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ϰ͘Ϯ/EdZZhWd/KEK&^Zs/^͗dŚĞŝƚǇĚŽĞƐŶŽƚǁĂƌƌĂŶƚƚŚĂƚĂŶǇƐĞƌǀŝĐĞƐŽƌ ƵƚŝůŝƚŝĞƐǁŝůůďĞĨƌĞĞĨƌŽŵŝŶƚĞƌƌƵƉƚŝŽŶƐĐĂƵƐĞďǇďƌĞĂŬĚŽǁŶƐ͕ŵĂŝŶƚĞŶĂŶĐĞ͕ ƌĞƉĂŝƌƐ͕ŝŵƉƌŽǀĞŵĞŶƚƐ͕ĂůƚĞƌĂƚŝŽŶƐ͕ƐƚƌŝŬĞƐ͕ƐƚŽƉƉĂŐĞƐ͕ƐŚŽƌƚĂŐĞƐ͕ĂĐĐŝĚĞŶƚƐ͕ ŝŶĂďŝůŝƚǇŽĨƚŚĞŝƚǇƚŽŽďƚĂŝŶĨƵĞůŽƌƐƵƉƉůŝĞƐŽƌĂŶǇŽƚŚĞƌĐĂƵƐĞŽƌĐĂƵƐĞƐ͕ ǁŚĞƚŚĞƌǁŝƚŚŝŶŽƌďĞǇŽŶĚƚŚĞƌĞĂƐŽŶĂďůĞĐŽŶƚƌŽůŽĨƚŚĞŝƚǇ͘ŶǇƐƵĐŚ ŝŶƚĞƌƌƵƉƚŝŽŶŽĨƐĞƌǀŝĐĞƐŚĂůůŶŽƚďĞĚĞĞŵĞĚĂŶĞǀŝĐƚŝŽŶŽƌĚŝƐƚƵƌďĂŶĐĞŽĨ'ŽůĚ ƌŽƐƐ͛ƐƵƐĞŽƌƉŽƐƐĞƐƐŝŽŶŽĨƚŚĞ>ĞĂƐĞĚWƌĞŵŝƐĞƐŽƌĂŶǇƉĂƌƚƚŚĞƌĞŽĨ͕ŽƌƌĞŶĚĞƌ ƚŚĞŝƚǇŝŶĂŶǇǁĂǇůŝĂďůĞƚŽ'ŽůĚƌŽƐƐĨŽƌĚĂŵĂŐĞƐŽƌƌĞůŝĞǀĞ'ŽůĚƌŽƐƐĨƌŽŵ ƉĞƌĨŽƌŵĂŶĐĞŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͘ 3DFNHW3J 'D ϱ͘D/EdEEEZW/Z^ ϱ͘ϭ'K>ZK^^͛^K>/'d/KE^͗'ŽůĚƌŽƐƐ͕ĂůůĂƚŝƚƐŽǁŶĐŽƐƚĂŶĚĞǆƉĞŶƐĞ͕ƐŚĂůů ŬĞĞƉƚŚĞ>ĞĂƐĞĚWƌĞŵŝƐĞƐŶĞĂƚ͕ĐůĞĂŶ͕ĂŶĚŝŶƐĂŶŝƚĂƌǇĐŽŶĚŝƚŝŽŶĂŶĚŝŶĂƐŐŽŽĚ ŽƌĚĞƌĂŶĚƌĞƉĂŝƌĂƐŽĨƚŚĞƚŝŵĞ'ŽůĚƌŽƐƐƚŽŽŬƉŽƐƐĞƐƐŝŽŶŽĨƚŚĞƐĂŵĞ͕ ƌĞĂƐŽŶĂďůĞǁĞĂƌĂŶĚƚĞĂƌĂŶĚĚĂŵĂŐĞĨƌŽŵĨŝƌĞŽƌŽƚŚĞƌĐĂƐƵĂůƚǇĨŽƌǁŚŝĐŚ ŝŶƐƵƌĂŶĐĞƉƌŽĐĞĞĚƐĂƌĞĂǀĂŝůĂďůĞƚŽƚŚĞŝƚǇĂŶĚ'ŽůĚƌŽƐƐĞǆĐĞƉƚĞĚ͘ůů ĚĂŵĂŐĞŽƌŝŶũƵƌǇƚŽƚŚĞEŽƌƚŚWƌĞĐŝŶĐƚĂŶĚƚŽŝƚƐĨŝǆƚƵƌĞƐ͖ĂƉƉƵƌƚĞŶĂŶĐĞƐĂŶĚ ĞƋƵŝƉŵĞŶƚŽƌƚŽƚŚĞďƵŝůĚŝŶŐ͕ŝĨŶŽƚĐŽǀĞƌĞĚďǇĨŝƌĞĂŶĚĞǆƚĞŶĚĞĚĐŽǀĞƌĂŐĞ ŝŶƐƵƌĂŶĐĞŽŶƚŚĞďƵŝůĚŝŶŐ͕ĐĂƵƐĞĚďǇ;ŝͿ'ŽůĚƌŽƐƐŵŽǀŝŶŐƉƌŽƉĞƌƚǇŝŶŽƌŽƵƚŽĨ ƚŚĞďƵŝůĚŝŶŐ͕ŽƌŝŶŽƌŽƵƚŽĨƚŚĞEŽƌƚŚWƌĞĐŝŶĐƚ͕ŚŽǁĞǀĞƌĐĂƵƐĞĚ͕Žƌ;ŝŝͿďǇ ŝŶƐƚĂůůĂƚŝŽŶŽƌƌĞŵŽǀĂůŽĨĨƵƌŶŝƚƵƌĞ͕ĨŝǆƚƵƌĞƐŽƌŽƚŚĞƌƉƌŽƉĞƌƚǇ͕ŚŽǁĞǀĞƌĐĂƵƐĞĚ͕ Žƌ;ŝŝŝͿĨŝƌĞ͕ĞǆƉůŽƐŝŽŶ͕ƐŚŽƌƚĐŝƌĐƵŝƚƐ͕ĨůŽǁŽƌůĞĂŬĂŐĞŽĨǁĂƚĞƌ͕ƐƚĞĂŵ͕ŐĂƐƐĞǁĂŐĞ ŽƌŽĚŽƌƐŽƌďǇĨƌŽƐƚŽƌďǇďƵƌƐƚŝŶŐŽƌůĞĂŬŝŶŐŽĨƉŝƉĞƐŽƌŽĨŝŵƉƌŽƉĞƌĐŽŶĚƵĐƚŽƌ ŽƚŚĞƌĐĂƵƐĞŽĨ'ŽůĚƌŽƐƐ͕ŝƚƐƐĞƌǀĂŶƚƐ͕ĞŵƉůŽǇĞĞƐ͕ĂŐĞŶƚƐ͕ǀŝƐŝƚŽƌƐ͕ŽƌůŝĐĞŶƐĞĞƐ͕ ƐŚĂůůďĞƌĞƉĂŝƌĞĚ͕ƌĞƐƚŽƌĞĚŽƌƌĞƉůĂĐĞĚƉƌŽŵƉƚůǇďǇ'ŽůĚƌŽƐƐĂƚŝƚƐƐŽůĞĐŽƐƚ ĂŶĚĞǆƉĞŶƐĞƚŽƚŚĞƐĂƚŝƐĨĂĐƚŝŽŶŽĨƚŚĞŝƚǇ͘ůůĂĨŽƌĞƐĂŝĚƌĞƉĂŝƌƐ͕ƌĞƐƚŽƌĂƚŝŽŶƐ͕ ĂŶĚƌĞƉůĂĐĞŵĞŶƚƐƐŚĂůůďĞŝŶƋƵĂůŝƚǇĂŶĚĐůĂƐƐĞƋƵĂůƚŽƚŚĞŽƌŝŐŝŶĂůǁŽƌŬŽƌ ŝŶƐƚĂůůĂƚŝŽŶƐĂŶĚƐŚĂůůďĞĚŽŶĞŝŶĂŐŽŽĚĂŶĚǁŽƌŬŵĂŶͲůŝŬĞŵĂŶŶĞƌ͘/Ĩ'ŽůĚ ƌŽƐƐĨĂŝůƐƚŽƉƌŽŵƉƚůǇŵĂŬĞƐƵĐŚƌĞƉĂŝƌƐ͕ƌĞƐƚŽƌĂƚŝŽŶƐ͕ŽƌƌĞƉůĂĐĞŵĞŶƚƐ͕ƚŚĞ ƐĂŵĞŵĂǇďĞŵĂĚĞďǇƚŚĞŝƚǇĂŶĚ'ŽůĚƌŽƐƐƐŚĂůůďĞůŝĂďůĞĨŽƌĂŶǇĂŶĚĂůů ĞǆƉĞŶƐĞƐŝŶĐƵƌƌĞĚďǇƚŚĞŝƚǇŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐǁŽƌŬ͘/ĨƚŚĞŝƚǇŵĂŬĞƐ ƐƵĐŚƌĞƉĂŝƌƐƚŚĞŝƚǇǁŝůůŶŽƚďĞƌĞƐƉŽŶƐŝďůĞƚŽ'ŽůĚƌŽƐƐĨŽƌĂŶǇůŽƐƐŽƌĚĂŵĂŐĞ ƚŚĂƚŵĂǇĂĐĐƌƵĞƚŽ'ŽůĚƌŽƐƐ͛ƐƉƌŽƉĞƌƚǇŽƌďƵƐŝŶĞƐƐďǇƌĞĂƐŽŶŽĨŵĂŬŝŶŐƚŚĞ ƌĞƉĂŝƌƐ͘ &ƵƌƚŚĞƌ͕'ŽůĚƌŽƐƐƐŚĂůůďĞƌĞƋƵŝƌĞĚƚŽĂƐƐŝƐƚƚŚĞŝƚǇǁŝƚŚƚŚĞĐůĞĂŶŝŶŐŽĨĂůů ĐŽŵŵŽŶĂƌĞĂƐƵƐĞĚďǇ'ŽůĚƌŽƐƐĂŶĚŝƚƐĞŵƉůŽǇĞĞƐ͘ &ƵƌƚŚĞƌ͕'ŽůĚƌŽƐƐƐŚĂůůďĞƌĞƋƵŝƌĞĚƚŽůŽĐŬƚŚĞďƵŝůĚŝŶŐƵƉŽŶĞǆŝƚŝŶŐŝƚƚŽ ĞŶƐƵƌĞƚŚĞƐĞĐƵƌŝƚǇŽĨŝƚǇĞƋƵŝƉŵĞŶƚ͘ ϲ͘>K^^ED' ϲ͘ϭ'K>ZK^^͛^WZKWZdz͗ůůƉƌŽƉĞƌƚǇĂŶĚŝŵƉƌŽǀĞŵĞŶƚƐŽĨ'ŽůĚƌŽƐƐŝŶŽƌ ĂďŽƵƚƚŚĞ>ĞĂƐĞĚWƌĞŵŝƐĞƐƐŚĂůůďĞŬĞƉƚ͕ƐƚŽƌĞĚĂŶĚͬŽƌŵĂŝŶƚĂŝŶĞĚĂƚƚŚĞƐŽůĞ ƌŝƐŬŽĨ'ŽůĚƌŽƐƐǁŝƚŚŽƵƚĂŶǇůŝĂďŝůŝƚǇŽĨƚŚĞŝƚǇĨŽƌůŽƐƐŽƌĚĂŵĂŐĞƚŚĞƌĞƚŽ͕ ŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽůŽƐƐĨƌŽŵĨŝƌĞ͕ĞǆƉůŽƐŝŽŶ͕ǁŝŶĚ͕ƌĂŝŶ͕ŚĂŝů͕ǁĂƚĞƌ ůĞĂŬĂŐĞ͕ďƵƌƐƚŝŶŐŽĨƉŝƉĞƐŽƌĐŽŶĚƵŝƚƐ͕ƐƉƌŝŶŬůĞƌƐ͕ŐĂƐ͕ĞůĞĐƚƌŝĐŝƚǇŽƌƐƚƌƵĐƚƵƌĂů ĨĂŝůƵƌĞ͕ƌĞŐĂƌĚůĞƐƐŽĨŶĞŐůŝŐĞŶĐĞ͕ŶŽƌƐŚĂůůƚŚĞŝƚǇďĞůŝĂďůĞƚŽ'ŽůĚƌŽƐƐĨŽƌĂŶǇ ŝŶƚĞƌƌƵƉƚŝŽŶŽĨďƵƐŝŶĞƐƐĐŽŶĚƵĐƚĞĚďǇ'ŽůĚƌŽƐƐ͕ƌĞŐĂƌĚůĞƐƐŽĨĐĂƵƐĞ͘ ϲ͘Ϯ^h>dz͗dZD/Ed/KEK&'ZDEd͗/ĨƚŚĞEŽƌƚŚWƌĞĐŝŶĐƚŝƐĚĂŵĂŐĞĚŽƌ ĚĞƐƚƌŽǇĞĚďǇĨŝƌĞŽƌŽƚŚĞƌĐĂƐƵĂůƚǇƚŚĞŶƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůĂƵƚŽŵĂƚŝĐĂůůǇĐĞĂƐĞ 3DFNHW3J 'D ĂŶĚƚĞƌŵŝŶĂƚĞ͕ĂŶĚĂŶǇƌĞŶƚƐĂŶĚĂůůĂĚĚŝƚŝŽŶĂůƉĂǇŵĞŶƚƐĚƵĞŚĞƌĞƵŶĚĞƌƐŚĂůůďĞ ĂƉƉŽƌƚŝŽŶĞĚ͕ĂƐŽĨƚŚĞĚĂƚĞŽĨƐƵĐŚĚĂŵĂŐĞŽƌĚĞƐƚƌƵĐƚŝŽŶ͕ĂŶĚ'ŽůĚƌŽƐƐƐŚĂůů ǀĂĐĂƚĞƚŚĞ>ĞĂƐĞĚWƌĞŵŝƐĞƐĂŶĚƐƵƌƌĞŶĚĞƌƚŚĞƐĂŵĞƚŽƚŚĞŝƚǇŝŵŵĞĚŝĂƚĞůǇ͘ ϳ͘>dZd/KE^ ϳ͘ϭ>dZd/KE^zd,/dz͗dŚĞŝƚǇƐŚĂůůŚĂǀĞƚŚĞƌŝŐŚƚĂƚĂŶǇƚŝŵĞƚŽĐŚĂŶŐĞ ƚŚĞĂƌƌĂŶŐĞŵĞŶƚŽƌůŽĐĂƚŝŽŶŽĨĞŶƚƌĂŶĐĞƐ͕ƉĂƐƐĂŐĞǁĂǇƐ͕ĚŽŽƌƐĂŶĚĚŽŽƌǁĂǇƐ͕ ĐŽƌƌŝĚŽƌƐ͕ƐƚĂŝƌƐ͕ƚŽŝůĞƚƐĂŶĚŽƚŚĞƌůŝŬĞƉƵďůŝĐƐĞƌǀŝĐĞƉŽƌƚŝŽŶƐŽĨƚŚĞEŽƌƚŚ WƌĞĐŝŶĐƚ͕ƉƌŽǀŝĚĞĚƚŚĂƚŝĨƐƵĐŚĐŚĂŶŐĞƐƐƵďƐƚĂŶƚŝĂůůǇĚŝŵŝŶŝƐŚŽƌŝŶƚĞƌĨĞƌĞǁŝƚŚ 'ŽůĚƌŽƐƐ͛ƐƵƐĞŽĨƚŚĞ>ĞĂƐĞĚWƌĞŵŝƐĞƐ͕'ŽůĚƌŽƐƐŵĂǇƚĞƌŵŝŶĂƚĞƚŚŝƐ ŐƌĞĞŵĞŶƚďǇƉƌŽǀŝĚŝŶŐŶŽƚŝĐĞƚŽƚŚĞŝƚǇĂƐƉƌŽǀŝĚĞĚŚĞƌĞŝŶ͘ ϳ͘Ϯ>dZd/KE^z'K>ZK^^͗'ŽůĚƌŽƐƐǁŝůůŶŽƚŵĂŬĞĂŶǇĂůƚĞƌĂƚŝŽŶƐ͕ ĂĚĚŝƚŝŽŶƐŽƌŝŵƉƌŽǀĞŵĞŶƚƐƚŽƚŚĞ>ĞĂƐĞĚWƌĞŵŝƐĞƐǁŝƚŚŽƵƚĨŝƌƐƚŽďƚĂŝŶŝŶŐƚŚĞ ƉƌŝŽƌǁƌŝƚƚĞŶĐŽŶƐĞŶƚŽĨƚŚĞŝƚǇ͕ǁŚŝĐŚĐŽŶƐĞŶƚŵĂǇďĞǁŝƚŚŚĞůĚĨŽƌĂŶǇƌĞĂƐŽŶ͘ ŶǇĂůƚĞƌĂƚŝŽŶƐ͕ĂĚĚŝƚŝŽŶƐŽƌŝŵƉƌŽǀĞŵĞŶƚƐŵĂĚĞďǇ'ŽůĚƌŽƐƐƐŚĂůůďĞĚŽŶĞĂƚ 'ŽůĚƌŽƐƐ͛ƐƐŽůĞĐŽƐƚĂŶĚĞǆƉĞŶƐĞ͘ŶǇƐƵĐŚĂůƚĞƌĂƚŝŽŶƐ͕ĂĚĚŝƚŝŽŶƐŽƌ ŝŵƉƌŽǀĞŵĞŶƚƐƐŚĂůůƚŚĞƌĞĂĨƚĞƌďĞĐŽŵĞƚŚĞƉƌŽƉĞƌƚǇŽĨƚŚĞŝƚǇ͕ƵŶůĞƐƐ ŽƚŚĞƌǁŝƐĞĂŐƌĞĞĚƚŽďǇƚŚĞŝƚǇĂŶĚ'ŽůĚƌŽƐƐŝŶǁƌŝƚŝŶŐ͘/ĨĂŶǇƐƵĐŚĂůƚĞƌĂƚŝŽŶƐ͕ ĂĚĚŝƚŝŽŶƐŽƌŝŵƉƌŽǀĞŵĞŶƚƐĂƌĞŵĂĚĞǁŝƚŚŽƵƚƚŚĞƉƌŝŽƌǁƌŝƚƚĞŶĐŽŶƐĞŶƚŽĨƚŚĞ ŝƚǇ͕ƚŚĞŝƚǇŵĂǇĐŽƌƌĞĐƚŽƌƌĞŵŽǀĞƚŚĞƐĂŵĞĂŶĚ'ŽůĚƌŽƐƐƐŚĂůůďĞůŝĂďůĞĨŽƌ ĂŶǇĂŶĚĂůůĞǆƉĞŶƐĞƐŝŶĐƵƌƌĞĚďǇƚŚĞŝƚǇŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐǁŽƌŬ͘ ϴ͘/EDE/&/d/KE ϴ͘ϭ'K>ZK^^dK/EDE/&z͗'ŽůĚƌŽƐƐƐŚĂůůĚĞĨĞŶĚ͕ŝŶĚĞŵŶŝĨǇ͕ĂŶĚŚŽůĚƚŚĞ ŝƚǇŚĂƌŵůĞƐƐĨƌŽŵĂŶĚĂŐĂŝŶƐƚĂŶǇĂŶĚĂůůůŝĂďŝůŝƚǇ͕ĚĂŵĂŐĞ͕ůŽƐƐĂŶĚĞǆƉĞŶƐĞ ĂƌŝƐŝŶŐŽƌƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞĂĐƚƐŽƌŽŵŝƐƐŝŽŶƐŽĨ͕ŽƌĐĂƵƐĞďǇ͕'ŽůĚƌŽƐƐŽƌŝƚƐ ĞŵƉůŽǇĞĞƐ͕ƐĞƌǀĂŶƚƐ͕ĂŐĞŶƚƐ͕ŐƵĞƐƚƐ͕ĂƐƐŝŐŶƐ͕ƐƵďƚĞŶĂŶƚƐ͕ǀŝƐŝƚŽƌƐŽƌůŝĐĞŶƐĞĞƐŝŶ͕ ƵƉŽŶŽƌĂďŽƵƚƚŚĞ>ĞĂƐĞĚWƌĞŵŝƐĞƐ͕ƚŚĞEŽƌƚŚWƌĞĐŝŶĐƚ͕ŽƌƚŚĞĂĚũĂĐĞŶƚĂƌĞĂƐ͕ ŝŶĐůƵĚŝŶŐĂůůĐŽŵŵŽŶĂƌĞĂƐ͕ŽƌĂƌŝƐŝŶŐŽƵƚŽĨŽƌƌĞůĂƚĞĚƚŽƚŚĞƵƐĞĂŶĚŽĐĐƵƉĂŶĐǇ ŽĨƚŚĞ>ĞĂƐĞĚWƌĞŵŝƐĞƐŽƌƚŚĞďƵƐŝŶĞƐƐŽƌĂĐƚŝǀŝƚǇĐŽŶĚƵĐƚĞĚǁŝƚŚƌĞƐƉĞĐƚ ƚŚĞƌĞƚŽ͕ŝŶĐůƵĚŝŶŐŝŶũƵƌŝĞƐƚŽƉĞƌƐŽŶĂŶĚƉƌŽƉĞƌƚǇ͘/ĨĂŶĞŵƉůŽǇĞĞŽĨƚŚĞŝƚǇŝƐ ĂůƐŽĂ'ŽůĚƌŽƐƐĞŵƉůŽǇĞĞ͕ƚŚĞĞŵƉůŽǇĞĞƐŚĂůůĨĂůůƵŶĚĞƌƚŚĞƉŽůŝĐŝĞƐ͕ƌƵůĞƐ͕ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐŽĨƚŚĞƵŶŝĨŽƌŵƚŚĞĞŵƉůŽǇĞĞŝƐǁĞĂƌŝŶŐĂƚƚŚĞƚŝŵĞŽĨŝŶĐŝĚĞŶƚ͘ ϴ͘Ϯ>/D/dK&>//>/dz͗/ŶƚŚĞĞǀĞŶƚ'ŽůĚƌŽƐƐƐŚĂůůŚĂǀĞĂŶǇĐůĂŝŵŽĨĂŶǇŶĂƚƵƌĞ ǁŚĂƚƐŽĞǀĞƌŝŶƌĞƐƉĞĐƚƚŽƚŚŝƐŐƌĞĞŵĞŶƚŽƌ'ŽůĚƌŽƐƐ͛ƐƵƐĞŽĨƚŚĞ>ĞĂƐĞĚ WƌĞŵŝƐĞƐŽƌĂŶǇƉĂƌƚŽĨƚŚĞEŽƌƚŚWƌĞĐŝŶĐƚ͕ĂŶĚŶŽƚǁŝƚŚƐƚĂŶĚŝŶŐĂŶǇŽƚŚĞƌ ƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚƚŽƚŚĞĐŽŶƚƌĂƌǇ͕'ŽůĚƌŽƐƐƐŚĂůůŚĂǀĞŶŽƌŝŐŚƚŽƌ ĐĂƵƐĞŽĨĂĐƚŝŽŶĂŐĂŝŶƐƚƚŚĞŝƚǇŽƌĂŶǇŽĨƚŚĞŝƌĞŵƉůŽǇĞĞƐƉĞƌƐŽŶĂůůǇ͘ 3DFNHW3J 'D ϴ͘ϯ>/E^͗'ŽůĚƌŽƐƐǁŝůůŶŽƚĐŽŵŵŝƚŽƌƐƵĨĨĞƌĂǇĂĐƚŽƌŶĞŐůĞĐƚǁŚĞƌĞďǇƚŚĞ>ĞĂƐĞĚ WƌĞŵŝƐĞƐŽƌĂŶǇƉĂƌƚŽĨƚŚĞEŽƌƚŚWƌĞĐŝŶĐƚŽƌůĂŶĚŽŶǁŚŝĐŚƚŚĞďƵŝůĚŝŶŐŝƐ ůŽĐĂƚĞĚǁŝůů͕ĂƚĂŶǇƚŝŵĞĚƵƌŝŶŐƚŚĞƚĞƌŵŽĨƚŚĞŐƌĞĞŵĞŶƚ͕ďĞĐŽŵĞƐƵďũĞĐƚƚŽ ĂŶǇĂƚƚĂĐŚŵĞŶƚ͕ũƵĚŐĞŵĞŶƚ͕ůŝĞŶ͕ĐŚĂƌŐĞŽƌĞŶĐƵŵďƌĂŶĐĞǁŚĂƚƐŽĞǀĞƌ͕ĂŶĚǁŝůů ŝŶĚĞŵŶŝƚǇĂŶĚŚŽůĚƚŚĞŝƚǇŚĂƌŵůĞƐƐĨƌŽŵĂůůůŽƐƐ͕ĐŽƐƚĂŶĚĞǆƉĞŶƐĞǁŝƚŚƚŚĞ ƌĞƐƉĞĐƚƚŽƐƵĐŚĞŶĐƵŵďƌĂŶĐĞ͘/Ĩ'ŽůĚƌŽƐƐƐŚĂůůĨĂŝůƚŽĚŝƐĐŚĂƌŐĞĂŶǇƐƵĐŚůŝĞŶ ǁŝƚŚŝŶƚĞŶ;ϭϬͿĚĂǇƐĂĨƚĞƌŶŽƚŝĐĞĨƌŽŵƚŚĞŝƚǇ͕ƚŚĞŝƚǇŵĂǇ͕ĂƚŝƚƐŽƉƚŝŽŶ͕ ĚŝƐĐŚĂƌŐĞƚŚĞƐĂŵĞĂŶĚƚƌĞĂƚƚŚĞĐŽƐƚƚŚĞƌĞŽĨ͕ƉůƵƐŝŶƚĞƌĞƐƚƚŚĞƌĞŽŶĂƚƚŚĞƌĂƚĞ ŽĨĞŝŐŚƚƉĞƌĐĞŶƚ;ϴйͿƉĞƌĂŶŶƵŵ͕ĂƐĂĚĚŝƚŝŽŶĂůƌĞŶƚƉĂǇĂďůĞǁŝƚŚƚŚĞƌĞŶƚŶĞǆƚ ďĞĐŽŵŝŶŐĚƵĞ͕ŝƚďĞŝŶŐĞǆƉƌĞƐƐůǇĂŐƌĞĞĚƚŚĂƚƐƵĐŚĚŝƐĐŚĂƌŐĞďǇƚŚĞŝƚǇƐŚĂůůŶŽƚ ďĞĚĞĞŵĞĚƚŽǁĂŝǀĞŽƌƌĞůĞĂƐĞƚŚĞĚĞĨĂƵůƚŽĨ'ŽůĚƌŽƐƐŝŶŶŽƚĚŝƐĐŚĂƌŐŝŶŐƚŚĞ ƐĂŵĞ͘ ϵ͘/E^hZE ϵ͘ϭ/E^hZEKDWE/^͗/ƚŝƐĂŐƌĞĞĚƚŚĂƚĂůůƉŽůŝĐŝĞƐŽĨŝŶƐƵƌĂŶĐĞƚŽďĞ 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[[1437,1288,1591,1341][11][,I,][Times New Roman]]3ULYDF\ [[1592,1288,1604,1341][11][,I,][Times New Roman]] [[1603,1288,1751,1341][11][,I,][Times New Roman]]6HFXULW\ [[1752,1288,1764,1341][11][,I,][Times New Roman]] [[1763,1288,1833,1341][11][,I,][Times New Roman]]DQG [[1831,1288,1843,1341][11][,I,][Times New Roman]] [[1840,1288,1998,1341][11][,I,][Times New Roman]],QWHJULW\ [[1999,1288,2011,1341][11][,I,][Times New Roman]] [[2010,1288,2183,1341][11][,I,][Times New Roman]]2EMHFWLYH [[2184,1288,2196,1341][11][,I,][Times New Roman]] [[2195,1288,2225,1341][11][,I,][Times New Roman]]LV [[2226,1288,2238,1341][11][,I,][Times New Roman]] [[300,1341,347,1394][11][,I,][Times New Roman]]WR [[347,1341,467,1394][11][,I,][Times New Roman]]HQVXUH [[469,1341,481,1394][11][,I,][Times New Roman]] [[479,1341,551,1394][11][,I,][Times New Roman]]WKDW [[550,1341,562,1394][11][,I,][Times New Roman]] [[560,1341,724,1394][11][,I,][Times New Roman]]3URYLGHU [[723,1341,735,1394][11][,I,][Times New Roman]] [[734,1341,797,1394][11][,I, ][Times