ƐƵƌƌĞŶĚĞƌĞĚŽƌůĂƉƐĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ͘ĚĞƚĂŝůĞĚĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞƐŽĨĚĞĨĞƌƌĞĚĞdžƉůŽƌĂƚŝŽŶĐŽƐƚƐŝƐƉƌŽǀŝĚĞĚďĞůŽǁ͘

ĂƐĐĂďĞů WƌŽũĞĐƚ ;ϴϱй KǁŶĞƌƐŚŝƉͿ

/ŶĐƵĂĚŽƌ͕ƚŚĞŐƌŽƵƉŝƐĂĚǀĂŶĐŝŶŐƚŚĞĂƐĐĂďĞůƉƌŽũĞĐƚ͕ǁŚŝůƐƚĐŽŶƚŝŶƵŝŶŐƚŽƉƵƌƐƵĞŝƚƐƐƚƌĂƚĞŐLJƚŽďĞĐŽŵĞĂŐůŽďĂůůLJŝŵƉŽƌƚĂŶƚĐŽƉƉĞƌ ĐŽŵƉĂŶLJďLJĞdžƉĂŶĚŝŶŐƚŚĞŽŵƉĂŶLJΖƐĐŽƉƉĞƌͲŐŽůĚĞdžƉůŽƌĂƚŝŽŶƉŽƌƚĨŽůŝŽŝŶĐƵĂĚŽƌ͘

ƚĂƐĐĂďĞů͕ƚŚĞďĞŶĞĨŝƚƐŽĨĐŽƌƉŽƌĂƚĞĚĞĂůƐǁŝƚŚEĞǁĐƌĞƐƚDŝŶŝŶŐ>ƚĚĂŶĚDĂdžŝƚĂƉŝƚĂů>WǁĞƌĞƌĞĂůŝƐĞĚǁŝƚŚĞdžƉůŽƌĂƚŝŽŶĨƵůůLJĨƵŶĚĞĚ ĨŽƌ ƚŚĞ ŶĞdžƚ ϭϴ ŵŽŶƚŚƐ ĂƐ ĚƌŝůůŝŶŐ ĐŽŶƚŝŶƵĞĚ ƚŽ ĞdžƉĂŶĚ ƚŚĞ ŐƌŽǁŝŶŐ ǁŽƌůĚ ĐůĂƐƐ ĚĞƉŽƐŝƚ ĂƚůƉĂůĂ͘ ƌĞǀŝĞǁ ŽĨ ĚƌŝůůŝŶŐ ƌĞƐƵůƚƐ ŚĂƐ ĐůĂƌŝĨŝĞĚ ǁŽƌůĚ ĐůĂƐƐ ŝŶƚĞƌƐĞĐƚŝŽŶƐ Ăƚ ƵƉĚĂƚĞĚ ŵĞƚĂů ƉƌŝĐĞƐ͕ ĂŶĚ ŐĞŽůŽŐLJ DŽĚĞů ĂŶĂůLJƐŝƐ ŝƐ ĐŽŶƐƚĂŶƚůLJ ŝŵƉƌŽǀŝŶŐ Ěƌŝůů ƚĂƌŐĞƚŝŶŐ ĐĂƉĂďŝůŝƚŝĞƐ͘

ƌŝůůŝŶŐ ƚŽ ĚĂƚĞŚĂƐ ŶŽƚLJĞƚ ĐŽŶƐƚƌĂŝŶĞĚ ƚŚĞ ƌŝĐŚůƉĂůĂ ĐŽƉƉĞƌͲŐŽůĚ ĚĞƉŽƐŝƚ͕ĂŶĚ ƚŚĞ ĚĞƉŽƐŝƚĐŽŶƚŝŶƵĞƐ ƚŽŐƌŽǁǁŝƚŚĞĂĐŚ Ěƌŝůů ŚŽůĞ͘ ůƉĂůĂĂůŽŶĞŝƐĞŵĞƌŐŝŶŐĂƐĂdŝĞƌϭĐŽƉƉĞƌƉƌŽũĞĐƚǁŝƚŚŚŝŐŚĂǀĞƌĂŐĞŐƌĂĚĞƐŝŶďŽƚŚĐŽƉƉĞƌĂŶĚŐŽůĚ͘ dŚĞƉƌŽũĞĐƚǁŝůůĂůƐŽĞŶũŽLJƚŚĞ ƐƵƉƉŽƌƚŽĨƚŚĞƐƵƌƌŽƵŶĚŝŶŐϭϰŝĚĞŶƚŝĨŝĞĚƚĂƌŐĞƚƐ͕ǁŝƚŚĚƌŝůůƚĞƐƚŝŶŐĂƚŐƵŝŶĂŐĂĂŶĚŽƚŚĞƌŚŝŐŚƉƌŝŽƌŝƚLJƚĂƌŐĞƚƐƉůĂŶŶĞĚĨŽƌƚŚĞĐŽŵŝŶŐ LJĞĂƌ͘

dŚĞŽŵƉĂŶLJŝƐĐƵƌƌĞŶƚůLJĚŝƌĞĐƚŝŶŐĚƌŝůůŝŶŐĐĂƉĂďŝůŝƚLJĂŶĚŽƉĞƌĂƚŝŽŶƐĐƵƌƌĞŶƚůLJƚŽƚŚĞĐŽůůĞĐƚŝŽŶŽĨĚƌŝůůĚĂƚĂƚŽďĞƵƐĞĚŝŶƚŚĞĚĞůŝǀĞƌLJŽĨ ĂDĂŝĚĞŶ/ŶĨĞƌƌĞĚZĞƐŽƵƌĐĞƐƚŝŵĂƚĞůĂƚĞĞĐĞŵďĞƌϮϬϭϳ͘^Žů'ŽůĚŝƐĂůƐŽĐŽŵŵĞŶĐŝŶŐƉůĂŶŶŝŶŐĨŽƌƚŚĞĐŽůůĞĐƚŝŽŶŽĨŶĞĐĞƐƐĂƌLJĚĂƚĂƚŽ ĐŽŵƉůĞƚĞĂƉƌĞůŝŵŝŶĂƌLJĞĐŽŶŽŵŝĐĂƐƐĞƐƐŵĞŶƚďLJĞŶĚϮϬϭϴ͘

dŚĞƌĞĂƌĞŶŽŝŶĚŝĐĂƚŽƌƐŽĨŝŵƉĂŝƌŵĞŶƚĨŽƌƚŚĞĂŐŐƌĞŐĂƚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨΨϰϰ͘ϲϲŵŝůůŝŽŶ͘

EKd ϭϮ /EdE'/> ^^d^ ;ĐŽŶƚŝŶƵĞĚͿ

^Žů'ŽůĚ ϭϬϬй ŽǁŶĞĚ WƌŽũĞĐƚƐ

EĞǁŽŶĐĞƐƐŝŽŶƐ'ƌĂŶƚĞĚĨŽƌϭϬϬй^Žů'ŽůĚĐƵĂĚŽƌ^ƵďƐŝĚŝĂƌŝĞƐ

ŽƵŶƚƌLJǁŝĚĞŐĞŶĞƌĂƚŝǀĞǁŽƌŬŝŶ ŽƌĚĞƌ ƚŽĂĐƋƵŝƌĞ ƚŽƉ ƋƵĂůŝƚLJ ƉƌŽũĞĐƚƐŝŶ ƚŚŝƐĞŵĞƌŐŝŶŐŵŝŶŝŶŐĐŽƵŶƚƌLJ͘dŚĞŐƌŽƵƉ ŚŽůĚƐϯϲ ƉƌŽũĞĐƚ ĂƌĞĂƐ͕ ĐŽŵƉƌŝƐŝŶŐ ϯϴ ƚĞŶĞŵĞŶƚƐ ŐƌĂŶƚĞĚ ƚŽ ^Žů'ŽůĚΖƐ ĨŽƵƌ ůŽĐĂů ƐƵďƐŝĚŝĂƌLJ ĐŽŵƉĂŶŝĞƐ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϳ͘ dŚĞƐĞ ƚĞŶĞŵĞŶƚƐ ĐŽǀĞƌ ƚŚĞ ƚĂƌŐĞƚƐ ƉƌĞǀŝŽƵƐůLJ ŝĚĞŶƚŝĨŝĞĚ ŝŶ ƚŚĞ ƐƚƵĚLJ ŽĨ ƉŽƚĞŶƚŝĂů ƉƌŽƐƉĞĐƚŝǀĞ ƉŽƌƉŚLJƌLJ ĐĞŶƚƌĞƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ŶŽƌƚŚĞƌŶŶĚĞĂŶ ĐŽƉƉĞƌ ďĞůƚ ŝŶ ĐƵĂĚŽƌ͘ dĞĂŵƐ ŽĨ ŽŵƉĂŶLJ ŐĞŽůŽŐŝƐƚƐ ĂƌĞ ŽŶ ƚŚĞ ŐƌŽƵŶĚ ƚŚƌŽƵŐŚŽƵƚ ĐƵĂĚŽƌ ĐŽŶĚƵĐƚŝŶŐ ŝŶŝƚŝĂů ďĂƐĞůŝŶĞ ĚĂƚĂ ĐŽůůĞĐƚŝŽŶ ĂŶĚ ŝĚĞŶƚŝĨLJŝŶŐƉƌŽƐƉĞĐƚŝǀĞƚĂƌŐĞƚƐĨŽƌĨŽůůŽǁͲƵƉĞdžƉůŽƌĂƚŝŽŶ͘^ƵďƐĞƋƵĞŶƚƚŽϯϬ:ƵŶĞϮϬϭϳ͕^Žů'ŽůĚƐƵďƐŝĚŝĂƌŝĞƐǁĞƌĞŐƌĂŶƚĞĚĂŶĂĚĚŝƚŝŽŶĂů ϮϭƚĞŶĞŵĞŶƚƐĂŶĚƚŚĞLJĐƵƌƌĞŶƚůLJŚŽůĚϱϵŐƌĂŶƚĞĚƚĞŶĞŵĞŶƚƐĨŽƌϮ͕ϰϵϲŬŵ^Ϯ ͕ŝŶĂĚĚŝƚŝŽŶƚŽƚŚĞŽŵƉĂŶLJΖƐǁŽƌůĚĐůĂƐƐĂƐĐĂďĞůƉŽƌƉŚLJƌLJ ƉƌŽũĞĐƚ͘

ĂĐŚŽĨ^Žů'ŽůĚΖƐĨŽƵƌƐƵďƐŝĚŝĂƌLJĐŽŵƉĂŶŝĞƐŚĂƐĂƚĞĂŵŽĨŐĞŽůŽŐŝƐƚƐŽŶƚŚĞŐƌŽƵŶĚĐĂƌƌLJŝŶŐŽƵƚƌĞĐŽŶŶĂŝƐƐĂŶĐĞĨŝĞůĚŵĂƉƉŝŶŐĂŶĚƌŽĐŬ ĐŚŝƉƐĂŵƉůŝŶŐƉƌŽŐƌĂŵƐĂƐǁĞůůĂƐĞǀĂůƵĂƚŝŶŐƐĞǀĞƌĂůŽƵƚĐƌŽƉƉŝŶŐŵŝŶĞƌĂůŝƐĞĚƚĂƌŐĞƚƐ͘dŚĞƚĞĂŵƐĂƌĞĨŽĐƵƐƐĞĚŽŶĨŝƌƐƚƉĂƐƐĞdžƉůŽƌĂƚŝŽŶ ŽŶƚŚĞWŽƌǀĞŶŝƌ͕^ĂŶŶƚŽŶŝŽ͕^ŚĂƌƵŐ͕DĂĐŚŽƐ͕ŐƵƐƚŝŶĂŶĚZŝŽŵĂƌŝůůŽƉƌŽũĞĐƚƐ͘

/ŶŝƚŝĂů ŵĂƉƉŝŶŐ ĐĂŵƉĂŝŐŶƐ ŚĂǀĞ ďĞĞŶ ǀĞƌLJ ĞŶĐŽƵƌĂŐŝŶŐ ǁŝƚŚ ǁŝĚĞƐƉƌĞĂĚ ĂƌĞĂƐ ŽĨ ŚLJĚƌŽƚŚĞƌŵĂů ĂůƚĞƌĂƚŝŽŶ ŝĚĞŶƚŝĨŝĞĚ ǁŚŝĐŚ ĂƌĞ ĐŽŶƐŝĚĞƌĞĚ ŚŝŐŚůLJ ƉƌŽƐƉĞĐƚŝǀĞ ĨŽƌ ƉŽƌƉŚLJƌLJ ĂŶĚĞƉŝƚŚĞƌŵĂů ƐƚLJůĞŵŝŶĞƌĂůŝƐĂƚŝŽŶ͘ /ŶŝƚŝĂů ƌŽĐŬ ĐŚŝƉ ƐĂŵƉůĞƐ ƚĂŬĞŶ ŽĨ ĂůƚĞƌĞĚ ŽƵƚĐƌŽƉƐ ŚĂǀĞƌĞƚƵƌŶĞĚǀĂůƵĞƐĂƐŚŝŐŚĂƐϭϮйƵ͘ZĞŐŝŽŶĂůŐĞŽůŽŐLJƚĞĂŵƐĂƌĞĐŽŵŵĞŶĐŝŶŐƐLJƐƚĞŵĂƚŝĐƐƚƌĞĂŵƐĞĚŝŵĞŶƚƐĂŵƉůŝŶŐĂŶĚƉĂŶŶĞĚ ĐŽŶĐĞŶƚƌĂƚĞƉƌŽŐƌĂŵƐŽǀĞƌƚŚĞƉƌŽƐƉĞĐƚŝǀĞƚĞŶĞŵĞŶƚƐ͘&ƌŽŵƚŚĞƐƚƌĞĂŵĂŶĚƉĂŶŶĞĚĐŽŶĐĞŶƚƌĂƚĞƌĞƐƵůƚƐ͕ŐƌŝĚĚĞĚƐŽŝůƉƌŽŐƌĂŵƐǁŝůůďĞ ƉůĂŶŶĞĚƚŽŝĚĞŶƚŝĨLJƚĂƌŐĞƚƐƚŽďĞĚƌŝůůĞĚŝŶĚƵĞĐŽƵƌƐĞ͘

dŚĞŶĞǁĐƵĂĚŽƌĞĂŶƉƌŽũĞĐƚƐŚĂǀĞĂĐĂƌƌLJŝŶŐǀĂůƵĞŽĨΨϮ͘ϲϱŵŝůůŝŽŶĂƚϯϬ:ƵŶĞϮϬϭϳĂŶĚĂƌĞĐŽŶƐŝĚĞƌĞĚƚŽďĞƵŶŝŵƉĂŝƌĞĚ͘

ĐĂƉƵůĐŽDŝŶŝŶŐWƌŽũĞĐƚƐ

ĐĂƉƵůĐŽŚĂƐƚŚƌĞĞŐƌĂŶƚĞĚƚĞŶĞŵĞŶƚƐĂĐƌŽƐƐYƵĞĞŶƐůĂŶĚ͘dŚĞŐƌĂŶƚĞĚƚĞŶĞŵĞŶƚƐĐŽŵƉƌŝƐĞŽĨϮϯϮƐƵďͲďůŽĐŬƐ;ĐŝƌĐĂϳϭϴŬŵ^Ϯ Ϳ͘

džƚĞŶƐŝǀĞĂŝƌďŽƌŶĞŵĂŐŶĞƚŝĐĂŶĚĞůĞĐƚƌŽŵĂŐŶĞƚŝĐƐƵƌǀĞLJƐŚĂǀĞďĞĞŶĐŽŶĚƵĐƚĞĚŽǀĞƌƐŽŵĞŽĨ ƚŚĞ ƚĞŶĞŵĞŶƚƐ͕ ƚŽŐĞƚŚĞƌǁŝƚŚĚĞƚĂŝůĞĚ ƐƚƌĞĂŵƐĞĚŝŵĞŶƚƐĂŵƉůŝŶŐ͕ƐŽŝůƐĂŵƉůŝŶŐ͕ƌŽĐŬĐŚŝƉƐĂŵƉůŝŶŐĂŶĚŐĞŽůŽŐŝĐĂůŵĂƉƉŝŶŐƉƌŽŐƌĂŵƐ͘ &ƵƌƚŚĞƌŵŽƌĞ͕ƐŝŶĐĞDĂLJϮϬϬϲĂƚŽƚĂůŽĨ ϮϴϴŚŽůĞƐ͕ĞƋƵŝǀĂůĞŶƚƚŽϮϰ͕ϴϵϱ͘ϴŵŚĂǀĞďĞĞŶĚƌŝůůĞĚŽŶƚŚĞƚĞŶĞŵĞŶƚƐ͘

ƌŝůůƚĞƐƚŝŶŐŽĨƉŽƌƉŚLJƌLJƐƚLJůĞĐŽƉƉĞƌͲŐŽůĚŵŝŶĞƌĂůŝƐĂƚŝŽŶĂƚƚŚĞEŽƌŵĂŶďLJWƌŽũĞĐƚ͕ŝŶŶŽƌƚŚĞƌŶYƵĞĞŶƐůĂŶĚĐŽŵŵĞŶĐĞĚŝŶĞĂƌůLJ:ƵůLJ͘ ƚŽƚĂůŽĨϱϭϴŵŽĨZĚƌŝůůŝŶŐĨƌŽŵϳ ZĚƌŝůůŚŽůĞƐĂŶĚϴϵ͘ϮŵŽĨĚŝĂŵŽŶĚĐŽƌŝŶŐĨƌŽŵϭĚƌŝůůŚŽůĞƐǁĂƐĐŽŵƉůĞƚĞĚĂƚƚŚĞƚŝŵĞŽĨǁƌŝƚŝŶŐ͘ ƐŝŐŶŝĨŝĐĂŶƚ ǀĞƌƚŝĐĂů ŵŝŶĞƌĂůŝƐĞĚ ƐƚƌƵĐƚƵƌĞ ǁĂƐ ŝŶƚĞƌƐĞĐƚĞĚ ŝŶ ŚŽůĞƐ D&dϭϵ͕ ĂŶĚ D&dϭϳ͕ ĂŶĚ Ă ƐĞƉĂƌĂƚĞ ƐŚĂůůŽǁ ĚŝƉƉŝŶŐ njŽŶĞ ŽĨ ŵŝŶĞƌĂůŝƐĂƚŝŽŶǁĂƐĂůƐŽĚŝƐĐŽǀĞƌĞĚŝŶŚŽůĞƐD&dϮϰĂŶĚD&dϬϭϰ͘ƐƐĂLJƌĞƐƵůƚƐƌĞŵĂŝŶƉĞŶĚŝŶŐ͘

dŚĞŽďũĞĐƚŝǀĞŚĂƐďĞĞŶƚŽƐƚĞƉͲŽƵƚĨƌŽŵĂƌĞĂƐŽĨŬŶŽǁŶŐŽůĚŵŝŶĞƌĂůŝƐĂƚŝŽŶƐŽƚŚĂƚƌĞƐŽƵƌĐĞƐĐĂŶďĞĚĞĨŝŶĞĚĂŶĚĞŶůĂƌŐĞĚ͕ǁŝƚŚƚŚĞ ŽďũĞĐƚŝǀĞŽĨĚĞĨŝŶŝŶŐĂŵĂŝĚĞŶƌĞƐŽƵƌĐĞ͘dŚĞŽŵƉĂŶLJŝƐƐĞĞŬŝŶŐĂũŽŝŶƚǀĞŶƚƵƌĞƉĂƌƚŶĞƌƚŽĨƵƌƚŚĞƌƉƌŽŐƌĞƐƐƚŚĞƐĞƉƌŽũĞĐƚƐ͘

dŚĞƌĞĂƌĞŶŽŝŶĚŝĐĂƚŽƌƐŽĨŝŵƉĂŝƌŵĞŶƚĨŽƌƚŚĞĂŐŐƌĞŐĂƚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨΨϴ͘ϳϵŵŝůůŝŽŶ͘

ĞŶƚƌĂůDŝŶĞƌĂůƐWƌŽũĞĐƚƐ

ĞŶƚƌĂůDŝŶĞƌĂůƐĐŽŵƉƌŝƐĞƐŽĨƐĞǀĞŶŐƌĂŶƚĞĚƚĞŶĞŵĞŶƚƐǁŚŝĐŚŝƐĐŽŵƉƌŝƐĞĚŽĨϮϴϬƐƵďͲďůŽĐŬƐ;ĐŝƌĐĂϴϴϲŬŵ^Ϯ Ϳ͘

džƚĞŶƐŝǀĞĂŝƌďŽƌŶĞŵĂŐŶĞƚŝĐƐƵƌǀĞLJƐŚĂǀĞďĞĞŶĐŽŶĚƵĐƚĞĚŽǀĞƌƚŚĞĂƌĞĂ͕ƚŽŐĞƚŚĞƌǁŝƚŚĚĞƚĂŝůĞĚƐŽŝůĂŶĚƌŽĐŬĐŚŝƉƐĂŵƉůŝŶŐ͕ƚƌĞŶĐŚŝŶŐ͕ ŵĂƉƉŝŶŐƉƌŽŐƌĂŵƐĂŶĚĂŶŝŶĚƵĐĞĚƉŽůĂƌŝƐĂƚŝŽŶŐĞŽƉŚLJƐŝĐĂůƐƵƌǀĞLJ͘^ŝŶĐĞKĐƚŽďĞƌϮϬϬϳ͕ĂƚŽƚĂůŽĨϰϳϯŚŽůĞƐ͕ĞƋƵŝǀĂůĞŶƚƚŽϱϴ͕ϴϴϲ͘ϲŵ͕ ŚĂǀĞďĞĞŶĚƌŝůůĞĚŽŶƚŚĞƚĞŶĞŵĞŶƚƐ͘

KŶϮϯ DĂLJϮϬϭϮ͕^Žů'ŽůĚĂŶŶŽƵŶĐĞĚĂŶƵƉĚĂƚĞĚŝŶĚŝĐĂƚĞĚĂŶĚŝŶĨĞƌƌĞĚĐŽŵďŝŶĞĚƌĞƐŽƵƌĐĞĂƚZĂŶŶĞƐĂƚĂŶϬ͘ϯŐͬƚƵĐƵƚͲŽĨĨŽĨϭϴ͘ϳ ŵŝůůŝŽŶƚŽŶŶĞƐĂƚϬ͘ϵϮŐͬƚŐŽůĚĞƋƵŝǀĂůĞŶƚ;ŐŽůĚнƐŝůǀĞƌͿĨŽƌϱϱϬ͕ϬϬϬŽƵŶĐĞƐŽĨŐŽůĚĞƋƵŝǀĂůĞŶƚ;Ϯϵϲ͕ϳϬϬŽƵŶĐĞƐŽĨŐŽůĚĂŶĚϭϬ͕ϭϯϵ͕ϬϬϬ ŽƵŶĐĞƐŽĨƐŝůǀĞƌ͖ǀĂůƵĞƐ ƌŽƵŶĚĞĚͿ͘ dŚĞƌĞƐŽƵƌĐĞĂƚĂϬ͘ϱŐͬƚƵĐƵƚͲŽĨĨŝƐϭϮ͘ϮϯŵŝůůŝŽŶ ƚŽŶŶĞƐĂƚϬ͘ϲϬŐͬƚŐŽůĚĂŶĚϮϯ͘ϭϴŐͬƚƐŝůǀĞƌ͖ ĨŽƌ Ϯϯϳ͕ϮϰϬŽƵŶĐĞƐƵĂŶĚϵ͕ϭϬϱ͕ϬϳϮŽƵŶĐĞƐŐ;ƵƐŝŶŐĂŐŽůĚƚŽƐŝůǀĞƌƌĂƚŝŽŽĨϭ͗ϱϬͿ͘ ^ĞǀĞƌĂůŽƚŚĞƌƉƌŽƐƉĞĐƚƐĞdžŝƐƚƚŚĂƚĐŽŶƚĂŝŶŬŶŽǁŶŐŽůĚ ŵŝŶĞƌĂůŝƐĂƚŝŽŶƚŚĂƚŚĂƐŶŽƚLJĞƚďĞĞŶŝŶĐůƵĚĞĚŝŶƚŚĞƌĞƐŽƵƌĐĞĞƐƚŝŵĂƚĞ͘ dŚĞŽŵƉĂŶLJŝƐƐĞĞŬŝŶŐĂ:sƉĂƌƚŶĞƌƚŽƉƌŽŐƌĞƐƐĚƌŝůůŝŶŐŽŶƚŚĞ ZĂŶŶĞƐƉƌŽũĞĐƚƚĞŶĞŵĞŶƚƐ͘

dŚĞƌĞĂƌĞŶŽŝŶĚŝĐĂƚŽƌƐŽĨŝŵƉĂŝƌŵĞŶƚĨŽƌƚŚĞĂŐŐƌĞŐĂƚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨΨϯ͘ϲϮŵŝůůŝŽŶ͘

EKd ϭϯ >KE Z/s>^ EKd,Z EKEͲhZZEd ^^d^

	'ƌŽƵƉ ϮϬϭϳ Ψ	'ƌŽƵƉ ϮϬϭϲ Ψ	ŽŵƉĂŶLJ ϮϬϭϳ Ψ	ŽŵƉĂŶLJ ϮϬϭϲ Ψ
^ĞĐƵƌŝƚLJďŽŶĚƐ	ϮϮϲ͕ϭϳϱ	ϭϮϯ͕ϵϳϰ	ϵϬ͕ϭϯϳ	Ͳ
	ϮϮϲ͕ϭϳϱ	ϭϮϯ͕ϵϳϰ	ϵϬ͕ϭϯϳ	Ͳ

^ĞĐƵƌŝƚLJďŽŶĚƐƌĞůĂƚĞƚŽĐĂƐŚƐĞĐƵƌŝƚLJŚĞůĚĂŐĂŝŶƐƚŽĨĨŝĐĞƉƌĞŵŝƐĞƐ͕>ĞǀĞůϮϳ͕ϭϭϭ ĂŐůĞ^ƚ͕ƌŝƐďĂŶĞ͕YƵĞĞŶƐůĂŶĚƵƐƚƌĂůŝĂ͕ĐĂƐŚƐĞĐƵƌŝƚLJ ŚĞůĚďLJYƵĞĞŶƐůĂŶĚĞƉĂƌƚŵĞŶƚŽĨEĂƚƵƌĂůZĞƐŽƵƌĐĞƐĂŶĚDŝŶĞƐĂŐĂŝŶƐƚYƵĞĞŶƐůĂŶĚĞdžƉůŽƌĂƚŝŽŶƚĞŶĞŵĞŶƚƐŚĞůĚďLJƚŚĞ'ƌŽƵƉĂŶĚŽŶ ĐĂƐŚďĂĐŬĞĚďĂŶŬŐƵĂƌĂŶƚĞĞƐŚĞůĚďLJƚŚĞĐƵĂĚŽƌŝĂŶDŝŶŝƐƚƌLJŽĨŶǀŝƌŽŶŵĞŶƚĂŐĂŝŶƐƚĐƵĂĚŽƌŝĂŶĞdžƉůŽƌĂƚŝŽŶƚĞŶĞŵĞŶƚƐŚĞůĚďLJƚŚĞ 'ƌŽƵƉ͘

EKd ϭϰ &ZZdyd/KE

ZĞĐŽŐŶŝƐĞĚ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ

'ƌŽƵƉ	KƉĞŶŝŶŐ ďĂůĂŶĐĞ	EĞƚ ĐŚĂƌŐĞĚ ƚŽ ŝŶĐŽŵĞ	EĞƚ ĐŚĂƌŐĞĚ ƚŽ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ	EĞƚ ĐŚĂƌŐĞĚ ƚŽ ĞƋƵŝƚLJ	EĞƚ ŵŽǀĞŵĞŶƚ ŽŶ ƵŶǁŝŶĚ ͬ ƚƌĂŶƐĨĞƌ	ůŽƐŝŶŐ ďĂůĂŶĐĞ
ϮϬϭϳ	Ψ	Ψ	Ψ	Ψ	Ψ	Ψ
ZĞĐŽŐŶŝƐĞĚ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚƐ
ĂƌƌŝĞĚĨŽƌǁĂƌĚƚĂdžůŽƐƐĞƐ	ϵ͕ϯϰϭ͕ϯϳϯ	ϲ͕ϴϴϲ͕Ϯϱϴ	Ͳ	Ͳ	Ͳ	ϭϲ͕ϮϮϳ͕ϲϯϭ
ĐĐƌƵĂůƐͬƉƌŽǀŝƐŝŽŶƐ	Ͳ	ϯϭϰ͕ϴϱϮ	Ͳ	Ͳ	Ͳ	ϯϭϰ͕ϴϱϮ
WŽƚĞŶƚŝĂůďĞŶĞĨŝƚ	ϵ͕ϯϰϭ͕ϯϳϯ	ϳ͕ϮϬϭ͕ϭϭϬ	Ͳ	Ͳ	Ͳ	ϭϲ͕ϱϰϮ͕ϰϴϯ
ZĞĐŽŐŶŝƐĞĚ ĚĞĨĞƌƌĞĚ ƚĂdž ůŝĂďŝůŝƚŝĞƐ
ǀĂŝůĂďůĞĨŽƌƐĂůĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ	Ͳ	Ͳ	;ϯ͕ϴϮϯ͕ϬϳϴͿ	Ͳ	Ͳ	;ϯ͕ϴϮϯ͕ϬϳϴͿ
džƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĂƐƐĞƚƐ	;ϵ͕ϯϰϭ͕ϯϳϯͿ	;ϯ͕ϯϳϴ͕ϬϯϮͿ	Ͳ	Ͳ	Ͳ	;ϭϮ͕ϳϭϵ͕ϰϬϱͿ
WŽƚĞŶƚŝĂůďĞŶĞĨŝƚ	;ϵ͕ϯϰϭ͕ϯϳϯͿ	;ϯ͕ϯϳϴ͕ϬϯϮͿ	;ϯ͕ϴϮϯ͕ϬϳϴͿ	Ͳ	Ͳ	;ϭϲ͕ϱϰϮ͕ϰϴϯͿ

EĞƚ ĚĞĨĞƌƌĞĚ ƚĂdžĞƐ	Ͳ	ϯ͕ϴϮϯ͕Ϭϳϴ	;ϯ͕ϴϮϯ͕ϬϳϴͿ	Ͳ	Ͳ	Ͳ
ĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚƐ ŶŽƚ ƌĞĐŽŐŶŝƐĞĚ
hŶƵƐĞĚƚĂdžůŽƐƐĞƐ	ϭϭ͕ϲϱϱ͕ϱϲϮ	;ϰ͕ϵϱϰ͕ϭϱϮͿ	Ͳ	Ͳ	Ͳ	ϲ͕ϳϬϭ͕ϰϭϬ
hŶƵƐĞĚĐĂƉŝƚĂůůŽƐƐĞƐ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ
dĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐϭ	ϭϮ͕ϭϬϳ͕ϭϮϲ	Ͳ	Ͳ	Ͳ	Ͳ	ϭϮ͕ϭϬϳ͕ϭϮϲ
dĂdžďĞŶĞĨŝƚ	ϳ͕ϭϮϴ͕ϴϬϲ	;ϭ͕ϰϴϲ͕ϮϰϲͿ	Ͳ	Ͳ	Ͳ	ϱ͕ϲϰϮ͕ϱϲϭ

^ϭ džƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞŝŶĐƵƌƌĞĚŝŶƚŚĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐƚŚĂƚŚĂƐďĞĞŶĞdžƉĞŶƐĞĚ͘ dŚŝƐŝƐĞdžƉĞŶĚŝƚƵƌĞŝƐĚĞĚƵĐƚŝďůĞŽǀĞƌϱLJĞĂƌƐĨƌŽŵ ǁŚĞŶƉƌŽĚƵĐƚŝŽŶĐŽŵŵĞŶĐĞƐ͘

&Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϬ :ƵŶĞ ϮϬϭϳ

EKd ϭϰ &ZZdyd/KE ;ĐŽŶƚŝŶƵĞĚͿ

ZĞĐŽŐŶŝƐĞĚ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ;ĐŽŶƚŝŶƵĞĚͿ

'ƌŽƵƉ	KƉĞŶŝŶŐ ďĂůĂŶĐĞ	EĞƚ ĐŚĂƌŐĞĚ ƚŽ ŝŶĐŽŵĞ	EĞƚ ĐŚĂƌŐĞĚ ƚŽ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ	EĞƚ ĐŚĂƌŐĞĚ ƚŽ ĞƋƵŝƚLJ	EĞƚ ŵŽǀĞŵĞŶƚ ŽŶ ƵŶǁŝŶĚ ͬ ƚƌĂŶƐĨĞƌ	ůŽƐŝŶŐ ďĂůĂŶĐĞ
ϮϬϭϲ	Ψ	Ψ	Ψ	Ψ	Ψ	Ψ
ZĞĐŽŐŶŝƐĞĚ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚƐ
ĂƌƌŝĞĚĨŽƌǁĂƌĚƚĂdžůŽƐƐĞƐ	ϲ͕ϳϲϳ͕ϲϳϭ	Ϯ͕ϱϳϯ͕ϳϬϮ	Ͳ	Ͳ	Ͳ	ϵ͕ϯϰϭ͕ϯϳϯ
ĐĐƌƵĂůƐͬƉƌŽǀŝƐŝŽŶƐ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ
WŽƚĞŶƚŝĂůďĞŶĞĨŝƚ	ϲ͕ϳϲϳ͕ϲϳϭ	Ϯ͕ϱϳϯ͕ϳϬϮ	Ͳ	Ͳ	Ͳ	ϵ͕ϯϰϭ͕ϯϳϯ

ZĞĐŽŐŶŝƐĞĚ ĚĞĨĞƌƌĞĚ ƚĂdž ůŝĂďŝůŝƚŝĞƐ
ǀĂŝůĂďůĞĨŽƌƐĂůĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ
džƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĂƐƐĞƚƐ	;ϲ͕ϳϲϳ͕ϲϳϭͿ	;Ϯ͕ϱϳϯ͕ϳϬϮͿ	Ͳ	Ͳ	Ͳ	;ϵ͕ϯϰϭ͕ϯϳϯͿ
WŽƚĞŶƚŝĂůďĞŶĞĨŝƚ	;ϲ͕ϳϲϳ͕ϲϳϭͿ	;Ϯ͕ϱϳϯ͕ϳϬϮͿ	Ͳ	Ͳ	Ͳ	;ϵ͕ϯϰϭ͕ϯϳϯͿ

EĞƚ ĚĞĨĞƌƌĞĚ ƚĂdžĞƐ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ

ĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚƐ ŶŽƚ
ƌĞĐŽŐŶŝƐĞĚ
hŶƵƐĞĚƚĂdžůŽƐƐĞƐ	ϭϬ͕ϭϳϱ͕ϵϮϬ	ϭ͕ϰϳϵ͕ϲϰϮ	Ͳ	Ͳ	Ͳ	ϭϭ͕ϲϱϱ͕ϱϲϮ
hŶƵƐĞĚĐĂƉŝƚĂůůŽƐƐĞƐ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ
dĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐϭ	ϭϮ͕ϳϭϮ͕ϮϬϲ	;ϲϬϱ͕ϬϴϬͿ	Ͳ	Ͳ	Ͳ	ϭϮ͕ϭϬϳ͕ϭϮϲ
dĂdžďĞŶĞĨŝƚ	ϲ͕ϴϲϲ͕ϰϯϴ	ϮϲϮ͕ϯϲϵ	Ͳ	Ͳ	Ͳ	ϳ͕ϭϮϴ͕ϴϬϳ

ŽŵƉĂŶLJ	KƉĞŶŝŶŐ ďĂůĂŶĐĞ	EĞƚ ĐŚĂƌŐĞĚ ƚŽ ŝŶĐŽŵĞ	EĞƚ ĐŚĂƌŐĞĚ ƚŽ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ	EĞƚ ĐŚĂƌŐĞĚ ƚŽ ĞƋƵŝƚLJ	EĞƚ ŵŽǀĞŵĞŶƚ ŽŶ ƵŶǁŝŶĚ ͬ ƚƌĂŶƐĨĞƌ	ůŽƐŝŶŐ ďĂůĂŶĐĞ
ϮϬϭϳ	Ψ	Ψ	Ψ	Ψ	Ψ	Ψ
ZĞĐŽŐŶŝƐĞĚ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚƐ
ĂƌƌŝĞĚĨŽƌǁĂƌĚƚĂdžůŽƐƐĞƐ	Ͳ	ϯ͕ϴϮϯ͕Ϭϳϴ	Ͳ	Ͳ	Ͳ	ϯ͕ϴϮϯ͕Ϭϳϴ
ĐĐƌƵĂůƐͬƉƌŽǀŝƐŝŽŶƐ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ
WŽƚĞŶƚŝĂůďĞŶĞĨŝƚ	Ͳ	ϯ͕ϴϮϯ͕Ϭϳϴ	Ͳ	Ͳ	Ͳ	ϯ͕ϴϮϯ͕Ϭϳϴ

ZĞĐŽŐŶŝƐĞĚ ĚĞĨĞƌƌĞĚ ƚĂdž ůŝĂďŝůŝƚŝĞƐ
ǀĂŝůĂďůĞĨŽƌƐĂůĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ	Ͳ	Ͳ	;ϯ͕ϴϮϯ͕ϬϳϴͿ	Ͳ	Ͳ	;ϯ͕ϴϮϯ͕ϬϳϴͿ
džƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĂƐƐĞƚƐ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ
WŽƚĞŶƚŝĂůďĞŶĞĨŝƚ	Ͳ	Ͳ	;ϯ͕ϴϮϯ͕ϬϳϴͿ	Ͳ	Ͳ	;ϯ͕ϴϮϯ͕ϬϳϴͿ

EĞƚ ĚĞĨĞƌƌĞĚ ƚĂdžĞƐ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ

ĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚƐ ŶŽƚ
ƌĞĐŽŐŶŝƐĞĚ
hŶƵƐĞĚƚĂdžůŽƐƐĞƐ	ϭϭ͕ϱϮϱ͕ϯϳϵ	;ϵϬϬ͕ϴϬϳͿ	Ͳ	Ͳ	Ͳ	ϭϬ͕ϲϮϰ͕ϱϳϮ
hŶƵƐĞĚĐĂƉŝƚĂůůŽƐƐĞƐ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ
dĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ
dĂdžďĞŶĞĨŝƚ	ϯ͕ϰϱϳ͕ϲϭϰ	;ϮϳϬ͕ϮϰϮͿ	Ͳ	Ͳ	Ͳ	ϯ͕ϭϴϳ͕ϯϳϮ

EKd ϭϰ &ZZdyd/KE ;ĐŽŶƚŝŶƵĞĚͿ

ZĞĐŽŐŶŝƐĞĚ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ;ĐŽŶƚŝŶƵĞĚͿ

	ŵŽǀĞŵĞŶƚ ŽŶ ƵŶǁŝŶĚ ͬ	ůŽƐŝŶŐ ďĂůĂŶĐĞ
Ψ	Ψ	Ψ

Ͳ	Ͳ	Ͳ
Ͳ	Ͳ	Ͳ
Ͳ	Ͳ	Ͳ


Ͳ	Ͳ	Ͳ
Ͳ	Ͳ	Ͳ
Ͳ	Ͳ	Ͳ

Ͳ	Ͳ	Ͳ

Ͳ	Ͳ	ϭϭ͕ϱϮϱ͕ϯϳϵ
Ͳ	Ͳ	Ͳ
Ͳ	Ͳ	Ͳ
Ͳ	Ͳ	ϯ͕ϰϱϳ͕ϲϭϰ
	ƚŽ ĞƋƵŝƚLJ	ƚƌĂŶƐĨĞƌ

dŚĞ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƚŚĞƐĞ ŝƚĞŵƐ ŚĂƐ ŶŽƚ ďĞĞŶ ƌĞĐŽŐŶŝƐĞĚ ĂƐ ĨƵƚƵƌĞ ƚĂdžĂďůĞ ƉƌŽĨŝƚ ŝƐ ŶŽƚ ĂŶƚŝĐŝƉĂƚĞĚ ǁŝƚŚŝŶ ƚŚĞ ĨŽƌĞƐĞĞĂďůĞĨƵƚƵƌĞ͘

EKd ϭϱ Kd,Z Z/s>^ EWZWzDEd^

	'ƌŽƵƉ ϮϬϭϳ	'ƌŽƵƉ ϮϬϭϲ	ŽŵƉĂŶLJ ϮϬϭϳ	ŽŵƉĂŶLJ ϮϬϭϲ
	Ψ	Ψ	Ψ	Ψ
KƚŚĞƌƌĞĐĞŝǀĂďůĞƐ	ϭ͕Ϭϴϲ͕ϯϯϮ	ϮϬϯ͕ϭϲϵ	ϲϴϵ͕Ϯϰϴ	ϭϲϴ͕ϯϱϯ
WƌĞƉĂLJŵĞŶƚƐ	ϵϬ͕ϵϮϬ	Ͳ	ϵϬ͕ϵϮϬ	Ͳ
KƚŚĞƌĐƵƌƌĞŶƚĂƐƐĞƚƐ	ϭϯϬ͕ϬϵϮ	Ͳ	Ͳ	Ͳ
	ϭ͕ϯϬϳ͕ϯϰϰ	ϮϬϯ͕ϭϲϵ	ϳϴϬ͕ϭϲϴ	ϭϲϴ͕ϯϱϯ

KƚŚĞƌƌĞĐĞŝǀĂďůĞƐƌĞƉƌĞƐĞŶƚĨƵŶĚƐƌĞĐĞŝǀĂďůĞĨƌŽŵƚŚĞĞdžĞƌĐŝƐĞŽĨƐŚĂƌĞŽƉƚŝŽŶƐ͕ƵƐƚƌĂůŝĂŶ'ŽŽĚƐĂŶĚ^ĞƌǀŝĐĞƐdĂdžƌĞĐĞŝǀĂďůĞĂŶĚĂŶ ĂĚǀĂŶĐĞŵĂĚĞƚŽĂůĂŶĚŽǁŶĞƌŝŶĐƵĂĚŽƌ͘

&Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϬ :ƵŶĞ ϮϬϭϳ

EKd ϭϲ ^, E^, Yh/s>Ed^

	'ƌŽƵƉ ϮϬϭϳ Ψ	'ƌŽƵƉ ϮϬϭϲ Ψ	ŽŵƉĂŶLJ ϮϬϭϳ Ψ	ŽŵƉĂŶLJ ϮϬϭϲ Ψ
ĂƐŚĂƚďĂŶŬ	ϴϵ͕ϯϭϮ͕ϳϰϯ	ϵϰ͕ϵϯϯ	ϴϴ͕ϲϲϵ͕ϲϮϲ	ϭϳ͕ϭϵϵ
ĂƐŚ ĂŶĚ ĐĂƐŚ ĞƋƵŝǀĂůĞŶƚƐ ŝŶ ƚŚĞ ƐƚĂƚĞŵĞŶƚ ŽĨ
ĐĂƐŚĨůŽǁƐ	ϴϵ͕ϯϭϮ͕ϳϰϯ	ϵϰ͕ϵϯϯ	ϴϴ͕ϲϲϵ͕ϲϮϲ	ϭϳ͕ϭϵϵ

EKd ϭϳ W/d> EZ^Zs^

;ĂͿ ƵƚŚŽƌŝƐĞĚ ^ŚĂƌĞ ĂƉŝƚĂů

	ϮϬϭϲ EŽ͘ ŽĨ^ŚĂƌĞƐ	ϮϬϭϲ EŽŵŝŶĂůsĂůƵĞά
ƚϭ:ƵůLJϮϬϭϱʹKƌĚŝŶĂƌLJƐŚĂƌĞƐ	ϭ͕ϬϮϬ͕ϬϬϬ͕ϬϬϬ	ϭϬ͕ϮϬϬ͕ϬϬϬ
/ŶĐƌĞĂƐĞŝŶĂƵƚŚŽƌŝƐĞĚƐŚĂƌĞĐĂƉŝƚĂůŽĨάϬ͘ϬϭĞĂĐŚŽŶϮϳ EŽǀĞŵďĞƌϮϬϭϱ	ϰϬϬ͕ϬϬϬ͕ϬϬϬ	ϰ͕ϬϬϬ͕ϬϬϬ
ƚ ϯϬ :ƵŶĞ ϮϬϭϲʹKƌĚŝŶĂƌLJ ƐŚĂƌĞƐ	ϭ͕ϰϮϬ͕ϬϬϬ͕ϬϬϬ	ϭϰ͕ϮϬϬ͕ϬϬϬ

	ϮϬϭϳ	ϮϬϭϳ
	EŽ͘ ŽĨ^ŚĂƌĞƐ	EŽŵŝŶĂůsĂůƵĞά
ƚϭ:ƵůLJϮϬϭϲʹKƌĚŝŶĂƌLJƐŚĂƌĞƐ	ϭ͕ϰϮϬ͕ϬϬϬ͕ϬϬϬ	ϭϰ͕ϮϬϬ͕ϬϬϬ

/ŶĐƌĞĂƐĞŝŶĂƵƚŚŽƌŝƐĞĚƐŚĂƌĞĐĂƉŝƚĂůŽĨάϬ͘ϬϭĞĂĐŚŽŶϭϯ KĐƚŽďĞƌϮϬϭϲ ϲϬϬ͕ϬϬϬ͕ϬϬϬ ϲ͕ϬϬϬ͕ϬϬϬ ƚ ϯϬ :ƵŶĞ ϮϬϭϳʹKƌĚŝŶĂƌLJ ƐŚĂƌĞƐ Ϯ͕ϬϮϬ͕ϬϬϬ͕ϬϬϬ ϮϬ͕ϮϬϬ͕ϬϬϬ

;ďͿ ŚĂŶŐĞƐ ŝŶ /ƐƐƵĞĚ ^ŚĂƌĞ ĂƉŝƚĂů ĂŶĚ ^ŚĂƌĞ WƌĞŵŝƵŵ

	EŽ͘ ŽĨ ^ŚĂƌĞƐ	EŽŵŝŶĂů sĂůƵĞ	^ŚĂƌĞ WƌĞŵŝƵŵ	dŽƚĂů
		Ψ	Ψ	Ψ
KƌĚŝŶĂƌLJƐŚĂƌĞƐŽĨϭƉĞĂĐŚĂƚϭ:ƵůLJϮϬϭϱ	ϳϲϬ͕ϰϱϯ͕Ϭϳϭ	ϭϯ͕ϭϴϰ͕ϳϮϭ	ϴϮ͕ϮϭϮ͕ϯϭϬ	ϵϱ͕ϯϵϳ͕Ϭϯϭ
^ŚĂƌĞƐŝƐƐƵĞĚĂƚάϬ͘ϬϭϱʹWůĂĐĞŵĞŶƚϭϵ EŽǀĞŵďĞƌϮϬϭϱ	ϲϮ͕Ϯϲϯ͕ϱϯϰ	ϭ͕ϯϯϭ͕ϲϭϮ	ϲϲϱ͕ϴϬϳ	ϭ͕ϵϵϳ͕ϰϭϵ
^ŚĂƌĞŝƐƐƵĞĐŽƐƚƐĐŚĂƌŐĞĚƚŽƐŚĂƌĞƉƌĞŵŝƵŵĂĐĐŽƵŶƚ	Ͳ	Ͳ	;ϭϲ͕ϭϲϭͿ	;ϭϲ͕ϭϲϭͿ
^ŚĂƌĞƐŝƐƐƵĞĚĂƚάϬ͘ϬϮϯʹWůĂĐĞŵĞŶƚϳ DĂƌĐŚϮϬϭϲ	ϴϬ͕ϵϬϵ͕Ϯϱϳ	ϭ͕ϱϰϭ͕ϭϮϵ	Ϯ͕ϬϬϯ͕ϰϲϳ	ϯ͕ϱϰϰ͕ϱϵϲ
^ŚĂƌĞƐŝƐƐƵĞĚĂƚάϬ͘ϬϮϯʹŽŶǀĞƌƚŝďůĞŶŽƚĞƐĐŽŶǀĞƌƐŝŽŶϳ DĂƌĐŚ
ϮϬϭϲ	ϱϬ͕Ϯϳϭ͕ϳϯϵ	ϵϱϳ͕ϱϱϳ	Ϯ͕ϲϮϯ͕Ϭϴϰ	ϯ͕ϱϴϬ͕ϲϰϭ
KƌĚŝŶĂƌLJ ƐŚĂƌĞƐ ŽĨϭƉ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϲ	ϵϱϯ͕ϴϵϳ͕ϲϬϭ	ϭϳ͕Ϭϭϱ͕Ϭϭϵ	ϴϳ͕ϰϴϴ͕ϱϬϳ	ϭϬϰ͕ϱϬϯ͕ϱϮϲ

	EŽ͘ ŽĨ^ŚĂƌĞƐ	EŽŵŝŶĂů sĂůƵĞ	^ŚĂƌĞ WƌĞŵŝƵŵ	dŽƚĂů
		Ψ	Ψ	Ψ
KƌĚŝŶĂƌLJƐŚĂƌĞƐŽĨϭƉĞĂĐŚĂƚϯϬ:ƵŶĞϭϲ	ϵϱϯ͕ϴϵϳ͕ϲϬϭ	ϭϳ͕Ϭϭϱ͕Ϭϭϵ	ϴϳ͕ϰϴϴ͕ϱϬϳ	ϭϬϰ͕ϱϬϯ͕ϱϮϲ
ϭ ^ŚĂƌĞƐŝƐƐƵĞĚĂƚάϬ͘ϬϲʹWůĂĐĞŵĞŶƚϮϴƵŐƵƐƚϮϬϭϲ	Ϯϲϴ͕ϴϭϵ͕ϬϬϰ	ϰ͕ϲϱϰ͕ϵϲϭ	Ϯϯ͕Ϯϳϰ͕Ϯϴϲ	Ϯϳ͕ϵϮϵ͕Ϯϰϴ
^ŚĂƌĞŝƐƐƵĞĐŽƐƚƐĐŚĂƌŐĞĚƚŽƐŚĂƌĞƉƌĞŵŝƵŵĂĐĐŽƵŶƚ	Ͳ	Ͳ	;ϰ͕ϲϵϲ͕ϮϱϯͿ	;ϰ͕ϲϵϲ͕ϮϱϯͿ
^ŚĂƌĞƐŝƐƐƵĞĚĂƚάϬ͘ϭϯʹWůĂĐĞŵĞŶƚϭϳ KĐƚŽďĞƌϮϬϭϲϮ	ϮϬϲ͕ϮϱϬ͕ϬϬϬ	ϯ͕Ϯϵϴ͕ϭϰϰ	ϰϬ͕ϰϮϲ͕ϴϱϲ	ϰϯ͕ϳϮϱ͕ϬϬϬ
^ŚĂƌĞŝƐƐƵĞĐŽƐƚƐĐŚĂƌŐĞĚƚŽƐŚĂƌĞƉƌĞŵŝƵŵĂĐĐŽƵŶƚ	Ͳ	Ͳ	;ϭ͕ϳϬϲ͕ϱϱϮͿ	;ϭ͕ϳϬϲ͕ϱϱϮͿ
^ŚĂƌĞƐŝƐƐƵĞĚĂƚάϬ͘ϭϰʹdžĞƌĐŝƐĞŽĨŽƉƚŝŽŶƐϭϳ:ĂŶƵĂƌLJϮϬϭϳ	ϵϬϬ͕ϬϬϬ	ϭϰ͕ϰϵϵ	ϭϳϴ͕ϴϮϬ	ϭϵϯ͕ϯϭϵ
^ŚĂƌĞƐŝƐƐƵĞĚĂƚάϬ͘ϯϬʹEĞǁĐƌĞƐƚƐŚĂƌĞŝƐƐƵĞϯϭ:ĂŶƵĂƌLJϮϬϭϳ	ϭϬϬ͕ϬϬϬ	ϭ͕ϲϲϬ	ϰϳ͕ϵϰϵ	ϰϵ͕ϲϬϵ
^ŚĂƌĞƐŝƐƐƵĞĚĂƚάϬ͘ϭϰʹdžĞƌĐŝƐĞŽĨŽƉƚŝŽŶƐϯ &ĞďƌƵĂƌLJϮϬϭϳ	ϭ͕ϮϬϬ͕ϬϬϬ	ϭϵ͕ϴϬϰ	Ϯϱϳ͕ϰϱϳ	Ϯϳϳ͕Ϯϲϭ
^ŚĂƌĞƐŝƐƐƵĞĚĂƚάϬ͘ϭϰʹdžĞƌĐŝƐĞŽĨŽƉƚŝŽŶƐϮϭ &ĞďƌƵĂƌLJϮϬϭϳ	ϵϬϬ͕ϬϬϬ	ϭϰ͕ϱϴϮ	ϭϴϵ͕ϲϰϲ	ϮϬϰ͕ϮϮϴ
^ŚĂƌĞƐŝƐƐƵĞĚĂƚάϬ͘ϯϴʹEĞǁĐƌĞƐƚƐŚĂƌĞŝƐƐƵĞϭ DĂƌĐŚϮϬϭϳ	ϮϰϬ͕ϬϬϬ	ϯ͕ϴϴϱ	ϭϰϱ͕ϮϬϭ	ϭϰϵ͕Ϭϴϲ
^ŚĂƌĞƐŝƐƐƵĞĚĂƚάϬ͘ϰϭʹWůĂĐĞŵĞŶƚϭϲ:ƵŶĞϮϬϭϳ	ϳϴ͕ϴϴϵ͕ϬϴϬ	ϭ͕ϯϮϰ͕ϭϲϭ	ϱϯ͕ϭϵϳ͕ϴϬϰ	ϱϰ͕ϱϮϭ͕ϵϲϲ
^ŚĂƌĞŝƐƐƵĞĐŽƐƚƐĐŚĂƌŐĞĚƚŽƐŚĂƌĞƉƌĞŵŝƵŵĂĐĐŽƵŶƚ	Ͳ	Ͳ	;ϳϮ͕ϮϲϵͿ	;ϳϮ͕ϮϲϵͿ
^ŚĂƌĞƐŝƐƐƵĞĚĂƚάϬ͘ϭϰʹdžĞƌĐŝƐĞŽĨŽƉƚŝŽŶƐϮϲ:ƵŶĞϮϬϭϳ	ϴϴϬ͕ϬϬϬ	ϭϰ͕ϳϳϱ	ϭϵϮ͕ϬϳϬ	ϮϬϲ͕ϴϰϰ
^ŚĂƌĞƐŝƐƐƵĞĚĂƚάϬ͘ϮϴʹdžĞƌĐŝƐĞŽĨŽƉƚŝŽŶƐϮϲ:ƵŶĞϮϬϭϳ	ϴϴϬ͕ϬϬϬ	ϭϰ͕ϳϳϱ	ϯϵϴ͕ϵϭϰ	ϰϭϯ͕ϲϴϴ
KƌĚŝŶĂƌLJ ƐŚĂƌĞƐ ŽĨϭƉ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϳ	ϭ͕ϱϭϮ͕ϵϱϱ͕ϲϴϱ	Ϯϲ͕ϯϳϲ͕Ϯϲϱ	ϭϵϵ͕ϯϮϮ͕ϰϯϲ	ϮϮϱ͕ϲϵϴ͕ϳϬϭ

^ϭ /ŶĐůƵĚĞƐƚŚĞĐŽŶǀĞƌƐŝŽŶŽĨƚŚĞ'Z 'ůŽďĂů>ƚĚůŽĂŶŽĨΨϱ͕ϳϬϬ͕ϬϬϬ͕ĐŽŶǀĞƌƐŝŽŶŽĨĐĂƉŝƚĂůƌĂŝƐŝŶŐĐŽƐƚƐŽĨΨϭ͕ϮϮϭ͕ϲϭϰ͕ŽƚŚĞƌĚĞďƚ ĐŽŶǀĞƌƐŝŽŶƐŽĨΨϴϲ͕ϯϱϵĂŶĚďŽŶƵƐƐŚĂƌĞƐŝƐƐƵĞĚƚŽĐĞƌƚĂŝŶƐƚĂĨĨŽĨΨϱϭϵ͕ϰϴϭĂƐƉĂƌƚŽĨƚŚĞƐŚĂƌĞƉůĂĐĞŵĞŶƚ͘ ^Ϯ /ŶĐůƵĚĞƐĐŽŶǀĞƌƐŝŽŶŽĨĐĂƉŝƚĂůƌĂŝƐŝŶŐĐŽƐƚƐŽĨΨϭ͕ϲϲϬ͕ϳϱϭĂƐƉĂƌƚŽĨƚŚĞƐŚĂƌĞƉůĂĐĞŵĞŶƚ͘

&Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϬ :ƵŶĞ ϮϬϭϳ

EKd ϭϳ W/d> EZ^Zs^ ;ĐŽŶƚŝŶƵĞĚͿ

ĂƉŝƚĂů DĂŶĂŐĞŵĞŶƚ

DĂŶĂŐĞŵĞŶƚĐŽŶƚƌŽůƐƚŚĞĐĂƉŝƚĂůŽĨƚŚĞ'ƌŽƵƉŝŶŽƌĚĞƌƚŽŐĞŶĞƌĂƚĞůŽŶŐͲƚĞƌŵƐŚĂƌĞŚŽůĚĞƌǀĂůƵĞĂŶĚĞŶƐƵƌĞƚŚĂƚƚŚĞ'ƌŽƵƉĐĂŶĨƵŶĚ ŽƉĞƌĂƚŝŽŶƐĂŶĚĐŽŶƚŝŶƵĞĂƐĂŐŽŝŶŐĐŽŶĐĞƌŶ͘DĂŶĂŐĞŵĞŶƚĞĨĨĞĐƚŝǀĞůLJŵĂŶĂŐĞƐƚŚĞ'ƌŽƵƉ͛ƐĐĂƉŝƚĂůďLJĂƐƐĞƐƐŝŶŐƚŚĞ'ƌŽƵƉ͛ƐĨŝŶĂŶĐŝĂů ƌŝƐŬƐĂŶĚĂĚũƵƐƚŝŶŐŝƚƐĐĂƉŝƚĂůƐƚƌƵĐƚƵƌĞŝŶƌĞƐƉŽŶƐĞƚŽĐŚĂŶŐĞƐŝŶƚŚĞƐĞƌŝƐŬƐĂŶĚŝŶƚŚĞŵĂƌŬĞƚ͘dŚĞƐĞƌĞƐƉŽŶƐĞƐŝŶĐůƵĚĞƐŚĂƌĞŝƐƐƵĞƐ ĂŶĚĚĞďƚĐŽŶƐŝĚĞƌĂƚŝŽŶƐ͘ 'ŝǀĞŶƚŚĞŶĂƚƵƌĞŽĨƚŚĞ'ƌŽƵƉ͛ƐĐƵƌƌĞŶƚĂĐƚŝǀŝƚŝĞƐƚŚĞĞŶƚŝƚLJǁŝůůƌĞŵĂŝŶĚĞƉĞŶĚĂŶƚŽŶĞƋƵŝƚLJĨƵŶĚŝŶŐŝŶƚŚĞ ƐŚŽƌƚƚŽŵĞĚŝƵŵƚĞƌŵƵŶƚŝůƐƵĐŚƚŝŵĞĂƐƚŚĞ'ƌŽƵƉďĞĐŽŵĞƐƐĞůĨͲĨŝŶĂŶĐŝŶŐĨƌŽŵƚŚĞĐŽŵŵĞƌĐŝĂůƉƌŽĚƵĐƚŝŽŶŽĨŵŝŶĞƌĂůƌĞƐŽƵƌĐĞƐ͘

EKd ϭϴ dZ EKd,Z hZZEd Wz>^

	'ƌŽƵƉ ϮϬϭϳ Ψ	'ƌŽƵƉ ϮϬϭϲ Ψ	ŽŵƉĂŶLJ ϮϬϭϳ Ψ	ŽŵƉĂŶLJ ϮϬϭϲ Ψ
ƵƌƌĞŶƚ
dƌĂĚĞƉĂLJĂďůĞƐ	ϱϲϵ͕ϱϲϵ	ϭ͕ϯϰϴ͕ϴϳϱ	ϰϯϳ͕ϰϬϵ	ϴϰϳ͕ϰϭϯ
KƚŚĞƌƉĂLJĂďůĞƐ	ϭ͕ϵϱϬ͕ϳϭϲ	ϯϱϭ͕ϭϰϱ	ϮϮϴ͕ϲϬϯ	ϱϲ͕ϵϱϴ
ĐĐƌƵĞĚĞdžƉĞŶƐĞƐ	ϮϮϬ͕ϴϵϬ	Ϯ͕ϬϰϮ͕ϯϰϭ	ϵϰ͕ϯϲϮ	ϯϭϮ͕ϰϳϯ
	Ϯ͕ϳϰϭ͕ϭϳϱ	ϯ͕ϳϰϮ͕ϯϲϭ	ϳϲϬ͕ϯϳϰ	ϭ͕Ϯϭϲ͕ϴϰϰ

EKd ϭϵ ^,Z KWd/KE^

ƚϯϬ:ƵŶĞϮϬϭϳƚŚĞŽŵƉĂŶLJŚĂĚϰϰ͕ϭϵϭ͕ϳϲϴŽƉƚŝŽŶƐŽƵƚƐƚĂŶĚŝŶŐĨŽƌƚŚĞŝƐƐƵĞŽĨŽƌĚŝŶĂƌLJƐŚĂƌĞƐ;ϮϬϭϲ͗Ϯϭ͕ϯϴϬ͕ϬϬϬͿ͘

KƉƚŝŽŶƐ

^ŚĂƌĞŽƉƚŝŽŶƐĂƌĞŐƌĂŶƚĞĚƚŽĞŵƉůŽLJĞĞƐƵŶĚĞƌƚŚĞĐŽŵƉĂŶLJ͛ƐŵƉůŽLJĞĞ^ŚĂƌĞKƉƚŝŽŶWůĂŶ;͞^KW͟Ϳ͘dŚĞĞŵƉůŽLJĞĞƐŚĂƌĞŽƉƚŝŽŶƉůĂŶ ŝƐĚĞƐŝŐŶĞĚƚŽĂůŝŐŶƉĂƌƚŝĐŝƉĂŶƚƐ͛ŝŶƚĞƌĞƐƚƐǁŝƚŚƚŚŽƐĞŽĨƐŚĂƌĞŚŽůĚĞƌƐ͘

hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŽĐƵŵĞŶƚĞĚǁŝƚŚƚŚĞŽŵƉĂŶLJ͕ǁŚĞŶĂƉĂƌƚŝĐŝƉĂŶƚĐĞĂƐĞƐĞŵƉůŽLJŵĞŶƚƉƌŝŽƌƚŽƚŚĞǀĞƐƚŝŶŐŽĨƚŚĞŝƌƐŚĂƌĞŽƉƚŝŽŶƐ͕ ƚŚĞ ƐŚĂƌĞ ŽƉƚŝŽŶƐ ĂƌĞ ĨŽƌĨĞŝƚĞĚ ĂĨƚĞƌϵϬ ĚĂLJƐ ƵŶůĞƐƐ ĐĞƐƐĂƚŝŽŶ ŽĨĞŵƉůŽLJŵĞŶƚŝƐ ĚƵĞ ƚŽ ƚĞƌŵŝŶĂƚŝŽŶ ĨŽƌ ĐĂƵƐĞ͕ ǁŚĞƌĞƵƉŽŶ ƚŚĞLJ ĂƌĞ ĨŽƌĨĞŝƚĞĚŝŵŵĞĚŝĂƚĞůLJ͘ dŚĞŽŵƉĂŶLJ ƉƌŽŚŝďŝƚƐ ŬĞLJŵĂŶĂŐĞŵĞŶƚ ƉĞƌƐŽŶŶĞů ĨƌŽŵĞŶƚĞƌŝŶŐŝŶƚŽĂƌƌĂŶŐĞŵĞŶƚƐ ƚŽ ƉƌŽƚĞĐƚ ƚŚĞ ǀĂůƵĞ ŽĨ ƵŶǀĞƐƚĞĚ^KWĂǁĂƌĚƐ͘

dŚĞĐŽŶƚƌĂĐƚƵĂůůŝĨĞŽĨĞĂĐŚŽƉƚŝŽŶŐƌĂŶƚĞĚŝƐŐĞŶĞƌĂůůLJƚǁŽ;ϮͿƚŽƚŚƌĞĞ;ϯͿLJĞĂƌƐ͘ dŚĞƌĞĂƌĞŶŽĐĂƐŚƐĞƚƚůĞŵĞŶƚĂůƚĞƌŶĂƚŝǀĞƐ͘

ĂĐŚŽƉƚŝŽŶĐĂŶďĞĞdžĞƌĐŝƐĞĚĨƌŽŵǀĞƐƚŝŶŐĚĂƚĞƚŽĞdžƉŝƌLJĚĂƚĞĨŽƌŽŶĞƐŚĂƌĞǁŝƚŚƚŚĞĞdžĞƌĐŝƐĞƉƌŝĐĞƉĂLJĂďůĞŝŶĐĂƐŚ͘

^ŚĂƌĞ ŽƉƚŝŽŶƐ ŝƐƐƵĞĚ

dŚĞƌĞǁĞƌĞϰϭ͕ϱϵϭ͕ϳϲϴŽƉƚŝŽŶƐŐƌĂŶƚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϭϳ;ϮϬϭϲ͗ŶŝůͿ͘

KŶϭϳ KĐƚŽďĞƌϮϬϭϲ͕ ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂŶĂĚĚŝƚŝŽŶĂůϭϵ͕ϱϵϭ͕ϳϲϴ ƵŶůŝƐƚĞĚ ŽƉƚŝŽŶƐ ƚŽDĂdžŝƚĂƉŝƚĂů >W͘ dŚĞ ŽƉƚŝŽŶƐ ĐŽŶƐŝƐƚ ŽĨ ƚǁŽ ƚƌĂŶĐŚĞƐŽĨϵ͕ϳϵϱ͕ϴϴϰŽƉƚŝŽŶƐĞĂĐŚĞdžĞƌĐŝƐĂďůĞĂƚάϬ͘ϭϰĂŶĚάϬ͘Ϯϴ͘

KŶϮϴKĐƚŽďĞƌϮϬϭϲ͕ ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂ ƚŽƚĂů ŽĨϮϮ͕ϬϬϬ͕ϬϬϬ ƵŶůŝƐƚĞĚ ŽƉƚŝŽŶƐ ƚŽĞŵƉůŽLJĞĞƐĂŶĚ ĐŽŶƚƌĂĐƚŽƌƐ͘ dŚĞ ŽƉƚŝŽŶƐ ŚĂǀĞĂ ƐƚƌŝŬĞƉƌŝĐĞŽĨάϬ͘ϮϴĞĂĐŚĂŶĚĂƌĞĞdžĞƌĐŝƐĂďůĞƚŚƌŽƵŐŚƚŽϮϴKĐƚŽďĞƌϮϬϭϴ͘

KŶϴ :ƵůLJϮϬϭϰ͕ ƚŚĞŽŵƉĂŶLJĞŶƚĞƌĞĚŝŶƚŽĂŶĂŐƌĞĞŵĞŶƚ ƚŽŐƌĂŶƚϰ͕ϯϲϬ͕ϬϬϬƵŶůŝƐƚĞĚŽƉƚŝŽŶƐ ƚŽ ƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͘ dŚĞŽƉƚŝŽŶƐ ŚĂǀĞĂůŝĨĞŽĨϯLJĞĂƌƐ͘dŚĞƚĞƌŵƐŽĨƚŚĞƐŚĂƌĞŽƉƚŝŽŶƐĂƌĞĂƐĨŽůůŽǁƐ͗

x Ϯ͘ϭϴŵŝůůŝŽŶKƉƚŝŽŶƐĞdžĞƌĐŝƐĂďůĞĂƚάϬ͘ϭϰ͕ǀĞƐƚŝŶŐŽŶĐĞƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϮϬŽŶĂϯϬ ĚĂLJstWďĂƐŝƐ͖
x Ϯ͘ϭϴŵŝůůŝŽŶKƉƚŝŽŶƐĞdžĞƌĐŝƐĂďůĞĂƚάϬ͘Ϯϴ͕ǀĞƐƚŝŶŐŽŶĐĞƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϰϬŽŶĂϯϬ ĚĂLJstWďĂƐŝƐ͖ĂŶĚ

&Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϬ :ƵŶĞ ϮϬϭϳ

EKd ϭϵ ^,Z KWd/KE^ ;ĐŽŶƚŝŶƵĞĚͿ

ĂƚĞ ŽĨŐƌĂŶƚ	džĞƌĐŝƐĂďůĞĨƌŽŵ	džĞƌĐŝƐĂďůĞ ƚŽ	džĞƌĐŝƐĞ ƉƌŝĐĞƐ	EƵŵďĞƌ ŐƌĂŶƚĞĚ	EƵŵďĞƌ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϳ
ϭϬ DĂLJϮϬϭϯΎ	tŚĞŶƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞ ŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϮϬ ŽŶĂϯϬĚĂLJstWďĂƐŝƐ	ϲ^ĞƉƚĞŵďĞƌϮϬϭϳ	άϬ͘ϭϰ	ϯ͕ϬϬϬ͕ϬϬϬ	Ͳ
ϴ:ƵůLJϮϬϭϰ	tŚĞŶƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞ ŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϮϬ ŽŶĂϯϬĚĂLJstWďĂƐŝƐ	ϴ:ƵůLJϮϬϭϳ	άϬ͘ϭϰ	Ϯ͕ϭϴϬ͕ϬϬϬ	ϭ͕ϯϬϬ͕ϬϬϬ
ϴ:ƵůLJϮϬϭϰ	tŚĞŶƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞ ŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϰϬ ŽŶĂϯϬĚĂLJstWďĂƐŝƐ	ϴ:ƵůLJϮϬϭϳ	άϬ͘Ϯϴ	Ϯ͕ϭϴϬ͕ϬϬϬ	ϭ͕ϯϬϬ͕ϬϬϬ
ϭϳ KĐƚŽďĞƌϮϬϭϲ	dŚĞŽƉƚŝŽŶƐǀĞƐƚĞĚŝŵŵĞĚŝĂƚĞůLJ͕ ƚŚƌŽƵŐŚƚŽϭϳ KĐƚŽďĞƌϮϬϭϴ	ϭϳ KĐƚŽďĞƌϮϬϭϴ	άϬ͘ϭϰ άϬ͘Ϯϴ	ϵ͕ϳϵϱ͕ϴϴϰ ϵ͕ϳϵϱ͕ϴϴϰ	ϵ͕ϳϵϱ͕ϴϴϰ ϵ͕ϳϵϱ͕ϴϴϰ
ϭϳ EŽǀĞŵďĞƌϮϬϭϲ	dŚĞŽƉƚŝŽŶƐǀĞƐƚŽŶƚŚĞĞĂƌůŝĞƌŽĨ͗ ;ĂͿƚŚĞĞdžƉŝƌLJŽĨϳϱйŽĨƚŚĞdĞƌŵ͕ Žƌ;ďͿĂŚĂŶŐĞŽĨŽŶƚƌŽů dƌĂŶƐĂĐƚŝŽŶ͕ĂƐĚĞĨŝŶĞĚƵŶĚĞƌƚŚĞ ŽŵƉĂŶLJ͛Ɛ^KW ZƵůĞƐ	ϮϴKĐƚŽďĞƌϮϬϭϴ	άϬ͘Ϯϴ	ϮϮ͕ϬϬϬ͕ϬϬϬ	ϮϮ͕ϬϬϬ͕ϬϬϬ
				ϰϴ͕ϵϱϭ͕ϲϴϴ	ϰϰ͕ϭϵϭ͕ϳϲϴ

ĂƚĞ ŽĨŐƌĂŶƚ	džĞƌĐŝƐĂďůĞĨƌŽŵ	džĞƌĐŝƐĂďůĞ ƚŽ	džĞƌĐŝƐĞ ƉƌŝĐĞƐ	EƵŵďĞƌ ŐƌĂŶƚĞĚ	EƵŵďĞƌ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϲ
ϭϬ DĂLJϮϬϭϯΎ	tŚĞŶƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞ ŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϮϬ ŽŶĂϯϬĚĂLJstWďĂƐŝƐ	ϲ^ĞƉƚĞŵďĞƌϮϬϭϳ	άϬ͘ϭϰ	ϯ͕ϬϬϬ͕ϬϬϬ	ϯ͕ϬϬϬ͕ϬϬϬ
ϭϱ:ƵůLJϮϬϭϯ	tŚĞŶƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞ ŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϮϬ ŽŶĂϯϬĚĂLJstWďĂƐŝƐ	ϭϱ:ƵůLJϮϬϭϲ	άϬ͘ϭϰ	ϭ͕ϮϱϬ͕ϬϬϬ	ϭ͕ϮϱϬ͕ϬϬϬ
ϭϱ:ƵůLJϮϬϭϯ	tŚĞŶƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞ ŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϰϬ ŽŶĂϯϬĚĂLJstWďĂƐŝƐ	ϭϱ:ƵůLJϮϬϭϲ	άϬ͘Ϯϴ	Ϯ͕ϮϱϬ͕ϬϬϬ	Ϯ͕ϮϱϬ͕ϬϬϬ
ϭϱ:ƵůLJϮϬϭϯ	tŚĞŶƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞ ŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϴϬ ŽŶĂϯϬĚĂLJstWďĂƐŝƐ	ϭϱ:ƵůLJϮϬϭϲ	άϬ͘ϱϬ	ϰ͕ϬϬϬ͕ϬϬϬ	ϰ͕ϬϬϬ͕ϬϬϬ
Ϯϰ^ĞƉƚĞŵďĞƌϮϬϭϯ	tŚĞŶƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞ ŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϮϬ ŽŶĂϯϬĚĂLJstWďĂƐŝƐ	Ϯϰ^ĞƉƚĞŵďĞƌϮϬϭϲ	άϬ͘ϭϰ	ϯ͕ϮϱϬ͕ϬϬϬ	Ϯ͕ϴϱϬ͕ϬϬϬ
Ϯϰ^ĞƉƚĞŵďĞƌϮϬϭϯ	tŚĞŶƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞ ŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϰϬ ŽŶĂϯϬĚĂLJstWďĂƐŝƐ	Ϯϰ^ĞƉƚĞŵďĞƌϮϬϭϲ	άϬ͘Ϯϴ	ϯ͕ϮϱϬ͕ϬϬϬ	Ϯ͕ϴϱϬ͕ϬϬϬ
Ϯϰ^ĞƉƚĞŵďĞƌϮϬϭϯ	tŚĞŶƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞ ŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϴϬ ŽŶĂϯϬĚĂLJstWďĂƐŝƐ	Ϯϰ^ĞƉƚĞŵďĞƌϮϬϭϲ	άϬ͘ϱϬ	ϴϮϬ͕ϬϬϬ	ϴϮϬ͕ϬϬϬ
ϴ:ƵůLJϮϬϭϰ	tŚĞŶƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞ ŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϮϬ ŽŶĂϯϬĚĂLJstWďĂƐŝƐ	ϴ:ƵůLJϮϬϭϳ	άϬ͘ϭϰ	Ϯ͕ϭϴϬ͕ϬϬϬ	Ϯ͕ϭϴϬ͕ϬϬϬ
ϴ:ƵůLJϮϬϭϰ	tŚĞŶƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞ ŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϰϬ ŽŶĂϯϬĚĂLJstWďĂƐŝƐ	ϴ:ƵůLJϮϬϭϳ	άϬ͘Ϯϴ	Ϯ͕ϭϴϬ͕ϬϬϬ	Ϯ͕ϭϴϬ͕ϬϬϬ
				ϮϮ͕ϭϴϬ͕ϬϬϬ	Ϯϭ͕ϯϴϬ͕ϬϬϬ

ΎdŚĞŽƉƚŝŽŶƐǁĞƌĞŐƌĂŶƚĞĚĨŽƌĂĐĐŽƵŶƚŝŶŐƉƵƌƉŽƐĞƐŽŶϭϬ DĂLJϮϬϭϯ͕ĂƉƉƌŽǀĞĚĂƚƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐŚĞůĚŽŶϭϵ ƵŐƵƐƚϮϬϭϯ ĂŶĚĨŽƌŵĂůůLJĂůůŽƚƚĞĚŽŶϲ^ĞƉƚĞŵďĞƌϮϬϭϯ͘

&Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϬ :ƵŶĞ ϮϬϭϳ

EKd ϭϵ ^,Z KWd/KE^ ;ĐŽŶƚŝŶƵĞĚͿ

^ŚĂƌĞͲďĂƐĞĚ ƉĂLJŵĞŶƚƐ

dŚĞŶƵŵďĞƌĂŶĚǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞĞdžĞƌĐŝƐĞƉƌŝĐĞŽĨƐŚĂƌĞŽƉƚŝŽŶƐĂƌĞĂƐĨŽůůŽǁƐ͗

	tĞŝŐŚƚĞĚ ĂǀĞƌĂŐĞ ĞdžĞƌĐŝƐĞ ƉƌŝĐĞ ϮϬϭϳ	EƵŵďĞƌ ŽĨ ŽƉƚŝŽŶƐ ϮϬϭϳ	tĞŝŐŚƚĞĚ ĂǀĞƌĂŐĞ ĞdžĞƌĐŝƐĞ ƉƌŝĐĞ ϮϬϭϲ	EƵŵďĞƌ ŽĨ ŽƉƚŝŽŶƐ ϮϬϭϲ
KƵƚƐƚĂŶĚŝŶŐĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞLJĞĂƌ	άϬ͘Ϯϳ	Ϯϭ͕ϯϴϬ͕ϬϬϬ	άϬ͘Ϯϳ	Ϯϭ͕ϯϴϬ͕ϬϬϬ
džĞƌĐŝƐĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ	άϬ͘ϭϳ	;ϰ͕ϳϲϬ͕ϬϬϬͿ
>ĂƉƐĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ	άϬ͘ϯϭ	;ϭϰ͕ϬϮϬ͕ϬϬϬͿ	Ͳ
'ƌĂŶƚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ	άϬ͘Ϯϱ	ϰϭ͕ϱϵϭ͕ϳϲϴ	Ͳ
KƵƚƐƚĂŶĚŝŶŐĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ	άϬ͘Ϯϱ	ϰϰ͕ϭϵϭ͕ϳϲϴ	άϬ͘Ϯϳ	Ϯϭ͕ϯϴϬ͕ϬϬϬ
džĞƌĐŝƐĂďůĞĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ	άϬ͘Ϯϭ	ϮϮ͕ϭϵϭ͕ϳϲϴ	Ͳ	Ͳ

dŚĞ ŽƉƚŝŽŶƐ ŽƵƚƐƚĂŶĚŝŶŐ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϳ ŚĂǀĞ ĂŶ ĞdžĞƌĐŝƐĞ ƉƌŝĐĞ ŽĨ άϬ͘ϭϰ ĂŶĚ άϬ͘Ϯϴ ;ϮϬϭϲ͗ άϬ͘ϭϰ Ͳ άϬ͘ϱϬͿ ĂŶĚ Ă ǁĞŝŐŚƚĞĚ ĂǀĞƌĂŐĞ ĐŽŶƚƌĂĐƚƵĂůůŝĨĞŽĨϭ͘ϮϰLJĞĂƌƐ;ϮϬϭϲ͗Ϭ͘ϰϲLJĞĂƌƐͿ͘

^ŚĂƌĞŽƉƚŝŽŶƐŚĞůĚďLJŝƌĞĐƚŽƌƐĂƌĞĂƐĨŽůůŽǁƐ͗

^ŚĂƌĞ ŽƉƚŝŽŶƐ ŚĞůĚ	ƚ ϯϬ :ƵŶĞ ϮϬϭϳ	ƚ ϯϬ :ƵŶĞ ϮϬϭϲ	KƉƚŝŽŶ WƌŝĐĞ	džĞƌĐŝƐĞ WĞƌŝŽĚ
EŝĐŚŽůĂƐ DĂƚŚĞƌ	ϳϱϬ͕ϬϬϬ	ϳϱϬ͕ϬϬϬ	ϭϰƉ	ϬϴͬϬϳͬϭϰʹϬϴͬϬϳͬϭϳ
	ϳϱϬ͕ϬϬϬ	ϳϱϬ͕ϬϬϬ	ϮϴƉ	ϬϴͬϬϳͬϭϰʹϬϴͬϬϳͬϭϳ
ƌŝĂŶ DŽůůĞƌ	ϱϱϬ͕ϬϬϬ	ϱϱϬ͕ϬϬϬ	ϭϰƉ	ϬϴͬϬϳͬϭϰʹϬϴͬϬϳͬϭϳ
	ϱϱϬ͕ϬϬϬ	ϱϱϬ͕ϬϬϬ	ϮϴƉ	ϬϴͬϬϳͬϭϰʹϬϴͬϬϳͬϭϳ
ZŽďĞƌƚ tĞŝŶďĞƌŐ	Ͳ	ϰϰϬ͕ϬϬϬ	ϭϰƉ	ϬϴͬϬϳͬϭϰʹϬϴͬϬϳͬϭϳ
	Ͳ	ϰϰϬ͕ϬϬϬ	ϮϴƉ	ϬϴͬϬϳͬϭϰʹϬϴͬϬϳͬϭϳ
:ŽŚŶŽǀĂƌĚ	Ͳ	ϰϰϬ͕ϬϬϬ	ϭϰƉ	ϬϴͬϬϳͬϭϰʹϬϴͬϬϳͬϭϳ
	Ͳ	ϰϰϬ͕ϬϬϬ	ϮϴƉ	ϬϴͬϬϳͬϭϰʹϬϴͬϬϳͬϭϳ

dŚĞƚŽƚĂůŶƵŵďĞƌŽĨŽƉƚŝŽŶƐŽƵƚƐƚĂŶĚŝŶŐĂƚLJĞĂƌĞŶĚŝƐĂƐĨŽůůŽǁƐ͗

^ŚĂƌĞ ŽƉƚŝŽŶƐ ŚĞůĚ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϳ	^ŚĂƌĞ ŽƉƚŝŽŶƐ ŚĞůĚ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϲ	KƉƚŝŽŶ ƉƌŝĐĞ	džĞƌĐŝƐĞ ƉĞƌŝŽĚƐ
Ͳ	ϯ͕ϬϬϬ͕ϬϬϬ	άϬ͘ϭϰ	sĞƐƚŝŶŐĨƌŽŵϯϬĚĂLJstWŽĨϮϬƉƚŽϬϲͬϬϵͬϮϬϭϳ
Ͳ	ϭ͕ϮϱϬ͕ϬϬϬ	άϬ͘ϭϰ	sĞƐƚŝŶŐĨƌŽŵϯϬĚĂLJstWŽĨϮϬƉƚŽϭϱͬϬϳͬϮϬϭϲ
Ͳ	Ϯ͕ϮϱϬ͕ϬϬϬ	άϬ͘Ϯϴ	sĞƐƚŝŶŐĨƌŽŵϯϬ ĂLJstWŽĨϰϬƉƚŽϭϱͬϬϳͬϮϬϭϲ
Ͳ	ϰ͕ϬϬϬ͕ϬϬϬ	άϬ͘ϱϬ	sĞƐƚŝŶŐĨƌŽŵϯϬ ĂLJstWŽĨϴϬƉƚŽϭϱͬϬϳͬϮϬϭϲ
Ͳ	Ϯ͕ϴϱϬ͕ϬϬϬ	άϬ͘ϭϰ	sĞƐƚŝŶŐĨƌŽŵϯϬ ĂLJstWŽĨϮϬƉƚŽϮϰͬϬϵͬϮϬϭϲ
Ͳ	Ϯ͕ϴϱϬ͕ϬϬϬ	άϬ͘Ϯϴ	sĞƐƚŝŶŐĨƌŽŵϯϬ ĂLJstWŽĨϰϬƉƚŽϮϰͬϬϵͬϮϬϭϲ
Ͳ	ϴϮϬ͕ϬϬϬ	άϬ͘ϱϬ	sĞƐƚŝŶŐĨƌŽŵϯϬ ĂLJstWŽĨϴϬƉƚŽϮϰͬϬϵͬϮϬϭϲ
ϭ͕ϯϬϬ͕ϬϬϬ	Ϯ͕ϭϴϬ͕ϬϬϬ	άϬ͘ϭϰ	sĞƐƚŝŶŐĨƌŽŵϯϬ ĂLJstWŽĨϮϬƉƚŽϬϴͬϬϳͬϮϬϭϳ
ϭ͕ϯϬϬ͕ϬϬϬ	Ϯ͕ϭϴϬ͕ϬϬϬ	άϬ͘Ϯϴ	sĞƐƚŝŶŐĨƌŽŵϯϬ ĂLJstWŽĨϰϬƉƚŽϬϴͬϬϳͬϮϬϭϳ
ϵ͕ϳϵϱ͕ϴϴϰ	Ͳ	άϬ͘ϭϰ	džĞƌĐŝƐĂďůĞƚŚƌŽƵŐŚƚŽϭϳͬϭϬͬϮϬϭϴ
ϵ͕ϳϵϱ͕ϴϴϰ	Ͳ	άϬ͘Ϯϴ	džĞƌĐŝƐĂďůĞƚŚƌŽƵŐŚƚŽϭϳͬϭϬͬϮϬϭϴ
ϮϮ͕ϬϬϬ͕ϬϬϬ	Ͳ	άϬ͘Ϯϴ	sĞƐƚƐŽŶƚŚĞĞĂƌůŝĞƌŽĨƚŚĞĞdžƉŝƌLJŽĨϳϱйŽĨƚŚĞƚĞƌŵŽĨƚŚĞ ŽƉƚŝŽŶŽƌĂŚĂŶŐĞŽĨŽŶƚƌŽůdƌĂŶƐĂĐƚŝŽŶ͕ĂƐĚĞĨŝŶĞĚ ƵŶĚĞƌƚŚĞŽŵƉĂŶLJ͛Ɛ^KW ZƵůĞƐ
ϰϰ͕ϭϵϭ͕ϳϲϴ	Ϯϭ͕ϯϴϬ͕ϬϬϬ

EKd ϭϵ ^,Z KWd/KE^ ;ĐŽŶƚŝŶƵĞĚͿ

^ŚĂƌĞͲďĂƐĞĚ ƉĂLJŵĞŶƚƐ ;ĐŽŶƚŝŶƵĞĚͿ

dŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƐĞƌǀŝĐĞƐ ƌĞĐĞŝǀĞĚ ŝŶ ƌĞƚƵƌŶ ĨŽƌ ƐŚĂƌĞ ŽƉƚŝŽŶƐ ŐƌĂŶƚĞĚ ŝƐ ŵĞĂƐƵƌĞĚ ďLJ ƌĞĨĞƌĞŶĐĞ ƚŽ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƐŚĂƌĞ ŽƉƚŝŽŶƐ ŐƌĂŶƚĞĚ͘ dŚŝƐ ĞƐƚŝŵĂƚĞ ŝƐ ďĂƐĞĚ ŽŶ ĞŝƚŚĞƌ Ă ůĂĐŬͲ^ĐŚŽůĞƐ ŵŽĚĞů Žƌ DŽŶƚĞ ĂƌůŽ ^ŝŵƵůĂƚŝŽŶ ĐŽŶƐŝĚĞƌŝŶŐ ƚŚĞ ĞĨĨĞĐƚƐ ŽĨ ƚŚĞ ǀĞƐƚŝŶŐ ĐŽŶĚŝƚŝŽŶƐ͕ĞdžƉĞĐƚĞĚĞdžĞƌĐŝƐĞƉĞƌŝŽĚĂŶĚƚŚĞĚŝǀŝĚĞŶĚƉŽůŝĐLJŽĨƚŚĞŽŵƉĂŶLJ͘

		ϮϬϭϳ
&Ăŝƌ ǀĂůƵĞ ŽĨ ƐŚĂƌĞ	άϬ͘ϭϰ KƉƚŝŽŶƐ	άϬ͘Ϯϴ KƉƚŝŽŶƐ	άϬ͘Ϯϴ KƉƚŝŽŶƐ
ŽƉƚŝŽŶƐ ĂŶĚ ĂƐƐƵŵƉƚŝŽŶƐ	ϭϳ KĐƚŽďĞƌ ϮϬϭϲ	ϭϳ KĐƚŽďĞƌ ϮϬϭϲ	Ϯϴ KĐƚŽďĞƌ ϮϬϭϲ
EƵŵďĞƌŽĨŽƉƚŝŽŶƐ	ϵ͕ϳϵϱ͕ϴϴϰ	ϵ͕ϳϵϱ͕ϴϴϰ	ϮϮ͕ϬϬϬ͕ϬϬϬ
&ĂŝƌǀĂůƵĞĂƚŝƐƐƵĞĚĂƚĞ	άϬ͘ϭϮ	άϬ͘Ϭϵ	άϬ͘ϭϰ
džĞƌĐŝƐĞƉƌŝĐĞ	άϬ͘ϭϰ	άϬ͘Ϯϴ	άϬ͘Ϯϴ
džƉĞĐƚĞĚǀŽůĂƚŝůŝƚLJ	ϵϵ͘ϳϰϰй	ϵϵ͘ϳϰϰй	ϵϵ͘ϳϰϰй
KƉƚŝŽŶůŝĨĞ	Ϯ͘ϬϬLJĞĂƌƐ	Ϯ͘ϬϬLJĞĂƌƐ	Ϯ͘ϬϬLJĞĂƌƐ
džƉĞĐƚĞĚĚŝǀŝĚĞŶĚƐ	Ϭ͘ϬϬй	Ϭ͘ϬϬй	Ϭ͘ϬϬй
ZŝƐŬͲĨƌĞĞ ŝŶƚĞƌĞƐƚ ƌĂƚĞ
;ƐŚŽƌƚͲƚĞƌŵͿ	Ϭ͘ϱϯй	Ϭ͘ϱϯй	Ϭ͘ϲϲй
sĂůƵĂƚŝŽŶŵĞƚŚŽĚŽůŽŐLJ	ůĂĐŬͲ^ĐŚŽůĞƐ	ůĂĐŬͲ^ĐŚŽůĞƐ	ůĂĐŬͲ^ĐŚŽůĞƐ

	Ψ	Ψ	Ψ
^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƐ
ĞdžƉĞŶƐĞƌĞĐŽŐŶŝƐĞĚŝŶ
ƐƚĂƚĞŵĞŶƚŽĨ
ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ	Ͳ	Ͳ	Ϯ͕ϭϱϴ͕ϴϰϬ
^ŚĂƌĞ ďĂƐĞĚ ƉĂLJŵĞŶƚƐ
ĞdžƉĞŶƐĞ ƌĞĐŽŐŶŝƐĞĚ ĂƐ
ƐŚĂƌĞŝƐƐƵĞĐŽƐƚƐ	ϭ͕ϵϭϮ͕ϴϭϬ	ϭ͕ϯϵϯ͕ϬϬϬ	Ͳ
^ŚĂƌĞ ďĂƐĞĚ ƉĂLJŵĞŶƚƐ
ĞdžƉĞŶƐĞƚŽďĞƌĞĐŽŐŶŝƐĞĚ
ŝŶĨƵƚƵƌĞƉĞƌŝŽĚƐ	Ͳ	Ͳ	Ϯ͕ϬϲϮ͕ϬϬϬ

&Ăŝƌ ǀĂůƵĞ ŽĨƐŚĂƌĞ ŽƉƚŝŽŶƐ ĂŶĚ ĂƐƐƵŵƉƚŝŽŶƐ	WƌŝŽƌ LJĞĂƌ ŐƌĂŶƚƐ
	άϬ͘ϭϰ KƉƚŝŽŶƐ	άϬ͘Ϯϴ KƉƚŝŽŶƐ
	ϴ :ƵůLJ ϮϬϭϰ	ϴ :ƵůLJ ϮϬϭϰ
EƵŵďĞƌŽĨŽƉƚŝŽŶƐ	Ϯ͕ϭϴϬ͕ϬϬϬ	Ϯ͕ϭϴϬ͕ϬϬϬ
&ĂŝƌǀĂůƵĞĂƚŝƐƐƵĞ ĚĂƚĞ	άϬ͘ϬϭϬ	άϬ͘ϬϬϯ
džĞƌĐŝƐĞƉƌŝĐĞ	άϬ͘ϭϰϬ	άϬ͘ϮϴϬ
džƉĞĐƚĞĚǀŽůĂƚŝůŝƚLJ	ϭϭϱ͘ϯϭй	ϭϭϱ͘ϯϭй
KƉƚŝŽŶůŝĨĞ	ϯ͘ϬϬLJĞĂƌƐ	ϯ͘ϬϬLJĞĂƌƐ
džƉĞĐƚĞĚĚŝǀŝĚĞŶĚƐ	Ϭ͘ϬϬй	Ϭ͘ϬϬй
ZŝƐŬͲĨƌĞĞŝŶƚĞƌĞƐƚ ƌĂƚĞ;ƐŚŽƌƚͲƚĞƌŵͿ	Ϯ͘ϰϴй	Ϯ͘ϰϴй
sĂůƵĂƚŝŽŶ ŵĞƚŚŽĚŽůŽŐLJ	DŽŶƚĞĂƌůŽ	DŽŶƚĞĂƌůŽ

dŚĞĐĂůĐƵůĂƚŝŽŶŽĨƚŚĞǀŽůĂƚŝůŝƚLJŽĨƚŚĞƐŚĂƌĞƉƌŝĐĞǁĂƐďĂƐĞĚŽŶƚŚĞŽŵƉĂŶLJ͛ƐĚĂŝůLJĐůŽƐŝŶŐƐŚĂƌĞƉƌŝĐĞŽǀĞƌƚŚĞƚǁŽͲLJĞĂƌƉĞƌŝŽĚƉƌŝŽƌ ƚŽƚŚĞĚĂƚĞƚŚĞŽƉƚŝŽŶƐǁĞƌĞŝƐƐƵĞĚ͘

&Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϬ :ƵŶĞ ϮϬϭϳ

EKd ϮϬ &/EE/> /E^dZhDEd^ ;'ZKhW EKDWEzͿ

&ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐďLJĐĂƚĞŐŽƌLJ;'ƌŽƵƉͿ

&ŝŶĂŶĐŝĂů ĂƐƐĞƚƐ	>ŽĂŶƐ ĂŶĚ ƌĞĐĞŝǀĂďůĞƐ		ǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞ
	ϮϬϭϳ	ϮϬϭϲ	ϮϬϭϳ	ϮϬϭϲ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ	ϴϵ͕ϯϭϮ͕ϳϰϯ	ϵϰ͕ϵϯϯ	Ͳ	Ͳ
dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ	ϭ͕Ϭϴϲ͕ϯϯϭ	ϭϮϯ͕ϵϳϰ	Ͳ	Ͳ
>ŽĂŶƐƌĞĐĞŝǀĂďůĞĂŶĚŽƚŚĞƌŶŽŶͲ ĐƵƌƌĞŶƚĂƐƐĞƚƐ	ϮϮϲ͕ϭϳϱ	ϭϮϯ͕ϵϳϰ	Ͳ	Ͳ
ƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚƐ	Ͳ	Ͳ	ϭϰ͕ϯϲϲ͕ϯϬϰ	ϭ͕ϲϮϮ͕ϳϭϮ
dŽƚĂůĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ	ϵϬ͕ϲϮϱ͕Ϯϰϵ	ϯϰϮ͕ϴϴϭ	ϭϰ͕ϯϲϲ͕ϯϬϰ	ϭ͕ϲϮϮ͕ϳϭϮ

&ŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐ	&ŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐ Ăƚ ĂŵŽƌƚŝƐĞĚ ĐŽƐƚ
	ϮϬϭϳ	ϮϬϭϲ
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ	Ϯ͕ϳϰϭ͕ϭϳϱ	ϯ͕ϳϰϮ͕ϯϲϭ
ŽƌƌŽǁŝŶŐƐ	Ͳ	ϰ͕ϳϳϲ͕ϰϬϰ
dŽƚĂůĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐ	Ϯ͕ϳϰϭ͕ϭϳϱ	ϴ͕ϱϭϴ͕ϳϲϱ

&ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐďLJĐĂƚĞŐŽƌLJ;ŽŵƉĂŶLJͿ

&ŝŶĂŶĐŝĂů ĂƐƐĞƚƐ	>ŽĂŶƐ ĂŶĚ ƌĞĐĞŝǀĂďůĞƐ		ǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞ
	ϮϬϭϳ	ϮϬϭϲ	ϮϬϭϳ	ϮϬϭϲ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ	ϴϴ͕ϲϲϵ͕ϲϮϲ	ϭϳ͕ϭϵϵ	Ͳ	Ͳ
dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ	ϲϴϵ͕Ϯϰϴ	ϭϲϴ͕ϯϱϯ	Ͳ	Ͳ
>ŽĂŶƐƌĞĐĞŝǀĂďůĞĂŶĚŽƚŚĞƌŶŽŶͲ ĐƵƌƌĞŶƚĂƐƐĞƚƐ	ϵϬ͕ϭϯϳ	Ͳ	Ͳ	Ͳ
ƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚƐ	Ͳ	Ͳ	ϭϰ͕ϯϲϬ͕ϳϮϱ	ϭ͕ϲϭϳ͕ϭϯϮ
dŽƚĂůĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ	ϴϵ͕ϰϰϵ͕Ϭϭϭ	ϭϴϱ͕ϱϱϮ	ϭϰ͕ϯϲϬ͕ϳϮϱ	ϭ͕ϲϭϳ͕ϭϯϮ

&ŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐ	&ŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐ Ăƚ ĂŵŽƌƚŝƐĞĚ ĐŽƐƚ
	ϮϬϭϳ	ϮϬϭϲ
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ	ϳϲϬ͕ϯϳϰ	ϭ͕Ϯϭϲ͕ϴϰϰ
ŽƌƌŽǁŝŶŐƐ	Ͳ	ϰ͕ϳϳϲ͕ϰϬϰ
dŽƚĂůĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐ	ϳϲϬ͕ϯϳϰ	ϱ͕ϵϵϯ͕Ϯϰϴ

/ĨƌĞƋƵŝƌĞĚ͕ƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĚĞƚĞƌŵŝŶĞƐƚŚĞĚĞŐƌĞĞƚŽǁŚŝĐŚŝƚŝƐĂƉƉƌŽƉƌŝĂƚĞƚŽƵƐĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ͕ĐŽŵŵŽĚŝƚLJĐŽŶƚƌĂĐƚƐ ŽƌŽƚŚĞƌŚĞĚŐŝŶŐĐŽŶƚƌĂĐƚƐŽƌƚĞĐŚŶŝƋƵĞƐƚŽŵŝƚŝŐĂƚĞƌŝƐŬƐ͘dŚĞŵĂŝŶƌŝƐŬƐĨŽƌǁŚŝĐŚƐƵĐŚŝŶƐƚƌƵŵĞŶƚƐŵĂLJďĞĂƉƉƌŽƉƌŝĂƚĞĂƌĞĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐLJ ƌŝƐŬ ĂŶĚ ůŝƋƵŝĚŝƚLJ ƌŝƐŬ͕ ĞĂĐŚ ŽĨ ǁŚŝĐŚ ŝƐ ĚŝƐĐƵƐƐĞĚ ďĞůŽǁ͘ dŚĞ ŵĂŝŶ ĐƌĞĚŝƚ ƌŝƐŬ ŝƐ ƚŚĞ ŶŽŶͲĐŽůůĞĐƚŝŽŶ ŽĨ ůŽĂŶƐ ĂŶĚ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐǁŚŝĐŚŝŶĐůƵĚĞƌĞĨƵŶĚƐĂŶĚƚĞŶĞŵĞŶƚƐĞĐƵƌŝƚLJĚĞƉŽƐŝƚƐ͘ dŚĞƌĞǁĞƌĞŶŽŽǀĞƌĚƵĞƌĞĐĞŝǀĂďůĞƐĂƚLJĞĂƌĞŶĚ͘

&ŽƌƚŚĞŽŵƉĂŶLJ͕ƚŚĞŵĂŝŶĐƌĞĚŝƚƌŝƐŬŝƐƚŚĞŶŽŶͲĐŽůůĞĐƚŝŽŶŽĨůŽĂŶƐŵĂĚĞƚŽŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ͘ dŚĞŝƌĞĐƚŽƌƐĞdžƉĞĐƚƚŽĐŽůůĞĐƚƚŚĞůŽĂŶƐ ƚŚƌŽƵŐŚƚŚĞƐƵĐĐĞƐƐĨƵůĞdžƉůŽƌĂƚŝŽŶĂŶĚƐƵďƐĞƋƵĞŶƚĞdžƉůŽŝƚĂƚŝŽŶŽĨƚŚĞƐƵďƐŝĚŝĂƌŝĞƐ͛ƚĞŶĞŵĞŶƚƐ͘

dŚĞƌĞŚĂǀĞďĞĞŶŶŽĐŚĂŶŐĞƐŝŶĨŝŶĂŶĐŝĂůƌŝƐŬƐĨƌŽŵƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌ͘

ƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϭϳĂŶĚϮϬϭϲŶŽƚƌĂĚŝŶŐŝŶĐŽŵŵŽĚŝƚLJĐŽŶƚƌĂĐƚƐǁĂƐƵŶĚĞƌƚĂŬĞŶ͘

&Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϬ :ƵŶĞ ϮϬϭϳ

EKd ϮϬ &/EE/> /E^dZhDEd^ ;'ZKhW EKDWEzͿ ;ĐŽŶƚŝŶƵĞĚͿ

DĂƌŬĞƚ ƌŝƐŬ

/ŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬƐ

dŚĞ'ƌŽƵƉ͛Ɛ ĂŶĚ ŽŵƉĂŶLJ͛Ɛ ƉŽůŝĐLJ ŝƐ ƚŽ ƌĞƚĂŝŶ ŝƚƐ ƐƵƌƉůƵƐ ĨƵŶĚƐ ŽŶ ƚŚĞ ŵŽƐƚ ĂĚǀĂŶƚĂŐĞŽƵƐ ƚĞƌŵ ŽĨ ĚĞƉŽƐŝƚ ĂǀĂŝůĂďůĞ ƵƉ ƚŽ ƚǁĞůǀĞ ŵŽŶƚŚ͛ƐŵĂdžŝŵƵŵĚƵƌĂƚŝŽŶ͘ dŚĞŝŶĐƌĞĂƐĞͬĚĞĐƌĞĂƐĞŽĨϮйŝŶŝŶƚĞƌĞƐƚƌĂƚĞƐǁŝůůŝŵƉĂĐƚƚŚĞ'ƌŽƵƉ͛ƐŝŶĐŽŵĞƐƚĂƚĞŵĞŶƚďLJĂŐĂŝŶͬůŽƐƐŽĨ Ψϭ͕ϳϴϲ͕Ϯϲϴ ĂŶĚ ƚŚĞ ĐŽŵƉĂŶLJ͛Ɛ ŝŶĐŽŵĞ ƐƚĂƚĞŵĞŶƚ ďLJ Ψϭ͕ϳϳϯ͕ϰϬϲ͘ dŚĞ ŐƌŽƵƉ ĐŽŶƐŝĚĞƌƐ ƚŚĂƚ Ă Ϯй нͬͲ ŵŽǀĞŵĞŶƚ ŝŶƚĞƌĞƐƚ ƌĂƚĞƐ ƌĞƉƌĞƐĞŶƚƌĞĂƐŽŶĂďůĞƉŽƐƐŝďůĞĐŚĂŶŐĞƐ͘

&ŽƌĞŝŐŶĐƵƌƌĞŶĐLJƌŝƐŬ

dŚĞ'ƌŽƵƉŚĂƐƉŽƚĞŶƚŝĂůĐƵƌƌĞŶĐLJĞdžƉŽƐƵƌĞƐŝŶƌĞƐƉĞĐƚŽĨŝƚĞŵƐĚĞŶŽŵŝŶĂƚĞĚŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐŝĞƐĐŽŵƉƌŝƐŝŶŐ͗

dƌĂŶƐĂĐƚŝŽŶĂůĞdžƉŽƐƵƌĞŝŶƌĞƐƉĞĐƚŽĨŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͕ĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞƐĂŶĚ͕ƚŽĂůĞƐƐĞƌĞdžƚĞŶƚ͕ƐĂůĞƐŝŶĐƵƌƌĞĚŝŶĐƵƌƌĞŶĐŝĞƐ ŽƚŚĞƌƚŚĂŶƚŚĞĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJŽĨŽƉĞƌĂƚŝŽŶƐǁŚŝĐŚƌĞƋƵŝƌĞĨƵŶĚƐƚŽďĞŵĂŝŶƚĂŝŶĞĚŝŶĐƵƌƌĞŶĐŝĞƐŽƚŚĞƌƚŚĂŶƚŚĞĨƵŶĐƚŝŽŶĂů ĐƵƌƌĞŶĐLJŽĨŽƉĞƌĂƚŝŽŶ͖ĂŶĚ
dƌĂŶƐůĂƚŝŽŶĞdžƉŽƐƵƌĞƐŝŶƌĞƐƉĞĐƚŽĨŝŶǀĞƐƚŵĞŶƚƐŝŶŽǀĞƌƐĞĂƐŽƉĞƌĂƚŝŽŶƐǁŚŝĐŚŚĂǀĞĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐŝĞƐŽƚŚĞƌƚŚĂŶƵƐƚƌĂůŝĂŶ ĚŽůůĂƌƐ͘

ƵƌƌĞŶĐLJƌŝƐŬŝŶƌĞƐƉĞĐƚŽĨŶŽŶͲĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJĞdžƉĞŶĚŝƚƵƌĞŝƐƌĞǀŝĞǁĞĚďLJƚŚĞŽĂƌĚ͘

dŚĞ ƚĂďůĞ ďĞůŽǁ ƐŚŽǁƐ ƚŚĞ ĞdžƚĞŶƚ ƚŽ ǁŚŝĐŚ'ƌŽƵƉ ĐŽŵƉĂŶŝĞƐ ŚĂǀĞ ŵŽŶĞƚĂƌLJ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ŝŶ ĚŝĨĨĞƌĞŶƚ ĐƵƌƌĞŶĐŝĞƐ͘ &ŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞĚŝĨĨĞƌĞŶĐĞƐŽŶƌĞƚƌĂŶƐůĂƚŝŽŶŽĨƐƵĐŚĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂƌĞƚĂŬĞŶƚŽƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͘

		&ƵŶĐƚŝŽŶĂů ĐƵƌƌĞŶĐLJ ŽĨĞŶƚŝƚLJ
EĞƚ &ŝŶĂŶĐŝĂů ƐƐĞƚƐ ;>ŝĂďŝůŝƚŝĞƐͿ	h	h^	^	dKd>
ϮϬϭϳ
ƵƐƚƌĂůŝĂŶĚŽůůĂƌ	Ͳ	Ͳ	Ͳ	Ͳ
hŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌ;h^Ϳ	ϴϲ͕ϱϱϰ͕Ϯϱϯ	Ͳ	Ͳ	ϴϲ͕ϱϱϰ͕Ϯϱϯ
^ŽůŽŵŽŶ/ƐůĂŶĚĚŽůůĂƌ;^Ϳ	ϭϰ͕ϳϰϲ	Ͳ	Ͳ	ϭϰ͕ϳϰϲ
'ƌĞĂƚƌŝƚŝƐŚWŽƵŶĚ;'WͿ	ϭϳϯ͕ϵϮϲ	Ͳ	Ͳ	ϭϳϯ͕ϵϮϲ
	ϴϲ͕ϳϰϮ͕ϵϮϱ	Ͳ	Ͳ	ϴϲ͕ϳϰϮ͕ϵϮϱ

			&ƵŶĐƚŝŽŶĂů ĐƵƌƌĞŶĐLJ ŽĨĞŶƚŝƚLJ
EĞƚ &ŝŶĂŶĐŝĂů ƐƐĞƚƐ ;>ŝĂďŝůŝƚŝĞƐͿ	h	h^	^	dKd>
ϮϬϭϲ
ƵƐƚƌĂůŝĂŶĚŽůůĂƌ	Ͳ	Ͳ	Ͳ	Ͳ
hŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌ;h^Ϳ	;ϯϯ͕ϰϵϵͿ	Ͳ	Ͳ	;ϯϯ͕ϰϵϵͿ
^ŽůŽŵŽŶ/ƐůĂŶĚĚŽůůĂƌ;^Ϳ	Ͳ	Ͳ	Ͳ	Ͳ
'ƌĞĂƚƌŝƚŝƐŚWŽƵŶĚ;'WͿ	;ϭϯϲ͕ϵϵϵͿ	Ͳ	Ͳ	;ϭϯϲ͕ϵϵϵͿ
	;ϭϳϬ͕ϰϵϴͿ	Ͳ	Ͳ	;ϭϳϬ͕ϰϵϴͿ

dŚĞŵĂŝŶĐƵƌƌĞŶĐLJĞdžƉŽƐƵƌĞƌĞůĂƚĞƐƚŽƚŚĞĞĨĨĞĐƚŽĨƌĞͲƚƌĂŶƐůĂƚŝŽŶŽĨƚŚĞ'ƌŽƵƉ͛ƐĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŝŶ^ŽůŽŵŽŶ/ƐůĂŶĚĚŽůůĂƌ;^Ϳ͕ hŶŝƚĞĚ ^ƚĂƚĞƐ ĚŽůůĂƌ ;h^Ϳ ĂŶĚ ƚŚĞ'ƌĞĂƚ ƌŝƚŝƐŚWŽƵŶĚ ;'WͿ͘ ϭϬй ŝŶĐƌĞĂƐĞ ŝŶ ƚŚĞ ^ͬΨ͕h^ͬΨĂŶĚ'WͬΨĞdžĐŚĂŶŐĞ ƌĂƚĞƐ ǁŽƵůĚ ŐŝǀĞ ƌŝƐĞ ƚŽ Ă ĐŚĂŶŐĞ ŽĨ ĂƉƉƌŽdžŝŵĂƚĞůLJΨϵ͕ϲϯϴ͕ϭϬϯ ;ϮϬϭϲ͗Ψϭϴ͕ϳϴϭͿ ŝŶ ƚŚĞ'ƌŽƵƉ ŶĞƚ ĂƐƐĞƚƐ ĂŶĚ ƌĞƉŽƌƚĞĚĞĂƌŶŝŶŐƐ͘ ϭϬй ĚĞĐƌĞĂƐĞ ŝŶ ƚŚĞ ^ͬΨ͕ h^ͬΨ ĂŶĚ 'WͬΨ ĞdžĐŚĂŶŐĞ ƌĂƚĞƐ ǁŽƵůĚ ŐŝǀĞ ƌŝƐĞ ƚŽ Ă ĐŚĂŶŐĞ ŽĨ ĂƉƉƌŽdžŝŵĂƚĞůLJ Ψϳ͕ϴϴϱ͕ϳϮϬ ;ϮϬϭϲ͗ Ψϭϱ͕ϯϲϲͿ͕dŚĞ'ƌŽƵƉĚŽĞƐŶŽƚŚĞĚŐĞĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĞdžƉŽƐƵƌĞƐĂŶĚŵĂŶĂŐĞƐŶĞƚĞdžƉŽƐƵƌĞƐďLJďƵLJŝŶŐĂŶĚƐĞůůŝŶŐĨŽƌĞŝŐŶĐƵƌƌĞŶĐŝĞƐ ĂƚƐƉŽƚƌĂƚĞƐǁŚĞƌĞŶĞĐĞƐƐĂƌLJ͘ /ŶƌĞƐƉĞĐƚŽĨŽƚŚĞƌŵŽŶĞƚĂƌLJĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŚĞůĚŝŶĐƵƌƌĞŶĐŝĞƐŽƚŚĞƌƚŚĂŶƵƐƚƌĂůŝĂŶĚŽůůĂƌƐ͕ƚŚĞ 'ƌŽƵƉ ĞŶƐƵƌĞƐ ƚŚĂƚ ƚŚĞ ŶĞƚ ĞdžƉŽƐƵƌĞ ŝƐ ŬĞƉƚ ƚŽ ĂŶ ĂĐĐĞƉƚĂďůĞ ůĞǀĞů͕ ďLJ ďƵLJŝŶŐ Žƌ ƐĞůůŝŶŐ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐŝĞƐ Ăƚ ƐƉŽƚ ƌĂƚĞƐ ǁŚĞƌĞ ŶĞĐĞƐƐĂƌLJƚŽĂĚĚƌĞƐƐƐŚŽƌƚͲƚĞƌŵŝŵďĂůĂŶĐĞƐ͘

&Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϬ :ƵŶĞ ϮϬϭϳ

EKd ϮϬ &/EE/> /E^dZhDEd^ ;'ZKhW EKDWEzͿ ;ĐŽŶƚŝŶƵĞĚͿ

ƌĞĚŝƚZŝƐŬ

dŚĞ'ƌŽƵƉŝƐĞdžƉŽƐĞĚƚŽĐƌĞĚŝƚƌŝƐŬƉƌŝŵĂƌŝůLJĨƌŽŵƚŚĞĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶƐǁŝƚŚǁŚŝĐŚŝƚŚŽůĚƐĐĂƐŚĂŶĚĐĂƐŚĚĞƉŽƐŝƚƐ͘dŚĞďĂŶŬƐĂŶĚ ƚŚĞŝƌĐƌĞĚŝƚƌĂƚŝŶŐƐƚŚĞ'ƌŽƵƉŚĂĚĐĂƐŚĂĐĐŽƵŶƚƐǁŝƚŚĂƚϯϬ:ƵŶĞϮϬϭϳǁĞƌĞΨϭ͕ϲϱϯ͕ϴϭϰŝŶĐĂƐŚĂĐĐŽƵŶƚƐǁŝƚŚDĂĐƋƵĂƌŝĞĂŶŬ>ŝŵŝƚĞĚ ;ͿŝŶƵƐƚƌĂůŝĂ͕ΨϮϮ͕ϲϭϭŝŶĐĂƐŚĂĐĐŽƵŶƚƐǁŝƚŚƚŚĞEĂŶŬ;ͲͿŝŶƵƐƚƌĂůŝĂ͕Ψϴϲ͕ϵϱϮ͕ϰϱϳŝŶĐĂƐŚĂĐĐŽƵŶƚƐǁŝƚŚtĞƐƚƉĂĐĂŶŬ ;ͲͿŝŶƵƐƚƌĂůŝĂ͕Ψϭϰ͕ϳϰϵŝŶĐĂƐŚĂĐĐŽƵŶƚƐǁŝƚŚ ƚŚĞEĂŶŬ ;ͲͿŝŶ,ŽŶŝĂƌĂ͕^ŽůŽŵŽŶ/ƐůĂŶĚƐ͕Ψϰϲϯ͕ϯϭϮŝŶĐĂƐŚĂĐĐŽƵŶƚƐǁŝƚŚ ĂŶĐŽ'ƵĂLJĂƋƵŝů ;ͲͿ ŝŶ ĐƵĂĚŽƌ͕ΨϯϳϮ ŝŶ ĐĂƐŚ ĂĐĐŽƵŶƚƐ ǁŝƚŚ ĂŶĐŽWŝĐŚŝŶĐŚĂ ;Ϳ ŝŶ ĐƵĂĚŽƌ͕ΨϭϮϵ͕ϴϲϲ ŝŶ ĐĂƐŚ ĂĐĐŽƵŶƚƐ ǁŝƚŚ WƌŽĚƵďĂŶĐŽ ;Ϳ ŝŶ ĐƵĂĚŽƌ ĂŶĚ Ψϳϱ͕ϱϳϭ ŝŶ ƉĞƚƚLJ ĐĂƐŚ͘ /ŶĐůƵĚŝŶŐ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐ͕ ƚŚĞ ŵĂdžŝŵƵŵ ĞdžƉŽƐƵƌĞ ƚŽ ĐƌĞĚŝƚ ƌŝƐŬ Ăƚ ƚŚĞ ƌĞƉŽƌƚŝŶŐĚĂƚĞǁĂƐΨϵϬ͕ϯϴϴ͕ϳϲϵ;ϮϬϭϲ͗ΨϮϵϴ͕ϭϬϮͿ͘

dŚĞ ĐŽŵƉĂŶLJ ŝƐ ĂůƐŽ ĞdžƉŽƐĞĚ ƚŽ ĐƌĞĚŝƚ ƌŝƐŬ ĚƵĞ ƚŽ ƚŚĞ ĐĂƐŚ ďĂůĂŶĐĞƐ ŝƚ ŚŽůĚƐ ĚŝƌĞĐƚůLJ͘ /ƚ ŝƐ ĂůƐŽ ĞdžƉŽƐĞĚ ƚŽ ĐƌĞĚŝƚ ƌŝƐŬ ŽŶ ƚŚĞ ůŽĂŶ ďĂůĂŶĐĞƐŝƚŚŽůĚƐǁŝƚŚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ͘ ƚϯϬ:ƵŶĞϮϬϭϳ͕ƚŚĞĐŽŵƉĂŶLJŚĂĚΨϴϴ͕ϲϲϵ͕ϲϮϲŝŶĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĂŶĚΨϱϱ͕ϯϬϮ͕ϴϱϯ ŽĨŝŶƚĞƌĐŽŵƉĂŶLJůŽĂŶďĂůĂŶĐĞƐƌĞĐĞŝǀĂďůĞ͘dŚĞŵĂdžŝŵƵŵĞdžƉŽƐƵƌĞƚŽĐƌĞĚŝƚƌŝƐŬĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞǁĂƐΨϭϰϯ͕ϵϳϯ͕ϭϰϰ͘

ƌĞĚŝƚƌŝƐŬŝƐŵĂŶĂŐĞĚďLJĚĞĂůŝŶŐǁŝƚŚďĂŶŬƐǁŝƚŚŚŝŐŚĐƌĞĚŝƚƌĂƚŝŶŐƐĂƐƐŝŐŶĞĚďLJŝŶƚĞƌŶĂƚŝŽŶĂůĐƌĞĚŝƚƌĂƚŝŶŐĂŐĞŶĐŝĞƐ͘&ƵƌƚŚĞƌŵŽƌĞ͕ ĨƵŶĚƐĂƌĞĚĞƉŽƐŝƚĞĚǁŝƚŚďĂŶŬƐŽĨŚŝŐŚƐƚĂŶĚŝŶŐŝŶŽƌĚĞƌƚŽŽďƚĂŝŶŵĂƌŬĞƚŝŶƚĞƌĞƐƚƌĂƚĞƐ͘

>ŝƋƵŝĚŝƚLJ ƌŝƐŬƐ

dŚĞ'ƌŽƵƉĂŶĚŽŵƉĂŶLJƌĂŝƐĞƐĨƵŶĚƐĂƐƌĞƋƵŝƌĞĚŽŶƚŚĞďĂƐŝƐŽĨďƵĚŐĞƚĞĚĞdžƉĞŶĚŝƚƵƌĞĨŽƌƚŚĞŶĞdžƚϭϮƚŽϮϰŵŽŶƚŚƐ͕ĚĞƉĞŶĚĞŶƚŽŶĂ ŶƵŵďĞƌ ŽĨ ƉƌĞǀĂŝůŝŶŐ ĨĂĐƚŽƌƐ͘ &ƵŶĚƐ ĂƌĞ ŐĞŶĞƌĂůůLJ ƌĂŝƐĞĚ ŝŶ ĐĂƉŝƚĂů ŵĂƌŬĞƚƐ ĨƌŽŵ Ă ǀĂƌŝĞƚLJ ŽĨ ĞůŝŐŝďůĞ ƉƌŝǀĂƚĞ͕ ĐŽƌƉŽƌĂƚĞ ĂŶĚ ĨƵŶĚ ŝŶǀĞƐƚŽƌƐ͕ŽƌĨƌŽŵŝŶƚĞƌĞƐƚĞĚƚŚŝƌĚƉĂƌƚŝĞƐ;ŝŶĐůƵĚŝŶŐŽƚŚĞƌĞdžƉůŽƌĂƚŝŽŶĂŶĚŵŝŶŝŶŐĐŽŵƉĂŶŝĞƐͿǁŚŝĐŚŵĂLJďĞŝŶƚĞƌĞƐƚĞĚŝŶĞĂƌŶŝŶŐĂŶ ŝŶƚĞƌĞƐƚ ŝŶ ƚŚĞ ƉƌŽũĞĐƚ͘ dŚĞ ƐƵĐĐĞƐƐ Žƌ ŽƚŚĞƌǁŝƐĞ ŽĨ ƐƵĐŚ ĐĂƉŝƚĂů ƌĂŝƐŝŶŐƐ ŝƐ ĚĞƉĞŶĚĞŶƚ ƵƉŽŶ Ă ǀĂƌŝĞƚLJ ŽĨ ĨĂĐƚŽƌƐ ŝŶĐůƵĚŝŶŐ ŐĞŶĞƌĂů ĞƋƵŝƚŝĞƐĂŶĚŵĞƚĂůƐŵĂƌŬĞƚƐĞŶƚŝŵĞŶƚ͕ŵĂĐƌŽͲĞĐŽŶŽŵŝĐŽƵƚůŽŽŬ͕ƉƌŽũĞĐƚƉƌŽƐƉĞĐƚŝǀŝƚLJ͕ŽƉĞƌĂƚŝŽŶĂůƌŝƐŬƐĂŶĚŽƚŚĞƌĨĂĐƚŽƌƐĨƌŽŵƚŝŵĞƚŽ ƚŝŵĞ͘ tŚĞŶ ĨƵŶĚƐ ĂƌĞ ƐŽƵŐŚƚ͕ ƚŚĞ'ƌŽƵƉ ďĂůĂŶĐĞƐ ƚŚĞ ĐŽƐƚƐ ĂŶĚ ďĞŶĞĨŝƚƐ ŽĨ ĞƋƵŝƚLJ ĨŝŶĂŶĐŝŶŐ͘ &ƵŶĚƐ ĂƌĞ ƉƌŽǀŝĚĞĚ ƚŽ ůŽĐĂů ƐŝƚĞƐ ďŝͲ ŵŽŶƚŚůLJ͕ďĂƐĞĚŽŶƚŚĞƐŝƚĞƐ͛ĨŽƌĞĐĂƐƚĞdžƉĞŶĚŝƚƵƌĞ͘

ůůůŝĂďŝůŝƚŝĞƐŚĞůĚďLJƚŚĞ'ƌŽƵƉĂƌĞĐŽŶƚƌĂĐƚƵĂůůLJĚƵĞĂŶĚƉĂLJĂďůĞǁŝƚŚŝŶϭLJĞĂƌ͘

&ĂŝƌǀĂůƵĞƐ

/ŶƚŚĞŝƌĞĐƚŽƌƐ͛ŽƉŝŶŝŽŶ͕ǁŝƚŚƚŚĞĞdžĐĞƉƚŝŽŶŽĨĂǀĂŝůĂďůĞĨŽƌƐĂůĞĂƐƐĞƚƐ͕ƚŚĞƌĞŝƐŶŽŵĂƚĞƌŝĂůĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞŬǀĂůƵĞĂŶĚĨĂŝƌ ǀĂůƵĞŽĨĂŶLJŽĨƚŚĞ'ƌŽƵƉ͛ƐĂŶĚŽŵƉĂŶLJ͛ƐĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ͘ dŚĞĐůĂƐƐĞƐŽĨ ĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂƌĞƚŚĞƐĂŵĞĂƐƚŚĞůŝŶĞŝƚĞŵƐ ŝŶĐůƵĚĞĚŽŶƚŚĞĨĂĐĞŽĨƚŚĞƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂŶĚŚĂǀĞďĞĞŶĂŶĂůLJƐĞĚŝŶŵŽƌĞĚĞƚĂŝůŝŶŶŽƚĞƐƚŽƚŚĞĂĐĐŽƵŶƚƐ͘

ůůƚŚĞ'ƌŽƵƉ͛ƐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͕ǁŝƚŚƚŚĞĞdžĐĞƉƚŝŽŶŽĨĂǀĂŝůĂďůĞĨŽƌƐĂůĞĂƐƐĞƚƐĂƌĞĐĂƚĞŐŽƌŝƐĞĚĂƐůŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐĂŶĚĂůůĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐĂƌĞŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚ͘

EKd Ϯϭ KDD/dDEd^

dŚĞ'ƌŽƵƉ ĂůƐŽ ŚĂƐ ĐĞƌƚĂŝŶ ŽďůŝŐĂƚŝŽŶƐ ƚŽ ĞdžƉĞŶĚ ŵŝŶŝŵƵŵ ĂŵŽƵŶƚƐ ŽŶ ĞdžƉůŽƌĂƚŝŽŶ ŝŶ ƚĞŶĞŵĞŶƚ ĂƌĞĂƐ͘ dŚĞƐĞ ŽďůŝŐĂƚŝŽŶƐŵĂLJ ďĞ ǀĂƌŝĞĚĨƌŽŵƚŝŵĞƚŽƚŝŵĞĂŶĚĂƌĞĞdžƉĞĐƚĞĚƚŽďĞĨƵůĨŝůůĞĚŝŶƚŚĞŶŽƌŵĂůĐŽƵƌƐĞŽĨŽƉĞƌĂƚŝŽŶƐŽĨƚŚĞ'ƌŽƵƉ͘

dŚĞĐŽŵďŝŶĞĚĐŽŵŵŝƚŵĞŶƚƐŽĨƚŚĞ'ƌŽƵƉƌĞůĂƚĞĚƚŽŝƚƐŐƌĂŶƚĞĚƚĞŶĞŵĞŶƚŝŶƚĞƌĞƐƚƐĂƌĞĂƐĨŽůůŽǁƐ͗

>ŽĐĂƚŝŽŶ	hƉ ƚŽ ϭϮ DŽŶƚŚƐ	ϭϯ DŽŶƚŚƐ ƚŽ ϱzĞĂƌƐ	>ĂƚĞƌ ƚŚĂŶ ϱzĞĂƌƐ
ĐƵĂĚŽƌ	ϭ͕Ϭϭϵ͕ϳϰϴ	ϱ͕Ϭϵϴ͕ϳϯϵ	Ͳ
^ŽůŽŵŽŶ/ƐůĂŶĚƐ	Ͳ	Ͳ	Ͳ
YƵĞĞŶƐůĂŶĚ	ϱϱϲ͕ϬϬϬ	ϰϬ͕ϬϬϬ	Ͳ
	ϭ͕ϱϳϱ͕ϳϰϴ	ϱ͕ϭϯϴ͕ϳϯϵ	Ͳ

dŽ ŬĞĞƉ ƚĞŶĞŵĞŶƚƐ ŝŶ ŐŽŽĚ ƐƚĂŶĚŝŶŐ͕ ǁŽƌŬ ƉƌŽŐƌĂŵƐ ƐŚŽƵůĚ ŵĞĞƚ ĐĞƌƚĂŝŶ ŵŝŶŝŵƵŵ ĞdžƉĞŶĚŝƚƵƌĞ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ /Ĩ ƚŚĞ ŵŝŶŝŵƵŵ ĞdžƉĞŶĚŝƚƵƌĞƌĞƋƵŝƌĞŵĞŶƚƐĂƌĞŶŽƚŵĞƚ͕ƚŚĞ'ƌŽƵƉŚĂƐƚŚĞŽƉƚŝŽŶƚŽŶĞŐŽƚŝĂƚĞŶĞǁƚĞƌŵƐŽƌƌĞůŝŶƋƵŝƐŚƚŚĞƚĞŶĞŵĞŶƚƐ͘dŚĞ'ƌŽƵƉĂůƐŽ ŚĂƐƚŚĞĂďŝůŝƚLJƚŽŵĞĞƚĞdžƉĞŶĚŝƚƵƌĞƌĞƋƵŝƌĞŵĞŶƚƐďLJũŽŝŶƚǀĞŶƚƵƌĞŽƌĨĂƌŵŝŶĂŐƌĞĞŵĞŶƚƐ͘

&Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϬ :ƵŶĞ ϮϬϭϳ

EKd ϮϮ Z>dWZd/^

;ĂͿ'ƌŽƵƉ

dƌĂŶƐĂĐƚŝŽŶƐ ďĞƚǁĞĞŶ ƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ ĂƌĞ ŽŶ ŶŽƌŵĂů ĐŽŵŵĞƌĐŝĂů ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƚŝŽŶƐ ŶŽ ŵŽƌĞ ĨĂǀŽƵƌĂďůĞ ƚŚĂŶ ƚŚŽƐĞ ĂǀĂŝůĂďůĞ ƚŽ ŽƚŚĞƌƉĂƌƚŝĞƐƵŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƚĂƚĞĚ͘

ĂͿ dƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚŝƌĞĐƚŽƌƐĂŶĚŝƌĞĐƚŽƌͲZĞůĂƚĞĚŶƚŝƚŝĞƐ
;ŝͿ dŚĞŽŵƉĂŶLJ ŚĂĚ Ă ĐŽŵŵĞƌĐŝĂů ĂŐƌĞĞŵĞŶƚ ǁŝƚŚ ^ĂŵƵĞůĂƉŝƚĂů >ƚĚ ;͞^ĂŵƵĞů͟Ϳ ĨŽƌ ƚŚĞ ĞŶŐĂŐĞŵĞŶƚ ŽĨEŝĐŚŽůĂƐ DĂƚŚĞƌĂƐĚŝƌĞĐƚŽƌŽĨƚŚĞŽŵƉĂŶLJ͘&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϭϳ Ψϰϭϲ͕ϲϲϳǁĂƐƉĂŝĚŽƌƉĂLJĂďůĞƚŽ^ĂŵƵĞů ;ϮϬϭϲ͗ΨϭϱϬ͕ϬϬϬͿ͘ dŚĞƐĞĂŵŽƵŶƚƐĂƌĞŝŶĐůƵĚĞĚŝŶEŽƚĞϱ ;ZĞŵƵŶĞƌĂƚŝŽŶ ŽĨ<ĞLJDĂŶĂŐĞŵĞŶƚWĞƌƐŽŶŶĞůͿ͘ dŚĞ ƚŽƚĂůĂŵŽƵŶƚŽƵƚƐƚĂŶĚŝŶŐĂƚLJĞĂƌĞŶĚŝƐΨϮϲ͕ϳϮϱ;ϮϬϭϲ͗ΨϲϮ͕ϱϬϬͿ͘
;ŝŝͿ dŚĞŽŵƉĂŶLJŚĂƐĂůŽŶŐͲƐƚĂŶĚŝŶŐĐŽŵŵĞƌĐŝĂůĂƌƌĂŶŐĞŵĞŶƚǁŝƚŚ'Z 'ůŽďĂů>ƚĚ͕ĂŶĞŶƚŝƚLJĂƐƐŽĐŝĂƚĞĚǁŝƚŚEŝĐŚŽůĂƐ DĂƚŚĞƌ ;ŝƌĞĐƚŽƌͿĂŶĚƌŝĂŶDŽůůĞƌ ;ŝƌĞĐƚŽƌͿ͕ ĨŽƌƚŚĞƉƌŽǀŝƐŝŽŶŽĨǀĂƌŝŽƵƐƐĞƌǀŝĐĞƐ͕ǁŚĞƌĞďLJ'Z 'ůŽďĂůƉƌŽǀŝĚĞƐ ƌĞƐŽƵƌĐĞƐ ĂŶĚ ƐĞƌǀŝĐĞƐ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ŽĨ ŝƚƐ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ĂŶĚ ĞdžƉůŽƌĂƚŝŽŶ ƐƚĂĨĨ͕ ŝƚƐ ƉƌĞŵŝƐĞƐ ;ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞƐŽĨĐŽŶĚƵĐƚŝŶŐƚŚĞŽŵƉĂŶLJ͛ƐďƵƐŝŶĞƐƐŽƉĞƌĂƚŝŽŶƐͿ͕ƵƐĞŽĨĞdžŝƐƚŝŶŐŽĨĨŝĐĞĨƵƌŶŝƚƵƌĞ͕ĞƋƵŝƉŵĞŶƚĂŶĚĐĞƌƚĂŝŶ ƐƚĂƚŝŽŶĞƌLJ͕ƚŽŐĞƚŚĞƌǁŝƚŚŐĞŶĞƌĂůƚĞůĞƉŚŽŶĞ͕ƌĞĐĞƉƚŝŽŶĂŶĚŽƚŚĞƌŽĨĨŝĐĞĨĂĐŝůŝƚŝĞƐ;͚͚^ĞƌǀŝĐĞƐ͛͛Ϳ͘/ŶĐŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌ ƚŚĞƉƌŽǀŝƐŝŽŶŽĨƚŚĞ^ĞƌǀŝĐĞƐ͕ƚŚĞŽŵƉĂŶLJƐŚĂůůƌĞŝŵďƵƌƐĞ'Z 'ůŽďĂůĨŽƌĂŶLJĞdžƉĞŶƐĞƐŝŶĐƵƌƌĞĚďLJŝƚŝŶƉƌŽǀŝĚŝŶŐ ƚŚĞ^ĞƌǀŝĐĞƐ͘&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϭϳ ΨϯϲϬ͕ϬϬϬǁĂƐƉĂŝĚŽƌƉĂLJĂďůĞƚŽ'Z 'ůŽďĂů;ϮϬϭϲ͗ΨϯϲϬ͕ϬϬϬͿĨŽƌ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ŽĨ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ͕ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ŽĨĨŝĐĞ ĨĂĐŝůŝƚŝĞƐ ƚŽ ƚŚĞ ŽŵƉĂŶLJ ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌ͘ dŚĞ ƚŽƚĂů ĂŵŽƵŶƚŽƵƚƐƚĂŶĚŝŶŐĂƚLJĞĂƌĞŶĚǁĂƐΨϮϮ͕Ϭϭϭ;ϮϬϭϲ͗ΨϭϮϬ͕ϬϬϬͿ͘
;ŝŝŝͿ DƌƌŝĂŶDŽůůĞƌ;ĂŝƌĞĐƚŽƌͿ͕ŝƐĂƉĂƌƚŶĞƌŝŶƚŚĞƵƐƚƌĂůŝĂŶĨŝƌŵ,ŽƉŐŽŽĚ'ĂŶŝŵůĂǁLJĞƌƐ͘&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞ ϮϬϭϳ͕,ŽƉŐŽŽĚ'ĂŶŝŵǁĞƌĞƉĂŝĚΨϰϱϵ͕ϯϮϱ ;ϮϬϭϲ͗Ψϲϲ͕ϮϲϯͿ ĨŽƌ ƚŚĞƉƌŽǀŝƐŝŽŶŽĨůĞŐĂů ƐĞƌǀŝĐĞƐ ƚŽ ƚŚĞŽŵƉĂŶLJ͘ dŚĞƐĞƌǀŝĐĞƐǁĞƌĞďĂƐĞĚŽŶŶŽƌŵĂůĐŽŵŵĞƌĐŝĂůƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘dŚĞƚŽƚĂůĂŵŽƵŶƚŽƵƚƐƚĂŶĚŝŶŐĂƚLJĞĂƌĞŶĚ ǁĂƐΨϵϮ͕ϯϱϬ;ϮϬϭϲ͗Ψϲϲ͕ϮϲϯͿ͘
;ŝǀͿ KŶϮϬ EŽǀĞŵďĞƌϮϬϭϱ͕'Z 'ůŽďĂů >ƚĚ ĂŐƌĞĞĚ ƚŽ ƉƌŽǀŝĚĞ ƐŚŽƌƚ ƚĞƌŵ ĨƵŶĚŝŶŐ ƚŽ ^Žů'ŽůĚ ƉůĐ ƚŽ ƉƌŽǀŝĚĞ ǁŽƌŬŝŶŐ ĐĂƉŝƚĂů͘ /ŶƚĞƌĞƐƚŽŶƚŚĞĨĂĐŝůŝƚLJǁĂƐĐŚĂƌŐĞĚĂƚƚŚĞƌĂƚĞŽĨϵ͘ϱйƉĞƌĂŶŶƵŵ͘ dŚĞůŽĂŶǁĂƐƌĞƉĂLJĂďůĞďLJ^Žů'ŽůĚƉůĐ ŽŶƚŚĞĞĂƌůŝĞƌŽĨĂŶLJĐĂƉŝƚĂůƌĂŝƐŝŶŐĞǀĞŶƚ͕Žƌϯϭ ĞĐĞŵďĞƌϮϬϭϲ͘ 'Z 'ůŽďĂů>ƚĚĐŽƵůĚ͕ĂƚŝƚƐƐŽůĞĞůĞĐƚŝŽŶ͕ĐŽŶǀĞƌƚ ĂůůŽƌƉĂƌƚŽĨƚŚĞůŽĂŶ͕ŝŶĐůƵĚŝŶŐĂĐĐƌƵĞĚŝŶƚĞƌĞƐƚ͕ŝŶƚŽĨƵƌƚŚĞƌĞƋƵŝƚLJĂƐƉĂƌƚŽĨĂ^Žů'ŽůĚƉůĐĐĂƉŝƚĂůƌĂŝƐŝŶŐ͕ĂŶĚĂƚ ƚŚĞ ƐĂŵĞ ƉƌŝĐĞ ĂƐ ƚŚŝƌĚ ƉĂƌƚLJ ƉĂƌƚŝĐŝƉĂŶƚƐ͕ ƐƵďũĞĐƚ ƚŽ 'Z 'ůŽďĂů >ƚĚ ĂŶĚ ^Žů'ŽůĚ ƉůĐ ŽďƚĂŝŶŝŶŐ Ăůů ŶĞĐĞƐƐĂƌLJ ƌĞŐƵůĂƚŽƌLJĂƉƉƌŽǀĂůƐ͘ ŶĞǁůŽĂŶĂŐƌĞĞŵĞŶƚǁĂƐƐŝŐŶĞĚŽŶϯϬ :ƵŶĞϮϬϭϲ ƌĞǀŝƐŝŶŐ ƚŚĞůŝŵŝƚŽŶ ƚŚĞ ĨĂĐŝůŝƚLJ ƚŽΨϳ ŵŝůůŝŽŶ͕ĂůůŽƚŚĞƌĐŽŶĚŝƚŝŽŶƐƌĞŵĂŝŶĞĚƚŚĞƐĂŵĞ͘ KŶϮϵ ƵŐƵƐƚϮϬϭϲ͕'Z 'ůŽďĂů>ƚĚĐŽŶǀĞƌƚĞĚΨϱ͕ϳϬϬ͕ϬϬϬŽĨƚŚĞ ĚĞďƚ ĨƵŶĚŝŶŐ ƉƌŽǀŝĚĞĚ ƚŽ ^Žů'ŽůĚ ŝŶƚŽ ^Žů'ŽůĚ ƐŚĂƌĞƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƚĞƌŵƐ ŽĨ ƚŚĞ ůŽĂŶ ĂƌƌĂŶŐĞŵĞŶƚƐ ĂŶŶŽƵŶĐĞĚƚŽƚŚĞŵĂƌŬĞƚŽŶϭ:ƵůLJϮϬϭϲ͘
;ǀͿ KŶϮ KĐƚŽďĞƌϮϬϭϱ͕'Z 'ůŽďĂů>ƚĚĂŶĚdĞŶƐƚĂƌdƌĂĚŝŶŐ>ƚĚĂŐƌĞĞĚƚŽƉƌŽǀŝĚĞƐŚŽƌƚƚĞƌŵĨƵŶĚŝŶŐƚŽ^Žů'ŽůĚW>ƚŽ ƉƌŽǀŝĚĞ ǁŽƌŬŝŶŐ ĐĂƉŝƚĂů͘ /ŶƚĞƌĞƐƚ ŽŶ ƚŚĞ ĨĂĐŝůŝƚLJ ǁĂƐ ĐŚĂƌŐĞĚ Ăƚ ϵ͘ϱй ƉĞƌ ĂŶŶƵŵ͘ dŚĞ ůŽĂŶƐ ǁĞƌĞ ƌĞƉĂLJĂďůĞ ďLJ ^Žů'ŽůĚϭϮŵŽŶƚŚƐ ĨƌŽŵ ƚŚĞ ĚĂƚĞ ŽĨŝƐƐƵĞ͘ 'Z 'ůŽďĂů >ƚĚĂŶĚdĞŶƐƚĂƌdƌĂĚŝŶŐ >ƚĚ ĐŽƵůĚ͕Ăƚ ƚŚĞŝƌ ƐŽůĞĞůĞĐƚŝŽŶ͕ ĐŽŶǀĞƌƚĂůůŽƌƉĂƌƚŽĨƚŚĞůŽĂŶ͕ŝŶĐůƵĚŝŶŐĂĐĐƌƵĞĚŝŶƚĞƌĞƐƚ͕ŝŶƚŽĨƵƌƚŚĞƌĞƋƵŝƚLJĂƚĞŝƚŚĞƌϭ͘ϳϱƉĞŶĐĞ;'WͿŽƌĂƉƌŝĐĞ ĞƋƵĂů ƚŽ ϴϬй ŽĨ ƚŚĞstW ŽĨ ƚŚĞ ƐŚĂƌĞƐ͛ ĨŝǀĞ ĚĂLJƐ ƚƌĂĚŝŶŐ ďĞĨŽƌĞ ƚŚĞ ĐŽŶǀĞƌƐŝŽŶ ŶŽƚŝĐĞ͘ KŶϳ DĂƌĐŚϮϬϭϲ'Z 'ůŽďĂů>ƚĚĂŶĚdĞŶƐƚĂƌdƌĂĚŝŶŐ>ƚĚĐŽŶǀĞƌƚĞĚΨϮ͕Ϯϵϱ͕ϮϭϴŽĨƚŚĞĚĞďƚĨƵŶĚŝŶŐĚĞƌŝǀĂƚŝǀĞƉƌŽǀŝĚĞĚƚŽ^Žů'ŽůĚ͘ dŚĞ ĐŽŶǀĞƌƐŝŽŶ ǁĂƐ Ăƚ ϯ͘ϲϳ ƉĞŶĐĞ ;'WͿ ƉĞƌ ƐŚĂƌĞ ĂŶĚ ŐĞŶĞƌĂƚĞĚ Ă ŵŽǀĞŵĞŶƚ ŝŶ ĨĂŝƌ ǀĂůƵĞ ŽŶ ĚĞƌŝǀĂƚŝǀĞ ĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐŽĨΨϭ͕ϯϳϴ͕ϮϲϬǁŚŝĐŚǁĂƐĞdžƉĞŶƐĞĚƚŽƚŚĞŝŶĐŽŵĞƐƚĂƚĞŵĞŶƚŝŶƚŚĞƉƌŝŽƌLJĞĂƌ͘

275

^ŚĂƌĞĂŶĚKƉƚŝŽŶƚƌĂŶƐĂĐƚŝŽŶƐŽĨŝƌĞĐƚŽƌƐĂƌĞƐŚŽǁŶƵŶĚĞƌEŽƚĞƐϱĂŶĚϭϵ͘

&Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϬ :ƵŶĞ ϮϬϭϳ

EKd ϮϮ Z>dWZd/^ ;ĐŽŶƚŝŶƵĞĚͿ

;ďͿ ŽŵƉĂŶLJ

dŚĞŽŵƉĂŶLJŚĂƐƌĞůĂƚĞĚƉĂƌƚLJƌĞůĂƚŝŽŶƐŚŝƉƐǁŝƚŚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ;ƐĞĞEŽƚĞϵͿ͕ŝƌĞĐƚŽƌƐĂŶĚŽƚŚĞƌŬĞLJƉĞƌƐŽŶŶĞů;ƐĞĞEŽƚĞƐϱĂŶĚϭϵͿ͘

ůůƌĞůĂƚĞĚƉĂƌƚLJƚƌĂŶƐĂĐƚŝŽŶƐĂƌĞĐŽŶĚƵĐƚĞĚĂƚĂƌŵ͛ƐůĞŶŐƚŚ͘

^ƵďƐŝĚŝĂƌŝĞƐ

dŚĞŽŵƉĂŶLJŚĂƐĂŶŝŶǀĞƐƚŵĞŶƚŝŶƐƵďƐŝĚŝĂƌŝĞƐďĂůĂŶĐĞŽĨΨϲϰ͕Ϯϴϵ͕ϴϵϮ;ϮϬϭϲ͗ΨϰϬ͕ϭϯϮ͕ϴϮϳͿ͘dŚĞƚƌĂŶƐĂĐƚŝŽŶƐĚƵƌŝŶŐƚŚĞLJĞĂƌŚĂǀĞ ďĞĞŶŝŶĐůƵĚĞĚŝŶŶŽƚĞϵ͘ƐƚŚĞŽŵƉĂŶLJĚŽĞƐŶŽƚĞdžƉĞĐƚƌĞƉĂLJŵĞŶƚŽĨƚŚŝƐĂŵŽƵŶƚĂŶĚǁŝůůŶŽƚĐĂůůƉĂLJŵĞŶƚƵŶƚŝůƚŚĞƐƵďƐŝĚŝĂƌLJĐĂŶ ĂĚĞƋƵĂƚĞůLJƉĂLJŝƚŽƵƚŽĨǁŽƌŬŝŶŐĐĂƉŝƚĂů͕ƚŚŝƐĂŵŽƵŶƚŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚŝŶƚŚĞWĂƌĞŶƚŶƚŝƚLJ͛Ɛ ƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͘

;ĐͿŽŶƚƌŽůůŝŶŐ ƉĂƌƚLJ

/ŶƚŚĞŝƌĞĐƚŽƌƐ͛ŽƉŝŶŝŽŶƚŚĞƌĞŝƐŶŽƵůƚŝŵĂƚĞĐŽŶƚƌŽůůŝŶŐƉĂƌƚLJ͘

EKd Ϯϯ KhEd/E'^d/Dd^ E:h'DEd^

<ĞLJ ƐŽƵƌĐĞƐ ŽĨĞƐƚŝŵĂƚŝŽŶ ƵŶĐĞƌƚĂŝŶƚLJ

dŚĞŝƌĞĐƚŽƌƐĞǀĂůƵĂƚĞĞƐƚŝŵĂƚĞƐĂŶĚũƵĚŐĞŵĞŶƚƐŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐďĂƐĞĚŽŶŚŝƐƚŽƌŝĐĂůŬŶŽǁůĞĚŐĞĂŶĚďĞƐƚ ĂǀĂŝůĂďůĞ ĐƵƌƌĞŶƚ ŝŶĨŽƌŵĂƚŝŽŶ͘ ƐƚŝŵĂƚĞƐ ĂƐƐƵŵĞ Ă ƌĞĂƐŽŶĂďůĞ ĞdžƉĞĐƚĂƚŝŽŶ ŽĨ ĨƵƚƵƌĞ ĞǀĞŶƚƐ ĂŶĚ ĂƌĞ ďĂƐĞĚ ŽŶ ĐƵƌƌĞŶƚ ƚƌĞŶĚƐ ĂŶĚ ĞĐŽŶŽŵŝĐĚĂƚĂ͕ŽďƚĂŝŶĞĚďŽƚŚĞdžƚĞƌŶĂůůLJĂŶĚǁŝƚŚŝŶƚŚĞ'ƌŽƵƉ͘

džƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞ

dŚĞ'ƌŽƵƉĐĂƉŝƚĂůŝƐĞƐĞdžƉĞŶĚŝƚƵƌĞƌĞůĂƚŝŶŐƚŽĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶǁŚĞƌĞŝƚŝƐĐŽŶƐŝĚĞƌĞĚůŝŬĞůLJƚŽďĞƌĞĐŽǀĞƌĂďůĞŽƌǁŚĞƌĞƚŚĞ ĂĐƚŝǀŝƚŝĞƐŚĂǀĞŶŽƚƌĞĂĐŚĞĚĂƐƚĂŐĞƚŚĂƚƉĞƌŵŝƚƐĂƌĞĂƐŽŶĂďůĞĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞĞdžŝƐƚĞŶĐĞŽĨƌĞƐĞƌǀĞƐ͘tŚŝůĞƚŚĞƌĞĂƌĞĐĞƌƚĂŝŶĂƌĞĂƐŽĨ ŝŶƚĞƌĞƐƚ ĨƌŽŵǁŚŝĐŚŶŽ ƌĞƐĞƌǀĞƐŚĂǀĞďĞĞŶĞdžƚƌĂĐƚĞĚ͕ ƚŚĞĚŝƌĞĐƚŽƌƐĂƌĞŽĨ ƚŚĞĐŽŶƚŝŶƵĞĚďĞůŝĞĨ ƚŚĂƚƐƵĐŚĞdžƉĞŶĚŝƚƵƌĞƐŚŽƵůĚŶŽƚďĞ ǁƌŝƚƚĞŶŽĨĨƐŝŶĐĞĨĞĂƐŝďŝůŝƚLJƐƚƵĚŝĞƐŝŶƐƵĐŚĂƌĞĂƐŚĂǀĞŶŽƚLJĞƚĐŽŶĐůƵĚĞĚ͘dŚĞŝƌĞĐƚŽƌƐŚĂǀĞĐĂƌƌŝĞĚŽƵƚĂŶĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞĐĂƌƌLJŝŶŐ ǀĂůƵĞƐŽĨĚĞĨĞƌƌĞĚĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞĂŶĚĂŶLJƌĞƋƵŝƌĞĚŝŵƉĂŝƌŵĞŶƚĂŶĚŝƐŝŶĐůƵĚĞĚŝŶŶŽƚĞϭϮ͘

dĂdžĞƐ

ĞĨĞƌƌĞĚ ƚĂdžĂƐƐĞƚƐĂƌĞƌĞĐŽŐŶŝƐĞĚ ĨŽƌƵŶƵƐĞĚ ƚĂdžůŽƐƐĞƐ ƚŽ ƚŚĞĞdžƚĞŶƚ ƚŚĂƚŝƚŝƐƉƌŽďĂďůĞ ƚŚĂƚ ƚĂdžĂďůĞƉƌŽĨŝƚǁŝůůďĞĂǀĂŝůĂďůĞĂŐĂŝŶƐƚ ǁŚŝĐŚƚŚĞůŽƐƐĞƐĐĂŶďĞƵƚŝůŝƐĞĚ͘^ŝŐŶŝĨŝĐĂŶƚŵĂŶĂŐĞŵĞŶƚũƵĚŐĞŵĞŶƚŝƐƌĞƋƵŝƌĞĚƚŽĚĞƚĞƌŵŝŶĞƚŚĞĂŵŽƵŶƚŽĨĚĞĨĞƌƌĞĚƚĂdžƚŚĂƚĐĂŶďĞ ƌĞĐŽŐŶŝƐĞĚ͕ďĂƐĞĚƵƉŽŶƚŚĞůŝŬĞůLJƚŝŵŝŶŐĂŶĚƚŚĞůĞǀĞůŽĨĨƵƚƵƌĞƚĂdžĂďůĞƉƌŽĨŝƚƐ͕ƚŽŐĞƚŚĞƌǁŝƚŚĨƵƚƵƌĞƚĂdžƉůĂŶŶŝŶŐƐƚƌĂƚĞŐŝĞƐ͘

dŚĞ'ƌŽƵƉŚĂƐΨϴϲ͕ϮϯϮ͕ϱϭϮ;ϮϬϭϲ͗Ψϲϱ͕ϲϳϯ͕ϱϳϲͿŽĨƚĂdžůŽƐƐĞƐĐĂƌƌŝĞĚĨŽƌǁĂƌĚ͘dŚĞƐĞůŽƐƐĞƐƌĞůĂƚĞƚŽƐƵďƐŝĚŝĂƌŝĞƐƚŚĂƚŚĂǀĞĂŚŝƐƚŽƌLJ ŽĨůŽƐƐĞƐĂŶĚŵĂLJŶŽƚďĞƵƐĞĚƚŽŽĨĨƐĞƚƚĂdžĂďůĞŝŶĐŽŵĞĞůƐĞǁŚĞƌĞŝŶƚŚĞ'ƌŽƵƉ͘dŚĞƐƵďƐŝĚŝĂƌŝĞƐŶĞŝƚŚĞƌŚĂǀĞĂŶLJƚĂdžĂďůĞƚĞŵƉŽƌĂƌLJ ĚŝĨĨĞƌĞŶĐĞŶŽƌĂŶLJƚĂdžƉůĂŶŶŝŶŐŽƉƉŽƌƚƵŶŝƚŝĞƐĂǀĂŝůĂďůĞƚŚĂƚĐŽƵůĚƉĂƌƚůLJƐƵƉƉŽƌƚƚŚĞƌĞĐŽŐŶŝƚŝŽŶŽĨƚŚĞƐĞůŽƐƐĞƐĂƐĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ͘ KŶƚŚŝƐďĂƐŝƐ͕ƚŚĞ'ƌŽƵƉŚĂƐĚĞƚĞƌŵŝŶĞĚƚŚĂƚŝƚĐĂŶŶŽƚƌĞĐŽŐŶŝƐĞĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐŽŶƚŚĞƚĂdžůŽƐƐĞƐĐĂƌƌŝĞĚĨŽƌǁĂƌĚ͘&ƵƌƚŚĞƌĚĞƚĂŝůƐ ŽŶƚĂdžĞƐĂƌĞĚŝƐĐůŽƐĞĚŝŶŶŽƚĞϳ͘

EKd Ϯϰ KEd/E'Ed ^^d^ E>//>/d/^

Ϯй ŶĞƚ ƐŵĞůƚĞƌ ƌŽLJĂůƚLJ ŝƐ ƉĂLJĂďůĞ ƚŽ ^ĂŶƚĂ ĂƌďĂƌĂ ZĞƐŽƵƌĐĞƐ >ŝŵŝƚĞĚ͕ ǁŚŽ ǁĞƌĞ ƚŚĞ ƉƌĞǀŝŽƵƐ ŽǁŶĞƌƐ ŽĨ ƚŚĞ ĂƐĐĂďĞů ƚĞŶĞŵĞŶƚƐ͘dŚĞƐĞƌŽLJĂůƚŝĞƐĐĂŶďĞďŽƵŐŚƚŽƵƚďLJƉĂLJŝŶŐĂƚŽƚĂůŽĨh^ΨϰŵŝůůŝŽŶ͘ &ŝĨƚLJƉĞƌĐĞŶƚ;ϱϬйͿŽĨƚŚĞƌŽLJĂůƚLJĐĂŶďĞƉƵƌĐŚĂƐĞĚĨŽƌ h^ΨϭŵŝůůŝŽŶϵϬĚĂLJƐĨŽůůŽǁŝŶŐƚŚĞĐŽŵƉůĞƚŝŽŶŽĨĂĨĞĂƐŝďŝůŝƚLJƐƚƵĚLJĂŶĚƚŚĞƌĞŵĂŝŶŝŶŐϱϬйŽĨƚŚĞƌŽLJĂůƚLJĐĂŶďĞƉƵƌĐŚĂƐĞĚĨŽƌh^Ψϯ ŵŝůůŝŽŶϵϬĚĂLJƐĨŽůůŽǁŝŶŐĂƉƌŽĚƵĐƚŝŽŶĚĞĐŝƐŝŽŶ͘

/Ŷ ƚŚĞ ĞǀĞŶƚŽƌŶĞƌƐƚŽŶĞĂƉŝƚĂůZĞƐŽƵƌĐĞƐ/ŶĐ͛͘Ɛ ;ŽƌŶĞƌƐƚŽŶĞͿ ĞƋƵŝƚLJ ŝŶƚĞƌĞƐƚ ŝŶ E^ ŝƐ ĚŝůƵƚĞĚ ďĞůŽǁ ϭϬй͕ ŽƌŶĞƌƐƚŽŶĞ͛Ɛ ĞƋƵŝƚLJ ŝŶƚĞƌĞƐƚǁŝůůďĞĐŽŶǀĞƌƚĞĚƚŽĂŚĂůĨŽĨŽŶĞƉĞƌĐĞŶƚ;Ϭ͘ϱйͿŝŶƚĞƌĞƐƚŝŶĂEĞƚ^ŵĞůƚĞƌZĞƚƵƌŶĂŶĚ^Žů'ŽůĚǁŝůůŚĂǀĞƌŝŐŚƚƚŽƉƵƌĐŚĂƐĞƚŚĞ EĞƚ^ŵĞůƚĞƌZĞƚƵƌŶĨŽƌh^Ψϯ͘ϱŵŝůůŝŽŶĂƚĂŶLJƚŝŵĞ͘

dŚĞƌĞĂƌĞŶŽŽƚŚĞƌĐŽŶƚŝŶŐĞŶƚĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂƚϯϬ:ƵŶĞϮϬϭϳ;ϮϬϭϲ͗ŶŝůͿ͘

EKd Ϯϱ ^h^YhEd sEd^

KŶϳ:ƵůLJϮϬϭϳ͕ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂŶĂĚĚŝƚŝŽŶĂůϭ͕ϯϬϬ͕ϬϬϬƐŚĂƌĞƐĂƚάϬ͘ϭϰƚŽƌĂŝƐĞΨϬ͘ϯϭŵŝůůŝŽŶ;άϬ͘ϭϴŵŝůůŝŽŶͿŝŶĐĂƐŚĂƐĂƌĞƐƵůƚŽĨ ƚŚĞĞdžĞƌĐŝƐĞŽĨĞŵƉůŽLJŵĞŶƚŽƉƚŝŽŶƐ͘

KŶϳ:ƵůLJϮϬϭϳ͕ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂŶĂĚĚŝƚŝŽŶĂůϭ͕ϯϬϬ͕ϬϬϬƐŚĂƌĞƐĂƚάϬ͘ϮϴƚŽƌĂŝƐĞΨϬ͘ϲϮŵŝůůŝŽŶ;άϬ͘ϯϲŵŝůůŝŽŶͿŝŶĐĂƐŚĂƐĂƌĞƐƵůƚŽĨ ƚŚĞĞdžĞƌĐŝƐĞŽĨĞŵƉůŽLJŵĞŶƚŽƉƚŝŽŶƐ͘

KŶϵ ƵŐƵƐƚϮϬϭϳ͕ ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂ ƚŽƚĂůŽĨϰϲ͕ϳϲϮ͕ϬϬϬƵŶůŝƐƚĞĚŽƉƚŝŽŶƐ ƚŽŝƌĞĐƚŽƌƐ͕ĞŵƉůŽLJĞĞƐĂŶĚĐŽŶƚƌĂĐƚŽƌƐ͘ dŚĞŽƉƚŝŽŶƐ ŚĂǀĞĂƐƚƌŝŬĞƉƌŝĐĞŽĨάϬ͘ϲϬĞĂĐŚĂŶĚĂƌĞĞdžĞƌĐŝƐĂďůĞƚŚƌŽƵŐŚƚŽϴƵŐƵƐƚϮϬϮϬ͘

KŶ ϭϭ ƵŐƵƐƚ ϮϬϭϳ͕ ƚŚĞ ŽŵƉĂŶLJ ŝƐƐƵĞĚ ĂŶ ĂĚĚŝƚŝŽŶĂů ϲϵϬ͕ϬϬϬ ƐŚĂƌĞƐ Ăƚ άϬ͘ϯϴ ƚŽ ƌĂŝƐĞΨϬ͘ϰϯ ŵŝůůŝŽŶ ;άϬ͘Ϯϲ ŵŝůůŝŽŶͿ ƚŽEĞǁĐƌĞƐƚ /ŶƚĞƌŶĂƚŝŽŶĂů ƉƵƌƐƵĂŶƚ ƚŽ ΗƚŽƉͲƵƉ ƌŝŐŚƚƐΗ ŚĞůĚ ďLJ EĞǁĐƌĞƐƚ /ŶƚĞƌŶĂƚŝŽŶĂů ƉƵƌƐƵĂŶƚ ƚŽ ƚŚĞ EĞǁĐƌĞƐƚ ^ƵďƐĐƌŝƉƚŝŽŶ ŐƌĞĞŵĞŶƚ͘ dŚĞ ĂůůŽƚŵĞŶƚǁĂƐƉƌŝĐĞǁĂƐďĂƐĞĚŽŶĂϭϬĚĂLJstW͕ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƚĞƌŵƐŽĨƚŚĞEĞǁĐƌĞƐƚ^ƵďƐĐƌŝƉƚŝŽŶŐƌĞĞŵĞŶƚ͘

KŶϮϵ ƵŐƵƐƚϮϬϭϳ͕ ƚŚĞŽŵƉĂŶLJĂŶŶŽƵŶĐĞĚ ƚŚĂƚŝƚŚĂĚďĞĞŶŐƌĂŶƚĞĚĂŶĂĚĚŝƚŝŽŶĂůϮϭŶĞǁĐŽŶĐĞƐƐŝŽŶƐŝŶĐƵĂĚŽƌ ƚĂŬŝŶŐ ƚŚĞ ƚŽƚĂů ŶƵŵďĞƌŽĨƚĞŶĞŵĞŶƚƐŝŶĐƵĂĚŽƌƚŽϱϵƚĞŶĞŵĞŶƚƐŝŶĂĚĚŝƚŝŽŶƚŽĂƐĐĂďĞů͘

dŚĞŝƌĞĐƚŽƌƐĂƌĞŶŽƚĂǁĂƌĞŽĨĂŶLJŽƚŚĞƌƐŝŐŶŝĨŝĐĂŶƚĐŚĂŶŐĞƐŝŶƚŚĞƐƚĂƚĞŽĨĂĨĨĂŝƌƐŽĨƚŚĞ'ƌŽƵƉŽƌĞǀĞŶƚƐĂĨƚĞƌƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞƚŚĂƚ ǁŽƵůĚŚĂǀĞĂŵĂƚĞƌŝĂůŝŵƉĂĐƚŽŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚŽƌŽŵƉĂŶLJĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

APPENDIX B

AUDITED FINANCIAL INFORMATION FOR THE YEAR ENDED 30 JUNE 2016

ŶŶƵĂůZĞƉŽƌƚ

&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϭϲ

KZWKZd/E&KZDd/KE͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯ
,/ZDE͛^^ddDEd͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰ
^dZd'/ZWKZd͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱ
'KsZEE͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϮ
/EWEEdh/dKZΖ^ZWKZd͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϵ
KE^K>/d^ddDEdK&KDWZ,E^/s/EKD͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϭ
KE^K>/dEKDWEz^ddDEd^K&&/EE/>WK^/d/KE͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϮ
KE^K>/dEKDWEz^ddDEd^K&,E'^/EYh/dz͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϯ
KE^K>/dEKDWEz^ddDEd^K&^,&>Kt^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϱ
EKd^dKd,&/EE/>^ddDEd^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϲ

KZWKZd/E&KZDd/KE

/ZdKZ^

ƌŝĂŶDŽůůĞƌ;EŽŶͲdžĞĐƵƚŝǀĞŚĂŝƌŵĂŶͿ EŝĐŚŽůĂƐDĂƚŚĞƌ;džĞĐƵƚŝǀĞŝƌĞĐƚŽƌͿ ƌZŽďĞƌƚtĞŝŶďĞƌŐ;EŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌͿ :ŽŚŶŽǀĂƌĚ;EŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌͿ ^ĐŽƚƚ͘ ĂůĚǁĞůů;EŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌͿʹĂƉƉŽŝŶƚĞĚϵ ^ĞƉƚĞŵďĞƌϮϬϭϲ

KDWEz^ZdZz

<Ăƌů^ĐŚůŽďŽŚŵ

Z'/^dZK&&/

ϮϬϭŝƐŚŽƉƐŐĂƚĞ͕ >ŽŶĚŽŶϮD ϯ͕ hŶŝƚĞĚ<ŝŶŐĚŽŵ

ZĞŐŝƐƚĞƌĞĚEƵŵďĞƌϱϰϰϵϱϭϲ

h^dZ>/E K&&/

ĞǀĞůϮϳ͕ϭϭϭ ĂŐůĞ^ƚ ƌŝƐďĂŶĞY>ϰϬϬϬ WŚŽŶĞ͗нϲϭϳϯϯϬϯϬϲϲϬ &Ădž͗нϲϭϳϯϯϬϯϬϲϴϭ ŵĂŝů͗ŝŶĨŽΛƐŽůŐŽůĚ͘ĐŽŵ͘ĂƵ tĞď^ŝƚĞ͗ǁǁǁ͘ƐŽůŐŽůĚ͘ĐŽŵ͘ĂƵ

h/dKZ

K >>W ϱϱĂŬĞƌ^ƚƌĞĞƚ >ŽŶĚŽŶtϭhϳh hŶŝƚĞĚ<ŝŶŐĚŽŵ

EKD/Eds/^KZ

^W ŶŐĞůŽƌƉŽƌĂƚĞ&ŝŶĂŶĐĞ>>W WƌŝŶĐĞ&ƌĞĚĞƌŝĐŬ,ŽƵƐĞ ϯϱͲϯϵ DĂĚĚŽdž^ƚƌĞĞƚ >ŽŶĚŽŶtϭ^ ϮWW hŶŝƚĞĚ<ŝŶŐĚŽŵ

ZK<Z

^W ŶŐĞůŽƌƉŽƌĂƚĞ&ŝŶĂŶĐĞ>>W WƌŝŶĐĞ&ƌĞĚĞƌŝĐŬ,ŽƵƐĞ ϯϱͲϯϵ DĂĚĚŽdž^ƚƌĞĞƚ >ŽŶĚŽŶtϭ^ ϮWW hŶŝƚĞĚ<ŝŶŐĚŽŵ

E<Z^

DĂĐƋƵĂƌŝĞĂŶŬ>ƚĚ;ƌŝƐďĂŶĞƌĂŶĐŚͿ ϯϰϱ YƵĞĞŶ^ƚƌĞĞƚ͕ƌŝƐďĂŶĞY> ϰϬϬϬ ƵƐƚƌĂůŝĂ

h<^K>//dKZ^

ŽĐŬĞ>ŽƌĚ>>W ϮϬϭŝƐŚŽƉƐŐĂƚĞ͕ >ŽŶĚŽŶϮD ϯ͕ hŶŝƚĞĚ<ŝŶŐĚŽŵ

h^dZ>/E ^K>//dKZ^

,ŽƉŐŽŽĚ'ĂŶŝŵ >ĞǀĞůϴ͕tĂƚĞƌĨƌŽŶƚWůĂĐĞ ϭ ĂŐůĞ^ƚƌĞĞƚ͕ ƌŝƐďĂŶĞY> ϰϬϬϬ͕ƵƐƚƌĂůŝĂ

Z'/^dZZ^

ŽŵƉƵƚĞƌƐŚĂƌĞ/ŶǀĞƐƚŽƌ^ĞƌǀŝĐĞƐƉůĐ dŚĞWĂǀŝůŝŽŶƐ͕ƌŝĚŐǁĂƚĞƌZŽĂĚ ƌŝƐƚŽů^ϵϵϳE, hŶŝƚĞĚ<ŝŶŐĚŽŵ

,/ZDE͛^ ^ddDEd

ĞĂƌ^ŚĂƌĞŚŽůĚĞƌ͕

KŶďĞŚĂůĨŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽĨ^Žů'ŽůĚ͕/ƚĂŬĞƉůĞĂƐƵƌĞŝŶƉƌĞƐĞŶƚŝŶŐƚŚĞŶŶƵĂůZĞƉŽƌƚĨŽƌϮϬϭϲ͘

dŚĞLJĞĂƌŚĂƐĂŐĂŝŶďĞĞŶŽŶĞǁŚĞƌĞƚŚĞĐĞŶƚƌĂůĨŽĐƵƐŚĂƐďĞĞŶŽŶƚŚĞĞdžƉůŽƌĂƚŝŽŶŽĨĂƐĐĂďĞů͕ŽƵƌĨůĂŐƐŚŝƉĐŽƉƉĞƌŐŽůĚƉŽƌƉŚLJƌLJ ƉƌŽũĞĐƚŝŶĐƵĂĚŽƌ͘

