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DVODQGORUGDQG6XE ODQGORUGDVWHQDQWOHDVLQJFHUWDLQ VSDFHNQRZQDV6XLWHFRQWDLQLQJDSSUR[LPDWHO\VTXDUHIHHWRIVSDFH WKH³3UHPLVHV´ LQWKHEXLOGLQJDW VW 0LQQHVRWD%LR%XVLQHVV&HQWHU$YHQXH6:5RFKHVWHU01 WKH%XLOGLQJ DWUXHDQGFRUUHFWFRS\RI ZKLFKLVDWWDFKHGKHUHWRDV([KLELW$DQGPDGHDSDUWKHUHRI :+(5($6WKHSDUWLHVKHUHWRKDYHDJUHHGWKDW6XEODQGORUGVKDOOVXEOHWDSSUR[LPDWHO\ VTXDUHIHHWRIVXFKVSDFHWR6XEWHQDQWWKH6XEODQGORUGVKDOOKDYHDQRIILFHZLWKLQWKLVVSDFHRIDSSUR[LPDWHO\ UHQWDEOHVTXDUHIHHWDVLQGLFDWHGDV³&66´RQ([KLELW$&66VKDOOPRYHLWVYLGHRFRQIHUHQFLQJV\VWHPLQWRWKLV RIILFHDQGFRQWLQXHWRPDLQWDLQLWVSUHVHQWWHFKQRORJ\LQIUDVWUXFWXUH&66VKDOOKDYHRPPHQFHPHQW'DWH´ DQGHQGLQJ$SULOXQOHVVVRRQHUWHUPLQDWHGLQDFFRUGDQFHKHUHZLWK³$6,6´PHDQVWKDW6XEODQGORUGKDVQR UHVSRQVLELOLW\WR6XEWHQDQWRWKHUWKDQWRUHPRYHLWHPVRISHUVRQDOSURSHUW\EHORQJLQJWR6XEODQGORUGDQGWKDW /DQGORUGIURP$SULOVKDOOORRNZKROO\WR6XEWHQDQWZLWKUHVSHFWWRWKHFRQGLWLRQRIWKH6XEOHDVHG 3UHPLVHV 5HQW6XEWHQDQWDJUHHVWRSD\WR6XEODQGORUGPRQWKO\%DVH5HQWEDVHGRQWKHHQWLUH UHQWDEOHVTXDUHIHHWRIWKH3UHPLVHVSHUWKHVFKHGXOHEHORZSOXV$GGLWLRQDO5HQWDVGHILQHGDQGVHWIRUWKLQ 6HFWLRQKH UHRI%DVH5HQWDQG$GGLWLRQDO5HQWDUHFROOHFWLYHO\UHIHUUHGWRKHUHLQDV³5HQW´6XEWHQDQWVKDOOSD\ PRQWKO\5HQWLQHTXDOPRQWKO\LQVWDOOPHQWVLQDGYDQFHRQWKHILUVWGD\RIHDFKDQGHYHU\PRQWKIROORZLQJWKH &RPPHQFHPHQW'DWHWKURXJKWKHHQGRIWKH7HUPDWWKHIROORZLQJDGGUHVV 5HQW6FKHGXOH 3HULRG5HQWDO5DWHSHUUHQWDEOHVTXDUHIRRW0RQWKO\%DVH5HQW ϰͬϯͬϭϱƚŽϭͬϳͬϭϲΨϭϵ͘ϬϬƉĞƌƐĨΨϯ͕ϱϭϴ͘ϭϳ ϭͬϴͬϭϲƚŽϭͬϳͬϭϳΨϭϵ͘ϱϳƉĞƌƐĨΨϯ͕ϲϮϯ͘ϳϭ ϭͬϴͬϭϳƚŽϭͬϳͬϭϴΨϮϬ͘ϭϲƉĞƌƐĨΨϯ͕ϳϯϮ͘ϵϲ ϭͬϴͬϭϴƚŽϭͬϳͬϭϵΨϮϬ͘ϳϲƉĞƌƐĨΨϯ͕ϴϰϰ͘Ϭϲ ϭͬϴͬϭϵƚŽϭͬϳͬϮϬΨϮϭ͘ϯϴƉĞƌƐĨΨϯ͕ϵϱϴ͘ϴϲ ϭͬϴͬϮϬƚŽϰͬϱͬϮϬΨϮϮ͘ϬϯƉĞƌƐĨΨϰ͕Ϭϳϵ͘ϮϮ [[300,3058,321,3082][5][,I,][Arial]]& [[321,3058,327,3082][5][,I,][Arial]]? [[327,3058,382,3082][5][,I,][Arial]]8VHUV [[382,3058,388,3082][5][,I,][Arial]]? [[388,3058,457,3082][5][,I,][Arial]]WVSDHW K [[456,3058,462,3082][5][,I,][Arial]]? [[462,3058,543,3082][5][,I,][Arial]]$SS'DWD [[543,3058,549,3082][5][,I,][Arial]]? [[549,3058,600,3082][5][,I,][Arial]]/RFDO [[599,3058,605,3082][5][,I,][Arial] ]? [[605,3058,658,3082][5][,I,][Arial]]7HPS [[658,3058,664,3082][5][,I,][Arial]]? [[664,3058,770,3082][5][,I,][Arial]]0LQXWH7UDT [[770,3058,776,3082][5][,I,][Arial]]? [[776,3058,1194,3082][5][,I,][Ar ial]]URFKHVWHUFLW\PQ#URFKHVWHUFLW\PQ,40FRP [[1194,3058,1200,3082][5][,I,][Arial]]? [[1200,3058,1250,3082][5][,I,][Arial]]:RUN [[1249,3058,1255,3082][5][,I,][Arial]]? [[1255,3058,1371,3082][5][,I,] [Arial]]$WWDFKPHQWV [[1372,3058,1378,3082][5][,I,][Arial]]? [[1378,3058,1385,3082][5][,I,][Arial]] [[300,3082,351,3106][5][,I,][Arial]]GRF [[351,3082,372,3106][5][,I,][Arial]]& [[372,3082,378,3106][5][,I,][Arial]]? [[378,3082,433,3106][5][,I,][Arial]]8VHUV [[433,3082,439,3106][5][,I,][Arial]]? [[439,3082,508,3106][5][,I,][Arial]]WVSDHWK [[507,3082,513,3106][5][,I,][Arial]]? [[513,3082,594,3106][5][,I,][Arial]]$SS'DWD [[594,3082,600,3106][5][,I,][Arial]]? [[600,3082,651,3106][5][,I,][Arial ]]/RFDO [[650,3082,656,3106][5][,I,][Arial]]? [[656,3082,709,3106][5][,I,][Arial]]7HPS [[709,3082,715,3106][5][,I,][Arial]]? [[715,3082,821,3106][5][,I,][Arial]]0LQXWH7UDT [[821,3082,827,3106][5][,I, ][Arial]]? [[827,3082,1245,3106][5][,I,][Arial]]URFKHVWHUFLW\PQ#URFKHVWHUFLW\PQ,40FRP [[1245,3082,1251,3106][5][,I,][Arial]]? [[1251,3082,1301,3106][5][,I,][Arial]]:RUN [[1300,3082,1306,3106][5][, I,][Arial]]? [[1306,3082,1422,3106][5][,I,][Arial]]$WWDFKPHQWV [[1423,3082,1429,3106][5][,I,][Arial]]? [[1429,3082,1436,3106][5][,I,][Arial]] [[1436,3082,1487,3106][5][,I,][Arial]]GRF [[1487,3082,1493,3106][5][,I,][Arial]] Y 3DFNHW3J 'E 3D\PHQWVVHQWWR &ROOHJHRI6W6FKRODVWLFD $7717RP%UHNNH .HQZRRG$YH 'XOXWK01 6XEWHQDQWVKDOOSD\WK HILUVWLQVWDOOPHQWRIPRQWKO\5HQWWR6XEODQGORUGXSRQ6XEWHQDQW¶VH[HFXWLRQRIWKLV6XEOHDVH 3HUPLWWHG8VH7KH6XEOHDVHG3UHPLVHVVKDOOEHXVHGIRUWKHSXUSRVHVVHWIRUWKLQWKH 3ULPH/HDVHDQGIRUQRRWKHUSXUSRVHRWKHUWKDQDVDJUHHGWRE\6XEODQGORUGDQG/DQGORUG $VVLJQPHQWDQG6XEOHWWLQJ6XEWHQDQWVKDOOQRWDVVLJQLWVLQWHUHVWLQWKLV6XEOHDVHQRU IXUWKHUVXEOHWWKH6XEOHDVHG3UHPLVHVLQZKROHRULQSDUWZLWKRXW/DQGORUG¶VDQG6XEODQGORUG¶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¶VULJKWVWRXVHSRVVHVVDQGHQMR\WKH6XEOHDVHG3UHPLVHVDUHVX EMHFWWRWKHWHUPVDQGFRQGLWLRQVRIWKH 3ULPH/HDVHDQGWKHULJKWVDQGUHPHGLHVRI/DQGORUGWKHUHXQGHU6XEWHQDQWDJUHHVWRLQGHPQLI\6XEODQGORUG DJDLQVWDQGWRKROG6XEODQGORUGKDUPOHVVIURPDQ\OLDELOLW\GDPDJHVFRVWVRUH[SHQVHVRIDQ\NLQGRUQDWXUH LQFOXGLQJFRXUWFRVWVDQGUHDVRQDEOHDWWRUQH\V¶IHHVUHVXOWLQJIURPDQ\IDLOXUHE\6XEWHQDQWWRSHUIRUPNHHSDQG REH\WKHVDPH $GGLWLRQDO5HQW6XEODQGORUGVKDOOEHFKDUJHGIRUDGGLWLRQDOUHQWRURWKHUVXPVSXUVXDQW WRWKHSURYLVLRQVRIWKH3ULPH/HDVHDQG6XEWHQDQWVKDOOEHOLDEOHIRURIVXFKDGGLWLRQDOUHQWRUVXPV ³$GGLWLRQDO5HQW´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rial]]& [[321,3058,327,3082][5][,I,][Arial]]? [[327,3058,382,3082][5][,I,][Arial]]8VHUV [[382,3058,388,3082][5][,I,][Arial]]? [[388,3058,457,3082][5][,I,][Arial]]WVSDHW K [[456,3058,462,3082][5][,I,][Arial]]? [[462,3058,543,3082][5][,I,][Arial]]$SS'DWD [[543,3058,549,3082][5][,I,][Arial]]? [[549,3058,600,3082][5][,I,][Arial]]/RFDO [[599,3058,605,3082][5][,I,][Arial] ]? [[605,3058,658,3082][5][,I,][Arial]]7HPS [[658,3058,664,3082][5][,I,][Arial]]? [[664,3058,770,3082][5][,I,][Arial]]0LQXWH7UDT [[770,3058,776,3082][5][,I,][Arial]]? [[776,3058,1194,3082][5][,I,][Ar ial]]URFKHVWHUFLW\PQ#URFKHVWHUFLW\PQ,40FRP [[1194,3058,1200,3082][5][,I,][Arial]]? [[1200,3058,1250,3082][5][,I,][Arial]]:RUN [[1249,3058,1255,3082][5][,I,][Arial]]? [[1255,3058,1371,3082][5][,I,] [Arial]]$WWDFKPHQWV [[1372,3058,1378,3082][5][,I,][Arial]]? [[1378,3058,1385,3082][5][,I,][Arial]] [[300,3082,351,3106][5][,I,][Arial]]GRF [[351,3082,372,3106][5][,I,][Arial]]& [[372,3082,378,3106][5][,I,][Arial]]? [[378,3082,433,3106][5][,I,][Arial]]8VHUV [[433,3082,439,3106][5][,I,][Arial]]? [[439,3082,508,3106][5][,I,][Arial]]WVSDHWK [[507,3082,513,3106][5][,I,][Arial]]? [[513,3082,594,3106][5][,I,][Arial]]$SS'DWD [[594,3082,600,3106][5][,I,][Arial]]? [[600,3082,651,3106][5][,I,][Arial ]]/RFDO [[650,3082,656,3106][5][,I,][Arial]]? [[656,3082,709,3106][5][,I,][Arial]]7HPS [[709,3082,715,3106][5][,I,][Arial]]? [[715,3082,821,3106][5][,I,][Arial]]0LQXWH7UDT [[821,3082,827,3106][5][,I, ][Arial]]? [[827,3082,1245,3106][5][,I,][Arial]]URFKHVWHUFLW\PQ#URFKHVWHUFLW\PQ,40FRP [[1245,3082,1251,3106][5][,I,][Arial]]? [[1251,3082,1301,3106][5][,I,][Arial]]:RUN [[1300,3082,1306,3106][5][, I,][Arial]]? [[1306,3082,1422,3106][5][,I,][Arial]]$WWDFKPHQWV [[1423,3082,1429,3106][5][,I,][Arial]]? [[1429,3082,1436,3106][5][,I,][Arial]] [[1436,3082,1487,3106][5][,I,][Arial]]GRF [[1487,3082,1493,3106][5][,I,][Arial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rial]]& [[321,3058,327,3082][5][,I,][Arial]]? [[327,3058,382,3082][5][,I,][Arial]]8VHUV [[382,3058,388,3082][5][,I,][Arial]]? [[388,3058,457,3082][5][,I,][Arial]]WVSDHW K [[456,3058,462,3082][5][,I,][Arial]]? [[462,3058,543,3082][5][,I,][Arial]]$SS'DWD [[543,3058,549,3082][5][,I,][Arial]]? [[549,3058,600,3082][5][,I,][Arial]]/RFDO [[599,3058,605,3082][5][,I,][Arial] ]? [[605,3058,658,3082][5][,I,][Arial]]7HPS [[658,3058,664,3082][5][,I,][Arial]]? [[664,3058,770,3082][5][,I,][Arial]]0LQXWH7UDT [[770,3058,776,3082][5][,I,][Arial]]? [[776,3058,1194,3082][5][,I,][Ar ial]]URFKHVWHUFLW\PQ#URFKHVWHUFLW\PQ,40FRP [[1194,3058,1200,3082][5][,I,][Arial]]? [[1200,3058,1250,3082][5][,I,][Arial]]:RUN [[1249,3058,1255,3082][5][,I,][Arial]]? [[1255,3058,1371,3082][5][,I,] [Arial]]$WWDFKPHQWV [[1372,3058,1378,3082][5][,I,][Arial]]? [[1378,3058,1385,3082][5][,I,][Arial]] [[300,3082,351,3106][5][,I,][Arial]]GRF [[351,3082,372,3106][5][,I,][Arial]]& [[372,3082,378,3106][5][,I,][Arial]]? [[378,3082,433,3106][5][,I,][Arial]]8VHUV [[433,3082,439,3106][5][,I,][Arial]]? [[439,3082,508,3106][5][,I,][Arial]]WVSDHWK [[507,3082,513,3106][5][,I,][Arial]]? [[513,3082,594,3106][5][,I,][Arial]]$SS'DWD [[594,3082,600,3106][5][,I,][Arial]]? [[600,3082,651,3106][5][,I,][Arial ]]/RFDO [[650,3082,656,3106][5][,I,][Arial]]? [[656,3082,709,3106][5][,I,][Arial]]7HPS [[709,3082,715,3106][5][,I,][Arial]]? [[715,3082,821,3106][5][,I,][Arial]]0LQXWH7UDT [[821,3082,827,3106][5][,I, ][Arial]]? [[827,3082,1245,3106][5][,I,][Arial]]URFKHVWHUFLW\PQ#URFKHVWHUFLW\PQ,40FRP [[1245,3082,1251,3106][5][,I,][Arial]]? [[1251,3082,1301,3106][5][,I,][Arial]]:RUN [[1300,3082,1306,3106][5][, I,][Arial]]? [[1306,3082,1422,3106][5][,I,][Arial]]$WWDFKPHQWV [[1423,3082,1429,3106][5][,I,][Arial]]? [[1429,3082,1436,3106][5][,I,][Arial]] [[1436,3082,1487,3106][5][,I,][Arial]]GRF [[1487,3082,1493,3106][5][,I,][Arial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¶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¶VH[HFXWLRQRIWKH&RQVHQWWR6XEOHDVHDSSHDULQJEHORZ8QOHVVDQGXQWLO/DQGORUGH[HFXWHVWKH&RQVHQW WR6XEOHDVHEHORZWKLV6XEOHDVHVKDOOEHRIQRIRUFHRUHIIHFWDQGWKHSDUWLHVKHUHWRVKDOOKDYHQROLDELOLW\RU REOLJDWLRQWRHDFKRWKHU6XEWHQDQWVKDOOQRWEHSHUPLWWHGDFFHVVWRWKH6XEOHDVHG3UHPLVHVIRUDQ\SXUSRVHXQWLOWKH &RQVHQWWR6XEOHDVHEHORZKDVEHHQH[HFXWHGE\/DQGORUG8SRQ/DQGORUG¶VH[HFXWLRQRIWKH&RQVHQWWR6XEOHDVH LWLVDJUHHGEHWZHHQ/DQGORUGDQG6XEODQGORUGWKDWLQWKHHYHQWRIDGHIDXOWE\6XEWHQDQW/DQGORUGZLOOQRWLQDQ\ FLUFXPVWDQFHVVHHNWRUHFRYHUIXQGVIURP6XEODQGORUGDVDUHVXOWRIDQ\EUHDFKRFFXUULQJVXEVHTXHQWWR6XEWHQDQW¶V RFFXSDQF\RIWKHVSDFHRWKHUWKDQWKHVTXDUHIHHWVKRZQRQ([KLELW$RFFXSLHGE\6XEODQGORUGLQDQDPRXQWRI PRUHWKDQDWRWDORIEHLWUHQWRUDQ\RWKHUDPRXQWVWKDWPLJKWEHRWKHUZLVHGXHLQFOXGLQJDQ\GDPDJHV XQGHUWKH3ULPH/HDVHRUWKH6XEOHDVH7KLVOLPLWDWLRQRIOLDELOLW\LVDPDWHULDOSLHFHRIWKHFRQVLGHUDWLRQSURYLGHG WR6XEODQGORUGIRUHQWHULQJLQWRWKLV6XEOHDVH$JUHHPHQWDQGUHQHZLQJDQGH[WHQGLQJLWVOHDVHEH\RQGLWVQRUPDO H[SLUDWLRQ 7LWOHDQG3RVVHVVLRQ6XEMHFWWRUHFHLSWRIWKHDWWDFKHG/DQGORUG¶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rial]]$SS'DWD [[594,3082,600,3106][5][,I,][Arial]]? [[600,3082,651,3106][5][,I,][Arial]]/RFDO [[650,3082,656,3106][5][,I,][Arial]]? [[656,3082,709,3106][5][,I,][Arial] ]7HPS [[709,3082,715,3106][5][,I,][Arial]]? [[715,3082,821,3106][5][,I,][Arial]]0LQXWH7UDT [[821,3082,827,3106][5][,I,][Arial]]? [[827,3082,1245,3106][5][,I,][Arial]]URFKHVWHUFLW\PQ#URFKHVWHUFLW\PQ, 40FRP [[1245,3082,1251,3106][5][,I,][Arial]]? [[1251,3082,1301,3106][5][,I,][Arial]]:RUN [[1300,3082,1306,3106][5][,I,][Arial]]? [[1306,3082,1422,3106][5][,I,][Arial]]$WWDFKPHQWV [[1423,3082,1429,3 106][5][,I,][Arial]]? [[1429,3082,1436,3106][5][,I,][Arial]] [[1436,3082,1487,3106][5][,I,][Arial]]GRF [[1487,3082,1493,3106][5][,I,][Arial]] Y 3DFNHW3J 'E 'HIDXOW,IWKH5HQWRUDQ\SDUWWKHUHRIZKHWKHUWKHVDPHEHGHPDQGHGRUQRWVKDOOUHPDLQ XQSDLGIRUDSHULRGRIILYH GD\VDIWHU6XEWHQDQW¶VUHFHLSWRIZULWWHQQRWLFHRIQRQSD\PHQWRULIDQ\RWKHUWHUP FRQGLWLRQRUFRYHQDQWRIWKLV6XEOHDVHH[SUHVVRULPSOLHGRQWKHSDUWRI6XEWHQDQWWREHNHSWRUSHUIRUPHGVKDOOEH YLRODWHGRUQHJOHFWHGDQGLI6XEWHQDQWVKDOOIDLOWRFXUHWKHVDPHZLWKLQWKLUW\ GD\VDIWHUWKHGDWHRIZULWWHQ QRWLFHIURP6XEODQGORUGWR6XEWHQDQWVSHFLI\LQJWKHYLRODWLRQV XQOHVVVXFKGHIDXOWFDQQRWUHDVRQDEO\EHFRPSOHWHG ZLWKLQWKLUW\ GD\VDQG6XEWHQDQWEHJLQVVXFKFXUHZLWKLQWKLUW\ GD\VDQGSURFHHGVZLWKGLOLJHQFHWR FRPSOHWHWKHFXUH RULIWKH6XEOHDVHG3UHPLVHVRU6XEWHQDQW¶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¶VULJKWRIUHHQWU\RUDQ\RWKHUULJKWVRI6XEODQGORUG KHUHXQGHURUDVRWKHUZLVHSURYLGHGE\ODZ %URNHU¶V:DUUDQW\6XEODQGORUGDQG6XEWHQDQWZDUUDQWDQGUHSUHVHQWWKDWWKH\KDYHGHDOW ZLWK&ROOLHUV,QWHUQDWLRQDODQG3DUDPDUN5HDO(VWDWH6HUYLFHVUHVSHFWLYHO\LQFRQQHFWLRQZLWKWKLV6XEOHDVHDQGWKDW 6XEODQGORUGVKDOOSD\3DUDPDUN5HDO(VWDWH6HUYLFHVSHUVI[VI ZLWKLQWKLUW\GD\VRIOHDVH H[HFXWLRQDQGUHFHLSWRILQYRLFHDQGVKDOODOVRSD\&ROOLHUV,QWHUQDWLRQDODQKRXUO\UDWHWKDWZLOOEHELOOHGXSRQOHDVH H[HFXWLRQ7KHSDUW\ZKREUHDFKHVWKLVZDUUDQW\VKDOOGHIHQGKROGKDUPOHVVDQGLQGHPQLI\WKHRWKHUIURPDQ\ORVV GDPDJHRUH[SHQVHLQFOXGLQJUHDVRQDEOHDWWRUQH\V¶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¶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¶VDJHQWVWRHQWHUWKH6XEOHDVHG3UHPLVHVIRUWKHSXUSRVHRILQVSHFWLQJDQGH[DPLQLQJWKHVDPHDQGIRU DOORWKHUUHDVRQDEOHSXUSRVHV [[300,3058,321,3082][5][,I,][Arial]]& [[321,3058,327,3082][5][,I,][Arial]]? [[327,3058,382,3082][5][,I,][Arial]]8VHUV [[382,3058,388,3082][5][,I,][Arial]]? [[388,3058,457,3082][5][,I,][Arial]]WVSDHW K [[456,3058,462,3082][5][,I,][Arial]]? [[462,3058,543,3082][5][,I,][Arial]]$SS'DWD [[543,3058,549,3082][5][,I,][Arial]]? [[549,3058,600,3082][5][,I,][Arial]]/RFDO [[599,3058,605,3082][5][,I,][Arial] ]? [[605,3058,658,3082][5][,I,][Arial]]7HPS [[658,3058,664,3082][5][,I,][Arial]]? [[664,3058,770,3082][5][,I,][Arial]]0LQXWH7UDT [[770,3058,776,3082][5][,I,][Arial]]? [[776,3058,1194,3082][5][,I,][Ar ial]]URFKHVWHUFLW\PQ#URFKHVWHUFLW\PQ,40FRP [[1194,3058,1200,3082][5][,I,][Arial]]? [[1200,3058,1250,3082][5][,I,][Arial]]:RUN [[1249,3058,1255,3082][5][,I,][Arial]]? [[1255,3058,1371,3082][5][,I,] [Arial]]$WWDFKPHQWV [[1372,3058,1378,3082][5][,I,][Arial]]? [[1378,3058,1385,3082][5][,I,][Arial]] [[300,3082,351,3106][5][,I,][Arial]]GRF [[351,3082,372,3106][5][,I,][Arial]]& [[372,3082,378,3106][5][,I,][Arial]]? [[378,3082,433,3106][5][,I,][Arial]]8VHUV [[433,3082,439,3106][5][,I,][Arial]]? [[439,3082,508,3106][5][,I,][Arial]]WVSDHWK [[507,3082,513,3106][5][,I,][Arial]]? [[513,3082,594,3106][5][,I,][Arial]]$SS'DWD [[594,3082,600,3106][5][,I,][Arial]]? [[600,3082,651,3106][5][,I,][Arial ]]/RFDO [[650,3082,656,3106][5][,I,][Arial]]? [[656,3082,709,3106][5][,I,][Arial]]7HPS [[709,3082,715,3106][5][,I,][Arial]]? [[715,3082,821,3106][5][,I,][Arial]]0LQXWH7UDT [[821,3082,827,3106][5][,I, ][Arial]]? [[827,3082,1245,3106][5][,I,][Arial]]URFKHVWHUFLW\PQ#URFKHVWHUFLW\PQ,40FRP [[1245,3082,1251,3106][5][,I,][Arial]]? [[1251,3082,1301,3106][5][,I,][Arial]]:RUN [[1300,3082,1306,3106][5][, I,][Arial]]? [[1306,3082,1422,3106][5][,I,][Arial]]$WWDFKPHQWV [[1423,3082,1429,3106][5][,I,][Arial]]? [[1429,3082,1436,3106][5][,I,][Arial]] [[1436,3082,1487,3106][5][,I,][Arial]]GRF [[1487,3082,1493,3106][5][,I,][Arial]] Y 3DFNHW3J 'E ,1:,71(66:+(5(2)WKHSDUWLHVKHUHWRKDYHFDXVHGWKHVHSUHVHQWVWREHH[HFXWHGWKHGDWH DQG\HDUILUVWDERYHZULWWHQ 68%/$1'/25'68%7(1$17 &ROOHJHRI6W6FKRODVWLFD'HORV/LYLQJ//& %\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB%\ ,WVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB,WV 'DWH'DWH /$1'/25'&216(172)68%/($6( &LW\RI5RFKHVWHU %\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB ,WVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 'DWH [[300,3058,321,3082][5][,I,][Arial]]& [[321,3058,327,3082][5][,I,][Arial]]? [[327,3058,382,3082][5][,I,][Arial]]8VHUV [[382,3058,388,3082][5][,I,][Arial]]? [[388,3058,457,3082][5][,I,][Arial]]WVSDHW K [[456,3058,462,3082][5][,I,][Arial]]? [[462,3058,543,3082][5][,I,][Arial]]$SS'DWD [[543,3058,549,3082][5][,I,][Arial]]? [[549,3058,600,3082][5][,I,][Arial]]/RFDO [[599,3058,605,3082][5][,I,][Arial] ]? [[605,3058,658,3082][5][,I,][Arial]]7HPS [[658,3058,664,3082][5][,I,][Arial]]? [[664,3058,770,3082][5][,I,][Arial]]0LQXWH7UDT [[770,3058,776,3082][5][,I,][Arial]]? [[776,3058,1194,3082][5][,I,][Ar ial]]URFKHVWHUFLW\PQ#URFKHVWHUFLW\PQ,40FRP [[1194,3058,1200,3082][5][,I,][Arial]]? [[1200,3058,1250,3082][5][,I,][Arial]]:RUN [[1249,3058,1255,3082][5][,I,][Arial]]? [[1255,3058,1371,3082][5][,I,] [Arial]]$WWDFKPHQWV [[1372,3058,1378,3082][5][,I,][Arial]]? [[1378,3058,1385,3082][5][,I,][Arial]] [[300,3082,351,3106][5][,I,][Arial]]GRF [[351,3082,372,3106][5][,I,][Arial]]& [[372,3082,378,3106][5][,I,][Arial]]? [[378,3082,433,3106][5][,I,][Arial]]8VHUV [[433,3082,439,3106][5][,I,][Arial]]? [[439,3082,508,3106][5][,I,][Arial]]WVSDHWK [[507,3082,513,3106][5][,I,][Arial]]? [[513,3082,594,3106][5][,I,][Arial]]$SS'DWD [[594,3082,600,3106][5][,I,][Arial]]? [[600,3082,651,3106][5][,I,][Arial ]]/RFDO [[650,3082,656,3106][5][,I,][Arial]]? [[656,3082,709,3106][5][,I,][Arial]]7HPS [[709,3082,715,3106][5][,I,][Arial]]? [[715,3082,821,3106][5][,I,][Arial]]0LQXWH7UDT [[821,3082,827,3106][5][,I, ][Arial]]? [[827,3082,1245,3106][5][,I,][Arial]]URFKHVWHUFLW\PQ#URFKHVWHUFLW\PQ,40FRP [[1245,3082,1251,3106][5][,I,][Arial]]? [[1251,3082,1301,3106][5][,I,][Arial]]:RUN [[1300,3082,1306,3106][5][, I,][Arial]]? [[1306,3082,1422,3106][5][,I,][Arial]]$WWDFKPHQWV [[1423,3082,1429,3106][5][,I,][Arial]]? [[1429,3082,1436,3106][5][,I,][Arial]] [[1436,3082,1487,3106][5][,I,][Arial]]GRF [[1487,3082,1493,3106][5][,I,][Arial]] Y 3DFNHW3J 'E (;+,%,7$ 3ULPH/HDVH [[300,3058,321,3082][5][,I,][Arial]]& [[321,3058,327,3082][5][,I,][Arial]]? [[327,3058,382,3082][5][,I,][Arial]]8VHUV [[382,3058,388,3082][5][,I,][Arial]]? [[388,3058,457,3082][5][,I,][Arial]]WVSDHW K [[456,3058,462,3082][5][,I,][Arial]]? [[462,3058,543,3082][5][,I,][Arial]]$SS'DWD [[543,3058,549,3082][5][,I,][Arial]]? [[549,3058,600,3082][5][,I,][Arial]]/RFDO [[599,3058,605,3082][5][,I,][Arial] ]? [[605,3058,658,3082][5][,I,][Arial]]7HPS [[658,3058,664,3082][5][,I,][Arial]]? [[664,3058,770,3082][5][,I,][Arial]]0LQXWH7UDT [[770,3058,776,3082][5][,I,][Arial]]? [[776,3058,1194,3082][5][,I,][Ar ial]]URFKHVWHUFLW\PQ#URFKHVWHUFLW\PQ,40FRP [[1194,3058,1200,3082][5][,I,][Arial]]? [[1200,3058,1250,3082][5][,I,][Arial]]:RUN [[1249,3058,1255,3082][5][,I,][Arial]]? [[1255,3058,1371,3082][5][,I,] [Arial]]$WWDFKPHQWV [[1372,3058,1378,3082][5][,I,][Arial]]? [[1378,3058,1385,3082][5][,I,][Arial]] [[300,3082,351,3106][5][,I,][Arial]]GRF [[351,3082,372,3106][5][,I,][Arial]]& [[372,3082,378,3106][5][,I,][Arial]]? [[378,3082,433,3106][5][,I,][Arial]]8VHUV [[433,3082,439,3106][5][,I,][Arial]]? [[439,3082,508,3106][5][,I,][Arial]]WVSDHWK [[507,3082,513,3106][5][,I,][Arial]]? [[513,3082,594,3106][5][,I,][Arial]]$SS'DWD [[594,3082,600,3106][5][,I,][Arial]]? [[600,3082,651,3106][5][,I,][Arial ]]/RFDO [[650,3082,656,3106][5][,I,][Arial]]? [[656,3082,709,3106][5][,I,][Arial]]7HPS [[709,3082,715,3106][5][,I,][Arial]]? [[715,3082,821,3106][5][,I,][Arial]]0LQXWH7UDT [[821,3082,827,3106][5][,I, ][Arial]]? [[827,3082,1245,3106][5][,I,][Arial]]URFKHVWHUFLW\PQ#URFKHVWHUFLW\PQ,40FRP [[1245,3082,1251,3106][5][,I,][Arial]]? [[1251,3082,1301,3106][5][,I,][Arial]]:RUN [[1300,3082,1306,3106][5][, I,][Arial]]? [[1306,3082,1422,3106][5][,I,][Arial]]$WWDFKPHQWV [[1423,3082,1429,3106][5][,I,][Arial]]? [[1429,3082,1436,3106][5][,I,][Arial]] [[1436,3082,1487,3106][5][,I,][Arial]]GRF [[1487,3082,1493,3106][5][,I,][Arial]] Y 3DFNHW3J 'E (;+,%,7% )/2253/$1 6XEOHDVHG3UHPLVHV [[300,3058,321,3082][5][,I,][Arial]]& [[321,3058,327,3082][5][,I,][Arial]]? [[327,3058,382,3082][5][,I,][Arial]]8VHUV [[382,3058,388,3082][5][,I,][Arial]]? [[388,3058,457,3082][5][,I,][Arial]]WVSDHW K [[456,3058,462,3082][5][,I,][Arial]]? [[462,3058,543,3082][5][,I,][Arial]]$SS'DWD [[543,3058,549,3082][5][,I,][Arial]]? [[549,3058,600,3082][5][,I,][Arial]]/RFDO [[599,3058,605,3082][5][,I,][Arial] ]? [[605,3058,658,3082][5][,I,][Arial]]7HPS [[658,3058,664,3082][5][,I,][Arial]]? [[664,3058,770,3082][5][,I,][Arial]]0LQXWH7UDT [[770,3058,776,3082][5][,I,][Arial]]? [[776,3058,1194,3082][5][,I,][Ar ial]]URFKHVWHUFLW\PQ#URFKHVWHUFLW\PQ,40FRP [[1194,3058,1200,3082][5][,I,][Arial]]? [[1200,3058,1250,3082][5][,I,][Arial]]:RUN [[1249,3058,1255,3082][5][,I,][Arial]]? [[1255,3058,1371,3082][5][,I,] [Arial]]$WWDFKPHQWV [[1372,3058,1378,3082][5][,I,][Arial]]? [[1378,3058,1385,3082][5][,I,][Arial]] [[300,3082,351,3106][5][,I,][Arial]]GRF [[351,3082,372,3106][5][,I,][Arial]]& [[372,3082,378,3106][5][,I,][Arial]]? [[378,3082,433,3106][5][,I,][Arial]]8VHUV [[433,3082,439,3106][5][,I,][Arial]]? [[439,3082,508,3106][5][,I,][Arial]]WVSDHWK [[507,3082,513,3106][5][,I,][Arial]]? [[513,3082,594,3106][5][,I,][Arial]]$SS'DWD [[594,3082,600,3106][5][,I,][Arial]]? [[600,3082,651,3106][5][,I,][Arial ]]/RFDO [[650,3082,656,3106][5][,I,][Arial]]? [[656,3082,709,3106][5][,I,][Arial]]7HPS [[709,3082,715,3106][5][,I,][Arial]]? [[715,3082,821,3106][5][,I,][Arial]]0LQXWH7UDT [[821,3082,827,3106][5][,I, ][Arial]]? [[827,3082,1245,3106][5][,I,][Arial]]URFKHVWHUFLW\PQ#URFKHVWHUFLW\PQ,40FRP [[1245,3082,1251,3106][5][,I,][Arial]]? [[1251,3082,1301,3106][5][,I,][Arial]]:RUN [[1300,3082,1306,3106][5][, I,][Arial]]? [[1306,3082,1422,3106][5][,I,][Arial]]$WWDFKPHQWV [[1423,3082,1429,3106][5][,I,][Arial]]? [[1429,3082,1436,3106][5][,I,][Arial]] [[1436,3082,1487,3106][5][,I,][Arial]]GRF [[1487,3082,1493,3106][5][,I,][Arial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Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĂƐŬĞĚŝĨƚŚĞǇĂƌĞƌĞƋƵŝƌĞĚƚŽĂĐŬŶŽǁůĞĚŐĞƚŚĞƌĞƋƵĞƐƚĨŽƌĐŽŶƚŝŶƵĂƚŝŽŶ͘ DƐ͘ůĨƌĞĚƐŽŶƐƚĂƚĞĚƚŚĞĂƉƉůŝĐĂŶƚĚŝĚƐƵƉƉůǇƚŚĞĂƉƉƌŽƉƌŝĂƚĞƌĞƋƵĞƐƚĨŽƌĐŽŶƚŝŶƵĂƚŝŽŶ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĂƐŬĞĚŝĨƚŚĞĐŽŵŵŝƐƐŝŽŶĚĞŶŝĞƐ͕ĚŽĞƐƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐŶĞĞĚƚŽďĞŽƉĞŶĞĚ͍ Dƌ͘dũŽƐƐĞŵƐƚĂƚĞĚǇĞƐŚĞǁŽƵůĚƐƵŐŐĞƐƚŽƉĞŶŝŶŐƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌƌĞĂĚĂůŽƵĚƚŚĞƌĞƋƵĞƐƚĨŽƌĐŽŶƚŝŶƵĂƚŝŽŶŝŶĚĞĨŝŶŝƚĞůǇĨƌŽŵƚŚĞĂƉƉůŝĐĂŶƚ͘ Dƌ͘ƵƌƐƚĞǆƉƌĞƐƐĞĚƚŚĞůĂĐŬŽĨƉƌŽǀŝĚĞĚŝŶĨŽƌŵĂƚŝŽŶďǇƚŚĞĂƉƉůŝĐĂŶƚĂŶĚĚŽŶ͛ƚƐĞĞĐŽŶƚŝŶƵŝŶŐƚŚĞ ĂƉƉůŝĐĂƚŝŽŶ͘,ĞƌĞĐŽŵŵĞŶĚƐĚĞŶǇŝŶŐĂŶĚŚĂǀŝŶŐƚŚĞĂƉƉůŝĐĂƚŝŽŶĐŽŵĞďĂĐŬǁŝƚŚĂĐŽŵƉůĞƚĞĂƉƉůŝĐĂƚŝŽŶ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘:ŝŵ^ĞǁĂƌĚ͕ƌĞƐŝĚĞƐĂƚϰϮϯϱĞƌŬƐŚŝƌĞZŽĂĚ^t͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞĂƐŬĞĚƚŚĞŽŵŵŝƐƐŝŽŶƚŽƐƚŽƉƚŚĞĂƉƉůŝĐĂƚŝŽŶƵŶƚŝůƚŚĞƌĞĂƌĞĂŶƐǁĞƌƐĨƌŽŵƚŚĞĚĞǀĞůŽƉĞƌŽŶƚŚĞ ĨůŽŽĚǌŽŶĞĂƌĞĂ͘,ĞŝƐĐŽŶĐĞƌŶĞĚǁŝƚŚƚŚĞĨůŽŽĚĂƌĞĂƐĂŶĚǁŚĞƌĞǁŝůůƚŚĞǁĂƚĞƌŐŽƚŽďĞĂďƐŽƌďĞĚǁŚĞŶ ƚŚĞƌĞĂƌĞĐŽŶĐƌĞƚĞƐƚƌƵĐƚƵƌĞƐŝŶƉůĂĐĞ͘ Dƌ͘DĂƚƚWƵĨĨĞƌ͕ƌĞƐŝĚĞƐĂƚϰϬϱϯĞƌŬƐŚŝƌĞZŽĂĚ^t͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞƌĞĨĞƌĞŶĐĞĚƚŚĞ>ĂŶĚhƐĞWůĂŶĨŽƌĚĞǀĞůŽƉŵĞŶƚŽĨƚŚŝƐƉƌŽƉĞƌƚǇǁŚĞƌĞǁŽƌĚŝŶŐŽŶĚĞǀĞůŽƉŝŶŐĂŶĚ ŶŽƚĚĞǀĞůŽƉŝŶŐŝŶůŽǁůĂŶĚĂƌĞĂƐĂŶĚƉƌĞƐĞƌǀŝŶŐŶĂƚƵƌĂůĐŽƌƌŝĚŽƌƐĨŽƌŽƉĞŶƐƉĂĐĞĂŶĚƌĞĐƌĞĂƚŝŽŶĂůƵƐĞ͖ ĂŶĚĐŽŶĐĞƌŶƐǁŝƚŚƚƌĂĨĨŝĐƐĂĨĞƚǇŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘ Dƌ͘'ĞƌŚĂƌĚDĂŚƌ͕ƌĞƐŝĚĞƐĂƚϯϴϯϭĞƌŬƐŚŝƌĞZŽĂĚ͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞĂƐŬĞĚǁŚĂƚŝƐƚŚĞĐƌŝƚĞƌŝĂďĞŝŶŐƵƐĞĚƚŽƌĞŵŽǀĞƚŚŝƐƉƌŽƉĞƌƚǇĨƌŽŵƚŚĞĨůŽŽĚǌŽŶĞŵĂƉ͕ŝƐŝƚƚŚĞŵŽƐƚ ĐƵƌƌĞŶƚĐƌŝƚĞƌŝĂ͍,ĞƐƵƉƉŽƌƚĞĚĂĚĞŶŝĂůŽĨƚŚĞƉƌŽũĞĐƚ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌƐƚĂƚĞĚƚŚŝƐĚĞĐŝƐŝŽŶĨŽƌĂŵĞŶĚŵĞŶƚŽĨĂĨůŽŽĚǌŽŶĞĐŚĂŶŐĞŝƐŵĂĚĞďǇ&D͘ ƚŚ Dƌ͘:ĞĨĨ,ŽĂŐ͕ƌĞƐŝĚĞƐĂƚϲϭϳϰϰǀĞŶƵĞŽƵƌƚ^t͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞĂƐŬĞĚŚŽǁůŽŶŐƚŚĞĂƉƉůŝĐĂƚŝŽŶŚĂƐďĞĞŶŝŶƚŚĞǁŽƌŬƐ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌƐƚĂƚĞĚƚŚĞĂƉƉůŝĐĂƚŝŽŶǁĂƐŝŶKĐƚŽďĞƌŽĨϮϬϭϰ͘ Dƌ͘,ŽĂŐƐƚĂƚĞĚŚĞĨĞůƚƚŚĞĂƉƉůŝĐĂƚŝŽŶŝƐŶŽƚĐƵƌƌĞŶƚĂŶĚŝƚƐŽƵŶĚƐůŝŬĞŵƵĐŚŽĨƚŚĞĚĞĐŝƐŝŽŶŝƐŚŝŶŐŝŶŐ ŽŶƚŚĞĨůŽŽĚƉůĂŝŶĐŚĂŶŐĞĚĞĐŝƐŝŽŶ͘ Dƌ͘:ŽŚŶtĂĚĞ͕ƌĞƐŝĚĞƐĂƚϰϮϮϵĞƌŬƐŚŝƌĞZŽĂĚ^t͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞǁŽƵůĚƌĞĐŽŵŵĞŶĚĚĞŶŝĂůŽĨƚŚĞƉƌŽũĞĐƚďĂƐĞĚŽŶƚŚĞŝŶĐŽŵƉůĞƚĞĂƉƉůŝĐĂƚŝŽŶ͖ƚŚĞŝƚǇŽƵŶĐŝů ƌĞƐƉĞĐƚƚŚĞŽŵŵŝƐƐŝŽŶ͛ƐƚŝŵĞƉƵƚŝŶƌĞǀŝĞǁŝŶŐƚŚĞƐĞĂƉƉůŝĐĂƚŝŽŶƐ͖ƚŚĞĚĞǀĞůŽƉĞƌĚŽĞƐŶŽƚƐĞĞŵ ĨŽƌƚŚĐŽŵŝŶŐŝŶǁŚĂƚŝƐƉůĂŶŶĞĚĨŽƌƚŚĞƉƌŽƉĞƌƚǇ͖ĂŶĚĂƐŝŐŶĂůŶĞĞĚƐƚŽďĞƐĞŶƚƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚ ĐŽŵŵƵŶŝƚǇƚŚĂƚƚŚĞĚĞǀĞůŽƉŵĞŶƚƉƌŽĐĞƐƐŶĞĞĚƐƚŽďĞƌĞƐƉĞĐƚĞĚĂŶĚĨŽůůŽǁĞĚ͘ 3DFNHW3J )E 3DJH &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH0DUFK ƚŚ DƐ͘ŶŶ,ŽĂŐ͕ϲϭϳϰϰǀĞŶƵĞŽƵƌƚ^t͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞ ĞǆƉƌĞƐƐĞĚŚĞƌĐŽŶĐĞƌŶǁŝƚŚƚŚĞĨůŽŽĚŝŶŐǁŝƚŚůĂƌŐĞĂŵŽƵŶƚƐŽĨƌĂŝŶĨĂůůĂŶĚƋƵĞƐƚŝŽŶĞĚŚŽǁƚŚĞĂƌĞĂ ĐŽƵůĚďĞĐŚĂŶŐĞĚƚŽŶŽƚďĞŝŶĂĨůŽŽĚĂƌĞĂ͘ Dƌ͘^ĐŽƚƚ^ĐŚǁĂƌƚǌ͕ƌĞƐŝĚĞƐĂƚϭϯϯϬ^ŬǇůŝŶĞƌŝǀĞ^t͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞĞǆƉƌĞƐƐĞĚŚŽǁƚŚĞĚĞǀĞůŽƉĞƌĐŽƵůĚƐĞŶĚĂŶĞŵĂŝůďƵƚĚŝĚĐĂƌĞĞŶŽƵŐŚƚŽƐŚŽǁƵƉĂƚƚŚĞ ŽŵŵŝƐƐŝŽŶŵĞĞƚŝŶŐ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶŽŶƚŚĞŝƌŽƉƚŝŽŶƐŽŶŚŽǁƚŽƉƌŽĐĞĞĚǁŝƚŚƚŚĞĂƉƉůŝĐĂƚŝŽŶƐ ǁŝƚŚĂƉƉƌŽǀĞƚŚĞŝŶĚĞĨŝŶŝƚĞĐŽŶƚŝŶƵĂŶĐĞŽƌƌĞĐŽŵŵĞŶĚĚĞŶŝĂů͖ŚŽǁƚŚĞĨůŽŽĚƐƚƵĚǇƌĞƐƵůƚƐĐŽƵůĚĐŚĂŶŐĞ ƚŚĞĚĞǀĞůŽƉŵĞŶƚĂƐƉĞĐƚƐ͖ĂŶĚĨƌƵƐƚƌĂƚŝŽŶĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶŽŶŚŽǁƚŽƉƌŽĐĞĞĚǁŝƚŚŝŶĐŽŵƉůĞƚĞ ŝŶĨŽƌŵĂƚŝŽŶ͘ Dƌ͘ƵƌƐƚŵĂĚĞƚŚĞŵŽƚŝŽŶƚŽƌĞĐŽŵŵĞŶĚĚĞŶŝĂůďĂƐĞĚŽŶůĂĐŬŽĨŝŶĨŽƌŵĂƚŝŽŶĂŶĚĚĞƚĂŝů͘ DƐ͘ůĨƌĞĚƐŽŶĂƐŬĞĚĨŽƌĐůĂƌŝĨŝĐĂƚŝŽŶŝĨƚŚĞŵŽƚŝŽŶŝƐǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞĐŽŵŵŝƐƐŝŽŶŝƐŐƌĂŶƚŝŶŐƚŚĞ ĐŽŶƚŝŶƵĂƚŝŽŶ͘^ŚĞŶŽƚĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐǁĂƐďĞŝŶŐůŝŵŝƚĞĚƚŽŚĞĂƌŝŶŐŽŶƚŚĞǁŚĞƚŚĞƌŽƌŶŽƚŐƌĂŶƚŝŶŐ ƚŚĞĐŽŶƚŝŶƵĂƚŝŽŶ͘ Dƌ͘^ŝŵƐƐƚĂƚĞĚƚŚĞƌĞǁŽƵůĚďĞĂŵŽƚŝŽŶŽŶƚŚĞĐŽŶƚŝŶƵĂƚŝŽŶ͖ƚŚĞŶĂŶŽƚŚĞƌĨŽƌƚŚĞƉƌŽũĞĐƚ͘ DƐ͘ůĨƌĞĚƐŽŶĂƐŬĞĚŝĨƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐǁĂƐƚŽŚĞĂƌŽŶƚŚĞĐŽŶƚŝŶƵĂƚŝŽŶ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌŶŽƚĞĚŚĞĨĞůƚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐǁĂƐƚŽŚĞĂƌĨĞĞĚďĂĐŬŽŶƚŚĞƉƌŽũĞĐƚ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚŽŶŚŽǁƚŚĞĂƉƉůŝĐĂƚŝŽŶǁŝůůƉƌŽĐĞĞĚǁŝƚŚĂƌĞĐŽŵŵĞŶĚĂƚŝŽŶĨŽƌĚĞŶŝĂůƚŽƚŚĞŝƚǇ ŽƵŶĐŝů͖ƚŚĞƌĞĂƌĞƐƚĂĨĨĨŝŶĚŝŶŐƐĨŽƌĞĂĐŚŽĨƚŚĞĂƉƉůŝĐĂƚŝŽŶďĂƐĞĚŽŶĂĚĞŶŝĂůƌĞĐŽŵŵĞŶĚĂƚŝŽŶ͘ Dƌ͘ƵƌƐƚǁŝƚŚĚƌĞǁŚŝƐŵŽƚŝŽŶ͘ Dƌ͘^ŝŵƐŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĚĞŶŝĂůŽĨ>ĂŶĚhƐĞWůĂŶŵĞŶĚŵĞŶƚηZϮϬϭϰ Ͳ ϬϬϴ>hWǁŝƚŚƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐ͘DƐ͘DĞĞŬƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘ DƐ͘ůĨƌĞĚƐŽŶĞǆƉůĂŝŶĞĚŝƚǁŽƵůĚďĞĂĐůĞĂŶĞƌƌĞĐŽƌĚƚŽǀŽƚĞŽŶƚŚĞƌĞƋƵĞƐƚĨŽƌĐŽŶƚŝŶƵĂƚŝŽŶ͖ƚŚĞŶŵŽƌĞ ĨŽƌǁĂƌĚŽŶƚŚĞŵŽƚŝŽŶƐĨŽƌƚŚĞĂƉƉůŝĐĂƚŝŽŶƐ͘ Dƌ͘^ŝŵƐƉŽƐƚƉŽŶĞĚŚŝƐŵŽƚŝŽŶƵŶƚŝůĂŵŽƚŝŽŶŝƐŚĞĂƌĚŽŶƚŚĞƌĞƋƵĞƐƚĨŽƌĐŽŶƚŝŶƵĂƚŝŽŶ͘ 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)E 3DJHŚĞƌĞĂŶĞǆĞĐƵƚĞĚ ĞǀĞůŽƉŵĞŶƚŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞŝƚǇWƵďůŝĐtŽƌŬƐ͖ĂŶĚĚŝƐĐƵƐƐŝŽŶŚĂƐƚĂŬĞŶƉůĂĐĞǁŝƚŚDƌ͘:ŽŚŶ ,ĂƌĨŽƌĚŽŶƚŚĞƐŚŽƌĞůĂŶĚǀĂƌŝĂŶĐĞĂŶĚĨůŽŽĚƉůĂŝŶ͘ Dƌ͘^ŝŵƐĂƐŬĞĚŝƐƚŚĞŶĞĞĚĨŽƌƚŚĞǀĂƌŝĂŶĐĞďĞĞŶƉƵƚŝŶƚŚĞƉůĂĐĞďǇƚŚĞǁĂǇŽĨƚŚĞƐƵďĚŝǀŝƐŝŽŶŽĨƚŚĞ ůŽƚ͘ DƐ͘YƵĂǇůĞŶŽƚĞĚƚŚĞǁĂǇƚŚĞůŽƚŝƐďĞŝŶŐƐƵďĚŝǀŝĚĞĚŝƐĨŽƌƉŽƐƐŝďůĞĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚ͘ Dƌ͘ĂǀŝĚDŽƌƌŝůů͕ƉƌŽũĞĐƚĞŶŐŝŶĞĞƌͬĐŽŶƐƵůƚĂŶƚǁŝƚŚDĐ'ŚŝĞΘĞƚƚƐͬt^͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^͕ ZŽĐŚĞƐƚĞƌDEϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞĞǆƉůĂŝŶĞĚƚŚĞŽƌĚŝŶĂŶĐĞĂƐǁƌŝƚƚĞŶŝŶϭϵϴϬĂŶĚ ŚŽǁƉĂƌƚƐŽĨƚŚĞŝƚǇǁĞƌĞĞǆĞŵƉƚĞĚ͖ŚĞŶŽƚĞĚŝŶĚĞƚĂŝůƚŚĞďƌĞĂŬĚŽǁŶŽĨƚŚĞŽƵƚůŽƚƐĨŽƌƐƵďĚŝǀŝĚŝŶŐ͘ Dƌ͘^ŝŵƐĂƐŬĞĚDƌ͘DŽƌƌŝůůƚŚĞůŽƚƐŚĂǀĞďĞĞŶƐŝǌĞĚďǇĐŚŽŝĐĞŝŶƚŚĞǁĂǇƉƌĞƐĞŶƚĞĚ͘ Dƌ͘DŽƌƌŝůůƐƚĂƚĞĚǇĞƐǁŝƚŚŝŶƉƵƚďǇƐƚĂĨĨĂŶĚƚŚŝƐǁĂƐƚŚĞŝƌĂĚǀŝĐĞĂƐĂƌĞĂƐŽŶĂďůĞƐŝǌĞ͘ 3DFNHW3J )E 3DJH &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH0DUFK Dƌ͘^ŝŵƐŝŶƋƵŝƌĞĚŚŽǁƚŚĞĐŽŵŵŝƐƐŝŽŶŶĞĞĚƐƚŽĂƉƉůǇƚŚĞǀĂƌŝĂŶĐĞĐƌŝƚĞƌŝĂĂƐĂĂƉƉůǇƚŽĂǀĂƌŝĂŶĐĞŝƐ ŚĂƌĚƐŚŝƉ͕ǁŚŝĐŚŚŝƐŶŽƚĐƌĞĂƚĞĚďǇƚŚĞůĂŶĚŽǁŶĞƌǇŽƵĂƌĞƐƚĂƚŝŶŐĂƐŬŝŶŐĨŽƌĂǀĂƌŝĂŶĐĞďǇĂĐŚŽŝĐĞ͘ Dƌ͘DŽƌƌŝůůƐƚĂƚĞĚƚŚŝƐŝƐďǇƚŚĞĚĞĨŝŶŝƚŝŽŶŽĨĂůŽƚ͖ĂŶĚƚŚĞǇĂƌĞŐŽŝŶŐĨƌŽŵƐƚĂĨĨƌĞĐŽŵŵĞŶĚĂƚŝŽŶ͘dŚĞ ƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƌƵůĞƐƚŚĂƚŚĂǀĞĐŚĂŶŐĞĚĨƌŽŵϭϵϴϬ͖ƚŚĞƌƵůĞƐŚĂǀĞĐŚĂŶŐĞĚƐŝŶĐĞƚŚĂƚƚŝŵĞ͖ ƚŚĞŝƚǇŚĂƐĂĚŽƉƚĞĚƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚŐƵŝĚĞůŝŶĞƐ͖ƐŽĂŐĂŝŶŝŶƐƵƉƉŽƌƚŽĨƉĂƐƚǀĂƌŝĂŶĐĞƌĞƋƵĞƐƚ ŚĂƐďĞƚŚĞƵŶĚĞƌƐƚĂŶĚŝŶŐƐƚŽƌŵǁĂƚĞƌƋƵĂůŝƚǇƌĂƚĞŝƐĐŽŵƉůĞƚĞĚƚŽĚĂǇŝƐĨĂƌƚŚĞƌĂĚǀĂŶĐĞĂŶĚŵƵĐŚ ŵŽƌĞĚĞƚĂŝůĞĚƚŚĂŶŝŶϭϵϴϬ͘EŽƚŚŝŶŐŝŶƚŚĞƐŚŽƌĞůĂŶĚŽƌĚŝŶĂŶĐĞƐƚĂƚĞƐĂŶǇƚŚŝŶŐŶĞĞĚƐƚŽďĞĚŽŶĞ͘ Dƌ͘ƵƌƐƚĂƐŬĞĚĂďŽƵƚƚŚĞůĂǇŽƵƚĂŶĚƚŚĞƌŽĂĚŐŽŝŶŐƚŽƚŚĞǁĞƐƚ͘ Dƌ͘DŽƌƌŝůůƐƚĂƚĞĚŝƚǁĂƐĂƌĞƋƵĞƐƚďǇWƵďůŝĐtŽƌŬƐĨŽƌĂĨƵƚƵƌĞƌŽĂĚǁĂǇƚŽƉƌŽǀŝĚĞĂĐĐĞƐƐƚŽƉƌŽƉĞƌƚŝĞƐ͕ ǁŚŝĐŚŝƐƐƚĂŶĚĂƌĚŝŶŐĞŶĞƌĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶ͖ĂŶĚĂůƐŽĂƌĞĨĞƌƌĂůĐŽŵŵĞŶƚĂƐĂĐŽŶĚŝƚŝŽŶĨŽƌĂŶϴ͟ ƵƚŝůŝƚǇĞǆƚĞŶƐŝŽŶ͕ǁŚŝĐŚŝƐƉĂƌƚŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŐƌĞĞŵĞŶƚ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĂƐŬĞĚĂďŽƵƚĚŝƐĐƵƐƐŝŽŶǁŝƚŚƐƚĂĨĨ͛ƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶĨŽƌǀĂƌŝĂŶĐĞ͕ǁŚĂƚĐĂŶďĞďƵŝůƚ ŽŶƚŚĞƐŝƚĞǁŝƚŚŽƵƚƚŚĞǀĂƌŝĂŶĐĞ͘ Dƌ͘DŽƌƌŝůůƐƚĂƚĞĚƚŚĞƌĞĂƌĞĚĞǀĞůŽƉŵĞŶƚŽƉƚŝŽŶƐĂǀĂŝůĂďůĞ͖ďƵƚƚŽďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĐƵƌƌĞŶƚůĂŶĚ ƵƐĞĂŶĚǌŽŶŝŶŐŽŶƚŚĞƉƌŽƉĞƌƚǇƚŚĞƌĞǁĂƐĂƌĞĂƐŽŶĨŽƌĂǀĂƌŝĂŶĐĞ͘ ƚŚ Dƌ͘ƌĂŶĚŽŶDĐEĞŝůƵƐ͕ƌĞƐŝĚĞƐϰϭϭϵ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞŽǁŶƐƚŚĞƉƌŽƉĞƌƚǇƚŽƚŚĞǁĞƐƚŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘,ĞĂƐŬĞĚĂďŽƵƚƚŚĞƌŽĂĚǁĂǇƚŚĂƚ ŝƐďĞŝŶŐƉƌŽƉŽƐĞĚĨŽƌĐŽŶŶĞĐƚŝŽŶ͘ Dƌ͘dũŽƐƐĞŵƐƚĂƚĞĚƚŚĞĨƵƚƵƌĞƉŽƐƐŝďůĞĐŽŶŶĞĐƚŝŽŶŝƐƉĂƌƚŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŐƌĞĞŵĞŶƚ͘ DƐ͘ƌĞŶĚĂYƵĂǇůĞ͕ĐŚŝĞĨŵĂŶĂŐĞƌǁŝƚŚsĞŶƐƚĂƌ͕ϳϯϬϭKŚŵƐ>ĂŶĞ͕ĚŝŶĂDEϱϱϵyy͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘^ŚĞŶŽƚĞĚƚŚĞĞǆƚĞŶƐŝǀĞĚŝƐĐƵƐƐŝŽŶǁŝƚŚWƵďůŝĐtŽƌŬƐŝŶĐůƵĚĞĚƚŚĞƐƚƵďƌŽĂĚŝƐƚŽĂůůŽǁĨŽƌ ƚŚ ƚŚĞĨůŽǁŽĨƚƌĂĨĨŝĐǁŝƚŚŝŶƚŚĞĂĚũŽŝŶŝŶŐƉƌŽƉĞƌƚŝĞƐǁŝƚŚŽƵƚĨƵŶŶĞůŝŶŐƚƌĂĨĨŝĐďĂĐŬƚŽϭϵ^ƚƌĞĞƚ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĞǆƉƌĞƐƐĞĚĨƌƵƐƚƌĂƚŝŽŶŽĨŚŽǁƚŽƉƌŽĐĞĞĚǁŝƚŚĂĚĞĐŝƐŝŽŶƵƐŝŶŐƚŚĞĞǆŝƐƚŝŶŐŽƌĚŝŶĂŶĐĞ ĂŶĚƌƵůĞƐĨƌŽŵϯϬǇĞĂƌƐĂŐŽĂŶĚŚŽǁƚŽĂƉƉůǇ͘ DƐ͘DĞĞŬĐŽŵŵĞŶƚĞĚƐŚĞǁŽƵůĚŽĨůŝŬĞƚŽƐĞĞĨƵƌƚŚĞƌĐŽŵŵĞŶƚĨƌŽŵWƵďůŝĐtŽƌŬƐĂŶĚƚŚĞƵŶŝƋƵĞŶĞƐƐ ŽĨƚŚĞƉƌŽƉĞƌƚǇ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶĂƐƚŽƚŚĞůĂĐŬŽĨĚŝƌĞĐƚŝŽŶŝŶƚŚĞŽƌĚŝŶĂŶĐĞŽŶŚŽǁƚŽĚŝƌĞĐƚĂ ĚĞĐŝƐŝŽŶŽŶĂǀĂƌŝĂŶĐĞ͖ƚŚĞƌĞĂƌĞůĂƌŐĞĂŵŽƵŶƚƐŽĨŝŶĨŽƌŵĂƚŝŽŶŵŝƐƐŝŶŐĨƌŽŵƌĞĨĞƌƌĂůĂŐĞŶĐŝĞƐ͖ƚŚĞ ĂƉƉůŝĐĂŶƚĐƌĞĂƚŝŶŐƚŚĞŶĞĞĚĨŽƌƚŚĞǀĂƌŝĂŶĐĞďǇƚŚĞůŽƚƐŝǌĞƐƐŽƚŚĞƌĞŝƐŶŽƚĂŶƵŶŝƋƵĞĐŝƌĐƵŵƐƚĂŶĐĞ͖ ƉŽƐƐŝďůĞĐŽŶƚŝŶƵĂŶĐĞŽĨƚŚĞƉƌŽũĞĐƚĨŽƌŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶĨƌŽŵWƵďůŝĐtŽƌŬƐ͘ Dƌ͘ƵƌƐƚĐŽŵŵĞŶƚĞĚŚĞĨĞůƚƚŚĞĚĞǀĞůŽƉĞƌŚĂƐĚŽŶĞƚŚĞŝƌĚƵĞĚŝůŝŐĞŶĐĞŽŶďƌŝŶŐŝŶŐƚŚĞƉƌŽũĞĐƚ ĨŽƌǁĂƌĚ͖ŝƚƐĞĞŵƐƚŽďĞĂŐƌĞĂƚƉƌŽũĞĐƚ͖ĂŶĚŶŽƚƚŚĞĚĞǀĞůŽƉĞƌĨĂƵůƚƚŚĞǀĂƌŝĂŶĐĞŝƐŽƵƚĚĂƚĞĚ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌƚŚĞĐŽŵŵŝƐƐŝŽŶŝƐƐƚŝůůďŽƵŶĚƚŽƵƐĞƚŚĞƌƵůĞƐŝŶƉůĂĐĞĂƚƚŚĞĐƵƌƌĞŶƚƚŝŵĞ͘ 3DFNHW3J )E 3DJH &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH0DUFK Dƌ͘^ŝŵƐŶŽƚĞĚƚŚĞƌĞŝƐŐƌĞĂƚƉŽƚĞŶƚŝĂůĨŽƌƚŚĞƉƌŽũĞĐƚďƵƚƚŚĞĚĞĐŝƐŝŽŶƐŶĞĞĚƐƚŽďĞďĂƐĞĚŽŶƚŚĞƌƵůĞƐ ŝŶƉůĂĐĞ͘ DƐ͘ŝƌƌĂƐŬĞĚĨŽƌĐůĂƌŝĨŝĐĂƚŝŽŶĨƌŽŵƚŚĞĐŽŵŵŝƐƐŝŽŶŽŶǁŚĂƚƚŚĞǇĂƌĞďĂƐŝŶŐƚŚĞŝƌĐŽŶƚŝŶƵĂŶĐĞ͘ DƐ͘DĞĞŬƐƚĂƚĞĚƐŚĞǁŽƵůĚůŝŬĞƚŽƐĞĞWƵďůŝĐtŽƌŬƐƐƚĂƚĞǁŚĂƚƚŚĞƵŶŝƋƵĞĐŝƌĐƵŵƐƚĂŶĐĞǁŽƵůĚďĞ͘ Dƌ͘dũŽƐƐĞŵĐŽŵŵĞŶƚĞĚƚŚŝƐǁŽƵůĚŶŽƚďĞWƵďůŝĐtŽƌŬƐ͛ƌĞƐƉŽŶƐŝďŝůŝƚǇƐŝŶĐĞŝƚŝƐƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨ ƚŚĞWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ^ƚĂĨĨƚŽƌĞŐƵůĂƚĞĚƚŚĞŽŶŝŶŐKƌĚŝŶĂŶĐĞĂŶĚƐƵŐŐĞƐƚĨŝŶĚŝŶŐƐ͘WƵďůŝĐtŽƌŬƐ͛ ƌĞƐƉŽŶƐŝďŝůŝƚǇŝƐŽŶůǇĂƐĂƌĞĨĞƌƌĂůďǇǁĂǇŽĨĂĐŽŵŵĞŶƚ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚŚŽǁƚŚĞƐŚŽƌĞůĂŶĚĚŝƐƚƌŝĐƚŽƌĚŝŶĂŶĐĞǁŽƵůĚŶĞĞĚƚŽďĞƌĞǀŝƐĞĚŝŶKƌĚŝŶĂŶĐĞǁŚŝĐŚ ǁŽƵůĚŝŶĐůƵĚĞĂƉƉƌŽǀĂůďǇƚŚĞEZ͘/ĨƚŚĞǀĂƌŝĂŶĐĞŝƐĂƉƉƌŽǀĞĚŝƚǁŽƵůĚďĞĨŽƌǁĂƌĚĞĚŽŶƚŽƚŚĞEZ͘ Dƌ͘^ŚĞƌǁŽŽĚĐŽŵŵĞŶƚĞĚŚĞĨĞůƚƚŚĞƵƐĞŽĨǀĂƌŝĂŶĐĞƐĂƌĞŝŶƉůĂĐĞĨŽƌĚĞǀĞůŽƉĞƌƐƚŽŵŽǀĞĨŽƌǁĂƌĚŽŶ ƉƌŽũĞĐƚƐ͘ Dƌ͘ƵƌƐƚĂƐŬĞĚĚŽĞƐƚŚĞĐƵƌƌĞŶƚƌƵůĞƐĨƌŽŵϭϵϴϬƐƚĂƚĞƚŚĞǀĂƌŝĂŶĐĞĐĂŶ͛ƚďĞĂƉƉƌŽǀĞĚďǇƚŚĞ ŽŵŵŝƐƐŝŽŶ͘ DƐ͘DĞĞŬĐŽŵŵĞŶƚĞĚƚŚĞĂŵŽƵŶƚŽĨŝŵƉĞƌǀŝŽƵƐĂƌĞĂƐĚŽŶŽƚĂůůŽǁĨŽƌĂƉƉƌŽǀĂů͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞŽŵŵŝƐƐŝŽŶŽŶŽƉƚŝŽŶƐĨŽƌŵŽǀŝŶŐĨŽƌǁĂƌĚǁŝƚŚƚŚĞƵŶŝƋƵĞŶĞƐƐŽĨƚŚĞ ƉƌŽƉĞƌƚǇĂŶĚĂƉƉůǇŝŶŐǁŝƚŚƚŚĞƐŚŽƌĞůĂŶĚĚŝƐƚƌŝĐƚǀĂƌŝĂŶĐĞĐƌŝƚĞƌŝĂ͘ Dƌ͘ƵƌƐƚŵĂĚĞĂŵŽƚŝŽŶƚŽƌĞŽƉĞŶƚŚĞƉƵďůŝƐŚŚĞĂƌŝŶŐ͘Dƌ͘^ŚĞƌǁŽŽĚƐĞĐŽŶĚĞĚ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚ ƵŶĂŶŝŵŽƵƐůǇ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘ĂǀŝĚDŽƌƌŝůů͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚDĐ'ŚŝĞΘĞƚƚƐ͕/ŶĐ͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϰ͕ ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞĐůĂƌŝĨŝĞĚƚŚĞƌĞĂƐŽŶŝŶŐĨŽƌůĂǇŽƵƚŽĨƚŚĞƉůĂƚǁĂƐƚŽĐƌĞĂƚĞĂŶŽƵƚůŽƚƚŽ ĐŽǀĞƌƚŚĞǁĞƚůĂŶĚĂƌĞĂĂŶĚƚŚĞĨůŽŽĚǁĂǇ͖ŚĂǀĞĚƌĂǁŶƚŚĞůŽƚůŝŶĞƐƐŽƚŚĞĚĞǀĞůŽƉĞĚůŽƚƐĨĂůůƚŽƚŚĞ ŶŽƌƚŚĂŶĚĞĂƐƚŽĨƚŚĞŽƵƚůŽƚ͘,ĞŶŽƚĞĚƚŚŝƐŝƐŐŽŽĚůĂŶĚŵĂŶĂŐĞŵĞŶƚƐƚĞǁĂƌĚƐŚŝƉƉƌĂĐƚŝĐĞƐďƵƚŝƚŝƐŶŽƚ ĂůǁĂǇƐƚŚĞďĞƐƚŵĞƚŚŽĚ͖ƚŚŝƐĞƐƚĂďůŝƐŚĞƐĂƌĞĂƚŽƉƌŽƚĞĐƚƚŚĞĞŶǀŝƌŽŶŵĞŶƚĂůĐŚĂůůĞŶŐĞĚĂƌĞĂƚŽŽŶĞůŽƚ͘ /ĨŝƚŝƐĚŝĨĨŝĐƵůƚĨŽƌƚŚĞĐŽŵŵŝƐƐŝŽŶŐƌĂŶƚĂǀĂƌŝĂŶĐĞƚŚĞůŽƚĐĂŶďĞŵŽǀĞĚ͖ŚŽǁĞǀĞƌƚŚĞĚŝƐĐƵƐƐŝŽŶǁŝƚŚ ƐƚĂĨĨŶŽƚĞĚƚŚŝƐŝƐƚŚĞďĞƐƚǁĂǇƚŽƉƌŽĐĞĞĚ͘ DZ͘^ŝŵƐĂƐŬĞĚŝĨƚŚĞĐŽŵŵŝƐƐŝŽŶǁĂƐĐŽŶƚŝŶƵĞƚŚĞǀĂƌŝĂŶĐĞ͖ǁŽƵůĚŝƚďĞƉŽƐƐŝďůĞƚŽƌĞƐƵďŵŝƚƚŚĞ ĂƉƉůŝĐĂƚŝŽŶǁŝƚŚŽƵƚƚŚĞǀĂƌŝĂŶĐĞ͘ Dƌ͘DŽƌƌŝůůƐƚĂƚĞĚŚĞǁŽƵůĚŚĂǀĞƚŽƚĂůŬǁŝƚŚƚŚĞĂƉƉůŝĐĂŶƚŽŶƚŚĂƚŝƐƐƵĞ͖ďƵƚƐƚĂƚĞĚĂŐĂŝŶƚŚĂƚŝƐŶŽƚŝŶĂ ŐŽŽĚƉůĂŶŶŝŶŐƉŽƐŝƚŝŽŶƚŽŵĂŶĂŐĞƚŚĞƉƌŽƉĞƌƚǇ͘ DƐ͘ƌĞŶĚĂYƵĂǇůĞ͕ĐŚŝĞĨŵĂŶĂŐĞƌǁŝƚŚsĞŶƐƚĂƌ͕ϳϯϬϭKŚŵƐ>ĂŶĞ͕ĚŝŶĂDEϱϱϵyy͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘^ŚĞǁĂŶƚĞĚƚŽƉŽŝŶƚĞĚŽƵƚĂĐŽƵƉůĞĐŽŵŵĞŶƚƐďĞŝŶŐŵĂĚĞŽŶĞďĞŝŶŐƚŚĞůĂĐŬŽĨWƵďůŝĐ tŽƌŬƐĐŽŵŵĞŶƚ͖ƐŚĞƐƚĂƚĞĚďŽƚŚZŝĐŚĂƌĚ&ƌĞĞƐĞĂŶĚ:ŽŚŶ,ĂƌĨŽƌĚĂƌĞĂǁĂƌĞŽĨƚŚĞĚĞƚĂŝůƐŽĨƚŚĞ 3DFNHW3J )E 3DJH &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH0DUFK ƉƌŽƉĞƌƚǇŝŶƌĞŐĂƌĚƐƚŽƚŚĞǁĞƚůĂŶĚĚĞůŝŶĞĂƚŝŽŶ͖ĨƌŽŵĂĚĞǀĞůŽƉĞƌƐƚĂŶĚƉŽŝŶƚĨŽƌŵĂŶĂŐĞŵĞŶƚŐŽŝŶŐ ĨŽƌǁĂƌĚǁŝƚŚŶĞǁŽǁŶĞƌƐ͖ƚŚĞŝŶƚĞŶƚǁŽƵůĚďĞĨŽƌƚŚĞĂƚƚŽƌŶĞǇŽĨŽƵƚůŽƚƚŽďĞƉƌŝǀĂƚĞůǇŽǁŶĞĚďǇĂ ƉƌŽƌĂƚĞĚďĂƐŝƐƐŽŝƚǁŽƵůĚďĞƚŚĞŝƌƌĞƐƉŽŶƐŝďŝůŝƚǇƚŽŵĂŝŶƚĂŝŶƚŚĞƉƌŽƉĞƌƚǇĨŽƌǁĞƚůĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘/ĨĂ ǀĂƌŝĂŶĐĞŝƐŶŽƚŐƌĂŶƚĞĚ͕ƚŚŝƐǁŽƵůĚŵĂŬĞƚŚĞƉƌŽĐĞƐƐŽĨƚƌĂŶƐĨĞƌƌŝŶŐƚŚĞƉƌŽƉĞƌƚǇŵŽƌĞĚŝĨĨŝĐƵůƚ͘ Dƌ͘ƵƌƐƚĂƐŬĞĚDƌ͘DĐEĞŝůƵƐŝĨŚĞĨĞĞůƐĐŽŵĨŽƌƚĂďůĞǁŝƚŚƚŚĞƉƌŽũĞĐƚƉƌŽƉŽƐĞĚ͕ĂƐĂĚũĂĐĞŶƚƉƌŽƉĞƌƚǇ ŽǁŶĞƌ͘ ƚŚ Dƌ͘ƌĂŶĚŽŶDĐEĞŝůƵƐ͕ƌĞƐŝĚĞƐϰϭϭϵ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞŝƐŶŽƚŽƉƉŽƐĞĚƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘,ŝƐŽŶůǇĐŽŶĐĞƌŶǁĂƐǁŝƚŚŚŝƐĂĚũŽŝŶŝŶŐƉƌŽƉĞƌƚǇ ŽǁŶĞƌďĞŝŶŐĐŽŶŶĞĐƚĞĚĂƚĂĨƵƚƵƌĞƚŝŵĞ͘ DƐ͘DĞĞŬĂƐŬĞĚŝĨŚĞĨĞůƚƚŚĞƌĞĂƌĞƵŶŝƋƵĞĐŝƌĐƵŵƐƚĂŶĐĞƐƚŽƚŚŝƐƉƌŽƉĞƌƚǇƚŚĂƚĚŽŶŽƚĂƉƉůǇƚŽŽƚŚĞƌ ƉƌŽƉĞƌƚŝĞƐůŝŬĞǇŽƵƌƐ͘ Dƌ͘DĐEĞŝůƵƐƐƚĂƚĞĚŚĞĐŽƵůĚŶŽƚĂŶƐǁĞƌƚŚĂƚƋƵĞƐƚŝŽŶĂƐŚĞŝƐŶŽƚĂŶĞŶŐŝŶĞĞƌ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ DƐ͘DĞĞŬĂƐŬĞĚŝĨƚŚĞĐŽŶĐƌĞƚĞƉůĂŶƚƚŽƚŚĞǁĞƐƚŚĂǀĞĞǆŝƐƚŝŶŐǀĂƌŝĂŶĐĞƐ͘ Dƌ͘dũŽƐƐĞŵƐƚĂƚĞĚǇĞƐƚŚĞƌĞĂƌĞǀĂƌŝĂŶĐĞƐŝŶƉůĂĐĞĨŽƌƚŚŽƐĞƉƌŽƉĞƌƚŝĞƐ͘ Dƌ͘^ŝŵƐĐŽŵŵĞŶƚĞĚŚĞŝƐŶŽƚŝŶƐƵƉƉŽƌƚŽĨƚŚĞǀĂƌŝĂŶĐĞƌĞƋƵĞƐƚĂŶĚĐŽŶƚŝŶƵĂŶĐĞŽĨƚŚĞŽƚŚĞƌ ĂƉƉůŝĐĂƚŝŽŶƐ͘,ŝƐƌĞĂƐŽŶŝŶŐĨŽƌŶŽƚƐƵƉƉŽƌƚŝŶŐŝƐďĞĐĂƵƐĞŽĨƚŚĞĐŚŽŝĐĞŵĂĚĞďǇƚŚĞĚĞǀĞůŽƉĞƌƚŽĚĞƐŝŐŶ ƚŚĞůŽƚĂƐƉƌĞƐĞŶƚĞĚ͘ Dƌ͘ƵƌƐƚŶŽƚĞĚƚŚĞĂĚũĂĐĞŶƚƉƌŽƉĞƌƚŝĞƐƚŽƚŚĞǁĞƐƚĂŶĚƚŚĞƌĞƋƵĞƐƚĂƚŚĂŶĚŝƐŶŽƚĂŶǇƚŚŝŶŐŚĂƐŶ͛ƚďĞĞŶ ĚŽŶĞŝŶƚŚĞƉĂƐƚ͖ĚƵĞĚŝůŝŐĞŶĐĞĨŽƌƚŚĞĚĞǀĞůŽƉŵĞŶƚŚĂƐďĞĞŶĚŽŶĞ͖ŚĞǁŽƵůĚďĞŝŶĨĂǀŽƌŽĨƐƵƉƉŽƌƚŝŶŐ ƚŚĞǀĂƌŝĂŶĐĞ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌƐƚĂƚĞĚǀĂƌŝĂŶĐĞĐĂŶ͛ƚďĞŐƌĂŶƚĞĚďĂƐĞĚŽŶƉĂƐƚĂƉƉƌŽǀĂůŽĨǀĂƌŝĂŶĐĞŽŶĂĚũĂĐĞŶƚ ƉƌŽƉĞƌƚŝĞƐ͘ DƐ͘ŝƌƌĞǆƉƌĞƐƐĞĚŚĞƌƐƵƉƉŽƌƚŽĨƚŚĞƐƚĂĨĨĨŝŶĚŝŶŐƐŽĨƚŚĞǀĂƌŝĂŶĐĞďĞĐĂƵƐĞƚŚĞĐƌĞĞŬŝƐŶŽƚƐŽŵĞƚŚŝŶŐ ƚŚĂƚǁŽƵůĚďĞŝŶĐŽŶƚƌŽůďǇƚŚĞĚĞǀĞůŽƉĞƌ͘ DƐ͘ŝƌƌŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨsĂƌŝĂŶĐĞZϮϬϭϱ Ͳ ϬϬϭsZǁŝƚŚƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚ ĨŝŶĚŝŶŐƐ͘Dƌ͘ƵƌƐƚƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϰ Ͳ Ϯ͘Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĂŶĚDƌ͘^ŝŵƐ ǀŽƚŝŶŐŶĂǇ͘ KE/d/KE^͗ hE/Yh/ZhD^dE^͗dŚĞƌĞǁŽƵůĚĂƉƉĞĂƌƚŽďĞƵŶŝƋƵĞĐŝƌĐƵŵƐƚĂŶĐĞƐŽƌĐŽŶĚŝƚŝŽŶƐƚŚĂƚĂƉƉůǇ ƚŽƚŚĞĂƉƉůŝĐĂŶƚ͛ƐƉƌŽƉĞƌƚǇƚŚĂƚĚŽŶŽƚĂƉƉůǇŐĞŶĞƌĂůůǇƚŽŽƚŚĞƌƉƌŽƉĞƌƚŝĞƐǁŝƚŚŝŶƚŚĞD Ͳ ϭŽƌD Ͳ Ϯ ŽŶŝŶŐŝƐƚƌŝĐƚ͘^ƚŽƌŵǁĂƚĞƌƚƌĞĂƚŵĞŶƚƉƌĂĐƚŝĐĞƐĂŶĚƌĞƋƵŝƌĞŵĞŶƚƐŚĂǀĞĚĞǀĞůŽƉĞĚƐŝŶĐĞƚŚĞ KƌĚŝŶĂŶĐĞǁĂƐĞŶĂĐƚĞĚŝŶϭϵϴϬ͘ƵƌƌĞŶƚǁĂƚĞƌƋƵĂůŝƚǇƚƌĞĂƚŵĞŶƚŵĞĂƐƵƌĞƐĂƌĞĚĞƐŝŐŶĞĚƚŽƉƌŽƚĞĐƚ ƚŚĞƐƵƌĨĂĐĞǁĂƚĞƌƐ͘dŚĞĚĞǀĞůŽƉĞƌŵƵƐƚŵĞĞƚŽƌĞǆĐĞĞĚƐƵƌĨĂĐĞǁĂƚĞƌƋƵĂůŝƚǇƐƚĂŶĚĂƌĚƐĚĞƚĞƌŵŝŶĞĚ ďǇƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌWƵďůŝĐtŽƌŬƐĞƉĂƌƚŵĞŶƚŝŶŽƌĚĞƌƚŽŵŝƚŝŐĂƚĞĂĚǀĞƌƐĞŝŵƉĂĐƚƐ͘'ŝǀĞŶƚŚĞ 3DFNHW3J )E 3DJH &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH0DUFK ĂďŽǀĞ͕ŝƚŝƐĐŽŶƐŝĚĞƌĞĚƚŚĂƚƚŚĞƉƌŽƉŽƐĂůĐŽŵƉůŝĞƐǁŝƚŚƚŚŝƐĐƌŝƚĞƌŝŽŶ͘ EKdZdzd,>EKtEZ͗dŚĞƌĞĂƌĞĞǆƚƌĂŽƌĚŝŶĂƌǇĐŽŶĚŝƚŝŽŶƐŽƌĐŝƌĐƵŵƐƚĂŶĐĞƐƚŚĂƚĂƌĞĚƵĞ ƚŽĐŝƌĐƵŵƐƚĂŶĐĞƐƵŶŝƋƵĞƚŽƚŚĞƉƌŽƉĞƌƚǇŶŽƚĐƌĞĂƚĞĚďǇƚŚĞůĂŶĚŽǁŶĞƌ͘dŚĞĚĞǀĞůŽƉĂďůĞĂƌĞĂŽĨƚŚĞ ƉƌŽƉĞƌƚǇŚĂƐďĞĞŶĂƌĞƐƵůƚŽĨƚŚĞƐƵƌƌŽƵŶĚŝŶŐƌŽĂĚǁĂǇƐǇƐƚĞŵ͘ĐĐĞƐƐƚŽƚŚĞƉƌŽƉĞƌƚǇŝƐŽŶůǇĂůůŽǁĞĚ ĂƚƚŚĞ^ƵƉĞƌŝŽƌƌŝǀĞEtůŽĐĂƚŝŽŶĚƵĞƚŽƚŚĞĐŽŶƚƌŽůůĞĚĂĐĐĞƐƐKůŵƐƚĞĚŽƵŶƚǇĞƐƚĂďůŝƐŚĞĚŝŶtĞƐƚ ŝƌĐůĞƌŝǀĞĂŶĚϭϵƚŚ^ƚƌĞĞƚ͘'ŝǀĞŶƚŚĞĨĂĐƚƚŚĂƚƚŚĞĞǆŝƐƚŝŶŐĐŝƌĐƵŵƐƚĂŶĐĞƐǁŝƚŚƌĞŐĂƌĚƚŽƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚŽĨĂǀĂƌŝĂŶĐĞƚŽƚŚĞ^ŚŽƌĞůĂŶĚŝƐƚƌŝĐƚƉƌŽǀŝƐŝŽŶƐǁĞƌĞŶŽƚĐƌĞĂƚĞĚďǇƚŚĞůĂŶĚŽǁŶĞƌ͕ŝƚŝƐ ĐŽŶƐŝĚĞƌĞĚƚŚĂƚƚŚŝƐǀĂƌŝĂŶĐĞƌĞƋƵĞƐƚĐŽŵƉůŝĞƐǁŝƚŚƚŚŝƐƌĞƋƵŝƌĞŵĞŶƚ͘ Z^KE>h^͗dŚĞŐƌĂŶƚŝŶŐŽĨƚŚŝƐǀĂƌŝĂŶĐĞƌĞƋƵĞƐƚĚŽĞƐĂƉƉĞĂƌƚŽďĞĂƌĞĂƐŽŶĂďůĞƵƐĞďĞĐĂƵƐĞ ƚŚĞĞŶƚŝƌĞƐƵďĚŝǀŝƐŝŽŶǁŝůůďĞŵŝƚŝŐĂƚĞĚďǇƚŚĞĐŽŵŵŝƚŵĞŶƚƚŽƉĞƌĨŽƌŵƐƚŽƌŵǁĂƚĞƌĐŽŶƚƌŽůƐ͘dŚĞ ŐƌĂŶƚŝŶŐŽĨƚŚŝƐǀĂƌŝĂŶĐĞĞŶƐƵƌĞƐƚŚĞƌĞĂƐŽŶĂďůĞƵƐĞŽĨƚŚĞƐŝƚĞŐŝǀĞŶƚŚĞĞǆŝƐƚŝŶŐƐŚŽƌĞůĂŶĚĐŽŶĚŝƚŝŽŶƐ ŽŶƚŚĞůŽƚ͘/ƚŝƐƚŚĞƌĞĨŽƌĞĐŽŶƐŝĚĞƌĞĚƚŚĂƚƚŚŝƐǀĂƌŝĂŶĐĞƌĞƋƵĞƐƚĐŽŵƉůŝĞƐǁŝƚŚƚŚŝƐĐƌŝƚĞƌŝŽŶ͘ ^^Ed/>,ZdZ͗dŚĞŐƌĂŶƚŝŶŐŽĨƚŚŝƐǀĂƌŝĂŶĐĞƌĞƋƵĞƐƚǁŽƵůĚŶŽƚďĞƐƵďƐƚĂŶƚŝĂůůǇĚĞƚƌŝŵĞŶƚĂů ƚŽƚŚĞĐŚĂƌĂĐƚĞƌŽĨƚŚĞŶĞŝŐŚďŽƌŚŽŽĚĂŶĚƚŚĞĂĚũĂĐĞŶƚƉƌŽƉĞƌƚǇŽǁŶĞƌƐ͘dŚĞůŽƚŝƐƐƵƌƌŽƵŶĚĞĚďǇƚŚĞ D Ͳ ϭĂŶĚD Ͳ ϮŽŶŝŶŐŝƐƚƌŝĐƚƐƚŽƚŚĞǁĞƐƚ͕ŶŽƌƚŚ͕ĂŶĚƐŽƵƚŚĂŶĚďŽƵŶĚďǇtĞƐƚŝƌĐůĞƌŝǀĞŽŶƚŚĞ ĞĂƐƚ͘ /EdEdEWhZWK^͗dŚĞŐƌĂŶƚŝŶŐŽĨƚŚŝƐǀĂƌŝĂŶĐĞǁŽƵůĚŶŽƚďĞĚĞƚƌŝŵĞŶƚĂůƚŽƚŚĞŝŶƚĞŶƚĂŶĚ ƉƵƌƉŽƐĞŽĨƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌŽŶŝŶŐKƌĚŝŶĂŶĐĞďĞĐĂƵƐĞƚŚĞŝŶƚĞŶƚŽĨƚŚĞKƌĚŝŶĂŶĐĞŝƐŶŽƚ ĐŽŵƉƌŽŵŝƐĞĚƚŚƌŽƵŐŚƚŚĞǀĂƌŝĂŶĐĞƉƌŽĐĞƐƐ͘ KE^/^dEzt/d,KDWZ,E^/sW>E͗dŚĞD Ͳ ϭĂŶĚD Ͳ ϮŽŶŝŶŐŝƐƚƌŝĐƚƐĂƌĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞ ŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ͘ dŚĞŵŝŶŝŵƵŵǀĂƌŝĂŶĐĞƐƚŚĂƚǁŽƵůĚďĞŶĞĐĞƐƐĂƌǇƚŽĂůůĞǀŝĂƚĞƚŚĞĂůůĞŐĞĚŚĂƌĚƐŚŝƉǁŽƵůĚďĞ ǀĂƌŝĂŶĐĞƚŽ^ĞĐƚŝŽŶϲϮ͘ϭϬϬϴ;ϮͿ;ďͿŽĨƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌŽŶŝŶŐKƌĚŝŶĂŶĐĞĂŶĚ>ĂŶĚĞǀĞůŽƉŵĞŶƚ DĂŶƵĂůŽĨĨŝĨƚǇ Ͳ ĨŝǀĞ;ϱϱͿƉĞƌĐĞŶƚƚŽƚŚĞŵĂǆŝŵƵŵĂůůŽǁĞĚƚǁĞŶƚǇ Ͳ ĨŝǀĞ;ϮϱͿƉĞƌĐĞŶƚŝŵƉĞƌǀŝŽƵƐƐƵƌĨĂĐĞ ůŽƚĂƌĞĂĐŽǀĞƌĂŐĞŝŶƚŚĞ^ŚŽƌĞůĂŶĚŝƐƚƌŝĐƚƚŽĂůůŽǁĨŽƌĞŝŐŚƚǇ;ϴϬͿƉĞƌĐĞŶƚŝŵƉĞƌǀŝŽƵƐůŽƚĂƌĞĂ ĐŽǀĞƌĂŐĞŽŶ>Žƚϭ͕ůŽĐŬϭ͕>Žƚϰ͕ůŽĐŬϮ͕ĂŶĚ>Žƚϱ͕ůŽĐŬϮŽĨƌĞĞŬƐŝĚĞ^ƵďĚŝǀŝƐŝŽŶ͘ DƐ͘ŝƌƌŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶZϬϬϯϭϵ'WǁŝƚŚƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐ͘Dƌ͘^ŚĞƌǁŽŽĚƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϲ Ͳ Ϭ͘ KE/d/KE^͗ ƌŝƚĞƌŝĂ͘dŚĞƉƌŽƉŽƐĞĚůĂŶĚƵƐĞƐĂƌĞŐĞŶĞƌĂůůǇŝŶĂĐĐŽƌĚǁŝƚŚƚŚĞĂĚŽƉƚĞĚǌŽŶŝŶŐŵĂƉ͘/ĨƚŚĞ ŐĞŶĞƌĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶŝƐďĞŝŶŐƉƌŽĐĞƐƐĞĚĐŽŶĐƵƌƌĞŶƚůǇǁŝƚŚĂƌĞǌŽŶŝŶŐƌĞƋƵĞƐƚ͕ƚŚĞ ŐĞŶĞƌĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶĂŶĚƚŚĞƌĞǌŽŶŝŶŐƌĞƋƵĞƐƚŵƵƐƚďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞ ĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶ͘/ĨƚŚĞŐĞŶĞƌĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶŝƐďĞŝŶŐƉƌŽĐĞƐƐĞĚĐŽŶĐƵƌƌĞŶƚůǇ ǁŝƚŚĂŶĂŵĞŶĚŵĞŶƚƚŽƚŚĞůĂŶĚƵƐĞƉůĂŶŵĂƉĂŶĚĂƌĞǌŽŶŝŶŐƌĞƋƵĞƐƚ͕ƚŚĞůĂŶĚƵƐĞƉůĂŶ ŵĂƉĂŵĞŶĚŵĞŶƚ͕ƌĞǌŽŶŝŶŐƌĞƋƵĞƐƚĂŶĚŐĞŶĞƌĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶŵƵƐƚďĞĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚƚŚĞƉŽůŝĐŝĞƐŽĨƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶ͘/ĨƚŚĞƌĞŝƐŝŶĐŽŶƐŝƐƚĞŶĐǇďĞƚǁĞĞŶƚŚĞƐĞ ĚŽĐƵŵĞŶƚƐ͕ƚŚĞŵĞĂŶƐĨŽƌƌĞĐŽŶĐŝůŝŶŐƚŚĞĚŝĨĨĞƌĞŶĐĞƐŵƵƐƚďĞĂĚĚƌĞƐƐĞĚ͘ dŚĞůĂŶĚƵƐĞƐǁŝƚŚŝŶƚŚĞD Ͳ ϭǌŽŶŝŶŐĚŝƐƚƌŝĐƚĂƌĞŐĞŶĞƌĂůůǇĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞůĂŶĚƵƐĞ 3DFNHW3J )E 3DJH &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH0DUFK ĚĞƐŝŐŶĂƚŝŽŶĨŽƌƚŚĞƉƌŽƉĞƌƚǇ͘dŚĞĂƉƉůŝĐĂŶƚĚŽĞƐƉƌŽƉŽƐĞŝŵƉĂĐƚƐƚŽƚŚĞĨůŽŽĚƉůĂŝŶ͕ ƐŚŽƌĞůĂŶĚ͕ĂŶĚǁĞƚůĂŶĚ͘^ĞƉĂƌĂƚĞƌĞǀŝĞǁƉƌŽĐĞĚƵƌĞƐĂƌĞƌĞƋƵŝƌĞĚĨŽƌŝŵƉĂĐƚƐŽŶ ƚŚĞƐĞƌĞƐŽƵƌĐĞůĂŶĚƐ͘dŚĞĂƉƉůŝĐĂŶƚŵƵƐƚĐŽŵƉůǇǁŝƚŚƚŚĞƐŚŽƌĞůĂŶĚƐƚĂŶĚĂƌĚƐ ŝŶĐůƵĚŝŶŐƐƚŽƌŵǁĂƚĞƌĐŽŶƚƌŽů͕ƐĞƚďĂĐŬƐĨƌŽŵƚŚĞK,tD͕ĂŶĚǀĞŐĞƚĂƚŝŽŶƌĞŵŽǀĂů͘ ƌŝƚĞƌŝĂ͘dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͕ŝŶĐůƵĚŝŶŐŝƚƐůŽƚƐŝǌĞƐ͕ĚĞŶƐŝƚǇ͕ĂĐĐĞƐƐĞƐĂŶĚĐŝƌĐƵůĂƚŝŽŶĂƌĞ ĐŽŵƉĂƚŝďůĞǁŝƚŚƚŚĞĞǆŝƐƚŝŶŐĂŶĚͬŽƌƉĞƌŵŝƐƐŝďůĞĨƵƚƵƌĞƵƐĞŽĨĂĚũĂĐĞŶƚƉƌŽƉĞƌƚǇ͘ ƚŚ ĐĐĞƐƐƚŽƚŚŝƐƉƌŽƉĞƌƚǇǁŝůůďĞďǇǁĂǇŽĨĂƐŝŶŐůĞĞŶƚƌĂŶĐĞƚŽϭϵ^ƚƌĞĞƚEtůŽĐĂƚĞĚ ĂƉƉƌŽǆŝŵĂƚĞůǇϱϲϳĨĞĞƚǁĞƐƚŽĨƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶŽĨtĞƐƚŝƌĐůĞƌ͕͘EtĂŶĚ ŝŵŵĞĚŝĂƚĞůǇƐŽƵƚŚŽĨ^ƵƉĞƌŝŽƌƌŝǀĞEt͘dŚĞƐƚƌĞĞƚƐƉƌŽƉŽƐĞĚǁŝƚŚŝŶƚŚĞƉƌŽƉĞƌƚǇ ĐŽŶƐŝƐƚŽĨĂŶĞǆƚĞŶƐŝŽŶŽĨ^ƵƉĞƌŝŽƌƌŝǀĞEtĂŶĚƌĞĞŬƐŝĚĞƌŝǀĞEt͘dŚĞƐƚƌĞĞƚ ƐǇƐƚĞŵĚŽĞƐŶŽƚƐĞƌǀĞƚŚĞƉŽƌƚŝŽŶŽĨƚŚĞƐŝƚĞůŽĐĂƚĞĚƐŽƵƚŚŽĨĂƐĐĂĚĞƌĞĞŬĂŶĚƚŚĞ 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ŽǁŶĞƌƐŚŝƉŽƌŝŶƚĞƌĞƐƚ͕ĂŶĚĐŽŶƐŝƐƚƐŽĨĂůůůĂŶĚƐĨŽƌǁŚŝĐŚƚŚĞĂƉƉůŝĐĂŶƚŚĂƐ ŽǁŶĞƌƐŚŝƉŽƌŝŶƚĞƌĞƐƚ͖Žƌ ϰ͘ĚĞǀĞůŽƉŵĞŶƚĨŽƌǁŚŝĐŚĂĚĞǀĞůŽƉŵĞŶƚĂŐƌĞĞŵĞŶƚŚĂƐďĞĞŶĞǆĞĐƵƚĞĚďǇƚŚĞ ŽǁŶĞƌĂŶĚƚŚĞĐŝƚǇĨŽƌƚŚĞĞŶƚŝƌĞƉƌŽƉĞƌƚǇŝŶĐůƵĚĞĚŝŶƚŚĞƉƌŽƉŽƐĞĚŐĞŶĞƌĂů ĚĞǀĞůŽƉŵĞŶƚƉůĂŶ͘dŚĞĚĞǀĞůŽƉŵĞŶƚĂŐƌĞĞŵĞŶƚŵƵƐƚŚĂǀĞďĞĞŶĚƌĂĨƚĞĚďĂƐĞĚ ŽŶƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƉƌŽƉĞƌƚǇŽĐĐƵƌƌŝŶŐĂƐƉƌŽƉŽƐĞĚŝŶƚŚĞŐĞŶĞƌĂů ĚĞǀĞůŽƉŵĞŶƚƉůĂŶ͘ ĞǀĞůŽƉŵĞŶƚŐƌĞĞŵĞŶƚǁĂƐƌĞĐĞŶƚůǇĞǆĞĐƵƚĞĚĨŽƌƚŚŝƐƉƌŽƉĞƌƚǇĂŶĚ ĚĞǀĞůŽƉŵĞŶƚŝƐƐƵďũĞĐƚƚŽƚŚĞƚĞƌŵƐŽĨƚŚĞŐƌĞĞŵĞŶƚ͘dŚĞĂŐƌĞĞŵĞŶƚŐĞŶĞƌĂůůǇ 3DFNHW3J )E 3DJH &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH0DUFK ŝŶĐůƵĚĞƐĚĞƚĂŝůƐŽĨƉƌŽǀŝƐŝŽŶƐĂĚĚƌĞƐƐŝŶŐŝƚĞŵƐƐƵĐŚĂƐ͗ƚŚĞƌĞƐĞƌǀĂƚŝŽŶĂŶĚƚĞƌŵƐ ĨŽƌĨƵƚƵƌĞĚĞĚŝĐĂƚŝŽŶŽĨZKtĨŽƌŝŶƚĞƌƐĞĐƚŝŽŶŝŵƉƌŽǀĞŵĞŶƚƐĂƚ^ƵƉĞƌŝŽƌƌEtΘ ϭϵƚŚ^ƚEt͕ƐŚŽƌƚƚĞƌŵƌĞƐĞƌǀĂƚŝŽŶŽĨЪZKtŶĞĐĞƐƐĂƌǇĨŽƌĞǆƚĞŶĚŝŶŐϰϬƚŚǀĞ Et͕ƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚŽďůŝŐĂƚŝŽŶƐ͕ƉĞĚĞƐƚƌŝĂŶĨĂĐŝůŝƚǇŽďůŝŐĂƚŝŽŶƐ͕ƚŚĞ ĞǆƚĞŶƐŝŽŶŽĨƉƵďůŝĐƵƚŝůŝƚŝĞƐ͕ĂŶĚƚĞƌŵƐĨŽƌƉĂǇŵĞŶƚŽĨĚĞǀĞůŽƉŵĞŶƚƌĞůĂƚĞĚ ĐŚĂƌŐĞƐ͘ ƌŝƚĞƌŝĂ<͘dŚĞWůĂŶŝƐŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶĂŶĚƚŚĞŽŵƉůĞƚĞ^ƚƌĞĞƚƐWŽůŝĐǇŽĨ ƚŚĞŝƚǇ͘ 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