New Roman]]KDV [[798,1341,810,1394][11][,I,][Times New Roman]] [[808,1341,976,1394][11][,I,][Times New Roman]]VXIILFLHQW [[975,1341,987,1394][11][,I,][Times New Roman]] [[981,1341,1127,1394 ][11][,I,][Times New Roman]]SROLFLHV [[1127,1341,1139,1394][11][,I,][Times New Roman]] [[1138,1341,1208,1394][11][,I,][Times New Roman]]DQG [[1207,1341,1219,1394][11][,I,][Times New Roman]] [[1213,1341,1422,1394][11][,I,][Times New Roman]]SURFHGXUHV [[1423,1341,1435,1394][11][,I,][Times New Roman]] [[1434,1341,1612,1394][11][,I,][Times New Roman]]RSHUDWLQJ [[1610,1341,1622,13 94][11][,I,][Times New Roman]] [[1621,1341,1804,1394][11][,I,][Times New Roman]]HIIHFWLYHO\ [[1804,1341,1816,1394][11][,I,][Times New Roman]] [[1815,1341,1895,1394][11][,I,][Times New Roman]]DQG [[1896,1341,1998,1394][11][,I,][Times New Roman]]EHLQJ [[1997,1341,2009,1394][11][,I,][Times New Roman]] [[2008,1341,2183,1394][11][,I,][Times New Roman]]UHYLHZHG [[2183,1341,2195,1394][11][,I,][Times New Roman]] [[300,1394,458,1447][11][,I,][Times New Roman]]XSGDWHG [[458,1394,470,1447][11][,I,][Times New Roman]] [[469,1394,643,1447][11][,I,][Times New Roman]]DSSURYHG [[641,1394,653,1447][11][,I,][Times New Roman]] [[653,1394,723,1447][11][,I,][Times New Roman]]DQG [[721,1394,733,1447][11][,I,][Times New Roman]] [[732,1394,999,1447][11][,I,][Times New Roman]]FRPPXQLFDWHG [[997,1394,1009,1447][11] [,I,][Times New Roman]] [[1007,1394,1054,1447][11][,I,][Times New Roman]]WR [[1053,1394,1217,1447][11][,I,][Times New Roman]]3URYLGHU [[1216,1394,1228,1447][11][,I,][Times New Roman]] [[1222,1394,1406,1447][11][,I,][Times New Roman]]SHUVRQQHO [[1407,1394,1419,1447][11][,I,][Times New Roman]] [[1417,1394,1587,1447][11][,I,][Times New Roman]]DQQXDOO\ [[1588,1394,1600,1447][11][,I ,][Times New Roman]] [[1599,1394,1677,1447][11][,I,][Times New Roman]]7KLV [[1677,1394,1689,1447][11][,I,][Times New Roman]] [[1688,1394,1839,1447][11][,I,][Times New Roman]]LQFOXGHV [[1839,1394,1851,1447][11][,I,][Times New Roman]] [[1851,1394,1931,1447][11][,I,][Times New Roman]]GDWD [[1932,1394,1944,1447][11][,I,][Times New Roman]] [[1943,1394,2074,1447][11][,I,][Times New Roman]]EDFNXS [[2074,1394,2086,1447][11][,I,][Times New Roman]] [[2085,1394,2155,1447][11][,I,][Times New Roman]]DQG [[2154,1394,2166,1447][11][,I,][Times New Roman]] [[300,1446,463,1499][11][,I,][Times New Roman]]UHWHQWLRQ [[464,1446,476,1499][11][,I,][Times New Roman]] [[471,1446,617,1499][11][,I,][Times New Roman]]SROLFLHV [[617,1446,629,1499][11][,I,][Times New Roman]] [[628,1446,723,1499][11][,I,][Times New Roman]] ERWK [[724,1446,736,1499][11][,I,][Times New Roman]] [[727,1446,788,1499][11][,I,][Times New Roman]]IRU [[788,1446,800,1499][11][,I,][Times New Roman]] [[797,1446,961,1499][11][,I,][Times New Roman]]3URYLGHU [[960,1446,972,1499][11][,I,][Times New Roman]] [[972,1446,1042,1499][11][,I,][Times New Roman]]DQG [[1040,1446,1052,1499][11][,I,][Times New Roman]] [[1051,1446,1228,1499][11] [,I,][Times New Roman]]&XVWRPHU [[1228,1446,1240,1499][11][,I,][Times New Roman]] [[1239,1446,1331,1499][11][,I,][Times New Roman]]GDWD [[1332,1446,1344,1499][11][,I,][Times New Roman]] [[1343,1446,1378,1499][11][,I,][Times New Roman]]LI [[1369,1446,1381,1499][11][,I,][Times New Roman]] [[1379,1446,1596,1499][11][,I,][Times New Roman]]DSSOLFDEOH [[1597,1446,1609,1499][11][,I,][Times New Roman]] [[1609,1446,1689,1499][11][,I,][Times New Roman]]GDWD [[1689,1446,1701,1499][11][,I,][Times New Roman]] [[1700,1446,1843,1499][11][,I,][Times New Roman]]VHFXULW\ [[1844,1446,1856,1499][11][,I,][Times New Roman]] [[1855,1446,1935,1499][11][,I,][Times New Roman]]DQG [[1930,1446,2083,1499][11][,I,][Times New Roman]]SULYDF\ [[2082,1446,2094,1499][11][,I,][Times New Roman]] [[300,1499,473,1552][11][,I,][Times New Roman]]LQFOXGLQJ [[472,1499,484,1552][11][,I,][Times New Roman]] [[483,1499,632,1552][11][,I,][Times New Roman]]ORFDWLRQ [[632,1499,644,1552][11][,I,][Times New Roman]] [[643,1499,688,1552][11][,I,][Times New Roman]]RI [[679,1499,691,1552][11][,I,][Times New Roman]] [[689,1499,844,1552][11][,I,][Times New Roman]]VHQVLWLYH [[845,1499,857,1552][11][,I,] [Times New Roman]] [[857,1499,948,1552][11][,I,][Times New Roman]]GDWD [[949,1499,961,1552][11][,I,][Times New Roman]] [[960,1499,1154,1552][11][,I,][Times New Roman]]HQFU\SWLRQ [[1154,1499,1166,1 552][11][,I,][Times New Roman]] [[1166,1499,1211,1552][11][,I,][Times New Roman]]RI [[1201,1499,1213,1552][11][,I,][Times New Roman]] [[1212,1499,1304,1552][11][,I,][Times New Roman]]GDWD [[1304,1499,1316,1552][11][,I,][Times New Roman]] [[1314,1499,1394,1552][11][,I,][Times New Roman]]DQG [[1395,1499,1628,1552][11][,I,][Times New Roman]]PDQDJHPHQW [[1627,1499,1639,1552][11][,I,][T imes New Roman]] [[1639,1499,1684,1552][11][,I,][Times New Roman]]RI [[1673,1499,1685,1552][11][,I,][Times New Roman]] [[1684,1499,1775,1552][11][,I,][Times New Roman]]WKLUG [[1772,1499,1787,1552][ 11][,I,][Times New Roman]] [[1782,1499,1882,1552][11][,I,][Times New Roman]]SDUW\ [[1883,1499,1895,1552][11][,I,][Times New Roman]] [[1889,1499,2067,1552][11][,I,][Times New Roman]]SURYLGHUV [[2068,1499,2080,1552][11][,I,][Times New Roman]] [[2079,1499,2154,1552][11][,I,][Times New Roman]]ZKR [[2155,1499,2167,1552][11][,I,][Times New Roman]] [[300,1552,399,1605][11][,I,][Times New Roman]]KDYH [[398,1552,516,1605][11][,I,][Times New Roman]]DFFHVV [[517,1552,529,1605][11][,I,][Times New Roman]] [[528,1552,563,1605][11][,I,][Times New Roman]]WR [[564,1552,576,1605][11][,I,][Times New Roman]] [[575,1552,630,1605][11][,I,][Times New Roman]]WKH [[631,1552,643,1605][11][,I,][Times New Roman]] [[642,1552,734,1605][11][,I,][Times New Roman]]GDWD [[734,1552,746,1605][11][,,][Times New Roman]] h^KďũĞĐƚŝǀĞϳ͗WŚǇƐŝĐĂůĂŶĚŶǀŝƌŽŶŵĞŶƚĂů^ĞĐƵƌŝƚǇ [[300,1768,573,1820][11][B,I,][Times New Roman]]8&62EMHFWLYH [[574,1768,586,1820][11][B,I,][Times New Roman]] [[585,1768,766,1820][11][B,I,][Times New Roman]]6XPPDU\ [[768,1768,780,1820][11][B,I,][ Times New Roman]] [[779,1768,851,1820][11][B,I,][Times New Roman]]DQG [[849,1768,861,1820][11][B,I,][Times New Roman]] [[857,1768,1028,1820][11][B,I,][Times New Roman]]3XUSRVH [[1030,1768,1042,182 0][11][B,I,][Times New Roman]] [[1041,1768,1053,1820][11][B,I,][Times New Roman]] [[1053,1768,1120,1821][11][,I,][Times New Roman]]7KH [[1120,1768,1132,1821][11][,I,][Times New Roman]] [[1131,1768,1213,1821][11][,I,][Times New Roman]]JRDO [[1212,1768,1224,1821][11][,I,][Times New Roman]] [[1224,1768,1269,1821][11][,I,][Times New Roman]]RI [[1259,1768,1271,1821][11][,I,][Times New Roman]] [[1270,1768,1325,1821][11][,I,][Times New Roman]]WKH [[1326,1768,1338,1821][11][,I,][Times New Roman]] [[1335,1768,1494,1821][11][,I,][Times New Roman]]3K\VLFDO [[1494,1768,1506,1821][ 11][,I,][Times New Roman]] [[1505,1768,1585,1821][11][,I,][Times New Roman]]DQG [[1583,1768,1820,1821][11][,I,][Times New Roman]](QYLURQPHQW [[1820,1768,1832,1821][11][,I,][Times New Roman]] [[1831,1768,1979,1821][11][,I,][Times New Roman]]6HFXULW\ [[1980,1768,1992,1821][11][,I,][Times New Roman]] [[1991,1768,2164,1821][11][,I,][Times New Roman]]2EMHFWLYH [[2165,1768,2177,1821 ][11][,I,][Times New Roman]] [[2176,1768,2206,1821][11][,I,][Times New Roman]]LV [[2207,1768,2219,1821][11][,I,][Times New Roman]] [[300,1821,347,1874][11][,I,][Times