TEACHER s IMAXs COMPANION ucces BOOK Social Studies Latest Edition Class 4 Part 1 Module A
Contents – Part 1A Section No./Name Sub‐section Sub‐section Name Pg. No. 1 IMAX Textbook Features 2 I – Remembering and Understanding 2 IMAX Workbook Features 3 (To be read and understood before the first teaching day and to be revisited 3 IMAX Curriculum Framework 4 during the PSO1) 4 IMAX Teacher Companion Book Features 6 II – Application 5 Transactional Tips 10 (To be planned and worked out before the academic year starts) 6 Bloom's Taxonomy in IMAX Class 15 III – H.O.T.S.: Creating a Rockstar Class 7 Annual Plan – Teaching and Assessments 17 (Together, with IMAX inputs and your 8 Annual Planning Tool 18 unique approach and implementation style, let us create a rockstar classroom) 9 Formative/Periodic Assessment Patterns 19 IV – Teacher Reference 10 Mid‐Year/Annual Assessment Patterns 20 (Hints/suggestions for the teacher to refer while answering 11 Teaching Aids List (For Planning) 23 textbook/workbook questions) 12a Day‐wise Lesson Plan – Learning Outcomes Page V – Appendices (Additional reading resources) 12b Day‐wise Lesson Plan – Content Page 26 12c Day‐wise Lesson Plan – Reflection Page 13 End‐of‐Term Reflection In Part 1C 14a Teacher Reference for Textbook 55 14b Teacher Reference for Workbook 15 How to be a Rockstar Teacher In Part 1B 16 Blackboard Information Organising Tips (Graphic 74 Organisers)
Section I – Remembering and Understanding Usage Tip: To be read and understood before the first teaching day and to be revisited during the PSO1 Sub‐Sections: 1. IMAX Textbook Features 2. IMAX Workbook Features 3. IMAX Curriculum Framework 4. IMAX Teacher Companion Book Features 5. Transactional Tips 6. Bloom's Taxonomy in IMAX Class Page 1
Textbook Features I Will Learn About I Remember Contains the list of concepts to Introduces new concepts to build on be covered in the lesson along the prerequisite knowledge or skills to with the learning objectives understand and achieve the objective of the topic Page 2 I Think Pin-up Note Introduces the concept or Contains key retention points from the subtopic and arouses curiosity concept among students I Understand Train My Brain Explains the aspects in detail Checks for learning to gauge the that form the basis of the understanding level of students concept Includes elements to ensure that students are engaged throughout I Apply I Explore Connects the concept to Encourages students to extend real-life situations by giving an the concept learnt to advanced opportunity to apply what application scenarios students have learnt Be Amazed Connect the Dots Fascinating facts and trivia for A multidisciplinary section that students to establish a better connects a particular topic to other real-life connect with the subjects in order to enable students concept. to relate better to it A Note to Parent To engage a parent in out-of-classroom learning of their child and conduct activities to reinforce the learnt concepts SST_G3_TB_Contents.indd 3 19-Jan-18 2:23:55 PM
Workbook Features Page 3 I Remember I Understand Recollecting critical information Engaging with the ‘how’ and related to the ‘who’, ‘what’, ‘why’ of the concept ‘when’ and ‘where’ of the concept I Explore (H.O.T.S.) I Apply Extending the application of the concept to more advanced and Applying the understanding of challenging questions that meet the concept to questions related the criteria of higher order to real-life scenarios thinking skills
03. IMAX Curriculum Framework – Page 1 of 2 Class 3 Class 4 Class 5 - The Sun and the Planets - The Shape of the Earth - The Climatic Zones of the Earth - Landforms & Water Bodies - Life in the Different Climatic Zones Geography : - Making and using maps - Continents and Oceans; Latitudes and - Maps and Globes Introduction - Indian States & their Capitals Longitudes - Latitudes and Longitudes ` - Some Famous Indian Cities - Location, Extent and Importance of the - India's Location & Physical Northern Mountains Features - Climate, Vegetation and Wildlife of the Northern Mountains Geography - The Three Basins of the Northern Plains - Life in the Northern Plains - The Deccan Plateau and the Central Highlands - Life in the Southern Plateaus - The Western Desert - Life in the Western Desert - Coastal Plains & Islands - Life in the Coastal Areas - Types of Forests in India - Deforestation - Forests to Soil - Understanding Rivers - Rivers of India Unity in - Languages, Food and Clothing Diversity - Communities and Festivals Page 4
IMAX Curriculum Framework – Page 2 of 2 Class 3 Class 4 Class 5 - What is History? - Explorations, Discoveries and Inventions Introduction - Museums and Monuments History to History - Where are the Kings and Queens? The - Expeditions and Colonisation - Early Human Beings Mughal Empire Civilisations - Ancient Civilisations - The First War of Independence - Some Other Important Kingdoms of India - The Indian National Congress and the Indian Freedom - The Constitution of India Freedom Movement Struggle - Efforts towards Indian Freedom - The Partitions of 1905 and 1947 Civics Democracy and Human - Human Rights and Governmental Organisations Rights - People Striving for Human Rights and the Rights of Children - India: A Democracy Economics Introduction in the Indian Scenario - Our Occupations - Wants and Needs - Need and Classification of Industries Page 5