LJ:ƵŶĞϮϬϭϲ͕ƚŚĞ'ƌŽƵƉŚĂĚĐŽŵƉůĞƚĞĚĂƉƉƌŽdžŝŵĂƚĞůLJϮϱŬŵ^Ϯ ŽĨƐŽŝůƐĂŵƉůŝŶŐ͕ϭϰŬŵ^Ϯ ŽĨĞůĞĐƚƌŝĐĂůƐƵƌǀĞLJƐ͕Ϯϯ͕ϳϬϬŵŽĨĚƌŝůůŝŶŐĂŶĚ ĞdžƉĞŶĚĞĚĂƚŽƚĂůŽĨĂƉƉƌŽdžŝŵĂƚĞůLJh^ΨϯϮŵŽŶƚŚĞƉƌŽŐƌĂŵ͕ĐŽƌƉŽƌĂƚĞĐŽƐƚƐĂŶĚŝŶǀĞƐƚŵĞŶƚƐ͘

&ŽůůŽǁŝŶŐĐŽŵƉůĞƚŝŽŶŽĨĂĐĂƉŝƚĂůƌĂŝƐŝŶŐƐŝŶƵŐƵƐƚĂŶĚKĐƚŽďĞƌϮϬϭϲ͕ĚƌŝůůŝŶŐĂƚƚŚĞĂƐĐĂďĞůƉƌŽũĞĐƚĐŽŶƚŝŶƵĞƐǁŝƚŚŶĞǁĚƌŝůůŝŶŐ ĐŽŶƚƌĂĐƚƐ ŚĂǀŝŶŐ ďĞĞŶ ƐŝŐŶĞĚ ĂŶĚ ĐŽŵƉůĞƚĞĚ ĨŽƌ ƚŚĞ 'ƌŽƵƉ ƚŽ ƵŶĚĞƌƉŝŶ ĂŶ ĂŐŐƌĞƐƐŝǀĞ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ĂƉƉƌĂŝƐĂů ƉƌŽŐƌĂŵ Ăƚ ĂƐĐĂďĞů͘ dŚŝƐ ǁŝůů ŝŶĐůƵĚĞ Ěƌŝůů ƚĞƐƚŝŶŐ ƚŚĞ ŽƚŚĞƌ ŬĞLJ ƚĂƌŐĞƚƐ ŝŶ ƚŚĞ ĂƐĐĂďĞů ĐŽŶĐĞƐƐŝŽŶ Ăƚ ŐƵŝŶĂŐĂ͕ dƌŝǀŝŶŝŽ͕ DŽƌĂŶ͕ ůƉĂůĂ EŽƌƚŚǁĞƐƚ͕,ĞŵĂƚŝƚĞ,ŝůů͕ůƉĂůĂ^ŽƵƚŚĞĂƐƚ͕ƌŝƐƚĂů͕dĂŶĚĂLJĂŵĂͲŵĞƌŝĐĂĂŶĚŚŝŶĂŵďŝĐŝƚŽ͘

ƚǁĞůǀĞŵŽŶƚŚĚƌŝůůƉƌŽŐƌĂŵŝƐƉůĂŶŶĞĚ ĨŽƌϯϲ͕ϬϬϬŵĞƚƌĞƐǁŝƚŚƵƉƚŽƐŝdž ƌŝŐƐĂŶĚǁĞĂƌĞĂŝŵŝŶŐ ĨŽƌĂƚǁŽLJĞĂƌƉƌŽŐƌĂŵƚŽĞŶĚ KĐƚŽďĞƌϮϬϭϴĨŽƌĂƚŽƚĂůŽĨϵϱ͕ϬϬϬŵĞƚƌĞƐǁŝƚŚƵƉƚŽϭϬƌŝŐƐ͘

WŽƐƚLJĞĂƌĞŶĚ͕ǁĞǁĞƌĞ ĚĞůŝŐŚƚĞĚǁŝƚŚ ƚŚĞĂƐƐŝƐƚĂŶĐĞ ŽĨ ŽƵƌĂŶĂĚŝĂŶĂĚǀŝƐŽƌƐDĂdžŝƚĂƉŝƚĂů >> ƚŽ ƵŶĚĞƌƚĂŬĞĂŶĚ ƐƵĐĐĞƐƐĨƵůůLJ ĐŽŵƉůĞƚĞƐŽŵĞh^ϱϰ͘ϱŵŽĨĨƵŶĚƌĂŝƐŝŶŐĂŶĚƚŚŝƐůĞĂǀĞƐƵƐǁĞůůĂƌŵĞĚǁŝƚŚĂh^ϰϰŵƚƌĞĂƐƵƌLJǁŝƚŚǁŚŝĐŚƚŽĂƚƚĂĐŬƚŚĞŶĞdžƚϮ LJĞĂƌƐƉƌŽŐƌĞƐƐŽĨƵƉƚŽϵϱ͕ϬϬϬŵĞƚƌĞƐŽĨĚƌŝůůŝŶŐĂƚůƉĂůĂĂŶĚƐĞǀĞƌĂůŽĨƚŚĞŽƚŚĞƌƚĂƌŐĞƚƐĚĞĨŝŶĞĚƚŽĚĂƚĞĂƚĂƐĐĂďĞů͘

ƐƉĂƌƚŽĨƚŚĞƚŚŝƐĨƵŶĚƌĂŝƐŝŶŐƉƌŽŐƌĂŵ͕ǁĞǁĞůĐŽŵĞĚŶĞǁŵĂũŽƌƐŚĂƌĞŚŽůĚĞƌƐŝŶĐůƵĚŝŶŐd^yůŝƐƚĞĚ'ƵLJĂŶĂ'ŽůĚĨŝĞůĚƐ/ŶĐ͘ĂŶĚ^y ůŝƐƚĞĚEĞǁĐƌĞƐƚDŝŶŝŶŐ>ƚĚ͕ŽŶĞŽĨƚŚĞǁŽƌůĚ͛ƐůĞĂĚŝŶŐŐŽůĚŵŝŶŝŶŐĐŽŵƉĂŶŝĞƐ͘

tĞĂůƐŽǁĞůĐŽŵĞĚ^ĐŽƚƚ͘ ĂůĚǁĞůůĂƐĂEŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌƚŽƚŚĞ^Žů'ŽůĚŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽŶϵ ^ĞƉƚĞŵďĞƌϮϬϭϲ͘ ^ĐŽƚƚŝƐĂ ŵŝŶŝŶŐĞŶŐŝŶĞĞƌǁŝƚŚ ŽǀĞƌϯϬLJĞĂƌƐ ŽĨĞdžƉĞƌŝĞŶĐĞ ďƵŝůĚŝŶŐĂŶĚ ŽƉĞƌĂƚŝŶŐŐŽůĚĂŶĚ ďĂƐĞŵĞƚĂůŵŝŶĞƐǁŽƌůĚǁŝĚĞ͕ŝŶĐůƵĚŝŶŐh^͕ ĂŶĂĚĂ͕ZƵƐƐŝĂ͕ŝŵďĂďǁĞ͕ŚŝůĞ͕ĂŶĚ/ŶĚŽŶĞƐŝĂ͘ ,ĞŝƐĐƵƌƌĞŶƚůLJƚŚĞWƌĞƐŝĚĞŶƚ͕KĂŶĚŝƌĞĐƚŽƌŽĨ'ƵLJĂŶĂ'ŽůĚĨŝĞůĚƐ/ŶĐ͘

/ŶYƵĞĞŶƐůĂŶĚ͕ƵƐƚƌĂůŝĂ͕ǁĞĐŽŶƚŝŶƵĞƚŽĞǀĂůƵĂƚĞƚŚĞĨƵƚƵƌĞĞdžƉůŽƌĂƚŝŽŶƉůĂŶƐĨŽƌƚŚĞDƚWĞƌƌLJ͕ZĂŶŶĞƐĂŶĚEŽƌŵĂŶďLJƉƌŽũĞĐƚƐ͘ :ŽŝŶƚǀĞŶƚƵƌĞĂŐƌĞĞŵĞŶƚƐĂƌĞƐƚŝůůďĞŝŶŐŝŶǀĞƐƚŝŐĂƚĞĚǁŝƚŚƚŚĞƐƚƌĂƚĞŐLJĨŽƌƚŚĞũŽŝŶƚǀĞŶƚƵƌĞƉĂƌƚŶĞƌƚŽĐŽŵŵŝƚĨƵŶĚƐĂŶĚĐĂƌƌLJŽƵƚ ĞdžƉůŽƌĂƚŝŽŶƚŽĞĂƌŶĂŶŝŶƚĞƌĞƐƚŝŶƚŚĞƚĞŶĞŵĞŶƚƐ͘

/ŶƚŚĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐ͕ǁĞĐŽŶƚŝŶƵĞƚŽƌĞĐĞŝǀĞƉƌŽƉŽƐĂůƐƚŽƉĂƌƚŝĐŝƉĂƚĞŝŶŶĞǁƉƌŽũĞĐƚƐ͕ĂŶĚĂŶƵŵďĞƌĂƌĞďĞŝŶŐĐŽŶƐŝĚĞƌĞĚ͘ /ĨĂŶLJ ŽĨƚŚĞƐĞƉƌŽƉŽƐĂůƐƌĞƉƌĞƐĞŶƚĂŚŝŐŚƋƵĂůŝƚLJŐŽůĚͲĐŽƉƉĞƌŽƉƉŽƌƚƵŶŝƚLJ͕ƚŚĞLJǁŝůůďĞƉƵƌƐƵĞĚǀŝŐŽƌŽƵƐůLJ͘ ^Žů'ŽůĚ͛ƐĐŽŶƚŝŶƵĞĚĂŝŵŝƐƚŽ ĂĚǀĂŶĐĞĂƉŽƌƚĨŽůŝŽŽĨĞdžƉůŽƌĂƚŝŽŶĂƐƐĞƚƐĂŶĚĚĞůŝǀĞƌƐŚĂƌĞŚŽůĚĞƌŐƌŽǁƚŚƚŚƌŽƵŐŚƚŚĞĚŝƐĐŽǀĞƌLJŽĨŐŽůĚĂŶĚĐŽƉƉĞƌĚĞƉŽƐŝƚƐ͘

tŝƚŚƚŚĞůĞǀĞůŽĨŝŶƚĞƌĞƐƚƐŚŽǁŶŝŶEŽƌƚŚŵĞƌŝĐĂǁŝƚŚŽƵƌĐĂƉŝƚĂůƌĂŝƐŝŶŐƐ͕ǁĞĂƌĞŶŽǁƉƌŽŐƌĞƐƐŝŶŐĂůŝƐƚŝŶŐŽŶd^yĂƐǁĞďĞůŝĞǀĞ ƚŚŝƐǁŝůůďĞŶĞĨŝƚĂůůƐŚĂƌĞŚŽůĚĞƌƐĂŶĚŝŵƉƌŽǀĞƚŚĞŽŵƉĂŶLJ͛ƐƉƌŽĨŝůĞ͘

/ ǁŽƵůĚ ĂůƐŽ ůŝŬĞ ƚŽ ŵĞŶƚŝŽŶ ƚŚĞ ĞĨĨŽƌƚƐ ŽǀĞƌ ƚŚĞ ƉĂƐƚ ϭϮ ŵŽŶƚŚƐ ďLJ Ăůů ŽƵƌ ƐƚĂĨĨ͕ ďƵƚ ǁŝƚŚ ƐƉĞĐŝĂů ŵĞŶƚŝŽŶ ƚŽ ŽƵƌ ƐĞŶŝŽƌ ŵĂŶĂŐĞŵĞŶƚƚĞĂŵŝŶďŽƚŚƵƐƚƌĂůŝĂĂŶĚĐƵĂĚŽƌ͕ǁŚŽŚĂǀĞǁŽƌŬĞĚ ƚŝƌĞůĞƐƐůLJƚŽĂĚǀĂŶĐĞƚŚĞĂƐĐĂďĞůƉƌŽũĞĐƚĂŶĚĂůƐŽŽƵƌK ĂŶĚD EŝĐŬDĂƚŚĞƌ͕ǁŚŽŚĂƐďĞĞŶŝŶƐƚƌƵŵĞŶƚĂůŝŶƐĞĐƵƌŝŶŐĨƵŶĚŝŶŐ͕ŝŶǁŚĂƚĂƚƚŝŵĞƐŚĂĚďĞĞŶĂĐŚĂůůĞŶŐŝŶŐĐĂƉŝƚĂůŵĂƌŬĞƚ͘

zŽƵƌƐĨĂŝƚŚĨƵůůLJ

ƌŝĂŶDŽůůĞƌ ŚĂŝƌŵĂŶ

^dZd'/ZWKZd

Zs/tK&KWZd/KE^

ŽƌƉŽƌĂƚĞ^ƚƌƵĐƚƵƌĞ

^Žů'ŽůĚŝƐĂƌŝƐďĂŶĞďĂƐĞĚdžƉůŽƌĂƚŝŽŶ'ƌŽƵƉƚŚĂƚĐĂƌƌŝĞƐĂĚŝǀĞƌƐĞƉŽƌƚĨŽůŝŽŽĨĞdžƉůŽƌĂƚŝŽŶƉƌŽũĞĐƚƐŝŶĐƵĂĚŽƌ͕^ŽůŽŵŽŶ/ƐůĂŶĚƐ ĂŶĚƵƐƚƌĂůŝĂ͘^Žů'ŽůĚŚĂƐďĞĞŶĨŽĐƵƐĞĚŽŶĞdžƉůŽƌŝŶŐƚŚĞƌŝĐŚĞƐŽĨƚŚĞŶĚĞĂŶŽƉƉĞƌĞůƚŝŶEŽƌƚŚĞƌŶĐƵĂĚŽƌƐŝŶĐĞϮϬϭϮ͘ dŚĞ ĂƐĐĂďĞů WƌŽũĞĐƚ ŝƐ ^Žů'ŽůĚΖƐ ĨůĂŐƐŚŝƉ ƉƌŽũĞĐƚ ĂŶĚ ƚŽ ĚĂƚĞ ƚŚĞ 'ƌŽƵƉ ŚĂƐ ĂŶŶŽƵŶĐĞĚ Ă ŶƵŵďĞƌ ŽĨ ǁŽƌůĚ ĐůĂƐƐ ŝŶƚĞƌƐĞĐƚŝŽŶƐ ŽĨ ĐŽŶƚŝŶƵŽƵƐĐŽƉƉĞƌĂŶĚŐŽůĚŵŝŶĞƌĂůŝƐĂƚŝŽŶĂƚƚŚĞůƉĂůĂĞƉŽƐŝƚ͘

^Žů'ŽůĚ͛Ɛ ŽĂƌĚ ŝŶĐůƵĚĞƐ ĂĐĐŽŵƉůŝƐŚĞĚ ƉƌŽĨĞƐƐŝŽŶĂůƐ ǁŝƚŚ ƐƚƌŽŶŐ ƚƌĂĐŬ ƌĞĐŽƌĚƐ ŝŶ ƚŚĞ ĂƌĞĂƐ ŽĨ ĞdžƉůŽƌĂƚŝŽŶ͕ ŵŝŶĞ ĚĞǀĞůŽƉŵĞŶƚ͕ ŝŶǀĞƐƚŵĞŶƚ͕ ĨŝŶĂŶĐĞ ĂŶĚ ůĂǁ͘ ŽĂƌĚ ĂŶĚ DĂŶĂŐĞŵĞŶƚ ŚĂǀĞ ƐŝŐŶŝĨŝĐĂŶƚ ǀĞƐƚĞĚ ŝŶƚĞƌĞƐƚƐ ŝŶ ƚŚĞ ŽŵƉĂŶLJ͘ ^Žů'ŽůĚ ŝƐ ďĂƐĞĚ ŝŶ ƌŝƐďĂŶĞ͕YƵĞĞŶƐůĂŶĚ͕ƵƐƚƌĂůŝĂ͘ dŚĞ ĐŽŵƉĂŶLJ ŝƐ ůŝƐƚĞĚ ŽŶ >ŽŶĚŽŶ͛ƐůƚĞƌŶĂƚŝǀĞ/ŶǀĞƐƚŵĞŶƚDĂƌŬĞƚ ;/DͿ ƵŶĚĞƌ ƚŚĞ/D ŽĚĞ ͚^K>'͛͘

ŽƌƉŽƌĂƚĞ^ƚƌĂƚĞŐLJ

dŚĞ'ƌŽƵƉ͛ƐĐŽƌƉŽƌĂƚĞƐƚƌĂƚĞŐLJŝƐƚŽ͗

ƌĞĂƚĞƐƵďƐƚĂŶƚŝĂůǁĞĂůƚŚĨŽƌŝƚƐƐŚĂƌĞŚŽůĚĞƌƐďLJĞdžƉůŽƌŝŶŐ͕ĚŝƐĐŽǀĞƌŝŶŐĂŶĚĚĞĨŝŶŝŶŐůĂƌŐĞŝŶǀĞŶƚŽƌŝĞƐŽĨ͕ďƵƚŶŽƚůŝŵŝƚĞĚ ƚŽ͕ĐŽƉƉĞƌĂŶĚŐŽůĚŵĞƚĂů͘
WƌŝŵĂƌŝůLJĨŽĐƵƐŽŶĐŽƉƉĞƌĂŶĚŐŽůĚ͕ƚĂŬŝŶŐƵƉƚŚĞŐƌŽǁƚŚƉŽƚĞŶƚŝĂůĂŶĚŝŶĐƌĞĂƐŝŶŐŐůŽďĂůĚĞŵĂŶĚƐ
dĂƌŐĞƚƌĞŐŝŽŶƐǁŝƚŚǁŽƌůĚĐůĂƐƐĚĞƉŽƐŝƚƐ͘
dĂƌŐĞƚŐƌĂƐƐƌŽŽƚƐůĞǀĞůĞdžƉůŽƌĂƚŝŽŶŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽĞŶĂďůĞůŽǁĐŽƐƚĞŶƚƌLJŝŶƚŽƉƌŽũĞĐƚƐ͘
&ŽĐƵƐŽŶĚŝƐĐŝƉůŝŶĞĚĂŶĚƐLJƐƚĞŵĂƚŝĐĂƉƉƌŽĂĐŚƚŽĞdžƉůŽƌĂƚŝŽŶ͘
DĂdžŝŵŝƐĞƐŚĂƌĞŚŽůĚĞƌĨƵŶĚƐŽŶ͞ŝŶƚŚĞŐƌŽƵŶĚ͟ĞdžƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞĂƐĂƉƌŽƉŽƌƚŝŽŶŽĨƚŚĞƚŽƚĂůďƵĚŐĞƚŝŶŽƌĚĞƌƚŽ ŐĞŶĞƌĂƚĞŚŝŐŚͲƋƵĂůŝƚLJƌĞƐƵůƚƐ͘
^ĞĐƵƌĞĂĚĚŝƚŝŽŶĂůĞdžƉůŽƌĂƚŝŽŶƉƌŽũĞĐƚƐďLJƚŚĞĂƉƉůŝĐĂƚŝŽŶĨŽƌŶĞǁƚĞŶĞŵĞŶƚƐĂŶĚͬŽƌĨĂƌŵͲŝŶƐƚLJůĞĂŐƌĞĞŵĞŶƚƐ͘
hŶĚĞƌƚĂŬĞĂŶŽŶͲŐŽŝŶŐƌĞǀŝĞǁŽĨƉŽƚĞŶƚŝĂůůLJ͚ǀĂůƵĞĂĐĐƌĞƚŝǀĞ͛ŽƉƉŽƌƚƵŶŝƚŝĞƐƚŚĂƚĂƌĞƉƌĞƐĞŶƚĞĚƚŽƚŚĞĐŽŵƉĂŶLJĨƌŽŵƚŝŵĞ ƚŽƚŝŵĞ͘
ZĞƐƉĞĐƚƚŚĞĐŽŵŵƵŶŝƚŝĞƐĂŶĚĞŶǀŝƌŽŶŵĞŶƚŝŶǁŚŝĐŚǁĞŽƉĞƌĂƚĞ͘
DĂŝŶƚĂŝŶĂƐƚƌŽŶŐĨŽĐƵƐŽŶ,ĞĂůƚŚĂŶĚ^ĂĨĞƚLJĨŽƌŽƵƌĞŵƉůŽLJĞĞƐĂŶĚĐŽŶƚƌĂĐƚŽƌƐ͘

^Žů'ŽůĚŝƐƚĂŬŝŶŐƵƉƚŚĞŐƌŽǁƚŚƉŽƚĞŶƚŝĂůĨŽƌĐŽƉƉĞƌĂƐŐůŽďĂůƵƌďĂŶŝƐĂƚŝŽŶŝƌƌĞǀŽĐĂďůLJĚƌŝǀĞƐĐŽƉƉĞƌĚĞŵĂŶĚŚŝŐŚĞƌ͘dŚĞ'ƌŽƵƉŝƐ ĂůůĂďŽƵƚ ƚǁŽŽĨ ƚŚĞǁŽƌůĚ͛ƐŵŽƐƚŝŵƉŽƌƚĂŶƚŵĞƚĂůƐ͕ĐŽƉƉĞƌĂŶĚŐŽůĚ͘ ^Žů'ŽůĚ ŚĂƐĂĚĞĚŝĐĂƚĞĚĐŽŵŵŝƚŵĞŶƚ ƚŽŽƌƉŽƌĂƚĞ^ŽĐŝĂů ZĞƐƉŽŶƐŝďŝůŝƚLJ ĂŶĚ ŝƐ ƉĂƐƐŝŽŶĂƚĞ ĂďŽƵƚ ƚŚĞ'ƌŽƵƉ͛Ɛ ĂĐƚŝǀĞ ŚĞĂůƚŚ͕ ƐĂĨĞƚLJ͕ ĐŽŵŵƵŶŝƚLJ ĂŶĚ ĞŶǀŝƌŽŶŵĞŶƚ ƉƌŽŐƌĂŵƐ ŝŶ ŝƚƐ ĂƌĞĂƐ ŽĨ ĞdžƉůŽƌĂƚŝŽŶ͘dŚĞ'ƌŽƵƉŝƐƉƌŽƵĚďƵƚŶŽƚĐŽŵƉůĂĐĞŶƚĂďŽƵƚŝƚƐŽƵƚƐƚĂŶĚŝŶŐƐĂĨĞƚLJƌĞĐŽƌĚĂŶĚĞŶƐƵƌĞƐƚŚĂƚŝƚƐƉĞŽƉůĞĂƌĞƉƌŽƉĞƌůLJ ƚƌĂŝŶĞĚĂŶĚǁŽƌŬŝŶĂƉůĂŶŶĞĚĂŶĚĐŽŶƚƌŽůůĞĚŵĂŶŶĞƌƵŶĚĞƌƉƌŽĐĞĚƵƌĞƐƚŚĂƚĞŶƐƵƌĞƐĂĨĞŽƉĞƌĂƚŝŽŶƐ͘

ŶǀŝƌŽŶŵĞŶƚĂů ĂŶĚ ƐŽĐŝĂů ŵĂŶĂŐĞŵĞŶƚ ƉƌŽŐƌĂŵƐ ŝŶŝƚŝĂƚĞĚ ŝŶ ϮϬϭϱ ĐŽŶƚŝŶƵĞ ƚŽ ĞdžƉĂŶĚ ĂŶĚ ďƵŝůĚ ŽŶ ƚŚĞ ƉƌŽŐƌĂŵƐ ŝŶŝƚŝĂůůLJ ĞƐƚĂďůŝƐŚĞĚŝŶϮϬϭϮ͘ dŚĞĂƐĐĂďĞůƉƌŽƉĞƌƚLJŝƐƐŝƚƵĂƚĞĚǁŝƚŚŝŶƚŚĞďŽƵŶĚĂƌŝĞƐŽĨƚŚƌĞĞĐŽŵŵƵŶŝƚŝĞƐ͘ dŚĞŵĂŝŶĐŽŵŵƵŶŝƚLJŽĨ^ĂŶƚĂ ĞĐŝůŝĂ ůŽĐĂƚĞĚ ŝŶ ƚŚĞ ĐĞŶƚƌĂů ƉĂƌƚ ŽĨ ƚŚĞ ĐŽŶĐĞƐƐŝŽŶ ŝƐ ǀĞƌLJ ƐƵƉƉŽƌƚŝǀĞ ŽĨ ƚŚĞ'ƌŽƵƉ͛Ɛ ƉƌĞƐĞŶĐĞ ĂŶĚĞdžƉůŽƌĂƚŝŽŶ ĂĐƚŝǀŝƚŝĞƐ͘ >ŽĐĂů ĐŽŶĐĞƌŶƐ ƌĞŐĂƌĚŝŶŐŵŝŶŝŶŐĂŶĚĞdžƉůŽƌĂƚŝŽŶ ƌĞůĂƚĞ ƉƌŝŵĂƌŝůLJ ƚŽŝƐƐƵĞƐ ŽĨǁĂƚĞƌ ƵƐĞĂŶĚǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚ͕ĂŶĚ ƚŚĞ'ƌŽƵƉ ŚĂǀĞ ƐƚĂƚĞŽĨƚŚĞĂƌƚǁĂƚĞƌƌĞĐLJĐůŝŶŐĨĂĐŝůŝƚŝĞƐŝŶƉůĂĐĞĂƚƚŚĞZŽĐĂĨƵĞƌƚĞďĂƐĞĂŶĚůƉĂůĂĨŝĞůĚĐĂŵƉĂŶĚĂƚĞĂĐŚĚƌŝůůƐŝƚĞ͕ŝŶĐůƵĚŝŶŐƚŚĞ ĐŽŵŵŝƐƐŝŽŶŝŶŐŽĨŝŶŶŽǀĂƚŝǀĞ^ŽůŝĚƐZĞŵŽǀĂůhŶŝƚ ;^ZhͿƐĞĚŝŵĞŶƚ ƌĞŵŽǀĂůƚĞĐŚŶŽůŽŐLJƚŚƌŽƵŐŚD DŝŶĞƌĂůƐ͘dŚĞ^ZhƵŶŝƚƐĂƌĞ ŚŝŐŚůLJ ďĞŶĞĨŝĐŝĂů ƚŽǁĂƌĚƐ ŐŽŽĚ ĞŶǀŝƌŽŶŵĞŶƚĂů ƐƚĞǁĂƌĚƐŚŝƉ ĚƵƌŝŶŐ ĚƌŝůůŝŶŐ ƉƌŽŐƌĂŵƐ Ăƚ ĂƐĐĂďĞů͕ ĂŶĚ ƐƵďƐƚĂŶƚŝĂůůLJ ůŽǁĞƌ ǁĂƚĞƌ ƵƐĂŐĞďLJƌĞĚƵĐŝŶŐƚŚĞǀŽůƵŵĞŽĨŵĂƚĞƌŝĂůƚƌĂŶƐƉŽƌƚĞĚĨƌŽŵĚƌŝůůŝŶŐĂŶĚƌĞĚƵĐĞƐƚŚĞƉŽƚĞŶƚŝĂůŽĨƐƵƐƉĞŶĚĞĚƐŽůŝĚƐƌƵŶŶŝŶŐŽĨĨŝŶƚŽ ŶĂƚƵƌĂůĨƌĞƐŚǁĂƚĞƌƐ͘dŚĞD ^ZhƵŶŝƚƚĞĐŚŶŽůŽŐLJǁŽŶƚŚĞƐƐŽĐŝĂƚŝŽŶŽĨDŝŶŝŶŐĂŶĚdžƉůŽƌĂƚŝŽŶŽŵƉĂŶŝĞƐ;DͿŽŶǀĞŶƚŝŽŶ ǁĂƌĚŝŶϮϬϭϰ͘

^Žů'ŽůĚ ĐĂƌĞƐ ĚĞĞƉůLJ ĂďŽƵƚ ĐŽŵŵƵŶŝƚLJ ƌĞůĂƚŝŽŶƐ͕ ĂŶĚ ƐƚƌŝǀĞƐ ƚŽ ďƵŝůĚ ƐƚƌŽŶŐ ĐŽŵŵƵŶŝƚLJ ƌĞůĂƚŝŽŶƐ ǁŝƚŚ ƚŚĞ ĐŽŵŵƵŶŝƚŝĞƐ Ăƚ ĂƐĐĂďĞů͕ ƚŚƌŽƵŐŚ ƐƉŽŶƐŽƌŝŶŐ ŵĂŶLJ ĐŽŵŵƵŶŝƚLJ ĞŶƚĞƌƉƌŝƐĞƐ ĂƐ ǁĞůů ĂƐ ĞŶŐĂŐŝŶŐ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ŝŶ ƌĞŐƵůĂƌ ĞŶǀŝƌŽŶŵĞŶƚĂů ŵŽŶŝƚŽƌŝŶŐƐƚƵĚŝĞƐĂŶĚƌĞŚĂďŝůŝƚĂƚŝŽŶƉƌŽŐƌĂŵƐ͘

Zs/tK&KWZd/KE^;ĐŽŶƚŝŶƵĞĚͿ

džƉůŽƌĂƚŝŽŶ^ƚƌĂƚĞŐLJ

dŚĞ'ƌŽƵƉ͛ƐĞdžƉůŽƌĂƚŝŽŶƐƚƌĂƚĞŐLJŝŶĐůƵĚĞƐƚŚĞĨŽůůŽǁŝŶŐĞůĞŵĞŶƚƐ͗

ĂƉŝƚĂůŝƐĂƚŝŽŶŽĨƚŚĞ'ƌŽƵƉ͛ƐƚƌĂĐŬƌĞĐŽƌĚŽĨƐƵĐĐĞƐƐŝŶƚŚĞĚŝƐĐŽǀĞƌLJŽĨŵŝŶĞƌĂůƌĞƐŽƵƌĐĞƐ͘
ĞƚĂŝůĞĚĚƵĞĚŝůŝŐĞŶĐĞŽĨƉƌŽũĞĐƚŽƉƉŽƌƚƵŶŝƚŝĞƐ͘
ĚŝƐĐŝƉůŝŶĞĚĂƉƉƌŽĂĐŚƚŽƚŚĞĞǀĂůƵĂƚŝŽŶŽĨƉƌŽũĞĐƚƐƚŽŐĞŶĞƌĂƚĞĞdžƉůŽƌĂƚŝŽŶĚĂƚĂƐĞƚƐƚŚĂƚŵĂLJŝŶĐůƵĚĞĂůůŽƌƐŽŵĞŽĨƚŚĞ ĨŽůůŽǁŝŶŐĞdžƉůŽƌĂƚŝŽŶ ĂĐƚŝǀŝƚŝĞƐ͗ ŐĞŽůŽŐŝĐĂůŵĂƉƉŝŶŐ͕ ƐƚƌĞĂŵ͕ ƐŽŝů ĂŶĚ ƌŽĐŬ ĐŚŝƉ ŐĞŽĐŚĞŵŝĐĂů ƐĂŵƉůŝŶŐ͕ ĂŶĚ ŐĞŽƉŚLJƐŝĐĂů ƐƵƌǀĞLJŝŶŐ͘
'ĞŶĞƌĂƚŝŽŶŽĨƌŽďƵƐƚĚƌŝůůƚĂƌŐĞƚƐƚĞƐƚŝŶŐŽƌĞĚĞƉŽƐŝƚŵŽĚĞůƐďĂƐĞĚŽŶŵƵůƚŝƉůĞĞdžƉůŽƌĂƚŝŽŶĚĂƚĂƐĞƚƐ͘
ƌŝůůƚĞƐƚŝŶŐƚĂƌŐĞƚƐƚŽĚĞĨŝŶĞƉŽƚĞŶƚŝĂůůLJĞĐŽŶŽŵŝĐŵŝŶĞƌĂůƌĞƐŽƵƌĐĞƐƚŚĂƚƚŚĞ'ƌŽƵƉĐĂŶƚĂŬĞƚŽĨĞĂƐŝďŝůŝƚLJƐƚƵĚLJƐƚĂŐĞ͘

^Žů'ŽůĚŚĂƐĂƚƌĂĐŬƌĞĐŽƌĚŽĨĞdžƉĞƌŝĞŶĐĞĂƚŽƉĞƌĂƚŝŽŶĂůŵĂŶĂŐĞŵĞŶƚĂŶĚďŽĂƌĚůĞǀĞůƚŽĚĞĨŝŶĞĂŶĚĚĞǀĞůŽƉŵŝŶĞƌĂůƌĞƐŽƵƌĐĞƐĨƌŽŵ ĚŝƐĐŽǀĞƌLJ ƚŚƌŽƵŐŚ ƚŽ ĨĞĂƐŝďŝůŝƚLJ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ͘ dŚĞ ƚĞĂŵ ƌĞŵĂŝŶƐ ĞŶŐĂŐĞĚ ƵƉŽŶ ƉƌŽũĞĐƚ ŐĞŶĞƌĂƚŝŽŶ ŐůŽďĂůůLJ͕ ƚĂƌŐĞƚŝŶŐ ƚĞĐƚŽŶŝĐĂůůLJĨĞƌƚŝůĞĂƌĞĂƐĂŶĚŝŶĐŽƵŶƚƌŝĞƐƐĞƚƚŽďůŽƐƐŽŵŝŶƚŚĞŶĞdžƚŵŝŶŝŶŐƵƉƚƵƌŶ͕ĂƐǁĞůůĂƐƐƚƌĞĂŵůŝŶŝŶŐĂƐƐĞƚƐŝŶƵƐƚƌĂůŝĂĂŶĚ ƚŚĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐ͘

/ŶĐƵĂĚŽƌ͕ƚŚĞ'ƌŽƵƉŝƐĂĚǀĂŶĐŝŶŐƚŚĞĂƐĐĂďĞůƉƌŽũĞĐƚ͘ŽƵŶƚƌLJǁŝĚĞŐĞŶĞƌĂƚŝǀĞǁŽƌŬŝŶŽƌĚĞƌƚŽĂĐƋƵŝƌĞƚŽƉƋƵĂůŝƚLJƉƌŽũĞĐƚƐŝŶ ƚŚŝƐĞŵĞƌŐŝŶŐŵŝŶŝŶŐĐŽƵŶƚƌLJ͕ŝƐƉƌŽŐƌĞƐƐŝŶŐǁŝƚŚĂŶƵŵďĞƌŽĨƚĞŶĞŵĞŶƚƐďĞŝŶŐŐƌĂŶƚĞĚĂƚƚŚĞƚŝŵĞŽĨǁƌŝƚŝŶŐ͘

ƚĂƐĐĂďĞů͕ƚŚĞďĞŶĞĨŝƚƐŽĨĐŽƌƉŽƌĂƚĞĚĞĂůƐǁŝƚŚEĞǁĐƌĞƐƚDŝŶŝŶŐ>ƚĚĂŶĚDĂdžŝƚĂƉŝƚĂůĂƌĞďĞŝŶŐƌĞĂůŝƐĞĚĂƐĞdžƉůŽƌĂƚŝŽŶǁŝĚĞŶƐ ďĞLJŽŶĚ ƚŚĞ ǁŽƌůĚ ĐůĂƐƐ ĚĞƉŽƐŝƚ ďĞŝŶŐ ĚŝƐĐŽǀĞƌĞĚ ĂƚůƉĂůĂ͘ ƌĞǀŝĞǁ ŽĨ ĚƌŝůůŝŶŐ ƌĞƐƵůƚƐ ŚĂƐ ĐůĂƌŝĨŝĞĚ ǁŽƌůĚ ĐůĂƐƐ ŝŶƚĞƌƐĞĐƚŝŽŶƐ Ăƚ ƵƉĚĂƚĞĚŵĞƚĂůƉƌŝĐĞƐ͕ĂŶĚŐĞŽůŽŐLJDŽĚĞůĂŶĂůLJƐŝƐŝƐĐŽŶƐƚĂŶƚůLJŝŵƉƌŽǀŝŶŐĚƌŝůůƚĂƌŐĞƚŝŶŐĐĂƉĂďŝůŝƚŝĞƐ͘

^Z<ĐŽŶƐƵůƚĂŶƚƐǁĞƌĞĐŽŵŵŝƐƐŝŽŶĞĚƚŽƋƵĂůŝĨLJĐŽŵƉůĞdžŐĞŽůŽŐŝĐĂůŵŽĚĞůůŝŶŐĂŶĚĂƚĞĐŚŶŝĐĂůƌĞƉŽƌƚŽŶĞdžƉůŽƌĂƚŝŽŶĂƚůƉĂůĂ͘dŚĞ ůƉĂůĂ ĚĞƉŽƐŝƚŝƐůĂƌŐĞƌ ƚŚĂŶƉƌĞǀŝŽƵƐůLJ ƚŚŽƵŐŚƚ͕ĂŶĚ ƚŚĞůƉĂůĂDĂŝĚĞŶZĞƐŽƵƌĐĞǁĂƐ ĚĞĨĞƌƌĞĚ ĚƵĞ ƚŽĞdžĐĞƐƐŝǀĞ ƉŽƌƚŝŽŶƐŽĨ ƚŚĞ ĚĞƉŽƐŝƚ ƌĞŵĂŝŶŝŶŐ ŽƉĞŶ͘ &ƵƌƚŚĞƌ ĚƌŝůůŝŶŐ ŝƐ ƌĞƋƵŝƌĞĚ ƚŽ ĨƵůůLJ ĐŽŶƐƚƌĂŝŶ ƚŚĞ ůƉĂůĂ ƌĞƐŽƵƌĐĞ ǁŚŝĐŚ ŝƐ ĞdžƉĞĐƚĞĚ ƚŽ ƌĞƋƵŝƌĞ ĂŶ ĂĚĚŝƚŝŽŶĂůϵϮ͕ϬϬϬŵŽĨĚƌŝůůƚĞƐƚŝŶŐ͘

ĚĚŝƚŝŽŶĂů ƉŽƌƉŚLJƌLJ ĐŽƉƉĞƌͲŐŽůĚ ƚĂƌŐĞƚƐ ǁŝƚŚŝŶ ƚŚĞ ĂƐĐĂďĞů ĐŽŶĐĞƐƐŝŽŶ ƌĞƋƵŝƌĞ ŽǀĞƌ ϭϬϬ͕ϬϬϬŵ ŽĨ Ěƌŝůů ƚĞƐƚŝŶŐ͕ ǁŝƚŚ Ă ƐƵƉƉůĞŵĞŶƚĂƌLJ ϵϬ͕ϬϬϬŵ ŽĨ ĚƌŝůůŝŶŐ ĂŶƚŝĐŝƉĂƚĞĚ ĨŽƌ ƌĞƐŽƵƌĐĞ ĚĞĨŝŶŝƚŝŽŶ Ăƚ ĂĚĚŝƚŝŽŶĂů ƚĂƌŐĞƚƐ͘ dŚĞ ĂŐŐƌĞƐƐŝǀĞ ƌĂŵƉ ƵƉ ŽĨ ůƉĂůĂ ZĞƐŽƵƌĐĞĚƌŝůůŝŶŐŝŶĐůƵĚĞƐƚŚĞĂƌƌŝǀĂůŽĨϯƚƌĂĐŬŵŽƵŶƚĞĚĚĞĞƉŚŽůĞĚŝĂŵŽŶĚĚƌŝůůƌŝŐƐŝŶKĐƚŽďĞƌϮϬϭϲ͕&ĞďƌƵĂƌLJϮϬϭϳĂŶĚDĂƌĐŚ ϮϬϭϳ͕ĂŚĞĂĚŽĨĂƉƌŽŐƌĞƐƐŝǀĞƌĂŵƉƵƉƚŽϭϬĚŝĂŵŽŶĚĚƌŝůůƌŝŐƐ͕ĨŽƌƚĞƐƚŝŶŐŽĨŚŝŐŚͲƉƌŝŽƌŝƚLJƚĂƌŐĞƚƐ͘

/ŶƚŚĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐ͕^Žů'ŽůĚŚĂƐƐƚƌĞĂŵůŝŶĞĚŝƚƐŝŶͲĐŽƵŶƚƌLJƉƌĞƐĞŶĐĞĂĨƚĞƌƐŝŐŶŝĨŝĐĂŶƚĚƌŝůůƚĞƐƚŝŶŐƌĞĚƵĐĞĚƚŚĞƉƌŽƐƉĞĐƚŝǀŝƚLJŽĨ &ĂƵƌŽ͕<ŽůŽƵůĂĂŶĚDĂůĂŬƵŶĂƚĞŶĞŵĞŶƚƐ͘dŚĞĞdžĐŝƚŝŶŐ<ƵŵĂƉƌŽũĞĐƚŝŶ'ƵĂĚĂůĐĂŶĂůŚĂƐĞŵĞƌŐĞĚĂƐĂƐŝŐŶŝĨŝĐĂŶƚƉŽƌƉŚLJƌLJĐŽƉƉĞƌͲ ŐŽůĚƚĂƌŐĞƚƵƉŐƌĂĚĞĚďLJƌĞĐĞŶƚŐĞŽĐŚĞŵŝĐĂůĂŶĚƐƉĞĐƚƌĂůǁŽƌŬďLJ 'ƵĂĚĂůĐĂŶĂůdžƉůŽƌĂƚŝŽŶWƚLJ>ƚĚ;'yͿ͘

/ŶƵƐƚƌĂůŝĂ͕ĂƌĞĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞƌĂŶŐĞŽĨƉƌŽũĞĐƚƐŚĞůĚŝŶYƵĞĞŶƐůĂŶĚŚĂƐƌĞƐƵůƚĞĚŝŶĚĞĨŝŶŝƚŝŽŶŽĨĚĞƚĂŝůĞĚǁŽƌŬƉƌŽŐƌĂŵƐƚŚĂƚ ǁŝůůďĞƉƵƚŝŶƉůĂĐĞĂƐĞdžƉůŽƌĂƚŝŽŶĨƵŶĚƐďĞĐŽŵĞĂǀĂŝůĂďůĞ͘

Zs/tK&KWZd/KE^;ĐŽŶƚŝŶƵĞĚͿ

hKZ

ĂƐĐĂďĞůWƌŽũĞĐƚ;ϴϱйŝŶƚĞƌĞƐƚͿ

>ŽĐĂƚŝŽŶ͗	ϭϴϬŬŵŶŽƌƚŚŽĨƚŚĞĐĂƉŝƚĂůYƵŝƚŽ͕ĐƵĂĚŽƌ
KǁŶĞƌƐŚŝƉ͗	džƉůŽƌĂĐŝŽŶĞƐEŽǀŽŵŝŶŝŶŐ^͘;E^ͿŚŽůĚƐϭϬϬйŽĨĂƐĐĂďĞůĐŽŶĐĞƐƐŝŽŶ͘
	^Žů'ŽůĚŽǁŶƐϴϱйŽĨE^͘
dĞŶĞŵĞŶƚƌĞĂ͗	ϱϬŬŵϮ
WƌŝŵĂƌLJdĂƌŐĞƚ͗	WŽƌƉŚLJƌLJĐŽƉƉĞƌͲŐŽůĚ

ĂƐĐĂďĞůŝƐ^Žů'ŽůĚΖƐĨůĂŐƐŚŝƉƉƌŽũĞĐƚĂŶĚƐŚŽǁƐƐŝŐŶŝĨŝĐĂŶƚƉƌŽŵŝƐĞŽĨŚŽƐƚŝŶŐĂƚŝĞƌϭƌĞƐŽƵƌĐĞ͘ƚůƉĂůĂ͕Ϯϯ͕ϳϬϬŵŽĨĚƌŝůůŝŶŐŚĂƐ ďĞĞŶĐŽŵƉůĞƚĞĚĨŽƌϭϴĚƌŝůůŚŽůĞƐŽĨǁŚŝĐŚϭϲŚĂǀĞŚŝƚƚŚĞůƉĂůĂĚĞƉŽƐŝƚĂŶĚϲŽĨǁŚŝĐŚ;,ŽůĞƐϱ͕ϵ͕ϭϮ͕ϭϱZϮ͕ϭϲĂŶĚϭϳͿĚĞůŝǀĞƌĞĚ ǁŽƌůĚĐůĂƐƐŝŶƚĞƌƐĞĐƚŝŽŶƐͲĐŽŶƐŝƐƚŝŶŐŽĨŽǀĞƌϭŬŵŽĨĐŽŶƚŝŶƵŽƵƐŵŝŶĞƌĂůŝƐĂƚŝŽŶŐƌĂĚŝŶŐŽǀĞƌϭйŽƉƉĞƌƋƵŝǀĂůĞŶƚ͘ƌŝůůŚŽůĞ^Ͳ ϭϰͲϬϬϵĨŽƌĞdžĂŵƉůĞ͕ƌĞƚƵƌŶĞĚŽŶĞŽĨƚŚĞďĞƐƚƌĞƐƵůƚƐŝŶƚŚĞŚŝƐƚŽƌLJŽĨŵŝŶĞƌĂůĞdžƉůŽƌĂƚŝŽŶ͕ǁŝƚŚϭϯϭϮŵŐƌĂĚŝŶŐϬ͘ϲϯйĐŽƉƉĞƌĂŶĚ Ϭ͘ϲϳŐͬƚŐŽůĚĨŽƌϭ͘ϮϯйŽƉƉĞƌƋƵŝǀĂůĞŶƚ͘

ƌŝůůŝŶŐ ƚŽ ĚĂƚĞ ŚĂƐ ŶŽƚ LJĞƚ ĐŽŶƐƚƌĂŝŶĞĚ ƚŚĞ ƌŝĐŚůƉĂůĂ ĐŽƉƉĞƌͲŐŽůĚ ĚĞƉŽƐŝƚ͕ ĂŶĚĞƐƚŝŵĂƚŝŽŶ ŽĨ Ă ƌĞƐŽƵƌĐĞ ŝƐ ƉƌĞŵĂƚƵƌĞ͘ ůƉĂůĂ ĂůŽŶĞ ŝƐĞŵĞƌŐŝŶŐ ĂƐ ĂdŝĞƌϭ ĐŽƉƉĞƌ ƉƌŽũĞĐƚ ǁŝƚŚ ŚŝŐŚ ĂǀĞƌĂŐĞ ŐƌĂĚĞƐ ŝŶ ďŽƚŚ ĐŽƉƉĞƌ ĂŶĚ ŐŽůĚ͘ dŚĞ ƉƌŽũĞĐƚ ǁŝůů ĂůƐŽĞŶũŽLJ ƚŚĞ ƐƵƉƉŽƌƚŽĨƚŚĞƐƵƌƌŽƵŶĚŝŶŐϭϰŝĚĞŶƚŝĨŝĞĚƚĂƌŐĞƚƐ͘

^Žů'ŽůĚŶŽǁŚĂƐĂǁĂƌĐŚĞƐƚŽĨh^ΨϰϰŵŝůůŝŽŶ͕ǁŚŝĐŚǁŝůůƉƌŝŵĂƌŝůLJďĞƵƐĞĚƚŽĞdžƉĂŶĚůƉĂůĂĂŶĚĚƌŝůů ƚĞƐƚƚŚĞŽƚŚĞƌĐŽƉƉĞƌͲŐŽůĚ ƚĂƌŐĞƚƐ͕ ƉĂƌƚŝĐƵůĂƌůLJ ůƉĂůĂ͕ ůƉĂůĂ ^ŽƵƚŚ ĂƐƚ͕ ,ĞŵĂƚŝƚĞ ,ŝůů͕ dƌŝǀŝŶŝŽ͕ DŽƌĂŶ͕ ŐƵŝŶĂŐĂ ĂŶĚ dĂŶĚĂLJĂŵĂͲŵĞƌŝĐĂ͘ KǀĞƌ ϵϬ͕ϬϬϬ ŵĞƚƌĞƐŽĨĚƌŝůůŝŶŐŝƐƉůĂŶŶĞĚŽǀĞƌƚŚĞŶĞdžƚƚǁŽLJĞĂƌƐ͘

ĐƵĂĚŽƌ ŝƐ ƵŶĚĞƌŐŽŝŶŐ Ă ƚƌĂŶƐĨŽƌŵĂƚŝŽŶ ǁŝƚŚ ƐŝŐŶŝĨŝĐĂŶƚ ŝŵƉƌŽǀĞŵĞŶƚƐ ƚŽ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ ŝŶĐůƵĚŝŶŐ ĨŝǀĞ ŬĞLJ ƐĞĂ ƉŽƌƚƐ͕ ŽǀĞƌ ϭϬ͕ϬϬϬŬŵŽĨŶĞǁŚŝŐŚǁĂLJƐ͕ĂŶĚϭϬŶĞǁŚLJĚƌŽĞůĞĐƚƌŝĐƉƌŽũĞĐƚƐ͘ dŚĞƐĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝŵƉƌŽǀĞŵĞŶƚƐĂƌĞƐƵƌĞƚŽĂĨĨŽƌĚƚŚĞƉƌŽũĞĐƚ ĞŶŽƌŵŽƵƐ ĐĂƉŝƚĂůĂĚǀĂŶƚĂŐĞƐĂƐŝƚŵŽǀĞƐ ƚŽǁĂƌĚ ĨĞĂƐŝďŝůŝƚLJ ŽǀĞƌ ƚŚĞ ĐŽŵŝŶŐLJĞĂƌƐ͘ ŽŵƉůĞƚŝŽŶ ŽĨĂ ŶĞǁĂĐĐĞƐƐ ƌŽĂĚ ƚŽůƉĂůĂ ĂŵƉǀŝĂƚŚĞǀŝůůĂŐĞŽĨ^ĂŶƚĂĞĐŝůŝĂŝŶĐŽͲŽƉĞƌĂƚŝŽŶďĞƚǁĞĞŶƚŚĞƉƌŽǀŝŶĐŝĂůŐŽǀĞƌŶŵĞŶƚĂŶĚƚŚĞůŽĐĂůĐŽŵŵƵŶŝƚLJŝƐƉƌŽǀŝĚŝŶŐǀŝƚĂů ŽƉĞƌĂƚŝŽŶĂůĂĚǀĂŶƚĂŐĞƐƚŽƚŚĞƉƌŽũĞĐƚ͘

ŶƵŵďĞƌ ŽĨ ŽƚŚĞƌŐůŽďĂůůLJ ƐŝŐŶŝĨŝĐĂŶƚ ĚĞƉŽƐŝƚƐ ŚĂǀĞ ďĞĞŶ ĚŝƐĐŽǀĞƌĞĚŝŶ ƚŚĞ ƌĞŐŝŽŶ͕ ƐŽŵĞ ŽĨǁŚŝĐŚĂƌĞ ďĞĐŽŵŝŶŐŵŝŶĞƐ͘dŚĞƐĞ ŝŶĐůƵĚĞƚŚĞ:ƵŶŝŶĐŽƉƉĞƌƉƌŽũĞĐƚ;ϵϴϮŵŝůůŝŽŶƚŽŶŶĞƐĂƚϬ͘ϴϵйƵͿ͕ůŽĐĂƚĞĚƐŽŵĞϲϬŬŵƚŽƚŚĞƐŽƵƚŚͲǁĞƐƚŽĨĂƐĐĂďĞů͕ƚŚĞ>ĂŽůŽƐĂ ƉŽƌƉŚLJƌLJĚĞƉŽƐŝƚ;ϵϬϱŵŝůůŝŽŶƚŽŶŶĞƐĂƚϬ͘ϵϮŐͬƚƵͿůŽĐĂƚĞĚƚŽƚŚĞŶŽƌƚŚŝŶŽůŽŵďŝĂĂŶĚƚŚĞŵĂƐƐŝǀĞŽďƌĞWĂŶĂŵĂĚĞƉŽƐŝƚ;ϯ͘ϯ ďŝůůŝŽŶ ƚŽŶŶĞ Ăƚ Ϭ͘ϯϲйƵͿ ůŽĐĂƚĞĚ ƚŽ ƚŚĞ ŶŽƌƚŚ ŝŶWĂŶĂŵĂ ǁŚŝĐŚ ĐŽŶƚĂŝŶƐ ŽǀĞƌϮϲŵŝůůŝŽŶ ŽƵŶĐĞƐ ŽĨ ŐŽůĚ͘ dŚĞ &ƌƵƚĂ ĚĞůEŽƌƚĞ ƉƌŽũĞĐƚŝŶƐŽƵƚŚĞƌŶĐƵĂĚŽƌŝƐĂŵŽŶŐƚŚĞůĂƌŐĞƐƚĂŶĚŚŝŐŚĞƐƚŐƌĂĚĞƵŶĚĞǀĞůŽƉĞĚŐŽůĚƉƌŽũĞĐƚƐŝŶƚŚĞǁŽƌůĚ;Ϯϯ͘ϱŵŝůůŝŽŶƚŽŶŶĞƐĂƚ ϵ͘ϱϵŐͬƚƵͿĂŶĚŚŝŐŚůŝŐŚƚƐƚŚĞƉĞĚŝŐƌĞĞŽĨƉŽƚĞŶƚŝĂůǁŝƚŚŝŶƚŚĞĐŽƵŶƚƌLJ͘

dŚĞƉƌŽũĞĐƚŝƐůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞŽƌĚŝůůĞƌĂKĐĐŝĚĞŶƚĂů;ŽƌtĞƐƚĞƌŶŽƌĚŝůůĞƌĂͿŽĨƚŚĞĐƵĂĚŽƌŝĂŶŶĚĞƐ͘ĂƐĞŵĞŶƚƌŽĐŬƐĐŽŶƐŝƐƚŽĨ ŽĐĞĂŶ ĨůŽŽƌ ďĂƐĂůƚƐ ĂŶĚ ƐĞĚŝŵĞŶƚƐ ŽĨ ƌĞƚĂĐĞŽƵƐ ĂŐĞ͘ ,ŝŐŚͲůĞǀĞů ŽĐĞŶĞ ;ĂŶĚ ƉŽƐƐŝďůLJ >ĂƚĞͲDŝŽĐĞŶĞͿ ďĂƚŚŽůŝƚŚƐ ĂŶĚ ĂƐƐŽĐŝĂƚĞĚ ŐƌĂŶŝƚĞ͕ ŐƌĂŶŽĚŝŽƌŝƚĞ ĂŶĚ ĚŝŽƌŝƚĞ ďŽĚŝĞƐ ŝŶƚƌƵĚĞ ǀŽůĐĂŶŝĐ ĂŶĚ ƐĞĚŝŵĞŶƚĂƌLJ ƌŽĐŬƐ ŽĨ ƌĞƚĂĐĞŽƵƐ ƚŽ dĞƌƚŝĂƌLJ ĂŐĞ͘ dŚĞ ƌĞŐŝŽŶĂů ĐŽŶƚƌŽůƐƚŚĂƚůŽĐĂůŝƐĞŐŽůĚĂŶĚĐŽƉƉĞƌŵŝŶĞƌĂůŝƐĂƚŝŽŶĂƚĂƐĐĂďĞůĂƌĞŝŶƚŝŵĂƚĞůLJƌĞůĂƚĞĚǁŝƚŚƚŚĞ ƚŚƌĞĞͲĚŝŵĞŶƐŝŽŶĂůŝŶƚĞƌĂĐƚŝŽŶŽĨ ĚĞĞƉ ƐĞĂƚĞĚEͲƚƌĞŶĚŝŶŐϭƐƚ ŽƌĚĞƌ ;ĂƌĐͲƉĂƌĂůůĞůͿ ƐƚƌƵĐƚƵƌĞƐ͕ǁŝƚŚEtͲƚƌĞŶĚŝŶŐϮŶĚ ŽƌĚĞƌ ;ĂƌĐͲŶŽƌŵĂůͿ ĨĂƵůƚƐ͕ĂŶĚEEtͲƚƌĞŶĚŝŶŐ ϯƌĚŽƌĚĞƌƐƚƌƵĐƚƵƌĞƐ͘

Zs/tK&KWZd/KE^;ĐŽŶƚŝŶƵĞĚͿ

tŝƚŚŝŶ ƚŚĞ ĂƐĐĂďĞů ĐŽŶĐĞƐƐŝŽŶ͕ ǀŽůĐĂŶŝĐ ĂŶĚ ƐĞĚŝŵĞŶƚĂƌLJ ƌŽĐŬƐ ĂƌĞ ŝŶƚƌƵĚĞĚ ďLJ Ă ŶƵŵďĞƌ ŽĨ YƵĂƌƚnj ĚŝŽƌŝƚĞ͕ ĚŝŽƌŝƚĞ ĂŶĚ ŚŽƌŶďůĞŶĚĞ ĚŝŽƌŝƚĞ ƐƚŽĐŬƐ ĂŶĚ ĚLJŬĞƐ͘ dŚĞ ^Žů'ŽůĚ ĨŝĞůĚ ƚĞĂŵƐ ĐŽŶƚŝŶƵĞ ƚŽ ƉĞƌĨŽƌŵ ϭ͗ϱϬϬ ƐĐĂůĞ͕ ͞ŶĂĐŽŶĚĂ͟ ƐƚLJůĞ ŐĞŽůŽŐŝĐĂů ŵĂƉƉŝŶŐŽǀĞƌƚŚĞƚĞŶĞŵĞŶƚĂƌĞĂĂŶĚƵƉĚĂƚĞƐƚŽƚŚĞůŽĐĂůŐĞŽůŽŐLJŵĂƉƌĞŵĂŝŶŽŶŐŽŝŶŐ͘

džƉůŽƌĂƚŝŽŶ ,ŝŐŚůŝŐŚƚƐ

džƉůŽƌĂƚŝŽŶŽŶƚŚĞĂƐĐĂďĞůĐŽŶĐĞƐƐŝŽŶŚĂƐŝŶĐůƵĚĞĚ͗ŐĞŽůŽŐŝĐĂůŵĂƉƉŝŶŐ͕ƐƚƌĞĂŵƐŝůƚƐĂŵƉůŝŶŐ͕ƐŽŝůƐĂŵƉůŝŶŐ͕ƌŽĐŬĐŚŝƉƐĂŵƉůŝŶŐ͕ ĐŚĂŶŶĞůƐĂŵƉůŝŶŐ͕ĂŚĞůŝͲŵĂŐŶĞƚŝĐƐƵƌǀĞLJ;ǁŚŝĐŚŚĂƐďĞĞŶŵŽĚĞůůĞĚŝŶϯͿ͕ĂƌĂĚŝŽŵĞƚƌŝĐƐƵƌǀĞLJ͕ŐƌŝĚĚŝŶŐŝŶƉƌĞƉĂƌĂƚŝŽŶĨŽƌĂϯ /ŶĚƵĐĞĚ WŽůĂƌŝƐĂƚŝŽŶ ;/WͿ ĂŶĚ ŵĂŐŶĞƚŽͲƚĞůůƵƌŝĐ ;DdͿ ƐƵƌǀĞLJ͕ ĚŝĂŵŽŶĚ ĚƌŝůůŝŶŐ͕ ƉĞƚƌŽŐƌĂƉŚLJ͕ ŵŝŶĞƌĂŐƌĂƉŚLJ͕ ŵĞƚĂůůƵƌŐŝĐĂů ƐĐŽƉŝŶŐ ǁŽƌŬ͕ƚĞƌƌĂͲƐƉĞĐƐƉĞĐƚƌĂůŵĂƉƉŝŶŐ͕ĂŶĚŽƌŝĞŶƚĂƚŝŽŶĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůďĂƐĞůŝŶĞƐĂŵƉůŝŶŐ͘

džƉůŽƌĂƚŝŽŶĂĐƚŝǀŝƚLJƚŽĚĂƚĞŚĂƐŝĚĞŶƚŝĨŝĞĚϭϰƉŽƚĞŶƚŝĂůƉŽƌƉŚLJƌLJĐĞŶƚƌĞƐĂƚĂƐĐĂďĞů͕ǁŝƚŚϴŚŝŐŚƉƌŝŽƌŝƚLJƉƌŽƐƉĞĐƚƐĂƚ͗

ϭ͘ ůƉĂůĂ
Ϯ͘ ůƉĂůĂEŽƌƚŚǁĞƐƚ
ϯ͘ ůƉĂůĂ^ŽƵƚŚĞĂƐƚ
ϰ͘ dƌŝǀŝŶŝŽ
ϱ͘ DŽƌĂŶ
ϲ͘ ŐƵŝŶĂŐĂ
ϳ͘ ŵĞƌŝĐĂͲdĂŶĚĂLJĂŵĂ
ϴ͘ ƌŝƐƚĂů

džƉůŽƌĂƚŝŽŶĂĐƚŝǀŝƚŝĞƐĚƵƌŝŶŐϮϬϭϲŝŶĐůƵĚĞĚ͗

Ͳ ŶĂĐŽŶĚĂƐƚLJůĞŐĞŽůŽŐŝĐĂůŵĂƉƉŝŶŐŝŶŬĞLJĂƌĞĂƐ͘
Ͳ džƉůŽƌĂƚŝŽŶƌĞĐŽŶŶĂŝƐƐĂŶĐĞŵĂƉƉŝŶŐĂŶĚƐĂŵƉůŝŶŐĂĐƌŽƐƐƚŚĞŵŝŶĞƌĂůŝƐĞĚĐŽƌƌŝĚŽƌƐŝĚĞŶƚŝĨŝĞĚ͘
Ͳ džƚĞŶƐŝŽŶĂŶĚŝŶĨŝůůƐŽŝůƐĂŵƉůŝŶŐĂĐƌŽƐƐƚŚĞƌĞŵĂŝŶŝŶŐƉƌŽƐƉĞĐƚŝǀĞƉŽƌƚŝŽŶŽĨƚŚĞƚĞŶĞŵĞŶƚ͘ ZŽĐŬͲƐĂǁĐŚĂŶŶĞůƐĂŵƉůŝŶŐ ĂƚůƉĂůĂ͕ůƉĂůĂ^ŽƵƚŚǁĞƐƚ͕ůƉĂůĂ^ŽƵƚŚ͕dƌŝǀŝŶŝŽĂŶĚDŽƌĂŶƉƌŽƐƉĞĐƚƐ͘
Ͳ ZĞͲŵŽĚĞůůŝŶŐŽĨĐŽŶƐƚƌĂŝŶĞĚŚĞůŝͲŵĂŐŶĞƚŝĐ͕KƌŝŽŶϯ/WĂŶĚŵĂŐŶĞƚŽͲƚĞůůƵƌŝĐ ;DdͿƐƵƌǀĞLJƐĂƚůƉĂůĂĂŶĚŐƵŝŶĂŐĂƵƐŝŶŐ ĚĂƚĂĐŽůůĞĐƚĞĚĨƌŽŵŵĂŐŶĞƚŝĐƐƵƐĐĞƉƚŝďŝůŝƚLJŽĨĚƌŝůůĐŽƌĞĂŶĚŵĂŐŶĞƚŝĐƐƵƐĐĞƉƚŝďŝůŝƚLJŽĨƌŽĐŬŽƵƚĐƌŽƉƐĂƚƐĂƚĞůůŝƚĞƉƌŽƐƉĞĐƚƐ
Ͳ ŝĂŵŽŶĚ ĚƌŝůůŝŶŐ ŽĨ ŚŽůĞƐ ϭϮ ƚŽ ϭϳ Ăƚ ůƉĂůĂ͕ ĨŽƌ Ă ƚŽƚĂů ŽĨ ϭϭ͕ϱϰϰŵ͕ ďƌŝŶŐŝŶŐ ƚŚĞ ƚŽƚĂů ŵĞƚƌĞƐ ĚƌŝůůĞĚ Ăƚ ĂƐĐĂďĞů ƚŽ Ϯϯ͕ϳϬϬŵ͘
Ͳ hƉŐƌĂĚĞĂŶĚĞdžƉĂŶƐŝŽŶŽĨƚŚĞůƉĂůĂĨŝĞůĚĐĂŵƉĂŶĚƚŚĞZŽĐĂĨƵĞƌƚĞĨŝĞůĚŽĨĨŝĐĞ͘
Ͳ WĞƚƌŽŐƌĂƉŚŝĐ ǁŽƌŬ ŽŶ Ěƌŝůů ĐŽƌĞ ĨƌŽŵ Ěƌŝůů ŚŽůĞƐ Ăƚ ůƉĂůĂ͕ ĐŽŶĨŝƌŵŝŶŐ ŝŶƚƌƵƐŝǀĞ ůŝƚŚŽůŽŐŝĞƐ͕ ŵŝŶĞƌĂůŝƐĂƚŝŽŶ ƐƚLJůĞƐ͕ ƉĂƌĂŐĞŶĞƐŝƐ͕ĂŶĚĂůƚĞƌĂƚŝŽŶƚLJƉĞƐ͘
Ͳ DŝŶĞƌĂŐƌĂƉŚLJĂŶĚŵĞƚĂůůƵƌŐŝĐĂůƐĐŽƉŝŶŐǁŽƌŬ͘
Ͳ ^ƉĞĐƚƌĂůĂůƚĞƌĂƚŝŽŶŵĂƉƉŝŶŐĂŶĚƐŽŝůŐƌŝĚĚŝŶŐĂĐƌŽƐƐƚŚĞƚĞŶĞŵĞŶƚ͕ĂŶĚĨŽůůŽǁͲƵƉĚĞĞƉĂƵŐĞƌŵĂƉƉŝŶŐ͘ &ƵƌƚŚĞƌƌĞĨŝŶŝŶŐ ƚĂƌŐĞƚƐŝĚĞŶƚŝĨŝĞĚ͘
Ͳ KŶŐŽŝŶŐĞŶǀŝƌŽŶŵĞŶƚĂůŵĂŶĂŐĞŵĞŶƚǁŝƚŚƐƚƌŝĐƚĂĚŚĞƌĞŶĐĞƚŽŐƵŝĚĞůŝŶĞƐƉƌŽǀŝĚĞĚďLJƚŚĞDŝŶŝƐƚƌLJŽĨŶǀŝƌŽŶŵĞŶƚ͘
Ͳ ^ƵďŵŝƐƐŝŽŶŽĨĂŶŶƵĂůƚĞĐŚŶŝĐĂůĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůŵĂŶĂŐĞŵĞŶƚƌĞƉŽƌƚƐ͘
Ͳ WƌĞƉĂƌĂƚŝŽŶĨŽƌŐƌŽƵŶĚͲŵĂŐŶĞƚŝĐĂŶĚ>ŝĚĂƌƐƵƌǀĞLJƐŝŶϮϬϭϳ͘

dŚĞĐŽŵƉůĞƚŝŽŶŽĨƐŽŝůŐƌŝĚĚŝŶŐĂŶĚŝŶĨŝůůĂĐƌŽƐƐƚŚĞĞŶƚŝƌĞƚĞŶĞŵĞŶƚĂƌĞĂŚĂƐƉƌŽĚƵĐĞĚĐŽŝŶĐŝĚĞŶƚŵŽůLJďĚĞŶƵŵ͕ŐŽůĚĂŶĚĐŽƉƉĞƌͬ njŝŶĐ ƌĂƚŝŽ ŝŶ ƐŽŝů ĂŶŽŵĂůŝĞƐ ƚŚĂƚ ŚŝŐŚůŝŐŚƚ ƚĂƌŐĞƚƐ ŽĨ ƉŽƚĞŶƚŝĂů ƉŽƌƉŚLJƌLJ ĐĞŶƚƌĞƐ ĐŚĂƌĂĐƚĞƌŝƐĞĚ ďLJ ŚŝŐŚĞƌ ƚĞŵƉĞƌĂƚƵƌĞƐ ŽĨ ŵŝŶĞƌĂůŝƐĂƚŝŽŶ͘ dŚĞ ůŽǁ ŵĂŶŐĂŶĞƐĞ ŝŶ ƐŽŝů ŝƐ ŝŶĨĞƌƌĞĚ ƚŽ ďĞ ƌĞůĂƚĞĚ ƚŽ ŝŶƚĞŶƐĞ ůĂƚĞͲƐƚĂŐĞ ŚLJĚƌŽƚŚĞƌŵĂů ĂůƚĞƌĂƚŝŽŶ͕ ǁŚŝůƐƚ ƚŚĞ ƉƌĞƐĞŶĐĞ ŽĨ ĞůĞǀĂƚĞĚ njŝŶĐ ƐƵƌƌŽƵŶĚŝŶŐ ƚŚĞƐĞ ĂƌĞĂƐ ŽĨ ůŽǁ ŵĂŶŐĂŶĞƐĞ ŝƐ Ă ŐĞŽĐŚĞŵŝĐĂů ƐŝŐŶĂƚƵƌĞ ƚŚĂƚ ŝƐ ƚLJƉŝĐĂů ŽĨ ƚŚĞ ŵĞƚĂů njŽŶĂƚŝŽŶĂƌŽƵŶĚƉŽƌƉŚLJƌLJĐŽƉƉĞƌͲŐŽůĚĚĞƉŽƐŝƚƐ͘

WƌŝŽƌŝƚLJƚĂƌŐĞƚĂƌĞĂƐĂƚůƉĂůĂ͕dƌŝǀŝŶŝŽ͕,ĞŵĂƚŝƚĞ,ŝůů͕ůƉĂůĂ^ŽƵƚŚĂƐƚĂŶĚŐƵŝŶĂŐĂǁŝůůďĞĚƌŝůůƚĞƐƚĞĚŝŶƚŚĞĐŽŵŝŶŐLJĞĂƌ͕ǁŚŝůƐƚ ĨŝĞůĚƉƌŽŐƌĂŵƐĐŽŶƚŝŶƵĞƚŽĂƐƐĞƐƐƉŽƚĞŶƚŝĂůŽĨƚŚĞϭϰƉŽƐƐŝďůĞƉŽƌƉŚLJƌLJĐĞŶƚƌĞƐŝĚĞŶƚŝĨŝĞĚƚŽĚĂƚĞ͘ ĞƚĂŝůĞĚĨŽůůŽǁƵƉĨŝĞůĚǁŽƌŬĂŶĚ ƚĞĐŚŶŝĐĂůƐƚƵĚŝĞƐŽĨƚŚĞŽƚŚĞƌƐĂƚĞůůŝƚĞƚĂƌŐĞƚƐĐŽŶƚŝŶƵĞĂƐŶĞǁƚĂƌŐĞƚĂƌĞďĞŝŶŐŐĞŶĞƌĂƚĞĚŝŶƚŚĞƐƵƌƌŽƵŶĚŝŶŐĂƌĞĂƐĂŶĚĞdžƉůŽƌĂƚŝŽŶ ŽǀĞƌƚŚĞƚĞŶĞŵĞŶƚ͘

ƵƌŝŶŐƚŚĞLJĞĂƌ͕ƚŚĞŐĞŽůŽŐLJĚĞƉĂƌƚŵĞŶƚĐŽůůĞĐƚĞĚϯϰƌŽĐŬĐŚŝƉƐĂŵƉůĞƐ͕ϮϳϵƚǁŽŵĞƚƌĞůŽŶŐƌŽĐŬͲƐĂǁĐŚĂŶŶĞůƐĂŵƉůĞƐ͕ĂŶĚϱϬϰ ƐŽŝů ƐĂŵƉůĞƐ͘ ZŽĐŬ ƐĂǁ ĐŚĂŶŶĞů ƐĂŵƉůŝŶŐ ǁĂƐ ĐŽŵƉůĞƚĞĚ Ăƚ ůƉĂůĂ͕ ůƉĂůĂ ^ŽƵƚŚ͕ WĂƌĂŵďĂƐ͕ dƌŝǀŝŶŝŽ ĂŶĚ DŽƌĂŶ͕ ǁŚŝůƐƚ ƐŽŝů ƐĂŵƉůŝŶŐƐĂǁĐŽŵƉůĞƚŝŽŶŽĨϭϬϬйĐŽǀĞƌĂŐĞĂĐƌŽƐƐƚŚĞƚĞŶĞŵĞŶƚ͕ĂƐǁĞůůĂƐĐŽŵƉůĞƚŝŶŐŝŶĨŝůůƐĂŵƉůŝŶŐŽǀĞƌƚŚĞůƉĂůĂĞŶƚƌĂůĂƌĞĂ͘

ƵƌŝŶŐ ƚŚĞLJĞĂƌĚƌŝůůŝŶŐŚĂƐ ĨŽĐƵƐƐĞĚŽŶĞdžƉĂŶĚŝŶŐ ƚŚĞŬŶŽǁŶŵŝŶĞƌĂůŝƐĂƚŝŽŶĂƚůƉĂůĂĂůŽŶŐ ƐƚƌŝŬĞ͕ďŽƚŚ ƚŽǁĂƌĚƐ ƚŚĞ ŶŽƌƚŚǁĞƐƚ ĂŶĚƐŽƵƚŚĞĂƐƚ͘,ŽůĞƐϭϮƚŽϭϳǁĞƌĞĐŽŵƉůĞƚĞĚ͕ĨŽƌĂĐŽŵďŝŶĞĚϭϭ͕ϱϰϰŵ͘,ŽůĞƐϭϱĂŶĚϭϱZǁĞƌĞĂďĂŶĚŽŶĞĚĚƵĞƚŽĚƌŝůůŝŶŐŝƐƐƵĞƐ ĞŶĐŽƵŶƚĞƌĞĚĚŽǁŶŚŽůĞ͕ĂŶĚŚŽůĞϭϱZϮǁĂƐƐƵĐĐĞƐƐĨƵůůLJĐŽŵƉůĞƚĞĚƚŽƉůĂŶŶĞĚĚĞƉƚŚƚŚĞƌĞĂĨƚĞƌ͘

Zs/tK&KWZd/KE^;ĐŽŶƚŝŶƵĞĚͿ

dŚĞŵŝŶĞƌĂůŝƐĞĚ ƉŽƌƉŚLJƌLJ ĐŽƉƉĞƌŐŽůĚ ƐLJƐƚĞŵĂƚůƉĂůĂ ŽĐĐƵƌƐĂƚ ƐƵƌĨĂĐĞ ŽǀĞƌϮϱϬŵŝŶ ůĞŶŐƚŚĂŶĚϱϬŵĂŶĚ ĚƌŝůůŝŶŐ ƚŽ ĚĂƚĞ ŚĂƐ ŝĚĞŶƚŝĨŝĞĚŝƚƐĞdžƚĞŶƚƐĂƚĚĞƉƚŚŽǀĞƌĂnjŽŶĞϳϬϬŵŝŶůĞŶŐƚŚĂŶĚϱϱϬŵǁŝĚƚŚŽǀĞƌĂĐŽŶƚŝŶƵŽƵƐϭϴϬϬŵǀĞƌƚŝĐĂůĐŽůƵŵŶ͘dŚĞůŝŵŝƚƐŽĨ ƚŚĞůƉĂůĂĚĞƉŽƐŝƚĂƌĞŶŽƚLJĞƚĚĞĨŝŶĞĚĂŶĚĂŶĂŐŐƌĞƐƐŝǀĞĨŽƌǁĂƌĚĚƌŝůůŝŶŐƉƌŽŐƌĂŵŝƐƵŶĚĞƌǁĂLJ͘

dŚĞďĞƐƚĚƌŝůůŝŶƚĞƌĐĞƉƚƚŽĚĂƚĞŝƐϭϯϭϮŵĂƚϬ͘ϲϳйƵĂŶĚϬ͘ϲϯŐͬƚƵĨƌŽŵϭϮϴŵĚĞƉƚŚŝŶ^ͲϭϱͲϬϭϮ͕ǁŚŝĐŚŝŶĐůƵĚĞƐϱϳϲŵĂƚ ϭ͘ϬϯйƵĂŶĚϭ͘ϭϵŐͬƚƵ͘,ŽůĞƐϭϱZϮ͕ϭϲ͕ĂŶĚϭϳĂůƐŽƌĞƚƵƌŶĞĚƐƉĞĐƚĂĐƵůĂƌƌĞƐƵůƚƐ͘dŚĞĚĞƉŽƐŝƚƌĞŵĂŝŶƐŽƉĞŶĂƚĚĞƉƚŚ͕ĂůŽŶŐͲ ĂŶĚ ĂĐƌŽƐƐͲƐƚƌŝŬĞ ĂŶĚ ŚĂƐ ƐŝŵŝůĂƌŝƚŝĞƐ ƚŽ ƐĞǀĞƌĂů ŐůŽďĂůůLJ ƐŝŐŶŝĨŝĐĂŶƚ ĐŽƉƉĞƌͲŐŽůĚ ĚĞƉŽƐŝƚƐ͕ ŵĂŶLJ ŽĨ ǁŚŝĐŚ ŚĂǀĞ Žƌ ĂƌĞ ďĞĐŽŵŝŶŐ ŵŝŶĞƐ͘ƐƵŵŵĂƌLJŽĨĚƌŝůůŝŶŐƌĞƐƵůƚƐƐŚŽǁƐƚŚĞƐŝŐŶŝĨŝĐĂŶĐĞŽĨƚŚĞůĂƌŐĞŚŝŐŚͲŐƌĂĚĞƉŽƌƉŚLJƌLJƐLJƐƚĞŵďĞŝŶŐĚĞĨŝŶĞĚĂƚůƉĂůĂ͘

ŐƵŝŶĂŐĂ

/ƚŝƐĐŚĂƌĂĐƚĞƌŝƐĞĚďLJĂĐůĂƐƐŝĐĂůϱϬϬŵdžϱϬϬŵŵĂŐŶĞƚŝĐŚŝŐŚƐƵƌƌŽƵŶĚĞĚďLJĂŶĂŶŶƵůĂƌŵĂŐŶĞƚŝĐͲůŽǁǁŚŝĐŚŚĂƐƐƚƌŽŶŐƐŝŵŝůĂƌŝƚŝĞƐ ǁŝƚŚ ƚŚĞ ĞŶŽƌŵŽƵƐ ůƵŵďƌĞƌĂ ĚĞƉŽƐŝƚ ŝŶ ŚŝůĞ͕ ĂƐ ǁĞůů ĂƐ ƚŚĞ'ƌĂƐďĞƌŐ ĂŶĚ ĂƚƵ,ŝũĂƵ ŵĂŐŶĞƚŝĐ ƐŝŐŶĂƚƵƌĞƐ͘ dŚŝƐ ŐĞŽŵĞƚƌLJ ŝƐ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚĂůĂƌŐĞƉŽƌƉŚLJƌLJƐLJƐƚĞŵĐŚĂƌĂĐƚĞƌŝnjĞĚďLJĂĐĞŶƚƌĂůŵĂŐŶĞƚŝĐŚŝŐŚƌĞůĂƚĞĚƚŽĂŶŝŶƚƌƵƐŝǀĞĐĞŶƚƌĞĂŶĚĂŵĂŐŶĞƚŝƚĞͲ ĚĞƐƚƌƵĐƚŝǀĞŚĂůŽĐĂƵƐĞĚďLJƉLJƌŝƚŝĐƉŚLJůůŝĐͬĂƌŐŝůůŝĐĂůƚĞƌĂƚŝŽŶ͘dŚĞƉƌĞƐĞŶĐĞŽĨĂǀĞƌLJƐƚƌŽŶŐĂŶŶƵůĂƌĐŚĂƌŐĞĂďŝůŝƚLJŚŝŐŚǁŝƚŚĂĐĞŶƚƌĂů ƚĂƉĞƌŝŶŐ ƌŽŽƚĂƚŐƵŝŶĂŐĂŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚ ƐƵůƉŚŝĚĞͲďĞĂƌŝŶŐ͕ĚŝƐƐĞŵŝŶĂƚĞĚĂŶĚͬŽƌƐƚŽĐŬǁŽƌŬƐƚLJůĞŵŝŶĞƌĂůŝƐĂƚŝŽŶƉĞƌŝƉŚĞƌĂů ƚŽ ĂŶĚĂďŽǀĞĂƉŽƌƉŚLJƌLJƐƚŽĐŬ͘

ZĞĐŽŶŶĂŝƐƐĂŶĐĞ ĨŝĞůĚͲǁŽƌŬŝŶŝƚŝĂůůLJůŽĐĂƚĞĚŵŝŶĞƌĂůŝƐĞĚ ƉŽƌƉŚLJƌŝƚŝĐ ĚŝŽƌŝƚĞĂůŽŶŐ ƚŚĞ ŶŽƌƚŚĞƌŶ ƐůŽƉĞ ŽĨŐƵŝŶĂŐĂ,ŝůů͕ ƐƵďƐĞƋƵĞŶƚ ĚĞƚĂŝůĞĚ͕ϭ͗ϱϬϬƐĐĂůĞ͕͞ŶĂĐŽŶĚĂ͟ƐƚLJůĞŐĞŽůŽŐŝĐĂůĂŶĚƐƚƌƵĐƚƵƌĂůŵĂƉƉŝŶŐŚĂƐůĞĚƚŽƚŚĞĚŝƐĐŽǀĞƌLJŽĨƉŽƌƉŚLJƌLJƐƚŽĐŬͲǁŽƌŬĐŽƉƉĞƌͲ ŐŽůĚŵŝŶĞƌĂůŝnjĂƚŝŽŶ ŽƵƚĐƌŽƉƉŝŶŐ Ăƚ ƐƵƌĨĂĐĞ͘DŝŶĞƌĂůŝƐĂƚŝŽŶŝƐĞdžƉŽƐĞĚĂůŽŶŐ ƚŚĞ ƵƉƉĞƌ ƐĞĐƚŝŽŶ ŽĨŐƵŝŶĂŐĂƌĞĞŬ͕ǁŚĞƌĞ ĐůĂƐƐŝĐ ƉŽƌƉŚLJƌLJƐƚLJůĞ͚͛ͲƚLJƉĞƋƵĂƌƚnjͲŵĂŐŶĞƚŝƚĞͲĐŚĂůĐŽƉLJƌŝƚĞͲďŽƌŶŝƚĞƐƚŽĐŬͲǁŽƌŬǀĞŝŶŝŶŐŽĐĐƵƌƐǁŝƚŚŝŶƉŽƌƉŚLJƌŝƚŝĐĚŝŽƌŝƚĞ͘

dŚĞ ŽƵƚĐƌŽƉƉŝŶŐ ŵŝŶĞƌĂůŝƐĂƚŝŽŶ ŝƐ ĂĐĐŽŵƉĂŶŝĞĚ ďLJ ƉŽƚĂƐƐŝĐ ;ďŝŽƚŝƚĞͿ ĂůƚĞƌĂƚŝŽŶ ĂŶĚ ƌĞŵĂŝŶƐ ŽƉĞŶ ƚŽ ƚŚĞ ŶŽƌƚŚ ǁŚĞƌĞ ĐƌĞĞŬ ƐĞĚŝŵĞŶƚƐĂŶĚũƵŶŐůĞůŝŵŝƚ ĨƵƌƚŚĞƌ ƐƵƌĨĂĐĞĞdžƉŽƐƵƌĞ͘ZŽĐŬͲƐĂǁ ĐŚĂŶŶĞů ƐĂŵƉůŝŶŐ ƌĞƐƵůƚƐ ŽǀĞƌ ƚŚĞĞdžƉŽƐĞĚ ŽƵƚĐƌŽƉ ƌĞƚƵƌŶĞĚĂŶ ŽƉĞŶ ĞŶĚĞĚ ŝŶƚĞƌƐĞĐƚŝŽŶ ŽĨ ϵ͘Ϭŵ Λ ϭ͘Ϭϭ й Ƶ͕ ĂŶĚ Ϭ͘ϳϵ Őͬƚ Ƶ͘ /ŶĨŝůů ƐŽŝůͲƐĂŵƉůŝŶŐ ĂůŽŶŐ ǁŝƚŚ ƐƉĞĐƚƌĂů ĂŶĂůLJƐŝƐ ŽĨ ƐŽŝů ƌŽĐŬ ĨƌĂŐŵĞŶƚƐƵƐŝŶŐĚĞĞƉŵŽƚŽƌŝƐĞĚĂƵŐĞƌŐƌŝĚĚŝŶŐŚĂƐďĞĞŶĐŽŵƉůĞƚĞĚĂŶĚƌĞƐƵůƚƐĂƌĞďĞŝŶŐŝŶƚĞƌƉƌĞƚĞĚĂƚƚŚĞƚŝŵĞŽĨǁƌŝƚŝŶŐ͘

dƌŝǀŝŶŝŽ

KŶŐŽŝŶŐ ĞdžƉĂŶƐŝŽŶ ŽĨ ϭ͗ϱϬϬ ƐĐĂůĞ ŐĞŽůŽŐŝĐĂů ŵĂƉƉŝŶŐ ĂĐƌŽƐƐ ƚŚĞ ŐƌŽǁŝŶŐ ĂƐĐĂďĞů ƉŽƌƉŚLJƌLJ ĨŝĞůĚ ůĞĚ ƚŽ ĂŶŽƚŚĞƌ ĚŝƐĐŽǀĞƌLJ ŽĨ ƉŽƌƉŚLJƌLJĐŽƉƉĞƌͲŐŽůĚŵŝŶĞƌĂůŝnjĂƚŝŽŶŝŶŽƵƚĐƌŽƉ ƚŚŝƐLJĞĂƌ͕ĂůŽŶŐ ƚŚĞŶŽƌƚŚĞƌŶĂŶĚŶŽƌƚŚͲĞĂƐƚĞƌŶƐůŽƉĞƐŽĨdƌŝǀŝŶŝŽ,ŝůů͕ǁŚŝĐŚůŝĞƐ ϳϱϬŵĚƵĞŶŽƌƚŚŽĨ,ŽůĞϱĂƚůƉĂůĂĞŶƚƌĂů͘dƌŝǀŝŶŝŽŽĐĐƵƌƐĂůŽŶŐƚŚĞŶŽƌƚŚĞĂƐƚĞƌŶŵĂƌŐŝŶŽĨĂĚĞĞƉƐĞĂƚĞĚƌĞŐŝŽŶĂůŶŽƌƚŚͲǁĞƐƚ ƚƌĞŶĚŝŶŐƐƚƌƵĐƚƵƌĞƚŚĂƚƉĂƌĂůůĞůƐ ƚŚĞůƉĂůĂ^ƚƌƵĐƚƵƌĂůŽŶĞ ;^Ϳ͕ǁŚŝĐŚŝƐŝŶĨĞƌƌĞĚƚŽďĞĂnjŽŶĞŽĨĐƌƵƐƚĂůǁĞĂŬŶĞƐƐƚĂƉƉŝŶŐŝŶƚŽ ĐŽƉƉĞƌĂŶĚŐŽůĚƌŝĐŚŝŶƚƌƵƐŝŽŶƐĂƚůƉĂůĂĞŶƚƌĂů͘

dŚĞ ĞdžƚĞŶƚ ŽĨ ŽƵƚĐƌŽƉƉŝŶŐ ŵŝŶĞƌĂůŝƐĂƚŝŽŶ ŽĐĐƵƌƐ ŽǀĞƌ ĂŶ ĂƌĞĂ ŽĨ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϯϬϬŵ dž ϮϬϬŵ ĂŶĚ ŽĐĐƵƌƐ ĂƐ ĐůĂƐƐŝĐ ƉŽƌƉŚLJƌLJ ƐƚŽĐŬǁŽƌŬƐƚLJůĞ͚͛ͲƚLJƉĞƋƵĂƌƚnjǀĞŝŶƐǁŝƚŚĂĐĞŶƚƌĞůŝŶĞŽĨŵĂŐŶĞƚŝƚĞĂŶĚĐŚĂůĐŽƉLJƌŝƚĞĂƐǁĞůůĂƐ ĨŝŶĞĚŝƐƐĞŵŝŶĂƚĞĚĐŚĂůĐŽƉLJƌŝƚĞŝŶ ƚŚĞ ǁĂůů ƌŽĐŬ͘ dŚĞ ŚŝŐŚ ĐŽƉƉĞƌ ĐŽŶƚĞŶƚ ŵŝŶĞƌĂů ƐƉĞĐŝĞƐ ĐŚĂůĐŽĐŝƚĞ ;ϳϬй ƵͿ ŚĂƐ ĂůƐŽ ďĞĞŶ ŽďƐĞƌǀĞĚ ŝŶ ƚŚĞ ǀĞŝŶ ĂŶĚ ŝŶ ĚŝƐƐĞŵŝŶĂƚŝŽŶƐ͘sĞŝŶƐƐƚƌŝŬĞ ŶŽƌƚŚǁĞƐƚĂŶĚ ŶŽƌƚŚĞĂƐƚĂŶĚǀĞŝŶ ĚĞŶƐŝƚLJŝƐǀĞƌLJƐƚƌŽŶŐ͕ŵĂŬŝŶŐƵƉϭϬйŽĨ ƚŚĞ ƌŽĐŬŵĂƐƐŝŶ ƐŽŵĞ njŽŶĞƐ͘dŚŝƐŵĂƚĞƌŝĂůŝƐĐŽŵƉĂƌĂďůĞǁŝƚŚƚŚĞŽƵƚĐƌŽƉƐĚŝƐĐŽǀĞƌĞĚŝŶůƉĂůĂƌĞĞŬ͕ŶĞĂƌ,ŽůĞϭϮ;^ͲϭϱͲϬϭϮͿĂƚůƉĂůĂĞŶƚƌĂů͘

Zs/tK&KWZd/KE^;ĐŽŶƚŝŶƵĞĚͿ

dŚĞdƌŝǀŝŶŝŽĚŝƐĐŽǀĞƌLJ͕ůŝŬĞƚŚĞƌĞĐĞŶƚ ĨŝŶĚŽĨŽƵƚĐƌŽƉƉŝŶŐĐŽƉƉĞƌĂŶĚŐŽůĚŵŝŶĞƌĂůŝnjĂƚŝŽŶĂƚŐƵŝŶĂŐĂ͕ŚŝŐŚůŝŐŚƚƐƚŚĞ ĨĞƌƚŝůŝƚLJĂŶĚ ƉŽƚĞŶƚŝĂů ŽĨ ƚŚĞ ďƌŽĂĚĞƌ ƉŽƌƉŚLJƌLJ ĐŽƉƉĞƌͲŐŽůĚ ƐLJƐƚĞŵ Ăƚ ĂƐĐĂďĞů͘ DŝŶĞƌĂůŝnjĞĚ ƐƵƌĨĂĐĞ ŽƵƚĐƌŽƉƐ ƐƵĐŚ ĂƐ ƚŚĞƐĞ͕ ŝŶ ƐƵĐŚ ĐůŽƐĞ ƉƌŽdžŝŵŝƚLJƚŽƚŚĞǀĞƌƚŝĐĂůůLJĞdžƚĞŶƐŝǀĞŚŝŐŚŐƌĂĚĞĐŽƉƉĞƌĂŶĚŐŽůĚŵŝŶĞƌĂůŝnjĂƚŝŽŶĚŝƐĐŽǀĞƌĞĚĂƚůƉĂůĂ͕ŵĂŬĞĨŽƌĐĞƌƚĂŝŶĚƌŝůůƚĂƌŐĞƚƐ͘ dŚĞ ĨƌĞƋƵĞŶĐLJ ŽĨŵŝŶĞƌĂůŝƐĞĚ ŽƵƚĐƌŽƉƐ ŽĨ ƉŽƌƉŚLJƌLJ ĂƚĂƐĐĂďĞůĞŶĚŽƌƐĞƐ ƚŚĞ ŝŵƉŽƌƚĂŶĐĞ ŽĨ ƚŚŝƐ ƐLJƐƚĞŵ ĂƐ Ă ŐůŽďĂůůLJ ƐŝŐŶŝĨŝĐĂŶƚ ĚŝƐĐŽǀĞƌLJ͘

dŚĞdƌŝǀŝŶŝŽŽƵƚĐƌŽƉƐĂƌĞůŽĐĂƚĞĚŝŵŵĞĚŝĂƚĞůLJŶŽƌƚŚŽĨƚŚĞůƉĂůĂůŝƚŚŽĐĂƉĂƌĞĂǁŚĞƌĞĂĚŝƐĐƌĞƚĞŵĂŐŶĞƚŝĐŚŝŐŚŽĐĐƵƌƐ͕ĂŶĚĨŽƌŵƐ ƉĂƌƚŽĨƚŚĞĐŽŵƉůĞdžŵĂŐŶĞƚŝĐƐŝŐŶĂƚƵƌĞŽǀĞƌƚŚĞǁŝĚĞƌůƉĂůĂĂƌĞĂ͘ dŚĞƉƌĞƐĞŶĐĞŽĨĐŽŝŶĐŝĚĞŶƚĐŽƉƉĞƌ͕ŵŽůLJďĚĞŶƵŵ͕ĂŶĚĐŽƉƉĞƌͬ njŝŶĐ ŝŶ ƐŽŝů͕ ƐƵƉƉŽƌƚƐ Ă ƉŽƌƉŚLJƌLJ ĐĞŶƚƌĞ ĐŚĂƌĂĐƚĞƌŝƐĞĚ ďLJ ŚŝŐŚĞƌ ƚĞŵƉĞƌĂƚƵƌĞƐ ŽĨ ŵŝŶĞƌĂůŝƐĂƚŝŽŶ͘ dŚŝƐ ŐĞŽĐŚĞŵŝĐĂů ƐŝŐŶĂƚƵƌĞ ŝƐ ƚLJƉŝĐĂůŽĨƚŚĞŵĞƚĂůnjŽŶĂƚŝŽŶĂƌŽƵŶĚŵĂŶLJŐůŽďĂůƉŽƌƉŚLJƌLJĐŽƉƉĞƌͲŐŽůĚĚĞƉŽƐŝƚƐ͘

ƐƐĂLJƌĞƐƵůƚƐĨŽƌƐƵƌĨĂĐĞƌŽĐŬƐĂǁĐŚĂŶŶĞůƐĂŵƉůŝŶŐĂƚdƌŝǀŝŶŝŽŝŶĚŝĐĂƚĞƐƵƌĨĂĐĞĐŽƉƉĞƌŐŽůĚŵŝŶĞƌĂůŝƐĂƚŝŽŶŽĨƵƉƚŽϬ͘ϰϯйĐŽƉƉĞƌ ĂŶĚϬ͘ϰϯŐͬƚŐŽůĚ͘dŚĞŵŝŶĞƌĂůŝƐĂƚŝŽŶŽĐĐƵƌƐǁŝƚŚŝŶǀŽůĐĂŶŝĐƌŽĐŬƐǁŝƚŚŝŶƚŚĞƵƉƉĞƌĂƌŐŝůůŝĐĐůĂLJĂůƚĞƌĞĚnjŽŶĞŝŶƚĞƌƉƌĞƚĞĚƚŽůŝĞĂďŽǀĞ Ă ƐŝŐŶŝĨŝĐĂŶƚ ĐŽƉƉĞƌ ƉŽƌƉŚLJƌLJ ƐLJƐƚĞŵ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ŵŝŶĞƌĂůŝƐĂƚŝŽŶ͘ dŚĞ ƉƌŽƐƉĞĐƚ ĐŽǀĞƌƐ ĂŶ ĂƌĞĂ ŽĨ ϯϬϬ dž ϰϬϬ ŵĞƚƌĞƐ Ăƚ ƐƵƌĨĂĐĞ͕ŵŽƌĞĞdžƚĞŶƐŝǀĞƚŚĂŶƚŚĞůƉĂůĂƌĞĞŬĚŝƐĐŽǀĞƌLJŽƵƚĐƌŽƉ͘dƌŝǀŝŶŝŽŚĂƐďĞĞŶĂĚǀĂŶĐĞĚƚŽĚƌŝůůͲƌĞĂĚLJƐƚĂƚƵƐĂŶĚĂĚƌŝůůŝŶŐ ƉůĂƚĨŽƌŵŚĂƐďĞĞŶŝĚĞŶƚŝĨŝĞĚ͘^ƵďũĞĐƚƚŽƚŚĞƌĞƐƵůƚƐŽĨ,ŽůĞϭϲ͕ƌŝŐĂǀĂŝůĂďŝůŝƚLJĂŶĚůŽŐŝƐƚŝĐƐ͕^Žů'ŽůĚŝŶƚĞŶĚƐƚŽĚƌŝůůƚŚŝƐƚĂƌŐĞƚŝŶƚŚĞ ŶĞdžƚƋƵĂƌƚĞƌ͕ĂůŽŶŐǁŝƚŚƚŚĞƉƌŽŵŝƐŝŶŐŽƵƚĐƌŽƉƉŝŶŐŐƵŝŶĂŐĂWƌŽƐƉĞĐƚůŽĐĂƚĞĚϭ͘ϮŬŵƐŶŽƌƚŚĞĂƐƚŽĨůƉĂůĂĞŶƚƌĂů͘

ůƉĂůĂ^ŽƵƚŚ

ϭ͗ϱϬϬ ƐĐĂůĞ ŐĞŽůŽŐŝĐĂů ŵĂƉƉŝŶŐ ĂŶĚ ƌŽĐŬͲƐĂǁ ĐŚĂŶŶĞů ƐĂŵƉůŝŶŐ ƚŽ ƚŚĞ ƐŽƵƚŚ ĂŶĚ ƐŽƵƚŚͲĞĂƐƚ ŽĨ ƚŚĞ ůƉĂůĂ ĚĞƉŽƐŝƚ ĂůƐŽ ůĞĂĚ ƚŽ ĚŝƐĐŽǀĞƌLJŽĨƉŽƌƉŚLJƌLJĐŽƉƉĞƌͲŐŽůĚŵŝŶĞƌĂůŝnjĂƚŝŽŶŝŶŽƵƚĐƌŽƉ͕ĂůŽŶŐƚŚĞŶŽƌƚŚĞƌŶĂŶĚƐŽƵƚŚĞƌŶƐůŽƉĞƐŽĨƚŚĞůƉĂůĂ^ŽƵƚŚƉƌŽƐƉĞĐƚ͕ ǁŚŝĐŚůŝĞƐϰϬϬŵĚƵĞƐŽƵƚŚŽĨ,ŽůĞϱĂƚůƉĂůĂĞŶƚƌĂů͘dŚĞĞdžƚĞŶƚŽĨŽƵƚĐƌŽƉƉŝŶŐŵŝŶĞƌĂůŝƐĂƚŝŽŶĂƚůƉĂůĂ^ŽƵƚŚĂŶĚ,ĞŵĂƚŝƚĞ,ŝůů ŚĂƐŶŽƚLJĞƚďĞĞŶĚĞĨŝŶĞĚ͕ĂƐŵĂƉƉŝŶŐĐŽŶƚŝŶƵĞƐŽǀĞƌƚŚĞƌŝĚŐĞƐƚŚĂƚƐĞƉĂƌĂƚĞůƉĂůĂĞŶƚƌĂůĂŶĚůƉĂůĂ^ŽƵƚŚĞĂƐƚ͘

dŚĞƉƌŽƐƉĞĐƚŝǀĞĐĞŶƚƌĞƐĂƚůƉĂůĂ^ŽƵƚŚĂŶĚ,ĞŵĂƚŝƚĞ,ŝůůŽĐĐƵƌǁŝƚŚŝŶĂŶĂƌĞĂŽĨĞůĞǀĂƚĞĚŵĂŐŶĞƚŝĐƌĞƐƉŽŶƐĞǁŝƚŚŝŶƉĂƌƚŽĨƚŚĞ ĐŽŵƉůĞdžŵĂŐŶĞƚŝĐƐŝŐŶĂƚƵƌĞƚŚĂƚŽĐĐƵƌƐŽǀĞƌƚŚĞǁŝĚĞƌůƉĂůĂĂƌĞĂ͕ŬŶŽǁŶĂƐƚŚĞůƉĂůĂDĂŐŶĞƚŝĐŽŵƉůĞdž͕ĂŶĚŽĐĐƵƌĂůŽŶŐĞŝƚŚĞƌ ƐŝĚĞŽĨƚŚĞƐŽƵƚŚͲĞĂƐƚĞƌŶĞdžƚĞŶƐŝŽŶŽĨƚŚĞůƉĂůĂ^ƚƌƵĐƚƵƌĂůŽŶĞ ;͞^͟Ϳ͘dŚĞ^ŝƐĂĚĞĞƉƐĞĂƚĞĚƌĞŐŝŽŶĂůŶŽƌƚŚͲǁĞƐƚƚƌĞŶĚŝŶŐ ƐƚƌƵĐƚƵƌĞŝŶĨĞƌƌĞĚƚŽďĞĂnjŽŶĞŽĨĐƌƵƐƚĂůǁĞĂŬŶĞƐƐƚĂƉƉŝŶŐŝŶƚŽĐŽƉƉĞƌĂŶĚŐŽůĚƌŝĐŚŝŶƚƌƵƐŝŽŶƐĂƚůƉĂůĂĞŶƚƌĂů͘

dŚĞƉƌĞƐĞŶĐĞŽĨĂĚŝƐĐƌĞƚĞĐŽƉƉĞƌͬnjŝŶĐƐŽŝůĂŶŽŵĂůLJ͕ƐƵƉƉŽƌƚƐĂƉƌĞƐĞƌǀĞĚƉŽƌƉŚLJƌLJĐĞŶƚƌĞĐŚĂƌĂĐƚĞƌŝƐĞĚďLJŚŝŐŚĞƌƚĞŵƉĞƌĂƚƵƌĞƐ ŽĨŵŝŶĞƌĂůŝƐĂƚŝŽŶ͘dŚŝƐŐĞŽĐŚĞŵŝĐĂůƐŝŐŶĂƚƵƌĞŝƐƚLJƉŝĐĂůŽĨƚŚĞŵĞƚĂůnjŽŶĂƚŝŽŶĂƌŽƵŶĚŵĂŶLJŐůŽďĂůƉŽƌƉŚLJƌLJĐŽƉƉĞƌͲŐŽůĚĚĞƉŽƐŝƚƐ͘ dŚĞŽĐĐƵƌƌĞŶĐĞƐŽĨŵŽƌĞĚŝƐƚŝŶĐƚĐŽƉƉĞƌͬnjŝŶĐĂŶŽŵĂůŝĞƐĨƵƌƚŚĞƌƐŽƵƚŚŽĨůƉĂůĂ^ŽƵƚŚ͕ĂŶĚĂƚůƉĂůĂ^ŽƵƚŚĞĂƐƚĂƌĞƉƌŝŽƌŝƚLJĂƌĞĂƐ ĨŽƌŽŶŐŽŝŶŐƌĞĐŽŶŶĂŝƐƐĂŶĐĞĨŝĞůĚŝŶƐƉĞĐƚŝŽŶ͘

dŚĞŽƵƚĐƌŽƉƐĂƚůƉĂůĂ^ŽƵƚŚĐŽŶƚĂŝŶƉŽƌƉŚLJƌLJƐƚLJůĞƋƵĂƌƚnj ͲŝƌŽŶŽdžŝĚĞǀĞŝŶƐ͕ ƚŚĞ ĨƌĞƐŚƐƵůƉŚŝĚĞƐŚĂǀŝŶŐďĞĞŶůĞĂĐŚĞĚ ĨƌŽŵ ƚŚĞ ǁĞĂƚŚĞƌŝŶŐĞŶǀŝƌŽŶŵĞŶƚ͘dŚĞǀĞŝŶŝŶŐ ŽĐĐƵƌƐǁŝƚŚŝŶǀŽůĐĂŶŝĐ ŚŽƐƚ ƌŽĐŬƐŝŶĂ ƐŚĞĞƚĞĚ ĨŽƌŵ͕ǁŝƚŚǀĞŝŶƐ ŽƌŝĞŶƚĂƚĞĚĂůŽŶŐĂtEt ƚƌĞŶĚ͕ĂŶĚĚŝƉƉŝŶŐƐƚĞĞƉůLJƚŽǁĂƌĚƐƚŚĞEE͘

dŚĞůƉĂůĂ^ŽƵƚŚĚŝƐĐŽǀĞƌLJ͕ůŝŬĞƚŚĞƌĞĐĞŶƚĨŝŶĚƐŽĨŽƵƚĐƌŽƉƉŝŶŐĐŽƉƉĞƌĂŶĚŐŽůĚŵŝŶĞƌĂůŝnjĂƚŝŽŶĂƚŐƵŝŶĂŐĂĂŶĚdƌŝǀŝŶŝŽ͕ŚŝŐŚůŝŐŚƚƐ ƚŚĞĨĞƌƚŝůŝƚLJĂŶĚƉŽƚĞŶƚŝĂůŽĨƚŚĞďƌŽĂĚĞƌƉŽƌƉŚLJƌLJĐŽƉƉĞƌͲŐŽůĚƐLJƐƚĞŵĂƚĂƐĐĂďĞů͘ DŝŶĞƌĂůŝƐĞĚƐƵƌĨĂĐĞŽƵƚĐƌŽƉƐƐƵĐŚĂƐƚŚĞƐĞƚŚĂƚ ĚŝƐƉůĂLJǀĞƌLJŚŝŐŚǀĞŝŶĚĞŶƐŝƚLJ͕ƵƉƚŽϭϬйŽĨƚŚĞƚŽƚĂůƌŽĐŬŵĂƐƐ͕ĂŶĚŝŶĐůŽƐĞƉƌŽdžŝŵŝƚLJƚŽƚŚĞǀĞƌƚŝĐĂůůLJĞdžƚĞŶƐŝǀĞŚŝŐŚŐƌĂĚĞĐŽƉƉĞƌ ĂŶĚŐŽůĚŵŝŶĞƌĂůŝnjĂƚŝŽŶĚŝƐĐŽǀĞƌĞĚĂƚůƉĂůĂ͕ŵĂŬĞĨŽƌĐĞƌƚĂŝŶĚƌŝůůƚĂƌŐĞƚƐ͘

dŚĞ ĚŝƐĐŽǀĞƌLJ ŽĨ ŶĞǁ ŽƵƚĐƌŽƉƐ ĂƌŽƵŶĚ ůƉĂůĂ ŝƐ ďĞĐŽŵŝŶŐ ŝŶĐƌĞĂƐŝŶŐůLJ ŶƵŵĞƌŽƵƐ ĂŶĚ ƚŚĞ ĨƌĞƋƵĞŶĐLJ ŽĨ ĚŝƐĐŽǀĞƌLJ ŽĨ ŶĞǁ ŵŝŶĞƌĂůŝƐĞĚŽƵƚĐƌŽƉƐŽĨƉŽƌƉŚLJƌLJƐƚLJůĞŵŝŶĞƌĂůŝƐĂƚŝŽŶĂƚĂƐĐĂďĞůĞŶĚŽƌƐĞƐƚŚĞŝŵƉŽƌƚĂŶĐĞŽĨƚŚŝƐƐLJƐƚĞŵĂƐĂŐůŽďĂůůLJƐŝŐŶŝĨŝĐĂŶƚ ĚŝƐĐŽǀĞƌLJ͘

^ƉĞĐƚƌĂůĂůƚĞƌĂƚŝŽŶŵĂƉƉŝŶŐĂůŽŶŐƚŚĞDŽƌĂŶͲůƉĂůĂdƌĞŶĚŚŝŐŚůŝŐŚƚƐĂŶĂďƵŶĚĂŶĐĞŽĨŚŝŐŚƚĞŵƉĞƌĂƚƵƌĞĐůĂLJƐŝŶƚŚĞƐŽƵƚŚĞĂƐƚĞƌŶ ƋƵĂĚƌĂŶƚŽĨƚŚĞŐƌĞĂƚĞƌůƉĂůĂĂƌĞĂ͕ĂŶĚĚƌŝůůƚĞƐƚŝŶŐĂůŽŶŐƚŚŝƐƉŽƌƚŝŽŶŽĨƚŚĞĐŽƌƌŝĚŽƌŝƐƉůĂŶŶĞĚĂƐZŝŐϭŵŽǀĞƐĨƵƌƚŚĞƌƐŽƵƚŚĞĂƐƚ ŝŶ ƚŚĞ ĐŽŵŝŶŐ LJĞĂƌ͘ dŚĞ ƉƌĞƐĞŶĐĞ ŽĨ ƵŶĚĞƌůLJŝŶŐ Ds/ ŵĂŐŶĞƚŝĐ ĂŶŽŵĂůŝĞƐ Ăƚ ĂƌŵĞŶ͕ DŽƌĂŶ͕ ĂŶĚ WĂƌĂŵďĂƐ ŚĂǀĞ ĞŶĐŽƵƌĂŐĞĚ ĨŽůůŽǁͲƵƉǁŽƌŬŽŶƚŚĞƐĞĂƌĞĂƐ͕ĂŶĚŶĞǁŝŶĨŽƌŵĂƚŝŽŶǁŝůůďĞĐŽŵĞĂǀĂŝůĂďůĞĂƐƚŚĞĞdžƉůŽƌĂƚŝŽŶƉƌŽŐƌĂŵƉƌŽŐƌĞƐƐĞƐ͘

Zs/tK&KWZd/KE^;ĐŽŶƚŝŶƵĞĚͿ

^K>KDKE/^>E^

/ŶƚŚĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐ͕^Žů'ŽůĚŚĂƐƐƚƌĞĂŵůŝŶĞĚŝƚƐŝŶͲĐŽƵŶƚƌLJƉƌĞƐĞŶĐĞĂĨƚĞƌƐŝŐŶŝĨŝĐĂŶƚĚƌŝůůƚĞƐƚŝŶŐƌĞĚƵĐĞĚƚŚĞƉƌŽƐƉĞĐƚŝǀŝƚLJŽĨ ƚŚĞ &ĂƵƌŽ͕ <ŽůŽƵůĂ ĂŶĚ DĂůĂŬƵŶĂ ƚĞŶĞŵĞŶƚƐ͘ EŽ ĨƵƌƚŚĞƌ ĞdžƉůŽƌĂƚŝŽŶ ǁŽƌŬ ǁĂƐ ĐĂƌƌŝĞĚ ŽƵƚ ŽŶ ƚŚĞƐĞ ƉƌŽũĞĐƚƐ ĂŶĚ ƚŚĞLJ ǁĞƌĞ ƐƵďƐĞƋƵĞŶƚůLJ ƌĞůŝŶƋƵŝƐŚĞĚ͘ dŚĞ ĞdžĐŝƚŝŶŐ <ƵŵĂ ƉƌŽũĞĐƚ ŝŶ'ƵĂĚĂůĐĂŶĂů ŚĂƐ ĞŵĞƌŐĞĚ ĂƐ Ă ƐŝŐŶŝĨŝĐĂŶƚ ƉŽƌƉŚLJƌLJ ĐŽƉƉĞƌͲŐŽůĚ ƚĂƌŐĞƚ ƵƉŐƌĂĚĞĚďLJƌĞĐĞŶƚŐĞŽĐŚĞŵŝĐĂůĂŶĚƐƉĞĐƚƌĂůǁŽƌŬďLJ'yŝŶϮϬϭϰͲϭϱ͘

<ƵŵĂ WƌŽũĞĐƚ ;ϭϬϬй ŽǁŶĞĚĂƉƉůŝĐĂƚŝŽŶͿ

>ŽĐĂƚŝŽŶ͗	ϯϳŬŵƐŽƵƚŚͲĞĂƐƚŽĨƚŚĞĐĂƉŝƚĂů,ŽŶŝĂƌĂ͕^ŽůŽŵŽŶ/ƐůĂŶĚƐ
KǁŶĞƌƐŚŝƉ͗	ϭϬϬйŽǁŶĞĚ
dĞŶĞŵĞŶƚƌĞĂ͗	ϰϯŬŵϮ
WƌŝŵĂƌLJdĂƌŐĞƚƐ͗	ŽƉƉĞƌŐŽůĚƉŽƌƉŚLJƌLJĚĞƉŽƐŝƚƐ

dŚĞ <ƵŵĂ ƉƌŽũĞĐƚůŝĞƐũƵƐƚ ƚŽ ƚŚĞ ƐŽƵƚŚͲǁĞƐƚ ŽĨĂ ƐĞƌŝĞƐ ŽĨŵĂũŽƌEtͲ^ͲƚƌĞŶĚŝŶŐĂƌĐͲƉĂƌĂůůĞů ĨĂƵůƚƐ͘ dŚĞƐĞ ĨĂƵůƚƐĂƌĞĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ŶƵŵĞƌŽƵƐ Ƶ ĂŶĚ Ƶ ĂŶŽŵĂůŝĞƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ^ƵƚĂŬŝŬŝ ƉƌŽƐƉĞĐƚ ĂŶĚ ƚŚĞ DďĞƚŝůŽŶŐĂ ƉƌŽƐƉĞĐƚ ;ĨŽƌŵĞƌůLJ ƉĂƌƚ ŽĨ ƚŚĞ 'ƵĂĚĂůĐĂŶĂů:ŽŝŶƚsĞŶƚƵƌĞͿ͘dŚĞƉƌŽũĞĐƚĂƌĞĂŽǀĞƌůŝĞƐĂϯ͘ϱͲŬŝůŽŵĞƚƌĞǁŝĚĞ͕ĂŶŶƵůĂƌ͕ĐĂůĚĞƌĂͲůŝŬĞƚŽƉŽŐƌĂƉŚŝĐĨĞĂƚƵƌĞ͘ŶŶƵůĂƌĂŶĚ ŶĞƐƚĞĚ ƚŽƉŽŐƌĂƉŚŝĐ ĂŶŽŵĂůŝĞƐ ŝŶ ƚŚĞ ƌĞŐŝŽŶ ƐƵŐŐĞƐƚ ƚŚĞ ƉƌĞƐĞŶĐĞ ŽĨ ĞdžƚĞŶƐŝǀĞ ďĂƚŚŽůŝƚŚƐ ŽĨ ƚŚĞ <ŽůŽƵůĂ ŝŽƌŝƚĞ ďĞŶĞĂƚŚ ƚŚĞ ǀŽůĐĂŶŝĐĐŽǀĞƌŽĨƚŚĞ^ƵƚĂsŽůĐĂŶŝĐƐ͘dŚĞƉƌŽƐƉĞĐƚŐĞŽůŽŐLJŝƐĚŽŵŝŶĂƚĞĚďLJĂϰŬŵďLJϭŬŵůŝƚŚŽĐĂƉ͘ dŚŝƐĞdžƚĞŶƐŝǀĞnjŽŶĞŽĨĂƌŐŝůůŝĐ ĂŶĚĂĚǀĂŶĐĞĚĂƌŐŝůůŝĐĂůƚĞƌĂƚŝŽŶŝƐĐĂƵƐĞĚďLJŚLJĚƌŽƚŚĞƌŵĂůĨůƵŝĚƐƚŚĂƚĞŵĂŶĂƚĞĨƌŽŵƚŚĞƚŽƉŽĨƉŽƌƉŚLJƌLJĐŽƉƉĞƌͲŐŽůĚŵŝŶĞƌĂůŝƐŝŶŐ ƐLJƐƚĞŵƐ͕ĂŶĚƚŚƵƐƉƌŽǀŝĚĞƐĂďƵƌŝĞĚƉŽƌƉŚLJƌLJĐŽƉƉĞƌŐŽůĚƚĂƌŐĞƚ͘

dŚĞŐĞŽĐŚĞŵŝĐĂůůLJĂŶŽŵĂůŽƵƐƉŽƌƚŝŽŶŽĨƚŚĞ<ƵŵĂůŝƚŚŽĐĂƉ ;ŶŽƌƚŚǁĞƐƚĞŶĚͿůŝĞƐǁŝƚŚŝŶƚŚĞĂŶŶƵůĂƌƚŽƉŽŐƌĂƉŚŝĐĂŶŽŵĂůLJ͘<ƵŵĂ ŚĂƐĂƐƉĞĐƚĂĐƵůĂƌŽdžŝĚŝnjĞĚ ĨůŽĂƚďŽƵůĚĞƌƚƌĂŝůĂůŽŶŐƚŚĞ<ƵŵĂZŝǀĞƌĂŶĚǁĂƐƚƌĂĐĞĚƚŽůĞŵďĂĂŶĚ<ŽůŽǀĞůŽĐƌĞĞŬƐǁŚŝĐŚůĞĂĚƚŽ ĚŝƐĐŽǀĞƌLJŽĨďƌŽĂĚŚLJĚƌŽƚŚĞƌŵĂůĂůƚĞƌĂƚŝŽŶnjŽŶĞƐĂŶĚůŝƚŚŽĐĂƉ͘

WƌĞǀŝŽƵƐĞdžƉůŽƌĂƚŝŽŶĐŽŵƉůĞƚĞĚĂƚ<ƵŵĂƵŶĚĞƌƚŚĞ'ƵĂĚĂůĐĂŶĂů:ŽŝŶƚsĞŶƚƵƌĞďĞƚǁĞĞŶ^Žů'ŽůĚĂŶĚEĞǁŵŽŶƚŝŶĐůƵĚĞĚĞdžƚĞŶƐŝǀĞ ŐĞŽĐŚĞŵŝĐĂů ƐĂŵƉůŝŶŐ ;>'͕ ƌŽĐŬ ĐŚŝƉ ĂŶĚ ĐŚĂŶŶĞů ƐĂŵƉůĞƐͿ͕ ŐĞŽůŽŐŝĐĂů ŵĂƉƉŝŶŐ͕ Ă ŵĂŐŶĞƚŝĐ ƐƵƌǀĞLJ ĂŶĚ ĂŶ ĞůĞĐƚƌŽŵĂŐŶĞƚŝĐ ƐƵƌǀĞLJ͘'ĞŽĐŚĞŵŝĐĂůƌĞƐƵůƚƐĚĞĨŝŶĞĂĐĞŶƚƌĂůnjŽŶĞŽĨŵĂŶŐĂŶĞƐĞĚĞƉůĞƚŝŽŶ;DŶфϮϬϬƉƉŵͿŝŶĨĞƌƌĞĚƚŽŝŶĚŝĐĂƚĞƚŚĞĚĞƐƚƌƵĐƚŝŽŶŽĨ ŵĂĨŝĐŵŝŶĞƌĂůƐďLJŚLJĚƌŽƚŚĞƌŵĂůĂůƚĞƌĂƚŝŽŶ͘ŝŶĐхϳϱƉƉŵĨŽƌŵƐĂŶĂŶŶƵůƵƐƚŽƚŚŝƐnjŽŶĞ͕ĂŶĚDŽůLJďĚĞŶƵŵхϰƉƉŵůŝĞƐĂůŽŶŐƚŚĞ ŵĂƌŐŝŶƐ ŽĨ ƚŚĞ ŵĂŶŐĂŶĞƐĞ ůŽǁ ŝŶĚŝĐĂƚŝŶŐ ƉŽƚĞŶƚŝĂů ĨŽƌ ƉŽƌƉŚLJƌLJ ƵͲƵ ŵŝŶĞƌĂůŝnjĂƚŝŽŶ Ăƚ ĚĞƉƚŚ͘ dĞƌƌĂ^ƉĞĐ ƐƉĞĐƚƌĂů ĂŶĂůLJƐŝƐ ŽĨ ƐŝĞǀĞĚĐŽĂƌƐĞ ĨƌĂĐƚŝŽŶƐŽŝůƐĂŵƉůĞƐĐŽǀĞƌŝŶŐƚŚĞ<ƵŵĂůŝƚŚŽĐĂƉĂƌĞĂǁĂƐĐŽŵƉůĞƚĞĚĂƚĂĐŽŵŵĞƌĐŝĂůůĂďŽƌĂƚŽƌLJŝŶƵƐƚƌĂůŝĂ͘dŚĞ ƌĞƐƵůƚƐ ŝŶƚĞŐƌĂƚĞĚ ǁŝƚŚ ŬŶŽǁŶ ŐĞŽůŽŐLJ ŝŶ ƚŚĞ ƉƌŽƐƉĞĐƚ ĂƌĞĂ ŚĂƐ ŚŝŐŚůŝŐŚƚĞĚ Ă ƉƌŝŵĂƌLJ ƉŽƌƉŚLJƌLJ ƚĂƌŐĞƚ ĐĞŶƚƌĞ ŝŶ ƚŚĞ ŶŽƌƚŚĞƌŶ ƉŽƌƚŝŽŶŽĨƚŚĞůŝƚŚŽĐĂƉ͘

KŶĞŽĨƚŚĞƌĞůĂƚĞĚƉƌŽƐƉĞĐƚŝŶŐůŝĐĞŶĐĞƐ;W>ϬϴͬϬϲͿĞdžƉŝƌĞĚŽŶϭϭ ƉƌŝůϮϬϭϱĂŶĚĂĐĐŽƌĚŝŶŐůLJƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨΨϬ͘ϯϭŵŝůůŝŽŶǁĂƐ ĐŽŶƐŝĚĞƌĞĚƚŽďĞŝŵƉĂŝƌĞĚĂŶĚĂŶŝŵƉĂŝƌŵĞŶƚĐŚĂƌŐĞŽĨΨϬ͘ϯϭŵŝůůŝŽŶǁĂƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƉƌŝŽƌLJĞĂƌ͘

ŶĂĐŽŶĚĂƐƚLJůĞŐĞŽůŽŐŝĐĂůŵĂƉƉŝŶŐŝƐ ƉůĂŶŶĞĚ ĨŽƌ ƚŚĞĐŽŵŝŶŐLJĞĂƌƐŽĂƐ ƚŽďƌŝŶŐ ƚŚĞƉƌŽũĞĐƚ ƚŽ Ěƌŝůů ƌĞĂĚLJƐƚĂƚƵƐŝŶϮϬϭϳ͘ dŚƌĞĞ ƐƚĞĞƉůLJͲŝŶĐůŝŶĞĚĚŝĂŵŽŶĚĐŽƌĞĚƌŝůůͲŚŽůĞƐ͕ĞĂĐŚĂďŽƵƚϴϬϬŵĚĞĞƉ͕ĂƌĞĞŶǀŝƐĂŐĞĚĨŽƌĂŶŝŶŝƚŝĂůƚĞƐƚŽĨƚŚĞƚĂƌŐĞƚĂƌĞĂ͘ƌŝůů^ŝƚĞƐǁŝůů ďĞ ůŽĐĂƚĞĚ ĨŽůůŽǁŝŶŐ ŶĂĐŽŶĚĂ ƐƚLJůĞ ŐĞŽůŽŐŝĐĂů ŵĂƉƉŝŶŐ ǁŝƚŚŝŶ ĂŶĚ ƉĞƌŝƉŚĞƌĂů ƚŽ ƚŚĞ ƚĂƌŐĞƚ ĂƌĞĂ͘ ^ŝůŝĐĂ ůĞĚŐĞƐ ĂŶĚ ĚŝĐŬŝƚĞ ĂŶŽŵĂůŝĞƐĐŽŶƚƌŽůůĞĚďLJŚŝŐŚůĞǀĞůƐƚƌƵĐƚƵƌĞĐĂŶďĞƚĞƐƚĞĚƚŽƉƌŽǀŝĚĞǀĞĐƚŽƌƐƚŽǁĂƌĚƚŚĞĐĞŶƚƌĞŽĨƚŚĞ<ƵŵĂƉŽƌƉŚLJƌLJŐŽůĚͲĐŽƉƉĞƌ ƐLJƐƚĞŵ ĂŶĚ ƚŚĞ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ ĂŶĚ ŽƌŝĞŶƚĂƚŝŽŶ ŽĨ ĚŝŬĞƐ ;ƉŽƌƉŚLJƌŝƚŝĐ ĨĞůƐŝĐͿ͕ ǀĞŝŶƐ ;ƋƵĂƌƚnj ĂŶĚ ĞƉŝĚŽƚĞͿ ĂŶĚ ĨƌĂĐƚƵƌĞƐ ;ĐŽŶƚĂŝŶŝŶŐ ĐŚĂůĐŽƉLJƌŝƚĞŽƌŵĂŐŶĞƚŝƚĞͿ͘

Zs/tK&KWZd/KE^;ĐŽŶƚŝŶƵĞĚͿ

YhE^>Eʹh^dZ>/

dŚĞƌĞǁĂƐŶŽĞdžƉůŽƌĂƚŝŽŶĂĐƚŝǀŝƚLJŽŶƚŚĞƉƌŽũĞĐƚƐŝŶYƵĞĞŶƐůĂŶĚĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚ͘:ŽŝŶƚǀĞŶƚƵƌĞŽƉƉŽƌƚƵŶŝƚŝĞƐĂƌĞďĞŝŶŐƐŽƵŐŚƚ ĨŽƌ ƚŚĞƐĞ ƉƌŽũĞĐƚƐ ĂŶĚ ŝƚ ŝƐ ƉůĞĂƐŝŶŐ ƚŽ ŶŽƚĞ ƚŚĂƚ ƚŚĞƌĞ ŚĂƐ ďĞĞŶ ŵƵĐŚ ŝŶƚĞƌĞƐƚ ďLJ ũƵŶŝŽƌ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ŵŝŶŝŶŐ ĐŽŵƉĂŶŝĞƐ͘ ,ŽǁĞǀĞƌ͕ ĚĞƐƉŝƚĞ ƚŚŝƐ ŝŶƚĞƌĞƐƚ͕ ƚŚĞ ĐŽŶƚŝŶƵĞĚ ĐŚĂůůĞŶŐŝŶŐ ĞƋƵŝƚŝĞƐ ŵĂƌŬĞƚƐ ĂƌĞ ŵĂŬŝŶŐ ŝƚ ĚŝĨĨŝĐƵůƚ ĨŽƌ ĐŽŵƉĂŶŝĞƐ ƚŽ ƌĂŝƐĞ ƚŚĞ ĞdžƉůŽƌĂƚŝŽŶĨƵŶĚƐƚŽĐŽŵƉůĞƚĞũŽŝŶƚǀĞŶƚƵƌĞĚĞĂůƐĂŶĚĐŽŵŵĞŶĐĞĞdžƉůŽƌĂƚŝŽŶ͘

DŽƵŶƚ WĞƌƌLJ ;ϭϬϬй ^Žů'ŽůĚͿ

>ŽĐĂƚŝŽŶ͗	ϭϯϬŬŵŶŽƌƚŚͲǁĞƐƚŽĨ'LJŵƉŝĞ͕YƵĞĞŶƐůĂŶĚ͕ƵƐƚƌĂůŝĂ
KǁŶĞƌƐŚŝƉ͗	ϭϬϬйŽǁŶĞĚ
dĞŶĞŵĞŶƚƌĞĂ͗	ϴϵ ŐƌĂŶƚĞĚ ƐƵďͲďůŽĐŬƐ ;ĐŝƌĐĂ ϮϳϳŬŵϮ Ϳ ĂŶĚ ϭϬϯ ĂƉƉůŝĐĂƚŝŽŶ ƐƵďͲďůŽĐŬƐ ;ĐŝƌĐĂ ϯϯϲŬŵϮ ͖ ƉƌŝŵĂƌŝůLJ ƚĞŶĞŵĞŶƚ ĐŽŶƐŽůŝĚĂƚŝŽŶĂƌĞĂƐͿ͘
WƌŝŵĂƌLJdĂƌŐĞƚƐ͗	,ŝŐŚŐƌĂĚĞ͕ůŽĚĞŐŽůĚĚĞƉŽƐŝƚƐĂŶĚƉŽƐƐŝďůĞŐŽůĚƉŽƌƉŚLJƌLJĚĞƉŽƐŝƚƐ

dŚĞ Dƚ WĞƌƌLJ 'ŽůĚĨŝĞůĚ ŝƐ ůŽĐĂƚĞĚ ĨŽƵƌ ŚŽƵƌƐ ďLJ ƌŽĂĚ ĨƌŽŵ ƌŝƐďĂŶĞ ĂŶĚ ŝƐ ŚŽƐƚ ƚŽ ŵŽƌĞ ƚŚĂŶ ϲϬ ŶĂŵĞĚ ĂŶĚ ŶƵŵĞƌŽƵƐ ŽƚŚĞƌ ƵŶŶĂŵĞĚ ŚŝƐƚŽƌŝĐĂůŵŝŶĞƐĂŶĚǁŽƌŬŝŶŐƐ͘ dŚĞĂƌĞĂůŝĞƐĂĚũĂĐĞŶƚ ƚŽǀŽůƵƚŝŽŶ͛ƐϭϬϬ͕ϬϬϬ ŽƵŶĐĞ ƉĞƌĂŶŶƵŵDƚZĂǁĚŽŶ'ŽůĚDŝŶĞ ǁŚŝĐŚ ůŝĞƐ Ăƚ ƚŚĞ ŝŶƚĞƌƐĞĐƚŝŽŶ ŽĨ ƚǁŽŵĂũŽƌ ŐĞŽůŽŐŝĐĂů ĨĂƵůƚ ƐƚƌƵĐƚƵƌĞƐ͖ ƚŚĞDƚ ĂŶŝĂ ĂŶĚĂƌůŝŶŐ >ŝŶĞĂŵĞŶƚƐ͘ ƵƌƌĞŶƚ ƉƵďůŝƐŚĞĚ ƌĞƐŽƵƌĐĞƐ Ăƚ Dƚ ZĂǁĚŽŶ ƐƚĂŶĚ Ăƚ ϯϲ͘ϳ ŵŝůůŝŽŶ ƚŽŶŶĞƐ Ăƚ Ϭ͘ϴϳŐͬƚ ŐŽůĚ ĨŽƌ ϭ ŵŝůůŝŽŶ ŽƵŶĐĞƐ͕ ĂŶĚ ŚŝƐƚŽƌŝĐĂů ƉƌŽĚƵĐƚŝŽŶ ŚĂƐ ďĞĞŶ ĂƉƉƌŽdžŝŵĂƚĞůLJϭŵŝůůŝŽŶŽƵŶĐĞƐ͘džƉůŽƌĂƚŝŽŶĂƚDƚWĞƌƌLJŚĂƐĨŽĐƵƐƐĞĚĂůŽŶŐƚǁŽŵŝŶĞƌĂůŝƐĞĚƐƚƌƵĐƚƵƌĂůnjŽŶĞƐ;dŚĞƵŐƵƐƚŝŶĞͲEĞǁ DŽŽŶƚĂƚƌĞŶĚĂŶĚƚŚĞŚŝŶĂŵĂŶƐͲZĞĂŐĂŶƐƚƌĞŶĚ͘ dŚĞƐƚƌƵĐƚƵƌĂůŽƌŝĞŶƚĂƚŝŽŶƐŽĨƚŚĞƐĞĂƌĞƐŝŵŝůĂƌƚŽƚŚĞŵĂũŽƌƐƚƌƵĐƚƵƌĞƐƚŚĂƚŚŽƐƚ ƚŚĞDƚZĂǁĚŽŶŐŽůĚŵŝŶĞ͘

dŚĞ͚ƵŐƵƐƚŝŶĞͲEĞǁDŽŽŶƚĂƚƌĞŶĚ͛ĞdžƚĞŶĚƐŽǀĞƌĂϮϬŬŵůŽŶŐŶŽƌƚŚͲĞĂƐƚƚƌĞŶĚŝŶŐĐŽƌƌŝĚŽƌĨƌŽŵƵŐƵƐƚŝŶĞŝŶƚŚĞƐŽƵƚŚͲǁĞƐƚƚŽƚŚĞ EĞǁ DŽŽŶƚĂ ŵŝŶĞƐ ŝŶ ƚŚĞ ŶŽƌƚŚͲĞĂƐƚ͘ ^ƵůƉŚŝĚĞͲŵŝŶĞƌĂůŝƐĞĚ ďƌĞĐĐŝĂ ďŽĚŝĞƐ ǁŝƚŚ ǀĂƌŝĂďůĞ ŐŽůĚ͕ ƐŝůǀĞƌ͕ ďĂƐĞ ŵĞƚĂůƐ ĂŶĚ ǁŝƚŚ ŽĐĐƵƌƌĞŶĐĞƐŽĨƵƌĂŶŝƵŵĐŚĂƌĂĐƚĞƌŝƐĞƚŚĞƵŐƵƐƚŝŶĞͲEĞǁDŽŽŶƚĂƚƌĞŶĚ͘ dŚĞƐĞĐŽŶĚƚĂƌŐĞƚnjŽŶĞŝƐƚŚĞ͚ŚŝŶĂŵĂŶƐͲZĞĂŐĂŶƐƚƌĞŶĚ͛͘ dŚŝƐƚĂƌŐĞƚnjŽŶĞŝƐĐŚĂƌĂĐƚĞƌŝƐĞĚďLJĐŽƉƉĞƌͲŵŽůLJďĚĞŶƵŵƉŽƌƉŚLJƌŝĞƐǁŝƚŚŐŽůĚĂŶĚnjŝŶĐĂŶŽŵĂůŽƵƐŚĂůŽƐŝŶƚŚĞƐŽƵƚŚŽĨƚŚĞƉƌŽũĞĐƚ ĂƌĞĂ͕ĂŶĚŝƚŵĞƌŐĞƐǁŝƚŚƚŚĞϳŬŵůŽŶŐĂŶĚƐƚƌŽŶŐůLJŵŝŶĞƌĂůŝƐĞĚŚŝŶĂŵĂŶ͛ƐƌĞĞŬʹZĞŝĚ͛ƐƌĞĞŬʹ^ƉƌŝŶŐƌĞĞŬʹZĞĂŐĂŶ͛ƐƚĂƌŐĞƚ ŝŵŵĞĚŝĂƚĞůLJ ƚŽ ƚŚĞ ŶŽƌƚŚ͘ džƚĞŶƐŝǀĞ ĂŝƌďŽƌŶĞ ŵĂŐŶĞƚŝĐ ĂŶĚ ĞůĞĐƚƌŽŵĂŐŶĞƚŝĐ ƐƵƌǀĞLJƐ ŚĂǀĞ ďĞĞŶ ĐŽŶĚƵĐƚĞĚ ŽǀĞƌ ƚŚĞ Dƚ WĞƌƌLJ WƌŽũĞĐƚĂƌĞĂ͕ƚŽŐĞƚŚĞƌǁŝƚŚĚĞƚĂŝůĞĚƐŽŝůƐĂŵƉůŝŶŐ͕ƌŽĐŬĐŚŝƉƐĂŵƉůŝŶŐĂŶĚŐĞŽůŽŐŝĐĂůŵĂƉƉŝŶŐƐƵƌǀĞLJƐ͘ dŚŝƐŚĂƐďĞĞŶĨŽůůŽǁĞĚďLJ ĚƌŝůůŝŶŐ ƉƌŽŐƌĂŵƐ ƚŚĂƚ ĐŽŶĚƵĐƚĞĚ ĨŝƌƐƚ ƉĂƐƐ ƌĞĐŽŶŶĂŝƐƐĂŶĐĞ ĚƌŝůůŝŶŐ ŽŶ ŶƵŵĞƌŽƵƐ ƚĂƌŐĞƚƐ͘ džƉůŽƌĂƚŝŽŶ ĂƚDƚWĞƌƌLJ ŚĂƐ ŝĚĞŶƚŝĨŝĞĚ ƐĞǀĞƌĂů ŚŝŐŚ ŐƌĂĚĞ ǀĞŝŶͲƐƚLJůĞ ƚĂƌŐĞƚƐ ĂŶĚ ůŽǁĞƌ ŐƌĂĚĞ͕ ŚŝŐŚͲƚŽŶŶĂŐĞ ƉŽƌƉŚLJƌLJͲƐƚLJůĞ ŐŽůĚ ƚĂƌŐĞƚƐ͘ /ŶĚĞƉĞŶĚĞŶƚ ƌĞǀŝĞǁ ŽĨ ƚŚĞ ŐĞŽůŽŐŝĐĂůƌĞƐŽƵƌĐĞƉŽƚĞŶƚŝĂůŽĨƚŚĞĂƌĞĂĐŽŶĐůƵĚĞĚƚŚĂƚƚŚĞƉƌŽƐƉĞĐƚƐŚĂǀĞĂĐŽŵďŝŶĞĚƉŽƚĞŶƚŝĂůƚŽŚŽƐƚďĞƚǁĞĞŶϮϬϬ͕ϬϬϬŽƵŶĐĞƐ ;ďĂƐĞĐĂƐĞͿĂŶĚϳϬϬ͕ϬϬϬŽƵŶĐĞƐ;ŐĞŽůŽŐŝĐĂůƉŽƚĞŶƚŝĂůͿŽĨŐŽůĚ͘ƐŝŐŶŝĨŝĐĂŶƚĂŵŽƵŶƚŽĨƚŚĞƚĞŶĞŵĞŶƚƌĞŵĂŝŶƐƵŶĞdžƉůŽƌĞĚ͕ůĞĂǀŝŶŐ ƚŚĞ ƉŽƚĞŶƚŝĂů ĨŽƌ ƵŶƌĞĐŽŐŶŝƐĞĚ ƉƌŽƐƉĞĐƚƐ ƚŽ ďĞ ĚŝƐĐŽǀĞƌĞĚ ǁŝƚŚŝŶ ƚŚĞ ĂƌĞĂ͘ ^Žů'ŽůĚ ĞŶĐŽƵƌĂŐĞƐ ŝŶƚĞƌĞƐƚ ŝŶ Ă :s ƉĂƌƚŶĞƌƐŚŝƉ ƚŽ ĐŽŶƚŝŶƵĞĞdžƉůŽƌĂƚŝŽŶĂƚDƚWĞƌƌLJ͘

EŽƌŵĂŶďLJ WƌŽũĞĐƚ ;ϭϬϬй ^Žů'ŽůĚͿ

>ŽĐĂƚŝŽŶ͗	ϭϮϬŬŵŶŽƌƚŚͲǁĞƐƚŽĨDĂĐŬĂLJ͕YƵĞĞŶƐůĂŶĚ͕ƵƐƚƌĂůŝĂ
KǁŶĞƌƐŚŝƉ͗	ϭϬϬйŽǁŶĞĚ
dĞŶĞŵĞŶƚƌĞĂ͗	ϭϳϭŐƌĂŶƚĞĚƐƵďͲďůŽĐŬƐ;ĐŝƌĐĂϱϱϬŬŵϮ ͿĂŶĚϭϬϬĂƉƉůŝĐĂƚŝŽŶƐƵďͲďůŽĐŬƐ;ĐŝƌĐĂϯϮϭŬŵϮ ǁŚŝĐŚĂƌĞƉƌŝŵĂƌŝůLJ ĐŽŶƐŽůŝĚĂƚŝŽŶĂƌĞĂƐͿ͘
WƌŝŵĂƌLJdĂƌŐĞƚƐ͗	ƵͲƵƉŽƌƉŚLJƌLJĚĞƉŽƐŝƚƐĂŶĚďĂƚŚŽůŝƚŚĂƐƐŽĐŝĂƚĞĚŐŽůĚǀĞŝŶĚĞƉŽƐŝƚƐ

^Žů'ŽůĚ͛ƐĞdžƉůŽƌĂƚŝŽŶƚŽĚĂƚĞŚĂƐĨŽĐƵƐƐĞĚĂƌŽƵŶĚƚŚĞEŽƌŵĂŶďLJ'ŽůĚĨŝĞůĚ͕ĂĐŽůůĞĐƚŝŽŶŽĨϳϬŚŝƐƚŽƌŝĐĂůǁŽƌŬŝŶŐƐ͘ tŽƌŬƉƌŽŐƌĂŵƐ ŚĂǀĞŝŶĐůƵĚĞĚĞdžƚĞŶƐŝǀĞƐƚƌĞĂŵƐĞĚŝŵĞŶƚ͕ƐŽŝůĂŶĚƌŽĐŬĐŚŝƉƐĂŵƉůŝŶŐ͕ĂŶĂŝƌďŽƌŶĞŵĂŐŶĞƚŝĐƐƵƌǀĞLJĂŶĚϱϬĚƌŝůůŚŽůĞƐƚŽƚĂůůŝŶŐϭϱϮϯ ŵĞƚƌĞƐŝŶůĞŶŐƚŚ͘ dŚĞŵŽƐƚƐŝŐŶŝĨŝĐĂŶƚŝŶƚĞƌƐĞĐƚŝŽŶƐǁĞƌĞĂƚƚŚĞDƚ&ůĂƚdŽƉƉƌŽƐƉĞĐƚĂŶĚŝŶĐůƵĚĞĚĂŶŝŶƚĞƌƐĞĐƚŝŽŶŽĨϰϮŵŐƌĂĚŝŶŐ ϭ͘ϭϲŐͬƚŐŽůĚĂŶĚϯϰŵŐƌĂĚŝŶŐϭ͘ϮϮŐͬƚŐŽůĚ͘ dŚĞŵŝŶĞƌĂůŝƐĂƚŝŽŶŚĂƐƚŚĞŐĞŽůŽŐŝĐĂůĨĞĂƚƵƌĞƐŽĨĂƉŽƌƉŚLJƌLJĐŽƉƉĞƌƐLJƐƚĞŵǁŝƚŚĂŚŝŐŚ ŐŽůĚ ƚŽ ĐŽƉƉĞƌ ƌĂƚŝŽ͘ ƐĞĐŽŶĚ ƉŚĂƐĞ ŽĨ ĚƌŝůůŝŶŐ ŵĂLJ ďĞ ĐĂƌƌŝĞĚ ŽƵƚ ƚŽ ƚĞƐƚ ƚŚĞ ůĂƚĞƌĂů ĂŶĚ ǀĞƌƚŝĐĂů ĞdžƚĞŶƐŝŽŶ ŽĨ ƚŚŝƐ ƉŽƚĞŶƚŝĂů ƉŽƌƉŚLJƌLJƚĂƌŐĞƚ͘ ZĞŐŝŽŶĂůͲƐĐĂůĞƐƚƌĞĂŵƐĞĚŝŵĞŶƚĂŶĚƌŽĐŬĐŚŝƉƐĂŵƉůŝŶŐŚĂƐŝĚĞŶƚŝĨŝĞĚŶƵŵĞƌŽƵƐĂŶŽŵĂůŽƵƐĂƌĞĂƐ͕ŝŶĐůƵĚŝŶŐƚŚĞ DƚƌŽŵƉƚŽŶďƌĞĐĐŝĂƉŝƉĞ͘

Zs/tK&KWZd/KE^;ĐŽŶƚŝŶƵĞĚͿ

EŽ ĨŝĞůĚ ĞdžƉůŽƌĂƚŝŽŶ ǁĂƐ ĐŽŶĚƵĐƚĞĚ ŝŶ ϮϬϭϲ Ăƚ EŽƌŵĂŶďLJ ĂƐ ^Žů'ŽůĚ ŝƐ ƐĞĞŬŝŶŐ ĞdžƉƌĞƐƐŝŽŶƐ ŽĨ ŝŶƚĞƌĞƐƚ ƚŽ ũŽŝŶƚ ǀĞŶƚƵƌĞ ƚŚĞ EŽƌŵĂŶďLJƉƌŽũĞĐƚ͘

ZĂŶŶĞƐ WƌŽũĞĐƚ ;ϭϬϬй ^Žů'ŽůĚͿ

>ŽĐĂƚŝŽŶ͗	ϭϰϬŬŵǁĞƐƚŽĨ'ůĂĚƐƚŽŶĞ͕YƵĞĞŶƐůĂŶĚ͕ƵƐƚƌĂůŝĂ
KǁŶĞƌƐŚŝƉ͗	ϭϬϬйŽǁŶĞĚ
dĞŶĞŵĞŶƚ͗	ϮϬϵŐƌĂŶƚĞĚƐƵďͲďůŽĐŬƐ;ĐŝƌĐĂϲϱϱŬŵϮ ͿĂŶĚϮϬϯĂƉƉůŝĐĂƚŝŽŶƐƵďͲďůŽĐŬƐ;ĐŝƌĐĂϲϱϭ͘ϱŬŵϮ ͿǁŚŝĐŚĂƌĞƉƌŝŵĂƌŝůLJ
	ĐŽŶƐŽůŝĚĂƚŝŽŶĂƌĞĂƐͿ͘
WƌŝŵĂƌLJdĂƌŐĞƚƐ͗	ŝƐƐĞŵŝŶĂƚĞĚĂŶĚǀĞŝŶŐŽůĚĂŶĚƐŝůǀĞƌĚĞƉŽƐŝƚƐ

^Žů'ŽůĚ͛Ɛ ƉƌŝŶĐŝƉĂů ƚĂƌŐĞƚƐ Ăƚ ƚŚĞ ZĂŶŶĞƐ ƉƌŽũĞĐƚ ĂƌĞ ƐƚƌƵĐƚƵƌĂůůLJͲĐŽŶƚƌŽůůĞĚ͕ ůŽǁͲƐƵůƉŚŝĚĂƚŝŽŶ ĞƉŝƚŚĞƌŵĂů ŐŽůĚͲƐŝůǀĞƌ ĚĞƉŽƐŝƚƐ͘ dŚŝƌƚĞĞŶ ƉƌŽƐƉĞĐƚƐ ŚĂǀĞ ďĞĞŶ ŝĚĞŶƚŝĨŝĞĚ ǁŝƚŚŝŶ ƚŚĞ WĞƌŵŝĂŶͲĂŐĞĚ ĂŵŶ sŽůĐĂŶŝĐƐ͕ ǁŝƚŚ ƚŚĞ ŵĂũŽƌŝƚLJ ůLJŝŶŐ ĂůŽŶŐ ŶŽƌƚŚͲ ŶŽƌƚŚǁĞƐƚƚƌĞŶĚŝŶŐĨĂƵůƚnjŽŶĞƐ͘džƉůŽƌĂƚŝŽŶŚĂƐŝŶĐůƵĚĞĚƚĞŶĞŵĞŶƚǁŝĚĞƐƚƌĞĂŵƐĞĚŝŵĞŶƚ͕ƐŽŝůĂŶĚƌŽĐŬĐŚŝƉƐĂŵƉůŝŶŐƐƵƌǀĞLJƐ͘ ĚĞƚĂŝůĞĚĂŝƌďŽƌŶĞŵĂŐŶĞƚŝĐ ƐƵƌǀĞLJǁĂƐ ƌĞĐĞŶƚůLJ ƌĞͲŝŶƚĞƌƉƌĞƚĞĚ ƚŽĞŶŚĂŶĐĞ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ƚŚĞ ƐƚƌƵĐƚƵƌĂůŵŽĚĞů ŽĨ ƚŚĞ ďĞůƚ͘ džƉůŽƌĂƚŝŽŶ ŵĞƚŚŽĚƐ ŚĂǀĞ ŝŶĐůƵĚĞĚ Ă ϯ /W ;/ŶĚƵĐĞĚ WŽůĂƌŝƐĂƚŝŽŶͿ ƐƵƌǀĞLJ͕ ŐĞŽůŽŐŝĐĂů ŵĂƉƉŝŶŐ͕ ĂŶĚ ƚƌĞŶĐŚŝŶŐ Ăůů ĐŽŶƚƌŝďƵƚŝŶŐ ƚŽ ĚĞĨŝŶŝƚŝŽŶŽĨĂĚĚŝƚŝŽŶĂůĚƌŝůůƚĂƌŐĞƚƐĂƚƐĞǀĞƌĂůƉƌŽƐƉĞĐƚƐ͘

ƚŽƚĂůŽĨϰϳϯŚŽůĞƐŚĂǀĞďĞĞŶĚƌŝůůĞĚĂƚƚŚĞZĂŶŶĞƐƉƌŽũĞĐƚĨŽƌĂƚŽƚĂůŽĨϱϴ͕ϴϴϳŵ͘ DŽƐƚŽĨƚŚŝƐĚƌŝůůŝŶŐŚĂƐŽĐĐƵƌƌĞĚĂƚ<ĂƵĨĨŵĂŶƐ ƉƌŽƐƉĞĐƚ;ϭϱϭŚŽůĞƐͿĂŶĚƚŚĞƌƵŶĐŚŝĞƉƌŽƐƉĞĐƚ;ϵϬŚŽůĞƐͿ͕ǁŚŝůĞůŽǁĞƌŵĞƚƌĞĂŐĞĚƌŝůůƉƌŽŐƌĂŵƐŚĂǀĞďĞĞŶĐŽŶĚƵĐƚĞĚĂƚƚŚĞ^ŚŝůŽ͕ ƌĂĐŬůŝŶZŽƐŝĞ͕WŽƌĐƵƉŝŶĞ͕ƌŽƚŚĞƌ͕^ƉƌŝŶŐƌĞĞŬĂŶĚWŽůŝĐĞĂŵƉƌĞĞŬƉƌŽƐƉĞĐƚƐ͘dŚĞŐĞŽŵĞƚƌLJĂŶĚŶĂƚƵƌĞŽĨƚŚĞ<ĂƵĨĨŵĂŶƐĂŶĚ ƌƵŶĐŚŝĞƐLJƐƚĞŵƐĂƌĞǁĞůůƵŶĚĞƌƐƚŽŽĚ͘

ƌĂĐŽǁtĞƐƚ WƌŽũĞĐƚ ;ϭϬϬй ^Žů'ŽůĚͿ

>ŽĐĂƚŝŽŶ͗	ϮϲϬŬŵǁĞƐƚͲŶŽƌƚŚͲǁĞƐƚŽĨ'LJŵƉŝĞ͕YƵĞĞŶƐůĂŶĚ͕ƵƐƚƌĂůŝĂ
KǁŶĞƌƐŚŝƉ͗	ϭϬϬйŽǁŶĞĚ
dĞŶĞŵĞŶƚ͗	ϰϳŐƌĂŶƚĞĚƐƵďͲďůŽĐŬƐ;ĐŝƌĐĂϭϰϲŬŵϮ ͿĂŶĚϯϬĂƉƉůŝĐĂƚŝŽŶƐƵďͲďůŽĐŬƐ;ĐŝƌĐĂϵϯ͘ϭϲŬŵϮ Ϳ
	WƌŝŵĂƌLJdĂƌŐĞƚƐ͗ >ŽǁͲƐƵůƉŚŝĚĂƚŝŽŶĞƉŝƚŚĞƌŵĂůƵͲŐĚĞƉŽƐŝƚƐ

ƌĂĐŽǁtĞƐƚŝƐůŽĐĂƚĞĚϭϱŬŵƚŽƚŚĞŶŽƌƚŚͲǁĞƐƚŽĨǀŽůƵƚŝŽŶDŝŶŝŶŐ͛ƐƌĂĐŽǁŐŽůĚŵŝŶĞ;ĂƉƉƌŽdžŝŵĂƚĞůLJϭ͘ϱŵŝůůŝŽŶŽƵŶĐĞƐŽĨŐŽůĚͿ͘ 'ŽůĚ ŵŝŶĞƌĂůŝƐĂƚŝŽŶ Ăƚ ƚŚĞ ŵŝŶĞ ŝƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ WĞƌŵŝĂŶͲĂŐĞĚ͕ ůŽǁͲƐƵůƉŚŝĚĂƚŝŽŶ͕ ĞƉŝƚŚĞƌŵĂů ƋƵĂƌƚnj ǀĞŝŶƐ ǁŚŝĐŚ ŚĂǀĞ ďĞĞŶ ĞŵƉůĂĐĞĚĂůŽŶŐ ŶŽƌƚŚͲǁĞƐƚĂŶĚ ŶŽƌƚŚͲŶŽƌƚŚǁĞƐƚ ƚƌĞŶĚŝŶŐ ĨĂƵůƚ njŽŶĞƐ͘ ^Žů'ŽůĚ͛ƐŝŶŝƚŝĂůĞdžƉůŽƌĂƚŝŽŶ ĐŽŶĐĞƉƚǁĂƐ ƚŽĞdžƉůŽƌĞ ĨŽƌĂ ƐŝŵŝůĂƌĚĞƉŽƐŝƚƚŽƌĂĐŽǁŐŽůĚŵŝŶĞďƵƚĂƌĞĐĞŶƚƌĞǀŝĞǁŽĨƚŚĞƌĞŐŝŽŶĂůŐĞŽůŽŐLJƐƵŐŐĞƐƚƐƚŚĂƚƚŚĞĂŶŽŵĂůŝƐŵƐĞĞŶĂƚƌĂĐŽǁtĞƐƚ ŵĂLJďĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚĂůĂƚĞƌƉŚĂƐĞŽĨdƌŝĂƐƐŝĐŝŶƚƌƵƐŝŽŶƐ͕ƐƵŐŐĞƐƚŝŶŐĂůĂƚĞƌŵŝŶĞƌĂůŝƐĂƚŝŽŶĞǀĞŶƚ͘

^Žů'ŽůĚ͛Ɛ ĞdžƉůŽƌĂƚŝŽŶ Ăƚ ƌĂĐŽǁ tĞƐƚ ŚĂƐ ŝŶĐůƵĚĞĚ ƐƚƌĞĂŵ ƐĞĚŝŵĞŶƚ͕ ƐŽŝů ĂŶĚ ƌŽĐŬ ĐŚŝƉ ƐĂŵƉůŝŶŐ͘ dŚŝƐ ŚĂƐ ŝĚĞŶƚŝĨŝĞĚ ƚŚƌĞĞ ƐŝŐŶŝĨŝĐĂŶƚ ƉƌŽƐƉĞĐƚƐ͖ĂǁƐŽŶWĂƌŬ͕ <ĂŵďƌŽŽŬ ĂŶĚdŚĞŽĚŽƌĞ ĞŶĚƐ͘ ͚^D͛ ƐƵƌǀĞLJ ;ƐƵďͲĂƵĚŝŽ ŵĂŐŶĞƚŽƚĞůůƵƌŝĐƐͿ ŚĂƐ ĂůƐŽ ďĞĞŶ ĐŽŵƉůĞƚĞĚ ŽǀĞƌ ƚŚĞ <ĂŵďƌŽŽŬ ĂŶĚĂǁƐŽŶ WĂƌŬ ƉƌŽƐƉĞĐƚ͘ dŚŝƐ ŚĂƐ ŝĚĞŶƚŝĨŝĞĚ Ă ƉŽƚĞŶƚŝĂů ďƵƌŝĞĚ ƚĂƌŐĞƚ ĂƚĂǁƐŽŶ WĂƌŬ͕ ǁŚŝĐŚ ĐŽŝŶĐŝĚĞƐǁŝƚŚĂĚŝƐƚŝŶĐƚƐŽŝůƚĞůůƵƌŝƵŵĂŶŽŵĂůLJĂƚƐƵƌĨĂĐĞ͘

YƵĂůŝĨŝĞĚ WĞƌƐŽŶ͗

/ŶĨŽƌŵĂƚŝŽŶ ŝŶ ƚŚŝƐ ƌĞƉŽƌƚ ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ ĞdžƉůŽƌĂƚŝŽŶ ƌĞƐƵůƚƐ ŝƐ ďĂƐĞĚ ŽŶ ĚĂƚĂ ƌĞǀŝĞǁĞĚ ďLJDƌEŝĐŚŽůĂƐDĂƚŚĞƌ ;͘^Đ͘ ,ŽŶƐ'ĞŽů͘Ϳ͕ ƚŚĞŚŝĞĨ džĞĐƵƚŝǀĞKĨĨŝĐĞƌŽĨƚŚĞŽŵƉĂŶLJ͘DƌDĂƚŚĞƌŝƐĂ&ĞůůŽǁŽĨƚŚĞƵƐƚƌĂůĂƐŝĂŶ/ŶƐƚŝƚƵƚĞŽĨDŝŶŝŶŐĂŶĚDĞƚĂůůƵƌŐLJǁŚŽŚĂƐŝŶĞdžĐĞƐƐŽĨϮϱLJĞĂƌƐ͛ ĞdžƉĞƌŝĞŶĐĞŝŶŵŝŶĞƌĂůĞdžƉůŽƌĂƚŝŽŶĂŶĚŝƐĂYƵĂůŝĨŝĞĚWĞƌƐŽŶƵŶĚĞƌƚŚĞ/D ZƵůĞƐ͘DƌDĂƚŚĞƌĐŽŶƐĞŶƚƐƚŽƚŚĞŝŶĐůƵƐŝŽŶŽĨƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŝŶƚŚĞ ĨŽƌŵĂŶĚĐŽŶƚĞdžƚŝŶǁŚŝĐŚŝƚĂƉƉĞĂƌƐ͘

/EdZ^d^/EdEDEd^

EPM	EPM Name	Principal Holder	Project	Expiry
Queensland
25245	Mount Perry Consolidated	Acapulco Mining Pty Ltd	Mt Perry	21/Jan/18
19410	Normanby Consolidated	Acapulco Mining Pty Ltd	Normanby	16/Jun/17
18760	Westwood	Central Minerals Pty Ltd	Rannes	22/Jan/17*
19243	Lonesome	Central Minerals Pty Ltd	Rannes	22/Jan/17*
19639	Goovigen Consolidated	Central Minerals Pty Ltd	Rannes	19/Oct/17
25300	Cooper Consolidated	Central Minerals Pty Ltd	Rannes	04/Mar/18
18032	Cracow West	Central Minerals Pty Ltd	Cracow West	11/Oct/18
Ecuador
402288	Cascabel	Exploraciones Novomining S.A.	Cascabel	26/Apr/35

292

Z/^<^E hEZd/Ed/^

dŚĞŝƌĞĐƚŽƌƐĐŽŶƐŝĚĞƌƚŚĂƚƚŚĞĨĂĐƚŽƌƐĂŶĚƌŝƐŬƐĚĞƐĐƌŝďĞĚďĞůŽǁĂƌĞƚŚĞŵŽƐƚƐŝŐŶŝĨŝĐĂŶƚ͘

&ƵŶĚŝŶŐZŝƐŬƐ

'ĞŶĞƌĂůdžƉůŽƌĂƚŝŽŶ ĂŶĚdžƚƌĂĐƚŝŽŶ ƌŝƐŬƐ

dŝƚůĞ ZŝƐŬ

WĞƌŵŝƚƚŝŶŐZŝƐŬŝŶĐƵĂĚŽƌ

Ɛ ǁŝƚŚ Ăůů ũƵƌŝƐĚŝĐƚŝŽŶƐ ŝŶ ǁŚŝĐŚ ^Žů'ŽůĚ ŽƉĞƌĂƚĞƐ͕ Ă ƉĂƌƚŝĐƵůĂƌ ƉĞƌŵŝƚƚŝŶŐ ƌĞŐŝŵĞ ĞdžŝƐƚƐ ŝŶ ĐƵĂĚŽƌ ǁŝƚŚ ǁŚŝĐŚ ^Žů'ŽůĚ ŵƵƐƚ ĐŽŵƉůLJ͘ ĞĨŽƌĞ ĐŽŵŵĞŶĐŝŶŐ ĂŶLJ ĞdžƉůŽƌĂƚŝŽŶ ĂĐƚŝǀŝƚLJ͕ ^Žů'ŽůĚ ŵĂLJ ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ŶĞŐŽƚŝĂƚĞ ĂĐĐĞƐƐ ĂŶĚ ĐŽŵƉĞŶƐĂƚŝŽŶ ĂƌƌĂŶŐĞŵĞŶƚƐ ǁŝƚŚ ĂŶLJ ŝŶƚĞƌĞƐƚĞĚ ůĂŶĚ ĂĐĐĞƐƐ ŐƌŽƵƉƐ ĂŶĚ ƌĞůĞǀĂŶƚ ĂƵƚŚŽƌŝƚŝĞƐ ŝŶ ĐƵĂĚŽƌ͘ ^Žů'ŽůĚ ŚĂƐ ĞŶŐĂŐĞĚ ĞdžƉĞƌŝĞŶĐĞĚ ĂĚǀŝƐŽƌƐĂŶĚĐŽŶƐƵůƚĂŶƚƐƚŽĂƐƐŝƐƚǁŝƚŚŶĞŐŽƚŝĂƚŝŽŶƐ͕ŚŽǁĞǀĞƌ͕ƚŚĞƌĞŝƐŶŽŐƵĂƌĂŶƚĞĞƚŚĂƚĂůůŶĞĐĞƐƐĂƌLJĂĐĐĞƐƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶ ĂƌƌĂŶŐĞŵĞŶƚƐ ǁŝůů ďĞ ĞŶƚĞƌĞĚ ŝŶ Ă ƚŝŵĞůLJ ŵĂŶŶĞƌ͕ ŽŶ ĨĂǀŽƵƌĂďůĞ ƚĞƌŵƐ͕ ǁŝƚŚŽƵƚ ŽŶĞƌŽƵƐ ĐŽŶĚŝƚŝŽŶƐ Žƌ Ăƚ Ăůů͘ ^ŝŵŝůĂƌůLJ͕ ŶŽ ŐƵĂƌĂŶƚĞĞƐ ĐĂŶ ďĞ ŵĂĚĞ ĂƐ ƚŽ ƚŝŵĞĨƌĂŵĞƐ ǁŝƚŚŝŶ ǁŚŝĐŚ ŶĞŐŽƚŝĂƚŝŽŶƐ ŵĂLJ ďĞ ĨŝŶĂůŝƐĞĚ Žƌ ƚŚĞ ƌĞĂƐŽŶĂďůĞŶĞƐƐ ŽĨ ƚŚŝƌĚ ƉĂƌƚŝĞƐ͘ &ĂŝůƵƌĞƚŽŽďƚĂŝŶĂůůŶĞĐĞƐƐĂƌLJƉĞƌŵŝƚƐ͕ůŝĐĞŶƐĞƐĂŶĚĂĐĐĞƐƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƐĂƌƌĂŶŐĞŵĞŶƚƐŵĂLJŚĂǀĞĂŵĂƚĞƌŝĂůĂĚǀĞƌƐĞĞĨĨĞĐƚ ŽŶ^Žů'ŽůĚ͘

Z/^<^E hEZd/Ed/^;ĐŽŶƚŝŶƵĞĚͿ

ƵƐƚƌĂůŝĂŶ EĂƚŝǀĞdŝƚůĞ ZŝƐŬ

dŚĞ ĞĨĨĞĐƚ ŽĨ ƚŚĞEĂƚŝǀĞ dŝƚůĞ Đƚ ϭϵϵϯ ;ƚŚͿ ;͞Ed͟Ϳ ŝƐ ƚŚĂƚ ĞdžŝƐƚŝŶŐ ĂŶĚ ŶĞǁ ƚĞŶĞŵĞŶƚƐ ŚĞůĚ ďLJ ^Žů'ŽůĚ ŝŶ ƵƐƚƌĂůŝĂ ŵĂLJ ďĞ ĂĨĨĞĐƚĞĚďLJŶĂƚŝǀĞ ƚŝƚůĞĐůĂŝŵƐĂŶĚ ƉƌŽĐĞĚƵƌĞƐ͘^Žů'ŽůĚŚĂƐŶŽƚƵŶĚĞƌƚĂŬĞŶ ƚŚĞ ŚŝƐƚŽƌŝĐĂů͕ůĞŐĂů ŽƌĂŶƚŚƌŽƉŽůŽŐŝĐĂů ƌĞƐĞĂƌĐŚĂŶĚ ŝŶǀĞƐƚŝŐĂƚŝŽŶƐĂƚƚŚĞĚĂƚĞŽĨƚŚŝƐƌĞƉŽƌƚƚŚĂƚǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽĨŽƌŵĂŶŽƉŝŶŝŽŶĂƐƚŽǁŚĞƚŚĞƌĂŶLJĞdžŝƐƚŝŶŐŽƌĨƵƚƵƌĞĐůĂŝŵĨŽƌ ŶĂƚŝǀĞƚŝƚůĞĐŽƵůĚďĞƵƉŚĞůĚŽǀĞƌĂƉĂƌƚŝĐƵůĂƌƉĂƌĐĞůŽĨůĂŶĚĐŽǀĞƌĞĚďLJĂƚĞŶĞŵĞŶƚ͘

dŚĞƌĞŝƐĂƉŽƚĞŶƚŝĂů ƌŝƐŬƚŚĂƚĂĚĞƚĞƌŵŝŶĂƚŝŽŶĐŽƵůĚďĞŵĂĚĞƚŚĂƚŶĂƚŝǀĞƚŝƚůĞĞdžŝƐƚƐŝŶƌĞůĂƚŝŽŶƚŽůĂŶĚƚŚĞƐƵďũĞĐƚŽĨĂƚĞŶĞŵĞŶƚ ŚĞůĚŽƌƚŽďĞŚĞůĚďLJ^Žů'ŽůĚǁŚŝĐŚŵĂLJĂĨĨĞĐƚƚŚĞŽƉĞƌĂƚŝŽŶŽĨ^Žů'ŽůĚ͛ƐďƵƐŝŶĞƐƐĂŶĚĚĞǀĞůŽƉŵĞŶƚĂĐƚŝǀŝƚŝĞƐ͘/ŶƚŚĞĞǀĞŶƚƚŚĂƚŝƚ ŝƐĚĞƚĞƌŵŝŶĞĚƚŚĂƚŶĂƚŝǀĞƚŝƚůĞĚŽĞƐĞdžŝƐƚŽƌĂŶĂƚŝǀĞƚŝƚůĞĐůĂŝŵŝƐƌĞŐŝƐƚĞƌĞĚ͕^Žů'ŽůĚŵĂLJŶĞĞĚƚŽĐŽŵƉůLJǁŝƚŚƉƌŽĐĞĚƵƌĞƐƵŶĚĞƌ ƚŚĞEdŝŶŽƌĚĞƌƚŽĐĂƌƌLJŽƵƚŝƚƐŽƉĞƌĂƚŝŽŶƐŽƌƚŽďĞŐƌĂŶƚĞĚĂŶLJĂĚĚŝƚŝŽŶĂůƌŝŐŚƚƐƐƵĐŚĂƐĂDŝŶŝŶŐ>ĞĂƐĞ͘^ƵĐŚƉƌŽĐĞĚƵƌĞƐŵĂLJ ƚĂŬĞĐŽŶƐŝĚĞƌĂďůĞƚŝŵĞ͕ŝŶǀŽůǀĞƚŚĞŶĞŐŽƚŝĂƚŝŽŶŽĨƐŝŐŶŝĨŝĐĂŶƚĂŐƌĞĞŵĞŶƚƐ͕ŝŶǀŽůǀĞĂƌĞƋƵŝƌĞŵĞŶƚƚŽŶĞŐŽƚŝĂƚĞĨŽƌĂĐĐĞƐƐƌŝŐŚƚƐ͕ĂŶĚ ƌĞƋƵŝƌĞ ƚŚĞ ƉĂLJŵĞŶƚ ŽĨ ĐŽŵƉĞŶƐĂƚŝŽŶ ƚŽ ƚŚŽƐĞ ƉĞƌƐŽŶƐ ŚŽůĚŝŶŐ Žƌ ĐůĂŝŵŝŶŐ ŶĂƚŝǀĞ ƚŝƚůĞ ŝŶ ƚŚĞ ůĂŶĚ ǁŚŝĐŚ ŝƐ ƚŚĞ ƐƵďũĞĐƚ ŽĨ Ă ƚĞŶĞŵĞŶƚ͘ dŚĞ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ĂŶĚ ĚĞƚĞƌŵŝŶĂƚŝŽŶ ŽĨ ŶĂƚŝǀĞ ƚŝƚůĞ ŝƐƐƵĞƐ ŵĂLJ ŚĂǀĞ Ă ŵĂƚĞƌŝĂů ĂĚǀĞƌƐĞ ŝŵƉĂĐƚ ŽŶ ƚŚĞ ƉŽƐŝƚŝŽŶ ŽĨ ^Žů'ŽůĚŝŶƚĞƌŵƐŽĨŝƚƐĐĂƐŚĨůŽǁƐ͕ĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞ͕ďƵƐŝŶĞƐƐĚĞǀĞůŽƉŵĞŶƚ͕ĂďŝůŝƚLJƚŽƉĂLJĚŝǀŝĚĞŶĚƐĂŶĚƐŚĂƌĞƉƌŝĐĞ͘

sŽůĂƚŝůŝƚLJ ŽĨŽŵŵŽĚŝƚLJ WƌŝĐĞƐ

^Žů'ŽůĚ͛Ɛ ƉŽƐƐŝďůĞ ĨƵƚƵƌĞ ƌĞǀĞŶƵĞƐ ǁŝůů ƉƌŽďĂďůLJ ďĞ ĚĞƌŝǀĞĚ ŵĂŝŶůLJ ĨƌŽŵ 'ŽůĚ ĂŶĚ ŽƉƉĞƌ ĂŶĚͬŽƌ ĨƌŽŵ ƌŽLJĂůƚŝĞƐ ŐĂŝŶĞĚ ĨƌŽŵ ƉŽƚĞŶƚŝĂůũŽŝŶƚǀĞŶƚƵƌĞƐŽƌĨƌŽŵŵŝŶĞƌĂůƉƌŽũĞĐƚƐƐŽůĚ͘ ůƐŽ͕ĚƵƌŝŶŐŽƉĞƌĂƚŝŽŶƐďLJ^Žů'ŽůĚ͕ƚŚĞƌĞǀĞŶƵĞƐĞĂƌŶĞĚǁŝůůďĞĚĞƉĞŶĚĞŶƚ ŽŶƚŚĞƚĞƌŵƐŽĨĂŶLJĂŐƌĞĞŵĞŶƚĨŽƌƚŚĞĂĐƚŝǀŝƚŝĞƐ͘ ŽŶƐĞƋƵĞŶƚůLJ͕^Žů'ŽůĚ͛ƐƉŽƚĞŶƚŝĂůĨƵƚƵƌĞĞĂƌŶŝŶŐƐĐŽƵůĚďĞĐůŽƐĞůLJƌĞůĂƚĞĚƚŽƚŚĞ ƉƌŝĐĞŽĨĞŝƚŚĞƌŽĨƚŚĞƐĞĐŽŵŵŽĚŝƚŝĞƐ͘

/ĨƚŚĞŵĂƌŬĞƚƉƌŝĐĞŽĨ'ŽůĚĂŶĚŽƉƉĞƌƐŽůĚďLJ^Žů'ŽůĚǁĞƌĞƚŽĨĂůůďĞůŽǁƚŚĞĐŽƐƚƐŽĨƉƌŽĚƵĐƚŝŽŶĂŶĚƌĞŵĂŝŶĂƚƐƵĐŚĂůĞǀĞůĨŽƌĂŶLJ ƐƵƐƚĂŝŶĞĚ ƉĞƌŝŽĚ͕ ^Žů'ŽůĚ ǁŽƵůĚ ĞdžƉĞƌŝĞŶĐĞ ůŽƐƐĞƐ ĂŶĚ ĐŽƵůĚ ŚĂǀĞ ƚŽ ĐƵƌƚĂŝů Žƌ ƐƵƐƉĞŶĚ ƐŽŵĞ Žƌ Ăůů ŽĨ ŝƚƐ ƉƌŽƉŽƐĞĚ ŵŝŶŝŶŐ ĂĐƚŝǀŝƚŝĞƐ͘/ŶƐƵĐŚĐŝƌĐƵŵƐƚĂŶĐĞƐ͕^Žů'ŽůĚǁŽƵůĚĂůƐŽŚĂǀĞƚŽĂƐƐĞƐƐƚŚĞĞĐŽŶŽŵŝĐŝŵƉĂĐƚŽĨĂŶLJƐƵƐƚĂŝŶĞĚůŽǁĞƌĐŽŵŵŽĚŝƚLJƉƌŝĐĞƐ ŽŶƌĞĐŽǀĞƌĂďŝůŝƚLJ͘

WƌŽũĞĐƚ ĞǀĞůŽƉŵĞŶƚ ZŝƐŬƐ

ƵƌƌĞŶĐLJ &ůƵĐƚƵĂƚŝŽŶƐ

dŚĞ ĨƵƚƵƌĞŽĨ ƚŚĞŽƌĚŝŶĂƌLJƐŚĂƌĞƐĂŶĚ ƚŚĞ'ƌŽƵƉ͛ƐĂƐƐĞƚĂŶĚůŝĂďŝůŝƚLJǀĂůƵĞƐŵĂLJ ĨůƵĐƚƵĂƚĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŵŽǀĞŵĞŶƚƐŝŶ ƚŚĞ ĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĞdžĐŚĂŶŐĞƌĂƚĞƐ͘&ŽƌĞdžĂŵƉůĞ͕ŝƚŝƐĐŽŵŵŽŶƉƌĂĐƚŝĐĞŝŶƚŚĞŵŝŶŝŶŐŝŶĚƵƐƚƌLJĨŽƌŵŝŶĞƌĂůƉƌŽĚƵĐƚŝŽŶƌĞǀĞŶƵĞƚŽďĞ ĚĞŶŽŵŝŶĂƚĞĚŝŶh^͕ĂůƚŚŽƵŐŚŵŽƐƚďƵƚŶŽƚĂůůŽĨƚŚĞĐŽƐƚƐŽĨĞdžƉůŽƌĂƚŝŽŶĂŶĚƉƌŽĚƵĐƚŝŽŶǁŝůůďĞŝŶĐƵƌƌĞĚŝŶh^ĂŶĚŶŽƚĂůůŽĨƚŚĞ ŽƌĞ Žƌ ŵĞƚĂů ŽďƚĂŝŶĞĚ ĨƌŽŵ ƚŚĞ dĞŶĞŵĞŶƚƐ ǁŝůů ďĞ ƐŽůĚ ŝŶ h^ ĚĞŶŽŵŝŶĂƚĞĚ ƚƌĂŶƐĂĐƚŝŽŶƐ͘ ĐĐŽƌĚŝŶŐůLJ͕ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐLJ ĨůƵĐƚƵĂƚŝŽŶƐŵĂLJĂĚǀĞƌƐĞůLJĂĨĨĞĐƚƚŚĞ'ƌŽƵƉƐĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂŶĚŽƉĞƌĂƚŝŶŐƌĞƐƵůƚƐ͘

Z/^<^E hEZd/Ed/^;ĐŽŶƚŝŶƵĞĚͿ

>ĂŶĚ ĐĐĞƐƐZŝƐŬ

ĂŶĚ ĂĐĐĞƐƐ ŝƐ ĐƌŝƚŝĐĂů ĨŽƌ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ƚŽ ƐƵĐĐĞĞĚ͘ /Ŷ Ăůů ĐĂƐĞƐ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ŽĨ ƉƌŽƐƉĞĐƚŝǀĞ ƚĞŶĞŵĞŶƚƐ ŝƐ Ă ĐŽŵƉĞƚŝƚŝǀĞďƵƐŝŶĞƐƐ͕ŝŶǁŚŝĐŚƉƌŽƉƌŝĞƚLJŬŶŽǁůĞĚŐĞŽƌŝŶĨŽƌŵĂƚŝŽŶŝƐĐƌŝƚŝĐĂůĂŶĚƚŚĞĂďŝůŝƚLJƚŽŶĞŐŽƚŝĂƚĞƐĂƚŝƐĨĂĐƚŽƌLJĐŽŵŵĞƌĐŝĂů ĂƌƌĂŶŐĞŵĞŶƚƐǁŝƚŚŽƚŚĞƌƉĂƌƚŝĞƐŝƐŽĨƚĞŶĞƐƐĞŶƚŝĂů͘

ĐĐĞƐƐ ƚŽůĂŶĚ ĨŽƌĞdžƉůŽƌĂƚŝŽŶ ƉƵƌƉŽƐĞƐ ĐĂŶ ďĞĂĨĨĞĐƚĞĚ ďLJůĂŶĚŽǁŶĞƌƐŚŝƉ͕ŝŶĐůƵĚŝŶŐ ƉƌŝǀĂƚĞ ;ĨƌĞĞŚŽůĚͿůĂŶĚ͕ ƉĂƐƚŽƌĂůůĞĂƐĞĂŶĚ ŶĂƚŝǀĞƚŝƚůĞůĂŶĚŽƌŝŶĚŝŐĞŶŽƵƐĐůĂŝŵƐ͘ /ŵŵĞĚŝĂƚĞĂĐĐĞƐƐƚŽůĂŶĚŝŶƚŚĞĂƌĞĂƐŽĨĂĐƚŝǀŝƚŝĞƐĐĂŶŶŽƚŝŶĂůůĐĂƐĞƐďĞŐƵĂƌĂŶƚĞĞĚ͘ ^Žů'ŽůĚ ŵĂLJďĞƌĞƋƵŝƌĞĚƚŽƐĞĞŬĐŽŶƐĞŶƚŽĨůĂŶĚŚŽůĚĞƌƐŽƌŽƚŚĞƌƉĞƌƐŽŶƐŽƌŐƌŽƵƉƐǁŝƚŚĂŶŝŶƚĞƌĞƐƚŝŶƌĞĂůƉƌŽƉĞƌƚLJĞŶĐŽŵƉĂƐƐĞĚďLJ͕Žƌ ĂĚũĂĐĞŶƚƚŽ͕^Žů'ŽůĚ͛ƐƚĞŶĞŵĞŶƚƐ͘ ŽŵƉĞŶƐĂƚŝŽŶŵĂLJďĞƌĞƋƵŝƌĞĚƚŽďĞƉĂŝĚďLJ^Žů'ŽůĚƚŽůĂŶĚŚŽůĚĞƌƐƐŽƚŚĂƚ^Žů'ŽůĚŵĂLJĐĂƌƌLJ ŽƵƚ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚͬŽƌ ŵŝŶŝŶŐ ĂĐƚŝǀŝƚŝĞƐ͘ tŚĞƌĞ ĂƉƉůŝĐĂďůĞ͕ ĂŐƌĞĞŵĞŶƚƐ ǁŝƚŚ ŝŶĚŝŐĞŶŽƵƐ ŐƌŽƵƉƐ ŚĂǀĞ ƚŽ ďĞ ŝŶ ƉůĂĐĞ ďĞĨŽƌĞ Ă ŵŝŶĞƌĂůƚĞŶĞŵĞŶƚĐĂŶďĞŐƌĂŶƚĞĚ͘

ZŝŐŚƚƐƚŽŵŝŶĞƌĂůƚĞŶĞŵĞŶƚƐĐĂƌƌLJǁŝƚŚƚŚĞŵǀĂƌŝŽƵƐŽďůŝŐĂƚŝŽŶƐŝŶ ƌĞŐĂƌĚƚŽŵŝŶŝŵƵŵĞdžƉĞŶĚŝƚƵƌĞůĞǀĞůƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŝŶ ƌĞƐƉĞĐƚŽĨƚŚĞĞŶǀŝƌŽŶŵĞŶƚĂŶĚƐĂĨĞƚLJ͘ &ĂŝůƵƌĞƚŽŽďƐĞƌǀĞƚŚĞƐĞƌĞƋƵŝƌĞŵĞŶƚƐĐŽƵůĚƉƌĞũƵĚŝĐĞƚŚĞƌŝŐŚƚƚŽŵĂŝŶƚĂŝŶƚŝƚůĞƚŽĂŐŝǀĞŶ ĂƌĞĂ͘

/ŶƚŚĞĐĂƐĞŽĨŵŝŶŝŶŐĂŶĚĞdžƉůŽƌĂƚŝŽŶŽƉĞƌĂƚŝŽŶƐŝŶƚŚĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐ͕ƚŚĞƌĞŝƐĂĐŽŵƉůĞdžůĂŶĚƚĞŶƵƌĞƐƚƌƵĐƚƵƌĞĂŶĚǁŚŝůĞ ƚŚĞ dĞŶĞŵĞŶƚƐ ĂŶĚ ƚŚŽƐĞ ĐĐĞƐƐ ŐƌĞĞŵĞŶƚƐ ĞŶƚĞƌĞĚ ŝŶƚŽ ďĞƚǁĞĞŶ ƵƐƚƌĂůŝĂŶ ZĞƐŽƵƌĐĞ DĂŶĂŐĞŵĞŶƚ ;ZDͿ WƚLJ >ƚĚ ;͞ZD͟Ϳ ĂŶĚ ,ŽŶŝĂƌĂ,ŽůĚŝŶŐƐWƚLJ͘ >ƚĚ͘ĂŶĚǀĂƌŝŽƵƐůĂŶĚŽǁŶĞƌƐĞŶƚŝƚůĞŝƚ ƚŽĞdžƉůŽƌĞ ĨŽƌ ƚŚĞ ĚƵƌĂƚŝŽŶŽĨ ƚŚĞ ƚĞƌŵŽĨĞĂĐŚWƌŽƐƉĞĐƚŝŶŐ>ŝĐĞŶĐĞ ;W>Ϳ͕ƚŚĞĞdžŝƐƚŝŶŐůĞŐŝƐůĂƚŝǀĞĨƌĂŵĞǁŽƌŬŽŶůLJƉƌŽǀŝĚĞƐĨŽƌůŝŵŝƚĞĚĨŽƌŵƐŽĨŶĞŐŽƚŝĂƚŝŽŶďĞƚǁĞĞŶƚŚĞůĂŶĚŽǁŶĞƌƐͬĐŽŵŵƵŶŝƚLJůĞĂĚĞƌƐ ŽŶ ƚŚĞ ŽŶĞ ŚĂŶĚ ĂŶĚ ŵŝŶŝŶŐ ĐŽŵƉĂŶŝĞƐ ŽŶ ƚŚĞ ŽƚŚĞƌ͘ /ƚ ŝƐ ĂůƐŽ ŝŶĐƵŵďĞŶƚ ŽŶ ƚŚĞŝƌĞĐƚŽƌ ŽĨDŝŶĞƐ ĂŶĚ ƚŚĞ ŵŝŶŝŶŐ ƚĞŶĞŵĞŶƚ ŚŽůĚĞƌ ƚŽ ŝĚĞŶƚŝĨLJ ǁŚŝĐŚ ůĂŶĚŽǁŶĞƌƐ ĂŶĚ ĐŽŵŵƵŶŝƚLJ ůĞĂĚĞƌƐ ƚŚĞLJ ŶĞĞĚ ƚŽ ŶĞŐŽƚŝĂƚĞ ǁŝƚŚ͘ ^Žů'ŽůĚ ĚŽĞƐ ŶŽƚ ŐƵĂƌĂŶƚĞĞ ƚŚĂƚ ƚŚĞ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶƐŵĂĚĞƚŽĚĂƚĞĂŶĚƵƉŽŶǁŚŝĐŚƚŚĞĐĐĞƐƐŐƌĞĞŵĞŶƚƐĂƌĞĐƵƌƌĞŶƚůLJďĂƐĞĚŵĂLJŶŽƚďĞĐŽŶƚĞƐƚĞĚ͘ ƐĂĐŽŶƐĞƋƵĞŶĐĞ ƚŚĞƌĞŵĂLJďĞƵŶĞdžƉĞĐƚĞĚĚŝĨĨŝĐƵůƚŝĞƐĞdžƉĞƌŝĞŶĐĞĚŝŶƉƌŽŐƌĞƐƐŝŶŐĂƉƌŽŵŝƐŝŶŐƌĞƐŽƵƌĐĞŝŶƚŽĂĐŽŵŵĞƌĐŝĂůŵŝŶŝŶŐŽƉĞƌĂƚŝŽŶ͘

^Žů'ŽůĚ ŚĂƐĂůƐŽ ƉƌŽĐƵƌĞĚĐĐĞƐƐŐƌĞĞŵĞŶƚƐ ĨŽƌĂƌĞĂƐǁŝƚŚŝŶ ƚŚĞdĞŶĞŵĞŶƚƐ͘ tŚŝůƐƚ ^Žů'ŽůĚ ďĞůŝĞǀĞƐ ƚŚĂƚŝƚŝƐĞŶƚŝƚůĞĚ ƚŽ ƌĞůLJ ƵƉŽŶƚŚĞƐĂŵĞƚŽĐŽŶĚƵĐƚĞdžƉůŽƌĂƚŝŽŶǁŝƚŚŝŶƚŚĞƐĞĂƌĞĂƐ͕ŶŽĂƐƐƵƌĂŶĐĞĐĂŶďĞŐŝǀĞŶƚŚĂƚƚŚĞƌĞŵĂLJŶŽƚďĞƐŽŵĞĨƵƚƵƌĞĐŚĂůůĞŶŐĞ ƚŽ^Žů'ŽůĚ͛ƐĂďŝůŝƚLJƚŽĚŽƐŽ͘

tŚŝůƐƚ^Žů'ŽůĚŚĂƐ ƚŚĞĐĐĞƐƐŐƌĞĞŵĞŶƚƐǁŝƚŚůĂŶĚŽǁŶĞƌƐĐŽǀĞƌŝŶŐ ƚŚĞŵĂũŽƌŝƚLJŽĨ ƚŚĞƉƌŽƐƉĞĐƚŝǀĞĂƌĞĂƐŝĚĞŶƚŝĨŝĞĚďLJ^Žů'ŽůĚ ǁŝƚŚŝŶ ƚŚĞ dĞŶĞŵĞŶƚƐ͕ ŝƚƐ ĂďŝůŝƚLJ ƚŽ ĐĂƌƌLJ ŽƵƚ ĞdžƉůŽƌĂƚŝŽŶ ŝŶ ƚŚĞ ƌĞƐŝĚƵĂů ĂƌĞĂƐ ǁŝůů ƌĞƋƵŝƌĞ ĂĚĚŝƚŝŽŶĂů ĂĐĐĞƐƐ ĂŐƌĞĞŵĞŶƚƐ ƚŽ ďĞ ĞŶƚĞƌĞĚ ŝŶƚŽ͘ dŚĞ ĂďŝůŝƚLJ ŽĨ ^Žů'ŽůĚ ƚŽ ƐĞĐƵƌĞ ƚŚĞ ďĞŶĞĨŝƚƐ ŽĨ Ăůů ƚŚĞ ĐĐĞƐƐ ŐƌĞĞŵĞŶƚƐ ŝƐ ĚĞƉĞŶĚĞŶƚ ƵƉŽŶ͕ ŝŶƚĞƌ ĂůŝĂ͕ ƚŚĞ ĐŽŶƚƌĂĐƚŝŶŐ ƉĂƌƚŝĞƐ͛ ǁŝůůŝŶŐŶĞƐƐ ƚŽ ƉĞƌĨŽƌŵ ĂŶĚ ĚŝƐĐŚĂƌŐĞ ƚŚĞŝƌ ŽďůŝŐĂƚŝŽŶƐ ƚŚĞƌĞƵŶĚĞƌ͘ dŚĞƌĞ ŵĂLJ ďĞ ůĞŐĂů ĂŶĚ ĐŽŵŵĞƌĐŝĂů ůŝŵŝƚĂƚŝŽŶƐ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ĞŶĨŽƌĐĞŵĞŶƚ ŽĨ ĐŽŶƚƌĂĐƚƵĂů ƌŝŐŚƚƐ͘ ĚĚŝƚŝŽŶĂůůLJ͕ ^Žů'ŽůĚ ǁŝůů ŶŽƚ ďĞ ƉĞƌŵŝƚƚĞĚ ƚŽ ĞdžƉůŽƌĞ ŝŶ ĂƌĞĂƐ ŶŽŵŝŶĂƚĞĚďLJƚŚĞůĂŶĚŽǁŶĞƌƐĂƐƌĞƐĞƌǀĞĚŽƌƉƌŽƚĞĐƚĞĚĂƌĞĂƐŝŶƚŚĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐƵŶĚĞƌƐĞĐƚŝŽŶϰ;ϮͿŽĨƚŚĞDŝŶŝŶŐĐƚ͘ tŚŝůƐƚ ^Žů'ŽůĚ ŝƐ ĂĐƚŝǀĞůLJ ƐĞĞŬŝŶŐ ƚŽ ůŝĂŝƐĞ ǁŝƚŚ ůĂŶĚŽǁŶĞƌƐ ƚŽ ŝĚĞŶƚŝĨLJ ƌĞůĞǀĂŶƚ ƌĞƐĞƌǀĞĚ Žƌ ƉƌŽƚĞĐƚĞĚ ĂƌĞĂƐ͕ ƐŽŵĞ ĐŽŶƐŝĚĞƌĂďůĞ ƵŶĐĞƌƚĂŝŶƚLJ ĞdžŝƐƚƐ ĂƐ ƚŽ ƚŚĞ ƉƌĞĐŝƐĞ ůŽĐĂƚŝŽŶ ŽĨ ƚŚĞƐĞ ĂƌĞĂƐ͕ ƚŚĞ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ ŽĨ ǁŚŝĐŚ ƌĞƋƵŝƌĞƐ ƚŚĞ ŝŶƉƵƚ ŽĨ ƚŚĞ ŝŶĚŝŐĞŶŽƵƐ ƉŽƉƵůĂƚŝŽŶ͘ dŚĞŝŶĂďŝůŝƚLJŽĨ^Žů'ŽůĚƚŽŝĚĞŶƚŝĨLJƚŚĞƐĞĂƌĞĂƐ͕ŽƌĂĐůĂŝŵďLJůĂŶĚŽǁŶĞƌƐƚŚĂƚƌĞƐĞƌǀĞĚŽƌƉƌŽƚĞĐƚĞĚĂƌĞĂƐĞdžŝƐƚŽǀĞƌ ĂƌĞĂƐŝĚĞŶƚŝĨŝĞĚďLJ^Žů'ŽůĚĂƐƉƌŽƐƉĞĐƚŝǀĞ͕ŵĂLJŚĂǀĞĂŵĂƚĞƌŝĂůĂĚǀĞƌƐĞĞĨĨĞĐƚŽŶƚŚĞĂďŝůŝƚLJŽĨ^Žů'ŽůĚƚŽĐŽŶĚƵĐƚŝƚƐĞdžƉůŽƌĂƚŝŽŶ ƉƌŽŐƌĂŵŵĞŝŶƚŚĞŵĂŶŶĞƌŝĚĞŶƚŝĨŝĞĚŝŶƚŚŝƐĚŽĐƵŵĞŶƚ͘

ŶǀŝƌŽŶŵĞŶƚĂů ZŝƐŬ

^Žů'ŽůĚ͛ƐŽƉĞƌĂƚŝŽŶƐĂŶĚƉƌŽũĞĐƚƐĂƌĞĞdžƉĞĐƚĞĚƚŽŚĂǀĞĂŶŝŵƉĂĐƚŽŶƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͕ƉĂƌƚŝĐƵůĂƌůLJŝĨĂĚǀĂŶĐĞĚĞdžƉůŽƌĂƚŝŽŶŽƌŵŝŶĞ ĚĞǀĞůŽƉŵĞŶƚ ƉƌŽĐĞĞĚƐ͘ /ƚƐ ĂĐƚŝǀŝƚŝĞƐ ĂƌĞ Žƌ ǁŝůů ďĞ ƐƵďũĞĐƚ ƚŽ ŝŶͲĐŽƵŶƚƌLJ ŶĂƚŝŽŶĂů ĂŶĚ ůŽĐĂů ůĂǁƐ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ ƌĞŐĂƌĚŝŶŐ ĞŶǀŝƌŽŶŵĞŶƚĂůŚĂnjĂƌĚƐ͘ dŚĞƐĞůĂǁƐĂŶĚ ƌĞŐƵůĂƚŝŽŶƐƐĞƚǀĂƌŝŽƵƐƐƚĂŶĚĂƌĚƐƌĞŐƵůĂƚŝŶŐĐĞƌƚĂŝŶĂƐƉĞĐƚƐŽĨŚĞĂůƚŚĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂů ƋƵĂůŝƚLJĂŶĚ ƉƌŽǀŝĚĞ ĨŽƌ ƉĞŶĂůƚŝĞƐĂŶĚ ŽƚŚĞƌůŝĂďŝůŝƚŝĞƐ ĨŽƌ ƚŚĞǀŝŽůĂƚŝŽŶ ŽĨ ƐƵĐŚ ƐƚĂŶĚĂƌĚƐ͘ /Ŷ ĐĞƌƚĂŝŶ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ƚŚĞLJĞƐƚĂďůŝƐŚ ŽďůŝŐĂƚŝŽŶƐ ƚŽ ƌĞŵĞĚŝĂƚĞĐƵƌƌĞŶƚĂŶĚ ĨŽƌŵĞƌ ĨĂĐŝůŝƚŝĞƐĂŶĚůŽĐĂƚŝŽŶƐǁŚĞƌĞŽƉĞƌĂƚŝŽŶƐĂƌĞŽƌǁĞƌĞĐŽŶĚƵĐƚĞĚ͘ ^ŝŐŶŝĨŝĐĂŶƚůŝĂďŝůŝƚLJ ĐŽƵůĚďĞŝŵƉŽƐĞĚŽŶ^Žů'ŽůĚ ĨŽƌĚĂŵĂŐĞƐ͕ĐůĞĂŶͲƵƉĐŽƐƚƐ͕Žƌ ƉĞŶĂůƚŝĞƐŝŶ ƚŚĞĞǀĞŶƚŽĨĐĞƌƚĂŝŶĚŝƐĐŚĂƌŐĞƐŝŶƚŽ ƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͕ ĞŶǀŝƌŽŶŵĞŶƚĂů ĚĂŵĂŐĞ ĐĂƵƐĞĚ ďLJ ƉƌĞǀŝŽƵƐ ŽǁŶĞƌƐ ŽĨ ƉƌŽƉĞƌƚLJ ĂĐƋƵŝƌĞĚ ďLJ ^Žů'ŽůĚ Žƌ ŝƚƐ ƐƵďƐŝĚŝĂƌŝĞƐ͕ Žƌ ŶŽŶͲĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ĞŶǀŝƌŽŶŵĞŶƚĂů ůĂǁƐ Žƌ ƌĞŐƵůĂƚŝŽŶƐ͘ ^Žů'ŽůĚ ƉƌŽƉŽƐĞƐ ƚŽ ŵŝŶŝŵŝƐĞ ƚŚĞƐĞ ƌŝƐŬƐ ďLJ ĐŽŶĚƵĐƚŝŶŐ ŝƚƐ ĂĐƚŝǀŝƚŝĞƐ ŝŶ ĂŶ ĞŶǀŝƌŽŶŵĞŶƚĂůůLJ ƌĞƐƉŽŶƐŝďůĞŵĂŶŶĞƌ͕ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ĂƉƉůŝĐĂďůĞ ůĂǁƐ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ͕ ĂŶĚ ǁŚĞƌĞ ƉŽƐƐŝďůĞ͕ ďLJ ĐĂƌƌLJŝŶŐ ĂƉƉƌŽƉƌŝĂƚĞ ŝŶƐƵƌĂŶĐĞ ĐŽǀĞƌĂŐĞ͘ EĞǀĞƌƚŚĞůĞƐƐ͕ƚŚĞƌĞĂƌĞĐĞƌƚĂŝŶƌŝƐŬƐŝŶŚĞƌĞŶƚŝŶ^Žů'ŽůĚ͛ƐĂĐƚŝǀŝƚŝĞƐǁŚŝĐŚĐŽƵůĚƐƵďũĞĐƚŝƚƚŽĞdžƚĞŶƐŝǀĞůŝĂďŝůŝƚLJ͘

Z/^<^E hEZd/Ed/^;ĐŽŶƚŝŶƵĞĚͿ

'ĞŽƉŽůŝƚŝĐĂů͕ƌĞŐƵůĂƚŽƌLJ ĂŶĚƐŽǀĞƌĞŝŐŶ ƌŝƐŬ

ĞĐŽŶŽŵŝĐ͕ƐŽĐŝĂůŽƌƉŽůŝƚŝĐĂůŝŶƐƚĂďŝůŝƚLJŽƌĐŚĂŶŐĞ͖
ŚLJƉĞƌŝŶĨůĂƚŝŽŶ͕ĐƵƌƌĞŶĐLJŶŽŶͲĐŽŶǀĞƌƚŝďŝůŝƚLJŽƌŝŶƐƚĂďŝůŝƚLJ͖
ĐŚĂŶŐĞƐŽĨůĂǁĂĨĨĞĐƚŝŶŐ ĨŽƌĞŝŐŶ ŽǁŶĞƌƐŚŝƉ͕ŐŽǀĞƌŶŵĞŶƚ ƉĂƌƚŝĐŝƉĂƚŝŽŶ͕ ƚĂdžĂƚŝŽŶ͕ǁŽƌŬŝŶŐĐŽŶĚŝƚŝŽŶƐ͕ ƌĂƚĞƐŽĨĞdžĐŚĂŶŐĞ͕ ĞdžĐŚĂŶŐĞ ĐŽŶƚƌŽů͕ ĞdžƉůŽƌĂƚŝŽŶ ůŝĐĞŶƐŝŶŐ͕ ĞdžƉŽƌƚ ĚƵƚŝĞƐ͕ ƌĞƐŽƵƌĐĞ ƌĞŶƚ ƚĂdžĞƐ͕ ƌĞƉĂƚƌŝĂƚŝŽŶ ŽĨ ĐĂƉŝƚĂů͕ ĞŶǀŝƌŽŶŵĞŶƚĂů ƉƌŽƚĞĐƚŝŽŶ͕ŵŝŶĞƐĂĨĞƚLJ͕ůĂďŽƵƌƌĞůĂƚŝŽŶƐ͖
ŐŽǀĞƌŶŵĞŶƚ ĐŽŶƚƌŽů ŽǀĞƌ ŵŝŶĞƌĂů ƉƌŽƉĞƌƚŝĞƐ Žƌ ŐŽǀĞƌŶŵĞŶƚ ƌĞŐƵůĂƚŝŽŶƐ ƚŚĂƚ ƌĞƋƵŝƌĞ ƚŚĞ ĞŵƉůŽLJŵĞŶƚ ŽĨ ůŽĐĂů ƐƚĂĨĨ Žƌ ĐŽŶƚƌĂĐƚŽƌƐŽƌƌĞƋƵŝƌĞŽƚŚĞƌďĞŶĞĨŝƚƐƚŽďĞƉƌŽǀŝĚĞĚƚŽůŽĐĂůƌĞƐŝĚĞŶƚƐ͖
ĚĞůĂLJƐĂŶĚ ĚĞĐůŝŶĞƐŝŶ ƚŚĞ ƐƚĂŶĚĂƌĚĂŶĚĞĨĨĞĐƚŝǀĞ ŽƉĞƌĂƚŝŽŶ ŽĨ ^Žů'ŽůĚ͛ƐĂĐƚŝǀŝƚŝĞƐ͕ ƵŶĨŽƌĞƐĞĞŶĂŶĚ ƵŶͲďƵĚŐĞƚĞĚ ĐŽƐƚƐ͕ ĂŶĚͬŽƌƚŚƌĞĂƚƐƚŽŽĐĐƵƉĂƚŝŽŶĂůŚĞĂůƚŚĂŶĚƐĂĨĞƚLJĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨŐĞŽƉŽůŝƚŝĐĂů͕ƌĞŐƵůĂƚŽƌLJĂŶĚƐŽǀĞƌĞŝŐŶƌŝƐŬ͘

ĐƵĂĚŽƌ

ĐƵĂĚŽƌƌĞŐƵůĂƚŝŽŶƐŚĂǀĞďƌŽĂĚĂƵƚŚŽƌŝƚLJƚŽƐŚƵƚĚŽǁŶĂŶĚͬŽƌůĞǀLJĨŝŶĞƐĂŐĂŝŶƐƚĨĂĐŝůŝƚŝĞƐƚŚĂƚĚŽŶŽƚĐŽŵƉůLJǁŝƚŚƌĞŐƵůĂƚŝŽŶƐŽƌ ƐƚĂŶĚĂƌĚƐ͘ ^Žů'ŽůĚ͛ƐĂƐĐĂďĞůƉƌŽũĞĐƚŝŶĐƵĂĚŽƌŵĂLJďĞĞdžƉŽƐĞĚƚŽƉŽƚĞŶƚŝĂůůLJĂĚǀĞƌƐĞƌŝƐŬƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞĞǀŽůǀŝŶŐƌƵůĞƐĂŶĚ ůĂǁƐ ŐŽǀĞƌŶŝŶŐ ŵŝŶŝŶŐ ĞdžƉĂŶƐŝŽŶ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ŝŶ ƚŚĂƚ ũƵƌŝƐĚŝĐƚŝŽŶ͘ KƉĞƌĂƚŝŽŶƐ ŵĂLJ ďĞ ĂĨĨĞĐƚĞĚ ŝŶ ǀĂƌLJŝŶŐ ĚĞŐƌĞĞƐ ďLJ ŐŽǀĞƌŶŵĞŶƚƌĞŐƵůĂƚŝŽŶƐǁŝƚŚƌĞƐƉĞĐƚƚŽƌĞƐƚƌŝĐƚŝŽŶƐŽŶƉƌŽĚƵĐƚŝŽŶ͕ƉƌŝĐĞĐŽŶƚƌŽůƐ͕ĞdžƉŽƌƚĐŽŶƚƌŽůƐ͕ŝŶĐŽŵĞƚĂdžĞƐ͕ĞdžƉƌŽƉƌŝĂƚŝŽŶŽĨ ƉƌŽƉĞƌƚLJ͕ĞŶǀŝƌŽŶŵĞŶƚĂůůĞŐŝƐůĂƚŝŽŶĂŶĚŵŝŶĞƐĂĨĞƚLJ͘ ĚĚŝƚŝŽŶĂůůLJ͕^Žů'ŽůĚ͛ƐŽƉĞƌĂƚŝŽŶƐŵĂLJďĞĚĞƚƌŝŵĞŶƚĂůůLJĂĨĨĞĐƚĞĚŝŶƚŚĞĞǀĞŶƚ ƚŚĂƚƚŚĞĐƵĂĚŽƌŝĂŶŐŽǀĞƌŶŵĞŶƚǁĞƌĞƚŽĚĞĨĂƵůƚŽŶŝƚƐĨŽƌĞŝŐŶĚĞďƚŽďůŝŐĂƚŝŽŶƐŽƌďĞĐŽŵĞƐƵďũĞĐƚƚŽǁŝĚĞƌŐůŽďĂůĞĐŽŶŽŵŝĐĂŶĚ ŝŶǀĞƐƚŵĞŶƚƵŶĐĞƌƚĂŝŶƚLJ͘ ^Žů'ŽůĚŝƐŶŽƚĂǁĂƌĞŽĨĂŶLJĐƵƌƌĞŶƚŵĂƚĞƌŝĂůĐŚĂŶŐĞƐŝŶůĞŐŝƐůĂƚŝǀĞ͕ƌĞŐƵůĂƚŽƌLJĂŶĚƉƵďůŝĐƉŽůŝĐLJŝŶŝƚŝĂƚŝǀĞƐ ŝŶ ĐƵĂĚŽƌ͕ ŚŽǁĞǀĞƌ ĂŶLJ ĨƵƚƵƌĞ Žƌ ƉƌŽƉŽƐĞĚ ĐŚĂŶŐĞƐ ŵĂLJ ĂĚǀĞƌƐĞůLJ ĂĨĨĞĐƚ ƚŚĞ ĂƐĐĂďĞů ƉƌŽũĞĐƚ Žƌ ^Žů'ŽůĚ͛Ɛ ĂďŝůŝƚLJ ƚŽ ŽƉĞƌĂƚĞ ƐƵĐĐĞƐƐĨƵůůLJŝŶĐƵĂĚŽƌ͘

YƵĞĞŶƐůĂŶĚ

/Ŷ YƵĞĞŶƐůĂŶĚ͕ ƚŚĞ ďŽƌŝŐŝŶĂů ƵůƚƵƌĂů ,ĞƌŝƚĂŐĞ Đƚ ϮϬϬϯ ĂŶĚ ƚŚĞ dŽƌƌĞƐ ^ƚƌĂŝƚ /ƐůĂŶĚĞƌ ƵůƚƵƌĂů ,ĞƌŝƚĂŐĞ Đƚ ϮϬϬϯ ;ǁŚŝĐŚ ĐŽŵŵĞŶĐĞĚŽŶϭϲ ƉƌŝůϮϬϬϰͿŝŵƉŽƐĞĚƵƚŝĞƐŽĨĐĂƌĞǁŚŝĐŚƌĞƋƵŝƌĞƉĞƌƐŽŶƐ͕ŝŶĐůƵĚŝŶŐ^Žů'ŽůĚ͕ƚŽƚĂŬĞĂůůƌĞĂƐŽŶĂďůĞĂŶĚƉƌĂĐƚŝĐĂů ŵĞĂƐƵƌĞƐ ƚŽ ĂǀŽŝĚ ĚĂŵĂŐŝŶŐ Žƌ ĚĞƐƚƌŽLJŝŶŐ ďŽƌŝŐŝŶĂů ĐƵůƚƵƌĂů ŚĞƌŝƚĂŐĞ͘ dŚŝƐ ŽďůŝŐĂƚŝŽŶ ĂƉƉůŝĞƐ ĂĐƌŽƐƐ ƚŚĞ ^ƚĂƚĞ ĂŶĚ ƌĞƋƵŝƌĞƐ ^Žů'ŽůĚ ƚŽ ĚĞǀĞůŽƉ ƐƵŝƚĂďůĞ ŝŶƚĞƌŶĂů ƉƌŽĐĞĚƵƌĞƐ ƚŽ ĚŝƐĐŚĂƌŐĞ ŝƚƐ ĚƵƚLJ ŽĨ ĐĂƌĞ ŝŶ ŽƌĚĞƌ ƚŽ ĂǀŽŝĚĞdžƉŽƐƵƌĞ ƚŽ ƐƵďƐƚĂŶƚŝĂů ĨŝŶĂŶĐŝĂů ƉĞŶĂůƚŝĞƐŝĨŝƚƐĂĐƚŝǀŝƚŝĞƐĚĂŵĂŐĞŝƚĞŵƐŽĨĐƵůƚƵƌĂůƐŝŐŶŝĨŝĐĂŶĐĞ͘ hŶĚĞƌƚŚŝƐůĞŐŝƐůĂƚŝŽŶ͕ŝŶĚŝŐĞŶŽƵƐƉĞŽƉůĞĐĂŶĞdžĞƌĐŝƐĞĐŽŶƚƌŽůŽǀĞƌ ůĂŶĚǁŝƚŚƌĞƐƉĞĐƚƚŽĐƵůƚƵƌĂůŚĞƌŝƚĂŐĞǁŝƚŚŽƵƚŶĞĐĞƐƐĂƌŝůLJŚĂǀŝŶŐĞƐƚĂďůŝƐŚĞĚƚŚĞĐŽŶŶĞĐƚŝŽŶĞůĞŵĞŶƚ;ĂƐƌĞƋƵŝƌĞĚƵŶĚĞƌŶĂƚŝǀĞƚŝƚůĞ ůĂǁͿ͘dŚŝƐĐƌĞĂƚĞƐĂƉŽƚĞŶƚŝĂůƌŝƐŬƚŚĂƚƚŚĞƚĞŶĞŵĞŶƚŚŽůĚĞƌŵĂLJŚĂǀĞƚŽĚĞĂůǁŝƚŚƐĞǀĞƌĂůŝŶĚŝŐĞŶŽƵƐŝŶĚŝǀŝĚƵĂůƐŽƌĐŽƌƉŽƌĂƚŝŽŶƐ͕ ǁŚĞƌĞŶŽŶĂƚŝǀĞƚŝƚůĞŚĂƐďĞĞŶĞƐƚĂďůŝƐŚĞĚ͕ƚŽŝĚĞŶƚŝĨLJĂŶĚŵĂŶĂŐĞĐƵůƚƵƌĂůŚĞƌŝƚĂŐĞŝƐƐƵĞƐ͘dŚŝƐĐŽƵůĚƌĞƐƵůƚŝŶƚĞŶĞŵĞŶƚŚŽůĚĞƌƐ ƌĞƋƵŝƌŝŶŐůĞŶŐƚŚLJůĞĂĚƚŝŵĞƐƚŽŵĂŶĂŐĞĐƵůƚƵƌĂůŚĞƌŝƚĂŐĞĨŽƌƚŚĞŝƌƉƌŽũĞĐƚƐ͘

Z/^<^E hEZd/Ed/^;ĐŽŶƚŝŶƵĞĚͿ

'ĞŽƉŽůŝƚŝĐĂů͕ƌĞŐƵůĂƚŽƌLJ ĂŶĚƐŽǀĞƌĞŝŐŶ ƌŝƐŬ;ĐŽŶƚŝŶƵĞĚͿ

^ŽůŽŵŽŶ/ƐůĂŶĚƐ

dŚĞ ^ŽůŽŵŽŶ /ƐůĂŶĚƐ ŵŝŶĞƌĂůƐ ďŽĂƌĚ ŵĂLJ ĨƌŽŵ ƚŝŵĞ ƚŽ ƚŝŵĞ ĂŵĞŶĚ ĂŶĚ ƌĞǀŝĞǁ ŝƚƐ ƉŽůŝĐŝĞƐ ŽŶ ŵŝŶŝŶŐ ĂŶĚ ĞdžƉůŽƌĂƚŝŽŶ ŝŶ ƚŚĞ ^ŽůŽŵŽŶ/ƐůĂŶĚƐ͘ ŶLJƐƵĐŚĐŚĂŶŐĞƐŝŶ'ŽǀĞƌŶŵĞŶƚƉŽůŝĐLJŵĂLJĂĨĨĞĐƚƚŚĞĂďŝůŝƚLJŽĨ^Žů'ŽůĚƚŽĐŽŶĚƵĐƚĂŶĚƵŶĚĞƌƚĂŬĞŵŝŶŝŶŐĂŶĚ ĞdžƉůŽƌĂƚŝŽŶŝŶƚŚĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐ͘

&/EE/> Zs/t

dŚĞ'ƌŽƵƉĂĐŚŝĞǀĞĚƐĞǀĞƌĂůŵŝůĞƐƚŽŶĞƐĚƵƌŝŶŐƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϭϲ͘dŚĞƐĞŝŶĐůƵĚĞĚ͗

ŝĂŵŽŶĚĚƌŝůůŝŶŐŽĨƐŝdžŚŽůĞƐĂƚůƉĂůĂ͕ĨŽƌĂƚŽƚĂůŽĨϭϭ͕ϱϰϰŵ͕ďƌŝŶŐŝŶŐƚŚĞƚŽƚĂůŵĞƚƌĞƐĚƌŝůůĞĚĂƚĂƐĐĂďĞůƚŽϮϯ͕ϳϬϬŵ͘
džĞĐƵƚŝŽŶ ŽĨ ŽŶǀĞƌƚŝďůĞEŽƚĞĞĞĚƐ ǁŝƚŚ ŵĂũŽƌ ƐŚĂƌĞŚŽůĚĞƌƐ͕ 'Z 'ůŽďĂů >ƚĚ ĂŶĚ dĞŶƐƚĂƌ dƌĂĚŝŶŐ >ƚĚ͕ ƚŽ ƌĂŝƐĞ ΨϮ͘ϯ ŵŝůůŝŽŶ͘
dŚĞ ĐŽŵƉůĞƚŝŽŶ ŽĨ ƐƵĐĐĞƐƐĨƵů ĨƵŶĚ ƌĂŝƐŝŶŐƐ ƚŽƚĂůůŝŶŐ ĂƉƉƌŽdžŝŵĂƚĞůLJ Ψϵ͘ϭ ŵŝůůŝŽŶ ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌ ĨƌŽŵ ŝŶƐƚŝƚƵƚŝŽŶĂů ĂŶĚ ƉƌŽĨĞƐƐŝŽŶĂůŝŶǀĞƐƚŽƌƐ͘

ZĞƐƵůƚƐ

dŚĞ'ƌŽƵƉŝŶĐƵƌƌĞĚĂůŽƐƐďĞĨŽƌĞƚĂdžŽĨΨϱ͕ϳϮϯ͕ϭϮϮĨŽƌƚŚĞLJĞĂƌ;ϮϬϭϱ͗Ψϰ͕Ϯϯϴ͕ϲϲϭͿ͕ŝŶĐůƵƐŝǀĞŽĨƚŚĞĚĞĐŝƐŝŽŶƚŽĞdžƉĞŶƐĞΨϭ͕ϱϱϱ͕ϬϬϰ ;ϮϬϭϱ͗Ψϭ͕ϭϳϱ͕ϭϳϮͿĨŽƌĞdžƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚĞŶĞŵĞŶƚƐƚŚĂƚǁĞƌĞƐƵƌƌĞŶĚĞƌĞĚŽƌǁŚŝĐŚŚĂĚĞdžƉŝƌĞĚĚƵƌŝŶŐƚŚĞ LJĞĂƌ͘ĚĞƚĂŝůĞĚĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞƐŽĨĚĞĨĞƌƌĞĚĞdžƉůŽƌĂƚŝŽŶĐŽƐƚƐŝƐƉƌŽǀŝĚĞĚŝŶŶŽƚĞϭϮ͘

^ƚĂƚĞŵĞŶƚ ŽĨ &ŝŶĂŶĐŝĂů WŽƐŝƚŝŽŶ

Ɛ ĂƚϯϬ :ƵŶĞϮϬϭϲ͕ ƚŚĞ'ƌŽƵƉ ŚĂĚ ŶĞƚ ĂƐƐĞƚƐ ŽĨ ĂƉƉƌŽdžŝŵĂƚĞůLJ ΨϯϱŵŝůůŝŽŶ͕ ĂŶ ŝŶĐƌĞĂƐĞ ŽĨ ĂƉƉƌŽdžŝŵĂƚĞůLJ Ψϰ͘ϲŵŝůůŝŽŶ ŽǀĞƌ ƚŚĞ ƉƌĞǀŝŽƵƐĨŝŶĂŶĐŝĂůLJĞĂƌ͘dŚŝƐŝŶĐƌĞĂƐĞǁĂƐůĂƌŐĞůLJĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞĐŽŵƉůĞƚŝŽŶŽĨΨϳ͘ϳŵŝůůŝŽŶŝŶƐŚĂƌĞƉůĂĐĞŵĞŶƚƐ͕ŶĞƚŽĨĐŽƐƚƐ͕ ƚŚĞŝŶĐƌĞĂƐĞŝŶƚŚĞǀĂůƵĞĂŶĚƉƵƌĐŚĂƐĞŽĨĂǀĂŝůĂďůĞĨŽƌƐĂůĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŽĨΨϬ͘ϳŵŝůůŝŽŶŽĨĨƐĞƚďLJƚŚĞĞdžƉůŽƌĂƚŝŽŶǁƌŝƚĞŽĨĨŽĨΨϭ͘ϲ ŵŝůůŝŽŶ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƚŚĞ 'ƌŽƵƉƐ͛ ĞdžƉůŽƌĂƚŝŽŶ ĂƐƐĞƚƐ ĂŶĚ ĂŶŶƵĂů ŽƉĞƌĂƚŝŶŐ ĞdžƉĞŶƐĞƐ ;ŝŶĐůƵĚŝŶŐ ĨŝŶĂŶĐĞ ĐŽƐƚƐͿ ŽĨ ĂƉƉƌŽdžŝŵĂƚĞůLJΨϮ͘ϴŵŝůůŝŽŶ͘

ĂƐŚ &ůŽǁ

KƵƌĐĂƐŚĞdžƉĞŶĚŝƚƵƌĞĨŽƌƚŚĞLJĞĂƌǁĂƐĂƉƉƌŽdžŝŵĂƚĞůLJΨϵ͘ϵŵŝůůŝŽŶ;ϮϬϭϱ͗Ψϭϭ͘ϭŵŝůůŝŽŶͿ͘ĂƐŚŽĨĂƉƉƌŽdžŝŵĂƚĞůLJΨϬ͘ϵŵŝůůŝŽŶ;ϮϬϭϱ͗ Ψϲ͘ϵŵŝůůŝŽŶͿǁĂƐƌĞĐĞŝǀĞĚĨƌŽŵƚŚĞŝƐƐƵĞŽĨƐŚĂƌĞƐ͕ΨϮ͘ϯŵŝůůŝŽŶ ;ϮϬϭϱ͗ŶŝůͿƌĞĐĞŝǀĞĚĨƌŽŵƚŚĞŝƐƐƵĞŽĨŽŶǀĞƌƚŝďůĞŶŽƚĞƐĂŶĚΨϲ͘ϱ ŵŝůůŝŽŶ ;ϮϬϭϱ͗ ŶŝůͿ ƌĞĐĞŝǀĞĚ ŝŶ ďŽƌƌŽǁŝŶŐƐ͘ĐĐŽƌĚŝŶŐůLJ͕ ƚŚĞ ŶĞƚ ĐĂƐŚ ŽƵƚĨůŽǁ ŽĨ ƚŚĞ'ƌŽƵƉ ĨŽƌ ƚŚĞLJĞĂƌǁĂƐĂƉƉƌŽdžŝŵĂƚĞůLJ ΨϬ͘Ϯ ŵŝůůŝŽŶ;ϮϬϭϱ͗Ψϰ͘ϮŵŝůůŝŽŶͿ͘

ĂƐŚŽĨĂƉƉƌŽdžŝŵĂƚĞůLJΨϲ͘ϰŵŝůůŝŽŶ;ϮϬϭϱ͗Ψϴ͘ϱŵŝůůŝŽŶͿǁĂƐŝŶǀĞƐƚĞĚďLJƚŚĞ'ƌŽƵƉŽŶĞdžƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞĚƵƌŝŶŐƚŚĞLJĞĂƌ͘

ůŽƐŝŶŐĂƐŚ

Ɛ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϲ͕ ƚŚĞ 'ƌŽƵƉ ŚĞůĚ ĐĂƐŚ ďĂůĂŶĐĞƐ ŽĨ ΨϬ͘Ϭϵ ŵŝůůŝŽŶ ;ϮϬϭϱ͗ ΨϬ͘ϯϮ ŵŝůůŝŽŶͿ͘ ^ƵďƐĞƋƵĞŶƚ ƚŽ LJĞĂƌ ĞŶĚ ƚŚĞ 'ƌŽƵƉ ĐŽŵƉůĞƚĞĚƚǁŽĨƵŶĚƌĂŝƐŝŶŐƐƚŽƌĂŝƐĞh^Ψϱϰ͘ϱŵŝůůŝŽŶ;Ψϳϭ͘ϲŵŝůůŝŽŶͿďĞĨŽƌĞĐŽƐƚƐ͘ ZĞĨĞƌƚŽ͚WŽƐƚZĞƉŽƌƚŝŶŐĂƚĞǀĞŶƚƐ͛ĨŽƌĨƵƌƚŚĞƌ ĚĞƚĂŝůƐ͘

&/EE/> Zs/t;ĐŽŶƚŝŶƵĞĚͿ

WŽƐƚ ZĞƉŽƌƚŝŶŐĂƚĞǀĞŶƚƐ

KŶϮϲ ƵŐƵƐƚϮϬϭϲ͕ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂŶĂĚĚŝƚŝŽŶĂůϮϲϴ͕ϴϭϵ͕ϬϬϰƐŚĂƌĞƐĂƚάϬ͘ϬϲƚŽƌĂŝƐĞΨϮϳ͘ϵŵŝůůŝŽŶŝŶĂĐŽŵďŝŶĂƚŝŽŶŽĨĐĂƐŚ ĂŶĚ ĚĞďƚ ĐŽŶǀĞƌƐŝŽŶƐ ƉƵƌƐƵĂŶƚ ƚŽ Ă ƉƌŝǀĂƚĞ ƉůĂĐĞŵĞŶƚ ƚŽ ƉƌŽŐƌĞƐƐ ŝƚƐ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ƉƌŽũĞĐƚ ĚĞǀĞůŽƉŵĞŶƚ ĞĨĨŽƌƚƐ ĂĐƌŽƐƐ ŝƚƐ ƉŽƌƚĨŽůŝŽŽĨƉƌŽũĞĐƚƐŝŶƚŚĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐ͕ĐƵĂĚŽƌĂŶĚYƵĞĞŶƐůĂŶĚ͕ƵƐƚƌĂůŝĂ͘

KŶϵ ^ĞƉƚĞŵďĞƌϮϬϭϲ͕Dƌ^ĐŽƚƚ͘ ĂůĚǁĞůůǁĂƐĂƉƉŽŝŶƚĞĚĂƐĂEŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌ͘

KŶϮϰ ^ĞƉƚĞŵďĞƌϮϬϭϲ͕ϲ͕ϱϮϬ͕ϬϬϬƵŶůŝƐƚĞĚŽƉƚŝŽŶƐ;ĐŽŵƉƌŝƐŝŶŐϮ͕ϴϱϬ͕ϬϬϬŽƉƚŝŽŶƐĞdžĞƌĐŝƐĂďůĞĂƚϭϰƉ͕Ϯ͕ϴϱϬ͕ϬϬϬŽƉƚŝŽŶƐĞdžĞƌĐŝƐĂďůĞ ĂƚϮϴƉĂŶĚϴϮϬ͕ϬϬϬŽƉƚŝŽŶƐĞdžĞƌĐŝƐĂďůĞĂƚϱϬƉͿĞdžƉŝƌĞĚ͘

KŶϭϰ KĐƚŽďĞƌϮϬϭϲ͕ ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂŶĂĚĚŝƚŝŽŶĂůϲϯ͕ϯϱϯ͕ϯϯϵ ƐŚĂƌĞƐĂƚ άϬ͘ϭϯ ƚŽ ƌĂŝƐĞ Ψϭϯ͘ϰŵŝůůŝŽŶŝŶ ĐĂƐŚ ƉƵƌƐƵĂŶƚ ƚŽĂ ƉƌŝǀĂƚĞƉůĂĐĞŵĞŶƚƚŽĐŽŶƚŝŶƵĞƚŽ ĨƵŶĚƚŚĞ'ƌŽƵƉ͛ƐĞdžƉůŽƌĂƚŝŽŶŽĨŝƚƐ ĨůĂŐƐŚŝƉĂƐĐĂďĞůŽƉƉĞƌ'ŽůĚWŽƌƉŚLJƌLJWƌŽũĞĐƚ͕ ĨŽƌŐĞŶĞƌĂů ǁŽƌŬŝŶŐĐĂƉŝƚĂůƉƵƌƉŽƐĞƐĂŶĚŽŶŐŽŝŶŐĐŽƌƉŽƌĂƚĞĐŽƐƚƐ͘

KŶϭϳKĐƚŽďĞƌϮϬϭϲ͕ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂŶĂĚĚŝƚŝŽŶĂůϭϰϮ͕ϴϵϲ͕ϲϲϭƐŚĂƌĞƐĂƚάϬ͘ϭϯ ƚŽƌĂŝƐĞΨϯϬ͘ϯŵŝůůŝŽŶŝŶĐĂƐŚƉƵƌƐƵĂŶƚƚŽĂ ƉƌŝǀĂƚĞƉůĂĐĞŵĞŶƚƚŽĐŽŶƚŝŶƵĞƚŽ ĨƵŶĚƚŚĞ'ƌŽƵƉ͛ƐĞdžƉůŽƌĂƚŝŽŶŽĨŝƚƐ ĨůĂŐƐŚŝƉĂƐĐĂďĞůŽƉƉĞƌ'ŽůĚWŽƌƉŚLJƌLJWƌŽũĞĐƚ͕ ĨŽƌŐĞŶĞƌĂů ǁŽƌŬŝŶŐĐĂƉŝƚĂůƉƵƌƉŽƐĞƐĂŶĚŽŶŐŽŝŶŐĐŽƌƉŽƌĂƚĞĐŽƐƚƐ͘

KŶϭϳKĐƚŽďĞƌϮϬϭϲ͕ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂŶĂĚĚŝƚŝŽŶĂůϭϵ͕ϱϵϭ͕ϳϲϴƵŶůŝƐƚĞĚŽƉƚŝŽŶƐƚŽDĂdžŝƚĂƉŝƚĂů͘ dŚĞŽƉƚŝŽŶƐĐŽŶƐŝƐƚŽĨƚǁŽ ƚƌĂŶĐŚĞƐŽĨϵ͕ϳϵϱ͕ϴϴϰŽƉƚŝŽŶƐĞĂĐŚĞdžĞƌĐŝƐĂďůĞĂƚάϬ͘ϭϰĂŶĚάϬ͘Ϯϴ͘

KƵƚůŽŽŬ

dŚĞĞdžƉůŽƌĂƚŝŽŶƉƌŽŐƌĂŵƐ ĨŽƌϮϬϭϳǁŝůů ƉƌŝŵĂƌŝůLJ ĨŽĐƵƐŽŶ ƚŚĞĂƐĐĂďĞů ƉƌŽũĞĐƚĂůŽŶŐǁŝƚŚ ĨŝŶĚŝŶŐũŽŝŶƚǀĞŶƚƵƌĞ ƉĂƌƚŶĞƌƐ ĨŽƌ ƚŚĞ 'ƌŽƵƉ͛Ɛ͕ZĂŶŶĞƐ͕EŽƌŵĂŶďLJ͕ĂŶĚDƚWĞƌƌLJ ƉƌŽũĞĐƚƐ͘ ŝƐĐƵƐƐŝŽŶƐ ŽŶ ƚŚĞ ĨƵƚƵƌĞĞdžƉůŽƌĂƚŝŽŶ ƉƌŽŐƌĂŵƐĂƚĞĂĐŚ ŽĨ ƚŚĞ ƉƌŽũĞĐƚƐĂƌĞ ĚĞƚĂŝůĞĚŝŶƚŚĞKƉĞƌĂƚŝŽŶƐZĞƉŽƌƚ͘

<ĞLJ WĞƌĨŽƌŵĂŶĐĞ /ŶĚŝĐĂƚŽƌƐ

&ŝŶĂŶĐŝĂůŽŶƚƌŽůƐĂŶĚ ZŝƐŬDĂŶĂŐĞŵĞŶƚ

dŚĞŽĂƌĚƌĞŐƵůĂƌůLJƌĞǀŝĞǁƐƚŚĞƌŝƐŬƐƚŽǁŚŝĐŚƚŚĞ'ƌŽƵƉŝƐĞdžƉŽƐĞĚĂŶĚĞŶƐƵƌĞƐƚŚƌŽƵŐŚŽĂƌĚŽŵŵŝƚƚĞĞƐĂŶĚƌĞŐƵůĂƌƌĞƉŽƌƚŝŶŐ ƚŚĂƚ ƚŚĞƐĞ ƌŝƐŬƐĂƌĞŵĂŶĂŐĞĚĂŶĚŵŝŶŝŵŝƐĞĚĂƐ ĨĂƌĂƐ ƉŽƐƐŝďůĞ͘ dŚĞƵĚŝƚŽŵŵŝƚƚĞĞŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶĂŶĚ ƌĞǀŝĞǁŽĨƚŚĞ'ƌŽƵƉ͛ƐŝŶƚĞƌŶĂůĨŝŶĂŶĐŝĂůĐŽŶƚƌŽůƐĂŶĚĨŝŶĂŶĐŝĂůƌŝƐŬŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵƐ͘

&/EE/> Zs/t ;ĐŽŶƚŝŶƵĞĚͿ

EŽŵŝŶĂƚĞĚ ĚǀŝƐŽƌƐĂŶĚƌŽŬĞƌƐ

^W ŶŐĞůŽƌƉŽƌĂƚĞ&ŝŶĂŶĐĞ>>WĂĐƚƐĂƐEŽŵŝŶĂƚĞĚĚǀŝƐŽƌĂŶĚƌŽŬĞƌƚŽƚŚĞŽŵƉĂŶLJ͘

ƋƵŝƚLJ

^ŝŶĐĞƚŚĞĚĂƚĞŽĨƚŚĞůĂƐƚŶŶƵĂůZĞƉŽƌƚ͕ƚŚĞŽŵƉĂŶLJŚĂƐŝƐƐƵĞĚƚŚĞĨŽůůŽǁŝŶŐĞƋƵŝƚŝĞƐ͗

KŶϭϵ EŽǀĞŵďĞƌϮϬϭϱ͕ ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂŶĂĚĚŝƚŝŽŶĂůϲϮ͕Ϯϲϯ͕ϱϯϰƐŚĂƌĞƐĂƚάϬ͘Ϭϭϱ ƚŽ ƌĂŝƐĞ ƚŚĞĞƋƵŝǀĂůĞŶƚŽĨΨϮŵŝůůŝŽŶŝŶĂ ĐŽŵďŝŶĂƚŝŽŶŽĨĐĂƐŚĂŶĚĚĞďƚĐŽŶǀĞƌƐŝŽŶƐƉƵƌƐƵĂŶƚ ƚŽĂƉƌŝǀĂƚĞƉůĂĐĞŵĞŶƚ ƚŽƉƌŽŐƌĞƐƐŝƚƐĞdžƉůŽƌĂƚŝŽŶĂŶĚƉƌŽũĞĐƚĚĞǀĞůŽƉŵĞŶƚ ĞĨĨŽƌƚƐĂĐƌŽƐƐŝƚƐƉŽƌƚĨŽůŝŽŽĨƉƌŽũĞĐƚƐŝŶƚŚĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐ͕ĐƵĂĚŽƌĂŶĚYƵĞĞŶƐůĂŶĚ͕ƵƐƚƌĂůŝĂ͘

KŶϳDĂƌĐŚϮϬϭϲ͕ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂŶĂĚĚŝƚŝŽŶĂůϴϬ͕ϵϬϵ͕ϮϱϳƐŚĂƌĞƐĂƚάϬ͘ϬϮϯƚŽƌĂŝƐĞΨϯ͘ϱŵŝůůŝŽŶŝŶĂĐŽŵďŝŶĂƚŝŽŶŽĨĐĂƐŚĂŶĚ ĚĞďƚĐŽŶǀĞƌƐŝŽŶƐƉƵƌƐƵĂŶƚƚŽĂƉƌŝǀĂƚĞƉůĂĐĞŵĞŶƚƚŽƉƌŽŐƌĞƐƐŝƚƐĞdžƉůŽƌĂƚŝŽŶĂŶĚƉƌŽũĞĐƚĚĞǀĞůŽƉŵĞŶƚĞĨĨŽƌƚƐĂĐƌŽƐƐŝƚƐƉŽƌƚĨŽůŝŽŽĨ ƉƌŽũĞĐƚƐŝŶƚŚĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐ͕ĐƵĂĚŽƌĂŶĚYƵĞĞŶƐůĂŶĚ͕ƵƐƚƌĂůŝĂ͘

KŶϳDĂƌĐŚϮϬϭϲ͕ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂŶĂĚĚŝƚŝŽŶĂůϱϬ͕Ϯϳϭ͕ϳϯϵƐŚĂƌĞƐĂƚάϬ͘ϬϮϯƚŽĞdžƚŝŶŐƵŝƐŚďŽƚŚ'Z 'ůŽďĂů>ƚĚĂŶĚdĞŶƐƚĂƌ ĐŽŶǀĞƌƚŝďůĞŶŽƚĞƐ͘

KŶϭϳKĐƚŽďĞƌϮϬϭϲ͕ ƚŚĞŽŵƉĂŶLJ ŝƐƐƵĞĚ ĂŶ ĂĚĚŝƚŝŽŶĂůϭϰϮ͕ϴϵϲ͕ϲϲϭ ƐŚĂƌĞƐ Ăƚ άϬ͘ϭϯ ƚŽ ƌĂŝƐĞ ΨϯϬŵŝůůŝŽŶ ŝŶ ĐĂƐŚ ƉƵƌƐƵĂŶƚ ƚŽ Ă ƉƌŝǀĂƚĞƉůĂĐĞŵĞŶƚƚŽĐŽŶƚŝŶƵĞƚŽ ĨƵŶĚƚŚĞ'ƌŽƵƉ͛ƐĞdžƉůŽƌĂƚŝŽŶŽĨŝƚƐ ĨůĂŐƐŚŝƉĂƐĐĂďĞůŽƉƉĞƌ'ŽůĚWŽƌƉŚLJƌLJWƌŽũĞĐƚ͕ ĨŽƌŐĞŶĞƌĂů ǁŽƌŬŝŶŐĐĂƉŝƚĂůƉƵƌƉŽƐĞƐĂŶĚŽŶŐŽŝŶŐĐŽƌƉŽƌĂƚĞĐŽƐƚƐ͘

ƚ LJĞĂƌ ĞŶĚ ƚŚĞ ŽŵƉĂŶLJ ŚĂĚ Ă ƚŽƚĂů ŽĨϵϱϯ͕ϴϵϳ͕ϲϬϭƐŚĂƌĞƐĂŶĚ Ϯϭ͕ϯϴϬ͕ϬϬϬ ŽƉƚŝŽŶƐŽŶ ŝƐƐƵĞ͘ƐĂƚ ƚŚĞ ĚĂƚĞ ŽĨ ƚŚŝƐƌĞƉŽƌƚ͕ƚŚĞ ŽŵƉĂŶLJ ŚĂĚ Ă ƚŽƚĂů ŽĨ ϭ͕ϰϮϴ͕ϵϲϲ͕ϲϬϱƐŚĂƌĞƐĂŶĚ Ϯϲ͕ϵϱϭ͕ϳϲϴŽƉƚŝŽŶƐŽŶ ŝƐƐƵĞ͘

dŚĞƐƚƌĂƚĞŐŝĐƌĞƉŽƌƚǁĂƐĂƵƚŚŽƌŝƐĞĚĨŽƌŝƐƐƵĞĂŶĚƐŝŐŶĞĚŽŶďĞŚĂůĨŽĨƚŚĞĚŝƌĞĐƚŽƌƐďLJ͕

EŝĐŚŽůĂƐDĂƚŚĞƌ džĞĐƵƚŝǀĞŝƌĞĐƚŽƌ ϭϳEŽǀĞŵďĞƌϮϬϭϲ

'KsZEE

/ZdKZ^ E KDWEz ^ZdZz

dŚĞŽĂƌĚĐŽŶƐŝƐƚƐŽĨŽŶĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌĂŶĚĨŽƵƌEŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌƐ͘

EŝĐŚŽůĂƐDĂƚŚĞƌ ;džĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌͿ

EŝĐŚŽůĂƐDĂƚŚĞƌ;ϱϵͿ͕ĂƉƉŽŝŶƚĞĚϭϭ DĂLJϮϬϬϱ͕ŐƌĂĚƵĂƚĞĚŝŶϭϵϳϵĨƌŽŵƚŚĞhŶŝǀĞƌƐŝƚLJŽĨYƵĞĞŶƐůĂŶĚǁŝƚŚĂ͘^Đ͘;,ŽŶƐ͕'ĞŽůŽŐLJͿ͘ ,ĞŚĂƐŽǀĞƌϮϱLJĞĂƌƐ͛ĞdžƉĞƌŝĞŶĐĞŝŶĞdžƉůŽƌĂƚŝŽŶĂŶĚƌĞƐŽƵƌĐĞĐŽŵƉĂŶLJŵĂŶĂŐĞŵĞŶƚŝŶĂǀĂƌŝĞƚLJŽĨĐŽƵŶƚƌŝĞƐ͘ ,ŝƐĐĂƌĞĞƌŚĂƐƚĂŬĞŶ ŚŝŵƚŽŶƵŵĞƌŽƵƐĐŽƵŶƚƌŝĞƐĞdžƉůŽƌŝŶŐĨŽƌƉƌĞĐŝŽƵƐĂŶĚďĂƐĞŵĞƚĂůƐĂŶĚĨŽƐƐŝůĨƵĞůƐ͘ EŝĐŚŽůĂƐDĂƚŚĞƌŚĂƐĨŽĐƵƐĞĚŚŝƐĂƚƚĞŶƚŝŽŶŽŶ ƚŚĞŝĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨĂŶĚŝŶǀĞƐƚŵĞŶƚŝŶůĂƌŐĞƌĞƐŽƵƌĐĞĞdžƉůŽƌĂƚŝŽŶƉƌŽũĞĐƚƐ͘

EŝĐŚŽůĂƐ DĂƚŚĞƌ ŝƐ DĂŶĂŐŝŶŐ ŝƌĞĐƚŽƌ ĂŶĚ ŚŝĞĨ džĞĐƵƚŝǀĞ ŽĨ 'Z 'ůŽďĂů >ŝŵŝƚĞĚ ĂŶĚ ŶŽŶͲĞdžĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌ ŽĨ ^yͲůŝƐƚĞĚ ŽŵƉĂŶŝĞƐƌŵŽƵƌ ŶĞƌŐLJ >ŝŵŝƚĞĚ͕ƵƐ dŝŶDŝŶŝŶŐ >ŝŵŝƚĞĚ͕ĂƌŬ,ŽƌƐĞ >ŝŵŝƚĞĚ͕ ĂŶĚ >ĂŬĞƐKŝůE> ĂŶĚ >^ /DͲůŝƐƚĞĚ ŽŵƉĂŶLJ /ƌŽŶZŝĚŐĞZĞƐŽƵƌĐĞƐ>ŝŵŝƚĞĚ͘

ƌŝĂŶDŽůůĞƌ ;EŽŶͲdžĞĐƵƚŝǀĞ ŚĂŝƌŵĂŶͿ

ƌŝĂŶDŽůůĞƌ ;ϱϳͿ͕ ĂƉƉŽŝŶƚĞĚϭϭ DĂLJϮϬϬϱ͕ ŝƐ Ă ĐŽƌƉŽƌĂƚĞ ƉĂƌƚŶĞƌ ŝŶ ƚŚĞ ƌŝƐďĂŶĞͲďĂƐĞĚ ůĂǁ Ĩŝƌŵ,ŽƉŐŽŽĚ'ĂŶŝŵ >ĂǁLJĞƌƐ͕ ƚŚĞ ƵƐƚƌĂůŝĂŶƐŽůŝĐŝƚŽƌƐƚŽƚŚĞŽŵƉĂŶLJ͘ ,ĞǁĂƐĂĚŵŝƚƚĞĚĂƐĂƐŽůŝĐŝƚŽƌŝŶϭϵϴϭĂŶĚŚĂƐďĞĞŶĂƉĂƌƚŶĞƌĂƚ,ŽƉŐŽŽĚ'ĂŶŝŵƐŝŶĐĞϭϵϴϯ͘ ,ĞƉƌĂĐƚŝĐĞƐĂůŵŽƐƚĞdžĐůƵƐŝǀĞůLJŝŶƚŚĞĐŽƌƉŽƌĂƚĞĂƌĞĂǁŝƚŚĂŶĞŵƉŚĂƐŝƐŽŶĐĂƉŝƚĂůƌĂŝƐŝŶŐ͕ŵĞƌŐĞƌƐĂŶĚĂĐƋƵŝƐŝƚŝŽŶƐ͘

ƌŝĂŶDŽůůĞƌĂĐƚƐĨŽƌŵĂŶLJƉƵďůŝĐůLJͲůŝƐƚĞĚƌĞƐŽƵƌĐĞĂŶĚŝŶĚƵƐƚƌŝĂůĐŽŵƉĂŶŝĞƐĂŶĚďƌŝŶŐƐĂǁĞĂůƚŚŽĨĞdžƉĞƌŝĞŶĐĞĂŶĚĞdžƉĞƌƚŝƐĞƚŽƚŚĞ ďŽĂƌĚ͕ ƉĂƌƚŝĐƵůĂƌůLJ ŝŶ ƚŚĞ ĐŽƌƉŽƌĂƚĞ ƌĞŐƵůĂƚŽƌLJ ĂŶĚ ŐŽǀĞƌŶĂŶĐĞ ĂƌĞĂƐ͘ ,Ğ ŝƐ Ă ŶŽŶͲĞdžĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌ ŽĨ ^y ůŝƐƚĞĚ'Z 'ůŽďĂů >ŝŵŝƚĞĚ͕EĂǀĂŚŽ'ŽůĚ >ŝŵŝƚĞĚ͕ŐƵŝĂZĞƐŽƵƌĐĞƐ >ŝŵŝƚĞĚĂŶĚWůĂƚŝŶĂZĞƐŽƵƌĐĞƐ >ŝŵŝƚĞĚ͕ĂŶĚ ƚŚĞ ŶŽŶͲĞdžĞĐƵƚŝǀĞŚĂŝƌŵĂŶ ŽĨ^yͲ ůŝƐƚĞĚƵƐdŝŶDŝŶŝŶŐ>ŝŵŝƚĞĚ͘

ƌ ZŽďĞƌƚ tĞŝŶďĞƌŐ ;EŽŶͲdžĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌͿ

ZŽďtĞŝŶďĞƌŐ ;ϲϵͿ͕ĂƉƉŽŝŶƚĞĚϮϮ EŽǀĞŵďĞƌϮϬϬϱ͕ŐĂŝŶĞĚŚŝƐĚŽĐƚŽƌĂƚĞŝŶŐĞŽůŽŐLJ ĨƌŽŵKdžĨŽƌĚhŶŝǀĞƌƐŝƚLJŝŶϭϵϳϯ͘ ,ĞŚĂƐŵŽƌĞ ƚŚĂŶϰϬLJĞĂƌƐ͛ĞdžƉĞƌŝĞŶĐĞŽĨƚŚĞŝŶƚĞƌŶĂƚŝŽŶĂůŵŝŶŝŶŐŝŶĚƵƐƚƌLJĂŶĚŝƐĂŶŝŶĚĞƉĞŶĚĞŶƚŵŝŶŝŶŐƌĞƐĞĂƌĐŚĂŶĂůLJƐƚĂŶĚĐŽŶƐƵůƚĂŶƚ͘,ĞŝƐ Ă&ĞůůŽǁŽĨƚŚĞ'ĞŽůŽŐŝĐĂů^ŽĐŝĞƚLJŽĨ>ŽŶĚŽŶĂŶĚĂůƐŽĂ&ĞůůŽǁŽĨƚŚĞ/ŶƐƚŝƚƵƚĞŽĨDĂƚĞƌŝĂůƐ͕DŝŶĞƌĂůƐĂŶĚDŝŶŝŶŐ͘ ,ĞŚĂƐďĞĞŶĂŶ ŝŶĚĞƉĞŶĚĞŶƚŶŽŶͲĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌŽĨĂŶƵŵďĞƌŽĨŵŝŶĞƌĂůƐĞdžƉůŽƌĂƚŝŽŶ͕ĚĞǀĞůŽƉŵĞŶƚĂŶĚŵŝŶŝŶŐĐŽŵƉĂŶŝĞƐ͘

WƌŝŽƌ ƚŽŚŝƐĐƵƌƌĞŶƚĂĐƚŝǀŝƚŝĞƐŚĞǁĂƐDĂŶĂŐŝŶŐŝƌĞĐƚŽƌ͕/ŶƐƚŝƚƵƚŝŽŶĂů/ŶǀĞƐƚŵĞŶƚĂƚ ƚŚĞtŽƌůĚ'ŽůĚŽƵŶĐŝů͘ WƌĞǀŝŽƵƐůLJŚĞǁĂƐĂ ŝƌĞĐƚŽƌŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚďĂŶŬŝŶŐĚŝǀŝƐŝŽŶĂƚĞƵƚƐĐŚĞĂŶŬŝŶ>ŽŶĚŽŶĂĨƚĞƌŚĂǀŝŶŐďĞĞŶŚĞĂĚŽĨƚŚĞŐůŽďĂůŵŝŶŝŶŐƌĞƐĞĂƌĐŚƚĞĂŵ Ăƚ^' tĂƌďƵƌŐ^ĞĐƵƌŝƚŝĞƐ͘ ,Ğ ŚĂƐĂůƐŽ ŚĞůĚ ƐĞŶŝŽƌ ƉŽƐŝƚŝŽŶƐǁŝƚŚŝŶ^ŽĐŝĠƚĠ'ĠŶĠƌĂůĞĂŶĚǁĂƐ ŚĞĂĚ ŽĨ ƚŚĞŵŝŶŝŶŐ ƚĞĂŵĂƚ :ĂŵĞƐ ĂƉĞůΘŽ͘ ,ĞǁĂƐĨŽƌŵĞƌůLJŵĂƌŬĞƚŝŶŐŵĂŶĂŐĞƌŽĨƚŚĞŐŽůĚĂŶĚƵƌĂŶŝƵŵĚŝǀŝƐŝŽŶŽĨŶŐůŽŵĞƌŝĐĂŶŽƌƉŽƌĂƚŝŽŶŽĨ^ŽƵƚŚĨƌŝĐĂ >ƚĚ͘

/ZdKZ^ E KDWEz ^ZdZz ;ĐŽŶƚŝŶƵĞĚͿ

:ŽŚŶŽǀĂƌĚ ;EŽŶͲdžĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌͿ

:ŽŚŶŽǀĂƌĚ ;ϳϭͿ͕ĂƉƉŽŝŶƚĞĚϮ EŽǀĞŵďĞƌϮϬϬϵ͕ŝƐĂĐŝǀŝůĞŶŐŝŶĞĞƌǁŝƚŚŽǀĞƌϰϬLJĞĂƌƐ͛ĞdžƉĞƌŝĞŶĐĞŝŶŵŝŶŝŶŐ͕ ŚĞĂǀLJĐŽŶƐƚƌƵĐƚŝŽŶ͕ ƉƌŽũĞĐƚ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ĐŽƌƉŽƌĂƚĞ ŵĂŶĂŐĞŵĞŶƚ ƚŚƌŽƵŐŚŽƵƚƵƐƚƌĂůŝĂ͘ ,ŝƐ ĐĂƌĞĞƌ ƚŽ ĚĂƚĞ ŚĂƐ ŝŶĐůƵĚĞĚ ƌŽůĞƐ ĂƐ K ŽĨ ƉƵďůŝĐ ĐŽŵƉĂŶŝĞƐĂŶĚďŽƚŚdžĞĐƵƚŝǀĞĂŶĚEŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌƐŚŝƉƐ͘,ĞŚŽůĚƐĂĂĐŚĞůŽƌ͛ƐĞŐƌĞĞŝŶŝǀŝůŶŐŝŶĞĞƌŝŶŐ͕ŝƐĂ&ĞůůŽǁŽĨ ƚŚĞƵƐƚƌĂůĂƐŝĂŶ/ŶƐƚŝƚƵƚĞŽĨDŝŶŝŶŐĂŶĚDĞƚĂůůƵƌŐLJ͕ĂŶĚĂ&ĞůůŽǁŽĨƚŚĞƵƐƚƌĂůŝĂŶ/ŶƐƚŝƚƵƚĞŽĨŽŵƉĂŶLJŝƌĞĐƚŽƌƐ͘

DƌŽǀĂƌĚŝƐĐƵƌƌĞŶƚůLJ ƚŚĞEŽŶͲdžĞĐƵƚŝǀĞŚĂŝƌŵĂŶŽĨ ƚŚĞ^yͲůŝƐƚĞĚƵƐdŝŶDŝŶŝŶŐ>ƚĚ͘KƚŚĞƌ ƌŽůĞƐǁŝƚŚŝŶ ƚŚĞƉĂƐƚ ĨŝǀĞLJĞĂƌƐ ŚĂǀĞŝŶĐůƵĚĞĚEŽŶͲdžĞĐƵƚŝǀĞŚĂŝƌŵĂŶ ŽĨKƌďŝƐ'ŽůĚ >ŝŵŝƚĞĚ ;ƌĞƐŝŐŶĞĚϭϳ&ĞďƌƵĂƌLJϮϬϭϱͿ͕EŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌ ŽĨƵƐƚƌĂůŝĂŶ WĂĐŝĨŝĐŽĂů>ŝŵŝƚĞĚ;ƌĞƐŝŐŶĞĚϮϵ EŽǀĞŵďĞƌϮϬϭϮͿ͕ĂĐƚŝŶŐĂƐƚŚĞŝŶƚĞƌŝŵKŽĨƵƐƚƌĂůŝĂŶ^ŽůŽŵŽŶƐ'ŽůĚ>ƚĚ;ƉƌŝůϮϬϬϳƚŽ:ĂŶƵĂƌLJ ϮϬϬϴͿĂŶĚƚŚĞEŽŶͲdžĞĐƵƚŝǀĞŚĂŝƌŵĂŶŽĨdžŝŽŵDŝŶŝŶŐ>ƚĚ;:ƵŶĞϮϬϬϲƚŽƉƌŝůϮϬϬϳͿ͘&ƌŽŵDĂƌĐŚϮϬϬϮƚŽ:ƵŶĞϮϬϬϲ͕DƌŽǀĂƌĚ ĂĐƚĞĚ ĂƐ ƚŚĞ K ŽĨ ƐŝĂ WĂĐŝĨŝĐ ZĞƐŽƵƌĐĞƐ >ƚĚ ;ůŝƐƚĞĚ ŽŶ ƚŚĞ d^yͿ ĚĞǀĞůŽƉŝŶŐ Ă ůĂƌŐĞ ƉŽƚĂƐŚ ƌĞƐŽƵƌĐĞ ŝŶ dŚĂŝůĂŶĚ͘ KƚŚĞƌ ŝƌĞĐƚŽƌƐŚŝƉƐŚĂǀĞŝŶĐůƵĚĞĚĂŶĂĞZĞƐŽƵƌĐĞƐE>;DĂŶĂŐŝŶŐŝƌĞĐƚŽƌͿĂŶĚ'ƌĞĞŶǁŝĐŚZĞƐŽƵƌĐĞƐWůĐ͕ďŽƚŚƚŚƌŽƵŐŚƚŽĞĂƌůLJϮϬϬϲ͘

,Ğ ǁĂƐ ĂůƐŽ WƌŽũĞĐƚ DĂŶĂŐĞƌ ĨŽƌ ƚŚĞ ΨϴϬϬ ŵŝůůŝŽŶ WŚŽƐƉŚĂƚĞ ,ŝůů &ĞƌƚŝůŝƐĞƌ WƌŽũĞĐƚ ĨŽƌ tĞƐƚĞƌŶ DŝŶŝŶŐ ŽƌƉŽƌĂƚŝŽŶ ;tDͿ ƐŝƚƵĂƚĞĚƐŽƵƚŚŽĨDŽƵŶƚ/ƐĂŝŶYƵĞĞŶƐůĂŶĚ͕ƵƐƚƌĂůŝĂ͘KƚŚĞƌƉƌĞǀŝŽƵƐƉƌŽũĞĐƚĞdžƉĞƌŝĞŶĐĞŝŶĐůƵĚĞƐŵĂŶĂŐŝŶŐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞ WŽƌŐĞƌĂDŝŶĞŝŶWĂƉƵĂEĞǁ'ƵŝŶĞĂ͕ƚŚĞ^ƵƉĞƌWŝƚĞdžƉĂŶƐŝŽŶĂƚ<ĂůŐŽŽƌůŝĞ͕ĂŶĚƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƌŽŶnjĞǁŝŶŐ'ŽůĚDŝŶĞŝŶ tĞƐƚĞƌŶ ƵƐƚƌĂůŝĂ͘ ,Ğ ǁĂƐ ƉƌĞǀŝŽƵƐůLJ ƚŚĞ'ĞŶĞƌĂů DĂŶĂŐĞƌ ŽĨ ƚŚĞ ŐŝĂŶƚK< dĞĚŝ ƉŽƌƉŚLJƌLJ ŽƉƉĞƌ 'ŽůĚ DŝŶĞ͘ :ŽŚŶ ŽǀĂƌĚ͛Ɛ ĐŽƌƉŽƌĂƚĞƉƌŽĨŝůĞ͕ƚŽŐĞƚŚĞƌǁŝƚŚŚŝƐĞdžƚĞŶƐŝǀĞĞdžƉĞƌŝĞŶĐĞŝŶƐŽƵƚŚǁĞƐƚWĂĐŝĨŝĐŵŝŶŝŶŐŽƉĞƌĂƚŝŽŶƐĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶŝƐĐŽŶƐŝĚĞƌĞĚƚŽ ďĞŽĨŐƌĞĂƚǀĂůƵĞƚŽ^Žů'ŽůĚWůĐ͘

^ĐŽƚƚ ͘ĂůĚǁĞůů ;EŽŶͲdžĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌͿ

Dƌ͘ ĂůĚǁĞůů ;ϱϵͿ ŝƐ Ă ŵŝŶŝŶŐ ĞŶŐŝŶĞĞƌ ǁŝƚŚ ŽǀĞƌ ϯϬ LJĞĂƌƐ ŽĨ ĞdžƉĞƌŝĞŶĐĞ ďƵŝůĚŝŶŐ ĂŶĚ ŽƉĞƌĂƚŝŶŐ ŐŽůĚ ĂŶĚ ďĂƐĞ ŵĞƚĂů ŵŝŶĞƐ ǁŽƌůĚǁŝĚĞ͕ ŝŶĐůƵĚŝŶŐh^͕ ĂŶĂĚĂ͕ZƵƐƐŝĂ͕ ŝŵďĂďǁĞ͕ ŚŝůĞ͕ ĂŶĚ /ŶĚŽŶĞƐŝĂ͘ ,Ğ ŝƐ ĐƵƌƌĞŶƚůLJ ƚŚĞ WƌĞƐŝĚĞŶƚ͕ K ĂŶĚŝƌĞĐƚŽƌ ŽĨ 'ƵLJĂŶĂ'ŽůĚĨŝĞůĚƐ/ŶĐ͘ ;'ƵLJĂŶĂͿ ĂŶĚ ŚĂƐ ůĞĚ ƚŚĞ ƚĞĂŵ ƚŽ ĨŝŶĂŶĐĞ͕ ďƵŝůĚ͕ ĐŽŵŵŝƐƐŝŽŶ ĂŶĚ ĂĐŚŝĞǀĞ ĐŽŵŵĞƌĐŝĂů ƉƌŽĚƵĐƚŝŽŶ ŽĨ ƚŚĞ ƵƌŽƌĂŵŝŶĞĂŚĞĂĚŽĨƐĐŚĞĚƵůĞĂŶĚŽŶďƵĚŐĞƚ͘WƌĞǀŝŽƵƐůLJ͕Dƌ͘ ĂůĚǁĞůůǁĂƐƚŚĞWƌĞƐŝĚĞŶƚ͕KĂŶĚŝƌĞĐƚŽƌŽĨůůŝĞĚEĞǀĂĚĂ'ŽůĚ ŽƌƉ͘ĨƌŽŵϮϬϬϲƚŽϮϬϭϯ͘WƌŝŽƌƚŽůůŝĞĚEĞǀĂĚĂ͕Dƌ͘ ĂůĚǁĞůůŚĞůĚǀĂƌŝŽƵƐƐĞŶŝŽƌĐĂƉĂĐŝƚŝĞƐĂƚ<ŝŶƌŽƐƐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĨŽƌĞŝŐŚƚ LJĞĂƌƐ͘Dƌ͘ ĂůĚǁĞůůŚŽůĚƐĂĂĐŚĞůŽƌŽĨ^ĐŝĞŶĐĞ;DŝŶŝŶŐͿĚĞŐƌĞĞŝŶŶŐŝŶĞĞƌŝŶŐĨƌŽŵƚŚĞhŶŝǀĞƌƐŝƚLJŽĨƌŝnjŽŶĂ͘

KDWEz ^ZdZz

<Ăƌů ^ĐŚůŽďŽŚŵ ;ŽŵƉĂŶLJ ^ĞĐƌĞƚĂƌLJͿ

<Ăƌů ^ĐŚůŽďŽŚŵ ;ϰϴͿ ŚĂƐ ŽǀĞƌ ƚǁĞŶƚLJ LJĞĂƌƐ͛ ĞdžƉĞƌŝĞŶĐĞ ŝŶ ƚŚĞ ĂĐĐŽƵŶƚŝŶŐ ƉƌŽĨĞƐƐŝŽŶ ĂĐƌŽƐƐ Ă ǁŝĚĞ ƌĂŶŐĞ ŽĨ ďƵƐŝŶĞƐƐĞƐ ĂŶĚ ŝŶĚƵƐƚƌŝĞƐ͘,Ğ ŚĂƐ ƉƌĞǀŝŽƵƐůLJ ďĞĞŶ ĐŽŶƚƌĂĐƚĞĚŝŶƚŽ&K ƌŽůĞƐǁŝƚŚ^yͲůŝƐƚĞĚ ƌĞƐŽƵƌĐĞ ĐŽŵƉĂŶŝĞƐŝƐĐŽǀĞƌLJDĞƚĂůƐ >ŝŵŝƚĞĚĂŶĚ DĞƌŝĚŝĂŶDŝŶĞƌĂůƐ>ŝŵŝƚĞĚ͕ĂŶĚĂƐŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJŽĨ^yͲůŝƐƚĞĚ>ŝŶĐŶĞƌŐLJ>ŝŵŝƚĞĚ͕ŐĞŶŝdž>ŝŵŝƚĞĚ͕ŝƐĐŽǀĞƌLJDĞƚĂůƐ>ŝŵŝƚĞĚ ĂŶĚ'ůŽďĂů^ĞĂĨŽŽĚƵƐƚƌĂůŝĂ>ŝŵŝƚĞĚ͘

Dƌ^ĐŚůŽďŽŚŵŝƐĂůƐŽ ĐŽŶƚƌĂĐƚĞĚ ƚŽĂĐƚĂƐ ƚŚĞŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ ŽĨ ƚŚĞ/DůŝƐƚĞĚ/ƌŽŶZŝĚŐĞZĞƐŽƵƌĐĞƐ >ŝŵŝƚĞĚĂŶĚ^yͲůŝƐƚĞĚ 'Z 'ůŽďĂů>ŝŵŝƚĞĚ͕ĂƌŬ,ŽƌƐĞZĞƐŽƵƌĐĞƐ>ŝŵŝƚĞĚ͕ƵƐdŝŶDŝŶŝŶŐ>ŝŵŝƚĞĚĂŶĚƌŵŽƵƌŶĞƌŐLJ>ŝŵŝƚĞĚ͘

/ZdKZ^ΖZWKZd

dŚĞŝƌĞĐƚŽƌƐƉƌĞƐĞŶƚƚŚĞŝƌĂŶŶƵĂůƌĞƉŽƌƚĂŶĚĂƵĚŝƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϭϲ͘

WZ/E/W>d/s/d/^

dŚĞƉƌŝŶĐŝƉĂůĂĐƚŝǀŝƚŝĞƐŽĨ^Žů'ŽůĚƉůĐ;ƚŚĞ͞ŽŵƉĂŶLJ͟ͿĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ;ƚŽŐĞƚŚĞƌ͞^Žů'ŽůĚ͟ŽƌƚŚĞ͞'ƌŽƵƉ͟ͿĂƌĞŐŽůĚĂŶĚŵŝŶĞƌĂů ĞdžƉůŽƌĂƚŝŽŶ ŝŶ ĐƵĂĚŽƌ͕ ƚŚĞ ^ŽůŽŵŽŶ /ƐůĂŶĚƐ͕ ĂŶĚ YƵĞĞŶƐůĂŶĚ͕ ƵƐƚƌĂůŝĂ͘ ĞƚĂŝůƐ ŽĨ ƚŚĞ 'ƌŽƵƉ͛Ɛ ĂĐƚŝǀŝƚŝĞƐ͕ ƚŽŐĞƚŚĞƌ ǁŝƚŚ Ă ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ƚŚĞ ƉƌŝŶĐŝƉĂů ƌŝƐŬƐ ĂŶĚ ƵŶĐĞƌƚĂŝŶƚŝĞƐ ĨĂĐŝŶŐ ƚŚĞ 'ƌŽƵƉ͕ ĂŶĚ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ƚŚĞ ďƵƐŝŶĞƐƐ͕ ĂƌĞ ŐŝǀĞŶ ŝŶ ƚŚĞ ^ƚƌĂƚĞŐŝĐZĞƉŽƌƚ͘

dŚĞƉƌŝŶĐŝƉĂůĂĐƚŝǀŝƚLJŽĨƚŚĞŽŵƉĂŶLJŝƐƚŚĂƚŽĨĂŚŽůĚŝŶŐĐŽŵƉĂŶLJ͘

h^/E^^ Zs/t

ĚĞƚĂŝůĞĚƌĞǀŝĞǁŽĨƚŚĞ'ƌŽƵƉ͛ƐďƵƐŝŶĞƐƐĂŶĚĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚƐŝƐƐĞƚŽƵƚŝŶƚŚĞKƉĞƌĂƚŝŽŶƐZĞƉŽƌƚĂŶĚ&ŝŶĂŶĐŝĂůZĞǀŝĞǁ͘

dŚĞƉƌŝŶĐŝƉĂůƌŝƐŬƐĂŶĚƵŶĐĞƌƚĂŝŶƚŝĞƐĨĂĐŝŶŐƚŚĞ'ƌŽƵƉĂƚŝƚƐƉƌĞƐĞŶƚƐƚĂŐĞŽĨĚĞǀĞůŽƉŵĞŶƚĂƌĞŐŝǀĞŶƵŶĚĞƌZŝƐŬƐĂŶĚhŶĐĞƌƚĂŝŶƚŝĞƐ͘

'K/E' KEZE

^ƵďƐĞƋƵĞŶƚƚŽƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ͕ƚŚĞ'ƌŽƵƉŝƐƐƵĞĚϰϳϱ͕Ϭϲϵ͕ϬϬϰŽƌĚŝŶĂƌLJƐŚĂƌĞƐĂƚάϬ͘Ϭϲ;h^ΨϬ͘ϬϴͿĂŶĚάϬ͘ϭϯ;h^ΨϬ͘ϭϲͿƉĞƌƐŚĂƌĞ ƚŽƌĂŝƐĞΨϳϭ͘ϲŵŝůůŝŽŶĂƐĂƌĞƐƵůƚŽĨƚŚƌĞĞƉƌŝǀĂƚĞƉůĂĐĞŵĞŶƚƐ͘

hZZEz

dŚĞ ĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJŽĨƚŚĞƐƵďƐŝĚŝĂƌŝĞƐŝŶƵƐƚƌĂůŝĂŝƐĐŽŶƐŝĚĞƌĞĚƚŽďĞƵƐƚƌĂůŝĂŶŽůůĂƌƐ ;ΨͿ͘ dŚĞ ĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJŽĨƚŚĞ ƐƵďƐŝĚŝĂƌŝĞƐŝŶ^ŽůŽŵŽŶ/ƐůĂŶĚƐŝƐĐŽŶƐŝĚĞƌĞĚƚŽďĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐŽůůĂƌƐ ;^ΨͿ͘ dŚĞ ĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJŽĨƚŚĞƐƵďƐŝĚŝĂƌŝĞƐŝŶ ĐƵĂĚŽƌŝƐĐŽŶƐŝĚĞƌĞĚƚŽďĞhŶŝƚĞĚ^ƚĂƚĞƐŽůůĂƌƐ;h^ΨͿ͘dŚĞƉƌĞƐĞŶƚĂƚŝŽŶĂůĐƵƌƌĞŶĐLJŽĨƚŚĞ'ƌŽƵƉŝƐƵƐƚƌĂůŝĂŶĚŽůůĂƌƐ;͞Ψ͟ͿĂŶĚ Ăůů ĂŵŽƵŶƚƐ ƉƌĞƐĞŶƚĞĚ ŝŶ ƚŚĞ ŝƌĞĐƚŽƌƐ͛ ZĞƉŽƌƚ ĂŶĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂƌĞ ƉƌĞƐĞŶƚĞĚ ŝŶ ƵƐƚƌĂůŝĂŶ ĚŽůůĂƌƐ ƵŶůĞƐƐ ŽƚŚĞƌǁŝƐĞ ŝŶĚŝĐĂƚĞĚ͘

Z^h>d^

dŚĞ'ƌŽƵƉ͛ƐĐŽŶƐŽůŝĚĂƚĞĚůŽƐƐĨŽƌƚŚĞLJĞĂƌǁĂƐΨϱ͕ϳϮϯ͕ϭϮϮ;ϮϬϭϱ͗Ψϰ͕Ϯϯϴ͕ϲϲϭͿ͘

,E'^/E ^,Z W/d>hZ/E' ϮϬϭϱ

ƐƚĂƚĞŵĞŶƚŽĨĐŚĂŶŐĞƐŝŶƚŚĞƐŚĂƌĞĐĂƉŝƚĂůŽĨƚŚĞŽŵƉĂŶLJŝƐƐĞƚŽƵƚŝŶEŽƚĞϭϳƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

/s/E^W/ KZ ZKDDE

dŚĞŝƌĞĐƚŽƌƐĚŽŶŽƚƌĞĐŽŵŵĞŶĚƚŚĞƉĂLJŵĞŶƚŽĨĂĚŝǀŝĚĞŶĚ;ϮϬϭϱ͗ŶŝůͿ͘

&/EE/>/E^dZhDEd^

dŚĞŽŵƉĂŶLJĚŽĞƐŶŽƚƵŶĚĞƌƚĂŬĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƚƌĂŶƐĂĐƚŝŽŶƐƚŚĂƚĂƌĞƐƉĞĐƵůĂƚŝǀĞŽƌƵŶƌĞůĂƚĞĚƚŽƚŚĞŽŵƉĂŶLJ͛ƐŽƌ'ƌŽƵƉΖƐ ĂĐƚŝǀŝƚŝĞƐ͘ dŚĞ 'ƌŽƵƉ͛Ɛ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ĐŽŶƐŝƐƚ ŵĂŝŶůLJ ŽĨ ĚĞƉŽƐŝƚƐ ǁŝƚŚ ďĂŶŬƐ͕ ĂĐĐŽƵŶƚƐ ƉĂLJĂďůĞ͕ ůŽĂŶƐ ƉĂLJĂďůĞ ƚŽ ƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ ;ŝŶĐůƵĚŝŶŐ ĐŽŶǀĞƌƐŝŽŶ ŽƉƚŝŽŶƐͿ ĂŶĚ ůŽĂŶƐ ƚŽ ƐƵďƐŝĚŝĂƌŝĞƐ͘ &ƵƌƚŚĞƌ ĚĞƚĂŝůƐ ŽĨ ĨŝŶĂŶĐŝĂů ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ŽďũĞĐƚŝǀĞƐ ĂŶĚ ƉŽůŝĐŝĞƐ͕ĂŶĚĞdžƉŽƐƵƌĞŽĨƚŚĞ'ƌŽƵƉƚŽĨŝŶĂŶĐŝĂůƌŝƐŬƐĂƌĞƉƌŽǀŝĚĞĚŝŶŶŽƚĞϮϬƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

/ZdKZ^ΖZWKZd

/ZdKZ^ E /ZdKZ^͛/EdZ^d^

dŚĞŝƌĞĐƚŽƌƐǁŚŽŚĞůĚŽĨĨŝĐĞĚƵƌŝŶŐƚŚĞLJĞĂƌǁĞƌĞĂƐĨŽůůŽǁƐ͗

EŝĐŚŽůĂƐDĂƚŚĞƌ	džĞĐƵƚŝǀĞŝƌĞĐƚŽƌ
ƌŝĂŶDŽůůĞƌ	EŽŶͲdžĞĐƵƚŝǀĞŚĂŝƌŵĂŶ
ZŽďĞƌƚtĞŝŶďĞƌŐ	EŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌ
:ŽŚŶŽǀĂƌĚ	EŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌ

dŚĞŽŵƉĂŶLJŚĂƐĂŝƌĞĐƚŽƌƐ͛ĂŶĚKĨĨŝĐĞƌƐ͛ >ŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞƉŽůŝĐLJĨŽƌĂůůŝƚƐŝƌĞĐƚŽƌƐ͘

dŚĞŝƌĞĐƚŽƌƐǁŚŽŚĞůĚŽĨĨŝĐĞĂƚƚŚĞĞŶĚŽĨƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌŚĞůĚĚŝƌĞĐƚĂŶĚŝŶĚŝƌĞĐƚŝŶƚĞƌĞƐƚƐŝŶƚŚĞŽƌĚŝŶĂƌLJƐŚĂƌĞƐĂŶĚƵŶůŝƐƚĞĚ ŽƉƚŝŽŶƐŽĨƚŚĞŽŵƉĂŶLJĂƐƐŚŽǁŶŝŶƚŚĞƚĂďůĞƐďĞůŽǁ͘

^ŚĂƌĞƐŚĞůĚ	ƚ ϯϬ :ƵŶĞ ϮϬϭϲ	ƚ ϯϬ :ƵŶĞ ϮϬϭϱ
EŝĐŚŽůĂƐDĂƚŚĞƌ	ϴϵ͕Ϯϲϴ͕Ϯϳϱ	ϴϱ͕ϱϭϵ͕ϱϳϬ
ƌŝĂŶDŽůůĞƌ	ϯ͕ϵϬϭ͕ϬϳϮ	ϯ͕Ϭϴϲ͕ϵϰϮ
ZŽďĞƌƚtĞŝŶďĞƌŐ	ϰ͕Ϯϵϲ͕Ϭϵϭ	ϯ͕ϭϭϴ͕ϰϴϰ
:ŽŚŶŽǀĂƌĚ	ϯ͕ϴϱϴ͕ϴϭϯ	ϯ͕ϴϱϴ͕ϴϭϮ

dŚĞƌĞǁĞƌĞŶŽŽƉƚŝŽŶƐŝƐƐƵĞĚƚŽŝƌĞĐƚŽƌƐĚƵƌŝŶŐƚŚĞLJĞĂƌ;ϮϬϭϱ͗ϰ͕ϯϲϬ͕ϬϬϬͿ͘

^ŚĂƌĞ ŽƉƚŝŽŶƐŚĞůĚ	ƚ ϯϬ :ƵŶĞ ϮϬϭϲ	ƚ ϯϬ :ƵŶĞ ϮϬϭϱ	KƉƚŝŽŶWƌŝĐĞ	džĞƌĐŝƐĞWĞƌŝŽĚ
EŝĐŚŽůĂƐDĂƚŚĞƌ	ϭ͕ϱϬϬ͕ϬϬϬ	ϭ͕ϱϬϬ͕ϬϬϬ	ϭϰƉͲϮϴƉ	ϬϴͬϬϳͬϭϱͲϬϴͬϬϳͬϭϳ
ƌŝĂŶDŽůůĞƌ	ϭ͕ϭϬϬ͕ϬϬϬ	ϭ͕ϭϬϬ͕ϬϬϬ	ϭϰƉͲϮϴƉ	ϬϴͬϬϳͬϭϱͲϬϴͬϬϳͬϭϳ
ZŽďĞƌƚtĞŝŶďĞƌŐ	ϴϴϬ͕ϬϬϬ	ϴϴϬ͕ϬϬϬ	ϭϰƉͲϮϴƉ	ϬϴͬϬϳͬϭϱͲϬϴͬϬϳͬϭϳ
:ŽŚŶŽǀĂƌĚ	ϴϴϬ͕ϬϬϬ	ϴϴϬ͕ϬϬϬ	ϭϰƉͲϮϴƉ	ϬϴͬϬϳͬϭϱͲϬϴͬϬϳͬϭϳ

KZWKZd 'KsZEE

/Ŷ ĨŽƌŵƵůĂƚŝŶŐ ƚŚĞ'ƌŽƵƉ͛Ɛ ĐŽƌƉŽƌĂƚĞ ŐŽǀĞƌŶĂŶĐĞ ƉƌŽĐĞĚƵƌĞƐ ƚŚĞ ŽĂƌĚ ŽĨŝƌĞĐƚŽƌƐ ƚĂŬĞƐ ĚƵĞ ƌĞŐĂƌĚ ŽĨ ƚŚĞ ƉƌŝŶĐŝƉůĞƐ ŽĨ ŐŽŽĚ ŐŽǀĞƌŶĂŶĐĞ ƐĞƚ ŽƵƚ ŝŶ ƚŚĞh<ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞŽĚĞ ƚŽ ƚŚĞĞdžƚĞŶƚ ƚŚĞLJ ĐŽŶƐŝĚĞƌĂƉƉƌŽƉƌŝĂƚĞŝŶůŝŐŚƚ ŽĨ ƚŚĞ'ƌŽƵƉ͛Ɛ ƐŝnjĞ͕ ƐƚĂŐĞŽĨĚĞǀĞůŽƉŵĞŶƚĂŶĚƌĞƐŽƵƌĐĞƐ͘,ŽǁĞǀĞƌ͕ŐŝǀĞŶƚŚĞƐŝnjĞŽĨƚŚĞ'ƌŽƵƉ͕ĂƚƉƌĞƐĞŶƚƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĚŽŶŽƚĐŽŶƐŝĚĞƌŝƚ ŶĞĐĞƐƐĂƌLJƚŽĂĚŽƉƚƚŚĞŽĚĞŝŶŝƚƐĞŶƚŝƌĞƚLJ͘

dŚĞŽĂƌĚŽĨ^Žů'ŽůĚƉůĐŝƐŵĂĚĞƵƉŽĨŽŶĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌĂŶĚĨŽƵƌEŽŶͲĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌƐ͘EŝĐŚŽůĂƐDĂƚŚĞƌŝƐƚŚĞdžĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌ͘/ƚŝƐƚŚĞŽĂƌĚ͛ƐƉŽůŝĐLJƚŽŵĂŝŶƚĂŝŶŝŶĚĞƉĞŶĚĞŶĐĞďLJŚĂǀŝŶŐĂƚůĞĂƐƚŚĂůĨŽĨƚŚĞŽĂƌĚĐŽŵƉƌŝƐŝŶŐEŽŶͲĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌƐ ǁŚŽĂƌĞ ĨƌĞĞ ĨƌŽŵĂŶLJŵĂƚĞƌŝĂů ďƵƐŝŶĞƐƐŽƌŽƚŚĞƌ ƌĞůĂƚŝŽŶƐŚŝƉǁŝƚŚ ƚŚĞ'ƌŽƵƉ͘dŚĞ ƐƚƌƵĐƚƵƌĞŽĨ ƚŚĞŽĂƌĚĞŶƐƵƌĞƐ ƚŚĂƚŶŽŽŶĞ ŝŶĚŝǀŝĚƵĂůŽƌŐƌŽƵƉŝƐĂďůĞƚŽĚŽŵŝŶĂƚĞƚŚĞĚĞĐŝƐŝŽŶŵĂŬŝŶŐƉƌŽĐĞƐƐ͘

dŚĞ ŽĂƌĚ ŽƌĚŝŶĂƌŝůLJ ŵĞĞƚƐ ŽŶ Ă ŵŽŶƚŚůLJ ďĂƐŝƐ ƉƌŽǀŝĚŝŶŐ ĞĨĨĞĐƚŝǀĞ ůĞĂĚĞƌƐŚŝƉ ĂŶĚ ŽǀĞƌĂůů ĐŽŶƚƌŽů ĂŶĚ ĚŝƌĞĐƚŝŽŶ ŽĨ ƚŚĞ 'ƌŽƵƉ͛Ɛ ĂĨĨĂŝƌƐƚŚƌŽƵŐŚƚŚĞƐĐŚĞĚƵůĞŽĨŵĂƚƚĞƌƐƌĞƐĞƌǀĞĚĨŽƌŝƚƐĚĞĐŝƐŝŽŶ͘dŚŝƐŝŶĐůƵĚĞƐƚŚĞĂƉƉƌŽǀĂůŽĨƚŚĞďƵĚŐĞƚĂŶĚďƵƐŝŶĞƐƐƉůĂŶ͕ŵĂũŽƌ ĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞ͕ ĂĐƋƵŝƐŝƚŝŽŶƐ ĂŶĚ ĚŝƐƉŽƐĂůƐ͕ ƌŝƐŬŵĂŶĂŐĞŵĞŶƚ ƉŽůŝĐŝĞƐ ĂŶĚ ƚŚĞ ĂƉƉƌŽǀĂů ŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ &ŽƌŵĂů ĂŐĞŶĚĂƐ͕ ƉĂƉĞƌƐ ĂŶĚ ƌĞƉŽƌƚƐ ĂƌĞ ƐĞŶƚ ƚŽ ƚŚĞ ŝƌĞĐƚŽƌƐ ŝŶ Ă ƚŝŵĞůLJ ŵĂŶŶĞƌ͕ ƉƌŝŽƌ ƚŽ ŽĂƌĚ ŵĞĞƚŝŶŐƐ͘ dŚĞ ŽĂƌĚ ĂůƐŽ ƌĞĐĞŝǀĞƐ ƐƵŵŵĂƌLJ ĨŝŶĂŶĐŝĂů ĂŶĚ ŽƉĞƌĂƚŝŽŶĂů ƌĞƉŽƌƚƐ ďĞĨŽƌĞ ĞĂĐŚ ŽĂƌĚ ŵĞĞƚŝŶŐ͘ dŚĞ ŽĂƌĚ ĚĞůĞŐĂƚĞƐ ĐĞƌƚĂŝŶ ŽĨ ŝƚƐ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ƚŽ ŵĂŶĂŐĞŵĞŶƚ͕ǁŚŽŚĂǀĞĐůĞĂƌůLJĚĞĨŝŶĞĚƚĞƌŵƐŽĨƌĞĨĞƌĞŶĐĞ͘

ůůŝƌĞĐƚŽƌƐ ŚĂǀĞ ĂĐĐĞƐƐ ƚŽ ƚŚĞ ĂĚǀŝĐĞ ĂŶĚ ƐĞƌǀŝĐĞƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ^ĞĐƌĞƚĂƌLJ͕ ǁŚŽ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĞŶƐƵƌŝŶŐ ƚŚĂƚ Ăůů ŽĂƌĚ ƉƌŽĐĞĚƵƌĞƐĂƌĞĨŽůůŽǁĞĚ͘ŶLJŝƌĞĐƚŽƌŵĂLJƚĂŬĞŝŶĚĞƉĞŶĚĞŶƚƉƌŽĨĞƐƐŝŽŶĂůĂĚǀŝĐĞĂƚƚŚĞ'ƌŽƵƉ͛ƐĞdžƉĞŶƐĞŝŶƚŚĞĨƵƌƚŚĞƌĂŶĐĞŽĨŚŝƐ ĚƵƚŝĞƐ͘KŶĞƚŚŝƌĚŽĨƚŚĞŝƌĞĐƚŽƌƐƌĞƚŝƌĞĨƌŽŵŽĨĨŝĐĞĂƚĞǀĞƌLJŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐŽĨƚŚĞŽŵƉĂŶLJ͘/ŶŐĞŶĞƌĂů͕ƚŚŽƐĞŝƌĞĐƚŽƌƐ ǁŚŽ ŚĂǀĞ ŚĞůĚ ŽĨĨŝĐĞ ƚŚĞ ůŽŶŐĞƐƚ ƚŝŵĞ ƐŝŶĐĞ ƚŚĞŝƌ ĞůĞĐƚŝŽŶ ĂƌĞƌĞƋƵŝƌĞĚ ƚŽ ƌĞƚŝƌĞ͘ ƌĞƚŝƌŝŶŐŝƌĞĐƚŽƌ ŵĂLJ ďĞ ƌĞͲĞůĞĐƚĞĚ ĂŶĚ Ă ŝƌĞĐƚŽƌĂƉƉŽŝŶƚĞĚďLJƚŚĞŽĂƌĚŵĂLJĂůƐŽďĞĞůĞĐƚĞĚ͕ƚŚŽƵŐŚŝŶƚŚĞůĂƚƚĞƌĐĂƐĞƚŚĞŝƌĞĐƚŽƌ͛ƐƉĞƌŝŽĚŽĨƉƌŝŽƌĂƉƉŽŝŶƚŵĞŶƚďLJƚŚĞ ŽĂƌĚǁŝůůŶŽƚďĞƚĂŬĞŶŝŶƚŽĂĐĐŽƵŶƚĨŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƌŽƚĂƚŝŽŶ͘

dŚĞƵĚŝƚŽŵŵŝƚƚĞĞ͕ǁŚŝĐŚŵĞĞƚƐŶŽƚůĞƐƐƚŚĂŶƚǁŝĐĞĂLJĞĂƌ͕ŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌĞŶƐƵƌŝŶŐƚŚĂƚƚŚĞĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞ͕ƉŽƐŝƚŝŽŶ ĂŶĚƉƌŽƐƉĞĐƚƐŽĨƚŚĞ'ƌŽƵƉĂƌĞƉƌŽƉĞƌůLJŵŽŶŝƚŽƌĞĚĂƐǁĞůůĂƐůŝĂŝƐŝŶŐǁŝƚŚƚŚĞ'ƌŽƵƉ͛ƐĂƵĚŝƚŽƌƚŽĚŝƐĐƵƐƐƚŚĞĂĐĐŽƵŶƚƐĂŶĚƚŚĞ 'ƌŽƵƉ͛ƐŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐ͘dŚĞŽŵŵŝƚƚĞĞŝƐĐŽŵƉƌŝƐĞĚŽĨƚŚĞĞŶƚŝƌĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͘dŚĞƵĚŝƚŽŵŵŝƚƚĞĞŚĂƐƌĞǀŝĞǁĞĚƚŚĞ ƐLJƐƚĞŵƐŝŶƉůĂĐĞĂŶĚĐŽŶƐŝĚĞƌƐƚŚĞƐĞƚŽďĞĂƉƉƌŽƉƌŝĂƚĞ͘

/ZdKZ^ΖZWKZd ;ĐŽŶƚŝŶƵĞĚͿ

dŚĞ ZĞŵƵŶĞƌĂƚŝŽŶ ŽŵŵŝƚƚĞĞ ŵĞĞƚƐ Ăƚ ůĞĂƐƚ ŽŶĐĞ Ă LJĞĂƌ ĂŶĚ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŵĂŬŝŶŐ ĚĞĐŝƐŝŽŶƐ ŽŶ ŝƌĞĐƚŽƌƐ͛ ĂŶĚ ŬĞLJ ŵĂŶĂŐĞŵĞŶƚ͛ƐƌĞŵƵŶĞƌĂƚŝŽŶƉĂĐŬĂŐĞƐ͘ dŚĞŽŵŵŝƚƚĞĞŝƐĐŽŵƉƌŝƐĞĚŽĨƚŚĞĞŶƚŝƌĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͘

dŚĞ ƌĞŵƵŶĞƌĂƚŝŽŶ ŽĨ ƚŚĞ ŶŽŶͲĞdžĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌƐ ŝƐ ĚĞƚĞƌŵŝŶĞĚ ďLJ ƚŚĞ ĞdžĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌƐ ǁŚŽ ĐŽŶƐŝĚĞƌ ŝƚ ĞƐƐĞŶƚŝĂů͕ ŶŽƚǁŝƚŚƐƚĂŶĚŝŶŐƚŚĞƐŵĂůůƐŝnjĞŽĨƚŚĞŽŵƉĂŶLJĂŶĚƚŚĞĨĂĐƚƚŚĂƚŝƚŝƐŶŽƚLJĞƚƌĞǀĞŶƵĞĞĂƌŶŝŶŐ͕ƚŽƌĞĐƌƵŝƚĂŶĚƌĞƚĂŝŶŝŶĚŝǀŝĚƵĂůƐŽĨ ƚŚĞŚŝŐŚĞƐƚĐĂůŝďƌĞĨŽƌƚŚĂƚƌŽůĞ͘ ŽŶƐĞƋƵĞŶƚůLJƚŚĞLJďĞůŝĞǀĞƚŚĂƚŝƚŝƐŝŶƚŚĞŝŶƚĞƌĞƐƚƐŽĨƐŚĂƌĞŚŽůĚĞƌƐƚŚĂƚŶŽŶͲĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌƐ ƐŚŽƵůĚďĞƉƌŽǀŝĚĞĚǁŝƚŚƐŚĂƌĞŽƉƚŝŽŶƐŝŶĂĚĚŝƚŝŽŶ ƚŽ ƚŚĞůĞǀĞůŽĨ ĨĞĞƐĐŽŶƐŝĚĞƌĞĚĂĨĨŽƌĚĂďůĞ͘KŶϴ :ƵůLJϮϬϭϰ͕ϰ͕ϯϲϬ͕ϬϬϬŽƉƚŝŽŶƐ ǁĞƌĞ ŝƐƐƵĞĚ Žƌ ũƵƐƚ ƵŶĚĞƌ Ϭ͘ϱϳй ŽĨ ƚŚĞ ĐƵƌƌĞŶƚ ŝƐƐƵĞĚ ƐŚĂƌĞ ĐĂƉŝƚĂů͕ ĂŶĚ ŝŶ ƚŚĞ ŽƉŝŶŝŽŶ ŽĨ ƚŚĞ ĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌ ƚŚŝƐ ŝƐ ŶŽƚ ŽĨ ƐƵĨĨŝĐŝĞŶƚŵĂŐŶŝƚƵĚĞĂƐƚŽĂĨĨĞĐƚƚŚĞŝƌŝŶĚĞƉĞŶĚĞŶĐĞ͘

dŚĞ ŽĂƌĚ ĂƚƚĂĐŚĞƐ ŝŵƉŽƌƚĂŶĐĞ ƚŽ ŵĂŝŶƚĂŝŶŝŶŐ ŐŽŽĚ ƌĞůĂƚŝŽŶƐŚŝƉƐ ǁŝƚŚ Ăůů ŝƚƐ ƐŚĂƌĞŚŽůĚĞƌƐ ĂŶĚ ĞŶƐƵƌĞƐ ƚŚĂƚ Ăůů ƉƌŝĐĞ ƐĞŶƐŝƚŝǀĞ ŝŶĨŽƌŵĂƚŝŽŶŝƐƌĞůĞĂƐĞĚƚŽĂůůƐŚĂƌĞŚŽůĚĞƌƐĂƚƚŚĞƐĂŵĞƚŝŵĞ͕ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ/DƌƵůĞƐŽĨƚŚĞ>ŽŶĚŽŶ^ƚŽĐŬdžĐŚĂŶŐĞƌƵůĞƐ͘ dŚĞ'ƌŽƵƉ͛ƐƉƌŝŶĐŝƉĂůĐŽŵŵƵŶŝĐĂƚŝŽŶǁŝƚŚŝƚƐŝŶǀĞƐƚŽƌƐŝƐ ƚŚƌŽƵŐŚƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐ͕ƚŚĞĂŶŶƵĂůƌĞƉŽƌƚĂŶĚĂĐĐŽƵŶƚƐ͕ ƚŚĞŝŶƚĞƌŝŵƐƚĂƚĞŵĞŶƚĂŶĚŝƚƐǁĞďƐŝƚĞ͘

dŚĞϮϬϭϲ ŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐǁŝůůƉƌŽǀŝĚĞĂŶŽƉƉŽƌƚƵŶŝƚLJ ĨŽƌƚŚĞŚĂŝƌŵĂŶĂŶĚͬŽƌŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƚŽƉƌĞƐĞŶƚƚŽƚŚĞ ƐŚĂƌĞŚŽůĚĞƌƐ Ă ƌĞƉŽƌƚ ŽŶ ĐƵƌƌĞŶƚ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚƐ ĂŶĚ ǁŝůůĞŶĂďůĞ ƚŚĞ ƐŚĂƌĞŚŽůĚĞƌƐ ƚŽ ƋƵĞƐƚŝŽŶ ĂŶĚ ĞdžƉƌĞƐƐ ƚŚĞŝƌ ǀŝĞǁƐ ĂďŽƵƚ ƚŚĞ 'ƌŽƵƉ͛Ɛ ďƵƐŝŶĞƐƐ͘ ƐĞƉĂƌĂƚĞ ƌĞƐŽůƵƚŝŽŶ ǁŝůů ďĞ ƉƌŽƉŽƐĞĚ ŽŶ ĞĂĐŚ ƐƵďƐƚĂŶƚŝĂůůLJ ƐĞƉĂƌĂƚĞ ŝƐƐƵĞ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƌĞĐĞŝƉƚŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚƐŚĂƌĞŚŽůĚĞƌƐǁŝůůďĞĞŶƚŝƚůĞĚƚŽǀŽƚĞĞŝƚŚĞƌŝŶƉĞƌƐŽŶŽƌďLJƉƌŽdžLJ͘

,ĞĂůƚŚ͕ ^ĂĨĞƚLJ͕ ŶǀŝƌŽŶŵĞŶƚ ĂŶĚ ŽŵŵƵŶŝƚLJ ŽŵŵŝƚƚĞĞ ;,^ ŽŵŵŝƚƚĞĞͿ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ŽǀĞƌĂůů ŚĞĂůƚŚ͕ ƐĂĨĞƚLJ ĂŶĚ ĞŶǀŝƌŽŶŵĞŶƚĂů ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ'ƌŽƵƉĂŶĚŝƚƐ ŽƉĞƌĂƚŝŽŶƐĂŶĚŝƚƐ ƌĞůĂƚŝŽŶƐŚŝƉǁŝƚŚ ƚŚĞůŽĐĂů ĐŽŵŵƵŶŝƚLJŝŶĐƵĂĚŽƌ͕^ŽůŽŵŽŶ /ƐůĂŶĚƐĂŶĚYƵĞĞŶƐůĂŶĚ͘ dŚĞŽŵŵŝƚƚĞĞŝƐĐŽŵƉƌŝƐĞĚŽĨƚŚĞĞŶƚŝƌĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͘

yhd/s ZDhEZd/KE ^dZd'z

ZĞŵƵŶĞƌĂƚŝŽŶŽĨƚŚĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌŝƐĞƐƚĂďůŝƐŚĞĚďLJƌĞĨĞƌĞŶĐĞƚŽƚŚĞƌĞŵƵŶĞƌĂƚŝŽŶŽĨĞdžĞĐƵƚŝǀĞƐŽĨĞƋƵŝǀĂůĞŶƚƐƚĂƚƵƐďŽƚŚŝŶ ƚĞƌŵƐ ŽĨ ƚŚĞ ůĞǀĞů ŽĨ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ŽĨ ƚŚĞ ƉŽƐŝƚŝŽŶ ĂŶĚ ďLJ ƌĞĨĞƌĞŶĐĞ ƚŽ ƚŚĞŝƌ ũŽď ƋƵĂůŝĨŝĐĂƚŝŽŶƐ ĂŶĚ ƐŬŝůůƐ͘ dŚĞ ZĞŵƵŶĞƌĂƚŝŽŶ ŽŵŵŝƚƚĞĞǁŝůůĂůƐŽŚĂǀĞƌĞŐĂƌĚƚŽƚŚĞƚĞƌŵƐǁŚŝĐŚŵĂLJďĞƌĞƋƵŝƌĞĚƚŽĂƚƚƌĂĐƚĂŶĞdžĞĐƵƚŝǀĞŽĨĞƋƵŝǀĂůĞŶƚĞdžƉĞƌŝĞŶĐĞƚŽũŽŝŶƚŚĞ ŽĂƌĚĨƌŽŵĂŶŽƚŚĞƌĐŽŵƉĂŶLJ͘^ƵĐŚƉĂĐŬĂŐĞƐŝŶĐůƵĚĞƉĞƌĨŽƌŵĂŶĐĞƌĞůĂƚĞĚďŽŶƵƐĞƐĂŶĚƚŚĞŐƌĂŶƚŽĨƐŚĂƌĞŽƉƚŝŽŶƐ͘

Z>dWZdzdZE^d/KE^

ĞƚĂŝůƐŽĨƌĞůĂƚĞĚƉĂƌƚLJƚƌĂŶƐĂĐƚŝŽŶƐĨŽƌƚŚĞ'ƌŽƵƉĂŶĚŽŵƉĂŶLJĂƌĞŐŝǀĞŶŝŶŶŽƚĞϮϮ͘<ĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞůƌĞŵƵŶĞƌĂƚŝŽŶ ĚŝƐĐůŽƐƵƌĞƐĂƌĞŐŝǀĞŶŝŶŶŽƚĞϱ͘

/ZdKZ^͛/EDE/dz

h/dKZ

ƌĞƐŽůƵƚŝŽŶĨŽƌƚŚĞĂƉƉŽŝŶƚŵĞŶƚŽĨƚŚĞŽŵƉĂŶLJ͛ƐĂƵĚŝƚŽƌǁŝůůďĞƉƌŽƉŽƐĞĚĂƚƚŚĞĨŽƌƚŚĐŽŵŝŶŐŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐ͘

/ZdKZ^ΖZWKZd ;ĐŽŶƚŝŶƵĞĚͿ

^h^YhEd sEd^

KŶϵ ^ĞƉƚĞŵďĞƌϮϬϭϲ͕Dƌ^ĐŽƚƚ͘ ĂůĚǁĞůůǁĂƐĂƉƉŽŝŶƚĞĚĂƐĂEŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌ͘

KŶϭϳKĐƚŽďĞƌϮϬϭϲ͕ ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂŶĂĚĚŝƚŝŽŶĂůϭϰϮ͕ϴϵϲ͕ϲϲϭ ƐŚĂƌĞƐĂƚ άϬ͘ϭϯƚŽ ƌĂŝƐĞ ΨϯϬ͘ϯŵŝůůŝŽŶŝŶ ĐĂƐŚ ƉƵƌƐƵĂŶƚ ƚŽĂ ƉƌŝǀĂƚĞƉůĂĐĞŵĞŶƚƚŽĐŽŶƚŝŶƵĞƚŽ ĨƵŶĚƚŚĞ'ƌŽƵƉ͛ƐĞdžƉůŽƌĂƚŝŽŶŽĨŝƚƐ ĨůĂŐƐŚŝƉĂƐĐĂďĞůŽƉƉĞƌ'ŽůĚWŽƌƉŚLJƌLJWƌŽũĞĐƚ͕ ĨŽƌŐĞŶĞƌĂů ǁŽƌŬŝŶŐĐĂƉŝƚĂůƉƵƌƉŽƐĞƐĂŶĚŽŶŐŽŝŶŐĐŽƌƉŽƌĂƚĞĐŽƐƚƐ͘

dŚĞŝƌĞĐƚŽƌƐĂƌĞŶŽƚĂǁĂƌĞŽĨĂŶLJŽƚŚĞƌƐŝŐŶŝĨŝĐĂŶƚĐŚĂŶŐĞƐŝŶƚŚĞƐƚĂƚĞŽĨĂĨĨĂŝƌƐŽĨƚŚĞŽŵƉĂŶLJĂĨƚĞƌƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞƚŚĂƚŝƐ ŶŽƚĐŽǀĞƌĞĚŝŶƚŚŝƐƌĞƉŽƌƚ͘

/ZdKZ^͛ Z^WKE^//>/d/^ ^ddDEd

/ŶƉƌĞƉĂƌŝŶŐƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ƚŚĞĚŝƌĞĐƚŽƌƐĂƌĞƌĞƋƵŝƌĞĚƚŽ͗

ƐĞůĞĐƚƐƵŝƚĂďůĞĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐĂŶĚƚŚĞŶĂƉƉůLJƚŚĞŵĐŽŶƐŝƐƚĞŶƚůLJ͖
ŵĂŬĞũƵĚŐĞŵĞŶƚƐĂŶĚĂĐĐŽƵŶƚŝŶŐĞƐƚŝŵĂƚĞƐƚŚĂƚĂƌĞƌĞĂƐŽŶĂďůĞĂŶĚƉƌƵĚĞŶƚ͖
ƐƚĂƚĞ ǁŚĞƚŚĞƌ ƚŚĞLJ ŚĂǀĞ ďĞĞŶ ƉƌĞƉĂƌĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ /&Z^Ɛ ĂƐ ĂĚŽƉƚĞĚ ďLJ ƚŚĞ ƵƌŽƉĞĂŶhŶŝŽŶ͕ ƐƵďũĞĐƚ ƚŽ ĂŶLJ ŵĂƚĞƌŝĂůĚĞƉĂƌƚƵƌĞƐĚŝƐĐůŽƐĞĚĂŶĚĞdžƉůĂŝŶĞĚŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͖ĂŶĚ
ƉƌĞƉĂƌĞƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽŶƚŚĞŐŽŝŶŐĐŽŶĐĞƌŶďĂƐŝƐƵŶůĞƐƐŝƚŝƐŝŶĂƉƉƌŽƉƌŝĂƚĞƚŽƉƌĞƐƵŵĞƚŚĂƚƚŚĞ'ƌŽƵƉĂŶĚƚŚĞ ŽŵƉĂŶLJǁŝůůĐŽŶƚŝŶƵĞŝŶďƵƐŝŶĞƐƐ͘

dŚĞ ĚŝƌĞĐƚŽƌƐ ĂƌĞ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŬĞĞƉŝŶŐ ĂĚĞƋƵĂƚĞ ĂĐĐŽƵŶƚŝŶŐ ƌĞĐŽƌĚƐ ƚŚĂƚ ĂƌĞ ƐƵĨĨŝĐŝĞŶƚ ƚŽ ƐŚŽǁ ĂŶĚ ĞdžƉůĂŝŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƚƌĂŶƐĂĐƚŝŽŶƐĂŶĚĚŝƐĐůŽƐĞǁŝƚŚƌĞĂƐŽŶĂďůĞĂĐĐƵƌĂĐLJĂƚĂŶLJƚŝŵĞƚŚĞĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶŽĨƚŚĞŽŵƉĂŶLJĂŶĚĞŶĂďůĞƚŚĞŵƚŽĞŶƐƵƌĞ ƚŚĂƚƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĐŽŵƉůLJǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚϮϬϬϲ͘dŚĞLJĂƌĞĂůƐŽƌĞƐƉŽŶƐŝďůĞĨŽƌƐĂĨĞŐƵĂƌĚŝŶŐ ƚŚĞĂƐƐĞƚƐŽĨƚŚĞŽŵƉĂŶLJĂŶĚŚĞŶĐĞĨŽƌƚĂŬŝŶŐƌĞĂƐŽŶĂďůĞƐƚĞƉƐĨŽƌƚŚĞƉƌĞǀĞŶƚŝŽŶĂŶĚĚĞƚĞĐƚŝŽŶŽĨĨƌĂƵĚĂŶĚŽƚŚĞƌŝƌƌĞŐƵůĂƌŝƚŝĞƐ͘

/ZdKZ^ΖZWKZd ;ĐŽŶƚŝŶƵĞĚͿ

tĞďƐŝƚĞ ƉƵďůŝĐĂƚŝŽŶ

dŚĞ ĚŝƌĞĐƚŽƌƐ ĂƌĞ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĞŶƐƵƌŝŶŐ ƚŚĞ ĂŶŶƵĂů ƌĞƉŽƌƚ ĂŶĚ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂƌĞ ŵĂĚĞ ĂǀĂŝůĂďůĞ ŽŶ Ă ǁĞďƐŝƚĞ͘ &ŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞƉƵďůŝƐŚĞĚŽŶƚŚĞŽŵƉĂŶLJΖƐǁĞďƐŝƚĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚůĞŐŝƐůĂƚŝŽŶŝŶƚŚĞhŶŝƚĞĚ<ŝŶŐĚŽŵŐŽǀĞƌŶŝŶŐƚŚĞ ƉƌĞƉĂƌĂƚŝŽŶĂŶĚ ĚŝƐƐĞŵŝŶĂƚŝŽŶ ŽĨ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͕ǁŚŝĐŚŵĂLJǀĂƌLJ ĨƌŽŵůĞŐŝƐůĂƚŝŽŶŝŶ ŽƚŚĞƌũƵƌŝƐĚŝĐƚŝŽŶƐ͘dŚĞŵĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ŝŶƚĞŐƌŝƚLJ ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ ǁĞďƐŝƚĞ ŝƐ ƚŚĞ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ŽĨ ƚŚĞ ĚŝƌĞĐƚŽƌƐ͘ dŚĞ ĚŝƌĞĐƚŽƌƐΖ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ĂůƐŽ ĞdžƚĞŶĚƐ ƚŽ ƚŚĞ ŽŶŐŽŝŶŐŝŶƚĞŐƌŝƚLJŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĐŽŶƚĂŝŶĞĚƚŚĞƌĞŝŶ͘

/^>K^hZ K& h/d/E&KZDd/KE

/ŶƚŚĞĐĂƐĞŽĨĞĂĐŚƉĞƌƐŽŶǁŚŽĂƌĞŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJĂƚƚŚĞĚĂƚĞǁŚĞŶƚŚŝƐƌĞƉŽƌƚŝƐĂƉƉƌŽǀĞĚ͗

^ŽĨĂƌĂƐƚŚĞLJĂƌĞŝŶĚŝǀŝĚƵĂůůLJĂǁĂƌĞ͕ƚŚĞƌĞŝƐŶŽƌĞůĞǀĂŶƚĂƵĚŝƚŝŶĨŽƌŵĂƚŝŽŶŽĨǁŚŝĐŚƚŚĞŽŵƉĂŶLJ͛ƐĂƵĚŝƚŽƌŝƐƵŶĂǁĂƌĞ͖ ĂŶĚ
ĂĐŚŽĨƚŚĞŝƌĞĐƚŽƌƐŚĂƐƚĂŬĞŶĂůůƚŚĞƐƚĞƉƐƚŚĂƚƚŚĞLJŽƵŐŚƚƚŽŚĂǀĞƚĂŬĞŶĂƐĂŝƌĞĐƚŽƌƚŽŵĂŬĞƚŚĞŵƐĞůǀĞƐĂǁĂƌĞŽĨĂŶLJ ƌĞůĞǀĂŶƚĂƵĚŝƚŝŶĨŽƌŵĂƚŝŽŶĂŶĚƚŽĞƐƚĂďůŝƐŚƚŚĂƚƚŚĞŽŵƉĂŶLJ͛ƐĂƵĚŝƚŽƌŝƐĂǁĂƌĞŽĨƚŚĞŝŶĨŽƌŵĂƚŝŽŶ͘

dŚŝƐƌĞƉŽƌƚǁĂƐĂƉƉƌŽǀĞĚďLJƚŚĞďŽĂƌĚŽŶϭϳEŽǀĞŵďĞƌϮϬϭϲĂŶĚƐŝŐŶĞĚŽŶŝƚƐďĞŚĂůĨ͘

<Ăƌů ^ĐŚůŽďŽŚŵ ŽŵƉĂŶLJ ^ĞĐƌĞƚĂƌLJ >ǀůϮϳ͕ϭϭϭ ĂŐůĞ^ƚ ƌŝƐďĂŶĞY> ϰϬϬϬ ƵƐƚƌĂůŝĂ

/EWEEd h/dKZΖ^ ZWKZd

/EWEEd h/dKZ͛^ ZWKZd dK d,DDZ^ K& ^K>'K>W>

tĞ ŚĂǀĞ ĂƵĚŝƚĞĚ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ^Žů'ŽůĚ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϬ :ƵŶĞ ϮϬϭϲ ǁŚŝĐŚ ĐŽŵƉƌŝƐĞ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĂŶĚ ŽŵƉĂŶLJƐƚĂƚĞŵĞŶƚƐŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͕ƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͕ƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĂŶĚŽŵƉĂŶLJ ƐƚĂƚĞŵĞŶƚ ŽĨ ĐĂƐŚ ĨůŽǁƐ͕ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĂŶĚŽŵƉĂŶLJ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĐŚĂŶŐĞƐ ŝŶ ĞƋƵŝƚLJ ĂŶĚ ƚŚĞ ƌĞůĂƚĞĚ ŶŽƚĞƐ͘ dŚĞ ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐ ĨƌĂŵĞǁŽƌŬƚŚĂƚŚĂƐďĞĞŶĂƉƉůŝĞĚŝŶƚŚĞŝƌƉƌĞƉĂƌĂƚŝŽŶŝƐĂƉƉůŝĐĂďůĞůĂǁĂŶĚ/ŶƚĞƌŶĂƚŝŽŶĂů&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐ^ƚĂŶĚĂƌĚƐ ;/&Z^ƐͿĂƐĂĚŽƉƚĞĚďLJƚŚĞƵƌŽƉĞĂŶhŶŝŽŶĂŶĚ͕ĂƐƌĞŐĂƌĚƐƚŚĞƉĂƌĞŶƚĐŽŵƉĂŶLJĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ĂƐĂƉƉůŝĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ ƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚϮϬϬϲ͘

dŚŝƐƌĞƉŽƌƚŝƐŵĂĚĞƐŽůĞůLJƚŽƚŚĞĐŽŵƉĂŶLJ͛ƐŵĞŵďĞƌƐ͕ĂƐĂďŽĚLJ͕ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŚĂƉƚĞƌϯŽĨWĂƌƚϭϲŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ ϮϬϬϲ͘KƵƌĂƵĚŝƚǁŽƌŬŚĂƐďĞĞŶƵŶĚĞƌƚĂŬĞŶƐŽƚŚĂƚǁĞŵŝŐŚƚƐƚĂƚĞƚŽƚŚĞĐŽŵƉĂŶLJ͛ƐŵĞŵďĞƌƐƚŚŽƐĞŵĂƚƚĞƌƐǁĞĂƌĞƌĞƋƵŝƌĞĚƚŽ ƐƚĂƚĞƚŽƚŚĞŵŝŶĂŶĂƵĚŝƚŽƌ͛ƐƌĞƉŽƌƚĂŶĚĨŽƌŶŽŽƚŚĞƌƉƵƌƉŽƐĞ͘dŽƚŚĞĨƵůůĞƐƚĞdžƚĞŶƚƉĞƌŵŝƚƚĞĚďLJůĂǁ͕ǁĞĚŽŶŽƚĂĐĐĞƉƚŽƌĂƐƐƵŵĞ ƌĞƐƉŽŶƐŝďŝůŝƚLJƚŽĂŶLJŽŶĞŽƚŚĞƌƚŚĂŶƚŚĞĐŽŵƉĂŶLJĂŶĚƚŚĞĐŽŵƉĂŶLJ͛ƐŵĞŵďĞƌƐĂƐĂďŽĚLJ͕ĨŽƌŽƵƌĂƵĚŝƚǁŽƌŬ͕ĨŽƌƚŚŝƐƌĞƉŽƌƚ͕ŽƌĨŽƌ ƚŚĞŽƉŝŶŝŽŶƐǁĞŚĂǀĞĨŽƌŵĞĚ͘

ZĞƐƉĞĐƚŝǀĞ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ŽĨ ĚŝƌĞĐƚŽƌƐ ĂŶĚ ĂƵĚŝƚŽƌƐ

Ɛ ĞdžƉůĂŝŶĞĚ ŵŽƌĞ ĨƵůůLJ ŝŶ ƚŚĞ ƐƚĂƚĞŵĞŶƚ ŽĨ ĚŝƌĞĐƚŽƌƐ͛ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͕ ƚŚĞ ĚŝƌĞĐƚŽƌƐ ĂƌĞ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ƉƌĞƉĂƌĂƚŝŽŶ ŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚĨŽƌďĞŝŶŐƐĂƚŝƐĨŝĞĚƚŚĂƚƚŚĞLJŐŝǀĞĂƚƌƵĞĂŶĚĨĂŝƌǀŝĞǁ͘KƵƌƌĞƐƉŽŶƐŝďŝůŝƚLJŝƐƚŽĂƵĚŝƚĂŶĚĞdžƉƌĞƐƐĂŶŽƉŝŶŝŽŶ ŽŶ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂƉƉůŝĐĂďůĞ ůĂǁĂŶĚ/ŶƚĞƌŶĂƚŝŽŶĂů^ƚĂŶĚĂƌĚƐ ŽŶƵĚŝƚŝŶŐ ;h<ĂŶĚ/ƌĞůĂŶĚͿ͘dŚŽƐĞ ƐƚĂŶĚĂƌĚƐƌĞƋƵŝƌĞƵƐƚŽĐŽŵƉůLJǁŝƚŚƚŚĞ&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐŽƵŶĐŝů͛Ɛ;&Z͛ƐͿƚŚŝĐĂů^ƚĂŶĚĂƌĚƐĨŽƌƵĚŝƚŽƌƐ͘

^ĐŽƉĞ ŽĨ ƚŚĞ ĂƵĚŝƚ ŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ

ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ƚŚĞ ƐĐŽƉĞ ŽĨ ĂŶ ĂƵĚŝƚ ŽĨ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŝƐ ƉƌŽǀŝĚĞĚ ŽŶ ƚŚĞ &Z͛Ɛ ǁĞďƐŝƚĞ Ăƚ ǁǁǁ͘ĨƌĐ͘ŽƌŐ͘ƵŬͬĂƵĚŝƚƐĐŽƉĞƵŬƉƌŝǀĂƚĞ͘

KƉŝŶŝŽŶ ŽŶ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ

/ŶŽƵƌŽƉŝŶŝŽŶ͗

ƚŚĞ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŐŝǀĞĂƚƌƵĞĂŶĚ ĨĂŝƌǀŝĞǁŽĨƚŚĞƐƚĂƚĞŽĨƚŚĞŐƌŽƵƉ͛ƐĂŶĚƚŚĞƉĂƌĞŶƚĐŽŵƉĂŶLJ͛ƐĂĨĨĂŝƌƐĂƐĂƚϯϬ :ƵŶĞ ϮϬϭϲĂŶĚŽĨƚŚĞŐƌŽƵƉ͛ƐůŽƐƐĨŽƌƚŚĞLJĞĂƌƚŚĞŶĞŶĚĞĚ͖
ƚŚĞŐƌŽƵƉĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌŽƉĞƌůLJƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/&Z^ƐĂƐĂĚŽƉƚĞĚďLJƚŚĞƵƌŽƉĞĂŶhŶŝŽŶ͖
ƚŚĞƉĂƌĞŶƚĐŽŵƉĂŶLJĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌŽƉĞƌůLJƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/&Z^ƐĂƐĂĚŽƉƚĞĚďLJƚŚĞƵƌŽƉĞĂŶ hŶŝŽŶĂŶĚĂƐĂƉƉůŝĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚϮϬϬϲ͖ĂŶĚ
ƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚϮϬϬϲ͘

KƉŝŶŝŽŶ ŽŶ ŽƚŚĞƌ ŵĂƚƚĞƌƐ ƉƌĞƐĐƌŝďĞĚ ďLJ ƚŚĞ ŽŵƉĂŶŝĞƐ Đƚ ϮϬϬϲ

/Ŷ ŽƵƌ ŽƉŝŶŝŽŶ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŐŝǀĞŶ ŝŶ ƚŚĞ ƐƚƌĂƚĞŐŝĐ ƌĞƉŽƌƚ ĂŶĚ ĚŝƌĞĐƚŽƌƐ͛ ƌĞƉŽƌƚ ĨŽƌ ƚŚĞ ĨŝŶĂŶĐŝĂů LJĞĂƌ ĨŽƌ ǁŚŝĐŚ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐĂƌĞƉƌĞƉĂƌĞĚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

DĂƚƚĞƌƐ ŽŶ ǁŚŝĐŚ ǁĞ ĂƌĞ ƌĞƋƵŝƌĞĚ ƚŽ ƌĞƉŽƌƚ ďLJ ĞdžĐĞƉƚŝŽŶ

tĞŚĂǀĞŶŽƚŚŝŶŐƚŽƌĞƉŽƌƚŝŶƌĞƐƉĞĐƚŽĨƚŚĞĨŽůůŽǁŝŶŐŵĂƚƚĞƌƐǁŚĞƌĞƚŚĞŽŵƉĂŶŝĞƐĐƚϮϬϬϲƌĞƋƵŝƌĞƐƵƐƚŽƌĞƉŽƌƚƚŽLJŽƵŝĨ͕ŝŶŽƵƌ ŽƉŝŶŝŽŶ͗

ĂĚĞƋƵĂƚĞĂĐĐŽƵŶƚŝŶŐ ƌĞĐŽƌĚƐŚĂǀĞŶŽƚďĞĞŶŬĞƉƚďLJ ƚŚĞƉĂƌĞŶƚ ĐŽŵƉĂŶLJ͕Žƌ ƌĞƚƵƌŶƐĂĚĞƋƵĂƚĞ ĨŽƌŽƵƌĂƵĚŝƚŚĂǀĞŶŽƚďĞĞŶ ƌĞĐĞŝǀĞĚĨƌŽŵďƌĂŶĐŚĞƐŶŽƚǀŝƐŝƚĞĚďLJƵƐ͖Žƌ
ƚŚĞƉĂƌĞŶƚĐŽŵƉĂŶLJĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞŶŽƚŝŶĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞĂĐĐŽƵŶƚŝŶŐƌĞĐŽƌĚƐĂŶĚƌĞƚƵƌŶƐ͖Žƌ
ĐĞƌƚĂŝŶĚŝƐĐůŽƐƵƌĞƐŽĨĚŝƌĞĐƚŽƌƐ͛ƌĞŵƵŶĞƌĂƚŝŽŶƐƉĞĐŝĨŝĞĚďLJůĂǁĂƌĞŶŽƚŵĂĚĞ͖Žƌ
ǁĞŚĂǀĞŶŽƚƌĞĐĞŝǀĞĚĂůůƚŚĞŝŶĨŽƌŵĂƚŝŽŶĂŶĚĞdžƉůĂŶĂƚŝŽŶƐǁĞƌĞƋƵŝƌĞĨŽƌŽƵƌĂƵĚŝƚ͘

ŶŶĞ^ĂLJĞƌƐ;ƐĞŶŝŽƌƐƚĂƚƵƚŽƌLJĂƵĚŝƚŽƌͿ &ŽƌĂŶĚŽŶďĞŚĂůĨŽĨK>>W͕ƐƚĂƚƵƚŽƌLJĂƵĚŝƚŽƌ >ŽŶĚŽŶ hŶŝƚĞĚ<ŝŶŐĚŽŵ ϭϳEŽǀĞŵďĞƌϮϬϭϲ

K >>WŝƐĂůŝŵŝƚĞĚůŝĂďŝůŝƚLJƉĂƌƚŶĞƌƐŚŝƉƌĞŐŝƐƚĞƌĞĚŝŶŶŐůĂŶĚĂŶĚtĂůĞƐ;ǁŝƚŚƌĞŐŝƐƚĞƌĞĚŶƵŵďĞƌKϯϬϱϭϮϳͿ͘

KE^K>/d ^ddDEd K& KDWZ,E^/s/EKD &Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϬ :ƵŶĞ ϮϬϭϲ

		'ƌŽƵƉ	'ƌŽƵƉ
	EŽƚĞƐ	ϮϬϭϲ Ψ	ϮϬϭϱ Ψ

ZĞǀĞŶƵĞ		Ͳ	Ͳ
ŽƐƚŽĨƐĂůĞƐ		Ͳ	Ͳ
'ƌŽƐƐƉƌŽĨŝƚ		Ͳ	Ͳ
KƚŚĞƌŝŶĐŽŵĞ		Ͳ	Ͳ
džƉĞŶƐĞƐ
džƉůŽƌĂƚŝŽŶĐŽƐƚƐǁƌŝƚƚĞŶͲŽĨĨ	ϭϮ	;ϭ͕ϱϱϱ͕ϬϬϰͿ	;ϭ͕ϭϳϱ͕ϭϳϮͿ
ĚŵŝŶŝƐƚƌĂƚŝǀĞ		;Ϯ͕ϱϱϯ͕ϬϭϬͿ	;ϯ͕Ϭϲϲ͕ϵϴϮͿ
DŽǀĞŵĞŶƚŝŶĨĂŝƌǀĂůƵĞŽĨĚĞƌŝǀĂƚŝǀĞůŝĂďŝůŝƚLJ	ϮϮĂ;ǀͿ	;ϭ͕ϯϳϴ͕ϮϲϬͿ	Ͳ
KƉĞƌĂƚŝŶŐůŽƐƐ		;ϱ͕ϰϴϲ͕ϮϳϰͿ	;ϰ͕ϮϰϮ͕ϭϱϰͿ
&ŝŶĂŶĐĞŝŶĐŽŵĞ	ϲ	ϱϴϱ	ϭϬ͕ϱϳϬ
&ŝŶĂŶĐĞĐŽƐƚƐ	ϲ	;Ϯϯϳ͕ϰϯϯͿ	;ϳ͕ϬϳϳͿ
>ŽƐƐďĞĨŽƌĞ ƚĂdž	ϯ	;ϱ͕ϳϮϯ͕ϭϮϮͿ	;ϰ͕Ϯϯϴ͕ϲϲϭͿ
dĂdžĞdžƉĞŶƐĞ	ϳ	Ͳ	Ͳ
>ŽƐƐĨŽƌ ƚŚĞ LJĞĂƌ		;ϱ͕ϳϮϯ͕ϭϮϮͿ	;ϰ͕Ϯϯϴ͕ϲϲϭͿ

KƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ
/ƚĞŵƐƚŚĂƚŵĂLJďĞƌĞĐůĂƐƐŝĨŝĞĚŝŶƚŽƉƌŽĨŝƚŽƌůŽƐƐ
ŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞŽĨĂǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞĨŝŶĂŶĐŝĂů
ĂƐƐĞƚƐ	ϭϬĂ	ϭϵϬ͕ϲϭϬ	;Ϯ͕Ϭϰϱ͕ϵϭϵͿ
džĐŚĂŶŐĞĚŝĨĨĞƌĞŶĐĞƐŽŶƚƌĂŶƐůĂƚŝŽŶŽĨĨŽƌĞŝŐŶ
ŽƉĞƌĂƚŝŽŶƐ		ϭ͕Ϭϰϴ͕ϴϭϰ	ϭ͕ϭϱϵ͕Ϭϳϱ
dŽƚĂů ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĨŽƌ ƚŚĞ LJĞĂƌ		;ϰ͕ϰϴϯ͕ϲϵϴͿ	;ϱ͕ϭϮϱ͕ϱϬϱͿ

>ŽƐƐĨŽƌ ƚŚĞ LJĞĂƌ ĂƚƚƌŝďƵƚĂďůĞ ƚŽ͗
KǁŶĞƌƐŽĨƚŚĞƉĂƌĞŶƚĐŽŵƉĂŶLJ		;ϱ͕ϰϲϱ͕ϴϯϬͿ	;ϰ͕ϭϵϳ͕ϯϯϱͿ
EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚ		;Ϯϱϳ͕ϮϵϮͿ	;ϰϭ͕ϯϮϲͿ
		;ϱ͕ϳϮϯ͕ϭϮϮͿ	;ϰ͕Ϯϯϴ͕ϲϲϭͿ
dŽƚĂů ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĨŽƌ ƚŚĞ LJĞĂƌ
ĂƚƚƌŝďƵƚĂďůĞ ƚŽ͗
KǁŶĞƌƐŽĨƚŚĞƉĂƌĞŶƚĐŽŵƉĂŶLJ		;ϰ͕ϯϴϯ͕ϳϮϴͿ	;ϱ͕Ϯϱϴ͕ϬϰϬͿ
EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚ		;ϵϵ͕ϵϳϬͿ	ϭϯϮ͕ϱϯϱ
		;ϰ͕ϰϴϯ͕ϲϵϴͿ	;ϱ͕ϭϮϱ͕ϱϬϱͿ

>ŽƐƐƉĞƌƐŚĂƌĞ		ĞŶƚƐƉĞƌƐŚĂƌĞ	ĞŶƚƐƉĞƌƐŚĂƌĞ

ĂƐŝĐůŽƐƐƉĞƌƐŚĂƌĞ	ϴ	;Ϭ͘ϳͿ	;Ϭ͘ϲͿ
ŝůƵƚĞĚůŽƐƐƉĞƌƐŚĂƌĞ	ϴ	;Ϭ͘ϳͿ	;Ϭ͘ϲͿ

dŚĞĂďŽǀĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞƐŚŽƵůĚďĞƌĞĂĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐ͘

KE^K>/d E KDWEz ^ddDEd^ K& &/EE/>WK^/d/KE

ƐĂƚ ϯϬ :ƵŶĞ ϮϬϭϲ

ZĞŐŝƐƚĞƌĞĚ EƵŵďĞƌ ϱϰϰϵϱϭϲ

	EŽƚĞƐ	'ƌŽƵƉ ϮϬϭϲ Ψ	'ƌŽƵƉ ϮϬϭϱ Ψ	ŽŵƉĂŶLJ ϮϬϭϲ Ψ	ŽŵƉĂŶLJ ϮϬϭϱ Ψ
ƐƐĞƚƐ
WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚ ĞƋƵŝƉŵĞŶƚ	ϭϭ	ϯϳϱ͕ϰϬϬ	ϰϭϵ͕ϴϵϴ	ϵ͕ϰϰϵ	ϭϭ͕ϭϭϴ
/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐ	ϭϮ	ϰϭ͕Ϭϳϵ͕ϵϭϰ	ϯϬ͕ϳϰϴ͕ϳϮϯ	Ͳ	Ͳ
/ŶǀĞƐƚŵĞŶƚ ŝŶƐƵďƐŝĚŝĂƌŝĞƐ	ϵ	Ͳ	Ͳ	ϰϬ͕ϭϯϮ͕ϴϮϳ	ϯϬ͕ϯϳϵ͕ϲϬϭ
/ŶǀĞƐƚŵĞŶƚ ŝŶĂǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞ ƐĞĐƵƌŝƚŝĞƐ	ϭϬ;ďͿ	ϭ͕ϲϮϮ͕ϳϭϮ	ϴϵϲ͕ϭϵϳ	ϭ͕ϲϭϳ͕ϭϯϮ	ϴϵϰ͕ϭϵϮ
>ŽĂŶƐ ƌĞĐĞŝǀĂďůĞĂŶĚŽƚŚĞƌŶŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ	ϭϯ	ϭϮϯ͕ϵϳϰ	ϭϱϵ͕ϰϯϯ	Ͳ	ϳ͕ϭϲϵ
dŽƚĂů ŶŽŶͲĐƵƌƌĞŶƚ ĂƐƐĞƚƐ		ϰϯ͕ϮϬϮ͕ϬϬϬ	ϯϮ͕ϮϮϰ͕Ϯϱϭ	ϰϭ͕ϳϱϵ͕ϰϬϴ	ϯϭ͕ϮϵϮ͕ϬϴϬ
KƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐĂŶĚƉƌĞƉĂLJŵĞŶƚƐ	ϭϱ	ϮϬϯ͕ϭϲϵ	ϭϱϭ͕Ϯϵϱ	ϭϲϴ͕ϯϱϯ	ϭϯϲ͕ϴϳϮ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ	ϭϲ	ϵϰ͕ϵϯϯ	ϯϮϭ͕ϰϰϬ	ϭϳ͕ϭϵϵ	Ϯϭϱ͕ϯϭϮ
dŽƚĂů ĐƵƌƌĞŶƚ ĂƐƐĞƚƐ		Ϯϵϴ͕ϭϬϮ	ϰϳϮ͕ϳϯϱ	ϭϴϱ͕ϱϱϮ	ϯϱϮ͕ϭϴϰ
dŽƚĂů ĂƐƐĞƚƐ		ϰϯ͕ϱϬϬ͕ϭϬϮ	ϯϮ͕ϲϵϲ͕ϵϴϲ	ϰϭ͕ϵϰϰ͕ϵϲϬ	ϯϭ͕ϲϰϰ͕Ϯϲϰ
ƋƵŝƚLJ
^ŚĂƌĞĐĂƉŝƚĂů	ϭϳ	ϭϳ͕Ϭϭϱ͕Ϭϭϵ	ϭϯ͕ϭϴϰ͕ϳϮϭ	ϭϳ͕Ϭϭϱ͕Ϭϭϵ	ϭϯ͕ϭϴϰ͕ϳϮϭ
^ŚĂƌĞƉƌĞŵŝƵŵ	ϭϳ	ϴϳ͕ϰϴϴ͕ϱϬϳ	ϴϮ͕ϮϭϮ͕ϯϭϬ	ϴϳ͕ϰϴϴ͕ϱϬϳ	ϴϮ͕ϮϭϮ͕ϯϭϬ
KƚŚĞƌ ƌĞƐĞƌǀĞƐ		Ϯ͕ϴϰϰ͕Ϭϯϴ	ϭ͕ϳϲϭ͕ϵϯϲ	ϵϲϯ͕Ϭϯϴ	ϳϳϮ͕ϰϮϴ
ĐĐƵŵƵůĂƚĞĚůŽƐƐ		;ϳϮ͕ϰϴϵ͕ϯϲϰͿ	;ϲϳ͕ϬϮϯ͕ϱϯϰͿ	;ϲϵ͕ϱϭϰ͕ϴϱϮͿ	;ϲϱ͕ϴϳϰ͕ϵϰϲͿ
EŽŶͲĐŽŶƚƌŽůůŝŶŐ ŝŶƚĞƌĞƐƚ		ϭϮϯ͕ϭϯϳ	ϮϮϯ͕ϭϬϳ	Ͳ	Ͳ
dŽƚĂů ĞƋƵŝƚLJ		ϯϰ͕ϵϴϭ͕ϯϯϳ	ϯϬ͕ϯϱϴ͕ϱϰϬ	ϯϱ͕ϵϱϭ͕ϳϭϮ	ϯϬ͕Ϯϵϰ͕ϱϭϯ
>ŝĂďŝůŝƚŝĞƐ
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ	ϭϴ	ϯ͕ϳϰϮ͕ϯϲϭ	Ϯ͕ϯϯϴ͕ϰϰϲ	ϭ͕Ϯϭϲ͕ϴϰϰ	ϭ͕ϯϰϵ͕ϳϱϭ
ŽƌƌŽǁŝŶŐƐ	ϮϮĂ;ŝǀͿ	ϰ͕ϳϳϲ͕ϰϬϰ	Ͳ	ϰ͕ϳϳϲ͕ϰϬϰ	Ͳ
dŽƚĂů ĐƵƌƌĞŶƚ ůŝĂďŝůŝƚŝĞƐ		ϴ͕ϱϭϴ͕ϳϲϱ	Ϯ͕ϯϯϴ͕ϰϰϲ	ϱ͕ϵϵϯ͕Ϯϰϴ	ϭ͕ϯϰϵ͕ϳϱϭ
dŽƚĂů ůŝĂďŝůŝƚŝĞƐ		ϴ͕ϱϭϴ͕ϳϲϱ	Ϯ͕ϯϯϴ͕ϰϰϲ	ϲ͕ϬϬϭ͕ϵϭϬ	ϭ͕ϯϰϵ͕ϳϱϭ
dŽƚĂů ĞƋƵŝƚLJ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ		ϰϯ͕ϱϬϬ͕ϭϬϮ	ϯϮ͕ϲϵϲ͕ϵϴϲ	ϰϭ͕ϵϰϰ͕ϵϲϬ	ϯϭ͕ϲϰϰ͕Ϯϲϰ

dŚĞ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ ǁĞƌĞ ĂƉƉƌŽǀĞĚĂŶĚ ĂƵƚŚŽƌŝƐĞĚ ĨŽƌ ŝƐƐƵĞ ďLJƚŚĞ ŽĂƌĚĂŶĚ ǁĞƌĞ ƐŝŐŶĞĚ ŽŶ ŝƚƐ ďĞŚĂůĨ ŽŶϭϳEŽǀĞŵďĞƌ ϮϬϭϲ͘

EŝĐŚŽůĂƐ DĂƚŚĞƌ ŝƌĞĐƚŽƌ

KE^K>/d E KDWEz ^ddDEd^ K& ,E'^ /E Yh/dz &Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϬ :ƵŶĞ ϮϬϭϲ

ŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚ ŽĨ ĐŚĂŶŐĞƐ ŝŶ ĞƋƵŝƚLJ

	EŽƚĞƐ	^ŚĂƌĞ	^ŚĂƌĞ	ǀĂŝůĂďůĞͲ	^ŚĂƌĞ	&ŽƌĞŝŐŶ	ŚĂŶŐĞ ŝŶ	ĐĐƵŵƵůĂƚĞĚ	dŽƚĂů	EŽŶͲ	dŽƚĂů ƋƵŝƚLJ
		ĐĂƉŝƚĂů	ƉƌĞŵŝƵŵ	ĨŽƌͲƐĂůĞ	ŽƉƚŝŽŶ	ƵƌƌĞŶĐLJ	ƉƌŽƉŽƌƚŝŽŶĂƚĞ	ůŽƐƐ		ĐŽŶƚƌŽůůŝŶŐ
				ĨŝŶĂŶĐŝĂů	ƌĞƐĞƌǀĞ	dƌĂŶƐůĂƚŝŽŶ	ŝŶƚĞƌĞƐƚ			ŝŶƚĞƌĞƐƚƐ
				ĂƐƐĞƚƐ		ZĞƐĞƌǀĞ	ƌĞƐĞƌǀĞ
				ƌĞƐĞƌǀĞ
		Ψ	Ψ	Ψ	Ψ	Ψ		Ψ	Ψ	Ψ	Ψ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϰ	ϭϳ	ϭϭ͕ϭϬϲ͕ϱϮϰ	ϳϴ͕ϰϯϰ͕ϵϴϱ	ϭ͕ϳϭϰ͕ϬϭϬ	ϭ͕Ϭϰϰ͕ϳϰϮ	ϳϮ͕ϭϱϴ	;ϲϳ͕ϴϲϰͿ	;ϲϮ͕ϴϮϲ͕ϭϵϵͿ	Ϯϵ͕ϰϳϴ͕ϯϱϲ	ϵϬ͕ϱϳϮ	Ϯϵ͕ϱϲϴ͕ϵϮϴ
>ŽƐƐ ĨŽƌ ƚŚĞ LJĞĂƌ		Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	;ϰ͕ϭϵϳ͕ϯϯϱͿ	;ϰ͕ϭϵϳ͕ϯϯϱͿ	;ϰϭ͕ϯϮϲͿ	;ϰ͕Ϯϯϴ͕ϲϲϭͿ
KƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ		Ͳ	Ͳ	;Ϯ͕Ϭϰϱ͕ϵϭϵͿ	Ͳ	ϵϴϱ͕Ϯϭϰ	Ͳ		;ϭ͕Ϭϭϵ͕ϯϳϵͿ	ϭϳϯ͕ϴϲϭ	;ϴϴϲ͕ϴϰϰͿ
dŽƚĂů ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĨŽƌ ƚŚĞ
LJĞĂƌ		Ͳ	Ͳ	;Ϯ͕Ϭϰϱ͕ϵϭϵͿ	Ͳ	ϵϴϱ͕Ϯϭϰ	Ͳ	;ϰ͕ϭϵϳ͕ϯϯϱͿ	;ϱ͕Ϯϱϴ͕ϬϰϬͿ	ϭϯϮ͕ϱϯϱ	;ϱ͕ϭϮϱ͕ϱϬϱͿ
EĞǁ ƐŚĂƌĞ ĐĂƉŝƚĂů ƐƵďƐĐƌŝďĞĚ		Ϯ͕Ϭϳϴ͕ϭϵϳ	ϰ͕ϭϱϲ͕ϯϰϰ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	ϲ͕Ϯϯϰ͕ϱϰϭ	Ͳ	ϲ͕Ϯϯϰ͕ϱϰϭ
^ŚĂƌĞ ŝƐƐƵĞ ĐŽƐƚƐ		Ͳ	;ϯϳϵ͕ϬϭϵͿ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	;ϯϳϵ͕ϬϭϵͿ	Ͳ	;ϯϳϵ͕ϬϭϵͿ
sĂůƵĞ ŽĨ ƐŚĂƌĞ ĂŶĚ ŽƉƚŝŽŶƐ ŝƐƐƵĞĚ ƚŽ
ŝƌĞĐƚŽƌƐ͕ ĞŵƉůŽLJĞĞƐ ĂŶĚ ĐŽŶƐƵůƚĂŶƚƐ		Ͳ	Ͳ	Ͳ	ϱϵ͕ϱϵϱ	Ͳ	Ͳ	Ͳ	ϱϵ͕ϱϵϱ	Ͳ	ϱϵ͕ϱϵϱ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϱ	ϭϳ	ϭϯ͕ϭϴϰ͕ϳϮϭ	ϴϮ͕ϮϭϮ͕ϯϭϬ	;ϯϯϭ͕ϵϬϵͿ	ϭ͕ϭϬϰ͕ϯϯϳ	ϭ͕Ϭϱϳ͕ϯϳϮ	;ϲϳ͕ϴϲϰͿ	;ϲϳ͕ϬϮϯ͕ϱϯϰͿ	ϯϬ͕ϭϯϱ͕ϰϯϯ	ϮϮϯ͕ϭϬϳ	ϯϬ͕ϯϱϴ͕ϱϰϬ
>ŽƐƐ ĨŽƌ ƚŚĞ LJĞĂƌ		Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	;ϱ͕ϰϲϱ͕ϴϯϬͿ	;ϱ͕ϰϲϱ͕ϴϯϬͿ	;Ϯϱϳ͕ϮϵϮͿ	;ϱ͕ϳϮϯ͕ϭϮϮͿ
KƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ		Ͳ	Ͳ	ϭϵϬ͕ϲϭϬ	Ͳ	ϴϵϭ͕ϰϵϮ	Ͳ	Ͳ	ϭ͕ϬϴϮ͕ϭϬϮ	ϭϱϳ͕ϯϮϮ	ϭ͕Ϯϯϵ͕ϰϮϰ
dŽƚĂů ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĨŽƌ ƚŚĞ
LJĞĂƌ		Ͳ	Ͳ	ϭϵϬ͕ϲϭϬ	Ͳ	ϴϵϭ͕ϰϵϮ	Ͳ	;ϱ͕ϰϲϱ͕ϴϯϬͿ	;ϰ͕ϯϴϯ͕ϳϮϴͿ	;ϵϵ͕ϵϳϬͿ	;ϰ͕ϰϴϯ͕ϲϵϴͿ
EĞǁ ƐŚĂƌĞ ĐĂƉŝƚĂů ƐƵďƐĐƌŝďĞĚ		ϯ͕ϴϯϬ͕Ϯϵϴ	ϱ͕ϮϵϮ͕ϯϱϴ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	ϵ͕ϭϮϮ͕ϲϱϲ	Ͳ	ϵ͕ϭϮϮ͕ϲϱϲ
^ŚĂƌĞ ŝƐƐƵĞ ĐŽƐƚƐ		Ͳ	;ϭϲ͕ϭϲϭͿ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	;ϭϲ͕ϭϲϭͿ	Ͳ	;ϭϲ͕ϭϲϭͿ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϲ		ϭϳ͕Ϭϭϱ͕Ϭϭϵ	ϴϳ͕ϰϴϴ͕ϱϬϳ	;ϭϰϭ͕ϮϵϵͿ	ϭ͕ϭϬϰ͕ϯϯϳ	ϭ͕ϵϰϴ͕ϴϲϰ	;ϲϳ͕ϴϲϰͿ	;ϳϮ͕ϰϴϵ͕ϯϲϰͿ	ϯϰ͕ϴϱϴ͕ϮϬϬ	ϭϮϯ͕ϭϯϳ	ϯϰ͕ϵϴϭ͕ϯϯϳ

311

7KH DERYHVWDWHPHQW RI FKDQJHVLQ HTXLW\VKRXOGEH UHDGLQ FRQMXQFWLRQZLWK WKH DFFRPSDQ\LQJQRWHV

KE^K>/d E KDWEz ^ddDEd^ K& ,E'^ /E Yh/dz ;KEd/EhͿ &Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϬ :ƵŶĞ ϮϬϭϲ

ŽŵƉĂŶLJ ƐƚĂƚĞŵĞŶƚ ŽĨ ĐŚĂŶŐĞƐ ŝŶ ĞƋƵŝƚLJ

	EŽƚĞƐ	^ŚĂƌĞ ĐĂƉŝƚĂů	^ŚĂƌĞ ƉƌĞŵŝƵŵ	ǀĂŝůĂďůĞͲĨŽƌͲ	^ŚĂƌĞ ŽƉƚŝŽŶ	ĐĐƵŵƵůĂƚĞĚ	dŽƚĂů
		Ψ	Ψ	ƐĂůĞ ĨŝŶĂŶĐŝĂů	ƌĞƐĞƌǀĞ	ůŽƐƐ
				ĂƐƐĞƚƐ	Ψ	Ψ	Ψ
				Ψ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϰ	ϭϳ	ϭϭ͕ϭϬϲ͕ϱϮϰ	ϳϴ͕ϰϯϰ͕ϵϴϱ	ϭ͕ϳϭϰ͕ϬϭϬ	ϭ͕Ϭϰϰ͕ϳϰϮ	;ϲϮ͕ϬϬϱ͕ϵϵϱͿ	ϯϬ͕Ϯϵϰ͕Ϯϲϲ
>ŽƐƐ ĨŽƌ ƚŚĞ LJĞĂƌ		Ͳ		Ͳ	Ͳ	;ϯ͕ϴϲϴ͕ϵϱϭͿ	;ϯ͕ϴϲϴ͕ϵϱϭͿ
KƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ		Ͳ		;Ϯ͕Ϭϰϱ͕ϵϭϵͿ	Ͳ		;Ϯ͕Ϭϰϱ͕ϵϭϵͿ
dŽƚĂů ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĨŽƌ ƚŚĞ LJĞĂƌ		Ͳ		;Ϯ͕Ϭϰϱ͕ϵϭϵͿ	Ͳ	;ϯ͕ϴϲϴ͕ϵϱϭͿ	;ϱ͕ϵϭϰ͕ϴϳϬͿ
EĞǁ ƐŚĂƌĞ ĐĂƉŝƚĂů ƐƵďƐĐƌŝďĞĚ		Ϯ͕Ϭϳϴ͕ϭϵϳ	ϰ͕ϭϱϲ͕ϯϰϰ	Ͳ	Ͳ	Ͳ	ϲ͕Ϯϯϰ͕ϱϰϭ
^ŚĂƌĞ ŝƐƐƵĞ ĐŽƐƚƐ		Ͳ	;ϯϳϵ͕ϬϭϵͿ	Ͳ	Ͳ	Ͳ	;ϯϳϵ͕ϬϭϵͿ
sĂůƵĞ ŽĨ ƐŚĂƌĞƐ ĂŶĚ ŽƉƚŝŽŶƐ ŝƐƐƵĞĚ ƚŽ ŝƌĞĐƚŽƌƐ͕ ĞŵƉůŽLJĞĞƐ ĂŶĚ
ĐŽŶƐƵůƚĂŶƚƐ		Ͳ	Ͳ	Ͳ	ϱϵ͕ϱϵϱ	Ͳ	ϱϵ͕ϱϵϱ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϱ	ϭϳ	ϭϯ͕ϭϴϰ͕ϳϮϭ	ϴϮ͕ϮϭϮ͕ϯϭϬ	;ϯϯϭ͕ϵϬϵͿ	ϭ͕ϭϬϰ͕ϯϯϳ	;ϲϱ͕ϴϳϰ͕ϵϰϲͿ	ϯϬ͕Ϯϵϰ͕ϱϭϯ
>ŽƐƐ ĨŽƌ ƚŚĞ LJĞĂƌ		Ͳ	Ͳ	Ͳ	Ͳ	;ϯ͕ϲϯϵ͕ϵϬϲͿ	;ϯ͕ϲϯϵ͕ϵϬϲͿ
KƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ		Ͳ	Ͳ	ϭϵϬ͕ϲϭϬ	Ͳ	Ͳ	ϭϵϬ͕ϲϭϬ
dŽƚĂů ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĨŽƌ ƚŚĞ LJĞĂƌ		Ͳ	Ͳ	ϭϵϬ͕ϲϭϬ	Ͳ	;ϯ͕ϲϯϵ͕ϵϬϲͿ	;ϯ͕ϰϰϵ͕ϮϵϲͿ
EĞǁ ƐŚĂƌĞ ĐĂƉŝƚĂů ƐƵďƐĐƌŝďĞĚ		ϯ͕ϴϯϬ͕Ϯϵϴ	ϱ͕ϮϵϮ͕ϯϱϴ	Ͳ	Ͳ	Ͳ	ϵ͕ϭϮϮ͕ϲϱϲ
^ŚĂƌĞ ŝƐƐƵĞ ĐŽƐƚƐ		Ͳ	;ϭϲ͕ϭϲϭͿ	Ͳ	Ͳ	Ͳ	;ϭϲ͕ϭϲϭͿ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϲ		ϭϳ͕Ϭϭϱ͕Ϭϭϵ	ϴϳ͕ϰϴϴ͕ϱϬϳ	;ϭϰϭ͕ϮϵϵͿ	ϭ͕ϭϬϰ͕ϯϯϳ	;ϲϵ͕ϱϭϰ͕ϴϱϮͿ	ϯϱ͕ϵϱϭ͕ϳϭϮ

312

7KH DERYHVWDWHPHQW RI FKDQJHVLQ HTXLW\VKRXOGEH UHDGLQ FRQMXQFWLRQZLWK WKH DFFRPSDQ\LQJQRWHV

KE^K>/d E KDWEz ^ddDEd^ K& ^,&>Kt^ &Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϬ :ƵŶĞ ϮϬϭϲ

	EŽƚĞƐ	'ƌŽƵƉ ϮϬϭϲ	'ƌŽƵƉ ϮϬϭϱ	ŽŵƉĂŶLJ ϮϬϭϲ	ŽŵƉĂŶLJ ϮϬϭϱ
		Ψ	Ψ	Ψ	Ψ
ĂƐŚ ĨůŽǁƐĨƌŽŵ ŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ
KƉĞƌĂƚŝŶŐůŽƐƐ		;ϱ͕ϳϮϯ͕ϭϮϮͿ	;ϰ͕ϮϰϮ͕ϭϱϰͿ	;ϯ͕ϲϯϵ͕ϵϬϲͿ	;ϯ͕ϴϳϭ͕ϳϰϴͿ
ĞƉƌĞĐŝĂƚŝŽŶ		ϭϰ͕ϯϬϯ	ϭϴ͕ϯϳϴ	ϴ͕ϬϭϮ	ϵ͕ϱϳϯ
^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚĞdžƉĞŶƐĞ		Ͳ	ϱϵ͕ϱϵϱ	Ͳ	ϱϵ͕ϱϵϱ
tƌŝƚĞͲŽĨĨŽĨĞdžƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞ		ϭ͕ϱϱϱ͕ϬϬϰ	ϭ͕ϭϳϱ͕ϭϳϮ	Ͳ	ϲϳϰ͕ϴϭϱ
;WƌŽĨŝƚͿŽŶƐĂůĞŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚ
ĞƋƵŝƉŵĞŶƚ		Ͳ	;ϴϴϴͿ	Ͳ	Ͳ
DŽǀĞŵĞŶƚŝŶĨĂŝƌǀĂůƵĞŽĨĚĞƌŝǀĂƚŝǀĞůŝĂďŝůŝƚLJ		ϭ͕ϯϳϴ͕ϮϲϬ		ϭ͕ϯϳϴ͕ϮϲϬ
/ŵƉĂŝƌŵĞŶƚŽĨŝŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌŝĞƐ		Ͳ	Ͳ	Ͳ	ϯϰϵ͕ϱϴϭ
;/ŶĐƌĞĂƐĞͿĚĞĐƌĞĂƐĞŝŶŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐĂŶĚ
ƉƌĞƉĂLJŵĞŶƚƐ		;ϱϭ͕ϴϳϰͿ	ϵϲϭ͕Ϭϰϱ	;ϯϭ͕ϰϴϭͿ	ϴϳϴ͕ϮϱϬ
;ĞĐƌĞĂƐĞͿŝŶĐƌĞĂƐĞŝŶƚƌĂĚĞĂŶĚŽƚŚĞƌ
ƉĂLJĂďůĞƐ		;ϭϰϴ͕ϯϵϭͿ	ϴϬ͕ϳϵϮ	ϱϭϲ͕ϯϭϴ	;Ϯϴϰ͕ϳϰϴͿ
EĞƚ ĐĂƐŚ ŽƵƚĨůŽǁĨƌŽŵ ŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ		;Ϯ͕ϵϳϱ͕ϴϮϬͿ	;ϭ͕ϵϰϴ͕ϬϲϬͿ	;ϭ͕ϳϲϴ͕ϳϵϳͿ	;Ϯ͕ϭϴϰ͕ϲϴϮͿ

ĂƐŚ ĨůŽǁƐĨƌŽŵ ŝŶǀĞƐƚŝŶŐĂĐƚŝǀŝƚŝĞƐ
/ŶƚĞƌĞƐƚƌĞĐĞŝǀĞĚ		ϱϴϱ	ϭϬ͕ϱϳϬ	Ͳ	ϵ͕ϴϳϯ
/ŶƚĞƌĞƐƚƉĂŝĚ		;ϭϱ͕ϰϰϵͿ	;ϳ͕ϬϳϳͿ	;ϭϱ͕ϰϰϵͿ	;ϳ͕ϬϳϲͿ
^ĞĐƵƌŝƚLJĚĞƉŽƐŝƚƌĞĨƵŶĚƐ		ϮϮ͕ϳϭϱ	ϰ͕ϯϰϲ	Ͳ	Ͳ
ĐƋƵŝƐŝƚŝŽŶŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ		;ϳϵ͕ϮϮϭͿ	;ϰϯϵ͕ϯϯϯͿ	;ϲ͕ϯϰϯͿ	;ϯ͕ϴϵϬͿ
WƌŽĐĞĞĚƐĨƌŽŵƚŚĞƐĂůĞŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚ
ĞƋƵŝƉŵĞŶƚ		Ͳ	ϭϯϰ͕ϴϬϭ	Ͳ	Ͳ
ĐƋƵŝƐŝƚŝŽŶŽĨĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶ
ĂƐƐĞƚƐ		;ϲ͕ϰϬϴ͕ϯϱϴͿ	;ϴ͕ϰϴϱ͕ϬϬϱͿ	Ͳ	;ϭϵ͕ϰϵϲͿ
/ŶǀĞƐƚŵĞŶƚŝŶĂǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞƐĞĐƵƌŝƚŝĞƐ		;ϱϯϬ͕ϯϯϬͿ	Ͳ	;ϱϯϬ͕ϯϯϬͿ	Ͳ
>ŽĂŶƐĂĚǀĂŶĐĞĚƚŽƐƵďƐŝĚŝĂƌŝĞƐ		Ͳ		;ϳ͕ϲϯϲ͕ϱϲϱͿ	;ϴ͕ϮϰϮ͕ϰϱϳͿ
EĞƚ ĐĂƐŚ ŽƵƚĨůŽǁĨƌŽŵ ŝŶǀĞƐƚŝŶŐĂĐƚŝǀŝƚŝĞƐ		;ϳ͕ϬϭϬ͕ϬϱϴͿ	;ϴ͕ϳϴϭ͕ϲϵϴͿ	;ϴ͕ϭϴϴ͕ϲϴϳͿ	;ϴ͕Ϯϲϯ͕ϬϰϲͿ

ĂƐŚ ĨůŽǁƐĨƌŽŵ ĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ
WƌŽĐĞĞĚƐĨƌŽŵƚŚĞŝƐƐƵĞŽĨŽƌĚŝŶĂƌLJƐŚĂƌĞ
ĐĂƉŝƚĂů		ϵϬϴ͕ϯϮϵ	ϲ͕ϴϳϳ͕ϰϭϰ	ϵϬϴ͕ϯϮϵ	ϲ͕ϴϳϳ͕ϰϭϰ
WĂLJŵĞŶƚŽĨŝƐƐƵĞĐŽƐƚƐ		;ϭϲ͕ϭϲϯͿ	;ϯϳϯ͕ϰϰϱͿ	;ϭϲ͕ϭϲϯͿ	;ϯϳϯ͕ϰϰϱͿ
WƌŽĐĞĞĚƐĨƌŽŵŽŶǀĞƌƚŝďůĞŶŽƚĞŝƐƐƵĞƐ		Ϯ͕ϯϯϮ͕ϬϬϬ	Ͳ	Ϯ͕ϯϯϮ͕ϬϬϬ	Ͳ
WƌŽĐĞĞĚƐĨƌŽŵďŽƌƌŽǁŝŶŐ		ϲ͕ϱϯϱ͕ϮϬϱ	Ͳ	ϲ͕ϱϯϱ͕ϮϬϱ	Ͳ
EĞƚ ĐĂƐŚ ŝŶĨůŽǁĨƌŽŵ ĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ		ϵ͕ϳϱϵ͕ϯϳϭ	ϲ͕ϱϬϯ͕ϵϲϵ	ϵ͕ϳϱϵ͕ϯϳϭ	ϲ͕ϱϬϯ͕ϵϲϵ

EĞƚ ;ĚĞĐƌĞĂƐĞͿ ŝŶ ĐĂƐŚ ĂŶĚ ĐĂƐŚ ĞƋƵŝǀĂůĞŶƚƐ		;ϮϮϲ͕ϱϬϳͿ	;ϰ͕ϮϮϱ͕ϳϴϵͿ	;ϭϵϴ͕ϭϭϯͿ	;ϯ͕ϵϰϯ͕ϳϱϵͿ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨ
LJĞĂƌ		ϯϮϭ͕ϰϰϬ	ϰ͕ϱϰϳ͕ϮϮϵ	Ϯϭϱ͕ϯϭϮ	ϰ͕ϭϱϵ͕Ϭϳϭ
ĂƐŚ ĂŶĚ ĐĂƐŚ ĞƋƵŝǀĂůĞŶƚƐĂƚ ĞŶĚ ŽĨ LJĞĂƌ	ϭϲ	ϵϰ͕ϵϯϯ	ϯϮϭ͕ϰϰϬ	ϭϳ͕ϭϵϵ	Ϯϭϱ͕ϯϭϮ

7KHDERYHVWDWHPHQWVRIFDVKIORZV VKRXOGEHUHDGLQFRQMXQFWLRQZLWKWKHDFFRPSDQ\LQJQRWHV

EKd ϭ KhEd/E'WK>//^

dŚĞŽŵƉĂŶLJ ŝƐ Ă ƉƵďůŝĐ ůŝŵŝƚĞĚ ĐŽŵƉĂŶLJ ŝŶĐŽƌƉŽƌĂƚĞĚ ŝŶ ŶŐůĂŶĚ ĂŶĚtĂůĞƐ ĂŶĚ ŝƐ ůŝƐƚĞĚ ŽŶ ƚŚĞ/DŵĂƌŬĞƚ ŽĨ ƚŚĞ >ŽŶĚŽŶ ^ƚŽĐŬ džĐŚĂŶŐĞ͘

;ĂͿ ^ƚĂƚĞŵĞŶƚ ŽĨ ĐŽŵƉůŝĂŶĐĞ

;ďͿĂƐŝƐŽĨ ƉƌĞƉĂƌĂƚŝŽŶ ŽĨ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚŐŽŝŶŐĐŽŶĐĞƌŶ

dŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞƉƌĞƐĞŶƚĞĚŝŶƵƐƚƌĂůŝĂŶĚŽůůĂƌƐ;͞Ψ͟Ϳ͕ƌŽƵŶĚĞĚƚŽƚŚĞŶĞĂƌĞƐƚĚŽůůĂƌ͘

dŚĞ ŽŵƉĂŶLJ ǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ŽŶ ϭϭ DĂLJ ϮϬϬϱ͘ dŚĞ 'ƌŽƵƉ ĨƌŽŵ ŝŶĐŽƌƉŽƌĂƚŝŽŶ ŚĂƐ ƉƌĞƉĂƌĞĚ ƚŚĞ ĂŶŶƵĂů ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/&Z^͘ ƐĞƉĂƌĂƚĞƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞƉĂƌĞŶƚĐŽŵƉĂŶLJŚĂƐŶŽƚďĞĞŶƉƌĞƐĞŶƚĞĚ ĂƐƉĞƌŵŝƚƚĞĚďLJƐĞĐƚŝŽŶϰϬϴŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚϮϬϬϲ͘

dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŽŶĂŐŽŝŶŐĐŽŶĐĞƌŶďĂƐŝƐǁŚŝĐŚĐŽŶƚĞŵƉůĂƚĞƐƚŚĞĐŽŶƚŝŶƵŝƚLJŽĨŶŽƌŵĂůďƵƐŝŶĞƐƐĂĐƚŝǀŝƚŝĞƐ ĂŶĚƚŚĞƌĞĂůŝƐĂƚŝŽŶŽĨĂƐƐĞƚƐĂŶĚĚŝƐĐŚĂƌŐĞŽĨůŝĂďŝůŝƚŝĞƐŝŶƚŚĞŽƌĚŝŶĂƌLJĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐ͘dŚĞŽŵƉĂŶLJŚĂƐŶŽƚŐĞŶĞƌĂƚĞĚƌĞǀĞŶƵĞƐ ĨƌŽŵŽƉĞƌĂƚŝŽŶƐ͘/ŶĐŽŵŵŽŶǁŝƚŚŵĂŶLJĞdžƉůŽƌĂƚŝŽŶĐŽŵƉĂŶŝĞƐ͕ƚŚĞŽŵƉĂŶLJƌĂŝƐĞƐĨŝŶĂŶĐĞĨŽƌŝƚƐĞdžƉůŽƌĂƚŝŽŶĂŶĚĂƉƉƌĂŝƐĂůĂĐƚŝǀŝƚŝĞƐ ŝŶĚŝƐĐƌĞƚĞƚƌĂŶĐŚĞƐ͘ƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ͕ƚŚĞ'ƌŽƵƉŚĂĚĂŶĞƚǁŽƌŬŝŶŐĐĂƉŝƚĂůĚĞĨŝĐŝƚƉŽƐŝƚŝŽŶŽĨΨϴ͕ϮϮϬ͕ϲϲϯ͕ĐŽŵƉĂƌĞĚǁŝƚŚĂŶĞƚ ǁŽƌŬŝŶŐ ĐĂƉŝƚĂů ĚĞĨŝĐŝƚ ƉŽƐŝƚŝŽŶ ŝŶ ϮϬϭϱ ŽĨ Ψϭ͕ϴϲϱ͕ϳϭϭ͘ Ɛ ƐƵĐŚ͕ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĂďŝůŝƚLJ ƚŽ ĐŽŶƚŝŶƵĞ ƚŽ ĂĚŽƉƚ ƚŚĞ ŐŽŝŶŐ ĐŽŶĐĞƌŶ ĂƐƐƵŵƉƚŝŽŶǁŝůůĚĞƉĞŶĚƵƉŽŶĂŶƵŵďĞƌŽĨŵĂƚƚĞƌƐŝŶĐůƵĚŝŶŐĨƵƚƵƌĞƐƵĐĐĞƐƐĨƵůĐĂƉŝƚĂůƌĂŝƐŝŶŐƐĨŽƌŶĞĐĞƐƐĂƌLJĨƵŶĚŝŶŐĂŶĚƚŚĞƐƵĐĐĞƐƐĨƵů ĞdžƉůŽƌĂƚŝŽŶĂŶĚƐƵďƐĞƋƵĞŶƚĞdžƉůŽŝƚĂƚŝŽŶŽĨƚŚĞ'ƌŽƵƉ͛ƐƚĞŶĞŵĞŶƚƐ͘

^ƵďƐĞƋƵĞŶƚ ƚŽ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ LJĞĂƌ͕ ƚŚĞ'ƌŽƵƉ ŚĂƐ ƌĂŝƐĞĚ Ψϳϭ͘ϲ ŵŝůůŝŽŶ ƚŚƌŽƵŐŚ ƚŚĞ ŝƐƐƵĞ ŽĨ ϰϳϱ͕Ϭϲϵ͕ϬϬϰ ŽƌĚŝŶĂƌLJ ƐŚĂƌĞƐ Ăƚ άϬ͘Ϭϲ ;h^ΨϬ͘ϬϴͿĂŶĚάϬ͘ϭϯ;h^ΨϬ͘ϭϲͿ͕ǁŚŝĐŚǁĂƐĂĐŽŵďŝŶĂƚŝŽŶŽĨĐĂƐŚĂŶĚĚĞďƚĐŽŶǀĞƌƐŝŽŶƐ͘

/ƚƐŚŽƵůĚďĞŶŽƚĞĚƚŚĂƚƚŚĞĐƵƌƌĞŶƚǁŽƌŬŝŶŐĐĂƉŝƚĂůůĞǀĞůƐǁŝůůŶŽƚďĞƐƵĨĨŝĐŝĞŶƚƚŽďƌŝŶŐƚŚĞ'ƌŽƵƉ͛ƐƉƌŽũĞĐƚƐŝŶƚŽĨƵůůĚĞǀĞůŽƉŵĞŶƚĂŶĚ ƉƌŽĚƵĐƚŝŽŶĂŶĚ͕ŝŶ ĚƵĞ ĐŽƵƌƐĞ͕ ĨƵƌƚŚĞƌ ĨƵŶĚŝŶŐǁŝůů ďĞ ƌĞƋƵŝƌĞĚ͘ /Ŷ ƚŚĞĞǀĞŶƚ ƚŚĂƚ ƚŚĞŽŵƉĂŶLJ ŝƐ ƵŶĂďůĞ ƚŽ ƐĞĐƵƌĞ ĨƵƌƚŚĞƌ ĨŝŶĂŶĐĞ ĞŝƚŚĞƌ ƚŚƌŽƵŐŚ ŽƚŚĞƌ ĨŝŶĂŶĐĞ ĂƌƌĂŶŐĞŵĞŶƚƐ Žƌ ĐĂƉŝƚĂů ƌĂŝƐŝŶŐƐ͕ ŝƚ ŵĂLJ ŶŽƚ ďĞ ĂďůĞ ƚŽ ĨƵůůLJ ĚĞǀĞůŽƉ ŝƚƐ ƉƌŽũĞĐƚƐ ĂŶĚ ƚŚŝƐ ŵĂLJ ŚĂǀĞ Ă ĐŽŶƐĞƋƵĞŶƚŝĂů ŝŵƉĂĐƚ ŽŶ ƚŚĞ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ ŽĨ ƚŚĞ ƌĞůĂƚĞĚ ĞdžƉůŽƌĂƚŝŽŶ ĂƐƐĞƚƐ ĂŶĚ ƚŚĞ ŝŶǀĞƐƚŵĞŶƚ ŽĨ ƚŚĞ ƉĂƌĞŶƚ ĐŽŵƉĂŶLJ ŝŶ ŝƚƐ ƐƵďƐŝĚŝĂƌŝĞƐ͘/ŶƚŚĞĂďƐĞŶĐĞŽĨƚŚĞƐĞŵĂƚƚĞƌƐďĞŝŶŐƐƵĐĐĞƐƐĨƵů͕ƚŚĞƌĞĞdžŝƐƚƐĂŵĂƚĞƌŝĂůƵŶĐĞƌƚĂŝŶƚLJƚŚĂƚŵĂLJĐĂƐƚƐŝŐŶŝĨŝĐĂŶƚĚŽƵďƚŽŶ ƚŚĞĞŶƚŝƚLJ͛ƐĂďŝůŝƚLJƚŽĐŽŶƚŝŶƵĞĂƐĂŐŽŝŶŐĐŽŶĐĞƌŶ͕ĂŶĚƚŚĞƌĞĨŽƌĞ͕ŝƚŵĂLJďĞƵŶĂďůĞƚŽƌĞĂůŝƐĞŝƚƐĂƐƐĞƚƐĂŶĚĚŝƐĐŚĂƌŐĞŝƚƐůŝĂďŝůŝƚŝĞƐŝŶƚŚĞ ŽƌĚŝŶĂƌLJĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐ͘

;ĐͿĂƐŝƐŽĨ ĐŽŶƐŽůŝĚĂƚŝŽŶ

;ŝͿ^ƵďƐŝĚŝĂƌŝĞƐ

tŚĞƌĞƚŚĞĐŽŵƉĂŶLJŚĂƐĐŽŶƚƌŽůŽǀĞƌĂŶŝŶǀĞƐƚĞĞ͕ŝƚŝƐĐůĂƐƐŝĨŝĞĚĂƐĂƐƵďƐŝĚŝĂƌLJ͘ dŚĞĐŽŵƉĂŶLJĐŽŶƚƌŽůƐĂŶŝŶǀĞƐƚĞĞŝĨĂůůƚŚƌĞĞŽĨ ƚŚĞ ĨŽůůŽǁŝŶŐĞůĞŵĞŶƚƐĂƌĞƉƌĞƐĞŶƚ͗ƉŽǁĞƌŽǀĞƌƚŚĞŝŶǀĞƐƚĞĞ͕ĞdžƉŽƐƵƌĞƚŽǀĂƌŝĂďůĞƌĞƚƵƌŶƐĨƌŽŵƚŚĞŝŶǀĞƐƚĞĞ͕ĂŶĚƚŚĞĂďŝůŝƚLJŽĨƚŚĞŝŶǀĞƐƚŽƌ ƚŽƵƐĞŝƚƐƉŽǁĞƌƚŽĂĨĨĞĐƚƚŚŽƐĞǀĂƌŝĂďůĞƌĞƚƵƌŶƐ͘ ŽŶƚƌŽůŝƐƌĞĂƐƐĞƐƐĞĚǁŚĞŶĞǀĞƌĨĂĐƚƐĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐŝŶĚŝĐĂƚĞƚŚĂƚƚŚĞƌĞŵĂLJďĞĂ ĐŚĂŶŐĞŝŶĂŶLJŽĨƚŚĞƐĞĞůĞŵĞŶƚƐŽĨĐŽŶƚƌŽů͘

ĞͲĨĂĐƚŽĐŽŶƚƌŽůĞdžŝƐƚƐŝŶƐŝƚƵĂƚŝŽŶƐǁŚĞƌĞƚŚĞĐŽŵƉĂŶLJŚĂƐƚŚĞƉƌĂĐƚŝĐĂůĂďŝůŝƚLJƚŽĚŝƌĞĐƚƚŚĞƌĞůĞǀĂŶƚĂĐƚŝǀŝƚŝĞƐŽĨƚŚĞŝŶǀĞƐƚĞĞǁŝƚŚŽƵƚ ŚŽůĚŝŶŐƚŚĞŵĂũŽƌŝƚLJŽĨƚŚĞǀŽƚŝŶŐƌŝŐŚƚƐ͘ /ŶĚĞƚĞƌŵŝŶŝŶŐǁŚĞƚŚĞƌĚĞͲĨĂĐƚŽĐŽŶƚƌŽůĞdžŝƐƚƐƚŚĞĐŽŵƉĂŶLJĐŽŶƐŝĚĞƌƐĂůůƌĞůĞǀĂŶƚĨĂĐƚƐĂŶĚ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͕/ŶĐůƵĚŝŶŐ͗

dŚĞƐŝnjĞŽĨƚŚĞĐŽŵƉĂŶLJ͛ƐǀŽƚŝŶŐƌŝŐŚƚƐƌĞůĂƚŝǀĞƚŽďŽƚŚƚŚĞƐŝnjĞĂŶĚĚŝƐƉĞƌƐŝŽŶŽĨŽƚŚĞƌƉĂƌƚŝĞƐǁŚŽŚŽůĚǀŽƚŝŶŐƌŝŐŚƚƐ
^ƵďƐƚĂŶƚŝǀĞƉŽƚĞŶƚŝĂůǀŽƚŝŶŐƌŝŐŚƚƐŚĞůĚďLJƚŚĞĐŽŵƉĂŶLJĂŶĚďLJŽƚŚĞƌƉĂƌƚŝĞƐ
KƚŚĞƌĐŽŶƚƌĂĐƚƵĂůĂƌƌĂŶŐĞŵĞŶƚƐ
,ŝƐƚŽƌŝĐƉĂƚƚĞƌŶƐŝŶǀŽƚŝŶŐĂƚƚĞŶĚĂŶĐĞ͘

EKd ϭ KhEd/E'WK>//^ ;ĐŽŶƚŝŶƵĞĚͿ

;ĐͿĂƐŝƐŽĨ ĐŽŶƐŽůŝĚĂƚŝŽŶ ;ĐŽŶƚŝŶƵĞĚͿ

;ŝŝͿdƌĂŶƐĂĐƚŝŽŶƐĞůŝŵŝŶĂƚĞĚŽŶĐŽŶƐŽůŝĚĂƚŝŽŶ

;ĚͿ &ŽƌĞŝŐŶ ĐƵƌƌĞŶĐLJ

dƌĂŶƐĂĐƚŝŽŶƐŝŶ ĨŽƌĞŝŐŶĐƵƌƌĞŶĐŝĞƐĂƌĞƚƌĂŶƐůĂƚĞĚĂƚƚŚĞ ĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƌĂƚĞƌƵůŝŶŐĂƚƚŚĞĚĂƚĞŽĨƚŚĞƚƌĂŶƐĂĐƚŝŽŶ͘DŽŶĞƚĂƌLJĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĚĞŶŽŵŝŶĂƚĞĚ ŝŶ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐŝĞƐ Ăƚ ƚŚĞ LJĞĂƌͲĞŶĚ ĂƌĞ ƚƌĂŶƐůĂƚĞĚ ŝŶƚŽƵƐƚƌĂůŝĂŶ ĚŽůůĂƌƐ Ăƚ ƚŚĞ ĨŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞ ƌĂƚĞ ƌƵůŝŶŐĂƚƚŚĂƚĚĂƚĞ͘ŶLJƌĞƐƵůƚĂŶƚĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞĐƵƌƌĞŶĐLJƚƌĂŶƐůĂƚŝŽŶĂŵŽƵŶƚŝƐƚĂŬĞŶƚŽƚŚĞƉƌŽĨŝƚĂŶĚůŽƐƐ͘

dŚĞŽŵƉĂŶLJ͛Ɛ ĨƵŶĐƚŝŽŶĂů ĂŶĚ ƉƌĞƐĞŶƚĂƚŝŽŶ ĐƵƌƌĞŶĐLJ ŝƐƵƐƚƌĂůŝĂŶ ĚŽůůĂƌƐ ;ΨͿ͘ dŚĞ ĞdžĐŚĂŶŐĞ ƌĂƚĞƐ ĂƉƉůŝĞĚ ŝŶ ƉƌĞƉĂƌĂƚŝŽŶ ŽĨ ƚŚĞƐĞ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƚϯϬ :ƵŶĞϮϬϭϲǁĞƌĞάϬ͘ϱϱϯϱϵͬΨϭ͘Ϭ͕h^ΨϬ͘ϳϰϱϭͬΨϭ͘ϬĂŶĚ^Ψϱ͘ϴϲϯϱͬΨϭ͘Ϭ ;ϯϬ :ƵŶĞϮϬϭϱ͗άϬ͘ϰϴϳϮͬΨϭ͘Ϭ͕ h^ΨϬ͘ϳϲϱϳϱͬΨϭ͘ϬĂŶĚ^Ψϲ͘ϬϮϬϱͬΨϭ͘ϬͿ͘dŚĞĂǀĞƌĂŐĞĞdžĐŚĂŶŐĞƌĂƚĞĂƉƉůŝĞĚĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϭϲǁĂƐh^ΨϬ͘ϳϮϴϲͬΨϭ͘Ϭ ;ϮϬϭϱ͗h^ΨϬ͘ϴϰϬϯϰͬΨϭ͘ϬͿ͘

;ĞͿ WƌŽƉĞƌƚLJ͕ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ

;ŝͿKǁŶĞĚĂƐƐĞƚƐ

;ŝŝͿ^ƵďƐĞƋƵĞŶƚĐŽƐƚƐ

EKd ϭ KhEd/E'WK>//^ ;ĐŽŶƚŝŶƵĞĚͿ

;ĞͿ WƌŽƉĞƌƚLJ͕ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ;ĐŽŶƚŝŶƵĞĚͿ

;ŝŝŝͿĞƉƌĞĐŝĂƚŝŽŶ

Office Equipment	3 years
Furniture and Fittings	5 years
Motor Vehicles	5 years
Plant and Equipment	5 years
Land and Buildings	12 years

;ĨͿ/ŶƚĂŶŐŝďůĞ ĂƐƐĞƚƐ

ĞĨĞƌƌĞĚĞdžƉůŽƌĂƚŝŽŶĐŽƐƚƐ

;ŐͿ >ŽĂŶƐƌĞĐĞŝǀĂďůĞƐ͕ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐĂŶĚ ƉƌĞƉĂLJŵĞŶƚƐ

;ŚͿ ĂƐŚ ĂŶĚ ĐĂƐŚ ĞƋƵŝǀĂůĞŶƚƐ

;ŝͿ/ŵƉĂŝƌŵĞŶƚ

EKd ϭ KhEd/E'WK>//^ ;ŽŶƚŝŶƵĞĚͿ

;ŝͿ/ŵƉĂŝƌŵĞŶƚ ;ĐŽŶƚŝŶƵĞĚͿ

dŚĞƉĞƌŝŽĚĨŽƌǁŚŝĐŚƚŚĞĞŶƚŝƚLJŚĂƐƚŚĞƌŝŐŚƚƚŽĞdžƉůŽƌĞŝŶƚŚĞƐƉĞĐŝĨŝĐĂƌĞĂŚĂƐĞdžƉŝƌĞĚĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚŽƌǁŝůůĞdžƉŝƌĞ ŝŶƚŚĞŶĞĂƌĨƵƚƵƌĞ͕ĂŶĚŝƐŶŽƚĞdžƉĞĐƚĞĚƚŽďĞƌĞŶĞǁĞĚ͖
^ƵďƐƚĂŶƚŝǀĞĞdžƉĞŶĚŝƚƵƌĞŽŶĨƵƌƚŚĞƌĞdžƉůŽƌĂƚŝŽŶĨŽƌĂŶĚĞǀĂůƵĂƚŝŽŶŽĨŵŝŶĞƌĂůƌĞƐŽƵƌĐĞƐŝŶƚŚĞƐƉĞĐŝĨŝĐĂƌĞĂŝƐŶĞŝƚŚĞƌ ďƵĚŐĞƚĞĚŶŽƌƉůĂŶŶĞĚ͖
džƉůŽƌĂƚŝŽŶĨŽƌĂŶĚĞǀĂůƵĂƚŝŽŶŽĨŵŝŶĞƌĂůƌĞƐŽƵƌĐĞƐŝŶƚŚĞƐƉĞĐŝĨŝĐĂƌĞĂŚĂǀĞŶŽƚůĞĚƚŽƚŚĞĚŝƐĐŽǀĞƌLJŽĨĐŽŵŵĞƌĐŝĂůůLJ ǀŝĂďůĞƋƵĂŶƚŝƚŝĞƐŽĨŵŝŶĞƌĂů ƌĞƐŽƵƌĐĞƐĂŶĚ ƚŚĞĞŶƚŝƚLJŚĂƐĚĞĐŝĚĞĚ ƚŽĚŝƐĐŽŶƚŝŶƵĞƐƵĐŚĂĐƚŝǀŝƚŝĞƐŝŶ ƚŚĞƐƉĞĐŝĨŝĐĂƌĞĂ͖ ĂŶĚ
^ƵĨĨŝĐŝĞŶƚ ĚĂƚĂĞdžŝƐƚ ƚŽŝŶĚŝĐĂƚĞ ƚŚĂƚ͕ĂůƚŚŽƵŐŚĂ ĚĞǀĞůŽƉŵĞŶƚŝŶ ƚŚĞ ƐƉĞĐŝĨŝĐĂƌĞĂŝƐůŝŬĞůLJ ƚŽ ƉƌŽĐĞĞĚ͕ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚŽĨƚŚĞĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĂƐƐĞƚŝƐƵŶůŝŬĞůLJƚŽďĞƌĞĐŽǀĞƌĞĚŝŶĨƵůůĨƌŽŵƐƵĐĐĞƐƐĨƵůĚĞǀĞůŽƉŵĞŶƚŽƌďLJ ƐĂůĞ͘

;ũͿ ^ŚĂƌĞ ĐĂƉŝƚĂů

;ŝͿKƌĚŝŶĂƌLJƐŚĂƌĞĐĂƉŝƚĂů

dŚĞŽŵƉĂŶLJ͛ƐŽƌĚŝŶĂƌLJƐŚĂƌĞƐĂƌĞĐůĂƐƐŝĨŝĞĚĂƐĞƋƵŝƚLJ͘

;ŝŝͿ^ŚĂƌĞƐŝƐƐƵĞĚƚŽƐĞƚƚůĞůŝĂďŝůŝƚŝĞƐ

dŚĞ'ƌŽƵƉĨƌŽŵƚŝŵĞƚŽƚŝŵĞƐĞƚƚůĞƐĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐďLJŝƐƐƵŝŶŐƐŚĂƌĞƐ͘dŚĞ'ƌŽƵƉĐŽŶƐŝĚĞƌƐƚŚĞƐĞĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƐĂƐ ΖĐŽŶƐŝĚĞƌĂƚŝŽŶƉĂŝĚΖĂŶĚĂĐĐŽƌĚŝŶŐůLJĚĞƌĞĐŽŐŶŝƐĞƐƚŚĞĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚLJ͘

dŚĞĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƐŝƐƐƵĞĚĂƌĞŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ͕ǁŝƚŚƚŚĞĚŝĨĨĞƌĞŶĐĞďĞŝŶŐƚĂŬĞŶƚŽƚŚĞŝŶĐŽŵĞƐƚĂƚĞŵĞŶƚ͕ƵŶůĞƐƐƚŚĞĐƌĞĚŝƚŽƌ ŝƐĂůƐŽĂĚŝƌĞĐƚŽƌŝŶĚŝƌĞĐƚƐŚĂƌĞŚŽůĚĞƌĂŶĚŝƐĂĐƚŝŶŐŝŶŝƚƐĐĂƉĂĐŝƚLJĂƐĚŝƌĞĐƚŽƌŝŶĚŝƌĞĐƚƐŚĂƌĞŚŽůĚĞƌ͘ tŚĞŶƚŚĞĐƌĞĚŝƚŽƌŝƐĂĐƚŝŶŐŝŶ ĐĂƉĂĐŝƚLJĂƐĂĚŝƌĞĐƚŽƌŝŶĚŝƌĞĐƚƐŚĂƌĞŚŽůĚĞƌƚŚĞǀĂůƵĞŽĨƐŚĂƌĞƐŝƐƐƵĞĚŝƐĚĞĞŵĞĚƚŽďĞƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨƚŚĞůŝĂďŝůŝƚLJ͘

;ŬͿ ŵƉůŽLJĞĞďĞŶĞĨŝƚƐ

;ŝͿ^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƚƌĂŶƐĂĐƚŝŽŶƐ

dŚĞ'ƌŽƵƉŵĞĂƐƵƌĞƐƚŚĞĐŽƐƚŽĨĞƋƵŝƚLJͲƐĞƚƚůĞĚƚƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚĞŵƉůŽLJĞĞƐďLJƌĞĨĞƌĞŶĐĞƚŽƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƐĂƚ ƚŚĞ ĚĂƚĞ Ăƚ ǁŚŝĐŚ ƚŚĞLJ ĂƌĞ ŐƌĂŶƚĞĚ͘ ƐƚŝŵĂƚŝŶŐ ĨĂŝƌ ǀĂůƵĞ ĨŽƌ ƐŚĂƌĞ ďĂƐĞĚ ƉĂLJŵĞŶƚ ƚƌĂŶƐĂĐƚŝŽŶƐ ƌĞƋƵŝƌĞƐ ĚĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ŵŽƐƚ ĂƉƉƌŽƉƌŝĂƚĞǀĂůƵĂƚŝŽŶŵŽĚĞů͕ǁŚŝĐŚŝƐĚĞƉĞŶĚĞŶƚŽŶ ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚĞŐƌĂŶƚ͘dŚŝƐĞƐƚŝŵĂƚĞĂůƐŽƌĞƋƵŝƌĞƐĚĞƚĞƌŵŝŶŝŶŐ ƚŚĞŵŽƐƚĂƉƉƌŽƉƌŝĂƚĞŝŶƉƵƚƐ ƚŽ ƚŚĞǀĂůƵĂƚŝŽŶŵŽĚĞůŝŶĐůƵĚŝŶŐ ƚŚĞĞdžƉĞĐƚĞĚůŝĨĞŽĨ ƚŚĞƐŚĂƌĞŽƉƚŝŽŶ͕ǀŽůĂƚŝůŝƚLJĂŶĚĚŝǀŝĚĞŶĚLJŝĞůĚĂŶĚ ŵĂŬŝŶŐĂƐƐƵŵƉƚŝŽŶƐĂďŽƵƚƚŚĞŵ͘dŚĞĂƐƐƵŵƉƚŝŽŶƐĂŶĚŵŽĚĞůƵƐĞĚĨŽƌĞƐƚŝŵĂƚŝŶŐĨĂŝƌǀĂůƵĞĨŽƌƐŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƚƌĂŶƐĂĐƚŝŽŶƐĂƌĞ ĚŝƐĐůŽƐĞĚŝŶEŽƚĞϭϵ͘

;ŝŝͿZĞƚŝƌĞŵĞŶƚďĞŶĞĨŝƚƐ

;ůͿ WƌŽǀŝƐŝŽŶƐ

;ŵͿ dƌĂĚĞ ĂŶĚ ŽƚŚĞƌ ƉĂLJĂďůĞƐ

dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐĂƌĞŶŽƚŝŶƚĞƌĞƐƚďĞĂƌŝŶŐĂŶĚĂƌĞƐƚĂƚĞĚĂƚƚŚĞŝƌŶŽŵŝŶĂůǀĂůƵĞ͕ƵŶůĞƐƐƐĞƚƚůĞĚǁŝƚŚƐŚĂƌĞƐĂƐƉĞƌ;:Ϳ;ŝŝͿĂďŽǀĞ͘ dŚĞĞĨĨĞĐƚŽĨĚŝƐĐŽƵŶƚŝŶŐŝƐŝŵŵĂƚĞƌŝĂů͘

EKd ϭ KhEd/E'WK>//^ ;ŽŶƚŝŶƵĞĚͿ

;ŶͿ ZĞǀĞŶƵĞ

ƵƌŝŶŐ ƚŚĞĞdžƉůŽƌĂƚŝŽŶ ƉŚĂƐĞ͕ ĂŶLJ ƌĞǀĞŶƵĞ ŐĞŶĞƌĂƚĞĚ ĨƌŽŵ ŝŶĐŝĚĞŶƚĂů ƐĂůĞƐ ŝƐ ƚƌĞĂƚĞĚ ĂƐ Ă ĐŽŶƚƌŝďƵƚŝŽŶ ƚŽǁĂƌĚƐ ƉƌĞǀŝŽƵƐůLJ ŝŶĐƵƌƌĞĚ ĐŽƐƚƐĂŶĚŽĨĨƐĞƚĂĐĐŽƌĚŝŶŐůLJ͘

;ŽͿ KƚŚĞƌ ŝŶĐŽŵĞ

KƚŚĞƌŝŶĐŽŵĞŝƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĂƐŝƚĂĐĐƌƵĞƐ͘

;ƉͿ &ŝŶĂŶĐŝŶŐĐŽƐƚƐĂŶĚ ŝŶĐŽŵĞ

;ŝͿ&ŝŶĂŶĐŝŶŐĐŽƐƚƐ

&ŝŶĂŶĐŝŶŐĐŽƐƚƐĐŽŵƉƌŝƐĞŝŶƚĞƌĞƐƚƉĂLJĂďůĞŽŶďŽƌƌŽǁŝŶŐƐĐĂůĐƵůĂƚĞĚƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚƌĂƚĞŵĞƚŚŽĚ͘

;ŝŝͿ&ŝŶĂŶĐĞŝŶĐŽŵĞ

;ƋͿ dĂdžĂƚŝŽŶ

;ƌͿ ^ĞŐŵĞŶƚ ƌĞƉŽƌƚŝŶŐ

dŚĞ'ƌŽƵƉ ĚĞƚĞƌŵŝŶĞƐĂŶĚ ƉƌĞƐĞŶƚƐ ŽƉĞƌĂƚŝŶŐ ƐĞŐŵĞŶƚƐ ďĂƐĞĚ ŽŶŝŶĨŽƌŵĂƚŝŽŶ ƚŚĂƚŝƐ ŝŶƚĞƌŶĂůůLJ ƉƌŽǀŝĚĞĚ ƚŽ ƚŚĞŽĂƌĚ ŽĨŝƌĞĐƚŽƌƐ͕ ǁŚŽĂƌĞƚŚĞ'ƌŽƵƉ͛ƐĐŚŝĞĨŽƉĞƌĂƚŝŶŐĚĞĐŝƐŝŽŶŵĂŬĞƌƐ͘

Ŷ ŽƉĞƌĂƚŝŶŐ ƐĞŐŵĞŶƚ ŝƐ Ă ĐŽŵƉŽŶĞŶƚ ŽĨ ƚŚĞ'ƌŽƵƉ ƚŚĂƚĞŶŐĂŐĞƐ ŝŶ ďƵƐŝŶĞƐƐ ĂĐƚŝǀŝƚŝĞƐ ĨƌŽŵ ǁŚŝĐŚ ŝƚŵĂLJ ĞĂƌŶ ƌĞǀĞŶƵĞƐ ĂŶĚ ŝŶĐƵƌ ĞdžƉĞŶƐĞƐ͕ ŝŶĐůƵĚŝŶŐ ƌĞǀĞŶƵĞƐ ĂŶĚ ĞdžƉĞŶƐĞƐ ƚŚĂƚ ƌĞůĂƚĞ ƚŽ ƚƌĂŶƐĂĐƚŝŽŶƐ ǁŝƚŚ ĂŶLJ ŽĨ ƚŚĞ 'ƌŽƵƉ͛Ɛ ŽƚŚĞƌ ĐŽŵƉŽŶĞŶƚƐ͘ Ŷ ŽƉĞƌĂƚŝŶŐ ƐĞŐŵĞŶƚ͛ƐŽƉĞƌĂƚŝŶŐƌĞƐƵůƚƐĂŶĚĂƐƐĞƚƉŽƐŝƚŝŽŶĂƌĞƌĞǀŝĞǁĞĚƌĞŐƵůĂƌůLJďLJƚŚĞŽĂƌĚƚŽŵĂŬĞĚĞĐŝƐŝŽŶƐĂďŽƵƚƌĞƐŽƵƌĐĞƐƚŽďĞĂůůŽĐĂƚĞĚ ƚŽƚŚĞƐĞŐŵĞŶƚĂŶĚĂƐƐĞƐƐŝƚƐƉĞƌĨŽƌŵĂŶĐĞ͕ĨŽƌǁŚŝĐŚĚŝƐĐƌĞƚĞĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶŝƐĂǀĂŝůĂďůĞ͘

^ĞŐŵĞŶƚƌĞƐƵůƚƐƚŚĂƚĂƌĞƌĞƉŽƌƚĞĚƚŽƚŚĞŽĂƌĚŝŶĐůƵĚĞŝƚĞŵƐĚŝƌĞĐƚůLJĂƚƚƌŝďƵƚĂďůĞƚŽĂƐĞŐŵĞŶƚ͕ĂƐǁĞůůĂƐƚŚŽƐĞƚŚĂƚĐĂŶďĞĂůůŽĐĂƚĞĚ ŽŶĂ ƌĞĂƐŽŶĂďůĞ ďĂƐŝƐ͘hŶĂůůŽĐĂƚĞĚŝƚĞŵƐĐŽŵƉƌŝƐĞŵĂŝŶůLJĐŽƌƉŽƌĂƚĞŽĨĨŝĐĞĂƐƐĞƚƐ͕ŚĞĂĚŽĨĨŝĐĞĞdžƉĞŶƐĞƐ͕ĂŶĚŝŶĐŽŵĞ ƚĂdžĂƐƐĞƚƐĂŶĚ ůŝĂďŝůŝƚŝĞƐ͘

EKd ϭ KhEd/E'WK>//^ ;ŽŶƚŝŶƵĞĚͿ

;ƐͿƵƐŝŶĞƐƐŽŵďŝŶĂƚŝŽŶƐ

ƵƐŝŶĞƐƐ ĐŽŵďŝŶĂƚŝŽŶƐ ŽĐĐƵƌ ǁŚĞƌĞ ĂŶ ĂĐƋƵŝƌĞƌ ŽďƚĂŝŶƐ ĐŽŶƚƌŽů ŽǀĞƌ ŽŶĞ ŽƌŵŽƌĞ ďƵƐŝŶĞƐƐĞƐ ĂŶĚ ƌĞƐƵůƚƐ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚŝŽŶ ŽĨ ŝƚƐ ĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͘

ƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƐĂƌĞĂĐĐŽƵŶƚĞĚĨŽƌďLJĂƉƉůLJŝŶŐƚŚĞĂĐƋƵŝƐŝƚŝŽŶŵĞƚŚŽĚ͕ƵŶůĞƐƐŝƚŝƐĂĐŽŵďŝŶĂƚŝŽŶŝŶǀŽůǀŝŶŐĞŶƚŝƚŝĞƐŽƌďƵƐŝŶĞƐƐĞƐ ƵŶĚĞƌ ĐŽŵŵŽŶ ĐŽŶƚƌŽů͘ dŚĞĂĐƋƵŝƐŝƚŝŽŶŵĞƚŚŽĚ ƌĞƋƵŝƌĞƐ ƚŚĂƚ ĨŽƌĞĂĐŚ ďƵƐŝŶĞƐƐ ĐŽŵďŝŶĂƚŝŽŶ ŽŶĞ ŽĨ ƚŚĞ ĐŽŵďŝŶŝŶŐĞŶƚŝƚŝĞƐŵƵƐƚ ďĞ ŝĚĞŶƚŝĨŝĞĚĂƐƚŚĞĂĐƋƵŝƌĞƌ ;ŝ͘Ğ͘ƉĂƌĞŶƚĞŶƚŝƚLJͿ͘ dŚĞďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶǁŝůůďĞĂĐĐŽƵŶƚĞĚ ĨŽƌĂƐĂƚ ƚŚĞĂĐƋƵŝƐŝƚŝŽŶĚĂƚĞ͕ǁŚŝĐŚŝƐ ƚŚĞ ĚĂƚĞ ƚŚĂƚ ĐŽŶƚƌŽů ŽǀĞƌ ƚŚĞ ĂĐƋƵŝƌĞĞ ŝƐ ŽďƚĂŝŶĞĚ ďLJ ƚŚĞ ƉĂƌĞŶƚ ĞŶƚŝƚLJ͘ ƚ ƚŚŝƐ ĚĂƚĞ͕ ƚŚĞ ƉĂƌĞŶƚ ƐŚĂůů ƌĞĐŽŐŶŝƐĞ͕ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĂĐĐŽƵŶƚƐ͕ĂŶĚƐƵďũĞĐƚƚŽĐĞƌƚĂŝŶůŝŵŝƚĞĚĞdžĐĞƉƚŝŽŶƐ͕ƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞŝĚĞŶƚŝĨŝĂďůĞĂƐƐĞƚƐĂĐƋƵŝƌĞĚĂŶĚůŝĂďŝůŝƚŝĞƐĂƐƐƵŵĞĚ͘ /ŶĂĚĚŝƚŝŽŶ͕ ĐŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚŝĞƐŽĨƚŚĞĂĐƋƵŝƌĞĞǁŝůůďĞƌĞĐŽŐŶŝƐĞĚǁŚĞƌĞĂƉƌĞƐĞŶƚŽďůŝŐĂƚŝŽŶŚĂƐďĞĞŶŝŶĐƵƌƌĞĚĂŶĚŝƚƐĨĂŝƌǀĂůƵĞĐĂŶďĞƌĞůŝĂďůLJ ŵĞĂƐƵƌĞĚ͘

dŚĞĂĐƋƵŝƐŝƚŝŽŶŵĂLJƌĞƐƵůƚŝŶƚŚĞƌĞĐŽŐŶŝƚŝŽŶŽĨŐŽŽĚǁŝůůŽƌĂŐĂŝŶĨƌŽŵĂďĂƌŐĂŝŶƉƵƌĐŚĂƐĞ͘ dŚĞŵĞƚŚŽĚĂĚŽƉƚĞĚĨŽƌƚŚĞŵĞĂƐƵƌĞŵĞŶƚ ŽĨŐŽŽĚǁŝůůǁŝůůŝŵƉĂĐƚ ŽŶ ƚŚĞŵĞĂƐƵƌĞŵĞŶƚ ŽĨĂŶLJ ŶŽŶͲĐŽŶƚƌŽůůŝŶŐ ŝŶƚĞƌĞƐƚ ƚŽ ďĞ ƌĞĐŽŐŶŝƐĞĚŝŶ ƚŚĞĂĐƋƵŝƌĞĞǁŚĞƌĞ ůĞƐƐ ƚŚĂŶϭϬϬй ŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚŝƐŚĞůĚŝŶƚŚĞĂĐƋƵŝƌĞĞ͘

;ƚͿ WƌŽũĞĐƚ &ŝŶĂŶĐŝŶŐͬ&ĂƌŵͲŽƵƚƐ

;ƵͿ >ĞĂƐĞƐ

ĞĂƐĞƐŽĨĨŝdžĞĚĂƐƐĞƚƐǁŚĞƌĞƐƵďƐƚĂŶƚŝĂůůLJĂůůƚŚĞƌŝƐŬƐĂŶĚďĞŶĞĨŝƚƐŝŶĐŝĚĞŶƚĂůƚŽƚŚĞŽǁŶĞƌƐŚŝƉŽĨƚŚĞĂƐƐĞƚ͕ďƵƚŶŽƚƚŚĞůĞŐĂůŽǁŶĞƌƐŚŝƉ ĂƌĞƚƌĂŶƐĨĞƌƌĞĚƚŽĞŶƚŝƚŝĞƐŝŶƚŚĞ'ƌŽƵƉ͕ĂƌĞĐůĂƐƐŝĨŝĞĚĂƐĨŝŶĂŶĐĞůĞĂƐĞƐ͘

ĞĂƐĞĚĂƐƐĞƚƐĂƌĞĚĞƉƌĞĐŝĂƚĞĚŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞƐŚŽƌƚĞƌŽĨƚŚĞŝƌĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐŽƌƚŚĞůĞĂƐĞƚĞƌŵ͘

ĞĂƐĞƉĂLJŵĞŶƚƐĨŽƌŽƉĞƌĂƚŝŶŐůĞĂƐĞƐ͕ǁŚĞƌĞƐƵďƐƚĂŶƚŝĂůůLJĂůůƚŚĞƌŝƐŬƐĂŶĚďĞŶĞĨŝƚƐƌĞŵĂŝŶǁŝƚŚƚŚĞůĞƐƐŽƌ͕ĂƌĞĐŚĂƌŐĞĚĂƐĞdžƉĞŶƐĞƐŽŶĂ ƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞƉĞƌŝŽĚŽĨƚŚĞůĞĂƐĞ͘

EKd ϭ KhEd/E'WK>//^ ;ŽŶƚŝŶƵĞĚͿ

ǀͿ &ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐ

ZĞĐŽŐŶŝƚŝŽŶĂŶĚ/ŶŝƚŝĂůDĞĂƐƵƌĞŵĞŶƚ

ůĂƐƐŝĨŝĐĂƚŝŽŶĂŶĚ^ƵďƐĞƋƵĞŶƚDĞĂƐƵƌĞŵĞŶƚ

;ŝͿ >ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ

ŽĂŶƐ ĂŶĚ ƌĞĐĞŝǀĂďůĞƐ ĂƌĞ ŶŽŶͲĚĞƌŝǀĂƚŝǀĞ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ǁŝƚŚ ĨŝdžĞĚ Žƌ ĚĞƚĞƌŵŝŶĂďůĞ ƉĂLJŵĞŶƚƐ ƚŚĂƚ ĂƌĞ ŶŽƚ ƋƵŽƚĞĚ ŝŶ ĂŶ ĂĐƚŝǀĞŵĂƌŬĞƚĂŶĚĂƌĞƐƵďƐĞƋƵĞŶƚůLJŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚƌĂƚĞŵĞƚŚŽĚ͘

;ŝŝͿ &ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐ

&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ ĨĂŝƌǀĂůƵĞ ƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐĂƌĞ ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ ŚĞůĚ ĨŽƌ ƚƌĂĚŝŶŐ͘ ĨŝŶĂŶĐŝĂůĂƐƐĞƚŝƐĐůĂƐƐŝĨŝĞĚŝŶ ƚŚŝƐ ĐĂƚĞŐŽƌLJŝĨĂĐƋƵŝƌĞĚƉƌŝŶĐŝƉĂůůLJĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨƐĞůůŝŶŐŝŶƚŚĞƐŚŽƌƚƚĞƌŵ͘ĞƌŝǀĂƚŝǀĞƐĂƌĞĐůĂƐƐŝĨŝĞĚĂƐŚĞůĚĨŽƌƚƌĂĚŝŶŐƵŶůĞƐƐ ƚŚĞLJĂƌĞĚĞƐŝŐŶĂƚĞĚĂƐŚĞĚŐĞƐ͘ƐƐĞƚƐŝŶƚŚŝƐĐĂƚĞŐŽƌLJĂƌĞĐůĂƐƐŝĨŝĞĚĂƐĐƵƌƌĞŶƚĂƐƐĞƚƐ͘dŚĞƐĞĂƐƐĞƚƐĂƌĞŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ ǁŝƚŚŐĂŝŶƐŽƌůŽƐƐĞƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƉƌŽĨŝƚŽƌůŽƐƐ͘

;ŝŝŝͿ ǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ

;ŝǀͿ &ŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ

;ǀͿ ĞƌŝǀĂƚŝǀĞƐ

ŚĂŶŐĞƐŝŶƚŚĞĨĂŝƌǀĂůƵĞŽĨĚĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐĂƐƚŚĞLJĂƌŝƐĞ͘

&ĂŝƌǀĂůƵĞ

ĞƌĞĐŽŐŶŝƚŝŽŶ

EKd ϭ KhEd/E'WK>//^ ;ŽŶƚŝŶƵĞĚͿ

ǀͿ &ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐ;ĐŽŶƚŝŶƵĞĚͿ

/ŵƉĂŝƌŵĞŶƚŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ

tŚĞƌĞƚŚĞƌĞŝƐŽďũĞĐƚŝǀĞĞǀŝĚĞŶĐĞƚŚĂƚĂŶĂǀĂŝůĂďůĞĨŽƌƐĂůĞĨŝŶĂŶĐŝĂůĂƐƐĞƚŝƐŝŵƉĂŝƌĞĚ;ƐƵĐŚĂƐĂƐŝŐŶŝĨŝĐĂŶƚŽƌƉƌŽůŽŶŐĞĚĚĞĐůŝŶĞŝŶƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ĂŶ ĂǀĂŝůĂďůĞ ĨŽƌ ƐĂůĞ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚͿ ƚŚĞ ĐƵŵƵůĂƚŝǀĞ ůŽƐƐ ƚŚĂƚ ŚĂƐ ďĞĞŶ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ŝƐ ƌĞĐůĂƐƐŝĨŝĞĚ ĨƌŽŵĞƋƵŝƚLJ ƚŽ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ĂƐ Ă ƌĞĐůĂƐƐŝĨŝĐĂƚŝŽŶ ĂĚũƵƐƚŵĞŶƚ͘ tŚĞŶ Ă ƐƵďƐĞƋƵĞŶƚĞǀĞŶƚ ƌĞĚƵĐĞƐ ƚŚĞ ŝŵƉĂŝƌŵĞŶƚ ŽĨ ĂŶ ĂǀĂŝůĂďůĞ ĨŽƌ ƐĂůĞ ĚĞďƚ ƐĞĐƵƌŝƚLJ ƚŚĞ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ŝƐ ƌĞǀĞƌƐĞĚ ƚŚƌŽƵŐŚ ƉƌŽĨŝƚ Žƌ ůŽƐƐ͘ tŚĞŶ Ă ƐƵďƐĞƋƵĞŶƚ ĞǀĞŶƚ ƌĞĚƵĐĞƐ ƚŚĞ ŝŵƉĂŝƌŵĞŶƚŽĨĂŶĂǀĂŝůĂďůĞĨŽƌƐĂůĞĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƚŚĞĨĂŝƌǀĂůƵĞŝŶĐƌĞĂƐĞĚŝƐƌĞĐŽŐŶŝƐĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͘

;ǁͿ ĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐĨŽƌ ƚŚĞ ŽŵƉĂŶLJ

;ŝͿŽŵƉĂŶLJƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ

Ɛ ƉĞƌŵŝƚƚĞĚ ďLJ ^ĞĐƚŝŽŶ ϰϬϴ ŽĨ ƚŚĞ ŽŵƉĂŶŝĞƐ Đƚ ϮϬϬϲ͕ ƚŚĞ ƐƚĂƚĞŵĞŶƚ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ŶŽƚ ďĞĞŶ ƐĞƉĂƌĂƚĞůLJƉƌĞƐĞŶƚĞĚŝŶƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘dŚĞŽŵƉĂŶLJ͛ƐůŽƐƐĨŽƌƚŚĞLJĞĂƌǁĂƐΨϯ͕ϲϯϵ͕ϵϬϲ;ϮϬϭϱ͗Ψϯ͕ϴϲϴ͕ϵϱϭͿ͘

;ŝŝͿ^ƵďƐŝĚŝĂƌLJŝŶǀĞƐƚŵĞŶƚƐ

/ŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌLJƵŶĚĞƌƚĂŬŝŶŐƐĂƌĞƐƚĂƚĞĚĂƚĐŽƐƚůĞƐƐŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͘džƉĞŶĚŝƚƵƌĞŝŶĐƵƌƌĞĚďLJƉůĐŽŶďĞŚĂůĨŽĨĂƐƵďƐŝĚŝĂƌLJ͕ ĨŽƌĂƐƐĞƚƐƚŚĂƚĐŽƵůĚďĞĐĂƉŝƚĂůŝƐĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/&Z^ ϲ͕ŝƐƌĞĐŽƌĚĞĚǁŝƚŚŝŶŝŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌLJƵŶĚĞƌƚĂŬŝŶŐƐ͘

;džͿ EĂƚƵƌĞ ĂŶĚ ƉƵƌƉŽƐĞ ŽĨ ƌĞƐĞƌǀĞƐ

;ŝͿǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐƌĞƐĞƌǀĞ

;ŝŝͿ^ŚĂƌĞŽƉƚŝŽŶƌĞƐĞƌǀĞ

dŚĞƐŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐƌĞƐĞƌǀĞŝƐƵƐĞĚƚŽƌĞĐŽŐŶŝƐĞ͗

ƚŚĞŐƌĂŶƚĚĂƚĞĨĂŝƌǀĂůƵĞŽĨŽƉƚŝŽŶƐŝƐƐƵĞĚƚŽĞŵƉůŽLJĞĞƐďƵƚŶŽƚĞdžĞƌĐŝƐĞĚ͘
ƚŚĞŐƌĂŶƚĚĂƚĞĨĂŝƌǀĂůƵĞŽĨƐŚĂƌĞƐŝƐƐƵĞĚƚŽĞŵƉůŽLJĞĞƐ͘

;ŝŝŝͿŚĂŶŐĞŝŶƉƌŽƉŽƌƚŝŽŶĂƚĞŝŶƚĞƌĞƐƚƌĞƐĞƌǀĞ

dŚŝƐƌĞƐĞƌǀĞŝƐƵƐĞĚƚŽƌĞĐŽƌĚƚŚĞĚŝĨĨĞƌĞŶĐĞƐǁŚŝĐŚŵĂLJĂƌŝƐĞĂƐĂƌĞƐƵůƚŽĨƚƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐƚŚĂƚĚŽŶŽƚ ƌĞƐƵůƚŝŶĂůŽƐƐŽĨĐŽŶƚƌŽů͘

EKd ϭ KhEd/E'WK>//^ ;ŽŶƚŝŶƵĞĚͿ

;džͿ EĂƚƵƌĞ ĂŶĚ ƉƵƌƉŽƐĞ ŽĨ ƌĞƐĞƌǀĞƐ;ĐŽŶƚŝŶƵĞĚͿ

;ŝǀͿ&ŽƌĞŝŐŶĐƵƌƌĞŶĐLJƚƌĂŶƐůĂƚŝŽŶƌĞƐĞƌǀĞ

džĐŚĂŶŐĞ ĚŝĨĨĞƌĞŶĐĞƐ ĂƌŝƐŝŶŐ ŽŶ ƚƌĂŶƐůĂƚŝŽŶ ŽĨ ĨŽƌĞŝŐŶ ĐŽŶƚƌŽůůĞĚ ĞŶƚŝƚŝĞƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĂŶĚ ĂĐĐƵŵƵůĂƚĞĚŝŶĂ ƐĞƉĂƌĂƚĞ ƌĞƐĞƌǀĞǁŝƚŚŝŶĞƋƵŝƚLJ͘ dŚĞ ĐƵŵƵůĂƚŝǀĞĂŵŽƵŶƚŝƐ ƌĞĐůĂƐƐŝĨŝĞĚ ƚŽ ƉƌŽĨŝƚ ŽƌůŽƐƐǁŚĞŶ ƚŚĞ ŶĞƚŝŶǀĞƐƚŵĞŶƚŝƐ ĚŝƐƉŽƐĞĚŽĨ͘

;LJͿ ŚĂŶŐĞƐŝŶ ĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐ

EĞǁƐƚĂŶĚĂƌĚƐĂŶĚ ĂŵĞŶĚŵĞŶƚƐŝŶ ƚŚĞ LJĞĂƌ

dŚĞĨŽůůŽǁŝŶŐǁĞƌĞĂŵĞŶĚŵĞŶƚƐƚŽƉƵďůŝƐŚĞĚƐƚĂŶĚĂƌĚƐĂŶĚŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐƚŽĞdžŝƐƚŝŶŐƐƚĂŶĚĂƌĚƐĞĨĨĞĐƚŝǀĞŝŶƚŚĞLJĞĂƌĂŶĚĂĚŽƉƚĞĚďLJ ƚŚĞ'ƌŽƵƉ͘

dŚĞƐĞŶĞǁƐƚĂŶĚĂƌĚƐĂŶĚŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐŚĂĚŶŽĞĨĨĞĐƚŽŶƌĞƉŽƌƚĞĚƌĞƐƵůƚƐ͕ĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶŽƌĚŝƐĐůŽƐƵƌĞŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͗

ŶŶƵĂů/ŵƉƌŽǀĞŵĞŶƚƐƚŽ/&Z^ƐʹϮϬϭϬͲϮϬϭϮ LJĐůĞ
ŶŶƵĂů/ŵƉƌŽǀĞŵĞŶƚƐƚŽ/&Z^ƐʹϮϬϭϭͲϮϬϭϯ LJĐůĞ
/&Z/ Ϯϭ >ĞǀŝĞƐ

EĞǁƐƚĂŶĚĂƌĚƐĂŶĚ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐŶŽƚ LJĞƚ ĂĚŽƉƚĞĚ

dŚĞ'ƌŽƵƉŚĂƐĞůĞĐƚĞĚŶŽƚƚŽĞĂƌůLJĂĚŽƉƚƚŚĞĨŽůůŽǁŝŶŐƌĞǀŝƐĞĚĂŶĚĂŵĞŶĚĞĚƐƚĂŶĚĂƌĚƐ͕ǁŚŝĐŚĂƌĞŶŽƚLJĞƚĞŶĚŽƌƐĞĚŝŶƚŚĞh͘ dŚĞůŝƐƚ ďĞůŽǁŝŶĐůƵĚĞƐŽŶůLJƐƚĂŶĚĂƌĚƐĂŶĚŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐƚŚĂƚĐŽƵůĚŚĂǀĞĂŶŝŵƉĂĐƚŽŶƚŚĞŽŶƐŽůŝĚĂƚĞĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐŽĨƚŚĞ'ƌŽƵƉ͘

/&Z^ϵ&ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ

dŚĞ ĐŽŵƉůĞƚĞ ƐƚĂŶĚĂƌĚ ŚĂƐ ďĞĞŶ ŝƐƐƵĞĚ ŝŶ :ƵůLJϮϬϭϰ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ƉƌĞǀŝŽƵƐůLJ ŝƐƐƵĞĚ ĂŶĚ ĂĚĚŝƚŝŽŶĂů ĂŵĞŶĚŵĞŶƚƐ͘ dŚĞ ŶĞǁ ƐƚĂŶĚĂƌĚ ƌĞƉůĂĐĞƐ/^ ϯϵ ĂŶĚ ŝŶĐůƵĚĞƐ Ă ŶĞǁĞdžƉĞĐƚĞĚ ůŽƐƐ ŝŵƉĂŝƌŵĞŶƚŵŽĚĞů͕ ĐŚĂŶŐĞƐ ƚŽƚŚĞ ĐůĂƐƐŝĨŝĐĂƚŝŽŶ ĂŶĚŵĞĂƐƵƌĞŵĞŶƚ ƌĞƋƵŝƌĞŵĞŶƚƐŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƐǁĞůůĂƐƚŽŚĞĚŐĞĂĐĐŽƵŶƚŝŶŐ͘ dŚĞŶĞǁƐƚĂŶĚĂƌĚďĞĐŽŵĞƐĞĨĨĞĐƚŝǀĞĨŽƌĨŝŶĂŶĐŝĂůLJĞĂƌƐďĞŐŝŶŶŝŶŐŽŶŽƌ ĂĨƚĞƌϭ:ĂŶƵĂƌLJϮϬϭϴ͘ dŚĞ'ƌŽƵƉǁŝůůĂƐƐĞƐƐƚŚĞŝŵƉĂĐƚŽŶŝƚƐŽŶƐŽůŝĚĂƚĞĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͘

/&Z^ϭϱZĞǀĞŶƵĞĨƌŽŵĐŽŶƚƌĂĐƚƐǁŝƚŚĐƵƐƚŽŵĞƌƐ

dŚĞ ŶĞǁ ƐƚĂŶĚĂƌĚ ǁĂƐ ŝƐƐƵĞĚ ŝŶ DĂLJ ϮϬϭϰ ĂŶĚ ĞƐƚĂďůŝƐŚĞƐ ƚŚĞ ƉƌŝŶĐŝƉůĞƐ ĨŽƌ ƚŚĞ ĚŝƐĐůŽƐƵƌĞ ŽĨ ƵƐĞĨƵů ŝŶĨŽƌŵĂƚŝŽŶ ŝŶ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐŝŶƌĞƐƉĞĐƚŽĨĐŽŶƚƌĂĐƚƐǁŝƚŚĐƵƐƚŽŵĞƌƐ͘ dŚĞŶĞǁƐƚĂŶĚĂƌĚďĞĐŽŵĞƐŵĂŶĚĂƚŽƌLJĨŽƌĨŝŶĂŶĐŝĂůLJĞĂƌƐďĞŐŝŶŶŝŶŐŽŶŽƌĂĨƚĞƌϭ :ĂŶƵĂƌLJϮϬϭϴ͘ dŚĞĞĨĨĞĐƚǁŝůů ďĞĂƐƐĞƐƐĞĚĂŶĚ ĚŝƐĐůŽƐƵƌĞǁŝůů ďĞŵĂĚĞ ŽŶĐĞ ƚŚĞ 'ƌŽƵƉ ŚĂƐĂƐƐĞƐƐĞĚ ƚŚĞŝŵƉĂĐƚ ŽĨĂƉƉůLJŝŶŐ/&Z^ ϭϱ͘ ,ŽǁĞǀĞƌĂƐƚŚĞ'ƌŽƵƉĐƵƌƌĞŶƚůLJĚŽĞƐŶŽƚŐĞŶĞƌĂƚĞƌĞǀĞŶƵĞƚŚĞƌĞŝƐŶŽƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚĞdžƉĞĐƚĞĚ͘

/&Z^ϭϲ>ĞĂƐĞƐ

dŚĞŶĞǁƐƚĂŶĚĂƌĚǁĂƐŝƐƐƵĞĚŝŶ :ĂŶƵĂƌLJϮϬϭϲƌĞƉůĂĐŝŶŐƚŚĞƉƌĞǀŝŽƵƐůĞĂƐĞƐƐƚĂŶĚĂƌĚ͕/^ ϭϳ>ĞĂƐĞƐ͕ĂŶĚƌĞůĂƚĞĚ/ŶƚĞƌƉƌĞƚĂƚŝŽŶƐ͘ /&Z^ ϭϲĞƐƚĂďůŝƐŚĞƐƚŚĞƉƌŝŶĐŝƉůĞƐ ĨŽƌ ƚŚĞƌĞĐŽŐŶŝƚŝŽŶ͕ŵĞĂƐƵƌĞŵĞŶƚ͕ƉƌĞƐĞŶƚĂƚŝŽŶĂŶĚĚŝƐĐůŽƐƵƌĞŽĨůĞĂƐĞƐ ĨŽƌƚŚĞĐƵƐƚŽŵĞƌ ;͚ůĞƐƐĞĞ͛ͿĂŶĚ ƚŚĞƐƵƉƉůŝĞƌ;͚ůĞƐƐŽƌ͛Ϳ͘ /&Z^ ϭϲĞůŝŵŝŶĂƚĞƐƚŚĞĐůĂƐƐŝĨŝĐĂƚŝŽŶŽĨůĞĂƐĞƐĂƐĞŝƚŚĞƌŽƉĞƌĂƚŝŶŐŽƌĨŝŶĂŶĐĞĂƐŝƐƌĞƋƵŝƌĞĚďLJ/^ ϭϳĂŶĚ͕ŝŶƐƚĞĂĚ͕ ŝŶƚƌŽĚƵĐĞƐ Ă ƐŝŶŐůĞ ůĞƐƐĞĞ ĂĐĐŽƵŶƚŝŶŐŵŽĚĞů ƌĞƋƵŝƌŝŶŐ Ă ůĞƐƐĞĞƚŽ ƌĞĐŽŐŶŝƐĞ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĨŽƌ Ăůů ůĞĂƐĞƐ ƵŶůĞƐƐ ƚŚĞ ƵŶĚĞƌůLJŝŶŐ ĂƐƐĞƚŚĂƐĂůŽǁǀĂůƵĞŽƌƚŚĞůĞĂƐĞƚĞƌŵŝƐƚǁĞůǀĞŵŽŶƚŚƐŽƌůĞƐƐ͘ dŚŝƐŶĞǁƐƚĂŶĚĂƌĚĂƉƉůŝĞƐƚŽĂŶŶƵĂůƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚƐďĞŐŝŶŶŝŶŐŽŶŽƌ ĂĨƚĞƌϭ :ĂŶƵĂƌLJϮϬϭϵƐƵďũĞĐƚ ƚŽhĞŶĚŽƌƐĞŵĞŶƚ͘ dŚĞ'ƌŽƵƉǁŝůů ƌĞǀŝĞǁŝƚƐĂƌƌĂŶŐĞŵĞŶƚƐŝŶ ƉůĂĐĞŝŶŽƌĚĞƌ ƚŽĞǀĂůƵĂƚĞ ƚŚĞ ƉŽƚĞŶƚŝĂů ŝŵƉĂĐƚŽĨƚŚĞŶĞǁƐƚĂŶĚĂƌĚ͘

EKd Ϯ ^'DEd ZWKZd/E'

dŚĞ'ƌŽƵƉŚĂƐŽƵƚůŝŶĞĚďĞůŽǁƚŚĞƐĞƉĂƌĂƚĞůLJƌĞƉŽƌƚĂďůĞŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐ͕ŚĂǀŝŶŐƌĞŐĂƌĚƚŽƚŚĞƋƵĂŶƚŝƚĂƚŝǀĞƚŚƌĞƐŚŽůĚƚĞƐƚƐƉƌŽǀŝĚĞĚ ŝŶ/&Z^ϴ͕ŶĂŵĞůLJ ƚŚĂƚ ƚŚĞ ƌĞůĂƚŝǀĞ ƌĞǀĞŶƵĞ͕ĂƐƐĞƚŽƌƉƌŽĨŝƚͬ ;ůŽƐƐͿƉŽƐŝƚŝŽŶŽĨ ƚŚĞŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚĞƋƵĂƚĞƐ ƚŽϭϬйŽƌŵŽƌĞŽĨ ƚŚĞ 'ƌŽƵƉ͛ƐƌĞƐƉĞĐƚŝǀĞƚŽƚĂů͘dŚĞ'ƌŽƵƉƌĞƉŽƌƚƐŝŶĨŽƌŵĂƚŝŽŶƚŽƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĂůŽŶŐĐŽŵƉĂŶLJůŝŶĞƐ͘dŚĂƚŝƐ͕ƚŚĞĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ ŽĨ ^Žů'ŽůĚ ĂŶĚĞĂĐŚ ŽĨ ŝƚƐ ƐƵďƐŝĚŝĂƌLJ ĐŽŵƉĂŶŝĞƐ ŝƐ ƌĞƉŽƌƚĞĚ ĚŝƐĐƌĞĞƚůLJ͕ ƚŽŐĞƚŚĞƌ ǁŝƚŚ ĂŶ ĂŐŐƌĞŐĂƚĞĚ'ƌŽƵƉ ƚŽƚĂů͘ ĐĐŽƌĚŝŶŐůLJ͕ĞĂĐŚ ĐŽŵƉĂŶLJ ǁŝƚŚŝŶ ƚŚĞ 'ƌŽƵƉ ƚŚĂƚ ŵĞĞƚƐ Žƌ ĞdžĐĞĞĚƐ ƚŚĞ ƚŚƌĞƐŚŽůĚ ƚĞƐƚƐ ŽƵƚůŝŶĞĚ ĂďŽǀĞ ŝƐ ƐĞƉĂƌĂƚĞůLJ ĚŝƐĐůŽƐĞĚ ďĞůŽǁ͘ dŚĞ ĨŝŶĂŶĐŝĂů ŝŶĨŽƌŵĂƚŝŽŶ ŽĨ ƚŚĞ ƐƵďƐŝĚŝĂƌŝĞƐ ƚŚĂƚ ĚŽ ŶŽƚ ĞdžĐĞĞĚ ƚŚĞ ƚŚƌĞƐŚŽůĚƐ ŽƵƚůŝŶĞĚ ĂďŽǀĞ͕ ĂŶĚ ŝƐ ƚŚĞƌĞĨŽƌĞ ŶŽƚ ƌĞƉŽƌƚĞĚ ƐĞƉĂƌĂƚĞůLJ͕ ŝƐ ĂŐŐƌĞŐĂƚĞĚĂƐKƚŚĞƌ^ƵďƐŝĚŝĂƌŝĞƐ͘

ϯϬ :ƵŶĞ ϮϬϭϲ	&ŝŶĂŶĐĞ /ŶĐŽŵĞ	dŽƚĂů /ŶĐŽŵĞ	>ŽƐƐĨŽƌ ƚŚĞ LJĞĂƌ	ƐƐĞƚƐ	>ŝĂďŝůŝƚŝĞƐ	^ŚĂƌĞ ĂƐĞĚ WĂLJŵĞŶƚƐ	ĞƉƌĞĐŝĂƚŝŽŶ
	Ψ	Ψ	Ψ	Ψ	Ψ	Ψ	Ψ
^Žů'ŽůĚ	Ͳ	Ͳ	;ϯ͕ϲϯϵ͕ϵϬϲͿ	ϰϭ͕ϵϰϰ͕ϵϲϬ	ϱ͕ϵϵϯ͕Ϯϰϴ	Ͳ	ϴ͕ϮϮϴ
ZD	ϭϲϲ	ϭϲϲ	;ϵϭϮͿ	ϯϭϵ͕ϰϬϬ	ϯϮ͕ϵϬϰ͕ϱϵϰ	Ͳ	ϳϮϰ
ĞŶƚƌĂůDŝŶĞƌĂůƐ	ϰ	ϰ	;ϭϰϯ͕ϯϯϲͿ	ϯ͕ϲϳϬ͕ϰϮϯ	ϭϯ͕Ϯϯϵ͕ϵϬϱ	Ͳ	ϯϳϲ
ĐĂƉƵůĐŽDŝŶŝŶŐ	ϰϭϱ	ϰϭϱ	;Ϯϭϳ͕ϲϳϲͿ	ϱ͕ϲϰϭ͕ϯϮϯ	ϯ͕ϴϭϰ͕ϮϮϳ	Ͳ	ϱ͕ϭϵϭ
^ŽůŽŵŽŶ
KƉĞƌĂƚŝŽŶƐ	Ͳ	Ͳ	Ͳ	ϰ	ϵ͕ϵϰϴ	Ͳ	Ͳ
,ŽŶŝĂƌĂ,ŽůĚŝŶŐƐ	Ͳ	Ͳ	;ϱϱϴͿ	Ͳ	ϵϱϴ͕ϭϮϬ	Ͳ	Ͳ
'ƵĂĚĂůĐĂŶĂů
džƉůŽƌĂƚŝŽŶ	Ͳ	Ͳ	;ϱ͕ϰϱϲͿ	ϭ͕ϮϮϮ͕ϴϮϴ	ϭ͕ϮϮϮ͕ϴϮϴ	Ͳ	Ͳ
E^		Ͳ	;ϭ͕ϳϭϱ͕ϮϳϴͿ	Ϯϲ͕ϭϱϱ͕ϳϮϴ	ϮϬ͕ϲϭϯ͕ϴϱϯ	Ͳ	Ͳ
KƚŚĞƌƐ	Ͳ	Ͳ	Ͳ	ϭϬϮ͕ϰϴϬ	ϭϬϮ͕ϰϴϬ	Ͳ	Ͳ
ŽŶƐŽůŝĚĂƚŝŽŶͬ
ůŝŵŝŶĂƚŝŽŶ	Ͳ	Ͳ	Ͳ	;ϯϱ͕ϱϱϳ͕ϬϰϰͿ	;ϳϬ͕ϯϰϬ͕ϰϯϴͿͿ	Ͳ	Ͳ
dŽƚĂů	ϱϴϱ	ϱϴϱ	;ϱ͕ϳϮϯ͕ϭϮϮͿ	ϰϯ͕ϱϬϬ͕ϭϬϮ	ϴ͕ϱϭϴ͕ϳϲϱ	Ͳ	ϭϰ͕ϱϭϵ

ϯϬ :ƵŶĞ ϮϬϭϱ	&ŝŶĂŶĐĞ /ŶĐŽŵĞ	dŽƚĂů /ŶĐŽŵĞ	>ŽƐƐĨŽƌ ƚŚĞ LJĞĂƌ	ƐƐĞƚƐ	>ŝĂďŝůŝƚŝĞƐ	^ŚĂƌĞ ĂƐĞĚ WĂLJŵĞŶƚƐ	ĞƉƌĞĐŝĂƚŝŽŶ
	Ψ	Ψ	Ψ	Ψ	Ψ	Ψ	Ψ
^Žů'ŽůĚ	ϵ͕ϴϳϯ	ϵ͕ϴϳϯ	;ϯ͕ϴϲϴ͕ϵϱϭͿ	ϯϭ͕ϵϵϯ͕ϴϰϲ	ϭ͕ϯϰϵ͕ϳϱϬ	ϱϵ͕ϱϵϱ	ϵ͕ϱϳϯ
ZD	ϭϴϲ	ϭϴϲ	;ϯϴϵ͕ϲϯϰͿ	ϯϮϬ͕ϭϯϵ	ϯϮ͕ϵϬϰ͕ϰϮϭ	Ͳ	Ϯ͕ϰϱϱ
ĞŶƚƌĂůDŝŶĞƌĂůƐ	ϭϬ	ϭϬ	ϭϮ͕Ϭϳϳ	ϯ͕ϲϳϬ͕ϰϮϯ	ϭϯ͕ϭϴϲ͕ϭϭϵ	Ͳ	ϭ͕ϭϲϱ
ĐĂƉƵůĐŽDŝŶŝŶŐ	ϱϬϬ	ϱϬϬ	;ϭϯϬ͕ϵϱϳͿ	ϱ͕ϴϭϮ͕ϱϵϱ	ϯ͕ϳϲϳ͕ϴϮϯ	Ͳ	ϱ͕ϭϴϱ
^ŽůŽŵŽŶ
KƉĞƌĂƚŝŽŶƐ	Ͳ	Ͳ	ϳϭ͕ϱϭϬ	ϰ	ϵ͕ϵϰϴ	Ͳ	Ͳ
,ŽŶŝĂƌĂ,ŽůĚŝŶŐƐ	Ͳ	Ͳ	;Ϯ͕ϯϯϳͿ	Ͳ	ϵϱϳ͕ϱϲϮ	Ͳ	Ͳ
'ƵĂĚĂůĐĂŶĂů
džƉůŽƌĂƚŝŽŶ	Ͳ	Ͳ	;ϰ͕ϰϰϮͿ	Ϯ͕ϯϯϴ	ϭ͕Ϯϭϳ͕ϯϳϮ	Ͳ	Ͳ
E^	Ͳ	Ͳ	;Ϯϳϱ͕ϱϬϬͿ	ϭϱ͕ϵϳϱ͕ϰϵϴ	ϭϬ͕ϰϯϭ͕ϲϯϰ	Ͳ	Ͳ
ŽŶƐŽůŝĚĂƚŝŽŶͬ
ůŝŵŝŶĂƚŝŽŶ	Ͳ	Ͳ	ϯϰϵ͕ϱϳϯ	;Ϯϱ͕Ϭϳϳ͕ϴϱϴͿ	;ϲϭ͕ϰϴϲ͕ϭϴϯͿ	Ͳ	Ͳ
dŽƚĂů	ϭϬ͕ϱϳϬ	ϭϬ͕ϱϳϬ	;ϰ͕Ϯϯϴ͕ϲϲϭͿ	ϯϮ͕ϲϵϲ͕ϵϴϱ	Ϯ͕ϯϯϴ͕ϰϰϲ	ϱϵ͕ϱϵϱ	ϭϴ͕ϯϳϴ

EKd Ϯ ^'DEd ZWKZd/E';ĐŽŶƚŝŶƵĞĚͿ

'ĞŽŐƌĂƉŚŝĐĂů ŝŶĨŽƌŵĂƚŝŽŶ

EŽŶͲĐƵƌƌĞŶƚ ĂƐƐĞƚƐ	ϮϬϭϲ Ψ	ϮϬϭϱ Ψ
h<	Ͳ	Ͳ
ƵƐƚƌĂůŝĂ	ϭϭ͕ϱϳϬ͕ϵϳϬ	ϭϲ͕ϯϭϴ͕ϱϬϯ
^ŽůŽŵŽŶ/ƐůĂŶĚƐ	Ͳ	Ͳ
ĐƵĂĚŽƌ	ϯϭ͕ϲϯϭ͕ϬϯϬ	ϭϱ͕ϵϬϱ͕ϳϰϴ

dŚĞ'ƌŽƵƉŚĂĚŶŽƌĞǀĞŶƵĞĚƵƌŝŶŐƚŚĞĐƵƌƌĞŶƚĂŶĚƉƌŝŽƌLJĞĂƌ͘

EKd ϯ >K^^&KZ dy

	'ƌŽƵƉ ϮϬϭϲ Ψ	'ƌŽƵƉ ϮϬϭϱ Ψ
>ŽƐƐŝƐƐƚĂƚĞĚ ĂĨƚĞƌ ĐŚĂƌŐŝŶŐ;ĐƌĞĚŝƚŝŶŐͿ
ƵĚŝƚŽƌƐ͛ƌĞŵƵŶĞƌĂƚŝŽŶ͗
ŵŽƵŶƚƐƌĞĐĞŝǀĞĚŽƌĚƵĞĂŶĚƌĞĐĞŝǀĂďůĞďLJK;h<ͿĨŽƌ͗
dŚĞĂƵĚŝƚŽĨƚŚĞĐŽŵƉĂŶLJ͛ƐĂŶŶƵĂůĂĐĐŽƵŶƚƐ	ϯϲ͕ϳϯϱ	ϯϲ͕ϵϬϬ
ŵŽƵŶƚƐƌĞĐĞŝǀĞĚŽƌĚƵĞĂŶĚƌĞĐĞŝǀĂďůĞďLJƌĞůĂƚĞĚƉƌĂĐƚŝĐĞƐŽĨK;h<ͿĨŽƌ͗
dŚĞĂƵĚŝƚŽĨƚŚĞĐŽŵƉĂŶLJ͛ƐĂŶŶƵĂůĂĐĐŽƵŶƚƐ	ϲϮ͕ϵϯϵ	ϯϰ͕ϵϭϬ

ĞƉƌĞĐŝĂƚŝŽŶ	ϭϰ͕ϱϭϵ	ϭϴ͕ϭϲϭ
&ŽƌĞŝŐŶĞdžĐŚĂŶŐĞ;ŐĂŝŶƐͿͬůŽƐƐĞƐ	;ϭϮϵ͕ϲϭϵͿ	;ϭϮϮ͕ϲϮϯͿ
^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƐ	Ͳ	ϱϵ͕ϱϵϱ

EKdϰ ^d&& EhDZ^ EK^d^

	'ƌŽƵƉ ϮϬϭϲ	'ƌŽƵƉ ϮϬϭϱ	ŽŵƉĂŶLJ ϮϬϭϲ	ŽŵƉĂŶLJ ϮϬϭϱ
ŽƌƉŽƌĂƚĞĨŝŶĂŶĐĞĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝŽŶ	ϭϭ	ϭϭ	ϳ	ϳ
dĞĐŚŶŝĐĂů	ϭϬϴ	ϭϬϬ	Ϯ	Ϯ
	ϭϭϵ	ϭϭϭ	ϵ	ϵ

dŚĞĂŐŐƌĞŐĂƚĞƉĂLJƌŽůůĐŽƐƚƐŽĨƚŚĞƐĞƉĞƌƐŽŶƐǁĞƌĞĂƐĨŽůůŽǁƐ͗

	'ƌŽƵƉ ϮϬϭϲ Ψ	'ƌŽƵƉ ϮϬϭϱ Ψ	ŽŵƉĂŶLJ ϮϬϭϲ Ψ	ŽŵƉĂŶLJ ϮϬϭϱ Ψ
tĂŐĞƐĂŶĚƐĂůĂƌŝĞƐ	Ϯ͕ϴϯϯ͕ϳϲϵ	Ϯ͕ϳϲϯ͕Ϯϴϰ	ϴϱϬ͕ϯϱϮ	ϳϲϱ͕ϮϮϵ
ŽŶƚƌŝďƵƚŝŽŶƐƚŽƐƵƉĞƌĂŶŶƵĂƚŝŽŶ	Ϯϯϱ͕ϰϭϰ	Ϯϭϱ͕ϮϮϴ	ϰϳ͕ϲϭϱ	ϱϴ͕ϭϳϭ
^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƐ	Ͳ	ϭϳ͕ϱϯϰ	Ͳ	ϭϳ͕ϱϯϰ
dŽƚĂůƐƚĂĨĨ ĐŽƐƚƐ	ϯ͕Ϭϲϵ͕ϭϴϯ	Ϯ͕ϵϵϲ͕Ϭϰϲ	ϴϵϳ͕ϵϲϳ	ϴϰϬ͕ϵϯϰ

/ŶĐůƵĚĞĚǁŝƚŚŝŶƚŽƚĂůƐƚĂĨĨĐŽƐƚƐŝƐΨϮ͕ϭϵϮ͕ϵϯϰ;ϮϬϭϱ͗Ψϭ͕ϵϳϳ͕ϱϵϮͿǁŚŝĐŚŚĂƐďĞĞŶĐĂƉŝƚĂůŝƐĞĚĂƐƉĂƌƚŽĨĚĞĨĞƌƌĞĚĞdžƉůŽƌĂƚŝŽŶĐŽƐƚƐ͘

324

EKdϱ ZDhEZd/KE K&

	ĂƐŝĐ ŶŶƵĂů ^ĂůĂƌLJ Ψ	KƚŚĞƌĞŶĞĨŝƚƐ Ψ	WĞŶƐŝŽŶƐ Ψ	dŽƚĂů ZĞŵƵŶĞƌĂƚŝŽŶ Ψ
ϮϬϭϲ
ŝƌĞĐƚŽƌƐ
EŝĐŚŽůĂƐDĂƚŚĞƌ	ϭϱϬ͕ϬϬϬ	Ͳ	Ͳ	ϭϱϬ͕ϬϬϬ
ƌŝĂŶDŽůůĞƌ	ϱϬ͕ϬϬϬ	Ͳ	Ͳ	ϱϬ͕ϬϬϬ
ZŽďĞƌƚtĞŝŶďĞƌŐ	ϱϬ͕ϬϬϬ	Ͳ	Ͳ	ϱϬ͕ϬϬϬ
:ŽŚŶŽǀĂƌĚ	ϯϯ͕ϯϯϯ	Ͳ	Ͳ	ϯϯ͕ϯϯϯ
dŽƚĂů ƉĂŝĚ ƚŽ<ĞLJDĂŶĂŐĞŵĞŶƚ WĞƌƐŽŶŶĞů	Ϯϴϯ͕ϯϯϯ	Ͳ	Ͳ	Ϯϴϯ͕ϯϯϯ
^ƚĂĨĨ ĂŶĚ ĐŽŶƚƌĂĐƚŽƌƐ	Ϯ͕ϴϯϯ͕ϳϲϵ	Ͳ	Ϯϯϱ͕ϰϭϰ	ϯ͕Ϭϲϵ͕ϭϴϯ
dŽƚĂů	ϯ͕ϭϭϳ͕ϭϬϮ	Ͳ	Ϯϯϱ͕ϰϭϰ	ϯ͕ϯϱϮ͕ϱϭϲ

	ĂƐŝĐ ŶŶƵĂů ^ĂůĂƌLJ Ψ	KƚŚĞƌĞŶĞĨŝƚƐ Ψ	WĞŶƐŝŽŶƐ Ψ	dŽƚĂů ZĞŵƵŶĞƌĂƚŝŽŶ Ψ
ϮϬϭϱ
ŝƌĞĐƚŽƌƐ
ůĂŶDĂƌƚŝŶϭ	ϰϰϰ͕ϴϰϵ	Ͳ	Ϯϴ͕Ϭϭϭ	ϰϳϮ͕ϴϲϬ
EŝĐŚŽůĂƐDĂƚŚĞƌ	ϭϱϬ͕ϬϬϬ	ϭϴ͕ϰϮϯ	Ͳ	ϭϲϴ͕ϰϮϯ
ƌŝĂŶDŽůůĞƌ	ϱϬ͕ϬϬϬ	ϭϯ͕ϱϮϲ	Ͳ	ϲϯ͕ϱϮϲ
ZŽďĞƌƚtĞŝŶďĞƌŐ	ϱϬ͕ϬϬϬ	ϭϬ͕ϱϰϮ	Ͳ	ϲϬ͕ϱϰϮ
:ŽŚŶŽǀĂƌĚ	ϱϬ͕ϬϬϬ	ϭϬ͕ϱϰϮ	Ͳ	ϲϬ͕ϱϰϮ
dŽƚĂů ƉĂŝĚ ƚŽ<ĞLJDĂŶĂŐĞŵĞŶƚ WĞƌƐŽŶŶĞů	ϳϰϰ͕ϰϴϵ	ϱϯ͕Ϭϯϯ	Ϯϴ͕Ϭϭϭ	ϴϮϱ͕ϴϵϯ
^ƚĂĨĨ ĂŶĚ ĐŽŶƚƌĂĐƚŽƌƐ	Ϯ͕ϯϭϴ͕ϰϯϱ	Ͳ	ϭϱϳ͕Ϭϱϳ	Ϯ͕ϰϳϱ͕ϰϵϮ
dŽƚĂů	ϯ͕Ϭϲϯ͕Ϯϴϰ	ϱϯ͕Ϭϯϯ	ϭϴϱ͕Ϭϲϴ	ϯ͕ϯϬϭ͕ϯϴϱ

^ϭ /ŶĐůƵĚĞƐƚŚĞĨŽůůŽǁŝŶŐƉĂLJŵĞŶƚƐ͗dĞƌŵŝŶĂƚŝŽŶƉĂLJŵĞŶƚͲΨϭϱϬ͕ϬϬϬ͕ĂŶŶƵĂůůĞĂǀĞƉĂLJŽƵƚͲΨϮ͕ϮϮϴ͕ďŽŶƵƐͲΨϱϬ͕ϬϬϬ͕ƐƵƉĞƌĂŶŶƵĂƚŝŽŶͲ ΨϮϳ͕Ϯϳϰ

ƵƌŝŶŐƚŚĞLJĞĂƌŶŽĚŝƌĞĐƚŽƌƐĞdžĞƌĐŝƐĞĚŽƉƚŝŽŶƐŐƌĂŶƚĞĚƵŶĚĞƌƚŚĞĞŵƉůŽLJĞĞƐŚĂƌĞŽƉƚŝŽŶƉůĂŶ;ϮϬϭϱ͗ŶŝůͿ͘

ƵƌŝŶŐ ƚŚĞ LJĞĂƌ͕ ŶŽ ĞŵƉůŽLJĞƌ͛Ɛ ƐŽĐŝĂů ƐĞĐƵƌŝƚLJ ĐŽƐƚƐ ;ϮϬϭϱ͗ ΨϮϴ͕ϬϭϭͿ ǁĞƌĞ ƉĂŝĚ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƌĞŵƵŶĞƌĂƚŝŽŶ ĨŽƌ ŬĞLJ ŵĂŶĂŐĞŵĞŶƚ ƉĞƌƐŽŶŶĞů͘dŚĞďŽĂƌĚŽĨĚŝƌĞĐƚŽƌƐĂƌĞĂůůĐŽŶƐŝĚĞƌĞĚƚŽďĞŬĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞů͘

EKd ϲ &/EE/EKD EK^d^

	'ƌŽƵƉ ϮϬϭϲ Ψ	'ƌŽƵƉ ϮϬϭϱ Ψ
/ŶƚĞƌĞƐƚŝŶĐŽŵĞ	ϱϴϱ	ϭϬ͕ϱϳϬ
&ŝŶĂŶĐĞ ŝŶĐŽŵĞ	ϱϴϱ	ϭϬ͕ϱϳϬ
/ŶƚĞƌĞƐƚĐŽƐƚ	;Ϯϯϳ͕ϰϯϯͿ	;ϳ͕ϬϳϳͿ
&ŝŶĂŶĐĞ ĐŽƐƚƐ	;Ϯϯϳ͕ϰϯϯͿ	;ϳ͕ϬϳϳͿ

EKdϳ dyyWE^

&ĂĐƚŽƌƐĂĨĨĞĐƚŝŶŐƚŚĞ ƚĂdžĐŚĂƌŐĞ ĨŽƌ ƚŚĞ ĐƵƌƌĞŶƚ LJĞĂƌ

dŚĞƚĂdžĐƌĞĚŝƚĨŽƌƚŚĞƉĞƌŝŽĚŝƐůŽǁĞƌƚŚĂŶƚŚĞĐƌĞĚŝƚƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞĂƉƉůŝĐĂƚŝŽŶŽĨƚŚĞƐƚĂŶĚĂƌĚƌĂƚĞŽĨĐŽƌƉŽƌĂƚŝŽŶƚĂdžŝŶƵƐƚƌĂůŝĂ ŽĨϯϬй;ϮϬϭϱ͗ϯϬйͿďĞŝŶŐĂƉƉůŝĞĚƚŽƚŚĞůŽƐƐďĞĨŽƌĞƚĂdžĂƌŝƐŝŶŐĚƵƌŝŶŐƚŚĞLJĞĂƌ͘dŚĞĚŝĨĨĞƌĞŶĐĞƐĂƌĞĞdžƉůĂŝŶĞĚďĞůŽǁ͘

	'ƌŽƵƉ ϮϬϭϲ Ψ	'ƌŽƵƉ ϮϬϭϱ Ψ
dĂdžƌĞĐŽŶĐŝůŝĂƚŝŽŶ
>ŽƐƐďĞĨŽƌĞƚĂdž	;ϱ͕ϳϮϯ͕ϭϮϮͿ	;ϰ͕Ϯϯϴ͕ϲϲϭͿ
dĂdžĂƚϯϬй;ϮϬϭϱ͗ϯϬйͿ	;ϭ͕ϳϭϲ͕ϵϯϳͿͿ	;ϭ͕Ϯϳϭ͕ϱϵϴͿ
ĨĨĞĐƚƐĂƚ ϯϬй;ϮϬϭϱ͗ ϯϬйͿ ŽĨ͗
^ŚŽƌƚƚĞƌŵƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ	;ϰϯ͕ϲϲϯͿ	ϭϳϵ͕ϳϴϭ
EŽŶͲĚĞĚƵĐƚŝďůĞĞdžƉĞŶƐĞƐ	ϯϭ͕ϳϳϯ	ϭϯϱ͕ϵϴϲ
dĂdžůŽƐƐĞƐĐĂƌƌŝĞĚĨŽƌǁĂƌĚ	ϭ͕ϳϮϴ͕ϴϮϲ	ϵϱϱ͕ϴϯϭ
dĂdžŽŶ ůŽƐƐ	Ͳ	Ͳ

&ĂĐƚŽƌƐƚŚĂƚ ŵĂLJ ĂĨĨĞĐƚ ĨƵƚƵƌĞ ƚĂdžĐŚĂƌŐĞƐ

dŚĞ'ƌŽƵƉŚĂƐĐĂƌƌŝĞĚĨŽƌǁĂƌĚƚĂdžůŽƐƐĞƐŽĨĂƉƉƌŽdžŝŵĂƚĞůLJΨϱϮŵŝůůŝŽŶ;ϮϬϭϱ͗ΨϰϱŵŝůůŝŽŶͿ͘dŚĞƐĞůŽƐƐĞƐŵĂLJďĞĚĞĚƵĐƚŝďůĞĂŐĂŝŶƐƚ ĨƵƚƵƌĞƚĂdžĂďůĞŝŶĐŽŵĞĚĞƉĞŶĚĞŶƚƵƉŽŶƚŚĞŽŶͲŐŽŝŶŐƐĂƚŝƐĨĂĐƚŝŽŶďLJƚŚĞƌĞůĞǀĂŶƚ'ƌŽƵƉĐŽŵƉĂŶLJŽĨǀĂƌŝŽƵƐƚĂdžŝŶƚĞŐƌŝƚLJŵĞĂƐƵƌĞƐ ĂƉƉůŝĐĂďůĞŝŶƚŚĞũƵƌŝƐĚŝĐƚŝŽŶǁŚĞƌĞƚŚĞƚĂdžůŽƐƐŚĂƐďĞĞŶŝŶĐƵƌƌĞĚ͘ dŚĞũƵƌŝƐĚŝĐƚŝŽŶƐŝŶǁŚŝĐŚƚĂdžůŽƐƐĞƐŚĂǀĞďĞĞŶŝŶĐƵƌƌĞĚŝŶĐůƵĚĞ ƵƐƚƌĂůŝĂ͕ĐƵĂĚŽƌĂŶĚƚŚĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐ͘

EKdϴ >K^^ WZ ^,Z

dŚĞ ĐĂůĐƵůĂƚŝŽŶ ŽĨ ďĂƐŝĐůŽƐƐ ƉĞƌ ŽƌĚŝŶĂƌLJ ƐŚĂƌĞ ŽŶ ƚŽƚĂů ŽƉĞƌĂƚŝŽŶƐŝƐ ďĂƐĞĚ ŽŶůŽƐƐĞƐ ŽĨ Ψϱ͕ϳϮϯ͕ϭϮϮ ;ϮϬϭϱ͗ Ψϰ͕Ϯϯϴ͕ϲϲϭͿĂŶĚ ƚŚĞ ǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨŽƌĚŝŶĂƌLJƐŚĂƌĞƐŽƵƚƐƚĂŶĚŝŶŐŽĨϴϯϵ͕ϵϵϱ͕ϭϭϱ;ϮϬϭϱ͗ϲϴϲ͕ϵϳϴ͕ϲϱϴͿ͘

dŚĞƌĞ ŝƐ ŶŽ ĚŝĨĨĞƌĞŶĐĞ ďĞƚǁĞĞŶ ƚŚĞ ĚŝůƵƚĞĚ ůŽƐƐ ƉĞƌ ƐŚĂƌĞ ĂŶĚ ƚŚĞ ďĂƐŝĐ ůŽƐƐ ƉĞƌ ƐŚĂƌĞ ƉƌĞƐĞŶƚĞĚ ĂƐ ƚŚĞ ƐŚĂƌĞ ŽƉƚŝŽŶƐ ŽŶ ŝƐƐƵĞ ĚƵƌŝŶŐ ƚŚĞ ƉĞƌŝŽĚĂŶĚ ƉƌŝŽƌ ƉĞƌŝŽĚǁĞƌĞ ŶŽƚ ĐŽŶƐŝĚĞƌĞĚ ĚŝůƵƚŝǀĞ͘ ƚϯϬ :ƵŶĞϮϬϭϲ ƚŚĞƌĞǁĞƌĞϮϭ͕ϯϴϬ͕ϬϬϬ ƐŚĂƌĞ ŽƉƚŝŽŶƐ ŽŶŝƐƐƵĞ ;ϮϬϭϱ͗Ϯϭ͕ϯϴϬ͕ϬϬϬͿ͘

EKdϵ /Es^dDEd^/E ^h^//ZzhEZd</E'^

	ŽƵŶƚƌLJ ŽĨ ŝŶĐŽƌƉŽƌĂƚŝŽŶ ĂŶĚ ŽƉĞƌĂƚŝŽŶ	WƌŝŶĐŝƉĂů ĂĐƚŝǀŝƚLJ	^Žů'ŽůĚ ƉůĐ͛Ɛ ĞĨĨĞĐƚŝǀĞ ŝŶƚĞƌĞƐƚ
			ϮϬϭϲ	ϮϬϭϱ
ƵƐƚƌĂůŝĂŶZĞƐŽƵƌĐĞƐDĂŶĂŐĞŵĞŶƚ;ZDͿWƚLJ >ƚĚ	ƵƐƚƌĂůŝĂ	džƉůŽƌĂƚŝŽŶ	ϭϬϬй	ϭϬϬй
ĐĂƉƵůĐŽDŝŶŝŶŐWƚLJ>ƚĚ	ƵƐƚƌĂůŝĂ	džƉůŽƌĂƚŝŽŶ	ϭϬϬй	ϭϬϬй
ĞŶƚƌĂůDŝŶĞƌĂůƐWƚLJ>ƚĚ	ƵƐƚƌĂůŝĂ	džƉůŽƌĂƚŝŽŶ	ϭϬϬй	ϭϬϬй
^ŽůŽŵŽŶKƉĞƌĂƚŝŽŶƐ>ƚĚ	^ŽůŽŵŽŶ /ƐůĂŶĚƐ	džƉůŽƌĂƚŝŽŶ	ϭϬϬй	ϭϬϬй
,ŽŶŝĂƌĂ,ŽůĚŝŶŐƐWƚLJ>ƚĚ	ƵƐƚƌĂůŝĂ	džƉůŽƌĂƚŝŽŶ	ϭϬϬй	ϭϬϬй
'ƵĂĚĂůĐĂŶĂůdžƉůŽƌĂƚŝŽŶWƚLJ>ƚĚ	ƵƐƚƌĂůŝĂ	džƉůŽƌĂƚŝŽŶ	ϭϬϬй	ϭϬϬй
džƉůŽƌĂĐŝŽŶĞƐEŽǀŽŵŝŶŝŶŐ^͘͘	ĐƵĂĚŽƌ	džƉůŽƌĂƚŝŽŶ	ϴϱй	ϴϱй
ĂƌŶĞŐŝĞZŝĚŐĞZĞƐŽƵƌĐĞƐ^͘	ĐƵĂĚŽƌ	džƉůŽƌĂƚŝŽŶ	ϭϬϬй	Ͳ
'ƌĞĞŶZŽĐŬZĞƐŽƵƌĐĞƐ^͘	ĐƵĂĚŽƌ	džƉůŽƌĂƚŝŽŶ	ϭϬϬй	Ͳ
sĂůůĞZŝĐŽZĞƐŽƵƌĐĞƐ^͘͘	ĐƵĂĚŽƌ	džƉůŽƌĂƚŝŽŶ	ϭϬϬй	Ͳ
ƌƵnjĞů^Žů^͘	ĐƵĂĚŽƌ	džƉůŽƌĂƚŝŽŶ	ϭϬϬй	Ͳ

EKdϵ /Es^dDEd^/E ^h^//ZzhEZd</E'^ ;ĐŽŶƚŝŶƵĞĚͿ

		/ŶǀĞƐƚŵĞŶƚ ŝŶƐƵďƐŝĚŝĂƌLJ ƵŶĚĞƌƚĂŬŝŶŐƐ
	^ŚĂƌĞƐ	>ŽĂŶƐ	dŽƚĂů
	Ψ	Ψ	Ψ
ŽƐƚ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϰ	ϭϰ͕ϬϬϰ͕ϴϳϵ	ϱϲ͕ϵϰϰ͕ϳϮϭ	ϳϬ͕ϵϰϵ͕ϲϬϬ
ĐƋƵŝƐŝƚŝŽŶƐĂŶĚĂĚǀĂŶĐĞƐŝŶƚŚĞLJĞĂƌ	Ͳ	ϴ͕ϳϴϳ͕ϯϰϯ	ϴ͕ϳϴϳ͕ϯϰϯ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϱ	ϭϰ͕ϬϬϰ͕ϴϳϵ	ϲϱ͕ϳϯϮ͕Ϭϲϰ	ϳϵ͕ϳϯϲ͕ϵϰϯ
ĐƋƵŝƐŝƚŝŽŶƐĂŶĚĂĚǀĂŶĐĞƐŝŶƚŚĞLJĞĂƌ	Ͳ	ϵ͕ϳϱϯ͕ϮϮϲ	ϵ͕ϳϱϯ͕ϮϮϲ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϲ	ϭϰ͕ϬϬϰ͕ϴϳϵ	ϳϱ͕ϰϴϱ͕ϮϵϬ	ϴϵ͕ϰϵϬ͕ϭϲϵ

ŵŽƌƚŝƐĂƚŝŽŶ ĂŶĚ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐĞƐ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϰ	;ϱ͕Ϭϭϲ͕ϵϰϴͿ	;ϰϯ͕ϵϵϬ͕ϴϭϯͿ	;ϰϵ͕ϬϬϳ͕ϳϲϭͿ
WƌŽǀŝƐŝŽŶĨŽƌŝŵƉĂŝƌŵĞŶƚ	Ͳ	;ϯϰϵ͕ϱϴϭͿ	;ϯϰϵ͕ϱϴϭͿ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϱ	;ϱ͕Ϭϭϲ͕ϵϰϴͿ	;ϰϰ͕ϯϰϬ͕ϯϵϰͿ	;ϰϵ͕ϯϱϳ͕ϯϰϮͿ
WƌŽǀŝƐŝŽŶĨŽƌŝŵƉĂŝƌŵĞŶƚ	Ͳ	Ͳ	Ͳ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϲ	;ϱ͕Ϭϭϲ͕ϵϰϴͿ	;ϰϰ͕ϯϰϬ͕ϯϵϰͿͲ	;ϰϵ͕ϯϱϳ͕ϯϰϮͿ

ĂƌƌLJŝŶŐĂŵŽƵŶƚƐ
ĂůĂŶĐĞĂƚϯϬ:ƵŶĞϮϬϭϰ	ϴ͕ϵϴϳ͕ϵϯϭ	ϭϮ͕ϵϱϯ͕ϵϬϴ	Ϯϭ͕ϵϰϭ͕ϴϯϵ
ĂůĂŶĐĞĂƚϯϬ:ƵŶĞϮϬϭϱ	ϴ͕ϵϴϳ͕ϵϯϭ	Ϯϭ͕ϯϵϭ͕ϲϳϬ	ϯϬ͕ϯϳϵ͕ϲϬϭ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϲ	ϴ͕ϵϴϳ͕ϵϯϭ	ϯϭ͕ϭϰϰ͕ϴϵϲ	ϰϬ͕ϭϯϮ͕ϴϮϳ

dŚĞǁƌŝƚĞͲĚŽǁŶŽĨƚŚĞĚĞĨĞƌƌĞĚĞdžƉůŽƌĂƚŝŽŶĐŽƐƚƐĚƵƌŝŶŐƚŚĞƉƌŝŽƌLJĞĂƌĂƐƐŽĐŝĂƚĞĚǁŝƚŚĐĞƌƚĂŝŶƉƌŽũĞĐƚƐŝŶYƵĞĞŶƐůĂŶĚĂŶĚƚŚĞ^ŽůŽŵŽŶ /ƐůĂŶĚƐ ůĞĚ ƚŽ ƚŚĞ ŽŵƉĂŶLJ ƌĞĐŽƌĚŝŶŐ Ă ƉƌŽǀŝƐŝŽŶ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ ŽĨ Ψϯϰϵ͕ϱϴϭ ŽŶ ƚŚĞ ůŽĂŶƐ ƌĞĐĞŝǀĂďůĞ ĨƌŽŵ ƵƐƚƌĂůŝĂŶ ZĞƐŽƵƌĐĞ DĂŶĂŐĞŵĞŶƚ;ZDͿWƚLJ>ƚĚ͕ĞŶƚƌĂůDŝŶĞƌĂůƐWƚLJ>ƚĚĂŶĚ'ƵĂĚĂůĐĂŶĂůdžƉůŽƌĂƚŝŽŶWƚLJ>ƚĚ͘

ĞƚĂŝůƐŽĨĂůůůŽĂŶƐǁŝƚŚŝŶƚŚĞ'ƌŽƵƉŵĂĚĞĚƵƌŝŶŐƚŚĞLJĞĂƌĂƌĞƐĞƚŽƵƚďĞůŽǁ͗

	^ŚĂƌĞƐ Ψ	>ŽĂŶƐ Ψ	dŽƚĂů Ψ
ŽƐƚ
dŽƚĂů ŝŶǀĞƐƚŵĞŶƚ ŝŶƐƵďƐŝĚŝĂƌŝĞƐďLJ ƚŚĞ ŽŵƉĂŶLJ Ăƚ ϯϬ :ƵŶĞ
ϮϬϭϰ	ϭϰ͕ϬϬϰ͕ϴϳϵ	ϱϲ͕ϵϰϰ͕ϳϮϭ	ϳϬ͕ϵϰϵ͕ϲϬϬ
ĚǀĂŶĐĞƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚƚŽZD WƚLJ>ƚĚ	Ͳ	ϭϵϰ͕ϵϲϳ	ϭϵϰ͕ϵϲϳ
ĚǀĂŶĐĞƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚƚŽĐĂƉƵůĐŽDŝŶŝŶŐWƚLJ>ƚĚ	Ͳ	ϭϮ͕Ϭϴϱ	ϭϮ͕Ϭϴϱ
ZĞƉĂLJŵĞŶƚƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚĨƌŽŵĞŶƚƌĂůDŝŶĞƌĂůƐWƚLJ>ƚĚ	Ͳ	;ϭϴ͕ϯϴϵͿ	;ϭϴ͕ϯϴϵͿ
ĚǀĂŶĐĞƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚƚŽ,ŽŶŝĂƌĂ,ŽůĚŝŶŐƐWƚLJ>ƚĚ	Ͳ	ϭ͕Ϭϰϴ	ϭ͕Ϭϰϴ
ĚǀĂŶĐĞƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚƚŽ'ƵĂĚĂůĐĂŶĂůdžƉůŽƌĂƚŝŽŶWƚLJ>ƚĚ	Ͳ	ϭ͕ϴϲϯ	ϭ͕ϴϲϯ
ĚǀĂŶĐĞƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚƚŽdžƉůŽƌĂĐŝŽŶĞƐEŽǀŽŵŝŶŝŶŐ^͘͘	Ͳ	ϴ͕ϱϵϱ͕ϳϲϵ	ϴ͕ϱϵϱ͕ϳϲϵ
dŽƚĂů ŝŶǀĞƐƚŵĞŶƚ ŝŶƐƵďƐŝĚŝĂƌŝĞƐďLJ ƚŚĞ ŽŵƉĂŶLJ Ăƚ ϯϬ :ƵŶĞ
ϮϬϭϱ	ϭϰ͕ϬϬϰ͕ϴϳϵ	ϲϱ͕ϳϯϮ͕Ϭϲϰ	ϳϵ͕ϳϯϲ͕ϵϰϯ
ĚǀĂŶĐĞƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚƚŽZD WƚLJ>ƚĚ	Ͳ	ϲ	ϲ
ĚǀĂŶĐĞƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚƚŽĐĂƉƵůĐŽDŝŶŝŶŐWƚLJ>ƚĚ	Ͳ	ϭ͕ϴϱϮ	ϭ͕ϴϱϮ
ĚǀĂŶĐĞƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚƚŽĞŶƚƌĂůDŝŶĞƌĂůƐWƚLJ>ƚĚ	Ͳ	ϳ͕ϰϯϱ	ϳ͕ϰϯϱ
ĚǀĂŶĐĞƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚƚŽ,ŽŶŝĂƌĂ,ŽůĚŝŶŐƐWƚLJ>ƚĚ	Ͳ	ϱϱϴ	ϱϱϴ
ĚǀĂŶĐĞƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚƚŽ'ƵĂĚĂůĐĂŶĂůdžƉůŽƌĂƚŝŽŶWƚLJ>ƚĚ	Ͳ	ϱ͕ϰϱϲ	ϱ͕ϰϱϲ
ĚǀĂŶĐĞƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚƚŽdžƉůŽƌĂĐŝŽŶĞƐEŽǀŽŵŝŶŝŶŐ^͘͘	Ͳ	ϵ͕ϲϯϱ͕ϰϰϬ	ϵ͕ϲϯϱ͕ϰϰϬ
ĚǀĂŶĐĞƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚƚŽĂƌŶĞŐŝĞZŝĚŐĞZĞƐŽƵƌĐĞƐ^͘	Ͳ	ϳϬ͕ϯϵϬ	ϳϬ͕ϯϵϬ
ĚǀĂŶĐĞƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚƚŽ'ƌĞĞŶZŽĐŬZĞƐŽƵƌĐĞƐ^͘	Ͳ	ϭϮ͕ϮϴϬ	ϭϮ͕ϮϴϬ
ĚǀĂŶĐĞƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚƚŽsĂůůĞZŝĐŽZĞƐŽƵƌĐĞƐ^͘͘	Ͳ	ϭϵ͕ϴϬϵ	ϭϵ͕ϴϬϵ
ĚǀĂŶĐĞƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚƚŽƌƵnjĞů^Žů^͘	Ͳ	Ͳ	Ͳ
dŽƚĂů ŝŶǀĞƐƚŵĞŶƚ ŝŶƐƵďƐŝĚŝĂƌŝĞƐďLJ ƚŚĞ ŽŵƉĂŶLJ Ăƚ ϯϬ :ƵŶĞ
ϮϬϭϲ	ϭϰ͕ϬϬϰ͕ϴϳϵ	ϳϱ͕ϰϴϱ͕ϮϵϬ	ϴϵ͕ϰϵϬ͕ϭϲϵ

EKd ϭϬ /Es^dDEd^

;ĂͿ /ŶǀĞƐƚŵĞŶƚƐĂĐĐŽƵŶƚĞĚ ĨŽƌ ĂƐĂǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞ ĂƐƐĞƚƐ

	Group		Company
	2016	2015	2016	2015
Movements in available-for-sale financial assets
Opening balance at 1 July	896,197	2,942,116	894.192	2,940,111
Additions	535,905		532,330
Fair Value adjustment through other comprehensive income	190.610	(2,045,919)	190.610	(2,045,919)
	1,622,712	896.197	1,617,132	894.192

ǀĂŝůĂďůĞĨŽƌƐĂůĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĐŽŵƉƌŝƐĞĂŶŝŶǀĞƐƚŵĞŶƚŝŶƚŚĞŽƌĚŝŶĂƌLJŝƐƐƵĞĚĐĂƉŝƚĂůŽĨŽƌŶĞƌƐƚŽŶĞĂƉŝƚĂůZĞƐŽƵƌĐĞƐ/ŶĐ͕͘ ůŝƐƚĞĚŽŶƚŚĞdŽƌŽŶƚŽ^ƚŽĐŬdžĐŚĂŶŐĞ;͞d^y͟ͿĂŶĚĂŶŝŶǀĞƐƚŵĞŶƚŝŶƚŚĞŽƌĚŝŶĂƌLJŝƐƐƵĞĚĐĂƉŝƚĂůŽĨƵƐdŝŶDŝŶŝŶŐ>ƚĚ͕ĂĐŽŵƉĂŶLJ ůŝƐƚĞĚŽŶƚŚĞƵƐƚƌĂůŝĂŶ^ĞĐƵƌŝƚŝĞƐdžĐŚĂŶŐĞ͘

;ďͿ &ĂŝƌǀĂůƵĞ

&ĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJ

dŚĞ ĨŽůůŽǁŝŶŐ ƚĂďůĞ ĚĞƚĂŝůƐ ƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĞŶƚŝƚLJ͛ƐĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͕ŵĞĂƐƵƌĞĚŽƌ ĚŝƐĐůŽƐĞĚĂƚ ĨĂŝƌǀĂůƵĞ͕ƵƐŝŶŐĂ ƚŚƌĞĞůĞǀĞů ŚŝĞƌĂƌĐŚLJ͕ďĂƐĞĚŽŶƚŚĞůŽǁĞƐƚůĞǀĞůŽĨŝŶƉƵƚƚŚĂƚŝƐƐŝŐŶŝĨŝĐĂŶƚƚŽƚŚĞĞŶƚŝƌĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚďĞŝŶŐ͗

ĞǀĞů ϭ͗YƵŽƚĞĚƉƌŝĐĞƐ;ƵŶĂĚũƵƐƚĞĚͿŝŶĂĐƚŝǀĞŵĂƌŬĞƚƐĨŽƌŝĚĞŶƚŝĐĂůĂƐƐĞƚƐŽƌůŝĂďŝůŝƚŝĞƐƚŚĂƚƚŚĞĞŶƚŝƚLJĐĂŶĂĐĐĞƐƐĂƚƚŚĞŵĞĂƐƵƌĞŵĞŶƚ ĚĂƚĞ͘

ĞǀĞů Ϯ͗ /ŶƉƵƚƐ ŽƚŚĞƌ ƚŚĂŶ ƋƵŽƚĞĚ ƉƌŝĐĞƐ ŝŶĐůƵĚĞĚ ǁŝƚŚŝŶ >ĞǀĞů ϭ ƚŚĂƚ ĂƌĞ ŽďƐĞƌǀĂďůĞ ĨŽƌ ƚŚĞ ĂƐƐĞƚ Žƌ ůŝĂďŝůŝƚLJ͕ ĞŝƚŚĞƌ ĚŝƌĞĐƚůLJ Žƌ ŝŶĚŝƌĞĐƚůLJ͘

ĞǀĞůϯ͗hŶŽďƐĞƌǀĂďůĞŝŶƉƵƚƐĨŽƌƚŚĞĂƐƐĞƚŽƌůŝĂďŝůŝƚLJ͘

dŚĞĨĂŝƌǀĂůƵĞƐŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĂƉƉƌŽdžŝŵĂƚĞƚŚĞŝƌĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐƉƌŝŶĐŝƉĂůůLJĚƵĞƚŽƚŚĞŝƌƐŚŽƌƚͲƚĞƌŵ ŶĂƚƵƌĞŽƌƚŚĞĨĂĐƚƚŚĂƚƚŚĞLJĂƌĞŵĞĂƐƵƌĞĚĂŶĚƌĞĐŽŐŶŝƐĞĚĂƚĨĂŝƌǀĂůƵĞ͘

dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƌĞƉƌĞƐĞŶƚƐƚŚĞ'ƌŽƵƉ͛ƐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŵĞĂƐƵƌĞĚĂŶĚƌĞĐŽŐŶŝƐĞĚĂƚĨĂŝƌǀĂůƵĞ͘

	Level 1	Level 3	Total
2016
Available for sale financial assets	1,622,712	-	1,622,712
2015
Available for sale financial assets	896.197		896.197

dŚĞĂǀĂŝůĂďůĞĨŽƌƐĂůĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƌĞŵĞĂƐƵƌĞĚďĂƐĞĚŽŶƚŚĞƋƵŽƚĞĚŵĂƌŬĞƚƉƌŝĐĞƐĂƚϯϬ:ƵŶĞ͘

EKd ϭϭ WZKWZdz͕W>Ed EYh/WDEd

			'ƌŽƵƉ
	WůĂŶƚ ĂŶĚ	DŽƚŽƌ	KĨĨŝĐĞ	&ƵƌŶŝƚƵƌĞΘ	dŽƚĂů	ŽŵƉĂŶLJ
	ƋƵŝƉŵĞŶƚ	sĞŚŝĐůĞƐ	ƋƵŝƉŵĞŶƚ	&ŝƚƚŝŶŐƐ
	Ψ	Ψ	Ψ	Ψ	Ψ	Ψ
ŽƐƚ
ĂůĂŶĐĞ ϯϬ :ƵŶĞ ϮϬϭϰ	ϭϱϬ͕ϴϱϮ	ϭϬϭ͕ϱϱϯ	ϭϭϱ͕Ϯϭϴ	ϯϴ͕ϲϱϰ	ϰϬϲ͕Ϯϳϲ	ϱϰ͕Ϯϴϵ
ĚĚŝƚŝŽŶƐ ʹ ďƵƐŝŶĞƐƐ
ĐŽŵďŝŶĂƚŝŽŶƐ	ϭϮ͕Ϭϰϳ	ϱ͕ϲϮϰ	ϴ͕ϲϭϴ	ϯ͕ϱϱϲ	Ϯϵ͕ϴϰϱ	Ͳ
ĚĚŝƚŝŽŶƐ ʹ ŽƚŚĞƌ	ϭϭϵ͕ϳϬϴ	Ϯϵϰ͕ϰϳϬ	Ϯϴ͕ϭϯϵ	ϮϬ͕ϰϳϰ	ϰϲϮ͕ϳϵϭ	ϯ͕ϴϵϬ
ŝƐƉŽƐĂůƐ	Ͳ	;ϭϯϰ͕ϴϬϮͿ	Ͳ	;Ϯ͕ϯϯϴͿ	;ϭϯϳ͕ϭϰϬͿ	Ͳ
ĂůĂŶĐĞ ϯϬ :ƵŶĞ ϮϬϭϱ	ϮϴϮ͕ϲϬϳ	Ϯϲϲ͕ϴϰϱ	ϭϱϭ͕ϵϳϱ	ϲϬ͕ϯϰϲ	ϳϲϭ͕ϳϳϮ	ϱϴ͕ϭϳϵ
ĨĨĞĐƚ ŽĨ ĨŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞ ŽŶ
ŽƉĞŶŝŶŐ ďĂůĂŶĐĞ	ϰ͕ϳϴϯ	ϱ͕Ϯϱϴ	ϭ͕ϵϯϲ	ϭ͕ϬϮϵ	ϭϯ͕ϬϬϲ	Ͳ
ĚĚŝƚŝŽŶƐ	Ϯϴ͕Ϯϵϰ	Ͳ	ϭϳ͕ϰϳϴ	ϮϮ͕ϴϴϳ	ϲϴ͕ϲϱϵ	ϲ͕ϯϰϯ
ŝƐƉŽƐĂůƐ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ
ĂůĂŶĐĞ ϯϬ :ƵŶĞ ϮϬϭϲ	ϯϭϱ͕ϲϴϰ	ϮϳϮ͕ϭϬϯ	ϭϳϭ͕ϯϴϵ	ϴϰ͕ϮϲϮ	ϴϰϯ͕ϰϯϴ	ϲϰ͕ϱϮϮ

ĞƉƌĞĐŝĂƚŝŽŶ ĂŶĚ ŝŵƉĂŝƌŵĞŶƚ
ůŽƐƐĞƐ
ĂůĂŶĐĞ ϯϬ :ƵŶĞ ϮϬϭϰ	;ϵϬ͕ϮϲϯͿ	;ϵϬ͕ϵϴϲͿ	;ϳϯ͕ϲϲϭͿ	;ϭϳ͕ϲϮϱͿ	;ϮϳϮ͕ϱϯϱͿ	;ϯϳ͕ϰϴϴͿ
ĨĨĞĐƚ ŽĨ ĨŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞ ŽŶ
ŽƉĞŶŝŶŐ ďĂůĂŶĐĞ	;ϳϬϲͿ	;ϱ͕ϲϮϰͿ	;ϰϰϰͿ	;ϭϲͿ	;ϲ͕ϳϵϬͿ	Ͳ
ĞƉƌĞĐŝĂƚŝŽŶ ĐŚĂƌŐĞ ĨŽƌ ƚŚĞ
LJĞĂƌ	;ϲ͕ϲϵϲͿ	;ϱ͕ϬϴϮͿ	;ϰ͕ϲϴϲͿ	;ϭ͕ϲϵϳͿ	;ϭϴ͕ϭϲϭͿ	;ϵ͕ϱϳϯͿ
ĞƉƌĞĐŝĂƚŝŽŶ ĐĂƉŝƚĂůŝƐĞĚ ƚŽ
ĞdžƉůŽƌĂƚŝŽŶ	;Ϯϴ͕ϵϰϬͿ	;Ϯϵ͕ϴϱϰͿ	;ϮϮ͕ϭϰϬͿ	;ϰ͕ϬϵϯͿ	;ϴϱ͕ϬϮϲͿ	Ͳ
ŝƐƉŽƐĂůƐ	Ͳ	ϰϬ͕ϱϰϭ	Ͳ	ϵϳ	ϰϬ͕ϲϯϵ	Ͳ
ĂůĂŶĐĞ ϯϬ :ƵŶĞ ϮϬϭϱ	;ϭϮϲ͕ϲϬϱͿ	;ϵϭ͕ϬϬϱͿ	;ϭϬϬ͕ϵϯϭͿ	;Ϯϯ͕ϯϯϰͿ	;ϯϰϭ͕ϴϳϯͿ	;ϰϳ͕ϬϲϭͿ
ĨĨĞĐƚ ŽĨ ĨŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞ ŽŶ
ŽƉĞŶŝŶŐ ďĂůĂŶĐĞ	;ϲϴϮͿ	;ϲϯϳͿ	;ϳϳϵͿ	;ϭϯϬͿ	;Ϯ͕ϮϮϴͿ	Ͳ
ĞƉƌĞĐŝĂƚŝŽŶ ĐŚĂƌŐĞ ĨŽƌ ƚŚĞ
LJĞĂƌ	;ϯ͕ϯϱϴͿ	;ϱ͕ϬϴϴͿ	;ϰ͕ϯϳϯͿ	;ϭ͕ϳϬϬͿ	;ϭϰ͕ϱϭϵͿ	;ϴ͕ϬϭϮͿ
ĞƉƌĞĐŝĂƚŝŽŶ ĐĂƉŝƚĂůŝƐĞĚ ƚŽ
ĞdžƉůŽƌĂƚŝŽŶ	;ϰϯ͕ϮϱϵͿ	;ϯϴ͕ϵϵϵͿ	;ϮϮ͕ϵϴϰͿ	;ϰ͕ϭϳϰͿ	;ϭϬϵ͕ϰϭϲͿͿ	Ͳ
ŝƐƉŽƐĂůƐ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ
ĂůĂŶĐĞ ϯϬ :ƵŶĞ ϮϬϭϲ	;ϭϳϯ͕ϵϬϰͿ	;ϭϯϱ͕ϳϮϵͿ	;ϭϮϵ͕ϬϲϳͿ	;Ϯϵ͕ϯϯϴͿ	;ϰϲϴ͕ϬϯϴͿ	;ϱϱ͕ϬϳϯͿ

ĂƌƌLJŝŶŐ ĂŵŽƵŶƚƐ
ƚ ϯϬ :ƵŶĞ ϮϬϭϰ	ϲϬ͕ϱϴϵ	ϭϬ͕ϱϲϳ	ϰϭ͕ϱϱϳ	Ϯϭ͕ϬϮϵ	ϭϯϯ͕ϳϰϮ	ϭϲ͕ϴϬϭ
ƚ ϯϬ :ƵŶĞ ϮϬϭϱ	ϭϱϲ͕ϬϬϮ	ϭϳϱ͕ϴϰϬ	ϱϭ͕Ϭϰϰ	ϯϳ͕ϬϭϮ	ϰϭϵ͕ϴϵϴ	ϭϭ͕ϭϭϴ
ƚ ϯϬ :ƵŶĞ ϮϬϭϲ	ϭϰϭ͕ϳϴϬ	ϭϯϲ͕ϯϳϰ	ϰϮ͕ϯϮϮ	ϱϰ͕ϵϮϰ	ϯϳϱ͕ϰϬϬ	ϵ͕ϰϰϵ

EKd ϭϮ /EdE'/> ^^d^

ĞĨĞƌƌĞĚ'ƌŽƵƉ ĞdžƉůŽƌĂƚŝŽŶ ĐŽƐƚƐ Ψ	ĞĨĞƌƌĞĚ ŽŵƉĂŶLJ ĞdžƉůŽƌĂƚŝŽŶ ĐŽƐƚƐ Ψ

ϳϬ͕ϰϱϭ͕ϰϳϵ	ϲϰϬ͕ϴϱϳ
ϭϬ͕ϰϳϮ͕ϰϰϲ	ϯϯ͕ϱϯϯ
ϴϬ͕ϵϮϯ͕ϵϮϱ	ϲϳϰ͕ϯϵϬ
ϭϭ͕ϴϴϲ͕ϭϵϱ	Ͳ
ϵϮ͕ϴϭϬ͕ϭϮϬ	Ͳ


;ϰϵ͕ϬϬϬ͕ϬϯϬͿ	Ͳ
;ϭ͕ϭϳϱ͕ϭϳϮͿ	;ϲϳϰ͕ϯϵϬͿ
;ϱϬ͕ϭϳϱ͕ϮϬϮͿ	Ͳ
;ϭ͕ϱϱϱ͕ϬϬϰͿ	Ͳ
;ϱϭ͕ϳϯϬ͕ϮϬϲͿ	Ͳ


Ϯϭ͕ϰϱϭ͕ϰϰϵ	ϲϰϬϴϱϳ
	Ͳ
ϰϭ͕Ϭϳϵ͕ϵϭϰ	Ͳ
	ϯϬ͕ϳϰϴ͕ϳϮϯ

/ŵƉĂŝƌŵĞŶƚ ůŽƐƐ

dŚĞ 'ƌŽƵƉ ĚŝĚ ŶŽƚ ĐŽŶƐŝĚĞƌ ŝƚ ŶĞĐĞƐƐĂƌLJ ƚŽ ŵĂŬĞ Ă ƉƌŽǀŝƐŝŽŶ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌ ;ϮϬϭϱ͗ ŶŝůͿ͘ ĚĞĐŝƐŝŽŶ ǁĂƐ ŵĂĚĞ ƚŽ ĞdžƉĞŶƐĞΨϭ͕ϱϱϱ͕ϬϬϰ;ϮϬϭϱ͗Ψϭ͕ϭϳϱ͕ϭϳϮͿĨŽƌĞdžƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚŽƚŚĞƌƚĞŶĞŵĞŶƚƐƚŚĂƚǁĞƌĞƐƵƌƌĞŶĚĞƌĞĚŽƌůĂƉƐĞĚ ĚƵƌŝŶŐƚŚĞLJĞĂƌ͘ĚĞƚĂŝůĞĚĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞƐŽĨĚĞĨĞƌƌĞĚĞdžƉůŽƌĂƚŝŽŶĐŽƐƚƐŝƐƉƌŽǀŝĚĞĚďĞůŽǁ͘

ĂƐĐĂďĞů WƌŽũĞĐƚ ;ϴϱйKǁŶĞƌƐŚŝƉͿ

dŚĞĂƐĐĂďĞůWƌŽũĞĐƚŝƐĂƉŽƌƉŚLJƌLJĐŽƉƉĞƌͲŐŽůĚĚĞƉŽƐŝƚůŽĐĂƚĞĚŝŶƚŚĞ/ŵďĂďƵƌĂƉƌŽǀŝŶĐĞŽĨŶŽƌƚŚǁĞƐƚĐƵĂĚŽƌ͘ /ƚůŝĞƐũƵƐƚŽĨĨƚŚĞŵĂŝŶ ƌŽĂĚ͕ĂŶĞĂƐLJϯͲŚŽƵƌĚƌŝǀĞŶŽƌƚŚŽĨĐƵĂĚŽƌΖƐĐĂƉŝƚĂůĐŝƚLJ͕YƵŝƚŽ͘dŚĞĐůŝŵĂƚĞnjŽŶĞŝƐƚƌŽƉŝĐĂůͲƐĂǀĂŶŶĂŚĂŶĚǀĞŐĞƚĂƚŝŽŶŝƐƚƌŽƉŝĐĂůĨŽƌĞƐƚ ǁŝƚŚ Ă ǁĞůůͲĚĞǀĞůŽƉĞĚ ƐŽŝů ŚŽƌŝnjŽŶ͘ dŽƉŽŐƌĂƉŚLJ ƌŝƐĞƐ ĨƌŽŵ ĞůĞǀĂƚŝŽŶƐ ŽĨ ϳϱϬ ŵĞƚƌĞƐ ƚŽ Ϯ͕ϭϬϬ ŵĞƚƌĞƐ ĂŶĚ ƚŚĞ ŵŽĚĞƌĂƚĞ ƚŽ ƐƚĞĞƉ ůĂŶĚƐĐĂƉĞŝƐŝŶĐŝƐĞĚďLJĨŽƵƌůĂƌŐĞĚƌĂŝŶĂŐĞĐŽŵƉůĞdžĞƐ͘ĨŝƌƐƚͲŽƌĚĞƌƉĂǀĞĚŚŝŐŚǁĂLJƉƌŽǀŝĚĞƐLJĞĂƌͲƌŽƵŶĚĂĐĐĞƐƐĂŶĚĐƌŽƐƐĞƐƚŚĞŶŽƌƚŚͲ ĞĂƐƚĐŽƌŶĞƌŽĨƚŚĞĐŽŶĐĞƐƐŝŽŶ͘

ĂƐĐĂďĞůŝƐ^Žů'ŽůĚΖƐ ĨůĂŐƐŚŝƉƉƌŽũĞĐƚĂŶĚƐŚŽǁƐƐŝŐŶŝĨŝĐĂŶƚƉƌŽŵŝƐĞŽĨŚŽƐƚŝŶŐĂ ƚŝĞƌϭ ƌĞƐŽƵƌĐĞ͘ƚůƉĂůĂ͕Ϯϰ͕ϮϰϮ͘ϱŵŽĨĚƌŝůůŝŶŐŚĂƐ ďĞĞŶĐŽŵƉůĞƚĞĚ ĨŽƌϭϴĚƌŝůůŚŽůĞƐŽĨǁŚŝĐŚϭϲŚĂǀĞŚŝƚƚŚĞůƉĂůĂĚĞƉŽƐŝƚĂŶĚϲŽĨǁŚŝĐŚ ;,ŽůĞƐϱ͕ϵ͕ϭϮ͕ϭϱZϮ͕ϭϲĂŶĚϭϳͿĚĞůŝǀĞƌĞĚ ǁŽƌůĚĐůĂƐƐŝŶƚĞƌƐĞĐƚŝŽŶƐͲĐŽŶƐŝƐƚŝŶŐŽĨŽǀĞƌϭŬŵŽĨĐŽŶƚŝŶƵŽƵƐŵŝŶĞƌĂůŝƐĂƚŝŽŶŐƌĂĚŝŶŐŽǀĞƌϭйŽƉƉĞƌƋƵŝǀĂůĞŶƚ͘ƌŝůůŚŽůĞ^ͲϭϰͲ ϬϬϵĨŽƌĞdžĂŵƉůĞ͕ƌĞƚƵƌŶĞĚŽŶĞŽĨƚŚĞďĞƐƚƌĞƐƵůƚƐŝŶƚŚĞŚŝƐƚŽƌLJŽĨŵŝŶĞƌĂůĞdžƉůŽƌĂƚŝŽŶ͕ǁŝƚŚϭϬϴϴŵŐƌĂĚŝŶŐϬ͘ϲϲйĐŽƉƉĞƌĂŶĚϬ͘ϴϵŐͬƚ ŐŽůĚĨŽƌϭ͘ϰϴйŽƉƉĞƌƋƵŝǀĂůĞŶƚ͘

ƌŝůůŝŶŐ ƚŽ ĚĂƚĞ ŚĂƐ ŶŽƚ LJĞƚ ĐŽŶƐƚƌĂŝŶĞĚ ƚŚĞ ƌŝĐŚ ůƉĂůĂ ĐŽƉƉĞƌͲŐŽůĚ ĚĞƉŽƐŝƚ͕ ĂŶĚ Ă ƌĞƐŽƵƌĐĞ ĞƐƚŝŵĂƚŝŽŶ Ăƚ ƚŚŝƐ ƐƚĂŐĞ ǁŽƵůĚ ďĞ ƉƌĞŵĂƚƵƌĞ͘ůƉĂůĂĂůŽŶĞŝƐĞŵĞƌŐŝŶŐĂƐĂdŝĞƌϭĐŽƉƉĞƌƉƌŽũĞĐƚǁŝƚŚŚŝŐŚĂǀĞƌĂŐĞŐƌĂĚĞƐŝŶďŽƚŚĐŽƉƉĞƌĂŶĚŐŽůĚ͘ dŚĞƉƌŽũĞĐƚǁŝůůĂůƐŽ ĞŶũŽLJƚŚĞƐƵƉƉŽƌƚŽĨƚŚĞƐƵƌƌŽƵŶĚŝŶŐϭϰŝĚĞŶƚŝĨŝĞĚƚĂƌŐĞƚƐ͘

^Žů'ŽůĚ ŶŽǁ ŚĂƐ Ă ǁĂƌ ĐŚĞƐƚ ŽĨh^Ψϰϰ ŵŝůůŝŽŶ͕ ǁŚŝĐŚ ǁŝůů ƉƌŝŵĂƌŝůLJ ďĞ ƵƐĞĚ ƚŽ ĞdžƉĂŶĚ ůƉĂůĂ ĂŶĚ Ěƌŝůů ƚĞƐƚ ƚŚĞ ŽƚŚĞƌ ĐŽƉƉĞƌͲŐŽůĚ ƚĂƌŐĞƚƐ͕ƉĂƌƚŝĐƵůĂƌůLJůƉĂůĂ͕ůƉĂůĂ^ŽƵƚŚĂƐƚ͕,ĞŵĂƚŝƚĞ,ŝůů͕dƌŝǀŝŶŝŽ͕DŽƌĂŶ͕ŐƵŝŶĂŐĂĂŶĚdĂŶĚĂLJĂŵĂͲŵĞƌŝĐĂ͘KǀĞƌϵϬ͕ϬϬϬŵĞƚƌĞƐ ŽĨĚƌŝůůŝŶŐŝƐƉůĂŶŶĞĚŽǀĞƌƚŚĞŶĞdžƚƚǁŽLJĞĂƌƐ͕ƵƐŝŶŐĚŝƌĞĐƚŝŽŶĂůĚƌŝůůŝŶŐĂŶĚƌĂŵƉŝŶŐƵƉƚŽϭϬƌŝŐƐŽŶƐŝƚĞ͘

ŽŵƉůĞƚŝŽŶŽĨĂŶĞǁĂĐĐĞƐƐƌŽĂĚƚŽůƉĂůĂĂŵƉǀŝĂ ƚŚĞǀŝůůĂŐĞŽĨ^ĂŶƚĂĞĐŝůŝĂ͕ůŽĐĂƚĞĚŝŶƚŚĞĐĞŶƚƌĞŽĨƚŚĞĐŽŶĐĞƐƐŝŽŶ͕ŝƐƉƌŽǀŝĚŝŶŐ ǀŝƚĂů ŽƉĞƌĂƚŝŽŶĂů ĂĚǀĂŶƚĂŐĞƐ ƚŽ ƚŚĞ ƉƌŽũĞĐƚ ŶŽǁ͘ ĐƵĂĚŽƌ ŝƐ ƵŶĚĞƌŐŽŝŶŐ Ă ƚƌĂŶƐĨŽƌŵĂƚŝŽŶ ǁŝƚŚ ƐŝŐŶŝĨŝĐĂŶƚ ŝŵƉƌŽǀĞŵĞŶƚƐ ƚŽ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ŝŶĐůƵĚŝŶŐ ĨŝǀĞŬĞLJƐĞĂƉŽƌƚƐ͕ŽǀĞƌϭϬ͕ϬϬϬŬŵŽĨŶĞǁŚŝŐŚǁĂLJƐ͕ĂŶĚϭϬŶĞǁŚLJĚƌŽĞůĞĐƚƌŝĐƉƌŽũĞĐƚƐ͘ dŚĞƐĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ŝŵƉƌŽǀĞŵĞŶƚƐ ĂƌĞ ƐƵƌĞ ƚŽ ĂĨĨŽƌĚ ƚŚĞ ƉƌŽũĞĐƚĞŶŽƌŵŽƵƐ ĐĂƉŝƚĂů ĂĚǀĂŶƚĂŐĞƐ ĂƐ ƚŚĞ ƉƌŽũĞĐƚŵŽǀĞƐ ƚŽǁĂƌĚ ĨĞĂƐŝďŝůŝƚLJ ŽǀĞƌ ƚŚĞ ĐŽŵŝŶŐ LJĞĂƌƐ͘

EKd ϭϮ /EdE'/> ^^d^ ;ĐŽŶƚŝŶƵĞĚͿ

ĂƐĐĂďĞů WƌŽũĞĐƚ ;ĐŽŶƚŝŶƵĞĚͿ

EŽƌƚŚĞƌŶĐƵĂĚŽƌůŝĞƐǁŝƚŚŝŶƚŚĞƵŶĚĞƌͲĞdžƉůŽƌĞĚŶŽƌƚŚĞƌŶƐĞĐƚŝŽŶŽĨƚŚĞƌŝĐŚůLJĞŶĚŽǁĞĚŶĚĞĂŶŽƉƉĞƌĞůƚ͕ǁŚŝĐŚĞdžƚĞŶĚƐĨƌŽŵŚŝůĞ ŝŶƚŚĞƐŽƵƚŚƚŽŽůŽŵďŝĂŝŶƚŚĞŶŽƌƚŚĂŶĚƚŚĞŶŶŽƌƚŚͲǁĞƐƚŝŶƚŽWĂŶĂŵĂ͘dŚĞƚĞŶĞŵĞŶƚůŝĞƐŽŶƚŚĞŵĂƌŐŝŶŽĨƚŚĞŽĐĞŶĞĂŶĚDŝŽĐĞŶĞ ŵĞƚĂůůŽŐĞŶŝĐďĞůƚƐǁŚŝĐŚĂƌĞ ƌĞŶŽǁŶĞĚ ĨŽƌŚŽƐƚŝŶŐƐŽŵĞŽĨ ƚŚĞǁŽƌůĚ͛ƐůĂƌŐĞƐƚƉŽƌƉŚLJƌLJĐŽƉƉĞƌĂŶĚŐŽůĚĚĞƉŽƐŝƚƐ͕ůŝŬĞ ƚŚĞŐŝĂŶƚ>Ă ƐĐŽŶĚŝĚĂ ŽƉƉĞƌ DŝŶĞ ŝŶ ŚŝůĞ͕ ǁŚŝĐŚ ŝƐ ƚŚĞ ǁŽƌůĚΖƐ ůĂƌŐĞƐƚ ƉƌŽĚƵĐĞƌ ŽĨ ĐŽƉƉĞƌ ĂŶĚ ŚŽƐƚĞĚ ǁŝƚŚŝŶ ƚŚĞ ƐĂŵĞ ĂŐĞ ŚŽƐƚ ƌŽĐŬƐ ĂƐ ĂƐĐĂďĞů͘

ŶƵŵďĞƌŽĨŽƚŚĞƌŐůŽďĂůůLJƐŝŐŶŝĨŝĐĂŶƚĚĞƉŽƐŝƚƐŚĂǀĞďĞĞŶĚŝƐĐŽǀĞƌĞĚŝŶƚŚĞƌĞŐŝŽŶ͕ƐŽŵĞŽĨǁŚŝĐŚĂƌĞďĞĐŽŵŝŶŐŵŝŶĞƐ͘dŚĞƐĞŝŶĐůƵĚĞ ƚŚĞ:ƵŶŝŶĐŽƉƉĞƌƉƌŽũĞĐƚ;ϵϴϮŵŝůůŝŽŶƚŽŶŶĞƐĂƚϬ͘ϴϵйƵͿ͕ůŽĐĂƚĞĚƐŽŵĞϲϬŬŵƚŽƚŚĞƐŽƵƚŚͲǁĞƐƚŽĨĂƐĐĂďĞů͕ƚŚĞ>ĂŽůŽƐĂƉŽƌƉŚLJƌLJ ĚĞƉŽƐŝƚ;ϵϬϱŵŝůůŝŽŶƚŽŶŶĞƐĂƚϬ͘ϵϮŐͬƚƵͿůŽĐĂƚĞĚƚŽƚŚĞŶŽƌƚŚŝŶŽůŽŵďŝĂĂŶĚƚŚĞŵĂƐƐŝǀĞŽďƌĞWĂŶĂŵĂĚĞƉŽƐŝƚ;ϯ͘ϯďŝůůŝŽŶƚŽŶŶĞĂƚ Ϭ͘ϯϲйƵͿ ůŽĐĂƚĞĚ ƚŽ ƚŚĞ ŶŽƌƚŚ ŝŶWĂŶĂŵĂ ǁŚŝĐŚ ĐŽŶƚĂŝŶƐ ŽǀĞƌ ϮϲŵŝůůŝŽŶ ŽƵŶĐĞƐ ŽĨ ŐŽůĚ͘dŚĞ &ƌƵƚĂ ĚĞůEŽƌƚĞ ƉƌŽũĞĐƚ ŝŶ ƐŽƵƚŚĞƌŶ ĐƵĂĚŽƌ ŝƐ ĂŵŽŶŐ ƚŚĞ ůĂƌŐĞƐƚ ĂŶĚ ŚŝŐŚĞƐƚ ŐƌĂĚĞ ƵŶĚĞǀĞůŽƉĞĚ ŐŽůĚ ƉƌŽũĞĐƚƐ ŝŶ ƚŚĞ ǁŽƌůĚ ;Ϯϯ͘ϱ ŵŝůůŝŽŶ ƚŽŶŶĞƐ Ăƚ ϵ͘ϱϵ Őͬƚ ƵͿ ĂŶĚ ŚŝŐŚůŝŐŚƚƐƚŚĞƉĞĚŝŐƌĞĞŽĨƉŽƚĞŶƚŝĂůǁŝƚŚŝŶƚŚĞĐŽƵŶƚƌLJ͘

džƉůŽƌĂƚŝŽŶ ŽŶ ƚŚĞ ĂƐĐĂďĞů ĐŽŶĐĞƐƐŝŽŶ ŚĂƐ ŝŶĐůƵĚĞĚ͗ ŐĞŽůŽŐŝĐĂů ŵĂƉƉŝŶŐ͕ ƐƚƌĞĂŵ Ɛŝůƚ ƐĂŵƉůŝŶŐ͕ ƐŽŝů ƐĂŵƉůŝŶŐ͕ ƌŽĐŬ ĐŚŝƉ ƐĂŵƉůŝŶŐ͕ ĐŚĂŶŶĞů ƐĂŵƉůŝŶŐ͕ Ă ŚĞůŝͲŵĂŐŶĞƚŝĐ ƐƵƌǀĞLJ ;ǁŚŝĐŚ ŚĂƐ ďĞĞŶ ŵŽĚĞůůĞĚ ŝŶ ϯͿ͕ Ă ƌĂĚŝŽŵĞƚƌŝĐ ƐƵƌǀĞLJ͕ ŐƌŝĚĚŝŶŐ ŝŶ ƉƌĞƉĂƌĂƚŝŽŶ ĨŽƌ Ă ϯ /ŶĚƵĐĞĚWŽůĂƌŝƐĂƚŝŽŶ ;/WͿĂŶĚŵĂŐŶĞƚŽͲƚĞůůƵƌŝĐ ;DdͿƐƵƌǀĞLJ͕ ĚŝĂŵŽŶĚĚƌŝůůŝŶŐ ƉĞƚƌŽŐƌĂƉŚLJ͕ŵŝŶĞƌĂŐƌĂƉŚLJ͕ŵĞƚĂůůƵƌŐŝĐĂů ƐĐŽƉŝŶŐǁŽƌŬ͕ ƚĞƌƌĂͲƐƉĞĐƐƉĞĐƚƌĂůŵĂƉƉŝŶŐ͕ĂŶĚŽƌŝĞŶƚĂƚŝŽŶĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůďĂƐĞůŝŶĞƐĂŵƉůŝŶŐ͘

ůƉĂůĂ
ůƉĂůĂEŽƌƚŚǁĞƐƚ
ůƉĂůĂ^ŽƵƚŚĞĂƐƚ
dƌŝǀŝŶŝŽ
DŽƌĂŶ
ŐƵŝŶĂŐĂ
ŵĞƌŝĐĂͲdĂŶĚĂLJĂŵĂ
ƌŝƐƚĂů

džƉůŽƌĂƚŝŽŶĂĐƚŝǀŝƚŝĞƐĚƵƌŝŶŐϮϬϭϲŝŶĐůƵĚĞĚ͗

ŶĂĐŽŶĚĂƐƚLJůĞŐĞŽůŽŐŝĐĂůŵĂƉƉŝŶŐŝŶŬĞLJĂƌĞĂƐ͘
džƉůŽƌĂƚŝŽŶƌĞĐŽŶŶĂŝƐƐĂŶĐĞŵĂƉƉŝŶŐĂŶĚƐĂŵƉůŝŶŐĂĐƌŽƐƐƚŚĞŵŝŶĞƌĂůŝƐĞĚĐŽƌƌŝĚŽƌƐŝĚĞŶƚŝĨŝĞĚ͘
džƚĞŶƐŝŽŶĂŶĚŝŶĨŝůůƐŽŝůƐĂŵƉůŝŶŐĂĐƌŽƐƐ ƚŚĞ ƌĞŵĂŝŶŝŶŐƉƌŽƐƉĞĐƚŝǀĞƉŽƌƚŝŽŶŽĨ ƚŚĞ ƚĞŶĞŵĞŶƚ͘ ZŽĐŬͲƐĂǁĐŚĂŶŶĞůƐĂŵƉůŝŶŐĂƚ ůƉĂůĂ͕ůƉĂůĂ^ŽƵƚŚǁĞƐƚ͕ůƉĂůĂ^ŽƵƚŚ͕dƌŝǀŝŶŝŽĂŶĚDŽƌĂŶƉƌŽƐƉĞĐƚƐ͘
ZĞͲŵŽĚĞůůŝŶŐŽĨĐŽŶƐƚƌĂŝŶĞĚŚĞůŝͲŵĂŐŶĞƚŝĐ͕KƌŝŽŶϯ/WĂŶĚŵĂŐŶĞƚŽͲƚĞůůƵƌŝĐ;DdͿƐƵƌǀĞLJƐĂƚůƉĂůĂĂŶĚŐƵŝŶĂŐĂƵƐŝŶŐĚĂƚĂ ĐŽůůĞĐƚĞĚĨƌŽŵŵĂŐŶĞƚŝĐƐƵƐĐĞƉƚŝďŝůŝƚLJŽĨĚƌŝůůĐŽƌĞ͘
ŝĂŵŽŶĚĚƌŝůůŝŶŐŽĨĚƌŝůůŚŽůĞƐϭϮƚŽϭϳĂƚůƉĂůĂ͕ĨŽƌĂƚŽƚĂůŽĨϭϲ͕ϴϰϴ͘ϳŵ͕ďƌŝŶŐŝŶŐƚŚĞƚŽƚĂůĨŽƌŵĞƚƌĞƐĚƌŝůůĞĚĂƚĂƐĐĂďĞůƚŽ Ϯϰ͕ϮϰϮ͘ϱŵ͘
hƉŐƌĂĚĞĂŶĚĞdžƉĂŶƐŝŽŶŽĨƚŚĞůƉĂůĂĨŝĞůĚĐĂŵƉĂŶĚƚŚĞZŽĐĂĨƵĞƌƚĞĨŝĞůĚŽĨĨŝĐĞ͘
WĞƚƌŽŐƌĂƉŚŝĐǁŽƌŬŽŶĚƌŝůůĐŽƌĞĨƌŽŵĚƌŝůůŚŽůĞƐĂƚůƉĂůĂ͕ĐŽŶĨŝƌŵŝŶŐŝŶƚƌƵƐŝǀĞůŝƚŚŽůŽŐŝĞƐ͕ŵŝŶĞƌĂůŝƐĂƚŝŽŶƐƚLJůĞƐ͕ƉĂƌĂŐĞŶĞƐŝƐ͕ ĂŶĚĂůƚĞƌĂƚŝŽŶƚLJƉĞƐ͘
DŝŶĞƌĂŐƌĂƉŚLJĂŶĚŵĞƚĂůůƵƌŐŝĐĂůƐĐŽƉŝŶŐǁŽƌŬ͘
^ƉĞĐƚƌĂůĂůƚĞƌĂƚŝŽŶŵĂƉƉŝŶŐŽŶƐŽŝůŐƌŝĚĚŝŶŐĂĐƌŽƐƐƚŚĞƚĞŶĞŵĞŶƚ͕ĂŶĚĨŽůůŽǁͲƵƉĚĞĞƉĂƵŐĞƌŵĂƉƉŝŶŐ͕ĨƵƌƚŚĞƌƌĞĨŝŶŝŶŐƚĂƌŐĞƚƐ ŝĚĞŶƚŝĨŝĞĚ͘
KŶŐŽŝŶŐ ĞŶǀŝƌŽŶŵĞŶƚĂů ŵĂŶĂŐĞŵĞŶƚ ŽǀĞƌ ƚŚĞ ĐŽŶĐĞƐƐŝŽŶ ĂƌĞĂ ŝŶ ůŝŶĞ ǁŝƚŚ ŐƵŝĚĞůŝŶĞƐ ƉƌŽǀŝĚĞĚ ďLJ ƚŚĞ DŝŶŝƐƚƌLJ ŽĨ ŶǀŝƌŽŶŵĞŶƚ͘
^ƵďŵŝƐƐŝŽŶŽĨĂŶŶƵĂůƚĞĐŚŶŝĐĂůĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůŵĂŶĂŐĞŵĞŶƚƌĞƉŽƌƚƐ͘
WƌĞƉĂƌĂƚŝŽŶĨŽƌŐƌŽƵŶĚͲŵĂŐŶĞƚŝĐƐƵƌǀĞLJŝŶĞĐĞŵďĞƌϮϬϭϲ͘

ůůĚƌŝůůŝŶŐ ƚŽĚĂƚĞ ŚĂƐ ĨŽĐƵƐƐĞĚ ŽŶ ƚŚĞůƉĂůĂƉƌŽƐƉĞĐƚǁŚĞƌĞϭϴĚƌŝůů ŚŽůĞƐ ŚĂǀĞďĞĞŶĐŽŵƉůĞƚĞĚ ĨŽƌĂ ƚŽƚĂůĐŽŵďŝŶĞĚŵĞƚĞƌĂŐĞŽĨ Ϯϰ͕ϮϰϮ͘ϱŵ͘

EKd ϭϮ /EdE'/> ^^d^ ;ĐŽŶƚŝŶƵĞĚͿ

ĂƐĐĂďĞů WƌŽũĞĐƚ ;ĐŽŶƚŝŶƵĞĚͿ

dŚĞĐŽŵƉůĞƚŝŽŶŽĨƐŽŝůŐƌŝĚĚŝŶŐĂŶĚŝŶĨŝůůĂĐƌŽƐƐƚŚĞĞŶƚŝƌĞƚĞŶĞŵĞŶƚĂƌĞĂŚĂƐƉƌŽĚƵĐĞĚĐŽŝŶĐŝĚĞŶƚŵŽůLJďĚĞŶƵŵ͕ŐŽůĚĂŶĚĐŽƉƉĞƌͬnjŝŶĐ ƌĂƚŝŽŝŶƐŽŝůĂŶŽŵĂůŝĞƐƚŚĂƚŚŝŐŚůŝŐŚƚƚĂƌŐĞƚƐŽĨƉŽƚĞŶƚŝĂůƉŽƌƉŚLJƌLJĐĞŶƚƌĞƐĐŚĂƌĂĐƚĞƌŝƐĞĚďLJŚŝŐŚĞƌƚĞŵƉĞƌĂƚƵƌĞƐŽĨŵŝŶĞƌĂůŝƐĂƚŝŽŶ͘dŚĞ ůŽǁ ŵĂŶŐĂŶĞƐĞ ŝŶ ƐŽŝů ŝƐ ŝŶĨĞƌƌĞĚ ƚŽ ďĞ ƌĞůĂƚĞĚ ƚŽ ŝŶƚĞŶƐĞ ůĂƚĞͲƐƚĂŐĞ ŚLJĚƌŽƚŚĞƌŵĂů ĂůƚĞƌĂƚŝŽŶ͕ ǁŚŝůƐƚ ƚŚĞ ƉƌĞƐĞŶĐĞ ŽĨ ĞůĞǀĂƚĞĚ njŝŶĐ ƐƵƌƌŽƵŶĚŝŶŐƚŚĞƐĞĂƌĞĂƐŽĨůŽǁŵĂŶŐĂŶĞƐĞŝƐĂŐĞŽĐŚĞŵŝĐĂůƐŝŐŶĂƚƵƌĞƚŚĂƚŝƐƚLJƉŝĐĂůŽĨƚŚĞŵĞƚĂůnjŽŶĂƚŝŽŶĂƌŽƵŶĚƉŽƌƉŚLJƌLJĐŽƉƉĞƌͲ ŐŽůĚĚĞƉŽƐŝƚƐ͘

WƌŝŽƌŝƚLJƚĂƌŐĞƚĂƌĞĂƐĂƚůƉĂůĂ͕ůƉĂůĂ^ŽƵƚŚĞƐƚĂŶĚŐƵŝŶĂŐĂǁŝůůďĞĚƌŝůůƚĞƐƚĞĚŝŶƚŚĞĐŽŵŝŶŐLJĞĂƌ͕ǁŚŝůƐƚĨŝĞůĚƉƌŽŐƌĂŵƐĐŽŶƚŝŶƵĞƚŽ ĂƐƐĞƐƐƉŽƚĞŶƚŝĂůŽĨƚŚĞϭϰƉŽƐƐŝďůĞƉŽƌƉŚLJƌLJĐĞŶƚƌĞƐŝĚĞŶƚŝĨŝĞĚƚŽĚĂƚĞ͘ ĞƚĂŝůĞĚĨŽůůŽǁƵƉĨŝĞůĚǁŽƌŬĂŶĚƚĞĐŚŶŝĐĂůƐƚƵĚŝĞƐŽĨƚŚĞŽƚŚĞƌ ƐĂƚĞůůŝƚĞƚĂƌŐĞƚƐĐŽŶƚŝŶƵĞĂƐŶĞǁƚĂƌŐĞƚĂƌĞďĞŝŶŐŐĞŶĞƌĂƚĞĚŝŶƚŚĞƐƵƌƌŽƵŶĚŝŶŐĂƌĞĂƐĂŶĚĞdžƉůŽƌĂƚŝŽŶŽǀĞƌƚŚĞƚĞŶĞŵĞŶƚ͘

dŚĞĂŐŐƌĞŐĂƚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨΨϮϴ͘ϴŵŝůůŝŽŶŝƐĐŽŶƐŝĚĞƌĞĚƚŽďĞƵŶŝŵƉĂŝƌĞĚ͘

^Žů'ŽůĚ ϭϬϬйŽǁŶĞĚ WƌŽũĞĐƚƐ

ĐĂƉƵůĐŽDŝŶŝŶŐWƌŽũĞĐƚƐ

džƚĞŶƐŝǀĞĂŝƌďŽƌŶĞŵĂŐŶĞƚŝĐĂŶĚĞůĞĐƚƌŽŵĂŐŶĞƚŝĐƐƵƌǀĞLJƐŚĂǀĞďĞĞŶĐŽŶĚƵĐƚĞĚŽǀĞƌƐŽŵĞŽĨƚŚĞƚĞŶĞŵĞŶƚƐ͕ƚŽŐĞƚŚĞƌǁŝƚŚĚĞƚĂŝůĞĚ ƐƚƌĞĂŵƐĞĚŝŵĞŶƚƐĂŵƉůŝŶŐ͕ƐŽŝůƐĂŵƉůŝŶŐ͕ƌŽĐŬĐŚŝƉƐĂŵƉůŝŶŐĂŶĚŐĞŽůŽŐŝĐĂůŵĂƉƉŝŶŐƉƌŽŐƌĂŵƐ͘ &ƵƌƚŚĞƌŵŽƌĞ͕ƐŝŶĐĞDĂLJϮϬϬϲĂƚŽƚĂůŽĨ ϮϴϯŚŽůĞƐ͕ĞƋƵŝǀĂůĞŶƚƚŽϮϰ͕ϯϳϳ͘ϴŵŚĂǀĞďĞĞŶĚƌŝůůĞĚŽŶƚŚĞƚĞŶĞŵĞŶƚƐ͘

dŚĞĂŐŐƌĞŐĂƚĞĚĐĂƌƌLJŝŶŐǀĂůƵĞŽĨΨϴ͘ϳϮŵŝůůŝŽŶŝƐĐŽŶƐŝĚĞƌĞĚƚŽďĞƵŶŝŵƉĂŝƌĞĚ͘

ĞŶƚƌĂůDŝŶĞƌĂůƐWƌŽũĞĐƚƐ

ĞŶƚƌĂůDŝŶĞƌĂůƐĐŽŵƉƌŝƐĞƐŽĨƐĞǀĞŶŐƌĂŶƚĞĚƚĞŶĞŵĞŶƚƐǁŚŝĐŚŝƐĐŽŵƉƌŝƐĞĚŽĨϮϴϬƐƵďͲďůŽĐŬƐ;ĐŝƌĐĂϴϴϲŬŵ^Ϯ Ϳ͘

džƚĞŶƐŝǀĞĂŝƌďŽƌŶĞŵĂŐŶĞƚŝĐƐƵƌǀĞLJƐŚĂǀĞďĞĞŶĐŽŶĚƵĐƚĞĚŽǀĞƌƚŚĞĂƌĞĂ͕ƚŽŐĞƚŚĞƌǁŝƚŚĚĞƚĂŝůĞĚƐŽŝůĂŶĚƌŽĐŬĐŚŝƉƐĂŵƉůŝŶŐ͕ƚƌĞŶĐŚŝŶŐ͕ ŵĂƉƉŝŶŐ ƉƌŽŐƌĂŵƐ ĂŶĚ ĂŶ ŝŶĚƵĐĞĚ ƉŽůĂƌŝƐĂƚŝŽŶ ŐĞŽƉŚLJƐŝĐĂů ƐƵƌǀĞLJ͘ ^ŝŶĐĞ KĐƚŽďĞƌ ϮϬϬϳ͕ Ă ƚŽƚĂů ŽĨ ϰϳϯ ŚŽůĞƐ͕ ĞƋƵŝǀĂůĞŶƚ ƚŽ ϱϴ͕ϴϴϲ͘ϲϮŵ͕ŚĂǀĞďĞĞŶĚƌŝůůĞĚŽŶƚŚĞƚĞŶĞŵĞŶƚƐ͘

KŶϮϯ DĂLJϮϬϭϮ͕^Žů'ŽůĚĂŶŶŽƵŶĐĞĚĂŶƵƉĚĂƚĞĚŝŶĚŝĐĂƚĞĚĂŶĚŝŶĨĞƌƌĞĚĐŽŵďŝŶĞĚƌĞƐŽƵƌĐĞĂƚZĂŶŶĞƐĂƚĂŶϬ͘ϯŐͬƚƵĐƵƚͲŽĨĨŽĨϭϴ͘ϳ ŵŝůůŝŽŶƚŽŶŶĞƐĂƚϬ͘ϵϮŐͬƚŐŽůĚĞƋƵŝǀĂůĞŶƚ;ŐŽůĚнƐŝůǀĞƌͿĨŽƌϱϱϬ͕ϬϬϬŽƵŶĐĞƐŽĨŐŽůĚĞƋƵŝǀĂůĞŶƚ;Ϯϵϲ͕ϳϬϬŽƵŶĐĞƐŽĨŐŽůĚĂŶĚϭϬ͕ϭϯϵ͕ϬϬϬ ŽƵŶĐĞƐŽĨƐŝůǀĞƌ͖ǀĂůƵĞƐ ƌŽƵŶĚĞĚͿ͘ dŚĞƌĞƐŽƵƌĐĞĂƚĂϬ͘ϱŐͬƚƵĐƵƚͲŽĨĨŝƐϭϮ͘ϮϯŵŝůůŝŽŶƚŽŶŶĞƐĂƚϬ͘ϲϬŐͬƚŐŽůĚĂŶĚϮϯ͘ϭϴŐͬƚƐŝůǀĞƌ͖ ĨŽƌ Ϯϯϳ͕ϮϰϬŽƵŶĐĞƐƵĂŶĚϵ͕ϭϬϱ͕ϬϳϮŽƵŶĐĞƐŐ;ƵƐŝŶŐĂŐŽůĚƚŽƐŝůǀĞƌƌĂƚŝŽŽĨϭ͗ϱϬͿ͘ ^ĞǀĞƌĂůŽƚŚĞƌƉƌŽƐƉĞĐƚƐĞdžŝƐƚƚŚĂƚĐŽŶƚĂŝŶŬŶŽǁŶŐŽůĚ ŵŝŶĞƌĂůŝƐĂƚŝŽŶƚŚĂƚŚĂƐŶŽƚLJĞƚďĞĞŶŝŶĐůƵĚĞĚŝŶƚŚĞƌĞƐŽƵƌĐĞĞƐƚŝŵĂƚĞ͘ dŚĞŽŵƉĂŶLJŝƐƐĞĞŬŝŶŐĂ:sƉĂƌƚŶĞƌƚŽƉƌŽŐƌĞƐƐĚƌŝůůŝŶŐŽŶƚŚĞ ZĂŶŶĞƐƉƌŽũĞĐƚƚĞŶĞŵĞŶƚƐ͘

dŚĞĞŶƚƌĂůDŝŶĞƌĂůƐƉƌŽũĞĐƚƐŚĂǀĞĂĐĂƌƌLJŝŶŐǀĂůƵĞŽĨΨϯ͘ϱϱŵŝůůŝŽŶĂƚϯϬ:ƵŶĞϮϬϭϲĂŶĚĂƌĞĐŽŶƐŝĚĞƌĞĚƚŽďĞƵŶŝŵƉĂŝƌĞĚ͘

EKd ϭϯ >KE Z/s>^ EKd,Z EKEhZZEd ^^d^

	'ƌŽƵƉ ϮϬϭϲ Ψ	'ƌŽƵƉ ϮϬϭϱ Ψ	ŽŵƉĂŶLJ ϮϬϭϲ Ψ	ŽŵƉĂŶLJ ϮϬϭϱ Ψ
^ĞĐƵƌŝƚLJďŽŶĚƐ	ϭϮϯ͕ϵϳϰ	ϭϱϵ͕ϰϯϯ	Ͳ	ϳ͕ϭϲϵ
	ϭϮϯ͕ϵϳϰ	ϭϱϵ͕ϰϯϯ	Ͳ	ϳ͕ϭϲϵ

EKd ϭϰ &ZZdyd/KE

ZĞĐŽŐŶŝƐĞĚ ĚĞĨĞƌƌĞĚ ƚĂdžĂƐƐĞƚƐ

	'ƌŽƵƉ ϮϬϭϲ Ψ	'ƌŽƵƉ ϮϬϭϱ Ψ	ŽŵƉĂŶLJ ϮϬϭϲ Ψ	ŽŵƉĂŶLJ ϮϬϭϱ Ψ
ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ͗
dĂdžůŽƐƐĞƐ	ϯ͕ϲϴϮ͕ϰϰϴ	ϯ͕ϳϱϯ͕ϲϲϱ	Ͳ	Ͳ
ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐ͗
dĞŵƉŽƌĂƌLJƚŝŵŝŶŐĚŝĨĨĞƌĞŶĐĞƐĂƌŝƐŝŶŐŽŶ
ŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ	;ϯ͕ϲϴϮ͕ϰϰϴͿ	;ϯ͕ϳϱϯ͕ϲϲϱͿ	Ͳ	Ͳ
EĞƚĚĞĨĞƌƌĞĚƚĂdžĞƐ	Ͳ	Ͳ	Ͳ	Ͳ

hŶƌĞĐŽŐŶŝƐĞĚ ĚĞĨĞƌƌĞĚ ƚĂdžĂƐƐĞƚƐ

ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐŚĂǀĞŶŽƚďĞĞŶƌĞĐŽŐŶŝƐĞĚŝŶƌĞƐƉĞĐƚŽĨƚŚĞĨŽůůŽǁŝŶŐĂŵŽƵŶƚƐ͘ĞĨĞƌƌĞĚƚĂdžŚĂƐďĞĞŶĐĂůĐƵůĂƚĞĚĂƚƚŚĞĞdžƉĞĐƚĞĚ ĨƵƚƵƌĞƌĂƚĞŽĨĐŽƌƉŽƌĂƚŝŽŶƚĂdžŽĨϯϬй͘

	'ƌŽƵƉ ϮϬϭϲ Ψ	'ƌŽƵƉ ϮϬϭϱ Ψ	ŽŵƉĂŶLJ ϮϬϭϲ Ψ	ŽŵƉĂŶLJ ϮϬϭϱ Ψ
dĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ	ϭϮ͕ϭϬϳ͕ϭϮϲ	ϭϮ͕ϳϭϮ͕ϮϬϲ	Ͳ	Ͳ
dĂdžůŽƐƐĞƐ	ϭϭ͕ϲϱϱ͕ϱϲϮ	ϭϬ͕ϭϳϱ͕ϵϮϬ	ϭϭ͕ϱϮϱ͕ϯϳϵ	ϵ͕ϵϯϰ͕ϭϮϱ
	Ϯϯ͕ϳϲϮ͕ϲϴϴ	ϮϮ͕ϴϴϴ͕ϭϮϲ	ϭϭ͕ϱϮϱ͕ϯϳϵ	ϵ͕ϵϯϰ͕ϭϮϱ

EKd ϭϱKd,Z Z/s>^ EWZWzDEd^

	'ƌŽƵƉ ϮϬϭϲ Ψ	'ƌŽƵƉ ϮϬϭϱ Ψ	ŽŵƉĂŶLJ ϮϬϭϲ Ψ	ŽŵƉĂŶLJ ϮϬϭϱ Ψ
KƚŚĞƌƌĞĐĞŝǀĂďůĞƐ	ϮϬϯ͕ϭϲϵ	ϭϱϭ͕Ϯϵϱ	ϭϲϴ͕ϯϱϯ	ϭϯϲ͕ϴϳϮ
WƌĞƉĂLJŵĞŶƚƐ	Ͳ	Ͳ	Ͳ	Ͳ
	ϮϬϯ͕ϭϲϵ	ϭϱϭ͕Ϯϵϱ	ϭϲϴ͕ϯϱϯ	ϭϯϲ͕ϴϳϮ

EKd ϭϲ ^,E^,Yh/s>Ed^

	'ƌŽƵƉ ϮϬϭϲ Ψ	'ƌŽƵƉ ϮϬϭϱ Ψ	ŽŵƉĂŶLJ ϮϬϭϲ Ψ	ŽŵƉĂŶLJ ϮϬϭϱ Ψ
ĂƐŚĂƚďĂŶŬ	ϵϰ͕ϵϯϯ	ϯϮϭ͕ϰϰϬ	ϭϳ͕ϭϵϵ	Ϯϭϱ͕ϯϭϮ
ĂƐŚ ĂŶĚ ĐĂƐŚ ĞƋƵŝǀĂůĞŶƚƐŝŶ ƚŚĞƐƚĂƚĞŵĞŶƚ ŽĨ
ĐĂƐŚ ĨůŽǁƐ	ϵϰ͕ϵϯϯ	ϯϮϭ͕ϰϰϬ	ϭϳ͕ϭϵϵ	Ϯϭϱ͕ϯϭϮ

EKd ϭϳ W/d> EZ^Zs^

;ĂͿ ƵƚŚŽƌŝƐĞĚ ^ŚĂƌĞ ĂƉŝƚĂů

	ϮϬϭϱ EŽ͘ŽĨ ^ŚĂƌĞƐ	ϮϬϭϱ EŽŵŝŶĂůsĂůƵĞά
ƚϭ:ƵůLJϮϬϭϰʹKƌĚŝŶĂƌLJƐŚĂƌĞƐ	ϴϮϬ͕ϬϬϬ͕ϬϬϬ	ϴ͕ϮϬϬ͕ϬϬϬ
/ŶĐƌĞĂƐĞŝŶĂƵƚŚŽƌŝƐĞĚƐŚĂƌĞĐĂƉŝƚĂůŽĨάϬ͘ϬϭĞĂĐŚŽŶϮϯ:ĂŶƵĂƌLJϮϬϭϱ	ϮϬϬ͕ϬϬϬ͕ϬϬϬ	Ϯ͕ϬϬϬ͕ϬϬϬ
ƚ ϯϬ :ƵŶĞ ϮϬϭϱʹ KƌĚŝŶĂƌLJƐŚĂƌĞƐ	ϭ͕ϬϮϬ͕ϬϬϬ͕ϬϬϬ	ϭϬ͕ϮϬϬ͕ϬϬϬ

	ϮϬϭϲ	ϮϬϭϲ
	EŽ͘ŽĨ ^ŚĂƌĞƐ	EŽŵŝŶĂůsĂůƵĞά
ƚϭ:ƵůLJϮϬϭϱʹKƌĚŝŶĂƌLJƐŚĂƌĞƐ	ϭ͕ϬϮϬ͕ϬϬϬ͕ϬϬϬ	ϭϬ͕ϮϬϬ͕ϬϬϬ
/ŶĐƌĞĂƐĞŝŶĂƵƚŚŽƌŝƐĞĚƐŚĂƌĞĐĂƉŝƚĂůŽĨάϬ͘ϬϭĞĂĐŚŽŶϮϳEŽǀĞŵďĞƌϮϬϭϱ	ϰϬϬ͕ϬϬϬ͕ϬϬϬ	ϰ͕ϬϬϬ͕ϬϬϬ
ƚ ϯϬ :ƵŶĞ ϮϬϭϲ ʹ KƌĚŝŶĂƌLJƐŚĂƌĞƐ	ϭ͕ϰϮϬ͕ϬϬϬ͕ϬϬϬ	ϭϰ͕ϮϬϬ͕ϬϬϬ

;ďͿ ŚĂŶŐĞƐŝŶ/ƐƐƵĞĚ ^ŚĂƌĞ ĂƉŝƚĂů ĂŶĚ ^ŚĂƌĞ WƌĞŵŝƵŵ

	EŽ͘ŽĨ ^ŚĂƌĞƐ	EŽŵŝŶĂů sĂůƵĞ Ψ	^ŚĂƌĞ WƌĞŵŝƵŵ Ψ	dŽƚĂů Ψ
KƌĚŝŶĂƌLJƐŚĂƌĞƐŽĨϭƉĞĂĐŚĂƚϯϬ:ƵŶĞϭϰ	ϲϱϮ͕ϭϱϯ͕ϮϬϮ	ϭϭ͕ϭϬϲ͕ϱϮϰ	ϳϴ͕ϰϯϰ͕ϵϴϱ	ϴϵ͕ϱϰϭ͕ϱϬϵ
^ŚĂƌĞƐŝƐƐƵĞĚĂƚάϬ͘Ϭϯ ʹ WůĂĐĞŵĞŶƚϭϳĞĐĞŵďĞƌϮϬϭϰ	ϯϯ͕ϱϵϭ͕ϴϮϴ	ϲϯϯ͕ϴϰϮ	ϭ͕Ϯϲϳ͕ϲϯϯ	ϭ͕ϵϬϭ͕ϰϳϱ
^ŚĂƌĞŝƐƐƵĞĐŽƐƚƐĐŚĂƌŐĞĚƚŽƐŚĂƌĞƉƌĞŵŝƵŵĂĐĐŽƵŶƚ	Ͳ	Ͳ	;ϴϱ͕ϭϵϭͿ	;ϴϱ͕ϭϵϭͿ
^ŚĂƌĞƐŝƐƐƵĞĚĂƚάϬ͘Ϭϯ ʹ KƉĞŶŽĨĨĞƌϵ ƉƌŝůϮϬϭϱ	ϳϰ͕ϳϬϴ͕Ϭϰϭ	ϭ͕ϰϰϰ͕ϯϱϱ	Ϯ͕ϴϴϴ͕ϳϭϭ	ϰ͕ϯϯϯ͕Ϭϲϲ
^ŚĂƌĞŝƐƐƵĞĐŽƐƚƐĐŚĂƌŐĞĚƚŽƐŚĂƌĞƉƌĞŵŝƵŵĂĐĐŽƵŶƚ	Ͳ	Ͳ	;Ϯϵϯ͕ϴϮϴͿ	;Ϯϵϯ͕ϴϮϴͿ
KƌĚŝŶĂƌLJƐŚĂƌĞƐŽĨ ϭƉ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϱ	ϳϲϬ͕ϰϱϯ͕Ϭϳϭ	ϭϯ͕ϭϴϰ͕ϳϮϭ	ϴϮ͕ϮϭϮ͕ϯϭϬ	ϵϱ͕ϯϵϳ͕Ϭϯϭ
	EŽ͘ŽĨ	EŽŵŝŶĂů	^ŚĂƌĞ	dŽƚĂů
	^ŚĂƌĞƐ	sĂůƵĞ	WƌĞŵŝƵŵ	Ψ
		Ψ	Ψ
KƌĚŝŶĂƌLJƐŚĂƌĞƐŽĨϭƉĞĂĐŚĂƚϯϬ:ƵŶĞϭϱ	ϳϲϬ͕ϰϱϯ͕Ϭϳϭ	ϭϯ͕ϭϴϰ͕ϳϮϭ	ϴϮ͕ϮϭϮ͕ϯϭϬ	ϵϱ͕ϯϵϳ͕Ϭϯϭ
^ŚĂƌĞƐŝƐƐƵĞĚĂƚάϬ͘Ϭϭϱ ʹ WůĂĐĞŵĞŶƚϭϵ EŽǀĞŵďĞƌϮϬϭϱ	ϲϮ͕Ϯϲϯ͕ϱϯϰ	ϭ͕ϯϯϭ͕ϲϭϮ	ϲϲϱ͕ϴϬϳ	ϭ͕ϵϵϳ͕ϰϭϵ
^ŚĂƌĞŝƐƐƵĞĐŽƐƚƐĐŚĂƌŐĞĚƚŽƐŚĂƌĞƉƌĞŵŝƵŵĂĐĐŽƵŶƚ	Ͳ	Ͳ	;ϭϲ͕ϭϲϭͿ	;ϭϲ͕ϭϲϭͿ
^ŚĂƌĞƐŝƐƐƵĞĚĂƚάϬ͘ϬϮϯ ʹ WůĂĐĞŵĞŶƚϳDĂƌĐŚϮϬϭϲ	ϴϬ͕ϵϬϵ͕Ϯϱϳ	ϭ͕ϱϰϭ͕ϭϮϵ	Ϯ͕ϬϬϯ͕ϰϲϳ	ϯ͕ϱϰϰ͕ϱϵϲ
^ŚĂƌĞƐŝƐƐƵĞĚĂƚάϬ͘ϬϮϯ ʹ ŽŶǀĞƌƚŝďůĞŶŽƚĞƐĐŽŶǀĞƌƐŝŽŶϳDĂƌĐŚ
ϮϬϭϲ	ϱϬ͕Ϯϳϭ͕ϳϯϵ	ϵϱϳ͕ϱϱϳ	Ϯ͕ϲϮϯ͕Ϭϴϰ	ϯ͕ϱϴϬ͕ϲϰϭ
KƌĚŝŶĂƌLJƐŚĂƌĞƐŽĨ ϭƉ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϲ	ϵϱϯ͕ϴϵϳ͕ϲϬϭ	ϭϳ͕Ϭϭϱ͕Ϭϭϵ	ϴϳ͕ϰϴϴ͕ϱϬϳ	ϭϬϰ͕ϱϬϯ͕ϱϮϲ

WŽƚĞŶƚŝĂů ŝƐƐƵĞƐŽĨ ŽƌĚŝŶĂƌLJƐŚĂƌĞƐ

ƚϯϬ:ƵŶĞϮϬϭϲƚŚĞŽŵƉĂŶLJŚĂĚϮϭ͕ϯϴϬ͕ϬϬϬŽƉƚŝŽŶƐŽƵƚƐƚĂŶĚŝŶŐĨŽƌƚŚĞŝƐƐƵĞŽĨŽƌĚŝŶĂƌLJƐŚĂƌĞƐ;ϮϬϭϱ͗Ϯϭ͕ϯϴϬ͕ϬϬϬͿ͘

KƉƚŝŽŶƐ

EKd ϭϳ W/d> EZ^Zs^ ;ĐŽŶƚŝŶƵĞĚͿ

KƉƚŝŽŶƐ;ĐŽŶƚŝŶƵĞĚͿ

hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŽĐƵŵĞŶƚĞĚǁŝƚŚƚŚĞŽŵƉĂŶLJ͕ǁŚĞŶĂƉĂƌƚŝĐŝƉĂŶƚĐĞĂƐĞƐĞŵƉůŽLJŵĞŶƚƉƌŝŽƌƚŽƚŚĞǀĞƐƚŝŶŐŽĨƚŚĞŝƌƐŚĂƌĞŽƉƚŝŽŶƐ͕ ƚŚĞ ƐŚĂƌĞ ŽƉƚŝŽŶƐ ĂƌĞ ĨŽƌĨĞŝƚĞĚ ĂĨƚĞƌϵϬ ĚĂLJƐ ƵŶůĞƐƐ ĐĞƐƐĂƚŝŽŶ ŽĨĞŵƉůŽLJŵĞŶƚ ŝƐ ĚƵĞ ƚŽ ƚĞƌŵŝŶĂƚŝŽŶ ĨŽƌ ĐĂƵƐĞ͕ ǁŚĞƌĞƵƉŽŶ ƚŚĞLJ ĂƌĞ ĨŽƌĨĞŝƚĞĚŝŵŵĞĚŝĂƚĞůLJ͘ dŚĞŽŵƉĂŶLJ ƉƌŽŚŝďŝƚƐŬĞLJŵĂŶĂŐĞŵĞŶƚ ƉĞƌƐŽŶŶĞů ĨƌŽŵĞŶƚĞƌŝŶŐŝŶƚŽĂƌƌĂŶŐĞŵĞŶƚƐ ƚŽ ƉƌŽƚĞĐƚ ƚŚĞǀĂůƵĞ ŽĨ ƵŶǀĞƐƚĞĚ^KWĂǁĂƌĚƐ͘

dŚĞĐŽŶƚƌĂĐƚƵĂůůŝĨĞŽĨĞĂĐŚŽƉƚŝŽŶŐƌĂŶƚĞĚŝƐŐĞŶĞƌĂůůLJƚŚƌĞĞ;ϯͿLJĞĂƌƐ͘ dŚĞƌĞĂƌĞŶŽĐĂƐŚƐĞƚƚůĞŵĞŶƚĂůƚĞƌŶĂƚŝǀĞƐ͘

ĂĐŚŽƉƚŝŽŶĐĂŶďĞĞdžĞƌĐŝƐĞĚĨƌŽŵǀĞƐƚŝŶŐĚĂƚĞƚŽĞdžƉŝƌLJĚĂƚĞĨŽƌŽŶĞƐŚĂƌĞǁŝƚŚƚŚĞĞdžĞƌĐŝƐĞƉƌŝĐĞƉĂLJĂďůĞŝŶĐĂƐŚ͘

ĂƚĞ ŽĨŐƌĂŶƚ	džĞƌĐŝƐĂďůĞ ĨƌŽŵ	džĞƌĐŝƐĂďůĞ ƚŽ	džĞƌĐŝƐĞ ƉƌŝĐĞƐ	EƵŵďĞƌ ŐƌĂŶƚĞĚ	EƵŵďĞƌ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϱ
ϭϬDĂLJϮϬϭϯΎ	tŚĞŶƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞ ŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϮϬ ŽŶĂϯϬĚĂLJstWďĂƐŝƐ	ϲ ^ĞƉƚĞŵďĞƌϮϬϭϳ	άϬ͘ϭϰ	ϯ͕ϬϬϬ͕ϬϬϬ	ϯ͕ϬϬϬ͕ϬϬϬ
ϭϱ:ƵůLJϮϬϭϯ	tŚĞŶƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞ ŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϮϬ ŽŶĂϯϬĚĂLJstWďĂƐŝƐ	ϭϱ:ƵůLJϮϬϭϲ	άϬ͘ϭϰ	ϭ͕ϮϱϬ͕ϬϬϬ	ϭ͕ϮϱϬ͕ϬϬϬ
ϭϱ:ƵůLJϮϬϭϯ	tŚĞŶƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞ ŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϰϬ ŽŶĂϯϬĚĂLJstWďĂƐŝƐ	ϭϱ:ƵůLJϮϬϭϲ	άϬ͘Ϯϴ	Ϯ͕ϮϱϬ͕ϬϬϬ	Ϯ͕ϮϱϬ͕ϬϬϬ
ϭϱ:ƵůLJϮϬϭϯ	tŚĞŶƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞ ŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϴϬ ŽŶĂϯϬĚĂLJstWďĂƐŝƐ	ϭϱ:ƵůLJϮϬϭϲ	άϬ͘ϱϬ	ϰ͕ϬϬϬ͕ϬϬϬ	ϰ͕ϬϬϬ͕ϬϬϬ
Ϯϰ ^ĞƉƚĞŵďĞƌϮϬϭϯ	tŚĞŶƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞ ŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϮϬ ŽŶĂϯϬĚĂLJstWďĂƐŝƐ	Ϯϰ ^ĞƉƚĞŵďĞƌϮϬϭϲ	άϬ͘ϭϰ	ϯ͕ϮϱϬ͕ϬϬϬ	Ϯ͕ϴϱϬ͕ϬϬϬ
Ϯϰ ^ĞƉƚĞŵďĞƌϮϬϭϯ	tŚĞŶƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞ ŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϰϬ ŽŶĂϯϬĚĂLJstWďĂƐŝƐ	Ϯϰ ^ĞƉƚĞŵďĞƌϮϬϭϲ	άϬ͘Ϯϴ	ϯ͕ϮϱϬ͕ϬϬϬ	Ϯ͕ϴϱϬ͕ϬϬϬ
Ϯϰ ^ĞƉƚĞŵďĞƌϮϬϭϯ	tŚĞŶƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞ ŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϴϬ ŽŶĂϯϬĚĂLJstWďĂƐŝƐ	Ϯϰ ^ĞƉƚĞŵďĞƌϮϬϭϲ	άϬ͘ϱϬ	ϴϮϬ͕ϬϬϬ	ϴϮϬ͕ϬϬϬ
ϴ:ƵůLJϮϬϭϰ	tŚĞŶƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞ ŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϮϬ ŽŶĂϯϬĚĂLJstWďĂƐŝƐ	ϴ:ƵůLJϮϬϭϳ	άϬ͘ϭϰ	Ϯ͕ϭϴϬ͕ϬϬϬ	Ϯ͕ϭϴϬ͕ϬϬϬ
ϴ:ƵůLJϮϬϭϰ	tŚĞŶƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞ ŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϰϬ ŽŶĂϯϬĚĂLJstWďĂƐŝƐ	ϴ:ƵůLJϮϬϭϳ	άϬ͘Ϯϴ	Ϯ͕ϭϴϬ͕ϬϬϬ	Ϯ͕ϭϴϬ͕ϬϬϬ
				ϮϮ͕ϭϴϬ͕ϬϬϬ	Ϯϭ͕ϯϴϬ͕ϬϬϬ

ΎdŚĞŽƉƚŝŽŶƐǁĞƌĞŐƌĂŶƚĞĚĨŽƌĂĐĐŽƵŶƚŝŶŐƉƵƌƉŽƐĞƐŽŶϭϬDĂLJϮϬϭϯ͕ĂƉƉƌŽǀĞĚĂƚƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐŚĞůĚŽŶϭϵ ƵŐƵƐƚϮϬϭϯ ĂŶĚĨŽƌŵĂůůLJĂůůŽƚƚĞĚŽŶϲ ^ĞƉƚĞŵďĞƌϮϬϭϯ͘

EKd ϭϳ W/d> EZ^Zs^ ;ĐŽŶƚŝŶƵĞĚͿ

^ŚĂƌĞ ŽƉƚŝŽŶƐŝƐƐƵĞĚ

EŽŽƉƚŝŽŶƐǁĞƌĞŐƌĂŶƚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϭϲ͘

KŶϴ :ƵůLJϮϬϭϰ͕ ƚŚĞĐŽŵƉĂŶLJĞŶƚĞƌĞĚŝŶƚŽĂŶĂŐƌĞĞŵĞŶƚ ƚŽŐƌĂŶƚϰ͕ϯϲϬ͕ϬϬϬƵŶůŝƐƚĞĚŽƉƚŝŽŶƐ ƚŽ ƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͘ dŚĞŽƉƚŝŽŶƐ ŚĂǀĞĂůŝĨĞŽĨϯLJĞĂƌƐ͘dŚĞƚĞƌŵƐŽĨƚŚĞƐŚĂƌĞŽƉƚŝŽŶƐĂƌĞĂƐĨŽůůŽǁƐ͗

Ϯ͘ϭϴŵŝůůŝŽŶKƉƚŝŽŶƐĞdžĞƌĐŝƐĂďůĞĂƚάϬ͘ϭϰ͕ǀĞƐƚŝŶŐŽŶĐĞƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϮϬŽŶĂϯϬ ĚĂLJstWďĂƐŝƐ͖
Ϯ͘ϭϴŵŝůůŝŽŶKƉƚŝŽŶƐĞdžĞƌĐŝƐĂďůĞĂƚάϬ͘Ϯϴ͕ǀĞƐƚŝŶŐŽŶĐĞƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϰϬŽŶĂϯϬ ĚĂLJstWďĂƐŝƐ͖ĂŶĚ

ZĞĨĞƌƚŽŶŽƚĞϭϵĨŽƌĨƵƌƚŚĞƌĚĞƚĂŝůƐ͘

ŝǀŝĚĞŶĚƐ

dŚĞŝƌĞĐƚŽƌƐĚŽŶŽƚƌĞĐŽŵŵĞŶĚƚŚĞƉĂLJŵĞŶƚŽĨĂĚŝǀŝĚĞŶĚ;ϮϬϭϱ͗ŶŝůͿ͘

ĂƉŝƚĂůDĂŶĂŐĞŵĞŶƚ

'ŝǀĞŶƚŚĞŶĂƚƵƌĞŽĨƚŚĞ'ƌŽƵƉ͛ƐĐƵƌƌĞŶƚĂĐƚŝǀŝƚŝĞƐƚŚĞĞŶƚŝƚLJǁŝůůƌĞŵĂŝŶĚĞƉĞŶĚĂŶƚŽŶĞƋƵŝƚLJĨƵŶĚŝŶŐŝŶƚŚĞƐŚŽƌƚƚŽŵĞĚŝƵŵƚĞƌŵƵŶƚŝů ƐƵĐŚƚŝŵĞĂƐƚŚĞ'ƌŽƵƉďĞĐŽŵĞƐƐĞůĨͲĨŝŶĂŶĐŝŶŐĨƌŽŵƚŚĞĐŽŵŵĞƌĐŝĂůƉƌŽĚƵĐƚŝŽŶŽĨŵŝŶĞƌĂůƌĞƐŽƵƌĐĞƐ͘

EKd ϭϴ dZ EKd,Z hZZEd Wz>^

	'ƌŽƵƉ ϮϬϭϲ Ψ	'ƌŽƵƉ ϮϬϭϱ Ψ	ŽŵƉĂŶLJ ϮϬϭϲ Ψ	ŽŵƉĂŶLJ ϮϬϭϱ Ψ
ƵƌƌĞŶƚ
dƌĂĚĞƉĂLJĂďůĞƐ	ϭ͕ϯϰϴ͕ϴϳϱ	ϭ͕Ϭϲϱ͕ϲϭϳ	ϴϰϳ͕ϰϭϯ	ϭ͕ϬϬϬ͕Ϭϲϲ
KƚŚĞƌƉĂLJĂďůĞƐ	ϯϱϭ͕ϭϰϱ	ϯϮϲ͕ϲϴϵ	ϱϲ͕ϵϱϴ	ϲϴ͕Ϭϭϵ
ĐĐƌƵĞĚĞdžƉĞŶƐĞƐ	Ϯ͕ϬϰϮ͕ϯϰϭ	ϵϰϲ͕ϭϰϬ	ϯϭϮ͕ϰϳϯ	Ϯϴϭ͕ϲϲϲ
	ϯ͕ϳϰϮ͕ϯϲϭ	Ϯ͕ϯϯϴ͕ϰϰϲ	ϭ͕Ϯϭϲ͕ϴϰϰ	ϭ͕ϯϰϵ͕ϳϱϭ

EKd ϭϵ DW>KzE&/d^

^ŚĂƌĞͲďĂƐĞĚ ƉĂLJŵĞŶƚƐ

dŚĞŶƵŵďĞƌĂŶĚǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞĞdžĞƌĐŝƐĞƉƌŝĐĞŽĨƐŚĂƌĞŽƉƚŝŽŶƐĂƌĞĂƐĨŽůůŽǁƐ͗

	tĞŝŐŚƚĞĚ ĂǀĞƌĂŐĞ ĞdžĞƌĐŝƐĞ ƉƌŝĐĞ ϮϬϭϲ	EƵŵďĞƌ ŽĨ ŽƉƚŝŽŶƐ ϮϬϭϲ	tĞŝŐŚƚĞĚ ĂǀĞƌĂŐĞ ĞdžĞƌĐŝƐĞ ƉƌŝĐĞ ϮϬϭϱ	EƵŵďĞƌ ŽĨ ŽƉƚŝŽŶƐ ϮϬϭϱ
KƵƚƐƚĂŶĚŝŶŐĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞLJĞĂƌ	άϬ͘Ϯϳ	Ϯϭ͕ϯϴϬ͕ϬϬϬ	άϬ͘ϯϰ	ϯϬ͕ϵϮϬ͕ϬϬϬ
>ĂƉƐĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ	Ͳ	Ͳ	άϬ͘ϰϭ	;ϭϯ͕ϵϬϬ͕ϬϬϬͿ
'ƌĂŶƚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ	Ͳ	Ͳ	άϬ͘Ϯϭ	ϰ͕ϯϲϬ͕ϬϬϬ
KƵƚƐƚĂŶĚŝŶŐĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ	άϬ͘Ϯϳ	Ϯϭ͕ϯϴϬ͕ϬϬϬ	άϬ͘Ϯϳ	Ϯϭ͕ϯϴϬ͕ϬϬϬ
džĞƌĐŝƐĂďůĞĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ	Ͳ	Ͳ	Ͳ	Ͳ

dŚĞ ŽƉƚŝŽŶƐ ŽƵƚƐƚĂŶĚŝŶŐ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϲ ŚĂǀĞ ĂŶ ĞdžĞƌĐŝƐĞ ƉƌŝĐĞ ŽĨ άϬ͘ϭϰ Ͳ άϬ͘ϱϬ ;ϮϬϭϱ͗ άϬ͘ϭϰ Ͳ άϬ͘ϱϬͿ ĂŶĚ Ă ǁĞŝŐŚƚĞĚ ĂǀĞƌĂŐĞ ĐŽŶƚƌĂĐƚƵĂůůŝĨĞŽĨϬ͘ϰϲLJĞĂƌƐ;ϮϬϭϱ͗ϭ͘ϰϲLJĞĂƌƐͿ͘

EKd ϭϵ DW>KzE&/d^ ;ĐŽŶƚŝŶƵĞĚͿ

^ŚĂƌĞͲďĂƐĞĚ ƉĂLJŵĞŶƚƐ;ĐŽŶƚŝŶƵĞĚͿ

^ŚĂƌĞŽƉƚŝŽŶƐŚĞůĚďLJŝƌĞĐƚŽƌƐĂƌĞĂƐĨŽůůŽǁƐ͗

^ŚĂƌĞ ŽƉƚŝŽŶƐŚĞůĚ	ƚ ϯϬ :ƵŶĞ ϮϬϭϲ	ƚ ϯϬ :ƵŶĞ ϮϬϭϱ	KƉƚŝŽŶ WƌŝĐĞ	džĞƌĐŝƐĞ WĞƌŝŽĚ
EŝĐŚŽůĂƐDĂƚŚĞƌ	ϳϱϬ͕ϬϬϬ	ϳϱϬ͕ϬϬϬ	ϭϰƉ	ϬϴͬϬϳͬϭϰʹϬϴͬϬϳͬϭϳ
	ϳϱϬ͕ϬϬϬ	ϳϱϬ͕ϬϬϬ	ϮϴƉ	ϬϴͬϬϳͬϭϰʹϬϴͬϬϳͬϭϳ
ƌŝĂŶDŽůůĞƌ	ϱϱϬ͕ϬϬϬ	ϱϱϬ͕ϬϬϬ	ϭϰƉ	ϬϴͬϬϳͬϭϰʹϬϴͬϬϳͬϭϳ
	ϱϱϬ͕ϬϬϬ	ϱϱϬ͕ϬϬϬ	ϮϴƉ	ϬϴͬϬϳͬϭϰʹϬϴͬϬϳͬϭϳ
ZŽďĞƌƚ tĞŝŶďĞƌŐ	ϰϰϬ͕ϬϬϬ	ϰϰϬ͕ϬϬϬ	ϭϰƉ	ϬϴͬϬϳͬϭϰʹϬϴͬϬϳͬϭϳ
	ϰϰϬ͕ϬϬϬ	ϰϰϬ͕ϬϬϬ	ϮϴƉ	ϬϴͬϬϳͬϭϰʹϬϴͬϬϳͬϭϳ
:ŽŚŶŽǀĂƌĚ	ϰϰϬ͕ϬϬϬ	ϰϰϬ͕ϬϬϬ	ϭϰƉ	ϬϴͬϬϳͬϭϰʹϬϴͬϬϳͬϭϳ
	ϰϰϬ͕ϬϬϬ	ϰϰϬ͕ϬϬϬ	ϮϴƉ	ϬϴͬϬϳͬϭϰʹϬϴͬϬϳͬϭϳ

dŚĞƚŽƚĂůŶƵŵďĞƌŽĨŽƉƚŝŽŶƐŽƵƚƐƚĂŶĚŝŶŐĂƚLJĞĂƌĞŶĚŝƐĂƐĨŽůůŽǁƐ͗

^ŚĂƌĞ ŽƉƚŝŽŶƐŚĞůĚ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϲ	^ŚĂƌĞ ŽƉƚŝŽŶƐŚĞůĚ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϱ	KƉƚŝŽŶ ƉƌŝĐĞ	džĞƌĐŝƐĞ ƉĞƌŝŽĚƐ
ϯ͕ϬϬϬ͕ϬϬϬ	ϯ͕ϬϬϬ͕ϬϬϬ	άϬ͘ϭϰ	sĞƐƚŝŶŐĨƌŽŵϯϬĚĂLJstWŽĨϮϬƉƚŽϬϲͬϬϵͬϮϬϭϳ
ϭ͕ϮϱϬ͕ϬϬϬ	ϭ͕ϮϱϬ͕ϬϬϬ	άϬ͘ϭϰ	sĞƐƚŝŶŐĨƌŽŵϯϬĚĂLJstWŽĨϮϬƉƚŽϭϱͬϬϳͬϮϬϭϲ
Ϯ͕ϮϱϬ͕ϬϬϬ	Ϯ͕ϮϱϬ͕ϬϬϬ	άϬ͘Ϯϴ	sĞƐƚŝŶŐĨƌŽŵϯϬĂLJstWŽĨϰϬƉƚŽϭϱͬϬϳͬϮϬϭϲ
ϰ͕ϬϬϬ͕ϬϬϬ	ϰ͕ϬϬϬ͕ϬϬϬ	άϬ͘ϱϬ	sĞƐƚŝŶŐĨƌŽŵϯϬĂLJstWŽĨϴϬƉƚŽϭϱͬϬϳͬϮϬϭϲ
Ϯ͕ϴϱϬ͕ϬϬϬ	Ϯ͕ϴϱϬ͕ϬϬϬ	άϬ͘ϭϰ	sĞƐƚŝŶŐĨƌŽŵϯϬĂLJstWŽĨϮϬƉƚŽϮϰͬϬϵͬϮϬϭϲ
Ϯ͕ϴϱϬ͕ϬϬϬ	Ϯ͕ϴϱϬ͕ϬϬϬ	άϬ͘Ϯϴ	sĞƐƚŝŶŐĨƌŽŵϯϬĂLJstWŽĨϰϬƉƚŽϮϰͬϬϵͬϮϬϭϲ
ϴϮϬ͕ϬϬϬ	ϴϮϬ͕ϬϬϬ	άϬ͘ϱϬ	sĞƐƚŝŶŐĨƌŽŵϯϬĂLJstWŽĨϴϬƉƚŽϮϰͬϬϵͬϮϬϭϲ
Ϯ͕ϭϴϬ͕ϬϬϬ	Ϯ͕ϭϴϬ͕ϬϬϬ	άϬ͘ϭϰ	sĞƐƚŝŶŐĨƌŽŵϯϬĂLJstWŽĨϮϬƉƚŽϬϴͬϬϳͬϮϬϭϳ
Ϯ͕ϭϴϬ͕ϬϬϬ	Ϯ͕ϭϴϬ͕ϬϬϬ	άϬ͘Ϯϴ	sĞƐƚŝŶŐĨƌŽŵϯϬĂLJstWŽĨϰϬƉƚŽϮϰͬϬϵͬϮϬϭϲ
Ϯϭ͕ϯϴϬ͕ϬϬϬ	Ϯϭ͕ϯϴϬ͕ϬϬϬ

EKd ϭϵ DW>KzE&/d^ ;ĐŽŶƚŝŶƵĞĚͿ

^ŚĂƌĞͲďĂƐĞĚ ƉĂLJŵĞŶƚƐ;ĐŽŶƚŝŶƵĞĚͿ

&ĂŝƌǀĂůƵĞ ŽĨƐŚĂƌĞ ŽƉƚŝŽŶƐĂŶĚ			ϮϬϭϰ
ĂƐƐƵŵƉƚŝŽŶƐ	άϬ͘ϱϬ KƉƚŝŽŶƐ ϭϱ:ƵůLJ ϮϬϭϯ	άϬ͘ϮϴKƉƚŝŽŶƐ ϭϱ:ƵůLJ ϮϬϭϯ	άϬ͘ϭϰKƉƚŝŽŶƐ ϭϱ:ƵůLJ ϮϬϭϯ	άϬ͘ϱϬ KƉƚŝŽŶƐ Ϯϰ^ĞƉƚ ϮϬϭϯ	άϬ͘ϮϴKƉƚŝŽŶƐ Ϯϰ^ĞƉƚ ϮϬϭϯ	άϬ͘ϭϰKƉƚŝŽŶƐ Ϯϰ^ĞƉƚ ϮϬϭϯ
EƵŵďĞƌŽĨŽƉƚŝŽŶƐ	ϰ͕ϬϬϬ͕ϬϬϬ	Ϯ͕ϮϱϬ͕ϬϬϬ	ϭ͕ϮϱϬ͕ϬϬϬ	ϴϮϬ͕ϬϬϬ	ϯ͕ϮϱϬ͕ϬϬϬ	ϯ͕ϮϱϬ͕ϬϬϬ
&ĂŝƌǀĂůƵĞĂƚŝƐƐƵĞ ĚĂƚĞ	άϬ͘ϬϬϬϭ	άϬ͘ϬϬϭϮ	άϬ͘ϬϬϰϯ	άϬ͘ϬϬϭ	άϬ͘ϬϬϯ	άϬ͘Ϭϭϭ
džĞƌĐŝƐĞƉƌŝĐĞ	άϬ͘ϱϬ	άϬ͘Ϯϴ	άϬ͘ϭϰ	άϬ͘ϱϬ	άϬ͘Ϯϴ	άϬ͘ϭϰ
džƉĞĐƚĞĚǀŽůĂƚŝůŝƚLJ	ϭϮϳ͘ϰϲй	ϭϮϳ͘ϰϲй	ϭϮϳ͘ϰϲй	ϭϭϯ͘Ϯϰй	ϭϭϯ͘Ϯϰй	ϭϭϯ͘Ϯϰй
KƉƚŝŽŶůŝĨĞ	ϯ͘ϬϬLJĞĂƌƐ	ϯ͘ϬϬLJĞĂƌƐ	ϯ͘ϬϬLJĞĂƌƐ	ϯ͘ϬϬLJĞĂƌƐ	ϯ͘ϬϬLJĞĂƌƐ	ϯ͘ϬϬLJĞĂƌƐ
džƉĞĐƚĞĚĚŝǀŝĚĞŶĚƐ	Ϭ͘ϬϬй	Ϭ͘ϬϬй	Ϭ͘ϬϬй	Ϭ͘ϬϬй	Ϭ͘ϬϬй	Ϭ͘ϬϬй
ZŝƐŬͲĨƌĞĞŝŶƚĞƌĞƐƚ ƌĂƚĞ;ƐŚŽƌƚͲƚĞƌŵͿ	ϭ͘Ϯϴй	ϭ͘Ϯϴй	ϭ͘Ϯϴй	ϭ͘ϲϮй	ϭ͘ϲϮй	ϭ͘ϲϮй
sĂůƵĂƚŝŽŶ ŵĞƚŚŽĚŽůŽŐLJ	DŽŶƚĞĂƌůŽ	DŽŶƚĞĂƌůŽ	DŽŶƚĞĂƌůŽ	DŽŶƚĞĂƌůŽ	DŽŶƚĞĂƌůŽ	DŽŶƚĞĂƌůŽ

&ĂŝƌǀĂůƵĞ ŽĨƐŚĂƌĞ ŽƉƚŝŽŶƐĂŶĚ ĂƐƐƵŵƉƚŝŽŶƐ	ϮϬϭϱ
	άϬ͘ϭϰKƉƚŝŽŶƐ	άϬ͘ϮϴKƉƚŝŽŶƐ
	ϴ:ƵůLJ ϮϬϭϰ	ϴ:ƵůLJ ϮϬϭϰ
EƵŵďĞƌŽĨŽƉƚŝŽŶƐ	Ϯ͕ϭϴϬ͕ϬϬϬ	Ϯ͕ϭϴϬ͕ϬϬϬ
&ĂŝƌǀĂůƵĞĂƚŝƐƐƵĞ ĚĂƚĞ	άϬ͘ϬϭϬ	άϬ͘ϬϬϯ
džĞƌĐŝƐĞƉƌŝĐĞ	άϬ͘ϭϰϬ	άϬ͘ϮϴϬ
džƉĞĐƚĞĚǀŽůĂƚŝůŝƚLJ	ϭϭϱ͘ϯϭй	ϭϭϱ͘ϯϭй
KƉƚŝŽŶůŝĨĞ	ϯ͘ϬϬLJĞĂƌƐ	ϯ͘ϬϬLJĞĂƌƐ
džƉĞĐƚĞĚĚŝǀŝĚĞŶĚƐ	Ϭ͘ϬϬй	Ϭ͘ϬϬй
ZŝƐŬͲĨƌĞĞŝŶƚĞƌĞƐƚ ƌĂƚĞ;ƐŚŽƌƚͲƚĞƌŵͿ	Ϯ͘ϰϴй	Ϯ͘ϰϴй
sĂůƵĂƚŝŽŶ ŵĞƚŚŽĚŽůŽŐLJ	DŽŶƚĞĂƌůŽ	DŽŶƚĞĂƌůŽ

&Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϬ :ƵŶĞ ϮϬϭϲ

EKd ϮϬ &/EE/>/E^dZhDEd^ ;'ZKhW EKDWEzͿ

&ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐďLJĐĂƚĞŐŽƌLJ

&ŝŶĂŶĐŝĂů ĂƐƐĞƚƐ	>ŽĂŶƐĂŶĚ ƌĞĐĞŝǀĂďůĞƐ		ǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞ
	ϮϬϭϲ	ϮϬϭϱ	ϮϬϭϲ	ϮϬϭϲ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ	ϵϰ͕ϵϯϯ	ϯϮϭ͕ϰϰϬ	Ͳ	Ͳ
dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ	ϭϮϯ͕ϵϳϰ	ϭϱϵ͕ϰϯϯ	Ͳ	Ͳ
ƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚƐ	Ͳ	Ͳ	ϭ͕ϲϮϮ͕ϳϭϮ	ϴϵϲ͕ϭϵϳ
dŽƚĂů ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ	Ϯϭϴ͕ϵϬϳ	ϰϴϬ͕ϴϳϯ	ϭ͕ϲϮϮ͕ϳϭϮ	ϴϵϲ͕ϭϵϳ

&ŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐ	&ŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐĂƚ ĂŵŽƌƚŝƐĞĚ ĐŽƐƚ
	ϮϬϭϲ	ϮϬϭϱ
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ	ϯ͕ϳϰϮ͕ϯϲϭ	Ϯ͕ϯϯϴ͕ϰϰϲ
ŽƌƌŽǁŝŶŐƐ	ϰ͕ϳϳϲ͕ϰϬϰ	Ͳ
dŽƚĂů ĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐ	ϴ͕ϱϭϴ͕ϳϲϱ	Ϯ͕ϯϯϴ͕ϰϰϲ

dŚĞƌĞŚĂǀĞďĞĞŶŶŽĐŚĂŶŐĞƐŝŶĨŝŶĂŶĐŝĂůƌŝƐŬƐĨƌŽŵƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌ͘

ƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϭϲĂŶĚϮϬϭϱŶŽƚƌĂĚŝŶŐŝŶĐŽŵŵŽĚŝƚLJĐŽŶƚƌĂĐƚƐǁĂƐƵŶĚĞƌƚĂŬĞŶ͘

DĂƌŬĞƚ ƌŝƐŬ

/ŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬƐ

dŚĞ'ƌŽƵƉ͛Ɛ ĂŶĚ ŽŵƉĂŶLJ͛Ɛ ƉŽůŝĐLJ ŝƐ ƚŽ ƌĞƚĂŝŶ ŝƚƐ ƐƵƌƉůƵƐ ĨƵŶĚƐ ŽŶ ƚŚĞ ŵŽƐƚ ĂĚǀĂŶƚĂŐĞŽƵƐ ƚĞƌŵ ŽĨ ĚĞƉŽƐŝƚ ĂǀĂŝůĂďůĞ ƵƉ ƚŽ ƚǁĞůǀĞ ŵŽŶƚŚ͛ƐŵĂdžŝŵƵŵĚƵƌĂƚŝŽŶ͘ dŚĞŝŶĐƌĞĂƐĞͬĚĞĐƌĞĂƐĞŽĨϮйŝŶŝŶƚĞƌĞƐƚƌĂƚĞƐǁŝůůŝŵƉĂĐƚƚŚĞ'ƌŽƵƉ͛ƐŝŶĐŽŵĞƐƚĂƚĞŵĞŶƚďLJĂŐĂŝŶͬůŽƐƐŽĨ Ψϭ͕ϴϵϵ ĂŶĚ ƚŚĞ ĐŽŵƉĂŶLJ͛Ɛ ŝŶĐŽŵĞ ƐƚĂƚĞŵĞŶƚ ďLJ Ψϯϰϰ͘ dŚĞ ŐƌŽƵƉ ĐŽŶƐŝĚĞƌƐ ƚŚĂƚ Ă Ϯй нͬͲ ŵŽǀĞŵĞŶƚ ŝŶƚĞƌĞƐƚ ƌĂƚĞƐ ƌĞƉƌĞƐĞŶƚ ƌĞĂƐŽŶĂďůĞƉŽƐƐŝďůĞĐŚĂŶŐĞƐ͘

&ŽƌĞŝŐŶĐƵƌƌĞŶĐLJƌŝƐŬ

dŚĞ'ƌŽƵƉŚĂƐƉŽƚĞŶƚŝĂůĐƵƌƌĞŶĐLJĞdžƉŽƐƵƌĞƐŝŶƌĞƐƉĞĐƚŽĨŝƚĞŵƐĚĞŶŽŵŝŶĂƚĞĚŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐŝĞƐĐŽŵƉƌŝƐŝŶŐ͗

dƌĂŶƐĂĐƚŝŽŶĂůĞdžƉŽƐƵƌĞŝŶ ƌĞƐƉĞĐƚŽĨŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͕ĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞƐĂŶĚ͕ ƚŽĂůĞƐƐĞƌĞdžƚĞŶƚ͕ƐĂůĞƐŝŶĐƵƌƌĞĚŝŶĐƵƌƌĞŶĐŝĞƐ ŽƚŚĞƌƚŚĂŶƚŚĞĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJŽĨŽƉĞƌĂƚŝŽŶƐǁŚŝĐŚƌĞƋƵŝƌĞĨƵŶĚƐƚŽďĞŵĂŝŶƚĂŝŶĞĚŝŶĐƵƌƌĞŶĐŝĞƐŽƚŚĞƌƚŚĂŶƚŚĞĨƵŶĐƚŝŽŶĂů ĐƵƌƌĞŶĐLJŽĨŽƉĞƌĂƚŝŽŶ͖ĂŶĚ
dƌĂŶƐůĂƚŝŽŶĂůĞdžƉŽƐƵƌĞƐŝŶƌĞƐƉĞĐƚŽĨŝŶǀĞƐƚŵĞŶƚƐŝŶŽǀĞƌƐĞĂƐŽƉĞƌĂƚŝŽŶƐǁŚŝĐŚŚĂǀĞĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐŝĞƐŽƚŚĞƌƚŚĂŶƵƐƚƌĂůŝĂŶ ĚŽůůĂƌƐ͘

EKd ϮϬ &/EE/>/E^dZhDEd^ ;'ZKhW EKDWEzͿ ;ĐŽŶƚŝŶƵĞĚͿ

ƵƌƌĞŶĐLJƌŝƐŬŝŶƌĞƐƉĞĐƚŽĨŶŽŶͲĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJĞdžƉĞŶĚŝƚƵƌĞŝƐƌĞǀŝĞǁĞĚďLJƚŚĞŽĂƌĚ͘

	'ƌŽƵƉ ϮϬϭϲ Ψ	'ƌŽƵƉ ϮϬϭϱ Ψ
^ŽůŽŵŽŶ/ƐůĂŶĚĚŽůůĂƌ;^Ϳ	ϳ͕Ϭϳϱ	ϳ͕Ϭϳϭ
hŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌ;h^Ϳ	ϰϬ͕ϯϳϲ	ϲϭ͕ϴϱϵ
'ƌĞĂƚƌŝƚŝƐŚWŽƵŶĚ;'WͿ	ϭ͕ϰϲϳ	ϭ͕ϴϬϬ
ƵƐƚƌĂůŝĂŶĚŽůůĂƌ	ϰϲ͕Ϭϭϱ	ϮϱϬ͕ϳϭϬ
	ϵϰ͕ϵϯϯ	ϯϮϭ͕ϰϰϬ

dŚĞŵĂŝŶĐƵƌƌĞŶĐLJĞdžƉŽƐƵƌĞƌĞůĂƚĞƐƚŽƚŚĞĞĨĨĞĐƚŽĨƌĞͲƚƌĂŶƐůĂƚŝŽŶŽĨƚŚĞ'ƌŽƵƉ͛ƐĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŝŶ^ŽůŽŵŽŶ/ƐůĂŶĚĚŽůůĂƌ ;^Ϳ ĂŶĚhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌ;h^Ϳ͘ ϭϬйĐŚĂŶŐĞŝŶƚŚĞ^ͬΨĂŶĚh^ͬΨĞdžĐŚĂŶŐĞƌĂƚĞƐǁŽƵůĚŐŝǀĞƌŝƐĞƚŽĂĐŚĂŶŐĞŽĨĂƉƉƌŽdžŝŵĂƚĞůLJ Ψϰ͕ϴϵϮ ;ϮϬϭϱ͗ Ψϳ͕ϬϳϯͿ ŝŶ ƚŚĞ 'ƌŽƵƉ ŶĞƚ ĂƐƐĞƚƐ ĂŶĚ ƌĞƉŽƌƚĞĚ ĞĂƌŶŝŶŐƐ͘ /Ŷ ƌĞƐƉĞĐƚ ŽĨ ŽƚŚĞƌ ŵŽŶĞƚĂƌLJ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ŚĞůĚ ŝŶ ĐƵƌƌĞŶĐŝĞƐŽƚŚĞƌ ƚŚĂŶƵƐƚƌĂůŝĂŶĚŽůůĂƌƐ͕ƚŚĞ'ƌŽƵƉĞŶƐƵƌĞƐƚŚĂƚ ƚŚĞŶĞƚĞdžƉŽƐƵƌĞŝƐŬĞƉƚƚŽĂŶĂĐĐĞƉƚĂďůĞůĞǀĞů͕ďLJďƵLJŝŶŐŽƌƐĞůůŝŶŐ ĨŽƌĞŝŐŶĐƵƌƌĞŶĐŝĞƐĂƚƐƉŽƚƌĂƚĞƐǁŚĞƌĞŶĞĐĞƐƐĂƌLJƚŽĂĚĚƌĞƐƐƐŚŽƌƚͲƚĞƌŵŝŵďĂůĂŶĐĞƐ͘

dŚĞŽŵƉĂŶLJĚŝĚŶŽƚŚĂǀĞĂŶLJŵŽŶĞƚĂƌLJĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŝŶĐƵƌƌĞŶĐŝĞƐŽƚŚĞƌƚŚĂŶƚŚĞĐŽŵƉĂŶLJĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJ͘

ƌĞĚŝƚ ZŝƐŬ

dŚĞ'ƌŽƵƉŝƐĞdžƉŽƐĞĚƚŽĐƌĞĚŝƚƌŝƐŬƉƌŝŵĂƌŝůLJĨƌŽŵƚŚĞĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶƐǁŝƚŚǁŚŝĐŚŝƚŚŽůĚƐĐĂƐŚĂŶĚĐĂƐŚĚĞƉŽƐŝƚƐ͘ƚϯϬ:ƵŶĞϮϬϭϲ͕ ƚŚĞ'ƌŽƵƉ ŚĂĚ Ψϭϭ͕ϰϬϭ ŝŶ ĐĂƐŚ ĂĐĐŽƵŶƚƐ ǁŝƚŚDĂĐƋƵĂƌŝĞ ĂŶŬ >ŝŵŝƚĞĚ ŝŶƵƐƚƌĂůŝĂ͕ ΨϮϮ͕ϲϳϵ ŝŶ ĐĂƐŚ ĂĐĐŽƵŶƚƐ ǁŝƚŚ ƚŚĞE ĂŶŬ ŝŶ ƵƐƚƌĂůŝĂ͕Ψϭϲ͕ϰϲϲŝŶĐĂƐŚĂĐĐŽƵŶƚƐǁŝƚŚtĞƐƚƉĂĐĂŶŬŝŶƵƐƚƌĂůŝĂ͕Ψϰ͕ϮϭϵŝŶĐĂƐŚĂĐĐŽƵŶƚƐǁŝƚŚƚŚĞEĂŶŬŝŶ,ŽŶŝĂƌĂ͕^ŽůŽŵŽŶ /ƐůĂŶĚƐ͕Ψϯϰ͕ϭϴϮŝŶĐĂƐŚĂĐĐŽƵŶƚƐǁŝƚŚĂŶĐŽ'ƵĂLJĂƋƵŝůŝŶĐƵĂĚŽƌ͕ΨϮ͕ϮϭϱŝŶĐĂƐŚĂĐĐŽƵŶƚƐǁŝƚŚĂŶĐŽWŝĐŚŝŶĐŚĂĂŶĚΨϵϭϲŝŶƉĞƚƚLJ ĐĂƐŚ͘/ŶĐůƵĚŝŶŐŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ͕ƚŚĞŵĂdžŝŵƵŵĞdžƉŽƐƵƌĞƚŽĐƌĞĚŝƚƌŝƐŬĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞǁĂƐΨϮϵϴ͕ϭϬϮ;ϮϬϭϱ͗ΨϰϳϮ͕ϳϯϱͿ͘

dŚĞ ĐŽŵƉĂŶLJ ŝƐ ĂůƐŽ ĞdžƉŽƐĞĚ ƚŽ ĐƌĞĚŝƚ ƌŝƐŬ ĚƵĞ ƚŽ ƚŚĞ ĐĂƐŚ ďĂůĂŶĐĞƐ ŝƚ ŚŽůĚƐ ĚŝƌĞĐƚůLJ͘ /ƚ ŝƐ ĂůƐŽ ĞdžƉŽƐĞĚ ƚŽ ĐƌĞĚŝƚ ƌŝƐŬ ŽŶ ƚŚĞ ůŽĂŶ ďĂůĂŶĐĞƐ ŝƚ ŚŽůĚƐǁŝƚŚŝƚƐ ƐƵďƐŝĚŝĂƌŝĞƐ͘ ƚϯϬ :ƵŶĞϮϬϭϲ͕ ƚŚĞ ĐŽŵƉĂŶLJ ŚĂĚ Ψϭϳ͕ϭϵϵŝŶ ĐĂƐŚĂŶĚ ĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĂŶĚ Ψϯϭ͕ϭϰϰ͕ϴϵϲ ŽĨ ŝŶƚĞƌĐŽŵƉĂŶLJůŽĂŶďĂůĂŶĐĞƐƌĞĐĞŝǀĂďůĞ͘dŚĞŵĂdžŝŵƵŵĞdžƉŽƐƵƌĞƚŽĐƌĞĚŝƚƌŝƐŬĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞǁĂƐΨϯϭ͕ϭϲϮ͕Ϭϵϱ͘

>ŝƋƵŝĚŝƚLJ ƌŝƐŬƐ

dŚĞ'ƌŽƵƉĂŶĚŽŵƉĂŶLJƌĂŝƐĞƐĨƵŶĚƐĂƐƌĞƋƵŝƌĞĚŽŶƚŚĞďĂƐŝƐŽĨďƵĚŐĞƚĞĚĞdžƉĞŶĚŝƚƵƌĞĨŽƌƚŚĞŶĞdžƚϭϮƚŽϮϰŵŽŶƚŚƐ͕ĚĞƉĞŶĚĞŶƚŽŶĂ ŶƵŵďĞƌ ŽĨ ƉƌĞǀĂŝůŝŶŐ ĨĂĐƚŽƌƐ͘ &ƵŶĚƐ ĂƌĞ ŐĞŶĞƌĂůůLJ ƌĂŝƐĞĚ ŝŶ ĐĂƉŝƚĂů ŵĂƌŬĞƚƐ ĨƌŽŵ Ă ǀĂƌŝĞƚLJ ŽĨ ĞůŝŐŝďůĞ ƉƌŝǀĂƚĞ͕ ĐŽƌƉŽƌĂƚĞ ĂŶĚ ĨƵŶĚ ŝŶǀĞƐƚŽƌƐ͕ŽƌĨƌŽŵŝŶƚĞƌĞƐƚĞĚƚŚŝƌĚƉĂƌƚŝĞƐ;ŝŶĐůƵĚŝŶŐŽƚŚĞƌĞdžƉůŽƌĂƚŝŽŶĂŶĚŵŝŶŝŶŐĐŽŵƉĂŶŝĞƐͿǁŚŝĐŚŵĂLJďĞŝŶƚĞƌĞƐƚĞĚŝŶĞĂƌŶŝŶŐĂŶ ŝŶƚĞƌĞƐƚ ŝŶ ƚŚĞ ƉƌŽũĞĐƚ͘ dŚĞ ƐƵĐĐĞƐƐ Žƌ ŽƚŚĞƌǁŝƐĞ ŽĨ ƐƵĐŚ ĐĂƉŝƚĂů ƌĂŝƐŝŶŐƐ ŝƐ ĚĞƉĞŶĚĞŶƚ ƵƉŽŶ Ă ǀĂƌŝĞƚLJ ŽĨ ĨĂĐƚŽƌƐ ŝŶĐůƵĚŝŶŐ ŐĞŶĞƌĂů ĞƋƵŝƚŝĞƐĂŶĚŵĞƚĂůƐŵĂƌŬĞƚƐĞŶƚŝŵĞŶƚ͕ŵĂĐƌŽͲĞĐŽŶŽŵŝĐŽƵƚůŽŽŬ͕ƉƌŽũĞĐƚƉƌŽƐƉĞĐƚŝǀŝƚLJ͕ŽƉĞƌĂƚŝŽŶĂůƌŝƐŬƐĂŶĚŽƚŚĞƌĨĂĐƚŽƌƐĨƌŽŵƚŝŵĞƚŽ ƚŝŵĞ͘ tŚĞŶ ĨƵŶĚƐ ĂƌĞ ƐŽƵŐŚƚ͕ ƚŚĞ'ƌŽƵƉ ďĂůĂŶĐĞƐ ƚŚĞ ĐŽƐƚƐ ĂŶĚ ďĞŶĞĨŝƚƐ ŽĨ ĞƋƵŝƚLJ ĨŝŶĂŶĐŝŶŐ͘ tŚĞŶ ĨƵŶĚƐ ĂƌĞ ƌĞĐĞŝǀĞĚ ƚŚĞLJ ĂƌĞ ĚĞƉŽƐŝƚĞĚǁŝƚŚďĂŶŬƐŽĨŚŝŐŚƐƚĂŶĚŝŶŐŝŶŽƌĚĞƌ ƚŽŽďƚĂŝŶŵĂƌŬĞƚŝŶƚĞƌĞƐƚ ƌĂƚĞƐ͘dŚĞ'ƌŽƵƉĚĞĂůƐǁŝƚŚďĂŶŬƐǁŝƚŚŚŝŐŚĐƌĞĚŝƚ ƌĂƚŝŶŐƐ ĂƐƐŝŐŶĞĚďLJŝŶƚĞƌŶĂƚŝŽŶĂůĐƌĞĚŝƚƌĂƚŝŶŐĂŐĞŶĐŝĞƐ͘ &ƵŶĚƐĂƌĞƉƌŽǀŝĚĞĚƚŽůŽĐĂůƐŝƚĞƐǁĞĞŬůLJ͕ďĂƐĞĚŽŶƚŚĞƐŝƚĞƐ͛ĨŽƌĞĐĂƐƚĞdžƉĞŶĚŝƚƵƌĞ͘

ůůůŝĂďŝůŝƚŝĞƐŚĞůĚďLJƚŚĞ'ƌŽƵƉĂƌĞĐŽŶƚƌĂĐƚƵĂůůLJĚƵĞĂŶĚƉĂLJĂďůĞǁŝƚŚŝŶϭLJĞĂƌ͘

&ĂŝƌǀĂůƵĞƐ

/ŶƚŚĞŝƌĞĐƚŽƌƐ͛ŽƉŝŶŝŽŶƚŚĞƌĞŝƐŶŽŵĂƚĞƌŝĂůĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞŬǀĂůƵĞĂŶĚĨĂŝƌǀĂůƵĞŽĨĂŶLJŽĨƚŚĞ'ƌŽƵƉ͛ƐĂŶĚŽŵƉĂŶLJ͛Ɛ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ͘ dŚĞ ĐůĂƐƐĞƐ ŽĨ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ĂƌĞ ƚŚĞ ƐĂŵĞ ĂƐ ƚŚĞ ůŝŶĞ ŝƚĞŵƐ ŝŶĐůƵĚĞĚ ŽŶ ƚŚĞ ĨĂĐĞ ŽĨ ƚŚĞ ƐƚĂƚĞŵĞŶƚ ŽĨ ĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂŶĚŚĂǀĞďĞĞŶĂŶĂůLJƐĞĚŝŶŵŽƌĞĚĞƚĂŝůŝŶŶŽƚĞƐƚŽƚŚĞĂĐĐŽƵŶƚƐ͘

ůůƚŚĞ'ƌŽƵƉ͛ƐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƌĞĐĂƚĞŐŽƌŝƐĞĚĂƐůŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐĂŶĚĂůůĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĂƌĞŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚ͘

EKd Ϯϭ KDD/dDEd^

dŚĞ'ƌŽƵƉ ĂůƐŽ ŚĂƐ ĐĞƌƚĂŝŶ ŽďůŝŐĂƚŝŽŶƐ ƚŽ ĞdžƉĞŶĚ ŵŝŶŝŵƵŵ ĂŵŽƵŶƚƐ ŽŶ ĞdžƉůŽƌĂƚŝŽŶ ŝŶ ƚĞŶĞŵĞŶƚ ĂƌĞĂƐ͘ dŚĞƐĞ ŽďůŝŐĂƚŝŽŶƐ ŵĂLJ ďĞ ǀĂƌŝĞĚĨƌŽŵƚŝŵĞƚŽƚŝŵĞĂŶĚĂƌĞĞdžƉĞĐƚĞĚƚŽďĞĨƵůĨŝůůĞĚŝŶƚŚĞŶŽƌŵĂůĐŽƵƌƐĞŽĨŽƉĞƌĂƚŝŽŶƐŽĨƚŚĞ'ƌŽƵƉ͘

dŚĞĐŽŵďŝŶĞĚĐŽŵŵŝƚŵĞŶƚƐŽĨƚŚĞ'ƌŽƵƉƌĞůĂƚĞĚƚŽŝƚƐŐƌĂŶƚĞĚƚĞŶĞŵĞŶƚŝŶƚĞƌĞƐƚƐĂƌĞĂƐĨŽůůŽǁƐ͗

>ŽĐĂƚŝŽŶ	hƉ ƚŽ ϭϮDŽŶƚŚƐ	ϭϯDŽŶƚŚƐƚŽϱzĞĂƌƐ	>ĂƚĞƌ ƚŚĂŶϱzĞĂƌƐ
ĐƵĂĚŽƌ	Ͳ	Ͳ	Ͳ
^ŽůŽŵŽŶ/ƐůĂŶĚƐ	Ͳ	Ͳ	Ͳ
YƵĞĞŶƐůĂŶĚ	ϲϮϮ͕ϰϬϬ	ϮϬϱ͕ϱϬϬ	Ͳ
	ϲϮϮ͕ϰϬϬ	ϮϬϱ͕ϱϬϬ	Ͳ

EKd ϮϮ Z>dWZd/^

;ĂͿ'ƌŽƵƉ

ĂͿ dƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚŝƌĞĐƚŽƌƐĂŶĚŝƌĞĐƚŽƌͲZĞůĂƚĞĚŶƚŝƚŝĞƐ
;ŝͿ dŚĞŽŵƉĂŶLJ ŚĂĚ Ă ĐŽŵŵĞƌĐŝĂů ĂŐƌĞĞŵĞŶƚ ǁŝƚŚ ^ĂŵƵĞůĂƉŝƚĂů >ƚĚ ;͞^ĂŵƵĞů͟Ϳ ĨŽƌ ƚŚĞĞŶŐĂŐĞŵĞŶƚ ŽĨEŝĐŚŽůĂƐ DĂƚŚĞƌĂƐ ĚŝƌĞĐƚŽƌ ŽĨ ƚŚĞŽŵƉĂŶLJ͘&Žƌ ƚŚĞLJĞĂƌĞŶĚĞĚϯϬ :ƵŶĞϮϬϭϲ ΨϭϱϬ͕ϬϬϬǁĂƐ ƉĂŝĚ Žƌ ƉĂLJĂďůĞ ƚŽ^ĂŵƵĞů ;ϮϬϭϱ͗ΨϭϱϬ͕ϬϬϬͿ͘dŚĞƐĞĂŵŽƵŶƚƐĂƌĞŝŶĐůƵĚĞĚŝŶEŽƚĞϱ;ZĞŵƵŶĞƌĂƚŝŽŶŽĨ<ĞLJDĂŶĂŐĞŵĞŶƚWĞƌƐŽŶŶĞůͿ͘dŚĞƚŽƚĂů ĂŵŽƵŶƚŽƵƚƐƚĂŶĚŝŶŐĂƚLJĞĂƌĞŶĚŝƐΨϲϮ͕ϱϬϬ;ϮϬϭϱ͗Ψϱϴ͕ϯϱϴͿ͘
;ŝŝͿ dŚĞŽŵƉĂŶLJŚĂƐĂůŽŶŐͲƐƚĂŶĚŝŶŐĐŽŵŵĞƌĐŝĂůĂƌƌĂŶŐĞŵĞŶƚǁŝƚŚ'Z 'ůŽďĂů>ƚĚ͕ĂŶĞŶƚŝƚLJĂƐƐŽĐŝĂƚĞĚǁŝƚŚEŝĐŚŽůĂƐ DĂƚŚĞƌ ;ŝƌĞĐƚŽƌͿĂŶĚƌŝĂŶDŽůůĞƌ ;ŝƌĞĐƚŽƌͿ͕ ĨŽƌƚŚĞƉƌŽǀŝƐŝŽŶŽĨǀĂƌŝŽƵƐƐĞƌǀŝĐĞƐ͕ǁŚĞƌĞďLJ'Z 'ůŽďĂůƉƌŽǀŝĚĞƐ ƌĞƐŽƵƌĐĞƐ ĂŶĚ ƐĞƌǀŝĐĞƐ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ŽĨ ŝƚƐ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ĂŶĚ ĞdžƉůŽƌĂƚŝŽŶ ƐƚĂĨĨ͕ ŝƚƐ ƉƌĞŵŝƐĞƐ ;ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞƐŽĨĐŽŶĚƵĐƚŝŶŐƚŚĞŽŵƉĂŶLJ͛ƐďƵƐŝŶĞƐƐŽƉĞƌĂƚŝŽŶƐͿ͕ƵƐĞŽĨĞdžŝƐƚŝŶŐŽĨĨŝĐĞĨƵƌŶŝƚƵƌĞ͕ĞƋƵŝƉŵĞŶƚĂŶĚĐĞƌƚĂŝŶ ƐƚĂƚŝŽŶĞƌLJ͕ƚŽŐĞƚŚĞƌǁŝƚŚŐĞŶĞƌĂůƚĞůĞƉŚŽŶĞ͕ƌĞĐĞƉƚŝŽŶĂŶĚŽƚŚĞƌŽĨĨŝĐĞĨĂĐŝůŝƚŝĞƐ;͚͚^ĞƌǀŝĐĞƐ͛͛Ϳ͘/ŶĐŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌ ƚŚĞƉƌŽǀŝƐŝŽŶŽĨƚŚĞ^ĞƌǀŝĐĞƐ͕ƚŚĞŽŵƉĂŶLJƐŚĂůůƌĞŝŵďƵƌƐĞ'Z 'ůŽďĂůĨŽƌĂŶLJĞdžƉĞŶƐĞƐŝŶĐƵƌƌĞĚďLJŝƚŝŶƉƌŽǀŝĚŝŶŐ ƚŚĞ^ĞƌǀŝĐĞƐ͘&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϭϲΨϯϲϬ͕ϬϬϬǁĂƐƉĂŝĚŽƌƉĂLJĂďůĞƚŽ'Z 'ůŽďĂů;ϮϬϭϱ͗ΨϯϲϬ͕ϬϬϬͿĨŽƌ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ŽĨ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ͕ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ŽĨĨŝĐĞ ĨĂĐŝůŝƚŝĞƐ ƚŽ ƚŚĞ ŽŵƉĂŶLJ ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌ͘ dŚĞ ƚŽƚĂů ĂŵŽƵŶƚŽƵƚƐƚĂŶĚŝŶŐĂƚLJĞĂƌĞŶĚǁĂƐΨϭϮϬ͕ϬϬϬ;ϮϬϭϱ͗ΨϯϭϬ͕ϲϵϬͿ͘
;ŝŝŝͿ DƌƌŝĂŶDŽůůĞƌ;ĂŝƌĞĐƚŽƌͿ͕ŝƐĂƉĂƌƚŶĞƌŝŶƚŚĞƵƐƚƌĂůŝĂŶĨŝƌŵ,ŽƉŐŽŽĚ'ĂŶŝŵůĂǁLJĞƌƐ͘&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞ ϮϬϭϲ͕,ŽƉŐŽŽĚ'ĂŶŝŵǁĞƌĞƉĂŝĚΨϲϲ͕Ϯϲϯ;ϮϬϭϱ͗ΨϭϮϴ͕ϲϴϭͿĨŽƌƚŚĞƉƌŽǀŝƐŝŽŶŽĨůĞŐĂůƐĞƌǀŝĐĞƐƚŽƚŚĞŽŵƉĂŶLJ͘dŚĞ ƐĞƌǀŝĐĞƐǁĞƌĞďĂƐĞĚŽŶŶŽƌŵĂůĐŽŵŵĞƌĐŝĂůƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘dŚĞƚŽƚĂůĂŵŽƵŶƚŽƵƚƐƚĂŶĚŝŶŐĂƚLJĞĂƌĞŶĚǁĂƐ Ψϲϲ͕Ϯϲϯ;ϮϬϭϱ͗Ψϳϰ͕ϳϬϰͿ͘
;ŝǀͿ KŶϮϬEŽǀĞŵďĞƌϮϬϭϱ͕'Z 'ůŽďĂů >ƚĚ ĂŐƌĞĞĚ ƚŽ ƉƌŽǀŝĚĞ ƐŚŽƌƚ ƚĞƌŵ ĨƵŶĚŝŶŐ ƚŽ ^Žů'ŽůĚ ƉůĐ ƚŽ ƉƌŽǀŝĚĞ ǁŽƌŬŝŶŐ ĐĂƉŝƚĂů͘ /ŶƚĞƌĞƐƚŽŶƚŚĞĨĂĐŝůŝƚLJŝƐĐŚĂƌŐĞĚĂƚƚŚĞƌĂƚĞŽĨϵ͘ϱйƉĞƌĂŶŶƵŵ͘ dŚĞůŽĂŶŝƐƌĞƉĂLJĂďůĞďLJ^Žů'ŽůĚƉůĐŽŶƚŚĞ ĞĂƌůŝĞƌŽĨĂŶLJĐĂƉŝƚĂůƌĂŝƐŝŶŐĞǀĞŶƚ͕Žƌϯϭ ĞĐĞŵďĞƌϮϬϭϲ͘ 'Z 'ůŽďĂů>ƚĚĐĂŶ͕ĂƚŝƚƐƐŽůĞĞůĞĐƚŝŽŶ͕ĐŽŶǀĞƌƚĂůůŽƌƉĂƌƚ ŽĨƚŚĞůŽĂŶ͕ŝŶĐůƵĚŝŶŐĂĐĐƌƵĞĚŝŶƚĞƌĞƐƚ͕ŝŶƚŽĨƵƌƚŚĞƌĞƋƵŝƚLJĂƐƉĂƌƚŽĨĂ^Žů'ŽůĚƉůĐĐĂƉŝƚĂůƌĂŝƐŝŶŐ͕ĂŶĚĂƚƚŚĞƐĂŵĞ ƉƌŝĐĞ ĂƐ ƚŚŝƌĚ ƉĂƌƚLJ ƉĂƌƚŝĐŝƉĂŶƚƐ͕ ƐƵďũĞĐƚ ƚŽ 'Z 'ůŽďĂů >ƚĚ ĂŶĚ ^Žů'ŽůĚ ƉůĐ ŽďƚĂŝŶŝŶŐ Ăůů ŶĞĐĞƐƐĂƌLJ ƌĞŐƵůĂƚŽƌLJ ĂƉƉƌŽǀĂůƐ͘ ŶĞǁ ůŽĂŶ ĂŐƌĞĞŵĞŶƚ ǁĂƐ ƐŝŐŶĞĚ ŽŶϯϬ :ƵŶĞϮϬϭϲ ƌĞǀŝƐŝŶŐ ƚŚĞ ůŝŵŝƚ ŽŶ ƚŚĞ ĨĂĐŝůŝƚLJ ƚŽ ΨϳŵŝůůŝŽŶ͕ Ăůů ŽƚŚĞƌĐŽŶĚŝƚŝŽŶƐƌĞŵĂŝŶĞĚƚŚĞƐĂŵĞ͘ KŶϮϵ ƵŐƵƐƚϮϬϭϲ͕'Z 'ůŽďĂů>ƚĚĐŽŶǀĞƌƚĞĚΨϱ͕ϳϬϬ͕ϬϬϬŽĨƚŚĞĚĞďƚĨƵŶĚŝŶŐ ƉƌŽǀŝĚĞĚƚŽ^Žů'ŽůĚŝŶƚŽ^Žů'ŽůĚƐŚĂƌĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƚĞƌŵƐŽĨƚŚĞůŽĂŶĂƌƌĂŶŐĞŵĞŶƚƐĂŶŶŽƵŶĐĞĚƚŽƚŚĞ ŵĂƌŬĞƚŽŶϭ:ƵůLJϮϬϭϲ͘

EKd ϮϮ Z>dWZd/^ ;ĐŽŶƚŝŶƵĞĚͿ

;ĂͿ'ƌŽƵƉ ;ĐŽŶƚŝŶƵĞĚͿ

;ǀͿ KŶϮ KĐƚŽďĞƌϮϬϭϱ͕'Z 'ůŽďĂů>ƚĚĂŶĚdĞŶƐƚĂƌdƌĂĚŝŶŐ>ƚĚĂŐƌĞĞĚƚŽƉƌŽǀŝĚĞƐŚŽƌƚƚĞƌŵĨƵŶĚŝŶŐƚŽ^Žů'ŽůĚW>ƚŽ ƉƌŽǀŝĚĞ ǁŽƌŬŝŶŐ ĐĂƉŝƚĂů͘ /ŶƚĞƌĞƐƚ ŽŶ ƚŚĞ ĨĂĐŝůŝƚLJ ǁĂƐ ĐŚĂƌŐĞĚ Ăƚ ϵ͘ϱй ƉĞƌ ĂŶŶƵŵ͘ dŚĞ ůŽĂŶƐ ǁĞƌĞ ƌĞƉĂLJĂďůĞ ďLJ ^Žů'ŽůĚϭϮŵŽŶƚŚƐ ĨƌŽŵ ƚŚĞ ĚĂƚĞ ŽĨ ŝƐƐƵĞ͘ 'Z 'ůŽďĂů >ƚĚ ĂŶĚ dĞŶƐƚĂƌdƌĂĚŝŶŐ >ƚĚ ĐŽƵůĚ͕ Ăƚ ƚŚĞŝƌ ƐŽůĞ ĞůĞĐƚŝŽŶ͕ ĐŽŶǀĞƌƚĂůůŽƌƉĂƌƚŽĨƚŚĞůŽĂŶ͕ŝŶĐůƵĚŝŶŐĂĐĐƌƵĞĚŝŶƚĞƌĞƐƚ͕ŝŶƚŽĨƵƌƚŚĞƌĞƋƵŝƚLJĂƚĞŝƚŚĞƌϭ͘ϳϱƉĞŶĐĞ;'WͿŽƌĂƉƌŝĐĞ ĞƋƵĂů ƚŽ ϴϬй ŽĨ ƚŚĞstW ŽĨ ƚŚĞ ƐŚĂƌĞƐ͛ ĨŝǀĞ ĚĂLJƐ ƚƌĂĚŝŶŐ ďĞĨŽƌĞ ƚŚĞ ĐŽŶǀĞƌƐŝŽŶ ŶŽƚŝĐĞ͘ KŶ ϳDĂƌĐŚϮϬϭϲ 'Z 'ůŽďĂů>ƚĚĂŶĚdĞŶƐƚĂƌdƌĂĚŝŶŐ>ƚĚĐŽŶǀĞƌƚĞĚΨϮ͕Ϯϵϱ͕ϮϭϴŽĨƚŚĞĚĞďƚ ĨƵŶĚŝŶŐĚĞƌŝǀĂƚŝǀĞƉƌŽǀŝĚĞĚƚŽ^Žů'ŽůĚ͘ dŚĞ ĐŽŶǀĞƌƐŝŽŶǁĂƐĂƚϯ͘ϲϳ;'WͿƉĞƌƐŚĂƌĞĂŶĚŐĞŶĞƌĂƚĞĚĂŵŽǀĞŵĞŶƚŝŶĨĂŝƌǀĂůƵĞŽŶĚĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐŽĨ Ψϭ͕ϯϳϴ͕ϮϲϬǁŚŝĐŚǁĂƐĞdžƉĞŶƐĞĚƚŽƚŚĞŝŶĐŽŵĞƐƚĂƚĞŵĞŶƚŝŶƚŚĞLJĞĂƌ͘
ďͿ ^ŚĂƌĞĂŶĚKƉƚŝŽŶƚƌĂŶƐĂĐƚŝŽŶƐŽĨŝƌĞĐƚŽƌƐĂƌĞƐŚŽǁŶƵŶĚĞƌEŽƚĞƐϱĂŶĚϭϵ͘

;ďͿ ŽŵƉĂŶLJ

dŚĞŽŵƉĂŶLJŚĂƐƌĞůĂƚĞĚƉĂƌƚLJƌĞůĂƚŝŽŶƐŚŝƉƐǁŝƚŚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ;ƐĞĞEŽƚĞϵͿ͕ŝƌĞĐƚŽƌƐĂŶĚŽƚŚĞƌŬĞLJƉĞƌƐŽŶŶĞů;ƐĞĞEŽƚĞϭϵͿ͘

ůůƌĞůĂƚĞĚƉĂƌƚLJƚƌĂŶƐĂĐƚŝŽŶƐĂƌĞĐŽŶĚƵĐƚĞĚĂƚĂƌŵ͛ƐůĞŶŐƚŚ͘

^ƵďƐŝĚŝĂƌŝĞƐ

dŚĞŽŵƉĂŶLJŚĂƐĂŶŝŶǀĞƐƚŵĞŶƚŝŶƐƵďƐŝĚŝĂƌŝĞƐ ďĂůĂŶĐĞŽĨΨϰϬ͕ϭϯϮ͕ϴϮϳ ;ϮϬϭϱ͗ΨϯϬ͕ϳϮϵ͕ϭϴϮͿ͘dŚĞ ƚƌĂŶƐĂĐƚŝŽŶƐĚƵƌŝŶŐ ƚŚĞLJĞĂƌ ŚĂǀĞ ďĞĞŶŝŶĐůƵĚĞĚŝŶŶŽƚĞϵ͘ƐƚŚĞŽŵƉĂŶLJĚŽĞƐŶŽƚĞdžƉĞĐƚƌĞƉĂLJŵĞŶƚŽĨƚŚŝƐĂŵŽƵŶƚĂŶĚǁŝůůŶŽƚĐĂůůƉĂLJŵĞŶƚƵŶƚŝůƚŚĞƐƵďƐŝĚŝĂƌLJĐĂŶ ĂĚĞƋƵĂƚĞůLJƉĂLJŝƚŽƵƚŽĨǁŽƌŬŝŶŐĐĂƉŝƚĂů͕ƚŚŝƐĂŵŽƵŶƚŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚŝŶƚŚĞWĂƌĞŶƚŶƚŝƚLJ͛Ɛ ƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͘

;ĐͿŽŶƚƌŽůůŝŶŐƉĂƌƚLJ

/ŶƚŚĞŝƌĞĐƚŽƌƐ͛ŽƉŝŶŝŽŶƚŚĞƌĞŝƐŶŽƵůƚŝŵĂƚĞĐŽŶƚƌŽůůŝŶŐƉĂƌƚLJ͘

EKd Ϯϯ KhEd/E'^d/Dd^ E:h'DEd^

<ĞLJƐŽƵƌĐĞƐŽĨ ĞƐƚŝŵĂƚŝŽŶ ƵŶĐĞƌƚĂŝŶƚLJ

dŚĞŬĞLJĞůĞŵĞŶƚƐŽĨƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůWŽƐŝƚŝŽŶƚŚĂƚƌĞůLJŽŶƚŚĞďƵƐŝŶĞƐƐũƵĚŐŵĞŶƚŽĨƚŚĞŝƌĞĐƚŽƌƐĂƐƌĞůĂƚĞĚƚŽƚŚĞŝƌĐĂƌƌLJŝŶŐ ǀĂůƵĞŝŶĐůƵĚĞƚŚĞĐĂƉŝƚĂůŝƐĞĚĞdžƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞ͕ĂŶĚƚŚĞďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶ;ĂůƐŽůĂƌŐĞůLJƌĞĨůĞĐƚĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĐĂƌƌLJŝŶŐ ǀĂůƵĞŽĨĞdžƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞͿ͘

dŚĞŝƌĞĐƚŽƌƐŚĂǀĞĐĂƌƌŝĞĚŽƵƚĂŶĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞƐŽĨĚĞĨĞƌƌĞĚĞdžƉůŽƌĂƚŝŽŶĐŽƐƚƐĂŶĚĂŶLJƌĞƋƵŝƌĞĚŝŵƉĂŝƌŵĞŶƚĂŶĚŝƐ ŝŶĐůƵĚĞĚŝŶŶŽƚĞϭϮ͘

EKd Ϯϰ KEd/E'Ed ^^d^ E>//>/d/^

ϮйŶĞƚƐŵĞůƚĞƌ ƌŽLJĂůƚLJŝƐƉĂLJĂďůĞƚŽ^ĂŶƚĂĂƌďĂƌĂZĞƐŽƵƌĐĞƐ>ŝŵŝƚĞĚ͕ǁŚŽǁĞƌĞƚŚĞƉƌĞǀŝŽƵƐŽǁŶĞƌƐŽĨƚŚĞĂƐĐĂďĞůƚĞŶĞŵĞŶƚƐ͘ dŚĞƐĞƌŽLJĂůƚŝĞƐĐĂŶďĞďŽƵŐŚƚŽƵƚďLJƉĂLJŝŶŐĂƚŽƚĂůŽĨh^ΨϰŵŝůůŝŽŶ͘ &ŝĨƚLJƉĞƌĐĞŶƚ;ϱϬйͿŽĨƚŚĞƌŽLJĂůƚLJĐĂŶďĞƉƵƌĐŚĂƐĞĚĨŽƌh^ΨϭŵŝůůŝŽŶ ϵϬĚĂLJƐĨŽůůŽǁŝŶŐƚŚĞĐŽŵƉůĞƚŝŽŶŽĨĂĨĞĂƐŝďŝůŝƚLJƐƚƵĚLJĂŶĚƚŚĞƌĞŵĂŝŶŝŶŐϱϬйŽĨƚŚĞƌŽLJĂůƚLJĐĂŶďĞƉƵƌĐŚĂƐĞĚĨŽƌh^ΨϯŵŝůůŝŽŶϵϬĚĂLJƐ ĨŽůůŽǁŝŶŐĂƉƌŽĚƵĐƚŝŽŶĚĞĐŝƐŝŽŶ͘

/Ŷ ƚŚĞ ĞǀĞŶƚ ŽƌŶĞƌƐƚŽŶĞ ĂƉŝƚĂůZĞƐŽƵƌĐĞƐ /ŶĐ͛͘Ɛ ;ŽƌŶĞƌƐƚŽŶĞͿ ĞƋƵŝƚLJ ŝŶƚĞƌĞƐƚ ŝŶ E^ ŝƐ ĚŝůƵƚĞĚ ďĞůŽǁ ϭϬй͕ ŽƌŶĞƌƐƚŽŶĞ͛Ɛ ĞƋƵŝƚLJ ŝŶƚĞƌĞƐƚǁŝůůďĞĐŽŶǀĞƌƚĞĚƚŽĂŚĂůĨŽĨŽŶĞƉĞƌĐĞŶƚ;Ϭ͘ϱйͿŝŶƚĞƌĞƐƚŝŶĂEĞƚ^ŵĞůƚĞƌZĞƚƵƌŶĂŶĚ^Žů'ŽůĚǁŝůůŚĂǀĞƌŝŐŚƚƚŽƉƵƌĐŚĂƐĞƚŚĞ EĞƚ^ŵĞůƚĞƌZĞƚƵƌŶĨŽƌh^Ψϯ͘ϱŵŝůůŝŽŶĂƚĂŶLJƚŝŵĞ͘

dŚĞƌĞĂƌĞŶŽŽƚŚĞƌĐŽŶƚŝŶŐĞŶƚĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂƚϯϬ:ƵŶĞϮϬϭϲ;ϮϬϭϱ͗ŶŝůͿ͘

EKd Ϯϱ ^h^YhEd sEd^

KŶϮϲ ƵŐƵƐƚϮϬϭϲ͕ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂŶĂĚĚŝƚŝŽŶĂůϮϲϴ͕ϴϭϵ͕ϬϬϰƐŚĂƌĞƐĂƚάϬ͘ϬϲƚŽƌĂŝƐĞΨϮϳ͘ϵŵŝůůŝŽŶŝŶĂĐŽŵďŝŶĂƚŝŽŶŽĨĐĂƐŚĂŶĚ ĚĞďƚĐŽŶǀĞƌƐŝŽŶƐ ƉƵƌƐƵĂŶƚ ƚŽĂ ƉƌŝǀĂƚĞ ƉůĂĐĞŵĞŶƚ ƚŽƉƌŽŐƌĞƐƐŝƚƐĞdžƉůŽƌĂƚŝŽŶĂŶĚƉƌŽũĞĐƚĚĞǀĞůŽƉŵĞŶƚĞĨĨŽƌƚƐĂĐƌŽƐƐŝƚƐƉŽƌƚĨŽůŝŽŽĨ ƉƌŽũĞĐƚƐŝŶƚŚĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐ͕ĐƵĂĚŽƌĂŶĚYƵĞĞŶƐůĂŶĚ͕ƵƐƚƌĂůŝĂ͘

KŶϵ ^ĞƉƚĞŵďĞƌϮϬϭϲ͕Dƌ^ĐŽƚƚ͘ ĂůĚǁĞůůǁĂƐĂƉƉŽŝŶƚĞĚĂƐĂEŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌ͘

KŶϮϰ ^ĞƉƚĞŵďĞƌϮϬϭϲ͕ϲ͕ϱϮϬ͕ϬϬϬƵŶůŝƐƚĞĚŽƉƚŝŽŶƐ;ĐŽŵƉƌŝƐŝŶŐϮ͕ϴϱϬ͕ϬϬϬŽƉƚŝŽŶƐĞdžĞƌĐŝƐĂďůĞĂƚϭϰƉ͕Ϯ͕ϴϱϬ͕ϬϬϬŽƉƚŝŽŶƐĞdžĞƌĐŝƐĂďůĞĂƚ ϮϴƉĂŶĚϴϮϬ͕ϬϬϬŽƉƚŝŽŶƐĞdžĞƌĐŝƐĂďůĞĂƚϱϬƉͿĞdžƉŝƌĞĚ͘

KŶϭϰ KĐƚŽďĞƌϮϬϭϲ͕ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂŶĂĚĚŝƚŝŽŶĂůϲϯ͕ϯϱϯ͕ϯϯϵƐŚĂƌĞƐĂƚάϬ͘ϭϯƚŽƌĂŝƐĞΨϭϯ͘ϰŵŝůůŝŽŶŝŶĐĂƐŚƉƵƌƐƵĂŶƚƚŽĂƉƌŝǀĂƚĞ ƉůĂĐĞŵĞŶƚ ƚŽ ĐŽŶƚŝŶƵĞ ƚŽ ĨƵŶĚ ƚŚĞ'ƌŽƵƉ͛Ɛ ĞdžƉůŽƌĂƚŝŽŶ ŽĨ ŝƚƐ ĨůĂŐƐŚŝƉ ĂƐĐĂďĞů ŽƉƉĞƌ'ŽůĚ WŽƌƉŚLJƌLJ WƌŽũĞĐƚ͕ ĨŽƌ ŐĞŶĞƌĂů ǁŽƌŬŝŶŐ ĐĂƉŝƚĂůƉƵƌƉŽƐĞƐĂŶĚŽŶŐŽŝŶŐĐŽƌƉŽƌĂƚĞĐŽƐƚƐ͘

KŶϭϳKĐƚŽďĞƌϮϬϭϲ͕ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂŶĂĚĚŝƚŝŽŶĂůϭϰϮ͕ϴϵϲ͕ϲϲϭƐŚĂƌĞƐĂƚάϬ͘ϭϯƚŽƌĂŝƐĞΨϯϬ͘ϯŵŝůůŝŽŶŝŶĐĂƐŚƉƵƌƐƵĂŶƚƚŽĂƉƌŝǀĂƚĞ ƉůĂĐĞŵĞŶƚ ƚŽ ĐŽŶƚŝŶƵĞ ƚŽ ĨƵŶĚ ƚŚĞ'ƌŽƵƉ͛Ɛ ĞdžƉůŽƌĂƚŝŽŶ ŽĨ ŝƚƐ ĨůĂŐƐŚŝƉ ĂƐĐĂďĞů ŽƉƉĞƌ'ŽůĚ WŽƌƉŚLJƌLJ WƌŽũĞĐƚ͕ ĨŽƌ ŐĞŶĞƌĂů ǁŽƌŬŝŶŐ ĐĂƉŝƚĂůƉƵƌƉŽƐĞƐĂŶĚŽŶŐŽŝŶŐĐŽƌƉŽƌĂƚĞĐŽƐƚƐ͘

KŶ ϭϳ KĐƚŽďĞƌ ϮϬϭϲ͕ ƚŚĞ ŽŵƉĂŶLJ ŝƐƐƵĞĚ ĂŶ ĂĚĚŝƚŝŽŶĂů ϭϵ͕ϱϵϭ͕ϳϲϴ ƵŶůŝƐƚĞĚ ŽƉƚŝŽŶƐ ƚŽ DĂdžŝƚ ĂƉŝƚĂů͘ dŚĞ ŽƉƚŝŽŶƐ ĐŽŶƐŝƐƚ ŽĨ ƚǁŽ ƚƌĂŶĐŚĞƐŽĨϵ͕ϳϵϱ͕ϴϴϰŽƉƚŝŽŶƐĞĂĐŚĞdžĞƌĐŝƐĂďůĞĂƚάϬ͘ϭϰĂŶĚάϬ͘Ϯϴ͘

dŚĞŝƌĞĐƚŽƌƐĂƌĞŶŽƚĂǁĂƌĞŽĨĂŶLJŽƚŚĞƌƐŝŐŶŝĨŝĐĂŶƚĐŚĂŶŐĞƐŝŶƚŚĞƐƚĂƚĞŽĨĂĨĨĂŝƌƐŽĨƚŚĞ'ƌŽƵƉŽƌĞǀĞŶƚƐĂĨƚĞƌƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞƚŚĂƚ ǁŽƵůĚŚĂǀĞĂŵĂƚĞƌŝĂůŝŵƉĂĐƚŽŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚŽƌŽŵƉĂŶLJĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

APPENDIX C

AUDITED FINANCIAL INFORMATION FOR THE YEAR ENDED 30 JUNE 2015

ŶŶƵĂůZĞƉŽƌƚ

&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϭϱ

KZWKZd/E&KZDd/KE͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯ
,/ZDE͛^^ddDEd͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰ
^dZd'/ZWKZd͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱ
'KsZEE͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϭ
/EWEEdh/dKZΖ^ZWKZd͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϳ
KE^K>/d^ddDEdK&KDWZ,E^/s/EKD͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϵ
KE^K>/dEKDWEz^ddDEd^K&&/EE/>WK^/d/KE͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϬ
KE^K>/dEKDWEz^ddDEd^K&,E'^/EYh/dz͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϭ
KE^K>/dEKDWEz^ddDEd^K&^,&>Kt^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϯ
EKd^dKd,&/EE/>^ddDEd^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϰ

KZWKZd/E&KZDd/KE

/ZdKZ^

ƌŝĂŶDŽůůĞƌ;EŽŶͲdžĞĐƵƚŝǀĞŚĂŝƌŵĂŶͿ EŝĐŚŽůĂƐDĂƚŚĞƌ;džĞĐƵƚŝǀĞŝƌĞĐƚŽƌͿ ƌZŽďĞƌƚtĞŝŶďĞƌŐ;EŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌͿ :ŽŚŶŽǀĂƌĚ;EŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌͿ

KDWEz^ZdZz

<Ăƌů^ĐŚůŽďŽŚŵ

Z'/^dZK&&/

ϮϬϭŝƐŚŽƉƐŐĂƚĞ͕ >ŽŶĚŽŶϮD ϯ͕ hŶŝƚĞĚ<ŝŶŐĚŽŵ

ZĞŐŝƐƚĞƌĞĚEƵŵďĞƌϱϰϰϵϱϭϲ

h^dZ>/E K&&/

ĞǀĞůϮϳ͕ϭϭϭ ĂŐůĞ^ƚ ƌŝƐďĂŶĞY>ϰϬϬϬ WŚŽŶĞ͗нϲϭ ϳ ϯϯϬϯ ϬϲϲϬ &Ădž͗нϲϭ ϳ ϯϯϬϯ Ϭϲϴϭ ŵĂŝů͗ŝŶĨŽΛƐŽůŐŽůĚ͘ĐŽŵ͘ĂƵ tĞď^ŝƚĞ͗ǁǁǁ͘ƐŽůŐŽůĚ͘ĐŽŵ͘ĂƵ

h/dKZ

K >>W ϱϱĂŬĞƌ^ƚƌĞĞƚ >ŽŶĚŽŶtϭh ϳh hŶŝƚĞĚ<ŝŶŐĚŽŵ

EKD/Eds/^KZ

^W ŶŐĞůŽƌƉŽƌĂƚĞ&ŝŶĂŶĐĞ>>W WƌŝŶĐĞ&ƌĞĚĞƌŝĐŬ,ŽƵƐĞ ϯϱͲϯϵ DĂĚĚŽdž^ƚƌĞĞƚ >ŽŶĚŽŶtϭ^ ϮWW hŶŝƚĞĚ<ŝŶŐĚŽŵ

ZK<Z

^W ŶŐĞůŽƌƉŽƌĂƚĞ&ŝŶĂŶĐĞ>>W WƌŝŶĐĞ&ƌĞĚĞƌŝĐŬ,ŽƵƐĞ ϯϱͲϯϵ DĂĚĚŽdž^ƚƌĞĞƚ >ŽŶĚŽŶtϭ^ ϮWW hŶŝƚĞĚ<ŝŶŐĚŽŵ

E<Z^

DĂĐƋƵĂƌŝĞĂŶŬ>ƚĚ;ƌŝƐďĂŶĞƌĂŶĐŚͿ ϯϰϱ YƵĞĞŶ^ƚƌĞĞƚ͕ƌŝƐďĂŶĞY> ϰϬϬϬ ƵƐƚƌĂůŝĂ

h<^K>//dKZ^

ŽĐŬĞ>ŽƌĚ>>W ϮϬϭŝƐŚŽƉƐŐĂƚĞ͕ >ŽŶĚŽŶϮD ϯ͕ hŶŝƚĞĚ<ŝŶŐĚŽŵ

h^dZ>/E ^K>//dKZ^

,ŽƉŐŽŽĚ'ĂŶŝŵ >ĞǀĞůϴ͕tĂƚĞƌĨƌŽŶƚWůĂĐĞ ϭ ĂŐůĞ^ƚƌĞĞƚ͕ ƌŝƐďĂŶĞY> ϰϬϬϬ͕ƵƐƚƌĂůŝĂ

Z'/^dZZ^

ŽŵƉƵƚĞƌƐŚĂƌĞ/ŶǀĞƐƚŽƌ^ĞƌǀŝĐĞƐƉůĐ dŚĞWĂǀŝůŝŽŶƐ͕ƌŝĚŐǁĂƚĞƌZŽĂĚ ƌŝƐƚŽů^ϵϵ ϳE, hŶŝƚĞĚ<ŝŶŐĚŽŵ

,/ZDE͛^ ^ddDEd

ĞĂƌ ^ŚĂƌĞŚŽůĚĞƌ͕

KŶ ďĞŚĂůĨ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŽĨ ^Žů'ŽůĚ͕ / ƚĂŬĞ ƉůĞĂƐƵƌĞ ŝŶ ƉƌĞƐĞŶƚŝŶŐ ƚŚĞ ŶŶƵĂů ZĞƉŽƌƚ ĨŽƌ ϮϬϭϱ͘

/ƚ ŚĂƐ ďĞĞŶ Ă ďƵƐLJLJĞĂƌ ĨŽƌ ƚŚĞ ŽŵƉĂŶLJĂƐ ŝƚ ŚĂƐ ĐŽŶƚŝŶƵĞĚ ƚŽ ĨŽĐƵƐ ƚŚĞ ŵĂũŽƌŝƚLJŽĨ ŝƚƐ ĞĨĨŽƌƚƐ ŽŶ ƚŚĞ ĞdžƉůŽƌĂƚŝŽŶ ŽĨ ĂƐĐĂďĞů͕ ŝƚƐ ĨůĂŐƐŚŝƉ ĐŽƉƉĞƌ ŐŽůĚ ƉŽƌƉŚLJƌLJƉƌŽũĞĐƚ ŝŶ ĐƵĂĚŽƌ͘

dŽ ĚĂƚĞ ƚŚĞ ŽŵƉĂŶLJŚĂƐ ĐŽŵƉůĞƚĞĚ ŐĞŽůŽŐŝĐĂů ŵĂƉƉŝŶŐ͕ ƐŽŝů ƐĂŵƉůŝŶŐ͕ ϭϰŬŵϮ ĂŶĚ ϵŬŵϮ /ŶĚƵĐĞĚ WŽůĂƌŝƐĂƚŝŽŶ ĂŶĚ DĂŐŶĞƚŽƚĞůůƵƌŝĐ͞KƌŝŽŶ͟ƐƵƌǀĞLJƐ Ăƚ ƚŚĞ ůƉĂůĂ ĂŶĚ ŐƵŝŶĂŐĂ ƚĂƌŐĞƚƐ͕ ƌĞƐƉĞĐƚŝǀĞůLJ͘ƚ ƚŚĞ ƚŝŵĞ ŽĨ ǁƌŝƚŝŶŐ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂĚ ĐŽŵƉůĞƚĞĚ ĂƉƉƌŽdžŝŵĂƚĞůLJϮϱŬŵϮ ŽĨ ƐŽŝů ƐĂŵƉůŝŶŐ ĂŶĚ ϭϰŬŵ^Ϯ ŽĨ ĞůĞĐƚƌŝĐĂů ƐƵƌǀĞLJƐ͕ ŽǀĞƌ Ϯϭ͕ϬϬϬŵ ŽĨ ĚƌŝůůŝŶŐ ĂŶĚ ĞdžƉĞŶĚĞĚ ĂƉƉƌŽdžŝŵĂƚĞůLJh^ΨϯϬŵ͘ ŝĂŵŽŶĚ ĚƌŝůůŝŶŐ ĐŽŶƚŝŶƵĞƐ ǁŝƚŚ ƚǁŽ Ěƌŝůů ƌŝŐƐ ĐŽŵƉůĞƚŝŶŐ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϴ͕ϬϬϬ ŵĞƚƌĞƐ ƉĞƌ ƌŝŐ ĞĂĐŚ͕ ƉĞƌ ĂŶŶƵŵ͘

ĂƐĐĂďĞů ŝƐ ĐŚĂƌĂĐƚĞƌŝƐĞĚ ďLJŵƵůƚŝƉůĞ ƚĂƌŐĞƚƐ͕ ǁŽƌůĚ ĐůĂƐƐ ŝŶƚĞƌƐĞĐƚŝŽŶƐ ƌŝĐŚ ŝŶ ŚŝŐŚ ŐƌĂĚĞƐ ŽĨ ĐŽƉƉĞƌ ĂŶĚ ŐŽůĚ͕ ůŽŐŝƐƚŝĐ ĂĚǀĂŶƚĂŐĞƐ ŝŶ ůŽĐĂƚŝŽŶ͕ ĞůĞǀĂƚŝŽŶ͕ ǁĂƚĞƌ ƐƵƉƉůLJ͕ ƉƌŽdžŝŵŝƚLJ ƚŽ ƌŽĂĚ͕ ƉŽƌƚ ĂŶĚ ƉŽǁĞƌ ƐĞƌǀŝĐĞƐ ĂŶĚ Ă ƉƌŽŐƌĞƐƐŝǀĞ ůĞŐŝƐůĂƚŝǀĞ ĂƉƉƌŽĂĐŚ ƚŽ ƌĞƐŽƵƌĐĞ ĚĞǀĞůŽƉŵĞŶƚ͘

^Žů'ŽůĚ ŝƐ ƉůĂŶŶŝŶŐ Ă ƌĞƐŽƵƌĐĞ ƐƚĂƚĞŵĞŶƚ Ăƚ ůƉĂůĂ ƚŚĞ ŵŽƐƚ ĂĚǀĂŶĐĞĚ ƚĂƌŐĞƚ Ăƚ ĂƐĐĂďĞů ďLJŵŝĚͲϮϬϭϲ͕ ŝŶ ĂĚĚŝƚŝŽŶ ƚŽ Ěƌŝůů ƚĞƐƚŝŶŐ ƚŚĞ ŽƚŚĞƌ ŬĞLJƚĂƌŐĞƚƐ Ăƚ ŐƵŝŶĂŐĂ͕ dĂŶĚĂLJĂŵĂ ŵĞƌŝĐĂ ĂŶĚ ŚŝŶĂŵďŝĐŝƚŽ ŝŶ ƚŚĞ ĂƐĐĂďĞů ĐŽŶĐĞƐƐŝŽŶ͘LJ ƚŚĞ ĞŶĚ ŽĨ ϮϬϭϲ ƚŚĞ ĐŽŵƉĂŶLJŝƐ ƉůĂŶŶŝŶŐ ĨƵƌƚŚĞƌ ŵĞƚĂůůƵƌŐŝĐĂů ƚĞƐƚŝŶŐ͕ ĂŶĚ ĐŽŵƉůĞƚŝŽŶ ŽĨ ĞĂƌůLJƐƚĂŐĞ ŵŝŶĞ ĂŶĚ ƉůĂŶƚ ĚĞƐŝŐŶ ĂŶĚ Ă ƐĐŽƉŝŶŐ ƐƚƵĚLJĨŽƌ ĂŶ ĞĐŽŶŽŵŝĐ ĚĞǀĞůŽƉŵĞŶƚ Ăƚ ĂƐĐĂďĞů͘^Žů'ŽůĚ ŝƐ ŝŶǀĞƐƚŝŐĂƚŝŶŐ ďŽƚŚ ŚŝŐŚ ƚŽŶŶĂŐĞͬ ůŽǁ ŐƌĂĚĞ ŽƉĞŶ ĐƵƚ ĂŶĚ ŚŝŐŚ ŐƌĂĚĞ ůŽǁ ƚŽŶŶĂŐĞ ƵŶĚĞƌŐƌŽƵŶĚ ĚĞǀĞůŽƉŵĞŶƚƐ ĂƐ Ă ďůŽĐŬ ĐĂǀŝŶŐ ŽƉĞƌĂƚŝŽŶ͘

/Ŷ YƵĞĞŶƐůĂŶĚ͕ ƵƐƚƌĂůŝĂ ƚŚĞ ŽŵƉĂŶLJ ŝƐ ĞǀĂůƵĂƚŝŶŐ ƚŚĞ ĨƵƚƵƌĞ ĞdžƉůŽƌĂƚŝŽŶ ƉůĂŶƐ ĨŽƌ ƚŚĞ Dƚ WĞƌƌLJ͕ ZĂŶŶĞƐ ĂŶĚ EŽƌŵĂŶďLJ ƉƌŽũĞĐƚƐ͘ :ŽŝŶƚ ǀĞŶƚƵƌĞ ĂŐƌĞĞŵĞŶƚƐ ĂƌĞ Ɛƚŝůů ďĞŝŶŐ ŝŶǀĞƐƚŝŐĂƚĞĚ ǁŝƚŚ ƚŚĞ ƐƚƌĂƚĞŐLJ ĨŽƌ ƚŚĞ ũŽŝŶƚ ǀĞŶƚƵƌĞ ƉĂƌƚŶĞƌ ƚŽ ĐŽŵŵŝƚ ĨƵŶĚƐ ĂŶĚ ĐĂƌƌLJŽƵƚ ĞdžƉůŽƌĂƚŝŽŶ ƚŽ ĞĂƌŶ ĂŶ ŝŶƚĞƌĞƐƚ ŝŶ ƚŚĞ ƚĞŶĞŵĞŶƚƐ͘

/Ŷ ƚŚĞ ^ŽůŽŵŽŶ /ƐůĂŶĚƐ͕ ƚŚĞ ŽŵƉĂŶLJŚĂƐ ƐƚƌĞĂŵůŝŶĞĚ ŝƚƐ ŝŶͲĐŽƵŶƚƌLJƉƌĞƐĞŶĐĞ ĂĨƚĞƌ ƐŝŐŶŝĨŝĐĂŶƚ Ěƌŝůů ƚĞƐƚŝŶŐ ƌĞĚƵĐĞĚ ƚŚĞ ƉƌŽƐƉĞĐƚŝǀŝƚLJŽĨ &ĂƵƌŽ͕ <ŽůŽƵůĂ ĂŶĚ DĂůĂŬƵŶĂ ƚĞŶĞŵĞŶƚƐ͘

dŚĞ ŽŵƉĂŶLJĐŽŶƚŝŶƵĞƐ ƚŽ ƌĞĐĞŝǀĞ ƉƌŽƉŽƐĂůƐ ƚŽ ƉĂƌƚŝĐŝƉĂƚĞ ŝŶ ŶĞǁ ƉƌŽũĞĐƚƐ͕ ĂŶĚ Ă ŶƵŵďĞƌ ĂƌĞ ďĞŝŶŐ ĐŽŶƐŝĚĞƌĞĚ͘/Ĩ ĂŶLJŽĨ ƚŚĞƐĞ ƉƌŽƉŽƐĂůƐ ƌĞƉƌĞƐĞŶƚ Ă ŚŝŐŚ ƋƵĂůŝƚLJŐŽůĚͲĐŽƉƉĞƌ ŽƉƉŽƌƚƵŶŝƚLJ͕ ƚŚĞLJǁŝůů ďĞ ƉƵƌƐƵĞĚ ǀŝŐŽƌŽƵƐůLJ͘

^Žů'ŽůĚ͛Ɛ ĐŽŶƚŝŶƵĞĚ Ăŝŵ ŝƐ ƚŽ ĂĚǀĂŶĐĞ Ă ƉŽƌƚĨŽůŝŽ ŽĨ ĞdžƉůŽƌĂƚŝŽŶ ĂƐƐĞƚƐ ĂŶĚ ĚĞůŝǀĞƌ ƐŚĂƌĞŚŽůĚĞƌ ŐƌŽǁƚŚ ƚŚƌŽƵŐŚ ƚŚĞ ĚŝƐĐŽǀĞƌLJŽĨ ŐŽůĚ ĂŶĚ ĐŽƉƉĞƌ ĚĞƉŽƐŝƚƐ͘ KŶ ďĞŚĂůĨ ŽĨ ƚŚĞ ŽĂƌĚ͕ / ǁŽƵůĚ ůŝŬĞ ƚŽ ƚŚĂŶŬ LJŽƵ ĨŽƌ LJŽƵƌ ƐƵƉƉŽƌƚ ŽĨ ƚŚĞ ŽŵƉĂŶLJĂŶĚ / ůŽŽŬ ĨŽƌǁĂƌĚ ƚŽ ďƌŝŶŐŝŶŐLJŽƵ ĨƵƌƚŚĞƌ ŶĞǁƐ ĂƐ ŽƵƌ ĞdžƉůŽƌĂƚŝŽŶ ĞĨĨŽƌƚƐ ĐŽŶƚŝŶƵĞ͘

zŽƵƌƐ ĨĂŝƚŚĨƵůůLJ

ƌŝĂŶ DŽůůĞƌ ŚĂŝƌŵĂŶ

^dZd'/ZWKZd

KWZd/KE^ZWKZd

ŽƌƉŽƌĂƚĞ^ƚƌĂƚĞŐLJ

dŚĞŽŵƉĂŶLJ͛ƐĐŽƌƉŽƌĂƚĞƐƚƌĂƚĞŐLJŝƐƚŽ͗

ƌĞĂƚĞƐƵďƐƚĂŶƚŝĂůǁĞĂůƚŚĨŽƌŝƚƐƐŚĂƌĞŚŽůĚĞƌƐďLJĞdžƉůŽƌŝŶŐ͕ĚŝƐĐŽǀĞƌŝŶŐĂŶĚĚĞĨŝŶŝŶŐůĂƌŐĞŝŶǀĞŶƚŽƌŝĞƐŽĨ͕ďƵƚŶŽƚůŝŵŝƚĞĚ ƚŽ͕ĐŽƉƉĞƌĂŶĚŐŽůĚŵĞƚĂů͘
WƌŝŵĂƌŝůLJĨŽĐƵƐŽŶĐŽƉƉĞƌĂŶĚŐŽůĚ͕ƚĂŬŝŶŐƵƉƚŚĞŐƌŽǁƚŚƉŽƚĞŶƚŝĂůĂŶĚŝŶĐƌĞĂƐŝŶŐŐůŽďĂůĚĞŵĂŶĚƐ
dĂƌŐĞƚƌĞŐŝŽŶƐǁŝƚŚǁŽƌůĚĐůĂƐƐĚĞƉŽƐŝƚƐ͘
dĂƌŐĞƚŐƌĂƐƐƌŽŽƚƐůĞǀĞůĞdžƉůŽƌĂƚŝŽŶŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽĞŶĂďůĞůŽǁĐŽƐƚĞŶƚƌLJŝŶƚŽƉƌŽũĞĐƚƐ͘
&ŽĐƵƐŽŶĚŝƐĐŝƉůŝŶĞĚĂŶĚƐLJƐƚĞŵĂƚŝĐĂƉƉƌŽĂĐŚƚŽĞdžƉůŽƌĂƚŝŽŶ͘
DĂdžŝŵŝƐĞƐŚĂƌĞŚŽůĚĞƌĨƵŶĚƐŽŶ͞ŝŶƚŚĞŐƌŽƵŶĚ͟ĞdžƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞĂƐĂƉƌŽƉŽƌƚŝŽŶŽĨƚŚĞƚŽƚĂůďƵĚŐĞƚŝŶŽƌĚĞƌƚŽ ŐĞŶĞƌĂƚĞŚŝŐŚͲƋƵĂůŝƚLJƌĞƐƵůƚƐĂŶĚƉƌŽǀŝĚĞƐŚĂƌĞŚŽůĚĞƌƐǁŝƚŚ͞ďĂŶŐĨŽƌďƵĐŬ͘͟
^ĞĐƵƌĞĂĚĚŝƚŝŽŶĂůĞdžƉůŽƌĂƚŝŽŶƉƌŽũĞĐƚƐďLJƚŚĞĂƉƉůŝĐĂƚŝŽŶĨŽƌŶĞǁƚĞŶĞŵĞŶƚƐĂŶĚͬŽƌĨĂƌŵͲŝŶƐƚLJůĞĂŐƌĞĞŵĞŶƚƐ͘
hŶĚĞƌƚĂŬĞĂŶŽŶͲŐŽŝŶŐƌĞǀŝĞǁŽĨƉŽƚĞŶƚŝĂůůLJ͚ǀĂůƵĞĂĐĐƌĞƚŝǀĞ͛ŽƉƉŽƌƚƵŶŝƚŝĞƐƚŚĂƚĂƌĞƉƌĞƐĞŶƚĞĚƚŽƚŚĞĐŽŵƉĂŶLJĨƌŽŵƚŝŵĞ ƚŽƚŝŵĞ͘
ZĞƐƉĞĐƚƚŚĞŽŵŵƵŶŝƚŝĞƐĂŶĚŶǀŝƌŽŶŵĞŶƚŝŶǁŚŝĐŚǁĞŽƉĞƌĂƚĞ͘
DĂŝŶƚĂŝŶĂƐƚƌŽŶŐĨŽĐƵƐŽŶ,ĞĂůƚŚĂŶĚ^ĂĨĞƚLJĨŽƌŽƵƌĞŵƉůŽLJĞĞƐĂŶĚĐŽŶƚƌĂĐƚŽƌƐ͘

^Žů'ŽůĚŚĂƐĂĐŽŵŵŝƚŵĞŶƚŽƌƉŽƌĂƚĞ^ŽĐŝĂůZĞƐƉŽŶƐŝďŝůŝƚLJĂŶĚŝƐƉĂƐƐŝŽŶĂƚĞĂďŽƵƚƚŚĞĐŽŵƉĂŶLJ͛ƐĂĐƚŝǀĞŚĞĂůƚŚ͕ƐĂĨĞƚLJ͕ĐŽŵŵƵŶŝƚLJ ĂŶĚĞŶǀŝƌŽŶŵĞŶƚƉƌŽŐƌĂŵƐŝŶŝƚƐĂƌĞĂƐŽĨĞdžƉůŽƌĂƚŝŽŶ͘dŚĞĐŽŵƉĂŶLJŚĂƐĂŶŽƵƚƐƚĂŶĚŝŶŐƐĂĨĞƚLJƌĞĐŽƌĚĂŶĚĞŶƐƵƌĞƐƚŚĂƚŝƚƐƉĞŽƉůĞ ĂƌĞƉƌŽƉĞƌůLJƚƌĂŝŶĞĚĂŶĚǁŽƌŬŝŶĂƉůĂŶŶĞĚĂŶĚĐŽŶƚƌŽůůĞĚŵĂŶŶĞƌƵŶĚĞƌƉƌŽĐĞĚƵƌĞƐƚŚĂƚĞŶƐƵƌĞƐĂĨĞŽƉĞƌĂƚŝŽŶƐ͘ŶǀŝƌŽŶŵĞŶƚĂů ĂŶĚƐŽĐŝĂůŵĂŶĂŐĞŵĞŶƚƉƌŽŐƌĂŵƐŝŶϮϬϭϯĂŶĚϮϬϭϰŚĂǀĞĞdžƉĂŶĚĞĚĂŶĚďƵŝůƚŽŶƚŚĞƉƌŽŐƌĂŵƐŝŶŝƚŝĂůůLJĞƐƚĂďůŝƐŚĞĚŝŶϮϬϭϮ͘ >ŽĐĂů ĐŽŶĐĞƌŶƐƌĞŐĂƌĚŝŶŐŵŝŶŝŶŐĂŶĚĞdžƉůŽƌĂƚŝŽŶƌĞůĂƚĞƉƌŝŵĂƌŝůLJƚŽŝƐƐƵĞƐŽĨǁĂƚĞƌƵƐĞĂŶĚǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚ͘ dŚĞĂƐĐĂďĞůƉƌŽƉĞƌƚLJŝƐ ƐŝƚƵĂƚĞĚ ǁŝƚŚŝŶ ƚŚĞ ďŽƵŶĚĂƌŝĞƐ ŽĨ ƚŚƌĞĞ ĐŽŵŵƵŶŝƚŝĞƐ͘ dŚĞ ŵĂŝŶ ĐŽŵŵƵŶŝƚLJ ŽĨ ^ĂŶƚĂ ĞĐŝůŝĂ ůŽĐĂƚĞĚ ŝŶ ƚŚĞ ĐĞŶƚƌĂů ƉĂƌƚ ŽĨ ƚŚĞ ĐŽŶĐĞƐƐŝŽŶŝƐǀĞƌLJƐƵƉƉŽƌƚŝǀĞŽĨƚŚĞŽŵƉĂŶLJ͛ƐƉƌĞƐĞŶĐĞĂŶĚĞdžƉůŽƌĂƚŝŽŶĂĐƚŝǀŝƚŝĞƐ͘ ^Žů'ŽůĚĐŽŶƚŝŶƵĞƐƚŽďƵŝůĚƐƚƌŽŶŐĐŽŵŵƵŶŝƚLJ ƌĞůĂƚŝŽŶƐ ǁŝƚŚ ƚŚĞ ĐŽŵŵƵŶŝƚŝĞƐ Ăƚ ĂƐĐĂďĞů͘ ^Žů'ŽůĚ ĐĂƌĞƐ ĚĞĞƉůLJ ĂďŽƵƚ ĐŽŵŵƵŶŝƚLJ ƌĞůĂƚŝŽŶƐ ĂŶĚ ƐƉŽŶƐŽƌƐ ŵĂŶLJ ĐŽŵŵƵŶŝƚLJ ĞŶƚĞƌƉƌŝƐĞƐĂƐǁĞůůĂƐĞŶŐĂŐŝŶŐƚŚĞĐŽŵŵƵŶŝƚLJŝŶƌĞŐƵůĂƌĞŶǀŝƌŽŶŵĞŶƚĂůŵŽŶŝƚŽƌŝŶŐƐƚƵĚŝĞƐĂŶĚƌĞŚĂďŝůŝƚĂƚŝŽŶƉƌŽŐƌĂŵƐ͘

džƉůŽƌĂƚŝŽŶ^ƚƌĂƚĞŐLJ

dŚĞĐŽŵƉĂŶLJ͛ƐĞdžƉůŽƌĂƚŝŽŶƐƚƌĂƚĞŐLJŝŶĐůƵĚĞƐƚŚĞĨŽůůŽǁŝŶŐĞůĞŵĞŶƚƐ͗

ĂƉŝƚĂůŝƐĂƚŝŽŶŽĨƚŚĞĐŽŵƉĂŶLJ͛ƐƚƌĂĐŬƌĞĐŽƌĚŽĨƐƵĐĐĞƐƐŝŶƚŚĞĚŝƐĐŽǀĞƌLJŽĨŵŝŶĞƌĂůƌĞƐŽƵƌĐĞƐ͘
ĞƚĂŝůĞĚĚƵĞĚŝůŝŐĞŶĐĞŽĨƉƌŽũĞĐƚŽƉƉŽƌƚƵŶŝƚŝĞƐ͘
ĚŝƐĐŝƉůŝŶĞĚĂƉƉƌŽĂĐŚƚŽƚŚĞĞǀĂůƵĂƚŝŽŶŽĨƉƌŽũĞĐƚƐƚŽŐĞŶĞƌĂƚĞĞdžƉůŽƌĂƚŝŽŶĚĂƚĂƐĞƚƐƚŚĂƚŵĂLJŝŶĐůƵĚĞĂůůŽƌƐŽŵĞŽĨƚŚĞ ĨŽůůŽǁŝŶŐĞdžƉůŽƌĂƚŝŽŶ ĂĐƚŝǀŝƚŝĞƐ͗ ŐĞŽůŽŐŝĐĂůŵĂƉƉŝŶŐ͕ ƐƚƌĞĂŵ͕ ƐŽŝů ĂŶĚ ƌŽĐŬ ĐŚŝƉ ŐĞŽĐŚĞŵŝĐĂů ƐĂŵƉůŝŶŐ͕ ĂŶĚ ŐĞŽƉŚLJƐŝĐĂů ƐƵƌǀĞLJŝŶŐ͘
'ĞŶĞƌĂƚŝŽŶŽĨĚƌŝůůƚĂƌŐĞƚƐƚŽƚĞƐƚŽƌĞĚĞƉŽƐŝƚŵŽĚĞůƐďĂƐĞĚŽŶĞdžƉůŽƌĂƚŝŽŶĚĂƚĂƐĞƚƐ͘
ƌŝůůƚĞƐƚŝŶŐƚĂƌŐĞƚƐƚŽĚĞĨŝŶĞƉŽƚĞŶƚŝĂůůLJĞĐŽŶŽŵŝĐŵŝŶĞƌĂůƌĞƐŽƵƌĐĞƐƚŚĂƚƚŚĞĐŽŵƉĂŶLJĐĂŶƚĂŬĞƚŽĨĞĂƐŝďŝůŝƚLJƐƚƵĚLJƐƚĂŐĞ͘

^Žů'ŽůĚŚĂƐĂ ƚƌĂĐŬ ƌĞĐŽƌĚŽĨĞdžƉĞƌŝĞŶĐĞĂƚďŽƚŚĞdžĞĐƵƚŝǀĞĂŶĚŽƉĞƌĂƚŝŽŶƐŵĂŶĂŐĞŵĞŶƚĂŶĚďŽĂƌĚůĞǀĞůƐ ƚŽĚĞĨŝŶĞĂŶĚĚĞǀĞůŽƉ ŵŝŶĞƌĂů ƌĞƐŽƵƌĐĞƐ ĨƌŽŵ ĚŝƐĐŽǀĞƌLJ ƚŚƌŽƵŐŚ ƚŽ ĨĞĂƐŝďŝůŝƚLJĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ͘ /ŶůŝŶĞǁŝƚŚŝƚƐ ĐŽƌƉŽƌĂƚĞ ƐƚƌĂƚĞŐLJ͕^Žů'ŽůĚ͛Ɛ ĨŽĐƵƐŝŶ ϮϬϭϲĐŽŶƚŝŶƵĞƐƚŽǁĂƌĚƐĂǁŽƌůĚĐůĂƐƐĐŽƉƉĞƌͲŐŽůĚĚĞǀĞůŽƉŵĞŶƚĂƚĂƐĐĂďĞů͘dŚĞƚĞĂŵƌĞŵĂŝŶƐĞŶŐĂŐĞĚƵƉŽŶƉƌŽũĞĐƚŐĞŶĞƌĂƚŝŽŶ ŐůŽďĂůůLJ͕ƚĂƌŐĞƚŝŶŐƚĞĐƚŽŶŝĐĂůůLJĨĞƌƚŝůĞĂƌĞĂƐĂŶĚŝŶĐŽƵŶƚƌŝĞƐƐĞƚƚŽďůŽƐƐŽŵŝŶƚŚĞŶĞdžƚŵŝŶŝŶŐƵƉƚƵƌŶ͕ĂƐǁĞůůĂƐƐƚƌĞĂŵůŝŶŝŶŐĂƐƐĞƚƐ ŝŶƵƐƚƌĂůŝĂĂŶĚƚŚĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐ͘

/Ŷ ĐƵĂĚŽƌ͕ ƚŚĞ ĐŽŵƉĂŶLJ ŝƐ ĂĚǀĂŶĐŝŶŐ ƚŚĞ ĂƐĐĂďĞů ƉƌŽũĞĐƚ ĂƐ ǁĞůů ĂƐ ĂĚǀĂŶĐŝŶŐ ƚŚĞ >Ă ŶĐƌƵĐŝũĂĚĂ ĂĐĐĞƐƐ ĂŐƌĞĞŵĞŶƚ ĂŶĚ ŝƐ ƵŶĚĞƌƚĂŬŝŶŐĂĐŽƵŶƚƌLJǁŝĚĞŐĞŶĞƌĂƚŝǀĞŝŶŽƌĚĞƌƚŽĂĐƋƵŝƌĞƚŽƉƋƵĂůŝƚLJƉƌŽũĞĐƚƐŝŶƚŚŝƐĞŵĞƌŐŝŶŐŵŝŶŝŶŐĐŽƵŶƚƌLJ͘

KWZd/KE^ZWKZd;ĐŽŶƚŝŶƵĞĚͿ

džƉůŽƌĂƚŝŽŶ^ƚƌĂƚĞŐLJ;ĐŽŶƚŝŶƵĞĚͿ

dĂďůĞ ϭ͗ ^Žů'ŽůĚĞdžƉůŽƌĂƚŝŽŶƉƌŽũĞĐƚƐ

WƌŽũĞĐƚ	>ŽĐĂƚŝŽŶ	^ƚLJůĞ	KǁŶĞƌƐŚŝƉ
ĂƐĐĂďĞů :s	ĐƵĂĚŽƌ	ŽƉƉĞƌ'ŽůĚWŽƌƉŚLJƌLJ	:s͕^Žů'ŽůĚ;ϴϱйŝŶƚĞƌĞƐƚͿ
<ƵŵĂ	^ŽůŽŵŽŶ/ƐůĂŶĚƐ	ŽƉƉĞƌ'ŽůĚWŽƌƉŚLJƌLJ	ϭϬϬйŽǁŶĞĚ
ZĂŶŶĞƐ	YƵĞĞŶƐůĂŶĚ͕	ƉŝƚŚĞƌŵĂů'ŽůĚ	ϭϬϬйŽǁŶĞĚ
	ƵƐƚƌĂůŝĂ
Dƚ WĞƌƌLJ	YƵĞĞŶƐůĂŶĚ͕	WŽƌƉŚLJƌLJĂŶĚsĞŝŶ'ŽůĚ	ϭϬϬйŽǁŶĞĚ
	ƵƐƚƌĂůŝĂ
EŽƌŵĂŶďLJ	YƵĞĞŶƐůĂŶĚ͕	'ŽůĚŽƉƉĞƌWŽƌƉŚLJƌLJ	ϭϬϬйŽǁŶĞĚ
	ƵƐƚƌĂůŝĂ
ƌĂĐŽǁtĞƐƚ	YƵĞĞŶƐůĂŶĚ͕	ƉŝƚŚĞƌŵĂů'ŽůĚ	ϭϬϬйŽǁŶĞĚ
tĞƐƚǁŽŽĚ	ƵƐƚƌĂůŝĂ	W' >ĂLJĞƌĞĚ/ŶƚƌƵƐŝŽŶ	ϭϬϬйŽǁŶĞĚ
>ŽŶĞƐŽŵĞ	YƵĞĞŶƐůĂŶĚ͕	ƉŝƚŚĞƌŵĂů'ŽůĚ	ϭϬϬйŽǁŶĞĚ
	ƵƐƚƌĂůŝĂ
	YƵĞĞŶƐůĂŶĚ͕
	ƵƐƚƌĂůŝĂ

hKZ

ĂƐĐĂďĞůWƌŽũĞĐƚ;ϴϱйŝŶƚĞƌĞƐƚͿ

>ŽĐĂƚŝŽŶ͗	ϭϴϬŬŵŶŽƌƚŚŽĨƚŚĞĐĂƉŝƚĂůYƵŝƚŽ͕ĐƵĂĚŽƌ
KǁŶĞƌƐŚŝƉ͗	džƉůŽƌĂĐŝŽŶĞƐEŽǀŽŵŝŶŝŶŐ^͘;E^ͿŚŽůĚƐϭϬϬйŽĨĂƐĐĂďĞůĐŽŶĐĞƐƐŝŽŶ͘
	^Žů'ŽůĚŽǁŶƐϴϱйŽĨE^͘
dĞŶĞŵĞŶƚƌĞĂ͗	ϱϬŬŵϮ
WƌŝŵĂƌLJdĂƌŐĞƚ͗	WŽƌƉŚLJƌLJĐŽƉƉĞƌͲŐŽůĚ

dŚĞĂƐĐĂďĞůƉƌŽũĞĐƚĂŶĚŝƚƐ ĨůĂŐƐŚŝƉĚŝƐĐŽǀĞƌLJ͕ ƚŚĞŐŽůĚͲƌŝĐŚ͕ ŚŝŐŚŐƌĂĚĞůƉĂůĂƉŽƌƉŚLJƌLJĐŽƉƉĞƌͲŐŽůĚĚĞƉŽƐŝƚĂƌĞůŽĐĂƚĞĚŝŶ ƚŚĞ /ŵďĂďƵƌĂƉƌŽǀŝŶĐĞŽĨŶŽƌƚŚǁĞƐƚĐƵĂĚŽƌ͘dŚĞĂƐĐĂďĞůĐŽŶĐĞƐƐŝŽŶĂƌĞĂůŝĞƐϭϴϬŬŵďLJƌŽĂĚŶŽƌƚŚŽĨƚŚĞĐĂƉŝƚĂůĐŝƚLJŽĨYƵŝƚŽ͘dŚĞ ĐůŝŵĂƚĞ njŽŶĞ ŝƐ ƚƌŽƉŝĐĂůͲƐĂǀĂŶŶĂŚ ĂŶĚ ǀĞŐĞƚĂƚŝŽŶ ŝƐ ƚƌŽƉŝĐĂů ĨŽƌĞƐƚ ǁŝƚŚ Ă ǁĞůůͲĚĞǀĞůŽƉĞĚ ƐŽŝů ŚŽƌŝnjŽŶ͘ dŽƉŽŐƌĂƉŚLJ ƌŝƐĞƐ ĨƌŽŵ ĞůĞǀĂƚŝŽŶƐŽĨϳϱϬŵĞƚƌĞƐƚŽϮ͕ϭϬϬŵĞƚƌĞƐĂŶĚƚŚĞŵŽĚĞƌĂƚĞƚŽƐƚĞĞƉůĂŶĚƐĐĂƉĞŝƐŝŶĐŝƐĞĚďLJĨŽƵƌůĂƌŐĞĚƌĂŝŶĂŐĞĐŽŵƉůĞdžĞƐ͘ĨŝƌƐƚͲ ŽƌĚĞƌ ƉĂǀĞĚ ŚŝŐŚǁĂLJ ƉƌŽǀŝĚĞƐ LJĞĂƌ ƌŽƵŶĚ ĂĐĐĞƐƐ ĂŶĚ ĐƌŽƐƐĞƐ ƚŚĞ ŶŽƌƚŚͲĞĂƐƚ ĐŽƌŶĞƌ ŽĨ ƚŚĞ ĐŽŶĐĞƐƐŝŽŶ͘ ŐƌĂǀĞů ƌŽĂĚ ŝŶ ŐŽŽĚ ĐŽŶĚŝƚŝŽŶ ƉƌŽǀŝĚĞƐ ĂĐĐĞƐƐ ƚŽ ƚŚĞ ǀŝůůĂŐĞ ŽĨ ^ĂŶƚĂ ĞĐŝůŝĂ ůŽĐĂƚĞĚ ŝŶ ƚŚĞ ĐĞŶƚƌĞ ŽĨ ƚŚĞ ĐŽŶĐĞƐƐŝŽŶ͘ ĐƵĂĚŽƌ ŝƐ ƵŶĚĞƌŐŽŝŶŐ Ă ƚƌĂŶƐĨŽƌŵĂƚŝŽŶǁŝƚŚƐŝŐŶŝĨŝĐĂŶƚŝŵƉƌŽǀĞŵĞŶƚƐƚŽŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ŝŶĐůƵĚŝŶŐĨŝǀĞŬĞLJƐĞĂƉŽƌƚƐ͕ŽǀĞƌϭϬ͕ϬϬϬŬŵŽĨŶĞǁŚŝŐŚǁĂLJƐ͕ĂŶĚ ϭϬŶĞǁŚLJĚƌŽĞůĞĐƚƌŝĐƉƌŽũĞĐƚƐ͘

ŶƵŵďĞƌ ŽĨ ŽƚŚĞƌŐůŽďĂůůLJ ƐŝŐŶŝĨŝĐĂŶƚ ĚĞƉŽƐŝƚƐ ŚĂǀĞ ďĞĞŶ ĚŝƐĐŽǀĞƌĞĚŝŶ ƚŚĞ ƌĞŐŝŽŶ͕ ƐŽŵĞŽĨǁŚŝĐŚĂƌĞ ďĞĐŽŵŝŶŐŵŝŶĞƐ͘dŚĞƐĞ ŝŶĐůƵĚĞƚŚĞ:ƵŶŝŶĐŽƉƉĞƌƉƌŽũĞĐƚ;ϵϴϮŵŝůůŝŽŶƚŽŶŶĞƐĂƚϬ͘ϴϵйƵͿ͕ůŽĐĂƚĞĚƐŽŵĞϲϬŬŵƚŽƚŚĞƐŽƵƚŚͲǁĞƐƚŽĨĂƐĐĂďĞů͕ƚŚĞ>ĂŽůŽƐĂ ƉŽƌƉŚLJƌLJĚĞƉŽƐŝƚ;ϵϬϱŵŝůůŝŽŶƚŽŶŶĞƐĂƚϬ͘ϵϮŐͬƚƵͿůŽĐĂƚĞĚƚŽƚŚĞŶŽƌƚŚŝŶŽůŽŵďŝĂĂŶĚƚŚĞŵĂƐƐŝǀĞŽďƌĞWĂŶĂŵĂĚĞƉŽƐŝƚ;ϯ͘ϯ ďŝůůŝŽŶ ƚŽŶŶĞ ĂƚϬ͘ϯϲйƵͿ ůŽĐĂƚĞĚ ƚŽ ƚŚĞ ŶŽƌƚŚ ŝŶWĂŶĂŵĂ ǁŚŝĐŚ ĐŽŶƚĂŝŶƐ ŽǀĞƌϮϲŵŝůůŝŽŶ ŽƵŶĐĞƐ ŽĨ ŐŽůĚ͘ dŚĞ &ƌƵƚĂ ĚĞůEŽƌƚĞ ƉƌŽũĞĐƚŝŶƐŽƵƚŚĞƌŶĐƵĂĚŽƌŝƐĂŵŽŶŐƚŚĞůĂƌŐĞƐƚĂŶĚŚŝŐŚĞƐƚŐƌĂĚĞƵŶĚĞǀĞůŽƉĞĚŐŽůĚƉƌŽũĞĐƚƐŝŶƚŚĞǁŽƌůĚ;Ϯϯ͘ϱŵŝůůŝŽŶƚŽŶŶĞƐĂƚ ϵ͘ϱϵŐͬƚƵͿĂŶĚŚŝŐŚůŝŐŚƚƐƚŚĞƉĞĚŝŐƌĞĞŽĨƉŽƚĞŶƚŝĂůǁŝƚŚŝŶƚŚĞĐŽƵŶƚƌLJ͘

KWZd/KE^ZWKZd;ĐŽŶƚŝŶƵĞĚͿ

hKZ;ĐŽŶƚŝŶƵĞĚͿ

dŚĞ ƉƌŽũĞĐƚ ŝƐ ůŽĐĂƚĞĚ ŝŶ ƚŚĞ ŽƌĚŝůůĞƌĂKĐĐŝĚĞŶƚĂů ;ŽƌtĞƐƚĞƌŶ ŽƌĚŝůůĞƌĂͿ ŽĨ ƚŚĞ ĐƵĂĚŽƌŝĂŶ ŶĚĞƐ͘ ĂƐĞŵĞŶƚ ƌŽĐŬƐ ĐŽŶƐŝƐƚ ŽĨ ŽĐĞĂŶ ĨůŽŽƌ ďĂƐĂůƚƐ ĂŶĚ ƐĞĚŝŵĞŶƚƐ ŽĨ ƌĞƚĂĐĞŽƵƐ ĂŐĞ͘ ,ŝŐŚͲůĞǀĞů ŽĐĞŶĞ ;ĂŶĚ ƉŽƐƐŝďůLJ >ĂƚĞͲDŝŽĐĞŶĞͿ ďĂƚŚŽůŝƚŚƐ ĂŶĚ ĂƐƐŽĐŝĂƚĞĚ ŐƌĂŶŝƚĞ͕ ŐƌĂŶŽĚŝŽƌŝƚĞ ĂŶĚ ĚŝŽƌŝƚĞ ďŽĚŝĞƐ ŝŶƚƌƵĚĞ ǀŽůĐĂŶŝĐ ĂŶĚ ƐĞĚŝŵĞŶƚĂƌLJ ƌŽĐŬƐ ŽĨ ƌĞƚĂĐĞŽƵƐ ƚŽ dĞƌƚŝĂƌLJ ĂŐĞ͘ dŚĞ ƌĞŐŝŽŶĂů ĐŽŶƚƌŽůƐƚŚĂƚůŽĐĂůŝƐĞŐŽůĚĂŶĚĐŽƉƉĞƌŵŝŶĞƌĂůŝƐĂƚŝŽŶĂƚĂƐĐĂďĞůĂƌĞŝŶƚŝŵĂƚĞůLJƌĞůĂƚĞĚǁŝƚŚƚŚĞ ƚŚƌĞĞĚŝŵĞŶƐŝŽŶĂůŝŶƚĞƌĂĐƚŝŽŶŽĨ ĚĞĞƉ ƐĞĂƚĞĚ EͲƚƌĞŶĚŝŶŐ ϭƐƚ ŽƌĚĞƌ ƐƚƌƵĐƚƵƌĞƐ͕ ǁŝƚŚ EtͲƚƌĞŶĚŝŶŐ ϮŶĚ ŽƌĚĞƌ ;ĂƌĐͲŶŽƌŵĂůͿ ĨĂƵůƚƐ͕ ĂŶĚ EEtͲƚƌĞŶĚŝŶŐ ϯƌĚ ŽƌĚĞƌ ƐƚƌƵĐƚƵƌĞƐ͘tŝƚŚŝŶƚŚĞĂƐĐĂďĞůĐŽŶĐĞƐƐŝŽŶ͕ǀŽůĐĂŶŝĐĂŶĚƐĞĚŝŵĞŶƚĂƌLJƌŽĐŬƐĂƌĞŝŶƚƌƵĚĞĚďLJĂŶƵŵďĞƌŽĨYƵĂƌƚnjĚŝŽƌŝƚĞ͕ĚŝŽƌŝƚĞĂŶĚ ŚŽƌŶĞďůĞŶĚĞĚŝŽƌŝƚĞƐƚŽĐŬƐĂŶĚĚLJŬĞƐ͘dŚĞ^Žů'ŽůĚĨŝĞůĚƚĞĂŵƐĐŽŶƚŝŶƵĞƚŽƉĞƌĨŽƌŵϭ͗ϱϬϬƐĐĂůĞ͕͞ŶĂĐŽŶĚĂ͟ƐƚLJůĞŐĞŽůŽŐŝĐĂůŽǀĞƌ ƚŚĞƚĞŶĞŵĞŶƚĂƌĞĂĂŶĚƵƉĚĂƚĞƐƚŽƚŚĞůŽĐĂůŐĞŽůŽŐLJŵĂƉƌĞŵĂŝŶŽŶŐŽŝŶŐ͘

džƉůŽƌĂƚŝŽŶ ,ŝŐŚůŝŐŚƚƐ

džƉůŽƌĂƚŝŽŶĂĐƚŝǀŝƚŝĞƐĚƵƌŝŶŐϮϬϭϱŝŶĐůƵĚĞĚ͗

ŶĂĐŽŶĚĂƐƚLJůĞŐĞŽůŽŐŝĐĂůŵĂƉƉŝŶŐŝŶŬĞLJĂƌĞĂƐ͘
džƚĞŶƐŝŽŶĂŶĚŝŶĨŝůůƐŽŝůƐĂŵƉůŝŶŐĂĐƌŽƐƐƚŚĞƌĞŵĂŝŶŝŶŐƉƌŽƐƉĞĐƚŝǀĞƉŽƌƚŝŽŶŽĨƚŚĞƚĞŶĞŵĞŶƚ͘ ZŽĐŬͲƐĂǁĐŚĂŶŶĞůƐĂŵƉůŝŶŐ Ăƚ ůƉĂůĂ ĂŶĚ ŐƵŝŶĂŐĂ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ĚŝƐĐŽǀĞƌLJ ŽĨ ƉŽƌƉŚLJƌLJ ƐƚŽĐŬͲǁŽƌŬ ĐŽƉƉĞƌͲŐŽůĚ ŵŝŶĞƌĂůŝƐĂƚŝŽŶ ŽƵƚĐƌŽƉƉŝŶŐ Ăƚ ƐƵƌĨĂĐĞĂƚŐƵŝŶĂŐĂ͘
DŽĚĞůůŝŶŐŽĨŚĞůŝͲŵĂŐŶĞƚŝĐ͕KƌŝŽŶϯ/WĂŶĚŵĂŐŶĞƚŽͲƚĞůůƵƌŝĐ;DdͿƐƵƌǀĞLJƐĂƚůƉĂůĂĂŶĚŐƵŝŶĂŐĂ͘
ŝĂŵŽŶĚĚƌŝůůŝŶŐŽĨĚƌŝůůŚŽůĞƐϴƚŽϭϮĂƚůƉĂůĂ͕ĨŽƌĂƚŽƚĂůŽĨϳ͕ϯϵϯ͘ϴϰŵ͕ďƌŝŶŐŝŶŐƚŚĞƚŽƚĂůĨŽƌŵĞƚƌĞƐĚƌŝůůĞĚĂƚĂƐĐĂďĞů ƚŽϭϯ͕ϴϬϴ͘ϵϮŵ͘
hƉŐƌĂĚĞŽĨƚŚĞůƉĂůĂĨŝĞůĚĐĂŵƉĂŶĚƚŚĞZŽĐĂĨƵĞƌƚĞĨŝĞůĚŽĨĨŝĐĞ͘
WĞƚƌŽŐƌĂƉŚŝĐ ǁŽƌŬ ŽŶ Ěƌŝůů ĐŽƌĞ ĨƌŽŵ Ěƌŝůů ŚŽůĞƐ Ăƚ ůƉĂůĂ͕ ĐŽŶĨŝƌŵŝŶŐ ŝŶƚƌƵƐŝǀĞ ůŝƚŚŽůŽŐŝĞƐ͕ ŵŝŶĞƌĂůŝƐĂƚŝŽŶ ƐƚLJůĞƐ͕ ƉĂƌĂŐĞŶĞƐŝƐ͕ĂŶĚĂůƚĞƌĂƚŝŽŶƚLJƉĞƐ͘
WƌĞůŝŵŝŶĂƌLJŵĞƚĂůůƵƌŐŝĐĂů ƚĞƐƚǁŽƌŬĐŽŶĚƵĐƚĞĚ͕ǁŝƚŚZŽƵŐŚĞƌ ĨůŽƚĂƚŝŽŶ ƌĞĐŽǀĞƌLJ ƚĞƐƚƐĐŽŵƉůĞƚĞĚĂŶĚ ƌĞƉŽƌƚĞĚ͘ ůĞĂŶĞƌ ƌĞĐŽǀĞƌLJƚĞƐƚƐŽŶŐŽŝŶŐ͘
KŶŐŽŝŶŐ ĞŶǀŝƌŽŶŵĞŶƚĂů ŵĂŶĂŐĞŵĞŶƚ ŽǀĞƌ ƚŚĞ ĐŽŶĐĞƐƐŝŽŶ ĂƌĞĂ ŝŶ ůŝŶĞ ǁŝƚŚ ŐƵŝĚĞůŝŶĞƐ ƉƌŽǀŝĚĞĚ ďLJ ƚŚĞ DŝŶŝƐƚƌLJ ŽĨ ŶǀŝƌŽŶŵĞŶƚ͘
^ƵďŵŝƐƐŝŽŶŽĨĂŶŶƵĂůƚĞĐŚŶŝĐĂůĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůŵĂŶĂŐĞŵĞŶƚƌĞƉŽƌƚƐ͘

dŚŝƐǁŽƌŬŚĂƐŐĞŶĞƌĂƚĞĚƐĞǀĞŶŬĞLJĂƌĞĂƐŽĨŝŶƚĞƌĞƐƚ͗

ϭͿ ůƉĂůĂ;ŽƌůƉĂůĂĞŶƚƌĂůͿ
ϮͿ ůƉĂůĂEŽƌƚŚǁĞƐƚ
ϯͿ ůƉĂůĂ^ŽƵƚŚĞĂƐƚ
ϰͿ ŐƵŝŶĂŐĂ
ϱͿ ŚŝŶĂŵŝďĐŝƚŽ
ϲͿ ŵĞƌŝĐĂͲdĂŶĚĂLJĂŵĂ
ϳͿ ƌŝƐƚĂů

dŚĞĐŽŵƉůĞƚŝŽŶŽĨƐŽŝůŐƌŝĚĚŝŶŐĂŶĚŝŶĨŝůůĂĐƌŽƐƐƚŚĞĞŶƚŝƌĞƚĞŶĞŵĞŶƚĂƌĞĂŚĂƐƉƌŽĚƵĐĞĚĐŽŝŶĐŝĚĞŶƚŵŽůLJďĚĞŶƵŵ͕ŐŽůĚĂŶĚĐŽƉƉĞƌͬ njŝŶĐ ƌĂƚŝŽŝŶƐŽŝůĂŶŽŵĂůŝĞƐ ƚŚĂƚƐƵŐŐĞƐƚĂŝŶĨĞƌƌĞĚƉŽƌƉŚLJƌLJĐĞŶƚƌĞĐŚĂƌĂĐƚĞƌŝƐĞĚďLJŚŝŐŚĞƌ ƚĞŵƉĞƌĂƚƵƌĞƐŽĨŵŝŶĞƌĂůŝƐĂƚŝŽŶ͘dŚĞ ůŽǁŵĂŶŐĂŶĞƐĞŝŶƐŽŝůŝƐŝŶĨĞƌƌĞĚƚŽďĞƌĞůĂƚĞĚƚŽŝŶƚĞŶƐĞůĂƚĞͲƐƚĂŐĞŚLJĚƌŽƚŚĞƌŵĂůĂůƚĞƌĂƚŝŽŶ͕ǁŚŝůƐƚƚŚĞƉƌĞƐĞŶĐĞŽĨĞůĞǀĂƚĞĚnjŝŶĐ ƐƵƌƌŽƵŶĚŝŶŐ ƚŚĞƐĞ ĂƌĞĂƐ ŽĨ ůŽǁ ŵĂŶŐĂŶĞƐĞ ŝƐ Ă ŐĞŽĐŚĞŵŝĐĂů ƐŝŐŶĂƚƵƌĞ ƚŚĂƚ ŝƐ ƚLJƉŝĐĂů ŽĨ ƚŚĞ ŵĞƚĂů njŽŶĂƚŝŽŶ ĂƌŽƵŶĚ ƉŽƌƉŚLJƌLJ ĐŽƉƉĞƌͲŐŽůĚĚĞƉŽƐŝƚƐ͘

WƌŝŽƌŝƚLJƚĂƌŐĞƚĂƌĞĂƐĂƚůƉĂůĂ͕ůƉĂůĂ^ŽƵƚŚĞƐƚĂŶĚŐƵŝŶĂŐĂǁŝůůďĞĚƌŝůůƚĞƐƚĞĚŝŶƚŚĞĐŽŵŝŶŐLJĞĂƌ͕ǁŚŝůƐƚĨŝĞůĚƉƌŽŐƌĂŵƐĐŽŶƚŝŶƵĞ ƚŽĂƐƐĞƐƐƉŽƚĞŶƚŝĂůĂƚŚŝŶĂŵŝďĐŝƚŽ͕ĂŶĚŵĞƌŝĐĂͲdĂŶĚĂLJĂŵĂ͕ĂƐǁĞůůĂƐĚĞƚĂŝůĞĚĨŽůůŽǁƵƉĨŝĞůĚǁŽƌŬĂƚůƉĂůĂEŽƌƚŚǁĞƐƚ͕ůƉĂůĂ ^ŽƵƚŚĞĂƐƚĂŶĚƌŝƐƚĂů ƚĂƌŐĞƚƐ͘ŶƵŵďĞƌŽĨŽƚŚĞƌƐĂƚĞůůŝƚĞ ƚĂƌŐĞƚƐĂƌĞďĞŝŶŐŐĞŶĞƌĂƚĞĚŝŶ ƚŚĞƐƵƌƌŽƵŶĚŝŶŐĂƌĞĂƐĂŶĚĞdžƉůŽƌĂƚŝŽŶ ŽǀĞƌƚŚĞƚĞŶĞŵĞŶƚŝƐĞdžƉĞĐƚĞĚƚŽƉƌŽĚƵĐĞŵŽƌĞǀĂůƵĂďůĞƚĂƌŐĞƚƐƚŚĂƚǁŝůůďĞďƌŽƵŐŚƚƚŽĚƌŝůůƌĞĂĚLJƐƚĂƚƵƐŝŶƚŚĞĐŽŵŝŶŐLJĞĂƌ͘

KWZd/KE^ZWKZd;ĐŽŶƚŝŶƵĞĚͿ

hKZ;ĐŽŶƚŝŶƵĞĚͿ

ůƉĂůĂ

&ŽůůŽǁŝŶŐ ƚŚĞ ŐƌĂŶƚŝŶŐ ŽĨ ƚŚĞ ŶǀŝƌŽŶŵĞŶƚĂů >ŝĐĞŶƐĞ ŽŶ Ϯϳ ƵŐƵƐƚ ϮϬϭϯ͕ ^Žů'ŽůĚ ĐŽŵŵĞŶĐĞĚ ĚŝĂŵŽŶĚ ĚƌŝůůŝŶŐ ŽŶ ƚŚĞ ϭƐƚ ^ĞƉƚĞŵďĞƌϮϬϭϯ͘/ŶŝƚŝĂůĚƌŝůůŝŶŐĨŽĐƵƐƐĞĚŽŶŝŶƚĞƌƐĞĐƚŝŶŐƚŚĞĚŽǁŶͲĚŝƉĞdžƚĞŶƐŝŽŶŽĨŽƵƚĐƌŽƉƉŝŶŐƐŚĞĞƚĞĚĂŶĚƐƚŽĐŬͲǁŽƌŬ͞͞ƚLJƉĞ ƋƵĂƌƚnjǀĞŝŶƐŝŶůƉĂůĂƌĞĞŬ͘

dŚĞ ĐŽŵƉůĞƚŝŽŶ ŽĨ ƚǁĞůǀĞ ĚŝĂŵŽŶĚ ĐŽƌĞ ŚŽůĞƐ ŽǀĞƌ Ă ϳϬϬŵ ďLJ ϮϱϬŵ ĂƌĞĂ ŚĂƐ ŶŽǁ ĚĞĨŝŶĞĚ Ă ŶŽƌƚŚǁĞƐƚĞƌůLJͲƚƌĞŶĚŝŶŐ͕ ƐƚĞĞƉůLJ ŶŽƌƚŚĞĂƐƚͲĚŝƉƉŝŶŐĚŝŬĞͲƐƚŽĐŬĐŽŵƉůĞdžŽĨĚŝŽƌŝƚĞƚŽƋƵĂƌƚnjĚŝŽƌŝƚĞƚŚĂƚĞdžĐĞĞĚƐϭϯϬϬŵŝŶŚĞŝŐŚƚ͘ dŚŝƐŝŶƚƌƵƐŝǀĞĐŽŵƉůĞdžŝƐŚŽƐƚĞĚďLJ ĂƐĞƋƵĞŶĐĞŽĨĂŶĚĞƐŝƚŝĐǀŽůĐĂŶŽĐůĂƐƚŝĐƌŽĐŬƐĂŶĚůĂǀĂƐ͘ dŚĞŚŽƐƚͲƌŽĐŬƐĂƌĞŵĂƉƉĞĚĂƐƚŚĞKůŝŐŽĐĞŶĞƚŽĂƌůLJ DŝŽĐĞŶĞ^ĂŶ:ƵĂŶĚĞ >ĂĐŚĂƐ &ŽƌŵĂƚŝŽŶ͕ ŚŽǁĞǀĞƌ͕ ĂŐĞ ĚĂƚĞ ĐŽŶƐƚƌĂŝŶƚƐ ĨƌŽŵ ƐƚƵĚŝĞƐ ĐŽŶĚƵĐƚĞĚ ďLJ ^Žů'ŽůĚ ƐƵŐŐĞƐƚ ƚŚĂƚ ƚŚĞ ůŽǁĞƌ ƉŽƌƚŝŽŶ ŽĨ ƚŚŝƐ ƐĞƋƵĞŶĐĞǁĂƐĚĞƉŽƐŝƚĞĚŝŶƚŚĞŽĐĞŶĞ͘dŚĞďĞƐƚĚƌŝůůŝŶƚĞƌĐĞƉƚƚŽĚĂƚĞŝƐϭϯϭϮŵĂƚϬ͘ϲϳйƵĂŶĚϬ͘ϲϯŐͬƚƵĨƌŽŵϭϮϴŵĚĞƉƚŚŝŶ ^ͲϭϱͲϬϭϮ͕ǁŚŝĐŚŝŶĐůƵĚĞƐϱϳϲŵĂƚϭ͘ϬϯйƵĂŶĚϭ͘ϭϵŐͬƚƵ͘ dŚĞĚĞƉŽƐŝƚƌĞŵĂŝŶƐŽƉĞŶĂƚĚĞƉƚŚ͕ĂůŽŶŐͲĂŶĚĂĐƌŽƐƐͲƐƚƌŝŬĞůŝŬĞ ƚŚĞŵĂƐƐŝǀĞ>ĂƐĐŽŶĚŝĚĂĂŶĚŚŝƋƵŝĐĂŵĂƚĂĚĞƉŽƐŝƚƐŝŶŚŝůĞ͘

dŚĞ ŐĞŽŵĞƚƌLJ ĂŶĚ ŶĂƚƵƌĞ ŽĨ ƚŚĞ ŵŝŶĞƌĂůŝƐĂƚŝŽŶ Ăƚ ůƉĂůĂ ŝƐ ŶŽǁ ƋƵŝƚĞ ǁĞůů ƵŶĚĞƌƐƚŽŽĚ͘ ƚŽƚĂů ŽĨ Ɛŝdž ƉŚĂƐĞƐ ŽĨ ŝŶƚƌƵƐŝŽŶ ĂƌĞ ĚĞĨŝŶĞĚŽŶƚŚĞďĂƐŝƐŽĨĐŽŵƉŽƐŝƚŝŽŶĂŶĚƌĞůĂƚŝǀĞƚŝŵŝŶŐͲƌĞůĂƚŝŽŶƐŚŝƉƐǁŝƚŚƉŽƌƉŚLJƌLJͲƌĞůĂƚĞĚǀĞŝŶͲƐƚĂŐĞƐ͘ dŚĞĞƋƵŝŐƌĂŶƵůĂƌƚŽƐƵďͲ ƉŽƌƉŚLJƌŝƚŝĐ͕ ŚŽƌŶďůĞŶĚĞͲďĞĂƌŝŶŐ ŝŶƚƌƵƐŝŽŶƐ ĂƌĞ ŶĂƌƌŽǁ͕ ƚĂƉĞƌ ƵƉǁĂƌĚƐ ĂŶĚ ĐŽŶƐŝƐƚ ŽĨ ƉƌĞͲ ƚŽ ĞĂƌůLJͲŵŝŶĞƌĂůŝnjĂƚŝŽŶϭϬ ĚŝŽƌŝƚĞ ƚŽ ŵŝĐƌŽĚŝŽƌŝƚĞĂŶĚYϭϬ ƋƵĂƌƚnj ĚŝŽƌŝƚĞ͖ŝŶƚƌĂͲŵŝŶĞƌĂůŝnjĂƚŝŽŶϭϱ ĚŝŽƌŝƚĞĂŶĚYϭϱ ƋƵĂƌƚnj ĚŝŽƌŝƚĞ͖ ĂŶĚůĂƚĞͲŵŝŶĞƌĂůŝnjĂƚŝŽŶ ĚŝŬĞƐ ŽĨ ϮϬĚŝŽƌŝƚĞĂŶĚYϮϬƋƵĂƌƚnjĚŝŽƌŝƚĞ͘ŐĞĚĂƚŝŶŐŽŶnjŝƌĐŽŶƐŝŶŵŝŶĞƌĂůŝƐĞĚŝŶƚƌƵƐŝŽŶƐƌĞƚƵƌŶĞĚϯϴ͘ϳнϬ͘ϲDĂ͕ǁŚŝĐŚůŝĞƐŶĞĂƌƚŚĞ ďŽƵŶĚĂƌLJ ŽĨ ƚŚĞ DŝĚĚůĞͲ ƚŽ >ĂƚĞͲŽĐĞŶĞ͘ dŚĞ ƉŽƌƉŚLJƌLJͲƌĞůĂƚĞĚ ǀĞŝŶ ƚLJƉĞƐ ĂŶĚ ƉĂƌĂŐĞŶĞƐŝƐ Ăƚ ůƉĂůĂ ŝŶĚŝĐĂƚĞ Ă ƐLJƐƚĞŵĂƚŝĐ ƉƌŽŐƌĞƐƐŝŽŶ ŝŶ ƚŝŵĞ ĂŶĚ ĐůĂƐƐŝĐĂů ƉŽƌƉŚLJƌLJ ͲƚLJƉĞ ƋƵĂƌƚnj ǀĞŝŶƐ ĐŽŶƚĂŝŶ ƚŚĞ ŵĂũŽƌŝƚLJ ŽĨ ƚŚĞ ĐŽƉƉĞƌ ĂŶĚ ŐŽůĚ ŝŶ ƚŚĞ ĚĞƉŽƐŝƚ͘ ŚĂůĐŽƉLJƌŝƚĞͲƌŝĐŚ͕ͲƚLJƉĞƐƵůƉŚŝĚĞǀĞŝŶƐĐŽŶƚĂŝŶŝŶŐĂĐĐĞƐƐŽƌLJďŽƌŶŝƚĞĂůƐŽĐŽŶƚĂŝŶƐŝŐŶŝĨŝĐĂŶƚĂŵŽƵŶƚƐŽĨŵĞƚĂůĂŶĚĂƌĞĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚĞůĞǀĂƚĞĚŐŽůĚŐƌĂĚĞƐ͘ dŚĞͲĂŶĚͲƚLJƉĞǀĞŝŶƐĂƌĞƐƉĂƚŝĂůůLJĂƐƐŽĐŝĂƚĞĚǁŝƚŚŝŶƚƌƵƐŝŽŶƐƚŚĂƚƐŚŽǁǀĂƌŝĂďůĞĨĞůĚƐƉĂƌͲĚĞƐƚƌƵĐƚŝǀĞ͕ ƐĞƌŝĐŝƚĞͲĐŚůŽƌŝƚĞнĐůĂLJŽǀĞƌƉƌŝŶƚŝŶŐŽĨďŝŽƚŝƚĞͲĂĐƚŝŶŽůŝƚĞĂŶĚĐŚůŽƌŝƚĞͲĞƉŝĚŽƚĞĂůƚĞƌĂƚŝŽŶ͘

ƵƌŝŶŐƚŚĞLJĞĂƌ͕ĚƌŝůůŝŶŐĨŽĐƵƐƐĞĚŽŶĞdžƉĂŶĚŝŶŐƚŚĞŬŶŽǁŶŵŝŶĞƌĂůŝƐĂƚŝŽŶĂƚ ůƉĂůĂĂůŽŶŐƐƚƌŝŬĞ͕ďŽƚŚƚŽǁĂƌĚƐƚŚĞŶŽƌƚŚǁĞƐƚĂŶĚ ƐŽƵƚŚĞĂƐƚ͘dŚĞŵŝŶĞƌĂůŝƐĞĚ ƉŽƌƉŚLJƌLJĐŽƉƉĞƌŐŽůĚƐLJƐƚĞŵĂƚůƉĂůĂŽĐĐƵƌƐĂƌŽƵŶĚϭϱϬŵŝŶůĞŶŐƚŚĂŶĚϱϬŵǁŝĚƚŚĂƐŵĂƉƉĞĚĂƚ ƐƵƌĨĂĐĞĂŶĚĚƌŝůůŝŶŐƚŽĚĂƚĞŚĂƐŝĚĞŶƚŝĨŝĞĚĂŶĞdžƚĞŶƚŽĨϳϬϬŵŝŶůĞŶŐƚŚĂŶĚϮϱϬŵǁŝĚƚŚĂƚĚĞƉƚŚ͘ůůŚŽůĞƐƌĞƚƵƌŶĞĚĞŶĐŽƵƌĂŐŝŶŐ ƌĞƐƵůƚƐǁŝƚŚĐŽŵƉůĞƚŝŽŶĚƌŝůůŚŽůĞƐ^ͲϭϰͲϬϬϳƚŽ^ͲϭϱͲϬϭϮŵĂŬŝŶŐǀĂůƵĂďůĞĂĚĚŝƚŝŽŶƐƚŽƚŚĞŬŶŽǁŶŐĞŽŵĞƚƌLJŽĨƚŚĞƉŽƌƉŚLJƌLJ ĐĞŶƚƌĞĂƚůƉĂůĂ͘ŶĂĐŽŶĚĂƐƚLJůĞƐƵƌĨĂĐĞŵĂƉƉŝŶŐŽĨŐĞŽůŽŐLJ͕ƋƵĂƌƚnjǀĞŝŶƐ͕ƐƵůƉŚŝĚĞƐĂŶĚĂůƚĞƌĂƚŝŽŶǁĂƐĐŽŵƉůĞƚĞĚĂŶĚĐƌĞĂƚŝŽŶŽĨ ůĞǀĞůƉůĂŶƐĂŶĚĐƌŽƐƐƐĞĐƚŝŽŶƐŚĂƐůĞĚƚŽƉƌŽĚƵĐƚŝŽŶŽĨŐĞŽůŽŐLJŵŽĚĞůƐĨŽƌĐŽƉƉĞƌ͘

ƌŝůůŚŽůĞ^ͲϭϰͲϬϬϳǁĂƐƚĞƌŵŝŶĂƚĞĚĂƚϭϲϳϮ͘ϳϲŵĞƚƌĞƐĚĞƉƚŚĂĨƚĞƌĞŶĐŽƵŶƚĞƌŝŶŐĞĂƌůLJ ϭϬĚŝŽƌŝƚĞĨƌŽŵϭϮϱϭ͘ϮϲŵƚŽϭϮϵϴ͘ϯϬŵ ǀĂƌLJŝŶŐĚĞŐƌĞĞƐŽĨƉŽƚĂƐƐŝĐĂůƚĞƌĂƚŝŽŶ͘sŝƐŝďůĞĐŽƉƉĞƌƐƵůƉŚŝĚĞƐĐŽŶƚŝŶƵĞĚƚŚƌŽƵŐŚƚŚĞƌĞŵĂŝŶĚĞƌŽĨƚŚĞŚŽůĞďƵƚĂƚƉƌŽŐƌĞƐƐŝǀĞůLJ ĚŝŵŝŶŝƐŚŝŶŐ ŝŶƚĞŶƐŝƚŝĞƐ͕ ŝŶ ĂƐƐŽĐŝĂƚŝŽŶ ǁŝƚŚŵĂƌŐŝŶĂů ŝŶŶĞƌ ƉƌŽƉLJůŝƚŝĐ ĂůƚĞƌĂƚŝŽŶ ƚLJƉĞƐ͘ &ƌŽŵϭϮϵϴ͘ϯϬŵ ƚŽϭϲϳϮ͘ϳϲŵ ƚŚĞƌĞ ǁĂƐĂ ƉƌŽŐƌĞƐƐŝǀĞƌĞĚƵĐƚŝŽŶŝŶƋƵĂƌƚnjǀĞŝŶŝŶƚĞŶƐŝƚŝĞƐŝŶĚŝĐĂƚŝŶŐƚŚĂƚƚŚĞŚŽůĞǁĂƐƉƌŽŐƌĞƐƐŝŶŐďĞLJŽŶĚƚŚĞǁĞƐƚĞƌŶŵĂƌŐŝŶŽĨƚŚĞƐLJƐƚĞŵ͘ ƌŝůůŚŽůĞ^ͲϭϰͲϬϬϴǁĂƐĚƌŝůůĞĚƚŽϭϯϭϬ͘ϰŵĚĞƉƚŚĂŶĚŝŶƚĞƌƐĞĐƚĞĚƚŚĞĞĂƌůLJ ϭϬĚŝŽƌŝƚĞĨƌŽŵϵϬϮ͘ϬŵƚŽϵϳϯ͘ϬŵĂŶĚƉĂƐƐĞĚŝŶƚŽ ƚŚĞĞƋƵĂůůLJ ƉƌŽƐƉĞĐƚŝǀĞĞĂƌůLJ YϭϬ ƋƵĂƌƚnj ĚŝŽƌŝƚĞ ŝŶƚƌƵƐŝŽŶ ĨƌŽŵϵϳϯ͘Ϭŵ ƚŽ ƚŚĞĞŶĚ ŽĨ ƚŚĞ ŚŽůĞ͘ ŽƉƉĞƌŵŝŶĞƌĂůŝƐĂƚŝŽŶ ŚŽƐƚĞĚ ǁŝƚŚŝŶ ƚŚĞĞĂƌůLJŝŶƚƌƵƐŝŽŶƐ ƌĞƚƵƌŶĞĚŵŽĚĞƌĂƚĞ ƚŽ ƐƚƌŽŶŐ ĐŽƉƉĞƌ ĂŶĚŐŽůĚŵŝŶĞƌĂůŝƐĂƚŝŽŶŝŶ ƚǁŽ njŽŶĞƐ ĨƌŽŵϵϬϰŵ ƚŽϭϭϴϲŵĂŶĚ ϭϮϲϰŵƚŽϭϯϭϬ͘ϱŵƌĞƐƉĞĐƚŝǀĞůLJ͘

ƌŝůů ŚŽůĞ^ͲϭϰͲϬϬϵǁĂƐ ƚĞƌŵŝŶĂƚĞĚĂƚϭϳϱϳ͘ϯŵĂŶĚ ƌĞƚƵƌŶĞĚǀĞƌLJƉŽƐŝƚŝǀĞŝŶƚĞƌƐĞĐƚŝŽŶĐŽŵƉĂƌĂďůĞ ƚŽŐůŽďĂůůLJƐŝŐŶŝĨŝĐĂŶƚĚƌŝůů ŝŶƚĞƌƐĞĐƚŝŽŶƐ Ăƚ ĞdžŝƐƚŝŶŐ ůĂƌŐĞ ƉŽƌƉŚLJƌLJ ĐŽƉƉĞƌͲŐŽůĚ ĚĞƉŽƐŝƚƐ͕ ǁŝƚŚ Ă ƚŽƚĂů ĚŽǁŶŚŽůĞ ŝŶƚĞƌǀĂů ĞdžƚĞŶĚŝŶŐ ŽǀĞƌ ϭ ŬŝůŽŵĞƚƌĞ ƚŚĂƚ ƌĞŵĂŝŶƐŽƉĞŶĂƚĚĞƉƚŚ͘,ŽůĞϵŝŶƚĞƌƐĞĐƚĞĚƚǁŽĚŝƐƚŝŶĐƚŚŝŐŚŐƌĂĚĞƉŽƌƉŚLJƌLJƐƚŽĐŬǁŽƌŬnjŽŶĞƐĨƌŽŵϳϭϬŵƚŽϴϮϬŵĂŶĚĨƌŽŵϭϬϲϮŵ ƚŽϭϰϴϮŵǁŝƚŚŝŶĞĂƌůLJ ϭϬĂŶĚYϭϬŝŶƚƌƵƐŝǀĞƐ͕ŝŶƚƌĂͲŵŝŶĞƌĂůYϭϱĚLJŬĞƐĂŶĚĂůĂƚĞYϮϬĚLJŬĞ͘dŚĞƵƉƉĞƌnjŽŶĞŝƐŝŶƚĞƌƉƌĞƚĞĚƚŽ ƌĞƉƌĞƐĞŶƚĂŶĞĂƐƚĞƌůLJ ƌĞƉĞĂƚŽĨƚŚĞŬŶŽǁŶŵĂŝŶŽƌĞďŽĚLJƚŚĂƚŝƐůŝŬĞůLJƚŽ ĨŽƌŵĂnjŽŶĞŽĨĐŽĂůĞƐĐĞŶĐĞĂƚĚĞƉƚŚǁŚĞƌĞ ĨƵƚƵƌĞĚƌŝůů ƚĞƐƚŝŶŐŝƐƉůĂŶŶĞĚ͘