New Roman]]WR [[347,1821,467,1874][11][,I,][Times New Roman]]HQVXUH [[469,1821,481,1874][11][,I,][Times New Roman]] [[480,1821,535,1874][11][,I,][Times New Roman]]WKH [[536,1821,548,1874][11][,I,][Times New Roman]] [[545,1821,709,1874][11][,I,][Times New Roman]]3URYLGHU [[708,1821,720,1874][11][,I,][Times New Roman]] [[720,1821,783,1874][11][,I,] [Times New Roman]]KDV [[783,1821,795,1874][11][,I,][Times New Roman]] [[794,1821,1016,1874][11][,I,][Times New Roman]]GRFXPHQWHG [[1014,1821,1026,1874][11][,I,][Times New Roman]] [[1020,1821,1166,1 874][11][,I,][Times New Roman]]SROLFLHV [[1166,1821,1178,1874][11][,I,][Times New Roman]] [[1176,1821,1362,1874][11][,I,][Times New Roman]]JRYHUQLQJ [[1361,1821,1373,1874][11][,I,][Times New Roman]] [[1367,1821,1523,1874][11][,I,][Times New Roman]]SK\VLFDO [[1524,1821,1536,1874][11][,I,][Times New Roman]] [[1535,1821,1653,1874][11][,I,][Times New Roman]]DFFHVV [[1654,1821,1666,187 4][11][,I,][Times New Roman]] [[1665,1821,1700,1874][11][,I,][Times New Roman]]WR [[1700,1821,1712,1874][11][,I,][Times New Roman]] [[1711,1821,1766,1874][11][,I,][Times New Roman]]WKH [[1767,1821,1779,1874][11][,I,][Times New Roman]] [[1776,1821,1966,1874][11][,I,][Times New Roman]]3URYLGHU V [[1967,1821,1979,1874][11][,I,][Times New Roman]] [[1978,1821,2097,1874][11][,I,][Times New Roman]]DVVHWV [[2098,1821,2110,1874][11][,I,][Times New Roman]] [[300,1874,473,1927][11][,I,][Times New Roman]]LQFOXGLQJ [[472,1874,484,1927][11][,I,][Times New Roman]] [[483,1874,708,1927][11][,I,][Times New Roman]]YLVLWRUJXHVW [[707,1874,719,1927][11][,I,][Ti mes New Roman]] [[719,1874,794,1927][11][,I,][Times New Roman]]ORJV [[795,1874,807,1927][11][,I,][Times New Roman]] [[805,1874,842,1927][11][,I,][Times New Roman]]DW [[841,1874,853,1927][11][,I,][T imes New Roman]] [[853,1874,1044,1927][11][,I,][Times New Roman]]DSSOLFDEOH [[1044,1874,1056,1927][11][,I,][Times New Roman]] [[1047,1874,1222,1927][11][,I,][Times New Roman]]IDFLOLWLHV [[1223,1874,1235,1927][11][,I,][Times New Roman]] [[1232,1874,1396,1927][11][,I,][Times New Roman]]3URYLGHU [[1396,1874,1408,1927][11][,I,][Times New Roman]] [[1407,1874,1493,1927][11][,I,][Times New Roman]]PXVW [[1492,1874,1504,1927][11][,I,][Times New Roman]] [[1504,1874,1727,1927][11][,I,][Times New Roman]]GHPRQVWUDWH [[1728,1874,1740,1927][11][,I,][Times New Roman]] [[1739,1874,1907,19 27][11][,I,][Times New Roman]]VXIILFLHQW [[1905,1874,1917,1927][11][,I,][Times New Roman]] [[1911,1874,2067,1927][11][,I,][Times New Roman]]SK\VLFDO [[2067,1874,2079,1927][11][,I,][Times New Roman]] [[2079,1874,2222,1927][11][,I,][Times New Roman]]VHFXULW\ [[2222,1874,2234,1927][11][,I,][Times New Roman]] [[300,1926,449,1979][11][,I,][Times New Roman]]FRQWUROV [[449,1926,461,1979][11][,I,][Times New Roman]] [[461,1926,498,1979][11][,I,][Times New Roman]]DW [[496,1926,508,1979][11][,I,][Times New Roman]] [[507,1926,593,1979][11][,I,][Times New Roman]]HDFK [[594,1926,606,1979][11][,I,][Times New Roman]] [[596,1926,741,1979][11][,I,][Times New Roman]]IDFLOLW\ [[742,1926,754,1979][11][,I ,][Times New Roman]] [[752,1926,925,1979][11][,I,][Times New Roman]]LQFOXGLQJ [[924,1926,936,1979][11][,I,][Times New Roman]] [[935,1926,1084,1979][11][,I,][Times New Roman]]FRQWUROV [[1084,1926,1096,1979][11][,I,][Times New Roman]] [[1095,1926,1178,1979][11][,I,][Times New Roman]]VXFK [[1178,1926,1190,1979][11][,I,][Times New Roman]] [[1190,1926,1230,1979][11][,I,][Times New Roman]]DV [[1231,1926,1243,1979][11][,I,][Times New Roman]] [[1241,1926,1327,1979][11][,I,][Times New Roman]]FDUG [[1325,1926,1337,1979][11][,I,][Times New Roman]] 