# WEDBUSH SECURITIES INC. X-17A-5 (2020-08-31) — Broker-dealer annual report

- Company: WEDBUSH SECURITIES INC.
- Form: X-17A-5
- Filed: 2020-08-31
- Period: 2020-06-30
- Accession: 0000105264-20-000018
- CIK: 105264
- File #: 8-12987
- Material weakness: Yes
- Auditor: Ernst & Young LLP
- Auditor location: Los Angeles, CA
- Contact: Daniel E. Billings
- Phone: 213-688-8000
- Signed by: Gary L. Wedbush and Daniel E. Billings (Co-President and Chief Financial Officer)

Original filing: https://www.sec.gov/Archives/edgar/data/105264/000010526420000018/WS_Fin_Cond_2020-06-30_.pdf

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# **Wedbush Securities Inc.**

Statement of Financial Condition and Report of Independent Registered Public Accounting Firm

(SEC Identification No. 8-12987) June 30, 2020

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UNITED STATES SECURITIES ANDEXCHANGE COMMISSION Washington, D.C. 20549

OMB APPROVAL 3235-0123 OMB Number: Expires: August 31, 2020 Estimated average burden hours per response.. . . . . . . 12.00

# ANNUAL AUDITED REPORT FORM X-17A-5 PART III

| SEC FILE NUMBER |
|-----------------|
| 298<br>8-       |

FACING PAGE

Information Required of Brokers and Dealers Pursuant to Section 17 of the Securities Exchange Act of 1934 and Rule 17a-5 Thereunder

| REPORT FOR THE PERIOD BEGINNING                                                               | 06/30/20                                               |         |                |                                |
|-----------------------------------------------------------------------------------------------|--------------------------------------------------------|---------|----------------|--------------------------------|
|                                                                                               | MM/DD/YY                                               |         |                | MM/DD/YY                       |
|                                                                                               | A. REGISTRANT IDENTIFICATION                           |         |                |                                |
| NAME OF BROKER-DEALER: Wedbush Securities Inc.                                                |                                                        |         |                | OFFICIAL USE ONLY              |
| ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. Box No.)                             |                                                        |         |                | FIRM I.D. NO.                  |
| 1000 Wilshire Boulevard                                                                       | (No. and Street)                                       |         |                |                                |
| Los Angeles                                                                                   | California                                             |         | 90017          |                                |
| (City)                                                                                        | (State)                                                |         | (Zip Code)     |                                |
| NAME AND TELEPHONE NUMBER OF PERSON TO CONTACT IN REGARD TO THIS REPORT<br>Daniel E. Billings |                                                        |         | (213) 688-8000 |                                |
|                                                                                               |                                                        |         |                | (Area Code - Telephone Number) |
|                                                                                               | B. ACCOUNTANT IDENTIFICATION                           |         |                |                                |
| INDEPENDENT PUBLIC ACCOUNTANT whose opinion is contained in this Report*                      |                                                        |         |                |                                |
| Ernst & Young LLP                                                                             |                                                        |         |                |                                |
|                                                                                               | (Name - if individual, state last, first, middle name) |         |                |                                |
| 725 S Figueroa St.                                                                            | Los Angeles                                            |         | California     | 90017                          |
| (Address)                                                                                     | (City)                                                 | (State) |                | (Zip Code)                     |
| CHECK ONE:                                                                                    |                                                        |         |                |                                |
| Certified Public Accountant                                                                   |                                                        |         |                |                                |
| Public Accountant                                                                             |                                                        |         |                |                                |
| Accountant not resident in United States or any of its possessions.                           |                                                        |         |                |                                |
|                                                                                               | FOR OFFICIAL USE ONLY                                  |         |                |                                |
|                                                                                               |                                                        |         |                |                                |
|                                                                                               |                                                        |         |                |                                |
|                                                                                               |                                                        |         |                |                                |

\* Claims for exemption from the requirement that the annual report be covered by the opinion of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis for the exemption. See Section 240.17a-5(c)(2)

> Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

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## OATH OR AFFIRMATION

We, Gary L. Wedbush and Daniel E. Billings, swear (or affirm) that, to the best of our knowledge and belief the accompanying financial statements and supporting schedules pertaining to the firm of Wedbush Securities Inc., as of June 30, 2020, are true and correct. We further swear (or affirm) that neither the company nor any partner, principal officer or director has any proprietary interest in any account classified solely as that of a customer, except as follows:

Signature

Co-President

Title

Signature

Chief Financial Officer

Title

#### Notary Public \*\*\*

This report \*\* contains (check all applicable boxes):

- (a) Facing Page.
- (b) Statement of Financial Condition.
- (c) Statement of Income (Loss).
- (d) Statement of Changes in Financial Condition.
- (e) Statement of Changes in Stockholders' Equity or Partners' or Sole Proprietors' Capital.
- (f) Statement of Changes in Liabilities Subordinated to Claims of Creditors.
- (g) Computation of Net Capital.
- (h) Computation for Determination of Reserve Requirements Pursuant to Rule 15c3-3.
- (i) Information Relating to the Possession or Control Requirements Under Rule 15c3-3.
- (i) A Reconciliation, including appropriate explanation of Net Capital Under Rule 15c3-1 and the Computation for Determination of the Reserve Requirements Under Exhibit A of Rule 15c3-3.
- (k) A Reconciliation between the audited Statements of Financial Condition with respect to methods of consolidation.
- (1) An Oath or Affirmation.
- (m) A copy of the SIPC Supplemental Report.
- (n) A report describing any material inadequacies found to exist or found to have existed since the date of the previous audit.

\*\* For conditions of confidential treatment of certain portions of this filing, see section 240.17a-5(e)(3).

\*\*\* Based upon the Commission staff statement "Updated Division of Trading and Markets Staff Statement Regarding Requirements for Certain Paper Submissions in Light of COVID-19 Concerns" (June 18, 2020) and difficulties arising from COVID-19, Wedbush Securities Inc. is making this filing without a notarization.

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# Wedbush Securities Inc. Table of Contents For the Year Ended June 30, 2020

|                                                         | rage |
|---------------------------------------------------------|------|
| Report of Independent Registered Public Accounting Firm |      |
| Statement of Financial Condition                        |      |
| Notes to Statement of Financial Condition               |      |

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#### Report of Independent Registered Public Accounting Firm

To the Shareholder and the Board of Directors of Wedbush Securities Inc.

#### Opinion on the Financial Statement

We have audited the accompanying statement of financial condition of Wedbush Securities Inc. (the "Company") as of June 30, 2020 and the related notes (the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company at June 30, 2020, in conformity with U.S. generally accepted accounting principles.

## Basis for Opinion

This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

We have served as the Company's auditor since 2019.

August 31, 2020

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# **tĞĚďƵƐŚ^ĞĐƵƌŝƚŝĞƐ/ŶĐ͘** ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶ ƐŽĨ:ƵŶĞϯϬ͕ϮϬϮϬ

| ;/ŶƚŚŽƵƐĂŶĚƐ͕ĞdžĐĞƉƚƐŚĂƌĞĚĂƚĂͿ                                           |                 |
|--------------------------------------------------------------------------|-----------------|
| ƐƐĞƚƐ                                                                    |                 |
| ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ                                                    | Ψϰϯ͕Ϯϳϴ         |
| ĂƐŚĂŶĚƐĞĐƵƌŝƚŝĞƐƐĞŐƌĞŐĂƚĞĚĨŽƌƚŚĞďĞŶĞĨŝƚŽĨĐůŝĞŶƚƐ                         | Ϯ͕ϰϱϭ͕Ϭϱϱ       |
| ZĞĐĞŝǀĂďůĞƐ                                                              |                 |
| ƌŽŬĞƌƐ͕ĚĞĂůĞƌƐĂŶĚĐůĞĂƌŝŶŐŽƌŐĂŶŝnjĂƚŝŽŶƐ                                  | ϯϯϭ͕ϵϴϱ         |
| ůŝĞŶƚƐ͕ŶĞƚ                                                               | ϱϮϱ͕ϰϱϵ         |
| KƚŚĞƌ                                                                    | ϯϬ͕ϲϲϯ          |
| ŽůůĂƚĞƌĂůŝnjĞĚĂŐƌĞĞŵĞŶƚƐ                                                 |                 |
| ^ĞĐƵƌŝƚŝĞƐďŽƌƌŽǁĞĚ                                                       | Ϯ͕ϮϬϲ͕ϬϳϮ       |
| ^ĞĐƵƌŝƚŝĞƐƉƵƌĐŚĂƐĞĚƵŶĚĞƌĂŐƌĞĞŵĞŶƚƐƚŽƌĞƐĞůů                               | ϵϰϭ͕ϱϭϯ         |
| &ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŽǁŶĞĚ͕ĂƚĨĂŝƌǀĂůƵĞ͕ŝŶĐůƵĚŝŶŐƐĞĐƵƌŝƚŝĞƐƉůĞĚŐĞĚŽĨΨϱ͕ϭϰϳ | ϱϮ͕ϴϵϰ          |
| KƚŚĞƌĂƐƐĞƚƐ                                                              | ϳϴ͕ϳϮϱ          |
| dŽƚĂůĂƐƐĞƚƐ                                                              | Ψϲ͕ϲϲϭ͕ϲϰϰ      |
|                                                                          |                 |
| >ŝĂďŝůŝƚŝĞƐĂŶĚƐŚĂƌĞŚŽůĚĞƌΖƐĞƋƵŝƚLJ                                       |                 |
| ^ŚŽƌƚͲƚĞƌŵĨŝŶĂŶĐŝŶŐ                                                      | ΨϭϮϯ͕ϯϳϱ        |
| WĂLJĂďůĞƐ                                                                |                 |
| ƌŽŬĞƌƐ͕ĚĞĂůĞƌƐĂŶĚĐůĞĂƌŝŶŐŽƌŐĂŶŝnjĂƚŝŽŶƐ                                  | ϰϱ͕ϯϳϭ          |
| ůŝĞŶƚƐ                                                                   | ϯ͕ϯϴϬ͕ϲϭϳ       |
| ŽůůĂƚĞƌĂůŝnjĞĚĨŝŶĂŶĐŝŶŐ                                                  |                 |
| ^ĞĐƵƌŝƚŝĞƐůŽĂŶĞĚ                                                         | ϭ͕ϳϲϮ͕ϴϯϵ       |
| ^ĞĐƵƌŝƚŝĞƐƐŽůĚƵŶĚĞƌƌĞƉƵƌĐŚĂƐĞĂŐƌĞĞŵĞŶƚƐ                                  | ϵϮϱ͕ϱϵϲ         |
| &ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐƐŽůĚ͕ŶŽƚLJĞƚƉƵƌĐŚĂƐĞĚ͕ĂƚĨĂŝƌǀĂůƵĞ                    | ϳ͕Ϭϵϲ           |
| KƚŚĞƌůŝĂďŝůŝƚŝĞƐ                                                         | ϭϮϮ͕ϵϴϮ         |
| dŽƚĂůůŝĂďŝůŝƚŝĞƐ                                                         | ϲ͕ϯϲϳ͕ϴϳϲ       |
| ^ŚĂƌĞŚŽůĚĞƌΖƐĞƋƵŝƚLJ                                                     |                 |
| ŽŵŵŽŶƐŚĂƌĞƐ͕ΨϬ͘ϭϬƐƚĂƚĞĚǀĂůƵĞ͖ĂƵƚŚŽƌŝnjĞĚϮϬ͕ϬϬϬ͕ϬϬϬƐŚĂƌĞƐ͖                |                 |
| ϳ͕ϬϬϬ͕ϬϬϬƐŚĂƌĞƐŝƐƐƵĞĚĂŶĚŽƵƚƐƚĂŶĚŝŶŐ                                      | <br>ϳϬϬ         |
| /ŶǀĞƐƚŵĞŶƚŝŶtĞĚďƵƐŚĂƉŝƚĂůƐŚĂƌĞƐ                                          | ;Ϯ͕ϵϴϱͿ         |
| ĚĚŝƚŝŽŶĂůƉĂŝĚͲŝŶĐĂƉŝƚĂů                                                  | ϭϰ͕ϱϴϯ          |
| ZĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ                                                         | Ϯϴϭ͕ϰϳϬ         |
| dŽƚĂůƐŚĂƌĞŚŽůĚĞƌΖƐĞƋƵŝƚLJ                                                | Ϯϵϯ͕ϳϲϴ         |
| dŽƚĂůůŝĂďŝůŝƚŝĞƐĂŶĚƐŚĂƌĞŚŽůĚĞƌΖƐĞƋƵŝƚLJ                                  | Ψ ϲϲϭ͕ϲϰϰ<br>ϲ͕ |

^ĞĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐƚŽƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůĐŽŶĚŝƚŝŽŶ

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# **tĞĚďƵƐŚ^ĞĐƵƌŝƚŝĞƐ/ŶĐ**͘ EŽƚĞƐƚŽ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶ

:ƵŶĞϯϬ͕ϮϬϮϬ

## **;ϭͿ KƌŐĂŶŝnjĂƚŝŽŶ**

tĞĚďƵƐŚ^ĞĐƵƌŝƚŝĞƐ/ŶĐ͘;ƚŚĞŽŵƉĂŶLJͿŝƐĂŶŝŶǀĞƐƚŵĞŶƚĨŝƌŵŚĞĂĚƋƵĂƌƚĞƌĞĚŝŶ>ŽƐŶŐĞůĞƐ͕ĂůŝĨŽƌŶŝĂ͕ ƚŚĂƚ ƉƌŽǀŝĚĞƐ ďƌŽŬĞƌĂŐĞ͕ ĐůĞĂƌŝŶŐ͕ ŝŶǀĞƐƚŵĞŶƚ ďĂŶŬŝŶŐ͕ ĞƋƵŝƚLJ ƌĞƐĞĂƌĐŚ͕ ƉƵďůŝĐ ĨŝŶĂŶĐĞ͕ ĨŝdžĞĚ ŝŶĐŽŵĞ͕ ĨƵƚƵƌĞƐĂŶĚĐŽŵŵŽĚŝƚŝĞƐ͕ƐĂůĞƐĂŶĚƚƌĂĚŝŶŐ͕ĂŶĚĂƐƐĞƚŵĂŶĂŐĞŵĞŶƚƐĞƌǀŝĐĞƐƚŽŝŶĚŝǀŝĚƵĂůĂŶĚŝŶƐƚŝƚƵƚŝŽŶĂů ĐůŝĞŶƚƐ ƉƌĞĚŽŵŝŶĂƚĞůLJ ůŽĐĂƚĞĚ ŝŶ ƚŚĞhŶŝƚĞĚ ^ƚĂƚĞƐ ŽĨ ŵĞƌŝĐĂ͘ dŚĞ ŽŵƉĂŶLJ ŝƐ ĚƵĂůůLJ ƌĞŐŝƐƚĞƌĞĚĂƐĂ ƐĞĐƵƌŝƚŝĞƐ ďƌŽŬĞƌͲĚĞĂůĞƌ ǁŝƚŚ ƚŚĞ h͘^͘^ĞĐƵƌŝƚŝĞƐ ĂŶĚ džĐŚĂŶŐĞ ŽŵŵŝƐƐŝŽŶ ;^Ϳ ĂŶĚ Ă ĨƵƚƵƌĞƐ ĐŽŵŵŝƐƐŝŽŶŵĞƌĐŚĂŶƚ;&DͿǁŝƚŚƚŚĞŽŵŵŽĚŝƚLJ&ƵƚƵƌĞƐdƌĂĚŝŶŐŽŵŵŝƐƐŝŽŶ;&dͿ͘dŚĞŽŵƉĂŶLJŝƐĂ ĐůĞĂƌŝŶŐŵĞŵďĞƌŽĨƚŚĞEĞǁzŽƌŬ^ƚŽĐŬdžĐŚĂŶŐĞĂŶĚŚŝĐĂŐŽDĞƌĐĂŶƚŝůĞdžĐŚĂŶŐĞ͕ĂƐǁĞůůĂƐŽƚŚĞƌƐƚŽĐŬ ĂŶĚĐŽŵŵŽĚŝƚLJĞdžĐŚĂŶŐĞƐ͘dŚĞŽŵƉĂŶLJŝƐĂůƐŽĂƌĞŐŝƐƚĞƌĞĚŝŶǀĞƐƚŵĞŶƚĂĚǀŝƐŽƌǁŝƚŚƚŚĞ^ĂŶĚŝƐĂ ŵĞŵďĞƌŽĨƚŚĞ&ŝŶĂŶĐŝĂů/ŶĚƵƐƚƌLJZĞŐƵůĂƚŽƌLJƵƚŚŽƌŝƚLJ͘dŚĞŽŵƉĂŶLJ͛ƐĚŝƌĞĐƚƉĂƌĞŶƚĂŶĚƐŽůĞƐƚŽĐŬŚŽůĚĞƌ ŝƐtĞĚďƵƐŚ &ŝŶĂŶĐŝĂů ^ĞƌǀŝĐĞƐ͕ >> ;t&^Ϳ͘t&^ ŝƐ ĂĞůĂǁĂƌĞ ůŝŵŝƚĞĚ ůŝĂďŝůŝƚLJ ĐŽŵƉĂŶLJĞƐƚĂďůŝƐŚĞĚ ŽŶ KĐƚŽďĞƌϭϴ͕ϮϬϭϵ͘t&^ŝƐǁŚŽůůLJŽǁŶĞĚďLJtĞĚďƵƐŚĂƉŝƚĂů;tĞĚĂƉͿ͘dŚĞŽŵƉĂŶLJǁĂƐǁŚŽůůLJŽǁŶĞĚ ďLJtĞĚĂƉƵŶƚŝůĞĐĞŵďĞƌϯϭ͕ϮϬϭϵ͘KǁŶĞƌƐŚŝƉŽĨƚŚĞŽŵƉĂŶLJǁĂƐƚƌĂŶƐĨĞƌƌĞĚƚŽt&^ŽŶ:ĂŶƵĂƌLJϭ͕ ϮϬϮϬ͘

## **;ϮͿ ^ƵŵŵĂƌLJŽĨ^ŝŐŶŝĨŝĐĂŶƚĐĐŽƵŶƚŝŶŐWŽůŝĐŝĞƐ**

## *;ĂͿ ĂƐŝƐŽĨWƌĞƐĞŶƚĂƚŝŽŶ*

dŚĞŽŵƉĂŶLJĨŽůůŽǁƐĂĐĐŽƵŶƚŝŶŐƉƌŝŶĐŝƉůĞƐŐĞŶĞƌĂůůLJĂĐĐĞƉƚĞĚŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŽĨŵĞƌŝĐĂ;h͘^͘ 'WͿ͕ ĂƐĞƐƚĂďůŝƐŚĞĚ ďLJ ƚŚĞ &ŝŶĂŶĐŝĂů ĐĐŽƵŶƚŝŶŐ ^ƚĂŶĚĂƌĚƐ ŽĂƌĚ ;&^Ϳ͕ ƚŽĞŶƐƵƌĞ ĐŽŶƐŝƐƚĞŶƚ ƌĞƉŽƌƚŝŶŐŽĨĨŝŶĂŶĐŝĂůĐŽŶĚŝƚŝŽŶ͘dŚĞh͘^͘ĚŽůůĂƌŝƐƚŚĞĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJŽĨƚŚĞŽŵƉĂŶLJ͘

## *;ďͿ hƐĞŽĨƐƚŝŵĂƚĞƐ*

/Ŷ ƉƌĞƉĂƌŝŶŐ ƚŚĞ ^ƚĂƚĞŵĞŶƚ ŽĨ &ŝŶĂŶĐŝĂů ŽŶĚŝƚŝŽŶ͕ ŵĂŶĂŐĞŵĞŶƚ ŝƐ ƌĞƋƵŝƌĞĚ ƚŽ ŵĂŬĞ ĐĞƌƚĂŝŶ ĞƐƚŝŵĂƚĞƐĂŶĚĂƐƐƵŵƉƚŝŽŶƐƚŚĂƚĂĨĨĞĐƚƚŚĞƌĞƉŽƌƚĞĚĂŵŽƵŶƚƐŽĨĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂŶĚĚŝƐĐůŽƐƵƌĞ ŽĨĐŽŶƚŝŶŐĞŶƚĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂƐŽĨƚŚĞĚĂƚĞŽĨƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶ*͘*dŚĞŵŽƐƚ ŝŵƉŽƌƚĂŶƚŽĨƚŚĞƐĞĞƐƚŝŵĂƚĞƐĂŶĚĂƐƐƵŵƉƚŝŽŶƐƌĞůĂƚĞƚŽĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƐ͘ůƚŚŽƵŐŚƚŚĞƐĞ ĂŶĚŽƚŚĞƌĞƐƚŝŵĂƚĞƐĂŶĚĂƐƐƵŵƉƚŝŽŶƐĂƌĞďĂƐĞĚŽŶ ƚŚĞďĞƐƚĂǀĂŝůĂďůĞŝŶĨŽƌŵĂƚŝŽŶ͕ĂĐƚƵĂů ƌĞƐƵůƚƐ ĐŽƵůĚĚŝĨĨĞƌŵĂƚĞƌŝĂůůLJĨƌŽŵƚŚĞƐĞĞƐƚŝŵĂƚĞƐ͘

