Difficult-to-treat asthma : mechanisms and risk factors Veen, H.P.A.A. van

Citation

Veen, H. P. A. A. van. (2010, September 2). Difficult-to-treat asthma : mechanisms and risk factors. Retrieved from

https://hdl.handle.net/1887/15918

Version: Corrected Publisher’s Version

License: Licence agreement concerning inclusion of doctoral thesis in the Institutional Repository of the University of Leiden

Downloaded from: https://hdl.handle.net/1887/15918

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^ƵŵŵĂƌLJĂŶĚŐĞŶĞƌĂůĚŝƐĐƵƐƐŝŽŶ

ŚĂƉƚĞƌ  ϴ

ϭϮϮ

Zϭ ZϮ Zϯ Zϰ Zϱ Zϲ Zϳ Zϴ Zϵ ZϭϬ Zϭϭ ZϭϮ Zϭϯ Zϭϰ Zϭϱ Zϭϲ Zϭϳ Zϭϴ Zϭϵ ZϮϬ ZϮϭ ZϮϮ ZϮϯ ZϮϰ ZϮϱ ZϮϲ ZϮϳ ZϮϴ ZϮϵ ZϯϬ Zϯϭ ZϯϮ Zϯϯ Zϯϰ Zϯϱ Zϯϲ Zϯϳ Zϯϴ

ϭϮϯ

Zϭ ZϮ Zϯ Zϰ Zϱ Zϲ Zϳ Zϴ Zϵ ZϭϬ Zϭϭ ZϭϮ Zϭϯ Zϭϰ Zϭϱ Zϭϲ Zϭϳ Zϭϴ Zϭϵ ZϮϬ ZϮϭ ZϮϮ ZϮϯ ZϮϰ ZϮϱ ZϮϲ ZϮϳ ZϮϴ ZϮϵ ZϯϬ Zϯϭ ZϯϮ Zϯϯ Zϯϰ Zϯϱ Zϯϲ Zϯϳ Zϯϴ

^ƵŵŵĂƌLJ

ƌŽƵŶĚϱƚŽϭϬйŽĨƉĂƟĞŶƚƐǁŝƚŚĂƐƚŚŵĂĚŽŶŽƚƌĞƐƉŽŶĚĂĚĞƋƵĂƚĞůLJƚŽŝŶŚĂůĞĚƐƚĞƌŽŝĚƐ

ĂŶĚůŽŶŐͲĂĐƟŶŐďƌŽŶĐŚŽĚŝůĂƚŽƌƐĂŶĚďĞĐŽŵĞĚŝĸĐƵůƚͲƚŽͲƚƌĞĂƚ͖ƚŚĞLJƌĞŵĂŝŶƐLJŵƉƚŽŵĂƟĐ͕

ŚĂǀĞ ƌĞĐƵƌƌĞŶƚ ĞdžĂĐĞƌďĂƟŽŶƐ Žƌ ƉĞƌƐŝƐƚĞŶƚ ĂŝƌŇŽǁ ůŝŵŝƚĂƟŽŶ͘ dŚŝƐ ƚŚĞƐŝƐ ĨŽĐƵƐĞƐ ŽŶ ƚŚĞ

ŵĞĐŚĂŶŝƐŵƐƚŚĂƚŵĂLJĞdžƉůĂŝŶǁŚLJƚŚĞƐĞƉĂƟĞŶƚƐďĞĐŽŵĞĚŝĸĐƵůƚͲƚŽͲƚƌĞĂƚ͕ĚĞƐĐƌŝďĞƐƌŝƐŬ

ĨĂĐƚŽƌƐƚŚĂƚĂƌĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚĚŝĸĐƵůƚͲƚŽͲƚƌĞĂƚĂƐƚŚŵĂĂŶĚŝŶǀĞƐƟŐĂƚĞƐďŝŽŵĂƌŬĞƌƐƚŚĂƚ

ĐĂŶƉƌĞĚŝĐƚƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƐƉĞĐŝĮĐĂƐƚŚŵĂƉŚĞŶŽƚLJƉĞƐ͘dŚĞŵĂŝŶĐŽŶĐůƵƐŝŽŶƐĨƌŽŵƚŚĞ

ƐƚƵĚŝĞƐŝŶƚŚŝƐƚŚĞƐŝƐĂƌĞƐƵŵŵĂƌŝnjĞĚďĞůŽǁ͘

DĞĐŚĂŶŝƐŵƐƚŚĂƚŵĂLJĞdžƉůĂŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƉĞƌƐŝƐƚĞŶƚĂŝƌŇŽǁůŝŵŝƚĂƟŽŶ

/ŶĐŚĂƉƚĞƌϯǁĞŝŶǀĞƐƟŐĂƚĞĚƚŚĞƌŽůĞŽĨĂůƉŚĂͲϭͲĂŶƟƚƌLJƉƐŝŶĚĞĮĐŝĞŶĐLJŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚ

ŽĨ ƉĞƌƐŝƐƚĞŶƚ ĂŝƌŇŽǁ ůŝŵŝƚĂƟŽŶ ŝŶ ƉĂƟĞŶƚƐ ǁŝƚŚ ĚŝĸĐƵůƚͲƚŽͲƚƌĞĂƚ ĂƐƚŚŵĂ͘ dŚĞ ƉƌĞǀĂůĞŶĐĞ

ŽĨ Ă ŶŽŶͲWŝD ĂůƉŚĂͲϭͲĂŶƟƚƌLJƉƐŝŶ ƉŚĞŶŽƚLJƉĞ ŝŶ ŽƵƌ ĐŽŚŽƌƚ ŽĨ ƉĂƟĞŶƚƐ ǁŝƚŚ ĚŝĸĐƵůƚͲƚŽͲ ƚƌĞĂƚĂƐƚŚŵĂǁĂƐůŽǁ;ϰ͘ϵйͿ͘tĞĚĞŵŽŶƐƚƌĂƚĞĚƚŚĂƚƉĞƌƐŝƐƚĞŶƚĂŝƌŇŽǁůŝŵŝƚĂƟŽŶǁĂƐŶŽƚ

ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ Ă ŶŽŶͲWŝD ƉŚĞŶŽƚLJƉĞ ŝŶ ƚŚĞƐĞ ƉĂƟĞŶƚƐ͘ dŚĞƌĞĨŽƌĞ ĂůƉŚĂͲϭͲĂŶƟƚƌLJƉƐŝŶ

ŚĞƚĞƌŽnjLJŐŽƐŝƐĚŽĞƐŶŽƚƐĞĞŵƚŽďĞĂŶŝŵƉŽƌƚĂŶƚĐŽŶƚƌŝďƵƟŶŐĨĂĐƚŽƌĨŽƌĂƌĂƉŝĚĚĞĐůŝŶĞŝŶ

ůƵŶŐĨƵŶĐƟŽŶŝŶĂƐƚŚŵĂƟĐƉĂƟĞŶƚƐ͘

dŚĞ Ăŝŵ ŽĨ ƚŚĞ ƐƚƵĚLJ ŝŶ ĐŚĂƉƚĞƌ ϰ ǁĂƐ ƚŽ ŝŶǀĞƐƟŐĂƚĞ ƚŚĞ ĚĞŐƌĞĞ ŽĨ ƉĞƌŝƉŚĞƌĂů ĂŝƌǁĂLJ

ĚLJƐĨƵŶĐƟŽŶ ĂŶĚ ƉĞƌŝƉŚĞƌĂů ĂŝƌǁĂLJ ŝŶŇĂŵŵĂƟŽŶ͕ ĂŶĚ ƚŚĞŝƌ ƌĞůĂƟŽŶƐŚŝƉ ŝŶ ƉĂƟĞŶƚƐ ǁŝƚŚ

ƐĞǀĞƌĞĂƐƚŚŵĂĐŽŵƉĂƌĞĚƚŽƉĂƟĞŶƚƐǁŝƚŚŵŝůĚͲƚŽͲŵŽĚĞƌĂƚĞĂƐƚŚŵĂ͘dŽĂƐƐĞƐƐƉĞƌŝƉŚĞƌĂů

ĂŝƌǁĂLJŝŶŇĂŵŵĂƟŽŶĂƌĂƚŚĞƌŶĞǁŵĞĂƐƵƌĞǁĂƐƵƐĞĚ͖ĂůǀĞŽůĂƌŶŝƚƌŝĐŽdžŝĚĞ;ĂůǀĞŽůĂƌEKͿ͕

ĚĞƌŝǀĞĚ ĨƌŽŵ ŶŝƚƌŝĐ ŽdžŝĚĞ ůĞǀĞůƐ ŝŶ ĞdžŚĂůĞĚ ďƌĞĂƚŚ͘ dŚĞ ƌĞƐƵůƚƐ ƐŚŽǁĞĚ ƚŚĂƚ ĂůǀĞŽůĂƌ EK

ŝƐĐůŽƐĞůLJƌĞůĂƚĞĚƚŽƉĂƌĂŵĞƚĞƌƐŽĨƉĞƌŝƉŚĞƌĂůĂŝƌǁĂLJĚLJƐĨƵŶĐƟŽŶŝŶƉĂƟĞŶƚƐǁŝƚŚƐĞǀĞƌĞ

ĂƐƚŚŵĂ͕ďƵƚŶŽƚŝŶƉĂƟĞŶƚƐǁŝƚŚŵŝůĚͲƚŽͲŵŽĚĞƌĂƚĞĂƐƚŚŵĂ͘dŚĞĨĂůůŝŶĨŽƌĐĞĚǀŝƚĂůĐĂƉĂĐŝƚLJ

;&sͿĂƚƚŚĞƉƌŽǀŽĐĂƟǀĞĐŽŶĐĞŶƚƌĂƟŽŶŽĨŵĞƚŚĂĐŚŽůŝŶĞĐĂƵƐŝŶŐĂϮϬйĨĂůůŝŶ&s_ϭ;ѐ&sͿ

ǁĂƐ ŚŝŐŚĞƌ͕ ĂŶĚ ƚŚĞ ƐůŽƉĞ ŽĨ ƚŚĞ ŶŝƚƌŽŐĞŶ ǁĂƐŚŽƵƚ ĐƵƌǀĞ ;ĚE_ϮͿ ǁĂƐ ƐƚĞĞƉĞƌ ŝŶ ƉĂƟĞŶƚƐ

ǁŝƚŚƐĞǀĞƌĞĂƐƚŚŵĂ͘dŚĞƌĞǁĂƐŶŽĚŝīĞƌĞŶĐĞŝŶĂůǀĞŽůĂƌEKďĞƚǁĞĞŶƉĂƟĞŶƚƐǁŝƚŚƐĞǀĞƌĞ

ĂŶĚ ŵŝůĚͲƚŽͲŵŽĚĞƌĂƚĞ ĂƐƚŚŵĂ͘ ,ŽǁĞǀĞƌ͕ ƚŚŽƐĞ ƉĂƟĞŶƚƐ ǁŚŽ ǁĞƌĞ ŽŶ ĐŽŶƟŶƵŽƵƐ ŽƌĂů

ĐŽƌƟĐŽƐƚĞƌŽŝĚƚƌĞĂƚŵĞŶƚŚĂĚŵŽƌĞƉĞƌŝƉŚĞƌĂůĂŝƌǁĂLJŝŶŇĂŵŵĂƟŽŶĂŶĚĚLJƐĨƵŶĐƟŽŶƚŚĂŶ

ƉĂƟĞŶƚƐǁŝƚŚĚŝĸĐƵůƚͲƚŽͲƚƌĞĂƚĂƐƚŚŵĂǁŚŽǁĞƌĞƚƌĞĂƚĞĚǁŝƚŚŝŶŚĂůĞĚĐŽƌƟĐŽƐƚĞƌŽŝĚƐŽŶůLJ͕

ĂŶĚƚŚĂŶƉĂƟĞŶƚƐǁŝƚŚŵŝůĚͲƚŽͲŵŽĚĞƌĂƚĞĂƐƚŚŵĂ͘dŚŝƐƐƵŐŐĞƐƚƐƚŚĂƚƉĂƟĞŶƚƐŽŶĐŚƌŽŶŝĐ

ŽƌĂů ƐƚĞƌŽŝĚ ƚƌĞĂƚŵĞŶƚ ŚĂǀĞ ŵŽƌĞ ĞdžƚĞŶƐŝǀĞ ĂŝƌǁĂLJ ĚŝƐĞĂƐĞ ĂŶĚ ƌĞƋƵŝƌĞ ĂĚĚŝƟŽŶĂů ĂŶƟͲ ŝŶŇĂŵŵĂƚŽƌLJƚƌĞĂƚŵĞŶƚƚŽďĞƩĞƌƚĂƌŐĞƚƚŚĞƉĞƌŝƉŚĞƌĂůĂŝƌǁĂLJƐ͘ůǀĞŽůĂƌŶŝƚƌŝĐŽdžŝĚĞŵĂLJ

ďĞĐŽŵĞĂŶŝŵƉŽƌƚĂŶƚƚŽŽůƚŽĚĞƚĞĐƚƉĞƌŝƉŚĞƌĂůĂŝƌǁĂLJĚŝƐĞĂƐĞŝŶƉĂƟĞŶƚƐǁŝƚŚĂƐƚŚŵĂĂŶĚ

ƚŽĞǀĂůƵĂƚĞŶĞǁƚŚĞƌĂƉĞƵƟĐƐƚƌĂƚĞŐŝĞƐ͘

ϭϮϰ

Zϭ ZϮ Zϯ Zϰ Zϱ Zϲ Zϳ Zϴ Zϵ ZϭϬ Zϭϭ ZϭϮ Zϭϯ Zϭϰ Zϭϱ Zϭϲ Zϭϳ Zϭϴ Zϭϵ ZϮϬ ZϮϭ ZϮϮ ZϮϯ ZϮϰ ZϮϱ ZϮϲ ZϮϳ ZϮϴ ZϮϵ ZϯϬ Zϯϭ ZϯϮ Zϯϯ Zϯϰ Zϯϱ Zϯϲ Zϯϳ Zϯϴ

dŚĞŽďĞƐĞƉŚĞŶŽƚLJƉĞ

/ŶĐŚĂƉƚĞƌϱǁĞŝŶǀĞƐƟŐĂƚĞĚƚŚĞĐůŝŶŝĐĂůĂŶĚŝŶŇĂŵŵĂƚŽƌLJƉƌŽĮůĞŽĨŽďĞƐĞƉĂƟĞŶƚƐǁŝƚŚ

ĚŝĸĐƵůƚͲƚŽͲƚƌĞĂƚĂƐƚŚŵĂĂƐĐŽŵƉĂƌĞĚƚŽŶŽŶͲŽďĞƐĞƉĂƟĞŶƚƐǁŚŽǁĞƌĞĚŝĸĐƵůƚͲƚŽͲƚƌĞĂƚ͘dŚĞ

ƌĞƐƵůƚƐŽĨƚŚŝƐƐƚƵĚLJƐŚŽǁĞĚƚŚĂƚŽďĞƐĞƉĂƟĞŶƚƐǁŝƚŚĚŝĸĐƵůƚͲƚŽͲƚƌĞĂƚĂƐƚŚŵĂĚŽŶŽƚŚĂǀĞ

ŵŽƌĞƐĞǀĞƌĞĂŝƌǁĂLJŝŶŇĂŵŵĂƟŽŶĂƐĐŽŵƉĂƌĞĚƚŽŶŽŶŽďĞƐĞƉĂƟĞŶƚƐ͘,ŽǁĞǀĞƌ͕ĚŝīĞƌĞŶĐĞƐ

ǁĞƌĞŽďƐĞƌǀĞĚŝŶůƵŶŐĨƵŶĐƟŽŶƉĂƌĂŵĞƚĞƌƐĂŶĚĐŽͲŵŽƌďŝĚĨĂĐƚŽƌƐ͗ŽďĞƐĞƉĂƟĞŶƚƐŚĂĚĂ

ůŽǁĞƌ&Zͬd>;ĨƵŶĐƟŽŶĂůƌĞƐŝĚƵĂůĐĂƉĂĐŝƚLJͬƚŽƚĂůůƵŶŐĐĂƉĂĐŝƚLJͿĂŶĚĂŶŝŶĐƌĞĂƐĞĚŶƵŵďĞƌ

ŽĨĐŽͲŵŽƌďŝĚĨĂĐƚŽƌƐĂƐĐŽŵƉĂƌĞĚƚŽŶŽŶͲŽďĞƐĞƉĂƟĞŶƚƐ͘tĞĐŽŶĐůƵĚĞĚƚŚĂƚŽďĞƐĞƉĂƟĞŶƚƐ

ǁŝƚŚĂƐƚŚŵĂŵĂLJĞdžŚŝďŝƚŵŽƌĞƐĞǀĞƌĞĂƐƚŚŵĂƐLJŵƉƚŽŵƐŽƌĞǀĞŶďĞĐŽŵĞĚŝĸĐƵůƚͲƚŽͲƚƌĞĂƚ

ďĞĐĂƵƐĞŽĨĂŶƵŶĨĂǀŽƵƌĂďůĞĞīĞĐƚŽĨŽǀĞƌǁĞŝŐŚƚŽŶůƵŶŐĨƵŶĐƟŽŶ͕ŽƌďĞĐĂƵƐĞŽĨĂŐŐƌĂǀĂƟŶŐ

ĐŽͲŵŽƌďŝĚĨĂĐƚŽƌƐƐƵĐŚĂƐŐĂƐƚƌŽĞƐŽƉŚĂŐĞĂůƌĞŇƵdžĂŶĚŽďƐƚƌƵĐƟǀĞƐůĞĞƉĂƉŶŽĞĂ͘

WƌĞĚŝĐƚŽƌƐŽĨĂŶĂĐĐĞůĞƌĂƚĞĚĚĞĐůŝŶĞŝŶůƵŶŐĨƵŶĐƟŽŶ

/ƚŚĂƐďĞĞŶƐŚŽǁŶƚŚĂƚĂƐƵďŐƌŽƵƉŽĨƉĂƟĞŶƚƐǁŝƚŚĂƐƚŚŵĂŚĂǀĞĂŶĂĐĐĞůĞƌĂƚĞĚĚĞĐůŝŶĞ

ŝŶ ůƵŶŐ ĨƵŶĐƟŽŶ͘ /Ŷ ĐŚĂƉƚĞƌ ϲ ǁĞ ƐƚƵĚŝĞĚ ƚŚĞ ĚĞĐůŝŶĞ ŝŶ &s_ϭ ŝŶ ŽƵƌ ĐŽŚŽƌƚ ŽĨ ƉĂƟĞŶƚƐ

ǁŝƚŚĚŝĸĐƵůƚͲƚŽͲƚƌĞĂƚĂƐƚŚŵĂŽǀĞƌĂƉĞƌŝŽĚŽĨϱͲϲLJĞĂƌƐĂŶĚĚĞƚĞƌŵŝŶĞĚƉƌĞĚŝĐƚŽƌƐŽĨĂŶ

ĂĐĐĞůĞƌĂƚĞĚ ĚĞĐůŝŶĞ ŝŶ &s_ϭ͘  ƐƵďŐƌŽƵƉ ŽĨ ƉĂƟĞŶƚƐ ;ϯϵйͿ ŚĂĚ ĂŶ ĂĐĐĞůĞƌĂƚĞĚ ĚĞĐůŝŶĞ ŝŶ

