St Barbara Limited ACN 009 165 066 Level 10, 432 St Kilda Road, Melbourne VIC 3004 Locked Bag 9, Collins Street East, Melbourne VIC 8003 Tel +61 3 8660 1900 Fax +61 3 8660 1999 www.stbarbara.com.au

17 May 2019

Company Announcements Office ASX Limited

By electronic lodgement

ST BARBARA LIMITED (ASX: SBM)

Retail Entitlement Offer Booklet

The attached documents will be mailed to eligible shareholders in relation to the retail component of St Barbara's accelerated non-renounceable pro-rata 1 for 3.1 entitlement offer announced on Wednesday, 15 May 2019:

Retail Entitlement Offer Booklet;
sample Entitlement and Acceptance Form.

Also attached is a sample letter to be provided to shareholders who are ineligible to participate in the Retail Entitlement Offer.

Yours sincerely

Sent electronically without signature

Rowan Cole

Company Secretary

St Barbara Limited

ABN 36 009 165 066

Retail Entitlement Offer Booklet

Details of a 1-for-3.1 pro-rata accelerated non-renounceable Entitlement Offer of St Barbara Limited ordinary shares at an Offer Price of A$2.89 per New Share

The Retail Entitlement Offer closes at 5.00pm (AEST) on Tuesday, 4 June 2019

The Retail Entitlement Offer is underwritten

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES

If you are an Eligible Retail Shareholder, this is an important document that requires your immediate attention which is accompanied by a personalised Entitlement and Acceptance Form. It should be read in its entirety. This document is not a prospectus under the Corporations Act and has not been lodged with the Australian Securities and Investments Commission (ASIC). You should consult your stockbroker, solicitor, accountant or other professional adviser if you have any questions.

If you have any questions, you should seek advice from your stockbroker, accountant or other independent professional adviser or call the St Barbara Offer Information Line on 1300 653 935 (within Australia) or +61 3 9415 4356 (outside Australia) at any time between 8:30am and 5:00pm (AEST) on Monday to Friday during the Retail Entitlement Offer period.

IMPORTANT NOTICES

This Offer Booklet is dated 17 May 2019 and has been issued by St Barbara Limited (ACN 009 165 066) (St Barbara). This Offer Booklet relates to the Retail Entitlement Offer, which is part of the Entitlement Offer by St Barbara to raise approximately $490 million. Capitalised terms in this section have the meaning given to them in this Offer Booklet.

The Retail Entitlement Offer is made pursuant to section 708AA of the Corporations Act 2001 (Cth) (Corporations Act) (as notionally modified by ASIC Corporations (Non-Traditional Rights Issues) Instrument 2016/84). This Offer Booklet is not a prospectus or a product disclosure statement under the Corporations Act and has not been lodged with ASIC. This Offer Booklet does not contain all of the information which would be required to be disclosed in a prospectus or product disclosure statement. As a result, it is important for you to read and understand the publicly available information on St Barbara and the Entitlement Offer (for example, the information available on St Barbara's website at https://stbarbara.com.au/ or on the ASX's website at www.asx.com) prior to deciding whether to accept your Entitlement and apply for New Shares. The information in this Offer Booklet does not constitute financial product advice and does not take into account your investment objectives, financial situation or particular needs.

Please contact your professional advisor or the St Barbara Offer Information Line on 1300 653 935 (within Australia) or +61 3 9415 4356 (outside Australia) between 8:30am and 5:00pm (AEST) on Monday to Friday if you have any questions.

This Offer Booklet should be read in its entirety (including the accompanying Entitlement and Acceptance Form) before you decide to participate in the Retail Entitlement Offer. In particular, the Investor Presentation in Section 4 of this Offer Booklet details important factors and risks that could affect the financial and operating performance of St Barbara. Please refer to the 'Key risks' sections of the Investor Presentation for details. When making an investment decision in connection with the Retail Entitlement Offer, it is essential that you consider these risk factors carefully in light of your individual personal circumstances, including financial and taxation issues (some of which have been outlined in Section 3 of this Offer Booklet).

In addition to reading this Offer Booklet in conjunction with St Barbara's other periodic and continuous disclosure announcements including the Investor Presentation and St Barbara's announcements to the ASX and on its website, you should conduct your own independent review, investigations and analysis of St Barbara and the New Shares and obtain any professional advice you require to evaluate the merits and risks of an investment in St Barbara before making any investment decision.

By returning an Entitlement and Acceptance Form or otherwise paying for your New Shares through BPAY® in accordance with the instructions on the Entitlement and Acceptance Form, you acknowledge that you have read this Offer Booklet and you have acted in accordance with and agree to the terms of the Retail Entitlement Offer detailed in this Offer Booklet.

No overseas offering

This Offer Booklet and the accompanying Entitlement and Acceptance Form do not constitute an offer or invitation in any place in which, or to any person to whom, it would not be lawful to make such an offer or invitation. In particular, this Offer Booklet does not constitute an offer to Ineligible Retail Shareholders.

This Offer Booklet is not to be distributed in, and no offer of New Shares is to be made, in countries other than Australia and New Zealand.

No action has been taken to register or qualify the Retail Entitlement Offer, the Entitlements or the New Shares, or otherwise permit the public offering of the New Shares, in any jurisdiction other than Australia and New Zealand.

The distribution of this Offer Booklet (including an electronic copy) outside Australia and New Zealand, is restricted by law. If you come into possession of the information in this Offer Booklet, you should observe such restrictions and should seek your own advice on such restrictions. Any non-compliance with these restrictions may contravene applicable securities laws.

Foreign exchange control restrictions or restrictions on remitting funds from your country to Australia may apply. Your Application for New Shares is subject to all requisite authorities and clearances being obtained for St Barbara to lawfully receive your Application Monies.

New Zealand

The New Shares are not being offered to the public within New Zealand other than to existing Shareholders of St Barbara with registered addresses in New Zealand to whom the offer of these securities is being made in St Barbara on the Financial Markets Conduct Act 2013 and the Financial Markets Conduct (Incidental Offers) Exemption Notice 2016.

This document has been prepared in compliance with Australian law and has not been registered, filed with or approved by any New Zealand regulatory authority. This document is not a product disclosure statement under New Zealand law and is not required to, and may not, contain all the information that a product disclosure statement under New Zealand law is required to contain.

United States disclaimer

None of the information in this Offer Booklet or the accompanying Entitlement and Acceptance Form constitutes an offer to sell, or the solicitation of an offer to buy, any securities in the United States, or in any jurisdiction in which such an offer would be illegal. Neither this Offer Booklet (or any part of it), the accompanying ASX Announcements nor the accompanying Entitlement and Acceptance Form may be released or distributed directly or indirectly, to persons in the United States.

The Entitlements and the New Shares have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (U.S. Securities Act) or the securities laws of any state or other jurisdiction of the United States. The Entitlements may not be taken up or exercised by, and the New Shares may not be offered or sold to, directly or indirectly, any person, in the United States, except in transactions exempt from, or not subject to, the registration requirements of the U.S. Securities Act and applicable securities laws of any state or other jurisdiction of the United States. The Entitlements and New Shares to be offered and sold in the Retail Entitlement Offer may only be offered and sold in "offshore transactions" (as defined in Rule 902(h)) in compliance with Regulation S under the U.S. Securities Act.

Definitions, time and currency

Defined terms used in this Offer Booklet are contained in Section 6. All references to time are to AEST, unless otherwise indicated.

All references to '$' are AUD unless otherwise noted.

Taxation

There will be tax implications associated with participating in the Retail Entitlement Offer and receiving New Shares. Section 3 provides for a general guide to the Australian income tax, goods and services tax and stamp duty implications of the Retail Entitlement Offer for Eligible Retail Shareholders. The guide does not take account of the individual circumstances of particular Eligible Retail Shareholders and does not constitute tax advice. St Barbara recommends that you consult your professional tax adviser in connection with the Retail Entitlement Offer.

Privacy

St Barbara collects information about each Applicant provided on an Entitlement and Acceptance Form for the purposes of processing the Application and, if the Application is successful, to administer the Applicant's shareholding in St Barbara.

By submitting an Entitlement and Acceptance Form, you will be providing personal information to St Barbara (directly or through the Share Registry). St Barbara collects, holds and will use that information to assess your Application. St Barbara collects your personal information to process and administer your shareholding in St Barbara and to provide related services to you. St Barbara may disclose your personal information for purposes related to your shareholding in St Barbara, including to the Share Registry, St Barbara's related bodies corporate, agents, contractors and third party service providers, including mailing houses and professional advisers, and to ASX and regulatory bodies. You can obtain access to personal information that St Barbara holds about you. To make a request for access to your personal information held by (or on behalf of) St Barbara, please contact St Barbara through the Share Registry.

Governing law

This Offer Booklet, the Retail Entitlement Offer and the contracts formed on acceptance of the Applications are governed by the law of Victoria, Australia. Each Applicant submits to the non-exclusive jurisdiction of the courts of Victoria, Australia.

No representations

No person is authorised to give any information or to make any representation in connection with the Retail Entitlement Offer which is not contained in this Offer Booklet. Any information or representation in connection with the Retail Entitlement Offer not contained in the Offer Booklet may not be relied upon as having been authorised by St Barbara or any of its officers.

Past performance

Investors should note that St Barbara's past performance, including past share price performance, cannot be relied upon as an indicator of (and provides no guarantee or guidance as to) St Barbara's future performance including St Barbara's future financial position or share price performance.

Future performance

This Offer Booklet contains certain forward looking statements with respect to the financial condition, results of operations, projects and business of St Barbara and certain plans and objectives of the management of St Barbara. Forward looking statements include those containing words such as: "anticipate", "believe", "expect", "estimate", "should", "will", "plan", "could", "may" "intends", "guidance", "project", "forecast", "target", "likely" and other similar expressions, and include, but are not limited to, statements regarding outcome and effects of the Retail Entitlement Offer. Any forward looking statements, opinions and estimates provided in this Offer Booklet are based on assumptions and contingencies which are subject to change without notice and involve known and unknown risks and uncertainties and other factors which are beyond the control of St Barbara and the underwriter (and each of its affiliates, related bodies corporate (as that term is defined in the Corporations Act), and each of their respective directors, employees, officers, representatives, agents, partners, consultants and advisers) (together the Underwriter Parties). This includes any statements about market and industry trends, which are based on interpretations of current market conditions. Forward looking statements may include projections, guidance on future revenues, earnings, dividends and estimates.

These forward-looking statements contained in this Offer Booklet involve known and unknown risks, uncertainties and other factors which are subject to change without notice, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct.

Forward-looking statements are provided as a general guide only and there can be no assurance that actual outcomes will not differ materially from these statements. Neither St Barbara, nor any other person, gives any representation, warranty, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statement will actually occur. In particular, such forward-looking statements are subject to significant uncertainties and contingencies, many of which are outside the control of St Barbara. A number of important factors could cause actual results or performance to differ materially from the forward looking statements. Investors should consider the forward looking statements contained in this Offer Booklet in light of those disclosures.

The forward looking statements are based on information available to St Barbara as at the date of this Offer Booklet. Except as required by law or regulation (including the Listing Rules), St Barbara is under no obligation to provide any additional or updated information whether as a result of new information, future events or results or otherwise.

None of the Underwriter Parties have authorised, approved or verified any forward-looking statements.

Disclaimer

Determination of eligibility of investors for the purposes of the institutional or retail components of the Entitlement Offer is determined by reference to a number of matters, including legal and regulatory requirements, logistical and registry constraints and the discretion of St Barbara and the Underwriter. To the maximum extent permitted by law, each of St Barbara and the Underwriter and each of their respective affiliates disclaim any duty or liability (including for negligence) in respect of that determination and the exercise or otherwise of that discretion. To the maximum extent permitted by law, the Underwriter Parties disclaim all liability for any expenses, losses, damages or costs incurred by you as a result of your participation in the Retail Entitlement Offer and the information in this Offer Booklet being inaccurate or due to information being omitted from this Offer Booklet, whether by way of negligence or otherwise, and make no representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of the information in this Offer Booklet.

The Underwriter Parties take no responsibility for any part of this Offer Booklet or liability (including, without limitation, any liability arising from fault or negligence on the part of any person) for any direct, indirect, consequential or contingent loss or damage whatsoever arising from the use of any part of this Offer Booklet or otherwise arising in connection with either of them.

The Underwriter Parties make no recommendation as to whether you or your related parties should participate in the Retail Entitlement Offer nor do they make any representations or warranties, express or implied, to you concerning the Entitlement Offer or any such information, and by returning an Entitlement and Acceptance Form or otherwise paying for your New Shares through BPAY® in accordance with the instructions on the Entitlement and Acceptance Form, you represent, warrant and agree that you have not relied on any statements made by the Underwriter Parties in relation to the New Shares or the Entitlement Offer generally and you further expressly disclaim that you are in a fiduciary relationship with any of them.

Statements made in this Offer Booklet are made only as at the date of this Offer Booklet. The information in this Offer Booklet remains subject to change without notice.

Risks

Refer to the 'Key risks' section of the Investor Presentation included in Section 4 of this Offer Booklet for a summary of general and specific risk factors that may affect St Barbara. You should consider these risks carefully in light of your personal circumstances, including financial and taxation issues, before making an investment decision in connection with the Retail Entitlement Offer.

No cooling off

Cooling off rights do not apply to an investment in New Shares. You cannot withdraw an Application once it has been accepted.

Trading New Shares

St Barbara will have no responsibility and disclaims all liability (to the maximum extent permitted by law) to persons who trade New Shares they believe will be issued to them before they receive their holding statements, whether on the basis of confirmation of the allocation provided by St Barbara or the Share Registry or otherwise, or who otherwise trade or purport to trade New Shares in error or which they do not hold or are not entitled to.

No Entitlements trading

Entitlements are non-renounceable and cannot be traded on ASX or any other exchange, nor can they be privately transferred.

Disclaimer of representations

No person is authorised to give any information, or to make any representation, in connection with the Retail Entitlement Offer that is not contained in this Offer Booklet.

Any information or representation that is not in this Offer Booklet may not be relied on as having been authorised by St Barbara, or its related bodies corporate in connection with the Retail Entitlement Offer.

If you are in any doubt as to these matters, you should first consult with your stockbroker, solicitor, accountant or other professional adviser.

CLAUSE	PAGE

A.		CHAIRMAN'S LETTER 6
B.		KEY DATES FOR THE ENTITLEMENT OFFER 9
1.		OVERVIEW OF THE ENTITLEMENT OFFER 10
	1.11.21.31.41.51.61.71.81.91.10	Entitlement Offer 10Who is eligible to participate the Retail Entitlement Offer? 10What is your Entitlement? 11Can you trade your Entitlement? 11Reconciliation 11ASX quotation 11Ineligible Retail Shareholders 12Restrictions on exercise of Entitlements acquired on ASX or otherwise 12Performance Rights holders 12Rights of St Barbara and the Underwriter 12
2.		HOW TO APPLY 14
	2.12.2	What you may do – choices available 14If you wish to take up all of your Entitlement or take up all your Entitlementand participate in the Oversubscription Facility 14
	2.3	If you wish to take up part of your Entitlement 15
	2.4	If you do not wish to take up your Entitlement 15
	2.52.6	Consequences of not taking up all or part of your Entitlement 16Payment 16
	2.7	Mail delivery 17
	2.8	Entitlement and Acceptance Form is binding 18
3.		AUSTRALIAN TAXATION CONSIDERATIONS 20
	3.13.23.3	Issue of Entitlement 20Exercise of Entitlement and applying for additional New Shares under theOversubscription Facility 20New Shares 21
	3.4	Other Australian taxes 21
4.		ASX ANNOUNCEMENTS (INCLUDING ST BARBARA INVESTOR PRESENTATION) 22
5.		IMPORTANT INFORMATION 64
	5.15.25.35.45.55.65.75.85.95.105.115.12	Responsibility for Offer Booklet 64Status of Offer Booklet 64Offer Booklet availability 64Notice to nominees and custodians 65No cooling off 65Withdrawal of the Entitlement Offer 65Privacy Statement 65Governing Law 66Foreign Jurisdictions 66Regulatory consents 66Underwriting arrangements 67Disclaimer of representations 68
6.		GLOSSARY 69

A. CHAIRMAN'S LETTER

17 May 2019

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES

Dear Shareholder,

On behalf of the directors of St Barbara Limited (St Barbara), I am pleased to invite you to participate in a 1-for-3.1 pro-rata accelerated non-renounceable entitlement offer of new fully paid ordinary shares in St Barbara (New Shares) at an offer price of $2.89 (Offer Price) per New Share to raise approximately $490 million (Entitlement Offer). The Entitlement Offer is underwritten.

The proceeds of the Entitlement Offer are intended to be used to partially fund the acquisition by St Barbara of Atlantic Gold Corporation (Atlantic) by way of a court-approved Canadian plan of arrangement (Acquisition).

The Acquisition

St Barbara has entered into, through its wholly owned subsidiary Nord Pacific Ltd., a Canadian Plan of Arrangement Agreement with Atlantic. Atlantic (TSX-V:AGB) is a TSX-listed low cost gold producer, which owns and operates Moose River Consolidated (MRC or Moose River) in Nova Scotia, Canada.

Moose River comprises one producing open-pit (Touquoy) and three others in development (Beaver Dam, Fifteen Mile Stream and Cochrane Hill). Moose River declared commercial production in March 2018 and produced 91 koz in CY18 from Touquoy at an AISC of C$731/oz (A$761/oz), with planned expansion of production to 200+ koz as the other three pits are developed. MRC has mineral resources of 2.4 Moz inclusive of mineral reserves of 1.9 Moz.

St Barbara will acquire 100% of all outstanding Atlantic shares (on a fully diluted basis) at an all cash offer price of C$2.90 per Atlantic share, implying a total equity value of C$722 M (A$768 M)1 and a total enterprise value of C$802 M (A$854 M).2 This represents an attractive acquisition cost per ounce of reserves of C$428/oz (A$455/oz). The Acquisition excludes Atlantic's 36% interest in Velocity Minerals Ltd. (TSX-V: VLC) (market value C$9 M (A$9 M)), which will be spun out to existing Atlantic shareholders following completion.

Further information about the Acquisition, including its strategic and financial benefits, is in St Barbara's market release and investor presentation lodged with the ASX on Wednesday, 15 May 2019 (Investor Presentation), which is included in Section 4 of this Offer Booklet.

The Acquisition is subject to customary closing conditions, including regulatory and shareholder approvals, and is expected to be completed in July 2019.

Entitlement Offer

The Entitlement Offer comprises an institutional component (Institutional Entitlement Offer) and a retail component (Retail Entitlement Offer), as announced on Wednesday, 15 May 2019.

Under the Retail Entitlement Offer, Eligible Retail Shareholders (as defined in Section 1.2) are being offered the opportunity to subscribe for 1 New Share for every 3.1 existing fully paid ordinary shares in St Barbara (Shares) held at 7.00pm (AEST) on Friday, 17 May 2019 (Record Date), at the Offer Price of $2.89 per New Share, which is the same price as paid by the institutional investors who participated in the Institutional Entitlement Offer. The Offer Price of $2.89 per New Share represents an approximate 13% discount to the closing share price of $3.32 on Tuesday, 14 May 2019 and a 10.1% discount to the theoretical ex-rights price (TERP) of A$3.22 as at Tuesday, 14 May 2019.3

2 Enterprise value based upon Atlantic debt of C$116.5 M and cash of C$36.1 M.

1 Based on 236.9 million Atlantic shares outstanding and 20.5 million options outstanding valued at C$35.0m based on Intrinsic Value on the C$2.90 per share offer price.

3 TERP is the theoretical price at which St Barbara shares should trade after the ex-date for the Entitlement Offer. TERP is a theoretical calculation only based on St Barbara's share price of A$3.32 as at market close on 14 May 2019 and the actual price at which St Barbara shares trade immediately after the ex-date for the Entitlement Offer will depend on many factors and may not be equal to TERP.

Under the Retail Entitlement Offer, Eligible Retail Shareholders that take up their full Entitlement may also apply for additional New Shares in excess of their Entitlement, up to a maximum of 25% of their Entitlement, at the Offer Price (Oversubscription Facility). Additional New Shares will only be available under the Oversubscription Facility to the extent that there are Entitlements under the Retail Entitlement Offer that are not taken up by Eligible Retail Shareholders. Applications under the Oversubscription Facility will be subject to scale back if Eligible Retail Shareholders apply for more additional New Shares than available under the Oversubscription Facility (see Section 2.2 of this Offer Booklet for further information). Directors of St Barbara are not entitled to participate in the Oversubscription Facility.

The Entitlement Offer is non-renounceable and the Entitlements will not be tradeable on the ASX or otherwise transferable. Shareholders who do not take up their Entitlement in full will not receive any value in respect of those Entitlements they do not take up. I encourage you to consider this offer carefully.

Other information

This Offer Booklet relates to the Retail Entitlement Offer. This Offer Booklet contains important information about the Retail Entitlement Offer and St Barbara's business under the following headings:

Key Dates for the Entitlement Offer;
Overview of the Entitlement Offer;
Instructions on How to Apply, detailing how to accept all or part of your Entitlement in the Retail Entitlement Offer if you choose to do so;
Australian taxation considerations;
ASX announcements (including the Investor Presentation, which provides information on St Barbara, including information relating to the Acquisition, and a summary of some of the key risks associated with an investment in St Barbara); and
Important information.

Accompanying this Offer Booklet is your personalised Entitlement and Acceptance Form which contains details of your Entitlement. It is important that you determine whether to take up or do nothing in respect of your Entitlement. If you choose to not take up your Entitlement, not further action is required.

The Retail Entitlement Offer closes at 5:00pm (AEST) on Tuesday, 4 June 2019.

To participate, you need to ensure that you have completed your application by paying the Offer Price multiplied by the number of New Shares (including any additional Shares which may be available under the Oversubscription Facility) you are applying for (Application Monies) by BPAY®, or by lodging your personalised Entitlement and Acceptance Form with your Application Monies paid by cheque, bank draft or money order so that they are received on time and in the manner described in Section 2 of this Offer Booklet.

Please carefully read this Offer Booklet in its entirety before you invest and consult your stockbroker, solicitor, accountant or other professional adviser before making your investment decision. In particular, you should read and consider the "Key risks" section of the Investor Presentation included in Section 4 of this Offer Booklet which contains a summary of some of the key risks associated with an investment in St Barbara.

If you have any questions or are uncertain about any aspect of the Entitlement Offer, you should seek advice from your stockbroker, accountant or other independent professional adviser, or call the St Barbara Offer Information Line on 1300 653 935 (from within Australia) or +61 3 9415 4356 (from outside Australia) at any time between 8:30am and 5:00pm (AEST) on Monday to Friday during the Retail Entitlement Offer period.

On behalf of the board of St Barbara, I encourage you to consider this investment opportunity and thank you for your ongoing support of St Barbara.

Yours sincerely,

Tim Netscher

Chairman St Barbara Limited

B. KEY DATES FOR THE ENTITLEMENT OFFER

Activity	Date
Announcement of the Entitlement Offer	Wednesday, 15 May 2019
Institutional Entitlement Offer opens	Wednesday, 15 May 2019
Institutional Entitlement Offer closes	Thursday, 16 May 2019
Shares recommence trading / Announcement of results ofInstitutional Entitlement Offer	Friday, 17 May 2019
Record Date for Entitlement Offer (7:00pm AEST)	Friday, 17 May 2019
Retail Entitlement Offer opens	Tuesday, 21 May 2019
Offer Booklet and Entitlement and Acceptance Formdespatched	Tuesday, 21 May 2019
Settlement of the Institutional Entitlement Offer	Friday, 24 May 2019
Allotment and commencement of trading of New Shares underthe Institutional Entitlement Offer	Monday, 27 May 2019
Retail Entitlement Offer closes (5:00pm AEST)	Tuesday, 4 June 2019
Settlement of the Retail Entitlement Offer	Tuesday, 11 June 2019
Allotment of New Shares under the Retail Entitlement Offer	Wednesday, 12 June 2019
Commencement of trading of New Shares issued under theRetail Entitlement Offer and despatch of holding statements forNew Shares issued under the Retail Entitlement Offer	Thursday, 13 June 2019

Note: The timetable above is indicative only and subject to change. St Barbara reserves the right to amend any or all of these events, dates and times subject to the Corporations Act, the Listing Rules and other applicable laws. In particular, St Barbara reserves the right to extend the closing date of the Entitlement Offer, to accept late applications either generally or in particular cases or to withdraw the Retail Entitlement Offer without prior notice. Any extension of the closing date will have a consequential effect on the allotment date of New Shares. St Barbara also reserves the right not to proceed with the Entitlement Offer in whole or in part at any time prior to allotment and issue of the New Shares. In that event, the relevant Application Monies (without interest) will be returned in full to Applicants.

Enquiries

If you have any questions, please call the St Barbara Offer Information Line on 1300 653 935 (from within Australia) or +61 3 9415 4356 (from outside Australia) at any time between 8:30am and 5:00pm (AEST) on Monday to Friday during the Retail Entitlement Offer period, or consult your stockbroker, accountant or other independent professional adviser.

1. OVERVIEW OF THE ENTITLEMENT OFFER

1.1 Entitlement Offer

The Entitlement Offer is an offer of approximately 169,673,902 New Shares at the Offer Price of $2.89 per New Share. All Eligible Institutional Shareholders and all Eligible Retail Shareholders are entitled to subscribe for 1 New Share for every 3.1 Shares held at 7.00pm (AEST) on the Record Date.

The Entitlement Offer comprises:

the Institutional Entitlement Offer Eligible Institutional Shareholders were invited to take up their Entitlements and Entitlements not taken up by Eligible Institutional Shareholders under the Institutional Entitlement Offer, as well as Entitlements of certain Ineligible Institutional Shareholders were offered in a bookbuild process to Eligible Institutional Shareholders who applied for New Shares in excess of their Entitlement, as well as to certain other Institutional Investors. The Institutional Entitlement Offer closed on Thursday, 16 May 2019 and raised approximately $355 million;
the Retail Entitlement Offer Eligible Retail Shareholders are now being invited to take up all or part of their Entitlements. Eligible Retail Shareholders who take up their full Entitlement may also participate in the Oversubscription Facility by applying for additional New Shares in excess of their Entitlement at the Offer Price, up to a maximum of 25% of their Entitlement. The Retail Entitlement Offer is expected to raise $135 million.

The Entitlement Offer is non-renounceable, which means that Entitlements are nontransferable and cannot be sold or traded.

The Retail Entitlement Offer closes at 5.00pm (AEST) on Tuesday, 4 June 2019.

New Shares will be issued on a fully paid basis and will rank equally with existing Shares on issue.

The Entitlement Offer is underwritten.

1.2 Who is eligible to participate the Retail Entitlement Offer?

Under the Retail Entitlement Offer, Eligible Retail Shareholders are being offered the opportunity to subscribe for 1 New Share for every 3.1 Shares held as at the Record Date (7:00pm (AEST) on Friday, 17 May 2019), at the Offer Price of $2.89 per New Share.

Eligible Retail Shareholders are those Shareholders who:

(a) are not Eligible Institutional Shareholders or Ineligible Institutional Shareholders;
(b) are registered as a holder of Shares as at the Record Date, being 7:00pm (AEST) on Friday, 17 May 2019;
(c) as at the Record Date, have a registered address in Australia or New Zealand;
(d) are not in the United States and are not acting for the account or benefit of a person in the United States (to the extent they are holding Shares for the account or benefit of such person in the United States); and
(e) are eligible under all applicable securities laws to receive an offer under the Entitlement Offer without any requirement for a prospectus, product disclosure statement or offer document to be lodged or registered.

St Barbara may (in its absolute sole discretion) extend the Retail Entitlement Offer to any institutional shareholder who was eligible to participate in the Institutional Entitlement Offer but was not invited to participate in the Institutional Entitlement Offer and was not treated as an Ineligible Institutional Shareholder under the Entitlement Offer (subject to compliance with applicable laws).

1.3 What is your Entitlement?

Your Entitlement is set out on the accompanying personalised Entitlement and Acceptance Form and has been calculated as 1 New Share for every 3.1 Shares you held as at the Record Date, 7:00pm (AEST) on Friday, 17 May 2019. If the result is not a whole number your Entitlement will be rounded up to the nearest whole number. If you have more than one registered holding of Shares, you will be sent more than one personalised Entitlement and Acceptance Form and you will have separate Entitlements for each separate registered holding.

Any New Shares not taken up by the Closing Date may be made available to those Eligible Retail Shareholders who took up their full Entitlement and applied for additional New Shares under the Oversubscription Facility at the Offer Price, up to a maximum of 25% of their Entitlement. There is no guarantee that Eligible Retail Shareholders will receive the number of additional New Shares applied for under the Oversubscription Facility, or any. Additional New Shares will only be allocated to Eligible Retail Shareholders under the Oversubscription Facility if available and then only if and to the extent that St Barbara so determines, in its absolute discretion. Any scale-back will be applied by St Barbara in its absolute discretion. Directors of St Barbara are not entitled to participate in the Oversubscription Facility.

Note: The Entitlement stated on your personalised Entitlement and Acceptance Form may be in excess of the actual Entitlement you may be permitted to take up; for example, you are not permitted to take up an Entitlement to the extent you are holding Shares for the account or benefit of a person in the United States (see definition of Eligible Retail Shareholders in Section 1.2 of this Offer Booklet).

1.4 Can you trade your Entitlement?

Your Entitlement is personal and cannot be traded on ASX, transferred, assigned or otherwise dealt with. If you do not take up your entitlement by the Closing Date, being 5.00pm (AEST) on Tuesday, 4 June 2019, your rights will lapse.

By allowing your Entitlement to lapse you will forgo any exposure to increases or decreases in the value of the New Shares had you taken up your Entitlement. Your interest in St Barbara will also be diluted.

1.5 Reconciliation

The Entitlement Offer is a complex structure and in some instances investors may believe that they will own more Shares in St Barbara than they actually do on the Record Date. This results in a need for reconciliation. If reconciliation is required, it is possible that St Barbara may need to issue a small quantity of additional New Shares (Top-Up Shares) to ensure all Eligible Shareholders receive their full Entitlement.

These Top-Up Shares would be issued at the Offer Price.

1.6 ASX quotation

Subject to approval being granted, quotation of the New Shares is expected to commence on:

Monday, 27 May 2019 for New Shares issued under the Institutional Entitlement Offer (on a normal settlement basis); and
Thursday, 13 June 2019 for New Shares issued under the Retail Entitlement Offer (on a normal settlement basis).

Holding statements will be despatched in accordance with the Listing Rules. It is the responsibility of each applicant to confirm their holding before trading in New Shares. Any applicant who sells New Shares before receiving confirmation of their holding in the form of a holding statement will do so at their own risk. St Barbara and the Underwriter disclaim all liability (to the maximum extent permitted by law) to persons who trade New Shares before receiving their holding statements, whether on the basis of confirmation of the allocation provided by St Barbara, the Underwriter or the Share Registry or otherwise.

1.7 Ineligible Retail Shareholders

All Shareholders who are not Eligible Retail Shareholders, Eligible Institutional Shareholders or Ineligible Institutional Shareholders are ineligible Retail Shareholders (Ineligible Retail Shareholders). Ineligible Retail Shareholders will not be entitled to participate in the Retail Entitlement Offer.

St Barbara has determined that it would be unreasonable on this occasion to extend the Retail Entitlement Offer to Ineligible Retail Shareholders, having regard to the number of securities held by Ineligible Retail Shareholders, the number and value of New Shares that they would be offered and the costs of complying with the legal and regulatory requirements which would apply to an offer of securities to Ineligible Retail Shareholders in those places.

1.8 Restrictions on exercise of Entitlements

The Entitlements may not be taken up or exercised by persons in the United States or by persons who are acting for the account or benefit of persons in the United States.

In order to take up or exercise those Entitlements and subscribe for New Shares you:

must be an Eligible Retail Shareholder; and
must not be in the United States or acting for the account or benefit of a person in the United States.

In the event that holders are not able to take up their Entitlements, those Entitlements will be offered for sale in the Oversubscription Facility and holders may receive no value for them.

1.9 Performance Rights holders

As at the date of this Offer Booklet, St Barbara has 2,969,089 Performance Rights on issue.

Performance Rights holders are not entitled to participate in the Entitlement Offer in respect of their Performance Rights, unless their Performance Rights convert and they are registered as the holder of the resulting Shares by the Record Date and satisfy the other criteria detailed in Section 1.2 to be an Eligible Retail Shareholder.

1.10 Rights of St Barbara in relation to adjustments

Adjusting Entitlements

St Barbara reserves the right (in its absolute sole discretion) to reduce the number of New Shares allocated to Eligible Retail Shareholders, or persons claiming to be Eligible Retail Shareholders, if their claims prove to be overstated or they fail to provide information to substantiate their claims.

Adjusting for subscriptions in excess of Entitlement

If any Shareholder subscribes under the Entitlement Offer for New Shares in excess of its Entitlement then this amount cannot exceed 25% of the Shareholder's Entitlement and in the absolute discretion of St Barbara and the Underwriter, the relevant Shareholder may be required to transfer to the Underwriter the excess New Shares at the Offer Price of $2.89.

Acknowledgement

By accepting their Entitlement, Shareholders irrevocably acknowledge and agree to do any of the above as required by St Barbara and the Underwriter in their absolute discretion. Shareholders also acknowledge that:

there is no time limit on the ability of St Barbara and the Underwriter to require any of the actions set out above; and
where St Barbara and the Underwriter exercise their right to correct a Shareholder's Entitlement, the Shareholder is treated as continuing to accept or not take up any remaining Entitlement.

2. HOW TO APPLY

2.1 What you may do – choices available

The number of New Shares to which Eligible Retail Shareholders are entitled is shown on the accompanying Entitlement and Acceptance Form. If you are an Eligible Retail Shareholder, you may do any one of the following:

take up all of your Entitlement in full, and if you do so, you may apply for additional New Shares under the Oversubscription Facility (see Section 2.2 of this Offer Booklet);
take up part of your Entitlement, in which case the balance of the Entitlement would lapse (see Section 2.3 of this Offer Booklet); or
do nothing and let your Entitlement lapse (see Section 2.4 of this Offer Booklet).

You should note that if you do not take up all or part of your Entitlement, your percentage shareholding in St Barbara will be diluted.

St Barbara reserves the right to reject any Entitlement and Acceptance Form that is not correctly completed or that is received after the Closing Date.

The Closing Date for acceptance of the Retail Entitlement Offer is 5:00pm (AEST) on Tuesday, 4 June 2019 (however, that date may be varied by St Barbara, in accordance with the Listing Rules and the Underwriting Agreement).

2.2 If you wish to take up all of your Entitlement or take up all of your Entitlement and participate in the Oversubscription Facility

If you decide to take up all of your Entitlement and you wish to pay by cheque, bank draft or money order you should:

complete the personalised Entitlement and Acceptance Form by following the instructions set out on the personalised Entitlement and Acceptance Form;
attach payment for the full amount payable (being the Offer Price multiplied by the number of New Shares comprising your Entitlement) to the form; and
return the Entitlement and Acceptance Form together with payment to the Share Registry so that it is received by 5.00pm (AEST) on Tuesday, 4 June 2019.

If you wish to take up all of your Entitlement and you wish to pay by BPAY® you should make your payment by BPAY® for the full amount payable (being the Offer Price multiplied by the number of New Shares comprising your Entitlement) so that it is received by 5.00pm (AEST) on Tuesday, 4 June 2019. If you choose to pay by BPAY® you are not required to submit the personalised Entitlement and Acceptance Form but are taken to make the statements on that form.

If you apply to take up all of your Entitlement, you may also apply for additional New Shares under the Oversubscription Facility at the Offer Price, up to a maximum of 25% of your Entitlement. Any Application Monies received for more than your full Entitlement of New Shares will be treated as applying for as many additional New Shares as it will pay for in full.

Any New Shares referable to Entitlements not taken up by the Closing Date may be made available to those Eligible Retail Shareholders who took up their full Entitlement and applied for additional New Shares under the Oversubscription Facility. If you apply for additional New Shares under the Oversubscription Facility, and if your application is successful (in whole or in part), your additional New Shares will be issued to you at the same time and on the same terms that other New Shares are issued under the Retail Entitlement Offer. If you apply for additional New Shares, there is no guarantee that you will be allocated any additional New Shares.

Additional New Shares will only be allocated to Eligible Retail Shareholders if available, and subject to the Corporations Act, Listing Rules and other applicable laws and regulations. If Eligible Retail Shareholders apply for more additional New Shares than available under the Oversubscription Facility, St Barbara will scale back applications for additional New Shares in its absolute discretion having regard to the pro-rata Entitlement of Eligible Retail Shareholders who apply for additional New Shares. Directors of St Barbara are not entitled to participate in the Oversubscription Facility.

No interest will be paid to applicants on any Application Monies received or refunded. Refund amounts, if any, will be paid in Australian dollars. You will be paid either by direct credit to the nominated bank account as noted on the share register as at the Closing Date or by cheque sent by ordinary post to your address as recorded on the share register (the registered address of the first-named in the case of joint holders). If you wish to advise or change your banking instructions with the Share Registry you may do so by going to www.investorcentre.com and logging into the Investor Centre.

If you take up and pay for your Entitlement before the Closing Date, you will be allotted your New Shares on Wednesday, 12 June 2019. St Barbara's decision on the number of New Shares allotted to you will be final.

2.3 If you wish to take up part of your Entitlement

If you decide to take up part of your Entitlement and reject the balance and you wish to pay by cheque, bank draft or money order you should:

complete the personalised Entitlement and Acceptance Form by following the instructions set out on the personalised Entitlement and Acceptance Form indicating the number of New Shares you wish to take up. This will be less than your Entitlement as specified on the Entitlement and Acceptance Form;
attach payment for the full amount payable (being the Offer Price multiplied by the number of New Shares you are taking up – you will need to calculate this number yourself) to the form; and
return the Entitlement and Acceptance Form together with payment to the Share Registry so that it is received by 5.00pm (AEST) on Tuesday, 4 June 2019.

If you wish to take up part of your Entitlement and reject the balance and you wish to pay by BPAY® you should make your payment by BPAY® for the full amount payable (being the Offer Price multiplied by the number of New Shares you are taking up – you will need to calculate this number yourself). If you choose to pay by BPAY® you are not required to submit the personalised Entitlement and Acceptance Form but are taken to make the statements on that form.

2.4 If you do not wish to take up your Entitlement

If you do not wish to take up all or any part of your Entitlement, do not take any further action and all or that part of your Entitlement will lapse.

2.5 Consequences of not taking up all or part of your Entitlement

If you do not take up all or part of your Entitlement in accordance with the instructions set out above, your Entitlements will lapse and those New Shares for which you would have otherwise been entitled under the Retail Entitlement Offer (including New Shares that relate to the portion of your Entitlement that has not been taken up) may be acquired by Eligible Retail Shareholders under the Oversubscription Facility.

By allowing your Entitlement to lapse, you will forgo any exposure to increases or decreases in the value of the New Shares had you taken up your Entitlement and you will not receive any value for your Entitlement. Your interest in St Barbara will also be diluted to the extent that New Shares are issued under the Entitlement Offer.

2.6 Payment

General

The Offer Price of $2.89 per New Share accepted is payable on acceptance of your Entitlement.

You can pay in the following ways:

BPAY®; or
cheque, bank draft or money order.

Cash payments will not be accepted. Receipts for payment will not be issued.

Application Monies received from Eligible Retail Shareholders will be held in the St Barbara Entitlement Offer Account solely for the purpose of holding the Application Monies.

St Barbara reserves the right to cancel the Entitlement Offer at any time prior to the allocation of New Shares under the Institutional Entitlement Offer. If the Entitlement Offer is cancelled, all Application Monies will be refunded without interest. To the fullest extent permitted by law, each Eligible Retail Shareholder agrees that any Application Monies paid by them to St Barbara will not entitle them to any interest against St Barbara and that any interest earned in respect of Application Monies will belong to St Barbara. This will be the case, whether or not all or none (if the Entitlement Offer is withdrawn) of the New Shares applied for by a person are issued to that person.

St Barbara will treat you as applying for as many New Shares as your payment will pay for in full up to your Entitlement, and in respect of any excess amount applying for as many additional New Shares under the Oversubscription Facility as it will pay for in full.

Any Application Monies received for more than your final allocation of New Shares will be refunded as soon as practicable after the close of the Retail Entitlement Offer. No interest will be paid to Applicants on any Application Monies received or refunded.

Payment by BPAY®

For payment by BPAY®, please follow the instructions on the personalised Entitlement and Acceptance Form (which includes the biller code and your unique reference number). You can only make a payment via BPAY® if you are the holder of an account with an Australian financial institution that supports BPAY® transactions.

If you are paying by BPAY®, please make sure to use the specific Biller Code and unique Customer Reference Number on your Entitlement and Acceptance Form. If you have multiple holdings and receive more than one Entitlement and Acceptance Form, when taking up your Entitlement in respect of one of those holdings, please only use the Customer Reference Number specific to the Entitlement on that form. If you do not use the correct Customer Reference Number specific to that holding, or inadvertently use the same Customer Reference Number for more than one of your Entitlements, your application will not be recognised as valid.

Please note that should you choose to pay by BPAY®:

you do not need to submit the personalised Entitlement and Acceptance Form but are taken to have made the statements on that personalised Entitlement and Acceptance Form; and
if you do not pay for your full Entitlement, you are deemed to have taken up your Entitlement in respect of such whole number of New Shares which is covered in full by your Application Monies.

It is your responsibility to ensure that your BPAY® payment is received by the Share Registry by no later than 5.00pm (AEST) on Tuesday, 4 June 2019 (subject to variation). You should be aware that your financial institution may implement earlier cut-off times with regard to electronic payment and you should therefore take this into consideration when making payment.

Payment by cheque, bank draft or money order

It is your responsibility to ensure that your payment by cheque, bank draft or money order is received by the Share Registry by no later than 5.00pm (AEST) on Tuesday, 4 June 2019. You must ensure that cleared funds are held in your account as your cheque, bank draft or money order will be banked as soon as it is received. You should consider postal and cheque clearance timeframes in order to meet this deadline.

Your cheque, bank draft or money order must be:

for an amount equal to $2.89 multiplied by the number of New Shares (and additional New Shares under the Oversubscription Facility, if applicable) that you are applying for;
in Australian currency drawn on an Australian branch of a financial institution; and
payable to "St Barbara Limited" and crossed "Not Negotiable".

If you wish to pay by cheque, bank draft or money order, you must also complete your personalised Entitlement and Acceptance Form in accordance with the instructions set out on that form and return it to the Share Registry accompanied by a cheque, bank draft or money order.

You should ensure that sufficient funds are held in relevant account(s) to cover the Application Monies as your cheque, bank draft or money order will be processed on the day of receipt. If the amount of your cheque, bank draft or money order for Application Monies (or the amount for which the cheque, bank draft or money order clears in time for allocation) is insufficient to pay in full for the number of New Shares you have applied for in your personalised Entitlement and Acceptance Form, you will be taken to have applied for such lower whole number of New Shares and additional New Shares under the Oversubscription Facility, if applicable, as your cleared Application Monies will pay for (and to have specified that number of New Shares on your personalised Entitlement and Acceptance Form). Alternatively, your Application will not be accepted.

2.7 Mail delivery

Shareholders who make payment via cheque, bank draft or money order should send their completed personalised Entitlement and Acceptance Form together with Application Monies to:

St Barbara Limited c/o Computershare Investor Services Pty Ltd GPO Box 505 Melbourne Vic 3001

2.8 Entitlement and Acceptance Form is binding

A payment made through BPAY® or a completed and lodged Entitlement and Acceptance Form together with the payment of requisite Application Monies constitutes a binding offer to acquire New Shares on the terms and conditions set out in this Offer Booklet and, once lodged or paid, cannot be withdrawn. If the Entitlement and Acceptance Form is not completed correctly it may still be treated as a valid Application for New Shares. St Barbara's decision whether to treat an acceptance as valid and how to construe, amend or complete the Entitlement and Acceptance Form is final.

By completing and returning your personalised Entitlement and Acceptance Form or making a payment by BPAY®, or otherwise applying to participate in the Entitlement Offer, you:

(a) declare that:
- (i) all details and statements made in the personalised Entitlement and Acceptance Form are complete and accurate;
- (ii) you are over 18 years of age and have full legal capacity and power to perform all your rights and obligations under the Retail Entitlement Offer;
- (iii) you were the registered holder(s) at the Record Date of the Shares indicated on the personalised Entitlement and Acceptance Form as being held by you on the Record Date;
(b) acknowledge that:
- (i) once St Barbara receives the Entitlement and Acceptance Form with the requisite Application Monies or your payment by BPAY®, you may not withdraw it except as allowed by law;
- (ii) you have read and understood this Offer Booklet and the personalised Entitlement and Acceptance Form; and
- (iii) the information contained in this Offer Booklet is not investment advice or a recommendation that the New Shares are suitable for you, given your investment objectives, financial situation or particular needs;
(c) agree to:
- (i) apply for, and be issued with up to, the number of New Shares that you apply for at the Offer Price of $2.89 per New Share; and
- (ii) be bound by the terms of this Offer Booklet and the provisions of St Barbara's constitution;
(d) authorise St Barbara to register you as the holder of New Shares and authorise St Barbara and its officers or agents to do anything on your behalf necessary for the New Shares to be issued to you, including to act on instruction of St Barbara's Share Registry by using the contact details set out in the personalised Entitlement and Acceptance Form;
(e) represent and warrant that:
- (i) the law of any place (other than Australia and New Zealand) does not prohibit you from being given this Offer Booklet or making an application for New Shares; and
- (ii) you are an Eligible Retail Shareholder.

By completing and returning your Entitlement and Acceptance Form with the requisite Application Monies or making a payment by BPAY® or otherwise applying to participate in the Retail Entitlement Offer you will also be treated as:

(a) having represented and warranted that:
- (i) you are not in the United States and are not applying for New Shares on behalf of, or for the account or benefit of, a person in the United States;
- (ii) you and each person on whose account you are acting are not engaged in the business of distributing securities;
- (iii) you and each person on whose account you are acting have not and will not send any materials relating to the Entitlement Offer, including this Offer Booklet and the Entitlement and Acceptance Form, to any person that is in the United States or that is acting for the account or benefit of a person in the United States; and
(b) acknowledge on your own behalf and on behalf of each person on whose account you are acting that:
- (i) neither the Entitlements nor the New Shares offered in the Entitlement Offer have been, or will be, registered under the U.S. Securities Act or the securities laws of any state or other jurisdiction of the United States, or in any other jurisdiction outside Australia or New Zealand;
- (ii) the Entitlements may not be taken up by, and the New Shares may not be offered or sold to, persons in the United States or persons who are acting for the account or benefit of a person in the United States (to the extent they are holding Shares for the account of benefit of a person in the United States); and
- (iii) the New Shares to be offered and sold in the Retail Entitlement Offer may only be offered and sold outside the United States in "offshore transactions" (as defined in Rule 902(h) under the U.S. Securities Act) in compliance with Regulation S under the U.S. Securities Act.

3. AUSTRALIAN TAXATION CONSIDERATIONS

Set out below is a general summary of the potential Australian tax implications of the Retail Entitlement Offer for Eligible Retail Shareholders who are residents of Australia for tax purposes and who hold their Shares on capital account.

The summary below does not deal with the tax implications for Eligible Retail Shareholders who are not residents of Australia for tax purposes. It also does not deal with the tax implications for Eligible Retail Shareholders that do not hold their Shares on capital account or who are subject to special tax rules, such as Shareholders:

(a) who hold their Shares (or will hold their New Shares) as revenue assets or trading stock such as banks, insurance companies and taxpayers carrying on a business of share trading;
(b) who have acquired their Shares (or will hold their New Shares) for the purposes of resale at a profit;
(c) who are subject to the Taxation of Financial Arrangements rules in Division 230 of the Income Tax Assessment Act 1997 (Cth) in respect of Shares or New Shares.
(d) who acquired their Shares (or will hold their New Shares) under an arrangement that constitutes an 'employee share scheme' for Australian tax purposes.

It is intended as a general guide only and is not an authoritative or complete statement of all potential tax implications for each Eligible Retail Shareholder.

The summary below is not advice and should not be relied on as such. It also does not take account of any individual circumstances of any particular Eligible Retail Shareholder. Taxation is a complex area of law and the taxation consequences for each Eligible Retail Shareholder may differ depending on their own particular circumstances. Accordingly, Eligible Retail Shareholders should seek specific advice applicable to their own particular circumstances from their own financial or tax advisers.

The summary below is based on the law in effect as at the date of this Information Booklet. Future changes in Australian taxation law, including changes in interpretation or application of the law by the courts or taxation authorities in Australia, may affect taxation treatment of an investment in Shares or the holding and disposal of Shares.

ϯ͘ϭ Issue of Entitlement

The issue of the Entitlement should not itself result in any amount being included in the assessable income of an Eligible Retail Shareholder.

ϯ͘Ϯ Exercise of Entitlement and applying for additional New Shares under the Oversubscription Facility

If you exercise all or part of your Entitlement and, to the extent relevant, participate in the Oversubscription Facility, you will be allocated New Shares. In this case:

(a) the Entitlement will cease to exist and a CGT event will occur, but any capital gain or loss made on the exercise of the Entitlement should be disregarded for tax purposes;
(b) the New Shares acquired as a result of exercising the Entitlement will be treated for CGT purposes as having been acquired on the day on which the Entitlement is exercised;
(c) the New Shares acquired as a result of participating in the Oversubscription Facility will be treated for CGT purposes as having been acquired on the day on which those New Shares are issued; and
(d) the New Shares should have a cost base for CGT purposes equal to:
- (i) for New Shares acquired through participation in the Oversubscription Facility and for New Shares acquired as a result of exercising an Entitlement where your existing Shares were acquired (or are taken to be acquired) on or after 20 September 1985, the Offer Price payable by you for those New Shares plus certain non-deductible incidental costs you incur in acquiring them; or
- (ii) for New Shares acquired as a result of exercising an Entitlement where your existing Shares were acquired (or are taken to be acquired) before 20 September 1985, the sum of the market value of the Entitlement when it was exercised and the Offer Price payable by you for those New Shares plus certain non-deductible incidental costs you incur in acquiring them.

ϯ͘ϯ New Shares

If you exercise all or some of your Entitlement and, to the extent relevant, participate in the Oversubscription Facility, you will acquire New Shares. Any future dividends or other distributions made in respect of those New Shares will be subject to the same taxation treatment as dividends or other distributions made on Shares held in the same circumstances.

On any future disposal of New Shares, you may make a capital gain or capital loss, depending on whether the capital proceeds of that disposal are more than the cost base or less than the reduced cost base of those shares. The cost base of those shares is described above.

Any capital gain arising to Eligible Retail Shareholders who are individuals and trusts (other than trusts that are complying superannuation funds) can generally be reduced by 50% (after first offsetting current year or prior year capital losses from other asset disposals) if the New Shares are held for at least 12 months between the date the New Shares are treated as having been acquired (as outlined in part 3.1 above) and the date of disposal. For Eligible Retail Shareholders which are complying superannuation funds, any capital gain can generally be reduced by one-third (after first offsetting current year or prior year capital losses from other asset disposals) if the New Shares are held for at least 12 months between the date the New Shares are treated as having been acquired (as outlined in part 3.1 above) and the date of disposal. The CGT discount is not available to Eligible Shareholders that are companies. Trustees should seek specific advice in relation to making distributions attributable to any capital gain to which the CGT discount applies.

3.4 Other Australian taxes

No GST or stamp duty is payable in respect of the grant or exercise of the Entitlements or the acquisition of New Shares. You may be charged GST on costs (such as adviser fees) incurred relating to the acquisition, redemption or disposal of the Shares or New Shares. You should seek independent professional tax advice in relation to your individual circumstances.

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES

St Barbara agrees to acquire 100% of Atlantic Gold Corporation and announces underwritten A$490 million pro rata accelerated non-renounceable entitlement offer

x Acquisition aligned with St Barbara's strategy
x Diversifies production base with a low-cost, long life mine in a favourable jurisdiction
x Growth potential through planned reserve and resource expansion

St Barbara Ltd. (ASX: SBM) ("St Barbara" or "Company") is pleased to announce that it has, through its wholly owned subsidiary Nord Pacific Ltd., entered into a Canadian Plan of Arrangement Agreement with Atlantic Gold Corporation ("Atlantic"). Atlantic (TSX-V:AGB) is a TSX-listed low cost gold producer, which owns and operates Moose River Consolidated ("MRC" or "Moose River") in Nova Scotia, Canada.

St Barbara will acquire 100% of all outstanding Atlantic shares (on a fully diluted basis) at an all cash offer price of C$2.90 per Atlantic share, implying a total equity value of C$722 M (A$768 M)1 (the "Transaction") and a total enterprise value of C$802 M (A$854 M)2 . This represents an attractive acquisition cost per ounce of reserves of C$428/oz (A$455/oz). The Transaction excludes Atlantic's 36% interest in Velocity Minerals Ltd. (TSX-V: VLC) (market value C$9 M (A$9 M)), which will be spun out to existing Atlantic shareholders following completion.

Atlantic's Directors control 32% of the register and as part of the Transaction have entered into a lock-up agreement3 to vote all shares they hold in favour of the Transaction. A C$25 M termination fee is payable if a condition precedent is not satisfied due to an action by either party or if either party ceases to support the Transaction.

St Barbara intends to raise approximately A$490 M through an underwritten pro-rata accelerated nonrenounceable entitlement offer4 to partly fund the Transaction. The balance will be funded via St Barbara's existing cash reserves. St Barbara has also secured a new committed A$200 M three year revolving loan facility with Westpac Banking Corporation ("Westpac") to support the combined company.

At completion of the Transaction, Atlantic and its associated entities will become part of St Barbara's corporate structure, with Atlantic shares de-listed from the TSX. In addition, experienced company director Mr Steven

Investor Relations	Mr David Cotterell	Manager Investor Relations	+61 3 8660 1959	ASX: SBM
Media Relations	Mr Ben Wilson	GRACosway	+61 407 966 083
St Barbara LimitedACN 009 165 066	Level 10, 432 St Kilda Road, Melbourne VIC 3004Locked Bag 9, Collins Street East, Melbourne VIC 8003		T +61 3 8660 1900 F +61 3 8660 1999W www.stbarbara.com.au

Dean, currently Chairman and Chief Executive Officer of Atlantic, will be invited to join the St Barbara Board following completion. St Barbara is seeking to retain key Atlantic executives who have and will continue to play roles in the successful development of Moose River. Further, St Barbara intends retaining the current operating team, which has a track record of successful project development and operational delivery. Further information about Mr Dean and Ms Maryse Bélanger is set out in Attachment II.

The Transaction demonstrates St Barbara's disciplined approach to executing inorganic growth and the Company's ability to deliver on its strategic plan. Key highlights of the Transaction include:

x diversification of St Barbara's production base by adding a low cost asset in a favourable jurisdiction;
x further improves St Barbara's cost profile with MRC's low AISC position;
x addition of a sustainable long life operation, with an existing mine life of 12 years and substantial reserves and resources;
x significant growth potential at MRC through planned resource and reserve expansion as well as near mine exploration;
x provides St Barbara with a platform for future growth in an attractive mining jurisdiction with low geopolitical risk;
x retention of key Atlantic executives and the operating team to ensure continuity of operations and relationships with key Canadian stakeholders; and
x opportunities for St Barbara and Atlantic to leverage existing strengths and capabilities and establish a platform for growth in the region.

St Barbara Managing Director & Chief Executive Officer, Bob Vassie, noted:

"St Barbara has today announced the acquisition of Atlantic, owner and operator of Moose River Consolidated. St Barbara has consistently communicated to the market that the Company has been assessing a range of inorganic growth opportunities and the acquisition today demonstrates the Company's commitment to executing inorganic growth that is strongly aligned with St Barbara's strategic plan.

"The addition of Moose River to the portfolio diversifies St Barbara's production base with a low cost producing asset in a very favourable and prospective jurisdiction. It is a sustainable long life operation of scale with a low AISC position which generates impressive margins. The asset also has significant growth potential which St Barbara identifies as an exciting opportunity.

"Further, we are gaining an impressive team with an excellent track record of successfully bringing deposits into operation which gives us a great capability and platform for further opportunities in the region.

"St Barbara is confident that Moose River can successfully be integrated into St Barbara's existing asset portfolio and deliver long term value for St Barbara shareholders."

The Transaction is subject to customary commercial conditions, including court approvals and a successful Atlantic shareholder vote, no material adverse change to Atlantic and Nova Scotia regulatory approvals. St Barbara shareholders will be updated on the status of these conditions as and when they are satisfied. Further details of the Transaction conditions precedent are set out in Attachment I.

Completion is anticipated to occur in July 2019.

In respect of the acquisition of Atlantic, St Barbara was advised by Deutsche Bank AG, Sydney Branch, with Ashurst as Australian legal counsel and Fasken as Canadian legal counsel.

Equity raising

The Transaction will be partly funded via an underwritten 1 for 3.1 pro rata accelerated non-renounceable entitlement offer to raise approximately A$490 M before costs ("Offer" or "Equity Raising").

Eligible St Barbara shareholders will be invited to subscribe for 1 new fully paid ordinary share in St Barbara ("New Share") for every 3.1 existing fully paid ordinary shares in St Barbara held as at 7.00pm AEST on Friday 17 May 2019 ("Record Date"), at the offer price of A$2.89 per New Share ("Offer Price"), which represents a:

x 13.0% discount to the closing price of St Barbara of A$3.32 on Tuesday 14 May 2019; and
x 10.1% discount to the theoretical ex-rights price5 of A$3.22 as at Tuesday 14 May 2019.

The Equity Raising will result in the issue of approximately 169.7 M New Shares and will include:

x an accelerated institutional entitlement component ("Institutional Entitlement Offer") which will open on Wednesday, 15 May 2019 and close at 12.00pm AEST on Thursday, 16 May 2019; plus
x a retail entitlement component ("Retail Entitlement Offer") which is anticipated to open on Tuesday, 21 May 2019 and close at 5.00 pm AEST on Tuesday, 4 June 2019.

Entitlements to subscribe for New Shares under the Entitlement Offer cannot be traded.

Each New Share will rank equally with existing shares on issue and will be eligible for any dividend declared for the period ending 30 June 2019. St Barbara will apply for quotation of the New Shares on ASX.

Institutional Entitlement offer

Eligible institutional holders will be invited to participate in the Institutional Entitlement Offer, which is being conducted on Wednesday, 15 May 2019 and Thursday 16 May 2019. Eligible institutional holders can choose to take up all, part or none of their entitlement.

Institutional entitlements that eligible institutional holders do not take up, and institutional entitlements that would not otherwise have been offered to ineligible institutional holders, will be offered to eligible institutional holders who apply for New Shares in excess of their entitlement, as well as certain other eligible institutional investors, through an institutional shortfall book build to be conducted concurrently with the Institutional Entitlement Offer. It is expected that St Barbara will remain in trading halt while the Institutional Entitlement Offer is conducted.

Retail Entitlement offer

Eligible retail holders will be invited to participate in the Retail Entitlement Offer at the same Offer Price and offer ratio as under the Institutional Entitlement Offer. The Retail Entitlement Offer will open on Tuesday, 21 May 2019 and close at 5.00pm AEST on Tuesday, 4 June 2019 ("Retail Offer Period").

Eligible retail shareholders can choose to take up all, part, or none of their entitlements. Eligible retail shareholders who take up their full entitlement will also be permitted to apply for New Shares in excess of their entitlement at the Offer Price ("Retail Oversubscription") up to 25.0% of their entitlement. New Shares not applied for by eligible retail holders may be offered to other eligible retail holders through applications via the Retail Oversubscription facility. There is no guarantee that applicants under the Retail Oversubscription facility will receive all or any of the additional New Shares for which they apply.

Further details about the Retail Entitlement Offer will be set out in a booklet ("Retail Offer Booklet"), which St Barbara expects to lodge with the ASX on Friday, 17 May 2019, in advance of the despatch date (outlined below). The closing date for the receipt of Entitlement and Acceptance Forms, is 5.00pm AEST on Tuesday, 4 June 2019.

All the Directors of St Barbara who are shareholders have indicated they will participate in the Retail Entitlement Offer. Directors are not eligible to participate in the Retail Oversubscription facility.

Timetable

Event	Date (AEST)
Trading Halt; announcement of Institutional Entitlement Offer;opening of Institutional Entitlement Offer	Wednesday, 15 May 2019
Institutional Entitlement Offer closes	Thursday, 16 May 2019
Announcement of results of Institutional Entitlement Offer	Friday, 17 May 2019
Trading halt lifted – shares recommence trading on ASX on an "exentitlement" basis	Friday, 17 May 2019
Record Date for Entitlement Offer	7.00pm Friday, 17 May 2019
Retail Offer Booklet (including Entitlement and Acceptance Form)despatched and Retail Entitlement Offer opens	Tuesday, 21 May 2019
Settlement of Institutional Entitlement Offer	Friday, 24 May 2019
Allotment and commencement of trading of New Shares issuedunder the Institutional Entitlement Offer	Monday, 27 May 2019
Retail Entitlement Offer closes	5.00pm Tuesday, 4 June 2019
Announcement of results of Retail Entitlement Offer	Friday, 7 June 2019
Settlement of New Shares issued under the Retail EntitlementOffer	Tuesday, 11 June 2019
Allotment of New Shares issued under the Retail Entitlement Offer	Wednesday, 12 June 2019
Commencement of trading of New Shares issued under the RetailEntitlement Offer	Thursday, 13 June 2019
Despatch of holding statements in respect of New Shares issuedunder the Retail Entitlement Offer	Thursday, 13 June 2019

All dates and times are indicative only and subject to change. Unless otherwise specified, all times and dates refer to Melbourne time. St Barbara and the underwriter reserve the right to amend any or all of these dates and times subject to the Corporations Act, the ASX Listing Rules and other applicable laws. In particular, St Barbara reserves the right to extend the closing date for the Retail Entitlement Offer, or to accept late applications under the Retail Entitlement Offer without prior notice.

Further information

Further details of the Transaction and Equity Raising are set out in the "Acquisition of Atlantic Gold Corporation and Equity Raising" Investor Presentation also provided to the ASX today. The Investor Presentation contains important information including key risks and foreign selling restrictions with respect to the Equity Raising.

Analyst briefing and audio webcast

Bob Vassie, Managing Director & Chief Executive Officer, will brief analysts and investors on the Transaction at 10:00 am AEST on Wednesday, 15 May 2019. Conference call details are shown below. Participants will be asked to provide the Conference ID when joining the call.

A live audio webcast will be available on the website at www.stbarbara.com.au/investors/webcast/ or by clicking here. The audio webcast is 'listen only' and does not enable questions. The audio webcast will subsequently be made available on the website.

Conference ID:	10000337
Australia Toll Free:	1 800 558 698
Alternate Australia Toll Free:	1 800 809 971
Australia Local:	+61 2 9007 3187
New Zealand Toll Free:	0800 453 055
NZ Local (Auckland):	09 929 1687
NZ Local (Wellington):	04 974 7738
NZ Local (Christchurch):	03 974 2632
Canada:	1855 8811 339
France:	0800 913 848
Germany:	0800 182 7617
Hong Kong:	800 966 806
Japan:	0053 116 1281
Malaysia:	1800 816 294
Norway:	800 69 950
Singapore:	800 101 2785
Switzerland:	0800 820 030
United Kingdom:	0800 051 8245

Retail Investor Enquiries

If you have any questions in relation to the Equity Raising, please contact the St Barbara Offer Information Line on 1300 653 935 (within Australia) and +61 3 9415 4356 (outside Australia) between 8.30am and 5.00pm AEST Monday to Friday.

Nothing contained in this announcement constitutes investment, legal, tax or other advice. You should make your own assessment and consult your independent broker, solicitor, accountant, financial adviser, or other professional adviser in relation to the information in this announcement and any action to be taken on the basis of that information.

Important information

This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction in which such an offer would be illegal. Neither the entitlements nor the New Shares to be offered and sold in the Entitlement Offer have been, or will be, registered under the U.S. Securities Act of 1933 (U.S. Securities Act) or the securities laws of any state or other jurisdiction of the United States. Accordingly, the entitlements may not be exercised or taken up by, and the New Shares may not be offered or sold, directly or indirectly, to, persons in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and any other applicable securities law of any state or other jurisdiction of the United States. There will be no public offer of the entitlements or the New Shares in the United States.

This announcement may not be released or distributed in the United States.

This announcement includes certain forward looking statements, including statements regarding the completion of the acquisition, the impact of the acquisition and the future strategies and results of the combined St Barbara and Atlantic groups and the opportunities available to it, the integration process and the timing and amount of synergies, the timing and outcome of the Entitlement Offer and the use of proceeds, as well as statements regarding projected earnings, revenue, growth, commodity prices, outlook, plans and strategies. Forward-looking statements can generally be identified by the use of forward-looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "believe", "continue", "objectives", "outlook", "guidance" or other similar words and include statements regarding certain plans, strategies and objectives of management, trends and outlook. Indications of, and guidance on, future earnings and financial position and performance are also forward looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause St Barbara's actual results, performance and achievements or industry results to differ materially from any future results, performance or achievements, or industry results, expressed or implied by these forward-looking statements.

Forward-looking statements are based upon management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect St Barbara's business and operations in the future. St Barbara cannot give any assurance that the assumptions upon which management based its forward-looking statements will prove to be correct, or that St Barbara's business and operations will not be affected in any substantial manner by other factors not currently foreseeable by management or beyond its control. Any forward-looking statements contained in this announcement speak only as of the date of this announcement.

Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, St Barbara disclaims any obligation or undertaking to publicly update or revise any forward-looking statement contained in this announcement or to reflect any change in management's expectations with regard thereto after the date hereof of any change in events, conditions or circumstances on which any such statement is based. No representation or warranty, express or implied, is given as to the accuracy, completeness, likelihood of achievement or reasonableness of any forecasts, projections or prospects referred to in this announcement.

Notes

1. Based on 236.9 million Atlantic shares outstanding and 20.5 million options outstanding valued at C$35.0m based on Intrinsic Value on the C$2.90 per share offer price.
1. Enterprise value based upon Atlantic debt of C$116.5 M and cash of C$36.1 M.
1. Customary lock-up agreement with Directors to vote in favour of the Transaction at the shareholder meeting in the absence of a superior proposal.
1. The Underwriting Agreement dated 15 May 2019 between St Barbara and the underwriter provides that the underwriter shall not be issued any shares that would either cause it to breach the 20% takeover threshold contained in Chapter 6D of the Corporations Act 2001 (Cth) or which would require notification under the Foreign Acquisitions and Takeovers Act 1975 (Cth). The issue size is approximately 169.7 million shares or 24.4% of the issued capital on a fully diluted basis. If the underwriter was required to take up more than 20% of the shares on issue, then, it notes for the purposes of ASIC Report 612 (March 2019), that it will still guarantee funding of the entire underwritten proceeds by the completion date, the number of excess shortfall shares would be c.30.5 million shares (being an equivalent to 4.4% of the company's fully diluted issued share capital) plus any additional interests the underwriter and its affiliates hold at the relevant settlement dates other than through its underwriting commitment, and it would enter into an arrangement for any such excess shares to be issued to it, or to third party investors, after close of the offer at the same offer price under the Entitlement Offer. No material impact on control is expected to arise as a consequence of these arrangements or from any shareholder taking up their entitlement where there is an excess shortfall.
1. The Theoretical Ex-Rights Price ("TERP") is the theoretical price at which St Barbara shares should trade after the ex-date for the Entitlement Offer. TERP is a theoretical calculation only based on St Barbara share price of A$3.32 as at market close on 14 May 2019 and the actual price at which St Barbara shares trade immediately after the ex-date for the Entitlement Offer will depend on many factors and may not be equal to TERP
1. Some A$ figures in this presentation converted from previously published C$ figures using FX rates used per the below: CADAUD average CY18 = 1.0405, CADAUD as per spot rate on 10 May 2019 of 1.0642 (Source: FactSet)

Attachment I – Details of Atlantic acquisition

St Barbara has entered into a binding Arrangement Agreement to acquire 100% of the outstanding common shares and options for cash consideration of C$2.90 per share, representing total consideration (based on the in-the-money value of the options) of C$722m (A$768m) in cash. As at 15 May 2019, Atlantic had 236,911,065 ordinary shares on issues as well as 20,535,525 options outstanding. St Barbara has entered into foreign currency hedging arrangements to provide cover for the transaction consideration.

