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ĂƚĂƚŚĂƚŝĚĞŶƚŝĨLJĂŶŝŶĚŝǀŝĚƵĂůǁŝƚŚĂĂƚĂĐŽůůĞĐƚĞĚŝŶĚŝǀŝĚƵĂůƉƵďůŝĐƵƚŝůŝƚLJ ĐƵƐƚŽŵĞƌƐŽƌƉƌŽƐƉĞĐƚŝǀĞĐƵƐƚŽŵĞƌƐ͕ ĂƚĂŽŶĞŵƉůŽLJĞĞƐƌĞŐĂƌĚŝŶŐ&D> ƉƵƌƉŽƐĞŽĨƉƌŽĐĞƐƐŝŶŐĂĚĞĨĞƌŵĞŶƚ ĚŝƐĂďŝůŝƚLJŽƌĂĨĂŵŝůLJŵĞŵďĞƌŽĨĂŶ  ϵ&ŽƌŵƐƐƵďŵŝƚƚĞĚďLJĞŵƉůŽLJĞĞƐŽŵƉůĞƚĞĚĞdžĂŵƐĂĚŵŝŶŝƐƚĞƌĞĚƚŽ  džƉĞŶƐĞƌĞŝŵďƵƌƐĞŵĞŶƚƌĞƋƵĞƐƚƐ  ďŽĚLJŽƌůĂǁĞŶĨŽƌĐĞŵĞŶƚŽĨĨŝĐŝĂů͖ ĂƉƉůŝĐĂŶƚƐΘƉƌŽŵŽƚŝŽŶĂůĞdžĂŵƐ  ŽƚŚĞƌĞůĞĐƚƌŽŶŝĐƚƌĂŶƐĂĐƚŝŽŶƐ ĂƚĂƚŚĂƚǁŽƵůĚŝĚĞŶƚŝĨLJĂŶ ŽĞŵƉůŽLJĞĞƐ  ŝŶĚŝǀŝĚƵĂůǁŝƚŚĂĚŝƐĂďŝůŝƚLJ  ǁĞĂƚŚĞƌĚŝƐĐŽŶŶĞĐƚŝŽŶ͘  ŵƉůŽLJĞĞƐ͛ƚĞƐƚƌĞƐƵůƚƐ  ƌĞĚŝƚĐĂƌĚ͕ĐŚĂƌŐĞ ĂĚŵŝŶŝƐƚĞƌĞĚƚ  ĂƉƉůŝĐĂƚŝŽŶ ƉĞƌƐŽŶŶ  ŝŶƋƵŝƌLJ  WƵďůŝĐͿ  Ͳ /  ƌƵŐĂŶĚůĐŽŚŽůdĞƐƚŝŶŐZĞƐƵůƚƐ &ŝůĞ͕WƌŽĐĞƐƐ͕  ƵƐƚŽŵĞƌĂƚĂ  ŵƉůŽLJĞĞĞdžƉĞŶƐĞƌĞƉŽƌƚƐ ĂƚĂŽŶŝŶĚŝǀŝĚƵĂůƐǁŝƚŚ  ĞĨĞƌŵĞŶƚƉƉůŝĐĂƚŝŽŶ ůŝŐŝďŝůŝƚLJ &ĂŵŝůLJDĞĚŝĐĂů>ĞĂǀĞ 'ŽǀĞƌŶŵĞŶƚƐĞƌǀŝĐĞƐ  ϵ&Žƌŵ  ĂƚĂŽŶŝŶĚŝǀŝĚƵĂůƐ  &ŽƌŵŽƌĂƚĂdLJƉĞ /ŶƚĞƌŶĂůĂƵĚŝƚĚĂƚĂ  ƚƌĂŶƐĂĐƚŝŽŶƐĚĂƚĂ EĂŵĞŽĨZĞĐŽƌĚ͕  džĂŵŝŶĂƚŝŽŶ&ŝůĞ  'ƌŝĞǀĂŶĐĞ&ŝůĞƐ  ůĞĐƚƌŝĐhƚŝůŝƚLJ'ĂƌŶŝƐŚŵĞŶƚƐ Ͳ sĞƌŝĨŝĐĂƚŝŽŶͬ/ ŵƉůŽLJŵĞŶƚ  ŽĐƵŵĞŶƚƐ  ĚŝƐĂďŝůŝƚŝĞƐ 3DFNHW3J 'F 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dŚĞϱĨůŽŽƌŝƐŽŶůLJƐĞƚďĂĐŬĂůŽŶŐϭǀĞŶƵĞĂŶĚŶŽƚƚŚĞŽƚŚĞƌ ƐƚƌĞĞƚƐĂŶĚĂůůĞLJ͕ƐŚĞŶŽƚĞĚĨƵƌƚŚĞƌĚŝƐĐƵƐƐŝŽŶŽŶƚŚŝƐƚŽƉŝĐĂƚƐŽŵĞƉŽŝŶƚĚƵƌŝŶŐƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐŝƐ ŶĞĞĚĞĚ͘  Dƌ͘tŽũĐŚŝŬĐŽŵŵĞŶƚĞĚŚĞǁŽƵůĚĚĞĨĞƌƚŚĞƌĞƐƉŽŶƐĞƚŽŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶĨŽƌƚŚĞd/&ƐŝĚĞŽĨĚĞƐŝŐŶ ŐƵŝĚĞůŝŶĞƐ͘,ĞŶŽƚĞĚƚŚĞƌĞĨĞƌƌĂůĐŽŵŵĞŶƚďĂĐŬĨƌŽŵDƌ͘dĞƌƌLJ^ƉĂĞƚŚǁŝƚŚŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶǁŚŝĐŚ ƐƚĂƚĞĚƚŚĞƐĞƚďĂĐŬŝƐĂĐĐĞƉƚĂďůĞ͘  Dƌ͘^ŝŵƐĂƐŬĞĚĂďŽƵƚƚŚĞƉƌŽĐĞƐƐŽĨƚŚĞĂƉƉůŝĐĂƚŝŽŶĨŽƌƚŚĞƉŽƐƐŝďŝůŝƚLJŽĨĂĚĚŝƚŝŽŶĂůƉƵďůŝĐŚĞĂƌŝŶŐƐ ŚĞĂƌĚďĞĨŽƌĞW͘  Dƌ͘tŽũĐŚŝŬƐƚĂƚĞĚƚŚĞŽŵŵŝƐƐŝŽŶǁŝůůƐĞĞƚŚĞĨŝŶĂůƉůĂŶĂŐĂŝŶƵŶůĞƐƐŝƚŝƐǁĂŝǀĞĚ͘,ĞŶŽƚĞĚƚŚĞƉƌŽĐĞƐƐ ŽƌĚĞƌŝƐŚĂƌĚƚŽĚĞƚĞƌŵŝŶĞǁŚĞŶƚŚĞĚĞǀĞůŽƉĞƌǁŽƵůĚĂƉƉůLJĨŽƌƌĞǀŽĐĂďůĞƉĞƌŵŝƚƐ͕ĞƚĐ͕͘ďƵƚƚŚĞƌĞǁŽƵůĚ ďĞƚŝŵĞƚŽĐŽŵŵĞŶƚǁŚĞŶƚŚĞĨŝŶĂůƉůĂŶĐŽŵĞƐƚŚƌŽƵŐŚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐƉƌŽĐĞƐƐ͘  Dƌ͘tĂůƚĞƌƐŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘  3DFNHW3J )E 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 )E 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 )E 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 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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 )E 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 )E 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 )E 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 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&LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH)HEUXDU\  Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌďƌŽƵŐŚƚĨŽƌƚŚƚŚĞƐƵŐŐĞƐƚŝŽŶŽĨĂĚĚŝŶŐƐƚĂĨĨƚŽƚŚĞWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚƚŽƚĂŬĞŽŶ ĐŽŵƉůĞƚŝŽŶŽĨƐƚƵĚŝĞƐĨŽƌDŝŶƐƚĞĂĚŽĨŐŽŝŶŐƚŽŽƵƚƐŝĚĞĐŽŶƐƵůƚĂŶƚƐ͘dŚĞƋƵĞƐƚŝŽŶŽĨĞǀĂůƵĂƚŝŶŐŽĨ ƚŚĞƐƚĂĨĨŝŶŐŶĞĞĚƐĂƚƚŚĞWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚŝƐŶĞĞĚĞĚ͘  Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌŵĂĚĞƚŚĞŵŽƚŝŽŶĨŽƌƚŚĞŝƚLJŽƵŶĐŝůƚŽĐŽŶƐŝĚĞƌŝŶĐƌĞĂƐŝŶŐWůĂŶŶŝŶŐ^ƚĂĨĨůĞǀĞůƐ ďĂƐĞĚŽŶŝŶĐƌĞĂƐĞĚǁŽƌŬůŽĂĚƐƐƚĞŵŵŝŶŐĨƌŽŵDƉůĂŶĂŶĚƵƉĚĂƚĞƚŽƚŚĞŽŵƉWůĂŶ͘Dƌ͘tĂůƚĞƌƐ ƐĞĐŽŶĚĞĚ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůLJ͘  Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĞdžƉůĂŝŶĞĚƚŚĞŶĞĞĚƚŽƚĂŬĞĂŶŽƚŚĞƌůŽŽŬĂƚƌĞͲǀĂŵƉŝŶŐŽĨƚŚĞĞŶƚŝƌĞŽŶŝŶŐ KƌĚŝŶĂŶĐĞ͘  Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌŵĂĚĞĂŵŽƚŝŽŶĨŽƌƚŚĞŝƚLJŽƵŶĐŝůƚŽďĞŐŝŶƚŚĞƉƌŽĐĞƐƐŽĨƵƉĚĂƚŝŶŐƚŚĞnjŽŶŝŶŐ ŽƌĚŝŶĂŶĐĞƐƚŽĐŽŝŶĐŝĚĞǁŝƚŚƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞƵƉĚĂƚĞŽĨƚŚĞŽŵƉWůĂŶ͘DƐ͘tŝůƐŽŶ ƐĞĐŽŶĚĞĚ͘DƐ͘tŝůƐŽŶǁŝƚŚĚƌĞǁŚĞƌƐĞĐŽŶĚ͘Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌǁŝƚŚĚƌĞǁƚŚĞŵŽƚŝŽŶ͘  Dƌ͘,ĂƌĨŽƌĚŶŽƚĞĚƚŚŝƐŵĂLJďĞ͞ƉƵƚƚŝŶŐƚŚĞĐĂƌƚďĞĨŽƌĞƚŚĞŚŽƌƐĞ͘͟dŚĞĐŽŵƉƉůĂŶŝƐĂŶƚŝĐŝƉĂƚĞĚƚŽ ŐƵŝĚĞƚŚĞWůĂŶŶŝŶŐ^ƚĂĨĨŝŶĂůŽƚǁĂLJƐƚŽŝŵƉůĞŵĞŶƚĂƚŝŽŶĨŽƌĐŚĂŶŐĞƐƚŽƚŚĞKƌĚŝŶĂŶĐĞ͘  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