KŶDĂƌĐŚϭϭ͕ϮϬϮϬ͕ƚŚĞtŽƌůĚ,ĞĂůƚŚKƌŐĂŶŝnjĂƚŝŽŶĚĞƐŝŐŶĂƚĞĚƚŚĞƐƉƌĞĂĚŽĨĐŽƌŽŶĂǀŝƌƵƐ;Ks/Ͳ ϭϵͿĂƐĂ ƉĂŶĚĞŵŝĐ͘ Ɛ ŽĨ ƚŚĞ ĚĂƚĞ ŽĨ ƚŚĞ ^ƚĂƚĞŵĞŶƚ ŽĨ &ŝŶĂŶĐŝĂů ŽŶĚŝƚŝŽŶ͕ Ks/Ͳϭϵ ŚĂƐ ŚĂĚĂ ƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚŽŶŐůŽďĂůĂŶĚh͘^͘ĨŝŶĂŶĐŝĂůŵĂƌŬĞƚƐ͕ĂŶĚƚŚĞŽŵƉĂŶLJĐŽŶƚŝŶƵĞƐƚŽŵŽŶŝƚŽƌŝƚƐ ĞĨĨĞĐƚƐ ŽŶ ƚŚĞ ŽǀĞƌĂůů ĞĐŽŶŽŵLJ ĂŶĚ ŝƚƐ ŽƉĞƌĂƚŝŽŶƐ͘ /Ŷ ƌĞƐƉŽŶƐĞƚŽ ƚŚĞ Ks/Ͳϭϵ ƉĂŶĚĞŵŝĐ͕ ƚŚĞ ŽŵƉĂŶLJŝƐĞŶŚĂŶĐŝŶŐŝƚƐƉŽůŝĐŝĞƐ͕ƉƌŽĐĞĚƵƌĞƐĂŶĚŽƉĞƌĂƚŝŽŶƐƚŽƉƌŽƚĞĐƚƚŚĞŝŶƚĞŐƌŝƚLJĂŶĚĐŽŶƚŝŶƵŝƚLJ ŽĨ ŝƚƐ ďƵƐŝŶĞƐƐ ĂŶĚ ƚŚĞ ŚĞĂůƚŚ ĂŶĚ ƐĂĨĞƚLJ ŽĨ ĞŵƉůŽLJĞĞƐ͘ ^ĞŶŝŽƌ ŵĂŶĂŐĞŵĞŶƚ ŝƐ ĐŽŶƚŝŶƵŽƵƐůLJ ŵŽŶŝƚŽƌŝŶŐƚŚĞƐŝƚƵĂƚŝŽŶĂŶĚŚĂƐƚĂŬĞŶŵĞĂƐƵƌĞƐƚŽƌĞƐƚƌŝĐƚŶŽŶͲĞƐƐĞŶƚŝĂůďƵƐŝŶĞƐƐƚƌĂǀĞů͘

# *;ĐͿ &ĂŝƌsĂůƵĞ*

dŚĞŽŵƉĂŶLJĂĐĐŽƵŶƚƐĨŽƌŝƚƐĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂƚĨĂŝƌǀĂůƵĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ&^ĐĐŽƵŶƚŝŶŐ ^ƚĂŶĚĂƌĚƐ ŽĚŝĨŝĐĂƚŝŽŶ ;^Ϳ ϴϮϬ͕ *&Ăŝƌ sĂůƵĞDĞĂƐƵƌĞŵĞŶƚƐ* ;^ ϴϮϬͿ͘ dŚĞ ŽŵƉĂŶLJ͛Ɛ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐŽǁŶĞĚĂŶĚĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐƐŽůĚ͕ŶŽƚLJĞƚƉƵƌĐŚĂƐĞĚĂƌĞĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞĂŶĚ ƌĞĐŽƌĚĞĚŽŶĂƚƌĂĚĞͲĚĂƚĞďĂƐŝƐ͘ůůŽƚŚĞƌĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŚĂǀĞĂĐĂƌƌLJŝŶŐǀĂůƵĞƚŚĂƚ

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## EŽƚĞƐƚŽ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶͲĐŽŶƚŝŶƵĞĚ

## :ƵŶĞϯϬ͕ϮϬϮϬ

ĂƉƉƌŽdžŝŵĂƚĞƐ ĨĂŝƌ ǀĂůƵĞ͘ dŚĞƐĞ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ĂƌĞ ƐŚŽƌƚ ƚĞƌŵ ŝŶ ŶĂƚƵƌĞ͕ ďĞĂƌ ŝŶƚĞƌĞƐƚ Ăƚ ĐƵƌƌĞŶƚŵĂƌŬĞƚƌĂƚĞƐŽƌĂƌĞƐƵďũĞĐƚƚŽƌĞƉƌŝĐŝŶŐ͘

#### *;ĚͿ ĂƐŚĂŶĚĂƐŚƋƵŝǀĂůĞŶƚƐ*

ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĂƌĞĐŽŵƉƌŝƐĞĚŽĨŽŶĚĞŵĂŶĚĚĞƉŽƐŝƚƐĂŶĚŚŝŐŚůLJůŝƋƵŝĚŝŶǀĞƐƚŵĞŶƚƐǁŝƚŚ ŽƌŝŐŝŶĂůŵĂƚƵƌŝƚŝĞƐŽĨϵϬĚĂLJƐŽƌůĞƐƐĂƚƚŚĞĚĂƚĞŽĨŽƌŝŐŝŶĂƚŝŽŶ͘ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐŝŶĐůƵĚĞ Ψϭ͘ϴŵŝůůŝŽŶŝŶĂƌĞƐƚƌŝĐƚĞĚĂĐĐŽƵŶƚ͘ĂƐŚŽŶĚĞƉŽƐŝƚǁŝƚŚĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶƐ͕ŵĂLJ͕ĂƚƚŝŵĞƐ͕ĞdžĐĞĞĚ ĨĞĚĞƌĂůŝŶƐƵƌĂŶĐĞůŝŵŝƚƐ͘

### *;ĞͿ ĂƐŚĂŶĚ^ĞĐƵƌŝƚŝĞƐ^ĞŐƌĞŐĂƚĞĚĨŽƌƚŚĞĞŶĞĨŝƚŽĨůŝĞŶƚƐ*

ĂƐŚ ĂŶĚ ƐĞĐƵƌŝƚŝĞƐ ƐĞŐƌĞŐĂƚĞĚ ĨŽƌ ƚŚĞ ďĞŶĞĨŝƚ ŽĨ ĐůŝĞŶƚƐ ĐŽŶƐŝƐƚ ŽĨ ĐĂƐŚ͕ ĐĂƐŚ ĞƋƵŝǀĂůĞŶƚƐ͕ ĂŶĚ ƐĞĐƵƌŝƚŝĞƐƐĞŐƌĞŐĂƚĞĚƵŶĚĞƌƚŚĞŽŵŵŽĚŝƚLJdžĐŚĂŶŐĞĐƚ;ͿĂŶĚŝŶƐƉĞĐŝĂůƌĞƐĞƌǀĞďĂŶŬĂĐĐŽƵŶƚƐ ĨŽƌƚŚĞĞdžĐůƵƐŝǀĞďĞŶĞĨŝƚŽĨĐƵƐƚŽŵĞƌƐĂŶĚƉƌŽƉƌŝĞƚĂƌLJĂĐĐŽƵŶƚƐŽĨďƌŽŬĞƌĚĞĂůĞƌƐƵŶĚĞƌZƵůĞϭϱĐϯͲ ϯŽĨƚŚĞ^ĞĐƵƌŝƚŝĞƐĂŶĚdžĐŚĂŶŐĞĐƚŽĨϭϵϯϰ͘

#### *;ĨͿ ŽůůĂƚĞƌĂůŝnjĞĚŐƌĞĞŵĞŶƚƐĂŶĚ&ŝŶĂŶĐŝŶŐƐ*

ŽůůĂƚĞƌĂůŝnjĞĚ ĂŐƌĞĞŵĞŶƚƐ ĐŽŶƐŝƐƚ ŽĨ ƐĞĐƵƌŝƚŝĞƐ ďŽƌƌŽǁĞĚ ĂŶĚ ƐĞĐƵƌŝƚŝĞƐ ƉƵƌĐŚĂƐĞĚ ƵŶĚĞƌ ĂŐƌĞĞŵĞŶƚƐƚŽƌĞƐĞůů;ƌĞƐĂůĞĂŐƌĞĞŵĞŶƚƐͿ͘ŽůůĂƚĞƌĂůŝnjĞĚĨŝŶĂŶĐŝŶŐƐĐŽŶƐŝƐƚŽĨƐĞĐƵƌŝƚŝĞƐůŽĂŶĞĚĂŶĚ ƐĞĐƵƌŝƚŝĞƐƐŽůĚƵŶĚĞƌĂŐƌĞĞŵĞŶƚƐƚŽƌĞƉƵƌĐŚĂƐĞ;ƌĞƉƵƌĐŚĂƐĞĂŐƌĞĞŵĞŶƚƐͿ͘tŚĞƌĞƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ ϮϭϬͲϮϬ͕ *ĂůĂŶĐĞ ^ŚĞĞƚ KĨĨƐĞƚƚŝŶŐ* ;^ ϮϭϬͲϮϬͿ͕ ĂƌĞ ŵĞƚ͕ ĐŽůůĂƚĞƌĂůŝnjĞĚ ĂŐƌĞĞŵĞŶƚƐ ĂŶĚ ĐŽůůĂƚĞƌĂůŝnjĞĚĨŝŶĂŶĐŝŶŐƐĂƌĞƉƌĞƐĞŶƚĞĚŽŶĂŶĞƚͲďLJͲĐŽƵŶƚĞƌƉĂƌƚLJďĂƐŝƐŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂů ŽŶĚŝƚŝŽŶ͘

## **^ĞĐƵƌŝƚŝĞƐŽƌƌŽǁĞĚĂŶĚ^ĞĐƵƌŝƚŝĞƐ>ŽĂŶĞĚdƌĂŶƐĂĐƚŝŽŶƐ**

^ĞĐƵƌŝƚŝĞƐďŽƌƌŽǁĞĚĂŶĚƐĞĐƵƌŝƚŝĞƐůŽĂŶĞĚƚƌĂŶƐĂĐƚŝŽŶƐĂƌĞƌĞĐŽƌĚĞĚĂƚƚŚĞĐŽŶƚƌĂĐƚǀĂůƵĞŽĨĐĂƐŚ ĐŽůůĂƚĞƌĂůĂĚǀĂŶĐĞĚ Žƌ ƌĞĐĞŝǀĞĚ͕ ƉůƵƐĂĐĐƌƵĞĚŝŶƚĞƌĞƐƚ͘ ŽŶƚƌĂĐƚǀĂůƵĞƐĂƉƉƌŽdžŝŵĂƚĞ ĨĂŝƌǀĂůƵĞĂƐ ƚŚĞLJĂƌĞƐƵďũĞĐƚƚŽĚĂŝůLJƌĞƉƌŝĐŝŶŐ͘/ĨƌĞĐŽƌĚĞĚĂƚĨĂŝƌǀĂůƵĞƵŶĚĞƌ^ϴϮϬ͕^ĞĐƵƌŝƚŝĞƐďŽƌƌŽǁĞĚĂŶĚ ƐĞĐƵƌŝƚŝĞƐůŽĂŶĞĚǁŽƵůĚďĞƌĞƉŽƌƚĞĚǁŝƚŚŝŶĞŝƚŚĞƌ>ĞǀĞůϭŽƌ>ĞǀĞůϮ͘ŽůůĂƚĞƌĂůŝŶƚŚĞĨŽƌŵŽĨĐĂƐŚŝƐ ĞdžĐŚĂŶŐĞĚĨŽƌƐĞĐƵƌŝƚŝĞƐďŽƌƌŽǁĞĚ͕ĂŶĚŝƐƌĞĐĞŝǀĞĚĨŽƌƐĞĐƵƌŝƚŝĞƐůŽĂŶĞĚ͕ďĂƐĞĚŽŶƚŚĞĂƉƉƌŽdžŝŵĂƚĞ ĨĂŝƌǀĂůƵĞ ŽĨ ƚŚĞ ƌĞůĂƚĞĚ ƐĞĐƵƌŝƚŝĞƐ͘dŚĞ ĐĂƐŚ ĐŽůůĂƚĞƌĂůŝƐĂĚũƵƐƚĞĚ ĚĂŝůLJ ƚŽ ƌĞĨůĞĐƚ ĐŚĂŶŐĞƐŝŶ ƚŚĞ ĐƵƌƌĞŶƚǀĂůƵĞŽĨƚŚĞƵŶĚĞƌůLJŝŶŐƐĞĐƵƌŝƚŝĞƐ͘

#### **ZĞƐĂůĞĂŶĚZĞƉƵƌĐŚĂƐĞŐƌĞĞŵĞŶƚƐ**

ZĞƐĂůĞ ĂŶĚ ƌĞƉƵƌĐŚĂƐĞ ĂŐƌĞĞŵĞŶƚƐ ĂƌĞ ƌĞĐŽƌĚĞĚ Ăƚ ƚŚĞŝƌ ĐŽŶƚƌĂĐƚĞĚ ĂŵŽƵŶƚƐ͘ ŽŶƚƌĂĐƚ ǀĂůƵĞƐ ĂƉƉƌŽdžŝŵĂƚĞĨĂŝƌǀĂůƵĞĂƐƚŚĞLJĂƌĞƐƵďũĞĐƚƚŽĚĂŝůLJƌĞƉƌŝĐŝŶŐ͘/ĨƌĞĐŽƌĚĞĚĂƚĨĂŝƌǀĂůƵĞƵŶĚĞƌ^ϴϮϬ͕ ZĞƐĂůĞ ĂŶĚ ƌĞƉƵƌĐŚĂƐĞ ĂŐƌĞĞŵĞŶƚƐ ǁŽƵůĚ ďĞ ƌĞƉŽƌƚĞĚ ǁŝƚŚŝŶ ĞŝƚŚĞƌ >ĞǀĞů ϭ Žƌ >ĞǀĞů Ϯ͘ ZĞƐĂůĞ ĂŐƌĞĞŵĞŶƚƐ ƌĞƋƵŝƌĞ ƚŚĞ ŽŵƉĂŶLJ ƚŽ ĚĞƉŽƐŝƚ ĐĂƐŚ ǁŝƚŚ ƚŚĞ ƐĞůůĞƌ ĂŶĚ ƚŽ ƚĂŬĞ ƉŽƐƐĞƐƐŝŽŶ ŽĨ ƚŚĞ ƉƵƌĐŚĂƐĞĚƐĞĐƵƌŝƚŝĞƐ͘ZĞƉƵƌĐŚĂƐĞĂŐƌĞĞŵĞŶƚƐƌĞƋƵŝƌĞƚŚĞďƵLJĞƌƚŽĚĞƉŽƐŝƚĐĂƐŚǁŝƚŚƚŚĞŽŵƉĂŶLJ ĂŶĚƚŽƚĂŬĞƉŽƐƐĞƐƐŝŽŶŽĨƚŚĞƐŽůĚƐĞĐƵƌŝƚŝĞƐ͘dŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞƐĞĐƵƌŝƚŝĞƐƐŽůĚŽƌƉƵƌĐŚĂƐĞĚƉůƵƐ ĂĐĐƌƵĞĚĐŽƵƉŽŶŝƐŐĞŶĞƌĂůůLJŝŶĞdžĐĞƐƐŽĨƚŚĞĐĂƐŚƌĞĐĞŝǀĞĚŽƌƉƌŽǀŝĚĞĚ͘dŚĞŽŵƉĂŶLJŵŽŶŝƚŽƌƐƚŚĞ ĨĂŝƌǀĂůƵĞŽĨƌĞƐĂůĞĂŶĚƌĞƉƵƌĐŚĂƐĞĂŐƌĞĞŵĞŶƚƐŽŶĂĚĂŝůLJďĂƐŝƐ͕ǁŝƚŚĂĚĚŝƚŝŽŶĂůĐĂƐŚŽƌƐĞĐƵƌŝƚŝĞƐ ŽďƚĂŝŶĞĚŽƌƉŽƐƚĞĚĂƐŶĞĐĞƐƐĂƌLJ͘

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## *;ŐͿ ZĞĐĞŝǀĂďůĞƐĨƌŽŵĂŶĚWĂLJĂďůĞƐƚŽůŝĞŶƚƐ*

ZĞĐĞŝǀĂďůĞƐ ĨƌŽŵ ĂŶĚ ƉĂLJĂďůĞƐ ƚŽ ĐůŝĞŶƚƐ ŝŶĐůƵĚĞ ĂŵŽƵŶƚƐ ĚƵĞ Žƌ ŚĞůĚ ŽŶ ĐĂƐŚ ĂŶĚ ŵĂƌŐŝŶ ƚƌĂŶƐĂĐƚŝŽŶƐ͘ZĞĐĞŝǀĂďůĞƐ ĨƌŽŵĐůŝĞŶƚƐĂƌĞŐĞŶĞƌĂůůLJ ĨƵůůLJƐĞĐƵƌĞĚďLJƐĞĐƵƌŝƚŝĞƐŚĞůĚŝŶƚŚĞĐůŝĞŶƚƐ͛ ĂĐĐŽƵŶƚƐ͘ ŽůůĂƚĞƌĂů ŝƐ ƌĞƋƵŝƌĞĚ ƚŽ ďĞ ŵĂŝŶƚĂŝŶĞĚ Ăƚ ƐƉĞĐŝĨŝĞĚ ŵŝŶŝŵƵŵ ůĞǀĞůƐ Ăƚ Ăůů ƚŝŵĞƐ͘ dŚĞ ĐŽůůĂƚĞƌĂůŝƐŶŽƚƌĞĨůĞĐƚĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶ͘

dŚĞŽŵƉĂŶLJĞƐƚĂďůŝƐŚĞƐĂŶĂůůŽǁĂŶĐĞĨŽƌĐƌĞĚŝƚůŽƐƐĞƐĂŐĂŝŶƐƚƌĞĐĞŝǀĂďůĞƐǁŚĞŶĐŽůůĞĐƚĂďŝůŝƚLJŝƐŶŽƚ ƌĞĂƐŽŶĂďůLJ ĂƐƐƵƌĞĚ͘ &ĂĐƚŽƌƐ ĐŽŶƐŝĚĞƌĞĚ ďLJ ŵĂŶĂŐĞŵĞŶƚ ŝŶ ĚĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ĂůůŽǁĂŶĐĞŝŶĐůƵĚĞƉĂƐƚĞdžƉĞƌŝĞŶĐĞ͕ĚĞŐƌĞĞŽĨĐŽŶĐĞŶƚƌĂƚŝŽŶĂŶĚƋƵĂůŝƚLJŽĨĐŽůůĂƚĞƌĂů͘ZĞĐĞŝǀĂďůĞƐ ĂƌĞƉƌĞƐĞŶƚĞĚŶĞƚŽĨĂůůŽǁĂŶĐĞ͘dŚĞĂůůŽǁĂŶĐĞĂƐŽĨ:ƵŶĞϯϬ͕ϮϬϮϬǁĂƐΨϬ͘ϵŵŝůůŝŽŶ͘

#### *;ŚͿ džĐŚĂŶŐĞDĞŵďĞƌƐŚŝƉƐ*

dŚĞ ŽŵƉĂŶLJ͛Ɛ ĞdžĐŚĂŶŐĞ ŵĞŵďĞƌƐŚŝƉƐ͕ ǁŚŝĐŚ ƉƌŽǀŝĚĞ ƚŚĞ ŽŵƉĂŶLJ ǁŝƚŚ ƚŚĞ ƌŝŐŚƚ ƚŽ ĐŽŶĚƵĐƚ ďƵƐŝŶĞƐƐŽŶƚŚĞĞdžĐŚĂŶŐĞƐ͕ĂƌĞƌĞĐŽƌĚĞĚĂƚĐŽƐƚŽƌ͕ŝĨŽƚŚĞƌƚŚĂŶƚĞŵƉŽƌĂƌLJŝŵƉĂŝƌŵĞŶƚŝŶǀĂůƵĞŚĂƐ ŽĐĐƵƌƌĞĚ͕ Ăƚ Ă ǀĂůƵĞ ƚŚĂƚ ƌĞĨůĞĐƚƐ ŵĂŶĂŐĞŵĞŶƚ͛Ɛ ĞƐƚŝŵĂƚĞ ŽĨ ƚŚĞ ŝŵƉĂŝƌŵĞŶƚ͘ dŚĞƌĞ ǁĞƌĞ ŶŽ ĞdžĐŚĂŶŐĞŵĞŵďĞƌƐŚŝƉŝŵƉĂŝƌŵĞŶƚƐĂƚ:ƵŶĞϯϬ͕ϮϬϮϬ͘džĐŚĂŶŐĞŵĞŵďĞƌƐŚŝƉƐĂƌĞŝŶĐůƵĚĞĚŝŶKƚŚĞƌ ĂƐƐĞƚƐŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶ͘

#### *;ŝͿ >ĞĂƐĞƐ*

dŚĞŽŵƉĂŶLJĚĞƚĞƌŵŝŶĞƐŝĨĂŶĂƌƌĂŶŐĞŵĞŶƚŝƐĂůĞĂƐĞŽƌĐŽŶƚĂŝŶƐĂůĞĂƐĞĂƚŝŶĐĞƉƚŝŽŶ͘ZŝŐŚƚͲŽĨͲƵƐĞ ;ZKhͿĂƐƐĞƚƐƌĞƉƌĞƐĞŶƚƚŚĞŽŵƉĂŶLJ͛ƐƌŝŐŚƚƚŽƵƐĞƚŚĞƵŶĚĞƌůLJŝŶŐĂƐƐĞƚĨŽƌƚŚĞůĞĂƐĞƚĞƌŵ͕ĂŶĚůĞĂƐĞ ůŝĂďŝůŝƚŝĞƐƌĞƉƌĞƐĞŶƚƚŚĞŽŵƉĂŶLJ͛ƐŽďůŝŐĂƚŝŽŶƚŽŵĂŬĞůĞĂƐĞƉĂLJŵĞŶƚƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞůĞĂƐĞ͘ZKh ĂƐƐĞƚƐĂŶĚůĞĂƐĞůŝĂďŝůŝƚŝĞƐĨŽƌůĞĂƐĞƐǁŝƚŚĂůĞĂƐĞƚĞƌŵŐƌĞĂƚĞƌƚŚĂŶϭϮŵŽŶƚŚƐĂƌĞŝŶĐůƵĚĞĚŝŶKƚŚĞƌ ĂƐƐĞƚƐĂŶĚKƚŚĞƌůŝĂďŝůŝƚŝĞƐ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ŽŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶ͘

dŚĞ ZKh ĂƐƐĞƚƐ ĂŶĚ ůĞĂƐĞ ůŝĂďŝůŝƚŝĞƐ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ďĂƐĞĚ ŽŶ ƚŚĞ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ƚŚĞ ĨƵƚƵƌĞ ŵŝŶŝŵƵŵůĞĂƐĞƉĂLJŵĞŶƚƐŽǀĞƌƚŚĞůĞĂƐĞƚĞƌŵĂƚĐŽŵŵĞŶĐĞŵĞŶƚĚĂƚĞ͘ƐƚŚĞŽŵƉĂŶLJ͛ƐůĞĂƐĞƐĚŽ ŶŽƚƉƌŽǀŝĚĞĂŶŝŵƉůŝĐŝƚƌĂƚĞ͕ƚŚĞŽŵƉĂŶLJƵƐĞƐĂŶŝŶĐƌĞŵĞŶƚĂůďŽƌƌŽǁŝŶŐƌĂƚĞ;/ZͿďĂƐĞĚŽŶƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶĂǀĂŝůĂďůĞĂƚĐŽŵŵĞŶĐĞŵĞŶƚĚĂƚĞƚŽĐĂůĐƵůĂƚĞƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨůĞĂƐĞƉĂLJŵĞŶƚƐ͘/ƚ ĂƉƉƌŽdžŝŵĂƚĞƐƚŚĞƌĂƚĞŽĨŝŶƚĞƌĞƐƚŽŶĂĐŽůůĂƚĞƌĂůŝnjĞĚďŽƌƌŽǁŝŶŐŽǀĞƌĂƐŝŵŝůĂƌƚĞƌŵĂŶĂŵŽƵŶƚĞƋƵĂů ƚŽƚŚĞůĞĂƐĞƉĂLJŵĞŶƚƐŝŶĂƐŝŵŝůĂƌĞĐŽŶŽŵŝĐĞŶǀŝƌŽŶŵĞŶƚ͘

dŚĞŽŵƉĂŶLJĞůĞĐƚĞĚƚŚĞƉĂĐŬĂŐĞŽĨƉƌĂĐƚŝĐĂůĞdžƉĞĚŝĞŶƚƐ ĨŽƌůĞĂƐĞƐƚŚĂƚĐŽŵŵĞŶĐĞĚďĞĨŽƌĞƚŚĞ ĂĚŽƉƚŝŽŶĚĂƚĞƉĞƌŵŝƚƚŝŶŐƚŚĞŽŵƉĂŶLJŶŽƚƚŽƌĞĂƐƐĞƐƐ͗;ŝͿǁŚĞƚŚĞƌĂŶLJĞdžƉŝƌĞĚŽƌĞdžŝƐƚŝŶŐĐŽŶƚƌĂĐƚƐ ĂƌĞŽƌĐŽŶƚĂŝŶůĞĂƐĞƐ͖;ŝŝͿƚŚĞůĞĂƐĞĐůĂƐƐŝĨŝĐĂƚŝŽŶĨŽƌĂŶLJĞdžƉŝƌĞĚŽƌĞdžŝƐƚŝŶŐůĞĂƐĞƐ͖ĂŶĚ;ŝŝŝͿǁŚĞƚŚĞƌ ŝŶŝƚŝĂůĚŝƌĞĐƚĐŽƐƚƐĨŽƌĂŶLJĞdžƉŝƌĞĚŽƌĞdžŝƐƚŝŶŐůĞĂƐĞƐƋƵĂůŝĨLJĨŽƌĐĂƉŝƚĂůŝnjĂƚŝŽŶ͘