The Agreement does not include Atlantic's 36% interest in Velocity Minerals Ltd. (TSX-V: VLC), which will be spun out to existing Atlantic shareholders following completion.

Atlantic's Directors and officers control 32% of the register and as part of the Transaction have entered into a lock-up agreement3 to vote all shares they exercise control or direction over in favour of the Transaction.

Conditions precedent

Completion under the Arrangement Agreement is subject to customary closing conditions precedent for a transaction of this nature, including:

obtaining interim and final court orders from the Supreme Court of British Columbia;
obtaining key regulatory approvals which include:
- TSX-V approval;
- consent of the Nova Scotia Minster of Environment to the deemed transfer of Atlantic Gold's Nova Scotia environmental assessment approval and Nova Scotia industrial approval;
- consent of the Nova Scotia Minister of Energy and Mines to the deemed transfer of Atlantic's Mineral Lease 11-1 and exploration licences;
Atlantic shareholder approval of the Transaction (at least 66а% of the votes cast by all Atlantic Gold shareholders, and a simple majority of the votes cast by all shareholders excluding Steven Dean who is an interested party, in both cases by shareholders present in person or represented by proxy at the meeting);
obtaining all key third party consents;
there is no legal action or proceeding against Atlantic that is reasonably likely to prohibit or delay consummation of the Transaction;
no material adverse change occurring in relation to Atlantic; and
all covenants, representations and warranties of both St Barbara and Atlantic have been satisfied.

Termination

The Arrangement Agreement can be terminated by mutual agreement, by either party for material breach of the Agreement or by Atlantic in order to accept an unsolicited offer that is a superior proposal. A C$25 M termination fee is payable if a condition precedent is not satisfied due to an action by either party or if either party ceases to support the transaction.

Attachment II – Information about Steven Dean and Maryse Bélanger

Steven Dean

Steven Dean is a Fellow of the Australasian Institute of Mining and Metallurgy, a Member of the Canadian Institute of Mining, Metallurgy and Petroleum, and a Fellow of the Institute of Chartered Accountants of Australia. He has extensive experience internationally in mining, including as President of Teck Cominco Limited (now Teck Resources Ltd.). Teck is Canada's largest diversified resource company, is the largest producer of metallurgical coal in North America and a major producer of copper, zinc, and energy from 13 mines in Canada, United States, Chile and Peru.

Prior to joining Teck, Mr. Dean was a founding member of management of the Normandy Poseidon Group, (which became Normandy Mining) which was the largest Australian gold producer and a significant producer of base metals and industrial minerals until its acquisition by Newmont Mining in 2002, as well as co-founder of PacMin Mining Corporation which became a subsidiary of Teck Corporation in 1999. He was also a cofounder and former chairman of Amerigo Resources Ltd.

Mr. Dean is the former Chairman and a director of Sierra Metals Inc. (TSX:SMT), and Chairman of Oceanic Iron Ore Corp. (TSX-V:FEO).

Maryse Bélanger

Ms. Bélanger brings over 30 years of experience with gold companies globally with strengths in studies, technical services and operational excellence and efficiency. She was most recently the CEO and Managing Director of Mirabela Nickel Ltd. where she has been responsible for the turnaround and cost cutting success at that company's Santa Rita mine in Brazil during a period of extremely low metal prices.

From 2011 to 2014, Ms. Bélanger was a senior executive with Goldcorp ultimately as Senior Vice President, Technical Services where she oversaw the global geology, mine planning and design, metallurgy, hydrology, tailings dam and geotechnical engineering functions. During her career, Ms. Bélanger has also gained considerable expertise providing oversight and project management support for some of the mining industry's key strategic acquisitions. Prior to joining Goldcorp, Ms. Bélanger was Director, Technical Services for Kinross Gold Corporation for Brazil and Chile. She has been an active board member at Mirabela, True Gold, CEEC International Ltd. and a member of Westcoast Women in Engineering, Science and Technology.

Ms. Bélanger holds a Bachelor of Science degree in Geology and a graduate certificate in Geostatistics. She is also fluent in English, French, Spanish and Portuguese.

/ŵƉŽƌƚĂŶƚEŽƚŝĐĞƐĂŶĚŝƐĐůĂŝŵĞƌ

dŚŝƐŝŶǀĞƐƚŽƌƉƌĞƐĞŶƚĂƚŝŽŶ;WƌĞƐĞŶƚĂƚŝŽŶͿŚĂƐďĞĞŶƉƌĞƉĂƌĞĚďLJ^ƚĂƌďĂƌĂ>ŝŵŝƚĞĚ;EϬϬϵϭϲϱϬϲϲͿ;^ƚĂƌďĂƌĂŽƌƚŚĞŽŵƉĂŶLJͿ͘dŚŝƐWƌĞƐĞŶƚĂƚŝŽŶŚĂƐďĞĞŶƉƌĞƉĂƌĞĚŝŶƌĞůĂƚŝŽŶƚŽĂŶƵŶĚĞƌǁƌŝƚƚĞŶƉƌŽͲƌĂƚĂĂĐĐĞůĞƌĂƚĞĚ ŶŽŶͲƌĞŶŽƵŶĐĞĂďůĞĞŶƚŝƚůĞŵĞŶƚŽĨĨĞƌŽĨŶĞǁ^ƚĂƌďĂƌĂƐŚĂƌĞƐ;EĞǁ^ŚĂƌĞƐͿƚŽďĞŵĂĚĞƚŽĞůŝŐŝďůĞŝŶƐƚŝƚƵƚŝŽŶĂůƐŚĂƌĞŚŽůĚĞƌƐŽĨ^ƚĂƌďĂƌĂ;/ŶƐƚŝƚƵƚŝŽŶĂůŶƚŝƚůĞŵĞŶƚKĨĨĞƌͿĂŶĚĞůŝŐŝďůĞƌĞƚĂŝůƐŚĂƌĞŚŽůĚĞƌƐŽĨ^ƚĂƌďĂƌĂ;ZĞƚĂŝů ŶƚŝƚůĞŵĞŶƚKĨĨĞƌͿƵŶĚĞƌƐĞĐƚŝŽŶϳϬϴŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭ;ƚŚͿĂƐŵŽĚŝĨŝĞĚďLJ^/ŽƌƉŽƌĂƚŝŽŶƐ;EŽŶͲdƌĂĚŝƚŝŽŶĂůZŝŐŚƚƐ/ƐƐƵĞƐͿ/ŶƐƚƌƵŵĞŶƚϮϬϭϲͬϴϰ;ŶƚŝƚůĞŵĞŶƚKĨĨĞƌͿ͘

dŚĞƉƌŽĐĞĞĚƐĨƌŽŵƚŚĞŶƚŝƚůĞŵĞŶƚKĨĨĞƌǁŝůůďĞƵƐĞĚƚŽƉĂƌƚŝĂůůLJĨƵŶĚ^ƚĂƌďĂƌĂΖƐĂĐƋƵŝƐŝƚŝŽŶŽĨϭϬϬйŽĨƚŚĞŽƵƚƐƚĂŶĚŝŶŐƐŚĂƌĞƐŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶ;ƚůĂŶƚŝĐͿǀŝĂĂĂŶĂĚŝĂŶWůĂŶŽĨƌƌĂŶŐĞŵĞŶƚ;ĐƋƵŝƐŝƚŝŽŶͿ͘

^ƵŵŵĂƌLJŝŶĨŽƌŵĂƚŝŽŶ͗dŚŝƐWƌĞƐĞŶƚĂƚŝŽŶĐŽŶƚĂŝŶƐƐƵŵŵĂƌLJŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚ^ƚĂƌďĂƌĂĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĂŶĚƚŚĞŝƌĂĐƚŝǀŝƚŝĞƐĐƵƌƌĞŶƚĂƐĂƚƚŚĞĚĂƚĞŽĨƚŚŝƐWƌĞƐĞŶƚĂƚŝŽŶ͘dŚĞŝŶĨŽƌŵĂƚŝŽŶŝŶƚŚŝƐWƌĞƐĞŶƚĂƚŝŽŶŝƐŽĨŐĞŶĞƌĂů ŶĂƚƵƌĞĂŶĚĚŽĞƐŶŽƚƉƵƌƉŽƌƚƚŽďĞĐŽŵƉůĞƚĞŶŽƌĚŽĞƐŝƚĐŽŶƚĂŝŶĂůůƚŚĞŝŶĨŽƌŵĂƚŝŽŶǁŚŝĐŚĂƉƌŽƐƉĞĐƚŝǀĞŝŶǀĞƐƚŽƌŵĂLJƌĞƋƵŝƌĞŝŶĞǀĂůƵĂƚŝŶŐĂƉŽƐƐŝďůĞŝŶǀĞƐƚŵĞŶƚŝŶ^ƚĂƌďĂƌĂŽƌƚŚĂƚǁŽƵůĚďĞƌĞƋƵŝƌĞĚŝŶĂƉƌŽƐƉĞĐƚƵƐŽƌƉƌŽĚƵĐƚ ĚŝƐĐůŽƐƵƌĞƐƚĂƚĞŵĞŶƚƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭ;ƚŚͿ͘dŚĞŚŝƐƚŽƌŝĐĂůŝŶĨŽƌŵĂƚŝŽŶŝŶƚŚŝƐWƌĞƐĞŶƚĂƚŝŽŶŝƐ͕ŽƌŝƐďĂƐĞĚƵƉŽŶ͕ŝŶĨŽƌŵĂƚŝŽŶƚŚĂƚŚĂƐďĞĞŶƌĞůĞĂƐĞĚƚŽƚŚĞƵƐƚƌĂůŝĂŶ^ĞĐƵƌŝƚŝĞƐdžĐŚĂŶŐĞ ;^yͿ͘dŚŝƐWƌĞƐĞŶƚĂƚŝŽŶƐŚŽƵůĚďĞƌĞĂĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚ^ƚĂƌďĂƌĂΖƐŽƚŚĞƌƉĞƌŝŽĚŝĐĂŶĚĐŽŶƚŝŶƵŽƵƐĚŝƐĐůŽƐƵƌĞĂŶŶŽƵŶĐĞŵĞŶƚƐůŽĚŐĞĚǁŝƚŚ^y͕ǁŚŝĐŚĂƌĞĂǀĂŝůĂďůĞĂƚǁǁǁ͘ĂƐdž͘ĐŽŵ͘ĂƵ͘

ĞƌƚĂŝŶŝŶĨŽƌŵĂƚŝŽŶŝŶƚŚŝƐWƌĞƐĞŶƚĂƚŝŽŶŚĂƐďĞĞŶƐŽƵƌĐĞĚĨƌŽŵƉƵďůŝĐůLJĂǀĂŝůĂďůĞŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚůĂŶƚŝĐ͘dŚĞWƌĞƐĞŶƚĂƚŝŽŶĂůƐŽĐŽŶƚĂŝŶƐŝŶĨŽƌŵĂƚŝŽŶƌĞůĂƚŝŶŐƚŽƚŚĞĐƋƵŝƐŝƚŝŽŶ͕ƚůĂŶƚŝĐĂŶĚŵŝŶŝŶŐŽƉĞƌĂƚŝŽŶƐŽĨƚůĂŶƚŝĐ ǁŚŝĐŚŚĂƐďĞĞŶƉƌĞƉĂƌĞĚŝŶƌĞůŝĂŶĐĞŽŶĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶ͕ƚĂdžŝŶĨŽƌŵĂƚŝŽŶ͕ŝŶĨŽƌŵĂƚŝŽŶŽŶKƌĞZĞƐĞƌǀĞƐĂŶĚDŝŶĞƌĂůZĞƐŽƵƌĐĞƐ ĂŶĚŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶƉƌŽǀŝĚĞĚďLJƚůĂŶƚŝĐ͘tŚŝůĞƐƚĞƉƐŚĂǀĞďĞĞŶƚĂŬĞŶƚŽƌĞǀŝĞǁƚŚĂƚ ŝŶĨŽƌŵĂƚŝŽŶ͕ŶŽƌĞƉƌĞƐĞŶƚĂƚŝŽŶŽƌǁĂƌƌĂŶƚLJ͕ĞdžƉƌĞƐƐĞĚŽƌŝŵƉůŝĞĚ͕ŝƐŵĂĚĞĂƐƚŽŝƚƐĨĂŝƌŶĞƐƐ͕ĂĐĐƵƌĂĐLJ͕ĐŽƌƌĞĐƚŶĞƐƐ͕ĐŽŵƉůĞƚĞŶĞƐƐŽƌĂĚĞƋƵĂĐLJ͘ĞƌƚĂŝŶŵĂƌŬĞƚĂŶĚŝŶĚƵƐƚƌLJĚĂƚĂƵƐĞĚŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐWƌĞƐĞŶƚĂƚŝŽŶŵĂLJ ŚĂǀĞďĞĞŶŽďƚĂŝŶĞĚĨƌŽŵƌĞƐĞĂƌĐŚ͕ƐƵƌǀĞLJƐŽƌƐƚƵĚŝĞƐĐŽŶĚƵĐƚĞĚďLJƚŚŝƌĚƉĂƌƚŝĞƐ͕ŝŶĐůƵĚŝŶŐŝŶĚƵƐƚƌLJŽƌŐĞŶĞƌĂůƉƵďůŝĐĂƚŝŽŶƐ͘EĞŝƚŚĞƌ^ƚĂƌďĂƌĂŶŽƌŝƚƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐŚĂǀĞŝŶĚĞƉĞŶĚĞŶƚůLJǀĞƌŝĨŝĞĚĂŶLJƐƵĐŚŵĂƌŬĞƚŽƌŝŶĚƵƐƚƌLJ ĚĂƚĂƉƌŽǀŝĚĞĚďLJƚŚŝƌĚƉĂƌƚŝĞƐŽƌŝŶĚƵƐƚƌLJŽƌŐĞŶĞƌĂůƉƵďůŝĐĂƚŝŽŶƐ͘

EŽƚĂŶŽĨĨĞƌ͗dŚŝƐWƌĞƐĞŶƚĂƚŝŽŶŝƐŶŽƚĂƉƌŽƐƉĞĐƚƵƐ͕ĚŝƐĐůŽƐƵƌĞĚŽĐƵŵĞŶƚŽƌŽƚŚĞƌŽĨĨĞƌŝŶŐĚŽĐƵŵĞŶƚƵŶĚĞƌƵƐƚƌĂůŝĂŶůĂǁ;ĂŶĚǁŝůůŶŽƚďĞůŽĚŐĞĚ ǁŝƚŚ^/ͿŽƌƵŶĚĞƌĂŶLJŽƚŚĞƌůĂǁ͘/ƚŝƐĨŽƌŝŶĨŽƌŵĂƚŝŽŶƉƵƌƉŽƐĞƐŽŶůLJĂŶĚŝƐŶŽƚ ĂŶŝŶǀŝƚĂƚŝŽŶŶŽƌŽĨĨĞƌŽĨƐŚĂƌĞƐĨŽƌƐƵďƐĐƌŝƉƚŝŽŶ͕ƉƵƌĐŚĂƐĞŽƌƐĂůĞŝŶĂŶLJũƵƌŝƐĚŝĐƚŝŽŶ͘dŚĞZĞƚĂŝůŶƚŝƚůĞŵĞŶƚKĨĨĞƌŽŽŬůĞƚǁŝůůďĞƐĞŶƚƚŽůŝŐŝďůĞZĞƚĂŝů^ŚĂƌĞŚŽůĚĞƌƐŝŶƵƐƚƌĂůŝĂĂŶĚEĞǁĞĂůĂŶĚĂŶĚŵĂĚĞĂǀĂŝůĂďůĞŽŶ^ƚ ĂƌďĂƌĂΖƐǁĞďƐŝƚĞ͘ůŝŐŝďůĞZĞƚĂŝů^ŚĂƌĞŚŽůĚĞƌƐǁŚŽǁŝƐŚƚŽĂĐƋƵŝƌĞƚŚĞƐŚĂƌĞƐƚŚĞƐƵďũĞĐƚŽĨƚŚĞŶƚŝƚůĞŵĞŶƚKĨĨĞƌƐŚŽƵůĚĐŽŶƐŝĚĞƌƚŚĞ ZĞƚĂŝůŶƚŝƚůĞŵĞŶƚKĨĨĞƌŽŽŬůĞƚŝŶĚĞĐŝĚŝŶŐǁŚĞƚŚĞƌƚŽĂƉƉůLJƵŶĚĞƌƚŚĞŶƚŝƚůĞŵĞŶƚKĨĨĞƌ ĂŶĚĐŽŵƉůĞƚĞƚŚĞŶƚŝƚůĞŵĞŶƚĂŶĚĐĐĞƉƚĂŶĐĞ&ŽƌŵǁŚŝĐŚǁŝůůďĞŝŶ͕ŽƌǁŝůůĂĐĐŽŵƉĂŶLJ͕ƚŚĞZĞƚĂŝůŶƚŝƚůĞŵĞŶƚKĨĨĞƌŽŽŬůĞƚ͘dŚŝƐWƌĞƐĞŶƚĂƚŝŽŶŝƐĨŽƌŝŶĨŽƌŵĂƚŝŽŶƉƵƌƉŽƐĞƐŽŶůLJĂŶĚĚŽĞƐŶŽƚĐŽŶƐƚŝƚƵƚĞŝŶǀĞƐƚŵĞŶƚŽƌĨŝŶĂŶĐŝĂů ƉƌŽĚƵĐƚĂĚǀŝĐĞ;ŶŽƌƚĂdž͕ĂĐĐŽƵŶƚŝŶŐŽƌůĞŐĂůĂĚǀŝĐĞͿŽƌĂŶLJƌĞĐŽŵŵĞŶĚĂƚŝŽŶƚŽĂĐƋƵŝƌĞĞŶƚŝƚůĞŵĞŶƚƐŽƌEĞǁ^ŚĂƌĞƐĂŶĚĚŽĞƐŶŽƚ ĨŽƌŵĂŶĚǁŝůůŶŽƚĨŽƌŵĂŶLJƉĂƌƚŽĨĂŶLJĐŽŶƚƌĂĐƚĨŽƌƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨEĞǁ^ŚĂƌĞƐ͘dŚŝƐ WƌĞƐĞŶƚĂƚŝŽŶĚŽĞƐŶŽƚĐŽŶƐƚŝƚƵƚĞĂŶŽĨĨĞƌ͕ŝŶǀŝƚĂƚŝŽŶŽƌƌĞĐŽŵŵĞŶĚĂƚŝŽŶƚŽƐƵďƐĐƌŝďĞĨŽƌŽƌƉƵƌĐŚĂƐĞĂŶLJƐĞĐƵƌŝƚLJĂŶĚŶĞŝƚŚĞƌ ƚŚŝƐWƌĞƐĞŶƚĂƚŝŽŶŶŽƌĂŶLJƚŚŝŶŐĐŽŶƚĂŝŶĞĚŝŶŝƚƐŚĂůůĨŽƌŵƚŚĞďĂƐŝƐŽĨĂŶLJĐŽŶƚƌĂĐƚŽƌĐŽŵŵŝƚŵĞŶƚ͘/Ŷ ƉĂƌƚŝĐƵůĂƌ͕ƚŚŝƐWƌĞƐĞŶƚĂƚŝŽŶĚŽĞƐŶŽƚĐŽŶƐƚŝƚƵƚĞĂŶŽĨĨĞƌƚŽƐĞůů͕ŽƌĂƐŽůŝĐŝƚĂƚŝŽŶŽĨĂŶŽĨĨĞƌƚŽďƵLJ͕ƐĞĐƵƌŝƚŝĞƐŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ͕ŽƌŝŶĂŶLJŽƚŚĞƌũƵƌŝƐĚŝĐƚŝŽŶŝŶǁŚŝĐŚƐƵĐŚĂŶŽĨĨĞƌǁŽƵůĚďĞŝůůĞŐĂů͘dŚŝƐWƌĞƐĞŶƚĂƚŝŽŶŵĂLJŶŽƚďĞ ĚŝƐƚƌŝďƵƚĞĚŽƌƌĞůĞĂƐĞĚŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ͘

dŚŝƐWƌĞƐĞŶƚĂƚŝŽŶŝƐŶŽƚĂŶŽĨĨĞƌŽĨƐĞĐƵƌŝƚŝĞƐĨŽƌƐĂůĞŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŽƌƚŽĂŶLJƉĞƌƐŽŶƚŽǁŚŽŵŝƚǁŽƵůĚŶŽƚďĞůĂǁĨƵůŽƵƚƐŝĚĞ ƵƐƚƌĂůŝĂ͘^ĞĐƵƌŝƚŝĞƐŵĂLJŶŽƚďĞŽĨĨĞƌĞĚŽƌƐŽůĚŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐĂďƐĞŶƚƌĞŐŝƐƚƌĂƚŝŽŶƵŶĚĞƌ ƚŚĞh^^ĞĐƵƌŝƚŝĞƐĐƚŽĨϭϵϯϯ;h^^ĞĐƵƌŝƚŝĞƐĐƚͿŽƌĂŶĞdžĞŵƉƚŝŽŶƚŚĞƌĞĨƌŽŵ͘^ƚĂƌďĂƌĂ>ŝŵŝƚĞĚŚĂƐŶŽƚƌĞŐŝƐƚĞƌĞĚĂŶĚĚŽĞƐŶŽƚŝŶƚĞŶĚƚŽƌĞŐŝƐƚĞƌĂŶLJŽĨƚŚĞKĨĨĞƌ^ĞĐƵƌŝƚŝĞƐƵŶĚĞƌƚŚĞh^^ĞĐƵƌŝƚŝĞƐĐƚŽƌƵŶĚĞƌƚŚĞƐĞĐƵƌŝƚŝĞƐ ůĂǁƐŽĨĂŶLJƐƚĂƚĞŽƌŽƚŚĞƌũƵƌŝƐĚŝĐƚŝŽŶŽĨƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ͘dŚĞKĨĨĞƌ^ĞĐƵƌŝƚŝĞƐǁŝůůŶŽƚďĞŽĨĨĞƌĞĚŽƌƐŽůĚƚŽƚŚĞƉƵďůŝĐŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ͘

EŽƚŝŶǀĞƐƚŵĞŶƚĂĚǀŝĐĞ͗dŚŝƐWƌĞƐĞŶƚĂƚŝŽŶĚŽĞƐŶŽƚƚĂŬĞŝŶƚŽĂĐĐŽƵŶƚĂŶLJŝŶĚŝǀŝĚƵĂůΖƐŝŶǀĞƐƚŵĞŶƚŽďũĞĐƚŝǀĞƐ͕ĨŝŶĂŶĐŝĂůƐŝƚƵĂƚŝŽŶŽƌƉĂƌƚŝĐƵůĂƌŶĞĞĚƐ͘ĞĨŽƌĞŵĂŬŝŶŐĂŶŝŶǀĞƐƚŵĞŶƚĚĞĐŝƐŝŽŶ͕ƉƌŽƐƉĞĐƚŝǀĞŝŶǀĞƐƚŽƌƐƐŚŽƵůĚĐŽŶƐŝĚĞƌ ƚŚĞĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨƚŚĞŝŶĨŽƌŵĂƚŝŽŶ;ŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽƚŚĞĂƐƐƵŵƉƚŝŽŶƐ͕ƵŶĐĞƌƚĂŝŶƚŝĞƐĂŶĚĐŽŶƚŝŶŐĞŶĐŝĞƐǁŚŝĐŚŵĂLJĂĨĨĞĐƚĨƵƚƵƌĞŽƉĞƌĂƚŝŽŶƐŽĨ^ƚĂƌďĂƌĂĂŶĚƚŚĞǀĂůƵĞƐĂŶĚƚŚĞŝŵƉĂĐƚƚŚĂƚĚŝĨĨĞƌĞŶƚĨƵƚƵƌĞ ŽƵƚĐŽŵĞƐŵĂLJŚĂǀĞŽŶ^ƚĂƌďĂƌĂͿŚĂǀŝŶŐƌĞŐĂƌĚƚŽƚŚĞŝƌŽǁŶŽďũĞĐƚŝǀĞƐ͕ĨŝŶĂŶĐŝĂůƐŝƚƵĂƚŝŽŶĂŶĚŶĞĞĚƐĂŶĚƐĞĞŬůĞŐĂůĂŶĚƚĂdžĂƚŝŽŶĂĚǀŝĐĞĂƉƉƌŽƉƌŝĂƚĞƚŽƚŚĞŝƌũƵƌŝƐĚŝĐƚŝŽŶ͘

^ƚĂƌďĂƌĂŝƐŶŽƚůŝĐĞŶƐĞĚƚŽƉƌŽǀŝĚĞĨŝŶĂŶĐŝĂůƉƌŽĚƵĐƚĂĚǀŝĐĞŝŶƌĞƐƉĞĐƚŽĨ^ƚĂƌďĂƌĂƐŚĂƌĞƐ͘ŽŽůŝŶŐŽĨĨƌŝŐŚƚƐĚŽŶŽƚĂƉƉůLJƚŽƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨ^ƚĂƌďĂƌĂƐŚĂƌĞƐ͘

ϭ ͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

/ŵƉŽƌƚĂŶƚEŽƚŝĐĞƐĂŶĚŝƐĐůĂŝŵĞƌ

&ŝŶĂŶĐŝĂůĚĂƚĂ͗dŚŝƐWƌĞƐĞŶƚĂƚŝŽŶĐŽŶƚĂŝŶƐƉƌŽĨŽƌŵĂĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶ͘dŚĞƉƌŽĨŽƌŵĂĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶĂŶĚƉĂƐƚŝŶĨŽƌŵĂƚŝŽŶƉƌŽǀŝĚĞĚ ŝŶ ƚŚŝƐWƌĞƐĞŶƚĂƚŝŽŶŝƐĨŽƌŝůůƵƐƚƌĂƚŝǀĞƉƵƌƉŽƐĞƐŽŶůLJĂŶĚŝƐŶŽƚƌĞƉƌĞƐĞŶƚĞĚĂƐďĞŝŶŐ ŝŶĚŝĐĂƚŝǀĞŽĨ^ƚĂƌďĂƌĂΖƐǀŝĞǁƐŽŶŝƚƐĨƵƚƵƌĞĨŝŶĂŶĐŝĂůĐŽŶĚŝƚŝŽŶĂŶĚͬŽƌƉĞƌĨŽƌŵĂŶĐĞ͘dŚĞƉƌŽĨŽƌŵĂŚŝƐƚŽƌŝĐĂůĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶŝŶĐůƵĚĞĚŝŶƚŚŝƐWƌĞƐĞŶƚĂƚŝŽŶǁĂƐŶŽƚƉƌĞƉĂƌĞĚǁŝƚŚĂǀŝĞǁƚŽǁĂƌĚƐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞƉƵďůŝƐŚĞĚ ŐƵŝĚĞůŝŶĞƐŽĨƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ^ĞĐƵƌŝƚŝĞƐĂŶĚdžĐŚĂŶŐĞŽŵŵŝƐƐŝŽŶ;**^**ͿŽƌƚŚĞŵĞƌŝĐĂŶ/ŶƐƚŝƚƵƚĞŽĨĞƌƚŝĨŝĞĚWƵďůŝĐĐĐŽƵŶƚĂŶƚƐĨŽƌƚŚĞƉƌĞƉĂƌĂƚŝŽŶĂŶĚƉƌĞƐĞŶƚĂƚŝŽŶŽĨƉƌŽĨŽƌŵĂĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶĂŶĚĚŽĞƐŶŽƚƉƵƌƉŽƌƚƚŽďĞ ŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƌƚŝĐůĞϭϭŽĨZĞŐƵůĂƚŝŽŶ^ͲyŽĨƚŚĞƌƵůĞƐĂŶĚƌĞŐƵůĂƚŝŽŶƐŽĨƚŚĞ^͘

/ŶǀĞƐƚŽƌƐƐŚŽƵůĚďĞĂǁĂƌĞƚŚĂƚĐĞƌƚĂŝŶĨŝŶĂŶĐŝĂůŵĞĂƐƵƌĞƐŝŶĐůƵĚĞĚŝŶƚŚŝƐƉƌĞƐĞŶƚĂƚŝŽŶĂƌĞΗŶŽŶͲ/&Z^ĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶΗƵŶĚĞƌ^/ZĞŐƵůĂƚŽƌLJ'ƵŝĚĞϮϯϬ͗ΗŝƐĐůŽƐŝŶŐŶŽŶͲ/&Z^ĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶΗƉƵďůŝƐŚĞĚďLJ^/ĂŶĚΗŶŽŶͲ 'WĨŝŶĂŶĐŝĂůŵĞĂƐƵƌĞƐΗǁŝƚŚŝŶƚŚĞŵĞĂŶŝŶŐŽĨZĞŐƵůĂƚŝŽŶ'ƵŶĚĞƌƚŚĞh^^ĞĐƵƌŝƚŝĞƐdžĐŚĂŶŐĞĐƚŽĨϭϵϯϰĂŶĚ͕ĂƌĞŶŽƚƌĞĐŽŐŶŝƐĞĚƵŶĚĞƌƵƐƚƌĂůŝĂŶĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐ;**^ͿĂŶĚ/ŶƚĞƌŶĂƚŝŽŶĂů&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐ^ƚĂŶĚĂƌĚƐ ;/&Z^Ϳ͘dŚĞŶŽŶͲ/&Z^ĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶͬŶŽŶͲ'WĨŝŶĂŶĐŝĂůŵĞĂƐƵƌĞƐŝŶĐůƵĚĞ/d͕/dŵĂƌŐŝŶ͕/d͕ŶĞƚĚĞďƚͬ/d͕ĨƌĞĞĐĂƐŚĨůŽǁ͕ĐĂƐŚŵĂƌŐŝŶ͕ƐƵƐƚĂŝŶŝŶŐĞdžƉĞŶĚŝƚƵƌĞ͕ĞŶƚĞƌƉƌŝƐĞǀĂůƵĞ͕ĂůůͲŝŶƐƵƐƚĂŝŶŝŶŐĐŽƐƚ;/^**ͿĂŶĚ ƚŽƚĂůĐĂƐŚĐŽƐƚ͘^ƵĐŚŶŽŶͲ/&Z^ĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶͬŶŽŶͲ'WĨŝŶĂŶĐŝĂůŵĞĂƐƵƌĞƐĚŽŶŽƚŚĂǀĞĂƐƚĂŶĚĂƌĚŝƐĞĚŵĞĂŶŝŶŐƉƌĞƐĐƌŝďĞĚďLJ^Žƌ/&Z^͘dŚĞƌĞĨŽƌĞ͕ƚŚĞŶŽŶͲ/&Z^ĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶŵĂLJŶŽƚďĞĐŽŵƉĂƌĂďůĞƚŽƐŝŵŝůĂƌůLJ ƚŝƚůĞĚŵĞĂƐƵƌĞƐƉƌĞƐĞŶƚĞĚďLJŽƚŚĞƌĞŶƚŝƚŝĞƐ͕ĂŶĚƐŚŽƵůĚŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐĂŶĂůƚĞƌŶĂƚŝǀĞƚŽŽƚŚĞƌĨŝŶĂŶĐŝĂůŵĞĂƐƵƌĞƐĚĞƚĞƌŵŝŶĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ^Žƌ/&Z^͘^ƚĂƌďĂƌĂĂůƐŽŶŽƚĞƐƚŚĂƚƚŚĞƉƌŽĨŽƌŵĂďĂůĂŶĐĞƐŚĞĞƚĂƐĂƚϯϭ ĞĐĞŵďĞƌϮϬϭϴƉƌĞƐĞŶƚĞĚŽŶƉĂŐĞϯϬŽĨƚŚŝƐƉƌĞƐĞŶƚĂƚŝŽŶŝƐŝŶĂŶŽŶͲ/&Z^ͬŶŽŶͲ'WĨŽƌŵĂƚĂƐŝƚĚŽĞƐŶŽƚĐůĂƐƐŝĨLJĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐďĞƚǁĞĞŶĐƵƌƌĞŶƚĂŶĚŶŽŶͲĐƵƌƌĞŶƚ͘ůƚŚŽƵŐŚ^ƚĂƌďĂƌĂďĞůŝĞǀĞƐƚŚĞƐĞŶŽŶͲ/&Z^ĨŝŶĂŶĐŝĂů ŝŶĨŽƌŵĂƚŝŽŶͬŶŽŶͲ'WĨŝŶĂŶĐŝĂůŵĞĂƐƵƌĞƐƉƌŽǀŝĚĞƵƐĞĨƵůŝŶĨŽƌŵĂƚŝŽŶƚŽŝŶǀĞƐƚŽƌƐŝŶŵĞĂƐƵƌŝŶŐƚŚĞĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞĂŶĚĐŽŶĚŝƚŝŽŶŽĨŝƚƐďƵƐŝŶĞƐƐĨŽƌƚŚĞƌĞĂƐŽŶƐƐĞƚŽƵƚĂďŽǀĞ͕ƉŽƚĞŶƚŝĂůŝŶǀĞƐƚŽƌƐĂƌĞĐĂƵƚŝŽŶĞĚŶŽƚƚŽƉůĂĐĞ ƵŶĚƵĞƌĞůŝĂŶĐĞŽŶĂŶLJŶŽŶͲ/&Z^ĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶͬŶŽŶͲ'WĨŝŶĂŶĐŝĂůŵĞĂƐƵƌĞƐŝŶĐůƵĚĞĚŝŶƚŚŝƐWƌĞƐĞŶƚĂƚŝŽŶ͘dŚĞĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶŝŶƚŚĞWƌĞƐĞŶƚĂƚŝŽŶŝƐƉƌĞƐĞŶƚĞĚŝŶĂŶĂďďƌĞǀŝĂƚĞĚĨŽƌŵŝŶƐŽĨĂƌĂƐŝƚĚŽĞƐŶŽƚŝŶĐůƵĚĞĂůůŽĨ ƚŚĞƉƌĞƐĞŶƚĂƚŝŽŶĂŶĚĚŝƐĐůŽƐƵƌĞƐƌĞƋƵŝƌĞĚďLJƚŚĞ^ĂŶĚŽƚŚĞƌŵĂŶĚĂƚŽƌLJƉƌŽĨĞƐƐŝŽŶĂůƌĞƉŽƌƚŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐĂƉƉůŝĐĂďůĞƚŽŐĞŶĞƌĂůƉƵƌƉŽƐĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚƐƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚ͘

ŶƵŵďĞƌŽĨĨŝŐƵƌĞƐ͕ĂŵŽƵŶƚƐ͕ƉĞƌĐĞŶƚĂŐĞƐ͕ĞƐƚŝŵĂƚĞƐ͕ĐĂůĐƵůĂƚŝŽŶƐŽĨǀĂůƵĞĂŶĚĨƌĂĐƚŝŽŶƐŝŶƚŚŝƐWƌĞƐĞŶƚĂƚŝŽŶĂƌĞƐƵďũĞĐƚƚŽƚŚĞĞĨĨĞĐƚŽĨƌŽƵŶĚŝŶŐ͘ĐĐŽƌĚŝŶŐůLJ͕ƚŚĞĂĐƚƵĂůĐĂůĐƵůĂƚŝŽŶŽĨƚŚĞƐĞĨŝŐƵƌĞƐŵĂLJĚŝĨĨĞƌĨƌŽŵƚŚĞĨŝŐƵƌĞƐƐĞƚ ŽƵƚŝŶƚŚŝƐWƌĞƐĞŶƚĂƚŝŽŶ͘

:KZŽĚĞĂŶĚE/ϰϯͲϭϬϭ͗/ƚŝƐĂƌĞƋƵŝƌĞŵĞŶƚŽĨƚŚĞ^y>ŝƐƚŝŶŐZƵůĞƐƚŚĂƚƚŚĞƌĞƉŽƌƚŝŶŐŽĨŽƌĞƌĞƐĞƌǀĞƐĂŶĚŵŝŶĞƌĂůƌĞƐŽƵƌĐĞƐŝŶƵƐƚƌĂůŝĂĐŽŵƉůLJǁŝƚŚƚŚĞΖƵƐƚƌĂůĂƐŝĂŶŽĚĞĨŽƌZĞƉŽƌƚŝŶŐŽĨdžƉůŽƌĂƚŝŽŶZĞƐƵůƚƐ͕DŝŶĞƌĂůZĞƐŽƵƌĐĞƐ ĂŶĚKƌĞZĞƐĞƌǀĞƐΖ;ƚŚĞ**:KZŽĚĞͿ͕ĂŶĚƚŚĞĞƐƚŝŵĂƚĞƐŽĨŽƌĞƌĞƐĞƌǀĞƐĂŶĚŵŝŶĞƌĂůƌĞƐŽƵƌĐĞƐĨŽƌDŽŽƐĞZŝǀĞƌĂƌĞƌĞƉŽƌƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞEĂƚŝŽŶĂů/ŶƐƚƌƵŵĞŶƚϰϯͲϭϬϭ;E/ϰϯͲϭϬϭͿďLJƚůĂŶƚŝĐ͘DŝŶŝŶŐĐŽŵƉĂŶŝĞƐŝŶŽƚŚĞƌ ĐŽƵŶƚƌŝĞƐŵĂLJďĞƌĞƋƵŝƌĞĚƚŽƌĞƉŽƌƚƚŚĞŝƌŵŝŶĞƌĂůƌĞƐĞƌǀĞƐĂŶĚͬŽƌƌĞƐŽƵƌĐĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŽƚŚĞƌŐƵŝĚĞůŝŶĞƐŝŶĐůƵĚŝŶŐĂƉƉůŝĐĂďůĞ^ƌƵůĞƐŽŶĚŝƐĐůŽƐƵƌĞŽĨŵŝŶŝŶŐŽƉĞƌĂƚŝŽŶƐ;^DŝŶŝŶŐŝƐĐůŽƐƵƌĞZƵůĞƐ**ͿŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ͘ tŚŝůĞƚŚĞŽŵƉĂŶLJΖƐƌĞƐĞƌǀĞĂŶĚŵŝŶĞƌĂůƌĞƐŽƵƌĐĞĞƐƚŝŵĂƚĞƐŵĂLJĐŽŵƉůLJǁŝƚŚƚŚĞ:KZŽĚĞĂŶĚƚůĂŶƚŝĐ͛ƐƌĞƐĞƌǀĞĂŶĚŵŝŶĞƌĂůƌĞƐŽƵƌĐĞĞƐƚŝŵĂƚĞƐŝŶƚŚŝƐƉƌĞƐĞŶƚĂƚŝŽŶŵĂLJĐŽŵƉůLJǁŝƚŚE/ϰϯͲϭϬϭ͕ƚŚĞLJŵĂLJŶŽƚĐŽŵƉůLJǁŝƚŚƚŚĞ ƌĞůĞǀĂŶƚŐƵŝĚĞůŝŶĞƐŝŶŽƚŚĞƌĐŽƵŶƚƌŝĞƐ͕ŝŶĐůƵĚŝŶŐ^DŝŶŝŶŐŝƐĐůŽƐƵƌĞZƵůĞƐ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞĞƐƚŝŵĂƚĞƐŽĨƌĞƐĞƌǀĞƐĂŶĚƌĞƐŽƵƌĐĞƐŝŶĐůƵĚĞĚŝŶƚŚĞŝŶĨŽƌŵĂƚŝŽŶƚŚĂƚƚŚĞŽŵƉĂŶLJŝƐƌĞƋƵŝƌĞĚƚŽĨŝůĞƵŶĚĞƌƚŚĞ^y>ŝƐƚŝŶŐZƵůĞƐŵĂLJĚŝĨĨĞƌ ĨƌŽŵƌĞƐĞƌǀĞƐĂŶĚƌĞƐŽƵƌĐĞƐĞƐƚŝŵĂƚĞĚƵƐŝŶŐ^DŝŶŝŶŐŝƐĐůŽƐƵƌĞZƵůĞƐĂŶĚŵĂLJŶŽƚďĞĐŽŵƉĂƌĂďůĞƚŽŽƚŚĞƌŝƐƐƵĞƌƐƚŚĂƚƌĞƉŽƌƚƌĞƐĞƌǀĞƐƵŶĚĞƌ^DŝŶŝŶŐŝƐĐůŽƐƵƌĞZƵůĞƐ͘

&ŽƌĞŝŐŶĞƐƚŝŵĂƚĞƐʹ ĐůĂƌŝĨLJŝŶŐƐƚĂƚĞŵĞŶƚƐĂƐƌĞƋƵŝƌĞĚďLJ^y>ŝƐƚŝŶŐZƵůĞϱ͘ϭϮ͗dŚĞĞƐƚŝŵĂƚĞƐŽĨKƌĞZĞƐĞƌǀĞƐĂŶĚ DŝŶĞƌĂůZĞƐŽƵƌĐĞƐĨŽƌDŽŽƐĞZŝǀĞƌĂƌĞƋƵĂůŝĨLJŝŶŐĨŽƌĞŝŐŶĞƐƚŝŵĂƚĞƐƵŶĚĞƌƚŚĞ^y>ŝƐƚŝŶŐZƵůĞƐƌĞƉŽƌƚĞĚŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚE/ϰϯͲϭϬϭďLJƚůĂŶƚŝĐĂŶĚĨŝůĞĚŽŶ^Z;ǁǁǁ͘ƐĞĚĂƌ͘ĐŽŵͿŽŶϭϯDĂƌĐŚϮϬϭϵĂŶĚϮϱDĂƌĐŚϮϬϭϵ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘dŚĞĐĂƚĞŐŽƌŝĞƐŽĨDŝŶĞƌĂůZĞƐŽƵƌĐĞƐĐůĂƐƐŝĨŝĐĂƚŝŽŶƵƐĞĚĂƌĞŝŶĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚE/ϰϯͲϭϬϭĂŶĚƚŚĞ/D ^ƚĂŶĚĂƌĚƐ͘E/ϰϯͲϭϬϭŝƐĂΖƋƵĂůŝĨLJŝŶŐĨŽƌĞŝŐŶĞƐƚŝŵĂƚĞΖ;ŚĂƉƚĞƌϭϵ͕^y>ŝƐƚŝŶŐZƵůĞƐͿĂŶĚŚĂƐƐŝŵŝůĂƌĐĂƚĞŐŽƌŝĞƐŽĨƌĞƐŽƵƌĐĞĐůĂƐƐŝĨŝĐĂƚŝŽŶĂƐƚŚĞ:KZŽĚĞ;ƉƉĞŶĚŝdžϱ͕>ŝƐƚŝŶŐZƵůĞƐͿ͘

^ƚĂƌďĂƌĂĐŽŶƐŝĚĞƌƐƚŚĞƐĞĞƐƚŝŵĂƚĞƐƚŽďĞďŽƚŚŵĂƚĞƌŝĂůĂŶĚƌĞůĞǀĂŶƚƚŽ^ƚĂƌďĂƌĂŐŝǀĞŶƚŚĂƚDŽŽƐĞZŝǀĞƌŚĂƐƚŚĞƉŽƚĞŶƚŝĂůƚŽďĞĂŵĂƚĞƌŝĂůŵŝŶŝŶŐƉƌŽũĞĐƚƚŽ^ƚĂƌďĂƌĂ͘/ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚE/ϰϯͲϭϬϭĂŶĚ/DƐƚĂŶĚĂƌĚƐ͕DŝŶĞƌĂů ZĞƐŽƵƌĐĞƐĂƌĞŶŽƚDŝŶĞƌĂůZĞƐĞƌǀĞƐĂŶĚĚŽŶŽƚŚĂǀĞĚĞŵŽŶƐƚƌĂƚĞĚĞĐŽŶŽŵŝĐǀŝĂďŝůŝƚLJ͘dŚĞƌĞŝƐŶŽĐĞƌƚĂŝŶƚLJƚŚĂƚĂůůŽƌĂŶLJƉĂƌƚŽĨDŝŶĞƌĂůZĞƐŽƵƌĐĞƐǁŝůůďĞĐŽŶǀĞƌƚĞĚƚŽDŝŶĞƌĂůZĞƐĞƌǀĞƐ͘ĚĚŝƚŝŽŶĂůĚƌŝůůŝŶŐǁŝůůďĞƌĞƋƵŝƌĞĚƚŽǀĞƌŝĨLJ ŐĞŽůŽŐŝĐĂůĂŶĚŵŝŶĞƌĂůŝƐĂƚŝŽŶĐŽŶƚŝŶƵŝƚLJ͕ĂŶĚƚŚĞƌĞŝƐŶŽĐĞƌƚĂŝŶƚLJƚŚĂƚĂůůŽĨƚŚĞ/ŶĨĞƌƌĞĚZĞƐŽƵƌĐĞƐǁŝůůďĞĐŽŶǀĞƌƚĞĚƚŽDĞĂƐƵƌĞĚĂŶĚ/ŶĚŝĐĂƚĞĚZĞƐŽƵƌĐĞƐ͘YƵĂŶƚŝƚLJĂŶĚŐƌĂĚĞƐĂƌĞĞƐƚŝŵĂƚĞƐĂŶĚĂƌĞƌŽƵŶĚĞĚƚŽƌĞĨůĞĐƚƚŚĂƚƚŚĞ ĞƐƚŝŵĂƚĞƐĂƌĞĂŶĂƉƉƌŽdžŝŵĂƚŝŽŶ͘

^ƚĂƌďĂƌĂďĞůŝĞǀĞƐƚŚĂƚƚŚĞŝŶĨŽƌŵĂƚŝŽŶƉƌŽǀŝĚĞĚŝƐƚŚĞŵŽƐƚƌĞĐĞŶƚƉƵďůŝĐůLJĂǀĂŝůĂďůĞ͘&ŽůůŽǁŝŶŐĐŽŵƉůĞƚŝŽŶŽĨƚŚĞƚƌĂŶƐĂĐƚŝŽŶ ŝƚŝƐ^ƚĂƌďĂƌĂΖƐŝŶƚĞŶƚŝŽŶƚŽĐŽŶĚƵĐƚĂǁŽƌŬƉƌŽŐƌĂŵ͕ŝŶĐůƵĚŝŶŐĂĚĚŝƚŝŽŶĂůĞdžƉůŽƌĂƚŝŽŶĂŶĚƌĞƐŽƵƌĐĞ ĚĞĨŝŶŝƚŝŽŶĚƌŝůůŝŶŐĂŶĚƌĞƐŽƵƌĐĞŽƉƚŝŵŝƐĂƚŝŽŶ͘

&ƵƚƵƌĞƉĞƌĨŽƌŵĂŶĐĞ͗dŚŝƐWƌĞƐĞŶƚĂƚŝŽŶĐŽŶƚĂŝŶƐĐĞƌƚĂŝŶΗĨŽƌǁĂƌĚͲůŽŽŬŝŶŐƐƚĂƚĞŵĞŶƚƐΗĂŶĚĐŽŵŵĞŶƚƐĂďŽƵƚĨƵƚƵƌĞĞǀĞŶƚƐ͕ŝŶĐůƵĚŝŶŐ^ƚĂƌďĂƌĂΖƐĞdžƉĞĐƚĂƚŝŽŶƐĂďŽƵƚƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨŝƚƐďƵƐŝŶĞƐƐĞƐ͕ƚŚĞĞĨĨĞĐƚŽĨƚŚĞĨƵŶĚƐƌĂŝƐĞĚ ƵŶĚĞƌƚŚĞŶƚŝƚůĞŵĞŶƚKĨĨĞƌŽŶƚŚŽƐĞďƵƐŝŶĞƐƐĞƐ͕ƚŚĞŽƵƚĐŽŵĞŽĨƚŚĞƚƌĂŶƐĂĐƚŝŽŶĂŶĚƚŚĞĨƵƚƵƌĞƉĞƌĨŽƌŵĂŶĐĞŽĨ^ƚĂƌďĂƌĂĂŶĚƚůĂŶƚŝĐƉŽƐƚĂĐƋƵŝƐŝƚŝŽŶ͘&ŽƌǁĂƌĚůŽŽŬŝŶŐƐƚĂƚĞŵĞŶƚƐĐĂŶŐĞŶĞƌĂůůLJďĞŝĚĞŶƚŝĨŝĞĚďLJƚŚĞƵƐĞŽĨĨŽƌǁĂƌĚ ůŽŽŬŝŶŐǁŽƌĚƐƐƵĐŚĂƐ͕ΗĞdžƉĞĐƚΗ͕ΗƐŚŽƵůĚΗ͕ΗĐŽƵůĚΗ͕ΗŵĂLJΗ͕ΗƉƌĞĚŝĐƚΗ͕ΗƉůĂŶΗ͕ΗǁŝůůΗ͕ΗďĞůŝĞǀĞΗ͕ΗĨŽƌĞĐĂƐƚΗ͕ΗĞƐƚŝŵĂƚĞΗ͕ΗƚĂƌŐĞƚΗĂŶĚŽƚŚĞƌƐŝŵŝůĂƌĞdžƉƌĞƐƐŝŽŶƐĂŶĚŝŶĐůƵĚĞ͕ďƵƚĂƌĞŶŽƚůŝŵŝƚĞĚƚŽ͕ŝŶĚŝĐĂƚŝŽŶƐŽĨ͕ĂŶĚŐƵŝĚĂŶĐĞŽƌŽƵƚůŽŽŬ ŽŶ͕ĨƵƚƵƌĞĞĂƌŶŝŶŐƐĂŶĚĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂŶĚƉĞƌĨŽƌŵĂŶĐĞŽĨ^ƚĂƌďĂƌĂ͕ƚŚĞŽƵƚĐŽŵĞĂŶĚĞĨĨĞĐƚƐŽĨƚŚĞŶƚŝƚůĞŵĞŶƚKĨĨĞƌĂŶĚƚŚĞƵƐĞŽĨƉƌŽĐĞĞĚƐ͘

Ϯ ͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

EKd&KZ/^dZ/hd/KEKZZ>^/Ed,hE/d^dd^

/ŵƉŽƌƚĂŶƚEŽƚŝĐĞƐĂŶĚŝƐĐůĂŝŵĞƌ

&ŽƌǁĂƌĚͲůŽŽŬŝŶŐƐƚĂƚĞŵĞŶƚƐ͕ŽƉŝŶŝŽŶƐĂŶĚĞƐƚŝŵĂƚĞƐƉƌŽǀŝĚĞĚŝŶƚŚŝƐWƌĞƐĞŶƚĂƚŝŽŶĂƌĞďĂƐĞĚŽŶĂƐƐƵŵƉƚŝŽŶƐĂŶĚĐŽŶƚŝŶŐĞŶĐŝĞƐǁŚŝĐŚĂƌĞƐƵďũĞĐƚ ƚŽ ĐŚĂŶŐĞǁŝƚŚŽƵƚŶŽƚŝĐĞ͕ĂƐĂƌĞƐƚĂƚĞŵĞŶƚƐĂďŽƵƚŵĂƌŬĞƚĂŶĚŝŶĚƵƐƚƌLJƚƌĞŶĚƐ͕ ǁŚŝĐŚĂƌĞďĂƐĞĚŽŶŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐŽĨĐƵƌƌĞŶƚŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐ͘

&ŽƌǁĂƌĚͲůŽŽŬŝŶŐƐƚĂƚĞŵĞŶƚƐŝŶĐůƵĚŝŶŐƉƌŽũĞĐƚŝŽŶƐ͕ŐƵŝĚĂŶĐĞŽŶĨƵƚƵƌĞĞĂƌŶŝŶŐƐĂŶĚĞƐƚŝŵĂƚĞƐĂƌĞƉƌŽǀŝĚĞĚĂƐĂŐĞŶĞƌĂůŐƵŝĚĞŽŶůLJĂŶĚƐŚŽƵůĚŶŽƚďĞƌĞůŝĞĚƵƉŽŶĂƐĂŶŝŶĚŝĐĂƚŝŽŶ͕ƉƌĞĚŝĐƚŝŽŶŽƌŐƵĂƌĂŶƚĞĞŽĨĨƵƚƵƌĞƉĞƌĨŽƌŵĂŶĐĞ͘ ĐƚƵĂůƌĞƐƵůƚƐŵĂLJĚŝĨĨĞƌŵĂƚĞƌŝĂůůLJĨƌŽŵƚŚŽƐĞĞdžƉƌĞƐƐĞĚŽƌŝŵƉůŝĞĚŝŶƐƵĐŚƐƚĂƚĞŵĞŶƚƐĂŶĚƚŚĞƐĞĚŝĨĨĞƌĞŶĐĞƐŵĂLJďĞŵĂƚĞƌŝĂů͘dŚĞĨŽƌǁĂƌĚůŽŽŬŝŶŐƐƚĂƚĞŵĞŶƚƐŝŶƚŚŝƐWƌĞƐĞŶƚĂƚŝŽŶŝŶǀŽůǀĞŬŶŽǁŶĂŶĚƵŶŬŶŽǁŶƌŝƐŬƐĂŶĚŽƚŚĞƌ ĨĂĐƚŽƌƐ͕ŵĂŶLJŽĨǁŚŝĐŚĂƌĞďĞLJŽŶĚƚŚĞĐŽŶƚƌŽůŽĨ^ƚĂƌďĂƌĂ͕ĂŶĚŵĂLJŝŶǀŽůǀĞƐŝŐŶŝĨŝĐĂŶƚĞůĞŵĞŶƚƐŽĨƐƵďũĞĐƚŝǀĞũƵĚŐĞŵĞŶƚĂŶĚĂƐƐƵŵƉƚŝŽŶƐĂƐƚŽĨƵƚƵƌĞĞǀĞŶƚƐǁŚŝĐŚŵĂLJŽƌŵĂLJŶŽƚďĞĐŽƌƌĞĐƚ͘ZĞĨĞƌƚŽƚŚĞΗ<ĞLJZŝƐŬƐΗƐĞĐƚŝŽŶ ;ƐĞĐƚŝŽŶϴͿŽĨƚŚĞWƌĞƐĞŶƚĂƚŝŽŶĨŽƌĂƐƵŵŵĂƌLJŽĨĐĞƌƚĂŝŶŐĞŶĞƌĂůĂŶĚƐƉĞĐŝĨŝĐƌŝƐŬĨĂĐƚŽƌƐƚŚĂƚŵĂLJĂĨĨĞĐƚ^ƚĂƌďĂƌĂ͘

dŚĞĨŽƌǁĂƌĚůŽŽŬŝŶŐƐƚĂƚĞŵĞŶƚƐĂƌĞďĂƐĞĚŽŶŝŶĨŽƌŵĂƚŝŽŶĂǀĂŝůĂďůĞƚŽ^ƚĂƌďĂƌĂĂƐĂƚƚŚĞĚĂƚĞŽĨƚŚŝƐWƌĞƐĞŶƚĂƚŝŽŶ͘WŽƚĞŶƚŝĂůŝŶǀĞƐƚŽƌƐĂƌĞĐĂƵƚŝŽŶĞĚŶŽƚƚŽƉůĂĐĞƵŶĚƵĞƌĞůŝĂŶĐĞŽŶĨŽƌǁĂƌĚůŽŽŬŝŶŐƐƚĂƚĞŵĞŶƚƐ ĂŶĚĞdžĐĞƉƚĂƐ ƌĞƋƵŝƌĞĚďLJůĂǁŽƌƌĞŐƵůĂƚŝŽŶ͕^ƚĂƌďĂƌĂĂƐƐƵŵĞƐŶŽůŝĂďŝůŝƚLJƚŽƵƉĚĂƚĞƚŚĞƐĞĨŽƌǁĂƌĚůŽŽŬŝŶŐƐƚĂƚĞŵĞŶƚƐ͘

WĂƐƚƉĞƌĨŽƌŵĂŶĐĞ͗ WĂƐƚƉĞƌĨŽƌŵĂŶĐĞŝŶĨŽƌŵĂƚŝŽŶŐŝǀĞŶŝŶƚŚŝƐWƌĞƐĞŶƚĂƚŝŽŶŝƐŐŝǀĞŶĨŽƌŝůůƵƐƚƌĂƚŝǀĞƉƵƌƉŽƐĞƐŽŶůLJĂŶĚƐŚŽƵůĚŶŽƚďĞƌĞůŝĞĚƵƉŽŶ ĂƐ;ĂŶĚŝƐŶŽƚͿĂŶŝŶĚŝĐĂƚŝŽŶŽĨĨƵƚƵƌĞƉĞƌĨŽƌŵĂŶĐĞ͘

/ŶǀĞƐƚŵĞŶƚZŝƐŬ͗ŶŝŶǀĞƐƚŵĞŶƚŝŶ^ƚĂƌďĂƌĂƐŚĂƌĞƐŝƐƐƵďũĞĐƚƚŽŝŶǀĞƐƚŵĞŶƚĂŶĚŽƚŚĞƌŬŶŽǁŶĂŶĚƵŶŬŶŽǁŶƌŝƐŬƐ͕ƐŽŵĞŽĨǁŚŝĐŚĂƌĞďĞLJŽŶĚƚŚĞĐŽŶƚƌŽůŽĨ^ƚĂƌďĂƌĂŝŶĐůƵĚŝŶŐƉŽƐƐŝďůĞůŽƐƐŽĨŝŶĐŽŵĞĂŶĚƉƌŝŶĐŝƉĂůŝŶǀĞƐƚĞĚ͘^ƚ ĂƌďĂƌĂĚŽĞƐŶŽƚŐƵĂƌĂŶƚĞĞĂŶLJƉĂƌƚŝĐƵůĂƌƌĂƚĞŽĨƌĞƚƵƌŶŽƌƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ^ƚĂƌďĂƌĂŶŽƌĚŽĞƐŝƚŐƵĂƌĂŶƚĞĞĂŶLJƉĂƌƚŝĐƵůĂƌƚĂdžƚƌĞĂƚŵĞŶƚ͘WĞƌƐŽŶƐƐŚŽƵůĚŚĂǀĞƌĞŐĂƌĚƚŽƚŚĞƌŝƐŬƐŽƵƚůŝŶĞĚŝŶƚŚŝƐWƌĞƐĞŶƚĂƚŝŽŶ͘

/ŶǀĞƐƚŽƌƐƐŚŽƵůĚŚĂǀĞƌĞŐĂƌĚƚŽ;ĂŵŽŶŐƐƚŽƚŚĞƌƚŚŝŶŐƐͿƚŚĞƌŝƐŬĨĂĐƚŽƌƐŽƵƚůŝŶĞĚŝŶƚŚŝƐWƌĞƐĞŶƚĂƚŝŽŶǁŚĞŶŵĂŬŝŶŐƚŚĞŝƌŝŶǀĞƐƚŵĞŶƚĚĞĐŝƐŝŽŶ͘^ĞĞƚŚĞΗ<ĞLJZŝƐŬƐΗƐĞĐƚŝŽŶ;ƐĞĐƚŝŽŶϴͿŽĨƚŚŝƐWƌĞƐĞŶƚĂƚŝŽŶĨŽƌĐĞƌƚĂŝŶƌŝƐŬƐƌĞůĂƚŝŶŐƚŽ ĂŶŝŶǀĞƐƚŵĞŶƚŝŶ^ƚĂƌďĂƌĂƐŚĂƌĞƐ͘

ŝƐĐůĂŝŵĞƌ͗EĞŝƚŚĞƌƚŚĞƵŶĚĞƌǁƌŝƚĞƌ͕ŶŽƌĂŶLJŽĨŝƚƐŽƌ^ƚĂƌďĂƌĂΖƐƌĞƐƉĞĐƚŝǀĞĂĚǀŝƐŽƌƐŽƌĂŶLJŽĨƚŚĞŝƌƌĞƐƉĞĐƚŝǀĞĂĨĨŝůŝĂƚĞƐ͕ƌĞůĂƚĞĚďŽĚŝĞƐĐŽƌƉŽƌĂƚĞ͕ĚŝƌĞĐƚŽƌƐ͕ŽĨĨŝĐĞƌƐ͕ƉĂƌƚŶĞƌƐ͕ĞŵƉůŽLJĞĞƐ ĂŶĚĂŐĞŶƚƐŚĂǀĞĂƵƚŚŽƌŝƐĞĚ͕ƉĞƌŵŝƚƚĞĚ ŽƌĐĂƵƐĞĚƚŚĞŝƐƐƵĞ͕ůŽĚŐĞŵĞŶƚ͕ƐƵďŵŝƐƐŝŽŶ͕ĚŝƐƉĂƚĐŚŽƌƉƌŽǀŝƐŝŽŶŽĨƚŚŝƐWƌĞƐĞŶƚĂƚŝŽŶĂŶĚ͕ĞdžĐĞƉƚƚŽƚŚĞĞdžƚĞŶƚƌĞĨĞƌƌĞĚƚŽŝŶƚŚŝƐWƌĞƐĞŶƚĂƚŝŽŶ͕ŶŽŶĞŽĨƚŚĞŵŵĂŬĞƐŽƌƉƵƌƉŽƌƚƐƚŽŵĂŬĞĂŶLJƐƚĂƚĞŵĞŶƚŝŶƚŚŝƐWƌĞƐĞŶƚĂƚŝŽŶĂŶĚ ƚŚĞƌĞŝƐŶŽƐƚĂƚĞŵĞŶƚŝŶƚŚŝƐWƌĞƐĞŶƚĂƚŝŽŶǁŚŝĐŚŝƐďĂƐĞĚŽŶĂŶLJƐƚĂƚĞŵĞŶƚďLJƚŚĞŵ͘

dŽƚŚĞŵĂdžŝŵƵŵĞdžƚĞŶƚƉĞƌŵŝƚƚĞĚďLJůĂǁ͕^ƚĂƌďĂƌĂ͕ƚŚĞƵŶĚĞƌǁƌŝƚĞƌĂŶĚƚŚĞŝƌƌĞƐƉĞĐƚŝǀĞĂĚǀŝƐĞƌƐ͕ĂĨĨŝůŝĂƚĞƐ͕ƌĞůĂƚĞĚďŽĚŝĞƐĐŽƌƉŽƌĂƚĞ͕ĚŝƌĞĐƚŽƌƐ͕ŽĨĨŝĐĞƌƐ͕ƉĂƌƚŶĞƌƐ͕ĞŵƉůŽLJĞĞƐ ĂŶĚĂŐĞŶƚƐĞdžƉƌĞƐƐůLJĞdžĐůƵĚĞĂŶĚĚŝƐĐůĂŝŵĂůů ůŝĂďŝůŝƚŝĞƐŝŶƌĞƐƉĞĐƚŽĨ͕ŵĂŬĞŶŽƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐƌĞŐĂƌĚŝŶŐ͕ĂŶLJƉĂƌƚŽĨƚŚŝƐĚŽĐƵŵĞŶƚĂŶĚŵĂŬĞŶŽƌĞƉƌĞƐĞŶƚĂƚŝŽŶŽƌǁĂƌƌĂŶƚLJĂƐƚŽƚŚĞĐƵƌƌĞŶĐLJ͕ĂĐĐƵƌĂĐLJ͕ƌĞůŝĂďŝůŝƚLJŽƌĐŽŵƉůĞƚĞŶĞƐƐŽƌĨĂŝƌŶĞƐƐŽĨŝŶĨŽƌŵĂƚŝŽŶĂŶĚ͕ǁŝƚŚƌĞŐĂƌĚƐ ƚŽƚŚĞƵŶĚĞƌǁƌŝƚĞƌ͕ŝƚĂŶĚŝƚƐĂĚǀŝƐĞƌƐ͕ĂĨĨŝůŝĂƚĞƐ͕ƌĞůĂƚĞĚďŽĚŝĞƐĐŽƌƉŽƌĂƚĞ͕ĚŝƌĞĐƚŽƌƐ͕ŽĨĨŝĐĞƌƐ͕ƉĂƌƚŶĞƌƐ͕ĞŵƉůŽLJĞĞƐĂŶĚĂŐĞŶƚƐƚĂŬĞŶŽƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶLJŽĨƚŚŝƐWƌĞƐĞŶƚĂƚŝŽŶŽƌƚŚĞŶƚŝƚůĞŵĞŶƚKĨĨĞƌ͘

^ƚĂƚĞŵĞŶƚƐŝŶƚŚŝƐWƌĞƐĞŶƚĂƚŝŽŶĂƌĞŵĂĚĞŽŶůLJĂƐĂƚƚŚĞĚĂƚĞŽĨƚŚŝƐWƌĞƐĞŶƚĂƚŝŽŶ͘dŚĞŝŶĨŽƌŵĂƚŝŽŶŝŶƚŚŝƐWƌĞƐĞŶƚĂƚŝŽŶƌĞŵĂŝŶƐƐƵďũĞĐƚƚŽĐŚĂŶŐĞǁŝƚŚŽƵƚŶŽƚŝĐĞ͘^ƚĂƌďĂƌĂƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽǁŝƚŚĚƌĂǁƚŚĞŶƚŝƚůĞŵĞŶƚKĨĨĞƌŽƌ ǀĂƌLJƚŚĞƚŝŵĞƚĂďůĞĨŽƌƚŚĞŶƚŝƚůĞŵĞŶƚKĨĨĞƌǁŝƚŚŽƵƚŶŽƚŝĐĞ͘

ŝƐĐůŽƐƵƌĞ͗dŚĞƵŶĚĞƌǁƌŝƚĞƌĂŶĚŝƚƐƌĞƐƉĞĐƚŝǀĞĂĨĨŝůŝĂƚĞƐĂƌĞĨƵůůƐĞƌǀŝĐĞĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶƐĞŶŐĂŐĞĚŝŶǀĂƌŝŽƵƐĂĐƚŝǀŝƚŝĞƐ͕ǁŚŝĐŚŵĂLJŝŶĐůƵĚĞƚƌĂĚŝŶŐ͕ĨŝŶĂŶĐŝĂůĂĚǀŝƐŽƌLJ͕ŝŶǀĞƐƚŵĞŶƚŵĂŶĂŐĞŵĞŶƚ͕ŝŶǀĞƐƚŵĞŶƚƌĞƐĞĂƌĐŚ͕ƉƌŝŶĐŝƉĂů ŝŶǀĞƐƚŵĞŶƚ͕ŚĞĚŐŝŶŐ͕ŵĂƌŬĞƚŵĂŬŝŶŐ͕ďƌŽŬĞƌĂŐĞĂŶĚŽƚŚĞƌĨŝŶĂŶĐŝĂůĂŶĚŶŽŶͲĨŝŶĂŶĐŝĂůĂĐƚŝǀŝƚŝĞƐĂŶĚƐĞƌǀŝĐĞƐŝŶĐůƵĚŝŶŐĨŽƌǁŚŝĐŚƚŚĞLJŚĂǀĞƌĞĐĞŝǀĞĚŽƌŵĂLJƌĞĐĞŝǀĞĐƵƐƚŽŵĂƌLJĨĞĞƐĂŶĚĞdžƉĞŶƐĞƐ͘dŚĞƵŶĚĞƌǁƌŝƚĞƌŝƐĂĐƚŝŶŐĂƐůĞĂĚ ŵĂŶĂŐĞƌ͕ŬƌƵŶŶĞƌ ĂŶĚƵŶĚĞƌǁƌŝƚĞƌƚŽƚŚĞŽĨĨĞƌĨŽƌǁŚŝĐŚŝƚŚĂƐƌĞĐĞŝǀĞĚŽƌĞdžƉĞĐƚƐƚŽƌĞĐĞŝǀĞĨĞĞƐĂŶĚĞdžƉĞŶƐĞƐ͘