04. Teacher Companion Book Features & Usage Tips Indicates the days allocated to cover the lesson For the teacher to indicate the number of days needed to speed up or slow down the plan, if required. Knowledge that learners are expected to have in order to understand the concept better. This is acquired from the previous lessons or classes. Bloom’s learning objectives covered under different sections of the concept. List of teaching resources that the teacher needs to procure/arrange for before the class. Sections covered Space for the teacher to List of teaching on each day. write notes on lesson resources preparation. provided by IMAX. Page 6
Indicates the current day This icon is used to indicate the progress of the out of the total days particular day/period. More details about this allotted for the lesson. icon (or set of icons) are given on a later page. Page from the The class level outcomes or textbook enabling objectives for the day are outlined here. Any new words covered in the day are also listed. Transactional tips for teaching the content provided on the given page. Detailed explanation and examples of the various transactional tips are provided in sub‐section 05 of this book. Quick questions to be asked during the class to check for learners’ understanding as the lesson proceeds. Details of the suggested CW/HW for the day. Page 7
Examples for Reading and Practising the IMAX Calendar The given lesson plan should be covered in the first half of the allocated teaching period (i.e. the 5th Period of the 5 periods allocated for the lesson). The given lesson plan should be covered in the second half of this same teaching period (referred to as Teaching Day going forward). The given lesson plan takes up the full teaching day, the first one out of the 8 allocated for the lesson (Concept in Social/Maths). Annual Day indicates which day/period you are currently at against the overall days allocated for this semester. Actual Date blank is for you to fill the date of the day you teach this particular page. LIST OF ABBREVIATIONS USED 6. H/H.O.T.S.: Higher Order Thinking 1. TB: Textbook Skills 2. WB: Workbook 7. CtD: Connect the Dots 3. R: I Remember 8. ANtP: A Note to Parent 4. U: I Understand 9. CW/HW: Classwork/Homework 5. A: I Apply 10. PSO: Product Service Orientation 11. PTM: Parent Teacher Meeting Page 8
Space for the teacher to share Progress Passbook for the teacher. her thoughts on the teaching This helps in tracking and planning methodology used for the lesson. the remaining syllabus. Number of planned days. Names of learners who Names of learners who Actual number of days need handholding for need additional used by the teacher to this lesson. challenges for this lesson. complete the lesson. Page 9 This is for the teacher to enter the number of days by which she/he needs to slow down or speed up for the next lesson. This is to match the annual academic plan. This icon is used to indicate the pages of the book where you can spend more time than suggested when needed. This icon is used to indicate the pages of the book that you can speed up when needed.
05. Transactional Tips – Page 1 of 54 1) Interactive Discussion Description • Discuss the concept/related example/scenario with the class. Benefit • Interactive discussion helps learners speak up in class, express their ideas, ask questions, and obtain information to improve How to Use It their own understanding of a topic. • Begin by asking questions/sharing an example/describing a scenario to begin the conversation. Example • Encourage learners to ask questions about the concept. • Ask questions which check previous knowledge. This will be helpful in deciding the points of focus for teaching. Preferred Section • Interactive Discussion: Ask leaners to name the festivals they have celebrated. List them on the blackboard. Ask them how do they celebrate, who do they celebrate with, what kinds of clothes they wear, specific food items related to those festivals, the stories about those festivals, etc. Capture learner responses on the blackboard in a table format. Elaborate on festivals and their importance in our lives. • R, U 2) Real‐Life Connect Description • Ask questions/share an example which relates to learners’ lives and experiences. Benefit • Real‐life connect helps learners connect new information with something they already know. How to Use It • Choose examples from learners’ lives, which can be used to drive home the concept, or aspects of it. Example • Ask learners to share examples from their lives, experiences or their observations, relating to the concept to introduce or Preferred Section elaborate on it. • Real‐Life Connect: Ask learners what all kinds of birds they have seen in their neighbourhood. Ask them whether they know what kind of food those birds eat, where do they live, how do they look like, etc. Capture learner responses on the blackboard in a table format. Elaborate on some common birds, their features, eating habits and habitats. • R, U Page 10
Transactional Tips – Page 2 of 54 3) Peer Learning Description • Learners discuss a concept with each other to better engage with the concept. Benefit • Peer learning supports the idea of self‐help as well as learning from their peers. How to Use It • The class can be divided into groups of 4‐5 or into pairs for peer learning. Each group/pair can be given a different Example point/question to work on which they share with the whole class. (Think‐Pair‐Share). Preferred Section • Peer Learning: Group learners and distribute samples of different types of fabrics and chart sheets to write. Let them examine the samples, discuss within their groups and come up with a specific feature list for each fabric sample in a table format. Let one learner from each group share their findings with the other groups. Correct, add missing information or elaborate further, as and when each group share the list. • R, U, A, H 4) Outdoor Study Description • Field trips or an outdoor walk to observe real‐life examples related to the concept. Benefit • Outdoor study bridges the gap between concepts taught in the classroom and their real world application. How to Use It • Take learners to the place suggested (if available within the school or feasible to visit) and give instructions for Example observing/carrying out the activity. Preferred Section • Ask leading questions encouraging learners to observe and report. • Ask learners to make notes or answer pre‐set questions you have set. • Outdoor Study: Take learners to a nearby construction site. Ask them to interact with the workers or the engineers on what goes into building a house with proper safety measures. Let learners discuss their observations and findings and make an outdoor study report. • R, U Page 11
Transactional Tips – Page 3 of 54 5) Reinforcement Description • Re‐emphasise a concept or an aspect of the concept. Benefit • Reinforcement helps to improve speed, increases confidence, and strengthens the connections in the brain that help children How to Use It learn. Example • Ask misconception‐based questions (e.g. True/False, Correct the Statement and so on) to check if the concept has been Preferred Section understood. Ask questions to help learners revise the concept/aspects of the concept. • Reinforcement: Draw a diagram of hibiscus flower on the blackboard. Label the parts incorrectly. Ask leaners to check and verify the labels. Correct the labels capturing learners’ responses. • U, A 6) Summarising Description • Learners express the concept or aspects of the concept through visual or verbal means. Benefit • Summarising helps learners learn to focus on essential ideas and put together important details. How to Use It • Learners can be asked to find the main idea or the important facts and supporting details or the sequence or draw Example conclusions. They can be asked to compare and contrast or distinguish between fact and opinion. Learners can use graphic Preferred Section organisers or present verbally. • Summarising: Group leaners and distribute chart sheets and drawing materials. Let each group create a mind map to summarise the causes and effects of air pollution. Let the groups exchange their summaries and read aloud the points. Correct, add missing points or elaborate wherever necessary. • R, U Page 12
Transactional Tips – Page 4 of 54 Description 7) Framing Questions Benefit • Students frame and ask questions to each other on a given concept. How to Use It • Framing questions helps students become better thinkers. Example • Have students frame questions in groups or individually on a concept. Preferred Section • Framing Questions: Ask each learner to frame three questions for the two images of villages and towns. You can give them the keywords such as roads, houses, common different Ask learner to ask the questions to their partners • R, U 8) Flipped Classroom Description • Learners prepare a presentation on a concept and teach it to the class. Benefit • Flipped Classroom encourages learners to come to the classroom prepared with ideas and questions. How to Use It • Have learners in pairs or groups, prepare on a relatively easy concept to teach the rest of the class. Example • Flipped Classroom: Preferred Section Group learners and assign one part of a plant to each group. Let them prepare a chart to illustrate that part and describe the functions. Let them also list the uses of that part to us, with examples. Let the groups conduct sessions for the remaining groups using the charts they have prepared. •U Page 13
Transactional Tips – Page 54 of 54 9) Quiz Description • Learners answer questions. Benefit • Quiz motivates every student to participate, work together and cheer for each other. How to Use It • Quiz learners on the entire lesson or a particular concept. This can be done by dividing the learners into teams, or at an Example individual level. Preferred Section • Quiz: Group learners into two teams. Conduct a quiz on simple machines. Record the scores of both the teams and award the winner team with a simple machine model. • R, U 10) Activity Method Description • Learners engage in an activity in either pairs or groups to engage with a concept. Benefit • Learners get the opportunity to be active, collaborate and learn. This tip is especially useful for kinesthetic learners who learn How to Use It best by being active. Example • Pair or group learners and give instructions to perform activities like role‐play, mime, dramatization, games, etc. that facilitate Preferred Section multisensory learning of concepts. • Activity Method: Group learners into two teams (A, B). Let a learner from team A volunteer to come to the front of the class and pick up a chit from the box kept on the table. Ask the learner to read the name of the animal written on it silently and explain which animal it is through actions. Let learners from team B guess which animal it is. Set the time limit as 2 minutes. Let one learner from team B come to the front take up another chit and continue the activity. • R, U Page 14
