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November 6, 2017 Agenda Packet
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WĂǀĞŵĞŶƚĞƐŝŐŶŽŶƚƌĂĐƚ WƌŽĨĞƐƐŝŽŶĂůdĞĐŚŶŝĐĂů^ĞƌǀŝĐĞƐŽŶƚƌĂĐƚ WƌĞĐŽŶƐƚƌƵĐƚŝŽŶ͗ 'ĞŽƚĞĐŚŶŝĐĂůZĞƉŽƌƚϭϬϬϮ͘ϲ ƉƉƌŽǀĞĚƉůĂŶŝŶW&ĂŶĚϭϬϭϯ͘ϰ WĂǀĞŵĞŶƚĞƐŝŐŶZĞƉŽƌƚϭϬϬϮ͘ϳ WƌĞͲŽŶƐƚƌƵĐƚŝŽŶDĞĞƚŝŶŐŐĞŶĚĂĂŶĚDŝŶƵƚĞƐϭϬϭϰ͘ϭ ŽŶƐƚƌƵĐƚŝŽŶ͗ ŽŶƐƚƌƵĐƚŝŽŶWƌŽŐƌĞƐƐDĞĞƚŝŶŐƐϭϬϭϰ͘Ϯ EŽƚŝĐĞƚŽWƌŽĐĞĞĚϭϬϭϰ͘ϯ &ŝĞůĚKďƐĞƌǀĂƚŝŽŶƐ͕ŝĂƌŝĞƐĂŶĚWŚŽƚŽƐϭϬϭϰ͘ϱ DĂƚĞƌŝĂůdĞƐƚZĞƉŽƌƚƐϭϬϭϰ͘ϲͬϭϬϭϰ͘ϳ DĂƚĞƌŝĂůĞƌƚŝĨŝĐĂƚŝŽŶƐϭϬϭϰ͘ϵ ^ƵƌǀĞLJEŽƚĞƐĂŶĚĂƚĂϭϬϭϰ͘ϰ >ŽƚŽƌŶĞƌsĞƌŝĨŝĐĂƚŝŽŶWůĂŶZKϱϬ dĞůĞǀŝƐŝŶŐŽĨ^ĂŶŝƚĂƌLJĂŶĚ^ƚŽƌŵĂƚĂϭϬϭϰ͘ϲ ůŽƐĞŽƵƚ͗ ŶŐŝŶĞĞƌΖƐĞƌƚŝĨŝĐĂƚŝŽŶŽĨĐĐĞƉƚĂŶĐĞWĂƌƚ/ĂŶĚWĂƌƚ//ϭϬϭϰ͘ϵ tĂƚĞƌŵĂŝŶĐĐĞƉƚĂŶĐĞZĞƉŽƌƚ;ZWhͿ ϭϬϭϰ͘ϲ ZĞĐŽƌĚƌĂǁŝŶŐƐŝŶW&ĂŶĚϭϬϭϯ͘ϱ WĂǀĞŵĞŶƚŽƌĞƐϭϬϭϰ͘ϴ /ŶƐƉĞĐƚŝŽŶͲĞĨŽƌĞ ŶŐŝŶĞĞƌΖƐĞƌƚŝĨŝĐĂƚŝŽŶŽĨĐĐĞƉƚĂŶĐĞWĂƌƚ//ϭϬϭϰ͘ϵ tĂƌƌĂŶƚLJ/ŶƐƉĞĐƚŝŽŶͲĞĨŽƌĞ ŶŐŝŶĞĞƌΖƐĞƌƚŝĨŝĐĂƚŝŽŶŽĨĐĐĞƉƚĂŶĐĞWĂƌƚ///ϭϬϭϰ͘ϵ 3DFNHW3J (E ' E Z>KE/d/KE^ d ZDK&KEdZd͕K>/'d/KE^ $57,&/( dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĞĨĨĞĐƚŝǀĞƵƉŽŶƚŚĞůĂƚĞƌŽĨƚŚĞĚĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌƵƉŽŶĞdžĞĐƵƚŝŽŶĂŶĚĂƉƉƌŽǀĂůďLJ $ ďŽƚŚƉĂƌƚŝĞƐ͘dŚŝƐŽŶƚƌĂĐƚǁŝůůƌĞŵĂŝŶŝŶĞĨĨĞĐƚƵŶƚŝůƚŚĞ džƉŝƌĂƚŝŽŶĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌƵŶƚŝůĂůů ŽďůŝŐĂƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĨƵůĨŝůůĞĚ͘ &ŽƌĚĞůĂLJƐĞŶĐŽƵŶƚĞƌĞĚƚŚĂƚĂƌĞďĞLJŽŶĚ E'/E Z͛ƐĐŽŶƚƌŽů͕ĂŶĚƵƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚĨƌŽŵ E'/E Z͕ƚŚĞ/dzΖƐ % ƵƚŚŽƌŝnjĞĚŐĞŶƚŵĂLJĞdžƚĞŶĚƚŚĞtŽƌŬŽŵƉůĞƚŝŽŶĂƚĞĞƐƚĂďůŝƐŚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞůĞŶŐƚŚ ŽĨƐƵĐŚƚŝŵĞĞdžƚĞŶƐŝŽŶǁŝůůďĞĚĞƚĞƌŵŝŶĞĚďLJƚŚĞ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚ͘ /ƚǁŝůůďĞ E'/E Z͛ƐƌĞƐƉŽŶƐŝďŝůŝƚLJƚŽƌĞĂƐŽŶĂďůLJŶŽƚŝĨLJ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ŝŶǁƌŝƚŝŶŐ͕ŝĨ E'/E ZŚĂƐƌĞĂƐŽŶƚŽ & ďĞůŝĞǀĞƚŚĞƉƌŽũĞĐƚǁŝůůŶŽƚďĞĐŽŵƉůĞƚĞĚĂƐƐĐŚĞĚƵůĞĚ͘/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚLJƚŽĂĚũƵƐƚƚŚĞ ƐĐŚĞĚƵůĞĂŶĚĨŝŶĂůĐŽƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐƵĐŚĚĞůĂLJƐ͕ĂƐƉƌŽǀŝĚĞĚŝŶƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͘ ŶŐŝŶĞĞƌƐŚĂůůĨƵƌŶŝƐŚĂůůŵĂƚĞƌŝĂůƐ͕ĂůůŶĞĐĞƐƐĂƌLJƚŽŽůƐĂŶĚĞƋƵŝƉŵĞŶƚ͕ĂŶĚƉĞƌĨŽƌŵĂůůǁŽƌŬĂŶĚůĂďŽƌŶĞĐĞƐƐĂƌLJƚŽ ' ĚĞƚĞƌŵŝŶĞŽŶƚƌĂĐƚŽƌ͛ƐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞWƌŽũĞĐƚĐŽŶƐŝƐƚĞŶƚǁŝƚŚŝƚLJĚĞƐŝŐŶƐƉĞĐŝĨŝĐĂƚŝŽŶƐĂŶĚ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂƉƉƌŽǀĞĚĐŝǀŝůĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶƐĨŽƌƚŚĞWƌŽũĞĐƚ͘ /dzƌĞĐŽŐŶŝnjĞƐƚŚĂƚ E'/E ZƉƌŽǀŝĚĞĚƐĞƌǀŝĐĞƐƚŽƚŚĞKǁŶĞƌƵŶĚĞƌĂŝƚLJͲKǁŶĞƌĐŽŶƚƌĂĐƚĂƵƚŚŽƌŝnjŝŶŐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶ ( ŽĨƚŚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐĨŽƌǁŚŝĐŚĐŽŶƐƚƌƵĐƚŝŽŶŝŶƐƉĞĐƚŝŽŶĂŶĚŽďƐĞƌǀĂƚŝŽŶƐĞƌǀŝĐĞƐĂƌĞďĞŝŶŐƌĞƋƵĞƐƚĞĚ͘/dzǁĂŝǀĞƐĂŶLJ ĂŶĚĂůůĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚƌŝŐŚƚƐĂŐĂŝŶƐƚ E'/E ZƌĞůĂƚŝǀĞƚŽƚŚŝƐĂƌƌĂŶŐĞŵĞŶƚ͘ 'Ks ZE/E'>t͕:hZ/^/d/KE͕Es Eh $57,&/( dŚŝƐŽŶƚƌĂĐƚƐŚĂůůďĞŐŽǀĞƌŶĞĚďLJĂŶĚĐŽŶƐƚƌƵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞůĂǁƐŽĨƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͘sĞŶƵĞĨŽƌĂůůůĞŐĂů $ ƉƌŽĐĞĞĚŝŶŐƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞŝŶƚŚĞĂƉƉůŝĐĂďůĞƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶ KůŵƐƚĞĚŽƵŶƚLJĂŶĚDŝŶŶĞƐŽƚĂƌĞƐƉĞĐƚŝǀĞůLJ͘ d ZD^K&' E Z>KE/d/KE^ $57,&/( ŶLJĂŶĚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨŽƌĐĞƵŶůĞƐƐƚŚĞLJĂƌĞƐƉĞĐŝĨŝĐĂůůLJĂŶĚĚĞůŝďĞƌĂƚĞůLJ $ ĐĂŶĐĞůĞĚŽƌŵŽĚŝĨŝĞĚďLJƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŽƚŚĞĞdžƚĞŶƚŽĨĂŶLJŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ % ǁŝůůĐŽŶƚƌŽů͘DŝŶŶĞƐŽƚĂ>ĂǁƐƵƉĞƌƐĞĚĞƐĂŶLJŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ d ZD^K&WzD Ed $57,&/( ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůLJƐƵƉƉůŝĞĚďLJ $ E'/E ZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďLJ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ Zd/> ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂLJŵĞŶƚ͘͟ /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶLJƚŝŵĞƚŚĂƚ E'/E ZǁŝůůĞdžĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ % ŽŶƚƌĂĐƚ͕ E'/E ZŵƵƐƚŶŽƚŝĨLJ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůLJŵĂŶŶĞƌ͘ E'/E ZŵĂLJŶŽƚďĞ ĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞdžĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůLJĞdžĞĐƵƚĞĚ͕ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶLJǁŽƌŬƉĞƌĨŽƌŵĞĚďĞLJŽŶĚƚŚĂƚŝĚĞŶƚŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌǁƌŝƚƚĞŶ ĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďLJ/dzŵĂLJďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌLJĂŶĚ E'/E ZŵĂLJŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌƚŚĞĞdžƚƌĂ ǁŽƌŬ͘ /Ĩ E'/E ZĐůĂŝŵƐĂŶLJŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌŽƚŚĞƌĐŽŶĚŝƚŝŽŶƐĞdžŝƐƚƚŚĂƚƌĞƋƵŝƌĞĞdžƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐ & ŽŶƚƌĂĐƚ͕ E'/E ZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶLJĞdžƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϮϬĂůĞŶĚĂƌĚĂLJƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶ ŽƌŽďƐĞƌǀĂŶĐĞŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďLJƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ ŶLJĐůĂŝŵŵĂĚĞĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂLJďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶLJǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶ 3DFNHW3J (E ĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůLJĂƉƉƌŽǀĞĚĂŶĚĞdžĞĐƵƚĞĚďLJƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚ E'/E ZΖƐŽǁŶƌŝƐŬ͘ ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞdžƉĞŶƐĞƐĂĐƚƵĂůůLJĂŶĚŶĞĐĞƐƐĂƌŝůLJŝŶĐƵƌƌĞĚďLJ E'/E ZĂƐĂƌĞƐƵůƚŽĨ ' ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞdžĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ E'/E ZŵĂLJďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞdžƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͕ĂŶĚŝĚĞŶƚŝĨŝĞĚŝŶ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ƌƚŝĐůĞϯ͘ WZK hZ &KZWzD Ed $57,&/( WĂLJŵĞŶƚƐǁŝůůďĞŵĂĚĞďLJ/dzǁŝƚŚŝŶϯϬĚĂLJƐŽĨ E'/E Z͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨƉƌŽƉĞƌůLJƉƌĞƉĂƌĞĚŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐ $ ƌĞƉŽƌƚƐĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘/dzƐŚĂůůŶŽƚŝĨLJ E'/E ZŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂLJƐŽĨ E'/E Z͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞLJďĞůŝĞǀĞƚŚĞƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůLJƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐǁĞƌĞ ŶŽƚƉƌŽƉĞƌůLJƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽŶƚƌĂĐƚ͘ /ŶǀŽŝĐĞƐĨŽƌƉĂLJŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďLJ E'/E ZŵŽŶƚŚůLJƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚŝŶƚŚĞĨŽƌŵƉƌĞƐĐƌŝďĞĚďLJ % /dz͘/ŶǀŽŝĐĞƐƐŚŽƵůĚŝĚĞŶƚŝĨLJƚŚĞƉƌŽũĞĐƚĂŶĚƚŚĞĐŽƐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚĂŶĚ ŵƵƐƚƐĂƚŝƐĨLJƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ ϭ͘ ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůLJŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐ ĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚ E'/E ZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚ ĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶLJƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚƉĂLJŵĞŶƚ͘ ϯ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌLJĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝnjĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐĂƌĞƉƌŽƉĞƌůLJ ĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌLJĐŽƐƚƐĂƌĞĂŶLJĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐĚŝƌĞĐƚůLJƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬ ŽĨƚŚĞ E'/E Z͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ ϰ͘ E'/E ZŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ ŝƌĞĐƚƐĂůĂƌLJĐŽƐƚƐŽĨĞŵƉůŽLJĞĞƐΖƚŝŵĞĚŝƌĞĐƚůLJĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ D dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂLJƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨLJŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽLJĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂLJ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂLJŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂLJƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽLJĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ E ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽLJĞĞΖƐŶĂŵĞ͕ŚŽƵƌůLJ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂLJƉĞƌŝŽĚ͘ ϱ͘ E'/E ZŵƵƐƚƉƌŽǀŝĚĞĂĐŽƉLJŽĨƚŚĞŝŶǀŽŝĐĞƚŚĞLJĨŽƌǁĂƌĚĞĚƚŽƚŚĞĐŝƚLJƚŽƚŚĞĚĞǀĞůŽƉĞƌĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐ͘ dŚŝƐĚŽĐƵŵĞŶƚƐŚŽƵůĚďĞĐůĞĂƌĞĚƐƚĂƚĞĚƚŚĂƚŝƚ͛ƐĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐŽŶůLJ͘ /Ĩ E'/E ZŝƐĂƵƚŚŽƌŝnjĞĚďLJ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶLJƐƵďĐŽŶƐƵůƚĂŶƚƐ͕ E'/E ZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ & ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶLJƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŽŶƚƌĂĐƚ͕ĂŶĚ E'/E ZŵƵƐƚĐŽŵƉůLJǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůLJƉĂLJŵĞŶƚďLJ E'/E ZŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͛Ɛ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂLJŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞƐƵď ĐŽŶƐƵůƚĂŶƚŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ E'/E ZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ' ĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzD Ed $57,&/( &ŽƌĂůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďLJ E'/E ZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞ ŶŐŝŶĞĞƌƐŚĂůůŵĂŝŶƚĂŝŶŝƚƐĞƚŚŝĐĂůĂŶĚ $ ůĞŐĂůĚƵƚLJŽĨĂƉƌŽĨĞƐƐŝŽŶĂůƚŽĞdžĞƌĐŝƐĞƚŚĞůĞǀĞůŽĨĐĂƌĞ͕ĚŝůŝŐĞŶĐĞ͕ĂŶĚƐŬŝůůƉƌĞƐĐƌŝďĞĚŝŶƚŚĞĐŽĚĞŽĨƉƌĂĐƚŝĐĞŽĨŚŝƐŽƌŚĞƌ ƉƌŽĨĞƐƐŝŽŶ͕ŽƌĂƐŽƚŚĞƌƉƌŽĨĞƐƐŝŽŶĂůƐŝŶƚŚĞƐĂŵĞĚŝƐĐŝƉůŝŶĞǁŽƵůĚŝŶƚŚĞƐĂŵĞŽƌƐŝŵŝůĂƌĐŝƌĐƵŵƐƚĂŶĐĞƐ͘dŚĞ E'/E Z ƐŚĂůůĐŽŵƉůLJǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďLJĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵ E'/E Z͛ƐƐĞƌǀŝĐĞƐ͘ 3DFNHW3J (E E'/E ZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂLJŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ % ƌĞŐƵůĂƚŝŽŶƐ͘ ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďLJƉƌŽŐƌĞƐƐƉĂLJŵĞŶƚƐŵĂĚĞďLJ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚLJŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ & ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐ E'/E ZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂLJŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶLJĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞ E'/E Z͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞLJŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ ƐŚĂůůŝŶĚĞŵŶŝĨLJ E'/E ZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐ E'/E ZĂŶŽŶͲĞdžĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞ ĞdžƚĞŶƚŽĨƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/E ZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶLJǁĂLJƚŽƌĞůŝĞǀĞ E'/E ZĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐĞƌǀŝĐĞƐ ' ĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞdžĐĞĞĚƚŚĂƚŝƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ E'/E ZŝƐŶŽƚĂƵƚŚŽƌŝnjĞĚƚŽĚŝƌĞĐƚƚŚĞǁŽƌŬŽĨŽŶƚƌĂĐƚŽƌ͕ƵŶůĞƐƐŝƚLJŝƐŐŝǀĞŶƐƵĐŚĂƵƚŚŽƌŝƚLJ͕ŝŶǁƌŝƚŝŶŐ͕ďLJKǁŶĞƌ͘ ( E'/E ZĐŽŵŵƵŶŝĐĂƚŝŽŶƐŚĂůůďĞĚŝƌĞĐƚůLJǁŝƚŚKǁŶĞƌ͛ƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞ;ŽŶƐƚƌƵĐƚŝŽŶĨŽƌĞŵĞŶŽƌƐƵƉĞƌŝŶƚĞŶĚĞŶƚŽƌ ŽƚŚĞƌŵĞŵďĞƌŝĚĞŶƚŝĨŝĞĚĂƐWƌŽũĞĐƚDĂŶĂŐĞƌͿ͕ĂŶĚƚŽŝƚLJ ŶŐŝŶĞĞƌŽƌŚŝƐĚĞƐŝŐŶĞĞ͘ ^^/'ED Ed $57,&/(ĞĚŝŶƚŚŝƐ ŽŶƚƌĂĐƚ͘ ĐŽƉLJŽĨĂŶLJĂŶĚĂůůƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚƐŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚĂĨƚĞƌĞdžĞĐƵƚŝŽŶŽĨƚŚĞƐƵď % ĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽǁŽƌŬƐƚĂƌƚŝŶŐƵŶĚĞƌƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚ͘ D ED Ed^͕,E' KZ Z^͕D Z' Z͕KhEd ZWZd^͕Et/s Z $57,&/( ŵĞŶĚŵĞŶƚƐƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĐŽŶƐŝĚĞƌĞĚŽŶůLJĨŽƌƵŶĨŽƌĞƐĞĞŶǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŚĂƚǁĞƌĞĞdžĐůƵĚĞĚŝŶƚŚĞ^ĐŽƉĞŽĨ $ tŽƌŬ͕ĞŶƚŝƚůĞĚ͞ĞƚĂŝůĞĚ^ĐŽƉĞŽĨtŽƌŬ͕͟ĂŶĚƚŚĂƚĂƌĞĐŽŶƐŝĚĞƌĞĚĞƐƐĞŶƚŝĂůƚŽƚŚĞǁŽƌŬ͘ŶLJǁƌŝƚƚĞŶĐůĂŝŵŵĂĚĞďLJ E'/E ZĨŽƌĞdžƚƌĂǁŽƌŬŽƌĐŽƐƚƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐďĞĞŶĂƉƉƌŽǀĞĚďLJƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚŵƵƐƚďĞ ĞǀŝĚĞŶĐĞĚďLJĂŶĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚ͘ŵĞŶĚŵĞŶƚƐŵƵƐƚďĞŝŶǁƌŝƚŝŶŐĂŶĚĞdžĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚďLJƚŚĞƐĂŵĞ ƉĂƌƚŝĞƐĂŶĚŽĨĨŝĐŝĂůƐǁŚŽĞdžĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚƚŚĞŽƌŝŐŝŶĂůŽŶƚƌĂĐƚ͕ŽƌƚŚĞŝƌƐƵĐĐĞƐƐŽƌƐŝŶŽĨĨŝĐĞ͘ E'/E ZŵƵƐƚŶŽƚŝĨLJ /dz͛ƐWƌŽũĞĐƚDĂŶĂŐĞƌŝŶǁƌŝƚŝŶŐŝĨ E'/E ZǁŝůůďĞĚĞůĂLJĞĚŝŶĂŶLJǁĂLJĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂLJďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ % ŽĨ E'/E Z͘ŶLJĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůLJĂŶĚĨƵůůLJĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďLJďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ & ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚLJƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďLJďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůLJŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘ E'/E Z͕ ďLJƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝnjĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďLJĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞ E'/E ZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďLJŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚŵĂLJďĞĞdžĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ' ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞŽŶƚƌĂĐƚ͘ 3DFNHW3J (E KDW>/E t/d,>/ E^ ^͕W ZD/d^͕EKd, ZZ 'h>d/KE^ $57,&/( E'/E ZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ĐĞƌƚŝĨŝĐĂƚŝŽŶƐ͕ĞĚƵĐĂƚŝŽŶ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌLJƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐ $ ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/ ^E/Ed >> dh>WZKW Zdz $57,&/( dŚĞDŝŶŶĞƐŽƚĂ'ŽǀĞƌŶŵĞŶƚĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ $ ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ ŶLJƌĞƉŽƌƚƐ͕ƐƚƵĚŝĞƐ͕ƉŚŽƚŽŐƌĂƉŚƐ͕ŶĞŐĂƚŝǀĞƐ͕ŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐĐƌĞĂƚĞĚĂŶĚƉĂŝĚĨŽƌďLJ E'/E ZŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ % ŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂƌĞŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞŝŶƌĞƐƉĞĐƚƚŽ E'/E Z͛ƐƐĞƌǀŝĐĞƐĂŶĚĂƌĞƚŚĞĞdžĐůƵƐŝǀĞ ƉƌŽƉĞƌƚLJŽĨ/dz͘ E'/E ZŵƵƐƚƌĞŵŝƚĂůůƐƵĐŚŵĂƚĞƌŝĂůƐƚŽ/dzƵƉŽŶĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞ /dzǁŝůůŝŶĚĞŵŶŝĨLJ E'/E ZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵĂŶLJƌĞƵƐĞŽĨƐƵĐŚŵĂƚĞƌŝĂůƐďĞLJŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞŝƚLJƐŚĂůůŐƌĂŶƚƚŚĞ E'/E ZĂŶŽŶͲĞdžĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞĞdžƚĞŶƚŽĨƚŚĞ/dzΖƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/E ZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ E'/E ZǁĂŝǀĞƐĂůůĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞ/dzƌĞƐƵůƚŝŶŐŝŶĂŶLJǁĂLJĨƌŽŵĂŶLJƌĞƵƐĞŽĨ ƚŚĞ E'/E Z͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŝƌĞĐƚĞĚďLJ/dz͕ƚŚĞŽƌŝŐŝŶĂůƐŽĨƌĞƉŽƌƚƐ͕ƚĞƐƚƐ͕ĚƌĂǁŝŶŐƐĂŶĚƉůĂŶƐ͖ĂŶĚůĞŐŝďůLJƌĞƉƌŽĚƵĐŝďůĞĐŽƉŝĞƐŽĨ & ǁŽƌŬƐŚĞĞƚƐ͕ĨŝĞůĚŶŽƚĞƐ͕ĐŽŵƉƵƚĂƚŝŽŶƐ͕ƉŚŽƚŽƐ͕ƚĞƐƚƌĞƐƵůƚƐ͕ĂŶĚŽƚŚĞƌƉƌŽũĞĐƚĚĂƚĂŵƵƐƚďĞƌĞůŝŶƋƵŝƐŚĞĚƚŽ/dz͗ ϭ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ Ϯ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĨŝĐĂƚŝŽŶďLJ/dz͘ ϯ͘WƌŝŽƌƚŽĨŝŶĂůƉĂLJŵĞŶƚďLJ/dzƚŽ E'/E ZĨŽƌƚŚŝƐŽŶƚƌĂĐƚ͘ ͘EŽƚǁŝƚŚƐƚĂŶĚŝŶŐƚŚĞĂďŽǀĞƉĂƌĂŐƌĂƉŚƐ͕ǁŽƌŬƉĂƉĞƌƐ͕ƉƌŽƉƌŝĞƚĂƌLJŝŶĨŽƌŵĂƚŝŽŶ͕ƉƌŽĐĞƐƐĞƐ͕ŵĞƚŚŽĚŽůŽŐŝĞƐ͕ŬŶŽǁͲŚŽǁĂŶĚ ƐŽĨƚǁĂƌĞ;͞ E'/E ZĂƚĂ͟ͿƉƌĞǀŝŽƵƐůLJďĞůŽŶŐŝŶŐŽƌůŝĐĞŶƐĞĚƚŽ E'/E ZĂŶĚƵƐĞĚƚŽƉĞƌĨŽƌŵ E'/E Z͛ƐƐĞƌǀŝĐĞƐƐŚĂůů ƌĞŵĂŝŶƚŚĞƉƌŽƉĞƌƚLJŽĨ E'/E Z͘ E'/E ZƐŚĂůůƌĞƚĂŝŶĂŶŽǁŶĞƌƐŚŝƉĂŶĚƉƌŽƉĞƌƚLJŝŶƚĞƌĞƐƚƚŚĞƌĞŝŶ;ŝŶĐůƵĚŝŶŐƚŚĞĐŽƉLJƌŝŐŚƚ ĂŶĚƚŚĞƌŝŐŚƚŽĨƌĞƵƐĞĂƚƚŚĞĚŝƐĐƌĞƚŝŽŶŽĨƚŚĞ E'/E ZͿ͕ǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞWƌŽũĞĐƚŝƐĐŽŵƉůĞƚĞĚ͘dŽƚŚĞĞdžƚĞŶƚƚŚĞƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚďLJ E'/E ZĐŽŶƚĂŝŶ E'/E ZĂƚĂ͕ E'/E ZŚĞƌĞďLJŐƌĂŶƚƐƚŽ/dzĂŶŽŶͲĞdžĐůƵƐŝǀĞ͕ŶŽŶͲĂƐƐŝŐŶĂďůĞ͕ƌŽLJĂůƚLJͲ ĨƌĞĞ͕ŝƌƌĞǀŽĐĂďůĞůŝĐĞŶƐĞƚŽƵƐĞƐƵĐŚ E'/E ZĂƚĂĨŽƌƚŚĞƉƵƌƉŽƐĞƐƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͕ƐƵďũĞĐƚƚŽƚŚĞĨŽůůŽǁŝŶŐůŝŵŝƚĂƚŝŽŶƐ͗ ƐƵĐŚ E'/E ZĂƚĂĂƌĞŶŽƚŝŶƚĞŶĚĞĚŽƌƌĞƉƌĞƐĞŶƚĞĚƚŽďĞƐƵŝƚĂďůĞĨŽƌƵƐĞŽƌƌĞƵƐĞďLJ/dzŽŶĞdžƚĞŶƐŝŽŶŽĨƚŚĞWƌŽũĞĐƚŽƌ ŽŶĂŶLJŽƚŚĞƌƉƌŽũĞĐƚǁŝƚŚŽƵƚǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďLJ E'/E ZĂŶĚĂŶLJƐƵĐŚƌĞƵƐĞŽƌŵŽĚŝĨŝĐĂƚŝŽŶŽĨƚŚĞ E'/E ZĂƚĂǁŝƚŚŽƵƚƚŚĞǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďLJ E'/E ZƐŚĂůůďĞĚŽŶĞĂƚ/dz͛ƐƐŽůĞƌŝƐŬĂŶĚǁŝƚŚŽƵƚ ůŝĂďŝůŝƚLJƚŽ E'/E Z͘ >//>/dz $57,&/( 'ĞŶĞƌĂůͲ,ĂǀŝŶŐĐŽŶƐŝĚĞƌĞĚƚŚĞƉŽƚĞŶƚŝĂůůŝĂďŝůŝƚŝĞƐƚŚĂƚŵĂLJĞdžŝƐƚĚƵƌŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ^ĞƌǀŝĐĞƐ͕ƚŚĞďĞŶĞĨŝƚƐ $ ŽĨƚŚĞƉƌŽũĞĐƚ͕ĂŶĚƚŚĞ E'/E Z͛ƐĨĞĞĨŽƌƚŚĞ^ĞƌǀŝĐĞƐ͕ĂŶĚŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞƉƌŽŵŝƐĞƐĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ /dzĂŶĚ E'/E ZĂŐƌĞĞƚŽĂůůŽĐĂƚĞĂŶĚůŝŵŝƚƐƵĐŚůŝĂďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐƌƚŝĐůĞ͘ /ŶĚĞŵŶŝĨŝĐĂƚŝŽŶͲ E'/E ZĂŶĚ/dz;ƚŚĞ͞/ŶĚĞŵŶŝĨLJŝŶŐWĂƌƚLJ͟ͿƐŚĂůůďĞůŝĂďůĞĨŽƌŝƚƐŽǁŶŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐĂŶĚ % ŽŵŝƐƐŝŽŶƐƚŽƚŚĞĞdžƚĞŶƚƉƌŽǀŝĚĞĚďLJůĂǁĂŶĚƐƵďũĞĐƚƚŽƚŚĞ/dz͛ƐĐĂƉŽŶŵƵŶŝĐŝƉĂůƚŽƌƚůŝĂďŝůŝƚLJƵŶĚĞƌDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ ^ĞĐƚŝŽŶϰϲϲ͘Ϭϰ͕ĂŶĚŚĞƌĞďLJĂŐƌĞĞƐƚŽĚĞĨĞŶĚ͕ŝŶĚĞŵŶŝĨLJ͕ĂŶĚŚŽůĚŚĂƌŵůĞƐƐƚŚĞŽƚŚĞƌ;͞ƚŚĞ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚLJ͟Ϳ͕ĨƌŽŵ ĂŶLJůŝĂďŝůŝƚLJ͕ĚĂŵĂŐĞƐ͕ĂŶĚĐŽƐƚƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞŶĞŐůŝŐĞŶƚĂĐƚƐŽĨ E'/E ZĂŶĚ/dzĂŶĚĂŶLJŽŶĞĨŽƌǁŚŽƐĞŶĞŐůŝŐĞŶƚ ĂĐƚƐƚŚĞLJŵĂLJďĞůŝĂďůĞĨŽƌŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚŝĐŚƚŚĞ/ŶĚĞŵŶŝĨŝĞĚ WĂƌƚLJ͕ŝƚƐŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽLJĞĞƐŵĂLJŚĞƌĞĂĨƚĞƌƐƵƐƚĂŝŶ͕ŝŶĐƵƌŽƌďĞƌĞƋƵŝƌĞĚƚŽƉĂLJƚŽƚŚĞĨƵůůĞĨĨĞĐƚƉƌŽǀŝĚĞĚďLJ DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϯϯϳ͕ƚŽƚŚĞĞdžƚĞŶƚƚŚĞ E'/E ZĂŶĚ/dzĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐƵĐŚůŝĂďŝůŝƚLJ͕ĐŽƐƚƐ͕ĚĂŵĂŐĞƐ͕ ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞLJƐ͛ĨĞĞƐ͘/ŶƚŚĞĞǀĞŶƚĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌĞdžƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďLJƚŚĞũŽŝŶƚŽƌ ĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨ E'/E ZĂŶĚ/dz͕ƚŚĞLJƐŚĂůůďĞďŽƌŶĞďLJĞĂĐŚƉĂƌƚLJŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ ^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚŝƐŽŶƚƌĂĐƚŝƐ & ƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶLJƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ 3DFNHW3J (E tKZ< Z^ΖKDW E^d/KE $57,&/( ŶLJĂŶĚĂůůĞŵƉůŽLJĞĞƐŽĨ E'/E Z͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ $ ĂŶLJǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďLJ E'/E ZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽLJĞĞƐŽĨ/dz͘ŶLJĂŶĚĂůů ĐůĂŝŵƐƚŚĂƚŵĂLJĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽLJĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐ ǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶLJĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďLJĂŶLJƚŚŝƌĚƉĂƌƚLJĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶLJĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨ E'/E ZΖƐĞŵƉůŽLJĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽĞŶŐĂŐĞĚŽŶĂŶLJŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶŶŽǁĂLJ ďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨ/dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞ ǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂLJĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚ E'/E Z͘ KE^ $57,&/( dŚŝƐƌƚŝĐůĞŝƐŚĞƌĞďLJĚĞůĞƚĞĚ͘ /E^hZE $57,&/( ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞĨŽƌĞĂĐŚƚLJƉĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĨŝůĞĚǁŝƚŚƚŚĞ/dz͛ƐƵƚŚŽƌŝnjĞĚ $ ŐĞŶƚƉƌŝŽƌƚŽĞdžĞĐƵƚŝŽŶŽĨƚŚĞŽŶƚƌĂĐƚďLJŝƚLJ͘ ĂĐŚƉŽůŝĐLJŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ /dzĂϯϬͲĚĂLJŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ E'/E ZŵƵƐƚŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌLJĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗ % ϭ͘ E'/E ZƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƐŝƐƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌLJ ĨŽƌƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐďLJ E'/E ZĂŶĚŝƚƐĞŵƉůŽLJĞĞƐ͘ Ϯ͘dŚĞ E'/E ZƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐƐĞƉĂƌĂƚĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĞŶĚŽƌƐĞŵĞŶƚƐĨŽƌĞĂĐŚƐƵďĐŽŶƐƵůƚĂŶƚ͘ E'/E ZƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐĨƌŽŵŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ tŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͗ ϯ͘ E'/E ZǁŝůůƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌĂůů E'/E Z ĞŵƉůŽLJĞĞƐĂŶĚ͕ŝŶĐĂƐĞĂŶLJǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕ E'/E ZǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌLJƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/dzŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ ͕ ŵƉůŽLJĞƌ͛Ɛ>ŝĂďŝůŝƚLJ͕ĂƚůŝŵŝƚƐŶŽƚůĞƐƐƚŚĂŶΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůLJŝŶũƵƌLJďLJĚŝƐĞĂƐĞƉĞƌĞŵƉůŽLJĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůLJ ŝŶũƵƌLJďLJĚŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůLJŝŶũƵƌLJďLJĂĐĐŝĚĞŶƚ͘ ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͚ƐŝŶƐƵƌĂŶĐĞƐŚĂůů ďĞĨŝůĞĚǁŝƚŚƚŚĞ E'/E Z͘ ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚLJ͗ ϰ͘ E'/E ZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐ E'/E ZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌ ďŽĚŝůLJŝŶũƵƌLJ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚLJ ĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂLJĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďLJ E'/E ZŽƌďLJĂƐƵďĐŽŶƐƵůƚĂŶƚŽƌďLJĂŶLJŽŶĞĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJĞŵƉůŽLJĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ E'/E Z͛Ɛ ůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞƐŚĂůůďĞƉƌŝŵĂƌLJƚŽĂŶLJůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďLJƚŚĞŝƚLJ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶ ƚŚŝƐŽŶƚƌĂĐƚ͕ E'/E Z͛ƐŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ D Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ E /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ ŽĚŝůLJ/ŶũƵƌLJĂŶĚWƌŽƉĞƌƚLJĂŵĂŐĞ D WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚLJ E ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚLJ F EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ G ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚLJ͗ ϱ͘ E'/E ZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐ E'/E ZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐ ĨŽƌďŽĚŝůLJŝŶũƵƌLJ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌ 3DFNHW3J (E ƉƌŽƉĞƌƚLJĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂLJĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďLJ E'/E ZŽƌďLJƐƵďĐŽŶƐƵůƚĂŶƚŽƌďLJĂŶLJŽŶĞĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJĞŵƉůŽLJĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞ E'/E ZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞůŝŵŝƚĨŽƌŽĚŝůLJ/ŶũƵƌLJĂŶĚWƌŽƉĞƌƚLJĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞ͗ ϲ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ E'/E ZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌĐůĂŝŵ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ dŚŝƐƉŽůŝĐLJǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐ E'/E ZǁŝůůďĞĐŽŵĞůĞŐĂůůLJŽďůŝŐĂƚĞĚƚŽƉĂLJƌĞƐƵůƚŝŶŐĨƌŽŵĂŶLJ ĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽ E'/E ZΖƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͘ E'/E ZŵƵƐƚ͗ & ϭ͘/ŶĐůƵĚĞůĞŐĂůĚĞĨĞŶƐĞĨĞĞƐŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐůŝĂďŝůŝƚLJƉŽůŝĐLJůŝŵŝƚƐ͕ǁŝƚŚƚŚĞĞdžĐĞƉƚŝŽŶŽĨWƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞ ĂďŽǀĞ͖ĂŶĚ Ϯ͘KďƚĂŝŶŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨƌŽŵĂŶŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶLJŚĂǀŝŶŐĂŶΗD ^dΗƌĂƚŝŶŐŽĨͲs///ŽƌďĞƚƚĞƌ͘ /dzƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůLJƌĞƐĐŝŶĚƚŚŝƐŽŶƚƌĂĐƚŝĨ E'/E ZŝƐŶŽƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŝŶƐƵƌĂŶĐĞ ' ƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶLJůĞŐĂůƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚ E'/E Z͘hƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚďLJƚŚĞ/dzΖƐ ƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůůďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵĂLJďĞƌĞƋƵĞƐƚĞĚ͘ >/s Z> ^dEZ^ $57,&/( /dzǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚLJƚŽĚŝƐĂƉƉƌŽǀĞŽƌƌĞũĞĐƚƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƚŚĂƚĂƌĞĚĞĨĞĐƚŝǀĞ͘ E'/E ZǁŝůůďĞ $ ƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐLJŽĨŝƚƐǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂŶĚŵƵƐƚŵĂŬĞƚŝŵĞůLJƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐǁŝƚŚŽƵƚ ĐŽŵƉĞŶƐĂƚŝŽŶƌĞƐƵůƚŝŶŐĨƌŽŵĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽŶƚŚĞƉĂƌƚŽĨ E'/E Z͘dŚĞƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚƚŽ/dz ďLJ E'/E ZŵƵƐƚďĞŽĨƐƵĐŚƋƵĂůŝƚLJƚŚĂƚƚŚĞLJĂƌĞƐƵŝƚĂďůĞĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ͘ E'/E Z͛ƐƐĞƌǀŝĐĞƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĂŐƌĞĞĚƚŽŝŶĂŶƚŝĐŝƉĂƚŝŽŶŽĨƚŚĞŽƌĚĞƌůLJĂŶĚ % ĐŽŶƚŝŶƵŽƵƐƉƌŽŐƌĞƐƐŽĨƚŚĞWƌŽũĞĐƚƚŚŽƵŐŚĐŽŵƉůĞƚŝŽŶ͘hŶůĞƐƐƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐĨŽƌƉƌŽǀŝĚŝŶŐ 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ϮϲϭϳϴϳϰϮϭϰϰϬϮϲϭϳϵϳϰϮϬϮϭϬϳϮϱϳϮϳϰϮϴϭϮϬϱϳϵϭϵϳϰϬϳϯϯϬϳϭϲϴϮϳϰϬϳϯϭϬϳϴϳϬϮ ϳϰϭϯϰϭϬϳϰϮϱϱϲϰϭϰϮϰϬϱϭϲϵϱϲϯϬϴϭϰϬϳϲϱϴϯϲϯϬϴϭϮϬϳϲϱϴϱϲϰϯϰϯϰϬϰϮϭϮϯϳϰϭϳϰϯϬϳϵϵϯϱϳϰϮϭϮϮϬϲϳϰϬϱϳϰϮϭϮϭϬϲϳϰϬϯ =RQHG0 %%DUQVKHGDQGRWKHUIDUPHTXLSPHQWRQ 3DFNHW3J *D =RQHG5VPDOOVKHGV8QGHYHORSHG SDUFHO/RRNVOLNH$JODQG ϭϳ͕ϳϬϬ ϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬ ϭϵ͕ϯϰϯ ΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨ ΨΨ ϮϯϰϮϯϰ ϮϬϲϭϬϭϮϬϲϭϬϭϭϬϭϭϬϭϭϬϭϭϬϭϭϬϭϭϬϭϭϬϭϭϭϭϭϭϭϭϬϭϭϬϭϮϬϲϭϭϭϮϬϲϭϭϭϮϬϲϮϬϲϮϬϲϮϬϲϮϬϲ ϭϭϯϭϭϯϮϯϯϭϬϱϮϯϯϮϯϯ /dz>E^ϭϬϳͲϭϰͲϮϰ/dz>E^ϭϬϳͲϭϰͲϮϬ/dz>E^ϭϬϲͲϭϰͲϮϰ/dz>E^ϭϬϲͲϭϰͲϮϰ/dz>E^ϭϬϳͲϭϰͲϯϰ/dz>E^ϭϬϳͲϭϰͲϯϰ/dz>E^ϭϬϳͲϭϰͲϮϰ/dz>E^ϭϬϳͲϭϰͲϮϰ /dz>E^ϭϬϲͲϭϰͲϮϲ/dz>E^ϭϬϲͲϭϰͲϮϲ/dz>E^ϭϬϳͲϭϰͲϭϵ/dz>E^ϭϬϳͲϭϰͲϭϴ/dz>E^ϭϬϳͲϭϰͲϭϴ/dz>E^ϭϬϳͲϭϰͲϭϴ/dz>E^ϭϬϳͲϭϰͲϭϴ/dz>E^ϭϬϳͲϭϰͲϭϴ/dz>E^ϭϬϳͲϭϰͲϭϵ/dz>E^ϭϬϳͲϭϰͲϭ ϴ/dz>E^ϭϬϲͲϭϯͲϬϴ/dz>E^ϭϬϲͲϭϯͲϭϳ/dz>E^ϭϬϲͲϭϯͲϭϳ/dz>E^ϭϬϲͲϭϯͲϭϳ/dz>E^ϭϬϱͲϭϰͲϬϮ/dz>E^ϭϬϲͲϭϯͲϬϴ/dz>E^ϭϬϲͲϭϯͲϬϴ /dz>E^ϭϬϲͲϭϰͲϯϱ/dz>E^ϭϬϲͲϭϰͲϯϱ/dz>E^ϭϬϲͲϭϰͲϯϱ/dz>E^ϭϬϳͲϭϰͲϭϯ/dz>E^ϭϬϲͲϭϰͲϯϱ/dz>E^ϭϬϲͲϭϰͲϯϱ DKZZ/^D Kt^ ϰϬ͘ϬϬϱϱ͘ϱϬϭϭϯ͘ϲϬϭϭϳ͘ϰϬϭϬ͘ϬϬϯϲ͘ϬϬϮ͘ϵϰϴ͘ϭϬϳ͘ϱϬϱ͘ϬϬϭϴ͘ϱϬ ϭϬ͘ϮϳϲϬ͘ϯϭϮϮ͘ϱϵϭϰ͘ϱϳϳϱ͘ϵϮϮϬ͘ϵϲϯϱ͘ϳϲϮϱ͘ϴϮϭϴ͘ϵϲϴ͘ϳϭϮϰ͘ϭϭϯϵ͘ϬϴϭϬ͘ϳϭϯϳ͘ϭϵϴ͘ϲϳϱ͘Ϭϲ ϵ͘ϭϯϲ͘ϴϯϳ͘Ϯϱϯϯ͘ϵϯϮ͘ϯϯ ϭϱϮϯs ^t ϯϴϭϭϮϱ^d^ ϱϴϱϬϲϯ^ DZ/KEZKKE ZE /d/ E^ Ϭ ϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬ DKZZ/^,/>>^>E s >KWD Ed > /d EΖ^EKZd, ZEW>/E^ Dd,zKE^dZhd/KEKDd,zKE^dZhd/KEKDd,zKE^dZhd/KEKDd,zKE^dZhd/KEKDd,zKE^dZhd/KEK >DWDEdZh^d͕^, ZZz <Kdd^, ͕&ZE<>/EW<Kdd^, ͕&ZE<>/EW D: ^d/,KD ^/E D ^^/<͕Z> d >zKE^͕<d,> ED <^d> Z͕DZ/>zE><^d> Z͕DZ/>zE><^d> Z͕DZ/>zE> Ddd/^KE͕'Zz>Ddd/^KE͕'Zz> <ZD Z͕DZ<<ZD Z͕DZ<<ZD Z͕DZ<<ZD Z͕DZ<<ZD Z͕DZ<<ZD Z͕DZ<<ZD Z͕DZ<<ZD Z͕DZ< > /d E͕DZ<: > /d E͕DZ< <^/<͕:^KE >E' ͕Zhz <h ,>>> ϲϰϯϱϮϭϬϳϯϬϵϬϲϰϯϱϯϭϬϰϱϰϭϰϲϰϮϲϮϭϬϴϭϲϭϬϳϰϭϴϰϰϬϳϴϮϵϰϲϯϭϳϭϰϬϯϱϴϳϰϲϰϮϰϭϮϬϲϴϰϮϬϳϰϯϰϯϮϬϱϲϬϵϰϲϯϬϴϰϭϬϯϱϲϬϰϲϯϬϴϰϰϬϰϲϮϯϰ ϲϰϯϱϮϰϬϰϱϯϵϵϲϰϮϲϮϰϬϱϲϮϮϴϳϰϭϵϭϭϬϳϴϵϬϴϳϰϭϴϰϭϬϳϴϮϴϳϳϰϭϴϰϭϬϳϴϮϴϲϳϰϮϬϯϮϬϳϯϬϭϳϲϯϬϴϯϯϬϯϱϲϬϴϲϰϮϰϭϭϬϲϴϰϭϵϳϰϭϯϯϰϬϳϵϲϭϮϳϰϭϯϰϰϬϳϱϳϵϴϲϯϭϳϰϯϬϱϰϭϵϴϳϰϯϰϯϮϬϱϲϬϵϭϱϰϬϮϭϮϬϰϱϮϴϵϲϰϯϱϰϯϬϰϱϰϬϳϳϰϮϰϭϮϬϳϴϵϬϮ ϳϰϮϰϭϭϬϳϴϱϭϯϳϰϭϴϭϯϬϳϱϬϳϱϳϰϭϴϯϯϬϯϭϬϱϯϳϰϭϵϭϯϬϳϴϯϰϯϳϰϭϴϭϰϬϳϴϮϴϯϲϯϭϳϭϯϬϯϱϴϳϱϲϰϯϱϰϯϬϰϱϰϬϱϳϰϮϰϭϮϬϳϴϵϬϯ =RQHG5/RRNVOLNHDVKHGRQWKHSDUFHO8QGHYHORSHG =RQHG$J6)KRXVHDQGVKHGRQSDUFHO8QGHYHORSHG 3DFNHW3J =RQHG$J/RRNVOLNH6)RQSDUFHODORQJZLWKPXOWLSOH *D KH 7KLV W =RQHG$J0D\RZRRG6WRQH%DUQ'HYHORSHGIRU DUFHO/RRNVOLNH 7KLVSDUFHOVXURXQGVD ORRNVWRKDYHEHHQSODWWHGUHFHQWO\ =RQHG$J6)KRXVHDQGODUJHVKHGRQSDUFHO S Q R HG SDUFHOUHPDLQVXQSODWWHG VSOLW VK DOO VKHGV8QGHYHORSHG SDUFHOZDVUHFHQWO\ VP 9HU\ 8QGHYHORSHG FRPPHUFLDO 6' DW SDUFHOWK =RQHG ϭϯϱ͕ϭϬϬϮϬϲ͕ϵϬϬϱ͕ϬϬϬϰϴϴ͕ϮϬϬϮϬϲ͕ϱϬϬϭϴϰ͕ϳϬϬ ϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬ ΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨ Ψ ΨΨΨΨΨ Ϯϯϰ ϭϬϭϭϭϭϭϭϭϭϬϭϭϬϭϭϭϭϮϬϭϭϬϭϮϬϲϮϬϲϮϬϲϮϬϭϮϬϲϭϭϭϮϬϲϵϲϭϮϬϲϮϬϭϭϬϭϭϬϭϮϬϭϭϬϭ Ϯϯϯ Z &> d/KE^KEDzK>< t/>>KtZ <KDDKE^ /dz>E^ϭϬϲͲϭϰͲϭϬ/dz>E^ϭϬϲͲϭϰͲϭϬ/dz>E^ϭϬϲͲϭϰͲϭϬ/dz>E^ϭϬϲͲϭϰͲϮϰ/dz>E^ϭϬϲͲϭϰͲϯϰ/dz>E^ϭϬϲͲϭϰͲϭϰ /dz>E^ϭϬϲͲϭϯͲϬϴ/dz>E^ϭϬϳͲϭϯͲϮϵ/dz>E^ϭϬϲͲϭϯͲϭϵ/dz>E^ϭϬϳͲϭϯͲϭϴ/dz>E^ϭϬϲͲϭϰͲϬϴ/dz>E^ϭϬϲͲϭϰͲϬϵ/dz>E^ϭϬϲͲϭϯͲϭϴ/dz>E^ϭϬϲͲϭϯͲϭϴ/dz>E^ϭϬϲͲϭϯͲϭϴ/dz>E^ϭϬϲͲϭϯͲϭ ϳ/dz>E^ϭϬϲͲϭϯͲϬϴ /dz>E^ϭϬϲͲϭϰͲϯϱ/dz>E^ϭϬϲͲϭϰͲϯϱ/dz>E^ϭϬϳͲϭϱͲϭϯ/dz>E^ϭϬϲͲϭϰͲϯϱ/dz>E^ϭϬϲͲϭϰͲϯϱ ϯϰ͘ϱϰϯϴ͘ϯϰϳ͘ϵϬϱϬ͘ϬϬϮϯ͘ϲϬ ϭϯ͘ϯϲϴϳ͘ϭϵϰ͘Ϯϳϭϭ͘ϱϭϭϲ͘ϭϲϵ͘ϯϳϭϭ͘ϭϴϭϮ͘ϲϭϱϬ͘Ϯϵϭϰ͘Ϭϴϱ͘ϭϲϱϵ͘ϲϮϭϮ͘ϮϮϭ͘ϯϮ ϭϵ͘ϯϱϯϭ͘ϭϱϱ͘ϱϱϰϰ͘ϴϱϱϭ͘Ϯϯ ϯϯϮϱDzKtKKZ^t ϯϱϵϭW/E tKKZ^ ϱϰϭϵϲϬs Et ϱϳϬϬϭϭs ^tϱϵϬϬϭϭs ^t Z &> d/KE^KEDzK>< KDDhE/dz^^K ϳϮϭϲϬ^d^t Ϭ ϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬ K<s EdhZ ^K&ZK, ^d Z>> Kt E^dZh^d ͕WK>>zDdd^KE W > Z <K&ZK, ^d Z>> Yh/E^dZ>/D/d WZdE Z^,/WYh/E^dZ>/D/d WZdE Z^,/WYh/E^dZ>/D/d WZdE Z^,/W ZKh,K&&dZh^d ͕Z/,Z ^ E &KK^KZWKZd/KE W/< ddWZ<E>< ^>>W/< ddWZ<E>< ^>>W/< ddWZ<E>< ^>> ^tz ZdZh^d ͕^d s Ed ZK, ^d ZdKW^K/>/E W<^WZKW Zd/ ^/s>> E >^KE͕DZ'Z d> W,K E/y&ZD/>> WKt Z^ZE^>> ^:WZKW Zd/ ^>> ^E Z͕WD > K^dZKD͕' E t DhZZz͕>< Zh^^ >>͕Z>W,Zh^^ >>͕Z>W, ϲϯϬϴϯϮϬϱϬϵϯϰϲϰϮϰϯϯϬϴϭϲϬϰ ϲϰϯϱϯϰϬϰϱϰϭϴϳϯϮϵϯϮϬϴϮϴϰϳϳϯϭϴϯϯϬϴϯϬϱϮϳϱϭϯϭϭϬϳϲϱϵϵϲϰϭϬϰϯϬϱϭϲϵϲϲϰϭϬϯϭϬϮϱϴϴϴϲϰϬϵϯϯϬϳϵϯϵϳϲϯϭϴϭϯϬϳϱϵϳϲϲϯϭϴϭϮϬϯϱϵϭϲϲϰϬϴϰϭϬϳϵϲϯϵϲϯϭϳϰϮϬϴϬϬϬϭϲϰϯϱϯϯϬϳϵϲϴϴϲϰϯϱϯϰϬϰϴϴϯϵϲϰϯϰϰϯϬϰϱϯϴϴϲϯϬϴϰϮϬϲϬϰϳϴϲϰϭϰϭϭϬϱϳϳϴϵϲϰϮϲϭϯϬ ϴϭϲϭϴ ϲϯϭϵϭϭϬϳϬϵϲϱϲϰϯϱϯϮϬϰϱϰϭϱϲϰϬϴϰϮϬϰϭϲϵϱϲϰϭϬϰϮϬϮϱϴϴϱϲϯϭϴϮϭϬϳϱϵϳϱ 3DFNHW3J *D =RQHG$J6)+RXVHDQGODUJHVKHGRQSDUFHO =RQHG$J/DUJHVKHGRQSDUFHO8QGHYHORSHG =RQHG$J6)KRXVHRQ3DUFHO1RW$FUHV 8QGHYHORSHG ϵϯ͕ϮϬϬϮϮϳ͕ϵϬϬϳ͕ϴϬϬ ϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬ ΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨΨ Ψ Ψ Ψ ^dKE ZKK< ϯZͲdKZZ E^^dKE ZKK< ϯZͲdKZZ E^ ϵϲϭϭϬϭϵϴϭϵϴϭϭϬϭϭϬϭϮϬϲϮϬϲϮϬϭϮϬϲϮϰϳϭϬϭϭϬϭϮϬϭϮϬϲϭϭϭϮϬϭϭϬϭϭϬϭϭϬϭ ϮϯϯϮϯϯϮϯϯϮϯϯϮϯϯϮϯϯϮϯϯ t/>>KtZ <KDDKE^t/>>KtZ <KDDKE^t/>>KtZ <KDDKE^t/>>KtZ <KDDKE^t/>>KtZ <KDDKE^t/>>KtZ <KDDKE^ /dz>E^ϭϬϲͲϭϰͲϯϰ/dz>E^ϭϬϲͲϭϰͲϯϰ /dz>E^ϭϬϲͲϭϯͲϬϳ/dz>E^ϭϬϲͲϭϰͲϮϲ/dz>E^ϭϬϲͲϭϰͲϮϲ/dz>E^ϭϬϳͲϭϯͲϭϵ/dz>E^ϭϬϳͲϭϯͲϭϵ/dz>E^ϭϬϲͲϭϯͲϭϴ/dz>E^ϭϬϳͲϭϰͲϭϵ/dz>E^ϭϬϲͲϭϰͲϮϲ/dz>E^ϭϬϲͲϭϰͲϮϲ/dz>E^ϭϬϳͲϭϰͲϭ ϵ/dz>E^ϭϬϳͲϭϰͲϭϵ/dz>E^ϭϬϳͲϭϰͲϭϵ/dz>E^ϭϬϳͲϭϰͲϭϵ /dz>E^ϭϬϲͲϭϰͲϯϱ/dz>E^ϭϬϲͲϭϰͲϯϱ/dz>E^ϭϬϳͲϭϰͲϯϯ/dz>E^ϭϬϲͲϭϰͲϮϯ ϭ͘ϭϰϵϬ͘ϬϬϭϯ͘ϱϬϬ͘ϳϬϭϮ͘ϴϬϱϱ͘ϮϬϰϬ͘ϬϬϲ͘ϬϬϳ͘ϱϬϮϱ͘ϰϰ ϭ͘ϭϵϮ͘ϭϲϯ͘ϬϮϳϴ͘ϭϮϲ͘ϳϴϮϮ͘Ϯϴϲ͘ϰϮϭϴ͘ϬϵϮϭ͘ϰϭϭϴ͘ϴϭϭϬ͘Ϯϵϭϯ͘ϬϮϭ͘ϬϮϯϴ͘ϱϴϬ͘ϲϲϲϲ͘ϬϴϮϳ͘Ϭϭ ϱϴϴϱs>> z,/',ZEt ϯϬϭϭϱϬs Et ϱϴϭϱϲϯ^ s:&KhZ^ ^KE^D/Ed EE >> Ϭ ϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬϬ sE ^^dZh^d ͕D/, >> sE ^dKE ZKK< K&ZK, ^d Z>>^dKE ZKK< K&ZK, ^d Z>> ^dKE , ' dKtE,Kh^ ^>> s>> z,/',h^/E ^^WZ<>> t/>>KtZ <KDDKE^>>t/>>KtZ <KDDKE^>>t/>>KtZ 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ƚŚĞ^ŝŐŶĂƚƵƌĞĂƌĐŚŝƚĞĐƚƵƌĞĂŶĚƐĞƌǀĞǀŝƐŝƚŽƌƐƚŽZŽĐŚĞƐƚĞƌǁŚŽĚĞƐŝƌĞĐůŽƐĞƉƌŽdžŝŵĂƚĞůLJƚŽƚŚĞ ŝƚLJŽƌĞ͘ ;ϮͿ dŚĞŶĂƚƵƌĂůĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨƚŚĞƐŝƚĞƵŶĚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ŝŶĐůƵĚŝŶŐƚŽƉŽŐƌĂƉŚLJĂŶĚƐŽŝů ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ͕ŶĞĐĞƐƐŝƚĂƚĞŝŶĐƌĞĂƐĞĚĚĞŶƐŝƚLJƚŽĂůůŽǁĨŽƌĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƐŝƚĞ͘ Z ^WKE^ ͗ dŚĞƐŝƚĞŝƐƚŽďĞůŽĐĂƚĞĚŽŶĂĐŽŶƐŽůŝĚĂƚŝŽŶŽĨƐĞǀĞƌĂůŝƌƌĞŐƵůĂƌůLJƐŚĂƉĞĚůŽƚƐǁŚŝĐŚ ĂƌĞƐƵƌƌŽƵŶĚĞĚďLJƉĞƌŝŵĞƚĞƌƌŽĂĚƐĂŶĚĂŶŝŶƐĞƌǀŝĐĞƌĂŝůƐƉƵƌ͘dŚĞĞdžŝƐƚŝŶŐƐŝƚĞŝƐĨƵůůLJĚĞǀĞůŽƉĞĚ ǁŝƚŚϵϮйŽĨƚŚĞƐŝƚĞĐŽŶƚĂŝŶŝŶŐĞŝƚŚĞƌĂŶŝŵƉĞƌǀŝŽƵƐďŝƚƵŵŝŶŽƵƐƐƵƌĨĂĐĞŽƌƚŚĞĞdžŝƐƚŝŶŐďƵŝůĚŝŶŐ͘ dŚĞůĂĐŬŽĨƚŚĞƉƌŽƉĞƌƚLJ͛ƐŶĂƚƵƌĂůĞŶǀŝƌŽŶŵĞŶƚĂůĨĞĂƚƵƌĞƐĂŶĚƚŚĞƉƌŽdžŝŵŝƚLJŽĨƚŚĞƐŝƚĞůŽĐĂƚĞĚƐŽ ĐůŽƐĞůLJƚŽƚŚĞŽǁŶƚŽǁŶŽƌĞŝŶĂĚĞƐŝŐŶĂƚĞĚDĚĞǀĞůŽƉŵĞŶƚĚŝƐƚƌŝĐƚƉƌŽŵŽƚĞƐĂĚĞŶƐĞĂŶĚ ŽƉƚŝŵĂůŝŶĨŝůůĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƉƌŽƉĞƌƚLJ͘ ͘^ŝƚĞĞƐŝŐŶƌŝƚĞƌŝĂ͗ dŚĞŽŵŵŝƐƐŝŽŶĂŶĚŽƵŶĐŝůƐŚĂůůĨŝŶĚƚŚĂƚƚŚĞƉƌĞůŝŵŝŶĂƌLJĚĞǀĞůŽƉŵĞŶƚƉůĂŶ ĚĞƐŝŐŶŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐŐƵŝĚĞůŝŶĞƐ͗ ;ϭͿĂƉĂĐŝƚLJŽĨWƵďůŝĐ&ĂĐŝůŝƚŝĞƐ͗ dŚĞĞdžŝƐƚŝŶŐŽƌĨƵƚƵƌĞƉůĂŶŶĞĚƵƚŝůŝƚŝĞƐŝŶƚŚĞĂƌĞĂĂƌĞĂĚĞƋƵĂƚĞƚŽƐĞƌǀĞ ƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͘ Z ^WKE^ ͗ 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ƉĂǀĞĚĂƌĞĂƐĂŶĚŽƉĞŶƐƉĂĐĞŚĂƐ͕ƚŽƚŚĞĞdžƚĞŶƚƉƌĂĐƚŝĐĂů͕ƵƚŝůŝnjĞĚƚŚĞĞdžŝƐƚŝŶŐƚŽƉŽŐƌĂƉŚLJĂŶĚĞdžŝƐƚŝŶŐ ĚĞƐŝƌĂďůĞǀĞŐĞƚĂƚŝŽŶŽĨƚŚĞƐŝƚĞ͘ Z ^WKE^ ͗ dŚĞƉƌŽƉŽƐĞĚƌĞĚĞǀĞůŽƉŵĞŶƚƐŝƚĞŚĂƐŵŝŶŝŵĂůǀĞŐĞƚĂƚŝŽŶ͘dŚĞƉƌŽƉŽƐĞĚŶĞǁ ĐŽŶƐƚƌƵĐƚŝŽŶ͛ƐĨŝŶŝƐŚĞĚĨůŽŽƌƐĂŶĚĞdžƚĞƌŝŽƌƉůĂŶŶĞĚĞůĞŵĞŶƚƐǁŝůůƐĞĂŵůĞƐƐůLJƐĞĞŬƚŽŵĂƚĐŚ ĞdžŝƐƚŝŶŐŐƌĂĚĞƐ͘dŚĞƌĞǁŝůůďĞĂĚĞĚŝĐĂƚŝŽŶƚŽŝŶƚƌŽĚƵĐŝŶŐĚĞƐŝƌĂďůĞǀĞŐĞƚĂƚŝŽŶƚŽƚŚĞƐŝƚĞ͘ ;ϰͿdƌĂĨĨŝĐ'ĞŶĞƌĂƚŝŽŶ/ŵƉĂĐƚ͗ ŶƚŝĐŝƉĂƚĞĚƚƌĂĨĨŝĐŐĞŶĞƌĂƚĞĚďLJƚŚĞĚĞǀĞůŽƉŵĞŶƚǁŝůůŶŽƚĐĂƵƐĞƚŚĞ ĐĂƉĂĐŝƚLJŽĨĂĚũĂĐĞŶƚƐƚƌĞĞƚƐƚŽďĞĞdžĐĞĞĚĞĚ͕ĂŶĚĐŽŶĐĞƉƚƵĂůŝŵƉƌŽǀĞŵĞŶƚƐŽƌƚŚĞŶĞĞĚĨŽƌ ŝŵƉƌŽǀĞŵĞŶƚƐƚŽƌĞĚƵĐĞƚŚĞŝŵƉĂĐƚŽĨĂĐĐĞƐƐƉŽŝŶƚƐŽŶƚŚĞƚƌĂĨĨŝĐĨůŽǁŽĨĂĚũĂĐĞŶƚƐƚƌĞĞƚƐŚĂǀĞďĞĞŶ ŝĚĞŶƚŝĨŝĞĚǁŚĞƌĞŶĞĞĚĞĚ͘ Z ^WKE^ ͗ ƚƌĂĨĨŝĐŝŵƉĂĐƚĂŶĂůLJƐŝƐŚĂƐďĞĞŶƉĞƌĨŽƌŵĞĚĨŽƌƚŚĞƐŝƚĞƚŽĞǀĂůƵĂƚĞƚŚĞŝŵƉĂĐƚƐŽĨ ƚŚĞƚƌĂĨĨŝĐĂŶƚŝĐŝƉĂƚĞĚƚŽďĞŐĞŶĞƌĂƚĞĚďLJƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘tĞŚĂǀĞǁŽƌŬĞĚǁŝƚŚZŽĐŚĞƐƚĞƌŝƚLJ ŽĨWƵďůŝĐtŽƌŬƐƐƚĂĨĨƚŽƉƌŽƉĞƌůLJƐĐŽƉĞƚŚĞƐƚƵĚLJ͘tĞǁŝůůĐŽŶƚŝŶƵĞƚŽǁŽƌŬǁŝƚŚƚŚĞŝƚLJƚŽ ĞŶƐƵƌĞĂŶLJƚƌĂĨĨŝĐŝŵƉĂĐƚƐĂƌĞƉƌŽƉĞƌůLJŵŝƚŝŐĂƚĞĚ͘dŚĞĚĞǀĞůŽƉŵĞŶƚŝƐĂŶƚŝĐŝƉĂƚĞĚƚŽŐĞŶĞƌĂƚĞ ϴϳt^ƚƌŝƉƐĚƵƌŝŶŐƚŚĞĂŵƉĞĂŬŚŽƵƌ͕ĂŶĚϵϴƚƌŝƉƐĚƵƌŝŶŐƚŚĞƉŵƉĞĂŬŚŽƵƌ͘ dŚĞƐŝƚĞƉůĂŶĂĐĐŽŵƉĂŶLJŝŶŐƚŚĞĂƉƉůŝĐĂƚŝŽŶŚĂƐďĞĞŶĚĞƐŝŐŶĞĚƚŽŵŝŶŝŵŝnjĞŝŵƉĂĐƚƐƚŽŝǀŝĐ ĞŶƚĞƌƌŝǀĞEtĂŶĚϭǀĞEtďLJƉƌŽǀŝĚŝŶŐŽŶͲƐŝƚĞĐŝƌĐƵůĂƚŝŽŶ͘dƌĂĨĨŝĐŝƐƉƌŽƉŽƐĞĚƚŽďĞ Ɛƚ ůŝŵŝƚĞĚƚŽĂŶĞŶƚƌLJŽŶůLJĂĐĐĞƐƐŽŶŝǀŝĐĞŶƚĞƌƌŝǀĞEtǀŝĂĂƌŝŐŚƚͲŝŶŽŶůLJĂŶĚǁŝůůĞdžŝƚƚŚĞƐŝƚĞ ǀŝĂ&ŝƌƐƚǀĞEt͘ůůƚƌƵĐŬƚƌĂĨĨŝĐǁŝůůďĞůŝŵŝƚĞĚƚŽĞŶƚĞƌŝŶŐƚŚĞƐŝƚĞĨƌŽŵϮ ŶĚǀĞEtƚŚĞƌĞďLJ ůŝŵŝƚŝŶŐĐŽŶĨůŝĐƚƐďĞƚǁĞĞŶƚŚĞƉƵďůŝĐĞŶƚĞƌŝŶŐƚŚĞƐŝƚĞĂŶĚƐĞƌǀŝĐĞǀĞŚŝĐůĞƐĂŶĚƚƌƵĐŬƚƌĂĨĨŝĐ͘ ;ϱͿ,ĞŝŐŚƚ/ŵƉĂĐƚƐ͗ &ŽƌĚĞǀĞůŽƉŵĞŶƚƐŝŶǀŽůǀŝŶŐŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶ͕ƚŚĞŚĞŝŐŚƚƐĂŶĚƉůĂĐĞŵĞŶƚŽĨ ƉƌŽƉŽƐĞĚƐƚƌƵĐƚƵƌĞƐĂƌĞĐŽŵƉĂƚŝďůĞǁŝƚŚƚŚĞƐƵƌƌŽƵŶĚŝŶŐĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞĨŽůůŽǁŝŶŐŵĂŶŶĞƌ͗ ;ĂͿ dŚĞƐƚƌƵĐƚƵƌĞƐǁŝůůŶŽƚĚĞŶLJĂĚĞƋƵĂƚĞƐƵŶůŝŐŚƚƚŽƐƵƌƌŽƵŶĚŝŶŐƉƌŽƉĞƌƚŝĞƐ͖ĂŶĚ Z ^WKE^ ͗ dŚĞƐŝƚĞŝƐďŽƵŶĚĞĚŽŶƚŚƌĞĞ;ϯͿƐŝĚĞƐďLJƉƵďůŝĐƐƚƌĞĞƚƐ;ŝ͘Ğ͕͘ŝǀŝĐĞŶƚĞƌƌŝǀĞEtƚŽ ƚŚĞŶŽƌƚŚ͕ϭǀĞEtƚŽƚŚĞĞĂƐƚĂŶĚϮǀĞEtƚŽƚŚĞǁĞƐƚͿĂŶĚŝƐďŽƵŶĚĞĚƚŽƚŚĞƐŽƵƚŚďLJĂŶ ƐƚŶĚ ĞdžŝƐƚŝŶŐƌĂŝůƐƉƵƌĂŶĚĞdžŝƐƚŝŶŐƉĂƌŬŝŶŐůŽƚĂŶĚƐŵĂůůďƵŝůĚŝŶŐĨƵƌƚŚĞƌƐŽƵƚŚ͘/ƚŝƐĞdžƉĞĐƚĞĚƚŚĂƚĚƵĞ ƚŽƚŚĞŚĞŝŐŚƚŽĨƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͕ƚŚĞƌĞǁŝůůďĞƐŚĂĚŽǁƐǁŚĞƌĞƚŚĞLJƉƌĞǀŝŽƵƐůLJĚŝĚŶŽƚ ĞdžŝƐƚ͘,ŽǁĞǀĞƌ͕ĚƵĞƚŽƚŚĞĞdžŝƐƚĞŶĐĞŽĨĂĚũŽŝŶŝŶŐďƵƐŝŶĞƐƐĞƐĂŶĚƚƌĂŶƐŝƚĐŽƌƌŝĚŽƌƐ͕ƚŚŝƐůŝŵŝƚƐƚŚĞ ƉŽƚĞŶƚŝĂůŶĞŐĂƚŝǀĞĞĨĨĞĐƚƚŚĞŶĞǁďƵŝůĚŝŶŐǁŝůůŚĂǀĞƚŽŶĞŝŐŚďŽƌŝŶŐƉƌŽƉĞƌƚŝĞƐ͘dŚĞĞdžƉĞĐƚĞĚ ƐŚĂĚŽǁƉĂƚƚĞƌŶŝƐĂŶƚŝĐŝƉĂƚĞĚƚŽĨĂůůƉƌŝŵĂƌŝůLJŝŶƚŽƚŚĞƉƵďůŝĐZKtĂŶĚǁŝůůŶŽƚŚĂǀĞĂĚƌĂŵĂƚŝĐ ĞĨĨĞĐƚŽŶĂĚũĂĐĞŶƚƉƌŽƉĞƌƚŝĞƐ͘ Z s/^ ^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϳϱͮWĂŐĞ 3DFNHW3J *G ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕WƌĞůŝŵŝŶĂƌLJ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ <EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ;ďͿ dŚĞƐŝƚŝŶŐŽĨƚŚĞƐƚƌƵĐƚƵƌĞƐǁŝůůŶŽƚĚĞƐƚƌŽLJǀŝĞǁƐĨƌŽŵƚŚĞƉƌŝŵĂƌLJĞdžƉŽƐƵƌĞƐŽĨĂĚũĂĐĞŶƚƌĞƐŝĚĞŶƚŝĂů ĚǁĞůůŝŶŐƐ͘ Z ^WKE^ ͗ dŚĞƌĞĂƌĞŶŽƌĞƐŝĚĞŶƚŝĂůĚǁĞůůŝŶŐƐŝŵŵĞĚŝĂƚĞůLJĂĚũŽŝŶŝŶŐƚŚĞƉƌŽũĞĐƚ͘dŚĞƌĞĂƌĞ ƌĞƐŝĚĞŶƚŝĂůĚǁĞůůŝŶŐƐǁŝƚŚŝŶĂďůŽĐŬƐĚŝƐƚĂŶĐĞŽĨƚŚĞƐŝƚĞŝŶĐůƵĚŝŶŐƚŚĞŚĂƌƚĞƌ,ŽƵƐĞ͕ϭǀĞŶƵĞ Ɛƚ &ůĂƚƐ͕ĂŶĚĞŶƚƌĂůdŽǁĞƌƐ͘dŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚĚŽĞƐŶŽƚŝŵƉĞĚĞĂŶLJǀŝĞǁƐƚŽĐŝƚLJƐŬLJůŝŶĞŽƌƚŚĞ ďůƵĨĨƐƐƵƌƌŽƵŶĚŝŶŐZŽĐŚĞƐƚĞƌ͘ ;ϲͿ^ĞƚďĂĐŬƐ͗ &ŽƌĚĞǀĞůŽƉŵĞŶƚƐŝŶǀŽůǀŝŶŐŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶ͕ƉƌŽƉŽƐĞĚƐĞƚďĂĐŬƐĂƌĞƌĞůĂƚĞĚƚŽďƵŝůĚŝŶŐ ŚĞŝŐŚƚĂŶĚďƵůŬŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĂƚƌĞƋƵŝƌĞĚĨŽƌƉĞƌŵŝƚƚĞĚƵƐĞƐŝŶƚŚĞƵŶĚĞƌůLJŝŶŐnjŽŶŝŶŐ ĚŝƐƚƌŝĐƚ͘ Z ^WKE^ ͗ dŚĞƵŶĚĞƌůLJŝŶŐnjŽŶŝŶŐĚŝƐƚƌŝĐƚŽĨƚŚĞƐŝƚĞŝƐDͲϭ>ŝŐŚƚ/ŶĚƵƐƚƌŝĂů͘dŚĞĞǀĂůƵĂƚŝŽŶĨŽƌ ƚŚĞ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚWƌŽĐĞƐƐŽĨƚŚŝƐƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚĂůŝŐŶƐǁŝƚŚƚŚĞĞŶƚƌĂů ƵƐŝŶĞƐƐŝƐƚƌŝĐƚͲ&ƌŝŶŐĞƌĞĂ;Ͳ&ZͿ͘dŚĞƉƌŽƉŽƐĞĚƵƐĞŽĨĂŚŽƚĞů;>DĚĞĨŝŶŝƚŝŽŶŽĨ͞dƌĂŶƐŝĞŶƚ ĐĐŽŵŵŽĚĂƚŝŽŶƐ͟ͿŝƐĂdLJƉĞ/hƐĞ͘dŚĞ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚWƌŽǀŝƐŝŽŶƐŽĨ^ĞĐƚŝŽŶϲϮ͘ϲϬϬ ĚĞĨŝŶĞƐƚŚĞƌĞďĞŝŶŐŶŽƵƉƉĞƌůŝŵŝƚƌĞŐĂƌĚŝŶŐĂůůŽǁĞĚDĂdžŝŵƵŵ&ůŽŽƌƌĞĂZĂƚŝŽ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞ ƉƌŽƉŽƐĞĚďƵŝůĚŝŶŐĨŽŽƚƉƌŝŶƚĂŶĚŽǀĞƌĂůůŚĞŝŐŚƚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƉĞƌŵŝƚƚĞĚƵƐĞƐ͘ ;ϳͿ/ŶƚĞƌŶĂů^ŝƚĞĞƐŝŐŶ͗ &ŽƌĚĞǀĞůŽƉŵĞŶƚƐŝŶǀŽůǀŝŶŐŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶ͕ƚŚĞƉƌĞůŝŵŝŶĂƌLJƐŝƚĞůĂLJŽƵƚ ŝŶĚŝĐĂƚĞƐĂĚĞƋƵĂƚĞďƵŝůĚŝŶŐƐĞƉĂƌĂƚŝŽŶĂŶĚĚĞƐŝƌĂďůĞŽƌŝĞŶƚĂƚŝŽŶŽĨƚŚĞďƵŝůĚŝŶŐƐƚŽŽƉĞŶƐƉĂĐĞƐ͕ƐƚƌĞĞƚ ĨƌŽŶƚĂŐĞƐŽƌŽƚŚĞƌĨŽĐĂůƉŽŝŶƚƐ͘ Z ^WKE^ ͗ dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝŶĐůƵĚĞƐĂƐŝŶŐůĞďƵŝůĚŝŶŐǁŝƚŚĂŚŽƚĞůĂďŽǀĞƚŚĞƉĂƌŬŝŶŐ ŐĂƌĂŐĞ͘dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚĂůƐŽƉƌŽƉŽƐĞƐĂŶŽƉĞŶƐƉĂĐĞĞůĞŵĞŶƚƚŽďĞŝŶĐŽƌƉŽƌĂƚĞĚ ŝŶƚŽƚŚĞĚĞƐŝŐŶǁŚŝĐŚŝŶĐůƵĚĞƐĂŐĂƌĚĞŶŽǀĞƌĂƉŽƌƚŝŽŶŽĨƚŚĞƉĂƌŬŝŶŐŐĂƌĂŐĞƚŚĂƚĐĂŶďĞƵƐĞĚďLJ ŐƵĞƐƚƐ͘ůŽŶŐŝǀŝĐĞŶƚĞƌƌŝǀĞEt͕ƚŚĞƉƌŽũĞĐƚƉƌŽƉŽƐĞƐƚŽƵƉŐƌĂĚĞƚŚĞĞdžŝƐƚŝŶŐŐƌĂƐƐŽƉĞŶ ƐƉĂĐĞƚŽƉƌŽǀŝĚĞƉƵďůŝĐƐĞĂƚŝŶŐĂŶĚĞŶŚĂŶĐĞŵĞŶƚƐƚŽĂĐƚŝǀĂƚĞƚŚĞƉĞĚĞƐƚƌŝĂŶŐƌŽƵŶĚͲůĞǀĞů ĞdžƉĞƌŝĞŶĐĞ͘ ;ϴͿ^ĐƌĞĞŶŝŶŐĂŶĚƵĨĨĞƌŝŶŐ͗ dŚĞĐŽŶĐĞƉƚƵĂůƐĐƌĞĞŶŝŶŐĂŶĚďƵĨĨĞƌLJĂƌĚƐƉƌŽƉŽƐĞĚĂƌĞĂĚĞƋƵĂƚĞƚŽ ƉƌŽƚĞĐƚƚŚĞƉƌŝǀĂĐLJŽĨƌĞƐŝĚĞŶƚƐŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚŽƌƐƵƌƌŽƵŶĚŝŶŐƌĞƐŝĚĞŶƚŝĂůĂƌĞĂƐĨƌŽŵƚŚĞŝŵƉĂĐƚŽĨ ŝŶƚĞƌŝŽƌƚƌĂĨĨŝĐĐŝƌĐƵůĂƚŝŽŶĂŶĚƉĂƌŬŝŶŐĂƌĞĂƐ͕ƵƚŝůŝƚLJĂƌĞĂƐƐƵĐŚĂƐƌĞĨƵƐĞƐƚŽƌĂŐĞ͕ƵŶǁĂŶƚĞĚ ƉĞĚĞƐƚƌŝĂŶͬďŝĐLJĐůĞĂĐĐĞƐƐ͕ŽƌƚŽƐƵďĚƵĞĚŝĨĨĞƌĞŶĐĞƐŝŶĂƌĐŚŝƚĞĐƚƵƌĞĂŶĚďƵůŬďĞƚǁĞĞŶĂĚũĂĐĞŶƚůĂŶĚƵƐĞƐ͘ Z ^WKE^ ͗ dŚĞƉƌŽũĞĐƚĂĚĚƌĞƐƐĞƐƚŚĞŝŶƚĞƌĞƐƚƐŽĨƚŚĞĂĚũĂĐĞŶƚƉƌŽƉĞƌƚLJŽǁŶĞƌƐ͘dŚĞďƵŝůĚŝŶŐ ǁŝůůďĞĐŽŶƐƚƌƵĐƚĞĚǁŝƚŚŚŝŐŚͲƋƵĂůŝƚLJĚƵƌĂďůĞŵĂƚĞƌŝĂůƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĐŚĂƌĂĐƚĞƌŽĨƚŚĞ ƐƵƌƌŽƵŶĚŝŶŐƉƌŽƉĞƌƚŝĞƐ͘dŚĞƐĞďƵŝůĚŝŶŐƚLJƉĞƐĂƌĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŵĞƚŚŽĚƐŽĨ ƚŚĞĂƌĞĂ͘dŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚǁŝůůĞŶŚĂŶĐĞƚŚĞƐŝĚĞǁĂůŬƐĂŶĚŽǀĞƌĂůůĐŝƌĐƵůĂƚŝŽŶƐLJƐƚĞŵŽĨ 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ĐƵůƚƵƌĂůŽƌĐŽŵƉĞƚŝƚŝǀĞƐƉŽƌƚŝŶŐĞǀĞŶƚƐ͘dŚĞĂƌĐŚŝƚĞĐƚƵƌĂůĚĞƐŝŐŶŽĨƚŚĞƉƌŽƉŽƐĞĚŚŽƚĞůŝƐ ƐŽƉŚŝƐƚŝĐĂƚĞĚĂŶĚƐƚLJůŝƐƚŝĐĂůůLJĂƉƉĞĂůŝŶŐǁŝƚŚĂŶĂƚƚƌĂĐƚŝǀĞŵŝdžŽĨƐƵƐƚĂŝŶĂďůĞďƵŝůĚŝŶŐŵĂƚĞƌŝĂůƐ͘ ϲϮ͘ϲϱϴůůĞǀĞůŽƉŵĞŶƚ͗ dŚĞĐƌŝƚĞƌŝĂŝŶƚŚŝƐƉĂƌĂŐƌĂƉŚŵĂLJďĞĐŽŶƐŝĚĞƌĞĚĨŽƌŐƌĂŶƚŝŶŐďŽŶƵƐĚĞŶƐŝƚLJŝŶ ĂůůĚĞǀĞůŽƉŵĞŶƚƐ͗ ϭͿ^ƚŽƌŵtĂƚĞƌDĂŶĂŐĞŵĞŶƚ͗ dŚĞĚĞǀĞůŽƉĞƌƉƌŽǀŝĚĞƐŽŶͲƐŝƚĞŽƌŽĨĨͲƐŝƚĞŝŵƉƌŽǀĞŵĞŶƚƐƚŽƐƚŽƌŵǁĂƚĞƌ ĨĂĐŝůŝƚŝĞƐƚŚĂƚǁŝůůŵŝŶŝŵŝnjĞĞdžŝƐƚŝŶŐĨůŽŽĚŝŶŐ͕ĞƌŽƐŝŽŶŽƌƐŝůƚĂƚŝŽŶƉƌŽďůĞŵƐƌĞƐƵůƚŝŶŐĨƌŽŵŽďƐŽůĞƚĞŽƌ ŶŽŶͲĞdžŝƐƚŝŶŐƐƚŽƌŵǁĂƚĞƌĨĂĐŝůŝƚŝĞƐƵƉŽƌĚŽǁŶƐƚƌĞĂŵĨƌŽŵƚŚĞƚƌĂĐƚŝŶƋƵĞƐƚŝŽŶ͖ŽƌƚŚĞĚĞǀĞůŽƉĞƌ ƉƌŽǀŝĚĞƐŝŵƉƌŽǀĞŵĞŶƚƐƐƵĐŚĂƐŽǀĞƌͲƐŝnjĞĚƌĞƚĞŶƚŝŽŶďĂƐŝŶƐ͕ĐŚĂŶŶĞůŝŵƉƌŽǀĞŵĞŶƚƐ͕ŽƌƌĞĐŚĂƌŐĞ ĨĂĐŝůŝƚŝĞƐǁŚŝĐŚƌĞĚƵĐĞŽƌĞůŝŵŝŶĂƚĞĞdžŝƐƚŝŶŐĨůŽŽĚŝŶŐ͕ĞƌŽƐŝŽŶŽƌƐŝůƚĂƚŝŽŶĐĂƵƐĞĚďLJƵƌďĂŶĚĞǀĞůŽƉŵĞŶƚ ĞŝƚŚĞƌƵƉŽƌĚŽǁŶƐƚƌĞĂŵ͘dŚĞŝƚLJŽƵŶĐŝůƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĂƚƚŚĞĞdžŝƐƚŝŶŐƉƌŽďůĞŵƐĂƌĞƐƵĨĨŝĐŝĞŶƚƚŽ ŐƌĂŶƚƚŚĞďŽŶƵƐ͕ďĂƐĞĚƵƉŽŶƚŚĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶŽĨƚŚĞŝƚLJ ŶŐŝŶĞĞƌ͘ Z ^WKE^ ͗ dŚĞĞdžŝƐƚŝŶŐƉƌŽũĞĐƚĐƵƌƌĞŶƚůLJĐŽŶƐŝƐƚƐŽĨĂϵϮйŝŵƉĞƌǀŝŽƵƐƐƵƌĨĂĐĞĂƌĞĂ͘dŚĞ 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[[485,2298,498,2351][11][,I,][Arial]] ď͘WƌŽǀŝĚĞƐŝŐŶĂůĞƋƵŝƉŵĞŶƚŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽƚŚĞŶŽƌƚŚĂŶĚƐŽƵƚŚĂƉƉƌŽĂĐŚĞƐƚŽƚŚĞϭƐƚ [[485,2359,498,2412][11][,I,][Arial]] ǀĞŶƵĞͬŝǀŝĐĞŶƚĞƌƌŝǀĞŝŶƚĞƌƐĞĐƚŝŽŶ͘ ůƚŚŽƵŐŚƚŚĞƐĞƉƵďůŝĐŝŵƉƌŽǀĞŵĞŶƚƐǁŝůůďĞŶĞĨŝƚƚŚĞƉƌŽũĞĐƚ͕ƚŚĞLJǁŝůůĂůƐŽƉƌŽǀŝĚĞĂƉƵďůŝĐ ďĞŶĞĨŝƚǁŚŝĐŚŝƐƵŶƌĞůĂƚĞĚƚŽƚŚĞƉƌŽũĞĐƚ͘ ϱͿhƚŝůŝƚLJ^ĞƌǀŝĐĞ͗ dŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƐŝƚĞǁŝůůůĞĂĚƚŽŝŶĐƌĞĂƐĞĚĞĨĨŝĐŝĞŶĐLJŝŶƚŚĞĞdžŝƐƚŝŶŐƉƵďůŝĐ ƵƚŝůŝƚLJĚĞůŝǀĞƌLJƐLJƐƚĞŵŽƌƚŚĞŵŽƌĞĞĨĨŝĐŝĞŶƚƵƐĞŽĨĂůƌĞĂĚLJĞdžŝƐƚŝŶŐƵƚŝůŝƚŝĞƐ͘dŚŝƐŵĞĂŶƐ͕ĂͿƚŚĂƚƚŚĞ ŶĞĐĞƐƐĂƌLJƵƚŝůŝƚŝĞƐĂůƌĞĂĚLJĞdžŝƐƚŽŶƚŚĞƉƌŽƉĞƌƚLJƚŽďĞƐĞƌǀĞĚ͕ŽƌďͿƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƉƌŽƉĞƌƚLJǁŝůů ƉƌŽǀŝĚĞĂŶĞĐĞƐƐĂƌLJůŝŶŬŽƌĐŽŶŶĞĐƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐLJƐƚĞŵŽƌŝŵƉƌŽǀĞƐĞƌǀŝĐĞ͘ Z s/^ ^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϳϴͮWĂŐĞ 3DFNHW3J *G ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕WƌĞůŝŵŝŶĂƌLJ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ <EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ Z ^WKE^ ͗ dŚĞĞdžŝƐƚŝŶŐƉƵďůŝĐƐĂŶŝƚĂƌLJƐĞǁĞƌ͕ǁĂƚĞƌ͕ƐƚŽƌŵǁĂƚĞƌ͕ĞůĞĐƚƌŝĐĂŶĚŐĂƐŚĂǀĞ ĐĂƉĂĐŝƚLJƚŽƐĞƌǀĞƚŚĞƉƌŽũĞĐƚĨƌŽŵ&ŝƌƐƚǀĞŶƵĞEt͘ ϲͿ/ŶƚĞŐƌĂƚĞĚWůĂŶŶŝŶŐ͗ dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝŶǀŽůǀĞƐƚŚĞŝŶƚĞŐƌĂƚĞĚĚĞǀĞůŽƉŵĞŶƚŽĨĂƐŝƚĞǁŚŝĐŚ ŝƐĂŵŝŶŝŵƵŵŽĨŽŶĞĂĐƌĞŝŶƐŝnjĞĂŶĚůŽĐĂƚĞĚŝŶĂŶĞƐƚĂďůŝƐŚĞĚĚŝƐƚƌŝĐƚ͘ Z ^WKE^ ͗ dŚĞƉƌŽũĞĐƚĐĂŶŶŽƚƋƵĂůŝĨLJĨŽƌƚŚŝƐĚĞŶƐŝƚLJďŽŶƵƐĂƐŝƚŝƐůĞƐƐƚŚĂŶŽŶĞĂĐƌĞŝŶƐŝnjĞ͘ ϳͿ ĂĐŚĨŽƵƌ;ϰͿƉĞƌĐĞŶƚŝŶĐƌĞĂƐĞŝŶƚŚĞůĂŶĚƐĐĂƉĞĂƌĞĂƌĂƚŝŽĂďŽǀĞƚŚĞŵŝŶŝŵƵŵƌĞƋƵŝƌĞĚƐŚĂůůďĞ ĐŽŶƐŝĚĞƌĞĚĂƐŵĞĞƚŝŶŐƚŚĞĐƌŝƚĞƌŝĂĨŽƌďŽŶƵƐĚĞŶƐŝƚLJͬĨůŽŽƌĂƌĞĂŽƌĂŶŝŶĐƌĞĂƐĞŝŶƉůĂŶƚŵĂƚĞƌŝĂůƐƐŽĂƐƚŽ ĞdžĐĞĞĚŵŝŶŝŵƵŵƌĞƋƵŝƌĞŵĞŶƚƐ͘ Z ^WKE^ ͗ dŚĞĞdžŝƐƚŝŶŐůĂŶĚƐĐĂƉĞĂƌĞĂŝƐĐƵƌƌĞŶƚůLJϴйŽĨƚŚĞƚŽƚĂůƐŝƚĞĂƌĞĂ͘dŚĞƌĞǁŝůůďĞĂŶ ĂĚĚŝƚŝŽŶŽĨϯйŵŽƌĞŐƌĞĞŶƐƉĂĐĞƚŽƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚƚŽƚĂůŝŶŐϭϭйůĂŶĚƐĐĂƉĞĂƚŐƌĂĚĞ͘ dŚĞͲ&ZĚŝƐƚƌŝĐƚĚŽĞƐŶŽƚŚĂǀĞĂŶƵƉƉĞƌůŝŵŝƚĨŽƌ&ůŽŽƌƌĞĂ͘,ŽǁĞǀĞƌ͕ƚŚĞĂĚĚŝƚŝŽŶŽĨ ůĂŶĚƐĐĂƉĞĚƐƵƌĨĂĐĞĂƌĞĂŝƐĂŶŝŵƉŽƌƚĂŶƚĂĞƐƚŚĞƚŝĐǀŝƐƵĂůĐŽŵƉŽŶĞŶƚŽĨƚŚĞŽǀĞƌĂůůƐŝƚĞĚĞƐŝŐŶ͘ ϴͿ dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŵŝŶŝŵŝnjĞƐĂĐĐĞƐƐƉŽŝŶƚƐďLJƵƚŝůŝnjŝŶŐƐŚĂƌĞĚĂĐĐĞƐƐƉŽŝŶƚƐǁŝƚŚĂĚũĂĐĞŶƚ ĚĞǀĞůŽƉŵĞŶƚƐ͕ƌĞƐƵůƚŝŶŐŝŶĂƌĞĚƵĐƚŝŽŶŝŶƚŚĞŶƵŵďĞƌŽĨĚƌŝǀĞǁĂLJŽƉĞŶŝŶŐƐŽŶĂĐŽůůĞĐƚŽƌŽƌŚŝŐŚĞƌůĞǀĞů ƐƚƌĞĞƚ͘ Z ^WKE^ ͗ dŚĞƉƌŽũĞĐƚƐŝƚĞŝƐŶŽƚĂďůĞƚŽŵĞĞƚƚŚŝƐĚĞŶƐŝƚLJďŽŶƵƐƌĞƋƵŝƌĞŵĞŶƚĂƐƚŚĞƐŝƚĞŝƐ ďŽƵŶĚĞĚƚŽƚŚĞŶŽƌƚŚ͕ĞĂƐƚĂŶĚǁĞƐƚďLJƉƵďůŝĐƐƚƌĞĞƚƐĂŶĚƚŽƚŚĞƐŽƵƚŚďLJĂƌĂŝůƐƉƵƌ͘dŚĞ ĂƉƉůŝĐĂŶƚŚĂƐǁŽƌŬĞĚǁŝƚŚƚŚĞWƵďůŝĐtŽƌŬƐĞƉĂƌƚŵĞŶƚƚŽƌĞĚƵĐĞƚŚĞŶƵŵďĞƌŽĨĂĐĐĞƐƐƉŽŝŶƚƐ ŽŶ&ŝƌƐƚǀĞŶƵĞEt͘ ϵͿ WĂƌŬŝŶŐůŽƚůĂŶĚƐĐĂƉŝŶŐĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨƐĐƌĞĞŶŝŶŐƌĞƐŝĚĞŶƚŝĂůĂƌĞĂƐĂŶĚͬŽƌƌŝŐŚƚŽĨͲǁĂLJĂƌĞĂƐĨƌŽŵ ĐŽŶĐĞŶƚƌĂƚŝŽŶŽĨǀĞŚŝĐůĞƐ͘ Z ^WKE^ ͗ dŚĞĂƉƉůŝĐĂŶƚŚĂƐĂƚƚĞŵƉƚĞĚƚŽŵĞĞƚƚŚŝƐĚĞŶƐŝƚLJďŽŶƵƐďLJƐĐƌĞĞŶŝŶŐƚŚĞƉĂƌŬŝŶŐ ŐĂƌĂŐĞǁŝƚŚĂƌĐŚŝƚĞĐƚƵƌĂůĨĞĂƚƵƌĞƐĂŶĚůĂŶĚƐĐĂƉŝŶŐƚŽŵŝŶŝŵŝnjĞƚŚĞǀŝƐƵĂůŝŵƉĂĐƚŽĨǀĞŚŝĐůĞƐ ŝŶƐŝĚĞƚŚĞŽŶͲƐŝƚĞƉĂƌŬŝŶŐŐĂƌĂŐĞ͘ Z s/^ ^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϳϵͮWĂŐĞ 3DFNHW3J *G ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕WƌĞůŝŵŝŶĂƌLJ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ <EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ϲϯ͘ϰϮϳŽǁŶƚŽǁŶWĂƌŬŝŶŐKǀĞƌůĂLJŽŶĞ;WKͿ ^ƵďĚ͘Ϯ͘ ƐƚĂďůŝƐŚĞĚŽƵŶĚĂƌŝĞƐĂŶĚ ĨĨĞĐƚ͗ ͘ >ĂŶĚƐůLJŝŶŐǁŝƚŚŝŶƚŚĞďŽƵŶĚĂƌŝĞƐŽĨƚŚĞŽǁŶƚŽǁŶWĂƌŬŝŶŐKǀĞƌůĂLJŽŶĞ;WKͿƐŚĂůůďĞƚŚĞ ĂƌĞĂƐƐŚŽǁŶŽŶƚŚĞŽĨĨŝĐŝĂůnjŽŶŝŶŐŵĂƉ͘ƐŝŶŝƚŝĂůůLJĞƐƚĂďůŝƐŚĞĚƚŚĞWKĨŽůůŽǁƚŚĞƉůĂŶ ďŽƵŶĚĂƌLJŽĨƚŚĞ͞ŽǁŶƚŽǁŶZŽĐŚĞƐƚĞƌDĂƐƚĞƌWůĂŶZĞƉŽƌƚ͘͟ ^ƵďĚ͘ϯ͘ /ŶŝƚŝĂůWĂƌŬŝŶŐZĞĚƵĐƚŝŽŶƐĨŽƌ džŝƐƚŝŶŐĂŶĚEĞǁEŽŶͲZĞƐŝĚĞŶƚŝĂů>ĂŶĚhƐĞƐĂŶĚZĞƋƵŝƌĞĚWĂƌŬŝŶŐ DĂdžŝŵƵŵƐƚŽƚŚĞEƵŵďĞƌŽĨĐĐĞƐƐŽƌLJKĨĨͲƐƚƌĞĞƚWĂƌŬŝŶŐ^ƉĂĐĞƐĨŽƌEŽŶͲƌĞƐŝĚĞŶƚŝĂů>ĂŶĚhƐĞƐĂŶĚ ZĞƐƚƌŝĐƚŝŽŶƐŽŶƚŚĞŽŶǀĞƌƐŝŽŶŽĨ džĐĞƐƐWĂƌŬŝŶŐ^ƉĂĐĞƐ͗ ͘ tŝƚŚŝŶƚŚĞďŽƵŶĚĂƌŝĞƐŽĨƚŚĞWK͕ƚŚĞŵŝŶŝŵƵŵƌĞƋƵŝƌĞĚŶƵŵďĞƌŽĨĂĐĐĞƐƐŽƌLJŽĨĨͲƐƚƌĞĞƚ ƉĂƌŬŝŶŐƐƉĂĐĞƐĨŽƌĂŶĞdžŝƐƚŝŶŐŽƌĂŶĞǁŶŽŶͲƌĞƐŝĚĞŶƚŝĂůƵƐĞƌĞƋƵŝƌĞĚďLJƚŚĞƵŶĚĞƌůLJŝŶŐ͕ ĞƐƚĂďůŝƐŚĞĚnjŽŶŝŶŐĚŝƐƚƌŝĐƚ͕ĂƌĞƌĞĚƵĐĞĚďLJϱϬƉĞƌĐĞŶƚ͘ Z ^WKE^ ͗ dŚĞƉƌŽƉŽƐĞĚϭϳϱƌŽŽŵŚŽƚĞůƌĞƋƵŝƌĞƐϭƐƚĂůůƉĞƌƵŶŝƚ͘ϱϬйƌĞĚƵĐƚŝŽŶĞƋƵĂůƐϴϴ ;ϴϳ͘ϱͿƐƚĂůůƐƌĞƋƵŝƌĞĚ͘ ^ƵďĚ͘ϰ͘ ĚĚŝƚŝŽŶĂůZĞĚƵĐƚŝŽŶƐ͕ĚũƵƐƚŵĞŶƚƐ͕ džĞŵƉƚŝŽŶƐŽƌ^ƵďƐƚŝƚƵƚŝŽŶƐ͕ƚŽƚŚĞDŽĚŝĨŝĞĚEƵŵďĞƌŽĨ ĐĐĞƐƐŽƌLJKĨĨͲ^ƚƌĞĞƚWĂƌŬŝŶŐ^ƉĂĐĞƐĨŽƌEĞǁEŽŶͲZĞƐŝĚĞŶƚŝĂůhƐĞƐ͗ ;ϱͿĚũĂĐĞŶƚ͕DĞƚĞƌĞĚ͕KŶͲ^ƚƌĞĞƚWƵďůŝĐWĂƌŬŝŶŐ^ƉĂĐĞƐĚũƵƐƚŵĞŶƚ͗WƵďůŝĐ͕ŵĞƚĞƌĞĚŽŶͲ ƐƚƌĞĞƚƐƉĂĐĞƐůLJŝŶŐĂĚũĂĐĞŶƚ͕ŝŶǁŚŽůĞŽƌŝŶƉĂƌƚ͕ƚŽƚŚĞƉƌŽƉĞƌƚLJůŝŶĞŽĨƚŚĞnjŽŶŝŶŐůŽƚĨŽƌƚŚĞ ŶĞǁĚĞǀĞůŽƉŵĞŶƚǁŝƚŚĂŶŽŶͲƌĞƐŝĚĞŶƚŝĂůůĂŶĚƵƐĞƚŚĂƚŵƵƐƚƉƌŽǀŝĚĞĂĐĐĞƐƐŽƌLJŽĨĨͲƐƚƌĞĞƚ ƉĂƌŬŝŶŐŵĂLJĐŽƵŶƚƚŚĞĂĚũĂĐĞŶƚŵĞƚĞƌĞĚŽŶͲƐƚƌĞĞƚƐƉĂĐĞƐĂƐĂůůŽƌƉĂƌƚŽĨƚŚĞƌĞƋƵŝƌĞĚ͕ŶŽŶͲ ƌĞƐŝĚĞŶƚŝĂů͕ĂĐĐĞƐƐŽƌLJ͕ŽĨĨƐƚƌĞĞƚƉĂƌŬŝŶŐƐƉĂĐĞƐ͘ Z ^WKE^ ͗ dŚĞƌĞĂƌĞĐƵƌƌĞŶƚůLJϮŵĞƚĞƌĞĚƉĂƌŬŝŶŐƐƉĂĐĞƐŽŶϭ ƐƚǀĞŶƵĞEtĂĚũĂĐĞŶƚƚŚĞ ƐŝƚĞ͘tŝƚŚƚŚĞƉƌŽƉŽƐĞĚƌĞŵŽǀĂůŽĨŽŶĞŽĨƚŚĞĚƌŝǀĞǁĂLJĂĐĐĞƐƐĞƐ͕ŝƚŝƐĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚƚŚĞƌĞ ĐŽƵůĚďĞƵƉƚŽϮĂĚĚŝƚŝŽŶĂůŵĞƚĞƌĞĚƐƉĂĐĞƐŶĞĂƌƚŚĞĞdžŝƐƚŝŶŐϮ͘&ŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƚŚŝƐ ĐĂůĐƵůĂƚŝŽŶŽŶůLJƚŚĞƚǁŽĞdžŝƐƚŝŶŐƐƉĂĐĞƐĂƌĞƵƚŝůŝnjĞĚ͘ ϴϴƐƚĂůůƐʹϮсϴϲƉĂƌŬŝŶŐƐƚĂůůƐƌĞƋƵŝƌĞĚ͘ ;ϲͿŝŬĞWĂƌŬŝŶŐ^ƵďƐƚŝƚƵƚŝŽŶ͗KĨĨͲƐƚƌĞĞƚďŝĐLJĐůĞƉĂƌŬŝŶŐƉƌŽǀŝƐŝŽŶƐůŽĐĂƚĞĚŝŶĂƉƵďůŝĐƐƉĂĐĞ ŽŶƚŚĞƐƚƌĞĞƚůĞǀĞůŵĂLJďĞƐƵďƐƚŝƚƵƚĞĚĨŽƌƵƉƚŽϱйŽĨƚŚĞĨŝŶĂůŵŽĚŝĨŝĞĚŶƵŵďĞƌŽĨŽĨĨ ƐƚƌĞĞƚĂĐĐĞƐƐŽƌLJƉĂƌŬŝŶŐƐƉĂĐĞƐ͙ǁŝƚŚ;ĐͿƐŝdžhͲůŽĐŬĨƌŝĞŶĚůLJďŝĐLJĐůĞƌĂĐŬƐƉĂĐĞƐƚŚĂƚƐƵƉƉŽƌƚ ƚŚĞďŝĐLJĐůĞƵƉƌŝŐŚƚďLJŝƚƐĨƌĂŵĞŝŶĂƚůĞĂƐƚƚǁŽƉůĂĐĞƐŽƌƉŽŝŶƚƐŽĨĐŽŶƚĂĐƚ͘ Z ^WKE^ ͗ ϱйdžϴϴсϱ;ϰ͘ϰͿ ϴϯƉĂƌŬŝŶŐƐƚĂůůƐĂƌĞƌĞƋƵŝƌĞĚƉĞƌWKĂůůŽǁĞĚƌĞĚƵĐƚŝŽŶƐ͘ dŚĞƌĞĨŽƌĞ͕ϴϴͲϱс Z s/^ ^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϳϭϬͮWĂŐĞ 3DFNHW3J *G ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕WƌĞůŝŵŝŶĂƌLJ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ <EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ZŽĐŚĞƐƚĞƌĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌŝƐƚƌŝĐƚĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐ /ŵƉůĞŵĞŶƚĂƚŝŽŶ͗hƐĞŽĨƚŚĞĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐ dŽƌĞǀŝĞǁĂŶĚĞǀĂůƵĂƚĞĂŶLJƉƌŽƉŽƐĞĚƉƌŝǀĂƚĞĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚƐƐƵďŵŝƚƚĞĚƚŽƚŚĞŝƚLJ x ĂŶĚͬŽƌDͲ ĨŽƌĂƉƉƌŽǀĂů͘ dŽŐƵŝĚĞƚŚĞƉůĂŶŶŝŶŐĚĞĐŝƐŝŽŶƐďLJƚŚĞŝƚLJĂŶĚƚŚĞDͲ x dŽƐĞƌǀĞĂƐĂďĂƐŝƐĨŽƌĐŽŶĚƵĐƚŝŶŐĨŽůůŽǁƵƉƌĞƐĞĂƌĐŚŽŶǁŚĞƚŚĞƌƚŚĞŐƵŝĚĞůŝŶĞƐĂƌĞĞĨĨĞĐƚŝǀĞŝŶ x ŵĞĞƚŝŶŐŝƚLJĂŶĚDŐŽĂůƐ͘ WƌŽũĞĐƚZĞǀŝĞǁŚĞĐŬůŝƐƚ dŚĞZŽĐŚĞƐƚĞƌDŝƐƚƌŝĐƚĞƐŝŐŶ'ƵŝĚĞůŝŶĞŚĂǀĞƚǁŽĐŽŵƉŽŶĞŶƚƐ͗;ϭͿƉůĂŶŶŝŶŐĂŶĚĚĞƐŝŐŶ WĞƌĨŽƌŵĂŶĐĞ'ƵŝĚĞůŝŶĞƐĨŽƌƚŚĞDŝƐƚƌŝĐƚ͕ƐƚƌĞĞƚ͕ĂŶĚďƵŝůĚŝŶŐ͕ĂŶĚ;ϮͿĞƐŝŐŶĞƚĂŝůƐĨŽƌƐƚƌĞĞƚƐ ĂŶĚďƵŝůĚŝŶŐƐ͘ сĨĨŝƌŵĂƚŝǀĞ 9 сEŽƚƉƉůŝĐĂďůĞŽƌEĞŐĂƚŝǀĞ ϬϮ/ŽǁŶƚŽǁŶŝƐƚƌŝĐƚ ͘ϬϭƌĞĂƚĞĂ^ĂĨĞ͕/ŶǀŝƚŝŶŐĂŶĚŽŶŶĞĐƚĞĚWƵďůŝĐZĞĂůŵ ŽĞƐƚŚĞWůĂŶŽƌƉƌŽũĞĐƚĐŽŶƚƌŝďƵƚĞƚŽĐƌĞĂƚŝŶŐĂƐĂĨĞ͕ŝŶǀŝƚŝŶŐĂŶĚĐŽŶŶĞĐƚĞĚƉƵďůŝĐƌĞĂůŵ͍ 9 dŚĞWƵďůŝĐĂƌĞĂƐŽĨƚŚĞ^ŝƚĞŝŶĐůƵĚĞƐĂĨĞ͕ŝŶǀŝƚŝŶŐ͕ĂŶĚĂƚƚƌĂĐƚŝǀĞůĂŶĚƐĐĂƉŝŶŐĂŶĚ x ƐƵƐƚĂŝŶĂďůĞĨƵƌŶŝƐŚŝŶŐƐǁŚŝĐŚƐŽĨƚĞŶƚŚĞƉůĂŶĞƐŽĨƚŚĞŚĂƌĚƐĐĂƉĞŵĂƚĞƌŝĂůƐƵƐĞĚŝŶ ƉĂǀŝŶŐĂŶĚďƵŝůĚŝŶŐŵĂƚĞƌŝĂůƐ͘ ŶĞƌŐLJĞĨĨŝĐŝĞŶƚůŝŐŚƚŝŶŐǁŝůůďĞƵƐĞĚƚŽĂƌƚŝƐƚŝĐĂůůLJ ƉƌŽǀŝĚĞƐĂĨĞǁĂLJĨŝŶĚŝŶŐĂŶĚŝůůƵŵŝŶĂƚĞƐĞĂƚŝŶŐĂƌĞĂƐ͘ ƌĞƚŚĞĞdžŝƐƚŝŶŐǀŝĞǁƐĂŶĚǀŝĞǁĐŽƌƌŝĚŽƌƐĞŶŚĂŶĐĞĚ͍ 9 dŚĞůŽĐĂƚŝŽŶŽĨƚŚŝƐƐŝƚĞǁŝƚŚŝŶƚŚĞĐŽŶƚĞdžƚŽĨƚŚĞŝƚLJĂƐƐƵƌĞƐƚŚĂƚĂƉĂƚƌŽŶǁŝƚŚŝŶ ƚŚĞŚŽƚĞůŝƐĂůůŽǁĞĚĂǀŝĞǁƚŽůŽŽŬŝŶƚŽĂŶĚŽǀĞƌ,ŝƐƚŽƌŝĐĞŶƚƌĂůWĂƌŬĂŶĚĚŝƌĞĐƚůLJ ƚŽǁĂƌĚƚŚĞŐƌŽǁŝŶŐŽǁŶƚŽǁŶ^ŬLJůŝŶĞ͘dŚĞƌĞĂƌĞŶŽĂĚũŽŝŶŝŶŐƐƚƌƵĐƚƵƌĞƐƚŽƚŚĞ ĞĂƐƚ͕ŶŽƌƚŚ͕ŽƌǁĞƐƚǁŚŝĐŚŝŵƉĞĚĞǀŝĞǁƐƚŽƚŚĞŽƵƚůLJŝŶŐƉŽƌƚŝŽŶƐŽĨZŽĐŚĞƐƚĞƌĂŶĚ ƚŚĞďůƵĨĨƐďĞLJŽŶĚ͘ ͘ϬϮ ŶŚĂŶĐĞŽŶŶĞĐƚŝŽŶƚŽEĂƚƵƌĞĂŶĚEĂƚƵƌĂů^LJƐƚĞŵƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĐŽŶƚƌŝďƵƚĞƚŽĞŶŚĂŶĐŝŶŐĐŽŶŶĞĐƚŝŽŶƐƚŽŶĂƚƵƌĞĂŶĚŶĂƚƵƌĂů 9 ƐLJƐƚĞŵƐ͍ dŚĞƉƌŽũĞĐƚŝŶĐŽƌƉŽƌĂƚĞƐĂƌŝĐŚůĂŶĚƐĐĂƉĞƉĂůĞƚƚĞŽĨŶĂƚŝǀĞƐƉĞĐŝĞƐ͘ x ͘Ϭϯ ƐƚĂďůŝƐŚŝƐƚƌŝĐƚĂŶĚ^ƵďͲŝƐƚƌŝĐƚ/ĚĞŶƚŝƚLJ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĐŽŶƚƌŝďƵƚĞƚŽĞƐƚĂďůŝƐŚŝŶŐĚŝƐƚƌŝĐƚĂŶĚƐƵďͲĚŝƐƚƌŝĐƚŝĚĞŶƚŝƚLJ͍ 9 dŚĞWƌŽũĞĐƚĂƌĐŚŝƚĞĐƚƵƌĞƐĞĞŬƐƚŽďŽƚŚƐĞƚƚŝŶŐƚŚĞƚŽŶĞĨŽƌƚŚĞĞŶƚƌĂů^ƚĂƚŝŽŶ dƌĂŶƐŝƚŝƐƚƌŝĐƚďƵŝůƚĞŶǀŝƌŽŶŵĞŶƚ͘dŚĞƉƌŽƉŽƐĞĚŚŽƚĞůďůĞŶĚƐƚŚĞŵĂƚĞƌŝĂůƉĂůĞƚƚĞŽĨ ƚŚĞƐƵƌƌŽƵŶĚŝŶŐĂƌĐŚŝƚĞĐƚƵƌĞŽĨƚŚĞĂĚũŽŝŶŝŶŐŚŝƐƚŽƌŝĐĂŶĚŶĞǁĞƌĐŽŶƐƚƌƵĐƚĞĚ ďƵŝůĚŝŶŐĂŶĚďƌŝŶŐƐĂƵŶŝƋƵĞĂŶĚĚLJŶĂŵŝĐĨĂĕĂĚĞƚƌĞĂƚŵĞŶƚƚŚĂƚŝƐŶŽƚĨŽƵŶĚŝŶĂŶLJ ŽƚŚĞƌůŽĐĂƚŝŽŶƐǁŝƚŚŝŶƚŚĞDĚŝƐƚƌŝĐƚ͘ Z s/^ ^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϳϭϭͮWĂŐĞ 3DFNHW3J *G ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕WƌĞůŝŵŝŶĂƌLJ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ <EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ͘Ϭϰ^ƚƌĞŶŐƚŚĞŶ'ĂƚĞǁĂLJƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĐŽŶƚƌŝďƵƚĞƚŽƐƚƌĞŶŐƚŚĞŶŝŶŐŐĂƚĞǁĂLJƐďĞƚǁĞĞŶƐƵďͲĚŝƐƚƌŝĐƚ͍ 9 ŽƚŚƚŚĞƐŝƚĞƉůĂŶĂŶĚƚŚĞƐƚƌƵĐƚƵƌĂůĞůĞŵĞŶƚƐŽĨƚŚĞƉƌŽũĞĐƚĂůŽŶŐǁŝƚŚƚŚĞůŽĐĂƚŝŽŶ x ŽĨƚŚĞƐŝƚĞƐƚƌĞŶŐƚŚĞŶƚŚĞŐĂƚĞǁĂLJĐŽŶŶĞĐƚŝŽŶĂŶĚĂƚƚĞŵƉƚƐƚŽǀŝƐƵĂůůLJƐƚƌĞƚĐŚƚŚĞ ƌĞĂĐŚŽĨƚŚĞDĚŝƐƚƌŝĐƚƐŶŽƌƚŚĞƌůLJďĞLJŽŶĚŝǀŝĐĞŶƚĞƌƌŝǀĞ͘ ͘Ϭϱ ƐƚĂďůŝƐŚ^ŝŐŶĂƚƵƌĞKƉĞŶ^ƉĂĐĞƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĐŽŶƚƌŝďƵƚĞƚŽŽƌĞƐƚĂďůŝƐŚ^ŝŐŶĂƚƵƌĞKƉĞŶ^ƉĂĐĞƐ͍ 9 dŚĞĐŽŶƐƚƌĂŝŶƚƐŽĨƚŚĞƐŝƚĞĂƌĞĂƉƌŽŚŝďŝƚƚŚĞĂďŝůŝƚLJƚŽĐƌĞĂƚĞƐŝŐŶĂƚƵƌĞŽƉĞŶƐƉĂĐĞƐ x ǁŚŝĐŚǁŽƵůĚƐĞƌǀĞĂůĂƌŐĞƉŽƉƵůĂƚŝŽŶ͘,ŽǁĞǀĞƌ͕ĞŶƚƌĂůWĂƌŬŝƐůĞƐƐƚŚĂŶЪďůŽĐŬ ĂǁĂLJĨƌŽŵƚŚĞƐŝƚĞĂŶĚŝƐĐŽŵƉůĞƚĞůLJĂĐĐĞƐƐŝďůĞƚŽƚŚĞƉƌŽũĞĐƚ͘ ͘ϬϲZĞƵƐĞĂŶĚZĞƐƚŽƌĞƵŝůĚŝŶŐƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚZĞƵƐĞĂŶĚZĞƐƚŽƌĞƵŝůĚŝŶŐƐ͍ 9 dŚĞĞdžŝƐƚŝŶŐƐƚƌƵĐƚƵƌĞĚŝĚŶŽƚůĞŶĚŝƚƐĞůĨƚŽƌĞƵƐĞ͘ x ͘Ϭϳ/ŶĨƵƐĞƚŚĞŝƚLJǁŝƚŚWƵďůŝĐƌƚ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚ/ŶĨƵƐĞƚŚĞŝƚLJǁŝƚŚWƵďůŝĐƌƚ͍ 9 dŚĞŚŽƚĞůǁŝůůŝŶĐŽƌƉŽƌĂƚĞĂƌƚǁŝƚŚŝŶƚŚĞƉƵďůŝĐĂƌĞĂƐǁŚĞƌĞƐƵŝƚĂďůĞ͘ x džƚĞƌŝŽƌƌƚƉůĂĐĞŵĞŶƚŝƐƵŶĚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶ͘ x ͘ϬϴĞǀĞůŽƉDŝdžĞĚhƐĞEĞŝŐŚďŽƌŚŽŽĚƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞǀĞůŽƉDŝdžĞĚhƐĞEĞŝŐŚďŽƌŚŽŽĚƐ͍ 9 dŚĞƉƌŽƉŽƐĞĚ,ŽƚĞůĂŶĚĂŵĞŶŝƚŝĞƐŝŶũĞĐƚĂƵƐĞƚŚĂƚŚĂƐŶŽƚƉƌĞǀŝŽƵƐůLJĞdžŝƐƚĞĚŝŶƚŚŝƐ ŐĞŽŐƌĂƉŚŝĐĂƌĞĂ͘dŚĞƉƌŽƉŽƐĞĚƵƐĞƐǁŝƚŚŝŶƚŚĞĐŽŶƚĞdžƚŽĨƚŚĞůĂƌŐĞƌŶĞŝŐŚďŽƌŚŽŽĚ ǁŝƚŚĂĚũŽŝŶŝŶŐƌĞƐƚĂƵƌĂŶƚƐ͕ŽĨĨŝĐĞƐƉĂĐĞ͕ƉĂƌŬƐƉĂĐĞ͕ƐĞŶŝŽƌŚŽƵƐŝŶŐ͕ǁŽƌŬĨŽƌĐĞ ŚŽƵƐŝŶŐ͕ĂŶĚƚŚĞŶĞĂƌďLJƚƌĂŶƐŝƚĐŽƌƌŝĚŽƌĐƌĞĂƚĞĂŵŝdžĞĚͲƵƐĞĐŽŵŵƵŶŝƚLJ͘ ͘ϬϵWƌŽŵŽƚĞhƌďĂŶŐƌŝĐƵůƚƵƌĞ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚWƌŽŵŽƚĞhƌďĂŶŐƌŝĐƵůƚƵƌĞ͍ 9 dŚĞƌĞĂƌĞĐƵƌƌĞŶƚůLJŶŽƉůĂŶƐƚŽŝŶĐůƵĚĞƵƌďĂŶĂŐƌŝĐƵůƚƵƌĞǁŝƚŚŝŶƚŚĞƉƌŽũĞĐƚ͘ x ͘ϭϬƌĞĂƚĞŝƐƚƌŝĐƚWĂƌŬŝŶŐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚƌĞĂƚĞŝƐƚƌŝĐƚWĂƌŬŝŶŐ͍ 9 dŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚĚŽĞƐŶŽƚŚĂǀĞĂĚĞƋƵĂƚĞƐŝƚĞĂƌĞĂƚŽĐƌĞĂƚĞƉĂƌŬŝŶŐĨŽƌ x ĞdžƚĞƌŶĂůƵƐĞƌƐ͘,ŽǁĞǀĞƌ͕ƚŚĞĂŶƚŝĐŝƉĂƚĞĚƵƐĞƌƐŽĨƚŚĞŚŽƚĞůǁŝůůďĞƐĞƌǀĞĚƚŚƌŽƵŐŚ ƚŚĞŝŶƚĞŐƌĂƚŝŽŶŽĨĞĂƐŝůLJĂĐĐĞƐƐŝďůĞĂĐĐĞƐƐƚŽƉĞĚĞƐƚƌŝĂŶǁĂůŬǁĂLJƐ͕ďŝŬĞƉĂƌŬŝŶŐ͕ƉĂLJ ĂƐLJŽƵŐŽƚƌĂŶƐƉŽƌƚĂƚŝŽŶƐƵĐŚĂƐhďĞƌŽƌ>LJĨƚ͕ĂŶĚƉůĂŶŶĞĚĞĂƐĞŽĨĂĐĐĞƐƐƚŽƉƵďůŝĐ ƚƌĂŶƐŝƚŽƉƉŽƌƚƵŶŝƚŝĞƐŶŽǁĂŶĚŝŶƚŚĞĨƵƚƵƌĞ͘ Z s/^ ^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϳϭϮͮWĂŐĞ 3DFNHW3J *G ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕WƌĞůŝŵŝŶĂƌLJ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ <EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ͘ϭϭƌĞĂƚĞ^ƵƐƚĂŝŶĂďůĞŽŵŵƵŶŝƚLJŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚƌĞĂƚĞ^ƵƐƚĂŝŶĂďůĞŽŵŵƵŶŝƚLJŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͍ 9 /ŶƚŚŝƐƉƌĞůŝŵŝŶĂƌLJƉůĂŶŶŝŶŐƉŚĂƐĞŽĨƚŚĞƉƌŽũĞĐƚ͕ĂƐƚƵĚLJŽĨƚŚĞŽƉƉŽƌƚƵŶŝƚŝĞƐ͕ĐŽƐƚƐ x ĂŶĚďĞŶĞĨŝƚƐŽĨĂƐƵƐƚĂŝŶĂďůĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞƐLJƐƚĞŵĂŶĚŝŵƉůĞŵĞŶƚĂƚŝŽŶŝƐLJĞƚŶŽƚ ĐŽŵƉůĞƚĞ͘ ͘ϭϮƌĞĂƚĞĂ,ĞĂůƚŚLJŽŵŵƵŶŝƚLJ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚƌĞĂƚĞĂ,ĞĂůƚŚLJŽŵŵƵŶŝƚLJ͍ 9 dŚĞŝŶƚĞŶƚŝŽŶĂůƉůĂĐĞŵĞŶƚŽĨƚŚĞƉƌŽũĞĐƚĂŶĚƚŚĞĚĞƐŝŐŶŽĨƚŚĞƉůĂŶĂƌĞƚŽĨĂĐŝůŝƚĂƚĞ x ŚĞĂůƚŚĂŶĚǁĞůůͲďĞŝŶŐŽĨĂůůŝŶĚŝǀŝĚƵĂůƐ͕ĞŵƉůŽLJĞĞƐ͕ĂŶĚǀŝƐŝƚŽƌƐĂůŝŬĞďLJƉƌŽŵŽƚŝŶŐ ƚŚĞĐŽŶǀĞŶŝĞŶĐĞŽĨǁĂůŬĂďŝůŝƚLJ͕ƚŚĞƉƌŽŵŽƚŝŽŶŽĨƚŚĞƵƐĞŽĨďŝĐLJĐůĞƐ͕ĂŶĚĂůƚĞƌŶĂƚĞ ĨŽƌŵƐŽĨƚƌĂŶƐŝƚ͘ ͘^ƚƌĞĞƚƐĂŶĚŽƌƌŝĚŽƌƐ;ĨŽƌĐůĂƌŝƚLJ͕ƚŚĞƵƐĞŽĨƚŚĞǁŽƌĚ͞ƐƚƌĞĞƚ͟ŝƐďƌŽĂĚůLJŝŶƚĞƌƉƌĞƚĞĚďĞůŽǁĂƐ͞Ă ƉĂƚŚǁĂLJ͟Žƌ͞ƌŽƵƚĞ͟ĂŶĚŶŽƚŽŶůLJĂƐĂ͞ƌŽĂĚ͟ǁŚĞƌĞŵŽƚŽƌŝnjĞĚǀĞŚŝĐůĞƐƚƌĂǀĞůͿ ͘ϬϭĞƐŝŐŶ^ƚƌĞĞƚƐƚŽĐĐŽŵŵŽĚĂƚĞWĞĚĞƐƚƌŝĂŶƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶ^ƚƌĞĞƚƐƚŽĐĐŽŵŵŽĚĂƚĞWĞĚĞƐƚƌŝĂŶƐ͍ 9 zĞƐ͘dŚĞƌĞŝƐƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐŝŶĂůůƉĞƌŝŵĞƚĞƌƐŽĨƚŚĞƐŝƚĞǁŚŝĐŚĂĚũŽŝŶƉƵďůŝĐƌŽĂĚƐ x ĂŶĚƚŚƌŽƵŐŚƚŚĞŝŶƚĞƌŝŽƌŽĨƚŚĞƐŝƚĞ͘ ͘ϬϮĞƐŝŐŶ^ƚƌĞĞƚƐƚŽĐĐŽŵŵŽĚĂƚĞŝĐLJĐůĞƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶ^ƚƌĞĞƚƐƚŽĐĐŽŵŵŽĚĂƚĞŝĐLJĐůĞƐ͍ 9 zĞƐ͘dŚĞƌĞŝƐďŝŬĞƉĂƌŬŝŶŐĨŽƌƵƐĞďLJƚŚĞƉƵďůŝĐĂŶĚƐƚĂĨĨ͘dŚĞƉĞƌŝŵĞƚĞƌŶŽƌƚŚĞƌůLJ x ƐŝĚĞǁĂůŬŝƐĂŶĞdžƉĂŶĚĞĚǁŝĚƚŚƚŽĂĐĐŽŵŵŽĚĂƚĞďŽƚŚƉĞĚĞƐƚƌŝĂŶƐĂŶĚĐLJĐůŝƐƚƐ͘ ͘ϬϯĞƐŝŐŶ^ƚƌĞĞƚƚŽĐĐŽŵŵŽĚĂƚĞDĂƐƐdƌĂŶƐŝƚ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶ^ƚƌĞĞƚƚŽĐĐŽŵŵŽĚĂƚĞDĂƐƐdƌĂŶƐŝƚ͍ 9 zĞƐ͘dŚĞƌĞĂƌĞƉůĂŶŶĞĚƉŝĐŬƵƉĂŶĚĚƌŽƉŽĨĨůŽĐĂƚŝŽŶƐĨŽƌƉĂLJƉĞƌƵƐĞǀĞŚŝĐůĞƐŶĞĂƌ x ƚŚĞŚŽƚĞůŵĂŝŶĞŶƚƌĂŶĐĞ͘dŚĞƐŝƚĞŝƐĂĚũĂĐĞŶƚƚŚĞŝŶƚĞŐƌĂƚĞĚƚƌĂŶƐŝƚĐŽƌƌŝĚŽƌƌŽƵƚĞŽĨ ŝǀŝĐĞŶƚĞƌƌŝǀĞĂŶĚŝƐĐůŽƐĞƚŽďƵƐƐƚŽƉƐƐĞƌǀŝŶŐŵĂŶLJƚƌĂŶƐƉŽƌƚĂƚŝŽŶƌŽƵƚĞƐ͘ ͘ϬϰĞƐŝŐŶ^ĂĨĞ ĨĨŝĐŝĞŶƚZŽĂĚǁĂLJƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶ^ĂĨĞ ĨĨŝĐŝĞŶƚZŽĂĚǁĂLJƐ͍ 9 dŚĞƚƌĂŶƐŝƚƐƚƵĚLJƚŚĂƚĂĐĐŽŵƉĂŶŝĞƐƚŚŝƐƉƌŽƉŽƐĂůĚĞŵŽŶƐƚƌĂƚĞƐƚŚĂƚƚŚĞŝŶĐƌĞĂƐĞŽĨ x ƉŽƚĞŶƚŝĂůǀŝƐŝƚŽƌƐĂŶĚƵƐĞƌƐŽĨƚŚĞƉƌŽũĞĐƚǁŝůůŶŽƚŶĞŐĂƚŝǀĞůLJĂĨĨĞĐƚƚŚĞĞdžŝƐƚŝŶŐ ƚƌĂŶƐŝƚƐLJƐƚĞŵĂƐĂůůůĞǀĞůƐŽĨƐĞƌǀŝĐĞŽƉĞƌĂƚĞĂƚƌĞƋƵŝƌĞĚĐŝƚLJƐƚĂŶĚĂƌĚƐ͘ ͘ϬϱĞƐŝŐŶ^ĂĨĞDƵůƚŝŵŽĚĂů/ŶƚĞƌƐĞĐƚŝŽŶƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶ^ĂĨĞDƵůƚŝŵŽĚĂů/ŶƚĞƌƐĞĐƚŝŽŶƐ͍ dŚĞƉƌŽũĞĐƚĂĚĚƌĞƐƐĞƐƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶŽĨDƵůƚŝŵŽĚĂůƚŚŽƌŽƵŐŚĐĂƌĞĨƵůƉůĂŶŶŝŶŐŽĨ x ǀĞŚŝĐƵůĂƌĞŐƌĞƐƐĂŶĚŝŶŐƌĞƐƐƉŽŝŶƚƐ͕ƉƌŽƚĞĐƚĞĚĂŶĚǁĞůůͲŵĂƌŬĞĚƉĞĚĞƐƚƌŝĂŶĨĂĐŝůŝƚŝĞƐ ƐƵĐŚĂƐƐŝĚĞǁĂůŬƐ͕ƉĂǀĞŵĞŶƚƚLJƉĞĂŶĚĚĞůŝŶĞĂƚŝŽŶĂƐǁĞůůĂƐǁĂLJĨŝŶĚŝŶŐƐŝŐŶĂŐĞ͘ dŚĞƉƌŽƉŽƐĞĚĚĞƐŝŐŶĂůƐŽƐƚƌŝǀĞƐƚŽŵŝŶŝŵŝnjĞƚŚĞƐĞŝŶƚĞƌƐĞĐƚŝŽŶƐĨŽƌŽƉƚŝŵƵŵ ŽƉĞƌĂƚŝŽŶ͘ Z s/^ ^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϳϭϯͮWĂŐĞ 3DFNHW3J *G ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕WƌĞůŝŵŝŶĂƌLJ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ <EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ͘Ϭϲ ƐƚĂďůŝƐŚƚŚĞhƌďĂŶ&ŽƌĞƐƚ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚ ƐƚĂďůŝƐŚƚŚĞhƌďĂŶ&ŽƌĞƐƚ͍ 9 dŚĞŝƐĂŶĂďŝůŝƚLJƚŽŝŶĐƌĞĂƐĞƚŚĞƋƵĂŶƚŝƚLJŽĨĐĂŶŽƉLJĂŶĚŽƌŶĂŵĞŶƚĂůƚƌĞĞƐǁŝƚŚŝŶƚŚĞ x ƐŝƚĞĂŶĚǁŝƚŚŝŶƚŚĞďŽƵůĞǀĂƌĚĂƐƉĂƌƚŽĨƚŚŝƐĚĞǀĞůŽƉŵĞŶƚ͘ ͘ϬϳĞǀĞůŽƉ^ƵƐƚĂŝŶĂďůĞtĂƚĞƌDĂŶĂŐĞŵĞŶƚ^ƚƌĂƚĞŐŝĞƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞǀĞůŽƉ^ƵƐƚĂŝŶĂďůĞtĂƚĞƌDĂŶĂŐĞŵĞŶƚ^ƚƌĂƚĞŐŝĞƐ͍ 9 ƚƚŚŝƐƉƌĞůŝŵŝŶĂƌLJƉŚĂƐĞŽĨƐŝƚĞĚĞƐŝŐŶ͕ƐƚƌĂƚĞŐŝĞƐƐƉĞĐŝĨŝĐĂůůLJĨŽƌůĂŶĚƐĐĂƉĞĨĞĂƚƵƌĞƐ x ĂƌĞƵŶĚĞƌŐŽŝŶŐƌĞǀŝĞǁĨŽƌŝŵƉůĞŵĞŶƚĂƚŝŽŶŝŶƚŽƚŚĞƐŝƚĞƉůĂŶ͘/ĨƚŚĞƐĞĂƌĞĚĞĞŵĞĚ ƐƵŝƚĂďůĞƚŽƚŚĞƉůĂŶƚŚĞLJǁŝůůďĞŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞĚĞƐŝŐŶĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞĨŝŶĂů ĚĞǀĞůŽƉŵĞŶƚƉůĂŶƐƚĂŐĞ͘ džŝƐƚŝŶŐǁĂƚĞƌƋƵĂůŝƚLJĂŶĚĚŝƐĐŚĂƌŐĞƌĂƚĞƐǁŝůůďĞŵĞƚŽƌŝŵƉƌŽǀĞĚ͘ x ͘ϬϴĞƐŝŐŶ^ŵĂƌƚ^ƚƌĞĞƚƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶ^ŵĂƌƚ^ƚƌĞĞƚƐ͍ 9 ŽŶƐƵŵĞƌƉƌŝǀĂƚĞŚĂŶĚŚĞůĚĞůĞĐƚƌŽŶŝĐĐŽŵŵƵŶŝĐĂƚŝŽŶĚĞǀŝĐĞƐĐŽŶƚŝŶƵĞƚŽĞǀŽůǀĞ x ĂŶĚǁŝůůďĞŐŝŶƚŽŝŶƚĞŐƌĂƚĞƚŽƚŚĞǁŽƌůĚĂƌŽƵŶĚŝƚ͘/ƚŝƐĞdžƉĞĐƚĞĚƚŚĂƚŚŽƚĞůƐĞƌǀŝĐĞƐ ǁŝůůĂůƐŽŶĞĞĚƚŽĂĚĂƉƚƚŽƚĞĐŚŶŽůŽŐLJĂĚǀĂŶĐĞƐƚŽƐĞƌǀĞƚŚĞŶĞĞĚƐŽĨƚŚĞƉĂƚƌŽŶƐ͘ tĂLJĨŝŶĚŝŶŐƐŝŐŶĂŐĞĂŶĚĐŽŵŵƵŶŝĐĂƚŝŽŶƐƚŽŽůƐŽĨĂůůŬŝŶĚƐǁŝůůŶĞĞĚƚŽĐƌŽƐƐĐƵůƚƵƌĂů ůŝŶĞƐĂŶĚĂůƐŽƐĞƌǀĞƚŚŽƐĞŝŶĚŝǀŝĚƵĂůƐǁŝƚŚŚĞĂůƚŚĐŚĂůůĞŶŐĞƐ͘^ŚŽƵůĚĂĚĚŝƚŝŽŶĂůďŝŬĞ ƐŚĂƌŝŶŐŬŝŽƐŬƐďĞĐŽŵĞŵŽƌĞĨƵůůLJŝŶƚĞŐƌĂƚĞĚǁŝƚŚƚŚĞĚŽǁŶƚŽǁŶĐŽƌĞ͕ƚŚŝƐƐŝƚĞ ǁŽƵůĚďĞĂŶŝĚĞĂůůŽĐĂƚŝŽŶĂƐĂĐŽŶĚƵŝƚƚŽƌĞĐƌĞĂƚŝŽŶĂůĂŶĚĐŽŵŵƵƚĞƌĐLJĐůŝŶŐ ĂĚǀŽĐĂƚĞƐƚŽĂŶĚĨƌŽŵƚŚĞĚŽǁŶƚŽǁŶĐŽƌĞ͘ ͘ϬϵĞƐŝŐŶ^ƚƌĞĞƚǁŝƚŚ&ůĞdžŝďŝůŝƚLJĂŶĚĚĂƉƚĂďŝůŝƚLJĨŽƌ&ƵƚƵƌĞhƐĞƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶ^ƚƌĞĞƚǁŝƚŚ&ůĞdžŝďŝůŝƚLJĂŶĚĚĂƉƚĂďŝůŝƚLJĨŽƌ&ƵƚƵƌĞhƐĞƐ͍ 9 dŚĞƉůĂŶŶĞĚďƵŝůĚŝŶŐŵĂƐƐŝŶŐĂůŽŶŐǁŝƚŚƚŚĞƐŝƚĞƐŝnjĞĐŽŶƐƚƌĂŝŶƚƐůŝŵŝƚƚŚĞĂďŝůŝƚLJĨŽƌ x ƚŚĞƐŝƚĞƚŽƚƌĂŶƐŝƚŝŽŶĞĂƐŝůLJƚŽĂŶĞŶƚŝƌĞůLJĚŝĨĨĞƌĞŶƚƵƐĞ͘,ŽǁĞǀĞƌ͕ĚĞƉĞŶĚŝŶŐŽŶƚŚĞ ƐĐĂůĞŽĨƚŚĞƉƌŽƉŽƐĂůĂŶĚƚŚĞĚƵƌĂƚŝŽŶŽĨƚŚĞĞŶĚĞĂǀŽƌ͕ǁŝƚŚĂŐŽŽĚĚĞƐŝŐŶĞƌ͕ ĂŶLJƚŚŝŶŐŝƐƉŽƐƐŝďůĞ͘ ͘ϭϬŽŶŶĞĐƚ^ƚƌĞĞƚ͕^ŬLJǁĂLJ͕^ƵďǁĂLJ>ĞǀĞůƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚŽŶŶĞĐƚ^ƚƌĞĞƚ͕^ŬLJǁĂLJ͕^ƵďǁĂLJ>ĞǀĞůƐ͍ dŚĞƉƌŽũĞĐƚŝƐďĞLJŽŶĚƚŚĞƌĞĂĐŚŽĨĞdžŝƐƚŝŶŐƐƵďǁĂLJĂŶĚƐŬLJǁĂLJĐŽŶŶĞĐƚŝŽŶƐǁŚŝĐŚ x ǁĞƌĞƐŽƵŐŚƚŝŶƚŚĞǀĞƌLJƉƌĞůŝŵŝŶĂƌLJĨĞĂƐŝďŝůŝƚLJƐƚƵĚŝĞƐŽĨƚŚĞĂƌĞĂ͘^ŚŽƵůĚƚŚĞƐĞ ǁĞĂƚŚĞƌͲƉƌŽƚĞĐƚĞĚĐŽƌƌŝĚŽƌƐĞdžƉĂŶĚŝŶƚŚĞĨƵƚƵƌĞƚŽƉƌŽǀŝĚĞĐŽŶŶĞĐƚŝǀŝƚLJ͕ƚŚĞ ƉŽƚĞŶƚŝĂůǁŽƵůĚďĞĐŽŶƐŝĚĞƌĞĚŝŶĂĨƵƚƵƌĞƉŚĂƐĞ͘ ͘/ŶĚŝǀŝĚƵĂů^ŝƚĞƐĂŶĚƵŝůĚŝŶŐƐ ͘ϬϭĞƐŝŐŶƵŝůĚŝŶŐƐƚŽ ƐƚĂďůŝƐŚ^ĞŶƐĞŽĨhƌďĂŶ ŶĐůŽƐƵƌĞ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶƵŝůĚŝŶŐƐƚŽ ƐƚĂďůŝƐŚ^ĞŶƐĞŽĨhƌďĂŶ ŶĐůŽƐƵƌĞ͍ 9 dŚĞůŽĐĂƚŝŽŶŽĨƚŚĞƉƌŽũĞĐƚŶĞĂƌƚŚĞŶŽƌƚŚĞƌŶĞĚŐĞŽĨƚŚĞĚŽǁŶƚŽǁŶĐŽƌƌŝĚŽƌͬD x ĚŝƐƚƌŝĐƚďŽƵŶĚĂƌŝĞƐĨŽƌŵŽŶĞƐŝĚĞŽĨĂŶƵƌďĂŶĞŶĐůŽƐƵƌĞ͘dŚĞůĂĐŬŽĨĂĚũŽŝŶŝŶŐ ďƵŝůĚŝŶŐƐŽĨĞƋƵĂůŚĞŝŐŚƚŽƌŐƌĞĂƚĞƌƚŽƚŚĞǁĞƐƚ͕ŶŽƌƚŚ͕ŽƌĞĂƐƚƉƌĞǀĞŶƚƚŚĞƐĞŶƐĞŽĨ Z s/^ ^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϳϭϰͮWĂŐĞ 3DFNHW3J *G ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕WƌĞůŝŵŝŶĂƌLJ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ <EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ĂŶĞŶĐůŽƐĞĚƵƌďĂŶĞŶǀŝƌŽŶŵĞŶƚŝŶƚŚĞĐƵƌƌĞŶƚĞŶǀŝƌŽŶŵĞŶƚ͘dŚŝƐĐĂŶĐŚĂŶŐĞ ĚƌĂŵĂƚŝĐĂůůLJŝŶĨƵƚƵƌĞƉŚĂƐĞƐŽĨĚŽǁŶƚŽǁŶƌĞĚĞǀĞůŽƉŵĞŶƚĂŶĚĂƐDĞǀŽůǀĞƐ͘ ͘ϬϮĞƐŝŐŶdĂůůƵŝůĚŝŶŐƚŽWƌĞƐĞƌǀĞ^ƵŶůŝŐŚƚ͕ŽŵĨŽƌƚĂŶĚsŝĞǁƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶdĂůůƵŝůĚŝŶŐƚŽWƌĞƐĞƌǀĞ^ƵŶůŝŐŚƚ͕ŽŵĨŽƌƚĂŶĚsŝĞǁƐ͍ dŚĞƉƌŽƉŽƐĞĚŚŽƚĞůƉƌŽǀŝĚĞƐĂŶĂďƵŶĚĂŶĐĞŽĨǁŝŶĚŽǁƐŝŶƚŚĞŚŽƚĞůƌĞƐŝĚĞŶƚŝĂůĨůŽŽƌƐ x ŽƉƚŝŵŝnjŝŶŐǀŝĞǁĨƌŽŵƚŚĞƐŝƚĞ͘dŚĞůŽĐĂƚŝŽŶŽĨƚŚŝƐĚĞǀĞůŽƉŵĞŶƚĂĚũĂĐĞŶƚĂƚƌĂŶƐŝƚ ĐŽƌƌŝĚŽƌĂůůŽǁƐƚŚĞŐƌĞĂƚĞƌŚĞŝŐŚƚƚŚĂŶƚŚĞƉƌĞƐĐƌŝďĞĚϳϱ͛ƚŚƌĞƐŚŽůĚĨŽƌďƵŝůĚŝŶŐƐ ǁŝƚŚŝŶƚŚĞƚĂůůďƵŝůĚŝŶŐnjŽŶĞ͘ ͘ϬϯŽŶƚƌŝďƵƚĞƚŽĂsŝďƌĂŶƚ^ƚƌĞĞƚƐĐĂƉĞ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚŽŶƚƌŝďƵƚĞƚŽĂsŝďƌĂŶƚ^ƚƌĞĞƚƐĐĂƉĞ͍ 9 dŚĞŝŶƚĞƌŝŽƌŚŽƚĞůůŽďďLJƐƉĂĐĞĂůŽŶŐǁŝƚŚƚŚĞůŽƵŶŐĞĂŶĚƌĞƚĂŝůĂŵĞŶŝƚŝĞƐĂƌĞĂ x ĚŝƐƚŝŶĐƚŝǀĞĚĞƐƚŝŶĂƚŝŽŶ͘dŚĞĞdžƚĞƌŝŽƌŐĂƚŚĞƌŝŶŐƐƉĂĐĞƐǁŝƚŚŝŶǀŝƚŝŶŐůĂŶĚƐĐĂƉŝŶŐ͕ ƐĞĂƚŝŶŐĂƌĞĂĂŶĚƐŝƚĞĨƵƌŶŝƐŚŝŶŐƐĐƌĞĂƚĞƚŚĞĞŶŚĂŶĐĞŵĞŶƚƐĨŽƵŶĚŝŶĂǀŝďƌĂŶƚ ƐƚƌĞĞƚƐĐĂƉĞ͘ ͘ϬϰWƌŽŵŽƚĞYƵĂůŝƚLJĂŶĚWĞƌŵĂŶĞŶĐĞŝŶĞǀĞůŽƉŵĞŶƚ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚWƌŽŵŽƚĞYƵĂůŝƚLJĂŶĚWĞƌŵĂŶĞŶĐĞŝŶĞǀĞůŽƉŵĞŶƚ͍ 9 dŚĞƐƵďƐƚĂŶƚŝĂůĂŶĚŚŝŐŚůLJƐƚLJůŝƐƚŝĐƌĐŚŝƚĞĐƚƵƌĞŽĨƚŚĞƉƌŽƉŽƐĞĚŚŽƚĞůŽŶƚŚŝƐ x ƌĞĚĞǀĞůŽƉŵĞŶƚƐŝƚĞǁŝůůƐĞƚĂŚŝŐŚďĂƌĨŽƌĨƵƚƵƌĞƉƌŽũĞĐƚƐƚŽĨŽůůŽǁ͘dŚĞƌĞŝƐŶŽĚŽƵďƚ ƚŚŝƐƉƌŽũĞĐƚŝƐĂŚŝŐŚͲƋƵĂůŝƚLJĚĞƐŝŐŶĂŶĚĂƐƚƌƵĐƚƵƌĞƚŚĂƚǁŝůůďĞĂƉĞƌŵĂŶĞŶƚĨŝdžƚƵƌĞ ŝŶZŽĐŚĞƐƚĞƌĨŽƌŐĞŶĞƌĂƚŝŽŶƐƚŽĐŽŵĞ͘ ͘ϬϱĞƐŝŐŶĨŽƌ&ůĞdžŝďŝůŝƚLJĂŶĚĚĂƉƚĂďŝůŝƚLJĨŽƌ&ƵƚƵƌĞhƐĞ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶĨŽƌŽŚĞƌĞŶĐLJ͍ 9 dŚĞƐŝƚĞǁŝůůďĞĨƵůůLJŝŶƚĞŐƌĂƚĞĚǁŝƚŚƚŚĞĚĞƐŝŐŶĞůĞŵĞŶƚƐŶŽƚĞĚŝŶƉƌĞǀŝŽƵƐƐĞĐƚŝŽŶƐ͘ x dŚĞƐĞĞůĞŵĞŶƚƐǁŝůůďĞĨƵƌƚŚĞƌĐŽŽƌĚŝŶĂƚĞĚǁŝƚŚĂĐŽŵƉůŝŵĞŶƚĂƌLJƐĞůĞĐƚŝŽŶŽĨ ŵĂƚĞƌŝĂůƐĨŽƌƐŝŐŶĂŐĞ͕ůŝŐŚƚŝŶŐ͕ĂŶĚƐĐƌĞĞŶŝŶŐĨƌŽŵƐĞƌǀŝĐĞĂƌĞĂƐ͘ ͘ϬϲĞƐŝŐŶĨŽƌ&ůĞdžŝďŝůŝƚLJĂŶĚĚĂƉƚĂďŝůŝƚLJĨŽƌ&ƵƚƵƌĞhƐĞ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶĨŽƌ&ůĞdžŝďŝůŝƚLJĂŶĚĚĂƉƚĂďŝůŝƚLJĨŽƌ&ƵƚƵƌĞhƐĞ͍ 9 dŚĞĐƵƌƌĞŶƚďƵŝůĚŝŶŐƉůĂŶƐĨŽƌƚŚĞŚŽƚĞůĂƌĞůŝŵŝƚĞĚŝŶĂĚĂƉƚĂďŝůŝƚLJĨŽƌĂĨƵƚƵƌĞƵƐĞƚŽ x ĞŝƚŚĞƌĂƉŽƚĞŶƚŝĂůƌĞƐŝĚĞŶƚŝĂůďƵŝůĚŝŶŐŽƌŽĨĨŝĐĞƐƉĂĐĞ͘dŚĞƉƌŽƉŽƐĞĚĐĞŝůŝŶŐŚĞŝŐŚƚƐŽĨ ϵ͘ϱ͛ǁŝůůĂůůŽǁĨŽƌĚĞƐŝƌĂďůĞĚǁĞůůŝŶŐĐĞŝůŝŶŐŚĞŝŐŚƚƐ͘ ͘ϬϳƌĞĂƚĞ^ƉĂĐĞƐĨŽƌŽůůĂďŽƌĂƚŝŽŶ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚƌĞĂƚĞ^ƉĂĐĞƐĨŽƌŽůůĂďŽƌĂƚŝŽŶ͍ 9 dŚĞŚŽƚĞůǁŝůůĂĐĐŽŵŵŽĚĂƚĞŵĞĞƚŝŶŐƐŽĨǀĂƌŝĞĚŶƵŵďĞƌŽĨƉĂƌƚŝĐŝƉĂŶƚƐŝŶďŽƚŚ x ŝŶƚĞƌŝŽƌĂŶĚĂŶĞdžƚĞƌŝŽƌƐĞƚƚŝŶŐŽŶƚŚĞƌŽŽĨƚŽƉŐĂƌĚĞŶĂŶĚůŽƵŶŐĞĐĂŶĂĚĂƉƚƚŽ ŐƌŽƵƉƐƚŽĞŶŐĂŐĞŝŶĐŽůůĂďŽƌĂƚŝǀĞƉƌŽũĞĐƚƐĂŶĚĚŝĂůŽŐƵĞƐ͘ Z s/^ ^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϳϭϱͮWĂŐĞ 3DFNHW3J *G ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕WƌĞůŝŵŝŶĂƌLJ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ <EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ͘ϬϴDĞĞƚ^ƵƐƚĂŝŶĂďůĞĂŶĚ,ĞĂůƚŚLJƵŝůĚŝŶŐĞƐŝŐŶ^ƚĂŶĚĂƌĚƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚDĞĞƚ^ƵƐƚĂŝŶĂďůĞĂŶĚ,ĞĂůƚŚLJƵŝůĚŝŶŐĞƐŝŐŶ^ƚĂŶĚĂƌĚƐ͍ dŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚŚĂƐŶŽƚLJĞƚĚĞƚĞƌŵŝŶĞĚƚŚĞůĞǀĞůŽĨƐƚĂŝŶĂďůĞƐƚĂŶĚĂƌĚƐƚŽ x ĂƐĐĞƌƚĂŝŶ͘ĨŝŶĂůĚĞƚĞƌŵŝŶĂƚŝŽŶǁŝůůŽĐĐƵƌƉƌŝŽƌƚŽƚŚĞ&ŝŶĂů/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ WůĂŶƐƵďŵŝƚƚĂů͘ ͘ϬϵŽŶŶĞĐƚƚŽŝƐƚƌŝĐƚ^LJƐƚĞŵƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚŽŶŶĞĐƚƚŽŝƐƚƌŝĐƚ^LJƐƚĞŵƐ͍ 9 dŚĞĂďŝůŝƚLJƚŽƉƵƌƐƵĞƚŚŝƐĐŽŽƉĞƌĂƚŝǀĞƐLJƐƚĞŵǁŝůůďĞƚŚŝƐǁŝůůďĞĞdžƉůŽƌĞĚ͘,ŽǁĞǀĞƌ͕ x ƌĞŐĂƌĚůĞƐƐŽĨƚŚĂƚŝŶǀĞƐƚŝŐĂƚŝŽŶ͕ƚŚĞƉƌŽũĞĐƚŝƐĐƵƌƌĞŶƚůLJƉůĂŶŶĞĚƚŽƉƌŽĐĞĞĚǁŝƚŚ ŝŶĚĞƉĞŶĚĞŶƚŚĞĂƚŝŶŐĂŶĚĐŽŽůŝŶŐƐLJƐƚĞŵƐǁŝƚŚŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘ ͘ϭϬĞƐŝŐŶZŽŽĨĨŽƌsŝƐƵĂů/ŵƉĂĐƚĂŶĚ^ƵƐƚĂŝŶĂďŝůŝƚLJ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶZŽŽĨĨŽƌsŝƐƵĂů/ŵƉĂĐƚĂŶĚ^ƵƐƚĂŝŶĂďŝůŝƚLJ͍ 9 dŚĞƉƌŽƉŽƐĞĚĚĞƐŝŐŶĚŽĞƐŶŽƚƐƉĞĐŝĨŝĐĂůůLJĂĚĚƌĞƐƐĂŐƌĞĞŶƌŽŽĨƐLJƐƚĞŵŶŽƌƐŽůĂƌ x ĐŽůůĞĐƚŽƌƐĂŶĚĚŽĞƐƚŚĞƉƌŽũĞĐƚĐŽŶƚĂŝŶĂĨĞĂƚƵƌĞǁŚŝĐŚŵĂŬĞƐƚŚĞƌŽŽĨĐŽŶƚĂŝŶĂŶLJ ŐƌĞĂƚĞƌǀŝƐƵĂůŝŵƉĂĐƚƚŚĂŶƚŚĞŽǀĞƌĂůůŵĂƐƐŝŶŐŽĨƚŚĞƉƌŽũĞĐƚ͘dŚĞŵĞĐŚĂŶŝĐĂů ĐŽŵƉŽŶĞŶƚƐĂƌĞƐĐƌĞĞŶĞĚŚŽƌŝnjŽŶƚĂůůLJĂŶĚĨƌŽŵƚŚĞŐƌŽƵŶĚůĞǀĞů͘ZŽŽĨƚŽƉƚĞƌƌĂĐĞƐ 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dŚĞŽŵŵŝƐƐŝŽŶĂŶĚŽƵŶĐŝůƐŚĂůůĂƉƉƌŽǀĞĂŶŝŶĐĞŶƚŝǀĞĚĞǀĞůŽƉŵĞŶƚƉůĂŶŝĨŝƚŝƐ ĚĞƚĞƌŵŝŶĞĚƚŚĞƉůĂŶǁĂƌƌĂŶƚƐƚŚĞďŽŶƵƐĚĞŶƐŝƚLJĂŶĚĨůŽŽƌĂƌĞĂĂƉƉůŝĞĚĨŽƌ͕ĂƐĚĞƚĞƌŵŝŶĞĚŝŶĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚƐĞĐƚŝŽŶϲϮ͘ϲϰϬ͕ĂŶĚƚŚĞƉůĂŶƐĂƚŝƐĨŝĞƐĂůůƚŚĞWƌĞůŝŵŝŶĂƌLJĞǀĞůŽƉŵĞŶƚWůĂŶĨŝŶĚŝŶŐƐƉƌŽǀŝĚĞĚŝŶ ƐƵďĚŝǀŝƐŝŽŶϮĂŶĚĂůůŽĨƚŚĞ&ŝŶĂůĞǀĞůŽƉŵĞŶƚWůĂŶĨŝŶĚŝŶŐƐƉƌŽǀŝĚĞĚŝŶƐƵďĚŝǀŝƐŝŽŶϯ͗ ^ƵďĚϮ ͘dŚĞĨŝŶĚŝŶŐƐĨŽƌƚŚĞĂƉƉƌŽǀĂůŽĨĂWƌĞůŝŵŝŶĂƌLJ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚWůĂŶĂƌĞĂƐĨŽůůŽǁƐ͗ ͘^ƵŝƚĂďŝůŝƚLJŽĨƚŚĞWůĂŶ͗dŚĞŽŵŵŝƐƐŝŽŶĂŶĚŽƵŶĐŝůƐŚĂůůĨŝŶĚƚŚĂƚƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚƉůĂŶŝƐ ƐƵŝƚĂďůĞĂƐƚŚĞůŽĐĂƚŝŽŶĨŽƌĂŶ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚďĂƐĞĚŽŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞĨŽůůŽǁŝŶŐĨĂĐƚŽƌƐ͗ ;ϰͿdƌĂĨĨŝĐ'ĞŶĞƌĂƚŝŽŶ/ŵƉĂĐƚ͗ ŶƚŝĐŝƉĂƚĞĚƚƌĂĨĨŝĐŐĞŶĞƌĂƚĞĚďLJƚŚĞĚĞǀĞůŽƉŵĞŶƚǁŝůůŶŽƚĐĂƵƐĞƚŚĞ ĐĂƉĂĐŝƚLJŽĨĂĚũĂĐĞŶƚƐƚƌĞĞƚƐƚŽďĞĞdžĐĞĞĚĞĚ͕ĂŶĚĐŽŶĐĞƉƚƵĂůŝŵƉƌŽǀĞŵĞŶƚƐŽƌƚŚĞŶĞĞĚĨŽƌ ŝŵƉƌŽǀĞŵĞŶƚƐƚŽƌĞĚƵĐĞƚŚĞŝŵƉĂĐƚŽĨĂĐĐĞƐƐƉŽŝŶƚƐŽŶƚŚĞƚƌĂĨĨŝĐĨůŽǁŽĨĂĚũĂĐĞŶƚƐƚƌĞĞƚƐŚĂǀĞďĞĞŶ ŝĚĞŶƚŝĨŝĞĚǁŚĞƌĞŶĞĞĚĞĚ͘ Z ^WKE^ ͗ ƚƌĂĨĨŝĐŝŵƉĂĐƚĂŶĂůLJƐŝƐŚĂƐďĞĞŶƉĞƌĨŽƌŵĞĚĨŽƌƚŚĞƐŝƚĞĨŽƌƚŚĞŽƌŝŐŝŶĂůƉůĂŶƚŽ ĞǀĂůƵĂƚĞƚŚĞŝŵƉĂĐƚƐŽĨƚŚĞƚƌĂĨĨŝĐĂŶƚŝĐŝƉĂƚĞĚƚŽďĞŐĞŶĞƌĂƚĞĚďLJƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘tĞŚĂǀĞ ǁŽƌŬĞĚǁŝƚŚZŽĐŚĞƐƚĞƌŝƚLJŽĨWƵďůŝĐtŽƌŬƐƐƚĂĨĨƚŽƉƌŽƉĞƌůLJƐĐŽƉĞƚŚĞƐƚƵĚLJ͘tĞǁŝůůĐŽŶƚŝŶƵĞƚŽ ǁŽƌŬǁŝƚŚƚŚĞŝƚLJƚŽĞŶƐƵƌĞĂŶLJƚƌĂĨĨŝĐŝŵƉĂĐƚƐĂƌĞƉƌŽƉĞƌůLJŵŝƚŝŐĂƚĞĚ͘dŚĞĚĞǀĞůŽƉŵĞŶƚŝƐ ĂŶƚŝĐŝƉĂƚĞĚƚŽŐĞŶĞƌĂƚĞϴϳt^ƚƌŝƉƐĚƵƌŝŶŐƚŚĞĂŵƉĞĂŬŚŽƵƌ͕ĂŶĚϵϴƚƌŝƉƐĚƵƌŝŶŐƚŚĞƉŵƉĞĂŬ ŚŽƵƌ͘ dŚĞĂůƚĞƌŶĂƚŝǀĞƐŝƚĞƉůĂŶŚĂƐƚŚĞƐĂŵĞĂƐƚŚĞŐŽĂůŽĨƚŚĞŽƌŝŐŝŶĂůƐŝƚĞƉůĂŶ͖ƚŽĂƚƚƌĂĐƚĂŶĚƐĞƌǀĞ ƉĞĚĞƐƚƌŝĂŶĂŶĚŵƵůƚŝŵŽĚĂůƵƐĞƌƐƚŽĐĂƉƚƵƌĞƚŚĞĂŶƚŝĐŝƉĂƚĞĚŶĞĞĚƐŽĨŚŽƚĞůŐƵĞƐƚƐ͕ĂŶĚĨƵƌƚŚĞƌ ƌĞĚƵĐŝŶŐǀĞŚŝĐƵůĂƌĚĞŵĂŶĚ͘dŚĞĞůŝŵŝŶĂƚŝŽŶŽĨƚŚĞĚƌŝǀĞǁĂLJŽŶŝǀŝĐĞŶƚĞƌƌŝǀĞĂŶĚƚŚĞ ƌĞŵŽǀĂůŽĨƚŚĞŝŶƚĞƌŶĂůĚƌŝǀĞǁĂLJĂůůŽǁƐĨŽƌƚŚĞĞůŝŵŝŶĂƚŝŽŶŽĨĂŶLJĐŽŶĨůŝĐƚǁŝƚŚƉĞĚĞƐƚƌŝĂŶƐ ǁĂůŬŝŶŐĂůŽŶŐŝǀŝĐĞŶƚĞƌƌŝǀĞĂŶĚƌĞĚƵĐĞƐƐŝŐŶŝĨŝĐĂŶƚůLJƚŚŽƐĞƐĂŵĞĐŽŶĨůŝĐƚƐŽŶ&ŝƌƐƚǀĞŶƵĞ Et͘ ;ϳͿ/ŶƚĞƌŶĂů^ŝƚĞĞƐŝŐŶ͗ &ŽƌĚĞǀĞůŽƉŵĞŶƚƐŝŶǀŽůǀŝŶŐŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶ͕ƚŚĞƉƌĞůŝŵŝŶĂƌLJƐŝƚĞůĂLJŽƵƚ ŝŶĚŝĐĂƚĞƐĂĚĞƋƵĂƚĞďƵŝůĚŝŶŐƐĞƉĂƌĂƚŝŽŶĂŶĚĚĞƐŝƌĂďůĞŽƌŝĞŶƚĂƚŝŽŶŽĨƚŚĞďƵŝůĚŝŶŐƐƚŽŽƉĞŶƐƉĂĐĞƐ͕ƐƚƌĞĞƚ ĨƌŽŶƚĂŐĞƐŽƌŽƚŚĞƌĨŽĐĂůƉŽŝŶƚƐ͘ Z ^WKE^ ͗ dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝŶĐůƵĚĞƐĂƐŝŶŐůĞďƵŝůĚŝŶŐǁŝƚŚĂŚŽƚĞůĂďŽǀĞƚŚĞƉĂƌŬŝŶŐ ŐĂƌĂŐĞ͘dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚĂůƐŽƉƌŽƉŽƐĞƐĂŶŽƉĞŶƐƉĂĐĞĞůĞŵĞŶƚƚŽďĞŝŶĐŽƌƉŽƌĂƚĞĚ ŝŶƚŽƚŚĞĚĞƐŝŐŶǁŚŝĐŚŝŶĐůƵĚĞƐĂŐĂƌĚĞŶŽǀĞƌĂƉŽƌƚŝŽŶŽĨƚŚĞƉĂƌŬŝŶŐŐĂƌĂŐĞƚŚĂƚĐĂŶďĞƵƐĞĚďLJ ŐƵĞƐƚƐ͘ůŽŶŐŝǀŝĐĞŶƚĞƌƌŝǀĞEt͕ƚŚĞƉƌŽũĞĐƚƉƌŽƉŽƐĞƐƚŽƵƉŐƌĂĚĞƚŚĞĞdžŝƐƚŝŶŐŐƌĂƐƐŽƉĞŶ ƐƉĂĐĞƚŽƉƌŽǀŝĚĞƉƵďůŝĐƐĞĂƚŝŶŐĂŶĚĞŶŚĂŶĐĞŵĞŶƚƐƚŽĂĐƚŝǀĂƚĞƚŚĞƉĞĚĞƐƚƌŝĂŶŐƌŽƵŶĚͲůĞǀĞů ĞdžƉĞƌŝĞŶĐĞ͘ dŚĞĂĚŽƉƚŝŽŶŽĨƚŚĞĂůƚĞƌŶĂƚŝǀĞƐŝƚĞƉůĂŶǁŽƵůĚĞŶŚĂŶĐĞƚŚĞƐƚƌĞĞƚƐĐĂƉĞĂůŽŶŐŝǀŝĐĞŶƚĞƌƌŝǀĞ ĂŶĚĐƌĞĂƚĞĂŶĞdžƉĂŶƐŝǀĞƉĂƚŝŽƐƉĂĐĞĚĞƐŝŐŶĞĚƚŽƉƌŽǀŝĚĞĂďƵŶĚĂŶƚŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌƐĞĂƚŝŶŐĂŶĚ ŽƵƚĚŽŽƌŐĂƚŚĞƌŝŶŐŝŶǁĂƌŵĞƌǁĞĂƚŚĞƌ͘dŚĞĂƌĞĂ͕ǁŚŝĐŚǁŽƵůĚŽƚŚĞƌǁŝƐĞďĞĂŶŝŶƚĞƌŶĂů ĐŝƌĐƵůĂƚŝŽŶƌŽĂĚǁŽƵůĚďĞĐŽŵĞĂďƵŶĚĂŶƚůĂŶĚƐĐĂƉĞĂŶĚƐŽĨƚƐĐĂƉĞĂƌĞĂƐǁŝƚŚƚĂďůĞƐĂŶĚƐĞĂƚŝŶŐ ƉůĂĐĞĚĂůŽŶŐƚŚĞƐƚƌĞĞƚƐƐĞƌǀŝŶŐƚŚĞŚŽƚĞůĐŽŵŵŽŶĂƌĞĂƐĂŶĚĂĐĐŽŵŵŽĚĂƚĞŽƵƚĚŽŽƌĚŝŶŝŶŐĨŽƌ ƚŚĞƌĞƐƚĂƵƌĂŶƚĂŶĚďĂƌ͘ ^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϳϯͮWĂŐĞ 3DFNHW3J *G ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕ůƚĞƌŶĂƚĞWƌĞůŝŵ͘/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ <EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ;ϭϬͿEŽŶͲsĞŚŝĐƵůĂƌĂŶĚůƚĞƌŶĂƚĞDŽĚĞƐŽĨdƌĂǀĞů͗ dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝŶĐŽƌƉŽƌĂƚĞƐ ƉĞĚĞƐƚƌŝĂŶŽƌŝĞŶƚĞĚͲƐƉĂĐĞ͕ƉƌŽǀŝĚĞƐĚŝƌĞĐƚĂŶĚĐŽŶǀĞŶŝĞŶƚƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐƚŽƚŚĞďƵŝůĚŝŶŐĞŶƚƌĂŶĐĞ;ƐͿ ĨƌŽŵƉƵďůŝĐƚƌĂŝůƐ͕ƉƵďůŝĐƐŝĚĞǁĂůŬƐ͕ĂŶĚŽŶŽƌŽĨĨͲƐŝƚĞƉĂƌŬŝŶŐĂƌĞĂƐ͕ŝŶĐŽƌƉŽƌĂƚĞƐĂƉƉƌŽƉƌŝĂƚĞĚ ƉĞĚĞƐƚƌŝĂŶƐĂĨĞƚLJĨĞĂƚƵƌĞƐ͕ƉƌŽǀŝĚĞƐĐŽŶǀĞŶŝĞŶƚƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐĨŽƌƚƌĂŶƐŝƚƉĂƚƌŽŶƐ͕Žƌ͕ŝĨĂƉƉƌŽƉƌŝĂƚĞ͕ ĂĐĐĞƐƐĨŽƌƚƌĂŶƐŝƚǀĞŚŝĐůĞƐ͕ĂŶĚƉƌŽǀŝĚĞƐĂĚĞƋƵĂƚĞďŝĐLJĐůĞĂĐĐĞƐƐ͘ŽŶƐŝĚĞƌĂƚŝŽŶƐŚĂůůĂůƐŽďĞŐŝǀĞŶ͕ƚŽ ƉƌŽǀŝĚŝŶŐĚĞƐŝŐŶĂƚĞĚŵŽƚŽƌŝnjĞĚƐĐŽŽƚĞƌƉĂƌŬŝŶŐŝĨĂƉƉƌŽƉƌŝĂƚĞƚŽƚŚĞĐŽŶƚĞdžƚŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ;ƚŚĞ ƵƐĞ͕ůŽĐĂƚŝŽŶ͕ƚLJƉĞŽĨŝŶĚŝǀŝĚƵĂůƐƐĞƌǀĞĚͿ͘ Z ^WKE^ ͗ dŚĞĂůƚĞƌŶĂƚŝǀĞƐŝƚĞƉůĂŶĨƵƌƚŚĞƌŝŶƚĞŐƌĂƚĞƐƚŚĞĐƵƌƌĞŶƚŝƚLJŽĨZŽĐŚĞƐƚĞƌ͛Ɛ ƐƚƌĞĞƚƐĐĂƉŝŶŐŐƵŝĚĞůŝŶĞƐĂŶĚŝƐůŽŽŬŝŶŐĂŚĞĂĚƚŽĚĞǀĞůŽƉŝǀŝĐĞŶƚĞƌƌŝǀĞĂƐĂŵƵůƚŝŵŽĚĂů ƚƌĂŶƐŝƚĐŽƌƌŝĚŽƌ͘dŚĞŐŽĂůŽĨƚŚĞƐŝƚĞĚĞƐŝŐŶŝƐƚŽĐŽŶǀĞLJĂŶĞŶĞƌŐĞƚŝĐƉĞĚĞƐƚƌŝĂŶĨƌŝĞŶĚůLJ ĞŶǀŝƌŽŶŵĞŶƚĂůŽŶŐĂŚĞĂǀŝůLJƵƚŝůŝnjĞĚǀĞŚŝĐůĞƌŽƵƚĞ͘dŚĞĂůƚĞƌŶĂƚŝǀĞƐŝƚĞƉůĂŶĂůƐŽĞůŝŵŝŶĂƚĞƐĂ ƉŽƚĞŶƚŝĂůĐŽŶĨůŝĐƚďĞƚǁĞĞŶƉĞĚĞƐƚƌŝĂŶƐĂŶĚǀĞŚŝĐůĞƐŽŶŝǀŝĐĞŶƚĞƌƌŝǀĞ͕ŵĂdžŝŵŝnjŝŶŐƉĞĚĞƐƚƌŝĂŶ ĐŽŵĨŽƌƚŝŶƚŚŝƐĂƌĞĂ͘dŚĞĚĞǀĞůŽƉŝŶŐŝŶƚĞŐƌĂƚĞĚƚƌĂŶƐƉŽƌƚĂƚŝŽŶŶĞƚǁŽƌŬĂůŽŶŐŝǀŝĐĞŶƚĞƌƌŝǀĞ ƉƌŽǀŝĚĞƐĐŽŶǀĞŶŝĞŶƚĂĐĐĞƐƐƚŽĞƐƚĂďůŝƐŚĞĚďƵƐƐƚŽƉƐĂŶĚŽƚŚĞƌƉĂLJƉĞƌƵƐĞƚƌĂŶƐŝƚƐƵĐŚĂƐhďĞƌ͕ >LJĨƚĂŶĚƚĂdžŝ͛Ɛ͘ŝŬĞƌĂĐŬƐǁŝůůďĞƉƌŽǀŝĚĞĚŝŶƚŚĞƐƚƌĞĞƚƐĐĂƉĞƚŽƉƌŽŵŽƚĞďŝĐLJĐůĞƵƐĞďLJŐƵĞƐƚƐ ĂŶĚĐŽŵŵƵŶŝƚLJƌĞƐŝĚĞŶƚƐ͘ ϲϮ͘ϲϱϴůůĞǀĞůŽƉŵĞŶƚ͗ dŚĞĐƌŝƚĞƌŝĂŝŶƚŚŝƐƉĂƌĂŐƌĂƉŚŵĂLJďĞĐŽŶƐŝĚĞƌĞĚĨŽƌŐƌĂŶƚŝŶŐďŽŶƵƐĚĞŶƐŝƚLJŝŶ ĂůůĚĞǀĞůŽƉŵĞŶƚƐ͗ ϰͿ^ƚƌĞĞƚŝŵƉƌŽǀĞŵĞŶƚƐŶŽƌŵĂůůLJƉƌŽǀŝĚĞĚďLJƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌĂƌĞĐŽŶƐƚƌƵĐƚĞĚ͕ĚĞĚŝĐĂƚĞĚŽƌƉĂŝĚ ĨŽƌďLJƚŚĞĚĞǀĞůŽƉĞƌ͘ džĂŵƉůĞƐŝŶĐůƵĚĞƚŚĞƉƌŽǀŝƐŝŽŶŽĨƌŝŐŚƚͲŽĨͲǁĂLJĨŽƌĂƌƚĞƌŝĂůƐƚƌĞĞƚƐďĞLJŽŶĚƚŚĂƚ ŶŽƌŵĂůůLJƌĞƋƵŝƌĞĚƚŽďĞĚĞĚŝĐĂƚĞĚ͕ŽƌƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽƌƉĂLJŵĞŶƚĨŽƌƚƵƌŶůĂŶĞƐ͕ƐŝŐŶĂůůŝŐŚƚƐ͕ŝŶĐƌĞĂƐĞĚ ƉĂǀĞŵĞŶƚĚĞƉƚŚƐ͕ĞƚĐ͘ Z ^WKE^ ͗ dŚĞĂƉƉůŝĐĂŶƚŝŶƚĞŶĚƐƚŽƉƌŽǀŝĚĞƉƵďůŝĐŝŵƉƌŽǀĞŵĞŶƚƐĂƐĨŽůůŽǁƐ͗ Ă͘^ŝŐŶĂůĞƋƵŝƉŵĞŶƚŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽƚŚĞŶŽƌƚŚĂŶĚƐŽƵƚŚĂƉƉƌŽĂĐŚĞƐƚŽƚŚĞϭƐƚǀĞŶƵĞͬ [[485,1857,498,1910][11][,I,][Arial]] ŝǀŝĐĞŶƚĞƌƌŝǀĞŝŶƚĞƌƐĞĐƚŝŽŶ͘ ď͘ƐĂƌĞƐƵůƚŽĨƚŚĞĂůƚĞƌŶĂƚŝǀĞƐŝƚĞƉůĂŶ͕ĂĚĚŝƚŝŽŶĂůůĂŶĚƐĐĂƉĞĂŶĚƐƚƌĞĞƚƐĐĂƉĞ [[485,1977,498,2030][11][,I,][Arial]] ŝŵƉƌŽǀĞŵĞŶƚƐǁŝůůďĞŵĂĚĞĂůŽŶŐŝǀŝĐĞŶƚĞƌƌŝǀĞ͘ ůƚŚŽƵŐŚƚŚĞƐĞƉƵďůŝĐŝŵƉƌŽǀĞŵĞŶƚƐǁŝůůďĞŶĞĨŝƚƚŚĞƉƌŽũĞĐƚ͕ƚŚĞLJǁŝůůĂůƐŽƉƌŽǀŝĚĞĂƉƵďůŝĐ ďĞŶĞĨŝƚǁŚŝĐŚŝƐƵŶƌĞůĂƚĞĚƚŽƚŚĞƉƌŽũĞĐƚ͘ ϳͿ ĂĐŚĨŽƵƌ;ϰͿƉĞƌĐĞŶƚŝŶĐƌĞĂƐĞŝŶƚŚĞůĂŶĚƐĐĂƉĞĂƌĞĂƌĂƚŝŽĂďŽǀĞƚŚĞŵŝŶŝŵƵŵƌĞƋƵŝƌĞĚƐŚĂůůďĞ ĐŽŶƐŝĚĞƌĞĚĂƐŵĞĞƚŝŶŐƚŚĞĐƌŝƚĞƌŝĂĨŽƌďŽŶƵƐĚĞŶƐŝƚLJͬĨůŽŽƌĂƌĞĂŽƌĂŶŝŶĐƌĞĂƐĞŝŶƉůĂŶƚŵĂƚĞƌŝĂůƐƐŽĂƐƚŽ ĞdžĐĞĞĚŵŝŶŝŵƵŵƌĞƋƵŝƌĞŵĞŶƚƐ͘ Z ^WKE^ ͗dŽďĞŝŶĐůƵĚĞĚďĂƐĞĚƵƉŽŶĐŚĂŶŐĞŝŶŝŵƉĞƌǀŝŽƵƐĂƌĞĂƐ dŚĞĞdžŝƐƚŝŶŐůĂŶĚƐĐĂƉĞĂƌĞĂ ŝƐĐƵƌƌĞŶƚůLJϴйŽĨƚŚĞƚŽƚĂůƐŝƚĞĂƌĞĂ͘dŚĞƌĞǁŝůůďĞĂŶĂĚĚŝƚŝŽŶŽĨϲйŵŽƌĞŐƌĞĞŶƐƉĂĐĞƚŽƚŚĞ ƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚƚŽƚĂůŝŶŐϭϰйůĂŶĚƐĐĂƉĞĂƚŐƌĂĚĞ͘ĚĚŝƚŝŽŶĂůůĂŶĚƐĐĂƉĞŝŶĐŽƌƉŽƌĂƚĞĚŝŶ ƚŚĞϰ ƚŚĨůŽŽƌƚĞƌƌĂĐĞůĞǀĞůŝŶĐƌĞĂƐĞƐƚŚĞŽǀĞƌĂůůůĂŶĚƐĐĂƉĞĂƌĞĂŽĨƚŚĞƉƌŽũĞĐƚƚŽϭϵй͘dŚĞͲ&Z ĚŝƐƚƌŝĐƚĚŽĞƐŶŽƚŚĂǀĞĂŶƵƉƉĞƌůŝŵŝƚĨŽƌ&ůŽŽƌƌĞĂ͘,ŽǁĞǀĞƌ͕ƚŚĞĂĚĚŝƚŝŽŶŽĨůĂŶĚƐĐĂƉĞĚƐƵƌĨĂĐĞ ĂƌĞĂŝƐĂŶŝŵƉŽƌƚĂŶƚĂĞƐƚŚĞƚŝĐǀŝƐƵĂůĐŽŵƉŽŶĞŶƚŽĨƚŚĞŽǀĞƌĂůůƐŝƚĞĚĞƐŝŐŶ͘ ^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϳϰͮWĂŐĞ 3DFNHW3J *G ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕ůƚĞƌŶĂƚĞWƌĞůŝŵ͘/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ <EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ZŽĐŚĞƐƚĞƌĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌŝƐƚƌŝĐƚĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐ 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ϬϮϴhWďLJZ Ͳ^ƋƵĂƌĞĚ ŶƚĞƌƉƌŝƐĞƐ͕>>͕ƚŽƉĞƌŵŝƚĂΗƚƌĂĚĞƐŚŽƉΗƵƐĞŝŶƚŚĞͲ ϭ ZĞƐƚƌŝĐƚĞĚŽŵŵĞƌĐŝĂůŝƐƚƌŝĐƚ͘dŚĞƐŝƚĞŝƐůŽĐĂƚĞĚĂƚϮϮϱϴĂŶĚϮϮϲϬDĂƌŝŽŶZŽĂĚ^ ͕ŽŶƚŚĞŶŽƌƚŚƐŝĚĞ ŽĨDĂƌŝŽŶZŽĂĚ^ ͕ǁĞƐƚŽĨĞĚĂƌWĂƌŬ&ŝƌƐƚ^ƵďĚŝǀŝƐŝŽŶ͕ĂŶĚĂƉƉƌŽdžŝŵĂƚĞůLJĂƋƵĂƌƚĞƌŵŝůĞƚŽƚŚĞ ƐŽƵƚŚĞĂƐƚŽĨƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶŽĨDĂƌŝŽŶZŽĂĚĂŶĚϯϬƚŚǀĞŶƵĞ^ ͘ Dƌ͘ƵƌƐƚŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĐŽŶƚŝŶƵĂŶĐĞƚŽƚŚĞKĐƚŽďĞƌϮϱ͕ϮϬϭϳWŵĞĞƚŝŶŐŽĨŽŶĚŝƚŝŽŶĂů hƐĞηZϮϬϭϳ Ͳ ϬϮϴhWďLJZ Ͳ^ƋƵĂƌĞĚ ŶƚĞƌƉƌŝƐĞƐ͕>>͘Dƌ͘tĂůƚĞƌƐƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶ ĐĂƌƌŝĞĚϳ Ͳ Ϭ͘ WƵďůŝĐ,ĞĂƌŝŶŐƐ͗ ŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚͲ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚWƌĞůŝŵŝŶĂƌLJWůĂŶηϮϬϭϳ Ͳ ϬϮϵhWďLJ <EĞǀĞůŽƉŵĞŶƚ 'ƌŽƵƉĨŽƌĂϵ Ͳ ƐƚŽƌLJƚƌĂŶƐŝĞŶƚĂĐĐŽŵŵŽĚĂƚŝŽŶƐƵƐĞ;ŚŽƚĞůͿ͘dŚĞƐŝƚĞŝƐďŽƵŶĚďLJŝǀŝĐĞŶƚĞƌƌŝǀĞEt ƚŽƚŚĞŶŽƌƚŚ͕ϭƐƚǀĞŶƵĞEtƚŽƚŚĞĞĂƐƚ͕ĂƌĂŝůƌŽĂĚƌŝŐŚƚ Ͳ ŽĨ Ͳ ǁĂLJƚŽƚŚĞƐŽƵƚŚ͕ĂŶĚϮŶĚǀĞŶƵĞEtƚŽ ƚŚĞǁĞƐƚ͘ Dƌ͘:ŽŚŶƐŽŶƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚKĐƚŽďĞƌϭϭ͕ϮϬϭϳ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐ ŽŶĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ Dƌ͘tĂůƚĞƌƐĂƐŬĞĚĂďŽƵƚƚŚĞŽƉƚŝŽŶŽĨƌĞnjŽŶŝŶŐĞǀĞƌďĞŝŶŐĚŝƐĐƵƐƐĞĚǁŝƚŚĂƉƉůŝĐĂŶƚ͘ WůĂŶŶŝŶŐƐƚĂĨĨƌĞƐƉŽŶĚĞĚ͘ Dƌ͘tĂůƚĞƌƐĂƐŬĞĚĂďŽƵƚĂŶLJĂĚĚŝƚŝŽŶĂůWƵďůŝĐtŽƌŬƐĐŽŵŵĞŶƚƐŽŶŶŽƚĂůůŽǁŝŶŐƚŚĞĚƌŽƉŽĨĨĨƌŽŵŝǀŝĐ ĞŶƚĞƌƌŝǀĞ͘ WůĂŶŶŝŶŐ^ƚĂĨĨƌĞƐƉŽŶĚĞĚƚŚĞLJŚĂǀĞŶŽƚƌĞĐĞŝǀĞĚĂŶLJŽƚŚĞƌĐŽŵŵĞŶƚƐ͘ DƐ͘DĞĞŬŶŽƚĞĚŚĞƌĐŽŶǀĞƌƐĂƚŝŽŶǁŝƚŚDƌ͘&ƌĞĞƐĞ͘^ŚĞƐƚĂƚĞĚŝŶŚĞƌĐŽŶǀĞƌƐĂƚŝŽŶǁŝƚŚDƌ͘&ƌĞĞƐĞ͕ŚĞ ĐŽƵůĚŶŽƚĐŽŵŵŝƚƚŽĂĚƌŽƉŽĨĨĨƌŽŵŝǀŝĐĞŶƚĞƌƌŝǀĞǁŝƚŚƚŚĞĨƵƚƵƌĞƉŽƐƐŝďŝůŝƚLJŽĨĂƚƌĂŶƐŝƚĐŽƌƌŝĚŽƌ ďĞŝŶŐůŽĐĂƚĞĚŝŶƚŚĞŝǀŝĐĞŶƚĞƌƌŝǀĞĂƌĞĂ͘ DƐ͘DĞĞŬŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘ ďďŝĞEĂŬŚũĂǀĂŶŝ͕ <EĞǀĞůŽƉŵĞŶƚ͕ϮϮϬEĞǁƉŽƌƚĞŶƚĞƌƌŝǀĞ͕EĞǁƉŽƌƚĞĂĐŚ͕ĂůŝĨŽƌŶŝĂ͕ ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞĞdžƉůĂŝŶĞĚƚŚĞƌĞĂƐŽŶŝŶŐďĞŚŝŶĚƚŚĞŚŽƚĞůĚĞǀĞůŽƉŵĞŶƚďĞŝŶŐďƌŽƵŐŚƚ ĨŽƌǁĂƌĚ͖ĞdžĐŝƚĞĚƚŽďĞĚĞǀĞůŽƉŝŶŐŝŶƚŚĞŝƚLJƚŚĂƚǁŝůůďĞŐƌŽǁŝŶŐŝŶƚŚĞĨƵƚƵƌĞ͖ĂŶĚƐĞůĞĐƚĞĚĂŶ ĂƌĐŚŝƚĞĐƚƵƌĞƚŚĂƚĐĞůĞďƌĂƚĞƐƚŚĞŝƚLJĂŶĚŝǀŝĐĞŶƚĞƌƌŝǀĞĂƐĂ͞'ĂƚĞǁĂLJƚŽƚŚĞŝƚLJ͘͟ Dƌ͘ ŶŐĞůŶŽƚĞĚ^ŽƵƚŚƌŽĂĚǁĂLJŝƐĂƐĞĐŽŶĚĂƌLJƵƌďĂŶĂĞƌŝĂůĂŶĚŝǀŝĐĞŶƚĞƌƌŝǀĞŝƐĂƉƌŝŵĂƌLJƵƌďĂŶ ĐŽůůĞĐƚŽƌ͖ďŽƚŚĂƌĞŚŝŐŚĞƌŽƌĚĞƌƐƚƌĞĞƚƐ͖ĂŶĚƚŚĞƌĞŝƐƉĂƌŬŝŶŐĂŶĚƉƵůůŽƵƚŽŶƌŽĂĚǁĂLJ͖ƚŚŝƐŝƐŶŽƚĂ ĨĞĂƚƵƌĞŽĨŝǀŝĐĞŶƚĞƌƌŝǀĞ͘ Dƌ͘dŽŵ^ƉƌŝŶŬůĞ͕,<^ƌĐŚŝƚĞĐƚ͕ϱϯϵƌLJĂŶƚ^ƚƌĞĞƚ͕^ĂŶ&ƌĂŶĐŝƐĐŽ͕ĂůŝĨŽƌŶŝĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞƉƌĞƐĞŶƚĞĚĂƌĞǀŝĞǁŽĨƚŚĞŝŶƚĞƌŝŽƌĂŶĚĞdžƚĞƌŝŽƌĚĞƚĂŝůƐŽĨƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚ͖ƐƉŽŬĞ ŽŶƚŚĞĂŵĞŶŝƚŝĞƐŽĨƚŚĞŚŽƚĞůĚĞǀĞůŽƉŵĞŶƚ͖ĞdžƉůĂŝŶĞĚŚŽƚĞůĂĐĐĞƐƐĨŽƌŐƵĞƐƚƐƚŽƌŽŽŵĂŶĚĂŵĞŶŝƚŝĞƐ͖ ĂŶĚƉĂƌŬŝŶŐ͘ DƐ͘DĞĞŬĂƐŬĞĚĂďŽƵƚďĂůĐŽŶŝĞƐ͘ _3DJH 3DFNHW3J *L ŝƚLJWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗KĐƚŽďĞƌϭϭ͕ϮϬϭϳ Dƌ͘^ƉƌŝŶŬůĞƌĞƐƉŽŶĚĞĚǁŝƚŚĚĞƚĂŝůƐŽĨďĂůĐŽŶŝĞƐŽŶƚŚĞĚŝĨĨĞƌĞŶƚůĞǀĞůƐ͘,ĞĞdžƉůĂŝŶĞĚƚŚĞůĂLJŽƵƚŽĨƚŚĞ ŐƵĞƐƚƌŽŽŵƐĂŶĚǀŝĞǁƐ͖ĂŶĚŽƉƉŽƌƚƵŶŝƚLJĨŽƌǁĂůůĂƌƚĂůŽŶŐƚŚĞƐŽƵƚŚƐŝĚĞŽĨƚŚĞďƵŝůĚŝŶŐ͘,ĞĚĞƐĐƌŝďĞĚ ƚŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞďĂƐĞƉůĂŶĂŶĚƚŚĞĂůƚĞƌŶĂƚĞƉůĂŶ͘ Dƌ͘ ďďŝĞEĂŬŚũĂǀĂŶŝ͕ <EĞǀĞůŽƉŵĞŶƚ͕ϮϮϬEĞǁƉŽƌƚĞŶƚĞƌ͕ƌŝǀĞ͕EĞǁƉŽƌƚĞĂĐŚĂůŝĨŽƌŶŝĂ͕ ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞĂŶƐǁĞƌĞĚƋƵĞƐƚŝŽŶƐŽŶƚŚĞŽƉĞŶĂƌĞĂĂďŽǀĞƚŚĞŐĂƌĂŐĞ͖ĂŶĚƚŚĞĂƌĞĂŽĨ ĨŽĐƵƐŶĞĂƌƚŚĞƉŽŽůĂƌĞĂĂŶĚƚŚĞŽƵƚƐŝĚĞƉĂƚŝŽĂƌĞĂ͖ƐƚĂƚŝŶŐƚŚĞLJǁĂŶƚƚŽĐƌĞĂƚĞĂŶĞdžƉĞƌŝĞŶĐĞĨŽƌŐƵĞƐƚƐ ƐŽƚŚĞLJǁĂŶƚƚŽƌĞƚƵƌŶ͘ ŶĚ Dƌ͘ĂƌƌLJ^ŬŽůŶŝĐŬ͕ůŽĐĂƚŝŽŶϮϭϭϮ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌDE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞĞdžƉƌĞƐƐĞĚ ĐŽŶĐĞƌŶǁŝƚŚĂĚĚŝŶŐĂŶŽƚŚĞƌŚŽƚĞů͖ƚŚĞůĂĐŬŽĨĐŽŵŵƵŶŝƚLJĂŵĞŶŝƚŝĞƐŽĨĨĞƌĞĚ͖ĂŶĚůĂĐŬŽĨĂŐŽŽĚ ƉĞĚĞƐƚƌŝĂŶĞdžƉĞƌŝĞŶĐĞ͘ Ɛƚ Dƌ͘WĂƵů^ŝŵƐ͕ůŽĐĂƚĞĚϱϭϱϭǀĞŶƵĞ^t͕ZŽĐŚĞƐƚĞƌ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞƐƚĂƚĞĚ ƌĞƉƌĞƐĞŶƚŝŶŐƚŚĞŽǁŶƚŽǁŶEĞŝŐŚďŽƌŚŽŽĚƐƐŽĐŝĂƚŝŽŶĂŶĚƚŚĞŝƌƐƵƉƉŽƌƚĨŽƌƚŚĞĂůƚĞƌŶĂƚĞƉůĂŶĂƐ ƐƵďŵŝƚƚĞĚĨŽƌƚŚĞƌĞĂƐŽŶŽĨƚŚĞĂĐĐĞƐƐĨŽƌƉĂƌŬŝŶŐĂŶĚĚƌŽƉŽĨĨĂůŽŶŐŝǀŝĐĞŶƚĞƌƌŝǀĞ͖ĂŶĚ Ɛƚ ĂĐŬŶŽǁůĞĚŐĞĐŽŶĐĞƌŶĨŽƌĂĐƚŝǀĞƐƉĂĐĞĂůŽŶŐϭǀĞŶƵĞ͖ĂŶĚƚŚĞĂĚĚŝƚŝŽŶŽĨƚŚĞƌĞƐƚĂƵƌĂŶƚŽŶƚŚĞĨĂĕĂĚĞ ƐŚŽƵůĚďĞĚŽŶĞŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚDĚĞƐŝŐŶŐƵŝĚĞůŝŶĞƐ͖ĂŶĚƚŚĞƉƵďůŝĐĂƌƚďĞŝŶŐĂĚĚĞĚŽŶƚŚĞƐŽƵƚŚ ĨĂĕĂĚĞ͘ ŶĚ Dƌ͘ĂƌƌLJ^ŬŽůŶŝĐŬ͕ůŽĐĂƚŝŽŶϮϭϭϮ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ ŵĞŶƚŝŽŶĞĚŚĞŝƐŽŶƚŚĞŽǁŶƚŽǁŶEĞŝŐŚďŽƌŚŽŽĚƐƐŽĐŝĂƚŝŽŶĂŶĚǁĂƐŶŽƚĂǁĂƌĞŽĨƚŚĞƐĞĐŽŶĚŵĞĞƚŝŶŐ ǁŚŝĐŚǁĂƐŚĞůĚ͖ĂŶĚŚĞĨĞůƚŝƚǁĂƐŶŽƚŶĞĐĞƐƐĂƌŝůLJĂƵŶĂŶŝŵŽƵƐƐƵƉƉŽƌƚŽĨƚŚĞƉƌŽũĞĐƚďLJƚŚĞŽǁŶƚŽǁŶ EĞŝŐŚďŽƌŚŽŽĚƐƐŽĐŝĂƚŝŽŶ͘ Dƌ͘:ŽŚŶ<ƌƵĞƐĞů͕ϮϮϯ ƌĚ^ƚƌĞĞƚ^t͕ZŽĐŚĞƐƚĞƌ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞƐƉŽŬĞŝŶƌĞŐĂƌĚƐƚŽ ƚŚĞŐƌĞĞŶƚŚŝŶŬŝŶŐĚĞƐŝŐŶŝŶĐĞŶƚŝǀĞƐŽĨƚŚĞƉƌŽũĞĐƚďĞĞŶĂĚĚƌĞƐƐĞĚ͖ĂŶĚŝĨĂŶLJƐŚĂĚŽǁƐƚƵĚŝĞƐŚĂǀĞďĞĞŶ ĐŽŵƉůĞƚĞĚ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌŶŽƚĞĚƚŚĞƐŚĂĚŽǁƐƚƵĚLJǁŽƵůĚŶĞĞĚƚŽďĞĐŽŵƉůĞƚĞĚĂƚƚŚĞĨŝŶĂůƐƚĂŐĞ͖ĂŶĚƚŚŝƐ ƉƌŽũĞĐƚŝƐŽƵƚƐŝĚĞƚŚĞƚĂůůďƵŝůĚŝŶŐnjŽŶĞ͘ Dƌ͘tĂůƚĞƌƐĂƐŬĞĚWůĂŶŶŝŶŐ^ƚĂĨĨĨŽƌƚŚĞŝŶĐĞŶƚŝǀĞƐďĞŝŶŐŽĨĨĞƌĞĚĨŽƌƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘ Dƌ͘:ŽŚŶƐŽŶƌĞĨĞƌƌĞĚƚŽĂƐůŝĚĞŶŽƚĞĚƚŚĞŝŶĐĞŶƚŝǀĞƐĨŽƌƚŚĞƉƌŽũĞĐƚĂƐĚĞƚĂŝůĞĚŝŶƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͘ Dƌ͘ ŶŐĞůĐŽŵŵĞŶƚĞĚŽŶƚŚĞŝŶĐĞŶƚŝǀĞƐĨŽƌƚŚĞƉƌŽũĞĐƚĂŶĚĨůŽŽƌĂƌĞĂƌĂƚŝŽŶŽĨƚŚĞďƵŝůĚŝŶŐ͖ŝŶƚŚĞD Ͳ ϭ ƚŚĞƌĞŝƐŶŽŚĞŝŐŚƚůŝŵŝƚƐŽŶŽŝŶĐĞŶƚŝǀĞŝƐŽĨĨĞƌĞĚ͖ƚŚĞŚĞŝŐŚƚŽĨƚŚĞďƵŝůĚŝŶŐŝƐďLJŽƌĚŝŶĂŶĐĞ͖ĂŶĚ ĞdžƉůĂŝŶĞĚƚŚĞ&ZĂǀĂŝůĂďŝůŝƚLJďLJKƌĚŝŶĂŶĐĞ͘ DƐ͘>ĞƐůŝĞZŝǀĂƐ Ͳ DĐ'ŝůůŝǀƌĂLJ͕t^ΘƐƐŽĐŝĂƚĞƐ͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^ ͕ZŽĐŚĞƐƚĞƌDE͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘^ŚĞŚĂŶĚĞĚŽƵƚĂůŝƐƚŽĨƌĞƐƉŽŶƐĞƐƚŽƚŚĞƐƚĂĨĨĐŽŶĚŝƚŝŽŶƐǁŝƚŚĐŚĂŶŐĞƐŝŶůĂŶŐƵĂŐĞ;ĐŽƉLJŝƐ ĂǀĂŝůĂďůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚͿ͘ dŚĞŽŵŵŝƐƐŝŽŶǁĂƐĂůůŽǁĞĚƚŝŵĞƚŽƌĞǀŝĞǁƚŚĞŚĂŶĚŽƵƚ͘ _3DJH 3DFNHW3J *L ŝƚLJWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗KĐƚŽďĞƌϭϭ͕ϮϬϭϳ Dƌ͘ ŶŐĞůĐŽŵŵĞŶƚĞĚŽŶƚŚĞĐĂŶŽƉLJĞdžƚĞŶĚŝŶŐŽƵƚŝŶƚŽƚŚĞƌŝŐŚƚŽĨǁĂLJŝŶƚŚĞĂůƚĞƌŶĂƚĞƉůĂŶ͖WƵďůŝĐ tŽƌŬƐŵĂLJŶŽƚŚĂǀĞĞǀĂůƵĂƚĞĚƚŚŝƐĨĞĂƚƵƌĞŽĨƚŚĞĂůƚĞƌŶĂƚĞƉůĂŶ͖ĂŶĚĂƌĞǀŽĐĂďůĞƉĞƌŵŝƚǁŝůůŶĞĞĚƚŽďĞ ƌĞǀŝĞǁĞĚ͘ Dƌ͘ƵƌƐƚĂƐŬĞĚŚŽǁƚŚĞŽŵŵŝƐƐŝŽŶƐŚŽƵůĚĂĚĚƌĞƐƐDƌ͘&ƌĞĞƐĞ͛ƐĐŽŵŵĞŶƚƐŶŽƚĂůůŽǁŝŶŐƚŚĞĚƌŽƉŽĨĨ ŽŶŝǀŝĐĞŶƚĞƌƌŝǀĞ͘ Dƌ͘ ŶŐĞůŶŽƚĞĚƚŚĞŽŵŵŝƐƐŝŽŶŝƐŵĂŬŝŶŐĂƌĞĐŽŵŵĞŶĚĂƚŝŽŶƚŽƚŚĞŽƵŶĐŝů͖ƚŚĞLJŚĂǀĞƚŚĞĨŝŶĂůƐĂLJŽŶ ǁŚŝĐŚƉůĂŶŝƐĂƉƉƌŽǀĞĚ͘ Dƌ͘tĂůƚĞƌƐĂƐŬĞĚƚŚĞĚĞǀĞůŽƉŵĞŶƚƚĞĂŵĂƐƚŽǁŚĞƚŚĞƌĂƌĞnjŽŶĞǁĂƐĐŽŶƐŝĚĞƌĞĚ͖ĂŶĚǁŚLJĂƌĞƚŚĞ ƐƵĨĨŝĐŝĞŶƚŝŶĐĞŶƚŝǀĞƐƚŽĂůůŽǁŝƚƚŽŐŽŽǀĞƌƚŚĞ&Z͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞŽŵŵŝƐƐŝŽŶŝŶƌĞŐĂƌĚƐƚŽƚŚĞĂĚũŽŝŶŝŶŐnjŽŶŝŶŐĚŝƐƚƌŝĐƚƐƚŽƚŚĞƐŝƚĞ͘ Dƌ͘ ŶŐĞůŶŽƚĞĚWůĂŶŶŝŶŐ^ƚĂĨĨŝƐƌĞǀŝĞǁŝŶŐƚŚĞŚĂŶĚŽƵƚĨŽƌƐƵŐŐĞƐƚĞĚĐŚĂŶŐĞƐƚŽƚŚĞĨŝŶĚŝŶŐƐĂƐƚŚŝƐŝƐ ƚŚĞĨŝƌƐƚƚŚĞLJŚĂǀĞƐĞĞŶŝƚ͘,ĞƉƌŽĐĞĞĚĞĚƚŽĞdžƉůĂŝŶŵŽǀŝŶŐĐŽŶĚŝƚŝŽŶŶŽ͘ϲƚŽĂĨŝŶĂůƐƚĂŐĞĐĂŶĐĂƵƐĞĨŽƌ ĞƌƌŽƌƐƚŽŽĐĐƵƌďLJŶŽƚĂůůŽǁŝŶŐĂĐŚĞĐŬĂŶĚďĂůĂŶĐĞ͘ DƐ͘>ĞƐůŝĞZŝǀĂƐ Ͳ DĐ'ŝůůŝǀƌĂLJ͕t^ΘƐƐŽĐŝĂƚĞƐ͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^ ͕ZŽĐŚĞƐƚĞƌ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘^ŚĞĞdžƉůĂŝŶĞĚƚŚĞƉƌŽƉĞƌƚLJůŝŶĞŝƐƐƚŝůůƵŶĚĞƌĚŝƐĐƵƐƐŝŽŶĂŶĚƚŚĞƌĞĂƐŽŶŝŶŐĨŽƌĂƐŬŝŶŐ ďƵŝůĚŝŶŐĂƉƉƌŽǀĂůĂƚƚŚĞĨŝŶĂůƐƚĂŐĞŝƐůŽŐŝĐĂůĨŽƌƚŚĞŶĞĞĚŽĨƚŚĞůĂŶĚƐǁĂƉĂŐƌĞĞŵĞŶƚ͘ Dƌ͘ ŶŐĞůŶŽƚĞĚĂŶĂŐƌĞĞŵĞŶƚŵĂLJďĞŶĞĞĚĞĚĂƚƚŚĞĨŝŶĂůƉůĂŶƐƚĂŐĞƐŚŽǁŝŶŐƚŚĞůĂŶĚƐǁĂƉĂŐƌĞĞŵĞŶƚ͘ Dƌ͘ŝůůdŽŝŶƚŽŶ͕t^ΘƐƐŽĐŝĂƚĞƐ͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^ ͕ZŽĐŚĞƐƚĞƌ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞĞdžƉůĂŝŶĞĚƚŚĞƉƌŽĐĞƐƐŽĨƌĞĂƐŽŶŝŶŐĨŽƌĂƐŬŝŶŐĨŽƌƚŚĞůĂŶĚƐǁĂƉƚŽĐŽŵƉůĞƚĞĚǁŝƚŚĂĐŽŶĚŝƚŝŽŶĚƵƌŝŶŐ ƚŚĞĨŝŶĂůƉůĂŶƐƚĂŐĞ͘ ZĞƉƌĞƐĞŶƚĂƚŝŽŶĨƌŽŵƚŚĞ,ŽůŝĚĂLJ/ŶŶŽǁŶƚŽǁŶ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞŶŽƚĞĚƐƵƉƉŽƌƚĨŽƌƚŚĞ ƉƌŽũĞĐƚ͘,ĞŶŽƚĞĚŝƚĂƐĂŐƌĞĂƚƉƌŽũĞĐƚĨŽƌƚŚĞĂƌĞĂ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕DƐ͘DĞĞŬĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘,ŝůůŶŽƚĞĚŚĞŝƐŝŶĨĂǀŽƌŽĨƚŚĞŝŶĐĞŶƚŝǀĞŽĨƚŚĞĨůŽŽƌĂƌĞĂƌĂƚŝŽŝŶĐƌĞĂƐĞ͖ƉƌŽũĞĐƚŵĂŬĞƐƐĞŶƐĞŝŶƚŚĞ ĂƌĞĂƉůĂŶŶĞĚ͖ƚŚĞƉĞĚĞƐƚƌŝĂŶĞdžƉĞƌŝĞŶĐĞŝƐŝŶĐŽƌƌĞůĂƚŝŽŶǁŝƚŚƚŚĞDŐƵŝĚĞůŝŶĞƐ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌŶŽƚĞĚƐƵƉƉŽƌƚĨŽƌƚŚĞĂůƚĞƌŶĂƚŝǀĞƉůĂŶǁŝƚŚŵŽƌĞƉĞĚĞƐƚƌŝĂŶĞdžƉĞƌŝĞŶĐĞ͖ĂŶĚƚŚĞ ŐƵĞƐƚĚƌŽƉŽĨĨǁŽƵůĚĐƌĞĂƚĞĂŶŝŶĐƌĞĂƐĞŝŶƐĂĨĞƚLJĨĂĐƚŽƌĨŽƌƉĞĚĞƐƚƌŝĂŶĨƌŽŵǀĞŚŝĐůĞƐ͘ Dƌ͘ƵƌƐƚƐƵƉƉŽƌƚĞĚƚŚĞĂůƚĞƌŶĂƚĞƉůĂŶǁŝƚŚƚŚĞŝĚĞĂŽĨƐůŽǁŝŶŐĚŽǁŶƚƌĂĨĨŝĐŽŶŝǀŝĐĞŶƚĞƌƌŝǀĞ͖ĂŶĚŝƐ ĞŶŐĂŐŝŶŐĨŽƌƉĞĚĞƐƚƌŝĂŶƚƌĂĨĨŝĐ͘ Dƌ͘DŽŚƐŶŽƚĞĚƐƵƉƉŽƌƚĨŽƌƚŚĞĂůƚĞƌŶĂƚĞƉůĂŶǁŚŝĐŚŐŝǀĞƐĂǁĞůĐŽŵŝŶŐĞdžƉĞƌŝĞŶĐĞƚŽƚŚĞŐƵĞƐƚƐĂŶĚ ƉƵďůŝĐƐƉĂĐĞŝƐŝŶǀŝƚŝŶŐƚŽƉĞĚĞƐƚƌŝĂŶƐ͘ Dƌ͘tĂůƚĞƌƐŶŽƚĞĚŚĞĂŐƌĞĞƐǁŝƚŚĨĞůůŽǁĐŽŵŵŝƐƐŝŽŶĞƌƐ͖ĂŶĚĂĚĚƌĞƐƐĞĚƐŽŵĞŽĨƚŚĞĐŽŶĐĞƌŶƐŽǀĞƌƚŚĞ ŝŶĐĞŶƚŝǀĞƐŽĨƚŚĞƉƌŽũĞĐƚƐ͘ _3DJH 3DFNHW3J *L ŝƚLJWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗KĐƚŽďĞƌϭϭ͕ϮϬϭϳ Ɛƚ ŝƐĐƵƐƐŝŽŶĂŵŽŶŐƚŚĞŽŵŵŝƐƐŝŽŶŝŶƌĞŐĂƌĚƐƚŽƚŚĞDWĂƌŬŝŶŐ>ŽƚKǀĞƌůĂLJŽŶĞĚĞƐŝŐŶĂƚĞƐϭ ǀĞŶƵĞĂƐĂƉĞĚĞƐƚƌŝĂŶŽƌŝĞŶƚĞĚƐƚƌĞĞƚĂŶĚƐŚŽƵůĚďĞŶŽƚďĞĐƌŽƐƐĞĚďLJŶĞǁĚƌŝǀĞǁĂLJƐƚŽƉĂƌŬŝŶŐ ĨĂĐŝůŝƚŝĞƐ͕ĂƐǁĞůůĂƐŝǀŝĐĞŶƚĞƌƌŝǀĞ͖ƉĞĚĞƐƚƌŝĂŶŽƌŝĞŶƚĞĚƐƉĂĐĞƐŚŽƵůĚďĞĂĚĚĞĚǁŝƚŚŝŶƚŚĞďƵŝůĚŝŶŐ ĂŶĚĚƌŝǀĞǁĂLJ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚͲ/ŶĐĞŶƚŝǀĞ ĞǀĞůŽƉŵĞŶƚWƌĞůŝŵŝŶĂƌLJWůĂŶηϮϬϭϳ Ͳ ϬϮϵhWǁŝƚŚƚŚĞĂůƚĞƌŶĂƚĞƐƵďŵŝƚƚĞĚƉůĂŶŝŶĐůƵĚŝŶŐƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐĂŶĚĐŽŶĚŝƚŝŽŶƐĂƐĂŵĞŶĚĞĚ͘Dƌ͘tĂůƚĞƌƐƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘ KE/d/KE^͗ ϭ͘^ƵďŵŝƐƐŝŽŶŽĨĨŝŶĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶƐƐŚĂůůŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗ Ă͘/ĚĞĂůǁŝĚƚŚƐĨŽƌƐŝĚĞǁĂůŬnjŽŶĞƐĨƌŽŵ^ĞĐƚŝŽŶ͘ϬϭŝŶƚŚĞDĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐƐŚĂůů ďĞƐŚŽǁŶŽŶƚŚĞďƵŝůĚŝŶŐƉůĂŶƐ͘/ĨƚŚĞƐĞǁŝĚƚŚƐĐĂŶŶŽƚďĞĂĐŚŝĞǀĞĚ͕ĂŶĞdžƉůĂŶĂƚŝŽŶ ƐŚĂůůďĞƉƌŽǀŝĚĞĚ͘ ď͘ĚĞƚĂŝůĞĚůŝƐƚŽĨďƵŝůĚŝŶŐŵĂƚĞƌŝĂůƐƐŚĂůůďĞƉƌŽǀŝĚĞĚ Đ͘ĚĞƚĂŝůĞĚůŝƐƚŽĨŐƌŽƵŶĚƐƵƌĨĂĐĞŵĂƚĞƌŝĂůƐƐŚĂůůďĞƉƌŽǀŝĚĞĚ͘ Ě͘^ƚƌĞĞƚĨƵƌŶŝƚƵƌĞĂŶĚŽƚŚĞƌƉĞĚĞƐƚƌŝĂŶĞůĞŵĞŶƚƐƐŚĂůůďĞŝĚĞŶƚŝĨŝĞĚ͘ 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