&s_ϭĚĞĮŶĞĚĂƐĂĨĂůůŝŶ&s_ϭшϮϱŵůͬLJĞĂƌ͘WĂƟĞŶƚƐǁŝƚŚĂŚŝŐŚůĞǀĞůŽĨĞdžŚĂůĞĚŶŝƚƌŝĐŽdžŝĚĞ

;&ĞEKшϮϬƉƉďͿŚĂĚĂŶŝŶĐƌĞĂƐĞĚƌŝƐŬĨŽƌƚŚŝƐĂĐĐĞůĞƌĂƚĞĚĚĞĐůŝŶĞ;ƌĞůĂƟǀĞƌŝƐŬ;ZZͿ͗ϭ͘ϵͿĂƐ

ĐŽŵƉĂƌĞĚƚŽƉĂƟĞŶƚƐǁŝƚŚůŽǁ&ĞEKůĞǀĞůƐ͕ĞƐƉĞĐŝĂůůLJǁŚĞŶƚŚĞLJŚĂĚŶŽƌŵĂůůƵŶŐĨƵŶĐƟŽŶ

ĂƚďĂƐĞůŝŶĞ;ZZ͗ϯ͘ϭͿ͘

WĞƌƐŝƐƚĞŶĐĞŽĨƚŚĞĞŽƐŝŶŽƉŚŝůŝĐƉŚĞŶŽƚLJƉĞ

ŚĂƉƚĞƌϳƐŚŽǁƐƚŚĂƚƚŚĞƉƌĞƐĞŶĐĞŽĨƐƉƵƚƵŵĞŽƐŝŶŽƉŚŝůŝĂ͕ĚĞĮŶĞĚĂƐƐƉƵƚƵŵĞŽƐŝŶŽƉŚŝůƐ

шϮй͕ŝŶƉĂƟĞŶƚƐǁŝƚŚĚŝĸĐƵůƚͲƚŽͲƚƌĞĂƚĂƐƚŚŵĂŝƐĂĐŽŶƐŝƐƚĞŶƚĨĞĂƚƵƌĞŽǀĞƌĂƉĞƌŝŽĚŽĨĮǀĞ

LJĞĂƌƐ ŝŶ ƚŚĞ ǀĂƐƚ ŵĂũŽƌŝƚLJ ŽĨ ƉĂƟĞŶƚƐ ĂŶĚ ƚŚĂƚ ƚŚĞ ƉĞƌĐĞŶƚĂŐĞ ŽĨ ƐƉƵƚƵŵ ĞŽƐŝŶŽƉŚŝůƐ ŝƐ

ŚŝŐŚůLJ ƌĞƉƌŽĚƵĐŝďůĞ͘ ĚƵůƚ ŽŶƐĞƚ ĂƐƚŚŵĂ͕ ĞdžƚĞŶƐŝǀĞ ƐŝŶƵƐ ĚŝƐĞĂƐĞ͕ ŚŝŐŚ ƉĞƌŝƉŚĞƌĂů ďůŽŽĚ

ĞŽƐŝŶŽƉŚŝůĐŽƵŶƚƐ͕ĂŶĚƉĞƌƐŝƐƚĞŶƚĂŝƌŇŽǁůŝŵŝƚĂƟŽŶĂƌĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚƉĞƌŵĂŶĞŶƚƐƉƵƚƵŵ

ĞŽƐŝŶŽƉŚŝůŝĂ͕ďƵƚĞdžƚĞŶƐŝǀĞƐŝŶƵƐĚŝƐĞĂƐĞŝƐƚŚĞŽŶůLJŝŶĚĞƉĞŶĚĞŶƚĨĂĐƚŽƌ͘&ĞEKůĞǀĞůƐĂƌĞ

ŽŶůLJǁĞĂŬůLJĐŽƌƌĞůĂƚĞĚǁŝƚŚƐƉƵƚƵŵĞŽƐŝŶŽƉŚŝůƐ͕ďƵƚƐŚŽǁƐŝŵŝůĂƌĐŽŶƐŝƐƚĞŶĐLJŽǀĞƌƟŵĞ͘

dŚŝƐŝŵƉůŝĞƐƚŚĂƚƉĂƟĞŶƚƐǁŝƚŚĞŽƐŝŶŽƉŚŝůŝĐĂŝƌǁĂLJŝŶŇĂŵŵĂƟŽŶĚĞƐƉŝƚĞǀŝŐŽƌŽƵƐƐƚĞƌŽŝĚ

ƚƌĞĂƚŵĞŶƚĚŽƌĞƉƌĞƐĞŶƚĂƐĞƉĂƌĂƚĞƉŚĞŶŽƚLJƉĞƚŚĂƚƉĞƌƐŝƐƚƐŽǀĞƌƟŵĞ͕ĂŶĚƚŚĂƚ&ĞEK_ŵĂLJ

ƉƌŽǀŝĚĞĂĚĚŝƟŽŶĂůŝŶĨŽƌŵĂƟŽŶŽŶƚŚĞŝŶŇĂŵŵĂƚŽƌLJƉƌŽĐĞƐƐŝŶƚŚĞĂŝƌǁĂLJƐ͘

ϭϮϱ

Zϭ ZϮ Zϯ Zϰ Zϱ Zϲ Zϳ Zϴ Zϵ ZϭϬ Zϭϭ ZϭϮ Zϭϯ Zϭϰ Zϭϱ Zϭϲ Zϭϳ Zϭϴ Zϭϵ ZϮϬ ZϮϭ ZϮϮ ZϮϯ ZϮϰ ZϮϱ ZϮϲ ZϮϳ ZϮϴ ZϮϵ ZϯϬ Zϯϭ ZϯϮ Zϯϯ Zϯϰ Zϯϱ Zϯϲ Zϯϳ Zϯϴ

'ĞŶĞƌĂůĚŝƐĐƵƐƐŝŽŶ

tŚŝĐŚ ƉĂƚŚŽƉŚLJƐŝŽůŽŐŝĐĂů ŵĞĐŚĂŶŝƐŵƐ ĂƌĞ ŝŶǀŽůǀĞĚ ŝŶ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ƉĞƌƐŝƐƚĞŶƚ

ĂŝƌŇŽǁůŝŵŝƚĂƟŽŶ͍

WĞƌƐŝƐƚĞŶƚĂŝƌŇŽǁůŝŵŝƚĂƟŽŶŝƐĂĐŽŵŵŽŶĮŶĚŝŶŐŝŶƉĂƟĞŶƚƐǁŝƚŚĚŝĸĐƵůƚͲƚŽͲƚƌĞĂƚĂƐƚŚŵĂ;ϭͿ͘

ƌŽƐƐƐĞĐƟŽŶĂůĂŶĂůLJƐŝƐŽĨŽƵƌĐŽŚŽƌƚƐŚŽǁĞĚĂƉƌĞǀĂůĞŶĐĞŽĨϰϵйǁŚĞŶƉĞƌƐŝƐƚĞŶƚĂŝƌŇŽǁ

ůŝŵŝƚĂƟŽŶǁĂƐĚĞĮŶĞĚĂƐĂƉŽƐƚďƌŽŶĐŚŽĚŝůĂƚŽƌ&s_ϭ;ĨŽƌĐĞĚĞdžƉŝƌĂƚŽƌLJǀŽůƵŵĞŝŶŽŶĞƐĞĐŽŶĚͿ

Žƌ &s_ϭͬ&s ;ĨŽƌĐĞĚ ǀŝƚĂů ĐĂƉĂĐŝƚLJͿ фϳϱй ƉƌĞĚŝĐƚĞĚ ǁŝƚŚ d> ;ƚŽƚĂů ůƵŶŐ ĐĂƉĂĐŝƚLJͿ хϳϱй

ƉƌĞĚŝĐƚĞĚ;ϮͿ͘WĂƟĞŶƚƐǁŝƚŚƉĞƌƐŝƐƚĞŶƚĂŝƌŇŽǁůŝŵŝƚĂƟŽŶƐƵīĞƌĨƌŽŵƉĞƌƐŝƐƚĞŶƚƐLJŵƉƚŽŵƐ

ŽĨĚLJƐƉŶŽĞĂ͕ƌĞĚƵĐĞĚĞdžĞƌĐŝƐĞƚŽůĞƌĂŶĐĞĂŶĚŝŵƉĂŝƌĞĚƋƵĂůŝƚLJŽĨůŝĨĞ͘/ŶŽƌĚĞƌƚŽŝĚĞŶƟĨLJĂ

ƚƌĞĂƚŵĞŶƚƐƚƌĂƚĞŐLJĨŽƌƚŚĞƐĞƉĂƟĞŶƚƐŽƌ͕ŵŽƌĞŝŵƉŽƌƚĂŶƚ͕ƚŽƉƌĞǀĞŶƚĂŶĂĐĐĞůĞƌĂƚĞĚĚĞĐůŝŶĞ

ŝŶůƵŶŐĨƵŶĐƟŽŶ͕ǁĞŶĞĞĚƚŽĐůĂƌŝĨLJƚŚĞŵĞĐŚĂŶŝƐŵƐŽĨĂŵŽƌĞƚŚĂŶƉŚLJƐŝŽůŽŐŝĐĂůĚĞĐůŝŶĞŝŶ

ůƵŶŐĨƵŶĐƟŽŶƚŚĂƚŵĂLJĞǀĞŶƚƵĂůůLJƌĞƐƵůƚŝŶƉĞƌƐŝƐƚĞŶƚĂŝƌŇŽǁůŝŵŝƚĂƟŽŶ͘

^ƚƌƵĐƚƵƌĂů ĐŚĂŶŐĞƐ ŝŶ ƚŚĞ ĂŝƌǁĂLJƐ͕ ƌĞĨĞƌƌĞĚ ƚŽ ĂƐ ƌĞŵŽĚĞůůŝŶŐ͕ ĂƌĞ ĐƵƌƌĞŶƚůLJ ƚŚŽƵŐŚƚ ƚŽ

ĂīĞĐƚ ůƵŶŐ ĨƵŶĐƟŽŶ ŝŶ ĂƐƚŚŵĂ͘ dŚĞƐĞ ƐƚƌƵĐƚƵƌĂů ĐŚĂŶŐĞƐ ŵŝŐŚƚ ďĞ ƚŚĞ ƌĞƐƵůƚ ŽĨ ŽŶŐŽŝŶŐ

ŝŶŇĂŵŵĂƟŽŶŝŶƚŚĞĂŝƌǁĂLJƐ͕ŚŽǁĞǀĞƌ͕ƐŝŶĐĞƐƚƌƵĐƚƵƌĂůĐŚĂŶŐĞƐĐĂŶĂůƌĞĂĚLJďĞƐĞĞŶŝŶĞĂƌůLJ

ĐŚŝůĚŚŽŽĚ ŝƚ ŝƐ ƋƵĞƐƟŽŶĂďůĞ ǁŚĞƚŚĞƌ ƚŚĞƐĞ ƚǁŽ ƉŚĞŶŽŵĞŶĂ ŚĂǀĞ Ă ĐĂƵƐĂů ƌĞůĂƟŽŶƐŚŝƉ

ŽƌŽĐĐƵƌĂƚƚŚĞƐĂŵĞƟŵĞ;ϯͿ͘hŶƟůƚŽĚĂLJ͕ŝƚŝƐŶŽƚŬŶŽǁŶǁŚŝĐŚĐŽŵƉŽŶĞŶƚƐŽĨĂŝƌǁĂLJ

ƌĞŵŽĚĞůůŝŶŐĐŽŶƚƌŝďƵƚĞƚŽĮdžĞĚĂŝƌǁĂLJŽďƐƚƌƵĐƟŽŶ͘KŶĞŽĨƚŚĞĐŽŵƉŽŶĞŶƚƐƚŚĂƚŵĂLJďĞ

ƌĞƐƉŽŶƐŝďůĞŝƐŚLJƉĞƌƚƌŽƉŚŝĐŽƌŚLJƉĞƌƉůĂƐƟĐĂŝƌǁĂLJƐŵŽŽƚŚŵƵƐĐůĞ͕ƐŝŶĐĞƌĞĐĞŶƚƐƚƵĚŝĞƐŚĂǀĞ

ĚĞŵŽŶƐƚƌĂƚĞĚĂƌĞůĂƟŽŶƐŚŝƉďĞƚǁĞĞŶŝŶĐƌĞĂƐĞĚĂŝƌǁĂLJƐŵŽŽƚŚŵƵƐĐůĞŵĂƐƐ͕ŵŽƌĞƐĞǀĞƌĞ

ĂƐƚŚŵĂĂŶĚůŽǁĞƌ&s_ϭ;ϰ͖ϱͿ͘

>ƵŶŐĨƵŶĐƟŽŶůŽƐƐĐĂŶŽĐĐƵƌĂƚĚŝīĞƌĞŶƚƐƚĂŐĞƐŝŶůŝĨĞ͘/ƚŚĂƐďĞĞŶĚĞŵŽŶƐƚƌĂƚĞĚƚŚĂƚůƵŶŐ

ĨƵŶĐƟŽŶ ŝŵƉĂŝƌŵĞŶƚ ĐĂŶ ƚĂŬĞ ƉůĂĐĞ ĂůƌĞĂĚLJ ŝŶ ĐŚŝůĚŚŽŽĚ͕ ƌĞƐƵůƟŶŐ ŝŶ ĂŶ ŝŵƉĂŝƌĞĚ ůƵŶŐ

ĨƵŶĐƟŽŶ Ăƚ ƚŚĞ ƐƚĂƌƚ ŽĨ ĂĚƵůƚŚŽŽĚ ;ϲͿ͘ ŶŽƚŚĞƌ ƉŽƐƐŝďŝůŝƚLJ ŝƐ ƚŚĂƚ ƉĂƟĞŶƚƐ ǁŝƚŚ ĂƐƚŚŵĂ

ƐƵĚĚĞŶůLJ ĞdžƉĞƌŝĞŶĐĞ Ă ůŽƐƐ ŽĨ ůƵŶŐ ĨƵŶĐƟŽŶ ĚƵƌŝŶŐ ĂĚŽůĞƐĐĞŶĐĞ Žƌ ĂĚƵůƚŚŽŽĚ ĂŌĞƌ Ă

ƌĞƐƉŝƌĂƚŽƌLJ ƚƌĂĐƚ ŝŶĨĞĐƟŽŶ͕ ĨŽƌ ĞdžĂŵƉůĞ ǁŝƚŚ ŚůĂŵLJĚŝĂ ƉŶĞƵŵŽŶŝĂ͘ ŚƌŽŶŝĐ ŚůĂŵLJĚŝĂ

ƉŶĞƵŵŽŶŝĂĞŝŶĨĞĐƟŽŶ͕ĚŝĂŐŶŽƐĞĚďLJƐĞƌŽůŽŐŝĐĂůƚĞƐƟŶŐ͕ǁĂƐĨŽƵŶĚƚŽĂĐĐĞůĞƌĂƚĞƚŚĞůŽƐƐŽĨ

ůƵŶŐĨƵŶĐƟŽŶƐŝŐŶŝĮĐĂŶƚůLJŝŶƐƵďũĞĐƚƐǁŚŽŶĞǁůLJĐŽŶƚƌĂĐƚĞĚŶŽŶĂƚŽƉŝĐĂƐƚŚŵĂ;ϳͿ͘ƚŚŝƌĚ

ƉŽƐƐŝďŝůŝƚLJŝƐƚŚĂƚůƵŶŐĨƵŶĐƟŽŶŐƌĂĚƵĂůůLJĚĞƚĞƌŝŽƌĂƚĞƐĚƵƌŝŶŐĂĚƵůƚŚŽŽĚ;Ğ͘Ő͘ĚƵĞƚŽƐŵŽŬŝŶŐ

ŽƌƌĞĐƵƌƌĞŶƚĞdžĂĐĞƌďĂƟŽŶƐ;ϴͿͿŽƌ;ĨŽƵƌƚŚŽƉƟŽŶͿƚŚĂƚĂĐŽŵďŝŶĂƟŽŶŽĨĞǀĞŶƚƐŽĐĐƵƌƐĚƵƌŝŶŐ

ůŝĨĞ;&ŝŐƵƌĞϭͿ͘

dŚĞƌŝƐŬĨĂĐƚŽƌƐŽĨĂŶĂĐĐĞůĞƌĂƚĞĚůŽƐƐŽĨůƵŶŐĨƵŶĐƟŽŶƉƌŽďĂďůLJĚŝīĞƌǁŝƚŚŝŶƚŚĞĚŝīĞƌĞŶƚ

ƟŵĞͲƉŽŝŶƚƐŝŶůŝĨĞĂƚǁŚŝĐŚƚŚĞLJŽĐĐƵƌ͘DŽƐƚůŝŬĞůLJ͕ƐĞǀĞƌĂůƌŝƐŬĨĂĐƚŽƌƐƚŽŐĞƚŚĞƌ͕ƐƵĐŚĂƐ

ŐĞŶĞƟĐĨĂĐƚŽƌƐ͕Ğ͘Ő͘Dϯϯ;ϵ͖ϭϬͿ͕ĞŶǀŝƌŽŶŵĞŶƚĂůĨĂĐƚŽƌƐĞ͘Ő͘ĞdžƉŽƐƵƌĞƚŽĐŝŐĂƌĞƩĞƐŵŽŬĞ

ϭϮϲ

Zϭ ZϮ Zϯ Zϰ Zϱ Zϲ Zϳ Zϴ Zϵ ZϭϬ Zϭϭ ZϭϮ Zϭϯ Zϭϰ Zϭϱ Zϭϲ Zϭϳ Zϭϴ Zϭϵ ZϮϬ ZϮϭ ZϮϮ ZϮϯ ZϮϰ ZϮϱ ZϮϲ ZϮϳ ZϮϴ ZϮϵ ZϯϬ Zϯϭ ZϯϮ Zϯϯ Zϯϰ Zϯϱ Zϯϲ Zϯϳ Zϯϴ

ŽƌŝŶĨĞĐƟŽŶǁŝƚŚŝŶƚƌĂĐĞůůƵůĂƌƉĂƚŚŽŐĞŶƐ;ϳ͖ϭϭ͖ϭϮͿĂŶĚŝŶƚƌŝŶƐŝĐĨĂĐƚŽƌƐ;Ğ͘Ő͘ƚŚĞƉƌĞƐĞŶĐĞŽƌ

ĂďƐĞŶĐĞŽĨĂƚŽƉLJͿůĞĂĚƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƐƚƌƵĐƚƵƌĂůĂůƚĞƌĂƟŽŶƐŝŶƚŚĞĂŝƌǁĂLJǁĂůůƚŚĂƚ

ƵůƟŵĂƚĞůLJĐĂƵƐĞĮdžĞĚĂŝƌǁĂLJŽďƐƚƌƵĐƟŽŶ;ϭϯͿ͘/ŶƚŚŝƐƚŚĞƐŝƐƉŽƚĞŶƟĂůŵĞĐŚĂŶŝƐŵƐƚŚĂƚŵĂLJ

ĞdžƉůĂŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƉĞƌƐŝƐƚĞŶƚĂŝƌŇŽǁůŝŵŝƚĂƟŽŶŚĂǀĞďĞĞŶŝŶǀĞƐƟŐĂƚĞĚ͘

KŶĞŽĨƚŚĞŵĞĐŚĂŶŝƐŵƐƚŚĂƚĐĂŶĐĂƵƐĞƉĞƌƐŝƐƚĞŶƚĂŝƌŇŽǁůŝŵŝƚĂƟŽŶŝƐĚĞĮĐŝĞŶĐLJŽĨĂůƉŚĂͲϭͲ ĂŶƟƚƌLJƉƐŝŶ;dͿ͘WĂƟĞŶƚƐǁŝƚŚĂĚĞĮĐŝĞŶĐLJŽĨd͕ĞƐƉĞĐŝĂůůLJǁŚĞŶƚŚĞLJĂƌĞŚŽŵŽnjLJŐŽƚĞ͕

ŚĂǀĞĂŶŝŶĐƌĞĂƐĞĚƌŝƐŬŽĨĚĞǀĞůŽƉŝŶŐĐŚƌŽŶŝĐĂŝƌŇŽǁůŝŵŝƚĂƟŽŶĂŶĚůƵŶŐĞŵƉŚLJƐĞŵĂ;ϭϰͿ͘

/ŶŽƵƌĐŽŚŽƌƚŽĨƉĂƟĞŶƚƐǁŝƚŚĚŝĸĐƵůƚͲƚŽͲƚƌĞĂƚĂƐƚŚŵĂǁĞĐŽƵůĚŶŽƚĮŶĚĂŶLJĂƐƐŽĐŝĂƟŽŶ

ǁŝƚŚŚĞƚĞƌŽnjLJŐŽƚĞƉŚĞŶŽƚLJƉĞƐŽĨdĂŶĚƉĞƌƐŝƐƚĞŶƚĂŝƌŇŽǁůŝŵŝƚĂƟŽŶ͘ůƚŚŽƵŐŚŽƵƌŐƌŽƵƉ

ŽĨƉĂƟĞŶƚƐǁĂƐƌĂƚŚĞƌƐŵĂůůĂŶĚƚŚĞƌĞƐƵůƚƐ͕ƚŚĞƌĞĨŽƌĞ͕ŶĞĞĚĐŽŶĮƌŵĂƟŽŶŝŶůŽŶŐŝƚƵĚŝŶĂů

ƐƚƵĚŝĞƐǁŝƚŚůĂƌŐĞƌĐŽŚŽƌƚƐ͕ĂƚƉƌĞƐĞŶƚĂůƉŚĂͲϭͲĂŶƟƚƌLJƉƐŝŶĚĞĮĐŝĞŶĐLJĚŽĞƐŶŽƚƐĞĞŵƚŽďĞ

ĂŶŝŵƉŽƌƚĂŶƚĐŽŶƚƌŝďƵƚŽƌƚŽƉĞƌƐŝƐƚĞŶƚĂŝƌŇŽǁůŝŵŝƚĂƟŽŶŝŶƚŚŝƐŐƌŽƵƉŽĨƉĂƟĞŶƚƐ͘/ŶƚŚĞ

ƌĞĐŽŵŵĞŶĚĂƟŽŶƐŽĨƚŚĞŵĞƌŝĐĂŶdŚŽƌĂĐŝĐƐŽĐŝĞƚLJĂŶĚƵƌŽƉĞĂŶZĞƐƉŝƌĂƚŽƌLJ^ŽĐŝĞƚLJŽĨ

ϮϬϬϯ;ϭϱͿdƐĐƌĞĞŶŝŶŐŝƐƌĞĐŽŵŵĞŶĚĞĚŝŶƉĂƟĞŶƚƐǁŝƚŚĂƐƚŚŵĂĂŶĚƉĞƌƐŝƐƚĞŶƚĂŝƌŇŽǁ

ůŝŵŝƚĂƟŽŶ͘,ŽǁĞǀĞƌ͕ƚŚĞƌĞƐƵůƚƐŽĨŽƵƌƐƚƵĚLJĂƚůĞĂƐƚƋƵĞƐƟŽŶƚŚĞƌŽƵƟŶĞĂƐƐĞƐƐŵĞŶƚŽĨ

ĂůƉŚĂͲϭͲĂŶƟƚƌLJƉƐŝŶůĞǀĞůƐŝŶƚŚŝƐŐƌŽƵƉ͘

&ŝŐƵƌĞϭ͘WŽƐƐŝďůĞƉĂƩĞƌŶƐŽĨůƵŶŐĨƵŶĐƟŽŶĚĞĐůŝŶĞŝŶĂƐƚŚŵĂ͘

Á͗ƐƚĂƌƚĂĚƵůƚŚŽŽĚ͖/͗ŶŽƌŵĂůƉŚLJƐŝŽůŽŐŝĐĂůĚĞĐůŝŶĞ͕//͗ŐƌĂĚƵĂůĂĐĐĞůĞƌĂƚĞĚĚĞĐůŝŶĞ///͗ůŽǁůƵŶŐĨƵŶĐƟŽŶ

ĂƚƐƚĂƌƚŽĨĂĚƵůƚŚŽŽĚĚƵĞƚŽůŽƐƐŝŶĐŚŝůĚŚŽŽĚ͕/s͗ƐƵĚĚĞŶĚĞĐůŝŶĞ͕s͗ĐŽŵďŝŶĂƟŽŶŽĨƉĂƩĞƌŶƐ͘

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ϭϮϳ

Zϭ ZϮ Zϯ Zϰ Zϱ Zϲ Zϳ Zϴ Zϵ ZϭϬ Zϭϭ ZϭϮ Zϭϯ Zϭϰ Zϭϱ Zϭϲ Zϭϳ Zϭϴ Zϭϵ ZϮϬ ZϮϭ ZϮϮ ZϮϯ ZϮϰ ZϮϱ ZϮϲ ZϮϳ ZϮϴ ZϮϵ ZϯϬ Zϯϭ ZϯϮ Zϯϯ Zϯϰ Zϯϱ Zϯϲ Zϯϳ Zϯϴ KŶŐŽŝŶŐ͕ ŝŶĂĚĞƋƵĂƚĞůLJ ƚƌĞĂƚĞĚ͕ ;ĞŽƐŝŶŽƉŚŝůŝĐͿ ŝŶŇĂŵŵĂƟŽŶ ŝŶ ƚŚĞ ƐŵĂůů ĂŝƌǁĂLJƐ ŵŝŐŚƚ

ďĞĂŶŽƚŚĞƌŵĞĐŚĂŶŝƐŵƚŚĂƚĐĂŶƌĞƐƵůƚŝŶƉĞƌƐŝƐƚĞŶƚĂŝƌŇŽǁůŝŵŝƚĂƟŽŶ͘/ŶŇĂŵŵĂƟŽŶĂŶĚ

ĚLJƐĨƵŶĐƟŽŶŽĨƚŚĞƐŵĂůůĂŝƌǁĂLJƐ;фϮŵŵĚŝĂŵĞƚĞƌͿŚĂƐďĞĞŶƌĞůĂƚĞĚƚŽƵŶƐƚĂďůĞĂƐƚŚŵĂ

;ϭϲͿ͕ƚŚĞƌĂƉLJƌĞƐŝƐƚĂŶĐĞ;ϭϳͿĂŶĚĞdžĐĞƐƐŝǀĞĂŝƌǁĂLJŶĂƌƌŽǁŝŶŐ;ϭϴͿ͘ůƚŚŽƵŐŚƚŚĞĐŽŶƚƌŝďƵƟŽŶ

ŽĨ ƐŵĂůů ĂŝƌǁĂLJ ƉĂƚŚŽůŽŐLJ ƚŽ ƚŚĞ ŵĂŶŝĨĞƐƚĂƟŽŶ ŽĨ ŽďƐƚƌƵĐƟǀĞ ĂŝƌǁĂLJ ĚŝƐĞĂƐĞ ŚĂƐ ďĞĞŶ

ƐƚƵĚŝĞĚĨŽƌĚĞĐĂĚĞƐ͕ŝƚĂƉƉĞĂƌƐĞdžƚƌĞŵĞůLJĚŝĸĐƵůƚƚŽĚĞǀĞůŽƉĂƉƌĞĐŝƐĞĂŶĚŶŽŶŝŶǀĂƐŝǀĞƚŽŽů

ƚŽŵĞĂƐƵƌĞĂďŶŽƌŵĂůŝƟĞƐŝŶƚŚĞƉĞƌŝƉŚĞƌĂůĂŝƌǁĂLJƐ͕ƚŚĞƐŽĐĂůůĞĚ͞ƐŝůĞŶƚnjŽŶĞ͟ŽĨƚŚĞůƵŶŐ

;ϭϵͿ͘

/Ŷ ϭϵϳϴ͕ Ă ƐƚƵĚLJ ŽĨ ŽƐŝŽ Ğƚ Ăů͘ ;ϮϬͿ ĚĞŵŽŶƐƚƌĂƚĞĚ͕ ĨŽƌ ƚŚĞ ĮƌƐƚ ƟŵĞ͕ Ă ƌĞůĂƟŽŶƐŚŝƉ

ďĞƚǁĞĞŶƐŵĂůůĂŝƌǁĂLJĨƵŶĐƟŽŶ͕ĚĞƐĐƌŝďĞĚďLJƚŚĞƐůŽƉĞŽĨƚŚĞŶŝƚƌŽŐĞŶǁĂƐŚŽƵƚĐƵƌǀĞ͕ĂŶĚ

ŝŶŇĂŵŵĂƟŽŶŝŶƌĞƐĞĐƚĞĚůƵŶŐƟƐƐƵĞ͘dŚĞĚŝƐĐŽǀĞƌLJŽĨƚŚĞƉŽƐƐŝďŝůŝƚLJƚŚĂƚƚŚŝƐŶŽŶŝŶǀĂƐŝǀĞ

ƚĞƐƚƌĞŇĞĐƚƐƐŵĂůůĂŝƌǁĂLJŝŶŇĂŵŵĂƟŽŶ͕ǁĂƐĂŐƌĞĂƚďƌĞĂŬͲƚŚƌŽƵŐŚ͘/ŶƚŚĞLJĞĂƌƐĂŌĞƌ͕ƐĞǀĞƌĂů

ŽƚŚĞƌŶŽŶŝŶǀĂƐŝǀĞƚĞĐŚŶŝƋƵĞƐŚĂǀĞďĞĞŶĚĞǀĞůŽƉĞĚƚŽŵĞĂƐƵƌĞǀĞŶƟůĂƟŽŶŚĞƚĞƌŽŐĞŶĞŝƚLJ

ĂŶĚĂŝƌǁĂLJĐůŽƐƵƌĞƐƵĐŚĂƐ͗ŵƵůƟƉůĞďƌĞĂƚŚŶŝƚƌŽŐĞŶǁĂƐŚŽƵƚƚĞƐƚ;ϮϭͿ͕ĨŽƌĐĞĚŽƐĐŝůůĂƟŽŶ

ƚĞĐŚŶŝƋƵĞ;ϮϮͿ͕ŚŝŐŚƌĞƐŽůƵƟŽŶdƐĐĂŶŶŝŶŐ;ϮϯͿĂŶĚŚLJƉĞƌƉŽůĂƌŝnjĞĚŚĞůŝƵŵDZ/;ϮϰͿ͘

/Ŷϭϵϵϴ͕ĂŵĂƚŚĞŵĂƟĐĂůŵŽĚĞůŚĂƐďĞĞŶĚĞǀĞůŽƉĞĚ;ϮϱͿƚŚĂƚĐŽƵůĚĚŝƐƟŶŐƵŝƐŚďĞƚǁĞĞŶŶŝƚƌŝĐ

ŽdžŝĚĞĚĞƌŝǀŝŶŐĨƌŽŵůĂƌŐĞĂŝƌǁĂLJƐ;ďƌŽŶĐŚŝĂůEKͿĂŶĚƐŵĂůůĂŝƌǁĂLJƐ;ĂůǀĞŽůĂƌEKͿ͕ƚŚĞƌĞďLJ

ƉƌŽǀŝĚŝŶŐĂŶŽƚŚĞƌŶŽŶŝŶǀĂƐŝǀĞƚŽŽůƚŽĂƐƐĞƐƐƐŵĂůůĂŝƌǁĂLJŝŶŇĂŵŵĂƟŽŶ͘ůŝŶŝĐĂůƐƚƵĚŝĞƐ͕

ƵƐŝŶŐƚŚŝƐŵŽĚĞů͕ƐŚŽǁĞĚƚŚĂƚĂůǀĞŽůĂƌEKǁĂƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚĞŽƐŝŶŽƉŚŝůŝĂŝŶďƌŽŶĐŚŝĂů

ĂůǀĞŽůĂƌůĂǀĂŐĞ;ϮϲͿĂŶĚƚŚĂƚĂůǀĞŽůĂƌEKůĞǀĞůƐǁĞƌĞŝŶĐƌĞĂƐĞĚŝŶŶŽĐƚƵƌŶĂůĂƐƚŚŵĂ;ϮϳͿ͘

dŚĞƐĞƌĞƐƵůƚƐƌĂŝƐĞĚƚŚĞƋƵĞƐƟŽŶǁŚĞƚŚĞƌĂůǀĞŽůĂƌEKǁŽƵůĚďĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚŵĞĂƐƵƌĞƐ

ŽĨƉĞƌŝƉŚĞƌĂůĂŝƌǁĂLJĚLJƐĨƵŶĐƟŽŶ͘dŚŝƐǁĂƐŝŶǀĞƐƟŐĂƚĞĚŝŶƚŚĞƐƚƵĚLJŽĨĐŚĂƉƚĞƌϰ͘/ŶĂĚĚŝƟŽŶ͕

ǁĞ ĐŽŵƉĂƌĞĚ ƚŚĞ ĚĞŐƌĞĞ ŽĨ ƉĞƌŝƉŚĞƌĂů ĂŝƌǁĂLJ ĚLJƐĨƵŶĐƟŽŶ ĂŶĚ ͲŝŶŇĂŵŵĂƟŽŶ ďĞƚǁĞĞŶ

ƉĂƟĞŶƚƐǁŝƚŚŵŝůĚͲƚŽͲŵŽĚĞƌĂƚĞĂŶĚƐĞǀĞƌĞĂƐƚŚŵĂ͘

dŚĞƌĞƐƵůƚƐŽĨƚŚŝƐƐƚƵĚLJĚĞŵŽŶƐƚƌĂƚĞĚĂĐůŽƐĞƌĞůĂƟŽŶƐŚŝƉďĞƚǁĞĞŶĂůǀĞŽůĂƌŶŝƚƌŝĐŽdžŝĚĞĂŶĚ

ƉĂƌĂŵĞƚĞƌƐŽĨƉĞƌŝƉŚĞƌĂůĂŝƌǁĂLJĚLJƐĨƵŶĐƟŽŶŝŶƐĞǀĞƌĞ͕ďƵƚŶŽƚŝŶŵŝůĚͲƚŽͲŵŽĚĞƌĂƚĞĂƐƚŚŵĂ͘

WĂƟĞŶƚƐ ǁŝƚŚ ƐĞǀĞƌĞ ĂƐƚŚŵĂ ĚŝĚ ŚĂǀĞ Ă ŚŝŐŚĞƌ ĚEϮ͕ ƉŽŝŶƟŶŐ ƚŽǁĂƌĚƐ ŵŽƌĞ ǀĞŶƟůĂƟŽŶ

ŝŶŚŽŵŽŐĞŶĞŝƚLJ͕ ĂŶĚ Ă ŚŝŐŚĞƌ ѐ&s͕ ƌĞŇĞĐƟŶŐ ŵŽƌĞ ĂŝƌǁĂLJ ĐŽůůĂƉƐĞ ĚƵƌŝŶŐ ďƌŽŶĐŚŝĂů

ƉƌŽǀŽĐĂƟŽŶ͘ůǀĞŽůĂƌEKǁĂƐŶŽƚĚŝīĞƌĞŶƚďĞƚǁĞĞŶƉĂƟĞŶƚƐǁŝƚŚŵŝůĚͲƚŽͲŵŽĚĞƌĂƚĞĂŶĚ

ƐĞǀĞƌĞĂƐƚŚŵĂ͕ǁŚŝĐŚ ŵŝŐŚƚďĞ ĞdžƉůĂŝŶĞĚ ďLJƚŚĞ ůĂƌŐĞǀĂƌŝĂƟŽŶ ŝŶ ƚŚĞ ŵĞĂƐƵƌĞĚ ůĞǀĞůƐ͘

ŶĂůLJƐŝƐŽĨĂƐƵďŐƌŽƵƉŽĨƐĞǀĞƌĞĂƐƚŚŵĂƉĂƟĞŶƚƐ͕ƚŚŽƐĞǁŚŽǁĞƌĞŽƌĂůͲƐƚĞƌŽŝĚĚĞƉĞŶĚĞŶƚ͕

ƌĞǀĞĂůĞĚƚŚĂƚƚŚĞƐĞƉĂƟĞŶƚƐŚĂĚŚŝŐŚĞƌĂůǀĞŽůĂƌEKůĞǀĞůƐĂƐĐŽŵƉĂƌĞĚƚŽŽƚŚĞƌƉĂƟĞŶƚƐ

ǁŝƚŚƐĞǀĞƌĞĂƐƚŚŵĂĂŶĚƚŚŽƐĞǁŝƚŚŵŝůĚͲƚŽͲŵŽĚĞƌĂƚĞĚŝƐĞĂƐĞ͘dŚŝƐǁĂƐƌĂƚŚĞƌƐƵƌƉƌŝƐŝŶŐ

ƐŝŶĐĞ ŽŶĞ ǁŽƵůĚ ĞdžƉĞĐƚ ƚŚĂƚ ŽƌĂů ĐŽƌƟĐŽƐƚĞƌŽŝĚƐ ŝŶ ƚŚĞƐĞ ƉĂƟĞŶƚƐ ǁŽƵůĚ ŚĂǀĞ ƌĞĚƵĐĞĚ

ƚŚĞŝŶŇĂŵŵĂƟŽŶŽĨƚŚĞƐŵĂůůĂŝƌǁĂLJƐ͕ďĞĐĂƵƐĞŽĨƚŚĞŝƌƐLJƐƚĞŵŝĐĞīĞĐƚ͘ůĂƚĞƌƐƚƵĚLJďLJ

ϭϮϴ

Zϭ ZϮ Zϯ Zϰ Zϱ Zϲ Zϳ Zϴ Zϵ ZϭϬ Zϭϭ ZϭϮ Zϭϯ Zϭϰ Zϭϱ Zϭϲ Zϭϳ Zϭϴ Zϭϵ ZϮϬ ZϮϭ ZϮϮ ZϮϯ ZϮϰ ZϮϱ ZϮϲ ZϮϳ ZϮϴ ZϮϵ ZϯϬ Zϯϭ ZϯϮ Zϯϯ Zϯϰ Zϯϱ Zϯϲ Zϯϳ Zϯϴ

ƌŝŶĚŝĐĐŝĞƚĂů͘ĂůƐŽĚĞŵŽŶƐƚƌĂƚĞĚŚŝŐŚĞƌĂůǀĞŽůĂƌEKůĞǀĞůƐŝŶƉĂƟĞŶƚƐǁŝƚŚŽƌĂůƐƚĞƌŽŝĚ

ĚĞƉĞŶĚĞŶƚ ĂƐƚŚŵĂ ;ϮϴͿ͘ ƉƉĂƌĞŶƚůLJ ƐŵĂůů ĂŝƌǁĂLJ ŝŶǀŽůǀĞŵĞŶƚ ĐĂŶ ďĞ ƐŽ ƉƌŽŶŽƵŶĐĞĚ Žƌ

ƌĞůĂƟǀĞůLJƚŚĞƌĂƉLJƌĞƐŝƐƚĂŶƚƚŚĂƚŝƚĐĂŶŶŽƚďĞĨƵůůLJĐŽŶƚƌŽůůĞĚďLJŽƌĂůĐŽƌƟĐŽƐƚĞƌŽŝĚƐĂŶĚƚŚĂƚ

ŚŝŐŚĞƌŽƌĂůĚŽƐĞƐ͕ƉĂƌĞŶƚĞƌĂůĂĚŵŝŶŝƐƚƌĂƟŽŶŽƌŽƚŚĞƌƚŚĞƌĂƉĞƵƟĐƐƚƌĂƚĞŐŝĞƐĂƌĞŶĞĞĚĞĚ͘/ƚ

ŚĂƐďĞĞŶƐŚŽǁŶƚŚĂƚƉĂƌĞŶƚĞƌĂůĂĚŵŝŶŝƐƚƌĂƟŽŶŽĨŚŝŐŚĚŽƐĞƐŽĨƚƌŝĂŵĐŝŶŽůŽŶŝŶƉĂƟĞŶƚƐ

ǁŝƚŚƐĞǀĞƌĞĂƐƚŚŵĂĂŶĚ͚ƉĞƌƐŝƐƚĞŶƚ͛ĞŽƐŝŶŽƉŚŝůŝĂĐĂŶƌĞĚƵĐĞƐƉƵƚƵŵĞŽƐŝŶŽƉŚŝůƐĂŶĚƌĞƐƵůƚƐ

ŝŶĂŶŝŵƉƌŽǀĞŵĞŶƚŽĨ&s_ϭƉŽƐƐŝďůLJďLJƌĞĚƵĐŝŶŐƐŵĂůůĂŝƌǁĂLJƉĂƚŚŽůŽŐLJ;ϭϳͿ͘

dŚĞ ŵĞĂƐƵƌĞŵĞŶƚ ŽĨ ĂůǀĞŽůĂƌ EK ŝƐ ĂŶ ĞĂƐLJ ƚŽ ƉĞƌĨŽƌŵ͕ ŶŽŶŝŶǀĂƐŝǀĞ ƚŽŽů ƚŽ ĂƐƐĞƐƐ ƚŚĞ