06. Bloom’s Taxonomy in IMAX Class learners learners learners Can the learners Can the learners Can the learners Page 15
Section II – Application Usage Tip: To be planned and worked out before the academic year starts Sub‐Sections: 7. Annual Plan – Teaching and Assessments 8. Annual Planning Tool 9. Formative/Periodic Assessment Patterns 10. Mid‐Year/Annual Assessment Patterns 11. Teaching Aids List (For Planning) Page 16
07. Annual Plan – Teaching and Assessments Page 17
08. Annual Planning Tool for Teachers (to be filled in during/before PSO1) No. of ‘Teaching Month No. of Assessments Other Non‐ No. of Periods’ based on Lesson/Concept IMAX Days Buffer Working Days (if any) Teaching Teaching the Subject Time‐ List to be Teaching Allocated Days Events Days in Table (referred to as Covered Days Total for IMAX in School (if any) School ‘Teaching Days’ IWS going forward) Sample 20 None Opening PTM 19 23 1, 2, 3 16 0 7 Month (1 day) Apr‐18 May‐18 Jun‐18 Jul‐18 Aug‐18 Sep‐18 Oct‐18 Nov‐18 Dec‐18 Jan‐19 Feb‐19 Mar‐19 Page 18
09. Formative/Periodipc Assessment Patterns Two‐Semester Formative Assessment – 20 Marks Section Question Type Additional Instruction Skill Marks Per Number of Total Source of the Questions Question Questions Marks Direct Modified A Multiple Choice Circle the correct answer. Remembering 1M 3 3M 2 1 Questions Application 1M 2 2M 1 1 B Fill in the Blanks ‐ Remembering 1M 2 2M 1 1 1M 2 2M Very Short Answer each of the following Remembering 2 0 1M 1 1M C Answer questions in a word or a short Understanding 0 1 Questions sentence. Short Answer Answer each of the following Remembering 2M 1 2M 1 0 Questions 2M 1 2M 1 0 D questions in one or two Understanding 2M 1 2M 1 0 sentences. Application E Long Answer Answer each of the following 4M 1 4M 1 0 Question questions in four to five Understanding sentences. F Surprise Try and answer this for fun. H.O.T.S. 5M This question is provided to instil creativity and other Question This is not counted in the 1 H.O.T.S. skills in the student and will not be counted total marks. towards assessment totals. Total Marks 15 20M 10 4 Page 19
Periodic Assessment – 40 Marks Section Question Type Additional Instruction Skill Marks Per Number of Total Source of the Questions Question Questions Marks Direct Modified A Multiple Choice Circle the correct answer. Remembering 1M 7 7M 4 3 Questions Application 1M 3 3M 2 1 B Fill in the Blanks ‐ Remembering 1M 4 4M 2 2 1M 4 4M Very Short Answer each of the following Remembering 4 0 1M 2 2M C Answer questions in a word or a short Understanding 0 2 Questions sentence. Short Answer Answer each of the following Remembering 2M 2 4M 2 0 Questions 2M 1 2M 2 0 D questions in one or two Understanding 2M 3 6M 2 0 sentences. Application E Long Answer Answer each of the following 4M 2 8M 2 0 Question questions in four to five Understanding sentences. F Surprise Try and answer this for fun. H.O.T.S. 5M This question is provided to instil creativity and other Question This is not counted in the 1 H.O.T.S. skills in the student and will not be counted total marks. towards assessment totals. Total Marks 29 40M 20 8 Page 20
10. Mid‐Year/Annual Assessment Patterns Two‐Se mester 50 Marks – Beginner/Proficient Section Question Type Additional Skill Marks Per Number of Total Source of the Questions if Source of the Questions if Instruction Question Questions Marks BEGINNER Paper is chosen PROFICIENT Paper is chosen Direct Modified Twisted Direct Modified Twisted A Multiple Choice Circle the correct Remembering 1M 5 5M 5 0 040 1 2 2M 2 0 020 0 Questions answer. Application 1M B Fill in the Blanks ‐ Remembering 1M 5 5M 4 1 031 1 C Match the Following ‐ Remembering 4M 1 4M 0 1 001 0 Very Short Answer Answer each of Remembering 1M 6 6M 5 1 050 1 1M 4 4M 1 3 0 1 3 0 Questions (Including the following D True/False and Circle questions in a Understanding the correct answer word or a Type Questions) sentence. Answer each of Remembering 2M 2 4M 2 0 0 1 1 0 2 4M 1 1 0 1 0 1 E Short Answer the following Understanding 2M Questions questions in two 2M 2 4M 2 0 0 1 0 1 to three Application sentences. Answer each of Understanding 4M 1 4M 1 0 0 1 0 0 1 4M 1 0 0 1 0 0 Long Answer the following Questions* F questions in four Application 4M to five sentences. G Diagram Based ‐ Understanding 4M 1 4M 0 1 0 0 1 0 Question Try and answer This question is provided to instil creativity and other H.O.T.S. 1 skills in the student and will not be counted towards assessment H Surprise Question this for fun. This H.O.T.S. 5M is not counted in totals. the total marks. Total Marks 33 50M 24 8 0 20 7 5 * Internal Choice is provided for this section (Internal choice means ‐ for every question in this section, the student will be provided with a choice to answer from one of the two questions provided) Page 21
80 Marks – Beginner/Proficient Source of the Questions if Source of the Questions if Marks Per Number of Total BEGINNER Paper is chosen Section Question Type Additional Instruction Skill PROFICIENT Paper is chosen Question Questions Marks Direct Modified Twisted Direct Modified Twisted Multiple Circle the correct Remembering 1M 6 6M 6 0 0 50 1 A Choice answer. Application 1M 0 2 0 1 3 3M 3 0 Questions B Fill in the ‐ Remembering 1M 5 5M 3 2 0 3 0 2 Blanks 5M 0 0 3 0 C Match the ‐ Remembering 2M 3 15M 0 3 0 30 0 following 2M 0 2 0 1 Very Short Answer each of the Remembering 3 6M 3 0 Answer following questions in a 3M 0 20 1 D 3M 3 6M 2 1 0 20 1 Questions word or a short Understanding 3M 0 20 1 sentence. Short Answer Answer each of the Remembering 3 9M 2 1 Questions following questions in Understanding E one or two sentences. Application 3 9M 2 1 3 9M 2 1 Long Answer Answer each of the Understanding 4M 1 4M 1 0 0 1 0 0 Questions* following questions in 4M 0 1 0 0 F four or five sentences. Application 1 4M 1 0 G Diagram Based ‐ Understanding 4M 1 4M 0 1 0 0 1 0 Question H Surprise Try and answer this for H.O.T.S. 5M 1 This question is provided to instil creativity and other H.O.T.S. skills Question fun. This is not counted in the student and will not be counted towards assessment totals. in the total marks. Total Marks 36 80M 25 10 0 23 4 8 * Internal Choice is provided for this section (Internal choice means ‐ for every question in this section, the student will be provided with a choice to answer from one of the two questions provided) Page 22
11. Teaching Aids List (For Planning) – Social Studies Class 3 Type of Teaching Aids Name of the Teaching Aid Lessons Used in India Physical Map 3) What Does the Earth Look Like? 4) Rivers IMAX resource India Political Map 5) The Northern Mountains Students to bring 4) Rivers World Map 5) The Northern Plains An introduction to rivers http://imax.pro/riversintro (Day 1) 3) What Does the Earth Look Like? Atlas 4) Rivers Cardboard boxes 2) Our Earth Brown Paper 4) Rivers Colours 3) What Does the Earth Look Like? Cardboard, old newspapers, sketch pens and glue 3) What Does the Earth Look Like? Blank sheet of paper 3) What Does the Earth Look Like? 5) The Northern Mountains Page 23
11. Teaching Aids List (For Planning) – Social Studies Class 3 Type of Teaching Aids Name of the Teaching Aid Lessons Used in Box of chits with learners’ names 1) Explorations, Discoveries and Inventions Teacher to arrange Pictures of famous explorers 2) Our Earth Top 3) What Does the Earth Look Like? Chart Paper 4) Rivers Atlas 5) The Northern Mountains Drawing/ picture of a village depicting a river, hills and so on 1) Explorations, Discoveries and Newspaper Clippings depicting water pollution Inventions 2) Our Earth Bottle and some water 2) Our Earth Miss Bandicota Bengalensis Discovers the Old Caves 2) Our Earth Storyweaver resource 3) What Does the Earth Look Like? Walking in the Himalayan forest of Pangot 4) Rivers 5) The Northern Plains 1) Explorations, Discoveries and Inventions 5) The Northern Mountains Page 24
Section III – H.O.T.S.* ‐ Creating a Rockstar Class Usage Tip: Together, with IMAX inputs and your unique approach and implementation style, let us create a rockstar classroom Sub‐Sections: 12. Day‐wise Lesson Plan a. Day‐wise Lesson Plan – Learning Outcomes Page b. Day‐wise Lesson Plan – Content Page c. Day‐wise Lesson Plan – Reflection Page 13. End‐of‐Term Reflection (In Part 1C) *Building Higher Order Teaching Skills to drive Higher Order Thinking Skills in the learners!! Page 25
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ĂLJ ϭ ͬ ϲ ĂLJ ŶŶƵĂůĂLJ͗ϭͬϯϲ ĐƚƵĂůĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺ WƌŽŐƌĞƐƐ ůĂƐƐKƵƚĐŽŵĞ;ƐͿ ƵƌĂƚŝŽŶ͗ϭŵŝŶ Page 27 ¾ /ŶƚƌŽĚƵĐĞZĂƐŚŝ͕DĞŚĞƌ ĂŶĚDŽƌĂĚ ¾ ĞĨŝŶĞĞdžƉůŽƌĂƚŝŽŶĂŶĚƵŶĚĞƌƐƚĂŶĚƚŚĞĐŽŶĐĞƉƚ EĞǁtŽƌĚƐ͗ĞdžƉůŽƌĂƚŝŽŶ dƌĂŶƐĂĐƚŝŽŶĂůdŝƉ;ƐͿ ƵƌĂƚŝŽŶ͗ ϱŵŝŶ /ŶƚĞƌĂĐƚŝǀĞŝƐĐƵƐƐŝŽŶ͗ ŚŽŽƐĞƚǁŽůĞĂƌŶĞƌƐƵƐŝŶŐĐŚŝƚƐ͘ƐŬƚŚĞŵƚŽƌĞĂĚŽƵƚ ƚŚĞŝŶƚƌŽĚƵĐƚŝŽŶŽĨZĂƐŚŝ ĂŶĚDĞŚĞƌ͘KŶĐĞĐŽŵƉůĞƚĞĚ͕ ƚĞůůƚŚĞĐůĂƐƐƚŚĂƚƚŚĞƐĞĐŚĂƌĂĐƚĞƌƐǁŝůůďĞƉƌĞƐĞŶƚĂůů ƚŚƌŽƵŐŚŽƵƚƚŚĞŬĂŶĚŝŶƚƌŽĚƵĐĞŶĞǁƚŽƉŝĐƐƚŽ ƚŚĞůĞĂƌŶĞƌƐ͘ ƐŬƚŚĞŵƚŚĞĨŽůůŽǁŝŶŐƋƵĞƐƚŝŽŶƐ͗ ĂͿ tŚĂƚĐŚĂƌĂĐƚĞƌƚƌĂŝƚǁŝůůLJŽƵůŝŶŬƚŽƚŚĞĂĐƚŝŽŶƐŽĨ ZĂƐŚŝ ĂŶĚDĞŚĞƌ͍ ŵƉŚĂƐŝƐĞ ŽŶĐƵƌŝŽƐŝƚLJ͘ ďͿ džƉůĂŝŶƚŚĞƚĞƌŵΖĐƵƌŝŽƐŝƚLJΖƚŽƚŚĞŵ͘ ĐͿ ŝƐĐƵƐƐƐ ƚŚĞŝŵƉŽƌƚĂŶĐĞŽĨĐƵƌŝŽƐŝƚLJĂŶĚŚŽǁŝƚŚĞůƉƐ ǁŝƚŚůĞĂƌŶŝŶŐ͘ ůĂƐƐWƵůƐĞŚĞĐŬ ƵƌĂƚŝŽŶ͗ ϯŵŝŶ ϭͿ tŚŽŝƐDŽƌĂĚ͍ ϮͿ ŽZĂƐŚŝĂŶĚDĞŚĞƌŐŽƚŽƚŚĞƐĂŵĞƐĐŚŽŽů͍ ϯͿ tŚLJĚŽZĂƐŚŝĂŶĚDĞŚĞƌůŽǀĞƐƉĞŶĚŝŶŐƚŝŵĞǁŝƚŚDŽƌĂĚ͍ ƵƌĂƚŝŽŶ͗ʹ t ,t ʹ ʹ
ĂLJ ϭ ͬ ϲ ĂLJ ŶŶƵĂůĂLJ͗ϭͬϯϲ ĐƚƵĂůĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺ WƌŽŐƌĞƐƐ dƌĂŶƐĂĐƚŝŽŶĂůdŝƉ;ƐͿ ƵƌĂƚŝŽŶ͗ ϭϵŵŝŶ Page 28 ZĞĂůʹ>ŝĨĞŽŶŶĞĐƚ;ϱŵŝŶͿ͗ hƐŝŶŐĐŚŝƚƐ͕ĐŚŽŽƐĞƚǁŽůĞĂƌŶĞƌƐƚŽƌĞĂĚŽƵƚƚŚĞ ͚/dŚŝŶŬ͛ƐĞĐƚŝŽŶ͘ /ŶƚĞƌĂĐƚŝǀĞŝƐĐƵƐƐŝŽŶ;ϭϰŵŝŶͿ ƐŬůĞĂƌŶĞƌƐŝĨƚŚĞLJĂƌĞĂǁĂƌĞŽĨǁŚĂƚĞdžƉůŽƌĂƚŝŽŶŝƐ ĂŶĚǁŚĂƚĞdžƉůŽƌĞƌƐĚŽ͘WĂƐƐƉŝĐƚƵƌĞƐŽĨĨĂŵŽƵƐ ĞdžƉůŽƌĞƌƐƐƵĐŚĂƐDĞŐĂƐƚŚĞŶĞƐ͕&Ă ,ŝĞŶ͕ĂǀŝĚ >ŝǀŝŶŐƐƚŽŶĞ͕ĞƚĐ͕͘ĂŵŽŶŐƚŚĞůĞĂƌŶĞƌƐ͘ ŽŵƉĂƌĞĂŶĚĐŽŶƚƌĂƐƚďĞƚǁĞĞŶƉĂƐƚĂŶĚŵŽĚĞƌŶ ƚƌĂǀĞůůŝŶŐƚĞĐŚŶŝƋƵĞƐ͘ džƉůĂŝŶǁŚLJŶĞǁƌŽƵƚĞƐŶĞĞĚĞĚ ƚŽďĞĚŝƐĐŽǀĞƌĞĚĂŶĚŚŽǁŝƚŵĂĚĞůŝǀĞƐĞĂƐŝĞƌ͕͘ ͘Ő͘ƚŚĞĚŝƐĐŽǀĞƌLJŽĨƚŚĞ^ƵĞnjĐĂŶĂů͘ ůƐŽ͕ĞdžƉůĂŝŶƚŚĞĐŽŶĐĞƉƚŽĨĞdžƉůŽƌĂƚŝŽŶŽĨŶĞǁůĂŶĚƐ ĨŽƌƚƌĂĚŝŶŐ͘ ͘Ő͕͘ŚƌŝƐƚŽƉŚĞƌŽůƵŵďƵƐ͘ ZĞĂĚĂůŽƵĚƚŚĞ͚/ZĞŵĞŵďĞƌ͛ƐĞĐƚŝŽŶŽŶƉŐ͘Ϯ͘ ůĂƐƐWƵůƐĞŚĞĐŬ ƵƌĂƚŝŽŶ͗Ϯ ŵŝŶ ϭͿ tŚLJĚŝĚĂƐƐŝĚLJ'ŽůĚƐƚĞŝŶŵĂŬĞĂŚŽůĚĞƌĨŽƌĐƌĂLJŽŶƐ͍ ;d͗WŐ͘ϮͿ ϮͿ ĞĨŝŶĞĞdžƉůŽƌĂƚŝŽŶ͘ ƵƌĂƚŝŽŶ͗ ʹ t ,t ʹ ϭͿ t͗Zʹ WŐ͘ϭʹ Yϭ
