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DƐ͘DĞĞŬĂƐŬĞĚĂďŽƵƚƌĞĐƌĞĂƚŝŽŶƐƉĂĐĞĂŶĚůĂŶĚƐĐĂƉĞďĞŝŶŐŵƵƚƵĂůůǇŝŶĐůƵƐŝǀĞ͖ĂŶĚĂƐŬĞĚĂďŽƵƚ ŵĂƚĞƌŝĂůĂŶĚŚĞŝŐŚƚĨŽƌƚŚĞĨĞŶĐŝŶŐ͘ Dƌ͘^ƚŽŬŬĂŶŽƚĞĚƚŚĞƐĞƐƉĂĐĞƐĐĂŶŽǀĞƌůĂƉŝŶƵƐĞ͘,ĞĚŝĚŶŽƚŚĂǀĞĂŶĂŶƐǁĞƌŽŶƚŚĞĨĞŶĐŝŶŐŵĂƚĞƌŝĂůŽƌ ŚĞŝŐŚƚ͘ DƐ͘DĞĞŬŶŽƚĞĚŚĞƌĐŽŶĐĞƌŶǁŝƚŚƚŚĞůŽŽŬŽĨƚŚĞĨĞŶĐĞƚŽŶŽƚŚĂǀĞĂŐĂƚĞǁŚŝĐŚǀŝƐƵĂůůǇŐŝǀĞƐĂĚŝǀŝĚĞ ŝŶƌĞŐĂƌĚƐƚŽƵƌďĂŶĚĞƐŝŐŶ͘ Dƌ͘dũŽƐƐĞŵƐƚĂƚĞĚƚŚĞĨĞŶĐĞĐĂŶ͛ƚďĞŚŝŐŚĞƌƚŚĂŶϲĨŽŽƚ͘ DƐ͘tŝůƐŽŶĂƐŬĞĚŚŽǁĚŽĞƐƚŚĞƉƌŽĐĞƐƐǁŽƌŬƐŝŶƌĞŐĂƌĚƐƚŽŚŽǁƚŚĞĨĞŶĐĞǁŝůůŵŽǀĞĨŽƌǁĂƌĚ͘ Dƌ͘dũŽƐƐĞŵƉƌĞƐĞŶƚĞĚƚŚĞƉƌŽĐĞƐƐŽĨƚŚĞƉƌŽũĞĐƚŝƐŝŶƚŚĞĨŝŶĂůƐƚĂŐĞ͖ĂĐŽŶĚŝƚŝŽŶǁŽƵůĚŶĞĞĚƚŽďĞ ĂĚĚĞĚƚŽƚŚĞŵŽƚŝŽŶĨŽƌĚĞƚĂŝůƐŽĨƚŚĞĨĞŶĐŝŶŐ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞĐŽŶĚŝƚŝŽŶŽŶƚŚĞŝŵƉƌŽǀĞŵĞŶƚƐƚŽƚŚĞƉƌŽũĞĐƚƐŝŶĐĞƚŚĞůĂƐƚƚŝŵĞŝƚǁĂƐ ƐĞĞŶ͖ĂĚĚŝŶŐĂĐŽŶĚŝƚŝŽŶĨŽƌƚŚĞĨĞŶĐŝŶŐ͖ůŽĐĂƚŝŽŶŽĨďŝŬĞƌĂĐŬƐ͘ DƐ͘DĞĞŬŶŽƚĞĚĚŝƐĐƵƐƐŝŽŶǁŝƚŚƚŚĞƉĂƌŬĚĞƉĂƌƚŵĞŶƚŝŶƌĞŐĂƌĚƐƚŽĐĂƐŚŝŶůŝĞƵƚŽĂŶĂƌĞĂƉĂƌŬƌĂƚŚĞƌ ƚŚĂŶŝŶǀĞƐƚŝŶŐŝŶĂŶŽŶͲƐŝƚĞƌĞĐƌĞĂƚŝŽŶ͖ŶŽĐŽŶĐĞƌŶƐǁŝƚŚƉĂƌŬŝŶŐŝƐƐƵĞ͖ĂŶĚƚŚĞŶĞŝŐŚďŽƌŚŽŽĚŚĂƐƉůĞŶƚǇ ŽĨƉĂƌŬŝŶŐĂǀĂŝůĂďůĞ͘ DƐ͘DĞĞŬŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨZĞƐƚƌŝĐƚĞĚĞǀĞůŽƉŵĞŶƚ&ŝŶĂůWůĂŶηZϮϬϭϰͲϬϮϮhWǁŝƚŚ ƚŚĞƐƚĂĨĨͲƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐĂŶĚĂĚĚŝƚŝŽŶĂůĐŽŶĚŝƚŝŽŶŶŽ͘ϭϯ͘tŝůƐŽŶƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞ ŵŽƚŝŽŶĐĂƌƌŝĞĚϳͲϬ͘ KE/d/KE^͗ ϭ͘dŚĞŽƵŶĐŝů͛ƐĂĐƚŝŽŶƐŝŶĂƉƉƌŽǀŝŶŐƚŚŝƐĚĞǀĞůŽƉŵĞŶƚŽĐĐƵƌŝŶƌĞƐƉŽŶƐĞƚŽƚŚĞĂƉƉůŝĐĂŶƚ͛ƐŽƌ ŚŝƐͬŚĞƌƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͛ƐŽƌĂůĂŶĚǁƌŝƚƚĞŶƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐĂƐƚŽƚŚĞĂƉƉĞĂƌĂŶĐĞŽĨƚŚĞďƵŝůĚŝŶŐĚĞƐŝŐŶ͕ ĞǆƚĞƌŝŽƌĨĂĕĂĚĞ͕ĂŶĚůĂŶĚƐĐĂƉŝŶŐ͘ƐƐƵĐŚ͕ƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚŶŽƚĚĞǀŝĂƚĞĨƌŽŵƚŚĞĂƉƉĞĂƌĂŶĐĞŽĨƚŚĞ 3DFNHW3J )E ďƵŝůĚŝŶŐĚĞƐŝŐŶ͕ĞǆƚĞƌŝŽƌĨĂĕĂĚĞĂŶĚůĂŶĚƐĐĂƉŝŶŐĂƐŽƌŝŐŝŶĂůůǇƉƌĞƐĞŶƚĞĚƚŽƚŚĞŽƵŶĐŝůǁŝƚŚŽƵƚƚŚĞ ŽƵŶĐŝů͛ƐƉƌŝŽƌĂƉƉƌŽǀĂů͘ Ϯ͘ŶƵƉĚĂƚĞĚ>ĂŶĚƐĐĂƉĞWůĂŶŝƐƌĞƋƵŝƌĞĚŝĚĞŶƚŝĨǇŝŶŐƚŚĞƌĞƋƵŝƌĞĚŵŝŶŝŵƵŵϭϬй>ĂŶĚƐĐĂƉĞƌĞĂ ĂƐǁĞůůĂƐƚŚĞƌĞƋƵŝƌĞĚŶƵŵďĞƌŽĨďŽƵůĞǀĂƌĚƚƌĞĞƐĂƚĂƌĂƚĞŽĨŽŶĞƚƌĞĞƉĞƌϯϱĨĞĞƚŽĨƌŽĂĚĨƌŽŶƚĂŐĞ͘ ƚŽƚĂůŽĨϭϯƚƌĞĞƐĂƌĞƌĞƋƵŝƌĞĚ͘WƌŝŽƌƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƉƌŽƉĞƌƚǇ͕ƚŚĞKǁŶĞƌƐŚĂůůĚĞƚĞƌŵŝŶĞ ǁŚŝĐŚŽĨƚŚĞƚǁŽĂǀĂŝůĂďůĞŽƉƚŝŽŶƐ͕WĂǇŵĞŶƚDĞƚŚŽĚŽƌŽƵůĞǀĂƌĚdƌĞĞŐƌĞĞŵĞŶƚDĞƚŚŽĚ͕ǁŝůůďĞ ƵƐĞĚƚŽŵĞĞƚŝƚƐďŽƵůĞǀĂƌĚƚƌĞĞŽďůŝŐĂƚŝŽŶƐĨŽƌĞĂĐŚƉŚĂƐĞŽĨĚĞǀĞůŽƉŵĞŶƚ͘KŶĐĞƚŚĞŽƉƚŝŽŶŝƐ 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Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘DĂƌŬtĞůĐŚ͕ĐŽŶƐƵůƚĂŶƚĨŽƌƚŚĞĂƉƉůŝĐĂŶƚ͕'ͲƵďĞĚ͕ϭϰϬϳϬ,ŝŐŚǁĂǇϱϮ^͕ŚĂƚĨŝĞůĚ͕DŝŶŶĞƐŽƚĂ͕ ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞƉƌĞƐĞŶƚĞĚĂďƌŝĞĨŚŝƐƚŽƌǇŽĨƚŚĞƉƌŽũĞĐƚĂƌĞĂ͘,ĞĐŽŵŵĞŶƚĞĚƚŚĞ ƌĞĂƐŽŶŝŶŐĨŽƌƚŚĞĐŚĂŶŐĞƐŽĨŚŽƵƐŝŶŐƐƚǇůĞǁĂƐďĞĐĂƵƐĞƚŚĞǇĚŝĚŶŽƚƐĞůů͖ƚŚĞǇĂƌĞŝŶĂŐƌĞĞŵĞŶƚǁŝƚŚĂůů ĐŽŶĚŝƚŝŽŶƐĂŶĚǁŝƚŚƚŚĞŵŽĚŝĨŝĐĂƚŝŽŶŽĨĐŽŶĚŝƚŝŽŶŶŽ͘ϭ͘,ĞĂĚĚƌĞƐƐĞĚƚŚĞůĞƚƚĞƌĨƌŽŵDƌ͘WĞƚĞƌ͖ŚĞ ĚŝĚƐƚĂƚĞƚŚĞǇĂƌĞŝŶĐŽŶǀĞƌƐĂƚŝŽŶǁŝƚŚŚŝŵ͖ĂŶĚĂƌĞůŽŽŬŝŶŐĂƚŽƉƚŝŽŶƐĨŽƌĂĚĚƌĞƐƐŝŶŐŚŝƐĐŽŶĐĞƌŶƐǁŝƚŚ ĚƌĂŝŶĂŐĞ͘ 3DFNHW3J )E WĂŐĞϮ ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗DĂƌĐŚϮϱ͕ϮϬϭϱ Dƌ͘^ŝŵƐĂƐŬĞĚŝĨWƵďůŝĐtŽƌŬƐŚĂĚĂŶǇĐŽŶĐĞƌŶƐǁŝƚŚƚŚĞƌĂǀŝŶĞǁŽƌŬǁŚŝĐŚŚĂƐďĞĞŶĐŽŵƉůĞƚĞĚ͘ Dƌ͘tĞůĐŚĐŽŵŵĞŶƚĞĚƚŚŝƐƉƌŽƉĞƌƚǇĚŽĞƐŶŽƚĂĨĨĞĐƚĂŶǇŽĨƚŚĞƌĂǀŝŶĞƐƚŚĂƚĞǆŝƐƚĂƚƚŚĞďŽƚƚŽŵŽĨƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ͖ƚŚĞƌĞǁŝůůďĞĂĐŚĂŶŶĞůĐŽŶƐƚƌƵĐƚĞĚĨŽƌĚƌĂŝŶĂŐĞƚŽƚŚĞƐƚŽƌŵƉŽŶĚƐ͘ DƐ͘tŝůƐŽŶĂƐŬĞĚŝĨƚŚĞĞůĞǀĂƚŝŽŶĐŚĂŶŐĞĂĐŽŶĐĞƌŶŝŶĂŶǇŽƚŚĞƌĂƌĞĂƐ͘ Dƌ͘tĞůĐŚŶŽƚĞĚĞůĞǀĂƚŝŽŶĐŚĂŶŐĞƐĂƌĞĂĐŽŶĐĞƌŶĨŽƌƐŽŵĞŽĨƚŚĞƉůĂĐĞŵĞŶƚĨŽƌŚŽƵƐĞƐďƵƚƚŚĞůĂǇŽƵƚ ŽŶƚŚĞƉůĂŶĂůůŽǁƐĨŽƌǁĂůŬ Ͳ ŽƵƚƐƚǇůĞƐĂŶĚƚŚĞǇǁŝůůǁŽƌŬǁŝƚŚǁŚĂƚĨŝƚƐďĞƐƚŽŶƚŚĞůŽƚƐǁŝƚŚůĞƐƐŐƌĂĚŝŶŐ ĐŽŵƉůĞƚĞĚ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘ƵƌƐƚŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨ^ƉĞĐŝĂůŝƐƚƌŝĐƚηZϮϬϭϱ Ͳ ϬϬϭ^ǁŝƚŚƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐ͘DƐ͘tŝůƐŽŶƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϳ Ͳ Ϭ͘ Dƌ͘ƵƌƐƚŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶηZϬϬϭϭϰ'WǁŝƚŚƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘Dƌ͘^ŚĞƌǁŽŽĚƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϳ Ͳ Ϭ͘ KE/d/KE^͗ ƌŝƚĞƌŝĂ͘dŚĞƉƌŽƉŽƐĞĚůĂŶĚƵƐĞƐĂƌĞŐĞŶĞƌĂůůǇŝŶĂĐĐŽƌĚǁŝƚŚƚŚĞĂĚŽƉƚĞĚǌŽŶŝŶŐŵĂƉ͘/ĨƚŚĞŐĞŶĞƌĂů ĚĞǀĞůŽƉŵĞŶƚƉůĂŶŝƐďĞŝŶŐƉƌŽĐĞƐƐĞĚĐŽŶĐƵƌƌĞŶƚůǇǁŝƚŚĂƌĞǌŽŶŝŶŐƌĞƋƵĞƐƚ͕ƚŚĞŐĞŶĞƌĂů ĚĞǀĞůŽƉŵĞŶƚƉůĂŶĂŶĚƚŚĞƌĞǌŽŶŝŶŐƌĞƋƵĞƐƚŵƵƐƚďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶ͘ /ĨƚŚĞŐĞŶĞƌĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶŝƐďĞŝŶŐƉƌŽĐĞƐƐĞĚĐŽŶĐƵƌƌĞŶƚůǇǁŝƚŚĂŶĂŵĞŶĚŵĞŶƚƚŽƚŚĞ ůĂŶĚƵƐĞƉůĂŶŵĂƉĂŶĚĂƌĞǌŽŶŝŶŐƌĞƋƵĞƐƚ͕ƚŚĞůĂŶĚƵƐĞƉůĂŶŵĂƉĂŵĞŶĚŵĞŶƚ͕ƌĞǌŽŶŝŶŐ ƌĞƋƵĞƐƚĂŶĚŐĞŶĞƌĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶŵƵƐƚďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƉŽůŝĐŝĞƐŽĨƚŚĞ ĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶ͘/ĨƚŚĞƌĞŝƐŝŶĐŽŶƐŝƐƚĞŶĐǇďĞƚǁĞĞŶƚŚĞƐĞĚŽĐƵŵĞŶƚƐ͕ƚŚĞŵĞĂŶƐŽĨ ƌĞĐŽŶĐŝůŝŶŐƚŚĞĚŝĨĨĞƌĞŶĐĞŵƵƐƚďĞĂĚĚƌĞƐƐĞĚ͘ dŚĞƉƌŽƉĞƌƚǇŝƐĚĞƐŝŐŶĂƚĞĚĨŽƌ͞ůŽǁĚĞŶƐŝƚǇƌĞƐŝĚĞŶƚŝĂů͟ƚǇƉĞƐŽĨůĂŶĚƵƐĞƐŽŶ>ĂŶĚhƐĞWůĂŶ͘>ĂŶĚ ƵƐĞƐǁŝƚŚŝŶƚŚĞ'WǁŽƵůĚďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞ͞ůŽǁĚĞŶƐŝƚǇƌĞƐŝĚĞŶƚŝĂů͟ůĂŶĚƵƐĞ ĚĞƐŝŐŶĂƚŝŽŶĨŽƌƚŚĞƉƌŽƉĞƌƚǇ͘ ƌŝƚĞƌŝĂ͘dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͕ŝŶĐůƵĚŝŶŐŝƚƐůŽƚƐŝǌĞƐ͕ĚĞŶƐŝƚǇ͕ĂĐĐĞƐƐĂŶĚĐŝƌĐƵůĂƚŝŽŶĂƌĞ ĐŽŵƉĂƚŝďůĞǁŝƚŚƚŚĞĞǆŝƐƚŝŶŐĂŶĚͬŽƌƉĞƌŵŝƐƐŝďůĞĨƵƚƵƌĞƵƐĞŽĨĂĚũĂĐĞŶƚƉƌŽƉĞƌƚǇ͘ dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝƐĐŽŶƐŝĚĞƌĞĚĂŶ͞ŝŶ Ͳ Ĩŝůů͟ĚĞǀĞůŽƉŵĞŶƚǁŝƚŚƐƵƌƌŽƵŶĚŝŶŐƵƐĞƐ ĐŽŶƐŝƐƚŝŶŐŽĨƐŝŶŐůĞĨĂŵŝůǇĚǁĞůůŝŶŐƐĂŶĚĂƉƵďůŝĐƉĂƌŬ͘dŚŝƐ'WƉƌŽƉŽƐĞƐůŽǁĚĞŶƐŝƚǇ ƌĞƐŝĚĞŶƚŝĂů;ĂƉƉƌŽǆŝŵĂƚĞůǇϯ͘ϰƵŶŝƚƐƉĞƌĂĐƌĞͿ͕ǁŚŝĐŚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞůĂŶĚƵƐĞ ĚĞƐŝŐŶĂƚŝŽŶĨŽƌƚŚĞƉƌŽƉĞƌƚǇ͘ ƌĚ dŚĞŵĂŝŶĂĐĐĞƐƐƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚŝƐĨƌŽŵϮϯǀĞŶƵĞ^tǁŚŝĐŚŝƐĚĞƐŝŐŶĂƚĞĚĂƐĂůŽĐĂů ĐŽůůĞĐƚŽƌŽŶƚŚĞZKK'ϮϬϰϬdƌĂŶƐƉŽƌƚĂƚŝŽŶWůĂŶ&ƵŶĐƚŝŽŶĂůĞƐŝŐŶĂƚŝŽŶDĂƉZŽĐŚĞƐƚĞƌ hƌďĂŶƌĞĂZŽĂĚ^ǇƐƚĞŵ͘dŚĞŽƚŚĞƌƌŽĂĚǁĂǇƉƌŽǀŝĚŝŶŐĂĐĐĞƐƐƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚŝƐ&Žǆ sĂůůĞǇƌŝǀĞ^tǁŚŝĐŚŝƐĂůƐŽĚĞƐŝŐŶĂƚĞĚĂƐĂůŽĐĂůĐŽůůĞĐƚŽƌŽŶƚŚĞZKK'ϮϬϰϬ dƌĂŶƐƉŽƌƚĂƚŝŽŶWůĂŶ&ƵŶĐƚŝŽŶĂůĞƐŝŐŶĂƚŝŽŶDĂƉZŽĐŚĞƐƚĞƌhƌďĂŶƌĞĂZŽĂĚ^ǇƐƚĞŵ͘ ŶŽƚŚĞƌĂĐĐĞƐƐŝƐŽĨĨŽĨ&ŽǆDĞĂĚŽǁŽƵƌƚ^t͕ĂŶĚŝƐŝĚĞŶƚŝĨŝĞĚĂƐĂůŽĐĂůƌŽĂĚ͘ 3DFNHW3J )E WĂŐĞϯ ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗DĂƌĐŚϮϱ͕ϮϬϭϱ ƌŝƚĞƌŝĂ͘KŶ Ͳ ƐŝƚĞĂĐĐĞƐƐĂŶĚĐŝƌĐƵůĂƚŝŽŶĚĞƐŝŐŶĨŽƌƉĞĚĞƐƚƌŝĂŶƐ͕ďŝĐǇĐůŝƐƚƐ͕ƚƌĂŶƐŝƚǀĞŚŝĐůĞƐĂŶĚ ƉĂƚƌŽŶƐĂŶĚƉƌŝǀĂƚĞǀĞŚŝĐůĞƐ͕ĂŶĚŝŶƚĞŐƌĂƚŝŽŶŽĨƚŚĞƐĞĨĂĐŝůŝƚŝĞƐǁŝƚŚĂĚũĂĐĞŶƚƉƌŽƉĞƌƚŝĞƐǁŝůů ƐƵƉƉŽƌƚƚŚĞƐĂĨĞƚƌĂǀĞůŽĨƉĞƌƐŽŶƐŽĨĂůůĂŐĞƐĂŶĚĂďŝůŝƚŝĞƐďǇŵŝŶŝŵŝǌŝŶŐǀĞŚŝĐƵůĂƌ͕ƉĞĚĞƐƚƌŝĂŶ ĂŶĚďŝĐǇĐůĞĐŽŶĨůŝĐƚƐƚŚƌŽƵŐŚƚŚĞƵƐĞŽĨĂƉƉƌŽƉƌŝĂƚĞƚƌĂĨĨŝĐĐĂůŵŝŶŐ͕ƉĞĚĞƐƚƌŝĂŶƐĂĨĞƚǇ͕ĂŶĚ ŽƚŚĞƌĚĞƐŝŐŶĨĞĂƚƵƌĞƐĂƉƉƌŽƉƌŝĂƚĞƚŽƚŚĞĐŽŶƚĞǆƚ͘ WĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐŝƐŵĂŝŶƚĂŝŶĞĚĂůŽŶŐ&Žǆ,ŝůůWůĂĐĞ͕&ŽǆDĞĂĚŽǁŽƵƌƚ͕&Žǆ<ŶŽůůƌŝǀĞĂŶĚ &ŽǆsĂůůĞǇƌŝǀĞ͘dŚĞĂƉƉůŝĐĂŶƚŝƐƉƌŽƉŽƐŝŶŐƚŽƉƌŽǀŝĚĞĂŵŝĚ Ͳ ďůŽĐŬƉĞĚĞƐƚƌŝĂŶĐŽŶŶĞĐƚŝŽŶ ĨƌŽŵƚŚĞĐƵů Ͳ ĚĞ Ͳ ƐĂĐ;&Žǆ,ŝůů>ĂŶĞ^tͿƚŽƚŚĞƐŝĚĞǁĂůŬŶĞƚǁŽƌŬŶĞĂƌƚŚĞƌŽƵŶĚĂďŽƵƚŽŶ&Žǆ sĂůůĞǇƌŝǀĞ͘ ƌŝƚĞƌŝĂ͘dŚĞŵŝǆŽĨŚŽƵƐŝŶŐŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚĂĚŽƉƚĞĚ>ĂŶĚhƐĞĂŶĚ,ŽƵƐŝŶŐWůĂŶƐ͘ dŚĞĚĞǀĞůŽƉŵĞŶƚĚĞŶƐŝƚǇŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞůŽǁĚĞŶƐŝƚǇƌĞƐŝĚĞŶƚŝĂůůĂŶĚƵƐĞĚĞƐŝŐŶĂƚŝŽŶ ŽĨƚŚĞ>ĂŶĚhƐĞWůĂŶ͘dŚĞ'WǁŽƵůĚƉƌŽŵŽƚĞƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨŵŝǆĞĚĚĞŶƐŝƚŝĞƐ͕ŚŽƵƐŝŶŐ ƐƚǇůĞƐĂŶĚƉƌŝĐĞƐŝŶƚŚĞĐŽŵŵƵŶŝƚǇ͘KŶĞŽĨƚŚĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐŽĨƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶ ƉŽůŝĐǇŽŶĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐŝƐƚŽĂĐĐŽŵŵŽĚĂƚĞƉƌŝǀĂƚĞĚĞǀĞůŽƉŵĞŶƚƉƌŽƉŽƐĂůƐƚŚĂƚŝŶĐůƵĚĞ ƚŽǁŶŚŽƵƐĞƐĂƐƉĂƌƚŽĨŶĞŝŐŚďŽƌŚŽŽĚĚĞǀĞůŽƉŵĞŶƚĂƌĞĂƐ͘ ĚĚŝƚŝŽŶĂůůǇ͕ƚŚĞ'WŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞ,ŽƵƐŝŶŐWůĂŶĂŶĚƚŚĞƐƚĂŶĚĂƌĚƐĨŽƌƚŚĞƉŚǇƐŝĐĂů ĂŶĚƐŽĐŝĂůĞŶǀŝƌŽŶŵĞŶƚŽĨƌĞƐŝĚĞŶƚŝĂůŶĞŝŐŚďŽƌŚŽŽĚƐ͘ ƌŝƚĞƌŝĂ͘dŚĞƉƌŽƉŽƐĞĚƉůĂŶŵĂŬĞƐƉƌŽǀŝƐŝŽŶƐĨŽƌƉůĂŶŶĞĚĐĂƉŝƚĂůŝŵƉƌŽǀĞŵĞŶƚƐĂŶĚƐƚƌĞĞƚƐƌĞĨůĞĐƚĞĚ ŝŶƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌΖƐĐƵƌƌĞŶƚϲ Ͳ zĞĂƌĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWƌŽŐƌĂŵ͕ĂĚŽƉƚĞĚdŚŽƌŽƵŐŚĨĂƌĞ WůĂŶ͕ƚŚĞZKK'>ŽŶŐ Ͳ ZĂŶŐĞdƌĂŶƐƉŽƌƚĂƚŝŽŶWůĂŶ͕KĨĨŝĐŝĂůDĂƉƐ͕ĂŶĚĂŶǇŽƚŚĞƌƉƵďůŝĐĨĂĐŝůŝƚŝĞƐ ƉůĂŶƐĂĚŽƉƚĞĚďǇƚŚĞŝƚǇ͘^ƚƌĞĞƚƐǇƐƚĞŵŝŵƉƌŽǀĞŵĞŶƚƐƌĞƋƵŝƌĞĚƚŽĂĐĐŽŵŵŽĚĂƚĞƉƌŽƉŽƐĞĚ ůĂŶĚƵƐĞƐĂŶĚƉƌŽũĞĐƚĞĚďĂĐŬŐƌŽƵŶĚƚƌĂĨĨŝĐĂƌĞĐŽŵƉĂƚŝďůĞǁŝƚŚƚŚĞĞǆŝƐƚŝŶŐƵƐĞƐĂŶĚƵƐĞƐ ƐŚŽǁŶŝŶƚŚĞĂĚŽƉƚĞĚ>ĂŶĚhƐĞWůĂŶĨŽƌƚŚĞƐƵďũĞĐƚĂŶĚĂĚũĂĐĞŶƚƉƌŽƉĞƌƚŝĞƐ͘ dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝƐĐŽŶƐŝĚĞƌĞĚĂŶ͞ŝŶ Ͳ Ĩŝůů͟ĚĞǀĞůŽƉŵĞŶƚƐŝŶĐĞŝƚŝƐƐƵƌƌŽƵŶĚĞĚďǇ ĞǆŝƐƚŝŶŐĚĞǀĞůŽƉŵĞŶƚŽŶĂůůƐŝĚĞƐ͘ůůŝŶĨƌĂƐƚƌƵĐƚƵƌĞƚŽďĞĞǆƚĞŶĚĞĚƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚĞ ĚĞǀĞůŽƉŵĞŶƚŝƐƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨƚŚĞĚĞǀĞůŽƉĞƌĂŶĚŝƐŶŽƚŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞĐƵƌƌĞŶƚϲ Ͳ ǇĞĂƌ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWůĂŶ͕ĂŶĚƚŚĞƌŽĂĚǁĂǇƐŝŶǁŚŝĐŚƚŚĞĚĞǀĞůŽƉŵĞŶƚǁŽƵůĚƚĂŬĞĂĐĐĞƐƐ ŽŶƚŽŝƐůŽĐĂůĐŽůůĞĐƚŽƌƌŽĂĚǁĂǇƐ͘ ƌŝƚĞƌŝĂ&͘KŶĂŶĚŽĨĨ Ͳ ƐŝƚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐĂƌĞĂĚĞƋƵĂƚĞ͕ŽƌǁŝůůďĞĂĚĞƋƵĂƚĞŝĨƚŚĞĚĞǀĞůŽƉŵĞŶƚŝƐ ƉŚĂƐĞĚŝŶ͕ƚŽƐĞƌǀĞƚŚĞƉƌŽƉĞƌƚŝĞƐƵŶĚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶĂŶĚǁŝůůƉƌŽǀŝĚĞĂĐĐĞƐƐƚŽ ĂĚũŽŝŶŝŶŐůĂŶĚŝŶĂŵĂŶŶĞƌƚŚĂƚǁŝůůĂůůŽǁĚĞǀĞůŽƉŵĞŶƚŽĨƚŚŽƐĞĂĚũŽŝŶŝŶŐůĂŶĚƐŝŶĂĐĐŽƌĚ ǁŝƚŚƚŚŝƐŽƌĚŝŶĂŶĐĞ͘ ϭ͘^ƚƌĞĞƚƐǇƐƚĞŵĂĚĞƋƵĂĐǇƐŚĂůůďĞďĂƐĞĚŽŶƚŚĞƐƚƌĞĞƚƐǇƐƚĞŵΖƐĂďŝůŝƚǇƚŽƐĂĨĞůǇĂĐĐŽŵŵŽĚĂƚĞ ƚƌŝƉƐĨƌŽŵĞǆŝƐƚŝŶŐĂŶĚƉůĂŶŶĞĚůĂŶĚƵƐĞƐŽŶƚŚĞĞǆŝƐƚŝŶŐĂŶĚƉƌŽƉŽƐĞĚƐƚƌĞĞƚƐǇƐƚĞŵǁŝƚŚŽƵƚ ĐƌĞĂƚŝŶŐƐĂĨĞƚǇŚĂǌĂƌĚƐ͕ŐĞŶĞƌĂƚŝŶŐĂƵƚŽƐƚĂĐŬŝŶŐƚŚĂƚďůŽĐŬƐĚƌŝǀĞǁĂǇƐŽƌŝŶƚĞƌƐĞĐƚŝŽŶƐ͕Žƌ ĚŝƐƌƵƉƚŝŶŐƚƌĂĨĨŝĐĨůŽǁŽŶĂŶǇƐƚƌĞĞƚ͕ĂƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƚƌĂĨĨŝĐŝŵƉĂĐƚƌĞƉŽƌƚ͕ŝĨƌĞƋƵŝƌĞĚďǇ ^ĞĐƚŝŽŶϲϭ͘ϱϮϯ;Ϳ͘ĂƉĂĐŝƚǇĨƌŽŵŝŵƉƌŽǀĞŵĞŶƚƐŝŶƚŚĞĨŝƌƐƚϯǇĞĂƌƐŽĨƚŚĞϲ Ͳ ǇĞĂƌ/WƐŚĂůůďĞ ŝŶĐůƵĚĞĚŝŶƚŚĞĂƐƐĞƐƐŵĞŶƚŽĨĂĚĞƋƵĂĐǇ͘ ƌĚ dŚĞŵĂŝŶĂĐĐĞƐƐƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚŝƐĨƌŽŵϮϯǀĞŶƵĞ^tǁŚŝĐŚŝƐĚĞƐŝŐŶĂƚĞĚĂƐĂůŽĐĂů 3DFNHW3J )E WĂŐĞϰ 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ƚŚĞƌĞĨŽƌĞƉĂƌŬůĂŶĚĚĞĚŝĐĂƚŝŽŶĨŽƌƚŚĞĚĞǀĞůŽƉŵĞŶƚƐŚŽƵůĚďĞŝŶƚŚĞĨŽƌŵŽĨĐĂƐŚŝŶůŝĞƵŽĨ ůĂŶĚ͘ ƌŝƚĞƌŝĂ'͘dŚĞĚƌĂŝŶĂŐĞ͕ĞƌŽƐŝŽŶ͕ĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶŝŶƚŚĞĂƌĞĂĐĂŶďĞŚĂŶĚůĞĚƚŚƌŽƵŐŚŶŽƌŵĂů ĞŶŐŝŶĞĞƌŝŶŐĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶƉƌĂĐƚŝĐĞƐ͕ŽƌƚŚĂƚ͕ĂƚƚŚĞƚŝŵĞŽĨůĂŶĚƐƵďĚŝǀŝƐŝŽŶ͕ĂŵŽƌĞ ĚĞƚĂŝůĞĚŝŶǀĞƐƚŝŐĂƚŝŽŶŽĨƚŚĞƐĞŵĂƚƚĞƌƐǁŝůůďĞƉƌŽǀŝĚĞĚƚŽƐŽůǀĞƵŶƵƐƵĂůƉƌŽďůĞŵƐƚŚĂƚŚĂǀĞ ďĞĞŶŝĚĞŶƚŝĨŝĞĚ͘ 'ƌĂĚŝŶŐΘƌĂŝŶĂŐĞWůĂŶĂƉƉƌŽǀĂůĨŽƌƚŚĞƐƵďĚŝǀŝƐŝŽŶƉƵďůŝĐŝŵƉƌŽǀĞŵĞŶƚƐŝƐƌĞƋƵŝƌĞĚƉƌŝŽƌƚŽ&ŝŶĂů WůĂƚƐƵďŵŝƚƚĂů͕ĂŶĚŝŶĚŝǀŝĚƵĂůůŽƚ'ƌĂĚŝŶŐΘƌĂŝŶĂŐĞWůĂŶĂƉƉƌŽǀĂůǁŝůůďĞƌĞƋƵŝƌĞĚ ƚŚƌŽƵŐŚƚŚĞĚĞǀĞůŽƉŵĞŶƚĂƉƉƌŽǀĂůƉƌŽĐĞƐƐĨŽƌƚŚĞŝŶĚŝǀŝĚƵĂůůŽƚƐ͘dŚĞƉƌŽƉĞƌƚǇŵŽƐƚůǇ ĚƌĂŝŶƐĨƌŽŵƚŚĞƐŽƵƚŚǁĞƐƚƚŽŶŽƌƚŚĞĂƐƚ͘EŽƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƉŽŶĚƐĂƌĞ ƐŚŽǁŶŽŶƚŚĞ'W͘dƌĞĂƚŵĞŶƚŵĂǇŝŶĐůƵĚĞĂĐŽŵďŝŶĂƚŝŽŶŽĨƵŶĚĞƌŐƌŽƵŶĚǀĂƵůƚƐĂŶĚ ŐƌĂƐƐǇĚĞƉƌĞƐƐŝŽŶƐǁŚŝĐŚǁŽƵůĚĚŝƐƉĞƌƐĞƌƵŶŽĨĨĚŝƌĞĐƚůǇŝŶƚŽƚŚĞƐŽŝůĂƐǁĞůůĂƐ ĐŽŶǀĞŶƚŝŽŶĂůƉŝƉŝŶŐŽĨƐƚŽƌŵǁĂƚĞƌƚŽĞǆŝƐƚŝŶŐĚŽǁŶƐƚƌĞĂŵĨĂĐŝůŝƚŝĞƐ͘ ƌŝƚĞƌŝĂ,͘tĞƚůĂŶĚƐĂŶĚĚŐĞ^ƵƉƉŽƌƚƌĞĂƐ;ĂƐĚĞĨŝŶĞĚŝŶŚĂƉƚĞƌϱϵͿǁŝůůďĞŵĂŶĂŐĞĚĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚŚĂƉƚĞƌϱϵĂŶĚǁŚĞƌĞĂƉƉůŝĐĂďůĞ͕ŝŶƐƵĐŚĂǁĂǇĂƐƚŽŵĂŝŶƚĂŝŶƚŚĞƋƵĂůŝƚǇĂŶĚ 3DFNHW3J )E WĂŐĞϱ ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗DĂƌĐŚϮϱ͕ϮϬϭϱ ƋƵĂŶƚŝƚǇŽĨŐƌŽƵŶĚǁĂƚĞƌƌĞĐŚĂƌŐŝŶŐůŽǁĞƌĂƋƵŝĨĞƌƐĂŶĚƚŽƉƌŽƚĞĐƚĚŝƐĐŚĂƌŐĞ͕ŝŶƚĞƌĨůŽǁ͕ ŝŶĨŝůƚƌĂƚŝŽŶ͕ĂŶĚƌĞĐŚĂƌŐĞƉƌŽĐĞƐƐĞƐƚĂŬŝŶŐƉůĂĐĞ͕ƉƌŽǀŝĚĞĚ͕ŚŽǁĞǀĞƌ͕ƚŚĂƚƚŚĞŽƵŶĐŝů ŵĂǇǁĂŝǀĞƚŚŝƐƌĞƋƵŝƌĞŵĞŶƚƵŶĚĞƌƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨŚĂƉƚĞƌϱϵ͘ dŚĞƉƌŽƉĞƌƚǇŝƐŶ͛ƚŵĂƉƉĞĚĂƐďĞŝŶŐǁŝƚŚŝŶƚŚĞĞĐŽƌĂŚĚŐĞ͘ĐĐŽƌĚŝŶŐƚŽƚŚĞĞĐŽƌĂŚĚŐĞ &ĞĂƚƵƌĞƐŵĂƉ͕ƚŚĞĞĐŽƌĂŚĚŐĞĂŶĚĚŐĞ^ƵƉƉŽƌƚƌĞĂƐĂƌĞŶŽƚŽŶƚŚĞƉƌŽƉĞƌƚǇ͘ ƌŝƚĞƌŝĂ/͘dŚĞůŽƚ͕ďůŽĐŬ͕ĂŶĚƐƚƌĞĞƚůĂǇŽƵƚĨŽƌĂůůĚĞǀĞůŽƉŵĞŶƚĂŶĚƚŚĞůŽƚĚĞŶƐŝƚǇĨŽƌƌĞƐŝĚĞŶƚŝĂů ĚĞǀĞůŽƉŵĞŶƚĂƌĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƐƵďĚŝǀŝƐŝŽŶĚĞƐŝŐŶƐƚĂŶĚĂƌĚƐĐŽŶƚĂŝŶĞĚŝŶ^ĞĐƚŝŽŶϲϰ͘ϭϬϬ ĂŶĚĐŽŵƉĂƚŝďůĞǁŝƚŚĞǆŝƐƚŝŶŐĂŶĚƉůĂŶŶĞĚĚĞǀĞůŽƉŵĞŶƚŽĨĂĚũĂĐĞŶƚƉĂƌĐĞůƐ͘ dŚĞůŽƚĂŶĚďůŽĐŬůĂǇŽƵƚĂƉƉĞĂƌŐĞŶĞƌĂůůǇĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĚĞƐŝŐŶƐƚĂŶĚĂƌĚƐŝŶ^ĞĐƚŝŽŶϲϰ͘ϭϬϬ͘ WĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐŝƐŵĂŝŶƚĂŝŶĞĚĂůŽŶŐ&Žǆ,ŝůůWůĂĐĞ͕&ŽǆDĞĂĚŽǁŽƵƌƚ͕&Žǆ<ŶŽůůƌŝǀĞĂŶĚ&Žǆ sĂůůĞǇƌŝǀĞ͘dŚĞĂƉƉůŝĐĂŶƚŝƐƉƌŽƉŽƐŝŶŐƚŽƉƌŽǀŝĚĞĂŵŝĚ Ͳ ďůŽĐŬƉĞĚĞƐƚƌŝĂŶĐŽŶŶĞĐƚŝŽŶĨƌŽŵƚŚĞ ĐƵů Ͳ ĚĞ Ͳ ƐĂĐ;&Žǆ,ŝůů>ĂŶĞ^tͿƚŽƚŚĞƐŝĚĞǁĂůŬŶĞƚǁŽƌŬŶĞĂƌƚŚĞƌŽƵŶĚĂďŽƵƚŽŶ&ŽǆsĂůůĞǇƌŝǀĞ͘ ƌŝƚĞƌŝĂ:͘/ĨƚŚĞĞǀĞŶƚƵĂůƉůĂƚƚŝŶŐŽĨƚŚĞĂƌĞĂŝŶǀŽůǀĞƐĂƉƉƌŽǀĂůŽĨĂdǇƉĞ///>ĂŶĚ^ƵďĚŝǀŝƐŝŽŶ WĞƌŵŝƚ͕ƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŵƵƐƚƐĂƚŝƐĨǇŽŶĞŽĨƚŚĞĨŽůůŽǁŝŶŐĐĂƚĞŐŽƌŝĞƐŽĨĚĞǀĞůŽƉŵĞŶƚ͗ ϭ͘ĚĞǀĞůŽƉŵĞŶƚďŽƵŶĚĞĚŽŶĂůůƐŝĚĞƐďǇĂƌƚĞƌŝĂůŽƌŚŝŐŚĞƌůĞǀĞůƐƚƌĞĞƚƐ͕ƐƚƌĞĂŵƐŽƌŽƚŚĞƌ ƚŽƉŽŐƌĂƉŚŝĐĐŽŶƐƚƌĂŝŶƚƐ͕ĞǆŝƐƚŝŶŐĚĞǀĞůŽƉŵĞŶƚ͕ůĂŶĚĂůƌĞĂĚǇŝŶĐůƵĚĞĚŝŶĂŶĂƉƉƌŽǀĞĚ'ĞŶĞƌĂů ĞǀĞůŽƉŵĞŶƚWůĂŶ͕ŽƌƉĞƌŵĂŶĞŶƚŽƉĞŶƐƉĂĐĞƚŚĂƚůŝŵŝƚƐƚŚĞŝŶĐůƵƐŝŽŶŽĨŽƚŚĞƌĂďƵƚƚŝŶŐůĂŶĚƐ͗ Ϯ͘ĚĞǀĞůŽƉŵĞŶƚǁŝƚŚĂĚĞƋƵĂƚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐĂŶĚĐŽŶƐƚŝƚƵƚŝŶŐƚŚĞĞŶƚŝƌĞƌĞŵĂŝŶŝŶŐƐĞƌǀŝĐĞĂƌĞĂ ŽĨĂŵĂũŽƌƉƵďůŝĐĨĂĐŝůŝƚǇŝŵƉƌŽǀĞŵĞŶƚ;ƐƵĐŚĂƐĂƚƌƵŶŬƐĞǁĞƌŽƌǁĂƚĞƌƚŽǁĞƌͿƚŚĂƚŚĂƐďĞĞŶ ŝĚĞŶƚŝĨŝĞĚĂƐĂƉƌŽũĞĐƚŝŶƚŚĞĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWƌŽŐƌĂŵ͖ ϯ͘ĚĞǀĞůŽƉŵĞŶƚƚŚĂƚĐŽŶƐŝƐƚƐŽĨĂƚůĞĂƐƚϴϬĂĐƌĞƐŝŶůĂŶĚĂƌĞĂƌĞŐĂƌĚůĞƐƐŽĨŽǁŶĞƌƐŚŝƉŽƌŝŶƚĞƌĞƐƚ͕ ĂŶĚĐŽŶƐŝƐƚƐŽĨĂůůůĂŶĚƐĨŽƌǁŚŝĐŚƚŚĞĂƉƉůŝĐĂŶƚŚĂƐŽǁŶĞƌƐŚŝƉŽƌŝŶƚĞƌĞƐƚ͖Žƌ ϰ͘ĚĞǀĞůŽƉŵĞŶƚĨŽƌǁŚŝĐŚĂĚĞǀĞůŽƉŵĞŶƚĂŐƌĞĞŵĞŶƚŚĂƐďĞĞŶĞǆĞĐƵƚĞĚďǇƚŚĞŽǁŶĞƌĂŶĚƚŚĞ ĐŝƚǇĨŽƌƚŚĞĞŶƚŝƌĞƉƌŽƉĞƌƚǇŝŶĐůƵĚĞĚŝŶƚŚĞƉƌŽƉŽƐĞĚŐĞŶĞƌĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶ͘dŚĞ ĚĞǀĞůŽƉŵĞŶƚĂŐƌĞĞŵĞŶƚŵƵƐƚŚĂǀĞďĞĞŶĚƌĂĨƚĞĚďĂƐĞĚŽŶƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƉƌŽƉĞƌƚǇ ŽĐĐƵƌƌŝŶŐĂƐƉƌŽƉŽƐĞĚŝŶƚŚĞŐĞŶĞƌĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶ͘ dŚĞŐĞŶĞƌĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶŝƐďŽƵŶĚĞĚŽŶĂůůƐŝĚĞďǇĞǆŝƐƚŝŶŐĚĞǀĞůŽƉŵĞŶƚŽƌƌŽĂĚǁĂǇƐ ƚŚĂƚůŝŵŝƚƚŚĞŝŶĐůƵƐŝŽŶŽĨŽƚŚĞƌĂďƵƚƚŝŶŐůĂŶĚƐ͘ ƌŝƚĞƌŝĂ<͘dŚĞWůĂŶŝƐŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ͕ĂŶĚƚŚĞŽŵƉůĞƚĞ ^ƚƌĞĞƚƐƉŽůŝĐǇŽĨƚŚĞŝƚǇ͘ dŚĞWůĂŶĂƉƉĞĂƌƐƚŽďĞŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŽŵƉůĞƚĞ^ƚƌĞĞƚƐƉŽůŝĐǇŽĨƚŚĞŝƚǇ͘ĚĚŝƚŝŽŶĂů ƐŝƚĞĚĞƚĂŝů͕ƐƵĐŚĂƐƐŝĚĞǁĂůŬƐĂŶĚƉĞĚĞƐƚƌŝĂŶƚƌĂŝůƐ͕ǁŝůůďĞƌĞǀŝĞǁĞĚĂƚƚŚĞƉůĂƚƚŝŶŐ ƐƚĂŐĞ͘ ƌŝƚĞƌŝĂ>͘tŚĞƌĞƐƉĞĐŝĨŝĐďƵŝůĚŝŶŐĨŽŽƚƉƌŝŶƚŽƌůĂǇŽƵƚƐĂƌĞŝĚĞŶƚŝĨŝĞĚŽŶƚŚĞWůĂŶ͖ƚŚĞWůĂŶĚĞŵŽŶƐƚƌĂƚĞƐ ƚŚĂƚƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐƚŽƚŚĞĐƵƐƚŽŵĞƌͬƚĞŶĂŶƚŝŶŐƌĞƐƐͬĞŐƌĞƐƐůŽĐĂƚŝŽŶƐŝŶŽĨƚŚĞďƵŝůĚŝŶŐ;ƐͿ͕ĨƌŽŵ ĨĂĐŝůŝƚŝĞƐŝŶďŽƚŚƚŚĞƉƵďůŝĐƌŝŐŚƚ Ͳ ŽĨ Ͳ ǁĂǇ͕ĂŶĚŽĨĨ Ͳ ƐƚƌĞĞƚƉĂƌŬŝŶŐĂƌĞĂƐƚŚĂƚƐĞƌǀĞƐƚŚĞƵƐĞĂƌĞ 3DFNHW3J )E WĂŐĞϲ ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗DĂƌĐŚϮϱ͕ϮϬϭϱ ĚĞƐŝŐŶĞĚƚŽŵŝŶŝŵŝǌĞďŝĐǇĐůĞ͕ƉĞĚĞƐƚƌŝĂŶĂŶĚǀĞŚŝĐƵůĂƌĐŽŶĨůŝĐƚƐ͘ dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝƐŶ͛ƚĂĐŽŵŵĞƌĐŝĂůĚĞǀĞůŽƉŵĞŶƚďƵƚĂƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚƚŚĂƚ ƉƌŽǀŝĚĞƐƐŝĚĞǁĂůŬƐĂůŽŶŐƚŚĞƉƵďůŝĐƌŽĂĚǁĂǇĂŶĚĂƉĞĚĞƐƚƌŝĂŶĐŽŶŶĞĐƚŝŽŶďĞƚǁĞĞŶƚŚĞƉƌŽƉŽƐĞĚ ƉƌŝǀĂƚĞƌŽĂĚǁĂǇĂŶĚŵŝĚ Ͳ 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ĂĨƵƚƵƌĞĐŽŶŶĞĐƚŝǀĞůǇǁŝƚŚϰϴ^ƚƌĞĞƚĚŽǁŶƚŽƚŚĞƐŽƵƚŚͬƐŽƵƚŚĞĂƐƚĂŶĚƚŚĞŶĐŽŶƚŝŶƵĞƐƚŽƚŽǁĂƌĚƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ͘^ƚĂĨĨŶŽƚĞĚƚŚĞŐĞŶĞƌĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶŝƐĂĐŽŶĐĞƉƚƵĂůƉůĂŶ͖ƚŚĞƉůĂƚĂƉƉůŝĐĂƚŝŽŶƐǁŝůů ďĞďƌŽƵŐŚƚƚŽƚŚĞŽŵŵŝƐƐŝŽŶĂƚĂĨƵƚƵƌĞĚĂƚĞǁŝƚŚŵŽƌĞĚĞƚĂŝůƐƌŽĂĚůĂǇŽƵƚƐ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘DĂƌŬŶŐĞů͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚ^,Ͳ zĂŐŐǇ͕ϳϭϳdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞĞǆƉůĂŝŶĞĚƚŚĞĞůĞŵĞŶƚƐŽĨƚŚĞŐĞŶĞƌĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶĂŶĚĂƐƐŽĐŝĂƚŝŽŶǁŝƚŚƚŚĞ ĂĚũŽŝŶŝŶŐƉƌŽƉĞƌƚŝĞƐ͖ƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŐƌĞĞŵĞŶƚŝŶƚŚĞƉƌŽĐĞƐƐǁŝƚŚWƵďůŝĐtŽƌŬƐ͖ĂƉƌĞĚĞǀĞůŽƉŵĞŶƚ ŵĞĞƚŝŶŐǁĂƐĐŽŵƉůĞƚĞĚŝŶ&ĞďƌƵĂƌǇǁŝƚŚƵƚŝůŝƚǇĐŽŵƉĂŶŝĞƐĂŶĚĂŐĞŶĐŝĞƐ͖ĂŶĞŝŐŚďŽƌŚŽŽĚŵĞĞƚŝŶŐǁĂƐ ŚĞůĚ͖ƚŚĞǇĂƌĞŝŶĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞĞůĞǀĞŶĐŽŶĚŝƚŝŽŶƐ͘ Dƌ͘^ŝŵƐĂƐŬĞĚŚŽǁŚĂŶĚůŝŶŐŽĨƚŚĞƐƚŽƌŵǁĂƚĞƌǁŝůůƚĂŬĞƉůĂĐĞ͘ Dƌ͘ŶŐĞůŶŽƚĞĚƚŚĞƌĞŝƐĂƐĞƌŝĞƐŽĨƚŚƌĞĞƌĞŐŝŽŶĂůƉŽŶĚƐŝŶƚŚĞĂƌĞĂĨŽƌƌĞĚƵĐŝŶŐŽĨƚŚĞƐƚŽƌŵǁĂƚĞƌ͘ dŚĞǇǁŝůůďĞǁŽƌŬŝŶŐǁŝƚŚWƵďůŝĐtŽƌŬƐŽŶŚŽǁƚŚĞƌĞĚƵĐƚŝŽŶŽĨƚŚĞƐƚŽƌŵǁĂƚĞƌǁŝůůďĞĂƉƉůŝĞĚ͘ Dƌ͘^ŝŵƐĂƐŬĞĚŝĨƚŚĞƐŝĚĞǁĂůŬĂŶĚďŽƵůĞǀĂƌĚƚƌĞĞƐĂƌĞƉůĂŶŶĞĚ͘ Dƌ͘ŶŐĞůƐƚĂƚĞĚǇĞƐƚŚĞǇĂƌĞƉůĂŶŶŝŶŐŽŶƚŚĞƚƌĞĞƐĂŶĚŚĂǀĞďĞĞŶǁŽƌŬŝŶŐǁŝƚŚƚŚĞ&ŝƌĞĞƉĂƌƚŵĞŶƚ ǁŝƚŚƚŚĞƚƵƌŶĂƌŽƵŶĚďƵůďŝŶƚŚĞĐƵů Ͳ ĚĞ Ͳ ƐĂĐ͘ DƐ͘DĞĞŬĂƐŬĞĚĨŽƌƚŚĞĞůĞǀĂƚŝŽŶĐŚĂŶŐĞĨŽƌƚŚĞĐŽůůĞĐƚŽƌƌŽĂĚ͘ Dƌ͘ŶŐůĞƐƚĂƚĞĚƚŚĞĞůĞǀĂƚŝŽŶŝƐĂďŽƵƚĂƚϯйƚŽϰй͕ƐŽƚŚĞƌĞŝƐĐŚĂŶŐĞďƵƚŝƚŝƐŽǀĞƌŐƌĞĂƚĚŝƐƚĂŶĐĞ͘ Dƌ͘tĂůƚĞƌƐŶŽƚĞĚĐŽŶĐĞƌŶƐǁŝƚŚĐŽŶŶĞĐƚŝǀĞůǇŽŶƚŚĞŶŽƌƚŚĞŶĚ͘ Dƌ͘ŶŐĞůŶŽƚĞĚƚŚĞƚŽƉŽŐƌĂƉŚǇĚŽĞƐŶŽƚĂůůŽǁĨŽƌĐŽŶŶĞĐƚŝǀĞůǇŝŶƚŚĂƚĂƌĞĂ͘ Dƌ͘ƵƌƐƚĐŽŵŵĞŶƚĞĚŚĞƚŚŝŶŬƐŝƚŝƐŐƌĞĂƚƚŽƐĞĞƐŽŵĞƚŚŝŶŐŚĂƉƉĞŶŝŶƚŚŝƐĂƌĞĂ͘ Dƌ͘tĂůƚĞƌƐĂƐŬĞĚŚŽǁŵƵĐŚƚŚŝƐŐĞŶĞƌĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶďŝŶĚƐƚŚĞĚĞǀĞůŽƉĞƌǁŝƚŚŵƵůƚŝƉůĞƉŚĂƐĞƐ ǁŝƚŚƚŽŽŵĂŶǇĚĞĂĚ Ͳ ĞŶĚƐďƵƚƚŚĞŐĞŶĞƌĂůĚĞǀĞůŽƉŵĞŶƚǁŝůůĐĂůůĨŽƌĐŽŶŶĞĐƚŝǀŝƚǇŝŶƚŚĞĞŶĚ͘ Dƌ͘ŶŐĞůŶŽƚĞĚƚŚĞϮϬϬϱƉůĂŶĐĂůůĞĚĨŽƌƚŚĞƐĂŵĞ͖ďƌŝŶŐŝŶŐƚŚŝƐŐĞŶĞƌĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶĨŽƌǁĂƌĚŝƐĂ ƌĞƋƵŝƌĞŵĞŶƚ͖ƚŚĞĐŽŶŶĞĐƚŝǀĞůǇĚŽĞƐŶŽƚďŝŶĚƚŚĞŵ͖ƚŚĞĞůĞǀĂƚŝŽŶĐŚĂŶŐĞƐĂŶĚƚŽƉŽŐƌĂƉŚǇĂƌĞďĞŝŶŐ ƵƐĞĚƚŽŵĂŬĞƐĞŶƐĞǁŝƚŚƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘ ŶĚ Dƌ͘ĞŶŶŝƐZŽƐƐŵĂŶ͕ƌĞƐŝĚŝŶŐĂƚϰϱϬϳϮϮǀĞŶƵĞE͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϲ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŶĚ ŽŵŵŝƐƐŝŽŶ͘,ĞŝƐƌĞƋƵĞƐƚŝŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶƚŽŚĂǀĞϮϮǀĞŶƵĞƚŽƌĞŵĂŝŶĂĐƵů Ͳ ĚĞ Ͳ ƐĂĐ͘dŚĞǇŚĂǀĞ ŵĞƚǁŝƚŚƚŚĞĚĞǀĞůŽƉĞƌĂŶĚŚĞŝƐŝŶĂŐƌĞĞŵĞŶƚ͘ 3DFNHW3J )E WĂŐĞϴ ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗DĂƌĐŚϮϱ͕ϮϬϭϱ ƚŚ Dƌ͘ŽƵŐŽƐĞ͕ƌĞƐŝĚŝŶŐĂƚϮϮϯϬϰϴ^ƚƌĞĞƚE͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϲ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ ŶĚƚŚ ĂůƐŽǁŽƵůĚůŝŬĞƚŽƐĞĞϮϮǀĞŶƵĞƚŽƌĞŵĂŝŶĂĐƵů Ͳ ĚĞ Ͳ ƐĂĐ͘,ĞĂůƐŽŝŶƋƵŝƌĞĚŝŶƚŽϰϴ^ƚƌĞĞƚďĞŝŶŐ ǁŝĚĞŶĞĚĨƌŽŵ,ŝŐŚǁĂǇϲϯ͘ ƚŚ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌŶŽƚĞĚƚŚĞŝƐƐƵĞŽĨǁŝĚĞŶŝŶŐŽĨƚŚĞϰϴ^ƚƌĞĞƚŝƚŽƵƚƐŝĚĞŽĨǁŚĂƚŝƐďĞŝŶŐĚŝƐĐƵƐƐĞĚ ƚŚŝƐĞǀĞŶŝŶŐ͘ WůĂŶŶŝŶŐ^ƚĂĨĨĐŽŵŵĞŶƚĞĚƚŚŝƐǁŽƵůĚďĞĂƉƌŽũĞĐƚŝŶŝƚŝĂƚĞĚƚŚƌŽƵŐŚƚŚĞŽƵŶƚǇWƵďůŝĐtŽƌŬƐ ĞƉĂƌƚŵĞŶƚ͘ Dƌ͘DĂƌŬŶŐĞů͕ĐŽŶƐƵůƚĂŶƚ^,Ͳ zĂŐŐǇ͕ϳϭϳdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞƐƚĂƚĞĚƚŚĞƌĞŝƐĂƉŽƚĞŶƚŝĂůƉƌŽũĞĐƚǁŝƚŚƚŚĞŽƵŶƚǇWƵďůŝĐtŽƌŬƐǁŚŝĐŚĐŽƵůĚŝŶǀŽůǀĞ ƚŚ ϳϱϬĨĞĞƚĞĂƐƚŽĨƌŽĂĚǁĂǇ͕ŚĞŐĂŝŶĞĚƚŚŝƐŬŶŽǁůĞĚŐĞƚŚƌŽƵŐŚĂƉƵďůŝĐŚĞĂƌŝŶŐƚŚĂƚǁĂƐŚĞůĚŽŶϰϴ ^ƚƌĞĞƚ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ ŶĚ Dƌ͘tĂůƚĞƌƐĐŽŵŵĞŶƚĞĚƌĞŐĂƌĚŝŶŐƚŚĞŶĞŝŐŚďŽƌƐĐŽŵŵĞŶƚƚŽŬĞĞƉϮϮǀĞŶƵĞĂƐĂĚĞĂĚĞŶĚƌŽĂĚ͘,Ğ ĞǆƉƌĞƐƐĞĚĂƉƉƌĞĐŝĂƚŝŽŶĨŽƌƚŚĞĨĞĞůŝŶŐƐŽĨůŝǀŝŶŐŽŶĂĚĞĂĚĞŶĚ͖ĂůƚŚŽƵŐŚƚŚĞĐŽŶŶĞĐƚŝǀĞůǇŶĞĞĚƐƚŽďĞ ůŽŽŬĞĚĂƚĨŽƌĨƵƚƵƌĞŶĞĞĚƐ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶŝŶƌĞŐĂƌĚƐƚŽƚŚĞĨƵƚƵƌĞĐŽŶŶĞĐƚŝǀĞůǇ͖ŝƐƚŚĞĐŽŶŶĞĐƚŝŽŶƐ ĚĞƐŝƌĞĚďǇƚŚĞĂƉƉůŝĐĂŶƚ͖ŽƌƚŽůĚƚŚŝƐŶĞĞĚƐƚŽŚĂƉƉĞŶ͘ DƐ͘DĞĞŬŵĂĚĞƚŚĞŵŽƚŝŽŶƚŽƌĞ Ͳ ŽƉĞŶƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘Dƌ͘^ŝŵƐƐĞĐŽŶĚĞĚ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚ ƵŶĂŶŝŵŽƵƐůǇ͘ Dƌ͘DĂƌŬŶŐĞů͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚ^,Ͳ zĂŐŐǇ͕ϳϭϳdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ĐŽŵŵŝƐƐŝŽŶ͘,ĞĂĚĚƌĞƐƐĞĚƚŚĞĐŽŶĐĞƌŶǁŝƚŚƚŚĞĐŽŶŶĞĐƚŝǀĞůǇŽŶƚŚĞĂůŝŐŶŵĞŶƚƉƌŽƉŽƐĞĚďĞŝŶŐ ŝŵƉůĞŵĞŶƚĞĚĨƌŽŵƚŚĞϮϬϬϱŐĞŶĞƌĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶ͘ ŶĚ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĂƐŬĞĚŝĨƚŚĞƉĂƐƚĚĞƐŝŐŶŽŶϮϮǀĞŶƵĞǁĂƐĨŽƌĨƵƚƵƌĞĐŽŶŶĞĐƚŝǀĞůǇƉŽƚĞŶƚŝĂů͘ ŶĚ Dƌ͘ŶŐĞůƐƚĂƚĞĚƚŚĞĞǆŝƐƚŝŶŐƉůĂƚƚĞĚĂƌĞĂŽŶϮϮǀĞŶƵĞĚŽĞƐŚĂǀĞĞǆŝƐƚŝŶŐƌŝŐŚƚ Ͳ ŽĨ Ͳ ǁĂǇ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘ƵƌƐƚŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶηZϬϬϯϮϬ'WǁŝƚŚƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĐŽŶĚŝƚŝŽŶƐ͘DƐ͘tŝůƐŽŶƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϳ Ͳ Ϭ͘ KE/d/KE^͗ ƌŝƚĞƌŝĂ͘dŚĞƉƌŽƉŽƐĞĚůĂŶĚƵƐĞƐĂƌĞŐĞŶĞƌĂůůǇŝŶĂĐĐŽƌĚǁŝƚŚƚŚĞĂĚŽƉƚĞĚǌŽŶŝŶŐŵĂƉ͘/ĨƚŚĞŐĞŶĞƌĂů ĚĞǀĞůŽƉŵĞŶƚƉůĂŶŝƐďĞŝŶŐƉƌŽĐĞƐƐĞĚĐŽŶĐƵƌƌĞŶƚůǇǁŝƚŚĂƌĞǌŽŶŝŶŐƌĞƋƵĞƐƚ͕ƚŚĞŐĞŶĞƌĂů ĚĞǀĞůŽƉŵĞŶƚƉůĂŶĂŶĚƚŚĞƌĞǌŽŶŝŶŐƌĞƋƵĞƐƚŵƵƐƚďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶ͘ /ĨƚŚĞŐĞŶĞƌĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶŝƐďĞŝŶŐƉƌŽĐĞƐƐĞĚĐŽŶĐƵƌƌĞŶƚůǇǁŝƚŚĂŶĂŵĞŶĚŵĞŶƚƚŽƚŚĞ ůĂŶĚƵƐĞƉůĂŶŵĂƉĂŶĚĂƌĞǌŽŶŝŶŐƌĞƋƵĞƐƚ͕ƚŚĞůĂŶĚƵƐĞƉůĂŶŵĂƉĂŵĞŶĚŵĞŶƚ͕ƌĞǌŽŶŝŶŐ ƌĞƋƵĞƐƚĂŶĚŐĞŶĞƌĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶŵƵƐƚďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƉŽůŝĐŝĞƐŽĨƚŚĞ ĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶ͘/ĨƚŚĞƌĞŝƐŝŶĐŽŶƐŝƐƚĞŶĐǇďĞƚǁĞĞŶƚŚĞƐĞĚŽĐƵŵĞŶƚƐ͕ƚŚĞŵĞĂŶƐĨŽƌ 3DFNHW3J )E WĂŐĞϵ ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗DĂƌĐŚϮϱ͕ϮϬϭϱ ƌĞĐŽŶĐŝůŝŶŐƚŚĞĚŝĨĨĞƌĞŶĐĞƐŵƵƐƚďĞĂĚĚƌĞƐƐĞĚ͘ dŚĞƉƌŽƉĞƌƚǇŝƐĚĞƐŝŐŶĂƚĞĚĨŽƌ͞ůŽǁĚĞŶƐŝƚǇƌĞƐŝĚĞŶƚŝĂů͟ƚǇƉĞƐŽĨůĂŶĚƵƐĞƐŽŶƚŚĞ>ĂŶĚhƐĞ WůĂŶ͘>ĂŶĚƵƐĞƐǁŝƚŚŝŶƚŚĞ'WǁŽƵůĚďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞ͞ůŽǁĚĞŶƐŝƚǇƌĞƐŝĚĞŶƚŝĂů͟ůĂŶĚ ƵƐĞĚĞƐŝŐŶĂƚŝŽŶĨŽƌƚŚĞƉƌŽƉĞƌƚǇ͘ ƌŝƚĞƌŝĂ͘dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͕ŝŶĐůƵĚŝŶŐŝƚƐůŽƚƐŝǌĞƐ͕ĚĞŶƐŝƚǇ͕ĂĐĐĞƐƐĞƐĂŶĚĐŝƌĐƵůĂƚŝŽŶĂƌĞ ĐŽŵƉĂƚŝďůĞǁŝƚŚƚŚĞĞǆŝƐƚŝŶŐĂŶĚͬŽƌƉĞƌŵŝƐƐŝďůĞĨƵƚƵƌĞƵƐĞŽĨĂĚũĂĐĞŶƚƉƌŽƉĞƌƚǇ͘ dŚŝƐ'WƉƌŽƉŽƐĞƐůŽǁĚĞŶƐŝƚǇƌĞƐŝĚĞŶƚŝĂů͕ǁŚŝĐŚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞůĂŶĚƵƐĞĚĞƐŝŐŶĂƚŝŽŶ ĨŽƌƚŚĞƉƌŽƉĞƌƚǇ͘ĚũĂĐĞŶƚůĂŶĚƵƐĞƐĐŽŶƐŝƐƚŽĨŽƚŚĞƌƐŝŶŐůĞĨĂŵŝůǇŚŽŵĞƐǁŝƚŚĂĚĚŝƚŝŽŶĂů ĚĞǀĞůŽƉŵĞŶƚĨŽƌƐŝŶŐůĞĨĂŵŝůǇŚŽŵĞƐƉůĂŶŶĞĚĨŽƌƚŚĞĨƵƚƵƌĞ͘ ƌŝƚĞƌŝĂ͘KŶ Ͳ ƐŝƚĞĂĐĐĞƐƐĂŶĚĐŝƌĐƵůĂƚŝŽŶĚĞƐŝŐŶĨŽƌƉĞĚĞƐƚƌŝĂŶƐ͕ďŝĐǇĐůŝƐƚƐ͕ƚƌĂŶƐŝƚǀĞŚŝĐůĞƐĂŶĚƉĂƚƌŽŶƐ ĂŶĚƉƌŝǀĂƚĞǀĞŚŝĐůĞƐ͕ĂŶĚŝŶƚĞŐƌĂƚŝŽŶŽĨƚŚĞƐĞĨĂĐŝůŝƚŝĞƐǁŝƚŚĂĚũĂĐĞŶƚƉƌŽƉĞƌƚŝĞƐǁŝůůƐƵƉƉŽƌƚ ƚŚĞƐĂĨĞƚƌĂǀĞůŽĨƉĞƌƐŽŶƐŽĨĂůůĂŐĞƐĂŶĚĂďŝůŝƚŝĞƐďǇŵŝŶŝŵŝǌŝŶŐǀĞŚŝĐƵůĂƌ͕ƉĞĚĞƐƚƌŝĂŶĂŶĚ ďŝĐǇĐůĞĐŽŶĨůŝĐƚƐƚŚƌŽƵŐŚƚŚĞƵƐĞŽĨĂƉƉƌŽƉƌŝĂƚĞƚƌĂĨĨŝĐĐĂůŵŝŶŐ͕ƉĞĚĞƐƚƌŝĂŶƐĂĨĞƚǇ͕ĂŶĚŽƚŚĞƌ ĚĞƐŝŐŶĨĞĂƚƵƌĞƐĂƉƉƌŽƉƌŝĂƚĞƚŽƚŚĞĐŽŶƚĞǆƚ͘ ƚŚ ĐĐĞƐƐƚŽƚŚŝƐƉƌŽƉĞƌƚǇǁŝůůďĞĨƌŽŵϰϴ^ƚƌĞĞƚE͘dŚŝƐĚĞǀĞůŽƉŵĞŶƚƉƌŽƉŽƐĞƐƉƵďůŝĐ ƌŽĂĚǁĂǇƐĐŽŶŶĞĐƚŝŶŐůŽĐĂů͕ŵĂũŽƌůŽĐĂů͕ĂŶĚĐŽůůĞĐƚŽƌƐƚƌĞĞƚƐǇƐƚĞŵƐĐŽůůĞĐƚŝǀĞůǇ͘dŚĞƌĞĂƌĞ ĂůƐŽƚǁŽƚƌĂŝůƐƉƌŽƉŽƐĞĚĂƐƉĂƌƚŽĨƚŚŝƐĚĞǀĞůŽƉŵĞŶƚ͘ ǆĞĐƵƚŝŽŶŽĨĂĞǀĞůŽƉŵĞŶƚŐƌĞĞŵĞŶƚŝƐŶĞĞĚĞĚĨŽƌƚŚĞĞŶƚŝƌĞ'WWƌŽƉĞƌƚǇ͕ƚŽŝŶƉĂƌƚ ĂĚĚƌĞƐƐŚŽǁŝŶĂĚĞƋƵĂƚĞŽŶĂŶĚŽĨĨƐŝƚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐǁŝůůďĞĂĚĚƌĞƐƐĞĚƚŽĂĐĐŽŵŵŽĚĂƚĞ ƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚŝƐWƌŽƉĞƌƚǇ͘dŚĞŐƌĞĞŵĞŶƚǁŝůůŽƵƚůŝŶĞƚŚĞKǁŶĞƌΖƐĂŶĚŝƚǇΖƐ ŽďůŝŐĂƚŝŽŶƐƌĞůĂƚĞĚƚŽŝƚĞŵƐƐƵĐŚĂƐ͗ĚĞĚŝĐĂƚŝŽŶŽĨĐŽŶƚƌŽůůĞĚĂĐĐĞƐƐ͕ƐƚŽƌŵǁĂƚĞƌ ŵĂŶĂŐĞŵĞŶƚ;ŝŶĐůƵĚŝŶŐĂŶǇŽďůŝŐĂƚŝŽŶƐĨŽƌŽŶŽƌŽĨĨ Ͳ ƐŝƚĞĨĂĐŝůŝƚŝĞƐͿ͕ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ŝŵƉƌŽǀĞŵĞŶƚƐ;ŝŶĐůƵĚŝŶŐĂŶǇŽĨĨ Ͳ ƐŝƚĞŝŵƉƌŽǀĞŵĞŶƚƐŶĞĐĞƐƐĂƌǇƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚŝƐ ĚĞǀĞůŽƉŵĞŶƚͿ͕ƉĞĚĞƐƚƌŝĂŶĨĂĐŝůŝƚŝĞƐ͕ĐŽŶƚƌŝďƵƚŝŽŶƐĨŽƌƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĂŶĚƚŚĞ ĞǆƚĞŶƐŝŽŶŽĨƉƵďůŝĐƵƚŝůŝƚŝĞƐƚŽĂďƵƚƚŝŶŐƉƌŽƉĞƌƚŝĞƐǁŚĞƌĞĂƉƉůŝĐĂďůĞ͘KǁŶĞƌƐŚĂůůƌĞƋƵĞƐƚ͕ ĂŶĚ^ƚĂĨĨǁŝůůƉƌĞƉĂƌĞƚŚĞŐƌĞĞŵĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚĞǆĞĐƵƚŝŽŶďǇƚŚĞKǁŶĞƌĂŶĚŝƚǇ͕ĂŶĚ ƌĞĐŽƌĚŝŶŐ͕ƉƌŝŽƌƚŽƌĞĐŽƌĚŝŶŐƚŚĞ&ŝŶĂůWůĂƚĨŽƌƚŚĞWƌŽƉĞƌƚǇ͘ ƌŝƚĞƌŝĂ͘dŚĞŵŝǆŽĨŚŽƵƐŝŶŐŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚĂĚŽƉƚĞĚ>ĂŶĚhƐĞĂŶĚ,ŽƵƐŝŶŐWůĂŶƐ͘ dŚĞĚĞǀĞůŽƉŵĞŶƚĚĞŶƐŝƚǇŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞůŽǁĚĞŶƐŝƚǇƌĞƐŝĚĞŶƚŝĂůůĂŶĚƵƐĞĚĞƐŝŐŶĂƚŝŽŶ ŽĨƚŚĞ>ĂŶĚhƐĞWůĂŶ͘dŚĞ'WƉƌŽŵŽƚĞƐƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨŵŝǆĞĚŚŽƵƐŝŶŐƐƚǇůĞƐ͘ ĚĚŝƚŝŽŶĂůůǇ͕ƚŚĞ'WŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞ,ŽƵƐŝŶŐWůĂŶĂŶĚƚŚĞƐƚĂŶĚĂƌĚƐĨŽƌƚŚĞƉŚǇƐŝĐĂů ĂŶĚƐŽĐŝĂůĞŶǀŝƌŽŶŵĞŶƚĂůŶĞĞĚƐŽĨƌĞƐŝĚĞŶƚŝĂůŶĞŝŐŚďŽƌŚŽŽĚƐ͘ ƌŝƚĞƌŝĂ͘dŚĞƉƌŽƉŽƐĞĚƉůĂŶŵĂŬĞƐƉƌŽǀŝƐŝŽŶƐĨŽƌƉůĂŶŶĞĚĐĂƉŝƚĂůŝŵƉƌŽǀĞŵĞŶƚƐĂŶĚƐƚƌĞĞƚƐƌĞĨůĞĐƚĞĚ ŝŶƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌΖƐĐƵƌƌĞŶƚϲ Ͳ zĞĂƌĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWƌŽŐƌĂŵ͕ĂĚŽƉƚĞĚdŚŽƌŽƵŐŚĨĂƌĞ WůĂŶ͕ƚŚĞZKK'>ŽŶŐ Ͳ ZĂŶŐĞdƌĂŶƐƉŽƌƚĂƚŝŽŶWůĂŶ͕KĨĨŝĐŝĂůDĂƉƐ͕ĂŶĚĂŶǇŽƚŚĞƌƉƵďůŝĐĨĂĐŝůŝƚŝĞƐ ƉůĂŶƐĂĚŽƉƚĞĚďǇƚŚĞŝƚǇ͘^ƚƌĞĞƚƐǇƐƚĞŵŝŵƉƌŽǀĞŵĞŶƚƐƌĞƋƵŝƌĞĚƚŽĂĐĐŽŵŵŽĚĂƚĞƉƌŽƉŽƐĞĚ ůĂŶĚƵƐĞƐĂŶĚƉƌŽũĞĐƚĞĚďĂĐŬŐƌŽƵŶĚƚƌĂĨĨŝĐĂƌĞĐŽŵƉĂƚŝďůĞǁŝƚŚƚŚĞĞǆŝƐƚŝŶŐƵƐĞƐĂŶĚƵƐĞƐ ƐŚŽǁŶŝŶƚŚĞĂĚŽƉƚĞĚ>ĂŶĚhƐĞWůĂŶĨŽƌƚŚĞƐƵďũĞĐƚĂŶĚĂĚũĂĐĞŶƚƉƌŽƉĞƌƚŝĞƐ͘ 3DFNHW3J )E WĂŐĞϭϬ ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗DĂƌĐŚϮϱ͕ϮϬϭϱ ƚŚ ĐĐĞƐƐƚŽƚŚŝƐƉƌŽƉĞƌƚǇǁŝůůďĞĨƌŽŵϰϴ^ƚƌĞĞƚE͘dŚŝƐĚĞǀĞůŽƉŵĞŶƚƉƌŽƉŽƐĞƐƉƵďůŝĐ ƌŽĂĚǁĂǇƐĐŽŶŶĞĐƚŝŶŐůŽĐĂů͕ŵĂũŽƌůŽĐĂů͕ĂŶĚĐŽůůĞĐƚŽƌƐƚƌĞĞƚƐǇƐƚĞŵƐĐŽůůĞĐƚŝǀĞůǇ͘dŚĞƌĞĂƌĞ ĂůƐŽƚǁŽƚƌĂŝůƐƉƌŽƉŽƐĞĚĂƐƉĂƌƚŽĨƚŚŝƐĚĞǀĞůŽƉŵĞŶƚ͘ ǆĞĐƵƚŝŽŶŽĨĂĞǀĞůŽƉŵĞŶƚŐƌĞĞŵĞŶƚŝƐŶĞĞĚĞĚĨŽƌƚŚĞĞŶƚŝƌĞ'WWƌŽƉĞƌƚǇ͕ƚŽŝŶƉĂƌƚ ĂĚĚƌĞƐƐŚŽǁŝŶĂĚĞƋƵĂƚĞŽŶĂŶĚŽĨĨƐŝƚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐǁŝůůďĞĂĚĚƌĞƐƐĞĚƚŽĂĐĐŽŵŵŽĚĂƚĞ ƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚŝƐWƌŽƉĞƌƚǇ͘dŚĞŐƌĞĞŵĞŶƚǁŝůůŽƵƚůŝŶĞƚŚĞKǁŶĞƌΖƐĂŶĚŝƚǇΖƐ ŽďůŝŐĂƚŝŽŶƐƌĞůĂƚĞĚƚŽŝƚĞŵƐƐƵĐŚĂƐ͗ĚĞĚŝĐĂƚŝŽŶŽĨĐŽŶƚƌŽůůĞĚĂĐĐĞƐƐ͕ƐƚŽƌŵǁĂƚĞƌ ŵĂŶĂŐĞŵĞŶƚ;ŝŶĐůƵĚŝŶŐĂŶǇŽďůŝŐĂƚŝŽŶƐĨŽƌŽŶŽƌŽĨĨ Ͳ ƐŝƚĞĨĂĐŝůŝƚŝĞƐͿ͕ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ŝŵƉƌŽǀĞŵĞŶƚƐ;ŝŶĐůƵĚŝŶŐĂŶǇŽĨĨ Ͳ ƐŝƚĞŝŵƉƌŽǀĞŵĞŶƚƐŶĞĐĞƐƐĂƌǇƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚŝƐ 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ĐŽŶĚŝƚŝŽŶƚŚĂƚŶŽĚĞǀĞůŽƉŵĞŶƚǁŝůůŽĐĐƵƌĂŶĚŶŽĨƵƌƚŚĞƌĚĞǀĞůŽƉŵĞŶƚƉĞƌŵŝƚǁŝůůďĞŝƐƐƵĞĚ ƵŶƚŝůĐŽŶĐƵƌƌĞŶĐǇŚĂƐďĞĞŶĞǀŝĚĞŶĐĞĚ͘ dŚŝƐƉƌŽƉĞƌƚǇŝƐǁŝƚŚŝŶďŽƚŚƚŚĞDĂŝŶ>ĞǀĞůtĂƚĞƌ^ǇƐƚĞŵƌĞĂ͕ǁŚŝĐŚŝƐĂǀĂŝůĂďůĞĂƚϰϴƚŚ^ƚ EĂŶĚϮϮŶĚǀĞEĂŶĚƚŚĞEŽƌƚŚĞĂƐƚ/ŶƚĞƌŵĞĚŝĂƚĞ>ĞǀĞůtĂƚĞƌ^ǇƐƚĞŵƌĞĂ͕ǁŚŝĐŚŝƐ ĂǀĂŝůĂďůĞĂƚ^ƚŽŶĞWŽŝŶƚĞƌ͘E͘ ^ƚĂƚŝĐǁĂƚĞƌƉƌĞƐƐƵƌĞƐǁŝƚŚŝŶƚŚŝƐĂƌĞĂǁŝůůƌĂŶŐĞĨƌŽŵĂƌŽƵŶĚϰϬW^/ƚŽϳϬW^/ŝŶƚŚĞDĂŝŶ >ĞǀĞůƌĞĂĚĞƉĞŶĚŝŶŐŽŶĨŝŶĂůŐƌĂĚĞƐĂŶĚϳϬW^/ƚŽƚŚĞůŽǁĞƌϵϬ͛ƐW^/ŝŶƚŚĞ/ŶƚĞƌŵĞĚŝĂƚĞ >ĞǀĞůƌĞĂ͕ĚĞƉĞŶĚŝŶŐŽŶĨŝŶĂůŐƌĂĚĞƐ͘dŚĞďƵŝůĚĞƌƐŵƵƐƚŝŶƐƚĂůůƉƌĞƐƐƵƌĞ Ͳ ƌĞĚƵĐŝŶŐĚĞǀŝĐĞƐ ŶĞĂƌƚŚĞĚŽŵĞƐƚŝĐǁĂƚĞƌŵĞƚĞƌƐĂƐƌĞƋƵŝƌĞĚďǇƚŚĞDŝŶŶĞƐŽƚĂWůƵŵďŝŶŐŽĚĞŝŶƚŚĞŚŝŐŚĞƌ ƉƌĞƐƐƵƌĞĂƌĞĂƐ͘ dŚĞǁĂƚĞƌŵĂŝŶƐŵƵƐƚďĞĞǆƚĞŶĚĞĚƚŽĂĚũĂĐĞŶƚƉƌŽƉĞƌƚŝĞƐƉĞƌZWh͛ƐƌĞƋƵŝƌĞŵĞŶƚƐ͘ ZWhǁŝůůǁŽƌŬǁŝƚŚƚŚĞĂƉƉůŝĐĂŶƚ͛ƐĞŶŐŝŶĞĞƌŝŶŐĨŝƌŵƚŽĚĞǀĞůŽƉƚŚĞŶĞĐĞƐƐĂƌǇǁĂƚĞƌƐǇƐƚĞŵ ůĂǇŽƵƚƚŽƐĞƌǀĞƚŚŝƐĂƌĞĂ͘ ϯ͘dŚĞĂĚĞƋƵĂĐǇŽĨŽƚŚĞƌƉƵďůŝĐĨĂĐŝůŝƚŝĞƐƐŚĂůůďĞďĂƐĞĚŽŶƚŚĞůĞǀĞůŽĨƐĞƌǀŝĐĞƐƚĂŶĚĂƌĚƐŝŶ ^ĞĐƚŝŽŶϲϰ͘ϭϯϬĂŶĚƚŚĞƉƌŽƉŽƐĞĚƉŚĂƐŝŶŐƉůĂŶĨŽƌĚĞǀĞůŽƉŵĞŶƚ͘ dŚĞĂƉƉůŝĐĂŶƚƉƌŽƉŽƐĞƐĂƉƵďůŝĐƐƚƌĞĞƚƐǇƐƚĞŵƐĞƌǀŝŶŐƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘ ǆĞĐƵƚŝŽŶŽĨĂĞǀĞůŽƉŵĞŶƚŐƌĞĞŵĞŶƚŝƐŶĞĞĚĞĚĨŽƌƚŚĞĞŶƚŝƌĞ'WWƌŽƉĞƌƚǇ͕ƚŽŝŶƉĂƌƚ ĂĚĚƌĞƐƐŚŽǁŝŶĂĚĞƋƵĂƚĞŽŶĂŶĚŽĨĨƐŝƚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐǁŝůůďĞĂĚĚƌĞƐƐĞĚƚŽĂĐĐŽŵŵŽĚĂƚĞ ƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚŝƐWƌŽƉĞƌƚǇ͘dŚĞŐƌĞĞŵĞŶƚǁŝůůŽƵƚůŝŶĞƚŚĞKǁŶĞƌΖƐĂŶĚŝƚǇΖƐ ŽďůŝŐĂƚŝŽŶƐƌĞůĂƚĞĚƚŽŝƚĞŵƐƐƵĐŚĂƐ͗ĚĞĚŝĐĂƚŝŽŶŽĨĐŽŶƚƌŽůůĞĚĂĐĐĞƐƐ͕ƐƚŽƌŵǁĂƚĞƌ ŵĂŶĂŐĞŵĞŶƚ;ŝŶĐůƵĚŝŶŐĂŶǇŽďůŝŐĂƚŝŽŶƐĨŽƌŽŶŽƌŽĨĨ Ͳ ƐŝƚĞĨĂĐŝůŝƚŝĞƐͿ͕ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ŝŵƉƌŽǀĞŵĞŶƚƐ;ŝŶĐůƵĚŝŶŐĂŶǇŽĨĨ Ͳ ƐŝƚĞŝŵƉƌŽǀĞŵĞŶƚƐŶĞĐĞƐƐĂƌǇƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚŝƐ ĚĞǀĞůŽƉŵĞŶƚͿ͕ƉĞĚĞƐƚƌŝĂŶĨĂĐŝůŝƚŝĞƐ͕ĐŽŶƚƌŝďƵƚŝŽŶƐĨŽƌƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĂŶĚƚŚĞ ĞǆƚĞŶƐŝŽŶŽĨƉƵďůŝĐƵƚŝůŝƚŝĞƐƚŽĂďƵƚƚŝŶŐƉƌŽƉĞƌƚŝĞƐǁŚĞƌĞĂƉƉůŝĐĂďůĞ͘KǁŶĞƌƐŚĂůůƌĞƋƵĞƐƚ͕ ĂŶĚ^ƚĂĨĨǁŝůůƉƌĞƉĂƌĞƚŚĞŐƌĞĞŵĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚĞǆĞĐƵƚŝŽŶďǇƚŚĞKǁŶĞƌĂŶĚŝƚǇ͕ĂŶĚ ƌĞĐŽƌĚŝŶŐ͕ƉƌŝŽƌƚŽƌĞĐŽƌĚŝŶŐƚŚĞ&ŝŶĂůWůĂƚĨŽƌƚŚĞWƌŽƉĞƌƚǇ͘ dŚĞWĂƌŬĂŶĚZĞĐƌĞĂƚŝŽŶĞƉĂƌƚŵĞŶƚƌĞĐŽŵŵĞŶĚƐƚŚĂƚĚĞĚŝĐĂƚŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐďĞŵĞƚǀŝĂ͗ ŽŵďŝŶĂƚŝŽŶŽĨůĂŶĚ;Ϯ͘ϮĂĐƌĞƐĂƌŽƵŶĚĐĂǀĞͿĂŶĚĐĂƐŚ͘ ƌŝƚĞƌŝĂ'͘dŚĞĚƌĂŝŶĂŐĞ͕ĞƌŽƐŝŽŶ͕ĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶŝŶƚŚĞĂƌĞĂĐĂŶďĞŚĂŶĚůĞĚƚŚƌŽƵŐŚŶŽƌŵĂů ĞŶŐŝŶĞĞƌŝŶŐĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶƉƌĂĐƚŝĐĞƐ͕ŽƌƚŚĂƚ͕ĂƚƚŚĞƚŝŵĞŽĨůĂŶĚƐƵďĚŝǀŝƐŝŽŶ͕ĂŵŽƌĞĚĞƚĂŝůĞĚ 3DFNHW3J )E WĂŐĞϭϮ ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗DĂƌĐŚϮϱ͕ϮϬϭϱ ŝŶǀĞƐƚŝŐĂƚŝŽŶŽĨƚŚĞƐĞŵĂƚƚĞƌƐǁŝůůďĞƉƌŽǀŝĚĞĚƚŽƐŽůǀĞƵŶƵƐƵĂůƉƌŽďůĞŵƐƚŚĂƚŚĂǀĞďĞĞŶ ŝĚĞŶƚŝĨŝĞĚ͘ 'ƌĂĚŝŶŐΘƌĂŝŶĂŐĞWůĂŶĂƉƉƌŽǀĂůĨŽƌƚŚĞƐƵďĚŝǀŝƐŝŽŶƉƵďůŝĐŝŵƉƌŽǀĞŵĞŶƚƐŝƐƌĞƋƵŝƌĞĚƉƌŝŽƌƚŽ &ŝŶĂůWůĂƚƐƵďŵŝƚƚĂů͕ĂŶĚŝŶĚŝǀŝĚƵĂůůŽƚ'ƌĂĚŝŶŐΘƌĂŝŶĂŐĞWůĂŶĂƉƉƌŽǀĂůǁŝůůďĞƌĞƋƵŝƌĞĚ ƚŚƌŽƵŐŚƚŚĞĚĞǀĞůŽƉŵĞŶƚĂƉƉƌŽǀĂůƉƌŽĐĞƐƐĨŽƌƚŚĞŝŶĚŝǀŝĚƵĂůůŽƚƐ͘ dŚĞ'WŝŶĚŝĐĂƚĞƐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƌĞŐŝŽŶĂůƉŽŶĚƐŽŶƚŚĞƉƌŽƉĞƌƚǇ͘ ƌŝƚĞƌŝĂ,͘tĞƚůĂŶĚƐĂŶĚĚŐĞ^ƵƉƉŽƌƚƌĞĂƐ;ĂƐĚĞĨŝŶĞĚŝŶŚĂƉƚĞƌϱϵͿǁŝůůďĞŵĂŶĂŐĞĚĐŽŶƐŝƐƚĞŶƚǁŝƚŚ ŚĂƉƚĞƌϱϵĂŶĚ͕ǁŚĞƌĞĂƉƉůŝĐĂďůĞ͕ŝŶƐƵĐŚĂǁĂǇĂƐƚŽŵĂŝŶƚĂŝŶƚŚĞƋƵĂůŝƚǇĂŶĚƋƵĂŶƚŝƚǇŽĨ ŐƌŽƵŶĚǁĂƚĞƌƌĞĐŚĂƌŐŝŶŐůŽǁĞƌĂƋƵŝĨĞƌƐĂŶĚƚŽƉƌŽƚĞĐƚĚŝƐĐŚĂƌŐĞ͕ŝŶƚĞƌĨůŽǁ͕ŝŶĨŝůƚƌĂƚŝŽŶ͕ĂŶĚ ƌĞĐŚĂƌŐĞƉƌŽĐĞƐƐĞƐƚĂŬŝŶŐƉůĂĐĞ͖ƉƌŽǀŝĚĞĚ͕ŚŽǁĞǀĞƌ͕ƚŚĂƚƚŚĞŽƵŶĐŝůŵĂǇǁĂŝǀĞƚŚŝƐ ƌĞƋƵŝƌĞŵĞŶƚƵŶĚĞƌƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨŚĂƉƚĞƌϱϵ͘ dŚĞƉƌŽƉĞƌƚǇĐŽŶƚĂŝŶƐǁĞƚůĂŶĚĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐĂŶĚƉŽƚĞŶƚŝĂůǁĞƚůĂŶĚƐĂƌĞŝĚĞŶƚŝĨŝĞĚŽŶƚŚĞ 'W͘dŚĞĂƉƉůŝĐĂŶƚ͛ƐƉůĂŶŝŶĚŝĐĂƚĞƐƉŽƚĞŶƚŝĂůǁĞƚůĂŶĚŝŵƉĂĐƚƐ͘WƌŽƉŽƐĞĚŝŵƉĂĐƚƐĂƌĞĂĐƚĞĚ ŽŶŽŶůǇƚŚƌŽƵŐŚĂƐĞƉĂƌĂƚĞǁĞƚůĂŶĚĂƉƉůŝĐĂƚŝŽŶ͘tĞƚůĂŶĚŝŵƉĂĐƚƐŵĂǇƌĞƋƵŝƌĞƚŚĞƐƵďŵŝƚƚĂů ŽĨĂƌĞƉůĂĐĞŵĞŶƚƉůĂŶ͘ ƐĞƋƵĞŶĐŝŶŐĂŶĂůǇƐŝƐŵƵƐƚďĞƉĂƌƚŽĨƚŚĞƉůĂŶ͘ƉƉƌŽǀĂůŽĨƚŚŝƐĂƉƉůŝĐĂƚŝŽŶĚŽĞƐŶŽƚŝŶĚŝĐĂƚĞ ĂƉƉƌŽǀĂůŽĨƚŚĞƐĞƋƵĞŶĐŝŶŐĂŶĚƌĞƉůĂĐĞŵĞŶƚƉůĂŶ͘ dŚĞƌĞĂƌĞŶŽŚǇĚƌŝĐƐŽŝůƐƚŚĂƚĞǆŝƐƚŽŶƚŚĞƐŝƚĞĂĐĐŽƌĚŝŶŐƚŽƚŚĞ^Žŝů^ƵƌǀĞǇ͘,ŽǁĞǀĞƌ͕ƚŚĞ'W ŝŶĚŝĐĂƚĞƐƉŽƚĞŶƚŝĂůǁĞƚůĂŶĚŝŵƉĂĐƚƐ͘dŚĞƉƌŽƉĞƌƚǇŽǁŶĞƌŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌŝĚĞŶƚŝĨǇŝŶŐ ǁĞƚůĂŶĚƐŽŶƚŚĞƉƌŽƉĞƌƚǇĂŶĚƐƵďŵŝƚƚŝŶŐƚŚĞŝŶĨŽƌŵĂƚŝŽŶĂƐƉĂƌƚŽĨĂǁĞƚůĂŶĚĂƉƉůŝĐĂƚŝŽŶ͘ dŚĞƉƌŽƉĞƌƚǇŝƐůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞĞĐŽƌĂŚĚŐĞĂŶĚĚŐĞ^ƵƉƉŽƌƚƌĞĂ͘dŚĞWƌĞůŝŵŝŶĂƌǇWůĂƚ ǁŝůůŶĞĞĚƚŽŝĚĞŶƚŝĨǇƚŚĞƐĞĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ͘ 'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌƚŚĞĞĐŽƌĂŚĚŐĞĂŶĚĚŐĞ^ƵƉƉŽƌƚƐĞƚƚŝŶŐ ƐŚŽƵůĚďĞĐŽŶƐŝĚĞƌĞĚĨŽƌƚŚŝƐƉƌŽƉĞƌƚǇ͘ǆĐĞƉƚĂƐƉƌŽǀŝĚĞĚŝŶƚŚĞtĞƚůĂŶĚŽŶƐĞƌǀĂƚŝŽŶ KƌĚŝŶĂŶĐĞ͕ƐĞĐƚŝŽŶƐϱϵ͘Ϭϳ͕ϱϵ͘ϬϴŽƌƐƵďĚŝǀŝƐŝŽŶƐϮ͕ϯŽƌϰŽĨƚŚĂƚƐĞĐƚŝŽŶ͕ŐƌŽƵŶĚǁĂƚĞƌ ƐƵƉƉŽƌƚĞĚǁĞƚůĂŶĚƐĂŶĚĚŐĞ^ƵƉƉŽƌƚƌĞĂƐŵĂǇŶŽƚďĞĞǆĐĂǀĂƚĞĚ͕ĂůƚĞƌĞĚŚǇĚƌŽůŽŐŝĐĂůůǇ͕ ĚƌĂŝŶĞĚŽƌĨŝůůĞĚǁŚŽůůǇŽƌƉĂƌƚŝĂůůǇ͘ĞǀĞůŽƉŵĞŶƚĂĐƚŝǀŝƚŝĞƐŵƵƐƚďĞĐĂƌƌŝĞĚŽƵƚŝŶƐƵĐŚĂǁĂǇ ĂƐƚŽŵĂŝŶƚĂŝŶŐƌŽƵŶĚǁĂƚĞƌĨůŽǁƚŽŽƌĨƌŽŵĂǁĞƚůĂŶĚ͕ĂŶĚƚŽƉƌŽƚĞĐƚƚŚĞƋƵĂůŝƚǇ͕ĨƵŶĐƚŝŽŶƐ ĂŶĚǀĂůƵĞƐŽĨƚŚĞǁĞƚůĂŶĚĂƐĚĞƚĞƌŵŝŶĞĚďǇƚŚĞDŶZDŵĞƚŚŽĚ͘ ^ŝƚĞĐĂƉĂĐŝƚǇĐĂůĐƵůĂƚŝŽŶƐƐŚĂůůďĞĐŽŵƉůĞƚĞĚĨŽƌĞǀĞƌǇƚǇƉĞŽĨĚĞǀĞůŽƉŵĞŶƚŝŶǀŽůǀŝŶŐƚŚĞ ĞƌĞĐƚŝŽŶŽĨŽƌĂĚĚŝƚŝŽŶƚŽĂďƵŝůĚŝŶŐƚŽĚĞƚĞƌŵŝŶĞƚŚĞĂůůŽǁĂďůĞĂŵŽƵŶƚŽĨĚǁĞůůŝŶŐƵŶŝƚ ĚĞŶƐŝƚǇĨŽƌƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚ͘dŚĞĚĞŶƐŝƚǇĨĂĐƚŽƌĨŽƌĂůůƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞ ĞĐŽƌĂŚĚŐĞƐŚĂůůďĞϱ͘ϱĨŽƌdǇƉĞ/ƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚ͘ dŚĞƌĞŝƐĂƚŽƚĂůŽĨϴ͘ϭϴĂĐƌĞƐŽĨůĂŶĚŝŶZĞƐŽƵƌĐĞWƌŽƚĞĐƚŝŽŶŽŶƚŚŝƐƐŝƚĞ͘ĂƐĞĚŽŶƚŚĞZĞƐŽƵƌĐĞ WƌŽƚĞĐƚŝŽŶZĂƚŝŽƐ͕ƚŚĞƌĞŝƐĂƚŽƚĂůŽĨϯ͘ϰϵĂĐƌĞƐŝŶZĞƐŽƵƌĐĞWƌŽƚĞĐƚŝŽŶ͘dŚĞďĂƐĞƐŝƚĞĂƌĞĂŝƐ Ϯϯ͘Ϭϯ͘^ƵďƚƌĂĐƚƚŚĞƚŽƚĂůůĂŶĚŝŶƌĞƐŽƵƌĐĞ͕ϯ͘ϰϵĂĐƌĞƐ͕ŵĂŬĞƐĂŶĞƚďƵŝůĚĂďůĞĂƌĞĂŽĨϭϵ͘ϱϰ ĂĐƌĞƐ͘DƵůƚŝƉůǇƚŚĂƚďǇƚŚĞdǇƉĞ/ĚŝƐƚƌŝĐƚĚĞŶƐŝƚǇŽĨϱ͘ϱ͕ĂŶĚǇŽƵŐĞƚϭϬϳĚǁĞůůŝŶŐƵŶŝƚƐ ĂůůŽǁĞĚ͘dŚĞƉƌŽƉŽƐĂůŝƐĨŽƌϰϱƵŶŝƚƐǁŝƚŚŝŶƚŚĞĞĐŽƌĂŚĚŐĞƌĞĂ͘ 3DFNHW3J )E WĂŐĞϭϯ ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗DĂƌĐŚϮϱ͕ϮϬϭϱ 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ǆĞĐƵƚŝŽŶŽĨĂĞǀĞůŽƉŵĞŶƚŐƌĞĞŵĞŶƚŝƐŶĞĞĚĞĚĨŽƌƚŚĞĞŶƚŝƌĞ'WWƌŽƉĞƌƚǇ͕ƚŽŝŶƉĂƌƚ ĂĚĚƌĞƐƐŚŽǁŝŶĂĚĞƋƵĂƚĞŽŶĂŶĚŽĨĨƐŝƚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐǁŝůůďĞĂĚĚƌĞƐƐĞĚƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚĞ ĚĞǀĞůŽƉŵĞŶƚŽĨƚŚŝƐWƌŽƉĞƌƚǇ͘dŚĞŐƌĞĞŵĞŶƚǁŝůůŽƵƚůŝŶĞƚŚĞKǁŶĞƌΖƐĂŶĚŝƚǇΖƐŽďůŝŐĂƚŝŽŶƐ ƌĞůĂƚĞĚƚŽŝƚĞŵƐƐƵĐŚĂƐ͗ĚĞĚŝĐĂƚŝŽŶŽĨĐŽŶƚƌŽůůĞĚĂĐĐĞƐƐ͕ƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚ;ŝŶĐůƵĚŝŶŐ ĂŶǇŽďůŝŐĂƚŝŽŶƐĨŽƌŽŶŽƌŽĨĨ Ͳ ƐŝƚĞĨĂĐŝůŝƚŝĞƐͿ͕ƚƌĂŶƐƉŽƌƚĂƚŝŽŶŝŵƉƌŽǀĞŵĞŶƚƐ;ŝŶĐůƵĚŝŶŐĂŶǇŽĨĨ Ͳ ƐŝƚĞŝŵƉƌŽǀĞŵĞŶƚƐŶĞĐĞƐƐĂƌǇƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚŝƐĚĞǀĞůŽƉŵĞŶƚͿ͕ƉĞĚĞƐƚƌŝĂŶĨĂĐŝůŝƚŝĞƐ͕ ĐŽŶƚƌŝďƵƚŝŽŶƐĨŽƌƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĂŶĚƚŚĞĞǆƚĞŶƐŝŽŶŽĨƉƵďůŝĐƵƚŝůŝƚŝĞƐƚŽĂďƵƚƚŝŶŐ ƉƌŽƉĞƌƚŝĞƐǁŚĞƌĞĂƉƉůŝĐĂďůĞ͘KǁŶĞƌƐŚĂůůƌĞƋƵĞƐƚ͕ĂŶĚ^ƚĂĨĨǁŝůůƉƌĞƉĂƌĞƚŚĞŐƌĞĞŵĞŶƚĨŽƌ ƌĞǀŝĞǁĂŶĚĞǆĞĐƵƚŝŽŶďǇƚŚĞKǁŶĞƌĂŶĚŝƚǇ͕ĂŶĚƌĞĐŽƌĚŝŶŐ͕ƉƌŝŽƌƚŽƌĞĐŽƌĚŝŶŐƚŚĞ&ŝŶĂůWůĂƚ ĨŽƌƚŚĞWƌŽƉĞƌƚǇ͘ ƌŝƚĞƌŝĂ<͘dŚĞWůĂŶŝƐŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶĂŶĚƚŚĞŽŵƉůĞƚĞ^ƚƌĞĞƚƐWŽůŝĐǇŽĨƚŚĞ ŝƚǇ͘ dŚĞWůĂŶĂƉƉĞĂƌƐƚŽďĞŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶĂŶĚƚŚĞŽŵƉůĞƚĞ 3DFNHW3J )E WĂŐĞϭϰ ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗DĂƌĐŚϮϱ͕ϮϬϭϱ ^ƚƌĞĞƚƐWŽůŝĐǇŽĨƚŚĞŝƚǇ͘ ǆĞĐƵƚŝŽŶŽĨĂĞǀĞůŽƉŵĞŶƚŐƌĞĞŵĞŶƚŝƐŶĞĞĚĞĚĨŽƌƚŚĞĞŶƚŝƌĞ'WWƌŽƉĞƌƚǇ͕ƚŽŝŶƉĂƌƚ ĂĚĚƌĞƐƐŚŽǁŝŶĂĚĞƋƵĂƚĞŽŶĂŶĚŽĨĨƐŝƚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐǁŝůůďĞĂĚĚƌĞƐƐĞĚƚŽĂĐĐŽŵŵŽĚĂƚĞ ƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚŝƐWƌŽƉĞƌƚǇ͘dŚĞŐƌĞĞŵĞŶƚǁŝůůŽƵƚůŝŶĞƚŚĞKǁŶĞƌΖƐĂŶĚŝƚǇΖƐ ŽďůŝŐĂƚŝŽŶƐƌĞůĂƚĞĚƚŽŝƚĞŵƐƐƵĐŚĂƐ͗ĚĞĚŝĐĂƚŝŽŶŽĨĐŽŶƚƌŽůůĞĚĂĐĐĞƐƐ͕ƐƚŽƌŵǁĂƚĞƌ ŵĂŶĂŐĞŵĞŶƚ;ŝŶĐůƵĚŝŶŐĂŶǇŽďůŝŐĂƚŝŽŶƐĨŽƌŽŶŽƌŽĨĨ Ͳ ƐŝƚĞĨĂĐŝůŝƚŝĞƐͿ͕ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ŝŵƉƌŽǀĞŵĞŶƚƐ;ŝŶĐůƵĚŝŶŐĂŶǇŽĨĨ Ͳ ƐŝƚĞŝŵƉƌŽǀĞŵĞŶƚƐŶĞĐĞƐƐĂƌǇƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚŝƐ ĚĞǀĞůŽƉŵĞŶƚͿ͕ƉĞĚĞƐƚƌŝĂŶĨĂĐŝůŝƚŝĞƐ͕ĐŽŶƚƌŝďƵƚŝŽŶƐĨŽƌƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĂŶĚƚŚĞ ĞǆƚĞŶƐŝŽŶŽĨƉƵďůŝĐƵƚŝůŝƚŝĞƐƚŽĂďƵƚƚŝŶŐƉƌŽƉĞƌƚŝĞƐǁŚĞƌĞĂƉƉůŝĐĂďůĞ͘KǁŶĞƌƐŚĂůůƌĞƋƵĞƐƚ͕ ĂŶĚ^ƚĂĨĨǁŝůůƉƌĞƉĂƌĞƚŚĞŐƌĞĞŵĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚĞǆĞĐƵƚŝŽŶďǇƚŚĞKǁŶĞƌĂŶĚŝƚǇ͕ĂŶĚ ƌĞĐŽƌĚŝŶŐ͕ƉƌŝŽƌƚŽƌĞĐŽƌĚŝŶŐƚŚĞ&ŝŶĂůWůĂƚĨŽƌƚŚĞWƌŽƉĞƌƚǇ͘ ƌŝƚĞƌŝĂ>͘tŚĞƌĞƐƉĞĐŝĨŝĐďƵŝůĚŝŶŐĨŽŽƚƉƌŝŶƚŽƌůĂǇŽƵƚƐĂƌĞŝĚĞŶƚŝĨŝĞĚŽŶƚŚĞWůĂŶ͖ƚŚĞWůĂŶĚĞŵŽŶƐƚƌĂƚĞƐ ƚŚĂƚƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐƚŽƚŚĞĐƵƐƚŽŵĞƌͬƚĞŶĂŶƚŝŶŐƌĞƐƐͬĞŐƌĞƐƐůŽĐĂƚŝŽŶƐŽĨƚŚĞďƵŝůĚŝŶŐ;ƐͿ͕ ĨƌŽŵƚŚĞĨĂĐŝůŝƚŝĞƐŝŶďŽƚŚƚŚĞƉƵďůŝĐƌŝŐŚƚ Ͳ ŽĨ Ͳ ǁĂǇ͕ĂŶĚŽĨĨ Ͳ ƐƚƌĞĞƚƉĂƌŬŝŶŐĂƌĞĂƐƚŚĂƚƐĞƌǀĞƚŚĞ ƵƐĞĂƌĞĚĞƐŝŐŶĞĚƚŽŵŝŶŝŵŝǌĞďŝĐǇĐůĞ͕ƉĞĚĞƐƚƌŝĂŶĂŶĚǀĞŚŝĐƵůĂƌĐŽŶĨůŝĐƚƐ͘ ^ƉĞĐŝĨŝĐďƵŝůĚŝŶŐĨŽŽƚƉƌŝŶƚƐŽƌůĂǇŽƵƚƐĂƌĞŶŽƚŝĚĞŶƚŝĨŝĞĚŽŶƚŚĞ'W͘ĚĚŝƚŝŽŶĂůƐŝƚĞĚĞƚĂŝů͕ ƐƵĐŚĂƐƉĞĚĞƐƚƌŝĂŶĐŽŶŶĞĐƚŝŽŶƐƚŽƚŚĞĞǆŝƐƚŝŶŐĂĚũĂĐĞŶƚƉƵďůŝĐƐŝĚĞǁĂůŬƐͬƚƌĂŝůƐ͕ǁŝůůďĞ ƌĞǀŝĞǁĞĚĂƚƚŚĞƚŝŵĞŽĨĂƚŚĞĞǆĞĐƵƚŝŽŶŽĨƚŚĞĞǀĞůŽƉŵĞŶƚŐƌĞĞŵĞŶƚ͘ Dƌ͘ƵƌƐƚŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨWƌĞůŝŵŝŶĂƌǇWůĂƚηZϮϬϭϱ Ͳ ϬϬϭW>dǁŝƚŚƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĐŽŶĚŝƚŝŽŶƐ͘DƐ͘DĞĞŬƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϳ Ͳ Ϭ͘ KE/d/KE^͗ ϭ͘ǆĞĐƵƚŝŽŶŽĨĂĞǀĞůŽƉŵĞŶƚŐƌĞĞŵĞŶƚŝƐƌĞƋƵŝƌĞĚĨŽƌƚŚĞĞŶƚŝƌĞ'WWƌŽƉĞƌƚǇ͕ƚŽŝŶƉĂƌƚ ĂĚĚƌĞƐƐŚŽǁŝŶĂĚĞƋƵĂƚĞŽŶĂŶĚŽĨĨƐŝƚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐǁŝůůďĞĂĚĚƌĞƐƐĞĚƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚĞ ĚĞǀĞůŽƉŵĞŶƚŽĨƚŚŝƐWƌŽƉĞƌƚǇ͘dŚĞŐƌĞĞŵĞŶƚǁŝůůŽƵƚůŝŶĞƚŚĞKǁŶĞƌΖƐĂŶĚŝƚǇΖƐŽďůŝŐĂƚŝŽŶƐ ƌĞůĂƚĞĚƚŽŝƚĞŵƐƐƵĐŚĂƐ͗ĚĞĚŝĐĂƚŝŽŶŽĨĐŽŶƚƌŽůůĞĚĂĐĐĞƐƐ͕ƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚ;ŝŶĐůƵĚŝŶŐ ĂŶǇŽďůŝŐĂƚŝŽŶƐĨŽƌŽŶŽƌŽĨĨ Ͳ ƐŝƚĞĨĂĐŝůŝƚŝĞƐͿ͕ƚƌĂŶƐƉŽƌƚĂƚŝŽŶŝŵƉƌŽǀĞŵĞŶƚƐ;ŝŶĐůƵĚŝŶŐĂŶǇŽĨĨ Ͳ ƐŝƚĞ ŝŵƉƌŽǀĞŵĞŶƚƐŶĞĐĞƐƐĂƌǇƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚŝƐĚĞǀĞůŽƉŵĞŶƚͿ͕ƉĞĚĞƐƚƌŝĂŶĨĂĐŝůŝƚŝĞƐ͕ĐŽŶƚƌŝďƵƚŝŽŶƐ ĨŽƌƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĂŶĚƚŚĞĞǆƚĞŶƐŝŽŶŽĨƉƵďůŝĐƵƚŝůŝƚŝĞƐƚŽĂďƵƚƚŝŶŐƉƌŽƉĞƌƚŝĞƐǁŚĞƌĞ ĂƉƉůŝĐĂďůĞ͘KǁŶĞƌƐŚĂůůƌĞƋƵĞƐƚ͕ĂŶĚ^ƚĂĨĨǁŝůůƉƌĞƉĂƌĞƚŚĞŐƌĞĞŵĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚĞǆĞĐƵƚŝŽŶ ďǇƚŚĞKǁŶĞƌĂŶĚŝƚǇ͕ĂŶĚƌĞĐŽƌĚŝŶŐ͕ƉƌŝŽƌƚŽƌĞĐŽƌĚŝŶŐƚŚĞ&ŝŶĂůWůĂƚĨŽƌƚŚĞWƌŽƉĞƌƚǇ͘ Ϯ͘'ƌĂĚŝŶŐΘƌĂŝŶĂŐĞWůĂŶĂƉƉƌŽǀĂůĨŽƌƚŚĞƐƵďĚŝǀŝƐŝŽŶƉƵďůŝĐŝŵƉƌŽǀĞŵĞŶƚƐŝƐƌĞƋƵŝƌĞĚƉƌŝŽƌƚŽ &ŝŶĂůWůĂƚƐƵďŵŝƚƚĂů͕ĂŶĚŝŶĚŝǀŝĚƵĂůůŽƚ'ƌĂĚŝŶŐΘƌĂŝŶĂŐĞWůĂŶĂƉƉƌŽǀĂůǁŝůůďĞƌĞƋƵŝƌĞĚ ƚŚƌŽƵŐŚƚŚĞĚĞǀĞůŽƉŵĞŶƚĂƉƉƌŽǀĂůƉƌŽĐĞƐƐĨŽƌƚŚĞŝŶĚŝǀŝĚƵĂůůŽƚƐ͘ ϯ͘WƌŝŽƌƚŽƌĞĐŽƌĚŝŶŐƚŚĞ&ŝŶĂůWůĂƚĨŽƌƚŚĞĨŝƌƐƚƉŚĂƐĞŽĨĚĞǀĞůŽƉŵĞŶƚĨŽƌƚŚŝƐWƌŽƉĞƌƚǇ͕KǁŶĞƌƐŚĂůů ĞǆĞĐƵƚĞĂŽŶƚƌŝďƵƚŝŽŶŐƌĞĞŵĞŶƚƚŽĂĚĚƌĞƐƐŶĞĂƌƚĞƌŵĂŶĚůŽŶŐƚĞƌŵŝŵƉƌŽǀĞŵĞŶƚƐƚŽƚŚĞ ƉƌŽƉŽƐĞĚŶŽƌƚŚͬƐŽƵƚŚĐŽŶŶĞĐƚŝŽŶƚŽϰϴƚŚ^ƚEƚŚĂƚĐƵƌƌĞŶƚůǇƐĞƌǀĞƐĂƐĂƐĞĐŽŶĚĂƌǇĂĐĐĞƐƐĨŽƌƚŚŝƐ ĚĞǀĞůŽƉŵĞŶƚĂƌĞĂ͘ ϰ͘ǆĞĐƵƚŝŽŶŽĨĂŝƚǇ Ͳ KǁŶĞƌŽŶƚƌĂĐƚ͕ĂŶĚĚĞĚŝĐĂƚŝŽŶŽĨĂŶǇĂƉƉůŝĐĂďůĞŽĨĨ Ͳ ƐŝƚĞƉƵďůŝĐ 3DFNHW3J )E WĂŐĞϭϱ ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗DĂƌĐŚϮϱ͕ϮϬϭϱ ĞĂƐĞŵĞŶƚƐŝƐƌĞƋƵŝƌĞĚƉƌŝŽƌƚŽĐŽŶƐƚƌƵĐƚŝŽŶŽĨĂŶǇƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ 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ƉĂƌŬŝŶŐĂŶĚĚŝĂŐŽŶĂůƐƚƌĞĞƚƉĂƌŬŝŶŐ͘dŚĞĂĚĚŝƚŝŽŶĂůƉĂƌŬŝŶŐŵĂǇŚĂǀĞŝƐƐƵĞƐǁŝƚŚĐŝƌĐƵůĂƚŝŽŶŽĨƚƌĂĨĨŝĐŝŶ ƉĂƌƚŝĐƵůĂƌǁŝƚŚĚĞůŝǀĞƌŝĞƐƚŽƚŚĞŐƌŽĐĞƌǇƐƚŽƌĞƚŽƚŚĞƐŽƵƚŚ͘ Dƌ͘ƵƌƐƚĂƐŬĞĚŝĨƚŚĞĂůůĞǇǁĂƐĂƉƵďůŝĐƌŝŐŚƚŽĨǁĂǇ;ŶŽƌƚŚƚŽƐŽƵƚŚͿ͘ Dƌ͘tŽũĐŚŝŬƐƚĂƚĞĚǇĞƐŝƚŝƐĂŶϭϴ͛ǁŝĚĞƉƵďůŝĐƌŝŐŚƚ ͲŽĨͲǁĂǇ͘ Dƌ͘tĂůƚĞƌƐĂƐŬĞĚƐŝŶĐĞƚŚĞĂƉƉůŝĐĂŶƚŝƐďƵŝůĚŝŶŐŽǀĞƌƚŚĞĂůůĞǇ͖ǁŝůůƚŚŝƐƌĞƋƵŝƌĞƚŚĞŵƚŽĐŽŵĞďĂĐŬ ďĞĨŽƌĞƚŚĞWĨŽƌĂƉƉƌŽǀĂůƐŽĨĂŶǇǀĂĐĂƚŝŽŶƐ͘ Dƌ͘tŽũĐŚŝŬƐƚĂƚĞĚŝƚǁŝůůƌĞƋƵŝƌĞƚŚĞŵƚŽĂƉƉůǇĨŽƌĂǀĂĐĂƚŝŽŶŽƌŽďƚĂŝŶĂƌĞǀŽĐĂďůĞƉĞƌŵŝƚǁŚŝĐŚǁŽƵůĚ ďĞƚŚƌŽƵŐŚWƵďůŝĐtŽƌŬƐĞƉĂƌƚŵĞŶƚ͘ ƚŚ ƚŚĞĨĂĐĂĚĞŽĨĂŶǇĨůŽŽƌĂďŽǀĞƚŚĞϰĨůŽŽƌ DƐ͘DĞĞŬŶŽƚĞĚƚŚĞhƌďĂŶsŝůůĂŐĞĞƐŝŐŶŐƵŝĚĞůŝŶĞƐƐƚĂƚĞƚŚĞ͞ ƐŚĂůůďĞƐĞƚďĂĐŬĨƌŽŵƚŚĞƌŝŐŚƚŽĨǁĂǇŽĨĂŶǇƉƵďůŝĐŽƌƉƌŝǀĂƚĞƐƚƌĞĞƚĂƚůĞĂƐƚĂĚŝƐƚĂŶĐĞŽĨϭĨŽŽƚĨŽƌ ƚŚƐƚ ĞǀĞƌǇϭĨŽŽƚŽĨďƵŝůĚŝŶŐĨůŽŽƌŚĞŝŐŚƚ͘͟ dŚĞϱĨůŽŽƌŝƐŽŶůǇƐĞƚďĂĐŬĂůŽŶŐϭǀĞŶƵĞĂŶĚŶŽƚƚŚĞŽƚŚĞƌ ƐƚƌĞĞƚƐĂŶĚĂůůĞǇ͕ƐŚĞŶŽƚĞĚĨƵƌƚŚĞƌĚŝƐĐƵƐƐŝŽŶŽŶƚŚŝƐƚŽƉŝĐĂƚƐŽŵĞƉŽŝŶƚĚƵƌŝŶŐƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐŝƐ ŶĞĞĚĞĚ͘ Dƌ͘tŽũĐŚŝŬĐŽŵŵĞŶƚĞĚŚĞǁŽƵůĚĚĞĨĞƌƚŚĞƌĞƐƉŽŶƐĞƚŽŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶĨŽƌƚŚĞd/&ƐŝĚĞŽĨĚĞƐŝŐŶ ŐƵŝĚĞůŝŶĞƐ͘,ĞŶŽƚĞĚƚŚĞƌĞĨĞƌƌĂůĐŽŵŵĞŶƚďĂĐŬĨƌŽŵDƌ͘dĞƌƌǇ^ƉĂĞƚŚǁŝƚŚŝƚǇĚŵŝŶŝƐƚƌĂƚŝŽŶǁŚŝĐŚ ƐƚĂƚĞĚƚŚĞƐĞƚďĂĐŬŝƐĂĐĐĞƉƚĂďůĞ͘ Dƌ͘^ŝŵƐĂƐŬĞĚĂďŽƵƚƚŚĞƉƌŽĐĞƐƐŽĨƚŚĞĂƉƉůŝĐĂƚŝŽŶĨŽƌƚŚĞƉŽƐƐŝďŝůŝƚǇŽĨĂĚĚŝƚŝŽŶĂůƉƵďůŝĐŚĞĂƌŝŶŐƐ ŚĞĂƌĚďĞĨŽƌĞW͘ Dƌ͘tŽũĐŚŝŬƐƚĂƚĞĚƚŚĞŽŵŵŝƐƐŝŽŶǁŝůůƐĞĞƚŚĞĨŝŶĂůƉůĂŶĂŐĂŝŶƵŶůĞƐƐŝƚŝƐǁĂŝǀĞĚ͘,ĞŶŽƚĞĚƚŚĞƉƌŽĐĞƐƐ ŽƌĚĞƌŝƐŚĂƌĚƚŽĚĞƚĞƌŵŝŶĞǁŚĞŶƚŚĞĚĞǀĞůŽƉĞƌǁŽƵůĚĂƉƉůǇĨŽƌƌĞǀŽĐĂďůĞƉĞƌŵŝƚƐ͕ĞƚĐ͕͘ďƵƚƚŚĞƌĞǁŽƵůĚ ďĞƚŝŵĞƚŽĐŽŵŵĞŶƚǁŚĞŶƚŚĞĨŝŶĂůƉůĂŶĐŽŵĞƐƚŚƌŽƵŐŚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐƉƌŽĐĞƐƐ͘ Dƌ͘tĂůƚĞƌƐŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ 3DFNHW3J )F 3DJH &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH)HEUXDU\ ƚŚ Dƌ͘:ĂƐŽŶtŽŽĚŚŽƵƐĞ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚZtƌĐŚŝƚĞĐƚƵƌĞ͕ϮϭϭϭϭǀĞŶƵĞEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞƌĞǀŝĞǁĞĚƚŚĞďĂĐŬŐƌŽƵŶĚŽĨƚŚĞƉƌŽũĞĐƚ͖ďĂƐŝĐƐŽĨƚŚĞϱͲƐƚŽƌǇŵŝǆĞĚ ƵƐĞĚƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚǁŝƚŚĐŽŵŵĞƌĐŝĂůŽŶŵĂŝŶůĞǀĞů͖ϰůĞǀĞůƐŽĨŚŽƵƐŝŶŐĂŶĚƵŶĚĞƌŐƌŽƵŶĚ ƉĂƌŬŝŶŐ͖ŚŽǁƚŚĞǇĂƌĞǁĂƌƌĂŶƚĞĚƚŚĞĂĚĚŝƚŝŽŶĂůĚĞŶƐŝƚŝĞƐďǇƚŚĞŝŶĐĞŶƚŝǀĞƐŽĨĨĞƌĞĚ͖ƚŚĞƉƌŽũĞĐƚŝƐ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚǌŽŶŝŶŐĞǆĐĞƉƚƚŚĞǇŚĂǀĞĞǆĐĞĞĚĞĚƚŚĞĚĞŶƐŝƚǇĨŽƌĂdǇƉĞϭĂƉƉůŝĐĂƚŝŽŶǁŝƚŚŝŶĐĞŶƚŝǀĞ ĚĞǀĞůŽƉŵĞŶƚ͖ƚĂůŬŝŶŐǁŝƚŚŝƚǇWƵďůŝĐtŽƌŬƐŽŶƚŚĞĞǆƚĞŶƚŽĨĐŚĂŶŐŝŶŐƚŚĞǁŝĚƚŚƐŽĨƚŚĞƐŝĚĞǁĂůŬƐ͖ĂŶĚ ƚŚĞŝŶƚĞƌŝŽƌĂŶĚĞǆƚĞƌŝŽƌĚĞƐŝŐŶŽĨƚŚĞďƵŝůĚŝŶŐ͘ Dƌ͘^ŝŵƐĂƐŬĞĚDƌ͘tŽŽĚŚŽƵƐĞĂďŽƵƚƚŚĞĞĂƐƚĞůĞǀĂƚŝŽŶĨĂĐŝŶŐƚŚĞƉĂƌŬŝŶŐůŽƚƐĂŶĚŚŽǁŝƚƐŚŽǁƐũƵůŝĞƚ ďĂůĐŽŶŝĞƐ͕ƚŚĞƌĞƐĞĞŵƐƚŽďĞƐƉĂĐĞǁŚǇŶŽƚĂĨĨŽƌĚĂůůƚĞŶĂŶƚƐƚŽƚŚĞƐĂŵĞďĂůĐŽŶǇĂŵĞŶŝƚǇ͘ Dƌ͘tŽŽĚŚŽƵƐĞƐƚĂƚĞĚƚŚŝƐǁĂƐƉƌĞƐĞŶƚĞĚďǇĂƌĞƋƵĞƐƚĨƌŽŵƚŚĞŽǁŶĞƌƚŽŽĨĨĞƌĂǀĂƌŝĞƚǇŽĨŽƉƚŝŽŶƐĨŽƌ ďĂůĐŽŶŝĞƐƚŽƉŽƚĞŶƚŝĂůƌĞƐŝĚĞŶƚƐ͘ Dƌ͘^ŝŵƐŶŽƚĞĚƚŚĂƚǁŚĞŶƚŚĞŽŵŵŝƐƐŝŽŶƐĞĞƐũƵůŝĞƚďĂůĐŽŶŝĞƐŽŶƉƌŽũĞĐƚƐŝƚƐƉĞĂŬƐƚŽƚŚĞƋƵĂůŝƚǇŽĨ ƚŚĞƉƌŽũĞĐƚ͕ŶŽƚƚŚĞŚŝŐŚĞƐƚƋƵĂůŝƚǇŽĨƉƌŽũĞĐƚƐ͘,ĞĂůƐŽŶŽƚĞĚƐŽŵĞƚŚŝŶŐŝƐŵŝƐƐŝŶŐŽŶƚŚĞƉůĂŶƐĂƐƚŽ ǁŚĞƌĞĂƌĞ,sƵŶŝƚƐ͕ŽƌĂƌĞƚŚĞǇƚŚƌŽƵŐŚͲǁĂůůƵŶŝƚƐ͍ Dƌ͘tŽŽĚŚŽƵƐĞŶŽƚĞĚƚŚĞǇĂƌĞŶŽƚƚŚƌŽƵŐŚǁĂůůƵŶŝƚƐďƵƚƚŚĞǇĂƌĞĞǀĂůƵĂƚŝŶŐĂůůŝŶŚŽƵƐŝŶŐƵŶŝƚƐŽƌƚŚĞ ƉŽƚĞŶƚŝĂůŽĨŵĂŐŝĐƉĂĐŬƵŶŝƚƐ͘dŚĞǇĂƌĞǁŽƌŬŝŶŐƚŽŐĞƚƚŚĞƵŶŝƚƐĂƚĂĨĞĂƐŝďůĞĐŽƐƚĨŽƌƚĞŶĂŶƚƐ͘ Dƌ͘tŽŽĚŚŽƵƐĞƉƌŽŐƌĞƐƐĞĚŝŶƚŽƚŚĞŝŶĐĞŶƚŝǀĞƐĨŽƌƌĞƋƵĞƐƚŝŶŐĂĚĚŝƚŝŽŶĂůĚĞŶƐŝƚǇ͘dŚĞǇĂƌĞƉƌŽƉŽƐŝŶŐ ƐƚƌĞĞƚƐĐĂƉĞĂůŽŶŐƚŚĞĞŶƚŝƌĞƉƌŽũĞĐƚ͕ĂĚĚŝƚŝŽŶĂůƉĂƚŝŽƐĞĂƚŝŶŐ͕ĂĚĚŝƚŝŽŶĂůǀĞŐĞƚĂƚŝŽŶ͕ĂŶĚŝŶĐŽƌƉŽƌĂƚŝŶŐ ƉĂǀĞƌƐ͘ Dƌ͘tĂůƚĞƌƐŝŶƋƵŝƌĞĚŝŶƚŽƉƌŝǀĂƚĞĚŝŶŝŶŐůŽĐĂƚŝŽŶŝŶƚŚĞƉƵďůŝĐǁĂǇ͖ĂƐŬĞĚDƌ͘tŽŽĚŚŽƵƐĞŚŽǁƚŚĞǇ ǁŽƵůĚƌĞƐƉŽŶĚƚŽĐƌŝƚŝĐŝƐŵŽĨŐŝǀŝŶŐƉƵďůŝĐƐƉĂĐĞƚŽĂƉƌŝǀĂƚĞŝŶƚĞƌĞƐƚǁŝƚŚƚŚĞĨĞŶĐĞ͘ Dƌ͘tŽŽĚŚŽƵƐĞƌĞƐƉŽŶĚĞĚƚŚĂƚƚŚĞǇůŽŽŬĞĚĂƚƚŚĞhƌďĂŶsŝůůĂŐĞĚĞƐŝŐŶŐƵŝĚĞůŝŶĞƐĂŶĚƚŚĞŝŶƚĞŶƚĂŶĚ ǀŝƐŝŽŶĨŽƌĚŽǁŶƚŽǁŶƚŽĐƌĞĂƚĞŵŽƌĞŽĨƚŚĞƐĞĂƌĞĂƐĂŶĚǁŽƌŬĞĚǁŝƚŚƚŚĞŝƚǇŽŶďĞŝŶŐĂĐĐĞƉƚĂďŝůŝƚǇĂŶĚ ďƌŝŶŐŝŶŐůŝǀĂďŝůŝƚǇĂƚŵŽƐƉŚĞƌĞƚŽĚŽǁŶƚŽǁŶ͘ Dƌ͘^ƉĂĞƚŚĐŽŵŵĞŶƚĞĚƚǇƉŝĐĂůůǇĂƐŝĚĞǁĂůŬĚŝŶŝŶŐƉĞƌŵŝƚŝƐŝƐƐƵĞĚĨŽƌƚŚĞƐŝĚĞǁĂůŬĐĂĨĞƐ͘dŚŝƐǁŽƵůĚ ĨĂůůƵŶĚĞƌƚŚŽƐĞŐƵŝĚĞůŝŶĞƐ͘/ŶƌĞŐĂƌĚƐƚŽƚŚĞĨĞŶĐĞ͕ŚĞĨĞůƚƚŚĞŽƵŶĐŝůǁŽƵůĚŶ͛ƚĂůůŽǁĂƉĞƌŵĂŶĞŶƚ ĨĞŶĐĞ͖ŐĞŶĞƌĂůůǇŽŶůǇƌĞŵŽǀĂďůĞĨĞŶĐĞƐĂƌĞĂůůŽǁĞĚ͘ Dƌ͘tŽŽĚŚŽƵƐĞŶŽƚĞĚƚŚĞǇŚĂǀĞŵĞƚǁŝƚŚƚŚĞŶĞŝŐŚďŽƌŚŽŽĚĚĞǀĞůŽƉŵĞŶƚŐƌŽƵƉĂŶĚŚĂǀĞƚĂŬĞŶƚŚĞŝƌ ĐŽŵŵĞŶƚƐŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶ͖ŵĞƚǁŝƚŚDĞƚƌŽƉŽůŝƚĂŶDĂƌŬĞƚWůĂĐĞĂŶĚWĞŽƉůĞƐ&ŽŽĚŽŽƉ͘dŚĞŝƌ ĐŽŶĐĞƌŶǁĂƐǁŝƚŚďůŽĐŬŝŶŐƚŚĞĂůůĞǇĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͘dŚŝƐǁŽƵůĚĂĨĨĞĐƚƚŚĞŝƌĚĞůŝǀĞƌŝĞƐŐĞƚƚŝŶŐƚŽƚŚĞ ůŽĂĚŝŶŐĚŽĐŬƐ͘dŚĞǇĂƌĞůŽŽŬŝŶŐĂƚŽƉƚŝŽŶƐĂŶĚǁŝůůǁŽƌŬǁŝƚŚƚŚĞŵĚƵƌŝŶŐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶƉĞƌŝŽĚ͘/Ŷ ĂŐƌĞĞŵĞŶƚĞǆĐĞƉƚĨŽƌĐŽŶĚŝƚŝŽŶŶŽ͘ϮŽŶƚŚĞƉĂƌŬŝŶŐůŽƚǁŚĞƌĞWůĂŶŶŝŶŐ^ƚĂĨĨŝƐƌĞĐŽŵŵĞŶĚŝŶŐĐŚĂŶŐŝŶŐ ƚŽƉĂƚŝŽ͘tĞĨĞĞůŝƚŝƐŝŵƉŽƌƚĂŶƚƚŽŚĂǀĞĂůŽƚĨŽƌďƵŝůĚŝŶŐƵƐĞ͘ŽŶĚŝƚŝŽŶŶŽ͘ϭϯƉĂƌŬůĂŶĚƌĞƋƵŝƌĞŵĞŶƚƐ ǁĞƌĞƵŶĐůĞĂƌ͘dŚĞǇĂƐŬĞĚWůĂŶŶŝŶŐ^ƚĂĨĨĨŽƌĐůĂƌŝĨŝĐĂƚŝŽŶŽŶƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐ͘ Dƌ͘,ĂƌĨŽƌĚƐƚĂƚĞĚƚŚĞĚĞƚĂŝůƐŽĨƚŚĞWĂƌŬĞƉĂƌƚŵĞŶƚƌĞĨĞƌƌĂůĐŽŵŵĞŶƚǁŽƵůĚďĞĂĚĚƌĞƐƐĞĚĚƵƌŝŶŐƚŚĞ ƉůĂƚƚŝŶŐƉƌŽĐĞƐƐ͕ŶŽƚƚŚĞŝŶĐĞŶƚŝǀĞĚĞǀĞůŽƉŵĞŶƚ͘ ŝƐĐƵƐƐĞĚĞŶƐƵĞĚŽŶƚŚĞĐůĂƌŝĨŝĐĂƚŝŽŶŽĨŚŽǁƚŚĞƉƌŽƉĞƌƚǇǁŝůůŶĞĞĚƚŽŐŽƚŚƌŽƵŐŚƉůĂƚƚŝŶŐƉƌŽĐĞƐƐ͘ 3DFNHW3J )F 3DJH &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH)HEUXDU\ Dƌ͘tŽŽĚŚŽƵƐĞŶŽƚĞĚƚŚĞĐŽŶĚŝƚŝŽŶŶŽ͘ϭϴĨŝŶĂůĂƉƉƌŽǀĂů͖ŝĨƚŚĞŽƵŶĐŝůĚŽĞƐǁĂŝǀĞƚŚĞĨŝŶĂůƉůĂŶƚŚĞǇ ĂƌĞĐŽŵŵŝƚƚĞĚƚŽƚŚĞƉƌĞůŝŵŝŶĂƌǇƉůĂŶ͘/ĨƚŚĞĨŝŶĂůƉůĂŶŝƐŶŽƚǁĂŝǀĞĚƚŚĞďƵŝůĚŝŶŐĚĞƐŝŐŶŵĂǇĐŚĂŶŐĞ͘ Dƌ͘^ŝŵƐĂƐŬĞĚǁŚǇŝƐƚŚĞďƵŝůĚŝŶŐďĞŝŶŐĐŽŶƐƚƌƵĐƚĞĚĂƐŽŶĞďƵŝůĚŝŶŐ͖ƌĂƚŚĞƌƚŚĂŶƚǁŽ͘,ĞĞǆƉƌĞƐƐĞĚ ƚŚĞŵĂƐƐŝŶŐŽĨƚŚĞĨĂĕĂĚĞĂŶĚŶŽƚĚĞƚĂŝůŝŶŐƚŚĞďƵŝůĚŝŶŐŽǀĞƌƚŚĞĂůůĞǇůŝŬĞƚŚĞƌĞƐƚŽĨƚŚĞďƵŝůĚŝŶŐ͖ ƐĞĞŵƐůŝŬĞƚŚĞĚĞǀĞůŽƉŵĞŶƚŝƐŐŽŝŶŐƚŚƌŽƵŐŚĂůŽƚŽĨŐǇŵŶĂƐƚŝĐƐƚŽďĞŽŶĞ͘ Dƌ͘tŽŽĚŚŽƵƐĞŶŽƚĞĚƚŚĞƵŶĚĞƌŐƌŽƵŶĚƉĂƌŬŝŶŐŶĞĞĚĞĚƚŽďĞŵĂǆŝŵŝǌĞĚ͖ĂůƐŽƚŚĞŶƵŵďĞƌŽĨƵŶŝƚƐ ŶĞĞĚĞĚƚŽďĞŵĂǆŝŵŝǌĞĚ͘ĂƐĞĚŽŶĚĞǀĞůŽƉŝŶŐĚŽǁŶƚŽǁŶŝƐĞǆƉĞŶƐŝǀĞ͕ƐŽƚŚŝƐůĞĂĚŝŶŐƚŽƚŚĞĚĞƐŝŐŶ ďĞŝŶŐƉƌĞƐĞŶƚĞĚ͘ ƚŚ Dƌ͘^ŝŵƐĞǆƉƌĞƐƐĞĚƚŚĞĂƌĐŚŝƚĞĐƚƵƌĞŽĨƚŚĞŽŶĞďƵŝůĚŝŶŐĚĞƐŝŐŶŝƐĐƌĞĂƚŝŶŐƵŶĨƌŝĞŶĚůǇĨĂĐĂĚĞĂůŽŶŐϱ ĂŶĚƚŚĞĂůůĞǇŚĂƐĂƌĞĂƐŽŶƚŽďĞƚŚĞƌĞ͘,ĞŶŽƚĞĚZŽĐŚĞƐƚĞƌŚĂƐŵĂĚĞŚŝƐƚŽƌŝĐĂůůǇďĂĚĚĞĐŝƐŝŽŶƐĂďŽƵƚ ƐƉĂŶŶŝŶŐƉƵďůŝĐǁĂǇƐ͕ĐƌĞĂƚŝŶŐƵŶŝŶǀŝƚŝŶŐĂůůĞǇǁĂǇƐ͘,ĞŶŽƚĞĚƐƉĂŶŶŝŶŐĂůůĞǇƐŝƐŶŽƚƉĂƌƚŽĨƚŚĞhƌďĂŶ sŝůůĂŐĞĚĞƐŝŐŶǁŚŝĐŚĞŶĐŽƵƌĂŐĞĚƉƵďůŝĐƐƉĂĐĞ͖ŶŽƚŚĞĂƌŝŶŐĂƐƚƌŽŶŐĂƌŐƵŵĞŶƚĨŽƌƚŚŝƐƚŽďĞŽŶĞďƵŝůĚŝŶŐ ǁŝƚŚŽŶĞĨĂĕĂĚĞ͘ Dƌ͘tŽŽĚŚŽƵƐĞƐƚĂƚĞĚƚŚĞǇůŽŽŬĞĚĂƚĂǀĂƌŝĞƚǇŽĨĚĞƐŝŐŶƐ͕ĞůĞǀĂƚŽƌƐĂŶĚƐƚĂŝƌǁĂǇĐŽƌƌŝĚŽƌƐĞĂƐƚĂǁĂǇĂƚ ƐƉĂĐĞĂŶĚƚŚŝƐǁĂƐĂďĂůĂŶĐĞŽĨŐĞƚƚŝŶŐƚŚĞƉƌŽũĞĐƚƚŽǁŽƌŬ͘ DƐ͘DĞĞŬĂƐŬĞĚĨŽƌƚŚĞƐŝĚĞǁĂůŬǁŝĚƚŚƐŽŶĞĂĐŚƐŝĚĞŽĨƚŚĞďƵŝůĚŝŶŐ͘ ŶĚƚŚŶĚ Dƌ͘tŽŽĚŚŽƵƐĞƐƚĂƚĞĚϮǀĞŶƵĞĂŶĚϱ^ƚƌĞĞƚĂƌĞďŽƚŚϲ͛ǁŝĚĞ͖ŽŶϮǀĞŶƵĞƚŚĞƌĞŝƐĂϯ͛ĂŵĞŶŝƚǇ ƚŚ ǌŽŶĞďĞƚǁĞĞŶƚŚĞƐŝĚĞǁĂůŬĂŶĚƐƚƌĞĞƚ͖ϱ^ƚƌĞĞƚĂďŽƵƚĂϰЪĨŽŽƚĂŵĞŶŝƚǇďĞƚǁĞĞŶƐƚƌĞĞƚĂŶĚƐŝĚĞǁĂůŬ͖ Ɛƚ ϭĂǀĞŶƵĞŵĂŝŶƚĂŝŶ ŝŶŐǁŚĂƚŝƐƚŽƚŚĞƐŽƵƚŚϭϬ͚ƚŽϭϮ͛ƐŽƵƚŚǁŝƚŚĂĨĞǁĨĞĞƚŽĨĂŵĞŶŝƚǇ͘ DƐ͘DĞĞŬĂƐŬĞĚĚŽǁĞŶŽƚƌĞƋƵŝƌĞϭϬ͛ĨŽƌƉĂƚŝŽƉĞƌŵŝƚƐ͘ Dƌ͘^ƉĂĞƚŚƐƚĂƚĞĚŽŶůǇƚŚĞƌĞƋƵŝƌĞŵĞŶƚϱĨŽŽƚĐůĞĂƌĨŽƌƉĞĚĞƐƚƌŝĂŶƚŽŵŽǀĞƚŚƌŽƵŐŚƚŚĞĚŝŶŝŶŐͬĐĂĨĠ ĂƌĞĂ͘ Dƌ͘^ŝŵƐĂƐŬĞĚĂďŽƵƚƚŚĞhƌďĂŶsŝůůĂŐĞĞƐŝŐŶŐƵŝĚĞůŝŶĞƐĐĂůůĨŽƌĂƐĞƚďĂĐŬŽŶĂůůƐƚƌĞĞƚĨĂĐŝŶŐĨĂĕĂĚĞƐ ƚŚ ƚŚĞĚĞǀĞůŽƉĞƌďƵƚŽŶůǇƐŚŽǁƚŚĞƐĞƚďĂĐŬĂƚƚŚĞĐŽƌŶĞƌŽŶƚŚĞϱĨůŽŽƌ͘ Dƌ͘tŽŽĚŚŽƵƐĞƐƚĂƚĞĚƚŚĞǇƌĞǀŝĞǁĞĚƚŚĞŐƵŝĚĞůŝŶĞƐǁŝƚŚDƌ͘^ƉĂĞƚŚ͘dŚĞŝƌƵŶĚĞƌƐƚĂŶĚŝŶŐŝƐƚŽĚĞǀĞůŽƉ Ɛƚ ƚŚĂƚĨĞĞůĂůŽŶŐƚŚĞϰƐƚŽƌǇŽŶϭǀĞŶƵĞ͘dŚĞǇǁĂŶƚĞĚƚŽƐƚĞƉďĂĐŬĨŽƌƚŚĞƌĞŵĂŝŶĚĞƌĂŶĚŵĂǆŝŵŝǌĞƚŚĞ ƐƉĂĐĞ͘ ƚŚ Dƌ͘WĞƚĞƌ'ĞƌƌĂƌĚ͕ŽĨĨŝĐĞůŽĐĂƚĞĚĂƚϰϮϬϱǀĞŶƵĞ͕>ĂƌŽƐƐĞtŝƐĐŽŶƐŝŶ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ ƐƚĂƚĞĚƚŚĞǇĂƌĞŶŽƚŽƉƉŽƐĞĚƚŽƚŚĞƉƌŽũĞĐƚďƵƚƚŚĞǇĂƌĞĐŽŶĐĞƌŶĞĚĂďŽƵƚĂĨĞǁĐĞƌƚĂŝŶĚĞƐŝŐŶĞůĞŵĞŶƚƐ͘ /ĨƚŚĞǇĚŝǀŝĚĞƚŚĞďƵŝůĚŝŶŐŝŶƚŽƚǁŽĂŶĚƉŚĂƐĞƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶƚŚĞƌĞǁŽƵůĚŶŽƚďĞƚŚĞŶĞĞĚƚŽĐůŽƐĞƚŚĞ ĂůůĞǇ͘dŚĞŵĂũŽƌĐŽŶĐĞƌŶƐĂĚĚƌĞƐƐĞĚŝŶĐůƵĚĞĚĐůŽƐŝŶŐŽĨĂůůĞǇĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶĨŽƌĚĞůŝǀĞƌǇƐĐŚĞĚƵůĞƐ͖ ƚƌƵĐŬƐǁŽƵůĚŚĂǀĞƚŽďĂĐŬŽƵƚŽŶƚŽƚŚĞƐƚƌĞĞƚ͖ŐĂƌďĂŐĞƐĞƌǀŝĐĞƐĨŽƌƚŚĞ&ŽŽĚŽŽƉ͖ĂŶĚƉŽƚĞŶƚŝĂů ĨŝŶĂŶĐŝĂůŚĂƌĚƐŚŝƉ͘,ĞĚŝƌĞĐƚĞĚƋƵĞƐƚŝŽŶƚŽDƌ͘^ƉĂĞƚŚŝŶƌĞŐĂƌĚƐƚŽϴϰƵŶŝƚƐĂŶĚϮϬйǁŝůůďĞĂĨĨŽƌĚĂďůĞ ĂƉĂƌƚŵĞŶƚƐ͕ŝƐƚŚŝƐĐŽƌƌĞĐƚ͍ Dƌ͘^ƉĂĞƚŚŝŶĚŝĐĂƚĞĚƚŚĞƌĞŚĂƐŶŽƚďĞĞŶĂŶǇĚŝƐĐƵƐƐŝŽŶŽƌŵĞŶƚŝŽŶŽĨĂŶǇƚǇƉĞŽĨŝŶĐůƵƐŝŽŶĂƌǇŚŽƵƐŝŶŐ ĂƐŝƚƌĞůĂƚĞĚƚŽƚŚŝƐƉƌŽũĞĐƚ͘ƐƚŚĞƵŶŝƚƐǁĞƌĞĐŽŶƚĞŵƉůĂƚĞĚĂŶĚďƌŽƵŐŚƚƚŽƚŚĞŝƚǇ͕ƚŚĞǇŚĂǀĞĂůǁĂǇƐ ďĞĞŶƉƌĞƐĞŶƚĞĚĂƐĂŵĂƌŬĞƚĂďůĞŚŽƵƐŝŶŐƉƌŽũĞĐƚ͘,ĞĚŝĚŶŽƚĞĂƉĂƐƚƉƌŽũĞĐƚŝŶƚŚĞĚŽǁŶƚŽǁŶĂƌĞĂĂƐĂ 3DFNHW3J )F 3DJH &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH)HEUXDU\ ƌĞĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚƚŚĂƚǁĂƐŽƵƚƐŝĚĞĚŽǁŶƚŽǁŶĐŽƌĞ͘dŚĞĐŝƚǇƐƚĂĨĨŶĞĞĚĞĚŵŽƌĞƌĂƚŝŽŶĂůĞĨŽƌĂd/& ƉƌŽũĞĐƚ͕ƐŽŝŶƚŚŝƐŝŶƐƚĂŶĐĞŝƚǁĂƐƌĞĂƐŽŶĂďůĞƚŽƌĞƋƵŝƌĞƚŽŚĂǀĞϮϬйƚŽďĞƌĞƐĞƌǀĞĚĨŽƌĂĨĨŽƌĚĂďůĞ ŚŽƵƐŝŶŐ͘WƌŽũĞĐƚƐŝŶƚŚĞĚŽǁŶƚŽǁŶĐŽƌĞŚĂǀĞŶŽƚďĞĞŶƌĞƋƵŝƌĞĚƚŽĚŽƚŚŝƐ͘dŚĞƌĞŝƐĂŚŽƵƐŝŶŐƚĂƐŬĨŽƌĐĞ ǁŚŝĐŚŚĂƐďĞĞŶĨŽƌŵĞĚƚŚĂƚǁŝůůďĞůŽŽŬŝŶŐŝŶƚŽƚŚĞŚŽƵƐŝŶŐŶĞĞĚƐ͘ Dƌ͘'ĞƌƌĂƌĚƐƵŵŵĂƌŝǌĞĚďǇŶŽƚŝŶŐƚŚĞDĂǆĨŝĞůĚƐƚƵĚǇŽŶŚŽƵƐŝŶŐŶĞĞĚƐĨŽƌŚŽƵƐŝŶŐŝŶZŽĐŚĞƐƚĞƌ͘,Ğ ĂƐŬĞĚƚŚĞŽŵŵŝƐƐŝŽŶƚŽďĞƉƌŽĂĐƚŝǀĞǁŝƚŚĂĚĚŝŶŐĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐŝŶƚŚĞŝƚǇ͘ Ɛƚ DƐ͘DŝĐŚĞůůĞ^ĐŚƌǇ͕KĂŶĚ'ĞŶĞƌĂůDĂŶĂŐĞƌŽĨWĞŽƉůĞƐ&ŽŽĚŽŽƉ͕ϱϭϵϭǀĞŶƵĞ^t͕ZŽĐŚĞƐƚĞƌDE ϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞŶŽƚĞĚƚŚĞǇĂƌĞůŽĐĂůůǇŽǁŶĞĚ͖ǁŚǇƚŚĞůŽĐĂƚŝŽŶŽĨƚŚĞŽŽƉǁĂƐ ĐŚŽƐĞŶ͖ĐŽŵŵƵŶŝƚǇŝŶǀŽůǀĞŵĞŶƚ͖ĐŽŶĐĞƌŶƐŽĨĂůůĞǇĂĐĐĞƐƐĂŶĚŝŶĂĐĐĞƐƐŝďŝůŝƚǇĨŽƌƉŽƐƐŝďůǇĂǇĞĂƌƚŽϭϰ ŵŽŶƚŚƐ͖ŽǀĞƌϭϬϬĚĞůŝǀĞƌŝĞƐǁĞĞŬůǇ͖ĂŶĚƉƵďůŝĐƐĂĨĞƚǇĐŽŶĐĞƌŶƐǁŝƚŚƐĞŵŝƐŚĂǀŝŶŐƚŽďĂĐŬŽƵƚŽŶƚŽƚŚĞ ŶĚ ϮǀĞŶƵĞ͘^ŚĞŶŽƚĞĚƚŚĞŝƌĐŽŶĐĞƌŶƐŚĂǀĞďĞĞŶĞǆƉƌĞƐƐĞĚƚŽƚŚĞĚĞǀĞůŽƉĞƌ͘ Dƌ͘ƵƌƐƚĂƐŬĞĚŝĨƚŚĞƚƌƵĐŬƐĂƌĞďĂĐŬŝŶŐŝŶŽƌŝƐĂĨŽƌŬůŝĨƚŝƐďĞŝŶŐďƌŽƵŐŚƚŽƵƚƚŽƚŚĞƐƚƌĞĞƚ͘ DƐ͘^ŚĞŝƌŶŽƚĞĚĂĨŽƌŬůŝĨƚŝƐďĞŝŶŐƵƐĞĚƚŽƵŶůŽĂĚƚƌƵĐŬƐ͘ Dƌ͘ĚĂŵ<ƌĂŵĞƌ͕<ƌĂƵƐŶĚĞƌƐŽŶ͕ϰϭϲ^ŽƵƚŚƌŽĂĚǁĂǇZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞƌĞƉƌĞƐĞŶƚĞĚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶĞůĞŵĞŶƚƐ͕ĂŶĚŚĂǀĞŵĞƚǁŝƚŚƚŚĞŶĞŝŐŚďŽƌŝŶŐƌĞƐŝĚĞŶƚƐ͘ ,ĞĂĚĚƌĞƐƐĞĚƚŚĞĐŽŶĐĞƌŶƐǁŝƚŚƚŚĞƵƐĞŽĨƚŚĞĂůůĞǇǁĂǇĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͕ƌĞŐĂƌĚůĞƐƐŽĨŝĨƚŚĞƌĞŝƐŽŶĞ ŽƌƚǁŽďƵŝůĚŝŶŐƐ͕ƚŚĞƐŝƚƵĂƚŝŽŶǁŽƵůĚďĞƚŚĞƐĂŵĞ͘,ĞĞǆƉƌĞƐƐĞĚĐůŽƐŝŶŐĚŽǁŶŽĨƚŚĞĂůůĞǇĚƵƌŝŶŐ ĐŽŶƐƚƌƵĐƚŝŽŶ͖ƚŚŝƐǁŽƵůĚďĞĂŶK^,ƋƵĞƐƚŝŽŶ͖ƚŚĞĚƵƌĂƚŝŽŶŽĨƚŚĞĂůůĞǇĐůŽƐƵƌĞŝƐƵŶŬŶŽǁŶĂƚƚŚŝƐƚŝŵĞ͘ Dƌ͘^ŝŵƐĂƐŬĞĚDƌ͘<ƌĂŵĞƌŝĨƚŚĞǇŚĂǀĞĐŽŶƐŝĚĞƌĞĚĐƌĞĂƚŝŶŐĂƚĞŵƉŽƌĂƌǇƐŝƚĞĂĐĐĞƐƐĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͘ Dƌ͘<ƌĂŵĞƌƐĂŝĚǇĞƐƚŚĞǇŚĂǀĞĐŽŶƐŝĚĞƌĞĚƚŚŝƐŽƉƚŝŽŶďƵƚŝƚǁŽƵůĚďĞĂďƵĚŐĞƚŝƐƐƵĞ͘ DƐ͘DĞĞŬĂƐŬĞĚWůĂŶŶŝŶŐ^ƚĂĨĨĂďŽƵƚĐŽŵŵĞŶƚƐĨƌŽŵZWhĂŶĚWƵďůŝĐǁŽƌŬƐŝŶƌĞŐĂƌĚƐƚŽƚŚĞĞǆŝƐƚŝŶŐ ƵƚŝůŝƚŝĞƐ͘ ƚŚ Dƌ͘:ĂƐŽŶtŽŽĚŚŽƵƐĞ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚZtƌĐŚŝƚĞĐƚƵƌĞ͕ϮϭϭϭϭǀĞŶƵĞEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞŶŽƚĞĚƚŚĞƌĞŝƐĂŶĞǆŝƐƚŝŶŐĂďĂŶĚŽŶĞĚƐĞǁĞƌůŝŶĞŝŶƚŚĞĂůůĞǇƚŚĂƚǁŝůůďĞ ƌĞŵŽǀĞĚĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͖ĞůĞĐƚƌŝĐĂů͕ƉŚŽŶĞĂŶĚŐĂƐĂƌĞĞǆŝƐƚŝŶŐĂůƐŽ͘dŚĞǇŚĂǀĞďĞĞŶŵĞĞƚŝŶŐǁŝƚŚ ƚŚĞƵƚŝůŝƚŝĞƐƚŽĚĞƚĞƌŵŝŶĞǁŚĂƚŝƐĨĞĂƐŝďůĞ͖ƚŚĞŝŶƚĞŶƚǁŽƵůĚďĞƚŽŬĞĞƉĞůĞĐƚƌŝĐĂůŝŶƉůĂĐĞ͖ƐĂŵĞǁŝƚŚƚŚĞ ƉŚŽŶĞĨŝďĞƌĂŶĚĐĂďůŝŶŐ͖ƚŚĞŽƚŚĞƌƵƚŝůŝƚǇǁŽƵůĚƚŚĞŐĂƐĂŶĚƚŚĂƚǁŽƵůĚďĞƌĞƌŽƵƚĞĚĂƚƚŚĞĚĞǀĞůŽƉĞƌ͛Ɛ ĞǆƉĞŶƐĞ͘ DƐ͘DĞĞŬĂƐŬĞĚĨŽƌƚŚĞƉŽƚĞŶƚŝĂůůĂǇŽƵƚŽĨƚŚĞŐĂƐƵƚŝůŝƚŝĞƐ͘ Dƌ͘tŽŽĚŚŽƵƐĞƐƚĂƚĞĚŝƚǁŽƵůĚĐŽŵĞŽĨĨŽĨϲƚŚ^ƚƌĞĞƚƵƉŝŶƚŚĞĂůůĞǇĂƌĞĂ͘ Dƌ͘^ŝŵƐĂƐŬĞĚĨŽƌǀŝĞǁŝŶŐŽĨĂƐŝƚĞƵƚŝůŝƚǇƉůĂŶ͘ Dƌ͘tŽŽĚŚŽƵƐĞƐƚĂƚĞĚŚĞĚŝĚŶŽƚŚĂǀĞŽŶĞĂǀĂŝůĂďůĞƚŽƐŚŽǁ͘ Dƌ͘ƵƌƐƚĂƐŬĞĚĂďŽƵƚƚŚĞŽƉĞƌĂƚŝŽŶŽĨĚŝŐŐŝŶŐŽĨƚŚĞƵŶĚĞƌŐƌŽƵŶĚƉĂƌŬŝŶŐ͖ŐĂƌďĂŐĞŝŶƚŚĞĂůůĞǇĨƌŽŵ ŶĞŝŐŚďŽƌŝŶŐƐŝƚĞ͖ŽǀĞƌĚŝŐŐŝŶŐǁŝůůďĞŶĞĞĚĞĚĂŶĚĚŽǁŶŝŶƚŚĞĂůůĞǇŚŽǁŝƐĞǀĞƌǇŽŶĞŐŽŝŶŐƚŽǁŽƌŬ ƚŽŐĞƚŚĞƌ͍ 3DFNHW3J )F 3DJH &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH)HEUXDU\ Dƌ͘tŽŽĚŚŽƵƐĞƐƚĂƚĞĚƚŚĞĚĞƉƚŚǁŽƵůĚďĞĂďŽƵƚϭϮƚŽϭϰĨĞĞƚĂŶĚĂƌĞĂƐĂůŽŶŐƚŚĞĂůůĞǇǁŽƵůĚŶĞĞĚ ǀĞƌƚŝĐĂůƐŚŽƌŝŶŐƐŽĚŝŐŐŝŶŐŝƐďĂĐŬĂĚŝƐƚĂŶĐĞ͘ Dƌ͘ƵƌƐƚĂƐŬĞĚĨŽƌƚŚĞĞůĞǀĂƚŝŽŶďĞƚǁĞĞŶƚŚĞƚŽƉŽĨƌĂŵƉĂŶĚƚŚĞƚŽƉŽĨƚŚĞĂůůĞǇĨŽƌƌƵŶŶŝŶŐƵƚŝůŝƚŝĞƐ͘ Dƌ͘tŽŽĚŚŽƵƐĞƐƚĂƚĞĚƚŚĞƐŽƵƚŚĞŶĚŽĨƚŚĞďƵŝůĚŝŶŐǁĂƐƚŚĞǁŽƌƐĞǁŚĞƌĞƚŚŝƐŝƐϮϭͬϮĨĞĞƚƚŽƉŽĨƉƌĞͲ ĐĂƐƚƚŽƚŚĞĂůůĞǇĐŽŶĐƌĞƚĞĂŶĚƚŚĞŶŐĞƚƐŵŽƌĞƐƚĞĞƉĂƐǇŽƵŐŽ͘dŚĞǇŚĂǀĞďĞĞŶŝŶĚŝƐĐƵƐƐŝŽŶǁŝƚŚZWh ĨŽƌƵƚŝůŝƚŝĞƐ͘ ƚŚ DƐ͘ŚƌŝƐƚŝŶĞ^ĐŚƵůƚǌĞ͕ϳϬϯϱǀĞŶƵĞ^t͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞŝƐ ƌĞƉƌĞƐĞŶƚŝŶŐƚŚĞ,ŝƐƚŽƌŝĐ^ŽƵƚŚǁĞƐƚEĞŝŐŚďŽƌŚŽŽĚĞǀĞůŽƉŵĞŶƚĞƐŝŐŶƐƐŽĐŝĂƚŝŽŶ͘^ŚĞŶŽƚĞĚƚŚĞǇ ŚĂǀĞŵĞƚǁŝƚŚƚŚĞĚĞǀĞůŽƉĞƌ͖ĂŐƌĞĞǁŝƚŚŵŽƐƚƐƚĂĨĨƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĞƐƉĞĐŝĂůůǇǁŝƚŚŶŽƚǁĂŝǀŝŶŐƚŚĞ ĨŝŶĂůƉůĂŶ͖ĐŽŶĐĞƌŶƐƚŚĂƚǁĞƌĞĂĚĚƌĞƐƐĞĚďǇƚŚĞŶĞŝŐŚďŽƌŚŽŽĚƌĞŐĂƌĚĐŽŶƐŝƐƚĞŶĐǇǁŝƚŚƚŚĞƵƌďĂŶǀŝůůĂŐĞ ƚŚ ŽǀĞƌůĂǇ͖ĚŽŶŽƚĂŐƌĞĞǁŝƚŚƐƚĂĨĨŽŶƚŚĞŚĞŝŐŚƚŝŵƉĂĐƚŐŝǀĞŶĂϱͲƐƚŽƌǇĐŽŶƚŝŶƵŽƵƐĚĞǀĞůŽƉŵĞŶƚŽŶϱ ŶĚ ƐƚƌĞĞƚĂŶĚϮƐƚƌĞĞƚ͖ĂďŽŶƵƐĚĞŶƐŝƚǇǁŚŝĐŚǁĂƐŶŽƚŝŶĐůƵĚĞĚŝŶƚŚĞƐƚĂĨĨƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐǁĂƐƚŚĂƚ ǁŝƚŚŝŶŝŶĐĞŶƚŝǀĞĚĞǀĞůŽƉŵĞŶƚƚŚĞƌĞŝƐĂƐƉĞĐŝĨŝĐƉƵďůŝĐďĞŶĞĨŝƚĨŽƌƉƌŽǀŝĚŝŶŐǁŽƌŬĨŽƌĐĞŚŽƵƐŝŶŐ͖ ĞůŝŵŝŶĂƚŝŶŐƚŚĞƉĂƌŬŝŶŐĂƚƚŚĞďĂĐŬǁŽƵůĚŶŽƚďĞƌĞĐŽŵŵĞŶĚĞĚ͕ƚŚĞďŽƵůĞǀĂƌĚƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚ ůĂŶĚƐĐĂƉĞƉůĂŶĂƐŝƚĞǆŝƐƚŝŶŐĚŽĞƐŶŽƚĐŽŵƉůǇǁŝƚŚƚŚĞƵƌďĂŶǀŝůůĂŐĞĚĞƐŝŐŶ͘^ŚĞŶĞǆƚĚŝƌĞĐƚĞĚŚĞƌ ƉƌĞƐĞŶƚĂƚŝŽŶƚŽĂƐĞĐƚŝŽŶŽĨƚŚĞhƌďĂŶsŝůůĂŐĞĚĞƐŝŐŶŐƵŝĚĞůŝŶĞƐ͖ďƌĞĂŬĚŽǁŶŽĨůŽĐĂƚŝŽŶĂŶĚŚŝƐƚŽƌǇŽĨ ƚŚĞƵƌďĂŶǀŝůůĂŐĞǁĂƐƉƌĞƐĞŶƚĞĚƚŽƚŚĞĐŽŵŵŝƐƐŝŽŶ͖ĂŶĞŝŐŚďŽƌŚŽŽĚĐŽŵŵĞŶƚƚŽƚŚĞĚĞǀĞůŽƉĞƌǁĂƐĨŽƌ ƐƚŶĚƚŚ ǁĂůŬŝŶŐĂŶĚƉĞĚĞƐƚƌŝĂŶƚƌĂĨĨŝĐŽŶϭǀĞŶƵĞŝƐƐƉĂĐŝŽƵƐĂŶĚďƌŽĂĚ͖ŽŶϮ^ƚƌĞĞƚĂŶĚϱǀĞŶƵĞĂƌĞ ŶĚƚŚ ƐŵĂůůĞƌƉƵďůŝĐĂƌĞĂ͖ƚŚĞƉĞĚĞƐƚƌŝĂŶĨƌŝĞŶĚůŝŶĞƐƐŽŶϮĂŶĚϱĂƌĞŶŽƚĂĚĚƌĞƐƐĞĚ͖ƚŚĞďƵŝůĚŝŶŐƐĞĞŵƐǀĞƌǇ ĚĞǀĞůŽƉĞĚŽŶƚŚĞĞĂƐƚĂŶĚŶŽƚƐŽĚĞǀĞůŽƉĞĚĂŶĚĚĞƚĂŝůĞĚŽŶƚŚĞǁĞƐƚ͖ĚĞƐŝŐŶĂŶĚĚĞǀĞůŽƉŵĞŶƚƐŚŽƵůĚ ďĞĞƋƵŝǀĂůĞŶƚŽŶĂůůƐŝĚĞƐ͘dŚĞŝƌƌĞƋƵĞƐƚƐƚŽƚŚĞĚĞǀĞůŽƉĞƌǁĞƌĞ͗ϮϬйŽĨƚŚĞƵŶŝƚƐďĞĂĨĨŽƌĚĂďůĞ ŶĚƚŚ ǁŽƌŬĨŽƌĐĞƵŶŝƚƐ͖ĂƐƵƐƚĂŝŶĂďůĞƉůĂŶ͖ŝŵƉƌŽǀĞŵĞŶƚƐƚŽϮǀĞŶƵĞĂŶĚϱ^ƚƌĞĞƚ^tŝŶĐůƵĚĞĚĂƉƉĞĂƌĂŶĐĞ ƉůĂŶƚŝŶŐƐ͖ǁĂůŬĂďŝůŝƚǇ͕ƐĂĨĞƚǇƐŚŽƵůĚĐŽŵƉůǇǁŝƚŚƵƌďĂŶǀŝůůĂŐĞĚŝƐƚƌŝĐƚĚĞƐŝŐŶŐƵŝĚĞůŝŶĞƐĂŶĚǁŝƚŚ ĐŽŵƉůĞƚĞƐƚƌĞĞƚƐŝŶĐůƵĚŝŶŐďŽƵůĞǀĂƌĚĐĂŶŽƉǇƚƌĞĞƐ͖ĂŶĚŵĂŬĞƚŚĞĂůůĞǇƐĂĨĞƌ͕ƉĞĚĞƐƚƌŝĂŶͲĨƌŝĞŶĚůǇĂŶĚ ǁŝƚŚ͚ĞǇĞƐŽŶƚŚĞƐƚƌĞĞƚ͛ŶŽƚŽŶůǇǁŝŶĚŽǁƐďƵƚĚŽŽƌƐĂŶĚǁŽƌŬǁŝƚŚǀĞŚŝĐƵůĂƌĂŶĚĚĞůŝǀĞƌǇƚƌĂĨĨŝĐ͘ Dƌ͘^ŝŵƐĂƐŬĞĚWůĂŶŶŝŶŐƐƚĂĨĨŝĨƚŚĞŽŵŵŝƐƐŝŽŶŝƐĐŽŶƐŝĚĞƌŝŶŐƚŚĞŝŶĐĞŶƚŝǀĞĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞǁƌŽŶŐ ŽƌĚĞƌ͖ƐŚŽƵůĚƚŚĞǀĂĐĂƚŝŽŶĂŶĚͬŽƌƌĞǀŽĐĂďůĞƉĞƌŵŝƚďĞĂĚĚƌĞƐƐĞĚĨŝƌƐƚ͘ Dƌ͘tŽũĐŚŝŬŶŽƚĞĚĂĚĞǀĞůŽƉŵĞŶƚĐĂŶŶŽƚďĞĚĞƉĞŶĚĞŶƚƵƉŽŶĂǀĂĐĂƚŝŽŶĂŶĚͬŽƌƌĞǀŽĐĂďůĞƉĞƌŵŝƚ͘dŚĞ ƌĞǀŽĐĂďůĞƉĞƌŵŝƚŝƐĂůĞŐĂůĚŽĐƵŵĞŶƚƚŚĂƚƉƌŽƚĞĐƚƐĨŽƌůŝĂďŝůŝƚǇŝƐƐƵĞƐŝŶƉƵďůŝĐƌŝŐŚƚͲŽĨͲǁĂǇƐ͘ Dƌ͘^ƉĂĞƚŚŶŽƚĞĚƚŚĞŝƚǇĚŽĞƐŶŽƚŚĂǀĞĂŶǇŝŶƚĞƌĞƐƚŝŶǀĂĐĂƚĞĚƚŚĞĂůůĞǇ͕ƚŚĞǇǁĂŶƚƚŚĞĐŽŶŶĞĐƚŝŽŶ ƚŚƚŚ ďĞƚǁĞĞŶϱĂŶĚϲǀĞŶƵĞĨŽƌĚĞůŝǀĞƌŝĞƐƚŽƚŚĞ&ŽŽĚŽŽƉ͘/ŶƚĞƌŵƐŽĨƚŚĞƋƵĞƐƚŝŽŶĂƚŚĂŶĚ͕ǀĂĐĂƚĞĨŽƌ ĂŝƌƌŝŐŚƚƐĨŽƌĂĐĞƌƚĂŝŶŚĞŝŐŚƚ͖ŽƌƌĞǀŽĐĂďůĞƉĞƌŵŝƚŽŶƚŚĞƉƵďůŝĐƌŝŐŚƚͲŽĨͲǁĂǇŽƌĞŶĐƌŽĂĐŚŵĞŶƚƉĞƌŵŝƚĨŽƌ ƚŚĞďƵŝůĚŝŶŐĞŶĐƌŽĂĐŚŝŶŐŽǀĞƌƚŚĞĂůůĞǇ͘ Dƌ͘:ĞĨĨtŝĞƐĞƌ͕ŵĂũŽƌͲŽǁŶĞƌŽĨDĞƚƌŽƉŽůŝƚĂŶDĂƌŬĞƚWůĂĐĞ͕ϮϬϬdǁŝůŝŐŚƚƐƚƌĞĞƚ͕>ĂƌĞƐĞŶƚDŝŶŶĞƐŽƚĂ͕ ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞǁŽƵůĚůŝŬĞƚŽƐĞĞƚŚĞĨĂĕĂĚĞƚŽďĞŽĨĐŽŵŵŽŶŝŶƚĞƌĞƐƚŝŶĂƉƉĞĂƌĂŶĐĞ ǁŝƚŚƚŚĞĂĚũŽŝŶŝŶŐƉƌŽƉĞƌƚŝĞƐ͖ĐŽŶĐĞƌŶǁŝƚŚƐŶŽǁďƵŝůĚͲƵƉŽŶƚŚĞǁĞƐƚƉĂƚŝŽŽŶĂŶĂĚũĂĐĞŶƚďƵŝůĚŝŶŐ͖ ĂĚĚƌĞƐƐĞĚƚŚĞĂůůĞǇďĞŝŶŐŽĨƚŚĞĂƉƉĞĂƌĂŶĐĞŽĨĂƚƵŶŶĞů͖ƚŚĞƉĂƌŬŝŶŐŶĞĞĚƐĨŽƌƚŚĞƉƌŽƐƉĞĐƚŝǀĞ ĐŽŵŵĞƌĐŝĂůƉĂƚƌŽŶƐŝƐůĂĐŬŝŶŐŝŶƉĂƌŬŝŶŐƐƉŽƚƐ͖ƚŚĞ&ŽŽĚŽŽƉ͛ƐĐŽŶĐĞƌŶĨŽƌƚŚĞŝƌǁĞůůďĞŝŶŐŽĨ ƉƌŽĨŝƚĂďŝůŝƚǇĚƵƌŝŶŐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͘ Dƌ͘ƵƌƐƚĂƐŬĞĚDƌ͘tŝĞƐĞƌŝĨŚĞĨĞůƚĐĂŶďŽƚŚďƵŝůĚŝŶŐŽǁŶĞƌƐĐĂŶĐŽŵĞƚŽŐĞƚŚĞƌŝŶĂŐƌĞĞŵĞŶƚ͘ 3DFNHW3J )F 3DJHůĂŶĚĚĞĚŝĐĂƚŝŽŶŶĞĞĚƐƚŽďĞƌĞƐŽůǀĞĚ͖ƐĂŵĞůĞǀĞůŽĨ ĂƌĐŚŝƚĞĐƚƵƌĞŶĞĞĚƐƚŽďĞŽŶĂůůƐŝĚĞƐ͖ĞŶĐŽƵƌĂŐĞƚŚĞĂƉƉůŝĐĂŶƚŝĨƚŚĞǇǁĞƌĞƚŽƌĞƐƵďŵŝƚĂƉůĂŶƚŽ ĂŶƚŝĐŝƉĂƚĞƉŚĂƐŝŶŐĂŶĚĂůůĞǇĐŽŶƐƚƌƵĐƚŝŽŶĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͖ŶŽƐŝƚĞƵƚŝůŝƚŝĞƐƐŚŽǁŶŝŶƚŚĞƉĂĐŬĞƚ͖ƚŚĞ ĐŽŵƉůŝĂŶĐĞƚŽƚŚĞďŽƵůĞǀĂƌĚƚƌĞĞŽƌĚŝŶĂŶĐĞĂŶĚĂƐŝƚƌĞůĂƚĞƐƚŽƚŚĞƵƌďĂŶǀŝůůĂŐĞŐƵŝĚĞůŝŶĞƐ͘ DƐ͘DĞĞŬŚĂĚŽǀĞƌůĂƉƉĞĚǁŝƚŚDƌ͘^ŝŵƐĐŽŵŵĞŶƚƐ͖ƚŚĞWůĂŶŶŝŶŐŽŵŵŝƐƐŝŽŶŐĞƚƐƉŝĐŬĞĚŽŶďĞĐĂƵƐĞŽĨ ƚŚĞůĞǀĞůŽĨĚĞƚĂŝůƚŚĞǇĂƐŬĨŽƌ͖ĚĞƚĂŝůƐĚŽŵĂƚƚĞƌ͖ƚŚĞƌĞŝƐĂůĂĐŬŽĨŝŶĨŽƌŵĂƚŝŽŶƉƌŽǀŝĚĞĚƚŽƚŚĞ ŽŵŵŝƐƐŝŽŶƚŚĂƚŝƐŝŶĐůƵĚĞĚŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŐƌĞĞŵĞŶƚďƵƚŝƚŝƐŶŝĐĞƚŽŚĂǀĞƚŚĂƚƌĞĂƐƐƵƌĂŶĐĞ͘^ŚĞ ŶĚƚŚ ĚŝƌĞĐƚĞĚƚŽƚŚĞWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚƐƚĂĨĨ͕ĚŽƚŚĞǇĂŐƌĞĞƚŚĞĨĂĕĂĚĞŽŶϮǀĞŶƵĞĂŶĚϱ^ƚƌĞĞƚĚŽĞƐ ĨĂůůǁŝƚŚŝŶƚŚĞďŽƵŶĚĂƌŝĞƐŽĨƚŚĞƵƌďĂŶĚĞƐŝŐŶŐƵŝĚĞůŝŶĞƐ͘ Dƌ͘,ĂƌĨŽƌĚƌĞĨĞƌƌĞĚƚŚĞƋƵĞƐƚŝŽŶƚŽDƌ͘^ƉĂĞƚŚ Dƌ͘^ƉĂĞƚŚĂĚĚƌĞƐƐĞĚƚŚĞŝƐƐƵĞǁŝƚŚǇĞƐƚŚĞŐƵŝĚĞůŝŶĞƐĚŽƐĂǇĂůůƚŚĞĨĂĐĂĚĞƐ͕ƚŚĞŶůŽŽŬŝŶŐĂƚƚŚĞŝŶƚĞŶƚ ŽĨƚŚĞŚŝƐƚŽƌŝĐϮϬϬϰŵĂƌŬĞƚďĂƐĞƉůĂŶǁŚŝĐŚďƌŽƵŐŚƚƵƉƚŚĞŝĚĞĂŽĨƵƌďĂŶǀŝůůĂŐĞĚĞƐŝŐŶ͘dĂŬĞĂůŽŽŬĂƚ ƚŚĞĚŽǁŶƚŽǁŶĚĞǀĞůŽƉŵĞŶƚƉůĂŶǁŚŝĐŚƚĂůŬƐĂďŽƵƚƚŚĞƵƌďĂŶǀŝůůĂŐĞĚĞƐŝŐŶ͖ƚŚĞŝŶƚĞŶƚǁĂƐƚŽŵĂŝŶƚĂŝŶ Ɛƚ ƚŚĂƚƐĞƚďĂĐŬƉƌŽŵƉƚůǇĂůŽŶŐƚŚĞϭǀĞŶƵĞĐŽƌƌŝĚŽƌ͘dŚĞŐƵŝĚĞůŝŶĞƐĂƌĞũƵƐƚƚŚĂƚ͕ŶŽƚĂƌĞƋƵŝƌĞŵĞŶƚďǇ ĂŶǇŽƌĚŝŶĂŶĐĞĂƚƚŚŝƐƚŝŵĞ͘dŚĞƵƌďĂŶǀŝůůĂŐĞŐƵŝĚĞůŝŶĞƐƐŚŽƵůĚďĞĐŽŶƐŝĚĞƌĞĚǁŚĞŶůŽŽŬŝŶŐĂƚ ƌĞĚĞǀĞůŽƉŵĞŶƚƉůĂŶƐŝŶƚŚĞĚŽǁŶƚŽǁŶ͘ ƚŚ DƐ͘DĞĞŬƐƚĂƚĞĚƐŚĞƵŶĚĞƌƐƚĂŶĚƐƚŚĞŶĞĞĚƚŽĨŽůůŽǁĂƐŐƵŝĚĞůŝŶĞƐ͘/ĨĐŚŽŽƐŝŶŐďĞƚǁĞĞŶƚŚĞϱĨůŽŽƌ ƐĞƚďĂĐŬĂŶĚƚŚĞĐŽǀĞƌŝŶŐͬďƵŝůĚŝŶŐŽĨƚŚĞĂůůĞǇ͕ǁŽƵůĚĐŚŽŽƐĞƚŽĞůŝŵŝŶĂƚĞƚŚĞĂůůĞǇďƌŝĚŐĞ͘>ŽŽŬĂƚƚŚĞ ƵƌďĂŶǀŝůůĂŐĞŐƵŝĚĞůŝŶĞƐŝƐƐŝŐŚƚůŝŶĞƐĂŶĚƚŚĞǀŝƐƵĂůŝŵƉĂŝƌŵĞŶƚ͕ƚŚŝƐĐĂƵƐĞƐŝŵƉĞĚŝŵĞŶƚƐĂŶĚƚĂŬĞƐĂǁĂǇ 3DFNHW3J )F 3DJH &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH)HEUXDU\ ƉĞĚĞƐƚƌŝĂŶǁĂǇĨŝŶĚŝŶŐ͖ĚĞĨŝŶŝƚĞůǇƐƵƉƉŽƌƚŝǀĞŽĨƚŚŝƐďĞŝŶŐƚǁŽďƵŝůĚŝŶŐƐĂďŽǀĞ͘ƐĨĂƌĂƐďĞůŽǁ͕ƚŚĞƌĞŝƐ ŶŽĐŽŵŵĞŶƚĨƌŽŵƚŚĞŐĂƐĐŽŵƉĂŶǇ͕ƚŚĞŐĂƐůŝŶĞƐŚŽƵůĚŶŽƚďĞƌĞͲƌĞƌŽƵƚĞĚĂƌŽƵŶĚƚŚĞďƵŝůĚŝŶŐďĞĐĂƵƐĞ ƚŚĞŶŝƚůŝŵŝƚƐƚŚĞůŽĐĂƚŝŽŶŽĨƉƵďůŝĐĂŵĞŶŝƚŝĞƐ͖ƚŚĞĚŝĂŐŽŶĂůƉĂƌŬŝŶŐŽŶƚŚĞŶŽƌƚŚƐŝĚĞŽĨƚŚĞďƵŝůĚŝŶŐ ƚĂŬĞƐĂǁĂǇƉĞĚĞƐƚƌŝĂŶƐƉĂĐĞĂŶĚƚŚĞϯЪĨŽŽƚƐĞƚďĂĐŬŽĨƚŚĞďƵŝůĚŝŶŐŝƐĚŝĨĨŝĐƵůƚƚŽƐƵƉƉŽƌƚ͖ǁŽƵůĚƉƌĞĨĞƌ ƚŽƐĞĞƉĂƌĂůůĞůƉĂƌŬŝŶŐ͖ŵĂŬŝŶŐĂƉƉƌŽƉƌŝĂƚĞƉĂƌŬŝŶŐŵĞƚĞƌƐŚĂǀĞƚŚĞƚŝŵŝŶŐůŝŵŝƚƐƐƵƉƉŽƌƚŝǀĞŽĨďƵƐŝŶĞƐƐ͖ ŶĚ ƚŚĞĞŶƚƌĂŶĐĞŽŶϮƐƚƌĞĞƚƐŚŽƵůĚďĞŵŽǀĞĚŝŶƚŚĞĂůůĞǇƚŽƚŚĞƵŶĚĞƌŐƌŽƵŶĚƉĂƌŬŝŶŐ͖ĂŶĚĂƐƐƵƌĂŶĐĞƚŚĞ ŝŶĐĞŶƚŝǀĞƐĂƌĞĂŐƌĞĂƚĞŶŽƵŐŚďĞŶĞĨŝƚƚŽƚŚĞĐŽŵŵƵŶŝƚǇ͖ĂƉŽƐŝƚŝǀĞĂƐƉĞĐƚŽĨŝŶĚŝǀŝĚƵĂůĞŶƚƌĂŶĐĞƐĂƚ ƐƚƌĞĞƚůĞǀĞůƐĂƌĞŝŵƉŽƌƚĂŶƚ͖ĂƉƉƌĞĐŝĂƚĞĂůůƚŚĞǁŝŶĚŽǁƐŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘ Dƌ͘tĂůƚĞƌƐĞǆƉƌĞƐƐĞĚŚŝƐĐŽŶĐĞƌŶĨŽƌƚŚĞŝŶĐĞŶƚŝǀĞƐďĞŝŶŐĞŶŽƵŐŚĨŽƌƉƵďůŝĐďĞŶĞĨŝƚ͘ Dƌ͘,ĂƌĨŽƌĚĐůĂƌŝĨŝĞĚƐƵƐƚĂŝŶĂďŝůŝƚǇŝƐŶŽƚĂĐƌŝƚĞƌŝĂŝŶƚŚĞŽƌĚŝŶĂŶĐĞŶŽƌŝƐǁŽƌŬĨŽƌĐĞŚŽƵƐŝŶŐ͘,ĞƋƵŽƚĞĚ ĂƐĞĐƚŝŽŶŽĨϲϮ͘ϲϰϬŝŶKƌĚŝŶĂŶĐĞŝŶƌĞŐĂƌĚƐƚŽƚŚĞďŽŶƵƐĚĞŶƐŝƚǇĨŽƌĨůŽŽƌĂƌĞĂ͘/ƚŝƐƚŚĞĚŝƐĐƌĞƚŝŽŶŽĨƚŚĞ ĚĞǀĞůŽƉĞƌĐĂŶĐŚŽŽƐĞǁŚŝĐŚŽŶĞƐĂƉƉůǇ͕ĂŶĚƚŚĞǇĂůůĚŽŶŽƚŶĞĞĚƚŽĂƉƉůǇ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚŽŶǁŽƌĚŝŶŐŝŶƚŚĞϲϮ͘ϲϰϬĂŶĚŚŽǁŝƚŝƐĂƉƉůŝĐĂďůĞƚŽƚŚĞƉƌŽũĞĐƚďǇƚŚĞĚĞǀĞůŽƉĞƌ͘ Dƌ͘,ĂƌĨŽƌĚŶŽƚĞĚĚƵƌŝŶŐƚŚĞƉůĂƚƚŝŶŐƉƌŽĐĞƐƐƚŚĞWĂƌŬĞƉĂƌƚŵĞŶƚǁŝůůĂĚĚƌĞƐƐƚŚĞƉĂƌŬůĂŶĚĚĞĚŝĐĂƚŝŽŶ ŽƌĐĂƐŚŝŶůŝĞƵƵŶĚĞƌƚŚĞKƌĚŝŶĂŶĐĞǁŚŝĐŚŐŝǀĞƐƚŚĞŝƚǇƚŚĞŽƉƚŝŽŶƚŽĚĞĐŝĚĞǁŚŝĐŚŝƐĂƉƉƌŽƉƌŝĂƚĞ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞŽŵŵŝƐƐŝŽŶƌĞŐĂƌĚŝŶŐǁŚĞƚŚĞƌŽƌŶŽƚƚŽĐŽŶƚŝŶƵĞƚŚĞƉƌŽũĞĐƚďĞĐĂƵƐĞŽĨ ƵŶĐĞƌƚĂŝŶƚǇ͕ĞƐƉĞĐŝĂůůǇǁŝƚŚŶĞŝŐŚďŽƌƐ͕ĂŶĚƵŶĂŶƐǁĞƌĞĚƋƵĞƐƚŝŽŶƐ͘ Dƌ͘ƵƌƐƚŵĂĚĞƚŚĞŵŽƚŝŽŶƚŽƌĞͲŽƉĞŶƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐƚŽŚĞĂƌĨƌŽŵƚŚĞĚĞǀĞůŽƉĞƌ͘DƐ͘DĞĞŬ ƐĞĐŽŶĚĞĚ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘ Dƌ͘tĂůƚĞƌƐŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘:ĂƐŽŶtŽŽĚŚŽƵƐĞ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚZtƌĐŚŝƚĞĐƚƵƌĞ͕ϮϭϭϭϭƚŚǀĞŶƵĞEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞĐŽŵŵĞŶƚĞĚƚŚĞŝƌƉƌĞĨĞƌĞŶĐĞǁŽƵůĚďĞƚŽƌĞĐĞŝǀĞĂƉƉƌŽǀĂůďǇŵŽǀŝŶŐŝƚ ĨŽƌǁĂƌĚĂƐĂƉƌĞůŝŵŝŶĂƌǇĂƉƉƌŽǀĂů͘ Dƌ͘ƵƌƐƚĂƐŬĞĚŝĨƚŚĞǇĚĞǀĞůŽƉĞƌǁŽƵůĚŚĂǀĞƚŝŵĞƚŽǁŽƌŬƚŽǁĂƌĚŐĞƚƚŝŶŐƐŽŵĞŽĨƚŚĞŝƚĞŵƐǁŽƌŬĞĚ ŽƵƚ͘ Dƌ͘tŽŽĚŚŽƵƐĞƐƚĂƚĞĚǇĞƐƚŚĞǇǁŽƵůĚŚĂǀĞƚŝŵĞƚŽǁŽƌŬƚŚƌŽƵŐŚƐŽŵĞŽĨƚŚĞŝƚĞŵƐ͘ ƚŚ DƐ͘ŚƌŝƐƚŝŶĞ^ĐŚƵůƚǌĞ͕ϳϬϯϱǀĞŶƵĞ^t͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞŶŽƚĞĚ ƚŚĂƚĂĐŽŶƚŝŶƵĂŶĐĞǁŽƵůĚďĞƚŚĞďĞƐƚǁĂǇƚŽŵŽǀĞĨŽƌǁĂƌĚ͘ ƚŚ Dƌ͘WĞƚĞƌ'ĞƌƌĂƌĚ͕ŽĨĨŝĐĞůŽĐĂƚĞĚĂƚϰϮϬϱǀĞŶƵĞ͕>ĂƌŽƐƐĞtŝƐĐŽŶƐŝŶ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ ĂůƐŽǁĂƐŝŶĨĂǀŽƌŽŶĐŽŶƚŝŶƵŝŶŐƚŚĞĚĞǀĞůŽƉŵĞŶƚĂƉƉůŝĐĂƚŝŽŶƚŽĂĨƵƚƵƌĞĚĂƚĞ͘ Dƌ͘tĂůƚĞƌƐĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘tĂůƚĞƌƐƐƚĂƚĞĚŚĞǁŽƵůĚůŝŬĞƚŽƐĞĞƚŚĞƉƌŽũĞĐƚŵŽǀĞĨŽƌǁĂƌĚĂŶĚůĞƚƚŚĞĚĞǀĞůŽƉĞƌĂŶĚŶĞŝŐŚďŽƌƐ ǁŽƌŬŽƵƚƚŚĞŝƐƐƵĞƐ͘ 3DFNHW3J )F 3DJH &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH)HEUXDU\ Dƌ͘^ŝŵƐƐƚĂƚĞĚŚĞǁŽƵůĚƉƌĞĨĞƌƚŽƐĞĞƚŚĞƉƌŽũĞĐƚĐŽŶƚŝŶƵĞĚďĂƐĞĚŽŶƐŽŵĂŶǇƵŶƌĞƐŽůǀĞĚŝƐƐƵĞƐƚŚĂƚ ŶĞĞĚƚŽďĞǁŽƌŬŽƵƚĂŶĚŶŽƚŚĂǀŝŶŐĨĂŝƚŚŝŶƚŚĞŝƚǇŽƵŶĐŝůƚŽďĞĂďůĞƚŽŐŽƚŚƌŽƵŐŚƚŚĞĚĞƚĂŝůƐĂŶĚŶŽƚ ŚĂǀŝŶŐƚŚĞĞǆƉĞƌƚŝƐĞƚŽǁŽƌŬƚŚƌŽƵŐŚƚŚĞĐŽŶĚŝƚŝŽŶƐ͘ DƐ͘DĞĞŬĂƐŬĞĚWůĂŶŶŝŶŐ^ƚĂĨĨŝĨƚŚĞƐƚĂĨĨƌĞƉŽƌƚǁŝůůĐŚĂŶŐĞŝĨĂĐŽŶƚŝŶƵĂŶĐĞĂƉƉƌŽǀĞĚ͘ Dƌ͘tŽũĐŚŝŬŶŽƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚǁŽƵůĚĐŚĂŶŐĞŝĨǁĂƌƌĂŶƚĞĚ͕ďƵƚƚŚĞƚŝŵĞƉĞƌŝŽĚŝƐƐŚŽƌƚĨŽƌƚŚĞŶĞǆƚ WŵĞĞƚŝŶŐ͘dŚĞƌĞŝƐƚŚĞŽƉƚŝŽŶƚŽĐůĞĂŶƵƉƐŽŵĞŽĨƚŚĞĐŽŶĚŝƚŝŽŶƐƌĂƚŚĞƌƚŚĂŶŚĂǀŝŶŐƐŽŵĂŶǇ͘ DƐ͘DĞĞŬŵĂĚĞĂŵŽƚŝŽŶƚŽĐŽŶƚŝŶƵĞdǇƉĞ///͕WŚĂƐĞ///ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚWƌĞůŝŵŝŶĂƌǇWůĂŶ ηZϮϬϭϱͲϬϬϮhWƚŽƚŚĞDĂƌĐŚϭϭ͕ϮϬϭϱWŵĞĞƚŝŶŐǁŝƚŚƌĞĨŝŶĞĚĐŽŶĚŝƚŝŽŶƐďǇWůĂŶŶŝŶŐ^ƚĂĨĨ͘Dƌ͘ ^ŝŵƐƐĞĐŽŶĚĞĚ͘dŚĞŵŽƚŝŽŶĨĂŝůĞĚϯͲϮ͘sŽƚŝŶŐŶĂǇǁĂƐDƌ͘tĂůƚĞƌƐ͕Dƌ͘ƵƌƐƚ͕Dƌ͘^ŚĞƌǁŽŽĚ͘Dƌ͘ 'ŽŽĚĞŶďĞƌŐĞƌĂŶĚDƐ͘tŝůƐŽŶƌĞĐƵƐĞĚ͘ Dƌ͘^ŝŵƐŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨdǇƉĞ///͕WŚĂƐĞ///ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚWƌĞůŝŵŝŶĂƌǇWůĂŶ ηZϮϬϭϱͲϬϬϮhWǁŝƚŚƚŚĞƐƚĂĨĨͲƌĞĐŽŵŵĞŶĚĞĚ͕ƌĞǀŝƐĞĚĂŶĚĂĚĚŝƚŝŽŶĂůĨŝŶĚŝŶŐƐ ;ƌĞǀŝƐĞĚĂŶĚĂĚĚŝƚŝŽŶĂů ͘DƐ͘DĞĞŬƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϱͲϬ͘Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌ ĨŝŶĚŝŶŐƐĂƌĞŝŶŝƚĂůŝĐƐͿ ĂŶĚDƐ͘tŝůƐŽŶƌĞĐƵƐĞĚ͘ KE/d/KE^͗ ϭ͘dŚĞ&ŝŶĂůĞǀĞůŽƉŵĞŶƚWůĂŶĂƉƉůŝĐĂƚŝŽŶƐŚĂůůŝŶĐůƵĚĞ͗ ͻZĞǀŝƐĞĚƵŝůĚŝŶŐůĞǀĂƚŝŽŶƐƚŚĂƚŝĚĞŶƚŝĨǇĚŝŵĞŶƐŝŽŶƐ͕ďƵŝůĚŝŶŐŵĂƚĞƌŝĂůƐ͕ĐŽůŽƌƐĂŶĚƚǇƉĞŽĨ ŐůĂƐƐ͖ ͻĚĚŝƚŝŽŶĂůĚĞƚĂŝůƐĨŽƌƚŚĞĐĂŶŽƉŝĞƐĂŶĚĂŶǇƉƌŽƉŽƐĞĚĂǁŶŝŶŐƐ͕ŝŶĐůƵĚŝŶŐŵĂƚĞƌŝĂůƐ͕ĐŽůŽƌƐ͕ĂŶĚ ĞůĞǀĂƚŝŽŶƐ͖ ͻĞƚĂŝůƐĨŽƌƚŚĞĞǆƚĞƌŝŽƌůŝŐŚƚŝŶŐŽŶƚŚĞďƵŝůĚŝŶŐĂŶĚŝŶƚŚĞƉƵďůŝĐƌŝŐŚƚͲŽĨͲǁĂǇ͖ ͻĚĚŝƚŝŽŶĂůĚĞƚĂŝůƐĨŽƌƚŚĞƐƚƌĞĞƚƐĐĂƉĞ͕ŝŶĐůƵĚŝŶŐƉĂǀŝŶŐŵĂƚĞƌŝĂůƐ͕ĐŽůŽƌƐ͕ĂŶĚĞůĞǀĂƚŝŽŶƐ͖ ͻ^ƵďŵŝƐƐŝŽŶŽĨĂĚĞƚĂŝůĞĚ>ĂŶĚƐĐĂƉŝŶŐWůĂŶ͖ ͻƐŝŐŶƉůĂŶ͕ŝĨƐŝŐŶƐĂƌĞƉƌŽƉŽƐĞĚĨŽƌƉƵďůŝĐƐĂĨĞƚǇŽƌĚŝƌĞĐƚŝŽŶĂůƉƵƌƉŽƐĞƐ͖ ͻĚĚŝƚŝŽŶĂůĚĞƚĂŝůĨŽƌƚŚĞďĂůĐŽŶŝĞƐĂŶĚƚĞƌƌĂĐĞƐ͕ŝŶĐůƵĚŝŶŐŵĂƚĞƌŝĂůƐĂŶĚĨŝŶŝƐŚĞƐĂŶĚ ĐŽŶĨŽƌŵĂŶĐĞǁŝƚŚƚŚĞƵŝůĚŝŶŐŽĚĞ͖ ͻĚĚŝƚŝŽŶĂůĚĞƚĂŝůƐƐŚŽǁŝŶŐĨƵŶĐƚŝŽŶŽĨŽĨĨͲƐƚƌĞĞƚůŽĂĚŝŶŐĂŶĚƚƌĂƐŚƌĞŵŽǀĂůĂŶĚƐŶŽǁ ƐƚŽƌĂŐĞͬƌĞŵŽǀĂů͖ ͻ^ŚĂĚŽǁ/ŵƉĂĐƚŝĂŐƌĂŵƐŚŽǁŝŶŐĂŶǇƐŚĂĚŽǁŝŶŐĂĨĨĞĐƚƐŽŶĂĚũĂĐĞŶƚƉƌŽƉĞƌƚǇ͘ Ϯ͘WůĂŶŶŝŶŐƐƚĂĨĨƌĞĐŽŵŵĞŶĚƐƚŚĂƚƚŚĞĚĞǀĞůŽƉĞƌĐŽŶƐŝĚĞƌƌĞŵŽǀĂůŽĨƚŚĞƐƵƌĨĂĐĞƉĂƌŬŝŶŐĂƌĞĂƚŽƚŚĞ ƌĞĂƌŽĨƚŚĞďƵŝůĚŝŶŐŝŶŽƌĚĞƌƚŽƌĞĚƵĐĞƚŚĞůŝŬĞůŝŚŽŽĚŽĨƚƌĂĨĨŝĐĐŽŶŐĞƐƚŝŽŶŝŶƚŚŝƐĂƌĞĂ͘dŚĞƐƵƌĨĂĐĞ ƉĂƌŬŝŶŐĂƌĞĂĐŽƵůĚďĞƌĞƉůĂĐĞĚǁŝƚŚĂƉĂƚŝŽŽƌůĂŶĚƐĐĂƉĞĚĂƌĞĂĨŽƌƚĞŶĂŶƚƵƐĂŐĞ͘ ϯ͘'ƌĂĚŝŶŐΘƌĂŝŶĂŐĞWůĂŶĂƉƉƌŽǀĂůŝƐƌĞƋƵŝƌĞĚĨŽƌƚŚŝƐĂƉƉůŝĐĂƚŝŽŶ ĂŶĚƚŚĞĚĞǀĞůŽƉĞƌƉƌŽǀŝĚĞŚŝŐŚͲ ůĞǀĞůĐŽŶƐƚƌƵĐƚŝŽŶƉŚĂƐŝŶŐƉůĂŶ͘ ϰ͘dŚĞĚĞǀĞůŽƉĞƌǁŝůůďĞƌĞƋƵŝƌĞĚƚŽĞǆĞĐ ƵƚĞĂŝƚǇƉƌĞƉĂƌĞĚŐƌĞĞŵĞŶƚƚŽĂĚĚƌĞƐƐƚŚĞĚĞǀĞůŽƉĞƌ͛Ɛ ŽďůŝŐĂƚŝŽŶƐƌĞůĂƚĞĚƚŽƌĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞĂůůĞǇĂƐĂďƌŝĚŐĞĚĞƐŝŐŶĂƉƉƌŽǀĞĚďǇƚŚĞŝƚǇ͘dŚĞ ŐƌĞĞŵĞŶƚǁŝůůĂůƐŽĂĚĚƌĞƐƐƚŚĞĚĞǀĞůŽƉĞƌ͛ƐŽďůŝŐĂƚŝŽŶƐƌĞůĂƚĞĚƚŽĐŽŶƐƚƌƵĐƚŝŽŶͬƉĂǇŵĞŶƚĨŽƌ ŝŵƉƌŽǀĞŵĞŶƚƐƚŽϱƚŚ^ƚƌĞĞƚ^tĂŶĚϮŶĚǀĞŶƵĞ^t͕ƐƚƌĞĞƚƐĐĂƉĞŝŵƉƌŽǀĞŵĞŶƚƐ͕ĂŶĚĨŽƌ ƌĞůŽĐĂƚŝŽŶͬĂďĂŶĚŽŶŵĞŶƚŽĨĂŶǇĞǆŝƐƚŝŶŐƵƚŝůŝƚŝĞƐǁŝƚŚŝŶƚŚĞĂůůĞǇ͘ dŚĞĚĞǀĞůŽƉĞƌǁŝůůƉƌŽǀŝĚĞĂ ĚƌĂǁŝŶŐƐŚŽǁŝŶŐƚŚĞĞǆŝƐƚŝŶŐƐŝƚĞƵƚŝůŝƚǇůŽĐĂƚŝŽŶƐĂŶĚĂƉůĂŶƐŚŽǁŝŶŐƌĞůŽĐĂƚŝŽŶĂŶĚ 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ZŽĐŚĞƐƚĞƌWƵďůŝĐtŽƌŬƐĞƉĂƌƚŵĞŶƚ͘ ϭϲ͘dŚĞďĞůŽǁŐƌĂĚĞƉĂƌŬŝŶŐƐƚƌƵĐƚƵƌĞǁŝůůŶĞĞĚƚŽďĞĚĞƐŝŐŶĞĚƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚĞƌĞƋƵŝƌĞĚƚƌĂĨĨŝĐ ĂŶĚŽƚŚĞƌůŝǀĞůŽĂĚƐŝŵƉŽƐĞĚŽŶƚŚĞƐƚƌƵĐƚƵƌĞ͘dŚĞƵƚŝůŝƚŝĞƐůŽĐĂƚĞĚŝŶƚŚĞĂůůĞǇĂƌĞŶŽƚƉĞƌŵŝƚƚĞĚ ƚŽƌƵŶƚŚƌŽƵŐŚƚŚĞƉƌŽƉŽƐĞĚďƵŝůĚŝŶŐͬƉĂƌŬŝŶŐŐĂƌĂŐĞ͘ ϭϳ͘dŚĞƉƌŽƉĞƌƚǇƐŚĂůůďĞƌĞͲƉůĂƚƚĞĚŝŶƚŽŽŶĞůŽƚƚŚƌŽƵŐŚƚŚĞWůĂƚƚŝŶŐƉƌŽĐĞƐƐ͘ ϭϴ͘dŚĞŽƵŶĐŝů͛ƐĂĐƚŝŽŶƐŝŶĂƉƉƌŽǀŝŶŐƚŚŝƐĚĞǀĞůŽƉŵĞŶƚŽĐĐƵƌŝŶƌĞƐƉŽŶƐĞƚŽƚŚĞĂƉƉůŝĐĂŶƚ͛ƐŽƌŚŝƐͬŚĞƌ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͛ƐŽƌĂůĂŶĚǁƌŝƚƚĞŶƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐĂƐƚŽƚŚĞĂƉƉĞĂƌĂŶĐĞŽĨƚŚĞďƵŝůĚŝŶŐĚĞƐŝŐŶ͕ ĞǆƚĞƌŝŽƌĨĂĕĂĚĞ͕ĂŶĚůĂŶĚƐĐĂƉŝŶŐ͘ƐƐƵĐŚ͕ƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚŶŽƚĚĞǀŝĂƚĞĨƌŽŵƚŚĞĂƉƉĞĂƌĂŶĐĞŽĨ ƚŚĞďƵŝůĚŝŶŐĚĞƐŝŐŶ͕ĞǆƚĞƌŝŽƌĨĂĕĂĚĞĂŶĚůĂŶĚƐĐĂƉŝŶŐĂƐŽƌŝŐŝŶĂůůǇƉƌĞƐĞŶƚĞĚƚŽƚŚĞŽƵŶĐŝůǁŝƚŚŽƵƚ ƚŚĞŽƵŶĐŝů͛ƐƉƌŝŽƌĂƉƉƌŽǀĂů͘ ϭϵ͘ dŚĞĚĞǀĞůŽƉĞƌƐŚĂůůĐŽŵƉůǇǁŝƚŚ^ĞĐƚŝŽŶϲϮ͘ϲϯϬŶŽ͘ϮƐƵď͘ƐƵď͘ϱ͕ƐƵď͕͘ďǇŽƉĞŶŝŶŐƚŚĞĂĐĐĞƐƐ ƚŽƚŚĞĂůůĞǇǁŚŝĐŚĐƵƌƌĞŶƚůǇďůŽĐŬǀŝĞǁƐƚŽĚŽǁŶƚŽǁŶ͘ ŶĚ ϮϬ͘ ĐĐĞƐƐƚŽƵŶĚĞƌŐƌŽƵŶĚƉĂƌŬŝŶŐƐŚĂůůďĞŵĂŝŶƚĂŝŶĞĚŽĨĨƚŚĞĂůůĞǇĂŶĚŶŽƚŽĨĨŽĨϮǀĞ^t͘ ŚĂŝƌ'ŽŽĚĞŶďĞƌŐĞƌƌĞƚĂŝŶĞĚƚŚĞŵĞĞƚŝŶŐ͘ Dƌ͘^ŝŵƐŵŽƚŝŽŶĞĚĨŽƌĂϱͲŵŝŶƵƚĞƌĞĐĞƐƐ͘Dƌ͘tĂůƚĞƌƐƐĞĐŽŶĚĞĚ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘ KƚŚĞƌƵƐŝŶĞƐƐ͗ ϭ͘ŝƚǇŽƵŶĐŝů&ĞďƌƵĂƌǇϭϴƚŚDĞĞƚŝŶŐZĞĐĂƉͲůƉŚĂ^ƵďĚŝǀŝƐŝŽŶͲĂƉƉƌŽǀĞĚ͖ŵĞŶĚŵĞŶƚƚŽƌďĞƚŽƌƵŵ ^ͲĂƉƉƌŽǀĞĚ͖'WĨŽƌƵƌƌKĂŬ,ŝůůƐʹĂƉƉƌŽǀĞĚ͖>hWĂŶĚŽŶĞŚĂŶŐĞŽŶƚŝŶĞŶƚĂůϯϮϲ>Ͳ ŶĚ ĂƉƉƌŽǀĞĚ͖ŵĞŶĚŵĞŶƚƚŽƚŚĞ'WŽŶƚŝŶĞŶƚĂůϯϮϲͲĐŽŶƚŝŶƵĞĚƚŽDĂƌĐŚϮŵĞĞƚŝŶŐ͖KůŝǀĞƌhWͲ ĂƉƉƌŽǀĞĚ͖ĂƉƉĞĂůƐƚŽKůŝǀĞƌ>>ǀĂƌŝĂŶĐĞĂŶĚĚĞƐŝŐŶŵŽĚŝĨŝĐĂƚŝŽŶͲĂƉƉƌŽǀĞĚ͘ Ϯ͘ƐŵĂǇďĞďƌŽƵŐŚƚƵƉǁŝƚŚŵĞŵďĞƌƐ 3DFNHW3J )F 3DJH &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH)HEUXDU\ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌďƌŽƵŐŚƚĨŽƌƚŚƚŚĞƐƵŐŐĞƐƚŝŽŶŽĨĂĚĚŝŶŐƐƚĂĨĨƚŽƚŚĞWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚƚŽƚĂŬĞŽŶ ĐŽŵƉůĞƚŝŽŶŽĨƐƚƵĚŝĞƐĨŽƌDŝŶƐƚĞĂĚŽĨŐŽŝŶŐƚŽŽƵƚƐŝĚĞĐŽŶƐƵůƚĂŶƚƐ͘dŚĞƋƵĞƐƚŝŽŶŽĨĞǀĂůƵĂƚŝŶŐŽĨ ƚŚĞƐƚĂĨĨŝŶŐŶĞĞĚƐĂƚƚŚĞWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚŝƐŶĞĞĚĞĚ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌŵĂĚĞƚŚĞŵŽƚŝŽŶĨŽƌƚŚĞŝƚǇŽƵŶĐŝůƚŽĐŽŶƐŝĚĞƌŝŶĐƌĞĂƐŝŶŐWůĂŶŶŝŶŐ^ƚĂĨĨůĞǀĞůƐ ďĂƐĞĚŽŶŝŶĐƌĞĂƐĞĚǁŽƌŬůŽĂĚƐƐƚĞŵŵŝŶŐĨƌŽŵDƉůĂŶĂŶĚƵƉĚĂƚĞƚŽƚŚĞŽŵƉWůĂŶ͘Dƌ͘tĂůƚĞƌƐ ƐĞĐŽŶĚĞĚ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĞǆƉůĂŝŶĞĚƚŚĞŶĞĞĚƚŽƚĂŬĞĂŶŽƚŚĞƌůŽŽŬĂƚƌĞͲǀĂŵƉŝŶŐŽĨƚŚĞĞŶƚŝƌĞŽŶŝŶŐ KƌĚŝŶĂŶĐĞ͘ 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