ƉĞƌŝƉŚĞƌĂů ĂŝƌǁĂLJƐ͘ &ƵƌƚŚĞƌ ƚŚĞŽƌĞƟĐĂů ƐƚƵĚŝĞƐ ŚĂǀĞ ƚƌŝĞĚ ƚŽ ŽƉƟŵŝnjĞ ƚŚĞ ŵĂƚŚĞŵĂƟĐĂů

ŵŽĚĞů;ϮϵͿĂŶĚŝŶĐůŝŶŝĐĂůƐƚƵĚŝĞƐůŽǁĞƌĞdžŚĂůĂƟŽŶŇŽǁƐĂƌĞŶŽǁďĞŝŶŐƵƐĞĚ͘dŚŝƐŝƐĐĞƌƚĂŝŶůLJ

ƌĞĐŽŵŵĞŶĚĞĚƐŝŶĐĞŚŝŐŚĞƌŇŽǁƐ;хϮϱϬŵůͬƐĞĐͿĂƌĞŵŽƌĞĚŝĸĐƵůƚƚŽƉĞƌĨŽƌŵĂŶĚŚĂǀĞĂ

ƉŽŽƌĞƌ ƐŝŐŶĂůͬŶŽŝƐĞ ƌĂƟŽ͘ /Ŷ ĐŽŶĐůƵƐŝŽŶ͕ ƚŚĞ ƌŽůĞ ŽĨ ƐŵĂůů ĂŝƌǁĂLJ ĚŝƐĞĂƐĞ ŝŶ ƚŚĞ ĐůŝŶŝĐĂů

ŵĂŶŝĨĞƐƚĂƟŽŶ ŽĨ ĂƐƚŚŵĂ ƌĞŵĂŝŶƐ ŝŶƚƌŝŐƵŝŶŐ͘ dŚĞ ŵĞĂƐƵƌĞŵĞŶƚ ŽĨ ĂůǀĞŽůĂƌ ŶŝƚƌŝĐ ŽdžŝĚĞ

ƉƌŽǀŝĚĞƐƵƐǁŝƚŚĂŶĞǁƚŽŽůƚŽƐƚƵĚLJƉĞƌŝƉŚĞƌĂůĂŝƌǁĂLJŝŶŇĂŵŵĂƟŽŶĂŶĚƚŽĞǀĂůƵĂƚĞƚŚĞ

ĞīĞĐƚŽĨŵŽĚŝĮĞĚƚŚĞƌĂƉŝĞƐƐƵĐŚĂƐƐŵĂůůͲƉĂƌƟĐůĞŝŶŚĂůĞĚƐƚĞƌŽŝĚƐ;ϯϬͿ͘

tŚŝĐŚƉĂƟĞŶƚƐĂƌĞĂƚƌŝƐŬŽĨĚĞǀĞůŽƉŝŶŐƉĞƌƐŝƐƚĞŶƚĂŝƌŇŽǁůŝŵŝƚĂƟŽŶ͍͗ƉƌĞĚŝĐƚŽƌƐŽĨĂŶ

ĂĐĐĞůĞƌĂƚĞĚĚĞĐůŝŶĞŝŶůƵŶŐĨƵŶĐƟŽŶ͘

/Ŷϭϵϵϴ>ĂŶŐĞĞƚĂů͘;ϭϭͿĚĞŵŽŶƐƚƌĂƚĞĚƚŚĂƚƐƵďŐƌŽƵƉƐŽĨƉĂƟĞŶƚƐǁŝƚŚĂƐƚŚŵĂ͕ĞƐƉĞĐŝĂůůLJ

ŵĂůĞƐŵŽŬĞƌƐ͕ŚĂǀĞĂŶĂĐĐĞůĞƌĂƚĞĚĚĞĐůŝŶĞŝŶ&s_ϭŽǀĞƌƟŵĞĂƐĐŽŵƉĂƌĞĚƚŽŽƚŚĞƌĂƐƚŚŵĂƟĐ

ƉĂƟĞŶƚƐ ĂŶĚ ŚĞĂůƚŚLJ ŝŶĚŝǀŝĚƵĂůƐ͘ dŚŝƐ ĂĐĐĞůĞƌĂƚĞĚ ĚĞĐůŝŶĞ ŝŶ ůƵŶŐ ĨƵŶĐƟŽŶ ĐĂŶ ƌĞƐƵůƚ ŝŶ

ƉĞƌƐŝƐƚĞŶƚĂŝƌŇŽǁůŝŵŝƚĂƟŽŶĂƐŚĂƐďĞĞŶĚŝƐĐƵƐƐĞĚŝŶƚŚĞƉƌĞǀŝŽƵƐĐŚĂƉƚĞƌ͘/ŶŽƌĚĞƌƚŽƚƌĞĂƚ

ƉĂƟĞŶƚƐǁŚŽŵĂLJĚĞǀĞůŽƉƉĞƌƐŝƐƚĞŶƚĂŝƌŇŽǁůŝŵŝƚĂƟŽŶĂƚĂŶĞĂƌůLJƐƚĂŐĞ͕ŝƚŝƐŽĨƉĂƌĂŵŽƵŶƚ

ŝŵƉŽƌƚĂŶĐĞƚŽĚĞƚĞĐƚƚŚŽƐĞƉĂƟĞŶƚƐƚŚĂƚĂƌĞĂƚƌŝƐŬ͘ƉĂƌƚĨƌŽŵĚĞƚĞƌŵŝŶŝŶŐĐůŝŶŝĐĂůƌŝƐŬ

ĨĂĐƚŽƌƐ͕ƐƚƵĚŝĞƐŚĂǀĞĨŽĐƵƐĞĚŽŶďŝŽŵĂƌŬĞƌƐƚŚĂƚŵŝŐŚƚďĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚĂŶŝŶĐƌĞĂƐĞĚ

ƌŝƐŬ ŽĨ ;ĚĞǀĞůŽƉŝŶŐͿ ƉĞƌƐŝƐƚĞŶƚ ĂŝƌŇŽǁ ůŝŵŝƚĂƟŽŶ͘ ƌŽƐƐͲƐĞĐƟŽŶĂů ƐƚƵĚŝĞƐ ĚĞŵŽŶƐƚƌĂƚĞĚ

ƚŚĂƚĞŽƐŝŶŽƉŚŝůŝĂŝŶďůŽŽĚ;ϯϭͿ͕ƐƉƵƚƵŵ;ϮͿĂŶĚďƌŽŶĐŚŝĂůďŝŽƉƐŝĞƐ;ϯϮͿĂƌĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚ

ƉĞƌƐŝƐƚĞŶƚĂŝƌŇŽǁůŝŵŝƚĂƟŽŶ͘>ŽŶŐŝƚƵĚŝŶĂůƐƚƵĚŝĞƐŚĂǀĞƐŚŽǁŶĂƌĞůĂƟŽŶƐŚŝƉďĞƚǁĞĞŶϴͲ ƉŽƐŝƟǀĞdͲĐĞůůƐŝŶďƌŽŶĐŚŝĂůďŝŽƉƐŝĞƐĂŶĚĂŶŶƵĂůĚĞĐůŝŶĞŝŶ&s_ϭ;ϯϯͿ͘

/Ŷ ĐŚĂƉƚĞƌ ϲ ǁĞ ƐƚƵĚŝĞĚ ƚŚĞ ĚĞĐůŝŶĞ ŝŶ &s_ϭ ŽǀĞƌ Ă ƉĞƌŝŽĚ ŽĨ ϱͲϲ LJĞĂƌƐ ŝŶ ƉĂƟĞŶƚƐ ǁŝƚŚ

ĚŝĸĐƵůƚͲƚŽͲƚƌĞĂƚĂƐƚŚŵĂ͘WŽƚĞŶƟĂůƌŝƐŬĨĂĐƚŽƌƐ;ĂŐĞŽĨĂƐƚŚŵĂŽŶƐĞƚ͕ĚƵƌĂƟŽŶŽĨĂƐƚŚŵĂ͕

ĂƚŽƉLJ͕ĂŝƌǁĂLJŚLJƉĞƌƌĞƐƉŽŶƐŝǀĞŶĞƐƐ͕ĞŽƐŝŶŽƉŚŝůƐŝŶďůŽŽĚĂŶĚƐƉƵƚƵŵĂŶĚƚŚĞĨƌĂĐƟŽŶŽĨ

ŶŝƚƌŝĐŽdžŝĚĞŝŶĞdžŚĂůĞĚĂŝƌ;&ĞEKͿǁĞƌĞĂƐƐĞƐƐĞĚĂƚďĂƐĞůŝŶĞ͕ĂŶĚƚŚĞƌĞůĂƟŽŶƐŚŝƉǁŝƚŚƚŚĞ

ĐŚĂŶŐĞŝŶ&s_ϭŽǀĞƌϱͲϲLJĞĂƌƐǁĂƐŝŶǀĞƐƟŐĂƚĞĚ͘dŚĞŵĞĚŝĂŶĚĞĐůŝŶĞŝŶ&s_ϭǁĂƐϭϮ͘ϲŵůͬLJĞĂƌ͖

ϯϵйŽĨƉĂƟĞŶƚƐŚĂĚĂŶĂĐĐĞůĞƌĂƚĞĚĚĞĐůŝŶĞŝŶ&s_ϭ;шϮϱŵůͬLJĞĂƌͿ͘ŵŽŶŐĂůůƉĂƌĂŵĞƚĞƌƐ

ƚŚĂƚǁĞƌĞƐƚƵĚŝĞĚ͕ŽŶůLJ&ĞEKǁĂƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚĂĚĞĐůŝŶĞŝŶ&s_ϭ͘WĂƟĞŶƚƐǁŝƚŚĂ&ĞEKш

ϭϮϵ

Zϭ ZϮ Zϯ Zϰ Zϱ Zϲ Zϳ Zϴ Zϵ ZϭϬ Zϭϭ ZϭϮ Zϭϯ Zϭϰ Zϭϱ Zϭϲ Zϭϳ Zϭϴ Zϭϵ ZϮϬ ZϮϭ ZϮϮ ZϮϯ ZϮϰ ZϮϱ ZϮϲ ZϮϳ ZϮϴ ZϮϵ ZϯϬ Zϯϭ ZϯϮ Zϯϯ Zϯϰ Zϯϱ Zϯϲ Zϯϳ Zϯϴ ϮϬƉƉďŚĂĚĂϮƟŵĞƐŐƌĞĂƚĞƌƌŝƐŬŽĨĂŶĂĐĐĞůĞƌĂƚĞĚĚĞĐůŝŶĞŝŶ&s_ϭ͕ǁŚŝĐŚĨƵƌƚŚĞƌŝŶĐƌĞĂƐĞĚ

ƚŽĂƌĞůĂƟǀĞƌŝƐŬŽĨϯ͘ϭĨŽƌƚŚŽƐĞǁŚŽŚĂĚĂŶŽƌŵĂů&s_ϭĂƚďĂƐĞůŝŶĞ͘ůƚŚŽƵŐŚƉƌĞǀŝŽƵƐĐƌŽƐƐͲ ƐĞĐƟŽŶĂůƐƚƵĚŝĞƐƐŚŽǁĞĚĂƌĞůĂƟŽŶƐŚŝƉďĞƚǁĞĞŶĞŽƐŝŶŽƉŚŝůŝĐŝŶŇĂŵŵĂƟŽŶĂŶĚƉĞƌƐŝƐƚĞŶƚ

ĂŝƌŇŽǁůŝŵŝƚĂƟŽŶǁĞĐŽƵůĚŶŽƚĐŽŶĮƌŵƚŚŝƐŝŶŽƵƌůŽŶŐŝƚƵĚŝŶĂůƐƚƵĚLJ͘dŚŝƐĚĞƐƉŝƚĞƚŚĞĨĂĐƚ

ƚŚĂƚ ƐƉƵƚƵŵ ĞŽƐŝŶŽƉŚŝůƐ ĂŶĚ &ĞEK ƐŚŽǁĞĚ Ă ŵŽĚĞƐƚ ĐŽƌƌĞůĂƟŽŶ ŽŶ ďŽƚŚ ƟŵĞ ƉŽŝŶƚƐ͘

dŚĞĂƐƐŽĐŝĂƟŽŶďĞƚǁĞĞŶƐƉƵƚƵŵĞŽƐŝŶŽƉŚŝůƐĂŶĚĚĞĐůŝŶĞŝŶ&s_ϭǁĂƐ͕ŚŽǁĞǀĞƌ͕ƐŽǁĞĂŬ

ƚŚĂƚĂůĂĐŬŽĨƉŽǁĞƌĐĂŶŶŽƚďĞƌĞŐĂƌĚĞĚĂƐĂƟƐĨĂĐƚŽƌLJĞdžƉůĂŶĂƟŽŶĨŽƌƚŚĞĚŝƐĐƌĞƉĂŶĐLJŝŶ

ĮŶĚŝŶŐƐďĞƚǁĞĞŶƉƌĞǀŝŽƵƐĐƌŽƐƐͲƐĞĐƟŽŶĂůƐƚƵĚŝĞƐĂŶĚŽƵƌůŽŶŐŝƚƵĚŝŶĂůĂŶĂůLJƐŝƐ͘ƉƉĂƌĞŶƚůLJ͕

ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ƉƌŽǀŝĚĞĚ ďLJ ĞdžŚĂůĞĚ ŶŝƚƌŝĐ ŽdžŝĚĞ ĂŶĚ ƐƉƵƚƵŵ ĞŽƐŝŶŽƉŚŝůƐ ŝƐ ŶŽƚ ƐŝŵƉůLJ

ŝŶƚĞƌĐŚĂŶŐĞĂďůĞ͘/ŶƚŚĞŶĞdžƚƉĂƌĂŐƌĂƉŚƚŚĞƐŝŵŝůĂƌŝƟĞƐĂŶĚĚŝƐƐŝŵŝůĂƌŝƟĞƐďĞƚǁĞĞŶƐƉƵƚƵŵ

ĞŽƐŝŶŽƉŚŝůƐĂŶĚĞdžŚĂůĞĚŶŝƚƌŝĐŽdžŝĚĞǁŝůůďĞĨƵƌƚŚĞƌĚŝƐĐƵƐƐĞĚ͘

dŚĞĮŶĚŝŶŐƚŚĂƚƚŚĞĂƐƐŽĐŝĂƟŽŶďĞƚǁĞĞŶ&ĞEKĂŶĚůƵŶŐĨƵŶĐƟŽŶĚĞĐůŝŶĞŝƐŵŽƐƚƉƌŽŵŝŶĞŶƚ

ŝŶƚŚŽƐĞǁŚŽŚĂǀĞĂŶŽƌŵĂůůƵŶŐĨƵŶĐƟŽŶĂƚďĂƐĞůŝŶĞŝƐŝŶƚƌŝŐƵŝŶŐĂŶĚĐĂŶŶŽƚďĞĞĂƐŝůLJ

ĞdžƉůĂŝŶĞĚ͘KŶĞŵŝŐŚƚƐƉĞĐƵůĂƚĞƚŚĂƚƚŚĞƉĂƟĞŶƚƐǁŝƚŚ&s_ϭшϴϬйŽĨƉƌĞĚŝĐƚĞĚƌĞƉƌĞƐĞŶƚ

ĂŵŽƌĞŚŽŵŽŐĞŶŽƵƐŐƌŽƵƉƚŚĂŶƚŚĞƉĂƟĞŶƚƐǁŝƚŚĂŶĂůƌĞĂĚLJŝŵƉĂŝƌĞĚůƵŶŐĨƵŶĐƟŽŶ͘dŚŝƐ

ůĂƩĞƌŐƌŽƵƉŵĂLJĐŽŶƐŝƐƚŽĨƉĂƟĞŶƚƐǁŚŽŚĂǀĞƐƵīĞƌĞĚĨƌŽŵŝŶƐƵĸĐŝĞŶƚůƵŶŐŐƌŽǁƚŚĂƐĂ

ĐŚŝůĚ͕ŚĂǀĞŚĂĚĂĐĐĞůĞƌĂƚĞĚĚĞĐůŝŶĞŝŶůƵŶŐĨƵŶĐƟŽŶŝŶƚŚĞƉĂƐƚďƵƚĂƌĞŶŽǁƐƚĂďůĞ͕ĂƌĞŶŽƚ

ŽƉƟŵĂůůLJĐŽŶƚƌŽůůĞĚĂƚƚŚĞƟŵĞŽĨƚŚĞĂƐƐĞƐƐŵĞŶƚ͕ŽƌĂƌĞƐƟůůĞdžƉĞƌŝĞŶĐŝŶŐĂŶŝŶĐƌĞĂƐĞĚ

ĚĞĐůŝŶĞŝŶůƵŶŐĨƵŶĐƟŽŶ͘dŚĞƐĞĨŽƵƌŐƌŽƵƉƐƉƌŽďĂďůLJďĞŚĂǀĞĚŝīĞƌĞŶƚůLJ͗ŶŽŽƌŵŝŶŽƌĐŚĂŶŐĞ

ŝŶůƵŶŐĨƵŶĐƟŽŶŝŶƚŚĞĮƌƐƚƚǁŽŐƌŽƵƉƐ͕ĂŶŝŵƉƌŽǀĞŵĞŶƚŝŶƚŚĞƚŚŝƌĚŐƌŽƵƉ͕ĂŶĚĂĨƵƌƚŚĞƌ

ĚĞĐůŝŶĞŝŶƚŚĞĨŽƵƌƚŚ͘dŚŝƐŚĞƚĞƌŽŐĞŶĞŝƚLJŝŶƚŚĞŐƌŽƵƉŽĨƉĂƟĞŶƚƐǁŝƚŚĂůƌĞĂĚLJŝŵƉĂŝƌĞĚůƵŶŐ

ĨƵŶĐƟŽŶŵŝŐŚƚŚĂǀĞďŝĂƐĞĚƚŚĞƌĞůĂƟŽŶƐŚŝƉďĞƚǁĞĞŶ&ĞEKĂŶĚĚĞĐůŝŶĞŝŶůƵŶŐĨƵŶĐƟŽŶŝŶ

ƚŚĞŐƌŽƵƉŽĨƉĂƟĞŶƚƐǁŝƚŚĂŶ&s_ϭфϴϬйŽĨƉƌĞĚŝĐƚĞĚĂƚďĂƐĞůŝŶĞ͘/ŶĂĚĚŝƟŽŶ͕ƚŚĞĨƵŶĐƟŽŶ

ŽĨŶŝƚƌŝĐŽdžŝĚĞŝŶƚŚĞĂŝƌǁĂLJƐŝƐĨĂƌĨƌŽŵĐůĞĂƌĂƐŝƚĐĂŶŚĂǀĞƉƌŽͲŝŶŇĂŵŵĂƚŽƌLJĂƐǁĞůůĂƐ

ĂŶƟͲŝŶŇĂŵŵĂƚŽƌLJĞīĞĐƚƐĂŶĚĐĂŶĞŶŚĂŶĐĞĂƐǁĞůůĂƐĂƩĞŶƵĂƚĞƐŵŽŽƚŚŵƵƐĐůĞĐŽŶƚƌĂĐƟŽŶ͘

KŶĞĐĂŶŽŶůLJƐƉĞĐƵůĂƚĞƚŚĂƚĂŚŝŐŚ&ĞEKŝŶƚŚŽƐĞǁŝƚŚƉƌĞƐĞƌǀĞĚĂƐĐŽŵƉĂƌĞĚƚŽƚŚŽƐĞǁŝƚŚ

ŝŵƉĂŝƌĞĚůƵŶŐĨƵŶĐƟŽŶƐŚŽƵůĚďĞŝŶƚĞƌƉƌĞƚĞĚĚŝīĞƌĞŶƚůLJ͘

/ƐĞdžŚĂůĞĚŶŝƚƌŝĐŽdžŝĚĞŵŽƌĞƚŚĂŶĂƐƵƌƌŽŐĂƚĞŵĂƌŬĞƌŽĨĞŽƐŝŶŽƉŚŝůŝĐŝŶŇĂŵŵĂƟŽŶ͍

ƌŽƵŶĚ ϭϵϵϬ ƐĞǀĞƌĂů ƐƚƵĚŝĞƐ ƐŚŽǁĞĚ ƚŚĂƚ ƚŚĞ ĐŽŶĐĞŶƚƌĂƟŽŶ ŽĨ ŶŝƚƌŝĐ ŽdžŝĚĞ ;EKͿ ǁĂƐ