ĂLJ Ϯ ͬ ϲ ĂLJ ŶŶƵĂůĂLJ͗Ϯͬϯϲ ĐƚƵĂůĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺ WƌŽŐƌĞƐƐ ůĂƐƐKƵƚĐŽŵĞ;ƐͿ ƵƌĂƚŝŽŶ͗ϭŵŝŶ Page 29 ¾ ĞĨŝŶĞĚŝƐĐŽǀĞƌLJ ¾ ŝĨĨĞƌĞŶƚŝĂƚĞďĞƚǁĞĞŶĞdžƉůŽƌĂƚŝŽŶĂŶĚĚŝƐĐŽǀĞƌLJ EĞǁtŽƌĚƐ͗ĚŝƐĐŽǀĞƌLJ͕ŝŶǀĞŶƚŝŽŶ dƌĂŶƐĂĐƚŝŽŶĂůdŝƉ;ƐͿ ƵƌĂƚŝŽŶ͗ ϮϬŵŝŶ /ŶƚĞƌĂĐƚŝǀĞŝƐĐƵƐƐŝŽŶ͗ ŝǀŝĚĞƚŚĞĐůĂƐƐŝŶƚŽŐƌŽƵƉƐ͘ƐŬƚŚĞŵƚŽůŽŽŬĂƚƚŚĞ ŵĂƉŽŶƉŐ͘ϯ͘ƐŬƚŚĞŵƚŚĞĨŽůůŽǁŝŶŐƋƵĞƐƚŝŽŶƐ͗ ĂͿ EĂŵĞƚŚĞĐŽŶƚŝŶĞŶƚƐũŽŝŶĞĚďLJƚŚĞďůƵĞůŝŶĞ͘ ďͿ ,ŽǁĚŝĚĞdžƉůŽƌĞƌƐŽŶƚŚĞďůƵĞůŝŶĞƚƌĂǀĞů͍ /ŶƚƌŽĚƵĐĞƚŚĞŵƚŽƚŚĞĨĂŵŝůŝĂƌůĂŶĚƌŽƵƚĞƐůŝŬĞƚŚĞƐŝůŬ ĂŶĚƐƉŝĐĞƌŽƵƚĞƐĨƌŽŵ/ŶĚŝĂƚŽŚŝŶĂĂŶĚWĞƌƐŝĂ͘ hƐĞƚŚĞŵĂƉŽŶƉŐ͘ϯ͘ /ŶƚƌŽĚƵĐĞƚŚĞĐŽŶĐĞƉƚŽĨĚŝƐĐŽǀĞƌLJĂŶĚƐƚĂƚĞŚŽǁŝƚŝƐ ĚŝĨĨĞƌĞŶƚĨƌŽŵĞdžƉůŽƌĂƚŝŽŶ͘ EĂŵĞƐŽŵĞŝŵƉŽƌƚĂŶƚĚŝƐĐŽǀĞƌŝĞƐƚŚĂƚǁĞƵƐĞŝŶĚĂLJƚŽ ĚĂLJůŝĨĞĂŶĚŶĂŵĞƚŚĞĚŝƐĐŽǀĞƌĞƌƐ͘ ͘Ő͕͘ĞŶũĂŵŝŶ &ƌĂŶŬůŝŶ͕ǁŚŽĚŝƐĐŽǀĞƌĞĚĞůĞĐƚƌŝĐŝƚLJ͘ ůĂƐƐWƵůƐĞŚĞĐŬ ƵƌĂƚŝŽŶ͗ ϰ ŵŝŶ ϭͿ EĂŵĞĂŶĞdžƉůŽƌĞƌĂŶĚŵĞŶƚŝŽŶǁŚĂƚŚĞŽƌƐŚĞĞdžƉůŽƌĞĚ͘ ;dD͕WŐ͘ϱͿ ϮͿ EĂŵĞ ŽŶĞŝŶǀĞŶƚŝŽŶƚŚĂƚŝƐƌĞůĂƚĞĚƚŽƚŚĞĚŝƐĐŽǀĞƌLJ ŽĨĨŝƌĞ͘;dD͕WŐ͘ϱͿ ƵƌĂƚŝŽŶ͗ϱŵŝŶ t ,t ϭͿ t͗Zʹ WŐ͘ϭʹ YϮ͕ϯ͕ ϭͿ ƐŬůĞĂƌŶĞƌƐƚŽƌĞĂĚ ƉŽŝŶƚƐϮĂŶĚϯĂŶĚƚŚĞ ϰ͕ϳ ƐĞĐƚŝŽŶΖ/ŶǀĞŶƚŝŽŶƐΖ͘
ĂLJ ϯ ͬ ϲ ĂLJ ŶŶƵĂůĂLJ͗ϯͬϯϲ ĐƚƵĂůĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺ WƌŽŐƌĞƐƐ ůĂƐƐKƵƚĐŽŵĞ;ƐͿ ƵƌĂƚŝŽŶ͗ϭŵŝŶ Page 30 ¾ ĞĨŝŶĞŝŶǀĞŶƚŝŽŶ ¾ ŝĨĨĞƌĞŶƚŝĂƚĞďĞƚǁĞĞŶĚŝƐĐŽǀĞƌLJĂŶĚŝŶǀĞŶƚŝŽŶ EĞǁtŽƌĚ͗ĚĞůŝĐĂƚĞ dƌĂŶƐĂĐƚŝŽŶĂůdŝƉ;ƐͿ ƵƌĂƚŝŽŶ͗ ϮϰŵŝŶ &ůŝƉƉĞĚůĂƐƐƌŽŽŵ;ϭϱŵŝŶͿ͗ hƐŝŶŐĐŚŝƚƐ͕ĐŚŽŽƐĞůĞĂƌŶĞƌƐƚŽƚĂůŬĂďŽƵƚĨĂŵŽƵƐ ĚŝƐĐŽǀĞƌŝĞƐƚŚĂƚŵĂĚĞƚŚĞŵŽĚĞƌŶǁŽƌůĚĂƐŝƚŝƐ͘ ƐŬůĞĂƌŶĞƌƐƚŽƚĂůŬĂďŽƵƚƚŚĞŝŶǀĞŶƚŝŽŶƚŚĂƚƚŚĞLJƵƐĞŝŶ ƚŚĞŝƌĚĂŝůLJůŝǀĞƐĂŶĚƚŚĞŝŶǀĞŶƚŽƌƐǁŚŽŵĂĚĞƚŚĞŵ͘ ͘Ő͕͘ ƚŚĞƚĞůĞǀŝƐŝŽŶʹ :>ĂŝƌĚ͕ůŝŐŚƚďƵůďʹ dŚŽŵĂƐ ĚŝƐŽŶ͕ ĐŽŵƉƵƚĞƌʹ ŚĂƌůĞƐĂďďĂŐĞĂŶĚƐŽŽŶ͘ ƐŬƚŚĞŵƚŽƐƉĞĂŬĂďŽƵƚĚŝƐĐŽǀĞƌŝĞƐƚŚĂƚůĞĚƚŽŝŶǀĞŶƚŝŽŶƐ͘ YƵŝnj;ϰŵŝŶͿ͗ YƵŝnjůĞĂƌŶĞƌƐŽŶƚŚĞĚŝĨĨĞƌĞŶĐĞƐďĞƚǁĞĞŶŝŶǀĞŶƚŝŽŶƐĂŶĚ ĚŝƐĐŽǀĞƌLJĂŶĚƚŚĞŝŵƉŽƌƚĂŶĐĞŽĨĚŝƐĐŽǀĞƌLJĂŶĚŝŶǀĞŶƚŝŽŶ͘ WĞĞƌ>ĞĂƌŶŝŶŐʹ WĂŝƌ;ϱŵŝŶͿ ƐŬƚŚĞůĞĂƌŶĞƌƐƚŽƐŽůǀĞƚŚĞƋƵĞƐƚŝŽŶŽŶƉŐ͘ϱŽĨ ƚŚĞŝƌƚĞdžƚŬ͘ ůĂƐƐWƵůƐĞŚĞĐŬ ƵƌĂƚŝŽŶ͗ ϭŵŝŶ ϭͿ EĂŵĞĂĚŝƐĐŽǀĞƌLJ͕ĂƉĂƌƚĨƌŽŵĨŝƌĞ͕ƚŚĂƚůĞĚƚŽĂŶ ŝŶǀĞŶƚŝŽŶ͘ ƵƌĂƚŝŽŶ͗ ϰ ŵŝŶ t ,t ϭͿ t͗hʹ WŐ͘Ϯʹ YϭϮ͕ϭϰ ϭͿ t͗hʹ WŐ͘Ϯʹ Yϴ͕ ϵ͕ϭϬ͕ϭϭ ϮͿ t͗ʹ WŐƐ͘ϯ͕ϰʹ Yϭϱ͕ϭϴ
ĂLJ ϰ ͬ ϲ ĂLJ ŶŶƵĂůĂLJ͗ϰͬϯϲ ĐƚƵĂůĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺ WƌŽŐƌĞƐƐ ůĂƐƐKƵƚĐŽŵĞ;ƐͿ ƵƌĂƚŝŽŶ͗ϭŵŝŶ ¾ ^ŚŽǁŚŽǁƚŽŵĞĂƐƵƌĞŚŝƐƚŽƌLJƵƐŝŶŐƚŝŵĞůŝŶĞƐ ¾ ŝĨĨĞƌĞŶƚŝĂƚĞďĞƚǁĞĞŶĂŶĚ EĞǁtŽƌĚ͗ ƌĞĐĞŶƚ dƌĂŶƐĂĐƚŝŽŶĂůdŝƉ;ƐͿ ƵƌĂƚŝŽŶ͗ ϭϮŵŝŶ ZĞĂůʹůŝĨĞŽŶŶĞĐƚ;ϴ ŵŝŶͿ͗ ƐŬůĞĂƌŶĞƌƐĂďŽƵƚƚŚĞŝŶƐƚĂŶĐĞƐǁŚĞŶƚŚĞLJŚĂǀĞƐĞĞŶ ĐĂůĞŶĚĂƌƐ͘ ƵŝůĚŽŶƚŚĞŝƌŝŶƉƵƚƐďLJĂƐŬŝŶŐǁŚĂƚ ŝŶĨŽƌŵĂƚŝŽŶŝƐŐŝǀĞŶďLJƚŚĞĐĂůĞŶĚĂƌ͘ ƐŬƚŚĞŵŝĨĂĐĂůĞŶĚĂƌŝƐŵĂŶͲŵĂĚĞŽƌŶĂƚƵƌĂů͍ ŵƉŚĂƐŝƐĞŚŽǁŝƚŝƐĂŶŝŶǀĞŶƚŝŽŶ͘ /ŶƚĞƌĂĐƚŝǀĞŝƐĐƵƐƐŝŽŶ;ϰŵŝŶͿ͗ ƐŬůĞĂƌŶĞƌƐƚŽůŽŽŬĂƚƚŚĞƉŝĐƚƵƌĞŽŶƉŐ͘ ϱ͕ƌĞĂĚƚŚĞ ƉĂƌĂŐƌĂƉŚĂŶĚĚŝƐĐƵƐƐǁŝƚŚƚŚĞŝƌƉĂƌƚŶĞƌƐƚŚĞĨŽůůŽǁŝŶŐ ƋƵĞƐƚŝŽŶƐ͗ ĂͿ tŚĂƚĚŽĞƐƚŚĞƉŝĐƚƵƌĞƐŚŽǁ͍ ďͿ tŚŽŝƐƚŚĞƉĞƌƐŽŶŝŶƚŚĞƉŝĐƚƵƌĞ͍ ĐͿ tŚĂƚŝƐ͍ ĚͿ tŚĂƚŝƐ͍ ůĂƐƐWƵůƐĞŚĞĐŬ ƵƌĂƚŝŽŶ͗ ʹ ƵƌĂƚŝŽŶ͗ϰŵŝŶ t ,t ϭͿ t͗Zʹ WŐ͘ϭʹ Yϱ͕ϲ ʹ Page 31
ĂLJ ϰ ͬ ϲ ĂLJ ŶŶƵĂůĂLJ͗ϰͬϯϲ ĐƚƵĂůĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺ WƌŽŐƌĞƐƐ dƌĂŶƐĂĐƚŝŽŶĂůdŝƉ;ƐͿ ƵƌĂƚŝŽŶ͗ ϭϮŵŝŶ ĐƚŝǀŝƚLJDĞƚŚŽĚ͗ ƐŬůĞĂƌŶĞƌƐƚŽůŽŽŬĂƚƚŚĞƚŝŵĞůŝŶĞŽĨZŝǀŬĂ͘ ŝĨĨĞƌĞŶƚŝĂƚĞďĞƚǁĞĞŶŚŽǁŚĞƌĂŐĞǁĂƐĐŽƵŶƚĞĚŝŶ Kƌ͕ǁĂƐĐŽƵŶƚĞĚŝŶƚŚĞĞƌĂďĞĨŽƌĞƚŚĞďŝƌƚŚŽĨŚƌŝƐƚ ĂŶĚŚŽǁǁĞĐŽƵŶƚĂŐĞŶŽǁĂĚĂLJƐ͘zŽƵĐĂŶƵƐĞƚŚĞ ĞdžĂŵƉůĞŽĨ<ŝŶŐŬďĂƌ͛ƐƚŝŵĞůŝŶĞƚŽĚŽƐŽ͘ EŽǁ͕ĚƌĂǁLJŽƵƌƚŝŵĞůŝŶĞŽŶƚŚĞďŽĂƌĚ͘zŽƵŵĂLJŝŶĐůƵĚĞ ĐĞƌƚĂŝŶƐŝŐŶŝĨŝĐĂŶƚĚĂLJƐƐƵĐŚĂƐLJŽƵƌďŝƌƚŚĚĂLJ͕ĚĂƚĞŽĨ ũŽŝŶŝŶŐĂƐĐŚŽŽů͕LJŽƵƌŐƌĂĚƵĂƚŝŽŶĚĂƚĞĂŶĚƐŽŽŶ͘ ƐŬůĞĂƌŶĞƌƐƚŽĚƌĂǁƚŚĞŝƌƚŝŵĞůŝŶĞŽŶĂďůĂŶŬƐŚĞĞƚŽĨ ƉĂƉĞƌ͘ƐŬƚŚĞŵƚŽĚŝƐĐƵƐƐƚŚĞŝƌƚŝŵĞůŝŶĞǁŝƚŚĂ ƉĂƌƚŶĞƌ͘ůůŽǁůĞĂƌŶĞƌƐƚŽƚŚŝŶŬĂďŽƵƚĂŶŝŵƉŽƌƚĂŶƚ ĞǀĞŶƚŝŶƚŚĞŝƌůŝǀĞƐ͘dŚĞŝƌƉĞƌƐƉĞĐƚŝǀĞŽĨǁŚĂƚŝƐ ŝŵƉŽƌƚĂŶƚƚŽƚŚĞŵŶĞĞĚƐƚŽďĞƌĞƐƉĞĐƚĞĚŝŶŽƌĚĞƌƚŽ ďƵŝůĚƚŚĞŝƌĐŽŶĨŝĚĞŶĐĞ͘ ůĂƐƐWƵůƐĞŚĞĐŬ ƵƌĂƚŝŽŶ͗ϭŵŝŶ ϭͿ tŚĂƚŝƐƚŚĞĚŝĨĨĞƌĞŶĐĞŝŶĐŽƵŶƚŝŶŐLJĞĂƌƐďĞƚǁĞĞŶ ĂŶĚ͍ ƵƌĂƚŝŽŶ͗ ʹ t ,t ʹ ϭͿ ƐŬůĞĂƌŶĞƌƐƚŽŚĞůƉ ƚŚĞŝƌĨĂŵŝůLJŵĞŵďĞƌƐ Page 32 ŝŶĐƌĞĂƚŝŶŐƚŚĞŝƌ ƚŝŵĞůŝŶĞƐ͘
ĂLJ ϱ ͬ ϲ ĂLJ ŶŶƵĂůĂLJ͗ϱͬϯϲ ĐƚƵĂůĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺ WƌŽŐƌĞƐƐ ůĂƐƐKƵƚĐŽŵĞ;ƐͿ ƵƌĂƚŝŽŶ͗ϭŵŝŶ ¾ >ŝƐƚƐŽŵĞŽĨƚŚĞŝŶǀĞŶƚŝŽŶƐŵĂĚĞďLJLJŽƵŶŐƉĞŽƉůĞ ĂƌŽƵŶĚƚŚĞǁŽƌůĚ dƌĂŶƐĂĐƚŝŽŶĂůdŝƉ;ƐͿ ƵƌĂƚŝŽŶ͗ ϮϲŵŝŶ /ŶƚĞƌĂĐƚŝǀĞŝƐĐƵƐƐŝŽŶ;ϴŵŝŶͿ͗ ƐŬůĞĂƌŶĞƌƐƚŽƌĞĂĚĂďŽƵƚƚŚĞŝŶǀĞŶƚŝŽŶƐ͘ŝƐĐƵƐƐǁŝƚŚ ƚŚĞŵǁŚŝĐŚƋƵĂůŝƚŝĞƐǁŽƵůĚďĞĞƐƐĞŶƚŝĂůĨŽƌƐŽŵĞŽŶĞƚŽ ŝŶǀĞŶƚƐŽŵĞƚŚŝŶŐ͘ KƵƚĚŽŽƌ^ƚƵĚLJ;ϭϴŵŝŶͿ͗ >ŝƐƚĂĨĞǁĂĐƚŝŽŶǀĞƌďƐŽŶƚŚĞďŽĂƌĚ;Ğ͘Ő͕͘ƚŽƐƐ͕ƌŽůů͕ƚŚƌŽǁ͕ ĐĂƚĐŚ͕ƐŚŽŽƚ͕ƐƉŝŶͿ͘ŚĂůůĞŶŐĞůĞĂƌŶĞƌƐƚŽĂĚĚƚŽƚŚĞůŝƐƚ ;Ğ͘Ő͕͘Śŝƚ͕ƌƵŶ͕ďůŽĐŬ͕ĨůŝƉ͕ŬŶŽĐŬŽǀĞƌ͕ƐŝŶŬ͕ƉŝƚĐŚ͕ƐƚĞĞƌĂŶĚ ƐĐŽƌĞͿ͘&ŝŶĂůůLJ͕ĂƐŬŬŝĚƐƚŽŵĂƚĐŚĞĂĐŚǀĞƌďƚŽĂŐĂŵĞ͘ dŽŐĞƚŬŝĚƐƚŚŝŶŬŝŶŐĂďŽƵƚŐĂŵĞƐƚŚĂƚĂƌĞĨƵŶĂŶĚĞĂƐLJ͕ ĂƐŬ͕͚tŚĂƚŐĂŵĞƐĚŽLJŽƵƉůĂLJĚƵƌŝŶŐƌĞĐĞƐƐ͍͛ ŝƐĐƵƐƐǁŚĂƚŝƚŵĞĂŶƐƚŽŝŶǀĞŶƚĂŐĂŵĞ͘tŚĞƚŚĞƌŝƚ ƌĞƋƵŝƌĞƐĂŶĞǁƉŝĞĐĞŽĨĞƋƵŝƉŵĞŶƚ͕ŶĞǁƌƵůĞƐŽƌĐŚĂŶŐŝŶŐ ĂĨĂŵŝůŝĂƌŐĂŵĞ͍;/ƚĐŽƵůĚďĞĂŶLJŽƌĂůůŽĨƚŚĞƐĞƚŚŝŶŐƐ͘Ϳ ůĂƐƐWƵůƐĞŚĞĐŬ ƵƌĂƚŝŽŶ͗ ϭŵŝŶ ϭͿ /ƐŝĐĞĐĂŶĚLJŽƌŝŐŝŶĂůůLJĂĚŝƐĐŽǀĞƌLJŽƌĂŶŝŶǀĞŶƚŝŽŶ͍ džƉůĂŝŶ͘ ƵƌĂƚŝŽŶ͗ϮŵŝŶ t ,t ϭͿ t͗ʹ WŐ͘ϯʹ Yϭϳ ϭͿ ƐŬůĞĂƌŶĞƌƐƚŽŝŶǀĞŶƚ ĂŐĂŵĞĂŶĚƉůĂLJǁŝƚŚ ƚŚĞŝƌĨĂŵŝůLJŵĞŵďĞƌƐ͘ Page 33
ĂLJ ϲ ͬ ϲ ĂLJ ŶŶƵĂůĂLJ͗ϲͬϯϲ ĐƚƵĂůĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺ WƌŽŐƌĞƐƐ ůĂƐƐKƵƚĐŽŵĞ;ƐͿ ƵƌĂƚŝŽŶ͗ϭŵŝŶ ¾ ^ƵŵŵĂƌŝƐĞƚŚĞĐŽŶĐĞƉƚƐĐŽǀĞƌĞĚŝŶƚŚĞůĞƐƐŽŶ ¾ ZĞůĂƚĞƚŚĞĐŽŶĐĞƉƚƐĐŽǀĞƌĞĚƚŽĚŝĨĨĞƌĞŶƚƐƵďũĞĐƚƐ EĞǁtŽƌĚƐ͗ ǀŝƐƵĂůůLJŝŵƉĂŝƌĞĚ͕ƐĐƌŝƉƚ dƌĂŶƐĂĐƚŝŽŶĂůdŝƉ;ƐͿ ƵƌĂƚŝŽŶ͗ ϮϰŵŝŶ /ŶƚĞƌĂĐƚŝǀĞŝƐĐƵƐƐŝŽŶ;ϭϰŵŝŶͿ ƐŬƚŚĞůĞĂƌŶĞƌƐƚŽƌĞĂĚƚŚĞ͚ ŶŐůŝƐŚ&ƵŶ͛ƐĞĐƚŝŽŶ͘ dĂůŬĂďŽƵƚůĂŶŐƵĂŐĞƐƚŚĂƚǁĞƌĞĐŽŵŵŽŶůLJƵƐĞĚŝŶ ĞĂƌůŝĞƌƚŝŵĞƐďƵƚĂƌĞƌĂƌĞůLJƵƐĞĚƚŽĚĂLJ͘ ͘Ő͕͘>ĂƚŝŶ͕ ƌŵĞŶŝĂŶĂŶĚ^ĂŶƐŬƌŝƚ͘ ƐŬƚŚĞůĞĂƌŶĞƌƐƚŽƌĞĂĚƚŚĞ͚DĂƚŚƐ&ƵŶ͛ƐĞĐƚŝŽŶ͘ ^ƵŵŵĂƌŝƐŝŶŐ;ϭϬŵŝŶͿ͗ ŽǀĞƌƚŚĞŝŵƉŽƌƚĂŶƚĐŽŶĐĞƉƚƐĚŝƐĐƵƐƐĞĚŝŶƚŚĞůĞƐƐŽŶ͘ dĂŬĞƚŚĞŵƚŚƌŽƵŐŚƚŚĞĨŽƵƌƐĞĐƚŝŽŶƐĂŶĚĂƐŬƚŚĞŵƚŽ ƉĂƌĂƉŚƌĂƐĞĞĂĐŚƐĞĐƚŝŽŶďLJĂƐŬŝŶŐƚŚĞĨŽůůŽǁŝŶŐ ƋƵĞƐƚŝŽŶƐ͗ ĂͿ tŚĂƚĚŝĚƚŚĞLJůĞĂƌŶ͍ ďͿ tŚLJĚŝĚƚŚĞLJůĞĂƌŶŝƚ͍ ůĂƐƐWƵůƐĞŚĞĐŬ ƵƌĂƚŝŽŶ͗ Ϯ ŵŝŶ ϭͿ tŚĂƚŝƐƌĂŝůůĞ͍tŚŽŝŶǀĞŶƚĞĚŝƚ͍ ƵƌĂƚŝŽŶ͗ϯŵŝŶ t ,t ϭͿ t͗ʹ WŐƐ͘ϯ͕ϰʹ ϭͿ t͗hʹ WŐ͘Ϯʹ Yϭϯ Yϭϲ͕ϭϵ ϮͿ t͗,ʹ WŐ͘ϰʹ YϮϬ ϯͿ EƚW Page 34
DLJZĞĨůĞĐƚŝŽŶƐ WƌŽŐƌĞƐƐWĂƐƐŬ ϲ tŚĂƚǁĞŶƚǁĞůůǁŚŝůĞƚĞĂĐŚŝŶŐƚŚŝƐůĞƐƐŽŶ͍ džƚƌĂĚĂLJƐƚĂŬĞŶƚŝůůƉƌĞǀŝŽƵƐůĞƐƐŽŶ;ŝĨĂŶLJͿ ;WƌĞǀŝŽƵƐůĞƐƐŽŶ͛ƐůĂƐƚƌŽǁͿ tŚĂƚǁŝůů/ĚŽĚŝĨĨĞƌĞŶƚůLJĨŽƌƚŚĞŶĞdžƚůĞƐƐŽŶ͍ WůĂŶŶĞĚĚĂLJƐĨŽƌƚŚŝƐůĞƐƐŽŶ ĐƚƵĂůĚĂLJƐƚĂŬĞŶĨŽƌƚŚŝƐůĞƐƐŽŶ džƚƌĂĚĂLJƐƚĂŬĞŶĨŽƌƚŚĞĐƵƌƌĞŶƚůĞƐƐŽŶ;ŝĨĂŶLJͿ dŽƚĂůĞdžƚƌĂĚĂLJƐƚĂŬĞŶƚŝůůƚŚŝƐůĞƐƐŽŶ;ŝĨĂŶLJͿ EĂŵĞƐŽĨůĞĂƌŶĞƌƐǁŚŽŶĞĞĚŝŶĚŝǀŝĚƵĂůĂƚƚĞŶƚŝŽŶ͗ &ŽƌƚŚĞEĞdžƚ>ĞƐƐŽŶ ,ĂŶĚŚŽůĚƚŚĞƐĞůĞĂƌŶĞƌƐ͗ ŚĂůůĞŶŐĞƚŚĞƐĞůĞĂƌŶĞƌƐ͗ Å ^ƉĞĞĚƵƉďLJͺͺͺĚĂLJƐ ;KZͿ ^ůŽǁĚŽǁŶďLJͺͺͺĚĂLJƐ Æ ĐĂĚĞŵŝĐŽŽƌĚŝŶĂƚŽƌ͛Ɛ^ŝŐŶĂƚƵƌĞ͗ Page 35
>ĞƐƐŽŶϮ͗KƵƌ ĂƌƚŚ ůůŽĐĂƚĞĚdĞĂĐŚŝŶŐĂLJƐ ϯ ^ƉĞĞĚƵƉͬ^ůŽǁĚŽǁŶWůĂŶ ŽŶĐĞƉƚϮ͘ϭ͗dŚĞ^ŚĂƉĞŽĨƚŚĞ ĂƌƚŚ WƌŝŽƌŬŶŽǁůĞĚŐĞŶĞĞĚĞĚ;ĨŽƌƚŚĞůĞĂƌŶĞƌƐͿ͗ ĂLJEŽ͘ WůĂŶŶĞĚ ^ƵŵŵĂƌLJŽĨĂLJ͛ƐWůĂŶ ĂƚĞ 9 dĞƌŵƐƐƵĐŚĂƐ͚ƐŽůĂƌƐLJƐƚĞŵ͕͚͛ƉůĂŶĞƚƐ͕͚͛ƐƚĂƌƐ͕͚͛^ƵŶ͛ĂŶĚ͚DŽŽŶ͛ ĂLJϭ 9 ǁĂƌĞŶĞƐƐƚŚĂƚƚŚĞDŽŽŶƌĞǀŽůǀĞƐĂƌŽƵŶĚƚŚĞ ĂƌƚŚ ĂLJϮ d͗/dŚŝŶŬ͕/ZĞŵĞŵďĞƌ͕dD 9 dŚĞĨŽƵƌŵĂŝŶĚŝƌĞĐƚŝŽŶƐ ĂLJϯ t͗/ZĞŵĞŵďĞƌ ĞƐŝƌĞĚ>ĞĂƌŶŝŶŐKƵƚĐŽŵĞƐĨŽƌƚŚĞ>ĞƐƐŽŶ d͗/ZĞŵĞŵďĞƌ͕/hŶĚĞƌƐƚĂŶĚ͕dD Z h t͗/ZĞŵĞŵďĞƌ͕/hŶĚĞƌƐƚĂŶĚ ĞĨŝŶĞƚŚĞƐŚĂƉĞ ĞƐĐƌŝďĞŚŽǁƉĞŽƉůĞ d͗/ƉƉůLJ͕/ džƉůŽƌĞ;,͘K͘d͘^͘Ϳ͕ĞŵĂnjĞĚ ŽĨƚŚĞ ĂƌƚŚĂŶĚ ĚŝƐĐŽǀĞƌĞĚƚŚĂƚƚŚĞ t͗/ƉƉůLJ͕/ džƉůŽƌĞ;,͘K͘d͘^͘Ϳ ŝƚƐŵŽǀĞŵĞŶƚƐ ĂƌƚŚŝƐƌŽƵŶĚ ĞĨŝŶĞ ͚ĂdžŝƐ͛ džƉůĂŝŶǁŚLJƚŚĞ ĂŶĚ͚Žƌďŝƚ͛ ĂƌƚŚŝƐĂŶ ŽďůĂƚĞƐƉŚĞƌĞ ĂLJϰ ĂLJϱ , ^ŚŽǁƚŚĞƉƌŽŽĨ ŽŵƉĂƌĞƚŚĞƐŝnjĞƐŽĨ ƚŚĂƚƚŚĞ ĂƌƚŚŝƐĂŶ ĚŝĨĨĞƌĞŶƚƉůĂŶĞƚƐ ŽďůĂƚĞƐƉŚĞƌĞ ƌĞĂƚĞĂŶĂdžŝƐĨŽƌĂ ĂLJϲ ŐŝǀĞŶŝŵĂŐĞŽĨƚŚĞ ĂƌƚŚ >ĞƐƐŽŶWƌĞƉĂƌĂƚŝŽŶEŽƚĞƐ /DyZĞƐŽƵƌĐĞƐ KƚŚĞƌZĞƐŽƵƌĐĞƐ ϭͿ /DydĞdžƚŬ ϭͿ ŚŝƚƐǁŝƚŚůĞĂƌŶĞƌƐ͛ŶĂŵĞƐ ϮͿ /DytŽƌŬŬ ;ĂLJϭͿ ϮͿ dŽƉ;ĂLJϭͿ Page 36
ĂLJ ϭ ͬ ϯ ĂLJ ŶŶƵĂůĂLJ͗ϳͬϯϲ ĐƚƵĂůĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺ WƌŽŐƌĞƐƐ ůĂƐƐKƵƚĐŽŵĞ;ƐͿ ƵƌĂƚŝŽŶ͗ϭŵŝŶ ¾ /ĚĞŶƚŝĨLJƚŚĞƐŚĂƉĞŽĨƚŚĞ ĂƌƚŚ ¾ ĞĨŝŶĞĂŶĚĐŽŵƉĂƌĞƌŽƚĂƚŝŽŶĂŶĚƌĞǀŽůƵƚŝŽŶ EĞǁtŽƌĚƐ͗ƉůĂŶĞƚ͕ƐƉŚĞƌĞ͕ŽďůĂƚĞƐƉŚĞƌĞ͕ƐĂƚĞůůŝƚĞ͕ ƌĞǀŽůƵƚŝŽŶ͕ƌŽƚĂƚŝŽŶ dƌĂŶƐĂĐƚŝŽŶĂůdŝƉ;ƐͿ ƵƌĂƚŝŽŶ͗ ϭϬŵŝŶ WĞĞƌ>ĞĂƌŶŝŶŐʹ 'ƌŽƵƉ;ϱŵŝŶͿ͗ ƌĂǁĐŚŝƚƐƚŽĐŚŽŽƐĞƚǁŽůĞĂƌŶĞƌƐƚŽƌĞĂĚĂůŽƵĚƚŚĞ͚/ dŚŝŶŬ͛ƐĞĐƚŝŽŶ͘ ^ƵŵŵĂƌŝƐŝŶŐ ;ϱŵŝŶͿ͗ ƐŬƚŚĞůĞĂƌŶĞƌƐŝĨƚŚĞLJĂƌĞĂǁĂƌĞƚŚĂƚƚŚĞDŽŽŶ ƚƌĂǀĞůƐĂƌŽƵŶĚƚŚĞ ĂƌƚŚ͘ YƵŝĐŬůLJƌĞĐĂƉƚŚĞŶĂŵĞƐŽĨƚŚĞƉůĂŶĞƚƐŝŶƚŚĞƐŽůĂƌ ƐLJƐƚĞŵ͘ƌĂǁĂƌŽƵŐŚĚŝĂŐƌĂŵŽĨƚŚĞƐŽůĂƌƐLJƐƚĞŵŽŶ ƚŚĞďůĂĐŬďŽĂƌĚ͘ŝƐĐƵƐƐƚŚĞŽƌĚĞƌŝŶǁŚŝĐŚƚŚĞƉůĂŶĞƚƐ ĐŝƌĐůĞƚŚĞ^ƵŶ͘ƌĂǁƚŚĞůĞĂƌŶĞƌƐ͛ĂƚƚĞŶƚŝŽŶƚŽƚŚĞ ĂƌƚŚ͘ ůĂƐƐWƵůƐĞŚĞĐŬ ƵƌĂƚŝŽŶ͗ ϭŵŝŶ ϭͿ tŚĂƚĚŽĞƐƚŚĞǁŽƌĚ͚ĞůůŝƉƚŝĐĂů͛ŵĞĂŶ͍ ƵƌĂƚŝŽŶ͗ϱŵŝŶ t ,t ϭͿ t͗Zʹ WŐ͘ϱʹ Yϯ͕ ʹ ϰ͕ϲ Page 37
ĂLJ ϭ ͬ ϯ ĂLJ ŶŶƵĂůĂLJ͗ϳͬϯϲ ĐƚƵĂůĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺ WƌŽŐƌĞƐƐ dƌĂŶƐĂĐƚŝŽŶĂůdŝƉ;ƐͿ ƵƌĂƚŝŽŶ͗ ϭϬŵŝŶ ZĞŝŶĨŽƌĐĞŵĞŶƚ͗ ^ŚŽǁůĞĂƌŶĞƌƐƚŚĞƚŽƉƚŚĂƚǁĂƐďƌŽƵŐŚƚƚŽĐůĂƐƐ͘ ŚŽŽƐĞĂůĞĂƌŶĞƌƚŽƐƉŝŶŝƚ͘ĞŵŽŶƐƚƌĂƚĞƚŚĞĐŽŶĐĞƉƚ ŽĨ͚ƌŽƚĂƚŝŽŶ͛͘ ůĂďŽƌĂƚĞŽŶƚŚĞĐŽŶĐĞƉƚ͘ ƐŬůĞĂƌŶĞƌƐƚŽŝŵĂŐŝŶĞƚŚĞ ĂƌƚŚƚŽƌĞƐĞŵďůĞĂƚŽƉ͘ dŚĞĂdžŝƐŽĨƚŚĞ ĂƌƚŚŝƐůŝŬĞƚŚĞƉŽŝŶƚŽŶǁŚŝĐŚƚŚĞƚŽƉ ƐƉŝŶƐ͘ dŚĞ ĂƌƚŚƌŽƚĂƚĞƐũƵƐƚůŝŬĞĂƚŽƉŽŶŝƚƐĂdžŝƐ͘ džƉůĂŝŶƚŚĂƚǁŚŝůĞƌŽƚĂƚŝŶŐĂƌŽƵŶĚŝƚƐĞůĨ͕ƚŚĞ ĂƌƚŚĂůƐŽ ŵŽǀĞƐĂƌŽƵŶĚƚŚĞ^ƵŶ͘ /ŶƚƌŽĚƵĐĞƚŚĞĐŽŶĐĞƉƚŽĨΖƌĞǀŽůƵƚŝŽŶΖ͘ ůĂƐƐWƵůƐĞŚĞĐŬ ƵƌĂƚŝŽŶ͗ϯŵŝŶ ϭͿ tŚĂƚĚŽĞƐĂŶĂƐƚƌŽŶŽŵĞƌƐƚƵĚLJ͍;d͗WŐ͘ϭϬͿ ϮͿ tŚĂƚŝƐĂŶŽďůĂƚĞƐƉŚĞƌĞ͍ ϯͿ tŚĂƚĂƌĞƚŚĞƚǁŽŵĂŝŶŵŽǀĞŵĞŶƚƐŽĨƚŚĞƉůĂŶĞƚƐ͍ ;dDWŐ͘ϭϭͿ ƵƌĂƚŝŽŶ͗ ϱ ŵŝŶ t ϭͿ t͗Zʹ WŐ͘ϱ͕ϲʹ ,t ʹ Yϱ͕ϳ ϮͿ ƐŬůĞĂƌŶĞƌƐƚŽďƌŝŶŐ ďůĂŶŬƐŚĞĞƚƐŽĨƉĂƉĞƌ ƚŽĐůĂƐƐƚŚĞŶĞdžƚĚĂLJ͘ Page 38
ĂLJ Ϯ ͬ ϯ ĂLJ ŶŶƵĂůĂLJ͗ϴͬϯϲ ĐƚƵĂůĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺ WƌŽŐƌĞƐƐ ůĂƐƐKƵƚĐŽŵĞ;ƐͿ ƵƌĂƚŝŽŶ͗ϭŵŝŶ Page 39 ¾ hŶĚĞƌƐƚĂŶĚƚŚĞƐŚĂƉĞŽĨƚŚĞ ĂƌƚŚ ¾ WƌŽǀĞƚŚĂƚƚŚĞ ĂƌƚŚŝƐƌŽƵŶĚ EĞǁtŽƌĚƐ͗ŚŽƌŝnjŽŶ͕ĂdžŝƐ͕Žƌďŝƚ͕ĞǀŝĚĞŶĐĞ͕ĚŝĂŵĞƚĞƌ dƌĂŶƐĂĐƚŝŽŶĂůdŝƉ;ƐͿ ƵƌĂƚŝŽŶ͗ ϮϬŵŝŶ /ŶƚĞƌĂĐƚŝǀĞŝƐĐƵƐƐŝŽŶ;ϭϬŵŝŶͿ͗ ƐŬůĞĂƌŶĞƌƐƚŽƋƵŝĞƚůLJƌĞĂĚƚŚĞĨŝƌƐƚƚŚƌĞĞƉĂƌĂŐƌĂƉŚƐŝŶ ƚŚĞΖ/hŶĚĞƌƐƚĂŶĚΖƐĞĐƚŝŽŶ͘ŽŶĚƵĐƚĂƋƵŝĐŬƐƚŽƌLJƚĞůůŝŶŐ ƐĞƐƐŝŽŶǁŚĞƌĞƐĞůĞĐƚĞĚůĞĂƌŶĞƌƐŶĂƌƌĂƚĞŚŽǁŚƵŵĂŶƐ ŐƌĂĚƵĂůůLJůĞĂƌŶƚƚŚĂƚƚŚĞ ĂƌƚŚŝƐƌŽƵŶĚ͘ ĐƚŝǀŝƚLJDĞƚŚŽĚ;ϭϬŵŝŶͿ͗ ƌĂǁĂŶŽďůĂƚĞƐƉŚĞƌĞŽŶƚŚĞďŽĂƌĚ͘ ŶƐƵƌĞƚŚĂƚƚŚĞ ǀĞƌƚŝĐĂůĚŝĂŵĞƚĞƌŝƐůĞƐƐƚŚĂŶƚŚĞŚŽƌŝnjŽŶƚĂůĚŝĂŵĞƚĞƌŽĨ ƚŚĞƐƉŚĞƌĞ͘ džƉůĂŝŶƚŚĂƚƚŚĞ ĂƌƚŚŚĂƐƐƵĐŚĂƐŚĂƉĞ͘,ĞŶĐĞŝƚĂƉƉĞĂƌƐ ƚŚĂƚƚŚĞ ĂƌƚŚŝƐďƵůŐŝŶŐĂƌŽƵŶĚƚŚĞŵŝĚĚůĞďƵƚĨůĂƚƚĞŶĞĚ ĂƚƚŚĞƚŽƉĂŶĚďŽƚƚŽŵ͘ ůĂƐƐWƵůƐĞŚĞĐŬ ƵƌĂƚŝŽŶ͗ Ϯ ŵŝŶ ϭͿ ,ŽǁĚŝĚƌŝƐƚŽƚůĞĚŝƐĐŽǀĞƌƚŚĂƚƚŚĞ ĂƌƚŚ͛ƐƐƵƌĨĂĐĞ ǁĂƐĐƵƌǀĞĚ͍ ϮͿ tŚŽƐĞũŽƵƌŶĞLJĂƌŽƵŶĚƚŚĞǁŽƌůĚǁĂƐƚŚĞĞǀŝĚĞŶĐĞƚŚĂƚ ƚŚĞ ĂƌƚŚŝƐĂƐƉŚĞƌĞ͍;dD͕WŐ͘ϭϭͿ ƵƌĂƚŝŽŶ͗ ϳŵŝŶ t ,t ϭͿ t͗hʹ WŐƐ͘ϲ͕ϳʹ ϭͿ t͗Z ʹ WŐ͘ϱʹ Yϭ͕Ϯ YϭϮ͕ϭϯ͕ϭϰ ϮͿ t͗hʹ WŐ͘ϲʹ Yϴ͕ϵ͕ ϭϬ͕ϭϭ
ĂLJ ϯ ͬ ϯ ĂLJ ŶŶƵĂůĂLJ͗ϵͬϯϲ ĐƚƵĂůĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺ WƌŽŐƌĞƐƐ ůĂƐƐKƵƚĐŽŵĞ;ƐͿ ƵƌĂƚŝŽŶ͗ϭŵŝŶ ¾ WƌŽǀĞƚŚĂƚƚŚĞ ĂƌƚŚŝƐĂŶŽďůĂƚĞƐƉŚĞƌĞ ¾ ŽŵƉĂƌĞƚŚĞƐŝnjĞŽĨƚŚĞ ĂƌƚŚǁŝƚŚƚŚĞƌĞƐƚŽĨƚŚĞƉůĂŶĞƚƐ ¾ ^ƵŵŵĂƌŝƐĞƚŚĞŝĚĞĂƐĐŽǀĞƌĞĚŝŶƚŚŝƐĐŽŶĐĞƉƚ dƌĂŶƐĂĐƚŝŽŶĂůdŝƉ;ƐͿ ƵƌĂƚŝŽŶ͗ ϭϬŵŝŶ ZĞŝŶĨŽƌĐĞŵĞŶƚ;ϲŵŝŶͿ͗ ƌĂǁƚŚĞƐLJŵďŽůƐŽŶƚŚĞďůĂĐŬďŽĂƌĚ͗ 1 Û gʹ ĂƌƚŚ͛ƐƐƵƌĨĂĐĞ ʹ ŽƵƚĞƌƐƉĂĐĞ ʹ ŚĞŝŐŚƚ ZĞĂĚƚŚĞƚĞdžƚŝŶƚŚĞ͚/ƉƉůLJ͛ƐĞĐƚŝŽŶƚŽƚŚĞĐůĂƐƐ͘ƐLJŽƵ ƌĞĂĚ͕ĂƐŬůĞĂƌŶĞƌƐƚŽƵƐĞƚŚĞƐLJŵďŽůƐƚŽůĂďĞůƚŚĞƚŚƌĞĞ ƉŝĐƚƵƌĞƐŽŶƉŐ͘ϭϮďĂƐĞĚŽŶƚŚĞǀŝĞǁƉŽŝŶƚŽĨƚŚĞ ƉŚŽƚŽŐƌĂƉŚĞƌ͘ WĞĞƌ>ĞĂƌŶŝŶŐʹ WĂŝƌ;ϰŵŝŶͿ͗ ƐŬůĞĂƌŶĞƌƐƚŽĐŽŵƉůĞƚĞƚŚĞ͛/ džƉůŽƌĞ͛ĂĐƚŝǀŝƚLJŽŶƉŐ͘ϭϮ ǁŝƚŚƚŚĞŝƌƉĂƌƚŶĞƌƐ͘ ůĂƐƐWƵůƐĞŚĞĐŬ ƵƌĂƚŝŽŶ͗ ϭŵŝŶ ϭͿ tŚĂƚĐĂŶǁĞƐĞĞĨƌŽŵƚŚĞ/^^͍ ƵƌĂƚŝŽŶ͗ ϲŵŝŶ t ,t ϭͿ t͗ʹ WŐƐ͘ϳ͕ϴʹ ʹ Yϭϱ͕ϭϳ͕ϭϵ Page 40
