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ϲ͘DƐ͘tŝůƐŽŶƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘ KE/d/KE^͗ ϭ͘WƌŝŽƌƚŽŽƵŶĐŝůĂƉƉƌŽǀĂů͕ƚŚĞĂƉƉůŝĐĂŶƚƐŚĂůůƐƵďŵŝƚƌĞǀŝƐĞĚƉůĂŶƐŝŶĐŽƌƉŽƌĂƚŝŶŐƚŚĞƐƚƌĞĞƚ ĨƌŽŶƚĂŐĞƌĞǀŝƐŝŽŶƐƐƵďŵŝƚƚĞĚŽŶ&ĞďƌƵĂƌǇϭϱ͕ϮϬϭϳǁŝƚŚĂƌĞǀŝƐĞĚƐŝƚĞƉůĂŶ͘ Ϯ͘WƵďůŝĐĂƌƚůŽĐĂƚŝŽŶƐŝĚĞŶƚŝĨŝĞĚŽŶƐŝƚĞƐŚĂůůŶŽƚĞŶĐƌŽĂĐŚƚŽǁŝƚŚŝŶϭϬĨĞĞƚŽĨƚŚĞďƵŝůĚŝŶŐ͘ ϯ͘WƌŝŽƌƚŽďƵŝůĚŝŶŐƉĞƌŵŝƚĂƉƉƌŽǀĂů͕ƚŚĞĂƉƉůŝĐĂŶƚƐŚĂůůƌĞ Ͳ ƉůĂƚƚŚĞƉƌŽƉĞƌƚŝĞƐŝŶƚŽŽŶĞŶĞǁ ůŽƚƉƌŝŽƌƚŽ&ŝŶĂůWůĂŶĂƉƉƌŽǀĂů͘ ϰ͘^ŝŐŶĂŐĞǁŝƚŚŝŶƚŚŝƐĚĞǀĞůŽƉŵĞŶƚƐŚĂůůĨŽůůŽǁƚŚĞdǇƉĞƐŝŐŶƐƚĂŶĚĂƌĚƐĂŶĚƐŚĂůůŵĞĞƚƚŚĞ ĨŽůůŽǁŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐ͗ ĂͿĂĐŚƵƐĞĂŶĚͬŽƌƚĞŶĂŶƚŝƐĂůůŽǁĞĚŽŶĞƐŝŐŶƉĞƌĞǆƚĞƌŝŽƌďƵŝůĚŝŶŐĞůĞǀĂƚŝŽŶ͘&Žƌ ĞǆĂŵƉůĞ͕ĐŽƌŶĞƌƌĞƚĂŝůŵĂǇŚĂǀĞĂƐŝŐŶŽŶƚŚĞǁĞƐƚĂŶĚŶŽƌƚŚĞůĞǀĂƚŝŽŶ͘ ďͿůůƐŝŐŶĂŐĞƚŽďĞŵŽƵŶƚĞĚƚŽ͞^ŝŐŶ&ƌŝĞǌĞ͟ĂŶĚƵƐĞĂůĂŶĚƐĐĂƉĞŽƌŝĞŶƚĂƚŝŽŶ ĐͿZĞƐŝĚĞŶƚŝĂůǁĂǇĨŝŶĚŝŶŐƐŝŐŶĂŐĞ͕ĨŽƌĞǆĂŵƉůĞŐĂƌĂŐĞĂŶĚďŝŬĞĞŶƚƌŝĞƐ͕ǁŝůůƵƚŝůŝǌĞƚŚĞ ƐŝŐŶĨƌŝĞǌĞĨŽƌŵŽƵŶƚĞĚůĞƚƚĞƌŝŶŐ͘ ĚͿůůƐŝŐŶĂŐĞƉƌŽƉŽƐĞĚƚŽďĞŝŶĚŝǀŝĚƵĂůůĞƚƚĞƌŝŶŐĂŶĚůŽŐŽƐŵŽƵŶƚĞĚƚŽƐŝŐŶĨƌŝĞǌĞĂŶĚ ĂďŽǀĞĨƌŝĞǌĞďĂƐĞ͘ _3DJH 3DFNHW3J )J ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗&ĞďƌƵĂƌǇϮϮ͕ϮϬϭϳ 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ŵĂŶĂŐĞŵĞŶƚĂƌĞĂĐŚĂƌŐĞŝƐƌĞƋƵŝƌĞĚƉƌŝŽƌƚŽƚŚĞĨŝŶĂůƉůĂƚƐƵďŵŝƚƚĂůŽƌŝƐƐƵĂŶĐĞŽĨĂ ďƵŝůĚŝŶŐƉĞƌŵŝƚŝĨŶŽƉůĂƚŝƐƌĞƋƵŝƌĞĚ͘ ϵ͘dŚĞƌĞĂƌĞŝŶĂĚĞƋƵĂƚĞŽŶĂŶĚŽĨĨƐŝƚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐ͕ƐƉĞĐŝĨŝĐĂůůǇWƵďůŝĐZŽĂĚǁĂǇƐ͕ ^ĂŶŝƚĂƌǇ^ĞǁĞƌ͕tĂƚĞƌ͕WĂƌŬŝŶŐ͕ĂŶĚ^ƚŽƌŵtĂƚĞƌDĂŶĂŐĞŵĞŶƚ&ĂĐŝůŝƚŝĞƐ͕ĞǆŝƐƚŝŶŐƚŽ ĂĐĐŽŵŵŽĚĂƚĞƚŚĞƉƌŽƉŽƐĞĚƌĞ Ͳ ĚĞǀĞůŽƉŵĞŶƚŽĨƚŚŝƐWƌŽƉĞƌƚǇ͘EŽƌĞ Ͳ ĚĞǀĞůŽƉŵĞŶƚǁŝůůďĞ ĂůůŽǁĞĚƚŽŽĐĐƵƌƵŶƚŝůƚŚĞŝƚǇŽƵŶĐŝůŚĂƐĚĞƚĞƌŵŝŶĞĚƚŚĂƚĂůůƌĞƋƵŝƌĞĚƉƵďůŝĐĨĂĐŝůŝƚŝĞƐĂƌĞ ĂĚĞƋƵĂƚĞĨŽƌƐĂŝĚƌĞ Ͳ ĚĞǀĞůŽƉŵĞŶƚ͘ůƚĞƌŶĂƚŝǀĞůǇ͕ƚŚĞĚĞǀĞůŽƉĞƌŵĂǇƌĞƋƵĞƐƚƚŽũŽŝŶǁŝƚŚ ƚŚĞŝƚǇŝŶŵĂŬŝŶŐƚŚĞƐĞŝŶĂĚĞƋƵĂƚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐĂĚĞƋƵĂƚĞĨŽƌƚŚŝƐƌĞ Ͳ ĚĞǀĞůŽƉŵĞŶƚ͕ ĂŶĚŵĂǇĞŶƚĞƌŝŶƚŽĂĞǀĞůŽƉŵĞŶƚŐƌĞĞŵĞŶƚ͕ƉƌŝŽƌƚŽƌĞĐŽƌĚŝŶŐĂ&ŝŶĂůWůĂƚĨŽƌƚŚĞ ƉƌŽƉĞƌƚǇ;ŽƌĨŝŶĂůĚĞǀĞůŽƉŵĞŶƚĂƉƉƌŽǀĂůŝĨƚŚĞƌĞŝƐŶŽƉůĂƚͿƚŚĂƚŽƵƚůŝŶĞƐƚŚĞĚĞǀĞůŽƉĞƌΖƐ ĂŶĚŝƚǇΖƐŽďůŝŐĂƚŝŽŶƐƌĞůĂƚĞĚ͕ďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͗ĂĐĐĞƐƐ͕ƌŝŐŚƚ Ͳ ŽĨ Ͳ ǁĂǇĚĞĚŝĐĂƚŝŽŶ͕ ƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚ͕ƚƌĂŶƐƉŽƌƚĂƚŝŽŶŝŵƉƌŽǀĞŵĞŶƚƐŝŶĐůƵĚŝŶŐŽďůŝŐĂƚŝŽŶƐƌĞůĂƚĞĚƚŽ ƉĞƌŝŵĞƚĞƌƌŽĂĚǁĂǇƐ͕ƉƌŽǀŝĚŝŶŐĂƚƵƌŶ Ͳ ĂƌŽƵŶĚĨŽƌƚŚĞĞǆŝƐƚŝŶŐŶŽƌƚŚͬƐŽƵƚŚĂůůĞǇƚŚĂƚĚĞĂĚ Ͳ 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ďůŽĐŬďŽƌĚĞƌĞĚďǇϱƚŚ^ƚƌĞĞƚ^tƚŽƚŚĞŶŽƌƚŚ͕ϯƌĚǀĞŶƵĞ^tƚŽƚŚĞĞĂƐƚ͕ϲƚŚ^ƚƌĞĞƚ^tƚŽƚŚĞƐŽƵƚŚ͕ ĂŶĚϰƚŚǀĞŶƵĞ^tƚŽƚŚĞǁĞƐƚ͘ Dƌ͘ŶŐĞůƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ&ĞďƌƵĂƌǇϮϮ͕ϮϬϭϳ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐŽŶ ĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ DƐ͘DĞĞŬŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ DƐ͘dĞƌĞƐĂDĐŽƌŵĂĐŬ͕hƌďĂŶĞƐŝŐŶ^ƚƵĚŝŽ͕ůŽĐĂƚĞĚĂƚϯϭϴ^ŽƵƚŚƌŽĂĚǁĂǇ͕ZŽĐŚĞƐƚĞƌDE͕ĂĚĚƌĞƐƐĞĚ ƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞƉƌĞƐĞŶƚĞĚĂŶŽǀĞƌǀŝĞǁŽĨƚŚĞƉƌŽũĞĐƚ͖ŝŶƚĞƌŝŽƌĂŶĚĞǆƚĞƌŝŽƌĨĞĂƚƵƌĞƐ͖ƐŚĂĚŽǁƐƚƵĚǇ ŐƌĂƉŚŝĐƐ͖ĚĞǀĞůŽƉŵĞŶƚĂŵĞŶŝƚŝĞƐ͖ĚĞƐĐƌŝďĞĚƚŚĞůŝǀĞǁŽƌŬƵŶŝƚƐ͖ĂŶĚĨĞĂƚƵƌĞŽĨƉƵďůŝĐĂĐĐĞƐƐƚŽŐƌĞĞŶ ƐƉĂĐĞ͘ DƐ͘:ŽƐĞĨŝŶĂWŽǌĂƐ͕hƌďĂŶĞƐŝŐŶ^ƚƵĚŝŽ͕ůŽĐĂƚĞĚĂƚϯϭϴ^ŽƵƚŚƌŽĂĚǁĂǇ͕ZŽĐŚĞƐƚĞƌDE͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘ ƌĚ DƐ͘^ĂƌĂŚ>ŽƵŝƐĞůů͕ƌĞƐŝĚŝŶŐĂƚϱϬϵϯǀĞŶƵĞ^t͕ƉĂƌƚŵĞŶƚϯϯ͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘^ŚĞƐƚĂƚĞĚƐŚĞŝƐĂƌĞŶƚĞƌŝŶŽŶĞŽĨƚŚĞďƵŝůĚŝŶŐƐƚŚĂƚǁŝůůďĞĚĞŵŽůŝƐŚĞĚǁŝƚŚƚŚĞĐƌĞĂƚŝŽŶ ŽĨƚŚĞƉƌŽũĞĐƚ͖ƐŚĞƉƌĞƐĞŶƚĞĚĂƉĞƚŝƚŝŽŶƐŝŐŶĞĚďǇƌĞƐŝĚĞŶƚƐŽĨƚŚĞƌĞŶƚĂůďƵŝůĚŝŶŐƐ;ĐŽƉǇŽĨĨŝůĞǁŝƚŚ ZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚͿ͖ƐŚĞŶŽƚĞĚƚŚĞǇǁĞƌĞŶŽƚŝŶĨŽƌŵĂƚŝŽŶŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘ Dƌ͘tĂůƚĞƌƐĂƐŬĞĚŝĨƌĞŶƚĞƌƐǁĞƌĞŶŽƚŝĨŝĞĚŽĨŶĞŝŐŚďŽƌŚŽŽĚŵĞĞƚŝŶŐƐ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚƌĞŐĂƌĚŝŶŐƚŚĞŶŽƚŝĨŝĐĂƚŝŽŶƉƌŽĐĞƐƐ͘ ƌĚ DƐ͘^ĂƌĂŚ>ŽƵŝƐĞůů͕ƌĞƐŝĚŝŶŐĂƚϱϬϵϯǀĞŶƵĞ^t͕ƉĂƌƚŵĞŶƚϯϯ͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘^ŚĞŶŽƚĞĚƐŚĞŝƐĐƵƌƌĞŶƚůǇŽŶ^ĞĐƚŝŽŶϴŚŽƵƐŝŶŐĂŶĚŝĨĚŝƐƉůĂĐĞĚǁŝƚŚƚŚĞĚĞǀĞůŽƉŵĞŶƚƐŚĞ ĂŶĚƚŚĞŽƚŚĞƌƌĞƐŝĚĞŶƚƐŚĂǀĞŶŽƉůĂĐĞƚŽŐŽ͖ƚŚĞƌĞĂƌĞǀĞƌǇĨĞǁĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐŽƉƚŝŽŶƐĂǀĂŝůĂďůĞŝŶ ƚŚĞĚŽǁŶƚŽǁŶĂƌĞĂ͘ Dƌ͘<ƵƌƚtĂůůĞƐĞƌ͕ƉƌŽƉĞƌƚǇŽǁŶĞƌ͕Ăƚϱϭϴϰ ƚŚǀĞŶƵĞ^t͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞŶŽƚĞĚĐŽŶĐĞƌŶƐǁŝƚŚƚŚĞƚƌĂĨĨŝĐƐĂĨĞƚǇ͖ƵƚŝůŝƚǇƉŽůĞĐŽŶŶĞĐƚŝŽŶƐ͖ĂŶĚŚŝƐƉƌŽƉĞƌƚǇďĞŝŶŐ ďŽǆĞĚŝŶďǇĂƐŝǆƐƚŽƌǇďƵŝůĚŝŶŐ͘ _3DJH 3DFNHW3J )O ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗&ĞďƌƵĂƌǇϮϮ͕ϮϬϭϳ ƌĚ DƐ͘^ĂƌĂŚ>ŽƵŝƐĞůů͕ƌĞƐŝĚŝŶŐĂƚϱϬϵϯǀĞŶƵĞ^t͕ƉĂƌƚŵĞŶƚϯϯ͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘^ŚĞŶŽƚĞĚƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚĚŽĞƐŶŽƚĨŝƚŝŶƚŽƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ Dƌ͘ĞŶŶŝƐĂǀĞǇ͕ƉƌĞƐŝĚĞŶƚŽĨƚŚĞ,ŝƐƚŽƌŝĐ^tEĞŝŐŚďŽƌŚŽŽĚ͕ƌĞƐŝĚŝŶŐĂƚϱϭϵϲ ƚŚǀĞŶƵĞ^t͕ ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͘,ĞƌĞǀŝĞǁĞĚŵŝŶƵƚĞƐĨƌŽŵƐĞǀĞƌĂůŵĞĞƚŝŶŐƐǁŝƚŚƚŚĞĂƌĐŚŝƚĞĐƚ͖ǀŝƐŝƚŽƌĂŶĚ ĚĞůŝǀĞƌǇƉĂƌŬŝŶŐĐŽŶĐĞƌŶƐ͖>ĐĞƌƚŽƌŽƚŚĞƌĞŶĞƌŐǇĐĞƌƚŝĨŝĐĂƚŝŽŶƐƉůĂŶŶĞĚ͖ŶŽƚĞĚĚĞǀĞůŽƉĞƌŝƐ ĐŽŵŵŝƚƚĞĚƚŽƉƌŽǀŝĚŝŶŐĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐ͖ĂŶĚŶŽƚĞĚĐŽŶĐĞƌŶƐǁŝƚŚƚŚĞƐŽƵƚŚĞŶĚŽĨƚŚĞƉƌŽƉĞƌƚǇĂŶĚ ƉĞĚĞƐƚƌŝĂŶĞǆƉĞƌŝĞŶĐĞ͘ DƐ͘dĞƌĞƐĂDĐŽƌŵĂĐŬ͕hƌďĂŶĞƐŝŐŶ^ƚƵĚŝŽ͕ůŽĐĂƚĞĚĂƚϯϭϴ^ŽƵƚŚƌŽĂĚǁĂǇ͕ZŽĐŚĞƐƚĞƌDE͕ĂĚĚƌĞƐƐĞĚ ƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞƐƚĂƚĞĚƚŚĞƌĞǁŽƵůĚďĞǁŽƌŬĨŽƌĐĞŚŽƵƐŝŶŐ͖ƚŚĞƐŝŐŶƐĨŽƌŚŽŵĞďƵƐŝŶĞƐƐĞƐǁŽƵůĚďĞ ŶŽŶ Ͳ ůŝƚ͖ĂŶĚƚŚĞĚĞǀĞůŽƉŵĞŶƚǁŽƵůĚďĞŐŽŽĚĨŽƌƚŚĞĂƌĞĂ͘ DƐ͘:ŽƐĞĨŝŶĂWŽƐĂǌ͕hƌďĂŶĞƐŝŐŶ^ƚƵĚŝŽ͕ůŽĐĂƚĞĚĂƚϯϭϴ^ŽƵƚŚƌŽĂĚǁĂǇ͕ZŽĐŚĞƐƚĞƌDE͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘^ŚĞĞǆƉůĂŝŶĞĚƚŚĞĨĞĂƚƵƌĞƐŽĨƚŚĞƐŽƵƚŚĞŶĚŽĨƚŚĞƉƌŽƉĞƌƚǇƋƵĞƐƚŝŽŶĞĚďǇDƌ͘ĂǀĞǇ͘ ƌĚ DƐ͘^ĂƌĂŚ>ŽƵŝƐĞůů͕ƌĞƐŝĚŝŶŐĂƚϱϬϵϯǀĞŶƵĞ^t͕ƉĂƌƚŵĞŶƚϯϯ͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘^ŚĞŶŽƚĞĚƚŚĂƚǁŽƌŬĨŽƌĐĞŚŽƵƐŝŶŐŝƐŶŽƚƚŚĞƐĂŵĞĂƐĂĨĨŽƌĚĂďůĞ͖ƐŚĞǁŽƵůĚŽĨůŝŬĞƚŽŚĂǀĞ ƐĞĞŶĂŵĞĞƚŝŶŐǁŝƚŚƌĞƐŝĚĞŶƚƐƚŚĂƚƌĞŶƚŝŶƚŚĞĂƌĞĂĂĨĨĞĐƚĞĚ͘ Dƌ͘DĂƌŬtĞůĐŚ͕'ͲƵďĞĚ͕ϭϰϬϳϬ,ŝŐŚǁĂǇϱϮ͕ŚĂƚĨŝĞůĚ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ ƌĞǀŝĞǁĞĚƚŚĞƚƌĂĨĨŝĐƐƚƵĚǇǁŚŝĐŚŚĂƐďĞĞŶǁĂŝǀĞĚďǇWƵďůŝĐtŽƌŬƐ͖ƚŚĞƵƚŝůŝƚǇƉŽůĞƐǁŝůůďĞƵŶĚĞƌŐƌŽƵŶĚ ǁŝƚŚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞƉƌŽũĞĐƚ͘ Dƌ͘<ƵƌƚtĂůůĞƐĞƌ͕ƉƌŽƉĞƌƚǇŽǁŶĞƌ͕Ăƚϱϭϴϰ ƚŚǀĞŶƵĞ^t͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞŶŽƚĞĚĐŽŶĐĞƌŶĞĚǁŝƚŚƐŶŽǁƌĞŵŽǀĂůĂŶĚƉůĂĐĞŵĞŶƚ͖ǁŚĞƌĞǁŝůůĐŽŵŵĞƌĐŝĂůĚĞůŝǀĞƌŝĞƐ ƚĂŬĞƉůĂĐĞ͖ĂŶĚǁŚǇǁĞƌĞƌĞŶƚĞƌƐŶŽƚŶŽƚŝĨŝĞĚŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘ ƌĚ DƐ͘^ĂƌĂŚ>ŽƵŝƐĞůů͕ƌĞƐŝĚŝŶŐĂƚϱϬϵϯǀĞŶƵĞ^t͕ƉĂƌƚŵĞŶƚϯϯ͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘^ŚĞƐƚĂƚĞĚƐŚĞŚĂƐƉĞƌƐŽŶĂůŝŶǀĞƐƚŵĞŶƚŝŶŚĞƌƌĞƐŝĚĞŶĐǇĂŶĚŚĂƐŶŽƉůĂĐĞƚŽŐŽǁŝƚŚƚŚĞ ĚĞŵŽůŝƚŝŽŶŽĨƚŚĞĂƉĂƌƚŵĞŶƚďƵŝůĚŝŶŐǁŚĞƌĞƐŚĞĐƵƌƌĞŶƚƌĞƐŝĚĞƐ DƐ͘dĞƌĞƐĂDĐŽƌŵĂĐŬ͕hƌďĂŶĞƐŝŐŶ^ƚƵĚŝŽ͕ůŽĐĂƚĞĚĂƚϯϭϴ^ŽƵƚŚƌŽĂĚǁĂǇ͕ZŽĐŚĞƐƚĞƌDE͕ĂĚĚƌĞƐƐĞĚ ƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞƐŚŽǁĞĚŽŶƚŚĞƉůĂŶǁŚĞƌĞĐŽŵŵĞƌĐŝĂůĚĞůŝǀĞƌŝĞƐǁŝůůƚĂŬĞƉůĂĐĞ͘ ƌĚ DƐ͘^ĂƌĂŚ>ŽƵŝƐĞůů͕ƌĞƐŝĚŝŶŐĂƚϱϬϵϯǀĞŶƵĞ^t͕ƉĂƌƚŵĞŶƚϯϯ͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘^ŚĞĐŽŵŵĞŶƚĞĚĂƉĂƌƚŵĞŶƚƐĂƌĞŶĞĞĚĞĚŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚĂƌĞĂ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕DƐ͘DĞĞŬĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĚĞŶŝĂůŽĨZĞƐƚƌŝĐƚĞĚĞǀĞůŽƉŵĞŶƚWƌĞůŝŵŝŶĂƌǇWůĂŶͲ ŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚηZϮϬϭϲ Ͳ ϬϰϮhWĚŽĞƐŶŽƚŵĞĞƚƌŝƚĞƌŝĂ&;,ĞŝŐŚƚ/ŵƉĂĐƚƐͿŽƌƌŝƚĞƌŝĂ/ 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ΗŽŵŵŝƐƐŝŽŶĞƌΗŵĞĂŶƐƚŚĞĐŽŵŵŝƐƐŝŽŶĞƌŽĨƚŚĞĞƉĂƌƚŵĞŶƚŽĨ EĂƚƵƌĂůZĞƐŽƵƌĐĞƐ͘ Z/d/>&/>/d/^͗ &ĂĐŝůŝƚŝĞƐŶĞĐĞƐƐĂƌǇƚŽĂĐ ŽŵŵƵŶŝƚǇ͛ƐƉƵďůŝĐŚĞĂůƚŚĂŶĚƐĂĨĞƚǇ͕ƚŚŽƐĞƚŚĂƚƐƚŽƌĞŽƌ ƉƌŽĚƵĐĞŚŝŐŚůǇǀŽůĂƚŝůĞ͕ƚŽǆŝĐŽƌǁĂƚĞƌͲƌĞĂĐƚŝǀĞŵĂƚĞƌŝĂůƐ͕ĂŶĚƚŚŽƐĞƚŚĂƚŚŽƵƐĞŽĐĐƵƉĂŶƚƐƚŚĂƚŵĂǇďĞ ŝŶƐƵĨĨŝĐŝĞŶƚůǇŵŽďŝůĞƚŽĂǀŽŝĚůŽƐƐŽĨůŝĨĞŽƌŝŶũƵƌǇ͘ǆĂŵƉůĞƐŽĨĐƌŝƚŝĐĂůĨĂĐŝůŝƚŝĞƐŝŶĐůƵĚĞŚŽƐƉŝƚĂůƐ͕ ĐŽƌƌĞĐƚŝŽŶĂůĨĂĐŝůŝƚŝĞƐ͕ƐĐŚŽŽůƐ͕ĚĂǇĐĂƌĞĨĂĐŝůŝƚŝĞƐ͕ŶƵƌƐŝŶŐŚŽŵĞƐ͕ĨŝƌĞĂŶĚƉŽůŝĐĞƐƚĂƚŝŽŶƐ͕ǁĂƐƚĞǁĂƚĞƌ ƚƌĞĂƚŵĞŶƚĨĂĐŝůŝƚŝĞƐ͕ƉƵďůŝĐĞůĞĐƚƌŝĐƵƚŝůŝƚŝĞƐ͕ǁĂƚĞƌƉůĂŶƚƐ͕ĨƵĞůƐƚŽƌĂŐĞĨĂĐŝůŝƚŝĞƐ͕ĂŶĚǁĂƐƚĞŚĂŶĚůŝŶŐĂŶĚ ƐƚŽƌĂŐĞĨĂĐŝůŝƚŝĞƐ͘ &>KK&Z/E'͗ dŚĂƚƉŽƌƚŝŽŶŽĨƚŚĞĨůŽŽĚƉůĂŝŶŽƵƚƐŝĚĞŽĨƚŚĞĨůŽŽĚǁĂǇ͘&ůŽŽĚĨƌŝŶŐĞ ŝƐƐǇŶŽŶǇŵŽƵƐǁŝƚŚƚŚĞƚĞƌŵΗĨůŽŽĚǁĂǇĨƌŝŶŐĞΗƵƐĞĚŝŶƚŚĞ&ůŽŽĚ/ŶƐƵƌĂŶĐĞ^ƚƵĚǇ͘ &>KKͲWZKK&/E'͗ ŶǇĐŽŵďŝŶĂƚŝŽŶŽĨƐƚƌƵĐƚƵƌĂůĂŶĚŶŽŶƐƚƌƵĐƚƵƌĂůĂĚĚŝƚŝŽŶƐ͕ĐŚĂŶŐĞƐŽƌĂĚũƵƐƚŵĞŶƚƐ ƚŽƐƚƌƵĐƚƵƌĞƐĂŶĚƉƌŽƉĞƌƚŝĞƐǁŚŝĐŚƌĞĚƵĐĞŽƌĞůŝŵŝŶĂƚĞĨůŽŽĚĚĂŵĂŐĞƚŽƌĞĂůĞƐƚĂƚĞ͕ǁĂƚĞƌĂŶĚƐĂŶŝƚĂƌǇ ĨĂĐŝůŝƚŝĞƐ͕ƐƚƌƵĐƚƵƌĞƐĂŶĚƚŚĞŝƌĐŽŶƚĞŶƚƐ͘ ϮͬϳͬϮϬϭϳ 3DFNHW3J )F &>KKW>/E͗ dŚĞďĞĚƐƉƌŽƉĞƌĂŶĚƚŚĞĂƌĞĂƐĂĚũŽŝŶŝŶŐĂǁĞƚůĂŶĚ͕ůĂŬĞŽƌǁĂƚĞƌĐŽƵƌƐĞǁŚŝĐŚŚĂǀĞďĞĞŶ ŽƌŚĞƌĞĂĨƚĞƌŵĂǇďĞĐŽǀĞƌĞĚďǇƚŚĞƌĞŐŝŽŶĂůĨůŽŽĚ͘ &>KKWZKdd/KE>sd/KE͗ ůĞǀĞůŽŶĞ;ϭͿĨŽŽƚĂďŽǀĞƚŚĞƌĞŐŝŽŶĂů;ϭϬϬǇĞĂƌĨƌĞƋƵĞŶĐǇͿĨůŽŽĚƉůƵƐ ĂŶǇŝŶĐƌĞĂƐĞŝŶĨůŽŽĚůĞǀĞůĂĚŽƉƚĞĚďǇEZƐƚƵĚǇƚŚĂƚǁŽƵůĚďĞĐĂƵƐĞĚďǇƚŚĞĨƵƚƵƌĞĨůŽŽĚƉůĂŝŶ ĚĞǀĞůŽƉŵĞŶƚŽƵƚƐŝĚĞƚŚĞĨůŽŽĚǁĂǇ͘ &>KK͕Z'/KE>͗ ĨůŽŽĚǁŚŝĐŚŝƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞŽĨůĂƌŐĞĨůŽŽĚƐŬŶŽǁŶƚŽŚĂǀĞŽĐĐƵƌƌĞĚŐĞŶĞƌĂůůǇŝŶ DŝŶŶĞƐŽƚĂĂŶĚƌĞĂƐŽŶĂďůǇĐŚĂƌĂĐƚĞƌŝƐƚŝĐŽĨǁŚĂƚĐĂŶďĞĞǆƉĞĐƚĞĚƚŽŽĐĐƵƌŽŶĂŶĂǀĞƌĂŐĞĨƌĞƋƵĞŶĐǇŝŶ ƚŚĞŵĂŐŶŝƚƵĚĞŽĨƚŚĞŽŶĞŚƵŶĚƌĞĚ;ϭϬϬͿǇĞĂƌƌĞĐƵƌƌĞŶĐĞŝŶƚĞƌǀĂů͘ZĞŐŝŽŶĂůĨůŽŽĚŝƐƐǇŶŽŶǇŵŽƵƐǁŝƚŚ ƚŚĞƚĞƌŵΗďĂƐĞĨůŽŽĚΗƵƐĞĚŝŶƚŚĞ&ůŽŽĚ/ŶƐƵƌĂŶĐĞ^ƚƵĚǇ͘ &>KK͕^dEZWZK:d ͗ŚǇƉŽƚŚĞƚŝĐĂůĨůŽŽĚĞƐƚŝŵĂƚĞĚĂŶĚŵĂƉƉĞĚďǇƚŚĞh͘^͘ŽƌƉƐŽĨ ŶŐŝŶĞĞƌƐ͕ƌĞƉƌĞƐĞŶƚŝŶŐƚŚĞĐƌŝƚŝĐĂůĨůŽŽĚƌƵŶŽĨĨǀŽůƵŵĞĂŶĚƉĞĂŬĚŝƐĐŚĂƌŐĞƚŚĂƚŵĂǇďĞĞǆƉĞĐƚĞĚĨƌŽŵ ƚŚĞŵŽƐƚƐĞǀĞƌĞĐŽŵďŝŶĂƚŝŽŶŽĨŵĞƚĞŽƌŽůŽŐŝĐĂůĂŶĚŚǇĚƌŽůŽŐŝĐĐŽŶĚŝƚŝŽŶƐƚŚĂƚĂƌĞĐŽŶƐŝĚĞƌĞĚ ƌĞĂƐŽŶĂďůĞĐŚĂƌĂĐƚĞƌŝƐƚŝĐŽĨƚŚĞZŽĐŚĞƐƚĞƌƌĞŐŝŽŶ͕ĞǆĐůƵĚŝŶŐƌĂƌĞĐŽŵďŝŶĂƚŝŽŶƐ͘ &>KKtz͗ dŚĞŵŝŶŝŵƵŵĐŚĂŶŶĞůŽĨĂǁĂƚĞƌĐŽƵƌƐĞĂŶĚƚŚŽƐĞƉŽƌƚŝŽŶƐŽĨƚŚĞĨůŽŽĚƉůĂŝŶĂĚũŽŝŶŝŶŐƚŚĞ ĐŚĂŶŶĞůƚŚĂƚĂƌĞƌĞĂƐŽŶĂďůǇƌĞƋƵŝƌĞĚƚŽĐĂƌƌǇŽƌƐƚŽƌĞƚŚĞƌĞŐŝŽŶĂůĨůŽŽĚĚŝƐĐŚĂƌŐĞ͘ &>KK/E^hZEZdDW͗ ŶŽĨĨŝĐŝĂůŵĂƉŽŶǁŚŝĐŚƚŚĞ&ĞĚĞƌĂů/ŶƐƵƌĂŶĐĞĚŵŝŶŝƐƚƌĂƚŽƌŚĂƐ ĚĞůŝŶĞĂƚĞĚďŽƚŚƚŚĞƐƉĞĐŝĂůŚĂǌĂƌĚĂƌĞĂƐĂŶĚƚŚĞƌŝƐŬƉƌĞŵŝƵŵǌŽŶĞƐĂƉƉůŝĐĂďůĞƚŽƚŚĞĐŽŵŵƵŶŝƚǇ͘ &/ZDƚŚĂƚŚĂƐďĞĞŶŵĂĚĞĂǀĂŝůĂďůĞĚŝŐŝƚĂůůǇŝƐĐĂůůĞĚĂŝŐŝƚĂů&ůŽŽĚ/ŶƐƵƌĂŶĐĞZĂƚĞDĂƉ;&/ZDͿ͘ &>KKWZKK&/E' ͗ĂĐŽŵďŝŶĂƚŝŽŶŽĨƐƚƌƵĐƚƵƌĂůƉƌŽǀŝƐŝŽŶƐ͕ĐŚĂŶŐĞƐ͕ŽƌĂĚũƵƐƚŵĞŶƚƐƚŽƉƌŽƉĞƌƚŝĞƐĂŶĚ ƐƚƌƵĐƚƵƌĞƐƐƵďũĞĐƚƚŽĨůŽŽĚŝŶŐ͕ƉƌŝŵĂƌŝůǇĨŽƌƚŚĞƌĞĚƵĐƚŝŽŶŽƌĞůŝŵŝŶĂƚŝŽŶŽĨĨůŽŽĚĚĂŵĂŐĞƐ͘ &>KK͕Z'/KE>͗ ĨůŽŽĚǁŚŝĐŚŝƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞŽĨůĂƌŐĞĨůŽŽĚƐŬŶŽǁŶƚŽŚĂǀĞŽĐĐƵƌƌĞĚŐĞŶĞƌĂůůǇŝŶ DŝŶŶĞƐŽƚĂĂŶĚƌĞĂƐŽŶĂďůǇĐŚĂƌĂĐƚĞƌŝƐƚŝĐŽĨǁŚĂƚĐĂŶďĞĞǆƉĞĐƚĞĚƚŽŽĐĐƵƌǁŝƚŚĂŶĂǀĞƌĂŐĞĨƌĞƋƵĞŶĐǇŝŶ ƚŚĞŵĂŐŶŝƚƵĚĞŽĨĂŽŶĞŚƵŶĚƌĞĚ;ϭϬϬͿǇĞĂƌƌĞĐƵƌƌĞŶĐĞŝŶƚĞƌǀĂů͘ &WͲϭ͕&WͲϮ͕&WͲϯ͕&WͲϰ͕&WͲϱ͗ ŝĨĨĞƌĞŶƚĐůĂƐƐŝĨŝĐĂƚŝŽŶƐŽĨĨůŽŽĚͲƉƌŽŽĨŝŶŐŵĞĂƐƵƌĞƐĂƐĚĞĨŝŶĞĚďǇƚŚĞƐƚĂƚĞ ďƵŝůĚŝŶŐĐŽĚĞ͘ &ZKZ͗ ĨĂĐƚŽƌŽĨƐĂĨĞƚǇƵƐƵĂůůǇĞǆƉƌĞƐƐĞĚŝŶĨĞĞƚĂďŽǀĞĂĚĞƐŝŐŶĨůŽŽĚůĞǀĞůĨŽƌĨůŽŽĚƉƌŽƚĞĐƚŝǀĞ ŽƌĐŽŶƚƌŽůǁŽƌŬƐ͘;&ƌĞĞďŽĂƌĚŝƐŝŶƚĞŶĚĞĚƚŽĐŽŵƉĞŶƐĂƚĞĨŽƌƚŚĞŵĂŶǇƵŶŬŶŽǁŶĨĂĐƚŽƌƐƚŚĂƚĐŽƵůĚ ĐŽŶƚƌŝďƵƚĞƚŽĨůŽŽĚŚĞŝŐŚƚƐŐƌĞĂƚĞƌƚŚĂŶƚŚĞŚĞŝŐŚƚĐĂůĐƵůĂƚĞĚĨŽƌĂƐĞůĞĐƚĞĚĨůŽŽĚŽƌĨůŽŽĚǁĂǇĐŽŶĚŝƚŝŽŶ ƐƵĐŚĂƐǁĂǀĞĂĐƚŝŽŶ͕ďƌŝĚŐĞŽƉĞŶŝŶŐĂŶĚĨůŽŽĚǁĂǇŽďƐƚƌƵĐƚŝŽŶƐƌĞƐƵůƚŝŶŐĨƌŽŵĚĞďƌŝƐŽƌŝĐĞ͕ĂŶĚƚŚĞ ŚǇĚƌŽůŽŐŝĐĞĨĨĞĐƚƐŽĨƵƌďĂŶŝǌĂƚŝŽŶŽĨƚŚĞǁĂƚĞƌƐŚĞĚͿ͘ >ddZK&DWDEDEd;>KDͿ͗ ĚŽĐƵŵĞŶƚŝƐƐƵĞĚďǇƚŚĞ&ĞĚĞƌĂůŵĞƌŐĞŶĐǇDĂŶĂŐĞŵĞŶƚ ŐĞŶĐǇƉƌŽǀŝĚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶĨŽƌĨŝŶĚŝŶŐƐƚŚĂƚŚĂǀĞďĞĞŶŵĂĚĞƐŚŽǁŝŶŐƚŚĂƚƐŝŶŐůĞĂůŽƚŽƌƐŝŶŐůĞ ƐƚƌƵĐƚƵƌĞŝƐŶŽƚůŽĐĂƚĞĚŝŶĂ^ƉĞĐŝĂů&ůŽŽĚ,ĂǌĂƌĚƌĞĂĂƐĚĞĨŝŶĞĚŝŶϰϰ&Zϱϵ͘ >Kt^d&>KKZ ͗ƚŚĞůŽǁĞƐƚĨůŽŽƌŽĨƚŚĞůŽǁĞƐƚĞŶĐůŽƐĞĚĂƌĞĂ;ŝŶĐůƵĚŝŶŐďĂƐĞŵĞŶƚͿ͘ŶƵŶĨŝŶŝƐŚĞĚŽƌ ĨůŽŽĚƌĞƐŝƐƚĂŶƚĞŶĐůŽƐƵƌĞ͕ƵƐĞĚƐŽůĞůǇĨŽƌƉĂƌŬŝŶŐŽĨǀĞŚŝĐůĞƐ͕ďƵŝůĚŝŶŐĂĐĐĞƐƐ͕ŽƌƐƚŽƌĂŐĞŝŶĂŶĂƌĞĂŽƚŚĞƌ ƚŚĂŶĂďĂƐĞŵĞŶƚĂƌĞĂ͕ŝƐŶŽƚĐŽŶƐŝĚĞƌĞĚĂďƵŝůĚŝŶŐ͛ƐůŽǁĞƐƚĨůŽŽƌ͖ƉƌŽǀŝĚĞĚ͕ƚŚĂƚƐƵĐŚĞŶĐůŽƐƵƌĞŝƐŶŽƚ ϮͬϳͬϮϬϭϳ 3DFNHW3J )F ďƵŝůƚƐŽĂƐƚŽƌĞŶĚĞƌƚŚĞƐƚƌƵĐƚƵƌĞŝŶǀŝŽůĂƚŝŽŶŽĨƚŚĞĂƉƉůŝĐĂďůĞŶŽŶͲĞůĞǀĂƚŝŽŶĚĞƐŝŐŶƌĞƋƵŝƌĞŵĞŶƚƐŽĨϰϰ ŽĚĞŽĨZĞŐƵůĂƚŝŽŶƐ͕WĂƌƚϲϬ͘ϯ͘ DEh&dhZ,KD͗ ďƵŝůĚŝŶŐ͕ĨĂďƌŝĐĂƚĞĚŝŶĂŶŽĨĨͲƐŝƚĞĨĂĐŝůŝƚǇĨŽƌŝŶƐƚĂůůĂƚŝŽŶŽƌĂƐƐĞŵďůǇĂƚƚŚĞ ďƵŝůĚŝŶŐƐŝƚĞ͕ƚƌĂŶƐƉŽƌƚĂďůĞŝŶŽŶĞŽƌŵŽƌĞƐĞĐƚŝŽŶƐ͕ǁŚŝĐŚ͕ŝŶƚŚĞƚƌĂǀĞůŝŶŐŵŽĚĞ͕ŝƐĞŝŐŚƚ;ϴͿĨĞĞƚŽƌ ŵŽƌĞŝŶǁŝĚƚŚŽƌĨŽƌƚǇ;ϰϬͿĨĞĞƚŽƌŵŽƌĞŝŶůĞŶŐƚŚ͕ŽƌǁŚĞŶĞƌĞĐƚĞĚŝƐϯϮϬŽƌŵŽƌĞƐƋƵĂƌĞĨĞĞƚŝŶƐŝǌĞ͕ ĂŶĚǁŚŝĐŚŝƐďƵŝůƚŽŶĂƉĞƌŵĂŶĞŶƚĐŚĂƐƐŝƐĂŶĚĚĞƐŝŐŶĞĚƚŽďĞƵƐĞĚĂƐĂĚǁĞůůŝŶŐĨŽƌŽŶĞĨĂŵŝůǇ͕ǁŝƚŚŽƌ ǁŝƚŚŽƵƚƉĞƌŵĂŶĞŶƚĨŽƵŶĚĂƚŝŽŶ͕ǁŚĞŶĐŽŶŶĞĐƚĞĚƚŽƚŚĞƌĞƋƵŝƌĞĚƵƚŝůŝƚŝĞƐ͕ĂŶĚŝŶĐůƵĚĞƐƚŚĞƉůƵŵďŝŶŐ͕ ŚĞĂƚŝŶŐ͕ĂŝƌĐŽŶĚŝƚŝŽŶŝŶŐĂŶĚĞůĞĐƚƌŝĐĂůƐǇƐƚĞŵĐŽŶƚĂŝŶĞĚƚŚĞƌĞŝŶ͕ĂŶĚŝƐĐĞƌƚŝĨŝĞĚĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶ ĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞ͞ŵĂŶƵĨĂĐƚƵƌĞĚŚŽŵĞďƵŝůĚŝŶŐĐŽĚĞ͟ĂƐĞƐƚĂďůŝƐŚĞĚƵŶĚĞƌDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ͕ ĐŚĂƉƚĞƌϯϮϳ͘&ŽƌĐĂůĐƵůĂƚŝŽŶƐŽĨƉĞƌŵŝƚƚĞĚĚĞŶƐŝƚŝĞƐŝŶƚŚŝƐŽƌĚŝŶĂŶĐĞ͕ĂŵĂŶƵĨĂĐƚƵƌĞĚŚŽŵĞƐŚĂůůďĞ ĐŽŶƐŝĚĞƌĞĚĂƐŽŶĞĚǁĞůůŝŶŐƵŶŝƚ͘ K^dZhd/KE͗ ŶǇĚĂŵ͕ǁĂůů͕ǁŚĂƌĨ͕ĞŵďĂŶŬŵĞŶƚ͕ůĞǀĞĞ͕ĚŝŬĞ͕ƉŝůĞ͕ĂďƵƚŵĞŶƚ͕ƉƌŽũĞĐƚŝŽŶ͕ĞǆĐĂǀĂƚŝŽŶ͕ ĐŚĂŶŶĞůŵŽĚŝĨŝĐĂƚŝŽŶ͕ĐƵůǀĞƌƚ͕ďƵŝůĚŝŶŐ͕ǁŝƌĞ͕ĨĞŶĐĞ͕ƐƚŽĐŬƉŝůĞ͕ƌĞĨƵƐĞ͕Ĩŝůů͕ƐƚƌƵĐƚƵƌĞ͕ŽƌŵĂƚƚĞƌŝŶ͕ĂůŽŶŐ͕ ĂĐƌŽƐƐ͕ŽƌƉƌŽũĞĐƚŝŶŐŝŶƚŽĂŶǇĐŚĂŶŶĞů͕ǁĂƚĞƌĐŽƵƌƐĞ͕ŽƌƌĞŐƵůĂƚŽƌǇĨůŽŽĚƉůĂŝŶǁŚŝĐŚŵĂǇŝŵƉĞĚĞ͕ƌĞƚĂƌĚ͕ ŽƌĐŚĂŶŐĞƚŚĞĚŝƌĞĐƚŝŽŶŽĨƚŚĞĨůŽǁŽĨǁĂƚĞƌ͕ĞŝƚŚĞƌŝŶŝƚƐĞůĨŽƌďǇĐĂƚĐŚŝŶŐŽƌĐŽůůĞĐƚŝŶŐĚĞďƌŝƐĐĂƌƌŝĞĚďǇ ƐƵĐŚǁĂƚĞƌ͘ KZ/EZz,/',tdZ>s>͗ DĞĂŶƐƚŚĞďŽƵŶĚĂƌǇŽĨƉƵďůŝĐǁĂƚĞƌƐĂŶĚǁĞƚůĂŶĚƐ͕ĂŶĚƐŚĂůůďĞĂŶ ĞůĞǀĂƚŝŽŶĚĞůŝŶĞĂƚŝŶŐƚŚĞŚŝŐŚĞƐƚǁĂƚĞƌůĞǀĞůǁŚŝĐŚŚĂƐďĞĞŶŵĂŝŶƚĂŝŶĞĚĨŽƌĂƐƵĨĨŝĐŝĞŶƚƉĞƌŝŽĚŽĨƚŝŵĞ ƚŽůĞĂǀĞĞǀŝĚĞŶĐĞƵƉŽŶƚŚĞůĂŶĚƐĐĂƉĞ͕ĐŽŵŵŽŶůǇƚŚĂƚƉŽŝŶƚǁŚĞƌĞƚŚĞŶĂƚƵƌĂůǀĞŐĞƚĂƚŝŽŶĐŚĂŶŐĞƐĨƌŽŵ ƉƌĞĚŽŵŝŶĂŶƚůǇĂƋƵĂƚŝĐƚŽƉƌĞĚŽŵŝŶĂŶƚůǇƚĞƌƌĞƐƚƌŝĂů͘&ŽƌǁĂƚĞƌĐŽƵƌƐĞƐ͕ƚŚĞŽƌĚŝŶĂƌǇŚŝŐŚǁĂƚĞƌůĞǀĞůŝƐ ƚŚĞĞůĞǀĂƚŝŽŶŽĨƚŚĞƚŽƉŽĨƚŚĞďĂŶŬŽĨƚŚĞĐŚĂŶŶĞů͘&ŽƌƌĞƐĞƌǀŽŝƌƐĂŶĚĨůŽǁĂŐĞƐ͕ƚŚĞŽƌĚŝŶĂƌǇŚŝŐŚǁĂƚĞƌ ůĞǀĞůŝƐƚŚĞŽƉĞƌĂƚŝŶŐĞůĞǀĂƚŝŽŶŽĨƚŚĞŶŽƌŵĂůƐƵŵŵĞƌƉŽŽů͘ Z'h>dKZz&>KKWZKdd/KE>sd/KE͗ ůĞǀĞůŶŽƚůĞƐƐƚŚĂŶŽŶĞ;ϭͿĨŽŽƚĂďŽǀĞƚŚĞƌĞŐŝŽŶĂů ;ϭϬϬǇĞĂƌĨƌĞƋƵĞŶĐǇͿĨůŽŽĚƉůƵƐĂŶǇŝŶĐƌĞĂƐĞŝŶĨůŽŽĚĞůĞǀĂƚŝŽŶƐƚŚĂƚǁŽƵůĚďĞĐĂƵƐĞĚďǇƚŚĞĨƵƚƵƌĞ ĨůŽŽĚƉůĂŝŶĚĞǀĞůŽƉŵĞŶƚŽƵƚƐŝĚĞƚŚĞĨůŽŽĚǁĂǇ͘/ŶŽŶĞK͕ƚŚĞZ&WŝƐĞƐƚĂďůŝƐŚĞĚďǇĂĚĚŝŶŐƚŚĞĚĞƉƚŚ ŶƵŵďĞƌƐƉĞĐŝĨŝĞĚŝŶĨĞĞƚĨŽƌƚŚĞŽŶĞKŽŶƚŚĞ&ůŽŽĚ/ŶƐƵƌĂŶĐĞZĂƚĞDĂƉƐĂĚŽƉƚĞĚŝŶ^ĞĐƚŝŽŶϲϮ͘ϴϬϬ ŽĨƚŚŝƐŽƌĚŝŶĂŶĐĞƚŽƚŚĞŚŝŐŚĞƐƚĂĚũĂĐĞ ŶƚŐƌĂĚĞĂƚƚŚĞƐƚƌƵĐƚƵƌĞ͛ƐƉƌŽƉŽƐĞĚůŽĐĂƚŝŽŶŽŶƚŚĞŐƌŽƵŶĚ͘ ZWd/d/s>K^^͗& ůŽŽĚƌĞůĂƚĞĚĚĂŵĂŐĞƐƐƵƐƚĂŝŶĞĚďǇĂƐƚƌƵĐƚƵƌĞŽŶƚǁŽƐĞƉĂƌĂƚĞŽĐĐĂƐŝŽŶƐĚƵƌŝŶŐĂ ƚĞŶǇĞĂƌƉĞƌŝŽĚĨŽƌǁŚŝĐŚƚŚĞĐŽƐƚŽĨƌĞƉĂŝƌƐĂƚƚŚĞƚŝŵĞŽĨĞĂĐŚƐƵĐŚĨůŽŽĚĞǀĞŶƚŽŶƚŚĞĂǀĞƌĂŐĞĞƋƵĂůƐ ŽƌĞǆĐĞĞĚƐϮϱйŽĨƚŚĞŵĂƌŬĞƚǀĂůƵĞŽĨƚŚĞƐƚƌƵĐƚƵƌĞďĞĨŽƌĞƚŚĞĚĂŵĂŐĞŽĐĐƵƌƌĞĚ͘ ^W/>&>KK,ZZ͗ ƚĞƌŵƵƐĞĚĨŽƌĨůŽŽĚŝŶƐƵƌĂŶĐĞƉƵƌƉŽƐĞƐƐǇŶŽŶǇŵŽƵƐǁŝƚŚ͞KŶĞ ,ƵŶĚƌĞĚzĞĂƌ&ůŽŽĚƉůĂŝŶ͘͟ ^dZdK&KE^dZhd/KE ʹŝŶĐůƵĚĞƐƐƵďƐƚĂŶƚŝĂůŝŵƉƌŽǀĞŵĞŶƚ͕ĂŶĚŵĞĂŶƐƚŚĞĂĐƚƵĂůƐƚĂƌƚŽĨ ĐŽŶƐƚƌƵĐƚŝŽŶ͕ƌĞƉĂŝƌ͕ƌĞĐŽŶƐƚƌƵĐƚŝŽŶ͕ƌĞŚĂďŝůŝƚĂƚŝŽŶ͕ĂĚĚŝƚŝŽŶ͕ƉůĂĐĞŵĞŶƚŽƌŽƚŚĞƌŝŵƉƌŽǀĞŵĞŶƚƚŚĂƚ ŽĐĐƵƌƌĞĚďĞĨŽƌĞƚŚĞƉĞƌŵŝƚ͛ƐĞǆƉŝƌĂƚŝŽŶĚĂƚĞ͘dŚĞĂĐƚƵĂůƐƚĂƌƚŝƐĞŝƚŚĞƌƚŚĞĨŝƌƐƚƉůĂĐĞŵĞŶƚŽĨƉĞƌŵĂŶĞŶƚ ĐŽŶƐƚƌƵĐƚŝŽŶŽĨĂƐƚƌƵĐƚƵƌĞŽŶĂƐŝƚĞ͕ƐƵĐŚĂƐƚŚĞƉŽƵƌŝŶŐŽĨƐůĂďŽƌĨŽŽƚŝŶŐƐ͕ƚŚĞŝŶƐƚĂůůĂƚŝŽŶŽĨƉŝůĞƐ͕ƚŚĞ ĐŽŶƐƚƌƵĐƚŝŽŶŽĨĐŽůƵŵŶƐ͕ŽƌĂŶǇǁŽƌŬďĞǇŽŶĚƚŚĞƐƚĂŐĞŽĨĞǆĐĂǀĂƚŝŽŶ͖ŽƌƚŚĞƉůĂĐĞŵĞŶƚŽĨĂ ŵĂŶƵĨĂĐƚƵƌĞĚŚŽŵĞŽŶĂĨŽƵŶĚĂƚŝŽŶ͘WĞƌŵĂŶĞŶƚĐŽŶƐƚƌƵĐƚŝŽŶĚŽĞƐŶŽƚŝŶĐůƵĚĞůĂŶĚƉƌĞƉĂƌĂƚŝŽŶ͕ƐƵĐŚ ĂƐĐůĞĂƌŝŶŐ͕ŐƌĂĚŝŶŐĂŶĚĨŝůůŝŶŐ͖ŶŽƌĚŽĞƐŝƚŝŶĐůƵĚĞƚŚĞŝŶƐƚĂůůĂƚŝŽŶŽĨƐƚƌĞĞƚƐĂŶĚͬŽƌǁĂůŬǁĂǇƐ͖ŶŽƌĚŽĞƐŝƚ ŝŶĐůƵĚĞĞǆĐĂǀĂƚŝŽŶĨŽƌĂďĂƐĞŵĞŶƚ͕ĨŽŽƚŝŶŐƐ͕ƉŝĞƌƐ͕ĨŽƵŶĚĂƚŝŽŶƐ͕ŽƌƚŚĞĞƌĞĐƚŝŽŶŽĨƚĞŵƉŽƌĂƌǇĨŽƌŵƐ͖ŶŽƌ ĚŽĞƐŝƚŝŶĐůƵĚĞƚŚĞŝŶƐƚĂůůĂƚŝŽŶŽŶƚŚĞƉƌŽƉĞƌƚǇŽĨĂĐĐĞƐƐŽƌǇďƵŝůĚŝŶŐƐ͕ƐƵĐŚĂƐŐĂƌĂŐĞƐŽƌƐŚĞĚƐŶŽƚ ϮͬϳͬϮϬϭϳ 3DFNHW3J )F ŽĐĐƵƉŝĞĚĂƐĚǁĞůůŝŶŐƵŶŝƚƐŽƌŶŽƚƉĂƌƚŽĨƚŚĞŵĂŝŶƐƚƌƵĐƚƵƌĞ͘&ŽƌĂƐƵďƐƚĂŶƚŝĂůŝŵƉƌŽǀĞŵĞŶƚ͕ƚŚĞĂĐƚƵĂů ƐƚĂƌƚŽĨĐŽŶƐƚƌƵĐƚŝŽŶŵĞĂŶƐƚŚĞĨŝƌƐƚĂůƚĞƌĂƚŝŽŶŽĨĂŶǇǁĂůů͕ĐĞŝůŝŶŐ͕ĨůŽŽƌ͕ŽƌŽƚŚĞƌƐƚƌƵĐƚƵƌĂů ^h^dEd/>D'͗ ŵĞĂŶƐĚĂŵĂŐĞŽĨĂŶǇŽƌŝŐŝŶƐƵƐƚĂŝŶĞĚďǇĂƐƚƌƵĐƚƵƌĞǁŚĞƌĞƚŚĞĐŽƐƚŽĨ ƌĞƐƚŽƌŝŶŐƚŚĞƐƚƌƵĐƚƵƌĞƚŽŝƚƐďĞĨŽƌĞĚĂŵĂŐĞĚĐŽŶĚŝƚŝŽŶǁŽƵůĚĞƋƵĂůŽƌĞǆĐĞĞĚϱϬƉĞƌĐĞŶƚŽĨƚŚĞŵĂƌŬĞƚ ǀĂůƵĞŽĨƚŚĞƐƚƌƵĐƚƵƌĞďĞĨŽƌĞƚŚĞĚĂŵĂŐĞŽĐĐƵƌƌĞĚ͘ ^h^dEd/>/DWZKsDEd ǁŝƚŚŝŶĂŶǇĐŽŶƐĞĐƵƚŝǀĞϯϲϱͲĚĂǇƉĞƌŝŽĚ͕ĂŶǇƌĞĐŽŶƐƚƌƵĐƚŝŽŶ͕ ͗ ƌĞŚĂďŝůŝƚĂƚŝŽŶ;ŝŶĐůƵĚŝŶŐŶŽƌŵĂůŵĂŝŶƚĞŶĂŶĐĞĂŶĚƌĞƉĂŝƌͿ͕ƌĞƉĂŝƌĂĨƚĞƌĚĂŵĂŐĞ͕ĂĚĚŝƚŝŽŶ͕ŽƌŽƚŚĞƌ ŝŵƉƌŽǀĞŵĞŶƚŽĨĂƐƚƌƵĐƚƵƌĞ͕ƚŚĞĐŽƐƚŽĨǁŚŝĐŚĞƋƵĂůƐŽƌĞǆĐĞĞĚƐϱϬƉĞƌĐĞŶƚŽĨƚŚĞŵĂƌŬĞƚǀĂůƵĞŽĨƚŚĞ ƐƚƌƵĐƚƵƌĞďĞĨŽƌĞƚŚĞ͞ƐƚĂƌƚŽĨĐŽŶƐƚƌƵĐƚŝŽŶ͟ŽĨƚŚĞŝŵƉƌŽǀĞŵĞŶƚ͘dŚŝƐƚĞƌŵŝŶĐůƵĚĞƐƐƚƌƵĐƚƵƌĞƐƚŚĂƚŚĂǀĞ ŝŶĐƵƌƌĞĚ͞ƐƵďƐƚĂŶƚŝĂůĚĂŵĂŐĞ͕͟ƌĞŐĂƌĚůĞƐƐŽĨƚŚĞĂĐƚƵĂůƌĞƉĂ ŝƌǁŽƌŬƉĞƌĨŽƌŵĞĚ͘dŚĞƚĞƌŵĚŽĞƐŶŽƚ͕ ŚŽǁĞǀĞƌ͕ŝŶĐůƵĚĞĞŝƚŚĞƌ͗ 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͘dŚĞŝŵƉŽƌƚĂŶĐĞŽĨƚŚĞƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚďǇƚŚĞƉƌŽƉŽƐĞĚĨĂĐŝůŝƚǇƚŽƚŚĞĐŽŵŵƵŶŝƚǇ͘ &͘dŚĞŶĞĞĚĨŽƌĂǁĂƚĞƌĨƌŽŶƚůŽĐĂƚŝŽŶĨŽƌƚŚĞĨĂĐŝůŝƚǇ͘ '͘dŚĞĂǀĂŝůĂďŝůŝƚǇŽĨĂůƚĞƌŶĂƚŝǀĞůŽĐĂƚŝŽŶƐŶŽƚƐƵďũĞĐƚƚŽĨůŽŽĚŝŶŐĨŽƌƚŚĞƉƌŽƉŽƐĞĚƵƐĞ͘ ,͘dŚĞĐŽŵƉĂƚŝďŝůŝƚǇŽĨƚŚĞƉƌŽƉŽƐĞĚƵƐĞǁŝƚŚĞǆŝƐƚŝŶŐĚĞǀĞůŽƉŵĞŶƚĂŶĚĚĞǀĞůŽƉŵĞŶƚĂŶƚŝĐŝƉĂƚĞĚŝŶ ƚŚĞĨŽƌĞƐĞĞĂďůĞĨƵƚƵƌĞ͘ /͘dŚĞƌĞůĂƚŝŽŶƐŚŝƉŽĨƚŚĞƉƌŽƉŽƐĞĚƵƐĞƚŽƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞĨůŽŽĚƉůĂŝŶƉůĂŶĂŶĚŵĂŶĂŐĞŵĞŶƚ ƉƌŽŐƌĂŵĨŽƌƚŚĞĂƌĞĂ͘ :͘dŚĞƐĂĨĞƚǇŽĨĂĐĐĞƐƐƚŽƚŚĞƉƌŽƉĞƌƚǇŝŶƚŝŵĞƐŽĨĨůŽŽĚĨŽƌŽƌĚŝŶĂƌǇĂŶĚĞŵĞƌŐĞŶĐǇǀĞŚŝĐůĞƐ͘ <͘dŚĞĞǆƉĞĐƚĞĚŚĞŝŐŚƚƐ͕ǀĞůŽĐŝƚǇ͕ĚƵƌĂƚŝŽŶ͕ƌĂƚĞŽĨƌŝƐĞ͕ĂŶĚƐĞĚŝŵĞŶƚƚƌĂŶƐƉŽƌƚŽĨƚŚĞĨůŽŽĚǁĂƚĞƌƐ ĞǆƉĞĐƚĞĚĂƚƚŚĞƐŝƚĞ͘ >͘^ƵĐŚŽƚŚĞƌĨĂĐƚŽƌƐǁŚŝĐŚĂƌĞƌĞůĞǀĂŶƚƚŽƚŚĞƉƵƌƉŽƐĞƐŽĨ^ĞĐƚŝŽŶϲϮ͘ϴϬϬ͘ ϲϮ͘ϴϮϱĞĐŝƐŝŽŶƐ͗ ĐŽƉǇŽĨĂůůĚĞĐŝƐŝŽŶƐŐƌĂŶƚŝŶŐĐŽŶĚŝƚŝŽŶĂůƵƐĞƉĞƌŵŝƚƐŝŶƚŚĞ&ůŽŽĚŝƐƚƌŝĐƚƐƐŚĂůůďĞ ĨŽƌǁĂƌĚĞĚďǇŵĂŝůƚŽƚŚĞŽŵŵŝƐƐŝŽŶĞƌŽĨEĂƚƵƌĂůZĞƐŽƵƌĐĞƐǁŝƚŚŝŶƚĞŶ;ϭϬͿĚĂǇƐŽĨƐƵĐŚĂĐƚŝŽŶ͘ ϲϮ͘ϴϮϲ^ƵďŵŝƐƐŝŽŶZĞƋƵŝƌĞŵĞŶƚƐ͕>ĂŶĚƐZĞŵŽǀĞĚĨƌŽŵ^ƉĞĐŝĂů&ůŽŽĚ,ĂǌĂƌĚƌĞĂ͗ tŚĞƌĞĂŶ ĂƉƉůŝĐĂŶƚĐĂŶƉƌŽǀŝĚĞĚŽĐƵŵĞŶƚĂƚŝŽŶƚŚĂƚĂ>ĞƚƚĞƌŽĨDĂƉŵĞŶĚŵĞŶƚ;>KDͿŚĂƐďĞĞŶŝƐƐƵĞĚďǇƚŚĞ &ĞĚĞƌĂůŵĞƌŐĞŶĐǇDĂŶĂŐĞŵĞŶƚŐĞŶĐǇƌĞůĂƚŝǀĞƚŽĂůŽƚŝĚĞŶƚŝĨŝĞĚŽŶƚŚĞ&/ZDĂƐďĞŝŶŐŝŶĂĨůŽŽĚ ĚŝƐƚƌŝĐƚ͕ƚŚĞƐƵďŵŝƐƐŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐƐŚĂůůďĞƚŚŽƐĞĂƉƉůŝĐĂďůĞŝŶƚŚĞƵŶĚĞƌůǇŝŶŐǌŽŶŝŶŐĚŝƐƚƌŝĐƚ͘ ϲϮ͘ϴϮϳ&ůŽŽĚͲWƌŽŽĨŝŶŐĞƌƚŝĨŝĐĂƚŝŽŶ͗ dŚĞĂƉƉůŝĐĂŶƚƐŚĂůůďĞƌĞƋƵŝƌĞĚƚŽƐƵďŵŝƚĐĞƌƚŝĨŝĐĂƚŝŽŶďǇĂ ƌĞŐŝƐƚĞƌĞĚƉƌŽĨĞƐƐŝŽŶĂůĞŶŐŝŶĞĞƌ͕ƌĞŐŝƐƚĞƌĞĚĂƌĐŚŝƚĞĐƚ͕ŽƌƌĞŐŝƐƚĞƌĞĚůĂŶĚƐƵƌǀĞǇŽƌƚŚĂƚƚŚĞĨŝŶŝƐŚĞĚĨŝůů͕ ĂŶĚďƵŝůĚŝŶŐĞůĞǀĂƚŝŽŶƐǁĞƌĞĂĐĐŽŵƉůŝƐŚĞĚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐŽƌĚŝŶĂŶĐĞ͘ ƌĞŐŝƐƚĞƌĞĚƉƌŽĨĞƐƐŝŽŶĂůĞŶŐŝŶĞĞƌŽƌĂƌĐŚŝƚĞĐƚƐŚĂůůĐĞƌƚŝĨǇƚŚĂƚƚŚĞĨůŽŽĚͲƉƌŽŽĨŝŶŐŵĞƚŚŽĚƐĂƌĞĂĚĞƋƵĂƚĞ ƚŽǁŝƚŚƐƚĂŶĚƚŚĞĨůŽŽĚĚĞƉƚŚ͕ƉƌĞƐƐƵƌĞƐ͕ǀĞůŽĐŝƚŝĞƐ͕ŝŵƉĂĐƚĂŶĚƵƉůŝĨƚĨŽƌĐĞƐ͘tŚĞƌĞĂŶŽŶĐŽŶĨŽƌŵŝŶŐ ƐƚƌƵĐƚƵƌĞŝƐĞǆƚĞŶĚĞĚŽƌƐƵďƐƚĂŶƚŝĂůůǇĂůƚĞƌĞĚƚŚĞĐĞƌƚŝĨŝĐĂƚĞŽĨǌŽŶŝŶŐĐŽŵƉůŝĂŶĐĞƐŚĂůůƐƉĞĐŝĨŝĐĂůůǇƐƚĂƚĞ ƚŚĞŵĂŶŶĞƌŝŶǁŚŝĐŚƚŚĞŶŽŶĐŽŶĨŽƌŵŝŶŐƵƐĞŽƌƐƚƌƵĐƚƵƌĞĚŝĨĨĞƌƐĨƌŽŵƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐŽƌĚŝŶĂŶĐĞ͘ ϲϮ͘ϴϮϴZĞĐŽƌĚƐ͗ dŚĞǌŽŶŝŶŐĂĚŵŝŶŝƐƚƌĂƚŽƌƐŚĂůůŵĂŝŶƚĂŝŶĂƌĞĐŽƌĚŽĨƚŚĞůŽǁĞƐƚĨůŽŽƌ;ŝŶĐůƵĚŝŶŐ ďĂƐĞŵĞŶƚͿĞůĞǀĂƚŝŽŶŽĨĂůůŶĞǁƐƚƌƵĐƚƵƌĞƐĂŶĚĂůƚĞƌĂƚŝŽŶƐŽƌĂĚĚŝƚŝŽŶƐƚŽĞǆŝƐƚŝŶŐƐƚƌƵĐƚƵƌĞƐŝŶĂŶǇŽĨƚŚĞ 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ďĂƐĞŵĞŶƚͿŝƐĂƚŽƌĂďŽǀĞƚŚĞĨůŽŽĚƉƌŽƚĞĐƚŝŽŶĞůĞǀĂƚŝŽŶ͘dŚĞĨŝŶŝƐŚĞĚĨŝůůĞůĞǀĂƚŝŽŶƐŚĂůůďĞŶŽ ůŽǁĞƌƚŚĂŶŽŶĞ;ϭͿĨŽŽƚďĞůŽǁƚŚĞĨůŽŽĚƉƌŽƚĞĐƚŝŽŶĞůĞǀĂƚŝŽŶĂŶĚƐŚĂůůĞǆƚĞŶĚĂƚƐƵĐŚĞůĞǀĂƚŝŽŶ ĂƚůĞĂƐƚĨŝĨƚĞĞŶ;ϭϱͿĨĞĞƚďĞǇŽŶĚƚŚĞůŝŵŝƚƐŽĨĂŶǇƐƚƌƵĐƚƵƌĞŽƌďƵŝůĚŝŶŐƚŚĞƌĞŽŶ͘ZĞƐŝĚĞŶĐĞƐƚŚĂƚ ĚŽŶŽƚŚĂǀĞǀĞŚŝĐƵůĂƌĂĐĐĞƐƐĂƚŽƌĂďŽǀĞĂŶĞůĞǀĂƚŝŽŶŶŽƚŵŽƌĞƚŚĂŶƚǁŽ;ϮͿĨĞĞƚďĞůŽǁƚŚĞ ĨůŽŽĚƉƌŽƚĞĐƚŝŽŶĞůĞǀĂƚŝŽŶƐŚĂůůŶŽƚďĞƉĞƌŵŝƚƚĞĚ͘/ĨĂǀĂƌŝĂŶĐĞƚŽƚŚĞĂĐĐĞƐƐƌĞƋƵŝƌĞŵĞŶƚŝƐ ŐƌĂŶƚĞĚ͕ƚŚĞŽĂƌĚŽĨƉƉĞĂůƐŵƵƐƚƐƉĞĐŝĨǇůŝŵŝƚĂƚŝŽŶƐŽŶƚŚĞƉĞƌŝŽĚŽĨƵƐĞŽƌŽĐĐƵƉĂŶĐǇŽĨƚŚĞ ƐƚƌƵĐƚƵƌĞĨŽƌƚŝŵĞƐŽĨĨůŽŽĚŝŶŐĂŶĚŽŶůǇĂĨƚĞƌĚĞƚĞƌŵŝŶŝŶŐƚŚĂƚĂĚĞƋƵĂƚĞĨůŽŽĚǁĂƌŶŝŶŐƚŝŵĞĂŶĚ ůŽĐĂůĨůŽŽĚĞŵĞƌŐĞŶĐǇƌĞƐƉŽŶƐĞƉƌŽĐĞĚƵƌĞƐĞǆŝƐƚ͘ ǁĞůůŝŶŐƐŝŶƚŚĞKŽŶĞ͗ ϮͿEĞǁĚǁĞůůŝŶŐƐƐŚĂůůďĞĐŽŶƐƚƌƵĐƚĞĚŽŶĨŝůůƐŽƚŚĂƚƚŚĞůŽǁĞƐƚĨůŽŽƌ ;ŝŶĐůƵĚŝŶŐďĂƐĞŵĞŶƚͿŝƐĞůĞǀĂƚĞĚĂďŽǀĞƚŚĞŚŝŐŚĞƐƚĂĚũĂĐĞŶƚŐƌĂĚĞĂƚůĞĂƐƚĂƐŚŝŐŚĂƐƚŚĞĚĞƉƚŚ ŶƵŵďĞƌƐƉĞĐŝĨŝĞĚŝŶĨĞĞƚŽŶƚŚĞZŽĐŚĞƐƚĞƌ&ůŽŽĚ/ŶƐƵƌĂŶĐĞZĂƚĞDĂƉ͘dŚĞĨŝŶŝƐŚĞĚĨŝůůĞůĞǀĂƚŝŽŶ ƐŚĂůůĞǆƚĞŶĚĂƚƐƵĐŚĞůĞǀĂƚŝŽŶĂƚůĞĂƐƚĨŝĨƚĞĞŶ;ϭϱͿĨĞĞƚďĞǇŽŶĚƚŚĞůŝŵŝƚƐŽĨĂŶǇƐƚƌƵĐƚƵƌĞŽƌ ϮͬϳͬϮϬϭϳ 3DFNHW3J )F 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DEEZƉĞƌŵŝƚƐĂƌĞƌĞƋƵŝƌĞĚŽĨǁŽƌŬŝŶƉƵďůŝĐǁĂƚĞƌƐŝƐŝŶĐůƵĚĞĚŝŶƚŚĞďŽƚŚŽƌĚŝŶĂŶĐĞƐ͘;ƌƚ͘ /sĂŶĚ/yĐŽƵŶƚǇŽƌĚŝŶĂŶĐĞ͖ϲϮ͘ϴϮϮͲϴϮϰ͕ϲϮ͘ϴϯϯ>DͿ x ^ĞĐƚŝŽŶϲʹŽƚŚŽƌĚŝŶĂŶĐĞƐĂĚĚƌĞƐƐůĂƌŐĞĂŵŽƵŶƚƐŽĨĨŝůůŝŶƚŚĞĨůŽŽĚĨƌŝŶŐĞĂƐĂĐŽŶĚŝƚŝŽŶĂůƵƐĞ ǁŚŝĐŚŝƐŽƉƚŝŽŶĂů͘ǁĞůůŝŶŐƐŵƵƐƚŚĂǀĞƐĂĨĞǀĞŚŝĐƵůĂƌĂĐĐĞƐƐŝĨůŽĐĂƚĞĚŝŶĂĨůŽŽĚĨƌŝŶŐĞĂƌĞĂ ǁŚŝĐŚŝƐĂŶŽƉƚŝŽŶĂůƉƌŽǀŝƐŝŽŶ͘tŚĂƚŝƐŵĂŶĚĂƚŽƌǇŝƐĨůŽŽĚĨƌĞĞĂĐĐĞƐƐŽĨƐƵďĚŝǀŝƐŝŽŶƐ͘;ƌƚ͘/y ĐŽƵŶƚǇŽƌĚŝŶĂŶĐĞ͖ϲϮ͘ϴϰϬ͕ϲϮ͘ϴϰϭ͕ϲϮ͘ϴϰϰ͕ϲϮ͘ϴϰϲ ŵĂũŽƌŽƉƚŝŽŶĂůƉƌŽǀŝƐŝŽŶŝƐƚŽĂůůŽǁƐƚƌƵĐƚƵƌĞƐƚŽďĞĂůƚĞƌŶĂƚŝǀĞůǇĨůŽŽĚƉƌŽŽĨĞĚǁŝƚŚŽƵƚ ůŽĐĂƚŝŶŐŽŶĨŝůů͘ŽƚŚŽƌĚŝŶĂŶĐĞƐŝŶĐůƵĚĞĞǆŝƐƚŝŶŐƉƌŽǀŝƐŝŽŶƐƚŽƚŚĂƚĞĨĨĞĐƚƐŽƚŚĞĂŵĞŶĚŵĞŶƚƐ ŝŶĐůƵĚĞƚŚŝƐƉƌŽǀŝƐŝŽŶǁŝƚŚŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽŵĞĞƚƚŚĞĐƵƌƌĞŶƚƐƚĂŶĚĂƌĚƐ͘dŚŝƐƉƌŽǀŝƐŝŽŶŝƐƵƐĞĚ ǀĞƌǇƌĂƌĞůǇĂŶĚĐĂŶďĞĂďƵƌĚĞŶƚŽĂĚŵŝŶŝƐƚĞƌ͘dŚĞƌĞĂƐŽŶĨŽƌŝŶĐůƵĚŝŶŐŝƚŝƐĂƌĞĐŽŐŶŝƚŝŽŶƚŚĂƚ ƚŚĞƌĞŵĂǇďĞƐŽŵĞŽůĚĞƌĚĞǀĞůŽƉĞĚĂƌĞĂƐǁŚĞƌĞƚŚĞƌĞŵĂǇďĞĂŶĞĞĚĨŽƌĂůƚĞƌŶĂƚŝǀĞƐƚŽ ƉůĂĐĞŵĞŶƚŽĨĨŝůů͘;ƌƚ͘/yĐŽƵŶƚǇŽƌĚŝŶĂŶĐĞ͖ϲϮ͘ϴϰϯͲϴϰϰ͕ϲϮ͘ϴϱϮ>DͿ x ^ĞĐƚŝŽŶϳʹŶĞǁŽƉƚŝŽŶĂůƉƌŽǀŝƐŝŽŶŝƐŝŶĐůƵĚĞĚŝŶďŽƚŚŽƌĚŝŶĂŶĐĞƐĂĚĚƌĞƐƐŝŶŐĞƐƚĂďůŝƐŚŝŶŐĂ 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ƚƌĞĂƚŵĞŶƚĨĂĐŝůŝƚŝĞƐ͕ƉƵďůŝĐĞůĞĐƚƌŝĐƵƚŝůŝƚŝĞƐ͕ǁĂƚĞƌƉůĂŶƚƐ͕ĨƵĞůƐƚŽƌĂŐĞĨĂĐŝůŝƚŝĞƐ͕ĂŶĚǁĂƐƚĞŚĂŶĚůŝŶŐĂŶĚ ƐƚŽƌĂŐĞĨĂĐŝůŝƚŝĞƐ͘ &>KK&Z/E'͗ dŚĂƚƉŽƌƚŝŽŶŽĨƚŚĞĨůŽŽĚƉůĂŝŶŽƵƚƐŝĚĞŽĨƚŚĞĨůŽŽĚǁĂǇ͘&ůŽŽĚĨƌŝŶŐĞ ŝƐƐǇŶŽŶǇŵŽƵƐǁŝƚŚƚŚĞƚĞƌŵΗĨůŽŽĚǁĂǇĨƌŝŶŐĞΗƵƐĞĚŝŶƚŚĞ&ůŽŽĚ/ŶƐƵƌĂŶĐĞ^ƚƵĚǇ͘ &>KKͲWZKK&/E'͗ ŶǇĐŽŵďŝŶĂƚŝŽŶŽĨƐƚƌƵĐƚƵƌĂůĂŶĚŶŽŶƐƚƌƵĐƚƵƌĂůĂĚĚŝƚŝŽŶƐ͕ĐŚĂŶŐĞƐŽƌĂĚũƵƐƚŵĞŶƚƐ ƚŽƐƚƌƵĐƚƵƌĞƐĂŶĚƉƌŽƉĞƌƚŝĞƐǁŚŝĐŚƌĞĚƵĐĞŽƌĞůŝŵŝŶĂƚĞĨůŽŽĚĚĂŵĂŐĞƚŽƌĞĂůĞƐƚĂƚĞ͕ǁĂƚĞƌĂŶĚƐĂŶŝƚĂƌǇ ĨĂĐŝůŝƚŝĞƐ͕ƐƚƌƵĐƚƵƌĞƐĂŶĚƚŚĞŝƌĐŽŶƚĞŶƚƐ͘ ϮͬϳͬϮϬϭϳ 3DFNHW3J /E &>KKW>/E͗ dŚĞďĞĚƐƉƌŽƉĞƌĂŶĚƚŚĞĂƌĞĂƐĂĚũŽŝŶŝŶŐĂǁĞƚůĂŶĚ͕ůĂŬĞŽƌǁĂƚĞƌĐŽƵƌƐĞǁŚŝĐŚŚĂǀĞďĞĞŶ ŽƌŚĞƌĞĂĨƚĞƌŵĂǇďĞĐŽǀĞƌĞĚďǇƚŚĞƌĞŐŝŽŶĂůĨůŽŽĚ͘ &>KKWZKdd/KE>sd/KE͗ ůĞǀĞůŽŶĞ;ϭͿĨŽŽƚĂďŽǀĞƚŚĞƌĞŐŝŽŶĂů;ϭϬϬǇĞĂƌĨƌĞƋƵĞŶĐǇͿĨůŽŽĚƉůƵƐ ĂŶǇŝŶĐƌĞĂƐĞŝŶĨůŽŽĚůĞǀĞůĂĚŽƉƚĞĚďǇEZƐƚƵĚǇƚŚĂƚǁŽƵůĚďĞĐĂƵƐĞĚďǇƚŚĞĨƵƚƵƌĞĨůŽŽĚƉůĂŝŶ ĚĞǀĞůŽƉŵĞŶƚŽƵƚƐŝĚĞƚŚĞĨůŽŽĚǁĂǇ͘ &>KK͕Z'/KE>͗ ĨůŽŽĚǁŚŝĐŚŝƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞŽĨůĂƌŐĞĨůŽŽĚƐŬŶŽǁŶƚŽŚĂǀĞŽĐĐƵƌƌĞĚŐĞŶĞƌĂůůǇŝŶ DŝŶŶĞƐŽƚĂĂŶĚƌĞĂƐŽŶĂďůǇĐŚĂƌĂĐƚĞƌŝƐƚŝĐŽĨǁŚĂƚĐĂŶďĞĞǆƉĞĐƚĞĚƚŽŽĐĐƵƌŽŶĂŶĂǀĞƌĂŐĞĨƌĞƋƵĞŶĐǇŝŶ ƚŚĞŵĂŐŶŝƚƵĚĞŽĨƚŚĞŽŶĞŚƵŶĚƌĞĚ;ϭϬϬͿǇĞĂƌƌĞĐƵƌƌĞŶĐĞŝŶƚĞƌǀĂů͘ZĞŐŝŽŶĂůĨůŽŽĚŝƐƐǇŶŽŶǇŵŽƵƐǁŝƚŚ ƚŚĞƚĞƌŵΗďĂƐĞĨůŽŽĚΗƵƐĞĚŝŶƚŚĞ&ůŽŽĚ/ŶƐƵƌĂŶĐĞ^ƚƵĚǇ͘ &>KK͕^dEZWZK:d ͗ŚǇƉŽƚŚĞƚŝĐĂůĨůŽŽĚĞƐƚŝŵĂƚĞĚĂŶĚŵĂƉƉĞĚďǇƚŚĞh͘^͘ŽƌƉƐŽĨ ŶŐŝŶĞĞƌƐ͕ƌĞƉƌĞƐĞŶƚŝŶŐƚŚĞĐƌŝƚŝĐĂůĨůŽŽĚƌƵŶŽĨĨǀŽůƵŵĞĂŶĚƉĞĂŬĚŝƐĐŚĂƌŐĞƚŚĂƚŵĂǇďĞĞǆƉĞĐƚĞĚĨƌŽŵ ƚŚĞŵŽƐƚƐĞǀĞƌĞĐŽŵďŝŶĂƚŝŽŶŽĨŵĞƚĞŽƌŽůŽŐŝĐĂůĂŶĚŚǇĚƌŽůŽŐŝĐĐŽŶĚŝƚŝŽŶƐƚŚĂƚĂƌĞĐŽŶƐŝĚĞƌĞĚ ƌĞĂƐŽŶĂďůĞĐŚĂƌĂĐƚĞƌŝƐƚŝĐŽĨƚŚĞZŽĐŚĞƐƚĞƌƌĞŐŝŽŶ͕ĞǆĐůƵĚŝŶŐƌĂƌĞĐŽŵďŝŶĂƚŝŽŶƐ͘ &>KKtz͗ dŚĞŵŝŶŝŵƵŵĐŚĂŶŶĞůŽĨĂǁĂƚĞƌĐŽƵƌƐĞĂŶĚƚŚŽƐĞƉŽƌƚŝŽŶƐŽĨƚŚĞĨůŽŽĚƉůĂŝŶĂĚũŽŝŶŝŶŐƚŚĞ ĐŚĂŶŶĞůƚŚĂƚĂƌĞƌĞĂƐŽŶĂďůǇƌĞƋƵŝƌĞĚƚŽĐĂƌƌǇŽƌƐƚŽƌĞƚŚĞƌĞŐŝŽŶĂůĨůŽŽĚĚŝƐĐŚĂƌŐĞ͘ &>KK/E^hZEZdDW͗ ŶŽĨĨŝĐŝĂůŵĂƉŽŶǁŚŝĐŚƚŚĞ&ĞĚĞƌĂů/ŶƐƵƌĂŶĐĞĚŵŝŶŝƐƚƌĂƚŽƌŚĂƐ ĚĞůŝŶĞĂƚĞĚďŽƚŚƚŚĞƐƉĞĐŝĂůŚĂǌĂƌĚĂƌĞĂƐĂŶĚƚŚĞƌŝƐŬƉƌĞŵŝƵŵǌŽŶĞƐĂƉƉůŝĐĂďůĞƚŽƚŚĞĐŽŵŵƵŶŝƚǇ͘ &/ZDƚŚĂƚŚĂƐďĞĞŶŵĂĚĞĂǀĂŝůĂďůĞĚŝŐŝƚĂůůǇŝƐĐĂůůĞĚĂŝŐŝƚĂů&ůŽŽĚ/ŶƐƵƌĂŶĐĞZĂƚĞDĂƉ;&/ZDͿ͘ &>KKWZKK&/E' ͗ĂĐŽŵďŝŶĂƚŝŽŶŽĨƐƚƌƵĐƚƵƌĂůƉƌŽǀŝƐŝŽŶƐ͕ĐŚĂŶŐĞƐ͕ŽƌĂĚũƵƐƚŵĞŶƚƐƚŽƉƌŽƉĞƌƚŝĞƐĂŶĚ ƐƚƌƵĐƚƵƌĞƐƐƵďũĞĐƚƚŽĨůŽŽĚŝŶŐ͕ƉƌŝŵĂƌŝůǇĨŽƌƚŚĞƌĞĚƵĐƚŝŽŶŽƌĞůŝŵŝŶĂƚŝŽŶŽĨĨůŽŽĚĚĂŵĂŐĞƐ͘ &>KK͕Z'/KE>͗ ĨůŽŽĚǁŚŝĐŚŝƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞŽĨůĂƌŐĞĨůŽŽĚƐŬŶŽǁŶƚŽŚĂǀĞŽĐĐƵƌƌĞĚŐĞŶĞƌĂůůǇŝŶ DŝŶŶĞƐŽƚĂĂŶĚƌĞĂƐŽŶĂďůǇĐŚĂƌĂĐƚĞƌŝƐƚŝĐŽĨǁŚĂƚĐĂŶďĞĞǆƉĞĐƚĞĚƚŽŽĐĐƵƌǁŝƚŚĂŶĂǀĞƌĂŐĞĨƌĞƋƵĞŶĐǇŝŶ ƚŚĞŵĂŐŶŝƚƵĚĞŽĨĂŽŶĞŚƵŶĚƌĞĚ;ϭϬϬͿǇĞĂƌƌĞĐƵƌƌĞŶĐĞŝŶƚĞƌǀĂů͘ &WͲϭ͕&WͲϮ͕&WͲϯ͕&WͲϰ͕&WͲϱ͗ ŝĨĨĞƌĞŶƚĐůĂƐƐŝĨŝĐĂƚŝŽŶƐŽĨĨůŽŽĚͲƉƌŽŽĨŝŶŐŵĞĂƐƵƌĞƐĂƐĚĞĨŝŶĞĚďǇƚŚĞƐƚĂƚĞ ďƵŝůĚŝŶŐĐŽĚĞ͘ &ZKZ͗ ĨĂĐƚŽƌŽĨƐĂĨĞƚǇƵƐƵĂůůǇĞǆƉƌĞƐƐĞĚŝŶĨĞĞƚĂďŽǀĞĂĚĞƐŝŐŶĨůŽŽĚůĞǀĞůĨŽƌĨůŽŽĚƉƌŽƚĞĐƚŝǀĞ ŽƌĐŽŶƚƌŽůǁŽƌŬƐ͘;&ƌĞĞďŽĂƌĚŝƐŝŶƚĞŶĚĞĚƚŽĐŽŵƉĞŶƐĂƚĞĨŽƌƚŚĞŵĂŶǇƵŶŬŶŽǁŶĨĂĐƚŽƌƐƚŚĂƚĐŽƵůĚ ĐŽŶƚƌŝďƵƚĞƚŽĨůŽŽĚŚĞŝŐŚƚƐŐƌĞĂƚĞƌƚŚĂŶƚŚĞŚĞŝŐŚƚĐĂůĐƵůĂƚĞĚĨŽƌĂƐĞůĞĐƚĞĚĨůŽŽĚŽƌĨůŽŽĚǁĂǇĐŽŶĚŝƚŝŽŶ ƐƵĐŚĂƐǁĂǀĞĂĐƚŝŽŶ͕ďƌŝĚŐĞŽƉĞŶŝŶŐĂŶĚĨůŽŽĚǁĂǇŽďƐƚƌƵĐƚŝŽŶƐƌĞƐƵůƚŝŶŐĨƌŽŵĚĞďƌŝƐŽƌŝĐĞ͕ĂŶĚƚŚĞ ŚǇĚƌŽůŽŐŝĐĞĨĨĞĐƚƐŽĨƵƌďĂŶŝǌĂƚŝŽŶŽĨƚŚĞǁĂƚĞƌƐŚĞĚͿ͘ >ddZK&DWDEDEd;>KDͿ͗ ĚŽĐƵŵĞŶƚŝƐƐƵĞĚďǇƚŚĞ&ĞĚĞƌĂůŵĞƌŐĞŶĐǇDĂŶĂŐĞŵĞŶƚ ŐĞŶĐǇƉƌŽǀŝĚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶĨŽƌĨŝŶĚŝŶŐƐƚŚĂƚŚĂǀĞďĞĞŶŵĂĚĞƐŚŽǁŝŶŐƚŚĂƚƐŝŶŐůĞĂůŽƚŽƌƐŝŶŐůĞ ƐƚƌƵĐƚƵƌĞŝƐŶŽƚůŽĐĂƚĞĚŝŶĂ^ƉĞĐŝĂů&ůŽŽĚ,ĂǌĂƌĚƌĞĂĂƐĚĞĨŝŶĞĚŝŶϰϰ&Zϱϵ͘ >Kt^d&>KKZ ͗ƚŚĞůŽǁĞƐƚĨůŽŽƌŽĨƚŚĞůŽǁĞƐƚĞŶĐůŽƐĞĚĂƌĞĂ;ŝŶĐůƵĚŝŶŐďĂƐĞŵĞŶƚͿ͘ŶƵŶĨŝŶŝƐŚĞĚŽƌ ĨůŽŽĚƌĞƐŝƐƚĂŶƚĞŶĐůŽƐƵƌĞ͕ƵƐĞĚƐŽůĞůǇĨŽƌƉĂƌŬŝŶŐŽĨǀĞŚŝĐůĞƐ͕ďƵŝůĚŝŶŐĂĐĐĞƐƐ͕ŽƌƐƚŽƌĂŐĞŝŶĂŶĂƌĞĂŽƚŚĞƌ ƚŚĂŶĂďĂƐĞŵĞŶƚĂƌĞĂ͕ŝƐŶŽƚĐŽŶƐŝĚĞƌĞĚĂďƵŝůĚŝŶŐ͛ƐůŽǁĞƐƚĨůŽŽƌ͖ƉƌŽǀŝĚĞĚ͕ƚŚĂƚƐƵĐŚĞŶĐůŽƐƵƌĞŝƐŶŽƚ ϮͬϳͬϮϬϭϳ 3DFNHW3J /E ďƵŝůƚƐŽĂƐƚŽƌĞŶĚĞƌƚŚĞƐƚƌƵĐƚƵƌĞŝŶǀŝŽůĂƚŝŽŶŽĨƚŚĞĂƉƉůŝĐĂďůĞŶŽŶͲĞůĞǀĂƚŝŽŶĚĞƐŝŐŶƌĞƋƵŝƌĞŵĞŶƚƐŽĨϰϰ ŽĚĞŽĨZĞŐƵůĂƚŝŽŶƐ͕WĂƌƚϲϬ͘ϯ͘ DEh&dhZ,KD͗ ďƵŝůĚŝŶŐ͕ĨĂďƌŝĐĂƚĞĚŝŶĂŶŽĨĨͲƐŝƚĞĨĂĐŝůŝƚǇĨŽƌŝŶƐƚĂůůĂƚŝŽŶŽƌĂƐƐĞŵďůǇĂƚƚŚĞ ďƵŝůĚŝŶŐƐŝƚĞ͕ƚƌĂŶƐƉŽƌƚĂďůĞŝŶŽŶĞŽƌŵŽƌĞƐĞĐƚŝŽŶƐ͕ǁŚŝĐŚ͕ŝŶƚŚĞƚƌĂǀĞůŝŶŐŵŽĚĞ͕ŝƐĞŝŐŚƚ;ϴͿĨĞĞƚŽƌ ŵŽƌĞŝŶǁŝĚƚŚŽƌĨŽƌƚǇ;ϰϬͿĨĞĞƚŽƌŵŽƌĞŝŶůĞŶŐƚŚ͕ŽƌǁŚĞŶĞƌĞĐƚĞĚŝƐϯϮϬŽƌŵŽƌĞƐƋƵĂƌĞĨĞĞƚŝŶƐŝǌĞ͕ ĂŶĚǁŚŝĐŚŝƐďƵŝůƚŽŶĂƉĞƌŵĂŶĞŶƚĐŚĂƐƐŝƐĂŶĚĚĞƐŝŐŶĞĚƚŽďĞƵƐĞĚĂƐĂĚǁĞůůŝŶŐĨŽƌŽŶĞĨĂŵŝůǇ͕ǁŝƚŚŽƌ ǁŝƚŚŽƵƚƉĞƌŵĂŶĞŶƚĨŽƵŶĚĂƚŝŽŶ͕ǁŚĞŶĐŽŶŶĞĐƚĞĚƚŽƚŚĞƌĞƋƵŝƌĞĚƵƚŝůŝƚŝĞƐ͕ĂŶĚŝŶĐůƵĚĞƐƚŚĞƉůƵŵďŝŶŐ͕ ŚĞĂƚŝŶŐ͕ĂŝƌĐŽŶĚŝƚŝŽŶŝŶŐĂŶĚĞůĞĐƚƌŝĐĂůƐǇƐƚĞŵĐŽŶƚĂŝŶĞĚƚŚĞƌĞŝŶ͕ĂŶĚŝƐĐĞƌƚŝĨŝĞĚĂƐĐŽŶƐƚƌƵĐƚĞĚŝŶ ĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞ͞ŵĂŶƵĨĂĐƚƵƌĞĚŚŽŵĞďƵŝůĚŝŶŐĐŽĚĞ͟ĂƐĞƐƚĂďůŝƐŚĞĚƵŶĚĞƌDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ͕ ĐŚĂƉƚĞƌϯϮϳ͘&ŽƌĐĂůĐƵůĂƚŝŽŶƐŽĨƉĞƌŵŝƚƚĞĚĚĞŶƐŝƚŝĞƐŝŶƚŚŝƐŽƌĚŝŶĂŶĐĞ͕ĂŵĂŶƵĨĂĐƚƵƌĞĚŚŽŵĞƐŚĂůůďĞ ĐŽŶƐŝĚĞƌĞĚĂƐŽŶĞĚǁĞůůŝŶŐƵŶŝƚ͘ K^dZhd/KE͗ ŶǇĚĂŵ͕ǁĂůů͕ǁŚĂƌĨ͕ĞŵďĂŶŬŵĞŶƚ͕ůĞǀĞĞ͕ĚŝŬĞ͕ƉŝůĞ͕ĂďƵƚŵĞŶƚ͕ƉƌŽũĞĐƚŝŽŶ͕ĞǆĐĂǀĂƚŝŽŶ͕ ĐŚĂŶŶĞůŵŽĚŝĨŝĐĂƚŝŽŶ͕ĐƵůǀĞƌƚ͕ďƵŝůĚŝŶŐ͕ǁŝƌĞ͕ĨĞŶĐĞ͕ƐƚŽĐŬƉŝůĞ͕ƌĞĨƵƐĞ͕Ĩŝůů͕ƐƚƌƵĐƚƵƌĞ͕ŽƌŵĂƚƚĞƌŝŶ͕ĂůŽŶŐ͕ ĂĐƌŽƐƐ͕ŽƌƉƌŽũĞĐƚŝŶŐŝŶƚŽĂŶǇĐŚĂŶŶĞů͕ǁĂƚĞƌĐŽƵƌƐĞ͕ŽƌƌĞŐƵůĂƚŽƌǇĨůŽŽĚƉůĂŝŶǁŚŝĐŚŵĂǇŝŵƉĞĚĞ͕ƌĞƚĂƌĚ͕ ŽƌĐŚĂŶŐĞƚŚĞĚŝƌĞĐƚŝŽŶŽĨƚŚĞĨůŽǁŽĨǁĂƚĞƌ͕ĞŝƚŚĞƌŝŶŝƚƐĞůĨŽƌďǇĐĂƚĐŚŝŶŐŽƌĐŽůůĞĐƚŝŶŐĚĞďƌŝƐĐĂƌƌŝĞĚďǇ ƐƵĐŚǁĂƚĞƌ͘ KZ/EZz,/',tdZ>s>͗ DĞĂŶƐƚŚĞďŽƵŶĚĂƌǇŽĨƉƵďůŝĐǁĂƚĞƌƐĂŶĚǁĞƚůĂŶĚƐ͕ĂŶĚƐŚĂůůďĞĂŶ ĞůĞǀĂƚŝŽŶĚĞůŝŶĞĂƚŝŶŐƚŚĞŚŝŐŚĞƐƚǁĂƚĞƌůĞǀĞůǁŚŝĐŚŚĂƐďĞĞŶŵĂŝŶƚĂŝŶĞĚĨŽƌĂƐƵĨĨŝĐŝĞŶƚƉĞƌŝŽĚŽĨƚŝŵĞ ƚŽůĞĂǀĞĞǀŝĚĞŶĐĞƵƉŽŶƚŚĞůĂŶĚƐĐĂƉĞ͕ĐŽŵŵŽŶůǇƚŚĂƚƉŽŝŶƚǁŚĞƌĞƚŚĞŶĂƚƵƌĂůǀĞŐĞƚĂƚŝŽŶĐŚĂŶŐĞƐĨƌŽŵ ƉƌĞĚŽŵŝŶĂŶƚůǇĂƋƵĂƚŝĐƚŽƉƌĞĚŽŵŝŶĂŶƚůǇƚĞƌƌĞƐƚƌŝĂů͘&ŽƌǁĂƚĞƌĐŽƵƌƐĞƐ͕ƚŚĞŽƌĚŝŶĂƌǇŚŝŐŚǁĂƚĞƌůĞǀĞůŝƐ ƚŚĞĞůĞǀĂƚŝŽŶŽĨƚŚĞƚŽƉŽĨƚŚĞďĂŶŬŽĨƚŚĞĐŚĂŶŶĞů͘&ŽƌƌĞƐĞƌǀŽŝƌƐĂŶĚĨůŽǁĂŐĞƐ͕ƚŚĞŽƌĚŝŶĂƌǇŚŝŐŚǁĂƚĞƌ ůĞǀĞůŝƐƚŚĞŽƉĞƌĂƚŝŶŐĞůĞǀĂƚŝŽŶŽĨƚŚĞŶŽƌŵĂůƐƵŵŵĞƌƉŽŽů͘ Z'h>dKZz&>KKWZKdd/KE>sd/KE͗ ůĞǀĞůŶŽƚůĞƐƐƚŚĂŶŽŶĞ;ϭͿĨŽŽƚĂďŽǀĞƚŚĞƌĞŐŝŽŶĂů ;ϭϬϬǇĞĂƌĨƌĞƋƵĞŶĐǇͿĨůŽŽĚƉůƵƐĂŶǇŝŶĐƌĞĂƐĞŝŶĨůŽŽĚĞůĞǀĂƚŝŽŶƐƚŚĂƚǁŽƵůĚďĞĐĂƵƐĞĚďǇƚŚĞĨƵƚƵƌĞ ĨůŽŽĚƉůĂŝŶĚĞǀĞůŽƉŵĞŶƚŽƵƚƐŝĚĞƚŚĞĨůŽŽĚǁĂǇ͘/ŶŽŶĞK͕ƚŚĞZ&WŝƐĞƐƚĂďůŝƐŚĞĚďǇĂĚĚŝŶŐƚŚĞĚĞƉƚŚ ŶƵŵďĞƌƐƉĞĐŝĨŝĞĚŝŶĨĞĞƚĨŽƌƚŚĞŽŶĞKŽŶƚŚĞ&ůŽŽĚ/ŶƐƵƌĂŶĐĞZĂƚĞDĂƉƐĂĚŽƉƚĞĚŝŶ^ĞĐƚŝŽŶϲϮ͘ϴϬϬ ŽĨƚŚŝƐŽƌĚŝŶĂŶĐĞƚŽƚŚĞŚŝŐŚĞƐƚĂĚũĂĐĞ ŶƚŐƌĂĚĞĂƚƚŚĞƐƚƌƵĐƚƵƌĞ͛ƐƉƌŽƉŽƐĞĚůŽĐĂƚŝŽŶŽŶƚŚĞŐƌŽƵŶĚ͘ ZWd/d/s>K^^͗& ůŽŽĚƌĞůĂƚĞĚĚĂŵĂŐĞƐƐƵƐƚĂŝŶĞĚďǇĂƐƚƌƵĐƚƵƌĞŽŶƚǁŽƐĞƉĂƌĂƚĞŽĐĐĂƐŝŽŶƐĚƵƌŝŶŐĂ ƚĞŶǇĞĂƌƉĞƌŝŽĚĨŽƌǁŚŝĐŚƚŚĞĐŽƐƚŽĨƌĞƉĂŝƌƐĂƚƚŚĞƚŝŵĞŽĨĞĂĐŚƐƵĐŚĨůŽŽĚĞǀĞŶƚŽŶƚŚĞĂǀĞƌĂŐĞĞƋƵĂůƐ ŽƌĞǆĐĞĞĚƐϮϱйŽĨƚŚĞŵĂƌŬĞƚǀĂůƵĞŽĨƚŚĞƐƚƌƵĐƚƵƌĞďĞĨŽƌĞƚŚĞĚĂŵĂŐĞŽĐĐƵƌƌĞĚ͘ ^W/>&>KK,ZZ͗ ƚĞƌŵƵƐĞĚĨŽƌĨůŽŽĚŝŶƐƵƌĂŶĐĞƉƵƌƉŽƐĞƐƐǇŶŽŶǇŵŽƵƐǁŝƚŚ͞KŶĞ ,ƵŶĚƌĞĚzĞĂƌ&ůŽŽĚƉůĂŝŶ͘͟ ^dZdK&KE^dZhd/KE ʹŝŶĐůƵĚĞƐƐƵďƐƚĂŶƚŝĂůŝŵƉƌŽǀĞŵĞŶƚ͕ĂŶĚŵĞĂŶƐƚŚĞĂĐƚƵĂůƐƚĂƌƚŽĨ ĐŽŶƐƚƌƵĐƚŝŽŶ͕ƌĞƉĂŝƌ͕ƌĞĐŽŶƐƚƌƵĐƚŝŽŶ͕ƌĞŚĂďŝůŝƚĂƚŝŽŶ͕ĂĚĚŝƚŝŽŶ͕ƉůĂĐĞŵĞŶƚŽƌŽƚŚĞƌŝŵƉƌŽǀĞŵĞŶƚƚŚĂƚ ŽĐĐƵƌƌĞĚďĞĨŽƌĞƚŚĞƉĞƌŵŝƚ͛ƐĞǆƉŝƌĂƚŝŽŶĚĂƚĞ͘dŚĞĂĐƚƵĂůƐƚĂƌƚŝƐĞŝƚŚĞƌƚŚĞĨŝƌƐƚƉůĂĐĞŵĞŶƚŽĨƉĞƌŵĂŶĞŶƚ 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ĞĨĨĞĐƚƐŽĨďƵŽǇĂŶĐǇ͖ Ϯ͘ŽŶƐƚƌƵĐƚĞĚǁŝƚŚŵĂƚĞƌŝĂůƐĂŶĚƵƚŝůŝƚǇĞƋƵŝƉŵĞŶƚƌĞƐŝƐƚĂŶƚƚŽĨůŽŽĚĚĂŵĂŐĞ͖ ϯ͘ŽŶƐƚƌƵĐƚĞĚďǇŵĞƚŚŽĚƐĂŶĚƉƌĂĐƚŝĐĞƐƚŚĂƚŵŝŶŝŵŝǌĞĨůŽŽĚĚĂŵĂŐĞ͖ĂŶĚ ϰ͘ŽŶƐƚƌƵĐƚĞĚǁŝƚŚĞůĞĐƚƌŝĐĂů͕ŚĞĂƚŝŶŐ͕ǀĞŶƚŝůĂƚŝŽŶ͕ƉůƵŵďŝŶŐ͕ĂŶĚĂŝƌĐŽŶĚŝƚŝŽŶŝŶŐĞƋƵŝƉŵĞŶƚ ĂŶĚŽƚŚĞƌƐĞƌǀŝĐĞĨĂĐŝůŝƚŝĞƐƚŚĂƚĂƌĞĚĞƐŝŐŶĞĚĂŶĚͬŽƌůŽĐĂƚĞĚƐŽĂƐƚŽƉƌĞǀĞŶƚǁĂƚĞƌĨƌŽŵ ȱ ĞŶƚĞƌŝŶŐŽƌĂĐĐƵŵƵůĂƚŝŶŐǁŝƚŚŝŶƚŚĞĐŽŵƉŽŶĞŶƚƐĚƵƌŝŶŐĐŽŶĚŝƚŝŽŶƐŽĨĨůŽŽĚŝŶŐ͘ ͘ĞƌƚŝĨŝĐĂƚŝŽŶ͘dŚĞĂƉƉůŝĐĂŶƚŝƐƌĞƋƵŝƌĞĚƚŽƐƵďŵŝƚĐĞƌƚŝĨŝĐĂƚŝŽŶďǇĂƌĞŐŝƐƚĞƌĞĚƉƌŽĨĞƐƐŝŽŶĂůĞŶŐŝŶĞĞƌ͕ ƌĞŐŝƐƚĞƌĞĚĂƌĐŚŝƚĞĐƚ͕ŽƌƌĞŐŝƐƚĞƌĞĚůĂŶĚƐƵƌǀĞǇŽƌƚŚĂƚƚŚĞĨŝŶŝƐŚĞĚĨŝůůĂŶĚďƵŝůĚŝŶŐĞůĞǀĂƚŝŽŶƐǁĞƌĞ ĂĐĐŽŵƉůŝƐŚĞĚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐŽƌĚŝŶĂŶĐĞ͘&ůŽŽĚƉƌŽŽĨŝŶŐŵĞĂƐƵƌĞƐŵƵƐƚ ďĞĐĞƌƚŝĨŝĞĚďǇĂƌĞŐŝƐƚĞƌĞĚƉƌŽĨĞƐƐŝŽŶĂůĞŶŐŝŶĞĞƌŽƌƌĞŐŝƐƚĞƌĞĚĂƌĐŚŝƚĞĐƚ͘ĐĐĞƐƐŽƌǇƐƚƌƵĐƚƵƌĞƐ ĚĞƐŝŐŶĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ^ĞĐƚŝŽŶϲ͘ϮϭϮĂƌĞĞǆĞŵƉƚĨƌŽŵĐĞƌƚŝĨŝĐĂƚŝŽŶ͕ƉƌŽǀŝĚĞĚƐƵĨĨŝĐŝĞŶƚ ĚŽĐƵŵĞŶƚĂƚŝŽŶŝƐƉƌŽǀŝĚĞĚ͘ ϮͬϳͬϮϬϭϳ 3DFNHW3J /E ͘ĞƌƚŝĨŝĐĂƚĞŽĨŽŶŝŶŐŽŵƉůŝĂŶĐĞĨŽƌĂEĞǁ͕ůƚĞƌĞĚ͕ŽƌEŽŶĐŽŶĨŽƌŵŝŶŐhƐĞ͘EŽďƵŝůĚŝŶŐ͕ůĂŶĚŽƌ 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/ŶƐƵƌĂŶĐĞWƌŽŐƌĂŵĐŽĚŝĨŝĞĚĂƐϰϰŽĚĞŽĨ&ĞĚĞƌĂůZĞŐƵůĂƚŝŽŶƐWĂƌƚƐϱϵͲϳϴ͕ĂƐĂŵĞŶĚĞĚ͕ƐŽĂƐƚŽ ŵĂŝŶƚĂŝŶƚŚĞĐŽŵŵƵŶŝƚǇ͛ƐĞůŝŐŝďŝůŝƚǇŝŶƚŚĞEĂƚŝŽŶĂů&ůŽŽĚ/ŶƐƵƌĂŶĐĞWƌŽŐƌĂŵ͘ dŚĞƌĞŐƵůĂƚŝŽŶƐĂƌĞĂůƐŽŝŶƚĞŶĚĞĚƚŽƉƌĞƐĞƌǀĞƚŚĞŶĂƚƵƌĂůĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐĂŶĚĨƵŶĐƚŝŽŶƐŽĨǁĂƚĞƌĐŽƵƌƐĞƐ ĂŶĚĨůŽŽĚƉůĂŝŶƐŝŶŽƌĚĞƌƚŽŵŽĚĞƌĂƚĞĨůŽŽĚĂŶĚƐƚŽƌŵǁĂƚĞƌŝŵƉĂĐƚƐ͕ŝŵƉƌŽǀĞǁĂƚĞƌƋƵĂůŝƚǇ͕ƌĞĚƵĐĞƐŽŝů ĞƌŽƐŝŽŶ͕ƉƌŽƚĞĐƚĂƋƵĂƚŝĐĂŶĚƌŝƉĂƌŝĂŶŚĂďŝƚĂƚ͕ƉƌŽǀŝĚĞƌĞĐƌĞĂƚŝŽŶĂůŽƉƉŽƌƚƵŶŝƚŝĞƐ͕ƉƌŽǀŝĚĞĂĞƐƚŚĞƚŝĐ ďĞŶĞĨŝƚƐĂŶĚĞŶŚĂŶĐĞĐŽŵŵƵŶŝƚǇĂŶĚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ͘ ϲϮ͘ϴϬϭ&ůŽŽĚ&ƌŝŶŐĞŝƐƚƌŝĐƚWƵƌƉŽƐĞ͗ dŚĞƉƵƌƉŽƐĞŽĨƚŚĞĨůŽŽĚĨƌŝŶŐĞĚŝƐƚƌŝĐƚŝƐƚŽŝŶƐƵƌĞƚŚĂƚƵƐĞƐĂŶĚ ƐƚƌƵĐƚƵƌĞƐǁŝƚŚŝŶƚŚĞĚŝƐƚƌŝĐƚĂƌĞƉƌŽƉĞƌůǇĨůŽŽĚƉƌŽƚĞĐƚĞĚ͕ĐŽŶƐŝƐƚĞŶƚǁŝƚŚĂĐĐĞƉƚĞĚƉƌŝŶĐŝƉůĞƐĂŶĚ ƐƚĂŶĚĂƌĚƐĨŽƌĨůŽŽĚƉƌŽƚĞĐƚŝŽŶ͕ƌĞƐƵůƚŝŶŐŝŶĚĞǀĞůŽƉŵĞŶƚƐǁŚŝĐŚǁŝůůƐƵĨĨĞƌŵŝŶŝŵĂůĚĂŵĂŐĞĨƌŽŵ ĨůŽŽĚŝŶŐĂŶĚĂƌĞŽĨƐƵĐŚĂŶĂƚƵƌĞƐŽĂƐƚŽŚĂǀĞĂŵŝŶŝŵĂůĞĨĨĞĐƚŽŶƚŚĞĂďŝůŝƚǇŽĨƚŚĞĨůŽŽĚƉůĂŝŶƚŽ ĚŝƐĐŚĂƌŐĞĨůŽŽĚǁĂƚĞƌƐ͘ ϮͬϳͬϮϬϭϳ 3DFNHW3J /E ϲϮ͘ϴϬϮ&ůŽŽĚǁĂǇŝƐƚƌŝĐƚWƵƌƉŽƐĞ͗ dŚĞƉƵƌƉŽƐĞŽĨƚŚĞĨůŽŽĚǁĂǇĚŝƐƚƌŝĐƚŝƐƚŽĂƐƐƵƌĞƚŚĂƚĂĚĞƋƵĂƚĞƐƉĂĐĞ ŝƐƌĞƚĂŝŶĞĚǁŝƚŚŝŶƚŚĞĐŚĂŶŶĞůĂŶĚĂĚũŽŝŶŝŶŐĨůŽŽĚƉůĂŝŶƚŽĐĂƌƌǇĂŶĚĚŝƐĐŚĂƌŐĞƚŚĞƌĞŐŝŽŶĂůĨůŽŽĚ͕ĂŶĚƚŽ ƌĞƐƚƌŝĐƚŽƌƉƌŽŚŝďŝƚƵƐĞƐǁŚŝĐŚĂƌĞĚĂŶŐĞƌŽƵƐƚŽŚĞĂůƚŚŽƌƐĂĨĞƚǇ͕ŽƌƌĞƐƵůƚŝŶĞĐŽŶŽŵŝĐůŽƐƐ͕ŝŶƚŝŵĞƐŽĨ ĨůŽŽĚ͘ ϲϮ͘ϴϬϯ&ůŽŽĚWƌŽŶĞŝƐƚƌŝĐƚWƵƌƉŽƐĞ͗ dŚĞƉƵƌƉŽƐĞŽĨƚŚĞĨůŽŽĚƉƌŽŶĞĚŝƐƚƌŝĐƚŝƐƚŽŐƵŝĚĞĚĞǀĞůŽƉŵĞŶƚŝŶ ŐĞŶĞƌĂůůǇƵŶĚĞǀĞůŽƉĞĚĂƌĞĂƐŽĨƚŚĞĨůŽŽĚƉůĂŝŶŝŶƐƵĐŚĂŵĂŶŶĞƌƐŽĂƐƚŽƌĞĚƵĐĞƚŚĞůŽƐƐŽĨĨůŽŽĚƐƚŽƌĂŐĞ ǀŽůƵŵĞŝŶƚŚĞĨůŽŽĚƉůĂŝŶ͕ĂŶĚƚŽĂǀŽŝĚŝŶĐƌĞĂƐĞƐŝŶĚŽǁŶƐƚƌĞĂŵĨůŽŽĚůĞǀĞůƐĂŶĚŝŶƚŚĞǀĞůŽĐŝƚǇŽĨĨůŽŽĚ ǁĂƚĞƌƐ͘ ϲϮ͘ϴϭϬ^/'Ed/KE͗ ĂĐŚŝŶĚŝǀŝĚƵĂůĨůŽŽĚĚŝƐƚƌŝĐƚƌĞƉƌĞƐĞŶƚƐĂƐĞƚŽĨƌĞŐƵůĂƚŝŽŶƐƐƵƉĞƌŝŵƉŽƐĞĚƵƉŽŶƚŚĞĞǆŝƐƚŝŶŐǌŽŶŝŶŐ ĚŝƐƚƌŝĐƚƐ͕ƐƵƉĞƌƐĞĚŝŶŐĞǆŝƐƚŝŶŐƵŶĚĞƌůǇŝŶŐƌĞŐƵůĂƚŝŽŶƐŽŶůǇƚŽƚŚĞĞǆƚĞŶƚƚŚĂƚĚĞǀĞůŽƉŵĞŶƚƐŵƵƐƚŵĞĞƚ ƚŚĞĂĚĚŝƚŝŽŶĂůƐƚĂŶĚĂƌĚƐŽĨƚŚŝƐĐŚĂƉƚĞƌĂƐǁĞůůĂƐƚŚŽƐĞŽĨƚŚĞƵŶĚĞƌůǇŝŶŐĚŝƐƚƌŝĐƚŝŶŽƌĚĞƌƚŽďĞŝŶ ĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚŝƐŽƌĚŝŶĂŶĐĞ͘ dŚĞ&ůŽŽĚ&ƌŝŶŐĞŝƐƚƌŝĐƚ;&&Ϳ͕ƚŚĞ&ůŽŽĚǁĂǇŝƐƚƌŝĐƚ;&tͿ͕ĂŶĚƚŚĞ&ůŽŽĚWƌŽŶĞŝƐƚƌŝĐƚ;&WͿĂƌĞŝĚĞŶƚŝĨŝĞĚ ƵƉŽŶƚŚĞǌŽŶŝŶŐŵĂƉ͕ĂŶĚƌĞĨĞƌĞŶĐĞƚŽƚŚĞƐƚĂƚƵƐŽĨĂŶǇƉƌŽƉĞƌƚǇůŽĐĂƚĞĚŝŶŽŶĞŽĨƚŚĞĨůŽŽĚƌĞůĂƚĞĚ 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/ŶǌŽŶĞƐǁŝƚŚŽƵƚĂĨůŽŽĚǁĂǇ͕ƚŚĞĨůŽŽĚǁĂǇŵĂǇďĞ ϲϮ͘ϴϭϴ ĚĞůŝŶĞĂƚĞĚƵƐŝŶŐƚŚĞĨŽůůŽǁŝŶŐƉƌŽĐĞĚƵƌĞƐ͘ƌĞĂƐŝĚĞŶƚŝĨŝĞĚƚŚƌŽƵŐŚƚŚĞƐĞƉƌŽĐĞĚƵƌĞƐĂƐĨůŽŽĚ ĨƌŝŶŐĞŵĂǇƚŚĞŶďĞƌĞĐůĂƐƐŝĨŝĞĚĂƐ&ůŽŽĚ&ƌŝŶŐĞŝƐƚƌŝĐƚ͕ĂŶĚǁŝůůƚŚĞŶďĞƐƵďũĞĐƚƚŽƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐ ϮͬϳͬϮϬϭϳ 3DFNHW3J /E ŽĨ^ĞĐƚŝŽŶƐϲϮ͘ϴϰϬĂŶĚϲϮ͘ϴϲϬ͕ƌĞƐƉĞĐƚŝǀĞůǇ͘dŚĞĂƌĞĂĚĞƚĞƌŵŝŶĞĚƚŽďĞ&ůŽŽĚǁĂǇƐŚĂůůďĞ ŐŽǀĞƌŶĞĚďǇ^ĞĐƚŝŽŶϲϮ͘ϴϱϬ͘ ϭ͘hƉŽŶƌĞĐĞŝƉƚŽĨĂŶĂƉƉůŝĐĂƚŝŽŶĨŽƌĂƉĞƌŵŝƚŽƌŽƚŚĞƌĂƉƉƌŽǀĂů͕ƚŚĞŽŶŝŶŐĚŵŝŶŝƐƚƌĂƚŽƌŵƵƐƚ ŽďƚĂŝŶ͕ƌĞǀŝĞǁĂŶĚƌĞĂƐŽŶĂďůǇƵƚŝůŝǌĞĂŶǇƌĞŐŝŽŶĂůĨůŽŽĚĞůĞǀĂƚŝŽŶĂŶĚĨůŽŽĚǁĂǇĚĂƚĂĂǀĂŝůĂďůĞ ĨƌŽŵĂĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌŽƚŚĞƌƐŽƵƌĐĞ͘ Ϯ͘/ĨƌĞŐŝŽŶĂůĨůŽŽĚĞůĞǀĂƚŝŽŶĂŶĚĨůŽŽĚǁĂǇĚĂƚĂĂƌĞŶŽƚƌĞĂĚŝůǇĂǀĂŝůĂďůĞ͕ƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚ ĨƵƌŶŝƐŚĂĚĚŝƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶ͕ĂƐŶĞĞĚĞĚ͕ƚŽĚĞƚĞƌŵŝŶĞƚŚĞƌĞŐƵůĂƚŽƌǇĨůŽŽĚƉƌŽƚĞĐƚŝŽŶ ĞůĞǀĂƚŝŽŶĂŶĚǁŚĞƚŚĞƌƚŚĞƉƌŽƉŽƐĞĚƵƐĞǁŽƵůĚĨĂůůǁŝƚŚŝŶƚŚĞ&ůŽŽĚǁĂǇŽƌ&ůŽŽĚ&ƌŝŶŐĞŝƐƚƌŝĐƚ͘ /ŶĨŽƌŵĂƚŝŽŶŵƵƐƚďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚĂĐĐĞƉƚĞĚŚǇĚƌŽůŽŐŝĐĂůĂŶĚŚǇĚƌĂƵůŝĐĞŶŐŝŶĞĞƌŝŶŐƐƚĂŶĚĂƌĚƐ ĂŶĚƚŚĞƐƚĂŶĚĂƌĚƐŝŶ^ƵďƉĂƌƚϯďĞůŽǁ͘ ϯ͘dŚĞĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨĨůŽŽĚǁĂǇĂŶĚĨůŽŽĚĨƌŝŶŐĞŵƵƐƚŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐĐŽŵƉŽŶĞŶƚƐ͕ĂƐ ĂƉƉůŝĐĂďůĞ͗ 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ĂŶǇĨůŽŽĚĚŝƐƚƌŝĐƚ͕ƚŚĞĨŽůůŽǁŝŶŐĨĂĐƚŽƌƐ͕ŝŶĂĚĚŝƚŝŽŶƚŽƚŚĞƐƚĂŶĚĂƌĚƐŝŶ^ĞĐƚŝŽŶϲϭ͘ϭϰϲ͕ŵƵƐƚďĞ ĐŽŶƐŝĚĞƌĞĚ͗ ͘dŚĞĚĂŶŐĞƌƚŽůŝĨĞĂŶĚƉƌŽƉĞƌƚǇĚƵĞƚŽŝŶĐƌĞĂƐĞĚĨůŽŽĚŚĞŝŐŚƚƐŽƌǀĞůŽĐŝƚŝĞƐĐĂƵƐĞĚďǇ ĞŶĐƌŽĂĐŚŵĞŶƚƐ͘ ͘dŚĞĚĂŶŐĞƌƚŚĂƚŵĂƚĞƌŝĂůƐŵĂǇďĞƐǁĞƉƚŽŶƚŽŽƚŚĞƌůĂŶĚƐŽƌĚŽǁŶƐƚƌĞĂŵƚŽƚŚĞŝŶũƵƌǇŽĨŽƚŚĞƌƐ͘ ͘dŚĞƉƌŽƉŽƐĞĚǁĂƚĞƌƐƵƉƉůǇĂŶĚƐĂŶŝƚĂƚŝŽŶƐǇƐƚĞŵƐĂŶĚƚŚĞĂďŝůŝƚǇŽĨƚŚĞƐĞƐǇƐƚĞŵƐƚŽƉƌĞǀĞŶƚ ĚŝƐĞĂƐĞ͕ĐŽŶƚĂŵŝŶĂƚŝŽŶĂŶĚƵŶƐĂŶŝƚĂƌǇĐŽŶĚŝƚŝŽŶ͘ ͘dŚĞƐƵƐĐĞƉƚŝďŝůŝƚǇŽĨƚŚĞƉƌŽƉŽƐĞĚĨĂĐŝůŝƚǇĂŶĚŝƚƐĐŽŶƚĞŶƚƐƚŽĨůŽŽĚĚĂŵĂŐĞĂŶĚƚŚĞĞĨĨĞĐƚŽĨƐƵĐŚ ĚĂŵĂŐĞŽŶƚŚĞŝŶĚŝǀŝĚƵĂůŽǁŶĞƌ͘ ϮͬϳͬϮϬϭϳ 3DFNHW3J /E ͘dŚĞŝŵƉŽƌƚĂŶĐĞŽĨƚŚĞƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚďǇƚŚĞƉƌŽƉŽƐĞĚĨĂĐŝůŝƚǇƚŽƚŚĞĐŽŵŵƵŶŝƚǇ͘ &͘dŚĞŶĞĞĚĨŽƌĂǁĂƚĞƌĨƌŽŶƚůŽĐĂƚŝŽŶĨŽƌƚŚĞĨĂĐŝůŝƚǇ͘ '͘dŚĞĂǀĂŝůĂďŝůŝƚǇŽĨĂůƚĞƌŶĂƚŝǀĞůŽĐĂƚŝŽŶƐŶŽƚƐƵďũĞĐƚƚŽĨůŽŽĚŝŶŐĨŽƌƚŚĞƉƌŽƉŽƐĞĚƵƐĞ͘ ,͘dŚĞĐŽŵƉĂƚŝďŝůŝƚǇŽĨƚŚĞƉƌŽƉŽƐĞĚƵƐĞǁŝƚŚĞǆŝƐƚŝŶŐĚĞǀĞůŽƉŵĞŶƚĂŶĚĚĞǀĞůŽƉŵĞŶƚĂŶƚŝĐŝƉĂƚĞĚŝŶ ƚŚĞĨŽƌĞƐĞĞĂďůĞĨƵƚƵƌĞ͘ /͘dŚĞƌĞůĂƚŝŽŶƐŚŝƉŽĨƚŚĞƉƌŽƉŽƐĞĚƵƐĞƚŽƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞĨůŽŽĚƉůĂŝŶƉůĂŶĂŶĚŵĂŶĂŐĞŵĞŶƚ ƉƌŽŐƌĂŵĨŽƌƚŚĞĂƌĞĂ͘ 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ĂŶĚďƵŝůĚŝŶŐĞůĞǀĂƚŝŽŶƐǁĞƌĞĂĐĐŽŵƉůŝƐŚĞĚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐŽƌĚŝŶĂŶĐĞ͘ ƌĞŐŝƐƚĞƌĞĚƉƌŽĨĞƐƐŝŽŶĂůĞŶŐŝŶĞĞƌŽƌĂƌĐŚŝƚĞĐƚƐŚĂůůĐĞƌƚŝĨǇƚŚĂƚƚŚĞĨůŽŽĚͲƉƌŽŽĨŝŶŐŵĞƚŚŽĚƐĂƌĞĂĚĞƋƵĂƚĞ ƚŽǁŝƚŚƐƚĂŶĚƚŚĞĨůŽŽĚĚĞƉƚŚ͕ƉƌĞƐƐƵƌĞƐ͕ǀĞůŽĐŝƚŝĞƐ͕ŝŵƉĂĐƚĂŶĚƵƉůŝĨƚĨŽƌĐĞƐ͘tŚĞƌĞĂŶŽŶĐŽŶĨŽƌŵŝŶŐ ƐƚƌƵĐƚƵƌĞŝƐĞǆƚĞŶĚĞĚŽƌƐƵďƐƚĂŶƚŝĂůůǇĂůƚĞƌĞĚƚŚĞĐĞƌƚŝĨŝĐĂƚĞŽĨǌŽŶŝŶŐĐŽŵƉůŝĂŶĐĞƐŚĂůůƐƉĞĐŝĨŝĐĂůůǇƐƚĂƚĞ ƚŚĞŵĂŶŶĞƌŝŶǁŚŝĐŚƚŚĞŶŽŶĐŽŶĨŽƌŵŝŶŐƵƐĞŽƌƐƚƌƵĐƚƵƌĞĚŝĨĨĞƌƐĨƌŽŵƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐŽƌĚŝŶĂŶĐĞ͘ ϲϮ͘ϴϮϴZĞĐŽƌĚƐ͗ dŚĞǌŽŶŝŶŐĂĚŵŝŶŝƐƚƌĂƚŽƌƐŚĂůůŵĂŝŶƚĂŝŶĂƌĞĐŽƌĚŽĨƚŚĞůŽǁĞƐƚĨůŽŽƌ;ŝŶĐůƵĚŝŶŐ ďĂƐĞŵĞŶƚͿĞůĞǀĂƚŝŽŶŽĨĂůůŶĞǁƐƚƌƵĐƚƵƌĞƐĂŶĚĂůƚĞƌĂƚŝŽŶƐŽƌĂĚĚŝƚŝŽŶƐƚŽĞǆŝƐƚŝŶŐƐƚƌƵĐƚƵƌĞƐŝŶĂŶǇŽĨƚŚĞ ĨůŽŽĚĚŝƐƚƌŝĐƚƐ͘ƌĞĐŽƌĚŽĨƚŚĞĨůŽŽĚͲƉƌŽŽĨŝŶŐŵĞĂƐƵƌĞƐƵƚŝůŝǌĞĚƐŚĂůůĂůƐŽďĞŵĂŝŶƚĂŝŶĞĚ͘ ϲϮ͘ϴϮϵ^ƚĂƚĞĂŶĚ&ĞĚĞƌĂůWĞƌŵŝƚƐ͗ WƌŝŽƌƚŽŐƌĂŶƚŝŶŐĂǌŽŶŝŶŐĐĞƌƚŝĨŝĐĂƚĞŽƌƉƌŽĐĞƐƐŝŶŐĂŶĂƉƉůŝĐĂƚŝŽŶĨŽƌ ĂĐŽŶĚŝƚŝŽŶĂůƵƐĞƉĞƌŵŝƚŽƌǀĂƌŝĂŶĐĞƌĞƋƵŝƌĞĚďǇƚŚŝƐƌƚŝĐůĞ͕ƚŚĞǌŽŶŝŶŐĂĚŵŝŶŝƐƚƌĂƚŽƌƐŚĂůůĚĞƚĞƌŵŝŶĞ ƚŚĂƚƚŚĞĂƉƉůŝĐĂŶƚŚĂƐŽďƚĂŝŶĞĚĂůůŶĞĐĞƐƐĂƌǇƐƚĂƚĞĂŶĚĨĞĚĞƌĂůƉĞƌŵŝƚƐƉĞƌƚĂŝŶŝŶŐƚŽĨůŽŽĚͲƉƌŽŽĨŝŶŐĂŶĚ ĨůŽŽĚƉƌŽƚĞĐƚŝŽŶŵĞĂƐƵƌĞƐ͘ 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ĚƌŝǀĞǁĂǇƚŽƚŚĞWĂƌŬĞƉĂƌƚŵĞŶƚĂŶĚDĂǇŽ&ŝĞůĚ͘ dƌĂĨĨŝĐ^ƚƵĚǇǁĂƐƉƌĞƉĂƌĞĚĨŽƌƚŚĞƉƌŽũĞĐƚ͘dŚĞƌĞǁĞƌĞŶŽŝƐƐƵĞƐŝĚĞŶƚŝĨŝĞĚƌĞŐĂƌĚŝŶŐ x ĐŝƌĐƵůĂƚŝŽŶŝŶƚŚĞƌŝŐŚƚŽĨǁĂǇ͘ ϭ .??$GPLQ?'RFV?-DQXDU\DFNHW3J /G ;ϮͿEŽƚĂĚǀĞƌƐĞůǇŝŵƉĂĐƚĂĚũĂĐĞŶƚƌĞƐŝĚĞŶƚŝĂůƉƌŽƉĞƌƚŝĞƐǁŝƚŚĨĂĐƚŽƌƐƐƵĐŚĂƐŶŽŝƐĞĨƌŽŵ ĂĐĐĞůĞƌĂƚŝŶŐŝĚůŝŶŐǀĞŚŝĐůĞƐŽƌƚŚĞŐůĂƌĞŽĨŚĞĂĚůŝŐŚƚƐĨƌŽŵǀĞŚŝĐůĞƐĞŶƚĞƌŝŶŐŽƌůĞĂǀŝŶŐƚŚĞ ƐŝƚĞ͘ dŚĞĚƌŝǀĞǁĂǇƚŽƚŚĞƉƌŽũĞĐƚŝƐƐĐƌĞĞŶĞĚĨƌŽŵƚŚĞƌĞƐŝĚĞŶƚŝĂůŶĞŝŐŚďŽƌŚŽŽĚƚŽƚŚĞĞĂƐƚ x ďǇĂƐŝǆĨŽŽƚƚĂůůƐŽůŝĚƐĐƌĞĞŶŝŶŐĨĞŶĐĞǁŝƚŚƉůĂŶƚŝŶŐƐĂůŽŶŐƚŚĞĞĂƐƚƐŝĚĞŽĨƚŚĞ ƐĐƌĞĞŶŝŶŐĨĞŶĐĞ͘dŚĞƉůĂŶƚŝŶŐƐŝŶĐůƵĚĞƵƉƌŝŐŚƚĂƌďŽƌǀŝƚĂĞĂŶĚĐĂŶŽƉǇƚƌĞĞƐ͘dŚĞ ůĂŶĚƐĐĂƉĞƉůĂŶƐŚŽǁƐƚŚĞƉůĂŶƚŝŶŐĚĞƚĂŝůƐ͘ dŚĞƉƌŽƉŽƐĞĚĚƌŝǀĞƚŽƚŚĞƉƌŽũĞĐƚŚĂƐĂůĂŶĚŝŶŐĂƌĞĂƚŽĂĐĐŽŵŵŽĚĂƚĞĂƐŝŶŐůĞǀĞŚŝĐůĞ x ƚŽĞŶƚĞƌŽƌůĞĂǀĞƚŚĞŐĂƌĂŐĞ͕ĂƐƐƵĐŚ͕ƚŚĞǀĞŚŝĐůĞƐǁŝůůŶŽƚďĞĂĐĐĞůĞƌĂƚŝŶŐŽƌŝĚůŝŶŐĂƚ ƚŚĞŐĂƌĂŐĞĞŶƚƌĂŶĐĞ͘ WĞĚĞƐƚƌŝĂŶŝƌĐƵůĂƚŝŽŶ͗ ͘dŚĞƉůĂŶŝŶĐůƵĚĞƐĞůĞŵĞŶƚƐƚŽĂƐƐƵƌĞƚŚĂƚƉĞĚĞƐƚƌŝĂŶƐĐĂŶŵŽǀĞƐĂĨĞůǇ ďŽƚŚǁŝƚŚŝŶƚŚĞƐŝƚĞĂŶĚĂĐƌŽƐƐƚŚĞƐŝƚĞďĞƚǁĞĞŶƉƌŽƉĞƌƚŝĞƐĂŶĚĂĐƚŝǀŝƚŝĞƐǁŝƚŚŝŶƚŚĞ ŶĞŝŐŚďŽƌŚŽŽĚĂƌĞĂ͕ĂŶĚ͕ǁŚĞƌĞĂƉƉƌŽƉƌŝĂƚĞ͕ĂĐĐŽŵŵŽĚĂƚŝŽŶƐĨŽƌƚƌĂŶƐŝƚĂĐĐĞƐƐĂƌĞƉƌŽǀŝĚĞĚ͘ 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dŚĞĨŝŶĂůƉůĂŶƐƉĞĐŝĨŝĞƐƚŚĞĚĞƚĂŝůƐŽĨƚŚĞďƵĨĨĞƌǇĂƌĚĂůŽŶŐƚŚĞĞĂƐƚƐŝĚĞŽĨƚŚĞƉƌŽũĞĐƚ x ĂŶĚĨŽƌƚŚĞƐĐƌĞĞŶŝŶŐŽĨƚŚĞĂĐĐĞƐƐƚŽƚŚĞďƵŝůĚŝŶŐĨƌŽŵƚŚĞƌĞƐŝĚĞŶƚŝĂůĂƌĞĂƚŽƚŚĞ ĞĂƐƚ͘ &ŝŶĂůƵŝůĚŝŶŐĞƐŝŐŶ͗ ,͘dŚĞĨŝŶĂůďƵŝůĚŝŶŐĚĞƐŝŐŶŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƉƌŝŶĐŝƉůĞƐŝĚĞŶƚŝĨŝĞĚŝŶ ƉƌĞůŝŵŝŶĂƌǇĚĞǀĞůŽƉŵĞŶƚƉůĂŶƌĞůĂƚŝǀĞƚŽ,ĞŝŐŚƚ/ŵƉĂĐƚ͕^ĞƚďĂĐŬƐ͕ĂŶĚ/ŶƚĞƌŶĂů^ŝƚĞĞƐŝŐŶ͘ dŚĞƐŝŶŐůĞƐƚƌƵĐƚƵƌĞŽĨĨŝǀĞĨůŽŽƌƐŽĨƌĞƐŝĚĞŶƚŝĂůŽǀĞƌĂƉĂƌŬŝŶŐŐĂƌĂŐĞŝƐŽƌŝĞŶƚĞĚǁŝƚŚ x ƚŚĞƉŽŽůĂŶĚĂŵĞŶŝƚǇĚĞĐŬĨĂĐŝŶŐƚŽǁĂƌĚƐƚŚĞǁĞƐƚƚŽƉƌŽǀŝĚĞĂǀŝƐƵĂůŽĨĚŽǁŶƚŽǁŶ ZŽĐŚĞƐƚĞƌ^ŬǇůŝŶĞŽǀĞƌƚŚĞƵŵďƌŽZŝǀĞƌĂŶĚŚĂƐĂŶŽďƐĞƌǀĂƚŝŽŶĚĞĐŬŽǀĞƌůŽŽŬŝŶŐ DĂǇŽ&ŝĞůĚ͘ ϯ .??$GPLQ?'RFV?-DQXDU\ /G dŚĞďƵŝůĚŝŶŐĚĞƐŝŐŶŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƉƌŝŶĐŝƉůĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉƌĞůŝŵŝŶĂƌǇƉůĂŶ͘ x dŚĞƚŽƚĂůŚĞŝŐŚƚŽĨƚŚĞďƵŝůĚŝŶŐŚĂƐďĞĞŶƐůŝŐŚƚůǇƌĞĚƵĐĞĚŽŶƚŚĞĨŝŶĂůƉůĂŶĨƌŽŵƚŚĞ ƉƌĞůŝŵŝŶĂƌǇƉůĂŶ͘ŵŽƌĞĚĞƚĂŝůĞĚ^ŚĂĚŽǁ^ƚƵĚǇǁĂƐƉƌŽǀŝĚĞĚďĞƚǁĞĞŶƚŚĞWůĂŶŶŝŶŐ ŽŵŵŝƐƐŝŽŶƌĞǀŝĞǁŽĨƚŚĞWƌĞůŝŵŝŶĂƌǇWůĂŶĂŶĚƚŚĞŽƵŶĐŝůĂƉƉƌŽǀĂů͘dŚĞŵŽƌĞ ĚĞƚĂŝůĞĚ^ŚĂĚŽǁWůĂŶŝƐŝŶĐůƵĚĞĚŝŶƚŚĞ&ŝŶĂůWůĂŶƐĞƚ͘ ^ĞƚďĂĐŬƐŽŶƚŚĞĨŝŶĂůƉůĂŶĂƌĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƉƌĞůŝŵŝŶĂƌǇƉůĂŶ͘dŚĞƚŽƚĂůďƵŝůĚŝŶŐƐ x 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