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DƐ͘ĂŬĞƌĐŽŵŵĞŶƚĞĚŽŶƚŚĞƚĂůůďƵŝůĚŝŶŐnjŽŶĞĐŽŶĨůŝĐƚǁŝƚŚƚŚĞƉŽƐƐŝďŝůŝƚLJŽĨĚĞĨŝŶŝŶŐĂŶĂƌĞĂŽĨƐŚŽƌƚĞƌ ďƵŝůĚŝŶŐƐ͖ƚŚĞŽƵŶĐŝůĐĂŶĚĞƚĞƌŵŝŶĞŝĨĂĚŝƐƚƌŝĐƚŶĞĞĚƐƚŽďĞŝĚĞŶƚŝĨŝĞĚ͘  ŶĚ Dƌ͘ĂƌƌLJ^ŬŽůŶŝĐŬƌĞƐŝĚŝŶŐĂƚϮϭϭϮ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ ƌĚ ĂĚĚƌĞƐƐĞĚƚŚĞϯ^ƚƌĞĞƚďĞŝŶŐŝŶƚŚĞŚŝƐƚŽƌŝĐĚŝƐƚƌŝĐƚ͖ĂŶĚŚĞĨĞůƚĂĐŽŵŵĞŶƚƐŚŽƵůĚďĞƌĞĐĞŝǀĞĚĨƌŽŵ WůĂŶŶŝŶŐŝƌĞĐƚŽƌĨŽƌĂƌĞĐŽŵŵĞŶĚĂƚŝŽŶŽŶĂƚĂůůďƵŝůĚŝŶŐnjŽŶĞ͘  Dƌ͘dĞƌƌLJ^ƉĂĞƚŚ͕ŝƚLJĚŵŝŶŝƐƚƌĂƚŝŽŶZĞĚĞǀĞůŽƉŵĞŶƚŝƌĞĐƚŽƌ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞŚĂƐ ǁŽƌŬĞĚǁŝƚŚWůĂŶŶŝŶŐ^ƚĂĨĨ͕ƐƚĂĨĨ͕ĂŶĚDŝŶŶĞƐŽƚĂĞƐŝŐŶĞŶƚĞƌƐƚĂĨĨ͖ĨĞĞůƐǁŚĂƚŝƐďĞŝŶŐƉƌĞƐĞŶƚĞĚ ŝƐĂŐŽŽĚƉůĂŶŚĂƐďĞĞŶƉƌĞƐĞŶƚĞĚ͘,ĞƐƵŐŐĞƐƚĞĚĂĚĚƌĞƐƐŝŶŐƚŚĞĐŽŵŵĞŶƚƐďƌŽƵŐŚƚĨŽƌƚŚ͖ĂŶĚŐŝǀĞŶƚŽ ƚŚĞ^ƚĞĞƌŝŶŐŽŵŵŝƚƚĞĞ͖ĂŶĚƚŚĞŶďƌŽƵŐŚƚďĂĐŬƚŽƚŚĞŽŵŵŝƐƐŝŽŶǁŝƚŚƌĞƐƉŽŶƐĞƐƚŽƚŚĞĐŽŵŵĞŶƚƐ͘  tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕DƐ͘DĞĞŬĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘  ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶŽŶƚŚĞĂƐƉĞĐƚƐŽĨŵŽǀŝŶŐƚŚĞĨŽƌǁĂƌĚ͖ŽƌŚĂǀŝŶŐƚŚĞ ŐƵŝĚĞůŝŶĞƐĐŽŵŝŶŐďĂĐŬĂĨƚĞƌĐŽŵŵĞŶƚƐŚĂǀĞďĞĞŶƌĞǀŝĞǁĞĚ͖ĂŶĚĚŝƌĞĐƚŝŽŶǁĂƐŐŝǀĞŶĨŽƌDƐ͘DĞĞŬƚŽ ĞŵĂŝůƚŚĞĐŽŵŵĞŶƚƐƚŽƚŚĞWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ;ĞŵĂŝůŽŶĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐ ĞƉĂƌƚŵĞŶƚ͘Ϳ   _3DJH 3DFNHW3J )M ŝƚLJWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗DĂƌĐŚϮϮ͕ϮϬϭϳ Dƌ͘tĂůƚĞƌƐŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĐŽŶƚŝŶƵĂƚŝŽŶŽĨĐŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌĂĚŽƉƚŝŶŐƚŚĞZŽĐŚĞƐƚĞƌDͲ ŝƐƚƌŝĐƚĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐƚŽƚŚĞƉƌŝůϮϲ͕ϮϬϭϳWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶŵĞĞƚŝŶŐ͘DƐ͘ ^ĞĂďƌŽŽŬƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůLJ͘  KƚŚĞƌƵƐŝŶĞƐƐ͗  ϭ͘ŝƚLJŽƵŶĐŝůDĞĞƚŝŶŐZĞĐĂƉͲ Dƌ͘:ŽŚŶƐŽŶƉƌĞƐĞŶƚĞĚĂƌĞĐĂƉŽĨŽƵŶĐŝůĂĐƚŝŽŶ͘  Ϯ͘ŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶhƉĚĂƚĞʹDƐ͘ĂŬĞƌƉƌĞƐĞŶƚĞĚĂďĂĐŬŐƌŽƵŶĚĂŶĚŚŝƐƚŽƌLJŽĨƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞ  WůĂŶ͖DƐ͘'ŽƐůĞĞƌĞǀŝĞǁĞĚƚŚĞdĂďůĞŽĨŽŶƚĞŶƚƐĂŶĚŝƚƐĐŽŶƚĞŶƚ͖DƐ͘ĂŬĞƌƉŽŝŶƚĞĚŽƵƚŬĞLJƉŝĞĐĞƐ ŝŶƚŚĞĨŝƌƐƚƐĞĐƚŝŽŶŽĨƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶǁŚŝĐŚǁĂƐĚŝƐƚƌŝďƵƚĞĚƚŽƚŚĞŽŵŵŝƐƐŝŽŶŵĞŵďĞƌƐ͖ ƉƵƌƉŽƐĞĚŝƌĞĐƚŝŽŶĂŶĚƉƌŝŽƌŝƚŝĞƐ͖ƉƌĞƐĞŶƚĞĚĂƉƌĞǀŝĞǁŽĨƵƉĐŽŵŝŶŐĚĂƚĞƐǁŝƚŚĂĚĚŝƚŝŽŶĂůƐĞĐƚŝŽŶƐ ĞdžƉĞĐƚĞĚ͘ ϯ͘ƐŵĂLJďĞďƌŽƵŐŚƚƵƉǁŝƚŚŵĞŵďĞƌƐͲŶŽŶĞ   ĚũŽƵƌŶ͗  DŽƚŝŽŶŵĂĚĞďLJDƐ͘tŝůƐŽŶƚŽĂĚũŽƵƌŶ͕ƐĞĐŽŶĚĞĚďLJDƌ͘tĂůƚĞƌƐ͘DƐ͘DĞĞŬ͕ŚĂŝƌ͕ĂĚũŽƵƌŶĞĚ ƚŚĞŵĞĞƚŝŶŐĂƚϴ͗ϰϲƉ͘ŵ͘  ZĞƐƉĞĐƚĨƵůůLJ^ƵďŵŝƚƚĞĚ͗   ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ DŝƚnjŝĂŬĞƌ͕WůĂŶŶŝŶŐŝƌĞĐƚŽƌDƐ͘>ŝŶĚƐĞLJDĞĞŬ͕ŚĂŝƌ  ďĚ    _3DJH 3DFNHW3J )N ŝƚLJWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗ƉƌŝůϮϲ͕ϮϬϭϳ ŶŶĞdžĂƚŝŽŶďLJKƌĚŝŶĂŶĐĞZϮϬϭϳ Ͳ ϬϬϭEyďLJdĞƌƌĂĞůůĂ;ZŽŐĞƌWĂLJŶĞͿ͖ϭϳ͘ϰϰĐƌĞƐŽĨǀĂĐĂŶƚůĂŶĚĂƚ ƚŚĞƉƌĞƐĞŶƚĞŶĚŽĨƚŚĞƐƚƵďƐƚƌĞĞƚĞŶƚƵƌLJZŝĚŐĞZEŽĨĨĞŶƚƵƌLJsĂůůĞLJZEŝŶ^ĞĐƚŝŽŶϮϵĂŶĚ ϳ͘ϯϭĐƌĞƐŽĨǀĂĐĂŶƚůĂŶĚŽĨĨƚŚĞƉƌĞƐĞŶƚĞŶĚŽĨ^ƚŽŶĞWĂƌŬƌŝǀĞEŽĨĨĞŶƚƵƌLJsĂůůĞLJZEŝŶ ^ĞĐƚŝŽŶƐϯϭĂŶĚϯϮĂůůŝŶ,ĂǀĞƌŚŝůůdŽǁŶƐŚŝƉ͘  DƐ͘^ŽƐĂƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚƉƌŝůϮϲ͕ϮϬϭϳ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐŽŶĨŝůĞ ĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘  Dƌ͘ƵƌƐƚŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨŶŶĞdžĂƚŝŽŶďLJKƌĚŝŶĂŶĐĞZϮϬϭϳ Ͳ ϬϬϭEyǁŝƚŚƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐ͘Dƌ͘,ŝůůƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϳ Ͳ Ϭ͘  ŽŶƚŝŶƵĞĚ/ƚĞŵƐ͗  ŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌĂĚŽƉƚŝŶŐƚŚĞZŽĐŚĞƐƚĞƌDͲŝƐƚƌŝĐƚĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐĂŶĚƚĞdžƚĂŵĞŶĚŵĞŶƚ ηZϮϬϭϳ Ͳ ϬϬϮdƚŽĂĚŽƉƚĂƉŽƌƚŝŽŶŽĨƚŚĞĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐĂƐƉĂƌƚŽĨƚŚĞ>ĂŶĚĞǀĞůŽƉŵĞŶƚDĂŶƵĂů͘  Dƌ͘ůůĞƌďƵƐĐŚƉƌĞƐĞŶƚĞĚĂŶƵƉĚĂƚĞŽŶƚŚĞƐƚĂƚƵƐŽĨƚŚĞƚĞdžƚĂŵĞŶĚŵĞŶƚƉƌŽĐĞƐƐ͖ĐŽŵŵĞŶƚƐƌĞĐĞŝǀĞĚ ĂƌĞďĞŝŶŐƌĞǀŝĞǁĞĚ͖ĂŶĚŶŽƚĞĚĂƌĞǀŝƐĞĚĚŽĐƵŵĞŶƚǁŝůůďĞƉƌĞƐĞŶƚĞĚĂƚĂůĂƚĞƌŵĞĞƚŝŶŐĚĂƚĞ͘  DƐ͘DĞĞŬŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘  ƚŚ Dƌ͘ĂƌƌLJ^ŬŽůŶŝĐŬ͕ƌĞƐŝĚŝŶŐĂƚϯϭϳϲǀĞŶƵĞ^t͕ZŽĐŚĞƐƚĞƌDE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞƐƉŽŬĞ ŝŶƌĞŐĂƌĚƐƚŽƚŚĞƚĂůůďƵŝůĚŝŶŐĂƌĞĂnjŽŶĞ͖ŚĞĂƐŬĞĚƚŚĞĐŽŵŵŝƐƐŝŽŶƚŽĂƉƉƌŽǀĞĚĂŶĂƌĞĂĨŽƌƚŚĞƚĂůů ďƵŝůĚŝŶŐnjŽŶĞƵŶƚŝůĨƵƌƚŚĞƌĚŝƐĐƵƐƐŝŽŶƐƚĂŬĞƉůĂĐĞĨŽƌƚŚĞďŽƵŶĚĂƌŝĞƐ͖ŚĞŝƐŶŽƚƐƉĞĂŬŝŶŐŽŶďĞŚĂůĨŽĨƚŚĞ ,W͕ŚĞŝƐƐƉĞĂŬŝŶŐƉĞƌƐŽŶĂůůLJ͖ĂŶĚǁŽƵůĚůŝŬĞƐƚĂĨĨƚŽǁĞŝŐŚŝŶŚŽǁƚŚĞďŽƵŶĚĂƌŝĞƐĨŽƌƚŚĞƚĂůůďƵŝůĚŝŶŐ njŽŶĞďĞĂĚĚƌĞƐƐĞĚ͘  