ĂLJ ϯ ͬ ϯ ĂLJ ŶŶƵĂůĂLJ͗ϵͬϯϲ ĐƚƵĂůĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺ WƌŽŐƌĞƐƐ dƌĂŶƐĂĐƚŝŽŶĂůdŝƉ;ƐͿ ƵƌĂƚŝŽŶ͗ ϭϬŵŝŶ WĞĞƌ>ĞĂƌŶŝŶŐʹ WĂŝƌ;ϱŵŝŶͿ͗ ƐŬĂůĞĂƌŶĞƌƚŽůŽŽŬĂƚƚŚĞŝŵĂŐĞŽŶƉŐ͘ϭϯĂŶĚƐŽůǀĞ YϮŝŶƚŚĞ͚/ džƉůŽƌĞ͛ƐĞĐƚŝŽŶŽŶƉŐ͘ϭϮ͘ ŚŽŽƐĞĂůĞĂƌŶĞƌƚŽƌĞĂĚƚŚĞ͚ĞŵĂnjĞĚ͛ƐĞĐƚŝŽŶ͘ ƐŬƚŚĞĐůĂƐƐĂďŽƵƚŽƚŚĞƌƉůĂŶĞƚƐĨƌŽŵǁŚĞƌĞƚŚĞ ĂƌƚŚ ĐĂŶďĞƐĞĞŶ͘ ͘Ő͕͘DĂƌƐ͘ ^ƵŵŵĂƌŝƐŝŶŐ;ϱŵŝŶͿ͗ ŽǀĞƌƚŚĞŝŵƉŽƌƚĂŶƚĐŽŶĐĞƉƚƐĚŝƐĐƵƐƐĞĚŝŶƚŚĞůĞƐƐŽŶ͘ dĂŬĞƚŚĞŵƚŚƌŽƵŐŚƚŚĞĨŽƵƌƐĞĐƚŝŽŶƐĂŶĚĂƐŬƚŚĞŵƚŽ ƉĂƌĂƉŚƌĂƐĞƚŚĞƐĞĐƚŝŽŶďLJĂƐŬŝŶŐƚŚĞĨŽůůŽǁŝŶŐ ƋƵĞƐƚŝŽŶƐ͗ ĂͿ tŚĂƚĚŝĚLJŽƵůĞĂƌŶ͍ ďͿ tŚLJĚŝĚLJŽƵůĞĂƌŶŝƚ͍ ůĂƐƐWƵůƐĞŚĞĐŬ ƵƌĂƚŝŽŶ͗ϮŵŝŶ ϭͿ tŚŽƐŚŽƚƚŚĞĨĂŵŽƵƐƉŝĐƚƵƌĞŶĂŵĞĚ͚ ĂƌƚŚƌŝƐĞ͍͛ ϮͿ tŚŝĐŚƉůĂŶĞƚŚĂƐƌŝŶŐƐĂƌŽƵŶĚŝƚ͍ ƵƌĂƚŝŽŶ͗ t ,t ʹ ϭͿ t͗ʹ WŐƐ͘ϳ͕ϴʹ Yϭϲ͕ϭϴ Page 41 ϮͿ t͗,ʹ WŐ͘ϵʹ YϮϬ
DLJZĞĨůĞĐƚŝŽŶƐ WƌŽŐƌĞƐƐWĂƐƐŬ ϯ tŚĂƚǁĞŶƚǁĞůůǁŚŝůĞƚĞĂĐŚŝŶŐƚŚŝƐůĞƐƐŽŶ͍ džƚƌĂĚĂLJƐƚĂŬĞŶƚŝůůƉƌĞǀŝŽƵƐůĞƐƐŽŶ;ŝĨĂŶLJͿ ;WƌĞǀŝŽƵƐůĞƐƐŽŶ͛ƐůĂƐƚƌŽǁͿ tŚĂƚǁŝůů/ĚŽĚŝĨĨĞƌĞŶƚůLJĨŽƌƚŚĞŶĞdžƚůĞƐƐŽŶ͍ WůĂŶŶĞĚĚĂLJƐĨŽƌƚŚŝƐůĞƐƐŽŶ ĐƚƵĂůĚĂLJƐƚĂŬĞŶĨŽƌƚŚŝƐůĞƐƐŽŶ džƚƌĂĚĂLJƐƚĂŬĞŶĨŽƌƚŚĞĐƵƌƌĞŶƚůĞƐƐŽŶ;ŝĨĂŶLJͿ dŽƚĂůĞdžƚƌĂĚĂLJƐƚĂŬĞŶƚŝůůƚŚŝƐůĞƐƐŽŶ;ŝĨĂŶLJͿ EĂŵĞƐŽĨůĞĂƌŶĞƌƐǁŚŽŶĞĞĚŝŶĚŝǀŝĚƵĂůĂƚƚĞŶƚŝŽŶ͗ &ŽƌƚŚĞEĞdžƚ>ĞƐƐŽŶ ,ĂŶĚŚŽůĚƚŚĞƐĞůĞĂƌŶĞƌƐ͗ ŚĂůůĞŶŐĞƚŚĞƐĞůĞĂƌŶĞƌƐ͗ Å ^ƉĞĞĚƵƉďLJͺͺͺĚĂLJƐ ;KZͿ ^ůŽǁĚŽǁŶďLJͺͺͺĚĂLJƐ Æ ĐĂĚĞŵŝĐŽŽƌĚŝŶĂƚŽƌ͛Ɛ^ŝŐŶĂƚƵƌĞ͗ Page 42
>ĞƐƐŽŶϮ͗KƵƌ ĂƌƚŚ ůůŽĐĂƚĞĚdĞĂĐŚŝŶŐĂLJƐ ϱ ^ƉĞĞĚƵƉͬ^ůŽǁĚŽǁŶWůĂŶ ŽŶĐĞƉƚϮ͘Ϯ͗ŽŶƚŝŶĞŶƚƐĂŶĚKĐĞĂŶƐ͖>ĂƚŝƚƵĚĞƐ WƌŝŽƌŬŶŽǁůĞĚŐĞŶĞĞĚĞĚ;ĨŽƌƚŚĞůĞĂƌŶĞƌƐͿ͗ ĂŶĚ>ŽŶŐŝƚƵĚĞƐ 9 hŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞƐŚĂƉĞŽĨƚŚĞ ĂƌƚŚ ĂLJEŽ͘ WůĂŶŶĞĚ ^ƵŵŵĂƌLJŽĨĂLJ͛ƐWůĂŶ ĂƚĞ ĂLJϭ d͗/dŚŝŶŬ͕/ZĞŵĞŵďĞƌ͕ dD ĞƐŝƌĞĚ>ĞĂƌŶŝŶŐKƵƚĐŽŵĞƐĨŽƌƚŚĞ>ĞƐƐŽŶ t͗/ZĞŵĞŵďĞƌ ĂLJϮ d͗/hŶĚĞƌƐƚĂŶĚ͕dD Z h ĂLJϯ t͗/hŶĚĞƌƐƚĂŶĚ ĂLJϰ ĞĨŝŶĞ ůĂƚŝƚƵĚĞƐ ĞƐĐƌŝďĞ ƚŚĞ ĂLJϱ d͗/hŶĚĞƌƐƚĂŶĚ ĂŶĚůŽŶŐŝƚƵĚĞƐ ƉŽƐŝƚŝŽŶƐŽĨ t͗/hŶĚĞƌƐƚĂŶĚ ƚŚĞĐŽŶƚŝŶĞŶƚƐ >ŝƐƚ ƚŚĞĚŝĨĨĞƌĞŶĐĞƐ ĂŶĚŽĐĞĂŶƐ d͗/ƉƉůLJ ďĞƚǁĞĞŶůĂƚŝƚƵĚĞƐ t͗/ƉƉůLJ ĂŶĚůŽŶŐŝƚƵĚĞƐ d͗/ džƉůŽƌĞ͕ĞŵĂnjĞĚ͕ƚ͕EƚW͕ ĞĨŝŶĞ ĐŽŽƌĚŝŶĂƚĞƐ EĞǁtŽƌĚƐ t͗/ džƉůŽƌĞ;,͘K͘d͘^Ϳ , džĂŵŝŶĞƚŚĞ &ŝŶĚ ĂƐĞĂƌŽƵƚĞ ĨŽƌŵĂƚŝŽŶŽĨ ĐŽŶƚŝŶĞŶƚƐĂƐĂ ĨƌŽŵŽŶĞƉůĂĐĞ ƌĞƐƵůƚŽĨ ĐŽŶƚŝŶĞŶƚĂůĚƌŝĨƚ ƚŽĂŶŽƚŚĞƌ >ĞƐƐŽŶWƌĞƉĂƌĂƚŝŽŶEŽƚĞƐ /DyZĞƐŽƵƌĐĞƐ KƚŚĞƌZĞƐŽƵƌĐĞƐ ϭͿ /DydĞdžƚŬ ϭͿ ŚŝƚƐǁŝƚŚůĞĂƌŶĞƌƐ͛ŶĂŵĞƐ ϮͿ /DytŽƌŬŬ ;ĂLJϭ͕ϱͿ ϮͿ ĐŚĂƌƚƉĂƉĞƌ;ĂLJϰͿ ϯͿ ƚůĂƐ;ĂLJϭ͕ϱͿ Page 43
ĂLJ ϭ ͬ ϱ ĂLJ ŶŶƵĂůĂLJ͗ϭϬͬϯϲ ĐƚƵĂůĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺ WƌŽŐƌĞƐƐ ůĂƐƐKƵƚĐŽŵĞ;ƐͿ ƵƌĂƚŝŽŶ͗ϭŵŝŶ Page 44 ¾ /ĚĞŶƚŝĨLJƚŚĞŝŵƉŽƌƚĂŶƚƉŽůĞƐ ¾ /ĚĞŶƚŝĨLJƚŚĞŝŵƉŽƌƚĂŶƚůĂƚŝƚƵĚĞƐĂŶĚůŽŶŐŝƚƵĚĞƐ EĞǁtŽƌĚƐ͗ŽĐĞĂŶŽŐƌĂƉŚĞƌ͕ǀĞŚŝĐůĞƐ͕EŽƌƚŚWŽůĞ͕^ŽƵƚŚ WŽůĞ͕ǀĞƌƚŝĐĂů͕ŚŽƌŝnjŽŶƚĂů͕ŝŶƚĞƌǀĂůƐ͕ůĂƚŝƚƵĚĞ͕ůŽŶŐŝƚƵĚĞ͕ ŚĞŵŝƐƉŚĞƌĞ͕ĐůŝŵĂƚŝĐ dƌĂŶƐĂĐƚŝŽŶĂůdŝƉ;ƐͿ ƵƌĂƚŝŽŶ͗ ϴŵŝŶ ĐƚŝǀŝƚLJDĞƚŚŽĚ;ϱŵŝŶͿ͗ ƌĂǁĐŚŝƚƐ͕ƚŽĐŚŽŽƐĞƚŚƌĞĞůĞĂƌŶĞƌƐƚŽĚŽĂƌŽůĞƉůĂLJ ĂŶĚƌĞĂĚŽƵƚƚŚĞ͚/dŚŝŶŬ͛ƐĞĐƚŝŽŶ͘ WĞĞƌ>ĞĂƌŶŝŶŐʹ WĂŝƌ;ϯŵŝŶͿ͗ ƐŬƚŚĞĨŽůůŽǁŝŶŐƋƵĞƐƚŝŽŶƐƚŽƚŚĞůĞĂƌŶĞƌƐ͘^ƚĂƚĞƚŚĞ ƋƵĞƐƚŝŽŶĂŶĚƉĂƵƐĞĨŽƌϯϬƐĞĐŽŶĚƐƚŽĂůůŽǁůĞĂƌŶĞƌƐƚŽ ĨŝŶĚƚŚĞĂŶƐǁĞƌ͘hƐŝŶŐĐŚŝƚƐ͕ĐŚŽŽƐĞŽŶĞůĞĂƌŶĞƌƚŽ ĂŶƐǁĞƌĞĂĐŚƋƵĞƐƚŝŽŶ͘ ĂͿtŚĂƚĚŽĞƐĂŶŽĐĞĂŶŽŐƌĂƉŚĞƌĚŽ͍ ďͿtŽƵůĚLJŽƵůŝŬĞƚŽďĞĂŶŽĐĞĂŶŽŐƌĂƉŚĞƌ͍tŚLJ͍ ƐŬůĞĂƌŶĞƌƐŝĨƚŚĞLJŚĂǀĞĂŶLJŽƚŚĞƌƋƵĞƐƚŝŽŶƐ͘ ůĂƐƐWƵůƐĞŚĞĐŬ ƵƌĂƚŝŽŶ͗ ϭŵŝŶ ϭͿ ĂŶLJŽƵŐƵĞƐƐǁŚĂƚĂŶŽĐĞĂŶŽŐƌĂƉŚĞƌƐƚƵĚŝĞƐ͍ ;d͗WŐ͘ϭϰͿ ƵƌĂƚŝŽŶ͗ϭŵŝŶ t ,t ϭͿ t͗Zʹ WŐ͘ϵʹ Yϭ͕ ʹ ϯ͕ϰ͕
ĂLJ ϭ ͬ ϱ ĂLJ ŶŶƵĂůĂLJ͗ϭϬͬϯϲ ĐƚƵĂůĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺ WƌŽŐƌĞƐƐ dƌĂŶƐĂĐƚŝŽŶĂůdŝƉ;ƐͿ ƵƌĂƚŝŽŶ͗ ϭϬŵŝŶ /ŶƚĞƌĂĐƚŝǀĞŝƐĐƵƐƐŝŽŶ;ϲ ŵŝŶͿ͗ /ŶŝƚŝĂƚĞĂĐůĂƐƐĚŝƐĐƵƐƐŝŽŶŽŶ͚,ŽǁĚŽƉůĂŶĞƐŬŶŽǁ ǁŚĞƌĞƚŽůĂŶĚĂŶĚƐŚŝƉƐŬŶŽǁǁŚĞƌĞƚŽŶĂǀŝŐĂƚĞƚŽ͍͛ tƌŝƚĞĂůůƌĞƐƉŽŶƐĞƐŽŶƚŚĞďůĂĐŬďŽĂƌĚ͘ ƌĂǁĂŐƌŝĚŽŶƚŚĞďŽĂƌĚĂŶĚĞdžƉůĂŝŶƚŽƚŚĞůĞĂƌŶĞƌƐ ǁŚĂƚůĂƚŝƚƵĚĞƐĂŶĚůŽŶŐŝƚƵĚĞƐĂƌĞ͘ ƐŬůĞĂƌŶĞƌƐƚŽƌĞĂĚƚŚĞĞŶƚŝƌĞƉĂŐĞ͘ džƉůĂŝŶƚŚĞ ĐŽŶĐĞƉƚƐŽŶƚŚĞƉĂŐĞŝŶĚĞƚĂŝů͘ WŽŝŶƚƚŽǀĂƌŝŽƵƐƉůĂĐĞƐŽŶƚŚĞŵĂƉĂŶĚŐŝǀĞƚŚĞ ůĂƚŝƚƵĚĞĂŶĚůŽŶŐŝƚƵĚĞƉŽŝŶƚƐŽĨƚŚŽƐĞƉůĂĐĞƐ͘ ĐƚŝǀŝƚLJDĞƚŚŽĚ;ϰŵŝŶͿ͗ ƐŬůĞĂƌŶĞƌƐƚŽĂƐƐĞŵďůĞŶĞĂƌƚŚĞŐůŽďĞ͘ džƉůĂŝŶƚŚĞ ŐƌŝĚŽŶƚŚĞŐůŽďĞ͘^ŚŽǁƚŚĞ ƋƵĂƚŽƌĂƐǁĞůůĂƐƚŚĞ WƌŝŵĞDĞƌŝĚŝĂŶ͘ ^ŚŽǁƚŚĞŵĚŝĨĨĞƌĞŶƚƉůĂĐĞƐĂůŽŶŐǁŝƚŚƚŚĞŝƌůĂƚŝƚƵĚĞ ĂŶĚůŽŶŐŝƚƵĚĞ͘ ůĂƐƐWƵůƐĞŚĞĐŬ ƵƌĂƚŝŽŶ͗ϭŵŝŶ ϭͿ tŚĂƚĂƌĞůĂƚŝƚƵĚĞƐĂŶĚůŽŶŐŝƚƵĚĞƐ͍;dD͕WŐ͘ϭϲͿ ƵƌĂƚŝŽŶ͗ ʹ t ,t ʹ ʹ Page 45
ĂLJ ϭ ͬ ϱ ĂLJ ŶŶƵĂůĂLJ͗ϭϬͬϯϲ ĐƚƵĂůĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺ WƌŽŐƌĞƐƐ dƌĂŶƐĂĐƚŝŽŶĂůdŝƉ;ƐͿ ƵƌĂƚŝŽŶ͗ ϴŵŝŶ ĐƚŝǀŝƚLJDĞƚŚŽĚ͗ ŝƐĐƵƐƐǁŝƚŚůĞĂƌŶĞƌƐŚŽǁƚŚĞůĂƚŝƚƵĚĞƐĂŶĚůŽŶŐŝƚƵĚĞƐ ƚŽŐĞƚŚĞƌŵĂŬĞĂŐƌŝĚ͘ ƐŬ͕͚,ŽǁĚŽǁĞůŽĐĂƚĞĂƉůĂĐĞ͍͛ tƌŝƚĞƚŚĞůĂƚŝƚƵĚĞĂŶĚůŽŶŐŝƚƵĚĞŽĨLJŽƵƌůŽĐĂƚŝŽŶŽŶ ƚŚĞďůĂĐŬďŽĂƌĚ͘ ƐŬůĞĂƌŶĞƌƐƚŽƵƐĞĂŶĂƚůĂƐƚŽĨŝŶĚƚŚĞĐŽŽƌĚŝŶĂƚĞƐŽĨ ƉůĂĐĞƐƚŚĞLJǁŽƵůĚůŝŬĞƚŽƚƌĂǀĞůƚŽ͘ ĂͿ ϰϴΣ EŽƌƚŚůĂƚŝƚƵĚĞ͕ϮΣ ĂƐƚůŽŶŐŝƚƵĚĞ ;&ƌĂŶĐĞͿ ďͿ ϭϵΣ EŽƌƚŚůĂƚŝƚƵĚĞ͕ϭϱϰΣ tĞƐƚůŽŶŐŝƚƵĚĞ ;,ĂǁĂŝŝͿ ĐͿ ϰϬΣ EŽƌƚŚůĂƚŝƚƵĚĞ͕ϭϭϲΣ ĂƐƚůŽŶŐŝƚƵĚĞ ;ŚŝŶĂͿĂŶĚƐŽŽŶ͘ ůĂƐƐWƵůƐĞŚĞĐŬ ʹ ƵƌĂƚŝŽŶ͗ ʹ t ,t ʹ ϭͿ t͗Zʹ WŐƐ͘ϵ͕ϭϬʹ YϮ͕ϱ͕ϲ͕ϳ Page 46
ĂLJ Ϯ ͬ ϱ ĂLJ ŶŶƵĂůĂLJ͗ϭϭͬϯϲ ĐƚƵĂůĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺ WƌŽŐƌĞƐƐ ůĂƐƐKƵƚĐŽŵĞ;ƐͿ ƵƌĂƚŝŽŶ͗ϭŵŝŶ ¾ ŝƐĐŽǀĞƌŚŽǁƚŽůŽĐĂƚĞƉůĂĐĞƐƵƐŝŶŐĐŽŽƌĚŝŶĂƚĞƐ ¾ ĞĨŝŶĞĂŶĚůŝƐƚĐŽŶƚŝŶĞŶƚƐ EĞǁtŽƌĚƐ͗ ĐŽŽƌĚŝŶĂƚĞƐ͕ĐŽŶƚŝŶĞŶƚƐ͕ŽĐĞĂŶƐ dƌĂŶƐĂĐƚŝŽŶĂůdŝƉ;ƐͿ ƵƌĂƚŝŽŶ͗ ϭϲŵŝŶ /ŶƚĞƌĂĐƚŝǀĞŝƐĐƵƐƐŝŽŶ;ϴŵŝŶͿ͗ WŽŝŶƚŽƵƚƚŚĞĨĂĐƚƚŚĂƚƚŚĞůĂƚŝƚƵĚĞƐĂŶĚůŽŶŐŝƚƵĚĞƐ ŝŶƚĞƌƐĞĐƚĞĂĐŚŽƚŚĞƌ͘ƐŬƚŚĞůĞĂƌŶĞƌƐŝĨƚŚŝƐŝŶƚĞƌƐĞĐƚŝŽŶ ŝƐŽĨĂŶLJƵƐĞ͘/ŶƚƌŽĚƵĐĞƚŚĞĐŽŶĐĞƉƚŽĨ͚ĐŽŽƌĚŝŶĂƚĞƐ͛͘ hƐĞĂŵĂƉŽĨ/ŶĚŝĂƚŽĚĞŵŽŶƐƚƌĂƚĞƚŚĞĞdžĂŵƉůĞŽĨ ƚŚĞdĂũ DĂŚĂů͘ ZĞĂůʹ>ŝĨĞŽŶŶĞĐƚ;ϴŵŝŶͿ͗ ƐŬƚŚĞůĞĂƌŶĞƌƐƚŽůŽŽŬĂƚƚŚĞǁŽƌůĚŵĂƉŐŝǀĞŶŽŶ ƉŐ͘ϭϱ͘ƐŬƚŚĞŵǁŚLJĐĞƌƚĂŝŶƉĂƌƚƐŽĨƚŚĞŵĂƉĂƌĞďůƵĞ ĂŶĚŽƚŚĞƌƐĂƌĞŝŶĚŝĨĨĞƌĞŶƚĐŽůŽƵƌƐ͘ /ŶƚƌŽĚƵĐĞƚŚĞŝĚĞĂŽĨŚŽǁĂůůƚŚĞĐŽŶƚŝŶĞŶƚƐǁĞƌĞŽŶĐĞ ƉĂƌƚŽĨĂƐŝŶŐůĞ͚ůĂŶĚŵĂƐƐ͛ĂŶĚƚŚĞŶƚŚĞLJĚŝǀŝĚĞĚ͘ ůĂƐƐWƵůƐĞŚĞĐŬ ƵƌĂƚŝŽŶ͗ ϮŵŝŶ ϭͿ tŚĂƚĂƌĞĐŽŽƌĚŝŶĂƚĞƐ͍ ϮͿ EĂŵĞŽŶĞƵƐĞŽĨĐŽŽƌĚŝŶĂƚĞƐ͘ ƵƌĂƚŝŽŶ͗ ϭŵŝŶ t ,t ϭͿ t͗hʹ WŐ͘ϭϬʹ YϭϮ ʹ Page 47
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