ŝŶĐƌĞĂƐĞĚŝŶƚŚĞĞdžŚĂůĞĚĂŝƌŽĨƉĂƟĞŶƚƐǁŝƚŚĂƐƚŚŵĂ;ϯϰ͖ϯϱͿ͘EKĂŶĚŝƚƐƌĞůĂƚĞĚĐŽŵƉŽƵŶĚƐ

;EKͲĂŶĚEKнͿĂƌĞƐLJŶƚŚĞƐŝnjĞĚďLJĂǀĂƌŝĞƚLJŽĨĂŝƌǁĂLJƌĞƐŝĚĞŶƟĂůĐĞůůƐ;ĞƉŝƚŚĞůŝĂů͕ĞŶĚŽƚŚĞůŝĂů

ĂŶĚŶĞƵƌŽŶĂůĐĞůůƐͿĂŶĚŝŶŇĂŵŵĂƚŽƌLJĐĞůůƐ͘EŝƚƌŝĐŽdžŝĚĞŝƐƉƌŽĚƵĐĞĚĨƌŽŵĂƌŐŝŶŝŶĞďLJEK

ƐLJŶƚŚĂƐĞƐ;EK^ͿǁŚŝĐŚŽĐĐƵƌŝŶƚŚƌĞĞŝƐŽĨŽƌŵƐ͗ĐŽŶƐƟƚƵƟǀĞŶĞƵƌŽŶĂůŶEK^͕ĐŽŶƐƟƚƵƟǀĞ

ĞŶĚŽƚŚĞůŝĂůĞEK^ĂŶĚŝŶĚƵĐŝďůĞŝEK^͘/ŶĚƵĐŝďůĞEK^ĐĂŶďĞŝŶĚƵĐĞĚďLJƐĞǀĞƌĂůĐLJƚŽŬŝŶĞƐ͕

ĐŚĞŵŽŬŝŶĞƐ͕ĂŶĚŵĞĚŝĂƚŽƌƐ͘

ϭϯϬ

Zϭ ZϮ Zϯ Zϰ Zϱ Zϲ Zϳ Zϴ Zϵ ZϭϬ Zϭϭ ZϭϮ Zϭϯ Zϭϰ Zϭϱ Zϭϲ Zϭϳ Zϭϴ Zϭϵ ZϮϬ ZϮϭ ZϮϮ ZϮϯ ZϮϰ ZϮϱ ZϮϲ ZϮϳ ZϮϴ ZϮϵ ZϯϬ Zϯϭ ZϯϮ Zϯϯ Zϯϰ Zϯϱ Zϯϲ Zϯϳ Zϯϴ

dŚĞĞdžĂĐƚĨƵŶĐƟŽŶŽĨŶŝƚƌŝĐŽdžŝĚĞŝŶƚŚĞůƵŶŐŝƐƐƟůůĨĂƌĨƌŽŵĐůĞĂƌ͖ŝƚĐĂŶŚĂǀĞƉƌŽƚĞĐƟǀĞ

ĞīĞĐƚƐ;ƐŵŽŽƚŚŵƵƐĐůĞƌĞůĂdžĂƟŽŶ͕ĂƩĞŶƵĂƟŽŶŽĨĂŝƌǁĂLJŚLJƉĞƌƌĞƐƉŽŶƐŝǀĞŶĞƐƐͿĂƐǁĞůůĂƐ

ĚĞůĞƚĞƌŝŽƵƐĞīĞĐƚƐ;ƉƌŽͲŝŶŇĂŵŵĂƚŽƌLJĂĐƟǀŝƟĞƐ͕ŝŶĐƌĞĂƐĞĚĂŝƌǁĂLJƐĞĐƌĞƟŽŶƐ͕ŶĞĐƌŽƐŝƐͿ͘EK

ĐĂŶďĞƌĞŐĂƌĚĞĚĂƐĂĨƌĞĞƌĂĚŝĐĂůƚŚĂƚŝŶƚĞƌĂĐƚƐ^ǁŝƚŚŽdžLJŐĞŶ͕ƚŽĨŽƌŵƌĞĂĐƟǀĞŶŝƚƌŽŐĞŶƐƉĞĐŝĞƐ͘

dŚŝƐƐŽĐĂůůĞĚ͚ŶŝƚƌŽƐĂƟǀĞƐƚƌĞƐƐ͛ĐĂŶĞǀĞŶƚƵĂůůLJŝŶĚƵĐĞƟƐƐƵĞĚĂŵĂŐĞŝŶƚŚĞĂŝƌǁĂLJƐ;ϯϲͿ͘

/ŶĂĚĚŝƟŽŶƚŽƚŚĞĮŶĚŝŶŐƚŚĂƚĞdžŚĂůĞĚŶŝƚƌŝĐŽdžŝĚĞůĞǀĞůƐĂƌĞŝŶĐƌĞĂƐĞĚŝŶĂƐƚŚŵĂ͕ĚŝīĞƌĞŶƚ

ĐůŝŶŝĐĂů ƐƚƵĚŝĞƐ ŚĂǀĞ ƐŚŽǁŶ ƚŚĂƚ ĞdžŚĂůĞĚ EK ŝŶĐƌĞĂƐĞƐ ĚƵƌŝŶŐ ĂƐƚŚŵĂ ĞdžĂĐĞƌďĂƟŽŶƐ͕

ĚĞĐƌĞĂƐĞƐĂŌĞƌƚƌĞĂƚŵĞŶƚǁŝƚŚŝŶŚĂůĞĚĐŽƌƟĐŽƐƚĞƌŽŝĚƐĂŶĚŝƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚĞŽƐŝŶŽƉŚŝůŝĐ

ĂŝƌǁĂLJŝŶŇĂŵŵĂƟŽŶ;ϯϳͿ͘

/Ŷ ƚŚĞ ůĂƐƚ ƚĞŶ LJĞĂƌƐ ƐĞǀĞƌĂů ƐƚƵĚŝĞƐ ŚĂǀĞ ŝŶǀĞƐƟŐĂƚĞĚ ƚŚĞ ĐůŝŶŝĐĂů ĂƉƉůŝĐĂƟŽŶ ŽĨ ƐƉƵƚƵŵ

ĞŽƐŝŶŽƉŚŝůƐ ĂŶĚ ĞdžŚĂůĞĚ ŶŝƚƌŝĐ ŽdžŝĚĞ ŝŶ ĂƐƚŚŵĂ ŵĂŶĂŐĞŵĞŶƚ͘ ^ŝŶĐĞ ƚŚĞ ĂƐƐĞƐƐŵĞŶƚ ŽĨ

ƐƉƵƚƵŵ ĞŽƐŝŶŽƉŚŝů ƉĞƌĐĞŶƚĂŐĞƐ ǁĂƐ ŝŶƚƌŽĚƵĐĞĚ LJĞĂƌƐ ďĞĨŽƌĞ ŶŝƚƌŝĐ ŽdžŝĚĞ ŵĞĂƐƵƌĞŵĞŶƚƐ

ďĞĐĂŵĞĂǀĂŝůĂďůĞ͕ŵŽƐƚŚLJƉŽƚŚĞƐĞƐĂƌĞƐƚƵĚŝĞĚǁŝƚŚƐƉƵƚƵŵĞŽƐŝŶŽƉŚŝůƐĮƌƐƚ͕ůĂƚĞƌĨŽůůŽǁĞĚ

ďLJƐƚƵĚŝĞƐǁŚŽƵƐĞĚĞdžŚĂůĞĚŶŝƚƌŝĐŽdžŝĚĞĂƐĂƚŽŽů͘^ĞǀĞƌĂůĐůŝŶŝĐĂůĂƉƉůŝĐĂƟŽŶƐŚĂǀĞďĞĞŶ

ĞǀĂůƵĂƚĞĚŝŶƚŚĞƐĞƐƚƵĚŝĞƐ͗

• ŝĂŐŶŽƐŝƐŽĨĂƐƚŚŵĂ͗/ƚŚĂƐďĞĞŶƐŚŽǁŶƚŚĂƚŝŶĂĚƵůƚƐǁŝƚŚƐLJŵƉƚŽŵƐƐƵŐŐĞƐƟǀĞŽĨ

ĂƐƚŚŵĂƚŚĞƉƌĞƐĞŶĐĞŽĨƐƉƵƚƵŵĞŽƐŝŶŽƉŚŝůŝĂ;хϯйͿĂƐǁĞůůĂƐĂ&ĞEKхϮϬƉƉďĂƌĞ

ŚĞůƉĨƵůŝŶĚŝīĞƌĞŶƟĂƟŶŐďĞƚǁĞĞŶƉĂƟĞŶƚƐǁŝƚŚĂŶĚǁŝƚŚŽƵƚĂƐƚŚŵĂ͕ǁŝƚŚƐŝŵŝůĂƌ

ƐĞŶƐŝƟǀŝƟĞƐ;ϴϲͲϴϴйͿ;ϯϴͿ͘

• WƌĞĚŝĐƟŶŐ ůŽƐƐ ŽĨ ĂƐƚŚŵĂ ĐŽŶƚƌŽů͗ ^ĞǀĞƌĂů ƐƚƵĚŝĞƐ ŚĂǀĞ ůŽŽŬĞĚ Ăƚ ƚŚĞ ǀĂůƵĞ ŽĨ

ďŝŽŵĂƌŬĞƌƐŝŶƉƌĞĚŝĐƟŶŐůŽƐƐŽĨĐŽŶƚƌŽůĂŌĞƌƐƚĞƌŽŝĚǁŝƚŚĚƌĂǁĂů͘ůƚŚŽƵŐŚƚŚĞƌĞ

ĂƌĞĐŽŶŇŝĐƟŶŐƌĞƐƵůƚƐ͕ƐƉƵƚƵŵĞŽƐŝŶŽƉŚŝůƐƐĞĞŵƚŽďĞŵŽƌĞĂĐĐƵƌĂƚĞŝŶƉƌĞĚŝĐƟŶŐ

ůŽƐƐŽĨĐŽŶƚƌŽůŽƌŝŶƉƌĞĚŝĐƟŶŐǁŚĞƚŚĞƌƉĂƟĞŶƚƐƌĞƋƵŝƌĞŽŶŐŽŝŶŐƐƚĞƌŽŝĚƚƌĞĂƚŵĞŶƚ͘

,ŽǁĞǀĞƌ͕ŝŶǀŝĞǁŽĨƚŚĞĂǀĂŝůĂďŝůŝƚLJŝŶƚŚĞĐůŝŶŝĐŵĞĂƐƵƌĞŵĞŶƚŽĨ&ĞEKĐĂŶďĞĂŶ

ĂůƚĞƌŶĂƟǀĞ;ϯϳ͖ϯϵͲϰϮͿ

• 'ƵŝĚĂŶĐĞŽĨƚƌĞĂƚŵĞŶƚĚĞĐŝƐŝŽŶƐ͗ƚǁŽƐƚƵĚŝĞƐƐŚŽǁĞĚƚŚĂƚŵĂŶĂŐĞŵĞŶƚƐƚƌĂƚĞŐŝĞƐ

ďĂƐĞĚŽŶƐƉƵƚƵŵĞŽƐŝŶŽƉŚŝůĐŽƵŶƚƐƌĞĚƵĐĞĚƚŚĞŶƵŵďĞƌŽĨĂƐƚŚŵĂĞdžĂĐĞƌďĂƟŽŶƐ

ƐŝŐŶŝĮĐĂŶƚůLJ;ϰϯ͖ϰϰͿ͘^ŝŵŝůĂƌƐƚƵĚŝĞƐǁŝƚŚ&ĞEKďĂƐĞĚƚƌĞĂƚŵĞŶƚƐƚƌĂƚĞŐŝĞƐĚŝĚŶŽƚ

ƌĞƐƵůƚŝŶĂƌĞĚƵĐƟŽŶŝŶĞdžĂĐĞƌďĂƟŽŶƐ͕ĂůƚŚŽƵŐŚŽŶĞƐƚƵĚLJĚŝĚĂĐŚŝĞǀĞĂƌĞĚƵĐƟŽŶ

ŝŶŝŶŚĂůĞĚƐƚĞƌŽŝĚĚŽƐĞŝŶƚŚĞ&ĞEKŐƌŽƵƉ͕ƉŽƐƐŝďůLJƚŚĞƌĞƐƵůƚŽĨŵŽƌĞŝŶĚŝǀŝĚƵĂůŝnjĞĚ

ƚŚĞƌĂƉLJ;ϰϱͲϰϳͿ͘

ϭϯϭ

Zϭ ZϮ Zϯ Zϰ Zϱ Zϲ Zϳ Zϴ Zϵ ZϭϬ Zϭϭ ZϭϮ Zϭϯ Zϭϰ Zϭϱ Zϭϲ Zϭϳ Zϭϴ Zϭϵ ZϮϬ ZϮϭ ZϮϮ ZϮϯ ZϮϰ ZϮϱ ZϮϲ ZϮϳ ZϮϴ ZϮϵ ZϯϬ Zϯϭ ZϯϮ Zϯϯ Zϯϰ Zϯϱ Zϯϲ Zϯϳ Zϯϴ

• WƌĞĚŝĐƟŶŐůŽƐƐŽĨůƵŶŐĨƵŶĐƟŽŶ͗ĂƐŚĂƐďĞĞŶƐŚŽǁŶŝŶĐŚĂƉƚĞƌϲ͕&ĞEK͕ďƵƚŶŽƚ

ƐƉƵƚƵŵĞŽƐŝŶŽƉŚŝůƐ͕ƉƌĞĚŝĐƚůƵŶŐĨƵŶĐƟŽŶĚĞĐůŝŶĞŝŶƉĂƟĞŶƚƐǁŝƚŚĚŝĸĐƵůƚͲƚŽͲƚƌĞĂƚ

ĂƐƚŚŵĂ͘ ,ŽǁĞǀĞƌ͕ ŝŶ ĐƌŽƐƐͲƐĞĐƟŽŶĂů ƐƚƵĚŝĞƐ͕ ƐƉƵƚƵŵ ĞŽƐŝŶŽƉŚŝů ƉĞƌĐĞŶƚĂŐĞ ĂŶĚ

ŶŽƚ&ĞEKŝƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚ&s_ϭ͘EŽŽƚŚĞƌƐƚƵĚŝĞƐĂƚƉƌĞƐĞŶƚŚĂǀĞŝŶǀĞƐƟŐĂƚĞĚƚŚĞ

ǀĂůƵĞŽĨ&ĞEKĂŶĚƐƉƵƚƵŵĞŽƐŝŶŽƉŚŝůƐŝŶƉƌĞĚŝĐƟŶŐůƵŶŐĨƵŶĐƟŽŶůŽƐƐŝŶĂƐƚŚŵĂ͘

tŚĂƚĐĂŶǁĞĐŽŶĐůƵĚĞĨƌŽŵĂůůƚŚĞƐĞƐƚƵĚŝĞƐ͍&ŝƌƐƚŽĨĂůů͕ƚŚĂƚƐƉƵƚƵŵĞŽƐŝŶŽƉŚŝůƐĂŶĚ&ĞEK

ĚŽŶŽƚƉƌŽǀŝĚĞƚŚĞƐĂŵĞŝŶĨŽƌŵĂƟŽŶĂďŽƵƚŝŶŇĂŵŵĂƚŽƌLJŽƌŽƚŚĞƌƉƌŽĐĞƐƐĞƐŝŶƚŚĞĂŝƌǁĂLJƐ͘

dŚŝƐŵĂLJŚĂǀĞƚŽĚŽǁŝƚŚƚŚĞŵŽƌĞŽƌůĞƐƐĂƌďŝƚƌĂƌŝůLJĐŚŽƐĞŶĐƵƚͲŽīƉŽŝŶƚƐĨŽƌďŽƚŚ&ĞEK

ĂŶĚƐƉƵƚƵŵĞŽƐŝŶŽƉŚŝůƐƚŚĂƚĂƌĞŶŽƚŶĞĐĞƐƐĂƌŝůLJďŝŽůŽŐŝĐĂůůLJŝĚĞŶƟĐĂů͘/ŶƚŚĞƐƚƵĚLJĚĞƐĐƌŝďĞĚ

ŝŶĐŚĂƉƚĞƌϲǁĞƐŚŽǁĞĚĂƉŽƐŝƟǀĞĂƐƐŽĐŝĂƟŽŶďĞƚǁĞĞŶƐƉƵƚƵŵĞŽƐŝŶŽƉŚŝůƐĂŶĚ&ĞEKĂƚ

ďŽƚŚƐƚƵĚLJƟŵĞƉŽŝŶƚƐ;ĂƐŵĂŶLJŽƚŚĞƌƐƚƵĚŝĞƐĚŝĚďĞĨŽƌĞͿ͕ďƵƚŽŶĞĐĂŶŶŽƚĚĞŶLJƚŚĂƚƚŚŝƐ

ĐŽƌƌĞůĂƟŽŶŝƐĨĂƌĨƌŽŵƉĞƌĨĞĐƚ͘

&ŝŐƵƌĞϮĚĞŵŽŶƐƚƌĂƚĞƐƚŚĂƚƚŚĞƌĞĂƌĞŵĂŶLJƉĂƟĞŶƚƐ;ϯϬйͿƐŚŽǁŝŶŐĚŝƐĐŽƌĚĂŶĐĞďĞƚǁĞĞŶ

&ĞEK ůĞǀĞůƐ ĂŶĚ ƐƉƵƚƵŵ ĞŽƐŝŶŽƉŚŝů ƉĞƌĐĞŶƚĂŐĞƐ͗ ĞŝƚŚĞƌ ƚŚĞLJ ŚĂǀĞ ŚŝŐŚ &ĞEK ĂŶĚ ůŽǁ

