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Dƌ͘^ŝŵƐĂƐŬĞĚĂďŽƵƚƚŚĞďŝŬĞƉĂƚŚƚŚĂƚƚĞƌŵŝŶĂƚĞƐĂƚ^ĂůĞŵZŽĂĚĂŶĚDĂǇŽǁŽŽĚZŽĂĚŝŶƚĞƌƐĞĐƚŝŽŶ͕ŝƐ ƚŚŝƐĐŽƌƌĞĐƚ͘ 3DFNHW3J )G 3DJH &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH)HEUXDU\ Dƌ͘dŽŝŶƚŽŶŶŽƚĞĚǇĞƐƚŚĂƚŝƐĐŽƌƌĞĐƚ͖ƚŚĞƌĞŝƐĂƉůĂŶǁŚŝĐŚŝƐŝŶĐůƵĚĞĚŝŶƚŚĞƌŝŐŚƚŽĨǁĂǇĂŶĚŝƐĂŶ ĂĐƚŝŽŶďǇƚŚĞŽƵŶƚǇĨŽƌĨƵƚƵƌĞĐŽŶƐƚƌƵĐƚŝŽŶ͕ŶŽƚƚŚĞĚĞǀĞůŽƉĞƌ͘ Dƌ͘tĂůƚĞƌƐĂƐŬĞĚĂďŽƵƚƚŚĞĚĞƚĂŝůƐŽĨƚŚĞƉƌŝǀĂƚĞƐƚƌĞĞƚƐŝŶƌĞŐĂƌĚƐƚŽŚŽǁƚŚĞǇĂƌĞůĂŝĚŽƵƚ͘ Dƌ͘dŽŝŶƚŽŶŶŽƚĞĚƚŚĞƐƚƌĞĞƚƐĂƌĞŶĂƌƌŽǁĞĚ͖ƚŚĞǇŚĂǀĞĂŶĂƌƌŽǁĞĚďŽƵůĞǀĂƌĚŶĞĂƌ^ĂůĞŵZŽĂĚ͖ƚŚĞ ƌŽĂĚĨĂĐŝŶŐƚŚĞůĂŬĞŝƐŽĨŶŽƌŵĂůǁŝĚƚŚ͖ĂŶĚƚŚĞƌŽĂĚŝƐŝŶƉůĂĐĞŽǀĞƌƚŚĞƚŽƉŽĨƉƵďůŝĐƵƚŝůŝƚŝĞƐ͘ DƐ͘DĞĞŬŶŽƚĞĚƐŚĞǁŽƵůĚůŝŬĞƚŽƐĞĞƐŽŵĞƚŝŵĞŽĨĐŽŶŶĞĐƚŝǀŝƚǇƚŽƚŚĞĞǆŝƐƚŝŶŐƚƌĂŝůƐǇƐƚĞŵĨƌŽŵƚŚĞ ƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͘ Dƌ͘dŽŝŶƚŽŶĂĚĚƌĞƐƐĞĚƚŚĞĐŽŶĚŝƚŝŽŶƐŝŶƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͖ŚĞŶŽƚĞĚĐŽŶĚŝƚŝŽŶŶŽ͘ϵǁŚŝĐŚƌĞĨĞƌƐƚŽƚŚĞ ĂĐĐĞƐƐƉŽŝŶƚŽĨĨŽĨDĂǇŽ>ĂŬĞZŽĂĚǁŽƵůĚƌĞƋƵŝƌĞĂŶĂĐĐĞƐƐĞĂƐĞŵĞŶƚďǇŽƵŶƚǇWƵďůŝĐtŽƌŬƐ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶƌĞŐĂƌĚŝŶŐ^ĞĐƚŝŽŶϲϭ͘ϮϮϱƌŝƚĞƌŝĂŶŽƚďĞŝŶŐŵĞƚĂƐƐƚĂƚĞĚŝŶ ƚŚĞĨŝŶĚŝŶŐƐ͖ŝƐƉƵďůŝĐƚƌĂŶƐŝƚĂĐĐĞƐƐǁŝƚŚŝŶĂϭ͘ϳŵŝůĞĂƐĂƚŝƐĨĂĐƚŽƌǇĐŽŶĚŝƚŝŽŶ͘ Dƌ͘ŝůůdŽŝŶƚŽŶ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚt^ΘƐƐŽĐŝĂƚĞƐ͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϰ͕ ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞĂĚĚƌĞƐƐĞĚƚŚĞĚĞƚĂŝůƐŽĨƌŝƚĞƌŝĂ͕ǁŝƚŚƚŚĞůĂǇŽƵƚŽĨƚŚĞĐůŽƐĞĚ ƐƵďĚŝǀŝƐŝŽŶƚŚĞĐƌŝƚĞƌŝĂůŝƐƚĞĚĂƌĞďĞŝŶŐŵĞƚĂƐŚĞƌĞǀŝĞǁĞĚĞĂĐŚŵŽĚĞŽĨƚƌĂŶƐƉŽƌƚĂƚŝŽŶůŝƐƚĞĚŝŶĐƌŝƚĞƌŝĂ ͘ DƐ͘DĞĞŬŶŽƚĞĚƐŚĞĂŐƌĞĞĚƚŚĞĨŝŶĚŝŶŐƐĚŽĐŽŵƉůǇǁŝƚŚŝŶƚŚĞďŽƵŶĚĂƌŝĞƐǁŝƚŚŝŶĚĞǀĞůŽƉŵĞŶƚďƵƚŶŽƚ ŽƵƚƐŝĚĞǁŝƚŚƚŚĞĐŽŶŶĞĐƚŝǀĞůǇŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘ Dƌ͘tĂůƚĞƌƐĂƐŬĞĚǁŚǇŶŽƐŝĚĞǁĂůŬƐŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘ Dƌ͘dŽŝŶƚŽŶŶŽƚĞĚŝƚǁĂƐĚĞĐŝĚĞĚďǇƚŚĞŚŽŵĞŽǁŶĞƌƐĂƐƐŽĐŝĂƚŝŽŶŽŶǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞǇǁĂŶƚ ƐŝĚĞǁĂůŬƐĂŶĚďǇŚĂǀŝŶŐĂƉƌŝǀĂƚĞƐƚƌĞĞƚƐǇƐƚĞŵ͘ Dƌ͘ƌĞŶĚĂŶDĐDĞŶŽŵǇ͕ƌĞƐŝĚĞƐĂƚϰϬϲϱDĂǇŽǁŽŽĚZŽĂĚ^t͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞŝƐĂĐƵƌƌĞŶƚŚŽŵĞŽǁŶĞƌŶĞĂƌƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚŚĂƐŶŽŽďũĞĐƚŝŽŶƐƚŽƚŚĞƉƌŽƉŽƐĞĚ ƉƌŽũĞĐƚ͘ Dƌ͘,ŝůůĂƐŬĞĚĨŽƌĨŝŶĚŝŶŐƐĨŽƌĐƌŝƚĞƌŝĂ&͘ Dƌ͘ƵƌŚŽƉŶŽƚĞĚƚŚĞƐƚĂŶĚĂƌĚƐƚŚĞŵƐĞůǀĞƐĂƌĞƚŚĞĨŝŶĚŝŶŐƐĨŽƌƌŝƚĞƌŝĂ&͘ Dƌ͘<ĞǀŝŶǁĞƌƚ͕ƌĞƐŝĚĞƐĂƚϯϬϮϮϰ ƚŚ^ƚƌĞĞƚE͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ ŶŽƚĞĚďǇŽďƐĞƌǀĂƚŝŽŶŝŶƚŚĞĚŝƐĐƵƐƐŝŽŶĂƌĞƚŚĞůĂĐŬŽĨƉƵďůŝĐƚƌĂŶƐŝƚ͖ƚƌĂĨĨŝĐĐŽŶŐĞƐƚŝŽŶĨŽƌƚŚĞĂƌĞĂ ĐŚƵƌĐŚŝƐĨƌƵƐƚƌĂƚŝŶŐ͖ĂŶĚƚŚĞĂĚĚŝƚŝŽŶĂůďůĂĐŬƚŽƉƉŝŶŐĂŶĚĚƌŝǀĞǁĂǇƐǁŝůůĚĞĐƌĞĂƐĞƚŚĞĂďŝůŝƚǇĨŽƌƚŚĞůĂŶĚ ƚŽĂďƐŽƌďƌĂŝŶĨĂůů͕ƐŽǁŚĞƌĞǁŝůůƚŚĞƌĂŝŶŐŽ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘tĂůƚĞƌƐĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ 3DFNHW3J )G 3DJH &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH)HEUXDU\ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶŝŶƌĞŐĂƌĚƐƚŽƚŚĞŶĂƌƌŽǁƐƚƌĞĞƚďĞŝŶŐƐĂĨĞǁŝƚŚŽƵƚƐŝĚĞǁĂůŬƐ͖ ƚŚĞŽŶĞǁĂǇŝŶĂŶĚŽƵƚŽĨƚŚĞƐƵďĚŝǀŝƐŝŽŶ͖ůĂĐŬŽĨĐŽŶŶĞĐƚŝǀŝƚǇƚŽƚŚĞĞǆŝƐƚŝŶŐďŝŬĞƉĂƚŚͬƚƌĂŝůǁŚĞŶĂĐĐĞƐƐ ĐŽƵůĚĞĂƐŝůǇďĞĂĐĐŽŵƉůŝƐŚĞĚ͖ůŽǁǀŽůƵŵĞŽĨƚƌĂĨĨŝĐŽŶƚŚĞƉƌŝǀĂƚĞƐƚƌĞĞƚƐŝƐĂĚǀĂŶƚĂŐĞ͘ DƐ͘DĞĞŬŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĚĞŶŝĂůŽĨWƌĞůŝŵŝŶĂƌǇWůĂƚηZϮϬϭϲ Ͳ ϬϬϭW>dƚŽďĞŬŶŽǁŶĂƐ ZĞĨůĞĐƚŝŽŶƐŽŶDĂǇŽ>ĂŬĞ^ĞĐŽŶĚďĂƐĞĚŽŶƌŝƚĞƌŝĂĂŶĚŶŽƚďĞŝŶŐŵĞƚĨŽƌĐŽŶŶĞĐƚŝǀŝƚǇ͘Dƌ͘ 'ŽŽĚĞŶďĞƌŐĞƌƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĨĂŝůĞĚϰ Ͳ ϰ͘Dƌ͘ƵƌƐƚ͕DƐ͘^ĞĂďƌŽŽŬ͕DƐ͘tŝůƐŽŶ͕ Dƌ͘,ŝůůǀŽƚŝŶŐŶĂǇ͘ Dƌ͘,ŝůůŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĞĚŽĨWƌĞůŝŵŝŶĂƌǇWůĂƚηZϮϬϭϲ Ͳ ϬϬϭW>dƚŽďĞŬŶŽǁŶĂƐ ZĞĨůĞĐƚŝŽŶƐŽŶDĂǇŽ>ĂŬĞ^ĞĐŽŶĚǁŝƚŚƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĐŽŶĚŝƚŝŽŶƐǁŝƚŚƚŚĞĂĚĚŝƚŝŽŶĂůŽĨ ƚŚĂƚĂĐĐĞƐƐƚŽďŝŬĞƉĂƚŚŽŶDĂǇŽǁŽŽĚƌŽĂĚďĞŵĂĚĞĂǀĂŝůĂďůĞĂŶĚƚŚĞĂŵĞŶĚĞĚĐŽƌƌĞĐƚŝŽŶƐ͘Dƌ͘ ƵƌƐƚƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĨĂŝůĞĚϯ Ͳ ϱ͘Dƌ͘tĂůƚĞƌƐ͕Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌ͕Dƌ͘^ŝŵƐ͕DƐ͘ DĞĞŬ͕DƐ͘tŝůƐŽŶǀŽƚŝŶŐŶĂǇ Dƌ͘^ŝŵƐŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĐŽŶƚŝŶƵĂƚŝŽŶŽĨWƌĞůŝŵŝŶĂƌǇWůĂƚηZϮϬϭϲ Ͳ ϬϬϭW>dƚŽďĞŬŶŽǁŶĂƐ ZĞĨůĞĐƚŝŽŶƐŽŶDĂǇŽ>ĂŬĞ^ĞĐŽŶĚƚŽDĂƌĐŚϵ͕ϮϬϭϲWŵĞĞƚŝŶŐŝŶƌĞŐĂƌĚƐƚŽƚŚĞĂƉƉůŝĐĂŶƚƚŽƚĂŬĞ ƐŽŵĞƚŝŵĞƚŽĐŽŶƐŝĚĞƌƚŚĞĚŝƐĐƵƐƐŝŽŶŝŶƌĞƐƉĞĐƚƚŽ^ĞĐƚŝŽŶϲϰ͘ϭϮϰĂŶĚĨƵƌƚŚĞƌĚŝƐĐƵƐƐŝŽŶǁŝƚŚŝƚǇ dƌĂŶƐŝƚĨŽƌĨƵƚƵƌĞƉůĂŶƐ͘DƐ͘DĞĞŬƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϱ Ͳ ϯ͘Dƌ͘ƵƌƐƚ͕Dƌ͘ ,ŝůůĂŶĚDƐ͘^ĞĂďƌŽŽŬǀŽƚŝŶŐŶĂǇ͘ KƚŚĞƌƵƐŝŶĞƐƐ͗ ϭ͘ŝƚǇŽƵŶĐŝůDĞĞƚŝŶŐZĞĐĂƉʹDƌ͘ƵŶŶƉƌĞƐĞŶƚĞĚŽƵŶĐŝůƌĞĐĂƉ͘ Ϯ͘ƐŵĂǇďĞďƌŽƵŐŚƚƵƉǁŝƚŚŵĞŵďĞƌƐʹDƌ͘ƵŶŶŵĞŶƚŝŽŶĞĚƚŚĞŽƉƉŽƌƚƵŶŝƚŝĞƐŽĨƚƌĂŝŶŝŶŐďǇƚŚĞ ŵĞƌŝĐĂŶWůĂŶŶĞƌƐƐŽĐŝĂƚŝŽŶ Ͳ DŝŶŶĞƐŽƚĂŚĂƉƚĞƌĨŽƌƚŚĞŝƚŝǌĞŶWůĂŶŶĞƌƉƌŽŐƌĂŵ͖ůŽŽŬŝŶŐĨŽƌ ŝŶƚĞƌĞƐƚďǇƚŚĞŽŵŵŝƐƐŝŽŶƚŽĂϰŚŽƵƌƚƌĂŝŶŝŶŐƐĞƐƐŝŽŶ͘ ϯ͘Dƌ͘^ŝŵƐƌĞƋƵĞƐƚĞĚŽƵŶƐĞůƚŽďƌŝŶŐĨŽƌǁĂƌĚƚŚĞůĞƚƚĞƌĨƌŽŵDƌ͘ĚŬŝŶƐŝŶƌĞŐĂƌĚƐƚŽǀĂƌŝĂŶĐĞ ƌĞǀŝĞǁďǇƚŚĞW͘ ĚũŽƵƌŶ͗ DŽƚŝŽŶŵĂĚĞďǇDƌ͘^ŝŵƐƚŽĂĚũŽƵƌŶ͕ƐĞĐŽŶĚĞĚďǇDƐ͘DĞĞŬ͘Dƌ͘tĂůƚĞƌƐ͕ŚĂŝƌ͕ĂĚũŽƵƌŶĞĚƚŚĞ ŵĞĞƚŝŶŐĂƚϳ͗ϯϱƉ͘ŵ͘ 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ƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐĂŶĚƌĞǀŝƐŝŽŶƚŽŽŶĚŝƚŝŽŶEŽ͘ϭϬ͘Dƌ͘^ŝŵƐͬDƌ͘ƵƌƐƚƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘ dŚĞŵŽƚŝŽŶĨĂŝůĞĚϰ Ͳ ϰ͘Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌ͕Dƌ͘tĂůƚĞƌƐ͕Dƌ͘,ŝůů͕DƐ͘tŝůƐŽŶǀŽƚŝŶŐŶĂǇ͘ KE/d/KE^͗ ϭ͘dŚĞƌĞĂƌĞŝŶĂĚĞƋƵĂƚĞŽŶĂŶĚŽĨĨƐŝƚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐ͕ƐƉĞĐŝĨŝĐĂůůǇWƵďůŝĐZŽĂĚǁĂǇƐ͕^ĂŶŝƚĂƌǇ ^ĞǁĞƌ͕tĂƚĞƌ͕ĂŶĚ^ƚŽƌŵtĂƚĞƌDĂŶĂŐĞŵĞŶƚ&ĂĐŝůŝƚŝĞƐ͕ĞǆŝƐƚŝŶŐƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚĞ ĚĞǀĞůŽƉŵĞŶƚŽĨƚŚŝƐWƌŽƉĞƌƚǇ͘EŽĚĞǀĞůŽƉŵĞŶƚǁŝůůďĞĂůůŽǁĞĚƚŽŽĐĐƵƌƵŶƚŝůƚŚĞŝƚǇŽƵŶĐŝů ŚĂƐĚĞƚĞƌŵŝŶĞĚƚŚĂƚĂůůƌĞƋƵŝƌĞĚƉƵďůŝĐĨĂĐŝůŝƚŝĞƐĂƌĞĂĚĞƋƵĂƚĞĨŽƌƐĂŝĚĚĞǀĞůŽƉŵĞŶƚ͘ ůƚĞƌŶĂƚŝǀĞůǇ͕ƚŚĞĚĞǀĞůŽƉĞƌŵĂǇƌĞƋƵĞƐƚƚŽũŽŝŶǁŝƚŚƚŚĞŝƚǇŝŶŵĂŬŝŶŐƚŚĞƐĞŝŶĂĚĞƋƵĂƚĞ ƉƵďůŝĐĨĂĐŝůŝƚŝĞƐĂĚĞƋƵĂƚĞĨŽƌƚŚŝƐĚĞǀĞůŽƉŵĞŶƚ͕ĂŶĚŵĂǇĞŶƚĞƌŝŶƚŽĂĚĞǀĞůŽƉŵĞŶƚĂŐƌĞĞŵĞŶƚ͕ ƉƌŝŽƌƚŽ&ŝŶĂůWůĂƚƐƵďŵŝƚƚĂů͕ƚŚĂƚŽƵƚůŝŶĞƐƚŚĞĚĞǀĞůŽƉĞƌΖƐĂŶĚŝƚǇΖƐŽďůŝŐĂƚŝŽŶƐƌĞůĂƚĞĚ͕ďƵƚŶŽƚ ůŝŵŝƚĞĚƚŽ͗ĂĐĐĞƐƐ͕ƉĂƌŬŝŶŐƌĞƐƚƌŝĐƚŝŽŶƐ͕ƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚ;ŝŶĐůƵĚŝŶŐĂŶǇŽďůŝŐĂƚŝŽŶƐĨŽƌ ŽĨĨ Ͳ ƐŝƚĞĨĂĐŝůŝƚŝĞƐͿ͕ƚƌĂŶƐƉŽƌƚĂƚŝŽŶŝŵƉƌŽǀĞŵĞŶƚƐ;ŝŶĐůƵĚŝŶŐĂŶǇŽĨĨ Ͳ ƐŝƚĞŝŵƉƌŽǀĞŵĞŶƚƐŶĞĐĞƐƐĂƌǇ ƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚŝƐĚĞǀĞůŽƉŵĞŶƚͿ͕ƉĞĚĞƐƚƌŝĂŶĨĂĐŝůŝƚŝĞƐ͕ĐŽŶƚƌŝďƵƚŝŽŶƐĨŽƌĞǆŝƐƚŝŶŐΘĨƵƚƵƌĞ 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