## *;ũͿ ZĞǀĞŶƵĞZĞĐŽŐŶŝƚŝŽŶ*

ŽŵŵŝƐƐŝŽŶƐĂŶĚŽƚŚĞƌĨĞĞƐƌĞǀĞŶƵĞƐĂŶĚƌĞůĂƚĞĚĞdžƉĞŶƐĞƐĂƌĞƌĞĐŽƌĚĞĚŽŶĂƚƌĂĚĞͲĚĂƚĞďĂƐŝƐĂƐ ƚƌĂŶƐĂĐƚŝŽŶƐ ŽĐĐƵƌ ĂŶĚ ƉƌŝŵĂƌŝůLJ ŝŶĐůƵĚĞ ĐŽŵŵŝƐƐŝŽŶƐ ĞĂƌŶĞĚ ĨƌŽŵ ǁĞĂůƚŚ ŵĂŶĂŐĞŵĞŶƚ͕ ĐŽƌƌĞƐƉŽŶĚĞŶƚĂŶĚŝŶƐƚŝƚƵƚŝŽŶĂůĐůŝĞŶƚƐ͘

hŶĚĞƌ ĐůĞĂƌŝŶŐ ĂŐƌĞĞŵĞŶƚƐ͕ ƚŚĞ ŽŵƉĂŶLJ ĐůĞĂƌƐ ƚƌĂĚĞƐ ĨŽƌ ĐůŝĞŶƚƐ ĂŶĚ ƌĞƚĂŝŶƐ Ă ƉŽƌƚŝŽŶ ŽĨ ƚŚĞ ĐŽŵŵŝƐƐŝŽŶĨŽƌŝƚƐƐĞƌǀŝĐĞƐ͘ŽŵŵŝƐƐŝŽŶƐĂŶĚƌĞŵŝƚƚĂůƚŽƚŚĞĐůŝĞŶƚĂƌĞƌĞĐŽƌĚĞĚŽŶĂŶĞƚďĂƐŝƐ͘

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# EŽƚĞƐƚŽ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶͲĐŽŶƚŝŶƵĞĚ :ƵŶĞϯϬ͕ϮϬϮϬ

dŚĞŽŵƉĂŶLJƌĞĐŽŐŶŝnjĞƐŝŶƚĞƌĞƐƚŝŶĐŽŵĞŽŶĂŶĂĐĐƌƵĂůďĂƐŝƐ͘

ZĞǀĞŶƵĞƐ ĨƌŽŵ ŝŶǀĞƐƚŵĞŶƚ ďĂŶŬŝŶŐ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ǁŚĞŶ ƚŚĞ ƐĞƌǀŝĐĞƐ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ ƵŶĚĞƌůLJŝŶŐ ƚƌĂŶƐĂĐƚŝŽŶ ĂƌĞ ĐŽŵƉůĞƚĞĚ ƵŶĚĞƌ ƚŚĞ ƚĞƌŵƐ ŽĨ ƚŚĞ ĞŶŐĂŐĞŵĞŶƚ͘ hŶĚĞƌǁƌŝƚŝŶŐ ƌĞǀĞŶƵĞƐ ĂƌĞ ƉƌĞƐĞŶƚĞĚŐƌŽƐƐŽĨƌĞůĂƚĞĚĞdžƉĞŶƐĞƐ͘

ƐƐĞƚŵĂŶĂŐĞŵĞŶƚĨĞĞƐĂƌĞƌĞĐŽŐŶŝnjĞĚŵŽŶƚŚůLJĂƐĞĂƌŶĞĚĂŶĚĂƌĞďĂƐĞĚŽŶƚŚĞǀĂůƵĞŽĨƚŚĞĂƐƐĞƚƐ ŝŶƚŚĞĐůŝĞŶƚƐ͛ĂĐĐŽƵŶƚďĂůĂŶĐĞĂƚƚŚĞĞŶĚŽĨƚŚĞƉƌŝŽƌƋƵĂƌƚĞƌ͘

^ĞĐƵƌŝƚŝĞƐƐĞƌǀŝĐĞƐƌĞǀĞŶƵĞƐŝŶĐůƵĚĞĐŽƌƌĞƐƉŽŶĚĞŶƚƚƌĂĚŝŶŐĂŶĚĞƋƵŝƚLJƌĞƐĞĂƌĐŚĨĞĞƐ͘ĚĚŝƚŝŽŶĂůůLJ͕ ƐĞĐƵƌŝƚŝĞƐƐĞƌǀŝĐĞƐŝŶĐůƵĚĞƉĞƌĂĐĐŽƵŶƚĨĞĞƐƐƵĐŚĂƐƌĞǀĞŶƵĞƐĨƌŽŵĨĞĞͲďĂƐĞĚĂĐĐŽƵŶƚƐĂŶĚ/ZĨĞĞƐ͕ ǁŚŝĐŚĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶƚŽŝŶĐŽŵĞĂƐĞĂƌŶĞĚŽǀĞƌƚŚĞƚĞƌŵŽĨƚŚĞĐŽŶƚƌĂĐƚ͘

dŚĞŽŵƉĂŶLJ͛ƐĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂƌĞĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞĂŶĚƌĞĐŽƌĚĞĚŽŶĂƚƌĂĚĞͲĚĂƚĞďĂƐŝƐ͘

ĚĚŝƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐƌĞǀĞŶƵĞƌĞĐŽŐŶŝƚŝŽŶŝƐŝŶĐůƵĚĞĚŝŶEŽƚĞϴ͞ZĞǀĞŶƵĞĨƌŽŵŽŶƚƌĂĐƚƐ ǁŝƚŚƵƐƚŽŵĞƌƐ͘͟

## *;ŬͿ /ŶĐŽŵĞdĂdžĞƐ*

dŚĞŽŵƉĂŶLJĐŽŵƉƵƚĞƐƚĂdžƉƌŽǀŝƐŝŽŶƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ^ϳϰϬ͕ */ŶĐŽŵĞdĂdžĞƐ*;^ϳϰϬͿ͕ŽŶĂ ƐĞƉĂƌĂƚĞƌĞƚƵƌŶŵĞƚŚŽĚ͘ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂƌĞƌĞĐŽŐŶŝnjĞĚĨŽƌƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ ďĞƚǁĞĞŶƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐĂŶĚƚĂdžďĂƐŝƐŽĨƚŚĞŽŵƉĂŶLJ͛ƐĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͘ĞĨĞƌƌĞĚƚĂdžĞƐ ĂƌĞĂĚũƵƐƚĞĚƚŽƌĞĨůĞĐƚƚŚĞƚĂdžƌĂƚĞƐĂƚǁŚŝĐŚĨƵƚƵƌĞƚĂdžĂďůĞĂŵŽƵŶƚƐǁŝůůůŝŬĞůLJďĞƐĞƚƚůĞĚŽƌƌĞĂůŝnjĞĚ͘ dŚĞĞĨĨĞĐƚƐŽĨƚĂdžƌĂƚĞĐŚĂŶŐĞƐŽŶĨƵƚƵƌĞĚĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐĂŶĚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ͕ĂƐǁĞůůĂƐ ŽƚŚĞƌ ĐŚĂŶŐĞƐ ŝŶ ŝŶĐŽŵĞ ƚĂdž ůĂǁƐ͕ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƚŚĞ ƉĞƌŝŽĚ ĚƵƌŝŶŐ ǁŚŝĐŚ ƐƵĐŚ ĐŚĂŶŐĞƐ ĂƌĞ ĞŶĂĐƚĞĚ͘

dŚĞŽŵƉĂŶLJĨŽůůŽǁƐŐƵŝĚĂŶĐĞƵŶĚĞƌ^ϳϰϬ͕ǁŚŝĐŚƐĞƚƐŽƵƚĂĐŽŶƐŝƐƚĞŶƚĨƌĂŵĞǁŽƌŬƚŽĚĞƚĞƌŵŝŶĞ ƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨ ƚĂdžƌĞƐĞƌǀĞƐ ƚŽŵĂŝŶƚĂŝŶ ĨŽƌƵŶĐĞƌƚĂŝŶ ƚĂdžƉŽƐŝƚŝŽŶƐ͘hŶĚĞƌ^ϳϰϬ͕ ƚŚĞ ŽŵƉĂŶLJĚĞƚĞƌŵŝŶĞƐǁŚĞƚŚĞƌŝƚŝƐŵŽƌĞůŝŬĞůLJƚŚĂŶŶŽƚƚŚĂƚĂŶŝŶĐŽŵĞƚĂdžƉŽƐŝƚŝŽŶǁŝůůďĞƐƵƐƚĂŝŶĞĚ ƵƉŽŶĞdžĂŵŝŶĂƚŝŽŶďLJƚĂdžĂƵƚŚŽƌŝƚŝĞƐ͘

^ϳϰϬƉƌĞƐĐƌŝďĞƐĂƌĞĐŽŐŶŝƚŝŽŶƚŚƌĞƐŚŽůĚĂŶĚĂŵĞĂƐƵƌĞŵĞŶƚĂƚƚƌŝďƵƚĞĨŽƌƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚ ƌĞĐŽŐŶŝƚŝŽŶ ĂŶĚ ŵĞĂƐƵƌĞŵĞŶƚ ŽĨ ƚĂdž ƉŽƐŝƚŝŽŶƐ ƚĂŬĞŶ Žƌ ĞdžƉĞĐƚĞĚ ƚŽ ďĞ ƚĂŬĞŶ ŝŶ Ă ƚĂdž ƌĞƚƵƌŶ͘ ^ƵƐƚĂŝŶĂďůĞŝŶĐŽŵĞƚĂdžƉŽƐŝƚŝŽŶƐĂƌĞŵĞĂƐƵƌĞĚƚŽĚĞƚĞƌŵŝŶĞƚŚĞĂŵŽƵŶƚŽĨďĞŶĞĨŝƚƚŽďĞƌĞĐŽŐŶŝnjĞĚ ŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶďĂƐĞĚŽŶƚŚĞůĂƌŐĞƐƚĂŵŽƵŶƚŽĨďĞŶĞĨŝƚƚŚĂƚŝƐŵŽƌĞůŝŬĞůLJ ƚŚĂŶŶŽƚƚŽďĞƌĞĂůŝnjĞĚƵƉŽŶƵůƚŝŵĂƚĞƐĞƚƚůĞŵĞŶƚ͘

### *;ůͿ &ŽƌĞŝŐŶƵƌƌĞŶĐLJdƌĂŶƐůĂƚŝŽŶ*

ƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĚĞŶŽŵŝŶĂƚĞĚŝŶŶŽŶͲh͘^͘ĚŽůůĂƌĐƵƌƌĞŶĐŝĞƐĂƌĞƚƌĂŶƐůĂƚĞĚĂƚĞdžĐŚĂŶŐĞƌĂƚĞƐĂƚ ƚŚĞĞŶĚŽĨĂƉĞƌŝŽĚ͘

#### *;ŵͿ ZĞĐĞŶƚĐĐŽƵŶƚŝŶŐĞǀĞůŽƉŵĞŶƚƐ*

#### **>ĞĂƐĞƐ**

/Ŷ&ĞďƌƵĂƌLJϮϬϭϲ͕ƚŚĞ&^ŝƐƐƵĞĚĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐhƉĚĂƚĞ;^hͿEŽ͘ϮϬϭϲͲϬϮ*͕>ĞĂƐĞƐ;dŽƉŝĐ ϴϰϮͿ*;^hϮϬϭϲͲϬϮͿ͕ƚŽŝŶĐƌĞĂƐĞƚƌĂŶƐƉĂƌĞŶĐLJĂŶĚĐŽŵƉĂƌĂďŝůŝƚLJĂŵŽŶŐŽƌŐĂŶŝnjĂƚŝŽŶƐďLJƌĞĐŽŐŶŝnjŝŶŐ

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# EŽƚĞƐƚŽ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶͲĐŽŶƚŝŶƵĞĚ :ƵŶĞϯϬ͕ϮϬϮϬ

ůĞĂƐĞĂƐƐĞƚƐĂŶĚůĞĂƐĞůŝĂďŝůŝƚŝĞƐŽŶƚŚĞďĂůĂŶĐĞƐŚĞĞƚĂŶĚĚŝƐĐůŽƐŝŶŐŬĞLJŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚůĞĂƐŝŶŐ ĂƌƌĂŶŐĞŵĞŶƚƐ͘hŶĚĞƌ^hϮϬϭϲͲϬϮ͕ĂůĞƐƐĞĞǁŝůůƌĞĐŽŐŶŝnjĞŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůĐŽŶĚŝƚŝŽŶĂ ůŝĂďŝůŝƚLJƚŽŵĂŬĞůĞĂƐĞƉĂLJŵĞŶƚƐĂŶĚĂƌŝŐŚƚͲƚŽͲƵƐĞĂƐƐĞƚƌĞƉƌĞƐĞŶƚŝŶŐŝƚƐƌŝŐŚƚƚŽƵƐĞƚŚĞƵŶĚĞƌůLJŝŶŐ ĂƐƐĞƚĨŽƌƚŚĞůĞĂƐĞƚĞƌŵ͘

dŚĞ ŽŵƉĂŶLJ ĂĚŽƉƚĞĚ ^h EŽ͘ ϮϬϭϲͲϬϮ ĂƐ ŽĨ :ƵůLJ ϭ͕ ϮϬϭϵ ƵƐŝŶŐ ƚŚĞ ŵŽĚŝĨŝĞĚ ƌĞƚƌŽƐƉĞĐƚŝǀĞ ĂƉƉƌŽĂĐŚ͘hƉŽŶĂĚŽƉƚŝŽŶ͕ƚŚĞŽŵƉĂŶLJƌĞĐŽŐŶŝnjĞĚĂZKhĂƐƐĞƚŽĨΨϮϳ͘ϳŵŝůůŝŽŶĂŶĚĂůĞĂƐĞůŝĂďŝůŝƚLJ ŽĨΨϯϮ͘ϰŵŝůůŝŽŶ͘dŚĞĂŵŽƵŶƚƐǁĞƌĞďĂƐĞĚŽŶƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĞdžƉĞĐƚĞĚƌĞŵĂŝŶŝŶŐŽƉĞƌĂƚŝŶŐ ůĞĂƐĞƉĂLJŵĞŶƚƐ͘&ƵƌƚŚĞƌĚŝƐĐůŽƐƵƌĞƐŽŶůĞĂƐĞƐĂƌĞŝŶĐůƵĚĞĚŝŶEŽƚĞϵ͞>ĞĂƐĞƐ͘͟

## **&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐʹƌĞĚŝƚ>ŽƐƐĞƐ**

/Ŷ:ƵŶĞϮϬϭϲ͕ƚŚĞ&^ŝƐƐƵĞĚ^hEŽ͘ϮϬϭϲͲϭϯ͕*&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐоƌĞĚŝƚ>ŽƐƐĞƐ;dŽƉŝĐϯϮϲͿ͗ DĞĂƐƵƌĞŵĞŶƚŽĨƌĞĚŝƚ>ŽƐƐĞƐŽŶ&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐ*;^hϮϬϭϲͲϭϯͿ͘dŚĞŶĞǁŐƵŝĚĂŶĐĞďƌŽĂĚĞŶƐ ƚŚĞŝŶĨŽƌŵĂƚŝŽŶƚŚĂƚĂŶĞŶƚŝƚLJŵƵƐƚĐŽŶƐŝĚĞƌŝŶĚĞǀĞůŽƉŝŶŐŝƚƐĞƐƚŝŵĂƚĞĚĐƌĞĚŝƚůŽƐƐĞƐĞdžƉĞĐƚĞĚƚŽ ŽĐĐƵƌ ŽǀĞƌ ƚŚĞ ƌĞŵĂŝŶŝŶŐ ůŝĨĞ ŽĨ ĂƐƐĞƚƐ ŵĞĂƐƵƌĞĚ ĞŝƚŚĞƌ ĐŽůůĞĐƚŝǀĞůLJ Žƌ ŝŶĚŝǀŝĚƵĂůůLJ ƚŽ ŝŶĐůƵĚĞ ŚŝƐƚŽƌŝĐĂůĞdžƉĞƌŝĞŶĐĞ͕ĐƵƌƌĞŶƚĐŽŶĚŝƚŝŽŶƐĂŶĚƌĞĂƐŽŶĂďůĞĂŶĚƐƵƉƉŽƌƚĂďůĞ ĨŽƌĞĐĂƐƚƐ͘^hϮϬϭϲͲϭϯ ƌĞƉůĂĐĞƐƚŚĞĞdžŝƐƚŝŶŐŝŶĐƵƌƌĞĚĐƌĞĚŝƚůŽƐƐŵŽĚĞůǁŝƚŚƚŚĞĐƵƌƌĞŶƚĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĞƐŵŽĚĞů͘dŚĞ ĂŵĞŶĚŵĞŶƚƐ ĂƌĞ ĞĨĨĞĐƚŝǀĞ ĨŽƌ ĨŝƐĐĂů LJĞĂƌƐ ďĞŐŝŶŶŝŶŐ ĂĨƚĞƌ ĞĐĞŵďĞƌ ϭϱ͕ ϮϬϭϵ͘ dŚĞ ŽŵƉĂŶLJ ŝƐ ĞǀĂůƵĂƚŝŶŐƚŚĞŝŵƉĂĐƚƚŚŝƐ^hǁŝůůŚĂǀĞŽŶŝƚƐ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶďƵƚĚŽĞƐŶŽƚĞdžƉĞĐƚ ĂŵĂƚĞƌŝĂůŝŵƉĂĐƚ͘

#### **&ĂŝƌsĂůƵĞDĞĂƐƵƌĞŵĞŶƚŝƐĐůŽƐƵƌĞ&ƌĂŵĞǁŽƌŬ**

/Ŷ ƵŐƵƐƚ͕ ϮϬϭϴ͕ ƚŚĞ &^ ŝƐƐƵĞĚ ^h ϮϬϭϴͲϭϯ͕ *&Ăŝƌ sĂůƵĞDĞĂƐƵƌĞŵĞŶƚ ;dŽƉŝĐ ϴϮϬͿ͗ ŝƐĐůŽƐƵƌĞ &ƌĂŵĞǁŽƌŬͶŚĂŶŐĞƐƚŽƚŚĞŝƐĐůŽƐƵƌĞZĞƋƵŝƌĞŵĞŶƚƐĨŽƌ&ĂŝƌsĂůƵĞDĞĂƐƵƌĞŵĞŶƚ*͕ǁŚŝĐŚĐŚĂŶŐĞƐ ƚŚĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚĚŝƐĐůŽƐƵƌĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨ^ϴϮϬ͘dŚĞ^hŵŽĚŝĨŝĞƐƚŚĞĚŝƐĐůŽƐƵƌĞ ŽďũĞĐƚŝǀĞƉĂƌĂŐƌĂƉŚƐŽĨ^ϴϮϬƚŽĞůŝŵŝŶĂƚĞ;ϭͿ͞ĂƚĂŵŝŶŝŵƵŵ͟ĨƌŽŵƚŚĞƉŚƌĂƐĞ͞ĂŶĞŶƚŝƚLJƐŚĂůů ĚŝƐĐůŽƐĞĂƚĂŵŝŶŝŵƵŵ͟ĂŶĚ;ϮͿŽƚŚĞƌƐŝŵŝůĂƌ͞ŽƉĞŶͲĞŶĚĞĚ͟ĚŝƐĐůŽƐƵƌĞƌĞƋƵŝƌĞŵĞŶƚƐƚŽƉƌŽŵŽƚĞƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞĞdžĞƌĐŝƐĞŽĨĚŝƐĐƌĞƚŝŽŶďLJĞŶƚŝƚŝĞƐ͘

dŚĞ ŽďũĞĐƚŝǀĞ ŽĨ ƚŚĞ ĚŝƐĐůŽƐƵƌĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŝƐ ƚŽ ƉƌŽǀŝĚĞ ƵƐĞƌƐ ŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚǁŝƚŚ ŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůĐŽŶĚŝƚŝŽŶ ŽƌĚŝƐĐůŽƐĞĚŝŶƚŚĞŶŽƚĞƐƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƉĞƌƚĂŝŶŝŶŐƚŽ͗;ϭͿdŚĞǀĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞƐĂŶĚ ŝŶƉƵƚƐƚŚĂƚĂƌĞƉŽƌƚŝŶŐĞŶƚŝƚLJƵƐĞƐƚŽĂƌƌŝǀĞĂƚŝƚƐŵĞĂƐƵƌĞƐŽĨĨĂŝƌǀĂůƵĞ͕ŝŶĐůƵĚŝŶŐũƵĚŐŵĞŶƚƐĂŶĚ ĂƐƐƵŵƉƚŝŽŶƐ ƚŚĂƚ ƚŚĞĞŶƚŝƚLJŵĂŬĞƐ͖ ;ϮͿ ƚŚĞƵŶĐĞƌƚĂŝŶƚLJŝŶ ƚŚĞ ĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƐĂƐŽĨ ƚŚĞ ƌĞƉŽƌƚŝŶŐĚĂƚĞ͖;ϯͿŚŽǁĐŚĂŶŐĞƐŝŶĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƐĂĨĨĞĐƚĂŶĞŶƚŝƚLJ͛ƐƉĞƌĨŽƌŵĂŶĐĞĂŶĚĐĂƐŚ ĨůŽǁƐ͘ dŚĞ ^h ŝƐ ĞĨĨĞĐƚŝǀĞ ĨŽƌ Ăůů ĞŶƚŝƚŝĞƐ ĨŽƌ ĨŝƐĐĂů LJĞĂƌƐ ďĞŐŝŶŶŝŶŐ ĂĨƚĞƌ ĞĐĞŵďĞƌ ϭϱ͕ ϮϬϭϵ͕ ŝŶĐůƵĚŝŶŐŝŶƚĞƌŝŵƉĞƌŝŽĚƐƚŚĞƌĞŝŶ͘dŚĞŽŵƉĂŶLJŝƐĞǀĂůƵĂƚŝŶŐƚŚĞŝŵƉĂĐƚƚŚŝƐ^hǁŝůůŚĂǀĞŽŶŝƚƐ ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶ͘

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# **;ϯͿ ĂƐŚĂŶĚ^ĞĐƵƌŝƚŝĞƐ^ĞŐƌĞŐĂƚĞĚĨŽƌƚŚĞĞŶĞĨŝƚŽĨůŝĞŶƚƐ**

dŚĞĨŽůůŽǁŝŶŐŝƐĂĚŝƐĂŐŐƌĞŐĂƚŝŽŶŽĨĂƐŚĂŶĚƐĞĐƵƌŝƚŝĞƐƐĞŐƌĞŐĂƚĞĚĨŽƌƚŚĞďĞŶĞĨŝƚŽĨĐůŝĞŶƚƐĂƐŽĨ:ƵŶĞϯϬ͕ ϮϬϮϬ;ŝŶƚŚŽƵƐĂŶĚƐͿ͗

| ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ                                  | Ψϭ͕ϳϵϴ͕ϯϯϭ |
|--------------------------------------------------------|------------|
| &ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŽǁŶĞĚ                              | ϲϱϮ͕ϳϮϰ    |
| dŽƚĂůĐĂƐŚĂŶĚƐĞĐƵƌŝƚŝĞƐƐĞŐƌĞŐĂƚĞĚĨŽƌƚŚĞďĞŶĞĨŝƚŽĨĐůŝĞŶƚƐ | ΨϮ͕ϰϱϭ͕Ϭϱϱ |

ƚ :ƵŶĞ ϯϬ͕ ϮϬϮϬ͕ ĂƐƐĞƚƐ ƐĞŐƌĞŐĂƚĞĚ Žƌ ŚĞůĚ ŝŶ ƐĞƉĂƌĂƚĞ ĂĐĐŽƵŶƚƐ ƵŶĚĞƌ ŽŵŵŽĚŝƚLJ džĐŚĂŶŐĞ Đƚ ƌĞŐƵůĂƚŝŽŶƐĂƌĞĂƐĨŽůůŽǁƐ;ŝŶƚŚŽƵƐĂŶĚƐͿ͗

| ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ                              | Ψϯϭϳ͕ϰϬϬ      |
|----------------------------------------------------|---------------|
| ĞƉŽƐŝƚƐǁŝƚŚĐůĞĂƌŝŶŐŽƌŐĂŶŝnjĂƚŝŽŶƐ                  | <br>ϲϮϲ͕ϲϳϲ   |
| dŽƚĂůĂƐƐĞƚƐƐĞŐƌĞŐĂƚĞĚŽƌŚĞůĚŝŶƐĞƉĂƌĂƚĞĂĐĐŽƵŶƚƐƵŶĚĞƌ | Ψ ϰϰ͕Ϭϳϲ<br>ϵ |

ĂůĂŶĐĞƐŝŶƚŚĞƚĂďůĞĂďŽǀĞĂƌĞŝŶĐůƵĚĞĚŝŶZĞĐĞŝǀĂďůĞƐĨƌŽŵďƌŽŬĞƌƐ͕ĚĞĂůĞƌƐĂŶĚĐůĞĂƌŝŶŐŽƌŐĂŶŝnjĂƚŝŽŶƐ ŽƌĂƐŚĂŶĚƐĞĐƵƌŝƚŝĞƐƐĞŐƌĞŐĂƚĞĚĨŽƌƚŚĞďĞŶĞĨŝƚŽĨĐůŝĞŶƚƐŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶ͘

## **;ϰͿ ZĞĐĞŝǀĂďůĞƐĨƌŽŵĂŶĚWĂLJĂďůĞƐƚŽƌŽŬĞƌƐ͕ĞĂůĞƌƐĂŶĚůĞĂƌŝŶŐKƌŐĂŶŝnjĂƚŝŽŶƐ**

ŵŽƵŶƚƐ ƌĞĐĞŝǀĂďůĞ ĨƌŽŵ ĂŶĚ ƉĂLJĂďůĞ ƚŽ ďƌŽŬĞƌƐ͕ ĚĞĂůĞƌƐ ĂŶĚ ĐůĞĂƌŝŶŐ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ƌĞƐƵůƚ ĨƌŽŵ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŶŽƌŵĂů ƚƌĂĚŝŶŐ ĂŶĚ ĐůĞĂƌŝŶŐ ĂĐƚŝǀŝƚŝĞƐ ĂŶĚ ĐŽŶƐŝƐƚ ŽĨ ƚŚĞ ĨŽůůŽǁŝŶŐ ĂƐ ŽĨ :ƵŶĞ ϯϬ͕ ϮϬϮϬ ;ŝŶ ƚŚŽƵƐĂŶĚƐͿ͗

| ^ĞĐƵƌŝƚŝĞƐĨĂŝůĞĚƚŽĚĞůŝǀĞƌ                                    |   | Ψϱϳ͕ϯϭϰ         |
|--------------------------------------------------------------|---|-----------------|
|                                                              |   |                 |
| ŵŽƵŶƚƐĚƵĞĨƌŽŵďƌŽŬĞƌƐ͕ĚĞĂůĞƌƐĂŶĚĐůĞĂƌŝŶŐŽƌŐĂŶŝnjĂƚŝŽŶƐ        |   | ϮϬϭ<br>͕ϳϬϳ     |
| ĞƉŽƐŝƚƐǁŝƚŚĐůĞĂƌŝŶŐŽƌŐĂŶŝnjĂƚŝŽŶƐ                            |   | <br>ϳϮ͕ϵϲϰ      |
| dŽƚĂůƌĞĐĞŝǀĂďůĞƐĨƌŽŵďƌŽŬĞƌƐ͕ĚĞĂůĞƌƐĂŶĚĐůĞĂƌŝŶŐŽƌŐĂŶŝnjĂƚŝŽŶƐ | Ψ | ϯϯϭ͕ϵϴϱ         |
|                                                              |   |                 |
| ^ĞĐƵƌŝƚŝĞƐĨĂŝůĞĚƚŽƌĞĐĞŝǀĞ                                    |   | ΨϮϴ͕ϵϳϭ         |
| ŵŽƵŶƚĚƵĞƚŽďƌŽŬĞƌƐ͕ĚĞĂůĞƌƐĂŶĚĐůĞĂƌŝŶŐŽƌŐĂŶŝnjĂƚŝŽŶƐ           |   | <br>ϭϯ͕ϮϴϮ      |
| dƌĂĚĞĚĂƚĞƐĞƚƚůĞŵĞŶƚƉĂLJĂďůĞ͕ŶĞƚ                              |   | ϯ͕ϭϭϴ           |
| dŽƚĂůƉĂLJĂďůĞƐƚŽďƌŽŬĞƌƐ͕ĚĞĂůĞƌƐĂŶĚĐůĞĂƌŝŶŐŽƌŐĂŶŝnjĂƚŝŽŶƐ     |   | Ψ<br>ϰϱ<br>͕ϯϳϭ |

^ĞĐƵƌŝƚŝĞƐĨĂŝůĞĚƚŽĚĞůŝǀĞƌĂŶĚĨĂŝůĞĚƚŽƌĞĐĞŝǀĞƌĞƉƌĞƐĞŶƚƚŚĞĐŽŶƚƌĂĐƚƵĂůǀĂůƵĞŽĨƐĞĐƵƌŝƚŝĞƐƚŚĂƚŚĂǀĞŶŽƚ ďĞĞŶĚĞůŝǀĞƌĞĚŽƌƌĞĐĞŝǀĞĚŽŶŽƌĂĨƚĞƌƚŚĞƐĞƚƚůĞŵĞŶƚĚĂƚĞ͘

#### **;ϱͿ ŽůůĂƚĞƌĂůŝnjĞĚŐƌĞĞŵĞŶƚƐĂŶĚ&ŝŶĂŶĐŝŶŐ**

dŚĞŽŵƉĂŶLJĞŶƚĞƌƐŝŶƚŽĐŽůůĂƚĞƌĂůŝnjĞĚĂŐƌĞĞŵĞŶƚƐĂŶĚĨŝŶĂŶĐŝŶŐƚƌĂŶƐĂĐƚŝŽŶƐŝŶŽƌĚĞƌƚŽ͕ĂŵŽŶŐŽƚŚĞƌ ƚŚŝŶŐƐ͕ ĨŝŶĂŶĐĞ ĐůŝĞŶƚ ĂĐƚŝǀŝƚŝĞƐ͕ ĂĐƋƵŝƌĞ ƐĞĐƵƌŝƚŝĞƐ ƚŽ ĐŽǀĞƌƐŚŽƌƚ ƉŽƐŝƚŝŽŶƐ ĂŶĚ ĨŝŶĂŶĐĞ ĐĞƌƚĂŝŶ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛ƐĂƐƐĞƚƐ͘/ŶŵĂŶLJĐĂƐĞƐ͕ƚŚĞŽŵƉĂŶLJŝƐƉĞƌŵŝƚƚĞĚƚŽĚĞůŝǀĞƌ͕ƌĞƉůĞĚŐĞŽƌŽƚŚĞƌǁŝƐĞƵƐĞƚŚĞƐĞ ĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂƐĐŽůůĂƚĞƌĂů ĨŽƌ ƌĞƉƵƌĐŚĂƐĞĂŐƌĞĞŵĞŶƚƐ͕ƐĞĐƵƌŝƚŝĞƐůĞŶĚŝŶŐ ƚƌĂŶƐĂĐƚŝŽŶƐ͕ ƚŽŵĞĞƚ ŵĂƌŐŝŶƌĞƋƵŝƌĞŵĞŶƚƐĂƚĐůĞĂƌŝŶŐŽƌŐĂŶŝnjĂƚŝŽŶƐŽƌƚŽĨĂĐŝůŝƚĂƚĞƐŚŽƌƚƐĂůĞƐŽĨĐůŝĞŶƚƐĂŶĚƚŚĞŽŵƉĂŶLJ͘

{12}------------------------------------------------

# Wedbush Securities Inc.

#### Notes to Statement of Financial Condition - continued June 30, 2020

At June 30, 2020, the approximate value, excluding the impact of financial instruments received as collateral by the Company, in connection with resale agreements and securities borrowed, that the Company was permitted to sell or repledge was \$4.0 billion.

Securities financing transactions are exposed to credit and liquidity risk. To manage these risks, the Company monitors the fair value of the underlying securities on a daily basis, with additional cash or securities obtained or posted as collateral as necessary.

Additionally, the Company, where appropriate, enters into master netting agreements with counterparties that provide the Company, in the event of a counterparty default, with the right to net the counterparty's rights and obligations under such agreements and liquidate and set off collateral held by the Company against the net amount owed by the counterparty.

The following table summarizes the contract value of the securities obtained from or given to counterparties as collateral on collateralized agreements and financing as of June 30, 2020 (in thousands):

|                                                 | Contract Value |           |     | Fair Value |  |  |  |
|-------------------------------------------------|----------------|-----------|-----|------------|--|--|--|
| Collateralized agreements                       |                |           |     |            |  |  |  |
| Securities borrowed                             | S              | 2,206,072 | S   | 2,137,935  |  |  |  |
| Securities purchased under agreements to resell | S              | 941,513   | ે ર | 942,038    |  |  |  |
| Collateralized financing                        |                |           |     |            |  |  |  |
| Securities   Ioaned                             | S              | 1,762,839 | S   | 1,672,104  |  |  |  |
| Securities sold under repurchase agreements     | S              | 925,596   | S   | 926,874    |  |  |  |

The following tables present the carrying value of collateralized financings by class of collateral pledged and remaining contractual maturity as of June 30, 2020 (in thousands):

|                                       |   | Repurchase agreements | Securities loaned |  |  |
|---------------------------------------|---|-----------------------|-------------------|--|--|
| U.S. government and agency securities | S | 925,596<br>S          |                   |  |  |
| Municipal securities                  |   |                       | 30,690            |  |  |
| Corporate debt securities             |   |                       | 67,399            |  |  |
| Equity securities                     |   |                       | 1,664,750         |  |  |
| Total                                 | S | 925,596<br>ਟ          | 1,762,839         |  |  |

|                                  |   | Repurchase agreements | Securities loaned |  |  |
|----------------------------------|---|-----------------------|-------------------|--|--|
| No stated maturity and overnight | ഗ | 918,096               | 1,762,839         |  |  |
| 31 - 90 days                     |   | 7,500                 |                   |  |  |
| Total                            | C | 925,596 \$            | 1,762,839         |  |  |

In accordance with ASC 210-20, the Company offsets financial liabilities in the Statement of Financial Condition where there is a legally enforceable right to set off the recognized amounts and other offsetting requirements are met.

{13}------------------------------------------------

dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƉƌĞƐĞŶƚƐŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚŚĞŽĨĨƐĞƚƚŝŶŐŽĨƚŚĞƐĞŝŶƐƚƌƵŵĞŶƚƐĂŶĚƌĞůĂƚĞĚĐŽůůĂƚĞƌĂů ĂŵŽƵŶƚƐĂƐŽĨ:ƵŶĞϯϬ͕ϮϬϮϬ;ŝŶƚŚŽƵƐĂŶĚƐͿ͗

|                                            | ŵŽƵŶƚƐKĨĨƐĞƚŝŶ<br>EĞƚŵŽƵŶƚƐ<br>ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ<br>WƌĞƐĞŶƚĞĚŝŶƚŚĞ<br>&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶ<br>^ƚĂƚĞŵĞŶƚŽĨ |            |              | ŽůůĂƚĞƌĂů<br>ZĞĐĞŝǀĞĚŽƌ<br>WůĞĚŐĞĚ |                   | EĞƚŵŽƵŶƚ |                |  |             |
|--------------------------------------------|-----------------------------------------------------------------------------------------------------|------------|--------------|------------------------------------|-------------------|----------|----------------|--|-------------|
|                                            |                                                                                                     | 'ƌŽƐƐŵŽƵŶƚ | ;ĂͿ          |                                    | &ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶ |          | ;ďͿ            |  | ;ĐͿ         |
| ŽůůĂƚĞƌĂůŝnjĞĚĂŐƌĞĞŵĞŶƚƐ                   |                                                                                                     |            |              |                                    |                   |          |                |  |             |
| ^ĞĐƵƌŝƚŝĞƐďŽƌƌŽǁĞĚ                         | Ψ                                                                                                   | Ϯ͕ϮϬϲ͕ϬϳϮ  | Ψ<br>Ͳ       |                                    | Ψ<br>Ϯ͕ϮϬϲ͕ϬϳϮ    |          | Ψ<br>Ϯ͕ϭϯϳ͕ϵϯϱ |  | Ψ<br>ϲϴ͕ϭϯϴ |
| ^ĞĐƵƌŝƚŝĞƐƉƵƌĐŚĂƐĞĚƵŶĚĞƌĂŐƌĞĞŵĞŶƚƐƚŽƌĞƐĞůů | Ψ                                                                                                   | ϭ͕ϴϬϴ͕ϴϰϳ  | Ψ<br>ϴϲϳ͕ϯϯϰ |                                    | Ψ<br>ϵϰϭ͕ϱϭϯ      |          | Ψ<br>ϵϰϭ͕ϱϭϯ   |  | Ψ<br>Ͳ      |
| ŽůůĂƚĞƌĂůŝnjĞĚĨŝŶĂŶĐŝŶŐ                    |                                                                                                     |            |              |                                    |                   |          |                |  |             |
| ^ĞĐƵƌŝƚŝĞƐůŽĂŶĞĚ                           | Ψ                                                                                                   | ϭ͕ϳϲϮ͕ϴϯϵ  | Ψ<br>Ͳ       |                                    | Ψ<br>ϭ͕ϳϲϮ͕ϴϯϵ    |          | Ψ<br>ϭ͕ϲϳϮ͕ϭϬϰ |  | Ψ<br>ϵϬ͕ϳϯϰ |
| ^ĞĐƵƌŝƚŝĞƐƐŽůĚƵŶĚĞƌƌĞƉƵƌĐŚĂƐĞĂŐƌĞĞŵĞŶƚƐ    | Ψ                                                                                                   | ϭ͕ϳϵϮ͕ϵϯϬ  | Ψ<br>ϴϲϳ͕ϯϯϰ |                                    | Ψ<br>ϵϮϱ͕ϱϵϲ      |          | Ψ<br>ϵϮϱ͕ϱϵϲ   |  | Ψ<br>Ͳ      |

;ĂͿ ŵŽƵŶƚƐƌĞůĂƚĞƚŽŵĂƐƚĞƌŶĞƚƚŝŶŐĂŐƌĞĞŵĞŶƚƐĂŶĚĐŽůůĂƚĞƌĂůĂŐƌĞĞŵĞŶƚƐǁŚŝĐŚŚĂǀĞďĞĞŶĚĞƚĞƌŵŝŶĞĚďLJƚŚĞŽŵƉĂŶLJƚŽďĞůĞŐĂůůLJĞŶĨŽƌĐĞĂďůĞ ŝŶƚŚĞĞǀĞŶƚŽĨĚĞĨĂƵůƚĂŶĚǁŚĞƌĞĐĞƌƚĂŝŶŽƚŚĞƌĐƌŝƚĞƌŝĂĂƌĞŵĞƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂƉƉůŝĐĂďůĞŽĨĨƐĞƚƚŝŶŐĂĐĐŽƵŶƚŝŶŐŐƵŝĚĂŶĐĞ͘dŚĞƌĞĂƌĞŶŽ ĂŵŽƵŶƚƐǁŚŝĐŚǁĞƌĞĞůŝŐŝďůĞĨŽƌŶĞƚƚŝŶŐƉƵƌƐƵĂŶƚƚŽ^^ƵďƚŽƉŝĐϮϭϬͲϮϬƚŚĂƚƚŚĞŽŵƉĂŶLJĚŝĚŶŽƚŶĞƚ͘

;ďͿ ^ĞĐƵƌŝƚŝĞƐĐŽůůĂƚĞƌĂůŝƐƌĞĨůĞĐƚĞĚĂƚĨĂŝƌǀĂůƵĞ͕ďƵƚŚĂƐďĞĞŶůŝŵŝƚĞĚƚŽƚŚĞŶĞƚĞdžƉŽƐƵƌĞŽŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶŝŶŽƌĚĞƌƚŽ ĞdžĐůƵĚĞĂŶLJŽǀĞƌͲĐŽůůĂƚĞƌĂůŝnjĂƚŝŽŶ͘

;ĐͿ /ŶĐůƵĚĞƐĂŵŽƵŶƚƐƐƵďũĞĐƚƚŽĞŶĨŽƌĐĞĂďůĞŵĂƐƚĞƌŶĞƚƚŝŶŐĂŐƌĞĞŵĞŶƚƐƚŚĂƚŚĂǀĞŶŽƚŵĞƚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌŽĨĨƐĞƚƚŝŶŐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ ĂƉƉůŝĐĂďůĞĂĐĐŽƵŶƚŝŶŐŐƵŝĚĂŶĐĞďƵƚĂƌĞĞůŝŐŝďůĞĨŽƌŽĨĨƐĞƚƚŝŶŐƚŽƚŚĞĞdžƚĞŶƚĂŶĞǀĞŶƚŽĨĚĞĨĂƵůƚŚĂƐŽĐĐƵƌƌĞĚ͘

## **;ϲͿ &ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐ**

dŚĞŽŵƉĂŶLJ͛ƐĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐƚŚĂƚĂƌĞĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞŝŶĐůƵĚĞ&ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŽǁŶĞĚ͕ ^ĞĐƵƌŝƚŝĞƐƐĞŐƌĞŐĂƚĞĚĨŽƌƚŚĞďĞŶĞĨŝƚŽĨĐůŝĞŶƚƐĂŶĚ&ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐƐŽůĚ͕ŶŽƚLJĞƚƉƵƌĐŚĂƐĞĚ͘

#### *;ĂͿ &ĂŝƌsĂůƵĞŽĨ&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐ*

&ĂŝƌǀĂůƵĞŝƐĚĞĨŝŶĞĚƵŶĚĞƌ^ϴϮϬĂƐƚŚĞƉƌŝĐĞƚŚĂƚǁŽƵůĚďĞƌĞĐĞŝǀĞĚƚŽƐĞůůĂŶĂƐƐĞƚ͕ŽƌǁŽƵůĚďĞ ƉĂŝĚƚŽƐĞƚƚůĞĂůŝĂďŝůŝƚLJ;ŝ͘Ğ͕͘ƚŚĞĞdžŝƚƉƌŝĐĞͿŝŶĂŶŽƌĚĞƌůLJƚƌĂŶƐĂĐƚŝŽŶďĞƚǁĞĞŶŵĂƌŬĞƚƉĂƌƚŝĐŝƉĂŶƚƐĂƚ ƚŚĞŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞ͘^ϴϮϬĞƐƚĂďůŝƐŚĞƐĂĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJƚŚĂƚƉƌŝŽƌŝƚŝnjĞƐŝŶƉƵƚƐƚŽǀĂůƵĂƚŝŽŶ ƚĞĐŚŶŝƋƵĞƐ ƵƐĞĚ ƚŽ ŵĞĂƐƵƌĞ ĨĂŝƌ ǀĂůƵĞ͘ dŚĞ ŚŝĞƌĂƌĐŚLJ ŐŝǀĞƐ ƚŚĞ ŚŝŐŚĞƐƚ ƉƌŝŽƌŝƚLJ ƚŽ ƚŚĞ ƵƐĞ ŽĨ ŽďƐĞƌǀĂďůĞŝŶƉƵƚƐĂŶĚůŽǁĞƐƚƉƌŝŽƌŝƚLJƚŽƚŚĞƵƐĞŽĨƵŶŽďƐĞƌǀĂďůĞŝŶƉƵƚƐďLJƌĞƋƵŝƌŝŶŐƚŚĂƚƚŚĞŵŽƐƚ ŽďƐĞƌǀĂďůĞ ŝŶƉƵƚƐ ďĞ ƵƐĞĚ ǁŚĞŶ ĂǀĂŝůĂďůĞ͘ KďƐĞƌǀĂďůĞ ŝŶƉƵƚƐ ĂƌĞ ďĂƐĞĚ ŽŶ ŵĂƌŬĞƚ ƉƌŝĐŝŶŐ ĚĂƚĂ ŽďƚĂŝŶĞĚ ĨƌŽŵƐŽƵƌĐĞƐŝŶĚĞƉĞŶĚĞŶƚŽĨƚŚĞŽŵƉĂŶLJ͘hŶŽďƐĞƌǀĂďůĞŝŶƉƵƚƐƌĞĨůĞĐƚƚŚĞŽŵƉĂŶLJ͛Ɛ ũƵĚŐŵĞŶƚĂďŽƵƚƚŚĞĂƐƐƵŵƉƚŝŽŶƐŵĂƌŬĞƚƉĂƌƚŝĐŝƉĂŶƚƐǁŽƵůĚƵƐĞŝŶƉƌŝĐŝŶŐƚŚĞĂƐƐĞƚŽƌůŝĂďŝůŝƚLJ͘dŚĞ ƚŚƌĞĞůĞǀĞůƐŽĨƚŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJďĂƐĞĚŽŶŽďƐĞƌǀĂďŝůŝƚLJŽĨŝŶƉƵƚƐĂƌĞĂƐĨŽůůŽǁƐ͗

>ĞǀĞů ϭʹsĂůƵĂƚŝŽŶƐ ďĂƐĞĚ ŽŶ ƵŶĂĚũƵƐƚĞĚ ƋƵŽƚĞĚ ƉƌŝĐĞƐĂǀĂŝůĂďůĞŝŶĂĐƚŝǀĞŵĂƌŬĞƚƐ ĨŽƌŝĚĞŶƚŝĐĂů ĂƐƐĞƚƐŽƌůŝĂďŝůŝƚŝĞƐ͘

>ĞǀĞůϮʹsĂůƵĂƚŝŽŶƐďĂƐĞĚŽŶƋƵŽƚĞĚƉƌŝĐĞƐŝŶŵĂƌŬĞƚƐƚŚĂƚĂƌĞŶŽƚĂĐƚŝǀĞ͕ŽƌĨŽƌǁŚŝĐŚĂůůƐŝŐŶŝĨŝĐĂŶƚ ŝŶƉƵƚƐĂƌĞĐŽŶƐŝĚĞƌĞĚŽďƐĞƌǀĂďůĞ͕ĞŝƚŚĞƌĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJ͘

>ĞǀĞůϯʹsĂůƵĂƚŝŽŶƐďĂƐĞĚŽŶŝŶƉƵƚƐ ƚŚĂƚĂƌĞƵŶŽďƐĞƌǀĂďůĞĂŶĚŚĂǀĞůŝƚƚůĞ ƚŽŶŽŵĂƌŬĞƚĂĐƚŝǀŝƚLJ͘ ^ŝŐŶŝĨŝĐĂŶƚũƵĚŐŵĞŶƚďLJŵĂŶĂŐĞŵĞŶƚŝƐƌĞƋƵŝƌĞĚĨŽƌǀĂůƵĂƚŝŽŶŽĨƚŚĞƐĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ͘

/ŶƐŽŵĞŝŶƐƚĂŶĐĞƐ͕ĂŶŝŶƐƚƌƵŵĞŶƚŵĂLJĨĂůůŝŶƚŽŵŽƌĞƚŚĂŶŽŶĞůĞǀĞůŽĨƚŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJ͘/Ŷ ƐƵĐŚŝŶƐƚĂŶĐĞƐ͕ƚŚĞŝŶƐƚƌƵŵĞŶƚ͛ƐůĞǀĞůǁŝƚŚŝŶƚŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJŝƐďĂƐĞĚŽŶƚŚĞůŽǁĞƐƚŽĨƚŚĞ

{14}------------------------------------------------

:ƵŶĞϯϬ͕ϮϬϮϬ

ƚŚƌĞĞůĞǀĞůƐ;ǁŝƚŚ>ĞǀĞůϯďĞŝŶŐƚŚĞůŽǁĞƐƚͿƚŚĂƚŝƐƐŝŐŶŝĨŝĐĂŶƚƚŽƚŚĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚ͘dŚĞ ŽŵƉĂŶLJ͛Ɛ ĂƐƐĞƐƐŵĞŶƚ ŽĨ ƚŚĞ ƐŝŐŶŝĨŝĐĂŶĐĞ ŽĨ ĂŶ ŝŶƉƵƚ ƌĞƋƵŝƌĞƐ ũƵĚŐŵĞŶƚ ĂŶĚ ĐŽŶƐŝĚĞƌƐ ĨĂĐƚŽƌƐ ƐƉĞĐŝĨŝĐƚŽƚŚĞŝŶƐƚƌƵŵĞŶƚ͘

## *;ďͿ sĂůƵĂƚŝŽŶdĞĐŚŶŝƋƵĞ*

&ŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ŽǁŶĞĚ͕ &ŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ƐŽůĚ͕ ŶŽƚ LJĞƚ ƉƵƌĐŚĂƐĞĚ͕ ĂŶĚ ƐĞĐƵƌŝƚŝĞƐ ƐĞŐƌĞŐĂƚĞĚ ƚŚĂƚĂƌĞ ƌĞƉŽƌƚĞĚĂƐ >ĞǀĞů ϭĂƌĞ ďĂƐĞĚ ŽŶ ƵŶĂĚũƵƐƚĞĚ ƋƵŽƚĞƐ ĨŽƌ ĐůŽƐŝŶŐ ƉƌŝĐĞƐ ĨƌŽŵ ŶĂƚŝŽŶĂů ƐĞĐƵƌŝƚŝĞƐ ĞdžĐŚĂŶŐĞƐ ĂƐ ǁĞůů ĂƐ ƌĞƉŽƌƚĞĚ ďŝĚ ĂŶĚ ŽĨĨĞƌ ƋƵŽƚĞƐ ĨƌŽŵ ƉĂƌƚŝĞƐ ƚƌĂĚŝŶŐ ƚŚĞ ƐĞĐƵƌŝƚLJ͘/ĨƋƵŽƚĞĚƉƌŝĐĞƐĂƌĞŶŽƚĂǀĂŝůĂďůĞ͕ĨĂŝƌǀĂůƵĞƐĂƌĞŽďƚĂŝŶĞĚĨƌŽŵƉƌŝĐŝŶŐƐĞƌǀŝĐĞƐŽƌďƌŽŬĞƌ ƋƵŽƚĞƐ͕ĂŶĚĂƌĞƌĞƉŽƌƚĞĚĂƐ>ĞǀĞůϮ͘

KƚŚĞƌĂƐƐĞƚƐƌĞƉŽƌƚĞĚĂƐ>ĞǀĞůϯĂƌĞŝŶŝƚŝĂůůLJǀĂůƵĞĚĂƚƚŚĞƚƌĂŶƐĂĐƚŝŽŶƉƌŝĐĞ͕ǁŚŝĐŚŝƐĐŽŶƐŝĚĞƌĞĚƚŽ ďĞ ƚŚĞďĞƐƚŝŶŝƚŝĂůĞƐƚŝŵĂƚĞŽĨ ĨĂŝƌǀĂůƵĞ͘^ƵďƐĞƋƵĞŶƚ ƚŽ ƚŚĞ ƚƌĂŶƐĂĐƚŝŽŶĚĂƚĞ͕ ƚŚĞŽŵƉĂŶLJƵƐĞƐ ŽƚŚĞƌ ŵĞƚŚŽĚŽůŽŐŝĞƐ ƚŽ ĚĞƚĞƌŵŝŶĞ ĨĂŝƌ ǀĂůƵĞ͕ ƐƵĐŚ ĂƐ ĚƵĞ ĚŝůŝŐĞŶĐĞ ƌĞǀŝĞǁƐ͕ ŽƚŚĞƌ ĂŶĂůLJƚŝĐĂů ƉƌŽĐĞĚƵƌĞƐĂŶĚĞĂƌŶŝŶŐƐͲďĂƐĞĚŵĞĂƐƵƌĞƐ͘

ƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚ:ƵŶĞϯϬ͕ϮϬϮϬ͕ƚŚĞƌĞǁĞƌĞŶŽĐŚĂŶŐĞƐƚŽƚŚĞǀĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞƐĞŵƉůŽLJĞĚ ďLJƚŚĞŽŵƉĂŶLJŝŶĚĞƚĞƌŵŝŶŝŶŐĨĂŝƌǀĂůƵĞ͘

{15}------------------------------------------------

# EŽƚĞƐƚŽ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶͲĐŽŶƚŝŶƵĞĚ :ƵŶĞϯϬ͕ϮϬϮϬ

# *;ĐͿ ĞƚĂŝůŽĨ&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐ*

dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƉƌĞƐĞŶƚƐĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂƚĨĂŝƌǀĂůƵĞĂƐŽĨ:ƵŶĞϯϬ͕ϮϬϮϬ;ŝŶƚŚŽƵƐĂŶĚƐͿ͗

|                                                 |              |             |             | ĂůĂŶĐĞĂƚ    |
|-------------------------------------------------|--------------|-------------|-------------|-------------|
|                                                 | >ĞǀĞůϭ       | >ĞǀĞůϮ      | >ĞǀĞůϯ      | :ƵŶĞϯϬ͕ϮϬϮϬ |
| ƐƐĞƚƐ                                           |              |             |             |             |
| &ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŽǁŶĞĚ                       |              |             |             |             |
| h͘^͘ŐŽǀĞƌŶŵĞŶƚĂŶĚĂŐĞŶĐLJƐĞĐƵƌŝƚŝĞƐ              | Ψ<br>Ͳ       | Ψ<br>ϯ͕ϱϲϯ  | Ψ<br>Ͳ      | Ψ<br>ϯ͕ϱϲϯ  |
| DƵŶŝĐŝƉĂůƐĞĐƵƌŝƚŝĞƐ                             | <br>Ͳ        | <br>ϯϴ͕ϵϰϮ  | <br>Ͳ       | <br>ϯϴ͕ϵϰϮ  |
| ŽƌƉŽƌĂƚĞĚĞďƚƐĞĐƵƌŝƚŝĞƐ                          | <br>Ͳ        | <br>ϭϯϰ     | <br>Ͳ       | <br>ϭϯϰ     |
| ƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐ                                | <br>ϭϬ͕Ϯϱϱ   | <br>Ͳ       | <br>Ͳ       | <br>ϭϬ͕Ϯϱϱ  |
| dŽƚĂůĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŽǁŶĞĚ                  | Ψ<br>ϭϬ͕Ϯϱϱ  | Ψ<br>ϰϮ͕ϲϯϵ | Ψ<br>Ͳ      | Ψ<br>ϱϮ͕ϴϵϰ |
| ^ĞĐƵƌŝƚŝĞƐƐĞŐƌĞŐĂƚĞĚĨŽƌƚŚĞďĞŶĞĨŝƚŽĨĐůŝĞŶƚƐ      |              |             |             |             |
| h͘^͘ŐŽǀĞƌŶŵĞŶƚƐĞĐƵƌŝƚŝĞƐ                        | Ψ<br>ϲϱϮ͕ϳϮϰ | Ψ<br>Ͳ      | Ψ<br>Ͳ      | ΨϲϱϮ͕ϳϮϰ    |
| dŽƚĂůƐĞĐƵƌŝƚŝĞƐƐĞŐƌĞŐĂƚĞĚĨŽƌƚŚĞďĞŶĞĨŝƚŽĨĐůŝĞŶƚƐ | Ψ<br>ϲϱϮ͕ϳϮϰ | Ψ<br>Ͳ      | Ψ<br>Ͳ      | ΨϲϱϮ͕ϳϮϰ    |
| KƚŚĞƌĂƐƐĞƚƐ                                     |              |             |             |             |
| ƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐ                                | Ψ<br>Ͳ       | Ψ<br>Ͳ      | Ψ<br>ϭϬ͕ϴϯϱ | Ψ<br>ϭϬ͕ϴϯϱ |
| dŽƚĂůŽƚŚĞƌĂƐƐĞƚƐ                                | Ψ<br>Ͳ       | Ψ<br>Ͳ      | Ψ<br>ϭϬ͕ϴϯϱ | Ψ<br>ϭϬ͕ϴϯϱ |
| >ŝĂďŝůŝƚŝĞƐ                                     |              |             |             |             |
| &ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐƐŽůĚ͕ŶŽƚLJĞƚƉƵƌĐŚĂƐĞĚ       |              |             |             |             |
| h͘^͘ŐŽǀĞƌŶŵĞŶƚĂŶĚĂŐĞŶĐLJƐĞĐƵƌŝƚŝĞƐ              | Ψ<br>ϰ͕Ϭϳϲ   | Ψ<br>Ͳ      | Ψ<br>Ͳ      | Ψ<br>ϰ͕Ϭϳϲ  |
| ŽƌƉŽƌĂƚĞĚĞďƚƐĞĐƵƌŝƚŝĞƐ                          | <br>Ͳ        | <br>ϰϬ      | <br>Ͳ       | <br>ϰϬ      |
| ƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐ                                | <br>Ϯ͕ϵϲϰ    | <br>Ͳ       | <br>Ͳ       | <br>Ϯ͕ϵϲϰ   |
| ĞƌŝǀĂƚŝǀĞƐ                                      | <br>ϭϲ       | <br>Ͳ       | <br>Ͳ       | <br>ϭϲ      |
| dŽƚĂůĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐƐŽůĚ͕ŶŽƚLJĞƚƉƵƌĐŚĂƐĞĚ  | Ψ<br>ϳ͕Ϭϱϲ   | Ψ<br>ϰϬ     | Ψ<br>Ͳ      | Ψ<br>ϳ͕Ϭϵϲ  |

/ŶĐůƵĚĞĚŝŶ&ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŽǁŶĞĚŝƐΨϱ͘ϭŵŝůůŝŽŶŽĨƐĞĐƵƌŝƚŝĞƐƉůĞĚŐĞĚĂƐĐŽůůĂƚĞƌĂůƚŽǀĂƌŝŽƵƐ ĐŽƵŶƚĞƌƉĂƌƚŝĞƐ͘

dƌĂŶƐĨĞƌƐďĞƚǁĞĞŶ ĨĂŝƌǀĂůƵĞĐůĂƐƐŝĨŝĐĂƚŝŽŶƐŽĐĐƵƌǁŚĞŶƚŚĞƌĞĂƌĞĐŚĂŶŐĞƐŝŶƉƌŝĐŝŶŐŽďƐĞƌǀĂďŝůŝƚLJ ůĞǀĞůƐ͘dŚĞƌĞǁĞƌĞŶŽƚƌĂŶƐĨĞƌƐďĞƚǁĞĞŶůĞǀĞůƐĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚ:ƵŶĞϯϬ͕ϮϬϮϬ͘

dŚĞĨŽůůŽǁŝŶŐŝƐĂƐƵŵŵĂƌLJŽĨĐŚĂŶŐĞƐŝŶĨĂŝƌǀĂůƵĞŽĨŽƚŚĞƌĂƐƐĞƚƐƚŚĂƚŚĂǀĞďĞĞŶĐůĂƐƐŝĨŝĞĚĂƐ>ĞǀĞů ϯĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚ:ƵŶĞϯϬ͕ϮϬϮϬ;ŝŶƚŚŽƵƐĂŶĚƐͿ͗

|                  |     | ĂůĂŶĐĞĂƚ<br>:ƵŶĞϯϬ͕ϮϬϭϵ | EĞƚ<br>'ĂŝŶƐͬ;>ŽƐƐĞƐͿ | EĞƚWƵƌĐŚĂƐĞƐ<br>;^ĂůĞƐͿ |        | ĂůĂŶĐĞĂƚ<br>:ƵŶĞϯϬ͕ϮϬϮϬ |        |
|------------------|-----|-------------------------|-----------------------|-------------------------|--------|-------------------------|--------|
| KƚŚĞƌĂƐƐĞƚƐ      |     |                         |                       |                         |        |                         |        |
| ƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐ | Ͳ Ψ |                         | Ψ<br>Ͳ                | Ψ                       | ϭϬ͕ϴϯϱ | Ψ                       | ϭϬ͕ϴϯϱ |

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## *;ĚͿ ZŝƐŬƐZĞůĂƚĞĚƚŽ&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐ*

/ŶƚŚĞŶŽƌŵĂůĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐ͕ƚŚĞŽŵƉĂŶLJŝƐŝŶǀŽůǀĞĚŝŶƚŚĞĞdžĞĐƵƚŝŽŶ͕ƐĞƚƚůĞŵĞŶƚĂŶĚĨŝŶĂŶĐŝŶŐ ŽĨ ǀĂƌŝŽƵƐ ĐůŝĞŶƚ ĂŶĚ ƉƌŝŶĐŝƉĂů ƐĞĐƵƌŝƚŝĞƐ ƚƌĂŶƐĂĐƚŝŽŶƐ͘ ůŝĞŶƚ ĂĐƚŝǀŝƚŝĞƐ ĂƌĞ ƚƌĂŶƐĂĐƚĞĚ ŽŶ Ă ĐĂƐŚ͕ ŵĂƌŐŝŶ Žƌ ĚĞůŝǀĞƌLJͲǀĞƌƐƵƐͲƉĂLJŵĞŶƚ ďĂƐŝƐ͘ ^ĞĐƵƌŝƚŝĞƐ ƚƌĂŶƐĂĐƚŝŽŶƐ ĂƌĞ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ƌŝƐŬ ŽĨ ĐŽƵŶƚĞƌƉĂƌƚLJŶŽŶƉĞƌĨŽƌŵĂŶĐĞ͘,ŽǁĞǀĞƌ͕ƚƌĂŶƐĂĐƚŝŽŶƐĂƌĞĐŽůůĂƚĞƌĂůŝnjĞĚďLJƚŚĞƵŶĚĞƌůLJŝŶŐƐĞĐƵƌŝƚLJ͕ ƚŚĞƌĞďLJƌĞĚƵĐŝŶŐƚŚĞĂƐƐŽĐŝĂƚĞĚƌŝƐŬƚŽĐŚĂŶŐĞƐŝŶƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞƐĞĐƵƌŝƚLJƚŚƌŽƵŐŚƐĞƚƚůĞŵĞŶƚ ĚĂƚĞ͕ŽƌƚŽƚŚĞĞdžƚĞŶƚŽĨŵĂƌŐŝŶďĂůĂŶĐĞƐ͘

dŚĞŽŵƉĂŶLJŚĂƐƐŽůĚƐĞĐƵƌŝƚŝĞƐƚŚĂƚŝƚĚŽĞƐŶŽƚĐƵƌƌĞŶƚůLJŽǁŶĂŶĚǁŝůůƚŚĞƌĞĨŽƌĞďĞŽďůŝŐĂƚĞĚƚŽ ƉƵƌĐŚĂƐĞ ƐƵĐŚ ƐĞĐƵƌŝƚŝĞƐ Ăƚ Ă ĨƵƚƵƌĞ ĚĂƚĞ͘ dŚĞ ŽŵƉĂŶLJ ŚĂƐ ƌĞĐŽƌĚĞĚ ƚŚĞƐĞ ŽďůŝŐĂƚŝŽŶƐ ŝŶ ƚŚĞ ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶĂƚ:ƵŶĞϯϬ͕ϮϬϮϬ͕ĂƚĨĂŝƌǀĂůƵĞƐŽĨƚŚĞƌĞůĂƚĞĚƐĞĐƵƌŝƚŝĞƐĂŶĚǁŝůů ŝŶĐƵƌĂůŽƐƐŝĨƚŚĞĨĂŝƌǀĂůƵĞƐŽĨƚŚĞƌĞůĂƚĞĚƐĞĐƵƌŝƚŝĞƐŝŶĐƌĞĂƐĞƐƵďƐĞƋƵĞŶƚƚŽ:ƵŶĞϯϬ͕ϮϬϮϬ͘

dŚĞ ŽŵƉĂŶLJ ĂůƐŽ ĞdžĞĐƵƚĞƐ ĐůŝĞŶƚ ƚƌĂŶƐĂĐƚŝŽŶƐ ŝŶ ƚŚĞ ƉƵƌĐŚĂƐĞ ĂŶĚ ƐĂůĞ ŽĨ ĐŽŵŵŽĚŝƚLJ ĨƵƚƵƌĞƐ ĐŽŶƚƌĂĐƚƐ ;ŝŶĐůƵĚŝŶŐ ŽƉƚŝŽŶƐ ŽŶ ĨƵƚƵƌĞƐ ĐŽŶƚƌĂĐƚƐͿ͕ ƐƵďƐƚĂŶƚŝĂůůLJ Ăůů ŽĨ ǁŚŝĐŚ ĂƌĞ ƚƌĂŶƐĂĐƚĞĚ ŽŶ Ă ŵĂƌŐŝŶďĂƐŝƐƐƵďũĞĐƚƚŽŝŶĚŝǀŝĚƵĂůĞdžĐŚĂŶŐĞƌĞŐƵůĂƚŝŽŶƐ͘^ƵĐŚƚƌĂŶƐĂĐƚŝŽŶƐŵĂLJĞdžƉŽƐĞƚŚĞŽŵƉĂŶLJ ƚŽƐŝŐŶŝĨŝĐĂŶƚŽĨĨͲďĂůĂŶĐĞͲƐŚĞĞƚƌŝƐŬŝŶƚŚĞĞǀĞŶƚŵĂƌŐŝŶƌĞƋƵŝƌĞŵĞŶƚƐĂƌĞŶŽƚƐƵĨĨŝĐŝĞŶƚƚŽĨƵůůLJĐŽǀĞƌ ůŽƐƐĞƐƚŚĂƚĐůŝĞŶƚƐŵĂLJŝŶĐƵƌ͘/ŶƚŚĞĞǀĞŶƚƚŚĞĐůŝĞŶƚĨĂŝůƐƚŽƐĂƚŝƐĨLJŝƚƐŽďůŝŐĂƚŝŽŶƐ͕ƚŚĞŽŵƉĂŶLJŵĂLJ ďĞƌĞƋƵŝƌĞĚƚŽƉƵƌĐŚĂƐĞŽƌƐĞůůĨƵƚƵƌĞƐĐŽŶƚƌĂĐƚƐĂƚƉƌĞǀĂŝůŝŶŐŵĂƌŬĞƚƉƌŝĐĞƐŝŶŽƌĚĞƌƚŽĨƵůĨŝůůƚŚĞ ĐůŝĞŶƚ͛ƐŽďůŝŐĂƚŝŽŶƐ͘dŚĞŽŵƉĂŶLJĐŽŶƚƌŽůƐƚŚĞƌŝƐŬďLJŵŽŶŝƚŽƌŝŶŐŵĂƌŐŝŶĐŽůůĂƚĞƌĂůůĞǀĞůƐŽŶĂĚĂŝůLJ ďĂƐŝƐ ĨŽƌ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƌĞŐƵůĂƚŽƌLJ ĂŶĚ ŽŵƉĂŶLJ ŐƵŝĚĞůŝŶĞƐ͕ ĂŶĚ ƌĞƋƵŝƌĞƐ ĂĚĚŝƚŝŽŶĂů ĐŽůůĂƚĞƌĂů ǁŚĞŶŶĞĐĞƐƐĂƌLJ͘dŚĞŽŵƉĂŶLJƌĞƋƵŝƌĞƐĂĐůŝĞŶƚƚŽĚĞƉŽƐŝƚĂĚĚŝƚŝŽŶĂůŵĂƌŐŝŶĐŽůůĂƚĞƌĂů͕ŽƌƌĞĚƵĐĞ ƉŽƐŝƚŝŽŶƐ͕ŝĨŝƚŝƐĚĞƚĞƌŵŝŶĞĚƚŚĂƚƚŚĞĐůŝĞŶƚ͛ƐĂĐƚŝǀŝƚŝĞƐŵĂLJďĞƐƵďũĞĐƚƚŽĂďŽǀĞͲŶŽƌŵĂůŵĂƌŬĞƚƌŝƐŬƐ͘