ĞŽƐŝŶŽƉŚŝůƐ;ϮϭйͿŽƌƚŚĞŽƚŚĞƌǁĂLJĂƌŽƵŶĚ;ϵйͿ͘dŚŝƐĚŝƐĐƌĞƉĂŶĐLJŚĂƐĂůƐŽďĞĞŶĚŝƐĐƵƐƐĞĚ

ďLJŽƚŚĞƌƐ;ϰϱͿ͘tŚĂƚĐĂŶďĞƚŚĞĞdžƉůĂŶĂƟŽŶĨŽƌƚŚŝƐ͍^ŽŵĞďĞůŝĞǀĞƚŚĂƚƚŚŝƐĚŝƐĐŽƌĚĂŶĐĞŝƐ

ƉƌŽďĂďůLJĐĂƵƐĞĚďLJƚŚĞŝŶĐŽŶƐŝƐƚĞŶĐĞŽĨ&ĞEKŵĞĂƐƵƌĞŵĞŶƚƐďĞĐĂƵƐĞƚŚŝƐŵĞĂƐƵƌĞŵĞŶƚŝƐ

ŵƵĐŚŵŽƌĞŝŶŇƵĞŶĐĞĚďLJĞdžƚĞƌŶĂůĨĂĐƚŽƌƐƚŚĂŶƚŚĞĂƐƐĞƐƐŵĞŶƚŽĨĞŽƐŝŶŽƉŚŝůŶƵŵďĞƌƐ;ϰϴͿ͘

,ŽǁĞǀĞƌ͕ƐŚŽƌƚͲƚĞƌŵƌĞƉĞĂƚĂďŝůŝƚLJŽĨ&ĞEKůĞǀĞůƐŚĂƐƐŚŽǁŶƚŽďĞǀĞƌLJŐŽŽĚĂŶĚĞǀĞŶŝŶƚŚĞ

ůŽŶŐƌƵŶ͕ĂƐƐŚŽǁŶŝŶĐŚĂƉƚĞƌϳ͕&ŝŐƵƌĞϯ͕&ĞEKůĞǀĞůƐĂƌĞĐŽŶƐŝƐƚĞŶƚ͘ŶŽƚŚĞƌŽƉƟŽŶĐĂŶďĞ

ƚŚĂƚ&ĞEKŵŝŐŚƚďĞďĞƩĞƌĐŽƌƌĞůĂƚĞĚƚŽĞŽƐŝŶŽƉŚŝůƐŝŶĂŶŽƚŚĞƌĐŽŵƉĂƌƚŵĞŶƚŽĨƚŚĞĂŝƌǁĂLJ

ĂƐŚĂƐďĞĞŶĚĞŵŽŶƐƚƌĂƚĞĚďLJƚŚĞƐƚƵĚLJĨƌŽŵ>ĞŵŝĞƌĞĞƚĂů͘;ϰϵͿƚŚŝƌĚĞdžƉůĂŶĂƟŽŶŝƐƚŚĂƚ

&ĞEKŝƐŶŽƚƐƵĐŚĂŐŽŽĚŵĂƌŬĞƌŽĨĞŽƐŝŶŽƉŚŝůŝĐŝŶŇĂŵŵĂƟŽŶĂŌĞƌĂůů͘,ŽǁĞǀĞƌ͕ŽŶĞĐŽƵůĚ

ĂůƐŽĂƌŐƵĞƚŚĂƚ&ĞEKŝƐŵŽƌĞƚŚĂŶĂƐƵƌƌŽŐĂƚĞŵĂƌŬĞƌŽĨĞŽƐŝŶŽƉŚŝůŝĐŝŶŇĂŵŵĂƟŽŶ͘zĞƐ͕ŝƚ

ŐŝǀĞƐŝŶĨŽƌŵĂƟŽŶĂďŽƵƚĞŽƐŝŶŽƉŚŝůŝĐŝŶŇĂŵŵĂƟŽŶ͕ďƵƚ&ĞEKŝƐĂůƐŽĂďŝŽŵĂƌŬĞƌĨŽƌƚŚĞ

ŵĞƚĂďŽůŝƐŵŽĨƉŚLJƐŝŽůŽŐŝĐĂůůLJƌĞůĞǀĂŶƚŶŝƚƌŽŐĞŶŽdžŝĚĞƐ͘ZĞĂĐƟǀĞŶŝƚƌŽŐĞŶƐƉĞĐŝĞƐĨŽƌŵĞĚ

ďLJƚŚĞŝŶƚĞƌĂĐƟŽŶŽĨEKǁŝƚŚŽdžLJŐĞŶƌĂĚŝĐĂůƐ͕ĐĂŶŝŶĚƵĐĞĂŝƌǁĂLJĚĂŵĂŐĞĂŶĚƉŽƐƐŝďůLJďĞ

ŝŶǀŽůǀĞĚŝŶůƵŶŐĨƵŶĐƟŽŶŝŵƉĂŝƌŵĞŶƚ;ϱϬͿ͘

dŚĞƌŽůĞŽĨĞŽƐŝŶŽƉŚŝůƐŝŶƚŚĞƉĂƚŚŽŐĞŶĞƐŝƐĂŶĚŵĂŶŝĨĞƐƚĂƟŽŶŽĨĂƐƚŚŵĂƌĞŵĂŝŶƐƵŶĐůĞĂƌ͘

/ŶŝƟĂů ƐƚƵĚŝĞƐ ƚŚĂƚ ƵƐĞĚ ĂŶƟͲŝŶƚĞƌůĞƵŬŝŶƐ ƐƵĐŚ ĂƐ ĂŶƟͲ/>ϱ ;ϱϭͿ͕ ĚĞŵŽŶƐƚƌĂƚĞĚ Ă ĐůĞĂƌ

ƌĞĚƵĐƟŽŶŽĨƟƐƐƵĞĞŽƐŝŶŽƉŚŝůƐƚŽǁĂƌĚƐŶŽƌŵĂůǀĂůƵĞƐďƵƚƚŚŝƐǁĂƐŶŽƚĂĐĐŽŵƉĂŶŝĞĚďLJĂŶ

ĞīĞĐƚŽŶĞŝƚŚĞƌůƵŶŐĨƵŶĐƟŽŶŽƌĂŝƌǁĂLJŚLJƉĞƌƌĞƐƉŽŶƐŝǀĞŶĞƐƐ͘dŚĞĚŝƐƐŽĐŝĂƟŽŶďĞƚǁĞĞŶƚŚĞ

ĞīĞĐƚƐŽĨƚŚĞƐĞĚƌƵŐƐŽŶĞŽƐŝŶŽƉŚŝůƐŽŶŽŶĞŚĂŶĚĂŶĚŵĞƚŚĂĐŚŽůŝŶĞƌĞƐƉŽŶƐŝǀĞŶĞƐƐ^ŽŶƚŚĞ

ŽƚŚĞƌƐƵŐŐĞƐƚƐƚŚĂƚĞŽƐŝŶŽƉŚŝůƐŵĂLJŶŽƚŵĞĚŝĂƚĞ^ŵĞƚŚĂĐŚŽůŝŶĞƌĞƐƉŽŶƐŝǀĞŶĞƐƐŝŶĂƐƚŚŵĂ͘^

^ƉƵƚƵŵĞŽƐŝŶŽƉŚŝůŝĂƐĞĞŵƐƚŽďĞĂŵĂƌŬĞƌŽĨƵŶĐŽŶƚƌŽůůĞĚĚŝƐĞĂƐĞ͕ƌĂƚŚĞƌƚŚĂŶĂ

ϭϯϮ

Zϭ ZϮ Zϯ Zϰ Zϱ Zϲ Zϳ Zϴ Zϵ ZϭϬ Zϭϭ ZϭϮ Zϭϯ Zϭϰ Zϭϱ Zϭϲ Zϭϳ Zϭϴ Zϭϵ ZϮϬ ZϮϭ ZϮϮ ZϮϯ ZϮϰ ZϮϱ ZϮϲ ZϮϳ ZϮϴ ZϮϵ ZϯϬ Zϯϭ ZϯϮ Zϯϯ Zϯϰ Zϯϱ Zϯϲ Zϯϳ Zϯϴ

&ŝŐƵƌĞϮ͘ZĞůĂƟŽŶƐŚŝƉďĞƚǁĞĞŶƐƉƵƚƵŵĞŽƐŝŶŽƉŚŝůƉĞƌĐĞŶƚĂŐĞĂŶĚ&ĞEK͘

ŽdžĞƐƌĞƉƌĞƐĞŶƚƉĂƟĞŶƚƐǁŝƚŚŚŝŐŚ&ĞEKĂŶĚŚŝŐŚĞŽƐŝŶŽƉŚŝůƐŽƌůŽǁ&ĞEKǁŝƚŚůŽǁĞŽƐŝŶŽƉŚŝůƐ͕ŽƚŚĞƌ

ƉĂƟĞŶƚƐŚĂǀĞĚŝƐĐŽƌĚĂŶƚĚĂƚĂ͘ƵƚͲŽīƉŽŝŶƚƐŽŶdžͲĂdžĞƐ͗ϮйƐƉƵƚƵŵĞŽƐŝŶŽƉŚŝůƐ͕ŽŶLJͲĂdžĞƐŵĞĚŝĂŶ

&ĞEK͘yͲĂŶĚzͲĂdžĞƐĂƌĞůŽŐĂƌŝƚŚŵŝĐ͘yͲĂdžĞƐƌĞƉƌĞƐĞŶƚƐƉƵƚƵŵĞŽƐŝŶŽƉŚŝůƉĞƌĐĞŶƚĂŐĞƐнϭ͖ŶсϲϯŝŶďŽƚŚ

ŐƌĂƉŚƐ͘

ĐĂƵƐĞŽĨŝƚ͘,ŽǁĞǀĞƌ͕ŵŽƌĞƌĞĐĞŶƚƐƚƵĚŝĞƐŚĂǀĞŝŶǀĞƐƟŐĂƚĞĚƚŚĞĞīĞĐƚŽĨDĞƉŽůŝnjƵŵĂď͕Ă

ŚƵŵĂŶŝnjĞĚŵŽŶŽĐůŽŶĂůĂŶƟďŽĚLJĂŐĂŝŶƐƚŝŶƚĞƌůĞƵŬŝŶͲϱ͕ŽŶƉĂƟĞŶƚƐǁŝƚŚƌĞĨƌĂĐƚŽƌLJĂƐƚŚŵĂ

ĂŶĚƉĞƌƐŝƐƚĞŶƚĞŽƐŝŶŽƉŚŝůŝĐŝŶŇĂŵŵĂƟŽŶ;ϱϮͲϱϰͿ͘

dŚĞƐĞ ƐƚƵĚŝĞƐ ƐŚŽǁĞĚ Ă ƌĞĚƵĐƟŽŶ ŝŶ ĞdžĂĐĞƌďĂƟŽŶƐ͕ ĂŶ ŝŵƉƌŽǀĞŵĞŶƚ ŝŶ ĂƐƚŚŵĂ ƋƵĂůŝƚLJ

ŽĨ ůŝĨĞ͕ Ă ƌĞĚƵĐƟŽŶ ŝŶ ďůŽŽĚ ĂŶĚ ƐƉƵƚƵŵ ĞŽƐŝŶŽƉŚŝůƐ ĂŶĚ ĂůůŽǁĞĚ ƉƌĞĚŶŝƐŽŶĞ ƐƉĂƌŝŶŐ ŝŶ

ƚŚŝƐƐƉĞĐŝĮĐƐƵďŐƌŽƵƉŽĨƉĂƟĞŶƚƐ͘,ŽǁĞǀĞƌƚŚĞƌĞǁĂƐŶŽĞīĞĐƚŽŶůƵŶŐĨƵŶĐƟŽŶ͕ĂŝƌǁĂLJ

ŚLJƉĞƌƌĞƐƉŽŶƐŝǀĞŶĞƐƐŽƌĞdžŚĂůĞĚEKůĞǀĞůƐ͕ĂŐĂŝŶĐŽŶĮƌŵŝŶŐƚŚĂƚƚŚĞŝŶĨŽƌŵĂƟŽŶƉƌŽǀŝĚĞĚ

ďLJĞdžŚĂůĞĚEKĂŶĚĞŽƐŝŶŽƉŚŝůƐŝƐŶŽƚĐŽŶŐƌƵĞŶƚ͘dŚĞƐĞŶĞǁƐƚƵĚŝĞƐĐŽŶĮƌŵƚŚĞŚLJƉŽƚŚĞƐŝƐ

ƚŚĂƚƐŽŵĞƚŚĞƌĂƉŝĞƐŵĂLJŚĂǀĞĞīĞĐƚŽŶůLJŝŶĂǀĞƌLJǁĞůůĐŚĂƌĂĐƚĞƌŝnjĞĚĂŶĚƚŚƵƐǀĞƌLJƐŵĂůů

ƐƵďŐƌŽƵƉŽĨƉĂƟĞŶƚƐǁŝƚŚĚŝĸĐƵůƚͲƚŽͲƚƌĞĂƚĂƐƚŚŵĂƐƵĐŚĂƐƚŚŽƐĞǁŝƚŚƉĞƌƐŝƐƚĞŶƚĞŽƐŝŶŽƉŚŝůŝĐ

ŝŶŇĂŵŵĂƟŽŶ;ƐĞĞĂůƐŽĚŝƐĐƵƐƐŝŽŶŽĨĐŚĂƉƚĞƌϳͿ͘

/Ŷ ĐŽŶĐůƵƐŝŽŶ͕ ĨŽƌ ƐŽŵĞ ĐůŝŶŝĐĂů ƉƵƌƉŽƐĞƐ͕ ƐƵĐŚ ĂƐ ƚŚĞ ĚŝĂŐŶŽƐŝƐ ŽĨ ĂƐƚŚŵĂ Žƌ ƉƌĞĚŝĐƟŶŐ

ůŽƐƐ ŽĨ ĂƐƚŚŵĂ ĐŽŶƚƌŽů͕ ƐƉƵƚƵŵ ĞŽƐŝŶŽƉŚŝůƐ ĂŶĚ ĞdžŚĂůĞĚ ŶŝƚƌŝĐ ŽdžŝĚĞ ƐĞĞŵ ƚŽ ďĞ ďŽƚŚ

ĂƉƉůŝĐĂďůĞŝŶƚŚĞĐůŝŶŝĐ͕ǁŚĞƌĞĂƐĞdžŚĂůĞĚŶŝƚƌŝĐŽdžŝĚĞŵĞĂƐƵƌĞŵĞŶƚƐŚĂǀĞƚŚĞĂĚǀĂŶƚĂŐĞ

ŽĨ ďĞŝŶŐ ŶŽŶŝŶǀĂƐŝǀĞ ĂŶĚ ƚŽ ƉƌŽǀŝĚĞ ŝŵŵĞĚŝĂƚĞ ƌĞƐƵůƚƐ͘ ŽŶĐĞƌŶŝŶŐ ďŝŽŵĂƌŬĞƌͲďĂƐĞĚ

ϭϵϵϴͬϵϵ

ϭϵϵϴͬϵϵ ϮϬϬϰͬϬϱϮϬϬϰͬϬϱ

Ś ů

йƐƉƵƚƵŵĞŽƐŝŶŽƉŚŝůƐ й ƐƉƵƚƵŵ ĞŽƐŝŶŽƉŚŝůƐйƐƉƵƚƵŵĞŽƐŝŶŽƉŚŝůƐ

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ƉďͿ 

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ϭϯϯ

Zϭ ZϮ Zϯ Zϰ Zϱ Zϲ Zϳ Zϴ Zϵ ZϭϬ Zϭϭ ZϭϮ Zϭϯ Zϭϰ Zϭϱ Zϭϲ Zϭϳ Zϭϴ Zϭϵ ZϮϬ ZϮϭ ZϮϮ ZϮϯ ZϮϰ ZϮϱ ZϮϲ ZϮϳ ZϮϴ ZϮϵ ZϯϬ Zϯϭ ZϯϮ Zϯϯ Zϯϰ Zϯϱ Zϯϲ Zϯϳ Zϯϴ ƚƌĞĂƚŵĞŶƚƐƚƌĂƚĞŐŝĞƐ͕ƐƉƵƚƵŵĞŽƐŝŶŽƉŚŝůƐĂƌĞĚĞĮŶŝƚĞůLJŽŶƚŚĞůĞĂĚ͘tŚĞƚŚĞƌĞdžŚĂůĞĚEK

ŚĂƐŵŽƌĞƉŽƚĞŶƟĂůĂƐĂŵĂƌŬĞƌŽĨƉƌŽŐƌĞƐƐŝǀĞůŽƐƐŽĨůƵŶŐĨƵŶĐƟŽŶ͕ĂƐŽƵƌƌĞƐƵůƚƐŽĨĐŚĂƉƚĞƌ

ϲƐƵŐŐĞƐƚ͕ŶĞĞĚƐƚŽďĞĐŽŶĮƌŵĞĚŝŶƚŚĞĨƵƚƵƌĞďLJůĂƌŐĞƌƐƚƵĚŝĞƐǁŝƚŚƐĞƌŝĂůůƵŶŐĨƵŶĐƟŽŶ

ŵĞĂƐƵƌĞŵĞŶƚƐ͘ŌĞƌƚŚŝƐ͕ƚŚĞŶĞdžƚĐŚĂůůĞŶŐĞǁŝůůďĞƚŽĞǀĂůƵĂƚĞƚŚĞĞīĞĐƚŽĨŶŝƚƌŝĐŽdžŝĚĞ

ƌĞĚƵĐŝŶŐƚŚĞƌĂƉĞƵƟĐƐƚƌĂƚĞŐŝĞƐŽŶůƵŶŐĨƵŶĐƟŽŶĚĞĐůŝŶĞ͘

WŚĞŶŽƚLJƉĞƐŽĨĚŝĸĐƵůƚͲƚŽͲƚƌĞĂƚĂƐƚŚŵĂ͕ĂƌĞƚŚĞLJƉĞƌƐŝƐƚĞŶƚŽǀĞƌƟŵĞ͍

ƉŚĞŶŽƚLJƉĞĐĂŶďĞĚĞĮŶĞĚĂƐ͞ƚŚĞǀŝƐŝďůĞƉƌŽƉĞƌƟĞƐŽĨĂŶŽƌŐĂŶŝƐŵƚŚĂƚĂƌĞƉƌŽĚƵĐĞĚ^ ďLJƚŚĞŝŶƚĞƌĂĐƟŽŶŽĨŐĞŶŽƚLJƉĞĂŶĚƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͟;ϱϱͿ͘/ƚŝƐŶŽǁŵŽƌĞƚŚĂŶĐůĞĂƌƚŚĂƚ

ĚŝĸĐƵůƚͲƚŽͲƚƌĞĂƚ ĂƐƚŚŵĂ ŝƐ Ă ŚĞƚĞƌŽŐĞŶĞŽƵƐ ĐŽŶĚŝƟŽŶ ĂŶĚ ǁĞ ŶĞĞĚ ƚŽ ĚĞĮŶĞ ĚŝīĞƌĞŶƚ

ƉŚĞŶŽƚLJƉĞƐ͘dŚŝƐĐĂŶŝŵƉƌŽǀĞŽƵƌƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞƵŶĚĞƌůLJŝŶŐŵĞĐŚĂŶŝƐŵƐ͕ŶĂƚƵƌĂů

ŚŝƐƚŽƌLJ ĂŶĚ ƉƌŽŐŶŽƐŝƐ ŽĨ ƚŚŝƐ ĚŝƐĞĂƐĞ͖ ŝƚ ĐĂŶ ŚĞůƉ ƚŽ ŐƵŝĚĞ ĐƵƌƌĞŶƚ ĂŶĚ ƉŽƐƐŝďůLJ ĨƵƚƵƌĞ

ƚƌĞĂƚŵĞŶƚĂŶĚŵĂLJƉƌŽǀŝĚĞĐůƵĞƐĨŽƌŶŽǀĞůƚŚĞƌĂƉĞƵƟĐŝŶƚĞƌǀĞŶƟŽŶƐ;ϱϲͿ͘

^ĞǀĞƌĂůƉŚĞŶŽƚLJƉĞƐŚĂǀĞĂůƌĞĂĚLJďĞĞŶĚĞƚĞƌŵŝŶĞĚ͕ďĂƐĞĚŽŶĐůŝŶŝĐĂůĐŚĂƌĂĐƚĞƌŝƐƟĐƐƐƵĐŚ

ĂƐ ĂƚŽƉŝĐ ǀƐ͘ ŶŽŶͲĂƚŽƉŝĐ ĂƐƚŚŵĂ͕ ĞĂƌůLJ ǀƐ͘ ůĂƚĞ ŽŶƐĞƚ͕ ƐƚĂďůĞ ǀƐ͘ ĨƌĞƋƵĞŶƚ ĞdžĂĐĞƌďĂƟŽŶƐ͖

