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ƵŶŝƋƵĞŶŝĐŚĞŝŶƚŚĞŵĂƌŬĞƚƉůĂĐĞĂŶĚŚĞůƉƐĚŝǀĞƌƐŝĨǇƚŚĞĞĐŽŶŽŵǇŽĨƚŚĞ ĐŝƚǇ͘ ͻdŚĞůĞǀĞůŽĨŝŶǀĞƐƚŵĞŶƚĂŶĚƌĞĐŽŐŶŝƚŝŽŶŽĨŚŝƐƚŽƌŝĐĂůŽƌĂƌĐŚŝƚ ĞĐƚƵƌĂůůǇ ƐŝŐŶŝĨŝĐĂŶƚďƵŝůĚŝŶŐƐŽƌƐŝƚĞƐ͘ ͻdŚĞŝŶĐƌĞĂƐĞŝŶƚĂǆͬĨĞĞƌĞǀĞŶƵĞƐƚŚĂƚŵĂǇƌĞƐƵůƚĨƌŽŵƚŚĞĚĞǀĞů ŽƉŵĞŶƚ͘ ͻdŚĞĐŽŶƚƌŝďƵƚŝŽŶƚŚĂƚƚŚĞĚĞǀĞůŽƉŵĞŶƚǁŝůůŵĂŬĞƚŽǁ ĂƌĚŝŶĐƌĞĂƐĞĚ ĞŵƉůŽǇŵĞŶƚĂŶĚĞĂƌŶŝŶŐƐǁŝƚŚŝŶƚŚĞĐŝƚǇ͕ŝŶĐůƵĚŝŶŐƚŚĞŶƵŵďĞƌĂŶĚƋƵĂůŝƚǇ ŽĨũŽďƐĐƌĞĂƚĞĚ͘ ͻdŚĞĚĞŐƌĞĞƚŽǁŚŝĐŚƚŚĞĚĞǀĞůŽƉŵĞŶƚŵĂǇƉŽƚĞŶƚŝĂůůǇƐƚŝ ŵƵůĂƚĞŽƚŚĞƌ ĚĞƐŝƌĂďůĞĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚĂŶĚͬŽƌƌĞĚĞǀĞůŽƉŵĞŶƚĂĐƚŝǀŝƚǇ;ĐĂƚĂůǇƚŝĐ ĞĨĨĞĐƚͿ͗͘ ͻdŚĞďĞŶĞĨŝĐŝĂůĞĐŽŶŽŵŝĐŝŵƉĂĐƚͬƚƌĂĐŬƌĞĐŽƌĚŽĨĂŶǇƉƌŝŽƌĚĞǀĞůŽƉŵĞŶƚ ĞǆƉĞƌŝĞŶĐĞǁŝƚŚƚŚĞŝƚǇ͘ ͻdŚĞĞǆƚĞŶƚƚŽǁŚŝĐŚĂĚĚŝƚŝŽŶĂůĚŝƌĞĐƚŽƌŝŶĚŝƌĞĐƚƉƵďůŝĐĐŽƐƚƐƚŽƚŚĞĐŝƚǇ ǁŽƵůĚďĞŶĞĐĞƐƐĂƌǇ͕ŝ͘Ğ͘ĞǆƚĞŶĚŝŶŐͬƵƉŐƌĂĚŝŶŐƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞĨĂĐŝůŝƚŝĞƐ ĂŶĚͬŽƌŵƵŶŝĐŝƉĂůƐĞƌǀŝĐĞƐ͘ ͻdŚĞĚĞŵŽŶƐƚƌĂƚĞĚĐĂƉĂĐŝƚǇŽĨƚŚĞĚĞǀĞůŽƉĞƌƚŽĨŝŶĂŶĐĞ͕ŵĂƌŬĞƚ͕ŵĂŶĂŐĞ ĂŶĚƉĂĐŬĂŐĞƚŚŝƐƉƌŽũĞĐƚŝŶĐůƵĚŝŶŐƚŚĞĂďŝůŝƚǇƚŽƐĞĐƵƌĞƚĞŶĂŶƚƐ͘ ͘ǀŝĚĞŶĐĞŽĨ&ŝŶĂŶĐŝĂůďŝůŝƚǇʹ/ŶĨŽƌŵĂƚŝŽŶƚŚĂƚǁŝůůĚĞŵŽŶƐƚƌĂƚĞƚŽƚŚĞŝƚǇ ƚŚĂƚƚŚĞƉƉůŝĐĂŶƚŚĂƐƚŚĞĨŝŶĂŶĐŝĂůĂďŝůŝƚǇƚŽůĞĂƐĞ͕ĂŶĚĨŝŶĂŶĐŝĂůůǇŽƉĞƌĂƚĞ 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ĚŝƐƚĂŶĐĞŽĨϵϴ͘ϰϮĨĞĞƚƚŽƚŚĞŶŽƌƚŚĞƌůǇƌŝŐŚƚŽĨǁĂǇůŝŶĞŽĨƐĂŝĚ ĞŐŝŶŶŝŶŐĂƚƚŚĞŶŽƌƚŚĞĂƐƚĐŽƌŶĞƌŽĨ>Žƚϭ͕ůŽĐŬϮ͕ƐĂŝĚ&>dĂĚŝƐƚĂŶĐĞŽĨϮϰϲ͘ϵϱĨĞĞƚƚŽƚŚĞĞĂƐƚůŝŶĞŽĨƐĂŝĚ>Žƚϭ͕ůŽĐŬϯ͖ &ZD/d/KEdKZK,^dZ͖ƚŚĞŶĐĞEŽƌƚŚϴϵĚĞŐƌĞĞƐϰϮϯϳ͘ϰϮĨĞĞƚ͖ƚŚĞŶĐĞŶŽƌƚŚĞĂƐƚĞƌůǇϰϵ͘ϱϰĨĞĞƚĂůŽŶŐĂƚĂŶŐĞŶƚŝĂů dŚĂƚƉĂƌƚŽĨDĂŝŶĞǀĞŶƵĞ^͘͘ĂŶĚ>Žƚϭ͕ůŽĐŬϯ͕ĂůůŝŶƐĂŝĚ&>d ĚĞŐƌĞĞƐϬϮŵŝŶƵƚĞƐϱϰƐĞĐŽŶĚƐ͖ƚŚĞŶĐĞEŽƌƚŚϯϮĚĞŐƌĞĞƐϯϬ ŵŝŶƵƚĞƐϰϮƐĞĐŽŶĚƐtĞƐƚĂůŽŶŐƚŚĞŶŽƌƚŚůŝŶĞŽĨƐĂŝĚ>ŽƚϭĂ DĂŝŶĞǀĞŶƵĞ^͖͘͘ƚŚĞŶĐĞŶŽƌƚŚǁĞƐƚĞƌůǇϮϵ͘ϱϭĨĞĞƚĂůŽŶŐĂ ĚŝƐƚĂŶĐĞŽĨϱϱϴ͘ϬϮĨĞĞƚ͖ƚŚĞŶĐĞǁĞƐƚĞƌůǇϮϰϬ͘ϴϰĨĞĞƚĂůŽŶŐĂ ĚŝƐƚĂŶĐĞŽĨϰϲϵ͘ϳϲĨĞĞƚ͖ƚŚĞŶĐĞĞĂƐƚĞƌůǇϱϬ͘ϯϰĨĞĞƚĂůŽŶŐĂ &ZD/d/KEdKZK,^dZ͕ĚĞƐĐƌŝďĞĚĂƐĨŽůůŽǁƐ͗ &>d&ZD/d/KEdKZK,^dZ KůŵƐƚĞĚŽƵŶƚǇ͕DŝŶŶĞƐŽƚĂ͖ ƚŚĞƉŽŝŶƚŽĨďĞŐŝŶŶŝŶŐ͘ ZKE^Z/Wd/KE E =21('$ 7+675((76( &2817< 67%5,'*(752$'6( &6$+ =21('0 352326(' =21('5 =21('0 72%( =21('5 =21('0 287/27% =21('0 287/27$ $9(18( 7+675((76( &6$+ '5,9(6( )25(67.12// 0$,1( =21('0 =21('0 =21('0 =21('0 287/27' %/2&. 287/27( )E 5(=21,1*(;+,%,7 1257+ )/((7)$50$'',7,217252&+(67(5 7+675((76( &6$+ 352326(' /27 /,1(6 67%5,'*(752$'6( &6$+ 0$,1( $9(18( 6( )25(67.12//'5,9(6( :,'6(7+60,7+12/7,1* :,'6(7+60,7+12/7,1* 352326('5(=21()5200725 (QJLQHHULQJ_$UFKLWHFWXUH_6XUYH\LQJ_(QYLURQPHQWDO 3DFNHW3J )E &>d&ZD/d/KEdKZK,^dZ ZKE^Z/Wd/KE KƵƚůŽƚĂŶĚ>Žƚϭ͕ůŽĐŬϮ͕ĂůůŝŶ&>d&ZD/d/KEdKZK,^dZ͕ĂĐĐŽƌĚŝŶŐƚŽƚŚĞƉůĂƚƚŚĞƌĞŽĨ ŽŶĨŝůĞĂƚƚŚĞŽƵŶƚǇZĞĐŽƌĚĞƌ͛ƐŽĨĨŝĐĞ͕KůŵƐƚĞĚŽƵŶƚǇ͕DŝŶŶĞƐŽƚĂ͖ E dŚĂƚƉĂƌƚŽĨDĂŝŶĞǀĞŶƵĞ^͘͘ĂŶĚ>Žƚϭ͕ůŽĐŬϯ͕ĂůůŝŶƐĂŝĚ&>d&ZD/d/KEdKZK,^dZ͕ ĚĞƐĐƌŝďĞĚĂƐĨŽůůŽǁƐ͗ ĞŐŝŶŶŝŶŐĂƚƚŚĞŶŽƌƚŚĞĂƐƚĐŽƌŶĞƌŽĨ>Žƚϭ͕ůŽĐŬϮ͕ƐĂŝĚ&>d&ZD/d/KEdKZK,^dZ͖ ƚŚĞŶĐĞEŽƌƚŚϴϵĚĞŐƌĞĞƐϰϮŵŝŶƵƚĞƐϰϮƐĞĐŽŶĚƐtĞƐƚĂůŽŶŐƚŚĞŶŽƌƚŚůŝŶĞŽĨƐĂŝĚ>ŽƚϭĂ ĚŝƐƚĂŶĐĞŽĨϱϱϴ͘ϬϮĨĞĞƚ͖ƚŚĞŶĐĞǁĞƐƚĞƌůǇϮϰϬ͘ϴϰĨĞĞƚĂůŽŶŐĂƚĂŶŐĞŶƚŝĂůĐƵƌǀĞĐŽŶĐĂǀĞŶŽƌƚŚĞƌůǇ ĂůŽŶŐƐĂŝĚŶŽƌƚŚůŝŶĞ͕ŚĂǀŝŶŐĂƌĂĚŝƵƐŽĨϱϱϬ͘ϳϬĨĞĞƚĂŶĚĂĐĞŶƚƌĂůĂŶŐůĞŽĨϮϱĚĞŐƌĞĞƐϬϯ ŵŝŶƵƚĞƐϮϲƐĞĐŽŶĚƐ͕ƚŽƚŚĞŶŽƌƚŚǁĞƐƚĐŽƌŶĞƌŽĨƐĂŝĚ>Žƚϭ͖ƚŚĞŶĐĞEŽƌƚŚϯϮĚĞŐƌĞĞƐϭϭŵŝŶƵƚĞƐ ϰϳƐĞĐŽŶĚƐĂƐƚŶŽƚƚĂŶŐĞŶƚƚŽƐĂŝĚĐƵƌǀĞĂĚŝƐƚĂŶĐĞŽĨϵϴ͘ϰϮĨĞĞƚƚŽƚŚĞŶŽƌƚŚĞƌůǇƌŝŐŚƚŽĨǁĂǇ ůŝŶĞŽĨƐĂŝĚDĂŝŶĞǀĞŶƵĞ^͖͘͘ƚŚĞŶĐĞŶŽƌƚŚǁĞƐƚĞƌůǇϮϵ͘ϱϭĨĞĞƚĂůŽŶŐĂŶŽŶƚĂŶŐĞŶƚŝĂůĐƵƌǀĞ ĐŽŶĐĂǀĞŶŽƌƚŚĞƌůǇĂůŽŶŐƐĂŝĚŶŽƌƚŚĞƌůǇƌŝŐŚƚŽĨǁĂǇůŝŶĞ͕ŚĂǀŝŶŐĂƌĂĚŝƵƐŽĨϱϬϱ͘ϬϬĨĞĞƚĂŶĚĂ ĐĞŶƚƌĂůĂŶŐůĞŽĨϬϯĚĞŐƌĞĞƐϬϮŵŝŶƵƚĞƐϱϰƐĞĐŽŶĚƐ͖ƚŚĞŶĐĞEŽƌƚŚϯϮĚĞŐƌĞĞƐϯϬŵŝŶƵƚĞƐϰϯ ƐĞĐŽŶĚƐĂƐƚŶŽƚƚĂŶŐĞŶƚƚŽƐĂŝĚĐƵƌǀĞĂĚŝƐƚĂŶĐĞŽĨϯϳ͘ϰϮĨĞĞƚ͖ƚŚĞŶĐĞŶŽƌƚŚĞĂƐƚĞƌůǇϰϵ͘ϱϰĨĞĞƚ ĂůŽŶŐĂƚĂŶŐĞŶƚŝĂůĐƵƌǀĞĐŽŶĐĂǀĞƐŽƵƚŚĞĂƐƚĞƌůǇ͕ŚĂǀŝŶŐĂƌĂĚŝƵƐŽĨϭϬϬ͘ϬϬĨĞĞƚĂŶĚĂĐĞŶƚƌĂů ĂŶŐůĞŽĨϮϴĚĞŐƌĞĞƐϮϯŵŝŶƵƚĞƐϬϬƐĞĐŽŶĚƐ͖ƚŚĞŶĐĞEŽƌƚŚϲϬĚĞŐƌĞĞƐϱϯŵŝŶƵƚĞƐϰϮƐĞĐŽŶĚƐ ĂƐƚƚĂŶŐĞŶƚƚŽƐĂŝĚĐƵƌǀĞĂĚŝƐƚĂŶĐĞŽĨϰϲϵ͘ϳϲĨĞĞƚ͖ƚŚĞŶĐĞĞĂƐƚĞƌůǇϱϬ͘ϯϰĨĞĞƚĂůŽŶŐĂ ƚĂŶŐĞŶƚŝĂůĐƵƌǀĞĐŽŶĐĂǀĞƐŽƵƚŚĞƌůǇ͕ŚĂǀŝŶŐĂƌĂĚŝƵƐŽĨϭϬϬ͘ϬϬĨĞĞƚĂŶĚĂĐĞŶƚƌĂůĂŶŐůĞŽĨϮϴ ĚĞŐƌĞĞƐϱϬŵŝŶƵƚĞƐϰϯƐĞĐŽŶĚƐ͖ƚŚĞŶĐĞEŽƌƚŚϴϵĚĞŐƌĞĞƐϰϰŵŝŶƵƚĞƐϮϱƐĞĐŽŶĚƐĂƐƚƚĂŶŐĞŶƚƚŽ ƐĂŝĚĐƵƌǀĞĂĚŝƐƚĂŶĐĞŽĨϮϰϲ͘ϵϱĨĞĞƚƚŽƚŚĞĞĂƐƚůŝŶĞŽĨƐĂŝĚ>Žƚϭ͕ůŽĐŬϯ͖ƚŚĞŶĐĞ^ŽƵƚŚϬϬ ĚĞŐƌĞĞƐϭϱŵŝŶƵƚĞƐϯϱƐĞĐŽŶĚƐĂƐƚĂůŽŶŐƐĂŝĚĞĂƐƚůŝŶĞĂŶĚŝƚƐƐŽƵƚŚĞƌůǇĞǆƚĞŶƐŝŽŶĂĚŝƐƚĂŶĐĞŽĨ ϰϲϮ͘ϯϮĨĞĞƚƚŽƚŚĞƉŽŝŶƚŽĨďĞŐŝŶŶŝŶŐ͘ 3DFNHW3J )F 3DFNHW3J )F 3DFNHW3J )F 3DFNHW3J )F 3DFNHW3J )F 3DFNHW3J )F 3DFNHW3J )F 3DFNHW3J )F 3DFNHW3J )F 3DFNHW3J )F 3DFNHW3J )F 3DFNHW3J )F 3DFNHW3J )F 3DFNHW3J )F 3DFNHW3J )F 3DFNHW3J )F 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ĚĚŝƚŝŽŶĂůůǇ͕ƚŚĞƐŝƚĞŝƐďƵĨĨĞƌĞĚĨƌŽŵƚŚĞĐŽŵŵĞƌĐŝĂůĚĞǀĞůŽƉŵĞŶƚƐƚŽƚŚĞǁĞƐƚĂŶĚ ŶŽƌƚŚďǇƐĞǀĞƌĂůƐƚŽƌŵǁĂƚĞƌƐƚŽƌĂŐĞƉŽŶĚƐ͘ EĞŝŐŚďŽƌŚŽŽĚŶĂůǇƐŝƐ͗dŚĞƌĞĂƌĞĐƵƌƌĞŶƚůǇǌĞƌŽŵƵůƚŝͲĨĂŵŝůǇƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚƐ ŝŶƚŚĞtŝůůŽǁƌĞĞŬEĞŝŐŚďŽƌŚŽŽĚ͘&ƵƚƵƌĞƉƌŽũĞĐƚŝŽŶƐĞƐƚŝŵĂƚĞϴϵĂĐƌĞƐŽĨŵĞĚŝƵŵͲ ĚĞŶƐŝƚǇƌĞƐŝĚĞŶƚŝĂů͕ǁŚŝĐŚŚĂǀĞďĞĞŶƐƉĞĐŝĨŝĐĂůůǇƚĂƌŐĞƚĞĚƚŽǁĂƌĚƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶŽĨϰϴ ƚŚ ^ƚƌĞĞƚĂŶĚ,ŝŐŚǁĂǇϲϯ͘dŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƐŝƚĞĂƐŵĞĚŝƵŵͲĚĞŶƐŝƚǇƌĞƐŝĚĞŶƚŝĂů ĂůŝŐŶƐǁŝƚŚƚŚĞǀŝƐŝŽŶŽĨƚŚĞtŝůůŽǁƌĞĞŬEĞŝŐŚďŽƌŚŽŽĚ͘ ƌĞĂtŝĚĞ/ƐƐƵĞƐ͗KŶĞŽĨƚŚĞŵĂũŽƌĐŽŶĐĞƌŶƐŝŶŵŝǆĞĚƵƐĞƌĞƐŝĚĞŶƚŝĂůĂƌĞĂƐŝƐƚŚĞ ĚĞǀĞůŽƉŵĞŶƚŽĨůĂƌŐĞͲƐĐĂůĞĂƉĂƌƚŵĞŶƚĐŽŵƉůĞǆĞƐŝŶůŽǁͲĚĞŶƐŝƚǇĂƌĞĂƐ͘dŚĞƉƌŽƉŽƐĞĚ DĂŝŶĞ,ĞŝŐŚƚƐĚĞǀĞůŽƉŵĞŶƚǁŝůůďĞůĂƌŐĞͲƐĐĂůĞ͕ƚŚĞƉƌŽƉĞƌƚǇƚŽƚŚĞƐŽƵƚŚŽĨƚŚĞƐŝƚĞŝƐ ĐĂƚĞŐŽƌŝǌĞĚĂƐŵĞĚŝƵŵͲĚĞŶƐŝƚǇĂŶĚƚŚĞƉƌŽƉĞƌƚǇƚŽƚŚĞĞĂƐƚŝƐƵŶĚĞǀĞůŽƉĞĚůŽǁͲĚĞŶƐŝƚǇ ƌĞƐŝĚĞŶƚŝĂů͕ĐƵƌƌĞŶƚůǇƵƚŝůŝǌĞĚĂƐĐƌŽƉůĂŶĚ͘DŝǆƚƵƌĞƐŽĨƐŝŶŐůĞĂŶĚŵƵůƚŝͲĨĂŵŝůǇƵƐĞƐĂƌĞ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƉůĂŶ͕ĂŶĚĐŽŶƐŝĚĞƌĞĚĚĞƐŝƌĂďůĞŝŶŶĞǁůǇĚĞǀĞůŽƉŝŶŐĂƌĞĂƐĂƐƚŚĞǇ ƉƌŽǀŝĚĞĨůĞǆŝďůĞŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚ͕ƉƌŽŵŽƚĞĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐ͕ĞŶƐƵƌĞƐƚŚĞWůĂŶŝƐ ƌĞƐƉŽŶƐŝǀĞƚŽĐŚĂŶŐŝŶŐƐŽĐŝĂůĐŽŶĚŝƚŝŽŶƐ͕ĂŶĚŝŶƚĞŐƌĂƚĞƐŵƵůƚŝͲĨĂŵŝůǇƵƐĞƐŝŶƚŽ ŶĞŝŐŚďŽƌŚŽŽĚůŝĨĞ͘ >ĂŶĚhƐĞWůĂŶWƵƌƉŽƐĞĂŶĚWŽůŝĐŝĞƐ͗dŚĞƉƵƌƉŽƐĞŽĨƚŚĞ>ĂŶĚhƐĞWůĂŶŝƐƚŽƉƌŽǀŝĚĞ͞Ă ƐĂĨĞƌ͕ŵŽƌĞƉůĞĂƐĂŶƚĂŶĚŵŽƌĞĞĐŽŶŽŵŝĐĂůĞŶǀŝƌŽŶŵĞŶƚĨŽƌƌĞƐŝĚĞŶƚŝĂů͕ĐŽŵŵĞƌĐŝĂů͕ ŝŶĚƵƐƚƌŝĂů͕ĂŶĚƉƵďůŝĐĂĐƚŝǀŝƚŝĞƐ͘͟DƵůƚŝͲĨĂŵŝůǇƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚƐƉƌŽǀŝĚĞ ĞĐŽŶŽŵŝĐĂůůǇĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůůǇĞĨĨŝĐŝĞŶƚŚŽƵƐŝŶŐ͕ǁŚŝĐŚŝƐŝŶůŝŶĞǁŝƚŚƚŚĞƉƵƌƉŽƐĞ ĂŶĚƉŽůŝĐŝĞƐŽĨƚŚĞ>ĂŶĚhƐĞWůĂŶ͘ǇĂŵĞŶĚŝŶŐƚŚĞůĂŶĚƵƐĞĐĂƚĞŐŽƌŝǌĂƚŝŽŶŽĨƚŚĞƐŝƚĞƚŽ ŵĞĚŝƵŵͲĚĞŶƐŝƚǇƌĞƐŝĚĞŶƚŝĂů͕ĂŶĞŝŐŚďŽƌŚŽŽĚĐŽŶƐŝƐƚŝŶŐŽĨĐŽŵŵĞƌĐŝĂů͕ŝŶĚƵƐƚƌŝĂů͕ĂŶĚ ŵŝǆĞĚƌĞƐŝĚĞŶƚŝĂůĐĂŶďĞĚĞǀĞůŽƉĞĚŝŶĐůŽƐĞƉƌŽǆŝŵŝƚǇ͘dŚŝƐƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ ǁŽƵůĚďĞƉĞĚĞƐƚƌŝĂŶŽƌŝĞŶƚĞĚĂŶĚĂƚƚƌĂĐƚŝǀĞƚŽĂĐƚŝǀĞůŝǀŝŶŐ͘ 3DFNHW3J )G ;ϮͿdŚĂƚƚŚĞƉƌŽƉŽƐĞĚƵƐĞŽƌǌŽŶŝŶŐǁŝůůŶŽƚďĞĚĞƚƌŝŵĞŶƚĂůƚŽƚŚĞŐĞŶĞƌĂůŝŶƚĞƌĞƐƚŽĨ ƚŚĞĐŽŵŵƵŶŝƚǇĂŶĚǁŝůůŶŽƚƐŝŐŶŝĨŝĐĂŶƚůǇŝŶƚĞƌĨĞƌĞǁŝƚŚƚŚĞĞŶũŽǇŵĞŶƚŽĨŽƚŚĞƌůĂŶĚŝŶ ƚŚĞǀŝĐŝŶŝƚǇ͘ /ƚŝƐŶŽƚƚŚĞŝŶƚĞŶƚŽĨƚŚĞƉƌŽƉŽƐĞĚƵƐĞĂŶĚǌŽŶŝŶŐƚŽďĞĚĞƚƌŝŵĞŶƚĂůƚŽƚŚĞŝŶƚĞƌĞƐƚŽĨ ƚŚĞĐŽŵŵƵŶŝƚǇ͘dŚĞŵƵůƚŝͲĨĂŵŝůǇĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƐŝƚĞŝƐŝŶƚĞŶĚĞĚƚŽĂŝĚŝŶĐƌĞĂƚŝŶŐĂ ƉĞĚĞƐƚƌŝĂŶŽƌŝĞŶƚĞĚĐŽŵŵƵŶŝƚǇ͕ǁŚŝĐŚƉƌŽǀŝĚĞƐƉƌŽǆŝŵŝƚǇƚŽĞƐƐĞŶƚŝĂůƐĞƌǀŝĐĞƐĂĨĨŽƌĚĞĚ ďǇƚŚĞĞǆŝƐƚŝŶŐŶĞŝŐŚďŽƌŚŽŽĚ͘ ;ϯͿdŚĂƚƚŚĞƉƌŽƉŽƐĞĚƵƐĞŽƌǌŽŶŝŶŐĚŽĞƐŶŽƚƌĂŝƐĞƋƵĞƐƚŝŽŶƐǁŝƚŚƉŽůŝĐǇŝŵƉůŝĐĂƚŝŽŶƐ ƚŚĂƚƉƌŽƉĞƌůǇƐŚŽƵůĚďĞĂĚĚƌĞƐƐĞĚďǇƚŚĞŽŵŵŝƐƐŝŽŶĂŶĚŽƵŶĐŝůĂŶĚǁŚŝĐŚĐŽƵůĚ ƌĞƐƵůƚŝŶĂĐŚĂŶŐĞŽĨ>ĂŶĚhƐĞWůĂŶƉŽůŝĐǇ͘ dŚĞƐŝƚĞŝƐĐƵƌƌĞŶƚůǇǌŽŶĞĚDͲϭǁŚŝĐŚĚŽĞƐŶŽƚůŝƐƚŵƵůƚŝͲĨĂŵŝůǇƌĞƐŝĚĞŶƚŝĂůĂƐĂ ƉĞƌŵŝƚƚĞĚůĂŶĚƵƐĞ͘ƌĞͲǌŽŶŝŶŐĂƉƉůŝĐĂƚŝŽŶǁŝůůďĞƐƵďŵŝƚƚĞĚĐŽŶĐƵƌƌĞŶƚůǇǁŝƚŚƚŚŝƐ >ĂŶĚhƐĞWůĂŶĂŵĞŶĚŵĞŶƚƚŚĂƚƌĞƋƵĞƐƚƐĂǌŽŶĞĐŚĂŶŐĞƚŽZͲϯ͘dŚĞĚĞǀĞůŽƉŵĞŶƚďŽƵŶĚ ƚŽƚŚĞ^ŽƵƚŚŽĨƚŚĞƐŝƚĞŝƐĐƵƌƌĞŶƚůǇǌŽŶĞĚZͲϯ͕ƚŚĞƌĞĨŽƌĞƚŚŝƐƐŝƚĞǁŽƵůĚďĞĐŽŵƉĂƚŝďůĞ ǁŝƚŚĂĚũĂĐĞŶƚƉƌŽƉĞƌƚŝĞƐĂŶĚǁŽƵůĚŶŽƚŝŶǀŽůǀĞƐƉŽƚǌŽŶŝŶŐ͘ĚĚŝƚŝŽŶĂůůǇ͕ƚŚĞǌŽŶĞ ĂŵĞŶĚŵĞŶƚďĞƚƚĞƌĨƵƌƚŚĞƌƐƚŚĞŐŽĂůƐĂŶĚƉŽůŝĐŝĞƐŽĨƚŚĞZŽĐŚĞƐƚĞƌhƌďĂŶ^ĞƌǀŝĐĞƌĞĂ >ĂŶĚhƐĞWůĂŶ͕ĂƐĚĞƚĂŝůĞĚĂďŽǀĞ͘ ;ϰͿdŚĂƚĞǆŝƐƚŝŶŐŽƌƉůĂŶŶĞĚƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂƌĞĂĚĞƋƵĂƚĞƚŽƐĞƌǀĞƚŚĞƚǇƉĞŽĨ ůĂŶĚƵƐĞĐŽŶƚĞŵƉůĂƚĞĚ͘ dŚĞĞǆŝƐƚŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞǁĂƐŝŶƚĞŶĚĞĚĨŽƌŝŶĚƵƐƚƌŝĂůĚĞǀĞůŽƉŵĞŶƚ͕ĂŶĚŝƐĐŽŶƐŝĚĞƌĞĚ ƚŽďĞŽǀĞƌĚĞƐŝŐŶĞĚĨŽƌŵĞĚŝƵŵͲĚĞŶƐŝƚǇƌĞƐŝĚĞŶƚŝĂůƵƐĞ͘ĐĐĞƐƐƚŽƚŚĞƐŝƚĞŝƐƉƌŽǀŝĚĞĚďǇ ĂĐŽŶƚƌŽůůĞĚŝŶƚĞƌƐĞĐƚŝŽŶĨƌŽŵĂŶĂƌƚĞƌŝĂůƌŽĂĚǁĂǇŝŶƚĞŶĚĞĚĨŽƌĐŽŵŵĞƌĐŝĂůƵƐĞ͕ƵƚŝůŝƚŝĞƐ ŚĂǀĞďĞĞŶƐƚƵďďĞĚĂŶĚƉƌĞůŝŵŝŶĂƌǇĞƐƚŝŵĂƚĞƐŝŶĚŝĐĂƚĞƚŚĞǇĂƌĞŽĨĂĚĞƋƵĂƚĞƐŝǌĞ͘dŚĞ ƉƌĞĐŝƐĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞŶĞĞĚƐŽĨƚŚĞŵƵůƚŝͲĨĂŵŝůǇƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚǁŝůůďĞ ĞǀĂůƵĂƚĞĚĂƚĂůĂƚĞƌĚĂƚĞ͘ ;ϱͿdŚĂƚƚŚĞƉŚǇƐŝĐĂůĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐĂŶĚĨĞĂƚƵƌĞƐŽĨƚŚĞƐŝƚĞĂƌĞŶŽƚŽĨĂŶĂƚƵƌĞƐŽ ƵŶŝƋƵĞĂŶĚŽĨƉŽƐƐŝďůĞďĞŶĞĨŝƚƚŽƚŚĞĐŽŵŵƵŶŝƚǇƚŚĂƚĂĚŝĨĨĞƌĞŶƚƚǇƉĞŽĨůĂŶĚƵƐĞ ƐŚŽƵůĚďĞĐŽŶƚĞŵƉůĂƚĞĚĨŽƌƚŚŝƐƐŝƚĞ͘ dŚĞƉŚǇƐŝĐĂůĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨƚŚĞƉƌŽƉŽƐĞĚƐŝƚĞĂƌĞŶŽƚĐŽŶƐŝĚĞƌĞĚƵŶŝƋƵĞŝŶƌĞůĂƚŝŽŶƚŽ ŽƚŚĞƌƐŝƚĞƐŽĨƐŝŵŝůĂƌǌŽŶĞƐĂŶĚůĂŶĚƵƐĞƐ͘dŚĞƐŝƚĞŚĂƐŵŝůĚƚĞƌƌĂŝŶ͕ǁŝƚŚĂƉƉƌŽǆŝŵĂƚĞůǇ ϯϬĨĞĞƚŽĨĞůĞǀĂƚŝŽŶĐŚĂŶŐĞ͕ƌĞƐƵůƚŝŶŐŝŶĂŶĂǀĞƌĂŐĞƐůŽƉĞŽĨϯ͘ϱйĂĐƌŽƐƐƚŚĞϭϯ͘ϯĂĐƌĞ ƐŝƚĞ͘ĚĚŝƚŝŽŶĂůůǇ͕ƚŚĞƌĞĂƌĞŶŽŬŶŽǁŶǁĞƚůĂŶĚƐŽŶƚŚĞƐŝƚĞ͘ 