#### **;ϳͿ ƌĞĚŝƚZŝƐŬ**

dŚĞŽŵƉĂŶLJŝƐĞŶŐĂŐĞĚŝŶƐĞĐƵƌŝƚŝĞƐĂŶĚĐŽŵŵŽĚŝƚLJĐůĞĂƌŝŶŐĂĐƚŝǀŝƚŝĞƐŝŶǁŚŝĐŚĐŽƵŶƚĞƌƉĂƌƚŝĞƐƉƌŝŵĂƌŝůLJ ŝŶĐůƵĚĞ ĐůĞĂƌŝŶŐ ŽƌŐĂŶŝnjĂƚŝŽŶƐ͕ ďƌŽŬĞƌͲĚĞĂůĞƌƐ ĂŶĚ ĨƵƚƵƌĞƐ ĐŽŵŵŝƐƐŝŽŶ ŵĞƌĐŚĂŶƚƐ͘ /Ŷ ƚŚĞ ĞǀĞŶƚ ĐŽƵŶƚĞƌƉĂƌƚŝĞƐ ĚŽ ŶŽƚ ĨƵůĨŝůů ƚŚĞŝƌ ŽďůŝŐĂƚŝŽŶƐ͕ ƚŚĞ ŽŵƉĂŶLJŵĂLJ ďĞĞdžƉŽƐĞĚ ƚŽ ĐƌĞĚŝƚ ƌŝƐŬ͘dŚĞ ƌŝƐŬ ŽĨ ĚĞĨĂƵůƚĚĞƉĞŶĚƐŽŶ ƚŚĞĐƌĞĚŝƚǁŽƌƚŚŝŶĞƐƐŽĨ ƚŚĞĐŽƵŶƚĞƌƉĂƌƚLJ͘/ƚŝƐ ƚŚĞŽŵƉĂŶLJ͛ƐƉŽůŝĐLJ ƚŽ ƌĞǀŝĞǁ ƚŚĞ ĐƌĞĚŝƚ ƐƚĂŶĚŝŶŐ ŽĨ ĞĂĐŚ ĐŽƵŶƚĞƌƉĂƌƚLJ͘ dŚĞ ŽŵƉĂŶLJ ŵĂLJ ƌĞƋƵŝƌĞ ĐŽƵŶƚĞƌƉĂƌƚŝĞƐ ƚŽ ƐƵďŵŝƚ ĂĚĚŝƚŝŽŶĂů ĐŽůůĂƚĞƌĂůǁŚĞŶĚĞĞŵĞĚŶĞĐĞƐƐĂƌLJ͘

#### **;ϴͿ ZĞǀĞŶƵĞƐĨƌŽŵŽŶƚƌĂĐƚƐǁŝƚŚƵƐƚŽŵĞƌƐ**

dŚĞƚŝŵŝŶŐŽĨƌĞǀĞŶƵĞƌĞĐŽŐŶŝƚŝŽŶŵĂLJĚŝĨĨĞƌĨƌŽŵƚŚĞƚŝŵŝŶŐŽĨƉĂLJŵĞŶƚďLJĐƵƐƚŽŵĞƌƐ͘dŚĞŽŵƉĂŶLJ ƌĞĐŽƌĚƐĂƌĞĐĞŝǀĂďůĞǁŚĞŶƌĞǀĞŶƵĞŝƐƌĞĐŽŐŶŝnjĞĚƉƌŝŽƌƚŽƉĂLJŵĞŶƚĂŶĚƚŚĞŽŵƉĂŶLJŚĂƐĂŶƵŶĐŽŶĚŝƚŝŽŶĂů ƌŝŐŚƚ ƚŽ ƉĂLJŵĞŶƚ͘ ůƚĞƌŶĂƚŝǀĞůLJ͕ ǁŚĞŶ ƉĂLJŵĞŶƚ ƉƌĞĐĞĚĞƐ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ŽĨ ƚŚĞ ƌĞůĂƚĞĚ ƐĞƌǀŝĐĞƐ͕ ƚŚĞ ŽŵƉĂŶLJƌĞĐŽƌĚƐĚĞĨĞƌƌĞĚƌĞǀĞŶƵĞƵŶƚŝůƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽďůŝŐĂƚŝŽŶƐĂƌĞƐĂƚŝƐĨŝĞĚ͘

dŚĞ ŽŵƉĂŶLJ ŚĂĚ ƌĞĐĞŝǀĂďůĞƐ͕ ƉƌŝŵĂƌŝůLJ ŝŶǀĞƐƚŵĞŶƚ ďĂŶŬŝŶŐ ƌĞĐĞŝǀĂďůĞƐ͕ ƌĞůĂƚĞĚ ƚŽ ƌĞǀĞŶƵĞƐ ĨƌŽŵ ĐŽŶƚƌĂĐƚƐ ǁŝƚŚ ĐƵƐƚŽŵĞƌƐ ŽĨ Ψϭϱ͘ϭ ŵŝůůŝŽŶ ĂŶĚ Ψϯ͘ϰ ŵŝůůŝŽŶ Ăƚ :ƵŶĞ ϯϬ͕ ϮϬϮϬ ĂŶĚ :ƵŶĞ ϯϬ͕ ϮϬϭϵ͕ ƌĞƐƉĞĐƚŝǀĞůLJ͕ŝŶKƚŚĞƌƌĞĐĞŝǀĂďůĞƐŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶ͘dŚĞŽŵƉĂŶLJŚĂĚŶŽƐŝŐŶŝĨŝĐĂŶƚ ĂůůŽǁĂŶĐĞƌĞůĂƚĞĚƚŽƚŚĞƐĞƌĞĐĞŝǀĂďůĞƐĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚ:ƵŶĞϯϬ͕ϮϬϮϬ͘

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## **;ϵͿ >ĞĂƐĞƐ**

dŚĞŽŵƉĂŶLJŚĂƐŽƉĞƌĂƚŝŶŐůĞĂƐĞƐŵĂŝŶůLJƌĞůĂƚĞĚƚŽƌĞŶƚĂůƉƌĞŵŝƐĞƐǁŝƚŚƌĞŵĂŝŶŝŶŐůĞĂƐĞƚĞƌŵƐĞdžƉŝƌŝŶŐ ŝŶƚŚĞLJĞĂƌƐƌĂŶŐŝŶŐĨƌŽŵϮϬϮϭƚŽϮϬϯϮ͕ĞdžĐůƵƐŝǀĞŽĨƌĞŶĞǁĂůĂŶĚƚĞƌŵŝŶĂƚŝŽŶŽƉƚŝŽŶƐ͘^ŽŵĞŽĨƚŚĞůĞĂƐĞƐ ŝŶĐůƵĚĞƌĞŶĞǁĂůŽƉƚŝŽŶƐĂŶĚƚĞŶĂŶƚŝŵƉƌŽǀĞŵĞŶƚĂůůŽǁĂŶĐĞƐ͘dŚĞŽŵƉĂŶLJ͛ƐŵĞĂƐƵƌĞŵĞŶƚŽĨƚŚĞZKh ĂƐƐĞƚƐĂŶĚŽƉĞƌĂƚŝŶŐůĞĂƐĞůŝĂďŝůŝƚŝĞƐĚŽĞƐŶŽƚŝŶĐůƵĚĞƉĂLJŵĞŶƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚŽƐĞŽƉƚŝŽŶƐƐŝŶĐĞŝƚŝƐ ŶŽƚƌĞĂƐŽŶĂďůLJĐĞƌƚĂŝŶƚŚĂƚƚŚĞŽŵƉĂŶLJǁŝůůĞdžĞƌĐŝƐĞƚŚŽƐĞŽƉƚŝŽŶƐ͘dŚĞůĞĂƐĞĂŐƌĞĞŵĞŶƚƐĚŽŶŽƚĐŽŶƚĂŝŶ ŵĂƚĞƌŝĂůǀĂƌŝĂďůĞůĞĂƐĞƉĂLJŵĞŶƚƐ͕ďƵLJŽƵƚŽƉƚŝŽŶƐ͕ƌĞƐŝĚƵĂůǀĂůƵĞŐƵĂƌĂŶƚĞĞƐŽƌƌĞƐƚƌŝĐƚŝǀĞĐŽǀĞŶĂŶƚƐ͘dŚĞ ŽŵƉĂŶLJĂůƐŽŚĂƐĂŶĞƋƵŝƉŵĞŶƚĨŝŶĂŶĐĞůĞĂƐĞĞdžƉŝƌŝŶŐŝŶϮϬϮϮ͘

dŚĞ ĨŽůůŽǁŝŶŐ ƚĂďůĞ ƉƌŽǀŝĚĞƐ ƚŚĞĂŵŽƵŶƚƐ ŽĨůĞĂƐĞĂƐƐĞƚƐĂŶĚ ůŝĂďŝůŝƚŝĞƐ ŽŶ ƚŚĞ ^ƚĂƚĞŵĞŶƚ ŽĨ&ŝŶĂŶĐŝĂů ŽŶĚŝƚŝŽŶĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚ:ƵŶĞϯϬ͕ϮϬϮϬ;ŝŶƚŚŽƵƐĂŶĚƐͿ͗

| ƐƐĞƚƐ                           |   |         |
|---------------------------------|---|---------|
| KƉĞƌĂƚŝŶŐůĞĂƐĞƌŝŐŚƚͲŽĨƵƐĞĂƐƐĞƚƐ | Ψ | Ϯϵ͕ϱϰϳ  |
| &ŝŶĂŶĐĞůĞĂƐĞĂƐƐĞƚƐ              |   | <br>ϰϭϳ |
| dŽƚĂůůĞĂƐĞĂƐƐĞƚƐ                | Ψ | Ϯϵ͕ϵϲϰ  |
| >ŝĂďŝůŝƚŝĞƐ                     |   |         |
| KƉĞƌĂƚŝŶŐůĞĂƐĞůŝĂďŝůŝƚŝĞƐ       | Ψ | ϯϰ͕ϴϮϳ  |
| &ŝŶĂŶĐĞůĞĂƐĞůŝĂďŝůŝƚŝĞƐ         |   | <br>ϯϴϴ |
| dŽƚĂůůĞĂƐĞůŝĂďŝůŝƚŝĞƐ<br>       | Ψ | ϯϱ͕Ϯϭϱ  |

dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƉƌĞƐĞŶƚƐƚŚĞƐƵƉƉůĞŵĞŶƚĂůĐĂƐŚĨůŽǁŝŶĨŽƌŵĂƚŝŽŶƌĞůĂƚĞĚƚŽůĞĂƐĞƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚ :ƵŶĞϯϬ͕ϮϬϮϬ;ŝŶƚŚŽƵƐĂŶĚƐͿ͗

| ĂƐŚƉĂŝĚĨŽƌĂŵŽƵŶƚƐŝŶĐůƵĚĞĚŝŶƚŚĞŵĞĂƐƵƌĞŵĞŶƚŽĨůĞĂƐĞůŝĂďŝůŝƚŝĞƐ |   |       |
|-------------------------------------------------------------|---|-------|
| KƉĞƌĂƚŝŶŐĐĂƐŚĨůŽǁƐĨŽƌŽƉĞƌĂƚŝŶŐůĞĂƐĞƐ                        | Ψ | ϳ͕ϯϮϳ |
| &ŝŶĂŶĐŝŶŐĐĂƐŚĨůŽǁƐĨŽƌĨŝŶĂŶĐĞůĞĂƐĞƐ                          |   | ΨϮϴϲ  |

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dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƉƌĞƐĞŶƚƐŵĂƚƵƌŝƚLJŽĨƚŚĞŽŵƉĂŶLJ͛ƐŽƉĞƌĂƚŝŶŐĂŶĚĨŝŶĂŶĐĞůĞĂƐĞůŝĂďŝůŝƚŝĞƐĂƐŽĨ:ƵŶĞ ϯϬ͕ϮϬϮϬ;ŝŶƚŚŽƵƐĂŶĚƐ͕ĞdžĐĞƉƚĨŽƌǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞƐͿ͗

|                                             | KƉĞƌĂƚŝŶŐ>ĞĂƐĞƐ | &ŝŶĂŶĐĞ>ĞĂƐĞƐ |      |
|---------------------------------------------|-----------------|---------------|------|
| ϮϬϮϭ                                        | Ψ<br>ϳ͕ϯϳϭ      | Ψ             | ϮϮϳ  |
| ϮϬϮϮ                                        | <br>ϳ͕Ϭϳϯ       |               | ϭϳϬ  |
| ϮϬϮϯ                                        | <br>ϱ͕ϮϯϬ       |               | Ͳ    |
| ϮϬϮϰ                                        | <br>ϱ͕ϴϯϯ       |               | Ͳ    |
| ϮϬϮϱ                                        | <br>ϱ͕ϯϲϱ       |               | Ͳ    |
| dŚĞƌĞĂĨƚĞƌ                                  | <br>ϭϰ͕ϵϵϲ      |               | Ͳ    |
| dŽƚĂůůĞĂƐĞƉĂLJŵĞŶƚƐ                         | Ψ<br>ϰϱ͕ϴϲϴ     | Ψ             | ϯϵϳ  |
| >ĞƐƐ͗ŝŵƉƵƚĞĚŝŶƚĞƌĞƐƚ                        | <br>;ϭϭ͕ϬϰϭͿ    |               | ;ϵͿ  |
| WƌĞƐĞŶƚǀĂůƵĞŽĨůĞĂƐĞůŝĂďŝůŝƚŝĞƐ              | Ψ<br>ϯϰ͕ϴϮϳ     | Ψ             | ϯϴϴ  |
| tĞŝŐŚƚĞĚĂǀĞƌĂŐĞƌĞŵĂŝŶŝŶŐůĞĂƐĞƚĞƌŵ;ŝŶLJĞĂƌƐͿ | <br>ϳ͘ϲ         |               | ϭ͘ϴ  |
| tĞŝŐŚƚĞĚĂǀĞƌĂŐĞĚŝƐĐŽƵŶƚƌĂƚĞ                 | ϲ͘ϲй            |               | Ϯ͘ϲй |

## **;ϭϬͿ /ŶĐŽŵĞdĂdžĞƐ**

dŚĞŽŵƉĂŶLJŝƐŝŶĐůƵĚĞĚŝŶƚŚĞĨŝůŝŶŐŽĨtĞĚĂƉ͛ƐĐŽŶƐŽůŝĚĂƚĞĚƚĂdžƌĞƚƵƌŶĨŽƌĨĞĚĞƌĂůƚĂdžƉƵƌƉŽƐĞƐĂŶĚŝŶ tĞĚĂƉ͛ƐĐŽŵďŝŶĞĚƌĞƚƵƌŶƐĨŽƌĐĞƌƚĂŝŶƐƚĂƚĞƐǁŚĞƌĞƐƵĐŚĨŝůŝŶŐŝƐƌĞƋƵŝƌĞĚŽƌƉĞƌŵŝƚƚĞĚ͘dŚĞŽŵƉĂŶLJŝƐ ĂůƐŽĂƉĂƌƚLJƚŽĂƚĂdžĂůůŽĐĂƚŝŽŶĂŐƌĞĞŵĞŶƚǁŝƚŚtĞĚĂƉ͘dŚĞŽŵƉĂŶLJŚĂƐĂĚŽƉƚĞĚƚŚĞŵŽĚŝĨŝĞĚƐĞƉĂƌĂƚĞ ƌĞƚƵƌŶĂƉƉƌŽĂĐŚ͕ǁŚĞƌĞďLJƚŚĞŽŵƉĂŶLJĐĂůĐƵůĂƚĞƐŝƚƐĐŽƌƌĞƐƉŽŶĚŝŶŐƚĂdžĂŵŽƵŶƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ ĐƵƌƌĞŶƚ ĞŶĂĐƚĞĚ ƚĂdž ůĂǁƐ ĂŶĚ ƌĂƚĞƐ ǁŚŝůĞ ĂůƐŽ ĐŽŶƐŝĚĞƌŝŶŐ ƚŚŽƐĞ ƚĂdž ĂƚƚƌŝďƵƚĞƐ ƚŚĂƚ ĂƌĞ ƌĞĂůŝnjĞĚ Žƌ ƌĞĂůŝnjĂďůĞ ďLJtĞĚĂƉ ĂŶĚ ĐŽƌƌĞƐƉŽŶĚŝŶŐ ĐŽŶƐŽůŝĚĂƚĞĚ Žƌ ĐŽŵďŝŶĞĚ ŐƌŽƵƉ͘ dŚĞ ŽŵƉĂŶLJ ďĞůŝĞǀĞƐ ŝƚƐ ĂĚŽƉƚĞĚŵŽĚŝĨŝĞĚƐĞƉĂƌĂƚĞƌĞƚƵƌŶĂƉƉƌŽĂĐŚŝƐƐLJƐƚĞŵĂƚŝĐĂŶĚƌĂƚŝŽŶĂůĂŶĚŚĂƐďĞĞŶĐŽŶƐŝƐƚĞŶƚůLJĂƉƉůŝĞĚ͘

dŚĞŽŵƉĂŶLJŚĂĚŶŽŵĂƚĞƌŝĂůƵŶƌĞĐŽŐŶŝnjĞĚƚĂdžďĞŶĞĨŝƚƐ͘

tĞĚĂƉŝƐŶŽůŽŶŐĞƌƐƵďũĞĐƚƚŽh͘^͘ĨĞĚĞƌĂůĞdžĂŵŝŶĂƚŝŽŶƐĨŽƌƚŚĞLJĞĂƌƐďĞĨŽƌĞ:ƵŶĞϯϬ͕ϮϬϭϲ͕ĂŶĚ͕ǁŝƚŚĂ ĨĞǁĞdžĐĞƉƚŝŽŶƐ͕ƚŽƐƚĂƚĞĂŶĚůŽĐĂůƚĂdžĞdžĂŵŝŶĂƚŝŽŶƐĨŽƌƚŚĞLJĞĂƌƐďĞĨŽƌĞ:ƵŶĞϯϬ͕ϮϬϭϱ͘dŚĞĐŽŶƐŽůŝĚĂƚĞĚ ŐƌŽƵƉŝƐĐƵƌƌĞŶƚůLJƵŶĚĞƌĞdžĂŵŝŶĂƚŝŽŶďLJƚŚĞ/ŶƚĞƌŶĂůZĞǀĞŶƵĞ^ĞƌǀŝĐĞĨŽƌƚŚĞƚĂdžLJĞĂƌƐĞŶĚĞĚ:ƵŶĞϯϬ͕ ϮϬϭϳĂŶĚ:ƵŶĞϯϬ͕ϮϬϭϴ͘dŚĞĞdžĂŵŝŶĂƚŝŽŶŽĨƚĂdžLJĞĂƌĞŶĚĞĚ:ƵŶĞϯϬ͕ϮϬϭϳŚĂƐŶŽƚƌĞƐƵůƚĞĚŝŶĂŵĂƚĞƌŝĂů ĂĚũƵƐƚŵĞŶƚ͘tŚŝůĞ ƚŚĞ ŽƵƚĐŽŵĞ ŽĨ ƚŚĞĞdžĂŵŝŶĂƚŝŽŶ ŽĨ ƚĂdžLJĞĂƌĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϭϴŝƐ ƵŶŬŶŽǁŶ͕ ƚŚĞ ŽŵƉĂŶLJĚŽĞƐŶŽƚĞdžƉĞĐƚŵĂƚĞƌŝĂůĂĚũƵƐƚŵĞŶƚƐƚŽƌĞƐƵůƚĨƌŽŵƚŚŝƐĞdžĂŵŝŶĂƚŝŽŶ͘

/ŶĐůƵĚĞĚŝŶKƚŚĞƌƌĞĐĞŝǀĂďůĞƐŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶĂƌĞŶĞƚŝŶĐŽŵĞƚĂdžĞƐƌĞĐĞŝǀĂďůĞĨƌŽŵ tĞĚĂƉŽĨΨϭ͘ϰŵŝůůŝŽŶĂƚ:ƵŶĞϯϬ͕ϮϬϮϬ͘