ϯ ͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

EKd&KZ/^dZ/hd/KEKZZ>^/Ed,hE/d^dd^ /ŵƉŽƌƚĂŶƚEŽƚŝĐĞƐĂŶĚŝƐĐůĂŝŵĞƌ EŽƚĞƐ͗ &ŝŶĂŶĐŝĂů LJĞĂƌ ŝƐ ϭ :ƵůLJ ƚŽ ϯϬ :ƵŶĞ͕ Ğ͘Ő͘ &zϭϵ с ϭ :ƵůLJ ϮϬϭϴ ƚŽ ϯϬ :ƵŶĞ ϮϬϭϵ͘ ĂůĞŶĚĂƌ LJĞĂƌ ŝƐ ϭ :ĂŶƵĂƌLJ ƚŽ ϯϭ ĞĐĞŵďĞƌ͕ Ğ͘Ő͘ zϭϴ с ϭ :ĂŶƵĂƌLJ ϮϬϭϴ ƚŽ ϯϭ ĞĐĞŵďĞƌ ϮϬϭϴ͘ Yϭ ^ĞƉ &zϭϵ с ƋƵĂƌƚĞƌ ƚŽ ϯϬ ^ĞƉ ϮϬϭϴ Yϯ DĂƌ &zϭϵ с ƋƵĂƌƚĞƌ ƚŽ ϯϭ DĂƌ ϮϬϭϵ YϮ ĞĐ &zϭϵ с ƋƵĂƌƚĞƌ ƚŽ ϯϭ ĞĐ ϮϬϭϴ Yϰ :ƵŶ &zϭϵ с ƋƵĂƌƚĞƌ ƚŽ ϯϬ :ƵŶĞ ϮϬϭϵ &ŝŶĂŶĐŝĂůĨŝŐƵƌĞƐĂƌĞŝŶƵƐƚƌĂůŝĂŶĚŽůůĂƌƐƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚ͘dŚĞŽŵƉĂŶLJƵƐĞƐƵƐƚƌĂůŝĂŶĚŽůůĂƌƉƌĞƐĞŶƚĂƚŝŽŶĐƵƌƌĞŶĐLJĨŽƌƌĞƉŽƌƚŝŶŐƉƵƌƉŽƐĞƐ͘^ĞǀĞƌĂůŝƚĞŵƐŝŶƚŚŝƐƉƌĞƐĞŶƚĂƚŝŽŶĂƌĞƐŚŽǁŶŝŶƵƐƚƌĂůŝĂŶĚŽůůĂƌƐƚŽĂŝĚ ĐŽŵƉĂƌŝƐŽŶ͘ ^ŽŵĞΨĨŝŐƵƌĞƐŝŶƚŚŝƐƉƌĞƐĞŶƚĂƚŝŽŶĂƌĞĐŽŶǀĞƌƚĞĚĨƌŽŵƉƌĞǀŝŽƵƐůLJƉƵďůŝƐŚĞĚΨĂŶĚh^ΨĨŝŐƵƌĞƐƵƐŝŶŐ&yƌĂƚĞƐƵƐĞĚŝŶƉƌĞƉĂƌĂƚŝŽŶŽĨƉƵďůŝƐŚĞĚƋƵĂƌƚĞƌůLJƌĞƉŽƌƚƐĂŶĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƐĨŽůůŽǁƐ͗ ^ƉŽƚhĂƐĂƚϯϭĞĐĞŵďĞƌϮϬϭϴсϭ͘Ϭϯϵϱ͘hĂǀĞƌĂŐĞzϭϴсϭ͘ϬϰϬϱ͘hh^ĂǀĞƌĂŐĞzϭϴсϬ͘ϳϰϳϳ;&ĂĐƚ^ĞƚͿ͘ &ŽƌǁĂƌĚůŽŽŬŝŶŐƐƚĂƚĞŵĞŶƚƐĂŶĚŽĨĨĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶĂƐƉĞƌƐƉŽƚƌĂƚĞŽŶϭϬDĂLJϮϬϭϵ;&ĂĐƚ^ĞƚͿĨŽƌhсϭ͘ϬϲϰϮĂŶĚhh^сϬ͘ϳϮϬϬ͘ ƵƐƚƌĂůŝĂŶ^ĞĐƵƌŝƚŝĞƐdžĐŚĂŶŐĞ;^yͿ>ŝƐƚŝŶŐĐŽĚĞΗ^DΗ͘ dŝƚůĞƐůŝĚĞƉŝĐƚƵƌĞ͗'ǁĂůŝĂƉƌŽĐĞƐƐŝŶŐƉůĂŶƚĂƚĚƵƐŬ͘ ϰ ͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

ŽŶƚĞŶƚƐ
dƌĂŶƐĂĐƚŝŽŶ^ƵŵŵĂƌLJ	ϲ
KǀĞƌǀŝĞǁŽĨƚůĂŶƚŝĐ'ŽůĚ	ϭϯ
^ƚƌĂƚĞŐŝĐZĂƚŝŽŶĂůĞ	Ϯϭ
&ŝŶĂŶĐŝĂůKǀĞƌǀŝĞǁ	Ϯϴ
ŶƚŝƚůĞŵĞŶƚKĨĨĞƌĞƚĂŝůƐ	ϯϯ
ŽŶĨŝƌŵĂƚŝŽŶŽĨ'ƵŝĚĂŶĐĞ	ϯϲ
ƉƉĞŶĚŝĐĞƐ	ϯϴ
<ĞLJZŝƐŬƐ	ϰϵ
/ŶƚĞƌŶĂƚŝŽŶĂůKĨĨĞƌZĞƐƚƌŝĐƚŝŽŶƐ	ϱϴ
ϱ ͬĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ	EKd&KZ/^dZ/hd/KEKZZ>^/Ed,hE/d^dd^

ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐĚĚƐĂ>ŽǁŽƐƚWƌŽĚƵĐĞƌǁŝƚŚdžƉĂŶƐŝŽŶ WŝƉĞůŝŶĞ ĂŶĚdžƉůŽƌĂƚŝŽŶWŽƚĞŶƚŝĂů

9 ĐƋƵŝƌŝŶŐĂŐƌĞĂƚƚĞĂŵŽĨƚĂůĞŶƚĞĚƉĞŽƉůĞǁŚŽĚĞůŝǀĞƌ
9 DŽŽƐĞZŝǀĞƌŝƐĂŚŝŐŚƋƵĂůŝƚLJƉƌŽĚƵĐŝŶŐĂƐƐĞƚŝŶĂŶ ĞƐƚĂďůŝƐŚĞĚŵŝŶŝŶŐũƵƌŝƐĚŝĐƚŝŽŶ
9 ƵƌƌĞŶƚŽƉĞƌĂƚŝŽŶĐŽŶƐŝƐƚƐŽĨŽŶĞŽƉĞŶƉŝƚ͕ǁŝƚŚƉůĂŶŶĞĚ ĞdžƉĂŶƐŝŽŶŽĨƚŚƌĞĞĂĚĚŝƚŝŽŶĂůƉŝƚƐŝŶĐƌĞĂƐŝŶŐƉƌŽĚƵĐƚŝŽŶƚŽ ϮϬϬнŬŽnj ;ƚĂƌŐĞƚŝŶŐzϮϯŽŶǁĂƌĚƐͿ
9 >Žǁ/^ƉŽƐŝƚŝŽŶ͕ĚƌŝǀŝŶŐƐƚƌŽŶŐ ĐĂƐŚĨůŽǁŐĞŶĞƌĂƚŝŽŶ
9 >ŽǁůŝĨĞŽĨŵŝŶĞ;>KDͿƐƚƌŝƉƌĂƚŝŽŽĨϮ͘ϵ͗ϭ
9 ĞŵŽŶƐƚƌĂƚĞĚƚƌĂĐŬƌĞĐŽƌĚŝŶƌĞƐŽƵƌĐĞĞdžƉĂŶƐŝŽŶ
9 ^ƚƌŽŶŐĞdžƉůŽƌĂƚŝŽŶƉŽƚĞŶƚŝĂůǁŝƚŚƚĞŶĞŵĞŶƚƐĂůŽŶŐƐƚƌŝŬĞŽĨ ƚŚĞŚŽƐƚƐƚƌƵĐƚƵƌĞ
9 KŶĞŚŽƵƌĨƌŽŵ,ĂůŝĨĂdž;ƉƌŽǀŝŶĐŝĂůĐĂƉŝƚĂůͿ͕ĂϰϬϬ͕ϬϬϬн ƉŽƉƵůĂƚŝŽŶĂŶĚƐŝŐŶŝĨŝĐĂŶƚŝŶĚƵƐƚƌŝĂůĐĞŶƚƌĞ

EŽƚĞ͗&yĐŽŶǀĞƌƐŝŽŶƉĞƌŶŽƚĞŽŶƉĂŐĞϰ

ϭ͘ ZĞĨĞƌƚŽƉƉĞŶĚŝĐĞƐĨŽƌƚůĂŶƚŝĐƌĞƐĞƌǀĞƐĂŶĚƌĞƐŽƵƌĐĞƐƉŽƐŝƚŝŽŶĂŶĚĐŽŵƉĞƚĞŶƚƉĞƌƐŽŶƐƐƚĂƚĞŵĞŶƚ͘ZĞƉŽƌƚĞĚŝŶϭϯDĂƌĐŚϮϬϭϵΗDŝŶĞƌĂůZĞƐŽƵƌĐĞƐhƉĚĂƚĞĨŽƌdŽƵƋƵŽLJ͕&D^ĂŶĚŽĐŚƌĂŶĞ,ŝůůΗĂŶĚϮϱDĂƌĐŚϮϬϭϵΗhƉĚĂƚĞĚDZWƌŽĚƵĐƚŝŽŶ^ĐŚĞĚƵůĞΗƚůĂŶƚŝĐŶĞǁƐ ƌĞůĞĂƐĞƐ͘dŽƵƋƵŽLJŽŶϭϬϬйďĂƐŝƐ

<ĞLJ ƐƚĂƚŝƐƚŝĐƐ

zϭϴƉƌŽĚƵĐƚŝŽŶ ϵϭŬŽnj zϭϵ ƉƌŽĚƵĐƚŝŽŶŐƵŝĚĂŶĐĞ ϵϮʹ ϵϴŬŽnj ZĞƐĞƌǀĞƐϭ ϭ͘ϵDŽnj

ϭϬ ͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

ZĞƐŽƵƌĐĞƐϭ Ϯ͘ϰDŽnj ƵƌƌĞŶƚŵŝŶĞůŝĨĞ ϭϮLJĞĂƌƐ zϭϴ/^ Ψϳϯϭ;ΨϳϲϭͬŽnjͿ zϭϵ/^ŐƵŝĚĂŶĐĞ Ψϲϵϱʹ ϳϱϱͬŽnj;ΨϳϰϬ ʹ ϴϬϯͬŽnjͿ ĂŶĂĚĂ EŽǀĂ ^ĐŽƚŝĂ

dƌĂŶƐĂĐƚŝŽŶdŝŵĞƚĂďůĞ

ǀĞŶƚ	ĂƚĞ
ŶŶŽƵŶĐĞŵĞŶƚ	tĞĚŶĞƐĚĂLJ͕ϭϱDĂLJϮϬϭϵ
dƌĂĚŝŶŐŚĂůƚ	tĞĚŶĞƐĚĂLJ͕ϭϱDĂLJϮϬϭϵ
/ŶƐƚŝƚƵƚŝŽŶĂůŶƚŝƚůĞŵĞŶƚKĨĨĞƌĐůŽƐĞƐ	dŚƵƌƐĚĂLJ͕ϭϲDĂLJϮϬϭϵ
dƌĂĚŝŶŐŚĂůƚůŝĨƚĞĚ	&ƌŝĚĂLJ͕ϭϳDĂLJϮϬϭϵ
^ŚĂƌĞƐƌĞĐŽŵŵĞŶĐĞƚƌĂĚŝŶŐŽŶĂŶΗĞdžͲĞŶƚŝƚůĞŵĞŶƚΗďĂƐŝƐ	&ƌŝĚĂLJ͕ϭϳDĂLJϮϬϭϵ
ZĞƚĂŝůŶƚŝƚůĞŵĞŶƚKĨĨĞƌŽƉĞŶƐ	dƵĞƐĚĂLJ͕ϮϭDĂLJϮϬϭϵ
ZĞƚĂŝůŶƚŝƚůĞŵĞŶƚKĨĨĞƌĐůŽƐĞƐ	dƵĞƐĚĂLJ͕ϰ:ƵŶĞϮϬϭϵ
/ŶƚĞƌŝŵ ŽƵƌƚKƌĚĞƌ;ĞdžƉĞĐƚĞĚͿ	DŽŶĚĂLJ͕ϭϬ:ƵŶĞϮϬϭϵ
ƚůĂŶƚŝĐƐŚĂƌĞŚŽůĚĞƌ ǀŽƚĞ;ĞdžƉĞĐƚĞĚͿ	DŽŶĚĂLJ͕ϭϱ :ƵůLJ ϮϬϭϵ
&ŝŶĂůŽƵƌƚKƌĚĞƌ;ĞdžƉĞĐƚĞĚͿ	tĞĚŶĞƐĚĂLJ͕ϭϳ :ƵůLJ ϮϬϭϵ
ƚůĂŶƚŝĐĂĐƋƵŝƐŝƚŝŽŶĐŽŵƉůĞƚĞĚ;ĞdžƉĞĐƚĞĚͿ	&ƌŝĚĂLJ͕ϭϵ:ƵůLJϮϬϭϵ

EKd&KZ/^dZ/hd/KEKZZ>^/Ed,hE/d^dd^ ϭϮ ͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

DŽŽƐĞZŝǀĞƌŽŶƐŽůŝĚĂƚĞĚKǀĞƌǀŝĞǁ

ZĞƐĞƌǀĞĂŶĚZĞƐŽƵƌĐĞĞǀĞůŽƉŵĞŶƚ;WŚĂƐĞϯͿ

^ĐŽƉĞƚŽĞdžƉĂŶĚƉƌŽĚƵĐƚŝŽŶďĞLJŽŶĚĞdžŝƐƚŝŶŐϭϮLJĞĂƌ ƌĞƐĞƌǀĞůŝĨĞϭ
džƉĂŶƐŝŽŶƉŽƚĞŶƚŝĂůĂĐƌŽƐƐĂůůƉŝƚƐ͕ǁŝƚŚĨŽĐƵƐŝŶzϭϵ ŽŶĐŽŶƚŝŶƵĞĚŝŶĨŝůůĚƌŝůůŝŶŐŽĨŝŶĨĞƌƌĞĚƌĞƐŽƵƌĐĞĂƚ dŽƵƋƵŽLJĂŶĚĞƐƚĂďůŝƐŚŝŶŐĂŵŝŶĞƌĂůƌĞƐŽƵƌĐĞĂƚϭϰϵ ĞƉŽƐŝƚ
džƉĂŶĚĞĚƌĞƐĞƌǀĞƐďLJϰϬϭŬŽnj;ϮϳйͿŝŶDĂƌĐŚϮϬϭϵϭ
ŶŶŽƵŶĐĞĚDΘ/ƌĞƐŽƵƌĐĞŝŶĐƌĞĂƐĞƐŝŶDĂƌĐŚϮϬϭϵϮ
- 9 dŽƵƋƵŽLJ͗ϰϰϱŬŽnj;нϭϳйͿ
- 9 &ŝĨƚĞĞŶDŝůĞ͗ϲϳϲŬŽnj;нϰϳйͿ
- 9 ŽĐŚƌĂŶĞ,ŝůů͗ϲϬϳŬŽnj;нϱϬйͿ
KŶŐŽŝŶŐĚƌŝůůƉƌŽŐƌĂŵŝŶƚĞŶĚĞĚƚŽĞdžƉĂŶĚƌĞƐŽƵƌĐĞ ďĂƐĞĂŶĚƚŽĐŽŶǀĞƌƚƚŽƌĞƐĞƌǀĞƐ
ϭϳ ͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ ϭ͘ ĂƐĞĚŽŶƉƌŽĚƵĐƚŝŽŶ ƐĐŚĞĚƵůĞƌĞƉŽƌƚĞĚŝŶϮϱDĂƌĐŚϮϬϭϵΗhƉĚĂƚĞĚDZWƌŽĚƵĐƚŝŽŶ^ĐŚĞĚƵůĞΗƚůĂŶƚŝĐŶĞǁƐƌĞůĞĂƐĞ Ϯ͘ ƐƌĞƉŽƌƚĞĚŝŶϭϯDĂƌĐŚϮϬϭϵŝŶΗDŝŶĞƌĂůZĞƐŽƵƌĐĞƐhƉĚĂƚĞĨŽƌdŽƵƋƵŽLJ͕&D^ĂŶĚŽĐŚƌĂŶĞ,ŝůůΗƚůĂŶƚŝĐŶĞǁƐƌĞůĞĂƐĞ

EĞĂƌDŝŶĞdžƉůŽƌĂƚŝŽŶ;WŚĂƐĞϰͿ

WƌŽŐƌĂŵƚŽƐLJƐƚĞŵĂƚŝĐĂůůLJƵŶĚĞƌƚĂŬĞƵƉƚŽ ϭϬϬ͕ϬϬϬŵŽĨĚƌŝůůŝŶŐĂůŽŶŐƚŚĞϰϱнŬŵ ƵŶͲƚĞƐƚĞĚŚŽƐƚƐƚƌƵĐƚƵƌĞĂƌŽƵŶĚDZŝŶ ƉƌŽƐƉĞĐƚŝǀĞŐĞŽůŽŐŝĐĂůƐĞƚƚŝŶŐ
- ŽĐŚƌĂŶĞ,ŝůůŚĂƐĚĞŵŽŶƐƚƌĂƚĞĚƌŽďƵƐƚ ŵŝŶĞƌĂůŝƐĂƚŝŽŶƚŽƚŚĞĞĂƐƚĂŶĚĂƚĚĞƉƚŚ
- EĞǁŚŝŐŚŐƌĂĚĞnjŽŶĞŝĚĞŶƚŝĨŝĞĚƚŚƌŽƵŐŚ ĚƌŝůůŝŶŐŽĨĞĂƐƚĞƌůLJƉůƵŶŐŝŶŐƐŚŽŽƚƐ
ϭϰϵĞƉŽƐŝƚǁĂƐĚŝƐĐŽǀĞƌĞĚŝŶ:ƵŶĞϮϬϭϴĂƐƉĂƌƚ ŽĨŶĞĂƌŵŝŶĞĞdžƉůŽƌĂƚŝŽŶ
ŝŵŝƚĞĚĚƌŝůůŝŶŐŚĂƐŽĐĐƵƌƌĞĚƚŽĚĂƚĞ͘^ƚĂƌďĂƌĂ ƉůĂŶƐƚŽŝŶĐƌĞĂƐĞĨŽĐƵƐŽŶĞdžƉůŽƌĂƚŝŽŶĂĐƌŽƐƐ ƚůĂŶƚŝĐΖƐĞdžƚĞŶƐŝǀĞƚĞŶĞŵĞŶƚŚŽůĚŝŶŐ

ϭ͘ ĂƐƚǁĞƐƚƚƌĞŶĚŝŶŐŽďĞƋƵŝĚͲŚĞĚĂďƵĐƚŽ&ĂƵůƚƐLJƐƚĞŵ ϭϴ ͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

EKd&KZ/^dZ/hd/KEKZZ>^/Ed,hE/d^dd^

<ĞLJKƉĞƌĂƚŝŶŐĂŶĚ&ŝŶĂŶĐŝĂůDĞƚƌŝĐƐ

zϭϴ	Ψ D	Ψ D
ZĞǀĞŶƵĞ	ϭϮϴ	ϭϯϰ
/d	ϳϴ	ϴϭ
DĂƌŐŝŶ	ϲϬй	ϲϬй
/d	ϱϭ	ϱϯ
DĂƌŐŝŶ	ϰϬй	ϰϬй
ĂƐŚ ĨůŽǁĨƌŽŵŽƉĞƌĂƚŝŽŶƐ	ϳϬ	ϳϮ
ĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞϭ	;ϯϯͿ	;ϯϱͿ
&ƌĞĞĐĂƐŚĨůŽǁϮ	ϯϲ	ϯϴ
ŝǀŝĚĞŶĚ	Ͳ	Ͳ
ĂƐŚ	ϱϬ	ϱϮ
dŽƚĂůĚĞďƚ	ϭϭϰ	ϭϭϵ
EĞƚĚĞďƚ	ϲϰ	ϲϳ
EĞƚĚĞďƚͬ/d	Ϭ͘ϴdž	Ϭ͘ϴdž

KƉĞƌĂƚŝŶŐ
zϭϴ	ΨD	Ψ D
WƌŽĚƵĐƚŝŽŶ;ŬŽnjͿ	ϵϭ
dŽƚĂůĐĂƐŚĐŽƐƚ	ϱϬ	ϱϮ
^ƵƐƚĂŝŶŝŶŐĞdžƉĞŶĚŝƚƵƌĞ	ϵ	ϵ
ŵŽƌƚŝƐĂƚŝŽŶŽĨƌĞĐůĂŵĂƚŝŽŶ
ĞdžƉĞŶƐĞ	ϭ	ϭ
ŽƌƉŽƌĂƚĞĐŽƐƚƐ	ϲ	ϲ
dŽƚĂů/^	ϲϲ	ϲϵ
/^ͬŽnj	ϳϯϭ	ϳϲϭ

	dŽŶŶĞƐ;DƚͿ	'ƌĂĚĞ;ŐͬƚƵͿ	'ŽůĚ;DŽnjͿ
ZĞƐĞƌǀĞƐϯ	ϱϮ͘Ϭ	ϭ͘ϭϮ	ϭ͘ϴϴ
ZĞƐŽƵƌĐĞƐϯ	ϲϯ͘ϱ	ϭ͘ϭϲ	Ϯ͘ϯϳ

ƚůĂŶƚŝĐĚĞĐůĂƌĞĚĐŽŵŵĞƌĐŝĂůƉƌŽĚƵĐƚŝŽŶŝŶ DĂƌĐŚϮϬϭϴĂƚdŽƵƋƵŽLJƉŝƚ
WƌŽĨŝůĞĨŽƌzϭϴƐŚŽǁƐƐƚƌŽŶŐĐĂƐŚĨůŽǁ ŐĞŶĞƌĂƚŝŽŶ͕ŐŝǀĞŶƚŚĞůŽǁĐŽƐƚŶĂƚƵƌĞŽĨ ƚŚĞŽƉĞƌĂƚŝŽŶ
,ŝŐŚ/^ŵĂƌŐŝŶŽĨΨϴϱϳͬŽnj;ΨϴϵϮͬŽnjͿ ĂĐŚŝĞǀĞĚŝŶzϭϴĚƌŝǀĞŶďLJ
- ŽǁƐƚƌŝƉƌĂƚŝŽ
- ,ŝŐŚƌĞĐŽǀĞƌLJ
- WƌŽdžŝŵŝƚLJƚŽŬĞLJŝŶĨƌĂƐƚƌƵĐƚƵƌĞ
ZŽďƵƐƚŽƉĞƌĂƚŝŶŐĐĂƐŚĨůŽǁŵĂƌŐŝŶŽĨϱϰй ĂĐŚŝĞǀĞĚŝŶzϭϴ
ĂƉĞdž ǁĂƐĨƵŶĚĞĚďLJŽƉĞƌĂƚŝŶŐĐĂƐŚĨůŽǁ

EŽƚĞ͗&yĐŽŶǀĞƌƐŝŽŶĂƐƉĞƌŶŽƚĞŽŶƉĂŐĞϰ

ϯ͘ ZĞĨĞƌƚŽƉƉĞŶĚŝĐĞƐĨŽƌƚůĂŶƚŝĐƌĞƐĞƌǀĞƐĂŶĚƌĞƐŽƵƌĐĞƐƉŽƐŝƚŝŽŶĂŶĚĐŽŵƉĞƚĞŶƚƉĞƌƐŽŶƐƐƚĂƚĞŵĞŶƚ͘ZĞƉŽƌƚĞĚŝŶϭϯDĂƌĐŚϮϬϭϵΗDŝŶĞƌĂůZĞƐŽƵƌĐĞƐhƉĚĂƚĞĨŽƌdŽƵƋƵŽLJ͕&D^ĂŶĚŽĐŚƌĂŶĞ,ŝůůΗĂŶĚϮϱDĂƌĐŚϮϬϭϵΗhƉĚĂƚĞĚDZWƌŽĚƵĐƚŝŽŶ^ĐŚĞĚƵůĞΗƚůĂŶƚŝĐŶĞǁƐ ƌĞůĞĂƐĞƐ͘dŽƵƋƵŽLJŽŶϭϬϬйďĂƐŝƐ

^ŽƵƌĐĞ͗ƚůĂŶƚŝĐĐŽŵƉĂŶLJĨŝůŝŶŐƐ͘zϭϴĨŝŶĂŶĐŝĂůĂŶĚŽƉĞƌĂƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶďĂƐĞĚŽŶƚůĂŶƚŝĐĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚDĂŶĂŐĞŵĞŶƚŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϭϴ

ϭϵͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

ϭ͘ ĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞĂƐƌĞƉŽƌƚĞĚďLJƚůĂŶƚŝĐǁŚŝĐŚĞdžĐůƵĚĞƐĞdžƉůŽƌĂƚŝŽŶƐƉĞŶĚŽĨΨϮϬD;ΨϮϭDͿ Ϯ͘ &ƌĞĞĐĂƐŚĨůŽǁĐĂůĐƵůĂƚĞĚĂƐĐĂƐŚĨůŽǁĨƌŽŵŽƉĞƌĂƚŝŽŶƐůĞƐƐĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞ

dĂůĞŶƚĞĚWĞŽƉůĞǁŝƚŚ^ƚƌŽŶŐKƉĞƌĂƚŝŶŐĂƉĂďŝůŝƚLJƚŽŶƐƵƌĞŽŶƚŝŶƵĞĚ ^ƵĐĐĞƐƐ

ͻ ^ƚĂƌďĂƌĂŝƐƐĞĞŬŝŶŐƚŽƌĞƚĂŝŶŬĞLJƚůĂŶƚŝĐ ĞdžĞĐƵƚŝǀĞƐƚŽĂƐƐŝƐƚǁŝƚŚƚƌĂŶƐŝƚŝŽŶĂŶĚ ŝŶƚĞŶĚŝŶŐƚŽƌĞƚĂŝŶƚŚĞƐƵĐĐĞƐƐĨƵůƚůĂŶƚŝĐ ŽƉĞƌĂƚŝŶŐƚĞĂŵƚŽĞŶƐƵƌĞĐŽŶƚŝŶƵŝƚLJŽĨ ŽƉĞƌĂƚŝŽŶƐĂŶĚŵĂŝŶƚĂŝŶƌĞůĂƚŝŽŶƐŚŝƉƐǁŝƚŚ ŬĞLJ ƐƚĂŬĞŚŽůĚĞƌƐ
ͻ ^ƚĞǀĞŶĞĂŶǁŝůůďĞŝŶǀŝƚĞĚƚŽũŽŝŶƚŚĞ ^ƚĂƌďĂƌĂďŽĂƌĚĂƐĂŶŽŶͲĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌ
ͻ dŚĞƚůĂŶƚŝĐƚĞĂŵŚĂƐĚĞůŝǀĞƌĞĚƚŚĞdŽƵƋƵŽLJ ŽƉĞƌĂƚŝŽŶŽŶƚŝŵĞĂŶĚŽŶďƵĚŐĞƚĂŶĚ ĞdžĐĞĞĚĞĚŐƵŝĚĂŶĐĞŝŶƚŚĞĨŝƌƐƚŽƉĞƌĂƚŝŶŐLJĞĂƌ
ͻ ^ƚĂƌďĂƌĂĂŶĚƚůĂŶƚŝĐŽƉĞƌĂƚŝŽŶĂůƚĞĂŵƐ ǁŝůůďĞĂďůĞƚŽůĞǀĞƌĂŐĞĞĂĐŚŽƚŚĞƌ͛Ɛ ĐĂƉĂďŝůŝƚŝĞƐĂŶĚƐƉĞĐŝĂůŝƐĂƚŝŽŶƐ
ͻ /ŶƚĞŐƌĂƚŝŽŶƉůĂŶŶŝŶŐŚĂƐĐŽŵŵĞŶĐĞĚ͕ŶŽƚŝŶŐ ƚŚĂƚƚůĂŶƚŝĐǁŝůůũŽŝŶ^ƚĂƌďĂƌĂΖƐ ĚĞĐĞŶƚƌĂůŝƐĞĚŽƉĞƌĂƚŝŶŐŵŽĚĞů͕ĂŶĚǁŝůů ůĂƌŐĞůLJĐŽŶƚŝŶƵĞĂƐĂƐĞŵŝͲĂƵƚŽŶŽŵŽƵƐ ďƵƐŝŶĞƐƐƵŶŝƚ͕ƐƵƉƉŽƌƚĞĚďLJƚŚĞŽƌƉŽƌĂƚĞ KĨĨŝĐĞ

Ϯϲ ͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

ƚůĂŶƚŝĐWƌŽǀŝĚĞƐĂ^ƚƌŽŶŐ&ŝŶĂŶĐŝĂůŽŶƚƌŝďƵƚŝŽŶƚŽ^ƚĂƌďĂƌĂ

ƚůĂŶƚŝĐĐŽŵŵĞŶĐĞĚƉƌŽĚƵĐƚŝŽŶŝŶĞĂƌůLJϮϬϭϴĂŶĚĚĞůŝǀĞƌĞĚ ƉƌŽĚƵĐƚŝŽŶŽĨϵϭŬŽnjĂƐƉůĂŶŶĞĚ
ƚůĂŶƚŝĐŐĞŶĞƌĂƚĞĚΨϴϭD/dĂŶĚΨϱϯD/dŝŶzϭϴ
,ŝŐŚ/dŵĂƌŐŝŶŽĨĐ͘ϲϬйŝŶzϭϴƌĞĨůĞĐƚŝǀĞŽĨĂƚƚƌĂĐƚŝǀĞ ĐĂƐŚĐŽƐƚĐƵƌǀĞƉŽƐŝƚŝŽŶ
DĞĂŶŝŶŐĨƵůĐĂƐŚĨůŽǁĐŽŶƚƌŝďƵƚŝŽŶĂŶĚĂƚƚƌĂĐƚŝǀĞƉƌŽĨŝƚĂďŝůŝƚLJ
ĂƐŚĨůŽǁĨƌŽŵŽƉĞƌĂƚŝŽŶƐŽĨΨϳϮDĂŶĚĨƌĞĞĐĂƐŚĨůŽǁŽĨ ΨϯϴDŝŶzϭϴ

EKd&KZ/^dZ/hd/KEKZZ>^/Ed,hE/d^dd^ EŽƚĞ͗&yĐŽŶǀĞƌƐŝŽŶĂƐƉĞƌŶŽƚĞŽŶƉĂŐĞϰ ϭ͘ ĂƐĞĚŽŶŚŝƐƚŽƌŝĐĂůůLJƌĞƉŽƌƚĞĚ^ƚĂƌďĂƌĂĂŶĚƚůĂŶƚŝĐĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶ͘'ǁĂůŝĂzϭϴZĞǀĞŶƵĞŽĨΨϰϰϱDĂŶĚ/dŽĨΨϮϳϭDĂŶĚ^ŝŵďĞƌŝzϭϴZĞǀĞŶƵĞŽĨΨϮϯϲDĂŶĚ/dŽĨΨϭϬϯDĐĂůĐƵůĂƚĞĚƵƐŝŶŐƚŚĞ&zϭϴ͕ϭ,ϭϴĂŶĚϭ,ϭϵ^ƚĂƌďĂƌĂĨŝŶĂŶĐŝĂůƌĞƉŽƌƚƐ Ϯϵ ͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

WƌŽ&ŽƌŵĂϯϭĞĐĞŵďĞƌϮϬϭϴĂůĂŶĐĞ^ŚĞĞƚ

ΨD͕ ĂƐĂƚϯϭĞĐĞŵďĞƌϮϬϭϴ ^ƚĂƌďĂƌĂ ƚůĂŶƚŝĐΨD ƚůĂŶƚŝĐΨD WƌŽĨŽƌŵĂĂĚũƵƐƚŵĞŶƚƐ ^ƚĂƌďĂƌĂƉŽƐƚͲƚƌĂŶƐĂĐƚŝŽŶ

ĂƐŚĂŶĚĚĞƉŽƐŝƚƐϭ	ϯϱϲ͘ϳ	ϱϬ͘ϯ	ϱϮ͘ϯ	;ϮϵϬ͘ϴͿϮ	ϭϭϴ͘Ϯ
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐ	ϰϯ͘Ϭ	ϭ͘ϰ	ϭ͘ϱ	Ͳ	ϰϰ͘ϱ
/ŶǀĞŶƚŽƌLJϯ	ϳϯ͘ϲ	Ϯϱ͘ϯ	Ϯϲ͘ϯ	Ͳ	ϵϵ͘ϵ
WWΘ	ϭϬϲ͘ϭ	ϵϴ͘ϴ	ϭϬϮ͘ϳ	Ͳ	ϮϬϴ͘ϴ
DŝŶĞƉƌŽƉĞƌƚŝĞƐ	ϭϴϵ͘ϭ	ϲϰ͘ϱ	ϲϳ͘ϭ	Ͳ	Ϯϱϲ͘Ϯ
džƉůŽƌĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶ	ϯϭ͘Ϭ	ϱϱ͘ϳ	ϱϳ͘ϵ	Ͳ	ϴϴ͘ϵ
DŝŶĞƌĂůƌŝŐŚƚƐ	Ϯ͘ϵ	Ͳ	Ͳ	ϲϭϭ͘Ϭϰ	ϲϭϯ͘ϵ
ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ	Ϯϴ͘ϵ	Ͳ	Ͳ	Ͳ	Ϯϴ͘ϵ
KƚŚĞƌĂƐƐĞƚƐϱ	ϮϮ͘ϱ	ϲ͘ϳ	ϳ͘Ϭ	Ͳ	Ϯϵ͘ϱ
dŽƚĂůĂƐƐĞƚƐ	ϴϱϯ͘ϴ	ϯϬϮ͘ϳ	ϯϭϰ͘ϳ	ϯϮϬ͘Ϯ	ϭ͕ϰϴϴ͘ϳ

WĂLJĂďůĞƐ	ϰϮ͘ϭ	ϮϬ͘ϱ	Ϯϭ͘ϯ	Ͳ	ϲϯ͘ϰ
dŽƚĂůĚĞďƚϲ	Ϭ͘Ϭ	ϭϭϰ͘Ϭ	ϭϭϴ͘ϱ	Ͳ	ϭϭϴ͘ϱ
ƵƌƌĞŶƚƚĂdžůŝĂďŝůŝƚŝĞƐ	ϭϭ͘Ϭ	Ͳ	Ͳ	Ͳ	ϭϭ͘Ϭ
ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐ	Ϯϰ͘ϴ	ϭϬ͘ϭ	ϭϬ͘ϱ	Ͳ	ϯϱ͘Ϯ
ZĞŚĂďŝůŝƚĂƚŝŽŶƉƌŽǀŝƐŝŽŶϳ	ϯϭ͘Ϭ	ϲ͘ϴ	ϳ͘ϭ	Ͳ	ϯϴ͘ϭ
KƚŚĞƌƉƌŽǀŝƐŝŽŶƐϴ	ϭϱ͘ϲ	Ͳ	Ͳ	Ͳ	ϭϱ͘ϲ
dŽƚĂůůŝĂďŝůŝƚŝĞƐ	ϭϮϰ͘ϱ	ϭϱϭ͘ϯ	ϭϱϳ͘ϯ	Ͳ	Ϯϴϭ͘ϴ

EĞƚĂƐƐĞƚƐ	ϳϮϵ͘ϰ	ϭϱϭ͘ϰ	ϭϱϳ͘ϰ	ϯϮϬ͘Ϯ	ϭ͕ϮϬϲ͘ϵ
ŽŶƚƌŝďƵƚĞĚĞƋƵŝƚLJ	ϵϭϱ͘ϵ	ϭϱϰ͘Ϭ	ϭϲϬ͘ϭ	ϯϭϳ͘ϱϵ	ϭ͕ϯϵϯ͘ϰ
ZĞƐĞƌǀĞƐ	;ϯϮ͘ϲͿ	ϭϴ͘ϲ	ϭϵ͘ϯ	;ϭϵ͘ϯͿϭϬ	;ϯϮ͘ϲͿ
ĐĐƵŵƵůĂƚĞĚůŽƐƐĞƐ	;ϭϱϯ͘ϵͿ	;Ϯϭ͘ϮͿ	;ϮϮ͘ϭͿ	ϮϮ͘ϭϭϬ	;ϭϱϯ͘ϵͿ
dŽƚĂůĞƋƵŝƚLJ	ϳϮϵ͘ϰ	ϭϱϭ͘ϰ	ϭϱϳ͘ϰ	ϯϮϬ͘Ϯ	ϭ͕ϮϬϲ͘ϵ
EŽƚĞ͗&yĐŽŶǀĞƌƐŝŽŶĂƐƉĞƌƉĂŐĞϰ͘dŚĞƉƌŽĨŽƌŵĂďĂůĂŶĐĞƐŚĞĞƚƉƌĞƐĞŶƚĞĚŝƐŝŶĂŶŽŶͲ/&Z^ͬŶŽŶͲ'WĨŽƌŵĂƚĂƐŝƚĚŽĞƐŶŽƚĐůĂƐƐŝĨLJĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐďĞƚǁĞĞŶĐƵƌƌĞŶƚĂŶĚŶŽŶͲĐƵƌƌĞŶƚ͘ŶƵŵďĞƌŽĨĨŝŐƵƌĞƐŝŶƚŚŝƐƉƌŽĨŽƌŵĂďĂůĂŶĐĞƐŚĞĞƚĂƌĞƐƵďũĞĐƚƚŽƚŚĞĞĨĨĞĐƚŽĨƌŽƵŶĚŝŶŐ͘ĐĐŽƌĚŝŶŐůLJ͕ƚŚĞĂĐƚƵĂůƉƌĞƐĞŶƚĂƚŝŽŶŽĨƚŚĞƐĞĨŝŐƵƌĞƐŵĂLJĚŝĨĨĞƌĨƌŽŵƚŚĞĂůĂŶĐĞ^ŚĞĞƚƐĂƐĂƚϯϭĞĐĞŵďĞƌϮϬϭϴƌĞƉŽƌƚĞĚďLJ^ƚĂƌďĂƌĂŝŶƚŚĞŝƌĞĐĞŵďĞƌϮϬϭϴ,ĂůĨzĞĂƌƌĞƉŽƌƚĂŶĚďLJƚůĂŶƚŝĐŝŶƚŚĞŝƌzĞĂƌŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϭϴĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐϭ͘ŐŐƌĞŐĂƚĞŽĨĐĂƐŚŽĨΨϭϳϮ͘ϱDĂŶĚƚĞƌŵĚĞƉŽƐŝƚƐŽĨΨϭϴϰ͘ϮDĨŽƌ^ƚĂƌďĂƌĂϮ͘ΨϮϵϬ͘ϴDŽĨĐĂƐŚƵƐĞĚƚŽĨƵŶĚĂĐƋƵŝƐŝƚŝŽŶ	ϯ͘ϰ͘ϱ͘ϲ͘	/ŶĐůƵĚĞƐĐƵƌƌĞŶƚĂŶĚŶŽŶͲĐƵƌƌĞŶƚŝŶǀĞŶƚŽƌŝĞƐŽŵƉƌŝƐĞƐƌĞĐĞŝǀĂďůĞƐ͕ĐƵƌƌĞŶƚĂŶĚŶŽŶͲĐƵƌƌĞŶƚĚĞĨĞƌƌĞĚŵŝŶŝŶŐĐŽƐƚƐ͕ĐƵƌƌĞŶƚĂŶĚŶŽŶͲĐƵƌƌĞŶƚŽƚŚĞƌĂƐƐĞƚƐ/ŶĐůƵĚĞƐĐƵƌƌĞŶƚĂŶĚŶŽŶͲĐƵƌƌĞŶƚŝŶƚĞƌĞƐƚďĞĂƌŝŶŐůŝĂďŝůŝƚŝĞƐ	ϳ͘dƌĂŶƐĂĐƚŝŽŶǀĂůƵĞŽĨΨϳϲϴ͘ϰDůĞƐƐŬŶĞƚĂƐƐĞƚƐŽĨƚůĂŶƚŝĐŽĨΨϭϱϳ͘ϰDϴ͘ϵ͘	ŽŵƉƌŝƐĞƐĐƵƌƌĞŶƚĂŶĚŶŽŶͲĐƵƌƌĞŶƚƌĞŚĂďŝůŝƚĂƚŝŽŶƉƌŽǀŝƐŝŽŶƐŽŵƉƌŝƐĞƐĐƵƌƌĞŶƚĂŶĚŶŽŶͲĐƵƌƌĞŶƚŽƚŚĞƌƉƌŽǀŝƐŝŽŶƐŽŵƉƌŝƐĞƐŶĞƚƉƌŽĐĞĞĚƐĨƌŽŵĞƋƵŝƚLJƌĂŝƐĞŽĨΨϰϳϳ͘ϱDůĞƐƐƚůĂŶƚŝĐĐŽŶƚƌŝďƵƚĞĚĞƋƵŝƚLJĂƐĂƚϯϭĞĐĞŵďĞƌϮϬϭϴŽĨΨϭϲϬ͘ϭDϭϬ͘ ĚũƵƐƚŵĞŶƚĨŽƌƚůĂŶƚŝĐďĂůĂŶĐĞƐĂƐĂƚϯϭĞĐĞŵďĞƌϮϬϭϴ
ϯϬ ͬĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ				EKd&KZ/^dZ/hd/KEKZZ>^/Ed,hE/d^dd^

dƌĂŶƐĂĐƚŝŽŶ&ƵŶĚŝŶŐ

	^ŽƵƌĐĞƐ;ΨDͿ	hƐĞƐ;ΨDͿ
džŝƐƚŝŶŐĐĂƐŚ	Ϯϵϭ	ĐƋƵŝƐŝƚŝŽŶĞƋƵŝƚLJ	ϳϯϭ
ƋƵŝƚLJƌĂŝƐĞ	ϰϵϬ	ƚůĂŶƚŝĐŽƉƚŝŽŶƐ	ϯϳϭ
		dƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐ	ϭϯ
dŽƚĂůƐŽƵƌĐĞƐ	ϳϴϭ	dŽƚĂůƵƐĞƐ	ϳϴϭ
dƌĂŶƐĂĐƚŝŽŶǀĂůƵĞ	• ĂƐĞĚ ŽŶŽĨĨĞƌƉƌŝĐĞŽĨΨϮ͘ϵϬĂŶĚϮϯϲ͘ϵDŽƵƚƐƚĂŶĚŝŶŐƐŚĂƌĞƐĂŶĚŽƉƚŝŽŶƐǁŽƌƚŚΨϯϱD;ΨϯϳDͿ• ƚůĂŶƚŝĐĂŐŐƌĞŐĂƚĞĞƋƵŝƚLJ;ŝŶĐůƵĚŝŶŐŽƉƚŝŽŶƐͿŝƐǀĂůƵĞĚĂƚΨϳϮϮD;ΨϳϲϴDͿ͖ĞŶƚĞƌƉƌŝƐĞǀĂůƵĞŝŵƉůŝĞĚŝƐΨϴϬϮD;ΨϴϱϰDͿ• ^ƚĂƌďĂƌĂŚĂƐĞŶƚĞƌĞĚŝŶƚŽĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJŚĞĚŐŝŶŐĂƌƌĂŶŐĞŵĞŶƚƐƚŽƉƌŽǀŝĚĞĐŽǀĞƌĨŽƌƚŚĞƚƌĂŶƐĂĐƚŝŽŶĐŽŶƐŝĚĞƌĂƚŝŽŶ
ƋƵŝƚLJƌĂŝƐĞ		• ΨϰϵϬDƵŶĚĞƌǁƌŝƚƚĞŶŶƚŝƚůĞŵĞŶƚKĨĨĞƌ
ĂƐŚ		• ΨϮϵϭDƚŽďĞĨƵŶĚĞĚ ĨƌŽŵĞdžŝƐƚŝŶŐĐĂƐŚ ďĂůĂŶĐĞŽĨΨϯϴϮDĂƐĂƚϯϭDĂƌĐŚϮϬϭϵ
Ğďƚ		• EĞǁΨϮϬϬDƌĞǀŽůǀŝŶŐůŽĂŶĨĂĐŝůŝƚLJĂǀĂŝůĂďůĞƚŽƐƵƉƉŽƌƚƚŚĞĐŽŵďŝŶĞĚĐŽŵƉĂŶLJ;ĐƵƌƌĞŶƚůLJƵŶĚƌĂǁŶͿ
^ƚĂƌďĂƌĂƉƌŽĨŽƌŵĂĐĂƉŝƚĂůŝƐĂƚŝŽŶ	• ϲϵϲD ƐŚĂƌĞƐĂƚĂdŚĞŽƌĞƚŝĐĂůdžͲZŝŐŚƚƐWƌŝĐĞ;͞dZW͟ͿŽĨΨϯ͘ϮϮͬƐŚĂƌĞϮ• EĞƚĐĂƐŚΨϲDϯ
ϭ͘ϮϬ͘ϱDŽƉƚŝŽŶƐǀĂůƵĞĚĂƚΨϯϱD;ΨϯϳDͿďĂƐĞĚŽŶ/ŶƚƌŝŶƐŝĐsĂůƵĞŵĞƚŚŽĚŽůŽŐLJĂƚΨϮ͘ϵϬŽĨĨĞƌƉƌŝĐĞϮ͘dŚĞdZWŝƐƚŚĞƚŚĞŽƌĞƚŝĐĂůƉƌŝĐĞĂƚǁŚŝĐŚ^ƚĂƌďĂƌĂƐŚĂƌĞƐƐŚŽƵůĚƚƌĂĚĞĂĨƚĞƌƚŚĞĞdžͲĚĂƚĞĨŽƌƚŚĞŶƚŝƚůĞŵĞŶƚKĨĨĞƌ͘dZWŝƐĂƚŚĞŽƌĞƚŝĐĂůĐĂůĐƵůĂƚŝŽŶŽŶůLJĂŶĚƚŚĞĂĐƚƵĂůƉƌŝĐĞĂƚǁŚŝĐŚ^ƚĂƌďĂƌĂƐŚĂƌĞƐƚƌĂĚĞŝŵŵĞĚŝĂƚĞůLJĂĨƚĞƌƚŚĞĞdžͲĚĂƚĞĨŽƌƚŚĞŶƚŝƚůĞŵĞŶƚKĨĨĞƌǁŝůůĚĞƉĞŶĚŽŶŵĂŶLJĨĂĐƚŽƌƐĂŶĚŵĂLJŶŽƚďĞĞƋƵĂůƚŽdZW͘^ƚĂƚĞĚdZWĐĂůĐƵůĂƚĞĚďĂƐĞĚŽŶΨϰϵϬDƌŝŐŚƚƐŝƐƐƵĞ͕^ƚĂƌďĂƌĂƐŚĂƌĞƐŽƵƚƐƚĂŶĚŝŶŐŽĨϱϮϲ͘ϬDĂŶĚ^ƚĂƌďĂƌĂ͛ƐĐůŽƐŝŶŐƐŚĂƌĞƉƌŝĐĞĂƐĂƚϭϰDĂLJϮϬϭϵŽĨΨϯ͘ϯϮϯ͘^ƚĂƌďĂƌĂĐĂƐŚďĂůĂŶĐĞŽĨΨϯϴϮDĂƚϯϭDĂƌĐŚϮϬϭϵ;ĞdžĐůƵĚĞƐƌĞƐƚƌŝĐƚĞĚĐĂƐŚŽĨΨϮDͿ͕ĂĚũƵƐƚŝŶŐĨŽƌƚůĂŶƚŝĐŶĞƚĚĞďƚĂŶĚĞdžŝƐƚŝŶŐĐĂƐŚƵƐĞĚƚŽĨƵŶĚƚŚĞĂĐƋƵŝƐŝƚŝŽŶ
ϯϭ ͬĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ			EKd&KZ/^dZ/hd/KEKZZ>^/Ed,hE/d^dd^

WƌŽ&ŽƌŵĂEĞƚĂƐŚWŽƐŝƚŝŽŶĂƐĂƚϯϭDĂƌĐŚϮϬϭϵ

^ƚĂƌďĂƌĂƉŽƐƚͲƚƌĂŶƐĂĐƚŝŽŶǁŽƵůĚŚĂǀĞĂ ƐƚƌŽŶŐďĂůĂŶĐĞƐŚĞĞƚǁŝƚŚĂĐĂƐŚďĂůĂŶĐĞ ŽĨΨϭϯϬDĂŶĚĂŶĞƚĐĂƐŚƉŽƐŝƚŝŽŶŽĨ ΨϲD;ƉƌŽĨŽƌŵĂĨŝŐƵƌĞͿ
,ĞĂĚƌŽŽŵŽŶĚĞďƚĨĂĐŝůŝƚŝĞƐĂƐǁĞůůĂƐ ƐƚƌŽŶŐĐĂƐŚĨůŽǁŐĞŶĞƌĂƚŝŽŶŽĨĐŽŵďŝŶĞĚ ŽƉĞƌĂƚŝŽŶƐƉƌŽǀŝĚĞƐƐƵďƐƚĂŶƚŝĂůůŝƋƵŝĚŝƚLJ

ΨD	^ƚĂƌďĂƌĂƉƌĞͲƚƌĂŶƐĂĐƚŝŽŶ	ƚůĂŶƚŝĐ	ĚũƵƐƚŵĞŶƚƐ	^ƚĂƌďĂƌĂƉŽƐƚͲƚƌĂŶƐĂĐƚŝŽŶ
ƚůĂŶƚŝĐĚĞďƚ	Ͳ	ϭϮϰϭ	Ͳ	ϭϮϰ
dŽƚĂůĚĞďƚ	Ͳ	ϭϮϰ	Ͳ	ϭϮϰ
ĂƐŚ ĂŶĚƚĞƌŵĚĞƉŽƐŝƚƐ	ϯϴϮ	ϯϴϭ	;ϮϵϭͿ	ϭϯϬ
EĞƚ ĂƐŚͬ;ĚĞďƚͿ	ϯϴϮ	;ϴϲͿ	;ϮϵϭͿ	ϲ
hŶĚƌĂǁŶĚĞďƚĨĂĐŝůŝƚŝĞƐ	Ͳ	Ͳ	ϮϬϬϮ	ϮϬϬ

^ƚĂƌďĂƌĂEĞǁĞďƚ&ĂĐŝůŝƚLJ

ΨϮϬϬDƌĞǀŽůǀŝŶŐůŽĂŶĨĂĐŝůŝƚLJǁŝƚŚƚŚƌĞĞLJĞĂƌƚĞŶŽƌƉƌŽǀŝĚĞĚďLJtĞƐƚƉĂĐ
hƐĞĚĨŽƌŐĞŶĞƌĂůĐŽƌƉŽƌĂƚĞƉƵƌƉŽƐĞƐƚŽƐƵƉƉŽƌƚƚŚĞĐŽŵďŝŶĞĚĐŽŵƉĂŶLJ • ƵƌƌĞŶƚůLJƵŶĚƌĂǁŶ
ƚƚƌĂĐƚŝǀĞĐŽƐƚŽĨĨƵŶĚŝŶŐ

ϭ͘ ƚϯϭDĂƌĐŚϮϬϭϵƚŽƚĂůĚĞďƚǁĂƐΨϭϭϲ͘ϱD;ΨϭϮϰ͘ϬDͿĂŶĚĐĂƐŚǁĂƐΨϯϲ͘ϭD;Ψϯϴ͘ϰDͿ Ϯ͘ EĞǁƵŶĚƌĂǁŶƌĞǀŽůǀŝŶŐůŽĂŶĨĂĐŝůŝƚLJŽĨΨϮϬϬDĂǀĂŝůĂďůĞƚŽ^ƚĂƌďĂƌĂ

ϯϮ ͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

ƚůĂŶƚŝĐZĞǀŽůǀŝŶŐƌĞĚŝƚ&ĂĐŝůŝƚLJ • ΨϭϱϬDĐŽƌƉŽƌĂƚĞĨĂĐŝůŝƚLJǁŝƚŚƚŚƌĞĞLJĞĂƌƚĞŶŽƌĞŶƚĞƌĞĚ ŝŶƚŽŝŶ^ĞƉƚĞŵďĞƌϮϬϭϴƚŽ

ƌĞĨŝŶĂŶĐĞƉƌĞǀŝŽƵƐĚĞǀĞůŽƉŵĞŶƚĨĂĐŝůŝƚLJŝŶƉůĂĐĞ͖ΨϭϭϳDĚƌĂǁŶ ĂƐĂƚϯϭDĂƌĐŚϮϬϭϵ
ZĞĚƵĐƚŝŽŶŽĨĨĂĐŝůŝƚLJůŝŵŝƚƚŽΨϭϬϬDƉŽƐƚϯϭDĂƌĐŚϮϬϭϵŽŶĐŚĂŶŐĞŽĨĐŽŶƚƌŽů
ZĞĐĞŝǀĞĚĐŽŶƐĞŶƚƚŽǁĂŝǀĞĐŚĂŶŐĞŽĨĐŽŶƚƌŽůƉƌŽǀŝƐŝŽŶ

ŶƚŝƚůĞŵĞŶƚKĨĨĞƌĞƚĂŝůƐ

EKd&KZ/^dZ/hd/KEKZZ>^/Ed,hE/d^dd^

KĨĨĞƌƐƚƌƵĐƚƵƌĞ	• hŶĚĞƌǁƌŝƚƚĞŶĂĐĐĞůĞƌĂƚĞĚŶŽŶͲƌĞŶŽƵŶĐĞĂďůĞĞŶƚŝƚůĞŵĞŶƚŽĨĨĞƌ
KĨĨĞƌƐŝnjĞ	• Đ͘ΨϰϵϬŵŝůůŝŽŶ
ZŝŐŚƚƐƌĂƚŝŽ	• ϭĨŽƌϯ͘ϭ
EĞǁ^ŚĂƌĞƐƚŽďĞŝƐƐƵĞĚ	• Đ͘ϭϲϵ͘ϳŵŝůůŝŽŶŽƌĚŝŶĂƌLJ^ƚĂƌďĂƌĂƐŚĂƌĞƐ;ϯϮ͘ϯйŽĨĐƵƌƌĞŶƚŝƐƐƵĞĚĐĂƉŝƚĂůͿ
KĨĨĞƌƉƌŝĐĞ	• ΨϮ͘ϴϵƉĞƌEĞǁ^ŚĂƌĞƌĞƉƌĞƐĞŶƚŝŶŐ• ϭϯ͘ϬйĚŝƐĐŽƵŶƚƚŽůĂƐƚĐůŽƐŝŶŐƉƌŝĐĞŽĨΨϯ͘ϯϮŽŶϭϰDĂLJϮϬϭϵ• ϭϬ͘ϭйĚŝƐĐŽƵŶƚƚŽƚŚĞŽƌĞƚŝĐĂůĞdžƌŝŐŚƚƐƉƌŝĐĞŽĨΨϯ͘ϮϮ
ZĞĐŽƌĚĚĂƚĞ	• ZĞĐŽƌĚĚĂƚĞŝƐϳ͘ϬϬƉŵ;^dͿŽŶ&ƌŝĚĂLJ͕ϭϳDĂLJϮϬϭϵ
hƐĞŽĨƉƌŽĐĞĞĚƐ	• EĞƚƉƌŽĐĞĞĚƐĂƌĞŝŶƚĞŶĚĞĚƚŽďĞƵƐĞĚƚŽƉĂƌƚĨƵŶĚƚŚĞƉƵƌĐŚĂƐĞŽĨϭϬϬйŽĨƚŚĞŝƐƐƵĞĚĐĂƉŝƚĂůŝŶƚůĂŶƚŝĐǀŝĂƉůĂŶŽĨĂƌƌĂŶŐĞŵĞŶƚ• /ĨƚŚĞĂĐƋƵŝƐŝƚŝŽŶĚŽĞƐŶŽƚĐŽŵƉůĞƚĞ͕^ƚĂƌďĂƌĂǁŝůůĂƐƐĞƐƐƚŚĞŵŽƐƚĂƉƉƌŽƉƌŝĂƚĞƵƐĞŽĨƉƌŽĐĞĞĚƐŽŶďĞŚĂůĨŽĨƐŚĂƌĞŚŽůĚĞƌƐ
/ŶƐƚŝƚƵƚŝŽŶĂůŝŶǀĞƐƚŽƌƐ	• dŚĞ/ŶƐƚŝƚƵƚŝŽŶĂůŶƚŝƚůĞŵĞŶƚKĨĨĞƌǁŝůůďĞĐŽŶĚƵĐƚĞĚĨƌŽŵtĞĚŶĞƐĚĂLJ͕ϭϱDĂLJϮϬϭϵƚŽdŚƵƌƐĚĂLJ͕ϭϲDĂLJϮϬϭϵ• ŶƚŝƚůĞŵĞŶƚƐŶŽƚƚĂŬĞŶƵƉĂŶĚĞŶƚŝƚůĞŵĞŶƚƐƚŽŝŶĞůŝŐŝďůĞŝŶƐƚŝƚƵƚŝŽŶĂůƐŚĂƌĞŚŽůĚĞƌƐǁŝůůďĞƐŽůĚŝŶƚŚĞŝŶƐƚŝƚƵƚŝŽŶĂůƐŚŽƌƚĨĂůůŬďƵŝůĚ
ZĞƚĂŝůŝŶǀĞƐƚŽƌƐ	• dŚĞZĞƚĂŝůŶƚŝƚůĞŵĞŶƚKĨĨĞƌǁŝůůŽƉĞŶŽŶdƵĞƐĚĂLJ͕ϮϭDĂLJϮϬϭϵĂŶĚĐůŽƐĞŽŶdƵĞƐĚĂLJ͕ϰ:ƵŶĞϮϬϭϵ• dŚĞƌĞƚĂŝůĐŽŵƉŽŶĞŶƚǁŝůůŝŶĐůƵĚĞĂŶŽǀĞƌƐƵďƐĐƌŝƉƚŝŽŶĨĂĐŝůŝƚLJƵŶĚĞƌǁŚŝĐŚĞůŝŐŝďůĞƌĞƚĂŝůƐŚĂƌĞŚŽůĚĞƌƐǁŚŽƚĂŬĞƵƉƚŚĞŝƌĨƵůůĞŶƚŝƚůĞŵĞŶƚŵĂLJĂƉƉůLJĨŽƌĂĚĚŝƚŝŽŶĂůEĞǁ^ŚĂƌĞƐƵƉƚŽϮϱйŽĨƚŚĞŝƌĞŶƚŝƚůĞŵĞŶƚƚŽƚŚĞĞdžƚĞŶƚEĞǁ^ŚĂƌĞƐĂƌĞŶŽƚƚĂŬĞŶƵƉďLJĞůŝŐŝďůĞƌĞƚĂŝůƐŚĂƌĞŚŽůĚĞƌƐ
ŽĂƌĚƉĂƌƚŝĐŝƉĂƚŝŽŶ	• ůůƚŚĞŝƌĞĐƚŽƌƐŽĨ^ƚĂƌďĂƌĂǁŚŽĂƌĞƐŚĂƌĞŚŽůĚĞƌƐŚĂǀĞŝŶĚŝĐĂƚĞĚƚŚĞLJǁŝůůƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞZĞƚĂŝůŶƚŝƚůĞŵĞŶƚKĨĨĞƌ• ŝƌĞĐƚŽƌƐĂƌĞŶŽƚĞůŝŐŝďůĞƚŽƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞƌĞƚĂŝůŽǀĞƌƐƵďƐĐƌŝƉƚŝŽŶĨĂĐŝůŝƚLJ
ZĂŶŬŝŶŐŽĨEĞǁ^ŚĂƌĞƐ	• EĞǁƐŚĂƌĞƐǁŝůůƌĂŶŬƉĂƌŝƉĂƐƐƵǁŝƚŚĞdžŝƐƚŝŶŐ^ƚĂƌďĂƌĂƐŚĂƌĞƐ
	EŽƚĞ͗dŚĞhŶĚĞƌǁƌŝƚŝŶŐŐƌĞĞŵĞŶƚĚĂƚĞĚϭϱDĂLJϮϬϭϵďĞƚǁĞĞŶ^ƚĂƌďĂƌĂĂŶĚƚŚĞƵŶĚĞƌǁƌŝƚĞƌƉƌŽǀŝĚĞƐƚŚĂƚƚŚĞƵŶĚĞƌǁƌŝƚĞƌƐŚĂůůŶŽƚďĞŝƐƐƵĞĚĂŶLJƐŚĂƌĞƐƚŚĂƚǁŽƵůĚĞŝƚŚĞƌĐĂƵƐĞŝƚƚŽďƌĞĂĐŚƚŚĞϮϬйƚĂŬĞŽǀĞƌƚŚƌĞƐŚŽůĚĐŽŶƚĂŝŶĞĚŝŶŚĂƉƚĞƌϲŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭ;ƚŚͿŽƌǁŚŝĐŚǁŽƵůĚƌĞƋƵŝƌĞŶŽƚŝĨŝĐĂƚŝŽŶƵŶĚĞƌƚŚĞ&ŽƌĞŝŐŶĐƋƵŝƐŝƚŝŽŶƐĂŶĚdĂŬĞŽǀĞƌƐĐƚϭϵϳϱ;ƚŚͿ͘dŚĞŝƐƐƵĞƐŝnjĞŝƐĂƉƉƌŽdžŝŵĂƚĞůLJϭϲϵ͘ϳŵŝůůŝŽŶƐŚĂƌĞƐŽƌϮϰ͘ϰйŽĨƚŚĞŝƐƐƵĞĚĐĂƉŝƚĂůŽŶĂĨƵůůLJĚŝůƵƚĞĚďĂƐŝƐ͘/ĨƚŚĞƵŶĚĞƌǁƌŝƚĞƌǁĂƐƌĞƋƵŝƌĞĚƚŽƚĂŬĞƵƉŵŽƌĞƚŚĂŶϮϬй

ŽĨƚŚĞƐŚĂƌĞƐŽŶŝƐƐƵĞ͕ƚŚĞŶ͕ŝƚŶŽƚĞƐĨŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨ^/ZĞƉŽƌƚϲϭϮ;DĂƌĐŚϮϬϭϵͿ͕ƚŚĂƚŝƚǁŝůůƐƚŝůůŐƵĂƌĂŶƚĞĞĨƵŶĚŝŶŐ ŽĨ ƚŚĞĞŶƚŝƌĞƵŶĚĞƌǁƌŝƚƚĞŶƉƌŽĐĞĞĚƐďLJƚŚĞĐŽŵƉůĞƚŝŽŶĚĂƚĞ͕ƚŚĞŶƵŵďĞƌŽĨĞdžĐĞƐƐƐŚŽƌƚĨĂůůƐŚĂƌĞƐǁŽƵůĚďĞĐ͘ϯϬ͘ϱŵŝůůŝŽŶƐŚĂƌĞƐ ;ďĞŝŶŐĂŶĞƋƵŝǀĂůĞŶƚ ƚŽϰ͘ϰйŽĨƚŚĞĐŽŵƉĂŶLJΖƐĨƵůůLJĚŝůƵƚĞĚŝƐƐƵĞĚƐŚĂƌĞĐĂƉŝƚĂůͿƉůƵƐĂŶLJĂĚĚŝƚŝŽŶĂůŝŶƚĞƌĞƐƚƐƚŚĞƵŶĚĞƌǁƌŝƚĞƌĂŶĚŝƚƐĂĨĨŝůŝĂƚĞƐ ŚŽůĚĂƚƚŚĞƌĞůĞǀĂŶƚƐĞƚƚůĞŵĞŶƚĚĂƚĞƐŽƚŚĞƌƚŚĂŶƚŚƌŽƵŐŚŝƚƐƵŶĚĞƌǁƌŝƚŝŶŐĐŽŵŵŝƚŵĞŶƚ͕ĂŶĚŝƚǁŽƵůĚĞŶƚĞƌŝŶƚŽĂŶĂƌƌĂŶŐĞŵĞŶƚĨŽƌĂŶLJƐƵĐŚĞdžĐĞƐƐ ƐŚĂƌĞƐƚŽďĞŝƐƐƵĞĚƚŽŝƚ͕ŽƌƚŽƚŚŝƌĚƉĂƌƚLJŝŶǀĞƐƚŽƌƐ͕ĂĨƚĞƌĐůŽƐĞŽĨƚŚĞŽĨĨĞƌĂƚƚŚĞƐĂŵĞŽĨĨĞƌƉƌŝĐĞƵŶĚĞƌƚŚĞŶƚŝƚůĞŵĞŶƚKĨĨĞƌ͘EŽŵĂƚĞƌŝĂůŝŵƉĂĐƚŽŶĐŽŶƚƌŽůŝƐĞdžƉĞĐƚĞĚƚŽĂƌŝƐĞĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨƚŚĞƐĞĂƌƌĂŶŐĞŵĞŶƚƐŽƌĨƌŽŵĂŶLJƐŚĂƌĞŚŽůĚĞƌƚĂŬŝŶŐƵƉƚŚĞŝƌĞŶƚŝƚůĞŵĞŶƚ ǁŚĞƌĞƚŚĞƌĞŝƐĂŶĞdžĐĞƐƐƐŚŽƌƚĨĂůů͘

ϯϰ ͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

ƋƵŝƚLJZĂŝƐŝŶŐdŝŵĞƚĂďůĞ

<ĞLJĂƚĞƐ	dŝŵĞͬĂƚĞ ;^dͿ
dƌĂĚŝŶŐ,Ăůƚ͕ĂŶŶŽƵŶĐĞŵĞŶƚŽĨdƌĂŶƐĂĐƚŝŽŶ͕ ŶƚŝƚůĞŵĞŶƚKĨĨĞƌ͕/ŶƐƚŝƚƵƚŝŽŶĂůŶƚŝƚůĞŵĞŶƚKĨĨĞƌŽƉĞŶƐ	tĞĚŶĞƐĚĂLJ͕ ϭϱDĂLJϮϬϭϵ
/ŶƐƚŝƚƵƚŝŽŶĂůŶƚŝƚůĞŵĞŶƚKĨĨĞƌĐůŽƐĞƐ	dŚƵƌƐĚĂLJ͕ ϭϲDĂLJϮϬϭϵ
ŶŶŽƵŶĐĞŵĞŶƚŽĨƌĞƐƵůƚƐŽĨ/ŶƐƚŝƚƵƚŝŽŶĂůŶƚŝƚůĞŵĞŶƚKĨĨĞƌ	&ƌŝĚĂLJ͕ ϭϳDĂLJϮϬϭϵ
dƌĂĚŝŶŐŚĂůƚůŝĨƚĞĚʹ ^ŚĂƌĞƐƌĞĐŽŵŵĞŶĐĞƚƌĂĚŝŶŐŽŶ^yŽŶĂŶΗĞdžͲĞŶƚŝƚůĞŵĞŶƚΗ ďĂƐŝƐ	&ƌŝĚĂLJ͕ ϭϳDĂLJϮϬϭϵ
ZĞĐŽƌĚ ĚĂƚĞĨŽƌŶƚŝƚůĞŵĞŶƚKĨĨĞƌ	ϳ͘ϬϬƉŵŽŶ&ƌŝĚĂLJ͕ ϭϳDĂLJϮϬϭϵ
ZĞƚĂŝůŶƚŝƚůĞŵĞŶƚKĨĨĞƌŽƉĞŶƐĂŶĚZĞƚĂŝůKĨĨĞƌŽŽŬůĞƚ;ŝŶĐůƵĚŝŶŐŶƚŝƚůĞŵĞŶƚĂŶĚĐĐĞƉƚĂŶĐĞ&ŽƌŵͿĚŝƐƉĂƚĐŚĞĚ	dƵĞƐĚĂLJ͕ϮϭDĂLJϮϬϭϵ
^ĞƚƚůĞŵĞŶƚŽĨ/ŶƐƚŝƚƵƚŝŽŶĂůŶƚŝƚůĞŵĞŶƚKĨĨĞƌ	&ƌŝĚĂLJ͕ ϮϰDĂLJϮϬϭϵ
ůůŽƚŵĞŶƚĂŶĚĐŽŵŵĞŶĐĞŵĞŶƚŽĨƚƌĂĚŝŶŐŽĨEĞǁ^ŚĂƌĞƐŝƐƐƵĞĚƵŶĚĞƌƚŚĞ/ŶƐƚŝƚƵƚŝŽŶĂů ŶƚŝƚůĞŵĞŶƚKĨĨĞƌ	DŽŶĚĂLJ͕ ϮϳDĂLJϮϬϭϵ
ZĞƚĂŝůŶƚŝƚůĞŵĞŶƚKĨĨĞƌĐůŽƐĞƐ	ϱ͘ϬϬƉŵ ŽŶdƵĞƐĚĂLJ͕ ϰ:ƵŶĞϮϬϭϵ
ŶŶŽƵŶĐĞŵĞŶƚŽĨƌĞƐƵůƚƐŽĨZĞƚĂŝůŶƚŝƚůĞŵĞŶƚKĨĨĞƌ	&ƌŝĚĂLJ͕ ϳ:ƵŶĞϮϬϭϵ
^ĞƚƚůĞŵĞŶƚŽĨEĞǁ^ŚĂƌĞƐŝƐƐƵĞĚƵŶĚĞƌƚŚĞZĞƚĂŝůŶƚŝƚůĞŵĞŶƚKĨĨĞƌ	dƵĞƐĚĂLJ ͕ ϭϭ:ƵŶĞϮϬϭϵ
ůůŽƚŵĞŶƚ ŽĨEĞǁ^ŚĂƌĞƐŝƐƐƵĞĚƵŶĚĞƌƚŚĞZĞƚĂŝůŶƚŝƚůĞŵĞŶƚKĨĨĞƌ	tĞĚŶĞƐĚĂLJ͕ ϭϮ:ƵŶĞϮϬϭϵ
ŽŵŵĞŶĐĞŵĞŶƚŽĨƚƌĂĚŝŶŐŽĨEĞǁ^ŚĂƌĞƐŝƐƐƵĞĚƵŶĚĞƌƚŚĞZĞƚĂŝůŶƚŝƚůĞŵĞŶƚKĨĨĞƌ	dŚƵƌƐĚĂLJ͕ ϭϯ:ƵŶĞϮϬϭϵ
ŝƐƉĂƚĐŚŽĨŚŽůĚŝŶŐƐƚĂƚĞŵĞŶƚƐŝŶƌĞƐƉĞĐƚŽĨEĞǁ^ŚĂƌĞƐŝƐƐƵĞĚƵŶĚĞƌƚŚĞZĞƚĂŝůŶƚŝƚůĞŵĞŶƚKĨĨĞƌ	dŚƵƌƐĚĂLJ͕ ϭϯ:ƵŶĞϮϬϭϵ
EŽƚĞ͗ůůĚĂƚĞƐĂŶĚƚŝŵĞƐĂƌĞƐƵďũĞĐƚƚŽĐŚĂŶŐĞ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚ͕ĂůůƚŝŵĞƐĂŶĚĚĂƚĞƐƌĞĨĞƌƚŽDĞůďŽƵƌŶĞƚŝŵĞ͘^ƚĂƌďĂƌĂĂŶĚƚŚĞƵŶĚĞƌǁƌŝƚĞƌƌĞƐĞƌǀĞƚŚĞƌŝŐŚƚƚŽĂŵĞŶĚĂŶLJŽƌĂůůŽĨƚŚĞƐĞĚĂƚĞƐĂŶĚƚŝŵĞƐƐƵďũĞĐƚƚŽƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚ͕^y>ŝƐƚŝŶŐZƵůĞƐĂŶĚŽƚŚĞƌĂƉƉůŝĐĂďůĞůĂǁƐ͘/ŶƉĂƌƚŝĐƵůĂƌ͕^ƚĂƌďĂƌĂƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽĞdžƚĞŶĚƚŚĞĐůŽƐŝŶŐĚĂƚĞĨŽƌƚŚĞZĞƚĂŝůŶƚŝƚůĞŵĞŶƚKĨĨĞƌŽƌƚŽĂĐĐĞƉƚůĂƚĞĂƉƉůŝĐĂƚŝŽŶƐƵŶĚĞƌƚŚĞZĞƚĂŝůŶƚŝƚůĞŵĞŶƚKĨĨĞƌǁŝƚŚŽƵƚƉƌŝŽƌŶŽƚŝĐĞ͘

EKd&KZ/^dZ/hd/KEKZZ>^/Ed,hE/d^dd^ ŽŶĨŝƌŵĂƚŝŽŶŽĨ'ƵŝĚĂŶĐĞ ^ĞĐƚŝŽŶϲ

^ƚĂƌďĂƌĂŝƐŽŶdƌĂĐŬƚŽĞůŝǀĞƌ&ƵůůzĞĂƌ'ƵŝĚĂŶĐĞ

WƌŽĚƵĐƚŝŽŶ ^ƵŵŵĂƌLJŽŶƐŽůŝĚĂƚĞĚ		zĞĂƌ&zϭϴ	Yϭ^ĞƉ&zϭϵ	YϮĞĐ&zϭϵ	Yϯ DĂƌ&zϭϵ	Yϯzd&zϭϵ	'ƵŝĚĂŶĐĞ&zϭϵϭ	• ^ƚĂƌďĂƌĂƌĞĂĨĨŝƌŵĞĚ^ŝŵďĞƌŝ
^ƚĂƌďĂƌĂΖƐ ĨŝŶĂŶĐŝĂůLJĞĂƌŝƐϭ :ƵůLJƚŽϯϬ:ƵŶĞ		zĞĂƌƚŽϯϬ:ƵŶĞϮϬϭϴ	YƚƌƚŽϯϬ^ĞƉϮϬϭϴ	YƚƌƚŽϯϭĞĐϮϬϭϴ	YƚƌƚŽϯϭDĂƌϮϬϭϵ	ϵŵŽŶƚŚƐƚŽϯϭDĂƌϮϬϭϵ	zĞĂƌƚŽϯϬ:ƵŶĞϮϬϭϵ	ĂŶĚ'ǁĂůŝĂ&zϭϵƉƌŽĚƵĐƚŝŽŶĂŶĚ
WƌŽĚƵĐƚŝŽŶ								ĐŽƐƚŐƵŝĚĂŶĐĞĂŶŶŽƵŶĐĞĚƚŽƚŚĞ
'ǁĂůŝĂ	Žnj	Ϯϲϴ͕ϰϮϴ	ϲϮ͕ϲϴϱ	ϱϯ͕Ϯϱϳ	ϱϰ͕Ϯϲϭ	ϭϳϬ͕ϮϬϯ	ϮϯϱƚŽϮϰϬŬŽnj;ƉƌĞǀ͘ϮϰϱƚŽϮϱϱͿ	ŵĂƌŬĞƚŽŶϭDĂLJϮϬϭϵ
^ŝŵďĞƌŝ	Žnj	ϭϯϰ͕ϲϲϭ	ϯϱ͕ϴϲϮ	ϯϱ͕ϵϴϳ	ϯϰ͕Ϭϵϳ	ϭϬϱ͕ϵϰϲ	ϭϯϬƚŽϭϯϱŬŽnj;ƉƌĞǀ͘ϭϮϬƚŽϭϯϬͿ
ŽŶƐŽůŝĚĂƚĞĚ	Žnj	ϰϬϯ͕Ϭϴϵ	ϵϴ͕ϱϰϳ	ϴϵ͕Ϯϰϰ	ϴϴ͕ϯϱϴ	Ϯϳϲ͕ϭϰϵ	ϯϲϱƚŽϯϳϱŬŽnj;ƉƌĞǀ͘ϯϲϱƚŽϯϴϱͿ
DŝŶĞĚ ŐƌĂĚĞ							ZĞƐĞƌǀĞŐƌĂĚĞϮ
'ǁĂůŝĂ	ŐͬƚƵ	ϭϮ͘ϱ	ϭϮ͘ϰ	ϭϬ͘ϰ	ϭϭ͘ϳ	ϭϭ͘ϱ	ϳ͘ϱ
^ŝŵďĞƌŝ	ŐͬƚƵ	ϭ͘Ϯϱ	ϭ͘Ϯϵ	ϭ͘ϱϱ	ϭ͘ϰϲ	ϭ͘ϰϯ	ϭ͘ϯ
dŽƚĂů ĐĂƐŚ ŽƉĞƌĂƚŝŶŐ ĐŽƐƚƐϯ
'ǁĂůŝĂ	ΨͬŽnj	ϲϭϯ	ϲϲϱ	ϴϬϲ	ϳϭϯ	ϳϮϰ	ŶͬĂ
^ŝŵďĞƌŝ	ΨͬŽnj	ϵϲϵ	ϵϱϮ	ϭ͕ϬϮϳ	ϭ͕Ϭϲϲ	ϭ͕Ϭϭϰ	ŶͬĂ
ŽŶƐŽůŝĚĂƚĞĚ	ΨͬŽnj	ϳϯϮ	ϳϲϵ	ϴϵϱ	ϴϰϵ	ϴϯϱ	ŶͬĂ
ůůͲŝŶ ƐƵƐƚĂŝŶŝŶŐ ĐŽƐƚϯ
'ǁĂůŝĂ	ΨͬŽnj	ϴϬϮ	ϴϯϯ	ϭ͕Ϭϴϭ	ϭ͕Ϭϭϲ	ϵϲϵ	ϵϴϬƚŽϭ͕ϬϬϬ;ƉƌĞǀ͘ϵϯϬƚŽϵϳϬͿ
^ŝŵďĞƌŝ	ΨͬŽnj	ϭ͕Ϭϲϴ	ϭ͕Ϭϲϴ	ϭ͕ϭϰϲ	ϭ͕ϮϮϵ	ϭ͕ϭϰϲ	ϭ͕ϮϰϱƚŽϭ͕ϯϬϬϰ;ƉƌĞǀ͘ϭ͕ϮϳϱƚŽϭ͕ϯϳϱͿ
ŽŶƐŽůŝĚĂƚĞĚ	ΨͬŽnj	ϴϵϭ	ϵϭϵ	ϭ͕ϭϬϴ	ϭ͕Ϭϵϴ	ϭ͕Ϭϯϳ	ϭ͕ϬϳϱƚŽϭ͕ϭϬϬ;ƉƌĞǀ͘ϭ͕ϬϰϱƚŽϭ͕ϭϬϬͿ

ϯϳͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

WŽƉƵůĂƚŝŽŶʹ ΕϭŵŝůůŝŽŶ
ĂƉŝƚĂůĐŝƚLJʹ ,ĂůŝĨĂdž
ϮŶĚ ƐŵĂůůĞƐƚĂŶĂĚŝĂŶƉƌŽǀŝŶĐĞ • DĂŝŶŝŶĚƵƐƚƌŝĞƐʹ ĨŝƐŚŝŶŐ͕
ĨŽƌĞƐƚƌLJ͕ĞŶĞƌŐLJĂŶĚƚŽƵƌŝƐŵ • WŽƌƚŽĨ,ĂůŝĨĂdžʹ ůůǁĞĂƚŚĞƌ͕ ĚĞĞƉǁĂƚĞƌƉŽƌƚ
,ĂůŝĨĂdž^ƚĂŶĨŝĞůĚ/ŶƚĞƌŶĂƚŝŽŶĂů ŝƌƉŽƌƚʹ ϮϱŬŵŶŽƌƚŚŽĨ,ĂůŝĨĂdž
&ŽƌŵĞƌƌŝƚŝƐŚŽůŽŶLJʹ ϵϮй ŶŐůŝƐŚĂƐĨŝƌƐƚůĂŶŐƵĂŐĞ
WƌŽǀŝŶĐŝĂů'ŽǀĞƌŶŵĞŶƚʹ EŽǀĂ ^ĐŽƚŝĂ>ŝďĞƌĂůWĂƌƚLJ;WƌĞŵŝĞƌ ^ƚĞƉŚĞŶDĐEĞŝůͿ
ůŝŵĂƚĞ;ĚĂŝůLJƌĂŶŐĞͿ
- ^ƵŵŵĞƌ͗ϭϲƚŽϮϱΣ
- tŝŶƚĞƌ͗ʹϭϱƚŽϰΣ
^ƚƌŽŶŐ/dƐĞĐƚŽƌ
ŽĐĂƚŝŽŶŽĨƐĞǀĞƌĂůŵŝůŝƚĂƌLJďĂƐĞƐ
ƐƚĂďůŝƐŚĞĚŵŝŶŝŶŐũƵƌŝƐĚŝĐƚŝŽŶ͕ ŚŝƐƚŽƌLJŽĨŐŽůĚŵŝŶŝŶŐ

ϯϵͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

DŽŽƐĞZŝǀĞƌKƉĞƌĂƚŝŶŐĂƚĂ

	Yϭ DĂƌĐŚϮϬϭϴ	YϮ:ƵŶĞϮϬϭϴ	Yϯ^ĞƉƚĞŵďĞƌϮϬϭϴ	YϰĞĐĞŵďĞƌϮϬϭϴ	ϮϬϭϴ	YϭDĂƌĐŚϮϬϭϵ	ϮϬϭϵ'ƵŝĚĂŶĐĞ
dŽŶŶĞƐŵŝůůĞĚ ;ŬƚͿ	ϭϴϴ	ϱϲϳ	ϱϴϭ	ϱϰϭ	Ϯ͕ϭϬϴ	ϱϮϴ
'ŽůĚŚĞĂĚŐƌĂĚĞ;ŐͬƚƵͿ	ϭ͘ϱϯ	ϭ͘Ϯϴ	ϭ͘ϱϰ	ϭ͘ϯϳ	ϭ͘ϰϭ	ϭ͘Ϯϭ
ZĞĐŽǀĞƌLJ;йͿ	ϵϰ͘ϵ	ϵϱ͘Ϯ	ϵϱ͘ϱ	ϵϰ͘ϳ	ϵϰ͘ϵ	ϵϱ͘ϭ
'ŽůĚƉƌŽĚƵĐĞĚ;ŽnjͿ	ϭϴ͕ϭϴϯ	ϮϮ͕Ϯϲϵ	Ϯϳ͕ϱϳϬ	ϮϮ͕ϱϬϵ	ϵϬ͕ϱϯϭ	ϭϵ͕ϲϭϮ	ϵϮ͕ϬϬϬƚŽϵϴ͕ϬϬϬ
'ŽůĚƐŽůĚ ;ŽnjͿ	ϭϳ͕ϭϴϳ	ϮϮ͕ϳϮϴ	Ϯϳ͕ϬϮϲ	Ϯϯ͕ϰϬϱ	ϵϬ͕ϯϰϲ	ϭϵ͕ϭϳϯ
ĂƐŚĐŽƐƚƐ;ΨͬŽnjͿ	ϱϰϵ	ϱϲϵ	ϱϰϭ	ϱϳϰ	ϱϱϴ	ϲϴϵ	ϱϲϬƚŽϲϭϬ
/^;ΨͬŽnjͿ	ϳϱϭ	ϳϰϯ	ϲϵϱ	ϳϰϵ	ϳϯϭ	ϴϳϰ	ϲϵϱƚŽϳϱϱ

^ŽƵƌĐĞ͗ƚůĂŶƚŝĐƋƵĂƌƚĞƌůLJDĂŶĂŐĞŵĞŶƚ͕ŝƐĐƵƐƐŝŽŶΘŶĂůLJƐŝƐƌĞůĞĂƐĞƐ

ϰϬ ͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

EKd&KZ/^dZ/hd/KEKZZ>^/Ed,hE/d^dd^

ƚůĂŶƚŝĐKƌĞZĞƐĞƌǀĞƐ^ƵŵŵĂƌLJƉĞƌϮϱDĂƌĐŚϮϬϭϵZĞůĞĂƐĞ

	dŽŶŶĞƐ;ŵƚͿ	'ƌĂĚĞ;ŐͬƚƵͿ	'ŽůĚŽnjΖƐ ;ΖϬϬϬΖƐͿ
dŽƵƋƵŽLJ
WƌŽǀĞŶZĞƐĞƌǀĞƐ	ϯ͘ϯϲ	ϭ͘ϭϬ	ϭϭϵ
WƌŽďĂďůĞZĞƐĞƌǀĞƐ	ϳ͘ϭϰ	ϭ͘Ϯϴ	Ϯϵϱ
^ƚŽĐŬƉŝůĞƌĞƐĞƌǀĞƐ	Ϯ͘ϭϰ	Ϭ͘ϱϳ	ϰϰ
dŽƚĂůWƌŽǀĞŶĂŶĚWƌŽďĂďůĞZĞƐĞƌǀĞƐ	ϭϮ͘ϵϭ	ϭ͘ϭϬ	ϰϱϴ
ĞĂǀĞƌĂŵ
WƌŽǀĞŶZĞƐĞƌǀĞƐ	ϯ͘ϴϭ	ϭ͘ϱϰ	ϭϴϴ
WƌŽďĂďůĞZĞƐĞƌǀĞƐ	ϯ͘Ϭϵ	ϭ͘ϰϯ	ϭϰϮ
dŽƚĂůWƌŽǀĞŶĂŶĚWƌŽďĂďůĞZĞƐĞƌǀĞƐ	ϲ͘ϵϬ	ϭ͘ϰϵ	ϯϯϬ
&ŝĨƚĞĞŶDŝůĞ^ƚƌĞĂŵ
WƌŽǀĞŶZĞƐĞƌǀĞƐ	ϱ͘ϱϴ	ϭ͘Ϭϵ	ϭϵϲ
WƌŽďĂďůĞZĞƐĞƌǀĞƐ	ϭϭ͘ϭϴ	ϭ͘Ϭϲ	ϯϴϬ
dŽƚĂůWƌŽǀĞŶĂŶĚWƌŽďĂďůĞZĞƐĞƌǀĞƐ	ϭϲ͘ϳϲ	ϭ͘Ϭϳ	ϱϳϲ
ŽĐŚƌĂŶĞ,ŝůů
WƌŽǀĞŶZĞƐĞƌǀĞƐ	ϭϬ͘Ϯϱ	ϭ͘Ϭϴ	ϯϱϱ
WƌŽďĂďůĞZĞƐĞƌǀĞƐ	ϱ͘ϭϯ	Ϭ͘ϵϲ	ϭϱϴ
dŽƚĂůWƌŽǀĞŶĂŶĚWƌŽďĂďůĞZĞƐĞƌǀĞƐ	ϭϱ͘ϯϴ	ϭ͘Ϭϰ	ϱϭϯ
dŽƚĂůDŽŽƐĞZŝǀĞƌŽŶƐŽůŝĚĂƚĞĚ
WƌŽǀĞŶZĞƐĞƌǀĞƐ	ϮϮ͘ϵϵ	ϭ͘ϭϲ	ϴϱϳ
WƌŽďĂďůĞZĞƐĞƌǀĞƐ	Ϯϲ͘ϱϱ	ϭ͘ϭϰ	ϵϳϱ
^ƚŽĐŬƉŝůĞ	Ϯ͘ϰϭ	Ϭ͘ϱϳ	ϰϰ
dŽƚĂůWƌŽǀĞŶĂŶĚWƌŽďĂďůĞZĞƐĞƌǀĞƐ	ϱϭ͘ϵϱ	ϭ͘ϭϮ	ϭ͕ϴϳϳ

ϭ͘ dŚĞDŝŶĞƌĂůZĞƐĞƌǀĞƐƚŝŵĂƚĞƐǁĞƌĞƉƌĞƉĂƌĞĚďLJDĂƌĐ^ĐŚƵůƚĞ͕W͘ŶŐ͘;ǁŚŽŝƐĂůƐŽƚŚĞŝŶĚĞƉĞŶĚĞŶƚYƵĂůŝĨŝĞĚWĞƌƐŽŶĨŽƌƚŚĞƐĞDŝŶĞƌĂůZĞƐĞƌǀĞƐƚŝŵĂƚĞƐͿ͕ŝŶĂĐĐŽƌĚĂŶĐĞƚŽƚŚĞϮϬϭϰĂŶĂĚŝĂŶ/ŶƐƚŝƚƵƚĞŽĨDŝŶŝŶŐ͕DĞƚĂůůƵƌŐLJĂŶĚWĞƚƌŽůĞƵŵ;Η/DΗͿĞĨŝŶŝƚŝŽŶ^ƚĂŶĚĂƌĚƐ

ĨŽƌDŝŶĞƌĂůZĞƐŽƵƌĐĞƐĂŶĚDŝŶĞƌĂůZĞƐĞƌǀĞƐ͕ǁŝƚŚĂŶĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨϭϯDĂƌĐŚϮϬϭϵ

Ϯ͘ dŚĞDŝŶĞƌĂůZĞƐĞƌǀĞĞƐƚŝŵĂƚĞƐĂƌĞĂƐƵďƐĞƚŽĨƚŚĞϭϱ&ĞďƌƵĂƌLJϮϬϭϵDŝŶĞƌĂůZĞƐŽƵƌĐĞĞƐƚŝŵĂƚĞƐ;ƐĞĞŶĞǁƐƌĞůĞĂƐĞĚĂƚĞĚϭϯDĂƌĐŚϮϬϭϵͿ ϯ͘ dŽƵƋƵŽLJWƌŽǀĞŶDŝŶĞƌĂůZĞƐĞƌǀĞƐŝŶĐůƵĚĞĞdžŝƐƚŝŶŐƐƚŽĐŬƉŝůĞĚŽƌĞŽĨϮ͘ϰϭDƚĂƚϬ͘ϱϳŐͬƚƵ͘dŚŝƐŵĂƚĞƌŝĂůŝƐŶŽƚŝŶĐůƵĚĞĚŝŶ͕ĂŶĚŝƐĂĚĚŝƚŝŽŶĂůƚŽ͕ƚŚĞDŝŶĞƌĂůZĞƐŽƵƌĐĞĞƐƚŝŵĂƚĞ

ϰ͘ dŚĞDŝŶĞƌĂůZĞƐĞƌǀĞƐĂƌĞďĂƐĞĚŽŶĂŶĞŶŐŝŶĞĞƌŝŶŐĂŶĚƚĞĐŚŶŝĐĂůŝŶĨŽƌŵĂƚŝŽŶĚĞǀĞůŽƉĞĚĂƚĂWƌĞͲ&ĞĂƐŝďŝůŝƚLJůĞǀĞůĨŽƌĞĂĐŚŽĨƚŚĞŝŶĐůƵĚĞĚĨŽƵƌĚĞƉŽƐŝƚƐ

ϱ͘ DŝŶĞƌĂůZĞƐĞƌǀĞƐĂƌĞŵŝŶĞĚƚŽŶŶĞƐĂŶĚŐƌĂĚĞ͕ƚŚĞƌĞĨĞƌĞŶĐĞƉŽŝŶƚŝƐƚŚĞŵŝůůĨĞĞĚĂƚƚŚĞƉƌŝŵĂƌLJĐƌƵƐŚĞƌ

ϲ͘ DŝŶĞƌĂůZĞƐĞƌǀĞƐĂƌĞƌĞƉŽƌƚĞĚĂƚĂĐƵƚͲŽĨĨŐƌĂĚĞŽĨϬ͘ϯϬŐͬƚƵĨŽƌdŽƵƋƵŽLJ͕&ŝĨƚĞĞŶDŝůĞ^ƚƌĞĂŵĂŶĚŽĐŚƌĂŶĞ,ŝůů͕ĂŶĚϬ͘ϱŐͬƚƵĨŽƌĞĂǀĞƌĂŵ ϳ͘ ƵƚͲŽĨĨŐƌĂĚĞĂƐƐƵŵĞƐh^Ψϭ͕ϯϬϬͬŽnj͘ƵĂƚĂĐƵƌƌĞŶĐLJĞdžĐŚĂŶŐĞƌĂƚĞŽĨh^͗Ϭ͘ϳϳ͖ϵϵ͘ϵйƉĂLJĂďůĞŐŽůĚ͖Ψϱ͘ϬϬͬŽnj͘ŽĨĨƐŝƚĞĐŽƐƚƐ;ƌĞĨŝŶŝŶŐĂŶĚƚƌĂŶƐƉŽƌƚͿ͕ĂϮйƌŽLJĂůƚLJ͖ĂŶĚƵƐĞƐĂϵϮйŵĞƚĂůůƵƌŐŝĐĂůƌĞĐŽǀĞƌLJ͘dŚĞĐƵƚŽĨĨͲŐƌĂĚĞĐŽǀĞƌƐƉƌŽĐĞƐƐŝŶŐĐŽƐƚƐŽĨΨϭϭ͘ϬϬͬƚĂƚ

dŽƵƋƵŽLJ͕Ψϴ͘ϮϮͬƚĂƚ&ŝĨƚĞĞŶDŝůĞ^ƚƌĞĂŵ͕Ψϴ͘ϲϰͬƚĂƚŽĐŚƌĂŶĞ,ŝůů͕ĂŶĚΨϭϴ͘ϬϬͬƚĂƚĞĂǀĞƌĂŵĂŶĚŐĞŶĞƌĂůĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝǀĞ;'ΘͿĐŽƐƚƐŽĨΨϮ͘ϱϬͬƚ

ϴ͘ DŝŶŝŶŐƌĞĐŽǀĞƌLJŽĨϵϴ͘ϰйĂŶĚĞdžƚĞƌŶĂůŵŝŶŝŶŐĚŝůƵƚŝŽŶŽĨϭ͘ϲйĂƚϬ͘ϮϬŐͬƚƵŐƌĂĚĞŝƐĂƉƉůŝĞĚŝŶĂĚĚŝƚŝŽŶƚŽƚŚĞŵŽĚĞůůĞĚŝŶͲďůŽĐŬĚŝůƵƚŝŽŶ ϵ͘ ƐdŽƵƋƵŽLJŝƐĂŶŽŶŐŽŝŶŐŽƉĞƌĂƚŝŽŶ͕ĂƐƵƌǀĞLJĞĚƚŽƉŽŐƌĂƉŚŝĐƐƵƌĨĂĐĞĚĂƚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϴŝƐƵƐĞĚĂƐƚŚĞďĂƐŝƐĨŽƌƚŚĞDŝŶĞƌĂůZĞƐĞƌǀĞƐ

ϰϭ ͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

ƚůĂŶƚŝĐDŝŶĞƌĂůZĞƐŽƵƌĐĞƐ^ƵŵŵĂƌLJƉĞƌϭϯDĂƌĐŚϮϬϭϵZĞůĞĂƐĞ

		dŽƵƋƵŽLJ			ĞĂǀĞƌĂŵ
ŽŶĨŝĚĞŶĐĞĂƚĞŐŽƌLJ	dŽŶŶĂŐĞ;DƚͿ	'ƌĂĚĞ;ŐͬƚƵͿ	ŽŶƚĂŝŶĞĚ'ŽůĚ;ƵŽnjdžϭ͕ϬϬϬͿ	dŽŶŶĂŐĞ;DƚͿ	'ƌĂĚĞ;ŐͬƚƵͿ	ŽŶƚĂŝŶĞĚ'ŽůĚ;ƵŽnjdžϭ͕ϬϬϬͿ
DĞĂƐƵƌĞĚ	ϯ͘ϰ	ϭ͘ϭϰ	ϭϮϰ	ϱ͘ϭ	ϭ͘Ϯϴ	ϮϬϵ
/ŶĚŝĐĂƚĞĚ	ϳ͘ϵ	ϭ͘Ϯϳ	ϯϮϭ	ϰ͘ϲ	ϭ͘Ϯϯ	ϭϴϮ
dŽƚĂůDĞĂƐƵƌĞĚĂŶĚ/ŶĚŝĐĂƚĞĚ	ϭϭ͘ϯ	ϭ͘Ϯϯ	ϰϰϱ	ϵ͘ϳ	ϭ͘Ϯϲ	ϯϵϮ
/ŶĨĞƌƌĞĚ	ϭ͘ϭϬ	ϭ͘ϯϬ	ϰϴ	ϭ͘Ϭ	ϭ͘ϰϭ	ϰϳ
		&ŝĨƚĞĞŶDŝůĞ^ƚƌĞĂŵ			ŽĐŚƌĂŶĞ,ŝůů
ŽŶĨŝĚĞŶĐĞĂƚĞŐŽƌLJ	dŽŶŶĂŐĞ;DƚͿ	'ƌĂĚĞ;ŐͬƚƵͿ	ŽŶƚĂŝŶĞĚ'ŽůĚ;ƵŽnjdžϭ͕ϬϬϬͿ	dŽŶŶĂŐĞ;DƚͿ	'ƌĂĚĞ;ŐͬƚƵͿ	ŽŶƚĂŝŶĞĚ'ŽůĚ;ƵŽnjdžϭ͕ϬϬϬͿ
DĞĂƐƵƌĞĚ	ϱ͘ϵ	ϭ͘ϮϮ	Ϯϭϲ	ϭϬ͘ϴ	ϭ͘ϭϮ	ϯϴϳ
/ŶĚŝĐĂƚĞĚ	ϭϯ͘ϭ	Ϭ͘ϳϬ	ϰϲϭ	ϲ͘ϳ	ϭ͘ϬϮ	Ϯϭϵ
dŽƚĂůDĞĂƐƵƌĞĚĂŶĚ/ŶĚŝĐĂƚĞĚ	ϭϵ͘ϭ	Ϭ͘ϵϴ	ϲϳϳ	ϭϳ͘ϰ	ϭ͘Ϭϴ	ϲϬϳ
/ŶĨĞƌƌĞĚ	Ϯ͘ϭ	ϭ͘Ϯϭ	ϴϰ	ϭ͘ϴ	ϭ͘Ϯϰ	ϳϯ

ϭ͘ DŝŶĞƌĂůZĞƐŽƵƌĐĞƐŚĂǀĞĂŶĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨϭϱ&ĞďƌƵĂƌLJϮϬϭϵ͘dŚĞYƵĂůŝĨŝĞĚWĞƌƐŽŶĨŽƌƚŚĞĞƐƚŝŵĂƚĞƐŝƐDƌ͘EĞŝů^ĐŚŽĨŝĞůĚ͕D/'͕ĂŶĞŵƉůŽLJĞĞŽĨ&^^/ŽŶƐƵůƚĂŶƚƐ;ƵƐƚƌĂůŝĂͿWƚLJ>ƚĚ͘

Ϯ͘ DŝŶĞƌĂůZĞƐŽƵƌĐĞƐĂƌĞƌĞƉŽƌƚĞĚĂƚĂďĂƐĞĐĂƐĞĐƵƚͲŽĨĨŐƌĂĚĞŽĨϬ͘ϯŐͬƚƵ͘dŚĞĐƵƚͲŽĨĨŐƌĂĚĞŝŶĐůƵĚĞƐƚŚĞĨŽůůŽǁŝŶŐĐŽŶƐŝĚĞƌĂƚŝŽŶƐ͗ĂƐƐƵŵƉƚŝŽŶŽĨŽƉĞŶƉŝƚŵŝŶŝŶŐŵĞƚŚŽĚƐ͖ŐŽůĚƉƌŝĐĞŽĨh^Ψϭ͕ϰϬϬͬŽnj͖ĂŶĚĂŶĞdžĐŚĂŶŐĞƌĂƚĞŽĨh^Ϭ͘ϳϳ͘ ϯ͘ DŝŶĞƌĂůZĞƐŽƵƌĐĞƐĂƌĞƌĞƉŽƌƚĞĚŝŶĐůƵƐŝǀĞŽĨƚŚŽƐĞDŝŶĞƌĂůZĞƐŽƵƌĐĞƐƚŚĂƚŚĂǀĞďĞĞŶĐŽŶǀĞƌƚĞĚƚŽDŝŶĞƌĂůZĞƐĞƌǀĞƐ͘DŝŶĞƌĂůZĞƐŽƵƌĐĞƐƚŚĂƚ ĂƌĞŶŽƚDŝŶĞƌĂůZĞƐĞƌǀĞƐĚŽŶŽƚŚĂǀĞĚĞŵŽŶƐƚƌĂƚĞĚĞĐŽŶŽŵŝĐǀŝĂďŝůŝƚLJ͘

ϰ͘ ƐƚŝŵĂƚĞƐŚĂǀĞďĞĞŶƌŽƵŶĚĞĚĂŶĚŵĂLJƌĞƐƵůƚŝŶƐƵŵŵĂƚŝŽŶĚŝĨĨĞƌĞŶĐĞƐ

ϰϮ ͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

EKd&KZ/^dZ/hd/KEKZZ>^/Ed,hE/d^dd^

,ĞĚŐŝŶŐ^ƵŵŵĂƌLJ

^ƚĂƌďĂƌĂ;ĂƐĂƚϯϬ ƉƌŝůϮϬϭϵͿ	sŽůƵŵĞŽƵŶĐĞƐ	WƌŝĐĞΨͬŽnj	ĞůŝǀĞƌLJ;ĂůůŵŽŶƚŚůLJŝŶƐƚĂůŵĞŶƚƐͿ	ŶŶŽƵŶĐĞĚ
&zϭϵ	ϭϴ͕ϬϬϬ	Ψϭ͕ϳϱϬ	&ĞďƌƵĂƌLJĂŶĚ:ƵŶĞϮϬϭϵ;ϴϮ͕ϬϬϬŽĨŝŶŝƚŝĂůϭϬϬ͕ϬϬϬŽƵŶĐĞƐĚĞůŝǀĞƌĞĚLJĞĂƌƚŽĚĂƚĞƐŝŶĐĞϭ:ƵůLJϮϬϭϴͿ	ϳΘϭϵ&ĞďϮϬϭϴĂŶĚϳDĂƌϮϬϭϴ
&zϮϬ	ϱϬ͕ϬϬϬ	Ψϭ͕ϳϱϬ	:ƵůLJĂŶĚĞĐĞŵďĞƌ ϮϬϭϵ	ϳΘϭϵ&ĞďϮϬϭϴĂŶĚϳDĂƌϮϬϭϴ
&zϮϬ	Ϯϰ͕ϬϬϬ	Ψϭ͕ϴϬϵ	:ĂŶƵĂƌLJĂŶĚ :ƵŶĞϮϬϮϬ	ϮϲKĐƚ ϮϬϭϴ
&zϮϬ	Ϯϰ͕ϬϬϬ	h^Ψϭ͕ϯϬϬ	:ĂŶƵĂƌLJ ĂŶĚ:ƵŶĞϮϬϮϬ	ϭϬĞĐϮϬϭϴ
&zϮϭ	Ϯϲ͕ϬϬϬ	Ψϭ͕ϴϬϵ	:ƵůLJĂŶĚĞĐĞŵďĞƌϮϬϮϬ	ϮϲKĐƚϮϬϭϴ
&zϮϭ	Ϯϲ͕ϬϬϬ	h^Ψϭ͕ϯϬϬ	:ƵůLJ ĂŶĚĞĐĞŵďĞƌϮϬϮϬ	ϭϬĞĐϮϬϭϴ
ƚůĂŶƚŝĐ;ĂƐĂƚϯϭ DĂƌĐŚϮϬϭϵͿ	sŽůƵŵĞŽƵŶĐĞƐ	WƌŝĐĞΨͬŽnj	ĞůŝǀĞƌLJ;ƋƵĂƌƚĞƌůLJŝŶƐƚĂůŵĞŶƚƐͿ	ŶŶŽƵŶĐĞĚ
ƉƌŝůϮϬϭϵƚŽ&ĞďƌƵĂƌLJϮϬϮϭ	ϭϰϯ͕ϲϬϰ	Ψϭ͕ϱϱϬ	ƉƌŝůϮϬϭϵƚŽ&ĞďƌƵĂƌLJϮϬϮϭ	Ϯϭ ^ĞƉϮϬϭϴ
EŽƚĞ͗&ŽƌĚĞƚĂŝůƐƌĞĨĞƌƚŽ^ƚĂƌďĂƌĂ^yƌĞůĞĂƐĞϭϴƉƌŝůϮϬϭϵΗYƵĂƌƚĞƌůLJZĞƉŽƌƚYϯDĂƌĐŚ&zϭϵΗĂŶĚƚůĂŶƚŝĐYϭzϭϵDĂŶĂŐĞŵĞŶƚŝƐĐƵƐƐŝŽŶΘŶĂůLJƐŝƐ
ϰϯ ͬĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ				EKd&KZ/^dZ/hd/KEKZZ>^/Ed,hE/d^dd^

^ƚĂƌďĂƌĂKƌĞZĞƐĞƌǀĞƐ^ƵŵŵĂƌLJĂƐĂƚϯϬ:ƵŶĞϮϬϭϴ

	WƌŽǀĞĚ			WƌŽďĂďůĞ			dŽƚĂů
WƌŽũĞĐƚ	dŽŶŶĞƐ;ΖϬϬϬͿ	'ŽůĚ;ŐͬƚƵͿ	KƵŶĐĞƐ;ΖϬϬϬͿ	dŽŶŶĞƐ;ΖϬϬϬͿ	'ŽůĚ;ŐͬƚƵͿ	KƵŶĐĞƐ;ΖϬϬϬͿ	dŽŶŶĞƐ;ΖϬϬϬͿ	'ŽůĚ;ŐͬƚƵͿ	KƵŶĐĞƐ;ΖϬϬϬͿ
'ǁĂůŝĂ͕;tͿ	ϭ͕ϴϰϱ	ϵ͘Ϭ	ϱϯϭ	ϲ͕Ϭϲϭ	ϳ͘Ϭ	ϭ͕ϯϲϴ	ϳ͕ϵϬϳ	ϳ͘ϱ	ϭ͕ϴϵϵ
dŽǁĞƌ,ŝůů͕;tͿ	ʹ	ʹ	ʹ	Ϯ͕ϱϳϮ	ϯ͘ϳ	ϯϬϲ	Ϯ͕ϱϳϮ	ϯ͘ϳ	ϯϬϲ
^ŝŵďĞƌŝKdžŝĚĞ͕;WE'Ϳ	ϭ͕ϲϰϰ	ϭ͘ϱ	ϳϳ	ϱ͕ϲϵϮ	ϭ͘ϯ	Ϯϯϳ	ϳ͕ϯϯϲ	ϭ͘ϯ	ϯϭϰ
^ŝŵďĞƌŝ^ƵůƉŚŝĚĞ͕;WE'Ϳ	ϭϱϭ	ϯ͘Ϭ	ϭϱ	ϭϮ͕ϮϬϬ	ϯ͘ϱ	ϭ͕ϯϲϳ	ϭϮ͕ϯϱϮ	ϯ͘ϱ	ϭ͕ϯϴϮ
^ŝŵďĞƌŝ^ƚŽĐŬƉŝůĞƐ͕;WE'Ϳ	ϴϴϵ	Ϭ͘ϴ	ϮϮ	ʹ	ʹ	ʹ	ϴϴϵ	Ϭ͘ϴ	ϮϮ
dŽƚĂůůůWƌŽũĞĐƚƐ	ϰ͕ϱϮϵ	ϰ͘ϰ	ϲϰϱ	Ϯϲ͕ϱϮϱ	ϯ͘ϴ	ϯ͕Ϯϳϴ	ϯϭ͕Ϭϱϱ	ϯ͘ϵ	ϯ͕ϵϮϯ

ϭ͘ KƌĞZĞƐĞƌǀĞƐĂƌĞďĂƐĞĚŽŶĂŐŽůĚƉƌŝĐĞŽĨ͗'ǁĂůŝĂ;Ψϭ͕ϯϱϬͬŽnjͿ͕dŽǁĞƌ,ŝůů;Ψϭ͕ϮϱϬͬŽnjͿ͕^ŝŵďĞƌŝ;h^Ψϭ͕ϮϬϬͬŽnjͿ

Ϯ͘ ƵƚͲŽĨĨ'ƌĂĚĞƐ'ǁĂůŝĂ;ϰ͘ϬŐͬƚƵͿ͕dŽǁĞƌ,ŝůů;Ϯ͘ϴŐͬƚƵͿ͕^ŝŵďĞƌŝKdžŝĚĞ;Ϭ͘ϱŐͬƚƵͿ͕^ŝŵďĞƌŝ^ƵůƉŚŝĚĞ;ϭ͘ϭŐͬƚƵͿ ϯ͘ DŝŶĞƌĂůZĞƐŽƵƌĐĞƐĂƌĞƌĞƉŽƌƚĞĚŝŶĐůƵƐŝǀĞŽĨKƌĞZĞƐĞƌǀĞƐ

ϰ͘ ĂƚĂŝƐƌŽƵŶĚĞĚƚŽƚŚŽƵƐĂŶĚƐŽĨƚŽŶŶĞƐĂŶĚƚŚŽƵƐĂŶĚƐŽĨŽƵŶĐĞƐ͘ŝƐĐƌĞƉĂŶĐŝĞƐŝŶƚŽƚĂůƐŵĂLJŽĐĐƵƌĚƵĞƚŽƌŽƵŶĚŝŶŐ ϱ͘ ĞƚĂŝůƐƌĞůĂƚŝŶŐƚŽĞĂĐŚŽĨƚŚĞĞƐƚŝŵĂƚĞƐĂƌĞĐŽŶƚĂŝŶĞĚŝŶƚŚĞϮϬϭϴŶŶƵĂůDŝŶĞƌĂůZĞƐŽƵƌĐĞĂŶĚKƌĞZĞƐĞƌǀĞZĞƉŽƌƚĂƚǁǁǁ͘ƐƚďĂƌďĂƌĂ͘ĐŽŵ͘ĂƵͬĞdžƉůŽƌĂƚŝŽŶͬKƌĞͲZĞƐĞƌǀĞƐͲŵŝŶĞƌĂůͲƌĞƐŽƵƌĐĞƐͬ

&Ƶůů ĚĞƚĂŝůƐ ĂƌĞ ĐŽŶƚĂŝŶĞĚ ŝŶ ƚŚĞ ^y ƌĞůĞĂƐĞ ĚĂƚĞĚ Ϯϳ ƵŐƵƐƚ ϮϬϭϴ ΖKƌĞ ZĞƐĞƌǀĞƐ ĂŶĚ DŝŶĞƌĂů ZĞƐŽƵƌĐĞƐ ^ƚĂƚĞŵĞŶƚƐ ϯϬ :ƵŶĞ ϮϬϭϴΖ ĂǀĂŝůĂďůĞ Ăƚ ǁǁǁ͘ƐƚďĂƌďĂƌĂ͘ĐŽŵ͘ĂƵ͘

ϰϰ ͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

^ƚĂƌďĂƌĂDŝŶĞƌĂůZĞƐŽƵƌĐĞƐ^ƵŵŵĂƌLJĂƐĂƚϯϬ:ƵŶĞϮϬϭϴ

DĞĂƐƵƌĞĚ /ŶĚŝĐĂƚĞĚ /ŶĨĞƌƌĞĚ dŽƚĂů WƌŽũĞĐƚ dŽŶŶĞƐ ;ΖϬϬϬͿ 'ŽůĚ ;ŐͬƚƵͿ KƵŶĐĞƐ ;ΖϬϬϬͿ dŽŶŶĞƐ ;ΖϬϬϬͿ 'ŽůĚ ;ŐͬƚƵͿ KƵŶĐĞƐ ;ΖϬϬϬͿ dŽŶŶĞƐ ;ΖϬϬϬͿ 'ŽůĚ ;ŐͬƚƵͿ KƵŶĐĞƐ ;ΖϬϬϬͿ dŽŶŶĞƐ ;ΖϬϬϬͿ 'ŽůĚ ;Őͬƚ ƵͿ KƵŶĐĞƐ ;ΖϬϬϬͿ 'ǁĂůŝĂ͕;tͿ ϰ͕ϱϴϭ ϳ͘ϭ ϭ͕Ϭϰϴ ϭϰ͕ϲϵϬ ϲ͘ϯ Ϯ͕ϵϵϳ ϯ͕ϴϯϭ ϲ͘ϯ ϳϴϬ Ϯϯ͕ϭϬϮ ϲ͘ϱ ϰ͕ϴϮϱ dŽǁĞƌ,ŝůů͕;tͿ ʹ ʹ ʹ ϰ͕ϲϬϰ ϯ͘ϵ ϱϳϰ ϰϴϵ ϯ͘ϯ ϱϭ ϱ͕Ϭϵϯ ϯ͘ϴ ϲϮϱ ^ŝŵďĞƌŝKdžŝĚĞ͕;WE'Ϳ Ϯ͕ϭϮϬ ϭ͘Ϯ ϴϱ ϭϬ͕ϭϲϯ ϭ͘Ϭ ϯϰϭ ϰ͕ϴϯϰ ϭ͘Ϭ ϭϱϬ ϭϳ͕ϭϭϳ ϭ͘Ϭ ϱϳϲ ^ŝŵďĞƌŝ^ƵůƉŚŝĚĞ͕;WE'Ϳ ϱϮϲ ϭ͘ϳ Ϯϴ ϰϬ͕ϲϴϯ ϭ͘ϵ Ϯ͕ϰϱϰ ϭϮ͕ϲϭϱ ϭ͘ϲ ϲϱϰ ϱϯ͕ϴϮϰ ϭ͘ϴ ϯ͕ϭϯϲ dŽƚĂůůůWƌŽũĞĐƚƐ ϳ͕ϮϮϳ ϱ͘Ϭ ϭ͕ϭϲϭ ϳϬ͕ϭϰϬ Ϯ͘ϴ ϲ͕ϯϲϲ Ϯϭ͕ϳϲϵ Ϯ͘ϯ ϭ͕ϲϯϱ ϵϵ͕ϭϯϲ Ϯ͘ϵ ϵ͕ϭϲϮ

ϭ͘ DŝŶĞƌĂůZĞƐŽƵƌĐĞƐĂƌĞƌĞƉŽƌƚĞĚŝŶĐůƵƐŝǀĞŽĨKƌĞZĞƐĞƌǀĞƐ

Ϯ͘ ƵƚͲŽĨĨ'ƌĂĚĞƐ'ǁĂůŝĂ;Ϯ͘ϱŐͬƚƵͿ͕dŽǁĞƌ,ŝůů;Ϯ͘ϱŐͬƚƵͿ͕^ŝŵďĞƌŝKdžŝĚĞ;Ϭ͘ϰŐͬƚƵͿ͕^ŝŵďĞƌŝ^ƵůƉŚŝĚĞ;Ϭ͘ϲŐͬƚƵͿ ϯ͘ ^ŝŵďĞƌŝDŝŶĞƌĂůZĞƐŽƵƌĐĞƐĂƌĞƌĞƉŽƌƚĞĚĐŽŶƐƚƌĂŝŶĞĚďLJĂh^Ψϭ͕ϴϬϬͬŽnjƉŝƚƐŚĞůů

ϰ͘ ĂƚĂŝƐƌŽƵŶĚĞĚƚŽƚŚŽƵƐĂŶĚƐŽĨƚŽŶŶĞƐĂŶĚƚŚŽƵƐĂŶĚƐŽĨŽƵŶĐĞƐ͘ŝƐĐƌĞƉĂŶĐŝĞƐŝŶƚŽƚĂůƐŵĂLJŽĐĐƵƌĚƵĞƚŽƌŽƵŶĚŝŶŐ

ϱ͘ ĞƚĂŝůƐƌĞůĂƚŝŶŐƚŽĞĂĐŚŽĨƚŚĞĞƐƚŝŵĂƚĞƐĂƌĞĐŽŶƚĂŝŶĞĚŝŶƚŚĞϮϬϭϴŶŶƵĂůDŝŶĞƌĂůZĞƐŽƵƌĐĞĂŶĚKƌĞZĞƐĞƌǀĞZĞƉŽƌƚĂƚǁǁǁ͘ƐƚďĂƌďĂƌĂ͘ĐŽŵ͘ĂƵͬĞdžƉůŽƌĂƚŝŽŶͬKƌĞͲZĞƐĞƌǀĞƐͲŵŝŶĞƌĂůͲƌĞƐŽƵƌĐĞƐͬ

ϰϱ ͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

EKd&KZ/^dZ/hd/KEKZZ>^/Ed,hE/d^dd^

^ƚĂƌďĂƌĂŽĂƌĚŽĨŝƌĞĐƚŽƌƐ

dŝŵEĞƚƐĐŚĞƌ ŚĂŝƌŵĂŶʹ EŽŶdžĞĐƵƚŝǀĞ ƉƉŽŝŶƚĞĚŝƌĞĐƚŽƌ&ĞďƌƵĂƌLJϮϬϭϰ

ƉƉŽŝŶƚĞĚŚĂŝƌŵĂŶ:ƵůLJϮϬϭϱ

Dƌ EĞƚƐĐŚĞƌ ŝƐ ĂŶ ĞdžƉĞƌŝĞŶĐĞĚ ŝŶƚĞƌŶĂƚŝŽŶĂů ŵŝŶŝŶŐ ĞdžĞĐƵƚŝǀĞ ǁŝƚŚ ĞdžƚĞŶƐŝǀĞ ŽƉĞƌĂƚŝŽŶĂů͕ ƉƌŽũĞĐƚ ĚĞǀĞůŽƉŵĞŶƚ͕ ƚƌĂŶƐĂĐƚŝŽŶĂů ĂŶĚ ƐƵƐƚĂŝŶĂďŝůŝƚLJ ĞdžƉĞƌŝĞŶĐĞ ŐĂŝŶĞĚ ŝŶ ƐĞŶŝŽƌ ĞdžĞĐƵƚŝǀĞ ĂŶĚ ďŽĂƌĚ ƌŽůĞƐ ŽǀĞƌ ŵĂŶLJ LJĞĂƌƐ͘ Dƌ EĞƚƐĐŚĞƌΖƐ ĞdžƉĞƌŝĞŶĐĞ ĐŽǀĞƌƐ Ă ǁŝĚĞ ƌĂŶŐĞ ŽĨ ƌĞƐŽƵƌĐĞƐ ŝŶĐůƵĚŝŶŐ ŶŝĐŬĞů͕ ĐŽĂů͕ ŝƌŽŶ ŽƌĞ͕ ƵƌĂŶŝƵŵ ĂŶĚ ŐŽůĚ ĂŶĚ ƌĞŐŝŽŶƐ ŝŶĐůƵĚŝŶŐ ĨƌŝĐĂ͕ ƐŝĂ ĂŶĚ ƵƐƚƌĂůŝĂ͘ Dƌ EĞƚƐĐŚĞƌ ŝƐ Ă ĚŝƌĞĐƚŽƌ ŽĨ ^yͲůŝƐƚĞĚ 'ŽůĚ ZŽĂĚ ZĞƐŽƵƌĐĞƐ >ŝŵŝƚĞĚ ĂŶĚ tĞƐƚĞƌŶ ƌĞĂƐ >ŝŵŝƚĞĚ͘

ĂǀŝĚDŽƌŽŶĞLJ ŝƌĞĐƚŽƌʹ EŽŶdžĞĐƵƚŝǀĞ ƉƉŽŝŶƚĞĚDĂƌĐŚϮϬϭϱ

Dƌ DŽƌŽŶĞLJ ŝƐ ĂŶ ĞdžƉĞƌŝĞŶĐĞĚ ĨŝŶĂŶĐĞ ĞdžĞĐƵƚŝǀĞ ǁŝƚŚ ŵŽƌĞ ƚŚĂŶ ϯϬ LJĞĂƌƐΖ ĞdžƉĞƌŝĞŶĐĞ ŝŶ ƐĞŶŝŽƌ ĐŽƌƉŽƌĂƚĞ ĨŝŶĂŶĐĞ ƌŽůĞƐ͕ ŝŶĐůƵĚŝŶŐ ϭϱ LJĞĂƌƐ ŝŶ ƚŚĞ ŵŝŶŝŶŐ ŝŶĚƵƐƚƌLJ͕ ĂŶĚ ĞdžƚĞŶƐŝǀĞ ŝŶƚĞƌŶĂƚŝŽŶĂů ǁŽƌŬ ĞdžƉĞƌŝĞŶĐĞ ǁŝƚŚ ƐƚƌŽŶŐ ƐŬŝůůƐ ŝŶ ĨŝŶĂŶĐĞ͕ ƐƚƌĂƚĞŐŝĐ ƉůĂŶŶŝŶŐ͕ ŐŽǀĞƌŶĂŶĐĞ͕ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ůĞĂĚĞƌƐŚŝƉ͘ Dƌ DŽƌŽŶĞLJ ŝƐ ĂŶ ŝŶĚĞƉĞŶĚĞŶƚ ŶŽŶͲĞdžĞĐƵƚŝǀĞ ĚŝƌĞĐƚŽƌ ŽĨ ŶŽŶ ^y ůŝƐƚĞĚ t ^ƵƉĞƌ ;tĞƐƚĞƌŶ ƵƐƚƌĂůŝĂΖƐ ůĂƌŐĞƐƚ ƉƵďůŝĐ ŽĨĨĞƌ ƐƵƉĞƌĂŶŶƵĂƚŝŽŶ ĨƵŶĚͿ ĂŶĚ ,ŽĐŬĞLJ ƵƐƚƌĂůŝĂ >ƚĚ͘

^ƚĞĨ>ŽĂĚĞƌ ŝƌĞĐƚŽƌʹ EŽŶdžĞĐƵƚŝǀĞ

ƉƉŽŝŶƚĞĚEŽǀĞŵďĞƌϮϬϭϴ

DƐ >ŽĂĚĞƌ ŝƐ Ă ĐŽŵƉĂŶLJ ĚŝƌĞĐƚŽƌ͕ ŐĞŽůŽŐŝƐƚ ĂŶĚ ĨŽƌŵĞƌ ŵŝŶŝŶŐ ĞdžĞĐƵƚŝǀĞ ǁŝƚŚ ĞdžƉĞƌŝĞŶĐĞ ŝŶ ŵŝŶŝŶŐ ŽƉĞƌĂƚŝŽŶƐ͕ ŵŝŶĞƌĂů ĞdžƉůŽƌĂƚŝŽŶ ĂŶĚ ƉƌŽũĞĐƚ ĚĞǀĞůŽƉŵĞŶƚ͘ DƐ >ŽĂĚĞƌΖƐ ĞdžƉĞƌŝĞŶĐĞ ĐŽǀĞƌƐ Ă ǁŝĚĞ ƌĂŶŐĞ ŽĨ ĐŽŵŵŽĚŝƚŝĞƐ ĂŶĚ ƌĞŐŝŽŶƐ ŝŶĐůƵĚŝŶŐ ĐŽƉƉĞƌ ĂŶĚ ŐŽůĚ ŝŶ ƵƐƚƌĂůŝĂ͕ >ĂŽƐ͕ ŚŝůĞ ĂŶĚ WĞƌƵ͕ ĂŶĚ ĚŝĂŵŽŶĚƐ ŝŶ ĂŶĂĚĂ ĂŶĚ /ŶĚŝĂ͘ DƐ >ŽĂĚĞƌ ĂĚǀŝƐĞƐ ŽƌŐĂŶŝƐĂƚŝŽŶƐ͕ ĂƐ Ă ĚŝƌĞĐƚŽƌ ĂŶĚ ĐŽŶƐƵůƚĂŶƚ͕ ŝŶ ƚŚĞ ĂƌĞĂƐ ŽĨ ůĞĂĚĞƌƐŚŝƉ͕ ƐƚƌĂƚĞŐLJ ĂŶĚ ƌĞŐŝŽŶĂů ĞĐŽŶŽŵŝĐ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ŝƐ ĂŶ ŝŶĚĞƉĞŶĚĞŶƚ ŶŽŶͲĞdžĞĐƵƚŝǀĞ ĚŝƌĞĐƚŽƌ ŽĨ ^yͲůŝƐƚĞĚ ůĞĂŶ dĞY ,ŽůĚŝŶŐƐ >ƚĚ͘

ϰϲ ͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

ŽďsĂƐƐŝĞ DĂŶĂŐŝŶŐŝƌĞĐƚŽƌĂŶĚK ƉƉŽŝŶƚĞĚ:ƵůLJϮϬϭϰ

Dƌ sĂƐƐŝĞ ŝƐ Ă ŵŝŶŝŶŐ ĞŶŐŝŶĞĞƌ ǁŝƚŚ ŽǀĞƌ ϯϬ LJĞĂƌƐΖ ŝŶƚĞƌŶĂƚŝŽŶĂů ŵŝŶŝŶŐ ŝŶĚƵƐƚƌLJ ĞdžƉĞƌŝĞŶĐĞ ĂŶĚ ŚĂƐ ϭϴ LJĞĂƌƐΖ ĞdžƉĞƌŝĞŶĐĞ ŝŶ Ă ƌĂŶŐĞ ŽĨ ƐĞŶŝŽƌ ŵĂŶĂŐĞŵĞŶƚ ƌŽůĞƐ ǁŝƚŚ ZŝŽ dŝŶƚŽ͘ ,Ğ ŚĂƐ ƉĂƌƚŝĐƵůĂƌ ĞdžƉĞƌŝĞŶĐĞ ŝŶ ŽƉĞƌĂƚŝŽŶƐ ŵĂŶĂŐĞŵĞŶƚ͕ ƌĞƐŽƵƌĐĞ ĚĞǀĞůŽƉŵĞŶƚ ƐƚƌĂƚĞŐLJ͕ ŵŝŶĞ ƉůĂŶŶŝŶŐ͕ ĨĞĂƐŝďŝůŝƚLJ ƐƚƵĚŝĞƐ͕ ďƵƐŝŶĞƐƐ ŝŵƉƌŽǀĞŵĞŶƚ͕ ĐŽƌƉŽƌĂƚĞ ƌĞƐƚƌƵĐƚƵƌŝŶŐ͕ ĂŶĚ ƐƚƌĂƚĞŐŝĐ ƉƌŽĐƵƌĞŵĞŶƚ͘ Dƌ sĂƐƐŝĞ ŝƐ ĂŶ ŝŶĚĞƉĞŶĚĞŶƚ ŶŽŶͲĞdžĞĐƵƚŝǀĞ ĚŝƌĞĐƚŽƌ ŽĨ ^yͲůŝƐƚĞĚ ůůŝĂŶĐĞ DŝŶĞƌĂů ƐƐĞƚƐ >ŝŵŝƚĞĚ͘

<ĞƌƌLJ'ůĞĞƐŽŶ ŝƌĞĐƚŽƌʹ EŽŶdžĞĐƵƚŝǀĞ ƉƉŽŝŶƚĞĚDĂLJϮϬϭϱ DƐ 'ůĞĞƐŽŶ ŝƐ ĂŶ ĞdžƉĞƌŝĞŶĐĞĚ ĐŽƌƉŽƌĂƚĞ ĞdžĞĐƵƚŝǀĞ ǁŝƚŚ ŽǀĞƌ Ϯϱ LJĞĂƌƐΖ ďŽĂƌĚƌŽŽŵ ĂŶĚ ƐĞŶŝŽƌ ŵĂŶĂŐĞŵĞŶƚ ĞdžƉĞƌŝĞŶĐĞ ĂĐƌŽƐƐ ƵƌŽƉĞ͕ EŽƌƚŚ ŵĞƌŝĐĂ ĂŶĚ ƵƐƚƌĂůĂƐŝĂ͘ ƋƵĂůŝĨŝĞĚ ůĂǁLJĞƌ ŝŶ ďŽƚŚ h< ĂŶĚ ƵƐƚƌĂůŝĂ͕ DƐ 'ůĞĞƐŽŶ ŚĂƐ ƐŝŐŶŝĨŝĐĂŶƚ ĞdžƉĞƌŝĞŶĐĞ ŝŶ ŝŶƚĞƌŶĂƚŝŽŶĂů ŐŽǀĞƌŶĂŶĐĞ͕ ƐƚƌĂƚĞŐŝĐ ŵĞƌŐĞƌƐ ĂŶĚ ĂĐƋƵŝƐŝƚŝŽŶƐ ĂŶĚ ĐŽŵƉůĞdž ĨŝŶĂŶĐĞ ƚƌĂŶƐĂĐƚŝŽŶƐ͕ ĂƐ ǁĞůů ĂƐ ŝŶ ƌŝƐŬ ĂŶĚ ĐƌŝƐŝƐ ŵĂŶĂŐĞŵĞŶƚ͘ DƐ 'ůĞĞƐŽŶ ŝƐ Ă EŽŶͲ džĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌ ŽĨ dƌŝŶŝƚLJ ŽůůĞŐĞ͕ hŶŝǀĞƌƐŝƚLJ ŽĨ DĞůďŽƵƌŶĞ͘

EKd&KZ/^dZ/hd/KEKZZ>^/Ed,hE/d^dd^

^ƚĂƌďĂƌĂdžĞĐƵƚŝǀĞ>ĞĂĚĞƌƐŚŝƉdĞĂŵ

ŽďsĂƐƐŝĞ

DĂŶĂŐŝŶŐŝƌĞĐƚŽƌĂŶĚK

ƉƉŽŝŶƚĞĚϮϬϭϰ

,Ğ ŚĂƐ ƉĂƌƚŝĐƵůĂƌ ĞdžƉĞƌŝĞŶĐĞ ŝŶ ŽƉĞƌĂƚŝŽŶƐ ŵĂŶĂŐĞŵĞŶƚ͕ ƌĞƐŽƵƌĐĞ ĚĞǀĞůŽƉŵĞŶƚ ƐƚƌĂƚĞŐLJ͕ ŵŝŶĞ ƉůĂŶŶŝŶŐ͕ ĨĞĂƐŝďŝůŝƚLJ ƐƚƵĚŝĞƐ͕ ďƵƐŝŶĞƐƐ ŝŵƉƌŽǀĞŵĞŶƚ͕ ĐŽƌƉŽƌĂƚĞ ƌĞƐƚƌƵĐƚƵƌŝŶŐ͕ ĂŶĚ ƐƚƌĂƚĞŐŝĐ ƉƌŽĐƵƌĞŵĞŶƚ͘

ŚŝĞĨ&ŝŶĂŶĐŝĂůKĨĨŝĐĞƌ

:ŽŝŶĞĚϮϬϬϲ

Dƌ ĂŵƉďĞůůͲŽǁĂŶ ŝƐ Ă ŚĂƌƚĞƌĞĚ ĐĐŽƵŶƚĂŶƚ ǁŝƚŚ ϯϬ LJĞĂƌƐΖ ĞdžƉĞƌŝĞŶĐĞ ŝŶ ĨŝŶĂŶĐĞ ĂŶĚ ŵĂŶĂŐĞŵĞŶƚ ƉŽƐŝƚŝŽŶƐ ĂĐƌŽƐƐ Ă ŶƵŵďĞƌ ŽĨ ĚŝĨĨĞƌĞŶƚ ŝŶĚƵƐƚƌŝĞƐ͘ ,Ğ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ 'ƌŽƵƉΖƐ &ŝŶĂŶĐĞ ĨƵŶĐƚŝŽŶ͕ ĐŽǀĞƌŝŶŐ ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐ ĂŶĚ ĂĐĐŽƵŶƚŝŶŐ͕ ƚƌĞĂƐƵƌLJ͕ ƚĂdžĂƚŝŽŶ͕ ďƵƐŝŶĞƐƐ ĂŶĂůLJƐŝƐ͕ ĐĂƉŝƚĂů ŵĂŶĂŐĞŵĞŶƚ͕ ƉƌŽĐƵƌĞŵĞŶƚ ĂŶĚ ŝŶĨŽƌŵĂƚŝŽŶ ƚĞĐŚŶŽůŽŐLJ͘

WƌŝŽƌ ƚŽ ũŽŝŶŝŶŐ ^ƚ ĂƌďĂƌĂ͕ ŚĞ ǁĂƐ ŝƌĞĐƚŽƌ ŽĨ ŽƌƉŽƌĂƚĞ ĐĐŽƵŶƚŝŶŐ Ăƚ dĞůƐƚƌĂ ĂŶĚ ŚĂƐ ŚĞůĚ ƐĞŶŝŽƌ ĨŝŶĂŶĐĞ ůĞĂĚĞƌƐŚŝƉ ƌŽůĞƐ ǁŝƚŚ tD͕ EĞǁĐƌĞƐƚ DŝŶŝŶŐ ĂŶĚ E͘

ŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ

:ŽŝŶĞĚϮϬϭϬ

Dƌ ŽůĞ ũŽŝŶĞĚ ^ƚ ĂƌďĂƌĂ ŝŶ ϮϬϭϬ ĂƐ 'ĞŶĞƌĂů DĂŶĂŐĞƌ ŽƌƉŽƌĂƚĞ ^ĞƌǀŝĐĞƐ ĂŶĚ ǁĂƐ ĂƉƉŽŝŶƚĞĚ ŽŵƉĂŶLJ ^ĞĐƌĞƚĂƌLJ ŝŶ ϮϬϭϰ͘ ,Ğ ŚĂƐ ŽǀĞƌ ϯϬ LJĞĂƌƐΖ ĞdžƉĞƌŝĞŶĐĞ ĂĐƌŽƐƐ ĐŚĂƌƚĞƌĞĚ ĂĐĐŽƵŶƚŝŶŐ͕ ƌĞƚĂŝů ďĂŶŬŝŶŐ͕ ƉƌŝǀĂƚĞ ĂŶĚ ƉƵďůŝĐ ĐŽŵƉĂŶŝĞƐ͘

Dƌ ŽůĞΖƐ ĞdžƉĞƌŝĞŶĐĞ ŝŶĐůƵĚĞƐ ĞdžƚĞƌŶĂů͕ ŝŶƚĞƌŶĂů ĂŶĚ /d ĂƵĚŝƚ͕ ƐƚƌĂƚĞŐLJ ĨŽƌŵƵůĂƚŝŽŶ͕ ĞdžĞĐƵƚŝŽŶ ĂŶĚ ŵĞĂƐƵƌĞŵĞŶƚ͕ ƉƌŽĐĞƐƐ ĂŶĚ ďƵƐŝŶĞƐƐ ŝŵƉƌŽǀĞŵĞŶƚ͕ ŵĂƌŬĞƚŝŶŐ͕ ĨŝŶĂŶĐŝĂů ƐĞƌǀŝĐĞƐ͕ ŚĞĂĚ ŽĨ ƌŝƐŬ ĂŶĚ ĐŽŵƉůŝĂŶĐĞ͕ ĐŚŝĞĨ ĂƵĚŝƚ ĞdžĞĐƵƚŝǀĞ ĂŶĚ ĐŚŝĞĨ ĨŝŶĂŶĐŝĂů ĂŶĚ ƌŝƐŬ ŽĨĨŝĐĞƌ͘

sĂůDĂĚƐĞŶ

'ĞŶĞƌĂůDĂŶĂŐĞƌ,ƵŵĂŶ ZĞƐŽƵƌĐĞƐĂŶĚ,ĞĂůƚŚ͕^ĂĨĞƚLJ͕ ŶǀŝƌŽŶŵĞŶƚĂŶĚŽŵŵƵŶŝƚLJ

:ŽŝŶĞĚϮϬϭϯ

DƐ DĂĚƐĞŶ ũŽŝŶĞĚ ^ƚ ĂƌďĂƌĂ ŝŶ ^ĞƉƚĞŵďĞƌ ϮϬϭϯ ĂŶĚ ůĞĂĚƐ ƚŚĞ ,ƵŵĂŶ ZĞƐŽƵƌĐĞƐ ĂŶĚ ,ĞĂůƚŚ͕ ^ĂĨĞƚLJ͕ ŶǀŝƌŽŶŵĞŶƚ ĂŶĚ ŽŵŵƵŶŝƚLJ ĨƵŶĐƚŝŽŶƐ͘ tŝƚŚ Ă DĂƐƚĞƌƐ ŝŶ ĚƵĐĂƚŝŽŶ ĂŶĚ Ă ŶƵŵďĞƌ ŽĨ ŽƚŚĞƌ ďƵƐŝŶĞƐƐ ƋƵĂůŝĨŝĐĂƚŝŽŶƐ ĂŶĚ ĂĐĐƌĞĚŝƚĂƚŝŽŶƐ͕ DƐ DĂĚƐĞŶ ŚĂƐ ƉĂƌƚŝĐƵůĂƌ ĞdžƉĞƌŝĞŶĐĞ ŝŶ ŽƌŐĂŶŝƐĂƚŝŽŶĂů ĚĞǀĞůŽƉŵĞŶƚ͕ ƚƌĂŝŶŝŶŐ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ͕ ĚŝǀĞƌƐŝƚLJ ĂŶĚ ĞŵƉůŽLJĞĞ ĞŶŐĂŐĞŵĞŶƚ͘

WƌŝŽƌ ƚŽ ũŽŝŶŝŶŐ ^ƚ ĂƌďĂƌĂ͕ sĂů ǁŽƌŬĞĚ ĨŽƌ EĞǁĐƌĞƐƚ DŝŶŝŶŐ ĂŶĚ ŚĂƐ ĞdžƚĞŶƐŝǀĞ ĞdžƉĞƌŝĞŶĐĞ ŝŶ ,ƵŵĂŶ ZĞƐŽƵƌĐĞƐ͘

ŽŵƉĞƚĞŶƚWĞƌƐŽŶƐ^ƚĂƚĞŵĞŶƚ

džƉůŽƌĂƚŝŽŶ ZĞƐƵůƚƐ

dŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŝŶ ƚŚŝƐ ƉƌĞƐĞŶƚĂƚŝŽŶ ƚŚĂƚ ƌĞůĂƚĞƐ ƚŽ džƉůŽƌĂƚŝŽŶ ZĞƐƵůƚƐ ĨŽƌ ^ŝŵďĞƌŝ ĂŶĚ WŝŶũŝŶ ŝƐ ďĂƐĞĚ ŽŶ ŝŶĨŽƌŵĂƚŝŽŶ ĐŽŵƉŝůĞĚ ďLJ ƌ ZŽŐĞƌ DƵƐƚĂƌĚ͕ ǁŚŽ ŝƐ Ă DĞŵďĞƌ ŽĨ dŚĞ ƵƐƚƌĂůĂƐŝĂŶ /ŶƐƚŝƚƵƚĞ ŽĨ DŝŶŝŶŐ ĂŶĚ DĞƚĂůůƵƌŐLJ͘ ƌ DƵƐƚĂƌĚ ŝƐ Ă ĨƵůůͲƚŝŵĞ ĞŵƉůŽLJĞĞ ŽĨ ^ƚ ĂƌďĂƌĂ ĂŶĚ ŚĂƐ ƐƵĨĨŝĐŝĞŶƚ ĞdžƉĞƌŝĞŶĐĞ ƌĞůĞǀĂŶƚ ƚŽ ƚŚĞ ƐƚLJůĞ ŽĨ ŵŝŶĞƌĂůŝƐĂƚŝŽŶ ĂŶĚ ƚLJƉĞ ŽĨ ĚĞƉŽƐŝƚ ƵŶĚĞƌ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ĂŶĚ ƚŽ ƚŚĞ ĂĐƚŝǀŝƚLJ ǁŚŝĐŚ ŚĞ ŝƐ ƵŶĚĞƌƚĂŬŝŶŐ ƚŽ ƋƵĂůŝĨLJ ĂƐ Ă ŽŵƉĞƚĞŶƚ WĞƌƐŽŶ ĂƐ ĚĞĨŝŶĞĚ ŝŶ ƚŚĞ ϮϬϭϮ ĚŝƚŝŽŶ ŽĨ ƚŚĞ ΖƵƐƚƌĂůĂƐŝĂŶ ŽĚĞ ĨŽƌ ZĞƉŽƌƚŝŶŐ ŽĨ džƉůŽƌĂƚŝŽŶ ZĞƐƵůƚƐ͕ DŝŶĞƌĂů ZĞƐŽƵƌĐĞƐ ĂŶĚ KƌĞ ZĞƐĞƌǀĞƐΖ͘ ƌ DƵƐƚĂƌĚ ĐŽŶƐĞŶƚƐ ƚŽ ƚŚĞ ŝŶĐůƵƐŝŽŶ ŝŶ ƚŚĞ ƌĞƉŽƌƚ ŽĨ ƚŚĞ ŵĂƚƚĞƌƐ ďĂƐĞĚ ŽŶ ŚŝƐ ŝŶĨŽƌŵĂƚŝŽŶ ŝŶ ƚŚĞ ĨŽƌŵ ĂŶĚ ĐŽŶƚĞdžƚ ŝŶ ǁŚŝĐŚ ŝƚ ĂƉƉĞĂƌƐ͘

dŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŝŶ ƚŚŝƐ ƉƌĞƐĞŶƚĂƚŝŽŶ ƚŚĂƚ ƌĞůĂƚĞƐ ƚŽ džƉůŽƌĂƚŝŽŶ ZĞƐƵůƚƐ ĨŽƌ 'ǁĂůŝĂ ĂŶĚ ƚŚĞ >ĞŽŶŽƌĂ ƌĞŐŝŽŶ ŝƐ ďĂƐĞĚ ŽŶ ŝŶĨŽƌŵĂƚŝŽŶ ĐŽŵƉŝůĞĚ ďLJ Dƌ ZŽďĞƌƚ >ŽǀĞ͕ ǁŚŽ ŝƐ Ă &ĞůůŽǁ ŽĨ dŚĞ ƵƐƚƌĂůĂƐŝĂŶ /ŶƐƚŝƚƵƚĞ ŽĨ DŝŶŝŶŐ ĂŶĚ DĞƚĂůůƵƌŐLJ͘ Dƌ >ŽǀĞ ŝƐ Ă ĨƵůůͲƚŝŵĞ ĞŵƉůŽLJĞĞ ŽĨ ^ƚ ĂƌďĂƌĂ ĂŶĚ ŚĂƐ ƐƵĨĨŝĐŝĞŶƚ ĞdžƉĞƌŝĞŶĐĞ ƌĞůĞǀĂŶƚ ƚŽ ƚŚĞ ƐƚLJůĞ ŽĨ ŵŝŶĞƌĂůŝƐĂƚŝŽŶ ĂŶĚ ƚLJƉĞ ŽĨ ĚĞƉŽƐŝƚ ƵŶĚĞƌ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ĂŶĚ ƚŽ ƚŚĞ ĂĐƚŝǀŝƚLJ ǁŚŝĐŚ ŚĞ ŝƐ ƵŶĚĞƌƚĂŬŝŶŐ ƚŽ ƋƵĂůŝĨLJ ĂƐ Ă ŽŵƉĞƚĞŶƚ WĞƌƐŽŶ ĂƐ ĚĞĨŝŶĞĚ ŝŶ ƚŚĞ ϮϬϭϮ ĚŝƚŝŽŶ ŽĨ ƚŚĞ ΖƵƐƚƌĂůĂƐŝĂŶ ŽĚĞ ĨŽƌ ZĞƉŽƌƚŝŶŐ ŽĨ džƉůŽƌĂƚŝŽŶ ZĞƐƵůƚƐ͕ DŝŶĞƌĂů ZĞƐŽƵƌĐĞƐ ĂŶĚ KƌĞ ZĞƐĞƌǀĞƐΖ͘ Dƌ >ŽǀĞ ĐŽŶƐĞŶƚƐ ƚŽ ƚŚĞ ŝŶĐůƵƐŝŽŶ ŝŶ ƚŚĞ ƌĞƉŽƌƚ ŽĨ ƚŚĞ ŵĂƚƚĞƌƐ ďĂƐĞĚ ŽŶ ŚŝƐ ŝŶĨŽƌŵĂƚŝŽŶ ŝŶ ƚŚĞ ĨŽƌŵ ĂŶĚ ĐŽŶƚĞdžƚ ŝŶ ǁŚŝĐŚ ŝƚ ĂƉƉĞĂƌƐ͘

DŝŶĞƌĂů ZĞƐŽƵƌĐĞ ĂŶĚ KƌĞ ZĞƐĞƌǀĞ ƐƚŝŵĂƚĞƐ

dŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŝŶ ƚŚŝƐ ƉƌĞƐĞŶƚĂƚŝŽŶ ƚŚĂƚ ƌĞůĂƚĞƐ ƚŽ DŝŶĞƌĂů ZĞƐŽƵƌĐĞƐ Žƌ KƌĞ ZĞƐĞƌǀĞƐ ŝƐ ĞdžƚƌĂĐƚĞĚ ĨƌŽŵ ƚŚĞ ƌĞƉŽƌƚ ƚŝƚůĞĚ ΖKƌĞ ZĞƐĞƌǀĞƐ ĂŶĚ DŝŶĞƌĂů ZĞƐŽƵƌĐĞƐ ^ƚĂƚĞŵĞŶƚƐ ϯϬ :ƵŶĞ ϮϬϭϴΖ ƌĞůĞĂƐĞĚ ƚŽ ƚŚĞ ƵƐƚƌĂůŝĂŶ ^ĞĐƵƌŝƚŝĞƐ džĐŚĂŶŐĞ ;^yͿ ŽŶ Ϯϳ ƵŐƵƐƚ ϮϬϭϴ ĂŶĚ ĂǀĂŝůĂďůĞ ƚŽ ǀŝĞǁ Ăƚ ƐƚďĂƌďĂƌĂ͘ĐŽŵ͘ĂƵ ĂŶĚ ĨŽƌ ǁŚŝĐŚ ŽŵƉĞƚĞŶƚ WĞƌƐŽŶƐΖ ĐŽŶƐĞŶƚƐ ǁĞƌĞ ŽďƚĂŝŶĞĚ͘ ĂĐŚ ŽŵƉĞƚĞŶƚ WĞƌƐŽŶΖƐ ĐŽŶƐĞŶƚ ƌĞŵĂŝŶ ŝŶ ƉůĂĐĞ ĨŽƌ ƐƵďƐĞƋƵĞŶƚ ƌĞůĞĂƐĞƐ ďLJ ƚŚĞ ŽŵƉĂŶLJ ŽĨ ƚŚĞ ƐĂŵĞ ŝŶĨŽƌŵĂƚŝŽŶ ŝŶ ƚŚĞ ƐĂŵĞ ĨŽƌŵ ĂŶĚ ĐŽŶƚĞdžƚ͕ ƵŶƚŝů ƚŚĞ ĐŽŶƐĞŶƚ ŝƐ ǁŝƚŚĚƌĂǁŶ Žƌ ƌĞƉůĂĐĞĚ ďLJ Ă ƐƵďƐĞƋƵĞŶƚ ƌĞƉŽƌƚ ĂŶĚ ĂĐĐŽŵƉĂŶLJŝŶŐ ĐŽŶƐĞŶƚ͘

dŚĞ ŽŵƉĂŶLJ ĐŽŶĨŝƌŵƐ ƚŚĂƚ ŝƚ ŝƐ ŶŽƚ ĂǁĂƌĞ ŽĨ ĂŶLJ ŶĞǁ ŝŶĨŽƌŵĂƚŝŽŶ Žƌ ĚĂƚĂ ƚŚĂƚ ŵĂƚĞƌŝĂůůLJ ĂĨĨĞĐƚƐ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ŽƌŝŐŝŶĂů ^y ĂŶŶŽƵŶĐĞŵĞŶƚ ƌĞůĞĂƐĞĚ ŽŶ Ϯϳ ƵŐƵƐƚ ϮϬϭϴ ĂŶĚ͕ ŝŶ ƚŚĞ ĐĂƐĞ ŽĨ ĞƐƚŝŵĂƚĞƐ ŽĨ DŝŶĞƌĂů ZĞƐŽƵƌĐĞƐ Žƌ KƌĞ ZĞƐĞƌǀĞƐ͕ ƚŚĂƚ Ăůů ŵĂƚĞƌŝĂů ĂƐƐƵŵƉƚŝŽŶƐ ĂŶĚ ƚĞĐŚŶŝĐĂů ƉĂƌĂŵĞƚĞƌƐ ƵŶĚĞƌƉŝŶŶŝŶŐ ƚŚĞ ĞƐƚŝŵĂƚĞƐ ŝŶ ƚŚĞ ŽƌŝŐŝŶĂů ^y ĂŶŶŽƵŶĐĞŵĞŶƚ ĐŽŶƚŝŶƵĞ ƚŽ ĂƉƉůLJ ĂŶĚ ŚĂǀĞ ŶŽƚ ŵĂƚĞƌŝĂůůLJ ĐŚĂŶŐĞĚ͘ dŚĞ ŽŵƉĂŶLJ ĐŽŶĨŝƌŵƐ ƚŚĂƚ ƚŚĞ ĨŽƌŵ ĂŶĚ ĐŽŶƚĞdžƚ ŝŶ ǁŚŝĐŚ ƚŚĞ ŽŵƉĞƚĞŶƚ WĞƌƐŽŶΖƐ ĨŝŶĚŝŶŐƐ ĂƌĞ ƉƌĞƐĞŶƚĞĚ ŚĂǀĞ ŶŽƚ ďĞĞŶ ŵĂƚĞƌŝĂůůLJ ŵŽĚŝĨŝĞĚ ĨƌŽŵ ƚŚĞ ŽƌŝŐŝŶĂů ^y ĂŶŶŽƵŶĐĞŵĞŶƚ͘

&Ƶůů ĚĞƚĂŝůƐ ĂƌĞ ĐŽŶƚĂŝŶĞĚ ŝŶ ƚŚĞ ^y ƌĞůĞĂƐĞ ĚĂƚĞĚ Ϯϳ ƵŐƵƐƚ ϮϬϭϴ ΖKƌĞ ZĞƐĞƌǀĞƐ ĂŶĚ DŝŶĞƌĂů ZĞƐŽƵƌĐĞƐ ^ƚĂƚĞŵĞŶƚƐ ϯϬ :ƵŶĞ ϮϬϭϴΖ ĂǀĂŝůĂďůĞ Ăƚ ƐƚďĂƌďĂƌĂ͘ĐŽŵ͘ĂƵ͘

^ĐŚĞĚƵůĞĚ^y ŶŶŽƵŶĐĞŵĞŶƚƐ
Ϯϰ:ƵůLJϮϬϭϵ	Yϰ:ƵŶĞ&zϭϵYƵĂƌƚĞƌůLJZĞƉŽƌƚ
ϮϭƵŐƵƐƚϮϬϭϵ	&zϭϵ&ƵůůzĞĂƌZĞƉŽƌƚ&zϭϵ&ŝŶĂůŝǀŝĚĞŶĚϯϬ :ƵŶĞϮϬϭϵKƌĞZĞƐĞƌǀĞƐĂŶĚDŝŶĞƌĂůZĞƐŽƵƌĐĞƐ^ƚĂƚĞŵĞŶƚƐ

ϰϴ ͬĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ	EKd&KZ/^dZ/hd/KEKZZ>^/Ed,hE/d^dd^

<ĞLJZŝƐŬƐ

dŚĞ^ƚĂƌďĂƌĂ'ƌŽƵƉ;ƚŚĞ**'ƌŽƵƉͿĐŽŶƐŝƐƚƐŽĨ^ƚĂƌďĂƌĂ>ŝŵŝƚĞĚĂŶĚƚŚĞĞŶƚŝƚŝĞƐŝƚĐŽŶƚƌŽůƐ͕ǁŚŝĐŚǁŽƵůĚĞdžƚĞŶĚƚŽŝŶĐůƵĚĞƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶ;ƚůĂŶƚŝĐͿƵƉŽŶĐŽŵƉůĞƚŝŽŶŽĨƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ͘dŚĞƌĞĂƌĞĂ ŶƵŵďĞƌŽĨƌŝƐŬƐĂŶĚĨĂĐƚŽƌƐ͕ƐƉĞĐŝĨŝĐƚŽƚŚĞ'ƌŽƵƉ͕ƐƉĞĐŝĨŝĐƚŽƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ;ƚŚĞĐƋƵŝƐŝƚŝŽŶ**ͿĂŶĚŽĨĂŐĞŶĞƌĂůŶĂƚƵƌĞ͕ǁŚŝĐŚŵĂLJĂĨĨĞĐƚƚŚĞĨƵƚƵƌĞŽƉĞƌĂƚŝŶŐĂŶĚĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ'ƌŽƵƉ͕ƚůĂŶƚŝĐ ĂŶĚƚŚĞŝŶĚƵƐƚƌLJŝŶǁŚŝĐŚƚŚĞLJŽƉĞƌĂƚĞĂŶĚƚŚĞŽƵƚĐŽŵĞŽĨĂŶŝŶǀĞƐƚŵĞŶƚŝŶƚŚĞ'ƌŽƵƉ͘

dŚŝƐƐĞĐƚŝŽŶĚĞƐĐƌŝďĞƐƐŽŵĞ͕ďƵƚŶŽƚĂůů͕ŽĨƚŚĞŵĂƚĞƌŝĂůďƵƐŝŶĞƐƐƌŝƐŬƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚŝŶǀĞƐƚŵĞŶƚŝŶƚŚĞ'ƌŽƵƉǁŚŝĐŚƉŽƚĞŶƚŝĂůŝŶǀĞƐƚŽƌƐƐŚŽƵůĚĐŽŶƐŝĚĞƌƚŽŐĞƚŚĞƌǁŝƚŚƉƵďůŝĐůLJĂǀĂŝůĂďůĞŝŶĨŽƌŵĂƚŝŽŶ;ŝŶĐůƵĚŝŶŐƚŚŝƐ ƉƌĞƐĞŶƚĂƚŝŽŶͿĐŽŶĐĞƌŶŝŶŐƚŚĞ'ƌŽƵƉďĞĨŽƌĞƚĂŬŝŶŐƵƉƚŚĞŶƚŝƚůĞŵĞŶƚKĨĨĞƌŽƌŵĂŬŝŶŐĂŶŝŶǀĞƐƚŵĞŶƚĚĞĐŝƐŝŽŶ͘ĚĚŝƚŝŽŶĂůƌŝƐŬƐĂŶĚ ƵŶĐĞƌƚĂŝŶƚŝĞƐƚŚĂƚƚŚĞ'ƌŽƵƉŝƐƵŶĂǁĂƌĞŽĨ͕ŽƌƚŚĂƚŝƚĐƵƌƌĞŶƚůLJĐŽŶƐŝĚĞƌƐƚŽďĞ ŝŵŵĂƚĞƌŝĂů͕ŵĂLJĂůƐŽďĞĐŽŵĞŝŵƉŽƌƚĂŶƚĨĂĐƚŽƌƐƚŚĂƚĂĚǀĞƌƐĞůLJĂĨĨĞĐƚƚŚĞĨƵƚƵƌĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ'ƌŽƵƉĂŶĚƚŚĞEĞǁ^ŚĂƌĞƐ͘DĂŶLJ ŽĨƚŚĞĐŝƌĐƵŵƐƚĂŶĐĞƐŐŝǀŝŶŐƌŝƐĞƚŽƚŚĞƐĞƌŝƐŬƐĂƌĞďĞLJŽŶĚƚŚĞĐŽŶƚƌŽůŽĨƚŚĞ'ƌŽƵƉ͘

Z/^<^^^K/dt/d,d,'ZKhW

ϭ͘&ůƵĐƚƵĂƚŝŽŶƐŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŽůůĂƌ;h^ͿƐƉŽƚŐŽůĚƉƌŝĐĞ

sŽůĂƚŝůŝƚLJŝŶƚŚĞŐŽůĚƉƌŝĐĞĐƌĞĂƚĞƐƌĞǀĞŶƵĞƵŶĐĞƌƚĂŝŶƚLJĂŶĚƌĞƋƵŝƌĞƐĐĂƌĞĨƵůŵĂŶĂŐĞŵĞŶƚŽĨďƵƐŝŶĞƐƐƉĞƌĨŽƌŵĂŶĐĞƚŽĞŶƐƵƌĞƚŚĂƚŽƉĞƌĂƚŝŶŐĐĂƐŚŵĂƌŐŝŶƐĂƌĞŵĂŝŶƚĂŝŶĞĚĚĞƐƉŝƚĞĂĨĂůůŝŶƚŚĞƐƉŽƚŐŽůĚƉƌŝĐĞ͘ ĞĐůŝŶŝŶŐŐŽůĚƉƌŝĐĞƐĐĂŶĂůƐŽŝŵƉĂĐƚŽƉĞƌĂƚŝŽŶƐďLJƌĞƋƵŝƌŝŶŐĂƌĞĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞĨĞĂƐŝďŝůŝƚLJŽĨĂƉĂƌƚŝĐƵůĂƌĞdžƉůŽƌĂƚŝŽŶŽƌĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚ͘ǀĞŶŝĨĂƉƌŽũĞĐƚŝƐƵůƚŝŵĂƚĞůLJĚĞƚĞƌŵŝŶĞĚƚŽďĞĞĐŽŶŽŵŝĐĂůůLJǀŝĂďůĞ͕ƚŚĞ ŶĞĞĚƚŽĐŽŶĚƵĐƚƐƵĐŚĂƌĞĂƐƐĞƐƐŵĞŶƚĐŽƵůĚĐĂƵƐĞƐƵďƐƚĂŶƚŝĂůĚĞůĂLJƐĂŶĚͬŽƌŝŶƚĞƌƌƵƉƚŽƉĞƌĂƚŝŽŶƐ͕ǁŚŝĐŚŵĂLJŚĂǀĞĂŵĂƚĞƌŝĂůĂĚǀĞƌƐĞĞĨĨĞĐƚŽŶƚŚĞƌĞƐƵůƚƐŽĨŽƉĞƌĂƚŝŽŶƐĂŶĚĨŝŶĂŶĐŝĂůĐŽŶĚŝƚŝŽŶ͘

Ϯ͘'ŽǀĞƌŶŵĞŶƚƌĞŐƵůĂƚŝŽŶ

dŚĞ'ƌŽƵƉΖƐŵŝŶŝŶŐ͕ƉƌŽĐĞƐƐŝŶŐ͕ĚĞǀĞůŽƉŵĞŶƚĂŶĚĞdžƉůŽƌĂƚŝŽŶĂĐƚŝǀŝƚŝĞƐĂƌĞƐƵďũĞĐƚƚŽǀĂƌŝŽƵƐůĂǁƐĂŶĚƐƚĂƚƵƚŽƌLJƌĞŐƵůĂƚŝŽŶƐŐŽǀĞƌŶŝŶŐƉƌŽƐƉĞĐƚŝŶŐ͕ĚĞǀĞůŽƉŵĞŶƚ͕ƉƌŽĚƵĐƚŝŽŶ͕ƚĂdžĞƐ͕ƌŽLJĂůƚLJƉĂLJŵĞŶƚƐ͕ůĂďŽƵƌƐƚĂŶĚĂƌĚƐ ĂŶĚŽĐĐƵƉĂƚŝŽŶĂůŚĞĂůƚŚ͕ŵŝŶĞƐĂĨĞƚLJ͕ƚŽdžŝĐƐƵďƐƚĂŶĐĞƐ͕ůĂŶĚƵƐĞ͕ǁĂƚĞƌƵƐĞ͕ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ͕ůĂŶĚĐůĂŝŵƐŽĨůŽĐĂůƉĞŽƉůĞĂŶĚŽƚŚĞƌŵĂƚƚĞƌƐ͘

EŽĂƐƐƵƌĂŶĐĞĐĂŶďĞŐŝǀĞŶƚŚĂƚŶĞǁůĂǁƐ͕ƌƵůĞƐĂŶĚƌĞŐƵůĂƚŝŽŶƐǁŝůůŶŽƚďĞĞŶĂĐƚĞĚŽƌƚŚĂƚĞdžŝƐƚŝŶŐůĂǁƐ͕ƌƵůĞƐĂŶĚƌĞŐƵůĂƚŝŽŶƐǁŝůůŶŽƚďĞĂƉƉůŝĞĚŝŶĂŵĂŶŶĞƌǁŚŝĐŚĐŽƵůĚŚĂǀĞĂŶĂĚǀĞƌƐĞĞĨĨĞĐƚŽŶƚŚĞ'ƌŽƵƉΖƐĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶĂŶĚƌĞƐƵůƚƐŽĨŽƉĞƌĂƚŝŽŶƐĂĐƌŽƐƐƚŚĞĚŝĨĨĞƌĞŶƚũƵƌŝƐĚŝĐƚŝŽŶƐŝŶǁŚŝĐŚŝƚŽƉĞƌĂƚĞƐ͕ŝŶĐůƵĚŝŶŐƚŚŽƐĞƌĞůĂƚŝŶŐƚŽƚůĂŶƚŝĐ͘ŶLJƐƵĐŚĂŵĞŶĚŵĞŶƚƐƚŽĐƵƌƌĞŶƚůĂǁƐ͕ƌĞŐƵůĂƚŝŽŶƐĂŶĚƉĞƌŵŝƚƐŐŽǀĞƌŶŝŶŐŽƉĞƌĂƚŝŽŶƐĂŶĚ ĂĐƚŝǀŝƚŝĞƐŽĨŵŝŶŝŶŐĂŶĚĞdžƉůŽƌĂƚŝŽŶ͕ŽƌŵŽƌĞƐƚƌŝŶŐĞŶƚŝŵƉůĞŵĞŶƚĂƚŝŽŶƚŚĞƌĞŽĨ͕ĐŽƵůĚŚĂǀĞĂŵĂƚĞƌŝĂůĂĚǀĞƌƐĞŝŵƉĂĐƚŽŶƚŚĞ'ƌŽƵƉ͘&ĂŝůƵƌĞƚŽĐŽŵƉůLJǁŝƚŚĂŶLJĂƉƉůŝĐĂďůĞůĂǁƐ͕ƌĞŐƵůĂƚŝŽŶƐŽƌƉĞƌŵŝƚƚŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐ͕Žƌ ĨĂŝůƵƌĞƚŽƌĞŶĞǁĂŶLJĂƉƉůŝĐĂďůĞůŝĐĞŶƐĞƐŽƌƉĞƌŵŝƚƐ͕ŵĂLJƌĞƐƵůƚŝŶĞŶĨŽƌĐĞŵĞŶƚĂĐƚŝŽŶƐĂŐĂŝŶƐƚƚŚĞ'ƌŽƵƉ͕ŝŶĐůƵĚŝŶŐŽƌĚĞƌƐŝƐƐƵĞĚďLJƌĞŐƵůĂƚŽƌLJŽƌũƵĚŝĐŝĂůĂƵƚŚŽƌŝƚŝĞƐĐĂƵƐŝŶŐŽƉĞƌĂƚŝŽŶƐƚŽĐĞĂƐĞŽƌďĞĐƵƌƚĂŝůĞĚ͕ĂŶĚŵĂLJ ŝŶĐůƵĚĞĐŽƌƌĞĐƚŝǀĞŵĞĂƐƵƌĞƐƌĞƋƵŝƌŝŶŐĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞƐ͕ŝŶƐƚĂůůĂƚŝŽŶŽĨĂĚĚŝƚŝŽŶĂůĞƋƵŝƉŵĞŶƚ͕ŽƌƌĞŵĞĚŝĂůĂĐƚŝŽŶƐ͘

&ƵƌƚŚĞƌŵŽƌĞ͕^ƚĂƌďĂƌĂŚĂƐŽƉĞƌĂƚŝŽŶƐŝŶĂĚĞǀĞůŽƉŝŶŐĐŽƵŶƚƌLJƚŚĂƚŝƐƐƵďũĞĐƚƚŽƉŽůŝƚŝĐĂů͕ĞĐŽŶŽŵŝĐĂŶĚŽƚŚĞƌƌŝƐŬƐĂŶĚƵŶĐĞƌƚĂŝŶƚŝĞƐ͘dŚĞĨŽƌŵƵůĂƚŝŽŶĂŶĚŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨŐŽǀĞƌŶŵĞŶƚƉŽůŝĐŝĞƐŽƌƉƌŽĐĞƐƐĞƐ͕ƐƵĐŚĂƐŝŶ ƌĞůĂƚŝŽŶƚŽŵŝŶŝŶŐƉĞƌŵŝƚƐĂŶĚůŝĐĞŶĐĞƐ͕ŝŶƚŚŝƐĐŽƵŶƚƌLJŵĂLJďĞƵŶƉƌĞĚŝĐƚĂďůĞ͘

ϯ͘KƉĞƌĂƚŝŽŶĂůƌŝƐŬƐĂŶĚŚĂnjĂƌĚƐ

dŚĞ'ƌŽƵƉΖƐŵŝŶŝŶŐŽƉĞƌĂƚŝŽŶƐ͕ĐŽŶƐŝƐƚŝŶŐŽĨŽƉĞŶƉŝƚĂŶĚƵŶĚĞƌŐƌŽƵŶĚŵŝŶĞƐ͕ŐĞŶĞƌĂůůLJŝŶǀŽůǀĞĂŚŝŐŚĚĞŐƌĞĞŽĨƌŝƐŬ͕ĂŶĚƚŚĞƐĞƌŝƐŬƐŝŶĐƌĞĂƐĞǁŚĞŶŵŝŶŝŶŐŽĐĐƵƌƐĂƚĚĞƉƚŚ͘dŚĞ'ƌŽƵƉΖƐŽƉĞƌĂƚŝŽŶƐĂƌĞƐƵďũĞĐƚƚŽĂůůƚŚĞ ŚĂnjĂƌĚƐĂŶĚƌŝƐŬƐŶŽƌŵĂůůLJĞŶĐŽƵŶƚĞƌĞĚŝŶƚŚĞĞdžƉůŽƌĂƚŝŽŶ͕ĚĞǀĞůŽƉŵĞŶƚĂŶĚƉƌŽĚƵĐƚŝŽŶŽĨŐŽůĚ͘WƌŽĐĞƐƐŝŶŐŽƉĞƌĂƚŝŽŶƐĂƌĞƐƵďũĞĐƚ ƚŽŚĂnjĂƌĚƐƐƵĐŚĂƐĞƋƵŝƉŵĞŶƚĨĂŝůƵƌĞ͕ƚŽdžŝĐĐŚĞŵŝĐĂůůĞĂŬĂŐĞ͕ůŽƐƐŽĨƉŽǁĞƌ͕ĨĂƐƚͲŵŽǀŝŶŐ ŚĞĂǀLJĞƋƵŝƉŵĞŶƚ͕ĨĂŝůƵƌĞŽĨĚĞĞƉƐĞĂƚĂŝůŝŶŐƐĚŝƐƉŽƐĂůƉŝƉĞůŝŶĞƐĂŶĚƌĞƚĂŝŶŝŶŐĚĂŵƐĂƌŽƵŶĚƚĂŝůŝŶŐƐĐŽŶƚĂŝŶŵĞŶƚĂƌĞĂƐ͕ƌĂŝŶĂŶĚƐĞŝƐŵŝĐĞǀĞŶƚƐǁŚŝĐŚŵĂLJƌĞƐƵůƚŝŶĞŶǀŝƌŽŶŵĞŶƚĂůƉŽůůƵƚŝŽŶĂŶĚĐŽŶƐĞƋƵĞŶƚůŝĂďŝůŝƚLJ͘dŚĞ ŝŵƉĂĐƚŽĨƚŚĞƐĞĞǀĞŶƚƐĐŽƵůĚůĞĂĚƚŽĚŝƐƌƵƉƚŝŽŶƐŝŶƉƌŽĚƵĐƚŝŽŶĂŶĚƐĐŚĞĚƵůŝŶŐ͕ŝŶĐƌĞĂƐĞĚĐŽƐƚƐĂŶĚůŽƐƐŽĨĨĂĐŝůŝƚŝĞƐ͕ǁŚŝĐŚŵĂLJ ŚĂǀĞĂŵĂƚĞƌŝĂůĂĚǀĞƌƐĞŝŵƉĂĐƚŽŶƚŚĞ'ƌŽƵƉΖƐƌĞƐƵůƚƐŽĨŽƉĞƌĂƚŝŽŶƐ͕ĨŝŶĂŶĐŝĂůĐŽŶĚŝƚŝŽŶ͕ ůŝĐĞŶƐĞƚŽŽƉĞƌĂƚĞĂŶĚƉƌŽƐƉĞĐƚƐ͘

ϱϬ ͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

EKd&KZ/^dZ/hd/KEKZZ>^/Ed,hE/d^dd^

ϰ͘ZĞůŝĂŶĐĞŽŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĨĂĐŝůŝƚŝĞƐĂŶĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞ

dŚĞ'ƌŽƵƉĚĞƉĞŶĚƐŽŶƚŚĞĂǀĂŝůĂďŝůŝƚLJĂŶĚĂĨĨŽƌĚĂďŝůŝƚLJŽĨƌĞůŝĂďůĞƚƌĂŶƐƉŽƌƚĂƚŝŽŶĨĂĐŝůŝƚŝĞƐĂŶĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞ;Ğ͘Ő͘ƌŽĂĚƐ͕ ďƌŝĚŐĞƐ͕ĂŝƌƉŽƌƚƐ͕ƉŽǁĞƌƐŽƵƌĐĞƐĂŶĚǁĂƚĞƌƐƵƉƉůLJͿƚŽĚĞůŝǀĞƌĐŽŶƐƵŵĂďůĞƐƚŽƐŝƚĞ͕ĂŶĚĨŝŶĂů ƉƌŽĚƵĐƚƚŽŵĂƌŬĞƚ͘/ŶƚĞƌƌƵƉƚŝŽŶŝŶƚŚĞƉƌŽǀŝƐŝŽŶŽĨƐƵĐŚŝŶĨƌĂƐƚƌƵĐƚƵƌĞ;Ğ͘Ő͘ĚƵĞƚŽĂĚǀĞƌƐĞǁĞĂƚŚĞƌ͖ĐŽŵŵƵŶŝƚLJŽƌŐŽǀĞƌŶŵĞŶƚ ŝŶƚĞƌĨĞƌĞŶĐĞͿĐŽƵůĚĂĚǀĞƌƐĞůLJĂĨĨĞĐƚ^ƚĂƌďĂƌĂΖƐŽƉĞƌĂƚŝŽŶƐ͕ĨŝŶĂŶĐŝĂůĐŽŶĚŝƚŝŽŶĂŶĚ ƌĞƐƵůƚƐŽĨŽƉĞƌĂƚŝŽŶƐ͘

ϱ͘WƌŽĚƵĐƚŝŽŶ͕ĐŽƐƚĂŶĚĐĂƉŝƚĂůĞƐƚŝŵĂƚĞƐ

dŚĞ'ƌŽƵƉƉƌĞƉĂƌĞƐĞƐƚŝŵĂƚĞƐŽĨĨƵƚƵƌĞƉƌŽĚƵĐƚŝŽŶ͕ŽƉĞƌĂƚŝŶŐĐŽƐƚƐĂŶĚĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞƌĞůĂƚŝŶŐƚŽƉƌŽĚƵĐƚŝŽŶĂƚŝƚƐŽƉĞƌĂƚŝŽŶƐ͘dŚĞĂďŝůŝƚLJŽĨƚŚĞ'ƌŽƵƉƚŽĂĐŚŝĞǀĞƉƌŽĚƵĐƚŝŽŶƚĂƌŐĞƚƐ͕ŽƌŵĞĞƚŽƉĞƌĂƚŝŶŐĂŶĚ ĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞĞƐƚŝŵĂƚĞƐŽŶĂƚŝŵĞůLJďĂƐŝƐĐĂŶŶŽƚďĞĂƐƐƵƌĞĚ͘dŚĞĂƐƐĞƚƐŽĨƚŚĞ'ƌŽƵƉĂƌĞƐƵďũĞĐƚƚŽƵŶĐĞƌƚĂŝŶƚLJǁŝƚŚƌĞŐĂƌĚƐƚŽŽƌĞƚŽŶŶĞƐ͕ŐƌĂĚĞ͕ŵĞƚĂůůƵƌŐŝĐĂůƌĞĐŽǀĞƌLJ͕ŐƌŽƵŶĚĐŽŶĚŝƚŝŽŶƐ͕ŽƉĞƌĂƚŝŽŶĂů ĞŶǀŝƌŽŶŵĞŶƚ͕ĨƵŶĚŝŶŐĨŽƌĚĞǀĞůŽƉŵĞŶƚ͕ƌĞŐƵůĂƚŽƌLJĐŚĂŶŐĞƐ͕ĂĐĐŝĚĞŶƚƐĂŶĚŽƚŚĞƌƵŶĨŽƌĞƐĞĞŶĐŝƌĐƵŵƐƚĂŶĐĞƐƐƵĐŚĂƐƵŶƉůĂŶŶĞĚŵĞĐŚĂŶŝĐĂůĨĂŝůƵƌĞŽĨƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ͘&ĂŝůƵƌĞƚŽĂĐŚŝĞǀĞƉƌŽĚƵĐƚŝŽŶ͕ĐŽƐƚŽƌ ĐĂƉŝƚĂůĞƐƚŝŵĂƚĞƐ͕ŽƌŵĂƚĞƌŝĂůŝŶĐƌĞĂƐĞƐƚŽĐŽƐƚƐ͕ĐŽƵůĚŚĂǀĞĂŶĂĚǀĞƌƐĞŝŵƉĂĐƚŽŶƚŚĞ'ƌŽƵƉΖƐĨƵƚƵƌĞĐĂƐŚĨůŽǁƐ͕ƉƌŽĨŝƚĂďŝůŝƚLJĂŶĚĨŝŶĂŶĐŝĂůĐŽŶĚŝƚŝŽŶ͘dŚĞĚĞǀĞůŽƉŵĞŶƚŽĨĞƐƚŝŵĂƚĞƐŝƐŵĂŶĂŐĞĚďLJƚŚĞ'ƌŽƵƉƵƐŝŶŐĂ ƌŝŐŽƌŽƵƐďƵĚŐĞƚŝŶŐĂŶĚĨŽƌĞĐĂƐƚŝŶŐƉƌŽĐĞƐƐ͘ĐƚƵĂůƌĞƐƵůƚƐĂƌĞĐŽŵƉĂƌĞĚǁŝƚŚĨŽƌĞĐĂƐƚƐƚŽŝĚĞŶƚŝĨLJĚƌŝǀĞƌƐďĞŚŝŶĚĚŝƐĐƌĞƉĂŶĐŝĞƐǁŚŝĐŚŵĂLJƌĞƐƵůƚŝŶƵƉĚĂƚĞƐƚŽĨƵƚƵƌĞĞƐƚŝŵĂƚĞƐ͘

ϲ͘'ǁĂůŝĂdžƚĞŶƐŝŽŶWƌŽũĞĐƚ

dŚĞƉƌŽũĞĐƚƚŽŝŶƐƚĂůůĂŶƵŶĚĞƌŐƌŽƵŶĚƉĂƐƚĞĂŐŐƌĞŐĂƚĞĨŝůůƉůĂŶƚĂŶĚǀĞŶƚŝůĂƚŝŽŶƵƉŐƌĂĚĞŝƐŝŵƉŽƌƚĂŶƚƚŽĞŶĂďůŝŶŐĐŽŶƚŝŶƵŝŶŐŵŝŶŝŶŐĂƚĚĞƉƚŚ͘ŶLJŵĂƚĞƌŝĂůĚĞůĂLJƐŝŶĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚ͕ŽƌŵĂƚĞƌŝĂůĚĞĨĞĐƚƐŝŶƚŚĞ ĚĞƐŝŐŶŽƌĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞƉƌŽũĞĐƚ͕ŵĂLJŚĂǀĞĂŶĂĚǀĞƌƐĞŝŵƉĂĐƚŽŶƚŚĞƉƌŽĚƵĐƚŝǀŝƚLJŽĨƚŚĞŵŝŶĞĚƵĞƚŽŝŶĞĨĨĞĐƚŝǀĞŚĂŶĚůŝŶŐ ŽĨ ǁĂƐƚĞ͕ŽƌƉƌĞǀĞŶƚŵŝŶŝŶŐĂƚĚĞƉƚŚĚƵĞƚŽŝŶĂĚĞƋƵĂƚĞǀĞŶƚŝůĂƚŝŽŶ͘

ϳ͘ŚĂŶŐĞƐŝŶŝŶƉƵƚĐŽƐƚƐ

DŝŶŝŶŐŽƉĞƌĂƚŝŽŶƐĂŶĚĨĂĐŝůŝƚŝĞƐĂƌĞŝŶƚĞŶƐŝǀĞƵƐĞƌƐŽĨĞůĞĐƚƌŝĐŝƚLJ͕ŐĂƐĂŶĚĐĂƌďŽŶͲďĂƐĞĚĨƵĞůƐ͘ŶĞƌŐLJƉƌŝĐĞƐĐĂŶďĞĂĨĨĞĐƚĞĚďLJŶƵŵĞƌŽƵƐĨĂĐƚŽƌƐďĞLJŽŶĚƚŚĞ'ƌŽƵƉΖƐĐŽŶƚƌŽů͕ŝŶĐůƵĚŝŶŐŐůŽďĂůĂŶĚƌĞŐŝŽŶĂůƐƵƉƉůLJĂŶĚ ĚĞŵĂŶĚ͕ĐĂƌďŽŶƚĂdžĞƐ͕ŝŶĨůĂƚŝŽŶ͕ƉŽůŝƚŝĐĂůĂŶĚĞĐŽŶŽŵŝĐĐŽŶĚŝƚŝŽŶƐ͕ĂŶĚĂƉƉůŝĐĂďůĞƌĞŐƵůĂƚŽƌLJƌĞŐŝŵĞƐ͘dŚĞƉƌŝĐĞƐŽĨǀĂƌŝŽƵƐƐŽƵƌĐĞƐŽĨĞŶĞƌŐLJŵĂLJŝŶĐƌĞĂƐĞƐŝŐŶŝĨŝĐĂŶƚůLJĨƌŽŵĐƵƌƌĞŶƚůĞǀĞůƐ͘ dŚĞ'ƌŽƵƉΖƐƉƌŽĚƵĐƚŝŽŶĐŽƐƚƐĂƌĞĂůƐŽĂĨĨĞĐƚĞĚďLJƚŚĞƉƌŝĐĞƐŽĨĐŽŵŵŽĚŝƚŝĞƐŝƚĐŽŶƐƵŵĞƐŽƌƵƐĞƐŝŶŝƚƐŽƉĞƌĂƚŝŽŶƐ͕ƐƵĐŚĂƐĚŝĞƐĞů͕ůŝŵĞ͕ƐŽĚŝƵŵĐLJĂŶŝĚĞĂŶĚĞdžƉůŽƐŝǀĞƐ͕ĂŶĚŝŶĐƌĞĂƐĞƐŝŶůĂďŽƵƌƌĂƚĞƐ͘dŚĞƉƌŝĐĞƐŽĨƐƵĐŚ ĐŽŵŵŽĚŝƚŝĞƐĂƌĞŝŶĨůƵĞŶĐĞĚďLJƐƵƉƉůLJĂŶĚĚĞŵĂŶĚƚƌĞŶĚƐĂĨĨĞĐƚŝŶŐƚŚĞŵŝŶŝŶŐŝŶĚƵƐƚƌLJŝŶŐĞŶĞƌĂůĂŶĚŽƚŚĞƌĨĂĐƚŽƌƐŽƵƚƐŝĚĞƚŚĞ 'ƌŽƵƉΖƐĐŽŶƚƌŽů͘/ŶĐƌĞĂƐĞƐŝŶƚŚĞƉƌŝĐĞĨŽƌŵĂƚĞƌŝĂůƐĐŽŶƐƵŵĞĚŝŶ^ƚĂƌďĂƌĂΖƐŵŝŶŝŶŐ ĂŶĚƉƌŽĚƵĐƚŝŽŶĂĐƚŝǀŝƚŝĞƐĐŽƵůĚŵĂƚĞƌŝĂůůLJĂĚǀĞƌƐĞůLJĂĨĨĞĐƚŝƚƐƌĞƐƵůƚƐŽĨŽƉĞƌĂƚŝŽŶƐĂŶĚĨŝŶĂŶĐŝĂůĐŽŶĚŝƚŝŽŶ͘

dŚĞ'ƌŽƵƉΖƐŽƉĞƌĂƚŝŽŶƐƵƐĞĐŽŶƚƌĂĐƚŽƌƐĨŽƌŵŝŶŝŶŐƐĞƌǀŝĐĞƐĂƚƚŚŽƐĞŽƉĞƌĂƚŝŽŶƐ͕ĂŶĚƐŽŵĞŽĨŝƚƐĐŽŶƐƚƌƵĐƚŝŽŶƉƌŽũĞĐƚƐĂƌĞĐŽŶĚƵĐƚĞĚďLJĐŽŶƚƌĂĐƚŽƌƐ͘ƐĂƌĞƐƵůƚ͕ƚŚĞ'ƌŽƵƉΖƐŽƉĞƌĂƚŝŽŶƐĂƌĞƐƵďũĞĐƚƚŽĂŶƵŵďĞƌŽĨ ƌŝƐŬƐ͕ŝŶĐůƵĚŝŶŐ͗

ŶĞŐŽƚŝĂƚŝŽŶĂŶĚƌĞŶĞǁĂůŽĨĂŐƌĞĞŵĞŶƚƐǁŝƚŚĐŽŶƚƌĂĐƚŽƌƐŽŶĂĐĐĞƉƚĂďůĞƚĞƌŵƐ͖
ĨĂŝůƵƌĞŽĨĐŽŶƚƌĂĐƚŽƌƐƚŽƉĞƌĨŽƌŵƵŶĚĞƌƚŚĞŝƌĂŐƌĞĞŵĞŶƚƐ͕ŝŶĐůƵĚŝŶŐĨĂŝůƵƌĞƚŽĐŽŵƉůLJǁŝƚŚƐĂĨĞƚLJƐLJƐƚĞŵƐĂŶĚƐƚĂŶĚĂƌĚƐ͕ĐŽŶƚƌĂĐƚŽƌŝŶƐŽůǀĞŶĐLJĂŶĚĨĂŝůƵƌĞƚŽŵĂŝŶƚĂŝŶĂƉƉƌŽƉƌŝĂƚĞŝŶƐƵƌĂŶĐĞ͖
ĨĂŝůƵƌĞŽĨĐŽŶƚƌĂĐƚŽƌƐƚŽĐŽŵƉůLJǁŝƚŚĂƉƉůŝĐĂďůĞůĞŐĂůĂŶĚƌĞŐƵůĂƚŽƌLJƌĞƋƵŝƌĞŵĞŶƚƐ͖ĂŶĚ • ĐŚĂŶŐĞƐŝŶĐŽŶƚƌĂĐƚŽƌƐ͘

/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞ'ƌŽƵƉŵĂLJŝŶĐƵƌůŝĂďŝůŝƚLJƚŽƚŚŝƌĚƉĂƌƚŝĞƐĂƐĂƌĞƐƵůƚŽĨƚŚĞĂĐƚŝŽŶƐŽĨŝƚƐĐŽŶƚƌĂĐƚŽƌƐ͘dŚĞŽĐĐƵƌƌĞŶĐĞŽĨŽŶĞ ŽƌŵŽƌĞŽĨƚŚĞƐĞƌŝƐŬƐĐŽƵůĚŚĂǀĞĂŵĂƚĞƌŝĂůĂĚǀĞƌƐĞĞĨĨĞĐƚŽŶŝƚƐƌĞƐƵůƚƐŽĨŽƉĞƌĂƚŝŽŶƐĂŶĚ ĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͘

dŚĞ'ƌŽƵƉŵĂŶĂŐĞƐƌŝƐŬƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚŝŶƉƵƚĐŽƐƚƐƚŚƌŽƵŐŚĂĐĞŶƚƌĂůŝƐĞĚƉƌŽĐƵƌĞŵĞŶƚĨƵŶĐƚŝŽŶǁŚŝĐŚĂŶĂůLJƐĞƐŵĂƌŬĞƚƚƌĞŶĚƐ͕ƐƵƉƉůLJĞŶǀŝƌŽŶŵĞŶƚ͕ĂŶĚŽƉĞƌĂƚŝŽŶĂůĚĞŵĂŶĚƉůĂŶŶŝŶŐ͕ƚŽĞƐƚĂďůŝƐŚĂƉƉƌŽƉƌŝĂƚĞ ƐŽƵƌĐŝŶŐƐƚƌĂƚĞŐŝĞƐĨŽƌƐƉĞŶĚĐĂƚĞŐŽƌŝĞƐ͘

dŚĞ'ƌŽƵƉŵĂŶĂŐĞƐƌŝƐŬƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚĐŽŶƚƌĂĐƚŽƌƐƚŚƌŽƵŐŚĂĐŽŶƚƌĂĐƚŽƌŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵ͘

ϱϭ ͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

ϴ͘džƉůŽƌĂƚŝŽŶĂŶĚĚĞǀĞůŽƉŵĞŶƚƌŝƐŬ

ůƚŚŽƵŐŚƚŚĞ'ƌŽƵƉΖƐĂĐƚŝǀŝƚŝĞƐĂƌĞƉƌŝŵĂƌŝůLJĚŝƌĞĐƚĞĚƚŽǁĂƌĚƐŵŝŶŝŶŐŽƉĞƌĂƚŝŽŶƐĂŶĚƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨŵŝŶĞƌĂůĚĞƉŽƐŝƚƐ͕ŝƚƐĂĐƚŝǀŝƚŝĞƐĂůƐŽŝŶĐůƵĚĞ ƚŚĞĞdžƉůŽƌĂƚŝŽŶĨŽƌŵŝŶĞƌĂůĚĞƉŽƐŝƚƐĂŶĚƚŚĞƉŽƐƐŝďŝůŝƚLJŽĨƚŚŝƌĚƉĂƌƚLJ ĂƌƌĂŶŐĞŵĞŶƚƐŝŶĐůƵĚŝŶŐũŽŝŶƚǀĞŶƚƵƌĞƐ͕ƉĂƌƚŶĞƌƐŚŝƉƐ͕ƚŽůůƚƌĞĂƚŝŶŐĂƌƌĂŶŐĞŵĞŶƚƐŽƌŽƚŚĞƌƚŚŝƌĚƉĂƌƚLJĐŽŶƚƌĂĐƚƐ͘ŶĂďŝůŝƚLJƚŽ ƐƵƐƚĂŝŶŽƌŝŶĐƌĞĂƐĞƚŚĞĐƵƌƌĞŶƚůĞǀĞůŽĨƉƌŽĚƵĐƚŝŽŶŝŶƚŚĞůŽŶŐĞƌƚĞƌŵŝƐŝŶƉĂƌƚĚĞƉĞŶĚĞŶƚŽŶƚŚĞ ƐƵĐĐĞƐƐŽĨƚŚĞ'ƌŽƵƉΖƐĞdžƉůŽƌĂƚŝŽŶĂĐƚŝǀŝƚŝĞƐĂŶĚĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚƐ͕ĂŶĚƚŚĞĞdžƉĂŶƐŝŽŶŽĨĞdžŝƐƚŝŶŐŵŝŶŝŶŐŽƉĞƌĂƚŝŽŶƐ͘

dŚĞĞdžƉůŽƌĂƚŝŽŶĨŽƌĂŶĚĚĞǀĞůŽƉŵĞŶƚŽĨŵŝŶĞƌĂůĚĞƉŽƐŝƚƐŝŶǀŽůǀĞƐƐŝŐŶŝĨŝĐĂŶƚƌŝƐŬƐƚŚĂƚĞǀĞŶĂĐŽŵďŝŶĂƚŝŽŶŽĨĐĂƌĞĨƵůĞǀĂůƵĂƚŝŽŶ͕ĞdžƉĞƌŝĞŶĐĞĂŶĚŬŶŽǁůĞĚŐĞŵĂLJŶŽƚĞůŝŵŝŶĂƚĞ͘tŚŝůĞƚŚĞĚŝƐĐŽǀĞƌLJŽĨĂŶŽƌĞďŽĚLJŵĂLJ ƌĞƐƵůƚŝŶƐƵďƐƚĂŶƚŝĂůƌĞǁĂƌĚƐ͕ĨĞǁƉƌŽƉĞƌƚŝĞƐƚŚĂƚĂƌĞĞdžƉůŽƌĞĚƐƵďƐĞƋƵĞŶƚůLJŚĂǀĞĞĐŽŶŽŵŝĐĚĞƉŽƐŝƚƐŽĨŐŽůĚŝĚĞŶƚŝĨŝĞĚ͕ĂŶĚĞǀĞŶ ĨĞǁĞƌĂƌĞƵůƚŝŵĂƚĞůLJĚĞǀĞůŽƉĞĚŝŶƚŽƉƌŽĚƵĐŝŶŐŵŝŶĞƐ͘DĂũŽƌĞdžƉĞŶƐĞƐŵĂLJďĞƌĞƋƵŝƌĞĚƚŽ ůŽĐĂƚĞĂŶĚĞƐƚĂďůŝƐŚŵŝŶĞƌĂůƌĞƐĞƌǀĞƐ͕ƚŽĞƐƚĂďůŝƐŚƌŝŐŚƚƐƚŽŵŝŶĞƚŚĞŐƌŽƵŶĚ͕ƚŽƌĞĐĞŝǀĞĂůůŶĞĐĞƐƐĂƌLJŽƉĞƌĂƚŝŶŐƉĞƌŵŝƚƐ͕ƚŽ ĚĞǀĞůŽƉŵĞƚĂůůƵƌŐŝĐĂůƉƌŽĐĞƐƐĞƐĂŶĚƚŽĐŽŶƐƚƌƵĐƚŵŝŶŝŶŐĂŶĚƉƌŽĐĞƐƐŝŶŐĨĂĐŝůŝƚŝĞƐĂƚĂƉĂƌƚŝĐƵůĂƌ ƐŝƚĞ͘/ƚŝƐŝŵƉŽƐƐŝďůĞƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞĞdžƉůŽƌĂƚŝŽŶŽƌĚĞǀĞůŽƉŵĞŶƚƉƌŽŐƌĂŵƐƚŚĞ'ƌŽƵƉƉůĂŶƐǁŝůůƌĞƐƵůƚŝŶĂƉƌŽĨŝƚĂďůĞŵŝŶŝŶŐ ŽƉĞƌĂƚŝŽŶ͘ tŚĞƚŚĞƌĂŵŝŶĞƌĂůĚĞƉŽƐŝƚǁŝůůďĞĐŽŵŵĞƌĐŝĂůůLJǀŝĂďůĞĚĞƉĞŶĚƐŽŶĂŶƵŵďĞƌŽĨĨĂĐƚŽƌƐ͘

ϵ͘KƌĞZĞƐĞƌǀĞƐĂŶĚDŝŶĞƌĂůZĞƐŽƵƌĐĞƐ

dŚĞ'ƌŽƵƉΖƐĞƐƚŝŵĂƚĞƐŽĨKƌĞZĞƐĞƌǀĞƐĂŶĚDŝŶĞƌĂůZĞƐŽƵƌĐĞƐĂƌĞďĂƐĞĚŽŶĚŝĨĨĞƌĞŶƚůĞǀĞůƐŽĨŐĞŽůŽŐŝĐĂůĐŽŶĨŝĚĞŶĐĞĂŶĚĚŝĨĨĞƌĞŶƚĚĞŐƌĞĞƐŽĨƚĞĐŚŶŝĐĂůĂŶĚĞĐŽŶŽŵŝĐĞǀĂůƵĂƚŝŽŶ͕ĂŶĚŶŽĂƐƐƵƌĂŶĐĞĐĂŶďĞŐŝǀĞŶƚŚĂƚ ĂŶƚŝĐŝƉĂƚĞĚƚŽŶŶĂŐĞƐĂŶĚŐƌĂĚĞƐǁŝůůďĞĂĐŚŝĞǀĞĚ͕ƚŚĂƚƚŚĞŝŶĚŝĐĂƚĞĚůĞǀĞůŽĨƌĞĐŽǀĞƌLJǁŝůůďĞƌĞĂůŝƐĞĚŽƌƚŚĂƚKƌĞZĞƐĞƌǀĞƐĐŽƵůĚďĞŵŝŶĞĚŽƌƉƌŽĐĞƐƐĞĚƉƌŽĨŝƚĂďůLJ͘dŚĞƋƵĂůŝƚLJŽĨĂŶLJKƌĞZĞƐĞƌǀĞŽƌDŝŶĞƌĂůZĞƐŽƵƌĐĞ ĞƐƚŝŵĂƚĞŝƐĂĨƵŶĐƚŝŽŶŽĨƚŚĞƋƵĂŶƚŝƚLJŽĨĂǀĂŝůĂďůĞƚĞĐŚŶŝĐĂůĚĂƚĂĂŶĚŽĨƚŚĞĂƐƐƵŵƉƚŝŽŶƐƵƐĞĚŝŶĞŶŐŝŶĞĞƌŝŶŐĂŶĚŐĞŽůŽŐŝĐĂůŝŶƚĞƌƉƌĞƚĂƚŝŽŶ͕ĂŶĚŵŽĚŝĨLJŝŶŐĨĂĐƚŽƌƐĂĨĨĞĐƚŝŶŐĞĐŽŶŽŵŝĐĞdžƚƌĂĐƚŝŽŶ͘^ƵĐŚĞƐƚŝŵĂƚĞƐĂƌĞ ĐŽŵƉŝůĞĚďLJĞdžƉĞƌŝĞŶĐĞĚĂŶĚĂƉƉƌŽƉƌŝĂƚĞůLJƋƵĂůŝĨŝĞĚŐĞŽƐĐŝĞŶƚŝƐƚƐƵƐŝŶŐŵĂƉƉŝŶŐĂŶĚƐĂŵƉůŝŶŐĚĂƚĂŽďƚĂŝŶĞĚĨƌŽŵďŽƌĞŚŽůĞƐĂŶĚĨŝĞůĚŽďƐĞƌǀĂƚŝŽŶƐ͕ĂŶĚƐƵďƐĞƋƵĞŶƚůLJƌĞƉŽƌƚĞĚďLJŽŵƉĞƚĞŶƚWĞƌƐŽŶƐƵŶĚĞƌƚŚĞ :KZ ŽĚĞ͘

&ůƵĐƚƵĂƚŝŽŶŝŶŐŽůĚƉƌŝĐĞƐ͕ŬĞLJŝŶƉƵƚĐŽƐƚƐƚŽƉƌŽĚƵĐƚŝŽŶ͕ĂƐǁĞůůĂƐƚŚĞƌĞƐƵůƚƐŽĨĂĚĚŝƚŝŽŶĂůĚƌŝůůŝŶŐ͕ĂŶĚƚŚĞĞǀĂůƵĂƚŝŽŶŽĨƌĞĐŽŶĐŝůĞĚƉƌŽĚƵĐƚŝŽŶĂŶĚƉƌŽĐĞƐƐŝŶŐĚĂƚĂƐƵďƐĞƋƵĞŶƚƚŽĂŶLJĞƐƚŝŵĂƚĞŵĂLJƌĞƋƵŝƌĞƌĞǀŝƐŝŽŶŽĨ ƐƵĐŚĞƐƚŝŵĂƚĞƐ͘

ĐƚƵĂůŵŝŶĞƌĂůŝƐĂƚŝŽŶŽĨŽƌĞďŽĚŝĞƐŵĂLJďĞĚŝĨĨĞƌĞŶƚĨƌŽŵƚŚŽƐĞƉƌĞĚŝĐƚĞĚ͕ĂŶĚĂŶLJŵĂƚĞƌŝĂůǀĂƌŝĂƚŝŽŶŝŶƚŚĞĞƐƚŝŵĂƚĞĚKƌĞZĞƐĞƌǀĞƐ͕ŝŶĐůƵĚŝŶŐŵĞƚĂůůƵƌŐLJ͕ŐƌĂĚĞ͕ĚŝůƵƚŝŽŶ͕ŽƌĞůŽƐƐ͕ŽƌƐƚƌŝƉƉŝŶŐƌĂƚŝŽĂƚƚŚĞ'ƌŽƵƉΖƐ ƉƌŽƉĞƌƚŝĞƐŵĂLJĂĨĨĞĐƚƚŚĞĞĐŽŶŽŵŝĐǀŝĂďŝůŝƚLJŽĨŝƚƐƉƌŽƉĞƌƚŝĞƐ͕ĂŶĚƚŚŝƐŵĂLJŚĂǀĞĂŵĂƚĞƌŝĂůĂĚǀĞƌƐĞŝŵƉĂĐƚŽŶƚŚĞ'ƌŽƵƉΖƐƌĞƐƵůƚƐŽĨŽƉĞƌĂƚŝŽŶƐ͕ĨŝŶĂŶĐŝĂůĐŽŶĚŝƚŝŽŶĂŶĚƉƌŽƐƉĞĐƚƐ͘ dŚĞƌĞŝƐĂůƐŽĂƌŝƐŬƚŚĂƚĚĞƉůĞƚŝŽŶŽĨƌĞƐĞƌǀĞƐǁŝůůŶŽƚďĞŽĨĨƐĞƚďLJĚŝƐĐŽǀĞƌŝĞƐŽƌĂĐƋƵŝƐŝƚŝŽŶƐ͕ŽƌƚŚĂƚĚŝǀĞƐƚŝƚƵƌĞƐŽĨĂƐƐĞƚƐǁŝůůůĞĂĚƚŽĂůŽǁĞƌƌĞƐĞƌǀĞďĂƐĞ͘dŚĞƌĞƐĞƌǀĞďĂƐĞŽĨƚŚĞ'ƌŽƵƉŵĂLJĚĞĐůŝŶĞŝĨƌĞƐĞƌǀĞƐĂƌĞŵŝŶĞĚ ǁŝƚŚŽƵƚĂĚĞƋƵĂƚĞƌĞƉůĂĐĞŵĞŶƚĂŶĚƚŚĞ'ƌŽƵƉŵĂLJŶŽƚďĞĂďůĞƚŽƐƵƐƚĂŝŶƉƌŽĚƵĐƚŝŽŶďĞLJŽŶĚĐƵƌƌĞŶƚŵŝŶĞůŝǀĞƐ͕ďĂƐĞĚŽŶĐƵƌƌĞŶƚƉƌŽĚƵĐƚŝŽŶƌĂƚĞƐ͘

/ƚŝƐĂƌĞƋƵŝƌĞŵĞŶƚŽĨƚŚĞ^y>ŝƐƚŝŶŐZƵůĞƐƚŚĂƚƚŚĞƌĞƉŽƌƚŝŶŐŽĨŽƌĞƌĞƐĞƌǀĞƐĂŶĚŵŝŶĞƌĂůƌĞƐŽƵƌĐĞƐŝŶƵƐƚƌĂůŝĂĐŽŵƉůLJǁŝƚŚƚŚĞƵƐƚƌĂůĂƐŝĂŶŽĚĞĨŽƌZĞƉŽƌƚŝŶŐŽĨdžƉůŽƌĂƚŝŽŶZĞƐƵůƚƐ͕ƚŚĞ:KZŽĚĞ͕ĂŶĚƚŚĞĞƐƚŝŵĂƚĞƐŽĨ ŽƌĞƌĞƐĞƌǀĞƐĂŶĚŵŝŶĞƌĂůƌĞƐŽƵƌĐĞƐĨŽƌDŽŽƐĞZŝǀĞƌĂƌĞƌĞƉŽƌƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞEĂƚŝŽŶĂů/ŶƐƚƌƵŵĞŶƚϰϯͲϭϬϭ;E/ϰϯͲϭϬϭͿďLJ ƚůĂŶƚŝĐ͘DŝŶŝŶŐĐŽŵƉĂŶŝĞƐŝŶŽƚŚĞƌĐŽƵŶƚƌŝĞƐŵĂLJďĞƌĞƋƵŝƌĞĚƚŽƌĞƉŽƌƚƚŚĞŝƌŵŝŶĞƌĂů ƌĞƐĞƌǀĞƐĂŶĚͬŽƌƌĞƐŽƵƌĐĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŽƚŚĞƌŐƵŝĚĞůŝŶĞƐŝŶĐůƵĚŝŶŐĂƉƉůŝĐĂďůĞ^DŝŶŝŶŐŝƐĐůŽƐƵƌĞZƵůĞƐŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ͘tŚŝůĞƚŚĞŽŵƉĂŶLJΖƐƌĞƐĞƌǀĞĂŶĚŵŝŶĞƌĂůƌĞƐŽƵƌĐĞĞƐƚŝŵĂƚĞƐŵĂLJĐŽŵƉůLJǁŝƚŚƚŚĞ :KZŽĚĞĂŶĚƚůĂŶƚŝĐΖƐƌĞƐĞƌǀĞĂŶĚŵŝŶĞƌĂůƌĞƐŽƵƌĐĞĞƐƚŝŵĂƚĞƐŝŶƚŚŝƐƉƌĞƐĞŶƚĂƚŝŽŶŵĂLJĐŽŵƉůLJǁŝƚŚE/ϰϯͲϭϬϭ͕ƚŚĞLJŵĂLJŶŽƚĐŽŵƉůLJǁŝƚŚƚŚĞƌĞůĞǀĂŶƚŐƵŝĚĞůŝŶĞƐŝŶŽƚŚĞƌĐŽƵŶƚƌŝĞƐ͕ŝŶĐůƵĚŝŶŐ^DŝŶŝŶŐŝƐĐůŽƐƵƌĞ ZƵůĞƐ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞĞƐƚŝŵĂƚĞƐŽĨƌĞƐĞƌǀĞƐĂŶĚƌĞƐŽƵƌĐĞƐŝŶĐůƵĚĞĚŝŶƚŚĞŝŶĨŽƌŵĂƚŝŽŶƚŚĂƚƚŚĞ'ƌŽƵƉŝƐƌĞƋƵŝƌĞĚƚŽĨŝůĞƵŶĚĞƌƚŚĞ^y>ŝƐƚŝŶŐZƵůĞƐŵĂLJĚŝĨĨĞƌĨƌŽŵƌĞƐĞƌǀĞƐĂŶĚƌĞƐŽƵƌĐĞƐĞƐƚŝŵĂƚĞĚƵƐŝŶŐ^DŝŶŝŶŐ ŝƐĐůŽƐƵƌĞZƵůĞƐĂŶĚŵĂLJŶŽƚďĞĐŽŵƉĂƌĂďůĞƚŽŽƚŚĞƌŝƐƐƵĞƌƐƚŚĂƚƌĞƉŽƌƚƌĞƐĞƌǀĞƐƵŶĚĞƌ^DŝŶŝŶŐŝƐĐůŽƐƵƌĞZƵůĞƐ͘

ϭϬ͘WŽůŝƚŝĐĂů͕ƐŽĐŝĂůĂŶĚƐĞĐƵƌŝƚLJƌŝƐŬƐ

^ƚĂƌďĂƌĂŚĂƐƉƌŽĚƵĐƚŝŽŶĂŶĚĞdžƉůŽƌĂƚŝŽŶŽƉĞƌĂƚŝŽŶƐŝŶĂĚĞǀĞůŽƉŝŶŐĐŽƵŶƚƌLJƚŚĂƚŝƐƐƵďũĞĐƚƚŽƉŽůŝƚŝĐĂů͕ĞĐŽŶŽŵŝĐĂŶĚŽƚŚĞƌƌŝƐŬƐĂŶĚƵŶĐĞƌƚĂŝŶƚŝĞƐ͘dŚĞĨŽƌŵƵůĂƚŝŽŶĂŶĚŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨŐŽǀĞƌŶŵĞŶƚƉŽůŝĐŝĞƐŝŶƚŚŝƐ ĐŽƵŶƚƌLJŵĂLJďĞƵŶƉƌĞĚŝĐƚĂďůĞ͘KƉĞƌĂƚŝŶŐŝŶĚĞǀĞůŽƉŝŶŐĐŽƵŶƚƌŝĞƐĂůƐŽŝŶǀŽůǀĞƐŵĂŶĂŐŝŶŐƐĞĐƵƌŝƚLJƌŝƐŬƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞĂƌĞĂƐǁŚĞƌĞƚŚĞ'ƌŽƵƉŚĂƐĂĐƚŝǀŝƚŝĞƐ͘

ϱϮ ͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

EKd&KZ/^dZ/hd/KEKZZ>^/Ed,hE/d^dd^

ϭϭ͘&ŽƌĞŝŐŶĞdžĐŚĂŶŐĞ

dŚĞ'ƌŽƵƉŚĂƐĂŶƵƐƚƌĂůŝĂŶĚŽůůĂƌƉƌĞƐĞŶƚĂƚŝŽŶĐƵƌƌĞŶĐLJĨŽƌƌĞƉŽƌƚŝŶŐƉƵƌƉŽƐĞƐ͘,ŽǁĞǀĞƌ͕ŐŽůĚŝƐƐŽůĚƚŚƌŽƵŐŚŽƵƚƚŚĞǁŽƌůĚďĂƐĞĚƉƌŝŶĐŝƉĂůůLJŽŶƚŚĞh^ĚŽůůĂƌƉƌŝĐĞ͕ĂŶĚŵŽƐƚŽĨƚŚĞ'ƌŽƵƉΖƐƌĞǀĞŶƵĞƐĂƌĞƌĞĂůŝƐĞĚŝŶ͕Žƌ ůŝŶŬĞĚƚŽ͕h^ĚŽůůĂƌƐ͘dŚĞ'ƌŽƵƉŝƐĂůƐŽĞdžƉŽƐĞĚƚŽh^ĚŽůůĂƌƐĂŶĚWĂƉƵĂEĞǁ'ƵŝŶĞĂ<ŝŶĂŝŶƌĞƐƉĞĐƚŽĨŽƉĞƌĂƚŝŽŶƐůŽĐĂƚĞĚŝŶWĂƉƵĂEĞǁ'ƵŝŶĞĂĂƐĐĞƌƚĂŝŶŽĨŝƚƐŽƉĞƌĂƚŝŶŐĐŽƐƚƐĂƌĞĚĞŶŽŵŝŶĂƚĞĚŝŶƚŚĞƐĞĐƵƌƌĞŶĐŝĞƐ͘ &ŽůůŽǁŝŶŐĐŽŵƉůĞƚŝŽŶŽĨƚŚĞĐƋƵŝƐŝƚŝŽŶ͕ƚŚĞ'ƌŽƵƉǁŝůůĂůƐŽďĞĞdžƉŽƐĞĚƚŽĂŶĂĚŝĂŶĚŽůůĂƌƌŝƐŬŝŶƌĞƐƉĞĐƚŽĨƚŚĞŽƉĞƌĂƚŝŽŶƐŽĨƚůĂŶƚŝĐ͘dŚĞƌĞŝƐĂΗŶĂƚƵƌĂůΗ;ďƵƚŶŽƚƉĞƌĨĞĐƚͿŚĞĚŐĞǁŚŝĐŚŵĂƚĐŚĞƐƚŽƐŽŵĞĚĞŐƌĞĞh^ ĚĞŶŽŵŝŶĂƚĞĚƌĞǀĞŶƵĞĂŶĚŽďůŝŐĂƚŝŽŶƐƌĞůĂƚĞĚƚŽh^ĚŽůůĂƌĞdžƉĞŶĚŝƚƵƌĞ͘dŚĞ'ƌŽƵƉŝƐƚŚĞƌĞĨŽƌĞĞdžƉŽƐĞĚƚŽĨůƵĐƚƵĂƚŝŽŶƐŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĞdžĐŚĂŶŐĞƌĂƚĞƐ͘