ƌŝůůŚŽůĞ^ͲϭϱͲϬϭϬĐŽŶĨŝƌŵĞĚŚŝŐŚŐƌĂĚĞĐŽƉƉĞƌĂŶĚŐŽůĚŵŝŶĞƌĂůŝƐĂƚŝŽŶĞdžƚĞŶĚƐ ƚŽ ƚŚĞŶŽƌƚŚǁĞƐƚ͕ŝŶƚĞƌƐĞĐƚŝŶŐ ƚŚĞĞĂƌůLJ ϭϬ ĚŝŽƌŝƚĞ ĨƌŽŵ ϱϲϮŵ ƚŽ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ŚŽůĞ͘ ƌŝůůŝŶŐ ĞŶĐŽƵŶƚĞƌĞĚ ĚŝĨĨŝĐƵůƚŝĞƐ ǁŝƚŚŝŶ Ă ĐůĂLJͲƌŝĐŚ njŽŶĞ ŽĨ ďƌŽŬĞŶ ŐƌŽƵŶĚ ĂŶĚ ǁĂƐ ĂďĂŶĚŽŶĞĚĂƚϵϳϰ͘ϴŵ͘

KWZd/KE^ZWKZd;ĐŽŶƚŝŶƵĞĚͿ

hKZ;ĐŽŶƚŝŶƵĞĚͿ

ƌŝůů ŚŽůĞ ^ͲϭϱͲϬϭϭ ǁĂƐ ĚƌŝůůĞĚ ƚŽ Ă ĚĞƉƚŚ ŽĨ ϭϲϲϴ͘Ϯŵ ĂŶĚ ƌĞƚƵƌŶĞĚ ƌĞƐƵůƚƐ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ŽďƐĞƌǀĂƚŝŽŶƐ ŽĨ ĂůƚĞƌĂƚŝŽŶ ĂƐƐĞŵďůĂŐĞƐŝŶƚŚĞĚƌŝůůĐŽƌĞ͕ǁŚŝĐŚƐƵŐŐĞƐƚƚŚĞŚŽůĞƉĂƐƐĞĚĂůŽŶŐƚŚĞEtŵĂƌŐŝŶŽĨƚŚĞŬŶŽǁŶŚŝŐŚŐƌĂĚĞůƉĂůĂĞŶƚƌĂůnjŽŶĞ͘ ,ŽǁĞǀĞƌ͕ĞĂƌůLJ ϭϬĚŝŽƌŝƚĞŚŽƐƚƌŽĐŬƐĂůŽŶŐƚŚĞůŽǁĞƌnjŽŶĞŽĨ,ŽůĞϭϭŵĂŝŶƚĂŝŶϬ͘ϱͲϮйͲƚLJƉĞƋƵĂƌƚnjǀĞŝŶƐ͕ǁŝƚŚƐŝŐŶŝĨŝĐĂŶƚĐŽƉƉĞƌ ĂŶĚŐŽůĚŵŝŶĞƌĂůŝnjĂƚŝŽŶǁŚŝĐŚLJĞƚƌĞŵĂŝŶƐŽƉĞŶƚŽƚŚĞŶŽƌƚŚǁĞƐƚ͘

ƌŝůůŚŽůĞ^ͲϭϱͲϬϭϮŝƐƚŚĞŵŽƐƚƌĞĐĞŶƚŚŽůĞĚƌŝůůĞĚŽŶƚŚĞƉƌŽũĞĐƚĂŶĚǁĂƐĐŽŵƉůĞƚĞĚĂƚĂĚĞƉƚŚŽĨϭϲϴϯ͘Ϭŵ͘ &ŝŶĂůĂƐƐĂLJƌĞƐƵůƚƐ ĨƌŽŵŚŝŐŚŐƌĂĚĞƉŽƌƉŚLJƌLJĐŽƉƉĞƌŐŽůĚŵŝŶĞƌĂůŝƐĂƚŝŽŶƌĞƚƵƌŶĞĚǁŽƌůĚĐůĂƐƐŝŶƚĞƌƐĞĐƚŝŽŶŽĨŽǀĞƌĂŬŝůŽŵĞƚƌĞĚŽǁŶŚŽůĞ͘ ŽƉƉĞƌͲŐŽůĚ ŵŝŶĞƌĂůŝƐĂƚŝŽŶǁĂƐŝŶƚĞƌƐĞĐƚĞĚŝŶƚǁŽĚŝƐƚŝŶĐƚnjŽŶĞƐƚŚĂƚ^Žů'ŽůĚŐĞŽůŽŐŝƐƚƐĞdžƉĞĐƚǁŝůůĐŽĂůĞƐĐĞŝŶƚŽĂďƌŽĂĚĞƌnjŽŶĞŽĨŚŝŐŚŐƌĂĚĞ ŵŝŶĞƌĂůŝƐĂƚŝŽŶĂƚĚĞƉƚŚ͘dŚĞƵƉƉĞƌƉŽƌƚŝŽŶŽĨ ƚŚĞ͞ĂƐƚĞƌŶ>ŝŵď͟njŽŶĞ ĨƌŽŵϭϮϴ ƚŽϯϲϲŵĞƚƌĞƐĚĞƉƚŚ͕ŝƐŚŽƐƚĞĚǁŝƚŚŝŶ ƚŚĞ^ĂŶ :ƵĂŶĚĞ>ĂĐĂƐsŽůĐĂŶŝĐƐĂŶĚƌĞƚƵƌŶĞĚϮϯϴŵΛϬ͘ϰϳйƵĂŶĚϬ͘ϭϱŐͬƚƵ͘dŚĞ͞DĂŝŶ>ŝŵď͟njŽŶĞ;ϭϬϬϮŵͿĨƌŽŵϰϯϴƚŽϭϰϰϬŵĞƚƌĞƐ ĚĞƉƚŚ͕ ŚŽƐƚĞĚ ǁŝƚŚŝŶ ĞĂƌůLJ ϭϬ ĚŝŽƌŝƚĞ ĂŶĚYϭϬ ƋƵĂƌƚnjͲĚŝŽƌŝƚĞ ƉŽƌƉŚLJƌLJ͕ ƌĞƚƵƌŶĞĚ ϭϬϬϮŵΛ Ϭ͘ϳϲ й Ƶ ĂŶĚ Ϭ͘ϳϳ ŐͬƚƵ͘ dŚĞ ŵŝŶĞƌĂůŝƐĞĚ njŽŶĞƐ ĞŶĐŽƵŶƚĞƌĞĚ ŝŶ ,ŽůĞ ϭϮ ĂƌĞ ƐŚŽǁŶ ĂůŽŶŐ Ă ƐŽƵƚŚǁĞƐƚͲŶŽƌƚŚĞĂƐƚ ĐƌŽƐƐͲƐĞĐƚŝŽŶ ŝŶ &ŝŐƵƌĞ ϯ͘ dŚĞ Ϯϯϴ ŵĞƚƌĞ ŝŶƚĞƌƐĞĐƚŝŽŶ ŽǀĞƌ ƚŚĞ ƵƉƉĞƌ ƉŽƌƚŝŽŶ ŽĨ ƚŚĞ ͞ĂƐƚĞƌŶ >ŝŵď͟ njŽŶĞ ŝƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ĐŚĂůĐŽƉLJƌŝƚĞ ĂŶĚ ďŽƌŶŝƚĞŵŝŶĞƌĂůŝƐĂƚŝŽŶ͘ dŚĞ ŽĐĐƵƌƌĞŶĐĞŽĨƚŚŝƐƐƚƌŽŶŐŵŝŶĞƌĂůŝƐĂƚŝŽŶǁŝƚŚŝŶƚŚĞǀŽůĐĂŶŝĐĐŽǀĞƌďŽĚĞƐǁĞůůĨŽƌƐƚƌŽŶŐĞƌŝŶƚƌƵƐŝǀĞŚŽƐƚĞĚŵŝŶĞƌĂůŝƐĂƚŝŽŶĂƚĚĞƉƚŚ͘ ŚĂůĐŽƉLJƌŝƚĞ ŝƐ ƚLJƉŝĐĂůůLJ ϯϱй ĐŽƉƉĞƌ ĂŶĚ ƚŚĞ ďƵůŬ ŽĨ ƚŚĞ ĐŽƉƉĞƌ ďĞĂƌŝŶŐ ŵŝŶĞƌĂů ŝŶ Ă ĐŽƉƉĞƌ ƉŽƌƉŚLJƌLJ ƐLJƐƚĞŵ͘ ŽƌŶŝƚĞ ŝƐ ƐŝŐŶŝĨŝĐĂŶƚůLJƌŝĐŚĞƌŝŶĐŽƉƉĞƌĂƚĂƉƉƌŽdžŝŵĂƚĞůLJϲϯйĐŽƉƉĞƌĂŶĚŝƐĂƐŽƵŐŚƚĂĨƚĞƌĐŽƉƉĞƌŵŝŶĞƌĂůƐƉĞĐŝĞƐ͕ĨŽƌŝƚƐĐŽŶƚƌŝďƵƚŝŽŶƚŽŚŝŐŚ ŐƌĂĚĞĐŽƉƉĞƌŵĞƚĂůƐƵůƉŚŝĚĞĐŽŶĐĞŶƚƌĂƚĞŶŽƌŵĂůůLJƐŽůĚĨƌŽŵĂŵŝŶĞ͘dŚĞϭϬϬϮŵĞƚƌĞŝŶƚĞƌƐĞĐƚŝŽŶƚŚƌŽƵŐŚƚŚĞ͞DĂŝŶ>ŝŵď͟njŽŶĞ͕ ƌĞĨůĞĐƚƐĂďƌŽĂĚnjŽŶĞŽĨŝŶƚĞŶƐĞƐƚŽĐŬǁŽƌŬƋƵĂƌƚnjͲŵĂŐŶĞƚŝƚĞͲĐŚĂůĐŽƉLJƌŝƚĞĂŶĚďŽƌŶŝƚĞŵŝŶĞƌĂůŝƐĂƚŝŽŶŚŽƐƚĞĚǁŝƚŚŝŶĞĂƌůLJƐƚĂŐĞ ĚŝŽƌŝƚĞĂŶĚƋƵĂƌƚnjĚŝŽƌŝƚĞŝŶƚƌƵƐŝǀĞƐ͘dŚĞƐĞĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐĂƌĞĐŽŵŵŽŶŝŶŵĂŶLJŵĂũŽƌƉŽƌƉŚLJƌLJĐŽƉƉĞƌͲŐŽůĚĚĞƉŽƐŝƚƐĂƌŽƵŶĚƚŚĞ ŐůŽďĞ͘

ŐƵŝŶĂŐĂ

/ƚŝƐĐŚĂƌĂĐƚĞƌŝƐĞĚďLJĂĐůĂƐƐŝĐĂůϱϬϬŵdžϱϬϬŵŵĂŐŶĞƚŝĐŚŝŐŚƐƵƌƌŽƵŶĚĞĚďLJĂŶĂŶŶƵůĂƌŵĂŐŶĞƚŝĐͲůŽǁǁŚŝĐŚŚĂƐƐƚƌŽŶŐƐŝŵŝůĂƌŝƚŝĞƐ ǁŝƚŚ ƚŚĞ ĞŶŽƌŵŽƵƐ ůƵŵďƌĞƌĂ ĚĞƉŽƐŝƚ ŝŶ ŚŝůĞ͕ ĂƐ ǁĞůů ĂƐ ƚŚĞ'ƌĂƐďĞƌŐ ĂŶĚ ĂƚƵ,ŝũĂƵ ŵĂŐŶĞƚŝĐ ƐŝŐŶĂƚƵƌĞƐ͘ dŚŝƐ ŐĞŽŵĞƚƌLJ ŝƐ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚĂůĂƌŐĞƉŽƌƉŚLJƌLJƐLJƐƚĞŵĐŚĂƌĂĐƚĞƌŝnjĞĚďLJĂĐĞŶƚƌĂůŵĂŐŶĞƚŝĐŚŝŐŚƌĞůĂƚĞĚƚŽĂŶŝŶƚƌƵƐŝǀĞĐĞŶƚƌĞĂŶĚĂŵĂŐŶĞƚŝƚĞͲ ĚĞƐƚƌƵĐƚŝǀĞŚĂůŽĐĂƵƐĞĚďLJƉLJƌŝƚŝĐƉŚLJůůŝĐͬĂƌŐŝůůŝĐĂůƚĞƌĂƚŝŽŶ͘dŚĞƉƌĞƐĞŶĐĞŽĨĂǀĞƌLJƐƚƌŽŶŐĂŶŶƵůĂƌĐŚĂƌŐĞĂďŝůŝƚLJŚŝŐŚǁŝƚŚĂĐĞŶƚƌĂů ƚĂƉĞƌŝŶŐ ƌŽŽƚĂƚŐƵŝŶĂŐĂŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚ ƐƵůƉŚŝĚĞͲďĞĂƌŝŶŐ͕ĚŝƐƐĞŵŝŶĂƚĞĚĂŶĚͬŽƌƐƚŽĐŬǁŽƌŬƐƚLJůĞŵŝŶĞƌĂůŝƐĂƚŝŽŶƉĞƌŝƉŚĞƌĂů ƚŽ ĂŶĚĂďŽǀĞĂƉŽƌƉŚLJƌLJƐƚŽĐŬ͘

KWZd/KE^ZWKZd;ĐŽŶƚŝŶƵĞĚͿ

hKZ;ĐŽŶƚŝŶƵĞĚͿ

ZŽĐŬͲƐĂǁĐŚĂŶŶĞůƐĂŵƉůŝŶŐƌĞƐƵůƚƐŽǀĞƌƚŚĞĞdžƉŽƐĞĚŽƵƚĐƌŽƉƌĞƚƵƌŶĞĚĂŶŽƉĞŶĞŶĚĞĚŝŶƚĞƌƐĞĐƚŝŽŶŽĨϵ͘ϬŵΛϭ͘ϬϭйƵ͕ĂŶĚϬ͘ϳϵ ŐͬƚƵ ;dĂďůĞ ϮͿ͘ &ƵƌƚŚĞƌ ƌŽĐŬ ƐĂǁ ĐŚĂŶŶĞů ƐĂŵƉůŝŶŐ͕ ĂŶĚ ŝŶĨŝůů ƐŽŝůͲƐĂŵƉůŝŶŐ ĂůŽŶŐ ǁŝƚŚ ƐƉĞĐƚƌĂů ĂŶĂůLJƐŝƐ ŽĨ ƐŽŝůƐ ƚŽ ĚĞƚĞƌŵŝŶĞ ŚLJĚƌŽƚŚĞƌŵĂů ĂůƚĞƌĂƚŝŽŶ ĂƐƐĞŵďůĂŐĞƐ ƌĞŵĂŝŶ ŽŶŐŽŝŶŐ ĂŶĚ ^Žů'ŽůĚ ĞdžƉĞĐƚƐ ƚŽ ďƌŝŶŐ ƚŚĞ ƉƌŽƐƉĞĐƚ ƚŽ ĚƌŝůůͲƌĞĂĚLJ ƐƚĂƚƵƐ ŽǀĞƌ ƚŚĞ ĐŽŵŝŶŐƋƵĂƌƚĞƌ͘

dƌĞŶĐŚ /	>ĞŶŐƚŚ;ŵͿ	Ƶͺй	ƵͺŐͬƚ	ŵdžйƵ	ŵdžŐͬƚƵ
'ϬϬϭ	ϭ	Ϭ͘ϴϰ	Ϭ͘ϱϳ	Ϭ͘ϴϰ	Ϭ͘ϱϳ
'ϬϬϭ	ϭ	ϭ͘ϱϵ	Ϭ͘ϵϯ	ϭ͘ϱϵ	Ϭ͘ϵϯ
'ϬϬϭ	ϭ	Ϭ͘ϴ	Ϭ͘ϰϮ	Ϭ͘ϴ	Ϭ͘ϰϮ
'ϬϬϭ	ϭ	Ϭ͘ϰϳ	Ϭ͘Ϯϰ	Ϭ͘ϰϳ	Ϭ͘Ϯϰ
'ϬϬϭ	ϭ	Ϭ͘ϳ	Ϭ͘ϯϯ	Ϭ͘ϳ	Ϭ͘ϯϯ
'ϬϬϭ	Ϯ	Ϭ͘Ϯϲ	Ϭ͘ϭϵϲ	Ϭ͘ϱϮ	Ϭ͘ϯϵϮ
'ϬϬϭ	Ϯ	Ϯ͘Ϭϳ	Ϯ͘ϭϭ	ϰ͘ϭϰ	ϰ͘ϮϮ
dŽƚĂůƐ	ϵ	ϭ͘Ϭϭ	Ϭ͘ϳϵ

dĂďůĞ Ϯ͗ZŽĐŬͲƐĂǁĐŚĂŶŶĞůƐĂŵƉůĞƌĞƐƵůƚƐĨƌŽŵdƌĞŶĐŚ'ϬϬϭĂƚŐƵŝŶĂŐĂ͘

^K>KDKE/^>E^

<ƵŵĂ WƌŽũĞĐƚ ;ϭϬϬй ŽǁŶĞĚ ĂƉƉůŝĐĂƚŝŽŶͿ

>ŽĐĂƚŝŽŶ͗	ϯϳŬŵƐŽƵƚŚͲĞĂƐƚŽĨƚŚĞĐĂƉŝƚĂů,ŽŶŝĂƌĂ͕^ŽůŽŵŽŶ/ƐůĂŶĚƐ
KǁŶĞƌƐŚŝƉ͗	ϭϬϬйŽǁŶĞĚ
dĞŶĞŵĞŶƚƌĞĂ͗	ϰϯŬŵϮ
WƌŝŵĂƌLJdĂƌŐĞƚƐ͗	ŽƉƉĞƌŐŽůĚƉŽƌƉŚLJƌLJĚĞƉŽƐŝƚƐ

dŚĞ <ƵŵĂ ƉƌŽũĞĐƚůŝĞƐũƵƐƚ ƚŽ ƚŚĞ ƐŽƵƚŚͲǁĞƐƚ ŽĨĂ ƐĞƌŝĞƐ ŽĨŵĂũŽƌEtͲ^ͲƚƌĞŶĚŝŶŐĂƌĐͲƉĂƌĂůůĞů ĨĂƵůƚƐ͘ dŚĞƐĞ ĨĂƵůƚƐĂƌĞĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ŶƵŵĞƌŽƵƐ Ƶ ĂŶĚ Ƶ ĂŶŽŵĂůŝĞƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ^ƵƚĂŬŝŬŝ ƉƌŽƐƉĞĐƚ ĂŶĚ ƚŚĞ DďĞƚŝůŽŶŐĂ ƉƌŽƐƉĞĐƚ ;ĨŽƌŵĞƌůLJ ƉĂƌƚ ŽĨ ƚŚĞ 'ƵĂĚĂůĐĂŶĂů:ŽŝŶƚsĞŶƚƵƌĞͿ͘dŚĞƉƌŽũĞĐƚĂƌĞĂŽǀĞƌůŝĞƐĂϯ͘ϱͲŬŝůŽŵĞƚƌĞǁŝĚĞ͕ĂŶŶƵůĂƌ͕ĐĂůĚĞƌĂͲůŝŬĞƚŽƉŽŐƌĂƉŚŝĐĨĞĂƚƵƌĞ͘ŶŶƵůĂƌĂŶĚ ŶĞƐƚĞĚ ƚŽƉŽŐƌĂƉŚŝĐ ĂŶŽŵĂůŝĞƐ ŝŶ ƚŚĞ ƌĞŐŝŽŶ ƐƵŐŐĞƐƚ ƚŚĞ ƉƌĞƐĞŶĐĞ ŽĨ ĞdžƚĞŶƐŝǀĞ ďĂƚŚŽůŝƚŚƐ ŽĨ ƚŚĞ <ŽůŽƵůĂ ŝŽƌŝƚĞ ďĞŶĞĂƚŚ ƚŚĞ ǀŽůĐĂŶŝĐĐŽǀĞƌŽĨƚŚĞ^ƵƚĂsŽůĐĂŶŝĐƐ͘dŚĞƉƌŽƐƉĞĐƚŐĞŽůŽŐLJŝƐĚŽŵŝŶĂƚĞĚďLJĂϰŬŵďLJ ϭŬŵůŝƚŚŽĐĂƉ͘ dŚŝƐĞdžƚĞŶƐŝǀĞnjŽŶĞŽĨĂƌŐŝůůŝĐ ĂŶĚĂĚǀĂŶĐĞĚĂƌŐŝůůŝĐĂůƚĞƌĂƚŝŽŶŝƐĐĂƵƐĞĚďLJŚLJĚƌŽƚŚĞƌŵĂůĨůƵŝĚƐƚŚĂƚĞŵĂŶĂƚĞĨƌŽŵƚŚĞƚŽƉŽĨƉŽƌƉŚLJƌLJĐŽƉƉĞƌͲŐŽůĚŵŝŶĞƌĂůŝƐŝŶŐ ƐLJƐƚĞŵƐ͕ĂŶĚƚŚƵƐƉƌŽǀŝĚĞƐĂďƵƌŝĞĚƉŽƌƉŚLJƌLJĐŽƉƉĞƌŐŽůĚƚĂƌŐĞƚ͘

dŚĞŐĞŽĐŚĞŵŝĐĂůůLJĂŶŽŵĂůŽƵƐƉŽƌƚŝŽŶŽĨƚŚĞ<ƵŵĂůŝƚŚŽĐĂƉ;ŶŽƌƚŚǁĞƐƚĞŶĚͿůŝĞƐǁŝƚŚŝŶƚŚĞĂŶŶƵůĂƌƚŽƉŽŐƌĂƉŚŝĐĂŶŽŵĂůLJ͘<ƵŵĂ͕ ŚĂƐĂƐƉĞĐƚĂĐƵůĂƌŽdžŝĚŝnjĞĚ ĨůŽĂƚďŽƵůĚĞƌƚƌĂŝůĂůŽŶŐƚŚĞ<ƵŵĂZŝǀĞƌĂŶĚǁĂƐƚƌĂĐĞĚƚŽůĞŵďĂĂŶĚ<ŽůŽǀĞůŽĐƌĞĞŬƐǁŚŝĐŚůĞĂĚƚŽ ĚŝƐĐŽǀĞƌLJŽĨďƌŽĂĚŚLJĚƌŽƚŚĞƌŵĂůĂůƚĞƌĂƚŝŽŶnjŽŶĞƐĂŶĚůŝƚŚŽĐĂƉ͘

WƌĞǀŝŽƵƐĞdžƉůŽƌĂƚŝŽŶĐŽŵƉůĞƚĞĚĂƚ<ƵŵĂƵŶĚĞƌƚŚĞ'ƵĂĚĂůĐĂŶĂů:ŽŝŶƚsĞŶƚƵƌĞďĞƚǁĞĞŶ^Žů'ŽůĚĂŶĚEĞǁŵŽŶƚŝŶĐůƵĚĞĚĞdžƚĞŶƐŝǀĞ ŐĞŽĐŚĞŵŝĐĂů ƐĂŵƉůŝŶŐ ;>'͕ ƌŽĐŬ ĐŚŝƉ ĂŶĚ ĐŚĂŶŶĞů ƐĂŵƉůĞƐͿ͕ ŐĞŽůŽŐŝĐĂů ŵĂƉƉŝŶŐ͕ Ă ŵĂŐŶĞƚŝĐ ƐƵƌǀĞLJ ĂŶĚ ĂŶ ĞůĞĐƚƌŽŵĂŐŶĞƚŝĐ ƐƵƌǀĞLJ͘'ĞŽĐŚĞŵŝĐĂůƌĞƐƵůƚƐĚĞĨŝŶĞĂĐĞŶƚƌĂůnjŽŶĞŽĨŵĂŶŐĂŶĞƐĞĚĞƉůĞƚŝŽŶ;DŶфϮϬϬƉƉŵͿŝŶĨĞƌƌĞĚƚŽŝŶĚŝĐĂƚĞƚŚĞĚĞƐƚƌƵĐƚŝŽŶŽĨ ŵĂĨŝĐŵŝŶĞƌĂůƐďLJŚLJĚƌŽƚŚĞƌŵĂůĂůƚĞƌĂƚŝŽŶ͘ŝŶĐхϳϱƉƉŵĨŽƌŵƐĂŶĂŶŶƵůƵƐƚŽƚŚŝƐnjŽŶĞ͕ĂŶĚDŽůLJďĚĞŶƵŵхϰƉƉŵůŝĞƐĂůŽŶŐƚŚĞ ŵĂƌŐŝŶƐ ŽĨ ƚŚĞ ŵĂŶŐĂŶĞƐĞ ůŽǁ ŝŶĚŝĐĂƚŝŶŐ ƉŽƚĞŶƚŝĂů ĨŽƌ ƉŽƌƉŚLJƌLJ ƵͲƵ ŵŝŶĞƌĂůŝnjĂƚŝŽŶ Ăƚ ĚĞƉƚŚ͘ dĞƌƌĂ^ƉĞĐ ƐƉĞĐƚƌĂů ĂŶĂůLJƐŝƐ ŽĨ ƐŝĞǀĞĚĐŽĂƌƐĞĨƌĂĐƚŝŽŶƐŽŝůƐĂŵƉůĞƐĐŽǀĞƌŝŶŐƚŚĞ<ƵŵĂůŝƚŚŽĐĂƉĂƌĞĂ͕ǁĂƐĐŽŵƉůĞƚĞĚĂƚĂĐŽŵŵĞƌĐŝĂůůĂďŽƌĂƚŽƌLJŝŶƵƐƚƌĂůŝĂ͘dŚĞ ƌĞƐƵůƚŝŶƚĞŐƌĂƚĞĚǁŝƚŚŬŶŽǁŶŐĞŽůŽŐLJŝŶƚŚĞƉƌŽƐƉĞĐƚĂƌĞĂŚĂƐŚŝŐŚůŝŐŚƚĞĚĂƉƌŝŵĂƌLJƉŽƌƉŚLJƌLJƚĂƌŐĞƚĐĞŶƚƌĞŝŶƚŚĞŶŽƌƚŚĞƌŶƉŽƌƚŝŽŶ ŽĨƚŚĞůŝƚŚŽĐĂƉ͘

dŚĞƉƌŽƐƉĞĐƚŝŶŐůŝĐĞŶĐĞ;W> ϬϴͬϬϲͿĞdžƉŝƌĞĚŽŶϭϭ ƉƌŝůϮϬϭϱĂŶĚĂĐĐŽƌĚŝŶŐůLJƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨΨϬ͘ϯϭŵŝůůŝŽŶǁĂƐĐŽŶƐŝĚĞƌĞĚƚŽ ďĞŝŵƉĂŝƌĞĚĂŶĚĂŶŝŵƉĂŝƌŵĞŶƚĐŚĂƌŐĞŽĨΨϬ͘ϯϭŵŝůůŝŽŶ;ϮϬϭϰ͗ΨŶŝůͿǁĂƐƌĞĐŽŐŶŝƐĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ͘

KWZd/KE^ZWKZd;ĐŽŶƚŝŶƵĞĚͿ

^K>KDKE/^>E^;ĐŽŶƚŝŶƵĞĚͿ

ŶĂĐŽŶĚĂƐƚLJůĞŐĞŽůŽŐŝĐĂůŵĂƉƉŝŶŐŝƐ ƉůĂŶŶĞĚ ĨŽƌ ƚŚĞĐŽŵŝŶŐLJĞĂƌƐŽĂƐ ƚŽďƌŝŶŐ ƚŚĞƉƌŽũĞĐƚ ƚŽ Ěƌŝůů ƌĞĂĚLJƐƚĂƚƵƐŝŶϮϬϭϲ͘ dŚƌĞĞ ƐƚĞĞƉůLJͲŝŶĐůŝŶĞĚĚŝĂŵŽŶĚĐŽƌĞĚƌŝůůͲŚŽůĞƐ͕ĞĂĐŚĂďŽƵƚϴϬϬŵĚĞĞƉ͕ĂƌĞĞŶǀŝƐĂŐĞĚĨŽƌĂŶŝŶŝƚŝĂůƚĞƐƚŽĨƚŚĞƚĂƌŐĞƚĂƌĞĂ͘ƌŝůů^ŝƚĞƐǁŝůů ďĞ ůŽĐĂƚĞĚ ĨŽůůŽǁŝŶŐ ŶĂĐŽŶĚĂ ƐƚLJůĞ ŐĞŽůŽŐŝĐĂů ŵĂƉƉŝŶŐ ǁŝƚŚŝŶ ĂŶĚ ƉĞƌŝƉŚĞƌĂů ƚŽ ƚŚĞ ƚĂƌŐĞƚ ĂƌĞĂ͘ ^ŝůŝĐĂ ůĞĚŐĞƐ ĂŶĚ ĚŝĐŬŝƚĞ ĂŶŽŵĂůŝĞƐĐŽŶƚƌŽůůĞĚďLJŚŝŐŚůĞǀĞůƐƚƌƵĐƚƵƌĞĐĂŶďĞƚĞƐƚĞĚƚŽƉƌŽǀŝĚĞǀĞĐƚŽƌƐƚŽǁĂƌĚƚŚĞĐĞŶƚƌĞŽĨƚŚĞ<ƵŵĂƉŽƌƉŚLJƌLJŐŽůĚͲĐŽƉƉĞƌ ƐLJƐƚĞŵ ĂŶĚ ƚŚĞ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ ĂŶĚ ŽƌŝĞŶƚĂƚŝŽŶ ŽĨ ĚŝŬĞƐ ;ƉŽƌƉŚLJƌŝƚŝĐ ĨĞůƐŝĐͿ͕ ǀĞŝŶƐ ;ƋƵĂƌƚnj ĂŶĚ ĞƉŝĚŽƚĞͿ ĂŶĚ ĨƌĂĐƚƵƌĞƐ ;ĐŽŶƚĂŝŶŝŶŐ ĐŚĂůĐŽƉLJƌŝƚĞŽƌŵĂŐŶĞƚŝƚĞͿ͘

YhE^>Eʹh^dZ>/

DŽƵŶƚ WĞƌƌLJ ;ϭϬϬй ^Žů'ŽůĚͿ

>ŽĐĂƚŝŽŶ͗	ϭϯϬŬŵŶŽƌƚŚͲǁĞƐƚŽĨ'LJŵƉŝĞ͕YƵĞĞŶƐůĂŶĚ͕ƵƐƚƌĂůŝĂ
KǁŶĞƌƐŚŝƉ͗	ϭϬϬйŽǁŶĞĚ
dĞŶĞŵĞŶƚƌĞĂ͗	ϴϵ ŐƌĂŶƚĞĚ ƐƵďͲďůŽĐŬƐ ;ĐŝƌĐĂ ϮϳϳŬŵϮ Ϳ ĂŶĚ ϭϬϯ ĂƉƉůŝĐĂƚŝŽŶ ƐƵďͲďůŽĐŬƐ ;ĐŝƌĐĂ ϯϯϲŬŵϮ ͖ ƉƌŝŵĂƌŝůLJ ƚĞŶĞŵĞŶƚ ĐŽŶƐŽůŝĚĂƚŝŽŶĂƌĞĂƐͿ͘
WƌŝŵĂƌLJdĂƌŐĞƚƐ͗	,ŝŐŚŐƌĂĚĞ͕ůŽĚĞŐŽůĚĚĞƉŽƐŝƚƐĂŶĚƉŽƐƐŝďůĞŐŽůĚƉŽƌƉŚLJƌLJĚĞƉŽƐŝƚƐ

dŚĞ Dƚ WĞƌƌLJ 'ŽůĚĨŝĞůĚ ŝƐ ůŽĐĂƚĞĚ ĨŽƵƌ ŚŽƵƌƐ ďLJ ƌŽĂĚ ĨƌŽŵ ƌŝƐďĂŶĞ ĂŶĚ ŝƐ ŚŽƐƚ ƚŽ ŵŽƌĞ ƚŚĂŶ ϲϬ ŶĂŵĞĚ ĂŶĚ ŶƵŵĞƌŽƵƐ ŽƚŚĞƌ ƵŶŶĂŵĞĚŚŝƐƚŽƌŝĐĂůŵŝŶĞƐĂŶĚǁŽƌŬŝŶŐƐ;ƐĞĞ&ŝŐƵƌĞϭϲͿ͘ dŚĞĂƌĞĂůŝĞƐĂĚũĂĐĞŶƚƚŽǀŽůƵƚŝŽŶ͛ƐϭϬϬ͕ϬϬϬŽƵŶĐĞƉĞƌĂŶŶƵŵDƚZĂǁĚŽŶ 'ŽůĚDŝŶĞǁŚŝĐŚůŝĞƐĂƚ ƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶŽĨ ƚǁŽŵĂũŽƌŐĞŽůŽŐŝĐĂů ĨĂƵůƚ ƐƚƌƵĐƚƵƌĞƐ͖ ƚŚĞDƚĂŶŝĂĂŶĚĂƌůŝŶŐ>ŝŶĞĂŵĞŶƚƐ͘ ƵƌƌĞŶƚ ƉƵďůŝƐŚĞĚƌĞƐŽƵƌĐĞƐĂƚDƚZĂǁĚŽŶƐƚĂŶĚĂƚϯϲ͘ϳŵŝůůŝŽŶƚŽŶŶĞƐĂƚϬ͘ϴϳŐͬƚŐŽůĚĨŽƌϭŵŝůůŝŽŶŽƵŶĐĞƐ͕ĂŶĚŚŝƐƚŽƌŝĐĂůƉƌŽĚƵĐƚŝŽŶŚĂƐ ďĞĞŶĂƉƉƌŽdžŝŵĂƚĞůLJ ϭŵŝůůŝŽŶŽƵŶĐĞƐ͘džƉůŽƌĂƚŝŽŶĂƚDƚWĞƌƌLJŚĂƐĨŽĐƵƐƐĞĚĂůŽŶŐƚǁŽŵŝŶĞƌĂůŝƐĞĚƐƚƌƵĐƚƵƌĂůnjŽŶĞƐ;dŚĞƵŐƵƐƚŝŶĞͲ EĞǁDŽŽŶƚĂƚƌĞŶĚĂŶĚƚŚĞŚŝŶĂŵĂŶƐͲZĞĂŐĂŶƐƚƌĞŶĚ͘ dŚĞƐƚƌƵĐƚƵƌĂůŽƌŝĞŶƚĂƚŝŽŶƐŽĨƚŚĞƐĞĂƌĞƐŝŵŝůĂƌƚŽƚŚĞŵĂũŽƌƐƚƌƵĐƚƵƌĞƐƚŚĂƚ ŚŽƐƚƚŚĞDƚZĂǁĚŽŶŐŽůĚŵŝŶĞ͘

dŚĞ͚ƵŐƵƐƚŝŶĞͲEĞǁDŽŽŶƚĂƚƌĞŶĚ͛ĞdžƚĞŶĚƐŽǀĞƌĂϮϬŬŵůŽŶŐŶŽƌƚŚͲĞĂƐƚƚƌĞŶĚŝŶŐĐŽƌƌŝĚŽƌĨƌŽŵƵŐƵƐƚŝŶĞŝŶƚŚĞƐŽƵƚŚͲǁĞƐƚƚŽƚŚĞ EĞǁ DŽŽŶƚĂ ŵŝŶĞƐ ŝŶ ƚŚĞ ŶŽƌƚŚͲĞĂƐƚ͘ ^ƵůƉŚŝĚĞͲŵŝŶĞƌĂůŝƐĞĚ ďƌĞĐĐŝĂ ďŽĚŝĞƐ ǁŝƚŚ ǀĂƌŝĂďůĞ ŐŽůĚ͕ ƐŝůǀĞƌ͕ ďĂƐĞ ŵĞƚĂůƐ ĂŶĚ ǁŝƚŚ ŽĐĐƵƌƌĞŶĐĞƐŽĨƵƌĂŶŝƵŵĐŚĂƌĂĐƚĞƌŝƐĞƚŚĞƵŐƵƐƚŝŶĞͲEĞǁDŽŽŶƚĂƚƌĞŶĚ͘ dŚĞƐĞĐŽŶĚƚĂƌŐĞƚnjŽŶĞŝƐƚŚĞ͚ŚŝŶĂŵĂŶƐͲZĞĂŐĂŶƐƚƌĞŶĚ͛͘ dŚŝƐƚĂƌŐĞƚnjŽŶĞŝƐĐŚĂƌĂĐƚĞƌŝƐĞĚďLJĐŽƉƉĞƌͲŵŽůLJďĚĞŶƵŵƉŽƌƉŚLJƌŝĞƐǁŝƚŚŐŽůĚĂŶĚnjŝŶĐĂŶŽŵĂůŽƵƐŚĂůŽƐŝŶƚŚĞƐŽƵƚŚŽĨƚŚĞƉƌŽũĞĐƚ ĂƌĞĂ͕ĂŶĚŝƚŵĞƌŐĞƐǁŝƚŚƚŚĞϳŬŵůŽŶŐĂŶĚƐƚƌŽŶŐůLJŵŝŶĞƌĂůŝƐĞĚŚŝŶĂŵĂŶ͛ƐƌĞĞŬʹZĞŝĚ͛ƐƌĞĞŬʹ^ƉƌŝŶŐƌĞĞŬʹZĞĂŐĂŶ͛ƐƚĂƌŐĞƚ ŝŵŵĞĚŝĂƚĞůLJ ƚŽ ƚŚĞ ŶŽƌƚŚ͘ džƚĞŶƐŝǀĞ ĂŝƌďŽƌŶĞ ŵĂŐŶĞƚŝĐ ĂŶĚ ĞůĞĐƚƌŽŵĂŐŶĞƚŝĐ ƐƵƌǀĞLJƐ ŚĂǀĞ ďĞĞŶ ĐŽŶĚƵĐƚĞĚ ŽǀĞƌ ƚŚĞ Dƚ WĞƌƌLJ WƌŽũĞĐƚĂƌĞĂ͕ƚŽŐĞƚŚĞƌǁŝƚŚĚĞƚĂŝůĞĚƐŽŝůƐĂŵƉůŝŶŐ͕ƌŽĐŬĐŚŝƉƐĂŵƉůŝŶŐĂŶĚŐĞŽůŽŐŝĐĂůŵĂƉƉŝŶŐƐƵƌǀĞLJƐ͘ dŚŝƐŚĂƐďĞĞŶĨŽůůŽǁĞĚďLJ ĚƌŝůůŝŶŐ ƉƌŽŐƌĂŵƐ ƚŚĂƚ ĐŽŶĚƵĐƚĞĚ ĨŝƌƐƚ ƉĂƐƐ ƌĞĐŽŶŶĂŝƐƐĂŶĐĞ ĚƌŝůůŝŶŐ ŽŶ ŶƵŵĞƌŽƵƐ ƚĂƌŐĞƚƐ͘ džƉůŽƌĂƚŝŽŶ ĂƚDƚWĞƌƌLJ ŚĂƐ ŝĚĞŶƚŝĨŝĞĚ ƐĞǀĞƌĂů ŚŝŐŚ ŐƌĂĚĞ ǀĞŝŶͲƐƚLJůĞ ƚĂƌŐĞƚƐ ĂŶĚ ůŽǁĞƌ ŐƌĂĚĞ͕ ŚŝŐŚͲƚŽŶŶĂŐĞ ƉŽƌƉŚLJƌLJͲƐƚLJůĞ ŐŽůĚ ƚĂƌŐĞƚƐ͘ /ŶĚĞƉĞŶĚĞŶƚ ƌĞǀŝĞǁ ŽĨ ƚŚĞ ŐĞŽůŽŐŝĐĂůƌĞƐŽƵƌĐĞƉŽƚĞŶƚŝĂůŽĨƚŚĞĂƌĞĂĐŽŶĐůƵĚĞĚƚŚĂƚƚŚĞƉƌŽƐƉĞĐƚƐŚĂǀĞĂĐŽŵďŝŶĞĚƉŽƚĞŶƚŝĂůƚŽŚŽƐƚďĞƚǁĞĞŶϮϬϬ͕ϬϬϬŽƵŶĐĞƐ ;ďĂƐĞĐĂƐĞͿĂŶĚϳϬϬ͕ϬϬϬŽƵŶĐĞƐ;ŐĞŽůŽŐŝĐĂůƉŽƚĞŶƚŝĂůͿŽĨŐŽůĚ͘ƐŝŐŶŝĨŝĐĂŶƚĂŵŽƵŶƚŽĨƚŚĞƚĞŶĞŵĞŶƚƌĞŵĂŝŶƐƵŶĞdžƉůŽƌĞĚ͕ůĞĂǀŝŶŐ ƚŚĞ ƉŽƚĞŶƚŝĂů ĨŽƌ ƵŶƌĞĐŽŐŶŝƐĞĚ ƉƌŽƐƉĞĐƚƐ ƚŽ ďĞ ĚŝƐĐŽǀĞƌĞĚ ǁŝƚŚŝŶ ƚŚĞ ĂƌĞĂ͘ ^Žů'ŽůĚ ĞŶĐŽƵƌĂŐĞƐ ŝŶƚĞƌĞƐƚ ŝŶ Ă :s ƉĂƌƚŶĞƌƐŚŝƉ ƚŽ ĐŽŶƚŝŶƵĞĞdžƉůŽƌĂƚŝŽŶĂƚDƚWĞƌƌLJ͘

KWZd/KE^ZWKZd;ĐŽŶƚŝŶƵĞĚͿ

YhE^>Eʹh^dZ>/;ĐŽŶƚŝŶƵĞĚͿ

EŽƌŵĂŶďLJ WƌŽũĞĐƚ ;ϭϬϬй ^Žů'ŽůĚͿ

>ŽĐĂƚŝŽŶ͗	ϭϮϬŬŵŶŽƌƚŚͲǁĞƐƚŽĨDĂĐŬĂLJ͕YƵĞĞŶƐůĂŶĚ͕ƵƐƚƌĂůŝĂ
KǁŶĞƌƐŚŝƉ͗	ϭϬϬйŽǁŶĞĚ
dĞŶĞŵĞŶƚƌĞĂ͗	ϭϳϭŐƌĂŶƚĞĚƐƵďͲďůŽĐŬƐ;ĐŝƌĐĂϱϱϬŬŵϮ ͿĂŶĚϭϬϬĂƉƉůŝĐĂƚŝŽŶƐƵďͲďůŽĐŬƐ;ĐŝƌĐĂϯϮϭŬŵϮ ǁŚŝĐŚĂƌĞƉƌŝŵĂƌŝůLJ ĐŽŶƐŽůŝĚĂƚŝŽŶĂƌĞĂƐͿ͘
WƌŝŵĂƌLJdĂƌŐĞƚƐ͗	ƵͲƵƉŽƌƉŚLJƌLJĚĞƉŽƐŝƚƐĂŶĚďĂƚŚŽůŝƚŚĂƐƐŽĐŝĂƚĞĚŐŽůĚǀĞŝŶĚĞƉŽƐŝƚƐ

dŚĞEŽƌŵĂŶďLJ WƌŽũĞĐƚŝƐůŽĐĂƚĞĚĂƚƚŚĞƐŽƵƚŚĞƌŶŵĂƌŐŝŶŽĨĞĂƐƚĞƌŶƵƐƚƌĂůŝĂ͛ƐĚĞŶƐĞƐƚĐůƵƐƚĞƌŽĨŵŝůůŝŽŶŽƵŶĐĞŐŽůĚĚĞƉŽƐŝƚƐ͕ƚŚĞ ŶĞĂƌĞƐƚŽĨǁŚŝĐŚŝƐƚŚĞDƚ͘ ĂƌůƚŽŶƵͲŐŵŝŶĞ͕ůŽĐĂƚĞĚϰϬŬŵƚŽƚŚĞŶŽƌƚŚǁĞƐƚŽĨEŽƌŵĂŶďLJ͘

^Žů'ŽůĚ͛ƐĞdžƉůŽƌĂƚŝŽŶƚŽĚĂƚĞŚĂƐĨŽĐƵƐƐĞĚĂƌŽƵŶĚƚŚĞEŽƌŵĂŶďLJ 'ŽůĚĨŝĞůĚ͕ĂĐŽůůĞĐƚŝŽŶŽĨϳϬŚŝƐƚŽƌŝĐĂůǁŽƌŬŝŶŐƐ͘ tŽƌŬƉƌŽŐƌĂŵƐ ŚĂǀĞŝŶĐůƵĚĞĚĞdžƚĞŶƐŝǀĞƐƚƌĞĂŵƐĞĚŝŵĞŶƚ͕ƐŽŝůĂŶĚƌŽĐŬĐŚŝƉƐĂŵƉůŝŶŐ͕ĂŶĂŝƌďŽƌŶĞŵĂŐŶĞƚŝĐƐƵƌǀĞLJĂŶĚϱϬĚƌŝůůŚŽůĞƐƚŽƚĂůůŝŶŐϭϱϮϯ ŵĞƚƌĞƐŝŶůĞŶŐƚŚ͘ dŚĞŵŽƐƚƐŝŐŶŝĨŝĐĂŶƚŝŶƚĞƌƐĞĐƚŝŽŶƐǁĞƌĞĂƚƚŚĞDƚ&ůĂƚdŽƉƉƌŽƐƉĞĐƚĂŶĚŝŶĐůƵĚĞĚĂŶŝŶƚĞƌƐĞĐƚŝŽŶŽĨϰϮŵŐƌĂĚŝŶŐ ϭ͘ϭϲŐͬƚŐŽůĚĂŶĚϯϰŵŐƌĂĚŝŶŐϭ͘ϮϮŐͬƚŐŽůĚ͘ dŚĞŵŝŶĞƌĂůŝƐĂƚŝŽŶŚĂƐƚŚĞŐĞŽůŽŐŝĐĂůĨĞĂƚƵƌĞƐŽĨĂƉŽƌƉŚLJƌLJĐŽƉƉĞƌƐLJƐƚĞŵǁŝƚŚĂŚŝŐŚ ŐŽůĚ ƚŽ ĐŽƉƉĞƌ ƌĂƚŝŽ͘ ƐĞĐŽŶĚ ƉŚĂƐĞ ŽĨ ĚƌŝůůŝŶŐ ŵĂLJ ďĞ ĐĂƌƌŝĞĚ ŽƵƚ ƚŽ ƚĞƐƚ ƚŚĞ ůĂƚĞƌĂů ĂŶĚ ǀĞƌƚŝĐĂů ĞdžƚĞŶƐŝŽŶ ŽĨ ƚŚŝƐ ƉŽƚĞŶƚŝĂů ƉŽƌƉŚLJƌLJƚĂƌŐĞƚ͘ ZĞŐŝŽŶĂůͲƐĐĂůĞƐƚƌĞĂŵƐĞĚŝŵĞŶƚĂŶĚƌŽĐŬĐŚŝƉƐĂŵƉůŝŶŐŚĂƐŝĚĞŶƚŝĨŝĞĚŶƵŵĞƌŽƵƐĂŶŽŵĂůŽƵƐĂƌĞĂƐ͕ŝŶĐůƵĚŝŶŐƚŚĞ DƚƌŽŵƉƚŽŶďƌĞĐĐŝĂƉŝƉĞ͘

EŽ ĨŝĞůĚ ĞdžƉůŽƌĂƚŝŽŶ ǁĂƐ ĐŽŶĚƵĐƚĞĚ ŝŶ ϮϬϭϱ Ăƚ EŽƌŵĂŶďLJ ĂƐ ^Žů'ŽůĚ ŝƐ ƐĞĞŬŝŶŐ ĞdžƉƌĞƐƐŝŽŶƐ ŽĨ ŝŶƚĞƌĞƐƚ ƚŽ ũŽŝŶƚ ǀĞŶƚƵƌĞ ƚŚĞ EŽƌŵĂŶďLJƉƌŽũĞĐƚ͘

ZĂŶŶĞƐ WƌŽũĞĐƚ ;ϭϬϬй ^Žů'ŽůĚͿ

>ŽĐĂƚŝŽŶ͗	ϭϰϬŬŵǁĞƐƚŽĨ'ůĂĚƐƚŽŶĞ͕YƵĞĞŶƐůĂŶĚ͕ƵƐƚƌĂůŝĂ
KǁŶĞƌƐŚŝƉ͗	ϭϬϬйŽǁŶĞĚ
dĞŶĞŵĞŶƚ͗	ϮϬϵŐƌĂŶƚĞĚƐƵďͲďůŽĐŬƐ;ĐŝƌĐĂϲϱϱŬŵϮ ͿĂŶĚϮϬϯĂƉƉůŝĐĂƚŝŽŶƐƵďͲďůŽĐŬƐ;ĐŝƌĐĂϲϱϭ͘ϱŬŵϮ ͿǁŚŝĐŚĂƌĞƉƌŝŵĂƌŝůLJ
	ĐŽŶƐŽůŝĚĂƚŝŽŶĂƌĞĂƐͿ͘
WƌŝŵĂƌLJdĂƌŐĞƚƐ͗	ŝƐƐĞŵŝŶĂƚĞĚĂŶĚǀĞŝŶŐŽůĚĂŶĚƐŝůǀĞƌĚĞƉŽƐŝƚƐ

^Žů'ŽůĚ͛Ɛ ƉƌŝŶĐŝƉĂů ƚĂƌŐĞƚƐ Ăƚ ƚŚĞ ZĂŶŶĞƐ ƉƌŽũĞĐƚ ĂƌĞ ƐƚƌƵĐƚƵƌĂůůLJͲĐŽŶƚƌŽůůĞĚ͕ ůŽǁͲƐƵůƉŚŝĚĂƚŝŽŶ ĞƉŝƚŚĞƌŵĂů ŐŽůĚͲƐŝůǀĞƌ ĚĞƉŽƐŝƚƐ͘ dŚŝƌƚĞĞŶ ƉƌŽƐƉĞĐƚƐ ŚĂǀĞ ďĞĞŶ ŝĚĞŶƚŝĨŝĞĚ ǁŝƚŚŝŶ ƚŚĞ WĞƌŵŝĂŶͲĂŐĞĚ ĂŵŶ sŽůĐĂŶŝĐƐ͕ ǁŝƚŚ ƚŚĞ ŵĂũŽƌŝƚLJ ůLJŝŶŐ ĂůŽŶŐ ŶŽƌƚŚͲ ŶŽƌƚŚǁĞƐƚƚƌĞŶĚŝŶŐĨĂƵůƚnjŽŶĞƐ͘džƉůŽƌĂƚŝŽŶŚĂƐŝŶĐůƵĚĞĚƚĞŶĞŵĞŶƚǁŝĚĞƐƚƌĞĂŵƐĞĚŝŵĞŶƚ͕ƐŽŝůĂŶĚƌŽĐŬĐŚŝƉƐĂŵƉůŝŶŐƐƵƌǀĞLJƐ͘ ĚĞƚĂŝůĞĚĂŝƌďŽƌŶĞŵĂŐŶĞƚŝĐ ƐƵƌǀĞLJǁĂƐ ƌĞĐĞŶƚůLJ ƌĞͲŝŶƚĞƌƉƌĞƚĞĚ ƚŽĞŶŚĂŶĐĞ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ƚŚĞ ƐƚƌƵĐƚƵƌĂůŵŽĚĞů ŽĨ ƚŚĞ ďĞůƚ͘ džƉůŽƌĂƚŝŽŶ ŵĞƚŚŽĚƐ ŚĂǀĞ ŝŶĐůƵĚĞĚ Ă ϯ /W ;/ŶĚƵĐĞĚ WŽůĂƌŝƐĂƚŝŽŶͿ ƐƵƌǀĞLJ͕ ŐĞŽůŽŐŝĐĂů ŵĂƉƉŝŶŐ͕ ĂŶĚ ƚƌĞŶĐŚŝŶŐ Ăůů ĐŽŶƚƌŝďƵƚŝŶŐ ƚŽ ĚĞĨŝŶŝƚŝŽŶŽĨĂĚĚŝƚŝŽŶĂůĚƌŝůůƚĂƌŐĞƚƐĂƚƐĞǀĞƌĂůƉƌŽƐƉĞĐƚƐ͘

ƚŽƚĂůŽĨϰϳϯŚŽůĞƐŚĂǀĞďĞĞŶĚƌŝůůĞĚĂƚƚŚĞZĂŶŶĞƐƉƌŽũĞĐƚĨŽƌĂƚŽƚĂůŽĨϱϴ͕ϴϴϳŵ͘ DŽƐƚŽĨƚŚŝƐĚƌŝůůŝŶŐŚĂƐŽĐĐƵƌƌĞĚĂƚ<ĂƵĨĨŵĂŶƐ ƉƌŽƐƉĞĐƚ;ϭϱϭŚŽůĞƐͿĂŶĚƚŚĞƌƵŶĐŚŝĞƉƌŽƐƉĞĐƚ;ϵϬŚŽůĞƐͿ͕ǁŚŝůĞůŽǁĞƌŵĞƚƌĞĂŐĞĚƌŝůůƉƌŽŐƌĂŵƐŚĂǀĞďĞĞŶĐŽŶĚƵĐƚĞĚĂƚƚŚĞ^ŚŝůŽ͕ ƌĂĐŬůŝŶZŽƐŝĞ͕WŽƌĐƵƉŝŶĞ͕ƌŽƚŚĞƌ͕^ƉƌŝŶŐƌĞĞŬĂŶĚWŽůŝĐĞĂŵƉƌĞĞŬƉƌŽƐƉĞĐƚƐ͘dŚĞŐĞŽŵĞƚƌLJĂŶĚŶĂƚƵƌĞŽĨƚŚĞ<ĂƵĨĨŵĂŶƐĂŶĚ ƌƵŶĐŚŝĞƐLJƐƚĞŵƐĂƌĞǁĞůůƵŶĚĞƌƐƚŽŽĚ͘

DŝŶĞƌĂů ƌĞƐŽƵƌĐĞƐ ĞƐƚŝŵĂƚĞƐ ǁĞƌĞ ĐŽŵƉůĞƚĞĚ ďLJ ,ĞůůŵĂŶ Θ ^ĐŚŽĨŝĞůĚ WƚLJ >ƚĚ͕ ĂŶĚ ďLJ ,Θ^ ŽŶƐƵůƚŝŶŐ WƚLJ͘ >ƚĚ͕͘ ŝŶĚĞƉĞŶĚĞŶƚ ŐĞŽůŽŐŝĐĂů ĐŽŶƐƵůƚĂŶĐŝĞƐ͘ dŚĞ ŵŽƐƚ ƌĞĐĞŶƚ ƌĞƐŽƵƌĐĞ ĞƐƚŝŵĂƚĞ ŝŶĐůƵĚĞƐ ƌĞƐŽƵƌĐĞƐ ŝŶ ďŽƚŚ /ŶĚŝĐĂƚĞĚ ĂŶĚ /ŶĨĞƌƌĞĚ ĐĂƚĞŐŽƌŝĞƐ ĨŽƌ ƌĞƉŽƌƚŝŶŐƵŶĚĞƌƚŚĞ:KZ ŽĚĞĨŽƌZĞƉŽƌƚŝŶŐŽĨDŝŶĞƌĂůZĞƐŽƵƌĐĞƐĂŶĚKƌĞZĞƐĞƌǀĞƐ͘dŚĞĐƵƌƌĞŶƚĐŽŵďŝŶĞĚŝŶĚŝĐĂƚĞĚĂŶĚŝŶĨĞƌƌĞĚ ƌĞƐŽƵƌĐĞĞƐƚŝŵĂƚĞƐƚĂŶĚƐĂƚϭϮ͘ϮϯŵŝůůŝŽŶƚŽŶŶĞƐĂƚϬ͘ϲŐͬƚŐŽůĚĂŶĚϮϯ͘ϭϴŐͬƚƐŝůǀĞƌ͖ĨŽƌϮϯϳ͕ϮϰϬŽƵŶĐĞƐƵĂŶĚϵ͕ϭϬϱ͕ϬϳϮŽƵŶĐĞƐ Ő͘dĂďůĞ ϯůŝƐƚƐƚŚĞĐƵƌƌĞŶƚƌĞƐŽƵƌĐĞĞƐƚŝŵĂƚĞƐĂƚƚŚĞĨŝǀĞŵĂŝŶƉƌŽƐƉĞĐƚƐ͘ dŚĞƐĞĞƐƚŝŵĂƚĞƐĂƌĞďĂƐĞĚŽŶŐŽůĚƚŽƐŝůǀĞƌƌĂƚŝŽŽĨϭ͗ϱϬ ĂŶĚĂϬ͘ϱŐͬƚƵĞƋƵŝǀĂůĞŶƚĐƵƚͲŽĨĨ͘

KWZd/KE^ZWKZd;ĐŽŶƚŝŶƵĞĚͿ

WƌŽũĞĐƚ	hdK&& ;Ƶ͘ƋͿ	ZĞƐŽƵƌĐĞ ĂƚĞŐŽƌLJ	D͘dŽŶŶĞƐ	Ƶ ;ŐͬƚͿ	Ő ;ŐͬƚͿ	KƵŶĐĞƐ ;ƵͿ	KƵŶĐĞƐ ;ŐͿ	KƵŶĐĞƐ ;Ƶ͘ƋͿ
		/ŶĚŝĐĂƚĞĚ	ϭ͘ϱϴ	Ϭ͘ϳϵ	ϭϬ͘ϯϬ	ϰϬ͕ϯϬϰ	ϱϮϮϬϳϰ	ϱϬϳϮϵ
<ĂƵĨĨŵĂŶƐ	Ϭ͘ϱ	/ŶĨĞƌƌĞĚ	ϯ͘ϰϵ	Ϭ͘ϳϰ	ϴ͘ϵϬ	ϴϯ͕ϬϲϬ	ϵϵϵϮϳϴ	ϭϬϯϬϵϮ
		/ŶĚŝĐĂƚĞĚ	Ϯ͘ϰϬ	Ϭ͘ϰϲ	ϰϮ͘ϰϬ	ϯϱ͕ϴϯϯ	ϯϯϭϬϬϬϬ	ϭϬϮϭϬϬ
ƌƵŶĐŚŝĞ	ϭ͘ϱ	/ŶĨĞƌƌĞĚ	ϯ͘ϮϬ	Ϭ͘ϰϵ	ϯϵ͘ϴϬ	ϰϵ͕ϳϵϳ	ϰϬϰϬϬϬϬ	ϭϯϬϲϳϲ
ƌĂĐŬůŝŶΖ	Ϭ͘ϱ	/ŶĨĞƌƌĞĚ	Ϭ͘ϰϯ	Ϭ͘ϱϵ	ϱ͘ϲϬ	ϴ͕ϬϮϯ	ϳϲϭϰϱ	ϵϱϰϰ
WŽƌĐƵƉŝŶĞ	Ϭ͘ϱ	/ŶĨĞƌƌĞĚ	Ϭ͘ϱϳ	Ϭ͘ϱϬ	ϳ͘ϱϬ	ϵ͕ϮϬϮ	ϭϯϳϬϴϱ	ϭϭϵϰϭ
ƌŽƚŚĞƌ	Ϭ͘ϱ	/ŶĨĞƌƌĞĚ	Ϭ͘ϱϳ	Ϭ͘ϲϬ	ϭ͘ϭϬ	ϭϭ͕ϬϮϭ	ϮϬϰ͕ϵϬ	ϭϭϰϯϰ
		dKd>;ůů WƌŽƐƉĞĐƚƐͿ	ϭϮ͘Ϯϰ	Ϭ͘ϲϯ	Ϯϯ͘ϭϴ	Ϯϯϳ͕ϮϰϬ	ϵϭϬϱϬϳϮ	ϰϭϵϱϭϲ

YhE^>Eʹh^dZ>/;ĐŽŶƚŝŶƵĞĚͿ

dĂďůĞ ϯ͗ ZĞƐŽƵƌĐĞ ĞƐƚŝŵĂƚĞƐ Ăƚ <ĂƵĨĨŵĂŶƐ͕ ƌƵŶĐŚŝĞ͕ ƌĂĐŬůŝŶ͕ WŽƌĐƵƉŝŶĞ ĂŶĚ ƌŽƚŚĞƌ ĂƐ ŽĨ Ϯϯ DĂLJ ϮϬϭϮ͘ dŚĞ ŐŽůĚ ĞƋƵŝǀĂůĞŶƚ ǀĂůƵĞƐ ĂƌĞďĂƐĞĚ ŽŶ Ă ƌĂƚŝŽ ŽĨ ϭ͗ϱϬ;Ƶ͗ŐͿ͘ dŚĞ ƌĞƐŽƵƌĐĞ Ăƚ Ϭ͘ϯŐͬƚ Ƶ ĐƵƚͲŽĨĨǁĂƐ ĂŶŶŽƵŶĐĞĚ ŽŶ Ϯϯ DĂLJ ϮϬϭϮ͘^Žů'ŽůĚǁĞůĐŽŵĞƐ ĞdžƉƌĞƐƐŝŽŶƐ ŽĨ ŝŶƚĞƌĞƐƚ ĨƌŽŵ ƉŽƚĞŶƚŝĂů:s ƉĂƌƚŶĞƌƐ ƚŽ ĐŽŶƚŝŶƵĞ ĞdžƉůŽƌĂƚŝŽŶ Ăƚ ZĂŶŶĞƐ͘

ƌĂĐŽǁtĞƐƚ WƌŽũĞĐƚ ;ϭϬϬй ^Žů'ŽůĚͿ

>ŽĐĂƚŝŽŶ͗	ϮϲϬŬŵǁĞƐƚͲŶŽƌƚŚͲǁĞƐƚ ŽĨ 'LJŵƉŝĞ͕ YƵĞĞŶƐůĂŶĚ͕ ƵƐƚƌĂůŝĂ
KǁŶĞƌƐŚŝƉ͗	ϭϬϬйŽǁŶĞĚ
dĞŶĞŵĞŶƚ͗	ϰϳŐƌĂŶƚĞĚ ƐƵďͲďůŽĐŬƐ;ĐŝƌĐĂ ϭϰϲ ŬŵϮ ͿĂŶĚ ϯϬ ĂƉƉůŝĐĂƚŝŽŶ ƐƵďͲďůŽĐŬƐ;ĐŝƌĐĂ ϵϯ͘ϭϲ ŬŵϮ Ϳ
	WƌŝŵĂƌLJdĂƌŐĞƚƐ͗ >ŽǁͲƐƵůƉŚŝĚĂƚŝŽŶ ĞƉŝƚŚĞƌŵĂů ƵͲŐĚĞƉŽƐŝƚƐ

ƌĂĐŽǁtĞƐƚ ŝƐ ůŽĐĂƚĞĚ ϭϱŬŵ ƚŽ ƚŚĞ ŶŽƌƚŚͲǁĞƐƚ ŽĨ ǀŽůƵƚŝŽŶ DŝŶŝŶŐ͛Ɛ ƌĂĐŽǁŐŽůĚ ŵŝŶĞ;ĂƉƉƌŽdžŝŵĂƚĞůLJ ϭ͘ϱ ŵŝůůŝŽŶ ŽƵŶĐĞƐ ŽĨŐŽůĚͿ͘ 'ŽůĚ ŵŝŶĞƌĂůŝƐĂƚŝŽŶ Ăƚ ƚŚĞ ŵŝŶĞ ŝƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ WĞƌŵŝĂŶͲĂŐĞĚ͕ ůŽǁͲƐƵůƉŚŝĚĂƚŝŽŶ͕ ĞƉŝƚŚĞƌŵĂů ƋƵĂƌƚnj ǀĞŝŶƐ ǁŚŝĐŚ ŚĂǀĞ ďĞĞŶ ĞŵƉůĂĐĞĚ ĂůŽŶŐŶŽƌƚŚͲǁĞƐƚ ĂŶĚ ŶŽƌƚŚͲŶŽƌƚŚǁĞƐƚ ƚƌĞŶĚŝŶŐĨĂƵůƚ njŽŶĞƐ͘ ^Žů'ŽůĚ͛Ɛ ŝŶŝƚŝĂů ĞdžƉůŽƌĂƚŝŽŶ ĐŽŶĐĞƉƚǁĂƐ ƚŽ ĞdžƉůŽƌĞ ĨŽƌ Ă ƐŝŵŝůĂƌ ĚĞƉŽƐŝƚ ƚŽ ƌĂĐŽǁŐŽůĚ ŵŝŶĞďƵƚ Ă ƌĞĐĞŶƚ ƌĞǀŝĞǁŽĨ ƚŚĞ ƌĞŐŝŽŶĂůŐĞŽůŽŐLJ ƐƵŐŐĞƐƚƐ ƚŚĂƚ ƚŚĞ ĂŶŽŵĂůŝƐŵ ƐĞĞŶ Ăƚ ƌĂĐŽǁtĞƐƚ ŵĂLJďĞ ĂƐƐŽĐŝĂƚĞĚǁŝƚŚ Ă ůĂƚĞƌ ƉŚĂƐĞ ŽĨ dƌŝĂƐƐŝĐ ŝŶƚƌƵƐŝŽŶƐ͕ ƐƵŐŐĞƐƚŝŶŐĂ ůĂƚĞƌ ŵŝŶĞƌĂůŝƐĂƚŝŽŶ ĞǀĞŶƚ͘

^Žů'ŽůĚ͛Ɛ ĞdžƉůŽƌĂƚŝŽŶ Ăƚ ƌĂĐŽǁ tĞƐƚ ŚĂƐ ŝŶĐůƵĚĞĚ ƐƚƌĞĂŵ ƐĞĚŝŵĞŶƚ͕ ƐŽŝů ĂŶĚ ƌŽĐŬ ĐŚŝƉ ƐĂŵƉůŝŶŐ͘ dŚŝƐ ŚĂƐ ŝĚĞŶƚŝĨŝĞĚ ƚŚƌĞĞ ƐŝŐŶŝĨŝĐĂŶƚ ƉƌŽƐƉĞĐƚƐ͖ĂǁƐŽŶ WĂƌŬ͕ <ĂŵďƌŽŽŬ ĂŶĚ dŚĞŽĚŽƌĞ ĞŶĚƐ͘ ͚^D͛ ƐƵƌǀĞLJ ;ƐƵďͲĂƵĚŝŽ ŵĂŐŶĞƚŽƚĞůůƵƌŝĐƐͿŚĂƐ ĂůƐŽ ďĞĞŶ ĐŽŵƉůĞƚĞĚ ŽǀĞƌ ƚŚĞ <ĂŵďƌŽŽŬ ĂŶĚ ĂǁƐŽŶ WĂƌŬ ƉƌŽƐƉĞĐƚ͘ dŚŝƐ ŚĂƐ ŝĚĞŶƚŝĨŝĞĚ Ă ƉŽƚĞŶƚŝĂů ďƵƌŝĞĚ ƚĂƌŐĞƚ Ăƚ ĂǁƐŽŶ WĂƌŬ͕ ǁŚŝĐŚ ĐŽŝŶĐŝĚĞƐǁŝƚŚ Ă ĚŝƐƚŝŶĐƚ ƐŽŝů ƚĞůůƵƌŝƵŵ ĂŶŽŵĂůLJ Ăƚ ƐƵƌĨĂĐĞ͘

Qualified Person:

Information in this report relating to the exploration results is based on data reviewed by Mr Nicholas Mather (B.Sc. Hons Geol.), the Chief Executive Officer of the Company. Mr Mather is a Fellow of the Australasian Institute of Mining and Metallurgy who has in excess of 25 years' experience in mineral exploration and is a Qualified Person under the AIM Rules. Mr Mather consents to the inclusion of the information in the form and context in which it appears.

/EdZ^d^ /E dEDEd^

EPM	EPM Name	Principal Holder	Project	Expiry
Queensland
25245	Mount Perry Consolidated	Acapulco Mining Pty Ltd	Mt Perry	21/Jan/18
17354	Clarke Range	Acapulco Mining Pty Ltd	Normanby	27/Feb/16
19410	Normanby Consolidated	Acapulco Mining Pty Ltd	Normanby	16/Jun/17
16420	Dee Valley	Central Minerals Pty Ltd	Rannes	20/Sep/16
18760	Westwood	Central Minerals Pty Ltd	Rannes	22/Jan/17
19243	Lonesome	Central Minerals Pty Ltd	Rannes	22/Jan/17
19639	Goovigen Consolidated	Central Minerals Pty Ltd	Rannes	19/Oct/17
25300	Cooper Consolidated	Central Minerals Pty Ltd	Rannes	04/Mar/18
18032	Cracow West	Central Minerals Pty Ltd	Cracow West	11/Oct/16
18035	Tim Shay	Central Minerals Pty Ltd	Cracow West	03/Nov/15
Ecuador
402288	Cascabel	Exploraciones Novomining S.A.	Cascabel	26/Apr/35
601147	La Encrucijada	Exploraciones Novomining S.A.	La Encrucijada	19/May/35
601256	La Encrucijada 1	Exploraciones Novomining S.A.	La Encrucijada	19/May/35
601168	Alumbre	Exploraciones Novomining S.A.	La Encrucijada	19/May/35

Z/^<^ E hEZd/Ed/^

dŚĞ ŝƌĞĐƚŽƌƐĐŽŶƐŝĚĞƌ ƚŚĂƚ ƚŚĞĨĂĐƚŽƌƐĂŶĚ ƌŝƐŬƐĚĞƐĐƌŝďĞĚďĞůŽǁĂƌĞ ƚŚĞŵŽƐƚƐŝŐŶŝĨŝĐĂŶƚ͘

&ƵŶĚŝŶŐZŝƐŬƐ

'ĞŶĞƌĂů džƉůŽƌĂƚŝŽŶ ĂŶĚ džƚƌĂĐƚŝŽŶ ƌŝƐŬƐ

dŚĞƌĞŝƐŶŽĐĞƌƚĂŝŶƚLJƚŚĂƚƚŚĞŽŵƉĂŶLJǁŝůůŝĚĞŶƚŝĨLJĐŽŵŵĞƌĐŝĂůůLJŵŝŶĞĂďůĞƌĞƐĞƌǀĞƐŝŶƚŚĞdĞŶĞŵĞŶƚƐ͘dŚĞĞdžƉůŽƌĂƚŝŽŶ ĨŽƌ͕ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ͕ ŵŝŶĞƌĂů ĚĞƉŽƐŝƚƐ ŝŶǀŽůǀĞƐ ƐŝŐŶŝĨŝĐĂŶƚ ƵŶĐĞƌƚĂŝŶƚŝĞƐ ĂŶĚ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŽƉĞƌĂƚŝŽŶƐ ǁŝůů ďĞ ƐƵďũĞĐƚ ƚŽ Ăůů ŽĨ ƚŚĞ ŚĂnjĂƌĚƐ ĂŶĚ ƌŝƐŬƐ ŶŽƌŵĂůůLJ ĞŶĐŽƵŶƚĞƌĞĚ ŝŶ ƐƵĐŚ ĂĐƚŝǀŝƚŝĞƐ͕ ƉĂƌƚŝĐƵůĂƌůLJ ŐŝǀĞŶ ƚŚĞ ƚĞƌƌĂŝŶ ĂŶĚ ŶĂƚƵƌĞ ŽĨ ƚŚĞ ĂĐƚŝǀŝƚŝĞƐ ďĞŝŶŐ ƵŶĚĞƌƚĂŬĞŶ͘ ůƚŚŽƵŐŚ ƉƌĞĐĂƵƚŝŽŶƐ ƚŽ ŵŝŶŝŵŝƐĞ ƌŝƐŬƐ ǁŝůů ďĞ ƚĂŬĞŶ͕ ĞǀĞŶ Ă ĐŽŵďŝŶĂƚŝŽŶ ŽĨ ĐĂƌĞĨƵů ĞǀĂůƵĂƚŝŽŶ͕ ĞdžƉĞƌŝĞŶĐĞ ĂŶĚ ŬŶŽǁůĞĚŐĞŵĂLJŶŽƚĞůŝŵŝŶĂƚĞĂůůŽĨƚŚĞŚĂnjĂƌĚƐĂŶĚƌŝƐŬƐ͘

dŚĞ ƚĂƌŐĞƚƐ ŝĚĞŶƚŝĨŝĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƉĞƌƐŽŶŶĞů ĂŶĚ ĐŽŶƐƵůƚĂŶƚƐ͕ ĂƌĞ ďĂƐĞĚ ŽŶ ĐƵƌƌĞŶƚ ĞdžƉĞƌŝĞŶĐĞ ĂŶĚ ŵŽĚĞůůŝŶŐ ĂŶĚ Ăůů ĂǀĂŝůĂďůĞĚĂƚĂ͘dŚĞƌĞŝƐŶŽŐƵĂƌĂŶƚĞĞƚŚĂƚƐƵƌĨĂĐĞƐĂŵƉůĞŐƌĂĚĞƐŽĨĂŶLJŵĞƚĂůŽƌŵŝŶĞƌĂůƚĂŬĞŶŝŶƚŚĞƉĂƐƚǁŝůůƉĞƌƐŝƐƚďĞůŽǁƚŚĞ ƐƵƌĨĂĐĞŽĨƚŚĞŐƌŽƵŶĚ͘&ƵƌƚŚĞƌŵŽƌĞ͕ƚŚĞƌĞĐĂŶďĞŶŽŐƵĂƌĂŶƚĞĞƚŚĂƚƚŚĞĞƐƚŝŵĂƚĞƐŽĨƋƵĂŶƚŝƚŝĞƐĂŶĚŐƌĂĚĞƐŽĨŐŽůĚĂŶĚŵŝŶĞƌĂůƐ ĚŝƐĐůŽƐĞĚǁŝůůďĞĂǀĂŝůĂďůĞĨŽƌĞdžƚƌĂĐƚŝŽŶĂŶĚƐĂůĞ͘

dŝƚůĞ ZŝƐŬ

^Žů'ŽůĚ͛ƐƚĞŶĞŵĞŶƚƐĂŶĚŝŶƚĞƌĞƐƚŝŶƚĞŶĞŵĞŶƚƐĂƌĞƐƵďũĞĐƚƚŽƚŚĞǀĂƌŝŽƵƐĐŽŶĚŝƚŝŽŶƐ͕ŽďůŝŐĂƚŝŽŶƐĂŶĚƌĞŐƵůĂƚŝŽŶƐǁŚŝĐŚĂƉƉůLJŝŶƚŚĞ ƌĞůĞǀĂŶƚũƵƌŝƐĚŝĐƚŝŽŶƐŝŶĐůƵĚŝŶŐĐƵĂĚŽƌŝŶ^ŽƵƚŚŵĞƌŝĐĂ͕YƵĞĞŶƐůĂŶĚ͕ƵƐƚƌĂůŝĂĂŶĚƚŚĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐ͘ /ĨĂƉƉůŝĐĂƚŝŽŶƐĨŽƌƚŝƚůĞŽƌ ƌĞŶĞǁĂůĂƌĞƌĞƋƵŝƌĞĚƚŚŝƐĐĂŶďĞĂƚƚŚĞĚŝƐĐƌĞƚŝŽŶŽĨƚŚĞƌĞůĞǀĂŶƚŐŽǀĞƌŶŵĞŶƚŵŝŶŝƐƚĞƌŽƌŽĨĨŝĐŝĂůƐ͘ /ĨĂƉƉƌŽǀĂůŝƐƌĞĨƵƐĞĚ͕^Žů'ŽůĚ ǁŝůůƐƵĨĨĞƌĂůŽƐƐŽĨƚŚĞŽƉƉŽƌƚƵŶŝƚLJƚŽƵŶĚĞƌƚĂŬĞĨƵƌƚŚĞƌĞdžƉůŽƌĂƚŝŽŶ͕ŽƌĚĞǀĞůŽƉŵĞŶƚ͕ŽĨƚŚĞƚĞŶĞŵĞŶƚ͘ ^Žů'ŽůĚĐƵƌƌĞŶƚůLJŬŶŽǁƐŽĨ ŶŽƌĞĂƐŽŶƚŽďĞůŝĞǀĞƚŚĂƚĐƵƌƌĞŶƚĂƉƉůŝĐĂƚŝŽŶƐǁŝůůŶŽƚďĞĂƉƉƌŽǀĞĚ͕ŐƌĂŶƚĞĚŽƌƌĞŶĞǁĞĚ͘ ^ŽŵĞŽĨƚŚĞƉƌŽƉĞƌƚŝĞƐŵĂLJďĞƐƵďũĞĐƚƚŽ ƉƌŝŽƌƵŶƌĞŐŝƐƚĞƌĞĚĂŐƌĞĞŵĞŶƚƐŽƌƚƌĂŶƐĨĞƌƐŽƌŶĂƚŝǀĞŽƌŝŶĚŝŐĞŶŽƵƐƉĞŽƉůĞƐ͛ůĂŶĚĐůĂŝŵƐĂŶĚƚŝƚůĞŵĂLJďĞĂĨĨĞĐƚĞĚďLJƵŶĚĞƚĞĐƚĞĚ ĚĞĨĞĐƚƐ͘ EŽĂƐƐƵƌĂŶĐĞĐĂŶďĞŐŝǀĞŶƚŚĂƚƚŝƚůĞĚĞĨĞĐƚƐĚŽŶŽƚĞdžŝƐƚ͘ /ĨĂƚŝƚůĞĚĞĨĞĐƚĚŽĞƐĞdžŝƐƚ͕ŝƚŝƐƉŽƐƐŝďůĞƚŚĂƚ^Žů'ŽůĚŵĂLJůŽƐĞĂůů ŽƌĂƉŽƌƚŝŽŶŽĨƚŚĞƉƌŽƉĞƌƚLJƚŽǁŚŝĐŚƚŚĞƚŝƚůĞĚĞĨĞĐƚƐƌĞůĂƚĞƐ͘

WĞƌŵŝƚƚŝŶŐZŝƐŬŝŶ ĐƵĂĚŽƌ

Ɛ ǁŝƚŚ Ăůů ũƵƌŝƐĚŝĐƚŝŽŶƐ ŝŶ ǁŚŝĐŚ ^Žů'ŽůĚ ŽƉĞƌĂƚĞƐ͕ Ă ƉĂƌƚŝĐƵůĂƌ ƉĞƌŵŝƚƚŝŶŐ ƌĞŐŝŵĞ ĞdžŝƐƚƐ ŝŶ ĐƵĂĚŽƌ ǁŝƚŚ ǁŚŝĐŚ ^Žů'ŽůĚ ŵƵƐƚ ĐŽŵƉůLJ͘ ĞĨŽƌĞ ĐŽŵŵĞŶĐŝŶŐ ĂŶLJ ĞdžƉůŽƌĂƚŝŽŶ ĂĐƚŝǀŝƚLJ͕ ^Žů'ŽůĚ ŵĂLJ ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ŶĞŐŽƚŝĂƚĞ ĂĐĐĞƐƐ ĂŶĚ ĐŽŵƉĞŶƐĂƚŝŽŶ ĂƌƌĂŶŐĞŵĞŶƚƐ ǁŝƚŚ ĂŶLJ ŝŶƚĞƌĞƐƚĞĚ ůĂŶĚ ĂĐĐĞƐƐ ŐƌŽƵƉƐ ĂŶĚ ƌĞůĞǀĂŶƚ ĂƵƚŚŽƌŝƚŝĞƐ ŝŶ ĐƵĂĚŽƌ͘ ^Žů'ŽůĚ ŚĂƐ ĞŶŐĂŐĞĚ ĞdžƉĞƌŝĞŶĐĞĚ ĂĚǀŝƐŽƌƐĂŶĚĐŽŶƐƵůƚĂŶƚƐƚŽĂƐƐŝƐƚǁŝƚŚŶĞŐŽƚŝĂƚŝŽŶƐ͕ŚŽǁĞǀĞƌ͕ƚŚĞƌĞŝƐŶŽŐƵĂƌĂŶƚĞĞƚŚĂƚĂůůŶĞĐĞƐƐĂƌLJĂĐĐĞƐƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶ ĂƌƌĂŶŐĞŵĞŶƚƐ ǁŝůů ďĞ ĞŶƚĞƌĞĚ ŝŶ Ă ƚŝŵĞůLJ ŵĂŶŶĞƌ͕ ŽŶ ĨĂǀŽƵƌĂďůĞ ƚĞƌŵƐ͕ ǁŝƚŚŽƵƚ ŽŶĞƌŽƵƐ ĐŽŶĚŝƚŝŽŶƐ Žƌ Ăƚ Ăůů͘ ^ŝŵŝůĂƌůLJ͕ ŶŽ ŐƵĂƌĂŶƚĞĞƐ ĐĂŶ ďĞ ŵĂĚĞ ĂƐ ƚŽ ƚŝŵĞĨƌĂŵĞƐ ǁŝƚŚŝŶ ǁŚŝĐŚ ŶĞŐŽƚŝĂƚŝŽŶƐ ŵĂLJ ďĞ ĨŝŶĂůŝƐĞĚ Žƌ ƚŚĞ ƌĞĂƐŽŶĂďůĞŶĞƐƐ ŽĨ ƚŚŝƌĚ ƉĂƌƚŝĞƐ͘ &ĂŝůƵƌĞƚŽŽďƚĂŝŶĂůůŶĞĐĞƐƐĂƌLJƉĞƌŵŝƚƐ͕ůŝĐĞŶƐĞƐĂŶĚĂĐĐĞƐƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƐĂƌƌĂŶŐĞŵĞŶƚƐŵĂLJŚĂǀĞĂŵĂƚĞƌŝĂůĂĚǀĞƌƐĞĞĨĨĞĐƚ ŽŶ^Žů'ŽůĚ͘

ƵƐƚƌĂůŝĂŶ EĂƚŝǀĞ dŝƚůĞ ZŝƐŬ

dŚĞ ĞĨĨĞĐƚ ŽĨ ƚŚĞEĂƚŝǀĞ dŝƚůĞ Đƚ ϭϵϵϯ ;ƚŚͿ ;͞Ed͟Ϳ ŝƐ ƚŚĂƚ ĞdžŝƐƚŝŶŐ ĂŶĚ ŶĞǁ ƚĞŶĞŵĞŶƚƐ ŚĞůĚ ďLJ ^Žů'ŽůĚ ŝŶ ƵƐƚƌĂůŝĂ ŵĂLJ ďĞ ĂĨĨĞĐƚĞĚďLJŶĂƚŝǀĞ ƚŝƚůĞĐůĂŝŵƐĂŶĚ ƉƌŽĐĞĚƵƌĞƐ͘^Žů'ŽůĚŚĂƐŶŽƚƵŶĚĞƌƚĂŬĞŶ ƚŚĞ ŚŝƐƚŽƌŝĐĂů͕ůĞŐĂů ŽƌĂŶƚŚƌŽƉŽůŽŐŝĐĂů ƌĞƐĞĂƌĐŚĂŶĚ ŝŶǀĞƐƚŝŐĂƚŝŽŶƐĂƚƚŚĞĚĂƚĞŽĨƚŚŝƐƌĞƉŽƌƚƚŚĂƚǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽĨŽƌŵĂŶŽƉŝŶŝŽŶĂƐƚŽǁŚĞƚŚĞƌĂŶLJĞdžŝƐƚŝŶŐŽƌĨƵƚƵƌĞĐůĂŝŵĨŽƌ ŶĂƚŝǀĞƚŝƚůĞĐŽƵůĚďĞƵƉŚĞůĚŽǀĞƌĂƉĂƌƚŝĐƵůĂƌƉĂƌĐĞůŽĨůĂŶĚĐŽǀĞƌĞĚďLJĂƚĞŶĞŵĞŶƚ͘

dŚĞƌĞŝƐĂƉŽƚĞŶƚŝĂů ƌŝƐŬƚŚĂƚĂĚĞƚĞƌŵŝŶĂƚŝŽŶĐŽƵůĚďĞŵĂĚĞƚŚĂƚŶĂƚŝǀĞƚŝƚůĞĞdžŝƐƚƐŝŶƌĞůĂƚŝŽŶƚŽůĂŶĚƚŚĞƐƵďũĞĐƚŽĨĂƚĞŶĞŵĞŶƚ ŚĞůĚŽƌƚŽďĞŚĞůĚďLJ ^Žů'ŽůĚǁŚŝĐŚŵĂLJĂĨĨĞĐƚƚŚĞŽƉĞƌĂƚŝŽŶŽĨ^Žů'ŽůĚ͛ƐďƵƐŝŶĞƐƐĂŶĚĚĞǀĞůŽƉŵĞŶƚĂĐƚŝǀŝƚŝĞƐ͘/ŶƚŚĞĞǀĞŶƚƚŚĂƚŝƚ ŝƐĚĞƚĞƌŵŝŶĞĚƚŚĂƚŶĂƚŝǀĞƚŝƚůĞĚŽĞƐĞdžŝƐƚŽƌĂŶĂƚŝǀĞƚŝƚůĞĐůĂŝŵŝƐƌĞŐŝƐƚĞƌĞĚ͕^Žů'ŽůĚŵĂLJŶĞĞĚƚŽĐŽŵƉůLJǁŝƚŚƉƌŽĐĞĚƵƌĞƐƵŶĚĞƌ ƚŚĞEdŝŶŽƌĚĞƌƚŽĐĂƌƌLJŽƵƚŝƚƐŽƉĞƌĂƚŝŽŶƐŽƌƚŽďĞŐƌĂŶƚĞĚĂŶLJĂĚĚŝƚŝŽŶĂůƌŝŐŚƚƐƐƵĐŚĂƐĂDŝŶŝŶŐ>ĞĂƐĞ͘^ƵĐŚƉƌŽĐĞĚƵƌĞƐŵĂLJ ƚĂŬĞĐŽŶƐŝĚĞƌĂďůĞƚŝŵĞ͕ŝŶǀŽůǀĞƚŚĞŶĞŐŽƚŝĂƚŝŽŶŽĨƐŝŐŶŝĨŝĐĂŶƚĂŐƌĞĞŵĞŶƚƐ͕ŝŶǀŽůǀĞĂƌĞƋƵŝƌĞŵĞŶƚƚŽŶĞŐŽƚŝĂƚĞĨŽƌĂĐĐĞƐƐƌŝŐŚƚƐ͕ĂŶĚ ƌĞƋƵŝƌĞ ƚŚĞ ƉĂLJŵĞŶƚ ŽĨ ĐŽŵƉĞŶƐĂƚŝŽŶ ƚŽ ƚŚŽƐĞ ƉĞƌƐŽŶƐ ŚŽůĚŝŶŐ Žƌ ĐůĂŝŵŝŶŐ ŶĂƚŝǀĞ ƚŝƚůĞ ŝŶ ƚŚĞ ůĂŶĚ ǁŚŝĐŚ ŝƐ ƚŚĞ ƐƵďũĞĐƚ ŽĨ Ă ƚĞŶĞŵĞŶƚ͘ dŚĞ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ĂŶĚ ĚĞƚĞƌŵŝŶĂƚŝŽŶ ŽĨ ŶĂƚŝǀĞ ƚŝƚůĞ ŝƐƐƵĞƐ ŵĂLJ ŚĂǀĞ Ă ŵĂƚĞƌŝĂů ĂĚǀĞƌƐĞ ŝŵƉĂĐƚ ŽŶ ƚŚĞ ƉŽƐŝƚŝŽŶ ŽĨ ^Žů'ŽůĚŝŶƚĞƌŵƐŽĨŝƚƐĐĂƐŚĨůŽǁƐ͕ĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞ͕ďƵƐŝŶĞƐƐĚĞǀĞůŽƉŵĞŶƚ͕ĂďŝůŝƚLJƚŽƉĂLJĚŝǀŝĚĞŶĚƐĂŶĚƐŚĂƌĞƉƌŝĐĞ͘

sŽůĂƚŝůŝƚLJ ŽĨŽŵŵŽĚŝƚLJ WƌŝĐĞƐ

^Žů'ŽůĚ͛Ɛ ƉŽƐƐŝďůĞ ĨƵƚƵƌĞ ƌĞǀĞŶƵĞƐ ǁŝůů ƉƌŽďĂďůLJ ďĞ ĚĞƌŝǀĞĚ ŵĂŝŶůLJ ĨƌŽŵ 'ŽůĚ ĂŶĚ ŽƉƉĞƌ ĂŶĚͬŽƌ ĨƌŽŵ ƌŽLJĂůƚŝĞƐ ŐĂŝŶĞĚ ĨƌŽŵ ƉŽƚĞŶƚŝĂůũŽŝŶƚǀĞŶƚƵƌĞƐŽƌĨƌŽŵŵŝŶĞƌĂůƉƌŽũĞĐƚƐƐŽůĚ͘ ůƐŽ͕ĚƵƌŝŶŐŽƉĞƌĂƚŝŽŶƐďLJ ^Žů'ŽůĚ͕ƚŚĞƌĞǀĞŶƵĞƐĞĂƌŶĞĚǁŝůůďĞĚĞƉĞŶĚĞŶƚ ŽŶƚŚĞƚĞƌŵƐŽĨĂŶLJĂŐƌĞĞŵĞŶƚĨŽƌƚŚĞĂĐƚŝǀŝƚŝĞƐ͘ ŽŶƐĞƋƵĞŶƚůLJ͕^Žů'ŽůĚ͛ƐƉŽƚĞŶƚŝĂůĨƵƚƵƌĞĞĂƌŶŝŶŐƐĐŽƵůĚďĞĐůŽƐĞůLJƌĞůĂƚĞĚƚŽƚŚĞ ƉƌŝĐĞŽĨĞŝƚŚĞƌŽĨƚŚĞƐĞĐŽŵŵŽĚŝƚŝĞƐ͘

/ĨƚŚĞŵĂƌŬĞƚƉƌŝĐĞŽĨ'ŽůĚĂŶĚŽƉƉĞƌƐŽůĚďLJ ^Žů'ŽůĚǁĞƌĞƚŽĨĂůůďĞůŽǁƚŚĞĐŽƐƚƐŽĨƉƌŽĚƵĐƚŝŽŶĂŶĚƌĞŵĂŝŶĂƚƐƵĐŚĂůĞǀĞůĨŽƌĂŶLJ ƐƵƐƚĂŝŶĞĚ ƉĞƌŝŽĚ͕ ^Žů'ŽůĚ ǁŽƵůĚ ĞdžƉĞƌŝĞŶĐĞ ůŽƐƐĞƐ ĂŶĚ ĐŽƵůĚ ŚĂǀĞ ƚŽ ĐƵƌƚĂŝů Žƌ ƐƵƐƉĞŶĚ ƐŽŵĞ Žƌ Ăůů ŽĨ ŝƚƐ ƉƌŽƉŽƐĞĚ ŵŝŶŝŶŐ ĂĐƚŝǀŝƚŝĞƐ͘/ŶƐƵĐŚĐŝƌĐƵŵƐƚĂŶĐĞƐ͕^Žů'ŽůĚǁŽƵůĚĂůƐŽŚĂǀĞƚŽĂƐƐĞƐƐƚŚĞĞĐŽŶŽŵŝĐŝŵƉĂĐƚŽĨĂŶLJƐƵƐƚĂŝŶĞĚůŽǁĞƌĐŽŵŵŽĚŝƚLJƉƌŝĐĞƐ ŽŶƌĞĐŽǀĞƌĂďŝůŝƚLJ͘

WƌŽũĞĐƚĞǀĞůŽƉŵĞŶƚ ZŝƐŬƐ

/Ĩ ƚŚĞ ŽŵƉĂŶLJ ĚŝƐĐŽǀĞƌƐ Ă ƉŽƚĞŶƚŝĂůůLJ ĞĐŽŶŽŵŝĐ ƌĞƐŽƵƌĐĞ Žƌ ƌĞƐĞƌǀĞ͕ ƚŚĞƌĞ ŝƐ ŶŽ ĂƐƐƵƌĂŶĐĞ ƚŚĂƚ ƚŚĞ ŽŵƉĂŶLJ ǁŝůů ďĞ ĂďůĞ ƚŽ ĚĞǀĞůŽƉĂŵŝŶĞƚŚĞƌĞŽŶ͕ŽƌŽƚŚĞƌǁŝƐĞĐŽŵŵĞƌĐŝĂůůLJĞdžƉůŽŝƚƐƵĐŚƌĞƐŽƵƌĐĞŽƌƌĞƐĞƌǀĞ͘ &ƵƌƚŚĞƌ͕ƚŚĞƌĞĐĂŶďĞŶŽĂƐƐƵƌĂŶĐĞƚŚĂƚƚŚĞ ŽŵƉĂŶLJ ǁŝůů ďĞ ĂďůĞ ƚŽŵĂŶĂŐĞĞĨĨĞĐƚŝǀĞůLJ ƚŚĞĞdžƉĂŶƐŝŽŶ ŽĨ ŝƚƐ ŽƉĞƌĂƚŝŽŶƐ Žƌ ƚŚĂƚ ƚŚĞŽŵƉĂŶLJ͛Ɛ ĐƵƌƌĞŶƚ ƉĞƌƐŽŶŶĞů͕ ƐLJƐƚĞŵƐ͕ ƉƌŽĐĞĚƵƌĞƐĂŶĚĐŽŶƚƌŽůƐǁŝůůďĞĂĚĞƋƵĂƚĞƚŽƐƵƉƉŽƌƚƚŚĞŽŵƉĂŶLJ͛ƐŽƉĞƌĂƚŝŽŶƐĂƐŽƉĞƌĂƚŝŽŶƐĞdžƉĂŶĚ͘ŶLJĨĂŝůƵƌĞŽĨŵĂŶĂŐĞŵĞŶƚ ƚŽŵĂŶĂŐĞĞĨĨĞĐƚŝǀĞůLJƚŚĞŽŵƉĂŶLJ͛ƐŐƌŽǁƚŚĂŶĚĚĞǀĞůŽƉŵĞŶƚĐŽƵůĚŚĂǀĞĂŵĂƚĞƌŝĂůĂĚǀĞƌƐĞĞĨĨĞĐƚŽŶƚŚĞŽŵƉĂŶLJ͛ƐďƵƐŝŶĞƐƐ͕ ĨŝŶĂŶĐŝĂů ĐŽŶĚŝƚŝŽŶ ĂŶĚ ƌĞƐƵůƚƐ ŽĨ ŽƉĞƌĂƚŝŽŶƐ͘ dŚĞƌĞ ŝƐ ŶŽ ĐĞƌƚĂŝŶƚLJ ƚŚĂƚ Ăůů Žƌ͕ ŝŶĚĞĞĚ͕ ĂŶLJ ŽĨ ƚŚĞ ĞůĞŵĞŶƚƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĐƵƌƌĞŶƚƐƚƌĂƚĞŐLJǁŝůůĚĞǀĞůŽƉĂƐĂŶƚŝĐŝƉĂƚĞĚ͘

ƵƌƌĞŶĐLJ &ůƵĐƚƵĂƚŝŽŶƐ

dŚĞĨƵƚƵƌĞŽĨƚŚĞŽƌĚŝŶĂƌLJƐŚĂƌĞƐĂŶĚƚŚĞŽŵƉĂŶLJ͛ƐĂƐƐĞƚĂŶĚůŝĂďŝůŝƚLJǀĂůƵĞƐŵĂLJĨůƵĐƚƵĂƚĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŵŽǀĞŵĞŶƚƐŝŶƚŚĞ ĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĞdžĐŚĂŶŐĞƌĂƚĞƐ͘&ŽƌĞdžĂŵƉůĞ͕ŝƚŝƐĐŽŵŵŽŶƉƌĂĐƚŝĐĞŝŶƚŚĞŵŝŶŝŶŐŝŶĚƵƐƚƌLJĨŽƌŵŝŶĞƌĂůƉƌŽĚƵĐƚŝŽŶƌĞǀĞŶƵĞƚŽďĞ ĚĞŶŽŵŝŶĂƚĞĚŝŶh^͕ĂůƚŚŽƵŐŚƐŽŵĞďƵƚŶŽƚĂůůŽĨƚŚĞĐŽƐƚƐŽĨĞdžƉůŽƌĂƚŝŽŶƉƌŽĚƵĐƚŝŽŶǁŝůůďĞŝŶĐƵƌƌĞĚŝŶh^ĂŶĚŶŽƚĂůůŽĨƚŚĞŽƌĞ ŽƌŵĞƚĂůŽďƚĂŝŶĞĚĨƌŽŵƚŚĞdĞŶĞŵĞŶƚƐǁŝůůďĞƐŽůĚŝŶh^ĚĞŶŽŵŝŶĂƚĞĚƚƌĂŶƐĂĐƚŝŽŶƐ͘

>ĂŶĚ ĐĐĞƐƐZŝƐŬ

ĂŶĚ ĂĐĐĞƐƐ ŝƐ ĐƌŝƚŝĐĂů ĨŽƌ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ƚŽ ƐƵĐĐĞĞĚ͘ /Ŷ Ăůů ĐĂƐĞƐ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ŽĨ ƉƌŽƐƉĞĐƚŝǀĞ ƚĞŶĞŵĞŶƚƐ ŝƐ Ă ĐŽŵƉĞƚŝƚŝǀĞďƵƐŝŶĞƐƐ͕ŝŶǁŚŝĐŚƉƌŽƉƌŝĞƚLJŬŶŽǁůĞĚŐĞŽƌŝŶĨŽƌŵĂƚŝŽŶŝƐĐƌŝƚŝĐĂůĂŶĚƚŚĞĂďŝůŝƚLJƚŽŶĞŐŽƚŝĂƚĞƐĂƚŝƐĨĂĐƚŽƌLJĐŽŵŵĞƌĐŝĂů ĂƌƌĂŶŐĞŵĞŶƚƐǁŝƚŚŽƚŚĞƌƉĂƌƚŝĞƐŝƐŽĨƚĞŶĞƐƐĞŶƚŝĂů͘

ĐĐĞƐƐ ƚŽůĂŶĚ ĨŽƌĞdžƉůŽƌĂƚŝŽŶ ƉƵƌƉŽƐĞƐ ĐĂŶ ďĞĂĨĨĞĐƚĞĚ ďLJůĂŶĚ ŽǁŶĞƌƐŚŝƉ͕ŝŶĐůƵĚŝŶŐ ƉƌŝǀĂƚĞ ;ĨƌĞĞŚŽůĚͿůĂŶĚ͕ ƉĂƐƚŽƌĂůůĞĂƐĞĂŶĚ ŶĂƚŝǀĞƚŝƚůĞůĂŶĚŽƌĐůĂŝŵƐƵŶĚĞƌ ƚŚĞEĂƚŝǀĞdŝƚůĞĐƚϭϵϵϯ;ƚŚͿ͘/ŵŵĞĚŝĂƚĞĂĐĐĞƐƐƚŽůĂŶĚŝŶƚŚĞĂƌĞĂƐŽĨĂĐƚŝǀŝƚŝĞƐĐĂŶŶŽƚŝŶĂůů ĐĂƐĞƐďĞŐƵĂƌĂŶƚĞĞĚ͘ ^Žů'ŽůĚŵĂLJďĞƌĞƋƵŝƌĞĚƚŽƐĞĞŬĐŽŶƐĞŶƚŽĨůĂŶĚŚŽůĚĞƌƐŽƌŽƚŚĞƌƉĞƌƐŽŶƐŽƌŐƌŽƵƉƐǁŝƚŚĂŶŝŶƚĞƌĞƐƚŝŶƌĞĂů ƉƌŽƉĞƌƚLJ ĞŶĐŽŵƉĂƐƐĞĚ ďLJ͕ Žƌ ĂĚũĂĐĞŶƚ ƚŽ͕ ^Žů'ŽůĚ͛Ɛ ƚĞŶĞŵĞŶƚƐ͘ ŽŵƉĞŶƐĂƚŝŽŶ ŵĂLJ ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ďĞ ƉĂŝĚ ďLJ ^Žů'ŽůĚ ƚŽ ůĂŶĚ ŚŽůĚĞƌƐƐŽƚŚĂƚ^Žů'ŽůĚŵĂLJĐĂƌƌLJŽƵƚĞdžƉůŽƌĂƚŝŽŶĂŶĚͬŽƌŵŝŶŝŶŐĂĐƚŝǀŝƚŝĞƐ͘ tŚĞƌĞĂƉƉůŝĐĂďůĞ͕ĂŐƌĞĞŵĞŶƚƐǁŝƚŚŝŶĚŝŐĞŶŽƵƐŐƌŽƵƉƐ ŚĂǀĞƚŽďĞŝŶƉůĂĐĞďĞĨŽƌĞĂŵŝŶĞƌĂůƚĞŶĞŵĞŶƚĐĂŶďĞŐƌĂŶƚĞĚ͘

ZŝŐŚƚƐƚŽŵŝŶĞƌĂůƚĞŶĞŵĞŶƚƐĐĂƌƌLJǁŝƚŚƚŚĞŵǀĂƌŝŽƵƐŽďůŝŐĂƚŝŽŶƐŝŶ ƌĞŐĂƌĚƚŽŵŝŶŝŵƵŵĞdžƉĞŶĚŝƚƵƌĞůĞǀĞůƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŝŶ ƌĞƐƉĞĐƚŽĨƚŚĞĞŶǀŝƌŽŶŵĞŶƚĂŶĚƐĂĨĞƚLJ͘ &ĂŝůƵƌĞƚŽŽďƐĞƌǀĞƚŚĞƐĞƌĞƋƵŝƌĞŵĞŶƚƐĐŽƵůĚƉƌĞũƵĚŝĐĞƚŚĞƌŝŐŚƚƚŽŵĂŝŶƚĂŝŶƚŝƚůĞƚŽĂŐŝǀĞŶ ĂƌĞĂ͘

/ŶƚŚĞĐĂƐĞŽĨŵŝŶŝŶŐĂŶĚĞdžƉůŽƌĂƚŝŽŶŽƉĞƌĂƚŝŽŶƐŝŶƚŚĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐ͕ƚŚĞƌĞŝƐĂĐŽŵƉůĞdžůĂŶĚƚĞŶƵƌĞƐƚƌƵĐƚƵƌĞĂŶĚǁŚŝůĞ ƚŚĞ dĞŶĞŵĞŶƚƐ ĂŶĚ ƚŚŽƐĞ ĐĐĞƐƐ ŐƌĞĞŵĞŶƚƐ ĞŶƚĞƌĞĚ ŝŶƚŽ ďĞƚǁĞĞŶ ƵƐƚƌĂůŝĂŶ ZĞƐŽƵƌĐĞ DĂŶĂŐĞŵĞŶƚ ;ZDͿ WƚLJ >ƚĚ ;͞ZD͟Ϳ ĂŶĚ ,ŽŶŝĂƌĂ ,ŽůĚŝŶŐƐ WƚLJ͘ >ƚĚ͘ ĂŶĚ ǀĂƌŝŽƵƐ ůĂŶĚŽǁŶĞƌƐ ĞŶƚŝƚůĞ ŝƚ ƚŽ ĞdžƉůŽƌĞ ĨŽƌ ƚŚĞ ĚƵƌĂƚŝŽŶ ŽĨ ƚŚĞ ƚĞƌŵ ŽĨ ĞĂĐŚ W>͕ ƚŚĞ ĞdžŝƐƚŝŶŐ ůĞŐŝƐůĂƚŝǀĞĨƌĂŵĞǁŽƌŬŽŶůLJƉƌŽǀŝĚĞƐĨŽƌůŝŵŝƚĞĚĨŽƌŵƐŽĨŶĞŐŽƚŝĂƚŝŽŶďĞƚǁĞĞŶƚŚĞůĂŶĚŽǁŶĞƌƐͬĐŽŵŵƵŶŝƚLJůĞĂĚĞƌƐŽŶƚŚĞŽŶĞŚĂŶĚ ĂŶĚŵŝŶŝŶŐ ĐŽŵƉĂŶŝĞƐ ŽŶ ƚŚĞ ŽƚŚĞƌ͘ /ƚ ŝƐ ĂůƐŽ ŝŶĐƵŵďĞŶƚ ŽŶ ƚŚĞŝƌĞĐƚŽƌ ŽĨDŝŶĞƐ ĂŶĚ ƚŚĞŵŝŶŝŶŐ ƚĞŶĞŵĞŶƚ ŚŽůĚĞƌ ƚŽ ŝĚĞŶƚŝĨLJ ǁŚŝĐŚůĂŶĚŽǁŶĞƌƐĂŶĚĐŽŵŵƵŶŝƚLJůĞĂĚĞƌƐƚŚĞLJŶĞĞĚƚŽŶĞŐŽƚŝĂƚĞǁŝƚŚ͘ ^Žů'ŽůĚĚŽĞƐŶŽƚŐƵĂƌĂŶƚĞĞƚŚĂƚƚŚĞŝĚĞŶƚŝĨŝĐĂƚŝŽŶƐŵĂĚĞ ƚŽ ĚĂƚĞ ĂŶĚ ƵƉŽŶ ǁŚŝĐŚ ƚŚĞ ĐĐĞƐƐ ŐƌĞĞŵĞŶƚƐ ĂƌĞ ĐƵƌƌĞŶƚůLJ ďĂƐĞĚ ŵĂLJ ŶŽƚ ďĞ ĐŽŶƚĞƐƚĞĚ͘ Ɛ Ă ĐŽŶƐĞƋƵĞŶĐĞ ƚŚĞƌĞ ŵĂLJ ďĞ ƵŶĞdžƉĞĐƚĞĚĚŝĨĨŝĐƵůƚŝĞƐĞdžƉĞƌŝĞŶĐĞĚŝŶƉƌŽŐƌĞƐƐŝŶŐĂƉƌŽŵŝƐŝŶŐƌĞƐŽƵƌĐĞŝŶƚŽĂĐŽŵŵĞƌĐŝĂůŵŝŶŝŶŐŽƉĞƌĂƚŝŽŶ͘

tŚŝůƐƚ^Žů'ŽůĚŚĂƐ ƚŚĞĐĐĞƐƐŐƌĞĞŵĞŶƚƐǁŝƚŚůĂŶĚŽǁŶĞƌƐĐŽǀĞƌŝŶŐ ƚŚĞŵĂũŽƌŝƚLJŽĨ ƚŚĞƉƌŽƐƉĞĐƚŝǀĞĂƌĞĂƐŝĚĞŶƚŝĨŝĞĚďLJ ^Žů'ŽůĚ ǁŝƚŚŝŶ ƚŚĞ dĞŶĞŵĞŶƚƐ͕ ŝƚƐ ĂďŝůŝƚLJ ƚŽ ĐĂƌƌLJ ŽƵƚ ĞdžƉůŽƌĂƚŝŽŶ ŝŶ ƚŚĞ ƌĞƐŝĚƵĂů ĂƌĞĂƐ ǁŝůů ƌĞƋƵŝƌĞ ĂĚĚŝƚŝŽŶĂů ĂĐĐĞƐƐ ĂŐƌĞĞŵĞŶƚƐ ƚŽ ďĞ ĞŶƚĞƌĞĚ ŝŶƚŽ͘ dŚĞ ĂďŝůŝƚLJ ŽĨ ^Žů'ŽůĚ ƚŽ ƐĞĐƵƌĞ ƚŚĞ ďĞŶĞĨŝƚƐ ŽĨ Ăůů ƚŚĞ ĐĐĞƐƐ ŐƌĞĞŵĞŶƚƐ ŝƐ ĚĞƉĞŶĚĞŶƚ ƵƉŽŶ͕ ŝŶƚĞƌ ĂůŝĂ͕ ƚŚĞ ĐŽŶƚƌĂĐƚŝŶŐ ƉĂƌƚŝĞƐ͛ ǁŝůůŝŶŐŶĞƐƐ ƚŽ ƉĞƌĨŽƌŵ ĂŶĚ ĚŝƐĐŚĂƌŐĞ ƚŚĞŝƌ ŽďůŝŐĂƚŝŽŶƐ ƚŚĞƌĞƵŶĚĞƌ͘ dŚĞƌĞ ŵĂLJ ďĞ ůĞŐĂů ĂŶĚ ĐŽŵŵĞƌĐŝĂů ůŝŵŝƚĂƚŝŽŶƐ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ĞŶĨŽƌĐĞŵĞŶƚ ŽĨ ĐŽŶƚƌĂĐƚƵĂů ƌŝŐŚƚƐ͘ ĚĚŝƚŝŽŶĂůůLJ͕ ^Žů'ŽůĚ ǁŝůů ŶŽƚ ďĞ ƉĞƌŵŝƚƚĞĚ ƚŽ ĞdžƉůŽƌĞ ŝŶ ĂƌĞĂƐ ŶŽŵŝŶĂƚĞĚďLJƚŚĞůĂŶĚŽǁŶĞƌƐĂƐƌĞƐĞƌǀĞĚŽƌƉƌŽƚĞĐƚĞĚĂƌĞĂƐŝŶƚŚĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐƵŶĚĞƌƐĞĐƚŝŽŶϰ;ϮͿŽĨƚŚĞDŝŶŝŶŐĐƚ͘ tŚŝůƐƚ ^Žů'ŽůĚ ŝƐ ĂĐƚŝǀĞůLJ ƐĞĞŬŝŶŐ ƚŽ ůŝĂŝƐĞ ǁŝƚŚ ůĂŶĚŽǁŶĞƌƐ ƚŽ ŝĚĞŶƚŝĨLJ ƌĞůĞǀĂŶƚ ƌĞƐĞƌǀĞĚ Žƌ ƉƌŽƚĞĐƚĞĚ ĂƌĞĂƐ͕ ƐŽŵĞ ĐŽŶƐŝĚĞƌĂďůĞ ƵŶĐĞƌƚĂŝŶƚLJ ĞdžŝƐƚƐ ĂƐ ƚŽ ƚŚĞ ƉƌĞĐŝƐĞ ůŽĐĂƚŝŽŶ ŽĨ ƚŚĞƐĞ ĂƌĞĂƐ͕ ƚŚĞ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ ŽĨ ǁŚŝĐŚ ƌĞƋƵŝƌĞƐ ƚŚĞ ŝŶƉƵƚ ŽĨ ƚŚĞ ŝŶĚŝŐĞŶŽƵƐ ƉŽƉƵůĂƚŝŽŶ͘ dŚĞŝŶĂďŝůŝƚLJŽĨ^Žů'ŽůĚƚŽŝĚĞŶƚŝĨLJƚŚĞƐĞĂƌĞĂƐ͕ŽƌĂĐůĂŝŵďLJůĂŶĚŽǁŶĞƌƐƚŚĂƚƌĞƐĞƌǀĞĚŽƌƉƌŽƚĞĐƚĞĚĂƌĞĂƐĞdžŝƐƚŽǀĞƌ ĂƌĞĂƐŝĚĞŶƚŝĨŝĞĚďLJ ^Žů'ŽůĚĂƐƉƌŽƐƉĞĐƚŝǀĞ͕ŵĂLJŚĂǀĞĂŵĂƚĞƌŝĂůĂĚǀĞƌƐĞĞĨĨĞĐƚŽŶƚŚĞĂďŝůŝƚLJŽĨ^Žů'ŽůĚƚŽĐŽŶĚƵĐƚŝƚƐĞdžƉůŽƌĂƚŝŽŶ ƉƌŽŐƌĂŵŵĞŝŶƚŚĞŵĂŶŶĞƌŝĚĞŶƚŝĨŝĞĚŝŶƚŚŝƐĚŽĐƵŵĞŶƚ͘

ŶǀŝƌŽŶŵĞŶƚĂů ZŝƐŬ

^Žů'ŽůĚ͛ƐŽƉĞƌĂƚŝŽŶƐĂŶĚƉƌŽũĞĐƚƐĂƌĞĞdžƉĞĐƚĞĚƚŽŚĂǀĞĂŶŝŵƉĂĐƚŽŶƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͕ƉĂƌƚŝĐƵůĂƌůLJŝĨĂĚǀĂŶĐĞĚĞdžƉůŽƌĂƚŝŽŶŽƌŵŝŶĞ ĚĞǀĞůŽƉŵĞŶƚ ƉƌŽĐĞĞĚƐ͘ /ƚƐ ĂĐƚŝǀŝƚŝĞƐ ĂƌĞ Žƌ ǁŝůů ďĞ ƐƵďũĞĐƚ ƚŽ ŝŶͲĐŽƵŶƚƌLJ ŶĂƚŝŽŶĂů ĂŶĚ ůŽĐĂů ůĂǁƐ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ ƌĞŐĂƌĚŝŶŐ ĞŶǀŝƌŽŶŵĞŶƚĂůŚĂnjĂƌĚƐ͘ dŚĞƐĞůĂǁƐĂŶĚ ƌĞŐƵůĂƚŝŽŶƐƐĞƚǀĂƌŝŽƵƐƐƚĂŶĚĂƌĚƐƌĞŐƵůĂƚŝŶŐĐĞƌƚĂŝŶĂƐƉĞĐƚƐŽĨŚĞĂůƚŚĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂů ƋƵĂůŝƚLJĂŶĚ ƉƌŽǀŝĚĞ ĨŽƌ ƉĞŶĂůƚŝĞƐĂŶĚ ŽƚŚĞƌůŝĂďŝůŝƚŝĞƐ ĨŽƌ ƚŚĞǀŝŽůĂƚŝŽŶ ŽĨ ƐƵĐŚ ƐƚĂŶĚĂƌĚƐ͘ /Ŷ ĐĞƌƚĂŝŶ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ƚŚĞLJĞƐƚĂďůŝƐŚ ŽďůŝŐĂƚŝŽŶƐ ƚŽ ƌĞŵĞĚŝĂƚĞĐƵƌƌĞŶƚĂŶĚ ĨŽƌŵĞƌ ĨĂĐŝůŝƚŝĞƐĂŶĚůŽĐĂƚŝŽŶƐǁŚĞƌĞŽƉĞƌĂƚŝŽŶƐĂƌĞŽƌǁĞƌĞĐŽŶĚƵĐƚĞĚ͘ ^ŝŐŶŝĨŝĐĂŶƚůŝĂďŝůŝƚLJ ĐŽƵůĚďĞŝŵƉŽƐĞĚŽŶ^Žů'ŽůĚ ĨŽƌĚĂŵĂŐĞƐ͕ĐůĞĂŶͲƵƉĐŽƐƚƐ͕Žƌ ƉĞŶĂůƚŝĞƐŝŶ ƚŚĞĞǀĞŶƚŽĨĐĞƌƚĂŝŶĚŝƐĐŚĂƌŐĞƐŝŶƚŽ ƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͕ ĞŶǀŝƌŽŶŵĞŶƚĂů ĚĂŵĂŐĞ ĐĂƵƐĞĚ ďLJ ƉƌĞǀŝŽƵƐ ŽǁŶĞƌƐ ŽĨ ƉƌŽƉĞƌƚLJ ĂĐƋƵŝƌĞĚ ďLJ ^Žů'ŽůĚ Žƌ ŝƚƐ ƐƵďƐŝĚŝĂƌŝĞƐ͕ Žƌ ŶŽŶͲĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ĞŶǀŝƌŽŶŵĞŶƚĂů ůĂǁƐ Žƌ ƌĞŐƵůĂƚŝŽŶƐ͘ ^Žů'ŽůĚ ƉƌŽƉŽƐĞƐ ƚŽ ŵŝŶŝŵŝƐĞ ƚŚĞƐĞ ƌŝƐŬƐ ďLJ ĐŽŶĚƵĐƚŝŶŐ ŝƚƐ ĂĐƚŝǀŝƚŝĞƐ ŝŶ ĂŶ ĞŶǀŝƌŽŶŵĞŶƚĂůůLJ ƌĞƐƉŽŶƐŝďůĞŵĂŶŶĞƌ͕ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ĂƉƉůŝĐĂďůĞ ůĂǁƐ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ͕ ĂŶĚ ǁŚĞƌĞ ƉŽƐƐŝďůĞ͕ ďLJ ĐĂƌƌLJŝŶŐ ĂƉƉƌŽƉƌŝĂƚĞ ŝŶƐƵƌĂŶĐĞ ĐŽǀĞƌĂŐĞ͘ EĞǀĞƌƚŚĞůĞƐƐ͕ƚŚĞƌĞĂƌĞĐĞƌƚĂŝŶƌŝƐŬƐŝŶŚĞƌĞŶƚŝŶ^Žů'ŽůĚ͛ƐĂĐƚŝǀŝƚŝĞƐǁŚŝĐŚĐŽƵůĚƐƵďũĞĐƚŝƚƚŽĞdžƚĞŶƐŝǀĞůŝĂďŝůŝƚLJ͘

'ĞŽƉŽůŝƚŝĐĂů͕ ƌĞŐƵůĂƚŽƌLJ ĂŶĚƐŽǀĞƌĞŝŐŶ ƌŝƐŬ

ĞĐŽŶŽŵŝĐ͕ƐŽĐŝĂůŽƌƉŽůŝƚŝĐĂůŝŶƐƚĂďŝůŝƚLJŽƌĐŚĂŶŐĞ͖
ŚLJƉĞƌŝŶĨůĂƚŝŽŶ͕ĐƵƌƌĞŶĐLJŶŽŶͲĐŽŶǀĞƌƚŝďŝůŝƚLJŽƌŝŶƐƚĂďŝůŝƚLJ͖
ĐŚĂŶŐĞƐŽĨůĂǁĂĨĨĞĐƚŝŶŐ ĨŽƌĞŝŐŶ ŽǁŶĞƌƐŚŝƉ͕ŐŽǀĞƌŶŵĞŶƚ ƉĂƌƚŝĐŝƉĂƚŝŽŶ͕ ƚĂdžĂƚŝŽŶ͕ǁŽƌŬŝŶŐĐŽŶĚŝƚŝŽŶƐ͕ ƌĂƚĞƐŽĨĞdžĐŚĂŶŐĞ͕ ĞdžĐŚĂŶŐĞ ĐŽŶƚƌŽů͕ ĞdžƉůŽƌĂƚŝŽŶ ůŝĐĞŶƐŝŶŐ͕ ĞdžƉŽƌƚ ĚƵƚŝĞƐ͕ ƌĞƐŽƵƌĐĞ ƌĞŶƚ ƚĂdžĞƐ͕ ƌĞƉĂƚƌŝĂƚŝŽŶ ŽĨ ĐĂƉŝƚĂů͕ ĞŶǀŝƌŽŶŵĞŶƚĂů ƉƌŽƚĞĐƚŝŽŶ͕ŵŝŶĞƐĂĨĞƚLJ͕ůĂďŽƵƌƌĞůĂƚŝŽŶƐ͖
ŐŽǀĞƌŶŵĞŶƚ ĐŽŶƚƌŽů ŽǀĞƌ ŵŝŶĞƌĂů ƉƌŽƉĞƌƚŝĞƐ Žƌ ŐŽǀĞƌŶŵĞŶƚ ƌĞŐƵůĂƚŝŽŶƐ ƚŚĂƚ ƌĞƋƵŝƌĞ ƚŚĞ ĞŵƉůŽLJŵĞŶƚ ŽĨ ůŽĐĂů ƐƚĂĨĨ Žƌ ĐŽŶƚƌĂĐƚŽƌƐŽƌƌĞƋƵŝƌĞŽƚŚĞƌďĞŶĞĨŝƚƐƚŽďĞƉƌŽǀŝĚĞĚƚŽůŽĐĂůƌĞƐŝĚĞŶƚƐ͖
ĚĞůĂLJƐĂŶĚ ĚĞĐůŝŶĞƐŝŶ ƚŚĞ ƐƚĂŶĚĂƌĚĂŶĚĞĨĨĞĐƚŝǀĞ ŽƉĞƌĂƚŝŽŶ ŽĨ ^Žů'ŽůĚ͛ƐĂĐƚŝǀŝƚŝĞƐ͕ ƵŶĨŽƌĞƐĞĞŶĂŶĚ ƵŶͲďƵĚŐĞƚĞĚ ĐŽƐƚƐ͕ ĂŶĚͬŽƌƚŚƌĞĂƚƐƚŽŽĐĐƵƉĂƚŝŽŶĂůŚĞĂůƚŚĂŶĚƐĂĨĞƚLJĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨŐĞŽƉŽůŝƚŝĐĂů͕ƌĞŐƵůĂƚŽƌLJĂŶĚƐŽǀĞƌĞŝŐŶƌŝƐŬ͘

YƵĞĞŶƐůĂŶĚ

/Ŷ YƵĞĞŶƐůĂŶĚ͕ ƚŚĞ ďŽƌŝŐŝŶĂů ƵůƚƵƌĂů ,ĞƌŝƚĂŐĞ Đƚ ϮϬϬϯ ĂŶĚ ƚŚĞ dŽƌƌĞƐ ^ƚƌĂŝƚ /ƐůĂŶĚĞƌ ƵůƚƵƌĂů ,ĞƌŝƚĂŐĞ Đƚ ϮϬϬϯ ;ǁŚŝĐŚ ĐŽŵŵĞŶĐĞĚŽŶϭϲƉƌŝůϮϬϬϰͿŝŵƉŽƐĞĚƵƚŝĞƐŽĨĐĂƌĞǁŚŝĐŚƌĞƋƵŝƌĞƉĞƌƐŽŶƐ͕ŝŶĐůƵĚŝŶŐ^Žů'ŽůĚ͕ƚŽƚĂŬĞĂůůƌĞĂƐŽŶĂďůĞĂŶĚƉƌĂĐƚŝĐĂů ŵĞĂƐƵƌĞƐ ƚŽ ĂǀŽŝĚ ĚĂŵĂŐŝŶŐ Žƌ ĚĞƐƚƌŽLJŝŶŐ ďŽƌŝŐŝŶĂů ĐƵůƚƵƌĂů ŚĞƌŝƚĂŐĞ͘ dŚŝƐ ŽďůŝŐĂƚŝŽŶ ĂƉƉůŝĞƐ ĂĐƌŽƐƐ ƚŚĞ ^ƚĂƚĞ ĂŶĚ ƌĞƋƵŝƌĞƐ ^Žů'ŽůĚ ƚŽ ĚĞǀĞůŽƉ ƐƵŝƚĂďůĞ ŝŶƚĞƌŶĂů ƉƌŽĐĞĚƵƌĞƐ ƚŽ ĚŝƐĐŚĂƌŐĞ ŝƚƐ ĚƵƚLJ ŽĨ ĐĂƌĞ ŝŶ ŽƌĚĞƌ ƚŽ ĂǀŽŝĚĞdžƉŽƐƵƌĞ ƚŽ ƐƵďƐƚĂŶƚŝĂů ĨŝŶĂŶĐŝĂů ƉĞŶĂůƚŝĞƐŝĨŝƚƐĂĐƚŝǀŝƚŝĞƐĚĂŵĂŐĞŝƚĞŵƐŽĨĐƵůƚƵƌĂůƐŝŐŶŝĨŝĐĂŶĐĞ͘ hŶĚĞƌƚŚŝƐůĞŐŝƐůĂƚŝŽŶ͕ŝŶĚŝŐĞŶŽƵƐƉĞŽƉůĞĐĂŶĞdžĞƌĐŝƐĞĐŽŶƚƌŽůŽǀĞƌ ůĂŶĚǁŝƚŚƌĞƐƉĞĐƚƚŽĐƵůƚƵƌĂůŚĞƌŝƚĂŐĞǁŝƚŚŽƵƚŶĞĐĞƐƐĂƌŝůLJŚĂǀŝŶŐĞƐƚĂďůŝƐŚĞĚƚŚĞĐŽŶŶĞĐƚŝŽŶĞůĞŵĞŶƚ;ĂƐƌĞƋƵŝƌĞĚƵŶĚĞƌŶĂƚŝǀĞƚŝƚůĞ ůĂǁͿ͘dŚŝƐĐƌĞĂƚĞƐĂƉŽƚĞŶƚŝĂůƌŝƐŬƚŚĂƚƚŚĞƚĞŶĞŵĞŶƚŚŽůĚĞƌŵĂLJŚĂǀĞƚŽĚĞĂůǁŝƚŚƐĞǀĞƌĂůŝŶĚŝŐĞŶŽƵƐŝŶĚŝǀŝĚƵĂůƐŽƌĐŽƌƉŽƌĂƚŝŽŶƐ͕ ǁŚĞƌĞŶŽŶĂƚŝǀĞƚŝƚůĞŚĂƐďĞĞŶĞƐƚĂďůŝƐŚĞĚ͕ƚŽŝĚĞŶƚŝĨLJĂŶĚŵĂŶĂŐĞĐƵůƚƵƌĂůŚĞƌŝƚĂŐĞŝƐƐƵĞƐ͘dŚŝƐĐŽƵůĚƌĞƐƵůƚŝŶƚĞŶĞŵĞŶƚŚŽůĚĞƌƐ ƌĞƋƵŝƌŝŶŐůĞŶŐƚŚLJůĞĂĚƚŝŵĞƐƚŽŵĂŶĂŐĞĐƵůƚƵƌĂůŚĞƌŝƚĂŐĞĨŽƌƚŚĞŝƌƉƌŽũĞĐƚƐ͘

^ŽůŽŵŽŶ/ƐůĂŶĚƐ

ĐƵĂĚŽƌ

^Žů'ŽůĚ͛Ɛ ĂƐĐĂďĞů ƉƌŽũĞĐƚ ŝŶ ĐƵĂĚŽƌ ŵĂLJ ďĞ ĞdžƉŽƐĞĚ ƚŽ ƉŽƚĞŶƚŝĂůůLJ ĂĚǀĞƌƐĞ ƌŝƐŬƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ĞǀŽůǀŝŶŐ ƌƵůĞƐ ĂŶĚ ůĂǁƐ ŐŽǀĞƌŶŝŶŐŵŝŶŝŶŐĞdžƉĂŶƐŝŽŶĂŶĚĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĂƚũƵƌŝƐĚŝĐƚŝŽŶ͘ ĚĚŝƚŝŽŶĂůůLJ͕^Žů'ŽůĚ͛ƐŽƉĞƌĂƚŝŽŶƐŵĂLJďĞĚĞƚƌŝŵĞŶƚĂůůLJĂĨĨĞĐƚĞĚ ŝŶ ƚŚĞĞǀĞŶƚ ƚŚĂƚ ƚŚĞĐƵĂĚŽƌŝĂŶŐŽǀĞƌŶŵĞŶƚǁĞƌĞ ƚŽ ĚĞĨĂƵůƚ ŽŶŝƚƐ ĨŽƌĞŝŐŶ ĚĞďƚ ŽďůŝŐĂƚŝŽŶƐ Žƌ ďĞĐŽŵĞ ƐƵďũĞĐƚ ƚŽǁŝĚĞƌŐůŽďĂů ĞĐŽŶŽŵŝĐĂŶĚŝŶǀĞƐƚŵĞŶƚ ƵŶĐĞƌƚĂŝŶƚLJ͘ ^Žů'ŽůĚŝƐŶŽƚĂǁĂƌĞŽĨĂŶLJĐƵƌƌĞŶƚŵĂƚĞƌŝĂůĐŚĂŶŐĞƐŝŶůĞŐŝƐůĂƚŝǀĞ͕ ƌĞŐƵůĂƚŽƌLJĂŶĚƉƵďůŝĐ ƉŽůŝĐLJŝŶŝƚŝĂƚŝǀĞƐŝŶĐƵĂĚŽƌ͕ŚŽǁĞǀĞƌĂŶLJĨƵƚƵƌĞŽƌƉƌŽƉŽƐĞĚĐŚĂŶŐĞƐŵĂLJĂĚǀĞƌƐĞůLJĂĨĨĞĐƚƚŚĞĂƐĐĂďĞůƉƌŽũĞĐƚŽƌ^Žů'ŽůĚ͛ƐĂďŝůŝƚLJ ƚŽŽƉĞƌĂƚĞƐƵĐĐĞƐƐĨƵůůLJŝŶĐƵĂĚŽƌ͘

&/EE/> Zs/t

dŚĞŽŵƉĂŶLJĂĐŚŝĞǀĞĚƐĞǀĞƌĂůŵŝůĞƐƚŽŶĞƐĚƵƌŝŶŐƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϭϱ͘dŚĞƐĞŝŶĐůƵĚĞĚ͗

ƌŝůůŝŶŐ ŽĨ ĨŝǀĞ ŚŽůĞƐ Ăƚ ƚŚĞ ĂƐĐĂďĞů ƉƌŽũĞĐƚ͕ ŝŶƚĞƌƐĞĐƚŝŶŐ ůŽŶŐ ƌƵŶƐ ŽĨ ĐŽƉƉĞƌ ĂŶĚ ŐŽůĚ ŵŝŶĞƌĂůŝƐĂƚŝŽŶ ĂŶĚ ƚŚĞ ƚĞĂŵ ŐĂŝŶŝŶŐĂďĞƚƚĞƌƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞŐĞŽůŽŐLJĂŶĚŵŝŶĞƌĂůŝƐĂƚŝŽŶŽĨƚŚĞƉŽƚĞŶƚŝĂůƉƌŽƐƉĞĐƚƐ͘
^ĞĐŽŶĚĚƌŝůůƌŝŐŵŽďŝůŝƐĞĚƚŽƚŚĞĂƐĐĂďĞůƉƌŽũĞĐƚƚŽƚĞƐƚĂĚĚŝƚŝŽŶĂůƚĂƌŐĞƚƐĂƚůƉĂůĂ͘
dŚĞ ĐŽŵƉůĞƚŝŽŶ ŽĨ ƐƵĐĐĞƐƐĨƵů ƌĂŝƐŝŶŐƐ ƚŽƚĂůůŝŶŐ ĂƉƉƌŽdžŝŵĂƚĞůLJ Ψϲ͘Ϯϯ ŵŝůůŝŽŶ ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌ ĨƌŽŵ ŝŶƐƚŝƚƵƚŝŽŶĂů ĂŶĚ ƉƌŽĨĞƐƐŝŽŶĂůŝŶǀĞƐƚŽƌƐ͘

ZĞƐƵůƚƐ

dŚĞ'ƌŽƵƉŝŶĐƵƌƌĞĚĂůŽƐƐďĞĨŽƌĞƚĂdžŽĨΨϰ͕Ϯϯϴ͕Ϯϭϲ ĨŽƌƚŚĞLJĞĂƌ;ϮϬϭϰ͗Ψϰ͕ϴϯϭ͕ϯϰϯͿ͕ŝŶĐůƵƐŝǀĞŽĨƚŚĞĚĞĐŝƐŝŽŶƚŽĞdžƉĞŶƐĞΨϭ͕ϭϳϱ͕ϭϳϮ ;ϮϬϭϰ͗ΨϮ͕Ϯϰϲ͕ϰϵϭͿĨŽƌĞdžƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚĞŶĞŵĞŶƚƐƚŚĂƚǁĞƌĞƐƵƌƌĞŶĚĞƌĞĚŽƌǁŚŝĐŚŚĂĚĞdžƉŝƌĞĚĚƵƌŝŶŐƚŚĞ LJĞĂƌ͘ĚĞƚĂŝůĞĚĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞƐŽĨĚĞĨĞƌƌĞĚĞdžƉůŽƌĂƚŝŽŶĐŽƐƚƐŝƐƉƌŽǀŝĚĞĚŝŶEŽƚĞϮϰ͘

^ƚĂƚĞŵĞŶƚ ŽĨ&ŝŶĂŶĐŝĂů WŽƐŝƚŝŽŶ

ƐĂƚϯϬ :ƵŶĞϮϬϭϱ͕ƚŚĞ'ƌŽƵƉŚĂĚŶĞƚĂƐƐĞƚƐŽĨĂƉƉƌŽdžŝŵĂƚĞůLJ ΨϯϬ͘ϰŵŝůůŝŽŶ͕ĂŶŝŶĐƌĞĂƐĞŽĨĂƉƉƌŽdžŝŵĂƚĞůLJ ΨϬ͘ϴŵŝůůŝŽŶŽǀĞƌƚŚĞ ƉƌĞǀŝŽƵƐĨŝŶĂŶĐŝĂůLJĞĂƌ͘dŚŝƐŝŶĐƌĞĂƐĞǁĂƐůĂƌŐĞůLJĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞĐŽŵƉůĞƚŝŽŶŽĨΨϱ͘ϵŵŝůůŝŽŶŝŶƐŚĂƌĞƉůĂĐĞŵĞŶƚƐĂŶĚƚŚĞŽƉĞŶ ŽĨĨĞƌ͕ŶĞƚŽĨĐŽƐƚƐ͕ŽĨĨƐĞƚďLJƚŚĞĚĞĐƌĞĂƐĞŝŶƚŚĞǀĂůƵĞŽĨĂǀĂŝůĂďůĞĨŽƌƐĂůĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŽĨΨϮŵŝůůŝŽŶĂŶĚƚŚĞĞdžƉůŽƌĂƚŝŽŶǁƌŝƚĞŽĨĨ ŽĨ Ψϭ͘Ϯ ŵŝůůŝŽŶ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƚŚĞ 'ƌŽƵƉƐ͛ ĞdžƉůŽƌĂƚŝŽŶ ĂƐƐĞƚƐ ĂŶĚ ĂŶŶƵĂů ŽƉĞƌĂƚŝŶŐ ĞdžƉĞŶƐĞƐ ŽĨ ĂƉƉƌŽdžŝŵĂƚĞůLJ Ψϯ͘ϭ ŵŝůůŝŽŶ͘

ĂƐŚ &ůŽǁ

KƵƌ ĐĂƐŚĞdžƉĞŶĚŝƚƵƌĞ ĨŽƌ ƚŚĞ LJĞĂƌ ǁĂƐ ĂƉƉƌŽdžŝŵĂƚĞůLJ Ψϭϭ͘ϭŵŝůůŝŽŶ͘ ĂƐŚ ŽĨ ĂƉƉƌŽdžŝŵĂƚĞůLJ Ψϲ͘ϵŵŝůůŝŽŶ ǁĂƐ ƌĞĐĞŝǀĞĚ ĨƌŽŵ ƚŚĞ ŝƐƐƵĞŽĨƐŚĂƌĞƐ͘ĐĐŽƌĚŝŶŐůLJ͕ƚŚĞŶĞƚĐĂƐŚŽƵƚĨůŽǁŽĨƚŚĞŽŵƉĂŶLJĨŽƌƚŚĞLJĞĂƌǁĂƐĂƉƉƌŽdžŝŵĂƚĞůLJ Ψϰ͘ϮŵŝůůŝŽŶ͘

ĂƐŚŽĨĂƉƉƌŽdžŝŵĂƚĞůLJ Ψϴ͘ϱŵŝůůŝŽŶǁĂƐŝŶǀĞƐƚĞĚďLJƚŚĞ'ƌŽƵƉŽŶĞdžƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞĚƵƌŝŶŐƚŚĞLJĞĂƌ͘

ůŽƐŝŶŐĂƐŚ

ƐĂƚϯϬ:ƵŶĞϮϬϭϱ͕ƚŚĞ'ƌŽƵƉŚĞůĚĐĂƐŚďĂůĂŶĐĞƐŽĨΨϬ͘ϯϮŵŝůůŝŽŶ;ϮϬϭϰ͗Ψϰ͘ϱϱŵŝůůŝŽŶͿ͘

WŽƐƚ ZĞƉŽƌƚŝŶŐĂƚĞ ǀĞŶƚƐ

KŶϮ KĐƚŽďĞƌϮϬϭϱ͕ƚŚĞŽŵƉĂŶLJĞdžĞĐƵƚĞĚŽŶǀĞƌƚŝďůĞEŽƚĞĞĞĚƐǁŝƚŚƐƵďƐƚĂŶƚŝĂůƐŚĂƌĞŚŽůĚĞƌƐ͕'Z 'ůŽďĂů>ŝŵŝƚĞĚĂŶĚdĞŶƐƚĂƌ dƌĂĚŝŶŐ>ŝŵŝƚĞĚĨŽƌĂƚŽƚĂůĨƵŶĚŝŶŐŽĨΨϮ͕ϯϯϮ͕ϬϬϬ͘

KƵƚůŽŽŬ

dŚĞ ĞdžƉůŽƌĂƚŝŽŶ ƉƌŽŐƌĂŵƐ ĨŽƌ ϮϬϭϲ ǁŝůů ĨŽĐƵƐ ŽŶ ĂƐĐĂďĞů ĂůŽŶŐ ǁŝƚŚ ĨŝŶĚŝŶŐ ũŽŝŶƚ ǀĞŶƚƵƌĞ ƉĂƌƚŶĞƌƐ ĨŽƌ ƚŚĞ 'ƌŽƵƉ͛Ɛ͕ ZĂŶŶĞƐ͕ EŽƌŵĂŶďLJ͕ ĂŶĚ Dƚ WĞƌƌLJ ƉƌŽũĞĐƚƐ͘ ŝƐĐƵƐƐŝŽŶƐ ŽŶ ƚŚĞ ĨƵƚƵƌĞ ĞdžƉůŽƌĂƚŝŽŶ ƉƌŽŐƌĂŵƐ Ăƚ ĞĂĐŚ ŽĨ ƚŚĞ ƉƌŽũĞĐƚƐ ĂƌĞ ĚĞƚĂŝůĞĚ ŝŶ ƚŚĞ KƉĞƌĂƚŝŽŶƐZĞƉŽƌƚ͘

&/EE/> Zs/t ;ĐŽŶƚŝŶƵĞĚͿ

<ĞLJ WĞƌĨŽƌŵĂŶĐĞ /ŶĚŝĐĂƚŽƌƐ

&ŝŶĂŶĐŝĂů ŽŶƚƌŽůƐĂŶĚ ZŝƐŬDĂŶĂŐĞŵĞŶƚ

dŚĞŽĂƌĚƌĞŐƵůĂƌůLJƌĞǀŝĞǁƐƚŚĞƌŝƐŬƐƚŽǁŚŝĐŚƚŚĞ'ƌŽƵƉŝƐĞdžƉŽƐĞĚĂŶĚĞŶƐƵƌĞƐƚŚƌŽƵŐŚŽĂƌĚŽŵŵŝƚƚĞĞƐĂŶĚƌĞŐƵůĂƌƌĞƉŽƌƚŝŶŐ ƚŚĂƚ ƚŚĞƐĞ ƌŝƐŬƐĂƌĞŵĂŶĂŐĞĚĂŶĚŵŝŶŝŵŝƐĞĚĂƐ ĨĂƌĂƐ ƉŽƐƐŝďůĞ͘ dŚĞƵĚŝƚŽŵŵŝƚƚĞĞŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶĂŶĚ ƌĞǀŝĞǁŽĨƚŚĞ'ƌŽƵƉ͛ƐŝŶƚĞƌŶĂůĨŝŶĂŶĐŝĂůĐŽŶƚƌŽůƐĂŶĚĨŝŶĂŶĐŝĂůƌŝƐŬŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵƐ͘

EŽŵŝŶĂƚĞĚ ĚǀŝƐŽƌƐĂŶĚƌŽŬĞƌƐ

^W ŶŐĞůŽƌƉŽƌĂƚĞ&ŝŶĂŶĐĞ>>WĂĐƚƐĂƐEŽŵŝŶĂƚĞĚĚǀŝƐŽƌĂŶĚƌŽŬĞƌƚŽƚŚĞŽŵƉĂŶLJ͘

ƋƵŝƚLJ

^ŝŶĐĞƚŚĞĚĂƚĞŽĨƚŚĞůĂƐƚŶŶƵĂůZĞƉŽƌƚ͕ƚŚĞŽŵƉĂŶLJŚĂƐŝƐƐƵĞĚƚŚĞĨŽůůŽǁŝŶŐĞƋƵŝƚŝĞƐ͗

KŶϴ:ƵůLJ ϮϬϭϰ͕ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚϰ͕ϯϲϬ͕ϬϬϬŽƉƚŝŽŶƐƚŽŝƚƐŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͘ dŚĞŽƉƚŝŽŶƐĐŽŶƐŝƐƚŽĨƚǁŽƚƌĂŶĐŚĞƐǁŝƚŚǀĂƌLJŝŶŐ ĞdžĞƌĐŝƐĞƉƌŝĐĞƐĂŶĚǀĞƐƚŝŶŐĐŽŶĚŝƚŝŽŶƐǁŚŝĐŚĂƌĞĚĞƉĞŶĚĞŶƚŽŶƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞ͘ dŚĞŽƉƚŝŽŶƐĞdžƉŝƌĞŽŶϴ:ƵůLJ ϮϬϭϳ͘

KŶϭϵ ĞĐĞŵďĞƌϮϬϭϰ͕ ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂŶĂĚĚŝƚŝŽŶĂůϯϯ͕ϱϵϭ͕ϴϮϴƐŚĂƌĞƐĂƚάϬ͘Ϭϯ ƚŽ ƌĂŝƐĞΨϭ͘ϵŵŝůůŝŽŶƉƵƌƐƵĂŶƚ ƚŽĂƉƌŝǀĂƚĞ ƉůĂĐĞŵĞŶƚ ƚŽ ƉƌŽŐƌĞƐƐ ŝƚƐ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ƉƌŽũĞĐƚ ĚĞǀĞůŽƉŵĞŶƚ ĞĨĨŽƌƚƐ ĂĐƌŽƐƐ ŝƚƐ ƉŽƌƚĨŽůŝŽ ŽĨ ƉƌŽũĞĐƚƐ ŝŶ ƚŚĞ ^ŽůŽŵŽŶ /ƐůĂŶĚƐ͕ ĐƵĂĚŽƌĂŶĚYƵĞĞŶƐůĂŶĚ͕ƵƐƚƌĂůŝĂ͘

KŶϵ ƉƌŝůϮϬϭϱ͕ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂŶĂĚĚŝƚŝŽŶĂůϳϰ͕ϳϬϴ͕ϬϰϭƐŚĂƌĞƐĂƚάϬ͘ϬϯƚŽƌĂŝƐĞΨϰ͘ϯŵŝůůŝŽŶƉƵƌƐƵĂŶƚƚŽĂŶŽƉĞŶŽĨĨĞƌƚŽ ƉƌŽŐƌĞƐƐ ŝƚƐ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ƉƌŽũĞĐƚ ĚĞǀĞůŽƉŵĞŶƚ ĞĨĨŽƌƚƐ ĂĐƌŽƐƐ ŝƚƐ ƉŽƌƚĨŽůŝŽ ŽĨ ƉƌŽũĞĐƚƐ ŝŶ ƚŚĞ ^ŽůŽŵŽŶ /ƐůĂŶĚƐ͕ ĐƵĂĚŽƌ ĂŶĚ YƵĞĞŶƐůĂŶĚ͕ƵƐƚƌĂůŝĂ͘

ƚ LJĞĂƌ ĞŶĚ ƚŚĞ ŽŵƉĂŶLJ ŚĂĚ Ă ƚŽƚĂů ŽĨϳϲϬ͕ϰϱϯ͕ϬϳϭƐŚĂƌĞƐĂŶĚ Ϯϭ͕ϯϴϬ͕ϬϬϬ ŽƉƚŝŽŶƐŽŶ ŝƐƐƵĞ͘ƐĂƚ ƚŚĞ ĚĂƚĞ ŽĨƚŚŝƐƌĞƉŽƌƚ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂĚ Ă ƚŽƚĂů ŽĨϴϮϮ͕ϳϭϲ͕ϲϬϱƐŚĂƌĞƐĂŶĚ Ϯϭ͕ϯϴϬ͕ϬϬϬ ŽƉƚŝŽŶƐŽŶ ŝƐƐƵĞ͘

dŚĞƐƚƌĂƚĞŐŝĐƌĞƉŽƌƚǁĂƐĂƵƚŚŽƌŝƐĞĚĨŽƌŝƐƐƵĞĂŶĚƐŝŐŶĞĚŽŶďĞŚĂůĨŽĨƚŚĞĚŝƌĞĐƚŽƌƐďLJ͕

EŝĐŚŽůĂƐDĂƚŚĞƌ džĞĐƵƚŝǀĞŝƌĞĐƚŽƌ ϴĞĐĞŵďĞƌϮϬϭϱ

'KsZEE

/ZdKZ^ E KDWEz ^ZdZz

dŚĞŽĂƌĚĐŽŶƐŝƐƚƐŽĨŽŶĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌĂŶĚƚŚƌĞĞEŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌƐ͘

EŝĐŚŽůĂƐDĂƚŚĞƌ ;džĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌͿ

EŝĐŚŽůĂƐDĂƚŚĞƌ;ϱϴͿ͕ĂƉƉŽŝŶƚĞĚϭϭ DĂLJ ϮϬϬϱ͕ŐƌĂĚƵĂƚĞĚŝŶϭϵϳϵĨƌŽŵƚŚĞhŶŝǀĞƌƐŝƚLJŽĨYƵĞĞŶƐůĂŶĚǁŝƚŚĂ͘^Đ͘;,ŽŶƐ͕'ĞŽůŽŐLJͿ͘ ,ĞŚĂƐŽǀĞƌϮϱ LJĞĂƌƐ͛ĞdžƉĞƌŝĞŶĐĞŝŶĞdžƉůŽƌĂƚŝŽŶĂŶĚƌĞƐŽƵƌĐĞĐŽŵƉĂŶLJŵĂŶĂŐĞŵĞŶƚŝŶĂǀĂƌŝĞƚLJŽĨĐŽƵŶƚƌŝĞƐ͘ ,ŝƐĐĂƌĞĞƌŚĂƐƚĂŬĞŶ ŚŝŵƚŽŶƵŵĞƌŽƵƐĐŽƵŶƚƌŝĞƐĞdžƉůŽƌŝŶŐĨŽƌƉƌĞĐŝŽƵƐĂŶĚďĂƐĞŵĞƚĂůƐĂŶĚĨŽƐƐŝůĨƵĞůƐ͘ EŝĐŚŽůĂƐDĂƚŚĞƌŚĂƐĨŽĐƵƐĞĚŚŝƐĂƚƚĞŶƚŝŽŶŽŶ ƚŚĞŝĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨĂŶĚŝŶǀĞƐƚŵĞŶƚŝŶůĂƌŐĞƌĞƐŽƵƌĐĞĞdžƉůŽƌĂƚŝŽŶƉƌŽũĞĐƚƐ͘

,ĞǁĂƐDĂŶĂŐŝŶŐŝƌĞĐƚŽƌŽĨĞDĂyZĞƐŽƵƌĐĞƐE>;ĂŶ^yͲůŝƐƚĞĚĐŽŵƉĂŶLJͿĨƌŽŵϭϵϵϳƵŶƚŝůϮϬϬϬĂŶĚŝŶƐƚƌƵŵĞŶƚĂůŝŶƚŚĞĚŝƐĐŽǀĞƌLJ ŽĨƚŚĞǁŽƌůĚĐůĂƐƐ'ŝŶŬŐŽŵŝŶĞƌĂůƐĂŶĚĚĞƉŽƐŝƚŝŶƚŚĞDƵƌƌĂLJĂƐŝŶŝŶϭϵϵϴ͘ ƐĂŶĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌŽĨƌƌŽǁŶĞƌŐLJ E>;ĂůƐŽ^yͲ ůŝƐƚĞĚͿƵŶƚŝůŚŝƐƌĞƐŝŐŶĂƚŝŽŶŝŶϮϬϬϰ͕EŝĐŚŽůĂƐDĂƚŚĞƌĚƌŽǀĞƚŚĞĂĐƋƵŝƐŝƚŝŽŶĂŶĚďƵƐŝŶĞƐƐĚĞǀĞůŽƉŵĞŶƚŽĨƌƌŽǁ͛ƐůĂƌŐĞ^ƵƌĂƚĂƐŝŶ ŽĂůĞĚDĞƚŚĂŶĞƉƌŽũĞĐƚŝŶ ƐŽƵƚŚͲĞĂƐƚYƵĞĞŶƐůĂŶĚ͘ ,ĞǁĂƐŵĂŶĂŐŝŶŐŝƌĞĐƚŽƌŽĨƵƌĂůŝĂZĞƐŽƵƌĐĞƐE>͕ĂũƵŶŝŽƌŐŽůĚĞdžƉůŽƌĞƌ͕ ďĞĨŽƌĞŝƚƐh^ϮϯŵŝůůŝŽŶŵĞƌŐĞƌǁŝƚŚZŽƐƐDŝŶŝŶŐE>ŝŶϭϵϵϱ͘ ,ĞǁĂƐĂŶŽŶͲĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌŽĨĂůůĂƌĂƚ'ŽůĚĨŝĞůĚƐE>ƵŶƚŝůϮϬϬϰ͕ ŚĂǀŝŶŐĂƐƐŝƐƚĞĚƚŚĂƚĐŽŵƉĂŶLJŝŶŝƚƐƌĞĐĂƉŝƚĂůŝƐĂƚŝŽŶĂŶĚƌĞͲƋƵŽƚĂƚŝŽŶŽŶƚŚĞ^yŝŶϮϬϬϯ͘

EŝĐŚŽůĂƐ DĂƚŚĞƌ ŝƐ DĂŶĂŐŝŶŐ ŝƌĞĐƚŽƌ ĂŶĚ ŚŝĞĨ džĞĐƵƚŝǀĞ ŽĨ 'Z 'ůŽďĂů >ŝŵŝƚĞĚ ĂŶĚ ŶŽŶͲĞdžĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌ ŽĨ ^yͲůŝƐƚĞĚ ĐŽŵƉĂŶŝĞƐƌŵŽƵƌŶĞƌŐLJ >ŝŵŝƚĞĚ͕ƵƐdŝŶDŝŶŝŶŐ >ŝŵŝƚĞĚ͕EĂǀĂŚŽ'ŽůĚ >ŝŵŝƚĞĚ͕ĂŶĚ >ĂŬĞƐKŝůE>ĂŶĚ >^ /DͲůŝƐƚĞĚ ĐŽŵƉĂŶLJ /ƌŽŶZŝĚŐĞZĞƐŽƵƌĐĞƐ>ŝŵŝƚĞĚ͘

ƌŝĂŶDŽůůĞƌ ;EŽŶͲdžĞĐƵƚŝǀĞ ŚĂŝƌŵĂŶͿ

ƌŝĂŶDŽůůĞƌ ;ϱϲͿ͕ ĂƉƉŽŝŶƚĞĚϭϭ DĂLJ ϮϬϬϱ͕ ŝƐ Ă ĐŽƌƉŽƌĂƚĞ ƉĂƌƚŶĞƌ ŝŶ ƚŚĞ ƌŝƐďĂŶĞͲďĂƐĞĚ ůĂǁ Ĩŝƌŵ,ŽƉŐŽŽĚ'ĂŶŝŵ >ĂǁLJĞƌƐ͕ ƚŚĞ ƵƐƚƌĂůŝĂŶƐŽůŝĐŝƚŽƌƐƚŽƚŚĞŽŵƉĂŶLJ͘ ,ĞǁĂƐĂĚŵŝƚƚĞĚĂƐĂƐŽůŝĐŝƚŽƌŝŶϭϵϴϭĂŶĚŚĂƐďĞĞŶĂƉĂƌƚŶĞƌĂƚ,ŽƉŐŽŽĚ'ĂŶŝŵƐŝŶĐĞϭϵϴϯ͘ ,ĞƉƌĂĐƚŝĐĞƐĂůŵŽƐƚĞdžĐůƵƐŝǀĞůLJŝŶƚŚĞĐŽƌƉŽƌĂƚĞĂƌĞĂǁŝƚŚĂŶĞŵƉŚĂƐŝƐŽŶĐĂƉŝƚĂůƌĂŝƐŝŶŐ͕ŵĞƌŐĞƌƐĂŶĚĂĐƋƵŝƐŝƚŝŽŶƐ͘

ƌŝĂŶDŽůůĞƌĂĐƚƐĨŽƌŵĂŶLJƉƵďůŝĐůLJͲůŝƐƚĞĚƌĞƐŽƵƌĐĞĂŶĚŝŶĚƵƐƚƌŝĂůĐŽŵƉĂŶŝĞƐĂŶĚďƌŝŶŐƐĂǁĞĂůƚŚŽĨĞdžƉĞƌŝĞŶĐĞĂŶĚĞdžƉĞƌƚŝƐĞƚŽƚŚĞ ďŽĂƌĚ͕ ƉĂƌƚŝĐƵůĂƌůLJ ŝŶ ƚŚĞ ĐŽƌƉŽƌĂƚĞ ƌĞŐƵůĂƚŽƌLJ ĂŶĚ ŐŽǀĞƌŶĂŶĐĞ ĂƌĞĂƐ͘ ,Ğ ŝƐ Ă ŶŽŶͲĞdžĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌ ŽĨ ^y ůŝƐƚĞĚ'Z 'ůŽďĂů >ŝŵŝƚĞĚ͕EĂǀĂŚŽ'ŽůĚ >ŝŵŝƚĞĚ͕ŐƵŝĂZĞƐŽƵƌĐĞƐ >ŝŵŝƚĞĚĂŶĚWůĂƚŝŶĂZĞƐŽƵƌĐĞƐ >ŝŵŝƚĞĚ͕ĂŶĚ ƚŚĞ ŶŽŶͲĞdžĞĐƵƚŝǀĞŚĂŝƌŵĂŶ ŽĨ^yͲ ůŝƐƚĞĚƵƐdŝŶDŝŶŝŶŐ>ŝŵŝƚĞĚ͘

ƌ ZŽďĞƌƚtĞŝŶďĞƌŐ ;EŽŶͲdžĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌͿ

ZŽďtĞŝŶďĞƌŐ ;ϲϴͿ͕ĂƉƉŽŝŶƚĞĚϮϮ EŽǀĞŵďĞƌϮϬϬϱ͕ŐĂŝŶĞĚŚŝƐĚŽĐƚŽƌĂƚĞŝŶŐĞŽůŽŐLJ ĨƌŽŵKdžĨŽƌĚhŶŝǀĞƌƐŝƚLJŝŶϭϵϳϯ͘ ,ĞŚĂƐŵŽƌĞ ƚŚĂŶϰϬ LJĞĂƌƐ͛ĞdžƉĞƌŝĞŶĐĞŽĨƚŚĞŝŶƚĞƌŶĂƚŝŽŶĂůŵŝŶŝŶŐŝŶĚƵƐƚƌLJĂŶĚŝƐĂŶŝŶĚĞƉĞŶĚĞŶƚŵŝŶŝŶŐƌĞƐĞĂƌĐŚĂŶĂůLJƐƚĂŶĚĐŽŶƐƵůƚĂŶƚ͘,ĞŝƐ Ă&ĞůůŽǁŽĨƚŚĞ'ĞŽůŽŐŝĐĂů^ŽĐŝĞƚLJŽĨ>ŽŶĚŽŶĂŶĚĂůƐŽĂ&ĞůůŽǁŽĨƚŚĞ/ŶƐƚŝƚƵƚĞŽĨDĂƚĞƌŝĂůƐ͕DŝŶĞƌĂůƐĂŶĚDŝŶŝŶŐ͘

WƌŝŽƌ ƚŽŚŝƐĐƵƌƌĞŶƚĂĐƚŝǀŝƚŝĞƐŚĞǁĂƐDĂŶĂŐŝŶŐŝƌĞĐƚŽƌ͕/ŶƐƚŝƚƵƚŝŽŶĂů/ŶǀĞƐƚŵĞŶƚĂƚ ƚŚĞtŽƌůĚ'ŽůĚŽƵŶĐŝů͘ WƌĞǀŝŽƵƐůLJŚĞǁĂƐĂ ŝƌĞĐƚŽƌŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚďĂŶŬŝŶŐĚŝǀŝƐŝŽŶĂƚĞƵƚƐĐŚĞĂŶŬŝŶ>ŽŶĚŽŶĂĨƚĞƌŚĂǀŝŶŐďĞĞŶŚĞĂĚŽĨƚŚĞŐůŽďĂůŵŝŶŝŶŐƌĞƐĞĂƌĐŚƚĞĂŵ Ăƚ^' tĂƌďƵƌŐ^ĞĐƵƌŝƚŝĞƐ͘ ,Ğ ŚĂƐĂůƐŽ ŚĞůĚ ƐĞŶŝŽƌ ƉŽƐŝƚŝŽŶƐǁŝƚŚŝŶ^ŽĐŝĠƚĠ'ĠŶĠƌĂůĞĂŶĚǁĂƐ ŚĞĂĚ ŽĨ ƚŚĞŵŝŶŝŶŐ ƚĞĂŵĂƚ :ĂŵĞƐ ĂƉĞůΘŽ͘ ,ĞǁĂƐĨŽƌŵĞƌůLJŵĂƌŬĞƚŝŶŐŵĂŶĂŐĞƌŽĨƚŚĞŐŽůĚĂŶĚƵƌĂŶŝƵŵĚŝǀŝƐŝŽŶŽĨŶŐůŽŵĞƌŝĐĂŶŽƌƉŽƌĂƚŝŽŶŽĨ^ŽƵƚŚĨƌŝĐĂ >ƚĚ͘

/ZdKZ^ E KDWEz ^ZdZz ;ĐŽŶƚŝŶƵĞĚͿ

:ŽŚŶŽǀĂƌĚ ;EŽŶͲdžĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌͿ

:ŽŚŶŽǀĂƌĚ ;ϲϴͿ͕ĂƉƉŽŝŶƚĞĚϮ EŽǀĞŵďĞƌϮϬϬϵ͕ŝƐĂĐŝǀŝůĞŶŐŝŶĞĞƌǁŝƚŚŽǀĞƌϰϬ LJĞĂƌƐ͛ĞdžƉĞƌŝĞŶĐĞŝŶŵŝŶŝŶŐ͕ ŚĞĂǀLJĐŽŶƐƚƌƵĐƚŝŽŶ͕ ƉƌŽũĞĐƚ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ĐŽƌƉŽƌĂƚĞ ŵĂŶĂŐĞŵĞŶƚ ƚŚƌŽƵŐŚŽƵƚƵƐƚƌĂůŝĂ͘ ,ŝƐ ĐĂƌĞĞƌ ƚŽ ĚĂƚĞ ŚĂƐ ŝŶĐůƵĚĞĚ ƌŽůĞƐ ĂƐ K ŽĨ ƉƵďůŝĐ ĐŽŵƉĂŶŝĞƐĂŶĚďŽƚŚdžĞĐƵƚŝǀĞĂŶĚEŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌƐŚŝƉƐ͘,ĞŚŽůĚƐĂĂĐŚĞůŽƌ͛ƐĞŐƌĞĞŝŶŝǀŝůŶŐŝŶĞĞƌŝŶŐ͕ŝƐĂ&ĞůůŽǁŽĨ ƚŚĞƵƐƚƌĂůĂƐŝĂŶ/ŶƐƚŝƚƵƚĞŽĨDŝŶŝŶŐĂŶĚDĞƚĂůůƵƌŐLJ͕ĂŶĚĂ&ĞůůŽǁŽĨƚŚĞƵƐƚƌĂůŝĂŶ/ŶƐƚŝƚƵƚĞŽĨŽŵƉĂŶLJ ŝƌĞĐƚŽƌƐ͘

DƌŽǀĂƌĚŝƐĐƵƌƌĞŶƚůLJ ƚŚĞEŽŶͲdžĞĐƵƚŝǀĞŚĂŝƌŵĂŶŽĨ ƚŚĞ^yͲůŝƐƚĞĚƵƐdŝŶDŝŶŝŶŐ>ƚĚ͘KƚŚĞƌ ƌŽůĞƐǁŝƚŚŝŶ ƚŚĞƉĂƐƚ ĨŝǀĞLJĞĂƌƐ ŚĂǀĞŝŶĐůƵĚĞĚEŽŶͲdžĞĐƵƚŝǀĞŚĂŝƌŵĂŶ ŽĨKƌďŝƐ'ŽůĚ >ŝŵŝƚĞĚ ;ƌĞƐŝŐŶĞĚϭϳ &ĞďƌƵĂƌLJ ϮϬϭϱͿ͕EŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌ ŽĨƵƐƚƌĂůŝĂŶ WĂĐŝĨŝĐŽĂů>ŝŵŝƚĞĚ;ƌĞƐŝŐŶĞĚϮϵ EŽǀĞŵďĞƌϮϬϭϮͿ͕ĂĐƚŝŶŐĂƐƚŚĞŝŶƚĞƌŝŵKŽĨƵƐƚƌĂůŝĂŶ^ŽůŽŵŽŶƐ'ŽůĚ>ƚĚ;ƉƌŝůϮϬϬϳƚŽ:ĂŶƵĂƌLJ ϮϬϬϴͿĂŶĚƚŚĞEŽŶͲdžĞĐƵƚŝǀĞŚĂŝƌŵĂŶŽĨdžŝŽŵDŝŶŝŶŐ>ƚĚ;:ƵŶĞϮϬϬϲƚŽƉƌŝůϮϬϬϳͿ͘&ƌŽŵDĂƌĐŚϮϬϬϮƚŽ:ƵŶĞϮϬϬϲ͕DƌŽǀĂƌĚ ĂĐƚĞĚ ĂƐ ƚŚĞ K ŽĨ ƐŝĂ WĂĐŝĨŝĐ ZĞƐŽƵƌĐĞƐ >ƚĚ ;ůŝƐƚĞĚ ŽŶ ƚŚĞ d^yͿ ĚĞǀĞůŽƉŝŶŐ Ă ůĂƌŐĞ ƉŽƚĂƐŚ ƌĞƐŽƵƌĐĞ ŝŶ dŚĂŝůĂŶĚ͘ KƚŚĞƌ ŝƌĞĐƚŽƌƐŚŝƉƐŚĂǀĞŝŶĐůƵĚĞĚĂŶĂĞZĞƐŽƵƌĐĞƐE>;DĂŶĂŐŝŶŐŝƌĞĐƚŽƌͿĂŶĚ'ƌĞĞŶǁŝĐŚZĞƐŽƵƌĐĞƐWůĐ͕ďŽƚŚƚŚƌŽƵŐŚƚŽĞĂƌůLJ ϮϬϬϲ͘

,Ğ ǁĂƐ ĂůƐŽ WƌŽũĞĐƚ DĂŶĂŐĞƌ ĨŽƌ ƚŚĞ ΨϴϬϬ ŵŝůůŝŽŶ WŚŽƐƉŚĂƚĞ ,ŝůů &ĞƌƚŝůŝƐĞƌ WƌŽũĞĐƚ ĨŽƌ tĞƐƚĞƌŶ DŝŶŝŶŐ ŽƌƉŽƌĂƚŝŽŶ ;tDͿ ƐŝƚƵĂƚĞĚƐŽƵƚŚŽĨDŽƵŶƚ/ƐĂŝŶYƵĞĞŶƐůĂŶĚ͕ƵƐƚƌĂůŝĂ͘KƚŚĞƌƉƌĞǀŝŽƵƐƉƌŽũĞĐƚĞdžƉĞƌŝĞŶĐĞŝŶĐůƵĚĞƐŵĂŶĂŐŝŶŐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞ WŽƌŐĞƌĂDŝŶĞŝŶWĂƉƵĂEĞǁ'ƵŝŶĞĂ͕ƚŚĞ^ƵƉĞƌWŝƚĞdžƉĂŶƐŝŽŶĂƚ<ĂůŐŽŽƌůŝĞ͕ĂŶĚƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƌŽŶnjĞǁŝŶŐ'ŽůĚDŝŶĞŝŶ tĞƐƚĞƌŶ ƵƐƚƌĂůŝĂ͘ ,Ğ ǁĂƐ ƉƌĞǀŝŽƵƐůLJ ƚŚĞ'ĞŶĞƌĂů DĂŶĂŐĞƌ ŽĨ ƚŚĞ ŐŝĂŶƚK< dĞĚŝ ƉŽƌƉŚLJƌLJ ŽƉƉĞƌ 'ŽůĚ DŝŶĞ͘ :ŽŚŶ ŽǀĂƌĚ͛Ɛ ĐŽƌƉŽƌĂƚĞƉƌŽĨŝůĞ͕ƚŽŐĞƚŚĞƌǁŝƚŚŚŝƐĞdžƚĞŶƐŝǀĞĞdžƉĞƌŝĞŶĐĞŝŶƐŽƵƚŚǁĞƐƚWĂĐŝĨŝĐŵŝŶŝŶŐŽƉĞƌĂƚŝŽŶƐĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶŝƐĐŽŶƐŝĚĞƌĞĚƚŽ ďĞŽĨŐƌĞĂƚǀĂůƵĞƚŽ^Žů'ŽůĚWůĐ͘

KDWEz ^ZdZz

<Ăƌů ^ĐŚůŽďŽŚŵ ;ŽŵƉĂŶLJ ^ĞĐƌĞƚĂƌLJͿ

<Ăƌů ^ĐŚůŽďŽŚŵ ;ϰϲͿ ŚĂƐ ŽǀĞƌ ƚǁĞŶƚLJ LJĞĂƌƐ͛ ĞdžƉĞƌŝĞŶĐĞ ŝŶ ƚŚĞ ĂĐĐŽƵŶƚŝŶŐ ƉƌŽĨĞƐƐŝŽŶ ĂĐƌŽƐƐ Ă ǁŝĚĞ ƌĂŶŐĞ ŽĨ ďƵƐŝŶĞƐƐĞƐ ĂŶĚ ŝŶĚƵƐƚƌŝĞƐ͘,Ğ ŚĂƐ ƉƌĞǀŝŽƵƐůLJ ďĞĞŶ ĐŽŶƚƌĂĐƚĞĚŝŶƚŽ&K ƌŽůĞƐǁŝƚŚ^yͲůŝƐƚĞĚ ƌĞƐŽƵƌĐĞ ĐŽŵƉĂŶŝĞƐŝƐĐŽǀĞƌLJ DĞƚĂůƐ >ŝŵŝƚĞĚĂŶĚ DĞƌŝĚŝĂŶDŝŶĞƌĂůƐ>ŝŵŝƚĞĚ͕ĂŶĚĂƐŽŵƉĂŶLJ ^ĞĐƌĞƚĂƌLJŽĨ^yͲůŝƐƚĞĚ>ŝŶĐŶĞƌŐLJ >ŝŵŝƚĞĚ͕ŐĞŶŝdž>ŝŵŝƚĞĚ͕ŝƐĐŽǀĞƌLJ DĞƚĂůƐ>ŝŵŝƚĞĚ ĂŶĚ'ůŽďĂů^ĞĂĨŽŽĚƵƐƚƌĂůŝĂ>ŝŵŝƚĞĚ͘

Dƌ^ĐŚůŽďŽŚŵŝƐĂůƐŽ ĐŽŶƚƌĂĐƚĞĚ ƚŽĂĐƚĂƐ ƚŚĞŽŵƉĂŶLJ ^ĞĐƌĞƚĂƌLJ ŽĨ ƚŚĞ/DůŝƐƚĞĚ/ƌŽŶZŝĚŐĞZĞƐŽƵƌĐĞƐ >ŝŵŝƚĞĚĂŶĚ^yͲůŝƐƚĞĚ 'Z 'ůŽďĂů>ŝŵŝƚĞĚ͕EĂǀĂŚŽ'ŽůĚ>ŝŵŝƚĞĚ͕ƵƐdŝŶDŝŶŝŶŐ>ŝŵŝƚĞĚĂŶĚƌŵŽƵƌŶĞƌŐLJ >ŝŵŝƚĞĚ͘

/ZdKZ^ΖZWKZd

dŚĞŝƌĞĐƚŽƌƐƉƌĞƐĞŶƚƚŚĞŝƌĂŶŶƵĂůƌĞƉŽƌƚĂŶĚĂƵĚŝƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϭϱ͘

