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ϰ͘ϭϬ͘ŝƐƚƌŝďƵƚŝŽŶŽĨĞŶĞĨŝƚƐhƉŽŶdĞƌŵŝŶĂƚŝŽŶŽĨWůĂŶŽƌŵƉůŽǇĞƌWĂƌƚŝĐŝƉĂƚŝŽŶ͘ Zd/>s>d/KE^ ϱ͘ϭ͘ĞŶĞĨŝƚůĞĐƚŝŽŶƐ͘ ŝŝ 3DFNHW3J 'D dĂďůĞŽĨŽŶƚĞŶƚƐ ;ĐŽŶƚŝŶƵĞĚͿ WĂŐĞ ϱ͘Ϯ͘>ŝŵŝƚĂƚŝŽŶƐŽŶDĂǆŝŵƵŵŶŶƵĂůŽŶƚƌŝďƵƚŝŽŶƐ/ŵƉŽƐĞĚďǇ>Ăǁ͘ ϱ͘ϯ͘dŝŵĞŽĨůĞĐƚŝŽŶ͘ ϱ͘ϰ͘ĞĞŵĞĚůĞĐƚŝŽŶ͘ ϱ͘ϱ͘ZĞƐƚƌŝĐƚŝŽŶƐŽŶůĞĐƚŝŽŶŚĂŶŐĞƐ͘ ϳ͘ϭ͘,/WWƌŝǀĂĐǇĂŶĚ^ĞĐƵƌŝƚǇ͘ ϳ͘Ϯ͘'ŽǀĞƌŶŝŶŐ>Ăǁ͘ ϳ͘ϯ͘>ŝŵŝƚĂƚŝŽŶƐŽŶĐƚŝŽŶƐ͘ ϳ͘ϰ͘EƵŵďĞƌĂŶĚ'ĞŶĚĞƌ͘ ϳ͘ϱ͘ZĞĨĞƌĞŶĐĞƚŽĂŶKĨĨŝĐĞƌŽĨƚŚĞŝƚǇ͘ ϳ͘ϲ͘EŽŵƉůŽǇŵĞŶƚZŝŐŚƚƐ͘ ϳ͘ϳ͘^ĞǀĞƌĂďŝůŝƚǇ͘ ϳ͘ϴ͘tŝƚŚŚŽůĚŝŶŐ͘ ϳ͘ϵ͘EŽŶͲƐƐŝŐŶĂďŝůŝƚǇŽĨĞŶĞĨŝƚƐ͘ ϳ͘ϭϬ͘ŝƐĂďůĞĚWĂƌƚŝĐŝƉĂŶƚƐ͘ ϳ͘ϭϭ͘ĞĂƚŚŽĨWĂƌƚŝĐŝƉĂŶƚ͘ ϳ͘ϭϮ͘^ĂƚŝƐĨĂĐƚŝŽŶŽĨůĂŝŵƐ͘ ϳ͘ϭϯ͘WĂƌƚŝĐŝƉĂŶƚdĂǆŽŶƐĞƋƵĞŶĐĞƐ͘ ϳ͘ϭϰ͘EŽŶͲŝƐĐƌŝŵŝŶĂƚŝŽŶ Zd/>s///KWd/KE͕DEDEdEdZD/Ed/KE 'D Zd/>/ ^Z/Wd/KEEWhZWK^ ϭ͘ϭ͘WůĂŶEĂŵĞĂŶĚWƵƌƉŽƐĞ͘ ϭ͘dŚĞWůĂŶŶĂŵĞŝƐƚŚĞ͞ŝƚǇŽĨZŽĐŚĞƐƚĞƌ^ĞůĞĐƚĐĐŽƵŶƚ&ůĞǆŝďůĞĞŶĞĨŝƚ WůĂŶ͘͟ Ϯ͘dŚŝƐŝŶƐƚƌƵŵĞŶƚ͕ƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞĂƉƉůŝĐĂďůĞĞŶĞĨŝƚ^ƵŵŵĂƌŝĞƐ͕ ĐŽŶƐƚŝƚƵƚĞƐƚŚĞWůĂŶŽĐƵŵĞŶƚ͘ ϯ͘dŚŝƐWůĂŶŝƐŝŶƚĞŶĚĞĚƚŽƋƵĂůŝĨǇĂƐĂ͞ĐĂĨĞƚĞƌŝĂƉůĂŶ͟ƵŶĚĞƌŽĚĞ^ĞĐƚŝŽŶ ϭϮϱ͘ ϰ͘dŚĞƉƵƌƉŽƐĞŽĨƚŚŝƐWůĂŶŝƐƚŽƉĞƌŵŝƚůŝŐŝďůĞŵƉůŽǇĞĞƐƚŽĐŚŽŽƐĞƚŽ ŵĂŬĞWĂǇƌŽůůŽŶƚƌŝďƵƚŝŽŶƐŽŶĂƉƌĞͲƚĂǆďĂƐŝƐƚŽƉĂǇĨŽƌYƵĂůŝĨŝĞĚ ĞŶĞĨŝƚƐ͘ ϭ͘Ϯ͘WůĂŶĞŶĞĨŝƚƐ͘ dŚĞYƵĂůŝĨŝĞĚĞŶĞĨŝƚƐĂǀĂŝůĂďůĞƵŶĚĞƌƚŚŝƐWůĂŶĂƌĞ;ŽŶůǇƚŚĞďŽǆĞƐƚŚĂƚĂƌĞĐŚĞĐŬĞĚĂƉƉůǇͿ͗ WƌĞͲdĂǆWƌĞŵŝƵŵĞŶĞĨŝƚ͘dŚĞWƌĞͲdĂǆWƌĞŵŝƵŵĐŽŵƉŽŶĞŶƚŝƐŝŶƚĞŶĚĞĚƚŽƉĞƌŵŝƚůŝŐŝďůĞ ŵƉůŽǇĞĞƐƚŽƉĂǇƚŚĞWƌĞŵŝƵŵƐĨŽƌŝƚǇͲ^ƉŽŶƐŽƌĞĚ,ĞĂůƚŚ/ŶƐƵƌĂŶĐĞĞůĞĐƚĞĚďǇƚŚĞůŝŐŝďůĞ ŵƉůŽǇĞĞŽŶĂƉƌĞͲƚĂǆďĂƐŝƐ͘dŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚĞŝƚǇͲ^ƉŽŶƐŽƌĞĚ,ĞĂůƚŚ /ŶƐƵƌĂŶĐĞŽǀĞƌĂŐĞ͕ŝŶĐůƵĚŝŶŐĞůŝŐŝďŝůŝƚǇĨŽƌĐŽǀĞƌĂŐĞ͕ƚŚĞďĞŶĞĨŝƚƐƉƌŽǀŝĚĞĚ͕ĂŶĚĞůŝŐŝďŝůŝƚǇ ĨŽƌďĞŶĞĨŝƚƐ͕ĂƌĞĂƐƉƌŽǀŝĚĞĚŝŶƚŚĞƉůĂŶƐŽƌƉŽůŝĐŝĞƐĨŽƌƚŚĞŝƚǇͲ^ƉŽŶƐŽƌĞĚ,ĞĂůƚŚ/ŶƐƵƌĂŶĐĞ ŽǀĞƌĂŐĞĂŶĚĂƌĞŶŽƚŐŽǀĞƌŶĞĚďǇƚŚŝƐWůĂŶ͘ WƌĞŵŝƵŵZĞŝŵďƵƌƐĞŵĞŶƚĐĐŽƵŶƚ͘dŚĞWƌĞŵŝƵŵZĞŝŵďƵƌƐĞŵĞŶƚĐĐŽƵŶƚĐŽŵƉŽŶĞŶƚŝƐ ŝŶƚĞŶĚĞĚƚŽƋƵĂůŝĨǇĂƐ͞ĞŵƉůŽǇĞƌ Ͳ ƉƌŽǀŝĚĞĚĐŽǀĞƌĂŐĞƵŶĚĞƌĂŶĂĐĐŝĚĞŶƚŽƌŚĞĂůƚŚƉůĂŶ͟ ƵŶĚĞƌŽĚĞƐĞĐƚŝŽŶϭϬϲ͘dŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚĞKƚŚĞƌ,ĞĂůƚŚ/ŶƐƵƌĂŶĐĞŽǀĞƌĂŐĞ͕ ŝŶĐůƵĚŝŶŐĞůŝŐŝďŝůŝƚǇĨŽƌĐŽǀĞƌĂŐĞ͕ƚŚĞďĞŶĞĨŝƚƐƉƌŽǀŝĚĞĚ͕ĂŶĚĞůŝŐŝďŝůŝƚǇĨŽƌďĞŶĞĨŝƚƐ͕ĂƌĞĂƐ ƉƌŽǀŝĚĞĚŝŶƚŚĞƉůĂŶƐŽƌƉŽůŝĐŝĞƐĨŽƌƚŚĞKƚŚĞƌ,ĞĂůƚŚ/ŶƐƵƌĂŶĐĞŽǀĞƌĂŐĞĂŶĚĂƌĞŶŽƚ ŐŽǀĞƌŶĞĚďǇƚŚŝƐWůĂŶ͘dŚĞŝƚǇĚŽĞƐŶŽƚƐƉŽŶƐŽƌ͕ĂĚŵŝŶŝƐƚĞƌŚĂǀĞĂŶǇĐŽŶŶĞĐƚŝŽŶƚŽŽƌ ƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƚŚĞKƚŚĞƌ,ĞĂůƚŚ/ŶƐƵƌĂŶĐĞŽǀĞƌĂŐĞ͘ DĞĚŝĐĂů&ůĞǆŝďůĞ^ƉĞŶĚŝŶŐĐĐŽƵŶƚ͘dŚĞDĞĚŝĐĂů&^ĐŽŵƉŽŶĞŶƚŝƐŝŶƚĞŶĚĞĚƚŽƋƵĂůŝĨǇĂƐĂ ͞ƐĞůĨ Ͳ ŝŶƐƵƌĞĚŵĞĚŝĐĂůƌĞŝŵďƵƌƐĞŵĞŶƚƉůĂŶ͟ƵŶĚĞƌŽĚĞƐĞĐƚŝŽŶϭϬϱĂŶĚƚŚĞDĞĚŝĐĂů ǆƉ ĞŶƐĞƐƌĞŝŵďƵƌƐĞĚĨƌŽŵƐƵĐŚĐĐŽƵŶƚƐĂƌĞŝŶƚĞŶĚĞĚƚŽďĞĞǆĐůƵĚĂďůĞĨƌŽŵWĂƌƚŝĐŝƉĂŶƚƐ͛ ŝŶĐŽŵĞƐƵŶĚĞƌŽĚĞƐĞĐƚŝŽŶϭϬϱ;ďͿ͘ ĞƉĞŶĚĞŶƚĂƌĞ&ůĞǆŝďůĞ^ƉĞŶĚŝŶŐĐĐŽƵŶƚ͘dŚĞĞƉĞŶĚĞŶƚĂƌĞ&^ĐŽŵƉŽŶĞŶƚŝƐ ŝŶƚĞŶĚĞĚƚŽƋƵĂůŝĨǇĂƐĂ͞ĚĞƉĞŶĚĞŶƚĐĂƌĞĂƐƐŝƐƚĂŶĐĞƉůĂŶ͟ƵŶĚĞƌŽĚĞƐĞĐƚŝŽŶϭϮϵĂŶĚƚŚĞ ĞƉĞŶĚĞŶƚĂƌĞǆƉĞŶƐĞƐƌĞŝŵďƵƌƐĞĚĨƌŽŵƐƵĐŚĐĐŽƵŶƚƐĂƌĞŝŶƚĞŶĚĞĚƚŽďĞĞǆĐůƵĚĂďůĞ ϭ 3DFNHW3J 'D ĨƌŽŵWĂƌƚŝĐŝƉĂŶƚƐ͛ŝŶĐŽŵĞƐƵŶĚĞƌŽĚĞƐĞĐƚŝŽŶϭϮϵ͘ ,ĞĂůƚŚ^ĂǀŝŶŐƐĐĐŽƵŶƚ͘dŚĞ,ĞĂůƚŚ^ĂǀŝŶŐƐĐĐŽƵŶƚ;͞,^͟ͿĐŽŵƉŽŶĞŶƚŝƐŝŶƚĞŶĚĞĚƚŽ ƋƵĂůŝĨǇĂƐĂ,ĞĂůƚŚ^ĂǀŝŶŐƐĐĐŽƵŶƚƵŶĚĞƌŽĚĞƐĞĐƚŝŽŶϮϮϯ͘ KŶůǇƚŚĞƐĞĐƚŝŽŶƐŽĨƚŚŝƐWůĂŶŽĐƵŵĞŶƚƚŚĂƚƌĞůĂƚĞƚŽƚŚĞYƵĂůŝĨŝĞĚĞŶĞĨŝƚƐƐĞůĞĐƚĞĚǁŝůůďĞ ŐŝǀĞŶĞĨĨĞĐƚ͘ Ϯ 3DFNHW3J 'D Zd/>// &/E/d/KE^E/EdZWZdd/KE^ ƐƵƐĞĚŝŶƚŚŝƐŝŶƐƚƌƵŵĞŶƚ͕ƵŶůĞƐƐƚŚĞĐŽŶƚĞǆƚŽƚŚĞƌǁŝƐĞŝŶĚŝĐĂƚĞƐ͕ƚŚĞƚĞƌŵƐĚĞĨŝŶĞĚŝŶƚŚŝƐWůĂŶ ǁŝůůŚĂǀĞƚŚĞŵĞĂŶŝŶŐŐŝǀĞŶƚŚĞŵŝŶƚŚĞĂƉƉůŝĐĂďůĞ^ƵŵŵĂƌǇ͕ƉƌŽǀŝĚĞĚƚŚĂƚĞĂĐŚŽĨƚŚĞ ĨŽůůŽǁŝŶŐƚĞƌŵƐƐŚĂůůŚĂǀĞƚŚĞŵĞĂŶŝŶŐŐŝǀĞŶďĞůŽǁ͘ Ϯ͘ϭ͘ĨĨŝůŝĂƚĞŽƌĨĨŝůŝĂƚĞĚKƌŐĂŶŝǌĂƚŝŽŶ͘ dŚĞŵƉůŽǇĞƌĂŶĚĂŶǇŽƚŚĞƌĐŽƌƉŽƌĂƚŝŽŶ͕ƚƌĂĚĞŽƌďƵƐŝŶĞƐƐǁŚŝĐŚŝƐƵŶĚĞƌĐŽŵŵŽŶĐŽŶƚƌŽů ǁŝƚŚƚŚĞŵƉůŽǇĞƌƵŶĚĞƌƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƐĞĐƚŝŽŶϰϭϰŽĨƚŚĞŽĚĞ͘hŶůĞƐƐƐƉĞĐŝĨŝĐĂůůǇƉƌŽǀŝĚĞĚ ŽƚŚĞƌǁŝƐĞ͕ƐƵĐŚĐŽƌƉŽƌĂƚŝŽŶ͕ƚƌĂĚĞŽƌďƵƐŝŶĞƐƐƐŚĂůůďĞĚĞĞŵĞĚĂŶĨĨŝůŝĂƚĞĨŽƌĂůůƉƵƌƉŽƐĞƐ͕ ŽŶůǇĨƌŽŵƚŚĞĚĂƚĞŝƚĐĂŵĞƵŶĚĞƌƚŚĞĐŽŵŵŽŶĐŽŶƚƌŽůǁŝƚŚƚŚĞŵƉůŽǇĞƌ͘dŚĞƚĞƌŵĨĨŝůŝĂƚĞ ƐŚĂůůŝŶĐůƵĚĞĨŽƌĂůůƉƵƌƉŽƐĞƐŽĨƚŚŝƐWůĂŶĂŶĂĨĨŝůŝĂƚĞĚƐĞƌǀŝĐĞŐƌŽƵƉĂƐĚĞĨŝŶĞĚŝŶƐĞĐƚŝŽŶϰϭϰ;ŵͿ ŽĨƚŚĞŽĚĞĂŶĚĂŶǇŽƚŚĞƌĞŶƚŝƚǇƌĞƋƵŝƌĞĚƚŽďĞĂŐŐƌĞŐĂƚĞĚǁŝƚŚƚŚĞŵƉůŽǇĞƌƉƵƌƐƵĂŶƚƚŽ ƌĞŐƵůĂƚŝŽŶƐƵŶĚĞƌƐĞĐƚŝŽŶϰϭϰ;ŽͿŽĨƚŚĞŽĚĞ͘ Ϯ͘Ϯ͘ĐĐŽƵŶƚ͘ ďŽŽŬŬĞĞƉŝŶŐĂĐĐŽƵŶƚƚŽǁŚŝĐŚWĂǇƌŽůůŽŶƚƌŝďƵƚŝŽŶƐĂƌĞĐƌĞĚŝƚĞĚ͘ƐĞƉĂƌĂƚĞďŽŽŬŬĞĞƉŝŶŐ ĂĐĐŽƵŶƚŝƐĞƐƚĂďůŝƐŚĞĚĨŽƌĞĂĐŚKƉƚŝŽŶĞůĞĐƚĞĚďǇƚŚĞWĂƌƚŝĐŝƉĂŶƚ͘WĂƌƚŝĐŝƉĂŶƚ͛ƐĐĐŽƵŶƚŝƐ ĐŚĂƌŐĞĚĂƐďĞŶĞĨŝƚƐĂƌĞƵƐĞĚ͘ Ϯ͘ϯ͘ĚŵŝŶŝƐƚƌĂƚŽƌŽƌWůĂŶĚŵŝŶŝƐƚƌĂƚŽƌ͘ dŚĞƉĞƌƐŽŶŽƌĞŶƚŝƚǇƉĞƌĨŽƌŵŝŶŐƚŚĞĂĚŵŝŶŝƐƚƌĂƚŝǀĞĂĐƚŝǀŝƚŝĞƐŽĨƚŚĞWůĂŶ͘dŽƚŚĞĞǆƚĞŶƚƚŚĞWůĂŶ ĚŵŝŶŝƐƚƌĂƚŽƌŚĂƐĚĞůĞŐĂƚĞĚĂĚŵŝŶŝƐƚƌĂƚŝǀĞĂĐƚŝǀŝƚŝĞƐƚŽƚŚĞůĂŝŵƐĚŵŝŶŝƐƚƌĂƚŽƌ͕ƚŚĞƚĞƌŵ ͞ĚŵŝŶŝƐƚƌĂƚŽƌ͟ŵĂǇŵĞĂŶůĂŝŵƐĚŵŝŶŝƐƚƌĂƚŽƌ͘ Ϯ͘ϰ͘ŶŶƵĂůŽŶƚƌŝďƵƚŝŽŶůĞĐƚŝŽŶ͘ dŚĞĂŵŽƵŶƚĞůĞĐƚĞĚďǇĂWĂƌƚŝĐŝƉĂŶƚƚŽďĞĂůůŽĐĂƚĞĚƚŽĂŶĐĐŽƵŶƚĨŽƌĂŶĞŶƚŝƌĞWůĂŶzĞĂƌ;Žƌ ƚŚĞWĂƌƚŝĐŝƉĂŶƚ͛ƐWĞƌŝŽĚŽĨŽǀĞƌĂŐĞ͕ŝĨůĞƐƐƚŚĂŶƚŚĞWůĂŶzĞĂƌͿ͘ Ϯ͘ϱ͘ĂƌƌǇŽǀĞƌŵŽƵŶƚ͘ dŚĞĂŵŽƵŶƚƐƉĞĐŝĨŝĞĚŝŶƚŚĞ^ƵŵŵĂƌǇ;ŝĨĂŶǇͿ͘ Ϯ͘ϲ͘ŚŽŝĐĞDĞĚŝĐĂů&^͘ DĞĚŝĐĂů&^ƚŚĂƚŝŶĐůƵĚĞƐĂŐĞŶĞƌĂůͲƉƵƌƉŽƐĞ&^ƚŚĂƚƌĞŝŵďƵƌƐĞƐĂůůůŝŐŝďůĞDĞĚŝĐĂů ǆƉĞŶƐĞƐĂŶĚĂŶ,^ͲŽŵƉĂƚŝďůĞDĞĚŝĐĂů&^͘ Ϯ͘ϳ͘ŝƚǇ͘ dŚĞŝƚǇŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƵŵŵĂƌǇĂŶĚŝƚƐƐƵĐĐĞƐƐŽƌƐĂŶĚĂƐƐŝŐŶƐ͘ ϯ 3DFNHW3J 'D Ϯ͘ϴ͘ŝƚǇͲ^ƉŽŶƐŽƌĞĚ,ĞĂůƚŚ/ŶƐƵƌĂŶĐĞŽƌŝƚǇͲ^ƉŽŶƐŽƌĞĚ,ĞĂůƚŚ/ŶƐƵƌĂŶĐĞŽǀĞƌĂŐĞ͘ ŽǀĞƌĂŐĞĂŶĞŵƉůŽǇĞĞŚĂƐĞůĞĐƚĞĚƵŶĚĞƌĂŝƚǇͲƐƉŽŶƐŽƌĞĚŚĞĂůƚŚƉůĂŶ͕ǁŚĞƚŚĞƌŝŶƐƵƌĞĚ ƚŚƌŽƵŐŚĂŶŝŶƐƵƌĂŶĐĞŝƚǇŽƌƐĞůĨͲŝŶƐƵƌĞĚďǇƚŚĞŝƚǇ;ďĞŶĞĨŝƚƐƉĂŝĚĨƌŽŵŐĞŶĞƌĂůĐŽƌƉŽƌĂƚĞ ĂƐƐĞƚƐͿ͕ĞǆĐůƵĚŝŶŐƚŚĞDĞĚŝĐĂů&^͘dŚĞŝƚǇͲƐƉŽŶƐŽƌĞĚŚĞĂůƚŚƉůĂŶƐĂƌĞůŝƐƚĞĚŝŶƚŚĞ^ƵŵŵĂƌǇ͘ Ϯ͘ϵ͘ůĂŝŵƐĚŵŝŶŝƐƚƌĂƚŽƌ͘ dŚĞƉĞƌƐŽŶŽƌĞŶƚŝƚǇƉĞƌĨŽƌŵŝŶŐĐůĂŝŵƐĂĚŵŝŶŝƐƚƌĂƚŝŽŶĂŶĚŽƚŚĞƌĂĚŵŝŶŝƐƚƌĂƚŝǀĞĂĐƚŝǀŝƚŝĞƐŽŶ ďĞŚĂůĨŽĨƚŚĞWůĂŶ͘dŚĞůĂŝŵƐĚŵŝŶŝƐƚƌĂƚŽƌŝƐŶĂŵĞĚŝŶƚŚĞ^ƵŵŵĂƌǇ͘ Ϯ͘ϭϬ͘ůĂŝŵƐ^ƵďŵŝƐƐŝŽŶWĞƌŝŽĚ͘ dŚĞƉĞƌŝŽĚƐƚĂƚĞĚŝŶƚŚĞ^ƵŵŵĂƌǇǁŝƚŚŝŶǁŚŝĐŚĂĐůĂŝŵŵƵƐƚďĞƐƵďŵŝƚƚĞĚƚŽƚŚĞůĂŝŵƐ ĚŵŝŶŝƐƚƌĂƚŽƌƚŽďĞĞůŝŐŝďůĞĨŽƌƌĞŝŵďƵƌƐĞŵĞŶƚ͘ Ϯ͘ϭϭ͘ŽĚĞŽƌ/ŶƚĞƌŶĂůZĞǀĞŶƵĞŽĚĞ͘ dŚĞ/ŶƚĞƌŶĂůZĞǀĞŶƵĞŽĚĞŽĨϭϵϴϲ͕ĂƐĂŵĞŶĚĞĚ͘ŶǇƌĞĨĞƌĞŶĐĞƚŽĂƐĞĐƚŝŽŶŽĨƚŚĞŽĚĞƌĞĨĞƌƐ ƚŽƚŚĂƚƐĞĐƚŝŽŶŽĨƚŚĞ/ŶƚĞƌŶĂůZĞǀĞŶƵĞŽĚĞŽĨϭϵϴϲ͕ŽƌƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐƐĞĐƚŝŽŶŽĨƚŚĞŽĚĞ ĂƐĂŵĞŶĚĞĚĨƌŽŵƚŝŵĞƚŽƚŝŵĞ͘ Ϯ͘ϭϮ͘ŽŵƉĞŶƐĂƚŝŽŶ͘ dŚĞĂŵŽƵŶƚƚŚĂƚ͕ŝĨƚŚĞWĂƌƚŝĐŝƉĂŶƚĚŝĚŶŽƚƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞWůĂŶ͕ǁŽƵůĚďĞƌĞƉŽƌƚĂďůĞďǇƚŚĞ ŵƉůŽǇĞƌĂƐƚŚĞWĂƌƚŝĐŝƉĂŶƚ͛Ɛ͞ǁĂŐĞƐ͟ĨŽƌƐƵĐŚƉĞƌŝŽĚĨŽƌĨĞĚĞƌĂůŝŶĐŽŵĞƚĂǆƉƵƌƉŽƐĞƐ͕ ĞǆĐůƵĚŝŶŐŶŽŶͲĐĂƐŚďĞŶĞĨŝƚƐĂŶĚĂŶǇŝƚĞŵƐŶŽƚƉĂǇĂďůĞŽŶĂƌĞŐƵůĂƌƉĂǇƌŽůůĚĂƚĞďĂƐŝƐ͘ Ϯ͘ϭϯ͘ĞďŝƚĂƌĚ͘ ĐĂƌĚŝƐƐƵĞĚďǇƚŚĞĚŵŝŶŝƐƚƌĂƚŽƌǁŚŝĐŚƉĞƌŵŝƚƐĐŽŶĚŝƚŝŽŶĂůƌĞŝŵďƵƌƐĞŵĞŶƚƐĨŽƌŵĞĚŝĐĂů ĞǆƉĞŶƐĞƐƚŽŽĐĐƵƌĂƚƚŚĞƚŝŵĞƚŚĞĞǆƉĞŶƐĞŝƐŝŶĐƵƌƌĞĚ͘WĂƌƚŝĐŝƉĂŶƚŝƐŽďůŝŐĂƚĞĚƚŽĐŽŵƉůǇǁŝƚŚ ĂůůƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŝŵƉŽƐĞĚŽŶƚŚĞƵƐĞŽĨĂĚĞďŝƚĐĂƌĚĂŶĚƚŚĞĞǆƉĞŶƐĞŵƵƐƚƋƵĂůŝĨǇĂƐĂ DĞĚŝĐĂůǆƉĞŶƐĞƵŶĚĞƌƚŚĞƚĞƌŵƐŽĨƚŚĞWůĂŶ͘ Ϯ͘ϭϰ͘ĞƉĞŶĚĞŶƚ͘ ϭ͘'ĞŶĞƌĂůůǇ͕ĂƉĞƌƐŽŶǁŚŽƋƵĂ ůŝĨŝĞƐĂƐĂ͞ĚĞƉĞŶĚĞŶƚ͛ŽĨƚŚĞWĂƌƚŝĐŝƉĂŶƚ ƵŶĚĞƌƚŚĞƌĞůĞǀĂŶƚƉƌŽǀŝƐŝŽŶŽĨƚŚĞŽĚĞ͘dŚĞƌĞƋƵŝƌĞŵĞŶƚƐƚŚĂƚŵƵƐƚďĞ ŵĞƚĨŽƌĂƉĞƌƐŽŶƚŽƋƵĂůŝĨǇĂƐƚŚĞWĂƌƚŝĐŝƉĂŶƚ͛ƐĚĞƉĞŶĚĞŶƚĚŝĨĨĞƌ ĚĞƉĞŶĚŝŶŐŽŶƚŚĞƚǇƉĞŽĨďĞŶĞĨŝƚ͘ Ϯ͘&ŽƌĂWƌĞͲdĂǆWƌĞŵŝƵŵ͕WƌĞŵŝƵŵZĞŝŵďƵƌƐĞŵĞŶƚĐĐŽƵŶƚ͕DĞĚŝĐĂů&^͕ ͞ĞƉĞŶĚĞŶƚ͟ŝŶĐůƵĚĞƐ͗;ŝͿǇŽƵƌƐƉŽƵƐĞ;ƚŽǁŚŽŵǇŽƵĂƌĞůĞŐĂůůǇŵĂƌƌŝĞĚͿ͖ ϰ 3DFNHW3J 'D ;ŝŝͿĂƉĞƌƐŽŶǁŚŽŵǇŽƵĐĂŶĐůĂŝŵĂƐĂĚĞƉĞŶĚĞŶƚŽŶǇŽƵƌĨĞĚĞƌĂůŝŶĐŽŵĞ ƚĂǆƌĞƚƵƌŶ͖ĂŶĚ;ŝŝŝͿĂĐŚŝůĚǁŚŽŵǇŽƵĐĂŶĐůĂŝŵĂƐǇŽƵƌŚĞĂůƚŚĐĂƌĞƚĂǆ ĚĞƉĞŶĚĞŶƚǁŝƚŚŝŶƚŚĞŵĞĂŶŝŶŐŽĨŽĚĞƐĞĐƚŝŽŶƐϭϬϱŽƌϭϬϲ͘dŚŝƐŝŶĐůƵĚĞƐ ǇŽƵƌƐŽŶ͕ĚĂƵŐŚƚĞƌ͕ƐƚĞƉƐŽŶ͕ƐƚĞƉĚĂƵŐŚƚĞƌŽƌĨŽƐƚĞƌĐŚŝůĚǁŚŽǁĂƐƵŶĚĞƌ ƚŚĞĂŐĞŽĨϮϲĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞĐĂůĞŶĚĂƌǇĞĂƌ͘ ϯ͘&ŽƌĂ,^͕ƚŚĞƚĞƌŵŵĞĂŶƐĂ͞ĚĞƉĞŶĚĞŶƚ͟ǁŝƚŚŝŶƚŚĞŵĞĂŶŝŶŐŽĨŽĚĞ ƐĞĐƚŝŽŶϮϮϯ͘ ϰ͘&ŽƌĂĞƉĞŶĚĞŶƚĂƌĞ&^͕ƚŚĞƚĞƌŵŵĞĂŶƐĂYƵĂůŝĨǇŝŶŐ/ŶĚŝǀŝĚƵĂů͘dŚĞ ƚĞƌŵ͞YƵĂůŝĨǇŝŶŐ/ŶĚŝǀŝĚƵĂů͟ǁŝůůďĞĚĞĨŝŶĞĚĂŶĚĐŽŶƐƚƌƵĞĚŝŶĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚŽĚĞƐĞĐƚŝŽŶƐϭϮϵĂŶĚϮϭ͘ Ϯ͘ϭϱ͘ĞƉĞŶĚĞŶƚĂƌĞǆƉĞŶƐĞ͘ ŶĞǆƉĞŶƐĞĂWĂƌƚŝĐŝƉĂŶƚŝŶĐƵƌƐĨŽƌĚĞƉĞŶĚĞŶƚĐĂƌĞƉƌŽǀŝĚĞĚƚŽĂYƵĂůŝĨŝĞĚ/ŶĚŝǀŝĚƵĂůƚŚĂƚ ŵĞĞƚƐĂůůŽĨƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŶĞĐĞƐƐĂƌǇƚŽďĞĞůŝŐŝďůĞĨŽƌƌĞŝŵďƵƌƐĞŵĞŶƚƵŶĚĞƌƚŚŝƐWůĂŶĂŶĚ ƚŚĞĞƉĞŶĚĞŶƚĂƌĞWůĂŶ͘ Ϯ͘ϭϲ͘ĞƉĞŶĚĞŶƚĂƌĞ&^͘ dŚĞĐĐŽƵŶƚĨƌŽŵǁŚŝĐŚĂWĂƌƚŝĐŝƉĂŶƚ͛ƐĞƉĞŶĚĞŶƚĂƌĞǆƉĞŶƐĞ ƐŝƐƌĞŝŵďƵƌƐĞĚ͘ Ϯ͘ϭϳ͘ĞƉĞŶĚĞŶƚĂƌĞWůĂŶ͘ dŚĞŝƚǇ͛ƐĞƉĞŶĚĞŶƚĂƌĞWůĂŶ͕ĂƐƐĞƚĨŽƌƚŚŝŶƚŚĞĞƉĞŶĚĞŶƚĂƌĞ&^^ƵŵŵĂƌǇĂŶĚƚŚŝƐWůĂŶ ŽĐƵŵĞŶƚ͘ Ϯ͘ϭϴ͘ůĞĐƚŝŽŶŚĂŶŐĞǀĞŶƚ͘ ŶĞǀĞŶƚƉĞƌŵŝƚƚŝŶŐĂŶĞůĞĐƚŝŽŶĐŚĂŶŐĞĂƐŽƵƚůŝŶĞĚŝŶƚŚĞWůĂŶ͘ Ϯ͘ϭϵ͘ůŝŐŝďůĞŵƉůŽǇĞĞ͘ ϭ͘ŶŵƉůŽǇĞĞǁŚŽŵĞĞƚƐƚŚĞĞůŝŐŝďŝůŝƚǇƌĞƋƵŝƌĞŵĞŶƚƐƐƚĂƚĞĚŝŶƚŚĞ ĂƉƉůŝĐĂďůĞ^ƵŵŵĂƌǇ͘ Ϯ͘EŽũƵĚŝĐŝĂůŽƌĂĚŵŝŶŝƐƚƌĂƚŝǀĞƌĞĐůĂƐƐŝĨŝĐĂƚŝŽŶŽƌƌĞĐůĂƐƐŝĨŝĐĂƚŝŽŶďǇƚŚĞ ŵƉůŽǇĞƌ͕ŽĨĂƉĞƌƐŽŶĂƐĂĐŽŵŵŽŶͲůĂǁĞŵƉůŽǇĞĞŽƌŽƚŚĞƌǁŝƐĞůŝŐŝďůĞ ŵƉůŽǇĞĞǁŝůůďĞĂƉƉůŝĞĚƚŽŐƌĂŶƚƌĞƚƌŽĂĐƚŝǀĞĞůŝŐŝďŝůŝƚǇƚŽĂŶǇƉĞƌƐŽŶ ƵŶĚĞƌƚŚŝƐWůĂŶ͘ Ϯ͘ϮϬ͘ůŝŐŝďůĞǆƉĞŶƐĞ͘ ŶĞǆƉĞŶƐĞƚŚĂƚŵĞĞƚƐĂůůŽĨƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐƚŽďĞĞůŝŐŝďůĞĨŽƌƌĞŝŵďƵƌƐĞŵĞŶƚƵŶĚĞƌƚŚĞWůĂŶ ĂŶĚƚŚĞĂƉƉůŝĐĂďůĞKƉƚŝŽŶ͘ ϱ 3DFNHW3J 'D Ϯ͘Ϯϭ͘ŵƉůŽǇĞĞ͘ ŶŝŶĚŝǀŝĚƵĂů͕ǁŚŽŝƐĞŵƉůŽǇĞĚďǇĂWĂƌƚŝĐŝƉĂƚŝŶŐŵƉůŽǇĞƌ͕ĐůĂƐƐŝĨŝĞĚďǇƚŚĞŵƉůŽǇĞƌĂƐĂ ĐŽŵŵŽŶͲ ůĂǁĞŵƉůŽǇĞĞƵŶĚĞƌƚŚĞŵƉůŽǇĞƌ͛ƐĞŵƉůŽǇŵĞŶƚĂŶĚƉĂǇƌŽůůƉƌĂĐƚŝĐĞƐĂŶĚĞŵƉůŽǇĞĚ ǁŝƚŚŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŽƌŝƐĂhŶŝƚĞĚ^ƚĂƚĞƐĞǆƉĂƚƌŝĂƚĞ͘ Ϯ͘ϮϮ͘ŵƉůŽǇĞƌŽƌWĂƌƚŝĐŝƉĂƚŝŶŐŵƉůŽǇĞƌ͘ dŚĞŝƚǇŽƌĂŶǇĨĨŝůŝĂƚĞĚKƌŐĂŶŝǌĂƚŝŽŶƐĂŶĚƚŚĞŝƌƐƵĐĐĞƐƐŽƌƐĂŶĚĂƐƐŝŐŶƐ͕ŝĨĂŶǇ͕ƚŚĂƚŚĂǀĞ ĂĚŽƉƚĞĚƚŚĞWůĂŶǁŝƚŚƚŚĞŝƚǇ͛ƐĐŽŶƐĞŶƚ͘ŶǇŽĨƚŚŽƐĞĞŶƚŝƚŝĞƐŵĂǇďĞĐŽŶƐŝĚĞƌĞĚƚŚĞ ΗŵƉůŽǇĞƌΗǁŚĞŶƚŚĂƚƚĞƌŵŝƐƵƐĞĚŝŶƚŚĞWůĂŶ͘dŚĞƉůƵƌĂůƵƐĞŽĨƚŚĞƚĞƌŵǁŝůůŝŶĐůƵĚĞƚŚĞŝƚǇ ĂŶĚĂůůƚŚŽƐĞƉĂƌƚŝĐŝƉĂƚŝŶŐĞŵƉůŽǇĞƌƐ͘ Ϯ͘Ϯϯ͘ǆĐůƵĚĞĚ/ŶĚŝǀŝĚƵĂů͘ ŶŝŶĚŝǀŝĚƵĂůĞǆĐůƵĚĞĚĨƌŽŵƉĂƌƚŝĐŝƉĂƚŝŽŶŝŶƚŚĞWůĂŶĂƐƐƚĂƚĞĚŝŶƚŚĞ^ƵŵŵĂƌǇ͘ŶǆĐůƵĚĞĚ /ŶĚŝǀŝĚƵĂůĐĂŶŶŽƚďĞĂŶůŝŐŝďůĞŵƉůŽǇĞĞ͘ Ϯ͘Ϯϰ͘&D>>ĞĂǀĞ͘ ůĞĂǀĞŽĨĂďƐĞŶĐĞƚĂŬĞŶďǇĂWĂƌƚŝĐŝƉĂŶƚƉƵƌƐƵĂŶƚƚŽƚŚĞ&ĂŵŝůǇĂŶĚDĞĚŝĐĂů>ĞĂǀĞĐƚŽĨ ϭϵϵϯ͕ĂƐĂŵĞŶĚĞĚĨƌŽŵƚŝŵĞƚŽƚŝŵĞ͘ Ϯ͘Ϯϱ͘,ŝŐŚĞĚƵĐƚŝďůĞ,ĞĂůƚŚWůĂŶŽƌ,,W͘ ŚĞĂůƚŚƉůĂŶĚĞƐĐƌŝďĞĚŝŶŽĚĞƐĞĐƚŝŽŶϮϮϯ;ĐͿ;ϮͿ͘ Ϯ͘Ϯϲ͘,/W͘ dŚĞ,ĞĂůƚŚ/ŶƐƵƌĂŶĐĞWŽƌƚĂďŝůŝƚǇĂŶĚĐĐŽƵŶƚĂďŝůŝƚǇĐƚŽĨϭϵϵϲ͕ĂƐĂŵĞŶĚĞĚ͘ Ϯ͘Ϯϳ͘,^ͲŽŵƉĂƚŝďůĞDĞĚŝĐĂů&^͘ DĞĚŝĐĂů&^ƚŚĂƚŽŶůǇƉĞƌŵŝƚƐƌĞŝŵďƵƌƐĞŵĞŶƚŽĨ;ͿǀŝƐŝŽŶĂŶĚĚĞŶƚĂůůŝŐŝďůĞDĞĚŝĐĂů ǆƉĞŶƐĞƐ͖ĂŶĚͬŽƌ;ͿůŝŐŝďůĞDĞĚŝĐĂůǆƉĞŶƐĞƐŽŶĐĞƚŚĞĚĞĚƵĐƚŝďůĞĨŽƌƚŚĞ,ŝŐŚĞĚƵĐƚŝďůĞ ,ĞĂůƚŚWůĂŶ,^ďĞĞŶƐĂƚŝƐĨŝĞĚ͕ĂƐŝŶĚŝĐĂƚĞĚŝŶƚŚĞDĞĚŝĐĂů&^^ƵŵŵĂƌǇŽĨĞŶĞĨŝƚƐ͘ Ϯ͘Ϯϴ͘,^Žƌ,ĞĂůƚŚ^ĂǀŝŶŐƐĐĐŽƵŶƚ͘ ƚĂǆͲĨĂǀŽƌĞĚŝŶĚŝǀŝĚƵĂůĂĐĐŽƵŶƚƚŽďĞƵƐĞĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚĂ,ŝŐŚĞĚƵĐƚŝďůĞ,ĞĂůƚŚWůĂŶ ƚŽƉĂǇDĞĚŝĐĂůǆƉĞŶƐĞƐŶŽƚĐŽǀĞƌĞĚďǇƚŚĞ,ŝŐŚĞĚƵĐƚŝďůĞ,ĞĂůƚŚWůĂŶ͘ Ϯ͘Ϯϵ͘DĞĚŝĐĂůǆƉĞŶƐĞ͘ ŶĞǆƉĞŶƐĞŝŶĐƵƌƌĞĚďǇƚŚĞWĂƌƚŝĐŝƉĂŶƚĨŽƌŵĞĚŝĐĂůĐĂƌĞǁŝƚŚŝŶƚŚĞŵĞĂŶŝŶŐŽĨŽĚĞƐĞĐƚŝŽŶ Ϯϭϯ;ĚͿĨŽƌƚŚĞWĂƌƚŝĐŝƉĂŶƚŽƌŚŝƐŽƌŚĞƌƐƉŽƵƐĞŽƌĞƉĞŶĚĞŶƚƚŚĂƚŝƐĞůŝŐŝďůĞĨŽƌƌĞŝŵďƵƌƐĞŵĞŶƚ ĨƌŽŵĂDĞĚŝĐĂů&^Žƌ,^ƉƵƌƐƵĂŶƚƚŽƚŚĞĂƉƉůŝĐĂďůĞŽĚĞƐĞĐƚŝŽŶĂŶĚƌĞŐƵůĂƚŝŽŶƐ͕KƉƚŝŽŶ ϲ 3DFNHW3J 'D ^ƵŵŵĂƌǇĂŶĚWůĂŶZƵůĞƐ͘ Ϯ͘ϯϬ͘DĞĚŝĐĂů&^͘ dŚĞĨůĞǆŝďůĞƐƉĞŶĚŝŶŐĐĐŽƵŶƚĨƌŽŵǁŚŝĐŚĂWĂƌƚŝĐŝƉĂŶƚ͛ƐDĞĚŝĐĂůǆƉĞŶƐĞƐŝƐƌĞŝŵďƵƌƐĞĚ͘ Ϯ͘ϯϭ͘KƉĞŶŶƌŽůůŵĞŶƚŽƌKƉĞŶŶƌŽůůŵĞŶƚWĞƌŝŽĚ͘ dŚĞƉĞƌŝŽĚƉƌĞĐĞĚŝŶŐĞĂĐŚWůĂŶzĞĂƌ͕ĂƐĚĞƐŝŐŶĂƚĞĚďǇƚŚĞWůĂŶĚŵŝŶŝƐƚƌĂƚŽƌ͕ĚƵƌŝŶŐǁŚŝĐŚ ůŝŐŝďůĞŵƉůŽǇĞĞƐŵĂǇŵĂŬĞĞůĞĐƚŝŽŶƐĨŽƌWůĂŶďĞŶĞĨŝƚƐƚŽďĞĞĨĨĞĐƚŝǀĞĨŽƌƐƵĐŚWůĂŶzĞĂƌ͘ Ϯ͘ϯϮ͘KƉƚŝŽŶŽƌĞŶĞĨŝƚKƉƚŝŽŶ͘ YƵĂůŝĨŝĞĚĞŶĞĨŝƚƵŶĚĞƌƚŚŝƐWůĂŶ͘ Ϯ͘ϯϯ͘KƚŚĞƌ,ĞĂůƚŚ/ŶƐƵƌĂŶĐĞŽƌKƚŚĞƌ,ĞĂůƚŚ/ŶƐƵƌĂŶĐĞŽǀĞƌĂŐĞ͘ /ŶĚŝǀŝĚƵĂůŽƌŐƌŽƵƉŚĞĂůƚŚƉůĂŶĐŽǀĞƌĂŐĞ;ǁŚĞƚŚĞƌŝŶƐƵƌĞĚƚŚƌŽƵŐŚĂŶŝŶƐƵƌĂŶĐĞŝƚǇŽƌƐĞůĨͲ ŝŶƐƵƌĞĚͿĨŽƌƚŚĞĞŵƉůŽǇĞĞ͕ŚŝƐŽƌŚĞƌƐƉŽƵƐĞ͕ĂŶĚŚŝƐŽƌĞƉĞŶĚĞŶƚƐŽďƚĂŝŶĞĚďǇƚŚĞĞŵƉůŽǇĞĞ ŽƌŚŝƐŽƌŚĞƌƐƉŽƵƐĞ͘ Ϯ͘ϯϰ͘WĂƌƚŝĐŝƉĂŶƚ͘ ŶůŝŐŝďůĞŵƉůŽǇĞĞǁŚŽŚĂƐƐĂƚŝƐĨŝĞĚĂŶǇ^ĞƌǀŝĐĞZĞƋƵŝƌĞŵĞŶƚĂŶĚĞŶƌŽůůĞĚŝŶƚŚĞWůĂŶŝŶƚŚĞ ŵĂŶŶĞƌƌĞƋƵŝƌĞĚďǇƚŚĞWůĂŶĚŵŝŶŝƐƚƌĂƚŽƌ͘ Ϯ͘ϯϱ͘WĂǇƌŽůůŽŶƚƌŝďƵƚŝŽŶƐ͘ WĂƌƚŝĐŝƉĂŶƚĐŽŶƚƌŝďƵƚŝŽŶƐĨŽƌďĞŶĞĨŝƚƐĞůĞĐƚĞĚƵŶĚĞƌƚŚĞWůĂŶƚĂŬĞŶĨƌŽŵƚŚĞWĂƌƚŝĐŝƉĂŶƚ͛Ɛ ŽŵƉĞŶƐĂƚŝŽŶ͘ Ϯ͘ϯϲ͘WĂǇƌŽůůWĞƌŝŽĚ͘ ƉĂǇƌŽůůƉĞƌŝŽĚŽĨƚ ŚĞŵƉůŽǇĞƌŝŶǁŚŝĐŚ͕ƵŶĚĞƌƚŚĞŵƉůŽǇĞƌ͛ƐƐƚĂŶĚĂƌĚƉĂǇƌŽůůƉƌĂĐƚŝĐĞƐ͕ ĐŚĂƌŐĞƐĨŽƌWůĂŶďĞŶĞĨŝƚƐƉĂǇĂďůĞďǇĂŶůŝŐŝďůĞŵƉůŽǇĞĞĂƌĞŶŽƌŵĂůůǇĚĞĚƵĐƚĞĚĨƌŽŵŚŝƐŽƌŚĞƌ ƉĂǇ͘ Ϯ͘ϯϳ͘WĞƌŝŽĚŽĨŽǀĞƌĂŐĞ͘ dŚĞƉĞƌŝŽĚĚƵƌŝŶŐĂWůĂŶzĞĂƌŝŶǁŚŝĐŚĂWĂƌƚŝĐŝƉĂŶƚŝƐĐŽǀĞƌĞĚƵŶĚĞƌƚŚĞWůĂŶ͘tŚĞŶ ƉĂƌƚŝĐŝƉĂƚŝŽŶĞŶĚƐ͕ƚŚĞWĂƌƚŝĐŝƉĂŶƚ͛ƐWĞƌŝŽĚŽĨŽǀĞƌĂŐĞǁŝůůĂůƐŽĞŶĚƵŶůĞƐƐƚŚĞWĂƌƚŝĐŝƉĂŶƚ ĐŽŶƚŝŶƵĞƐĐŽǀĞƌĂŐĞĂƐƉƌŽǀŝĚĞĚƵŶĚĞƌƚŚĞWůĂŶ͘ Ϯ͘ϯϴ͘WůĂŶ͘ dŚĞŝƚǇ͛Ɛ^ĞůĞĐƚĐĐŽƵŶƚ&ůĞǆŝďůĞĞŶĞĨŝƚWůĂŶ͕ĂƐĂŵĞŶĚĞĚĨƌŽŵƚŝŵĞƚŽƚŝŵĞ͘ ϳ 3DFNHW3J 'D Ϯ͘ϯϵ͘WůĂŶZƵůĞƐ͘ ZƵůĞƐĞƐƚĂďůŝƐŚĞĚďǇƚŚĞWůĂŶĚŵŝŶŝƐƚƌĂƚŽƌŽƌůĂŝŵƐĚŵŝŶŝƐƚƌĂƚŽƌǁŝƚŚƌĞƐƉĞĐƚƚŽ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨƚŚĞWůĂŶ͘dŚĞWůĂŶĚŵŝŶŝƐƚƌĂƚŽƌŽƌůĂŝŵƐĚŵŝŶŝƐƚƌĂƚŽƌŵĂǇŝŵƉůĞŵĞŶƚŽƌ ͘ ĐŚĂŶŐĞĂWůĂŶZƵůĞďǇĂǁƌŝƚƚĞŶŝŶƐƚƌƵŵĞŶƚŽƌďǇƉƌĂĐƚŝĐĞǁŝƚŚŽƵƚƉƌŝŽƌŶŽƚŝĐĞƚŽĂŶǇƉĞƌƐŽŶ Ϯ͘ϰϬ͘WůĂŶzĞĂƌ͘ dŚĞĂŶŶƵĂůƉĞƌŝŽĚŝŶĚŝĐĂƚĞĚŝŶƚŚĞ^ƵŵŵĂƌǇ͘ Ϯ͘ϰϭ͘WƌĞŵŝƵŵ͘ dŚĞĂŵŽƵŶƚƚŚĂƚ͕ǁŝƚŚŽƵƚƌĞŐĂƌĚƚŽƚŚŝƐWůĂŶ͕ǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽďĞƉĂŝĚďǇĂWĂƌƚŝĐŝƉĂŶƚĨŽƌ ŝƚǇͲ^ƉŽŶƐŽƌĞĚ,ĞĂůƚŚ/ŶƐƵƌĂŶĐĞŽǀĞƌĂŐĞĞůĞĐƚĞĚďǇƚŚĞWĂƌƚŝĐŝƉĂŶƚŽƌKƚŚĞƌ,ĞĂůƚŚ/ŶƐƵƌĂŶĐĞ ŽǀĞƌĂŐĞŽďƚĂŝŶĞĚďǇƚŚĞWĂƌƚŝĐŝƉĂŶƚ͘dŽďĞĐŽǀĞƌĞĚ͕WƌĞŵŝƵŵƐŵƵƐƚĞůŝŐŝďůĞĨŽƌƉĂǇŵĞŶƚ ƚŚƌŽƵŐŚƚŚĞWƌĞͲdĂǆWƌĞŵŝƵŵĞŶĞĨŝƚŽƌWƌĞŵŝƵŵZĞŝŵďƵƌƐĞŵĞŶƚĐĐŽƵŶƚƉƵƌƐƵĂŶƚƚŽƚŚĞ ĂƉƉůŝĐĂďůĞŽĚĞƐĞĐƚŝŽŶĂŶĚƌĞŐƵůĂƚŝŽŶƐ͕KƉƚŝŽŶ^ƵŵŵĂƌǇĂŶĚWůĂŶZƵůĞƐ͘ Ϯ͘ϰϮ͘WƌĞŵŝƵŵZĞŝŵďƵƌƐĞŵĞŶƚĐĐŽƵŶƚ͘ dŚĞĐĐŽƵŶƚĨƌŽŵǁŚŝĐŚĂWĂƌƚŝĐŝƉĂŶƚ͛ƐWƌĞŵŝƵŵƐĨŽƌKƚŚĞƌ,ĞĂůƚŚ/ŶƐƵƌĂŶĐĞŽǀĞƌĂŐĞŝƐ ƌĞŝŵďƵƌƐĞĚ͘ Ϯ͘ϰϯ͘WƌĞͲdĂǆWƌĞŵŝƵŵĞŶĞĨŝƚŽƌWƌĞͲdĂǆWƌĞŵŝƵŵ͘ dŚĞĂďŝůŝƚǇĨŽƌĂWĂƌƚŝĐŝƉĂŶƚƚŽƉĂǇWƌĞŵŝƵŵƐĨŽƌŝƚǇͲ^ƉŽŶƐŽƌĞĚ,ĞĂůƚŚ/ŶƐƵƌĂŶĐĞŽŶĂƉƌĞͲƚĂǆ ďĂƐŝƐƚŚƌŽƵŐŚƚŚŝƐWůĂŶ͘ Ϯ͘ϰϰ͘YƵĂůŝĨŝĞĚĞŶĞĨŝƚƐ͘ dŚĞďĞŶĞĨŝƚƐƉƌŽǀŝĚĞĚƵŶĚĞƌƚŚŝƐWůĂŶƚŚĂƚĂƌĞůŝƐƚĞĚŝŶƐĞĐƚŝŽŶϭ͘Ϯ͘ Ϯ͘ϰϱ͘YƵĂůŝĨǇŝŶŐůĞĐƚŝŽŶŚĂŶŐĞ͘ ŶĞůĞĐƚŝŽŶĐŚĂŶŐĞŵĂĚĞĚƵĞƚŽĂŶůĞĐƚŝŽŶŚĂŶŐĞǀĞŶƚƚŚĂƚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĞůĞĐƚŝŽŶ ĐŚĂŶŐĞĂƐƌĞƋƵŝƌĞĚďǇƚŚĞWůĂŶĂŶĚ/Z^ƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ϰϲ͘YƵĂůŝĨǇŝŶŐ/ŶĚŝǀŝĚƵĂů͘ /ŶŐĞŶĞƌĂů͕ĂĞƉĞŶĚĞŶƚŽĨĂWĂƌƚŝĐŝƉĂŶƚǁŚŽŝƐƵŶĚĞƌƚŚĞĂŐĞŽĨƚŚŝƌƚĞĞŶŽƌĂWĂƌƚŝĐŝƉĂŶƚ͛Ɛ ƐƉŽƵƐĞŽƌĞƉĞŶĚĞŶƚŽĨĂŶǇĂŐĞǁŚŽŝƐƉŚǇƐŝĐĂůůǇŽƌŵĞŶƚĂůůǇŝŶĐĂƉĂďůĞŽĨƐĞůĨͲĐĂƌĞ͘ĚĞƚĂŝůĞĚ ĚĞĨŝŶŝƚŝŽŶŽĨƚŚŝƐƚĞƌŵŝƐƉƌŽǀŝĚĞĚŝŶƚŚĞ^ƵŵŵĂƌǇĨŽƌƚŚĞĞƉĞŶĚĞŶƚĂƌĞ&^͘KŶůǇĞǆƉĞŶƐĞƐ ŝŶĐƵƌƌĞĚĨŽƌƚŚĞĐĂƌĞŽĨĂYƵĂůŝĨǇŝŶŐ/ŶĚŝǀŝĚƵĂůĂƌĞĞůŝŐŝďůĞĨŽƌƌĞŝŵďƵƌƐĞŵĞŶƚĨƌŽŵƚŚĞ ĞƉĞŶĚĞŶƚĂƌĞ&^͘ Ϯ͘ϰϳ͘^ĞƌǀŝĐĞZĞƋƵŝƌĞŵĞŶƚ͘ ϴ 3DFNHW3J 'D dŚĞƉĞƌŝŽĚĂŶůŝŐŝďůĞŵƉůŽǇĞĞŵƵƐƚďĞĞŵƉůŽǇĞĚďĞĨŽƌĞŚĞŽƌƐŚĞŝƐƉĞƌŵŝƚƚĞĚƚŽĞŶƌŽůůŝŶ ĂŶĚƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞWůĂŶĂƐƐƚĂƚĞĚŝŶƚŚĞ^ƵŵŵĂƌǇ͘ Ϯ͘ϰϴ͘^ŝŵŝůĂƌŽǀĞƌĂŐĞKƉƚŝŽŶ͘ ŽǀĞƌĂŐĞĨŽƌƚŚĞƐĂŵĞĐĂƚĞŐŽƌǇŽĨďĞŶĞĨŝƚƐĨŽƌƚŚĞƐĂŵĞŝŶĚŝǀŝĚƵĂůƐ͘dŚĞĐŽǀĞƌĂŐĞĐĂŶďĞ ƉƌŽǀŝĚĞĚƵŶĚĞƌƚŚĞƉůĂŶŽĨƚŚĞŵƉůŽǇĞƌŽƌƚŚĞƉůĂŶŽĨĂWĂƌƚŝĐŝƉĂŶƚ͛ƐƐƉŽƵƐĞ͛ƐŽƌĞƉĞŶĚĞŶƚ͛Ɛ ĞŵƉůŽǇĞƌ͘dŚŝƐƚĞƌŵŝƐƌĞůĞǀĂŶƚǁŝƚŚƌĞƐƉĞĐƚƚŽĐŚĂŶŐĞŝŶĐŽƐƚŽƌĐŽǀĞƌĂŐĞůĞĐƚŝŽŶŚĂŶŐĞ ǀĞŶƚƐ͘ Ϯ͘ϰϵ͘^ƵŵŵĂƌǇ͘ dŚĞ^ƵŵŵĂƌǇĚŽĐƵŵĞŶƚĨŽƌĂĞŶĞĨŝƚKƉƚŝŽŶ͘dŚĞ^ƵŵŵĂƌǇƐĞƌǀĞƐĂƐƚŚĞ^ƵŵŵĂƌǇWůĂŶ ĞƐĐƌŝƉƚŝŽŶ͘ ϵ 3DFNHW3J 'D Zd/>/// WZd//Wd/KE ϯ͘ϭ͘ůŝŐŝďŝůŝƚǇƚŽWĂƌƚŝĐŝƉĂƚĞ͘ ůůůŝŐŝďůĞŵƉůŽǇĞĞƐǁŚŽŚĂǀĞƐĂƚŝƐĨŝĞĚƚŚĞ^ĞƌǀŝĐĞZĞƋƵŝƌĞŵĞŶƚƐĂƌĞĞůŝŐŝďůĞƚŽƉĂƌƚŝĐŝƉĂƚĞŝŶ ƚŚĞWůĂŶ͘ ϯ͘Ϯ͘dĞƌŵƐĂŶĚŽŶĚŝƚŝŽŶƐŽĨWĂƌƚŝĐŝƉĂƚŝŽŶ͘ dŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƉĂƌƚŝĐŝƉĂƚŝŽŶ͕ŝŶĐůƵĚŝŶŐĐŽŵŵĞŶĐĞŵĞŶƚ͕ƚĞƌŵŝŶĂƚŝŽŶ͕ĂŶĚ ĐŽŶƚŝŶƵĂƚŝŽŶŽĨƉĂƌƚŝĐŝƉĂƚŝŽŶ͕ĨŽƌĂŶKƉƚŝŽŶĂƌĞĂƐƉƌŽǀŝĚĞĚŝŶƚŚĞ^ƵŵŵĂƌǇĨŽƌƚŚĂƚKƉƚŝŽŶ͘ ϭϬ 3DFNHW3J 'D Zd/>/s W>EE&/d^E&hE/E' ϰ͘ϭ͘WůĂŶĞŶĞĨŝƚƐ͘ dŚĞWůĂŶƉƌŽǀŝĚĞƐƚŚĞYƵĂůŝĨŝĞĚĞŶĞĨŝƚƐƐĞůĞĐƚĞĚŝŶƐĞĐƚŝŽŶϭ͘Ϯ͘ĚĚŝƚŝŽŶĂůƚĞƌŵƐĂŶĚ ĐŽŶĚŝƚŝŽŶƐĂƉƉůŝĐĂďůĞƚŽĞĂĐŚKƉƚŝŽŶĂƌĞĂƐĚĞƐĐƌŝďĞĚŝŶƚŚĞ^ƵŵŵĂƌǇĨŽƌƚŚĞKƉƚŝŽŶ͘ ϰ͘Ϯ͘&ƵŶĚŝŶŐŽĨWůĂŶĞŶĞĨŝƚƐ͘ ůĞĐƚŝŽŶĂŵŽƵŶƚƐǁŝůůďĞĨƵŶĚĞĚƚŚƌŽƵŐŚWĂƌƚŝĐŝƉĂŶƚWĂǇƌŽůůŽŶƚƌŝďƵƚŝŽŶƐŵĂĚĞŽŶĂWĂǇƌŽůů WĞƌŝŽĚďĂƐŝƐŽŶďĞŚĂůĨŽĨůŝŐŝďůĞŵƉůŽǇĞĞƐ͘ŶǇƌĞŵĂŝŶŝŶŐŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞƉĂŝĚƚŽƚŚĞ WĂƌƚŝĐŝƉĂŶƚŝŶĐĂƐŚ͕ƐƵďũĞĐƚƚŽƐƵĐŚŽƚŚĞƌĐŚĂƌŐĞƐĂƐŵĂǇďĞŝŵƉŽƐĞĚŽŶƐƵĐŚŽŵƉĞŶƐĂƚŝŽŶ͘ EŽƐĞƉĂƌĂƚĞĨƵŶĚŽƌƚƌƵƐƚŝƐŵĂŝŶƚĂŝŶĞĚƚŽƉĂǇWůĂŶďĞŶĞĨŝƚƐ͕ĂůůŽĨǁŚŝĐŚĂƌĞƉĂŝĚĨƌŽŵƚŚĞ ŐĞŶĞƌĂůĂƐƐĞƚƐŽĨƚŚĞŝƚǇ͘ ϰ͘ϯ͘ŵƉůŽǇĞƌŽŶƚƌŝďƵƚŝŽŶ͘ /ĨĂŶŵƉůŽǇĞƌĐŽŶƚƌŝďƵƚŝŽŶŝƐŵĂĚĞ͕ƚŚĞŵƉůŽǇĞƌǁŝůůĐŽŶƚƌŝďƵƚĞĂŶĞƋƵĂůĂŵŽƵŶƚƚŽĞĂĐŚ WĂƌƚŝĐŝƉĂŶƚŝŶƚŚĞƐĂŵĞůŝŐŝďůĞŵƉůŽǇĞĞĐĂƚĞŐŽƌǇǁŚŽƉĂƌƚŝĐŝƉĂƚĞƐƚŚĞĞŶƚŝƌĞWůĂŶzĞĂƌ͕ ƉƌŽǀŝĚĞĚƚŚĂƚĐŽŶƚƌŝďƵƚŝŽŶƐŵĂĚĞĨŽƌŚŝŐŚůǇĐŽŵƉĞŶƐĂƚĞĚĞŵƉůŽǇĞĞƐ͕ĂƐĚĞĨŝŶĞĚďǇŽĚĞ 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ĂŶĚƐƵďĂĐĐŽƵŶƚƐƚŽǁŚŝĐŚƐƵĐŚƉĞƌŝŽĚĂƉƉůŝĞƐǁŝůůďĞƌĞĚƵĐĞĚƚŽǌĞƌŽ͘ dŚŝƐƌĞĚƵĐƚŝŽŶǁŝůůďĞŵĂĚĞƌĞƚƌŽĂĐƚŝǀĞůǇƵƉŽŶƚŚĞĞǆƉŝƌĂƚŝŽŶŽĨƚŚĞ ůĂŝŵƐ^ƵďŵŝƐƐŝŽŶWĞƌŝŽĚ͘ Ϯ͘&ŽƌĨĞŝƚĞĚĂŵŽƵŶƚƐǁŝůůďĞƵƐĞĚďǇƚŚĞWůĂŶĚŵŝŶŝƐƚƌĂƚŽƌ͕ŝŶŝƚƐ ĚŝƐĐƌĞƚŝŽŶ͕ƚŽƉĂǇƚŚĞĐŽƐƚŽĨďĞŶĞĨŝƚƐƵŶĚĞƌƚŚĞWůĂŶ͕ĨŽƌĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĐŽƐƚƐŽĨƚŚĞWůĂŶ͕ŽƌƚŽƉƌŽǀŝĚĞĂĚĚŝƚŝŽŶĂůďĞŶĞĨŝƚƐƚŽWĂƌƚŝĐŝƉĂŶƚƐ͘ ϭϯ 3DFNHW3J 'D ϰ͘ϵ͘^ƚĂƚƵƐŽĨĐĐŽƵŶƚƐ͘ ϭ͘ĐĐƌƵŝŶŐďĞŶĞĨŝƚƐƵŶĚĞƌƚŚŝƐWůĂŶǁŝůůŶŽƚǀĞƐƚŝŶĂWĂƌƚŝĐŝƉĂŶƚĂŶǇƌŝŐŚƚ͕ ƚŝƚůĞŽƌŝŶƚĞƌĞƐƚŝŶŽƌƚŽĂŶǇĂƐƐĞƚƐŽĨƚŚĞŝƚǇ͘ Ϯ͘dŽƚŚĞĞǆƚĞŶƚƚŚĂƚďĞŶĞĨŝƚƐĂĐĐƌƵĞĚƚŽĂWĂƌƚŝĐŝƉĂŶƚ͛ƐĐĐŽƵŶƚĂƌĞŶŽƚ ƉĂŝĚǁŚĞŶĚƵĞ͕ƚŚĞWĂƌƚŝĐŝƉĂŶƚǁŝůůďĞĐŽŵĞĂŐĞŶĞƌĂůƵŶƐĞĐƵƌĞĚĐƌĞĚŝƚŽƌ ŽĨƚŚĞŝƚǇ͘ ϯ͘EŽŶĞŽĨƚŚĞĂŵŽƵŶƚƐĐƌĞĚŝƚĞĚƚŽĂWĂƌƚŝĐŝƉĂŶƚ͛ƐĐĐŽƵŶƚǁŝůůďĞ ĐŽŶƐŝĚĞƌĞĚƚŽďĞŚĞůĚŝŶƚƌƵƐƚŽƌĞƐĐƌŽǁŽƌĂƐĂŶǇŽƚŚĞƌĨŽƌŵŽĨĂƐƐĞƚ ƐĞŐƌĞŐĂƚŝŽŶĨŽƌĂŶǇWĂƌƚŝĐŝƉĂŶƚ͘ ϰ͘ǆĐĞƉƚĨŽƌƚŚĞƵŶƐĞĐƵƌĞĚĐŽŶƚƌĂĐƚƵĂůƌŝŐŚƚƚŽƌĞĐĞŝǀĞďĞŶĞĨŝƚƐƉĂǇĂďůĞ ƵŶĚĞƌƚŚĞWůĂŶ͕ŶŽƉĞƌƐŽŶƐŚĂůůŚĂǀĞĂŶǇƌŝŐŚƚ͕ƚŝƚůĞŽƌŝŶƚĞƌĞƐƚŝŶŽƌƚŽƚŚĞ ĂƐƐĞƚƐŽĨƚŚĞŵƉůŽǇĞƌ͘ ϰ͘ϭϬ͘ŝƐƚƌŝďƵƚŝŽŶŽĨĞŶĞĨŝƚƐhƉŽŶdĞƌŵŝŶĂƚŝŽŶŽĨWůĂŶŽƌŵƉůŽǇĞƌWĂƌƚŝĐŝƉĂƚŝŽŶ͘ /ĨƚŚĞŝƚǇƚĞƌŵŝŶĂƚĞƐƚŚĞWůĂŶ͕ŽƌĂŶŵƉůŽǇĞƌƚĞƌŵŝŶĂƚĞƐŝƚƐƉĂƌƚŝĐŝƉĂƚŝŽŶŝŶƚŚĞWůĂŶ͕ĞĂĐŚ ĂĨĨĞĐƚĞĚWĂƌƚŝĐŝƉĂŶƚ͛ƐĐĐŽƵŶƚďĂůĂŶĐĞ͕ĂƐŽĨƚŚĞĚĂƚĞŽĨƐƵĐŚƚĞƌŵŝŶĂƚŝŽŶ͕ǁŝůůĐŽŶƚŝŶƵĞƚŽďĞ ĂƉƉůŝĞĚŝŶƚŚĞŵĂŶŶĞƌƉƌŽǀŝĚĞĚŝŶƚŚĞƉƌĞĐĞĚŝŶŐƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐĂƌƚŝĐůĞ͕ďƵƚŶŽĂůůŽĐĂƚŝŽŶƐǁŝůů ďĞŵĂĚĞƚŽƚŚĞWĂƌƚŝĐŝƉĂŶƚ͛ƐĐĐŽƵŶƚƐĨŽůůŽǁŝŶŐƚ ŚĞĚĂƚĞŽĨƐƵĐŚƚĞƌŵŝŶĂƚŝŽŶ͘ ϭϰ 3DFNHW3J 'D Zd/>s >d/KE^ ϱ͘ϭ͘ĞŶĞĨŝƚůĞĐƚŝŽŶƐ͘ ϭ͘ĂĐŚůŝŐŝďůĞŵƉůŽǇĞĞĚĞƐŝƌŝŶŐƚŽƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞWůĂŶĂŶĚĞĂĐŚ WĂƌƚŝĐŝƉĂŶƚǁŝůůŵĂŬĞWůĂŶďĞŶĞĨŝƚĞůĞĐƚŝŽŶƐŝŶƚŚĞŵĂŶŶĞƌƉƌĞƐĐƌŝďĞĚďǇ ƚŚĞĚŵŝŶŝƐƚƌĂƚŽƌ͘ Ϯ͘dŚĞĚŵŝŶŝƐƚƌĂƚŽƌŵĂǇŝŵƉŽƐĞĐŽŶĚŝƚŝŽŶƐĂŶĚůŝŵŝƚĂƚŝŽŶƐŽŶƚŚĞďĞŶĞĨŝƚ ĞůĞĐƚŝŽŶƐ͕ŝŶĐůƵĚŝŶŐƚŚĞŵŝŶŝŵƵŵĂŶĚŵĂǆŝŵƵŵĞůĞĐƚŝŽŶĂŵŽƵŶƚƐ͕ ƐƵďũĞĐƚƚŽĂŶǇůŝŵŝƚĂƚŝŽŶƐŝŵƉŽƐĞĚďǇůĂǁ͘ ϯ͘ůůWƌĞŵŝƵŵƐĨŽƌŝƚǇͲ^ƉŽŶƐŽƌĞĚ,ĞĂůƚŚ/ŶƐƵƌĂŶĐĞŽǀĞƌĂŐĞǁŝůůďĞƉĂŝĚ ƉƌĞͲƚĂǆ͕ĞǆĐĞƉƚƚŽƚŚĞĞǆƚĞŶƚƌĞƋƵŝƌĞĚƚŽďĞƉĂŝĚĂĨƚĞƌͲƚĂǆďǇƚŚĞŽĚĞŽƌ ƉƌŽǀŝƐŝŽŶŽĨƚŚŝƐWůĂŶ͕ƵŶůĞƐƐƚŚĞWůĂŶĚŵŝŶŝƐƚƌĂƚŽƌƉĞƌŵŝƚƐůŝŐŝďůĞ ŵƉůŽǇĞĞƐƚŽŽƉƚŽƵƚŽĨƉĂƌƚŝĐŝƉĂƚŝŽŶĂŶĚƚŚĞůŝŐŝďůĞŵƉůŽǇĞĞĚŽĞƐƐŽ͘ ϰ͘EŽWĂƌƚŝĐŝƉĂŶƚǁŝůůďĞĞůŝŐŝďůĞƚŽƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞWƌĞͲdĂǆWƌĞŵŝƵŵ 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;ϰͿĂĐŚĂŶŐĞŝŶƚŚĞĞŵƉůŽǇŵĞŶƚƐƚĂƚƵƐŽĨƚŚĞůŝŐŝďůĞŵƉůŽǇĞĞŽƌŚŝƐ ŽƌŚĞƌƐƉŽƵƐĞŽƌĞƉĞŶĚĞŶƚ͕ŝŶĐůƵĚŝŶŐƚĞƌŵŝŶĂƚŝŽŶŽƌ ĐŽŵŵĞŶĐĞŵĞŶƚŽĨĞŵƉůŽǇŵĞŶƚ͕ƐƚƌŝŬĞŽƌůŽĐŬŽƵƚ͕ ĐŽŵŵĞŶĐĞŵĞŶƚŽĨŽƌƌĞƚƵƌŶĨƌŽŵĂŶƵŶƉĂŝĚůĞĂǀĞŽĨĂďƐĞŶĐĞ͕ ƌĞĚƵĐƚŝŽŶŽƌŝŶĐƌĞĂƐĞŝŶŚŽƵƌƐ͕ĐŚĂŶŐĞŝŶũŽďůŽĐĂƚŝŽŶ͕ŽƌĂŶǇ ŽƚŚĞƌĐŚĂŶŐĞŝŶĞŵƉůŽǇŵĞŶƚƐƚĂƚƵƐƚŚĂƚĂĨĨĞĐƚƐĞůŝŐŝďŝůŝƚǇƵŶĚĞƌ ĂŶĞŵƉůŽǇĞƌƉůĂŶ͖Žƌ ;ϱͿĂĐŚĂŶŐĞŝŶƌĞƐŝĚĞŶĐĞĨŽƌƚŚĞůŝŐŝďůĞŵƉůŽǇĞĞŽƌŚŝƐŽƌŚĞƌ ƐƉŽƵƐĞŽƌĞƉĞŶĚĞŶƚƐ͘ ď͘dŚĞĐŚĂŶŐĞŝŶƐƚĂƚƵƐĞǀĞŶƚŵƵƐƚĂĨĨĞĐƚĞůŝŐŝďŝůŝƚǇĨŽƌĐŽǀĞƌĂŐĞƵŶĚĞƌĂŶ ĞŵƉůŽǇĞƌƉůĂŶĂŶĚƚŚĞĞůĞĐƚŝŽŶĐŚĂŶŐĞƵŶĚĞƌƚŚĞĞŵƉůŽǇĞƌƉůĂŶŵƵƐƚďĞ ŽŶĂĐĐŽƵŶƚŽĨ͕ĂŶĚĐŽƌƌĞƐƉŽŶĚǁŝƚŚ͕ƚŚĞĐŚĂŶŐĞŝŶƐƚĂƚƵƐĞǀĞŶƚ͘ ĐŚĂŶŐĞŝŶƐƚĂƚƵƐĞǀĞŶƚ͞ĂĨĨĞĐƚƐĞůŝŐŝďŝůŝƚǇĨŽƌĐŽǀĞƌĂŐĞ͟ŝĨŝƚƌĞƐƵůƚƐŝŶĂ ŐĂŝŶŽƌůŽƐƐŽĨĞůŝŐŝďŝůŝƚǇĨŽƌĐŽǀĞƌĂŐĞ͕ĂĐŚĂŶŐĞŝŶƚŚĞŶƵŵďĞƌŽĨĂŶ ŵƉůŽǇĞĞ͛ƐĨĂŵŝůǇŵĞŵďĞƌƐǁŚŽŵĂǇďĞŶĞĨŝƚĨƌŽŵƚŚĞĐŽǀĞƌĂŐĞ͕ŽƌĨŽƌ ƚŚĞĞƉĞŶĚĞŶƚĂƌĞ&^͕ĂŐĂŝŶŽƌůŽƐƐŽĨĞůŝŐŝďŝůŝƚǇĨŽƌƌĞŝŵďƵƌƐĞŵĞŶƚŽĨ ĞƉĞŶĚĞŶƚĂƌĞǆƉĞŶƐĞƐ͘ Đ͘ŚĂŶŐĞƐŝŶĐŽƐƚŽƌĐŽǀĞƌĂŐĞĞǀĞŶƚƐĚŽŶŽƚĂƉƉůǇƚŽƚŚĞDĞĚŝĐĂů&^ĂŶĚĂ ĞƉĞŶĚĞŶƚĂƌĞ&^ĞůĞĐƚŝŽŶĐĂŶŶŽƚďĞĐŚĂŶŐĞĚĚƵĞƚŽĂĐŚĂŶŐĞŝŶĐŽƐƚ 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ď͘ĚĞĐŝĚĞĂůůƋƵĞƐƚŝŽŶƐƚŚĂƚĂƌŝƐĞƚŚĂƚƌĞůĂƚĞƚŽƚŚĞWůĂŶĂŶĚƚŽŵĂŬĞĂůů ĨĂĐƚƵĂůĚĞƚĞƌŵŝŶĂƚŝŽŶƐ͖ Đ͘ĚĞƚĞƌŵŝŶĞĞůŝŐŝďŝůŝƚǇĂŶĚĐŽǀĞƌĂŐĞĨŽƌƉĂƌƚŝĐŝƉĂƚŝŽŶĂŶĚďĞŶĞĨŝƚƐ͖ Ě͘ĞƐƚĂďůŝƐŚĂŶĚĐŚĂŶŐĞƚŚĞĐŽŶƚƌŝďƵƚŝŽŶƐƌĞƋƵŝƌĞĚƚŽďĞŵĂĚĞĨŽƌĐŽǀĞƌĂŐĞ ƵŶĚĞƌƚŚĞWůĂŶ͖ Ğ͘ĚĞƚĞƌŵŝŶĞǁŚĞƚŚĞƌĂŶŝŶĚŝǀŝĚƵĂůŝƐĞŶƚŝƚůĞĚƚŽďĞŶĞĨŝƚƐĂŶĚƚŽĚĞĐŝĚĞƚŚĞ ƚǇƉĞ͕ĂŵŽƵŶƚ͕ŵĂŶŶĞƌŽĨĂůůŽĐĂƚŝŽŶĂŶĚĚŝƐƚƌŝďƵƚŝŽŶŽĨĂůůďĞŶĞĨŝƚƐ Ϯϭ 3DFNHW3J 'D ĚĞƚĞƌŵŝŶĞĚďǇƚŚĞĚŵŝŶŝƐƚƌĂƚŽƌƚŽďĞĚƵĞĂŶĚƉĂǇĂďůĞƵŶĚĞƌƚŚĞWůĂŶ͖ Ĩ͘ƌĞŵĞĚǇĂůůĚĞĨĞĐƚƐ͕ĂŵďŝŐƵŝƚŝĞƐ͕ŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐ͕ŽŵŝƐƐŝŽŶƐ͕ĂŶĚ ŵĂƚŚĞŵĂƚŝĐĂůŽƌĂƌŝƚŚŵĞƚŝĐĂůĞƌƌŽƌƐ͕ŝŶĐůƵĚŝŶŐĞƌƌŽŶĞŽƵƐĂĐĐŽƵŶƚ ďĂůĂŶĐĞƐ͖ĂŶĚ Ő͘ŵĂŬĞŽƌƌĞƋƵŝƌĞƌƵůĞƐ͕ƌĞŐƵůĂƚŝŽŶƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌŽĐĞĚƵƌĞƐƚŚĂƚƚŚĞ ĚŵŝŶŝƐƚƌĂƚŽƌĚĞĞŵƐĂĚǀŝƐĂďůĞĨŽƌƚŚĞĂĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨƚŚĞWůĂŶĂŶĚƚŽ ĐŚĂŶŐĞŽƌŵŽĚŝĨǇĂŶǇƐƵĐŚƌƵůĞƐ͕ƌĞŐƵůĂƚŝŽŶƐ͕ƉŽůŝĐŝĞƐŽƌƉƌŽĐĞĚƵƌĞƐĂƚ ĂŶǇƚŝŵĞ͘ Ϯ͘ĞŶĞĨŝƚƐƵŶĚĞƌƚŚĞWůĂŶǁŝůůŽŶůǇďĞƉĂŝĚŝĨƚŚĞĚŵŝŶŝƐƚƌĂƚŽƌĚĞĐŝĚĞƐŝŶ ŝƚƐĚŝƐĐƌĞƚŝŽŶƚŚĂƚĂŶĂƉƉůŝĐĂŶƚŝƐĞŶƚŝƚůĞĚƚŽƚŚĞŵ͘ ϲ͘ϰ͘WƌŽĨĞƐƐŝŽŶĂůƐƐŝƐƚĂŶĐĞ͘ dŚĞĚŵŝŶŝƐƚƌĂƚŽƌŵĂǇƌĞƚĂŝŶƐƵĐŚĂĐĐŽƵŶƚŝŶŐ͕ůĞŐĂů͕ĐůĞƌŝĐĂůĂŶĚŽƚŚĞƌƐĞƌǀŝĐĞƐĂƐŵĂǇ 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ƵŶĚĞƌƚŚĞWůĂŶ͕ŵĂǇƌĞƋƵĞƐƚĂŶǇWĂƌƚŝĐŝƉĂŶƚƚŽĨƵƌŶŝƐŚƐƵĐŚŝŶĨŽƌŵĂƚŝŽŶ ĂƐƚŚĞĚŵŝŶŝƐƚƌĂƚŽƌĚĞĞŵƐŶĞĐĞƐƐĂƌǇŽƌĚĞƐŝƌĂďůĞŝŶĂĚŵŝŶŝƐƚĞƌŝŶŐƚŚĞ WůĂŶ͘ ϲ͘ϲ͘/ŶĚĞŵŶŝĨŝĐĂƚŝŽŶ͘ dŚĞWĂƌƚŝĐŝƉĂƚŝŶŐŵƉůŽǇĞƌƐũŽŝŶƚůǇĂŶĚƐĞǀĞƌĂůůǇĂŐƌĞĞƚŽŝŶĚĞŵŶŝĨǇĂŶĚŚŽůĚŚĂƌŵůĞƐƐ͕ƚŽƚŚĞ ϮϮ 3DFNHW3J 'D ĞǆƚĞŶƚƉĞƌŵŝƚƚĞĚďǇůĂǁ͕ƚŚĞDĂǇŽƌĂŶĚŝƚǇŽĨĨŝĐŝĂůƐ͕ĂŶĚĞŵƉůŽǇĞĞŽĨƚŚĞŝƚǇĂŶĚĂŶǇ ĨĨŝůŝĂƚĞĚKƌŐĂŶŝǌĂƚŝŽŶ;͞/ŶĚĞŵŶŝĨŝĞĚWĂƌƚǇ͟ͿĂŐĂŝŶƐƚĂŶǇĂŶĚĂůůůŝĂďŝůŝƚŝĞƐ͕ůŽƐƐĞƐ͕ĐŽƐƚƐĂŶĚ ĞǆƉĞŶƐĞƐ;ŝŶĐůƵĚŝŶŐůĞŐĂůĨĞĞƐͿŽĨĞǀĞƌǇŬŝŶĚĂŶĚŶĂƚƵƌĞƚŚĂƚŵĂǇďĞŝŵƉŽƐĞĚŽŶ͕ŝŶĐƵƌƌĞĚďǇ͕ ŽƌĂƐƐĞƌƚĞĚĂŐĂŝŶƐƚƚŚĞ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚǇĂƚĂŶǇƚŝŵĞďǇƌĞĂƐŽŶŽĨƐƵĐŚƉĞƌƐŽŶ͛ƐƐĞƌǀŝĐĞƐŝŶ ĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞWůĂŶ͕ďƵƚŽŶůǇŝĨƚŚĞ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚǇĚŝĚŶŽƚĂĐƚǁŝƚŚŐƌŽƐƐŶĞŐůŝŐĞŶĐĞ͕ ŝŶƚĞŶƚŝŽŶĂůŵŝƐĐŽŶĚƵĐƚ͕ŝŶďĂĚĨĂŝƚŚŽƌŝŶǁŝůůĨƵůǀŝŽůĂƚŝŽŶŽĨƚŚĞůĂǁŽƌƌĞŐƵůĂƚŝŽŶƐƵŶĚĞƌǁŚŝĐŚ ƐƵĐŚůŝĂďŝůŝƚǇ͕ůŽƐƐ͕ĐŽƐƚŽƌĞǆƉĞŶƐĞĂƌŝƐĞƐ͘dŚĞWĂƌƚŝĐŝƉĂƚŝŶŐŵƉůŽǇĞƌƐǁŝůůŚĂǀĞƚŚĞƌŝŐŚƚ͕ďƵƚ ŶŽƚƚŚĞŽďůŝŐĂƚŝŽŶ͕ƚŽƐĞůĞĐƚĐŽƵŶƐĞůĂŶĚĐŽŶƚƌŽůƚŚĞĚĞĨĞŶƐĞĂŶĚƐĞƚƚůĞŵĞŶƚŽĨĂŶǇĂĐƚŝŽŶĨŽƌ ǁŚŝĐŚĂŶ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚǇŵĂǇďĞĞŶƚŝƚůĞĚƚŽŝŶĚĞŵŶŝĨŝĐĂƚŝŽŶƵŶĚĞƌƚŚŝƐƉƌŽǀŝƐŝŽŶ͘ ϲ͘ϳ͘ZĞƉŽƌƚƐƚŽWĂƌƚŝĐŝƉĂŶƚƐ͘ 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ďĞŶĞĨŝƚƐŽƌƵƚŝůŝǌĂƚŝŽŶŽĨďĞŶĞĨŝƚƐ͕ŝƚŵĂǇůŝŵŝƚƚŚĞĂŵŽƵŶƚŽĨƉƌĞͲƚĂǆĐŽŶƚƌŝďƵƚŝŽŶƐƚŚĂƚĐĞƌƚĂŝŶ WĂƌƚŝĐŝƉĂŶƚƐĐĂŶŵĂŬĞ͕ƌĞĚƵĐĞďĞŶĞĨŝƚƐƉĂǇĂďůĞƚŽĐĞƌƚĂŝŶWĂƌƚŝĐŝƉĂŶƚƐŽƌƚĂŬĞƐƵĐŚŽƚŚĞƌĂĐƚŝŽŶ ĂƐŝƚĚĞĞŵƐĂĚǀŝƐĂďůĞƚŽĂǀŽŝĚŽƌĞůŝŵŝŶĂƚĞƐƵĐŚǀŝŽůĂƚŝŽŶ͘ Ϯϲ 3DFNHW3J 'D Zd/>s/// KWd/KE͕DEDEdEdZD/Ed/KE ϴ͘ϭ͘ĚŽƉƚŝŽŶĂŶĚdĞƌŵŝŶĂƚŝŽŶďǇĨĨŝůŝĂƚĞĚKƌŐĂŶŝǌĂƚŝŽŶ͘ ϭ͘ŶĨĨŝůŝĂƚĞĚKƌŐĂŶŝǌĂƚŝŽŶŵĂǇĂĚŽƉƚƚŚŝƐWůĂŶĂŶĚďĞĐŽŵĞĂŶŵƉůŽǇĞƌ ŝŶƚŚĞŵĂŶŶĞƌƉƌĞƐĐƌŝďĞĚďǇƚŚĞĚŵŝŶŝƐƚƌĂƚŽƌ͘ Ϯ͘ŶĨĨŝůŝĂƚĞĚKƌŐĂŶŝǌĂƚŝŽŶŵĂǇƚĞƌŵŝŶĂƚĞŝƚƐƉĂƌƚŝĐŝƉĂƚŝŽŶŝŶƚŚĞWůĂŶďǇ ƉƌŽǀŝĚŝŶŐǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞĚŵŝŶŝƐƚƌĂƚŽƌ͘ ϴ͘Ϯ͘ŵĞŶĚŵĞŶƚWƌŽĐĞĚƵƌĞ͘ dŚĞŝƚǇƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽĂŵĞŶĚƚŚĞWůĂŶĂƚĂŶǇƚŝŵĞ͕ƚŽĂŶǇĞǆƚĞŶƚƚŚĂƚŝƚŵĂǇĚĞĞŵ ĂĚǀŝƐĂďůĞ͕ĂŶĚǁŝƚŚŽƵƚƉƌŝŽƌŶŽƚŝĐĞ͘ĂĐŚĂŵĞŶĚŵĞŶƚǁŝůůďĞƐƚĂƚĞĚŝŶĂǁƌŝƚƚĞŶŝŶƐƚƌƵŵĞŶƚ͘ dŚĞWůĂŶǁŝůůďĞĚĞĞŵĞĚƚŽŚĂǀĞďĞĞŶĂŵĞŶĚĞĚĂƐƐĞƚĨŽƌƚŚŝŶƚŚĞŝŶƐƚƌƵŵĞŶƚĂŶĚĂůů WĂƌƚŝĐŝƉĂŶƚƐĂŶĚŵƉůŽǇĞƌƐǁŝůůďĞďŽƵŶĚďǇƚŚĞĂŵĞŶĚŵĞŶƚ͖ƉƌŽǀŝĚĞĚ͕ŚŽǁĞǀĞƌ͕ƚŚĂƚŶŽ ĂŵĞŶĚŵĞŶƚǁŝůůŚĂǀĞĂŶǇƌĞƚƌŽĂĐƚŝǀĞĞĨĨĞĐƚƐŽĂƐƚŽĚĞƉƌŝǀĞĂŶǇWĂƌƚŝĐŝƉĂŶƚŽĨĂŶǇďĞŶĞĨŝƚ ĂůƌĞĂĚǇĂĐĐƌƵĞĚďǇŵĞĂŶƐŽĨƚŚĞŽĐĐƵƌƌĞŶĐĞŽĨĂŶĞǀĞŶƚĞŶƚŝƚůŝŶŐƚŚĞWĂƌƚŝĐŝƉĂŶƚƚŽĂƉĂǇŵĞŶƚ ƵŶĚĞƌƚŚĞWůĂŶ͘ ϴ͘ϯ͘dĞƌŵŝŶĂƚŝŽŶWƌŽĐĞĚƵƌĞ͘ dŚĞŝƚǇƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽƚĞƌŵŝŶĂƚĞƚŚĞWůĂŶĂƚĂŶǇƚŝŵĞĂŶĚǁŝƚŚŽƵƚƉƌŝŽƌŶŽƚŝĐĞ͘ dĞƌŵŝŶĂƚŝŽŶǁŝůůŽĐĐƵƌďǇǁƌŝƚƚĞŶŝŶƐƚƌƵŵĞŶƚ͘ Ϯϳ 3DFNHW3J 'D ƉƉĞŶĚŝǆ͗ ,/WWƌŝǀĂĐǇĂŶĚ^ĞĐƵƌŝƚǇ ;ϭͿ,/WWƌŝǀĂĐǇ͘ ;ͿWƵƌƉŽƐĞ͘ dŚŝƐƐĞĐƚŝŽŶŝƐŝŶƚĞŶĚĞĚƚŽĐŽŵƉůǇǁŝƚŚƚŚĞ^ƚĂŶĚĂƌĚƐĨŽƌWƌŝǀĂĐǇŽĨ/ŶĚŝǀŝĚƵĂůůǇ /ĚĞŶƚŝĨŝĂďůĞ,ĞĂůƚŚ/ŶĨŽƌŵĂƚŝŽŶ͕dŝƚůĞϰϱ͕WĂƌƚƐϭϲϬĂŶĚϭϲϰ͕^ƵďƉĂƌƚƐĂŶĚ͕ŽĨƚŚĞ ŽĚĞŽĨ&ĞĚĞƌĂůZĞŐƵůĂƚŝŽŶƐ͕ƉƌŽŵƵůŐĂƚĞĚƉƵƌƐƵĂŶƚƚŽƚŚĞ,ĞĂůƚŚ/ŶƐƵƌĂŶĐĞWŽƌƚĂďŝůŝƚǇ ĂŶĚĐĐŽƵŶƚĂďŝůŝƚǇĐƚŽĨϭϵϵϲ͕WƵďůŝĐ>ĂǁϭϬϰ Ͳ ϵϭ;͞WƌŝǀĂĐǇZƵůĞ͟Ϳ͘ ;ͿĞĨŝŶŝƚŝŽŶƐ͘ dŚĞĨŽůůŽǁŝŶŐĚĞĨŝŶŝƚŝŽŶƐǁŝůůĂƉƉůǇƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŝŶƚŚŝƐƌƚŝĐůĞ͗ ϭ͘͞,ĞĂůƚŚ/ŶĨŽƌŵĂƚŝŽŶ͟ŝƐĂŶǇŝŶĨŽƌŵĂƚŝŽŶƚŚĂƚ͗ Ă͘ŝƐĐƌĞĂƚĞĚŽƌƌĞĐĞŝǀĞĚďǇĂŚĞĂůƚŚĐĂƌĞƉƌŽǀŝĚĞƌ͕ŚĞĂůƚŚƉůĂŶ͕ ƉƵďůŝĐŚĞĂůƚŚĂƵƚŚŽƌŝƚǇ͕ĞŵƉůŽǇĞƌ͕ůŝĨĞŝŶƐƵƌĞƌ͕ƐĐŚŽŽůŽƌ ƵŶŝǀĞƌƐŝƚǇ͕ŽƌŚĞĂůƚŚĐĂƌĞĐůĞĂƌŝŶŐŚŽƵƐĞ͖ĂŶĚ ď͘ƌĞůĂƚĞƐƚŽƚŚĞƉĂƐƚ͕ƉƌĞƐĞŶƚ͕ŽƌĨƵƚƵƌĞƉŚǇƐŝĐĂůŽƌŵĞŶƚĂůŚĞĂůƚŚŽƌ ĐŽŶĚŝƚŝŽŶŽĨĂŶŝŶĚŝǀŝĚƵĂů͖ƚŚĞƉƌŽǀŝƐŝŽŶŽĨŚĞĂůƚŚĐĂƌĞƚŽĂŶ ŝŶĚŝǀŝĚƵĂů͖ŽƌƚŚĞƉĂƐƚ͕ƉƌĞƐĞŶƚ͕ŽƌĨƵƚƵƌĞƉĂǇŵĞŶƚĨŽƌƚŚĞ ƉƌŽǀŝƐŝŽŶŽĨŚĞĂůƚŚĐĂƌĞƚŽĂŶŝŶĚŝǀŝĚƵĂů͘ Ϯ͘͞,ĞĂůƚŚĂƌĞKƉĞƌĂƚŝŽŶƐ͟ŵĞĂŶƐƚŚĞĂĚŵŝŶŝƐƚƌĂƚŝŽŶĂŶĚŽƉĞƌĂƚŝŽŶŽĨƚŚĞ WůĂŶ͕ŝŶĐůƵĚŝŶŐ͗ Ă͘ĐŽŶĚƵĐƚŝŶŐƋƵĂůŝƚǇĂƐƐĞƐƐŵĞŶƚĂŶĚŝŵƉƌŽǀĞŵĞŶƚ͖ ď͘ĂĐĐƌĞĚŝƚĂƚŝŽŶ͕ĐĞƌƚŝĨŝĐĂƚŝŽŶ͕ůŝĐĞŶƐŝŶŐ͕ŽƌĐƌĞĚĞŶƚŝĂůŝŶŐ͖ Đ͘ƵŶĚĞƌǁƌŝƚŝŶŐ͕ƉƌĞŵŝƵŵƌĂƚŝŶŐ͕ĂŶĚƚŚĞƉůĂĐĞŵĞŶƚŽĨƐƚŽƉůŽƐƐ ĐŽǀĞƌĂŐĞ͖ Ě͘ĐŽŶĚƵĐƚŝŶŐŽƌĂƌƌĂŶŐŝŶŐĨŽƌŵĞĚŝĐĂůƌĞǀŝĞǁ͕ůĞŐĂůƐĞƌǀŝĐĞƐ͕ĂŶĚ ĂƵĚŝƚŝŶŐ͖ Ğ͘ĐŽƐƚͲŵĂŶĂŐĞŵĞŶƚĂŶĚƉůĂŶŶŝŶŐƌĞůĂƚĞĚƚŽŽƉĞƌĂƚŝŽŶĂŶĚ ŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞWůĂŶ͖ Ĩ͘ŵĂŶĂŐĞŵĞŶƚĂĐƚŝǀŝƚŝĞƐƌĞůĂƚĞĚƚŽWƌŝǀĂĐǇZƵůĞĐŽŵƉůŝĂŶĐĞ͖ ϭ Ͳ 3DFNHW3J 'D Ő͘ƌĞƐŽůƵƚŝŽŶŽĨŐƌŝĞǀĂŶĐĞƐ͖ĂŶĚ Ś͘WůĂŶĂĐƚŝǀŝƚŝĞƐƌĞƐƵůƚŝŶŐĨƌŽŵƐĂůĞ͕ƚƌĂŶƐĨĞƌ͕ŵĞƌŐĞƌ͕Žƌ ĐŽŶƐŽůŝĚĂƚŝŽŶ͘ ϯ͘͞,/W͟ŵĞĂŶƐƚŚĞ,ĞĂůƚŚ/ŶƐƵƌĂŶĐĞWŽƌƚĂďŝůŝƚǇĂŶĚĐĐŽƵŶƚĂďŝůŝƚǇĐƚŽĨ ϭϵϵϲ͕WƵďůŝĐ>ĂǁϭϬϰͲϵϭ͘ ϰ͘͞/ŶĚŝǀŝĚƵĂůůǇ/ĚĞŶƚŝĨŝĂďůĞ,ĞĂůƚŚ/ŶĨŽƌŵĂƚŝŽŶ͟ŝƐ,ĞĂůƚŚ/ŶĨŽƌŵĂƚŝŽŶ ĐƌĞĂƚĞĚŽƌƌĞĐĞŝǀĞĚďǇƚŚĞWůĂŶŽƌƚŚĞŵƉůŽǇĞƌƚŚĂƚ͗ Ă͘ƌĞůĂƚĞƐƚŽƚŚĞƉĂƐƚ͕ƉƌĞƐĞŶƚ͕ŽƌĨƵƚƵƌĞƉŚǇƐŝĐĂůŽƌŵĞŶƚĂůŚĞĂůƚŚŽƌ ĐŽŶĚŝƚŝŽŶŽĨĂŶŝŶĚŝǀŝĚƵĂů͖ƚŚĞƉƌŽǀŝƐŝŽŶŽĨŚĞĂůƚŚĐĂƌĞƚŽĂŶ ŝŶĚŝǀŝĚƵĂů͖ŽƌƚŚĞƉĂƐƚ͕ƉƌĞƐĞŶƚ͕ŽƌĨƵƚƵƌĞƉĂǇŵĞŶƚĨŽƌƚŚĞ ƉƌŽǀŝƐŝŽŶŽĨŚĞĂůƚŚĐĂƌĞƚŽĂŶŝŶĚŝǀŝĚƵĂů͖ĂŶĚ ď͘ŝĚĞŶƚŝĨŝĞƐƚŚĞŝŶĚŝǀŝĚƵĂůĚŝƌĞĐƚůǇŽƌƌĞĂƐŽŶĂďůǇĐŽƵůĚďĞƵƐĞĚƚŽ ŝĚĞŶƚŝĨǇƚŚĞŝŶĚŝǀŝĚƵĂů͘ ϱ͘͞WĂǇŵĞŶƚ͟ŝŶĐůƵĚĞƐĂĐƚŝǀŝƚŝĞƐƵŶĚĞƌƚĂŬĞŶƚŽŽďƚĂŝŶĐŽŶƚƌŝďƵƚŝŽŶƐ͕ ĚĞƚĞƌŵŝŶĞŽƌĨƵůĨŝůůƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌĐŽǀĞƌĂŐĞĂŶĚďĞŶĞĨŝƚƐ͕ŽƌŽďƚĂŝŶŽƌ ƉƌŽǀŝĚĞƌĞŝŵďƵƌƐĞŵĞŶƚĨŽƌŚĞĂůƚŚĐĂƌĞĞǆƉĞŶƐĞƐ͖ŝŶĐůƵĚŝŶŐ͕ďƵƚŶŽƚ ůŝŵŝƚĞĚƚŽ͗ Ă͘ĚĞƚĞƌŵŝŶĂƚŝŽŶƐŽĨĞůŝŐŝďŝůŝƚǇĨŽƌĐŽǀĞƌĂŐĞ͖ ď͘ĐŽŽƌĚŝŶĂƚŝŽŶŽĨďĞŶĞĨŝƚƐ͖ Đ͘ĐůĂŝŵƐĂĚũƵĚŝĐĂƚŝŽŶ͖ Ě͘ƐƵďƌŽŐĂƚŝŽŶ͖ Ğ͘ĐůĂŝŵƐŵĂŶĂŐĞŵĞŶƚ͖ Ĩ͘ĐŽůůĞĐƚŝŽŶĂĐƚŝǀŝƚŝĞƐ͖ Ő͘ŽďƚĂŝŶŝŶŐƉĂǇŵĞŶƚƵŶĚĞƌĂƐƚŽƉůŽƐƐĐŽŶƚƌĂĐƚ͖ Ś͘ŵĞĚŝĐĂůŶĞĐĞƐƐŝƚǇƌĞǀŝĞǁƐ͖ ŝ͘ƵƚŝůŝǌĂƚŝŽŶƌĞǀŝĞǁĂĐƚŝǀŝƚŝĞƐ͕ŝŶĐůƵĚŝŶŐƉƌĞͲĂƵƚŚŽƌŝǌĂƚŝŽŶ͕ƉƌĞͲ ĐĞƌƚŝĨŝĐĂƚŝŽŶ͕ĐŽŶĐƵƌƌĞŶƚĂŶĚƌĞƚƌŽƐƉĞĐƚŝǀĞƌĞǀŝĞǁƐ͖ ũ͘ĚŝƐĐůŽƐƵƌĞŽĨĐĞƌƚĂŝŶŝŶĨŽƌŵĂƚŝŽŶƚŽĐŽŶƐƵŵĞƌƌĞƉŽƌƚŝŶŐĂŐĞŶĐŝĞƐ ƚŽĐŽůůĞĐƚƉƌĞŵŝƵŵƐŽƌƌĞŝŵďƵƌƐĞŵĞŶƚ͘ Ϯ Ͳ 3DFNHW3J 'D ϲ͘͞WůĂŶĚŵŝŶŝƐƚƌĂƚŝŽŶ&ƵŶĐƚŝŽŶƐ͟ĂƌĞĂĚŵŝŶŝƐƚƌĂƚŝŽŶĨƵŶĐƚŝŽŶƐƉĞƌĨŽƌŵĞĚ ďǇƚŚĞĚŵŝŶŝƐƚƌĂƚŽƌŽŶďĞŚĂůĨŽĨƚŚĞWůĂŶ͕ŝŶĐůƵĚŝŶŐWĂǇŵĞŶƚĂŶĚ,ĞĂůƚŚ ĂƌĞKƉĞƌĂƚŝŽŶƐĂĐƚŝǀŝƚŝĞƐ͘ ϳ͘͞WůĂŶ^ƉŽŶƐŽƌ͟ƌĞĨĞƌƐƚŽƚŚĞŝƚǇĂĐƚŝŶŐĂƐWůĂŶ^ƉŽŶƐŽƌ͘ ϴ͘͞WƌŝǀĂĐǇZƵůĞ͟ƌĞĨĞƌƐƚŽƚŚĞƉƌŝǀĂĐǇƌĞŐƵůĂƚŝŽŶƐƉƌŽŵƵůŐĂƚĞĚďǇƚŚĞ 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ŽĨƐĞƌǀŝĐĞĂŶĚĞůŝŐŝďŝůŝƚǇŽĨĞǆƉĞŶƐĞĂĐĐŽƌĚŝŶŐƚŽƚŚĞ/ŶƚĞƌŶĂůZĞǀĞŶƵĞ ŽĚĞŽĨϭϵϴϲ͕Ă ƐĂŵĞŶĚĞĚ;ƚŚĞ͞ŽĚĞ͟Ϳ͕/ŶƚĞƌŶĂůZĞǀĞŶƵĞ^ĞƌǀŝĐĞƌƵůĞƐ ĂŶĚƚŚĞWůĂŶĚŽĐƵŵĞŶƚ͘ Ϯ 3DFNHW3J 'E ŝŝ͘^ĞůĞĐƚĐĐŽƵŶƚǁŝůůƉƌŽĚƵĐĞĂŶǆƉůĂŶĂƚŝŽŶŽĨůĂŝŵWĂǇŵĞŶƚƌĞƉŽƌƚ ĨŽůůŽǁŝŶŐĞĂĐŚƉƌŽĐĞƐƐŝŶŐƚŚĂƚĚĞƚĂŝůƐƚŚĞďĞŶĞĨŝƚĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨĞĂĐŚ ĐůĂŝŵŝƚĞŵ͘ ŝŝŝ͘^ĞůĞĐƚĐĐŽƵŶƚǁŝůůŝƐƐƵĞĂĐŚĞĐŬƉĂǇĂďůĞƚŽƚŚĞƉĂƌƚŝĐŝƉĂŶƚŽƌĚŝƌĞĐƚůǇ ĚĞƉŽƐŝƚƌĞŝŵďƵƌƐĞŵĞŶƚŝŶƚŽƚŚĞƉĂƌƚŝĐŝƉĂŶƚ͛ƐďĂŶŬĂĐĐŽƵŶƚ͘ ŝǀ͘^ĞůĞĐƚĐĐŽƵŶƚǁŝůůƐĞŶĚƚŚĞǆƉůĂŶĂƚŝŽŶŽĨůĂŝŵWĂǇŵĞŶƚĂŶĚƚŚĞĐŚĞĐŬ ŽƌĚŝƌĞĐƚĚĞƉŽƐŝƚŶŽƚŝĨŝĐĂƚŝŽŶƚŽƚŚĞƉĂƌƚŝĐŝƉĂŶƚƵƐŝŶŐĂƉƌŽĐĞƐƐĂĐĐĞƉƚĂďůĞ ƚŽ^ĞůĞĐƚĐĐŽƵŶƚƐƵĐŚĂƐƐĞĐƵƌĞĚŵĂŝůŽƌŵĂŝůĞĚĚŝƌĞĐƚůǇƚŽƚŚĞ ƉĂƌƚŝĐŝƉĂŶƚ͛ƐŚŽŵĞĂĚĚƌĞƐƐ͘ ǀ͘^ĞůĞĐƚĐĐŽƵŶƚǁŝůůƉƌŽĐĞƐƐĐůĂŝŵƐĂĐĐŽƌĚŝŶŐƚŽƚŚĞĨŽůůŽǁŝŶŐƐĐŚĞĚƵůĞ͗ ĂŝůǇ͘ŽŵƉůĞƚĞĚĐůĂŝŵƐǁŝůůďĞƌĞŝŵďƵƌƐĞĚǁŝƚŚŝŶϱǁŽƌŬŝŶŐĚĂǇƐŽĨƚŚĞ ĐůĂŝŵƉƌŽĐĞƐƐŝŶŐĚĂƚĞŽƌƚŚĞĚĂƚĞƉĂǇƌŽůůĚĞĚƵĐƚŝŽŶŝŶĨŽƌŵĂƚŝŽŶŝƐ ƌĞĐĞŝǀĞĚ͕ǁŚŝĐŚĞǀĞƌŝƐůĂƚĞƌ͘ ǀŝ͘^ĞůĞĐƚĐĐŽƵŶƚǁŝůůŚĂǀĞĚŝƐĐƌĞƚŝŽŶĂƌǇĂƵƚŚŽƌŝƚǇĂŶĚĨŝĚƵĐŝĂƌǇ ƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƉƌŽǀŝƐŝŽŶŽĨĨƵůůĂŶĚĨĂŝƌƌĞǀŝĞǁŽĨĐůĂŝŵƐ͕ĐůĂŝŵĚĞŶŝĂůƐ ĂŶĚĂƉƉĞĂůƐƉƵƌƐƵĂŶƚƚŽ^ĞĐƚŝŽŶϱϬϯŽĨZ/^ĂŶĚǁŝůůƉƌŽǀŝĚĞĂ 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ƌĞƐƉŽŶƐŝďŝůŝƚǇŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚĂĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨƚŚĞWůĂŶ͕ŽƌƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƚŚĞ ƚĞƌŵƐŽƌǀĂůŝĚŝƚǇŽĨƚŚĞWůĂŶ͘EŽƚŚŝŶŐŝŶƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞĚĞĞŵĞĚƚŽŝŵƉŽƐĞƵƉŽŶ ^ĞůĞĐƚĐĐŽƵŶƚĂŶǇŽďůŝŐĂƚŝŽŶƚŽĂŶǇĞŵƉůŽǇĞĞŽĨŵƉůŽǇĞƌŽƌĂŶǇƉĞƌƐŽŶǁŚŽŝƐ ƉĂƌƚŝĐŝƉĂƚŝŶŐŝŶƚŚĞWůĂŶ͘ ϳ 3DFNHW3J 'E dZDEdZD/Ed/KE ϭͿ^ĞƌǀŝĐĞzĞĂƌ͘dŚĞŝŶŝƚŝĂů^ĞƌǀŝĐĞzĞĂƌŽĨƚŚŝƐŐƌĞĞŵĞŶƚǁŝůůďĞŐŝŶŽŶ:ĂŶƵĂƌǇϭ͕ϮϬϭϱĂŶĚ ĞŶĚŽŶĞĐĞŵďĞƌϯϭ͕ϮϬϭϱ͘dŚŝƐŐƌĞĞŵĞŶƚƌĞƉůĂĐĞƐĂŶĚƐƵƉĞƌĐĞĚĞƐĂůůƉƌŝŽƌ ŐƌĞĞŵĞŶƚƐ͕ŝĨĂŶǇ͕ďĞƚǁĞĞŶ^ĞůĞĐƚĐĐŽƵŶƚĂŶĚŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘ĂĐŚ^ĞƌǀŝĐĞzĞĂƌ ƚŚĞƌĞĂĨƚĞƌǁŝůůďĞŐŝŶŽŶĞĂĐŚ:ĂŶƵĂƌǇϭĂŶĚĞŶĚŽŶĞĂĐŚĞĐĞŵďĞƌϯϭŝŶƚŚĞŶĞǆƚ ƐƵĐĐĞĞĚŝŶŐƐĞƌǀŝĐĞǇĞĂƌ͘ ϮͿƵƚŽŵĂƚŝĐZĞŶĞǁĂů͘dŚŝƐŐƌĞĞŵĞŶƚǁŝůůĂƵƚŽŵĂƚŝĐĂůůǇƌĞŶĞǁĨŽƌĂŶĂĚĚŝƚŝŽŶĂů^ĞƌǀŝĐĞ zĞĂƌŽŶƚŚĞĚĂǇĨŽůůŽǁŝŶŐƚŚĞůĂƐƚĚĂǇŽĨƚŚĞƉƌŝŽƌ^ĞƌǀŝĐĞzĞĂƌƵŶůĞƐƐƚŚĞWĂƌƚŝĞƐŚĂǀĞ ƌĞƉůĂĐĞĚƚŚŝƐŐƌĞĞŵĞŶƚǁŝƚŚĂŶĞǁŐƌĞĞŵĞŶƚŽƌƚŚŝƐŐƌĞĞŵĞŶƚŝƐƚĞƌŵŝŶĂƚĞĚĂƐ ŽƵƚůŝŶĞĚďĞůŽǁ͘/ĨƚŚĞŐƌĞĞŵĞŶƚŝƐƌĞŶĞǁĞĚĨŽƌĂŶĂĚĚŝƚŝŽŶĂů^ĞƌǀŝĐĞzĞĂƌ͕ƚŚĞWĂƌƚŝĞƐ ǁŝůůďĞŽďůŝŐĂƚĞĚƚŽƉƌŽǀŝĚĞƐĞƌǀŝĐĞƐĂŶĚŵĂŬĞƉĂǇŵĞŶƚƐĨŽƌƐĞƌǀŝĐĞƐĂƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐ ŐƌĞĞŵĞŶƚĂŶĚƚŚĞƚƚĂĐŚŵĞŶƚƐ͘ 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ƵŶĞŶĨŽƌĐĞĂďůĞ͕ƚŚĞǀĂůŝĚŝƚǇ͕ůĞŐĂůŝƚǇŽƌĞŶĨŽƌĐĞĂďŝůŝƚǇŽĨƚŚĞƌĞŵĂŝŶŝŶŐƉƌŽǀŝƐŝŽŶƐǁŝůůŶŽƚ ŝŶĂŶǇǁĂǇďĞĂĨĨĞĐƚĞĚŽƌŝŵƉĂŝƌĞĚƚŚĞƌĞďǇ͘ ϰͿ^ƚĂƚƵƐŽĨĂŶ/ŶĚĞƉĞŶĚĞŶƚŽŶƚƌĂĐƚŽƌ͘dŚĞWĂƌƚŝĞƐŵĂŬĞƚŚŝƐŐƌĞĞŵĞŶƚĂŶĚǁŝůůĨƵŶĐƚŝŽŶ ĂƐŝŶĚĞƉĞŶĚĞŶƚĐŽŶƚƌĂĐƚŽƌƐĂŶĚŶŽƚĂƐĂŶĂŐĞŶƚŽĨŽŶĞĂŶŽƚŚĞƌ͘EĞŝƚŚĞƌWĂƌƚǇǁŝůůƐƚĂƚĞŽƌ ŝŵƉůǇƚŚĞĐŽŶƚƌĂƌǇƚŽĂŶǇŽŶĞ͘dŚĞĞŵƉůŽǇĞĞƐĂŶĚĂŐĞŶƚƐŽĨĞĂĐŚWĂƌƚǇǁŝůůŶŽƚďĞƚƌĞĂƚĞĚ ĨŽƌĂŶǇƉƵƌƉŽƐĞĂƐƚŚĞĂŐĞŶƚƐŽƌĞŵƉůŽǇĞĞƐŽĨƚŚĞŽƚŚĞƌWĂƌƚǇ͘ ϱͿDĂŶĚĂƚŽƌǇƌďŝƚƌĂƚŝŽŶ͘ŝƚǇŽĨZŽĐŚĞƐƚĞƌĂŶĚ^ĞůĞĐƚĐĐŽƵŶƚĂŐƌĞĞƚŚĂƚĂŶǇĚŝƐƉƵƚĞ ƌĞůĂƚĞĚƚŽŽƌĂƌŝƐŝŶŐďĞƚǁĞĞŶƚŚĞWĂƌƚŝĞƐƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚǁŝůůďĞƐƵďũĞĐƚƚŽ ŵĂŶĚĂƚŽƌǇ͕ďŝŶĚŝŶŐĂƌďŝƚƌĂƚŝŽŶƚŽďĞŚĞůĚŝŶƚŚĞĐŽƵŶƚǇŽĨĂŬŽƚĂ͕ƐƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͘ dŚĞĂƌďŝƚƌĂƚŝŽŶƉĂŶĞůǁŝůůĐŽŶƐŝƐƚŽĨƚŚƌĞĞĂƌďŝƚƌĂƚŽƌƐ͕ŽŶĞƐĞůĞĐƚĞĚďǇŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕ ŽŶĞƐĞůĞĐƚĞĚďǇ^ĞůĞĐƚĐĐŽƵŶƚĂŶĚƚŚĞƚŚŝƌĚŵƵƚƵĂůůǇĂŐƌĞĞĚƵƉŽŶďǇŝƚǇŽĨZŽĐŚĞƐƚĞƌ ĂŶĚ^ĞůĞĐƚĐĐŽƵŶƚ͘^ŚŽƵůĚƚŚĞWĂƌƚŝĞƐďĞƵŶĂďůĞƚŽĂŐƌĞĞŽŶĂƚŚŝƌĚĂƌďŝƚƌĂƚŽƌ͕ƚŚĞ ϵ 3DFNHW3J 'E WĂƌƚŝĞƐĂŐƌĞĞƚŚĂƚƚŚĞ͞ĂůƚĞƌŶĂƚĞƐƚƌŝŬŝŶŐ͟ƉƌŽĐĞĚƵƌĞƐŽĨƚŚĞŵĞƌŝĐĂŶƌďŝƚƌĂƚŝŽŶ ƐƐŽĐŝĂƚŝŽŶǁŝůůďĞƵƐĞĚƚŽƐĞůĞĐƚƚŚĞƚŚŝƌĚĂƌďŝƚƌĂƚŽƌĨŽƌƚŚĞWĂƌƚŝĞƐ͘dŚĞWĂƌƚŝĞƐŵĂǇĂůƐŽ ĂŐƌĞĞƚŽŚĂǀĞŽŶůǇƚŚĞƚŚŝƌĚĂƌďŝƚƌĂƚŽƌŽƌĂŶŽƚŚĞƌƉĞƌƐŽŶƐĞůĞĐƚĞĚďǇƚŚĞWĂƌƚŝĞƐĐŽŶĚƵĐƚ ƚŚĞĂƌďŝƚƌĂƚŝŽŶ͘ tŝƚŚƌĞƐƉĞĐƚƚŽĚĂŵĂŐĞƐĂǁĂƌĚĞĚŝŶĂƌďŝƚƌĂƚŝŽŶ͕ƚŚĞĂƌďŝƚƌĂƚŝŽŶƉĂŶĞůŵĂǇĂǁĂƌĚŽŶůǇ ƌĞĂƐŽŶĂďůĞĐŽŵƉĞŶƐĂƚŽƌǇĚĂŵĂŐĞƐĂŶĚŵĂǇŶŽƚĂǁĂƌĚƉƵŶŝƚŝǀĞĚĂŵĂŐĞƐ͕ůŝƋƵŝĚĂƚĞĚ ĚĂŵĂŐĞƐ͕ĂŶǇŵƵůƚŝƉůĞŽĨĐŽŵƉĞŶƐĂƚŽƌǇĚĂŵĂŐĞƐŽƌĂŶǇŽƚŚĞƌĂǁĂƌĚŝŶĞǆĐĞƐƐŽĨ ĐŽŵƉĞŶƐĂƚŽƌǇĚĂŵĂŐĞƐ͘ ϲͿ'ŽǀĞƌŶŝŶŐ>ĂǁͬǆĐůƵƐŝǀĞ:ƵƌŝƐĚŝĐƚŝŽŶ͘ǆĐĞƉƚĂƐƚŚĞǇŵĂǇďĞƐƵďũĞĐƚƚŽĨĞĚĞƌĂůůĂǁ ;ŝŶĐůƵĚŝŶŐƚŚĞŽĚĞͿ͕ĂŶǇƋƵĞƐƚŝŽŶƐ͕ĐůĂŝŵƐ͕ĚŝƐƉƵƚĞƐŽƌůŝƚŝŐĂƚŝŽŶĐŽŶĐĞƌŶŝŶŐŽƌĂƌŝƐŝŶŐ ĨƌŽŵƚŚŝƐŐƌĞĞŵĞŶƚǁŝůůďĞŐŽǀĞƌŶĞĚďǇƚŚĞůĂǁƐŽĨƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͘ůƚŚŽƵŐŚ ƚŚĞWĂƌƚŝĞƐĂŐƌĞĞƚŽŵĂŶĚĂƚŽƌǇ͕ďŝŶĚŝŶŐĂƌďŝƚƌĂƚŝŽŶ͕ƐŚŽƵůĚĂŶǇůŝƚŝŐĂƚŝŽŶĞŶƐƵĞ͕ƚŚĞ WĂƌƚŝĞƐĂŐƌĞĞƚŚĂƚĂĨĞĚĞƌĂůĐŽƵƌƚǁŝƚŚŝŶƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂǁŝůůďĞƚŚĞĞǆĐůƵƐŝǀĞ ĨŽƌƵŵĨŽƌůŝƚŝŐĂƚŝŽŶƌĞŐĂƌĚŝŶŐƚŚĞŝŶƚĞƌƉƌĞƚĂƚŝŽŶŽƌĞŶĨŽƌĐĞŵĞŶƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͕ƵŶůĞƐƐ ƚŚĞĨĞĚĞƌĂůĐŽƵƌƚĚĞƚĞƌŵŝŶĞƐƚŚĂƚŝƚĚŽĞƐŶŽƚŚĂǀĞũƵƌŝƐĚŝĐƚŝŽŶŽǀĞƌƚŚĞƐƵďũĞĐƚŵĂƚƚĞƌŽĨ ƚŚĞĚŝƐƉƵƚĞ͕ŝŶǁŚŝĐŚĐĂƐĞƚŚĞWĂƌƚŝĞƐĂŐƌĞĞƚŚĂƚĂŶǇĂĐƚŝŽŶǁŝůůďĞďƌŽƵŐŚƚŝŶĂƐƚĂƚĞĐŽƵƌƚ ŝŶDŝŶŶĞƐŽƚĂ͘ 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ĂŶĂƵĚŝƚŽĨƌĞĐŽƌĚƐŵĂŝŶƚĂŝŶĞĚďǇ^ĞůĞĐƚĐĐŽƵŶƚƌĞůĂƚĞĚƚŽDĞŵďĞƌĞůŝŐŝďŝůŝƚǇ͕ůĂŝŵƐŽƌ ĐƵƐƚŽŵĞƌƐĞƌǀŝĐĞ͘dŚĞŝŶŝƚŝĂůŶŽƚŝĐĞƚŽ^ĞůĞĐƚĐĐŽƵŶƚǁŝůůƐƚĂƚĞƚŚĞƐĐŽƉĞŽĨƚŚĞĂƵĚŝƚ͕ ŝĚĞŶƚŝĨǇƚŚĞŝŶĨŽƌŵĂƚŝŽŶƚŚĂƚŝƐŶĞĞĚĞĚ͕ĂŶĚƉƌŽƉŽƐĞƐĂŵƉůŝŶŐŵĞƚŚŽĚŽůŽŐŝĞƐ͘dŚĞĂƵĚŝƚ ǁŝůůďĞůŝŵŝƚĞĚƚŽƚŚĞ^ĞƌǀŝĐŝŶŐzĞĂƌŝŶǁŚŝĐŚƚŚĞĂƵĚŝƚŝƐĐŽŶĚƵĐƚĞĚĂŶĚƚŚĞŝŵŵĞĚŝĂƚĞůǇ ƉƌĞĐĞĚŝŶŐ^ĞƌǀŝĐŝŶŐzĞĂƌ͘dŚĞWĂƌƚŝĞƐĂŐƌĞĞƚŽĐŽůůĂďŽƌĂƚĞŝŶŐŽŽĚĨĂŝƚŚƚŽĚĞǀĞůŽƉĂŶ ĂŐƌĞĞŵĞŶƚƚŚĂƚŵĞĞƚƐƚŚĞŶĞĞĚƐŽĨďŽƚŚWĂƌƚŝĞƐĂŶĚŽƵƚůŝŶĞƐƚŚĞĂŐƌĞĞĚƵƉŽŶƚĞƌŵƐĨŽƌ ĐŽŶĚƵĐƚŝŶŐƚŚĞĂƵĚŝƚ͘ůůĂƵĚŝƚŽƌƐǁŝůůďĞƌĞƋƵŝƌĞĚƚŽĂĚŚĞƌĞƚŽ^ĞůĞĐƚĐĐŽƵŶƚ͛Ɛ ƉƌŽĐĞĚƵƌĞƐĨŽƌŵĂŝŶƚĂŝŶŝŶŐƚŚĞƐĞĐƵƌŝƚǇŽĨĂůůŝŶĨŽƌŵĂƚŝŽŶĨƵƌŶŝƐŚĞĚďǇ^ĞůĞĐƚĐĐŽƵŶƚ͕ ĂŶĚƌĞƋƵŝƌĞĚƚŽƐŝŐŶĐŽŶĨŝĚĞŶƚŝĂůŝƚǇĂŐƌĞĞŵĞŶƚƐƉƌŝŽƌƚŽƚŚĞƌĞůĞĂƐĞŽĨĂŶǇŝŶĨŽƌŵĂƚŝŽŶ ϭϬ 3DFNHW3J 'E ďǇ^ĞůĞĐƚĐĐŽƵŶƚ͘ŶǇƚŚŝƌĚƉĂƌƚǇĂƵĚŝƚŽƌŵƵƐƚďĞĂĐĐĞƉƚĂďůĞƚŽ^ĞůĞĐƚĐĐŽƵŶƚ͘ ^ĞůĞĐƚĐĐŽƵŶƚǁŝůůďĞĞŶƚŝƚůĞĚƚŽƌĞĐĞŝǀĞĐŽƉŝĞƐŽĨƚŚĞĚƌĂĨƚĂŶĚĨŝŶĂůĂƵĚŝƚƌĞƉŽƌƚƐ͕ĂŶĚ ǁŝůůŚĂǀĞƚŚĞƌŝŐŚƚƚŽƌĞǀŝĞǁĂŶĚĐŽŵŵĞŶƚŽŶĂƵĚŝƚĨŝŶĚŝŶŐƐƉƌŝŽƌƚŽŽƌƐŝŵƵůƚĂŶĞŽƵƐ ǁŝƚŚƚŚĞƌĞůĞĂƐĞŽĨƐƵĐŚƌĞƉŽƌƚƚŽŵƉůŽǇĞƌ͘^ĞůĞĐƚĐĐŽƵŶƚ͛ƐĐŽŵŵĞŶƚƐǁŝůůďĞŶ ŽƚĞĚŝŶ 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'E ŝƚǇŽĨZŽĐŚĞƐƚĞƌ &ůĞǆŝďůĞĞŶĞĨŝƚƐWůĂŶ ^ĞƌǀŝĐĞŐƌĞĞŵĞŶƚ tŝƚŚ D//>/&/EKZWKZd dd,DEd &^ dŚŝƐƚƚĂĐŚŵĞŶƚƚŽƚŚĞŐƌĞĞŵĞŶƚďĞƚǁĞĞŶŝƚǇŽĨZŽĐŚĞƐƚĞƌ;͞ŝƚǇŽĨZŽĐŚĞƐƚĞƌ͟ͿĂŶĚD// >ŝĨĞ/ŶĐŽƌƉŽƌĂƚĞĚĚďĂ^ĞůĞĐƚĐĐŽƵŶƚ;ƚŚĞ͞WĂƌƚŝĞƐ͟ͿĚĞƐĐƌŝďĞƐƚŚĞĨĞĞƐƉĂǇĂďůĞƚŽ^ĞůĞĐƚĐĐŽƵŶƚ ƵŶĚĞƌƐƵĐŚŐƌĞĞŵĞŶƚ͘ >/D/dd/KEK&&^,h> dŚĞĨĞĞƐƐƚĂƚĞĚŝŶƚŚŝƐƚƚĂĐŚŵĞŶƚĂƐƐƵŵĞƚŚĂƚƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚďǇ^ĞůĞĐƚĐĐŽƵŶƚƵŶĚĞƌƚŚĞ ŐƌĞĞŵĞŶƚǁŝůůďĞƐƵďũĞĐƚƚŽĂŶŽƌŵĂůĂŵŽƵŶƚŽĨĐŚĂŶŐĞĂĐƚŝǀŝƚǇĚƵĞƚŽŶŽƌŵĂůWůĂŶ ĞŶƌŽůůŵĞŶƚĐŚĂŶŐĞƐ͘/ĨĐŚĂŶŐĞƐďĞǇŽŶĚƚŚŝƐůĞǀĞůŽĐĐƵƌ͕ŚŽǁĞǀĞƌ͕^ĞůĞĐƚĐĐŽƵŶƚƌĞƐĞƌǀĞƐƚŚĞ ƌŝŐŚƚƚŽŶŽƚŝĨǇŝƚǇŽĨZŽĐŚĞƐƚĞƌĂŶĚŶĞŐŽƚŝĂƚĞŵŽĚŝĨŝĞĚĨĞĞƐƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚĞĐŚĂŶŐĞƐ͘ ǆĂŵƉůĞƐŽĨĐŚĂŶŐĞƐƚŚĂƚŵĂǇĞǆƚĞŶĚďĞǇŽŶĚŶŽƌŵĂůWůĂŶĞŶƌŽůůŵĞŶƚĂĐƚŝǀŝƚŝĞƐŝŶĐůƵĚĞ͕ďƵƚĂƌĞ ŶŽƚůŝŵŝƚĞĚƚŽ͕ƚŚĞĂĚĚŝƚŝŽŶŽĨŽƉĞƌĂƚŝŶŐƵŶŝƚƐŽƌƐƵďƐŝĚŝĂƌŝĞƐ͘ŶǇĨĞĞŵŽĚŝĨŝĐĂƚŝŽŶƐǁŝůůďĞ ƐƵďŵŝƚƚĞĚƚŽŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕ŝŶǁƌŝƚŝŶŐ͕ƉƌŝŽƌƚŽƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨĂŶǇƐƵĐŚƉƌŽƉŽƐĞĚ ŵŽĚŝĨŝĐĂƚŝŽŶ͘ dŚĞĨĞĞƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐƚƚĂĐŚŵĞŶƚĂƌĞƐƵďũĞĐƚƚŽĐŚĂŶŐĞĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨĂŶǇWůĂŶǇĞĂƌ ƵƉŽŶϲϬĚĂǇƐƉƌŝŽƌǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘^ĞůĞĐƚĐĐŽƵŶƚŵƵƐƚƌĞĐĞŝǀĞĂĐĐĞƉƚĂŶĐĞ 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ŽǀĞƌĞĚŶƚŝƚǇ͘ Ϯ͘ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ͛ƐKƉĞƌĂƚŝŽŶƐ͘ &ŽƌƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ͛ƐƉƌŽƉĞƌ ŵĂŶĂŐĞŵĞŶƚĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝŽŶŽƌƚŽĐĂƌƌǇŽƵƚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ͛Ɛ % 3DFNHW3J 'E ůĞŐĂůƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͕ƉƌŽǀŝĚĞĚƚŚĂƚ͕ǁŝƚŚƌĞƐƉĞĐƚƚŽĚŝƐĐůŽƐƵƌĞŽĨŽǀĞƌĞĚ ŶƚŝƚǇ͛ƐW,/͕ĞŝƚŚĞƌ͗ Ă͘ dŚĞĚŝƐĐůŽƐƵƌĞŝƐZĞƋƵŝƌĞĚďǇ>Ăǁ͖Žƌ ď͘ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŽďƚĂŝŶƐƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞ;ĂŶĚ͕ƵƉŽŶ ƌĞƋƵĞƐƚŽĨŽǀĞƌĞĚŶƚŝƚǇ͕ƉƌŽǀŝĚĞƐǁƌŝƚƚĞŶĞǀŝĚĞŶĐĞŽĨƐƵĐŚ ĂƐƐƵƌĂŶĐĞͿĨƌŽŵĂŶǇƉĞƌƐŽŶŽƌĞŶƚŝƚǇƚŽǁŚŝĐŚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ ǁŝůůĚŝƐĐůŽƐĞŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ƚŚĂƚƚŚĞƉĞƌƐŽŶŽƌĞŶƚŝƚǇƐŚĂůů͗ ϭ͘ ,Ž ůĚŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ŝŶĐŽŶĨŝĚĞŶĐĞĂŶĚƵƐĞŽƌĨƵƌƚŚĞƌ ĚŝƐĐůŽƐĞŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ŽŶůǇĨŽƌƚŚĞƉƵƌƉŽƐĞĨŽƌ ǁŚŝĐŚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞĚŝƐĐůŽƐĞĚŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ƚŽ ƚŚĞƉĞƌƐŽŶŽƌĞŶƚŝƚǇŽƌĂƐZĞƋƵŝƌĞĚďǇ>Ăǁ͖ĂŶĚ Ϯ͘ /ŵŵĞĚŝĂƚĞůǇ;ĂŶĚŶŽůĂƚĞƌƚŚĂŶƚŚƌĞĞ;ϯͿĚĂǇƐĂĨƚĞƌƚŚĞ ƐƵƐƉĞĐƚĞĚŽƌŬŶŽǁŶďƌĞĂĐŚͿŶŽƚŝĨǇƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ ;ǁŚŽƐŚĂůůŝŶƚƵƌŶŶŽƚŝĨǇŽǀĞƌĞĚŶƚŝƚǇŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ ^ĞĐƚŝŽŶ///͘ŽĨƚŚŝƐͿŽĨĂŶǇŝŶƐƚĂŶĐĞŽĨǁŚŝĐŚƚŚĞ ƉĞƌƐŽŶŽƌĞŶƚŝƚǇďĞĐŽŵĞƐĂǁĂƌĞŝŶǁŚŝĐŚƚŚĞ ĐŽŶĨŝĚĞŶƚŝĂůŝƚǇŽ ĨŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ǁĂƐďƌĞĂĐŚĞĚ͘ ͘DŝŶŝŵƵŵEĞĐĞƐƐĂƌǇĂŶĚ>ŝŵŝƚĞĚĂƚĂ^Ğƚ͘ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ͛ƐƵƐĞ͕ĚŝƐĐůŽƐƵƌĞ ŽƌƌĞƋƵĞƐƚŽĨW,/ƐŚĂůůƵƚŝůŝǌĞĂ>ŝŵŝƚĞĚĂƚĂ^ĞƚŝĨƉƌĂĐƚŝĐĂďůĞ͘KƚŚĞƌǁŝƐĞ͕ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůů͕ŝŶŝƚƐƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞĨƵŶĐƚŝŽŶƐ͕ĂĐƚŝǀŝƚŝĞƐ͕ƐĞƌǀŝĐĞƐ͕ ĂŶĚŽƉĞƌĂƚŝŽŶƐƐƉĞĐŝĨŝĞĚŝŶ^ĞĐƚŝŽŶ/͘͘ϭĂďŽǀĞ͕ŵĂŬĞƌĞĂƐŽŶĂďůĞĞĨĨŽƌƚƐƚŽƵƐĞ͕ ƚŽĚŝƐĐůŽƐĞ͕ĂŶĚƚŽƌĞƋƵĞƐƚŽĨĂŽǀĞƌĞĚŶƚŝƚǇŽŶůǇƚŚĞŵŝŶŝŵƵŵĂŵŽƵŶƚŽĨ ŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ƌĞĂƐŽŶĂďůǇŶĞĐĞƐƐĂƌǇƚŽĂĐĐŽŵƉůŝƐŚƚŚĞŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ ͘ ŽĨƚŚĞƵƐĞ͕ĚŝƐĐůŽƐƵƌĞŽƌƌĞƋƵĞƐƚ/ŶĂĚĚŝƚŝŽŶ͕ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞĂŐƌĞĞƐƚŽ ŝŵƉůĞŵĞŶƚĂŶĚĨŽůůŽǁĂƉƉƌŽƉƌŝĂƚĞŵŝŶŝŵƵŵŶĞĐĞƐƐĂƌǇƉŽůŝĐŝĞƐŝŶƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐ͘ ͘WƌŽŚŝďŝƚŝŽŶŽŶhŶĂƵƚŚŽƌŝǌĞĚhƐĞŽƌŝƐĐůŽƐƵƌĞ͘ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůŶĞŝƚŚĞƌ ƵƐĞŶŽƌĚŝƐĐůŽƐĞŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/͕ĞǆĐĞƉƚĂƐƉĞƌŵŝƚƚĞĚŽƌƌĞƋƵŝƌĞĚďǇƚŚŝƐ ŽƌŝŶǁƌŝƚŝŶŐďǇŽǀĞƌĞĚŶƚŝƚǇŽƌĂƐZĞƋƵŝƌĞĚďǇ>Ăǁ͘dŚŝƐĚŽĞƐŶŽƚ ĂƵƚŚŽƌŝǌĞƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƚŽƵƐĞŽƌĚŝƐĐůŽƐĞŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ŝŶĂŵĂŶŶĞƌ ƚŚĂƚǁŝůůǀŝŽůĂƚĞϰϱ͘&͘Z͘WĂƌƚϭϲϰ͕^ƵďƉĂƌƚ͞WƌŝǀĂĐǇŽĨ/ŶĚŝǀŝĚ ƵĂůůǇ/ĚĞŶƚŝĨŝĂďůĞ WƌŝǀĂĐǇZƵůĞ ,ĞĂůƚŚ/ŶĨŽƌŵĂƚŝŽŶ͟;͟͞ͿŝĨĚŽŶĞďǇŽǀĞƌĞĚŶƚŝƚǇ͕ĞǆĐĞƉƚĂƐƐĞƚ ĨŽƌƚŚŝŶ^ĞĐƚŝŽŶ/͘͘ϮŽĨƚŚŝƐ͘ ϭ͘^ĂůĞŽĨW,/WƌŽŚŝďŝƚĞĚ͘ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůŶŽƚĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇ ƌĞĐĞŝǀĞĂŶǇƌĞŵƵŶĞƌĂƚŝŽŶŝŶĞǆĐŚĂŶŐĞĨŽƌŽ ǀĞƌĞĚŶƚŝƚǇ͛ƐW,/͘ Ϯ͘DĂƌŬĞƚŝŶŐŽĨW,/͘ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůŶŽƚĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇ ƌĞĐĞŝǀĞĂŶǇƌĞŵƵŶĞƌĂƚŝŽŶĨŽƌĂŶǇƵƐĞŽƌĚŝƐĐůŽƐƵƌĞŽĨW,/ĨŽƌŵĂƌŬĞƚŝŶŐ ƉƵƌƉŽƐĞƐ͘ ͘/ŶĨŽƌŵĂƚŝŽŶ^ĂĨĞŐƵĂƌĚƐ͘ ϭ͘WƌŝǀĂĐǇŽĨŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/͘ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůĚĞǀĞůŽƉ͕ ŝŵƉůĞŵĞŶƚ͕ŵĂŝŶƚĂŝŶ͕ĂŶĚƵƐĞĂƉƉƌŽƉƌŝĂƚĞĂĚŵŝŶŝƐƚƌĂƚŝǀĞ͕ƚĞĐŚŶŝĐĂů͕ĂŶĚ ƉŚǇƐŝĐĂůƐĂĨĞŐƵĂƌĚƐƚŽƉƌŽƚĞĐƚƚŚĞƉƌŝǀĂĐǇŽĨŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/͘dŚĞ % 3DFNHW3J 'E ƐĂĨĞŐƵĂƌĚƐŵƵƐƚƌĞĂƐŽŶĂďůǇƉƌŽƚĞĐƚŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ĨƌŽŵĂŶǇ ŝŶƚĞŶƚŝŽŶĂůŽƌƵŶŝŶƚĞŶƚŝŽŶĂůƵƐĞŽƌĚŝƐĐůŽƐƵƌĞŝŶǀŝŽůĂƚŝŽŶŽĨƚŚĞWƌŝǀĂĐǇ ZƵůĞ͕ϰϱ&ZWĂƌƚϭϲϰ͕^ƵďƉĂƌƚĂŶĚƚŚŝƐ͕ĂŶĚůŝŵŝƚŝŶĐŝĚĞŶƚĂůƵƐĞƐŽƌ ĚŝƐĐůŽƐƵƌĞƐŵĂĚĞƉƵƌƐƵĂŶƚƚŽĂƵƐĞŽƌĚŝƐĐůŽƐƵƌĞŽƚŚĞƌǁŝƐĞƉĞƌŵŝƚƚĞĚďǇ ƚŚŝƐ͘ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůĚŽĐƵŵĞŶƚƐƵĐŚƐĂĨĞŐƵĂƌĚƐ͕ĂŶĚ͕ƵƉŽŶ ƌĞƋƵĞƐƚ͕ƉƌŽǀŝĚĞƐƵĐŚƐĂĨĞŐƵĂƌĚƐƚŽŽǀĞƌĞĚŶƚŝƚǇ͘ Ϯ͘^ĞĐƵƌŝƚǇŽĨŽǀĞƌĞĚŶƚŝƚǇ͛ƐůĞĐƚƌŽŶŝĐW,/ ͘ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůů ĚĞǀĞůŽƉ͕ŝŵƉůĞŵĞŶƚ͕ŵĂŝŶƚĂŝŶ͕ĂŶĚƵƐĞĂĚŵŝŶŝƐƚƌĂƚŝǀĞ͕ƚĞĐŚŶŝĐĂů͕ĂŶĚ ƉŚǇƐŝĐĂůƐĂĨĞŐƵĂƌĚƐƚŚĂƚƌĞĂƐŽŶĂďůǇĂŶĚĂƉƉƌŽƉƌŝĂƚĞůǇƉƌŽƚĞĐƚƚŚĞ ĐŽŶĨŝĚĞŶƚŝĂůŝƚǇ͕ŝŶƚĞŐƌŝƚǇ͕ĂŶĚĂǀĂŝůĂďŝůŝƚǇŽĨůĞĐƚƌŽŶŝĐW,/ƚŚĂƚƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞĐƌĞĂƚĞƐ͕ƌĞĐĞŝǀĞƐ͕ŵĂŝŶƚĂŝŶƐ͕ŽƌƚƌĂŶƐŵŝƚƐŽŶŽǀĞƌĞĚŶƚŝƚǇ͛Ɛ ďĞŚĂůĨĂƐƌĞƋƵŝƌĞĚďǇƚŚĞ^ĞĐƵƌŝƚǇZƵůĞ͕ϰϱ͘&͘Z͘WĂƌƚϭϲϰ͕^ƵďƉĂƌƚ͘ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞĂůƐŽƐŚĂůůĚĞǀĞůŽƉĂŶĚŝŵƉůĞŵĞŶƚƉŽůŝĐŝĞƐĂŶĚ ƉƌŽĐĞĚƵƌĞƐĂŶĚŵĞĞƚƚŚĞ^ĞĐƵƌŝƚǇZƵůĞĚŽĐƵŵĞŶƚĂƚŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐ͘ hƉŽŶƌĞƋƵĞƐƚ͕ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůƉƌŽǀŝĚĞƐƵĐŚƉŽůŝĐŝĞƐĂŶĚ ƉƌŽĐĞĚƵƌĞƐƚŽŽǀĞƌĞĚŶƚŝƚǇ͘ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůĞŶĐƌǇƉƚĂůů ƉŽƌƚĂďůĞŵĞĚŝĂŽŶǁŚŝĐŚůĞĐƚƌŽŶŝĐW,/ŝƐƐƚŽƌĞĚ͕ƵƐŝŶŐĂŶŽŶͲƉƌŽƉƌŝĞƚĂƌǇ ĂůŐŽƌŝƚŚŵŽĨĂƚůĞĂƐƚϮϱϲͲďŝƚĐŝƉŚĞƌƐƚƌĞŶŐƚŚ͘ ͘^ƵďĐŽŶƚƌĂĐƚŽƌƐĂŶĚŐĞŶƚƐ͘ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůƌĞƋƵŝƌĞĂŶǇŽĨŝƚƐ ƐƵďĐŽŶƚƌĂĐƚŽƌƐĂŶĚĂŐĞŶƚƐ͕ƚŽǁŚŝĐŚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŝƐƉĞƌŵŝƚƚĞĚďǇƚŚŝƐ ŽƌŝŶǁƌŝƚŝŶŐďǇŽǀĞƌĞĚŶƚŝƚǇƚŽĚŝƐĐůŽƐĞŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/͕ƚŽƉƌŽǀŝĚĞ ƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞ;ĂŶĚ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨŽǀĞƌĞĚŶƚŝƚǇ͕ƉƌŽǀŝĚĞǁƌŝƚƚĞŶ ĞǀŝĚĞŶĐĞŽĨƐƵĐŚĂƐƐƵƌĂŶĐĞͿƚŚĂƚƐƵĐŚƐƵďĐŽŶƚƌĂĐƚŽƌŽƌĂŐĞŶƚǁŝůůĐŽŵƉůǇǁŝƚŚ ƚŚĞƐĂŵĞƉƌŝǀĂĐǇĂŶĚƐĞĐƵƌŝƚǇƐĂĨĞŐƵĂƌĚŽďůŝŐĂƚŝŽŶƐǁŝƚŚƌĞƐƉĞĐƚƚŽŽǀĞƌĞĚ ŶƚŝƚǇ͛ƐW,/ƚŚĂƚĂƌĞĂƉƉůŝĐĂďůĞƚŽƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƵŶĚĞƌƚŚŝƐ͘ &͘^ƚĂƚĞ>ĂǁŽŵƉůŝĂŶĐĞ͘ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůĐŽŵƉůǇǁŝƚŚĂůůĂƉƉůŝĐĂďůĞƐƚĂƚĞ ůĂǁƐŶŽƚƉƌĞĞŵƉƚĞĚƉƵƌƐƵĂŶƚƚŽϰϱŽĚĞŽĨ&ĞĚĞƌĂůZĞŐƵůĂƚŝŽŶƐWĂƌƚϭϲϬ͕ ^ƵďƉĂƌƚ͘ //͘ŽŵƉůŝĂŶĐĞǁŝƚŚdƌĂŶƐĂĐƚŝŽŶ^ƚĂŶĚĂƌĚƐ͘ /ĨƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞĐŽŶĚƵĐƚƐŝŶǁŚŽůĞŽƌƉĂƌƚ ĞůĞĐƚƌŽŶŝĐdƌĂŶƐĂĐƚŝŽŶƐŽŶďĞŚĂůĨŽĨŽǀĞƌĞĚŶƚŝƚǇĨŽƌǁŚŝĐŚ,,^ŚĂƐĞƐƚĂďůŝƐŚĞĚ ^ƚĂŶĚĂƌĚƐ͕ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůĐŽŵƉůǇ͕ĂŶĚƐŚĂůůƌĞƋƵŝƌĞĂŶǇƐƵďĐŽŶƚƌĂĐƚŽƌŽƌĂŐĞŶƚŝƚ ŝŶǀŽůǀĞƐǁŝƚŚƚŚĞĐŽŶĚƵĐƚŽĨƐƵĐŚdƌĂŶƐĂĐƚŝŽŶƐƚŽĐŽŵƉůǇ͕ǁŝƚŚĞĂĐŚĂƉƉůŝĐĂďůĞ ƌĞƋƵŝƌĞŵĞŶƚŽĨƚŚĞdƌĂŶƐĂĐƚŝŽŶZƵůĞ͕ϰϱ͘&͘Z͘WĂƌƚϭϲϮ͘ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůŶŽƚ ĞŶƚĞƌŝŶƚŽ͕ŽƌƉĞƌŵŝƚŝƚƐƐƵďĐŽŶƚƌĂĐƚŽƌƐŽƌĂŐĞŶƚƐƚŽĞŶƚĞƌŝŶƚŽ͕ĂŶǇdƌĂĚŝŶŐWĂƌƚŶĞƌ ŐƌĞĞŵĞŶƚŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞĐŽŶĚƵĐƚŽĨ^ƚĂŶĚĂƌĚdƌĂŶƐĂĐƚŝŽŶƐŽŶďĞŚĂůĨŽĨŽǀĞƌĞĚ ŶƚŝƚǇƚŚĂƚ͗ ͘ ŚĂŶŐĞƐƚŚĞĚĞĨŝŶŝƚŝŽŶ͕ĚĂƚĂĐŽŶĚŝƚŝŽŶ͕ŽƌƵƐĞŽĨĂĚĂƚĂĞůĞŵĞŶƚŽƌƐĞŐŵĞŶƚŝŶĂ ^ƚĂŶĚĂƌĚdƌĂŶƐĂĐƚŝŽŶ͖ ͘ ĚĚƐĂŶǇĚĂƚĂĞůĞŵĞŶƚŽƌƐĞŐŵĞŶƚƚŽƚŚĞŵĂǆŝŵƵŵĚĞĨŝŶĞĚĚĂƚĂƐĞƚ͖ ͘ hƐĞƐĂŶǇĐŽĚĞŽƌĚĂƚĂĞůĞŵĞŶƚƚŚĂƚŝƐŵĂƌŬĞĚ͞ŶŽƚƵƐĞĚ͟ŝŶƚŚĞ^ƚĂŶĚĂƌĚ dƌĂŶƐĂĐƚŝŽŶ͛ƐŝŵƉůĞŵĞŶƚĂƚŝŽŶƐƉĞĐŝĨŝĐĂƚŝŽŶŽƌŝƐŶŽƚŝŶƚŚĞ^ƚĂŶĚĂƌĚdƌĂŶƐĂĐƚŝŽŶ͛Ɛ ŝŵƉůĞŵĞŶƚĂƚŝŽŶƐƉĞĐŝĨŝĐĂƚŝŽŶ͖Žƌ % 3DFNHW3J 'E ͘ ŚĂŶŐĞƐƚŚĞŵĞĂŶŝŶŐŽƌŝŶƚĞŶƚŽĨƚŚĞ^ƚĂŶĚĂƌĚdƌĂŶƐĂĐƚŝŽŶ͛ƐŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƐƉĞĐŝĨŝĐĂƚŝŽŶ͘ ///͘/ŶĚŝǀŝĚƵĂůZŝŐŚƚƐ ͘ ͘ĐĐĞƐƐ͘ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůů͕ǁŝƚŚŝŶƚĞŶ;ϭϬͿĚĂǇƐĨŽůůŽǁŝŶŐŽǀĞƌĞĚŶƚŝƚǇ͛Ɛ ƌĞƋƵĞƐƚ͕ŵĂŬĞĂǀĂŝůĂďů ĞƚŽŽǀĞƌĞĚŶƚŝƚǇŽƌ͕ĂƚŽǀĞƌĞĚŶƚŝƚǇ͛ƐĚŝƌĞĐƚŝŽŶ͕ƚŽĂŶ ŝŶĚŝǀŝĚƵĂů;ŽƌƚŚĞŝŶĚŝǀŝĚƵĂů͛ƐƉĞƌƐŽŶĂůƌĞƉƌĞƐĞŶƚĂƚŝǀĞͿĨŽƌŝŶƐƉĞĐƚŝŽŶĂŶĚ ŽďƚĂŝŶŝŶŐĐŽƉŝĞƐŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ĂďŽƵƚƚŚĞŝŶĚŝǀŝĚƵĂůƚŚĂƚŝƐŝŶƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ͛ƐĐƵƐƚŽĚǇŽƌĐŽŶƚƌŽů͕ĐŽŶƐŝƐƚĞ ŶƚǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨϰϱ&Z ^ĞĐƚŝŽŶϭϲϰ͘ϱϮϰ͕ƐŽƚŚĂƚŽǀĞƌĞĚŶƚŝƚǇŵĂǇŵĞĞƚŝƚƐĂĐĐĞƐƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌϰϱ ͘&͘Z͘Αϭϲϰ͘ϱϮϰ͘ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůŵĂŬĞƐƵĐŚŝŶĨŽƌŵĂƚŝŽŶĂǀĂŝůĂďůĞŝŶĂŶ ĞůĞĐƚƌŽŶŝĐĨŽƌŵĂƚǁŚĞƌĞĚŝƌĞĐƚĞĚďǇŽǀĞƌĞĚŶƚŝƚǇ͘ ͘ŵĞŶĚŵĞŶƚ͘ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůů͕ƵƉŽŶƌĞĐĞŝƉƚŽĨǁƌŝƚƚĞŶŶŽƚŝĐĞĨƌŽŵ ŽǀĞƌĞĚŶƚŝƚǇ͕ƉƌŽŵƉƚůǇĂŵĞŶĚŽƌƉĞƌŵŝƚŽǀĞƌĞĚŶƚŝƚǇĂĐĐĞƐƐƚŽĂŵĞŶĚĂŶǇ ƉŽƌƚŝŽŶŽĨŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/͕ƐŽƚŚĂƚŽǀĞƌĞĚŶƚŝƚǇŵĂǇŵĞĞƚŝƚƐĂŵĞŶĚŵĞŶƚ ŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌϰϱ͘&͘Z͘Αϭϲϰ͘ϱϮϲ͘ ͘ŝƐĐůŽƐƵƌĞĐĐŽƵŶƚŝŶŐ͘ ^ŽƚŚĂƚŽǀĞƌĞĚŶƚŝƚǇŵĂǇŵĞĞƚŝƚƐĚŝƐĐůŽƐƵƌĞ ĂĐĐŽƵŶƚŝŶŐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌϰϱ͘&͘Z͘Αϭϲϰ͘ϱϮϴ͕ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůƌĞĐŽƌĚ ŝƐĐůŽƐƵƌĞ/ŶĨŽƌŵĂƚŝŽŶ ƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ;͟͞ͿĨŽƌĞĂĐŚĚŝƐĐůŽƐƵƌĞŽĨ ŽǀĞƌĞĚŶƚ ŝƚǇ͛ƐW,/͕ƚŚĂƚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŵĂŬĞƐƚŽŽǀĞƌĞĚŶƚŝƚǇŽƌƚŽĂ ƚŚŝƌĚƉĂƌƚǇ͘ ϭŝƐĐůŽƐƵƌĞ/ŶĨŽƌŵĂƚŝŽŶ'ĞŶĞƌĂůůǇ͘ ͘ǆĐĞƉƚĨŽƌƌĞƉĞƚŝƚŝǀĞĚŝƐĐůŽƐƵƌĞƐŽĨ ŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ĂƐƐƉĞĐŝĨŝĞĚŝŶ^ĞĐƚŝŽŶ///͘͘ϮďĞůŽǁĂŶĚĨŽƌ ĚŝƐĐůŽƐƵƌĞƐĨŽƌůĂƌŐĞƌĞƐĞĂƌĐŚƐƚƵĚŝĞƐĂƐƐƉĞĐŝĨŝĞĚŝŶ^ĞĐƚŝŽŶ///͘͘ϯďĞůŽǁ͕ ƚŚĞŝƐĐůŽƐƵƌĞ/ŶĨŽƌŵĂƚŝŽŶƚŚĂƚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŵƵƐƚƌĞĐŽƌĚĨŽƌĞĂĐŚ ĂĐĐŽƵŶƚĂďůĞĚŝƐĐůŽƐƵƌĞĂƌĞƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐƐĞƚĨŽƌƚŚŝŶƚŚĞ,/W WƌŝǀĂĐǇZƵůĞ͕ŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͗;ŝͿƚŚĞĚŝƐĐůŽƐƵƌĞĚĂƚĞ͕;ŝŝͿƚŚĞ ŶĂŵĞĂŶĚ;ŝĨŬŶŽǁŶͿĂĚĚƌĞƐƐŽĨƚŚĞĞŶƚŝƚǇƚŽǁŚŝĐŚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ ŵĂĚĞƚŚĞĚŝƐĐůŽƐƵƌĞ͕;ŝŝŝͿĂďƌŝĞĨĚĞƐĐƌŝƉƚŝŽŶŽĨŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ ĚŝƐĐůŽƐĞĚ͕ĂŶĚ;ŝǀͿĂďƌŝĞĨƐƚĂƚĞŵĞŶƚŽĨƚŚĞƉƵƌƉŽƐĞŽĨƚŚĞĚŝƐĐůŽƐƵƌĞ͘ Ϯ͘ŝƐĐůŽƐƵƌĞ/ŶĨŽƌŵĂƚŝŽŶĨŽƌZĞƉĞƚŝƚŝǀĞŝƐĐůŽƐƵƌĞƐ͘ &ŽƌƌĞƉĞƚŝƚŝǀĞ ĚŝƐĐůŽƐƵƌĞƐŽĨŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ƚŚĂƚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŵĂŬĞƐĨŽƌĂ ƐŝŶŐůĞƉƵƌƉŽƐĞƚŽƚŚĞƐĂŵĞƉĞƌƐŽŶŽƌĞŶƚŝƚǇ;ŝŶĐůƵĚŝŶŐŽǀĞƌĞĚŶƚŝƚǇͿ͕ ƚŚĞŝƐĐůŽƐƵƌĞ/ŶĨŽƌŵĂƚŝŽŶƚŚĂƚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŵƵƐƚƌĞĐŽƌĚŝƐĞŝƚŚĞƌ ƚŚĞŝƐĐůŽƐƵƌĞ/ŶĨŽƌŵĂƚŝŽŶƐƉĞĐŝĨŝĞĚŝŶ^ĞĐƚŝŽŶ///͘͘ϭĂďŽǀĞĨŽƌĞĂĐŚ ĂĐĐŽƵŶƚĂďůĞĚŝƐĐůŽƐƵƌĞ͕Žƌ;ŝͿƚŚĞŝƐĐůŽƐƵƌĞ/ŶĨŽƌŵĂƚŝŽŶƐƉĞĐŝĨŝĞĚŝŶ ^ĞĐƚŝŽŶ///͘͘ϭĂďŽǀĞĨŽƌƚŚĞĨŝƌƐƚŽĨƚŚĞƌĞƉĞƚŝƚŝǀĞĂĐĐŽƵŶƚĂďůĞ ĚŝƐĐůŽƐƵƌĞƐ͕;ŝŝͿƚŚĞĨƌĞƋƵĞŶĐǇ͕ƉĞƌŝŽĚŝĐŝƚǇ͕ŽƌŶƵŵďĞƌŽĨƚŚĞƌĞƉĞƚŝƚŝǀĞ ĂĐĐŽƵŶƚĂďůĞĚŝƐĐůŽƐƵƌĞƐ͕ĂŶĚ;ŝŝŝͿƚŚĞĚĂƚĞŽĨƚŚĞůĂƐƚŽĨƚŚĞƌĞƉĞƚŝƚŝǀĞ ĂĐĐŽƵŶƚĂďůĞĚŝƐĐůŽƐƵƌĞƐ͘ ϯ͘ŝƐĐůŽƐƵƌĞ/ŶĨŽƌŵĂƚŝŽŶĨŽƌ>ĂƌŐĞZĞƐĞĂƌĐŚĐƚŝǀŝƚŝĞƐ͘ &ŽƌĚŝƐĐůŽƐƵƌĞƐŽĨ ŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ƚŚĂƚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŵĂŬĞƐĨŽƌƉĂƌƚŝĐƵůĂƌ ZĞƐĞĂƌĐŚŝŶǀŽůǀŝŶŐϱϬŽƌŵŽƌĞŝŶĚŝǀŝĚƵĂůƐĂŶĚĨŽƌǁŚŝĐŚĂŶ/ŶƐƚŝƚƵƚŝŽŶĂů ZĞǀŝĞǁŽĂƌĚŽƌWƌŝǀĂĐǇŽĂƌĚŚĂƐǁĂŝǀĞĚĂƵƚŚŽƌŝǌĂƚŝŽŶĚƵƌŝŶŐƚŚĞ % 3DFNHW3J 'E ƉĞƌŝŽĚĐŽǀĞƌĞĚďǇĂŶŝŶĚŝǀŝĚƵĂů͛ƐĚŝƐĐůŽƐƵƌĞĂĐĐŽƵŶƚŝŶŐƌĞƋƵĞƐƚ͕ƚŚĞ ŝƐĐůŽƐƵƌĞ/ŶĨŽƌŵĂƚŝŽŶƚŚĂƚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŵƵƐƚƌĞĐŽƌĚŝƐ;ŝͿƚŚĞ ŶĂŵĞŽĨƚŚĞZĞƐĞĂƌĐŚƉƌŽƚŽĐŽůŽƌĂĐƚŝǀŝƚǇ͕;ŝŝͿĂƉůĂŝŶůĂŶŐƵĂŐĞĚĞƐĐƌŝƉƚŝŽŶ ŽĨƚŚĞZĞƐĞĂƌĐŚƉƌŽƚŽĐŽůŽƌĂĐƚŝǀŝƚǇ͕ŝŶĐůƵĚŝŶŐŝƚƐƉƵƌƉŽƐĞĂŶĚĐƌŝƚĞƌŝĂĨŽƌ ƐĞůĞĐƚŝŶŐƉĂƌƚŝĐƵůĂƌƌĞĐŽƌĚƐ͕;ŝŝŝͿĂďƌŝĞĨĚĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞƚǇƉĞŽĨŽǀĞƌĞĚ ŶƚŝƚǇ͛ƐW,/ĚŝƐĐůŽƐĞĚĨŽƌƚŚĞZĞƐĞĂƌĐŚ͕;ŝǀͿƚŚĞĚĂƚĞƐŽƌƉĞƌŝŽĚƐĚƵƌŝŶŐ ǁŚŝĐŚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŵĂĚĞŽƌŵĂǇŚĂǀĞŵĂĚĞƚŚĞƐĞĚŝƐĐůŽƐƵƌĞƐ͕ ŝŶĐůƵĚŝŶŐƚŚĞĚĂƚĞŽĨƚŚĞůĂƐƚĚŝƐĐůŽƐƵƌĞƚŚĂƚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŵĂĚĞ ĚƵƌŝŶ ŐƚŚĞƉĞƌŝŽĚĐŽǀĞƌĞĚďǇĂŶŝŶĚŝǀŝĚƵĂů͛ƐĚŝƐĐůŽƐƵƌĞĂĐĐŽƵŶƚŝŶŐ ƌĞƋƵĞƐƚ͕;ǀͿƚŚĞŶĂŵĞ͕ĂĚĚƌĞƐƐ͕ĂŶĚƚĞůĞƉŚŽŶĞŶƵŵďĞƌŽĨƚŚĞZĞƐĞĂƌĐŚ ƐƉŽŶƐŽƌĂŶĚŽĨƚŚĞƌĞƐĞĂƌĐŚĞƌƚŽǁŚŽŵƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŵĂĚĞƚŚĞƐĞ ĚŝƐĐůŽƐƵƌĞƐ͕ĂŶĚ;ǀŝͿĂƐƚĂƚĞŵĞŶƚƚŚĂƚŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ƌĞůĂƚŝŶŐƚŽĂŶ ŝŶĚŝǀŝĚƵĂůƌĞƋƵĞƐƚŝŶŐƚŚĞĚŝƐĐůŽƐƵƌĞĂĐĐŽƵŶƚŝŶŐŵĂǇŽƌŵĂǇŶŽƚŚĂǀĞ ďĞĞŶĚŝƐĐůŽƐĞĚĨŽƌĂƉĂƌƚŝĐƵůĂƌZĞƐĞĂƌĐŚƉƌŽƚŽĐŽůŽƌĂĐƚŝǀŝƚǇ͘ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞƐŚĂůů͕ƵƉŽŶƌĞƋƵĞƐƚŽĨŽǀĞƌĞĚŶƚŝƚǇŽƌĂŶŝŶĚŝǀŝĚƵĂů ƌĞƋƵĞƐƚŝŶŐƚŚĞĚŝƐĐůŽƐƵƌĞĂĐĐŽƵŶƚŝŶŐ͕ĂƐƐŝƐƚŽǀĞƌĞĚŶƚŝƚǇŽƌƚŚĞ ŝŶĚŝǀŝĚƵĂůƚŽĐŽŶƚĂĐƚƚŚĞZĞƐĞĂƌĐŚƐƉŽŶƐŽƌĂŶĚƚŚĞƌĞƐĞĂƌĐŚĞƌŝĨŝƚŝƐ ƌĞĂƐŽŶĂďůǇůŝŬĞůǇƚŚĂƚŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ƌĞůĂƚŝŶŐƚŽƚŚĞŝŶĚŝǀŝĚƵĂůǁĂƐ ĚŝƐĐůŽƐĞĚĨŽƌƚŚĞƉĂƌƚŝĐƵůĂƌZĞƐĞĂƌĐŚƉƌŽƚŽĐŽůŽƌĂĐƚŝǀŝƚǇ͘ ͘ZĞƉŽƌƚŝŶŐŽĨŝƐĐůŽƐƵƌĞ/ŶĨŽƌŵĂƚŝŽŶ͘ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůƌĞƉŽƌƚƚŚĞ ŝƐĐůŽƐƵƌĞ/ŶĨŽƌŵĂƚŝŽŶƚŽŽǀĞƌĞĚŶƚŝƚǇǁŝƚŚŝŶĨŝǀĞ;ϱͿĚĂǇƐĨŽůůŽǁŝŶŐƚŚĞ ĂĐĐŽƵŶƚĂďůĞĚŝƐĐůŽƐƵƌĞ͘ ͘DĂŝŶƚĞŶĂŶĐĞŽĨŝƐĐůŽƐƵƌĞ/ŶĨŽƌŵĂƚŝŽŶ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƉƌŽǀŝĚĞĚďǇ ĂƉƉůŝĐĂďůĞůĂǁ͕ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůŵĂŝŶƚĂŝŶƚŚĞŝƐĐůŽƐƵƌĞ/ŶĨŽƌŵĂƚŝŽŶĨŽƌ ĂƚůĞĂƐƚϭϭǇĞĂƌƐĨŽůůŽǁŝŶŐƚŚĞĚĂƚĞŽĨƚŚĞĂĐĐŽƵŶƚĂďůĞĚŝƐĐůŽƐƵƌĞƚŽǁŚŝĐŚƚŚĞ ŝƐĐůŽƐƵƌĞ/ŶĨŽƌŵĂƚŝŽŶƌĞůĂƚĞƐ͘ &͘ZĞƐƚƌŝĐƚŝŽŶŐƌĞĞŵĞŶƚƐĂŶĚŽŶĨŝĚĞŶƚŝĂůŽŵŵƵŶŝĐĂƚŝŽŶƐ͘ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ ƐŚĂůůĐŽŵƉůǇǁŝƚŚĂŶǇĂŐƌĞĞŵĞŶƚƚŚĂƚŽǀĞƌĞĚŶƚŝƚǇŵĂŬĞƐƚŚĂƚĞŝƚŚĞƌ;ŝͿ ƌĞƐƚƌŝĐƚƐƵƐĞŽƌĚŝƐĐůŽƐƵƌĞŽĨŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ƉƵƌƐƵĂŶƚƚŽϰϱ͘&͘Z͘Α ϭϲϰ͘ϱϮϮ;ĂͿ͕Žƌ;ŝŝͿƌĞƋƵŝƌĞƐĐŽŶĨŝĚĞŶƚŝĂůĐŽŵŵƵŶŝĐĂƚŝŽŶĂďŽƵƚŽǀĞƌĞĚŶƚŝƚǇ͛Ɛ W,/ƉƵƌƐƵĂŶƚƚŽϰϱ͘&͘Z͘Αϭϲϰ͘ϱϮϮ;ďͿ͕ƉƌŽǀŝĚĞĚƚŚĂƚŽǀĞƌĞĚŶƚŝƚǇŶŽƚŝĨŝĞƐ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŝŶǁƌŝƚŝŶŐŽĨƚŚĞƌĞƐƚƌŝĐƚŝŽŶŽƌĐŽŶĨŝĚĞŶƚŝĂůĐŽŵŵƵŶŝĐĂƚŝŽŶ ŽďůŝŐĂƚŝŽŶƐƚŚĂƚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŵƵƐƚĨŽůůŽǁ͘ŽǀĞƌĞĚŶƚŝƚǇǁŝůůƉƌŽŵƉƚůǇ ŶŽƚŝĨǇƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŝŶǁƌŝƚŝŶŐŽĨƚŚĞƚĞƌŵŝŶĂƚŝŽŶŽĨĂŶǇƐƵĐŚƌĞƐƚƌŝĐƚŝŽŶ ĂŐƌĞĞŵĞŶƚŽƌĐŽŶĨŝĚĞŶƚŝĂůĐŽŵŵƵŶŝĐĂƚŝŽŶƌĞƋƵŝƌĞŵĞŶƚĂŶĚ͕ǁŝƚŚƌĞƐƉĞĐƚƚŽ ƚĞƌŵŝŶĂƚŝŽŶŽĨĂŶǇƐƵĐŚƌĞƐƚƌŝĐƚŝŽŶĂŐƌĞĞŵĞŶƚ͕ŝŶƐƚƌƵĐƚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ ǁŚĞƚŚĞƌĂŶǇŽĨŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ǁŝůůƌĞŵĂŝŶƐƵďũĞĐƚƚŽƚŚĞƚĞƌŵƐŽĨƚŚĞ ƌĞƐƚƌŝĐƚŝŽŶĂŐƌĞĞŵĞŶƚ͘ /s͘WƌŝǀĂĐǇKďůŝŐĂƚŝŽŶƌĞĂĐŚĂŶĚ^ĞĐƵƌŝƚǇ/ŶĐŝĚĞŶƚƐ ͘ ͘ZĞƉŽƌƚŝŶŐ͘ ϭ͘WƌŝǀĂĐǇƌĞĂĐŚ͘ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůƌĞƉŽƌƚƚŽŽǀĞƌĞĚŶƚŝƚǇĂŶǇƵƐĞ ŽƌĚŝƐĐůŽƐƵƌĞŽĨŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ŶŽƚƉĞƌŵŝƚƚĞĚďǇƚŚŝƐŽƌŝŶ ǁƌŝƚŝŶŐďǇŽǀĞƌĞĚŶƚŝƚǇ͘/ŶĂĚĚŝƚŝŽŶ͕ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůƌĞƉŽƌƚ͕ ĨŽůůŽǁŝŶŐĚŝƐĐŽǀĞƌǇĂŶĚǁŝƚŚŽƵƚƵŶƌĞĂƐŽŶĂďůĞĚĞůĂǇ͕ďƵƚŝŶŶŽĞǀĞŶƚůĂƚĞƌ % 3DFNHW3J 'E ƚŚĂŶĨŝǀĞ;ϱͿĚĂǇƐĨŽůůŽǁŝŶŐĚŝƐĐŽǀĞƌǇ͕ĂŶǇΗƌĞĂĐŚΗŽĨΗhŶƐĞĐƵƌĞĚ WƌŽƚĞĐƚĞĚ,ĞĂůƚŚ/ŶĨŽƌŵĂƚŝŽŶΗĂƐƚŚĞƐĞƚĞƌŵƐĂƌĞĚĞĨŝŶĞĚďǇƚŚĞƌĞĂĐŚ EŽƚŝĨŝĐĂƚŝŽŶZĞŐƵůĂƚŝŽŶ͘hƉŽŶŽǀĞƌĞĚŶƚŝƚǇ͛ƐƌĞƋƵĞƐƚ͕ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞƐŚĂůůƉĞƌĨŽƌŵĂƌŝƐŬĂƐƐĞƐƐŵĞŶƚƚŽĚĞƚĞƌŵŝŶĞǁŚĞƚŚĞƌƚŚĞƌĞŝƐ ĂůŽǁƉƌŽďĂďŝůŝƚǇƚŚĂƚƚŚĞW,/ŚĂƐďĞĞŶĐŽŵƉƌŽŵŝƐĞĚƉƵƌƐƵĂŶƚƚŽƚŚĞ ƌĞĂĐŚEŽƚŝĨŝĐĂƚŝŽŶZĞŐƵůĂƚŝŽŶ͘ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůƉƌŽǀŝĚĞ ĚŽĐƵŵĞŶƚĂƚŝŽŶƌĞůĂƚŝŶŐƚŽƚŚĞƌŝƐŬĂƐƐĞƐƐŵĞŶƚǁŚĞŶƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ ƌĞƉŽƌƚƐƚŚĞƌĞĂĐŚƚŽŽǀĞƌĞĚŶƚŝƚǇ͘/ĨƚŚĞŽǀĞƌĞĚŶƚŝƚǇĚĞƚĞƌŵŝŶĞƐ ƚŚĂƚŶŽƚŝĐĞƚŽƚŚĞŝŶĚŝǀŝĚƵĂů;ƐͿ͕ŵĞĚŝĂŽƌ,,^ŝƐƌĞƋƵŝƌĞĚ͕ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶǇĂŶĚĂůůĐŽƐƚƐƌĞůĂƚŝŶŐƚŽƐƵĐŚŶŽƚŝĐĞ͘ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůĐŽŽƉĞƌĂƚĞǁŝƚŚŽǀĞƌĞĚŶƚŝƚǇŝŶŝŶǀĞƐƚŝŐĂƚŝŶŐ ƚŚĞƌĞĂĐŚĂŶĚŝŶŵĞĞƚŝŶŐƚŚĞŽǀĞƌĞĚŶƚŝƚǇ͛ƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚĞ ƌĞĂĐŚEŽƚŝĨŝĐĂƚŝŽŶZĞŐƵůĂƚŝŽŶ͕ĂŶĚĂŶǇŽƚŚĞƌƐĞĐƵƌŝƚǇďƌĞĂĐŚŶŽƚŝĨŝĐĂƚŝŽŶ ůĂǁƐ͘ Ϯ͘ ŶǇƐƵĐŚƌĞƉŽƌƚǁŝůůŝŶĐůƵĚĞƚŚĞŝĚĞŶƚŝĨŝĐĂƚŝŽŶ;ŝĨŬŶŽǁŶͿŽĨĞĂĐŚ ŝŶĚŝǀŝĚƵĂůǁŚŽƐĞhŶƐĞĐƵƌĞĚW,/ŚĂƐďĞĞŶ͕ŽƌŝƐƌĞĂƐŽŶĂďůǇďĞůŝĞǀĞĚďǇ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƚŽŚĂǀĞďĞĞŶ͕ĂĐĐĞƐƐĞĚ͕ĂĐƋƵŝƌĞĚ͕ŽƌĚŝƐĐůŽƐĞĚĚƵƌŝŶŐ ƐƵĐŚƌĞĂĐŚ͘ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůŵĂŬĞƚŚĞƌĞƉŽƌƚƚŽŽǀĞƌĞĚ ŶƚŝƚǇ͛ƐWƌŝǀĂĐǇKĨĨŝĐĞƌŶŽƚŵŽƌĞƚŚĂŶĨŝǀĞ;ϱͿĚĂǇƐĂĨƚĞƌƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞůĞĂƌŶƐŽĨƐƵĐŚŶŽŶͲƉĞƌŵŝƚƚĞĚƵƐĞŽƌĚŝƐĐůŽƐƵƌĞ͘ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ͛ƐƌĞƉŽƌƚǁŝůůĂƚůĞĂƐƚ͗ Ă͘ /ĚĞŶƚŝĨǇƚŚĞŶĂƚƵƌĞŽĨƚŚĞŶŽŶͲƉĞƌŵŝƚƚĞĚĂĐĐĞƐƐ͕ƵƐĞŽƌ ĚŝƐĐůŽƐƵƌĞ͕ŝŶĐůƵĚŝŶŐƚŚĞĚĂƚĞŽĨƚŚĞƌĞĂĐŚĂŶĚƚŚĞĚĂƚĞŽĨ ĚŝƐĐŽǀĞƌǇŽĨƚŚĞƌĞĂĐŚ͖ ď͘ /ĚĞŶƚŝĨǇŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ĂĐĐĞƐƐĞĚ͕ƵƐĞĚŽƌĚŝƐĐůŽƐĞĚĂƐƉĂƌƚŽĨ ƚŚĞƌĞĂĐŚ;Ğ͘Ő͕͘ĨƵůůŶĂŵĞ͕ƐŽĐŝĂůƐĞĐƵƌŝƚǇŶƵŵďĞƌ͕ĚĂƚĞŽĨďŝƌƚŚ͕ ĞƚĐ͘Ϳ͖ Đ͘ /ĚĞŶƚŝĨǇǁŚŽŵĂĚĞƚŚĞŶŽŶͲƉĞƌŵŝƚƚĞĚĂĐĐĞƐƐ͕ƵƐĞŽƌĚŝƐĐůŽƐƵƌĞ ĂŶĚǁŚŽƌĞĐĞŝǀĞĚƚŚĞŶŽŶͲƉĞƌŵŝƚƚĞĚĚŝƐĐůŽƐƵƌĞ͖ Ě͘ /ĚĞŶƚŝĨǇǁŚĂƚĐŽƌƌĞĐƚŝǀĞĂĐƚŝŽŶƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƚŽŽŬŽƌǁŝůů ƚĂŬĞƚŽƉƌĞǀĞŶƚĨƵƌƚŚĞƌŶŽŶͲƉĞƌŵŝƚƚĞĚĂĐĐĞƐƐ͕ƵƐĞƐŽƌĚŝƐĐůŽƐƵƌĞƐ͖ Ğ͘ /ĚĞŶƚŝĨǇǁŚĂƚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞĚŝĚŽƌǁŝůůĚŽƚŽŵŝƚŝŐĂƚĞĂŶǇ ĚĞůĞƚĞƌŝŽƵƐĞĨĨĞĐƚŽĨƚŚĞŶŽŶͲƉĞƌŵŝƚƚĞĚĂĐĐĞƐƐ͕ƵƐĞŽƌĚŝƐĐůŽƐƵƌĞ͖ ĂŶĚ Ĩ ͘WƌŽǀŝĚĞƐƵĐŚŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶ͕ŝŶĐůƵĚŝŶŐĂǁƌŝƚƚĞŶƌĞƉŽƌƚ͕ĂƐ ŽǀĞƌĞĚŶƚŝƚǇŵĂǇƌĞĂƐŽŶĂďůǇƌĞƋƵĞƐƚ͘ ͘^ĞĐƵƌŝƚǇ/ŶĐŝĚĞŶƚƐ͘ dŚĞ^ĞĐƵƌŝƚǇZƵůĞƐĚĞĨŝŶĞĂΗ^ĞĐƵƌŝƚǇ/ŶĐŝĚĞŶƚΗĂƐĂŶ ĂƚƚĞŵƉƚĞĚŽƌƐƵĐĐĞƐƐĨƵůƵŶĂƵƚŚŽƌŝǌĞĚĂĐĐĞƐƐ͕ƵƐĞ͕ĚŝƐĐůŽƐƵƌĞ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĚĞƐƚƌƵĐƚŝŽŶŽĨŝŶĨŽƌŵĂƚŝŽŶŽƌŝŶƚĞƌĨĞƌĞŶĐĞǁŝƚŚƐǇƐƚĞŵŽƉĞƌĂƚŝŽŶƐŝŶĂŶ ;ΗĞͲW,/ΗͿ ŝŶĨŽƌŵĂƚŝŽŶƐǇƐƚĞŵ͕ŝŶǀŽůǀŝŶŐĞůĞĐƚƌŽŶŝĐW,/ƚŚĂƚŝƐĐƌĞĂƚĞĚ͕ƌĞĐĞŝǀĞĚ͕ ŵĂŝŶƚĂŝŶĞĚŽƌƚƌĂŶƐŵŝƚƚĞĚďǇŽƌŽŶďĞŚĂůĨŽĨĂWĂƌƚǇ͘^ŝŶĐĞƚŚĞ^ĞĐƵƌŝƚǇZƵůĞƐ ŝŶĐůƵĚĞĂƚƚĞŵƉƚĞĚƵŶĂƵƚŚŽƌŝǌĞĚĂĐĐĞƐƐ͕ƵƐĞ͕ĚŝƐĐůŽƐƵƌĞ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĚĞƐƚƌƵĐƚŝŽŶŽĨŝŶĨŽƌŵĂƚŝŽŶ͕ŽǀĞƌĞĚŶƚŝƚǇŶĞĞĚƐƚŽŚĂǀĞŶŽƚŝĐĞŽĨĂƚƚĞŵƉƚƐƚŽ % 3DFNHW3J 'E ďǇƉĂƐƐĞůĞĐƚƌŽŶŝĐƐĞĐƵƌŝƚǇŵĞĐŚĂŶŝƐŵƐ͘dŚĞWĂƌƚŝĞƐƌĞĐŽŐŶŝǌĞĂŶĚĂŐƌĞĞƚŚĂƚƚŚĞ ƐŝŐŶŝĨŝĐĂŶƚŶƵŵďĞƌŽĨŵĞĂŶŝŶŐůĞƐƐĂƚƚĞŵƉƚƐƚŽ͕ǁŝƚŚŽƵƚĂƵƚŚŽƌŝǌĂƚŝŽŶ͕ĂĐĐĞƐƐƵƐĞ͕ ĚŝƐĐůŽƐĞ͕ŵŽĚŝĨǇŽƌĚĞƐƚƌŽǇĞͲW,/ǁŝůůŵĂŬĞĂƌĞĂůͲƚŝŵĞƌĞƉŽƌƚŝŶŐƌĞƋƵŝƌĞŵĞŶƚ ĨŽƌŵŝĚĂďůĞĨŽƌƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞWĂƌƚŝĞƐĂŐƌĞĞƚŽƚŚĞĨŽůůŽǁŝŶŐ ƌĞƉŽƌƚŝŶŐƉƌŽĐĞĚƵƌĞƐĨŽƌ^ĞĐƵƌŝƚǇ/ŶĐŝĚĞŶƚƐƚŚĂƚƌĞƐƵůƚŝŶƵŶĂƵƚŚŽƌŝǌĞĚĂĐĐĞƐƐ͕ƵƐĞ͕ ĚŝƐĐůŽƐƵƌĞ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĚĞƐƚƌƵĐƚŝŽŶŽĨŝŶĨŽƌŵĂƚŝŽŶŽƌŝŶƚĞƌĨĞƌĞŶĐĞǁŝƚŚƐǇƐƚĞŵ ;Η^ƵĐĐĞƐƐĨƵů^ĞĐƵƌŝƚǇ/ŶĐŝĚĞŶƚƐΗͿ ŽƉĞƌĂƚŝŽŶƐĂŶĚĨŽƌ^ĞĐƵƌŝƚǇ/ŶĐŝĚĞŶƚƐƚŚĂƚĚŽŶŽƚ ;ΗhŶƐƵĐĐĞƐƐĨƵů^ĞĐƵƌŝƚǇ/ŶĐŝĚĞŶƚƐΗͿ͘ ƐŽƌĞƐƵůƚ &ŽƌhŶƐƵĐĐĞƐƐĨƵů^ĞĐƵƌŝƚǇ/ŶĐŝĚĞŶƚƐ͕ƚŚĞWĂƌƚŝĞƐĂŐƌĞĞƚŚĂƚƚŚŝƐƉĂƌĂŐƌĂƉŚ ĐŽŶƐƚŝƚƵƚĞƐŶŽƚŝĐĞŽĨƐƵĐŚhŶƐƵĐĐĞƐƐĨƵů^ĞĐƵƌŝƚǇ/ŶĐŝĚĞŶƚƐ͘ǇǁĂǇŽĨĞǆĂŵƉůĞ͕ƚŚĞ WĂƌƚŝĞƐĐŽŶƐŝĚĞƌƚŚĞĨŽůůŽǁŝŶŐƚŽďĞŝůůƵƐƚƌĂƚŝǀĞŽĨhŶƐƵĐĐĞƐƐĨƵů^ĞĐƵƌŝƚǇ/ŶĐŝĚĞŶƚƐ ǁŚĞŶƚŚĞǇĚŽŶŽƚƌĞƐƵůƚŝŶĂĐƚƵĂůƵŶĂƵƚŚŽƌŝǌĞĚĂĐĐĞƐƐ͕ƵƐĞ͕ĚŝƐĐůŽƐƵƌĞ͕ ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĚĞƐƚƌƵĐƚŝŽŶŽĨĞͲW,/ŽƌŝŶƚĞƌĨĞƌĞŶĐĞǁŝƚŚĂŶŝŶĨŽƌŵĂƚŝŽŶƐǇƐƚĞŵ͗ WŝŶŐƐŽŶƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞΖƐĨŝƌĞǁĂůů͕ R WŽƌƚƐĐĂŶƐ͕ R ƚƚĞŵƉƚƐƚŽůŽŐŽŶƚŽĂƐǇƐƚĞŵŽƌĞŶƚĞƌĂĚĂƚĂďĂƐĞǁŝƚŚĂŶŝŶǀĂůŝĚƉĂƐƐǁŽƌĚ R ŽƌƵƐĞƌŶĂŵĞ͕ ĞŶŝĂůͲŽĨͲƐĞƌǀŝĐĞĂƚƚĂĐŬƐƚŚĂƚĚŽŶŽƚƌĞƐƵůƚŝŶĂƐĞƌǀĞƌďĞŝŶŐƚĂŬĞŶŽĨĨͲůŝŶĞ͕ R ĂŶĚ DĂůǁĂƌĞ;ǁŽƌŵƐ͕ǀŝƌƵƐĞƐ͕ĞƚĐ͘Ϳ R ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůƌĞƉŽƌƚƚŽŽǀĞƌĞĚŶƚŝƚǇĂŶǇ^ƵĐĐĞƐƐĨƵů^ĞĐƵƌŝƚǇ /ŶĐŝĚĞŶƚƐŽĨǁŚŝĐŚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞďĞĐŽŵĞƐĂǁĂƌĞ͘ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůů ŵĂŬĞƚŚŝƐƌĞƉŽƌƚƵƉŽŶŽǀĞƌĞĚŶƚŝƚǇ͛ƐƌĞƋƵĞƐƚ͕ĞǆĐĞƉƚŝĨĂŶǇƐƵĐŚƐĞĐƵƌŝƚǇ ŝŶĐŝĚĞŶƚƌĞƐƵůƚĞĚŝŶĂĚŝƐĐůŽƐƵƌĞŽĨŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ŶŽƚƉĞƌŵŝƚƚĞĚďǇƚŚŝƐ ͕ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůŵĂŬĞƚŚĞƌĞƉŽƌƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ^ĞĐƚŝŽŶ///͘ ĂďŽǀĞ͘ ͘DŝƚŝŐĂƚŝŽŶ͘ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞĂŐƌĞĞƐƚŽŵŝƚŝŐĂƚĞ͕ƚŽƚŚĞĞǆƚĞŶƚƉƌĂĐƚŝĐĂďůĞ͕ĂŶǇ ŚĂƌŵĨƵůĞĨĨĞĐƚƚŚĂƚŝƐŬŶŽǁŶƚŽƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŽĨĂhƐĞŽƌŝƐĐůŽƐƵƌĞŽĨW,/ ďǇƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŝŶǀŝŽůĂƚŝŽŶŽĨƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚŝƐ͕ŝŶĐůƵĚŝŶŐ͕ďƵƚ ŶŽƚůŝŵŝƚĞĚƚŽ͕ƌĞŝŵďƵƌƐŝŶŐŽǀĞƌĞĚŶƚŝƚǇĨŽƌĂŶǇĂŶĚĂůůĐŽƐƚƐƌĞůĂƚĞĚƚŽĐƌĞĚŝƚͲ ŵŽŶŝƚŽƌŝŶŐŽĨŽǀĞƌĞĚŶƚŝƚǇ͛ƐŵĞŵďĞƌƐ͘ ͘dĞƌŵŝŶĂƚŝŽŶŽĨ͘ ϭZŝŐŚƚƚŽdĞƌŵŝŶĂƚĞĨŽƌƌĞĂĐŚ͘ ͘ŽǀĞƌĞĚŶƚŝƚǇŵĂǇƚĞƌŵŝŶĂƚĞƚŚŝƐ ;ĂƐǁĞůůĂƐĂŶǇŽƚŚĞƌĂŐƌĞĞŵĞŶƚƚŽǁŚŝĐŚƚŚŝƐŝƐĂƚƚĂĐŚĞĚͿŝĨŝƚ ĚĞƚĞƌŵŝŶĞƐ͕ŝŶŝƚƐƐŽůĞĚŝƐĐƌĞƚŝŽŶ͕ƚŚĂƚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŚĂƐďƌĞĂĐŚĞĚ ĂŶǇƉƌŽǀŝƐŝŽŶŽĨƚŚŝƐĂŶĚƵƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ ŽĨƚŚĞďƌĞĂĐŚ͕ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞĨĂŝůƐƚŽĐƵƌĞƚŚĞďƌĞĂĐŚǁŝƚŚŝŶƚĞŶ;ϭϬͿ ĚĂǇƐĂĨƚĞƌƌĞĐĞŝƉƚŽĨƚŚĞŶŽƚŝĐĞ͘ŽǀĞƌĞĚŶƚŝƚǇŵĂǇĞǆĞƌĐŝƐĞƚŚŝƐƌŝŐŚƚƚŽ ƚĞƌŵŝŶĂƚĞƚŚŝƐďǇƉƌŽǀŝĚŝŶŐƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨ ƚĞƌŵŝŶĂƚŝŽŶ͕ƐƚĂƚŝŶŐƚŚĞĨĂŝůƵƌĞƚŽĐƵƌĞƚŚĞďƌĞĂĐŚŽĨƚŚĞƚŚĂƚ ƉƌŽǀŝĚĞƐƚŚĞďĂƐŝƐĨŽƌƚŚĞƚĞƌŵŝŶĂƚŝŽŶ͘ŶǇƐƵĐŚƚĞƌŵŝŶĂƚŝŽŶǁŝůůďĞ ĞĨĨĞĐƚŝǀĞŝŵŵĞĚŝĂƚĞůǇŽƌĂƚƐƵĐŚŽƚŚĞƌĚĂƚĞƐƉĞĐŝĨŝĞĚŝŶŽǀĞƌĞĚŶƚŝƚǇ͛Ɛ % 'E ŶŽƚŝĐĞŽĨƚĞƌŵŝŶĂƚŝŽŶ͘/ĨĨŽƌĂŶǇƌĞĂƐŽŶŽǀĞƌĞĚŶƚŝƚǇĚĞƚĞƌŵŝŶĞƐƚŚĂƚ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŚĂƐďƌĞĂĐŚĞĚƚŚĞƚĞƌŵƐŽĨƚŚŝƐĂŶĚƐƵĐŚďƌĞĂĐŚ ŚĂƐŶŽƚďĞĞŶĐƵƌĞĚ͕ďƵƚŽǀĞƌĞĚŶƚŝƚǇĚĞƚĞƌŵŝŶĞƐƚŚĂƚƚĞƌŵŝŶĂƚŝŽŶŽĨ ƚŚĞŝƐŶŽƚĨĞĂƐŝďůĞ͕ŽǀĞƌĞĚŶƚŝƚǇŵĂǇƌĞƉŽƌƚƐƵĐŚďƌĞĂĐŚƚŽƚŚĞh͘^͘ ĞƉĂƌƚŵĞŶƚŽĨ,ĞĂůƚŚĂŶĚ,ƵŵĂŶ^ĞƌǀŝĐĞƐ͘ ϮdĞƌŵŝŶĂƚŝŽŶhƉŽŶǆƉŝƌĂƚŝŽŶŽƌdĞƌŵŝŶĂƚŝŽŶŽĨZĞůĂƚĞĚŐƌĞĞŵĞŶƚ;ƐͿ͘ ͘ /ŶƚŚĞĞǀĞŶƚĂŶǇƵŶĚĞƌůǇŝŶŐĂŐƌĞĞŵĞŶƚ;ƐͿƚŽǁŚŝĐŚƚŚŝƐŝƐĂƚƚĂĐŚĞĚ ĞǆƉŝƌĞƐŽƌŝƐƚĞƌŵŝŶĂƚĞĚ͕ƚŚŝƐƐŚĂůůĂůƐŽďĞƚĞƌŵŝŶĂƚĞĚ͕ĞĨĨĞĐƚŝǀĞĂƐ ƚŚĞĚĂƚĞŽĨƚŚĞĞǆƉŝƌĂƚŝŽŶŽƌƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞƵŶĚĞƌůǇŝŶŐĂŐƌĞĞŵĞŶƚ;ƐͿ͘ ϯ͘KďůŝŐĂƚŝŽŶƐŽŶdĞƌŵŝŶĂƚŝŽŶ͘ Ă͘ZĞƚƵƌŶŽƌĞƐƚƌƵĐƚŝŽŶŽĨŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ĂƐ&ĞĂƐŝďůĞ͘ hƉŽŶ ƚĞƌŵŝŶĂƚŝŽŶŽƌŽƚŚĞƌĐŽŶĐůƵƐŝŽŶŽĨƚŚŝƐ͕ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ ƐŚĂůů͕ŝĨĨĞĂƐŝďůĞ͕ƌĞƚƵƌŶƚŽŽǀĞƌĞĚŶƚŝƚǇŽƌĚĞƐƚƌŽǇŽǀĞƌĞĚ ŶƚŝƚǇ͛ƐĞŶƚŝƌĞW,/ŝŶǁŚĂƚĞǀĞƌĨŽƌŵŽƌŵĞĚŝƵŵ͕ŝŶĐůƵĚŝŶŐĂůů ĐŽƉŝĞƐƚŚĞƌĞŽĨĂŶĚĂůůĚĂƚĂ͕ĐŽŵƉŝůĂƚŝŽŶƐ͕ĂŶĚŽƚŚĞƌǁŽƌŬƐĚĞƌŝǀĞĚ ƚŚĞƌĞĨƌŽŵƚŚĂƚĂůůŽǁŝĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨĂŶǇŝŶĚŝǀŝĚƵĂůǁŚŽŝƐĂ ƐƵďũĞĐƚŽĨŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/͘ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚ ĂůůƌĞƋƵŝƌĞ ĂŶǇƐƵďĐŽŶƚƌĂĐƚŽƌŽƌĂŐĞŶƚ͕ƚŽǁŚŝĐŚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŚĂƐ ĚŝƐĐůŽƐĞĚŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ĂƐƉĞƌŵŝƚƚĞĚďǇ^ĞĐƚŝŽŶ/͘ŽĨƚŚŝƐ ͕ƚŽŝĨĨĞĂƐŝďůĞƌĞƚƵƌŶƚŽƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ;ƐŽƚŚĂƚƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞŵĂǇƌĞƚƵƌŶŝƚƚŽŽǀĞƌĞĚŶƚŝƚǇͿŽƌĚĞƐƚƌŽǇĂůůŽĨ ŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ŝŶǁŚĂƚĞǀĞƌĨŽƌŵŽƌŵĞĚŝƵŵƌĞĐĞŝǀĞĚĨƌŽŵ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ͕ŝŶĐůƵĚŝŶŐĂůůĐŽƉŝĞƐƚŚĞƌĞŽĨĂŶĚĂůůĚĂƚĂ͕ ĐŽŵƉŝůĂƚŝŽŶƐ͕ĂŶĚŽƚŚĞƌǁŽƌŬƐĚĞƌŝǀĞĚƚŚĞƌĞĨƌŽŵƚŚĂƚĂůůŽǁ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨĂŶǇŝŶĚŝǀŝĚƵĂůǁŚŽŝƐĂƐƵďũĞĐƚŽĨŽǀĞƌĞĚŶƚŝƚǇ͛Ɛ W,/͕ĂŶĚĐĞƌƚŝĨǇŽŶŽĂƚŚƚŽƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƚŚĂƚĂůůƐƵĐŚ ŝŶĨŽƌŵĂƚŝŽŶŚĂƐďĞĞŶƌĞƚƵƌŶĞĚŽƌĚĞƐƚƌŽǇĞĚ͘ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ ƐŚĂůůĐŽŵƉůĞƚĞƚŚĞƐĞŽďůŝŐĂƚŝŽŶƐĂƐƉƌŽŵƉƚůǇĂƐƉŽƐƐŝďůĞ͕ďƵƚŶŽƚ ůĂƚĞƌƚŚĂŶƚŚŝƌƚǇ;ϯϬͿĚĂǇƐĨŽůůŽǁŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƚŚĞ ƚĞƌŵŝŶĂƚŝŽŶŽƌŽƚŚĞƌĐŽŶĐůƵƐŝŽŶŽĨƚŚŝƐ͘ ď͘WƌŽĐĞĚƵƌĞtŚĞŶZĞƚƵƌŶŽƌĞƐƚƌƵĐƚŝŽŶ/ƐEŽƚ&ĞĂƐŝďůĞ͘ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞƐŚĂůůŝĚĞŶƚŝĨǇĂŶǇŽĨŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/͕ŝŶĐůƵĚŝŶŐĂŶǇ ƚŚĂƚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŚĂƐĚŝƐĐůŽƐĞĚƚŽƐƵďĐŽŶƚƌĂĐƚŽƌƐŽƌĂŐĞŶƚƐ ĂƐƉĞƌŵŝƚƚĞĚďǇ^ĞĐƚŝŽŶ/͘ŽĨƚŚŝƐ͕ƚŚĂƚĐĂŶŶŽƚĨĞĂƐŝďůǇďĞ ƌĞƚƵƌŶĞĚƚŽŽǀĞƌĞĚŶƚŝƚǇŽƌĚĞƐƚƌŽǇĞĚĂŶĚĞǆƉůĂŝŶǁŚǇƌĞƚƵƌŶ ŽƌĚĞƐƚƌƵĐƚŝŽŶŝƐŝŶĨĞĂƐŝďůĞ͘tŚĞƌĞŽǀĞƌĞĚŶƚŝƚǇĂŐƌĞĞƐƚŚĂƚ ƐƵĐŚƌĞƚƵƌŶŽƌĚĞƐƚƌƵĐƚŝŽŶŝƐŝŶĨĞĂƐŝďůĞ͕ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůů ůŝŵŝƚŝƚƐĨƵƌƚŚĞƌƵƐĞŽƌĚŝƐĐůŽƐƵƌĞŽĨƐƵĐŚŝŶĨŽƌŵĂƚŝŽŶƚŽƚŚŽƐĞ ƉƵƌƉŽƐĞƐƚŚĂƚŵĂŬĞƌĞƚƵƌŶŽƌĚĞƐƚƌƵĐƚŝŽŶŽĨƐƵĐŚŝŶĨŽƌŵĂƚŝŽŶ ŝŶĨĞĂƐŝďůĞ͘/ĨŽǀĞƌĞĚŶƚŝƚǇĚŽĞƐŶŽƚĂŐƌĞĞ͕ƐƵďƉĂƌĂŐƌĂƉŚϯ͘Ă͘ ĂďŽǀĞƐŚĂůůĂƉƉůǇ͘ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůƌĞƋƵŝƌĞƐƵĐŚ ƐƵďĐŽŶƚƌĂĐƚŽƌŽƌĂŐĞŶƚƚŽůŝŵŝƚŝƚƐĨƵƌƚŚĞƌƵƐĞŽƌĚŝƐĐůŽƐƵƌĞŽĨ ŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ƚŚĂƚƐƵĐŚƐƵďĐŽŶƚƌĂĐƚŽƌŽƌĂŐĞŶƚĐĂŶŶŽƚ ĨĞĂƐŝďůǇƌĞƚƵƌŶŽƌĚĞƐƚƌŽǇƚŽƚŚŽƐĞƉƵƌƉŽƐĞƐƚŚĂƚŵĂŬĞƚŚĞƌĞƚƵƌŶ ŽƌĚĞƐƚƌƵĐƚŝŽŶŽĨƐƵĐŚŝŶĨŽƌŵĂƚŝŽŶŝŶĨĞĂƐŝďůĞ͘ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ % 3DFNHW3J 'E ƐŚĂůůĐŽŵƉůĞƚĞƚŚĞƐĞŽďůŝŐĂƚŝŽŶƐĂƐƉƌŽŵƉƚůǇĂƐƉŽƐƐŝďůĞ͕ďƵƚŶŽƚ ůĂƚĞƌƚŚĂŶƚŚŝƌƚǇ;ϯϬͿĚĂǇƐĨŽůůŽǁŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƚŚĞ ƚĞƌŵŝŶĂƚŝŽŶŽƌŽƚŚĞƌĐŽŶĐůƵƐŝŽŶŽĨƚŚŝƐ͘ Đ͘ŽŶƚŝŶƵŝŶŐWƌŝǀĂĐǇĂŶĚ^ĞĐƵƌŝƚǇKďůŝŐĂƚŝŽŶ͘ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ͛Ɛ ŽďůŝŐĂƚŝŽŶƚŽƉƌŽƚĞĐƚƚŚĞƉƌŝǀĂĐǇĂŶĚƐĂĨĞŐƵĂƌĚƚŚĞƐĞĐƵƌŝƚǇŽĨ ŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ĂƐƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐǁŝůůďĞĐŽŶƚŝŶƵŽƵƐ ĂŶĚƐƵƌǀŝǀĞƚĞƌŵŝŶĂƚŝŽŶŽƌŽƚŚĞƌĐŽŶĐůƵƐŝŽŶŽĨƚŚŝƐ͘ ͘/ŶĚĞŵŶŝƚǇ͘ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůŝŶĚĞŵŶŝĨǇĂŶĚŚŽůĚŚĂƌŵůĞƐƐŽǀĞƌĞĚŶƚŝƚǇ ĂŶĚĂŶǇŽǀĞƌĞĚŶƚŝƚǇĂĨĨŝůŝĂƚĞ͕ŽĨĨŝĐĞƌ͕ĚŝƌĞĐƚŽƌ͕ĞŵƉůŽǇĞĞŽƌĂŐĞŶƚĨƌŽŵĂŶĚ ĂŐĂŝŶƐƚĂŶǇĐůĂŝŵ͕ĐĂƵƐĞŽĨĂĐƚŝŽŶ͕ůŝĂďŝůŝƚǇ͕ĚĂŵĂŐĞ͕ĨŝŶĞƐ͕ƉĞŶĂůƚŝĞƐ͕ĐŽƐƚŽƌ ĞǆƉĞŶƐĞ͕ŝŶĐůƵĚŝŶŐĂƚƚŽƌŶĞǇƐ͛ĨĞĞƐĂŶĚĐŽƵƌƚŽƌƉƌŽĐĞĞĚŝŶŐĐŽƐƚƐ͕ĂƌŝƐŝŶŐŽƵƚŽĨ ŽƌŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚĂŶǇŶŽŶͲ 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ƋƵĂůŝĨŝĞĚĂƚƚŽƌŶĞǇƐ͕ĐŽŶƐƵůƚĂŶƚƐ͕ĂŶĚŽƚŚĞƌĂƉƉƌŽƉƌŝĂƚĞƉƌŽĨĞƐƐŝŽŶĂůƐƚŽ ƌĞƉƌĞƐĞŶƚŽǀĞƌĞ ĚŶƚŝƚǇ͛ƐŝŶƚĞƌĞƐƚƐĂƚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ͛ƐĞǆƉĞŶƐĞ͕Žƌ ;ͿƵŶĚĞƌƚĂŬĞŝƚƐŽǁŶĚĞĨĞŶƐĞ͕ĐŚŽŽƐŝŶŐƚŚĞĂƚƚŽƌŶĞǇƐ͕ĐŽŶƐƵůƚĂŶƚƐ͕ĂŶĚ ŽƚŚĞƌĂƉƉƌŽƉƌŝĂƚĞƉƌŽĨĞƐƐŝŽŶĂůƐƚŽƌĞƉƌĞƐĞŶƚŝƚƐŝŶƚĞƌĞƐƚƐ͕ŝŶǁŚŝĐŚĐĂƐĞ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶĚƉĂǇƚŚĞƌĞĂƐŽŶĂďůĞĨĞĞƐ ĂŶĚĞǆƉĞŶƐĞƐŽĨƐƵĐŚĂƚƚŽƌŶĞǇƐ͕ĐŽŶƐƵůƚĂŶƚƐ͕ĂŶĚŽƚŚĞƌƉƌŽĨĞƐƐŝŽŶĂůƐ͘ /ĨƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŝƐŶĂŵĞĚĂƉĂƌƚǇŝŶĂŶǇũƵĚŝĐŝĂů͕ĂĚŵŝŶŝƐƚƌĂƚŝǀĞŽƌ ŽƚŚĞƌƉƌŽĐĞĞĚŝŶŐĂƌŝƐŝŶŐŽƵƚŽĨŽƌŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚĂŶǇŶŽŶͲƉĞƌŵŝƚƚĞĚ ƵƐĞŽƌĚŝƐĐůŽƐƵƌĞŽĨŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ŽƌŽƚŚĞƌďƌĞĂĐŚŽĨƚŚŝƐďǇ ŽǀĞƌĞĚŶƚŝƚǇŽƌĂŶǇƐƵďĐŽŶƚƌĂĐƚŽƌŽƌĂŐĞŶƚƵŶĚĞƌŽǀĞƌĞĚŶƚŝƚǇ͛Ɛ ĐŽŶƚƌŽů͕ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞǁŝůůŚĂǀĞƚŚĞŽƉƚŝŽŶĂƚĂŶǇƚŝŵĞĞŝƚŚĞƌ;ͿƚŽ ƚĞŶĚĞƌŝƚƐĚĞĨĞŶƐĞƚŽŽǀĞƌĞĚŶƚŝƚǇ͕ŝŶǁŚŝĐŚĐĂƐĞŽǀĞƌĞĚŶƚŝƚǇǁŝůů ƉƌŽǀŝĚĞƋƵĂůŝĨŝĞĚĂƚƚŽƌŶĞǇƐ͕ĐŽŶƐƵůƚĂŶƚƐ͕ĂŶĚŽƚŚĞƌĂƉƉƌŽƉƌŝĂƚĞ ƉƌŽĨĞƐƐŝŽŶĂůƐƚŽƌĞƉƌĞƐĞŶƚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ͛ƐŝŶƚĞƌĞƐƚƐĂƚŽǀĞƌĞĚ ŶƚŝƚǇ͛ƐĞǆƉĞŶƐĞ͕Žƌ;ͿƵŶĚĞƌƚĂŬĞŝƚƐŽǁŶĚĞĨĞŶƐĞ͕ĐŚŽŽƐŝŶŐƚŚĞ ĂƚƚŽƌŶĞǇƐ͕ĐŽŶƐƵůƚĂŶƚƐ͕ĂŶĚŽƚŚĞƌĂƉƉƌŽƉƌŝĂƚĞƉƌŽĨĞƐƐŝŽŶĂůƐƚŽƌĞƉƌĞƐĞŶƚ 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ŝĚĞŶƚŝĨŝĞĚŝŶƚŚŝƐǁŝůůŚĂǀĞƚŚĞŵĞĂŶŝŶŐƐƐĞƚĨŽƌƚŚŝŶƚŚĞ,/WZƵůĞƐ͘ ŵĞŶĚŵĞŶƚƚŽ͘ ͘hƉŽŶƚŚĞĐŽŵƉůŝĂŶĐĞĚĂƚĞŽĨĂŶǇĨŝŶĂůƌĞŐƵůĂƚŝŽŶŽƌ ĂŵĞŶĚŵĞŶƚƚŽĨŝŶĂůƌĞŐƵůĂƚŝŽŶƉƌŽŵƵůŐĂƚĞĚďǇ,,^ƚŚĂƚĂĨĨĞĐƚƐƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ͛ƐƵƐĞŽƌĚŝƐĐůŽƐƵƌĞŽĨŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/Žƌ^ƚĂŶĚĂƌĚdƌĂŶƐĂĐƚŝŽŶƐ͕ ƚŚŝƐǁŝůůĂƵƚŽŵĂƚŝĐĂůůǇĂŵĞŶĚƐƵĐŚƚŚĂƚƚŚĞŽďůŝŐĂƚŝŽŶƐŝŵƉŽƐĞĚŽŶƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞƌĞŵĂŝŶŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞĨŝŶĂůƌĞŐƵůĂƚŝŽŶŽƌĂŵĞŶĚŵĞŶƚƚŽĨŝŶĂů ƌĞŐƵůĂƚŝŽŶ͘ ͘ŽŶĨůŝĐƚƐ͘ /ŶƚŚĞĞǀĞŶƚƚŚĂƚƚŚŝƐŝƐŵĂĚĞƉĂƌƚŽĨĂŶŽƚŚĞƌĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶ ƚŚĞƉĂƌƚŝĞƐ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐǁŝůůŽǀĞƌƌŝĚĞĂŶĚĐŽŶƚƌŽůĂŶǇ ĐŽŶĨůŝĐƚŝŶŐƚĞƌŵŽƌĐŽŶĚŝƚŝŽŶŽĨƐƵĐŚŽƚŚĞƌĂŐƌĞĞŵĞŶƚ͕ƉƌŽǀŝĚĞĚƚŚĂƚƚŚŝƐƐŚĂůů % 3DFNHW3J 'E ŶŽƚŽǀĞƌƌŝĚĞĂŶǇƌŝŐŚƚƐŽĨƚŚĞƉĂƌƚŝĞƐƚŽƚĞƌŵŝŶĂƚĞĂŶǇƐƵĐŚŽƚŚĞƌĂŐƌĞĞŵĞŶƚŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƐƵĐŚŽƚŚĞƌĂŐƌĞĞŵĞŶƚ͘ % 3DFNHW3J 'F ŝƚǇŽĨZŽĐŚĞƐƚĞƌ ,^^ĞƌǀŝĐĞŐƌĞĞŵĞŶƚ tŝƚŚD//>ŝĨĞ/ŶĐŽƌƉŽƌĂƚĞĚĚͬďͬĂ ^ĞůĞĐƚĐĐŽƵŶƚ 3DFNHW3J 'F ŝƚǇŽĨZŽĐŚĞƐƚĞƌ ,^^ĞƌǀŝĐĞŐƌĞĞŵĞŶƚ tŝƚŚ D//>ŝĨĞ/ŶĐŽƌƉŽƌĂƚĞĚ dŚŝƐŐƌĞĞŵĞŶƚ;͞ƚŚĞŐƌĞĞŵĞŶƚ͟ͿŝƐďĞƚǁĞĞŶ/dzK&ZK,^dZ;͞ŝƚǇŽĨZŽĐŚĞƐƚĞƌ͟ͿĂŶĚ D//>ŝĨĞ͕/ŶĐŽƌƉŽƌĂƚĞĚĚďĂ^ĞůĞĐƚĐĐŽƵŶƚ;ƚŚĞ͞WĂƌƚŝĞƐ͟ͿĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨƉƌŽǀŝĚŝŶŐ,^ ĞŶĞĨŝƚĂĚŵŝŶŝƐƚƌĂƚŝǀĞƐĞƌǀŝĐĞƐ͘dŚĞ,^ĞŶĞĨŝƚƉĞƌŵŝƚƐĂƉĂƌƚŝĐŝƉĂŶƚ;ĂŶĚƚŚĞĐŽŵƉĂŶǇ͕ŝĨ ĐŽŵƉĂŶǇĐŽŶƚƌŝďƵƚŝŽŶƐĂƌĞƉƌŽǀŝĚĞĚͿƚŽĐŽŶƚƌŝďƵƚĞƚŽĂŚĞĂůƚŚƐĂǀŝŶŐƐĂĐĐŽƵŶƚ;͞,^͟Ϳ ĞƐƚĂďůŝƐŚĞĚďǇƚŚĞƉĂƌƚŝĐŝƉĂŶƚ͘ dŚŝƐŐƌĞĞŵĞŶƚŝƐĞĨĨĞĐƚŝǀĞĂƐŽĨ:ĂŶƵĂƌǇϭ͕ϮϬϭϱ͘^ĞůĞĐƚĐĐŽƵŶƚ͕ďǇĂĐĐĞƉƚŝŶŐƚŚŝƐŐƌĞĞŵĞŶƚ͕ ĂŐƌĞĞƐƚŽƉƌŽǀŝĚĞƚŚĞƐĞƌǀŝĐĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŐƌĞĞŵĞŶƚ͘^ĞůĞĐƚĐĐŽƵŶƚŝƐŶŽƚĂŶĂƚƚŽƌŶĞǇ͕ ƚĂǆĂĚǀŝƐŽƌŽƌŝŶǀĞƐƚŵĞŶƚĂĚǀŝƐŽƌĂŶĚĚŽĞƐŶŽƚƌĞŶĚĞƌůĞŐĂů͕ƚĂǆŽƌŝŶǀĞƐƚŵĞŶƚĂĚǀŝĐĞŝŶ ĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞĐƌĞĂƚŝŽŶ͕ĂĚŽƉƚŝŽŶŽƌŽƉĞƌĂƚŝŽŶŽĨƚŚĞ,^ĞŶĞĨŝƚ͘ŝƚǇŽĨZŽĐŚĞƐƚĞƌǁŝůů ƐĞĞŬƚŚĞĂĚǀŝĐĞŽĨĐŽƵŶƐĞů͕ĂƐŶĞĞĚĞĚ͕ĂƐƚŽŵĂƚƚĞƌƐƚŚĂƚŵŝŐŚƚĂƌŝƐĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚĚĞƐŝŐŶ͕ ĂĚŽƉƚŝŽŶŽƌŽƉĞƌĂƚŝŽŶŽĨƚŚĞ,^ĞŶĞĨŝƚ͘ ^ĞůĞĐƚĐĐŽƵŶƚŝƐĂĐŽƌƉŽƌĂƚŝŽŶŽƌŐĂŶŝǌĞĚĂŶĚĚŽŵŝĐŝůĞĚŝŶDŝŶŶĞƐŽƚĂĂŶĚŝƐĂƵƚŚŽƌŝǌĞĚďǇůĂǁ ƚŽƉƌŽǀŝĚĞĂĚŵŝŶŝƐƚƌĂƚŝǀĞƐĞƌǀŝĐĞƐƚŽĂŶĞŵƉůŽǇĞƌǁŝƚŚƌĞƐƉĞĐƚƚŽĞŵƉůŽǇĞĞďĞŶĞĨŝƚƐĨŽƌŝƚƐ ĞŵƉůŽǇĞĞƐ͘^ĞůĞĐƚĐĐŽƵŶƚŝƐĂůƐŽĂŶ/Z^ĂƉƉƌŽǀĞĚ,^ŶŽŶͲďĂŶŬƚƌƵƐƚĞĞ͘ ϭ 3DFNHW3J 'F ^Zs/^dKWZKs/z^>dKhEd ^ĞůĞĐƚĐĐŽƵŶƚĂŐƌĞĞƐƚŽƉƌŽǀŝĚĞƚŚĞƐĞƌǀŝĐĞƐĚĞƐĐƌŝďĞĚďĞůŽǁŝŶĞǆĐŚĂŶŐĞĨŽƌƚŚĞƉĂǇŵĞŶƚŽĨ ƚŚĞĂĚŵŝŶŝƐƚƌĂƚŝǀĞĨĞĞƐƐĞƚĨŽƌƚŚŝŶƚƚĂĐŚŵĞŶƚ͘ ϭͿĚŵŝŶŝƐƚƌĂƚŝǀĞ^ĞƌǀŝĐĞƐ͘ ĂͿŝƚǇŽĨZŽĐŚĞƐƚĞƌŚĂƐĐŚŽƐĞŶ^ĞůĞĐƚĐĐŽƵŶƚĂƐƚŚĞ,^ĐƵƐƚŽĚŝĂŶĨŽƌ ĐŽŶƚƌŝďƵƚŝŽŶƐďǇĞŵƉůŽǇĞĞƐĂŶĚŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘KŶĐĞƚŚĞĐŽŶƚƌŝďƵƚŝŽŶƐĂƌĞ ĚĞƉŽƐŝƚĞĚŝŶƚŽƚŚĞ,^͕ĂƉĂƌƚŝĐŝƉĂŶƚŝƐĨƌĞĞƚŽƌĞƋƵĞƐƚĂĚŝƐƚƌŝďƵƚŝŽŶŽĨƚŚĞĨƵŶĚƐ ŽƌƚŽƚƌĂŶƐĨĞƌƚŚĞŵƚŽĂŶŽƚŚĞƌ,^ĐƵƐƚŽĚŝĂŶŽƌƚƌƵƐƚĞĞ͘ŝƚǇŽĨZŽĐŚĞƐƚĞƌĚŽĞƐ ŶŽƚƐƉŽŶƐŽƌŽƌŵĂŝŶƚĂŝŶƚŚĞ,^͛Ɛ͘dŚĞƉĂƌƚŝĐŝƉĂŶƚŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞ ĞƐƚĂďůŝƐŚŵĞŶƚŽĨƚŚĞ,^͕ĞŶƚĞƌŝŶŐŝŶƚŽĂŶĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞ,^ĐƵƐƚŽĚŝĂŶŽƌ ƚƌƵƐƚĞĞĂŶĚĨŽůůŽǁŝŶŐƚŚĞƚĞƌŵƐŽĨƚŚĂƚĂŐƌĞĞŵĞŶƚ͘ ďͿ^ĞůĞĐƚĐĐŽƵŶƚǁŝůůĂĐĐĞƉƚ,^ĐŽŶƚƌŝďƵƚŝŽŶƐĂŶĚĚĞƉŽƐŝƚƚŚĞĨƵŶĚƐŝŶƚŽƚŚĞ,^ ĞƐƚĂďůŝƐŚĞĚďǇƚŚĞƉĂƌƚŝĐŝƉĂŶƚĂƐƐŽŽŶĂƐĂĚŵŝŶŝƐƚƌĂƚŝǀĞůǇĨĞĂƐŝďůĞ͘ ĐͿhƉŽŶĐůŝĞŶƚƌĞƋƵĞƐƚĂŶĚƐƵďũĞĐƚƚŽĂĚĚŝƚŝŽŶĂůĨĞĞƐĂƐƐĞƚĨŽƌƚŚŝŶƚƚĂĐŚŵĞŶƚ͕ ^ĞůĞĐƚĐĐŽƵŶƚǁŝůůƉƌŽǀŝĚĞŽŶƐŝƚĞĞŵƉůŽǇĞĞĞŶƌŽůůŵĞŶƚĐŽŵŵƵŶŝĐĂƚŝŽŶ ŵĞĞƚŝŶŐƐ͘ ĚͿ^ĞůĞĐƚĐĐŽƵŶƚǁŝůůĞůĞĐƚƌŽŶŝĐĂůůǇƉƌŽǀŝĚĞŐĞŶĞƌĂůĂĚŵŝŶŝƐƚƌĂƚŝǀĞ͕ĂĐĐŽƵŶƚŝŶŐ͕ ƌĞĐŽƌĚŬĞĞƉŝŶŐ͕ĨŝƐĐĂůĂŶĚŽƚŚĞƌƌĞůĂƚĞĚƐĞƌǀŝĐĞƐŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚĨƵŶĚŝŶŐƚŚĞ ,^͛Ɛ͘ ĞͿ^ĞůĞĐƚĐĐŽƵŶƚǁŝůůƌĞĐŽƌĚĐŽŶƚƌŝďƵƚŝŽŶĂĚĚŝƚŝŽŶƐ͕ĐŚĂŶŐĞƐ͕ĂŶĚƚĞƌŵŝŶĂƚŝŽŶƐ ƉĞƌŵŝƚƚĞĚƵŶĚĞƌƚŚĞ,^ĞŶĞĨŝƚ͘ŝƚǇŽĨZŽĐŚĞƐƚĞƌǁŝůůĨƵƌŶŝƐŚƚŚŝƐŝŶĨŽƌŵĂƚŝŽŶ ƚŽ^ĞůĞĐƚĐĐŽƵŶƚŝŶĂĨŽƌŵĂƚĂĐĐĞƉƚĂďůĞƚŽ^ĞůĞĐƚĐĐŽƵŶƚ͘ ϮͿZĞƉŽƌƚƐĂŶĚŽĐƵŵĞŶƚƐ ^ĞůĞĐƚĐĐŽƵŶƚƐŚĂůůƉƌŽǀŝĚĞƚŚĞƌĞƉŽƌƚƐĂŶĚĚŽĐƵŵĞŶƚƐĂƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐƐĞĐƚŝŽŶǀŝĂ ĞůĞĐƚƌŽŶŝĐĨŽƌŵĂƚǁŚĞŶĞǀĞƌƉŽƐƐŝďůĞ͘/ĨĞůĞĐƚƌŽŶŝĐĚŝƐƚƌŝďƵƚŝŽŶďǇ^ĞůĞĐƚĐĐŽƵŶƚŝƐ ĂǀĂŝůĂďůĞ͕ŝƚǇŽĨZŽĐŚĞƐƚĞƌŵĂǇƐƚŝůůƌĞƋƵĞƐƚĂŶĚƌĞĐĞŝǀĞƉĂƉĞƌŵĂŝůŝŶŐĂŶĚĚŝƐƚƌŝďƵƚŝŽŶ ƐƵďũĞĐƚƚŽĂĚĚŝƚŝŽŶĂůĨĞĞƐƉĂŝĚďǇŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘ ĂͿZĞƉŽƌƚƐ ŝ͘^ĞůĞĐƚĐĐŽƵŶƚǁŝůůĞůĞĐƚƌŽŶŝĐĂůůǇƉƌŽǀŝĚĞƚŚĞWĂƌƚŝĐŝƉĂŶƚĐƚŝǀŝƚǇZĞƉŽƌƚĂƚ ƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞƉůĂŶǇĞĂƌŽŶĐĞĞŶƌŽůůŵĞŶƚŚĂƐďĞĞŶĞŶƚĞƌĞĚĂŶĚ ĨŽůůŽǁŝŶŐƚŚĞĞŶĚŽĨĞĂĐŚŵŽŶƚŚ͘ Ϯ 3DFNHW3J 'F ďͿŽĐƵŵĞŶƚƐ ŝ͘^ĞůĞĐƚĐĐŽƵŶƚǁŝůůĞůĞĐƚƌŽŶŝĐĂůůǇƉƌŽǀŝĚĞĚŽĐƵŵĞŶƚƐŽĨĐŽŵŵƵŶŝĐĂƚŝŽŶ ŵĂƚĞƌŝĂůƐŶĞĐĞƐƐĂƌǇƚŽĐŽŵŵƵŶŝĐĂƚĞƚŚĞ,^ĞŶĞĨŝƚƚŽƉĂƌƚŝĐŝƉĂŶƚƐ͘ ^ĞůĞĐƚĐĐŽƵŶƚǁŝůůƉƌŽǀŝĚĞĂŶĞŵƉůŽǇĞĞďƌŽĐŚƵƌĞ;ƉƌĞͲĞŶƌŽůůŵĞŶƚͿĂŶĚ ǀĞƌŝĨŝĐĂƚŝŽŶƉĂĐŬĞƚ;ƉŽƐƚͲĞŶƌŽůůŵĞŶƚͿĨŽƌĚŝƐƚƌŝďƵƚŝŽŶƚŽƉĂƌƚŝĐŝƉĂŶƚƐďǇ ƚŚĞĐŽŵƉĂŶǇ͘ ŝŝ͘hƉŽŶƌĞƋƵĞƐƚ͕^ĞůĞĐƚĐĐŽƵŶƚƐŚĂůůĨƵƌŶŝƐŚ,^ĂƉƉůŝĐĂƚŝŽŶĨŽƌŵƐ͘ ϯͿEŽŶĚŝƐĐƌŝŵŝŶĂƚŝŽŶdĞƐƚŝŶŐ͘/ĨĂƉƉůŝĐĂďůĞ͕^ĞůĞĐƚĐĐŽƵŶƚǁŝůů͕ƵƉŽŶƌĞƋƵĞƐƚ͕ĂƐƐŝƐƚŝŶ ƉĞƌĨŽƌŵŝŶŐŶŽŶĚŝƐĐƌŝŵŝŶĂƚŝŽŶƚĞƐƚƐĨŽƌƚŚĞ^ĞĐƚŝŽŶϭϮϱŽďũĞĐƚŝǀĞŶŽŶĚŝƐĐƌŝŵŝŶĂƚŝŽŶ ƚĞƐƚƐƵƐŝŶŐŝŶĨŽƌŵĂƚŝŽŶƉƌŽǀŝĚĞĚďǇŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘WůĞĂƐĞƐĞĞƚŚĞ ŶŽŶĚŝƐĐƌŝŵŝŶĂƚŝŽŶƚĞƐƚŝŶŐǁŽƌŬƐŚĞĞƚĨŽƌĚĞĨŝŶŝƚŝŽŶŽĨŽĚĞƚĞƌŵƐ͘ ϰͿŽŵƉĂƌĂďŝůŝƚǇdĞƐƚŝŶŐ͘/ĨĂƉƉůŝĐĂďůĞ͕^ĞůĞĐƚĐĐŽƵŶƚǁŝůů͕ƵƉŽŶƌĞƋƵĞƐƚ͕ĂƐƐŝƐƚŝŶƚŚĞ ǀĂůŝĚĂƚŝŽŶŽĨƚŚĞĐŽŵƉĂƌĂďŝůŝƚǇƌƵůĞƐƉƌŽǀŝĚĞĚďǇŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘ ϱͿ,/W͘^ĞůĞĐƚĐĐŽƵŶƚǁŝůůĐŽŵƉůǇǁŝƚŚƚŚĞ,/WďƵƐŝŶĞƐƐĂƐƐŽĐŝĂƚĞƉƌŽǀŝƐŝŽŶƐŝŶ ƚƚĂĐŚŵĞŶƚ͘ ϯ 3DFNHW3J 'F >/D/dd/KEK&>//>/dzE/EDE/&/d/KE ϭͿŝƚǇŽĨZŽĐŚĞƐƚĞƌĂŐƌĞĞƐƚŚĂƚĂůůŝŶĨŽƌŵĂƚŝŽŶƐƵƉƉůŝĞĚƚŽ^ĞůĞĐƚĐĐŽƵŶƚďǇŝƚǇŽĨ ZŽĐŚĞƐƚĞƌǁŝůůďĞĂĐĐƵƌĂƚĞĂŶĚƚŚĂƚ^ĞůĞĐƚĐĐŽƵŶƚŵĂǇƌĞĂƐŽŶĂďůǇƌĞůǇƵƉŽŶŝƚǁŝƚŚŽƵƚ ĂŶǇŽďůŝŐĂƚŝŽŶĨŽƌĨƵƌƚŚĞƌŝŶƋƵŝƌǇ͘ŝƚǇŽĨZŽĐŚĞƐƚĞƌǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶǇůŽƐƐĞƐŽƌ ĚĂŵĂŐĞƐ͕ŝŶĐůƵĚŝŶŐĂĚǀĞƌƐĞƚĂǆĐŽŶƐĞƋƵĞŶĐĞƐ͕ƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇĂĐƚŝŽŶƚĂŬĞŶŽƌŶŽƚ ƚĂŬĞŶďǇ^ĞůĞĐƚĐĐŽƵŶƚŝŶƌĞůŝĂŶĐĞŽŶƐƵĐŚŝŶĨŽƌŵĂƚŝŽŶŽƌĂŶǇŽƚŚĞƌĂĐƚŝŽŶƚĂŬĞŶŽƌŶŽƚ ƚĂŬĞŶ͕ĞǆĐĞƉƚĂƐĂƌĞƐƵůƚŽĨĂŶĂĐƚŽƌŽŵŝƐƐŝŽŶďǇ^ĞůĞĐƚĐĐŽƵŶƚƚŚĂƚǁĂƐĐƌŝŵŝŶĂů͕ ĨƌĂƵĚƵůĞŶƚ͕ĚŝƐŚŽŶĞƐƚŽƌŐƌŽƐƐůǇŶĞŐůŝŐĞŶƚ͘ŝƚǇŽĨZŽĐŚĞƐƚĞƌƐŚĂůůĚĞĨĞŶĚ͕ŝŶĚĞŵŶŝĨǇ͕ ĂŶĚŚŽůĚŚĂƌŵůĞƐƐ^ĞůĞĐƚĐĐŽƵŶƚ͕ŝƚƐŽĨĨŝĐĞƌƐ͕ĂŐĞŶƚƐ͕ĂŶĚĞŵƉůŽǇĞĞƐĨƌŽŵĂůůĐůĂŝŵƐ͕ ƐƵŝƚƐ͕ŽƌĂĐƚŝŽŶƐĂƌŝƐŝŶŐŽƵƚŽĨŽƌĂƐƚŚĞƌĞƐƵůƚŽĨĂŶǇĂĐƚ͕ŽƌĨĂŝůƵƌĞƚŽĂĐƚŝŶĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞǁŽƌŬƚŽďĞƉĞƌĨŽƌŵĞĚďǇƚŚĞŝƚǇƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͘ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌƐŚĂůůƉĂǇĂůůĐŽƐƚƐ͕ŝŶĐůƵĚŝŶŐĂƚƚŽƌŶĞǇƐ͛ĨĞĞƐ͕ŝŶĐƵƌƌĞĚŝŶƚŚĞ ĚĞĨĞŶƐĞŽĨƚŚĞƐĞĐůĂŝŵƐ͕ƐƵŝƚƐŽƌĂĐƚŝŽŶƐ͘ ϮͿ^ĞůĞĐƚĐĐŽƵŶƚǁŝůůƉĞƌĨŽƌŵŝƚƐĚƵƚŝĞƐĂŶĚŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚŝŶĂƚŝŵĞůǇ ĨĂƐŚŝŽŶĂŶĚǁŝƚŚƚŚĞƌĞƋƵŝƐŝƚĞůĞǀĞůŽĨĐĂƌĞ͘^ĞůĞĐƚĐĐŽƵŶƚƐŚĂůůĚĞĨĞŶĚ͕ŝŶĚĞŵŶŝĨǇ͕ĂŶĚ ŚŽůĚŚĂƌŵůĞƐƐƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕ŝƚƐŽĨĨŝĐĞƌƐ͕ĂŐĞŶƚƐ͕ĂŶĚĞŵƉůŽǇĞĞƐĨƌŽŵĂůůĐůĂŝŵƐ͕ ƐƵŝƚƐ͕ŽƌĂĐƚŝŽŶƐĂƌŝƐŝŶŐŽƵƚŽĨŽƌĂƐƚŚĞƌĞƐƵůƚŽĨĂŶǇĂĐƚ͕ŽƌĨĂŝůƵƌĞƚŽĂĐƚŝŶĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞǁŽƌŬƚŽďĞƉĞƌĨŽƌŵĞĚďǇ^ĞůĞĐƚĐĐŽƵŶƚƵŶĚĞƌƚŚŝƐ ŐƌĞĞŵĞŶƚ͘^ĞůĞĐƚĐĐŽƵŶƚƐŚĂůůƉĂǇĂůůĐŽƐƚƐ͕ŝŶĐůƵĚŝŶŐĂƚƚŽƌŶĞǇƐ͛ĨĞĞƐ͕ŝŶĐƵƌƌĞĚŝŶƚŚ Ğ ĚĞĨĞŶƐĞŽĨƚŚĞƐĞĐůĂŝŵƐ͕ƐƵŝƚƐŽƌĂĐƚŝŽŶƐ͘ ϯͿ^ĞůĞĐƚĐĐŽƵŶƚŝƐŶŽƚ͕ŝŶĂŶǇǁĂǇ͕ƚŽďĞĚĞĞŵĞĚĂŶŝŶƐƵƌĞƌ͕ƵŶĚĞƌǁƌŝƚĞƌŽƌŐƵĂƌĂŶƚŽƌ 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ĂŐƌĞĞŵĞŶƚƐƉƌŝŽƌƚŽƚŚĞƌĞůĞĂƐĞŽĨĂŶǇŝŶĨŽƌŵĂƚŝŽŶďǇ^ĞůĞĐƚĐĐŽƵŶƚ͘ŶǇƚŚŝƌĚƉĂƌƚǇ ĂƵĚŝƚŽƌŵƵƐƚďĞĂĐĐĞƉƚĂďůĞƚŽ^ĞůĞĐƚĐĐŽƵŶƚ͘^ĞůĞĐƚĐĐŽƵŶƚǁŝůůďĞĞŶƚŝƚůĞĚƚŽƌĞĐĞŝǀĞ ϳ 3DFNHW3J 'F ĐŽƉŝĞƐŽĨƚŚĞĚƌĂĨƚĂŶĚĨŝŶĂůĂƵĚŝƚƌĞƉŽƌƚƐ͕ĂŶĚǁŝůůŚĂǀĞƚŚĞƌŝŐŚƚƚŽƌĞǀŝĞǁĂŶĚ ĐŽŵŵĞŶƚŽŶĂƵĚŝƚĨŝŶĚŝŶŐƐƉƌŝŽƌƚŽŽƌƐŝŵƵůƚĂŶĞŽƵƐǁŝƚŚƚŚĞƌĞůĞĂƐĞŽĨƐƵĐŚƌĞƉŽƌƚƚŽ ŵƉůŽǇĞƌ͘^ĞůĞĐƚĐĐŽƵŶƚ͛ƐĐŽŵŵĞŶƚƐǁŝůůďĞŶŽƚĞĚŝŶƚŚĞĨŝŶĂůƌĞƉŽƌƚ͘ŵƉůŽǇĞƌǁŝůů ďĞĂƌĂŶǇĞǆƉĞŶƐĞƐŝŶĐƵƌƌĞĚďǇŵƉůŽǇĞƌŽƌŝƚƐĂƵĚŝƚŽƌ͘ŵƉůŽǇĞƌǁŝůůĂůƐŽƌĞŝŵďƵƌƐĞ ^ĞůĞĐƚĐĐŽƵŶƚĨŽƌŝƚƐĐŽƐƚƐĨŽƌĂŶǇŽŶͲƐŝƚĞĂƵĚŝƚƚŚĂƚĞǆĐĞĞĚƐƚǁŽďƵƐŝŶĞƐƐĚĂǇƐ͘ ŵƉůŽǇĞƌǁŝůůďĞĐŚĂƌŐĞĚĨŽƌĂĚĚŝƚŝŽŶĂůĂƵĚŝƚƐďĂƐĞĚŽŶƚŚĞĂĐƚƵĂůĐŽƐƚƚŽ ^ĞůĞĐƚĐĐŽƵŶƚ͘ ϴ 3DFNHW3J 'F ŝƚǇŽĨZŽĐŚĞƐƚĞƌ ,^^ĞƌǀŝĐĞŐƌĞĞŵĞŶƚ tŝƚŚ D//>ŝĨĞ/ŶĐŽƌƉŽƌĂƚĞĚĚͬďͬĂ^ĞůĞĐƚĐĐŽƵŶƚ ^/'EdhZ^ ŝƚǇŽĨZŽĐŚĞƐƚĞƌ ĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ^ŝŐŶĞĚ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ EĂŵĞ͗ƌĚĞůůƌĞĚĞ dŝƚůĞ͗DĂǇŽƌ ĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ^ŝŐŶĞĚ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ EĂŵĞ͗ĂƌŽŶZĞĞǀĞƐ dŝƚůĞ͗ŝƚǇůĞƌŬ ĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ^ĞůĞĐƚĐĐŽƵŶƚ ĐĐĞƉƚĞĚ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ZĞĞĚƌŝĐŬƐŽŶ dŝƚůĞ͗sŝĐĞWƌĞƐŝĚĞŶƚ͕ŽŵƉůŝĂŶĐĞĂŶĚZŝƐŬ DĂŶĂŐĞŵĞŶƚ ϵ 3DFNHW3J 'F ŝƚǇŽĨZŽĐŚĞƐƚĞƌ ,^^ĞƌǀŝĐĞŐƌĞĞŵĞŶƚ tŝƚŚ D//>/&/EKZWKZd dd,DEd &^ dŚŝƐƚƚĂĐŚŵĞŶƚƚŽƚŚĞŐƌĞĞŵĞŶƚďĞƚǁĞĞŶŝƚǇŽĨZŽĐŚĞƐƚĞƌ;͞ŝƚǇŽĨZŽĐŚĞƐƚĞƌ͟ͿĂŶĚ ^ĞůĞĐƚĐĐŽƵŶƚ;ƚŚĞ͞WĂƌƚŝĞƐ͟ͿĚĞƐĐƌŝďĞƐƚŚĞĂĐĐŽƵŶƚƐƉĞĐŝĨŝĐĨĞĞƐĂŶĚĂĐĐŽƵŶƚĐƌĞĚŝƚŝŶŐƌĂƚĞƐ ƚŚĂƚŝƚǇŽĨZŽĐŚĞƐƚĞƌŚĂƐĐŚŽƐĞŶĨŽƌŝƚƐĞŵƉůŽǇĞĞƐ͘ /ĨŝƚǇŽĨZŽĐŚĞƐƚĞƌƉĂǇƐƚŚĞĂĚŵŝŶŝƐƚƌĂƚŝǀĞĨĞĞŽŶďĞŚĂůĨŽĨĞŵƉůŽǇĞĞƐ͕ƐƵĐŚƉĂǇŵĞŶƚǁŝůů ďŝůůĞĚƚŽŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘dŚĞDŽŶƚŚůǇWĞƌWĂƌƚŝĐŝƉĂŶƚ&ĞĞŝƐďĂƐĞĚŽŶƚŚĞŶƵŵďĞƌŽĨ ƉĂƌƚŝĐŝƉĂŶƚƐŝŶƚŚĞWůĂŶǁŚŽŚĂǀĞĂŶ,^ĂƐŽĨƚŚĞůĂƐƚĚĂǇŽĨƚŚĞƉƌŝŽƌŵŽŶƚŚ͘^ĞůĞĐƚĐĐŽƵŶƚ ǁŝůůƐƵďŵŝƚĂďŝůůƚŽŝƚǇŽĨZŽĐŚĞƐƚĞƌďǇƚŚĞϭϱƚŚĚĂǇŽĨĞĂĐŚŵŽŶƚŚĨŽƌƚŚĞDŽŶƚŚůǇWĞƌ WĂƌƚŝĐŝƉĂŶƚ&ĞĞŽǁĞĚĨŽƌƐƵĐŚŵŽŶƚŚ͘/ĨǇŽƵĂƌĞƵƚŝůŝǌŝŶŐ,ĨŽƌƚŚĞƉĂǇŵĞŶƚŽĨĐĐŽƵŶƚ&ĞĞƐ͕ ǇŽƵƌŐƌŽƵƉďŝůůŝŶŐĐŽŶƚĂĐƚǁŝůůďĞŶŽƚŝĨŝĞĚǀŝĂĞŵĂŝůƚŚĂƚĂŶ,ƉƵůůŚĂƐďĞĞŶƐĐŚĞĚƵůĞĚĂŶĚ ĨĞĞƐǁŝůůďĞǁŝƚŚĚƌĂǁŶĨƌŽŵǇŽƵƌďĂŶŬĂĐĐŽƵŶƚǁŝƚŚŝŶƚǁŽďƵƐŝŶĞƐƐĚĂǇƐ͘dŚĞďŝůůŝŶŐĐŽŶƚĂĐƚ ǁŝůůƌĞĐĞŝǀĞŽŶĞĞŵĂŝůŶŽƚŝĨŝĐĂƚŝŽŶƉĞƌŝŶǀŽŝĐĞŐĞŶĞƌĂƚĞĚ͘ŝƚǇŽĨZŽĐŚĞƐƚĞƌƐŚŽƵůĚƌĞǀŝĞǁďŝůů ŝŵŵĞĚŝĂƚĞůǇƵƉŽŶƌĞĐĞŝƉƚĂŶĚŶŽƚŝĨǇ^ĞůĞĐƚĐĐŽƵŶƚǁŝƚŚŝŶƐŝǆƚǇ;ϲϬͿĐĂůĞŶĚĂƌĚĂǇƐŽĨĂŶǇ ĂĚũƵƐƚŵĞŶƚƐƚŽƉĂƌƚŝĐŝƉĂŶƚ͛ƐĨĞĞƐ͘Z ĞƋƵĞƐƚƐĨŽƌĂĚũƵƐƚŵĞŶƚĂĨƚĞƌƐŝǆƚǇ;ϲϬͿĐĂůĞŶĚĂƌĚĂǇƐǁŝůů ŶŽƚďĞĂĐĐĞƉƚĞĚ͘ /ĨĞŵƉůŽǇĞĞƐĂƌĞƌĞƋƵŝƌĞĚƚŽƉĂǇƚŚĞĂĚŵŝŶŝƐƚƌĂƚŝǀĞĨĞĞ͕^ĞůĞĐƚĐĐŽƵŶƚǁŝůůĚĞďŝƚƚŚĞƉĂƌƚŝĐŝƉĂŶƚ ĨĞĞĨƌŽŵƚŚĞĞŵƉůŽǇĞĞ͛Ɛ,^ŵŽŶƚŚůǇ͘dŚĞĨĞĞƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐƚƚĂĐŚŵĞŶƚĂƌĞƐƵďũĞĐƚƚŽ ĐŚĂŶŐĞĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨĂŶǇĐĂůĞŶĚĂƌǇĞĂƌƵƉŽŶϲϬĚĂǇƐƉƌŝŽƌǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽŝƚǇŽĨ ZŽĐŚĞƐƚĞƌ͘ Ͳϭ 3DFNHW3J 'F ,^dŚƌŝĨƚ^ĂǀĞƌ&ĞĞ^ĐŚĞĚƵůĞ 'ƌŽƵƉĐĐŽƵŶƚ^ĞƚhƉ&ĞĞΨϬ WĂƌƚŝĐŝƉĂŶƚ&ĞĞΨϭ͘ϬϬƉĞƌƉĂƌƚŝĐŝƉĂŶƚƉĞƌŵŽŶƚŚ /ŶĚŝǀŝĚƵĂůĐĐŽƵŶƚůŽƐŝŶŐ&ĞĞΨϬ WĂƉĞƌDĂŝůŝŶŐĂŶĚŝƐƚƌŝďƵƚŝŽŶ&ĞĞΨϬ WĂǇƚŚĞWƌŽǀŝĚĞƌ&ĞĞEͬ /ŶĚŝǀŝĚƵĂůĐĐŽƵŶƚĞďŝƚĂƌĚ&ĞĞƐΨϬ KƉĞŶŶƌŽůůŵĞŶƚDĞĞƚŝŶŐ&ĞĞƐΎΨϮϱϬ͘ϬϬ ĐĐŽƵŶƚƌĞĚŝƚŝŶŐZĂƚĞƐĂƐĞĂůĂŶĐĞΎΎΨϬƚŽΨϰϵϵϬ͘Ϭϱй ΨϱϬϬƚŽΨϵϵϵϬ͘Ϭϱй Ψϭ͕ϬϬϬƚŽΨϭ͕ϰϵϵϬ͘ϭϬй Ψϭ͕ϱϬϬƚŽΨϮ͕ϰϵϵϬ͘ϭϬй ΨϮ͕ϱϬϬƚŽΨϰ͕ϵϵϵϬ͘ϭϬй Ψϱ͕ϬϬϬƚŽΨϵ͕ϵϵϵϬ͘ϮϬй ΨϭϬ͕ϬϬϬƚŽΨϮϰ͕ϵϵϵϬ͘ϯϬй ΨϮϱ͕ϬϬϬƚŽΨϰϵ͕ϵϵϵϬ͘ϱϬй ΨϱϬ͕ϬϬϬŽƌŐƌĞĂƚĞƌϬ͘ϳϬй ΎdƌĂǀĞů&ĞĞǁŝůůĂƉƉůǇĨŽƌŵĞĞƚŝŶŐƐŽǀĞƌϮϱϬŵŝůĞƐĨƌŽŵ^ĞůĞĐƚĐĐŽƵŶƚďƵƐŝŶĞƐƐĞƐ ΎΎZĂƚĞƐĂƌĞĂƐŽĨ^ĞƉƚĞŵďĞƌϮϵ͕ϮϬϭϰĂŶĚĂƌĞƐƵďũĞĐƚƚŽĐŚĂŶŐĞǁŝƚŚŽƵƚŶŽƚŝĐĞ &ŽƌƉĂƌƚŝĐŝƉĂŶƚƐǁŚŽŚĂǀĞĂŶ,^ƐƚĂĐŬĞĚǁŝƚŚĂ^ĞůĞĐƚĐĐŽƵŶƚ&^͕ŽŶůǇƚŚĞ^ĞůĞĐƚĐĐŽƵŶƚ 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ŽǀĞƌĞĚŶƚŝƚǇĂƐƐƉĞĐŝĨŝĞĚŝŶƚŚĞĂďŽǀĞŶĂŵĞĚŐƌĞĞŵĞŶƚ͕ƉƌŽǀŝĚĞĚ ƚŚĂƚƐƵĐŚƵƐĞŽƌĚŝƐĐůŽƐƵƌĞǁŽƵůĚŶŽƚǀŝŽůĂƚĞƚŚĞWƌŝǀĂĐǇZƵůĞŝĨĚŽŶĞďǇ ŽǀĞƌĞĚŶƚŝƚǇŽƌƚŚĞŵŝŶŝŵƵŵŶĞĐĞƐƐĂƌǇƉŽůŝĐŝĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐŽĨ ŽǀĞƌĞĚŶƚŝƚǇ͘ Ϯ͘ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ͛ƐKƉĞƌĂƚŝŽŶƐ͘ &ŽƌƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ͛ƐƉƌŽƉĞƌ ŵĂŶĂŐĞŵĞŶƚĂŶĚĂĚ ŵŝŶŝƐƚƌĂƚŝŽŶŽƌƚŽĐĂƌƌǇŽƵƚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ͛Ɛ Ͳϯ 3DFNHW3J 'F ůĞŐĂůƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͕ƉƌŽǀŝĚĞĚƚŚĂƚ͕ǁŝƚŚƌĞƐƉĞĐƚƚŽĚŝƐĐůŽƐƵƌĞŽĨŽǀĞƌĞĚ ŶƚŝƚǇ͛ƐW,/͕ĞŝƚŚĞƌ͗ Ă͘ dŚĞĚŝƐĐůŽƐƵƌĞŝƐZĞƋƵŝƌĞĚďǇ>Ăǁ͖Žƌ ď͘ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŽďƚĂŝŶƐƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞ;ĂŶĚ͕ƵƉŽŶ ƌĞƋƵĞƐƚŽĨŽǀĞƌĞĚŶƚŝƚǇ͕ƉƌŽǀŝĚĞƐǁƌŝƚƚĞŶĞǀŝĚĞŶĐĞŽĨƐƵĐŚ ĂƐƐƵƌĂŶĐĞͿĨƌŽŵĂŶǇƉĞƌƐŽŶŽƌĞŶƚŝƚǇƚŽǁŚŝĐŚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ ǁŝůůĚŝƐĐůŽƐĞŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ƚŚĂƚƚŚĞƉĞƌƐŽŶŽƌĞŶƚŝƚǇƐŚĂůů͗ ϭ͘ ,ŽůĚŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ŝŶĐŽŶĨŝĚĞŶĐĞĂŶĚƵƐĞŽƌĨƵƌƚŚĞƌ ĚŝƐĐůŽƐĞŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ŽŶůǇĨŽƌƚŚĞƉƵƌƉŽƐĞĨŽƌ ǁŚŝĐŚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞĚŝƐĐůŽƐĞĚŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ƚŽ ƚŚĞƉĞƌƐŽŶŽƌĞŶƚŝƚǇŽƌĂƐZĞƋƵŝƌĞĚďǇ>Ăǁ͖ĂŶĚ Ϯ͘ /ŵŵĞĚŝĂƚĞůǇ;ĂŶĚŶŽůĂƚĞƌƚŚĂŶƚŚƌĞĞ;ϯͿĚĂǇƐĂĨƚĞƌƚŚĞ ƐƵƐƉĞĐƚĞĚŽƌŬŶŽǁŶďƌĞĂĐŚͿŶŽƚŝĨǇƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ ;ǁŚŽƐŚĂůůŝŶƚƵƌŶŶŽƚŝĨǇŽǀĞƌĞĚŶƚŝƚǇŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ ^ĞĐƚŝŽŶ///͘ŽĨƚŚŝƐͿŽĨĂŶǇŝŶƐƚĂŶĐĞŽĨǁŚŝĐŚƚŚĞ ƉĞƌƐŽŶŽƌĞŶƚŝƚǇďĞĐŽŵĞƐĂǁĂƌĞŝŶǁŚŝĐŚƚŚĞ ĐŽŶĨŝĚĞŶƚŝĂůŝƚǇŽĨŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ǁĂƐďƌĞĂĐŚĞĚ͘ ͘DŝŶŝŵƵŵEĞĐĞƐƐĂƌǇĂŶĚ>ŝŵŝƚĞĚĂƚĂ^Ğƚ͘ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ͛ƐƵƐĞ͕ĚŝƐĐůŽƐƵƌĞ ŽƌƌĞƋƵĞƐƚŽĨW,/ƐŚĂůůƵƚŝůŝǌĞĂ>ŝŵŝƚĞĚĂƚĂ^ĞƚŝĨƉƌĂĐƚŝĐĂďůĞ͘KƚŚĞƌǁŝƐĞ͕ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůů͕ŝŶŝƚƐƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞĨƵŶĐƚŝŽŶƐ͕ĂĐƚŝǀŝƚŝĞƐ͕ƐĞƌǀŝĐĞƐ͕ ĂŶĚŽƉĞƌĂƚŝŽŶƐƐƉĞĐŝĨŝĞĚŝŶ^ĞĐƚŝŽŶ/͘͘ϭĂďŽǀĞ͕ŵĂŬĞƌĞĂƐŽŶĂďůĞĞĨĨŽƌƚƐƚŽƵƐĞ͕ ƚŽĚŝƐĐůŽƐĞ͕ĂŶĚƚŽƌĞƋƵĞƐƚŽĨĂŽǀĞƌĞĚŶƚŝƚǇŽŶůǇƚŚĞŵŝŶŝŵƵŵĂŵŽƵŶƚŽĨ ŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ƌĞĂƐŽŶĂďůǇŶĞĐĞƐƐĂƌǇƚŽĂĐĐŽŵƉůŝƐŚƚŚĞŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ ͘ ŽĨƚŚĞƵƐĞ͕ĚŝƐĐůŽƐƵƌĞŽƌƌĞƋƵĞƐƚ/ŶĂĚĚŝƚŝŽŶ͕ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞĂŐƌĞĞƐƚŽ ŝŵƉůĞŵĞŶƚĂŶĚĨŽůůŽǁĂƉƉƌŽƉƌŝĂƚĞŵŝŶŝŵƵŵŶĞĐĞƐƐĂƌǇƉŽůŝĐŝĞƐŝŶƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐ͘ ͘WƌŽŚŝďŝƚŝŽŶŽŶhŶĂƵƚŚŽƌŝǌĞĚhƐĞŽƌŝƐĐůŽƐƵƌĞ͘ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůŶĞŝƚŚĞƌ ƵƐĞŶŽƌĚŝƐĐůŽƐĞŽǀĞƌĞ ĚŶƚŝƚǇ͛ƐW,/͕ĞǆĐĞƉƚĂƐƉĞƌŵŝƚƚĞĚŽƌƌĞƋƵŝƌĞĚďǇƚŚŝƐ ŽƌŝŶǁƌŝƚŝŶŐďǇŽǀĞƌĞĚŶƚŝƚǇŽƌĂƐZĞƋƵŝƌĞĚďǇ>Ăǁ͘dŚŝƐĚŽĞƐŶŽƚ ĂƵƚŚŽƌŝǌĞƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƚŽƵƐĞŽƌĚŝƐĐůŽƐĞŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ŝŶĂŵĂŶŶĞƌ ƚŚĂƚǁŝůůǀŝŽůĂƚĞϰϱ͘&͘Z͘WĂƌƚϭϲϰ͕^Ƶď 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͘ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůů ĚĞǀĞůŽƉ͕ŝŵƉůĞŵĞŶƚ͕ŵĂŝŶƚĂŝŶ͕ĂŶĚƵƐĞĂĚŵŝŶŝƐƚƌĂƚŝǀĞ͕ƚĞĐŚŶŝĐĂů͕ĂŶĚ ƉŚǇƐŝĐĂůƐĂĨĞŐƵĂƌĚƐƚŚĂƚƌĞĂƐŽŶĂďůǇĂŶĚĂƉƉƌŽƉƌŝĂƚĞůǇƉƌŽƚĞĐƚƚŚĞ ĐŽŶĨŝĚĞŶƚŝĂůŝƚǇ͕ŝŶƚĞŐƌŝƚǇ͕ĂŶĚĂǀĂŝůĂďŝůŝƚǇŽĨůĞĐƚƌŽŶŝĐW,/ƚŚĂƚƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞĐƌĞĂƚĞƐ͕ƌĞĐĞŝǀĞƐ͕ŵĂŝŶƚĂŝŶƐ͕ŽƌƚƌĂŶƐŵŝƚƐŽŶŽǀĞƌĞĚŶƚŝƚǇ͛Ɛ ďĞŚĂůĨĂƐƌĞƋƵŝƌĞĚďǇƚŚĞ^ĞĐƵƌŝƚǇZƵůĞ͕ϰϱ͘&͘Z͘WĂƌƚϭϲϰ͕^ƵďƉĂƌƚ͘ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞĂůƐŽƐŚĂůůĚĞǀĞůŽƉĂŶĚŝŵƉůĞŵĞŶƚƉŽůŝĐŝĞƐĂŶĚ ƉƌŽĐĞĚƵƌĞƐĂŶĚŵĞĞƚƚŚĞ^ĞĐƵƌŝƚǇZƵůĞĚŽĐƵŵĞŶƚĂƚŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐ͘ hƉŽŶƌĞƋƵĞƐƚ͕ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůƉƌŽǀŝĚĞƐƵĐŚƉŽůŝĐŝĞƐĂŶĚ ƉƌŽĐĞĚƵƌĞƐƚŽŽǀĞƌĞĚŶƚŝƚǇ͘ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůĞŶĐƌǇƉƚĂůů ƉŽƌƚĂďůĞŵĞĚŝĂŽŶǁŚŝĐŚůĞĐƚƌŽŶŝĐW,/ŝƐƐƚŽƌĞĚ͕ƵƐŝŶŐĂŶŽŶͲƉƌŽƉƌŝĞƚĂƌǇ ĂůŐŽƌŝƚŚŵŽĨĂƚůĞĂƐƚϮϱϲͲďŝƚĐŝƉŚĞƌƐƚƌĞŶŐƚŚ͘ ͘^ƵďĐŽŶƚƌĂĐƚŽƌƐĂŶĚŐĞŶƚƐ͘ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůƌĞƋƵŝƌĞĂŶǇŽĨŝƚƐ ƐƵďĐŽŶƚƌĂĐƚŽƌƐĂŶĚĂŐĞŶƚƐ͕ƚŽǁŚŝĐŚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŝƐƉĞƌŵŝƚƚĞĚďǇƚŚŝƐ ŽƌŝŶǁƌŝƚŝŶŐďǇŽǀĞƌĞĚŶƚŝƚǇƚŽĚŝƐĐůŽƐĞŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/͕ƚŽƉƌŽǀŝĚĞ ƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞ;ĂŶĚ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨŽǀĞƌĞĚŶƚŝƚǇ͕ƉƌŽǀŝĚĞǁƌŝƚƚĞŶ ĞǀŝĚĞŶĐĞŽĨƐƵĐŚĂƐƐƵƌĂŶĐĞͿƚŚĂƚƐƵĐŚƐƵďĐŽŶƚƌĂĐƚŽƌŽƌĂŐĞŶƚǁŝůůĐŽŵƉůǇǁŝƚŚ 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ƚŚĞŝƐĐůŽƐƵƌĞ/ŶĨŽƌŵĂƚŝŽŶƐƉĞĐŝĨŝĞĚŝŶ^ĞĐƚŝŽŶ///͘͘ϭĂďŽǀĞĨŽƌĞĂĐŚ ĂĐĐŽƵŶƚĂďůĞĚŝƐĐůŽƐƵƌĞ͕Žƌ;ŝͿƚŚĞŝƐĐůŽƐƵƌĞ/ŶĨŽƌŵĂƚŝŽŶƐƉĞĐŝĨŝĞĚŝŶ ^ĞĐƚŝŽŶ///͘͘ϭĂďŽǀĞĨŽƌƚŚĞĨŝƌƐƚŽĨƚŚĞƌĞƉĞƚŝƚŝǀĞĂĐĐŽƵŶƚĂďůĞ ĚŝƐĐůŽƐƵƌĞƐ͕;ŝŝͿƚŚĞĨƌĞƋƵĞŶĐǇ͕ƉĞƌŝŽĚŝĐŝƚǇ͕ŽƌŶƵŵďĞƌŽĨƚŚĞƌĞƉĞƚŝƚŝǀĞ ĂĐĐŽƵŶƚĂďůĞĚŝƐĐůŽƐƵƌĞƐ͕ĂŶĚ;ŝŝŝͿƚŚĞĚĂƚĞŽĨƚŚĞůĂƐƚŽĨƚŚĞƌĞƉĞƚŝƚŝǀĞ ĂĐĐŽƵŶƚĂďůĞĚŝƐĐůŽƐƵƌĞƐ͘ Ͳϲ 3DFNHW3J 'F ϯ͘ŝƐĐůŽƐƵƌĞ/ŶĨŽƌŵĂƚŝŽŶĨŽƌ>ĂƌŐĞZĞƐĞĂƌĐŚĐƚŝǀŝƚŝĞƐ͘ &ŽƌĚŝƐĐůŽƐƵƌĞƐŽĨ ŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ƚŚĂƚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŵĂŬĞƐĨŽƌƉĂƌƚŝĐƵůĂƌ ZĞƐĞĂƌĐŚŝŶǀŽůǀŝŶŐϱϬŽƌŵŽƌĞŝŶĚŝǀŝĚƵĂůƐĂŶĚĨŽƌǁŚŝĐŚĂŶ/ŶƐƚŝƚƵƚŝŽŶĂů ZĞǀŝĞǁŽĂƌĚŽƌWƌŝǀĂĐǇŽĂƌĚŚĂƐǁĂŝǀĞĚĂƵƚŚŽƌŝǌĂƚŝŽŶĚƵƌŝŶŐƚŚĞ ƉĞƌŝŽĚĐŽǀĞƌĞĚďǇĂŶŝŶĚŝǀŝĚƵĂ ů͛ƐĚŝƐĐůŽƐƵƌĞĂĐĐŽƵŶƚŝŶŐƌĞƋƵĞƐƚ͕ƚŚĞ ŝƐĐůŽƐƵƌĞ/ŶĨŽƌŵĂƚŝŽŶƚŚĂƚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŵƵƐƚƌĞĐŽƌĚŝƐ;ŝͿƚŚĞ ŶĂŵĞŽĨƚŚĞZĞƐĞĂƌĐŚƉƌŽƚŽĐŽůŽƌĂĐƚŝǀŝƚǇ͕;ŝŝͿĂƉůĂŝŶůĂŶŐƵĂŐĞĚĞƐĐƌŝƉƚŝŽŶ ŽĨƚŚĞZĞƐĞĂƌĐŚƉƌŽƚŽĐŽůŽƌĂĐƚŝǀŝƚǇ͕ŝŶĐůƵĚŝŶŐŝƚƐƉƵƌƉŽƐĞĂŶĚĐƌŝƚĞƌŝĂĨŽƌ ƐĞůĞĐƚŝŶŐƉĂƌƚŝĐƵůĂƌƌĞĐŽƌĚƐ͕;ŝŝŝͿĂďƌŝĞĨĚĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞƚǇƉĞŽĨŽǀĞƌĞĚ ŶƚŝƚǇ͛ƐW,/ĚŝƐĐůŽƐĞĚĨŽƌƚŚĞZĞƐĞĂƌĐŚ͕;ŝǀͿƚŚĞĚĂƚĞƐŽƌƉĞƌŝŽĚƐĚƵƌŝŶŐ ǁŚŝĐŚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŵĂĚĞŽƌŵĂǇŚĂǀĞŵĂĚĞƚŚĞƐĞĚŝƐĐůŽƐƵƌĞƐ͕ ŝŶĐůƵĚŝŶŐƚŚĞĚĂƚĞŽĨƚŚĞůĂƐƚĚŝƐĐůŽƐƵƌĞƚŚĂƚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŵĂĚĞ ĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚĐŽǀĞƌĞĚďǇĂŶŝŶĚŝǀŝĚƵĂů͛ƐĚŝƐĐůŽƐƵƌĞĂĐĐŽƵŶƚŝŶŐ ƌĞƋƵĞƐƚ͕;ǀͿƚŚĞŶĂŵĞ͕ĂĚĚƌĞƐƐ͕ĂŶĚƚĞůĞƉŚŽŶĞŶƵŵďĞƌŽĨƚŚĞZĞƐĞĂƌĐŚ ƐƉŽŶƐŽƌĂŶĚŽĨƚŚĞƌĞƐĞĂƌĐŚĞƌƚŽǁŚŽŵƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŵĂĚĞƚŚĞƐĞ ĚŝƐĐůŽƐƵƌĞƐ͕ĂŶĚ;ǀŝͿĂƐƚĂƚĞŵĞŶƚƚŚĂƚŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ƌĞůĂƚŝŶŐƚŽĂŶ ŝŶĚŝǀŝĚƵĂůƌĞƋƵĞƐƚŝŶŐƚŚĞĚŝƐĐůŽƐƵƌĞĂĐĐŽƵŶƚŝŶŐŵĂǇŽƌŵĂǇŶŽƚŚĂǀĞ ďĞĞŶĚŝƐĐůŽƐĞĚĨŽƌĂƉĂƌƚŝĐƵůĂƌZĞƐĞĂƌĐŚƉƌŽƚŽĐŽůŽƌĂĐƚŝǀŝƚǇ͘ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞƐŚĂůů͕ƵƉŽŶƌĞƋƵĞƐƚŽĨŽǀĞƌĞĚŶƚŝƚǇŽƌĂŶŝŶĚŝǀŝĚƵĂů ƌĞƋƵĞƐƚŝŶŐƚŚĞĚŝƐĐůŽƐƵƌĞĂĐĐŽƵŶƚŝŶŐ͕ĂƐƐŝƐƚŽǀĞƌĞĚŶƚŝƚǇŽƌƚŚĞ ŝŶĚŝǀŝĚƵĂůƚŽĐŽŶƚĂĐƚƚŚĞZĞƐĞĂƌĐŚƐƉŽŶƐŽƌĂŶĚƚŚĞƌĞƐĞĂƌĐŚĞƌŝĨŝƚŝƐ ƌĞĂƐŽŶĂďůǇůŝŬĞůǇƚŚĂƚŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ƌĞůĂƚŝŶŐƚŽƚŚĞŝŶĚŝǀŝĚƵĂůǁĂƐ ĚŝƐĐůŽƐĞĚĨŽƌƚŚĞƉĂƌƚŝĐƵůĂƌZĞƐĞĂƌĐŚƉƌŽƚŽĐŽůŽƌĂĐƚŝǀŝƚǇ͘ ͘ZĞƉŽƌƚŝŶŐŽĨŝƐĐůŽƐƵƌĞ/ŶĨŽƌŵĂƚŝŽŶ͘ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůƌĞƉŽƌƚƚŚĞ ŝƐĐůŽƐƵƌĞ/ŶĨŽƌŵĂƚŝŽŶƚŽŽǀĞƌĞĚŶƚŝƚǇǁŝƚŚŝŶĨŝǀĞ;ϱͿĚĂǇƐĨŽůůŽǁŝŶŐƚŚĞ ĂĐĐŽƵŶƚĂďůĞĚŝƐĐůŽƐƵƌĞ͘ ͘DĂŝŶƚĞŶĂŶĐĞŽĨŝƐĐůŽƐƵƌĞ/ŶĨŽƌŵĂƚŝŽŶ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƉƌŽǀŝĚĞĚďǇ 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ŶǇƐƵĐŚƌĞƉŽƌƚǁŝůůŝŶĐůƵĚĞƚŚĞŝĚĞŶƚŝĨŝĐĂƚŝŽŶ;ŝĨŬŶŽǁŶͿŽĨĞĂĐŚ ŝŶĚŝǀŝĚƵĂůǁŚŽƐĞhŶƐĞĐƵƌĞĚW,/ŚĂƐďĞĞŶ͕ŽƌŝƐƌĞĂƐŽŶĂďůǇďĞůŝĞǀĞĚďǇ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƚŽŚĂǀĞďĞĞŶ͕ĂĐĐĞƐƐĞĚ͕ĂĐƋƵŝƌĞĚ͕ŽƌĚŝƐĐůŽƐĞĚĚƵƌŝŶŐ ƐƵĐŚƌĞĂĐŚ͘ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůŵĂŬĞƚŚĞƌĞƉŽƌƚƚŽŽǀĞƌĞĚ ŶƚŝƚǇ͛ƐWƌŝǀĂĐǇKĨĨŝĐĞƌŶŽƚŵŽƌĞƚŚĂŶĨŝǀĞ;ϱͿĚĂǇƐĂĨƚĞƌƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞůĞĂƌŶƐŽĨƐƵĐŚŶŽŶͲƉĞƌŵŝƚƚĞĚƵƐĞŽƌĚŝƐĐůŽƐƵƌĞ͘ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ͛ƐƌĞƉŽƌƚǁŝůůĂƚůĞĂƐƚ͗ Ă͘ /ĚĞŶƚŝĨǇƚŚĞŶĂƚƵƌĞŽĨƚŚĞŶŽŶͲƉĞƌŵŝƚƚĞĚĂĐĐĞƐƐ͕ƵƐĞŽƌĚŝƐĐůŽƐƵƌĞ͕ ŝŶĐůƵĚŝŶŐƚŚĞĚĂƚĞŽĨƚŚĞƌĞĂĐŚĂŶĚƚŚĞĚĂƚĞŽĨĚŝƐĐŽǀĞƌǇŽĨƚŚĞ ƌĞĂĐŚ͖ ď͘ /ĚĞŶƚŝĨǇŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ĂĐĐĞƐƐĞĚ͕ƵƐĞĚŽƌĚŝƐĐůŽƐĞĚĂƐƉĂƌƚŽĨ ƚŚĞƌĞĂĐŚ;Ğ͘Ő͕͘ĨƵůůŶĂŵĞ͕ƐŽĐŝĂůƐĞĐƵƌŝƚǇŶƵŵďĞƌ͕ĚĂƚĞŽĨďŝƌƚŚ͕ ĞƚĐ͘Ϳ͖ Đ͘ /ĚĞŶƚŝĨǇǁŚŽŵĂĚĞƚŚĞŶŽŶͲƉĞƌŵŝƚƚĞĚĂĐĐĞƐƐ͕ƵƐĞŽƌĚŝƐĐůŽƐƵƌĞ ĂŶĚǁŚŽƌĞĐĞŝǀĞĚƚŚĞŶŽŶͲƉĞƌŵŝƚƚĞĚĚŝƐĐůŽƐƵƌĞ͖ Ě͘ /ĚĞŶƚŝĨǇǁŚĂƚĐŽƌƌĞĐƚŝǀĞĂĐƚŝŽŶƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƚŽŽŬŽƌǁŝůů ƚĂŬĞƚŽƉƌĞǀĞŶƚĨƵƌƚŚĞƌŶŽŶͲƉĞƌŵŝƚƚĞĚĂĐĐĞƐƐ͕ƵƐĞƐŽƌĚŝƐĐůŽƐƵƌĞƐ͖ Ğ͘ /ĚĞŶƚŝĨǇǁŚĂƚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞĚŝĚŽƌǁŝůůĚŽƚŽŵŝƚŝŐĂƚĞĂŶǇ ĚĞůĞƚĞƌŝŽƵƐĞĨĨĞĐƚŽĨƚŚĞŶŽŶͲƉĞƌŵŝƚƚĞĚĂĐĐĞƐƐ͕ƵƐĞŽƌĚŝƐĐůŽƐƵƌĞ͖ ĂŶĚ Ĩ 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ŝŶĐŝĚĞŶƚƌĞƐƵůƚĞĚŝŶĂĚŝƐĐůŽƐƵƌĞŽĨŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ŶŽƚƉĞƌŵŝƚƚĞĚďǇƚŚŝƐ ͕ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůŵĂŬĞƚŚĞƌĞƉŽƌƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ^ĞĐƚŝŽŶ///͘ ĂďŽǀĞ͘ ͘DŝƚŝŐĂƚŝŽŶ͘ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞĂŐƌĞĞƐƚŽŵŝƚŝŐĂƚĞ͕ƚŽƚŚĞĞǆƚĞŶƚƉƌĂĐƚŝĐĂďůĞ͕ĂŶǇ ŚĂƌŵĨƵůĞĨĨĞĐƚƚŚĂƚŝƐŬŶŽǁŶƚŽƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŽĨĂhƐĞŽƌŝƐĐůŽƐƵƌĞŽĨW,/ ďǇƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŝŶǀŝŽůĂƚŝŽŶŽĨƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚŝƐ͕ŝŶĐůƵĚŝŶŐ͕ďƵƚ ŶŽƚůŝŵŝƚĞĚƚŽ͕ƌĞŝŵďƵƌƐŝŶŐŽǀĞƌĞĚŶƚŝƚǇĨŽƌĂŶǇĂŶĚĂůůĐŽƐƚƐƌĞůĂƚĞĚƚŽĐƌĞĚŝƚͲ ŵŽŶŝƚŽƌŝŶŐŽĨŽǀĞƌĞĚŶƚŝƚǇ͛ƐŵĞŵďĞƌƐ͘ ͘dĞƌŵŝŶĂƚŝŽŶŽĨ͘ ϭZŝŐŚƚƚŽdĞƌŵŝŶĂƚĞĨŽƌƌĞĂĐŚ͘ ͘ŽǀĞƌĞĚŶƚŝƚǇŵĂǇƚĞƌŵŝŶĂƚĞƚŚŝƐ ;ĂƐǁĞůůĂƐĂŶǇŽƚŚĞƌĂŐƌĞĞŵĞŶƚƚŽǁŚŝĐŚƚŚŝƐŝƐĂƚƚĂĐŚĞĚͿŝĨŝƚ ĚĞƚĞƌŵŝŶĞƐ͕ŝŶŝƚƐƐŽůĞĚŝƐĐƌĞƚŝŽŶ͕ƚŚĂƚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŚĂƐďƌĞĂĐŚĞĚ ĂŶǇƉƌŽǀŝƐŝŽŶŽĨƚŚŝƐĂŶĚƵƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ ŽĨƚŚĞďƌĞĂĐŚ͕ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞĨĂŝůƐƚŽĐƵƌĞƚŚĞďƌĞĂĐŚǁŝƚŚŝŶƚĞŶ;ϭϬͿ Ͳϵ 3DFNHW3J 'F ĚĂǇƐĂĨƚĞƌƌĞĐĞŝƉƚŽĨƚŚĞŶŽƚŝĐĞ͘ŽǀĞƌĞĚŶƚŝƚǇŵĂǇĞǆĞƌĐŝƐĞƚŚŝƐƌŝŐŚƚƚŽ ƚĞƌŵŝŶĂƚĞƚŚŝƐďǇƉƌŽǀŝĚŝŶŐƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨ ƚĞƌŵŝŶĂƚŝŽŶ͕ƐƚĂƚŝŶŐƚŚĞĨĂŝůƵƌĞƚŽĐƵƌĞƚŚĞďƌĞĂĐŚŽĨƚŚĞƚŚĂƚ ƉƌŽǀŝĚĞƐƚŚĞďĂƐŝƐĨŽƌƚŚĞƚĞƌŵŝŶĂƚŝŽŶ͘ŶǇƐƵĐŚƚĞƌŵŝŶĂƚŝŽŶǁŝůůďĞ ĞĨĨĞĐƚŝǀĞŝŵŵĞĚŝĂƚĞůǇŽƌĂƚƐƵĐŚŽƚŚĞƌĚĂƚĞƐƉĞĐŝĨŝĞĚŝŶŽǀĞƌĞĚŶƚŝƚǇ͛Ɛ ŶŽƚŝĐĞŽĨƚĞƌŵŝŶĂƚŝŽŶ͘/ĨĨŽƌĂŶǇƌĞĂƐŽŶŽǀĞƌĞĚŶƚŝƚǇĚĞƚĞƌŵŝŶĞƐƚŚĂƚ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŚĂƐďƌĞĂĐŚĞĚƚŚĞƚĞƌŵƐŽĨƚŚŝƐĂŶĚƐƵĐŚďƌĞĂĐŚ ŚĂƐŶŽƚďĞĞŶĐƵƌĞĚ͕ďƵƚŽǀĞƌĞĚŶƚŝƚǇĚĞƚĞƌŵŝŶĞƐƚŚĂƚƚĞƌŵŝŶĂƚŝŽŶŽĨ ƚŚĞŝƐŶŽƚĨĞĂƐŝďůĞ͕ŽǀĞƌĞĚŶƚŝƚǇŵĂǇƌĞƉŽƌƚƐƵĐŚďƌĞĂĐŚƚŽƚŚĞh͘^͘ ĞƉĂƌƚŵĞŶƚŽĨ,ĞĂůƚŚĂŶĚ,ƵŵĂŶ^ĞƌǀŝĐĞƐ͘ ϮdĞƌŵŝŶĂƚŝŽŶhƉŽŶǆƉŝƌĂƚŝŽŶŽƌdĞƌŵŝŶĂƚŝŽŶŽĨZĞůĂƚĞĚŐƌĞĞŵĞŶƚ;ƐͿ͘ ͘ /ŶƚŚĞĞǀĞŶƚĂŶǇƵŶĚĞƌůǇŝŶŐĂŐƌĞĞŵĞŶƚ;ƐͿƚŽǁŚŝĐŚƚŚŝƐŝƐĂƚƚĂĐŚĞĚ ĞǆƉŝƌĞƐŽƌŝƐƚĞƌŵŝŶĂƚĞĚ͕ƚŚŝƐƐŚĂůůĂůƐŽďĞƚĞƌŵŝŶĂƚĞĚ͕ĞĨĨĞĐƚŝǀĞĂƐ ƚŚĞĚĂƚĞŽĨƚŚĞĞǆƉŝƌĂƚŝŽŶŽƌƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞƵŶĚĞƌůǇŝŶŐĂŐƌĞĞŵĞŶƚ;ƐͿ͘ ϯ͘KďůŝŐĂƚŝŽŶƐŽŶdĞƌŵŝŶĂƚŝŽŶ͘ Ă͘ZĞƚƵƌŶŽƌĞƐƚƌƵĐƚŝŽŶŽĨŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ĂƐ&ĞĂƐŝďůĞ͘ hƉŽŶ ƚĞƌŵŝŶĂƚŝŽŶŽƌŽƚŚĞƌĐŽŶĐůƵƐŝŽŶŽĨƚŚŝƐ͕ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ ƐŚĂůů͕ŝĨĨĞĂƐŝďůĞ͕ƌĞƚƵƌŶƚŽŽǀĞƌĞĚŶƚŝƚǇŽƌĚĞƐƚƌŽǇŽǀĞƌĞĚ ŶƚŝƚǇ͛ƐĞŶƚŝƌĞW,/ŝŶǁŚĂƚĞǀĞƌĨŽƌŵŽƌŵĞĚŝƵŵ͕ŝŶĐůƵĚŝŶŐĂůů ĐŽƉŝĞƐƚŚĞƌĞŽĨĂŶĚĂůůĚĂƚĂ͕ĐŽŵƉŝůĂƚŝŽŶƐ͕ĂŶĚŽƚŚĞƌǁŽƌŬƐĚĞƌŝǀĞĚ ƚŚĞƌĞĨƌŽŵƚŚĂƚĂůůŽǁŝĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨĂŶǇŝŶĚŝǀŝĚƵĂůǁŚŽŝƐĂ ƐƵďũĞĐƚŽĨŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/͘ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚ ĂůůƌĞƋƵŝƌĞ ĂŶǇƐƵďĐŽŶƚƌĂĐƚŽƌŽƌĂŐĞŶƚ͕ƚŽǁŚŝĐŚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŚĂƐ ĚŝƐĐůŽƐĞĚŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ĂƐƉĞƌŵŝƚƚĞĚďǇ^ĞĐƚŝŽŶ/͘ŽĨƚŚŝƐ ͕ƚŽŝĨĨĞĂƐŝďůĞƌĞƚƵƌŶƚŽƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ;ƐŽƚŚĂƚƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞŵĂǇƌĞƚƵƌŶŝƚƚŽŽǀĞƌĞĚŶƚŝƚǇͿŽƌĚĞƐƚƌŽǇĂůůŽĨ ŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ŝŶǁŚĂƚĞǀĞƌĨŽƌŵŽƌŵĞĚŝƵŵƌĞĐĞŝǀĞĚĨƌŽŵ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ͕ŝŶĐůƵĚŝŶŐĂůůĐŽƉŝĞƐƚŚĞƌĞŽĨĂŶĚĂůůĚĂƚĂ͕ ĐŽŵƉŝůĂƚŝŽŶƐ͕ĂŶĚŽƚŚĞƌǁŽƌŬƐĚĞƌŝǀĞĚƚŚĞƌĞĨƌŽŵƚŚĂƚĂůůŽǁ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨĂŶǇŝŶĚŝǀŝĚƵĂůǁŚŽŝƐĂƐƵďũĞĐƚŽĨŽǀĞƌĞĚŶƚŝƚǇ͛Ɛ W,/͕ĂŶĚĐĞƌƚŝĨǇŽŶŽĂƚŚƚŽƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƚŚĂƚĂůůƐƵĐŚ ŝŶĨŽƌŵĂƚŝŽŶŚĂƐďĞĞŶƌĞƚƵƌŶĞĚŽƌĚĞƐƚƌŽǇĞĚ͘ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ ƐŚĂůůĐŽŵƉůĞƚĞƚŚĞƐĞŽďůŝŐĂƚŝŽŶƐĂƐƉƌŽŵƉƚůǇĂƐƉŽƐƐŝďůĞ͕ďƵƚŶŽƚ ůĂƚĞƌƚŚĂŶƚŚŝƌƚǇ;ϯϬͿĚĂǇƐĨŽůůŽǁŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƚŚĞ ƚĞƌŵŝŶĂƚŝŽŶŽƌŽƚŚĞƌĐŽŶĐůƵƐŝŽŶŽĨƚŚŝƐ͘ ď͘WƌŽĐĞĚƵƌĞtŚĞŶZĞƚƵƌŶŽƌĞƐƚƌƵĐƚŝŽŶ/ƐEŽƚ&ĞĂƐŝďůĞ͘ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞƐŚĂůůŝĚĞŶƚŝĨǇĂŶǇŽĨŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/͕ŝŶĐůƵĚŝŶŐĂŶǇ ƚŚĂƚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŚĂƐĚŝƐĐůŽƐĞĚƚŽƐƵďĐŽŶƚƌĂĐƚŽƌƐŽƌĂŐĞŶƚƐ ĂƐƉĞƌŵŝƚƚĞĚďǇ^ĞĐƚŝŽŶ/͘ŽĨƚŚŝƐ͕ƚŚĂƚĐĂŶŶŽƚĨĞĂƐŝďůǇďĞ ƌĞƚƵƌŶĞĚƚŽŽǀĞƌĞĚŶƚŝƚǇŽƌĚĞƐƚƌŽǇĞĚĂŶĚĞǆƉůĂŝŶǁŚǇƌĞƚƵƌŶ ŽƌĚĞƐƚƌƵĐƚŝŽŶŝƐŝŶĨĞĂƐŝďůĞ͘tŚĞƌĞŽǀĞƌĞĚŶƚŝƚǇĂŐƌĞĞƐƚŚĂƚ ƐƵĐŚƌĞƚƵƌŶŽƌĚĞƐƚƌƵĐƚŝŽŶŝƐŝŶĨĞĂƐŝďůĞ͕ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůů ůŝŵŝƚŝƚƐĨƵƌƚŚĞƌƵƐĞŽƌĚŝƐĐůŽƐƵƌĞŽĨƐƵĐŚŝŶĨŽƌŵĂƚŝŽŶƚŽƚŚŽƐĞ ƉƵƌƉŽƐĞƐƚŚĂƚŵĂŬĞƌĞƚƵƌŶŽƌĚĞƐƚƌƵĐƚŝŽŶŽĨƐƵĐŚŝŶĨŽƌŵĂƚŝŽŶ ͲϭϬ 3DFNHW3J 'F ŝŶĨĞĂƐŝďůĞ͘/ĨŽǀĞƌĞĚŶƚŝƚǇĚŽĞƐŶŽƚĂŐƌĞĞ͕ƐƵďƉĂƌĂŐƌĂƉŚϯ͘Ă͘ ĂďŽǀĞƐŚĂůůĂƉƉůǇ͘ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůƌĞƋƵŝƌĞƐƵĐŚ ƐƵďĐŽŶƚƌĂĐƚŽƌŽƌĂŐĞŶƚƚŽůŝŵŝƚŝƚƐĨƵƌƚŚĞƌƵƐĞŽƌĚŝƐĐůŽƐƵƌĞŽĨ ŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ƚŚĂƚƐƵĐŚƐƵďĐŽŶƚƌĂĐƚŽƌŽƌĂŐĞŶƚĐĂŶŶŽƚ ĨĞĂƐŝďůǇƌĞƚƵƌŶŽƌĚĞƐƚƌŽǇƚŽƚŚŽƐĞƉƵƌƉŽƐĞƐƚŚĂƚŵĂŬĞƚŚĞƌĞƚƵƌŶ ŽƌĚĞƐƚƌƵĐƚŝŽŶŽĨƐƵĐŚŝŶĨŽƌŵĂƚŝŽŶŝŶĨĞĂƐŝďůĞ͘ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ ƐŚĂůůĐŽŵƉůĞƚĞƚŚĞƐĞŽďůŝŐĂƚŝŽŶƐĂƐƉƌŽŵƉƚůǇĂƐƉŽƐƐŝďůĞ͕ďƵƚŶŽƚ ůĂƚĞƌƚŚĂŶƚŚŝƌƚǇ;ϯϬͿĚĂǇƐĨŽůůŽǁŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƚŚĞ ƚĞƌŵŝŶĂƚŝŽŶŽƌŽƚŚĞƌĐŽŶĐůƵƐŝŽŶŽĨƚŚŝƐ͘ Đ͘ŽŶƚŝŶƵŝŶŐWƌŝǀĂĐǇĂŶĚ^ĞĐƵƌŝƚǇKďůŝŐĂƚŝŽŶ͘ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ͛Ɛ ŽďůŝŐĂƚŝŽŶƚŽƉƌŽƚĞĐƚƚŚĞƉƌŝǀĂĐǇĂŶĚƐĂĨĞŐƵĂƌĚƚŚĞƐĞĐƵƌŝƚǇŽĨ ŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ĂƐƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐǁŝůůďĞĐŽŶƚŝŶƵŽƵƐ ĂŶĚƐƵƌǀŝǀĞƚĞƌŵŝŶĂƚŝŽŶŽƌŽƚŚĞƌĐŽŶĐůƵƐŝŽŶŽĨƚŚŝƐ͘ ͘/ŶĚĞŵŶŝƚǇ͘ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůŝŶĚĞŵŶŝĨǇĂŶĚŚŽůĚŚĂƌŵůĞƐƐŽǀĞƌĞĚŶƚŝƚǇ ĂŶĚĂŶǇŽǀĞƌĞĚŶƚŝƚǇĂĨĨŝůŝĂƚĞ͕ŽĨĨŝĐĞƌ͕ĚŝƌĞĐƚŽƌ͕ĞŵƉůŽǇĞĞŽƌĂŐĞŶƚĨƌŽŵĂŶĚ 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ŝĂƚĞ͛ƐĐŽŶƚƌŽů͕ŽǀĞƌĞĚ ŶƚŝƚǇǁŝůůŚĂǀĞƚŚĞŽƉƚŝŽŶĂƚĂŶǇƚŝŵĞĞŝƚŚĞƌ;ͿƚŽƚĞŶĚĞƌŝƚƐĚĞĨĞŶƐĞƚŽ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ͕ŝŶǁŚŝĐŚĐĂƐĞƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞƐŚĂůůƉƌŽǀŝĚĞ ƋƵĂůŝĨŝĞĚĂƚƚŽƌŶĞǇƐ͕ĐŽŶƐƵůƚĂŶƚƐ͕ĂŶĚŽƚŚĞƌĂƉƉƌŽƉƌŝĂƚĞƉƌŽĨĞƐƐŝŽŶĂůƐƚŽ ƌĞƉƌĞƐĞŶƚŽǀĞƌĞ ĚŶƚŝƚǇ͛ƐŝŶƚĞƌĞƐƚƐĂƚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ͛ƐĞǆƉĞŶƐĞ͕Žƌ ;ͿƵŶĚĞƌƚĂŬĞŝƚƐŽǁŶĚĞĨĞŶƐĞ͕ĐŚŽŽƐŝŶŐƚŚĞĂƚƚŽƌŶĞǇƐ͕ĐŽŶƐƵůƚĂŶƚƐ͕ĂŶĚ ŽƚŚĞƌĂƉƉƌŽƉƌŝĂƚĞƉƌŽĨĞƐƐŝŽŶĂůƐƚŽƌĞƉƌĞƐĞŶƚŝƚƐŝŶƚĞƌĞƐƚƐ͕ŝŶǁŚŝĐŚĐĂƐĞ ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶĚƉĂǇƚŚĞƌĞĂƐŽŶĂďůĞĨĞĞƐ ĂŶĚĞǆƉĞŶƐĞƐŽĨƐƵĐŚĂƚƚŽƌŶĞǇƐ͕ĐŽŶƐƵůƚĂŶƚƐ͕ĂŶĚŽƚŚĞƌƉƌŽĨĞƐƐŝŽŶĂůƐ͘ /ĨƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞŝƐŶĂŵĞĚĂƉĂƌƚǇŝŶĂŶǇũƵĚŝĐŝĂů͕ĂĚŵŝŶŝƐƚƌĂƚŝǀĞŽƌ ŽƚŚĞƌƉƌŽĐĞĞĚŝŶŐĂƌŝƐŝŶŐŽƵƚŽĨŽƌŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚĂŶǇŶŽŶͲƉĞƌŵŝƚƚĞĚ ƵƐĞŽƌĚŝƐĐůŽƐƵƌĞŽĨŽǀĞƌĞĚŶƚŝƚǇ͛ƐW,/ŽƌŽƚŚĞƌďƌĞĂĐŚŽĨƚŚŝƐďǇ ŽǀĞƌĞĚŶƚŝƚǇŽƌĂŶǇƐƵďĐŽŶƚƌĂĐƚŽƌŽƌĂŐĞŶƚƵŶĚĞƌŽǀĞƌĞĚŶƚŝƚǇ͛Ɛ Ͳϭϭ 3DFNHW3J 'F ĐŽŶƚƌŽů͕ƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞǁŝůůŚĂǀĞƚŚĞŽƉƚŝŽŶĂƚĂŶǇƚŝŵĞĞŝƚŚĞƌ;ͿƚŽ ƚĞŶĚĞƌŝƚƐĚĞĨĞŶƐĞƚŽŽǀĞƌĞĚŶƚŝƚǇ͕ŝŶǁŚŝĐŚĐĂƐĞŽǀĞƌĞĚŶƚŝƚǇǁŝůů ƉƌŽǀŝĚĞƋƵĂůŝĨŝĞĚĂƚƚŽƌŶĞǇƐ͕ĐŽŶƐƵůƚĂŶƚƐ͕ĂŶĚŽƚŚĞƌĂƉƉƌŽƉƌŝĂƚĞ ƉƌŽĨĞƐƐŝŽŶĂůƐƚŽƌĞƉƌĞƐĞŶƚƵƐŝŶĞƐƐƐƐŽĐŝĂƚĞ͛ƐŝŶƚĞƌĞƐƚƐĂƚŽǀĞƌĞĚ 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ƉĂƐƐĞŶŐĞƌƐƚĂƌƚŝŶŐǁŝƚŚƚŚĞƐĞĐŽŶĚƉĂƐƐĞŶŐĞƌ͘ ϮϬϭϳ ϯ͗͘ΨϯϱĨůĂƚƌĂƚĞŝŶĐůƵƐŝǀĞŽĨĂΨϯƉĞƌƚƌŝƉĂŝƌƉŽƌƚĂĐĐĞƐƐĨĞĞǁŝƚŚĂŶĂĚĚŝƚŝŽŶĂůΨϱƉĞƌƉĞƌƐŽŶĨůĂƚĨĞĞĨŽƌĞĂĐŚ ƉĂƐƐĞŶŐĞƌƐƚĂƌƚŝŶŐǁŝƚŚƚŚĞƐĞĐŽŶĚƉĂƐƐĞŶŐĞƌ͘ 3DFNHW3J )ŽŵĚƌƵŐƚĞƐƚƐĂĚŵŝŶŝƐƚĞƌĞĚďǇƚŚĞĨƌĂŶĐŚŝƐĞƚŚƌŽƵŐŚĂƚŚŝƌĚƉĂƌƚǇĐŽŶƐŽƌƚŝƵŵ;ĂƉƉƌŽǀĞĚďǇƚŚĞŝƚǇͿĂƚƚŚĞ ƌĞƋƵĞƐƚŽĨƚŚĞĐŝƚǇĐůĞƌŬ͘ x ZĞƋƵŝƌĞĚƚŽďĞĐĞƌƚŝĨŝĞĚĂŶĚĐƵƌƌĞŶƚĞƌƚŝĨŝĞĚdŽƵƌŝƐŵŵďĂƐƐĂĚŽƌƐǁŝƚŚŝŶƚŚƌĞĞŵŽŶƚŚƐŽĨŚŝƌĞĚĂƚĞ͘ x DƵƐƚŚĂǀĞŝƚǇŝƐƐƵĞĚƚĂǆŝĚƌŝǀĞƌƐƉĞƌŵŝƚ;ŝŶĐůƵĚŝŶŐƉŚŽƚŽͿĂŶĚŶĂŵĞƉůĂƚĞĚŝƐƉůĂǇĞĚŝŶĐůĞĂƌǀŝĞǁƚŽƉĂƐƐĞŶŐĞƌƐ͘ &ƌĂŶĐŚŝƐĞĂŐƌĞĞŵĞŶƚƌĞŐƵůĂƚŝŽŶƐƵŐŐĞƐƚŝŽŶƐ dŚĞdĂǆŝĂďdĂƐŬ&ŽƌĐĞƌĞĐŽŵŵĞŶĚƐƚŚĂƚƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌƚŚĞĨŽůůŽǁŝŶŐĐŚĂŶŐĞƐƚŽƚŚĞĞǆŝƐƚŝŶŐƚĂǆŝĨƌĂŶĐŚŝƐĞ ƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĂůůZŽĐŚĞƐƚĞƌdĂǆŝĂďĨƌĂŶĐŚŝƐĞƐ͘ x DƵƐƚĂůůŽǁĨŽƌďŽƚŚĐĂƐŚĂŶĚĐƌĞĚŝƚĐĂƌĚƉĂǇŵĞŶƚĨŽƌƐĞƌǀŝĐĞƐŝŶĂůůǀĞŚŝĐůĞƐ͘ x ZĞƋƵŝƌĞĚƚŚĂƚĂůůĚƌŝǀĞƌƐĂŶĚĐƵƐƚŽŵĞƌƐĞƌǀŝĐĞƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐĂƌĞĐĞƌƚŝĨŝĞĚĂŶĚĐƵƌƌĞŶƚĞƌƚŝĨŝĞĚdŽƵƌŝƐŵ ŵďĂƐƐĂĚŽƌƐǁŝƚŚŝŶƚŚƌĞĞŵŽŶƚŚƐŽĨŚŝƌĞĚĂƚĞ͘&ƌĂŶĐŚŝƐĞƉĂǇƐĨŽƌŝŶŝƚŝĂůƉƌŽŐƌĂŵĨĞĞĂŶĚĂŶŶƵĂůƌĞŶĞǁĂů͘ x DƵƐƚĞƐƚĂďůŝƐŚĐŽŵƉĂŶǇƉŽůŝĐǇĨŽƌƵŶŝĨŽƌŵĚƌĞƐƐŝŶĐůƵĚŝŶŐĂĐŽůůĂƌĞĚƐŚŝƌƚĂŶĚůŽŶŐƚƌŽƵƐĞƌƐ͘ x ZĞǀŝƐĞϵϱ͘Ϭϳ͘/ŶƐƉĞĐƚŝŽŶŽĨsĞŚŝĐůĞƐ͘^ƵďĚŝǀŝƐŝŽŶϭ͘WƌŝŽƌƚŽƚŚĞŝŶŝƚŝĂůƵƐĞĂŶĚŽƉĞƌĂƚŝŽŶŽĨĂŶǇǀĞŚŝĐůĞƵŶĚĞƌƚŚĞ ĂƵƚŚŽƌŝƚǇŽĨĂŶǇĨƌĂŶĐŚŝƐĞ͕ƐĂŝĚǀĞŚŝĐůĞƐŚĂůůďĞƚŚŽƌŽƵŐŚůǇĞǆĂŵŝŶĞĚĂŶĚŝŶƐƉĞĐƚĞĚďǇĂĐĞƌƚŝĨŝĞĚŵĞĐŚĂŶŝĐĂŶĚ ĨŽƵŶĚƚŽĐŽŵƉůǇǁŝƚŚĂůůƐƚĂŶĚĂƌĚƐŽĨƐĂĨĞƚǇƉƌĞƐĐƌŝďĞĚďǇƚŚĞůĂǁƐŽĨƚŚĞƐƚĂƚĞŽƌƚŚĞŝƚǇ͘ŶŝŶƐƉĞĐƚŝŽŶƌĞƉŽƌƚ ƐŚŽǁŝŶŐƚŚĂƚĂǀĞŚŝĐůĞŚĂƐŵĞƚƚŚĞƐƚĂŶĚĂƌĚƐŽĨƐĂĨĞƚǇƉƌĞƐĐƌŝďĞĚďǇůĂǁŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽƚŚĞĐŝƚǇĐůĞƌŬĂƚƚŚĞ ƚŝŵĞŽĨůŝĐĞŶƐĞĂƉƉůŝĐĂƚŝŽŶ͘ 3DFNHW3J ) WŽůŝĞĞƉĂƌƚŵĞŶƚƐĞŵŝĂŶŶƵĂůůǇ͕Žƌ ĞƉĂƌƚŵĞŶƚŽƌŝƚǇ&ůĞĞƚDĂŶĂŐĞƌ͘ ZĞƋƵŝƌĞƐƐƉĞĐŝĨŝĐĐŽůŽƌƐĐŚĞŵĞĂŶĚ ŽŵŵŝƐƐŝŽŶĞƌŽĨ>ŝĐĞŶƐĞƐƵƉŽŶŚŝƐ ǁŝƚŚŶĂŵĞŽĨĐŽŵƉĂŶǇ͕ƉŚŽŶĞŶŽ͘ ĂŶĚƉĞƌŵĂŶĞŶƚůǇĂĨĨŝǆĞĚƌŽŽĨƐŝŐŶ͘ sĞŚŝĐůĞƐŝŶƐƉĞĐƚĞĚďĞĨŽƌĞƉƵƚŝŶƚŽ ƌĞƉŽƌƚƐƵď͕ŝƚƚĞĚƚŽŝƚǇůĞƌŬ͘ůƐŽ ĂƐŶĞĞĚĞĚďĂƐĞĚƵƉŽŶĐŽŵƉůĂŝŶƚ͘ WŽůŝĐĞŚŝĞĨ͕ŽƌĐŝƚŝǌĞŶĐŽŵƉůĂŝŶƚ͘ sĞŚŝĐůĞƐŵĂǇďĞŝŶƐƉĞĐƚĞĚĂƚĂŶǇ ͬŚĞƌŽǁŶŝŶŝƚŝĂƚŝǀĞŽƌƌĞƋƵĞƐƚďǇ ĂďƐŵƵƐƚďĞŵĂƌŬĞĚŽŶŽƵƚƐŝĚĞƚĞĐŚŶŝĐŝĂŶƌĞƋƵŝƌĞĚďĞĨŽƌĞŝŶŝƚŝĂů sĞŚŝĐůĞƐƐƵďũĞĐƚƚŽŝŶƐƉĞĐƚŝŽŶďǇsĞŚŝĐůĞƐƐƵďũĞĐƚƚŽŝŶƐƉĞĐƚŝŽŶďǇ ŶĞĞĚĞĚĂƐĚĞƚĞƌŵŝŶĞĚďǇWŽůŝĐĞ 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EŽƚŚŝŶŐĨŽƵŶĚŝŶŽƌĚŝŶĂŶĐĞ͘ ƐŚŝƌƚƐŽƌŚĂůƚĞƌƚŽƉƐ͘ ůŝĐĞŶƐĞ͘ ŚĞĂƌŝŶŐ͕ĨŽƌŶŽŶĐŽŵƉůŝĂŶĐĞ ZĞǀŽĐĂƚŝŽŶŵĂǇŽĐĐƵƌĂĨƚĞƌ ŚĂǀĞƵŶŝĨŽƌŵĐŽůŽƌƐĐŚĞŵĞ dĂǆŝŽƌĚŝŶĂŶĐĞĞŶĨŽƌĐĞĚďǇ ŶĨŽƌĐĞŵĞŶƚĐŽŶĚƵĐƚĞĚďǇ ĨƌĂŶĐŚŝƐĞŽŶϯϬĂǇŶŽƚŝĐĞĂŶĚŝŶƐŝŐŶŝĂŽŶĐĂďƐ͕ƚŽďĞ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶŽĨWŽůŝĐĞ WƵďůŝĐ^ĞƌǀŝĐĞŽŵŵƐƐŝŽŶ ŽŵŵŝƐƐŝŽŶĞƌŽĨ>ŝĐĞŶƐĞƐ ƌĞŐŝƐƚĞƌĞĚǁŝƚŚŝƚǇůĞƌŬ ĂĐŚůŝĐĞŶƐĞŚŽůĚĞƌŵƵƐƚ ŽƵŶƚǇǁŝƚŚĂƵƚŚŽƌŝƚǇƚŽůŝĐĞŶƐĞƐĨŽƌǀŝŽůĂƚŝŽŶƐ͕Žƌ WŽůŝĐĞŚŝĞĨŽƌĚĞƐŝŐŶĞĞƐ ŝƌĞĐƚŽƌŽĨ>ŝĐĞŶƐĞƐĂŶĚ ƐƵƐƉĞŶĚŽƌƌĞǀŽŬĞĂĨƚĞƌ ŽĚĞĞŶĨŽƌĐĞĚďǇ^ƚĂƚĞ ŵĂǇƐƵƐƉĞŶĚŽƌƌĞǀŽŬĞ ƉƌŽǀŝƐŝŽŶƐŽĨƚĂǆŝĐŽĚĞ͘ ƌĞŐƵůĂƚĞ͘ŝƌĞĐƚŽƌŵĂǇ ŽƵŶĐŝůŵĂǇƌĞǀŽŬĞĂ ĚŝƌĞĐƚŽƌ͘WƌŽǀŝĚĞƚŚĞ ŝŶƐƉĞĐƚŽƌƐĞŶĨŽƌĐĞ ŽĨŽƌĚŝŶĂŶĐĞ͘ ƉƌŝŽƌƚŽƵƐĞ͘ ŽĨǀŝŽůĂƚŝŽŶ ŚĞĂƌŝŶŐ ŚŝĞĨ͘ ŽƉĞƌĂƚŽƌƐ͘ŝƚǇŚĂƐŵĂǆŝŵƵŵ ŽƉĞƌĂƚŽƌďƵƚŵƵƐƚďĞƉĂƌƚŽĨ DƵƐƚďĞƉĂƌƚŽĨĂŶŽƉĞƌĂƚŝŶŐ ZĞƋƵŝƌĞƐĨƌĂŶĐŚŝƐĞǁŝƚŚĞĂĐŚ ǀĞŚŝĐůĞůŝĐĞŶƐĞĚďǇŝƚǇůĞƌŬ ϮůŝĐĞŶƐĞĚǀĞŚŝĐůĞƐŵŝŶŝŵƵŵ ϱϬϬůŝĐĞŶƐĞĚǀĞŚŝĐůĞƐŝŶŝƚǇ͘ ĂƐƐŽĐŝĂƚŝŽŶ͘ŵĂǆŝŵƵŵŽĨ ŽĨϭ͕ϯϭϬΗďŽŶĚƐΗĂǀĂŝůĂďůĞ͘ ƌĞƋƵŝƌĞĚ͘EŽŝŶĨŽĨŽƵŶĚŽŶ dĂǆŝĐĂďĐŽŵƉĂŶǇůŝĐĞŶƐĞ ŽůŽƌĂĚŽWƵŝďůŝĐhƚŝůŝƚŝĞƐ &ŽƵƌŽƉĞƌĂƚŝŶŐƚĂǆŝĐĂď ĐŽŵƉĂŶŝĞƐůŝĐĞŶƐĞĚďǇ ŵŝŶ͘ŶƵŵďĞƌŽĨĐĂďƐ͘ 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