ϭϮ͘/ŶƚĞƌĞƐƚƌĂƚĞƐ

ŚĂŶŐĞƐŝŶŝŶƚĞƌĞƐƚƌĂƚĞƐǁŝůůĂĨĨĞĐƚďŽƌƌŽǁŝŶŐƐǁŚŝĐŚďĞĂƌŝŶƚĞƌĞƐƚĂƚǀĂƌŝĂďůĞƌĂƚĞƐƚŽƚŚĞĞdžƚĞŶƚƚŚĞƐĞŵĂLJŶŽƚŚĂǀĞďĞĞŶŚĞĚŐĞĚĂŐĂŝŶƐƚ͘ŶŝŶĐƌĞĂƐĞŝŶŝŶƚĞƌĞƐƚƌĂƚĞƐǁŝůůĂĨĨĞĐƚƚŚĞĐŽƐƚƐŽĨƐĞƌǀŝĐŝŶŐƚŚĞƐĞďŽƌƌŽǁŝŶŐƐ͕ ǁŚŝĐŚŵĂLJĂĚǀĞƌƐĞůLJŝŵƉĂĐƚ^ƚĂƌďĂƌĂΖƐďƵƐŝŶĞƐƐ͕ĨŝŶĂŶĐŝĂůĐŽŶĚŝƚŝŽŶĂŶĚĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞ͘

ϭϯ͘ŽŵŵƵŶŝƚLJƌĞůĂƚŝŽŶƐ

ĨĂŝůƵƌĞƚŽĂĚĞƋƵĂƚĞůLJŵĂŶĂŐĞĐŽŵŵƵŶŝƚLJĂŶĚƐŽĐŝĂůĞdžƉĞĐƚĂƚŝŽŶƐǁŝƚŚŝŶƚŚĞĐŽŵŵƵŶŝƚŝĞƐŝŶǁŚŝĐŚƚŚĞ'ƌŽƵƉŽƉĞƌĂƚĞƐŵĂLJůĞĂĚƚŽůŽĐĂůĚŝƐƐĂƚŝƐĨĂĐƚŝŽŶǁŚŝĐŚ͕ŝŶƚƵƌŶ͕ĐŽƵůĚůĞĂĚƚŽŝŶƚĞƌƌƵƉƚŝŽŶƐƚŽƉƌŽĚƵĐƚŝŽŶĂŶĚ ĞdžƉůŽƌĂƚŝŽŶŽƉĞƌĂƚŝŽŶƐ͘

ϭϰ͘/ŶƐƵƌĂŶĐĞ

dŚĞ'ƌŽƵƉŵĂŝŶƚĂŝŶƐŝŶƐƵƌĂŶĐĞƚŽƉƌŽƚĞĐƚĂŐĂŝŶƐƚĐĞƌƚĂŝŶƌŝƐŬƐ͘,ŽǁĞǀĞƌ͕ƚŚĞ'ƌŽƵƉΖƐŝŶƐƵƌĂŶĐĞǁŝůůŶŽƚĐŽǀĞƌĂůůƚŚĞƉŽƚĞŶƚŝĂůƌŝƐŬƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚĂŵŝŶŝŶŐĐŽŵƉĂŶLJΖƐŽƉĞƌĂƚŝŽŶƐ͘dŚĞ'ƌŽƵƉŵĂLJĂůƐŽďĞƵŶĂďůĞƚŽ ŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƚŽĐŽǀĞƌƚŚĞƐĞƌŝƐŬƐĂƚĞĐŽŶŽŵŝĐĂůůLJĨĞĂƐŝďůĞƉƌĞŵŝƵŵƐ͘/ŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞŵĂLJŶŽƚĐŽŶƚŝŶƵĞƚŽďĞĂǀĂŝůĂďůĞŽƌŵĂLJŶŽƚďĞĂĚĞƋƵĂƚĞƚŽĐŽǀĞƌĂŶLJƌĞƐƵůƚŝŶŐůŝĂďŝůŝƚLJ͘DŽƌĞŽǀĞƌ͕ŝŶƐƵƌĂŶĐĞĂŐĂŝŶƐƚƌŝƐŬƐ ƐƵĐŚĂƐůŽƐƐŽĨƚŝƚůĞƚŽŵŝŶĞƌĂůƉƌŽƉĞƌƚLJ͕ĞŶǀŝƌŽŶŵĞŶƚĂůƉŽůůƵƚŝŽŶ͕ŽƌŽƚŚĞƌŚĂnjĂƌĚƐĂƐĂƌĞƐƵůƚŽĨĞdžƉůŽƌĂƚŝŽŶĂŶĚƉƌŽĚƵĐƚŝŽŶŝƐŶŽƚŐĞŶĞƌĂůůLJĂǀĂŝůĂďůĞƚŽƚŚĞ'ƌŽƵƉ͕ŽƌƚŽŽƚŚĞƌĐŽŵƉĂŶŝĞƐŝŶƚŚĞŵŝŶŝŶŐŝŶĚƵƐƚƌLJŽŶ ĂĐĐĞƉƚĂďůĞƚĞƌŵƐ͘dŚĞ'ƌŽƵƉŵŝŐŚƚĂůƐŽďĞĐŽŵĞƐƵďũĞĐƚƚŽůŝĂďŝůŝƚLJĨŽƌƉŽůůƵƚŝŽŶŽƌŽƚŚĞƌŚĂnjĂƌĚƐǁŚŝĐŚŵĂLJŶŽƚďĞŝŶƐƵƌĞĚĂŐĂŝŶƐƚ͕ŽƌǁŚŝĐŚŝƚŵĂLJĞůĞĐƚŶŽƚƚŽŝŶƐƵƌĞĂŐĂŝŶƐƚďĞĐĂƵƐĞŽĨƉƌĞŵŝƵŵĐŽƐƚƐŽƌŽƚŚĞƌƌĞĂƐŽŶƐ͘ >ŽƐƐĞƐĨƌŽŵƚŚĞƐĞĞǀĞŶƚƐŵĂLJĐĂƵƐĞƚŚĞ'ƌŽƵƉƚŽŝŶĐƵƌƐŝŐŶŝĨŝĐĂŶƚĐŽƐƚƐƚŚĂƚĐŽƵůĚŚĂǀĞĂŵĂƚĞƌŝĂůĂĚǀĞƌƐĞĞĨĨĞĐƚƵƉŽŶŝƚƐĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞĂŶĚƌĞƐƵůƚƐŽĨŽƉĞƌĂƚŝŽŶƐ͘

ϭϱ͘ůŝŵĂƚĞĐŚĂŶŐĞ

ůŝŵĂƚĞĐŚĂŶŐĞƌĞůĂƚĞĚƌŝƐŬƐƚŚĂƚŵĂLJŝŵƉĂĐƚƚŚĞ'ƌŽƵƉŝŶĐůƵĚĞƉŚLJƐŝĐĂůĂƐǁĞůůĂƐƌĞŐƵůĂƚŽƌLJĂŶĚŵĂĐƌŽͲĞĐŽŶŽŵŝĐŝŵƉĂĐƚƐ͘dŚĞĞĨĨĞĐƚƐŽĨĐŚĂŶŐĞƐŝŶƌĂŝŶĨĂůůƉĂƚƚĞƌŶƐ͕ĐŚĂŶŐŝŶŐƐƚŽƌŵƉĂƚƚĞƌŶƐĂŶĚŝŶƚĞŶƐŝƚŝĞƐŚĂǀĞĨƌŽŵ ƚŝŵĞƚŽƚŝŵĞĂĚǀĞƌƐĞůLJŝŵƉĂĐƚĞĚ͕ĂŶĚŵĂLJŝŶƚŚĞĨƵƚƵƌĞĂĚǀĞƌƐĞůLJŝŵƉĂĐƚ͕ƚŚĞĐŽƐƚ͕ƉƌŽĚƵĐƚŝŽŶůĞǀĞůƐĂŶĚĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ'ƌŽƵƉΖƐŽƉĞƌĂƚŝŽŶƐ͘dŚĞ'ƌŽƵƉΖƐŵŝŶŝŶŐŽƉĞƌĂƚŝŽŶƐŚĂǀĞďĞĞŶ͕ĂŶĚŵĂLJŝŶƚŚĞĨƵƚƵƌĞ ďĞ͕ƐƵďũĞĐƚĨƌŽŵƚŝŵĞƚŽƚŝŵĞƚŽƐĞǀĞƌĞƐƚŽƌŵƐĂŶĚŚŝŐŚƌĂŝŶĨĂůůƐůĞĂĚŝŶŐƚŽĨůŽŽĚŝŶŐĂŶĚĂƐƐŽĐŝĂƚĞĚĚĂŵĂŐĞ͕ǁŚŝĐŚŚĂƐƌĞƐƵůƚĞĚ͕ ĂŶĚŵĂLJƌĞƐƵůƚŝŶĚĞůĂLJƐƚŽ͕ŽƌůŽƐƐŽĨƉƌŽĚƵĐƚŝŽŶĂƚŝƚƐŵŝŶĞƐ;Ğ͘Ő͘ĚƵĞƚŽǁĂƚĞƌŝŶŐƌĞƐƐĂŶĚ ĨůŽŽĚŝŶŐĂƚƚŚĞďĂƐĞŽĨƚŚĞŵŝŶĞĂƚ>ĞŽŶŽƌĂtĂŶĚƚƌŽƉŝĐĂůƐƚŽƌŵƐĂŶĚͬŽƌƐĞĂůĞǀĞůŝŶĐƌĞĂƐĞƐŝŵƉĂĐƚŝŶŐůŽŐŝƐƚŝĐƐĂŶĚŵŝŶŝŶŐŽƉĞƌĂƚŝŽŶƐĂƚ^ŝŵďĞƌŝWE'Ϳ͘ĂƌďŽŶƌĞůĂƚĞĚƌĞŐƵůĂƚŽƌLJŝŵƉĂĐƚƐŽŶƚŚĞŐƌŽƵƉƐĂƌĞĐƵƌƌĞŶƚůLJ ůŽǁ͕ďƵƚŵĂLJŝŶĐƌĞĂƐĞĂĚǀĞƌƐĞůLJŝŶĨƵƚƵƌĞ͕ĨŽƌŝŶƐƚĂŶĐĞƐŚŽƵůĚĂĐĂƌďŽŶƚƌĂĚŝŶŐƐĐŚĞŵĞďĞŝŶƚƌŽĚƵĐĞĚ͘ůŝŵĂƚĞĐŚĂŶŐĞƌĞůĂƚĞĚŝŵƉĂĐƚƐŽŶĐŽŵŵŽĚŝƚLJŵĂƌŬĞƚƐĂƌĞĚŝĨĨŝĐƵůƚƚŽƉƌĞĚŝĐƚ͕ďƵƚŵŝŐŚƚŝŶĐůƵĚĞŝŶĐƌĞĂƐĞĚĞŶĞƌŐLJ ĐŽƐƚƚŽƚŚĞ'ƌŽƵƉ͘

ϭϲ͘KƚŚĞƌŶĂƚƵƌĂůĚŝƐĂƐƚĞƌƐ

^ĞŝƐŵŝĐĂĐƚŝǀŝƚLJŝƐŽĨƉĂƌƚŝĐƵůĂƌĐŽŶĐĞƌŶƚŽŵŝŶŝŶŐŽƉĞƌĂƚŝŽŶƐ͘dŚĞ^ŝŵďĞƌŝŵŝŶĞŝŶWĂƉƵĂEĞǁ'ƵŝŶĞĂŝƐŝŶĂŶĂƌĞĂŬŶŽǁŶƚŽďĞƐĞŝƐŵŝĐĂůůLJĂĐƚŝǀĞĂŶĚŝƐƐƵďũĞĐƚƚŽƌŝƐŬƐŽĨĞĂƌƚŚƋƵĂŬĞƐĂŶĚƚŚĞƌĞůĂƚĞĚƌŝƐŬƐŽĨƚŝĚĂůƐƵƌŐĞƐ ĂŶĚƚƐƵŶĂŵŝƐ͘dŚĞ'ǁĂůŝĂƵŶĚĞƌŐƌŽƵŶĚŵŝŶĞŵĂLJďĞŝŵƉĂĐƚĞĚďLJƉŽƚĞŶƚŝĂůƐĞŝƐŵŝĐĞǀĞŶƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚŽƉĞƌĂƚŝŶŐĂƚĚĞƉƚŚ͘

ϱϯ ͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

<ĞLJZŝƐŬƐ

ϭϳ͘ZŝƐŬŽĨŝŵƉĂŝƌŵĞŶƚ

/ĨƚŚĞŐŽůĚƉƌŝĐĞƐƵĨĨĞƌƐĂƐŝŐŶŝĨŝĐĂŶƚĚĞĐůŝŶĞ͕ŽƌƚŚĞŽƉĞƌĂƚŝŽŶƐĂƌĞŶŽƚĞdžƉĞĐƚĞĚƚŽŵĞĞƚĨƵƚƵƌĞƉƌŽĚƵĐƚŝŽŶůĞǀĞůƐ͕ƚŚĞƌĞŵĂLJďĞƚŚĞƉŽƚĞŶƚŝĂůĨŽƌĨƵƚƵƌĞŝŵƉĂŝƌŵĞŶƚǁƌŝƚĞĚŽǁŶƐĂƚĂŶLJŽĨƚŚĞŽƉĞƌĂƚŝŽŶƐ͘dŚĞƌĞĐŽǀĞƌĂďŝůŝƚLJ ŽĨƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨƚŚĞ'ƌŽƵƉΖƐĂƐƐĞƚƐŝƐĂƐƐĞƐƐĞĚŽŶĂƌĞŐƵůĂƌďĂƐŝƐƵƐŝŶŐĂƌĂŶŐĞŽĨĂƐƐƵŵƉƚŝŽŶƐĂŶĚĞdžƉĞĐƚĂƚŝŽŶƐĂƐƉĂƌƚŽĨƚŚĞďƵƐŝŶĞƐƐƉůĂŶŶŝŶŐƐLJƐƚĞŵ͘

Z/^<^^^K/dt/d,d,Yh/^/d/KE

ϭ͘ŽŵƉůĞƚŝŽŶƌŝƐŬ

ŽŵƉůĞƚŝŽŶŽĨƚŚĞĐƋƵŝƐŝƚŝŽŶŝƐĐŽŶĚŝƚŝŽŶĂůŽŶĐƵƐƚŽŵĂƌLJĐůŽƐŝŶŐĐŽŶĚŝƚŝŽŶƐƚŽĂĂŶĂĚŝĂŶWůĂŶŽĨƌƌĂŶŐĞŵĞŶƚŝŶĐůƵĚŝŶŐŶŽŵĂƚĞƌŝĂůĂĚǀĞƌƐĞĐŚĂŶŐĞƌĞůĂƚŝŶŐƚŽƚůĂŶƚŝĐ͕ĂŶĂĚŝĂŶƌĞŐƵůĂƚŽƌLJĂƉƉƌŽǀĂůƐ͕ĐŽƵƌƚĂƉƉĞĂƌĂŶĐĞ ĂŶĚĂƉƉƌŽǀĂůŽĨĂƚůĞĂƐƚƚǁŽͲƚŚŝƌĚƐŽĨƚŚĞǀŽƚĞƐĐĂƐƚďLJƚůĂŶƚŝĐƐŚĂƌĞŚŽůĚĞƌƐƉƌĞƐĞŶƚŝŶƉĞƌƐŽŶŽƌƌĞƉƌĞƐĞŶƚĞĚďLJƉƌŽdžLJ͘dŚĞƌĞŝƐŶŽŐƵĂƌĂŶƚĞĞƚŚĂƚ^ƚĂƌďĂƌĂǁŝůůŽďƚĂŝŶĂŶLJŽƌĂůůŽĨƚŚĞƐĞĂƉƉƌŽǀĂůƐĂŶĚĂƐƐƵĐŚ͕ƚŚĞ ĐƋƵŝƐŝƚŝŽŶŵĂLJŶŽƚĐŽŵƉůĞƚĞŽƌďĞĚĞĨĞƌƌĞĚŝĨĂŶLJŽĨƚŚĞƐĞĐŽŶĚŝƚŝŽŶƐĂƌĞŶŽƚƐĂƚŝƐĨŝĞĚŽƌǁĂŝǀĞĚ͘WĞŶĚŝŶŐĐŽŶĚŝƚŝŽŶĂůŝƚLJŽĨ ƚŚĞĐƋƵŝƐŝƚŝŽŶŽǀĞƌĂŶĞdžƚĞŶĚĞĚƉĞƌŝŽĚĐŽƵůĚĂĚǀĞƌƐĞůLJĂĨĨĞĐƚƚŚĞďƵƐŝŶĞƐƐĂŶĚŽƉĞƌĂƚŝŽŶƐŽĨ ƚůĂŶƚŝĐ͕ŝŶĐůƵĚŝŶŐĂƐĂƌĞƐƵůƚŽĨƚŚĞƉŽƚĞŶƚŝĂůŝŵƉĂĐƚŽŶƌĞůĂƚŝŽŶƐŚŝƉƐǁŝƚŚĐƵƐƚŽŵĞƌƐ͕ƐƵƉƉůŝĞƌƐĂŶĚŽƚŚĞƌĐŽƵŶƚĞƌƉĂƌƚŝĞƐ͘dŚĞƌĞŝƐŶŽĐĞƌƚĂŝŶƚLJƚŚĂƚĂůůƚŚĞĐůŽƐŝŶŐĐŽŶĚŝƚŝŽŶƐƚŽƚŚĞĂŶĂĚŝĂŶWůĂŶŽĨƌƌĂŶŐĞŵĞŶƚǁŝůůďĞ ƐĂƚŝƐĨŝĞĚ͘&ĂŝůƵƌĞƚŽĐŽŵƉůĞƚĞƚŚĞĂŶĂĚŝĂŶWůĂŶŽĨƌƌĂŶŐĞŵĞŶƚŵĂLJŶĞŐĂƚŝǀĞůLJŝŵƉĂĐƚƚŚĞŵĂƌŬĞƚƉƌŝĐĞĨŽƌ^ƚĂƌďĂƌĂ^ŚĂƌĞƐ;ŝŶĐůƵĚŝŶŐƚŚĞEĞǁ^ŚĂƌĞƐͿ͘/ĨƚŚĞĐƋƵŝƐŝƚŝŽŶĚŽĞƐŶŽƚĐŽŵƉůĞƚĞĨŽƌĂŶLJƌĞĂƐŽŶ͕ƚŚĞ ŽŵƉĂŶLJǁŝůůŶĞĞĚƚŽĐŽŶƐŝĚĞƌĂůƚĞƌŶĂƚŝǀĞƵƐĞƐĨŽƌƚŚĞƉƌŽĐĞĞĚƐŽĨƚŚĞŶƚŝƚůĞŵĞŶƚKĨĨĞƌ͕ŽƌǁĂLJƐƚŽƌĞƚƵƌŶƉƌŽĐĞĞĚƐĨƌŽŵƚŚĞ ŶƚŝƚůĞŵĞŶƚKĨĨĞƌƚŽƐŚĂƌĞŚŽůĚĞƌƐ͘

ƚůĂŶƚŝĐŚĂƐƚŚĞƌŝŐŚƚƚŽƚĞƌŵŝŶĂƚĞƚŚĞƚƌĂŶƐĂĐƚŝŽŶŝĨƚŚĞĞƋƵŝƚLJƌĂŝƐĞŝƐŶŽƚĐŽŵƉůĞƚĞĚǁŝƚŚŝŶƚŚĞĂŐƌĞĞĚƚŝŵĞĨƌĂŵĞĂŶĚƚŚĞŽŵƉĂŶLJĚŽĞƐŶŽƚ ŚĂǀĞƐƵĨĨŝĐŝĞŶƚĨƵŶĚƐĂǀĂŝůĂďůĞƚŽĐŽŵƉůĞƚĞƚŚĞƚƌĂŶƐĂĐƚŝŽŶ͘/ĨƚŚĞƚƌĂŶƐĂĐƚŝŽŶ ŝƐƚĞƌŵŝŶĂƚĞĚĨŽƌƚŚŝƐƌĞĂƐŽŶ͕ƚŚĞŽŵƉĂŶLJŝƐƌĞƋƵŝƌĞĚƚŽƉĂLJĂƚĞƌŵŝŶĂƚŝŽŶĨĞĞŽĨΨϮϱŵŝůůŝŽŶƚŽƚůĂŶƚŝĐ͘&ĂŝůƵƌĞƚŽĐŽŵƉůĞƚĞƚŚĞĐƋƵŝƐŝƚŝŽŶĐŽƵůĚĂĚǀĞƌƐĞůLJĂĨĨĞĐƚ^ƚĂƌďĂƌĂΖƐƐŚĂƌĞƉƌŝĐĞ͘

Ϯ͘Ğďƚ&ƵŶĚŝŶŐƌŝƐŬ

dŚĞĐƋƵŝƐŝƚŝŽŶŝƐďĞŝŶŐĨƵŶĚĞĚďLJĂĐŽŵďŝŶĂƚŝŽŶŽĨƚŚĞƵŶĚĞƌǁƌŝƚƚĞŶƉƌŽͲƌĂƚĂĂĐĐĞůĞƌĂƚĞĚŶŽŶͲƌĞŶŽƵŶĐĞĂďůĞĞŶƚŝƚůĞŵĞŶƚŽĨĨĞƌŽĨEĞǁ^ŚĂƌĞƐĚŽĐƵŵĞŶƚĞĚŝŶƚŚŝƐƉƌĞƐĞŶƚĂƚŝŽŶĂŶĚƚŚĞ'ƌŽƵƉ͛ƐĞdžŝƐƚŝŶŐĐĂƐŚ͘^ƚĂƌďĂƌĂ ƌĞĐĞŝǀĞĚĐŽŶƐĞŶƚƚŽǁĂŝǀĞĐŚĂŶŐĞŽĨĐŽŶƚƌŽůƉƌŽǀŝƐŝŽŶƚŽƌŽůůŽǀĞƌƚůĂŶƚŝĐ͛ƐĞdžŝƐƚŝŶŐΨϭϬϬŵŝůůŝŽŶƌĞǀŽůǀŝŶŐĐƌĞĚŝƚĨĂĐŝůŝƚLJ͘/ĨƚŚĞ ĐŽƌƉŽƌĂƚĞĂĐƋƵŝƐŝƚŝŽŶĨĂĐŝůŝƚLJǁĞƌĞŶŽƚĂǀĂŝůĂďůĞ͕ŽƌĐŽŶƐĞŶƚƚŽƌŽůůŽǀĞƌƚůĂŶƚŝĐĞdžŝƐƚŝŶŐĚĞďƚ ĨĂĐŝůŝƚLJŝƐŶŽƚŽďƚĂŝŶĞĚ͕ƚŚĞ'ƌŽƵƉǁŽƵůĚĨƵŶĚƚŚĞĚĞďƚĐŽŵƉŽŶĞŶƚŽĨƚŚĞĐƋƵŝƐŝƚŝŽŶƵƐŝŶŐĞdžŝƐƚŝŶŐĐĂƐŚƌĞƐĞƌǀĞƐ͕ŽƌƐĞĞŬĂůƚĞƌŶĂƚŝǀĞĨƵŶĚŝŶŐƵŶĚĞƌĂĚŝĨĨĞƌĞŶƚĨƵŶĚŝŶŐƐƚƌƵĐƚƵƌĞ͘ŝƚŚĞƌĂůƚĞƌŶĂƚŝǀĞŵĂLJůŝŵŝƚƚŚĞ'ƌŽƵƉΖƐ ŽƉĞƌĂƚŝŽŶƐĂŶĚďƵƐŝŶĞƐƐƐƚƌĂƚĞŐLJ͘^ƚĂƌďĂƌĂŚĂƐĂůƐŽĞŶƚĞƌĞĚŝŶƚŽĂΨϮϬϬŵŝůůŝŽŶƌĞǀŽůǀŝŶŐůŽĂŶĨĂĐŝůŝƚLJǁŝƚŚtĞƐƚƉĂĐĂŶŬŝŶŐŽƌƉŽƌĂƚŝŽŶ;tĞƐƚƉĂĐͿǁŚŝĐŚŝƐŶŽƚĞdžƉĞĐƚĞĚƚŽďĞĚƌĂǁŶƵƉŽŶƚŽĨƵŶĚƚŚĞĂĐƋƵŝƐŝƚŝŽŶ͕ďƵƚ ƌĂƚŚĞƌƵƐĞĚƚŽƐƵƉƉŽƌƚƚŚĞ'ƌŽƵƉƉŽƐƚĂĐƋƵŝƐŝƚŝŽŶ͘

/ĨƚŚĞĐƋƵŝƐŝƚŝŽŶĐŽŵƉůĞƚĞƐ͕ƚŚĞƌĞǁŝůůďĞĂŶŝŶĐƌĞĂƐĞŝŶ^ƚĂƌďĂƌĂΖƐŶĞƚĚĞďƚůĞǀĞůƐ͘dŚĞƵƐĞŽĨĞdžŝƐƚŝŶŐĐĂƐŚƚŽĨƵŶĚƚŚĞĐƋƵŝƐŝƚŝŽŶĂŶĚƌŽůůŽǀĞƌŽĨƚůĂŶƚŝĐ͛ƐĞdžŝƐƚŝŶŐΨϭϬϬŵŝůůŝŽŶƌĞǀŽůǀŝŶŐĐƌĞĚŝƚĨĂĐŝůŝƚLJŵĞĂŶƐƚŚĂƚ^ƚ ĂƌďĂƌĂǁŝůůďĞŵŽƌĞĞdžƉŽƐĞĚƚŽƌŝƐŬƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚŐĞĂƌŝŶŐ͘&ŽƌĞdžĂŵƉůĞ͕^ƚĂƌďĂƌĂǁŝůůďĞŵŽƌĞĞdžƉŽƐĞĚƚŽĂŶLJŵŽǀĞŵĞŶƚƐŝŶŝŶƚĞƌĞƐƚƌĂƚĞƐ͘/ŶĂĚĚŝƚŝŽŶ͕^ƚĂƌďĂƌĂǁŝůůďĞŵŽƌĞĞdžƉŽƐĞĚƚŽŐĞŶĞƌĂůƌŝƐŬƐƌĞůĂƚŝŶŐƚŽ ĂŶLJƌĞĨŝŶĂŶĐŝŶŐŽĨŝƚƐĚĞďƚĨĂĐŝůŝƚŝĞƐ͘/ƚŵĂLJďĞĚŝĨĨŝĐƵůƚĨŽƌ^ƚĂƌďĂƌĂƚŽƌĞĨŝŶĂŶĐĞĂůůŽƌƐŽŵĞŽĨƚŚĞƐĞĚĞďƚĨĂĐŝůŝƚŝĞƐĂŶĚ ĂŶŝŶĂďŝůŝƚLJƚŽƐĞĐƵƌĞŶĞǁĚĞďƚĨĂĐŝůŝƚŝĞƐŽŶĂĐĐĞƉƚĂďůĞƚĞƌŵƐŵĂLJĂĚǀĞƌƐĞůLJĂĨĨĞĐƚƚŚĞĨŝŶĂŶĐŝĂů ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ'ƌŽƵƉ͘

ϯ͘hŶĚĞƌǁƌŝƚŝŶŐƌŝƐŬ

dŚĞ'ƌŽƵƉŚĂƐĞŶƚĞƌĞĚŝŶƚŽĂŶƵŶĚĞƌǁƌŝƚŝŶŐĂŐƌĞĞŵĞŶƚƉƵƌƐƵĂŶƚƚŽǁŚŝĐŚƚŚĞƵŶĚĞƌǁƌŝƚĞƌŚĂƐĂŐƌĞĞĚƚŽƵŶĚĞƌǁƌŝƚĞƚŚĞŶƚŝƚůĞŵĞŶƚKĨĨĞƌ͕ƐƵďũĞĐƚƚŽƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚĞƵŶĚĞƌǁƌŝƚŝŶŐĂŐƌĞĞŵĞŶƚ ;ΗhŶĚĞƌǁƌŝƚŝŶŐŐƌĞĞŵĞŶƚΗͿ͘dŚĞƵŶĚĞƌǁƌŝƚĞƌΖƐŽďůŝŐĂƚŝŽŶƐƚŽƵŶĚĞƌǁƌŝƚĞƚŚĞŶƚŝƚůĞŵĞŶƚKĨĨĞƌĂƌĞĐŽŶĚŝƚŝŽŶĂůƵƉŽŶĐĞƌƚĂŝŶĐƵƐƚŽŵĂƌLJŵĂƚƚĞƌƐ͕ŝŶĐůƵĚŝŶŐ;ďƵƚŶŽƚůŝŵŝƚĞĚƚŽͿ^ƚĂƌďĂƌĂĚĞůŝǀĞƌŝŶŐĐĞƌƚĂŝŶĐĞƌƚŝĨŝĐĂƚĞƐ͕ĚƵĞ ĚŝůŝŐĞŶĐĞĚŽĐƵŵĞŶƚĂƚŝŽŶ͕ŽƉŝŶŝŽŶƐĂŶĚƐŚŽƌƚĨĂůůĐĞƌƚŝĨŝĐĂƚĞƐ͕ĂŶĚĚĞƐƉĂƚĐŚŝŶŐĐĞƌƚĂŝŶĚŽĐƵŵĞŶƚƐƚŽŝƚƐƐŚĂƌĞŚŽůĚĞƌƐ͘

&ƵƌƚŚĞƌ͕ŝĨĐĞƌƚĂŝŶĞǀĞŶƚƐŽĐĐƵƌ͕ƐŽŵĞŽĨǁŚŝĐŚĂƌĞďĞLJŽŶĚƚŚĞĐŽŶƚƌŽůŽĨ^ƚĂƌďĂƌĂ͕ƚŚĞƵŶĚĞƌǁƌŝƚĞƌŵĂLJƚĞƌŵŝŶĂƚĞƚŚĞhŶĚĞƌǁƌŝƚŝŶŐŐƌĞĞŵĞŶƚ͘dĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞhŶĚĞƌǁƌŝƚŝŶŐŐƌĞĞŵĞŶƚǁŽƵůĚŚĂǀĞĂŶĂĚǀĞƌƐĞ ŝŵƉĂĐƚŽŶƚŚĞĂŵŽƵŶƚŽĨƉƌŽĐĞĞĚƐƌĂŝƐĞĚƵŶĚĞƌƚŚĞŶƚŝƚůĞŵĞŶƚKĨĨĞƌĂŶĚĐŽƵůĚĂĨĨĞĐƚ^ƚĂƌďĂƌĂΖƐĂďŝůŝƚLJƚŽƉĂLJƚŚĞƉƵƌĐŚĂƐĞƉƌŝĐĞĨŽƌƚŚĞĐƋƵŝƐŝƚŝŽŶ͘/ŶƚŚĞƐĞĐŝƌĐƵŵƐƚĂŶĐĞƐ͕^ƚĂƌďĂƌĂŵŽƐƚůŝŬĞůLJǁŝůůďĞƵŶĂďůĞƚŽ ƉƌŽĐĞĞĚǁŝƚŚƚŚĞĐƋƵŝƐŝƚŝŽŶĂŶĚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉĂLJƚŚĞďƌĞĂŬĨĞĞŽĨΨϮϱŵŝůůŝŽŶƚŽƚůĂŶƚŝĐ͘dĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞhŶĚĞƌǁƌŝƚŝŶŐŐƌĞĞŵĞŶƚĐŽƵůĚĂůƐŽŵĂƚĞƌŝĂůůLJĂĚǀĞƌƐĞůLJĂĨĨĞĐƚƚŚĞ'ƌŽƵƉΖƐďƵƐŝŶĞƐƐ͕ĐĂƐŚĨůŽǁ͕ ĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞ͕ĨŝŶĂŶĐŝĂůĐŽŶĚŝƚŝŽŶĂŶĚƐŚĂƌĞƉƌŝĐĞ͘

ϱϰ ͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

EKd&KZ/^dZ/hd/KEKZZ>^/Ed,hE/d^dd^

dŚĞhŶĚĞƌǁƌŝƚĞƌΖƐƌŝŐŚƚƐƚŽƚĞƌŵŝŶĂƚĞƚŚĞhŶĚĞƌǁƌŝƚŝŶŐŐƌĞĞŵĞŶƚŝĨĐĞƌƚĂŝŶĞǀĞŶƚƐŽĐĐƵƌŝŶĐůƵĚĞ͕ŝĨ͗
ƚŚĞWůĂŶŽĨƌƌĂŶŐĞŵĞŶƚŝƐƚĞƌŵŝŶĂƚĞĚŽƌĂŵĞŶĚĞĚŝŶĂŶLJŵĂƚĞƌŝĂůƌĞƐƉĞĐƚǁŝƚŚŽƵƚƚŚĞhŶĚĞƌǁƌŝƚĞƌΖƐĐŽŶƐĞŶƚ͖
^yĂŶŶŽƵŶĐĞĚƚŚĂƚ^ƚĂƌďĂƌĂǁŝůůďĞƌĞŵŽǀĞĚĨƌŽŵƚŚĞŽĨĨŝĐŝĂůůŝƐƚŽĨ^yŽƌƚŚĂƚŝƚƐƐŚĂƌĞƐǁŝůůďĞƐƵƐƉĞŶĚĞĚĨƌŽŵƋƵŽƚĂƚŝŽŶ;ĨŽƌĂŶLJƌĞĂƐŽŶŽƚŚĞƌƚŚĂŶĂƚƌĂĚŝŶŐŚĂůƚŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞŶƚŝƚůĞŵĞŶƚKĨĨĞƌͿ͖ • ĂƉƉƌŽǀĂůŽĨƚŚĞŽĨĨŝĐŝĂůƋƵŽƚĂƚŝŽŶŽĨƚŚĞEĞǁ^ŚĂƌĞƐŝƐŶŽƚŐƌĂŶƚĞĚďLJ^y͖
ƚŚĞƌĞĂƌĞĐĞƌƚĂŝŶĚĞůĂLJƐƚŽƚŚĞƚŝŵĞƚĂďůĞĨŽƌƚŚĞŶƚŝƚůĞŵĞŶƚKĨĨĞƌ͖
ƚŚĞŝƐƐƵĞƌŝƐƉƌĞǀĞŶƚĞĚĨƌŽŵŝƐƐƵŝŶŐƚŚĞEĞǁ^ŚĂƌĞƐǁŝƚŚŝŶƚŚĞƚŝŵĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚĞŶƚŝƚůĞŵĞŶƚKĨĨĞƌ͖
ƚŚĞƌĞĂƌĞŵĂƚĞƌŝĂůĨŝŶĂŶĐŝĂůŽƌĞĐŽŶŽŵŝĐĚŝƐƌƵƉƚŝŽŶƐŝŶĐĞƌƚĂŝŶŬĞLJŵĂƌŬĞƚƐŽƌŚŽƐƚŝůŝƚŝĞƐĐŽŵŵĞŶĐĞŽƌĞƐĐĂůĂƚĞŝŶĐĞƌƚĂŝŶŬĞLJĐŽƵŶƚƌŝĞƐ͖
ĂŶĂĚǀĞƌƐĞĐŚĂŶŐĞŽĐĐƵƌƐŝŶƚŚĞĂƐƐĞƚƐ͕ůŝĂďŝůŝƚŝĞƐ͕ĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶŽƌƉĞƌĨŽƌŵĂŶĐĞ͕ƉƌŽĨŝƚƐ͕ůŽƐƐĞƐŽƌƉƌŽƐƉĞĐƚƐŽĨƚŚĞ'ƌŽƵƉĨƌŽŵƚŚŽƐĞĚŝƐĐůŽƐĞĚďLJ^ƚĂƌďĂƌĂƉƌŝŽƌƚŽƚŚĞĚĂƚĞŽĨƚŚĞhŶĚĞƌǁƌŝƚŝŶŐŐƌĞĞŵĞŶƚ͘

ϰ͘ŝůƵƚŝŽŶ

/ŶǀĞƐƚŽƌƐǁŚŽĚŽŶŽƚƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞŶƚŝƚůĞŵĞŶƚKĨĨĞƌ͕ŽƌĚŽŶŽƚƚĂŬĞƵƉĂůůŽĨƚŚĞŝƌĞŶƚŝƚůĞŵĞŶƚƐƵŶĚĞƌƚŚĞŶƚŝƚůĞŵĞŶƚKĨĨĞƌ͕ǁŝůůŚĂǀĞƚŚĞŝƌƉĞƌĐĞŶƚĂŐĞŚŽůĚŝŶŐŝŶ^ƚĂƌďĂƌĂΖƐŝƐƐƵĞĚĐĂƉŝƚĂůĚŝůƵƚĞĚ͘/ŶǀĞƐƚŽƌƐŵĂLJĂůƐŽ ŚĂǀĞƚŚĞŝƌŝŶǀĞƐƚŵĞŶƚŝŶ^ƚĂƌďĂƌĂĚŝůƵƚĞĚďLJĨƵƚƵƌĞĐĂƉŝƚĂůƌĂŝƐŝŶŐƐďLJ^ƚĂƌďĂƌĂ͘^ƚĂƌďĂƌĂŵĂLJŝƐƐƵĞŶĞǁƐŚĂƌĞƐƚŽĨŝŶĂŶĐĞ ĨƵƚƵƌĞĂĐƋƵŝƐŝƚŝŽŶƐŽƌƉĂLJĚŽǁŶĚĞďƚǁŚŝĐŚŵĂLJ͕ƵŶĚĞƌĐĞƌƚĂŝŶĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ĚŝůƵƚĞƚŚĞ ǀĂůƵĞŽĨĂŶŝŶǀĞƐƚŽƌΖƐŝŶƚĞƌĞƐƚ͘

ϱ͘ ZĞůŝĂŶĐĞŽŶŝŶĨŽƌŵĂƚŝŽŶƉƌŽǀŝĚĞĚ

dŚĞ'ƌŽƵƉŚĂƐƉƌĞƉĂƌĞĚ;ĂŶĚŵĂĚĞĂƐƐƵŵƉƚŝŽŶƐŝŶƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨͿƚŚĞĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶ͕ŝŶĨŽƌŵĂƚŝŽŶŽŶKƌĞZĞƐĞƌǀĞƐĂŶĚDŝŶĞƌĂůZĞƐŽƵƌĐĞƐƌĞůĂƚŝŶŐƚŽƚŚĞĐƋƵŝƐŝƚŝŽŶ͕ƚůĂŶƚŝĐĂŶĚŵŝŶŝŶŐŽƉĞƌĂƚŝŽŶƐŽĨƚůĂŶƚŝĐ ŝŶĐůƵĚĞĚŝŶƚŚŝƐƉƌĞƐĞŶƚĂƚŝŽŶŝŶƌĞůŝĂŶĐĞŽŶĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶ͕ƚĂdžŝŶĨŽƌŵĂƚŝŽŶ͕ŝŶĨŽƌŵĂƚŝŽŶŽŶKƌĞZĞƐĞƌǀĞƐĂŶĚDŝŶĞƌĂůZĞƐŽƵƌĐĞƐĂŶĚŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶƉƌŽǀŝĚĞĚďLJƚůĂŶƚŝĐ͘/ĨĂŶLJŽĨƚŚĞĚĂƚĂŽƌŝŶĨŽƌŵĂƚŝŽŶƌĞůŝĞĚ ƵƉŽŶďLJƚŚĞ'ƌŽƵƉŝŶŝƚƐĚƵĞĚŝůŝŐĞŶĐĞƉƌŽĐĞƐƐĂŶĚŝƚƐƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚŝƐƉƌĞƐĞŶƚĂƚŝŽŶƉƌŽǀĞƐƚŽďĞŝŶĐŽŵƉůĞƚĞ͕ŝŶĐŽƌƌĞĐƚ͕ŝŶĂĐĐƵƌĂƚĞŽƌŵŝƐůĞĂĚŝŶŐ͕ƚŚĞƌĞŝƐĂƌŝƐŬƚŚĂƚƚŚĞĂĐƚƵĂůĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂŶĚƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ 'ƌŽƵƉŵĂLJďĞŵĂƚĞƌŝĂůůLJĚŝĨĨĞƌĞŶƚƚŽƚŚĞĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂŶĚƉĞƌĨŽƌŵĂŶĐĞĞdžƉĞĐƚĞĚďLJƚŚĞ'ƌŽƵƉ͘/ŶǀĞƐƚŽƌƐƐŚŽƵůĚĂůƐŽŶŽƚĞ ƚŚĂƚƚŚĞƌĞŝƐŶŽĂƐƐƵƌĂŶĐĞƚŚĂƚƚŚĞĚƵĞĚŝůŝŐĞŶĐĞĐŽŶĚƵĐƚĞĚďLJƚŚĞ'ƌŽƵƉĂŶĚŝƚƐĂĚǀŝƐŽƌƐŽŶ ƚůĂŶƚŝĐǁĂƐĐŽŶĐůƵƐŝǀĞĂŶĚƚŚĂƚĂůůŵĂƚĞƌŝĂůŝƐƐƵĞƐĂŶĚƌŝƐŬƐŝŶƌĞƐƉĞĐƚŽĨƚŚĞĂĐƋƵŝƐŝƚŝŽŶŚĂǀĞďĞĞŶŝĚĞŶƚŝĨŝĞĚ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞƌĞŝƐ ĂƌŝƐŬƚŚĂƚƵŶĨŽƌĞƐĞĞŶŝƐƐƵĞƐĂŶĚƌŝƐŬƐŵĂLJĂƌŝƐĞ͕ǁŚŝĐŚŵĂLJĂůƐŽŚĂǀĞĂŵĂƚĞƌŝĂůŝŵƉĂĐƚ ŽŶƚŚĞ'ƌŽƵƉ͘

ϲ͘ŶĂůLJƐŝƐŽĨĂĐƋƵŝƐŝƚŝŽŶŽƉƉŽƌƚƵŶŝƚLJ

dŚĞ'ƌŽƵƉŚĂƐƵŶĚĞƌƚĂŬĞŶĨŝŶĂŶĐŝĂů͕ƚĂdž͕ůĞŐĂůĂŶĚĐŽŵŵĞƌĐŝĂůĂŶĂůLJƐŝƐŽŶƚůĂŶƚŝĐ͕ŝŶŽƌĚĞƌƚŽĚĞƚĞƌŵŝŶĞƚŚĞĂƚƚƌĂĐƚŝǀĞŶĞƐƐŽĨƚůĂŶƚŝĐƚŽƚŚĞ'ƌŽƵƉĂŶĚǁŚĞƚŚĞƌƚŽĂĐƋƵŝƌĞŝƚ͘/ƚŝƐƉŽƐƐŝďůĞƚŚĂƚĚĞƐƉŝƚĞƐƵĐŚĂŶĂůLJƐŝƐĂŶĚ ƚŚĞďĞƐƚĞƐƚŝŵĂƚĞĂƐƐƵŵƉƚŝŽŶƐŵĂĚĞďLJƚůĂŶƚŝĐ͕ƚŚĞĐŽŶĐůƵƐŝŽŶƐĚƌĂǁŶĂƌĞŝŶĂĐĐƵƌĂƚĞŽƌĂƌĞŶŽƚƌĞĂůŝƐĞĚ͘dŽƚŚĞĞdžƚĞŶƚƚŚĂƚƚŚĞĂĐƚƵĂůƌĞƐƵůƚƐĂĐŚŝĞǀĞĚďLJƚŚĞĐƋƵŝƐŝƚŝŽŶĂƌĞĚŝĨĨĞƌĞŶƚƚŽƚŚŽƐĞŝŶĚŝĐĂƚĞĚďLJƚŚĞ'ƌŽƵƉΖƐ ĂŶĂůLJƐŝƐ͕ƚŚĞƌĞŝƐĂƌŝƐŬƚŚĂƚƚŚĞƉƌŽĨŝƚĂďŝůŝƚLJĂŶĚĨƵƚƵƌĞĞĂƌŶŝŶŐƐŽĨƚŚĞŽƉĞƌĂƚŝŽŶƐŽĨƚŚĞ'ƌŽƵƉŵĂLJďĞŵĂƚĞƌŝĂůůLJĚŝĨĨĞƌĞŶƚĨƌŽŵƚŚĞƉƌŽĨŝƚĂďŝůŝƚLJĂŶĚĞĂƌŶŝŶŐƐĞdžƉĞĐƚĞĚĂƐƌĞĨůĞĐƚĞĚŝŶƚŚŝƐƉƌĞƐĞŶƚĂƚŝŽŶ͘

ϳ͘/ŶƚĞŐƌĂƚŝŽŶƌŝƐŬ

dŚĞĐƋƵŝƐŝƚŝŽŶŝŶǀŽůǀĞƐƚŚĞŝŶƚĞŐƌĂƚŝŽŶŽĨƚůĂŶƚŝĐΖƐďƵƐŝŶĞƐƐ͕ǁŚŝĐŚŚĂƐƉƌĞǀŝŽƵƐůLJŽƉĞƌĂƚĞĚŝŶĚĞƉĞŶĚĞŶƚůLJƚŽƚŚĞ'ƌŽƵƉ͘dŚĞƌĞŝƐĂƌŝƐŬƚŚĂƚƚŚĞŝŶƚĞŐƌĂƚŝŽŶŵĂLJďĞŵŽƌĞĐŽŵƉůĞdžƚŚĂŶĐƵƌƌĞŶƚůLJĂŶƚŝĐŝƉĂƚĞĚ͕ĞŶĐŽƵŶƚĞƌ ƵŶĞdžƉĞĐƚĞĚĐŚĂůůĞŶŐĞƐŽƌŝƐƐƵĞƐ͕ƚĂŬĞůŽŶŐĞƌƚŚĂŶĞdžƉĞĐƚĞĚ͕ĚŝǀĞƌƚŵĂŶĂŐĞŵĞŶƚĂƚƚĞŶƚŝŽŶŽƌŶŽƚĚĞůŝǀĞƌƚŚĞĞdžƉĞĐƚĞĚďĞŶĞĨŝƚƐ͘

ϴ͘ZĞƚĞŶƚŝŽŶŽĨƉĞƌƐŽŶŶĞů

dŚĞ'ƌŽƵƉŝƐĐŽŵŵŝƚƚĞĚƚŽƉƌŽǀŝĚŝŶŐĂĐŽŶƚŝŶƵĞĚĂƚƚƌĂĐƚŝǀĞĞŵƉůŽLJŵĞŶƚĞŶǀŝƌŽŶŵĞŶƚƚŽĂƐƐŝƐƚŝŶƌĞƚĂŝŶŝŶŐƚŚĞƐĞƌǀŝĐĞƐŽĨƚŚĞŵĂũŽƌŝƚLJŽĨƚůĂŶƚŝĐƉĞƌƐŽŶŶĞůĨŽůůŽǁŝŶŐƚŚĞĐƋƵŝƐŝƚŝŽŶ͘,ŽǁĞǀĞƌ͕ƚŚĞƌĞĐĂŶďĞŶŽĂƐƐƵƌĂŶĐĞ ƚŚĂƚƚŚĞƌĞǁŝůůďĞŶŽƵŶŝŶƚĞŶĚĞĚůŽƐƐŽĨƉĞƌƐŽŶŶĞů͕ŝŶĐůƵĚŝŶŐŬĞLJƉĞƌƐŽŶŶĞůůĞĂĚŝŶŐƵƉƚŽĂŶĚĨŽůůŽǁŝŶŐƚŚĞĐƋƵŝƐŝƚŝŽŶ͘/ĨŬĞLJƚůĂŶƚŝĐƉĞƌƐŽŶŶĞůŽƌĂƐŝŐŶŝĨŝĐĂŶƚŶƵŵďĞƌŽĨŽƚŚĞƌƉĞƌƐŽŶŶĞůĐŚŽŽƐĞŶŽƚƚŽƌĞŵĂŝŶǁŝƚŚƚŚĞ 'ƌŽƵƉƉŽƐƚͲĐƋƵŝƐŝƚŝŽŶ͕ƚŚĞƌĞŝƐĂƌŝƐŬƚŚĂƚƚŚĞŝŶƚĞŐƌĂƚŝŽŶŵĂLJďĞŵŽƌĞĐŽŵƉůŝĐĂƚĞĚƚŚĂŶĂŶƚŝĐŝƉĂƚĞĚ͘

EKd&KZ/^dZ/hd/KEKZZ>^/Ed,hE/d^dd^ ϱϱ ͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

ϵ͘ĐƋƵŝƐŝƚŝŽŶĂĐĐŽƵŶƚŝŶŐ

^ƚĂƌďĂƌĂŝƐƌĞƋƵŝƌĞĚƚŽƵŶĚĞƌƚĂŬĞĂŶĂƐƐĞƐƐŵĞŶƚŽĨĨĂŝƌǀĂůƵĞŽĨƚŚĞƚĂŶŐŝďůĞĂŶĚŶŽŶͲƚĂŶŐŝďůĞĂƐƐĞƚƐĂĐƋƵŝƌĞĚĂƐǁĞůůĂƐƚŚĞĂĐƚƵĂůĂŶĚĐŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚŝĞƐŽĨƚůĂŶƚŝĐĂƚƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƚŚĞĐƋƵŝƐŝƚŝŽŶ͘ĐĐŽƵŶƚŝŶŐ ƐƚĂŶĚĂƌĚƐƉƌŽǀŝĚĞϭϮŵŽŶƚŚƐĨƌŽŵĐŽŵƉůĞƚŝŽŶĨŽƌƚŚŝƐĂƐƐĞƐƐŵĞŶƚƚŽďĞĨŝŶĂůŝƐĞĚ͘dŚĞŽƵƚĐŽŵĞŽĨƚŚŝƐĂƐƐĞƐƐŵĞŶƚĐŽƵůĚŐŝǀĞƌŝƐĞƚŽĚŝĨĨĞƌĞŶĐĞǀĂůƵĞƐďĞŝŶŐĂƉƉůŝĞĚƚŚĂƚƚŚŽƐĞƵƐĞĚŝŶƚŚĞƉƌŽĨŽƌŵĂĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶ ĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐWƌĞƐĞŶƚĂƚŝŽŶ͘^ƵĐŚĂŶŽƵƚĐŽŵĞǁŝůůŝŵƉĂĐƚƚŚĞǀĂůƵĞŽĨĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐƌĞƉŽƌƚĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚďĂůĂŶĐĞƐŚĞĞƚďLJ^ƚĂƌďĂƌĂ͘dŚĞƌĞǁŝůůĂůƐŽďĞĚŝĨĨĞƌĞŶĐĞƐŝŶƚŚĞĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝƐĂƚŝŽŶ ĐŚĂƌŐĞƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƉƌŽĨŝƚĂŶĚůŽƐƐĂĐĐŽƵŶƚǁŚŝĐŚŵĂLJŝŵƉĂĐƚƌĞƉŽƌƚĞĚƉƌŽĨŝƚďĞĨŽƌĞƚĂdžĂŶĚŶĞƚƉƌŽĨŝƚĂĨƚĞƌƚĂdž͘

ϭϬ͘ŚĂŶŐĞŽĨĐŽŶƚƌŽů

dŚĞĐƋƵŝƐŝƚŝŽŶŵĂLJƚƌŝŐŐĞƌĐŚĂŶŐĞŽĨĐŽŶƚƌŽůĐůĂƵƐĞƐŝŶƐŽŵĞŵĂƚĞƌŝĂůĐŽŶƚƌĂĐƚƐƚŽǁŚŝĐŚƚůĂŶƚŝĐŝƐĂƉĂƌƚLJ͘tŚĞƌĞƚƌŝŐŐĞƌĞĚ͕ĂĐŚĂŶŐĞŽĨĐŽŶƚƌŽůĐůĂƵƐĞŵĂLJƌĞƋƵŝƌĞ^ƚĂƌďĂƌĂƚŽƐĞĞŬƚŚĞĐŽƵŶƚĞƌƉĂƌƚLJΖƐĐŽŶƐĞŶƚŝŶ ƌĞůĂƚŝŽŶƚŽƚŚĞĐƋƵŝƐŝƚŝŽŶ͘dŚĞƌĞŝƐĂƌŝƐŬƚŚĂƚĂĐŽƵŶƚĞƌƉĂƌƚLJŵĂLJŶŽƚƉƌŽǀŝĚĞĐŽŶƐĞŶƚǁŚŝĐŚŵĂLJƚƌŝŐŐĞƌĂƚĞƌŵŝŶĂƚŝŽŶƌŝŐŚƚŝŶĨĂǀŽƵƌŽĨƚŚĂƚĐŽƵŶƚĞƌƉĂƌƚLJŽƌƚŚĂƚƚŚĞĐŽƵŶƚĞƌƉĂƌƚLJŵĂLJƌĞƋƵŝƌĞƌĞŶĞŐŽƚŝĂƚŝŽŶŽĨƚĞƌŵƐŝŶ ŽƌĚĞƌƚŽŽďƚĂŝŶĐŽŶƐĞŶƚ͘/ĨĂŶLJŽĨƚŚĞŵĂƚĞƌŝĂůĐŽŶƚƌĂĐƚƐĐŽŶƚĂŝŶŝŶŐĂĐŚĂŶŐĞŽĨĐŽŶƚƌŽůĐůĂƵƐĞĂƌĞƚĞƌŵŝŶĂƚĞĚďLJƚŚĞĐŽƵŶƚĞƌƉĂƌƚLJŽƌƌĞŶĞŐŽƚŝĂƚĞĚŽŶůĞƐƐĨĂǀŽƵƌĂďůĞƚĞƌŵƐ͕ŝƚŵĂLJŚĂǀĞĂŶĂĚǀĞƌƐĞŝŵƉĂĐƚŽŶ^ƚĂƌďĂƌĂΖƐ ĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞĂŶĚƉƌŽƐƉĞĐƚƐŝŶƚŚĞĨƵƚƵƌĞ͘dŚĞƌĞĐĂŶďĞŶŽĂƐƐƵƌĂŶĐĞƚŚĂƚ^ƚĂƌďĂƌĂǁŝůůďĞĂďůĞƚŽƌĞŶĞŐŽƚŝĂƚĞƐƵĐŚ ĐŽŶƚƌĂĐƚƐŽŶĐŽŵŵĞƌĐŝĂůůLJƌĞĂƐŽŶĂďůĞƚĞƌŵƐ͕ŝĨĂƚĂůů͘

ϭϭ͘,ŝƐƚŽƌŝĐĂůůŝĂďŝůŝƚŝĞƐ

/ĨƚŚĞĐƋƵŝƐŝƚŝŽŶĐŽŵƉůĞƚĞƐ͕ƚŚĞ'ƌŽƵƉŵĂLJďĞĐŽŵĞĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJůŝĂďůĞĨŽƌĂŶLJůŝĂďŝůŝƚŝĞƐƚŚĂƚƚůĂŶƚŝĐŚĂƐŝŶĐƵƌƌĞĚŝŶƚŚĞƉĂƐƚ͕ǁŚŝĐŚǁĞƌĞŶŽƚŝĚĞŶƚŝĨŝĞĚĚƵƌŝŶŐŝƚƐĚƵĞĚŝůŝŐĞŶĐĞŽƌǁŚŝĐŚĂƌĞŐƌĞĂƚĞƌƚŚĂŶ ĞdžƉĞĐƚĞĚ͕ĂŶĚĨŽƌǁŚŝĐŚƚŚĞŵĂƌŬĞƚƐƚĂŶĚĂƌĚƉƌŽƚĞĐƚŝŽŶŝŶƚŚĞĨŽƌŵŽĨŝŶƐƵƌĂŶĐĞƚƵƌŶƐŽƵƚƚŽďĞŝŶĂĚĞƋƵĂƚĞŝŶƚŚĞĐŝƌĐƵŵƐƚĂŶĐĞƐ͘ ^ƵĐŚůŝĂďŝůŝƚLJŵĂLJĂĚǀĞƌƐĞůLJĂĨĨĞĐƚƚŚĞĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞŽƌƉŽƐŝƚŝŽŶŽĨƚŚĞ'ƌŽƵƉ ƉŽƐƚͲĂĐƋƵŝƐŝƚŝŽŶ͘

ϭϮ͘&ŽƌĞŝŐŶĞƐƚŝŵĂƚĞƐ

dŚĞĞƐƚŝŵĂƚĞƐŽĨKƌĞZĞƐĞƌǀĞƐĂŶĚDŝŶĞƌĂůZĞƐŽƵƌĐĞƐĨŽƌDŽŽƐĞZŝǀĞƌĂƌĞƋƵĂůŝĨLJŝŶŐĨŽƌĞŝŐŶĞƐƚŝŵĂƚĞƐƵŶĚĞƌƚŚĞ^y>ŝƐƚŝŶŐZƵůĞƐƌĞƉŽƌƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚE/ϰϯͲϭϬϭďLJƚůĂŶƚŝĐĂŶĚĨŝůĞĚŽŶ^Z;ǁǁǁ͘ƐĞĚĂƌ͘ĐŽŵͿ ŽŶϭϯDĂƌĐŚϮϬϭϵĂŶĚϮϱDĂƌĐŚϮϬϭϵ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘dŚĞĐĂƚĞŐŽƌŝĞƐŽĨDŝŶĞƌĂůZĞƐŽƵƌĐĞƐĐůĂƐƐŝĨŝĐĂƚŝŽŶƵƐĞĚĂƌĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚE/ϰϯͲϭϬϭĂŶĚƚŚĞ/D ^ƚĂŶĚĂƌĚƐ͘E/ϰϯͲϭϬϭŝƐĂΖƋƵĂůŝĨLJŝŶŐĨŽƌĞŝŐŶĞƐƚŝŵĂƚĞΖĨŽƌƚŚĞ ƉƵƌƉŽƐĞƐŽĨƚŚĞ^y>ŝƐƚŝŶŐZƵůĞƐ;ĂŶĚŚĂƐƐŝŵŝůĂƌĐĂƚĞŐŽƌŝĞƐŽĨƌĞƐŽƵƌĐĞĐůĂƐƐŝĨŝĐĂƚŝŽŶĂƐƚŚĞ:KZŽĚĞƵŶĚĞƌƉƉĞŶĚŝdžϱŽĨƚŚĞ^y>ŝƐƚŝŶŐZƵůĞƐͿ͘

^ƚĂƌďĂƌĂĐŽŶƐŝĚĞƌƐƚŚĞƐĞĞƐƚŝŵĂƚĞƐƚŽďĞďŽƚŚŵĂƚĞƌŝĂůĂŶĚƌĞůĞǀĂŶƚƚŽƚŚĞ'ƌŽƵƉŐŝǀĞŶƚŚĂƚDŽŽƐĞZŝǀĞƌŚĂƐƚŚĞƉŽƚĞŶƚŝĂůƚŽďĞĂŵĂƚĞƌŝĂůŵŝŶŝŶŐƉƌŽũĞĐƚƚŽ^ƚĂƌďĂƌĂ͘/ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚE/ϰϯͲϭϬϭĂŶĚ/D ƐƚĂŶĚĂƌĚƐ͕ DŝŶĞƌĂůZĞƐŽƵƌĐĞƐĂƌĞŶŽƚDŝŶĞƌĂůZĞƐĞƌǀĞƐĂŶĚĚŽŶŽƚŚĂǀĞĚĞŵŽŶƐƚƌĂƚĞĚĞĐŽŶŽŵŝĐǀŝĂďŝůŝƚLJ͘dŚĞƌĞŝƐŶŽĐĞƌƚĂŝŶƚLJƚŚĂƚĂůůŽƌ ĂŶLJƉĂƌƚŽĨDŝŶĞƌĂůZĞƐŽƵƌĐĞƐǁŝůůďĞĐŽŶǀĞƌƚĞĚƚŽDŝŶĞƌĂůZĞƐĞƌǀĞƐ͘ĚĚŝƚŝŽŶĂůĚƌŝůůŝŶŐǁŝůů ďĞƌĞƋƵŝƌĞĚƚŽǀĞƌŝĨLJŐĞŽůŽŐŝĐĂůĂŶĚŵŝŶĞƌĂůŝƐĂƚŝŽŶĐŽŶƚŝŶƵŝƚLJ͕ĂŶĚƚŚĞƌĞŝƐŶŽĐĞƌƚĂŝŶƚLJƚŚĂƚĂůůŽĨƚŚĞ/ŶĨĞƌƌĞĚZĞƐŽƵƌĐĞƐǁŝůůďĞĐŽŶǀĞƌƚĞĚƚŽDĞĂƐƵƌĞĚĂŶĚ/ŶĚŝĐĂƚĞĚZĞƐŽƵƌĐĞƐ͘YƵĂŶƚŝƚLJĂŶĚŐƌĂĚĞƐĂƌĞĞƐƚŝŵĂƚĞƐĂŶĚĂƌĞ ƌŽƵŶĚĞĚƚŽƌĞĨůĞĐƚƚŚĂƚƚŚĞĞƐƚŝŵĂƚĞƐĂƌĞĂŶĂƉƉƌŽdžŝŵĂƚŝŽŶ͘&ĂŝůƵƌĞƚŽĐŽŶǀĞƌƚDŝŶĞƌĂůZĞƐŽƵƌĐĞƐƚŽDŝŶĞƌĂůZĞƐĞƌǀĞƐ͕ŽƌĨĂŝůƵƌĞ ƚŽĐŽŶǀĞƌƚ/ŶĨĞƌƌĞĚZĞƐŽƵƌĐĞƐƚŽDĞĂƐƵƌĞĚĂŶĚ/ŶĚŝĐĂƚĞĚZĞƐŽƵƌĐĞƐ͕ŵĂLJŚĂǀĞĂŵĂƚĞƌŝĂů ĂĚǀĞƌƐĞĞĨĨĞĐƚŽŶƚŚĞ'ƌŽƵƉΖƐƌĞƐƵůƚƐŽĨĞdžƉůŽƌĂƚŝŽŶ͕ŽƉĞƌĂƚŝŽŶƐ͕ĨŝŶĂŶĐŝĂůĐŽŶĚŝƚŝŽŶĂŶĚƉƌŽƐƉĞĐƚƐ͘

ϱϲ ͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

EKd&KZ/^dZ/hd/KEKZZ>^/Ed,hE/d^dd^

&ŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶĂŶĚĨŽƌĞĐĂƐƚƐ

dŚĞĨŽƌǁĂƌĚůŽŽŬŝŶŐƐƚĂƚĞŵĞŶƚƐ͕ŽƉŝŶŝŽŶĂŶĚĞƐƚŝŵĂƚĞƐƉƌŽǀŝĚĞĚŝŶƚŚŝƐƉƌĞƐĞŶƚĂƚŝŽŶ͕ƌĞůLJŽŶǀĂƌŝŽƵƐĐŽŶƚŝŶŐĞŶĐŝĞƐĂŶĚĂƐƐƵŵƉƚŝŽŶƐ͘sĂƌŝŽƵƐĨĂĐƚŽƌƐĂŶĚƌŝƐŬƐ͕ďŽƚŚŬŶŽǁŶĂŶĚƵŶŬŶŽǁŶ͕ŵĂŶLJŽĨǁŚŝĐŚĂƌĞŽƵƚƐŝĚĞƚŚĞ ĐŽŶƚƌŽůŽĨƚŚĞ'ƌŽƵƉ͕ŵĂLJŝŵƉĂĐƚƵƉŽŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ'ƌŽƵƉĂŶĚĐĂƵƐĞĂĐƚƵĂůƉĞƌĨŽƌŵĂŶĐĞƚŽǀĂƌLJƐŝŐŶŝĨŝĐĂŶƚůLJĨƌŽŵĞdžƉĞĐƚĞĚƌĞƐƵůƚƐ͘dŚĞƌĞĐĂŶďĞŶŽŐƵĂƌĂŶƚĞĞƚŚĂƚƚŚĞ'ƌŽƵƉǁŝůůĂĐŚŝĞǀĞŝƚƐƐƚĂƚĞĚŽďũĞĐƚŝǀĞƐ ŽƌƚŚĂƚĨŽƌǁĂƌĚůŽŽŬŝŶŐƐƚĂƚĞŵĞŶƚƐŽƌĨŽƌĞĐĂƐƚƐǁŝůůƉƌŽǀĞƚŽďĞĂĐĐƵƌĂƚĞ͘

'EZ>Z/^<^

'ĞŶĞƌĂůĞƋƵŝƚLJŵĂƌŬĞƚĂŶĚŝŶǀĞƐƚŵĞŶƚƌŝƐŬ

dŚĞƉƌŝĐĞŽĨ^ƚĂƌďĂƌĂΖƐ^ŚĂƌĞƐŵĂLJĨůƵĐƚƵĂƚĞǁŝĚĞůLJŝŶƌĞƐƉŽŶƐĞƚŽĂǀĂƌŝĞƚLJŽĨĨĂĐƚŽƌƐŝŶĐůƵĚŝŶŐ͗
ŐĞŶĞƌĂůŵŽǀĞŵĞŶƚƐŝŶƵƐƚƌĂůŝĂŶĂŶĚŝŶƚĞƌŶĂƚŝŽŶĂůƐƚŽĐŬŵĂƌŬĞƚƐ;ŝŶĐůƵĚŝŶŐǀŽůĂƚŝůŝƚLJŝŶĐŽŵƉĂƌĂďůĞŐŽůĚĐŽŵƉĂŶLJƐŚĂƌĞƉƌŝĐĞƐͿ͖
ŝŶǀĞƐƚŽƌƐĞŶƚŝŵĞŶƚ͖
ĂĐƚƵĂůŽƌĂŶƚŝĐŝƉĂƚĞĚǀĂƌŝĂƚŝŽŶƐŝŶƚŚĞ'ƌŽƵƉΖƐƉĞƌŝŽĚŝĐŽƉĞƌĂƚŝŶŐƌĞƐƵůƚƐ͖
ŵŝŶĞƉƌŽĚƵĐƚŝŽŶĂŶĚĚĞǀĞůŽƉŵĞŶƚƉƌŽďůĞŵƐ͕ŝŶĐůƵĚŝŶŐ͕ĐŽƐƚŽǀĞƌͲƌƵŶƐ͕ŐƌĂĚĞƉƌŽďůĞŵƐ͕ŚŝŐŚĂƌƐĞŶŝĐĐŽŶƚĞŶƚ͕ůŽƐƐŽĨŬĞLJĞŵƉůŽLJĞĞƐ ĂŶĚŽƚŚĞƌŽƉĞƌĂƚŝŶŐŝƐƐƵĞƐ͖
ǀŽůĂƚŝůŝƚLJŽĨŐŽůĚƉƌŝĐĞƐ͖
ƚŚĞŝŵƉĂĐƚŽĨƐŝŐŶŝĨŝĐĂŶƚĂĐƋƵŝƐŝƚŝŽŶƐŽƌďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƐ͕ƐƚƌĂƚĞŐŝĐƉĂƌƚŶĞƌƐŚŝƉƐ͕ũŽŝŶƚǀĞŶƚƵƌĞƐŽƌĐĂƉŝƚĂůĐŽŵŵŝƚŵĞŶƚƐďLJŽƌŝŶǀŽůǀŝŶŐƚŚĞ'ƌŽƵƉŽƌŝƚƐĐŽŵƉĞƚŝƚŽƌƐ͖
ƵƐƚƌĂůŝĂŶĂŶĚŝŶƚĞƌŶĂƚŝŽŶĂůĞĐŽŶŽŵŝĐĐŽŶĚŝƚŝŽŶƐĂŶĚŽƵƚůŽŽŬ͖
ĐŚĂŶŐĞƐŝŶŝŶƚĞƌĞƐƚƌĂƚĞƐĂŶĚƚŚĞƌĂƚĞŽĨŝŶĨůĂƚŝŽŶ͖
ĐŚĂŶŐĞƐŝŶŐŽǀĞƌŶŵĞŶƚƌĞŐƵůĂƚŝŽŶĂŶĚƉŽůŝĐŝĞƐŽƌŝŶĨŝƐĐĂů͕ŵŽŶĞƚĂƌLJĂŶĚƌĞŐƵůĂƚŽƌLJƉŽůŝĐŝĞƐ;ƐƵĐŚĂƐĞŶǀŝƌŽŶŵĞŶƚĂůĂŶĚůĂŶĚŵĂŶĂŐĞŵĞŶƚ͕ƌĞŐƵůĂƚŝŽŶĂŶĚŝŶƚĞƌĞƐƚƌĂƚĞƐͿ͖ĂŶĚ

