Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
Contract
AGREEMENT FOR SENIOR CENTER HVAC ROOF CONSULTING SERVICES THIS AGREEMENT, datedfor reference purposes only asJulyXX, 2025,is by and between the City of Renton (the “City”), a Washington municipal corporation, and BCRA (“Consultant”), a Washington State Incorporated Company. The City and the Consultant are referred to collectively in this Agreement as the “Parties.” Once fully executed by the Parties, this Agreement iseffective as of the last date signed by both parties. 1. Scope of Work: Consultant agrees to provide Architectural, Design, Project Management, and Construction Management Services as specified in Exhibit A, which is attached and incorporated herein and may hereinafter be referred to as the “Work.” 2. Changes in Scope of Work: The City, without invalidating this Agreement, may order changes to the Workconsisting of additions, deletions or modifications.Any such changes to the Work shall be ordered by the City in writing and the Compensation shall be equitably adjusted consistent with the rates set forth inExhibitAor as otherwise mutually agreed by the Parties. 3. Time of Performance: Consultant shall commence performance of the Agreement pursuant to the schedule(s) set forth in Exhibit A. All Work shall be performed by no later than 12/31/2027. 4. Compensation: A. Amount. Total compensation to Consultant for Work provided pursuant to this Agreement shall not exceed $324,394.00, plus any applicable state and local sales taxes. Compensation shall be paid based upon Work actually performed according to the rate(s) or amounts specified in Exhibit A. The Consultant agrees that any hourly or flat rate charged by it for its Work shall remain locked at the negotiated rate(s) unless otherwise agreed to in writing or provided in Exhibit A. Except as specifically provided herein, the Consultant shall be solely responsible for payment of any taxes imposed as a result of the performance and payment of this Agreement. B. Method of Payment. On a monthly or no less than quarterly basis during any quarter in which Workisperformed, the Consultant shall submit a voucher or invoice in aform specified by the City, including a description of what Work has been performed, the name of the personnel performing such Work, and any hourly labor charge rate for CAG-25-247 W' ϮK&ϰϯ ƐƵĐŚƉĞƌƐŽŶŶĞů͘dŚĞŽŶƐƵůƚĂŶƚƐŚĂůůĂůƐŽƐƵďŵŝƚĂĨŝŶĂůďŝůůƵƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůů tŽƌŬ͘WĂLJŵĞŶƚƐŚĂůůďĞŵĂĚĞďLJƚŚĞŝƚLJĨŽƌtŽƌŬƉĞƌĨŽƌŵĞĚǁŝƚŚŝŶƚŚŝƌƚLJ;ϯϬͿ ĐĂůĞŶĚĂƌĚĂLJƐĂĨƚĞƌƌĞĐĞŝƉƚĂŶĚĂƉƉƌŽǀĂůďLJƚŚĞĂƉƉƌŽƉƌŝĂƚĞŝƚLJƌĞƉƌĞƐĞŶƚĂƚŝǀĞŽĨƚŚĞ ǀŽƵĐŚĞƌŽƌŝŶǀŽŝĐĞ͘/ĨƚŚĞŽŶƐƵůƚĂŶƚ͛ƐƉĞƌĨŽƌŵĂŶĐĞĚŽĞƐŶŽƚŵĞĞƚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͕ƚŚĞŽŶƐƵůƚĂŶƚǁŝůůĐŽƌƌĞĐƚŽƌŵŽĚŝĨLJŝƚƐƉĞƌĨŽƌŵĂŶĐĞƚŽĐŽŵƉůLJ ǁŝƚŚƚŚĞŐƌĞĞŵĞŶƚ͘dŚĞŝƚLJŵĂLJǁŝƚŚŚŽůĚƉĂLJŵĞŶƚĨŽƌǁŽƌŬƚŚĂƚĚŽĞƐŶŽƚŵĞĞƚƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘ ͘ ĨĨĞĐƚŽĨWĂLJŵĞŶƚ͘WĂLJŵĞŶƚĨŽƌĂŶLJƉĂƌƚŽĨƚŚĞtŽƌŬƐŚĂůůŶŽƚĐŽŶƐƚŝƚƵƚĞĂǁĂŝǀĞƌďLJ ƚŚĞŝƚLJŽĨĂŶLJƌĞŵĞĚŝĞƐŝƚŵĂLJŚĂǀĞĂŐĂŝŶƐƚƚŚĞŽŶƐƵůƚĂŶƚĨŽƌĨĂŝůƵƌĞŽĨƚŚĞ ŽŶƐƵůƚĂŶƚ ƚŽ ƉĞƌĨŽƌŵ ƚŚĞ tŽƌŬ Žƌ ĨŽƌ ĂŶLJ ďƌĞĂĐŚ ŽĨ ƚŚŝƐ ŐƌĞĞŵĞŶƚ ďLJ ƚŚĞ ŽŶƐƵůƚĂŶƚ͘ ͘ EŽŶͲƉƉƌŽƉƌŝĂƚŝŽŶŽĨ&ƵŶĚƐ͘/ĨƐƵĨĨŝĐŝĞŶƚĨƵŶĚƐĂƌĞŶŽƚĂƉƉƌŽƉƌŝĂƚĞĚŽƌĂůůŽĐĂƚĞĚĨŽƌ ƉĂLJŵĞŶƚƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚĨŽƌĂŶLJĨƵƚƵƌĞĨŝƐĐĂůƉĞƌŝŽĚ͕ƚŚĞŝƚLJƐŚĂůůŶŽƚďĞ ŽďůŝŐĂƚĞĚƚŽŵĂŬĞƉĂLJŵĞŶƚƐĨŽƌtŽƌŬŽƌĂŵŽƵŶƚƐŝŶĐƵƌƌĞĚĂĨƚĞƌƚŚĞĞŶĚŽĨƚŚĞ ĐƵƌƌĞŶƚĨŝƐĐĂůƉĞƌŝŽĚ͕ĂŶĚƚŚŝƐŐƌĞĞŵĞŶƚǁŝůůƚĞƌŵŝŶĂƚĞƵƉŽŶƚŚĞĐŽŵƉůĞƚŝŽŶŽĨĂůů ƌĞŵĂŝŶŝŶŐtŽƌŬĨŽƌǁŚŝĐŚĨƵŶĚƐĂƌĞĂůůŽĐĂƚĞĚ͘EŽƉĞŶĂůƚLJŽƌĞdžƉĞŶƐĞƐŚĂůůĂĐĐƌƵĞƚŽ ƚŚĞŝƚLJŝŶƚŚĞĞǀĞŶƚƚŚŝƐƉƌŽǀŝƐŝŽŶĂƉƉůŝĞƐ͘ ϱ͘dĞƌŵŝŶĂƚŝŽŶ͗ ͘dŚĞŝƚLJƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽƚĞƌŵŝŶĂƚĞƚŚŝƐŐƌĞĞŵĞŶƚĂƚĂŶLJƚŝŵĞ͕ǁŝƚŚŽƌǁŝƚŚŽƵƚ ĐĂƵƐĞďLJŐŝǀŝŶŐƚĞŶ;ϭϬͿĐĂůĞŶĚĂƌĚĂLJƐ͛ŶŽƚŝĐĞƚŽƚŚĞŽŶƐƵůƚĂŶƚŝŶǁƌŝƚŝŶŐ͘/ŶƚŚĞĞǀĞŶƚ ŽĨƐƵĐŚƚĞƌŵŝŶĂƚŝŽŶŽƌƐƵƐƉĞŶƐŝŽŶ͕ĂůůĨŝŶŝƐŚĞĚŽƌƵŶĨŝŶŝƐŚĞĚĚŽĐƵŵĞŶƚƐ͕ĚĂƚĂ͕ƐƚƵĚŝĞƐ͕ ǁŽƌŬƐŚĞĞƚƐ͕ŵŽĚĞůƐĂŶĚƌĞƉŽƌƚƐ͕ŽƌŽƚŚĞƌŵĂƚĞƌŝĂůƉƌĞƉĂƌĞĚďLJƚŚĞ ŽŶƐƵůƚĂŶƚ ƉƵƌƐƵĂŶƚƚŽƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞƐƵďŵŝƚƚĞĚƚŽƚŚĞŝƚLJ͕ŝĨĂŶLJĂƌĞƌĞƋƵŝƌĞĚĂƐƉĂƌƚ ŽĨƚŚĞtŽƌŬ͘ ͘/ŶƚŚĞĞǀĞŶƚƚŚŝƐŐƌĞĞŵĞŶƚŝƐƚĞƌŵŝŶĂƚĞĚďLJƚŚĞŝƚLJ͕ƚŚĞŽŶƐƵůƚĂŶƚƐŚĂůůďĞĞŶƚŝƚůĞĚ ƚŽƉĂLJŵĞŶƚĨŽƌĂůůŚŽƵƌƐǁŽƌŬĞĚƚŽƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƚĞƌŵŝŶ ĂƚŝŽŶ͕ůĞƐƐĂůůƉĂLJŵĞŶƚƐ ƉƌĞǀŝŽƵƐůLJŵĂĚĞ͘/ĨƚŚĞŐƌĞĞŵĞŶƚŝƐƚĞƌŵŝŶĂƚĞĚďLJƚŚĞŝƚLJĂĨƚĞƌƉĂƌƚŝĂůƉĞƌĨŽƌŵĂŶĐĞ ŽĨtŽƌŬĨŽƌǁŚŝĐŚƚŚĞĂŐƌĞĞĚĐŽŵƉĞŶƐĂƚŝŽŶŝƐĂĨŝdžĞĚĨĞĞ͕ƚŚĞŝƚLJƐŚĂůůƉĂLJƚŚĞ ŽŶƐƵůƚĂŶƚĂŶĞƋƵŝƚĂďůĞƐŚĂƌĞŽĨƚŚĞĨŝdžĞĚĨĞĞ͘dŚŝƐƉƌŽǀŝƐŝŽŶƐŚĂůůŶŽƚƉƌĞǀĞŶƚƚŚĞ ŝƚLJĨƌŽŵƐĞĞŬŝŶŐĂŶLJůĞŐĂůƌĞŵĞĚŝĞƐŝƚŵĂLJŚĂǀĞĨŽƌƚŚĞǀŝŽůĂƚŝŽŶŽƌŶŽŶƉĞƌĨŽƌŵĂŶĐĞ ŽĨĂŶLJŽĨƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚĂŶĚƐƵĐŚĐŚĂƌŐĞƐĚƵĞƚŽƚŚĞŝƚLJƐŚĂůůďĞ ĚĞĚƵĐƚĞĚĨƌŽŵƚŚĞĨŝŶĂůƉĂLJŵĞŶƚĚƵĞƚŚĞŽŶƐƵůƚĂŶƚ͘EŽƉĂLJŵĞŶƚƐŚĂůůďĞŵĂĚĞďLJ ƚŚĞŝƚLJĨŽƌĂŶLJĞdžƉĞŶƐĞƐŝŶĐƵƌƌĞĚŽƌǁŽƌŬĚŽŶĞĨŽůůŽǁŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨ ƚĞƌŵŝŶĂƚŝŽŶƵŶůĞƐƐĂƵƚŚŽƌŝnjĞĚŝŶĂĚǀĂŶĐĞŝŶǁƌŝƚŝŶŐďLJƚŚĞŝƚLJ͘ ϲ͘tĂƌƌĂŶƚŝĞƐŶĚZŝŐŚƚdŽhƐĞtŽƌŬWƌŽĚƵĐƚ͗ŽŶƐƵůƚĂŶƚƌĞƉƌĞƐĞŶƚƐĂŶĚǁĂƌƌĂŶƚƐƚŚĂƚ ŽŶƐƵůƚĂŶƚ ǁŝůů ƉĞƌĨŽƌŵ Ăůů tŽƌŬ ŝĚĞŶƚŝĨŝĞĚ ŝŶ ƚŚŝƐ ŐƌĞĞŵĞŶƚ ŝŶ Ă ƉƌŽĨĞƐƐŝŽŶĂů ĂŶĚ ǁŽƌŬŵĂŶůŝŬĞŵĂŶŶĞƌĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂůůƌĞĂƐŽŶĂďůĞĂŶĚƉƌŽĨĞƐƐŝŽŶĂůƐƚĂŶĚĂƌĚƐ W' ϯK&ϰϯ ĂŶĚůĂǁƐ͘ŽŵƉůŝĂŶĐĞǁŝƚŚƉƌŽĨĞƐƐŝŽŶĂůƐƚĂŶĚĂƌĚƐŝŶĐůƵĚĞƐ͕ĂƐĂƉƉůŝĐĂďůĞ͕ƉĞƌĨŽƌŵŝŶŐƚŚĞ tŽƌŬŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĂƉƉůŝĐĂďůĞŝƚLJƐƚĂŶĚĂƌĚƐŽƌŐƵŝĚĞůŝŶĞƐ;Ğ͘Ő͘ĚĞƐŝŐŶĐƌŝƚĞƌŝĂĂŶĚ ^ƚĂŶĚĂƌĚWůĂŶƐĨŽƌZŽĂĚ͕ƌŝĚŐĞĂŶĚDƵŶŝĐŝƉĂůŽŶƐƚƌƵĐƚŝŽŶͿ͘WƌŽĨĞƐƐŝŽŶĂůĞŶŐŝŶĞĞƌƐƐŚĂůů ĐĞƌƚŝĨLJĞŶŐŝŶĞĞƌŝŶŐƉůĂŶƐ͕ƐƉĞĐŝĨŝĐĂƚŝŽŶƐ͕ƉůĂƚƐ͕ĂŶĚƌĞƉŽƌƚƐ͕ĂƐĂƉƉůŝĐĂďůĞ͕ƉƵƌƐƵĂŶƚƚŽ Ztϭϴ͘ϰϯ͘ϬϳϬ͘ŽŶƐƵůƚĂŶƚĨƵƌƚŚĞƌƌĞƉƌĞƐĞŶƚƐĂŶĚǁĂƌƌĂŶƚƐƚŚĂƚĂůůĨŝŶĂůǁŽƌŬƉƌŽĚƵĐƚ ĐƌĞĂƚĞĚĨŽƌĂŶĚĚĞůŝǀĞƌĞĚƚŽƚŚĞŝƚLJƉƵƌƐƵĂŶƚƚŽƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞƚŚĞŽƌŝŐŝŶĂůǁŽƌŬ ŽĨƚŚĞŽŶƐƵůƚĂŶƚĂŶĚĨƌĞĞĨƌŽŵĂŶLJŝŶƚĞůůĞĐƚƵĂůƉƌŽƉĞƌƚLJĞŶĐƵŵďƌĂŶĐĞǁŚŝĐŚǁŽƵůĚ ƌĞƐƚƌŝĐƚƚŚĞŝƚLJĨƌŽŵƵƐŝŶŐƚŚĞǁŽƌŬƉƌŽĚƵĐƚ͘ŽŶƐƵůƚĂŶƚŐƌĂŶƚƐ ƚŽ ƚŚĞ ŝƚLJ Ă ŶŽŶͲ ĞdžĐůƵƐŝǀĞ͕ƉĞƌƉĞƚƵĂůƌŝŐŚƚĂŶĚůŝĐĞŶƐĞƚŽƵƐĞ͕ƌĞƉƌŽĚƵĐĞ͕ĚŝƐƚƌŝďƵƚĞ͕ĂĚĂƉƚ͕ŵŽĚŝĨLJ͕ĂŶĚ ĚŝƐƉůĂLJĂůůĨŝŶĂůǁŽƌŬƉƌŽĚƵĐƚƉƌŽĚƵĐĞĚƉƵƌƐƵĂŶƚƚŽƚŚŝƐŐƌĞĞŵĞŶƚ͘dŚĞŝƚLJ͛ƐŽƌŽƚŚĞƌ͛Ɛ ĂĚĂƉƚĂƚŝŽŶ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌƵƐĞŽĨƚŚĞĨŝŶĂůǁŽƌŬƉƌŽĚƵĐƚƐŽƚŚĞƌƚŚĂŶĨŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨ ƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞǁŝƚŚŽƵƚůŝĂďŝůŝƚLJƚŽƚŚĞŽŶƐƵůƚĂŶƚ͘dŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐƐĞĐƚŝŽŶ ƐŚĂůůƐƵƌǀŝǀĞƚŚĞĞdžƉŝƌĂƚŝŽŶŽƌƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘ ϳ͘ZĞĐŽƌĚ DĂŝŶƚĞŶĂŶĐĞ͗ dŚĞ ŽŶƐƵůƚĂŶƚ ƐŚĂůů ŵĂŝŶƚĂŝŶ ĂĐĐŽƵŶƚƐ ĂŶĚ ƌĞĐŽƌĚƐ͕ ǁŚŝĐŚ ƉƌŽƉĞƌůLJ ƌĞĨůĞĐƚ Ăůů ĚŝƌĞĐƚ ĂŶĚ ŝŶĚŝƌĞĐƚ ĐŽƐƚƐ ĞdžƉĞŶĚĞĚ ĂŶĚ tŽƌŬ ƉƌŽǀŝĚĞĚ ŝŶ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚĂŶĚƌĞƚĂŝŶƐƵĐŚƌĞĐŽƌĚƐĨŽƌĂƐůŽŶŐĂƐŵĂLJďĞƌĞƋƵŝƌĞĚďLJ ĂƉƉůŝĐĂďůĞtĂƐŚŝŶŐƚŽŶ^ƚĂƚĞƌĞĐŽƌĚƐƌĞƚĞŶƚŝŽŶůĂǁƐ͕ďƵƚŝŶĂŶLJĞǀĞŶƚŶŽůĞƐƐƚŚĂŶƐŝdž LJĞĂƌƐĂĨƚĞƌƚŚĞƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘dŚĞŽŶƐƵůƚĂŶƚĂŐƌĞĞƐƚŽƉƌŽǀŝĚĞĂĐĐĞƐƐ ƚŽĂŶĚĐŽƉŝĞƐŽĨĂŶLJƌĞĐŽƌĚƐƌĞůĂƚĞĚƚŽƚŚŝƐŐƌĞĞŵĞŶƚĂƐƌĞƋƵŝƌĞĚďLJƚŚĞŝƚLJƚŽĂƵĚŝƚ ĞdžƉĞŶĚŝƚƵƌĞƐĂŶĚĐŚĂƌŐĞƐĂŶĚͬŽƌƚŽĐŽŵƉůLJǁŝƚŚƚŚĞtĂƐŚŝŶŐƚŽŶ^ƚĂƚĞWƵďůŝĐZĞĐŽƌĚƐĐƚ ;ŚĂƉƚĞƌ ϰϮ͘ϱϲ ZtͿ͘ dŚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ƚŚŝƐ ƐĞĐƚŝŽŶ ƐŚĂůů ƐƵƌǀŝǀĞ ƚŚĞ ĞdžƉŝƌĂƚŝŽŶ Žƌ ƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘ ϴ͘WƵďůŝĐZĞĐŽƌĚƐŽŵƉůŝĂŶĐĞ͗dŽƚŚĞĨƵůůĞdžƚĞŶƚƚŚĞŝƚLJĚĞƚĞƌŵŝŶĞƐŶĞĐĞƐƐĂƌLJƚŽĐŽŵƉůLJ ǁŝƚŚƚŚĞtĂƐŚŝŶŐƚŽŶ^ƚĂƚĞWƵďůŝĐZĞĐŽƌĚƐĐƚ͕ŽŶƐƵůƚĂŶƚƐŚĂůůŵĂŬĞĂĚƵĞĚŝůŝŐĞŶƚƐĞĂƌĐŚ ŽĨ Ăůů ƌĞĐŽƌĚƐ ŝŶ ŝƚƐ ƉŽƐƐĞƐƐŝŽŶŽƌ ĐŽŶƚƌŽů ƌĞůĂƚŝŶŐƚŽ ƚŚŝƐ ŐƌĞĞŵĞŶƚ ĂŶĚ ƚŚĞ tŽƌŬ͕ ŝŶĐůƵĚŝŶŐ͕ďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͕ĞͲŵĂŝů͕ĐŽƌƌĞƐƉŽŶĚĞŶĐĞ͕ŶŽƚĞƐ͕ƐĂǀĞĚƚĞůĞƉŚŽŶĞŵĞƐƐĂŐĞƐ͕ ƌĞĐŽƌĚŝŶŐƐ͕ƉŚŽƚŽƐ͕ŽƌĚƌĂǁŝŶŐƐĂŶĚƉƌŽǀŝĚĞƚŚĞŵƚŽƚŚĞŝƚLJĨŽƌƉƌŽĚƵĐƚŝŽŶ͘/ŶƚŚĞĞǀĞŶƚ ŽŶƐƵůƚĂŶƚ ďĞůŝĞǀĞƐ ƐĂŝĚ ƌĞĐŽƌĚƐ ŶĞĞĚ ƚŽ ďĞ ƉƌŽƚĞĐƚĞĚ ĨƌŽŵ ĚŝƐĐůŽƐƵƌĞ͕ ŝƚ ŵĂLJ͕ Ăƚ ŽŶƐƵůƚĂŶƚ͛ƐŽǁŶĞdžƉĞŶƐĞ͕ƐĞĞŬũƵĚŝĐŝĂůƉƌŽƚĞĐƚŝŽŶ͘ŽŶƐƵůƚĂŶƚƐŚĂůůŝŶĚĞŵŶŝĨLJ͕ĚĞĨĞŶĚ͕ ĂŶĚŚŽůĚŚĂƌŵůĞƐƐƚŚĞŝƚLJĨŽƌĂůůĐŽƐƚƐ͕ŝŶĐůƵĚŝŶŐĂƚƚŽƌŶĞLJƐ͛ĨĞĞƐ͕ĂƚƚĞŶĚĂŶƚƚŽĂŶLJĐůĂŝŵ ŽƌůŝƚŝŐĂƚŝŽŶƌĞůĂƚĞĚƚŽĂWƵďůŝĐZĞĐŽƌĚƐĐƚƌĞƋƵĞƐƚĨŽƌǁŚŝĐŚŽŶƐƵůƚĂŶƚŚĂƐƌĞƐƉŽŶƐŝǀĞ ƌĞĐŽƌĚƐĂŶĚĨŽƌǁŚŝĐŚŽŶƐƵůƚĂŶƚŚĂƐǁŝƚŚŚĞůĚƌĞĐŽƌĚƐŽƌŝŶĨŽƌŵĂƚŝŽŶĐŽŶƚĂŝŶĞĚƚŚĞƌĞŝŶ͕ Žƌ ŶŽƚ ƉƌŽǀŝĚĞĚ ƚŚĞŵ ƚŽ ƚŚĞ ŝƚLJ ŝŶ Ă ƚŝŵĞůLJ ŵĂŶŶĞƌ͘ ŽŶƐƵůƚĂŶƚ ƐŚĂůů ƉƌŽĚƵĐĞ ĨŽƌ ĚŝƐƚƌŝďƵƚŝŽŶĂŶLJĂŶĚĂůůƌĞĐŽƌĚƐƌĞƐƉŽŶƐŝǀĞƚŽƚŚĞWƵďůŝĐZĞĐŽƌĚƐĐƚƌĞƋƵĞƐƚŝŶĂƚŝŵĞůLJ ŵĂŶŶĞƌ͕ƵŶůĞƐƐƚŚŽƐĞƌĞĐŽƌĚƐĂƌĞƉƌŽƚĞĐƚĞĚďLJĐŽƵƌƚŽƌĚĞƌ͘dŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐƐĞĐƚŝŽŶ ƐŚĂůůƐƵƌǀŝǀĞƚŚĞĞdžƉŝƌĂƚŝŽŶŽƌƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘ ϵ͘/ŶĚĞƉĞŶĚĞŶƚŽŶƚƌĂĐƚŽƌZĞůĂƚŝŽŶƐŚŝƉ͗ ͘dŚĞŽŶƐƵůƚĂŶƚŝƐƌĞƚĂŝŶĞĚďLJƚŚĞŝƚLJŽŶůLJĨŽƌƚŚĞƉƵƌƉŽƐĞƐĂŶĚƚŽƚŚĞĞdžƚĞŶƚƐĞƚĨŽƌƚŚ ŝŶƚŚŝƐŐƌĞĞŵĞŶƚ͘dŚĞŶĂƚƵƌĞŽĨƚŚĞƌĞůĂƚŝŽŶƐŚŝƉďĞƚǁĞĞŶƚŚĞŽŶƐƵůƚĂŶƚĂŶĚƚŚĞŝƚLJ W' ϰK&ϰϯ ĚƵƌŝŶŐ ƚŚĞ ƉĞƌŝŽĚ ŽĨ ƚŚĞ tŽƌŬ ƐŚĂůů ďĞ ƚŚĂƚ ŽĨ ĂŶ ŝŶĚĞƉĞŶĚĞŶƚ ĐŽŶƚƌĂĐƚŽƌ͕ ŶŽƚ ĞŵƉůŽLJĞĞ͘dŚĞŽŶƐƵůƚĂŶƚ͕ŶŽƚƚŚĞŝƚLJ͕ƐŚĂůůŚĂǀĞƚŚĞƉŽǁĞƌƚŽĐŽŶƚƌŽůĂŶĚĚŝƌĞĐƚƚŚĞ ĚĞƚĂŝůƐ͕ŵĂŶŶĞƌŽƌŵĞĂŶƐŽĨtŽƌŬ͘^ƉĞĐŝĨŝĐĂůůLJ͕ďƵƚŶŽƚďLJŵĞĂŶƐŽĨůŝŵŝƚĂƚŝŽŶ͕ƚŚĞ ŽŶƐƵůƚĂŶƚ ƐŚĂůů ŚĂǀĞ ŶŽ ŽďůŝŐĂƚŝŽŶ ƚŽ ǁŽƌŬ ĂŶLJ ƉĂƌƚŝĐƵůĂƌ ŚŽƵƌƐ Žƌ ƉĂƌƚŝĐƵůĂƌ ƐĐŚĞĚƵůĞ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŝŶĚŝĐĂƚĞĚŝŶƚŚĞ^ĐŽƉĞŽĨtŽƌŬŽƌǁŚĞƌĞƐĐŚĞĚƵůŝŶŐŽĨ ĂƚƚĞŶĚĂŶĐĞŽƌƉĞƌĨŽƌŵĂŶĐĞŝƐŵƵƚƵĂůůLJĂƌƌĂŶŐĞĚĚƵĞƚŽƚŚĞŶĂƚƵƌĞŽĨƚŚĞtŽƌŬ͘ ŽŶƐƵůƚĂŶƚƐŚĂůůƌĞƚĂŝŶƚŚĞƌŝŐŚƚƚŽĚĞƐŝŐŶĂƚĞƚŚĞŵĞĂŶƐŽĨƉĞƌĨŽƌŵŝŶŐƚŚĞtŽƌŬ ĐŽǀĞƌĞĚďLJƚŚŝƐĂŐƌĞĞŵĞŶƚ͕ĂŶĚƚŚĞŽŶƐƵůƚĂŶƚƐŚĂůůďĞĞŶƚŝƚůĞĚƚŽĞŵƉůŽLJŽƚŚĞƌ ǁŽƌŬĞƌƐĂƚƐƵĐŚĐŽŵƉĞŶƐĂƚŝŽŶĂŶĚƐƵĐŚŽƚŚĞƌĐŽŶĚŝƚŝŽŶƐĂƐŝƚŵĂLJĚĞĞŵƉƌŽƉĞƌ͕ ƉƌŽǀŝĚĞĚ͕ŚŽǁĞǀĞƌ͕ƚŚĂƚĂŶLJĐŽŶƚƌĂĐƚƐŽŵĂĚĞďLJƚŚĞŽŶƐƵůƚĂŶƚŝƐƚŽďĞƉĂŝĚďLJŝƚ ĂůŽŶĞ͕ĂŶĚƚŚĂƚĞŵƉůŽLJŝŶŐƐƵĐŚǁŽƌŬĞƌƐ͕ŝƚŝƐĂĐƚŝŶŐŝŶĚŝǀŝĚƵĂůůLJĂŶĚŶŽƚĂƐĂŶĂŐĞŶƚ ĨŽƌƚŚĞŝƚLJ͘ ͘dŚĞŝƚLJƐŚĂůůŶŽƚďĞƌĞƐƉŽŶƐŝďůĞĨŽƌǁŝƚŚŚŽůĚŝŶŐŽƌŽƚŚĞƌǁŝƐĞĚĞĚƵĐƚŝŶŐĨĞĚĞƌĂů ŝŶĐŽŵĞƚĂdžŽƌ^ŽĐŝĂů^ĞĐƵƌŝƚLJŽƌĐŽŶƚƌŝďƵƚŝŶŐƚŽƚŚĞ^ƚĂƚĞ/ŶĚƵƐƚƌŝĂů /ŶƐƵƌĂŶĐĞ WƌŽŐƌĂŵ͕ŽƌŽƚŚĞƌǁŝƐĞĂƐƐƵŵŝŶŐƚŚĞĚƵƚŝĞƐŽĨĂŶĞŵƉůŽLJĞƌǁŝƚŚƌĞƐƉĞĐƚƚŽŽŶƐƵůƚĂŶƚ ŽƌĂŶLJĞŵƉůŽLJĞĞŽĨƚŚĞŽŶƐƵůƚĂŶƚ͘ ͘/ĨƚŚĞŽŶƐƵůƚĂŶƚŝƐĂƐŽůĞƉƌŽƉƌŝĞƚŽƌƐŚŝƉŽƌŝĨƚŚŝƐŐƌĞĞŵĞŶƚŝƐǁŝƚŚĂŶŝŶĚŝǀŝĚƵĂů͕ƚŚĞ ŽŶƐƵůƚĂŶƚĂŐƌĞĞƐƚŽŶŽƚŝĨLJƚŚĞŝƚLJĂŶĚĐŽŵƉůĞƚĞĂŶLJƌĞƋƵŝƌĞĚĨŽƌŵŝĨƚŚĞŽŶƐƵůƚĂŶƚ ƌĞƚŝƌĞĚƵŶĚĞƌĂ^ƚĂƚĞŽĨtĂƐŚŝŶŐƚŽŶƌĞƚŝƌĞŵĞŶƚƐLJƐƚĞŵĂŶĚĂŐƌĞĞƐƚŽŝŶĚĞŵŶŝĨLJĂŶLJ ůŽƐƐĞƐƚŚĞŝƚLJŵĂLJƐƵƐƚĂŝŶƚŚƌŽƵŐŚƚŚĞŽŶƐƵůƚĂŶƚ͛ƐĨĂŝůƵƌĞƚŽĚŽƐŽ͘ ϭϬ͘,ŽůĚ,ĂƌŵůĞƐƐ͗dŚĞŽŶƐƵůƚĂŶƚĂŐƌĞĞƐƚŽƌĞůĞĂƐĞ͕ŝŶĚĞŵŶŝĨLJ͕ĚĞĨĞŶĚ͕ĂŶĚŚŽůĚŚĂƌŵůĞƐƐ ƚŚĞŝƚLJ͕ĞůĞĐƚĞĚŽĨĨŝĐŝĂůƐ͕ĞŵƉůŽLJĞĞƐ͕ŽĨĨŝĐĞƌƐ͕ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͕ĂŶĚǀŽůƵŶƚĞĞƌƐĨƌŽŵĂŶLJ ĂŶĚ Ăůů ĐůĂŝŵƐ͕ ĚĞŵĂŶĚƐ͕ ĂĐƚŝŽŶƐ͕ ƐƵŝƚƐ͕ ĐĂƵƐĞƐ ŽĨ ĂĐƚŝŽŶ͕ ĂƌďŝƚƌĂƚŝŽŶƐ͕ ŵĞĚŝĂƚŝŽŶƐ͕ ƉƌŽĐĞĞĚŝŶŐƐ͕ũƵĚŐŵĞŶƚƐ͕ĂǁĂƌĚƐ͕ŝŶũƵƌŝĞƐ͕ĚĂŵĂŐĞƐ͕ůŝĂďŝůŝƚŝĞƐ͕ƚĂdžĞƐ͕ůŽƐƐĞƐ͕ĨŝŶĞƐ͕ĨĞĞƐ͕ ƉĞŶĂůƚŝĞƐ͕ĞdžƉĞŶƐĞƐ͕ĂƚƚŽƌŶĞLJ͛ƐŽƌĂƚƚŽƌŶĞLJƐ͛ĨĞĞƐ͕ĐŽƐƚƐ͕ĂŶĚͬŽƌůŝƚŝŐĂƚŝŽŶĞdžƉĞŶƐĞƐƚŽŽƌ ďLJĂŶLJĂŶĚĂůůƉĞƌƐŽŶƐŽƌĞŶƚŝƚŝĞƐ͕ĂƌŝƐŝŶŐĨƌŽŵ͕ƌĞƐƵůƚŝŶŐĨƌŽŵ͕ŽƌƌĞůĂƚĞĚƚŽƚŚĞŶĞŐůŝŐĞŶƚ ĂĐƚƐ͕ĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽĨƚŚĞŽŶƐƵůƚĂŶƚŝŶŝƚƐƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚŽƌĂ ďƌĞĂĐŚŽĨƚŚŝƐŐƌĞĞŵĞŶƚďLJŽŶƐƵůƚĂŶƚ͕ĞdžĐĞƉƚĨŽƌƚŚĂƚƉŽƌƚŝŽŶŽĨƚŚĞĐůĂŝŵƐĐĂƵƐĞĚďLJ ƚŚĞŝƚLJ͛ƐƐŽůĞŶĞŐůŝŐĞŶĐĞ͘ ^ŚŽƵůĚĂĐŽƵƌƚŽĨĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶĚĞƚĞƌŵŝŶĞƚŚĂƚƚŚŝƐĂŐ ƌĞĞŵĞŶƚŝƐƐƵďũĞĐƚƚŽZt ϰ͘Ϯϰ͘ϭϭϱ͕;sĂůŝĚŝƚLJŽĨĂŐƌĞĞŵĞŶƚƚŽŝŶĚĞŵŶŝĨLJĂŐĂŝŶƐƚůŝĂďŝůŝƚLJĨŽƌŶĞŐůŝŐĞŶĐĞƌĞůĂƚŝǀĞƚŽ ĐŽŶƐƚƌƵĐƚŝŽŶ͕ĂůƚĞƌĂƚŝŽŶ͕ŝŵƉƌŽǀĞŵĞŶƚ͕ĞƚĐ͕͘ŽĨƐƚƌƵĐƚƵƌĞŽƌŝŵƉƌŽǀĞŵĞŶƚĂƚƚĂĐŚĞĚƚŽƌĞĂů ĞƐƚĂƚĞ͙ͿƚŚĞŶ͕ŝŶƚŚĞĞǀĞŶƚŽĨůŝĂďŝůŝƚLJĨŽƌĚĂŵĂŐĞƐĂƌŝƐŝŶŐŽƵƚŽĨďŽĚŝůLJŝŶũƵƌLJƚŽƉĞƌƐŽŶƐ ŽƌĚĂŵĂŐĞƐƚŽƉƌŽƉĞƌƚLJĐĂƵƐĞĚďLJŽƌƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨƚŚĞ ŽŶƐƵůƚĂŶƚĂŶĚƚŚĞŝƚLJ͕ŝƚƐŽĨĨŝĐĞƌƐ͕ŽĨĨŝĐŝĂůƐ͕ĞŵƉůŽLJĞĞƐĂŶĚǀŽůƵŶƚĞĞƌƐ͕ŽŶƐƵůƚĂŶƚ͛Ɛ ůŝĂďŝůŝƚLJƐŚĂůůďĞŽŶůLJƚŽƚŚĞĞdžƚĞŶƚŽĨŽŶƐƵůƚĂŶƚ͛ƐŶĞŐůŝŐĞŶĐĞ͘ W' ϱK&ϰϯ /ƚŝƐĨƵƌƚŚĞƌƐƉĞĐŝĨŝĐĂůůLJĂŶĚĞdžƉƌĞƐƐůLJƵŶĚĞƌƐƚŽŽĚƚŚĂƚƚŚĞŝŶĚĞŵŶŝĨŝĐĂƚŝŽŶƉƌŽǀŝĚĞĚŝŶ ƚŚŝƐ ŐƌĞĞŵĞŶƚ ĐŽŶƐƚŝƚƵƚĞ ŽŶƐƵůƚĂŶƚ͛Ɛ ǁĂŝǀĞƌ ŽĨ ŝŵŵƵŶŝƚLJ ƵŶĚĞƌ ƚŚĞ /ŶĚƵƐƚƌŝĂů /ŶƐƵƌĂŶĐĞĐƚ͕ZtdŝƚůĞϱϭ͕ƐŽůĞůLJĨŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƚŚŝƐŝŶĚĞŵŶŝĨŝĐĂƚŝŽŶ͘dŚĞWĂƌƚŝĞƐ ŚĂǀĞŵƵƚƵĂůůLJŶĞŐŽƚŝĂƚĞĚĂŶĚĂŐƌĞĞĚƚŽƚŚŝƐǁĂŝǀĞƌ͘dŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐƐĞĐƚŝŽŶƐŚĂůů ƐƵƌǀŝǀĞƚŚĞĞdžƉŝƌĂƚŝŽŶŽƌƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘ ϭϭ͘'ŝĨƚƐĂŶĚŽŶĨůŝĐƚƐ͗dŚĞŝƚLJ͛ƐŽĚĞŽĨ ƚŚŝĐƐĂŶĚtĂƐŚŝŶŐƚŽŶ^ƚĂƚĞůĂǁƉƌŽŚŝďŝƚŝƚLJ ĞŵƉůŽLJĞĞƐĨƌŽŵƐŽůŝĐŝƚŝŶŐ͕ĂĐĐĞƉƚŝŶŐ͕ŽƌƌĞĐĞŝǀŝŶŐĂŶLJŐŝĨƚ͕ŐƌĂƚƵŝƚLJŽƌĨĂǀŽƌĨƌŽŵĂŶLJ ƉĞƌƐŽŶ͕ĨŝƌŵŽƌĐŽƌƉŽƌĂƚŝŽŶŝŶǀŽůǀĞĚŝŶĂĐŽŶƚƌĂĐƚŽƌƚƌĂŶƐĂĐƚŝŽŶ͘dŽĞŶƐƵƌĞĐŽŵƉůŝĂŶĐĞ ǁŝƚŚƚŚĞŝƚLJ͛ƐŽĚĞŽĨ ƚŚŝĐƐĂŶĚƐƚĂƚĞůĂǁ͕ƚŚĞŽŶƐƵůƚĂŶƚƐŚ ĂůůŶŽƚŐŝǀĞĂŐŝĨƚŽĨĂŶLJŬŝŶĚ ƚŽŝƚLJĞŵƉůŽLJĞĞƐŽƌŽĨĨŝĐŝĂůƐ͘ŽŶƐƵůƚĂŶƚĂůƐŽĐŽŶĨŝƌŵƐƚŚĂƚŽŶƐƵůƚĂŶƚĚŽĞƐŶŽƚŚĂǀĞĂ ďƵƐŝŶĞƐƐŝŶƚĞƌĞƐƚŽƌĂĐůŽƐĞĨĂŵŝůLJƌĞůĂƚŝŽŶƐŚŝƉǁŝƚŚĂŶLJŝƚLJŽĨĨŝĐĞƌŽƌĞŵƉůŽLJĞĞǁŚŽǁĂƐ͕ ŝƐ͕ Žƌ ǁŝůů ďĞ ŝŶǀŽůǀĞĚ ŝŶ ƐĞůĞĐƚŝŶŐ ƚŚĞ ŽŶƐƵůƚĂŶƚ͕ ŶĞŐŽƚŝĂƚŝŶŐ Žƌ ĂĚŵŝŶŝƐƚĞƌŝŶŐ ƚŚŝƐ ŐƌĞĞŵĞŶƚ͕ŽƌĞǀĂůƵĂƚŝŶŐƚŚĞŽŶƐƵůƚĂŶƚ͛ƐƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞtŽƌŬ͘ ϭϮ͘ŝƚLJ ŽĨ ZĞŶƚŽŶ ƵƐŝŶĞƐƐ >ŝĐĞŶƐĞ͗ hŶůĞƐƐ ĞdžĞŵƉƚĞĚ ďLJ ƚŚĞ ZĞŶƚŽŶ DƵŶŝĐŝƉĂů ŽĚĞ͕ ŽŶƐƵůƚĂŶƚƐŚĂůůŽďƚĂŝŶĂŝƚLJŽĨZĞŶƚŽŶƵƐŝŶĞƐƐ>ŝĐĞŶƐĞƉƌŝŽƌƚŽƉĞƌĨŽƌŵŝŶŐĂŶLJtŽƌŬ ĂŶĚ ŵĂŝŶƚĂŝŶ ƚŚĞ ďƵƐŝŶĞƐƐ ůŝĐĞŶƐĞ ŝŶ ŐŽŽĚ ƐƚĂŶĚŝŶŐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ƚĞƌŵ ŽĨ ƚŚŝƐ ĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞŝƚLJ͘ /ŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐĂĐƋƵŝƌŝŶŐĂĐŝƚLJďƵƐŝŶĞƐƐůŝĐĞŶƐĞĐĂŶďĞĨŽƵŶĚĂƚ͗ ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƌĞŶƚŽŶǁĂ͘ŐŽǀͬdĂdž /ŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐ^ƚĂƚĞďƵƐŝŶĞƐƐůŝĐĞŶƐŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐĐĂŶďĞĨŽƵŶĚĂƚ͗ ŚƚƚƉƐ͗ͬͬĚŽƌ͘ǁĂ͘ŐŽǀͬĚŽŝŶŐͲďƵƐŝŶĞƐƐͬƌĞŐŝƐƚĞƌͲŵLJͲďƵƐŝŶĞƐƐ ϭϯ͘/ŶƐƵƌĂŶĐĞ͗ŽŶƐƵůƚĂŶƚƐŚĂůůƐĞĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶ͗ ͘ŽŵŵĞƌĐŝĂůŐĞŶĞƌĂůůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞŝŶƚŚĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐŽĨΨϭ͕ϬϬϬ͕ϬϬϬĨŽƌ ĞĂĐŚŽĐĐƵƌƌĞŶĐĞͬΨϮ͕ϬϬϬ͕ϬϬϬĂŐŐƌĞŐĂƚĞĨŽƌƚŚĞdĞƌŵŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘ ͘/Ŷ ƚŚĞ ĞǀĞŶƚ ƚŚĂƚ tŽƌŬ ĚĞůŝǀĞƌĞĚ ƉƵƌƐƵĂŶƚ ƚŽ ƚŚŝƐ ŐƌĞĞŵĞŶƚ ĞŝƚŚĞƌ ĚŝƌĞĐƚůLJ Žƌ ŝŶĚŝƌĞĐƚůLJŝŶǀŽůǀĞŽƌƌĞƋƵŝƌĞWƌŽĨĞƐƐŝŽŶĂů^ĞƌǀŝĐĞƐ͕WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚLJ͕ ƌƌŽƌƐĂŶĚ KŵŝƐƐŝŽŶƐ ĐŽǀĞƌĂŐĞ ƐŚĂůů ďĞ ƉƌŽǀŝĚĞĚ ǁŝƚŚ ŵŝŶŝŵƵŵ ůŝŵŝƚƐ ŽĨ Ψϭ͕ϬϬϬ͕ϬϬϬ ƉĞƌ ŽĐĐƵƌƌĞŶĐĞ͘ΗWƌŽĨĞƐƐŝŽŶĂů^ĞƌǀŝĐĞƐΗ͕ĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨƚŚŝƐƐĞĐƚŝŽŶ͕ƐŚĂůůŵĞĂŶĂŶLJ tŽƌŬ ƉƌŽǀŝĚĞĚ ďLJ Ă ůŝĐĞŶƐĞĚ ƉƌŽĨĞƐƐŝŽŶĂů Žƌ tŽƌŬ ƚŚĂƚ ƌĞƋƵŝƌĞƐĂ ƉƌŽĨĞƐƐŝŽŶĂů ƐƚĂŶĚĂƌĚŽĨĐĂƌĞ͘ ͘tŽƌŬĞƌƐ͛ĐŽŵƉĞŶƐĂƚŝŽŶĐŽǀĞƌĂŐĞ͕ĂƐƌĞƋƵŝƌĞĚďLJƚŚĞ/ŶĚƵƐƚƌŝĂů/ŶƐƵƌĂŶĐĞůĂǁƐŽĨƚŚĞ ^ƚĂƚĞŽĨtĂƐŚŝŶŐƚŽŶ͕ƐŚĂůůĂůƐŽďĞƐĞĐƵƌĞĚ͘ ͘ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚLJĨŽƌŽǁŶĞĚ͕ůĞĂƐĞĚ͕ŚŝƌĞĚŽƌŶŽŶͲŽǁŶĞĚ͕ůĞĂƐĞĚ͕ŚŝƌĞĚ ŽƌŶŽŶͲŽǁŶĞĚ͕ǁŝƚŚŵŝŶŝŵƵŵůŝŵŝƚƐŽĨΨϭ͕ϬϬϬ͕ϬϬϬƉĞƌŽĐĐƵƌƌĞŶĐĞĐŽŵďŝŶĞĚƐŝŶŐůĞ W' ϲK&ϰϯ ůŝŵŝƚ͕ŝĨƚŚĞƌĞǁŝůůďĞĂŶLJƵƐĞŽĨŽŶƐƵůƚĂŶƚ͛ƐǀĞŚŝĐůĞƐŽŶƚŚĞŝƚLJ͛ƐWƌĞŵŝƐĞƐďLJŽƌŽŶ ďĞŚĂůĨŽĨƚŚĞŝƚLJ͕ďĞLJŽŶĚŶŽƌŵĂůĐŽŵŵƵƚĞƐ͘ ͘ŽŶƐƵůƚĂŶƚƐŚĂůůŶĂŵĞƚŚĞŝƚLJĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚŽŶŝƚƐĐŽŵŵĞƌĐŝĂůŐĞŶĞƌĂů ůŝĂďŝůŝƚLJƉŽůŝĐLJŽŶĂŶŽŶͲĐŽŶƚƌŝďƵƚŽƌLJƉƌŝŵĂƌLJďĂƐŝƐ͘dŚĞŝƚLJ͛ƐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůů ŶŽƚďĞĂƐŽƵƌĐĞĨŽƌƉĂLJŵĞŶƚŽĨĂŶLJŽŶƐƵůƚĂŶƚůŝĂďŝůŝƚLJ͕ŶŽƌƐŚĂůůƚŚĞŵĂŝŶƚĞŶĂŶĐĞŽĨ ĂŶLJ ŝŶƐƵƌĂŶĐĞ ƌĞƋƵŝƌĞĚ ďLJ ƚŚŝƐ ŐƌĞĞŵĞŶƚ ďĞ ĐŽŶƐƚƌƵĞĚ ƚŽ ůŝŵŝƚƚŚĞ ůŝĂďŝůŝƚLJ ŽĨ ŽŶƐƵůƚĂŶƚƚŽƚŚĞĐŽǀĞƌĂŐĞƉƌŽǀŝĚĞĚďLJƐƵĐŚŝŶƐƵƌĂŶĐĞŽƌŽƚŚĞƌǁŝƐĞůŝŵŝƚƚŚĞŝƚLJ͛Ɛ ƌĞĐŽƵƌƐĞƚŽĂŶLJƌĞŵĞĚLJĂǀĂŝůĂďůĞĂƚůĂǁŽƌŝŶĞƋƵŝƚLJ͘ &͘^ƵďũĞĐƚƚŽƚŚĞŝƚLJ͛ƐƌĞǀŝĞǁĂŶĚĂĐĐĞƉƚĂŶĐĞ͕ĂĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞƐŚŽǁŝŶŐƚŚĞ ƉƌŽƉĞƌĞŶĚŽƌƐĞŵĞŶƚƐ͕ƐŚĂůůďĞĚĞůŝǀĞƌĞĚƚŽƚŚĞŝƚLJďĞĨŽƌĞƉĞƌĨŽƌŵŝŶŐƚŚĞtŽƌŬ͘ '͘ŽŶƐƵůƚĂŶƚƐŚĂůůƉƌŽǀŝĚĞƚŚĞŝƚLJǁŝƚŚǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĂŶLJƉŽůŝĐLJĐĂŶĐĞůůĂƚŝŽŶ͕ǁŝƚŚŝŶ ƚǁŽ;ϮͿƐĞǀĞŶ;ϳͿďƵƐŝŶĞƐƐĚĂLJƐŽĨƚŚĞŝƌƌĞĐĞŝƉƚŽĨƐƵĐŚŶŽƚŝĐĞ͘ ϭϰ͘ĞůĂLJƐ͗ ŽŶƐƵůƚĂŶƚ ŝƐ ŶŽƚ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĚĞůĂLJƐ ĐĂƵƐĞĚ ďLJ ĨĂĐƚŽƌƐ ďĞLJŽŶĚ ƚŚĞ ŽŶƐƵůƚĂŶƚ͛ƐƌĞĂƐŽŶĂďůĞĐŽŶƚƌŽů͘tŚĞŶƐƵĐŚĚĞůĂLJƐďĞLJŽŶĚƚŚĞŽŶƐƵůƚĂŶƚ͛ƐƌĞĂƐŽŶĂďůĞ ĐŽŶƚƌŽůŽĐĐƵƌ͕ƚŚĞŝƚLJĂŐƌĞĞƐƚŚĞŽŶƐƵůƚĂŶƚŝƐŶŽƚƌĞƐƉŽŶƐŝďůĞĨŽƌĚĂŵĂŐĞƐ͕ŶŽƌƐŚĂůůƚŚĞ ŽŶƐƵůƚĂŶƚďĞĚĞĞŵĞĚƚŽďĞŝŶĚĞĨĂƵůƚŽĨƚŚĞŐƌĞĞŵĞŶƚ͘ ϭϱ͘^ƵĐĐĞƐƐŽƌƐĂŶĚƐƐŝŐŶƐ͗EĞŝƚŚĞƌƚŚĞŝƚLJŶŽƌƚŚĞŽŶƐƵůƚĂŶƚƐŚĂůůĂƐƐŝŐŶ͕ƚƌĂŶƐĨĞƌŽƌ ĞŶĐƵŵďĞƌĂŶLJƌŝŐŚƚƐ͕ĚƵƚŝĞƐŽƌŝŶƚĞƌĞƐƚƐĂĐĐƌƵŝŶŐĨƌŽŵƚŚŝƐŐƌĞĞŵĞŶƚ ǁŝƚŚŽƵƚ ƚŚĞ ǁƌŝƚƚĞŶĐŽŶƐĞŶƚŽĨƚŚĞŽƚŚĞƌ͘ ϭϲ͘EŽƚŝĐĞƐ͗ŶLJŶŽƚŝĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚǁŝůůďĞŝŶǁƌŝƚŝŶŐ͕ĂĚĚƌĞƐƐĞĚƚŽƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞƉĂƌƚLJĂƚƚŚĞĂĚĚƌĞƐƐǁŚŝĐŚĂƉƉĞĂƌƐďĞůŽǁ;ĂƐŵŽĚŝĨŝĞĚŝŶǁƌŝƚŝŶŐĨƌŽŵƚŝŵĞ ƚŽƚŝŵĞďLJƐƵĐŚƉĂƌƚLJͿ͕ĂŶĚŐŝǀĞŶƉĞƌƐŽŶĂůůLJ͕ďLJƌĞŐŝƐƚĞƌĞĚŽƌĐĞƌƚŝĨŝĞĚŵĂŝů͕ƌĞƚƵƌŶƌĞĐĞŝƉƚ ƌĞƋƵĞƐƚĞĚ͕ďLJĨĂĐƐŝŵŝůĞŽƌďLJŶĂƚŝŽŶĂůůLJƌĞĐŽŐŶŝnjĞĚŽǀĞƌŶŝŐŚƚĐŽƵƌŝĞƌƐĞƌǀŝĐĞ͘dŝŵĞƉĞƌŝŽĚ ĨŽƌ ŶŽƚŝĐĞƐ ƐŚĂůů ďĞĚĞĞŵĞĚ ƚŽŚĂǀĞ ĐŽŵŵĞŶĐĞĚƵƉŽŶ ƚŚĞ ĚĂƚĞ ŽĨƌĞĐĞŝƉƚ͕ y Wd ĨĂĐƐŝŵŝůĞĚĞůŝǀĞƌLJǁŝůůďĞĚĞĞŵĞĚƚŽŚĂǀĞĐŽŵŵĞŶĐĞĚŽŶƚŚĞĨŝƌƐƚďƵƐŝŶĞƐƐĚĂLJĨŽůůŽǁŝŶŐ ƚƌĂŶƐŵŝƐƐŝŽŶ͘ ŵĂŝů ĂŶĚ ƚĞůĞƉŚŽŶĞ ŵĂLJ ďĞ ƵƐĞĚ ĨŽƌ ƉƵƌƉŽƐĞƐ ŽĨ ĂĚŵŝŶŝƐƚĞƌŝŶŐ ƚŚĞ ŐƌĞĞŵĞŶƚ͕ďƵƚƐŚŽƵůĚŶŽƚďĞƵƐĞĚƚŽŐŝǀĞĂŶLJĨŽƌŵĂůŶŽƚŝĐĞƌĞƋƵŝƌĞĚďLJƚŚĞŐƌĞĞŵĞŶƚ͘ /dzK&Z EdKE ĚǁĂƌĚ'ƌƵďĞ ϭϬϱϱ^ŽƵƚŚ'ƌĂĚLJtĂLJ ZĞŶƚŽŶ͕tϵϴϬϱϳ WŚŽŶĞ͗;ϮϬϲͿϰϳϱͲϬϲϲϮ ĞŐƌƵďĞΛƌĞŶƚŽŶǁĂ͘ŐŽǀ KE^h>dEd <ŝŵŽLJůĞ ϮϭϬϲWĂĐŝĨŝĐǀĞŶƵĞ͕^ƵŝƚĞϯϬϬ dĂĐŽŵĂ͕tϵϴϰϬϭ WŚŽŶĞ͗;ϮϱϯͿϲϮϳͲϰϯϲϳ ŬĚŽLJůĞΛďĐƌĂĚĞƐŝŐŶ͘ĐŽŵ W' ϳK&ϰϯ ϭϳ͘ŝƐĐƌŝŵŝŶĂƚŝŽŶWƌŽŚŝďŝƚĞĚ͗ džĐĞƉƚƚŽƚŚĞĞdžƚĞŶƚƉĞƌŵŝƚƚĞĚďLJĂďŽŶĂĨŝĚĞŽĐĐƵƉĂƚŝŽŶĂů ƋƵĂůŝĨŝĐĂƚŝŽŶ͕ƚŚĞŽŶƐƵůƚĂŶƚĂŐƌĞĞƐĂƐĨŽůůŽǁƐ͗ ͘ŽŶƐƵůƚĂŶƚ͕ ĂŶĚ ŽŶƐƵůƚĂŶƚ͛Ɛ ĂŐĞŶƚƐ͕ ĞŵƉůŽLJĞĞƐ͕ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͕ ĂŶĚ ǀŽůƵŶƚĞĞƌƐ ǁŝƚŚƌĞŐĂƌĚƚŽƚŚĞtŽƌŬƉĞƌĨŽƌŵĞĚŽƌƚŽďĞƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͕ƐŚĂůů ŶŽƚĚŝƐĐƌŝŵŝŶĂƚĞŽŶƚŚĞďĂƐŝƐŽĨƌĂĐĞ͕ĐŽůŽƌ͕ƐĞdž͕ƌĞůŝŐŝŽŶ͕ŶĂƚŝŽŶĂůŝƚLJ͕ĐƌĞĞĚ͕ŵĂƌŝƚĂů ƐƚĂƚƵƐ͕ƐĞdžƵĂůŽƌŝĞŶƚĂƚŝŽŶŽƌƉƌĞĨĞƌĞŶĐĞ͕ĂŐĞ;ĞdžĐĞƉƚŵŝŶŝŵƵŵĂŐĞĂŶĚƌĞƚŝƌĞŵĞŶƚ ƉƌŽǀŝƐŝŽŶƐͿ͕ŚŽŶŽƌĂďůLJĚŝƐĐŚĂƌŐĞĚǀĞƚĞƌĂŶŽƌŵŝůŝƚĂƌLJƐƚĂƚƵƐ͕ŽƌƚŚĞƉƌĞƐĞŶĐĞŽĨĂŶLJ ƐĞŶƐŽƌLJ͕ŵĞŶƚĂůŽƌƉŚLJƐŝĐĂůŚĂŶĚŝĐĂƉ͕ƵŶůĞƐƐďĂƐĞĚƵƉŽŶĂďŽŶĂĨŝĚĞŽĐĐƵƉĂƚŝŽŶĂů ƋƵĂůŝĨŝĐĂƚŝŽŶŝŶƌĞůĂƚŝŽŶƐŚŝƉƚŽŚŝƌŝŶŐĂŶĚĞŵƉůŽLJŵĞŶƚ͕ŝŶĞŵƉůŽLJŵĞŶƚŽƌĂƉƉůŝĐĂƚŝŽŶ ĨŽƌĞŵƉůŽLJŵĞŶƚ͕ƚŚĞĂĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨƚŚĞĚĞůŝǀĞƌLJŽĨtŽƌŬŽƌĂŶLJŽƚŚĞƌďĞŶĞĨŝƚƐ ƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͕ŽƌƉƌŽĐƵƌĞŵĞŶƚŽĨŵĂƚĞƌŝĂůƐŽƌƐƵƉƉůŝĞƐ͘ ͘dŚĞŽŶƐƵůƚĂŶƚǁŝůůƚĂŬĞĂĨĨŝƌŵĂƚŝǀĞĂĐƚŝŽŶƚŽŝŶƐƵƌĞƚŚĂƚĂƉƉůŝĐĂŶƚƐĂƌĞĞŵƉůŽLJĞĚĂŶĚ ƚŚĂƚĞŵƉůŽLJĞĞƐĂƌĞƚƌĞĂƚĞĚĚƵƌŝŶŐĞŵƉůŽLJŵĞŶƚǁŝƚŚŽƵƚƌĞŐĂƌĚƚŽƚŚĞŝƌƌĂĐĞ͕ĐƌĞĞĚ͕ ĐŽůŽƌ͕ ŶĂƚŝŽŶĂů ŽƌŝŐŝŶ͕ ƐĞdž͕ ĂŐĞ͕ ƐĞdžƵĂů ŽƌŝĞŶƚĂƚŝŽŶ͕ ƉŚLJƐŝĐĂů͕ƐĞŶƐŽƌLJŽƌŵĞŶƚĂů ŚĂŶĚŝĐĂƉƐ͕ŽƌŵĂƌŝƚĂůƐƚĂƚƵƐ͘^ƵĐŚĂĐƚŝŽŶƐŚĂůůŝŶĐůƵĚĞ͕ďƵƚŶŽƚďĞůŝŵŝƚĞĚƚŽƚŚĞ ĨŽůůŽǁŝŶŐĞŵƉůŽLJŵĞŶƚ͕ƵƉŐƌĂĚŝŶŐ͕ĚĞŵŽƚŝŽŶŽƌƚƌĂŶƐĨĞƌ͕ƌĞĐƌƵŝƚŵĞŶƚŽƌƌĞĐƌƵŝƚŵĞŶƚ ĂĚǀĞƌƚŝƐŝŶŐ͕ůĂLJŽĨĨŽƌƚĞƌŵŝŶĂƚŝŽŶ͕ƌĂƚĞƐŽĨƉĂLJŽƌŽƚŚĞƌĨŽƌŵƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶĂŶĚ ƐĞůĞĐƚŝŽŶĨŽƌƚƌĂŝŶŝŶŐ͘ ͘/ĨƚŚĞŽŶƐƵůƚĂŶƚĨĂŝůƐƚŽĐŽŵƉůLJǁŝƚŚĂŶLJŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͛ƐŶŽŶͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶ ƉƌŽǀŝƐŝŽŶƐ͕ƚŚĞŝƚLJƐŚĂůůŚĂǀĞƚŚĞƌŝŐŚƚ͕ĂƚŝƚƐŽƉƚŝŽŶ͕ƚŽĐĂŶĐĞůƚŚĞŐƌĞĞŵĞŶƚŝŶ ǁŚŽůĞŽƌŝŶƉĂƌƚ͘ ͘dŚĞŽŶƐƵůƚĂŶƚŝƐƌĞƐƉŽŶƐŝďůĞƚŽďĞĂǁĂƌĞŽĨĂŶĚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĨĞĚĞƌĂů͕ƐƚĂƚĞ ĂŶĚůŽĐĂůůĂǁƐĂŶĚƌĞŐƵůĂƚŝŽŶƐƚŚĂƚŵĂLJĂĨĨĞĐƚƚŚĞƐĂƚŝƐĨĂĐƚŽƌLJĐŽŵƉůĞƚŝŽŶŽĨƚŚĞ ƉƌŽũĞĐƚ͕ǁŚŝĐŚŝŶĐůƵĚĞƐďƵƚŝƐŶŽƚůŝŵŝƚĞĚƚŽĨĂŝƌůĂďŽƌůĂǁƐ͕ǁŽƌŬĞƌΖƐĐŽŵƉĞŶƐĂƚŝŽŶ͕ ĂŶĚdŝƚůĞs/ŽĨƚŚĞ&ĞĚĞƌĂůŝǀŝůZŝŐŚƚƐĐƚŽĨϭϵϲϰ͕ĂŶĚǁŝůůĐŽŵƉůLJǁŝƚŚŝƚLJŽĨZĞŶƚŽŶ ŽƵŶĐŝůZĞƐŽůƵƚŝŽŶEƵŵďĞƌϰϬϴϱ͘ ϭϴ͘DŝƐĐĞůůĂŶĞŽƵƐ͗dŚĞƉĂƌƚŝĞƐŚĞƌĞďLJĂĐŬŶŽǁůĞĚŐĞ͗ ͘dŚĞŝƚLJŝƐŶŽƚƌĞƐƉŽŶƐŝďůĞƚŽƚƌĂŝŶŽƌƉƌŽǀŝĚĞƚƌĂŝŶŝŶŐĨŽƌŽŶƐƵůƚĂŶƚ͘ ͘ŽŶƐƵůƚĂŶƚǁŝůůŶŽƚďĞƌĞŝŵďƵƌƐĞĚĨŽƌũŽďƌĞůĂƚĞĚĞdžƉĞŶƐĞƐĞdžĐĞƉƚƚŽƚŚĞĞdžƚĞŶƚ ƐƉĞĐŝĨŝĐĂůůLJĂŐƌĞĞĚǁŝƚŚŝŶƚŚĞĂƚƚĂĐŚĞĚĞdžŚŝďŝƚƐ͘ ͘ŽŶƐƵůƚĂŶƚƐŚĂůůĨƵƌŶŝƐŚĂůůƚŽŽůƐĂŶĚͬŽƌŵĂƚĞƌŝĂůƐŶĞĐĞƐƐĂƌLJƚŽƉĞƌĨŽƌŵƚŚĞtŽƌŬ ĞdžĐĞƉƚƚŽƚŚĞĞdžƚĞŶƚƐƉĞĐŝĨŝĐĂůůLJĂŐƌĞĞĚǁŝƚŚŝŶƚŚĞĂƚƚĂĐŚĞĚĞdžŚŝďŝƚƐ͘ ͘/ŶƚŚĞĞǀĞŶƚƐƉĞĐŝĂůƚƌĂŝŶŝŶŐ͕ůŝĐĞŶƐŝŶŐ͕ŽƌĐĞƌƚŝĨŝĐĂƚŝŽŶŝƐƌĞƋƵŝƌĞĚĨŽƌŽŶƐƵůƚĂŶƚƚŽ ƉƌŽǀŝĚĞtŽƌŬŚĞͬƐŚĞǁŝůůĂĐƋƵŝƌĞŽƌŵĂŝŶƚĂŝŶƐƵĐŚĂƚŚŝƐͬŚĞƌŽǁŶĞdžƉĞŶƐĞĂŶĚ͕ŝĨ W' ϴK&ϰϯ ŽŶƐƵůƚĂŶƚĞŵƉůŽLJƐ͕ƐƵďͲĐŽŶƚƌĂĐƚƐ͕ŽƌŽƚŚĞƌǁŝƐĞĂƐƐŝŐŶƐƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJƚŽƉĞƌĨŽƌŵ ƚŚĞtŽƌŬ͕ƐĂŝĚĞŵƉůŽLJĞĞͬƐƵďͲĐŽŶƚƌĂĐƚŽƌͬĂƐƐŝŐŶĞĞǁŝůůĂĐƋƵŝƌĞĂŶĚŽƌŵĂŝŶƚĂŝŶƐƵĐŚ ƚƌĂŝŶŝŶŐ͕ůŝĐĞŶƐŝŶŐ͕ŽƌĐĞƌƚŝĨŝĐĂƚŝŽŶ͘ ͘dŚŝƐŝƐĂŶŽŶͲĞdžĐůƵƐŝǀĞĂŐƌĞĞŵĞŶƚĂŶĚŽŶƐƵůƚĂŶƚŝƐĨƌĞĞƚŽƉƌŽǀŝĚĞŚŝƐͬŚĞƌtŽƌŬƚŽ ŽƚŚĞƌĞŶƚŝƚŝĞƐ͕ƐŽůŽŶŐĂƐƚŚĞƌĞŝƐŶŽŝŶƚĞƌƌƵƉƚŝŽŶŽƌŝŶƚĞƌĨĞƌĞŶĐĞǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶŽĨ tŽƌŬĐĂůůĞĚĨŽƌŝŶƚŚŝƐŐƌĞĞŵĞŶƚ͘ &͘ŽŶƐƵůƚĂŶƚŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌŚŝƐͬŚĞƌŽǁŶŝŶƐƵƌĂŶĐĞ͕ŝŶĐůƵĚŝŶŐ͕ďƵƚŶŽƚůŝŵŝƚĞĚƚŽ ŚĞĂůƚŚŝŶƐƵƌĂŶĐĞ͘ '͘ŽŶƐƵůƚĂŶƚŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌŚŝƐͬŚĞƌŽǁŶtŽƌŬĞƌ͛ƐŽŵƉĞŶƐĂƚŝŽŶĐŽǀĞƌĂŐĞĂƐǁĞůůĂƐ ƚŚĂƚĨŽƌĂŶLJƉĞƌƐŽŶƐĞŵƉůŽLJĞĚďLJƚŚĞŽŶƐƵůƚĂŶƚ͘ ϭϵ͘KƚŚĞƌWƌŽǀŝƐŝŽŶƐ͗ ͘ƉƉƌŽǀĂůƵƚŚŽƌŝƚLJ͘ ĂĐŚŝŶĚŝǀŝĚƵĂůĞdžĞĐƵƚŝŶŐƚŚŝƐŐƌĞĞŵĞŶƚŽŶďĞŚĂůĨŽĨƚŚĞŝƚLJ ĂŶĚŽŶƐƵůƚĂŶƚƌĞƉƌĞƐĞŶƚƐĂŶĚǁĂƌƌĂŶƚƐƚŚĂƚƐƵĐŚŝŶĚŝǀŝĚƵĂůƐĂƌĞĚƵůLJĂƵƚŚŽƌŝnjĞĚƚŽ ĞdžĞĐƵƚĞĂŶĚĚĞůŝǀĞƌƚŚŝƐŐƌĞĞŵĞŶƚŽŶďĞŚĂůĨŽĨƚŚĞŝƚLJŽƌŽŶƐƵůƚĂŶƚ͘ ͘'ĞŶĞƌĂů ĚŵŝŶŝƐƚƌĂƚŝŽŶ ĂŶĚ DĂŶĂŐĞŵĞŶƚ͘ dŚĞ ŝƚLJ͛Ɛ ƉƌŽũĞĐƚ ŵĂŶĂŐĞƌ ŝƐ ĚǁĂƌĚ 'ƌƵďĞ͘ /Ŷ ƉƌŽǀŝĚŝŶŐ tŽƌŬ͕ ŽŶƐƵůƚĂŶƚ ƐŚĂůů ĐŽŽƌĚŝŶĂƚĞ ǁŝƚŚ ƚŚĞŝƚLJ͛Ɛ ĐŽŶƚƌĂĐƚ ŵĂŶĂŐĞƌŽƌŚŝƐͬŚĞƌĚĞƐŝŐŶĞĞ͘ ͘ŵĞŶĚŵĞŶƚ ĂŶĚ DŽĚŝĨŝĐĂƚŝŽŶ͘ dŚŝƐ ŐƌĞĞŵĞŶƚ ŵĂLJ ďĞ ĂŵĞŶĚĞĚ ŽŶůLJďLJ ĂŶ ŝŶƐƚƌƵŵĞŶƚŝŶǁƌŝƚŝŶŐ͕ĚƵůLJĞdžĞĐƵƚĞĚďLJďŽƚŚWĂƌƚŝĞƐ͘ ͘ŽŶĨůŝĐƚƐ͘/ŶƚŚĞĞǀĞŶƚŽĨĂŶLJŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶŽŶƐƵůƚĂŶƚƉƌŽƉŽƐĂůƐĂŶĚƚŚŝƐ ŐƌĞĞŵĞŶƚ͕ƚŚĞƚĞƌŵƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůƉƌĞǀĂŝů͘ŶLJĞdžŚŝďŝƚƐͬĂƚƚĂĐŚŵĞŶƚƐƚŽ ƚŚŝƐŐƌĞĞŵĞŶƚĂƌĞŝŶĐŽƌƉŽƌĂƚĞĚďLJƌĞĨĞƌĞŶĐĞŽŶůLJƚŽƚŚĞĞdžƚĞŶƚŽĨƚŚĞƉƵƌƉŽƐĞĨŽƌ ǁŚŝĐŚ ƚŚĞLJ ĂƌĞ ƌĞĨĞƌĞŶĐĞĚ ǁŝƚŚŝŶ ƚŚŝƐ ŐƌĞĞŵĞŶƚ͘ dŽ ƚŚĞ ĞdžƚĞŶƚĂ ŽŶƐƵůƚĂŶƚ ƉƌĞƉĂƌĞĚĞdžŚŝďŝƚĐŽŶĨůŝĐƚƐǁŝƚŚƚŚĞƚĞƌŵƐŝŶƚŚĞďŽĚLJŽĨƚŚŝƐŐƌĞĞŵĞŶƚŽƌĐŽŶƚĂŝŶƐ ƚĞƌŵƐƚŚĂƚĂƌĞĞdžƚƌĂŶĞŽƵƐƚŽƚŚĞƉƵƌƉŽƐĞĨŽƌǁŚŝĐŚŝƚŝƐƌĞĨĞƌĞŶĐĞĚ͕ƚŚĞƚĞƌŵƐŝŶƚŚĞ ďŽĚLJ ŽĨ ƚŚŝƐ ŐƌĞĞŵĞŶƚ ƐŚĂůů ƉƌĞǀĂŝů ĂŶĚ ƚŚĞ ĞdžƚƌĂŶĞŽƵƐ ƚĞƌŵƐ ƐŚĂůůŶŽƚďĞ ŝŶĐŽƌƉŽƌĂƚĞĚŚĞƌĞŝŶ͘ ͘'ŽǀĞƌŶŝŶŐ >Ăǁ͘dŚŝƐ ŐƌĞĞŵĞŶƚ ƐŚĂůůďĞ ŵĂĚĞ ŝŶ ĂŶĚ ƐŚĂůů ďĞ ŐŽǀĞƌŶĞĚ ďLJ ĂŶĚ ŝŶƚĞƌƉƌĞƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞůĂǁƐŽĨƚŚĞ^ƚĂƚĞŽĨtĂƐŚŝŶŐƚŽŶĂŶĚƚŚĞŝƚLJŽĨ ZĞŶƚŽŶ͘ŽŶƐƵůƚĂŶƚĂŶĚĂůůŽĨƚŚĞŽŶƐƵůƚĂŶƚ͛ƐĞŵƉůŽLJĞĞƐƐŚĂůůƉĞƌĨŽƌŵƚŚĞtŽƌŬŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ Ăůů ĂƉƉůŝĐĂďůĞ ĨĞĚĞƌĂů͕ ƐƚĂƚĞ͕ ĐŽƵŶƚLJ ĂŶĚ ĐŝƚLJůĂǁƐ͕ ĐŽĚĞƐ ĂŶĚ ŽƌĚŝŶĂŶĐĞƐ͘ &͘:ŽŝŶƚƌĂĨƚŝŶŐ ĨĨŽƌƚ͘dŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞĐŽŶƐŝĚĞƌĞĚĨŽƌĂůůƉƵƌƉŽƐĞƐĂƐƉƌĞƉĂƌĞĚ ďLJƚŚĞũŽŝŶƚĞĨĨŽƌƚƐŽĨƚŚĞWĂƌƚŝĞƐĂŶĚƐŚĂůůŶŽƚďĞĐŽŶƐƚƌƵĞĚĂŐĂŝŶƐƚŽŶĞƉĂƌƚLJŽƌƚŚĞ W' ϵK&ϰϯ ŽƚŚĞƌ ĂƐ Ă ƌĞƐƵůƚ ŽĨ ƚŚĞ ƉƌĞƉĂƌĂƚŝŽŶ͕ ƐƵďƐƚŝƚƵƚŝŽŶ͕ ƐƵďŵŝƐƐŝŽŶŽƌŽƚŚĞƌĞǀĞŶƚŽĨ ŶĞŐŽƚŝĂƚŝŽŶ͕ĚƌĂĨƚŝŶŐŽƌĞdžĞĐƵƚŝŽŶ͘ '͘:ƵƌŝƐĚŝĐƚŝŽŶĂŶĚsĞŶƵĞ͘ŶLJůĂǁƐƵŝƚŽƌůĞŐĂůĂĐƚŝŽŶďƌŽƵŐŚƚďLJĂŶLJƉĂƌƚLJƚŽĞŶĨŽƌĐĞŽƌ ŝŶƚĞƌƉƌĞƚƚŚŝƐŐƌĞĞŵĞŶƚŽƌĂŶLJŽĨŝƚƐƚĞƌŵƐŽƌĐŽǀĞŶĂŶƚƐƐŚĂůůďĞďƌŽƵŐŚƚŝŶƚŚĞ<ŝŶŐ ŽƵŶƚLJ^ƵƉĞƌŝŽƌŽƵƌƚĨŽƌƚŚĞ^ƚĂƚĞŽĨtĂƐŚŝŶŐƚŽŶĂƚƚŚĞDĂůĞŶŐZĞŐŝŽŶĂů:ƵƐƚŝĐĞ ĞŶƚĞƌŝŶ<ĞŶƚ͕<ŝŶŐŽƵŶƚLJ͕tĂƐŚŝŶŐƚŽŶ͕ŽƌŝƚƐƌĞƉůĂĐĞŵĞŶƚŽƌƐƵĐĐĞƐƐŽƌ͘ŽŶƐƵůƚĂŶƚ ŚĞƌĞďLJĞdžƉƌĞƐƐůLJĐŽŶƐĞŶƚƐƚŽƚŚĞƉĞƌƐŽŶĂůĂŶĚĞdžĐůƵƐŝǀĞũƵƌŝƐĚŝĐƚŝŽŶĂŶĚǀĞŶƵĞŽĨ ƐƵĐŚĐŽƵƌƚĞǀĞŶŝĨŽŶƐƵůƚĂŶƚŝƐĂĨŽƌĞŝŐŶĐŽƌƉŽƌĂƚŝŽŶŶŽƚƌĞŐŝƐƚĞƌĞĚǁŝƚŚƚŚĞ^ƚĂƚĞŽĨ tĂƐŚŝŶŐƚŽŶ͘ ,͘^ĞǀĞƌĂďŝůŝƚLJ͘ĐŽƵƌƚŽĨĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶ͛ƐĚĞƚĞƌŵŝŶĂƚŝŽŶƚŚĂƚĂŶLJƉƌŽǀŝƐŝŽŶŽƌ ƉĂƌƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚŝƐŝůůĞŐĂůŽƌƵŶĞŶĨŽƌĐĞĂďůĞƐŚĂůůŶŽƚĐĂŶĐĞůŽƌŝŶǀĂůŝĚĂƚĞƚŚĞ ƌĞŵĂŝŶĚĞƌŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͕ǁŚŝĐŚƐŚĂůůƌĞŵĂŝŶŝŶĨƵůůĨŽƌĐĞĂŶĚĞĨĨĞĐƚ͘ /͘^ŽůĞĂŶĚ ŶƚŝƌĞŐƌĞĞŵĞŶƚ͘dŚŝƐŐƌĞĞŵĞŶƚĐŽŶƚĂŝŶƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚŽĨƚŚĞ WĂƌƚŝĞƐ ĂŶĚĂŶLJƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ Žƌ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ ǁŚĞƚŚĞƌ ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚ ŝŶĐŽƌƉŽƌĂƚĞĚĂƌĞĞdžĐůƵĚĞĚ͘ :͘dŝŵĞŝƐŽĨƚŚĞ ƐƐĞŶĐĞ͘dŝŵĞŝƐŽĨƚŚĞĞƐƐĞŶĐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚĂŶĚĞĂĐŚĂŶĚĂůůŽĨ ŝƚƐƉƌŽǀŝƐŝŽŶƐŝŶǁŚŝĐŚƉĞƌĨŽƌŵĂŶĐĞŝƐĂĨĂĐƚŽƌ͘ĚŚĞƌĞŶĐĞƚŽĐŽŵƉůĞƚŝŽŶĚĂƚĞƐƐĞƚ ĨŽƌƚŚŝŶƚŚĞĚĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞtŽƌŬŝƐĞƐƐĞŶƚŝĂůƚŽƚŚĞŽŶƐƵůƚĂŶƚ͛ƐƉĞƌĨŽƌŵĂŶĐĞŽĨ ƚŚŝƐŐƌĞĞŵĞŶƚ͘ <͘dŚŝƌĚͲWĂƌƚLJ ĞŶĞĨŝĐŝĂƌŝĞƐ͘ EŽƚŚŝŶŐ ŝŶƚŚŝƐ ŐƌĞĞŵĞŶƚ ŝƐ ŝŶƚĞŶĚĞĚ ƚŽ͕ ŶŽƌ ƐŚĂůůďĞ ĐŽŶƐƚƌƵĞĚƚŽŐŝǀĞĂŶLJƌŝŐŚƚƐŽƌďĞŶĞĨŝƚƐŝŶƚŚĞŐƌĞĞŵĞŶƚƚŽĂŶLJŽŶĞŽƚŚĞƌƚŚĂŶƚŚĞ WĂƌƚŝĞƐ͕ĂŶĚĂůůĚƵƚŝĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐƵŶĚĞƌƚĂŬĞŶƉƵƌƐƵĂŶƚƚŽƚŚŝƐŐƌĞĞŵĞŶƚǁŝůů ďĞĨŽƌƚŚĞƐŽůĞĂŶĚĞdžĐůƵƐŝǀĞďĞŶĞĨŝƚŽĨƚŚĞWĂƌƚŝĞƐĂŶĚŶŽŽŶĞĞůƐĞ͘ >͘ŝŶĚŝŶŐ ĨĨĞĐƚ͘dŚĞWĂƌƚŝĞƐĞĂĐŚďŝŶĚƚŚĞŵƐĞůǀĞƐ͕ƚŚĞŝƌƉĂƌƚŶĞƌƐ͕ƐƵĐĐĞƐƐŽƌƐ͕ĂƐƐŝŐŶƐ͕ ĂŶĚůĞŐĂůƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐƚŽƚŚĞŽƚŚĞƌƉĂƌƚLJƚŽƚŚŝƐŐƌĞĞŵĞŶƚ͕ĂŶĚƚŽƚŚĞƉĂƌƚŶĞƌƐ͕ ƐƵĐĐĞƐƐŽƌƐ͕ĂƐƐŝŐŶƐ͕ĂŶĚůĞŐĂůƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐŽĨƐƵĐŚŽƚŚĞƌƉĂƌƚLJǁŝƚŚƌĞƐƉĞĐƚƚŽĂůů ĐŽǀĞŶĂŶƚƐŽĨƚŚĞŐƌĞĞŵĞŶƚ͘ D͘tĂŝǀĞƌƐ͘ůůǁĂŝǀĞƌƐƐŚĂůůďĞŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďLJƚŚĞǁĂŝǀŝŶŐƉĂƌƚLJ͘ ŝƚŚĞƌƉĂƌƚLJ͛Ɛ ĨĂŝůƵƌĞƚŽĞŶĨŽƌĐĞĂŶLJƉƌŽǀŝƐŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůŶŽƚďĞĂǁĂŝǀĞƌĂŶĚƐŚĂůůŶŽƚ ƉƌĞǀĞŶƚĞŝƚŚĞƌƚŚĞŝƚLJŽƌŽŶƐƵůƚĂŶƚĨƌŽŵĞŶĨŽƌĐŝŶŐƚŚĂƚƉƌŽǀŝƐŝŽŶŽƌĂŶLJŽƚŚĞƌ ƉƌŽǀŝƐŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚŝŶƚŚĞĨƵƚƵƌĞ͘tĂŝǀĞƌŽĨďƌĞĂĐŚŽĨĂŶLJƉƌŽǀŝƐŝŽŶŽĨƚŚŝƐ ŐƌĞĞŵĞŶƚƐŚĂůůŶŽƚďĞĚĞĞŵĞĚƚŽďĞĂǁĂŝǀĞƌŽĨĂŶLJƉƌŝŽƌŽƌƐƵďƐĞƋƵĞŶƚďƌĞĂĐŚ ƵŶůĞƐƐŝƚŝƐĞdžƉƌĞƐƐůLJǁĂŝǀĞĚŝŶǁƌŝƚŝŶŐ͘ W' ϭϬK&ϰϯ E͘,1:,71(66:+(5(2)WKH3DUWLHVŽƵŶƚĞƌƉĂƌƚƐ͘dŚĞWĂƌƚŝĞƐŵĂLJĞdžĞĐƵƚĞƚŚŝƐ ŐƌĞĞŵĞŶƚŝŶĂŶLJŶƵŵďĞƌŽĨĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůĐŽŶƐƚŝƚƵƚĞĂŶŽƌŝŐŝŶĂů͕ ĂŶĚĂůůŽĨǁŚŝĐŚǁŝůůƚŽŐĞƚŚĞƌĐŽŶƐƚŝƚƵƚĞƚŚŝƐŽŶĞŐƌĞĞŵĞŶƚ͘ K͘^hWW> D Ed>KE/d/KE^͘ ŽŶĚŝƚŝŽŶƐŝŶdd,D EdͲ<ŝŶŐŽƵŶƚLJ,ŽƵƐŝŶŐĂŶĚŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚ ŝǀŝƐŝŽŶ^ƵƉƉůĞŵĞŶƚĂůŽŶƐƵůƚĂŶƚŽŶƚƌĂĐƚWƌŽǀŝƐŝŽŶƐĂƉƉůLJƚŽƚŚŝƐĐŽŶƚƌĂĐƚ ŚĂǀĞǀŽůƵŶƚĂƌŝůLJĞŶƚĞƌĞĚŝŶƚŽƚŚŝƐŐƌĞĞŵĞŶƚĂƐŽĨƚŚĞĚĂƚĞůĂƐƚƐŝŐŶĞĚďLJƚŚĞWĂƌƚŝĞƐďĞůŽǁ͘ /dzK&Z EdKE LJ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ KE^h>dEd LJ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ƌŵŽŶĚŽWĂǀŽŶĞ DĂLJŽƌ ,ĞŝĚŝ<ŝŚůŵĂŶ WƌŝŶĐŝƉĂů ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ĂƚĞ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ĂƚĞ ƚƚĞƐƚ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ :ĂƐŽŶ͘^ĞƚŚ ŝƚLJůĞƌŬ ƉƉƌŽǀĞĚĂƐƚŽ>ĞŐĂů&Žƌŵ LJ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ^ŚĂŶĞDŽůŽŶĞLJ ŝƚLJƚƚŽƌŶĞLJ ůďϱͲϯϬͲϮϱE^;ϯϮϱϲͿ 06/03/20257/30/2025 Approved by Cheryl Beyer via email 6/5/2025 W' ϭϭK&ϰϯ ƚƚĂĐŚŵĞŶƚ <ŝŶŐŽƵŶƚLJ,ŽƵƐŝŶŐĂŶĚŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚŝǀŝƐŝŽŶ ^ƵƉƉůĞŵĞŶƚĂůŽŶƐƵůƚĂŶƚŽŶƚƌĂĐƚWƌŽǀŝƐŝŽŶƐ͘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ϭϮK&ϰϯ *(1(5$/&21',7,216 ,QWHUQDO&RQWURO$QG$FFRXQWLQJ6\VWHP 7KH&RQVXOWDQWVKDOOHVWDEOLVKDQGPDLQWDLQDV\VWHPRIDFFRXQWLQJDQGLQWHUQDO FRQWUROVWKDWFRPSOLHVZLWKWKHJHQHUDOO\DFFHSWHGDFFRXQWLQJSULQFLSOHVLVVXHG E\WKH)LQDQFLDO$FFRXQWLQJ6WDQGDUGV%RDUG )$6% WKH*RYHUQPHQWDO $FFRXQWLQJ6WDQGDUGV%RDUG *$6% RUERWKDVLVDSSOLFDEOHWRWKH&RQVXOWDQW¶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ϭϯK&ϰϯ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ϭϰK&ϰϯ E 7KH6HFUHWDU\RI+8'WKH.LQJ&RXQW\&RPPXQLW\'HYHORSPHQW%ORFN *UDQW3URJUDPWKH&RPSWUROOHU*HQHUDORIWKH8QLWHG6WDWHVWKH2ZQHU DQGDQ\RIWKHLUGXO\DXWKRUL]HGUHSUHVHQWDWLYHVVKDOOKDYHDFFHVVWRDOO ERRNVDFFRXQWVUHFRUGVUHSRUWVILOHVDQGRWKHUSDSHUVRUSURSHUW\RI WKH&RQVXOWDQWDQGWKHLU6XEFRQWUDFWRUVSHUWDLQLQJWRZRUNSHUIRUPHG XQGHUWKLV&RQVXOWDQWDQGKLV6XEFRQWUDFWRUVSHUWDLQLQJWRZRUNSHUIRUPHG XQGHUWKLV&RQWUDFWIRUWKHSXUSRVHRIPDNLQJVXUYH\VDXGLWV H[DPLQDWLRQVH[FHUSWVDQGWUDQVFULSWV7KH&RQVXOWDQWVKDOOUHWDLQ UHFRUGVSHUWLQHQWWRWKLV&RQWUDFWIRUDSHULRGRIVL[\HDUVIURPWKHGDWHRI WHUPLQDWLRQRUFRPSOHWLRQRIWKLVFRQWUDFW ,QWHUHVW2I&HUWDLQ)HGHUDO2IILFLDOV 1RPHPEHURIRUGHOHJDWHWRWKH&RQJUHVVRIWKH8QLWHG6WDWHVDQGQR5HVLGHQW &RPPLVVLRQHUVVKDOOEHDGPLWWHGWRDQ\VKDUHRUSDUWRIWKLV$JUHHPHQWRUWRDQ\ EHQHILWWKDWPD\DULVHKHUHXQGHU ,QWHUHVW2I2ZQHU V(PSOR\HHV2U2WKHU3XEOLF2IILFLDOV 1RPHPEHURIILFHURUHPSOR\HHRI.LQJ&RXQW\RULWVGHVLJQHHVRUDJHQWVQR PHPEHURIWKHJRYHUQLQJERG\RIWKHFLW\LQZKLFKWKH3URMHFWLVORFDWHGDQGQR RWKHUSXEOLFRIILFLDORIWKHFLW\LQZKLFKWKH3URMHFWLVORFDWHGZKRH[HUFLVHVDQ\ IXQFWLRQVRUUHVSRQVLELOLWLHVZLWKUHVSHFWWRWKH.LQJ&RXQW\&RPPXQLW\'HYHORS PHQW%ORFN*UDQW3URJUDPGXULQJKLVRUKHUWHQXUHRUIRURQH\HDUWKHUHDIWHU VKDOOKDYHDQ\LQWHUHVWGLUHFWRULQGLUHFWLQWKLV$JUHHPHQWRUDQ\VXEFRQWUDFWRU WKHSURFHHGVWKHUHRI7KH&RQVXOWDQWVKDOOLQFRUSRUDWHRUFDXVHWREH LQFRUSRUDWHGLQDOOVXEFRQWUDFWVDSURYLVLRQSURKLELWLQJVXFKLQWHUHVW &HUWLILFDWLRQ5HJDUGLQJ/REE\LQJ D %\VLJQLQJWKLVFRQWUDFWWKHXQGHUVLJQHGFHUWLILHVWRWKHEHVWRIKLVRUKHU NQRZOHGJHDQGEHOLHIWKDW E 1R)HGHUDODSSURSULDWHGIXQGVKDYHEHHQSDLGRUZLOOEHSDLGE\RURQ EHKDOIRIWKHXQGHUVLJQHGWRDQ\SHUVRQIRULQIOXHQFLQJRUDWWHPSWLQJWR LQIOXHQFHDQRIILFHURUHPSOR\HHRIDQ\DJHQF\D0HPEHURI&RQJUHVV DQRIILFHURUHPSOR\HHRI&RQJUHVVLQFRQQHFWLRQZLWKWKHDZDUGLQJRI DQ\)HGHUDOFRQWUDFWWKHPDNLQJRIDQ\)HGHUDOJUDQWWKHPDNLQJRIDQ\ )HGHUDOORDQWKHHQWHULQJLQWRRIDQ\FRRSHUDWLYHDJUHHPHQWDQGWKH H[WHQVLRQFRQWLQXDWLRQUHQHZDODPHQGPHQWRUPRGLILFDWLRQRIDQ\ )HGHUDOFRQWUDFWJUDQWORDQRUFRRSHUDWLYHDJUHHPHQW F ,IDQ\IXQGVRWKHUWKDQ)HGHUDODSSURSULDWHGIXQGVKDYHEHHQSDLGRUZLOO EHSDLGWRDQ\SHUVRQIRULQIOXHQFLQJRUDWWHPSWLQJWRLQIOXHQFHDQRIILFHU RUHPSOR\HHRIDQ\DJHQF\D0HPEHURI&RQJUHVVDQRIILFHURU W' ϭϱK&ϰϯ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ϭϲK&ϰϯ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ϭϳK&ϰϯ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¶VIDLOXUHWRSD\DQ\ VXFKFRPSHQVDWLRQZDJHVEHQHILWVRUWD[HVDQGRU WKHVXSSO\LQJWRWKH &RQVXOWDQWRIZRUNVHUYLFHVPDWHULDOVRUVXSSOLHVE\&RQVXOWDQWHPSOR\HHVRU RWKHUVXSSOLHUVLQFRQQHFWLRQZLWKRUVXSSRUWRIWKHSHUIRUPDQFHRIWKLV&RQWUDFW % &RQVXOWDQW¶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¶VREOLJDWLRQV XQGHUWKLV6XEVHFWLRQ&VKDOOH[WHQGWRDQ\FODLPGHPDQGDQGRUFDXVHRI DFWLRQEURXJKWE\RURQEHKDOIRIDQ\RILWVHPSOR\HHVRUDJHQWV)RUWKLVSXUSRVH WKH&RQVXOWDQWE\PXWXDOQHJRWLDWLRQKHUHE\ZDLYHVDVUHVSHFWVWKH&RXQW\RQO\ DQ\LPPXQLW\WKDWZRXOGRWKHUZLVHEHDYDLODEOHDJDLQVWVXFKFODLPVXQGHUDQ\ LQGXVWULDOLQVXUDQFHDFWLQFOXGLQJ7LWOH5&:RWKHU:RUNHUV¶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¶IHHVWRHQIRUFHWKH W' ϭϴK&ϰϯ SURYLVLRQVRIWKLVDUWLFOHDOOVXFKIHHVH[SHQVHVDQGFRVWVVKDOOEHUHFRYHUDEOH IURPWKH&RQVXOWDQW ' &RXQW\,QGHPQLILHV&RQVXOWDQW 7RWKHPD[LPXPH[WHQWSHUPLWWHGE\ODZWKH&RXQW\VKDOOSURWHFWGHIHQG LQGHPQLI\DQGVDYHKDUPOHVVWKH&RQVXOWDQWLWVRIILFHUVHPSOR\HHVDQGDJHQWV IURPDQ\DQGDOOFRVWVFODLPVMXGJPHQWVDQGRUDZDUGVRIGDPDJHVDULVLQJRXW RIRULQDQ\ZD\UHVXOWLQJIURPWKHQHJOLJHQWDFWVRURPLVVLRQVRIWKH&RXQW\LWV RIILFHUVHPSOR\HHVDQGRUDJHQWVLQLWVSHUIRUPDQFHDQGRUQRQSHUIRUPDQFHRI LWVREOLJDWLRQVXQGHUWKLV&RQWUDFW7KH&RXQW\¶VREOLJDWLRQVXQGHUWKLV6XEVHFWLRQ 'H[WHQGWRDQ\FODLPGHPDQGDQGRUFDXVHRIDFWLRQEURXJKWE\RURQEHKDOI RIDQ\RILWVHPSOR\HHVRUDJHQWV)RUWKLVSXUSRVHWKH&RXQW\E\PXWXDO QHJRWLDWLRQKHUHE\ZDLYHVDVUHVSHFWVWKH&RQVXOWDQWRQO\DQ\LPPXQLW\WKDW ZRXOGRWKHUZLVHEHDYDLODEOHDJDLQVWVXFKFODLPVXQGHUWKH,QGXVWULDO,QVXUDQFH SURYLVLRQVRI7LWOH5&:,QWKHHYHQWWKH&RQVXOWDQWLQFXUVDQ\MXGJPHQWDZDUG DQGRUFRVWDULVLQJWKHUHIURPLQFOXGLQJUHDVRQDEOHDWWRUQH\V¶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ϭϵK&ϰϯ ,QWKHHYHQWRIDORVVWKH&RXQW\UHVHUYHVWKHULJKWWRUHTXLUHFRPSOHWHFHUWLILHGFRSLHVRI DOOUHTXLUHGLQVXUDQFHSROLFLHVLQFOXGLQJHQGRUVHPHQWVDQGULGHUVZKLFKPD\EH UHGDFWHGRIDQ\FRQILGHQWLDORUSURSULHWDU\LQIRUPDWLRQ&RQVXOWDQWVKDOOGHOLYHUVXFK SROLFLHVWRWKH&RXQW\ZLWKLQILYH EXVLQHVVGD\VRI&RXQW\¶VUHTXHVW &RXQW\¶VUHFHLSWRUDFFHSWDQFHRI&RQVXOWDQW¶VHYLGHQFHRILQVXUDQFHDWDQ\WLPHZLWKRXW FRPPHQWRUREMHFWLRQRU&RXQW\¶VIDLOXUHWRUHTXHVWFHUWLILHGFRSLHVRIVXFKLQVXUDQFH GRHVQRWZDLYHDOWHUPRGLI\RULQYDOLGDWHDQ\RIWKHLQVXUDQFHUHTXLUHPHQWVVHWIRUWKLQ WKLV6HFWLRQRUFRQVHTXHQWO\FRQVWLWXWH&RXQW\¶VDFFHSWDQFHRIWKHDGHTXDF\RI &RQVXOWDQW¶VLQVXUDQFH 8QOHVVRWKHUZLVHSURYLGHGLQD6WDWHPHQWRI:RUNWRWKLV&RQWUDFWWKH&RQVXOWDQWVKDOO SXUFKDVHDQGPDLQWDLQDWLWVVROHFRVWDQGH[SHQVHWKHPLQLPXPLQVXUDQFHVHWIRUWK EHORZ%\UHTXLULQJVXFKPLQLPXPLQVXUDQFH&RXQW\GRHVQRWDQGVKDOOQRWEHGHHPHG RUFRQVWUXHGWRKDYHDVVHVVHGWKHULVNVWKDWPD\EHDSSOLFDEOHWR&RQVXOWDQWRUDQ\ 6XEFRQWUDFWRUXQGHUWKLV&RQWUDFWRULQDQ\ZD\OLPLW&RXQW\¶VSRWHQWLDOUHFRYHU\WR LQVXUDQFHOLPLWVUHTXLUHGKHUHXQGHU7RWKHFRQWUDU\WKLV&RQWUDFW¶VLQVXUDQFH UHTXLUHPHQWVPD\QRWLQDQ\ZD\EHFRQVWUXHGDVOLPLWLQJDQ\SRWHQWLDOOLDELOLW\WR&RXQW\ RU&RXQW\¶VSRWHQWLDOUHFRYHU\IRU&RQVXOWDQW&RQVXOWDQWVKDOODVVHVVLWVRZQULVNVDQGLI LWGHHPVDSSURSULDWHDQGRUSUXGHQWPDLQWDLQJUHDWHUOLPLWVDQGRUEURDGHUFRYHUDJH 1RWKLQJFRQWDLQHGZLWKLQWKHVHLQVXUDQFHUHTXLUHPHQWVVKDOOEHGHHPHGWROLPLWWKH VFRSHDSSOLFDWLRQDQGRUOLPLWVRIWKHFRYHUDJHDIIRUGHGZKLFKFRYHUDJHVKDOODSSO\WR HDFKLQVXUHGWRWKHIXOOH[WHQWSURYLGHGE\WKHWHUPVDQGFRQGLWLRQVRIWKHSROLF\ V (DFKLQVXUDQFHSROLF\VKDOOEHZULWWHQRQDQ³RFFXUUHQFH´EDVLVIRUP H[FHSWLQJLQVXUDQFH IRU3URIHVVLRQDO/LDELOLW\ (UURUVDQG2PLVVLRQV DQGRU&\EHU/LDELOLW\ 7HFKQRORJ\(UURUV DQG2PLVVLRQV UHTXLUHGE\WKLV&RQWUDFWLVDFFHSWDEOHRQD³FODLPVPDGH´EDVLVIRUP,I FRYHUDJHLVDSSURYHGDQGSXUFKDVHGRQD³FODLPVPDGH´EDVLVIRUPWKHFRYHUDJH SURYLGHGXQGHUWKDWLQVXUDQFHVKDOOEHPDLQWDLQHGWKURXJK L FRQVHFXWLYHSROLF\UHQHZDOV IRUQRWOHVVWKDQWKUHH \HDUVIURPWKHGDWHRIWKHZRUNZKLFKLVVXEMHFWWRWKLV &RQVXOWDQWRULIVXFKUHQHZDOVDUHXQDYDLODEOH LL WKHSXUFKDVHRIDWDLOH[WHQGHG UHSRUWLQJSHULRGIRUQRWOHVVWKDQWKUHH \HDUVIURPWKHGDWHRIFRPSOHWLRQRIWKHZRUN ZKLFKLVVXEMHFWRIWKLV&RQWUDFW$OOLQVXUDQFHZULWWHQRQD³FODLPVPDGH´EDVLVIRUPPXVW KDYHLWVSROLF\LQFHSWLRQRUUHWURDFWLYHGDWHEHQRODWHUWKDQWKHHIIHFWLYHGDWHRIWKH &RQWUDFWXQOHVVRWKHUZLVHDSSURYHGLQZULWLQJE\WKH&RXQW\¶V5LVN0DQDJHPHQW2IILFH $ 0LQLPXP6FRSHDQG/LPLWVRI,QVXUDQFH 7KH&RQVXOWDQWVKDOOPDLQWDLQWKHIROORZLQJW\SHVRILQVXUDQFHDQGPLQLPXP LQVXUDQFHOLPLWV D &RPPHUFLDO*HQHUDO/LDELOLW\ SHURFFXUUHQFHDQG LQWKHDJJUHJDWHIRUERGLO\LQMXU\SHUVRQDODQGDGYHUWLVLQJLQMXU\DQG SURSHUW\GDPDJH&RYHUDJHVKDOOEHDWOHDVWDVEURDGDVWKDWDIIRUGHG XQGHU,62IRUPQXPEHU&*FXUUHQWHGLWLRQRULWVVXEVWDQWLYH HTXLYDOHQW6XFKLQVXUDQFHVKDOOLQFOXGHFRYHUDJHIRUEXWQRWOLPLWHGWR SUHPLVHVOLDELOLW\SURGXFWVDQGFRPSOHWHGRSHUDWLRQVRQJRLQJRSHUDWLRQV W' ϮϬK&ϰϯ DQGFRQWUDFWXDOOLDELOLW\/LPLWVPD\EHVDWLVILHGE\DVLQJOHSULPDU\OLPLWRU E\DFRPELQDWLRQRIVHSDUDWHSULPDU\DQGXPEUHOODRUH[FHVVOLDELOLW\ SROLFLHVSURYLGHGWKDWFRYHUDJHXQGHUWKHODWWHUVKDOOEHDWOHDVWDVEURDG DVWKDWDIIRUGHGXQGHUWKHSULPDU\SROLF\DQGVDWLVI\DOORWKHUUHTXLUHPHQWV DSSOLFDEOHWROLDELOLW\LQVXUDQFHLQFOXGLQJEXWQRWOLPLWHGWRDGGLWLRQDO LQVXUHGVWDWXVIRUWKH&RXQW\ZLWKWKHXVHRIDQXPEUHOODRUH[FHVVOLDELOLW\ SROLF\ZKLFKLVDWOHDVWDVEURDGDVWKHXQGHUO\LQJSROLF\,IWKHVFRSHRI VHUYLFHVLQYROYHVDFWLYLWLHVZLWKPLQRUVVXFKSROLF\VKDOOLQFOXGHVH[XDO DVVDXOWDQGPLVFRQGXFWFRYHUDJH E 3URIHVVLRQDO/LDELOLW\ (UURUVDQG2PLVVLRQV SHUFODLPDQGLQ WKHDJJUHJDWH,QWKHHYHQWWKDWVHUYLFHVGHOLYHUHGSXUVXDQWWRWKLV &RQWUDFWHLWKHUGLUHFWO\RULQGLUHFWO\LQYROYHRUUHTXLUHSURIHVVLRQDO VHUYLFHV3URIHVVLRQDO/LDELOLW\ (UURUVDQG2PLVVLRQV FRYHUDJHVKDOOEH SURYLGHG³3URIHVVLRQDO6HUYLFHV´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³DQ\DXWR´ RUWKHDSSURSULDWHFRYHUDJHSURYLGHGE\V\PEROVRU /LPLWVPD\ EHVDWLVILHGE\DVLQJOHSULPDU\OLPLWRUE\DFRPELQDWLRQRIVHSDUDWH SULPDU\DQGXPEUHOODRUH[FHVVOLDELOLW\SROLFLHVSURYLGHGWKDWFRYHUDJH XQGHUWKHODWWHUVKDOOEHDWOHDVWDVEURDGDVWKDWDIIRUGHGXQGHUWKH SULPDU\SROLF\ G :RUNHUV&RPSHQVDWLRQ 6WDWXWRU\UHTXLUHPHQWVRIWKH6WDWHRIUHVLGHQF\ H (PSOR\HUV/LDELOLW\RU³6WRS*DS´FRYHUDJH HDFKRFFXUUHQFH DQGVKDOOEHDWOHDVWDVEURDGDVWKHSURWHFWLRQSURYLGHGE\WKH:RUNHUV &RPSHQVDWLRQSROLF\3DUW (PSOR\HUV/LDELOLW\ RULQPRQRSROLVWLF VWDWHVWKHSURWHFWLRQSURYLGHGE\WKH³6WRS*DS´HQGRUVHPHQWWRWKH &RPPHUFLDO*HQHUDO/LDELOLW\SROLF\ I &\EHU/LDELOLW\ 7HFKQRORJ\(UURUVDQG2PLVVLRQV )RUFRQWUDFWVLQYROYLQJ VRIWZDUHRUWHFKQRORJ\ZKHUHGDWDEUHDFKRUH[SRVXUHWRSHUVRQDODQGRU FRQILGHQWLDOLQIRUPDWLRQFRXOGLPSDFWWKH&RQVXOWDQWRU&RXQW\&RQVXOWDQW VKDOOSURYLGH&\EHU/LDELOLW\ 7HFKQRORJ\(UURUVDQG2PLVVLRQV FRYHUDJH ZLWKDOLPLWQROHVVWKDQSHUFODLPRURFFXUUHQFHDQGLQWKH DJJUHJDWH&RYHUDJHVKDOOLQFOXGHORVVUHVXOWLQJIURPGDWDVHFXULW\SULYDF\ W' ϮϭK&ϰϯ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¶VUHFHLSWV RUVLPLODUPHDVXUHRIH[SRVXUH&RYHUDJHIRU)LGHOLW\7KHIW 'LVDSSHDUDQFH'HVWUXFWLRQ/LDELOLW\DQG(PSOR\HH'LVKRQHVW\VKDOOEH LQFOXGHG&RYHUDJHVKDOOLQFOXGHµ-RLQW/RVV3D\DEOH¶,62IRUP&5 RUHTXLYDOHQW DQGµ3URYLGH5HTXLUHG1RWLFHRI&DQFHOODWLRQWR $QRWKHU(QWLW\¶,62IRUP&5 K 3URSHUW\,QVXUDQFH ,QVXUDQFH6HUYLFHV2IILFHIRUPQXPEHU &3 RU LWVVXEVWDQWLYHHTXLYDOHQWFRYHULQJ%8,/',1*$1'3(5621$/ 3523(57<&29(5$*(DQG,QVXUDQFH6HUYLFHV2IILFHIRUPQXPEHU &3 &$86(62)/266±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³$OO5LVN´%XLOGHUV5LVN,QVXUDQFHDW OHDVWDVEURDGDV,62IRUPQXPEHU&3 %XLOGHUV5LVN&RYHUDJH )RUP ZLWK,62IRUPQXPEHU&3 &DXVHVRI/RVV²6SHFLDO)RUP LQFOXGLQJFRYHUDJHIRUFROODSVHWKHIWDQGSURSHUW\LQWUDQVLW7KHFRYHUDJH VKDOOLQVXUHIRUGLUHFWSK\VLFDOORVVWRSURSHUW\RIWKHHQWLUHFRQVWUXFWLRQ W' ϮϮK&ϰϯ SURMHFWIRUSHUFHQWRIWKHUHSODFHPHQWYDOXHWKHUHRIDQGLQFOXGH FRYHUDJHIRUIORRG(DUWK0RYHPHQW LQFOXGLQJHDUWKTXDNH DQGRZQHU IXUQLVKHGHTXLSPHQWDVDSSOLFDEOH7KHSROLF\VKDOOEHHQGRUVHGWRFRYHU WKHLQWHUHVWVDVWKH\PD\DSSHDURI.LQJ&RXQW\2ZQHU&RQVXOWDQWDQG VXEFRQWUDFWRUVRIDOOWLHUVZLWK.LQJ&RXQW\OLVWHGDVDQDPHGLQVXUHG P&RQVXOWDQW¶V3ROOXWLRQ/LDELOLW\ )RUZRUNLQYROYLQJWKHLQWURGXFWLRQ SRWHQWLDOUHOHDVHRUH[DFHUEDWLRQRIKD]DUGRXVPDWHULDOVRUSROOXWDQWV &RQVXOWDQWVKDOOSURYLGH&RQVXOWDQW¶V3ROOXWLRQ/LDELOLW\FRYHUDJHLQWKH DPRXQWRISHURFFXUUHQFHRUFODLPDQGLQWKHDQQXDO DJJUHJDWHWRFRYHUVXGGHQDQGQRQVXGGHQERGLO\LQMXU\DQGRUSURSHUW\ GDPDJHWRLQFOXGHWKHGHVWUXFWLRQRIWDQJLEOHSURSHUW\ORVVRIXVH FOHDQXSFRVWVDQGWKHORVVRIXVHRIWDQJLEOHSURSHUW\WKDWKDVQRWEHHQ SK\VLFDOO\LQMXUHGRUGHVWUR\HG&RYHUDJHVKDOOLQFOXGHQRQRZQHG GLVSRVDOVLWHV,IDVEHVWRVOHDGRU3&%¶VDUHDSRWHQWLDOH[SRVXUHVXFK LQVXUDQFHVKDOOQRWH[FOXGHSROOXWLRQDULVLQJRXWRI$VEHVWRV/HDGDQGRU 3&%RSHUDWLRQV(YLGHQFHRI,QVXUDQFHPXVWVSHFLILFDOO\VWDWHWKDW FRYHUDJHLVLQFOXGHG Q 'HSHQGLQJRQWKH&RQVXOWDQW¶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¶&RPSHQVDWLRQ D 7KH&RXQW\LWVRIILFLDOVHPSOR\HHVDQGDJHQWVVKDOOEHFRYHUHGDV DGGLWLRQDOLQVXUHGIRUIXOOFRYHUDJHDQGSROLF\OLPLWVDVUHVSHFWVOLDELOLW\ DULVLQJRXWRIDFWLYLWLHVSHUIRUPHGE\RURQEHKDOIRIWKH&RQVXOWDQWLWV DJHQWVUHSUHVHQWDWLYHVHPSOR\HHVRU6XEFRQWUDFWRU V LQFRQQHFWLRQ ZLWKWKLV&RQWUDFW$GGLWLRQDO,QVXUHGVWDWXVVKDOOLQFOXGHSURGXFWV FRPSOHWHGRSHUDWLRQV&*RULWVVXEVWDQWLYHHTXLYDOHQW7KH &RXQW\UHTXLUHVDFRS\RIWKHDGGLWLRQDOLQVXUHGHQGRUVHPHQW V W' ϮϯK&ϰϯ & 'HGXFWLEOHVDQG6HOI,QVXUHG5HWHQWLRQV $Q\GHGXFWLEOHDQGRUVHOILQVXUHG UHWHQWLRQRIWKHSROLFLHVVKDOOQRWDSSO\WRWKH&RQVXOWDQW¶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¶VOLDELOLWLHVJLYHQWKH 6XEFRQWUDFWRU¶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¶VVFRSHRIZRUN6XFKUHTXHVWVVKDOOEHPDGHWRWKH&RXQW\DW '&+6&RQWUDFWV#NLQJFRXQW\JRYIRUUHYLHZ$OOZDLYHUUHTXHVWDSSURYDOVRUGHQLDOV DUHLQWKH&RXQW\¶VVROHGLVFUHWLRQWREHJUDQWHG,IDSSURYHGE\WKH&RXQW\WKH &RQVXOWDQWVKDOOVWLOOSURYLGHSURRIRIDQGKROGDOORWKHUUHTXLUHGSURYLVLRQVDVVWDWHG DERYH $66,*10(17 &RQVXOWDQWVKDOOQRWDVVLJQDQ\LQWHUHVWREOLJDWLRQRUEHQHILWXQGHURULQWKLV&RQWUDFWRU WUDQVIHUDQ\LQWHUHVWLQWKHVDPHZKHWKHUE\DVVLJQPHQWRUQRYDWLRQZLWKRXWSULRUZULWWHQ FRQVHQWRIWKH&RXQW\,IDVVLJQPHQWLVDSSURYHGWKLV&RQWUDFWVKDOOEHELQGLQJXSRQDQG LQXUHWRWKHEHQHILWRIWKHVXFFHVVRUVRIWKHDVVLJQLQJSDUW\XSRQWKHZULWWHQDJUHHPHQWE\ W' ϮϰK&ϰϯ DVVLJQHHWRDVVXPHDQGEHUHVSRQVLEOHIRUWKHREOLJDWLRQVDQGOLDELOLWLHVRIWKH&RQWUDFW NQRZQDQGXQNQRZQDQGDSSOLFDEOHODZ 68%&2175$&7,1* $ :ULWWHQ&RQVHQWRIWKH&RXQW\ 7KH&RQVXOWDQWVKDOOQRWVXEFRQWUDFWDQ\SRUWLRQRIWKLV&RQWUDFWRUWUDQVIHURU DVVLJQDQ\FODLPDULVLQJSXUVXDQWWRWKLV&RQWUDFWZLWKRXWWKHZULWWHQ HPDLOHG FRQVHQWRIWKH&RXQW\7KH&RXQW\¶VFRQVHQWPXVWEHVRXJKWLQZULWLQJE\WKH &RQVXOWDQWQRWOHVVWKDQGD\VSULRUWRWKHGDWHRIDQ\SURSRVHGVXEFRQWUDFW 7KHUHMHFWLRQRUDSSURYDOE\WKH&RXQW\RIDQ\6XEFRQWUDFWRURUWKHWHUPLQDWLRQRID 6XEFRQWUDFWRUZLOOQRWUHOLHYH&RQVXOWDQWRIDQ\RILWVUHVSRQVLELOLWLHVXQGHUWKH &RQWUDFWQRUEHWKHEDVLVIRUDGGLWLRQDOFKDUJHVWRWKH&RXQW\ ,QQRHYHQWZLOOWKHH[LVWHQFHRIWKHVXEFRQWUDFWRSHUDWHWRUHOHDVHRUUHGXFHWKH OLDELOLW\RI&RQVXOWDQWWRWKH&RXQW\IRUDQ\EUHDFKLQWKHSHUIRUPDQFHRI &RQVXOWDQW¶VGXWLHV 7KH&RXQW\KDVQRFRQWUDFWXDOREOLJDWLRQVWRDQ\6XEFRQWUDFWRURUYHQGRUXQGHU FRQWUDFWWRWKH&RQVXOWDQW&RQVXOWDQWLVIXOO\UHVSRQVLEOHIRUDOOFRQWUDFWXDO REOLJDWLRQVILQDQFLDORURWKHUZLVHWRLWV6XEFRQWUDFWRUV % ³6XEFRQWUDFW´'HILQHG ³6XEFRQWUDFW´VKDOOPHDQDQ\DJUHHPHQWEHWZHHQWKH&RQVXOWDQWDQGD 6XEFRQWUDFWRURUEHWZHHQ6XEFRQWUDFWRUVWKDWLVEDVHGRQWKLV&RQWUDFWSURYLGHG WKDWWKHWHUP³VXEFRQWUDFW´GRHVQRWLQFOXGHWKHSXUFKDVHRI VXSSRUWVHUYLFHV QRWUHODWHGWRWKHVXEMHFWPDWWHURIWKLV&RQWUDFWRU VXSSOLHV & 5HTXLUHG/DQJXDJHIRU6XEFRQWUDFWV 7KH&RQVXOWDQWVKDOOLQFOXGHWKHIROORZLQJODQJXDJHYHUEDWLPLQHYHU\VXEFRQWUDFW IRUVHUYLFHVZKLFKUHODWHWRWKHVXEMHFWPDWWHURIWKLV&RQWUDFW ³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´ W' ϮϱK&ϰϯ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ϮϲK&ϰϯ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³HTXDORSSRUWXQLW\ HPSOR\HU´LQDGYHUWLVHPHQWVVKDOOFRQVWLWXWHFRPSOLDQFHZLWKWKLV6HFWLRQ 68%&2175$&76$1'385&+$6(6 6XEFRQWUDFW'HILQHG ³6XEFRQWUDFW´VKDOOPHDQDQ\DJUHHPHQWEHWZHHQWKH&RQVXOWDQWDQGD VXEFRQWUDFWRURUEHWZHHQVXEFRQWUDFWRUVWKDWLVEDVHGRQWKLV&RQWUDFW SURYLGHGWKDWWKHWHUP³VXEFRQWUDFW´GRHVQRWLQFOXGHWKHSXUFKDVHRI W' ϮϳK&ϰϯ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³6XEFRQWUDFWRUVKDOOSURWHFWGHIHQGLQGHPQLI\DQGKROGKDUPOHVV .LQJ&RXQW\LWVRIILFHUVHPSOR\HHVDQGDJHQWVIURPDQ\DQGDOO FRVWVFODLPVMXGJPHQWVDQGRUDZDUGVRIGDPDJHVDULVLQJRXWRI RULQDQ\ZD\UHVXOWLQJIURPWKHQHJOLJHQWDFWRURPLVVLRQVRI VXEFRQWUDFWRULWVRIILFHUVHPSOR\HHDQGRUDJHQWVLQFRQQHFWLRQ ZLWKRULQVXSSRUWRIWKLV&RQWUDFW6XEFRQWUDFWRUH[SUHVVO\DJUHHV DQGXQGHUVWDQGVWKDW.LQJ&RXQW\LVDWKLUGSDUW\EHQHILFLDU\WRWKLV &RQWUDFWDQGVKDOOKDYHWKHULJKWWREULQJDQDFWLRQDJDLQVW VXEFRQWUDFWRUWRHQIRUFHWKHSURYLVLRQVRIWKLVSDUDJUDSK´ 'HEDUUHG&RQWUDFWRUV 7KH&RQVXOWDQWVKDOOQRWPDNHDQ\DZDUGDWDQ\WLPHWRDQ\FRQWUDFWRUZKLFK LVGHEDUUHGVXVSHQGHGRUH[FOXGHGIURPSDUWLFLSDWLRQLQIHGHUDODVVLVWDQFH SURJUDPVXQGHU([HFXWLYH2UGHU ³'HEDUPHQWDQG6XVSHQVLRQ´ 6XEFRQWUDFWLQJ5HTXLUHPHQWV D $&RQVXOWDQWZKLFKUHFHLYHVIHGHUDOIXQGVXQGHUWKLV&RQWUDFWDOVR VKDOOLQFOXGHWKHIROORZLQJ6HFWLRQVLQHYHU\VXEFRQWUDFWRU SXUFKDVHRUGHUIRUJRRGVDQGVHUYLFHVZKLFKDUHSDLGIRULQZKROH RULQSDUWZLWKIXQGVSURYLGHGXQGHUWKLV&RQWUDFW E 7KH/DERU6WDQGDUGVSURYLVLRQV +8' DUHLQFOXGHGLQWKH DIRUHVDLGVXEWLHUFRQWUDFW F 7KHDSSOLFDEOH'DYLV%DFRQZDJHUDWHVDUHLQFOXGHGLQDIRUHVDLG VXEWLHUFRQWUDFW W' ϮϴK&ϰϯ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³)XQGLQJIRUWKLVSURMHFWZDVSURYLGHGE\.LQJ&RXQW\¶V&RPPXQLW\'HYHORSPHQW %ORFN*UDQW3URJUDP´ &21)/,&72),17(5(67 &RQVXOWDQW&RYHQDQWV 7KH&RQVXOWDQWFRYHQDQWVWKDWQRRIILFHUHPSOR\HHFRQVXOWDQWHOHFWHGRU DSSRLQWHGRIILFLDORUDJHQWRIWKH&RQVXOWDQWZKRH[HUFLVHVDQ\IXQFWLRQV RUUHVSRQVLELOLWLHVLQFRQQHFWLRQZLWKWKHDFWLYLWLHVIXQGHGLQZKROHRULQ SDUWXQGHUWKLV&RQWUDFWKHUHLQRUDQ\RWKHUSHUVRQZKRSUHVHQWO\ H[HUFLVHVDQ\IXQFWLRQVRUUHVSRQVLELOLWLHVLQFRQQHFWLRQZLWKWKHDFWLYLWLHV IXQGHGKHUHLQVKDOOKDYHDQ\SHUVRQDOILQDQFLDOLQWHUHVWGLUHFWRULQGLUHFW LQWKLV&RQWUDFW7KH&RQVXOWDQWVKDOOWDNHDSSURSULDWHVWHSVWRDVVXUH FRPSOLDQFHZLWKWKLVSURYLVLRQ 1RQ'LVFORVXUHLV*URXQGVIRU7HUPLQDWLRQ ,IWKH&RQVXOWDQWYLRODWHVWKHDERYHSURYLVLRQVRUGRHVQRWGLVFORVHRWKHU LQWHUHVWVUHTXLUHGWREHGLVFORVHGSXUVXDQWWR.LQJ&RXQW\&RGH&KDSWHU RULIWKH&RQVXOWDQWLVDPXQLFLSDOFRUSRUDWLRQZKLFKKDVDGRSWHGDQ HPSOR\HHFRGHRIHWKLFVDQGYLRODWHVWKHDGRSWHGHPSOR\HHFRGHRI HWKLFVWKH&RXQW\VKDOOQRWEHOLDEOHIRUSD\PHQWRIVHUYLFHVUHQGHUHG SXUVXDQWWRWKLV&RQWUDFW9LRODWLRQRIWKLV6HFWLRQVKDOOFRQVWLWXWHD VXEVWDQWLDOEUHDFKRIWKLV&RQWUDFWDQGJURXQGVIRUWHUPLQDWLRQDVZHOODV DQ\RWKHUULJKWRUUHPHG\SURYLGHGLQWKLV&RQWUDFWRUODZ W' ϮϵK&ϰϯ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¶V RIILFHWRUHYLHZWKHVHUHFRUGV7KH&RQVXOWDQWVKDOOSURYLGHDOOKHOS UHTXHVWHGE\WKH&RXQW\GXULQJVXFKYLVLWVDQGPDNHWKHIRUHJRLQJ UHFRUGVDYDLODEOHWRWKH&RXQW\IRULQVSHFWLRQDQGFRS\LQJ$WDOO UHDVRQDEOHWLPHVWKH&RQVXOWDQWVKDOOSURYLGHWRWKH&RXQW\WKH VWDWHDQGRUIHGHUDODJHQFLHVRURIILFLDOVDFFHVVWRLWVIDFLOLWLHV² LQFOXGLQJWKRVHRIDQ\6XEFRQWUDFWRUDVVLJQHGDQ\SRUWLRQRIWKLV &RQWUDFWLQRUGHUWRPRQLWRUDQGHYDOXDWHWKHVHUYLFHVSURYLGHG XQGHUWKLV&RQWUDFW7KH&RXQW\ZLOOJLYHUHDVRQDEOHDGYDQFH QRWLFHWRWKH&RQVXOWDQWLQWKHFDVHRIDXGLWVWREHFRQGXFWHGE\ WKH&RXQW\7KH&RQVXOWDQWVKDOOFRPSO\ZLWKDOOUHFRUGNHHSLQJ UHTXLUHPHQWVRIDQ\DSSOLFDEOHIHGHUDOUXOHVUHJXODWLRQVRU VWDWXWHVLQFOXGHGRUUHIHUHQFHGLQWKH&RQWUDFWGRFXPHQWV,I GLIIHUHQWIURPWKH&RQVXOWDQW¶VDGGUHVVOLVWHGDERYHWKH&RQVXOWDQW VKDOOLQIRUPWKH&RXQW\LQZULWLQJRIWKHORFDWLRQRILWVERRNV UHFRUGVGRFXPHQWVDQGRWKHUHYLGHQFHIRUZKLFKUHYLHZLVVRXJKW DQGVKDOOQRWLI\WKH&RXQW\LQZULWLQJRIDQ\FKDQJHVLQORFDWLRQ ZLWKLQZRUNLQJGD\VRIDQ\VXFKUHORFDWLRQ W' ϯϬK&ϰϯ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³8QLIRUP5HORFDWLRQ$FW´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ϯϭK&ϰϯ &RQVXOWDQWVKDOOPDNHVXFKGRFXPHQWVDYDLODEOHWRWKH&RXQW\IRULQVSHFWLRQ DQGFRS\LQJXSRQUHTXHVW 7KH&RQVXOWDQWVKDOOSURYLGHGRFXPHQWDWLRQDVLGHQWLILHGE\WKH&RXQW\DW FRQWUDFWVXEFRQWUDFWFRPSOHWLRQVKRZLQJWKDWWKHFRQWUDFWDFWLYLWLHVZHUH FRPSOHWHGLQDFFRUGDQFHZLWKWKH&RQWUDFW'RFXPHQWDWLRQLQFOXGHVEXWLVQRW OLPLWHGWR DVEXLOWGUDZLQJVGHVLJQVDQGUHSRUWV (PSOR\PHQW5HFRUGV ,IWKH&RQVXOWDQWLVDPXQLFLSDOFRUSRUDWLRQRUDQ$JHQF\RIWKH6WDWHRI :DVKLQJWRQLWDJUHHVWRPDLQWDLQWKHIROORZLQJGDWDIRUHDFKRIWKH&RQVXOWDQW¶V RSHUDWLQJXQLWVIXQGHGLQZKROHRULQSDUWZLWK&'%*IXQGVSURYLGHGXQGHUWKLV &RQWUDFW D (PSOR\PHQWGDWDZLWKVXFKGDWDPDLQWDLQHGLQWKHFDWHJRULHV SUHVFULEHGRQWKH(TXDO(PSOR\PHQW2SSRUWXQLW\&RPPLVVLRQ¶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ϯϮK&ϰϯ G 7KH&RXQW\PD\YLVLWDWDQ\WLPHWKHVLWHRIWKHZRUNDQGWKH &RQVXOWDQW¶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ϯϯK&ϰϯ % &RQWUDFW0RQLWRULQJ 7KH&RQWUDFWRUDQGWKH&RXQW\VKDOOHQJDJHLQPRQLWRULQJYLVLWV WRDVVHVVWKH&RQWUDFWRU VFRPSOLDQFHZLWK&RQWUDFWUHTXLUHPHQWVTXDOLW\DQG SUDFWLFHV7KH&RXQW\ZLOOH[HFXWHPRQLWRULQJYLVLWVLQDFFRUGDQFHZLWKWKHDSSOLFDEOH IUHTXHQF\DVSUHVFULEHGE\WKHFRQWUROOLQJ6WDWHPHQWRI:RUNXQGHUWKLV&RQWUDFW 7KH&RQWUDFWRUVKDOOFRRSHUDWHZLWKWKH&RXQW\DQGLWVDJHQWVWRDVVHVVWKH &RQWUDFWRU VSHUIRUPDQFHXQGHUWKLV&RQWUDFW$WWKHUHTXHVWRIWKH&RXQW\WKH &RQWUDFWRUVKDOOLPSOHPHQWDSODQWRUHPHG\DQ\LWHPVRIQRQFRPSOLDQFHLGHQWLILHG GXULQJWKHPRQLWRULQJSURFHVV7KHUHVXOWVDQGUHFRUGVRIWKHVHSURFHVVHVVKDOOEH PDLQWDLQHGDQGGLVFORVHGLQDFFRUGDQFHZLWK5&:&KDSWHU & 3HUIRUPDQFH0HDVXUHPHQWDQG(YDOXDWLRQ 7KH&RQWUDFWRUVKDOOVXEPLWSHUIRUPDQFHPHWULFVDQGSURJUDPGDWDDVVHWIRUWK LQ6WDWHPHQWRI:RUNWRWKLV&RQWUDFW7KH&RQWUDFWRUVKDOOSDUWLFLSDWHLQ HYDOXDWLRQDFWLYLWLHVDVUHTXLUHGE\WKH&RXQW\DQGVKDOOPDNHDYDLODEOHDOO LQIRUPDWLRQUHTXLUHGE\DQ\VXFKSHUIRUPDQFHPHDVXUHPHQWDQGHYDOXDWLRQ SURFHVVHV ' 8QDXWKRUL]HG'LVFORVXUH 7KH&RQWUDFWRUVKDOOSURWHFWIURPXQDXWKRUL]HGGLVFORVXUH DOOLQIRUPDWLRQUHFRUGVDQGGDWDFROOHFWHGLQFRQQHFWLRQZLWKWKLV&RQWUDFWLQ DFFRUGDQFHZLWKDSSOLFDEOHVWDWHDQGIHGHUDOODZ &RPSOLDQFHZLWKWKH+HDOWK,QVXUDQFH3RUWDELOLW\DQG$FFRXQWDELOLW\$FWRI +,3$$ 7KH&RQWUDFWRUVKDOOQRWXVHSURWHFWHGKHDOWKLQIRUPDWLRQFUHDWHGRUVKDUHG XQGHUWKLV&RQWUDFWLQDQ\PDQQHUWKDWZRXOGFRQVWLWXWHDYLRODWLRQRI+,3$$DQG DQ\UHJXODWLRQVHQDFWHGSXUVXDQWWRLWVSURYLVLRQV&RQWUDFWRUVKDOOUHDGDQG PDLQWDLQFRPSOLDQFHZLWKDOO+,3$$UHTXLUHPHQWVZKLFKFDQEHIRXQGDW KWWSV ZZZNLQJFRXQW\JRYGHSWVFRPPXQLW\KXPDQ VHUYLFHVFRQWUDFWVUHTXLUHPHQWVDVS[ &RUUHFWLYH$FWLRQ ,IWKH&RXQW\GHWHUPLQHVWKDWWKH&RQWUDFWRUKDVIDLOHGWRFRPSO\ZLWKDQ\WHUPV RUFRQGLWLRQVRIWKLV&RQWUDFWRUWKH&RQWUDFWRUKDVIDLOHGWRSURYLGHLQDQ\ PDQQHUWKHZRUNRUVHUYLFHV HDFKDEUHDFK DQGLIWKH&RXQW\GHWHUPLQHVWKDW WKHEUHDFKZDUUDQWVFRUUHFWLYHDFWLRQWKHIROORZLQJSURFHGXUHZLOODSSO\ $ :ULWWHQ1RWLILFDWLRQ 7KH&RXQW\ZLOOQRWLI\WKH&RQWUDFWRULQZULWLQJRIWKHQDWXUHRI WKHEUHDFK % &RQWUDFWRU V&RUUHFWLYH$FWLRQ3ODQ 7KH&RQWUDFWRUVKDOOUHVSRQGZLWKDZULWWHQFRUUHFWLYHDFWLRQSODQZLWKLQWHQ ZRUNLQJGD\VRILWVUHFHLSWRIVXFKQRWLILFDWLRQXQOHVVWKH&RXQW\DWLWVVROH GLVFUHWLRQH[WHQGVLQZULWLQJWKHUHVSRQVHWLPH7KHSODQVKDOOLQGLFDWHWKH VWHSVEHLQJWDNHQWRFRUUHFWWKHVSHFLILHGEUHDFKDQGVKDOOVSHFLI\WKH SURSRVHGFRPSOHWLRQGDWHIRUFXULQJWKHEUHDFK7KLVGDWHVKDOOQRWEHPRUH GD\VIURPWKHGDWHRIWKH&RQWUDFWRU VUHVSRQVHXQOHVVWKH&RXQW\DWLWV VROHGLVFUHWLRQVSHFLILHVLQZULWLQJDQH[WHQVLRQWRFRPSOHWHWKHFRUUHFWLYH DFWLRQV W' ϯϰK&ϰϯ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ϯϱK&ϰϯ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ϯϲK&ϰϯ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ϯϳK&ϰϯ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ϯϴK&ϰϯ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ϯϵK&ϰϯ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ϰϬK&ϰϯ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ϰϭK&ϰϯ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ϰϮK&ϰϯ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ϰϯK&ϰϯ 7KLV&RQWUDFWVKDOOEHFRQVWUXHGDQGLQWHUSUHWHGLQDFFRUGDQFHZLWKWKHODZVRI WKH6WDWHRI:DVKLQJWRQ7KHYHQXHIRUDQ\DFWLRQKHUHXQGHUVKDOOEHLQWKH 6XSHULRU&RXUWIRU.LQJ&RXQW\:DVKLQJWRQ 1R7KLUG3DUW\%HQHILFLDULHV ([FHSWIRUWKHSDUWLHVWRZKRPWKLV&RQWUDFWLVDVVLJQHGLQFRPSOLDQFHZLWKWKH WHUPVRIWKLV&RQWUDFWWKHUHDUHQRWKLUGSDUW\EHQHILFLDULHVWRWKLV&RQWUDFWDQG WKLV&RQWUDFWVKDOOQRWLPSDUWDQ\ULJKWVHQIRUFHDEOHE\DQ\SHUVRQRUHQWLW\WKDW LVQRWDSDUW\KHUHWR DĂLJϮϴ͕ϮϬϮϱ ĚǁĂƌĚ'ƌƵďĞ ĂƉŝƚĂůWƌŽũĞĐƚƐŽŽƌĚŝŶĂƚŽƌ ŝƚLJŽĨZĞŶƚŽŶͮWƵďůŝĐtŽƌŬƐ͗&ĂĐŝůŝƚŝĞƐĞƉĂƌƚŵĞŶƚ ϭϬϱϱ^ŽƵƚŚ'ƌĂĚLJtĂLJ ZĞŶƚŽŶ͕tϵϴϬϱϳ ^ĞŶƚs/ ŵĂŝů͗ĞŐƌƵďĞΛƌĞŶƚŽŶǁĂ͘ŐŽǀ Z ͗ ŝƚLJŽĨZĞŶƚŽŶ͗^ĞŶŝŽƌĐƚŝǀŝƚLJĞŶƚĞƌ,s͕ZŽŽĨΘ džƚĞƌŝŽƌ^ŝĚŝŶŐZĞƉůĂĐĞŵĞŶƚ ϮϭϭƵƌŶĞƚƚǀĞE͕ZĞŶƚŽŶ͕tϵϴϬϱϳ ƌĐŚŝƚĞĐƚƵƌĂůΘĞƐŝŐŶ^ĞƌǀŝĐĞƐ ZWƌŽũĞĐƚEŽ͘ϮϱϬϰϬ͘ϬϬ͘ϬϬ ĞĂƌDƌ͘'ƌƵďĞ͗ ZŝƐƉůĞĂƐĞĚƚŽƉƌĞƐĞŶƚƚŚĞĨŽůůŽǁŝŶŐƉƌŽƉŽƐĂůƚŽƉƌŽǀŝĚĞĚĞƐŝŐŶƐĞƌǀŝĐĞƐĨŽƌƚŚĞ,s͕ZŽŽĨΘ džƚĞƌŝŽƌ ^ŝĚŝŶŐZĞƉůĂĐĞŵĞŶƚĂƚƚŚĞZĞŶƚŽŶ^ĞŶŝŽƌĐƚŝǀŝƚLJĐĞŶƚĞƌ͘tĞĂƌĞĞdžĐŝƚĞĚĂďŽƵƚƚŚĞŽƉƉŽƌƚƵŶŝƚLJƚŽǁŽƌŬǁŝƚŚ ƚŚĞŝƚLJŽĨZĞŶƚŽŶĂŶĚůŽŽŬĨŽƌǁĂƌĚƚŽƐƵƉƉŽƌƚŝŶŐLJŽƵƌĞĨĨŽƌƚƐƚŽŝŵƉƌŽǀĞƚŚĞĨĂĐŝůŝƚLJ͘ WƌŽũĞĐƚĞƐĐƌŝƉƚŝŽŶͬ^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐ ZƵŶĚĞƌƐƚĂŶĚƐƚŚŝƐƉƌŽũĞĐƚŝƐĨŽƌ,sĂŶĚĞdžƚĞƌŝŽƌŝŵƉƌŽǀĞŵĞŶƚƐƚŚĂƚŚĂǀĞďĞĞŶŝĚĞŶƚŝĨŝĞĚƚŚƌŽƵŐŚƚŚĞ ZĞƋƵĞƐƚĨŽƌWƌŽƉŽƐĂůĂŶĚƉƌĞͲƉƌŽƉŽƐĂůƐŝƚĞǁĂůŬ͘tĞƵŶĚĞƌƐƚĂŶĚƚŚĂƚƚŚŝƐWƌŽũĞĐƚǁŝůůďĞĨƵŶĚĞĚŝŶƉĂƌƚǁŝƚŚ &ĞĚĞƌĂůŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚůŽĐŬ'ƌĂŶƚ;'Ϳ&ƵŶĚƐ͕ĂƐŝĚĞŶƚŝĨŝĞĚŝŶƐĞĐƚŝŽŶϳ͘ϬĂŶĚĞdžŚŝďŝƚ&ŽĨƚŚĞ ZĞƋƵĞƐƚĨŽƌYƵĂůŝĨŝĐĂƚŝŽŶƐƉƌŽǀŝĚĞĚďLJƚŚĞŝƚLJŽĨZĞŶƚŽŶ͘ KƵƌĨŝdžĞĚĨĞĞƐͿĨŽƌZĂŶĚĐŽŶƐƵůƚĂŶƚƐĚĞƐĐƌŝďĞĚĂďŽǀĞĂƌĞĂƐĨŽůůŽǁƐ;ƉůĞĂƐĞƐĞĞĂƚƚĂĐŚŵĞŶƚƐĨŽƌĞĂĐŚ ĐŽŶƐƵůƚĂŶƚͿ͗ ^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐ ƌĐŚŝƚĞĐƚƵƌĞ Z D W ĞƐŝŐŶtĞƐƚ ŽƐƚ ƐƚŝŵĂƚŝŶŐ tŝŐŐŝŶƐW ƵŝůĚŝŶŐ ŶǀĞůŽƉĞ EĞdžƵƐ dŽƚĂůƐ WŚĂƐĞϭϬϬ͗WƌŽũĞĐƚDĂŶĂŐĞŵĞŶƚΨϰϵ͕ϯϬϬ ͲͲ ͲͲ Ψϯ͕ϮϰϬΨϱϮ͕ϱϰϬ WŚĂƐĞϮϬϬ͗ĞƐŝŐŶ,sΨϭϰ͕ϬϴϬ ΨϵϬ͕ϱϬϰ ͲͲ ͲͲΨϭϬϰ͕ϱϴϰ WŚĂƐĞϮϬϬ͗ĞƐŝŐŶZŽŽĨΨϮϬ͕ϴϵϬ ͲͲ ͲͲ Ψϲ͕ϯϳϮΨϮϳ͕ϮϲϮ WŚĂƐĞϮϬϬ͗ĞƐŝŐŶ džƚĞƌŝŽƌ^ŝĚŝŶŐΨϮϯ͕ϵϲϬ ͲͲ ͲͲ Ψϲ͕ϯϳϮΨϯϬ͕ϯϯϮ WŚĂƐĞϯϬϬ͗ŽƐƚ ƐƚŝŵĂƚŝŶŐ,sΨϭ͕ϮϲϬ Ψϭ͕Ϯϵϲ Ψϵ͘Ϯϴϴ ͲΨϭϭ͕ϴϰϰ WŚĂƐĞϯϬϬ͗ŽƐƚ ƐƚŝŵĂƚŝŶŐZŽŽĨΨϭ͕ϮϲϬ Ͳ Ψϲ͕Ϭϰϴ ͲΨϳ͕ϯϬϴ WŚĂƐĞϯϬϬ͗ŽƐƚ ƐƚŝŵĂƚŝŶŐ džƚĞƌŝŽƌ^ŝĚŝŶŐΨϭ͕ϮϲϬ Ͳ Ψϲ͕Ϭϰϴ ͲΨϳ͕ϯϬϴ WŚĂƐĞϰϬϬ͗ŽŶƐƚƌƵĐƚŝŽŶĚŵŝŶŝƐƚƌĂƚŝŽŶΨϯϲ͕ϳϮϬ ΨϮϭ͕ϲϬϬ ͲͲ Ψϭϵ͕ϭϭϲΨϳϳ͕ϰϯϲ ^ƵďͲdŽƚĂů Ψϭϰϴ͕ϳϯϬ Ψϭϭϯ͕ϰϬϬ ΨϮϭ͕ϯϴϰ Ψϯϱ͕ϭϬϬΨϯϭϴ͕ϲϭϰ ϵϵϵ/ŶĐŝĚĞŶƚĂů džƉĞŶƐĞƐ Ψϯ͕ϳϭϴ Ψϭ͕ϱϳϱ ͲͲ Ψϰϴϳ Ψϱ͕ϳϴϬ WƌŽũĞĐƚdŽƚĂů ΨϭϱϮ͕ϰϰϴ Ψϭϭϰ͕ϵϳϱ ΨϮϭ͕ϯϴϰ Ψϯϱ͕ϱϴϳ ΨϯϮϰ͕ϯϵϰ ůůĨĞĞƐƐŚŽǁŶŝŶƚŚĞĂďŽǀĞƚĂďůĞĂƌĞĨŝdžĞĚĨĞĞ͘^ƵďĐŽŶƐƵůƚĂŶƚĨĞĞƐŝŶĐůƵĚĞĂŶϴйŵĂƌŬƵƉ͘ džŚŝďŝƚZϱͲϯϬͲϮϱ KǀĞƌĂůůWƌŽũĞĐƚƐƐƵŵƉƚŝŽŶƐ ϭ͘ Z͛ƐƐĐŽƉĞŝŶĐůƵĚĞƐƐĞƌǀŝĐĞƐĨŽƌƌĐŚŝƚĞĐƚƵƌĞ͕DĞĐŚĂŶŝĐĂů͕ ůĞĐƚƌŝĐĂů͕ŽƐƚ ƐƚŝŵĂƚŝŶŐĂŶĚƵŝůĚŝŶŐ ŶǀĞůŽƉĞ͘ Ϯ͘ ĞůŝǀĞƌĂďůĞƐǁŝůůďĞƐĞŶƚƚŽĐůŝĞŶƚǀŝĂĞůĞĐƚƌŽŶŝĐĨŝůĞĞdžĐŚĂŶŐĞ͘WƌŝŶƚŝŶŐĂŶĚĚĞůŝǀĞƌLJŽĨŚĂƌĚĐŽƉŝĞƐǁŝůů ďĞďŝůůĞĚĂƐƌĞŝŵďƵƌƐĂďůĞĞdžƉĞŶƐĞƐĂƚĐŽƐƚƉůƵƐϭϮйĂŶĚǁŝůůďĞƐĞŶƚŽŶůLJƵƉŽŶĐůŝĞŶƚ͛ƐƌĞƋƵĞƐƚ͘ ϯ͘ ĚĚŝƚŝŽŶĂůŝƚĞŵƐŶŽƚŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŚĞƌĞŝŶ͕ŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽĂĚĚŝƚŝŽŶĂů ƐƵďŵŝƚƚĂůƐ͕ĚĞůŝǀĞƌĂďůĞƐŽƌŵĞĞƚŝŶŐƐĂƌĞĐŽŶƐŝĚĞƌĞĚĂĚĚŝƚŝŽŶĂůƐĞƌǀŝĐĞ͘tƌŝƚƚĞŶŶŽƚŝĐĞǁŝůůďĞŐŝǀĞŶƚŽ ƚŚĞůŝĞŶƚĂŶĚĂƉƉƌŽǀĂůŽďƚĂŝŶĞĚƉƌŝŽƌƚŽǁŽƌŬďĞŝŶŐĚŽŶĞ͘ ϰ͘ dŝŵĞŝƐŶŽƚŝŶĐůƵĚĞĚĨŽƌŵŽĚŝĨŝĐĂƚŝŽŶƐ͕ďĞLJŽŶĚŵŝŶŽƌĂĚũƵƐƚŵĞŶƚƐ͕ƚŽĚƌĂǁŝŶŐƐƚŚĂƚŚĂǀĞďĞĞŶ ƉƌĞǀŝŽƵƐůLJĂƉƉƌŽǀĞĚŽƌĂƌĞƐƵďƐƚĂŶƚŝĂůůLJĨŝŶŝƐŚĞĚ͘dŚŝƐŝŶĐůƵĚĞƐ͕ďƵƚŝƐŶŽƚůŝŵŝƚĞĚƚŽĐŚĂŶŐĞƐƚŽƚŚĞ ƉůĂŶƐ͕ĞůĞǀĂƚŝŽŶƐ͕ƐĞĐƚŝŽŶƐŽƌĚĞƚĂŝůƐ͕ĂƐǁĞůůĂƐƚŚĞƐĞůĞĐƚŝŽŶŽĨŶĞǁĐŽůŽƌĂŶĚŵĂƚĞƌŝĂůƐƐƉĞĐŝĨŝĐĂƚŝŽŶƐ ŽƌƐƵďƐƚŝƚƵƚŝŽŶĨŽƌĂŶLJŵĂƚĞƌŝĂůƉƌĞǀŝŽƵƐůLJĂƉƉƌŽǀĞĚ͘ ϱ͘ dŝŵĞŝƐŶŽƚŝŶĐůƵĚĞĚĨŽƌǀĂůƵĞĞŶŐŝŶĞĞƌŝŶŐĂŶĚŽƚŚĞƌŽǁŶĞƌͬĐŽŶƚƌĂĐƚŽƌƌĞƋƵĞƐƚĞĚĚŽĐƵŵĞŶƚƌĞǀŝƐŝŽŶƐ ďĞLJŽŶĚĨŝŶĂůĞƐŝŐŶĞǀĞůŽƉŵĞŶƚWŚĂƐĞĂƉƉƌŽǀĂů͘ ϲ͘ dŝŵĞŝƐŶŽƚŝŶĐůƵĚĞĚĨŽƌďŝĚĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶZ&/͛ƐƚŚĂƚĂƌĞŝŶǀĂůŝĚǁŝƚŚƌĞƋƵĞƐƚĞĚŝŶĨŽƌŵĂƚŝŽŶĂůƌĞĂĚLJ ƉƌŽǀŝĚĞĚŝŶƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶĚŽĐƵŵĞŶƚƐŽƌĐĂƵƐĞĚďLJĐŽŶƚƌĂĐƚŽƌĞƌƌŽƌƐĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͘ ůŽƐŝŶŐ dŚĂŶŬLJŽƵĂŐĂŝŶĨŽƌƚŚĞŽƉƉŽƌƚƵŶŝƚLJƚŽǁŽƌŬǁŝƚŚƚŚĞŝƚLJŽĨZĞŶƚŽŶ͘/ƚŝƐƵŶĚĞƌƐƚŽŽĚƚŚĂƚƚŚŝƐƉƌŽƉŽƐĂů͕ŽŶĐĞ ĂƉƉƌŽǀĞĚ͕ǁŝůůďĞ džŚŝďŝƚƚŽƚŚĞŐƌĞĞŵĞŶƚĨŽƌZĞŶƚŽŶ^ĞŶŝŽƌĞŶƚĞƌ,s͕ZŽŽĨ͕Θ džƚĞƌŝŽƌ^ŝĚŝŶŐ ŽŶƐƵůƚŝŶŐ^ĞƌǀŝĐĞƐŐƌĞĞŵĞŶƚ͘tĞůŽŽŬĨŽƌǁĂƌĚƚŽǁŽƌŬŝŶŐǁŝƚŚLJŽƵŽŶƚŚŝƐƉƌŽũĞĐƚ͘WůĞĂƐĞĐŽŶƚĂĐƚŵĞŝĨ LJŽƵŚĂǀĞĂŶLJƋƵĞƐƚŝŽŶƐ͘ ^ŝŶĐĞƌĞůLJ͕ ƉƉƌŽǀĞĚ͗ <ŝŵŽLJůĞ ůŝĞŶƚ^ŝŐŶĂƚƵƌĞ ĂƚĞ ^ĞŶŝŽƌƐƐŽĐŝĂƚĞ͕WƌŽũĞĐƚDĂŶĂŐĞƌ ƚƚĂĐŚŵĞŶƚ͗ džŚŝďŝƚʹƌĐŚŝƚĞĐƚƵƌĞ^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐ džŚŝďŝƚʹDĞĐŚĂŶŝĐĂů͕ ůĞĐƚƌŝĐĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐ;ĞƐŝŐŶtĞƐƚ ŶŐŝŶĞĞƌŝŶŐͿ džŚŝďŝƚʹŽƐƚ ƐƚŝŵĂƚŝŶŐ^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐ;tŝŐŐŝŶƐWƌĞĐŽŶƐƚƌƵĐƚŝŽŶ^ĞƌǀŝĐĞƐͿ džŚŝďŝƚʹƵŝůĚŝŶŐ ŶǀĞůŽƉĞ^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐ;EĞdžƵƐͿ džŚŝďŝƚ ʹZϮϬϮϱZĂƚĞ^ĐŚĞĚƵůĞ ŝƚLJŽĨZĞŶƚŽŶ͗^ĞŶŝŽƌĐƚŝǀŝƚLJĞŶƚĞƌ ZWƌŽũĞĐƚEŽ͘ϮϱϬϰϬ͘ϬϬ͘ϬϬƌĐŚŝƚĞĐƚƵƌĂů^ĐŽƉĞŽĨtŽƌŬ DĂLJϮϴ͕ϮϬϮϱWĂŐĞϭŽĨϱ y,//d Z,/d dhZ ^KW K&^ Zs/ ^ Z EdKE^ E/KZ Ed Z,sΘ yd Z/KZ/DWZKs D Ed^ WŚĂƐĞϭϬϬʹWƌŽũĞĐƚDĂŶĂŐĞŵĞŶƚ ϭ͘ KǀĞƌĂůůƉƌŽũĞĐƚŵĂŶĂŐĞŵĞŶƚ͕ŝŶĐůƵĚŝŶŐŵĂŶĂŐŝŶŐƐĐŽƉĞ͕ƐĐŚĞĚƵůĞ͕ĂŶĚďƵĚŐĞƚ͘ Ϯ͘ DĂŶĂŐĞĐŽŵŵƵŶŝĐĂƚŝŽŶǁŝƚŚƚŚĞŝƚLJ͘ ϯ͘ DĂŶĂŐĞŝŶƚĞƌŶĂůƉƌŽũĞĐƚƚĞĂŵĂŶĚƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ ϰ͘ WƌĞƉĂƌĞŵŽŶƚŚůLJƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐĂŶĚŝŶǀŽŝĐĞƐ͘ DĞĞƚŝŶŐƐ͗ •ŝͲǁĞĞŬůLJĐĂůůƚŽĚŝƐĐƵƐƐƐƚĂƚƵƐƵƉĚĂƚĞƐ;ƵƉƚŽĨŝĨƚĞĞŶ;ϭϱͿŵŝŶƵƚĞƐĞĂĐŚͿ ƐƐƵŵƉƚŝŽŶƐ͗ •ƵƌĂƚŝŽŶĨŽƌƚŚŝƐƉŚĂƐĞǁŝůůďĞƚŚƌŽƵŐŚŽƵƚƚŚĞĚƵƌĂƚŝŽŶŽĨƚŚŝƐƉƌŽũĞĐƚ ĞůŝǀĞƌĂďůĞƐ͗ •WƌŽũĞĐƚƐĐŚĞĚƵůĞ;ƉƌĞůŝŵŝŶĂƌLJĂŶĚŵŽŶƚŚůLJƵƉĚĂƚĞƐͿ •WƌŽŐƌĞƐƐƌĞƉŽƌƚƐ •/ŶǀŽŝĐĞƐ WŚĂƐĞϮϬϬʹŽŶĐĞƉƚĞǀĞůŽƉŵĞŶƚ͗,s WŚĂƐĞϮϬϬʹŽŶĐĞƉƚĞǀĞůŽƉŵĞŶƚ͗ZŽŽĨ WŚĂƐĞϮϬϬʹŽŶĐĞƉƚĞǀĞůŽƉŵĞŶƚ͗ džƚĞƌŝŽƌ^ŝĚŝŶŐ dŚĞĨŽůůŽǁŝŶŐdĂƐŬƐŽƵƚůŝŶĞƚŚĞƐƚĞƉƐƚĂŬĞŶƚŽĚĞƐŝŐŶƚŚĞƚŚƌĞĞĞůĞŵĞŶƚƐŽĨƚŚĞƉƌŽũĞĐƚĂƚǀĂƌŝŽƵƐƐƚĂŐĞƐ͘/Ŷ ŐĞŶĞƌĂů͕ƚŚĞƐĐŽƉĞŽĨĞĂĐŚƐƚĂŐĞŝƐƚŚĞƐĂŵĞĨŽƌĂůůƚŚƌĞĞĞůĞŵĞŶƚƐ͕ŽŶĞ;ϭͿƐŝŶŐůĞĚŽĐƵŵĞŶƚƉĂĐŬĂŐĞŝƐ ĂŶƚŝĐŝƉĂƚĞĚ͘ dĂƐŬϭʹƌĐŚŝƚĞĐƚƵƌĞͲ^ĐŚĞŵĂƚŝĐĞƐŝŐŶ ƵƌŝŶŐ^ĐŚĞŵĂƚŝĐĞƐŝŐŶ͕ƚŚĞƉƌŽĐĞƐƐŝƐĐĞŶƚĞƌĞĚĂƌŽƵŶĚĞƐƚĂďůŝƐŚŝŶŐƚŚĞƉƌŽũĞĐƚΖƐǀŝƐŝŽŶ͕ŐŽĂůƐ͕ĂŶĚ ƉƌĞůŝŵŝŶĂƌLJĨŽƌŵ͘ƵƌŝŶŐƚŚŝƐƐƚĂŐĞ͕ǁĞǁŝůů͗ ϭ͘ ŽůůĂďŽƌĂƚĞĐůŽƐĞůLJǁŝƚŚƚŚĞĐůŝĞŶƚĂŶĚŬĞLJƐƚĂŬĞŚŽůĚĞƌƐƚŽĐŽŶĨŝƌŵƉƌŽũĞĐƚƌĞƋƵŝƌĞŵĞŶƚƐ͕ĨƵŶĐƚŝŽŶĂůŶĞĞĚƐ͕ ĂŶĚĚĞƐŝŐŶĂƐƉŝƌĂƚŝŽŶƐ͘ Ϯ͘ WƌŽǀŝĚĞƉƌĞůŝŵŝŶĂƌLJĞŶŐŝŶĞĞƌŝŶŐŝŶƉƵƚĂŶĚŽƵƚůŝŶĞƐLJƐƚĞŵƐƚŽĞŶƐƵƌĞĂůŝŐŶŵĞŶƚǁŝƚŚƉƌŽũĞĐƚŐŽĂůƐĂŶĚƚŽ ĞƐƚĂďůŝƐŚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶďƵĚŐĞƚ͘ ϯ͘ ĞǀĞůŽƉƚŚĞďƵŝůĚŝŶŐŵŽĚĞůĨƌŽŵƉƌĞǀŝŽƵƐĚĞƐŝŐŶĚŽĐƵŵĞŶƚƐƌĞĐĞŝǀĞĚĨƌŽŵƚŚĞŝƚLJ͘ ϰ͘ ^ŝƚĞsŝƐŝƚƚŽĐŽŶĨŝƌŵĐŽŶĚŝƚŝŽŶƐĂŶĚĂƐͲďƵŝůƚƐ ϱ͘ ZĞǀŝĞǁ͕ ĐŽŽƌĚŝŶĂƚĞ ĂŶĚ ƐĞůĞĐƚ ƐLJƐƚĞŵƐ͕ ƉĞƌĨŽƌŵĂŶĐĞ ĐƌŝƚĞƌŝĂ ĂŶĚ ĂƐƐŽĐŝĂƚĞĚ ƉƌŽĚƵĐƚƐ ĨŽƌ ĚĞƚĂŝůƐ ĂŶĚ ƐƉĞĐŝĨŝĐĂƚŝŽŶƐ͘dĂƐŬƐƚŽŝŶĐůƵĚĞ͗ Ă͘ džƚĞƌŝŽƌDĂƚĞƌŝĂůƐĂŶĚ&ŝŶŝƐŚĞƐ;ƐŝŵŝůĂƌŝŶĂƉƉĞĂƌĂŶĐĞƚŽĞdžŝƐƚŝŶŐŵĂƚĞƌŝĂůƐͿ͘ ď͘ DĞĐŚĂŶŝĐĂů͕ ůĞĐƚƌŝĐĂůΘWůƵŵďŝŶŐŽŽƌĚŝŶĂƚŝŽŶ ϲ͘ WƌĞƉĂƌĞďĂƐĞĚƌĂǁŝŶŐƐ͕ĚĞƚĂŝůƐ͕ƐĐŚĞĚƵůĞƐĂŶĚĐĂůĐƵůĂƚŝŽŶƐŶĞĐĞƐƐĂƌLJĨŽƌĞǀĞŶƚƵĂůƉĞƌŵŝƚƚŝŶŐ͘dŚĞƐĞŝŶĐůƵĚĞ ƚŚĞĨŽůůŽǁŝŶŐƐŚĞĞƚƐ͗ Ă͘ ŽĚĞ^ƵŵŵĂƌLJƐŚĞĞƚƐĚĞŵŽŶƐƚƌĂƚŝŶŐĐŽŵƉůŝĂŶĐĞ ď͘ ĞŵŽůŝƚŝŽŶƉůĂŶƐ;ĨůŽŽƌ͕ĐĞŝůŝŶŐ͕ƌŽŽĨ͕ĞdžƚĞƌŝŽƌĞůĞǀĂƚŝŽŶƐͿ ŝƚLJŽĨZĞŶƚŽŶ͗^ĞŶŝŽƌĐƚŝǀŝƚLJĞŶƚĞƌ ZWƌŽũĞĐƚEŽ͘ϮϱϬϰϬ͘ϬϬ͘ϬϬƌĐŚŝƚĞĐƚƵƌĂů^ĐŽƉĞŽĨtŽƌŬ DĂLJϮϴ͕ϮϬϮϱWĂŐĞϮŽĨϱ Đ͘ &ůŽŽƌƉůĂŶƐǁŝƚŚĞůĞĐƚƌŝĐĂů͕ŵĞĐŚĂŶŝĐĂů͕ƉůƵŵďŝŶŐ͕ĂŶĚĚĞůŝŶĞĂƚŝŽŶŽĨĨůŽŽƌŝŶŐĂŶĚǁĂůůƚLJƉĞĨŝŶŝƐŚĞƐ Ě͘ ZĞĨůĞĐƚĞĚĐĞŝůŝŶŐƉůĂŶƐ ϳ͘ WƌĞƐĞŶƚƐĐŚĞŵĂƚŝĐƉůĂŶƐ͕ĞůĞǀĂƚŝŽŶƐƚŽĐŽŵŵƵŶŝĐĂƚĞƚŚĞŽǀĞƌĂůůĚĞƐŝŐŶĚŝƌĞĐƚŝŽŶ͘ ϴ͘ KďƚĂŝŶůŝĞŶƚĂƉƉƌŽǀĂůŽĨƐĐŚĞŵĂƚŝĐĚĞƐŝŐŶƉƌŝŽƌƚŽƉƌŽĐĞĞĚŝŶŐǁŝƚŚĚĞƐŝŐŶĚĞǀĞůŽƉŵĞŶƚĚŽĐƵŵĞŶƚƐ͘ DĞĞƚŝŶŐƐ͗ •<ŝĐŬͲŽĨĨŵĞĞƚŝŶŐǁŝƚŚƚŚĞŝƚLJĂŶĚĞƐŝŐŶdĞĂŵ͘ ƐƐƵŵƉƚŝŽŶƐ͗ •ƵƌĂƚŝŽŶĨŽƌƚŚŝƐƉŚĂƐĞŝƐƉĞƌƉƌŽũĞĐƚƐĐŚĞĚƵůĞ •ůŝĞŶƚǁŝůůƉƌŽǀŝĚĞĐŽŵŵĞŶƚĂŶĚͮŽƌĂƉƉƌŽǀĂůǁŝƚŚŝŶϳďƵƐŝŶĞƐƐĚĂLJƐŽĨƌĞĐĞŝƉƚŽĨĚĞůŝǀĞƌĂďůĞƐ͖ƚŚŝƐŝƐ ŶĞĐĞƐƐĂƌLJƚŽŬĞĞƉƉƌŽũĞĐƚŽŶƐĐŚĞĚƵůĞ͘ ĞůŝǀĞƌĂďůĞƐ͗ •DĞĞƚŝŶŐĂŐĞŶĚĂƐĂŶĚŶŽƚĞƐ͘ •W& ^ĐŚĞŵĂƚŝĐ ĞƐŝŐŶ ĚƌĂǁŝŶŐƐ ĐƌĞĂƚĞĚ ŝŶ ZĞǀŝƚ ʹ ĨůŽŽƌ ƉůĂŶƐ͕ ĐĞŝůŝŶŐ ƉůĂŶƐ͕ ĞdžƚĞƌŝŽƌ ĨŝŶŝƐŚ ƐĐŚĞĚƵůĞ͕ƐĞĐƚŝŽŶƐ;ĂƐŶĞĞĚĞĚͿĂŶĚĞdžƚĞƌŝŽƌĞůĞǀĂƚŝŽŶƐ͘ dĂƐŬϮʹƌĐŚŝƚĞĐƚƵƌĞʹĞƐŝŐŶĞǀĞůŽƉŵĞŶƚ &ƵƌƚŚĞƌĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞ^ĐŚĞŵĂƚŝĐĞƐŝŐŶŽĐƵŵĞŶƚĚƌĂǁŝŶŐƐ͘dŚĞĨŽůůŽǁŝŶŐĂĐƚŝǀŝƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚ͗ ϭ͘ &ƵƌƚŚĞƌ ĐŽŽƌĚŝŶĂƚŝŽŶ ŽĨ Ăůů ďƵŝůĚŝŶŐ ƐLJƐƚĞŵƐ͕ ƉĞƌĨŽƌŵĂŶĐĞ ĐƌŝƚĞƌŝĂ͕ ĂƐƐŽĐŝĂƚĞĚ ĚĞƚĂŝůƐ ĂŶĚ ƉƌŽĚƵĐƚƐ͘ ŽŽƌĚŝŶĂƚĞ ǁŝƚŚ ĚĞƐŝŐŶ ĐŽŶƐƵůƚĂŶƚƐ ĂŶĚ ůŝĞŶƚ͛Ɛ ĐŽŶƐƵůƚĂŶƚƐ͘ dŝŵĞ ŝŶĐůƵĚĞĚ ĨŽƌ ĚƌĂǁŝŶŐ ƌĞǀŝĞǁ͕ ďĂĐŬ ĐŚĞĐŬŝŶŐ͕ƉŚŽŶĞĐŽŽƌĚŝŶĂƚŝŽŶ͕ĞƚĐ͘ŽĨƚŚĞĨŽůůŽǁŝŶŐ͗ Ă͘ DĂƚĞƌŝĂůƐĂŶĚĨŝŶŝƐŚĞƐ;ƐŝŵŝůĂƌŝŶĂƉƉĞĂƌĂŶĐĞƚŽĞdžŝƐƚŝŶŐŵĂƚĞƌŝĂůƐͿ͘ ď͘ DĞĐŚĂŶŝĐĂů͕ ůĞĐƚƌŝĐĂů͕ΘWůƵŵďŝŶŐŽŽƌĚŝŶĂƚŝŽŶ Ϯ͘ ĞǀĞůŽƉĂůůĚƌĂǁŝŶŐƐ͕ĚĞƚĂŝůƐ͕ƐĐŚĞĚƵůĞƐĂŶĚĐĂůĐƵůĂƚŝŽŶƐŶĞĐĞƐƐĂƌLJĨŽƌĐŽŶƐƚƌƵĐƚŝŽŶ͘dŚĞƐĞŝŶĐůƵĚĞƚŚĞ ĚƌĂǁŝŶŐƐĚĞǀĞůŽƉĞĚŝŶƚŚĞƉƌĞǀŝŽƵƐƉŚĂƐĞƐĂŶĚƚŚĞĨŽůůŽǁŝŶŐ͗ Ă͘ &ƵƌƚŚĞƌƌĞĨŝŶĞŽĚĞ^ƵŵŵĂƌLJƐŚĞĞƚƐĚĞŵŽŶƐƚƌĂƚŝŶŐĐŽŵƉůŝĂŶĐĞ ď͘ &ƵƌƚŚĞƌƌĞĨŝŶĞĞŵŽůŝƚŝŽŶƉůĂŶƐ;ĨůŽŽƌ͕ĐĞŝůŝŶŐ͕ƌŽŽĨ͕ĞdžƚĞƌŝŽƌĞůĞǀĂƚŝŽŶƐͿ Đ͘ &ƵƌƚŚĞƌƌĞĨŝŶĞ&ůŽŽƌƉůĂŶƐǁŝƚŚĞůĞĐƚƌŝĐĂů͕ŵĞĐŚĂŶŝĐĂů͕ƉůƵŵďŝŶŐ͕ĂŶĚĚĞůŝŶĞĂƚŝŽŶŽĨĨůŽŽƌŝŶŐĂŶĚǁĂůů ƚLJƉĞĨŝŶŝƐŚĞƐ Ě͘ &ƵƌƚŚĞƌƌĞĨŝŶĞZĞĨůĞĐƚĞĚĐĞŝůŝŶŐƉůĂŶƐ Ğ͘ dLJƉŝĐĂůǁĂůůƐĞĐƚŝŽŶƐĂŶĚĚĞƚĂŝůƐ ϯ͘ WƌĞƉĂƌĂƚŝŽŶŽĨ^ƉĞĐŝĨŝĐĂƚŝŽŶƐŝǀŝƐŝŽŶƐϮͲϭϰ͘^ƉĞĐŝĨŝĐĂƚŝŽŶƐŝǀŝƐŝŽŶƐϬͲϭǁŝůůďĞƉƌŽǀŝĚĞĚďLJƚŚĞŝƚLJ͘ DĞĞƚŝŶŐƐ͗ •dŚĞƌĞǁŝůůďĞƵƉƚŽƚǁŽ;ϮͿĚĞƐŝŐŶƚĞĂŵͮĐůŝĞŶƚĐŽŽƌĚŝŶĂƚŝŽŶŵĞĞƚŝŶŐƐ ƐƐƵŵƉƚŝŽŶƐ͗ •ƵƌĂƚŝŽŶĨŽƌƚŚŝƐƉŚĂƐĞŝƐƉĞƌƉƌŽũĞĐƚƐĐŚĞĚƵůĞ •ůŝĞŶƚǁŝůůƉƌŽǀŝĚĞĂƉƉƌŽǀĂůŽĨĂůůĚƌĂǁŝŶŐƐ ĞůŝǀĞƌĂďůĞƐ͗ •DĞĞƚŝŶŐĂŐĞŶĚĂƐĂŶĚŶŽƚĞƐ •W&ĚĞůŝǀĞƌĂďůĞŽĨĞƐŝŐŶĞǀĞůŽƉŵĞŶƚŽĐƵŵĞŶƚĚƌĂǁŝŶŐƐ •^ŵĂůů&ŽƌŵĂƚ;W&Ϳ^ƉĞĐŝĨŝĐĂƚŝŽŶƐ • džƚĞƌŝŽƌŽůŽƌĂŶĚDĂƚĞƌŝĂů^ĞůĞĐƚŝŽŶƐʹŝŐŝƚĂůŽůŽƌŽĂƌĚ ŝƚLJŽĨZĞŶƚŽŶ͗^ĞŶŝŽƌĐƚŝǀŝƚLJĞŶƚĞƌ ZWƌŽũĞĐƚEŽ͘ϮϱϬϰϬ͘ϬϬ͘ϬϬƌĐŚŝƚĞĐƚƵƌĂů^ĐŽƉĞŽĨtŽƌŬ DĂLJϮϴ͕ϮϬϮϱWĂŐĞϯŽĨϱ dĂƐŬϯʹƌĐŚŝƚĞĐƚƵƌĞʹŽŶƐƚƌƵĐƚŝŽŶŽĐƵŵĞŶƚƐ &ƵƌƚŚĞƌĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞĞƐŝŐŶŽĐƵŵĞŶƚĚƌĂǁŝŶŐƐƚŽƉƌĞƉĂƌĞƚŚĞŵĨŽƌWĞƌŵŝƚ^ƵďŵŝƚƚĂůƚŽƚŚĞũƵƌŝƐĚŝĐƚŝŽŶ͕ ŝĚĚŝŶŐ͕ĂŶĚŽŶƐƚƌƵĐƚŝŽŶ͘dŚĞĨŽůůŽǁŝŶŐĂĐƚŝǀŝƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚ͗ ϭ͘ &ƵƌƚŚĞƌ ĐŽŽƌĚŝŶĂƚŝŽŶ ŽĨ Ăůů ďƵŝůĚŝŶŐ ƐLJƐƚĞŵƐ͕ ƉĞƌĨŽƌŵĂŶĐĞ ĐƌŝƚĞƌŝĂ͕ ĂƐƐŽĐŝĂƚĞĚ ĚĞƚĂŝůƐ ĂŶĚ ƉƌŽĚƵĐƚƐ͘ ŽŽƌĚŝŶĂƚĞ ǁŝƚŚ ĚĞƐŝŐŶ ĐŽŶƐƵůƚĂŶƚƐ ĂŶĚ ůŝĞŶƚ͛Ɛ ĐŽŶƐƵůƚĂŶƚƐ͘ dŝŵĞ ŝŶĐůƵĚĞĚ ĨŽƌ ĚƌĂǁŝŶŐ ƌĞǀŝĞǁ͕ ďĂĐŬ ĐŚĞĐŬŝŶŐ͕ƉŚŽŶĞĐŽŽƌĚŝŶĂƚŝŽŶ͕ĞƚĐ͘ŽĨƚŚĞĨŽůůŽǁŝŶŐ͗ Ă͘ DĂƚĞƌŝĂůƐĂŶĚĨŝŶŝƐŚĞƐ;ƐŝŵŝůĂƌŝŶĂƉƉĞĂƌĂŶĐĞƚŽĞdžŝƐƚŝŶŐŵĂƚĞƌŝĂůƐͿ͘ ď͘ DĞĐŚĂŶŝĐĂů͕ ůĞĐƚƌŝĐĂů͕ΘWůƵŵďŝŶŐŽŽƌĚŝŶĂƚŝŽŶ Ϯ͘ ĞǀĞůŽƉĂůůĚƌĂǁŝŶŐƐ͕ĚĞƚĂŝůƐ͕ƐĐŚĞĚƵůĞƐĂŶĚĐĂůĐƵůĂƚŝŽŶƐŶĞĐĞƐƐĂƌLJĨŽƌĐŽŶƐƚƌƵĐƚŝŽŶ͘dŚĞƐĞŝŶĐůƵĚĞƚŚĞ ĚƌĂǁŝŶŐƐĚĞǀĞůŽƉĞĚŝŶƚŚĞƉƌĞǀŝŽƵƐƉŚĂƐĞƐĂŶĚƚŚĞĨŽůůŽǁŝŶŐ͗ Ă͘ &ŝŶĂůŝnjĞŽĚĞ^ƵŵŵĂƌLJƐŚĞĞƚƐĚĞŵŽŶƐƚƌĂƚŝŶŐĐŽŵƉůŝĂŶĐĞ ď͘ &ŝŶĂůŝnjĞĞŵŽůŝƚŝŽŶƉůĂŶƐ;ĨůŽŽƌ͕ĐĞŝůŝŶŐ͕ƌŽŽĨ͕ĞdžƚĞƌŝŽƌĞůĞǀĂƚŝŽŶƐͿ Đ͘ &ŝŶĂůŝnjĞ&ůŽŽƌƉůĂŶƐǁŝƚŚĞůĞĐƚƌŝĐĂů͕ŵĞĐŚĂŶŝĐĂů͕ƉůƵŵďŝŶŐ͕ĂŶĚĚĞůŝŶĞĂƚŝŽŶŽĨĨůŽŽƌŝŶŐĂŶĚǁĂůůƚLJƉĞ ĨŝŶŝƐŚĞƐ Ě͘ &ŝŶĂůŝnjĞZĞĨůĞĐƚĞĚĐĞŝůŝŶŐƉůĂŶƐ Ğ͘ &ŝŶĂůŝnjĞdLJƉŝĐĂůǁĂůůƐĞĐƚŝŽŶƐĂŶĚĚĞƚĂŝůƐ ϯ͘ ĞǀĞůŽƉƉƌŽũĞĐƚ^ƉĞĐŝĨŝĐĂƚŝŽŶƐŝǀŝƐŝŽŶƐϮͲϭϰĨŽƌƵƐĞŝŶďŝĚĚŝŶŐĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶ͘^ƉĞĐŝĨŝĐĂƚŝŽŶŝǀŝƐŝŽŶƐϬͲ ϭǁŝůůďĞƉƌŽǀŝĚĞĚďLJƚŚĞŝƚLJ͘ DĞĞƚŝŶŐƐ͗ •dŚĞƌĞǁŝůůďĞƵƉƚŽƚǁŽ;ϮͿĚĞƐŝŐŶƚĞĂŵͮĐůŝĞŶƚĐŽŽƌĚŝŶĂƚŝŽŶŵĞĞƚŝŶŐƐ ƐƐƵŵƉƚŝŽŶƐ͗ •ƵƌĂƚŝŽŶĨŽƌƚŚŝƐƉŚĂƐĞŝƐƉĞƌƉƌŽũĞĐƚƐĐŚĞĚƵůĞ •ůŝĞŶƚǁŝůůƉƌŽǀŝĚĞĂƉƉƌŽǀĂůŽĨĂůůĚƌĂǁŝŶŐƐ ĞůŝǀĞƌĂďůĞƐ͗ •DĞĞƚŝŶŐĂŐĞŶĚĂƐĂŶĚŶŽƚĞƐ •W&ĚĞůŝǀĞƌĂďůĞŽĨĞƐŝŐŶĞǀĞůŽƉŵĞŶƚŽĐƵŵĞŶƚĚƌĂǁŝŶŐƐ •^ŵĂůů&ŽƌŵĂƚ;W&Ϳ^ƉĞĐŝĨŝĐĂƚŝŽŶƐ • džƚĞƌŝŽƌŽůŽƌĂŶĚDĂƚĞƌŝĂů^ĞůĞĐƚŝŽŶƐʹŝŐŝƚĂůŽůŽƌŽĂƌĚ dĂƐŬϰʹƌĐŚŝƚĞĐƚƵƌĞʹWĞƌŵŝƚƚŝŶŐͮŝĚĚŝŶŐƐƐŝƐƚĂŶĐĞ WƌĞƉĂƌĞĂŶĚƐƵďŵŝƚƉĞƌŵŝƚĚŽĐƵŵĞŶƚƐĂŶĚĂƉƉůŝĐĂƚŝŽŶƐƚŽƚŚĞƵƚŚŽƌŝƚLJ,ĂǀŝŶŐ:ƵƌŝƐĚŝĐƚŝŽŶ;,:Ϳ͘dŚĞ ĨŽůůŽǁŝŶŐĂĐƚŝǀŝƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚ͗ ϭ͘ WƌĞƉĂƌĂƚŝŽŶŽĨŝƚLJŽĨZĞŶƚŽŶƉĞƌŵŝƚĂƉƉůŝĐĂƚŝŽŶĂŶĚŽŶůŝŶĞƐƵďŵŝƚƚĂů Ϯ͘ ŽŽƌĚŝŶĂƚŝŽŶǁŝƚŚƚŚĞůŽĐĂůũƵƌŝƐĚŝĐƚŝŽŶ ϯ͘ dŝŵĞŝƐŝŶĐůƵĚĞĚĨŽƌƵƉƚŽƚǁŽ;ϮͿƌŽƵŶĚƐŽĨƉĞƌŵŝƚƌĞƐƵďŵŝƚƚĂůĂŶĚƌĞƐƉŽŶƐĞĐŽŵŵĞŶƚƐ͕ŝĨƌĞƋƵŝƌĞĚ͘ /ŶƚŚĞďŝĚĚŝŶŐƉŚĂƐĞ͕ǁĞƐƵƉƉŽƌƚƚŚĞĐůŝĞŶƚŝŶŽďƚĂŝŶŝŶŐĐŽŵƉĞƚŝƚŝǀĞĂŶĚƋƵĂůŝĨŝĞĚďŝĚƐ͕ǁŚŝůĞƉƌĞƐĞƌǀŝŶŐĚĞƐŝŐŶ ŝŶƚĞŶƚĂŶĚƉƌŽũĞĐƚǀĂůƵĞ͘KƵƌĂƉƉƌŽĂĐŚŝŶĐůƵĚĞƐ͗ ϭ͘ WƌĞƉĂƌŝŶŐĂĐŽŵƉůĞƚĞďŝĚƉĂĐŬĂŐĞ͕ŝŶĐůƵĚŝŶŐĚƌĂǁŝŶŐƐ͕ƚĞĐŚŶŝĐĂůƐƉĞĐŝĨŝĐĂƚŝŽŶƐ͕ĂŶĚĂĚĚĞŶĚĂĂƐƌĞƋƵŝƌĞĚ͘ Ϯ͘ ƐƐŝƐƚŝŶŐƚŚĞĐůŝĞŶƚŝŶŝƐƐƵŝŶŐĂŶŽƉĞŶďŝĚŝŶǀŝƚĂƚŝŽŶ͕ĚĞƉĞŶĚŝŶŐŽŶƚŚĞƉƌŽĐƵƌĞŵĞŶƚƐƚƌĂƚĞŐLJ͘ ϯ͘ ZĞƐƉŽŶĚŝŶŐƚŽďŝĚĚĞƌƋƵĞƐƚŝŽŶƐĂŶĚŝƐƐƵŝŶŐĐůĂƌŝĨŝĐĂƚŝŽŶƐŽƌĂĚĚĞŶĚĂƚŽĞŶƐƵƌĞĂĨĂŝƌĂŶĚƚƌĂŶƐƉĂƌĞŶƚ ƉƌŽĐĞƐƐ͘ ϰ͘ WĂƌƚŝĐŝƉĂƚŝŶŐŝŶƉƌĞͲďŝĚŵĞĞƚŝŶŐƐƚŽĞdžƉůĂŝŶƉƌŽũĞĐƚƐĐŽƉĞĂŶĚĂŶƐǁĞƌĐŽŶƚƌĂĐƚŽƌƋƵĞƐƚŝŽŶƐ͘ ϱ͘ ^ƵƉƉŽƌƚŝŶŐƚŚĞĞǀĂůƵĂƚŝŽŶŽĨďŝĚƐƌĞƐƉŽŶƐĞƌĞǀŝĞǁ͘ ŝƚLJŽĨZĞŶƚŽŶ͗^ĞŶŝŽƌĐƚŝǀŝƚLJĞŶƚĞƌ ZWƌŽũĞĐƚEŽ͘ϮϱϬϰϬ͘ϬϬ͘ϬϬƌĐŚŝƚĞĐƚƵƌĂů^ĐŽƉĞŽĨtŽƌŬ DĂLJϮϴ͕ϮϬϮϱWĂŐĞϰŽĨϱ DĞĞƚŝŶŐƐ͗ •EŽŶĞĂŶƚŝĐŝƉĂƚĞĚĨŽƌƉĞƌŵŝƚƚŝŶŐ͘ •WƌĞͲďŝĚĂƚƚĞŶĚĂŶĐĞĚƵƌŝŶŐŝĚĚŝŶŐ ƐƐƵŵƉƚŝŽŶƐ͗ •ƵƌĂƚŝŽŶĨŽƌƚŚŝƐƉŚĂƐĞǁŝůůĚĞƉĞŶĚŽŶƚŚĞŝƚLJŽĨZĞŶƚŽŶƉĞƌŵŝƚƌĞǀŝĞǁƉƌŽĐĞƐƐĂŶĚƐƵďƐĞƋƵĞŶƚďŝĚ ƉŚĂƐĞ͘ WŚĂƐĞϯϬϬʹŽƐƚ ƐƚŝŵĂƚŝŶŐ͗,s WŚĂƐĞϯϬϬʹŽƐƚ ƐƚŝŵĂƚŝŶŐ͗ZŽŽĨ WŚĂƐĞϯϬϬʹŽƐƚ ƐƚŝŵĂƚŝŶŐ͗ džƚĞƌŝŽƌ^ŝĚŝŶŐ dĂƐŬϭʹƌĐŚŝƚĞĐƚƵƌĞ ZƐĐŽƉĞŽĨǁŽƌŬĨŽƌƚŚĞĐŽƐƚĞƐƚŝŵĂƚŝŶŐƉŚĂƐĞŽĨƚŚĞƉƌŽũĞĐƚŝƐƚŚĞƐĂŵĞĨŽƌĂůůƚŚƌĞĞĚĞƐŝŐŶĞůĞŵĞŶƚƐ͘dŚĞ ĨŽůůŽǁŝŶŐƐĐŽƉĞǁŝůůďĞƉĞƌĨŽƌŵĞĚ͗ ϭ͘ ZĞǀŝĞǁŽĨƐĐŚĞŵĂƚŝĐĚĞƐŝŐŶƉŚĂƐĞĐŽƐƚĞƐƚŝŵĂƚĞ;ƉƌĞƉĂƌĞĚďLJtŝŐŐŝŶƐWƌĞĐŽŶƐƚƌƵĐƚŝŽŶ^ĞƌǀŝĐĞƐͿ Ϯ͘ ZĞǀŝĞǁŽĨĞƐŝŐŶĞǀĞůŽƉŵĞŶƚƉŚĂƐĞĐŽƐƚĞƐƚŝŵĂƚĞ;ƉƌĞƉĂƌĞĚďLJtŝŐŐŝŶƐWƌĞĐŽŶƐƚƌƵĐƚŝŽŶ^ĞƌǀŝĐĞƐͿ͘ ϯ͘ ZĞǀŝĞǁŽĨŽŶƐƚƌƵĐƚŝŽŶŽĐƵŵĞŶƚƉŚĂƐĞĐŽƐƚĞƐƚŝŵĂƚĞ;ƉƌĞƉĂƌĞĚďLJtŝŐŐŝŶƐWƌĞĐŽŶƐƚƌƵĐƚŝŽŶ^ĞƌǀŝĐĞƐͿ͘ DĞĞƚŝŶŐƐ͗ •ƌĞŝŶĐůƵĚĞĚŝŶƉŚĂƐĞϮϬϬ͕ϮϬϬĂŶĚϮϬϬĂďŽǀĞ͘ ƐƐƵŵƉƚŝŽŶƐ͗ •sĂůƵĞĞŶŐŝŶĞĞƌŝŶŐƐĞƌǀŝĐĞƐĂƌĞŶŽƚŝŶĐůƵĚĞĚ͘/ĨŶĞĞĚĞĚ͕ǁĞĐĂŶƉƌĞƉĂƌĞĂŶĂĚĚŝƚŝŽŶĂůƐĞƌǀŝĐĞ ƉƌŽƉŽƐĂů͘ •ƵƌĂƚŝŽŶĨŽƌƚŚŝƐƉŚĂƐĞŝƐƉĞƌƉƌŽũĞĐƚƐĐŚĞĚƵůĞ ĞůŝǀĞƌĂďůĞƐ͗ •WƌŽũĞĐƚ ŽƐƚ ^ƵŵŵĂƌLJ ;ƉƌĞƉĂƌĞĚ ďLJ ZͿ ĂŶĚ ŽƐƚ ƐƚŝŵĂƚĞ ;ƉƌĞƉĂƌĞĚ ďLJ tŝŐŐŝŶƐ WƌĞĐŽŶƐƚƌƵĐƚŝŽŶ^ĞƌǀŝĐĞƐͿ͘ WŚĂƐĞϰϬϬʹŽŶƐƚƌƵĐƚŝŽŶĚŵŝŶŝƐƚƌĂƚŝŽŶ dĂƐŬϭʹƌĐŚŝƚĞĐƚƵƌĞ ϭ͘ WƌŽǀŝĚĞŽŶƐƚƌƵĐƚŝŽŶĚŵŝŶŝƐƚƌĂƚŝŽŶ͗dŚĞĨŽůůŽǁŝŶŐĂĐƚŝǀŝƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚ͗ Ă͘ ƚƚĞŶĚĂŶĐĞĂƚĐŽŶƐƚƌƵĐƚŝŽŶŵĞĞƚŝŶŐƐ ď͘ DŽŶƚŚůLJ^ŝƚĞǀŝƐŝƚƐĂŶĚ/ƐƐƵĞƐŝƚĞǀŝƐŝƚƌĞƉŽƌƚƐ Đ͘ ZĞƐƉŽŶĚƚŽǀĂůŝĚĐŽŶƐƚƌƵĐƚŝŽŶZ&/͛ƐĂŶĚĐŽŽƌĚŝŶĂƚĞƌĞƐƉŽŶƐĞƐ Ě͘ ZĞǀŝĞǁŽŶůLJƌĞƋƵŝƌĞĚƐƵďŵŝƚƚĂůƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƐƉĞĐŝĨŝĐĂƚŝŽŶƐ Ğ͘ /ƐƐƵĞ^/Ɛ͕Ɛ͕ĂŶĚWZƐ;KWƐͿ Ĩ͘ ĞƌƚŝĨŝĐĂƚĞĨŽƌWĂLJŵĞŶƚƚŽŽŶƚƌĂĐƚŽƌʹƌĞǀŝĞǁĂŶĚĐŽŵŵĞŶƚ Ő͘ ZĞǀŝĞǁŚĂŶŐĞKƌĚĞƌZĞƋƵĞƐƚƐ Ś͘ ZĞǀŝĞǁŵŽŶƚŚůLJƉĂLJĂƉƉůŝĐĂƚŝŽŶƐ ŝ͘ WĞƌĨŽƌŵƉƵŶĐŚůŝƐƚĂŶĚďĂĐŬĐŚĞĐŬ ũ͘ WƌŽǀŝĚĞĂĞƌƚŝĨŝĐĂƚĞŽĨ^ƵďƐƚĂŶƚŝĂůŽŵƉůĞƚŝŽŶ ŝƚLJŽĨZĞŶƚŽŶ͗^ĞŶŝŽƌĐƚŝǀŝƚLJĞŶƚĞƌ ZWƌŽũĞĐƚEŽ͘ϮϱϬϰϬ͘ϬϬ͘ϬϬƌĐŚŝƚĞĐƚƵƌĂů^ĐŽƉĞŽĨtŽƌŬ DĂLJϮϴ͕ϮϬϮϱWĂŐĞϱŽĨϱ DĞĞƚŝŶŐƐ͗ •KŶĞ;ϭͿƐŝƚĞǀŝƐŝƚĨŽƌƉƵŶĐŚůŝƐƚĂŶĚŽŶĞ;ϭͿƐŝƚĞǀŝƐŝƚĨŽƌďĂĐŬĐŚĞĐŬ •KŶĞ;ϭͿƐŝƚĞǀŝƐŝƚƚŽĐŽŶĨŝƌŵ^ƵďƐƚĂŶƚŝĂůŽŵƉůĞƚŝŽŶ ƐƐƵŵƉƚŝŽŶƐ͗ •ƵƌĂƚŝŽŶĨŽƌƚŚŝƐƉŚĂƐĞŝƐƉĞƌƚŚĞƐĐŚĞĚƵůĞ •ŽŶƐƚƌƵĐƚŝŽŶŵĞĞƚŝŶŐĂŐĞŶĚĂĂŶĚŶŽƚĞƐǁŝůůƉƌĞƉĂƌĞĚĂŶĚƉƌŽǀŝĚĞĚďLJ'ĞŶĞƌĂůŽŶƚƌĂĐƚŽƌ͘ •ĚĚŝƚŝŽŶĂů^ĞƌǀŝĐĞƐƵƚŚŽƌŝnjĂƚŝŽŶǁŝůůďĞƉƌŽǀŝĚĞĚǁŝƚŚĐŽƐƚĞǀĞŶƚƐ͕WZƐ͕Ɛ͕ŽƌŽƚŚĞƌĐŽŶƐƚƌƵĐƚŝŽŶ ĐŚĂŶŐĞƐǁŚĞƌĞĂĚĚŝƚŝŽŶĂůĚĞƐŝŐŶƐĞƌǀŝĐĞƐĂƌĞĂƉƉůŝĐĂďůĞ •ZĞǀŝĞǁŽĨ^ƵďƐƚŝƚƵƚŝŽŶZĞƋƵĞƐƚƐĂĨƚĞƌďŝĚĚĂƚĞƉƌŽǀŝĚĞĚŽŶůLJĨŽƌƐƵďƐƚŝƚƵƚŝŽŶƐƚŚĂƚďĞŶĞĨŝƚƚŚĞKǁŶĞƌ͖ ĚĚŝƚŝŽŶĂů^ĞƌǀŝĐĞƐƵƚŚŽƌŝnjĂƚŝŽŶǁŝůůďĞƌĞƋƵŝƌĞĚĨŽƌĂĚĚŝƚŝŽŶĂůƚŝŵĞĞdžƉĞŶĚĞĚĨŽƌƚŚĞƐĞƌĞǀŝĞǁƐ ĞůŝǀĞƌĂďůĞƐ͗ •^ŝƚĞsŝƐŝƚZĞƉŽƌƚƐ •/ƐƐƵĞĂĚĚĞŶĚƵŵƐĂŶĚͬŽƌƐŬĞƚĐŚĞƐƚŽĂĚĚƌĞƐƐďŝĚZ&/͛Ɛ •ZĞĐŽŵŵĞŶĚĂƚŝŽŶƐŽĨƐƵďƐƚŝƚƵƚŝŽŶƌĞƋƵĞƐƚƐ •ĞƌƚŝĨŝĐĂƚŝŽŶĨŽƌƉĂLJŵĞŶƚ •ZĞƐƉŽŶƐĞƐĂŶĚͬŽƌƐŬĞƚĐŚĞƐƚŽĂĚĚƌĞƐƐZ&/͛Ɛ •^/Ɛ͕ƐĂŶĚWZƐ •ZĞǀŝĞǁŽĨ^ƵďŵŝƚƚĂůƐͬ^ŚŽƉƌĂǁŝŶŐƐ WĂŐĞϭ : ĞĂŶ QG$YH66XLWH(GPRQGV:$ 3DFLILF1RUWKZHVW _6RXWKHUQ&DOLIRUQLD _'HVLJQ:HVW(QJFRP ĂƚĞ͗ DĂLJϮϬ͕ϮϬϮϱ ŽŵƉĂŶLJ͗ Z ϮϭϬϲWĂĐŝĨŝĐǀĞ^ƵŝƚĞϯϬϬ dĂĐŽŵĂ͕tϵϴϮϬϭ ƚƚĞŶƚŝŽŶ͗ ^ƵďũĞĐƚ͗ZĞŶƚŽŶ^ĞŶŝŽƌĞŶƚĞƌ KƵƌWƌŽƉŽƐĂůηWͲϮϱϭϳϱϬϬ 352-(&76&23( WƌŽǀŝĚĞŽŶƐƚƌƵĐƚŝŽŶĚŽĐƵŵĞŶƚĚĞƐŝŐŶĂŶĚƐƉĞĐŝĨŝĐĂƚŝŽŶƐĨŽƌƵƉŐƌĂĚĞƐĂƚŽŶWĞƌƐƐŽŶ^ĞŶŝŽƌĐƚŝǀŝƚLJ ĞŶƚĞƌ͕ĂďƵŝůĚŝŶŐŽǁŶĞĚĂŶĚŽƉĞƌĂƚĞĚďLJƚŚĞŝƚLJŽĨZĞŶƚŽŶ͘WƌŽũĞĐƚƐĐŽƉĞŝŶĐůƵĚĞƐƌĞƉůĂĐĞŵĞŶƚŽĨ ĞdžŝƐƚŝŶŐ,sƚŚƌŽƵŐŚŽƵƚƚŚĞďƵŝůĚŝŶŐ͘ 352-(&7$668037,216 ϭͿ tĞǁŝůůƌĞƉůĂĐĞĂůůƌŽŽĨƚŽƉĞƋƵŝƉŵĞŶƚŝŶĐůƵĚŝŶŐĞdžƉŽƐĞĚĚƵĐƚǁŽƌŬŽŶƚŚĞƌŽŽĨ;ǁŝƚŚƚŚĞĞdžĐĞƉƚŝŽŶŽĨ ƚŚĞĂĚĚĞĚDŝƚƐƵďŝƐŚŝƐƉůŝƚƵŶŝƚŽŶƚŚĞƌŽŽĨͿ ϮͿ tĞǁŝůůĂůƐŽƌĞƉůĂĐĞƚŚĞŝŶĚŽŽƌĂŝƌŚĂŶĚůŝŶŐĞƋƵŝƉŵĞŶƚ͕ŽĨƚŚĞƐĂŵĞǀŝŶƚĂŐĞĂƐƚŚĞƌŽŽĨŵŽƵŶƚĞĚ͘ ϯͿ tĞǁŝůůƌĞͲƵƚŝůŝnjĞĞdžŝƐƚŝŶŐĚƵĐƚǁŽƌŬŽŶƚŚĞŝŶƚĞƌŝŽƌĂƐŵƵĐŚĂƐƉŽƐƐŝďůĞ ϰͿ tĞǁŝůůƉůĂŶƚŽƌĞƉůĂĐĞĐŽŶƚƌŽůƐŝŶĂĚĚŝƚŝŽŶƚŽƵŶŝƚƐ ϱͿ tĞĂƌĞĂƐƐƵŵŝŶŐƚŚĂƚƚŚĞĞdžŝƐƚŝŶŐĚŽŵĞƐƚŝĐǁĂƚĞƌŚĞĂƚĞƌĂƐƐĞŵďůLJŝƐŶŽƚƐůĂƚĞĚĨŽƌƌĞƉůĂĐĞŵĞŶƚ͘ ϲͿ tĞǁŝůůŶŽƚĞƚŚĂƚĂůůƵŶĚĞƌŐƌŽƵŶĚĚƵĐƚǁŽƌŬƐŚĂůůďĞǀŝƐƵĂůůLJŝŶƐƉĞĐƚĞĚǀŝĂĐĂŵĞƌĂĨŽƌĂŶLJƉŽƚĞŶƚŝĂů ĨĂŝůƵƌĞƐͬǁĂƚĞƌůĞĂŬƐ ϳͿ WƌŽƉŽƐĂůďĂƐĞĚŽŶĚƌĂǁŝŶŐƐͬ^KtͬZ&WĚĂƚĞĚDĂƌĐŚϮϬϮϱ ϴͿ ĞƐŝŐŶWŚĂƐĞƐ͗^͕͕ϱϬй͕ϭϬϬй͕WĞƌŵŝƚ͕ŝĚ͕ ϵͿ ŝͲtĞĞŬůLJĐŽŽƌĚŝŶĂƚŝŽŶŵĞĞƚŝŶŐƐĨŽƌƉƌŽũĞĐƚĚƵƌĂƚŝŽŶŽĨϮϲǁĞĞŬƐ ϭϬͿĞƐŝŐŶ^ĐŚĞĚƵůĞ͗ϲŵŽŶƚŚƐ ϭϭͿŽŶƐƚƌƵĐƚŝŽŶ^ĐŚĞĚƵůĞ͗d ϭϮͿƐƐƵŵĞD WĂƐͲďƵŝůƚƐǁŝůůďĞƉƌŽǀŝĚĞĚ ϭϯͿtĞŚĂǀĞĂƐƐƵŵĞĚĞdžŝƐƚŝŶŐĞůĞĐƚƌŝĐĂůƐĞƌǀŝĐĞŚĂƐĂĚĞƋƵĂƚĞĐĂƉĂĐŝƚLJĂŶĚǁĞŚĂǀĞŶŽƚĂƐƐƵŵĞĚŶĞǁ ƐĞƌǀŝĐĞĐŽŽƌĚŝŶĂƚŝŽŶǁŝƚŚƵƚŝůŝƚLJ͘ ϭϰͿŽĚĞĐLJĐůĞ͗ϮϬϮϭ ϭϱͿŽŶƐƚƌƵĐƚŝŽŶĂŶĚŝĚƐƵƉƉŽƌƚŝƐŝŶĐůƵĚĞĚ 6(59,&(6,1&/8'(' ϭͿ ;ϭͿWƌĞͲĚĞƐŝŐŶƐŝƚĞǀŝƐŝƚĨŽƌŽďƐĞƌǀĂƚŝŽŶŽĨƌĞĂĚŝůLJǀŝƐŝďůĞĞdžŝƐƚŝŶŐĐŽŶĚŝƚŝŽŶƐ ϮͿ ;ϯͿĞƐŝŐŶŵĞĞƚŝŶŐ;ƐͿĂƚLJŽƵƌŽĨĨŝĐĞĂƐĚŝƌĞĐƚĞĚ .LP'R\OH ZĞŶƚŽŶ^ĞŶŝŽƌĞŶƚĞƌ /ŶŝƚŝĂů WĂŐĞϮ ϯͿ ;ϭϬͿsŝƌƚƵĂůĐŽŶĨĞƌĞŶĐĞͬĐŽŽƌĚŝŶĂƚŝŽŶŵĞĞƚŝŶŐƐ ϰͿ ŽŽŬĨŽƌŵĂƚDĞĐŚĂŶŝĐĂů͕WůƵŵďŝŶŐĂŶĚ ůĞĐƚƌŝĐĂůƐƉĞĐŝĨŝĐĂƚŝŽŶƐ ϱͿ >ŝĐĞŶƐĞĚWƌŽĨĞƐƐŝŽŶĂů ŶŐŝŶĞĞƌ͛ƐƐƚĂŵƉĂŶĚƐŝŐŶĂƚƵƌĞ ϲͿ ZĞǀŝĞǁŽĨƋƵĂŶƚŝƚŝĞƐĂŶĚƐĐŽƉĞǁŝƚŚŝŶĐŽŶƐƚƌƵĐƚŝŽŶĐŽƐƚƐĞƐƚŝŵĂƚĞƐƉƌŽǀŝĚĞĚďLJĂƌĐŚŝƚĞĐƚ ϳͿ DĞĐŚĂŶŝĐĂůƉůĂŶ;ƐͿŝŶĐůƵĚŝŶŐƚŚĞĨŽůůŽǁŝŶŐ͗ ĂͿ ĞƐŝŐŶŽĨ,sƐLJƐƚĞŵĂŶĚĞƋƵŝƉŵĞŶƚ ďͿ ŶĞƌŐLJĐĂůĐƵůĂƚŝŽŶƐĨŽƌƚŚĞďƵŝůĚŝŶŐĞŶǀĞůŽƉĞĂŶĚŵĞĐŚĂŶŝĐĂůƌĞƋƵŝƌĞŵĞŶƚƐ ĐͿ ŽŽƌĚŝŶĂƚŝŽŶǁŝƚŚĞdžŝƐƚŝŶŐ,sĞƋƵŝƉŵĞŶƚ ĚͿ >ŽĐĂƚŝŽŶŽĨŶĞǁ,sƵŶŝƚƐĂŶĚĞƋƵŝƉŵĞŶƚ ĞͿ ƵĐƚůĂLJŽƵƚĂŶĚĂŝƌĚŝƐƚƌŝďƵƚŝŽŶĨŽƌĂůůĞƋƵŝƉŵĞŶƚůŝƐƚĞĚĂďŽǀĞ ĨͿ WĞƌĨŽƌŵĂŶĐĞƐƉĞĐŝĨŝĐĂƚŝŽŶƐĨŽƌďƵŝůĚŝŶŐ,sƐLJƐƚĞŵĐŽŶƚƌŽůƐ ϴͿ WůƵŵďŝŶŐƉůĂŶ;ƐͿŝŶĐůƵĚŝŶŐƚŚĞĨŽůůŽǁŝŶŐ͗ ĂͿ ŽŶĚĞŶƐĂƚĞƉŝƉŝŶŐĨŽƌ,sƵŶŝƚƐ ϵͿ ůĞĐƚƌŝĐĂůƉŽǁĞƌƉůĂŶ;ƐͿŝŶĐůƵĚŝŶŐƚŚĞĨŽůůŽǁŝŶŐ͗ ĂͿ ŽŽƌĚŝŶĂƚŝŽŶǁŝƚŚĞdžŝƐƚŝŶŐĞůĞĐƚƌŝĐĂůƐĞƌǀŝĐĞĂŶĚƉĂŶĞůďŽĂƌĚƐ ďͿ ŝƐƚƌŝďƵƚŝŽŶĂŶĚďƌĂŶĐŚƉĂŶĞůůŽĐĂƚŝŽŶƐ ĐͿ ^ŝŶŐůĞůŝŶĞĚŝĂŐƌĂŵ ĚͿ >ŽĂĚƐĐŚĞĚƵůĞƐ ĞͿ WĂŶĞůƐĐŚĞĚƵůĞƐ ĨͿ sŽůƚĂŐĞĚƌŽƉĐĂůĐƵůĂƚŝŽŶƐ ŐͿ ,sĂŶĚƉůƵŵďŝŶŐĞƋƵŝƉŵĞŶƚƉŽǁĞƌĐŽŶŶĞĐƚŝŽŶƐƐƉĞĐŝĨŝĞĚďLJDĞĐŚĂŶŝĐĂů ŶŐŝŶĞĞƌ ϭϬͿĞůŝǀĞƌĂďůĞƐĂƐĨŽůůŽǁƐ͗ ĂͿ WƌŽŐƌĞƐƐƐĞƚƐĂƚƚŚĞƌĞƋƵĞƐƚŽĨĐůŝĞŶƚͲ͘ƉĚĨĞůĞĐƚƌŽŶŝĐĨŝůĞƐ ďͿ &ŽƌƐƵďŵŝƐƐŝŽŶͬƌĞͲƐƵďŵŝƐƐŝŽŶƚŽWůĂŶŚĞĐŬͲ͘ƉĚĨĞůĞĐƚƌŽŶŝĐĨŝůĞƐ ϭϭͿWůĂŶŚĞĐŬĂŶĚWĞƌŵŝƚƐƵƉƉŽƌƚƐĞƌǀŝĐĞƐ͗ ĂͿ ŽŵƉůĞƚŝŽŶŽĨĂƉƉůŝĐĂďůĞŐŽǀĞƌŶŝŶŐĂŐĞŶĐLJƉůĂŶĐŚĞĐŬĐŽŵŵĞŶƚƐ ϭϮͿŝĚĚŝŶŐƐƵƉƉŽƌƚƐĞƌǀŝĐĞƐ͗ ĂͿ WƌŽǀŝĚĞƌĞƐƉŽŶƐĞƚŽZ&/ƐƚŽƌĐŚŝƚĞĐƚ ďͿ WƌŽǀŝĚĞĐůĂƌŝĨŝĐĂƚŝŽŶƐĂŶĚƌĞǀŝƐŝŽŶƐƚŽĚƌĂǁŝŶŐƐĂŶĚͬŽƌƐƉĞĐŝĨŝĐĂƚŝŽŶƐǁŚĞŶƌĞƋƵŝƌĞĚ ϭϯͿŽŶƐƚƌƵĐƚŝŽŶĂĚŵŝŶŝƐƚƌĂƚŝŽŶƐƵƉƉŽƌƚƐĞƌǀŝĐĞƐ͗ ĂͿ WƌŽǀŝĚĞƌĞƐƉŽŶƐĞƚŽZ&/ƐƚŽƌĐŚŝƚĞĐƚ ďͿ ZĞǀŝĞǁĂŶĚƌĞƚƵƌŶƚŽƚŚĞƌĐŚŝƚĞĐƚ͕ƐŚŽƉĚƌĂǁŝŶŐƐĂŶĚƐƵďŵŝƚƚĂůƐ ŝͿ ^ƵďŵŝƚƚĂůƐǁŝůůďĞƌĞƚƵƌŶĞĚŶŽůĂƚĞƌƚŚĂŶϱďƵƐŝŶĞƐƐĚĂLJƐƵŶůĞƐƐŽƚŚĞƌǁŝƐĞ ĐŽŽƌĚŝŶĂƚĞĚǁŝƚŚƚŚĞƉƌŽũĞĐƚƚĞĂŵ͘/ĨůŽŶŐĞƌƌĞǀŝĞǁŝƐŶĞĞĚĞĚ͕t ǁŝůůŝŶĨŽƌŵƚŚĞ ƉƌŽũĞĐƚƚĞĂŵ͘ ĐͿ ;ϯͿŽŶƐƚƌƵĐƚŝŽŶƉŚĂƐĞŵĞĞƚŝŶŐƐͬƐŝƚĞǀŝƐŝƚ;ƐͿŝŶĐůƵĚŝŶŐƐŝƚĞǀŝƐŝƚǁŝƚŚĨŝŶĂů͞ƉƵŶĐŚůŝƐƚ͟ ĚͿ WƌĞƉĂƌĞƌĞƋƵŝƌĞĚƉƌŽũĞĐƚĐůŽƐĞƌĞƉŽƌƚƐĂŶĚĚŽĐƵŵĞŶƚĂƚŝŽŶ ĞͿ WƌĞƉĂƌĞƐͲƵŝůƚͬƌĞĐŽƌĚĚƌĂǁŝŶŐƐďĂƐĞĚŽŶĐŽŶƚƌĂĐƚŽƌŶŽƚĞƐĂŶĚƌĞĚůŝŶĞƐ 6(59,&(6127,1&/8'(' ϭͿ > ŽĐƵŵĞŶƚĂƚŝŽŶ͕ƌĞĚŝƚŶĂůLJƐŝƐŽƌƌĞĚŝƚdĞŵƉůĂƚĞƐ ϮͿ ŽŵŵŝƐƐŝŽŶŝŶŐĂŶĚͬŽƌ ŶĞƌŐLJŽĚĞĂĐĐĞƉƚĂŶĐĞƚĞƐƚŝŶŐƐĞƌǀŝĐĞƐ ϯͿ ŽĐƵŵĞŶƚŝŶŐĞdžŝƐƚŝŶŐD WƐLJƐƚĞŵƐďĞLJŽŶĚŵĂũŽƌĐŽŵƉŽŶĞŶƚƐƚŚĂƚĂƌĞƌĞĂĚŝůLJǀŝƐŝďůĞ͘DĂũŽƌ ĐŽŵƉŽŶĞŶƚƐĐŽŶƐŝƐƚŽĨ,sĂŶĚ ůĞĐƚƌŝĐĂůĞƋƵŝƉŵĞŶƚĂŶĚƉůƵŵďŝŶŐĨŝdžƚƵƌĞƐĂŶĚĞƋƵŝƉŵĞŶƚ͘/Ĩ 0HFKDQLFDO,(OHFWULFDO,3OXPELQJ,&RPPLVVLRQLQJ,)LUH3URWHFWLRQ,7HFKQRORJ\,(QHUJ\ ZĞŶƚŽŶ^ĞŶŝŽƌĞŶƚĞƌ /ŶŝƚŝĂů WĂŐĞϯ ĂĐĐƵƌĂƚĞƐͲƵŝůƚŽƌƌĞĐŽƌĚĚƌĂǁŝŶŐƐĂƌĞŶŽƚƉƌŽǀŝĚĞĚ͕ĂŶĚĂĚĚŝƚŝŽŶĂůƚŝŵĞŝƐƌĞƋƵŝƌĞĚƚŽǀĞƌŝĨLJƐŝnjĞ ĂŶĚůŽĐĂƚŝŽŶŽĨĚƵĐƚǁŽƌŬ͕ƉůƵŵďŝŶŐƉŝƉŝŶŐ͕ĞůĞĐƚƌŝĐĂůǁŝƌŝŶŐ͕ĂĚĚŝƚŝŽŶĂůĨĞĞƐǁŝůůďĞƌĞƋƵŝƌĞĚ͘ ϰͿ ZĞŵŽǀĂůŽĨĞůĞĐƚƌŝĐĂůƉĂŶĞůĐŽǀĞƌƐ͕ĚŝƐĂƐƐĞŵďůLJŽĨĞƋƵŝƉŵĞŶƚŽƌƌĞŵŽǀĂůŽĨďƵŝůĚŝŶŐŵĂƚĞƌŝĂůƐ ƌĞƋƵŝƌĞĚƚŽĚŽĐƵŵĞŶƚĞdžŝƐƚŝŶŐĐŽŶĚŝƚŝŽŶƐ͘ ϱͿ WůƵŵďŝŶŐƵƚŝůŝƚLJĚĞƐŝŐŶĂŶĚůĂLJŽƵƚďĞLJŽŶĚϱĨĞĞƚŽƵƚƐŝĚĞŽĨƚŚĞďƵŝůĚŝŶŐ ϲͿ hƉŐƌĂĚĞƚŽƚŚĞĨŽůůŽǁŝŶŐĞdžŝƐƚŝŶŐƐLJƐƚĞŵƐĚƵĞƚŽŝŶĂĚĞƋƵĂƚĞĐĂƉĂĐŝƚLJŽƌĐŽŶĚŝƚŝŽŶ ĂͿ WůƵŵďŝŶŐƵƚŝůŝƚŝĞƐ ďͿ ůĞĐƚƌŝĐĂůƐĞƌǀŝĐĞŽƌƉĂŶĞůďŽĂƌĚƐ ϳͿ ^ŝƚĞŝŵƉƌŽǀĞŵĞŶƚƐ ϴͿ ŽŵŵƵŶŝĐĂƚŝŽŶ͕ĐŽŽƌĚŝŶĂƚŝŽŶŽƌĐŽŵƉůĞƚŝŽŶŽĨƐĞƌǀŝĐĞĂƉƉůŝĐĂƚŝŽŶƐǁŝƚŚƵƚŝůŝƚLJĐŽŵƉĂŶŝĞƐĨŽƌŶĞǁŽƌ ŵŽĚŝĨŝĞĚƐĞƌǀŝĐĞƐǁŝƚŚƉŽǁĞƌ͕ƚĞůĞƉŚŽŶĞ͕ŐĂƐ͕ĂŶĚǁĞƚƵƚŝůŝƚLJĐŽŵƉĂŶŝĞƐ ϵͿ WƌŽũĞĐƚŵĞĞƚŝŶŐƐ͕ĐŽŶƐƚƌƵĐƚŝŽŶƐŝƚĞǀŝƐŝƚƐ͕ŽƌƌĞĐƵƌƌŝŶŐĐŽŽƌĚŝŶĂƚŝŽŶŵĞĞƚŝŶŐĐŽŶĨĞƌĞŶĐĞĐĂůůƐďĞLJŽŶĚ ƚŚŽƐĞůŝƐƚĞĚŝŶƐĐŽƉĞ ϭϬͿĞƚĂŝůĞĚĞƐƚŝŵĂƚĞŽĨƉƌŽďĂďůĞĐŽŶƐƚƌƵĐƚŝŽŶĐŽƐƚ ϭϭͿZĞǀŝƐŝŽŶƐƚŽŽƵƌƉůĂŶƐĂĨƚĞƌƉůĂŶĐŚĞĐŬĂƉƉƌŽǀĂůĚƵĞƚŽĐŚĂŶŐĞƐŝŶĚĞƐŝŐŶ͕ƐƵĐŚĂƐĨůŽŽƌƉůĂŶĂŶĚƐŝƚĞ ƉůĂŶŵŽĚŝĨŝĐĂƚŝŽŶƐ͕ŽƌĂĚĚŝƚŝŽŶĂůƐĐŽƉĞĐŚĂŶŐĞƐ ϭϮͿ>ŝĨĞĐLJĐůĞĐŽƐƚĂŶĂůLJƐŝƐ ϭϯͿDŽƌĞƚŚĂŶƚǁŽĚĞƐŝŐŶĂůƚĞƌŶĂƚŝǀĞƐƵƉƚŽƐĐŚĞŵĂƚŝĐĚĞƐŝŐŶ ϭϰͿŚĂŶŐĞƐŝŶĚĞƐŝŐŶĂƉƉƌŽĂĐŚ͕ĚĞƐŝŐŶĂůƚĞƌŶĂƚŝǀĞƐŽƌĂůƚĞƌŶĂƚŝǀĞŵŽĚĞůŝŶŐĂĨƚĞƌƐĐŚĞŵĂƚŝĐĚĞƐŝŐŶ ƉŚĂƐĞŝƐĐŽŵƉůĞƚĞ ϭϱͿĂůĐƵůĂƚŝŽŶŽĨƉůĂŶĐŚĞĐŬĂŶĚͬŽƌďƵŝůĚŝŶŐƉĞƌŵŝƚĨĞĞƐŽƌƉĂLJŵĞŶƚƚŚĞƌĞŽĨ ϭϲͿĞůŝǀĞƌLJŽĨƉůĂŶƐƚŽŝƚLJŽƌŽƵŶƚLJĂŐĞŶĐŝĞƐ ϭϳͿKďƚĂŝŶŝŶŐĂŐĞŶĐLJĂƉƉƌŽǀĂůƐĂŶĚƉĞƌŵŝƚƐŝŶĐůƵĚŝŶŐŐŽǀĞƌŶŵĞŶƚĂů;ĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĐŽƵŶƚLJ͕ŽƌĐŝƚLJͿŽƌ ƵƚŝůŝƚLJĐŽŵƉĂŶŝĞƐ;ƉŽǁĞƌ͕ƚĞůĞƉŚŽŶĞ͕ĐĂďůĞƚǀ͕ŐĂƐ͕ǁĂƚĞƌ͕ƐĞǁĞƌŽƌĂŶLJŽƚŚĞƌƵƚŝůŝƚLJĐŽŵƉĂŶŝĞƐͿ ϭϴͿWƌŝŶƚŝŶŐŽĨĂĚĚŝƚŝŽŶĂůƐĞƚƐŽĨĚƌĂǁŝŶŐƐŽƚŚĞƌƚŚĂŶůŝƐƚĞĚŝŶƐĐŽƉĞ ϭϵͿŽŶƐƚƌƵĐƚŝŽŶĐŽŶƚƌĂĐƚďŝĚŶĞŐŽƚŝĂƚŝŽŶƉƌŽĐĞƐƐ ϮϬͿ ŶŐŝŶĞĞƌŝŶŐƐĞƌǀŝĐĞƐĨŽƌďƵŝůĚŝŶŐŽƚŚĞƌƚŚĂŶƚŚŽƐĞůŝƐƚĞĚŝŶƐĐŽƉĞŽĨǁŽƌŬ ϮϭͿWƌĞƉĂƌĂƚŝŽŶŽĨŵƵůƚŝƉůĞĚƌĂǁŝŶŐƐŽƌĚƌĂǁŝŶŐƐĞƚĨŽƌƐĞƉĂƌĂƚĞĐŽŶƐƚƌƵĐƚŝŽŶƉŚĂƐŝŶŐƵŶůĞƐƐƐƉĞĐŝĨŝĐĂůůLJ ŝŶĚŝĐĂƚĞĚŝŶWƌŽũĞĐƚ^ĐŽƉĞŽƌ^ĞƌǀŝĐĞƐ/ŶĐůƵĚĞĚ ϮϮͿ^ƵďͲĐŽŶƚƌĂĐƚƐǁŝƚŚĂŶLJŽƚŚĞƌĐŽŶƐƵůƚĂŶƚƐƐƵĐŚĂƐ^ƚƌƵĐƚƵƌĂů ŶŐŝŶĞĞƌƐ͕ŽƌƌĐŚŝƚĞĐƚƐĨŽƌŽƵƚͲŽĨͲƐĐŽƉĞ ǁŽƌŬƐƵĐŚĂƐĞƋƵŝƉŵĞŶƚƉůĂƚĨŽƌŵƐĂŶĚƐƵƉƉŽƌƚŽƌƐŝƚĞůŝŐŚƚŝŶŐƉŽůĞďĂƐĞĐĂůĐƵůĂƚŝŽŶƐ ϮϯͿsĞƌŝĨLJŝŶŐůŽĐĂƚŝŽŶƐŽĨĞdžŝƐƚŝŶŐƵŶĚĞƌŐƌŽƵŶĚƵƚŝůŝƚŝĞƐǁŚŝĐŚƚƌĂŶƐŝƚƚŚĞƐŝƚĞ ϮϰͿĞƐŝŐŶŽĨƐŽůĂƌƉŚŽƚŽǀŽůƚĂŝĐƐLJƐƚĞŵƐĂŶĚĞŶĞƌŐLJƐƚŽƌĂŐĞƐLJƐƚĞŵƐĂŶĚĐĂůĐƵůĂƚŝŽŶƐ ϮϱͿ^ƉĞĐŝĂůĞĨĨĞĐƚůŝŐŚƚŝŶŐƐLJƐƚĞŵƐƐƵĐŚĂƐdŚĞĂƚƌŝĐĂůůŝŐŚƚŝŶŐ ϮϲͿdĞŵƉŽƌĂƌLJƉŽǁĞƌĚĞƐŝŐŶ ϮϳͿ>ŽĂĚŵŽŶŝƚŽƌŝŶŐŽĨĞdžŝƐƚŝŶŐĞůĞĐƚƌŝĐĂůƐLJƐƚĞŵƐŽƌĐŝƌĐƵŝƚƚƌĂĐŝŶŐŽĨĞdžŝƐƚŝŶŐĐŝƌĐƵŝƚƐĂŶĚĨĞĞĚĞƌƐ ϮϴͿ ŵĞƌŐĞŶĐLJĞŶŐŝŶĞďĂĐŬƵƉŐĞŶĞƌĂƚŽƌ ϮϵͿWƵďůŝĐƐƚƌĞĞƚůŝŐŚƚŝŶŐ͕ƚƌĂĨĨŝĐĐŽŶƚƌŽů͕ƐƚƌĞĞƚŝŵƉƌŽǀĞŵĞŶƚƐĂŶĚŽĨĨƐŝƚĞƵƚŝůŝƚŝĞƐ ϯϬͿƌĐĨůĂƐŚŚĂnjĂƌĚĂŶĂůLJƐŝƐĂŶĚƉƌŽƚĞĐƚŝǀĞĚĞǀŝĐĞĐŽŽƌĚŝŶĂƚŝŽŶƐƚƵĚLJ ϯϭͿƉƉůŝĐĂƚŝŽŶŽƌĚŽĐƵŵĞŶƚĂƚŝŽŶĨŽƌƌĞďĂƚĞƉƌŽŐƌĂŵ;ƐͿŽƚŚĞƌƚŚĂŶůŝƐƚĞĚŝŶƐĐŽƉĞ ϯϮͿŶLJĐŽŽƌĚŝŶĂƚŝŽŶŽƌƉĞƌŵŝƚĂƉƉůŝĐĂƚŝŽŶͬĂĐƋƵŝƐŝƚŝŽŶĨŽƌůŽĐĂůĚĞƉĂƌƚŵĞŶƚŽĨƚƌĂŶƐƉŽƌƚĂƚŝŽŶĂŶĚͬŽƌ ĂŶLJŽƚŚĞƌĂŐĞŶĐLJŶŽƚƐŚŽǁŶŝŶƚŚĞ͞ŝŶĐůƵƐŝŽŶƐ͟ƉŽƌƚŝŽŶŽĨƚŚĞ^ĐŽƉĞŽĨtŽƌŬ ϯϯͿ>ŽǁǀŽůƚĂŐĞƐLJƐƚĞŵƐĚĞƐŝŐŶĂŶĚĞƋƵŝƉŵĞŶƚƐƉĞĐŝĨŝĐĂƚŝŽŶƐŝŶĐůƵĚŝŶŐƚŚĞĨŽůůŽǁŝŶŐ͗ ĂͿ sŽŝĐĞͬĂƚĂ͕EĞƚǁŽƌŬĂŶĚ/ŶƚĞƌĐŽŵƐLJƐƚĞŵƐ ďͿ dsĂŶĚĂďůĞƚĞůĞǀŝƐŝŽŶƐLJƐƚĞŵƐ 0HFKDQLFDO,(OHFWULFDO,3OXPELQJ,&RPPLVVLRQLQJ,)LUH3URWHFWLRQ,7HFKQRORJ\,(QHUJ\ ZĞŶƚŽŶ^ĞŶŝŽƌĞŶƚĞƌ /ŶŝƚŝĂů WĂŐĞϰ ĐͿ ƵŝůĚŝŶŐĂŶĚƐŝƚĞ&ŝƌĞĂůĂƌŵƐLJƐƚĞŵ ĚͿ ^ĞĐƵƌŝƚLJĂŶĚĐĐĞƐƐŽŶƚƌŽůƐLJƐƚĞŵƐ ĞͿ ƵĚŝŽͬsŝĚĞŽĂŶĚDƵƐŝĐͬƉĂŐŝŶŐƐLJƐƚĞŵƐ '5$:,1*'(6,*1)250$7 ^ŽĨƚǁĂƌĞƵƐĞĚĨŽƌĐŽŶƐƚƌƵĐƚŝŽŶĚƌĂǁŝŶŐƐǁŝůůďĞďĂƐĞĚŽŶƚŚĞĨŽůůŽǁŝŶŐ͗ ƵƚŽĂĚΠǀĞƌƐŝŽŶϮϬϮϮŽƌůĂƚĞƌ 3529,'('%<&/,(17 ϭͿ ZĞĐŽƌĚĚƌĂǁŝŶŐƐŽĨĞdžŝƐƚŝŶŐD WƐLJƐƚĞŵƐ ϮͿ WƌŽũĞĐƚƐƚƌĞĞƚĂĚĚƌĞƐƐ ϯͿ ŽŵƉƵƚĞƌĚƌĂǁŝŶŐƐĨŝůĞƐĂŶĚĂƐƐŽĐŝĂƚĞĚƐƵƉƉŽƌƚĨŝůĞƐĂƐǁĞůůĂƐĚƌĂǁŝŶŐĨŽƌŵĂƚƌĞƋƵŝƌĞŵĞŶƚƐ ϰͿ ĂƚĂůŽŐĐƵƚƐŽĨƐƉĞĐŝĨŝĐĨŝdžƚƵƌĞƐŽƌĞƋƵŝƉŵĞŶƚƌĞƋƵĞƐƚĞĚďLJLJŽƵƌŽĨĨŝĐĞŽƌŽǁŶĞƌ ϱͿ ZĞƋƵŝƌĞŵĞŶƚƐŽĨĂůůĞƋƵŝƉŵĞŶƚƐƉĞĐŝĨŝĞĚďLJLJŽƵƌŽĨĨŝĐĞĂŶĚͬŽƌŽƚŚĞƌĐŽŶƐƵůƚĂŶƚƐƚŽďĞĐŽŶŶĞĐƚĞĚƚŽ ŵĞĐŚĂŶŝĐĂů͕ƉůƵŵďŝŶŐŽƌĞůĞĐƚƌŝĐĂůƐLJƐƚĞŵ ϲͿ &ŽƌŵĂƚĨŽƌŬĨŽƌŵƐƉĞĐŝĨŝĐĂƚŝŽŶƐŝŶĐůƵĚŝŶŐĨŽŶƚƚLJƉĞ͕ŚĞĂĚĞƌĂŶĚͬŽƌĨŽŽƚĞƌůĂLJŽƵƚ ϳͿ EĂŵĞ͕ĂĚĚƌĞƐƐĂŶĚƚĞůĞƉŚŽŶĞŶƵŵďĞƌŽĨĂŶLJĂǀĂŝůĂďůĞƉƌŽũĞĐƚĐŽŶƚĂĐƚƐ;ŝ͘Ğ͘ĂĚĚŝƚŝŽŶĂůĐŽŶƐƵůƚĂŶƚƐ͕ ƉůĂŶĐŚĞĐŬ͕ŽǁŶĞƌ͛ƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞͿ ϴͿ ZĞƐƚƌŝĐƚŝŽŶƐŽƌƌĞƋƵŝƌĞŵĞŶƚƐƚŽƚŚĞƉƌŽƉĞƌƚLJƉƵƚŝŶĞĨĨĞĐƚƚŚƌŽƵŐŚĐŽŶĚŝƚŝŽŶĂůƵƐĞƉĞƌŵŝƚƐŽƌŽƚŚĞƌ ůŝŬĞǁŝƐĞĂƚƚĂĐŚŵĞŶƚƐƚŽƚŚŝƐƉƌŽƉĞƌƚLJ ϵͿ ŝůůŝŶŐƐĐŚĞĚƵůĞĨŽƌŝŶǀŽŝĐŝŶŐŝĨƐƉĞĐŝĨŝĐƌĞƋƵŝƌĞŵĞŶƚƐĂƉƉůLJ ϭϬͿϯϬͲĂLJůŽĂĚƌĞĐŽƌĚŝŶŐƐĨŽƌƌĞƋƵĞƐƚĞĚĞůĞĐƚƌŝĐĂůƉĂŶĞůƐŝŶƚĞŶĚĞĚƚŽďĞƌĞƵƐĞĚĂŶĚϭϮŵŽŶƚŚƐŽĨ ĞůĞĐƚƌŝĐƵƚŝůŝƚLJďŝůůƐĨŽƌǀĞƌŝĨŝĐĂƚŝŽŶŽĨĞdžŝƐƚŝŶŐƉĞĂŬĚĞŵĂŶĚŽŶŵĂŝŶƐĞƌǀŝĐĞ ϭϭͿŝǀŝůĨŝůĞǁŝƚŚŽǀĞƌŚĞĂĚĂŶĚƵŶĚĞƌŐƌŽƵŶĚƵƚŝůŝƚŝĞƐƐŚŽǁŶ ϭϮͿW&ĂŶĚĨŝůĞƐŽĨƌĞƋƵŝƌĞĚĚƌĂǁŝŶŐƐƐƵĐŚĂƐĞůĞĐƚƌŝĐĂů͕ĐŽŵŵƵŶŝĐĂƚŝŽŶƐĂŶĚĐŝǀŝů )(( tĞƉƌŽƉŽƐĞƚŽƉƌŽǀŝĚĞƐĞƌǀŝĐĞƐĂƐŽƵƚůŝŶĞĚŝŶƚŚĞƉƌŽƉŽƐĂůĨŽƌƐƵďũĞĐƚƉƌŽũĞĐƚĨŽƌƚŚĞƐƵŵŽĨ ΨϭϬϱ͕ϬϬϬ͘ϬϬ͘ dŚĞďƌĞĂŬĚŽǁŶŽĨĨĞĞƐŝƐĂƐĨŽůůŽǁƐ͗ ϮϬϬʹŽŶĐĞƉƚƵĂůĞƐŝŐŶ,sΨ ϴϯ͕ϴϬϬ͘ϬϬ DĞĐŚĂŶŝĐĂůΨϱϬ͕ϰϬϬ͘ϬϬ WůƵŵďŝŶŐΨ ϴ͕ϮϬϬ͘ϬϬ ůĞĐƚƌŝĐĂůΨϮϱ͕ϮϬϬ͘ϬϬ ^ƵďͲdŽƚĂůΨϴϯ͕ϴϬϬ͘ϬϬ ϯϬϬʹŽƐƚ ƐƚŝŵĂƚŝŶŐ,sΨ ϭ͕ϮϬϬ͘ϬϬ ϰϬϬʹŽŶƐƚƌƵĐƚŝŽŶĚŵŝŶŝƐƚƌĂƚŝŽŶΨ ϮϬ͕ϬϬϬ͘ϬϬ dŽƚĂů͗ΨϭϬϱ͕ϬϬϬ͘ϬϬ 127(6 ϭͿ ƚƚĞŶĚĂŶĐĞĂƚĚĞƐŝŐŶŵĞĞƚŝŶŐƐĂƚĐůŝĞŶƚ͛ƐŽĨĨŝĐĞ͕ŽƚŚĞƌƚŚĂŶůŝƐƚĞĚĂďŽǀĞ͕ǁŝůůďĞƉĞƌĨŽƌŵĞĚĨŽƌƚŚĞ ĂĚĚŝƚŝŽŶĂůĨĞĞŽĨΨϴϬϬ͘ϬϬƉĞƌŵĞĞƚŝŶŐ͕ƉĞƌƉĞƌƐŽŶ͕ƵƉƚŽƚǁŽŚŽƵƌƐ͘DĞĞƚŝŶŐƚŝŵĞŝŶĞdžĐĞƐƐŽĨƚǁŽ 0HFKDQLFDO,(OHFWULFDO,3OXPELQJ,&RPPLVVLRQLQJ,)LUH3URWHFWLRQ,7HFKQRORJ\,(QHUJ\ ZĞŶƚŽŶ^ĞŶŝŽƌĞŶƚĞƌ /ŶŝƚŝĂů WĂŐĞϱ :ĞƌĞŵLJZŝĐŚĂƌĚ ŚŽƵƌƐǁŝůůďĞďŝůůĞĚĂƚΨϭϴϱ͘ϬϬƉĞƌŚŽƵƌ͘ ϮͿ ƚƚĞŶĚĂŶĐĞĂƚǀŝƌƚƵĂůĚĞƐŝŐŶŵĞĞƚŝŶŐƐ͕ŽƚŚĞƌƚŚĂŶůŝƐƚĞĚĂďŽǀĞ͕ǁŝůůďĞďŝůůĞĚĂƚΨϭϴϱ͘ϬϬƉĞƌŚŽƵƌƉĞƌ ƉĞƌƐŽŶ͘ ϯͿ ƚƚĞŶĚĂŶĐĞĂƚƐŝƚĞŵĞĞƚŝŶŐ;ƐͿ͕ŽƚŚĞƌƚŚĂŶůŝƐƚĞĚĂďŽǀĞ͕ǁŝůůďĞƉĞƌĨŽƌŵĞĚĨŽƌƚŚĞĂĚĚŝƚŝŽŶĂůĨĞĞŽĨ ΨϴϬϬ͘ϬϬƉĞƌƚƌŝƉ͕ƉĞƌƉĞƌƐŽŶ͕ĨŽƌƵƉƚŽƚǁŽŚŽƵƌƐ͘^ŝƚĞŵĞĞƚŝŶŐƚŝŵĞŝŶĞdžĐĞƐƐŽĨƚǁŽŚŽƵƌƐǁŝůůďĞ ďŝůůĞĚĂƚΨϭϴϱ͘ϬϬƉĞƌŚŽƵƌ͕ƉĞƌƉĞƌƐŽŶ͘ ϰͿ ĞƐŝŐŶtĞƐƚ ŶŐŝŶĞĞƌŝŶŐƐŚĂůůďĞƉƌŽǀŝĚĞĚďLJƚŚĞĐůŝĞŶƚƐƵĐŚŝŶĨŽƌŵĂƚŝŽŶĂƐŝƐĂǀĂŝůĂďůĞƚŽƚŚĞĐůŝĞŶƚ ĂŶĚƚŚĞĐůŝĞŶƚƐ͛ĐŽŶƐƵůƚĂŶƚƐĂŶĚĐŽŶƚƌĂĐƚŽƌƐĂŶĚƐŚĂůůďĞĞŶƚŝƚůĞĚƚŽƌĞůLJƵƉŽŶƚŚĞĂĐĐƵƌĂĐLJĂŶĚ ĐŽŵƉůĞƚĞŶĞƐƐƚŚĞƌĞŽĨ͘ ϱͿ ĞƐŝŐŶtĞƐƚ ŶŐŝŶĞĞƌŝŶŐ͛ƐĨĞĞƐĂƌĞďĂƐĞĚŽŶƚŚĞƵŶĚĞƌƐƚĂŶĚŝŶŐƚŚĂƚƚŚĞĞdžŝƐƚŝŶŐƵƚŝůŝƚŝĞƐĂŶĚ ĞƋƵŝƉŵĞŶƚŚĂǀĞĂĚĞƋƵĂƚĞĐĂƉĂĐŝƚLJƵŶůĞƐƐŶŽƚĞĚŽƚŚĞƌǁŝƐĞĂďŽǀĞ͘ŶLJĂĚĚŝƚŝŽŶĂůĞŶŐŝŶĞĞƌŝŶŐ ƌĞƋƵŝƌĞĚĨŽƌƵƉŐƌĂĚĞǁŝůůďĞƉƌŽǀŝĚĞĚĂƚŽƵƌƌĞŐƵůĂƌŚŽƵƌůLJƌĂƚĞƐ͘ŶLJƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚĚƵƌŝŶŐ ĐŽŶƐƚƌƵĐƚŝŽŶ͕ŽƵƚƐŝĚĞŽĨƚŚŽƐĞůŝƐƚĞĚƉƌĞǀŝŽƵƐůLJ͕ǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚŽƵƌƌĞŐƵůĂƌŚŽƵƌůLJƌĂƚĞƐ͘ ϲͿ /ĨĞŝƚŚĞƌƉĂƌƚLJƚŽƚŚŝƐĐŽŶƚƌĂĐƚďƌŝŶŐƐĂĐƚŝŽŶƚŽĞŶĨŽƌĐĞƚŚŝƐĐŽŶƚƌĂĐƚ͕ƚŚĞƉƌĞǀĂŝůŝŶŐƉĂƌƚLJƐŚĂůů ƌĞĐŽǀĞƌŝƚƐĂƚƚŽƌŶĞLJ͛ƐĨĞĞƐĂŶĚĐŽƐƚĨƌŽŵƚŚĞůŽƐŝŶŐƉĂƌƚLJ͘ 5(,0%856$%/((;3(16(6 dŚĞĨŽůůŽǁŝŶŐĞdžƉĞŶƐĞƐ͕ŝĨŝŶĐƵƌƌĞĚĂŶĚƉĂŝĚďLJĐŽŶƐƵůƚĂŶƚǁŚŝůĞƌĞŶĚĞƌŝŶŐƐĞƌǀŝĐĞƐƵŶĚĞƌƚŚŝƐ ĂŐƌĞĞŵĞŶƚƐŚĂůůďĞƌĞŝŵďƵƌƐĞĚďLJƚŚĞĐůŝĞŶƚ͗ ϭͿ ZĞƉƌŽĚƵĐƚŝŽŶĞdžƉĞŶƐĞƐŽǀĞƌĂŶĚĂďŽǀĞƐƚĂŶĚĂƌĚĚĞƐŝŐŶĚĞǀĞůŽƉŵĞŶƚĐŽŽƌĚŝŶĂƚŝŽŶƐŚĂůůďĞďŝůůĞĚĂƚ Ψϲ͘ϬϬĂƐŚĞĞƚ ϮͿ dƌĂǀĞůĞdžƉĞŶƐĞƐĨŽƌŵŝůĞĂŐĞ͕ǁŚŝĐŚƐŚĂůůďĞďŝůůĞĚĂƚΨϬ͘ϳϬͬŵŝůĞ ϯͿ WŽƐƚĂŐĞ͕ƐŚŝƉƉŝŶŐĂŶĚŚĂŶĚůŝŶŐŽĨĂŶLJƌĞƋƵĞƐƚĞĚĞdžƉĞĚŝƚĞĚĚĞůŝǀĞƌLJ ϰͿ KƵƚƐŝĚĞƐĞƌǀŝĐĞƐŽƌĐŽŶƐƵůƚĂŶƚƐǁŚĞƌĞƌĞƋƵŝƌĞĚĂŶĚĂƉƉƌŽǀĞĚŝŶĂĚǀĂŶĐĞ ϱͿ KƚŚĞƌƐƵĐŚĞdžƉĞŶƐĞƐĂƐŵĂLJďĞĂƉƉƌŽǀĞĚŝŶĂĚǀĂŶĐĞ ůůƌĞŝŵďƵƌƐĂďůĞĞdžƉĞŶƐĞƐƐŚĂůůďĞĂƉƉƌŽǀĞĚŝŶĂĚǀĂŶĐĞ͘WĂLJŵĞŶƚĨŽƌƌĞŝŵďƵƌƐĂďůĞĞdžƉĞŶƐĞƐ͕ĂƐ ĚĞƐĐƌŝďĞĚŚĞƌĞŝŶ͕ƐŚĂůůďĞĐŽŵƉƵƚĞĚĂƚŽŶĞĂŶĚƚĞŶŚƵŶĚƌĞĚƚŚƐ;ϭ͘ϭϬͿƚŝŵĞƐƚŚĞĂŵŽƵŶƚƐĞdžƉĞŶĚĞĚďLJ ƚŚĞĐŽŶƐƵůƚĂŶƚĨŽƌƐƵĐŚƐĞƌǀŝĐĞƐ͕ŝŶƚŚĞŝŶƚĞƌĞƐƚŽĨƚŚĞƉƌŽũĞĐƚ͘ tĞĂƉƉƌĞĐŝĂƚĞƚŚĞŽƉƉŽƌƚƵŶŝƚLJƚŽǁŽƌŬǁŝƚŚLJŽƵŽŶƚŚŝƐƉƌŽũĞĐƚ͘tĞůŽŽŬĨŽƌǁĂƌĚƚŽLJŽƵƌƌĞƐƉŽŶƐĞ͘ ZĞƐƉĞĐƚĨƵůůLJ͕ '(6,*1:(67(1*,1((5,1* 0HFKDQLFDO,(OHFWULFDO,3OXPELQJ,&RPPLVVLRQLQJ,)LUH3URWHFWLRQ,7HFKQRORJ\,(QHUJ\ Kim Doyle BCRA Design April 11, 2025 Dear Kim, Estimate Level: Schematic Design (SD) Scope Hours Rate Ext. Project Management, Site Visit, & Meetings 8 $180.00 $1,440 Civil / Site Improvements Cost Estimating None Anticipated Architectural & Structural Cost Estimating 16 $180.00 $2,880 Mechanical, Electrical, & Plumbing Cost Estimating 12 $180.00 $2,160 Estimate Presentation & Final Adjustments / Pricing Break Outs 2 $180.00 $360 $6,840 Estimate Level: Design Development (DD) Scope Hours Rate Ext. Project Management & Meetings 2 $180.00 $360 Civil / Site Improvements Cost Estimating None Anticipated Architectural & Structural Cost Estimating 20 $180.00 $3,600 Mechanical, Electrical, & Plumbing Cost Estimating 16 $180.00 $2,880 Estimate Presentation & Final Adjustments / Pricing Break Outs 2 $180.00 $360 $7,200 Thank you for inviting Wiggins Preconstruction Services to join your team on this important project. Below you will find a fee proposal to perform cost estimating services for the RRenton Senior Center (HVAC, Roofing, & Siding). This proposal of $$19,800 covers 3 separate deliverables as shown. Fee Subtotal: Fee Subtotal: $ Estimate Level: Construction Documents (CD) Scope Hours Rate Ext. Project Management & Meetings 2 $180.00 $360 Civil / Site Improvements Cost Estimating None Anticipated Architectural & Structural Cost Estimating 16 $180.00 $2,880 Mechanical, Electrical, & Plumbing Cost Estimating 12 $180.00 $2,160 Estimate Presentation & Final Adjustments / Pricing Break Outs 2 $180.00 $360 $5,760 $19,800 *Estimating Fees Clarifications Respectfully, Matt Wiggins Principal Wiggins Preconstruction Services M: 360.870.5100 E: mattw@wigginsprecon.com Fees are for HVAC, Roofing & Siding scopes of work only. Interior tenant improvements and site / civil improvements estimating is excluded Fees are for construction cost estimating only. Soft costs estimating is excluded. Fee Subtotal: *Fee Total: Fees include all expenses. Ɖƌŝůϭϱ͕ϮϬϮϱ <ŝŵŽLJůĞ Z ϮϭϬϲWĂĐŝĨŝĐǀĞ͕^ƵŝƚĞϯϬϬ dĂĐŽŵĂ͕tϵϴϰϬϮ Z ͗ƵŝůĚŝŶŐ ŶǀĞůŽƉĞŽŶƐƵůƚŝŶŐŽŶZĞŶƚŽŶ^ĞŶŝŽƌĞŶƚĞƌZĞŵŽĚĞů;WƌŽũĞĐƚEŽ͘ϮϱϬϰϳEyͿ <ŝŵ͕ WůĞĂƐĞĨŝŶĚďĞůŽǁŽƵƌƐĐŽƉĞŽƵƚůŝŶĞĨŽƌƚŚĞZĞŶƚŽŶ^ĞŶŝŽƌĞŶƚĞƌZĞŵŽĚĞůƉƌŽũĞĐƚĂƐƌĞƋƵĞƐƚĞĚ͘tĞ ƵŶĚĞƌƐƚĂŶĚƚŚĞƉƌŽũĞĐƚĐŽŶƐŝƐƚƐŽĨƌĞŶŽǀĂƚŝŽŶƐƚŽƚŚĞĞdžŝƐƚŝŶŐZĞŶƚŽŶ^ĞŶŝŽƌĞŶƚĞƌůŽĐĂƚĞĚĂƚϮϭϭƵƌŶĞƚƚǀĞ EŝŶZĞŶƚŽŶ͘dŚĞƌĞŶŽǀĂƚŝŽŶǁŝůůŝŶĐůƵĚĞĨƵůůƌĞƉůĂĐĞŵĞŶƚŽĨƚŚĞĞdžŝƐƚŝŶŐƌŽŽĨĂŶĚĐůĂĚĚŝŶŐ͘KƵƌƐĞƌǀŝĐĞƐǁŝůů ŐĞŶĞƌĂůůLJŝŶĐůƵĚĞĞŶǀĞůŽƉĞĂŶĚĞŶĞƌŐLJĐŽŶƐƵůƚŝŶŐ͘dŚŝƐƐĐŽƉĞŽĨǁŽƌŬŽƵƚůŝŶĞĂƐƐƵŵĞƐďƵŝůĚŝŶŐĞŶǀĞůŽƉĞ ĐŽŵŵŝƐƐŝŽŶŝƐŶŽƚŝŶĐůƵĚĞĚ͕ďƵƚƚŚŽƐĞƐĞƌǀŝĐĞƐĂƌĞĂǀĂŝůĂďůĞƵƉŽŶƌĞƋƵĞƐƚ͘ d^<ϭϬϬʹWƌŽũĞĐƚDĂŶĂŐĞŵĞŶƚ Ψϯ͕ϬϬϬ 'ĞŶĞƌĂůƉƌŽũĞĐƚŵĂŶĂŐĞŵĞŶƚŝŶĐůƵĚŝŶŐƐĐŚĞĚƵůŝŶŐ͕ĐŽŽƌĚŝŶĂƚŝŽŶǁŝƚŚZ͛ƐƉƌŽũĞĐƚŵĂŶĂŐĞƌ͕ĂŶĚ ŝŶǀŽŝĐŝŶŐ͘ d^<ϮϬϬʹŽŶĐĞƉƚĞǀĞůŽƉŵĞŶƚ Ψϭϭ͕ϴϬϬ ƵƌŝŶŐ^ĐŚĞŵĂƚŝĐĞƐŝŐŶ͕E yh^ǁŝůůƉĂƌƚŝĐŝƉĂƚĞŝŶĂƐŝƚĞǀŝƐŝƚƚŽƉƌŽǀŝĚĞĂŐĞŶĞƌĂůĂƐƐĞƐƐŵĞŶƚŽĨĞdžŝƐƚŝŶŐ ĐŽŶĚŝƚŝŽŶƐƚŽĚĞƚĞƌŵŝŶĞǁŚĂƚƌĞŵĞĚŝĂƚŝŽŶŵĂLJďĞŶĞĞĚĞĚƚŽďƌŝŶŐƚŚĞĞdžŝƐƚŝŶŐĞŶǀĞůŽƉĞƚŽĐƵƌƌĞŶƚĐŽĚĞ ƐƚĂŶĚĂƌĚƐ͘E yh^ǁŝůůƉƌŽǀŝĚĞĞŶĞƌŐLJĐŽĚĞĐŽŶƐƵůƚŝŶŐǁŝƚŚƌĞŐĂƌĚƐƚŽƚŚĞďƵŝůĚŝŶŐĞŶǀĞůŽƉĞ͕ŝŶĐůƵĚŝŶŐ ďƵŝůĚŝŶŐĞŶǀĞůŽƉĞƌĞůĂƚĞĚŽƉƚŝŽŶƐŽƵƚůŝŶĞĚŝŶƚŚĞϮϬϮϭtĂƐŚŝŶŐƚŽŶ^ƚĂƚĞ ŶĞƌŐLJŽĚĞƐĞĐƚŝŽŶϰϬϲ ĨĨŝĐŝĞŶĐLJWĂĐŬĂŐĞƐ͘ƚƚŚĞĞŶĚŽĨ^ĐŚĞŵĂƚŝĐĞƐŝŐŶ͕E yh^ǁŝůůƉƌŽǀŝĚĞĂŶĂƌƌĂƚŝǀĞƐƚLJůĞƌĞƉŽƌƚŽƵƚůŝŶŝŶŐ ƚŚĞŐĞŶĞƌĂůďƵŝůĚŝŶŐĞŶǀĞůŽƉĞĂƉƉƌŽĂĐŚĨŽƌƚŚĞƉƌŽũĞĐƚ͕ŝŶĐůƵĚŝŶŐĂƐƐĞŵďůŝĞƐ͕ďĂƐŝƐŽĨĚĞƐŝŐŶŵĂƚĞƌŝĂůƐ͕Ăŝƌ ďĂƌƌŝĞƌĂƉƉƌŽĂĐŚ͕ĂŶĚŐĞŶĞƌĂůĞŶĞƌŐLJĐŽĚĞĐŽŵƉůŝĂŶĐĞ͘ ƵƌŝŶŐĞƐŝŐŶĞǀĞůŽƉŵĞŶƚE yh^ǁŝůůƉĂƌƚŝĐŝƉĂƚĞŝŶƵƉƚŽƚǁŽŵĞĞƚŝŶŐƐƉƌŽǀŝĚŝŶŐŐĞŶĞƌĂůďƵŝůĚŝŶŐ ĞŶǀĞůŽƉĞĐŽŶƐƵůƚŝŶŐǁŝƚŚƌĞŐĂƌĚƐƚŽĂƐƐĞŵďůŝĞƐ͕ŵĂƚĞƌŝĂůƐ͕ĂŶĚĞŶĞƌŐLJĐŽĚĞĐŽŵƉůŝĂŶĐĞ͘E yh^ǁŝůůĂůƐŽ ƉƌŽǀŝĚĞĂĨƵůůƌĞǀŝĞǁŽĨƚŚĞĚĞƐŝŐŶĚĞǀĞůŽƉŵĞŶƚĚŽĐƵŵĞŶƚƐ͕ĚƌĂǁŝŶŐƐĂŶĚƐƉĞĐƐ͘dŚĞƉƵƌƉŽƐĞŽĨƚŚŝƐ ƌĞǀŝĞǁŝƐƚŽŝĚĞŶƚŝĨLJŵŝƐƐŝŶŐŽƌƉƌŽďůĞŵĂƚŝĐĚĞƚĂŝůƐĂƐǁĞůůĂƐƉƌŽǀŝĚĞƌĞǀŝĞǁĐŽŵŵĞŶƚƐŽŶĞŶǀĞůŽƉĞĚĞƚĂŝůƐ ƐƉĞĐŝĨŝĐƚŽƚŚĞĐŽŶƚŝŶƵŝƚLJŽĨƚŚĞĂŝƌ͕ǁĂƚĞƌĂŶĚŵŽŝƐƚƵƌĞďĂƌƌŝĞƌƐ͘ŽŵŵĞŶƚƐǁŝůůďĞƉƌŽǀŝĚĞĚǀŝĂW&͕ ĂůŽŶŐǁŝƚŚĂƐƉƌĞĂĚƐŚĞĞƚůŝƐƚĨŽƌƚƌĂĐŬŝŶŐĐŚĂŶŐĞƐ͘dŚĞďƵŝůĚŝŶŐĞŶǀĞůŽƉĞĂƉƉƌŽĂĐŚƌĞƉŽƌƚĨƌŽŵ^ĐŚĞŵĂƚŝĐ ĞƐŝŐŶǁŝůůďĞƵƉĚĂƚĞĚƚŽƌĞĨůĞĐƚĂŶLJĐŚĂŶŐĞƐŽƌƵƉĚĂƚĞƐĂƚƚŚĞĞŶĚŽĨĞƐŝŐŶĞǀĞůŽƉŵĞŶƚ͘ ƵƌŝŶŐŽŶƐƚƌƵĐƚŝŽŶŽĐƵŵĞŶƚĞǀĞůŽƉŵĞŶƚ͕E yh^ǁŝůůƉĂƌƚŝĐŝƉĂƚĞŝŶƵƉƚŽƚǁŽŵĞĞƚŝŶŐƐƉƌŽǀŝĚŝŶŐ ŐĞŶĞƌĂůďƵŝůĚŝŶŐĞŶǀĞůŽƉĞĐŽŶƐƵůƚŝŶŐǁŝƚŚƌĞŐĂƌĚƐƚŽĐŽŶƐƚƌƵĐƚŝŽŶĚĞƚĂŝůŝŶŐ͘ƚƚŚĞĞŶĚŽĨŽŶƐƚƌƵĐƚŝŽŶ ŽĐƵŵĞŶƚƐĞǀĞůŽƉŵĞŶƚ͕E yh^ǁŝůůƉƌŽǀŝĚĞĂƐĞĐŽŶĚĨƵůůƌĞǀŝĞǁŽĨĐŽŶƐƚƌƵĐƚŝŽŶĚŽĐƵŵĞŶƚƐ͕ĚƌĂǁŝŶŐƐ ĂŶĚƐƉĞĐƐ͘ŽŵŵĞŶƚƐǁŝůůďĞƉƌŽǀŝĚĞĚǀŝĂW&͕ĂůŽŶŐǁŝƚŚĂƐƉƌĞĂĚƐŚĞĞƚůŝƐƚĨŽƌƚƌĂĐŬŝŶŐĐŚĂŶŐĞƐ͘dŚĞ ďƵŝůĚŝŶŐĞŶǀĞůŽƉĞĂƉƉƌŽĂĐŚƌĞƉŽƌƚĨƌŽŵĞƐŝŐŶĞǀĞůŽƉŵĞŶƚǁŝůůďĞƵƉĚĂƚĞĚƚŽƌĞĨůĞĐƚĂŶLJĐŚĂŶŐĞƐŽƌ ƵƉĚĂƚĞƐĂƚƚŚĞĞŶĚŽĨŽŶƐƚƌƵĐƚŝŽŶŽĐƵŵĞŶƚĞǀĞůŽƉŵĞŶƚ͘ WĂŐĞϮŽĨϮ ƵƌŝŶŐWĞƌŵŝƚƚŝŶŐE yh^ǁŝůůƉƌŽĚƵĐĞƚŚĞƌŵĂůĞŶǀĞůŽƉĞĞŶĞƌŐLJĐŽŵƉůŝĂŶĐĞĨŽƌŵƐĂƐƌĞƋƵŝƌĞĚĨŽƌƉĞƌŵŝƚ͘ ^ĐŽƉĞŝŶĐůƵĚĞƐϮƌŽƵŶĚƐŽĨƌĞǀŝƐŝŽŶƐĂƐŶĞĞĚĞĚƚŽĂĐƋƵŝƌĞĂƉĞƌŵŝƚ͘ d^<ϰϬϬʹŽŶƐƚƌƵĐƚŝŽŶDĂŶĂŐĞŵĞŶƚ Ψϭϳ͕ϳϬϬ E yh^ǁŝůůƉƌŽǀŝĚĞƐƵƉƉůĞŵĞŶƚĂůƐƵƉƉŽƌƚƚŽƚŚĞƌĐŚŝƚĞĐƚŝŶĐůƵĚŝŶŐƐƵďŵŝƚƚĂůƌĞǀŝĞǁĂŶĚZ&/ƌĞƐƉŽŶƐĞƐ ǁŝƚŚƌĞŐĂƌĚƐƚŽďƵŝůĚŝŶŐĞŶǀĞůŽƉĞĐŽŵƉŽŶĞŶƚƐ͘^ĐŽƉĞĂůƐŽŝŶĐůƵĚĞƐŵŽŶƚŚůLJƐŝƚĞǀŝƐŝƚƐ;ϳƚŽƚĂůͿƚŽƌĞǀŝĞǁ ŝŶƐƚĂůůĂƚŝŽŶŽĨďƵŝůĚŝŶŐĞŶǀĞůŽƉĞĞůĞŵĞŶƚƐ͘ ϮϬϮϱ/>>/E'Zd ^ ^ƚĂĨĨĂƚĞŐŽƌLJŝůůŝŶŐZĂƚĞ ^ƚĂĨĨϭϱ ΨϮϲϬ ^ƚĂĨĨϭϰ ΨϮϰϬ ^ƚĂĨĨϭϯ ΨϮϯϬ ^ƚĂĨĨϭϮ ΨϮϮϬ ^ƚĂĨĨϭϭ ΨϮϭϬ ^ƚĂĨĨϭϬ ΨϮϬϬ ^ƚĂĨĨϵ ΨϭϵϬ ^ƚĂĨĨϴ ΨϭϴϬ ^ƚĂĨĨϳ ΨϭϳϬ ^ƚĂĨĨϲ ΨϭϲϬ ^ƚĂĨĨϱ ΨϭϱϬ ^ƚĂĨĨϰ ΨϭϰϬ ^ƚĂĨĨϯ ΨϭϯϬ ^ƚĂĨĨϮ ΨϭϮϬ ^ƚĂĨĨϬϬ ΨϭϬϱ ΎZĂƚĞƐĂƌĞƐƵďũĞĐƚƚŽĂŶĂŶŶƵĂůŝŶĐƌĞĂƐĞŽĨΨϱƉĞƌŚŽƵƌ͕ĞĨĨĞĐƚŝǀĞ:ĂŶƵĂƌLJϭĞĂĐŚLJĞĂƌ͘