WZ/E/W>d/s/d/^

dŚĞƉƌŝŶĐŝƉĂůĂĐƚŝǀŝƚLJŽĨƚŚĞŽŵƉĂŶLJŝƐƚŚĂƚŽĨĂŚŽůĚŝŶŐĐŽŵƉĂŶLJ͘

/ZdKZ^ΖZWKZd

h^/E^^ Zs/t

'K/E' KEZE

/ŶĐŽŵŵŽŶǁŝƚŚŵĂŶLJĞdžƉůŽƌĂƚŝŽŶĐŽŵƉĂŶŝĞƐ͕ ƚŚĞŽŵƉĂŶLJ ƌĂŝƐĞƐ ĨŝŶĂŶĐĞ ĨŽƌŝƚƐĞdžƉůŽƌĂƚŝŽŶĂŶĚĂƉƉƌĂŝƐĂůĂĐƚŝǀŝƚŝĞƐŝŶĚŝƐĐƌĞƚĞ ƚƌĂŶĐŚĞƐ͘ dŚĞ'ƌŽƵƉĂŶĚƚŚĞŽŵƉĂŶLJŚĂƐŶŽƚŐĞŶĞƌĂƚĞĚƌĞǀĞŶƵĞƐĨƌŽŵŽƉĞƌĂƚŝŽŶƐ͘ ƐƐƵĐŚ͕ƚŚĞ'ƌŽƵƉ͛ƐĂŶĚŽŵƉĂŶLJ͛ƐĂďŝůŝƚLJƚŽ ĐŽŶƚŝŶƵĞƚŽĂĚŽƉƚƚŚĞŐŽŝŶŐĐŽŶĐĞƌŶĂƐƐƵŵƉƚŝŽŶǁŝůůĚĞƉĞŶĚƵƉŽŶĂŶƵŵďĞƌŽĨŵĂƚƚĞƌƐŝŶĐůƵĚŝŶŐĨƵƚƵƌĞƐƵĐĐĞƐƐĨƵůĐĂƉŝƚĂůƌĂŝƐŝŶŐƐ ĨŽƌŶĞĐĞƐƐĂƌLJĨƵŶĚŝŶŐĂŶĚƚŚĞƐƵĐĐĞƐƐĨƵůĞdžƉůŽƌĂƚŝŽŶĂŶĚƐƵďƐĞƋƵĞŶƚĞdžƉůŽŝƚĂƚŝŽŶŽĨƚŚĞ'ƌŽƵƉ͛ƐƚĞŶĞŵĞŶƚƐ͘

/ƚ ƐŚŽƵůĚ ďĞ ŶŽƚĞĚ ƚŚĂƚ ƚŚĞ ĐƵƌƌĞŶƚ ǁŽƌŬŝŶŐ ĐĂƉŝƚĂů ůĞǀĞůƐ ǁŝůů ŶŽƚ ďĞ ƐƵĨĨŝĐŝĞŶƚ ƚŽ ďƌŝŶŐ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƉƌŽũĞĐƚƐ ŝŶƚŽ ĨƵůů ĚĞǀĞůŽƉŵĞŶƚĂŶĚƉƌŽĚƵĐƚŝŽŶĂŶĚ͕ŝŶĚƵĞĐŽƵƌƐĞ͕ĨƵƌƚŚĞƌĨƵŶĚŝŶŐǁŝůůďĞƌĞƋƵŝƌĞĚ͘ ^ƵďƐĞƋƵĞŶƚƚŽƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ͕ƚŚĞŽŵƉĂŶLJ ŚĂƐ ĐŽŶƚŝŶƵĞĚ ŝƚƐ ĚƌŝůůŝŶŐ ŽƉĞƌĂƚŝŽŶƐ Ăƚ ŝƚƐ ĂƐĐĂďĞů ƉƌŽũĞĐƚ ĂŶĚ ŚĂƐ ŝŶĐƵƌƌĞĚ ĂƉƉƌŽdžŝŵĂƚĞůLJ Ψϭ͘Ϯ ŵŝůůŝŽŶ ŝŶ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ĞǀĂůƵĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞƚŽϯϭ KĐƚŽďĞƌϮϬϭϱ͘ /ŶŽƌĚĞƌƚŽĨƵŶĚƚŚŝƐĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞĂůŽŶŐǁŝƚŚƚŚĞŶĞƚĐƵƌƌĞŶƚ ĂƐƐĞƚ ĚĞĨŝĐŝƚ͕ ƚŚĞ ŽŵƉĂŶLJ ƌĂŝƐĞĚ ΨϮ͘ϯϯ ŵŝůůŝŽŶ ƚŚƌŽƵŐŚ ƚŚĞ ĞdžĞĐƵƚŝŽŶ ŽĨ ĐŽŶǀĞƌƚŝďůĞ ŶŽƚĞ ĚĞĞĚƐ ĂŶĚ Ă ĨƵƌƚŚĞƌ ΨϮ͘ϯϵ ŵŝůůŝŽŶ ƚŚƌŽƵŐŚƚŚĞŝƐƐƵĞŽĨϲϮ͕Ϯϲϯ͕ϱϯϰƐŚĂƌĞƐĂƚάϬ͘ϬϭϱǁŚŝĐŚǁĂƐĂĐŽŵďŝŶĂƚŝŽŶŽĨĐĂƐŚĂŶĚĚĞďƚĐŽŶǀĞƌƐŝŽŶƐ͘

,ŽǁĞǀĞƌ͕ŝŶŽƌĚĞƌƚŽĐŽŶƚŝŶƵĞƚŽŵĞĞƚƚŚĞ'ƌŽƵƉ͛ƐǁŽƌŬŝŶŐĐĂƉŝƚĂůŶĞĞĚƐĂŶĚĚĞǀĞůŽƉŵĞŶƚƉůĂŶƐĨŽƌƚŚĞ'ƌŽƵƉ͛ƐƉƌŽũĞĐƚƐĨƵƌƚŚĞƌ ĨƵŶĚŝŶŐǁŝůůďĞƌĞƋƵŝƌĞĚ͘ /ŶƚŚĞĞǀĞŶƚƚŚĂƚƚŚĞŽŵƉĂŶLJŝƐƵŶĂďůĞƚŽƐĞĐƵƌĞĨƵƌƚŚĞƌĨŝŶĂŶĐĞĞŝƚŚĞƌƚŚƌŽƵŐŚƚŚŝƌĚƉĂƌƚŝĞƐŽƌĐĂƉŝƚĂů ƌĂŝƐŝŶŐ͕ŝƚŵĂLJŶŽƚďĞĂďůĞ ƚŽ ĨƵůůLJĚĞǀĞůŽƉŝƚƐƉƌŽũĞĐƚƐ͘ /Ŷ ƚŚĞĂďƐĞŶĐĞŽĨ ƚŚĞƐĞŵĂƚƚĞƌƐďĞŝŶŐ ƐƵĐĐĞƐƐĨƵů͕ ƚŚĞƌĞĞdžŝƐƚƐĂŵĂƚĞƌŝĂů ƵŶĐĞƌƚĂŝŶƚLJƚŚĂƚŵĂLJĐĂƐƚƐŝŐŶŝĨŝĐĂŶƚĚŽƵďƚŽŶƚŚĞĞŶƚŝƚLJ͛ƐĂďŝůŝƚLJƚŽĐŽŶƚŝŶƵĞĂƐĂŐŽŝŶŐĐŽŶĐĞƌŶ͕ĂŶĚƚŚĞƌĞĨŽƌĞ͕ŝƚŵĂLJďĞƵŶĂďůĞƚŽ ƌĞĂůŝƐĞŝƚƐĂƐƐĞƚƐĂŶĚĚŝƐĐŚĂƌŐĞŝƚƐůŝĂďŝůŝƚŝĞƐŝŶƚŚĞŽƌĚŝŶĂƌLJĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐ͘

hZZEz

dŚĞ ĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJŽĨƚŚĞƐƵďƐŝĚŝĂƌŝĞƐŝŶƵƐƚƌĂůŝĂŝƐĐŽŶƐŝĚĞƌĞĚƚŽďĞƵƐƚƌĂůŝĂŶŽůůĂƌƐ ;ΨͿ͘ dŚĞ ĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJŽĨƚŚĞ ƐƵďƐŝĚŝĂƌŝĞƐŝŶ^ŽůŽŵŽŶ/ƐůĂŶĚƐŝƐĐŽŶƐŝĚĞƌĞĚƚŽďĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐŽůůĂƌƐ ;^ΨͿ͘ dŚĞ ĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJŽĨƚŚĞƐƵďƐŝĚŝĂƌŝĞƐŝŶ ĐƵĂĚŽƌŝŶĐŽŶƐŝĚĞƌĞĚƚŽďĞhŶŝƚĞĚ^ƚĂƚĞƐŽůůĂƌƐ;h^ΨͿ͘dŚĞƉƌĞƐĞŶƚĂƚŝŽŶĂůĐƵƌƌĞŶĐLJŽĨƚŚĞ'ƌŽƵƉŝƐƵƐƚƌĂůŝĂŶĚŽůůĂƌƐ;͞Ψ͟ͿĂŶĚ Ăůů ĂŵŽƵŶƚƐ ƉƌĞƐĞŶƚĞĚ ŝŶ ƚŚĞ ŝƌĞĐƚŽƌƐ͛ ZĞƉŽƌƚ ĂŶĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂƌĞ ƉƌĞƐĞŶƚĞĚ ŝŶ ƵƐƚƌĂůŝĂŶ ĚŽůůĂƌƐ ƵŶůĞƐƐ ŽƚŚĞƌǁŝƐĞ ŝŶĚŝĐĂƚĞĚ͘

Z^h>d^

dŚĞ'ƌŽƵƉ͛ƐĐŽŶƐŽůŝĚĂƚĞĚůŽƐƐĨŽƌƚŚĞLJĞĂƌǁĂƐΨϰ͕Ϯϯϴ͕ϲϲϭ;ϮϬϭϰ͗Ψϰ͕ϴϯϭ͕ϮϭϲͿ͘

,E'^/E ^,Z W/d>hZ/E' ϮϬϭϱ

ƐƚĂƚĞŵĞŶƚŽĨĐŚĂŶŐĞƐŝŶƚŚĞƐŚĂƌĞĐĂƉŝƚĂůŽĨƚŚĞŽŵƉĂŶLJŝƐƐĞƚŽƵƚŝŶEŽƚĞϭϳƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

/s/E^W/ KZ ZKDDE

dŚĞŝƌĞĐƚŽƌƐĚŽŶŽƚƌĞĐŽŵŵĞŶĚƚŚĞƉĂLJŵĞŶƚŽĨĂĚŝǀŝĚĞŶĚ;ϮϬϭϰ͗ŶŝůͿ͘

&/EE/>/E^dZhDEd^

dŚĞŽŵƉĂŶLJĚŽĞƐŶŽƚƵŶĚĞƌƚĂŬĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƚƌĂŶƐĂĐƚŝŽŶƐƚŚĂƚĂƌĞƐƉĞĐƵůĂƚŝǀĞŽƌƵŶƌĞůĂƚĞĚƚŽƚŚĞŽŵƉĂŶLJ͛ƐŽƌ'ƌŽƵƉΖƐ ĂĐƚŝǀŝƚŝĞƐ͘ dŚĞŽŵƉĂŶLJ͛ƐĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĐŽŶƐŝƐƚŵĂŝŶůLJŽĨĚĞƉŽƐŝƚƐǁŝƚŚďĂŶŬƐ͕ĂĐĐŽƵŶƚƐƉĂLJĂďůĞ͕ĂŶĚůŽĂŶƐƚŽƐƵďƐŝĚŝĂƌŝĞƐ͘ &ƵƌƚŚĞƌĚĞƚĂŝůƐŽĨ ĨŝŶĂŶĐŝĂůƌŝƐŬŵĂŶĂŐĞŵĞŶƚŽďũĞĐƚŝǀĞƐĂŶĚƉŽůŝĐŝĞƐ͕ĂŶĚĞdžƉŽƐƵƌĞŽĨƚŚĞ'ƌŽƵƉƚŽ ĨŝŶĂŶĐŝĂůƌŝƐŬƐĂƌĞƉƌŽǀŝĚĞĚŝŶ EŽƚĞϮϬƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

/ZdKZ^ΖZWKZd

/ZdKZ^ E /ZdKZ^͛/EdZ^d^

dŚĞŝƌĞĐƚŽƌƐǁŚŽŚĞůĚŽĨĨŝĐĞĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚǁĞƌĞĂƐĨŽůůŽǁƐ͗

ůĂŶDĂƌƚŝŶ	KΘDĂŶĂŐŝŶŐŝƌĞĐƚŽƌ;ƌĞƐŝŐŶĞĚĂƐKĂŶĚ DĂŶĂŐŝŶŐŝƌĞĐƚŽƌϭϳ DĂLJ ϮϬϭϱͿ

EŝĐŚŽůĂƐDĂƚŚĞƌ	džĞĐƵƚŝǀĞŝƌĞĐƚŽƌ
ƌŝĂŶDŽůůĞƌ	EŽŶͲdžĞĐƵƚŝǀĞŚĂŝƌŵĂŶ
ZŽďĞƌƚtĞŝŶďĞƌŐ	EŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌ
:ŽŚŶŽǀĂƌĚ	EŽŶͲdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌ

dŚĞŽŵƉĂŶLJŚĂƐĂŝƌĞĐƚŽƌƐ͛ĂŶĚKĨĨŝĐĞƌƐ͛ >ŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞƉŽůŝĐLJǁŝƚŚŚĂƌƚŝƐƵƐƚƌĂůŝĂ/ŶƐƵƌĂŶĐĞ>ŝŵŝƚĞĚĨŽƌĂůůŝƚƐŝƌĞĐƚŽƌƐ͘

^ŚĂƌĞƐŚĞůĚ	ƚ ϯϬ :ƵŶĞ ϮϬϭϱ	ƚ ϯϬ :ƵŶĞ ϮϬϭϰ
EŝĐŚŽůĂƐDĂƚŚĞƌ	ϴϱ͕ϱϭϵ͕ϱϳϬ	ϲϱ͕ϱϭϵ͕ϱϲϵ
ƌŝĂŶDŽůůĞƌ	ϯ͕Ϭϴϲ͕ϵϰϮ	Ϯ͕ϯϵϯ͕ϵϳϮ
ZŽďĞƌƚtĞŝŶďĞƌŐ	ϯ͕ϭϭϴ͕ϰϴϰ	Ϯ͕ϯϬϰ͕ϵϳϭ
:ŽŚŶŽǀĂƌĚ	ϯ͕ϴϱϴ͕ϴϭϮ	ϯ͕ϯϬϳ͕ϱϱϯ

dŚĞƌĞǁĞƌĞϰ͕ϯϲϬ͕ϬϬϬŽƉƚŝŽŶƐŝƐƐƵĞĚƚŽŝƌĞĐƚŽƌƐĚƵƌŝŶŐƚŚĞLJĞĂƌ;ϮϬϭϰ͗ϭϲ͕ϬϬϬ͕ϬϬϬͿ͘

^ŚĂƌĞ ŽƉƚŝŽŶƐŚĞůĚ	ƚ ϯϬ :ƵŶĞ ϮϬϭϱ	ƚ ϯϬ :ƵŶĞ ϮϬϭϰ	KƉƚŝŽŶWƌŝĐĞ	džĞƌĐŝƐĞWĞƌŝŽĚ
EŝĐŚŽůĂƐDĂƚŚĞƌ	ϭ͕ϱϬϬ͕ϬϬϬ	ϯ͕ϬϬϬ͕ϬϬϬ	ϭϰƉͲϮϴƉ	ϬϴͬϬϳͬϭϱͲϬϴͬϬϳͬϭϳ
ƌŝĂŶDŽůůĞƌ	ϭ͕ϭϬϬ͕ϬϬϬ	Ͳ	ϭϰƉͲϮϴƉ	ϬϴͬϬϳͬϭϱͲϬϴͬϬϳͬϭϳ
ZŽďĞƌƚtĞŝŶďĞƌŐ	ϴϴϬ͕ϬϬϬ	Ͳ	ϭϰƉͲϮϴƉ	ϬϴͬϬϳͬϭϱͲϬϴͬϬϳͬϭϳ
:ŽŚŶŽǀĂƌĚ	ϴϴϬ͕ϬϬϬ	Ͳ	ϭϰƉͲϮϴƉ	ϬϴͬϬϳͬϭϱͲϬϴͬϬϳͬϭϳ

KZWKZd 'KsZEE

/ŶĨŽƌŵƵůĂƚŝŶŐƚŚĞŽŵƉĂŶLJ͛ƐĐŽƌƉŽƌĂƚĞŐŽǀĞƌŶĂŶĐĞƉƌŽĐĞĚƵƌĞƐƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐƚĂŬĞƐĚƵĞƌĞŐĂƌĚŽĨƚŚĞƉƌŝŶĐŝƉůĞƐŽĨŐŽŽĚ ŐŽǀĞƌŶĂŶĐĞƐĞƚŽƵƚŝŶƚŚĞh<ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞŽĚĞƚŽƚŚĞĞdžƚĞŶƚƚŚĞLJĐŽŶƐŝĚĞƌĂƉƉƌŽƉƌŝĂƚĞŝŶůŝŐŚƚŽĨƚŚĞŽŵƉĂŶLJ͛ƐƐŝnjĞ͕ ƐƚĂŐĞŽĨĚĞǀĞůŽƉŵĞŶƚĂŶĚƌĞƐŽƵƌĐĞƐ͘,ŽǁĞǀĞƌ͕ŐŝǀĞŶƚŚĞƐŝnjĞŽĨƚŚĞŽŵƉĂŶLJ͕ĂƚƉƌĞƐĞŶƚƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĚŽŶŽƚĐŽŶƐŝĚĞƌŝƚ ŶĞĐĞƐƐĂƌLJƚŽĂĚŽƉƚƚŚĞŽĚĞŝŶŝƚƐĞŶƚŝƌĞƚLJ͘

dŚĞŽĂƌĚŽĨ^Žů'ŽůĚƉůĐŝƐŵĂĚĞƵƉŽĨŽŶĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌĂŶĚƚŚƌĞĞEŽŶͲĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌƐ͘EŝĐŚŽůĂƐDĂƚŚĞƌŝƐĂŶdžĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌ͘/ƚŝƐƚŚĞŽĂƌĚ͛ƐƉŽůŝĐLJƚŽŵĂŝŶƚĂŝŶŝŶĚĞƉĞŶĚĞŶĐĞďLJŚĂǀŝŶŐĂƚůĞĂƐƚŚĂůĨŽĨƚŚĞŽĂƌĚĐŽŵƉƌŝƐŝŶŐEŽŶͲĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌƐ ǁŚŽĂƌĞ ĨƌĞĞ ĨƌŽŵĂŶLJŵĂƚĞƌŝĂů ďƵƐŝŶĞƐƐŽƌŽƚŚĞƌ ƌĞůĂƚŝŽŶƐŚŝƉǁŝƚŚ ƚŚĞ'ƌŽƵƉ͘dŚĞ ƐƚƌƵĐƚƵƌĞŽĨ ƚŚĞŽĂƌĚĞŶƐƵƌĞƐ ƚŚĂƚŶŽŽŶĞ ŝŶĚŝǀŝĚƵĂůŽƌŐƌŽƵƉŝƐĂďůĞƚŽĚŽŵŝŶĂƚĞƚŚĞĚĞĐŝƐŝŽŶŵĂŬŝŶŐƉƌŽĐĞƐƐ͘

dŚĞ ŽĂƌĚ ŽƌĚŝŶĂƌŝůLJ ŵĞĞƚƐ ŽŶ Ă ŵŽŶƚŚůLJ ďĂƐŝƐ ƉƌŽǀŝĚŝŶŐ ĞĨĨĞĐƚŝǀĞ ůĞĂĚĞƌƐŚŝƉ ĂŶĚ ŽǀĞƌĂůů ĐŽŶƚƌŽů ĂŶĚ ĚŝƌĞĐƚŝŽŶ ŽĨ ƚŚĞ 'ƌŽƵƉ͛Ɛ ĂĨĨĂŝƌƐƚŚƌŽƵŐŚƚŚĞƐĐŚĞĚƵůĞŽĨŵĂƚƚĞƌƐƌĞƐĞƌǀĞĚĨŽƌŝƚƐĚĞĐŝƐŝŽŶ͘dŚŝƐŝŶĐůƵĚĞƐƚŚĞĂƉƉƌŽǀĂůŽĨƚŚĞďƵĚŐĞƚĂŶĚďƵƐŝŶĞƐƐƉůĂŶ͕ŵĂũŽƌ ĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞ͕ ĂĐƋƵŝƐŝƚŝŽŶƐ ĂŶĚ ĚŝƐƉŽƐĂůƐ͕ ƌŝƐŬŵĂŶĂŐĞŵĞŶƚ ƉŽůŝĐŝĞƐ ĂŶĚ ƚŚĞ ĂƉƉƌŽǀĂů ŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ &ŽƌŵĂů ĂŐĞŶĚĂƐ͕ ƉĂƉĞƌƐ ĂŶĚ ƌĞƉŽƌƚƐ ĂƌĞ ƐĞŶƚ ƚŽ ƚŚĞ ŝƌĞĐƚŽƌƐ ŝŶ Ă ƚŝŵĞůLJ ŵĂŶŶĞƌ͕ ƉƌŝŽƌ ƚŽ ŽĂƌĚ ŵĞĞƚŝŶŐƐ͘ dŚĞ ŽĂƌĚ ĂůƐŽ ƌĞĐĞŝǀĞƐ ƐƵŵŵĂƌLJ ĨŝŶĂŶĐŝĂů ĂŶĚ ŽƉĞƌĂƚŝŽŶĂů ƌĞƉŽƌƚƐ ďĞĨŽƌĞ ĞĂĐŚ ŽĂƌĚ ŵĞĞƚŝŶŐ͘ dŚĞ ŽĂƌĚ ĚĞůĞŐĂƚĞƐ ĐĞƌƚĂŝŶ ŽĨ ŝƚƐ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ƚŽ ŵĂŶĂŐĞŵĞŶƚ͕ǁŚŽŚĂǀĞĐůĞĂƌůLJĚĞĨŝŶĞĚƚĞƌŵƐŽĨƌĞĨĞƌĞŶĐĞ͘

ůůŝƌĞĐƚŽƌƐ ŚĂǀĞ ĂĐĐĞƐƐ ƚŽ ƚŚĞ ĂĚǀŝĐĞ ĂŶĚ ƐĞƌǀŝĐĞƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ^ĞĐƌĞƚĂƌLJ͕ ǁŚŽ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĞŶƐƵƌŝŶŐ ƚŚĂƚ Ăůů ŽĂƌĚ ƉƌŽĐĞĚƵƌĞƐĂƌĞĨŽůůŽǁĞĚ͘ŶLJ ŝƌĞĐƚŽƌŵĂLJƚĂŬĞŝŶĚĞƉĞŶĚĞŶƚƉƌŽĨĞƐƐŝŽŶĂůĂĚǀŝĐĞĂƚƚŚĞŽŵƉĂŶLJ͛ƐĞdžƉĞŶƐĞŝŶƚŚĞĨƵƌƚŚĞƌĂŶĐĞŽĨ ŚŝƐ ĚƵƚŝĞƐ͘ KŶĞ ƚŚŝƌĚ ŽĨ ƚŚĞŝƌĞĐƚŽƌƐ ƌĞƚŝƌĞ ĨƌŽŵ ŽĨĨŝĐĞ Ăƚ ĞǀĞƌLJ ŶŶƵĂů'ĞŶĞƌĂů DĞĞƚŝŶŐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͘ /Ŷ ŐĞŶĞƌĂů͕ ƚŚŽƐĞ ŝƌĞĐƚŽƌƐǁŚŽŚĂǀĞŚĞůĚŽĨĨŝĐĞƚŚĞůŽŶŐĞƐƚƚŝŵĞƐŝŶĐĞƚŚĞŝƌĞůĞĐƚŝŽŶĂƌĞƌĞƋƵŝƌĞĚƚŽƌĞƚŝƌĞ͘ƌĞƚŝƌŝŶŐŝƌĞĐƚŽƌŵĂLJďĞ ƌĞͲĞůĞĐƚĞĚ ĂŶĚĂŝƌĞĐƚŽƌĂƉƉŽŝŶƚĞĚďLJƚŚĞŽĂƌĚŵĂLJĂůƐŽďĞĞůĞĐƚĞĚ͕ƚŚŽƵŐŚŝŶƚŚĞůĂƚƚĞƌĐĂƐĞƚŚĞŝƌĞĐƚŽƌ͛ƐƉĞƌŝŽĚŽĨƉƌŝŽƌĂƉƉŽŝŶƚŵĞŶƚďLJ ƚŚĞŽĂƌĚǁŝůůŶŽƚďĞƚĂŬĞŶŝŶƚŽĂĐĐŽƵŶƚĨŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƌŽƚĂƚŝŽŶ͘

dŚĞƵĚŝƚŽŵŵŝƚƚĞĞ͕ǁŚŝĐŚŵĞĞƚƐŶŽƚůĞƐƐƚŚĂŶƚǁŝĐĞĂLJĞĂƌ͕ŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌĞŶƐƵƌŝŶŐƚŚĂƚƚŚĞĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞ͕ƉŽƐŝƚŝŽŶ ĂŶĚƉƌŽƐƉĞĐƚƐŽĨƚŚĞ'ƌŽƵƉĂƌĞƉƌŽƉĞƌůLJŵŽŶŝƚŽƌĞĚĂƐǁĞůůĂƐůŝĂŝƐŝŶŐǁŝƚŚƚŚĞŽŵƉĂŶLJ͛ƐĂƵĚŝƚŽƌƚŽĚŝƐĐƵƐƐƚŚĞĂĐĐŽƵŶƚƐĂŶĚƚŚĞ 'ƌŽƵƉ͛ƐŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐ͘dŚĞŽŵŵŝƚƚĞĞŝƐĐŽŵƉƌŝƐĞĚŽĨƚŚĞĞŶƚŝƌĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͘dŚĞƵĚŝƚŽŵŵŝƚƚĞĞŚĂƐƌĞǀŝĞǁĞĚƚŚĞ ƐLJƐƚĞŵƐŝŶƉůĂĐĞĂŶĚĐŽŶƐŝĚĞƌƐƚŚĞƐĞƚŽďĞĂƉƉƌŽƉƌŝĂƚĞ͘

/ZdKZ^ΖZWKZd ;ĐŽŶƚŝŶƵĞĚͿ

dŚĞ ƌĞŵƵŶĞƌĂƚŝŽŶ ŽĨ ƚŚĞ ŶŽŶͲĞdžĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌƐ ŝƐ ĚĞƚĞƌŵŝŶĞĚ ďLJ ƚŚĞ ĞdžĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌƐ ǁŚŽ ĐŽŶƐŝĚĞƌ ŝƚ ĞƐƐĞŶƚŝĂů͕ ŶŽƚǁŝƚŚƐƚĂŶĚŝŶŐƚŚĞƐŵĂůůƐŝnjĞŽĨƚŚĞŽŵƉĂŶLJĂŶĚƚŚĞĨĂĐƚƚŚĂƚŝƚŝƐŶŽƚLJĞƚƌĞǀĞŶƵĞĞĂƌŶŝŶŐ͕ƚŽƌĞĐƌƵŝƚĂŶĚƌĞƚĂŝŶŝŶĚŝǀŝĚƵĂůƐŽĨ ƚŚĞŚŝŐŚĞƐƚĐĂůŝďƌĞĨŽƌƚŚĂƚƌŽůĞ͘ ŽŶƐĞƋƵĞŶƚůLJƚŚĞLJďĞůŝĞǀĞƚŚĂƚŝƚŝƐŝŶƚŚĞŝŶƚĞƌĞƐƚƐŽĨƐŚĂƌĞŚŽůĚĞƌƐƚŚĂƚŶŽŶͲĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌƐ ƐŚŽƵůĚďĞƉƌŽǀŝĚĞĚǁŝƚŚƐŚĂƌĞŽƉƚŝŽŶƐŝŶĂĚĚŝƚŝŽŶ ƚŽ ƚŚĞůĞǀĞůŽĨ ĨĞĞƐĐŽŶƐŝĚĞƌĞĚĂĨĨŽƌĚĂďůĞ͘KŶϴ :ƵůLJ ϮϬϭϰ͕ϰ͕ϯϲϬ͕ϬϬϬŽƉƚŝŽŶƐ ǁĞƌĞ ŝƐƐƵĞĚ Žƌ ũƵƐƚ ƵŶĚĞƌ Ϭ͘ϱϳй ŽĨ ƚŚĞ ĐƵƌƌĞŶƚ ŝƐƐƵĞĚ ƐŚĂƌĞ ĐĂƉŝƚĂů͕ ĂŶĚ ŝŶ ƚŚĞ ŽƉŝŶŝŽŶ ŽĨ ƚŚĞ ĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌ ƚŚŝƐ ŝƐ ŶŽƚ ŽĨ ƐƵĨĨŝĐŝĞŶƚŵĂŐŶŝƚƵĚĞĂƐƚŽĂĨĨĞĐƚƚŚĞŝƌŝŶĚĞƉĞŶĚĞŶĐĞ͘

dŚĞ ŽĂƌĚ ĂƚƚĂĐŚĞƐ ŝŵƉŽƌƚĂŶĐĞ ƚŽ ŵĂŝŶƚĂŝŶŝŶŐ ŐŽŽĚ ƌĞůĂƚŝŽŶƐŚŝƉƐ ǁŝƚŚ Ăůů ŝƚƐ ƐŚĂƌĞŚŽůĚĞƌƐ ĂŶĚ ĞŶƐƵƌĞƐ ƚŚĂƚ Ăůů ƉƌŝĐĞ ƐĞŶƐŝƚŝǀĞ ŝŶĨŽƌŵĂƚŝŽŶŝƐƌĞůĞĂƐĞĚƚŽĂůůƐŚĂƌĞŚŽůĚĞƌƐĂƚƚŚĞƐĂŵĞƚŝŵĞ͕ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ/DƌƵůĞƐŽĨƚŚĞ>ŽŶĚŽŶ^ƚŽĐŬdžĐŚĂŶŐĞƌƵůĞƐ͘ dŚĞŽŵƉĂŶLJ͛ƐƉƌŝŶĐŝƉĂůĐŽŵŵƵŶŝĐĂƚŝŽŶǁŝƚŚŝƚƐŝŶǀĞƐƚŽƌƐŝƐƚŚƌŽƵŐŚƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐ͕ƚŚĞĂŶŶƵĂůƌĞƉŽƌƚĂŶĚĂĐĐŽƵŶƚƐ͕ ƚŚĞŝŶƚĞƌŝŵƐƚĂƚĞŵĞŶƚĂŶĚŝƚƐǁĞďƐŝƚĞ͘

dŚĞϮϬϭϱ ŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐǁŝůůƉƌŽǀŝĚĞĂŶŽƉƉŽƌƚƵŶŝƚLJ ĨŽƌƚŚĞŚĂŝƌŵĂŶĂŶĚͬŽƌŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌƚŽƉƌĞƐĞŶƚƚŽƚŚĞ ƐŚĂƌĞŚŽůĚĞƌƐ Ă ƌĞƉŽƌƚ ŽŶ ĐƵƌƌĞŶƚ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚƐ ĂŶĚ ǁŝůůĞŶĂďůĞ ƚŚĞ ƐŚĂƌĞŚŽůĚĞƌƐ ƚŽ ƋƵĞƐƚŝŽŶ ĂŶĚ ĞdžƉƌĞƐƐ ƚŚĞŝƌ ǀŝĞǁƐĂďŽƵƚƚŚĞŽŵƉĂŶLJ͛ƐďƵƐŝŶĞƐƐ͘ƐĞƉĂƌĂƚĞƌĞƐŽůƵƚŝŽŶǁŝůůďĞƉƌŽƉŽƐĞĚŽŶĞĂĐŚƐƵďƐƚĂŶƚŝĂůůLJƐĞƉĂƌĂƚĞŝƐƐƵĞ͕ŝŶĐůƵĚŝŶŐƚŚĞ ƌĞĐĞŝƉƚŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚƐŚĂƌĞŚŽůĚĞƌƐǁŝůůďĞĞŶƚŝƚůĞĚƚŽǀŽƚĞĞŝƚŚĞƌŝŶƉĞƌƐŽŶŽƌďLJƉƌŽdžLJ͘

,ĞĂůƚŚ͕ ^ĂĨĞƚLJ͕ ŶǀŝƌŽŶŵĞŶƚ ĂŶĚ ŽŵŵƵŶŝƚLJ ŽŵŵŝƚƚĞĞ ;,^ ŽŵŵŝƚƚĞĞͿ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ŽǀĞƌĂůů ŚĞĂůƚŚ͕ ƐĂĨĞƚLJ ĂŶĚ ĞŶǀŝƌŽŶŵĞŶƚĂůƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞŽŵƉĂŶLJĂŶĚŝƚƐŽƉĞƌĂƚŝŽŶƐĂŶĚŝƚƐƌĞůĂƚŝŽŶƐŚŝƉǁŝƚŚƚŚĞůŽĐĂůĐŽŵŵƵŶŝƚLJŝŶĐƵĂĚŽƌ͕^ŽůŽŵŽŶ /ƐůĂŶĚƐĂŶĚYƵĞĞŶƐůĂŶĚ͕ƚŚĞŽŵŵŝƚƚĞĞŝƐĐŽŵƉƌŝƐĞĚŽĨƚŚĞĞŶƚŝƌĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͘

yhd/s ZDhEZd/KE ^dZd'z

Z>dWZdzdZE^d/KE^

ĞƚĂŝůƐŽĨƌĞůĂƚĞĚƉĂƌƚLJƚƌĂŶƐĂĐƚŝŽŶƐĨŽƌƚŚĞ'ƌŽƵƉĂŶĚŽŵƉĂŶLJĂƌĞŐŝǀĞŶŝŶŶŽƚĞϮϮ͘<ĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞůƌĞŵƵŶĞƌĂƚŝŽŶ ĚŝƐĐůŽƐƵƌĞƐĂƌĞŐŝǀĞŶŝŶŶŽƚĞϱ͘

/ZdKZ^͛/EDE/dz

h/dKZ

ƌĞƐŽůƵƚŝŽŶĨŽƌƚŚĞĂƉƉŽŝŶƚŵĞŶƚŽĨƚŚĞŽŵƉĂŶLJ͛ƐĂƵĚŝƚŽƌǁŝůůďĞƉƌŽƉŽƐĞĚĂƚƚŚĞĨŽƌƚŚĐŽŵŝŶŐŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐ͘

^h^YhEd sEd^

KŶϭϵ EŽǀĞŵďĞƌϮϬϭϱ͕ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂŶĂĚĚŝƚŝŽŶĂůϲϮ͕Ϯϲϯ͕ϱϯϰƐŚĂƌĞƐĂƚάϬ͘ϬϭϱƚŽƌĂŝƐĞƚŚĞĞƋƵŝǀĂůĞŶƚŽĨΨϮ͘ϯϵŵŝůůŝŽŶŝŶĂ ĐŽŵďŝŶĂƚŝŽŶŽĨĐĂƐŚĂŶĚĚĞďƚĐŽŶǀĞƌƐŝŽŶƐƉƵƌƐƵĂŶƚ ƚŽĂƉƌŝǀĂƚĞƉůĂĐĞŵĞŶƚ ƚŽƉƌŽŐƌĞƐƐŝƚƐĞdžƉůŽƌĂƚŝŽŶĂŶĚƉƌŽũĞĐƚĚĞǀĞůŽƉŵĞŶƚ ĞĨĨŽƌƚƐĂĐƌŽƐƐŝƚƐƉŽƌƚĨŽůŝŽŽĨƉƌŽũĞĐƚƐŝŶƚŚĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐ͕ĐƵĂĚŽƌĂŶĚYƵĞĞŶƐůĂŶĚ͕ƵƐƚƌĂůŝĂ͘

/ZdKZ^ΖZWKZd ;ĐŽŶƚŝŶƵĞĚͿ

/ZdKZ^͛ Z^WKE^//>/d/^ ^ddDEd

/ŶƉƌĞƉĂƌŝŶŐƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ƚŚĞĚŝƌĞĐƚŽƌƐĂƌĞƌĞƋƵŝƌĞĚƚŽ͗

ƐĞůĞĐƚƐƵŝƚĂďůĞĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐĂŶĚƚŚĞŶĂƉƉůLJƚŚĞŵĐŽŶƐŝƐƚĞŶƚůLJ͖
ŵĂŬĞũƵĚŐĞŵĞŶƚƐĂŶĚĂĐĐŽƵŶƚŝŶŐĞƐƚŝŵĂƚĞƐƚŚĂƚĂƌĞƌĞĂƐŽŶĂďůĞĂŶĚƉƌƵĚĞŶƚ͖
ƐƚĂƚĞ ǁŚĞƚŚĞƌ ƚŚĞLJ ŚĂǀĞ ďĞĞŶ ƉƌĞƉĂƌĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ /&Z^Ɛ ĂƐ ĂĚŽƉƚĞĚ ďLJ ƚŚĞ ƵƌŽƉĞĂŶhŶŝŽŶ͕ ƐƵďũĞĐƚ ƚŽ ĂŶLJ ŵĂƚĞƌŝĂůĚĞƉĂƌƚƵƌĞƐĚŝƐĐůŽƐĞĚĂŶĚĞdžƉůĂŝŶĞĚŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͖ĂŶĚ
ƉƌĞƉĂƌĞƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽŶƚŚĞŐŽŝŶŐĐŽŶĐĞƌŶďĂƐŝƐƵŶůĞƐƐŝƚŝƐŝŶĂƉƉƌŽƉƌŝĂƚĞƚŽƉƌĞƐƵŵĞƚŚĂƚƚŚĞ'ƌŽƵƉĂŶĚƚŚĞ ŽŵƉĂŶLJǁŝůůĐŽŶƚŝŶƵĞŝŶďƵƐŝŶĞƐƐ͘

tĞďƐŝƚĞ ƉƵďůŝĐĂƚŝŽŶ

/^>K^hZ K& h/d/E&KZDd/KE

/ŶƚŚĞĐĂƐĞŽĨĞĂĐŚƉĞƌƐŽŶǁŚŽĂƌĞŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJĂƚƚŚĞĚĂƚĞǁŚĞŶƚŚŝƐƌĞƉŽƌƚŝƐĂƉƉƌŽǀĞĚ͗

^ŽĨĂƌĂƐƚŚĞLJĂƌĞŝŶĚŝǀŝĚƵĂůůLJĂǁĂƌĞ͕ƚŚĞƌĞŝƐŶŽƌĞůĞǀĂŶƚĂƵĚŝƚŝŶĨŽƌŵĂƚŝŽŶŽĨǁŚŝĐŚƚŚĞŽŵƉĂŶLJ͛ƐĂƵĚŝƚŽƌŝƐƵŶĂǁĂƌĞ͖ ĂŶĚ
ĂĐŚŽĨƚŚĞŝƌĞĐƚŽƌƐŚĂƐƚĂŬĞŶĂůůƚŚĞƐƚĞƉƐƚŚĂƚƚŚĞLJŽƵŐŚƚƚŽŚĂǀĞƚĂŬĞŶĂƐĂŝƌĞĐƚŽƌƚŽŵĂŬĞƚŚĞŵƐĞůǀĞƐĂǁĂƌĞŽĨĂŶLJ ƌĞůĞǀĂŶƚĂƵĚŝƚŝŶĨŽƌŵĂƚŝŽŶĂŶĚƚŽĞƐƚĂďůŝƐŚƚŚĂƚƚŚĞŽŵƉĂŶLJ͛ƐĂƵĚŝƚŽƌŝƐĂǁĂƌĞŽĨƚŚĞŝŶĨŽƌŵĂƚŝŽŶ͘

dŚŝƐƌĞƉŽƌƚǁĂƐĂƉƉƌŽǀĞĚďLJƚŚĞďŽĂƌĚŽŶϴĞĐĞŵďĞƌϮϬϭϱĂŶĚƐŝŐŶĞĚŽŶŝƚƐďĞŚĂůĨ͘

<Ăƌů ^ĐŚůŽďŽŚŵ ŽŵƉĂŶLJ ^ĞĐƌĞƚĂƌLJ >ǀůϮϳ͕ϭϭϭ ĂŐůĞ^ƚ ƌŝƐďĂŶĞY> ϰϬϬϬ ƵƐƚƌĂůŝĂ

/EWEEd h/dKZΖ^ ZWKZd

/EWEEd h/dKZ͛^ ZWKZd dK d, DDZ^ K& ^K>'K>W>

tĞŚĂǀĞĂƵĚŝƚĞĚƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨ^Žů'ŽůĚW>ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϭϱǁŚŝĐŚĐŽŵƉƌŝƐĞƚŚĞŐƌŽƵƉƐƚĂƚĞŵĞŶƚŽĨ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ ĂŶĚ ĐŽŵƉĂŶLJ ƐƚĂƚĞŵĞŶƚ ŽĨ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ͕ ƚŚĞ ŐƌŽƵƉ ƐƚĂƚĞŵĞŶƚ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ͕ ƚŚĞ ŐƌŽƵƉ ƐƚĂƚĞŵĞŶƚ ŽĨ ĐĂƐŚ ĨůŽǁƐ͕ ƚŚĞ ŐƌŽƵƉ ƐƚĂƚĞŵĞŶƚ ŽĨ ĐŚĂŶŐĞƐ ŝŶ ĞƋƵŝƚLJ ĂŶĚ ƚŚĞ ĐŽŵƉĂŶLJ ƐƚĂƚĞŵĞŶƚ ŽĨ ĐŚĂŶŐĞƐ ŝŶ ĞƋƵŝƚLJ ĂŶĚ ƚŚĞ ƌĞůĂƚĞĚ ŶŽƚĞƐ͘ dŚĞ ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐ ĨƌĂŵĞǁŽƌŬ ƚŚĂƚ ŚĂƐ ďĞĞŶ ĂƉƉůŝĞĚ ŝŶ ƚŚĞŝƌ ƉƌĞƉĂƌĂƚŝŽŶ ŝƐ ĂƉƉůŝĐĂďůĞ ůĂǁ ĂŶĚ/ŶƚĞƌŶĂƚŝŽŶĂů &ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐ^ƚĂŶĚĂƌĚƐ;/&Z^ƐͿĂƐĂĚŽƉƚĞĚďLJƚŚĞƵƌŽƉĞĂŶhŶŝŽŶĂŶĚ͕ĂƐƌĞŐĂƌĚƐƚŚĞƉĂƌĞŶƚĐŽŵƉĂŶLJĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ ĂƐĂƉƉůŝĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚϮϬϬϲ͘

ZĞƐƉĞĐƚŝǀĞ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŽĨĚŝƌĞĐƚŽƌƐĂŶĚ ĂƵĚŝƚŽƌƐ

^ĐŽƉĞ ŽĨƚŚĞ ĂƵĚŝƚ ŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ

KƉŝŶŝŽŶ ŽŶĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ

/ŶŽƵƌŽƉŝŶŝŽŶ͗

ƚŚĞ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŐŝǀĞĂƚƌƵĞĂŶĚ ĨĂŝƌǀŝĞǁŽĨƚŚĞƐƚĂƚĞŽĨƚŚĞŐƌŽƵƉ͛ƐĂŶĚƚŚĞƉĂƌĞŶƚĐŽŵƉĂŶLJ͛ƐĂĨĨĂŝƌƐĂƐĂƚϯϬ :ƵŶĞ ϮϬϭϱĂŶĚŽĨƚŚĞŐƌŽƵƉ͛ƐůŽƐƐĨŽƌƚŚĞLJĞĂƌƚŚĞŶĞŶĚĞĚ͖
ƚŚĞŐƌŽƵƉĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌŽƉĞƌůLJƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/&Z^ƐĂƐĂĚŽƉƚĞĚďLJƚŚĞƵƌŽƉĞĂŶhŶŝŽŶ͖
ƚŚĞƉĂƌĞŶƚĐŽŵƉĂŶLJĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌŽƉĞƌůLJƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/&Z^ƐĂƐĂĚŽƉƚĞĚďLJƚŚĞƵƌŽƉĞĂŶ hŶŝŽŶĂŶĚĂƐĂƉƉůŝĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚϮϬϬϲ͖ĂŶĚ
ƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚϮϬϬϲ͘

ŵƉŚĂƐŝƐŽĨŵĂƚƚĞƌͶ'ŽŝŶŐĐŽŶĐĞƌŶ

/Ŷ ĨŽƌŵŝŶŐ ŽƵƌ ŽƉŝŶŝŽŶ ŽŶ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͕ǁŚŝĐŚ ŝƐ ŶŽƚŵŽĚŝĨŝĞĚ͕ǁĞ ŚĂǀĞ ĐŽŶƐŝĚĞƌĞĚ ƚŚĞĂĚĞƋƵĂĐLJ ŽĨ ƚŚĞ ĚŝƐĐůŽƐƵƌĞƐ ŵĂĚĞŝŶŶŽƚĞϭƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĐŽŶĐĞƌŶŝŶŐƚŚĞ'ƌŽƵƉ͛ƐĂŶĚͲƚŚĞŽŵƉĂŶLJΖƐĂďŝůŝƚLJƚŽĐŽŶƚŝŶƵĞĂƐĂŐŽŝŶŐĐŽŶĐĞƌŶƐ͘ dŚĞ ŝƌĞĐƚŽƌƐĂĐŬŶŽǁůĞĚŐĞƚŚĂƚĂĚĚŝƚŝŽŶĂůĨƵŶĚƐŶĞĞĚƚŽďĞƌĂŝƐĞĚĞŝƚŚĞƌƚŚƌŽƵŐŚŽƚŚĞƌĨŝŶĂŶĐĞĂƌƌĂŶŐĞŵĞŶƚƐŽƌĐĂƉŝƚĂůƌĂŝƐŝŶŐƐ͘ dŚŝƐ ĐĂŶŶŽƚ ďĞ ŐƵĂƌĂŶƚĞĞĚ ĂŶĚ ƚŚĞƌĞ ĂƌĞ ŶŽ ůĞŐĂůůLJ ďŝŶĚŝŶŐ ĂŐƌĞĞŵĞŶƚƐ ŝŶ ƉůĂĐĞ ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ ƌĂŝƐŝŶŐ ŽĨ ĂĚĚŝƚŝŽŶĂů ĨƵŶĚƐ͘ dŚĞƐĞ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ŝŶĚŝĐĂƚĞ ƚŚĞ ĞdžŝƐƚĞŶĐĞ ŽĨ Ă ŵĂƚĞƌŝĂů ƵŶĐĞƌƚĂŝŶƚLJ͕ ǁŚŝĐŚ ŵĂLJ ĐĂƐƚ ƐŝŐŶŝĨŝĐĂŶƚ ĚŽƵďƚ ŽŶ ƚŚĞ'ƌŽƵƉ ĂŶĚ ŽŵƉĂŶLJΖƐ ĂďŝůŝƚLJƚŽĐŽŶƚŝŶƵĞĂƐĂŐŽŝŶŐĐŽŶĐĞƌŶ͘ dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĚŽŶŽƚŝŶĐůƵĚĞƚŚĞĂĚũƵƐƚŵĞŶƚƐƚŚĂƚǁŽƵůĚƌĞƐƵůƚŝĨƚŚĞĐŽŵƉĂŶLJ ǁĞƌĞƵŶĂďůĞƚŽĐŽŶƚŝŶƵĞĂƐĂŐŽŝŶŐĐŽŶĐĞƌŶ͘

KƉŝŶŝŽŶ ŽŶ ŽƚŚĞƌŵĂƚƚĞƌƐƉƌĞƐĐƌŝďĞĚďLJ ƚŚĞ ŽŵƉĂŶŝĞƐĐƚ ϮϬϬϲ

DĂƚƚĞƌƐŽŶǁŚŝĐŚǁĞ ĂƌĞ ƌĞƋƵŝƌĞĚ ƚŽ ƌĞƉŽƌƚďLJ ĞdžĐĞƉƚŝŽŶ

ĂĚĞƋƵĂƚĞĂĐĐŽƵŶƚŝŶŐ ƌĞĐŽƌĚƐŚĂǀĞŶŽƚďĞĞŶŬĞƉƚďLJ ƚŚĞƉĂƌĞŶƚ ĐŽŵƉĂŶLJ͕Žƌ ƌĞƚƵƌŶƐĂĚĞƋƵĂƚĞ ĨŽƌŽƵƌĂƵĚŝƚŚĂǀĞŶŽƚďĞĞŶ ƌĞĐĞŝǀĞĚĨƌŽŵďƌĂŶĐŚĞƐŶŽƚǀŝƐŝƚĞĚďLJƵƐ͖Žƌ
ƚŚĞƉĂƌĞŶƚĐŽŵƉĂŶLJĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞŶŽƚŝŶĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞĂĐĐŽƵŶƚŝŶŐƌĞĐŽƌĚƐĂŶĚƌĞƚƵƌŶƐ͖Žƌ
ĐĞƌƚĂŝŶĚŝƐĐůŽƐƵƌĞƐŽĨĚŝƌĞĐƚŽƌƐ͛ƌĞŵƵŶĞƌĂƚŝŽŶƐƉĞĐŝĨŝĞĚďLJůĂǁĂƌĞŶŽƚŵĂĚĞ͖Žƌ
ǁĞŚĂǀĞŶŽƚƌĞĐĞŝǀĞĚĂůůƚŚĞŝŶĨŽƌŵĂƚŝŽŶĂŶĚĞdžƉůĂŶĂƚŝŽŶƐǁĞƌĞƋƵŝƌĞĨŽƌŽƵƌĂƵĚŝƚ͘

ŶŶĞ^ĂLJĞƌƐ;ƐĞŶŝŽƌƐƚĂƚƵƚŽƌLJĂƵĚŝƚŽƌͿ &ŽƌĂŶĚŽŶďĞŚĂůĨŽĨK>>W͕ƐƚĂƚƵƚŽƌLJĂƵĚŝƚŽƌ >ŽŶĚŽŶ hŶŝƚĞĚ<ŝŶŐĚŽŵ ϴĞĐĞŵďĞƌϮϬϭϱ

K >>WŝƐĂůŝŵŝƚĞĚůŝĂďŝůŝƚLJƉĂƌƚŶĞƌƐŚŝƉƌĞŐŝƐƚĞƌĞĚŝŶŶŐůĂŶĚĂŶĚtĂůĞƐ;ǁŝƚŚƌĞŐŝƐƚĞƌĞĚŶƵŵďĞƌKϯϬϱϭϮϳͿ͘

KE^K>/d ^ddDEd K& KDWZ,E^/s/EKD

&Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϬ :ƵŶĞ ϮϬϭϱ

		'ƌŽƵƉ	'ƌŽƵƉ
		ϮϬϭϱ	ϮϬϭϰ
	EŽƚĞƐ	Ψ	Ψ

ZĞǀĞŶƵĞ		Ͳ
ŽƐƚŽĨƐĂůĞƐ		Ͳ	Ͳ
'ƌŽƐƐƉƌŽĨŝƚ		Ͳ	Ͳ
KƚŚĞƌŝŶĐŽŵĞ		Ͳ	ϱϬ͕ϱϬϰ
džƉĞŶƐĞƐ
džƉůŽƌĂƚŝŽŶĐŽƐƚƐǁƌŝƚƚĞŶͲŽĨĨ	ϭϮ	;ϭ͕ϭϳϱ͕ϭϳϮͿ	;Ϯ͕Ϯϰϲ͕ϰϵϭͿ
ĚŵŝŶŝƐƚƌĂƚŝǀĞ		;ϯ͕Ϭϲϲ͕ϵϴϮͿ	;Ϯ͕ϲϱϮ͕ϯϱϲͿ
KƉĞƌĂƚŝŶŐůŽƐƐ		;ϰ͕ϮϰϮ͕ϭϱϰͿ	;ϰ͕ϴϰϴ͕ϯϰϯͿ
&ŝŶĂŶĐĞŝŶĐŽŵĞ	ϲ	ϭϬ͕ϱϳϬ	ϭϴ͕ϭϴϱ
&ŝŶĂŶĐĞĐŽƐƚƐ	ϲ	;ϳ͕ϬϳϳͿ	;ϭ͕ϬϱϴͿ
>ŽƐƐďĞĨŽƌĞ ƚĂdž	ϯ	;ϰ͕Ϯϯϴ͕ϲϲϭͿ	;ϰ͕ϴϯϭ͕ϮϭϲͿ
dĂdžĞdžƉĞŶƐĞ	ϳ	Ͳ	Ͳ
>ŽƐƐĨŽƌ ƚŚĞ LJĞĂƌ		;ϰ͕Ϯϯϴ͕ϲϲϭͿ	;ϰ͕ϴϯϭ͕ϮϭϲͿ
KƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ /ƚĞŵƐƚŚĂƚŵĂLJďĞƌĞĐůĂƐƐŝĨŝĞĚŝŶƚŽƉƌŽĨŝƚŽƌůŽƐƐ ŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞŽĨĂǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞĨŝŶĂŶĐŝĂů
ĂƐƐĞƚƐ	ϭϬď	;Ϯ͕Ϭϰϱ͕ϵϭϵͿ	ϭ͕ϳϬϯ͕ϲϮϬ
džĐŚĂŶŐĞĚŝĨĨĞƌĞŶĐĞƐŽŶƚƌĂŶƐůĂƚŝŽŶŽĨĨŽƌĞŝŐŶ
ŽƉĞƌĂƚŝŽŶƐ		ϭ͕ϭϱϵ͕Ϭϳϱ	ϳϮ͕ϭϱϴ
dŽƚĂů ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞĨŽƌ ƚŚĞ LJĞĂƌ		;ϱ͕ϭϮϱ͕ϱϬϱͿ	;ϯ͕Ϭϱϱ͕ϰϯϴͿ

>ŽƐƐĨŽƌ ƚŚĞ LJĞĂƌ ĂƚƚƌŝďƵƚĂďůĞ ƚŽ͗
KǁŶĞƌƐŽĨƚŚĞƉĂƌĞŶƚĐŽŵƉĂŶLJ		;ϰ͕ϭϵϳ͕ϯϯϱͿ	;ϰ͕ϴϯϭ͕ϮϭϲͿ
EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚ		;ϰϭ͕ϯϮϲͿ	Ͳ
		;ϰ͕Ϯϯϴ͕ϲϲϭͿ	;ϰ͕ϴϯϭ͕ϮϭϲͿ

dŽƚĂů ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞĨŽƌ ƚŚĞ LJĞĂƌ
ĂƚƚƌŝďƵƚĂďůĞ ƚŽ͗
KǁŶĞƌƐŽĨƚŚĞƉĂƌĞŶƚĐŽŵƉĂŶLJ		;ϱ͕Ϯϱϴ͕ϬϰϬͿ	;ϯ͕Ϭϱϱ͕ϰϯϴͿ
EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚ		ϭϯϮ͕ϱϯϱ	Ͳ
		;ϱ͕ϭϮϱ͕ϱϬϱͿ	;ϯ͕Ϭϱϱ͕ϰϯϴͿ

>ŽƐƐƉĞƌƐŚĂƌĞ		ĞŶƚƐƉĞƌƐŚĂƌĞ	ĞŶƚƐƉĞƌƐŚĂƌĞ
ĂƐŝĐůŽƐƐƉĞƌƐŚĂƌĞ	ϴ	;Ϭ͘ϲͿ	;Ϭ͘ϴͿ
ŝůƵƚĞĚůŽƐƐƉĞƌƐŚĂƌĞ	ϴ	;Ϭ͘ϲͿ	;Ϭ͘ϴͿ

dŚĞĂďŽǀĞƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞƐŚŽƵůĚďĞƌĞĂĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐ͘

KE^K>/d E KDWEz ^ddDEd^ K& &/EE/>WK^/d/KE

ƐĂƚ ϯϬ :ƵŶĞ ϮϬϭϱ

ZĞŐŝƐƚĞƌĞĚ EƵŵďĞƌ ϱϰϰϵϱϭϲ

	EŽƚĞƐ	'ƌŽƵƉ ϮϬϭϱ	'ƌŽƵƉ ϮϬϭϰ	ŽŵƉĂŶLJ ϮϬϭϱ	ŽŵƉĂŶLJ ϮϬϭϰ
		Ψ	Ψ	Ψ	Ψ
ƐƐĞƚƐ
WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚ ĞƋƵŝƉŵĞŶƚ	ϭϭ	ϰϭϵ͕ϴϵϴ	ϭϯϯ͕ϳϰϮ	ϭϭ͕ϭϭϴ	ϭϲ͕ϴϬϭ
/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐ	ϭϮ	ϯϬ͕ϳϰϴ͕ϳϮϯ	Ϯϭ͕ϰϱϭ͕ϰϰϵ	Ͳ	ϲϰϬ͕ϴϱϱ
/ŶǀĞƐƚŵĞŶƚ ŝŶƐƵďƐŝĚŝĂƌŝĞƐ	ϵ	Ͳ	Ͳ	ϯϬ͕ϯϳϵ͕ϲϬϭ	Ϯϭ͕ϵϰϭ͕ϴϯϵ
/ŶǀĞƐƚŵĞŶƚ ŝŶĂǀĂŝůĂďůĞĨŽƌ ƐĂůĞ ƐĞĐƵƌŝƚŝĞƐ	ϭϬ;ďͿ	ϴϵϲ͕ϭϵϳ	Ϯ͕ϵϰϮ͕ϭϭϲ	ϴϵϰ͕ϭϵϮ	Ϯ͕ϵϰϮ͕ϭϭϲ
>ŽĂŶƐ ƌĞĐĞŝǀĂďůĞĂŶĚŽƚŚĞƌŶŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ	ϭϯ	ϭϱϵ͕ϰϯϯ	ϭϲϵ͕ϯϱϯ	ϳ͕ϭϲϵ	ϳ͕ϭϲϵ
dŽƚĂů ŶŽŶͲĐƵƌƌĞŶƚ ĂƐƐĞƚƐ		ϯϮ͕ϮϮϰ͕Ϯϱϭ	Ϯϰ͕ϲϵϲ͕ϲϲϬ	ϯϭ͕ϮϵϮ͕ϬϴϬ	Ϯϱ͕ϱϰϴ͕ϳϴϬ
KƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐĂŶĚƉƌĞƉĂLJŵĞŶƚƐ	ϭϱ	ϭϱϭ͕Ϯϵϱ	ϭ͕ϭϭϮ͕ϯϰϬ	ϭϯϲ͕ϴϳϮ	ϭ͕Ϭϭϱ͕ϭϮϯ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ	ϭϲ	ϯϮϭ͕ϰϰϬ	ϰ͕ϱϰϳ͕ϮϮϵ	Ϯϭϱ͕ϯϭϮ	ϰ͕ϭϱϵ͕Ϭϳϭ
dŽƚĂů ĐƵƌƌĞŶƚ ĂƐƐĞƚƐ		ϰϳϮ͕ϳϯϱ	ϱ͕ϲϱϵ͕ϱϲϵ	ϯϱϮ͕ϭϴϰ	ϱ͕ϭϳϰ͕ϭϵϰ
dŽƚĂů ĂƐƐĞƚƐ		ϯϮ͕ϲϵϲ͕ϵϴϲ	ϯϬ͕ϯϱϲ͕ϮϮϵ	ϯϭ͕ϲϰϰ͕Ϯϲϰ	ϯϬ͕ϳϮϮ͕ϵϳϰ

ƋƵŝƚLJ
^ŚĂƌĞĐĂƉŝƚĂů	ϭϳ	ϭϯ͕ϭϴϰ͕ϳϮϭ	ϭϭ͕ϭϬϲ͕ϱϮϰ	ϭϯ͕ϭϴϰ͕ϳϮϭ	ϭϭ͕ϭϬϲ͕ϱϮϰ
^ŚĂƌĞƉƌĞŵŝƵŵ	ϭϳ	ϴϮ͕ϮϭϮ͕ϯϭϬ	ϳϴ͕ϰϯϰ͕ϵϴϱ	ϴϮ͕ϮϭϮ͕ϯϭϬ	ϳϴ͕ϰϯϰ͕ϵϴϱ
KƚŚĞƌ ƌĞƐĞƌǀĞƐ		ϭ͕ϳϲϭ͕ϵϯϲ	Ϯ͕ϳϲϯ͕Ϭϰϲ	ϳϳϮ͕ϰϮϴ	Ϯ͕ϳϱϴ͕ϳϱϮ
ĐĐƵŵƵůĂƚĞĚůŽƐƐ		;ϲϳ͕ϬϮϯ͕ϱϯϰͿ	;ϲϮ͕ϴϮϲ͕ϭϵϵͿ	;ϲϱ͕ϴϳϰ͕ϵϰϲͿ	;ϲϮ͕ϬϬϱ͕ϵϵϱͿ
EŽŶͲĐŽŶƚƌŽůůŝŶŐ ŝŶƚĞƌĞƐƚ		ϮϮϯ͕ϭϬϳ	ϵϬ͕ϱϳϮ	Ͳ	Ͳ
dŽƚĂů ĞƋƵŝƚLJ		ϯϬ͕ϯϱϴ͕ϱϰϬ	Ϯϵ͕ϱϲϴ͕ϵϮϴ	ϯϬ͕Ϯϵϰ͕ϱϭϯ	ϯϬ͕Ϯϵϰ͕Ϯϲϲ

>ŝĂďŝůŝƚŝĞƐ
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ	ϭϴ	Ϯ͕ϯϯϴ͕ϰϰϲ	ϳϴϳ͕ϯϬϭ	ϭ͕ϯϰϵ͕ϳϱϭ	ϰϮϴ͕ϳϬϴ
dŽƚĂů ĐƵƌƌĞŶƚ ůŝĂďŝůŝƚŝĞƐ		Ϯ͕ϯϯϴ͕ϰϰϲ	ϳϴϳ͕ϯϬϭ	ϭ͕ϯϰϵ͕ϳϱϭ	ϰϮϴ͕ϳϬϴ
dŽƚĂů ůŝĂďŝůŝƚŝĞƐ		Ϯ͕ϯϯϴ͕ϰϰϲ	ϳϴϳ͕ϯϬϭ	ϭ͕ϯϰϵ͕ϳϱϭ	ϰϮϴ͕ϳϬϴ
dŽƚĂů ĞƋƵŝƚLJ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ		ϯϮ͕ϲϵϲ͕ϵϴϲ	ϯϬ͕ϯϱϲ͕ϮϮϵ	ϯϭ͕ϲϰϰ͕Ϯϲϰ	ϯϬ͕ϳϮϮ͕ϵϳϰ

dŚĞĂďŽǀĞĐŽŶƐŽůŝĚĂƚĞĚĂŶĚĐŽŵƉĂŶLJ ƐƚĂƚĞŵĞŶƚƐŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶƐŚŽƵůĚ ďĞ ƌĞĂĚ ŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐ ŶŽƚĞƐ͘

dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐǁĞƌĞĂƉƉƌŽǀĞĚĂŶĚĂƵƚŚŽƌŝƐĞĚĨŽƌ ŝƐƐƵĞ ďLJ ƚŚĞŽĂƌĚĂŶĚǁĞƌĞ ƐŝŐŶĞĚŽŶŝƚƐ ďĞŚĂůĨŽŶϴĞĐĞŵďĞƌ ϮϬϭϱ͘

EŝĐŚŽůĂƐ DĂƚŚĞƌ ŝƌĞĐƚŽƌ

KE^K>/d E KDWEz ^ddDEd^ K& ,E'^ /E Yh/dz &Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϬ :ƵŶĞ ϮϬϭϱ

ŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚ ŽĨ ĐŚĂŶŐĞƐ ŝŶ ĞƋƵŝƚLJ

	EŽƚĞƐ	^ŚĂƌĞ	^ŚĂƌĞ	ǀĂŝůĂďůĞͲ ĨŽƌͲƐĂůĞ	^ŚĂƌĞ	&ŽƌĞŝŐŶ	ŚĂŶŐĞ ŝŶ	ĐĐƵŵƵůĂƚĞĚ ůŽƐƐ	EŽŶͲ	dŽƚĂů
		ĐĂƉŝƚĂů	ƉƌĞŵŝƵŵ	ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ	ƌĞƐĞƌǀĞ ŽƉƚŝŽŶ	dƌĂŶƐůĂƚŝŽŶ ƵƌƌĞŶĐLJ ZĞƐĞƌǀĞ	ƉƌŽƉŽƌƚŝŽŶĂƚĞ ŝŶƚĞƌĞƐƚ ƌĞƐĞƌǀĞ		ĐŽŶƚƌŽůůŝŶŐ ŝŶƚĞƌĞƐƚƐ
		Ψ	Ψ	ƌĞƐĞƌǀĞ Ψ	Ψ	Ψ		Ψ	Ψ	Ψ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϯ	ϭϳ	ϵ͕ϯϲϭ͕ϳϱϱ	ϲϲ͕ϰϭϴ͕ϱϮϲ	ϭϬ͕ϯϵϬ	ϯ͕ϮϮϮ͕ϴϳϯ			;ϲϬ͕ϮϬϵ͕ϭϬϯͿ		ϭϴ͕ϴϬϰ͕ϰϰϭ
						Ͳ	Ͳ		Ͳ
>ŽƐƐ ĨŽƌ ƚŚĞ LJĞĂƌ		Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	;ϰ͕ϴϯϭ͕ϮϭϲͿ	Ͳ	;ϰ͕ϴϯϭ͕ϮϭϲͿ
KƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ		Ͳ	Ͳ	ϭ͕ϳϬϯ͕ϲϮϬ	Ͳ	ϳϮ͕ϭϱϴ	Ͳ	Ͳ	Ͳ	ϭ͕ϳϳϱ͕ϳϳϴ
dŽƚĂů ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĨŽƌ ƚŚĞ
LJĞĂƌ		Ͳ	Ͳ	ϭ͕ϳϬϯ͕ϲϮϬ	Ͳ	ϳϮ͕ϭϱϴ	Ͳ	;ϰ͕ϴϯϭ͕ϮϭϲͿ	Ͳ	;ϯ͕Ϭϱϱ͕ϰϯϴͿ
EĞǁ ƐŚĂƌĞ ĐĂƉŝƚĂů ƐƵďƐĐƌŝďĞĚ		ϭ͕ϳϯϮ͕ϴϮϱ	ϭϮ͕ϱϵϱ͕ϵϴϴ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	ϭϰ͕ϯϮϴ͕ϴϭϯ
^ŚĂƌĞ ŝƐƐƵĞ ĐŽƐƚƐ		Ͳ	;ϳϮϮ͕ϴϲϬͿ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	;ϳϮϮ͕ϴϲϬͿ
sĂůƵĞ ŽĨ ƐŚĂƌĞ ĂŶĚ ŽƉƚŝŽŶƐ ŝƐƐƵĞĚ ƚŽ
ŝƌĞĐƚŽƌƐ͕ ĞŵƉůŽLJĞĞƐ ĂŶĚ ĐŽŶƐƵůƚĂŶƚƐ		Ͳ	Ͳ	Ͳ	ϯϱ͕ϵϴϵ	Ͳ	Ͳ	Ͳ	Ͳ	ϯϱ͕ϵϴϵ
sĂůƵĞ ŽĨ ƐŚĂƌĞ ŽƉƚŝŽŶƐ ĨŽƌĨĞŝƚĞĚ ĚƵƌŝŶŐ
ƚŚĞ LJĞĂƌ		Ͳ	Ͳ	Ͳ	;Ϯ͕Ϯϭϰ͕ϭϮϬͿ	Ͳ	Ͳ	Ϯ͕Ϯϭϰ͕ϭϮϬ	Ͳ	Ͳ
sĂůƵĞ ŽĨ ďŽŶƵƐ ƐŚĂƌĞƐ ŝƐƐƵĞĚ ƚŽ
ĞŵƉůŽLJĞĞƐ		ϭϭ͕ϵϰϰ	ϭϰϯ͕ϯϯϭ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	ϭϱϱ͕Ϯϳϱ
EŽŶͲĐŽŶƚƌŽůůŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ ƐƵďƐŝĚŝĂƌLJ
ĂĐƋƵŝƌĞĚ		Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	;ϲϳ͕ϴϲϰͿ	Ͳ	ϵϬ͕ϱϳϮ	ϮϮ͕ϳϬϴ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϰ	ϭϳ	ϭϭ͕ϭϬϲ͕ϱϮϰ	ϳϴ͕ϰϯϰ͕ϵϴϱ	ϭ͕ϳϭϰ͕ϬϭϬ	ϭ͕Ϭϰϰ͕ϳϰϮ	ϳϮ͕ϭϱϴ	;ϲϳ͕ϴϲϰͿ	;ϲϮ͕ϴϮϲ͕ϭϵϵͿ	ϵϬ͕ϱϳϮ	Ϯϵ͕ϱϲϴ͕ϵϮϴ
>ŽƐƐ ĨŽƌ ƚŚĞ LJĞĂƌ		Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	;ϰ͕ϭϵϳ͕ϯϯϱͿ	;ϰϭ͕ϯϮϲͿ	;ϰ͕Ϯϯϴ͕ϲϲϭͿ
KƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ		Ͳ	Ͳ	;Ϯ͕Ϭϰϱ͕ϵϭϵͿ	Ͳ	ϵϴϱ͕Ϯϭϰ	Ͳ		ϭϳϯ͕ϴϲϭ	;ϴϴϲ͕ϴϰϰͿ
dŽƚĂů ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĨŽƌ ƚŚĞ
LJĞĂƌ		Ͳ	Ͳ	;Ϯ͕Ϭϰϱ͕ϵϭϵͿ	Ͳ	ϵϴϱ͕Ϯϭϰ	Ͳ	;ϰ͕ϭϵϳ͕ϯϯϱͿ	ϭϯϮ͕ϱϯϱ	;ϱ͕ϭϮϱ͕ϱϬϱͿ
EĞǁ ƐŚĂƌĞ ĐĂƉŝƚĂů ƐƵďƐĐƌŝďĞĚ		Ϯ͕Ϭϳϴ͕ϭϵϳ	ϰ͕ϭϱϲ͕ϯϰϰ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	ϲ͕Ϯϯϰ͕ϱϰϭ
^ŚĂƌĞ ŝƐƐƵĞ ĐŽƐƚƐ		Ͳ	;ϯϳϵ͕ϬϭϵͿ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	Ͳ	;ϯϳϵ͕ϬϭϵͿ
sĂůƵĞ ŽĨ ƐŚĂƌĞ ĂŶĚ ŽƉƚŝŽŶƐ ŝƐƐƵĞĚ ƚŽ
ŝƌĞĐƚŽƌƐ͕ ĞŵƉůŽLJĞĞƐ ĂŶĚ ĐŽŶƐƵůƚĂŶƚƐ		Ͳ	Ͳ	Ͳ	ϱϵ͕ϱϵϱ	Ͳ	Ͳ	Ͳ	Ͳ	ϱϵ͕ϱϵϱ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϱ		ϭϯ͕ϭϴϰ͕ϳϮϭ	ϴϮ͕ϮϭϮ͕ϯϭϬ	;ϯϯϭ͕ϵϬϵͿ	ϭ͕ϭϬϰ͕ϯϯϳ	ϭ͕Ϭϱϳ͕ϯϳϮ	;ϲϳ͕ϴϲϰͿ	;ϲϳ͕ϬϮϯ͕ϱϯϰͿ	ϮϮϯ͕ϭϬϳ	ϯϬ͕ϯϱϴ͕ϱϰϬ

dŚĞ ĂďŽǀĞ ƐƚĂƚĞŵĞŶƚ ŽĨ ĐŚĂŶŐĞƐ ŝŶ ĞƋƵŝƚLJ ƐŚŽƵůĚ ďĞ ƌĞĂĚ ŝŶ ĐŽŶũƵŶĐƚŝŽŶ ǁŝƚŚ ƚŚĞ ĂĐĐŽŵƉĂŶLJŝŶŐ ŶŽƚĞƐ͘

KE^K>/d E KDWEz ^ddDEd^ K& ,E'^ /E Yh/dz ;KEd/EhͿ &Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϬ :ƵŶĞ ϮϬϭϱ

ŽŵƉĂŶLJ ƐƚĂƚĞŵĞŶƚ ŽĨ ĐŚĂŶŐĞƐ ŝŶ ĞƋƵŝƚLJ

	EŽƚĞƐ	^ŚĂƌĞ	^ŚĂƌĞ	ǀĂŝůĂďůĞͲ	^ŚĂƌĞ	ĐĐƵŵƵůĂƚĞĚ	dŽƚĂů
		ĐĂƉŝƚĂů	ƉƌĞŵŝƵŵ	ĨŽƌͲƐĂůĞ	ŽƉƚŝŽŶ	ůŽƐƐ
		Ψ	Ψ	ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ	ƌĞƐĞƌǀĞ Ψ	Ψ	Ψ
				Ψ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϯ	ϭϳ	ϵ͕ϯϲϭ͕ϳϱϱ	ϲϲ͕ϰϭϴ͕ϱϮϲ	ϭϬ͕ϯϵϬ	ϯ͕ϮϮϮ͕ϴϳϯ	;ϱϵ͕ϲϭϬ͕ϵϵϲͿ	ϭϵ͕ϰϬϮ͕ϱϰϴ
>ŽƐƐ ĨŽƌ ƚŚĞ LJĞĂƌ		Ͳ	Ͳ	Ͳ	Ͳ	;ϰ͕ϲϬϵ͕ϭϭϵͿ	;ϰ͕ϲϬϵ͕ϭϭϵͿ
KƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ		Ͳ	Ͳ	ϭ͕ϳϬϯ͕ϲϮϬ	Ͳ	Ͳ	ϭ͕ϳϬϯ͕ϲϮϬ
dŽƚĂů ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĨŽƌ ƚŚĞ LJĞĂƌ		Ͳ	Ͳ	ϭ͕ϳϬϯ͕ϲϮϬ	Ͳ	;ϰ͕ϲϬϵ͕ϭϭϵͿ	;Ϯ͕ϵϬϱ͕ϰϵϵͿ
EĞǁ ƐŚĂƌĞ ĐĂƉŝƚĂů ƐƵďƐĐƌŝďĞĚ		ϭ͕ϳϯϮ͕ϴϮϱ	ϭϮ͕ϱϵϱ͕ϵϴϴ	Ͳ	Ͳ	Ͳ	ϭϰ͕ϯϮϴ͕ϴϭϯ
^ŚĂƌĞ ŝƐƐƵĞ ĐŽƐƚƐ		Ͳ	;ϳϮϮ͕ϴϲϬͿ	Ͳ	Ͳ	Ͳ	;ϳϮϮ͕ϴϲϬͿ
sĂůƵĞ ŽĨ ƐŚĂƌĞƐ ĂŶĚ ŽƉƚŝŽŶƐ ŝƐƐƵĞĚ ƚŽ ŝƌĞĐƚŽƌƐ͕ ĞŵƉůŽLJĞĞƐ
ĂŶĚ ĐŽŶƐƵůƚĂŶƚƐ		Ͳ	Ͳ	Ͳ	ϯϱ͕ϵϴϵ	Ͳ	ϯϱ͕ϵϴϵ
sĂůƵĞ ŽĨ ƐŚĂƌĞ ŽƉƚŝŽŶƐ ĨŽƌĨĞŝƚĞĚ ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌ		Ͳ	Ͳ	Ͳ	;Ϯ͕Ϯϭϰ͕ϭϮϬͿ	Ϯ͕Ϯϭϰ͕ϭϮϬ	Ͳ
sĂůƵĞ ŽĨ ďŽŶƵƐ ƐŚĂƌĞƐ ŝƐƐƵĞĚ ƚŽ ĞŵƉůŽLJĞĞƐ		ϭϭ͕ϵϰϰ	ϭϰϯ͕ϯϯϭ			Ͳ	ϭϱϱ͕Ϯϳϱ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϰ	ϭϳ	ϭϭ͕ϭϬϲ͕ϱϮϰ	ϳϴ͕ϰϯϰ͕ϵϴϱ	ϭ͕ϳϭϰ͕ϬϭϬ	ϭ͕Ϭϰϰ͕ϳϰϮ	;ϲϮ͕ϬϬϱ͕ϵϵϱͿ	ϯϬ͕Ϯϵϰ͕Ϯϲϲ
>ŽƐƐ ĨŽƌ ƚŚĞ LJĞĂƌ		Ͳ		Ͳ	Ͳ	;ϯ͕ϴϲϴ͕ϵϱϭͿ	;ϯ͕ϴϲϴ͕ϵϱϭͿ
KƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ		Ͳ		;Ϯ͕Ϭϰϱ͕ϵϭϵͿ	Ͳ		;Ϯ͕Ϭϰϱ͕ϵϭϵͿ
dŽƚĂů ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĨŽƌ ƚŚĞ LJĞĂƌ		Ͳ		;Ϯ͕Ϭϰϱ͕ϵϭϵͿ	Ͳ	;ϯ͕ϴϲϴ͕ϵϱϭͿ	;ϱ͕ϵϭϰ͕ϴϳϬͿ
EĞǁ ƐŚĂƌĞ ĐĂƉŝƚĂů ƐƵďƐĐƌŝďĞĚ		Ϯ͕Ϭϳϴ͕ϭϵϳ	ϰ͕ϭϱϲ͕ϯϰϰ	Ͳ	Ͳ	Ͳ	ϲ͕Ϯϯϰ͕ϱϰϭ
^ŚĂƌĞ ŝƐƐƵĞ ĐŽƐƚƐ		Ͳ	;ϯϳϵ͕ϬϭϵͿ	Ͳ	Ͳ	Ͳ	;ϯϳϵ͕ϬϭϵͿ
sĂůƵĞ ŽĨ ƐŚĂƌĞƐ ĂŶĚ ŽƉƚŝŽŶƐ ŝƐƐƵĞĚ ƚŽ ŝƌĞĐƚŽƌƐ͕ ĞŵƉůŽLJĞĞƐ
ĂŶĚ ĐŽŶƐƵůƚĂŶƚƐ		Ͳ	Ͳ	Ͳ	ϱϵ͕ϱϵϱ	Ͳ	ϱϵ͕ϱϵϱ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϱ		ϭϯ͕ϭϴϰ͕ϳϮϭ	ϴϮ͕ϮϭϮ͕ϯϭϬ	;ϯϯϭ͕ϵϬϵͿ	ϭ͕ϭϬϰ͕ϯϯϳ	;ϲϱ͕ϴϳϰ͕ϵϰϲͿ	ϯϬ͕Ϯϵϰ͕ϱϭϯ

dŚĞ ĂďŽǀĞ ƐƚĂƚĞŵĞŶƚ ŽĨ ĐŚĂŶŐĞƐ ŝŶ ĞƋƵŝƚLJ ƐŚŽƵůĚ ďĞ ƌĞĂĚ ŝŶ ĐŽŶũƵŶĐƚŝŽŶ ǁŝƚŚ ƚŚĞ ĂĐĐŽŵƉĂŶLJŝŶŐ ŶŽƚĞƐ͘

376

KE^K>/d E KDWEz ^ddDEd^ K& ^,&>Kt^

&Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϬ :ƵŶĞ ϮϬϭϱ

	EŽƚĞƐ	'ƌŽƵƉ ϮϬϭϱ	'ƌŽƵƉ ϮϬϭϰ	ŽŵƉĂŶLJ ϮϬϭϱ	ŽŵƉĂŶLJ ϮϬϭϰ
		Ψ	Ψ	Ψ	Ψ
ĂƐŚĨůŽǁƐĨƌŽŵŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ
KƉĞƌĂƚŝŶŐůŽƐƐ		;ϰ͕ϮϰϮ͕ϭϱϰͿ	;ϰ͕ϴϰϴ͕ϯϰϯͿ	;ϯ͕ϴϳϭ͕ϳϰϴͿ	;ϰ͕ϲϮϱ͕ϲϰϵͿ
ĞƉƌĞĐŝĂƚŝŽŶ		ϭϴ͕ϯϳϴ	ϯϱ͕ϬϮϱ	ϵ͕ϱϳϯ	ϭϬ͕Ϯϱϰ
^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚĞdžƉĞŶƐĞ		ϱϵ͕ϱϵϱ	ϭϵϭ͕Ϯϲϰ	ϱϵ͕ϱϵϱ	ϭϵϭ͕Ϯϲϰ
tƌŝƚĞͲŽĨĨŽĨĞdžƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞ		ϭ͕ϭϳϱ͕ϭϳϮ	Ϯ͕Ϯϰϲ͕ϰϵϭ	ϲϳϰ͕ϴϭϱ	Ͳ
;WƌŽĨŝƚͿůŽƐƐŽŶƐĂůĞŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚ
ĞƋƵŝƉŵĞŶƚ		;ϴϴϴͿ	;ϱϬ͕ϱϬϰͿ	Ͳ	Ͳ
/ŵƉĂŝƌŵĞŶƚŽĨŝŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌŝĞƐ		Ͳ	Ͳ	ϯϰϵ͕ϱϴϭ	Ϯ͕Ϭϰϱ͕Ϯϭϲ
;/ŶĐƌĞĂƐĞͿĚĞĐƌĞĂƐĞŝŶŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐĂŶĚ
ƉƌĞƉĂLJŵĞŶƚƐ		ϵϲϭ͕Ϭϰϱ	;ϴϬϭ͕ϮϱϮͿ	ϴϳϴ͕ϮϱϬ	;ϳϰϮ͕ϯϳϳͿ
/ŶĐƌĞĂƐĞ;ĚĞĐƌĞĂƐĞͿŝŶƚƌĂĚĞĂŶĚŽƚŚĞƌ
ƉĂLJĂďůĞƐ		ϴϬ͕ϳϵϮ	ϴϬϯ͕ϰϳϬ	;Ϯϴϰ͕ϳϰϴͿ	ϳϰϭ͕ϭϱϬ
EĞƚ ĐĂƐŚ ŽƵƚĨůŽǁĨƌŽŵŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ		;ϭ͕ϵϰϴ͕ϬϲϬͿ	;Ϯ͕ϰϮϯ͕ϴϰϵͿ	;Ϯ͕ϭϴϰ͕ϲϴϮͿ	;Ϯ͕ϯϴϬ͕ϭϰϮͿ
ĂƐŚĨůŽǁƐĨƌŽŵŝŶǀĞƐƚŝŶŐĂĐƚŝǀŝƚŝĞƐ
/ŶƚĞƌĞƐƚƌĞĐĞŝǀĞĚ		ϭϬ͕ϱϳϬ	ϭϴ͕ϭϴϱ	ϵ͕ϴϳϯ	ϭϲ͕ϱϯϭ
/ŶƚĞƌĞƐƚƉĂŝĚ		;ϳ͕ϬϳϳͿ	;ϭ͕ϬϱϴͿ	;ϳ͕ϬϳϲͿ	;ϭ͕ϬϱϮͿ
^ĞĐƵƌŝƚLJĚĞƉŽƐŝƚ;ƉĂLJŵĞŶƚƐͿͬƌĞĨƵŶĚƐ		ϰ͕ϯϰϲ	;ϰ͕ϲϮϮͿ	Ͳ	;ϭ͕ϲϬϬͿ
ĐƋƵŝƐŝƚŝŽŶŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ		;ϰϯϵ͕ϯϯϯͿ	;ϭϬϮ͕ϱϳϱͿ	;ϯ͕ϴϵϬͿ	;ϰ͕ϯϱϱͿ
WƌŽĐĞĞĚƐĨƌŽŵƚŚĞƐĂůĞŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚ
ĞƋƵŝƉŵĞŶƚ		ϭϯϰ͕ϴϬϭ	ϭϱϳ͕ϴϲϯ	Ͳ	Ͳ
ĐƋƵŝƐŝƚŝŽŶŽĨĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶ
ĂƐƐĞƚƐ		;ϴ͕ϰϴϱ͕ϬϬϱͿ	;ϱ͕ϴϮϱ͕ϯϵϯͿ	;ϭϵ͕ϰϵϲͿ	;ϯϵϴ͕ϯϰϳͿ
ĐƋƵŝƐŝƚŝŽŶŽĨƐƵďƐŝĚŝĂƌŝĞƐ;ŶĞƚŽĨĐĂƐŚͿ	Ϯϯ	Ͳ	ϭϯ͕ϵϬϭ	Ͳ	Ͳ
/ŶǀĞƐƚŵĞŶƚŝŶĂǀĂŝůĂďůĞĨŽƌƐĂůĞƐĞĐƵƌŝƚŝĞƐ		Ͳ	;ϳϳϵ͕ϵϴϮͿ	Ͳ	;ϳϳϵ͕ϵϴϮͿ
/ŶǀĞƐƚŵĞŶƚŝŶĂƐƐŽĐŝĂƚĞƐ		Ͳ	Ͳ	Ͳ	Ͳ
>ŽĂŶƐĂĚǀĂŶĐĞĚƚŽƚŚŝƌĚƉĂƌƚŝĞƐ		Ͳ	Ͳ	Ͳ	Ͳ
>ŽĂŶƐĂĚǀĂŶĐĞĚƚŽƐƵďƐŝĚŝĂƌŝĞƐ			Ͳ	;ϴ͕ϮϰϮ͕ϰϱϳͿ	;ϱ͕ϳϱϲ͕ϲϲϭͿ
EĞƚ ĐĂƐŚ ŽƵƚĨůŽǁĨƌŽŵŝŶǀĞƐƚŝŶŐĂĐƚŝǀŝƚŝĞƐ		;ϴ͕ϳϴϭ͕ϲϵϴͿ	;ϲ͕ϱϮϯ͕ϲϴϭͿ	;ϴ͕Ϯϲϯ͕ϬϰϲͿ	;ϲ͕ϵϮϱ͕ϰϲϲͿ
ĂƐŚĨůŽǁƐĨƌŽŵĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ
WƌŽĐĞĞĚƐĨƌŽŵƚŚĞŝƐƐƵĞŽĨŽƌĚŝŶĂƌLJƐŚĂƌĞ
ĐĂƉŝƚĂů		ϲ͕ϴϳϳ͕ϰϭϰ	ϭϯ͕ϯϲϬ͕ϳϳϬ	ϲ͕ϴϳϳ͕ϰϭϰ	ϭϯ͕ϯϲϬ͕ϳϳϬ
WĂLJŵĞŶƚŽĨŝƐƐƵĞĐŽƐƚƐ		;ϯϳϯ͕ϰϰϱͿ	;ϳϮϮ͕ϴϱϵͿ	;ϯϳϯ͕ϰϰϱͿ	;ϳϮϮ͕ϴϱϵͿ
ZĞƉĂLJŵĞŶƚŽĨďŽƌƌŽǁŝŶŐƐ		Ͳ	;Ϯϯ͕ϱϳϲͿ	Ͳ	Ͳ
EĞƚ ĐĂƐŚ ŝŶĨůŽǁĨƌŽŵĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ		ϲ͕ϱϬϯ͕ϵϲϵ	ϭϮ͕ϲϭϰ͕ϯϯϱ	ϲ͕ϱϬϯ͕ϵϲϵ	ϭϮ͕ϲϯϳ͕ϵϭϭ
EĞƚ ;ĚĞĐƌĞĂƐĞͿ ŝŶ ĐĂƐŚ ĂŶĚ ĐĂƐŚ ĞƋƵŝǀĂůĞŶƚƐ		;ϰ͕ϮϮϱ͕ϳϴϵͿ	ϯ͕ϲϲϲ͕ϴϬϱ	;ϯ͕ϵϰϯ͕ϳϱϵͿ	ϯ͕ϯϯϮ͕ϯϬϯ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨ
LJĞĂƌ		ϰ͕ϱϰϳ͕ϮϮϵ	ϴϴϬ͕ϰϮϰ	ϰ͕ϭϱϵ͕Ϭϳϭ	ϴϮϲ͕ϳϲϴ
ĂƐŚ ĂŶĚ ĐĂƐŚ ĞƋƵŝǀĂůĞŶƚƐĂƚ ĞŶĚ ŽĨLJĞĂƌ	ϭϲ	ϯϮϭ͕ϰϰϬ	ϰ͕ϱϰϳ͕ϮϮϵ	Ϯϭϱ͕ϯϭϮ	ϰ͕ϭϱϵ͕Ϭϳϭ

dŚĞĂďŽǀĞƐƚĂƚĞŵĞŶƚƐŽĨĐĂƐŚĨůŽǁƐƐŚŽƵůĚďĞƌĞĂĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐ͘

EKd ϭ KhEd/E'WK>//^

dŚĞŽŵƉĂŶLJ ŝƐ Ă ƉƵďůŝĐ ůŝŵŝƚĞĚ ĐŽŵƉĂŶLJ ŝŶĐŽƌƉŽƌĂƚĞĚ ŝŶŶŐůĂŶĚ ĂŶĚtĂůĞƐ ĂŶĚ ŝƐ ůŝƐƚĞĚ ŽŶ ƚŚĞ/DŵĂƌŬĞƚ ŽĨ ƚŚĞ >ŽŶĚŽŶ ^ƚŽĐŬ džĐŚĂŶŐĞ͘

;ĂͿ ^ƚĂƚĞŵĞŶƚ ŽĨĐŽŵƉůŝĂŶĐĞ

;ďͿĂƐŝƐŽĨƉƌĞƉĂƌĂƚŝŽŶ ŽĨĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚŐŽŝŶŐĐŽŶĐĞƌŶ

dŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞƉƌĞƐĞŶƚĞĚŝŶƵƐƚƌĂůŝĂŶĚŽůůĂƌƐ;͞Ψ͟Ϳ͕ƌŽƵŶĚĞĚƚŽƚŚĞŶĞĂƌĞƐƚĚŽůůĂƌ͘

dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŽŶĂŐŽŝŶŐĐŽŶĐĞƌŶďĂƐŝƐǁŚŝĐŚĐŽŶƚĞŵƉůĂƚĞƐƚŚĞĐŽŶƚŝŶƵŝƚLJŽĨŶŽƌŵĂůďƵƐŝŶĞƐƐĂĐƚŝǀŝƚŝĞƐ ĂŶĚƚŚĞƌĞĂůŝƐĂƚŝŽŶŽĨĂƐƐĞƚƐĂŶĚĚŝƐĐŚĂƌŐĞŽĨůŝĂďŝůŝƚŝĞƐŝŶƚŚĞŽƌĚŝŶĂƌLJĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐ͘dŚĞŽŵƉĂŶLJŚĂƐŶŽƚŐĞŶĞƌĂƚĞĚƌĞǀĞŶƵĞƐ ĨƌŽŵŽƉĞƌĂƚŝŽŶƐ͘/ŶĐŽŵŵŽŶǁŝƚŚŵĂŶLJĞdžƉůŽƌĂƚŝŽŶĐŽŵƉĂŶŝĞƐ͕ƚŚĞŽŵƉĂŶLJƌĂŝƐĞƐĨŝŶĂŶĐĞĨŽƌŝƚƐĞdžƉůŽƌĂƚŝŽŶĂŶĚĂƉƉƌĂŝƐĂůĂĐƚŝǀŝƚŝĞƐ ŝŶĚŝƐĐƌĞƚĞƚƌĂŶĐŚĞƐ͘ƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ͕ƚŚĞ'ƌŽƵƉŚĂĚĂŶĞƚǁŽƌŬŝŶŐĐĂƉŝƚĂůĚĞĨŝĐŝƚƉŽƐŝƚŝŽŶŽĨΨϭ͕ϴϲϱ͕ϳϭϭ͕ĐŽŵƉĂƌĞĚǁŝƚŚĂŶĞƚ ĐƵƌƌĞŶƚĂƐƐĞƚƉŽƐŝƚŝŽŶŝŶϮϬϭϰŽĨΨϰ͕ϴϳϮ͕Ϯϲϴ͘ƐƐƵĐŚ͕ƚŚĞŽŵƉĂŶLJ͛ƐĂďŝůŝƚLJƚŽĐŽŶƚŝŶƵĞƚŽĂĚŽƉƚƚŚĞŐŽŝŶŐĐŽŶĐĞƌŶĂƐƐƵŵƉƚŝŽŶǁŝůů ĚĞƉĞŶĚƵƉŽŶĂŶƵŵďĞƌŽĨŵĂƚƚĞƌƐŝŶĐůƵĚŝŶŐĨƵƚƵƌĞƐƵĐĐĞƐƐĨƵůĐĂƉŝƚĂůƌĂŝƐŝŶŐƐĨŽƌŶĞĐĞƐƐĂƌLJĨƵŶĚŝŶŐĂŶĚƚŚĞƐƵĐĐĞƐƐĨƵůĞdžƉůŽƌĂƚŝŽŶĂŶĚ ƐƵďƐĞƋƵĞŶƚĞdžƉůŽŝƚĂƚŝŽŶŽĨƚŚĞ'ƌŽƵƉ͛ƐƚĞŶĞŵĞŶƚƐ͘

^ƵďƐĞƋƵĞŶƚ ƚŽ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ LJĞĂƌ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ĐŽŶƚŝŶƵĞĚ ŝƚƐ ĚƌŝůůŝŶŐ ŽƉĞƌĂƚŝŽŶƐ Ăƚ ŝƚƐ ĂƐĐĂďĞů ƉƌŽũĞĐƚ ĂŶĚ ŚĂƐ ŝŶĐƵƌƌĞĚ ĂƉƉƌŽdžŝŵĂƚĞůLJ Ψϭ͘Ϯ ŵŝůůŝŽŶ ŝŶ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ĞdžƉĞŶĚŝƚƵƌĞ ƚŽ ϯϭ KĐƚŽďĞƌ ϮϬϭϱ͘ /Ŷ ŽƌĚĞƌ ƚŽ ĨƵŶĚ ƚŚŝƐ ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ĞǀĂůƵĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞĂůŽŶŐǁŝƚŚƚŚĞŶĞƚĐƵƌƌĞŶƚĂƐƐĞƚĚĞĨŝĐŝƚ͕ƚŚĞŽŵƉĂŶLJƌĂŝƐĞĚΨϮ͘ϯϯŵŝůůŝŽŶƚŚƌŽƵŐŚƚŚĞĞdžĞĐƵƚŝŽŶŽĨĐŽŶǀĞƌƚŝďůĞ ŶŽƚĞĚĞĞĚƐĂŶĚĂ ĨƵƌƚŚĞƌΨϮ͘ϯϵŵŝůůŝŽŶ ƚŚƌŽƵŐŚ ƚŚĞŝƐƐƵĞŽĨϲϮ͕Ϯϲϯ͕ϱϯϰƐŚĂƌĞƐĂƚάϬ͘ϬϭϱǁŚŝĐŚǁĂƐĂĐŽŵďŝŶĂƚŝŽŶŽĨĐĂƐŚĂŶĚĚĞďƚ ĐŽŶǀĞƌƐŝŽŶƐ͘

/ƚƐŚŽƵůĚďĞŶŽƚĞĚƚŚĂƚƚŚĞĐƵƌƌĞŶƚǁŽƌŬŝŶŐĐĂƉŝƚĂůůĞǀĞůƐǁŝůůŶŽƚďĞƐƵĨĨŝĐŝĞŶƚƚŽďƌŝŶŐƚŚĞŽŵƉĂŶLJ͛ƐƉƌŽũĞĐƚƐŝŶƚŽĨƵůůĚĞǀĞůŽƉŵĞŶƚ ĂŶĚƉƌŽĚƵĐƚŝŽŶĂŶĚ͕ŝŶĚƵĞĐŽƵƌƐĞ͕ĨƵƌƚŚĞƌĨƵŶĚŝŶŐǁŝůůďĞƌĞƋƵŝƌĞĚ͘/ŶƚŚĞĞǀĞŶƚƚŚĂƚƚŚĞŽŵƉĂŶLJŝƐƵŶĂďůĞƚŽƐĞĐƵƌĞĨƵƌƚŚĞƌĨŝŶĂŶĐĞ ĞŝƚŚĞƌ ƚŚƌŽƵŐŚ ŽƚŚĞƌ ĨŝŶĂŶĐĞ ĂƌƌĂŶŐĞŵĞŶƚƐ Žƌ ĐĂƉŝƚĂů ƌĂŝƐŝŶŐƐ͕ ŝƚ ŵĂLJ ŶŽƚ ďĞ ĂďůĞ ƚŽ ĨƵůůLJ ĚĞǀĞůŽƉ ŝƚƐ ƉƌŽũĞĐƚƐ ĂŶĚ ƚŚŝƐ ŵĂLJ ŚĂǀĞ Ă ĐŽŶƐĞƋƵĞŶƚŝĂů ŝŵƉĂĐƚ ŽŶ ƚŚĞ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ ŽĨ ƚŚĞ ƌĞůĂƚĞĚ ĞdžƉůŽƌĂƚŝŽŶ ĂƐƐĞƚƐ ĂŶĚ ƚŚĞ ŝŶǀĞƐƚŵĞŶƚ ŽĨ ƚŚĞ ƉĂƌĞŶƚ ĐŽŵƉĂŶLJ ŝŶ ŝƚƐ ƐƵďƐŝĚŝĂƌŝĞƐ͘/ŶƚŚĞĂďƐĞŶĐĞŽĨƚŚĞƐĞŵĂƚƚĞƌƐďĞŝŶŐƐƵĐĐĞƐƐĨƵů͕ƚŚĞƌĞĞdžŝƐƚƐĂŵĂƚĞƌŝĂůƵŶĐĞƌƚĂŝŶƚLJƚŚĂƚŵĂLJĐĂƐƚƐŝŐŶŝĨŝĐĂŶƚĚŽƵďƚŽŶ ƚŚĞĞŶƚŝƚLJ͛ƐĂďŝůŝƚLJƚŽĐŽŶƚŝŶƵĞĂƐĂŐŽŝŶŐĐŽŶĐĞƌŶ͕ĂŶĚƚŚĞƌĞĨŽƌĞ͕ŝƚŵĂLJďĞƵŶĂďůĞƚŽƌĞĂůŝƐĞŝƚƐĂƐƐĞƚƐĂŶĚĚŝƐĐŚĂƌŐĞŝƚƐůŝĂďŝůŝƚŝĞƐŝŶƚŚĞ ŽƌĚŝŶĂƌLJĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐ͘

;ĐͿĂƐŝƐŽĨĐŽŶƐŽůŝĚĂƚŝŽŶ

;ŝͿ^ƵďƐŝĚŝĂƌŝĞƐ

tŚĞƌĞƚŚĞĐŽŵƉĂŶLJŚĂƐĐŽŶƚƌŽůŽǀĞƌĂŶŝŶǀĞƐƚĞĞ͕ŝƚŝƐĐůĂƐƐŝĨŝĞĚĂƐĂƐƵďƐŝĚŝĂƌLJ͘ dŚĞĐŽŵƉĂŶLJĐŽŶƚƌŽůƐĂŶŝŶǀĞƐƚĞĞŝĨĂůůƚŚƌĞĞŽĨ ƚŚĞ ĨŽůůŽǁŝŶŐĞůĞŵĞŶƚƐĂƌĞƉƌĞƐĞŶƚ͗ƉŽǁĞƌŽǀĞƌƚŚĞŝŶǀĞƐƚĞĞ͕ĞdžƉŽƐƵƌĞƚŽǀĂƌŝĂďůĞƌĞƚƵƌŶƐĨƌŽŵƚŚĞŝŶǀĞƐƚĞĞ͕ĂŶĚƚŚĞĂďŝůŝƚLJŽĨƚŚĞŝŶǀĞƐƚŽƌ ƚŽƵƐĞŝƚƐƉŽǁĞƌƚŽĂĨĨĞĐƚƚŚŽƐĞǀĂƌŝĂďůĞƌĞƚƵƌŶƐ͘ ŽŶƚƌŽůŝƐƌĞĂƐƐĞƐƐĞĚǁŚĞŶĞǀĞƌĨĂĐƚƐĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐŝŶĚŝĐĂƚĞƚŚĂƚƚŚĞƌĞŵĂLJďĞĂ ĐŚĂŶŐĞŝŶĂŶLJŽĨƚŚĞƐĞĞůĞŵĞŶƚƐŽĨĐŽŶƚƌŽů͘

dŚĞƐŝnjĞŽĨƚŚĞĐŽŵƉĂŶLJ͛ƐǀŽƚŝŶŐƌŝŐŚƚƐƌĞůĂƚŝǀĞƚŽďŽƚŚƚŚĞƐŝnjĞĂŶĚĚŝƐƉĞƌƐŝŽŶŽĨŽƚŚĞƌƉĂƌƚŝĞƐǁŚŽŚŽůĚǀŽƚŝŶŐƌŝŐŚƚƐ
^ƵďƐƚĂŶƚŝǀĞƉŽƚĞŶƚŝĂůǀŽƚŝŶŐƌŝŐŚƚƐŚĞůĚďLJƚŚĞĐŽŵƉĂŶLJĂŶĚďLJŽƚŚĞƌƉĂƌƚŝĞƐ
KƚŚĞƌĐŽŶƚƌĂĐƚƵĂůĂƌƌĂŶŐĞŵĞŶƚƐ
,ŝƐƚŽƌŝĐƉĂƚƚĞƌŶƐŝŶǀŽƚŝŶŐĂƚƚĞŶĚĂŶĐĞ͘

EKd ϭ KhEd/E'WK>//^ ;ĐŽŶƚŝŶƵĞĚͿ

;ĐͿĂƐŝƐŽĨĐŽŶƐŽůŝĚĂƚŝŽŶ ;ĐŽŶƚŝŶƵĞĚͿ

;ŝŝͿƐƐŽĐŝĂƚĞƐ

ƐƐŽĐŝĂƚĞƐ ĂƌĞ ĂůůĞŶƚŝƚŝĞƐ ŽǀĞƌ ǁŚŝĐŚ ƚŚĞ'ƌŽƵƉ ŚĂƐ ƐŝŐŶŝĨŝĐĂŶƚ ŝŶĨůƵĞŶĐĞ ďƵƚ ŶŽƚ ĐŽŶƚƌŽů Žƌ ũŽŝŶƚ ĐŽŶƚƌŽů͕ ŐĞŶĞƌĂůůLJ ĂĐĐŽŵƉĂŶLJŝŶŐ Ă ƐŚĂƌĞŚŽůĚŝŶŐŽĨďĞƚǁĞĞŶϮϬйĂŶĚϱϬйŽĨƚŚĞǀŽƚŝŶŐƌŝŐŚƚƐ͘ /ŶǀĞƐƚŵĞŶƚƐŝŶĂƐƐŽĐŝĂƚĞƐĂƌĞĂĐĐŽƵŶƚĞĚ ĨŽƌŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ƵƐŝŶŐ ƚŚĞ ĞƋƵŝƚLJ ŵĞƚŚŽĚ ŽĨ ĂĐĐŽƵŶƚŝŶŐ͕ ĂĨƚĞƌ ŝŶŝƚŝĂůůLJ ďĞŝŶŐ ƌĞĐŽŐŶŝƐĞĚ Ăƚ ĐŽƐƚ͘ dŚĞ 'ƌŽƵƉ͛Ɛ ŝŶǀĞƐƚŵĞŶƚ ŝŶ ĂƐƐŽĐŝĂƚĞƐ ŝŶĐůƵĚĞƐŐŽŽĚǁŝůů;ŶĞƚŽĨĂŶLJĂĐĐƵŵƵůĂƚĞĚŝŵƉĂŝƌŵĞŶƚůŽƐƐͿŝĚĞŶƚŝĨŝĞĚŽŶĂĐƋƵŝƐŝƚŝŽŶ͘

dŚĞ'ƌŽƵƉ͛Ɛ ƐŚĂƌĞ ŽĨ ŝƚƐ ĂƐƐŽĐŝĂƚĞƐ͛ ƉŽƐƚͲĂĐƋƵŝƐŝƚŝŽŶ ƉƌŽĨŝƚƐ Žƌ ůŽƐƐĞƐ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ĂŶĚ ŝƚƐ ƐŚĂƌĞ ŽĨ ƉŽƐƚͲĂĐƋƵŝƐŝƚŝŽŶ ŵŽǀĞŵĞŶƚƐ ŝŶ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ǁŚĞƌĞ ĂƉƉůŝĐĂďůĞ͘ dŚĞ ĐƵŵƵůĂƚŝǀĞ ƉŽƐƚͲ ĂĐƋƵŝƐŝƚŝŽŶŵŽǀĞŵĞŶƚƐĂƌĞĂĚũƵƐƚĞĚĂŐĂŝŶƐƚƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚ͘ ŝǀŝĚĞŶĚƐƌĞĐĞŝǀĂďůĞ ĨƌŽŵĂƐƐŽĐŝĂƚĞƐƌĞĚƵĐĞ ƚŚĞ ĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚ͘

tŚĞŶƚŚĞ'ƌŽƵƉ͛ƐƐŚĂƌĞŽĨůŽƐƐĞƐŝŶĂŶĂƐƐŽĐŝĂƚĞĞƋƵĂůƐŽƌĞdžĐĞĞĚƐŝƚƐŝŶƚĞƌĞƐƚŝŶƚŚĞĂƐƐŽĐŝĂƚĞ͕ŝŶĐůƵĚŝŶŐĂŶLJŽƚŚĞƌƵŶƐĞĐƵƌĞĚůŽŶŐͲ ƚĞƌŵƌĞĐĞŝǀĂďůĞƐ͕ƚŚĞ'ƌŽƵƉĚŽĞƐŶŽƚƌĞĐŽŐŶŝƐĞ ĨƵƌƚŚĞƌůŽƐƐĞƐ͕ƵŶůĞƐƐŝƚŚĂƐŝŶĐƵƌƌĞĚŽďůŝŐĂƚŝŽŶƐŽƌŵĂĚĞƉĂLJŵĞŶƚƐŽŶďĞŚĂůĨŽĨ ƚŚĞ ĂƐƐŽĐŝĂƚĞ͘

;ŝŝͿdƌĂŶƐĂĐƚŝŽŶƐĞůŝŵŝŶĂƚĞĚŽŶĐŽŶƐŽůŝĚĂƚŝŽŶ

EKd ϭ KhEd/E'WK>//^ ;ĐŽŶƚŝŶƵĞĚͿ

;ĚͿ &ŽƌĞŝŐŶ ĐƵƌƌĞŶĐLJ

dƌĂŶƐĂĐƚŝŽŶƐŝŶ ĨŽƌĞŝŐŶĐƵƌƌĞŶĐŝĞƐĂƌĞƚƌĂŶƐůĂƚĞĚĂƚƚŚĞ ĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƌĂƚĞƌƵůŝŶŐĂƚƚŚĞĚĂƚĞŽĨƚŚĞƚƌĂŶƐĂĐƚŝŽŶ͘DŽŶĞƚĂƌLJĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĚĞŶŽŵŝŶĂƚĞĚ ŝŶ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐŝĞƐ Ăƚ ƚŚĞ LJĞĂƌͲĞŶĚ ĂƌĞ ƚƌĂŶƐůĂƚĞĚ ŝŶƚŽƵƐƚƌĂůŝĂŶ ĚŽůůĂƌƐ Ăƚ ƚŚĞ ĨŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞ ƌĂƚĞ ƌƵůŝŶŐĂƚƚŚĂƚĚĂƚĞ͘ŶLJƌĞƐƵůƚĂŶƚĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞĐƵƌƌĞŶĐLJƚƌĂŶƐůĂƚŝŽŶĂŵŽƵŶƚŝƐƚĂŬĞŶƚŽƚŚĞƉƌŽĨŝƚĂŶĚůŽƐƐ͘

dŚĞŽŵƉĂŶLJ͛Ɛ ĨƵŶĐƚŝŽŶĂů ĂŶĚ ƉƌĞƐĞŶƚĂƚŝŽŶ ĐƵƌƌĞŶĐLJ ŝƐƵƐƚƌĂůŝĂŶ ĚŽůůĂƌƐ ;ΨͿ͘ dŚĞ ĞdžĐŚĂŶŐĞ ƌĂƚĞƐ ĂƉƉůŝĞĚ ŝŶ ƉƌĞƉĂƌĂƚŝŽŶ ŽĨ ƚŚĞƐĞ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƚϯϬ :ƵŶĞϮϬϭϱǁĞƌĞάϬ͘ϰϴϳϮͬΨϭ͘Ϭ͕h^ΨϬ͘ϳϲϱϳϱͬΨϭ͘ϬĂŶĚ^Ψϲ͘ϬϮϬϱͬΨϭ͘Ϭ ;ϯϬ :ƵŶĞϮϬϭϰ͗άϬ͘ϱϱϰϰͬΨϭ͘Ϭ͕ h^ΨϬ͘ϵϰϯϵͬΨϭ͘Ϭ ĂŶĚ ^Ψϲ͘ϵϬϬϭͬΨϭ͘ϬͿ͘ dŚĞ ĂǀĞƌĂŐĞ ĞdžĐŚĂŶŐĞ ƌĂƚĞƐ ĂƉƉůŝĞĚ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϬ :ƵŶĞ ϮϬϭϱ ǁĂƐ h^ΨϬ͘ϴϰϬϯϰͬΨϭ͘Ϭ;ϮϬϭϰ͗h^ΨϬ͘ϵϭϰϯͬΨϭ͘ϬͿ͘

;ĞͿ WƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ

;ŝͿKǁŶĞĚĂƐƐĞƚƐ

;ŝŝͿ^ƵďƐĞƋƵĞŶƚĐŽƐƚƐ

;ŝŝŝͿĞƉƌĞĐŝĂƚŝŽŶ

ĞƉƌĞĐŝĂƚŝŽŶŝƐĐŚĂƌŐĞĚƚŽƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐŽĨĞĂĐŚŝƚĞŵ ŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ͘dŚĞĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐŽĨĂůůĐĂƚĞŐŽƌŝĞƐŽĨĂƐƐĞƚƐĂƌĞ͗

ϯ LJĞĂƌƐ
ϱ LJĞĂƌƐ
ϱ LJĞĂƌƐ
ϱ LJĞĂƌƐ
ϭϮ LJĞĂƌƐ

EKd ϭ KhEd/E'WK>//^ ;ŽŶƚŝŶƵĞĚͿ

;ĨͿ/ŶƚĂŶŐŝďůĞ ĂƐƐĞƚƐ

ĞĨĞƌƌĞĚĞdžƉůŽƌĂƚŝŽŶĐŽƐƚƐ

;ŐͿ >ŽĂŶƐƌĞĐĞŝǀĂďůĞƐ͕ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐĂŶĚ ƉƌĞƉĂLJŵĞŶƚƐ

;ŚͿ ĂƐŚ ĂŶĚ ĐĂƐŚ ĞƋƵŝǀĂůĞŶƚƐ

;ŝͿ/ŵƉĂŝƌŵĞŶƚ

dŚĞƉĞƌŝŽĚĨŽƌǁŚŝĐŚƚŚĞĞŶƚŝƚLJŚĂƐƚŚĞƌŝŐŚƚƚŽĞdžƉůŽƌĞŝŶƚŚĞƐƉĞĐŝĨŝĐĂƌĞĂŚĂƐĞdžƉŝƌĞĚĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚŽƌǁŝůůĞdžƉŝƌĞ ŝŶƚŚĞŶĞĂƌĨƵƚƵƌĞ͕ĂŶĚŝƐŶŽƚĞdžƉĞĐƚĞĚƚŽďĞƌĞŶĞǁĞĚ͖
^ƵďƐƚĂŶƚŝǀĞĞdžƉĞŶĚŝƚƵƌĞŽŶĨƵƌƚŚĞƌĞdžƉůŽƌĂƚŝŽŶĨŽƌĂŶĚĞǀĂůƵĂƚŝŽŶŽĨŵŝŶĞƌĂůƌĞƐŽƵƌĐĞƐŝŶƚŚĞƐƉĞĐŝĨŝĐĂƌĞĂŝƐŶĞŝƚŚĞƌ ďƵĚŐĞƚĞĚŶŽƌƉůĂŶŶĞĚ͖
džƉůŽƌĂƚŝŽŶĨŽƌĂŶĚĞǀĂůƵĂƚŝŽŶŽĨŵŝŶĞƌĂůƌĞƐŽƵƌĐĞƐŝŶƚŚĞƐƉĞĐŝĨŝĐĂƌĞĂŚĂǀĞŶŽƚůĞĚƚŽƚŚĞĚŝƐĐŽǀĞƌLJŽĨĐŽŵŵĞƌĐŝĂůůLJ ǀŝĂďůĞƋƵĂŶƚŝƚŝĞƐŽĨŵŝŶĞƌĂů ƌĞƐŽƵƌĐĞƐĂŶĚ ƚŚĞĞŶƚŝƚLJŚĂƐĚĞĐŝĚĞĚ ƚŽĚŝƐĐŽŶƚŝŶƵĞƐƵĐŚĂĐƚŝǀŝƚŝĞƐŝŶ ƚŚĞƐƉĞĐŝĨŝĐĂƌĞĂ͖ ĂŶĚ
^ƵĨĨŝĐŝĞŶƚ ĚĂƚĂĞdžŝƐƚ ƚŽŝŶĚŝĐĂƚĞ ƚŚĂƚ͕ĂůƚŚŽƵŐŚĂ ĚĞǀĞůŽƉŵĞŶƚŝŶ ƚŚĞ ƐƉĞĐŝĨŝĐĂƌĞĂŝƐůŝŬĞůLJ ƚŽ ƉƌŽĐĞĞĚ͕ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚŽĨƚŚĞĞdžƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶĂƐƐĞƚŝƐƵŶůŝŬĞůLJƚŽďĞƌĞĐŽǀĞƌĞĚŝŶĨƵůůĨƌŽŵƐƵĐĐĞƐƐĨƵůĚĞǀĞůŽƉŵĞŶƚŽƌďLJ ƐĂůĞ͘

;ũͿ ^ŚĂƌĞ ĐĂƉŝƚĂů

dŚĞŽŵƉĂŶLJ͛ƐŽƌĚŝŶĂƌLJƐŚĂƌĞƐĂƌĞĐůĂƐƐŝĨŝĞĚĂƐĞƋƵŝƚLJ͘

EKd ϭ KhEd/E'WK>//^ ;ŽŶƚŝŶƵĞĚͿ

;ŬͿ ŵƉůŽLJĞĞďĞŶĞĨŝƚƐ

;ŝͿ^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƚƌĂŶƐĂĐƚŝŽŶƐ

;ŝŝͿZĞƚŝƌĞŵĞŶƚďĞŶĞĨŝƚƐ

;ůͿ WƌŽǀŝƐŝŽŶƐ

;ŵͿ dƌĂĚĞ ĂŶĚ ŽƚŚĞƌ ƉĂLJĂďůĞƐ

dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐĂƌĞŶŽƚŝŶƚĞƌĞƐƚďĞĂƌŝŶŐĂŶĚĂƌĞƐƚĂƚĞĚĂƚƚŚĞŝƌŶŽŵŝŶĂůǀĂůƵĞ͘ dŚĞĞĨĨĞĐƚŽĨĚŝƐĐŽƵŶƚŝŶŐŝƐŝŵŵĂƚĞƌŝĂů͘

;ŶͿ ZĞǀĞŶƵĞ

ƵƌŝŶŐ ƚŚĞĞdžƉůŽƌĂƚŝŽŶ ƉŚĂƐĞ͕ ĂŶLJ ƌĞǀĞŶƵĞ ŐĞŶĞƌĂƚĞĚ ĨƌŽŵ ŝŶĐŝĚĞŶƚĂů ƐĂůĞƐ ŝƐ ƚƌĞĂƚĞĚ ĂƐ Ă ĐŽŶƚƌŝďƵƚŝŽŶ ƚŽǁĂƌĚƐ ƉƌĞǀŝŽƵƐůLJ ŝŶĐƵƌƌĞĚ ĐŽƐƚƐĂŶĚŽĨĨƐĞƚĂĐĐŽƌĚŝŶŐůLJ͘

;ŽͿ KƚŚĞƌ ŝŶĐŽŵĞ

KƚŚĞƌŝŶĐŽŵĞŝƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĂƐŝƚĂĐĐƌƵĞƐ͘

;ƉͿ &ŝŶĂŶĐŝŶŐĐŽƐƚƐĂŶĚ ŝŶĐŽŵĞ

;ŝͿ&ŝŶĂŶĐŝŶŐĐŽƐƚƐ

&ŝŶĂŶĐŝŶŐĐŽƐƚƐĐŽŵƉƌŝƐĞŝŶƚĞƌĞƐƚƉĂLJĂďůĞŽŶďŽƌƌŽǁŝŶŐƐĐĂůĐƵůĂƚĞĚƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚƌĂƚĞŵĞƚŚŽĚ͘

;ŝŝͿ&ŝŶĂŶĐĞŝŶĐŽŵĞ

;ƋͿ dĂdžĂƚŝŽŶ

EKd ϭ KhEd/E'WK>//^ ;ŽŶƚŝŶƵĞĚͿ

;ƌͿ ^ĞŐŵĞŶƚ ƌĞƉŽƌƚŝŶŐ

dŚĞ'ƌŽƵƉ ĚĞƚĞƌŵŝŶĞƐĂŶĚ ƉƌĞƐĞŶƚƐ ŽƉĞƌĂƚŝŶŐ ƐĞŐŵĞŶƚƐ ďĂƐĞĚ ŽŶŝŶĨŽƌŵĂƚŝŽŶ ƚŚĂƚŝƐ ŝŶƚĞƌŶĂůůLJ ƉƌŽǀŝĚĞĚ ƚŽ ƚŚĞŽĂƌĚ ŽĨŝƌĞĐƚŽƌƐ͕ ǁŚŽĂƌĞƚŚĞ'ƌŽƵƉ͛ƐĐŚŝĞĨŽƉĞƌĂƚŝŶŐĚĞĐŝƐŝŽŶŵĂŬĞƌƐ͘

Ŷ ŽƉĞƌĂƚŝŶŐ ƐĞŐŵĞŶƚ ŝƐ Ă ĐŽŵƉŽŶĞŶƚ ŽĨ ƚŚĞ'ƌŽƵƉ ƚŚĂƚĞŶŐĂŐĞƐ ŝŶ ďƵƐŝŶĞƐƐ ĂĐƚŝǀŝƚŝĞƐ ĨƌŽŵ ǁŚŝĐŚ ŝƚŵĂLJ ĞĂƌŶ ƌĞǀĞŶƵĞƐ ĂŶĚ ŝŶĐƵƌ ĞdžƉĞŶƐĞƐ͕ ŝŶĐůƵĚŝŶŐ ƌĞǀĞŶƵĞƐ ĂŶĚ ĞdžƉĞŶƐĞƐ ƚŚĂƚ ƌĞůĂƚĞ ƚŽ ƚƌĂŶƐĂĐƚŝŽŶƐ ǁŝƚŚ ĂŶLJ ŽĨ ƚŚĞ 'ƌŽƵƉ͛Ɛ ŽƚŚĞƌ ĐŽŵƉŽŶĞŶƚƐ͘ Ŷ ŽƉĞƌĂƚŝŶŐ ƐĞŐŵĞŶƚ͛ƐŽƉĞƌĂƚŝŶŐƌĞƐƵůƚƐĂŶĚĂƐƐĞƚƉŽƐŝƚŝŽŶĂƌĞƌĞǀŝĞǁĞĚƌĞŐƵůĂƌůLJďLJƚŚĞŽĂƌĚƚŽŵĂŬĞĚĞĐŝƐŝŽŶƐĂďŽƵƚƌĞƐŽƵƌĐĞƐƚŽďĞĂůůŽĐĂƚĞĚ ƚŽƚŚĞƐĞŐŵĞŶƚĂŶĚĂƐƐĞƐƐŝƚƐƉĞƌĨŽƌŵĂŶĐĞ͕ĨŽƌǁŚŝĐŚĚŝƐĐƌĞƚĞĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶŝƐĂǀĂŝůĂďůĞ͘

^ĞŐŵĞŶƚƌĞƐƵůƚƐƚŚĂƚĂƌĞƌĞƉŽƌƚĞĚƚŽƚŚĞŽĂƌĚŝŶĐůƵĚĞŝƚĞŵƐĚŝƌĞĐƚůLJĂƚƚƌŝďƵƚĂďůĞƚŽĂƐĞŐŵĞŶƚ͕ĂƐǁĞůůĂƐƚŚŽƐĞƚŚĂƚĐĂŶďĞĂůůŽĐĂƚĞĚ ŽŶĂ ƌĞĂƐŽŶĂďůĞ ďĂƐŝƐ͘hŶĂůůŽĐĂƚĞĚŝƚĞŵƐĐŽŵƉƌŝƐĞŵĂŝŶůLJĐŽƌƉŽƌĂƚĞŽĨĨŝĐĞĂƐƐĞƚƐ͕ŚĞĂĚŽĨĨŝĐĞĞdžƉĞŶƐĞƐ͕ĂŶĚŝŶĐŽŵĞ ƚĂdžĂƐƐĞƚƐĂŶĚ ůŝĂďŝůŝƚŝĞƐ͘

;ƐͿƵƐŝŶĞƐƐŽŵďŝŶĂƚŝŽŶƐ

ƵƐŝŶĞƐƐ ĐŽŵďŝŶĂƚŝŽŶƐ ŽĐĐƵƌ ǁŚĞƌĞ ĂŶ ĂĐƋƵŝƌĞƌ ŽďƚĂŝŶƐ ĐŽŶƚƌŽů ŽǀĞƌ ŽŶĞ ŽƌŵŽƌĞ ďƵƐŝŶĞƐƐĞƐ ĂŶĚ ƌĞƐƵůƚƐ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚŝŽŶ ŽĨ ŝƚƐ ĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͘

ƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƐĂƌĞĂĐĐŽƵŶƚĞĚĨŽƌďLJĂƉƉůLJŝŶŐƚŚĞĂĐƋƵŝƐŝƚŝŽŶŵĞƚŚŽĚ͕ƵŶůĞƐƐŝƚŝƐĂĐŽŵďŝŶĂƚŝŽŶŝŶǀŽůǀŝŶŐĞŶƚŝƚŝĞƐŽƌďƵƐŝŶĞƐƐĞƐ ƵŶĚĞƌ ĐŽŵŵŽŶ ĐŽŶƚƌŽů͘ dŚĞĂĐƋƵŝƐŝƚŝŽŶŵĞƚŚŽĚ ƌĞƋƵŝƌĞƐ ƚŚĂƚ ĨŽƌĞĂĐŚ ďƵƐŝŶĞƐƐ ĐŽŵďŝŶĂƚŝŽŶ ŽŶĞ ŽĨ ƚŚĞ ĐŽŵďŝŶŝŶŐĞŶƚŝƚŝĞƐŵƵƐƚ ďĞ ŝĚĞŶƚŝĨŝĞĚĂƐƚŚĞĂĐƋƵŝƌĞƌ ;ŝ͘Ğ͘ƉĂƌĞŶƚĞŶƚŝƚLJͿ͘ dŚĞďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶǁŝůůďĞĂĐĐŽƵŶƚĞĚ ĨŽƌĂƐĂƚ ƚŚĞĂĐƋƵŝƐŝƚŝŽŶĚĂƚĞ͕ǁŚŝĐŚŝƐ ƚŚĞ ĚĂƚĞ ƚŚĂƚ ĐŽŶƚƌŽů ŽǀĞƌ ƚŚĞ ĂĐƋƵŝƌĞĞ ŝƐ ŽďƚĂŝŶĞĚ ďLJ ƚŚĞ ƉĂƌĞŶƚ ĞŶƚŝƚLJ͘ ƚ ƚŚŝƐ ĚĂƚĞ͕ ƚŚĞ ƉĂƌĞŶƚ ƐŚĂůů ƌĞĐŽŐŶŝƐĞ͕ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĂĐĐŽƵŶƚƐ͕ĂŶĚƐƵďũĞĐƚƚŽĐĞƌƚĂŝŶůŝŵŝƚĞĚĞdžĐĞƉƚŝŽŶƐ͕ƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞŝĚĞŶƚŝĨŝĂďůĞĂƐƐĞƚƐĂĐƋƵŝƌĞĚĂŶĚůŝĂďŝůŝƚŝĞƐĂƐƐƵŵĞĚ͘ /ŶĂĚĚŝƚŝŽŶ͕ ĐŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚŝĞƐŽĨƚŚĞĂĐƋƵŝƌĞĞǁŝůůďĞƌĞĐŽŐŶŝƐĞĚǁŚĞƌĞĂƉƌĞƐĞŶƚŽďůŝŐĂƚŝŽŶŚĂƐďĞĞŶŝŶĐƵƌƌĞĚĂŶĚŝƚƐĨĂŝƌǀĂůƵĞĐĂŶďĞƌĞůŝĂďůLJ ŵĞĂƐƵƌĞĚ͘

dŚĞĂĐƋƵŝƐŝƚŝŽŶŵĂLJƌĞƐƵůƚŝŶƚŚĞƌĞĐŽŐŶŝƚŝŽŶŽĨŐŽŽĚǁŝůůŽƌĂŐĂŝŶĨƌŽŵĂďĂƌŐĂŝŶƉƵƌĐŚĂƐĞ͘ dŚĞŵĞƚŚŽĚĂĚŽƉƚĞĚĨŽƌƚŚĞŵĞĂƐƵƌĞŵĞŶƚ ŽĨŐŽŽĚǁŝůůǁŝůůŝŵƉĂĐƚ ŽŶ ƚŚĞŵĞĂƐƵƌĞŵĞŶƚ ŽĨĂŶLJ ŶŽŶͲĐŽŶƚƌŽůůŝŶŐ ŝŶƚĞƌĞƐƚ ƚŽ ďĞ ƌĞĐŽŐŶŝƐĞĚŝŶ ƚŚĞĂĐƋƵŝƌĞĞǁŚĞƌĞ ůĞƐƐ ƚŚĂŶϭϬϬй ŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚŝƐŚĞůĚŝŶƚŚĞĂĐƋƵŝƌĞĞ͘

;ƚͿ WƌŽũĞĐƚ &ŝŶĂŶĐŝŶŐͬ&ĂƌŵͲŽƵƚƐ

dŚĞ'ƌŽƵƉ͕ ĨƌŽŵƚŝŵĞƚŽƚŝŵĞ͕ĞŶƚĞƌƐŝŶƚŽ ĨƵŶĚŝŶŐĂƌƌĂŶŐĞŵĞŶƚƐǁŝƚŚƚŚŝƌĚƉĂƌƚŝĞƐŝŶŽƌĚĞƌƚŽƉƌŽŐƌĞƐƐƐƉĞĐŝĨŝĐƉƌŽũĞĐƚƐ͘dŚĞ'ƌŽƵƉ ĂĐĐŽƵŶƚƐĨŽƌƚŚĞƌĞůĂƚĞĚĞdžƉůŽƌĂƚŝŽŶĐŽƐƚƐŝŶůŝŶĞǁŝƚŚƚŚĞƚĞƌŵƐŽĨƚŚĞƐƉĞĐŝĨŝĐĂŐƌĞĞŵĞŶƚ͘ŽƐƚƐŝŶĐƵƌƌĞĚďLJ ^Žů'ŽůĚƉůĐĂƌĞƌĞĐŽŐŶŝƐĞĚ ĂƐŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐǁŝƚŚŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ŽƐƚƐŝŶĐƵƌƌĞĚďLJƚŚŝƌĚƉĂƌƚŝĞƐĂƌĞŶŽƚƌĞĐŽŐŶŝƐĞĚďLJ ^Žů'ŽůĚƉůĐ͘

EKd ϭ KhEd/E'WK>//^ ;ŽŶƚŝŶƵĞĚͿ

;ƵͿ >ĞĂƐĞƐ

ĞĂƐĞƐŽĨĨŝdžĞĚĂƐƐĞƚƐǁŚĞƌĞƐƵďƐƚĂŶƚŝĂůůLJĂůůƚŚĞƌŝƐŬƐĂŶĚďĞŶĞĨŝƚƐŝŶĐŝĚĞŶƚĂůƚŽƚŚĞŽǁŶĞƌƐŚŝƉŽĨƚŚĞĂƐƐĞƚ͕ďƵƚŶŽƚƚŚĞůĞŐĂůŽǁŶĞƌƐŚŝƉ ĂƌĞƚƌĂŶƐĨĞƌƌĞĚƚŽĞŶƚŝƚŝĞƐŝŶƚŚĞ'ƌŽƵƉ͕ĂƌĞĐůĂƐƐŝĨŝĞĚĂƐĨŝŶĂŶĐĞůĞĂƐĞƐ͘

ĞĂƐĞĚĂƐƐĞƚƐĂƌĞĚĞƉƌĞĐŝĂƚĞĚŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞƐŚŽƌƚĞƌŽĨƚŚĞŝƌĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐŽƌƚŚĞůĞĂƐĞƚĞƌŵ͘

ĞĂƐĞƉĂLJŵĞŶƚƐĨŽƌŽƉĞƌĂƚŝŶŐůĞĂƐĞƐ͕ǁŚĞƌĞƐƵďƐƚĂŶƚŝĂůůLJĂůůƚŚĞƌŝƐŬƐĂŶĚďĞŶĞĨŝƚƐƌĞŵĂŝŶǁŝƚŚƚŚĞůĞƐƐŽƌ͕ĂƌĞĐŚĂƌŐĞĚĂƐĞdžƉĞŶƐĞƐŽŶĂ ƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞƉĞƌŝŽĚŽĨƚŚĞůĞĂƐĞ͘

;ǀͿ &ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐ

ZĞĐŽŐŶŝƚŝŽŶĂŶĚ/ŶŝƚŝĂůDĞĂƐƵƌĞŵĞŶƚ

ůĂƐƐŝĨŝĐĂƚŝŽŶĂŶĚ^ƵďƐĞƋƵĞŶƚDĞĂƐƵƌĞŵĞŶƚ

;ŝͿ >ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ

ŽĂŶƐ ĂŶĚ ƌĞĐĞŝǀĂďůĞƐ ĂƌĞ ŶŽŶͲĚĞƌŝǀĂƚŝǀĞ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ǁŝƚŚ ĨŝdžĞĚ Žƌ ĚĞƚĞƌŵŝŶĂďůĞ ƉĂLJŵĞŶƚƐ ƚŚĂƚ ĂƌĞ ŶŽƚ ƋƵŽƚĞĚ ŝŶ ĂŶ ĂĐƚŝǀĞŵĂƌŬĞƚĂŶĚĂƌĞƐƵďƐĞƋƵĞŶƚůLJŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚƌĂƚĞŵĞƚŚŽĚ͘

;ŝŝͿ &ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐ

&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ ĨĂŝƌǀĂůƵĞ ƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐĂƌĞ ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ ŚĞůĚ ĨŽƌ ƚƌĂĚŝŶŐ͘ ĨŝŶĂŶĐŝĂůĂƐƐĞƚŝƐĐůĂƐƐŝĨŝĞĚŝŶ ƚŚŝƐ ĐĂƚĞŐŽƌLJŝĨĂĐƋƵŝƌĞĚƉƌŝŶĐŝƉĂůůLJĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨƐĞůůŝŶŐŝŶƚŚĞƐŚŽƌƚƚĞƌŵ͘ĞƌŝǀĂƚŝǀĞƐĂƌĞĐůĂƐƐŝĨŝĞĚĂƐŚĞůĚĨŽƌƚƌĂĚŝŶŐƵŶůĞƐƐ ƚŚĞLJĂƌĞĚĞƐŝŐŶĂƚĞĚĂƐŚĞĚŐĞƐ͘ƐƐĞƚƐŝŶƚŚŝƐĐĂƚĞŐŽƌLJĂƌĞĐůĂƐƐŝĨŝĞĚĂƐĐƵƌƌĞŶƚĂƐƐĞƚƐ͘dŚĞƐĞĂƐƐĞƚƐĂƌĞŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ ǁŝƚŚŐĂŝŶƐŽƌůŽƐƐĞƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƉƌŽĨŝƚŽƌůŽƐƐ͘

;ŝŝŝͿ ǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ

;ŝǀͿ &ŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ

EŽŶͲĚĞƌŝǀĂƚŝǀĞ ĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐ ;ĞdžĐůƵĚŝŶŐ ĨŝŶĂŶĐŝĂů ŐƵĂƌĂŶƚĞĞƐͿ ĂƌĞ ƐƵďƐĞƋƵĞŶƚůLJ ŵĞĂƐƵƌĞĚ Ăƚ ĂŵŽƌƚŝƐĞĚ ĐŽƐƚ ƵƐŝŶŐ ƚŚĞ ĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚƌĂƚĞŵĞƚŚŽĚ͘

&ĂŝƌǀĂůƵĞ

ĞƌĞĐŽŐŶŝƚŝŽŶ

EKd ϭ KhEd/E'WK>//^ ;ŽŶƚŝŶƵĞĚͿ

;ǀͿ &ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐ;ĐŽŶƚŝŶƵĞĚͿ

/ŵƉĂŝƌŵĞŶƚŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ

tŚĞƌĞƚŚĞƌĞŝƐŽďũĞĐƚŝǀĞĞǀŝĚĞŶĐĞƚŚĂƚĂŶĂǀĂŝůĂďůĞĨŽƌƐĂůĞĨŝŶĂŶĐŝĂůĂƐƐĞƚŝƐŝŵƉĂŝƌĞĚ;ƐƵĐŚĂƐĂƐŝŐŶŝĨŝĐĂŶƚŽƌƉƌŽůŽŶŐĞĚĚĞĐůŝŶĞŝŶƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ĂŶ ĂǀĂŝůĂďůĞ ĨŽƌ ƐĂůĞ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚͿ ƚŚĞ ĐƵŵƵůĂƚŝǀĞ ůŽƐƐ ƚŚĂƚ ŚĂƐ ďĞĞŶ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ŝƐ ƌĞĐůĂƐƐŝĨŝĞĚ ĨƌŽŵĞƋƵŝƚLJ ƚŽ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ĂƐ Ă ƌĞĐůĂƐƐŝĨŝĐĂƚŝŽŶ ĂĚũƵƐƚŵĞŶƚ͘ tŚĞŶ Ă ƐƵďƐĞƋƵĞŶƚĞǀĞŶƚ ƌĞĚƵĐĞƐ ƚŚĞ ŝŵƉĂŝƌŵĞŶƚ ŽĨ ĂŶ ĂǀĂŝůĂďůĞ ĨŽƌ ƐĂůĞ ĚĞďƚ ƐĞĐƵƌŝƚLJ ƚŚĞ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ŝƐ ƌĞǀĞƌƐĞĚ ƚŚƌŽƵŐŚ ƉƌŽĨŝƚ Žƌ ůŽƐƐ͘ tŚĞŶ Ă ƐƵďƐĞƋƵĞŶƚ ĞǀĞŶƚ ƌĞĚƵĐĞƐ ƚŚĞ ŝŵƉĂŝƌŵĞŶƚŽĨĂŶĂǀĂŝůĂďůĞĨŽƌƐĂůĞĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƚŚĞĨĂŝƌǀĂůƵĞŝŶĐƌĞĂƐĞĚŝƐƌĞĐŽŐŶŝƐĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͘

;ǁͿ ĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐĨŽƌ ƚŚĞ ŽŵƉĂŶLJ

;ŝͿŽŵƉĂŶLJƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ

;ŝŝͿ^ƵďƐŝĚŝĂƌLJŝŶǀĞƐƚŵĞŶƚƐ

/ŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌLJƵŶĚĞƌƚĂŬŝŶŐƐĂƌĞƐƚĂƚĞĚĂƚĐŽƐƚůĞƐƐŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͘džƉĞŶĚŝƚƵƌĞŝŶĐƵƌƌĞĚďLJƉůĐŽŶďĞŚĂůĨŽĨĂƐƵďƐŝĚŝĂƌLJ͕ ĨŽƌĂƐƐĞƚƐƚŚĂƚĐŽƵůĚďĞĐĂƉŝƚĂůŝƐĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/&Z^ϲ͕ŝƐƌĞĐŽƌĚĞĚǁŝƚŚŝŶŝŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌLJƵŶĚĞƌƚĂŬŝŶŐƐ͘

;džͿ EĂƚƵƌĞ ĂŶĚ ƉƵƌƉŽƐĞ ŽĨƌĞƐĞƌǀĞƐ

;ŝͿǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐƌĞƐĞƌǀĞ

;ŝŝͿ^ŚĂƌĞŽƉƚŝŽŶƌĞƐĞƌǀĞ

dŚĞƐŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐƌĞƐĞƌǀĞŝƐƵƐĞĚƚŽƌĞĐŽŐŶŝƐĞ͗

ƚŚĞŐƌĂŶƚĚĂƚĞĨĂŝƌǀĂůƵĞŽĨŽƉƚŝŽŶƐŝƐƐƵĞĚƚŽĞŵƉůŽLJĞĞƐďƵƚŶŽƚĞdžĞƌĐŝƐĞĚ͘
ƚŚĞŐƌĂŶƚĚĂƚĞĨĂŝƌǀĂůƵĞŽĨƐŚĂƌĞƐŝƐƐƵĞĚƚŽĞŵƉůŽLJĞĞƐ͘

;ŝŝŝͿŚĂŶŐĞŝŶƉƌŽƉŽƌƚŝŽŶĂƚĞŝŶƚĞƌĞƐƚƌĞƐĞƌǀĞ

dŚŝƐ ƌĞƐĞƌǀĞ ŝƐ ƵƐĞĚ ƚŽ ƌĞĐŽƌĚ ƚŚĞ ĚŝĨĨĞƌĞŶĐĞƐ ǁŚŝĐŚŵĂLJ ĂƌŝƐĞ ĂƐ Ă ƌĞƐƵůƚ ŽĨ ƚƌĂŶƐĂĐƚŝŽŶƐ ǁŝƚŚ ŶŽŶͲĐŽŶƚƌŽůůŝŶŐ ŝŶƚĞƌĞƐƚƐ ƚŚĂƚ ĚŽ ŶŽƚ ƌĞƐƵůƚŝŶĂůŽƐƐŽĨĐŽŶƚƌŽů͘

;ŝǀͿ&ŽƌĞŝŐŶĐƵƌƌĞŶĐLJƚƌĂŶƐůĂƚŝŽŶƌĞƐĞƌǀĞ

džĐŚĂŶŐĞ ĚŝĨĨĞƌĞŶĐĞƐ ĂƌŝƐŝŶŐ ŽŶ ƚƌĂŶƐůĂƚŝŽŶ ŽĨ ĨŽƌĞŝŐŶ ĐŽŶƚƌŽůůĞĚ ĞŶƚŝƚŝĞƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĂŶĚ ĂĐĐƵŵƵůĂƚĞĚŝŶĂ ƐĞƉĂƌĂƚĞ ƌĞƐĞƌǀĞǁŝƚŚŝŶĞƋƵŝƚLJ͘ dŚĞ ĐƵŵƵůĂƚŝǀĞĂŵŽƵŶƚŝƐ ƌĞĐůĂƐƐŝĨŝĞĚ ƚŽ ƉƌŽĨŝƚ ŽƌůŽƐƐǁŚĞŶ ƚŚĞ ŶĞƚŝŶǀĞƐƚŵĞŶƚŝƐ ĚŝƐƉŽƐĞĚŽĨ͘

EKd ϭ KhEd/E'WK>//^ ;ŽŶƚŝŶƵĞĚͿ

;LJͿ ŚĂŶŐĞƐŝŶ ĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐ

dŚĞ'ƌŽƵƉŚĂƐĂƉƉůŝĞĚĂůůŽĨƚŚĞŶĞǁƐƚĂŶĚĂƌĚƐĂŶĚĂŵĞŶĚŵĞŶƚƐĂƉƉůŝĐĂďůĞĨŽƌƚŚĞĂŶŶƵĂůƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚĐŽŵŵĞŶĐŝŶŐϭ:ƵůLJ ϮϬϭϰ͗

^ƚĂŶĚĂƌĚƐĂŶĚ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐĞĨĨĞĐƚŝǀĞ ĂŶĚ ĂĚŽƉƚĞĚ ŝŶ ƚŚĞ ĐƵƌƌĞŶƚ LJĞĂƌ

dŚĞĨŽůůŽǁŝŶŐƐƚĂŶĚĂƌĚƐ͕ŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐĂŶĚĂŵĞŶĚŵĞŶƚƐďĞĐĂŵĞĞĨĨĞĐƚŝǀĞĚƵƌŝŶŐƚŚĞLJĞĂƌĂŶĚǁĞƌĞĂĚŽƉƚĞĚďLJƚŚĞ'ƌŽƵƉĂŶĚ ŽŵƉĂŶLJ͘ dŚĞƐĞŚĂǀĞŶŽŵĂƚĞƌŝĂůĞĨĨĞĐƚŽŶƚŚĞ'ƌŽƵƉŽƌŽŵƉĂŶLJ͘


^ƚĂŶĚĂƌĚƐ	ĞƚĂŝůƐŽĨĂŵĞŶĚŵĞŶƚ	ŶŶƵĂů ƉĞƌŝŽĚƐďĞŐŝŶŶŝŶŐŽŶ Žƌ ĂĨƚĞƌ
/&Z^ ϭϬ ŽŶƐŽůŝĚĂƚĞĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ	/&Z^ ϭϬŝŶƚƌŽĚƵĐĞƐĂƐŝŶŐůĞĐŽŶƚƌŽůŵŽĚĞů	ϭ:ĂŶƵĂƌLJ ϮϬϭϰ
	ƚŽĚĞƚĞƌŵŝŶĞǁŚĞƚŚĞƌĂŶŝŶǀĞƐƚĞĞƐŚŽƵůĚďĞ
	ĐŽŶƐŽůŝĚĂƚĞĚ͘ dŚĞ/&Z^ƐƵƉĞƌƐĞĚĞƐ/^ Ϯϳ
	ŽŶƐŽůŝĚĂƚĞĚ ĂŶĚ ^ĞƉĂƌĂƚĞ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ
	ĂŶĚ^/ͲϭϮ ŽŶƐŽůŝĚĂƚŝŽŶͶ^ƉĞĐŝĂů WƵƌƉŽƐĞ
	ŶƚŝƚŝĞƐ͘
/&Z^ ϭϭ:ŽŝŶƚƌƌĂŶŐĞŵĞŶƚƐ	dŚĞ/&Z^ƐƵƉĞƌƐĞĚĞƐ/^ ϯϭ /ŶƚĞƌĞƐƚƐŝŶ:ŽŝŶƚ	ϭ:ĂŶƵĂƌLJ ϮϬϭϰ
	sĞŶƚƵƌĞƐĂŶĚ^/Ͳϭϯ:ŽŝŶƚůLJ ŽŶƚƌŽůůĞĚ ŶƚŝƚŝĞƐͶ
	EŽŶͲ DŽŶĞƚĂƌLJ ŽŶƚƌŝďƵƚŝŽŶƐ ďLJsĞŶƚƵƌĞƌƐ͘
	hŶĚĞƌ/&Z^ ϭϭ͕ƚŚĞƐƚƌƵĐƚƵƌĞŽĨƚŚĞũŽŝŶƚ
	ĂƌƌĂŶŐĞŵĞŶƚ͕ĂůƚŚŽƵŐŚƐƚŝůůĂŶŝŵƉŽƌƚĂŶƚ
	ĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ŝƐŶŽůŽŶŐĞƌƚŚĞŵĂũŽƌĨĂĐƚŽƌŝŶ
	ĚĞƚĞƌŵŝŶŝŶŐƚŚĞƚLJƉĞŽĨũŽŝŶƚĂƌƌĂŶŐĞŵĞŶƚĂŶĚ
	ƚŚĞƌĞĨŽƌĞƚŚĞƐƵďƐĞƋƵĞŶƚĂĐĐŽƵŶƚŝŶŐ
/&Z^ ϭϮ ŝƐĐůŽƐƵƌĞŽĨ/ŶƚĞƌĞƐƚƐŝŶKƚŚĞƌŶƚŝƚŝĞƐ	/&Z^ ϭϮ ŝƐĐůŽƐƵƌĞ ŽĨ /ŶƚĞƌĞƐƚƐ ŝŶ KƚŚĞƌ ŶƚŝƚŝĞƐ	ϭ:ĂŶƵĂƌLJ ϮϬϭϰ
	ĂƉƉůŝĞƐƚŽĞŶƚŝƚŝĞƐƚŚĂƚŚĂǀĞĂŶŝŶƚĞƌĞƐƚŝŶĂ
	ƐƵďƐŝĚŝĂƌLJ͕ĂũŽŝŶƚĂƌƌĂŶŐĞŵĞŶƚ͕ĂŶĂƐƐŽĐŝĂƚĞŽƌ
	ĂŶƵŶĐŽŶƐŽůŝĚĂƚĞĚƐƚƌƵĐƚƵƌĞĚĞŶƚŝƚLJ͘ /&Z^ ϭϮ
	ƌĞƋƵŝƌĞƐƚŚĞ
	ĚŝƐĐůŽƐƵƌĞŽĨŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚŚĞŶĂƚƵƌĞ͕ƌŝƐŬƐ
	ĂŶĚĨŝŶĂŶĐŝĂůĞĨĨĞĐƚƐŽĨƚŚĞƐĞŝŶƚĞƌĞƐƚƐ͘
/^ Ϯϳ ^ĞƉĂƌĂƚĞ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ	/^ Ϯϳ ;ϮϬϭϭͿƐƵƉĞƌƐĞĚĞƐ/^ Ϯϳ ;ϮϬϬϴͿ͘ /^ Ϯϳ	ϭ:ĂŶƵĂƌLJ ϮϬϭϰ
	;ϮϬϭϭͿĐĂƌƌŝĞƐĨŽƌǁĂƌĚƚŚĞĞdžŝƐƚŝŶŐĂĐĐŽƵŶƚŝŶŐ
	ĂŶĚĚŝƐĐůŽƐƵƌĞƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƐĞƉĂƌĂƚĞ
	ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ǁŝƚŚƐŽŵĞŵŝŶŽƌ
	ĐůĂƌŝĨŝĐĂƚŝŽŶƐ͘ /&Z^ ϭϬ ŽŶƐŽůŝĚĂƚĞĚ &ŝŶĂŶĐŝĂů
	^ƚĂƚĞŵĞŶƚƐ ĂĚĚƌĞƐƐĞƐƚŚĞƉƌŝŶĐŝƉůĞŽĨĐŽŶƚƌŽů
	ĂŶĚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐƌĞůĂƚŝŶŐƚŽƚŚĞ
	ƉƌĞƉĂƌĂƚŝŽŶŽĨĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂů
	ƐƚĂƚĞŵĞŶƚƐ͘
/^ Ϯϴ /ŶǀĞƐƚŵĞŶƚƐŝŶƐƐŽĐŝĂƚĞƐĂŶĚ:ŽŝŶƚ	/^ Ϯϴ ;ϮϬϭϭͿƐƵƉĞƌƐĞĚĞƐ/^ Ϯϴ ;ϮϬϬϴͿĂŶĚ	ϭ:ĂŶƵĂƌLJ ϮϬϭϰ
sĞŶƚƵƌĞƐ	ĐĂƌƌŝĞƐĨŽƌǁĂƌĚƚŚĞĞdžŝƐƚŝŶŐĂĐĐŽƵŶƚŝŶŐĂŶĚ
	ĚŝƐĐůŽƐƵƌĞƌĞƋƵŝƌĞŵĞŶƚƐǁŝƚŚůŝŵŝƚĞĚ
	ĂŵĞŶĚŵĞŶƚƐ͘ KŶĐĞƐƐĂƚŝŽŶŽĨƐŝŐŶŝĨŝĐĂŶƚ ŝŶĨůƵĞŶĐĞŽƌũŽŝŶƚĐŽŶƚƌŽů͕ĞǀĞŶŝĨĂŶ
	ŝŶǀĞƐƚŵĞŶƚŝŶĂŶĂƐƐŽĐŝĂƚĞďĞĐŽŵĞƐĂŶ
	ŝŶǀĞƐƚŵĞŶƚŝŶĂũŽŝŶƚǀĞŶƚƵƌĞŽƌǀŝĐĞǀĞƌƐĂ͕ƚŚĞ
	ĐŽŵƉĂŶLJĚŽĞƐŶŽƚƌĞͲŵĞĂƐƵƌĞƚŚĞƌĞƚĂŝŶĞĚ
	ŝŶƚĞƌĞƐƚ͘
/^ ϯϮ KĨĨƐĞƚƚŝŶŐ&ŝŶĂŶĐŝĂůƐƐĞƚƐĂŶĚ&ŝŶĂŶĐŝĂů	dŚĞĂŵĞŶĚŵĞŶƚƐĐůĂƌŝĨLJǁŚĞŶĂŶĞŶƚŝƚLJĐĂŶ	ϭ:ĂŶƵĂƌLJ ϮϬϭϰ
ůŝĂďŝůŝƚŝĞƐ	ŽĨĨƐĞƚĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ͘
/^ ϯϲ ZĞĐŽǀĞƌĂďůĞŵŽƵŶƚƐ;ĂŵĞŶĚŵĞŶƚƐͿ	dŚĞĂŵĞŶĚŵĞŶƚƐƌĞǀĞƌƐĞƚŚĞƵŶŝŶƚĞŶĚĞĚ	ϭ:ĂŶƵĂƌLJ ϮϬϭϰ
	ƌĞƋƵŝƌĞŵĞŶƚŝŶ/&Z^ ϭϯ &ĂŝƌsĂůƵĞ DĞĂƐƵƌĞŵĞŶƚ
	ƚŽĚŝƐĐůŽƐĞƚŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŽĨĞǀĞƌLJ
	ĐĂƐŚͲŐĞŶĞƌĂƚŝŶŐƵŶŝƚƚŽ
	ǁŚŝĐŚƐŝŐŶŝĨŝĐĂŶƚŐŽŽĚǁŝůůŽƌŝŶĚĞĨŝŶŝƚĞͲůŝǀĞĚ
	ŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐŚĂǀĞďĞĞŶĂůůŽĐĂƚĞĚ͘ hŶĚĞƌƚŚĞ
	ĂŵĞŶĚŵĞŶƚƐ͕ƚŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŝƐ
	ƌĞƋƵŝƌĞĚƚŽďĞĚŝƐĐůŽƐĞĚŽŶůLJǁŚĞŶĂŶ
	ŝŵƉĂŝƌŵĞŶƚůŽƐƐŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚŽƌ
	ƌĞǀĞƌƐĞĚ͘

EKd ϭ KhEd/E'WK>//^ ;ŽŶƚŝŶƵĞĚͿ

;LJͿ ŚĂŶŐĞƐŝŶ ĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐ

^ƚĂŶĚĂƌĚƐĂŶĚ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐĞĨĨĞĐƚŝǀĞ ĂŶĚ ĂĚŽƉƚĞĚ ŝŶ ƚŚĞ ĐƵƌƌĞŶƚ LJĞĂƌ ;ŽŶƚŝŶƵĞĚͿ

^ƚĂŶĚĂƌĚƐ	ĞƚĂŝůƐŽĨĂŵĞŶĚŵĞŶƚ	ŶŶƵĂů ƉĞƌŝŽĚƐďĞŐŝŶŶŝŶŐŽŶ Žƌ ĂĨƚĞƌ
ŶŶƵĂů ŝŵƉƌŽǀĞŵĞŶƚƐ ƚŽ /&Z^ ϭ ;ϮϬϭϬ ͲϮϬϭϮ ĂŶĚ	ůĂƌŝĨŝĐĂƚŝŽŶƐ ĂƐ ƉƌŽǀŝĚĞĚ ŽŶ ǀĂƌŝŽƵƐ ƐƚĂŶĚĂƌĚƐ	ϭ :ƵůLJ ϮϬϭϰ
ϮϬϭϭ ʹ ϮϬϭϯ ĐLJĐůĞƐͿ	ǁŝƚŚŝŶ ƚŚĞ ĐLJĐůĞƐ ŚĂǀĞ ďĞĞŶ ĐŽŶƐŝĚĞƌĞĚ ŝŶ
	ƉƌĞƉĂƌĂƚŝŽŶ ŽĨ ƚŚĞ ĐƵƌƌĞŶƚ LJĞĂƌ ĨŝŶĂŶĐŝĂů
	ƐƚĂƚĞŵĞŶƚƐ͘
/&Z/ Ϯϭ >ĞǀŝĞƐ	/&Z/ Ϯϭ ƉƌŽǀŝĚĞƐ ŐƵŝĚĂŶĐĞ ŽŶ ĂĐĐŽƵŶƚŝŶŐ ĨŽƌ	ϭ :ĂŶƵĂƌLJ ϮϬϭϰ
	ůĞǀŝĞƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ /^ ϯϳ WƌŽǀŝƐŝŽŶƐ͕
	ŽŶƚŝŶŐĞŶƚ >ŝĂďŝůŝƚŝĞƐ ĂŶĚ ƐƐĞƚƐ ĨŽƌ ƚŚĞ ĞŶƚŝƚLJ
	ƚŚĂƚ ŝƐ ƉĂLJŝŶŐ ƚŚĞ ůĞǀLJ͘

/ŶƚĞƌŶĂƚŝŽŶĂů ĐĐŽƵŶƚŝŶŐ ^ƚĂŶĚĂƌĚƐ ĂŶĚ /ŶƚĞƌƉƌĞƚĂƚŝŽŶƐ ƚŚĂƚ ŚĂǀĞ ďĞĞŶ ƌĞĐĞŶƚůLJ ŝƐƐƵĞĚ Žƌ ĂŵĞŶĚĞĚ ďƵƚ ĂƌĞ ŶŽƚ LJĞƚ ĞĨĨĞĐƚŝǀĞ ŚĂǀĞ ŶŽƚ ďĞĞŶ ĂĚŽƉƚĞĚ ďLJ ƚŚĞ 'ƌŽƵƉ ĨŽƌ ƚŚĞ ĂŶŶƵĂů ƌĞƉŽƌƚŝŶŐ ƉĞƌŝŽĚ ĞŶĚŝŶŐ ϯϬ :ƵŶĞ ϮϬϭϱ͘dŚĞ ŝŵƉĂĐƚ ŽĨ ƚŚĞ ĂĚŽƉƚŝŽŶ ŽĨ ƚŚĞƐĞ ŶĞǁ ƐƚĂŶĚĂƌĚƐ ĂŶĚ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐ ŝƐ LJĞƚ ƚŽ ďĞ ĂƐƐĞƐƐĞĚ ďLJ ƚŚĞ 'ƌŽƵƉ͘

dŚĞ ŽŵƉĂŶLJ ĂŶƚŝĐŝƉĂƚĞƐ ƚŚĂƚ Ăůů ŽĨ ƚŚĞ ƌĞůĞǀĂŶƚ ƉƌŽŶŽƵŶĐĞŵĞŶƚƐ ǁŝůů ďĞ ĂĚŽƉƚĞĚ ŝŶ ƚŚĞ 'ƌŽƵƉ͛Ɛ ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐŝĞƐ ĨŽƌ ƚŚĞ ĨŝƌƐƚ ƉĞƌŝŽĚ ďĞŐŝŶŶŝŶŐ ĂĨƚĞƌ ƚŚĞ ĞĨĨĞĐƚŝǀĞ ĚĂƚĞ ŽĨ ƚŚĞ ƉƌŽŶŽƵŶĐĞŵĞŶƚ͘/ŶĨŽƌŵĂƚŝŽŶ ŽĨ ŶĞǁ ƐƚĂŶĚĂƌĚƐ͕ ĂŵĞŶĚŵĞŶƚƐ ĂŶĚ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐ ƚŚĂƚ ĂƌĞ ĞdžƉĞĐƚĞĚ ƚŽ ďĞ ƌĞůĞǀĂŶƚ ƚŽ ƚŚĞ 'ƌŽƵƉ͛Ɛ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŝƐ ƉƌŽǀŝĚĞĚ ďĞůŽǁ͘

ͻ/&Z^ ϵ͚&ŝŶĂŶĐŝĂů /ŶƐƚƌƵŵĞŶƚƐ͖͛ĂŶĚ

ͻ/&Z^ ϭϱ͚ZĞǀĞŶƵĞ ĨƌŽŵ ĐŽŶƚƌĂĐƚƐ ǁŝƚŚ ĐƵƐƚŽŵĞƌƐ͛͘

dŚĞ ĚŝƌĞĐƚŽƌƐ ĚŽ ŶŽƚ ĞdžƉĞĐƚ ƚŚĂƚ ƚŚĞ ĂĚŽƉƚŝŽŶ ŽĨ ƚŚĞ ƐƚĂŶĚĂƌĚƐ ůŝƐƚĞĚ ĂďŽǀĞ ǁŝůů ŚĂǀĞ Ă ŵĂƚĞƌŝĂů ŝŵƉĂĐƚ ŽŶ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ƚŚĞ 'ƌŽƵƉ ŝŶ ĨƵƚƵƌĞ ƉĞƌŝŽĚƐ͕ ĞdžĐĞƉƚ ƚŚĂƚ /&Z^ ϵ ǁŝůů ŝŵƉĂĐƚ ďŽƚŚ ƚŚĞ ŵĞĂƐƵƌĞŵĞŶƚ ĂŶĚ ĚŝƐĐůŽƐƵƌĞƐ ŽĨ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ĂŶĚ /&Z^ ϭϱ ŵĂLJ ŚĂǀĞ ĂŶ ŝŵƉĂĐƚ ŽŶ ƌĞǀĞŶƵĞ ƌĞĐŽŐŶŝƚŝŽŶ ĂŶĚ ƌĞůĂƚĞĚ ĚŝƐĐůŽƐƵƌĞƐ͘

EKd Ϯ ^'DEd ZWKZd/E'

dŚĞ ŐƌŽƵƉ ĚĞƚĞƌŵŝŶĞƐ ĂŶĚ ƐĞƉĂƌĂƚĞůLJ ƌĞƉŽƌƚƐ ŽƉĞƌĂƚŝŶŐ ƐĞŐŵĞŶƚƐ ďĂƐĞĚ ŽŶ ŝŶĨŽƌŵĂƚŝŽŶ ƚŚĂƚ ŝƐ ŝŶƚĞƌŶĂůůLJ ƉƌŽǀŝĚĞĚ ƚŽ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ͕ǁŚŽĂƌĞƚŚĞ'ƌŽƵƉ͛ƐĐŚŝĞĨŽƉĞƌĂƚŝŶŐĚĞĐŝƐŝŽŶŵĂŬĞƌƐ͘

dŚĞ'ƌŽƵƉŚĂƐŽƵƚůŝŶĞĚďĞůŽǁƚŚĞƐĞƉĂƌĂƚĞůLJƌĞƉŽƌƚĂďůĞŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐ͕ŚĂǀŝŶŐƌĞŐĂƌĚƚŽƚŚĞƋƵĂŶƚŝƚĂƚŝǀĞƚŚƌĞƐŚŽůĚƚĞƐƚƐƉƌŽǀŝĚĞĚ ŝŶ/&Z^ϴ͕ŶĂŵĞůLJ ƚŚĂƚ ƚŚĞ ƌĞůĂƚŝǀĞ ƌĞǀĞŶƵĞ͕ĂƐƐĞƚŽƌƉƌŽĨŝƚͬ ;ůŽƐƐͿƉŽƐŝƚŝŽŶŽĨ ƚŚĞŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚĞƋƵĂƚĞƐ ƚŽϭϬйŽƌŵŽƌĞŽĨ ƚŚĞ 'ƌŽƵƉ͛ƐƌĞƐƉĞĐƚŝǀĞƚŽƚĂů͘dŚĞ'ƌŽƵƉƌĞƉŽƌƚƐŝŶĨŽƌŵĂƚŝŽŶƚŽƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĂůŽŶŐĐŽŵƉĂŶLJůŝŶĞƐ͘dŚĂƚŝƐ͕ƚŚĞĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ ŽĨ ^Žů'ŽůĚ ĂŶĚĞĂĐŚ ŽĨ ŝƚƐ ƐƵďƐŝĚŝĂƌLJ ĐŽŵƉĂŶŝĞƐ ŝƐ ƌĞƉŽƌƚĞĚ ĚŝƐĐƌĞĞƚůLJ͕ ƚŽŐĞƚŚĞƌ ǁŝƚŚ ĂŶ ĂŐŐƌĞŐĂƚĞĚ'ƌŽƵƉ ƚŽƚĂů͘ ĐĐŽƌĚŝŶŐůLJ͕ĞĂĐŚ ĐŽŵƉĂŶLJ ǁŝƚŚŝŶ ƚŚĞ 'ƌŽƵƉ ƚŚĂƚ ŵĞĞƚƐ Žƌ ĞdžĐĞĞĚƐ ƚŚĞ ƚŚƌĞƐŚŽůĚ ƚĞƐƚƐ ŽƵƚůŝŶĞĚ ĂďŽǀĞ ŝƐ ƐĞƉĂƌĂƚĞůLJ ĚŝƐĐůŽƐĞĚ ďĞůŽǁ͘ dŚĞ ĨŝŶĂŶĐŝĂů ŝŶĨŽƌŵĂƚŝŽŶ ŽĨ ƚŚĞ ƐƵďƐŝĚŝĂƌŝĞƐ ƚŚĂƚ ĚŽ ŶŽƚ ĞdžĐĞĞĚ ƚŚĞ ƚŚƌĞƐŚŽůĚƐ ŽƵƚůŝŶĞĚ ĂďŽǀĞ͕ ĂŶĚ ŝƐ ƚŚĞƌĞĨŽƌĞ ŶŽƚ ƌĞƉŽƌƚĞĚ ƐĞƉĂƌĂƚĞůLJ͕ ŝƐ ĂŐŐƌĞŐĂƚĞĚĂƐKƚŚĞƌ^ƵďƐŝĚŝĂƌŝĞƐ͘

ϯϬ :ƵŶĞ ϮϬϭϱ	&ŝŶĂŶĐĞ /ŶĐŽŵĞ	dŽƚĂů /ŶĐŽŵĞ	>ŽƐƐ ĨŽƌ ƚŚĞ LJĞĂƌ	ƐƐĞƚƐ	>ŝĂďŝůŝƚŝĞƐ	^ŚĂƌĞ ĂƐĞĚ WĂLJŵĞŶƚƐ	ĞƉƌĞĐŝĂƚŝŽŶ
	Ψ	Ψ	Ψ	Ψ	Ψ	Ψ	Ψ
^Žů'ŽůĚ	ϵ͕ϴϳϯ	ϵ͕ϴϳϯ	;ϯ͕ϴϲϴ͕ϵϱϭͿ	ϯϭ͕ϵϵϯ͕ϴϰϲ	ϭ͕ϯϰϵ͕ϳϱϬ	ϱϵ͕ϱϵϱ	ϵ͕ϱϳϯ
ZD	ϭϴϲ	ϭϴϲ	;ϯϴϵ͕ϲϯϰͿ	ϯϮϬ͕ϭϯϵ	ϯϮ͕ϵϬϰ͕ϰϮϭ	Ͳ	Ϯ͕ϰϱϱ
ĞŶƚƌĂůDŝŶĞƌĂůƐ	ϭϬ	ϭϬ	ϭϮ͕Ϭϳϳ	ϯ͕ϲϳϬ͕ϰϮϯ	ϭϯ͕ϭϴϲ͕ϭϭϵ	Ͳ	ϭ͕ϭϲϲ
ĐĂƉƵůĐŽDŝŶŝŶŐ	ϱϬϬ	ϱϬϬ	;ϭϯϬ͕ϵϱϳͿ	ϱ͕ϴϭϮ͕ϱϵϱ	ϯ͕ϳϲϳ͕ϴϮϯ	Ͳ	ϱ͕ϭϴϱ
^ŽůŽŵŽŶ
KƉĞƌĂƚŝŽŶƐ	Ͳ	Ͳ	ϳϭ͕ϱϭϬ	ϰ	ϵ͕ϵϰϴ	Ͳ	Ͳ
,ŽŶŝĂƌĂ,ŽůĚŝŶŐƐ	Ͳ	Ͳ	;Ϯ͕ϯϯϳͿ	Ͳ	ϵϱϳ͕ϱϲϮ	Ͳ	Ͳ
'ƵĂĚĂůĐĂŶĂů
džƉůŽƌĂƚŝŽŶ	Ͳ	Ͳ	;ϰ͕ϰϰϮͿ	Ϯ͕ϯϯϴ	ϭ͕Ϯϭϳ͕ϯϳϮ	Ͳ	Ͳ
E^	Ͳ	Ͳ	;Ϯϳϱ͕ϱϬϬͿ	ϭϱ͕ϵϳϱ͕ϰϵϴ	ϭϬ͕ϰϯϭ͕ϲϯϰ	Ͳ	Ͳ
ŽŶƐŽůŝĚĂƚŝŽŶͬ
ůŝŵŝŶĂƚŝŽŶ	Ͳ	Ͳ	ϯϰϵ͕ϱϳϯ	;Ϯϱ͕Ϭϳϳ͕ϴϱϴͿ	;ϲϭ͕ϰϴϲ͕ϭϴϯͿ	Ͳ	Ͳ
dŽƚĂů	ϭϬ͕ϱϳϬ	ϭϬ͕ϱϳϬ	;ϰ͕Ϯϯϴ͕ϲϲϭͿ	ϯϮ͕ϲϵϲ͕ϵϴϱ	Ϯ͕ϯϯϴ͕ϰϰϲ	ϱϵ͕ϱϵϱ	ϭϴ͕ϯϳϴ

ϯϬ :ƵŶĞ ϮϬϭϰ	&ŝŶĂŶĐĞ /ŶĐŽŵĞ	dŽƚĂů /ŶĐŽŵĞ	>ŽƐƐ ĨŽƌ ƚŚĞ LJĞĂƌ	ƐƐĞƚƐ	>ŝĂďŝůŝƚŝĞƐ	^ŚĂƌĞ ĂƐĞĚ WĂLJŵĞŶƚƐ	ĞƉƌĞĐŝĂƚŝŽŶ
	Ψ	Ψ	Ψ	Ψ	Ψ	Ψ	Ψ
^Žů'ŽůĚ	ϭϲ͕ϱϯϭ	ϭϲ͕ϱϯϭ	;ϰ͕ϲϬϵ͕ϭϭϴͿ	ϯϬ͕ϳϮϮ͕ϵϳϱ	ϰϮϴ͕ϳϬϴ	ϭϵϭ͕Ϯϲϰ	ϭϬ͕Ϯϱϰ
ZD	ϮϬϲ	ϱϬ͕ϳϭϬ	;ϵϵϬ͕ϰϯϬͿ	ϱϮϳ͕ϳϰϲ	ϯϮ͕ϳϮϮ͕ϯϵϯ	Ͳ	ϭϯ͕Ϭϲϰ
ĞŶƚƌĂůDŝŶĞƌĂůƐ	ϴ	ϴ	;ϰϭ͕ϬϴϰͿ	ϯ͕ϲϳϲ͕Ϭϵϵ	ϭϯ͕ϮϬϯ͕ϴϳϮ	Ͳ	Ϯ͕ϮϲϮ
ĐĂƉƵůĐŽDŝŶŝŶŐ	ϲϯϲ	ϲϯϲ	;ϰϵ͕ϰϮϳͿ	ϱ͕ϵϯϰ͕ϯϮϱ	ϯ͕ϳϱϴ͕ϱϵϲ	Ͳ	ϱ͕ϭϴϯ
^ŽůŽŵŽŶ
KƉĞƌĂƚŝŽŶƐ	Ͳ	Ͳ	;Ϯϵ͕ϳϰϲͿ	ϭϮ	ϴϭ͕ϰϱϳ	Ͳ	Ͳ
,ŽŶŝĂƌĂ,ŽůĚŝŶŐƐ	Ͳ	Ͳ	;Ϯ͕ϭϰϭͿ	Ϯ͕Ϭϱϭ	ϵϱϳ͕Ϯϳϲ	Ͳ	Ͳ
'ƵĂĚĂůĐĂŶĂů
džƉůŽƌĂƚŝŽŶ	Ͳ	Ͳ	;ϭ͕ϭϱϭ͕ϵϬϮͿ	ϱ͕Ϯϵϰ	ϭ͕Ϯϭϱ͕ϴϵϰ	Ͳ	Ͳ
ŽŶƐŽůŝĚĂƚŝŽŶͬ
ůŝŵŝŶĂƚŝŽŶ	ϴϬϯ	ϴϬϯ	;Ϯ͕ϮϭϱͿ	ϯ͕ϱϯϲ͕ϯϮϴ	Ϯ͕ϳϱϭ͕ϲϱϮ	Ͳ	ϰ͕Ϯϲϭ
dŽƚĂů	Ͳ	Ͳ	Ϯ͕Ϭϰϰ͕ϴϰϲ	;ϭϰ͕Ϭϰϴ͕ϲϬϭͿ	;ϱϰ͕ϯϯϮ͕ϱϰϳͿ	Ͳ	Ͳ
	ϭϴ͕ϭϴϱ	ϲϴ͕ϲϴϵ	;ϰ͕ϴϯϭ͕ϮϭϲͿ	ϯϬ͕ϯϱϲ͕ϮϮϵ	ϳϴϳ͕ϯϬϭ	ϭϵϭ͕Ϯϲϰ	ϯϱ͕ϬϮϱ