• ŐĞŽͲƉŽůŝƚŝĐĂůŝŶƐƚĂďŝůŝƚLJ͕ŝŶĐůƵĚŝŶŐŝŶƚĞƌŶĂƚŝŽŶĂůŚŽƐƚŝůŝƚŝĞƐĂŶĚĂĐƚƐŽĨƚĞƌƌŽƌŝƐŵ͘ dŚĞƐĞĂŶĚŽƚŚĞƌĨĂĐƚŽƌƐŵĂLJƌĞƐƵůƚŝŶƚŚĞŵĂƌŬĞƚƉƌŝĐĞĨŽƌƚŚĞEĞǁ^ŚĂƌĞƐďĞŝŶŐůĞƐƐŽƌŵŽƌĞƚŚĂŶƚŚĞKĨĨĞƌWƌŝĐĞ͘EŽĂƐƐƵƌĂŶĐĞĐĂŶ ďĞ ŐŝǀĞŶƚŚĂƚƚŚĞEĞǁ^ŚĂƌĞƐǁŝůůƚƌĂĚĞĂƚŽƌĂďŽǀĞƚŚĞKĨĨĞƌWƌŝĐĞ͘EŽŶĞŽĨ^ƚĂƌďĂƌĂ͕ ŝƚƐŽĂƌĚ͕ƚŚĞ'ƌŽƵƉŽƌĂŶLJŽƚŚĞƌƉĞƌƐŽŶŐƵĂƌĂŶƚĞĞƐƚŚĂƚŵĂƌŬĞƚƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞEĞǁ^ŚĂƌĞƐ͘

EKd&KZ/^dZ/hd/KEKZZ>^/Ed,hE/d^dd^ /ŶƚĞƌŶĂƚŝŽŶĂůKĨĨĞƌZĞƐƚƌŝĐƚŝŽŶƐ ^ĞĐƚŝŽŶϵ

/ŶƚĞƌŶĂƚŝŽŶĂůKĨĨĞƌZĞƐƚƌŝĐƚŝŽŶƐ

dŚŝƐĚŽĐƵŵĞŶƚĚŽĞƐŶŽƚĐŽŶƐƚŝƚƵƚĞĂŶŽĨĨĞƌŽĨEĞǁ^ŚĂƌĞƐŝŶĂŶLJũƵƌŝƐĚŝĐƚŝŽŶŝŶǁŚŝĐŚŝƚǁŽƵůĚďĞƵŶůĂǁĨƵů͘/ŶƉĂƌƚŝĐƵůĂƌ͕ƚŚŝƐĚŽĐƵŵĞŶƚŵĂLJŶŽƚďĞĚŝƐƚƌŝďƵƚĞĚƚŽĂŶLJƉĞƌƐŽŶ͕ĂŶĚƚŚĞEĞǁ^ŚĂƌĞƐŵĂLJŶŽƚ ďĞ ŽĨĨĞƌĞĚŽƌƐŽůĚ͕ŝŶĂŶLJĐŽƵŶƚƌLJŽƵƚƐŝĚĞƵƐƚƌĂůŝĂĞdžĐĞƉƚƚŽƚŚĞĞdžƚĞŶƚƉĞƌŵŝƚƚĞĚďĞůŽǁ͘

ĂŶĂĚĂ;ƌŝƚŝƐŚŽůƵŵďŝĂ͕KŶƚĂƌŝŽĂŶĚYƵĞďĞĐƉƌŽǀŝŶĐĞƐͿ

dŚŝƐĚŽĐƵŵĞŶƚĐŽŶƐƚŝƚƵƚĞƐĂŶŽĨĨĞƌŝŶŐŽĨEĞǁ^ŚĂƌĞƐŽŶůLJŝŶƚŚĞWƌŽǀŝŶĐĞƐŽĨƌŝƚŝƐŚŽůƵŵďŝĂ͕KŶƚĂƌŝŽĂŶĚYƵĞďĞĐ;ƚŚĞWƌŽǀŝŶĐĞƐͿĂŶĚƚŽƚŚŽƐĞƉĞƌƐŽŶƐƚŽǁŚŽŵƚŚĞLJŵĂLJďĞůĂǁĨƵůůLJĚŝƐƚƌŝďƵƚĞĚŝŶƚŚĞ WƌŽǀŝŶĐĞƐ͕ĂŶĚŽŶůLJďLJƉĞƌƐŽŶƐƉĞƌŵŝƚƚĞĚƚŽƐĞůůƐƵĐŚEĞǁ^ŚĂƌĞƐ͘dŚŝƐĚŽĐƵŵĞŶƚŝƐŶŽƚ͕ĂŶĚƵŶĚĞƌŶŽĐŝƌĐƵŵƐƚĂŶĐĞƐŝƐƚŽďĞĐŽŶƐƚƌƵĞĚĂƐ͕ĂŶĂĚǀĞƌƚŝƐĞŵĞŶƚŽƌĂƉƵďůŝĐŽĨĨĞƌŝŶŐŽĨƐĞĐƵƌŝƚŝĞƐŝŶƚŚĞWƌŽǀŝŶĐĞƐ͘ dŚŝƐĚŽĐƵŵĞŶƚŵĂLJŽŶůLJďĞĚŝƐƚƌŝďƵƚĞĚŝŶƚŚĞWƌŽǀŝŶĐĞƐƚŽƉĞƌƐŽŶƐƚŚĂƚĂƌĞΗĂĐĐƌĞĚŝƚĞĚŝŶǀĞƐƚŽƌƐΗǁŝƚŚŝŶƚŚĞŵĞĂŶŝŶŐŽĨE/ϰϱͲϭϬϲʹ WƌŽƐƉĞĐƚƵƐdžĞŵƉƚŝŽŶƐ͕ŽĨƚŚĞĂŶĂĚŝĂŶ^ĞĐƵƌŝƚŝĞƐĚŵŝŶŝƐƚƌĂƚŽƌƐ͘ EŽƐĞĐƵƌŝƚŝĞƐĐŽŵŵŝƐƐŝŽŶŽƌƐŝŵŝůĂƌĂƵƚŚŽƌŝƚLJŝŶƚŚĞWƌŽǀŝŶĐĞƐŚĂƐƌĞǀŝĞǁĞĚŽƌŝŶĂŶLJǁĂLJƉĂƐƐĞĚƵƉŽŶƚŚŝƐĚŽĐƵŵĞŶƚ͕ƚŚĞŵĞƌŝƚƐŽĨƚŚĞEĞǁ^ŚĂƌĞƐŽƌƚŚĞŽĨĨĞƌŝŶŐŽĨEĞǁ^ŚĂƌĞƐĂŶĚĂŶLJƌĞƉƌĞƐĞŶƚĂƚŝŽŶƚŽƚŚĞ ĐŽŶƚƌĂƌLJŝƐĂŶŽĨĨĞŶĐĞ͘

EŽƉƌŽƐƉĞĐƚƵƐŚĂƐďĞĞŶ͕ŽƌǁŝůůďĞ͕ĨŝůĞĚŝŶƚŚĞWƌŽǀŝŶĐĞƐǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞŽĨĨĞƌŝŶŐŽĨEĞǁ^ŚĂƌĞƐŽƌƚŚĞƌĞƐĂůĞŽĨƐƵĐŚƐĞĐƵƌŝƚŝĞƐ͘ŶLJƉĞƌƐŽŶŝŶƚŚĞWƌŽǀŝŶĐĞƐůĂǁĨƵůůLJƉĂƌƚŝĐŝƉĂƚŝŶŐŝŶƚŚĞŽĨĨĞƌǁŝůůŶŽƚƌĞĐĞŝǀĞ ƚŚĞŝŶĨŽƌŵĂƚŝŽŶ͕ůĞŐĂůƌŝŐŚƚƐŽƌƉƌŽƚĞĐƚŝŽŶƐƚŚĂƚǁŽƵůĚďĞĂĨĨŽƌĚĞĚŚĂĚĂƉƌŽƐƉĞĐƚƵƐďĞĞŶĨŝůĞĚĂŶĚƌĞĐĞŝƉƚĞĚďLJƚŚĞƐĞĐƵƌŝƚŝĞƐƌĞŐƵůĂƚŽƌŝŶƚŚĞĂƉƉůŝĐĂďůĞWƌŽǀŝŶĐĞ͘&ƵƌƚŚĞƌŵŽƌĞ͕ĂŶLJƌĞƐĂůĞŽĨƚŚĞEĞǁ^ŚĂƌĞƐŝŶ ƚŚĞWƌŽǀŝŶĐĞƐŵƵƐƚďĞŵĂĚĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂƉƉůŝĐĂďůĞĂŶĂĚŝĂŶƐĞĐƵƌŝƚŝĞƐůĂǁƐǁŚŝĐŚŵĂLJƌĞƋƵŝƌĞƌĞƐĂůĞƐƚŽďĞŵĂĚĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĞdžĞŵƉƚŝŽŶƐĨƌŽŵĚĞĂůĞƌƌĞŐŝƐƚƌĂƚŝŽŶĂŶĚƉƌŽƐƉĞĐƚƵƐ ƌĞƋƵŝƌĞŵĞŶƚƐ͘dŚĞƐĞƌĞƐĂůĞƌĞƐƚƌŝĐƚŝŽŶƐŵĂLJŝŶƐŽŵĞĐŝƌĐƵŵƐƚĂŶĐĞƐĂƉƉůLJƚŽƌĞƐĂůĞƐŽĨƚŚĞEĞǁ^ŚĂƌĞƐŽƵƚƐŝĚĞĂŶĂĚĂĂŶĚ͕ĂƐĂ ƌĞƐƵůƚ͕ĂŶĂĚŝĂŶƉƵƌĐŚĂƐĞƌƐƐŚŽƵůĚƐĞĞŬůĞŐĂůĂĚǀŝĐĞƉƌŝŽƌƚŽĂŶLJƌĞƐĂůĞŽĨƚŚĞ EĞǁ^ŚĂƌĞƐ͘

dŚĞŽŵƉĂŶLJĂƐǁĞůůĂƐŝƚƐĚŝƌĞĐƚŽƌƐĂŶĚŽĨĨŝĐĞƌƐŵĂLJďĞůŽĐĂƚĞĚŽƵƚƐŝĚĞĂŶĂĚĂĂŶĚ͕ĂƐĂƌĞƐƵůƚ͕ŝƚŵĂLJŶŽƚďĞƉŽƐƐŝďůĞĨŽƌƉƵƌĐŚĂƐĞƌƐƚŽĞĨĨĞĐƚƐĞƌǀŝĐĞŽĨƉƌŽĐĞƐƐǁŝƚŚŝŶĂŶĂĚĂƵƉŽŶƚŚĞŽŵƉĂŶLJŽƌŝƚƐ ĚŝƌĞĐƚŽƌƐŽƌŽĨĨŝĐĞƌƐ͘ůůŽƌĂƐƵďƐƚĂŶƚŝĂůƉŽƌƚŝŽŶŽĨƚŚĞĂƐƐĞƚƐŽĨƚŚĞŽŵƉĂŶLJĂŶĚƐƵĐŚƉĞƌƐŽŶƐŵĂLJďĞůŽĐĂƚĞĚŽƵƚƐŝĚĞĂŶĂĚĂĂŶĚ͕ĂƐĂƌĞƐƵůƚ͕ŝƚŵĂLJŶŽƚďĞƉŽƐƐŝďůĞƚŽƐĂƚŝƐĨLJĂũƵĚŐŵĞŶƚĂŐĂŝŶƐƚƚŚĞŽŵƉĂŶLJ ŽƌƐƵĐŚƉĞƌƐŽŶƐŝŶĂŶĂĚĂŽƌƚŽĞŶĨŽƌĐĞĂũƵĚŐŵĞŶƚŽďƚĂŝŶĞĚŝŶĂŶĂĚŝĂŶĐŽƵƌƚƐĂŐĂŝŶƐƚƚŚĞŽŵƉĂŶLJŽƌƐƵĐŚƉĞƌƐŽŶƐŽƵƚƐŝĚĞĂŶĂĚĂ͘

ŶLJĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐĚŽĐƵŵĞŶƚŚĂƐďĞĞŶƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƵƐƚƌĂůŝĂŶĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐĂŶĚ ĂůƐŽĐŽŵƉůLJǁŝƚŚ/ŶƚĞƌŶĂƚŝŽŶĂů&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐ^ƚĂŶĚĂƌĚƐĂŶĚ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐŝƐƐƵĞĚďLJƚŚĞ/ŶƚĞƌŶĂƚŝŽŶĂůĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐŽĂƌĚ͘hŶůĞƐƐƐƚĂƚĞĚŽƚŚĞƌǁŝƐĞ͕ĂůůĚŽůůĂƌĂŵŽƵŶƚƐĐŽŶƚĂŝŶĞĚ ŝŶ ƚŚŝƐĚŽĐƵŵĞŶƚĂƌĞŝŶƵƐƚƌĂůŝĂŶĚŽůůĂƌƐ͘

^ƚĂƚƵƚŽƌLJƌŝŐŚƚƐŽĨĂĐƚŝŽŶĨŽƌĚĂŵĂŐĞƐĂŶĚƌĞƐĐŝƐƐŝŽŶ

^ĞĐƵƌŝƚŝĞƐůĞŐŝƐůĂƚŝŽŶŝŶĐĞƌƚĂŝŶŽĨƚŚĞWƌŽǀŝŶĐĞƐŵĂLJƉƌŽǀŝĚĞƉƵƌĐŚĂƐĞƌƐǁŝƚŚ͕ŝŶĂĚĚŝƚŝŽŶƚŽĂŶLJŽƚŚĞƌƌŝŐŚƚƐƚŚĞLJŵĂLJŚĂǀĞ Ăƚ ůĂǁ͕ƌŝŐŚƚƐŽĨƌĞƐĐŝƐƐŝŽŶŽƌƚŽĚĂŵĂŐĞƐ͕ŽƌďŽƚŚ͕ǁŚĞŶĂŶŽĨĨĞƌŝŶŐŵĞŵŽƌĂŶĚƵŵ ƚŚĂƚŝƐĚĞůŝǀĞƌĞĚƚŽƉƵƌĐŚĂƐĞƌƐĐŽŶƚĂŝŶƐĂŵŝƐƌĞƉƌĞƐĞŶƚĂƚŝŽŶ͘dŚĞƐĞƌŝŐŚƚƐĂŶĚƌĞŵĞĚŝĞƐŵƵƐƚďĞĞdžĞƌĐŝƐĞĚǁŝƚŚŝŶƉƌĞƐĐƌŝďĞĚƚŝŵĞ ůŝŵŝƚƐĂŶĚĂƌĞƐƵďũĞĐƚƚŽƚŚĞĚĞĨĞŶƐĞƐĐŽŶƚĂŝŶĞĚŝŶĂƉƉůŝĐĂďůĞƐĞĐƵƌŝƚŝĞƐ ůĞŐŝƐůĂƚŝŽŶ͘ WƌŽƐƉĞĐƚŝǀĞƉƵƌĐŚĂƐĞƌƐƐŚŽƵůĚƌĞĨĞƌƚŽƚŚĞĂƉƉůŝĐĂďůĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞĐƵƌŝƚŝĞƐůĞŐŝƐůĂƚŝŽŶŽĨƚŚĞŝƌƌĞƐƉĞĐƚŝǀĞWƌŽǀŝŶĐĞĨŽƌƚŚĞƉĂƌƚŝĐƵůĂƌƐŽĨƚŚĞƐĞƌŝŐŚƚƐŽƌĐŽŶƐƵůƚǁŝƚŚĂůĞŐĂůĂĚǀŝƐĞƌ͘ dŚĞĨŽůůŽǁŝŶŐŝƐĂƐƵŵŵĂƌLJŽĨƚŚĞƐƚĂƚƵƚŽƌLJƌŝŐŚƚƐŽĨƌĞƐĐŝƐƐŝŽŶŽƌƚŽĚĂŵĂŐĞƐ͕ŽƌďŽƚŚ͕ĂǀĂŝůĂďůĞƚŽƉƵƌĐŚĂƐĞƌƐŝŶKŶƚĂƌŝŽ͘/ŶKŶƚĂƌŝŽ͕ĞǀĞƌLJƉƵƌĐŚĂƐĞƌŽĨƚŚĞEĞǁ^ŚĂƌĞƐƉƵƌĐŚĂƐĞĚƉƵƌƐƵĂŶƚƚŽƚŚŝƐĚŽĐƵŵĞŶƚ ;ŽƚŚĞƌƚŚĂŶ;ĂͿĂΗĂŶĂĚŝĂŶĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶΗŽƌĂΗ^ĐŚĞĚƵůĞ///ďĂŶŬΗ;ĞĂĐŚĂƐĚĞĨŝŶĞĚŝŶE/ϰϱͲϭϬϲͿ͕;ďͿƚŚĞƵƐŝŶĞƐƐĞǀĞůŽƉŵĞŶƚĂŶŬŽĨĂŶĂĚĂŽƌ;ĐͿĂƐƵďƐŝĚŝĂƌLJŽĨĂŶLJƉĞƌƐŽŶƌĞĨĞƌƌĞĚƚŽŝŶ;ĂͿ Žƌ;ďͿ ĂďŽǀĞ͕ŝĨƚŚĞƉĞƌƐŽŶŽǁŶƐĂůůƚŚĞǀŽƚŝŶŐƐĞĐƵƌŝƚŝĞƐŽĨƚŚĞƐƵďƐŝĚŝĂƌLJ͕ĞdžĐĞƉƚƚŚĞǀŽƚŝŶŐƐĞĐƵƌŝƚŝĞƐƌĞƋƵŝƌĞĚďLJůĂǁƚŽďĞŽǁŶĞĚďLJƚŚĞĚŝƌĞĐƚŽƌƐŽĨƚŚĂƚƐƵďƐŝĚŝĂƌLJͿƐŚĂůůŚĂǀĞĂƐƚĂƚƵƚŽƌLJƌŝŐŚƚŽĨĂĐƚŝŽŶĨŽƌ ĚĂŵĂŐĞƐĂŶĚͬŽƌƌĞƐĐŝƐƐŝŽŶĂŐĂŝŶƐƚƚŚĞŽŵƉĂŶLJŝĨƚŚŝƐĚŽĐƵŵĞŶƚŽƌĂŶLJĂŵĞŶĚŵĞŶƚƚŚĞƌĞƚŽĐŽŶƚĂŝŶƐĂŵŝƐƌĞƉƌĞƐĞŶƚĂƚŝŽŶ͘/ĨĂƉƵƌĐŚĂƐĞƌĞůĞĐƚƐƚŽĞdžĞƌĐŝƐĞƚŚĞƌŝŐŚƚŽĨĂĐƚŝŽŶĨŽƌƌĞƐĐŝƐƐŝŽŶ͕ƚŚĞƉƵƌĐŚĂƐĞƌǁŝůů ŚĂǀĞŶŽƌŝŐŚƚŽĨĂĐƚŝŽŶĨŽƌĚĂŵĂŐĞƐĂŐĂŝŶƐƚƚŚĞŽŵƉĂŶLJ͘dŚŝƐƌŝŐŚƚŽĨĂĐƚŝŽŶĨŽƌƌĞƐĐŝƐƐŝŽŶŽƌĚĂŵĂŐĞƐŝƐŝŶĂĚĚŝƚŝŽŶƚŽĂŶĚǁŝƚŚŽƵƚĚĞƌŽŐĂƚŝŽŶĨƌŽŵĂŶLJŽƚŚĞƌƌŝŐŚƚƚŚĞƉƵƌĐŚĂƐĞƌŵĂLJŚĂǀĞĂƚůĂǁ͘/Ŷ ƉĂƌƚŝĐƵůĂƌ͕^ĞĐƚŝŽŶϭϯϬ͘ϭŽĨƚŚĞ^ĞĐƵƌŝƚŝĞƐĐƚ;KŶƚĂƌŝŽͿƉƌŽǀŝĚĞƐƚŚĂƚ͕ŝĨƚŚŝƐĚŽĐƵŵĞŶƚĐŽŶƚĂŝŶƐĂŵŝƐƌĞƉƌĞƐĞŶƚĂƚŝŽŶ͕ĂƉƵƌĐŚĂƐĞƌǁŚŽƉƵƌĐŚĂƐĞƐƚŚĞEĞǁ^ŚĂƌĞƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚŽĨĚŝƐƚƌŝďƵƚŝŽŶƐŚĂůůďĞ ĚĞĞŵĞĚƚŽŚĂǀĞƌĞůŝĞĚŽŶƚŚĞŵŝƐƌĞƉƌĞƐĞŶƚĂƚŝŽŶŝĨŝƚǁĂƐĂŵŝƐƌĞƉƌĞƐĞŶƚĂƚŝŽŶĂƚƚŚĞƚŝŵĞŽĨƉƵƌĐŚĂƐĞĂŶĚŚĂƐĂƌŝŐŚƚŽĨĂĐƚŝŽŶĨŽƌĚĂŵĂŐĞƐŽƌ͕ĂůƚĞƌŶĂƚŝǀĞůLJ͕ŵĂLJĞůĞĐƚƚŽĞdžĞƌĐŝƐĞĂƌŝŐŚƚŽĨƌĞƐĐŝƐƐŝŽŶĂŐĂŝŶƐƚ ƚŚĞŽŵƉĂŶLJ͕ƉƌŽǀŝĚĞĚƚŚĂƚ;ĂͿƚŚĞŽŵƉĂŶLJǁŝůůŶŽƚďĞůŝĂďůĞŝĨŝƚƉƌŽǀĞƐƚŚĂƚƚŚĞƉƵƌĐŚĂƐĞƌƉƵƌĐŚĂƐĞĚƚŚĞEĞǁ^ŚĂƌĞƐǁŝƚŚŬŶŽǁůĞĚŐĞŽĨƚŚĞŵŝƐƌĞƉƌĞƐĞŶƚĂƚŝŽŶ͖;ďͿŝŶĂŶĂĐƚŝŽŶĨŽƌĚĂŵĂŐĞƐ͕ƚŚĞŽŵƉĂŶLJŝƐ ŶŽƚůŝĂďůĞĨŽƌĂůůŽƌĂŶLJƉŽƌƚŝŽŶŽĨƚŚĞĚĂŵĂŐĞƐƚŚĂƚƚŚĞŽŵƉĂŶLJƉƌŽǀĞƐĚŽĞƐŶŽƚƌĞƉƌĞƐĞŶƚƚŚĞĚĞƉƌĞĐŝĂƚŝŽŶŝŶǀĂůƵĞŽĨƚŚĞEĞǁ ^ŚĂƌĞƐĂƐĂƌĞƐƵůƚŽĨƚŚĞŵŝƐƌĞƉƌĞƐĞŶƚĂƚŝŽŶƌĞůŝĞĚƵƉŽŶ͖ĂŶĚ;ĐͿŝŶŶŽĐĂƐĞƐŚĂůů ƚŚĞĂŵŽƵŶƚƌĞĐŽǀĞƌĂďůĞĞdžĐĞĞĚƚŚĞƉƌŝĐĞĂƚǁŚŝĐŚƚŚĞEĞǁ^ŚĂƌĞƐǁĞƌĞŽĨĨĞƌĞĚ͘

ϱϵ ͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

/ŶƚĞƌŶĂƚŝŽŶĂůKĨĨĞƌZĞƐƚƌŝĐƚŝŽŶƐ

^ĞĐƚŝŽŶ ϭϯϴŽĨƚŚĞ*^ĞĐƵƌŝƚŝĞƐĐƚ* ;KŶƚĂƌŝŽͿƉƌŽǀŝĚĞƐƚŚĂƚŶŽĂĐƚŝŽŶƐŚĂůůďĞĐŽŵŵĞŶĐĞĚƚŽĞŶĨŽƌĐĞƚŚĞƐĞƌŝŐŚƚƐŵŽƌĞƚŚĂŶ;ĂͿŝŶƚŚĞĐĂƐĞŽĨĂŶLJĂĐƚŝŽŶĨŽƌƌĞƐĐŝƐƐŝŽŶ͕ϭϴϬ ĚĂLJƐĂĨƚĞƌƚŚĞĚĂƚĞŽĨƚŚĞƚƌĂŶƐĂĐƚŝŽŶ ƚŚĂƚŐĂǀĞƌŝƐĞƚŽƚŚĞĐĂƵƐĞŽĨĂĐƚŝŽŶŽƌ;ďͿŝŶƚŚĞĐĂƐĞŽĨĂŶLJĂĐƚŝŽŶ͕ŽƚŚĞƌƚŚĂŶĂŶĂĐƚŝŽŶĨŽƌƌĞƐĐŝƐƐŝŽŶ͕ƚŚĞĞĂƌůŝĞƌŽĨ;ŝͿϭϴϬ ĚĂLJƐĂĨƚĞƌƚŚĞƉƵƌĐŚĂƐĞƌĨŝƌƐƚŚĂĚŬŶŽǁůĞĚŐĞŽĨƚŚĞĨĂĐƚŐŝǀŝŶŐƌŝƐĞƚŽƚŚĞĐĂƵƐĞŽĨ ĂĐƚŝŽŶŽƌ;ŝŝͿƚŚƌĞĞLJĞĂƌƐĂĨƚĞƌƚŚĞĚĂƚĞŽĨƚŚĞƚƌĂŶƐĂĐƚŝŽŶƚŚĂƚŐĂǀĞƌŝƐĞƚŽƚŚĞĐĂƵƐĞŽĨĂĐƚŝŽŶ͘dŚĞƐĞƌŝŐŚƚƐĂƌĞŝŶĂĚĚŝƚŝŽŶ ƚŽĂŶĚŶŽƚŝŶĚĞƌŽŐĂƚŝŽŶĨƌŽŵĂŶLJŽƚŚĞƌƌŝŐŚƚƚŚĞƉƵƌĐŚĂƐĞƌŵĂLJŚĂǀĞ͘ ĞƌƚĂŝŶĂŶĂĚŝĂŶŝŶĐŽŵĞƚĂdžĐŽŶƐŝĚĞƌĂƚŝŽŶƐ͘WƌŽƐƉĞĐƚŝǀĞƉƵƌĐŚĂƐĞƌƐŽĨƚŚĞEĞǁ^ŚĂƌĞƐƐŚŽƵůĚĐŽŶƐƵůƚƚŚĞŝƌŽǁŶƚĂdžĂĚǀŝƐĞƌǁŝƚŚƌĞƐƉĞĐƚƚŽĂŶLJƚĂdžĞƐƉĂLJĂďůĞŝŶĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚƚŚĞĂĐƋƵŝƐŝƚŝŽŶ͕ŚŽůĚŝŶŐŽƌ ĚŝƐƉŽƐŝƚŝŽŶŽĨƚŚĞEĞǁ^ŚĂƌĞƐĂƐĂŶLJĚŝƐĐƵƐƐŝŽŶŽĨƚĂdžĂƚŝŽŶƌĞůĂƚĞĚŵĂƚƚĞƌƐŝŶƚŚŝƐĚŽĐƵŵĞŶƚŝƐŶŽƚĂĐŽŵƉƌĞŚĞŶƐŝǀĞĚĞƐĐƌŝƉƚŝŽŶĂŶĚƚŚĞƌĞĂƌĞĂŶƵŵďĞƌŽĨƐƵďƐƚĂŶƚŝǀĞĂŶĂĚŝĂŶƚĂdžĐŽŵƉůŝĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐ ĨŽƌŝŶǀĞƐƚŽƌƐŝŶƚŚĞWƌŽǀŝŶĐĞƐ͘

>ĂŶŐƵĂŐĞŽĨĚŽĐƵŵĞŶƚƐŝŶĂŶĂĚĂ͘hƉŽŶƌĞĐĞŝƉƚŽĨƚŚŝƐĚŽĐƵŵĞŶƚ͕ĞĂĐŚŝŶǀĞƐƚŽƌŝŶĂŶĂĚĂŚĞƌĞďLJĐŽŶĨŝƌŵƐƚŚĂƚŝƚŚĂƐĞdžƉƌĞƐƐůLJƌĞƋƵĞƐƚĞĚƚŚĂƚĂůůĚŽĐƵŵĞŶƚƐĞǀŝĚĞŶĐŝŶŐŽƌƌĞůĂƚŝŶŐŝŶĂŶLJǁĂLJƚŽƚŚĞƐĂůĞŽĨ ƚŚĞEĞǁ^ŚĂƌĞƐ;ŝŶĐůƵĚŝŶŐĨŽƌŐƌĞĂƚĞƌĐĞƌƚĂŝŶƚLJĂŶLJƉƵƌĐŚĂƐĞĐŽŶĨŝƌŵĂƚŝŽŶŽƌĂŶLJŶŽƚŝĐĞͿďĞĚƌĂǁŶƵƉŝŶƚŚĞŶŐůŝƐŚůĂŶŐƵĂŐĞŽŶůLJ͘WĂƌůĂƌĠĐĞƉƚŝŽŶĚĞĐĞĚŽĐƵŵĞŶƚ͕ĐŚĂƋƵĞŝŶǀĞƐƚŝƐƐĞƵƌĐĂŶĂĚŝĞŶĐŽŶĨŝƌŵĞƉĂƌ ůĞƐƉƌĠƐĞŶƚĞƐƋƵΖŝůĂĞdžƉƌĞƐƐĠŵĞŶƚĞdžŝŐĠƋƵĞƚŽƵƐůĞƐĚŽĐƵŵĞŶƚƐĨĂŝƐĂŶƚĨŽŝŽƵƐĞƌĂƉƉŽƌƚĂŶƚĚĞƋƵĞůƋƵĞŵĂŶŝğƌĞƋƵĞĐĞƐŽŝƚăůĂǀĞŶƚĞĚĞƐǀĂůĞƵƌƐŵŽďŝůŝğƌĞƐĚĠĐƌŝƚĞƐĂƵdžƉƌĠƐĞŶƚĞƐ;ŝŶĐůƵĂŶƚ͕ƉŽƵƌƉůƵƐĚĞ ĐĞƌƚŝƚƵĚĞ͕ƚŽƵƚĞĐŽŶĨŝƌŵĂƚŝŽŶĚΖĂĐŚĂƚŽƵƚŽƵƚĂǀŝƐͿƐŽŝĞŶƚƌĠĚŝŐĠƐĞŶĂŶŐůĂŝƐƐĞƵůĞŵĞŶƚ͘

ƵƌŽƉĞĂŶ ĐŽŶŽŵŝĐ ƌĞĂ ʹ ĞůŐŝƵŵ͕ ĞŶŵĂƌŬ͕ 'ĞƌŵĂŶLJ͕ >ƵdžĞŵďŽƵƌŐ͕ ƚŚĞ EĞƚŚĞƌůĂŶĚƐ ĂŶĚ ^ƉĂŝŶ

dŚŝƐĚŽĐƵŵĞŶƚŚĂƐďĞĞŶƉƌĞƉĂƌĞĚŽŶƚŚĞďĂƐŝƐƚŚĂƚĂůůŽĨĨĞƌƐŽĨEĞǁ^ŚĂƌĞƐǁŝůůďĞŵĂĚĞƉƵƌƐƵĂŶƚƚŽĂŶĞdžĞŵƉƚŝŽŶƵŶĚĞƌƚŚĞŝƌĞĐƚŝǀĞϮϬϬϯͬϳϭͬ;WƌŽƐƉĞĐƚƵƐŝƌĞĐƚŝǀĞͿ͕ĂƐĂŵĞŶĚĞĚĂŶĚŝŵƉůĞŵĞŶƚĞĚŝŶ DĞŵďĞƌ^ƚĂƚĞƐŽĨƚŚĞƵƌŽƉĞĂŶĐŽŶŽŵŝĐƌĞĂ;ĞĂĐŚ͕ĂZĞůĞǀĂŶƚDĞŵďĞƌ^ƚĂƚĞͿ͕ĨƌŽŵƚŚĞƌĞƋƵŝƌĞŵĞŶƚƚŽƉƵďůŝƐŚĂƉƌŽƐƉĞĐƚƵƐĨŽƌ ŽĨĨĞƌƐŽĨƐĞĐƵƌŝƚŝĞƐ͘ ŶŽĨĨĞƌƚŽƚŚĞƉƵďůŝĐŽĨEĞǁ^ŚĂƌĞƐŚĂƐŶŽƚďĞĞŶŵĂĚĞ͕ĂŶĚŵĂLJŶŽƚďĞŵĂĚĞ͕ŝŶĂZĞůĞǀĂŶƚDĞŵďĞƌ^ƚĂƚĞĞdžĐĞƉƚƉƵƌƐƵĂŶƚƚŽŽŶĞŽĨƚŚĞĨŽůůŽǁŝŶŐĞdžĞŵƉƚŝŽŶƐƵŶĚĞƌƚŚĞWƌŽƐƉĞĐƚƵƐŝƌĞĐƚŝǀĞĂƐ ŝŵƉůĞŵĞŶƚĞĚŝŶƚŚĞZĞůĞǀĂŶƚDĞŵďĞƌ^ƚĂƚĞ͗

ƚŽĂŶLJůĞŐĂůĞŶƚŝƚLJƚŚĂƚŝƐĂƵƚŚŽƌŝnjĞĚŽƌƌĞŐƵůĂƚĞĚƚŽŽƉĞƌĂƚĞŝŶƚŚĞĨŝŶĂŶĐŝĂůŵĂƌŬĞƚƐŽƌǁŚŽƐĞŵĂŝŶďƵƐŝŶĞƐƐŝƐƚŽŝŶǀĞƐƚŝŶĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐƵŶůĞƐƐƐƵĐŚĞŶƚŝƚLJŚĂƐƌĞƋƵĞƐƚĞĚƚŽďĞƚƌĞĂƚĞĚĂƐĂŶŽŶͲ
ƉƌŽĨĞƐƐŝŽŶĂůĐůŝĞŶƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞhDĂƌŬĞƚƐŝŶ&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐŝƌĞĐƚŝǀĞ;ŝƌĞĐƚŝǀĞϮϬϭϰͬϲϱ͕ͬΗDŝ&/ //ΗͿĂŶĚƚŚĞDŝ&///ĞůĞŐĂƚĞĚZĞŐƵůĂƚŝŽŶ;hͿϮϬϭϳͬϱϲϱ͖ • ƚŽĂŶLJůĞŐĂůĞŶƚŝƚLJƚŚĂƚƐĂƚŝƐĨŝĞƐƚǁŽŽĨƚŚĞĨŽůůŽǁŝŶŐƚŚƌĞĞĐƌŝƚĞƌŝĂ͗;ŝͿďĂůĂŶĐĞƐŚĞĞƚƚŽƚĂůŽĨĂƚůĞĂƐƚΦϮϬ͕ϬϬϬ͕ϬϬϬ͖;ŝŝͿ ĂŶŶƵĂůŶĞƚƚƵƌŶŽǀĞƌŽĨĂƚůĞĂƐƚΦϰϬ͕ϬϬϬ͕ϬϬϬĂŶĚ;ŝŝŝͿŽǁŶĨƵŶĚƐŽĨĂƚůĞĂƐƚΦϮ͕ϬϬϬ͕ϬϬϬ;ĂƐ ƐŚŽǁŶŽŶŝƚƐůĂƐƚĂŶŶƵĂůƵŶĐŽŶƐŽůŝĚĂƚĞĚŽƌĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐͿƵŶůĞƐƐƐƵĐŚĞŶƚŝƚLJŚĂƐƌĞƋƵĞƐƚĞĚƚŽďĞƚƌĞĂƚĞĚĂƐĂŶŽŶͲƉƌŽĨĞƐƐŝŽŶĂůĐůŝĞŶƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚDŝ&///ĂŶĚƚŚĞDŝ&/// ĞůĞŐĂƚĞĚZĞŐƵůĂƚŝŽŶ;hͿϮϬϭϳͬϱϲϱ͖
ƚŽĂŶLJƉĞƌƐŽŶŽƌĞŶƚŝƚLJǁŚŽŚĂƐƌĞƋƵĞƐƚĞĚƚŽďĞƚƌĞĂƚĞĚĂƐĂƉƌŽĨĞƐƐŝŽŶĂůĐůŝĞŶƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚDŝ&///͖ • ŽƌƚŽĂŶLJƉĞƌƐŽŶŽƌĞŶƚŝƚLJǁŚŽŝƐƌĞĐŽŐŶŝƐĞĚĂƐĂŶĞůŝŐŝďůĞĐŽƵŶƚĞƌƉĂƌƚLJŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƌƚŝĐůĞϯϬŽĨƚŚĞDŝ&///ƵŶůĞƐƐƐƵĐŚĞŶƚŝƚLJŚĂƐƌĞƋƵĞƐƚĞĚƚŽďĞƚƌĞĂƚĞĚĂƐĂŶŽŶͲƉƌŽĨĞƐƐŝŽŶĂůĐůŝĞŶƚŝŶĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚƚŚĞDŝ&///ĞůĞŐĂƚĞĚZĞŐƵůĂƚŝŽŶ;hͿϮϬϭϳͬϱϲϱ͘

&ƌĂŶĐĞ

dŚŝƐĚŽĐƵŵĞŶƚŝƐŶŽƚďĞŝŶŐĚŝƐƚƌŝďƵƚĞĚŝŶƚŚĞĐŽŶƚĞdžƚŽĨĂƉƵďůŝĐŽĨĨĞƌŝŶŐŽĨĨŝŶĂŶĐŝĂůƐĞĐƵƌŝƚŝĞƐ;ŽĨĨƌĞĂƵƉƵďůŝĐĚĞƚŝƚƌĞƐ ĨŝŶĂŶĐŝĞƌƐͿŝŶ&ƌĂŶĐĞǁŝƚŚŝŶƚŚĞŵĞĂŶŝŶŐŽĨƌƚŝĐůĞ>͘ϰϭϭͲϭŽĨƚŚĞ&ƌĞŶĐŚDŽŶĞƚĂƌLJĂŶĚ &ŝŶĂŶĐŝĂůŽĚĞ;ŽĚĞŵŽŶĠƚĂŝƌĞĞƚĨŝŶĂŶĐŝĞƌͿĂŶĚƌƚŝĐůĞƐϮϭϭͲϭ ĞƚƐĞƋ͘ŽĨƚŚĞ'ĞŶĞƌĂůZĞŐƵůĂƚŝŽŶŽĨƚŚĞ&ƌĞŶĐŚƵƚŽƌŝƚĠĚĞƐŵĂƌĐŚĠƐĨŝŶĂŶĐŝĞƌƐ;D&Ϳ͘dŚĞEĞǁ^ŚĂƌĞƐŚĂǀĞŶŽƚďĞĞŶŽĨĨĞƌĞĚŽƌƐŽůĚ ĂŶĚǁŝůů ŶŽƚďĞŽĨĨĞƌĞĚŽƌƐŽůĚ͕ĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJ͕ƚŽƚŚĞƉƵďůŝĐŝŶ&ƌĂŶĐĞ͘

dŚŝƐĚŽĐƵŵĞŶƚĂŶĚĂŶLJŽƚŚĞƌŽĨĨĞƌŝŶŐŵĂƚĞƌŝĂůƌĞůĂƚŝŶŐƚŽƚŚĞEĞǁ^ŚĂƌĞƐŚĂǀĞŶŽƚďĞĞŶ͕ĂŶĚǁŝůůŶŽƚďĞ͕ƐƵďŵŝƚƚĞĚƚŽƚŚĞD& ĨŽƌĂƉƉƌŽǀĂůŝŶ&ƌĂŶĐĞĂŶĚ͕ĂĐĐŽƌĚŝŶŐůLJ͕ŵĂLJŶŽƚďĞĚŝƐƚƌŝďƵƚĞĚ;ĚŝƌĞĐƚůLJŽƌ ŝŶĚŝƌĞĐƚůLJͿƚŽƚŚĞƉƵďůŝĐŝŶ&ƌĂŶĐĞ͘^ƵĐŚŽĨĨĞƌƐ͕ƐĂůĞƐĂŶĚĚŝƐƚƌŝďƵƚŝŽŶƐŚĂǀĞďĞĞŶĂŶĚƐŚĂůůŽŶůLJďĞŵĂĚĞŝŶ&ƌĂŶĐĞƚŽƋƵĂůŝĨŝĞĚŝŶǀĞƐƚŽƌƐ;ŝŶǀĞƐƚŝƐƐĞƵƌƐƋƵĂůŝĨŝĠƐͿĂĐƚŝŶŐĨŽƌƚŚĞŝƌŽǁŶĂĐĐŽƵŶƚ͕ĂƐĚĞĨŝŶĞĚŝŶĂŶĚŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƌƚŝĐůĞƐ>͘ϰϭϭͲϮͲ//ͲϮ͕͘ϰϭϭͲϭ͕>͘ϱϯϯͲϭϲ͕>͘ϱϯϯͲϮϬ͕͘ϱϯϯͲϭϭ͕͘ϱϯϯͲϭϯ͕͘ϳϰϰͲϭ͕͘ϳϱϰͲϭĂŶĚ͘ϳϲϰͲϭŽĨƚŚĞ&ƌĞŶĐŚDŽŶĞƚĂƌLJĂŶĚ&ŝŶĂŶĐŝĂůŽĚĞĂŶĚĂŶLJŝŵƉůĞŵĞŶƚŝŶŐƌĞŐƵůĂƚŝŽŶ͘

ϲϬ ͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

EKd&KZ/^dZ/hd/KEKZZ>^/Ed,hE/d^dd^

/ŶƚĞƌŶĂƚŝŽŶĂůKĨĨĞƌZĞƐƚƌŝĐƚŝŽŶƐ

ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƌƚŝĐůĞƐ>͘ϰϭϭͲϭ͕>͘ϰϭϭͲϮ͕>͘ϰϭϮͲϭĂŶĚ>͘ϲϮϭͲϴƚŽ>͘ϲϮϭͲϴͲϯŽĨƚŚĞ&ƌĞŶĐŚDŽŶĞƚĂƌLJĂŶĚ&ŝŶĂŶĐŝĂůŽĚĞ͘

,ŽŶŐ<ŽŶŐ

tZE/E'͗dŚŝƐĚŽĐƵŵĞŶƚŚĂƐŶŽƚďĞĞŶ͕ĂŶĚǁŝůůŶŽƚďĞ͕ƌĞŐŝƐƚĞƌĞĚĂƐĂƉƌŽƐƉĞĐƚƵƐƵŶĚĞƌƚŚĞŽŵƉĂŶŝĞƐ;tŝŶĚŝŶŐhƉĂŶĚDŝƐĐĞůůĂŶĞŽƵƐWƌŽǀŝƐŝŽŶƐͿKƌĚŝŶĂŶĐĞ;ĂƉ͘ϯϮͿŽĨ,ŽŶŐ<ŽŶŐ͕ŶŽƌŚĂƐŝƚďĞĞŶ ĂƵƚŚŽƌŝƐĞĚďLJƚŚĞ^ĞĐƵƌŝƚŝĞƐĂŶĚ&ƵƚƵƌĞƐŽŵŵŝƐƐŝŽŶŝŶ,ŽŶŐ<ŽŶŐƉƵƌƐƵĂŶƚƚŽƚŚĞ^ĞĐƵƌŝƚŝĞƐĂŶĚ&ƵƚƵƌĞƐKƌĚŝŶĂŶĐĞ;ĂƉ͘ϱϳϭͿŽĨƚŚĞ>ĂǁƐŽĨ,ŽŶŐ<ŽŶŐ;ƚŚĞ^&KͿ͘EŽĂĐƚŝŽŶŚĂƐďĞĞŶƚĂŬĞŶŝŶ,ŽŶŐ<ŽŶŐƚŽ ĂƵƚŚŽƌŝƐĞŽƌƌĞŐŝƐƚĞƌƚŚŝƐĚŽĐƵŵĞŶƚŽƌƚŽƉĞƌŵŝƚƚŚĞĚŝƐƚƌŝďƵƚŝŽŶŽĨƚŚŝƐĚŽĐƵŵĞŶƚŽƌĂŶLJĚŽĐƵŵĞŶƚƐŝƐƐƵĞĚŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚ ŝƚ͘ĐĐŽƌĚŝŶŐůLJ͕ƚŚĞEĞǁ^ŚĂƌĞƐŚĂǀĞŶŽƚďĞĞŶĂŶĚǁŝůůŶŽƚďĞŽĨĨĞƌĞĚŽƌƐŽůĚŝŶ ,ŽŶŐ<ŽŶŐŽƚŚĞƌƚŚĂŶƚŽΗƉƌŽĨĞƐƐŝŽŶĂůŝŶǀĞƐƚŽƌƐΗ;ĂƐĚĞĨŝŶĞĚŝŶƚŚĞ^&K ĂŶĚĂŶLJƌƵůĞƐŵĂĚĞƵŶĚĞƌƚŚĂƚŽƌĚŝŶĂŶĐĞͿ͘

EŽĂĚǀĞƌƚŝƐĞŵĞŶƚ͕ŝŶǀŝƚĂƚŝŽŶŽƌĚŽĐƵŵĞŶƚƌĞůĂƚŝŶŐƚŽƚŚĞEĞǁ^ŚĂƌĞƐŚĂƐďĞĞŶŽƌǁŝůůďĞŝƐƐƵĞĚ͕ŽƌŚĂƐďĞĞŶŽƌǁŝůůďĞŝŶƚŚĞ ƉŽƐƐĞƐƐŝŽŶŽĨĂŶLJƉĞƌƐŽŶĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨŝƐƐƵĞ͕ŝŶ,ŽŶŐ<ŽŶŐŽƌĞůƐĞǁŚĞƌĞƚŚĂƚ ŝƐĚŝƌĞĐƚĞĚĂƚ͕ŽƌƚŚĞĐŽŶƚĞŶƚƐŽĨǁŚŝĐŚĂƌĞůŝŬĞůLJƚŽďĞĂĐĐĞƐƐĞĚŽƌƌĞĂĚďLJ͕ƚŚĞƉƵďůŝĐŽĨ,ŽŶŐ<ŽŶŐ;ĞdžĐĞƉƚŝĨƉĞƌŵŝƚƚĞĚƚŽĚŽƐŽƵŶĚĞƌƚŚĞƐĞĐƵƌŝƚŝĞƐůĂǁƐŽĨ,ŽŶŐ<ŽŶŐͿŽƚŚĞƌƚŚĂŶǁŝƚŚƌĞƐƉĞĐƚƚŽEĞǁ^ŚĂƌĞƐ ƚŚĂƚĂƌĞŽƌĂƌĞŝŶƚĞŶĚĞĚƚŽďĞĚŝƐƉŽƐĞĚŽĨŽŶůLJƚŽƉĞƌƐŽŶƐŽƵƚƐŝĚĞ,ŽŶŐ<ŽŶŐŽƌŽŶůLJƚŽƉƌŽĨĞƐƐŝŽŶĂůŝŶǀĞƐƚŽƌƐ͘EŽƉĞƌƐŽŶĂůůŽƚƚĞĚEĞǁ^ŚĂƌĞƐŵĂLJƐĞůů͕ŽƌŽĨĨĞƌƚŽƐĞůů͕ƐƵĐŚƐĞĐƵƌŝƚŝĞƐŝŶĐŝƌĐƵŵƐƚĂŶĐĞƐƚŚĂƚ ĂŵŽƵŶƚƚŽĂŶŽĨĨĞƌƚŽƚŚĞƉƵďůŝĐŝŶ,ŽŶŐ<ŽŶŐǁŝƚŚŝŶƐŝdžŵŽŶƚŚƐĨŽůůŽǁŝŶŐƚŚĞĚĂƚĞŽĨŝƐƐƵĞŽĨƐƵĐŚƐĞĐƵƌŝƚŝĞƐ͘

dŚĞĐŽŶƚĞŶƚƐŽĨƚŚŝƐĚŽĐƵŵĞŶƚŚĂǀĞŶŽƚďĞĞŶƌĞǀŝĞǁĞĚďLJĂŶLJ,ŽŶŐ<ŽŶŐƌĞŐƵůĂƚŽƌLJĂƵƚŚŽƌŝƚLJ͘zŽƵĂƌĞĂĚǀŝƐĞĚƚŽĞdžĞƌĐŝƐĞĐĂƵƚŝŽŶŝŶƌĞůĂƚŝŽŶƚŽƚŚĞŽĨĨĞƌ͘/ĨLJŽƵĂƌĞŝŶĚŽƵďƚĂďŽƵƚĂŶLJĐŽŶƚĞŶƚƐŽĨƚŚŝƐ ĚŽĐƵŵĞŶƚ͕LJŽƵƐŚŽƵůĚŽďƚĂŝŶŝŶĚĞƉĞŶĚĞŶƚƉƌŽĨĞƐƐŝŽŶĂůĂĚǀŝĐĞ͘

/ƌĞůĂŶĚ

dŚĞŝŶĨŽƌŵĂƚŝŽŶŝŶƚŚŝƐĚŽĐƵŵĞŶƚĚŽĞƐŶŽƚĐŽŶƐƚŝƚƵƚĞĂƉƌŽƐƉĞĐƚƵƐƵŶĚĞƌĂŶLJ/ƌŝƐŚůĂǁƐŽƌƌĞŐƵůĂƚŝŽŶƐĂŶĚƚŚŝƐĚŽĐƵŵĞŶƚŚĂƐŶŽƚďĞĞŶĨŝůĞĚǁŝƚŚŽƌĂƉƉƌŽǀĞĚďLJĂŶLJ/ƌŝƐŚƌĞŐƵůĂƚŽƌLJĂƵƚŚŽƌŝƚLJĂƐƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶŚĂƐŶŽƚďĞĞŶƉƌĞƉĂƌĞĚŝŶƚŚĞĐŽŶƚĞdžƚŽĨĂƉƵďůŝĐŽĨĨĞƌŝŶŐŽĨƐĞĐƵƌŝƚŝĞƐŝŶ/ƌĞůĂŶĚǁŝƚŚŝŶƚŚĞŵĞĂŶŝŶŐŽĨƚŚĞ/ƌŝƐŚWƌŽƐƉĞĐƚƵƐ;ŝƌĞĐƚŝǀĞϮϬϬϯͬϳϭͬͿZĞŐƵůĂƚŝŽŶƐϮϬϬϱ͕ĂƐĂŵĞŶĚĞĚ;ƚŚĞWƌŽƐƉĞĐƚƵƐ ZĞŐƵůĂƚŝŽŶƐͿ͘dŚĞEĞǁ^ŚĂƌĞƐŚĂǀĞŶŽƚďĞĞŶŽĨĨĞƌĞĚŽƌƐŽůĚ͕ĂŶĚǁŝůůŶŽƚďĞŽĨĨĞƌĞĚ͕ƐŽůĚŽƌĚĞůŝǀĞƌĞĚĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJ ŝŶ /ƌĞůĂŶĚďLJǁĂLJŽĨĂƉƵďůŝĐŽĨĨĞƌŝŶŐ͕ĞdžĐĞƉƚƚŽΗƋƵĂůŝĨŝĞĚŝŶǀĞƐƚŽƌƐΗĂƐĚĞĨŝŶĞĚŝŶ ZĞŐƵůĂƚŝŽŶϮ;ůͿŽĨƚŚĞWƌŽƐƉĞĐƚƵƐZĞŐƵůĂƚŝŽŶƐ͘

/ƚĂůLJ

dŚĞ ŽĨĨĞƌŝŶŐ ŽĨ ƚŚĞ EĞǁ ^ŚĂƌĞƐ ŝŶ ƚŚĞ ZĞƉƵďůŝĐ ŽĨ /ƚĂůLJ ŚĂƐ ŶŽƚ ďĞĞŶ ĂƵƚŚŽƌŝnjĞĚ ďLJ ƚŚĞ /ƚĂůŝĂŶ ^ĞĐƵƌŝƚŝĞƐ ĂŶĚ džĐŚĂŶŐĞ ŽŵŵŝƐƐŝŽŶ ;ŽŵŵŝƐƐŝŽŶĞ EĂnjŝŽŶĂůĞ ƉĞƌ ůĞ ^ŽĐŝĞƚă Ğ ůĂ ŽƌƐĂ͕ KE^KͿ ƉƵƌƐƵĂŶƚ ƚŽ ƚŚĞ /ƚĂůŝĂŶ ƐĞĐƵƌŝƚŝĞƐ ůĞŐŝƐůĂƚŝŽŶ ĂŶĚ͕ ĂĐĐŽƌĚŝŶŐůLJ͕ ŶŽ ŽĨĨĞƌŝŶŐ ŵĂƚĞƌŝĂů ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ EĞǁ ^ŚĂƌĞƐ ŵĂLJ ďĞ ĚŝƐƚƌŝďƵƚĞĚ ŝŶ /ƚĂůLJ ĂŶĚ ƚŚĞ EĞǁ ^ŚĂƌĞƐ ŵĂLJ ŶŽƚ ďĞ ŽĨĨĞƌĞĚ Žƌ ƐŽůĚ ŝŶ /ƚĂůLJ ŝŶ Ă ƉƵďůŝĐ ŽĨĨĞƌ ǁŝƚŚŝŶ ƚŚĞ ŵĞĂŶŝŶŐ ŽĨ ƌƚŝĐůĞ ϭ͘ϭ;ƚͿ ŽĨ >ĞŐŝƐůĂƚŝǀĞ ĞĐƌĞĞ EŽ͘ ϱϴ ŽĨ Ϯϰ &ĞďƌƵĂƌLJ ϭϵϵϴ͕ ĂƐ ĂŵĞŶĚĞĚ ;ĞĐƌĞĞ EŽ͘ ϱϴͿ͕ ŽƚŚĞƌ ƚŚĂŶ͗

• ƚŽ ƋƵĂůŝĨŝĞĚ ŝŶǀĞƐƚŽƌƐ ;YƵĂůŝĨŝĞĚ /ŶǀĞƐƚŽƌƐͿ͕ ĂƐ ĚĞĨŝŶĞĚ ŝŶ ƌƚŝĐůĞ ϭϬϬ ŽĨ ĞĐƌĞĞ EŽ͘ ϱϴ ďLJ ƌĞĨĞƌĞŶĐĞ ƚŽ ƌƚŝĐůĞ ϯϰͲƚĞƌ ŽĨ KE^K ZĞŐƵůĂƚŝŽŶ ŶŽ͘ ϭϭϵϳϭ ŽĨ ϭϰ DĂLJ ϭϵϵϵ͕ ĂƐ ĂŵĞŶĚĞĚ ;ZĞŐƵůĂƚŝŽŶ EŽ͘ ϭϭϵϳůͿ͖ ĂŶĚ

• ŝŶ ŽƚŚĞƌ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ƚŚĂƚ ĂƌĞ ĞdžĞŵƉƚ ĨƌŽŵ ƚŚĞ ƌƵůĞƐ ŽŶ ƉƵďůŝĐ ŽĨĨĞƌ ƉƵƌƐƵĂŶƚ ƚŽ ƌƚŝĐůĞ ϭϬϬ ŽĨ ĞĐƌĞĞ EŽ͘ ϱϴ ĂŶĚ ƌƚŝĐůĞ ϯϰͲƚĞƌ ŽĨ ZĞŐƵůĂƚŝŽŶ EŽ͘ ϭϭϵϳϭ͘ ŶLJ ŽĨĨĞƌ͕ ƐĂůĞ Žƌ ĚĞůŝǀĞƌLJ ŽĨ ƚŚĞ EĞǁ ^ŚĂƌĞƐ Žƌ ĚŝƐƚƌŝďƵƚŝŽŶ ŽĨ ĂŶLJ ŽĨĨĞƌ ĚŽĐƵŵĞŶƚ ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ EĞǁ ^ŚĂƌĞƐ ŝŶ /ƚĂůLJ ;ĞdžĐůƵĚŝŶŐ ƉůĂĐĞŵĞŶƚƐ ǁŚĞƌĞ Ă YƵĂůŝĨŝĞĚ /ŶǀĞƐƚŽƌ ƐŽůŝĐŝƚƐ ĂŶ ŽĨĨĞƌ ĨƌŽŵ ƚŚĞ ŝƐƐƵĞƌͿ ƵŶĚĞƌ ƚŚĞ ƉĂƌĂŐƌĂƉŚƐ ĂďŽǀĞ ŵƵƐƚ ďĞ͗

• ŵĂĚĞ ďLJ ŝŶǀĞƐƚŵĞŶƚ ĨŝƌŵƐ͕ ďĂŶŬƐ Žƌ ĨŝŶĂŶĐŝĂů ŝŶƚĞƌŵĞĚŝĂƌŝĞƐ ƉĞƌŵŝƚƚĞĚ ƚŽ ĐŽŶĚƵĐƚ ƐƵĐŚ ĂĐƚŝǀŝƚŝĞƐ ŝŶ /ƚĂůLJ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ >ĞŐŝƐůĂƚŝǀĞ ĞĐƌĞĞ EŽ͘ ϯϴϱ ŽĨ ϭ ^ĞƉƚĞŵďĞƌ ϭϵϵϯ ;ĂƐ ĂŵĞŶĚĞĚͿ͕ ĞĐƌĞĞ EŽ͘ ϱϴ͕ KE^K ZĞŐƵůĂƚŝŽŶ EŽ͘ ϭϲϭϵϬ ŽĨ Ϯϵ KĐƚŽďĞƌ ϮϬϬϳ ;ĂƐ ĂŵĞŶĚĞĚͿ ĂŶĚ ĂŶLJ ŽƚŚĞƌ ĂƉƉůŝĐĂďůĞ ůĂǁƐ͖

ϲϭ ͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

/ŶƚĞƌŶĂƚŝŽŶĂůKĨĨĞƌZĞƐƚƌŝĐƚŝŽŶƐ

ŝŶ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƌƚŝĐůĞ ϭϮϵ ŽĨ ƚŚĞ /ƚĂůŝĂŶ ĂŶŬŝŶŐ Đƚ ĂŶĚ ƚŚĞ ŝŵƉůĞŵĞŶƚŝŶŐ ŐƵŝĚĞůŝŶĞƐ ŽĨ ƚŚĞ ĂŶŬ ŽĨ /ƚĂůLJ͕ ĂƐ ĂŵĞŶĚĞĚ͕ ƉƵƌƐƵĂŶƚ ƚŽ ǁŚŝĐŚ ƚŚĞ ĂŶŬ ŽĨ /ƚĂůLJ ŵĂLJ ƌĞƋƵĞƐƚ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ƚŚĞ ŽĨĨĞƌŝŶŐ Žƌ ŝƐƐƵĞ ŽĨ ƐĞĐƵƌŝƚŝĞƐ ŝŶ /ƚĂůLJ͖ ĂŶĚ
ŝŶ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ Ăůů ƌĞůĞǀĂŶƚ /ƚĂůŝĂŶ ƐĞĐƵƌŝƚŝĞƐ͕ ƚĂdž ĂŶĚ ĞdžĐŚĂŶŐĞ ĐŽŶƚƌŽůƐ ĂŶĚ ĂŶLJ ŽƚŚĞƌ ĂƉƉůŝĐĂďůĞ ůĂǁƐ͘ • ŝŶǀĞƐƚŽƌƐ ƐŚŽƵůĚ ĂůƐŽ ŶŽƚĞ ƚŚĂƚ͕ ŝŶ ĂŶLJ ƐƵďƐĞƋƵĞŶƚ ĚŝƐƚƌŝďƵƚŝŽŶ ŽĨ EĞǁ ^ŚĂƌĞƐ ŝŶ /ƚĂůLJ͕ ƌƚŝĐůĞ ϭϬϬͲďŝƐ ŽĨ ĞĐƌĞĞ EŽ͘ ϱϴ ŵĂLJ ƌĞƋƵŝƌĞ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƚŚĞ ůĂǁ ƌĞůĂƚŝŶŐ ƚŽ ƉƵďůŝĐ ŽĨĨĞƌƐ ŽĨ ƐĞĐƵƌŝƚŝĞƐ͘ &ƵƌƚŚĞƌŵŽƌĞ͕ ǁŚĞŶ EĞǁ ^ŚĂƌĞƐ ĂƌĞ ƉůĂĐĞĚ ƐŽůĞůLJ ǁŝƚŚ YƵĂůŝĨŝĞĚ /ŶǀĞƐƚŽƌƐ ĂŶĚ ĂƌĞ ƚŚĞŶ ƐLJƐƚĞŵĂƚŝĐĂůůLJ ƌĞƐŽůĚ ŽŶ ƚŚĞ ƐĞĐŽŶĚĂƌLJ ŵĂƌŬĞƚ Ăƚ ĂŶLJ ƚŝŵĞ ŝŶ ƚŚĞ ϭϮ ŵŽŶƚŚƐ ĨŽůůŽǁŝŶŐ ƐƵĐŚ ƉůĂĐŝŶŐ͕ ƉƵƌĐŚĂƐĞƌƐ ŽĨ EĞǁ ^ŚĂƌĞƐ ǁŚŽ ĂƌĞ ĂĐƚŝŶŐ ŽƵƚƐŝĚĞ ŽĨ ƚŚĞ ĐŽƵƌƐĞ ŽĨ ƚŚĞŝƌ ďƵƐŝŶĞƐƐ Žƌ ƉƌŽĨĞƐƐŝŽŶ ŵĂLJ ŝŶ ĐĞƌƚĂŝŶ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ďĞ ĞŶƚŝƚůĞĚ ƚŽ ĚĞĐůĂƌĞ ƐƵĐŚ ƉƵƌĐŚĂƐĞ ǀŽŝĚ ĂŶĚ͕ ŝŶ ĂĚĚŝƚŝŽŶ͕ ƚŽ ĐůĂŝŵ ĚĂŵĂŐĞƐ ĨƌŽŵ ĂŶLJ ĂƵƚŚŽƌŝƐĞĚ ƉĞƌƐŽŶ Ăƚ ǁŚŽƐĞ ƉƌĞŵŝƐĞƐ ƚŚĞ EĞǁ ^ŚĂƌĞƐ ǁĞƌĞ ƉƵƌĐŚĂƐĞĚ͕ ƵŶůĞƐƐ ĂŶ ĞdžĞŵƉƚŝŽŶ ƵŶĚĞƌ ĞĐƌĞĞ EŽ͘ ϱϴ ĂƉƉůŝĞƐ͘

:ĂƉĂŶ

dŚĞEĞǁ^ŚĂƌĞƐŚĂǀĞŶŽƚďĞĞŶĂŶĚǁŝůůŶŽƚďĞƌĞŐŝƐƚĞƌĞĚƵŶĚĞƌƌƚŝĐůĞϰ͕ƉĂƌĂŐƌĂƉŚϭŽĨƚŚĞ&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐĂŶĚdžĐŚĂŶŐĞ>ĂǁŽĨ:ĂƉĂŶ;>ĂǁEŽ͘ϮϱŽĨϭϵϰϴͿ͕ĂƐĂŵĞŶĚĞĚ;ƚŚĞ&/>ͿƉƵƌƐƵĂŶƚƚŽĂŶ ĞdžĞŵƉƚŝŽŶĨƌŽŵƚŚĞƌĞŐŝƐƚƌĂƚŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐĂƉƉůŝĐĂďůĞƚŽĂƉƌŝǀĂƚĞƉůĂĐĞŵĞŶƚŽĨƐĞĐƵƌŝƚŝĞƐƚŽYƵĂůŝĨŝĞĚ/ŶƐƚŝƚƵƚŝŽŶĂů/ŶǀĞƐƚŽƌƐ;ĂƐĚĞĨŝŶĞĚŝŶĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƌƚŝĐůĞϮ͕ƉĂƌĂŐƌĂƉŚϯŽĨƚŚĞ&/>ĂŶĚƚŚĞ ƌĞŐƵůĂƚŝŽŶƐƉƌŽŵƵůŐĂƚĞĚƚŚĞƌĞƵŶĚĞƌͿ͘ĐĐŽƌĚŝŶŐůLJ͕ƚŚĞEĞǁ^ŚĂƌĞƐŵĂLJŶŽƚďĞŽĨĨĞƌĞĚŽƌƐŽůĚ͕ĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJ͕ŝŶ:ĂƉĂŶ Žƌ ƚŽ͕ŽƌĨŽƌƚŚĞďĞŶĞĨŝƚŽĨ͕ĂŶLJƌĞƐŝĚĞŶƚŽĨ:ĂƉĂŶŽƚŚĞƌƚŚĂŶYƵĂůŝĨŝĞĚ/ŶƐƚŝƚƵƚŝŽŶĂů /ŶǀĞƐƚŽƌƐ͘ŶLJYƵĂůŝĨŝĞĚ/ŶƐƚŝƚƵƚŝŽŶĂů/ŶǀĞƐƚŽƌǁŚŽĂĐƋƵŝƌĞƐEĞǁ^ŚĂƌĞƐŵĂLJŶŽƚƌĞƐĞůůƚŚĞŵƚŽĂŶLJƉĞƌƐŽŶŝŶ:ĂƉĂŶƚŚĂƚŝƐŶŽƚĂ YƵĂůŝĨŝĞĚ/ŶƐƚŝƚƵƚŝŽŶĂů/ŶǀĞƐƚŽƌ͕ĂŶĚĂĐƋƵŝƐŝƚŝŽŶďLJĂŶLJƐƵĐŚƉĞƌƐŽŶŽĨEĞǁ ^ŚĂƌĞƐŝƐĐŽŶĚŝƚŝŽŶĂůƵƉŽŶƚŚĞĞdžĞĐƵƚŝŽŶŽĨĂŶĂŐƌĞĞŵĞŶƚƚŽƚŚĂƚĞĨĨĞĐƚ͘