3DFNHW3J )G ϲϬ͘ϯϯϴ͗WŽůŝĐǇĨŽƌZĞǌŽŶŝŶŐ ^ƵďĚ͘Ϯ͗dŚĞĐƌŝƚĞƌŝĂŽĨƚŚŝƐƐƵďĚŝǀŝƐŝŽŶĂƉƉůǇƚŽƚŚŽƐĞĂŵĞŶĚŵĞŶƚƐƚŽƚŚĞǌŽŶŝŶŐŵĂƉĨŝůĞĚďǇ ĨŽƌŵĂůƉĞƚŝƚŝŽŶ͘ŶĂŵĞŶĚŵĞŶƚŶĞĞĚŽŶůǇƐĂƚŝƐĨǇŽŶĞŽĨƚŚĞĨŽůůŽǁŝŶŐĐƌŝƚĞƌŝĂ͗ ͘dŚĞĂƌĞĂ͕ĂƐƉƌĞƐĞŶƚůǇǌŽŶĞĚ͕ŝƐŝŶĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƉŽůŝĐŝĞƐĂŶĚŐŽĂůƐŽĨƚŚĞ ŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ͖ ͘dŚĞĂƌĞĂǁĂƐŽƌŝŐŝŶĂůůǇǌŽŶĞĚĞƌƌŽŶĞŽƵƐůǇĚƵĞƚŽĂƚĞĐŚŶŝĐĂůŽƌĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĞƌƌŽƌ͖ ͘tŚŝůĞďŽƚŚƚŚĞƉƌĞƐĞŶƚĂŶĚƉƌŽƉŽƐĞĚǌŽŶŝŶŐĚŝƐƚƌŝĐƚƐĂƌĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞWůĂŶ͕ ƚŚĞƉƌŽƉŽƐĞĚĚŝƐƚƌŝĐƚďĞƚƚĞƌĨƵƌƚŚĞƌƐƚŚĞƉŽůŝĐŝĞƐĂŶĚŐŽĂůƐŽĨƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞ WůĂŶĂƐĨŽƵŶĚŝŶŚĂƉƚĞƌƐϮĂŶĚϯŽĨƚŚĞZŽĐŚĞƐƚĞƌhƌďĂŶ^ĞƌǀŝĐĞƌĞĂ>ĂŶĚhƐĞ WůĂŶ͕ŚĂƉƚĞƌϯŽĨƚŚĞ,ŽƵƐŝŶŐWůĂŶ͕ĂŶĚŚĂƉƚĞƌϭϬŽĨƚŚĞZKK'>ŽŶŐZĂŶŐĞ dƌĂŶƐƉŽƌƚĂƚŝŽŶWůĂŶ͖ dŚĞƉƌŽƉŽƐĞĚZͲϯĚŝƐƚƌŝĐƚďĞƚƚĞƌĨƵƌƚŚĞƌƐƚŚĞƉŽůŝĐŝĞƐĂŶĚŐŽĂůƐŽĨƚŚĞ ŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ͕ĂƐƚŚĞƐŝƚĞŝƐŝŶĐůŽƐĞƉƌŽǆŝŵŝƚǇƚŽŵĞĚŝƵŵĂŶĚůŽǁƌĞƐŝĚĞŶƚŝĂů͕ ĐŽŵŵĞƌĐŝĂůĂŶĚŝŶĚƵƐƚƌŝĂůůĂŶĚƵƐĞƐ͕ĂƐǁĞůůĂƐĐŽůůĞĐƚŽƌ͕ĂƌƚĞƌŝĂů͕ĂŶĚĞǆƉƌĞƐƐǁĂǇ ƐƚƌĞĞƚƐ͘ ŚĂƉƚĞƌϮŽĨƚŚĞ>ĂŶĚhƐĞWůĂŶƐƵƉƉŽƌƚƐĂŶĚĞŶĐŽƵƌĂŐĞƐŐƌŽǁƚŚŽĨŵĞĚŝƵŵĂŶĚ ŚŝŐŚĚĞŶƐŝƚǇŚŽƵƐŝŶŐŝŶĐůŽƐĞƉƌŽǆŝŵŝƚǇƚŽĐŽŵŵĞƌĐŝĂůĂŶĚŝŶĚƵƐƚƌŝĂůůĂŶĚƐ͕ ĞŵƉůŽǇŵĞŶƚĐĞŶƚĞƌƐĂŶĚƉƵďůŝĐĨĂĐŝůŝƚŝĞƐ͘ĚĚŝƚŝŽŶĂůůǇ͕ŵĞĚŝƵŵĚĞŶƐŝƚǇƌĞƐŝĚĞŶƚŝĂů ĚĞǀĞůŽƉŵĞŶƚƐĂƌĞĐŽŶƐŝĚĞƌĞĚƚŽďĞŵŽƐƚƐƵŝƚĂďůĞŝŶĂƌĞĂƐƚŚĂƚŚĂǀĞŐŽŽĚĂĐĐĞƐƐƚŽ ĐŽůůĞĐƚŽƌ͕ĂƌƚĞƌŝĂů͕ĞǆƉƌĞƐƐǁĂǇƐƚƌĞĞƚƐĂŶĚƚƌĂŶƐŝƚƐǇƐƚĞŵƐ͘ ŚĂƉƚĞƌϯŽĨƚŚĞ>ĂŶĚhƐĞWůĂŶĂĚĚƌĞƐƐĞƐĂƌĞĂǁŝĚĞŝƐƐƵĞƐĂŶĚƌĞĐŽŐŶŝǌĞƐƚŚĞ ĐŽŶĐĞƌŶƐƌĞŐĂƌĚŝŶŐůĂƌŐĞƐĐĂůĞĚĞǀĞůŽƉŵĞŶƚƐŝŶůŽǁͲĚĞŶƐŝƚǇĂƌĞĂƐ͘dŚĞƉƌŽƉŽƐĞĚZͲϯ ǌŽŶŝŶŐĚŝƐƚƌŝĐƚǁŽƵůĚĂůůŽǁĨŽƌůĂƌŐĞƐĐĂůĞĚĞǀĞůŽƉŵĞŶƚŽĨĂƉƉƌŽǆŝŵĂƚĞůǇϯϱϬƵŶŝƚƐ͘ dŚĞƉƌŽƉĞƌƚǇƚŽƚŚĞŶŽƌƚŚĂŶĚǁĞƐƚĂƌĞĐĂƚĞŐŽƌŝǌĞĚĂƐ/ŶĚƵƐƚƌŝĂů͕ƚŚĞƉƌŽƉĞƌƚǇƚŽƚŚĞ ƐŽƵƚŚŽĨƚŚĞƐŝƚĞŝƐĐĂƚĞŐŽƌŝǌĞĚĂƐŵĞĚŝƵŵͲĚĞŶƐŝƚǇĂŶĚƚŚĞƉƌŽƉĞƌƚǇƚŽƚŚĞĞĂƐƚŝƐ ƵŶĚĞǀĞůŽƉĞĚůŽǁͲĚĞŶƐŝƚǇƌĞƐŝĚĞŶƚŝĂů͕ĐƵƌƌĞŶƚůǇƵƚŝůŝǌĞĚĂƐĐƌŽƉůĂŶĚ͘ ŚĂƉƚĞƌϭϬŽĨƚŚĞZKK'>ŽŶŐZĂŶŐĞdƌĂŶƐƉŽƌƚĂƚŝŽŶWůĂŶŝĚĞŶƚŝĨŝĞƐƐĞǀĞƌĂů ŽďũĞĐƚŝǀĞƐĚĞƚĂŝůŝŶŐĂĚĞƐŝƌĞƚŽĚĞǀĞůŽƉƵƌďĂŶĚĞƐŝŐŶŵĞĂƐƵƌĞƐƚŚĂƚƐƵƉƉŽƌƚ ƉĞĚĞƐƚƌŝĂŶŽƌŝĞŶƚĞĚƐƚǇůĞŽĨĚĞǀĞůŽƉŵĞŶƚ͘dŚĞƉƌŽƉŽƐĞĚZͲϯĚĞǀĞůŽƉŵĞŶƚŝƐ ŝŶƚĞŶĚĞĚƚŽďĞƉĞĚĞƐƚƌŝĂŶŽƌŝĞŶƚĞĚĂŶĚƉƌŽŵŽƚĞĂĐƚŝǀĞůŝǀŝŶŐĐŽŵŵƵŶŝƚŝĞƐ͘ ĚĚŝƚŝŽŶĂůůǇ͕ƚŚĞƐŝƚĞŝƐůŽĐĂƚĞĚĂůŽŶŐĂƉŽƚĞŶƚŝĂůĨƵƚƵƌĞƌĂŝůĐŽƌƌŝĚŽƌ;d,ϲϯͿ͘ ͘dŚĞĂƌĞĂŚĂƐĐŚĂŶŐĞĚŽƌŝƐĐŚĂŶŐŝŶŐƚŽƐƵĐŚĂĚĞŐƌĞĞƚŚĂƚŝƚŝƐŝŶƚŚĞƉƵďůŝĐŝŶƚĞƌĞƐƚ ƚŽƌĞǌŽŶĞƐŽĂƐƚŽĞŶĐŽƵƌĂŐĞĚĞǀĞůŽƉŵĞŶƚŽƌƌĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞĂƌĞĂ͖ ͘dŚĞĂƌĞĂŝŶĐůƵĚĞƐůĂŶĚƐŝĚĞŶƚŝĨŝĞĚĂƐĞĐŽƌĂŚĚŐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŚĂƉƚĞƌϱϵ ĂŶĚĂƉƉůŝĐĂƚŝŽŶŽĨƚŚĞƐŝƚĞĐĂƉĂĐŝƚǇĐĂůĐƵůĂƚŝŽŶƉƵƌƐƵĂŶƚƚŽ^ĞĐƚŝŽŶϲϭ͘ϱϯϭǁŽƵůĚ 3DFNHW3J )G ƉƌŽǀŝĚĞĨŽƌďĞŶĞĨŝĐŝĂůĚĞǀĞůŽƉŵĞŶƚƚŚĂƚŵĂŝŶƚĂŝŶƐƚǇƉŝĐĂůƵƌďĂŶĚĞŶƐŝƚǇǁŚŝůĞ ƉƌĞƐĞƌǀŝŶŐŚĂďŝƚĂƚĂŶĚƉƌŽƚĞĐƚŝŶŐƉƌŽĐĞƐƐĞƐƚŚĂƚŵĂŝŶƚĂŝŶŐƌŽƵŶĚǁĂƚĞƌƋƵĂůŝƚǇ ĂŶĚƋƵĂŶƚŝƚǇ͘ ^ƵďĚ͘ϯ͗dŚĞĐƌŝƚĞƌŝĂŽĨƚŚŝƐƐƵďĚŝǀŝƐŝŽŶĂůƐŽĂƉƉůǇƚŽƚŚŽƐĞĂŵĞŶĚŵĞŶƚƐƚŽƚŚĞǌŽŶŝŶŐŵĂƉ ĨŝůĞĚďǇĨŽƌŵĂůƉĞƚŝƚŝŽŶ͘,ŽǁĞǀĞƌ͕ĂŶĂŵĞŶĚŵĞŶƚŵƵƐƚƐĂƚŝƐĨǇĂůůŽĨƚŚĞĨŽůůŽǁŝŶŐĐƌŝƚĞƌŝĂ͗ ͘dŚĞƉĞƌŵŝƚƚĞĚƵƐĞĂůůŽǁĞĚǁŝƚŚŝŶƚŚĞƉƌŽƉŽƐĞĚǌŽŶŝŶŐĚŝƐƚƌŝĐƚǁŝůůďĞĂƉƉƌŽƉƌŝĂƚĞ ŝŶƚŚĞƐƵďũĞĐƚƉƌŽƉĞƌƚǇĂŶĚĐŽŵƉĂƚŝďůĞǁŝƚŚĂĚũĂĐĞŶƚƉƌŽƉĞƌƚŝĞƐĂŶĚƚŚĞ ŶĞŝŐŚďŽƌŚŽŽĚ͖ DƵůƚŝͲĨĂŵŝůǇƌĞƐŝĚĞŶƚŝĂůŚŽƵƐŝŶŐŝƐĂƉĞƌŵŝƚƚĞĚƵƐĞŝŶƚŚĞƉƌŽƉŽƐĞĚZͲϯǌŽŶĞĂŶĚŝƐ ĂƉƉƌŽƉƌŝĂƚĞŝŶƚŚĞƐƵďũĞĐƚƉƌŽƉĞƌƚǇ͘ĚũĂĐĞŶƚƉƌŽƉĞƌƚǇƵƐĞƐŝŶĐůƵĚĞďŽƚŚŵĞĚŝƵŵ ĂŶĚůŽǁĚĞŶƐŝƚǇƌĞƐŝĚĞŶƚŝĂů͕ĐŽŵŵĞƌĐŝĂůĂŶĚŝŶĚƵƐƚƌŝĂů͘dŚĞůĂŶĚƵƐĞĚŝǀĞƌƐŝƚǇŝƐ ĚĞƐŝƌĂďůĞĂŶĚĐŽŵƉĂƚŝďůĞŝŶƚŚŝƐŶĞŝŐŚďŽƌŚŽŽĚ͕ĂŶĚŝƐŝŶůŝŶĞǁŝƚŚƚŚĞtŝůůŽǁƌĞĞŬ ǀŝƐŝŽŶ͘ ͘dŚĞƉƌŽƉŽƐĞĚĂŵĞŶĚŵĞŶƚĚŽĞƐŶŽƚŝŶǀŽůǀĞƐƉŽƚǌŽŶŝŶŐ͘ dŚĞƉƌŽƉŽƐĞĚĂŵĞŶĚŵĞŶƚƚŽƚŚĞǌŽŶŝŶŐŵĂƉĚŽĞƐŶŽƚŝŶǀŽůǀĞƐƉŽƚǌŽŶŝŶŐ͘dŚĞ ƐŽƵƚŚĞƌŶĂĚũŽŝŶŝŶŐůŽƚŝƐǌŽŶĞĚZͲϯ͘ 3DFNHW3J )G :ƵŶĞϮϰ͕ϮϬϭϱ ϭϬϳϬZϬϬϲϵ͘ϬϬϬ WK &>d&ZD/d/KEdKZK,^dZ ZKE^Z/Wd/KE KƵƚůŽƚĂŶĚ>Žƚϭ͕ůŽĐŬϮ͕ĂůůŝŶ&>d&ZD/d/KEdKZK,^dZ͕ĂĐĐŽƌĚŝŶŐƚŽƚŚĞƉůĂƚ ƚŚĞƌĞŽĨŽŶĨŝůĞĂƚƚŚĞŽƵŶƚǇZĞĐŽƌĚĞƌ͛ƐŽĨĨŝĐĞ͕KůŵƐƚĞĚŽƵŶƚǇ͕DŝŶŶĞƐŽƚĂ͖ E dŚĂƚƉĂƌƚŽĨDĂŝŶĞǀĞŶƵĞ^͘͘ĂŶĚ>Žƚϭ͕ůŽĐŬϯ͕ĂůůŝŶƐĂŝĚ&>d&ZD/d/KEdK ZK,^dZ͕ĚĞƐĐƌŝďĞĚĂƐĨŽůůŽǁƐ͗ ĞŐŝŶŶŝŶŐĂƚƚŚĞŶŽƌƚŚĞĂƐƚĐŽƌŶĞƌŽĨ>Žƚϭ͕ůŽĐŬϮ͕ƐĂŝĚ&>d&ZD/d/KEdK ZK,^dZ͖ƚŚĞŶĐĞǁĞƐƚĞƌůǇŽŶĂDŝŶŶĞƐŽƚĂ^ƚĂƚĞWůĂŶĞ'ƌŝĚǌŝŵƵƚŚĨƌŽŵEŽƌƚŚ ŽĨϮϳϬĚĞŐƌĞĞƐϭϳŵŝŶƵƚĞƐϭϴƐĞĐŽŶĚƐĂůŽŶŐƚŚĞŶŽƌƚŚůŝŶĞŽĨƐĂŝĚ>ŽƚϭĂĚŝƐƚĂŶĐĞ ŽĨϱϱϴ͘ϬϮĨĞĞƚ͖ƚŚĞŶĐĞǁĞƐƚĞƌůǇϮϰϬ͘ϴϰĨĞĞƚŽŶĂƚĂŶŐĞŶƚŝĂůĐƵƌǀĞĐŽŶĐĂǀĞ ŶŽƌƚŚĞƌůǇĂůŽŶŐƐĂŝĚŶŽƌƚŚůŝŶĞ͕ŚĂǀŝŶŐĂƌĂĚŝƵƐŽĨϱϱϬ͘ϳϬĨĞĞƚĂŶĚĂĐĞŶƚƌĂůĂŶŐůĞ ŽĨϮϱĚĞŐƌĞĞƐϬϯŵŝŶƵƚĞƐϮϲƐĞĐŽŶĚƐ͕ƚŽƚŚĞŶŽƌƚŚǁĞƐƚĐŽƌŶĞƌŽĨƐĂŝĚ>Žƚϭ͖ƚŚĞŶĐĞ ŶŽƌƚŚĞĂƐƚĞƌůǇϯϮĚĞŐƌĞĞƐϭϭŵŝŶƵƚĞƐϰϳƐĞĐŽŶĚƐĂǌŝŵƵƚŚĂĚŝƐƚĂŶĐĞŽĨϭϮϭ͘ϰϴ ĨĞĞƚ͖ƚŚĞŶĐĞŶŽƌƚŚĞĂƐƚĞƌůǇϴϰ͘ϱϯĨĞĞƚŽŶĂƚĂŶŐĞŶƚŝĂůĐƵƌǀĞĐŽŶĐĂǀĞƐŽƵƚŚĞĂƐƚĞƌůǇ͕ ŚĂǀŝŶŐĂƌĂĚŝƵƐŽĨϮϬϬ͘ϬϬĨĞĞƚĂŶĚĂĐĞŶƚƌĂůĂŶŐůĞŽĨϮϰĚĞŐƌĞĞƐϭϮŵŝŶƵƚĞƐϱϴ ƐĞĐŽŶĚƐ͖ƚŚĞŶĐĞŶŽƌƚŚĞĂƐƚĞƌůǇϱϲĚĞŐƌĞĞƐϮϰŵŝŶƵƚĞƐϰϱƐĞĐŽŶĚƐĂǌŝŵƵƚŚĂ ĚŝƐƚĂŶĐĞŽĨϰϲϲ͘ϲϵĨĞĞƚ͖ƚŚĞŶĐĞĞĂƐƚĞƌůǇϴϵĚĞŐƌĞĞƐϰϰŵŝŶƵƚĞƐϮϱƐĞĐŽŶĚƐ ĂǌŝŵƵƚŚĂĚŝƐƚĂŶĐĞŽĨϮϳϲ͘ϳϭĨĞĞƚƚŽƚŚĞĞĂƐƚůŝŶĞŽĨƐĂŝĚ>Žƚϭ͕ůŽĐŬϯ͖ƚŚĞŶĐĞ ƐŽƵƚŚĞƌůǇϭϳϵĚĞŐƌĞĞƐϰϰŵŝŶƵƚĞƐϮϱƐĞĐŽŶĚƐĂǌŝŵƵƚŚĂůŽŶŐƐĂŝĚĞĂƐƚůŝŶĞĂŶĚŝƚƐ ƐŽƵƚŚĞƌůǇĞǆƚĞŶƐŝŽŶĂĚŝƐƚĂŶĐĞŽĨϰϳϴ͘ϭϬĨĞĞƚƚŽƚŚĞƉŽŝŶƚŽĨďĞŐŝŶŶŝŶŐ͘ 3DFNHW3J )G ϲϭ͘Ϯϭϱ͗ƌŝƚĞƌŝĂĨŽƌƉƉƌŽǀĂůŽĨĂ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶ ^ƵďĚ͘Ϯ;Ϳ͗dŚĞƉƌŽƉŽƐĞĚůĂŶĚƵƐĞƐĂƌĞŐĞŶĞƌĂůůǇŝŶĂĐĐŽƌĚǁŝƚŚƚŚĞĂĚŽƉƚĞĚǌŽŶŝŶŐŵĂƉ͘/Ĩ ƚŚĞŐĞŶĞƌĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶŝƐďĞŝŶŐƉƌŽĐĞƐƐĞĚĐŽŶĐƵƌƌĞŶƚůǇǁŝƚŚĂƌĞǌŽŶŝŶŐƌĞƋƵĞƐƚ͕ƚŚĞ ŐĞŶĞƌĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶĂŶĚƚŚĞƌĞǌŽŶŝŶŐƌĞƋƵĞƐƚŵƵƐƚďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞ ĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶ͘/ĨƚŚĞŐĞŶĞƌĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶŝƐďĞŝŶŐƉƌŽĐĞƐƐĞĚĐŽŶĐƵƌƌĞŶƚůǇǁŝƚŚĂŶ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞůĂŶĚƵƐĞƉůĂŶŵĂƉĂŶĚĂƌĞǌŽŶŝŶŐƌĞƋƵĞƐƚ͕ƚŚĞůĂŶĚƵƐĞĂŵĞŶĚŵĞŶƚ͕ ƌĞǌŽŶŝŶŐƌĞƋƵĞƐƚĂŶĚŐĞŶĞƌĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶŵƵƐƚďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƉŽůŝĐŝĞƐŽĨƚŚĞ ĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶ͘/ĨƚŚĞƌĞŝƐŝŶĐŽŶƐŝƐƚĞŶĐǇďĞƚǁĞĞŶƚŚĞƐĞĚŽĐƵŵĞŶƚƐ͕ƚŚĞŵĞĂŶƐĨŽƌ ƌĞĐŽŶĐŝůŝŶŐƚŚĞĚŝĨĨĞƌĞŶĐĞƐŵƵƐƚďĞĂĚĚƌĞƐƐĞĚ͘ dŚĞĐƵƌƌĞŶƚůĂŶĚƵƐĞŝƐĐĂƚĞŐŽƌŝǌĞĚĂƐ/ŶĚƵƐƚƌŝĂůĂŶĚǌŽŶĞĚDͲϭ͗DŝǆĞĚŽŵŵĞƌĐŝĂůͲ/ŶĚƵƐƚƌŝĂů ŝƐƚƌŝĐƚ͘^ƵďŵŝƚƚĞĚĐŽŶĐƵƌƌĞŶƚůǇǁŝƚŚƚŚŝƐ'WĂƌĞĂƉƉůŝĐĂƚŝŽŶƐĨŽƌƌĞĐůĂƐƐŝĨǇŝŶŐƚŚĞůĂŶĚƵƐĞƚŽ DĞĚŝƵŵͲĞŶƐŝƚǇZĞƐŝĚĞŶƚŝĂůĂŶĚƌĞͲǌŽŶŝŶŐƚŽZͲϯ͗DĞĚŝƵŵͲĞŶƐŝƚǇZĞƐŝĚĞŶƚŝĂůŝƐƚƌŝĐƚ͘tŝƚŚ 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ƐƚĂƚĞĚ͕ƚŚĞĨĂĐŝůŝƚŝĞƐǁĞƌĞƐŝǌĞĚƚŽƐƵƉƉůǇŝŶĚƵƐƚƌŝĂůƵƐĞƐ͕ĂŶĚĂƌĞĂƐƐƵŵĞĚĂĚĞƋƵĂƚĞ ĨŽƌƌĞƐŝĚĞŶƚŝĂůƵƐĞ͘WƌŝǀĂƚĞĨĂĐŝůŝƚŝĞƐĂƌĞƉƌŽƉŽƐĞĚďĞǇŽŶĚƚŚĞƉƌŽƉĞƌƚǇůŝŶĞ͕ǁŚŝĐŚ ǁŝůůďĞŵĂŝŶƚĂŝŶĞĚďǇƚŚĞŽǁŶĞƌ͕ĂŶĚĂƉƉƌŽǀĞĚďǇƚŚĞŝƚǇŶŐŝŶĞĞƌ͘dŚĞ ĚĞǀĞůŽƉŵĞŶƚǁŝůůŶŽƚďĞƉŚĂƐĞĚ͘ ^ƵďĚ͘Ϯ;'Ϳ͗dŚĞĚƌĂŝŶĂŐĞ͕ĞƌŽƐŝŽŶ͕ĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶŝŶƚŚĞĂƌĞĂĐĂŶďĞŚĂŶĚůĞĚƚŚƌŽƵŐŚ ŶŽƌŵĂůĞŶŐŝŶĞĞƌŝŶŐĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶƉƌĂĐƚŝĐĞƐ͕ŽƌƚŚĂƚ͕ĂƚƚŚĞƚŝŵĞŽĨůĂŶĚƐƵďĚŝǀŝƐŝŽŶ͕Ă 3DFNHW3J )G ŵŽƌĞĚĞƚĂŝůĞĚŝŶǀĞƐƚŝŐĂƚŝŽŶŽĨƚŚĞƐĞŵĂƚƚĞƌƐǁŝůůďĞƉƌŽǀŝĚĞĚƚŽƐŽůǀĞƵŶƵƐƵĂůƉƌŽďůĞŵƐƚŚĂƚ ŚĂǀĞďĞĞŶŝĚĞŶƚŝĨŝĞĚ͘ ƵƌƌĞŶƚůǇ͕ŝƚŝƐďĞůŝĞǀĞĚƚŚĂƚŶŽƌŵĂůĞŶŐŝŶĞĞƌŝŶŐƉƌĂĐƚŝĐĞƐĐĂŶďĞƵƚŝůŝǌĞĚŝŶŵĂŶĂŐŝŶŐĚƌĂŝŶĂŐĞ͕ ĞƌŽƐŝŽŶĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶ͘dŚĞƌĞŚĂǀĞďĞĞŶŶŽƵŶŝƋƵĞƉŚǇƐŝĐĂůĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽƌůĂŶĚĨĞĂƚƵƌĞƐ ŝĚĞŶƚŝĨŝĞĚŽŶƚŚĞƐŝƚĞ͘ŐĞŽƚĞĐŚŶŝĐĂůƌĞƉŽƌƚǁŝůůďĞŶĞĞĚĞĚŝŶŽƌĚĞƌƚŽĚĞƚĞƌŵŝŶĞŵĞĂŶƐĂŶĚ ŵĞƚŚŽĚƐŽĨŚĂŶĚůŝŶŐĚƌĂŝŶĂŐĞ͕ĞƌŽƐŝŽŶ͕ĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶ͘ ^ƵďĚ͘Ϯ;,Ϳ͗tĞƚůĂŶĚƐĂŶĚĚŐĞ^ƵƉƉŽƌƚƌĞĂƐ;ĂƐĚĞĨŝŶĞĚŝŶŚĂƉƚĞƌϱϵͿǁŝůůďĞŵĂŶĂŐĞĚ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚŚĂƉƚĞƌϱϵĂŶĚ͕ǁŚĞƌĞĂƉƉůŝĐĂďůĞ͕ŝŶƐƵĐŚĂǁĂǇĂƐƚŽŵĂŝŶƚĂŝŶƚŚĞƋƵĂůŝƚǇ 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^ĞĐƚŝŽŶϲϰ͘ϭϬϬ͘dŚĞĨŝŶĂůƐŝƚĞĂŶĚŐƌĂĚŝŶŐƉůĂŶƐǁŝůůďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƐƵďĚŝǀŝƐŝŽŶĚĞƐŝŐŶ ƐƚĂŶĚĂƌĚƐ͕ŝŶĂĚĚŝƚŝŽŶƚŽŵĂŝŶƚĂŝŶŝŶŐĐŽŵƉĂƚŝďŝůŝƚǇǁŝƚŚĂĚũĂĐĞŶƚƉĂƌĐĞůƐ͘ ^ƵďĚϮ;:Ϳ͗/ĨƚŚĞĞǀĞŶƚƵĂůƉůĂƚƚŝŶŐŽĨƚŚĞĂƌĞĂŝŶǀŽůǀĞƐĂƉƉƌŽǀĂůŽĨĂdǇƉĞ///>ĂŶĚ^ƵďĚŝǀŝƐŝŽŶ WĞƌŵŝƚ͕ƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŵƵƐƚƐĂƚŝƐĨǇŽŶĞŽĨƚŚĞĨŽůůŽǁŝŶŐĐĂƚĞŐŽƌŝĞƐŽĨ ĚĞǀĞůŽƉŵĞŶƚ͗ dǇƉĞ///>ĂŶĚ^ƵďĚŝǀŝƐŝŽŶWĞƌŵŝƚŝƐŶŽƚƌĞƋƵŝƌĞĚĨŽƌƚŚŝƐĚĞǀĞůŽƉŵĞŶƚ͘ ^ƵďĚ͘Ϯ;<Ϳ͗dŚĞWůĂŶŝƐŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ͕ĂŶĚƚŚĞŽŵƉůĞƚĞ^ƚƌĞĞƚƐ ƉŽůŝĐǇŽĨƚŚĞŝƚǇ͘ dŚĞŽǁŶĞƌƐŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚĚĞƐŝƌĞĨŽƌƚŚĞƐŝƚĞƚŽďĞŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŽŵƉůĞƚĞ ^ƚƌĞĞƚƐWŽůŝĐǇ͘/ƚŝƐƵŶĚĞƌƐƚŽŽĚƚŚĂƚƚŚĞƉƌŽƉŽƐĞĚĂĐƚŝǀĞĐŽŵŵƵŶŝƚǇŝƐŝŶĐůŽƐĞƉƌŽǆŝŵŝƚǇƚŽ ĐŽŵŵĞƌĐŝĂůĂŶĚŝŶĚƵƐƚƌŝĂůƉƌŽƉĞƌƚŝĞƐĂŶĚƐĂĨĞƚǇŽĨƌĞƐŝĚĞŶƚƐŝƐŽĨŚŝŐŚƉƌŝŽƌŝƚǇ͘ ^ƵďĚ͘Ϯ;>Ϳ͗tŚĞƌĞƐƉĞĐŝĨŝĐďƵŝůĚŝŶŐĨŽŽƚƉƌŝŶƚŽƌůĂǇŽƵƚƐĂƌĞŝĚĞŶƚŝĨŝĞĚŽŶƚŚĞWůĂŶ͖ƚŚĞWůĂŶ ĚĞŵŽŶƐƚƌĂƚĞƐƚŚĂƚƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐƚŽƚŚĞĐƵƐƚŽŵĞƌͬƚĞŶĂŶƚŝŶŐƌĞƐƐͬĞŐƌĞƐƐůŽĐĂƚŝŽŶƐŝŶŽĨ ƚŚĞďƵŝůĚŝŶŐ;ƐͿ͕ĨƌŽŵĨĂĐŝůŝƚŝĞƐŝŶďŽƚŚƚŚĞƉƵďůŝĐƌŝŐŚƚͲŽĨͲǁĂǇ͕ĂŶĚŽĨĨͲƐƚƌĞĞƚƉĂƌŬŝŶŐĂƌĞĂƐ 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ǁŝůůďĞĚŝƌĞĐƚĞĚĂƌŽƵŶĚƚŚĞƉƌŽƉŽƐĞĚďƵŝůĚŝŶŐƐĂŶĚƉĂƌŬŝŶŐůŽƚƐ͘ĚƌĂŝŶĂŐĞƌĞƉŽƌƚǁŝůůďĞ ƉƌĞƉĂƌĞĚǁŝƚŚƚŚĞƐŝƚĞĂŶĚŐƌĂĚŝŶŐƉůĂŶƐ͕ǁŚŝĐŚǁŝůůĚĞƚĂŝůƚŚĞŝŵƉĂĐƚƐŽĨƚŚĞĞǆŝƐƚŝŶŐĂŶĚ ƉƌŽƉŽƐĞĚĐŽŶĚŝƚŝŽŶƐ͘KĨĨͲƐŝƚĞĚƌĂŝŶĂŐĞĂƌĞĂƐĐŽŶƚƌŝďƵƚŝŶŐƚŽƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚǁŝůůďĞ ƐŚŽǁŶŝŶƚŚĞƌĞƉŽƌƚ͘ 3DFNHW3J )G ǀĂŝůĂďŝůŝƚǇŽĨƵƚŝůŝƚŝĞƐƚŽƐĞƌǀĞƚŚĞĂƌĞĂƵŶĚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶ dŚĞƌĞĂƌĞĂĚĞƋƵĂƚĞƵƚŝůŝƚŝĞƐŝŶƚŚĞĂƌĞĂƚŽƐĞƌǀĞƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘tĂƚĞƌŵĂŝŶ͕ƐƚŽƌŵƐĞǁĞƌ ĂŶĚƐĂŶŝƚĂƌǇƐĞǁĞƌŚĂǀĞďĞĞŶŝŶƐƚĂůůĞĚŽŶDĂŝŶĞǀĞƚŽ&ŽƌĞƐƚ<ŶŽůůƌ͕ĂŶĚŽŶ&ŽƌĞƐƚ<ŶŽůůƌ ƚŽƐĞƌǀĞƚŚĞ&ŽƌĞƐƚ<ŶŽůůƐƵďĚŝǀŝƐŝŽŶ͘'ĂƐĂŶĚĞůĞĐƚƌŝĐƵƚŝůŝƚŝĞƐĂƌĞĂůƐŽůŽĐĂƚĞĚŽŶDĂŝŶǀĞƚŽ ƚŚĞ&ŽƌĞƐƚ<ŶŽůůƌŝŶƚĞƌƐĞĐƚŝŽŶ͘DĂŶǇŽĨƚŚĞĞǆŝƐƚŝŶŐƵƚŝůŝƚŝĞƐŚĂǀĞďĞƐƚƵďďĞĚŽƵƚŽĨƚŚĞ ŝŶƚĞƌƐĞĐƚŝŽŶǁŝƚŚƚŚĞŝŶƚĞŶƚŝŽŶŽĨĞǆƚĞŶĚŝŶŐƚŚĞŵŝŶƚŽƚŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶ͘dŚĞƵƚŝůŝƚǇ ĐŽŵƉĂŶŝĞƐŝŶƚŚĞǀŝĐŝŶŝƚǇŽĨƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŚĂǀĞďĞĞŶŶŽƚŝĨŝĞĚĂďŽƵƚƚŚĞƵƉĐŽŵŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ͘ /ĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨƉŽƐƐŝďůĞĞƌŽƐŝŽŶƉƌŽďůĞŵƐǁŚŝĐŚŵĂǇĂƌŝƐĞŝŶƚŚĞĞƐƚŝŵĂƚŝŽŶŽĨƚŚĞĂƉƉůŝĐĂŶƚ dŚĞƐŝƚĞĚŽĞƐŶŽƚĐŽŶƚĂŝŶŚŝŐŚůǇĞƌŽĚŝďůĞƐŽŝůƐ͘^tWWWǁŝůůďĞƉƌĞƉĂƌĞĚǁŝƚŚƚŚĞĨŝŶĂů 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ƉƌŽƉŽƐĞƐƚŽƐƵďĚŝǀŝĚĞƚŚƌĞĞůŽƚƐĂŶĚƚǁŽďůŽĐŬƐŽŶϮϮ͘ϴϭĂĐƌĞƐĨŽƌĐŽŵŵĞƌĐŝĂůĂŶĚƌĞƐŝĚĞŶƚŝĂů ĚĞǀĞůŽƉŵĞŶƚĂŶĚĚĞĚŝĐĂƚĞƐĂƉƉƌŽǆŝŵĂƚĞůǇŽŶĞĂĐƌĞŽĨƉƵďůŝĐƌŝŐŚƚ Ͳ ŽĨ Ͳ ǁĂǇ͘dŚĞƉƌŽƉĞƌƚǇŝƐůŽĐĂƚĞĚ ǁŝƚŚŝŶƚŚĞD Ͳ ϭDŝǆĞĚŽŵŵĞƌĐŝĂů Ͳ/ŶĚƵƐƚƌŝĂůŽŶŝŶŐŝƐƚƌŝĐƚĂŶĚŝƐƐŽƵƚŚŽĨϰϴƚŚ^ƚƌĞĞƚ^͕ǁĞƐƚŽĨ^ƚ͘ ƌŝĚŐĞƚ͛ƐZŽĂĚ^ĂŶĚĞĂƐƚŽĨDĂŝŶĞǀĞŶƵĞ^͘ Dƌ͘ƵƌŚŽƉƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚƵŐƵƐƚϮϬ͕ϮϬϭϱ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐŽŶ ĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘ƌĂŝŐƌŝƚƚŽŶ͕tŝĚƐĞƚŚ͕EŽůƚŝŶŐĂŶĚ^ŵŝƚŚ͕ůŽĐĂƚĞĚϲϰϬϭĂŶĚĞůZŽĂĚEt͕ZŽĐŚĞƐƚĞƌDE͕ĂĚĚƌĞƐƐĞĚ ƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞƐƚĂƚĞĚƚŚĞĂƉƉůŝĐĂŶƚŝƐŝŶĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞƐƚĂĨĨƌĞĐŽŵŵĞŶĚĞĚĐŽŶĚŝƚŝŽŶƐ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ 3DFNHW3J )J 3DJH &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH$XJXVW Dƌ͘ƵƌƐƚŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨWƌĞůŝŵŝŶĂƌǇWůĂƚηZϮϬϭϱ Ͳ ϬϮϱW>dǁŝƚŚƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐ͘Dƌ͘^ŚĞƌǁŽŽĚƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϳ Ͳ Ϭ͘ KE/d/KE^͗ ϭͿdŚĞĨŽůůŽǁŝŶŐƌĞǀŝƐŝŽŶƐƚŽƚŚĞƉůĂƚĂƌĞƌĞƋƵŝƌĞĚ͗ Ă͘ŝĚĞŶƚŝĨǇǁŝĚƚŚ͕ĚŝŵĞŶƐŝŽŶƐĂŶĚŶĂŵĞƐŽĨƉůĂƚƚĞĚƌŝŐŚƚ Ͳ ŽĨ Ͳ ǁĂǇƐʹƐŚĂůůŝŶĐůƵĚĞƚŚŝƐ ŝŶĨŽƌŵĂƚŝŽŶĨŽƌĂůůƉůĂƚƚĞĚƌŝŐŚƚ Ͳ ŽĨ Ͳ ǁĂǇƐ͖ ď͘ŝĚĞŶƚŝĨǇůŽƚĂƌĞĂŽĨƉƌŽƉŽƐĞĚůŽƚƐ͖ Đ͘ƌĞŵŽǀĞƉƌŽƉĞƌƚǇůŝŶĞƐĂƐĐƵƌƌĞŶƚůǇŝŶĚŝĐĂƚĞĚďǇĚĂƌŬůŝŶĞƐĨƌŽŵƚŚĞŝŶŐƌĞƐƐͬĞŐƌĞƐƐƉŽŝŶƚƐ ĨŽƌƚŚĞƉƌŽƉŽƐĞĚƌŝŐŚƚ Ͳ ŽĨ Ͳ ǁĂǇĞǆƚĞŶƐŝŽŶŽĨ&ŽƌĞƐƚ<ŶŽůůƌ^ĂŶĚƌĞƉůĂĐĞǁŝƚŚĚĂƐŚĞĚůŝŶĞƐ ŝŶĚŝĐĂƚŝŶŐŚŝƐƚŽƌŝĐůŽƚůŝŶĞůŽĐĂƚŝŽŶ͖ Ě͘ƌĞŵŽǀĞďƵĨĨĞƌǇĂƌĚƐƚƌŝƉ͖ďƵĨĨĞƌǇĂƌĚƐĂƌĞĚĞƚĞƌŵŝŶĞĚƚŚƌŽƵŐŚƚŚĞĚĞǀĞůŽƉŵĞŶƚƌĞǀŝĞǁ ƉƌŽĐĞƐƐ͖ Ğ͘ŝĚĞŶƚŝĨǇƉĞĚĞƐƚƌŝĂŶĨĂĐŝůŝƚŝĞƐ;ƐŝĚĞǁĂůŬƐͿ͖ Ĩ͘ŝĚĞŶƚŝĨǇůŽĐĂƚŝŽŶŽĨĨŽƵŶĚŽƌƚŽ Ͳ ďĞ Ͳ ƉůĂĐĞĚŵŽŶƵŵĞŶƚƐ͖ĂŶĚ Ő͘ŝĚĞŶƚŝĨǇŽǁŶĞƌƐŚŝƉŽĨĂůůĂĚũĂĐĞŶƚůĂŶĚƐĂŶĚůĂŶĚƚŽďĞƐƵďĚŝǀŝĚĞĚ͘ ϮͿĐĐĞƐƐŽŶ^,ϮϬ;^ƚ͘ƌŝĚŐĞƚ͛ƐZŽĂĚ^ͿƐŚĂůůďĞůŝŵŝƚĞĚƚŽƌŝŐŚƚŝŶͬƌŝŐŚƚŽƵƚ͖ƚŚŝƐƐŚĂůůďĞ ŝĚĞŶƚŝĨŝĞĚŽŶƚŚĞƉůĂƚ͘ ϯͿdŚĞĂƉƉůŝĐĂŶƚƐŚĂůůƐƵďŵŝƚƉůĂŶƐĂŶĚĐƌŽƐƐƐĞĐƚŝŽŶŝůůƵƐƚƌĂƚŝŶŐƚŚĞůŽĐĂƚŝŽŶŽĨƚŚĞƌĞƋƵŝƌĞĚďŝŬĞ ƉĂƚŚͬƉĞĚĞƐƚƌŝĂŶǁĂǇĂŶĚƌĞƉŽƌƚŝŵƉĂĐƚƐŽŶƚŚĞĚŝƚĐŚĂůŽŶŐ^,ϮϬ;^ƚ͘ƌŝĚŐĞƚ͛ƐZŽĂĚ^Ϳ͘ŽƵŶƚǇ WƵďůŝĐtŽƌŬƐƐŚĂůůĚĞƚĞƌŵŝŶĞŝĨĂĚĚŝƚŝŽŶĂůƌŝŐŚƚ Ͳ ŽĨ Ͳ ǁĂǇĚĞĚŝĐĂƚŝŽŶŝƐŶĞĐĞƐƐĂƌǇ͘&ŝŶĂůƉůĂƚƐƵďŵŝƐƐŝŽŶ ƐŚĂůůƌĞĨůĞĐƚƐĂŝĚĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨĂĚĚŝƚŝŽŶĂůƌŝŐŚƚ Ͳ ŽĨ Ͳ ǁĂǇĚĞĚŝĐĂƚŝŽŶ͘ ϰͿWƵďůŝĐǁĂƚĞƌŵĂŝŶĞǆƚĞŶƐŝŽŶƐĂƌĞƌĞƋƵŝƌĞĚƚŽƐĞƌǀĞĂůůƚŚƌĞĞƉƌŽƉŽƐĞĚůŽƚƐ͖ƚŚŝƐŝŶĨŽƌŵĂƚŝŽŶƐŚĂůů ďĞƐƵďŵŝƚƚĞĚĂŶĚĂƉƉƌŽǀĞĚďǇZWh͘dŚŝƐŝŶĨŽƌŵĂƚŝŽŶǁŝůůŝŶĐůƵĚĞŝĚĞŶƚŝĨǇŝŶŐǁĂƚĞƌŵĂŝŶĞǆƚĞŶƐŝŽŶƐ ŽŶƚŚĞƉůĂƚĂŶĚƉƌŽǀŝĚŝŶŐĐƌŽƐƐƐĞĐƚŝŽŶƐŽƌƉƌŽĨŝůĞƐ͘ ϱͿWĂƌŬĚĞĚŝĐĂƚŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞŵĞƚǀŝĂ͗ĂƐŚŝŶůŝĞƵŽĨůĂŶĚǁŝƚŚƉĂǇŵĞŶƚĚƵĞƉƌŝŽƌƚŽ ƌĞĐŽƌĚĂƚŝŽŶŽĨƚŚĞĨŝŶĂůƉůĂƚ͘ ϲͿŽƵůĞǀĂƌĚƚƌĞĞƐǁŝůůďĞƌĞƋƵŝƌĞĚĨŽƌƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘WƌŝŽƌƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƉƌŽƉĞƌƚǇ͕ ƚŚĞKǁŶĞƌƐŚĂůůĚĞƚĞƌŵŝŶĞǁŚŝĐŚŽĨƚŚĞƚǁŽĂǀĂŝůĂďůĞŽƉƚŝŽŶƐ͕WĂǇŵĞŶƚDĞƚŚŽĚŽƌ/ŶƐƚĂůůŽƵůĞǀĂƌĚ dƌĞĞƐ͕ǁŝůůďĞƵƐĞĚƚŽŵĞĞƚƚŚĞŝƌďŽƵůĞǀĂƌĚƚƌĞĞŽďůŝŐĂƚŝŽŶƐĨŽƌĞĂĐŚƉŚĂƐĞŽĨĚĞǀĞůŽƉŵĞŶƚ͘KŶĐĞƚŚĞ ŽƉƚŝŽŶŝƐƐĞůĞĐƚĞĚ͕ƚŚĞKǁŶĞƌƐŚĂůůĞŝƚŚĞƌŵĂŬĞĂƉƉůŝĐĂďůĞĐĂƐŚƉĂǇŵĞŶƚƚŽƚŚĞZŽĐŚĞƐƚĞƌWĂƌŬΘ ZĞĐƌĞĂƚŝŽŶĞƉĂƌƚŵĞŶƚŽƌƐƵďŵŝƚĂƉůĂŶƚŝŶŐƉůĂŶƚŽƚŚĞŝƚǇ&ŽƌĞƐƚĞƌĨŽƌĂƉůĂŶƚŝŶŐƉĞƌŵŝƚƉƌŝŽƌƚŽ ĨŝŶĂůĚĞǀĞůŽƉŵĞŶƚĂƉƉƌŽǀĂů͘dƌĞĞƐƐŚĂůůďĞƉůĂŶƚĞĚĞǀĞƌǇϯϱĨĞĞƚ͘ ϳͿƉƉƌŽǀĂůŽĨƚŚŝƐƉƌĞůŝŵŝŶĂƌǇƉůĂƚŝƐĐŽŶƚŝŶŐĞŶƚŽŶĂƉƉƌŽǀĂůŽĨZϮϬϭϱ Ͳ ϬϬϮs͕ĂǀĂĐĂƚŝŽŶƉĞƚŝƚŝŽŶ ƚŽǀĂĐĂƚĞĂƉŽƌƚŝŽŶŽĨƉůĂƚƚĞĚDĂŝŶĞǀĞŶƵĞ^͘ ϴͿ'ƌĂĚŝŶŐΘƌĂŝŶĂŐĞWůĂŶĂƉƉƌŽǀĂůŝƐƌĞƋƵŝƌĞĚƉƌŝŽƌƚŽƌĞĐŽƌĚŝŶŐƚŚĞ&ŝŶĂůWůĂƚ͘ ϵͿŽŶƐƚƌƵĐƚŝŽŶƉůĂŶĂƉƉƌŽǀĂůďǇŝƚǇĨŽƌƚŚĞƉƵďůŝĐƐƚƌĞĞƚĂŶĚƌĞůĂƚĞĚĞůĞŵĞŶƚƐ;ƐƚƌĞĞƚ͕ƚƌĂĨĨŝĐ ĐŽŶƚƌŽůĚĞǀŝĐĞƐ͕ƐĂŶŝƚĂƌǇƐĞǁĞƌƐ͕ƐƚŽƌŵǁĂƚĞƌĨĂĐŝůŝƚŝĞƐ͕ǁĂƚĞƌƐǇƐƚĞŵĨĂĐŝůŝƚŝĞƐ͕ƐŝĚĞǁĂůŬƐĂŶĚŽƚŚĞƌ ŝŵƉƌŽǀĞŵĞŶƚƐƌĞƋƵŝƌĞĚͿǁŝůůďĞƌĞƋƵŝƌĞĚƉƌŝŽƌƚŽƌĞĐŽƌĚŝŶŐƚŚĞ&ŝŶĂůWůĂƚ͘ 3DFNHW3J )J 3DJHŽŶ͘,ĞŶŽƚĞĚƚŚĞƌĞĂƐŽŶƐĨŽƌƚŚĞĞǆƉĂŶƐŝŽŶƚŽƚŚĞĨĞůůŽǁƐŚŝƉ ŚĂůů͘ DƐ͘sĂŶĞƐƐĂ,ŝŶĞƐ͕tŝĚƐĞƚŚ͕^ŵŝƚŚĂŶĚEŽůƚŝŶŐ͕ϲϰϬϭĂŶĚĞůZŽĂĚEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚ ƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞŶŽƚĞĚƚŚĞĐŚƵƌĐŚŝƐĂďƵŝůĚŝŶŐƐƚŽŶĞŝŶƚŚĞĐŽŵŵƵŶŝƚǇĂŶĚŚĂƐŶŽŽďũĞĐƚŝŽŶƐƚŽƚŚĞ ĐŽŶĚŝƚŝŽŶƐŝŶƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͘^ŚĞĚŝĚŶŽƚĞƚŚĞĂƉƉůŝĐĂŶƚǁŝůůĨƵůĨŝůůƚŚĞĐŽŶĚŝƚŝŽŶĨŽƌƚŚĞďŽƵůĞǀĂƌĚƚƌĞĞƐ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞŽŵŵŝƐƐŝŽŶŝŶƌĞŐĂƌĚƐƚŽƚŚĞďƵŝůĚŝŶŐůĂǇŽƵƚĂŶĚŚĂǀŝŶŐƚŚĞƉĞĚĞƐƚƌŝĂŶ ĂĐĐĞƐƐůŽĐĂƚĞĚŝŶƚŚĞďĂĐŬ͖ŝƐƚŚŝƐƉĞĚĞƐƚƌŝĂŶĨƌŝĞŶĚůǇ͖ĚŽĞƐƚŚĞǌŽŶĞĐŚĂŶŐĞĨŝƚǁŝƚŚƚŚĞĐƵƌƌĞŶƚŶĞĞĚƐŽĨ ƚŚĞĂƌĞĂ͘ Dƌ͘tĂůƚĞƌƐŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨŽŶŝŶŐŝƐƚƌŝĐƚŵĞŶĚŵĞŶƚηZϮϬϭϱ Ͳ ϬϬϲǁŝƚŚƚŚĞ ƐƚĂĨĨ Ͳ 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