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ƌĞƋƵŝƌĞŵĞŶƚƐŽĨKůŵƐƚĞĚŽƵŶƚǇ͘Dƌ͘DŽŚƐŶŽƚĞĚƚŚĞŶĞĞĚĨŽƌŽĨƚŚĞĐƌĞĂƚŝŽŶŽĨĂĨƵŶĐƚŝŽŶŝŶŐĚŝƚĐŚĨŽƌ ƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƉƌĞĐŝƉŝƚĂƚŝŶŐƚŚĞŶĞĞĚƚŽŵŽǀĞƚŚĞƚƌĂŝůƚŽƚŚĞŶŽƌƚŚ͘Dƌ͘DŽŚƐĚĞƐĐƌŝďĞĚŝŶĚĞƚĂŝů ƚŚĞƌĞĂůŝŐŶŵĞŶƚŽĨƚŚĞďŝŬĞƚƌĂŝůŶŽƚŝŶŐƚŚĂƚƚŚĞƌĞǁŝůůďĞĂƉĞƌŵĂŶĞŶƚĞĂƐĞŵĞŶƚŽŶƚŚĞƉƌŽƉĞƌƚǇƚŽĂůůŽǁƚŚĞ ƉůĂĐĞŵĞŶƚŽĨƚƌĂŝůŝŶƚŚĞůŽĐĂƚŝŽŶƚŚĂƚǁĂƐŶĞŐŽƚŝĂƚĞĚďĞƚǁĞĞŶĂůůƚŚĞĞŶƚŝƚŝĞƐŝŶǀŽůǀĞĚ͘ 3DFNHW3J )L YƵĞƐƚŝŽŶƐĂŶĚŶƐǁĞƌƐ͗ YƵĞƐƚŝŽŶηϭ͗tŝůůƚŚĞĐŽƵŶƚǇďĞŵĂŝŶƚĂŝŶŝŶŐƚŚĞďŝŬĞƉĂƚŚ͍ ŶƐǁĞƌηϭ͗dŚĞĂĚũŽŝŶŝŶŐƉƌŽƉĞƌƚǇŽǁŶĞƌƐǁŝůůďĞƌĞƋƵŝƌĞĚƚŽŵĂŝŶƚĂŝŶŝƚ͘ YƵĞƐƚŝŽŶηϮ͗tŚĂƚĂƌĞƚŚĞŚŽƵƌƐŽĨŽƉĞƌĂƚŝŽŶĨŽƌƚŚĞDĞĚǆƉƌĞƐƐ͍ ŶƐǁĞƌηϮ͗dŚĞŚŽƵƌƐŽĨŽƉĞƌĂƚŝŽŶĂƌĞŶŽƚĐŚĂŶŐŝŶŐĨƌŽŵƚŚĞ^ƉĞĐŝĂůŝƐƚƌŝĐƚKƌĚŝŶĂŶĐĞ͘ YƵĞƐƚŝŽŶηϯ͗ƌĞǇŽƵĂƚĂůůĐŽŶĐĞƌŶĞĚǁŝƚŚƚŚĞƚƵƌŶŝŶŐŵŽǀĞŵĞŶƚƐǁŝƚŚƚŚĞůĞĨƚƚƵƌŶƐŝŶƚŽƚŚĞƐŝƚĞĨƌŽŵ ďŽƚŚŚĂƚĞĂƵŝƌĐůĞĂŶĚsŝůůĂZŽĂĚŽŶƚŽƚŚĞƐŝƚĞ͍ ŶƐǁĞƌηϯ͗Dƌ͘DĂŝĞƌƐƚĂƚĞĚƚŚĂƚŝƚŚĂƐďĞĞŶƚŚĞƉƌĞĨĞƌĞŶĐĞŽĨďŽƚŚďƵƐŝŶĞƐƐĞƐƚŚĂƚŚĂǀĞĞǆƉƌĞƐƐĞĚ ŝŶƚĞƌĞƐƚŝŶƉƵƌĐŚĂƐŝŶŐƚŚĞůŽƚŽŶƚŚĞǁĞƐƚĞƌŶƐŝĚĞŽĨŚĂƚĞĂƵZŽĂĚƚŚĂƚƚŚĞƌĞŝƐŐŽŽĚ ĐŽŶŶĞĐƚŝǀŝƚǇƚŽŐĞƚƚŚĞƌĞ͘dŚĞĂĐĐĞƐƐƚŽƚŚĞůŽƚĨƌŽŵŚĂƚĞĂƵZŽĂĚŝƐŶĞĞĚĞĚďĂƐĞĚŽŶƚŚĞ ďƵƐŝŶĞƐƐĚĞŵĂŶĚƐ͘/ƚŝƐŝŵƉŽƌƚĂŶƚŶŽƚŽŶůǇƚŽƚŚĂƚůŽƚďƵƚƚŚƌŽƵŐŚŽƵƚƚŚĞĞŶƚŝƌĞƐƵďĚŝǀŝƐŝŽŶ͘ ƚŚ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚƌĞŐĂƌĚŝŶŐƚŚĞƚƵƌŶŝŶŐŵŽǀĞŵĞŶƚƐŽŶŚĂƚĞĂƵǁŝƚŚĐĂƌƐƚƵƌŶŝŶŐůĞĨƚ;ŶŽƌƚŚͿĨƌŽŵϱϱ^ƚƌĞĞƚ EtĂŶĚƉŽƚĞŶƚŝĂůĐŽŶĨůŝĐƚƐďĞƚǁĞĞŶƚŚŽƐĞƚƌĂǀĞůŝŶŐŶŽƌƚŚŚĂƚĞĂƵƚŽǁĂƌĚƐsŝůůĂĂŶĚŵĂŬŝŶŐĐŽŶĨůŝĐƚŝŶŐƚƌĂĨĨŝĐ ŵŽǀĞŵĞŶƚƐĂŶĚƚŚĞŵĞƌŐŝŶŐŝŶƚŽůĂŶĞƐƚŽƚƵƌŶƌŝŐŚƚŽŶƚŽsŝůůĂZŽĂĚ͕ĞƚĐ͘dƌĂĨĨŝĐƐƚƵĚŝĞƐǁĞƌĞŶŽƚĞĚĂůŽŶŐǁŝƚŚ ƚŚĞƉŽƚĞŶƚŝĂůĨŽƌŚƵŵĂŶĞƌƌŽƌ͘ YƵĞƐƚŝŽŶηϰ͗/ĂŵƐƚŝůůŶŽƚĐůĞĂƌǁŚŽƚĂŬĞƐĐĂƌĞŽĨƚŚĞƐŶŽǁƌĞŵŽǀĂůŽŶƚŚĞďŝŬĞƉĂƚŚ͍ ŶƐǁĞƌηϰ͗dŚĞĂĚũŽŝŶŝŶŐƚĞŶĂŶƚŝƐƌĞƋƵŝƌĞĚƚŽƚĂŬĞŽĨƚŚĞďŝŬĞǁĂǇƐƉĞƌĐŝƚǇŽƌĚŝŶĂŶĐĞ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚƌĞŐĂƌĚŝŶŐƚŚĞŐƌŽǁƚŚĂŶĚŵĂŝŶƚĞŶĂŶĐĞŽĨǀĞŐĞƚĂƚŝŽŶĂŶĚǁŚŽƐĞ ƌĞƐƉŽŶƐŝďŝůŝƚǇŝƚǁĂƐƚŽŵĂŝŶƚĂŝŶƚŚĞƉƌŽƉĞƌƚǇƉĞƌĐŝƚǇƌĞƋƵŝƌĞŵĞŶƚƐ͘dŚĞŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞ ďŝŬĞƉĂƚŚĨŽƌƐŶŽǁƌĞŵŽǀĂůǁĂƐĐůĂƌŝĨŝĞĚĨŽƌƉƌŽƉĞƌƚŝĞƐƚŚĂƚĂƌĞŶŽǁƵŶĚĞƌƐĞƉĂƌĂƚĞŽǁŶĞƌƐŚŝƉ ĂŶĚƚŚŽƐĞƚŚĂƚǁŝůůďĞŝŶƚŚĞĨƵƚƵƌĞ͘ YƵĞƐƚŝŽŶηϱ͗,ŽǁĚŽǁĞĐŽŶƚĂĐƚƚŚĞŽǁŶĞƌƚŽĞŶĐŽƵƌĂŐĞƚŚĞŵƚŽŵŽǁƚŚĞůĂǁŶďĞĨŽƌĞŝƚŐŽĞƐƚŽƐĞĞĚ͍ ŶƐǁĞƌηϱ͗Dƌ͘ĂŵƉŝĂŶ͕ŽƵŶĐŝůŵĂŶĨŽƌƚŚĞtĂƌĚĂŶƐǁĞƌĞĚƚŚĞƋƵĞƐƚŝŽŶƌĞŐĂƌĚŝŶŐĐŝƚǇƉƌŽĐĞĚƵƌĞƚŽ ƌĞƉŽƌƚƚŚĞůĂǁŶŶŽƚďĞŝŶŐŵŽǁĞĚŽƌƐŶŽǁŶŽƚďĞŝŶŐƌĞŵŽǀĞĚŝŶĂƚŝŵĞůǇŵĂŶŶĞƌ͘,Ğ ĞŶĐŽƵƌĂŐĞĚĨŝƌƐƚĂĨƌŝĞŶĚůǇŶĞŝŐŚďŽƌůǇĐŽŶƚĂĐƚƚŽƚŚĞŽǁŶĞƌƉƌŝŽƌƚŽĐŽŶƚĂĐƚŝŶŐƚŚĞĐŝƚǇ ĂŐĞŶĐŝĞƐ͘Dƌ͘ĂŵƉŝŽŶŶŽƚĞĚƐŽŵĞƚŝŵĞƐƚŚĂƚƌĞƉŽƌƚŝŶŐŽŶĞƉƌŽƉĞƌƚǇƌĞƐƵůƚĞĚŝŶĐŽƌƌĞĐƚŝǀĞ ĂĐƚŝŽŶĂŶĚĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞƐĂŵĞĐŽŶĚŝƚŝŽŶƐŽĨŽƚŚĞƌƉƌŽƉĞƌƚŝĞƐŝŶƚŚĞƐĂŵĞǀŝĐŝŶŝƚǇǁŚĞŶĐŝƚǇ ǁŽƌŬĐƌĞǁƐĐŽŵĞƚŽĐŽƌƌĞĐƚƚŚĞǀŝŽůĂƚŝŽŶƐ͘ 3DFNHW3J )L YƵĞƐƚŝŽŶηϲ͗tŚŽŝƐƚŚĞƉƌŽƉĞƌƚǇŽǁŶĞƌŽĨƚŚĞĞĂƐƚĞƌŶůŽƚ͍ ŶƐǁĞƌηϲ͗ůƚƌĂƌĞĚŝƚhŶŝŽŶǁŝůůďĞƚŚĞĚĞǀĞůŽƉĞƌͬŽǁŶĞƌŽĨƚŚĞĞĂƐƚĞƌŶůŽƚ͘ YƵĞƐƚŝŽŶηϳ͗tŚŽŝƐƌĞƐƉŽŶƐŝďůĞƚŽŵŽǁƚŚĞĚŝƚĐŚŶĞǆƚƚŽůŽƚƐ͍ ŶƐǁĞƌηϳ͗dŚĞŽƵŶƚǇŚĂƐƚŚĞũƵƌŝƐĚŝĐƚŝŽŶŽĨŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞĂƌĞĂƐǁŝƚŚŝŶƉƵďůŝĐƚŚĞZKt͘dŚĞƌĞǁŝůů ďĞĂŵĂŝŶƚĞŶĂŶĐĞĂŐƌĞĞŵĞŶƚĞǆĞĐƵƚĞĚǁŝƚŚĂĚũŽŝŶŝŶŐƉƌŽƉĞƌƚǇŽǁŶĞƌƐ͘/ƚŝƐŽƵƌƵŶĚĞƌƐƚĂŶĚŝŶŐ ƚŚĂƚƚŚĞĂŐƌĞĞŵĞŶƚŝƐŶŽƚǇĞƚŝŶƉůĂĐĞ͕ƐŽŵĂŝŶƚĞŶĂŶĐĞŝƐĐƵƌƌĞŶƚůǇƐŚĂƌĞĚďĞƚǁĞĞŶƚŚĞĐŽƵŶƚǇ ĂŶĚƚŚĞĚĞǀĞůŽƉĞƌ͘/ƚǁĂƐŶŽƚĞĚƚŚĂƚƚŚĞƌĞŵĂǇďĞĂƌĞĂƐƚŽŽǁĞƚƚŽŵŽǁ͘ YƵĞƐƚŝŽŶηϴ͗tŚĂƚŝƐƚŚĞĐŚĂŶŐĞŝŶƚŚĞƐŝŐŶĂŐĞŽƌůŝŐŚƚŝŶŐŝŶƚŚĞƐƉĞĐŝĂůĚŝƐƚƌŝĐƚ͍ ŶƐǁĞƌηϴ͗dŚĞĚŝŐŝƚĂůƐŝŐŶůĂŶŐƵĂŐĞŚĂƐďĞĞŶƌĞŵŽǀĞĚĨƌŽŵƚŚĞŽƌĚŝŶĂŶĐĞ͘dŚĞŵĂǆŝŵƵŵŚĞŝŐŚƚŽĨƚŚĞ ƉǇ ůŽŶƐŝŐŶŝƐϮϬ͛͘ dŚĞƉƌĞƐĞŶƚĂƚŝŽŶĐŽŶƚŝŶƵĞĚǁŝƚŚƚŚĞĐŽŵƉĂƌŝƐŽŶŽĨƚŚĞŝůůƵƐƚƌĂƚŝŽŶŽĨƚŚĞĂƉƉƌŽǀĞĚ^ƉĞĐŝĂůŝƐƚƌŝĐƚWůĂŶĂŶĚ ƚŚĞƉƌŽƉŽƐĞĚĂŵĞŶĚŵĞŶƚƐ͘/ƚǁĂƐĞǆƉůĂŝŶĞĚƚŚĂƚĚĞƐŝŐŶĚĞĐŝƐŝŽŶƐǁĞƌĞŵĂĚĞŽŶƚŚĞĨĂĐƚƚŚĂƚƚŚĞƌĞǁĂƐŽŶĞ ƉŽƚĞŶƚŝĂůďƵǇĞƌŽĨƚŚĞůŽƚ͕ďƵƚƚŚĂƚƚŚĞƌĞƐƚŽĨƚŚĞƉůĂŶǁĂƐƉƵƌĞůǇƐƉĞĐƵůĂƚŝǀĞ͘dŚĞƉƌŽƉŽƐĞĚĂŵĞŶĚŵĞŶƚƐƚŽ ƚŚĞƐƉĞĐŝĂůĚŝƐƚƌŝĐƚƉůĂŶǁŝůůƌĞŵŽǀĞƚŚĞƐƉĞĐŝĨŝĐďƵŝůĚŝŶŐĨŽŽƚƉƌŝŶƚĂŶĚŝŶƐƚĞĂĚƚŚĞƌĞŝƐĂĚĞƉŝĐƚŝŽŶŽĨĂďƵŝůĚŝŶŐ ĞŶǀĞůŽƉĞŝŶǁŚŝĐŚďƵŝůĚŝŶŐƐ͕ĚƌŝǀĞƚŚƌŽƵŐŚƐ͕ĐŝƌĐƵůĂƚŝŽŶ͕ƉĂƌŬŝŶŐĂƌĞĂƐ͕ĂŶĚůĂŶĚƐĐĂƉĞĂƌĞĂǁŝůůŽĐĐƵƌ͘dŚĞ ĂŵĞŶĚŵĞŶƚƐŝŶĐůƵĚĞƚŚĞŐƌĂƉŚŝĐƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐĂŶĚƚŚĞƚĞǆƚǁŚŝĐŚŵŽƌĞƐƉĞĐŝĨŝĐĂůůǇĂĚĚƌĞƐƐĞƐĚĞƐŝŐŶĐƌŝƚĞƌŝĂ ĂŶĚƚŚĞƚǇƉĞƐŽĨďƵƐŝŶĞƐƐĞƐƚŚĂƚǁŝůůďĞůŽĐĂƚĞĚƚŚĞƌĞ͘ YƵĞƐƚŝŽŶηϵ͗/ƐƚŚĞƌĞĂƌĞƐƚƌŝĐƚŝŽŶŽŶƚŚĞŶƵŵďĞƌŽĨĚƌŝǀĞƚŚƌŽƵŐŚƐ͍,ŽǁŵĂŶǇĚƌŝǀĞƚŚƌŽƵŐŚƐǁŝůůŽĐĐƵƌŽŶ ƚŚĞƐŝƚĞŽǀĞƌĂůů͍ ŶƐǁĞƌηϵ͗dŚĞƌĞĂƌĞϰĚƌŝǀĞƚŚƌŽƵŐŚƐŝŶƚŚĞ^ƉĞĐŝĂůŝƐƚƌŝĐƚWůĂŶ͘dŚĞŽƌĚŝŶĂŶĐĞŚĂƐƚŚĞĚĞƐŝŐŶ ƌĞƋƵŝƌĞŵĞŶƚĚĞƚĂŝůƐĨŽƌƉůĂĐĞŵĞŶƚĂŶĚƐĐƌĞĞŶŝŶŐ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚƌĞŐĂƌĚŝŶŐƚŚĞĂďŝůŝƚǇŽĨƚŚĞĞĂƐƚĞƌŶůŽƚĐŽŶƚĂŝŶŝŶŐĂĚƌŝǀĞƚŚƌŽƵŐŚ͘ YƵĞƐƚŝŽŶηϭϬ͗tŝƚŚƚŚĞĨƵƚƵƌĞƚƌĂĨĨŝĐ͕ƚŚĞƌĞŝƐĂĐŽŶĐĞƌŶŽŶďŽƚŚŚĂƚĞĂƵŝƌĐůĞĂŶĚŽŶsŝůůĂZŽĂĚ͘/Ăŵ ĐŽŶĐĞƌŶĞĚǁŝƚŚƚŚĞƚŽƚĂůŶƵŵďĞƌŽĨ;ƚƌŝƉƐͿƚŚĂƚǁŝůůŽĐĐƵƌ͘tŚĂƚŚĂƉƉĞŶƐŝĨǇŽƵƵƐĞƵƉĂůůƚŚĞ ƚƌŝƉŐĞŶĞƌĂƚŝŽŶŽŶŽŶĞůŽƚ͍ ŶƐǁĞƌηϭϬ͗dŚĞdƌĂĨĨŝĐƐƚƵĚǇŝŶĚŝĐĂƚĞĚƚŚĞƚŚƌĞƐŚŽůĚƐĨŽƌƚŚĞŝŶĐƌĞĂƐĞŝŶƚƌĂĨĨŝĐǀŽůƵŵĞ͘dŚĞƌĞǁŝůůŶĞĞĚƚŽ ďĞĂĐŽŶĐĞŶƚƌĂƚĞĚĞĨĨŽƌƚďǇƚŚĞĚĞǀĞůŽƉĞƌƐƚŽĐŚŽŽƐĞďƵƐŝŶĞƐƐƚŚĂƚƐƉƌĞĂĚƚƌŝƉŐĞŶĞƌĂƚŝŽŶŽǀĞƌ ƚŚĞĞŶƚŝƌĞƐŝƚĞ͘/ĨĞǆĐĞƐƐŝǀĞƚƌĂĨĨŝĐŝƐŐĞŶĞƌĂƚĞĚďǇĂƉƌŽƉŽƐĂůŽŶŽŶĞůŽƚ͕ƚŚĞƌĞŵĂŝŶŝŶŐůŽƚƐ ǁŽƵůĚďĞƵŶƐĂůĞĂďůĞ͘ 3DFNHW3J )L YƵĞƐƚŝŽŶηϭϭ͗/ƐƚŚĞŶƵŵďĞƌŽĨƉĂƌŬŝŶŐƐƚĂůůƐŽŶƚŚĞƉƌĞǀŝŽƵƐƉůĂŶŐŽŝŶŐƚŽďĞƚŚĞƐĂŵĞŽŶƚŚĞƉƌŽƉŽƐĞĚ ƉůĂŶ͍ ŶƐǁĞƌηϭϭ͗dŚĞƉĂƌŬŝŶŐƋƵĂŶƚŝƚŝĞƐĂƐƐŚŽǁŶŽŶƚŚĞĐƵƌƌĞŶƚƉůĂŶǁŝůůďĞĂůůŽǁĞĚŝŶĨƵƚƵƌĞƉůĂŶƐ͘ YƵĞƐƚŝŽŶηϭϮ͗tŚĂƚŬŝŶĚŽĨĚƌĂŝŶĂŐĞƐǇƐƚĞŵŝƐƉƌŽƉŽƐĞĚƚŽƚĂŬĞĐĂƌĞŽĨĂůůƚŚĞƉƌŽƉŽƐĞĚŚĂƌĚƐƵƌĨĂĐĞƐ͍ ŶƐǁĞƌηϭϮ͗Dƌ͘DŽŚƐĞǆƉůĂŝŶĞĚƚŚĂƚĞĂĐŚůŽƚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽĂĚĚƌĞƐƐƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚ͘dŚĞƌĞ ǁŝůůďĞƐŽŵĞŽǀĞƌĨůŽǁŝŶƚŽƚŚĞĐŝƚǇƐƚŽƌŵǁĂƚĞƌƐǇƐƚĞŵ͘dŚĞƌĞŝƐŶŽƚƌŽŽŵĨŽƌƐƚŽƌŵǁĂƚĞƌ ŵĂŶĂŐĞŵĞŶƚŽŶƚŚĞƐŝƚĞƐĂŶĚƚŚĞƐŽŝůĐŽŶĚŝƚŝŽŶƐĚŽŶŽƚĞŶĐŽƵƌĂŐĞŝŶĨŝƚƌĂƚŝŽŶ͘ YƵĞƐƚŝŽŶηϭϯ͗tŚĞŶǇŽƵƚĂůŬĂďŽƵƚĚŝĨĨĞƌĞŶƚůŽƚƐĂŶĚƉĂĚƐ͕ƚŚĞǁĞƐƚĞƌŶďƵŝůĚŝŶŐƉĂĚƐůŽŽŬƐďŝŐ͘ ŶƐǁĞƌηϭϯ͗Dƌ͘DĂŝĞƌĞǆƉůĂŝŶĞĚƚŚĞƌĞĂƐŽŶĨŽƌƚŚĞƐŝǌĞŽĨƚŚĞƉĂĚĂŶĚƚŚĞƉƌĞǀŝŽƵƐƉƌŽƉŽƐĂůƚŚĂƚŚĂĚ ĐŽŵĞƚŽƚŚĞŵ͘dŚĞƐŝǌĞŽĨƚŚĞĞŶǀĞůŽƉĞǁŝůůĂůůŽǁĨůĞǆŝďŝůŝƚǇĨŽƌƚŚĞĚĞĨĞƌĞŶƚĐŝƌĐƵůĂƚŝŽŶƌŽƵƚĞƐ ĂŶĚƉŽƚĞŶƚŝĂůďƵŝůĚŝŶŐƉůĂĐĞŵĞŶƚƐ͘ YƵĞƐƚŝŽŶηϭϰ͗dŚĞůŝƚƚůĞďŝƚŽĨůĂŶĚůĞĨƚĨŽƌƚŚĞŽƵƚůŽƚ͕ǁŚŽĞŶĚƐƵƉŽǁŶŝŶŐƚŚĂƚ͍ ŶƐǁĞƌηϭϰ͗/ƚǁŝůůƵůƚŝŵĂƚĞůǇďĞŽǁŶĞĚďǇƚŚĞĂƐƐŽĐŝĂƚŝŽŶŽĨƚŚĞĐŽŵŵŽŶŽǁŶĞƌƐŚŝƉŽĨĂůůƚŚĞůŽƚƐ͘ YƵĞƐƚŝŽŶηϭϱ͗EŽǁƚŚĂƚďŽƵůĞǀĂƌĚƚƌĞĞƐĂƌĞŝŶƐƚĂůůĞĚ͕ ZLOOWKHEXIIHU\DUGEHLQVWDOOHGZLWKDPDVWHUSODQRUZLOO LWEHGHVLJQHGE\HDFKIXWXUHSURSHUW\RZQHU" ŶƐǁĞƌηϭϱ͗dŚĞƌĞŝƐĂŵĂƐƚĞƌůĂŶĚƐĐĂƉĞƉůĂŶ͘/ƚŝƐƌĞĐŽŵŵĞŶĚĞĚƚŚĂƚƚŚĞŶĞŝŐŚďŽƌƐƌĞǀŝĞǁƚŚĞůĂŶĚƐĐĂƉĞ ƉůĂŶƐĨŽƌƚŚĞDĞĚǆƉƌĞƐƐǁŚŝĐŚǁŝůůƐĞƚƚŚĞƚŽŶĞĨŽƌƚŚĞĐĞŶƚĞƌĂŶĚůĞƚƚŚĞĚĞǀĞůŽƉĞƌƐŬŶŽǁ ůŝŬĞƐĂŶĚĚŝƐůŝŬĞƐ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚƌĞŐĂƌĚŝŶŐƚŚĞƉŽƚĞŶƚŝĂůďƵǇĞƌƐǁŚŝĐŚŝŶĐůƵĚĞĚĂǀĂƌŝĞƚǇŽĨƵƐĞƐŝŶĐůƵĚŝŶŐŵƵůƚŝĨĂŵŝůǇ͕ ŵĞĚŝĐĂůĨĂĐŝůŝƚŝĞƐĂŶĚŽƚŚĞƌƐ͘/ƚǁĂƐƐƚĂƚĞĚƚŚĂƚƚŚĞĚŝĨĨŝĐƵůƚǇŝŶŐĞƚƚŝŶŐĂƉƉƌŽǀĂůĨŽƌƚŚŽƐĞďƵǇĞƌƐǁĂƐƚŚĂƚƚŚĞ ƉůĂŶĚĞƉŝĐƚĞĚƐŽŵĞƚŚŝŶŐĚŝĨĨĞƌĞŶƚƚŚĂŶǁŚĂƚƚŚĞƉŽƚĞŶƚŝĂůďƵǇĞƌƐƉƌŽƉŽƐĞĚ͘ YƵĞƐƚŝŽŶηϭϲ͗/ƐƚŚĞƌĞĂĐŚĂŶŐĞŝŶƚŚĞŽǀĞƌĂůůƐƋƵĂƌĞĨŽŽƚĂŐĞĨŽƌƚŚĞďƵŝůĚŝŶŐƐ͍ 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ΎΎхdŚĞ^ƉĞĐŝĂůŝƐƚƌŝĐƚŽĐƵŵĞŶƚŝŶĐůƵĚĞƐďŽƚŚƚŚĞ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚƚŚĞ^ƉĞĐŝĂůŝƐƚƌŝĐƚ WůĂŶ͘dŚĞƐĞǁĞƌĞďŽƚŚƉƌĞǀŝŽƵƐůǇĂƉƉƌŽǀĞĚ͘^ŝƚĞƉůĂŶƐŚĂǀĞŶŽƚǇĞƚďĞĞŶĞǆĞĐƵƚĞĚ͘ ΎΎхŚĂƚĞĂƵŝƌĐůĞ>>ŝƐŶŽůŽŶŐĞƌďƵŝůĚŝŶŐŽƵƚƚŚĞĞŶƚŝƌĞƐŝƚĞƚŚĞŵƐĞůǀĞƐ͘/ŶƐƚĞĂĚƚŚĞǇĂƌĞŶŽǁƚƌǇŝŶŐ ƚŽƐĞůůŝŶŐƚŚĞƉƌŽƉĞƌƚǇĂƐϱƐĞƉĂƌĂƚĞůŽƚƐ͕ƚŽŵƵůƚŝƉůĞďƵǇĞƌƐ͕ǁŚŽǁŝůůďĞĚĞǀĞůŽƉŝŶŐĂĐƌŽƐƐŵƵůƚŝƉůĞ ǇĞĂƌƐ͘ &,7,=(1&200(176 3DFNHW3J )M ΎΎхKǁŶĞƌƐƐĞĞŬŝŶŐƚŽďƵŝůĚƐŽŵĞƚŚŝŶŐĚŝĨĨĞƌĞŶƚƚŚĂŶǁŚĂƚǁĂƐƉƌĞǀŝŽƵƐůǇĂƉƉƌŽǀĞĚŵƵƐƚŐŽƚŚƌŽƵŐŚ ĂƐŝŵƉůĞƚǁŽƐƚĞƉƉƌŽĐĞƐƐ͘ ^ƚĞƉϭ͗^ƉĞĐŝĂůŝƐƚƌŝĐƚWůĂŶŵĞŶĚŵĞŶƚͲdǇƉĞ/// ^ƚĞƉϮ͗^ŝƚĞWůĂŶʹdǇƉĞ/ ΎΎхdŚĞŝƐƐƵĞŝƐƚŚĂƚƚŚĞĐƵƌƌĞŶƚůǇƉƌŽƉŽƐĞĚŚĂƚĞĂƵŝƌĐůĞ>>ĂŵĞŶĚŵĞŶƚŝƐŶŽƚďƌŝŶŐŝŶŐĂďƵƐŝŶĞƐƐ ĐŚĂŶŐĞƚŚƌŽƵŐŚƚŚŝƐ^ƉĞĐŝĂůŝƐƚƌŝĐƚƉƌŽĐĞƐƐ͘dŚĞĂŵĞŶĚŵĞŶƚŝƐĂĐƚƵĂůůǇƚƌǇŝŶŐƚŽĐŚĂŶŐĞƚŚĞ^ƉĞĐŝĂů ŝƐƚƌŝĐƚƉƌŽĐĞƐƐŝƚƐĞůĨ͕ďǇ͗ ϭͿZĞŵŽǀŝŶŐĂŶǇĨƵƚƵƌĞŝŶƉƵƚĂŶĚǀŝƐŝďŝůŝƚǇďǇƚŚĞŽŵŵŝƐƐŝŽŶ͕ŽƵŶĐŝů͕ĂŶĚƚŚĞWƵďůŝĐ͘ ϮͿZĞŵŽǀŝŶŐŵŽƐƚŽĨƚŚĞŝŵƉŽƌƚĂŶƚĚĞƚĂŝůƐƚŚĂƚ^ƚĂĨĨǁŽƵůĚƵƐĞĂƐƉĂƌƚŽĨƚŚĞŝƌdǇƉĞͲ/ ^ŝƚĞWůĂŶƌĞǀŝĞǁ͘KƌƚŚĂƚĂŶǇŽĨƚŚĞŽƵŶĐŝůƐĂŶĚŽŵŵŝƐƐŝŽŶƐǁŽƵůĚƵƐĞŝĨďƌŽƵŐŚƚ ďĂĐŬďĞĨŽƌĞƚŚĞŵŝŶƚŚĞĨƵƚƵƌĞ͙͘ ŽƚƚŽŵ>ŝŶĞ Ͳ/Ŷ&ĞďƌƵĂƌǇŚĂƚĞĂƵŝƌĐůĞ>>ĂŶĚŝŽůŝĨĞƚƌŝĞĚƚŽƌĞĚƵĐĞƚŚĞŝŶƚĞŐƌŝƚǇŽĨƚŚĞ^ƉĞĐŝĂůŝƐƚƌŝĐƚ;ĂŶĚŐŽ ĂƌŽƵŶĚƚŚŝƐƉƌŽĐĞƐƐͿ͘dŚĞǇǁĂŶƚĞĚƚŽĚŽƚŚŝƐďǇĚĞĐůĂƌŝŶŐƚŚĂƚƚŚĞĚĞƚĂŝůĞĚĞǆŚŝďŝƚƐǁĞƌĞũƵƐƚůŽŽƐĞ ŐƵŝĚĞƐ͘dŚĞŽƵŶĐŝůĚŝƌĞĐƚĞĚƐƚĂĨĨƚŽŵĂŝŶƚĂŝŶƚŚĞŝŶƚĞŐƌŝƚǇŽĨƚŚĞ^ƉĞĐŝĂůŝƐƚƌŝĐƚĚŽĐƵŵĞŶƚĂŶĚ ĐŽŶƚŝŶƵĞƚŽƌĞƋƵŝƌĞŶĞǁďƵƐŝŶĞƐƐĞƐƚŽĐŽƌƌĞĐƚůǇŐŽďĂĐŬƚŚƌŽƵŐŚƚŚŝƐŝŵƉŽƌƚĂŶƚƚǁŽƐƚĞƉƉƌŽĐĞƐƐ͘ ΎΎхtĞĂƌĞŶŽǁŝŶĞĐĞŵďĞƌĂŶĚŚĂƚĞĂƵŝƌĐůĞ>>ŝƐďĂĐŬŽŶĐĞĂŐĂŝŶƚŽƚƌǇĂŶĚƌĞĚƵĐĞƚŚĞŝŶƚĞŐƌŝƚǇ ŽĨƚŚĞ^ƉĞĐŝĂůŝƐƚƌŝĐƚ;ĂŶĚƚŽƚƌǇĂŶĚŐŽĂƌŽƵŶĚƚŚŝƐƉƌŽĐĞƐƐͿ͘dŚŝƐƚŝŵĞƚŚĞǇĂƌĞƚƌǇŝŶŐƚŽĞůŝŵŝŶĂƚĞ ĂůŵŽƐƚĂůůŽĨƚŚĞĚĞƚĂŝůƐĐŽŶƚĂŝŶĞĚǁŝƚŚŝŶƚŚŽƐĞƐĂŵĞǆŚŝďŝƚƐ͘/ŶĐŽŵďŝŶĂƚŝŽŶ͕ƚŚĞǇĂƌĞĂůƐŽƚƌǇŝŶŐƚŽ ƌĞŵŽǀĞŬĞǇƉŝĞĐĞƐŽĨƚŚĞ^ƉĞĐŝĂůŝƐƚƌŝĐƚƚĞǆƚƚŽĨƵƌƚŚĞƌƌĞĚƵĐĞƚŚĞĐŽŵŵŝƚŵĞŶƚƐĂŶĚƐĂĨĞŐƵĂƌĚƐ ƉƌĞǀŝŽƵƐůǇĂƉƉƌŽǀĞĚŝŶƚŚĞ^ƉĞĐŝĂůŝƐƚƌŝĐƚ͘ ΎΎхĚĚŝƚŝŽŶĂůůǇ͕ŝĨƚŚŝƐĂŵĞŶĚŵĞŶƚǁĞƌĞƚŽďĞĂƉƉƌŽǀĞĚŝƚǁŽƵůĚĐŽŵƉůĞƚĞůǇĞůŝŵŝŶĂƚĞƚŚĞŝŶƚĞŶƚ͕ ƚŚĞƉƵƌƉŽƐĞĂŶĚƚŚĞĞĨĨĞĐƚŝǀĞŶĞƐƐŽĨƚŚŝƐ^ƉĞĐŝĂůŝƐƚƌŝĐƚ͘/ƚǁŽƵůĚĂůƐŽďĞƉƌĞĐĞĚĞŶƚƐĞƚƚŝŶŐŝŶƚŚĂƚ ĂŶǇĂŶĚĂůůŽĨƚŚĞƉĂƐƚĂŶĚĨƵƚƵƌĞ^ƉĞĐŝĂůŝƐƚƌŝĐƚƐĐŽƵůĚďĞĞĂƐŝůǇĚĞƐƚƌŽǇĞĚŝŶĂƐŝŵŝůĂƌŵĂŶŶĞƌ͘͘͘ tŚĂƚŝƐƚŚĞƉƌŽƉĞƌŝƌĞĐƚŝŽŶ͍ 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ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗:ĂŶƵĂƌǇϭϭ͕ϮϬϭϳ Dƌ͘:ŽŚŶƐŽŶƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ:ĂŶƵĂƌǇϭϭ͕ϮϬϭϳ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐ ŽŶĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌͲKůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ Dƌ͘ƵƌƐƚĂƐŬĞĚĂďŽƵƚƚŚĞƉƌŽŐƌĞƐƐŽŶƚŚĞĚĞǀĞůŽƉŵĞŶƚ͖ŝƐƚŚĞƌĞĂŶǇƌĞƐŽůƵƚŝŽŶǁŝƚŚƚŚĞƉƌŽũĞĐƚ͍ Dƌ͘:ŽŚŶƐŽŶƐƚĂƚĞĚǁŝƚŚƚŚĞŝŶƚĞŶƚŽĨƚŚĞ^ƉĞĐŝĂůŝƐƚƌŝĐƚƚĂŬĞƐƚŝŵĞ͖ƐƚĂĨĨǁĂŶƚƚŽŵĂŬĞƐƵƌĞƚŚĞƌƵůĞƐ ĂƌĞĂƉƉƌŽƉƌŝĂƚĞĨŽƌƚŚĞƉƌĞĚŝĐƚĂďůĞŽĨĨƵƚƵƌĞĚĞǀĞůŽƉĞƌƐ͘ Dƌ͘ƵŶŶŶŽƚĞĚWůĂŶŶŝŶŐ^ƚĂĨĨŝƐĂƐŬŝŶŐƚŽůŽŽŬĂƚƚŚĞĚĞǀĞůŽƉŵĞŶƚƚŽƐĞĞŝĨƚŚĞƌĞŝƐŵŽƌĞŽƉƉŽƌƚƵŶŝƚǇ ĨŽƌĨůĞǆŝďŝůŝƚǇǁŝƚŚŝŶƚŚĞƉƌŽũĞĐƚ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶŝŶƌĞŐĂƌĚƐƚŽƚŚĞƉƌŽĐĞĚƵƌĞĨŽƌƚŚĞĨƵƚƵƌĞŽĨƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ͘ DƐ͘tŝůƐŽŶŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘ŝůůdŽŝŶƚŽŶ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚt^ΘƐƐŽĐŝĂƚŝŽŶ͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϰ͕ ĂĚĚƌĞƐƐĞĚƚŚĞĐŽŵŵŝƐƐŝŽŶ͘,ĞƉƌĞƐĞŶƚĞĚďĂĐŬŐƌŽƵŶĚŝŶĨŽƌŵĂƚŝŽŶŽŶƚŚĞƐƉĞĐŝĂůĚŝƐƚƌŝĐƚ͖ŚĞŶŽƚĞĚ ŽƵŶƚǇWƵďůŝĐtŽƌŬƐŚĂƐƌĞƋƵĞƐƚĞĚĂƉĞĚĞƐƚƌŝĂŶǁĂůŬǁĂǇĂůŽŶŐŝƌĐůĞƌŝǀĞ͕ƐŽƚŚŝƐŚĂƐĐĂƵƐĞĚƚŚĞ ĂŵĞŶĚŵĞŶƚƌĞƋƵĞƐƚ͖ŚĞĨĞĞůƐŵŽǀŝŶŐƚŚĞƐƉĞĐŝĂůĚŝƐƚƌŝĐƚĨŽƌǁĂƌĚƚŽĐŝƚǇĐŽƵŶĐŝůŝƐƚŚĞďĞƐƚƉƌŽĐĞĚƵƌĞ͘ Dƌ͘,ŝůůĂƐŬĞĚƐƚĂĨĨŝĨƚŚĞŝƌƌĞĐŽŵŵĞŶĚĂƚŝŽŶǁŽƵůĚŚĂǀĞĐŚĂŶŐĞĚŝĨƚŚĞǇŚĂĚŶŽƚƌĞĐĞŝǀĞĚƚŚĞƌĞĐĞŶƚůǇ ƌĞǀŝƐĞĚĚŽĐƵŵĞŶƚƐ͘ Dƌ͘:ŽŚŶƐŽŶƌĞƐƉŽŶĚĞĚ͘ Dƌ͘ŽďEŽƌĚŵĂŶ͕ƌĞƐŝĚŝŶŐĂƚϱϳϲϭ>ŽŶŐďŽĂƚZŽĂĚEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ĐŽŵŵŝƐƐŝŽŶ͘,ĞĨĞĞůƐƚŚĞĚĞǀĞůŽƉĞƌŝƐƚĂŬŝŶŐŽƵƚĐƌŝƚŝĐĂůƉĂƌƚƐŽĨƚŚĞƐƉĞĐŝĂůĚŝƐƚƌŝĐƚǁŝƚŚƚŚĞ ĂŵĞŶĚŵĞŶƚ͖ƚŚĞǇĂƌĞƚƌǇŝŶŐƚŽďǇƉĂƐƐƚŚĞƉƌŽĐĞƐƐ͖ĂŶĚĨĞĞůƐƚĂĨĨŝƐŽŶƚŚĞƌŝŐŚƚƉĂƚŚĨŽƌƚŚĞĨƵƚƵƌĞŽĨ ƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘ Dƌ͘ĂƌďĂƌĂsŝƌŶŝŐ͕ƌĞƐŝĚŝŶŐĂƚϱϳϮϯ>ŽŶŐďŽĂƚZŽĂĚEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘^ŚĞƐƉŽŬĞŽŶďĞŚĂůĨŽĨƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͖ƚŚĞĚĞƚĂŝůƐŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚǁŚŝĐŚǁĞƌĞƚŽůĚ ƚŽƚŚĞŶĞŝŐŚďŽƌŚŽŽĚǁŽƵůĚďĞĂǀĂŝůĂďůĞŚĂǀĞŶŽƚĐŽŵĞƚŚƌŽƵŐŚ͖ƚŚĞǇĂƌĞĨŝŶĚŝŶŐƐĂĨĞŐƵĂƌĚƐĂƌĞŶŽƚ ďĞŝŶŐƉƌŽǀŝĚĞĚ͖ĂŶĚƚŚĞǇĂƌĞůŽŽŬŝŶŐĨŽƌƌĞĂƐƐƵƌĂŶĐĞƚŚĞƐƚĂŶĚĂƌĚƐǁŝůůďĞƵƉŚĞůĚďǇƚŚĞĚĞǀĞůŽƉĞƌ͘ DƐ͘^ĂŶŶĂDĐ<ŝŶǌŝĞ͕ƌĞƐŝĚŝŶŐĂƚϱϵϰϳŚĂƚĞĂƵZŽĂĚEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘^ŚĞŝƐĂƌĞĐĞŶƚŶĞǁƌĞƐŝĚĞŶƚƚŽƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͖ĂŶĚĂƐŬĞĚƚŚĞĐŽŵŵŝƐƐŝŽŶƚŽŚĞůƉƚŚĞ ŶĞŝŐŚďŽƌŚŽŽĚƚŽƌĞĂĐŚĂƐŽůƵƚŝŽŶƚŚĂƚŝƐĂĐŽŵƉƌŽŵŝƐĞĂŶĚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐƉĞĐŝĂůĚŝƐƚƌŝĐƚĂƌĞ ĨŽůůŽǁĞĚ͘ 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