<ŽƌĞĂ

dŚĞŽŵƉĂŶLJŝƐŶŽƚŵĂŬŝŶŐĂŶLJƌĞƉƌĞƐĞŶƚĂƚŝŽŶǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞĞůŝŐŝďŝůŝƚLJŽĨĂŶLJƌĞĐŝƉŝĞŶƚƐŽĨƚŚŝƐĚŽĐƵŵĞŶƚƚŽĂĐƋƵŝƌĞƚŚĞEĞǁ^ŚĂƌĞƐƵŶĚĞƌƚŚĞůĂǁƐŽĨ<ŽƌĞĂ͕ŝŶĐůƵĚŝŶŐ͕ǁŝƚŚŽƵƚůŝŵŝƚĂƚŝŽŶ͕ƚŚĞ&ŽƌĞŝŐŶ džĐŚĂŶŐĞdƌĂŶƐĂĐƚŝŽŶĐƚĂŶĚƌĞŐƵůĂƚŝŽŶƐƚŚĞƌĞƵŶĚĞƌ͘dŚĞEĞǁ^ŚĂƌĞƐŚĂǀĞŶŽƚďĞĞŶ͕ĂŶĚǁŝůůŶŽƚďĞ͕ƌĞŐŝƐƚĞƌĞĚƵŶĚĞƌƚŚĞ&ŝŶĂŶĐŝĂů/ŶǀĞƐƚŵĞŶƚ^ĞƌǀŝĐĞƐĂŶĚĂƉŝƚĂůDĂƌŬĞƚƐĐƚŽĨ<ŽƌĞĂ;&^DͿĂŶĚ ƚŚĞƌĞĨŽƌĞŵĂLJŶŽƚďĞŽĨĨĞƌĞĚŽƌƐŽůĚ;ĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJͿŝŶ<ŽƌĞĂŽƌƚŽĂŶLJƌĞƐŝĚĞŶƚŽĨ<ŽƌĞĂŽƌƚŽĂŶLJƉĞƌƐŽŶƐĨŽƌƌĞͲŽĨĨĞƌŝŶŐŽƌƌĞƐĂůĞŝŶ<ŽƌĞĂŽƌƚŽĂŶLJƌĞƐŝĚĞŶƚŽĨ<ŽƌĞĂ;ĂƐĚĞĨŝŶĞĚƵŶĚĞƌƚŚĞ&ŽƌĞŝŐŶ džĐŚĂŶŐĞdƌĂŶƐĂĐƚŝŽŶĐƚŽĨ<ŽƌĞĂĂŶĚŝƚƐĞŶĨŽƌĐĞŵĞŶƚĚĞĐƌĞĞͿ͕ĞdžĐĞƉƚĂƐƉĞƌŵŝƚƚĞĚƵŶĚĞƌƚŚĞĂƉƉůŝĐĂďůĞůĂǁƐĂŶĚƌĞŐƵůĂƚŝŽŶƐŽĨ<ŽƌĞĂ͘ ĐĐŽƌĚŝŶŐůLJ͕ƚŚĞEĞǁ^ŚĂƌĞƐŵĂLJŶŽƚďĞŽĨĨĞƌĞĚŽƌƐŽůĚŝŶ<ŽƌĞĂŽƚŚĞƌƚŚĂŶƚŽΗĂĐĐƌĞĚŝƚĞĚŝŶǀĞƐƚŽƌƐΗ;ĂƐĚĞĨŝŶĞĚŝŶƚŚĞ&^DͿ͘

DĂůĂLJƐŝĂ

dŚŝƐĚŽĐƵŵĞŶƚŵĂLJŶŽƚďĞĚŝƐƚƌŝďƵƚĞĚŽƌŵĂĚĞĂǀĂŝůĂďůĞŝŶDĂůĂLJƐŝĂ͘EŽĂƉƉƌŽǀĂůĨƌŽŵ͕ŽƌƌĞĐŽŐŶŝƚŝŽŶďLJ͕ƚŚĞ^ĞĐƵƌŝƚŝĞƐŽŵŵŝƐƐŝŽŶŽĨDĂůĂLJƐŝĂŚĂƐďĞĞŶŽƌǁŝůůďĞŽďƚĂŝŶĞĚŝŶƌĞůĂƚŝŽŶƚŽĂŶLJŽĨĨĞƌŽĨEĞǁ ^ŚĂƌĞƐ͘dŚĞEĞǁ^ŚĂƌĞƐŵĂLJŶŽƚďĞŽĨĨĞƌĞĚŽƌƐŽůĚŝŶDĂůĂLJƐŝĂĞdžĐĞƉƚƉƵƌƐƵĂŶƚƚŽ͕ĂŶĚƚŽƉĞƌƐŽŶƐƉƌĞƐĐƌŝďĞĚƵŶĚĞƌ͕WĂƌƚ/ŽĨ^ĐŚĞĚƵůĞ ϲŽĨƚŚĞDĂůĂLJƐŝĂŶĂƉŝƚĂůDĂƌŬĞƚƐĂŶĚ^ĞƌǀŝĐĞƐĐƚ͘

EĞǁĞĂůĂŶĚ

dŚŝƐĚŽĐƵŵĞŶƚŚĂƐŶŽƚďĞĞŶƌĞŐŝƐƚĞƌĞĚ͕ĨŝůĞĚǁŝƚŚŽƌĂƉƉƌŽǀĞĚďLJĂŶLJEĞǁĞĂůĂŶĚƌĞŐƵůĂƚŽƌLJĂƵƚŚŽƌŝƚLJƵŶĚĞƌƚŚĞ&ŝŶĂŶĐŝĂůDĂƌŬĞƚƐŽŶĚƵĐƚĐƚϮϬϭϯ;ƚŚĞ&DĐƚͿ͘ dŚĞEĞǁ^ŚĂƌĞƐĂƌĞŶŽƚďĞŝŶŐŽĨĨĞƌĞĚƚŽƚŚĞƉƵďůŝĐǁŝƚŚŝŶEĞǁĞĂůĂŶĚŽƚŚĞƌƚŚĂŶƚŽĞdžŝƐƚŝŶŐƐŚĂƌĞŚŽůĚĞƌƐŽĨƚŚĞŽŵƉĂŶLJǁŝƚŚ ƌĞŐŝƐƚĞƌĞĚĂĚĚƌĞƐƐĞƐŝŶEĞǁĞĂůĂŶĚƚŽǁŚŽŵƚŚĞŽĨĨĞƌŽĨƚŚĞƐĞƐĞĐƵƌŝƚŝĞƐŝƐ ďĞŝŶŐŵĂĚĞŝŶƌĞůŝĂŶĐĞŽŶƚŚĞ&DĐƚĂŶĚƚŚĞ&ŝŶĂŶĐŝĂůDĂƌŬĞƚƐŽŶĚƵĐƚ;/ŶĐŝĚĞŶƚĂůKĨĨĞƌƐͿdžĞŵƉƚŝŽŶEŽƚŝĐĞϮϬϭϲ͘ KƚŚĞƌƚŚĂŶŝŶƚŚĞĞŶƚŝƚůĞŵĞŶƚŽĨĨĞƌ͕ƚŚĞEĞǁ^ŚĂƌĞƐŵĂLJŽŶůLJďĞŽĨĨĞƌĞĚŽƌƐŽůĚŝŶEĞǁĞĂůĂŶĚ;ŽƌĂůůŽƚƚĞĚǁŝƚŚĂǀŝĞǁƚŽďĞŝŶŐŽĨĨĞƌĞĚĨŽƌƐĂůĞŝŶEĞǁĞĂůĂŶĚͿƚŽĂ ƉĞƌƐŽŶǁŚŽ͗

ŝƐĂŶŝŶǀĞƐƚŵĞŶƚďƵƐŝŶĞƐƐǁŝƚŚŝŶƚŚĞŵĞĂŶŝŶŐŽĨĐůĂƵƐĞϯϳŽĨ^ĐŚĞĚƵůĞϭŽĨƚŚĞ&DĐƚ͖
ŵĞĞƚƐƚŚĞŝŶǀĞƐƚŵĞŶƚĂĐƚŝǀŝƚLJĐƌŝƚĞƌŝĂƐƉĞĐŝĨŝĞĚŝŶĐůĂƵƐĞϯϴŽĨ^ĐŚĞĚƵůĞϭŽĨƚŚĞ&DĐƚ͖

EKd&KZ/^dZ/hd/KEKZZ>^/Ed,hE/d^dd^

ϲϯ ͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

ϲϮ ͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

/ŶƚĞƌŶĂƚŝŽŶĂůKĨĨĞƌZĞƐƚƌŝĐƚŝŽŶƐ

^ǁŝƚnjĞƌůĂŶĚ

dŚĞ EĞǁ ^ŚĂƌĞƐ ŵĂLJ ŶŽƚ ďĞ ƉƵďůŝĐůLJ ŽĨĨĞƌĞĚ ŝŶ ^ǁŝƚnjĞƌůĂŶĚ ĂŶĚ ǁŝůů ŶŽƚ ďĞ ůŝƐƚĞĚ ŽŶ ƚŚĞ ^/y ^ǁŝƐƐ džĐŚĂŶŐĞ Žƌ ĂŶLJ ŽƚŚĞƌ ƐƚŽĐŬ ĞdžĐŚĂŶŐĞ Žƌ ƌĞŐƵůĂƚĞĚ ƚƌĂĚŝŶŐ ĨĂĐŝůŝƚLJ ŝŶ ^ǁŝƚnjĞƌůĂŶĚ͘ EĞŝƚŚĞƌ ƚŚŝƐ ĚŽĐƵŵĞŶƚ ŶŽƌ ĂŶLJ ŽƚŚĞƌ ŽĨĨĞƌŝŶŐ ŵĂƚĞƌŝĂů ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ EĞǁ ^ŚĂƌĞƐ ;ŝͿ ĐŽŶƐƚŝƚƵƚĞƐ Ă ƉƌŽƐƉĞĐƚƵƐ Žƌ Ă ƐŝŵŝůĂƌ ŶŽƚŝĐĞ ĂƐ ƐƵĐŚ ƚĞƌŵƐ ĂƌĞ ƵŶĚĞƌƐƚŽŽĚ ƵŶĚĞƌ Ăƌƚ͘ ϲϱϮĂ͕ Ăƌƚ͘ ϳϱϮ Žƌ Ăƌƚ͘ ϭϭϱϲ ŽĨ ƚŚĞ ^ǁŝƐƐ ŽĚĞ ŽĨ KďůŝŐĂƚŝŽŶƐ Žƌ Ă ůŝƐƚŝŶŐ ƉƌŽƐƉĞĐƚƵƐ ǁŝƚŚŝŶ ƚŚĞ ŵĞĂŶŝŶŐ ŽĨ Ăƌƚ͘ Ϯϳ Ğƚ ƐĞƋƋ͘ ŽĨ ƚŚĞ ^/y >ŝƐƚŝŶŐ ZƵůĞƐ Žƌ ;ŝŝͿ ŚĂƐ ďĞĞŶ Žƌ ǁŝůů ďĞ ĨŝůĞĚ ǁŝƚŚ Žƌ ĂƉƉƌŽǀĞĚ ďLJ ĂŶLJ ^ǁŝƐƐ ƌĞŐƵůĂƚŽƌLJ ĂƵƚŚŽƌŝƚLJ͘ /Ŷ ƉĂƌƚŝĐƵůĂƌ͕ ƚŚŝƐ ĚŽĐƵŵĞŶƚ ǁŝůů ŶŽƚ ďĞ ĨŝůĞĚ ǁŝƚŚ͕ ĂŶĚ ƚŚĞ ŽĨĨĞƌ ŽĨ EĞǁ ^ŚĂƌĞƐ ǁŝůů ŶŽƚ ďĞ ƐƵƉĞƌǀŝƐĞĚ ďLJ͕ ƚŚĞ ^ǁŝƐƐ &ŝŶĂŶĐŝĂů DĂƌŬĞƚ ^ƵƉĞƌǀŝƐŽƌLJ ƵƚŚŽƌŝƚLJ ;&/EDͿ͘

EĞŝƚŚĞƌ ƚŚŝƐ ĚŽĐƵŵĞŶƚ ŶŽƌ ĂŶLJ ŽƚŚĞƌ ŽĨĨĞƌŝŶŐ ŵĂƚĞƌŝĂů ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ EĞǁ ^ŚĂƌĞƐ ŵĂLJ ďĞ ƉƵďůŝĐůLJ ĚŝƐƚƌŝďƵƚĞĚ Žƌ ŽƚŚĞƌǁŝƐĞ ŵĂĚĞ ƉƵďůŝĐůLJ ĂǀĂŝůĂďůĞ ŝŶ ^ǁŝƚnjĞƌůĂŶĚ͘ dŚĞ EĞǁ ^ŚĂƌĞƐ ǁŝůů ŽŶůLJ ďĞ ŽĨĨĞƌĞĚ ƚŽ ƌĞŐƵůĂƚĞĚ ĨŝŶĂŶĐŝĂů ŝŶƚĞƌŵĞĚŝĂƌŝĞƐ ƐƵĐŚ ĂƐ ďĂŶŬƐ͕ ƐĞĐƵƌŝƚŝĞƐ ĚĞĂůĞƌƐ͕ ŝŶƐƵƌĂŶĐĞ ŝŶƐƚŝƚƵƚŝŽŶƐ ĂŶĚ ĨƵŶĚ ŵĂŶĂŐĞŵĞŶƚ ĐŽŵƉĂŶŝĞƐ ĂƐ ǁĞůů ĂƐ ŝŶƐƚŝƚƵƚŝŽŶĂů ŝŶǀĞƐƚŽƌƐ ǁŝƚŚ ƉƌŽĨĞƐƐŝŽŶĂů ƚƌĞĂƐƵƌLJ ŽƉĞƌĂƚŝŽŶƐ͘ dŚŝƐ ĚŽĐƵŵĞŶƚ ŝƐ ƉĞƌƐŽŶĂů ƚŽ ƚŚĞ ƌĞĐŝƉŝĞŶƚ ĂŶĚ ŶŽƚ ĨŽƌ ŐĞŶĞƌĂů ĐŝƌĐƵůĂƚŝŽŶ ŝŶ ^ǁŝƚnjĞƌůĂŶĚ͘

hŶŝƚĞĚ ƌĂď ŵŝƌĂƚĞƐ

EĞŝƚŚĞƌ ƚŚŝƐ ĚŽĐƵŵĞŶƚ ŶŽƌ ƚŚĞ EĞǁ ^ŚĂƌĞƐ ŚĂǀĞ ďĞĞŶ ĂƉƉƌŽǀĞĚ͕ ĚŝƐĂƉƉƌŽǀĞĚ Žƌ ƉĂƐƐĞĚ ŽŶ ŝŶ ĂŶLJ ǁĂLJ ďLJ ƚŚĞ ŵŝƌĂƚĞƐ ^ĞĐƵƌŝƚŝĞƐ ĂŶĚ ŽŵŵŽĚŝƚŝĞƐ ƵƚŚŽƌŝƚLJ ;^Ϳ Žƌ ĂŶLJ ŽƚŚĞƌ ŐŽǀĞƌŶŵĞŶƚĂů ĂƵƚŚŽƌŝƚLJ ŝŶ ƚŚĞ hŶŝƚĞĚ ƌĂď ŵŝƌĂƚĞƐ͘ dŚĞ ŽŵƉĂŶLJ ŚĂƐ ŶŽƚ ƌĞĐĞŝǀĞĚ ĂƵƚŚŽƌŝƐĂƚŝŽŶ Žƌ ůŝĐĞŶƐŝŶŐ ĨƌŽŵ ƚŚĞ ^ Žƌ ĂŶLJ ŽƚŚĞƌ ŐŽǀĞƌŶŵĞŶƚĂů ĂƵƚŚŽƌŝƚLJ ŝŶ ƚŚĞ hŶŝƚĞĚ ƌĂď ŵŝƌĂƚĞƐ ƚŽ ŵĂƌŬĞƚ Žƌ ƐĞůů ƚŚĞ EĞǁ ^ŚĂƌĞƐ ǁŝƚŚŝŶ ƚŚĞ hŶŝƚĞĚ ƌĂď ŵŝƌĂƚĞƐ͘ dŚŝƐ ĚŽĐƵŵĞŶƚ ĚŽĞƐ ŶŽƚ ĐŽŶƐƚŝƚƵƚĞ͕ ĂŶĚ ŵĂLJ ŶŽƚ ďĞ ƵƐĞĚ ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ͕ ĂŶ ŽĨĨĞƌ ŽĨ ƐĞĐƵƌŝƚŝĞƐ ŝŶ ƚŚĞ hŶŝƚĞĚ ƌĂď ŵŝƌĂƚĞƐ͘ EŽ ƐĞƌǀŝĐĞƐ ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ EĞǁ ^ŚĂƌĞƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƌĞĐĞŝƉƚ ŽĨ ĂƉƉůŝĐĂƚŝŽŶƐ͕ ŵĂLJ ďĞ ƌĞŶĚĞƌĞĚ ǁŝƚŚŝŶ ƚŚĞ hŶŝƚĞĚ ƌĂď ŵŝƌĂƚĞƐ͘

EŽ ŽĨĨĞƌ Žƌ ŝŶǀŝƚĂƚŝŽŶ ƚŽ ƐƵďƐĐƌŝďĞ ĨŽƌ EĞǁ ^ŚĂƌĞƐ ŝƐ ǀĂůŝĚ ŝŶ͕ Žƌ ƉĞƌŵŝƚƚĞĚ ĨƌŽŵ ĂŶLJ ƉĞƌƐŽŶ ŝŶ͕ ƚŚĞ ƵďĂŝ /ŶƚĞƌŶĂƚŝŽŶĂů &ŝŶĂŶĐŝĂů ĞŶƚƌĞ͘

hŶŝƚĞĚ <ŝŶŐĚŽŵ

EĞŝƚŚĞƌ ƚŚŝƐ ĚŽĐƵŵĞŶƚ ŶŽƌ ĂŶLJ ŽƚŚĞƌ ĚŽĐƵŵĞŶƚ ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ ŽĨĨĞƌ ŚĂƐ ďĞĞŶ ĚĞůŝǀĞƌĞĚ ĨŽƌ ĂƉƉƌŽǀĂů ƚŽ ƚŚĞ &ŝŶĂŶĐŝĂů ŽŶĚƵĐƚ ƵƚŚŽƌŝƚLJ ŝŶ ƚŚĞ hŶŝƚĞĚ <ŝŶŐĚŽŵ ĂŶĚ ŶŽ ƉƌŽƐƉĞĐƚƵƐ ;ǁŝƚŚŝŶ ƚŚĞ ŵĞĂŶŝŶŐ ŽĨ ƐĞĐƚŝŽŶ ϴϱ ŽĨ ƚŚĞ &ŝŶĂŶĐŝĂů ^ĞƌǀŝĐĞƐ ĂŶĚ DĂƌŬĞƚƐ Đƚ ϮϬϬϬ͕ ĂƐ ĂŵĞŶĚĞĚ ;&^DͿͿ ŚĂƐ ďĞĞŶ ƉƵďůŝƐŚĞĚ Žƌ ŝƐ ŝŶƚĞŶĚĞĚ ƚŽ ďĞ ƉƵďůŝƐŚĞĚ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƚŚĞ EĞǁ ^ŚĂƌĞƐ͘

dŚŝƐ ĚŽĐƵŵĞŶƚ ŝƐ ŝƐƐƵĞĚ ŽŶ Ă ĐŽŶĨŝĚĞŶƚŝĂů ďĂƐŝƐ ƚŽ ΗƋƵĂůŝĨŝĞĚ ŝŶǀĞƐƚŽƌƐΗ ;ǁŝƚŚŝŶ ƚŚĞ ŵĞĂŶŝŶŐ ŽĨ ƐĞĐƚŝŽŶ ϴϲ;ϳͿ ŽĨ ƚŚĞ &^DͿ ŝŶ ƚŚĞ hŶŝƚĞĚ <ŝŶŐĚŽŵ͕ ĂŶĚ ƚŚĞ EĞǁ ^ŚĂƌĞƐ ŵĂLJ ŶŽƚ ďĞ ŽĨĨĞƌĞĚ Žƌ ƐŽůĚ ŝŶ ƚŚĞ hŶŝƚĞĚ <ŝŶŐĚŽŵ ďLJ ŵĞĂŶƐ ŽĨ ƚŚŝƐ ĚŽĐƵŵĞŶƚ͕ ĂŶLJ ĂĐĐŽŵƉĂŶLJŝŶŐ ůĞƚƚĞƌ Žƌ ĂŶLJ ŽƚŚĞƌ ĚŽĐƵŵĞŶƚ͕ ĞdžĐĞƉƚ ŝŶ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ǁŚŝĐŚ ĚŽ ŶŽƚ ƌĞƋƵŝƌĞ ƚŚĞ ƉƵďůŝĐĂƚŝŽŶ ŽĨ Ă ƉƌŽƐƉĞĐƚƵƐ ƉƵƌƐƵĂŶƚ ƚŽ ƐĞĐƚŝŽŶ ϴϲ;ϭͿ ŽĨ ƚŚĞ &^D͘ dŚŝƐ ĚŽĐƵŵĞŶƚ ƐŚŽƵůĚ ŶŽƚ ďĞ ĚŝƐƚƌŝďƵƚĞĚ͕ ƉƵďůŝƐŚĞĚ Žƌ ƌĞƉƌŽĚƵĐĞĚ͕ ŝŶ ǁŚŽůĞ Žƌ ŝŶ ƉĂƌƚ͕ ŶŽƌ ŵĂLJ ŝƚƐ ĐŽŶƚĞŶƚƐ ďĞ ĚŝƐĐůŽƐĞĚ ďLJ ƌĞĐŝƉŝĞŶƚƐ ƚŽ ĂŶLJ ŽƚŚĞƌ ƉĞƌƐŽŶ ŝŶ ƚŚĞ hŶŝƚĞĚ <ŝŶŐĚŽŵ͘

ŶLJ ŝŶǀŝƚĂƚŝŽŶ Žƌ ŝŶĚƵĐĞŵĞŶƚ ƚŽ ĞŶŐĂŐĞ ŝŶ ŝŶǀĞƐƚŵĞŶƚ ĂĐƚŝǀŝƚLJ ;ǁŝƚŚŝŶ ƚŚĞ ŵĞĂŶŝŶŐ ŽĨ ƐĞĐƚŝŽŶ Ϯϭ ŽĨ ƚŚĞ &^DͿ ƌĞĐĞŝǀĞĚ ŝŶ ĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚ ƚŚĞ ŝƐƐƵĞ Žƌ ƐĂůĞ ŽĨ ƚŚĞ EĞǁ ^ŚĂƌĞƐ ŚĂƐ ŽŶůLJ ďĞĞŶ ĐŽŵŵƵŶŝĐĂƚĞĚ Žƌ ĐĂƵƐĞĚ ƚŽ ďĞ ĐŽŵŵƵŶŝĐĂƚĞĚ ĂŶĚ ǁŝůů ŽŶůLJ ďĞ ĐŽŵŵƵŶŝĐĂƚĞĚ Žƌ ĐĂƵƐĞĚ ƚŽ ďĞ ĐŽŵŵƵŶŝĐĂƚĞĚ ŝŶ ƚŚĞ hŶŝƚĞĚ <ŝŶŐĚŽŵ ŝŶ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ŝŶ ǁŚŝĐŚ ƐĞĐƚŝŽŶ Ϯϭ;ϭͿ ŽĨ ƚŚĞ &^D ĚŽĞƐ ŶŽƚ ĂƉƉůLJ ƚŽ ƚŚĞ ŽŵƉĂŶLJ͘ /Ŷ ƚŚĞ hŶŝƚĞĚ <ŝŶŐĚŽŵ͕ ƚŚŝƐ ĚŽĐƵŵĞŶƚ ŝƐ ďĞŝŶŐ ĚŝƐƚƌŝďƵƚĞĚ ŽŶůLJ ƚŽ͕ ĂŶĚ ŝƐ ĚŝƌĞĐƚĞĚ Ăƚ͕ ƉĞƌƐŽŶƐ ;ŝͿ ǁŚŽ ŚĂǀĞ ƉƌŽĨĞƐƐŝŽŶĂů ĞdžƉĞƌŝĞŶĐĞ ŝŶ ŵĂƚƚĞƌƐ ƌĞůĂƚŝŶŐ ƚŽ ŝŶǀĞƐƚŵĞŶƚƐ ĨĂůůŝŶŐ ǁŝƚŚŝŶ ƌƚŝĐůĞ ϭϵ;ϱͿ ;ŝŶǀĞƐƚŵĞŶƚ ƉƌŽĨĞƐƐŝŽŶĂůƐͿ ŽĨ ƚŚĞ &ŝŶĂŶĐŝĂů ^ĞƌǀŝĐĞƐ ĂŶĚ DĂƌŬĞƚƐ Đƚ ϮϬϬϬ ;&ŝŶĂŶĐŝĂů WƌŽŵŽƚŝŽŶƐͿ KƌĚĞƌ ϮϬϬϱ ;&WKͿ͕ ;ŝŝͿ ǁŚŽ ĨĂůů ǁŝƚŚŝŶ ƚŚĞ ĐĂƚĞŐŽƌŝĞƐ ŽĨ ƉĞƌƐŽŶƐ ƌĞĨĞƌƌĞĚ ƚŽ ŝŶ ƌƚŝĐůĞ ϰϵ;ϮͿ;ĂͿ ƚŽ ;ĚͿ ;ŚŝŐŚ ŶĞƚ ǁŽƌƚŚ ĐŽŵƉĂŶŝĞƐ͕ ƵŶŝŶĐŽƌƉŽƌĂƚĞĚ ĂƐƐŽĐŝĂƚŝŽŶƐ͕ ĞƚĐ͘Ϳ ŽĨ ƚŚĞ &WK Žƌ ;ŝŝŝͿ ƚŽ ǁŚŽŵ ŝƚ ŵĂLJ ŽƚŚĞƌǁŝƐĞ ďĞ ůĂǁĨƵůůLJ ĐŽŵŵƵŶŝĐĂƚĞĚ ;ƚŽŐĞƚŚĞƌ ƌĞůĞǀĂŶƚ ƉĞƌƐŽŶƐͿ͘ dŚĞ ŝŶǀĞƐƚŵĞŶƚƐ ƚŽ ǁŚŝĐŚ ƚŚŝƐ ĚŽĐƵŵĞŶƚ ƌĞůĂƚĞƐ ĂƌĞ ĂǀĂŝůĂďůĞ ŽŶůLJ ƚŽ͕ ĂŶĚ ĂŶLJ ŽĨĨĞƌ Žƌ ĂŐƌĞĞŵĞŶƚ ƚŽ ƉƵƌĐŚĂƐĞ ǁŝůů ďĞ ĞŶŐĂŐĞĚ ŝŶ ŽŶůLJ ǁŝƚŚ͕ ƌĞůĞǀĂŶƚ ƉĞƌƐŽŶƐ͘ ŶLJ ƉĞƌƐŽŶ ǁŚŽ ŝƐ ŶŽƚ Ă ƌĞůĞǀĂŶƚ ƉĞƌƐŽŶ ƐŚŽƵůĚ ŶŽƚ ĂĐƚ Žƌ ƌĞůLJ ŽŶ ƚŚŝƐ ĚŽĐƵŵĞŶƚ Žƌ ĂŶLJ ŽĨ ŝƚƐ ĐŽŶƚĞŶƚƐ͘

hŶŝƚĞĚ ^ƚĂƚĞƐ

dŚŝƐ WƌĞƐĞŶƚĂƚŝŽŶ ŝƐ ŶŽƚ ĂŶ ŽĨĨĞƌ ŽĨ ƐĞĐƵƌŝƚŝĞƐ ĨŽƌ ƐĂůĞ ŝŶ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐ Žƌ ƚŽ ĂŶLJ ƉĞƌƐŽŶ ƚŽ ǁŚŽŵ ŝƚ ǁŽƵůĚ ŶŽƚ ďĞ ůĂǁĨƵů ŽƵƚƐŝĚĞ ƵƐƚƌĂůŝĂ͘ ^ĞĐƵƌŝƚŝĞƐ ŵĂLJ ŶŽƚ ďĞ ŽĨĨĞƌĞĚ Žƌ ƐŽůĚ ŝŶ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐ ĂďƐĞŶƚ ƌĞŐŝƐƚƌĂƚŝŽŶ ƵŶĚĞƌ ƚŚĞ h^ ^ĞĐƵƌŝƚŝĞƐ Đƚ ŽĨ ϭϵϯϯ ;h^ ^ĞĐƵƌŝƚŝĞƐ ĐƚͿ Žƌ ĂŶ ĞdžĞŵƉƚŝŽŶ ƚŚĞƌĞĨƌŽŵ͘ ^ƚ ĂƌďĂƌĂ >ŝŵŝƚĞĚ ŚĂƐ ŶŽƚ ƌĞŐŝƐƚĞƌĞĚ ĂŶĚ ĚŽĞƐ ŶŽƚ ŝŶƚĞŶĚ ƚŽ ƌĞŐŝƐƚĞƌ ĂŶLJ ŽĨ ƚŚĞ KĨĨĞƌ ^ĞĐƵƌŝƚŝĞƐ ƵŶĚĞƌ ƚŚĞ h^ ^ĞĐƵƌŝƚŝĞƐ Đƚ Žƌ ƵŶĚĞƌ ƚŚĞ ƐĞĐƵƌŝƚŝĞƐ ůĂǁƐ ŽĨ ĂŶLJ ƐƚĂƚĞ Žƌ ŽƚŚĞƌ ũƵƌŝƐĚŝĐƚŝŽŶ ŽĨ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐ͘ dŚĞ KĨĨĞƌ ^ĞĐƵƌŝƚŝĞƐ ǁŝůů ŶŽƚ ďĞ ŽĨĨĞƌĞĚ Žƌ ƐŽůĚ ƚŽ ƚŚĞ ƉƵďůŝĐ ŝŶ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐ͘

ϲϰ ͬ ĐƋƵŝƐŝƚŝŽŶŽĨƚůĂŶƚŝĐ'ŽůĚŽƌƉŽƌĂƚŝŽŶĂŶĚƋƵŝƚLJZĂŝƐŝŶŐ

5. IMPORTANT INFORMATION

5.1 Responsibility for Offer Booklet

This Offer Booklet (including the ASX Announcements and the enclosed personalised Entitlement and Acceptance Form) has been prepared by St Barbara. This Offer Booklet is dated 17 May 2019 (other than the ASX Announcements, which were published on the ASX website on Wednesday, 15 May 2019).

No party other than St Barbara has authorised or caused the issue of this Offer Booklet, or takes any responsibility for, or makes, any statements, representations or undertakings in this Offer Booklet.

No person is authorised to give any information, or to make any representation, in connection with the Entitlement Offer that is not contained in this Offer Booklet. Any information or representation that is not in this Offer Booklet may not be relied on as having been authorised by St Barbara, or its related bodies corporate in connection with the Entitlement Offer.

5.2 Status of Offer Booklet

The Retail Entitlement Offer is being made pursuant to provisions of the Corporations Act (as notionally modified by ASIC Corporations (Non-Traditional Rights Issues) Instrument 2016/84) which allow rights issues to be conducted without a prospectus.

Neither this Offer Booklet nor the Entitlement and Acceptance Form are required to be lodged or registered with ASIC. This Offer Booklet is not a prospectus under the Corporations Act and no prospectus for the Entitlement Offer will be prepared. These documents do not contain, or purport to contain, all of the information that a prospective investor may require in evaluating an investment in St Barbara. They do not contain all the information which would be required to be disclosed in a prospectus.

As a result, it is important for Eligible Retail Shareholders to carefully read and understand the information on St Barbara and the Entitlement Offer made publicly available, prior to accepting all or part of their Entitlement. In particular, please refer to this Offer Booklet, the Investor Presentation and other announcements made available at http://www.asx.com.au/.

This Offer Booklet does not contain financial product advice and has been prepared without taking into account your investment objectives, financial circumstances or particular needs. St Barbara is not licensed to provide financial product advice in respect of the New Shares. Before deciding whether to apply for New Shares, you should consider whether they are a suitable investment for you in light of your own investment objectives and financial circumstances and having regard to the merits or risks involved. If, after reading the Offer Booklet, you have any questions about the Entitlement Offer, you should contact your stockbroker, accountant or other independent professional adviser.

5.3 Offer Booklet availability

Eligible Retail Shareholders in Australia and New Zealand can obtain a copy of this Offer Booklet during the period of the Entitlement Offer by accessing the ASX website or accessing the St Barbara website at https://stbarbara.com.au/. Persons who access the electronic version of this Offer Booklet should ensure that they download and read the entire Offer Booklet. The electronic version of this Offer Booklet on the ASX website and the St Barbara website will not include a personalised Entitlement and Acceptance Form.

A replacement personalised Entitlement and Acceptance Form can be requested by calling the St Barbara Offer Information Line on 1300 653 935 (from within Australia) or +61 3 9415 4356 (from outside Australia) at any time between 8:30am and 5:00pm (AEST) on Monday to Friday during the Retail Entitlement Offer period.

This Offer Booklet (including the accompanying personalised Entitlement and Acceptance Form) may not be distributed or released to, or relied upon by, persons in the United States or that are acting for the account or benefit of a person in the United States.

5.4 Notice to nominees and custodians

The Retail Entitlement Offer is being made to all Eligible Retail Shareholders. Nominees and custodians with registered addresses in the eligible jurisdictions, irrespective of whether they participate under the Institutional Entitlement Offer, may also be able to participate in the Retail Entitlement Offer in respect of some or all of the beneficiaries on whose behalf they hold existing Shares, provided that the applicable beneficiary would satisfy the criteria for an Eligible Retail Shareholder.

If St Barbara believes you hold Shares as a nominee or custodian you will have received, or will shortly receive, a letter in respect of the Entitlement Offer from St Barbara. Nominees and custodians should consider carefully the contents of that letter and note in particular that the Retail Entitlement Offer is not available to:

(a) beneficiaries on whose behalf they hold Existing Shares who would not satisfy the criteria for an Eligible Retail Shareholder;
(b) Eligible Institutional Shareholders who received an offer to participate in the Institutional Entitlement Offer (whether they accepted their Entitlement or not);
(c) Ineligible Institutional Shareholders who were ineligible to participate in the Institutional Entitlement Offer; or
(d) Shareholders who are not eligible under all applicable securities laws to receive an offer under the Retail Entitlement Offer.

In particular, persons acting as custodians or nominees must not take up Entitlements or apply for New Shares on behalf of, or for the account or benefit of, a person in the United States and must not send any document relating to the Retail Entitlement Offer to, any person that is in the United States or that is acting for the account or benefit of any person in the United States.

St Barbara is not required to determine whether or not any registered holder is acting as a nominee or custodian or the identity or residence of any beneficial owners of Shares. Where any holder is acting as a nominee for a foreign person, that holder, in dealing with its beneficiary, will need to assess whether indirect participation by the beneficiary in the Retail Entitlement Offer is compatible with applicable foreign laws. Eligible Retail Shareholders who are nominees, trustees or custodians are therefore advised to seek independent advice as to how to proceed.

5.5 No cooling off

Cooling off rights do not apply to an investment in New Shares. You cannot withdraw your Application once it has been made.

5.6 Withdrawal of the Entitlement Offer

Subject to applicable law, St Barbara reserves the right to withdraw or vary all or part of the Entitlement Offer at any time, in which case St Barbara will refund any Application Monies already received in accordance with the Corporations Act and will do so without interest being payable to Applicants. In circumstances where allotment under the Institutional Entitlement Offer has occurred, St Barbara may only be able to withdraw the Entitlement Offer with respect to New Shares to be issued under the Retail Entitlement Offer.

To the fullest extent permitted by law, you agree that any Application Monies paid by you to St Barbara will not entitle you to receive any interest and that any interest earned in respect of Application Monies will belong to St Barbara.

5.7 Privacy Statement

If you complete an application for New Shares, you will be providing personal information to St Barbara (directly or through the Share Registry). St Barbara collects, holds and will use that information to assess your Application, service your needs as a Shareholder and to facilitate distribution payments and corporate communications to you as a Shareholder. The information may also be used from time to time and disclosed to persons inspecting the register, bidders for your securities in the context of takeovers, regulatory bodies, including the Australian Taxation Office, authorised securities brokers, print service providers, mail houses and the Share Registry.

You can access, correct and update the personal information that is held about you. If you wish to do so please contact the Share Registry at the relevant contact numbers set out in the Corporate Directory of this Offer Booklet.

Collection, maintenance and disclosure of certain personal information is governed by legislation including the Privacy Act 1988 (Cth) (as amended), the Corporations Act and certain rules such as the ASX Settlement Operating Rules. You should note that if the information required on the Entitlement and Acceptance Form is not provided, St Barbara may not be able to accept or process your Application.

5.8 Governing Law

This Offer Booklet, the Entitlement Offer and the contracts formed on acceptance of the Entitlement Offers pursuant to the personalised Entitlement and Acceptance Forms are governed by the laws applicable in Victoria, Australia. Each applicant for New Shares submits to the non-exclusive jurisdiction of the courts of Victoria, Australia.

5.9 Foreign Jurisdictions

This Offer Booklet has been prepared to comply with the requirements of the securities laws of Australia.

The Entitlements and New Shares being offered under the Entitlement Offer are being offered to Shareholders with registered addresses in New Zealand in reliance on the Financial Markets Conduct (Incidental Offers) Exemption Notice 2016. This Offer Booklet is not a product disclosure statement under the Financial Markets Conduct Act 2013 (FMCA) or other similar offering or disclosure document under New Zealand law and has not been registered, filed with, or approved by any New Zealand regulatory authority or under or in accordance with the FMCA or any other relevant law in New Zealand. It does not contain all the information that a product disclosure document, under New Zealand law, is required to contain.

This Offer Booklet does not constitute an offer in any jurisdiction in which, or to any person to whom, it would not be lawful to make such an offer. No action has been taken to register or qualify the Entitlement Offer, the Entitlements or the New Shares or otherwise permit the public offering of the New Shares in any jurisdiction other than Australia and New Zealand.

This Offer Booklet, and any accompanying ASX announcements and the Entitlement and Acceptance Form, does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States. Neither this Offer Booklet nor the Entitlement and Acceptance Form may be distributed or released in the United States. Neither the Entitlements nor the New Shares offered in the Entitlement Offer have been, or will be, registered under the U.S. Securities Act or the securities laws of any state or other jurisdiction of the United States. Accordingly, the Entitlements may not be taken up by, and the New Shares may not be offered or sold to, persons in the United States or persons who are acting for the account or benefit of a person in the United States.

The New Shares to be offered and sold in the Retail Entitlement Offer may only be offered and sold outside the United States in "offshore transactions" (as defined in Rule 902(h) under the U.S. Securities Act) in compliance with Regulation S under the U.S. Securities Act.

Any non-compliance with these restrictions may contravene applicable securities laws.

5.10 Regulatory consents

ASX has granted St Barbara in principle confirmation that St Barbara will not need Shareholder's approval under Listing Rule 11.1.2, or re-comply with the admission criteria under Listing Rule 11.1.3, in respect of the Acquisition.

5.11 Underwriting arrangements

The Entitlement Offer is underwritten by the Underwriter, on the terms and conditions set out in the Underwriting Agreement. The obligations of the Underwriter are subject to the satisfaction of certain customary conditions precedent documented in the Underwriting Agreement. Furthermore, in accordance with the Underwriting Agreement, as is customary with these types of underwriting arrangements:

(a) St Barbara has (subject to certain limitations) agreed to indemnify the Underwriter, its affiliates and their respective officers, agents, advisers and employees against losses incurred in respect of the Entitlement Offer;
(b) St Barbara and the Underwriter have given certain representations, warranties and undertakings in connection with (among other things) the conduct of the Entitlement Offer;
(c) the Underwriter may terminate the Underwriting Agreement and be released from its obligations on the occurrence of certain events (in some cases, subject to the materiality of the relevant event), including (but not limited to) where:
- (i) a statement contained in certain materials prepared in relation to the Entitlement Offer, including in this Offer Booklet, (the Offer Materials) is or becomes misleading or deceptive or likely to mislead or deceive, or a matter required to be included is omitted from the Offer Materials;
- (ii) any government agency commences, or gives notice of an intention to commence, any court proceeding or public action against St Barbara or any of its directors;
- (iii) the Acquisition will not proceed for a number of reasons, including if a condition precedent to the Acquisition agreement is not capable of being satisfied or if the Acquisition agreement is terminated, void, avoided, illegal, invalid, unenforceable, or amended in any material respect without the prior written consent of the Underwriter;
- (iv) St Barbara ceases to be admitted to the official list of ASX or the Shares are suspended from official quotation on the ASX (other than a voluntary suspension requested by St Barbara to facilitate the Entitlement Offer and Acquisition);
- (v) there are certain delays in the timetable for the Entitlement Offer without the prior written consent of the Underwriter;
- (vi) St Barbara withdraws the Entitlement Offer;
- (vii) a representation, warranty or undertaking or obligation contained in the Underwriting Agreement on the part of St Barbara is breached, becomes not true or correct or is not performed;
- (viii) St Barbara is or is likely to become insolvent;
- (ix) a change in the Chairman, the Chief Executive Officer or Chief Financial Officer of St Barbara occurs; and
- (x) there is a material market disruption in certain key financial markets or hostilities not presently existing commence or a major escalation in existing hostilities occurs involving certain key countries; and
(d) St Barbara, and not the Underwriter, is responsible for the form and content of the Offer Materials and all advertising, publicity, announcements, statements, reports and other disclosures made in relation to the Entitlement Offer issued with the knowledge or prior consent of St Barbara or its directors, officers, employees or legal advisers acting on its behalf.

None of the Underwriter Parties has authorised, permitted or caused the issue, despatch or provision of this Offer Booklet and they do not take responsibility for any statements made in this Offer Booklet or any action taken by you on the basis of such information. The Underwriter has not authorised, approved or verified any forward-looking statements included in this Offer Booklet.

To the maximum extent permitted by law, each Underwriter Party excludes and disclaims all liability for any expenses, losses, damages or costs incurred by you as a result of your participation in the Entitlement Offer and this Offer Booklet being inaccurate or incomplete in any way for any reason, whether by negligence or otherwise, and make no representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of this Offer Booklet.

The Underwriter Parties take no responsibility for any part of the Offer Booklet or liability (including, without limitation, any liability arising from fault or negligence on the part of any person) for any direct, indirect, consequential or contingent loss or damage whatsoever arising from the use of any part of the Offer Booklet or otherwise arising in connection with it.

None of the Underwriter Parties make any recommendations as to whether you or your related parties should participate in the Entitlement Offer, nor do they make any representations or warranties, express or implied, to you concerning this Entitlement Offer or any such information and you represent, warrant and agree that you have not relied on any statements made by the Underwriter Parties in relation to the New Shares or the Entitlement Offer generally.

The Underwriting Agreement provides that the Underwriter shall not be issued any shares that would cause it to breach the 20% takeover threshold contained in Chapter 6D of the Corporations Act or which would require notification under the Foreign Acquisitions and Takeovers Act 1975 (Cth). The size of the Entitlement Offer is approximately 169.7 million Shares or 24.4% of the issued capital on a fully diluted basis. If the Underwriter was required to take up more than 20% of the Shares on issue, then it notes for the purposes of ASIC Report 612 (March 2019), that it will still guarantee funding of the entire underwritten proceeds by the completion date, the number of excess shortfall Shares would be approximately 30.5 million shares (being equivalent to 4.4% of the company's fully diluted issued share capital) plus any additional interests the Underwriter and its affiliates hold at the relevant settlement dates other than through its underwriting commitment, and it would enter into an arrangement for any such excess shares to be issued to it, or to third party investors, after close of the Entitlement Offer at the Offer Price. No material impact on control is expected to arise as a consequence of these arrangements or from any Shareholder taking up their Entitlement where there is an excess shortfall.

5.12 Disclaimer of representations

Except as required by law, and only to the extent so required, none of St Barbara, any Underwriter Parties or any other person, warrants or guarantees the future performance of St Barbara or any return on any investment made pursuant to this Offer Booklet.

6. GLOSSARY

$ or cents means Australian dollars or cents.

Acquisition means the acquisition of Atlantic by way of a court-approved plan of arrangement, as described in the Investor Presentation.

Administration Agent means the Underwriter, which may act through its U.S. registered broker dealer Affiliate, in its capacity as administration agent in connection with the U.S. Private Placement.

Affiliate has the meaning given to that term in Rule 501(b) under the U.S. Securities Act and also includes, in respect of any person, any other person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such person; and in this Agreement control (including in the terms controlled by and under common control with) means the possession, direct or indirect, of the power to direct or cause the direction of the management, policies or activities of a person, whether through the ownership of securities, by contract or agency or otherwise.

Applicant means an Eligible Retail Shareholder who has submitted a valid Application.

Application means the arranging for payment of the relevant Application Monies through BPAY® in accordance with the instructions on the Entitlement and Acceptance Form or the submission of an Entitlement and Acceptance Form accompanied by the relevant Application Monies.

Application Monies means the aggregate amount payable for the New Shares applied for through BPAY® or in a duly completed Entitlement and Acceptance Form, being the consideration for New Shares under the Retail Entitlement Offer.

Approved U.S. Investors means up to 20 persons that are not Shareholders as at the Record Date that are located in the United States and that St Barbara and the Administration Agent have pre-identified and have determined to be either:

(a) a QIB; or
(b) an Eligible U.S. Fund Manager.

Approved U.S. Securityholders means those Institutional Shareholders (including those persons on whose account or for whose benefit such Institutional Shareholders are acting, as applicable) that are Institutional Shareholders as at the date of the Underwriting Agreement and as at the Record Date and that St Barbara and the Administration Agent have pre-identified and have determined to be either:

(a) a QIB; or
(b) an Eligible U.S. Fund Manager.

ASIC means the Australian Securities and Investments Commission.

ASX means ASX Limited ACN 008 624 691 or, where the context requires, the securities exchange operated by it on which the Shares are quoted.

ASX Announcements means the initial announcement in relation to the Acquisition and Entitlement Offer released to the ASX on Wednesday, 15 May 2019 and the announcement in relation to the completion of the Institutional Entitlement Offer released to the ASX on Friday, 17 May 2019, incorporated in Section 4 of this Offer Booklet.

Atlantic means Atlantic Gold Corporation, a company listed on the Toronto Stock Exchange to be acquired by St Barbara pursuant to the Acquisition.

CGT means capital gains tax.

Closing Date means 5:00pm (AEST) on Tuesday, 4 June 2019, the day the Retail Entitlement Offer closes.

Corporations Act means the Corporations Act 2001 (Cth).

Eligible Institutional Shareholder means, in accordance with sections 708(8) and (11) of the Corporations Act, respectively, a sophisticated or professional Shareholder on the Record Date who:

(a) is not an Ineligible Institutional Shareholder;
(b) has successfully received an invitation from the Underwriter to participate in the Institutional Entitlement Offer (either directly or through a nominee); and
(c) is not in the United States unless it is an Approved U.S. Securityholder or an Approved U.S. Investor.

Eligible Retail Shareholders has the meaning given in Section 1.2 of the Offer Booklet.

Eligible Shareholders means all Eligible Institutional Shareholders and all Eligible Retail Shareholders.

Eligible U.S. Fund Manager means a dealer or other professional fiduciary organized or incorporated in the United States and acting for a discretionary or similar account (other than an estate or trust) held for the benefit or account of persons that are not "U.S. persons" (as defined in Regulation S under the U.S. Securities Act) for which such Investor has and is exercising investment discretion, within the meaning of Rule 902(k)(2)(i) of Regulation S under the U.S. Securities Act.

Entitlement means the number of New Shares for which an Eligible Shareholder is entitled to subscribe under the Entitlement Offer, being 1 New Share for every 3.1 Shares held at the Record Date.

Entitlement and Acceptance Form means the personalised form accompanying this Offer Booklet to be used to make an Application in accordance with the instructions set out on that form.

Entitlement Offer means the pro-rata accelerated non-renounceable entitlement offer of New Shares to Eligible Shareholders to raise approximately $490 million at the Offer Price on the basis of 1 New Share for every 3.1 Existing Shares held on the Record Date, and comprised of the Institutional Entitlement Offer and the Retail Entitlement Offer.

GST means goods and services tax, as defined in the GST Act.

GST Act means the A New Tax System (Goods and Services Tax) Act 1999 (Cth).

Ineligible Institutional Shareholder means a Shareholder who is an institutional or sophisticated Shareholder on the Record Date with a registered address outside the Permitted Jurisdictions or to whom ASX Listing Rule 7.7.1(a) applies.

Ineligible Retail Shareholders has the meaning given in Section 1.7 of this Offer Booklet.

Institutional Entitlement Offer means the pro-rata accelerated non-renounceable entitlement offer to Eligible Institutional Shareholders under the Entitlement Offer.

Investor Presentation means the St Barbara Investor Presentation released to ASX on Wednesday, 15 May 2019 and included in Section 4 of this Offer Booklet.

Listing Rules means the official listing rules of the ASX.

New Shares means the new fully paid ordinary shares in St Barbara to be allotted and issued under Entitlement Offer.

Offer Booklet means this offer booklet in relation to the Retail Entitlement Offer, including the ASX Announcements reproduced in Section 4 and the personalised Entitlement and Acceptance Form accompanying the offer booklet.

Offer Information Line means 1300 653 935 (within Australia) or +61 3 9415 4356 (outside Australia). The Offer Information Line will be answered live and operate between 8:30am and 5:00pm (AEST) on Monday to Friday during the Retail Entitlement Offer period.

Offer Price means $2.89 being the price payable per New Share under the Entitlement Offer.

Oversubscription Facility means the opportunity for Eligible Retail Shareholders who take up all of their Entitlement to also apply for additional New Shares in excess of their Entitlement up to a maximum of 25% of their Entitlement.

Performance Right means a performance right granted by St Barbara to employees under the St Barbara Performance Rights Plan.

Permitted Jurisdictions means Australia, New Zealand, Belgium, Denmark, Germany, Luxembourg, Netherlands, France, Hong Kong, Ireland, Italy, Japan, Korea, Malaysia, Norway, Singapore, Spain, Sweden, Switzerland, United Arab Emirates (excluding Dubai International Financial Centre), the United Kingdom, Canada (who are in British Columbia, Ontario or Quebec) and are "accredited investors" as defined in National Instrument 45-106 "Prospectus and Registration Exemptions") and the United States (only to the Approved U.S. Securityholders and Approved U.S. Investors) and other jurisdictions as agreed between the Underwriter and St Barbara.

QIB means a "qualified institutional buyer" as that term is defined in Rule 144A under the U.S. Securities Act.

Record Date means 7:00pm (AEST) on Friday, 17 May 2019.

Retail Entitlement Offer means the pro-rata accelerated non-renounceable entitlement offer to Eligible Retail Shareholders under the Entitlement Offer.

Share means a fully paid ordinary share in St Barbara.

Share Registry means Computershare Investor Services Pty Limited (ACN 078 279 277).

Shareholder means a holder of a Share.

St Barbara means St Barbara Limited (ACN 009 165 066).

TERP means the theoretical ex-rights price.

Timetable means the indicative table set out in the "Key dates for the Entitlement Offer" section of this Offer Booklet.

TOFA means Taxation of Financial Arrangements.

TOFA Amendments means the Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009 (Cth).

Underwriter means the underwriter of the Entitlement Offer.

Underwriting Agreement means the underwriting agreement between St Barbara and the Underwriter under which the Underwriter has agreed to underwrite the Entitlement Offer.

U.S. Private Placement means the offer and sale of the Shares in the United States by St Barbara to Approved U.S. Investors and Approved U.S. Securityholders as part of the Institutional Entitlement Offer and pursuant to an available exemption from the registration requirements of the U.S. Securities Act.

U.S. Securities Act means the United States Securities Act 1933 (as amended).

Corporate Directory

ST BARBARA LIMITED

ACN 009 165 066

REGISTERED OFFICE

Level 10, 432 St Kilda Road Melbourne, VIC 3004 Australia

LEGAL ADVISER TO ST BARBARA LIMITED

Ashurst Level 26, 181 William Street Melbourne VIC 3000 Australia

ACCOUNTING ADVISER TO ST BARBARA LIMITED

PricewaterhouseCoopers 2 Riverside Quay Southbank VIC 3006 Australia

SHARE REGISTRY

Computershare Investor Services Pty Ltd Yarra Falls 452 Johnston Street Abbotsford VIC 3067 +61 3 9415 4000

WEBSITE

Corporate information and the St Barbara Annual Report can be found via St Barbara's website at https://stbarbara.com.au/.

St Barbara Offer Information Line

Australia: 1300 653 935 International: +61 61 3 9415 4356

Open between 8:30am and 5:00pm (AEST) on Monday to Friday during the Retail Entitlement Offer period

MR SAM SAMPLE 123 SAMPLE STREET SAMPLETOWN VIC 3000

SBM

*S000001Q01*

For all enquiries:

Phone: (within Australia) 1300 653 935 (outside Australia) +61 3 9415 4356

Web: www.investorcentre.com/contact

Make your payment:

See overleaf for details of the Offer and how to make your payment

Retail Entitlement Offer — Entitlement and Acceptance Form

Your payment must be received by 5:00pm (Melbourne Time) Tuesday, 4 June 2019

This is an important document that requires your immediate attention. It can only be used in relation to the shareholding represented by the details printed overleaf. If you are in doubt about how to deal with this form, please contact your financial or other professional adviser.

Step 1: Registration Name & Offer Details

Details of the shareholding and entitlements for this Offer are shown overleaf.

Please check the details provided and update your address via www.investorcentre.com if any of the details are incorrect.

If you have a CHESS sponsored holding, please contact your Controlling Participant to notify a change of address.

Step 2: Make Your Payment

You can apply to accept either all or part of your Entitlement. If you accept your full Entitlement, you can also apply for Additional New Shares. Enter the number of New Shares you wish to apply for and the amount of payment for those New Shares.

By making your payment you confirm that you agree to all of the terms and conditions as detailed in the Offer Booklet dated 17 May 2019.

Choose one of the payment methods shown below.

BPAY ® : See overleaf. Do not return the payment slip with BPAY payment.

By Mail: Complete the reverse side of the payment slip and detach and return with your payment. Make your cheque, bank draft or money order payable in Australian dollars to "St Barbara Limited" and cross "Not Negotiable". The cheque must be drawn from an Australian bank. Cash is not accepted.

Payment will be processed on the day of receipt and as such, sufficient cleared funds must be held in your account as cheques received may not be re-presented and may result in your Application being rejected. Paperclip (do not staple) your cheque(s) to the payment slip. Receipts will not be forwarded. Funds cannot be debited directly from your account.

Entering your contact details is not compulsory, but will assist us if we need to contact you.

St Barbara Limited Retail Entitlement Offer Payment must be received by 5:00pm (Melbourne Time) Tuesday, 4 June 2019

Entitlement and Acceptance Form with Additional Shares

STEP 1	Registration Name & Offer Details		X 9999999991
Registration Name:	MR SAM SAMPLE123 SAMPLE STREETSAMPLETOWN VIC 3000	For your security keep your SRN/HIN confidential.Entitlement No: 12345678
Entitlement Offer	Existing shares entitled to participate as at 7.00pm on 17 May 2019:		4,000
Details:	Entitlement to New Shares on a 1 for 3.1 basis:		1
	Amount payable on full acceptance of Entitlement at A$2.89 per NewShare:		$0.01
	*Maximum Additional Shares for which you may apply (25% of yourEntitlement):		1

Amount payable on full acceptance of your Entitlement and application for the maximum Additional Shares at $2.89 per New Share: $2.89

*You may only apply for Additional Shares if you have applied for 100% of your Entitlement to New Shares

STEP 2 Make Your Payment

Biller Code: 298364
Ref No: 1234 5678 9123 4567 89

Pay by Mail:

Make your cheque, bank draft or money order payable to "St Barbara Limited" and cross "Not Negotiable".

Contact your financial institution to make your payment from your cheque or savings account.

Return your cheque with the below payment slip to: Computershare Investor Services Pty Limited GPO BOX 505 Melbourne Victoria 3001 Australia

The Entitlement Offer to which this Entitlement and Acceptance Form relates is not being made to investors located or resident outside Australia and New Zealand. In particular the Entitlement Offer is not being made to any person in the United States, and this Entitlement and Acceptance Form may not be released or distributed in the United States. The Offer Booklet and Entitlement and Acceptance Form do not constitute an offer or invitation to acquire Shares in any place in which, or to any person to whom, it would be unlawful to make such an offer or invitation.

Acceptance of Entitlement Offer

By either returning the Entitlement and Acceptance Form with payment to the Registry, or making payment received by BPAY:
You represent and warrant that you have read and understood the Offer Booklet dated 17 May 2019 and that you acknowledge the matters, and make the warranties and representations in section 2.8 of the Offer Booklet; and
• You provide authorisation to be bound by the constitution of St Barbara Limited and agree to the terms and conditions of the Offer Booklet.

Lodgement of Acceptance

If you are applying for New Shares and your payment is being made by BPAY, you do not need to return the payment slip below. Your payment must be received by no later than 5:00pm (Melbourne Time) Tuesday, 4 June 2019. Applicants should be aware that their own financial institution may implement earlier cut off times with regards to electronic payment, and should therefore take this into consideration when making payment. Neither Computershare Investor Services Pty Limited (CIS) nor St Barbara Limited accepts any responsibility for loss incurred through incorrectly completed BPAY payments. It is the responsibility of the applicant to ensure that funds submitted through BPAY are received by this time.

If you are paying by cheque, bank draft or money order the payment slip below must be received by CIS by no later than 5:00pm (Melbourne Time) Tuesday, 4 June 2019. You should allow sufficient time for this to occur. A reply paid envelope is enclosed for shareholders in Australia. Other Eligible Retail Shareholders will need to affix the appropriate postage. Return the payment slip below with cheque attached. Neither CIS nor St Barbara Limited accepts any responsibility if you lodge the payment slip below at any other address or by any other means.

Privacy Notice

The personal information you provide on this form is collected by CIS, as registrar for the securities issuers (the issuer), for the purpose of maintaining registers of securityholders, facilitating distribution payments and other corporate actions and communications. In addition, the issuer may authorise us on their behalf to send you marketing material or include such material in a corporate communication. You may elect not to receive marketing material by contacting CIS using the details provided above or emailing [email protected]. We may be required to collect your personal information under the Corporations Act 2001 (Cth) and ASX Settlement Operating Rules. We may disclose your personal information to our related bodies corporate and to other individuals or companies who assist us in supplying our services or who perform functions on our behalf, to the issuer for whom we maintain securities registers or to third parties upon direction by the issuer where related to the issuer's administration of your securityholding, or as otherwise required or authorised by law. Some of these recipients may be located outside Australia, including in the following countries: Canada, India, New Zealand, the Philippines, the United Kingdom and the United States of America. For further details, including how to access and correct your personal information, and information on our privacy complaints handling procedure, please contact our Privacy Officer at [email protected] or see our Privacy Policy at http://www.computershare.com/au.

Overseas Shareholders

The Offer Booklet and Entitlement and Acceptance Form do not constitute as offer of securities in any jurisdiction outside of Australia and New Zealand or any person to whom it would not be lawful to issue the Offer Booklet. By applying for New Shares under this Entitlement and Acceptance Form or by accepting this offer, you represent and warrant that applying for New Shares does not breach and law in relevant overseas jurisdiction. The Entitlements and New Share to be offered and sold in the Retail Entitlement Offer may only be offered and sold in "offshore transactions" (as defined in Rule 902(h)) in compliance with Regulation S under the U.S Securities Act.

Detach here

St Barbara Limited Acceptance Payment Details
Number of Entitlements accepted (excludingAdditional Shares):			A
Number of Additional Shares applied for:			B	12345678
Total number of New Shares applied for(add A + B):			C	Entitlement No: 12345678
Amount enclosed at $2.89 per new Share:		MR SAM SAMPLE123 SAMPLE STREET
Payment must be received by 5:00pm (Melbourne Time) Tuesday, 4 June 2019				SAMPLETOWN VIC 3000
Contact Details
ContactName		DaytimeTelephone
Cheque DetailsDrawer	Cheque Number	BSB Number	Account Number	Amount of Cheque

Drawer	Cheque Number	BSB Number	Account Number	Amount of Cheque

[Date]

[Name]

[Address]

Dear Shareholder

ST BARBARA LIMITED $490 MILLION PRO-RATA ACCELERATED NON-RENOUNCEABLE ENTITLEMENT OFFER

Notification to Ineligible Retail Shareholders

On Wednesday, 15 May 2019, St Barbara Limited (St Barbara) announced a pro-rata accelerated non-renounceable entitlement offer of new St Barbara shares (New Shares) at an offer price of $2.89 per New Share (Offer Price) to raise approximately $490 million (Entitlement Offer). St Barbara will offer eligible existing shareholders (Eligible Shareholders) the opportunity to subscribe for 1 New Share for every 3.1 existing St Barbara shares held on the Record Date of 7.00pm (AEST) on Friday, 17 May 2019 (Record Date).

Why are we sending you this letter?

This letter is to inform you about the Entitlement Offer and to explain to you why you will not be able to subscribe for shares under the Entitlement Offer.

No action required

This letter is not an offer to issue New Shares to you, nor an invitation for you to apply for New Shares. You are not required to do anything in response to this letter.

Details of the Entitlement Offer

The New Shares issued under the Entitlement Offer will comprise approximately 169,673,902 New Shares.

The Entitlement Offer comprises an offer to eligible institutional shareholders (Institutional Entitlement Offer) and an offer to eligible retail shareholders (Retail Entitlement Offer) to subscribe for New Shares at the same Offer Price and offer ratio.

The Entitlement Offer is being made pursuant to section 708AA of the Corporations Act 2001 (Cth) (Corporations Act) (as modified by ASIC Corporations (Non-Traditional Rights Issues) Instrument 2016/84), meaning that no prospectus needs to be prepared in relation to the Entitlement Offer. The Institutional Entitlement Offer has already been completed and raised approximately A$355 million.

The Entitlement Offer is being made by St Barbara without a disclosure document under section 708AA of the Corporations Act 2001 (Cth) as modified by ASIC Corporations (Non-Traditional Rights Issues) Instrument 2016/84 (Corporations Act).

Details and eligibility of the Retail Entitlement Offer

The Retail Entitlement Offer is being made to Eligible Retail Shareholders (as defined below) on the basis of 1 New Share for every 3.1 existing St Barbara shares held as at the Record Date. An offer booklet in relation to the Retail Entitlement Offer (Retail Offer Booklet) will be despatched to Eligible Retail Shareholders on or around Tuesday, 21 May 2019.

Eligible Retail Shareholders are those persons who:

are registered as a holder of existing fully paid ordinary St Barbara shares as at 7.00pm (AEST) on the Record Date, being Friday, 17 May 2019;
have a registered address on the St Barbara share register in Australia or New Zealand as at the Record Date;
are not in the United States and are not acting for the account or benefit of a person in the United States (to the extent such person holds St Barbara shares for the account or benefit of such person in the United States);
did not receive an offer to participate (other than as nominee in respect of other underlying holdings) in the Institutional Entitlement Offer and were not treated as ineligible institutional investors under the Institutional Entitlement Offer; and
are eligible under all applicable securities laws to receive an offer under the Retail Entitlement Offer without any requirement for a prospectus or offer document to be lodged or registered.

Shareholders who are not Eligible Retail Shareholders and who did not participate in the Institutional Entitlement Offer are ineligible shareholders.

The restrictions upon eligibility to participate in the Retail Entitlement Offer arise because of legal and regulatory limitations in some countries other than Australia and New Zealand and the potential costs to St Barbara of complying with these legal and regulatory requirements compared with the relatively small number of shareholders there, the small number of shares they hold and the relatively low value of New Shares to which those shareholders would otherwise be entitled.

St Barbara has determined, pursuant to Listing Rule 7.7.1(a) of the ASX Listing Rules and section 9A(3) of the Corporations Act (as modified by ASIC Corporations (Non-Traditional Rights Issues) Instrument 2016/84), that it would be unreasonable to make or extend offers to shareholders in countries (other than Australia and New Zealand) in connection with the Retail Entitlement Offer.

Unfortunately, as you do not satisfy the criteria stated above, you are not an Eligible Retail Shareholder for the purposes of the Retail Entitlement Offer. Accordingly, in compliance with ASX Listing Rule 7.7.1(b) and section 9A(3)(b) of the Corporations Act, St Barbara wishes to notify you that St Barbara will not be extending the Retail Entitlement Offer to you and you will not be able to subscribe for New Shares under the Retail Entitlement Offer. Under the terms of the Retail Entitlement Offer, you are not eligible to apply for New Shares and you will not be sent a copy of the offer materials relating to the Retail Entitlement Offer.

Notwithstanding the above, St Barbara may agree to extend the Retail Entitlement Offer to certain Institutional Shareholders in foreign jurisdictions who did not participate in the Institutional Entitlement Offer subject to compliance with applicable laws.

As the Retail Entitlement Offer is non-renounceable, you will not receive any payment or value for entitlements in respect of any New Shares that would have been offered to you if you were an Eligible Retail Shareholder.

If you have any queries regarding the Retail Entitlement Offer, or if you believe you are an Eligible Retail Shareholder please call the St Barbara Offer Information Line on 1300 653 935 (within Australia) or +61 3 9415 4356 (outside Australia) between 8.30am to 5.00pm (AEST) Monday to Friday during the Retail Entitlement Offer period. For other questions, you should consult your stockbroker, accountant or other professional adviser.

On behalf of the Board and management of St Barbara, thank you for your continued support.

Yours sincerely

Rowan Cole

Company Secretary

Important Information

This letter is issued by St Barbara Limited (St Barbara). This letter is not a prospectus or offering document under Australian law or under any other law. It is for information purposes only and does not constitute an offer, invitation or recommendation to subscribe for, retain or purchase any securities in St Barbara in any jurisdiction. This letter does not constitute financial product advice and has been prepared without taking account of the investment objectives, financial situation or needs of any particular investor. This letter does not and will not form any part of any contract for the acquisition of St Barbara shares.

This letter does not constitute an offer to sell, or the solicitation of an offer to buy, securities in the United States or in any other jurisdiction in which such an offer would be illegal. Neither the entitlements nor the New Shares referred to herein have been, nor will be, registered under the U.S. Securities Act of 1933, as amended (U.S. Securities Act) or under the securities laws of any state or other jurisdiction of the United States. Accordingly, the entitlements may not be exercised by, and the entitlements and New Shares may not be offered or sold to, persons in the United States or to persons that are acting for the account or benefit of persons in the United States unless they have been registered under the U.S. Securities Act, or are offered and sold in a transaction exempt from, or not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. The New Shares to be offered and sold in the Retail Entitlement Offer may only be offered and sold outside the United States in "offshore transactions" (as defined in Rule 902(h) under the U.S. Securities Act) in compliance with Regulation S under the U.S. Securities Act.

No documents relating to the Retail Entitlement Offer may be sent or distributed, in whole or in part to persons in the United States or to persons that are acting for the account or benefit of any person in the United States.

AI assistant

ST BARBARA LIMITED — Capital/Financing Update 2019

65749_rns_2019-05-16_f8b2ecbf-2237-416b-aebc-68bee78ea55f.pdf

ST BARBARA LIMITED (ASX: SBM)

Retail Entitlement Offer Booklet

St Barbara Limited

Retail Entitlement Offer Booklet

IMPORTANT NOTICES

Please contact your professional advisor or the St Barbara Offer Information Line on 1300 653 935 (within Australia) or +61 3 9415 4356 (outside Australia) between 8:30am and 5:00pm (AEST) on Monday to Friday if you have any questions.

No overseas offering

New Zealand

United States disclaimer

Definitions, time and currency

Taxation

Privacy

Governing law

No representations

Past performance

Future performance

Disclaimer

Risks

No cooling off

Trading New Shares

No Entitlements trading

Disclaimer of representations

CONTENTS

A. CHAIRMAN'S LETTER

17 May 2019

The Acquisition

Entitlement Offer

Other information

The Retail Entitlement Offer closes at 5:00pm (AEST) on Tuesday, 4 June 2019.

Tim Netscher

B. KEY DATES FOR THE ENTITLEMENT OFFER

Enquiries

1. OVERVIEW OF THE ENTITLEMENT OFFER

1.1 Entitlement Offer

1.2 Who is eligible to participate the Retail Entitlement Offer?

1.3 What is your Entitlement?

1.4 Can you trade your Entitlement?

1.5 Reconciliation

1.6 ASX quotation

1.7 Ineligible Retail Shareholders

1.8 Restrictions on exercise of Entitlements

1.9 Performance Rights holders

1.10 Rights of St Barbara in relation to adjustments

Adjusting Entitlements

Adjusting for subscriptions in excess of Entitlement

Acknowledgement

2. HOW TO APPLY

2.1 What you may do – choices available

2.2 If you wish to take up all of your Entitlement or take up all of your Entitlement and participate in the Oversubscription Facility

2.3 If you wish to take up part of your Entitlement

2.4 If you do not wish to take up your Entitlement

2.5 Consequences of not taking up all or part of your Entitlement

2.6 Payment

General

Payment by BPAY®

Payment by cheque, bank draft or money order

2.7 Mail delivery

2.8 Entitlement and Acceptance Form is binding

3. AUSTRALIAN TAXATION CONSIDERATIONS

ϯ͘ϭ Issue of Entitlement

ϯ͘Ϯ Exercise of Entitlement and applying for additional New Shares under the Oversubscription Facility

ϯ͘ϯ New Shares

3.4 Other Australian taxes

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES

Equity raising

Institutional Entitlement offer

Retail Entitlement offer

Timetable

Further information

Analyst briefing and audio webcast

Retail Investor Enquiries

Important information

Notes

Attachment I – Details of Atlantic acquisition

Conditions precedent

Termination

Attachment II – Information about Steven Dean and Maryse Bélanger

ST BARBARA LIMITED Capital/Financing Update 2019