ŽŶƉŚLJƐŝŽůŽŐŝĐĂůƉĂƌĂŵĞƚĞƌƐ͖ŶŽƌŵĂůůƵŶŐĨƵŶĐƟŽŶǀƐ͘ĮdžĞĚĂŝƌŇŽǁůŝŵŝƚĂƟŽŶ͖ŽŶƐƉĞĐŝĮĐ

ƚƌŝŐŐĞƌƐ͖Ğ͘Ő͘ĂƐƉŝƌŝŶŽƌE^/͖ĂŶĚŽŶƉĂƚŚŽůŽŐŝĐĂůĮŶĚŝŶŐƐ͗ĞŽƐŝŶŽƉŚŝůŝĐ͕ŶŽŶͲĞŽƐŝŶŽƉŚŝůŝĐ͕

ŶĞƵƚƌŽƉŚŝůŝĐ ĂŶĚ ƉĂƵĐŝͲŐƌĂŶƵůŽĐLJƟĐ ĂƐƚŚŵĂ ;ϱϳͿ͘ /Ŷ ŽƌĚĞƌ ƚŽ ĞǀĂůƵĂƚĞ ƚŚĞ ĞīĞĐƚ ŽĨ Ă

ƉŚĞŶŽƚLJƉĞƐƉĞĐŝĮĐĂƐƚŚŵĂĚƌƵŐ͕ƚŚĞƉŚĞŶŽƚLJƉĞƐŚŽƵůĚďĞĐŽŶƐŝƐƚĞŶƚŽǀĞƌĂƉĞƌŝŽĚŽĨƟŵĞ͘

/ŶƚŚŝƐƚŚĞƐŝƐǁĞŚĂǀĞŝŶǀĞƐƟŐĂƚĞĚƚǁŽƐƉĞĐŝĮĐĂƐƚŚŵĂƉŚĞŶŽƚLJƉĞƐ͗ƚŚĞŽďĞƐĞͲ;ĐŚĂƉƚĞƌ

ϰͿĂŶĚƚŚĞĞŽƐŝŶŽƉŚŝůŝĐƉŚĞŶŽƚLJƉĞ;ĐŚĂƉƚĞƌϲͿ͘tĞĚĞŵŽŶƐƚƌĂƚĞĚƚŚĂƚŽďĞƐĞƉĂƟĞŶƚƐǁŝƚŚ

ĚŝĸĐƵůƚͲƚŽͲƚƌĞĂƚĂƐƚŚŵĂŚĂĚůĞƐƐƐŝŐŶƐŽĨĂŝƌǁĂLJŝŶŇĂŵŵĂƟŽŶ;ůŽǁĞƌƐƉƵƚƵŵĞŽƐŝŶŽƉŚŝůƐ

ĂŶĚůŽǁĞƌ&ĞEKͿƚŚĂŶŶŽŶŽďĞƐĞƉĂƟĞŶƚƐǁŝƚŚĚŝĸĐƵůƚͲƚŽͲƚƌĞĂƚĂƐƚŚŵĂ͘KďĞƐĞƉĂƟĞŶƚƐŚĂĚ

ƌĞĚƵĐĞĚůƵŶŐǀŽůƵŵĞƐ ;&Zͬd>ͿĂŶĚŵŽƌĞĐŽͲŵŽƌďŝĚ ĨĂĐƚŽƌƐ ĂƐĐŽŵƉĂƌĞĚƚŽŶŽŶŽďĞƐĞ

ƉĂƟĞŶƚƐ͘ dŚĞƐĞ ƌĞƐƵůƚƐ Įƚ ŝŶ ǁŝƚŚ ƚŚĞ ŚLJƉŽƚŚĞƐŝƐ ƚŚĂƚ ŽďĞƐĞ ƉĂƟĞŶƚƐ ǁŝƚŚ ĂƐƚŚŵĂ ŵĂLJ

ďĞĐŽŵĞ;ŵŽƌĞĞĂƐŝůLJͿĚŝĸĐƵůƚͲƚŽͲƚƌĞĂƚďĞĐĂƵƐĞŽĨƚŚĞƵŶĨĂǀŽƌĂďůĞĞīĞĐƚŽĨĂĚŝƉŽƐĞƟƐƐƵĞ

ŽŶůƵŶŐĨƵŶĐƟŽŶĂŶĚĂŶŝŶĐƌĞĂƐĞĚŶƵŵďĞƌŽĨĂƐƚŚŵĂĂŐŐƌĂǀĂƟŶŐĐŽͲŵŽƌďŝĚĨĂĐƚŽƌƐƐƵĐŚ

ĂƐ ŐĂƐƚƌŽĞƐŽƉŚĂŐĞĂů ƌĞŇƵdž ĂŶĚ ƐůĞĞƉ ĂƉŶŽĞĂ͘ ZĞĐĞŶƚ ƐƚƵĚŝĞƐ ƐƵƉƉŽƌƚ ƚŚŝƐ ĐŽŶĐůƵƐŝŽŶ͗

ŽďĞƐĞ ƉĞŽƉůĞ ǁŝƚŚ ĂƐƚŚŵĂ ŚĂǀĞ ƉŽŽƌĞƌ ĂƐƚŚŵĂ ĐŽŶƚƌŽů ;ĂƐƐĞƐƐĞĚ ďLJ ĂŶ ĂƐƚŚŵĂ ĐŽŶƚƌŽů

ƋƵĞƐƟŽŶŶĂŝƌĞͿ ƚŚĂŶ ŶŽŶŽďĞƐĞ ĂƐƚŚŵĂƟĐƐ ĚĞƐƉŝƚĞ ƐŝŵŝůĂƌ ƐLJŵƉƚŽŵ ƉĞƌĐĞƉƟŽŶ ;ϱϴͿ͘ dŚĞ

ďƌŽŶĐŚŝĂůĂŶĚƐLJƐƚĞŵŝĐŝŶŇĂŵŵĂƚŽƌLJĐŚĂƌĂĐƚĞƌŝƐƟĐƐĂŶĚƚŚĞƐƉĞĐŝĮĐƉĂƩĞƌŶŽĨƉƵůŵŽŶĂƌLJ

ĨƵŶĐƟŽŶĐŚĂŶŐĞƐŝŶƚŚĞŽďĞƐĞƐƵďũĞĐƚƐƐƵŐŐĞƐƚƐĂĚŝīĞƌĞŶƚƉŚĞŶŽƚLJƉĞŽĨĂƐƚŚŵĂŝŶƚŚŝƐ

ŐƌŽƵƉŽĨƉĂƟĞŶƚƐ;ϱϴͿ͘ƐƚƵĚLJƵƐŝŶŐĐůƵƐƚĞƌĂŶĂůLJƐŝƐƚŽĚĞĮŶĞĂƐƚŚŵĂƉŚĞŶŽƚLJƉĞƐŝĚĞŶƟĮĞĚ

ƚŚĞŽďĞƐĞ͕ŶŽŶͲĞŽƐŝŶŽƉŚŝůŝĐƉŚĞŶŽƚLJƉĞĂƐŽŶĞŽĨƚŚĞĨŽƵƌĐůƵƐƚĞƌƐŝŶƌĞĨƌĂĐƚŽƌLJĂƐƚŚŵĂ;ϱϵͿ͘

dƌĞĂƚŵĞŶƚŽĨƉĂƟĞŶƚƐǁŝƚŚƚŚĞŽďĞƐĞĂƐƚŚŵĂƉŚĞŶŽƚLJƉĞƐŚŽƵůĚŶŽƚŽŶůLJĐŽŶƐŝƐƚŽĨĂŶƟͲ ŝŶŇĂŵŵĂƚŽƌLJ ĚƌƵŐ ƚŚĞƌĂƉLJ͕ ďƵƚ ŶĞĞĚ ƚŽ ďĞ ĨŽĐƵƐĞĚ ŽŶ ǁĞŝŐŚƚ ƌĞĚƵĐƟŽŶ ĂŶĚ ĂĚĞƋƵĂƚĞ

ϭϯϰ

Zϭ ZϮ Zϯ Zϰ Zϱ Zϲ Zϳ Zϴ Zϵ ZϭϬ Zϭϭ ZϭϮ Zϭϯ Zϭϰ Zϭϱ Zϭϲ Zϭϳ Zϭϴ Zϭϵ ZϮϬ ZϮϭ ZϮϮ ZϮϯ ZϮϰ ZϮϱ ZϮϲ ZϮϳ ZϮϴ ZϮϵ ZϯϬ Zϯϭ ZϯϮ Zϯϯ Zϯϰ Zϯϱ Zϯϲ Zϯϳ Zϯϴ

ĐŽŶƚƌŽůŽĨĂƐƚŚŵĂĂŐŐƌĂǀĂƟŶŐĨĂĐƚŽƌƐ͘>ŽŶŐŝƚƵĚŝŶĂůƐƚƵĚŝĞƐĨŽůůŽǁŝŶŐƉĂƟĞŶƚƐǁŝƚŚĂƐƚŚŵĂ

ǁŚŽďĞĐŽŵĞŽďĞƐĞĐĂŶĨƵƌƚŚĞƌĞůƵĐŝĚĂƚĞƚŚĞƌŽůĞŽĨŽďĞƐŝƚLJŝŶƚŚĞĐůŝŶŝĐĂůŵĂŶŝĨĞƐƚĂƟŽŶŽĨ

ĂƐƚŚŵĂĂŶĚƚŚĞĞīĞĐƚŽĨǁĞŝŐŚƚůŽƐƐŽŶĂƐƚŚŵĂĐŽŶƚƌŽů;ϲϬ͖ϲϭͿ͘

/ŶĐŚĂƉƚĞƌϳǁĞƐŚŽǁĞĚƚŚĂƚƚŚĞĞŽƐŝŶŽƉŚŝůŝĐƉŚĞŶŽƚLJƉĞŝƐĂĐŽŶƐŝƐƚĞŶƚĨĞĂƚƵƌĞŝŶƚŚĞŵĂũŽƌŝƚLJ

ŽĨƉĂƟĞŶƚƐŽǀĞƌĂƉĞƌŝŽĚŽĨĮǀĞLJĞĂƌƐ͘džƚĞŶƐŝǀĞƐŝŶƵƐĚŝƐĞĂƐĞŝƐƚŚĞŽŶůLJŝŶĚĞƉĞŶĚĞŶƚĨĂĐƚŽƌ

ĂƐƐŽĐŝĂƚĞĚǁŝƚŚƉĞƌŵĂŶĞŶƚƐƉƵƚƵŵĞŽƐŝŶŽƉŚŝůŝĂ͘dŚŝƐŝŵƉůŝĞƐƚŚĂƚƉĂƟĞŶƚƐǁŝƚŚĚŝĸĐƵůƚͲƚŽ

ƚƌĞĂƚĂƐƚŚŵĂŵĞĂƐƵƌĞĚŽŶŽŶĞŽĐĐĂƐŝŽŶĂƌĞůŝŬĞůLJƚŽŬĞĞƉƚŚŝƐƉŚĞŶŽƚLJƉĞŽǀĞƌƟŵĞĞƐƉĞĐŝĂůůLJ

ǁŚĞŶƚŚĞLJŚĂǀĞĞdžƚĞŶƐŝǀĞƐŝŶƵƐĚŝƐĞĂƐĞ͘dŚĞƐĞĂƌĞƚŚĞƉĂƟĞŶƚƐƚŚĂƚƐŚŽƵůĚďĞƐĞůĞĐƚĞĚ

ǁŚĞŶĨƵƌƚŚĞƌŶŽǀĞůƚŚĞƌĂƉŝĞƐĂƌĞďĞŝŶŐƐƚƵĚŝĞĚƚŚĂƚĂŝŵĨŽƌƌĞĚƵĐŝŶŐƐƉƵƚƵŵĞŽƐŝŶŽƉŚŝůŝĂ

ƚŽŝŵƉƌŽǀĞĂƐƚŚŵĂŽƵƚĐŽŵĞ͘ZĞĐĞŶƚůLJ͕ƚǁŽƐĞƉĂƌĂƚĞĐůŝŶŝĐĂůƚƌŝĂůƐŚĂǀĞĚĞŵŽŶƐƚƌĂƚĞĚƚŚĂƚ

ĂĚŵŝŶŝƐƚĞƌŝŶŐĂŶƟͲŝŶƚĞƌůĞƵŬŝŶͲϱƚŽĂƐƚƌŝĐƚůLJƐĞůĞĐƚĞĚƐƵďŐƌŽƵƉŽĨƉĂƟĞŶƚƐǁŝƚŚƌĞĨƌĂĐƚŽƌLJ

ĂƐƚŚŵĂĂŶĚĞŽƐŝŶŽƉŚŝůŝĂĚŽĞƐƌĞƐƵůƚŝŶƉŽƐŝƟǀĞĐůŝŶŝĐĂůĞīĞĐƚƐ;ϱϮͲϱϰͿ͘

ŶŽǀĞƌǀŝĞǁŽĨƚŚĞƉƌĞǀĂůĞŶĐĞĂŶĚĐŽŶƐŝƐƚĞŶĐLJŽĨĚŝīĞƌĞŶƚƉŚĞŶŽƚLJƉĞƐŝŶŽƵƌĐŽŚŽƌƚŽĨ

ƉĂƟĞŶƚƐǁŝƚŚĚŝĸĐƵůƚͲƚŽͲƚƌĞĂƚĂƐƚŚŵĂŝƐƐŚŽǁŶŝŶdĂďůĞϮĂŶĚϯ͘dŚĞƉƌĞƐĞŶĐĞŽĨƚŚĞĚŝīĞƌĞŶƚ

ƉŚĞŶŽƚLJƉĞƐĐŽƵůĚŶŽƚďĞƐƚƵĚŝĞĚŝŶĂůůƉĂƟĞŶƚƐ͖ƚŚĞƌĞĨŽƌĞƚŚĞĚĂƚĂƐŚŽƵůĚďĞŝŶƚĞƌƉƌĞƚĞĚ

ǁŝƚŚĐĂƵƟŽŶ͘dŚĞƉƌĞƐĞŶĐĞ;ŽƌĂďƐĞŶĐĞͿŽĨƐƉƵƚƵŵĞŽƐŝŶŽƉŚŝůŝĂƐĞĞŵƐƚŽďĞƚŚĞŵŽƐƚƐƚĂďůĞ

ƉŚĞŶŽƚLJƉĞ͘&ƌĞƋƵĞŶƚĞdžĂĐĞƌďĂƟŽŶƐĂŶĚŽƌĂůƐƚĞƌŽŝĚĚĞƉĞŶĚĞŶĐĞƐŚŽǁŵŽƌĞŝŶĐŽŶƐŝƐƚĞŶĐLJ

ŽǀĞƌƟŵĞ͕ǁŚĞƌĞĂƐŽŶƚŚĞŽƚŚĞƌŚĂŶĚƉĞƌƐŝƐƚĞŶƚĂŝƌŇŽǁůŝŵŝƚĂƟŽŶƐŚŽǁƐŵŽƌĞĐŽŶƐŝƐƚĞŶĐLJ͘

dĂďůĞϮ͘WƌĞǀĂůĞŶĐĞƐŽĨĂƐƚŚŵĂƉŚĞŶŽƚLJƉĞƐ͘

WƌĞǀĂůĞŶĐĞ

ĂƚďĂƐĞůŝŶĞ;ŶсϭϯϲͿ WƌĞǀĂůĞŶĐĞ

ĂƚĨŽůůŽǁͲƵƉ;ŶсϭϬϭͿ

ĨƌĞƋƵĞŶƚĞdžĂĐĞƌďĂƟŽŶƐ Ϯϴ͘ϳ ϯϰ͘ϲ

ƉĞƌƐŝƐƚĞŶƚĂŝƌŇŽǁůŝŵŝƚĂƟŽŶ ϰϴ͘ϱ ϰϭ͘ϴ

ŽƌĂůƐƚĞƌŽŝĚĚĞƉĞŶĚĞŶƚ ϯϮ͘ϯ Ϯϰ͘ϱ

ĞŽƐŝŶŽƉŚŝůŝĐŝŶŇĂŵŵĂƟŽŶ ϰϲ͘Ϯ ϯϲ͘ϵ

ŶĞƵƚƌŽƉŚŝůŝĐŝŶŇĂŵŵĂƟŽŶ ϱϬ͘ϴ ϲϲ͘Ϯ

ŶŽĐůŝŶŝĐĂůƉŚĞŶŽƚLJƉĞ ϭϲ͘Ϯ Ϯϲ͘ϱ

ŶŽŝŶŇĂŵŵĂƚŽƌLJƉŚĞŶŽƚLJƉĞ Ϯϳ͘ϳ ϭϲ͘ϵ

ŶŽƉŚĞŶŽƚLJƉĞ ϭ͘ϬϮ͘Ϭ

&ƌĞƋƵĞŶƚ ĞdžĂĐĞƌďĂƟŽŶƐ ;ш ϯ ƉƌĞĚŶŝƐŽŶĞ ĐŽƵƌƐĞƐͬLJƌͿ͕ Ŷсϰϱ͖ ƉĞƌƐŝƐƚĞŶƚ ĂŝƌŇŽǁ ůŝŵŝƚĂƟŽŶ ;&s_ϭ Žƌ

&s_ϭͬs фϳϱй ƉƌĞĚ ĂŶĚ d> хϳϱйƉƌĞĚͿ͕ Ŷсϵϳ͖ ŽƌĂů ĐŽƌƟĐŽƐƚĞƌŽŝĚ ĚĞƉĞŶĚĞŶƚ ;ĐŚƌŽŶŝĐ ŽƌĂů ƐƚĞƌŽŝĚ

ƵƐĞͿ͕ŶсϭϬϬ͖ĞŽƐŝŶŽƉŚŝůŝĐŝŶŇĂŵŵĂƟŽŶ;ƐƉƵƚƵŵĞŽƐŝŶŽƉŚŝůƐшϮйͿ͕Ŷсϰϰ͖ŶĞƵƚƌŽƉŚŝůŝĐŝŶŇĂŵŵĂƟŽŶ

;ƐƉƵƚƵŵŶĞƵƚƌŽƉŚŝůƐшϲϱйͿ͕Ŷсϰϰ͘

ϭϯϱ

Zϭ ZϮ Zϯ Zϰ Zϱ Zϲ Zϳ Zϴ Zϵ ZϭϬ Zϭϭ ZϭϮ Zϭϯ Zϭϰ Zϭϱ Zϭϲ Zϭϳ Zϭϴ Zϭϵ ZϮϬ ZϮϭ ZϮϮ ZϮϯ ZϮϰ ZϮϱ ZϮϲ ZϮϳ ZϮϴ ZϮϵ ZϯϬ Zϯϭ ZϯϮ Zϯϯ Zϯϰ Zϯϱ Zϯϲ Zϯϳ Zϯϴ dĂďůĞϯ͘WĞƌƐŝƐƚĞŶĐĞŽĨĂƐƚŚŵĂƉŚĞŶŽƚLJƉĞƐ͘

WĞƌƐŝƐƚĞŶĐĞŽĨ

ƉŚĞŶŽƚLJƉĞ;йͿ WĞƌƐŝƐƚĞŶĐĞŽĨ

ƉŚĞŶŽƚLJƉĞĂďƐĞŶĐĞ;йͿ ŽŶĐŽƌĚĂŶĐĞ;йͿ

ĨƌĞƋƵĞŶƚĞdžĂĐĞƌďĂƟŽŶƐ ϱϰ ϵϱ ϳϭ

ƉĞƌƐŝƐƚĞŶƚĂŝƌŇŽǁůŝŵŝƚĂƟŽŶ ϳϮ ϴϰ ϳϴ

ŽƌĂůƐƚĞƌŽŝĚĚĞƉĞŶĚĞŶƚ ϱϰ ϵϬϳϵ

ĞŽƐŝŶŽƉŚŝůŝĐŝŶŇĂŵŵĂƟŽŶ ϳϬϵϲ ϴϰ

ŶĞƵƚƌŽƉŚŝůŝĐŝŶŇĂŵŵĂƟŽŶ ϳϰ ϱϮ ϲϰ

&ƌĞƋƵĞŶƚ ĞdžĂĐĞƌďĂƟŽŶƐ ;ш ϯ ƉƌĞĚŶŝƐŽŶĞ ĐŽƵƌƐĞƐͬLJƌͿ͕ Ŷсϰϱ͖ ƉĞƌƐŝƐƚĞŶƚ ĂŝƌŇŽǁ ůŝŵŝƚĂƟŽŶ ;&s_ϭ Žƌ