Dƌ͘tĂůƚĞƌƐĂƐŬĞĚĨŽƌƐƉĞĐŝĨŝĐĂĚĚƌĞƐƐĞƐĨŽƌƚŚĞƚĂůůďƵŝůĚŝŶŐnjŽŶĞƚŽďĞŝŶĐůƵĚĞĚ͘  Dƌ͘^ŬŽůŶŝĐŬŶŽƚĞĚǁŚĂƚƵƐĞƚŽďĞƚŚĞKƌŽǁŶďƵŝůĚŝŶŐ͖ƚŽƐŽƵƚŚƚŽϰ ƚŚĂŶĚƚŚĞŶŚŝƐƚŽƌŝĐϯ ƌĚ^ƚƌĞĞƚ ƐŽƵƚŚƚŽϮ ŶĚ^ƚƌĞĞƚ͕ŽŶƚŚĞƐŝĚĞŽĨƚŚĞƐƚƌĞĞƚǁŚŝĐŚĐŽŶƚĂŝŶůŽǁĞƌŚĞŝŐŚƚďƵŝůĚŝŶŐƐ͖ŚĞĂƐŬĞĚƚŚĞ ĐŽŵŵŝƐƐŝŽŶƚŽĚŝƌĞĐƚƚŚĞƐƚĂĨĨƚŽǁĞŝŐŚŝŶŽŶƚŚĞďĞƐƚŝŶƚĞƌĞƐƚŽĨƚŚĞŝƚLJ͘  Dƌ͘:ŽŚŶ<ƌƵĞƐĞů͕ƌĞƐŝĚŝŶŐ͕ZŽĐŚĞƐƚĞƌDŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞĐŽŵŵŝƐƐŝŽŶ͘,ĞŶŽƚĞĚŚĞĚŽĞƐǁĂŶƚƚŽ ƐƵƉƉŽƌƚŵĂŶLJŽĨDƌ͘^ŬŽůŶŝĐŬĐŽŵŵĞŶƚƐ͕ŚĞĞdžƉƌĞƐƐĞĚĂƉŽƌƚŝŽŶŽĨƚŚŝƐƐƵďũĞĐƚǁĂƐĚŝƐĐƵƐƐĞĚĂƚƚŚĞ ,W͖ƌĞŵŝŶĚĞĚƚŚĞĐŽŵŵŝƐƐŝŽŶƚŚĞůĂƐƚϯĐŽŶƐƵůƚĂŶƚŚŝƌĞĚďLJƚŚĞŝƚLJƚŽĂƐŬŽƵƌƐĞůǀĞƐǁŚĞƌĞĚŽǁĞ ǁĂŶƚƚŚĞůĂƌŐĞƌĚĞŶƐŝƚLJĂŶĚǁŚĞƌĞǁŝůůƚŚĞƐŵĂůůĚĞŶƐŝƚLJǁŝƚŚŝŶƚŚĞƵƌďĂŶƐĐĂůĞ͖ĂŶĚƌĞĐŽŵŵĞŶĚĞĚƚŚĞ ĐŽŵŵƵŶŝƚLJŐŽďĞLJŽŶĚƚŚĞƐƚĂŶĚĂƌĚƐŽĨǁŝŶĚŝŶƚĂůůďƵŝůĚŝŶŐnjŽŶĞƐŽĨǁŚĂƚŝƐƌĞƋƵŝƌĞĚďLJƚŚĞ^ƚĂƚĞ͘  DƐ͘DĞĞŬĐĂůůĞĚĨŽƌĂǀŽƚĞ͘  Dƌ͘ƵƌƐƚŵŽǀĞĚƚŽĐŽŶƚŝŶƵĞƚŚĞdĞdžƚŵĞŶĚŵĞŶƚηZϮϬϭϳ Ͳ ϬϬϮdƚŽƚŚĞDĂLJϭϬ͕ϮϬϭϳW ŵĞĞƚŝŶŐ͘Dƌ͘,ŝůůƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘  Dƌ͘tĂůƚĞƌƐĂƐŬĞĚĨŽƌĐŽŵŵĞŶƚƐĨƌŽŵƐƚĂĨĨŽŶƚŚĞƚŽƉŝĐŽĨƚŚĞƚĂůůďƵŝůĚŝŶŐŝŶƚŚĞƐŽƵƚŚĞƌŶďŽƵŶĚĂƌLJ͘  Dƌ͘ůůĞƌďƵƐĐŚŶŽƚĞĚƚŚŝƐŝƐƐƵĞŝƐďĞŝŶŐƌĞǀŝĞǁĞĚĂŶĚĂƌĞĂƐĂƌĞďĞŝŶŐŝĚĞŶƚŝĨŝĞĚ͖ĂŶĚĂƐŬĞĚŝĨƚŚĞ ĐŽŵŵŝƐƐŝŽŶŚĂƐĂŶLJŽƚŚĞƌĂĚĚŝƚŝŽŶĂůŝĚĞĂƐ͘   _3DJH 3DFNHW3J )N ŝƚLJWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗ƉƌŝůϮϲ͕ϮϬϭϳ DƐ͘tŝůƐŽŶĂƐŬĞĚĨŽƌĐůĂƌŝĨŝĐĂƚŝŽŶĂƌĞŚĞŝŐŚƚƐŽĨďƵŝůĚŝŶŐĂŶĚƚŚĞŚŝƐƚŽƌŝĐƉƌĞƐĞƌǀĂƚŝŽŶŽĨďƵŝůĚŝŶŐƐďĞŝŶŐ ĂĚĚƌĞƐƐĞĚ͘  Dƌ͘ůůĞƌďƵƐĐŚŶŽƚĞĚƚŚĂƚŝƐĐŽƌƌĞĐƚ͘  DƐ͘ůĨƌĞĚƐŽŶŶŽƚĞĚƚŚĞůŝƐƚĨŽƌŚŝƐƚŽƌŝĐůŽĐĂƚŝŽŶƐǁŝůůďĞĐŽŶƐƚĂŶƚůLJĐŚĂŶŐŝŶŐ͘  Dƌ͘tŝůƐŽŶĂƐŬĞĚĨŽƌĐůĂƌŝĨŝĐĂƚŝŽŶ͘  ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶŽŶƚŚĞƉƌŽĐĞƐƐŽĨƉƌŽƉĞƌƚLJŽǁĞŶƌƐĂƉůLJƵŝŶŐĨŽƌƚŚĞŝƌƉƌŽƉĞƌƚLJ ƚŽďĞĐůĂƐƐŝĨŝĞĚĂƐŚŝƐƚŽƌŝĐ͖  DƐ͘ůĨƌĞĚƐŽŶĞdžƉůĂŝŶĞĚƚŚĞƉƌŽĐĞƐƐŽĨƚŚĞ,ŝƐƚŽƌŝĐWƌĞƐĞƌǀĂƚŝŽŶŽŵŵŝƚƚĞĞĂŶĚŚŽǁƚŚĞLJĂƌĞŐƵŝĚĞĚ͘  DƐ͘DĞĞŬĐĂůůĞĚĨŽƌĂǀŽƚĞ͘  dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůLJ͘  WƵďůŝĐ,ĞĂƌŝŶŐƐ͗  ^ƵďƐƚĂŶƚŝĂů>ĂŶĚůƚĞƌĂƚŝŽŶ͕ZϮϬϭϳ Ͳ ϬϬϳhW͕ďLJsĞŶƐƚĂƌ͕>>ĨŽƌĐƵƚŽƌĨŝůůŝŶĞdžĐĞƐƐŽĨϭϬĨĞĞƚŝŶŚĞŝŐŚƚ͘ dŚĞƉƌŽƉĞƌƚLJŝƐůŽĐĂƚĞĚŽŶƚŚĞǁĞƐƚƐŝĚĞŽĨϰϬƚŚǀĞŶƵĞEtĂŶĚƚŚĞĞĂƐƚƐŝĚĞŽĨtĞƐƚŝƌĐůĞƌŝǀĞ͕ ĂŶĚŝƐĂƉƉƌŽdžŝŵĂƚĞůLJŚĂůĨǁĂLJďĞƚǁĞĞŶϰϭƐƚ^ƚƌĞĞƚEtƚŽƚŚĞŶŽƌƚŚĂŶĚsĂůůĞLJŚŝŐŚƌŝǀĞEtƚŽƚŚĞ ƐŽƵƚŚ͘  Dƌ͘:ŽŚŶƐŽŶƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚƉƌŝůϮϲ͕ϮϬϭϳ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐŽŶ ĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘  DƐ͘DĞĞŬŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘  DƐ͘>ĞƐůŝĞZŝǀĂƐ Ͳ DĐ'ŝůůŝǀƌĂLJ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚt^ΘƐƐŽĐŝĂƚĞƐ͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌ͕DE ĂĚĚƌĞƐƐĞĚƚŚĞĐŽŵŵŝƐƐŝŽŶ͘^ŚĞŶŽƚĞĚƚŚĞƌĞǁĞƌĞƐŽŵĞĂŵĞŶĚŵĞŶƚƐƚŽƚŚĞĐŽŶĐĞƉƚƵĂůŐƌĂĚŝŶŐƉůĂŶ ǁŚŝĐŚĂůůŽǁƐĨŽƌƚŚĞƌĞƚĂŝŶŝŶŐǁĂůů͘^ŚĞŝƐĂǀĂŝůĂďůĞĨŽƌĂŶLJƋƵĞƐƚŝŽŶƐ͘  tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕DƐ͘DĞĞŬĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘  Dƌ͘tĂůƚĞƌƐŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨ^ƵďƐƚĂŶƚŝĂů>ĂŶĚůƚĞƌĂƚŝŽŶ͕ZϮϬϭϳ Ͳ ϬϬϳhWǁŝƚŚƚŚĞ ƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘DƐ͘tŝůƐŽŶƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚ ƵŶĂŶŝŵŽƵƐůLJ͘  KE/d/KE^͗ ϭ͘ĐŽŶĐĞƉƚƵĂůŐƌĂĚŝŶŐƉůĂŶƚŚĂƚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƐƵďŵŝƚƚĞĚƐƵďƐƚĂŶƚŝĂůůĂŶĚĂůƚĞƌĂƚŝŽŶ  ĞdžŚŝďŝƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚƚŽƚŚĞWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚƉƌŝŽƌƚŽŽƵŶĐŝůĂƉƉƌŽǀĂůŽĨƚŚŝƐ ƐƵďƐƚĂŶƚŝĂůůĂŶĚĂůƚĞƌĂƚŝŽŶĂƉƉůŝĐĂƚŝŽŶ͘ Ϯ͘ŐƌĂĚŝŶŐƉůĂŶŵƵƐƚďĞĂƉƉƌŽǀĞĚƉƌŝŽƌƚŽŐƌĂĚŝŶŐĂĐƚŝǀŝƚLJƚĂŬŝŶŐƉůĂĐĞ͘   'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶηZϬϬϯϰϰ'WďLJĞůůĂdĞƌƌĂ͕>>͕ƚŽďĞŬŶŽǁŶĂƐĞŶƚƵƌLJsĂůůĞLJ ^ƵďĚŝǀŝƐŝŽŶ;ƉƌĞǀŝŽƵƐůLJŬŶŽǁŶĂƐĞŶƚƵƌLJ,ŝůůƐͿ͘dŚĞ'WƉƌŽƉŽƐĞƐĂƐŝŶŐůĞĨĂŵŝůLJƌĞƐŝĚĞŶƚŝĂůůĂLJŽƵƚ  _3DJH 3DFNHW3J )O ŝƚLJWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗DĂLJϭϬ͕ϮϬϭϳ DƐ͘DĞĞŬƌĞĐƵƐĞĚŚĞƌƐĞůĨ͖DƐ͘tŝůƐŽŶĂƚƚĂŝŶĞĚƚŚĞĂĐƚŝŶŐĐŚĂŝƌƉŽƐŝƚŝŽŶ͘ DƐ͘^ŽƐĂƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚDĂLJϭϬ͕ϮϬϭϲ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐŽŶĨŝůĞ ĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘;Dƌ͘tĂůƚĞƌƐĂƌƌŝǀĞĚĂƚƚŚĞŵĞĞƚŝŶŐͿ  Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌƐƵŐŐĞƐƚĞĚĂĐŽŶĚŝƚŝŽŶĨŽƌĐŽŶƚŝŶŐĞŶĐLJŽĨƚŚĞǀĂĐĂƚŝŽŶŽŶƚŚĞĨŝŶĂůƉůĂŶĂƉƉƌŽǀĂůŽĨ ŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚĨŽƌŝƐĐŽǀĞƌLJ^ƋƵĂƌĞ͘  Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨsĂĐĂƚŝŽŶWĞƚŝƚŝŽŶηZϮϬϭϳ Ͳ ϬϬϯsǁŝƚŚƚŚĞ ƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐǁŝƚŚĂŶĂĚĚĞĚĐŽŶĚŝƚŝŽŶ͘Dƌ͘,ŝůůƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶ ĐĂƌƌŝĞĚϴ Ͳ Ϭ͘DƐ͘DĞĞŬƌĞĐƵƐĞĚ͘  KE/d/KE^͗ ϭ͘dŚĞƵƚŝůŝƚŝĞƐŝŶƚŚĞĂůůĞLJŵƵƐƚďĞƌĞůŽĐĂƚĞĚĂƚWĞƚŝƚŝŽŶĞƌ͛ƐĞdžƉĞŶƐĞ͕ŽƌWĞƚŝƚŝŽŶĞƌŵƵƐƚŐƌĂŶƚƚŚĞ  ŝƚLJĂŶĞĂƐĞŵĞŶƚŽǀĞƌƚŚĞĞdžŝƐƚŝŶŐƵƚŝůŝƚŝĞƐ͘ Ϯ͘dŚĞĂƉƉƌŽǀĂůŽĨƚŚĞǀĂĐĂƚŝŽŶŝƐĐŽŶƚŝŶŐĞŶƚŽŶƚŚĞĨŝŶĂůƉůĂŶĂƉƉƌŽǀĂůŽĨŝƐĐŽǀĞƌLJ^ƋƵĂƌĞƉƌŽũĞĐƚ͘   DƐ͘DĞĞŬƌĞƐƵŵĞĚĐŚĂŝƌƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͘  ŽŶƚŝŶƵĞĚ/ƚĞŵƐ͗  ŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌĂĚŽƉƚŝŶŐƚŚĞZŽĐŚĞƐƚĞƌDͲŝƐƚƌŝĐƚĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐĂŶĚƚĞdžƚĂŵĞŶĚŵĞŶƚ ηZϮϬϭϳ Ͳ ϬϬϮdƚŽĂĚŽƉƚĂƉŽƌƚŝŽŶŽĨƚŚĞĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐĂƐƉĂƌƚŽĨƚŚĞ>ĂŶĚĞǀĞůŽƉŵĞŶƚDĂŶƵĂů͘  Dƌ͘ůůĞƌďƵƐĐŚƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚDĂLJϰ͕ϮϬϭϳ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐŽŶ ĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘,ĞĂƐŬĞĚƚŚĞĐŽŵŵŝƐƐŝŽŶĨŽƌŝŶƉƵƚŽŶŵĂdžŝŵƵŵ ĂǁŶŝŶŐǁŝĚƚŚĂŶĚĨŽƌďƵŝůĚŝŶŐŵĂƚĞƌŝĂůƐƚŽďĞƉƌŽŚŝďŝƚĞĚ͘  DƐ͘^ĞĂďƌŽŽŬŝŶƋƵŝƌĞĚŝŶƚŽƚŚĞƌĞƋƵĞƐƚĨŽƌŐƵŝĚĂŶĐĞŽŶĂǁŶŝŶŐƐĂƐƚŽƚŚĞĂĞƐƚŚĞƚŝĐĂŶĚĨƵŶĐƚŝŽŶĂůŝƚLJ͘  Dƌ͘ůůĞƌďƵƐĐŚĐŽŶĨŝƌŵĞĚ͘  Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌƐƉŽŬĞŝŶƌĞŐĂƌĚƐƚŽƚŚĞĨĂĕĂĚĞŵĂƚĞƌŝĂůƐďĞŝŶŐůŝŵŝƚĞĚǁŚĞŶŶĞǁŵĂƚĞƌŝĂůƐĂƌĞďĞŝŶŐ ĐƌĞĂƚĞĚĂůůƚŚĞƚŝŵĞ͕ĂŶĚŚĂǀŝŶŐĂůŝƐƚƚŽůŝŵŝƚƚLJƉĞƐŽĨŵĂƚĞƌŝĂůƐŝƐŶŽƚŝŶĨĂǀŽƌĂďůĞ͘  ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƵƐŝŶŐƐƉĞĐŝĨŝĐůĂŶŐƵĂŐĞƐƵĐŚĂƐ͞ƉƌŽŚŝďŝƚ͕͟Žƌ͞ĚŝƐĐŽƵƌĂŐĞ͖͟ŽƉƚŝŽŶŽĨ ƌĞŵŽǀŝŶŐĂůŝƐƚŽĨŵĂƚĞƌŝĂů͕ƌĂƚŚĞƌŵĂŬŝŶŐĂŐĞŶĞƌĂůƌĞĨĞƌĞŶĐĞƚŽŵĂƚĞƌŝĂů͘  DƐ͘DĞĞŬĂƐŬĞĚĨŽůůŽǁƵƉƋƵĞƐƚŝŽŶƐŽŶŵĂƚĞƌŝĂůƐŽŶƐŝĚĞǁĂůŬƐ͕ƐŚĞĂƐŬĞĚĂďŽƵƚƵƐŝŶŐƉĂǀĞƌƐĂƐĂŶ ŽƉƚŝŽŶ͘  Dƌ͘ůůĞƌďƵƐĐŚƌĞƐƉŽŶĚĞĚ͘  DƐ͘DĞĞŬĐŽŵŵĞŶƚĞĚŽŶƚŚĞƉƌŝŵĂƌLJƚƌĂĨĨŝĐƐƚƌĞĞƚŽŶŵŽǀŝŶŐƚƌĂĨĨŝĐŝŶĂŶĚŽƵƚŽĨĚŽǁŶƚŽǁŶ͖ƐŚĞ ƉƌŽƉŽƐĞĚƌĞǀŝƐŝŽŶŽŶƚŚĞůĂŶŐƵĂŐĞ͖ĂŶĚŶŽƚĞĚĐŽŶĨƵƐŝŽŶŽŶƚŚĞǁŝŶĚŽǁƐŝŐŶĂŐĞĐůŝŶŐƐ͘  Dƌ͘ůůĞƌďƵƐĐŚƌĞƐƉŽŶĚĞĚǁŝƚŚŐƵŝĚĞůŝŶĞƐ͘  DƐ͘DĞĞŬŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘   _3DJH 3DFNHW3J )O ŝƚLJWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗DĂLJϭϬ͕ϮϬϭϳ ƚŚ Dƌ͘ĂƌƌLJ^ŬŽůŶŝĐŬ͕ƌĞƐŝĚŝŶŐĂƚϯϭϳϲǀĞŶƵĞ^t͕ZŽĐŚĞƐƚĞƌ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞƐƚĂƚĞĚ ŚĞĐŽŶƚŝŶƵĞƐƚŽďĞĐŽŶĐĞƌŶĞĚǁŝƚŚƚŚĞƚĂůůďƵŝůĚŝŶŐnjŽŶĞ͖ǁŽƵůĚůŝŬĞƐĞĞƚŚĞŝƚLJƐĞŶĚĂŵĞƐƐĂŐĞƚŽƚŚĞ ĚĞǀĞůŽƉĞƌƐďLJĂůŝƐƚŶŽƚŝŶŐƉƌŽƉĞƌƚLJƚŚĂƚĂƌĞƉĞŶĚŝŶŐƌĞǀŝĞǁďLJƚŚĞ,WĨŽƌďĞŝŶŐŝŶƚŚĞƚĂůůďƵŝůĚŝŶŐ njŽŶĞŵĂƉ͖ĂŶĚŚĞƉƌŽƉŽƐĞƐƚŽĐŚĂŶŐĞƚŚĞŵĂƉƚŽƐŚŽǁƚŚĞĐƵƌƌĞŶƚƐƚĂƚƵƐŽĨďƵŝůĚŝŶŐƐŝŶƚŚĞĚŽǁŶƚŽǁŶ ĂƌĞĂ͘,ĞŶŽƚĞĚŚĞŝƐǀŽŝĐĞƐŽŶďĞŚĂůĨŽĨŚŝƐƉĞƌƐŽŶĂůŝŶƚĞƌƉƌĞƚĂƚŝŽŶ͖ŶŽƚƚŚĞ,W͘  Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌŶŽƚĞĚƚŚĞŵĂƉƐŝŶƚŚĞŐƵŝĚĞůŝŶĞƐƉƌŽũĞĐƚƚŚĞĨƵƚƵƌĞŽĨƚŚĞďƵŝůĚŝŶŐƐ͕ŶŽƚŶĞĐĞƐƐĂƌŝůLJ ĐƵƌƌĞŶƚĐŝƌĐƵŵƐƚĂŶĐĞƐ͘  ƌĚ Dƌ͘:ŽŚŶ<ƌƵĞƐĞů͕ůŽĐĂƚĞĚĂƚϮϮϯ^ƚƌĞĞƚ^͕ZŽĐŚĞƐƚĞƌDE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞĂĚĚƌĞƐƐĞĚ ƚŚĞĐŽŶĐĞƌŶŽĨŚĂǀŝŶŐĂŵĂƉǁŚŝĐŚŝŶĂĐĐƵƌĂĐLJĚĞƉŝĐƚƐƚŚĞƚĂůůďƵŝůĚŝŶŐƐnjŽŶĞĂŶĚǁŽƵůĚƉƌĞĨĞƌƚŽŚĂǀĞ ĞĂĐŚƉƌŽũĞĐƚďĞůŽŽŬĞĚĂƚŝŶĚŝǀŝĚƵĂůůLJ͖ƚŚĞŶŚĞĂĚĚƌĞƐƐĞĚƚŚĞĐŽŵŵĞŶƚƐŽŶƚŚĞďƵŝůĚŝŶŐŵĂƚĞƌŝĂůƐďĞŝŶŐ ƵƐĞĚŝŶƚŚĞďĂĐŬŽĨƚŚĞďƵŝůĚŝŶŐƐͬĂůůĞLJƐ͖ĞŶŚĂŶĐŝŶŐƚŚĞĂƉƉĞĂƌĂŶĐĞŽĨĂůůĞLJƐŶĞĞĚƐƚŽĂĚĚƌĞƐƐĞĚ͖ĨŝdžĞĚ ĂǁŶŝŶŐƐĂƌĞƉƌŽďůĞŵĂƚŝĐ͕ĂĚĚŝŶŐƉĂǀĞƌƐ͘  ƚŚ DƐ͘ŚƌŝƐƚŝŶĞ^ĐŚƵůƚnjĞ͕ƌĞƐŝĚŝŶŐĂƚϳϯϬϱǀĞŶƵĞ^t͕ZŽĐŚĞƐƚĞƌDEĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ ;ŚĂŶĚŽƵƚŽŶĨŝůĞǁŝƚŚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚͿ͘^ŚĞŶŽƚĞĚƐŚĞƐƵƉƉŽƌƚƐDƌ͘ <ƌƵĞƐĞů͛ƐƐƚĂƚĞŵĞŶƚŽŶďƵŝůĚŝŶŐŵĂƚĞƌŝĂůƐĂŶĚĂůůĞLJĂƉƉĞĂƌĂŶĐĞ͖ĂƉƉƌĞĐŝĂƚĞƐƚŚĞĐŽŶǀĞƌƐĂƚŝŽŶŽŶƚŚĞ ƚĂůůďƵŝůĚŝŶŐŵĂƉ͖ƐŚĞƌĞƉƌĞƐĞŶƚĞĚŚĞƌƐĞůĨĂƐĂŵĞŵďĞƌŽĨƚŚĞ,WǁŚŝĐŚŝƐĐƵƌƌĞŶƚůLJŚĂƐĂĨƵůůďŽĂƌĚ͖ 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3DFNHW3J )K ŝƚLJWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗DĂLJϭϬ͕ϮϬϭϳ DƐ͘^ŽƐĂƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚDĂLJϭϬ͕ϮϬϭϳ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐŽŶĨŝůĞ ĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘  Dƌ͘tĂůƚĞƌƐĂƐŬĞĚĂďŽƵƚƚŚĞƚƌĂŝůĐŽŶŶĞĐƚŝŽŶƐŽŶƚŚĞƐŽƵƚŚĞƌŶĞŶĚĐƵů Ͳ ĚĞ Ͳ ƐĂĐŝĨƚŚŽƐĞǁĞƌĞƚŽďĞŵĂĚĞ ŚŽǁďĂĚǁŽƵůĚƚŚĞŐƌĂĚĞďĞŽŶƚŚĞƚƌĂŝů͘  Dƌ͘ŶŐĞůŶŽƚĞĚƚŚĞĞdžŝƐƚŝŶŐƐůŽƉĞƐƚŽďĞϭϱй͕ďƵƚƌĞĨĞƌƌĞĚƚŚĞƋƵĞƐƚŝŽŶƚŽƚŚĞĂƉƉůŝĐĂŶƚ͘  DƐ͘DĞĞŬŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘  Dƌ͘DĂƌŬtĞůĐŚ͕ƌĞƉƌĞƐĞŶƚŝŶŐƚŚĞĚĞǀĞůŽƉĞƌǁŝƚŚ'ͲƵďĞĚ͕ůŽĐĂƚĞĚĂƚϭϰϬϳϬ,ŝŐŚǁĂLJϱϮ^͕ŚĂƚĨŝĞůĚ͕ DE͕ĂĚĚƌĞƐƐĞĚƚŚĞĐŽŵŵŝƐƐŝŽŶ͘,ĞĂĚĚƌĞƐƐĞĚƚŚĞĐŽŶĚŝƚŝŽŶƐƐƉĞĐŝĨŝĐĂůůLJƚŚĞƚƌĂŝůĐŽŶŶĞĐƚŝŽŶ ƌĞƐƚƌŝĐƚŝŽŶƐĐĂƵƐĞĚďLJƚŚĞƚŽƉŽŐƌĂƉŚLJ͖ĂĚĚƌĞƐƐĞĚƚŚĞĚĞƐŝŐŶŽĨƚŚĞƚƌĂŝůƐ͖ƌĞĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚĚĞƐŝŐŶŽĨ ƚŚƐƚ ϰϴ^ƚƌĞĞƚǁŝůůďĞĂĚĚƌĞƐƐĞĚĂƐǁĞůůĂƐϯϭǀĞŶƵĞ͖ĂŶĚƚŚĞĂƉƉůŝĐĂŶƚĂƐŬĞĚĨŽƌƌĞŵŽǀĂůŽĨĐŽŶĚŝƚŝŽŶŶŽ͘ ϭϭ͘  ƚŚ DƐ͘DĞĞŬĂƐŬĞĚĂďŽƵƚƚŚĞƌĞ Ͳ ĚĞƐŝŐŶŽĨϰϴ^ƚƌĞĞƚ͘  Dƌ͘tĞůĐŚŶŽƚĞĚƚŚĞƌĞĚĞƐŝŐŶǁŝůůďĞŝŶĐůƵĚĞĚŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŐƌĞĞŵĞŶƚ͘  DƐ͘DĞĞŬĂƐŬĞĚĂďŽƵƚĐŽŶĚŝƚŝŽŶŶŽ͘ϲ͕ǁŚĂƚůĞǀĞůǁŝůůƚŚĞƌŽĂĚďĞďƵŝůƚ͘  Dƌ͘tĞůĐŚŶŽƚĞĚƚŚĞŝƌŝŶƚĞŶƚŝƐĨŽƌƚŚĞƌŽĂĚƚŽďĞďƵŝůƚǁŝƚŚƉĂǀĞŵĞŶƚĂŶĚŝŶĐůƵĚĞƵƚŝůŝƚŝĞƐƵƉƚŽƚŚĞ ƉƌŽƉĞƌƚLJůŝŶĞ͕ǁŝƚŚƉůĂŶƐĨŽƌĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚ͘  tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕DƐ͘DĞĞŬĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘  Dƌ͘ƵƌƐƚŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨWƌĞůŝŵŝŶĂƌLJWůĂƚηZϮϬϭϳ Ͳ ϬϭϯW>dǁŝƚŚƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐĂŶĚĐŽŶĚŝƚŝŽŶƐǁŝƚŚƌĞŵŽǀĂůŽĨĐŽŶĚŝƚŝŽŶŶŽϭϭ͘dŚĞŵŽƚŝŽŶĨĂŝůĞĚǁŝƚŚůĂĐŬ ŽĨĂƐĞĐŽŶĚ͘  Dƌ͘tĂůƚĞƌƐŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨWƌĞůŝŵŝŶĂƌLJWůĂƚηZϮϬϭϳ Ͳ ϬϭϯW>dǁŝƚŚƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐĂŶĚĐŽŶĚŝƚŝŽŶƐĂƐƉƌĞƐĞŶƚĞĚŽƌĂůůLJĂƚƚŚĞŵĞĞƚŝŶŐďLJWůĂŶŶŝŶŐ^ƚĂĨĨ͘DƐ͘ ^ĞĂďƌŽŽŬƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůLJ͘  KE/d/KE^͗ ϭ͘dŚĞĂƉƉůŝĐĂŶƚŵƵƐƚŽďƚĂŝŶĂƉƉƌŽǀĂůĨƌŽŵƚŚĞWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ'/^ŝǀŝƐŝŽŶĨŽƌƐƚƌĞĞƚŶĂŵĞ  ĚĞƐŝŐŶĂƚŝŽŶĂŶĚĂĚĚƌĞƐƐŝŶŐƉƌŝŽƌƚŽƐƵďŵŝƚƚĂůŽĨƚŚĞ&ŝŶĂůWůĂƚ͘ Ă͘͞^ĐĞŶŝĐKĂŬƐtĞƐƚƌŝǀĞ^t͛ĐĂŶŶŽƚƵƐĞĂƉƌĞ Ͳ ĚŝƌĞĐƚŝŽŶĂů;t^dͿ͕ĂŶĚ  ď͘͞dŝŵďĞƌKĂŬƐZŽĂĚ^t͟ƐŚĂůůƌƵŶĂĐƌŽƐƐƚŚĞƉůĂƚƚŽƚŚĞĞŶĚŽĨƚŚĞĐƵů Ͳ ĚĞ Ͳ ƐĂĐ͕ĂŶĚǁŝůů  ĞůŝŵŝŶĂƚĞƚŚĞŶĞĞĚĨŽƌ͞dŝŵďĞƌKĂŬƐ>ĂŶĞ^t͘͟  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ϯ͘ŶĂƉƉƌŽǀĞĚ'ƌĂĚŝŶŐĂŶĚ^ƚŽƌŵtĂƚĞƌDĂŶĂŐĞŵĞŶƚWůĂŶŝƐƌĞƋƵŝƌĞĚďĞĨŽƌĞ&ŝŶĂůWůĂƚƐƵďŵŝƚƚĂů͘   ϰ͘KǁŶĞƌƐŚŝƉĂŶĚŵĂŝŶƚĞŶĂŶĐĞŽĨƉƌŽƉŽƐĞĚ͞KƵƚůŽƚ͟ŵƵƐƚďĞĂĚĚƌĞƐƐĞĚƚŚƌŽƵŐŚĂDĂŝŶƚĞŶĂŶĐĞ  ŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌWƵďůŝĐtŽƌŬƐĞƉĂƌƚŵĞŶƚ͘  ϱ͘džĞĐƵƚŝŽŶŽĨĂŝƚLJ Ͳ KǁŶĞƌŽŶƚƌĂĐƚ͕ĂŶĚĚĞĚŝĐĂƚŝŽŶŽĨĂŶLJĂƉƉůŝĐĂďůĞƉƵďůŝĐĞĂƐĞŵĞŶƚƐ͕ŝƐ  ƌĞƋƵŝƌĞĚƉƌŝŽƌƚŽĐŽŶƐƚƌƵĐƚŝŽŶŽĨĂŶLJƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞǁŝƚŚƚŚŝƐĚĞǀĞůŽƉŵĞŶƚ͘  ϲ͘ƉĂǀĞĚƚĞŵƉŽƌĂƌLJƚƵƌŶ Ͳ ĂƌŽƵŶĚŝƐƌĞƋƵŝƌĞĚĂƚƚŚĞƐŽƵƚŚĞƌůLJĞdžƚĞŶƚŽĨ^ĐĞŶŝĐtĞƐƚƌŝǀĞ^tĂŶĚ  ƚŚĞǁĞƐƚĞƌůLJĞdžƚĞŶƚŽĨdŝŵďĞƌKĂŬƐZŽĂĚ^t͕ƚŽĨĂĐŝůŝƚĂƚĞƚŚĞĞdžƚĞŶƐŝŽŶŽĨƉƵďůŝĐĨĂĐŝůŝƚŝĞƐƚŽƚŚĞ ƉůĂƚůŝŵŝƚƐ͘  ϳ͘dŚĞĚĞǀĞůŽƉĞƌŝƐŽďůŝŐĂƚĞĚƚŽŽďƚĂŝŶƚŚĞŶĞĐĞƐƐĂƌLJŽĨĨ Ͳ ƐŝƚĞƚĞŵƉŽƌĂƌLJĞĂƐĞŵĞŶƚƐƚŽĨĂĐŝůŝƚĂƚĞƚŚĞ  ĞdžƚĞŶƐŝŽŶŽĨƉƵďůŝĐĨĂĐŝůŝƚŝĞƐ͘  ϴ͘ŚĂƌŐĞƐͬĨĞĞƐĂƉƉůŝĐĂďůĞƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚŝƐWƌŽƉĞƌƚLJǁŝůůďĞĂĚĚƌĞƐƐĞĚŝŶŝƚLJ Ͳ KǁŶĞƌ  ŽŶƚƌĂĐƚ͕ĂŶĚĞǀĞůŽƉŵĞŶƚŐƌĞĞŵĞŶƚ͕ĂŶĚǁŝůůŝŶĐůƵĚĞďƵƚĂƌĞŶŽƚůŝŵŝƚĞĚƚŽ͗ Ă͘^ĞǁĞƌǀĂŝůĂďŝůŝƚLJŚĂƌŐĞ;^Ϳ͕  ď͘tĂƚĞƌǀĂŝůĂďŝůŝƚLJŚĂƌŐĞ;tͿ͕  Đ͘dƌĂŶƐƉŽƌƚĂƚŝŽŶ/ŵƉƌŽǀĞŵĞŶƚKďůŝŐĂƚŝŽŶƐ͕  Ě͘^ƚŽƌŵtĂƚĞƌDĂŶĂŐĞŵĞŶƚWůĂŶƌĞĂŚĂƌŐĞ;^tDWͿ͕ĂŶĚ  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Ϭ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬ ΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘Ϭ ϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬΨϬ͘ϬϬ Ϭ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬ Ϭ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘Ϭ ϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬ Ϭ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬ Ϭ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘Ϭ ϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬ ϭ͘ϰϰϭ͘Ϯϰϭ͘ϴϰϬ͘ϵϰϯ͘ϯϰϬ͘ϭϰϬ͘ϭϰϬ͘ϯϰ 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ϴϭ͘ϱϳϭ͘ϰϮϭ͘ϲϭϮ͘ϱϵϭϬ͘ϭϴϵ͘ϰϱϭϮ͘Ϭϯϱ͘ϲϲϯ͘ϱϬϬ͘ϵϳϬ͘ϳϳϬ͘ϱϵϬ͘ϲϬϭ͘ϳϵϵ͘ϵϬϭϯ͘ϰϵϮϴ͘ϱϲϮϳ͘ϬϬϭϮ͘Ϭϯϱ͘ϴϴϮ͘ϱϬϭ͘Ϯϱϭ͘Ϯϯϭ͘ϭϴϮ͘ϭϮϭϭ͘ϵϬϭϬ͘ϳϭϭϭ͘ϵϭϭϮ͘Ϭϳϲ͘ϭϱϭ͘ϰϵϬ͘ϴϴϬ͘ϵϲ ϭϲϵ͕ϰϯϮ͘Ϭϰϭ͕ϲϳϯ͘ϭϰϭ͕ϰϴϱ͘ϵϰϭ͕ϰϲϮ͘ϱϰϭ͕ϱϲϳ͘ϴϰϭ͕ϲϯϴ͘Ϭϰϯϭ͕ϴϭϲ͘ϬϰϭϬϴ͕ϵϵϰ͘ϭϰϭϯ͕ϭϴϲ͘ϮϰϯϮ͕ϵϯϲ͘ϯϰϭ͕ϱϮϭ͘Ϭϰϭ͕ϰϵϳ͘ϲϰϭ͕ϰϯϵ͘ϭϰϭϯ͕Ϭϲϵ͘Ϯϰϭ͕ϲϵϲ͘ϱϰ ϭϳϴ͕Ϭϳϲ͘Ϯϯϭϭϰ͕ϰϲϭ͘ϭϭϴϮ͕ϳϰϳ͘ϰϱϰϴ͕ϭϭϭ͘ϲϯϭ͕ϴϬϭ͘ϴϱϱϳ͕ϯϳϱ͘ϯϱϭϯϭ͕ϵϯϴ͘ϰϯϭϮϭ͕ϱϯϲ͘ϴϳϭϯϵ͕ϯϯϴ͘ϴϳϭϰϱ͕ϰϵϵ͘Ϭϴϵϰ͕ϰϴϴ͘ϳϬϳϬ͕ϴϰϮ͘ϯϵϰϳ͕ϭϰϵ͘Ϯϴϲ͕ϲϲϵ͘ϭϳϭ͕ϵϯϬ͘ϱϱϬ͘ϬϬϭϮϯ͕ϲϯϵ͘ϰϭϭϱϮ͕ϰϳϴ͘ϯϭϰϲ͕Ϯϱϰ͘Ϯϭϰϲ͕ϲϰϲ͘ϭϳϮϭ͕ϴϲϳ͘ϴϲϯϱϭ͘ϬϭϯϮϳ͘ ϲϭϮϯϰ͘Ϭϭϳϴϯ͘ϵϮϴϴ͕Ϯϵϲ͘ϯϭϳϲ͕ϭϬϰ͘ϲϬϵϯ͕ϮϮϳ͘ϵϵϲϭ͕ϴϴϱ͘ϴϭϯϵ͕ϯϱϭ͘Ϭϯϭϵ͕ϴϰϲ͘ϲϯϮ͕ϬϳϬ͘ϵϱϯϲϮ͘ϳϭϯϯϵ͘ϯϭϯϬϰ͘ϮϭϬ͘ϬϬϰϳ͕ϭϬϱ͘ϰϭϰϰ͕ϳϬϲ͘ϴϱϭϵ͕ϳϳϯ͘ϱϭϭϬ͕ϲϬϬ͘ϰϳϳ͕ϲϱϮ͘ϬϬϯ͕ϰϭϲ͘ϰϵϯ͕ϴϳϮ͘ϴϬϯ͕ϱϮϭ͘ϳϵϯ͕ϵϳϴ͘ϭϬϲ͕ϰϭϭ͘ϳϲϮϱ͕ϭϳϵ͘ϬϱϮϯ͕ϯϴϴ͘ϵ Ϭϭϲ͕ϯϲϴ͘ϳϮϲ͕ϮϬϭ͘ϭϲϯ͕ϴϯϳ͘ϳϬϭ͕Ϭϲϰ͘ϳϯϴϰϮ͘ϰϮϲϰϯ͘ϱϮϲϱϱ͘ϮϮϭ͕ϵϲϱ͘ϲϱϰ͕ϯϭϳ͘ϰϭϭϬ͕ϴϰϲ͘ϭϴϭϰ͕ϳϴϵ͘ϭϴϯϰ͕ϴϰϯ͘ϰϵϭϰ͕ϲϳϮ͘ϭϴϳ͕ϭϳϮ͘Ϯϴϯ͕Ϭϱϯ͘ϳϴϭ͕ϬϮϵ͘ϲϯϮ͕ϱϴϱ͘ϳϳϭϰ͕ϱϮϬ͘ϬϳϮϮ͕ϵϲϳ͘ϲϵϮϯ͕Ϯϳϭ͘ϵϬϭϭ͕ϴϱϮ͘ϰϬϱ͕ϲϲϮ͘ϵϱϮ͕ϴϲϲ͘ϱϳϭ͕ϴϲϬ͘ϯϱ ΨϭϲϬ͘ϭϰΨϭ͕ϳϰϰ͘ϯϰΨϱϱϬ͘ϬϰΨϭϬϯ͘ϳϰΨϭϰϮ͘ϴϰΨϭ͕Ϭϲϯ͘ϰϰΨϮϲϬ͘ϵϰ ϳϮ͕Ϭϲϱ͘ϴϱ 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