'ĞŽŐƌĂƉŚŝĐĂů ŝŶĨŽƌŵĂƚŝŽŶ

EŽŶͲĐƵƌƌĞŶƚ ĂƐƐĞƚƐ	ϮϬϭϱ Ψ	ϮϬϭϰ Ψ
h<	Ͳ	Ͳ
ƵƐƚƌĂůŝĂ	ϭϲ͕ϯϭϴ͕Ϯϱϭ	ϭϴ͕ϭϳϬ͕ϲϴϰ
^ŽůŽŵŽŶ/ƐůĂŶĚƐ	Ͳ	ϱϬϲ͕ϭϰϱ
ĐƵĂĚŽƌ	ϭϱ͕ϵϬϱ͕ϳϰϴ	ϲ͕Ϭϭϵ͕ϴϯϭ

dŚĞ'ƌŽƵƉŚĂĚŶŽƌĞǀĞŶƵĞĚƵƌŝŶŐƚŚĞĐƵƌƌĞŶƚĂŶĚƉƌŝŽƌLJĞĂƌ͘

EKd ϯ >K^^&KZ dy

	'ƌŽƵƉ ϮϬϭϱ Ψ	'ƌŽƵƉ ϮϬϭϰ Ψ
>ŽƐƐŝƐƐƚĂƚĞĚ ĂĨƚĞƌ ĐŚĂƌŐŝŶŐ;ĐƌĞĚŝƚŝŶŐͿ
ƵĚŝƚŽƌƐ͛ƌĞŵƵŶĞƌĂƚŝŽŶ͗
ŵŽƵŶƚƐƌĞĐĞŝǀĞĚŽƌĚƵĞĂŶĚƌĞĐĞŝǀĂďůĞďLJK;h<ͿĨŽƌ͗
dŚĞĂƵĚŝƚŽĨƚŚĞĐŽŵƉĂŶLJ͛ƐĂŶŶƵĂůĂĐĐŽƵŶƚƐ	ϯϲ͕ϵϬϬ	ϯϬ͕ϯϮϱ
ŵŽƵŶƚƐƌĞĐĞŝǀĞĚŽƌĚƵĞĂŶĚƌĞĐĞŝǀĂďůĞďLJƌĞůĂƚĞĚƉƌĂĐƚŝĐĞƐŽĨK;h<ͿĨŽƌ͗
dŚĞĂƵĚŝƚŽĨƚŚĞĐŽŵƉĂŶLJ͛ƐĂŶŶƵĂůĂĐĐŽƵŶƚƐ	ϯϰ͕ϵϭϬ	Ϯϰ͕ϲϳϱ

ĞƉƌĞĐŝĂƚŝŽŶ	ϭϴ͕ϯϳϴ	ϯϱ͕ϬϮϱ
&ŽƌĞŝŐŶĞdžĐŚĂŶŐĞ;ŐĂŝŶƐͿͬůŽƐƐĞƐ	;ϭϮϮ͕ϲϮϯͿ	Ϯϵ͕ϳϲϰ
^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƐ	ϱϵ͕ϱϵϱ	ϭϵϭ͕Ϯϲϰ

EKdϰ ^d&& EhDZ^ EK^d^

	'ƌŽƵƉ ϮϬϭϱ	'ƌŽƵƉ ϮϬϭϰ	ŽŵƉĂŶLJ ϮϬϭϱ	ŽŵƉĂŶLJ ϮϬϭϰ
ŽƌƉŽƌĂƚĞĨŝŶĂŶĐĞĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝŽŶ	ϭϭ	ϭϬ	ϳ	ϳ
dĞĐŚŶŝĐĂů	ϭϬϬ	ϭϮϬ	Ϯ	ϰ
	ϭϭϭ	ϭϯϬ	ϵ	ϭϭ

dŚĞĂŐŐƌĞŐĂƚĞƉĂLJƌŽůůĐŽƐƚƐŽĨƚŚĞƐĞƉĞƌƐŽŶƐǁĞƌĞĂƐĨŽůůŽǁƐ͗

	'ƌŽƵƉ ϮϬϭϱ Ψ	'ƌŽƵƉ ϮϬϭϰ Ψ	ŽŵƉĂŶLJ ϮϬϭϱ Ψ	ŽŵƉĂŶLJ ϮϬϭϰ Ψ
tĂŐĞƐĂŶĚƐĂůĂƌŝĞƐ	Ϯ͕ϳϲϯ͕Ϯϴϰ	ϭ͕ϳϲϳ͕ϲϴϴ	ϳϲϱ͕ϮϮϵ	ϭ͕ϭϲϲ͕ϲϴϬ
ŽŶƚƌŝďƵƚŝŽŶƐƚŽƐƵƉĞƌĂŶŶƵĂƚŝŽŶ	Ϯϭϱ͕ϮϮϴ	ϭϳϯ͕Ϭϵϰ	ϱϴ͕ϭϳϭ	ϲϮ͕ϴϬϰ
^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƐ	ϭϳ͕ϱϯϰ	ϭϵϭ͕Ϯϲϰ	ϭϳ͕ϱϯϰ	ϭϵϭ͕Ϯϲϰ
dŽƚĂůƐƚĂĨĨĐŽƐƚƐ	Ϯ͕ϵϵϲ͕Ϭϰϲ	Ϯ͕ϭϯϮ͕Ϭϰϲ	ϴϰϬ͕ϵϯϰ	ϭ͕ϰϮϬ͕ϳϰϴ

/ŶĐůƵĚĞĚǁŝƚŚŝŶƚŽƚĂůƐƚĂĨĨĐŽƐƚƐŝƐΨϭ͕ϵϳϳ͕ϱϵϮ;ϮϬϭϰ͗Ψϭ͕ϰϰϮ͕ϳϭϮͿǁŚŝĐŚŚĂƐďĞĞŶĐĂƉŝƚĂůŝƐĞĚĂƐƉĂƌƚŽĨĚĞĨĞƌƌĞĚĞdžƉůŽƌĂƚŝŽŶĐŽƐƚƐ͘

EKd ϱZDhEZd/KE K&

	ĂƐŝĐ ŶŶƵĂů ^ĂůĂƌLJ Ψ	ϭ KƚŚĞƌĞŶĞĨŝƚƐ Ψ	WĞŶƐŝŽŶƐ Ψ	dŽƚĂů ZĞŵƵŶĞƌĂƚŝŽŶ Ψ
ϮϬϭϱ
ŝƌĞĐƚŽƌƐ
ůĂŶDĂƌƚŝŶ	ϰϰϰ͕ϴϰϵϭ	Ͳ	Ϯϴ͕Ϭϭϭ	ϰϳϮ͕ϴϲϬ
EŝĐŚŽůĂƐDĂƚŚĞƌ	ϭϱϬ͕ϬϬϬ	ϭϴ͕ϰϮϯ	Ͳ	ϭϲϴ͕ϰϮϯ
ƌŝĂŶDŽůůĞƌ	ϱϬ͕ϬϬϬ	ϭϯ͕ϱϮϲ	Ͳ	ϲϯ͕ϱϮϲ
ZŽďĞƌƚtĞŝŶďĞƌŐ	ϱϬ͕ϬϬϬ	ϭϬ͕ϱϰϮ	Ͳ	ϲϬ͕ϱϰϮ
:ŽŚŶŽǀĂƌĚ	ϱϬ͕ϬϬϬ	ϭϬ͕ϱϰϮ	Ͳ	ϲϬ͕ϱϰϮ
^ƚĂĨĨĂŶĚ ĐŽŶƚƌĂĐƚŽƌƐ	Ϯ͕ϯϭϴ͕ϰϯϱ	Ͳ	ϭϱϳ͕Ϭϱϳ	Ϯ͕ϰϳϱ͕ϰϵϮ
dKd>	ϯ͕Ϭϲϯ͕Ϯϴϰ	ϱϯ͕Ϭϯϯ	ϭϴϱ͕Ϭϲϴ	ϯ͕ϯϬϭ͕ϯϴϱ

	ĂƐŝĐ ŶŶƵĂů ^ĂůĂƌLJ Ψ	ϭ KƚŚĞƌĞŶĞĨŝƚƐ Ψ	WĞŶƐŝŽŶƐ Ψ	dŽƚĂů ZĞŵƵŶĞƌĂƚŝŽŶ Ψ
ϮϬϭϰ
ŝƌĞĐƚŽƌƐ
ůĂŶDĂƌƚŝŶ	Ϯϴϵ͕ϴϬϴ	Ϯϰ͕ϰϯϰ	Ϯϱ͕ϳϳϴ	ϯϰϬ͕ϬϮϬ
EŝĐŚŽůĂƐDĂƚŚĞƌ	ϭϱϯ͕ϳϱϬ	ϴϭ͕ϰϴϲ	Ͳ	Ϯϯϱ͕Ϯϯϲ
ƌŝĂŶDŽůůĞƌ	ϰϳ͕Ϭϴϯ	Ͳ	Ͳ	ϰϳ͕Ϭϴϯ
ZŽďĞƌƚtĞŝŶďĞƌŐ	ϰϳ͕Ϭϴϯ	Ͳ	Ͳ	ϰϳ͕Ϭϴϯ
:ŽŚŶŽǀĂƌĚ	ϰϳ͕Ϭϴϯ	Ͳ	Ͳ	ϰϳ͕Ϭϴϯ

^ƚĂĨĨĂŶĚ ĐŽŶƚƌĂĐƚŽƌƐ	ϲϴϬ͕ϭϯϴ	ϳϱ͕ϲϴϵ	Ϯϰ͕ϰϳϲ	ϳϴϬ͕ϯϬϯ
dKd>	ϭ͕Ϯϲϰ͕ϵϰϲ	ϭϴϭ͕ϲϬϵ	ϱϬ͕Ϯϱϱ	ϭ͕ϰϵϲ͕ϴϭϬ

ϭ ^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƐŝƐƐƵĞĚ͘

ƵƌŝŶŐƚŚĞLJĞĂƌŶŽĚŝƌĞĐƚŽƌƐĞdžĞƌĐŝƐĞĚŽƉƚŝŽŶƐŐƌĂŶƚĞĚƵŶĚĞƌƚŚĞĞŵƉůŽLJĞĞƐŚĂƌĞŽƉƚŝŽŶƉůĂŶ;ϮϬϭϰ͗ŶŝůͿ͘

ƵƌŝŶŐƚŚĞLJĞĂƌ͕ĞŵƉůŽLJĞƌ͛ƐƐŽĐŝĂůƐĞĐƵƌŝƚLJĐŽƐƚƐŽĨΨϮϴ͕Ϭϭϭ;ϮϬϭϰ͗ΨϮϱ͕ϳϳϴͿǁĞƌĞƉĂŝĚŝŶƌĞƐƉĞĐƚŽĨƌĞŵƵŶĞƌĂƚŝŽŶĨŽƌŬĞLJŵĂŶĂŐĞŵĞŶƚ ƉĞƌƐŽŶŶĞů͘ůĂŶDĂƌƚŝŶ;KĂŶĚDĂŶĂŐŝŶŐŝƌĞĐƚŽƌͲƌĞƐŝŐŶĞĚϭϳ DĂLJ ϮϬϭϱͿĂŶĚEŝĐŚŽůĂƐDĂƚŚĞƌ;džĞĐƵƚŝǀĞŝƌĞĐƚŽƌͿĂƌĞĐŽŶƐŝĚĞƌĞĚ ƚŽďĞŬĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞů͘

EKdϲ &/EE/EKD EK^d^

	'ƌŽƵƉ	'ƌŽƵƉ
	ϮϬϭϱ	ϮϬϭϰ
	Ψ	Ψ
/ŶƚĞƌĞƐƚŝŶĐŽŵĞ	ϭϬ͕ϱϳϬ	ϭϴ͕ϭϴϱ
&ŝŶĂŶĐĞ ŝŶĐŽŵĞ	ϭϬ͕ϱϳϬ	ϭϴ͕ϭϴϱ
/ŶƚĞƌĞƐƚĐŽƐƚ	;ϳ͕ϬϳϳͿ	;ϭ͕ϬϱϴͿ
&ŝŶĂŶĐĞ ĐŽƐƚƐ	;ϳ͕ϬϳϳͿ	;ϭ͕ϬϱϴͿ

EKdϳ dyyWE^

&ĂĐƚŽƌƐĂĨĨĞĐƚŝŶŐƚŚĞ ƚĂdžĐŚĂƌŐĞĨŽƌ ƚŚĞ ĐƵƌƌĞŶƚ LJĞĂƌ

dŚĞƚĂdžĐƌĞĚŝƚĨŽƌƚŚĞƉĞƌŝŽĚŝƐůŽǁĞƌƚŚĂŶƚŚĞĐƌĞĚŝƚƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞĂƉƉůŝĐĂƚŝŽŶŽĨƚŚĞƐƚĂŶĚĂƌĚƌĂƚĞŽĨĐŽƌƉŽƌĂƚŝŽŶƚĂdžŝŶƵƐƚƌĂůŝĂ ŽĨϯϬй;ϮϬϭϰ͗ϯϬйͿďĞŝŶŐĂƉƉůŝĞĚƚŽƚŚĞůŽƐƐďĞĨŽƌĞƚĂdžĂƌŝƐŝŶŐĚƵƌŝŶŐƚŚĞLJĞĂƌ͘dŚĞĚŝĨĨĞƌĞŶĐĞƐĂƌĞĞdžƉůĂŝŶĞĚďĞůŽǁ͘

	'ƌŽƵƉ ϮϬϭϱ Ψ	'ƌŽƵƉ ϮϬϭϰ Ψ
dĂdžƌĞĐŽŶĐŝůŝĂƚŝŽŶ
>ŽƐƐďĞĨŽƌĞƚĂdž	;ϰ͕Ϯϯϴ͕ϲϲϭͿ	;ϰ͕ϴϯϭ͕ϮϭϲͿ
dĂdžĂƚϯϬй;ϮϬϭϰ͗ϯϬйͿ	;ϭ͕Ϯϳϭ͕ϱϵϴͿ	;ϭ͕ϰϰϵ͕ϯϲϱͿ
ĨĨĞĐƚƐĂƚ ϯϬй;ϮϬϭϰ͗ϯϬйͿ ŽĨ͗
^ŚŽƌƚƚĞƌŵƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ	ϭϳϵ͕ϳϴϭ	ϰϯϳ͕ϳϰϲ
EŽŶͲĚĞĚƵĐƚŝďůĞĞdžƉĞŶƐĞƐ	ϭϯϱ͕ϵϴϲ	ϳϬ͕ϯϳϭ
dĂdžůŽƐƐĞƐĐĂƌƌŝĞĚĨŽƌǁĂƌĚ	ϵϱϱ͕ϴϯϭ	ϵϰϭ͕Ϯϰϴ
dĂdžŽŶ ůŽƐƐ	Ͳ	Ͳ

&ĂĐƚŽƌƐƚŚĂƚŵĂLJ ĂĨĨĞĐƚĨƵƚƵƌĞ ƚĂdžĐŚĂƌŐĞƐ

dŚĞ'ƌŽƵƉŚĂƐĐĂƌƌŝĞĚĨŽƌǁĂƌĚƚĂdžůŽƐƐĞƐŽĨĂƉƉƌŽdžŝŵĂƚĞůLJ ΨϰϱŵŝůůŝŽŶ;ϮϬϭϰ͗ΨϰϮŵŝůůŝŽŶͿ͘dŚĞƐĞůŽƐƐĞƐŵĂLJďĞĚĞĚƵĐƚŝďůĞĂŐĂŝŶƐƚ ĨƵƚƵƌĞƚĂdžĂďůĞŝŶĐŽŵĞĚĞƉĞŶĚĞŶƚƵƉŽŶƚŚĞŽŶͲŐŽŝŶŐƐĂƚŝƐĨĂĐƚŝŽŶďLJƚŚĞƌĞůĞǀĂŶƚ'ƌŽƵƉĐŽŵƉĂŶLJŽĨǀĂƌŝŽƵƐƚĂdžŝŶƚĞŐƌŝƚLJŵĞĂƐƵƌĞƐ ĂƉƉůŝĐĂďůĞŝŶƚŚĞũƵƌŝƐĚŝĐƚŝŽŶǁŚĞƌĞƚŚĞƚĂdžůŽƐƐŚĂƐďĞĞŶŝŶĐƵƌƌĞĚ͘ dŚĞũƵƌŝƐĚŝĐƚŝŽŶƐŝŶǁŚŝĐŚƚĂdžůŽƐƐĞƐŚĂǀĞďĞĞŶŝŶĐƵƌƌĞĚŝŶĐůƵĚĞ ƵƐƚƌĂůŝĂ͕ĐƵĂĚŽƌĂŶĚƚŚĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐ͘

EKdϴ >K^^ WZ ^,Z

dŚĞ ĐĂůĐƵůĂƚŝŽŶ ŽĨ ďĂƐŝĐůŽƐƐ ƉĞƌ ŽƌĚŝŶĂƌLJ ƐŚĂƌĞ ŽŶ ƚŽƚĂů ŽƉĞƌĂƚŝŽŶƐŝƐ ďĂƐĞĚ ŽŶůŽƐƐĞƐ ŽĨΨϰ͕Ϯϯϴ͕ϲϲϭ ;ϮϬϭϰ͗Ψϰ͕ϴϯϭ͕ϮϭϲͿĂŶĚ ƚŚĞ ǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨŽƌĚŝŶĂƌLJƐŚĂƌĞƐŽƵƚƐƚĂŶĚŝŶŐŽĨϲϴϲ͕ϵϳϴ͕ϲϱϴ;ϮϬϭϰ͗ϲϬϱ͕ϯϵϱ͕ϴϱϯͿ͘

dŚĞƌĞ ŝƐ ŶŽ ĚŝĨĨĞƌĞŶĐĞ ďĞƚǁĞĞŶ ƚŚĞ ĚŝůƵƚĞĚ ůŽƐƐ ƉĞƌ ƐŚĂƌĞ ĂŶĚ ƚŚĞ ďĂƐŝĐ ůŽƐƐ ƉĞƌ ƐŚĂƌĞ ƉƌĞƐĞŶƚĞĚ ĂƐ ƚŚĞ ƐŚĂƌĞ ŽƉƚŝŽŶƐ ŽŶ ŝƐƐƵĞ ĚƵƌŝŶŐ ƚŚĞ ƉĞƌŝŽĚĂŶĚ ƉƌŝŽƌ ƉĞƌŝŽĚǁĞƌĞ ŶŽƚ ĐŽŶƐŝĚĞƌĞĚ ĚŝůƵƚŝǀĞ͘ ƚϯϬ :ƵŶĞϮϬϭϱ ƚŚĞƌĞǁĞƌĞϮϭ͕ϯϴϬ͕ϬϬϬ ƐŚĂƌĞ ŽƉƚŝŽŶƐ ŽŶŝƐƐƵĞ ;ϮϬϭϰ͗ϯϯ͕ϵϮϬ͕ϬϬϬͿ͘

EKdϵ /Es^dDEd^/E ^h^//ZzhEZd</E'^

	ŽƵŶƚƌLJ ŽĨ ŝŶĐŽƌƉŽƌĂƚŝŽŶ ĂŶĚ ŽƉĞƌĂƚŝŽŶ	WƌŝŶĐŝƉĂů ĂĐƚŝǀŝƚLJ	^Žů'ŽůĚ ƉůĐ͛Ɛ ĞĨĨĞĐƚŝǀĞ ŝŶƚĞƌĞƐƚ
			ϮϬϭϱ	ϮϬϭϰ
ƵƐƚƌĂůŝĂŶZĞƐŽƵƌĐĞƐDĂŶĂŐĞŵĞŶƚ;ZDͿWƚLJ >ƚĚ	ƵƐƚƌĂůŝĂ	džƉůŽƌĂƚŝŽŶ	ϭϬϬй	ϭϬϬй
ĐĂƉƵůĐŽDŝŶŝŶŐWƚLJ >ƚĚ	ƵƐƚƌĂůŝĂ	džƉůŽƌĂƚŝŽŶ	ϭϬϬй	ϭϬϬй
ĞŶƚƌĂůDŝŶĞƌĂůƐWƚLJ >ƚĚ	ƵƐƚƌĂůŝĂ	džƉůŽƌĂƚŝŽŶ	ϭϬϬй	ϭϬϬй
^ŽůŽŵŽŶKƉĞƌĂƚŝŽŶƐ>ƚĚ	^ŽůŽŵŽŶ /ƐůĂŶĚƐ	džƉůŽƌĂƚŝŽŶ	ϭϬϬй	ϭϬϬй
,ŽŶŝĂƌĂ,ŽůĚŝŶŐƐWƚLJ >ƚĚ	ƵƐƚƌĂůŝĂ	džƉůŽƌĂƚŝŽŶ	ϭϬϬй	ϭϬϬй
'ƵĂĚĂůĐĂŶĂůdžƉůŽƌĂƚŝŽŶWƚLJ >ƚĚ	ƵƐƚƌĂůŝĂ	džƉůŽƌĂƚŝŽŶ	ϭϬϬй	ϭϬϬй
džƉůŽƌĂĐŝŽŶĞƐEŽǀŽŵŝŶŝŶŐ^͘͘	ĐƵĂĚŽƌ	džƉůŽƌĂƚŝŽŶ	ϴϱй	ϴϱй

EKdϵ /Es^dDEd^/E ^h^//ZzhEZd</E'^ ;ĐŽŶƚŝŶƵĞĚͿ

		/ŶǀĞƐƚŵĞŶƚ ŝŶƐƵďƐŝĚŝĂƌLJ ƵŶĚĞƌƚĂŬŝŶŐƐ
	^ŚĂƌĞƐ	>ŽĂŶƐ	dŽƚĂů
	Ψ	Ψ	Ψ
ŽƐƚ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϯ	ϭϭ͕ϭϯϱ͕ϲϱϳ	ϱϭ͕ϭϴϴ͕Ϭϲϭ	ϲϮ͕ϯϮϯ͕ϳϭϴ
ĐƋƵŝƐŝƚŝŽŶƐĂŶĚĂĚǀĂŶĐĞƐŝŶƚŚĞLJĞĂƌ	Ϯ͕ϴϲϵ͕ϮϮϮ	ϱ͕ϳϱϲ͕ϲϲϬ	ϴ͕ϲϮϱ͕ϴϴϮ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϰ	ϭϰ͕ϬϬϰ͕ϴϳϵ	ϱϲ͕ϵϰϰ͕ϳϮϭ	ϳϬ͕ϵϰϵ͕ϲϬϬ
ĐƋƵŝƐŝƚŝŽŶƐĂŶĚĂĚǀĂŶĐĞƐŝŶƚŚĞLJĞĂƌ	Ͳ	ϴ͕ϳϴϳ͕ϯϰϯ	ϴ͕ϳϴϳ͕ϯϰϯ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϱ	ϭϰ͕ϬϬϰ͕ϴϳϵ	ϲϱ͕ϳϯϮ͕Ϭϲϰ	ϳϵ͕ϳϯϲ͕ϵϰϯ

ŵŽƌƚŝƐĂƚŝŽŶ ĂŶĚ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐĞƐ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϯ	;ϱ͕Ϭϭϲ͕ϵϰϴͿ	;ϰϭ͕ϵϰϱ͕ϱϵϯͿ	;ϰϲ͕ϵϲϮ͕ϱϰϭͿ
WƌŽǀŝƐŝŽŶĨŽƌŝŵƉĂŝƌŵĞŶƚ	Ͳ	;Ϯ͕Ϭϰϱ͕ϮϮϬͿ	;Ϯ͕Ϭϰϱ͕ϮϮϬͿ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϰ	;ϱ͕Ϭϭϲ͕ϵϰϴͿ	;ϰϯ͕ϵϵϬ͕ϴϭϯͿ	;ϰϵ͕ϬϬϳ͕ϳϲϭͿ
WƌŽǀŝƐŝŽŶĨŽƌŝŵƉĂŝƌŵĞŶƚ	Ͳ	Ͳ	Ͳ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϱ	;ϱ͕Ϭϭϲ͕ϵϰϴͿ	;ϰϯ͕ϵϵϬ͕ϴϭϯͿ	;ϰϵ͕ϬϬϳ͕ϳϲϭͿ

ĂƌƌLJŝŶŐĂŵŽƵŶƚƐ
ĂůĂŶĐĞĂƚϯϬ:ƵŶĞϮϬϭϯ	ϲ͕ϭϭϴ͕ϳϬϵ	ϵ͕ϮϰϮ͕ϰϲϴ	ϭϱ͕ϯϲϭ͕ϭϳϳ
ĂůĂŶĐĞĂƚϯϬ:ƵŶĞϮϬϭϰ	ϴ͕ϵϴϳ͕ϵϯϭ	ϭϮ͕ϵϱϯ͕ϵϬϴ	Ϯϭ͕ϵϰϭ͕ϴϯϵ
ĂůĂŶĐĞ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϱ	ϴ͕ϵϴϳ͕ϵϯϭ	Ϯϭ͕ϳϰϭ͕Ϯϱϭ	ϯϬ͕ϳϮϵ͕ϭϴϮ

dŚĞǁƌŝƚĞͲĚŽǁŶŽĨƚŚĞĚĞĨĞƌƌĞĚĞdžƉůŽƌĂƚŝŽŶĐŽƐƚƐĚƵƌŝŶŐƚŚĞƉƌŝŽƌLJĞĂƌĂƐƐŽĐŝĂƚĞĚǁŝƚŚĐĞƌƚĂŝŶƉƌŽũĞĐƚƐŝŶYƵĞĞŶƐůĂŶĚĂŶĚƚŚĞ^ŽůŽŵŽŶ /ƐůĂŶĚƐ ůĞĂĚ ƚŽ ƚŚĞŽŵƉĂŶLJ ƌĞĐŽƌĚŝŶŐ Ă ƉƌŽǀŝƐŝŽŶ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ ŽĨ ΨϮ͕Ϭϰϱ͕ϮϮϬ ŽŶ ƚŚĞ ůŽĂŶƐ ƌĞĐĞŝǀĂďůĞ ĨƌŽŵƵƐƚƌĂůŝĂŶZĞƐŽƵƌĐĞ DĂŶĂŐĞŵĞŶƚ;ZDͿWƚLJ >ƚĚ͕ĞŶƚƌĂůDŝŶĞƌĂůƐWƚLJ >ƚĚĂŶĚ'ƵĂĚĂůĐĂŶĂůdžƉůŽƌĂƚŝŽŶWƚLJ >ƚĚ͘

ĞƚĂŝůƐŽĨĂůůůŽĂŶƐǁŝƚŚŝŶƚŚĞŐƌŽƵƉŵĂĚĞĚƵƌŝŶŐƚŚĞLJĞĂƌĂƌĞƐĞƚŽƵƚďĞůŽǁ͗

	^ŚĂƌĞƐ	>ŽĂŶƐ	dŽƚĂů
	Ψ	Ψ	Ψ
ŽƐƚ
dŽƚĂů ŝŶǀĞƐƚŵĞŶƚ ŝŶƐƵďƐŝĚŝĂƌŝĞƐďLJ ƚŚĞ ŽŵƉĂŶLJ Ăƚ ϯϬ :ƵŶĞ
ϮϬϭϯ	ϭϭ͕ϭϯϱ͕ϲϱϳ	ϱϭ͕ϭϴϴ͕Ϭϲϭ	ϲϮ͕ϯϮϯ͕ϳϭϴ
ĚǀĂŶĐĞƐŝŶƚŚĞƉĞƌŝŽĚĨƌŽŵ^Žů'ŽůĚƉůĐƚŽZD WƚLJ >ƚĚ	Ͳ	Ϯϲ͕ϯϰϲ	Ϯϲ͕ϯϰϲ
ĚǀĂŶĐĞƐŝŶƚŚĞƉĞƌŝŽĚĨƌŽŵ^Žů'ŽůĚƉůĐƚŽĐĂƉƵůĐŽDŝŶŝŶŐWƚLJ
>ƚĚ	Ͳ	ϭϯϴ͕ϴϲϭ	ϭϯϴ͕ϴϲϭ
ĚǀĂŶĐĞƐŝŶƚŚĞƉĞƌŝŽĚĨƌŽŵ^Žů'ŽůĚƉůĐƚŽĞŶƚƌĂůDŝŶĞƌĂůƐWƚLJ
>ƚĚ	Ͳ	ϭϲϬ͕ϳϭϴ	ϭϲϬ͕ϳϭϴ
ĚǀĂŶĐĞƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚƚŽ,ŽŶŝĂƌĂ,ŽůĚŝŶŐƐWƚLJ >ƚĚ	Ͳ	ϰϳϭ	ϰϳϭ
ĚǀĂŶĐĞƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚƚŽ'ƵĂĚĂůĐĂŶĂůdžƉůŽƌĂƚŝŽŶWƚLJ >ƚĚ	Ͳ	ϯϭ͕ϭϬϴ	ϯϭ͕ϭϬϴ
dƌĂŶƐĨĞƌĨƌŽŵŝŶǀĞƐƚŵĞŶƚƐĂĐĐŽƵŶƚĞĚĨŽƌƵƐŝŶŐƚŚĞĞƋƵŝƚLJ
ŵĞƚŚŽĚ	Ϯ͕ϳϲϵ͕ϲϰϳ	Ͳ	Ϯ͕ϳϲϵ͕ϲϰϳ
ĐƋƵŝƐŝƚŝŽŶĂŶĚĂĚǀĂŶĐĞƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚƚŽdžƉůŽƌĂĐŝŽŶĞƐ
EŽǀŽŵŝŶŝŶŐ^͘͘	ϵϵ͕ϱϳϱ	ϱ͕ϯϵϵ͕ϭϱϲ	ϱ͕ϰϵϴ͕ϳϯϭ
dŽƚĂů ŝŶǀĞƐƚŵĞŶƚ ŝŶƐƵďƐŝĚŝĂƌŝĞƐďLJ ƚŚĞ ŽŵƉĂŶLJ Ăƚ ϯϬ :ƵŶĞ
ϮϬϭϰ	ϭϰ͕ϬϬϰ͕ϴϳϵ	ϱϲ͕ϵϰϰ͕ϳϮϭ	ϳϬ͕ϵϰϵ͕ϲϬϬ
ĚǀĂŶĐĞƐŝŶƚŚĞƉĞƌŝŽĚƚŽZD WƚLJ >ƚĚ	Ͳ	ϭϵϰ͕ϵϲϳ	ϭϵϰ͕ϵϲϳ
ĚǀĂŶĐĞƐŝŶƚŚĞƉĞƌŝŽĚƚŽĐĂƉƵůĐŽDŝŶŝŶŐWƚLJ >ƚĚ	Ͳ	ϭϮ͕Ϭϴϱ	ϭϮ͕Ϭϴϱ
ZĞƉĂLJŵĞŶƚƐŝŶƚŚĞƉĞƌŝŽĚĨƌŽŵĞŶƚƌĂůDŝŶĞƌĂůƐWƚLJ >ƚĚ	Ͳ	;ϭϴ͕ϯϴϵͿ	;ϭϴ͕ϯϴϵͿ
ĚǀĂŶĐĞƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚƚŽ,ŽŶŝĂƌĂ,ŽůĚŝŶŐƐWƚLJ >ƚĚ	Ͳ	ϭ͕Ϭϰϴ	ϭ͕Ϭϰϴ
ĚǀĂŶĐĞƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚƚŽ'ƵĂĚĂůĐĂŶĂůdžƉůŽƌĂƚŝŽŶWƚLJ >ƚĚ	Ͳ	ϭ͕ϴϲϯ	ϭ͕ϴϲϯ
ĚǀĂŶĐĞƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚƚŽdžƉůŽƌĂĐŝŽŶĞƐEŽǀŽŵŝŶŝŶŐ^͘͘	Ͳ	ϴ͕ϱϵϱ͕ϳϲϵ	ϴ͕ϱϵϱ͕ϳϲϵ
dŽƚĂů ŝŶǀĞƐƚŵĞŶƚ ŝŶƐƵďƐŝĚŝĂƌŝĞƐďLJ ƚŚĞ ŽŵƉĂŶLJ Ăƚ ϯϬ :ƵŶĞ
ϮϬϭϱ	ϭϰ͕ϬϬϰ͕ϴϳϵ	ϲϱ͕ϳϯϮ͕Ϭϲϰ	ϳϵ͕ϳϯϲ͕ϵϰϯ

EKd ϭϬ /Es^dDEd^

;ĂͿ /ŶǀĞƐƚŵĞŶƚƐĂĐĐŽƵŶƚĞĚĨŽƌ ƵƐŝŶŐƚŚĞ ĞƋƵŝƚLJŵĞƚŚŽĚ

EĂŵĞ	ŽƵŶƚƌLJ ŽĨ ŝŶĐŽƌƉŽƌĂƚŝŽŶ	WƌŝŶĐŝƉĂů ĐƚŝǀŝƚLJ	^ŚĂƌĞƐ		KǁŶĞƌƐŚŝƉ/ŶƚĞƌĞƐƚ	ĂƌƌLJŝŶŐŵŽƵŶƚ
				ϮϬϭϱ й	ϮϬϭϰ й	ϮϬϭϱ Ψ	ϮϬϭϰ Ψ
džƉůŽƌĂĐŝŽŶĞƐ EŽǀŽŵŝŶŝŶŐ ^͘͘	ĐƵĂĚŽƌ	DŝŶĞƌĂů džƉůŽƌĂƚŝŽŶ	KZ	ϴϱй	ϴϱй	Ͳ	Ͳ Ͳ
	;ŝͿDŽǀĞŵĞŶƚƐĚƵƌŝŶŐƚŚĞ LJĞĂƌ ŝŶ ĞƋƵŝƚLJ ĂĐĐŽƵŶƚĞĚ ŝŶǀĞƐƚŵĞŶƚƐ				ϮϬϭϱ Ψ		ϮϬϭϰ Ψ
ĂůĂŶĐĞ Ăƚ ďĞŐŝŶŶŝŶŐ ŽĨ LJĞĂƌ ƐƵďƐŝĚŝĂƌŝĞƐ	ĂƌƌLJŝŶŐ ǀĂůƵĞ ŽĨ ŝŶǀĞƐƚŵĞŶƚ ŽŶ ƚƌĂŶƐĨĞƌ ŽĨ ŝŶƚĂŶŐŝďůĞ ĂƐƐĞƚƐ &Ăŝƌ ǀĂůƵĞ ŽĨ ŝŶǀĞƐƚŵĞŶƚ ŽŶ ŝŶŝƚŝĂů ƌĞĐŽŐŶŝƚŝŽŶ ^ŚĂƌĞ ŽĨ ĂƐƐŽĐŝĂƚĞƐ ƉƌŽĨŝƚƐ ĂĨƚĞƌ ŝŶĐŽŵĞ ƚĂdž ĂƌƌLJŝŶŐ ǀĂůƵĞ ŽĨ ŝŶǀĞƐƚŵĞŶƚ ƚƌĂŶƐĨĞƌƌĞĚ ƚŽ ŝŶǀĞƐƚŵĞŶƚƐ ŝŶ					Ͳ Ͳ Ͳ Ͳ Ͳ	Ϯ͕ϳϲϵ͕ϲϰϳ Ͳ Ͳ Ͳ ;Ϯ͕ϳϲϵ͕ϲϰϳͿ
ĂůĂŶĐĞ Ăƚ ĞŶĚ ŽĨLJĞĂƌ						Ͳ	Ͳ

KŶ Ϯϲ ƵŐƵƐƚ ϮϬϭϯ͕ ^Žů'ŽůĚ ƉůĐ ŝŶĐƌĞĂƐĞĚ ŝƚƐ ŝŶƚĞƌĞƐƚ ŝŶ džƉůŽƌĂĐŝŽŶĞƐ EŽǀŽŵŝŶŝŶŐ ^͘͘ ĨƌŽŵ ϯϬй ƚŽ ϱϬй ĂŶĚ ƐƵďƐĞƋƵĞŶƚůLJ ƚŽ ϴϱй ĂŶĚ ĂƐ Ă ƌĞƐƵůƚ ĐŚĂŶŐĞĚ ŝƚƐ ĂĐĐŽƵŶƚŝŶŐ ƚƌĞĂƚŵĞŶƚ ĨƌŽŵ ĂŶ ŝŶǀĞƐƚŵĞŶƚ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ƵƐŝŶŐ ƚŚĞ ĞƋƵŝƚLJ ŵĞƚŚŽĚ ƚŽ ĂŶ ŝŶǀĞƐƚŵĞŶƚ ŝŶ Ă ƐƵďƐŝĚŝĂƌLJ ;ƐĞĞ EŽƚĞ ϮϰͿ͘

KŶ Ϯϰ &ĞďƌƵĂƌLJ ϮϬϭϰ͕ ^Žů'ŽůĚ ĨƵƌƚŚĞƌ ŝŶĐƌĞĂƐĞĚ ŝƚƐ ŝŶƚĞƌĞƐƚ ŝŶ džƉůŽƌĂĐŝŽŶĞƐ EŽǀŽŵŝŶŝŶŐ ^͘͘ ĨƌŽŵ ϱϬй ƚŽ ϴϱй͘

;ďͿ /ŶǀĞƐƚŵĞŶƚƐĂĐĐŽƵŶƚĞĚĨŽƌ ĂƐĂǀĂŝůĂďůĞĨŽƌƐĂůĞ ĂƐƐĞƚƐ

	ϮϬϭϱ Ψ	ϮϬϭϰ Ψ
DŽǀĞŵĞŶƚƐŝŶ ĂǀĂŝůĂďůĞĨŽƌƐĂůĞĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ
KƉĞŶŝŶŐ ďĂůĂŶĐĞ Ăƚ ϭ:ƵůLJ	Ϯ͕ϵϰϮ͕ϭϭϲ	ϰϱϴ͕ϱϭϬ
ĚĚŝƚŝŽŶƐ	Ͳ	ϳϳϵ͕ϵϴϲ
&Ăŝƌ sĂůƵĞ ĂĚũƵƐƚŵĞŶƚ ƚŚƌŽƵŐŚ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ	;Ϯ͕Ϭϰϱ͕ϵϭϵͿ	ϭ͕ϳϬϯ͕ϲϮϬ
	ϴϵϲ͕ϭϵϳ	Ϯ͕ϵϰϮ͕ϭϭϲ

ǀĂŝůĂďůĞ ĨŽƌ ƐĂůĞ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĐŽŵƉƌŝƐĞ ĂŶ ŝŶǀĞƐƚŵĞŶƚ ŝŶ ƚŚĞ ŽƌĚŝŶĂƌLJ ŝƐƐƵĞĚ ĐĂƉŝƚĂů ŽĨ ŽƌŶĞƌƐƚŽŶĞ ĂƉŝƚĂů ZĞƐŽƵƌĐĞƐ /ŶĐ͕͘ ůŝƐƚĞĚ ŽŶ ƚŚĞ dŽƌŽŶƚŽ ^ƚŽĐŬdžĐŚĂŶŐĞ ;͞d^y͟Ϳ ĂŶĚ ĂŶ ŝŶǀĞƐƚŵĞŶƚ ŝŶƚŚĞ ŽƌĚŝŶĂƌLJ ŝƐƐƵĞĚ ĐĂƉŝƚĂů ŽĨ ƵƐ dŝŶ DŝŶŝŶŐ >ƚĚ͕ Ă ĐŽŵƉĂŶLJ ůŝƐƚĞĚ ŽŶ ƚŚĞ ƵƐƚƌĂůŝĂŶ ^ĞĐƵƌŝƚŝĞƐ džĐŚĂŶŐĞ͘

;ĐͿ &ĂŝƌǀĂůƵĞ

&ĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJ

dŚĞ ĨŽůůŽǁŝŶŐ ƚĂďůĞ ĚĞƚĂŝůƐ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĞŶƚŝƚLJ͛Ɛ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ͕ ŵĞĂƐƵƌĞĚ Žƌ ĚŝƐĐůŽƐĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ͕ ƵƐŝŶŐ Ă ƚŚƌĞĞ ůĞǀĞů ŚŝĞƌĂƌĐŚLJ͕ ďĂƐĞĚ ŽŶ ƚŚĞ ůŽǁĞƐƚ ůĞǀĞů ŽĨ ŝŶƉƵƚ ƚŚĂƚ ŝƐ ƐŝŐŶŝĨŝĐĂŶƚ ƚŽ ƚŚĞ ĞŶƚŝƌĞ ĨĂŝƌ ǀĂůƵĞ ŵĞĂƐƵƌĞŵĞŶƚ ďĞŝŶŐ͗

>ĞǀĞů ϭ͗YƵŽƚĞĚ ƉƌŝĐĞƐ ;ƵŶĂĚũƵƐƚĞĚͿ ŝŶ ĂĐƚŝǀĞ ŵĂƌŬĞƚƐ ĨŽƌ ŝĚĞŶƚŝĐĂů ĂƐƐĞƚƐ Žƌ ůŝĂďŝůŝƚŝĞƐ ƚŚĂƚ ƚŚĞ ĞŶƚŝƚLJ ĐĂŶ ĂĐĐĞƐƐ Ăƚ ƚŚĞ ŵĞĂƐƵƌĞŵĞŶƚ ĚĂƚĞ͘

>ĞǀĞů Ϯ͗ /ŶƉƵƚƐ ŽƚŚĞƌ ƚŚĂŶ ƋƵŽƚĞĚ ƉƌŝĐĞƐ ŝŶĐůƵĚĞĚ ǁŝƚŚŝŶ >ĞǀĞů ϭ ƚŚĂƚ ĂƌĞ ŽďƐĞƌǀĂďůĞ ĨŽƌ ƚŚĞ ĂƐƐĞƚ Žƌ ůŝĂďŝůŝƚLJ͕ ĞŝƚŚĞƌ ĚŝƌĞĐƚůLJ Žƌ ŝŶĚŝƌĞĐƚůLJ͘

>ĞǀĞůϯ͗hŶŽďƐĞƌǀĂďůĞ ŝŶƉƵƚƐ ĨŽƌ ƚŚĞ ĂƐƐĞƚ Žƌ ůŝĂďŝůŝƚLJ͘

dŚĞ ĨĂŝƌ ǀĂůƵĞƐ ŽĨ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŶĚ ĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐ ĂƉƉƌŽdžŝŵĂƚĞ ƚŚĞŝƌ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚƐ ƉƌŝŶĐŝƉĂůůLJ ĚƵĞ ƚŽ ƚŚĞŝƌ ƐŚŽƌƚͲƚĞƌŵ ŶĂƚƵƌĞ Žƌ ƚŚĞ ĨĂĐƚ ƚŚĂƚ ƚŚĞLJ ĂƌĞ ŵĞĂƐƵƌĞĚ ĂŶĚ ƌĞĐŽŐŶŝƐĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ͘

EKd ϭϬ /Es^dDEd^ ;ĐŽŶƚŝŶƵĞĚͿ

dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƌĞƉƌĞƐĞŶƚƐƚŚĞ'ƌŽƵƉ͛ƐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŵĞĂƐƵƌĞĚĂŶĚƌĞĐŽŐŶŝƐĞĚĂƚĨĂŝƌǀĂůƵĞ͘

	Ψ	Ψ	Ψ	Ψ
	>ĞǀĞů ϭ	>ĞǀĞů Ϯ	>ĞǀĞů ϯ	dŽƚĂů
ϮϬϭϱ
ǀĂŝůĂďůĞĨŽƌƐĂůĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ	ϴϵϲ͕ϭϵϳ	Ͳ	Ͳ	ϴϵϲ͕ϭϵϳ
ϮϬϭϰ
ǀĂŝůĂďůĞĨŽƌƐĂůĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ	Ϯ͕ϵϰϮ͕ϭϭϲ	Ͳ	Ͳ	Ϯ͕ϵϰϮ͕ϭϭϲ

dŚĞĂǀĂŝůĂďůĞĨŽƌƐĂůĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƌĞŵĞĂƐƵƌĞĚďĂƐĞĚŽŶƚŚĞƋƵŽƚĞĚŵĂƌŬĞƚƉƌŝĐĞƐĂƚϯϬ:ƵŶĞ͘

EKd ϭϭ WZKWZdz͕ W>Ed EYh/WDEd

			'ƌŽƵƉ
	>ĂŶĚ ĂŶĚ	WůĂŶƚ ĂŶĚ	DŽƚŽƌ	KĨĨŝĐĞ	&ƵƌŶŝƚƵƌĞ	dŽƚĂů	ŽŵƉĂŶLJ
	ƵŝůĚŝŶŐƐ	ƋƵŝƉŵĞŶƚ	sĞŚŝĐůĞƐ	ƋƵŝƉŵĞŶƚ	Θ&ŝƚƚŝŶŐƐ
	Ψ	Ψ	Ψ	Ψ	Ψ	Ψ	Ψ
ŽƐƚ
ĂůĂŶĐĞ ϯϬ :ƵŶĞ ϮϬϭϯ	ϮϬϴ͕ϭϰϰ	ϵϴ͕ϰϴϵ	ϭϮϬ͕ϱϭϱ	ϳϱ͕ϰϯϮ	Ϯϭ͕ϭϳϯ	ϱϮϯ͕ϳϱϯ	ϰϵ͕ϵϯϰ
ĚĚŝƚŝŽŶƐʹďƵƐŝŶĞƐƐ
ĐŽŵďŝŶĂƚŝŽŶƐ	Ͳ	ϭ͕ϳϭϬ	Ϯϰ͕ϰϰϰ	ϯ͕ϵϳϳ	ϭ͕ϯϳϭ	ϯϭ͕ϱϬϮ	Ͳ
ĚĚŝƚŝŽŶƐʹŽƚŚĞƌ	Ͳ	ϱϬ͕ϲϱϯ	Ͳ	ϯϱ͕ϴϬϵ	ϭϲ͕ϭϭϬ	ϭϬϮ͕ϱϳϮ	ϰ͕ϯϱϱ
ŝƐƉŽƐĂůƐ	;ϮϬϴ͕ϭϰϰͿ	Ͳ	;ϰϯ͕ϰϬϲͿ	Ͳ	Ͳ	;Ϯϱϭ͕ϱϱϬͿ	Ͳ
ĂůĂŶĐĞ ϯϬ :ƵŶĞ ϮϬϭϰ	Ͳ	ϭϱϬ͕ϴϱϮ	ϭϬϭ͕ϱϱϯ	ϭϭϱ͕Ϯϭϴ	ϯϴ͕ϲϱϰ	ϰϬϲ͕Ϯϳϲ	ϱϰ͕Ϯϴϵ
ĨĨĞĐƚŽĨĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞŽŶ
ŽƉĞŶŝŶŐďĂůĂŶĐĞ	Ͳ	ϭϮ͕Ϭϰϳ	ϱ͕ϲϮϰ	ϴ͕ϲϭϴ	ϯ͕ϱϱϲ	Ϯϵ͕ϴϰϱ	Ͳ
ĚĚŝƚŝŽŶƐ	Ͳ	ϭϭϵ͕ϳϬϴ	Ϯϵϰ͕ϰϳϬ	Ϯϴ͕ϭϯϵ	ϮϬ͕ϰϳϰ	ϰϲϮ͕ϳϵϭ	ϯ͕ϴϵϬ
ŝƐƉŽƐĂůƐ	Ͳ	Ͳ	;ϭϯϰ͕ϴϬϮͿ	Ͳ	;Ϯ͕ϯϯϴͿ	;ϭϯϳ͕ϭϰϬͿ	Ͳ
ĂůĂŶĐĞ ϯϬ :ƵŶĞ ϮϬϭϱ	Ͳ	ϮϴϮ͕ϲϬϳ	Ϯϲϲ͕ϴϰϱ	ϭϱϭ͕ϵϳϱ	ϲϬ͕ϯϰϲ	ϳϲϭ͕ϳϳϮ	ϱϴ͕ϭϳϵ

ĞƉƌĞĐŝĂƚŝŽŶ ĂŶĚ ŝŵƉĂŝƌŵĞŶƚ
ůŽƐƐĞƐ
ĂůĂŶĐĞ ϯϬ :ƵŶĞ ϮϬϭϯ	;ϭϭϬ͕ϵϬϯͿ	;ϳϵ͕ϵϵϲͿ	;ϴϯ͕ϳϵϱͿ	;ϲϱ͕ϲϵϬͿ	;ϭϲ͕ϮϰϬͿ	;ϯϱϲ͕ϲϮϰͿ	;Ϯϳ͕ϮϯϰͿ
ĞƉƌĞĐŝĂƚŝŽŶʹďƵƐŝŶĞƐƐ
ĐŽŵďŝŶĂƚŝŽŶƐ	Ͳ	;ϮϱϯͿ	;Ϯϰ͕ϰϰϰͿ	;ϯϭϮͿ	;ϲϴͿ	;Ϯϱ͕ϬϳϳͿ	Ͳ
ĞƉƌĞĐŝĂƚŝŽŶĐŚĂƌŐĞĨŽƌƚŚĞLJĞĂƌ	;ϭϬ͕ϮϭϳͿ	;ϭϬ͕ϬϭϰͿ	;ϱ͕ϴϭϴͿ	;ϳ͕ϲϱϵͿ	;ϭ͕ϯϭϳͿ	;ϯϱ͕ϬϮϱͿ	;ϭϬ͕ϮϱϰͿ
ŝƐƉŽƐĂůƐ	ϭϮϭ͕ϭϮϬ	Ͳ	Ϯϯ͕Ϭϳϭ	Ͳ	Ͳ	ϭϰϰ͕ϭϵϭ	Ͳ
ĂůĂŶĐĞ ϯϬ :ƵŶĞ ϮϬϭϰ	Ͳ	;ϵϬ͕ϮϲϯͿ	;ϵϬ͕ϵϴϲͿ	;ϳϯ͕ϲϲϭͿ	;ϭϳ͕ϲϮϱͿ	;ϮϳϮ͕ϱϯϱͿ	;ϯϳ͕ϰϴϴͿ
ĨĨĞĐƚŽĨĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞŽŶ
ŽƉĞŶŝŶŐďĂůĂŶĐĞ	Ͳ	;ϳϬϲͿ	;ϱ͕ϲϮϰͿ	;ϰϰϰͿ	;ϭϲͿ	;ϲ͕ϳϵϬͿ	Ͳ
ĞƉƌĞĐŝĂƚŝŽŶĐŚĂƌŐĞĨŽƌƚŚĞLJĞĂƌ	Ͳ	;ϲ͕ϲϵϲͿ	;ϱ͕ϬϴϮͿ	;ϰ͕ϲϴϲͿ	;ϭ͕ϲϵϳͿ	;ϭϴ͕ϭϲϭͿ	;ϵ͕ϱϳϯͿ
ĞƉƌĞĐŝĂƚŝŽŶĐĂƉŝƚĂůŝƐĞĚƚŽ
ĞdžƉůŽƌĂƚŝŽŶ	Ͳ	;Ϯϴ͕ϵϰϬͿ	;Ϯϵ͕ϴϱϰͿ	;ϮϮ͕ϭϰϬͿ	;ϰ͕ϬϵϯͿ	;ϴϱ͕ϬϮϲͿ	Ͳ
ŝƐƉŽƐĂůƐ	Ͳ	Ͳ	ϰϬ͕ϱϰϭ	Ͳ	ϵϳ	ϰϬ͕ϲϯϵ	Ͳ
ĂůĂŶĐĞ ϯϬ :ƵŶĞ ϮϬϭϱ	Ͳ	;ϭϮϲ͕ϲϬϱͿ	;ϵϭ͕ϬϬϱͿ	;ϭϬϬ͕ϵϯϭͿ	;Ϯϯ͕ϯϯϰͿ	;ϯϰϭ͕ϴϳϯͿ	;ϰϳ͕ϬϲϭͿ

ĂƌƌLJŝŶŐ ĂŵŽƵŶƚƐ
ƚϯϬ:ƵŶĞϮϬϭϯ	ϵϳ͕Ϯϰϭ	ϭϴ͕ϰϵϯ	ϯϲ͕ϳϮϬ	ϵ͕ϳϰϮ	ϰ͕ϵϯϯ	ϭϲϳ͕ϭϯϬ	ϮϮ͕ϳϬϬ
ƚϯϬ:ƵŶĞϮϬϭϰ	Ͳ	ϲϬ͕ϱϴϵ	ϭϬ͕ϱϲϳ	ϰϭ͕ϱϱϳ	Ϯϭ͕ϬϮϵ	ϭϯϯ͕ϳϰϮ	ϭϲ͕ϴϬϭ
ƚ ϯϬ :ƵŶĞ ϮϬϭϱ	Ͳ	ϭϱϲ͕ϬϬϮ	ϭϳϱ͕ϴϰϬ	ϱϭ͕Ϭϰϰ	ϯϳ͕ϬϭϮ	ϰϭϵ͕ϴϵϴ	ϭϭ͕ϭϭϴ

EKd ϭϮ /EdE'/> ^^d^

	ĞĨĞƌƌĞĚ'ƌŽƵƉ ĞdžƉůŽƌĂƚŝŽŶ ĐŽƐƚƐ Ψ	ĞĨĞƌƌĞĚ ŽŵƉĂŶLJ ĞdžƉůŽƌĂƚŝŽŶ ĐŽƐƚƐ Ψ
ŽƐƚ
ĂůĂŶĐĞ ϯϬ :ƵŶĞ ϮϬϭϯ	ϲϭ͕ϯϯϭ͕ϳϭϳ	Ϯϵ͕ϮϬϵ
ĚĚŝƚŝŽŶƐʹĞdžƉĞŶĚŝƚƵƌĞ	ϲ͕ϬϮϮ͕ϲϳϲ	ϲϭϭ͕ϲϰϴ
ĚĚŝƚŝŽŶƐʹďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƐ	ϯ͕Ϭϵϳ͕Ϭϴϲ	Ͳ
ĂůĂŶĐĞ ϯϬ :ƵŶĞ ϮϬϭϰ	ϳϬ͕ϰϱϭ͕ϰϳϵ	ϲϰϬ͕ϴϱϳ
ĚĚŝƚŝŽŶƐʹĞdžƉĞŶĚŝƚƵƌĞ	ϭϬ͕ϰϳϮ͕ϰϰϲ	ϯϯ͕ϱϯϯ
ĂůĂŶĐĞ ϯϬ :ƵŶĞ ϮϬϭϱ	ϴϬ͕ϵϮϯ͕ϵϮϱ	ϲϳϰ͕ϯϵϬ
/ŵƉĂŝƌŵĞŶƚ ůŽƐƐĞƐ
ĂůĂŶĐĞ ϯϬ :ƵŶĞ ϮϬϭϯ	;ϰϲ͕ϳϱϯ͕ϱϯϵͿ	Ͳ
/ŵƉĂŝƌŵĞŶƚĐŚĂƌŐĞ	;Ϯ͕Ϯϰϲ͕ϰϵϭͿ	Ͳ
ĂůĂŶĐĞ ϯϬ :ƵŶĞ ϮϬϭϰ	;ϰϵ͕ϬϬϬ͕ϬϯϬͿ	Ͳ
/ŵƉĂŝƌŵĞŶƚĐŚĂƌŐĞ	;ϭ͕ϭϳϱ͕ϭϳϮͿ	;ϲϳϰ͕ϯϵϬͿ
ĂůĂŶĐĞ ϯϬ :ƵŶĞ ϮϬϭϱ	;ϱϬ͕ϭϳϱ͕ϮϬϮͿ	Ͳ

ĂƌƌLJŝŶŐĂŵŽƵŶƚƐ
ƚϯϬ :ƵŶĞϮϬϭϯ	ϭϰ͕ϱϳϴ͕ϭϳϴ	Ϯϵ͕ϮϬϵ
ƚϯϬ :ƵŶĞϮϬϭϰ	Ϯϭ͕ϰϱϭ͕ϰϰϵ	ϲϰϬϴϱϳ
ƚ ϯϬ :ƵŶĞ ϮϬϭϱ	ϯϬ͕ϳϰϴ͕ϳϮϯ	Ͳ

/ŵƉĂŝƌŵĞŶƚ ůŽƐƐ

dŚĞ'ƌŽƵƉĚŝĚŶŽƚĐŽŶƐŝĚĞƌŝƚŶĞĐĞƐƐĂƌLJƚŽŵĂŬĞĂƉƌŽǀŝƐŝŽŶĨŽƌŝŵƉĂŝƌŵĞŶƚĚƵƌŝŶŐƚŚĞLJĞĂƌ;ϮϬϭϰ͗ΨϮ͕ϭϳϳ͕ϮϵϬͿ͘ ĚĞĐŝƐŝŽŶǁĂƐŵĂĚĞ ƚŽĞdžƉĞŶƐĞΨϭ͕ϭϳϱ͕ϭϳϮ ;ϮϬϭϰ͗Ψϲϵ͕ϮϬϭͿ ĨŽƌĞdžƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ŽƚŚĞƌ ƚĞŶĞŵĞŶƚƐ ƚŚĂƚ ǁĞƌĞ ĚƌŽƉƉĞĚ ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌ͘ĚĞƚĂŝůĞĚĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞƐŽĨĚĞĨĞƌƌĞĚĞdžƉůŽƌĂƚŝŽŶĐŽƐƚƐŝƐƉƌŽǀŝĚĞĚŝŶEŽƚĞϮϰ͘

EKd ϭϯ >KE Z/s>^ EKd,Z EKEhZZEd ^^d^

	'ƌŽƵƉ ϮϬϭϱ Ψ	'ƌŽƵƉ ϮϬϭϰ Ψ	ŽŵƉĂŶLJ ϮϬϭϱ Ψ	ŽŵƉĂŶLJ ϮϬϭϰ Ψ
^ĞĐƵƌŝƚLJďŽŶĚƐ	ϭϱϵ͕ϰϯϯ	ϭϲϵ͕ϯϱϯ	ϳ͕ϭϲϵ	ϳ͕ϭϲϵ
	ϭϱϵ͕ϰϯϯ	ϭϲϵ͕ϯϱϯ	ϳ͕ϭϲϵ	ϳ͕ϭϲϵ

^ĞĐƵƌŝƚLJďŽŶĚƐƌĞůĂƚĞƚŽĐĂƐŚƐĞĐƵƌŝƚLJŚĞůĚĂŐĂŝŶƐƚŽĨĨŝĐĞƉƌĞŵŝƐĞƐ͕>ǀůϮϳ͕ϭϭϭ ĂŐůĞ^ƚ͕ƌŝƐďĂŶĞ͕YƵĞĞŶƐůĂŶĚƵƐƚƌĂůŝĂ͕ĐĂƐŚƐĞĐƵƌŝƚLJ ŚĞůĚďLJ YƵĞĞŶƐůĂŶĚĞƉĂƌƚŵĞŶƚŽĨEĂƚƵƌĂůZĞƐŽƵƌĐĞƐĂŶĚDŝŶĞƐĂŐĂŝŶƐƚYƵĞĞŶƐůĂŶĚĞdžƉůŽƌĂƚŝŽŶƚĞŶĞŵĞŶƚƐŚĞůĚďLJƚŚĞ'ƌŽƵƉĂŶĚŽŶ ĐĂƐŚďĂĐŬĞĚďĂŶŬŐƵĂƌĂŶƚĞĞƐŚĞůĚďLJƚŚĞĐƵĂĚŽƌŝĂŶDŝŶŝƐƚƌLJŽĨŶǀŝƌŽŶŵĞŶƚĂŐĂŝŶƐƚĐƵĂĚŽƌŝĂŶĞdžƉůŽƌĂƚŝŽŶƚĞŶĞŵĞŶƚƐŚĞůĚďLJƚŚĞ 'ƌŽƵƉ͘

EKd ϭϰ &ZZdyd/KE

ZĞĐŽŐŶŝƐĞĚ ĚĞĨĞƌƌĞĚ ƚĂdžĂƐƐĞƚƐ

	'ƌŽƵƉ ϮϬϭϱ Ψ	'ƌŽƵƉ ϮϬϭϰ Ψ	ŽŵƉĂŶLJ ϮϬϭϱ Ψ	ŽŵƉĂŶLJ ϮϬϭϰ Ψ
ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ͗
dĂdžůŽƐƐĞƐ	ϯ͕ϳϱϯ͕ϲϲϱ	ϯ͕ϳϳϯ͕ϭϲϲ	Ͳ	Ͳ
ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐ͗
dĞŵƉŽƌĂƌLJƚŝŵŝŶŐĚŝĨĨĞƌĞŶĐĞƐĂƌŝƐŝŶŐŽŶ
ŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ	;ϯ͕ϳϱϯ͕ϲϲϱͿ	;ϯ͕ϳϳϯ͕ϭϲϲͿ	Ͳ	Ͳ
EĞƚĚĞĨĞƌƌĞĚƚĂdžĞƐ	Ͳ	Ͳ	Ͳ	Ͳ

hŶƌĞĐŽŐŶŝƐĞĚ ĚĞĨĞƌƌĞĚ ƚĂdžĂƐƐĞƚƐ

	'ƌŽƵƉ ϮϬϭϱ Ψ	'ƌŽƵƉ ϮϬϭϰ Ψ	ŽŵƉĂŶLJ ϮϬϭϱ Ψ	ŽŵƉĂŶLJ ϮϬϭϰ Ψ
dĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ	ϭϮ͕ϳϭϮ͕ϮϬϲ	ϭϭ͕ϵϲϳ͕ϳϮϭ	Ͳ	Ͳ
dĂdžůŽƐƐĞƐ	ϭϬ͕ϭϳϱ͕ϵϮϬ	ϵ͕ϴϮϵ͕ϳϵϰ	ϵ͕ϵϯϰ͕ϭϮϱ	ϵ͕ϮϬϬ͕ϵϬϭ
	ϮϮ͕ϴϴϴ͕ϭϮϲ	Ϯϭ͕ϳϵϳ͕ϱϭϱ	ϵ͕ϵϯϰ͕ϭϮϱ	ϵ͕ϮϬϬ͕ϵϬϭ

EKd ϭϱ Kd,Z Z/s>^ EWZWzDEd^

	'ƌŽƵƉ ϮϬϭϱ Ψ	'ƌŽƵƉ ϮϬϭϰ Ψ	ŽŵƉĂŶLJ ϮϬϭϱ Ψ	ŽŵƉĂŶLJ ϮϬϭϰ Ψ
KƚŚĞƌƌĞĐĞŝǀĂďůĞƐ	ϭϱϭ͕Ϯϵϱ	ϭ͕Ϭϵϵ͕ϴϰϬ	ϭϯϲ͕ϴϳϯ	ϭ͕ϬϬϮ͕ϲϮϯ
WƌĞƉĂLJŵĞŶƚƐ	Ͳ	ϭϮ͕ϱϬϬ	Ͳ	ϭϮ͕ϱϬϬ
	ϭϱϭ͕Ϯϵϱ	ϭ͕ϭϭϮ͕ϯϰϬ	ϭϯϲ͕ϴϳϯ	ϭ͕Ϭϭϱ͕ϭϮϯ

EKd ϭϲ ^,E^,Yh/s>Ed^

	'ƌŽƵƉ ϮϬϭϱ Ψ	'ƌŽƵƉ ϮϬϭϰ Ψ	ŽŵƉĂŶLJ ϮϬϭϱ Ψ	ŽŵƉĂŶLJ ϮϬϭϰ Ψ
ĂƐŚĂƚďĂŶŬ	ϯϮϭ͕ϰϰϬ	ϰ͕ϱϰϳ͕ϮϮϵ	Ϯϭϱ͕ϯϭϮ	ϰ͕ϭϱϵ͕Ϭϳϭ
ĂƐŚ ĂŶĚ ĐĂƐŚ ĞƋƵŝǀĂůĞŶƚƐŝŶ ƚŚĞƐƚĂƚĞŵĞŶƚ ŽĨ
ĐĂƐŚĨůŽǁƐ	ϯϮϭ͕ϰϰϬ	ϰ͕ϱϰϳ͕ϮϮϵ	Ϯϭϱ͕ϯϭϮ	ϰ͕ϭϱϵ͕Ϭϳϭ

EKd ϭϳ W/d> EZ^Zs^

;ĂͿ ƵƚŚŽƌŝƐĞĚ ^ŚĂƌĞ ĂƉŝƚĂů

	ϮϬϭϰ EŽ͘ŽĨ^ŚĂƌĞƐ	ϮϬϭϰ EŽŵŝŶĂůsĂůƵĞά
ƚϭ:ƵůLJ ϮϬϭϯʹKƌĚŝŶĂƌLJƐŚĂƌĞƐ	ϲϮϬ͕ϬϬϬ͕ϬϬϬ	ϲ͕ϮϬϬ͕ϬϬϬ
/ŶĐƌĞĂƐĞŝŶĂƵƚŚŽƌŝƐĞĚƐŚĂƌĞĐĂƉŝƚĂůŽĨάϬ͘ϬϭĞĂĐŚŽŶϴ:ƵůLJ ϮϬϭϰ	ϮϬϬ͕ϬϬϬ͕ϬϬϬ	Ϯ͕ϬϬϬ͕ϬϬϬ
ƚ ϯϬ :ƵŶĞ ϮϬϭϰʹ KƌĚŝŶĂƌLJƐŚĂƌĞƐ	ϴϮϬ͕ϬϬϬ͕ϬϬϬ	ϴ͕ϮϬϬ͕ϬϬϬ

	ϮϬϭϱ	ϮϬϭϱ
	EŽ͘ŽĨ^ŚĂƌĞƐ	EŽŵŝŶĂůsĂůƵĞά
ƚϭ:ƵůLJ ϮϬϭϰʹKƌĚŝŶĂƌLJƐŚĂƌĞƐ	ϴϮϬ͕ϬϬϬ͕ϬϬϬ	ϴ͕ϮϬϬ͕ϬϬϬ
/ŶĐƌĞĂƐĞŝŶĂƵƚŚŽƌŝƐĞĚƐŚĂƌĞĐĂƉŝƚĂůŽĨάϬ͘ϬϭĞĂĐŚŽŶϮϯ:ĂŶƵĂƌLJ ϮϬϭϱ	ϮϬϬ͕ϬϬϬ͕ϬϬϬ	Ϯ͕ϬϬϬ͕ϬϬϬ

ƚ ϯϬ :ƵŶĞ ϮϬϭϱ ʹ KƌĚŝŶĂƌLJƐŚĂƌĞƐ ϭ͕ϬϮϬ͕ϬϬϬ͕ϬϬϬ ϭϬ͕ϮϬϬ͕ϬϬϬ

;ďͿ ŚĂŶŐĞƐŝŶ/ƐƐƵĞĚ ^ŚĂƌĞ ĂƉŝƚĂů ĂŶĚ ^ŚĂƌĞ WƌĞŵŝƵŵ

	EŽ͘ŽĨ	EŽŵŝŶĂů	^ŚĂƌĞ	dŽƚĂů
	^ŚĂƌĞƐ	sĂůƵĞ	WƌĞŵŝƵŵ	Ψ
		Ψ	Ψ
KƌĚŝŶĂƌLJƐŚĂƌĞƐŽĨϭƉĞĂĐŚĂƚϯϬ:ƵŶĞϮϬϭϯ	ϱϱϯ͕ϯϱϰ͕ϯϰϮ	ϵ͕ϯϲϭ͕ϳϱϱ	ϲϲ͕ϰϭϴ͕ϱϮϲ	ϳϱ͕ϳϴϬ͕Ϯϴϭ
^ŚĂƌĞƐŝƐƐƵĞĚĂƚάϬ͘ϭϯ ʹ ďŽŶƵƐƐŚĂƌĞƐŝƐƐƵĞĚϲ^ĞƉƚĞŵďĞƌϮϬϭϯ	ϳϬϬ͕ϬϬϬ	ϭϭ͕ϵϰϰ	ϭϰϯ͕ϯϯϭ	ϭϱϱ͕Ϯϳϱ
^ŚĂƌĞƐŝƐƐƵĞĚĂƚάϬ͘Ϭϳϱ ʹƉůĂĐĞŵĞŶƚϮϰ ^ĞƉƚĞŵďĞƌϮϬϭϯ	ϰϵ͕ϴϰϬ͕ϵϲϳ	ϴϱϲ͕ϴϭϱ	ϱ͕ϱϲϵ͕ϯϬϭ	ϲ͕ϰϮϲ͕ϭϭϲ
^ŚĂƌĞƐŝƐƐƵĞĐŽƐƚƐĐŚĂƌŐĞĚƚŽƐŚĂƌĞƉƌĞŵŝƵŵĂĐĐŽƵŶƚ	Ͳ	Ͳ	;ϯϮϮ͕ϱϬϲͿ	;ϯϮϮ͕ϱϬϲͿ
^ŚĂƌĞƐŝƐƐƵĞĚĂƚάϬ͘ϭϭ ʹŽƌŶĞƌƐƚŽŶĞĂƉŝƚĂůZĞƐŽƵƌĐĞƐ/ŶĐ͘ƐŚĂƌĞƐ
ĂƐƉĂƌƚĐŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌ^Žů'ŽůĚŵŽǀŝŶŐƚŽϴϱйŽǁŶĞƌƐŚŝƉŽĨ
džƉůŽƌĂĐŝŽŶĞƐEŽǀŽŵŝŶŝŶŐ ^͘͘	ϰϴϴ͕ϱϲϬ	ϴ͕ϵϵϲ	ϵϬ͕ϱϳϵ	ϵϵ͕ϱϳϱ
^ŚĂƌĞƐŝƐƐƵĞĚĂƚάϬ͘Ϭϵ ʹƉůĂĐĞŵĞŶƚϮϰ DĂƌĐŚϮϬϭϰ	ϰϳ͕ϳϲϵ͕ϯϯϯ	ϴϲϳ͕Ϭϭϰ	ϲ͕ϵϯϲ͕ϭϬϳ	ϳ͕ϴϬϯ͕ϭϮϭ
^ŚĂƌĞƐŝƐƐƵĞĐŽƐƚƐĐŚĂƌŐĞĚƚŽƐŚĂƌĞƉƌĞŵŝƵŵĂĐĐŽƵŶƚ	Ͳ	Ͳ	;ϰϬϬ͕ϯϱϯͿ	;ϰϬϬ͕ϯϱϯͿ
KƌĚŝŶĂƌLJƐŚĂƌĞƐŽĨϭƉ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϰ	ϲϱϮ͕ϭϱϯ͕ϮϬϮ	ϭϭ͕ϭϬϲ͕ϱϮϰ	ϳϴ͕ϰϯϰ͕ϵϴϱ	ϴϵ͕ϱϰϭ͕ϱϬϵ

	EŽ͘ŽĨ	EŽŵŝŶĂů	^ŚĂƌĞ	dŽƚĂů
	^ŚĂƌĞƐ	sĂůƵĞ	WƌĞŵŝƵŵ	Ψ
		Ψ	Ψ
KƌĚŝŶĂƌLJƐŚĂƌĞƐŽĨϭƉĞĂĐŚĂƚϯϬ:ƵŶĞϭϰ	ϲϱϮ͕ϭϱϯ͕ϮϬϮ	ϭϭ͕ϭϬϲ͕ϱϮϰ	ϳϴ͕ϰϯϰ͕ϵϴϱ	ϴϵ͕ϱϰϭ͕ϱϬϵ
^ŚĂƌĞƐŝƐƐƵĞĚĂƚάϬ͘Ϭϯ ʹ WůĂĐĞŵĞŶƚϭϳ ĞĐĞŵďĞƌϮϬϭϰ	ϯϯ͕ϱϵϭ͕ϴϮϴ	ϲϯϯ͕ϴϰϮ	ϭ͕Ϯϲϳ͕ϲϯϯ	ϭ͕ϵϬϭ͕ϰϳϱ
^ŚĂƌĞŝƐƐƵĞĐŽƐƚƐĐŚĂƌŐĞĚƚŽƐŚĂƌĞƉƌĞŵŝƵŵĂĐĐŽƵŶƚ	Ͳ	Ͳ	;ϴϱ͕ϭϵϭͿ	;ϴϱ͕ϭϵϭͿ
^ŚĂƌĞƐŝƐƐƵĞĚĂƚάϬ͘Ϭϯ ʹ KƉĞŶŽĨĨĞƌϵ ƉƌŝůϮϬϭϱ	ϳϰ͕ϳϬϴ͕Ϭϰϭ	ϭ͕ϰϰϰ͕ϯϱϱ	Ϯ͕ϴϴϴ͕ϳϭϭ	ϰ͕ϯϯϯ͕Ϭϲϲ
^ŚĂƌĞŝƐƐƵĞĐŽƐƚƐĐŚĂƌŐĞĚƚŽƐŚĂƌĞƉƌĞŵŝƵŵĂĐĐŽƵŶƚ	Ͳ	Ͳ	;Ϯϵϯ͕ϴϮϴͿ	;Ϯϵϯ͕ϴϮϴͿ
KƌĚŝŶĂƌLJƐŚĂƌĞƐŽĨϭƉ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϱ	ϳϲϬ͕ϰϱϯ͕Ϭϳϭ	ϭϯ͕ϭϴϰ͕ϳϮϭ	ϴϮ͕ϮϭϮ͕ϯϭϬ	ϵϱ͕ϯϵϳ͕Ϭϯϭ

WŽƚĞŶƚŝĂů ŝƐƐƵĞƐŽĨŽƌĚŝŶĂƌLJƐŚĂƌĞƐ

ƚϯϬ:ƵŶĞϮϬϭϱƚŚĞŽŵƉĂŶLJŚĂĚϮϭ͕ϯϴϬ͕ϬϬϬŽƉƚŝŽŶƐŽƵƚƐƚĂŶĚŝŶŐĨŽƌƚŚĞŝƐƐƵĞŽĨŽƌĚŝŶĂƌLJƐŚĂƌĞƐ;ϮϬϭϰ͗ϯϯ͕ϵϮϬ͕ϬϬϬͿ͕ĂƐĨŽůůŽǁƐ͗

KƉƚŝŽŶƐ

EKd ϭϳ W/d> EZ^Zs^ ;ĐŽŶƚŝŶƵĞĚͿ

KƉƚŝŽŶƐ;ĐŽŶƚŝŶƵĞĚͿ

hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŽĐƵŵĞŶƚĞĚǁŝƚŚƚŚĞŽŵƉĂŶLJ͕ǁŚĞŶĂƉĂƌƚŝĐŝƉĂŶƚĐĞĂƐĞƐĞŵƉůŽLJŵĞŶƚƉƌŝŽƌƚŽƚŚĞǀĞƐƚŝŶŐŽĨƚŚĞŝƌƐŚĂƌĞŽƉƚŝŽŶƐ͕ ƚŚĞ ƐŚĂƌĞ ŽƉƚŝŽŶƐ ĂƌĞ ĨŽƌĨĞŝƚĞĚ ĂĨƚĞƌϵϬ ĚĂLJƐ ƵŶůĞƐƐ ĐĞƐƐĂƚŝŽŶ ŽĨĞŵƉůŽLJŵĞŶƚ ŝƐ ĚƵĞ ƚŽ ƚĞƌŵŝŶĂƚŝŽŶ ĨŽƌ ĐĂƵƐĞ͕ ǁŚĞƌĞƵƉŽŶ ƚŚĞLJ ĂƌĞ ĨŽƌĨĞŝƚĞĚŝŵŵĞĚŝĂƚĞůLJ͘ dŚĞŽŵƉĂŶLJ ƉƌŽŚŝďŝƚƐŬĞLJŵĂŶĂŐĞŵĞŶƚ ƉĞƌƐŽŶŶĞů ĨƌŽŵĞŶƚĞƌŝŶŐŝŶƚŽĂƌƌĂŶŐĞŵĞŶƚƐ ƚŽ ƉƌŽƚĞĐƚ ƚŚĞǀĂůƵĞ ŽĨ ƵŶǀĞƐƚĞĚ^KWĂǁĂƌĚƐ͘

dŚĞĐŽŶƚƌĂĐƚƵĂůůŝĨĞŽĨĞĂĐŚŽƉƚŝŽŶŐƌĂŶƚĞĚŝƐŐĞŶĞƌĂůůLJƚŚƌĞĞ;ϯͿLJĞĂƌƐ͘ dŚĞƌĞĂƌĞŶŽĐĂƐŚƐĞƚƚůĞŵĞŶƚĂůƚĞƌŶĂƚŝǀĞƐ͘

ĂĐŚŽƉƚŝŽŶĐĂŶďĞĞdžĞƌĐŝƐĞĚĨƌŽŵǀĞƐƚŝŶŐĚĂƚĞƚŽĞdžƉŝƌLJĚĂƚĞĨŽƌŽŶĞƐŚĂƌĞǁŝƚŚƚŚĞĞdžĞƌĐŝƐĞƉƌŝĐĞƉĂLJĂďůĞŝŶĐĂƐŚ͘

ĂƚĞ ŽĨŐƌĂŶƚ	džĞƌĐŝƐĂďůĞĨƌŽŵ	džĞƌĐŝƐĂďůĞ ƚŽ	džĞƌĐŝƐĞ ƉƌŝĐĞƐ	EƵŵďĞƌ ŐƌĂŶƚĞĚ	EƵŵďĞƌ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϱ
ϭϬ DĂLJ ϮϬϭϯΎ	tŚĞŶƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞ ŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϮϬ ŽŶĂϯϬĚĂLJ stWďĂƐŝƐ	ϲ^ĞƉƚĞŵďĞƌϮϬϭϳ	άϬ͘ϭϰ	ϯ͕ϬϬϬ͕ϬϬϬ	ϯ͕ϬϬϬ͕ϬϬϬ
ϭϱ:ƵůLJ ϮϬϭϯ	tŚĞŶƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞ ŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϮϬ ŽŶĂϯϬĚĂLJ stWďĂƐŝƐ	ϭϱ:ƵůLJ ϮϬϭϲ	άϬ͘ϭϰ	ϭ͕ϮϱϬ͕ϬϬϬ	ϭ͕ϮϱϬ͕ϬϬϬ
ϭϱ:ƵůLJ ϮϬϭϯ	tŚĞŶƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞ ŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϰϬ ŽŶĂϯϬĚĂLJ stWďĂƐŝƐ	ϭϱ:ƵůLJ ϮϬϭϲ	άϬ͘Ϯϴ	Ϯ͕ϮϱϬ͕ϬϬϬ	Ϯ͕ϮϱϬ͕ϬϬϬ
ϭϱ:ƵůLJ ϮϬϭϯ	tŚĞŶƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞ ŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϴϬ ŽŶĂϯϬĚĂLJ stWďĂƐŝƐ	ϭϱ:ƵůLJ ϮϬϭϲ	άϬ͘ϱϬ	ϰ͕ϬϬϬ͕ϬϬϬ	ϰ͕ϬϬϬ͕ϬϬϬ
Ϯϰ ^ĞƉƚĞŵďĞƌϮϬϭϯ	tŚĞŶƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞ ŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϮϬ ŽŶĂϯϬĚĂLJ stWďĂƐŝƐ	Ϯϰ ^ĞƉƚĞŵďĞƌϮϬϭϲ	άϬ͘ϭϰ	ϯ͕ϮϱϬ͕ϬϬϬ	Ϯ͕ϴϱϬ͕ϬϬϬ
Ϯϰ ^ĞƉƚĞŵďĞƌϮϬϭϯ	tŚĞŶƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞ ŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϰϬ ŽŶĂϯϬĚĂLJ stWďĂƐŝƐ	Ϯϰ ^ĞƉƚĞŵďĞƌϮϬϭϲ	άϬ͘Ϯϴ	ϯ͕ϮϱϬ͕ϬϬϬ	Ϯ͕ϴϱϬ͕ϬϬϬ
Ϯϰ ^ĞƉƚĞŵďĞƌϮϬϭϯ	tŚĞŶƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞ ŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϴϬ ŽŶĂϯϬĚĂLJ stWďĂƐŝƐ	Ϯϰ ^ĞƉƚĞŵďĞƌϮϬϭϲ	άϬ͘ϱϬ	ϴϮϬ͕ϬϬϬ	ϴϮϬ͕ϬϬϬ
ϴ:ƵůLJ ϮϬϭϰ	tŚĞŶƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞ ŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϮϬ ŽŶĂϯϬĚĂLJ stWďĂƐŝƐ	ϴ:ƵůLJ ϮϬϭϳ	άϬ͘ϭϰ	Ϯ͕ϭϴϬ͕ϬϬϬ	Ϯ͕ϭϴϬ͕ϬϬϬ
ϴ:ƵůLJ ϮϬϭϰ	tŚĞŶƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞ ŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϰϬ ŽŶĂϯϬĚĂLJ stWďĂƐŝƐ	ϴ:ƵůLJ ϮϬϭϳ	άϬ͘Ϯϴ	Ϯ͕ϭϴϬ͕ϬϬϬ	Ϯ͕ϭϴϬ͕ϬϬϬ
				ϮϮ͕ϭϴϬ͕ϬϬϬ	Ϯϭ͕ϯϴϬ͕ϬϬϬ

ΎdŚĞŽƉƚŝŽŶƐǁĞƌĞŐƌĂŶƚĞĚĨŽƌĂĐĐŽƵŶƚŝŶŐƉƵƌƉŽƐĞƐŽŶϭϬ DĂLJ ϮϬϭϯ͕ĂƉƉƌŽǀĞĚĂƚƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐŚĞůĚŽŶϭϵ ƵŐƵƐƚϮϬϭϯ ĂŶĚĨŽƌŵĂůůLJĂůůŽƚƚĞĚŽŶϲ^ĞƉƚĞŵďĞƌϮϬϭϯ͘

tĂƌƌĂŶƚƐ

dŚĞƌĞǁĞƌĞŶŽǁĂƌƌĂŶƚƐŽƵƚƐƚĂŶĚŝŶŐĂƐĂƚϯϬ:ƵŶĞϮϬϭϱ͘

EKd ϭϳ W/d> EZ^Zs^ ;ĐŽŶƚŝŶƵĞĚͿ

^ŚĂƌĞ ŽƉƚŝŽŶƐŝƐƐƵĞĚ

KŶϭϱ:ƵůLJ ϮϬϭϯ͕ƚŚĞĐŽŵƉĂŶLJĞŶƚĞƌĞĚŝŶƚŽĂŶĂŐƌĞĞŵĞŶƚƚŽŐƌĂŶƚϳ͕ϱϬϬ͕ϬϬϬƵŶůŝƐƚĞĚŽƉƚŝŽŶƐƚŽŚŝĞĨ'ĞŽůŽŐŝƐƚ͕ƌƵĐĞZŽŚƌůĂĐŚ͘ dŚĞ ŽƉƚŝŽŶƐŚĂǀĞĂůŝĨĞŽĨϯ LJĞĂƌƐ͘dŚĞƚĞƌŵƐŽĨƚŚĞƐŚĂƌĞŽƉƚŝŽŶƐĂƌĞĂƐĨŽůůŽǁƐ͗

ϭ͘ϮϱŵŝůůŝŽŶKƉƚŝŽŶƐĞdžĞƌĐŝƐĂďůĞĂƚάϬ͘ϭϰ͕ǀĞƐƚŝŶŐŽŶĐĞƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϮϬŽŶĂϯϬ ĚĂLJ stWďĂƐŝƐ͖
Ϯ͘ϮϱŵŝůůŝŽŶKƉƚŝŽŶƐĞdžĞƌĐŝƐĂďůĞĂƚάϬ͘Ϯϴ͕ǀĞƐƚŝŶŐŽŶĐĞƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϰϬŽŶĂϯϬ ĚĂLJ stWďĂƐŝƐ͖ĂŶĚ
ϰŵŝůůŝŽŶKƉƚŝŽŶƐĞdžĞƌĐŝƐĂďůĞĂƚάϬ͘ϱϬ͕ǀĞƐƚŝŶŐŽŶĐĞƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϴϬŽŶĂϯϬĚĂLJ stWďĂƐŝƐ͘

KŶϮϰ ^ĞƉƚĞŵďĞƌϮϬϭϯ͕ƚŚĞĐŽŵƉĂŶLJĞŶƚĞƌĞĚŝŶƚŽĂŶĂŐƌĞĞŵĞŶƚƚŽŐƌĂŶƚϳ͕ϯϮϬ͕ϬϬϬƵŶůŝƐƚĞĚŽƉƚŝŽŶƐƚŽĐĞƌƚĂŝŶĞŵƉůŽLJĞĞƐ͕ƵŶĚĞƌŝƚƐ ĞŵƉůŽLJĞĞƐŚĂƌĞŽƉƚŝŽŶƉůĂŶ͘ dŚĞŽƉƚŝŽŶƐŚĂǀĞĂůŝĨĞŽĨϯ LJĞĂƌƐ͘dŚĞƚĞƌŵƐŽĨƚŚĞƐŚĂƌĞŽƉƚŝŽŶƐĂƌĞĂƐĨŽůůŽǁƐ͗

ϯ͘ϮϱŵŝůůŝŽŶKƉƚŝŽŶƐĞdžĞƌĐŝƐĂďůĞĂƚάϬ͘ϭϰ͕ǀĞƐƚŝŶŐŽŶĐĞƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϮϬŽŶĂϯϬ ĚĂLJ stWďĂƐŝƐ͖
ϯ͘ϮϱŵŝůůŝŽŶKƉƚŝŽŶƐĞdžĞƌĐŝƐĂďůĞĂƚάϬ͘Ϯϴ͕ǀĞƐƚŝŶŐŽŶĐĞƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϰϬŽŶĂϯϬ ĚĂLJ stWďĂƐŝƐ͖ĂŶĚ
Ϭ͘ϴϮŵŝůůŝŽŶKƉƚŝŽŶƐĞdžĞƌĐŝƐĂďůĞĂƚάϬ͘ϱϬ͕ǀĞƐƚŝŶŐŽŶĐĞƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϴϬŽŶĂϯϬ ĚĂLJ stWďĂƐŝƐ͘

KŶϴ :ƵůLJ ϮϬϭϰ͕ ƚŚĞĐŽŵƉĂŶLJĞŶƚĞƌĞĚŝŶƚŽĂŶĂŐƌĞĞŵĞŶƚ ƚŽŐƌĂŶƚϰ͕ϯϲϬ͕ϬϬϬƵŶůŝƐƚĞĚŽƉƚŝŽŶƐ ƚŽ ƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͘ dŚĞŽƉƚŝŽŶƐ ŚĂǀĞĂůŝĨĞŽĨϯ LJĞĂƌƐ͘dŚĞƚĞƌŵƐŽĨƚŚĞƐŚĂƌĞŽƉƚŝŽŶƐĂƌĞĂƐĨŽůůŽǁƐ͗

Ϯ͘ϭϴŵŝůůŝŽŶKƉƚŝŽŶƐĞdžĞƌĐŝƐĂďůĞĂƚάϬ͘ϭϰ͕ǀĞƐƚŝŶŐŽŶĐĞƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϮϬŽŶĂϯϬ ĚĂLJ stWďĂƐŝƐ͖
Ϯ͘ϭϴŵŝůůŝŽŶKƉƚŝŽŶƐĞdžĞƌĐŝƐĂďůĞĂƚάϬ͘Ϯϴ͕ǀĞƐƚŝŶŐŽŶĐĞƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƉƌŝĐĞŚĂƐƚƌĂĚĞĚĂƚĂŵŝŶŝŵƵŵŽĨάϬ͘ϰϬŽŶĂϯϬ ĚĂLJ stWďĂƐŝƐ͖ĂŶĚ

ZĞĨĞƌƚŽŶŽƚĞϭϵĨŽƌĨƵƌƚŚĞƌĚĞƚĂŝůƐ͘

ŝǀŝĚĞŶĚƐ

dŚĞŝƌĞĐƚŽƌƐĚŽŶŽƚƌĞĐŽŵŵĞŶĚƚŚĞƉĂLJŵĞŶƚŽĨĂĚŝǀŝĚĞŶĚ;ϮϬϭϰ͗ŶŝůͿ͘

ĂƉŝƚĂůDĂŶĂŐĞŵĞŶƚ

'ŝǀĞŶƚŚĞŶĂƚƵƌĞŽĨƚŚĞŐƌŽƵƉ͛ƐĐƵƌƌĞŶƚĂĐƚŝǀŝƚŝĞƐƚŚĞĞŶƚŝƚLJǁŝůůƌĞŵĂŝŶĚĞƉĞŶĚĂŶƚŽŶĞƋƵŝƚLJĨƵŶĚŝŶŐŝŶƚŚĞƐŚŽƌƚƚŽŵĞĚŝƵŵƚĞƌŵƵŶƚŝů ƐƵĐŚƚŝŵĞĂƐƚŚĞŐƌŽƵƉďĞĐŽŵĞƐƐĞůĨͲĨŝŶĂŶĐŝŶŐĨƌŽŵƚŚĞĐŽŵŵĞƌĐŝĂůƉƌŽĚƵĐƚŝŽŶŽĨŵŝŶĞƌĂůƌĞƐŽƵƌĐĞƐ͘

EKd ϭϴ dZ EKd,Z hZZEd Wz>^

	'ƌŽƵƉ ϮϬϭϱ Ψ	'ƌŽƵƉ ϮϬϭϰ Ψ	ŽŵƉĂŶLJ ϮϬϭϱ Ψ	ŽŵƉĂŶLJ ϮϬϭϰ Ψ
ƵƌƌĞŶƚ
dƌĂĚĞƉĂLJĂďůĞƐ	ϭ͕Ϭϲϱ͕ϲϭϳ	Ϯϵϭ͕ϰϬϵ	ϭ͕ϬϬϬ͕Ϭϲϲ	ϮϲϬ͕ϴϭϳ
KƚŚĞƌƉĂLJĂďůĞƐ	ϯϮϲ͕ϲϴϵ	ϰϭϯ͕ϰϯϰ	ϲϴ͕Ϭϭϵ	ϴϱ͕ϰϯϯ
ĐĐƌƵĞĚĞdžƉĞŶƐĞƐ	ϵϰϲ͕ϭϰϬ	ϴϮ͕ϰϱϴ	Ϯϴϭ͕ϲϲϲ	ϴϮ͕ϰϱϴ
	Ϯ͕ϯϯϴ͕ϰϰϲ	ϳϴϳ͕ϯϬϭ	ϭ͕ϯϰϵ͕ϳϱϭ	ϰϮϴ͕ϳϬϴ

EKd ϭϵ DW>KzE&/d^

^ŚĂƌĞͲďĂƐĞĚ ƉĂLJŵĞŶƚƐ

dŚĞŶƵŵďĞƌĂŶĚǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞĞdžĞƌĐŝƐĞƉƌŝĐĞŽĨƐŚĂƌĞŽƉƚŝŽŶƐĂƌĞĂƐĨŽůůŽǁƐ͗

	tĞŝŐŚƚĞĚ ĂǀĞƌĂŐĞ ĞdžĞƌĐŝƐĞ ƉƌŝĐĞ ϮϬϭϱ	EƵŵďĞƌ ŽĨ ŽƉƚŝŽŶƐ ϮϬϭϱ	tĞŝŐŚƚĞĚ ĂǀĞƌĂŐĞ ĞdžĞƌĐŝƐĞ ƉƌŝĐĞ ϮϬϭϰ	EƵŵďĞƌ ŽĨ ŽƉƚŝŽŶƐ ϮϬϭϰ
KƵƚƐƚĂŶĚŝŶŐĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞLJĞĂƌ	άϬ͘ϯϰ	ϯϬ͕ϵϮϬ͕ϬϬϬ	άϬ͘ϯϳ	Ϯϱ͕ϯϳϮ͕ϬϬϬ
>ĂƉƐĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ	άϬ͘ϰϭ	;ϭϯ͕ϵϬϬ͕ϬϬϬͿ	άϬ͘ϰϳ	;ϵ͕ϮϳϮ͕ϬϬϬͿ
'ƌĂŶƚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ	άϬ͘Ϯϭ	ϰ͕ϯϲϬ͕ϬϬϬ	άϬ͘ϯϭ	ϭϰ͕ϴϮϬ͕ϬϬϬ
džĞƌĐŝƐĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ	Ͳ	Ͳ	Ͳ	Ͳ
KƵƚƐƚĂŶĚŝŶŐĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ	άϬ͘Ϯϳ	Ϯϭ͕ϯϴϬ͕ϬϬϬ	άϬ͘ϯϰ	ϯϬ͕ϵϮϬ͕ϬϬϬ
džĞƌĐŝƐĂďůĞĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ	Ͳ	Ͳ	Ͳ	Ͳ

dŚĞ ŽƉƚŝŽŶƐ ŽƵƚƐƚĂŶĚŝŶŐ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϱ ŚĂǀĞ ĂŶ ĞdžĞƌĐŝƐĞ ƉƌŝĐĞ ŽĨ άϬ͘ϭϰ Ͳ άϬ͘ϱϬ ;ϮϬϭϰ͗ άϬ͘ϭϰ Ͳ άϬ͘ϱϬͿ ĂŶĚ Ă ǁĞŝŐŚƚĞĚ ĂǀĞƌĂŐĞ ĐŽŶƚƌĂĐƚƵĂůůŝĨĞŽĨϭ͘ϰϲLJĞĂƌƐ;ϮϬϭϰ͗Ϯ͘ϰϮ LJĞĂƌƐͿ͘

^ŚĂƌĞŽƉƚŝŽŶƐŚĞůĚďLJ ŝƌĞĐƚŽƌƐĂƌĞĂƐĨŽůůŽǁƐ͗

^ŚĂƌĞ ŽƉƚŝŽŶƐŚĞůĚ	ƚ ϯϬ :ƵŶĞ ϮϬϭϱ	ƚ ϯϬ :ƵŶĞ ϮϬϭϰ	KƉƚŝŽŶ WƌŝĐĞ	džĞƌĐŝƐĞ WĞƌŝŽĚ
ůĂŶDĂƌƚŝŶϭ	Ͳ	ϯ͕ϬϬϬ͕ϬϬϬ	ϭϰƉ	ϭϵͬϬϴͬϭϯʹϭϵͬϬϴͬϭϳ
	Ͳ	ϱ͕ϬϬϬ͕ϬϬϬ	ϮϴƉ	ϭϵͬϬϴͬϭϯʹϭϵͬϬϴͬϭϳ
	Ͳ	ϴ͕ϬϬϬ͕ϬϬϬ	ϱϬƉ	ϭϵͬϬϴͬϭϯʹϭϵͬϬϴͬϭϳ
EŝĐŚŽůĂƐDĂƚŚĞƌ	Ͳ	ϯ͕ϬϬϬ͕ϬϬϬ	ϲƉ	ϭϵͬϬϴͬϭϯʹϭϵͬϬϴͬϭϰ
	ϳϱϬ͕ϬϬϬ	Ͳ	ϭϰƉ	ϬϴͬϬϳͬϭϰʹϬϴͬϬϳͬϭϳ
	ϳϱϬ͕ϬϬϬ	Ͳ	ϮϴƉ	ϬϴͬϬϳͬϭϰʹϬϴͬϬϳͬϭϳ
ƌŝĂŶDŽůůĞƌ	ϱϱϬ͕ϬϬϬ	Ͳ	ϭϰƉ	ϬϴͬϬϳͬϭϰʹϬϴͬϬϳͬϭϳ
	ϱϱϬ͕ϬϬϬ	Ͳ	ϮϴƉ	ϬϴͬϬϳͬϭϰʹϬϴͬϬϳͬϭϳ
ZŽďĞƌƚtĞŝŶďĞƌŐ	ϰϰϬ͕ϬϬϬ	Ͳ	ϭϰƉ	ϬϴͬϬϳͬϭϰʹϬϴͬϬϳͬϭϳ
	ϰϰϬ͕ϬϬϬ	Ͳ	ϮϴƉ	ϬϴͬϬϳͬϭϰʹϬϴͬϬϳͬϭϳ
:ŽŚŶŽǀĂƌĚ	ϰϰϬ͕ϬϬϬ	Ͳ	ϭϰƉ	ϬϴͬϬϳͬϭϰʹϬϴͬϬϳͬϭϳ
	ϰϰϬ͕ϬϬϬ	Ͳ	ϮϴƉ	ϬϴͬϬϳͬϭϰʹϬϴͬϬϳͬϭϳ

^ϭ ůĂŶDĂƌƚŝŶƌĞƐŝŐŶĞĚĂƐKĂŶĚDĂŶĂŐŝŶŐŝƌĞĐƚŽƌϭϳ DĂLJ ϮϬϭϱ͘

EKd ϭϵ DW>KzE&/d^ ;ĐŽŶƚŝŶƵĞĚͿ

^ŚĂƌĞͲďĂƐĞĚ ƉĂLJŵĞŶƚƐ;ĐŽŶƚŝŶƵĞĚͿ

dŚĞƚŽƚĂůŶƵŵďĞƌŽĨŽƉƚŝŽŶƐŽƵƚƐƚĂŶĚŝŶŐĂƚLJĞĂƌĞŶĚŝƐĂƐĨŽůůŽǁƐ͗

^ŚĂƌĞ ŽƉƚŝŽŶƐŚĞůĚ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϱ	^ŚĂƌĞ ŽƉƚŝŽŶƐŚĞůĚ Ăƚ ϯϬ :ƵŶĞ ϮϬϭϰ	KƉƚŝŽŶ ƉƌŝĐĞ	džĞƌĐŝƐĞ ƉĞƌŝŽĚƐ
Ͳ	ϮϱϬ͕ϬϬϬ	άϬ͘ϭϰ	ϮϴͬϬϲͬϭϯʹϮϴͬϬϲͬϭϱ
Ͳ	ϮϱϬ͕ϬϬϬ	άϬ͘Ϯϴ	ϮϴͬϬϲͬϭϯʹϮϴͬϬϲͬϭϱ
Ͳ	ϯ͕ϬϬϬ͕ϬϬϬ	άϬ͘Ϭϲ	ϲͬϬϵͬϭϯʹϭϵͬϬϴͬϭϰ
ϯ͕ϬϬϬ͕ϬϬϬ	ϯ͕ϬϬϬ͕ϬϬϬ	άϬ͘ϭϰ	sĞƐƚŝŶŐĨƌŽŵϯϬĚĂLJ stWŽĨϮϬƉƚŽϬϲͬϬϵͬϮϬϭϳ
Ͳ	ϱ͕ϬϬϬ͕ϬϬϬ	άϬ͘Ϯϴ	sĞƐƚŝŶŐĨƌŽŵϯϬĚĂLJ stWŽĨϰϬƉƚŽϬϲͬϬϵͬϮϬϭϳ
Ͳ	ϴ͕ϬϬϬ͕ϬϬϬ	άϬ͘ϱϬ	sĞƐƚŝŶŐĨƌŽŵϯϬĚĂLJ stWŽĨϴϬƉƚŽϲͬϬϵͬϮϬϭϳ
ϭ͕ϮϱϬ͕ϬϬϬ	ϭ͕ϮϱϬ͕ϬϬϬ	άϬ͘ϭϰ	sĞƐƚŝŶŐĨƌŽŵϯϬĚĂLJ stWŽĨϮϬƉƚŽϭϱͬϬϳͬϮϬϭϲ
Ϯ͕ϮϱϬ͕ϬϬϬ	Ϯ͕ϮϱϬ͕ϬϬϬ	άϬ͘Ϯϴ	sĞƐƚŝŶŐĨƌŽŵϯϬ ĂLJ stWŽĨϰϬƉƚŽϭϱͬϬϳͬϮϬϭϲ
ϰ͕ϬϬϬ͕ϬϬϬ	ϰ͕ϬϬϬ͕ϬϬϬ	άϬ͘ϱϬ	sĞƐƚŝŶŐĨƌŽŵϯϬ ĂLJ stWŽĨϴϬƉƚŽϭϱͬϬϳͬϮϬϭϲ
Ϯ͕ϴϱϬ͕ϬϬϬ	ϯ͕ϬϱϬ͕ϬϬϬ	άϬ͘ϭϰ	sĞƐƚŝŶŐĨƌŽŵϯϬ ĂLJ stWŽĨϮϬƉƚŽϮϰͬϬϵͬϮϬϭϲ
Ϯ͕ϴϱϬ͕ϬϬϬ	ϯ͕ϬϱϬ͕ϬϬϬ	άϬ͘Ϯϴ	sĞƐƚŝŶŐĨƌŽŵϯϬ ĂLJ stWŽĨϰϬƉƚŽϮϰͬϬϵͬϮϬϭϲ
ϴϮϬ͕ϬϬϬ	ϴϮϬ͕ϬϬϬ	άϬ͘ϱϬ	sĞƐƚŝŶŐĨƌŽŵϯϬ ĂLJ stWŽĨϴϬƉƚŽϮϰͬϬϵͬϮϬϭϲ
Ϯ͕ϭϴϬ͕ϬϬϬ	Ͳ	άϬ͘ϭϰ	sĞƐƚŝŶŐĨƌŽŵϯϬ ĂLJ stWŽĨϮϬƉƚŽϬϴͬϬϳͬϮϬϭϳ
Ϯ͕ϭϴϬ͕ϬϬϬ	Ͳ	άϬ͘Ϯϴ	sĞƐƚŝŶŐĨƌŽŵϯϬ ĂLJ stWŽĨϰϬƉƚŽϮϰͬϬϵͬϮϬϭϲ
Ϯϭ͕ϯϴϬ͕ϬϬϬ	ϯϯ͕ϵϮϬ͕ϬϬϬ

&ĂŝƌǀĂůƵĞ ŽĨƐŚĂƌĞ ŽƉƚŝŽŶƐĂŶĚ	ϮϬϭϰ
ĂƐƐƵŵƉƚŝŽŶƐ	άϬ͘ϱϬ KƉƚŝŽŶƐ ϭϱ :ƵůLJ ϮϬϭϯ	άϬ͘ϮϴKƉƚŝŽŶƐ ϭϱ :ƵůLJ ϮϬϭϯ	άϬ͘ϭϰKƉƚŝŽŶƐ ϭϱ :ƵůLJ ϮϬϭϯ	άϬ͘ϱϬ KƉƚŝŽŶƐ Ϯϰ^ĞƉƚ ϮϬϭϯ	άϬ͘ϮϴKƉƚŝŽŶƐ Ϯϰ^ĞƉƚ ϮϬϭϯ	άϬ͘ϭϰKƉƚŝŽŶƐ Ϯϰ^ĞƉƚ ϮϬϭϯ
EƵŵďĞƌŽĨŽƉƚŝŽŶƐ	ϰ͕ϬϬϬ͕ϬϬϬ	Ϯ͕ϮϱϬ͕ϬϬϬ	ϭ͕ϮϱϬ͕ϬϬϬ	ϴϮϬ͕ϬϬϬ	ϯ͕ϮϱϬ͕ϬϬϬ	ϯ͕ϮϱϬ͕ϬϬϬ
&ĂŝƌǀĂůƵĞĂƚŝƐƐƵĞ ĚĂƚĞ	άϬ͘ϬϬϬϭ	άϬ͘ϬϬϭϮ	άϬ͘ϬϬϰϯ	άϬ͘ϬϬϭ	άϬ͘ϬϬϯ	άϬ͘Ϭϭϭ
džĞƌĐŝƐĞƉƌŝĐĞ	άϬ͘ϱϬ	άϬ͘Ϯϴ	άϬ͘ϭϰ	άϬ͘ϱϬ	άϬ͘Ϯϴ	άϬ͘ϭϰ
džƉĞĐƚĞĚǀŽůĂƚŝůŝƚLJ	ϭϮϳ͘ϰϲй	ϭϮϳ͘ϰϲй	ϭϮϳ͘ϰϲй	ϭϭϯ͘Ϯϰй	ϭϭϯ͘Ϯϰй	ϭϭϯ͘Ϯϰй
KƉƚŝŽŶůŝĨĞ	ϯ͘ϬϬ LJĞĂƌƐ	ϯ͘ϬϬ LJĞĂƌƐ	ϯ͘ϬϬ LJĞĂƌƐ	ϯ͘ϬϬ LJĞĂƌƐ	ϯ͘ϬϬ LJĞĂƌƐ	ϯ͘ϬϬ LJĞĂƌƐ
džƉĞĐƚĞĚĚŝǀŝĚĞŶĚƐ	Ϭ͘ϬϬй	Ϭ͘ϬϬй	Ϭ͘ϬϬй	Ϭ͘ϬϬй	Ϭ͘ϬϬй	Ϭ͘ϬϬй
ZŝƐŬͲĨƌĞĞŝŶƚĞƌĞƐƚ ƌĂƚĞ;ƐŚŽƌƚͲƚĞƌŵͿ	ϭ͘Ϯϴй	ϭ͘Ϯϴй	ϭ͘Ϯϴй	ϭ͘ϲϮй	ϭ͘ϲϮй	ϭ͘ϲϮй
sĂůƵĂƚŝŽŶ ŵĞƚŚŽĚŽůŽŐLJ	DŽŶƚĞĂƌůŽ	DŽŶƚĞĂƌůŽ	DŽŶƚĞĂƌůŽ	DŽŶƚĞĂƌůŽ	DŽŶƚĞĂƌůŽ	DŽŶƚĞĂƌůŽ

EKd ϭϵ DW>KzE&/d^ ;ĐŽŶƚŝŶƵĞĚͿ

^ŚĂƌĞͲďĂƐĞĚ ƉĂLJŵĞŶƚƐ;ĐŽŶƚŝŶƵĞĚͿ

&ĂŝƌǀĂůƵĞ ŽĨƐŚĂƌĞ ŽƉƚŝŽŶƐĂŶĚ ĂƐƐƵŵƉƚŝŽŶƐ	ϮϬϭϱ
	άϬ͘ϭϰKƉƚŝŽŶƐ	άϬ͘ϮϴKƉƚŝŽŶƐ
	ϴ:ƵůLJ ϮϬϭϰ	ϴ:ƵůLJ ϮϬϭϰ
EƵŵďĞƌŽĨŽƉƚŝŽŶƐ	Ϯ͕ϭϴϬ͕ϬϬϬ	Ϯ͕ϭϴϬ͕ϬϬϬ
&ĂŝƌǀĂůƵĞĂƚŝƐƐƵĞ
ĚĂƚĞ	άϬ͘ϬϭϬ	άϬ͘ϬϬϯ
džĞƌĐŝƐĞƉƌŝĐĞ	άϬ͘ϭϰϬ	άϬ͘ϮϴϬ
džƉĞĐƚĞĚǀŽůĂƚŝůŝƚLJ	ϭϭϱ͘ϯϭй	ϭϭϱ͘ϯϭй
KƉƚŝŽŶůŝĨĞ	ϯ͘ϬϬ LJĞĂƌƐ	ϯ͘ϬϬ LJĞĂƌƐ
džƉĞĐƚĞĚĚŝǀŝĚĞŶĚƐ	Ϭ͘ϬϬй	Ϭ͘ϬϬй
ZŝƐŬͲĨƌĞĞŝŶƚĞƌĞƐƚ ƌĂƚĞ;ƐŚŽƌƚͲƚĞƌŵͿ	Ϯ͘ϰϴй	Ϯ͘ϰϴй
sĂůƵĂƚŝŽŶ ŵĞƚŚŽĚŽůŽŐLJ	DŽŶƚĞĂƌůŽ	DŽŶƚĞĂƌůŽ

EKd ϮϬ &/EE/>/E^dZhDEd^ ;'ZKhW EKDWEzͿ

dŚĞƌĞŚĂǀĞďĞĞŶŶŽĐŚĂŶŐĞƐŝŶĨŝŶĂŶĐŝĂůƌŝƐŬƐĨƌŽŵƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌ͘

ƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϭϱŽƌϮϬϭϰŶŽƚƌĂĚŝŶŐŝŶĐŽŵŵŽĚŝƚLJĐŽŶƚƌĂĐƚƐǁĂƐƵŶĚĞƌƚĂŬĞŶ͘

DĂƌŬĞƚ ƌŝƐŬ

/ŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬƐ

dŚĞ ŐƌŽƵƉ͛Ɛ ĂŶĚ ĐŽŵƉĂŶLJ͛Ɛ ƉŽůŝĐLJ ŝƐ ƚŽ ƌĞƚĂŝŶ ŝƚƐ ƐƵƌƉůƵƐ ĨƵŶĚƐ ŽŶ ƚŚĞ ŵŽƐƚ ĂĚǀĂŶƚĂŐĞŽƵƐ ƚĞƌŵ ŽĨ ĚĞƉŽƐŝƚ ĂǀĂŝůĂďůĞ ƵƉ ƚŽ ƚǁĞůǀĞ ŵŽŶƚŚ͛ƐŵĂdžŝŵƵŵĚƵƌĂƚŝŽŶ͘ dŚĞŝŶĐƌĞĂƐĞͬĚĞĐƌĞĂƐĞŽĨϮйŝŶŝŶƚĞƌĞƐƚƌĂƚĞƐǁŝůůŝŵƉĂĐƚƚŚĞŐƌŽƵƉ͛ƐŝŶĐŽŵĞƐƚĂƚĞŵĞŶƚďLJĂŐĂŝŶͬůŽƐƐŽĨ Ψϲ͕ϰϮϵ ĂŶĚ ƚŚĞ ĐŽŵƉĂŶLJ͛Ɛ ŝŶĐŽŵĞ ƐƚĂƚĞŵĞŶƚ ďLJ Ψϰ͕ϯϬϲ͘ dŚĞ ŐƌŽƵƉ ĐŽŶƐŝĚĞƌƐ ƚŚĂƚ Ă Ϯй нͬͲ ŵŽǀĞŵĞŶƚ ŝŶƚĞƌĞƐƚ ƌĂƚĞƐ ƌĞƉƌĞƐĞŶƚ ƌĞĂƐŽŶĂďůĞƉŽƐƐŝďůĞĐŚĂŶŐĞƐ͘

&ŽƌĞŝŐŶĐƵƌƌĞŶĐLJƌŝƐŬ

dŚĞ'ƌŽƵƉŚĂƐƉŽƚĞŶƚŝĂůĐƵƌƌĞŶĐLJĞdžƉŽƐƵƌĞƐŝŶƌĞƐƉĞĐƚŽĨŝƚĞŵƐĚĞŶŽŵŝŶĂƚĞĚŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐŝĞƐĐŽŵƉƌŝƐŝŶŐ͗

dƌĂŶƐĂĐƚŝŽŶĂůĞdžƉŽƐƵƌĞŝŶ ƌĞƐƉĞĐƚŽĨŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͕ĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞƐĂŶĚ͕ ƚŽĂůĞƐƐĞƌĞdžƚĞŶƚ͕ƐĂůĞƐŝŶĐƵƌƌĞĚŝŶĐƵƌƌĞŶĐŝĞƐ ŽƚŚĞƌƚŚĂŶƚŚĞĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJŽĨŽƉĞƌĂƚŝŽŶƐǁŚŝĐŚƌĞƋƵŝƌĞĨƵŶĚƐƚŽďĞŵĂŝŶƚĂŝŶĞĚŝŶĐƵƌƌĞŶĐŝĞƐŽƚŚĞƌƚŚĂŶƚŚĞĨƵŶĐƚŝŽŶĂů ĐƵƌƌĞŶĐLJŽĨŽƉĞƌĂƚŝŽŶ͖ĂŶĚ
dƌĂŶƐůĂƚŝŽŶĂůĞdžƉŽƐƵƌĞƐŝŶƌĞƐƉĞĐƚŽĨŝŶǀĞƐƚŵĞŶƚƐŝŶŽǀĞƌƐĞĂƐŽƉĞƌĂƚŝŽŶƐǁŚŝĐŚŚĂǀĞĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐŝĞƐŽƚŚĞƌƚŚĂŶƵƐƚƌĂůŝĂŶ ĚŽůůĂƌƐ͘

EKd ϮϬ &/EE/>/E^dZhDEd^ ;'ZKhW EKDWEzͿ ;ĐŽŶƚŝŶƵĞĚͿ

ƵƌƌĞŶĐLJƌŝƐŬŝŶƌĞƐƉĞĐƚŽĨŶŽŶͲĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJĞdžƉĞŶĚŝƚƵƌĞŝƐƌĞǀŝĞǁĞĚďLJƚŚĞŽĂƌĚ͘

dŚĞƚĂďůĞďĞůŽǁƐŚŽǁƐƚŚĞĞdžƚĞŶƚƚŽǁŚŝĐŚ'ƌŽƵƉĐŽŵƉĂŶŝĞƐŚĂǀĞŵŽŶĞƚĂƌLJĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŝŶĐƵƌƌĞŶĐŝĞƐŽƚŚĞƌƚŚĂŶƚŚĞ'ƌŽƵƉ ĨƵŶĐƚŝŽŶĂů ĐƵƌƌĞŶĐLJ͘ &ŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞ ĚŝĨĨĞƌĞŶĐĞƐ ŽŶ ƌĞƚƌĂŶƐůĂƚŝŽŶ ŽĨ ƐƵĐŚ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĂƌĞ ƚĂŬĞŶ ƚŽ ƚŚĞ ƐƚĂƚĞŵĞŶƚ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͘

	'ƌŽƵƉ ϮϬϭϱ Ψ	'ƌŽƵƉ ϮϬϭϰ Ψ
^ŽůŽŵŽŶ/ƐůĂŶĚĚŽůůĂƌ;^Ϳ	ϳ͕Ϭϳϭ	ϵ͕ϮϮϲ
hŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌ;h^Ϳ	ϲϭ͕ϴϱϵ	ϯϮϯ͕ϲϮϭ
'ƌĞĂƚƌŝƚŝƐŚWŽƵŶĚ;'WͿ	ϭ͕ϴϬϬ	Ͳ
	ϳϬ͕ϳϯϬ	ϯϯϮ͕ϴϰϳ

dŚĞŵĂŝŶĐƵƌƌĞŶĐLJĞdžƉŽƐƵƌĞƌĞůĂƚĞƐƚŽƚŚĞĞĨĨĞĐƚŽĨƌĞͲƚƌĂŶƐůĂƚŝŽŶŽĨƚŚĞ'ƌŽƵƉ͛ƐĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŝŶ^ŽůŽŵŽŶ/ƐůĂŶĚĚŽůůĂƌ ;^Ϳ ĂŶĚhŶŝƚĞĚ^ƚĂƚĞƐĚŽůůĂƌ;h^Ϳ͘ ϭϬйĐŚĂŶŐĞŝŶƚŚĞ^ͬΨĂŶĚh^ͬΨĞdžĐŚĂŶŐĞƌĂƚĞƐǁŽƵůĚŐŝǀĞƌŝƐĞƚŽĂĐŚĂŶŐĞŽĨĂƉƉƌŽdžŝŵĂƚĞůLJ Ψϳ͕Ϭϳϯ ;ϮϬϭϰ͗ Ψϯϯ͕ϮϴϱͿ ŝŶ ƚŚĞ 'ƌŽƵƉ ŶĞƚ ĂƐƐĞƚƐ ĂŶĚ ƌĞƉŽƌƚĞĚ ĞĂƌŶŝŶŐƐ͘ /Ŷ ƌĞƐƉĞĐƚ ŽĨ ŽƚŚĞƌ ŵŽŶĞƚĂƌLJ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ŚĞůĚ ŝŶ ĐƵƌƌĞŶĐŝĞƐŽƚŚĞƌ ƚŚĂŶƵƐƚƌĂůŝĂŶĚŽůůĂƌƐ͕ƚŚĞ'ƌŽƵƉĞŶƐƵƌĞƐƚŚĂƚ ƚŚĞŶĞƚĞdžƉŽƐƵƌĞŝƐŬĞƉƚƚŽĂŶĂĐĐĞƉƚĂďůĞůĞǀĞů͕ďLJďƵLJŝŶŐŽƌƐĞůůŝŶŐ ĨŽƌĞŝŐŶĐƵƌƌĞŶĐŝĞƐĂƚƐƉŽƚƌĂƚĞƐǁŚĞƌĞŶĞĐĞƐƐĂƌLJƚŽĂĚĚƌĞƐƐƐŚŽƌƚͲƚĞƌŵŝŵďĂůĂŶĐĞƐ͘

dŚĞĐŽŵƉĂŶLJĚŝĚŶŽƚŚĂǀĞĂŶLJŵŽŶĞƚĂƌLJĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŝŶĐƵƌƌĞŶĐŝĞƐŽƚŚĞƌƚŚĂŶƚŚĞĐŽŵƉĂŶLJĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJ͘

ƌĞĚŝƚ ZŝƐŬ

dŚĞ'ƌŽƵƉŝƐĞdžƉŽƐĞĚƚŽĐƌĞĚŝƚƌŝƐŬƉƌŝŵĂƌŝůLJĨƌŽŵƚŚĞĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶƐǁŝƚŚǁŚŝĐŚŝƚŚŽůĚƐĐĂƐŚĂŶĚĐĂƐŚĚĞƉŽƐŝƚƐ͘ƚϯϬ:ƵŶĞϮϬϭϱ͕ ƚŚĞ'ƌŽƵƉŚĂĚΨϮϮϬ͕ϭϴϵŝŶĐĂƐŚĂĐĐŽƵŶƚƐǁŝƚŚDĂĐƋƵĂƌŝĞĂŶŬ >ŝŵŝƚĞĚŝŶƵƐƚƌĂůŝĂ͕ΨϮϮ͕ϰϲϳŝŶ ĐĂƐŚĂĐĐŽƵŶƚƐǁŝƚŚ ƚŚĞEĂŶŬŝŶ ƵƐƚƌĂůŝĂ͕Ψϭϰ͕ϰϭϳŝŶĐĂƐŚĂĐĐŽƵŶƚƐǁŝƚŚtĞƐƚƉĂĐĂŶŬŝŶƵƐƚƌĂůŝĂ͕Ψϰ͕ϮϭϵŝŶĐĂƐŚĂĐĐŽƵŶƚƐǁŝƚŚƚŚĞEĂŶŬŝŶ,ŽŶŝĂƌĂ͕^ŽůŽŵŽŶ /ƐůĂŶĚƐ͕Ψϱϱ͕ϳϵϬŝŶĐĂƐŚĂĐĐŽƵŶƚƐǁŝƚŚĂŶĐŽ'ƵĂLJĂƋƵŝůŝŶĐƵĂĚŽƌĂŶĚΨϰ͕ϯϱϴŝŶƉĞƚƚLJĐĂƐŚ͘/ŶĐůƵĚŝŶŐŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ͕ƚŚĞŵĂdžŝŵƵŵ ĞdžƉŽƐƵƌĞƚŽĐƌĞĚŝƚƌŝƐŬĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞǁĂƐΨϰϳϮ͕ϳϯϱ;ϮϬϭϰ͗Ψϱ͕ϲϰϳ͕ϬϲϵͿ͘

dŚĞ ĐŽŵƉĂŶLJ ŝƐ ĂůƐŽ ĞdžƉŽƐĞĚ ƚŽ ĐƌĞĚŝƚ ƌŝƐŬ ĚƵĞ ƚŽ ƚŚĞ ĐĂƐŚ ďĂůĂŶĐĞƐ ŝƚ ŚŽůĚƐ ĚŝƌĞĐƚůLJ͘ /ƚ ŝƐ ĂůƐŽ ĞdžƉŽƐĞĚ ƚŽ ĐƌĞĚŝƚ ƌŝƐŬ ŽŶ ƚŚĞ ůŽĂŶ ďĂůĂŶĐĞƐŝƚŚŽůĚƐǁŝƚŚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ͘ ƚϯϬ :ƵŶĞϮϬϭϱ͕ƚŚĞĐŽŵƉĂŶLJŚĂĚΨϮϭϱ͕ϯϭϮŝŶĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĂŶĚΨϮϭ͕ϳϰϭ͕ϮϱϭŽĨ ŝŶƚĞƌĐŽŵƉĂŶLJůŽĂŶďĂůĂŶĐĞƐƌĞĐĞŝǀĂďůĞ͘dŚĞŵĂdžŝŵƵŵĞdžƉŽƐƵƌĞƚŽĐƌĞĚŝƚƌŝƐŬĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞǁĂƐΨϮϭ͕ϵϱϲ͕ϱϲϯ͘

>ŝƋƵŝĚŝƚLJ ƌŝƐŬƐ

dŚĞ'ƌŽƵƉĂŶĚŽŵƉĂŶLJƌĂŝƐĞƐĨƵŶĚƐĂƐƌĞƋƵŝƌĞĚŽŶƚŚĞďĂƐŝƐŽĨďƵĚŐĞƚĞĚĞdžƉĞŶĚŝƚƵƌĞĨŽƌƚŚĞŶĞdžƚϭϮƚŽϮϰŵŽŶƚŚƐ͕ĚĞƉĞŶĚĞŶƚŽŶĂ ŶƵŵďĞƌ ŽĨ ƉƌĞǀĂŝůŝŶŐ ĨĂĐƚŽƌƐ͘ &ƵŶĚƐ ĂƌĞ ŐĞŶĞƌĂůůLJ ƌĂŝƐĞĚ ŝŶ ĐĂƉŝƚĂů ŵĂƌŬĞƚƐ ĨƌŽŵ Ă ǀĂƌŝĞƚLJ ŽĨ ĞůŝŐŝďůĞ ƉƌŝǀĂƚĞ͕ ĐŽƌƉŽƌĂƚĞ ĂŶĚ ĨƵŶĚ ŝŶǀĞƐƚŽƌƐ͕ŽƌĨƌŽŵŝŶƚĞƌĞƐƚĞĚƚŚŝƌĚƉĂƌƚŝĞƐ;ŝŶĐůƵĚŝŶŐŽƚŚĞƌĞdžƉůŽƌĂƚŝŽŶĂŶĚŵŝŶŝŶŐĐŽŵƉĂŶŝĞƐͿǁŚŝĐŚŵĂLJďĞŝŶƚĞƌĞƐƚĞĚŝŶĞĂƌŶŝŶŐĂŶ ŝŶƚĞƌĞƐƚ ŝŶ ƚŚĞ ƉƌŽũĞĐƚ͘ dŚĞ ƐƵĐĐĞƐƐ Žƌ ŽƚŚĞƌǁŝƐĞ ŽĨ ƐƵĐŚ ĐĂƉŝƚĂů ƌĂŝƐŝŶŐƐ ŝƐ ĚĞƉĞŶĚĞŶƚ ƵƉŽŶ Ă ǀĂƌŝĞƚLJ ŽĨ ĨĂĐƚŽƌƐ ŝŶĐůƵĚŝŶŐ ŐĞŶĞƌĂů ĞƋƵŝƚŝĞƐĂŶĚŵĞƚĂůƐŵĂƌŬĞƚƐĞŶƚŝŵĞŶƚ͕ŵĂĐƌŽͲĞĐŽŶŽŵŝĐŽƵƚůŽŽŬ͕ƉƌŽũĞĐƚƉƌŽƐƉĞĐƚŝǀŝƚLJ͕ŽƉĞƌĂƚŝŽŶĂůƌŝƐŬƐĂŶĚŽƚŚĞƌĨĂĐƚŽƌƐĨƌŽŵƚŝŵĞƚŽ ƚŝŵĞ͘ tŚĞŶ ĨƵŶĚƐ ĂƌĞ ƐŽƵŐŚƚ͕ ƚŚĞ'ƌŽƵƉ ďĂůĂŶĐĞƐ ƚŚĞ ĐŽƐƚƐ ĂŶĚ ďĞŶĞĨŝƚƐ ŽĨ ĞƋƵŝƚLJ ĨŝŶĂŶĐŝŶŐ͘ tŚĞŶ ĨƵŶĚƐ ĂƌĞ ƌĞĐĞŝǀĞĚ ƚŚĞLJ ĂƌĞ ĚĞƉŽƐŝƚĞĚǁŝƚŚďĂŶŬƐŽĨŚŝŐŚƐƚĂŶĚŝŶŐŝŶŽƌĚĞƌ ƚŽŽďƚĂŝŶŵĂƌŬĞƚŝŶƚĞƌĞƐƚ ƌĂƚĞƐ͘dŚĞ'ƌŽƵƉĚĞĂůƐǁŝƚŚďĂŶŬƐǁŝƚŚŚŝŐŚĐƌĞĚŝƚ ƌĂƚŝŶŐƐ ĂƐƐŝŐŶĞĚďLJŝŶƚĞƌŶĂƚŝŽŶĂůĐƌĞĚŝƚƌĂƚŝŶŐĂŐĞŶĐŝĞƐ͘ &ƵŶĚƐĂƌĞƉƌŽǀŝĚĞĚƚŽůŽĐĂůƐŝƚĞƐǁĞĞŬůLJ͕ďĂƐĞĚŽŶƚŚĞƐŝƚĞƐ͛ĨŽƌĞĐĂƐƚĞdžƉĞŶĚŝƚƵƌĞ͘

ůůůŝĂďŝůŝƚŝĞƐŚĞůĚďLJƚŚĞ'ƌŽƵƉĂƌĞĐŽŶƚƌĂĐƚƵĂůůLJĚƵĞĂŶĚƉĂLJĂďůĞǁŝƚŚŝŶϭ LJĞĂƌ͘

&ĂŝƌǀĂůƵĞƐ

ůůƚŚĞŐƌŽƵƉ͛ƐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƌĞĐĂƚĞŐŽƌŝƐĞĚĂƐůŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐĂŶĚĂůůĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĂƌĞŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚ͘

EKd Ϯϭ KDD/dDEd^

dŚĞŽŵƉĂŶLJĂůƐŽŚĂƐĐĞƌƚĂŝŶŽďůŝŐĂƚŝŽŶƐƚŽĞdžƉĞŶĚŵŝŶŝŵƵŵĂŵŽƵŶƚƐŽŶĞdžƉůŽƌĂƚŝŽŶŝŶƚĞŶĞŵĞŶƚĂƌĞĂƐ͘dŚĞƐĞŽďůŝŐĂƚŝŽŶƐŵĂLJďĞ ǀĂƌŝĞĚĨƌŽŵƚŝŵĞƚŽƚŝŵĞĂŶĚĂƌĞĞdžƉĞĐƚĞĚƚŽďĞĨƵůĨŝůůĞĚŝŶƚŚĞŶŽƌŵĂůĐŽƵƌƐĞŽĨŽƉĞƌĂƚŝŽŶƐŽĨƚŚĞ'ƌŽƵƉ͘

dŚĞĐŽŵďŝŶĞĚĐŽŵŵŝƚŵĞŶƚƐŽĨƚŚĞ'ƌŽƵƉƌĞůĂƚĞĚƚŽŝƚƐŐƌĂŶƚĞĚƚĞŶĞŵĞŶƚŝŶƚĞƌĞƐƚƐĂƌĞĂƐĨŽůůŽǁƐ͗

Location	Up to 12 Months	13 Months to 5 Years	Later than 5 Years
Ecuador	3,804,472	٠
Solomon Islands			$\sim$
Queensland	792.500	819.000
	4,596,972	819,000

dŽ ŬĞĞƉ ƚĞŶĞŵĞŶƚƐ ŝŶ ŐŽŽĚ ƐƚĂŶĚŝŶŐ͕ ǁŽƌŬ ƉƌŽŐƌĂŵƐ ƐŚŽƵůĚ ŵĞĞƚ ĐĞƌƚĂŝŶ ŵŝŶŝŵƵŵ ĞdžƉĞŶĚŝƚƵƌĞ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ /Ĩ ƚŚĞ ŵŝŶŝŵƵŵ ĞdžƉĞŶĚŝƚƵƌĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂƌĞ ŶŽƚ ŵĞƚ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ƚŚĞ ŽƉƚŝŽŶ ƚŽ ŶĞŐŽƚŝĂƚĞ ŶĞǁ ƚĞƌŵƐ Žƌ ƌĞůŝŶƋƵŝƐŚ ƚŚĞ ƚĞŶĞŵĞŶƚƐ͘ dŚĞ ŽŵƉĂŶLJĂůƐŽŚĂƐƚŚĞĂďŝůŝƚLJƚŽŵĞĞƚĞdžƉĞŶĚŝƚƵƌĞƌĞƋƵŝƌĞŵĞŶƚƐďLJ ũŽŝŶƚǀĞŶƚƵƌĞŽƌĨĂƌŵŝŶĂŐƌĞĞŵĞŶƚƐ͘

EKd ϮϮ Z>dWZd/^

;ĂͿ'ƌŽƵƉ

ĂͿ dƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚŝƌĞĐƚŽƌƐĂŶĚŝƌĞĐƚŽƌͲZĞůĂƚĞĚŶƚŝƚŝĞƐ
;ŝͿ dŚĞŽŵƉĂŶLJ ŚĂĚ Ă ĐŽŵŵĞƌĐŝĂů ĂŐƌĞĞŵĞŶƚ ǁŝƚŚ ^ĂŵƵĞůĂƉŝƚĂů >ƚĚ ;͞^ĂŵƵĞů͟Ϳ ĨŽƌ ƚŚĞĞŶŐĂŐĞŵĞŶƚ ŽĨEŝĐŚŽůĂƐ DĂƚŚĞƌĂƐ ĚŝƌĞĐƚŽƌ ŽĨ ƚŚĞŽŵƉĂŶLJ͘&Žƌ ƚŚĞLJĞĂƌĞŶĚĞĚϯϬ :ƵŶĞϮϬϭϱ ΨϭϱϬ͕ϬϬϬǁĂƐ ƉĂŝĚ Žƌ ƉĂLJĂďůĞ ƚŽ^ĂŵƵĞů ;ϮϬϭϰ͗Ψϭϱϯ͕ϳϱϬͿ͘dŚĞƐĞĂŵŽƵŶƚƐĂƌĞŝŶĐůƵĚĞĚŝŶEŽƚĞϱ;ZĞŵƵŶĞƌĂƚŝŽŶŽĨ<ĞLJ DĂŶĂŐĞŵĞŶƚWĞƌƐŽŶŶĞůͿ͘dŚĞƚŽƚĂů ĂŵŽƵŶƚŽƵƚƐƚĂŶĚŝŶŐĂƚLJĞĂƌĞŶĚŝƐΨϱϴ͕ϯϱϴ;ϮϬϭϰ͗ΨŶŝůͿ͘
;ŝŝͿ dŚĞŽŵƉĂŶLJŚĂƐĂůŽŶŐͲƐƚĂŶĚŝŶŐĐŽŵŵĞƌĐŝĂůĂƌƌĂŶŐĞŵĞŶƚǁŝƚŚ'Z 'ůŽďĂů>ƚĚ͕ĂŶĞŶƚŝƚLJĂƐƐŽĐŝĂƚĞĚǁŝƚŚEŝĐŚŽůĂƐ DĂƚŚĞƌ ;ŝƌĞĐƚŽƌͿĂŶĚƌŝĂŶDŽůůĞƌ ;ŝƌĞĐƚŽƌͿ͕ ĨŽƌƚŚĞƉƌŽǀŝƐŝŽŶŽĨǀĂƌŝŽƵƐƐĞƌǀŝĐĞƐ͕ǁŚĞƌĞďLJ 'Z 'ůŽďĂůƉƌŽǀŝĚĞƐ ƌĞƐŽƵƌĐĞƐ ĂŶĚ ƐĞƌǀŝĐĞƐ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ŽĨ ŝƚƐ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ĂŶĚ ĞdžƉůŽƌĂƚŝŽŶ ƐƚĂĨĨ͕ ŝƚƐ ƉƌĞŵŝƐĞƐ ;ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞƐŽĨĐŽŶĚƵĐƚŝŶŐƚŚĞŽŵƉĂŶLJ͛ƐďƵƐŝŶĞƐƐŽƉĞƌĂƚŝŽŶƐͿ͕ƵƐĞŽĨĞdžŝƐƚŝŶŐŽĨĨŝĐĞĨƵƌŶŝƚƵƌĞ͕ĞƋƵŝƉŵĞŶƚĂŶĚĐĞƌƚĂŝŶ ƐƚĂƚŝŽŶĞƌLJ͕ƚŽŐĞƚŚĞƌǁŝƚŚŐĞŶĞƌĂůƚĞůĞƉŚŽŶĞ͕ƌĞĐĞƉƚŝŽŶĂŶĚŽƚŚĞƌŽĨĨŝĐĞĨĂĐŝůŝƚŝĞƐ;͚͚^ĞƌǀŝĐĞƐ͛͛Ϳ͘/ŶĐŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌ ƚŚĞƉƌŽǀŝƐŝŽŶŽĨƚŚĞ^ĞƌǀŝĐĞƐ͕ƚŚĞŽŵƉĂŶLJƐŚĂůůƌĞŝŵďƵƌƐĞ'Z 'ůŽďĂůĨŽƌĂŶLJĞdžƉĞŶƐĞƐŝŶĐƵƌƌĞĚďLJŝƚŝŶƉƌŽǀŝĚŝŶŐ ƚŚĞ^ĞƌǀŝĐĞƐ͘&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϭϱ ΨϯϲϬ͕ϬϬϬǁĂƐƉĂŝĚŽƌƉĂLJĂďůĞƚŽ'Z 'ůŽďĂů;ϮϬϭϰ͗ΨϮϲϰ͕ϬϬϬͿĨŽƌ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ŽĨ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ͕ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ŽĨĨŝĐĞ ĨĂĐŝůŝƚŝĞƐ ƚŽ ƚŚĞ ŽŵƉĂŶLJ ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌ͘ dŚĞ ƚŽƚĂů ĂŵŽƵŶƚŽƵƚƐƚĂŶĚŝŶŐĂƚLJĞĂƌĞŶĚǁĂƐΨϯϭϬ͕ϲϵϬ;ϮϬϭϰ͗ΨŶŝůͿ͘
;ŝŝŝͿ DƌƌŝĂŶDŽůůĞƌ ;ĂŝƌĞĐƚŽƌͿ͕ŝƐĂƉĂƌƚŶĞƌŝŶ ƚŚĞƵƐƚƌĂůŝĂŶ Ĩŝƌŵ,ŽƉŐŽŽĚ'ĂŶŝŵůĂǁLJĞƌƐ͘&Žƌ ƚŚĞLJĞĂƌĞŶĚĞĚϯϬ :ƵŶĞϮϬϭϱ͕,ŽƉŐŽŽĚ'ĂŶŝŵǁĞƌĞƉĂŝĚΨϭϮϴ͕ϲϴϭ;ϮϬϭϰ͗Ψϴϵ͕ϬϯϵͿĨŽƌƚŚĞƉƌŽǀŝƐŝŽŶŽĨůĞŐĂůƐĞƌǀŝĐĞƐƚŽƚŚĞŽŵƉĂŶLJ͘ dŚĞƐĞƌǀŝĐĞƐǁĞƌĞďĂƐĞĚŽŶŶŽƌŵĂůĐŽŵŵĞƌĐŝĂůƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘dŚĞƚŽƚĂůĂŵŽƵŶƚŽƵƚƐƚĂŶĚŝŶŐĂƚLJĞĂƌĞŶĚ ǁĂƐΨϳϰ͕ϳϬϰ;ϮϬϭϰ͗Ψϭϲ͕ϳϯϬͿ͘
ďͿ ^ŚĂƌĞĂŶĚKƉƚŝŽŶƚƌĂŶƐĂĐƚŝŽŶƐŽĨŝƌĞĐƚŽƌƐĂƌĞƐŚŽǁŶƵŶĚĞƌEŽƚĞƐϱĂŶĚϭϵ͘

;ďͿ ŽŵƉĂŶLJ

dŚĞŽŵƉĂŶLJŚĂƐƌĞůĂƚĞĚƉĂƌƚLJƌĞůĂƚŝŽŶƐŚŝƉƐǁŝƚŚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ;ƐĞĞŶŽƚĞϵͿ͕ŝƌĞĐƚŽƌƐĂŶĚŽƚŚĞƌŬĞLJƉĞƌƐŽŶŶĞů;ƐĞĞEŽƚĞϭϵͿ͘

ůůƌĞůĂƚĞĚƉĂƌƚLJƚƌĂŶƐĂĐƚŝŽŶƐĂƌĞĐŽŶĚƵĐƚĞĚĂƚĂƌŵ͛ƐůĞŶŐƚŚ͘

EKd ϮϮ Z>dWZd/^ ;ĐŽŶƚŝŶƵĞĚͿ

^ƵďƐŝĚŝĂƌŝĞƐ

dŚĞŽŵƉĂŶLJŚĂƐĂŶŝŶǀĞƐƚŵĞŶƚŝŶƐƵďƐŝĚŝĂƌŝĞƐ ďĂůĂŶĐĞŽĨΨϯϬ͕ϳϮϵ͕ϭϴϮ ;ϮϬϭϰ͗ΨϮϭ͕ϵϰϭ͕ϴϯϵͿ͘dŚĞ ƚƌĂŶƐĂĐƚŝŽŶƐĚƵƌŝŶŐ ƚŚĞLJĞĂƌ ŚĂǀĞ ďĞĞŶŝŶĐůƵĚĞĚŝŶEŽƚĞϵ͘ƐƚŚĞŽŵƉĂŶLJĚŽĞƐŶŽƚĞdžƉĞĐƚƌĞƉĂLJŵĞŶƚŽĨƚŚŝƐĂŵŽƵŶƚĂŶĚǁŝůůŶŽƚĐĂůůƉĂLJŵĞŶƚƵŶƚŝůƚŚĞƐƵďƐŝĚŝĂƌLJĐĂŶ ĂĚĞƋƵĂƚĞůLJƉĂLJŝƚŽƵƚŽĨǁŽƌŬŝŶŐĐĂƉŝƚĂů͕ƚŚŝƐĂŵŽƵŶƚŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚŝŶƚŚĞWĂƌĞŶƚŶƚŝƚLJ͛Ɛ ƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͘

;ĐͿŽŶƚƌŽůůŝŶŐƉĂƌƚLJ

/ŶƚŚĞŝƌĞĐƚŽƌƐ͛ŽƉŝŶŝŽŶƚŚĞƌĞŝƐŶŽƵůƚŝŵĂƚĞĐŽŶƚƌŽůůŝŶŐƉĂƌƚLJ͘

EKd Ϯϯ Yh/^/d/KE^

džƉůŽƌĂĐŝŽŶĞƐEŽǀŽŵŝŶŝŶŐ^͘͘

KŶϮϲƵŐƵƐƚϮϬϭϯ͕^Žů'ŽůĚƉůĐŝŶĐƌĞĂƐĞĚŝƚƐŝŶƚĞƌĞƐƚŝŶdžƉůŽƌĂĐŝŽŶĞƐEŽǀŽŵŝŶŝŶŐ^͘͘ ĨƌŽŵϯϬйƚŽϱϬйĂŶĚĞĨĨĞĐƚŝǀĞůLJǁĂƐĂďůĞƚŽ ŐŽǀĞƌŶ ƚŚĞ ĨŝŶĂŶĐŝĂů ĂŶĚ ŽƉĞƌĂƚŝŶŐ ƉŽůŝĐŝĞƐ ŽĨ džƉůŽƌĂĐŝŽŶĞƐEŽǀŽŵŝŶŝŶŐ ^͘͘ ŽŶ ƚŚĂƚ ĚĂƚĞ͘ ^Žů'ŽůĚ ƉůĐ ŚĂĚ ƉƌĞǀŝŽƵƐůLJ ƚƌĞĂƚĞĚ ŝƚƐ ŝŶǀĞƐƚŵĞŶƚŝŶdžƉůŽƌĂĐŝŽŶĞƐEŽǀŽŵŝŶŝŶŐ^͘͘ĂƐĂŶŝŶǀĞƐƚŵĞŶƚĂĐĐŽƵŶƚĞĚĨŽƌƵƐŝŶŐƚŚĞĞƋƵŝƚLJŵĞƚŚŽĚ͘dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐŚŽǁƐƚŚĞ ĂƐƐĞƚƐĂĐƋƵŝƌĞĚĂŶĚůŝĂďŝůŝƚŝĞƐĂƐƐƵŵĞĚĂƚĂĐƋƵŝƐŝƚŝŽŶĚĂƚĞ͘

/ĚĞŶƚŝĨŝĂďůĞ ĂƐƐĞƚƐĂŶĚ ůŝĂďŝůŝƚŝĞƐ

	ĐƋƵŝƌĞĞ͛Ɛ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ	&ĂŝƌsĂůƵĞ
	Ψ	Ψ
ĂƐŚ	ϭϯ͕ϵϬϭ	ϭϯ͕ϵϬϭ
KƚŚĞƌƌĞĐĞŝǀĂďůĞƐĂŶĚƉƌĞƉĂLJŵĞŶƚƐ	Ϯϱ͕ϴϯϱ	Ϯϱ͕ϴϯϱ
/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐͲĞdžƉůŽƌĂƚŝŽŶĞdžƉĞŶĚŝƚƵƌĞ	ϵϭϳ͕ϲϳϲ	ϯ͕Ϭϵϳ͕Ϭϴϲ
WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ	ϲ͕ϰϮϱ	ϲ͕ϰϮϱ
KƚŚĞƌŶŽŶĐƵƌƌĞŶƚĂƐƐĞƚƐ	ϳϰ͕Ϯϲϯ	ϳϰ͕Ϯϲϯ
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ	;ϯϮϯ͕ϭϱϵͿ	;ϯϮϯ͕ϭϱϵͿ
	ϳϭϰ͕ϵϰϭ	Ϯ͕ϴϵϰ͕ϯϱϭ
>ĞƐƐ͗EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚ		;ϯϱϳ͕ϰϳϭͿ
/ĚĞŶƚŝĨŝĂďůĞ ĂƐƐĞƚƐĂĐƋƵŝƌĞĚ ĂŶĚ ůŝĂďŝůŝƚŝĞƐĂƐƐƵŵĞĚ		Ϯ͕ϱϯϲ͕ϴϴϬ

EKd ϮϰKhEd/E'^d/Dd^ E:h'DEd^

<ĞLJƐŽƵƌĐĞƐŽĨĞƐƚŝŵĂƚŝŽŶ ƵŶĐĞƌƚĂŝŶƚLJ

dŚĞŝƌĞĐƚŽƌƐŚĂǀĞĐĂƌƌŝĞĚŽƵƚĂŶĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞƐŽĨĚĞĨĞƌƌĞĚĞdžƉůŽƌĂƚŝŽŶĐŽƐƚƐĂŶĚĂŶLJƌĞƋƵŝƌĞĚŝŵƉĂŝƌŵĞŶƚ͘

ĂƐĐĂďĞů :ŽŝŶƚsĞŶƚƵƌĞ

hŶĚĞƌ ƚŚĞ ƚĞƌŵƐ ŽĨ ƚŚĞ :s ǀĞŶƚƵƌĞ ĂŐƌĞĞŵĞŶƚ͕ ^Žů'ŽůĚ ŚĂƐ ŵĞƚ ƚŚĞ ĂŐƌĞĞĚ ĞdžƉĞŶĚŝƚƵƌĞ ĐŽŵŵŝƚŵĞŶƚƐ ĂŶĚ ŚĂƐ ĞĂƌŶĞĚ Ă ϴϱй ƉĂƌƚŝĐŝƉĂƚŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ džƉůŽƌĂĐŝŽŶĞƐEŽǀŽŵŝŶŝŶŐ ^͘͘ ;͞E^͟Ϳ͘ ŽƌŶĞƌƐƚŽŶĞ ĂƉŝƚĂůZĞƐŽƵƌĐĞƐ /ŶĐ͘ ŚŽůĚƐ ƚŚĞ ŽƚŚĞƌ ϭϱй ŽĨ E^͘ E^ŝƐĂŶĐƵĂĚŽƌĞĂŶƌĞŐŝƐƚĞƌĞĚĐŽŵƉĂŶLJǁŚŝĐŚŚŽůĚƐϭϬϬйŽĨƚŚĞĂƐĐĂďĞůĐŽŶĐĞƐƐŝŽŶ͘

džƉůŽƌĂƚŝŽŶŽŶƚŚĞĂƐĐĂďĞůĐŽŶĐĞƐƐŝŽŶŚĂƐŝŶĐůƵĚĞĚ͗ŐĞŽůŽŐŝĐĂůŵĂƉƉŝŶŐ͕ƐƚƌĞĂŵƐŝůƚƐĂŵƉůŝŶŐ͕ƐŽŝůƐĂŵƉůŝŶŐ͕ŽƌŝĞŶƚĂƚŝŽŶƐŽŝůƐĂŵƉůŝŶŐ͕ ƌŽĐŬ ĐŚŝƉ ƐĂŵƉůŝŶŐ͕ ĐŚĂŶŶĞů ƐĂŵƉůŝŶŐ͕ dĞƌƌĂƐƉĞĐ ƐƉĞĐƚƌĂů ƐĂŵƉůŝŶŐ͕ Ă ŚĞůŝŵĂŐŶĞƚŝĐ ƐƵƌǀĞLJ ;ǁŚŝĐŚ ŚĂƐ ďĞĞŶ ŵŽĚĞůůĞĚ ŝŶ ϯͿ͕ Ă ƌĂĚŝŽŵĞƚƌŝĐƐƵƌǀĞLJ͕ƉĞƚƌŽŐƌĂƉŚLJ͕ŐƌŝĚĚŝŶŐŝŶƉƌĞƉĂƌĂƚŝŽŶĨŽƌĂϯ /ŶĚƵĐĞĚWŽůĂƌŝƐĂƚŝŽŶ;/WͿĂŶĚŵĂŐŶĞƚŽƚĞůůƵƌŝĐ;DdͿƐƵƌǀĞLJ͕ĚŝĂŵŽŶĚ ĚƌŝůůŝŶŐĂŶĚƉƌĞƉĂƌĂƚŝŽŶ ĨŽƌŝŶŝƚŝĂůŵĞƚĂůůƵƌŐŝĐĂů ƚĞƐƚŝŶŐ͘ dŚĞƌĞŐŝŽŶĂůĞdžƉůŽƌĂƚŝŽŶĂĐƚŝǀŝƚLJƚŽĚĂƚĞŚĂƐŝĚĞŶƚŝĨŝĞĚƐĞǀĞŶŵĂŝŶƉƌŽƐƉĞĐƚƐ͗ ůƉĂůĂ͕ůƉĂůĂEŽƌƚŚǁĞƐƚ͕ůƉĂůĂ^ŽƵƚŚǁĞƐƚ͕ŐƵŝŶĂŐĂ͕ŚŝŶĂŵďŝĐŝƚŽ͕ŵĞƌŝĐĂͲdĂŶĚĂLJĂŵĂĂŶĚƌŝƐƚĂů͘ dŚĞŵŽƐƚƐŝŐŶŝĨŝĐĂŶƚŽĨƚŚĞƐĞŝƐ ƚŚĞ ůƉĂůĂ ƉƌŽƐƉĞĐƚ ǁŚĞƌĞ ƚǁĞůǀĞ Ěƌŝůů ŚŽůĞƐ ŚĂǀĞ ďĞĞŶ ĐŽŵƉůĞƚĞĚ ĂŶĚ Ă ƚŚŝƌƚĞĞŶƚŚ ƉĂƌƚŝĂů Ěƌŝůů ŚŽůĞ ŚĂǀĞ ďĞĞŶ ĚƌŝůůĞĚ ĨŽƌ Ă ƚŽƚĂů ĐŽŵďŝŶĞĚŵĞƚĞƌĂŐĞŽĨϭϯ͕ϴϬϵŵ͘

dŚĞĐŽŵƉůĞƚŝŽŶŽĨƐŽŝůŐƌŝĚĚŝŶŐĂŶĚŝŶĨŝůůĂĐƌŽƐƐƚŚĞĞŶƚŝƌĞƚĞŶĞŵĞŶƚĂƌĞĂŚĂƐƉƌŽĚƵĐĞĚĐŽŝŶĐŝĚĞŶƚŵŽůLJďĚĞŶƵŵ͕ŐŽůĚĂŶĚĐŽƉƉĞƌͬnjŝŶĐ ƌĂƚŝŽ ŝŶ ƐŽŝů ĂŶŽŵĂůŝĞƐ ƚŚĂƚ ƐƵŐŐĞƐƚ ĂŶ ŝŶĨĞƌƌĞĚ ƉŽƌƉŚLJƌLJ ĐĞŶƚƌĞ ĐŚĂƌĂĐƚĞƌŝƐĞĚ ďLJ ŚŝŐŚĞƌ ƚĞŵƉĞƌĂƚƵƌĞƐ ŽĨ ŵŝŶĞƌĂůŝƐĂƚŝŽŶ͘ dŚĞ ůŽǁ ŵĂŶŐĂŶĞƐĞ ŝŶ ƐŽŝů ŝƐ ŝŶĨĞƌƌĞĚ ƚŽ ďĞ ƌĞůĂƚĞĚ ƚŽ ŝŶƚĞŶƐĞ ůĂƚĞͲƐƚĂŐĞ ŚLJĚƌŽƚŚĞƌŵĂů ĂůƚĞƌĂƚŝŽŶ͕ ǁŚŝůƐƚ ƚŚĞ ƉƌĞƐĞŶĐĞ ŽĨ ĞůĞǀĂƚĞĚ njŝŶĐ ƐƵƌƌŽƵŶĚŝŶŐƚŚĞƐĞĂƌĞĂƐŽĨůŽǁŵĂŶŐĂŶĞƐĞŝƐĂŐĞŽĐŚĞŵŝĐĂůƐŝŐŶĂƚƵƌĞƚŚĂƚŝƐƚLJƉŝĐĂůŽĨƚŚĞŵĞƚĂůnjŽŶĂƚŝŽŶĂƌŽƵŶĚƉŽƌƉŚLJƌLJĐŽƉƉĞƌͲ ŐŽůĚĚĞƉŽƐŝƚƐ͘

dŚĞĂŐŐƌĞŐĂƚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨΨϭϲ͘ϵϬŵŝůůŝŽŶŝƐĐŽŶƐŝĚĞƌĞĚƚŽďĞƵŶŝŵƉĂŝƌĞĚ͘

^Žů'ŽůĚ ϭϬϬйŽǁŶĞĚ WƌŽũĞĐƚƐ

<ƵŵĂW>ϬϴͬϬϲ

^Žů'ŽůĚŚĂĚĂϭϬϬйŽǁŶĞƌƐŚŝƉ͘ dŚĞƉƌŽũĞĐƚǁĂƐĂƚĂŶĞĂƌůLJ ƐƚĂŐĞŽĨĞdžƉůŽƌĂƚŝŽŶ͕ǁŚŝĐŚŚĂĚŝŶĐůƵĚĞĚ͗ŐĞŽůŽŐŝĐĂůŵĂƉƉŝŶŐ͕ƌŽĐŬĐŚŝƉ ƐĂŵƉůŝŶŐ͕ ƐƚƌĞĂŵ ƐĞĚŝŵĞŶƚ ƐĂŵƉůŝŶŐ͕ ĂŶ ĂŝƌďŽƌŶĞ ŵĂŐŶĞƚŝĐ ƐƵƌǀĞLJ ĂŶĚ ŝŶŝƚŝĂƚŝŽŶ ŽĨ ďŽƚŚ ƐŽŝů ƐĂŵƉůŝŶŐ ĂŶĚ dĞƌƌĂ^ƉĞĐ ŵŝŶĞƌĂůŽŐŝĐĂů ŵĂƉƉŝŶŐ͘ dŚŝƐǁŽƌŬŝĚĞŶƚŝĨŝĞĚĂůŝƚŚŽĐĂƉ͕ǁŚŝĐŚĂƌĞŽĨƚĞŶ ĨŽƵŶĚĂďŽǀĞŵŝŶĞƌĂůŝƐĞĚƉŽƌƉŚLJƌLJĐŽŵƉůĞdžĞƐ͘dŚĞƉƌŽƐƉĞĐƚŝŶŐůŝĐĞŶĐĞ ;W> ϬϴͬϬϲͿĞdžƉŝƌĞĚŽŶϭϭ ƉƌŝůϮϬϭϱĂŶĚĂĐĐŽƌĚŝŶŐůLJƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨΨϬ͘ϯϭŵŝůůŝŽŶǁĂƐĐŽŶƐŝĚĞƌĞĚƚŽďĞŝŵƉĂŝƌĞĚĂŶĚĂŶŝŵƉĂŝƌŵĞŶƚ ĐŚĂƌŐĞŽĨΨϬ͘ϯϭŵŝůůŝŽŶ;ϮϬϭϰ͗ΨŶŝůͿǁĂƐƌĞĐŽŐŶŝƐĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ͘

&ĂƵƌŽW>ϭϮͬϬϵ

dŚĞĐŽŵƉĂŶLJĐŽƵůĚŶŽƚĨŝŶĚĂ:sƉĂƌƚŶĞƌƚŽƉƵƌƐƵĞĚƌŝůůŝŶŐŽĨŐŽůĚͲĐŽƉƉĞƌƚĂƌŐĞƚƐĚĞĨŝŶĞĚŝŶƚŚĞϮϬϭϭͬϮϬϭϮĞdžƉůŽƌĂƚŝŽŶƉƌŽŐƌĂŵ͘ƐŶŽ :sƉĂƌƚŶĞƌŚĂƐďĞĞŶĨŽƵŶĚƚŽĚĂƚĞ͕ƚŚĞƚĞŶĞŵĞŶƚǁĂƐƌĞůŝŶƋƵŝƐŚĞĚĂŶĚƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨΨϰ͕ϱϯϰ;ϮϬϭϰ͗Ψϭ͘ϬϯŵŝůůŝŽŶͿŝƐĐŽŶƐŝĚĞƌĞĚ ƚŽďĞŝŵƉĂŝƌĞĚĂŶĚĂŶŝŵƉĂŝƌŵĞŶƚĐŚĂƌŐĞŽĨΨϰ͕ϱϯϰ;ϮϬϭϰ͗Ψϭ͘ϬϯŵŝůůŝŽŶͿǁĂƐƌĞĐŽŐŶŝƐĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϭϱ͘

ĐĂƉƵůĐŽDŝŶŝŶŐWƌŽũĞĐƚƐ

džƚĞŶƐŝǀĞĂŝƌďŽƌŶĞŵĂŐŶĞƚŝĐĂŶĚĞůĞĐƚƌŽŵĂŐŶĞƚŝĐƐƵƌǀĞLJƐŚĂǀĞďĞĞŶĐŽŶĚƵĐƚĞĚŽǀĞƌƐŽŵĞŽĨƚŚĞƚĞŶĞŵĞŶƚƐ͕ƚŽŐĞƚŚĞƌǁŝƚŚĚĞƚĂŝůĞĚ ƐƚƌĞĂŵƐĞĚŝŵĞŶƚƐĂŵƉůŝŶŐ͕ƐŽŝůƐĂŵƉůŝŶŐ͕ƌŽĐŬĐŚŝƉƐĂŵƉůŝŶŐĂŶĚŐĞŽůŽŐŝĐĂůŵĂƉƉŝŶŐƉƌŽŐƌĂŵƐ͘ &ƵƌƚŚĞƌŵŽƌĞ͕ƐŝŶĐĞDĂLJ ϮϬϬϲĂƚŽƚĂůŽĨ ϮϴϯŚŽůĞƐ͕ĞƋƵŝǀĂůĞŶƚƚŽϮϰ͕ϯϳϳ͘ϴŵŚĂǀĞďĞĞŶĚƌŝůůĞĚŽŶƚŚĞƚĞŶĞŵĞŶƚƐ͘

dŚĞĂŐŐƌĞŐĂƚĞĚĐĂƌƌLJŝŶŐǀĂůƵĞŽĨΨϴ͘ϴϳŵŝůůŝŽŶŝƐĐŽŶƐŝĚĞƌĞĚƚŽďĞƵŶŝŵƉĂŝƌĞĚ͘

EKd ϮϰKhEd/E'^d/Dd^ E:h'DEd^ ;ĐŽŶƚŝŶƵĞĚͿ

ĞŶƚƌĂůDŝŶĞƌĂůƐWƌŽũĞĐƚƐ

ĞŶƚƌĂůDŝŶĞƌĂůƐĐŽŵƉƌŝƐĞƐŽĨƐĞǀĞŶŐƌĂŶƚĞĚƚĞŶĞŵĞŶƚƐǁŚŝĐŚŝƐĐŽŵƉƌŝƐĞĚŽĨϮϴϬƐƵďͲďůŽĐŬƐ;ĐŝƌĐĂϴϴϲŬŵ^Ϯ Ϳ͘

džƚĞŶƐŝǀĞĂŝƌďŽƌŶĞŵĂŐŶĞƚŝĐƐƵƌǀĞLJƐŚĂǀĞďĞĞŶĐŽŶĚƵĐƚĞĚŽǀĞƌƚŚĞĂƌĞĂ͕ƚŽŐĞƚŚĞƌǁŝƚŚĚĞƚĂŝůĞĚƐŽŝůĂŶĚƌŽĐŬĐŚŝƉƐĂŵƉůŝŶŐ͕ƚƌĞŶĐŚŝŶŐ͕ ŵĂƉƉŝŶŐ ƉƌŽŐƌĂŵƐ ĂŶĚ ĂŶ ŝŶĚƵĐĞĚ ƉŽůĂƌŝƐĂƚŝŽŶ ŐĞŽƉŚLJƐŝĐĂů ƐƵƌǀĞLJ͘ ^ŝŶĐĞ KĐƚŽďĞƌ ϮϬϬϳ͕ Ă ƚŽƚĂů ŽĨ ϰϳϯ ŚŽůĞƐ͕ ĞƋƵŝǀĂůĞŶƚ ƚŽ ϱϴ͕ϴϴϲ͘ϲϮŵ͕ŚĂǀĞďĞĞŶĚƌŝůůĞĚŽŶƚŚĞƚĞŶĞŵĞŶƚƐ͘

KŶϮϯ DĂLJ ϮϬϭϮ͕^Žů'ŽůĚĂŶŶŽƵŶĐĞĚĂŶƵƉĚĂƚĞĚŝŶĚŝĐĂƚĞĚĂŶĚŝŶĨĞƌƌĞĚĐŽŵďŝŶĞĚƌĞƐŽƵƌĐĞĂƚZĂŶŶĞƐĂƚĂŶϬ͘ϯŐͬƚƵĐƵƚͲŽĨĨŽĨϭϴ͘ϳ ŵŝůůŝŽŶƚŽŶŶĞƐĂƚϬ͘ϵϮŐͬƚŐŽůĚĞƋƵŝǀĂůĞŶƚ;ŐŽůĚнƐŝůǀĞƌͿĨŽƌϱϱϬ͕ϬϬϬŽƵŶĐĞƐŽĨŐŽůĚĞƋƵŝǀĂůĞŶƚ;Ϯϵϲ͕ϳϬϬŽƵŶĐĞƐŽĨŐŽůĚĂŶĚϭϬ͕ϭϯϵ͕ϬϬϬ ŽƵŶĐĞƐ ŽĨ ƐŝůǀĞƌ͖ ǀĂůƵĞƐ ƌŽƵŶĚĞĚ͖ ƐĞĞ ĂŶŶŽƵŶĐĞŵĞŶƚ ĚĂƚĞĚϮϯ DĂLJ ϮϬϭϮ ĨŽƌ ĚĞƚĂŝůƐ ŽĨ ƚŚĞ ƌĞƐŽƵƌĐĞ ƐƚĂƚĞŵĞŶƚ ĂŶĚ ŐŽůĚĞƋƵŝǀĂůĞŶƚ ƌĂƚŝŽƐͿ͘ dŚĞ ƌĞƐŽƵƌĐĞĂƚĂŶϬ͘ϱŐͬƚƵ ĐƵƚͲŽĨĨŝƐϭϮ͘ϮϯŵŝůůŝŽŶ ƚŽŶŶĞƐĂƚϬ͘ϲϬŐͬƚ ŐŽůĚĂŶĚϮϯ͘ϭϴŐͬƚ ƐŝůǀĞƌ͖ ĨŽƌϮϯϳ͕ϮϰϬ ŽƵŶĐĞƐƵĂŶĚ ϵ͕ϭϬϱ͕ϬϳϮŽƵŶĐĞƐŐ;ƵƐŝŶŐĂŐŽůĚƚŽƐŝůǀĞƌƌĂƚŝŽŽĨϭ͗ϱϬͿ͘ ^ĞǀĞƌĂůŽƚŚĞƌƉƌŽƐƉĞĐƚƐĞdžŝƐƚƚŚĂƚĐŽŶƚĂŝŶŬŶŽǁŶŐŽůĚŵŝŶĞƌĂůŝƐĂƚŝŽŶƚŚĂƚŚĂƐ ŶŽƚ LJĞƚ ďĞĞŶ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ƌĞƐŽƵƌĐĞ ĞƐƚŝŵĂƚĞ͘ dŚĞ ŽŵƉĂŶLJ ŝƐ ƐĞĞŬŝŶŐ Ă :s ƉĂƌƚŶĞƌ ƚŽ ƉƌŽŐƌĞƐƐ ĚƌŝůůŝŶŐ ŽŶ ƚŚĞ ZĂŶŶĞƐ ƉƌŽũĞĐƚ ƚĞŶĞŵĞŶƚƐ͘

dŚĞĞŶƚƌĂůDŝŶĞƌĂůƐƉƌŽũĞĐƚƐŚĂǀĞĂĐĂƌƌLJŝŶŐǀĂůƵĞŽĨΨϯ͘ϲϯŵŝůůŝŽŶĂƚϯϬ:ƵŶĞϮϬϭϱĂŶĚĂƌĞĐŽŶƐŝĚĞƌĞĚƚŽďĞƵŶŝŵƉĂŝƌĞĚ͘

EKd Ϯϱ KEd/E'Ed ^^d^ E>//>/d/^

dŚĞƌĞĂƌĞŶŽĐŽŶƚŝŶŐĞŶƚĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂƚϯϬ:ƵŶĞϮϬϭϱ;ϮϬϭϰ͗ŶŽŶĞͿ͘

EKd Ϯϲ ^h^YhEd sEd^

KŶϮ KĐƚŽďĞƌϮϬϭϱ͕ ƚŚĞŽŵƉĂŶLJĞdžĞĐƵƚĞĚŽŶǀĞƌƚŝďůĞEŽƚĞĞĞĚƐ ǁŝƚŚ ƐƵďƐƚĂŶƚŝĂů ƐŚĂƌĞŚŽůĚĞƌƐ͕'Z 'ůŽďĂů >ŝŵŝƚĞĚ ĂŶĚdĞŶƐƚĂƌ dƌĂĚŝŶŐ>ŝŵŝƚĞĚĨŽƌĂƚŽƚĂůĨƵŶĚŝŶŐŽĨΨϮ͕ϯϯϮ͕ϬϬϬ͘

KŶϭϵ EŽǀĞŵďĞƌϮϬϭϱ͕ ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂŶĂĚĚŝƚŝŽŶĂů ϲϮ͕Ϯϲϯ͕ϱϯϰ ƐŚĂƌĞƐĂƚ άϬ͘Ϭϭϱ ƚŽ ƌĂŝƐĞ ƚŚĞĞƋƵŝǀĂůĞŶƚ ŽĨΨϮ͘ϯϵŵŝůůŝŽŶ ŝŶ Ă ĐŽŵďŝŶĂƚŝŽŶŽĨĐĂƐŚĂŶĚĚĞďƚĐŽŶǀĞƌƐŝŽŶƐƉƵƌƐƵĂŶƚƚŽĂƉƌŝǀĂƚĞƉůĂĐĞŵĞŶƚƚŽƉƌŽŐƌĞƐƐŝƚƐĞdžƉůŽƌĂƚŝŽŶĂŶĚƉƌŽũĞĐƚĚĞǀĞůŽƉŵĞŶƚĞĨĨŽƌƚƐ ĂĐƌŽƐƐŝƚƐƉŽƌƚĨŽůŝŽŽĨƉƌŽũĞĐƚƐŝŶƚŚĞ^ŽůŽŵŽŶ/ƐůĂŶĚƐ͕ĐƵĂĚŽƌĂŶĚYƵĞĞŶƐůĂŶĚ͕ƵƐƚƌĂůŝĂ͘

dŚĞŝƌĞĐƚŽƌƐĂƌĞŶŽƚĂǁĂƌĞŽĨĂŶLJŽƚŚĞƌƐŝŐŶŝĨŝĐĂŶƚĐŚĂŶŐĞƐŝŶƚŚĞƐƚĂƚĞŽĨĂĨĨĂŝƌƐŽĨƚŚĞ'ƌŽƵƉŽƌĞǀĞŶƚƐĂĨƚĞƌƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞƚŚĂƚ ǁŽƵůĚŚĂǀĞĂŵĂƚĞƌŝĂůŝŵƉĂĐƚŽŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚŽƌŽŵƉĂŶLJĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

AI assistant

SOLGOLD PLC — Capital/Financing Update 2017

4848_prs_2017-10-02_bf8766e6-5ba1-4d01-8079-c413d81e419c.pdf

SOLGOLD PLC

Admission of up to 1,604,599,454 Ordinary Shares of 1p each to the Official List (by way of a Standard Listing under Chapter 14 of the Listing Rules) and to trading on the London Stock Exchange's main market for listed securities

CONTENTS

SUMMARY OF KEY INFORMATION

Cascabel Project

Title Risk

Land Access Risk

Operational Risks

RISK FACTORS

A. RISKS RELATING TO THE GROUP AND ITS INDUSTRY

Geopolitical, Regulatory and Sovereign Risk

Cascabel Project

Environmental Risk

Title Risk

Land Access Risk

Queensland, Australia

Australian Native Title Risk

Operational Risks

Key Personnel

Financial Risks

Volatility of Commodity and Equity Prices

B. RISKS RELATING TO THE ORDINARY SHARES

Regulatory Protection

Realisation of Investment

Volatility of Share Price

Payment of Dividends

FORWARD LOOKING STATEMENTS

STATISTICS

EXPECTED TIMETABLE

EXCHANGE RATES

CONSEQUENCES OF A STANDARD LISTING

DIRECTORS, SECRETARY AND ADVISERS TO THE COMPANY

PART I

INFORMATION ON THE GROUP

1. Introduction

2. Brief History of the Company

3. Core and Non-Core Assets

ECUADOR

Cascabel Concession

Exploration Highlights

These prospects in priority order are:

Alpala Deposit

Aguinaga Prospect

Trivinio Prospect

Alpala South Prospect

AUSTRALIA

Mount Perry Project

Normanby Project

Rannes Project

Cracow West Project

OTHER EXPLORATION PROSPECTS

Solomon Islands

4. Trends affecting the Company

Market Trends

Trends in porphyry exploration

Economic trends

5. Strategy

Corporate Strategy

Exploration Strategy

6. Directors and Senior Management

Nicholas Mather, Chief Executive Officer (date of birth 23 June 1957, aged 60)

Brian Moller, Non-Executive Director (date of birth 20 November 1958, aged 58)

John Bovard, Non-Executive Director (date of birth 27 September 1945, aged 72)

Dr Robert Weinberg, Non-Executive Director (date of birth 14 September 1947, aged 70)

Craig Jones, Non-Executive Director (date of birth 30 November 1971, aged 45)

Jason Ward, Country Manager (date of birth 6 July 1970, aged 47)

Priy Jayasuriya, Chief Financial Officer (date of birth 18 November 1975, aged 42)

Karl Schlobohm, Company Secretary (12 July 1968, aged 49)

7. Reasons for the listing on the Official List

8. Working Capital

9. Dividend policy

10. Incentive arrangements

11. Corporate governance

Audit and Risk Management Committee

Remuneration Committee

Health, Safety, Environment and Community Committee ("HSEC Committee")

Nomination of Directors

SOLGOLD PLC Capital/Financing Update 2017