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# EŽƚĞƐƚŽ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶͲĐŽŶƚŝŶƵĞĚ :ƵŶĞϯϬ͕ϮϬϮϬ

dŚĞŽŵƉĂŶLJƌĞĐŽŐŶŝnjĞƐĚĞĨĞƌƌĞĚ ƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ ĨŽƌĨƵƚƵƌĞ ƚĂdžĐŽŶƐĞƋƵĞŶĐĞƐĂƚƚƌŝďƵƚĂďůĞ ƚŽ ĚŝĨĨĞƌĞŶĐĞƐďĞƚǁĞĞŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐŽĨĞdžŝƐƚŝŶŐĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂŶĚƚŚĞŝƌ ƌĞƐƉĞĐƚŝǀĞƚĂdžďĂƐŝƐ͘ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂƌĞŵĞĂƐƵƌĞĚƵƐŝŶŐĞŶĂĐƚĞĚƚĂdžƌĂƚĞƐĞdžƉĞĐƚĞĚƚŽ ĂƉƉůLJƚŽƚĂdžĂďůĞŝŶĐŽŵĞŝŶƚŚĞLJĞĂƌƐŝŶǁŚŝĐŚƚŚŽƐĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐĂƌĞĞdžƉĞĐƚĞĚƚŽďĞƌĞĐŽǀĞƌĞĚ ŽƌƐĞƚƚůĞĚ͘

dĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐĂŶĚĐĂƌƌLJĨŽƌǁĂƌĚƐ͕ǁŚŝĐŚŐŝǀĞƌŝƐĞƚŽĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͕ĐŽŶƐŝƐƚŽĨ ƚŚĞĨŽůůŽǁŝŶŐĂƐŽĨ:ƵŶĞϯϬ͕ϮϬϮϬ;ŝŶƚŚŽƵƐĂŶĚƐͿ͗

| ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ                |   |           |
|----------------------------------|---|-----------|
| ĐĐƌƵĞĚĞdžƉĞŶƐĞƐŶŽƚLJĞƚĚĞĚƵĐƚŝďůĞ | Ψ | ϱ͕ϭϮϭ     |
| ĞĨĞƌƌĞĚƌĞŶƚĐƌĞĚŝƚĂŶĚŽƚŚĞƌ        |   | ϭ͕Ϯϰϳ     |
| ŵŽƌƚŝnjĂƚŝŽŶŽĨŬͲƚĂdžĚŝĨĨĞƌĞŶĐĞ  |   | ϵϳϳ       |
| ZĞƐƚƌŝĐƚĞĚƐƚŽĐŬĂǁĂƌĚƐ            |   | ϱϴϲ       |
| ^ƚĂƚĞƚĂdžĞƐ                      |   | ϰϮϴ       |
| KƚŚĞƌ                            |   | ϲϬϱ       |
| dŽƚĂůĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ          | Ψ | ϴ͕ϵϲϰ     |
| ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐ           |   |           |
| hŶƌĞĂůŝnjĞĚŐĂŝŶƐ                 | Ψ | ;ϳϬϰͿ     |
| ĞƉƌĞĐŝĂƚŝŽŶ                      |   | <br>;ϰϭͿ  |
| dŽƚĂůĚĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐ     |   | ϳϰϱͿ<br>; |
| EĞƚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ            | Ψ | ϴ͕Ϯϭϵ     |

dŚĞŽŵƉĂŶLJŚĂƐ ƌĞǀŝĞǁĞĚŝƚƐĚĞĨĞƌƌĞĚ ƚĂdžĂƐƐĞƚƐ ƚŽĂƐƐĞƐƐǁŚĞƚŚĞƌĂǀĂůƵĂƚŝŽŶĂůůŽǁĂŶĐĞƐŚŽƵůĚďĞ ĞƐƚĂďůŝƐŚĞĚ͘EĞƚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂƌĞŝŶĐůƵĚĞĚŝŶKƚŚĞƌĂƐƐĞƚƐŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶ͘ DĂŶĂŐĞŵĞŶƚ ďĞůŝĞǀĞƐ ƚŚĂƚ ŝƚ ŝƐ ŵŽƌĞ ůŝŬĞůLJ ƚŚĂŶ ŶŽƚ ƚŚĂƚ ƚŚĞ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚƐ ǁŝůů ďĞ ƌĞĂůŝnjĞĚ͘ ĐĐŽƌĚŝŶŐůLJ͕ ŶŽ ǀĂůƵĂƚŝŽŶ ĂůůŽǁĂŶĐĞ ŚĂƐ ďĞĞŶ ĞƐƚĂďůŝƐŚĞĚ͘ hƚŝůŝnjĂƚŝŽŶ ŽĨ ƚŚĞ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚ ŝƐ ĚĞƉĞŶĚĞŶƚŽŶŐĞŶĞƌĂƚŝŶŐƐƵĨĨŝĐŝĞŶƚƚĂdžĂďůĞŝŶĐŽŵĞĂƚƚŚĞŽŵƉĂŶLJĂŶĚtĞĚĂƉ͘

#### **;ϭϭͿ EĞƚĂƉŝƚĂůZĞƋƵŝƌĞŵĞŶƚ**

dŚĞŽŵƉĂŶLJŝƐƐƵďũĞĐƚƚŽƚŚĞ^͛ƐhŶŝĨŽƌŵEĞƚĂƉŝƚĂůZƵůĞϭϱĐϯͲϭ͕ǁŚŝĐŚƌĞƋƵŝƌĞƐƚŚĞŵĂŝŶƚĞŶĂŶĐĞŽĨ ŵŝŶŝŵƵŵ ŶĞƚ ĐĂƉŝƚĂů͘dŚĞ ŽŵƉĂŶLJ ŚĂƐĞůĞĐƚĞĚ ƚŽ ƵƐĞ ƚŚĞĂůƚĞƌŶĂƚŝǀĞŵĞƚŚŽĚ ƉĞƌŵŝƚƚĞĚ ďLJ ƚŚĞ ƌƵůĞ͕ ǁŚŝĐŚ ƌĞƋƵŝƌĞƐ ƚŚĞŵĂŝŶƚĞŶĂŶĐĞŽĨŵŝŶŝŵƵŵŶĞƚĐĂƉŝƚĂůĞƋƵĂů ƚŽƚŚĞŐƌĞĂƚĞƌŽĨΨϭ͘ϬŵŝůůŝŽŶŽƌϮйŽĨ ĂŐŐƌĞŐĂƚĞĚĞďŝƚďĂůĂŶĐĞƐĂƌŝƐŝŶŐĨƌŽŵĐůŝĞŶƚƚƌĂŶƐĂĐƚŝŽŶƐ͘

ƐĂŶ&D͕ƚŚĞŽŵƉĂŶLJŝƐĂůƐŽƐƵďũĞĐƚƚŽƚŚĞŶĞƚĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞ&dZĞŐƵůĂƚŝŽŶϭ͘ϭϳĂŶĚ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ EĂƚŝŽŶĂů &ƵƚƵƌĞƐ ƐƐŽĐŝĂƚŝŽŶ͕ ĂŶĚ ŝƐ ƌĞƋƵŝƌĞĚ ƚŽ ŵĂŝŶƚĂŝŶ ĂĚũƵƐƚĞĚ ŶĞƚ ĐĂƉŝƚĂů ĞƋƵŝǀĂůĞŶƚƚŽϴйŽĨĐƵƐƚŽŵĞƌĂŶĚŶŽŶĐƵƐƚŽŵĞƌƌŝƐŬŵĂŝŶƚĞŶĂŶĐĞŵĂƌŐŝŶƌĞƋƵŝƌĞŵĞŶƚƐŽŶĂůůƉŽƐŝƚŝŽŶƐ͘ dŚĞƐĞ&dƌĞŐƵůĂƚŝŽŶƐĂůƐŽƉƌŽŚŝďŝƚĂďƌŽŬĞƌͲĚĞĂůĞƌĨƌŽŵƌĞƉĂLJŝŶŐƐƵďŽƌĚŝŶĂƚĞĚďŽƌƌŽǁŝŶŐƐ͕ƉĂLJŝŶŐĐĂƐŚ ĚŝǀŝĚĞŶĚƐ͕ŵĂŬŝŶŐůŽĂŶƐƚŽtĞĚĂƉ͕ŝƚƐĂĨĨŝůŝĂƚĞƐŽƌĞŵƉůŽLJĞĞƐ͕ŽƌŽƚŚĞƌǁŝƐĞĞŶƚĞƌŝŶŐŝŶƚŽƚƌĂŶƐĂĐƚŝŽŶƐ͕ ǁŚŝĐŚǁŽƵůĚƌĞƐƵůƚŝŶĂƌĞĚƵĐƚŝŽŶŽĨŝƚƐƚŽƚĂůŶĞƚĐĂƉŝƚĂůƚŽůĞƐƐƚŚĂŶϭϱϬйŽĨŝƚƐƌĞƋƵŝƌĞĚŵŝŶŝŵƵŵĐĂƉŝƚĂů͘

dŚĞ ŽŵƉĂŶLJ͛Ɛ ĂďŝůŝƚLJ ƚŽ ŵĂŬĞ ĐĂƉŝƚĂů ĂŶĚ ĐĞƌƚĂŝŶ ŽƚŚĞƌ ĚŝƐƚƌŝďƵƚŝŽŶƐ ŝƐ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ƌƵůĞƐ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐŽĨǀĂƌŝŽƵƐĞdžĐŚĂŶŐĞƐ͕ĐůĞĂƌŝŶŐŽƌŐĂŶŝnjĂƚŝŽŶƐĂŶĚŽƚŚĞƌƌĞŐƵůĂƚŽƌLJĂŐĞŶĐŝĞƐ͕ǁŚŝĐŚŵĂLJŚĂǀĞ ĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚƐƚŚĂƚĂƌĞŐƌĞĂƚĞƌƚŚĂŶƚŚĞĂƉƉůŝĐĂďůĞƐĞůĨͲƌĞŐƵůĂƚŽƌLJŽƌŐĂŶŝnjĂƚŝŽŶƐ͘

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# EŽƚĞƐƚŽ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶͲĐŽŶƚŝŶƵĞĚ :ƵŶĞϯϬ͕ϮϬϮϬ

dŚĞŽŵƉĂŶLJ͕ĂƐĂĚƵĂůůLJƌĞŐŝƐƚĞƌĞĚďƌŽŬĞƌͲĚĞĂůĞƌĂŶĚ&D͕ŝƐƌĞƋƵŝƌĞĚƚŽŵĂŝŶƚĂŝŶŶĞƚĐĂƉŝƚĂůŝŶĞdžĐĞƐƐ ŽĨƚŚĞŐƌĞĂƚĞƌŽĨƚŚĞ^Žƌ&dŵŝŶŝŵƵŵŶĞƚĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚƐ͘ƚ:ƵŶĞϯϬ͕ϮϬϮϬ͕ƚŚĞŽŵƉĂŶLJŚĂĚ ŶĞƚĐĂƉŝƚĂůŽĨΨϭϳϭ͘ϴŵŝůůŝŽŶƚŚĂƚǁĂƐϭϵйŽĨĂŐŐƌĞŐĂƚĞĚĞďŝƚŝƚĞŵƐĂŶĚΨϭϯϱ͘ϳŵŝůůŝŽŶŝŶĞdžĐĞƐƐŽĨƚŚĞ Ψϯϲ͘ϭŵŝůůŝŽŶƌĞƋƵŝƌĞĚŵŝŶŝŵƵŵŶĞƚĐĂƉŝƚĂůĂƚƚŚĂƚĚĂƚĞ͘

## **;ϭϮͿ ^ŚŽƌƚͲdĞƌŵ&ŝŶĂŶĐŝŶŐ**

dŚĞŽŵƉĂŶLJŚĂƐƚŚĞĂďŝůŝƚLJ͕ƚŚƌŽƵŐŚĂƌƌĂŶŐĞŵĞŶƚƐǁŝƚŚŵƵůƚŝƉůĞďĂŶŬƐ͕ƚŽŽďƚĂŝŶĐŽŵŵŝƚƚĞĚƐĞĐƵƌĞĚ ĂŶĚƵŶƐĞĐƵƌĞĚƐŚŽƌƚͲƚĞƌŵďŽƌƌŽǁŝŶŐƐƉƌŝŵĂƌŝůLJƚŚƌŽƵŐŚƚŚĞŝƐƐƵĂŶĐĞŽĨƉƌŽŵŝƐƐŽƌLJŶŽƚĞƐ͘hŶĚĞƌƚŚĞƐĞ ĂŐƌĞĞŵĞŶƚƐ͕ƚŚĞŽŵƉĂŶLJĐĂŶďŽƌƌŽǁŽŶĚĞŵĂŶĚƵƉƚŽĂŵĂdžŝŵƵŵŽĨΨϮϵϬ͘ϬŵŝůůŝŽŶƐĞĐƵƌĞĚĂƚŝŶƚĞƌĞƐƚ ƌĂƚĞƐĚĞƚĞƌŵŝŶĞĚŽŶ ƚŚĞ ĚĂƚĞŽĨĞĂĐŚďŽƌƌŽǁŝŶŐ͕ĂŶĚ ƌĞƐĞƚĚĂŝůLJ͘ƚ :ƵŶĞ ϯϬ͕ ϮϬϮϬ͕ ƚŚĞƌĞǁĞƌĞ Ψϯϯ͘ϰ ŵŝůůŝŽŶŽĨƐŚŽƌƚͲƚĞƌŵďŽƌƌŽǁŝŶŐƐŽƵƚƐƚĂŶĚŝŶŐƵŶĚĞƌƚŚĞƐĞƐĞĐƵƌĞĚĐƌĞĚŝƚůŝŶĞƐĂƚĂŶŝŶƚĞƌĞƐƚƌĂƚĞŽĨϭ͘Ϭϴй͘ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞŽŵƉĂŶLJĐĂŶďŽƌƌŽǁŽŶĚĞŵĂŶĚƵƉƚŽĂŵĂdžŝŵƵŵŽĨΨϭϰϬ͘ϬŵŝůůŝŽŶƵŶƐĞĐƵƌĞĚĂƚŝŶƚĞƌĞƐƚ ƌĂƚĞƐĚĞƚĞƌŵŝŶĞĚŽŶ ƚŚĞ ĚĂƚĞŽĨĞĂĐŚďŽƌƌŽǁŝŶŐ͕ĂŶĚ ƌĞƐĞƚĚĂŝůLJ͘ƚ :ƵŶĞ ϯϬ͕ ϮϬϮϬ͕ ƚŚĞƌĞǁĞƌĞ ΨϵϬ͘Ϭ ŵŝůůŝŽŶŽĨƐŚŽƌƚͲƚĞƌŵďŽƌƌŽǁŝŶŐƐŽƵƚƐƚĂŶĚŝŶŐƵŶĚĞƌƚŚĞƐĞƵŶƐĞĐƵƌĞĚĐƌĞĚŝƚůŝŶĞƐĂƚĂŶĂǀĞƌĂŐĞŝŶƚĞƌĞƐƚ ƌĂƚĞŽĨϯ͘ϰϯй͘

dŚĞŽŵƉĂŶLJĂůƐŽŚĂƐĂŶƵŶĐŽŵŵŝƚƚĞĚƐĞĐƵƌĞĚĐƌĞĚŝƚůŝŶĞĂƚŝŶƚĞƌĞƐƚƌĂƚĞƐĚĞƚĞƌŵŝŶĞĚŽŶƚŚĞĚĂƚĞŽĨ ĞĂĐŚ ďŽƌƌŽǁŝŶŐ͕ĂŶĚ ƌĞƐĞƚ ĚĂŝůLJ͘ ƚ :ƵŶĞ ϯϬ͕ ϮϬϮϬ͕ ƚŚĞƌĞǁĞƌĞ ŶŽ ƐŚŽƌƚͲƚĞƌŵ ďŽƌƌŽǁŝŶŐƐ ŽƵƚƐƚĂŶĚŝŶŐ ƵŶĚĞƌƚŚŝƐƐĞĐƵƌĞĚĐƌĞĚŝƚůŝŶĞ͘

dŚĞůŽĂŶĂŐƌĞĞŵĞŶƚƐĐŽŶƚĂŝŶǀĂƌŝŽƵƐĨŝŶĂŶĐŝĂůĐŽǀĞŶĂŶƚƐ͘dŚĞŽŵƉĂŶLJǁĂƐŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůƐƵĐŚ ĐŽǀĞŶĂŶƚƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚ:ƵŶĞϯϬ͕ϮϬϮϬ͘

## **;ϭϯͿ ĞŶĞĨŝƚWůĂŶ**

dŚĞŽŵƉĂŶLJŚĂƐĂƚƌƵƐƚĞĞͲĚŝƌĞĐƚĞĚĚĞĨŝŶĞĚĐŽŶƚƌŝďƵƚŝŽŶƌĞƚŝƌĞŵĞŶƚƉůĂŶƋƵĂůŝĨŝĞĚƵŶĚĞƌ^ĞĐƚŝŽŶϰϬϭ;ŬͿ ŽĨƚŚĞ/ŶƚĞƌŶĂůZĞǀĞŶƵĞŽĚĞƚŚĂƚĂůƐŽĐŽǀĞƌĞŵƉůŽLJĞĞƐŽĨĂĨĨŝůŝĂƚĞĚĐŽŵƉĂŶŝĞƐ͘ŵƉůŽLJĞƌĐŽŶƚƌŝďƵƚŝŽŶƐ ĂƌĞ ďĂƐĞĚ ŽŶ Ă ƉĞƌĐĞŶƚĂŐĞ ŽĨ ĞŵƉůŽLJĞĞ ĐŽŵƉĞŶƐĂƚŝŽŶ͘ dŚĞ ŽŵƉĂŶLJ ŵĂLJ ŵĂƚĐŚ Ăůů Žƌ Ă ƉŽƌƚŝŽŶ ŽĨ ĞŵƉůŽLJĞĞĐŽŶƚƌŝďƵƚŝŽŶƐƚŚƌŽƵŐŚĞŵƉůŽLJĞƌŵĂƚĐŚŝŶŐĐŽŶƚƌŝďƵƚŝŽŶƐ͘ŶŶƵĂůĞŵƉůŽLJĞƌĐŽŶƚƌŝďƵƚŝŽŶƐǀĞƐƚ ŽŶ Ă ŐƌĂĚƵĂƚĞĚ ƐĐĂůĞ ďĂƐĞĚ ŽŶ ĐŽŵƉůĞƚĞĚ LJĞĂƌƐ ŽĨ ƐĞƌǀŝĐĞ͘ ƚ :ƵŶĞ ϯϬ͕ ϮϬϮϬ͕ĞŵƉůŽLJĞƌ ĐŽŶƚƌŝďƵƚŝŽŶƐ ƉĂLJĂďůĞƚŽƚŚĞƉůĂŶǁĞƌĞΨϯ͘ϭŵŝůůŝŽŶĂŶĚĂƌĞŝŶĐůƵĚĞĚŝŶKƚŚĞƌůŝĂďŝůŝƚŝĞƐŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂů ŽŶĚŝƚŝŽŶ͘

## **;ϭϰͿ ŽŶƚŝŶŐĞŶĐŝĞƐĂŶĚ'ƵĂƌĂŶƚĞĞƐ**

## *;ĂͿ ŽŶƚŝŶŐĞŶĐŝĞƐ*

dŚĞŽŵƉĂŶLJŝƐƐƵďũĞĐƚƚŽǀĂƌŝŽƵƐƉƌŽĐĞĞĚŝŶŐƐĂŶĚĐůĂŝŵƐĂƌŝƐŝŶŐƉƌŝŵĂƌŝůLJĨƌŽŵƐĞĐƵƌŝƚŝĞƐďƵƐŝŶĞƐƐ ĂĐƚŝǀŝƚŝĞƐ͕ŝŶĐůƵĚŝŶŐůĂǁƐƵŝƚƐ͕ĂƌďŝƚƌĂƚŝŽŶĐůĂŝŵƐĂŶĚƌĞŐƵůĂƚŽƌLJŵĂƚƚĞƌƐ͘dŚĞŽŵƉĂŶLJŝƐĂůƐŽŝŶǀŽůǀĞĚ ŝŶ ŽƚŚĞƌ ƌĞǀŝĞǁƐ͕ ŝŶǀĞƐƚŝŐĂƚŝŽŶƐ͕ ĂŶĚ ƉƌŽĐĞĞĚŝŶŐƐ ďLJ ŐŽǀĞƌŶŵĞŶƚĂů ďŽĚŝĞƐ ĂŶĚ ƐĞůĨͲƌĞŐƵůĂƚŽƌLJ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ƌĞŐĂƌĚŝŶŐ ŝƚƐ ďƵƐŝŶĞƐƐ͕ ǁŚŝĐŚ ŵĂLJ ƌĞƐƵůƚ ŝŶ ĂĚǀĞƌƐĞ ũƵĚŐŵĞŶƚƐ͕ ƐĞƚƚůĞŵĞŶƚƐ͕ ĨŝŶĞƐ͕ ƉĞŶĂůƚŝĞƐ͕ŝŶũƵŶĐƚŝŽŶƐĂŶĚŽƚŚĞƌƌĞůŝĞĨ͘dŚĞŽŵƉĂŶLJŝƐĐŽŶƚĞƐƚŝŶŐƚŚĞĂůůĞŐĂƚŝŽŶƐŝŶƚŚĞƐĞĐůĂŝŵƐ͕ ĂŶĚďĞůŝĞǀĞƐƚŚĞƌĞĂƌĞŵĞƌŝƚŽƌŝŽƵƐĚĞĨĞŶƐĞƐŝŶĞĂĐŚŽĨƚŚĞƐĞĂƌďŝƚƌĂƚŝŽŶƐ͕ůĂǁƐƵŝƚƐĂŶĚƌĞŐƵůĂƚŽƌLJ ŝŶǀĞƐƚŝŐĂƚŝŽŶƐ͘ dŚĞ ŽŵƉĂŶLJ ĂĐĐƌƵĞƐ ĨŽƌ Ă ƐĞƚƚůĞŵĞŶƚ ǁŚĞŶ Ă ůŝĂďŝůŝƚLJ ŝƐ ĚĞĞŵĞĚ ƉƌŽďĂďůĞ ĂŶĚ ĞƐƚŝŵĂďůĞŝŶKƚŚĞƌůŝĂďŝůŝƚŝĞƐŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶ͘

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# EŽƚĞƐƚŽ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶͲĐŽŶƚŝŶƵĞĚ :ƵŶĞϯϬ͕ϮϬϮϬ

ƚƚŚĞƉƌĞƐĞŶƚƚŝŵĞ͕ƚŚĞŽŵƉĂŶLJĚŽĞƐŶŽƚĞdžƉĞĐƚƚŚĞƵůƚŝŵĂƚĞƌĞƐŽůƵƚŝŽŶŽĨƚŚĞŵĂƚƚĞƌƐĚĞƐĐƌŝďĞĚ ĂďŽǀĞ ƚŽ ŚĂǀĞ Ă ŵĂƚĞƌŝĂů ĂĚǀĞƌƐĞ ĞĨĨĞĐƚ͕ ďĞLJŽŶĚ ĂĐĐƌƵĞĚ ůŽƐƐ ĐŽŶƚŝŶŐĞŶĐŝĞƐ͕ ŽŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶ͘

## *;ďͿ 'ƵĂƌĂŶƚĞĞƐ*

&^ ^ ϰϲϬ͕ *'ƵĂƌĂŶƚĞĞƐ* ;^ ϰϲϬͿ͕ ƌĞƋƵŝƌĞƐ ƚŚĞ ŽŵƉĂŶLJ ƚŽ ĚŝƐĐůŽƐĞ ŝŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ ŝƚƐ ŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌ ĐĞƌƚĂŝŶŐƵĂƌĂŶƚĞĞĂƌƌĂŶŐĞŵĞŶƚƐ͘^ϰϲϬĚĞĨŝŶĞƐŐƵĂƌĂŶƚĞĞƐĂƐĐŽŶƚƌĂĐƚƐĂŶĚ ŝŶĚĞŵŶŝĨŝĐĂƚŝŽŶ ĂŐƌĞĞŵĞŶƚƐ ƚŚĂƚ ĐŽŶƚŝŶŐĞŶƚůLJ ƌĞƋƵŝƌĞ Ă ŐƵĂƌĂŶƚŽƌ ƚŽ ŵĂŬĞ ƉĂLJŵĞŶƚƐ ƚŽ ƚŚĞ ŐƵĂƌĂŶƚĞĞĚƉĂƌƚLJďĂƐĞĚŽŶĐŚĂŶŐĞƐŝŶĂŶƵŶĚĞƌůLJŝŶŐĨĂĐƚŽƌ;ƐƵĐŚĂƐŝŶƚĞƌĞƐƚƌĂƚĞŽƌĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞ ƌĂƚĞ͕ƐĞĐƵƌŝƚLJŽƌĐŽŵŵŽĚŝƚLJƉƌŝĐĞ͕ĂŶŝŶĚĞdžŽƌƚŚĞŽĐĐƵƌƌĞŶĐĞŽƌŶŽŶŽĐĐƵƌƌĞŶĐĞŽĨĂƐƉĞĐŝĨŝĞĚĞǀĞŶƚͿ ƌĞůĂƚĞĚ ƚŽĂŶĂƐƐĞƚ͕ůŝĂďŝůŝƚLJ͕ ŽƌĞƋƵŝƚLJ ƐĞĐƵƌŝƚLJ ŽĨĂŐƵĂƌĂŶƚĞĞĚ ƉĂƌƚLJ͘dŚŝƐŐƵŝĚĂŶĐĞĂůƐŽ ĚĞĨŝŶĞƐ ŐƵĂƌĂŶƚĞĞƐ ĂƐ ĐŽŶƚƌĂĐƚƐ ƚŚĂƚ ĐŽŶƚŝŶŐĞŶƚůLJ ƌĞƋƵŝƌĞ ƚŚĞ ŐƵĂƌĂŶƚŽƌ ƚŽ ŵĂŬĞ ƉĂLJŵĞŶƚƐ ƚŽ ƚŚĞ ŐƵĂƌĂŶƚĞĞĚ ƉĂƌƚLJ ďĂƐĞĚ ŽŶ ĂŶŽƚŚĞƌ ĞŶƚŝƚLJ͛Ɛ ĨĂŝůƵƌĞ ƚŽ ƉĞƌĨŽƌŵ ƵŶĚĞƌ ĂŶ ĂŐƌĞĞŵĞŶƚ͕ ĂƐ ǁĞůů ĂƐ ŝŶĚŝƌĞĐƚŐƵĂƌĂŶƚĞĞƐŽĨƚŚĞŝŶĚĞďƚĞĚŶĞƐƐŽĨŽƚŚĞƌƐ͘

dŚĞ ŽŵƉĂŶLJ ŝƐ Ă ŵĞŵďĞƌ ŽĨ ǀĂƌŝŽƵƐ ĐůĞĂƌŝŶŐ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ƚŚĂƚ ĐůĞĂƌ ĚĞƌŝǀĂƚŝǀĞ ĐŽŶƚƌĂĐƚƐ͘ ƐƐŽĐŝĂƚĞĚǁŝƚŚŝƚƐŵĞŵďĞƌƐŚŝƉƐ͕ƚŚĞŽŵƉĂŶLJŵĂLJďĞƌĞƋƵŝƌĞĚƚŽƉĂLJĂƉƌŽƉŽƌƚŝŽŶĂƚĞƐŚĂƌĞŽĨƚŚĞ ĨŝŶĂŶĐŝĂůŽďůŝŐĂƚŝŽŶƐŽĨĂŶŽƚŚĞƌŵĞŵďĞƌǁŚŽŵĂLJĚĞĨĂƵůƚŽŶŝƚƐŽďůŝŐĂƚŝŽŶƐƚŽƚŚĞĞdžĐŚĂŶŐĞŽƌƚŚĞ ĐůĞĂƌŝŶŐŚŽƵƐĞ͘tŚŝůĞƚŚĞƌƵůĞƐŐŽǀĞƌŶŝŶŐĚŝĨĨĞƌĞŶƚĞdžĐŚĂŶŐĞŽƌĐůĞĂƌŝŶŐŚŽƵƐĞŵĞŵďĞƌƐŚŝƉƐǀĂƌLJ͕ŝŶ ŐĞŶĞƌĂůƚŚĞŽŵƉĂŶLJ͛ƐŐƵĂƌĂŶƚĞĞŽďůŝŐĂƚŝŽŶƐǁŽƵůĚĂƌŝƐĞŽŶůLJŝĨƚŚĞĞdžĐŚĂŶŐĞŽƌĐůĞĂƌŝŶŐŚŽƵƐĞŚĂĚ ƉƌĞǀŝŽƵƐůLJ ĞdžŚĂƵƐƚĞĚ ŝƚƐ ƌĞƐŽƵƌĐĞƐ͘ dŚĞ ŵĂdžŝŵƵŵ ƉŽƚĞŶƚŝĂů ƉĂLJŽƵƚ ƵŶĚĞƌ ƚŚĞƐĞ ŵĞŵďĞƌƐŚŝƉ ĂŐƌĞĞŵĞŶƚƐĐĂŶŶŽƚďĞĞƐƚŝŵĂƚĞĚ͘dŚĞŽŵƉĂŶLJŚĂƐŶŽƚƌĞĐŽƌĚĞĚĂŶLJĐŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚŝĞƐŝŶƚŚĞ ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶĨŽƌƚŚĞƐĞĂŐƌĞĞŵĞŶƚƐĂŶĚďĞůŝĞǀĞƐƚŚĂƚĂŶLJƉŽƚĞŶƚŝĂůƌĞƋƵŝƌĞŵĞŶƚ ƚŽŵĂŬĞƉĂLJŵĞŶƚƐƵŶĚĞƌƚŚĞƐĞĂŐƌĞĞŵĞŶƚƐŝƐƌĞŵŽƚĞĂŶĚŶŽƚŵĂƚĞƌŝĂůƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚ͘

dŚĞŽŵƉĂŶLJƵƚŝůŝnjĞƐ&ŝdžĞĚ/ŶĐŽŵĞůĞĂƌŝŶŐŽƌƉŽƌĂƚŝŽŶ;&/ͿĨŽƌƚƌĂĚĞĐŽŵƉĂƌŝƐŽŶ͕ŶĞƚƚŝŶŐĂŶĚ ƐĞƚƚůĞŵĞŶƚŽĨĨŝdžĞĚŝŶĐŽŵĞƐĞĐƵƌŝƚŝĞƐ͘KŶEŽǀĞŵďĞƌϭϱ͕ϮϬϭϴ͕Ă^ƌƵůĞĐŚĂŶŐĞďĞĐĂŵĞĞĨĨĞĐƚŝǀĞ ƉƌŽǀŝĚŝŶŐ&/ǁŝƚŚĂĐŽŵŵŝƚƚĞĚůŝƋƵŝĚŝƚLJƌĞƐŽƵƌĐĞ;>&Ϳ͘&/ǁŝůůƵƐĞĂƌƵůĞͲďĂƐĞĚĂƉƉƌŽĂĐŚƚŽ ĂůůŽĐĂƚĞ>&ŽďůŝŐĂƚŝŽŶƐ͕ǁŝƚŚƚŚŽƐĞŶĞƚƚŝŶŐŵĞŵďĞƌƐƚŚĂƚƉůĂĐĞĂŚŝŐŚĞƌůŝƋƵŝĚŝƚLJďƵƌĚĞŶŽŶ&/ ƌĞƐƉŽŶƐŝďůĞĨŽƌĂůĂƌŐĞƌƐŚĂƌĞŽĨƚŚĞ>&͘&/ĂƉƉƌŝƐĞƐƚŚĞŽŵƉĂŶLJŽĨŝƚƐƐŚĂƌĞŽĨƚŚĞŵĂdžŝŵƵŵ ĨƵŶĚŝŶŐŶĞĞĚĨŽƌ>&ŽŶĂŵŽŶƚŚůLJďĂƐŝƐ͘

dŚĞŽŵƉĂŶLJďĞůŝĞǀĞƐƚŚĂƚŝƚŝƐƵŶůŝŬĞůLJŝƚǁŝůůŚĂǀĞƚŽďĞĐŽƵŶƚĞƌƉĂƌƚLJƚŽƉŽƚĞŶƚŝĂů>&ƌĞƉƵƌĐŚĂƐĞ ƚƌĂŶƐĂĐƚŝŽŶƐƵŶĚĞƌƚŚŝƐĂŐƌĞĞŵĞŶƚĂŶĚŚĂƐŶŽƚƌĞĐŽƌĚĞĚĂŶLJĐŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚLJŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ &ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶĨŽƌƚŚŝƐ^ƌƵůĞĐŚĂŶŐĞ͘ƐŽĨ:ƵŶĞϯϬ͕ϮϬϮϬ͕ƚŚĞŽŵƉĂŶLJŚĂĚĂĐƵƌƌĞŶƚ>& ƌĞƋƵŝƌĞŵĞŶƚ͕ĨƌŽŵ&/͕ŽĨΨϮϮ͘ϯŵŝůůŝŽŶ͘

{22}------------------------------------------------

## **;ϭϱͿ ZĞůĂƚĞĚͲWĂƌƚLJdƌĂŶƐĂĐƚŝŽŶƐ**

dŚĞŽŵƉĂŶLJĞŶƚĞƌƐŝŶƚŽƐĞĐƵƌŝƚŝĞƐƚƌĂŶƐĂĐƚŝŽŶƐĂŶĚŽƚŚĞƌƚƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚƌĞůĂƚĞĚƉĂƌƚŝĞƐ͘ƚ:ƵŶĞϯϬ͕ ϮϬϮϬ͕ďĂůĂŶĐĞƐǁŝƚŚƐƵĐŚƌĞůĂƚĞĚƉĂƌƚŝĞƐǁĞƌĞŝŶĐůƵĚĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶĂƐĨŽůůŽǁƐ ;ŝŶƚŚŽƵƐĂŶĚƐͿ͗

| ƐƐĞƚƐ                |                 |
|----------------------|-----------------|
| ZĞĐĞŝǀĂďůĞƐͲůŝĞŶƚƐ   | Ψ<br>Ϯϵ͕ϲϯϲ     |
| ZĞĐĞŝǀĂďůĞƐͲKƚŚĞƌ    | <br>ϭϭ͕ϮϲϮ      |
| KƚŚĞƌĂƐƐĞƚƐ          | <br>ϳ͕ϴϳϮ       |
| dŽƚĂůĂƐƐĞƚƐ          | <br>ϰϴ͕ϳϳϬ      |
| >ŝĂďŝůŝƚŝĞƐ          |                 |
| WĂLJĂďůĞƐͲůŝĞŶƚƐ     | Ψ<br>ϭϭ͕ϬϮϴ     |
| KƚŚĞƌůŝĂďŝůŝƚŝĞƐ     | <br>Ϯ͕ϵϬϮ       |
| dŽƚĂůůŝĂďŝůŝƚŝĞƐ<br> | Ψ<br>ϭϯ͕ϵϯϬ<br> |

/ŶƚŚĞŶŽƌŵĂůĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐ͕ŽĨĨŝĐĞƌƐ͕ĚŝƌĞĐƚŽƌƐ͕ƌĞůĂƚŝǀĞƐŽĨŽĨĨŝĐĞƌƐĂŶĚĚŝƌĞĐƚŽƌƐ͕ĂŶĚĂĨĨŝůŝĂƚĞƐŵĂLJ ďƵLJ ĂŶĚ ƐĞůů ƐĞĐƵƌŝƚŝĞƐ ƚŚƌŽƵŐŚ ƚŚĞ ŽŵƉĂŶLJ͘ ZĞĐĞŝǀĂďůĞƐ ĨƌŽŵ ŽĨĨŝĐĞƌƐ͕ ĚŝƌĞĐƚŽƌƐ ĂŶĚ ƌĞůĂƚŝǀĞƐ ǁĞƌĞ ƉƌŝŵĂƌŝůLJĐŽŵƉŽƐĞĚŽĨƌĞĐĞŝǀĂďůĞƐĐŽůůĂƚĞƌĂůŝnjĞĚďLJtĞĚĂƉƐŚĂƌĞƐŚĞůĚŝŶƚŚĞŝƌĂĐĐŽƵŶƚƐĂƚƚŚĞŽŵƉĂŶLJ ĂŶĚĂƌĞƌĞĐŽƌĚĞĚǁŝƚŚŝŶZĞĐĞŝǀĂďůĞƐĨƌŽŵĐůŝĞŶƚƐ͕ŶĞƚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶ͘

dŚĞŽŵƉĂŶLJŚĂƐĂŐƌĞĞŵĞŶƚƐǁŝƚŚĂĨĨŝůŝĂƚĞƐĨŽƌŽƚŚĞƌĂĐƚŝǀŝƚŝĞƐ͕ŝŶĐůƵĚŝŶŐĂƚĂdžƐŚĂƌŝŶŐĂŐƌĞĞŵĞŶƚǁŝƚŚ tĞĚĂƉĂƐĚĞƐĐƌŝďĞĚŝŶEŽƚĞϭϬ͞/ŶĐŽŵĞdĂdžĞƐ͘͟hŶƐĞƚƚůĞĚĂŵŽƵŶƚƐ ĨŽƌ ƚŚĞƐĞĂĐƚŝǀŝƚŝĞƐĂƌĞ ƌĞĐŽƌĚĞĚ ǁŝƚŚŝŶKƚŚĞƌƌĞĐĞŝǀĂďůĞƐŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶ͘

EŽƚĞƐƌĞĐĞŝǀĂďůĞĨƌŽŵĞŵƉůŽLJĞĞƐĂƌĞŐĞŶĞƌĂůůLJĨƌŽŵƌĞĐƌƵŝƚŝŶŐĂĐƚŝǀŝƚŝĞƐĂŶĚĂƌĞŶŽŶŝŶƚĞƌĞƐƚͲďĞĂƌŝŶŐ͘dŚĞ ŶŽƚĞƐĂƌĞƚLJƉŝĐĂůůLJĨŽƌŐŝǀĞŶŽǀĞƌĂƉĞƌŝŽĚŽĨƚŚƌĞĞƚŽĞŝŐŚƚLJĞĂƌƐ͘EŽƚĞƐƌĞĐĞŝǀĂďůĞĨƌŽŵĞŵƉůŽLJĞĞƐĂƌĞ ŝŶĐůƵĚĞĚŝŶKƚŚĞƌƌĞĐĞŝǀĂďůĞƐŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶ͘EŽƚĞƐƌĞĐĞŝǀĂďůĞĨƌŽŵĞŵƉůŽLJĞĞƐ ƚŽƚĂůĞĚΨϵ͘ϱŵŝůůŝŽŶ͕ŶĞƚŽĨƌĞƐĞƌǀĞƐŽĨΨϮ͘ϭŵŝůůŝŽŶ͕Ăƚ:ƵŶĞϯϬ͕ϮϬϮϬ͘

dŚĞŽŵƉĂŶLJƌĞŵŝƚƚĞĚΨϰϳ͘ϬŵŝůůŝŽŶŽĨŝƚƐĞdžĐĞƐƐĚŝƐƚƌŝďƵƚĂďůĞƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐĂƐĚŝǀŝĚĞŶĚƐĚƵƌŝŶŐĨŝƐĐĂů LJĞĂƌϮϬϮϬ͕ǁŚŝĐŚŝŶĐůƵĚĞĚĐĂƐŚĚŝǀŝĚĞŶĚƐŽĨΨϮϴ͘ϬŵŝůůŝŽŶĂŶĚŶŽŶͲĐĂƐŚĚŝǀŝĚĞŶĚƐŽĨΨϭϵ͘ϬŵŝůůŝŽŶ͘dŚĞ ŶŽŶͲĐĂƐŚ ĚŝǀŝĚĞŶĚƐ ǁĞƌĞ ŝŶ ƚŚĞ ĨŽƌŵ ŽĨ ƌĞůĂƚĞĚ ƉĂƌƚLJ ƌĞĐĞŝǀĂďůĞƐ ŽĨ Ψϭϰ͘ϬŵŝůůŝŽŶ ĂŶĚ ĞdžƚĞƌŶĂů ŶŽƚĞƐ ƌĞĐĞŝǀĂďůĞŽĨΨϱ͘ϬŵŝůůŝŽŶ͘KŶĐĞŝŶƌĞĐĞŝƉƚŽĨƚŚĞĐĂƐŚĚŝǀŝĚĞŶĚ͕tĞĚĂƉƉĂŝĚΨϭϳ͘ϬŵŝůůŝŽŶƚŽƚŚĞŽŵƉĂŶLJ ƚŽƐĞƚƚůĞŝŶƚĞƌĐŽŵƉĂŶLJƌĞĐĞŝǀĂďůĞƐ͘

KŶƵŐƵƐƚϭϬ͕ϮϬϮϬ͕ƚŚĞŽŵƉĂŶLJƌĞŵŝƚƚĞĚΨϵ͘ϯŵŝůůŝŽŶŽĨŝƚƐĞdžĐĞƐƐĚŝƐƚƌŝďƵƚĂďůĞƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐƚŽ t&^ĂƐĂŶŽŶͲĐĂƐŚĚŝǀŝĚĞŶĚ͘

KŶ:ƵŶĞϭ͕ϮϬϮϬ͕ƚŚĞŽŵƉĂŶLJƉƵƌĐŚĂƐĞĚĂďůŽĐŬŽĨŵĂƌŬĞƚĂďůĞƐĞĐƵƌŝƚŝĞƐĨƌŽŵtĞĚĂƉǁŝƚŚĂƉƵƌĐŚĂƐĞ ƉƌŝĐĞ ŽĨ Ψϱ͘ϵŵŝůůŝŽŶ͘dŚĞ ƐŚĂƌĞƐĂƌĞŝŶĐůƵĚĞĚǁŝƚŚŝŶ&ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ ŽǁŶĞĚ͕Ăƚ ĨĂŝƌǀĂůƵĞŝŶ ƚŚĞ ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶ͘

/ŶDĂƌĐŚϮϬϮϬ͕ƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚĂΨϭϬ͘ϬŵŝůůŝŽŶƉƌŝŶĐŝƉĂůĂŵŽƵŶƚĚĞŵĂŶĚŶŽƚĞƚŽtĞĚĂƉĚƵĞϮϬϮϭ ǁŝƚŚĂŶĂĚũƵƐƚĂďůĞŝŶƚĞƌĞƐƚƌĂƚĞƐĞƚĂƚƚŚĞƉƵďůŝƐŚĞĚƉƌŝŵĞƌĂƚĞƉůƵƐϭ͘ϱй͘KƵƚƐƚĂŶĚŝŶŐŶŽƚĞďĂůĂŶĐĞĂƐŽĨ :ƵŶĞϯϬ͕ϮϬϮϬǁĂƐΨϳ͘ϳŵŝůůŝŽŶ͘dŚĞŽŵƉĂŶLJƌĞĐĞŝǀĞĚĂƉƌŝŶĐŝƉĂůƌĞƉĂLJŵĞŶƚŽĨΨϮ͘ϯŵŝůůŝŽŶĚƵƌŝŶŐĨŝƐĐĂů LJĞĂƌϮϬϮϬůĞĂǀŝŶŐƚŚĞŽŵƉĂŶLJǁŝƚŚĂΨϳ͘ϳŵŝůůŝŽŶŽƵƚƐƚĂŶĚŝŶŐďĂůĂŶĐĞĂƐŽĨ:ƵŶĞϯϬ͕ϮϬϮϬ͘

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## **;ϭϲͿ ^ƵďƐĞƋƵĞŶƚǀĞŶƚƐ**

dŚĞŽŵƉĂŶLJŚĂƐĞǀĂůƵĂƚĞĚĂůůĞǀĞŶƚƐƐƵďƐĞƋƵĞŶƚƚŽ:ƵŶĞϯϬ͕ϮϬϮϬ͕ƵƉƵŶƚŝůƚŚĞĚĂƚĞƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ &ŝŶĂŶĐŝĂů ŽŶĚŝƚŝŽŶ ǁĞƌĞ ŝƐƐƵĞĚ͕ ĂŶĚ͕ ĞdžĐĞƉƚ ĂƐ ĚŝƐĐůŽƐĞĚ͕ ŚĂƐ ĚĞƚĞƌŵŝŶĞĚ ƚŚĞƌĞ ǁĞƌĞ ŶŽ ĞǀĞŶƚƐ Žƌ ƚƌĂŶƐĂĐƚŝŽŶƐĚƵƌŝŶŐƐĂŝĚƉĞƌŝŽĚƚŚĂƚǁŽƵůĚƌĞƋƵŝƌĞƌĞĐŽŐŶŝƚŝŽŶŽƌĚŝƐĐůŽƐƵƌĞŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂů ŽŶĚŝƚŝŽŶ͘


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