&s_ϭͬs фϳϱй ƉƌĞĚ ĂŶĚ d> хϳϱйƉƌĞĚͿ͕ Ŷсϵϳ͖ ŽƌĂů ĐŽƌƟĐŽƐƚĞƌŽŝĚ ĚĞƉĞŶĚĞŶƚ ;ĐŚƌŽŶŝĐ ŽƌĂů ƐƚĞƌŽŝĚ

ƵƐĞͿ͕ŶсϭϬϬ͖ĞŽƐŝŶŽƉŚŝůŝĐŝŶŇĂŵŵĂƟŽŶ;ƐƉƵƚƵŵĞŽƐŝŶŽƉŚŝůƐшϮйͿ͕Ŷсϰϰ͖ŶĞƵƚƌŽƉŚŝůŝĐŝŶŇĂŵŵĂƟŽŶ

;ƐƉƵƚƵŵŶĞƵƚƌŽƉŚŝůƐшϲϱйͿ͕Ŷсϰϰ͘

^ŽŵĞƉĂƟĞŶƚƐĚĞŵŽŶƐƚƌĂƚĞĚĂŶŝŵƉƌŽǀĞŵĞŶƚŝŶƚŚĞŝƌĂƐƚŚŵĂĚƵƌŝŶŐƚŚĞƐƚƵĚLJ͘ŌĞƌϱͲϲ

LJĞĂƌƐŽĨĨŽůůŽǁͲƵƉϮϮйŽĨŽƵƌƉĂƟĞŶƚƐǁĞƌĞŶŽůŽŶŐĞƌĐůĂƐƐŝĮĞĚĂƐĚŝĸĐƵůƚͲƚŽͲƚƌĞĂƚ͘ƚƚŚŝƐ

ƐĞĐŽŶĚǀŝƐŝƚ͕ĮŌĞĞŶƉĂƟĞŶƚƐŚĂĚŝŶƚĞƌŵŝƩĞŶƚ;ŶсϭͿ͕ŵŝůĚ;ŶсϰͿŽƌŵŽĚĞƌĂƚĞĂƐƚŚŵĂ;ŶсϭϬͿ͘

dŚƌĞĞƉĂƟĞŶƚƐŚĂĚŚŝŐŚĚŽƐĞƐŽĨŝŶŚĂůĞĚŽƌŽƌĂůƐƚĞƌŽŝĚƐĂŶĚŶŽĞdžĂĐĞƌďĂƟŽŶƐŽƌƉĞƌƐŝƐƚĞŶƚ

ĂŝƌŇŽǁůŝŵŝƚĂƟŽŶ͘ĐĐŽƌĚŝŶŐƚŽƚŚĞd^ĚĞĮŶŝƟŽŶƚŚĞƐĞƚŚƌĞĞƉĂƟĞŶƚƐŵĞĞƚƚŚĞĐƌŝƚĞƌŝĂ

ĨŽƌƌĞĨƌĂĐƚŽƌLJĂƐƚŚŵĂ͕ďƵƚƚŚĞLJĚŽŶŽƚŵĞĞƚƚŚĞŝŶŝƟĂůŝŶĐůƵƐŝŽŶĐƌŝƚĞƌŝĂŽĨĚŝĸĐƵůƚͲƚŽͲƚƌĞĂƚ

ĂƐƚŚŵĂŽĨŽƵƌĐŽŚŽƌƚ͘KŶĞƉĂƟĞŶƚǁĂƐĚŝĂŐŶŽƐĞĚǁŝƚŚĂŶĚƚƌĞĂƚĞĚĨŽƌƉƵůŵŽŶĂƌLJĞŵďŽůŝ͘

,ĞƐƚŽƉƉĞĚĂůůĂƐƚŚŵĂĚƌƵŐƐĂŶĚǁĂƐƐLJŵƉƚŽŵĨƌĞĞ͘

DĂŶLJĂƐƚŚŵĂƉŚĞŶŽƚLJƉĞƐ ŚĂǀĞ ďĞĞŶĚĞĮŶĞĚŝŶ ƚŚĞůŝƚĞƌĂƚƵƌĞ͕ďƵƚƚŚĞŵĂŝŶ ƋƵĞƐƟŽŶ ŝƐ

ǁŚŝĐŚŽĨƚŚĞŵĂƌĞŚĞůƉĨƵůŝŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞƉƌŽŐŶŽƐŝƐŽĨƚŚĞĚŝƐĞĂƐĞ͕ŽƌƚŚĞƌĞƐƉŽŶƐĞƚŽ

;ŶŽǀĞůͿƚŚĞƌĂƉLJ͘tŝůůŝƚďĞƉŽƐƐŝďůĞƚŽĐŚĂƌĂĐƚĞƌŝnjĞĂůůƉĂƟĞŶƚƐǁŝƚŚĚŝĸĐƵůƚͲƚŽͲƚƌĞĂƚĂƐƚŚŵĂ

ŝŶƚŚĞĨƵƚƵƌĞ͍tŚĞŶƌĞŐĂƌĚŝŶŐƚŚĞŵŽƐƚĐŽŵŵŽŶůLJƵƐĞĚƉŚĞŶŽƚLJƉĞƐĂƚƉƌĞƐĞŶƚ͕ĂƌŽƵŶĚ

ϳϰй ŽĨ ƚŚĞ ƉĂƟĞŶƚƐ ƚŚĂƚ ǁĞƌĞ ƐƚƵĚŝĞƐ ŝŶ ƚŚŝƐ ƚŚĞƐŝƐ ĮƩĞĚ ŝŶ ;Ăƚ ůĞĂƐƚͿ ŽŶĞ ŽĨ ƚŚĞ ƚŚƌĞĞ

ĐůŝŶŝĐĂůƉŚĞŶŽƚLJƉĞƐ͕ĂŶĚϴϯйŝŶŽŶĞŽĨƚŚĞƚǁŽŝŶŇĂŵŵĂƚŽƌLJƉŚĞŶŽƚLJƉĞƐ͘EĞĂƌůLJŚƵŶĚƌĞĚ

ƉĞƌĐĞŶƚ ŽĨ ƉĂƟĞŶƚƐ ŵĞƚ ƚŚĞ ĐƌŝƚĞƌŝĂ ĨŽƌ ĞŝƚŚĞƌ Ă ĐůŝŶŝĐĂů Žƌ ĂŶ ŝŶŇĂŵŵĂƚŽƌLJ ƉŚĞŶŽƚLJƉĞ

;dĂďůĞϮͿ͘,ŽǁĞǀĞƌ͕ƉŚĞŶŽƚLJƉĞƐďĂƐĞĚŽŶĂƐŝŶŐůĞĐŚĂƌĂĐƚĞƌŝƐƟĐĚŽŶŽƚƐĞĞŵƚŽďĞƚŚĞŵŽƐƚ

ŽƉƟŵĂůƉŚĞŶŽƚLJƉĞƐ͘/ŶŽƌĚĞƌƚŽĮŶĚŬĞLJƉŚĞŶŽƚLJƉĞƐƚŚĂƚǁŝůůŵĂŬĞŝŶĚŝǀŝĚƵĂůŝnjĞĚĂƐƚŚŵĂ

ƚƌĞĂƚŵĞŶƚƉŽƐƐŝďůĞ͕ĐŚĂƌĂĐƚĞƌŝnjĂƟŽŶŽĨĂƐƚŚŵĂƉĂƟĞŶƚƐƐŚŽƵůĚĐŽŵďŝŶĞŐĞŶĞƟĐ͕ĐůŝŶŝĐĂů͕

ĞŶǀŝƌŽŶŵĞŶƚĂůĂŶĚŝŶŇĂŵŵĂƚŽƌLJĨĞĂƚƵƌĞƐ͘

ϭϯϲ

Zϭ ZϮ Zϯ Zϰ Zϱ Zϲ Zϳ Zϴ Zϵ ZϭϬ Zϭϭ ZϭϮ Zϭϯ Zϭϰ Zϭϱ Zϭϲ Zϭϳ Zϭϴ Zϭϵ ZϮϬ ZϮϭ ZϮϮ ZϮϯ ZϮϰ ZϮϱ ZϮϲ ZϮϳ ZϮϴ ZϮϵ ZϯϬ Zϯϭ ZϯϮ Zϯϯ Zϯϰ Zϯϱ Zϯϲ Zϯϳ Zϯϴ

/ƚŝƐŶŽƚƵŶůŝŬĞůLJƚŚĂƚŝŶƚŚĞĨƵƚƵƌĞƉŚĞŶŽƚLJƉŝŶŐŽĨƚŚĞŝŶĚŝǀŝĚƵĂůƐĞǀĞƌĞĂƐƚŚŵĂƉĂƟĞŶƚŝŶ

ƚŚĞĐůŝŶŝĐǁŝůůĚĞƚĞƌŵŝŶĞƚŚĞĐŽƌƌĞĐƚĂĚĚͲŽŶƚƌĞĂƚŵĞŶƚ͕ĂŌĞƌ͕ĨŽƌĞdžĂŵƉůĞ͕ĂĐŽŵďŝŶĂƟŽŶ

ƚŚĞƌĂƉLJŽĨŝŶŚĂůĞĚƐƚĞƌŽŝĚƐĂŶĚůŽŶŐͲĂĐƟŶŐďĞƚĂĂŐŽŶŝƐƚŚĂƐĨĂŝůĞĚ͘/ƚŝƐŶŽǁƚŚĞĐŚĂůůĞŶŐĞ

ƚŽĞdžƉůŽƌĞǁŚŝĐŚƉĂƟĞŶƚƐďĞŶĞĮƚŵŽƐƚĨƌŽŵĐƵƌƌĞŶƚĂŶĚŶĞǁůLJĚĞǀĞůŽƉĞĚƚŚĞƌĂƉŝĞƐ͕ƐƵĐŚ

ĂƐŵĂĐƌŽůŝĚĞƐ͕ĂŶƟͲ/ŐĂŶĚĚƌƵŐƐƚŚĂƚƚĂƌŐĞƚƐƉĞĐŝĮĐĐLJƚŽŬŝŶĞƐ;Ğ͘Ő͘/>ϰ͕/>ϱ͕dE&ͲĂůƉŚĂͿ͕

ŝŶŇĂŵŵĂƚŽƌLJĐĞůůƐ;d,ϮĐĞůůƐ͕ĞŽƐŝŶŽƉŚŝůƐͿŽƌŝŶŇĂŵŵĂƚŽƌLJŵĞĐŚĂŶŝƐŵƐ;Ğ͘Ő͘ǀŝĂƉϯϴŵĂƉͲ ŬŝŶĂƐĞͿ;ϲϬ͖ϲϮͿ͘

/ŵƉůŝĐĂƟŽŶƐĨŽƌĐůŝŶŝĐĂůƉƌĂĐƟĐĞ

dŚĞ ĂƌƟĐůĞƐ ŝŶ ƚŚŝƐ ƚŚĞƐŝƐ ŚĂǀĞ ĨŽĐƵƐĞĚ ŽŶ ŵĞĐŚĂŶŝƐŵƐ ĂŶĚ ƌŝƐŬ ĨĂĐƚŽƌƐ ŽĨ ĚŝĸĐƵůƚͲƚŽͲ ƚƌĞĂƚ ĂƐƚŚŵĂ͘ sĂƌŝŽƵƐ ďŝŽŵĂƌŬĞƌƐ ŚĂǀĞ ďĞĞŶ ŝŶǀĞƐƟŐĂƚĞĚ ƚŽ ĞǀĂůƵĂƚĞ ǁŚĞƚŚĞƌ ƚŚĞƐĞ

ŵĞĂƐƵƌĞŵĞŶƚƐ ŚĂǀĞ ĂŶLJ ĚŝĂŐŶŽƐƟĐ Žƌ ƉƌŽŐŶŽƐƟĐ ǀĂůƵĞ͘ dŚĞ ƋƵĞƐƟŽŶ ŝƐ ǁŚŝĐŚ ŽĨ ƚŚĞƐĞ

ďŝŽŵĂƌŬĞƌƐŚĂƐƚŚĞƉŽƚĞŶƟĂů͕ŶŽǁŽƌŝŶƚŚĞĨƵƚƵƌĞ͕ƚŽďĞŽĨĐůŝŶŝĐĂůƐŝŐŶŝĮĐĂŶĐĞĂŶĚďĞĐŽŵĞ

ƉĂƌƚŽĨĚĂŝůLJĐůŝŶŝĐĂůƉƌĂĐƟĐĞ͘

ŽĚLJŵĂƐƐŝŶĚĞdžŝƐĂĐŽŵƉŽƐŝƚĞ͕ƐŝŵƉůĞƚŽĚĞƚĞƌŵŝŶĞďŝŽŵĂƌŬĞƌ͕ǁŚŝĐŚĞǀĞƌLJĚŽĐƚŽƌƐŚŽƵůĚ

ƚĂŬĞŝŶƚŽĂĐĐŽƵŶƚǁŚĞŶƚƌĞĂƟŶŐĂƉĂƟĞŶƚǁŝƚŚĂƐƚŚŵĂ͘/ƚŝƐŝŵƉŽƌƚĂŶƚƚŽƌĞĂůŝnjĞ͕ĂƐĚŝƐĐƵƐƐĞĚ

ŝŶĐŚĂƉƚĞƌϱ͕ƚŚĂƚŽďĞƐĞƉĂƟĞŶƚƐĂƌĞƉƌŽŶĞƚŽŚĂǀĞƐƉĞĐŝĮĐĂƐƚŚŵĂĂŐŐƌĂǀĂƟŶŐĨĂĐƚŽƌƐĚƵĞ

ƚŽƚŚĞŝƌŽǀĞƌǁĞŝŐŚƚ͘dƌĞĂƚŵĞŶƚŽĨƚŚĞƐĞŽďĞƐĞĂƐƚŚŵĂƉĂƟĞŶƚƐƐŚŽƵůĚƚŚĞƌĞĨŽƌĞĐŽŶƐŝƐƚŽĨ

ƉƌŽƉĞƌĞǀĂůƵĂƟŽŶĂŶĚƚƌĞĂƚŵĞŶƚŽĨƚŚĞƐĞĨĂĐƚŽƌƐĂƐǁĞůůĂƐǁĞŝŐŚƚƌĞĚƵĐƟŽŶŝŶĂĚĚŝƟŽŶƚŽ

ƌĞŐƵůĂƌĂƐƚŚŵĂƚƌĞĂƚŵĞŶƚ͘

ĨĞǁLJĞĂƌƐĂŐŽ͕ƚǁŽƐƚƵĚŝĞƐĚĞŵŽŶƐƚƌĂƚĞĚƚŚĂƚƐƉƵƚƵŵĞŽƐŝŶŽƉŚŝůĐŽƵŶƚƐĂƌĞƵƐĞĨƵůŝŶŐƵŝĚŝŶŐ

ƐƚĞƌŽŝĚƚŚĞƌĂƉLJŝŶŽƌĚĞƌƚŽƉƌĞǀĞŶƚĞdžĂĐĞƌďĂƟŽŶƐ;ϰϯ͖ϰϰͿ͘/ŶƚŚŝƐƚŚĞƐŝƐǁĞĚĞŵŽŶƐƚƌĂƚĞĚ

ƚŚĂƚƐƉƵƚƵŵĞŽƐŝŶŽƉŚŝůŝĂŝŶƉĂƟĞŶƚƐǁŝƚŚĚŝĸĐƵůƚͲƚŽͲƚƌĞĂƚĂƐƚŚŵĂŝƐĂĐŽŶƐŝƐƚĞŶƚƉŚĞŶŽƚLJƉĞ

ŽǀĞƌƟŵĞ;ĐŚĂƉƚĞƌϳͿ͘ZĞƐĞĂƌĐŚƚƌŝĂůƐĞǀĂůƵĂƟŶŐŶĞǁĂƐƚŚŵĂĚƌƵŐƐƐŚŽƵůĚĨŽĐƵƐŽŶƉĂƟĞŶƚƐ

ǁŝƚŚǁĞůůĚĞƚĞƌŵŝŶĞĚĐŽŶƐŝƐƚĞŶƚƉŚĞŶŽƚLJƉĞƐǁŚŽĂƌĞůŝŬĞůLJƚŽďĞŶĞĮƚŵŽƐƚ͘dŚĞĂĚǀĂŶƚĂŐĞ

ŽĨƚŚŝƐƐƚƌĂƚĞŐLJŚĂƐƌĞĐĞŶƚůLJďĞĞŶĚĞŵŽŶƐƚƌĂƚĞĚŝŶƚǁŽƐƚƵĚŝĞƐƚŚĂƚŝŶǀĞƐƟŐĂƚĞĚƚŚĞĞīĞĐƚ

ŽĨŚƵŵĂŶŝnjĞĚĂŶƟͲŝŶƚĞƌůĞƵŬŝŶͲϱŝŶĂƐƚŚŵĂƉĂƟĞŶƚƐǁŝƚŚƉĞƌƐŝƐƚĞŶƚƐƉƵƚƵŵĞŽƐŝŶŽƉŚŝůŝĂ;ϱϮͲ ϱϰͿ͘ůƚŚŽƵŐŚĚĞƚĞƌŵŝŶĂƟŽŶŽĨƐƉƵƚƵŵĞŽƐŝŶŽƉŚŝůƐƐĞĞŵƐƚŽŚĂǀĞĐůŝŶŝĐĂůǀĂůƵĞƚŚĞƌĞŝƐĂ

ŵĂŝŶĚŝƐĂĚǀĂŶƚĂŐĞ͘dŚĞŝŶĚƵĐƟŽŶŽĨƐƉƵƚƵŵŝƐƟŵĞͲĐŽŶƐƵŵŝŶŐĂŶĚƉƌŽĐĞƐƐŝŶŐŽĨƐƉƵƚƵŵ

ƌĞƋƵŝƌĞƐƉƌŽƉĞƌĞƋƵŝƉŵĞŶƚ͕ĞdžƉĞƌƟƐĞ͕ĂŶĚĂůƐŽĂƐŝŐŶŝĮĐĂŶƚĂŵŽƵŶƚŽĨƟŵĞ͘ƐůŽŶŐĂƐƚŚŝƐ

ƉƌŽĐĞƐƐĐĂŶŶŽƚďĞƐŚŽƌƚĞŶĞĚŝƚĚŽĞƐŶŽƚƐĞĞŵƚŽŚĂǀĞĂĐŚĂŶĐĞƚŽďĞĐŽŵĞƉĂƌƚŽĨĚĂŝůLJ

ĐůŝŶŝĐĂůƉƌĂĐƟĐĞ͘

EƵŵĞƌŽƵƐ ƐƚƵĚŝĞƐ ŚĂǀĞ ĞǀĂůƵĂƚĞĚ ŶŝƚƌŝĐ ŽdžŝĚĞ ŝŶ ĞdžŚĂůĞĚ ďƌĞĂƚŚ ĂƐ Ă ƐƵƌƌŽŐĂƚĞ ŵĂƌŬĞƌ

ŽĨ ĞŽƐŝŶŽƉŚŝůŝĐ ĂŝƌǁĂLJ ŝŶŇĂŵŵĂƟŽŶ͘ ,ŽǁĞǀĞƌ͕ ĞdžŚĂůĞĚ ŶŝƚƌŝĐ ŽdžŝĚĞ ůĞǀĞůƐ ĂŶĚ ƐƉƵƚƵŵ

ĞŽƐŝŶŽƉŚŝůĐŽƵŶƚƐĂƌĞŶŽƚƐŝŵƉůLJŝŶƚĞƌĐŚĂŶŐĞĂďůĞ͕ĂƐŚĂƐďĞĞŶĚŝƐĐƵƐƐĞĚŝŶƚŚĞƉƌĞǀŝŽƵƐ