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ȱȱȱȱȱ ȱȱǼȱȱȱȱ¢ȱ 6003$ ȱȱȱȱǯȱȱȱȱȱȱȱȱȱ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ȱ ȱ ȱ ȱ ȱ ȱȱȱȱȱȱ ȱȱŗǰȱŘŖŖŜȱȱȱȱȱȱȱȱȱȱȱ ȱ ȱȱǰȱ¢ȱȱȱȱȱȱǻȃȄǼ ǲȱ ȱȱȱ ȱ ȱ ȱȱȱ ȱȱ ȱȱȱŗǰȱŘŖŗŚǲȱȱ ȱ ȱ Ȭȱȱ Ȭȱȱȱȱȱ £ȱȱȱȱȱȱȱȱȱ ȱȱȱȱ ȱȱȱ ȱ ȱȱȱ£ǲȱȱ ȱ ȱȱȱ ȱ ȱ ȱ ȱȱ ǻȃ ȄǼ ȱȱȱ ȱȱȱȱ ȱ ȱȱ£ȱ¡ǰȱȱȱǰȱȱȱȱȱ ȱȱ¡ǲȱȱ ȱ ȱ¡ȱ ȱȱȱȱȱ ȱȱȱȱȱȱ ȱ ȱȱȱȱȱ ȱȱȱȱ ȱȱǰȱ ȱȱȂȱȱȱȱȱ ȱȱȱ¢ȱǻȃȱȄǼȱȱȱȱȱ ȱȱȱ ǻȃȄǼȱ ȱȱȱǲȱȱ ŗȱ 3DFNHW3J 'D ȱ Ȭȱȱȱ Ȭȱ ȱȱȱȱȱ ȱȱȱȱǲȱȱ ȱ ȱȱȱ¢ȱȱȱȱ¢ȱȱȱȱȱȱ ȱȱȱȱȱȱȱȱǲȱȱȱ ȱ ȱ¢ȱȱ ȱȱȱ ȱȱȱȱȱȱ ¡ȱȱȱȱǰȱ ȱȱȱȱȱȱ ȱȱǲȱȱȱ ȱ ȱȱ ȱȱȱȱȱȱȱȱȱ ȱ¢ȱȱȱȱȱȱǯȱŗŚȬŘŗśŚŗśȬŘŝŝǰȱȱ ȱȱ ȱȱȱ ȱȱȱȱȱȱȱȱȱ ȱȱȱ ȱ ȱȱȱǰȱȱȱȱ¢ȱȱȱȱȱ ǰȱȱȱȱǯȱȱ ȱǰȱ ǰȱȱȱȱȱȱȱȱȱǰȱ ȱ¢ȱȱ ȱȱ¢ȱ ǰȱȱȱȱȱȱ Ǳȱ ȱ ȱ ȱ ȱ ȱ£ȱȱȱȱȱȱ ȱȱȱ ȱȱȱ ȱȱȱ ȱǰȱȱȱȱȱ ǰȱȱȱȱȱǱȱ ȱǱ ȱȱȱ ȱȱȱȱȱǰȱȱ ¢ȱȱǰȱȱȱǯȱ ȱȱȱȱȱǻǼǱȱȱȱȱȱ ȱȱȱȱ¢ȱȱȱȱȱ¢Ȃȱȱǯ ȱ ȱȱ ȱȱǱȱȱȱȱȱȱȱȱȱ¢ȱ ȱŘŖȱȱȱȱȱȱȱǰȱ¡ȱȱ ȱȱ ǯǯ ȱǻȱŗŘǯřŚƖǼȱȱȱ¢ȱǻȱȱ ȱȱȱȱ ȱȱȱ¢ȱǼǯȱȱȱ ȱ ȱȱǱȱȱȱȱȱȱȱȱȱȱ¢ǯȱȱȱȱ ȱȱǱ ȱȱȱȱȱȱȱȱȱȱȱ ȱ¢ȱȱ¢ǰȱȱȱȱȱ¢ȱȱǯȱȱȱ Řȱ 3DFNHW3J 'D ȱȱȱǱ ȱȱȱȱ¢ȱ¢ȱȱȱȱ ǯȱȱ ȱȱ ȱ ȱȱȱǻ ǼȱǱȱȱȱȱȱȱ ȱȱȱ¢ȱȱȱȱȱȱȱȱȱǻȱȱȱ ǯǯ ȱȱǼǰȱ¡ȱȱ ȱȱȱǻǰȱŗŘǯřŚƖǼȱȱȱȱȱ ¢ȱǻȱȱ ȱȱ¢ȂȱȱȱȱǼǯ ȱȱȱȱ ȱ Ȭȱ ȱǱ ȱȱȱȱȱȱȱ Ȭȱ ȱȱ¢ȱ ȱȱȱȱȱȱȱȱǯȱ ȱ ȬȱǱ ȱȱȱȱ¢ȱȱȱ ǰȱ ȱ ȱ ȱ¢ȱ ȱȱȱȱŝȱȱŞȱȱȬȬȱȱ ȱȱȱȱǰȱȱǰȱȱȱȱȱȱ ȱȱ ǰȱȱȱȱȱȱȱȱ ȱȱǯ ȱ ȱ Ȭȱ ȱǱ ȱȱȱȱȱȱȱ Ȭȱ ȱȱ¢ȱ ȱȱȱȱȱȱȱȱǯȱ ȱ ȬȱǱ ȱȱȱȱ¢ȱȱȱ ǰȱ ȱ ȱ ȱ¢ȱ ȱȱȱȱşȱȱ ȱȱȱ ȱȱ ȱȱȱ ȱȱǰȱȱȱȱȱ ȱȱȱ ȱȱǰȱȱȱȱ¢ȱȱȱ ǰȱ ȱ ȱȱ¢ȱ ȱȱȱȱŝȱȱŞȱȱȬȬȱ ȱȱȱȱȱ ȱȱȱ ȱȱǰȱ ȱȱȱȱȱȱȱ ȱȱǯȱȱ ȱ Ǳȱȱȱȱ ȱ¢ȱǰȱȱȱǯ ȱ ȱ¢ȱȱǱȱȱȱȱȱ ȱȱ¢ȱȱǰȱ ȱ ȱȱȱȱ Ȭȱȱȱȱȱȱ Ȭȱǰ ȱȱ ȱȱȱ¢ȱȱȱȱȱřǯřǯ ȱ ȱǱ ȱȱȱȱȱȱǯȱȱ ȱǱ ȱȱȱ ȱȱȱ ȱȱȱȱȱȱŗǰȱŗşŞŗǯȱȱ ȱȱǱ ȱȱȂȱȱȱȱȱȱȱȱ¢ȱǻȃȄǼȱȱ ȱȱȱ ȱȱȱǻȃȄǼȱ ȱȱȱǯ ȱ ȱȱ ȱȱŗȱǱ ȱȱȱȱȱȱȱȱȱ ¢ȂȱȱŘŖȱȱŗȱȱǻȱȱȱȱȱǼȱȱȱȱȱ řȱ 3DFNHW3J 'D ǯǯ ȱŘŖȱȱŗȱǰȱ¡ȱȱ ȱȱȱǻȱŗŘǯřŚƖǼȱȱȱ ȱȱ¢ȱǻȱȱ ȱȱȱȱȱȱȱ¢ȱȱŗȱ ȱȱȱȱȱȱǼǯ ȱȱȱ ȱȱǱ ȱȱȱȱŘŖŗŜȱȱȱȱȱ¢ȱ ȱȱȱȱȱǯȱŗŚȬŘŗśŚŗśȬŘŝŝǯȱ ȱȱ ȱȱ ȱȱǱȱȱȱŘŖȱȱȱǰȱȱȱȱǯȱȱȱ ȱȂȱȱǱȱȱȱȱȱȱǰȱȱȱȱ ǰȱȱȱȱ ȱȱȱ ȱǯȱ ȱǱ ȱȱȱȱȱǰȱ¢ȱȱȱȱȱ ȱȱȱȱ ȱ¢ȱǰȱ ǯȱȱȱ ȱȱ ȱȱ ȱȱȱǰȱȱȱȱǯȱŗǰȱȱ¢ȱ ȱǯ ȱ ȱ ȱȱȱǱ ȱȱȱȱȱȱȂȱȱǯ ȱ ȱȱ Ǳ ȱȱȱ¢ȱȱȱȱ Ȃ ȱȱȱ ȱȱȱȱȱȱ ȱȱȱȱȱȱȱȱȱ ȱȱ ȱȱȱǯȱȱȱ ȱȱ ȂȱǱ ȱȱȱȱȱȱ ȱȱ£ȱȱ ȱ ȱȱ¢ȱǰȱ ǯǰȱȱ ȱȬȱǰȱȱȱ ȱȱȱȱ ȱȱȱǰȱ ȱȱȱȱǯȱŗǰȱȱ¢ȱȱǯȱȱ ȱȱȱǱȱȱȱȱȱȱȱȱŘŖȱǯȱ ȱȱ ȱȱȱǱȱȱȱȱȱȱȱȱ ȱȱȱȱȱ ȱȱȱȱȱȱȱŘŖǰȱȱ ȱȱȱ¢Ȃȱȱǯȱȱȱȱ ȱȱȱȱ ȱȱ ȱȂȱȱȱȱ ȬȬȱȱ řŚśȱȱȱ¢ȱȱȱȱȱȱŘŖȱ¡ȱȱȱȱȱ ȱ ȱ ȱȱȱȱȱȱǯȱȱ ȱȱŘŖȱǱȱȱȱȱ¢ǰȱȱȱȱȱȱȱȱȱȱȱ ŘŖȱȱȱȱȱǰȱȱȱȱȱ¢Ȃȱȱǯȱȱ ȱ ȱ Śȱ 3DFNHW3J 'D ȱ ȱ ȱȱ ȱȱ ȱ ȱȱ Řǯŗ ȱȱȱ ȱ ȱȱȱǯȱ ȱȱȱȱȱȱ ȱȱȱȱȱȱ¢ȱȱȱȱȱ ȱǰȱ ȱȱ Ȭȱȱȱ Ȭȱ ȱȱǯȱȱȱȱȱȱȱȱȱȱȱȱ ȱȱǰȱȱȱȱȱȱȱȱȱǯȱȱȱ ŘǯŘ ȱȱȱ ȱȱǯ ȱȱȱȱȱȱȱȱȱ ȱȱȱȱǰȱȱǰȱ¢ȱǰȱȱȱ ȱȱȱȱȱȱ¢ȱȱȱȱȱ¢ȱ ȱȱ¢ǯȱȱȱ ȱǰȱȱȱȱȱȱȱǰȱȱ ȱ¢ǰȱ ȱȱȱȱǯȱȱȱ ȱ ȱ ȱ ȱ ȱ ȱ řǯŗȱȱǯ ȱȱȱȱȱǰȱȱȱ ȱ¢ȱȱȱ ȱȱȱ¢Ȃȱȱȱȱȱȱȱȱȱǰ ȱȱȱ ȱȱȱȱȱȱǯȱȱȱ ȱȱȱȱ ȱȱȱȱȱ Ǳȱ ǻǼ ȱȱȱǲȱ ȱǯȱȱȱȱȱȱȱ ǰȱȱ ȱȱȱȱȱȱȱȱǯȱȱȱ ȱ ȱȱȱȱ ȱȱȱȱ¢ȱȱȱȱȱȱȱ ȱ¢ȱȱȱȱȱȱȱȱǯȱȱ ȱ ǻǼ ȱȱȱǲȱȱǯȱȱȱȱȱȱ ȱǰȱȱ ȱȱȱȱȱȱȱȱŘŖȱ ǯȱȱȱ ȱȱȱȱȱȱȱȱ¢ȱȱȱ ȱȱȱ ȱȱȱ¢ȱȱŘŖȱȱȱȱȱȱȱ ǯȱȱȱ ǻǼȱȱŗȱǯ ȱȱȱ ȱȱȱȱŗȱȱȱ ȱȱȱ ȱ¢ȱȱȱȱȱȱ¢ȱȱŘŖȱȱŗȱȱ ȱȱȱȱȱŘŖȱȱŗȱǯȱ śȱ 3DFNHW3J 'D řǯŘȱȱȱȱǯȱȱȱȱȱȱȱřǯŗȱ ȱ ȱȱȱ¢ȱȱȱ¢ȱȱȱȱȱȱȱȱ ¢Ȃȱȱȱȱȱȱȱȱȱȱȱŗȱȱǯȱȱ ȱ ȱȱȱȱȱȱ ȱ¢ȱǻřŖǼȱ¢ȱȱȱȱȱȱ ȱȱȱȱȱȱ¢ȱ ǯȱȱȱ¢ȱȱȱ¢ȱ ȱȱȱȱȱ¢ȱȱȱȱȱȱȱȱȱ ȱȱȱȱȱȬȱǯȱ řǯřȱ¢ȱǯ ȱȱȱ ȱȱ ȱȱȱȱȱ¢ȱ ǰȱȱȱȱȱŗǰȱŘŖŗŚǱȱ ǻǼ ȱ¢ȱȱǯȱȱȱȱȱ¢ȱȱȱȱ ȱ¢ǰȱȱ ȱȱȱȱȱȱ ȱ¡ȱǻŜǼȱȱǻŚǼȱ Ǳȱ ǻǼȱȱȱȱȱ Ȭȱȱȱȱȱȱȱ ȱ¢ȱ ȱȱȱȱȱȱȱǲȱȱȱ ǻǼȱȱȱȱȱ Ȭȱȱȱȱȱȱȱ ȱ¢ȱȱȱȱȱȱȱȱǲȱȱ ǻǼȱȱ¢Ȃȱȱȱȱ¢ȱ Ȭȱ ȱȱȱȱ ȱǰȱȱȱȱȱȱřǯřǻǼȱ ǲȱȱ ǻǼȱȱ¢Ȃȱȱȱȱ¢ȱ Ȭȱ ȱȱȱȱ ȱǰȱȱȱȱȱȱřǯřǻǼȱ ǲǯȱ ǻǼȱȱȱȱȱ¢Ȃȱ ȱȱȱȱȱȱȱ ȱȱȱȱȱŗȱȱȱȱȱ ȱȱ ȱȱȱȱ ȱȱȱ¢ȱ ȱȱȱ ȱŝȱȱŞȱȱȬȬȱȱȱȱȱ ȱǰȱȱǰȱȱȱȱȱȱ ȱȱǲȱȱ ǻǼȱȱȱȱȱ¢Ȃȱȱŗȱȱȱȱȱȱ ȱȱȱȱȱȱŗȱȱȱȱȱ ȱȱȱȱȱȱ ȱȱȱ¢ȱ ȱȱ ȱȱşȱȱ ȱȱȱ ȱȱȱ ȱ ȱǯȱ ǻǼȱ Ȭȱ ȱǯȱȱ Ȭȱ ȱȱȱ ȱ¢ȱȱȱȱ ȱȱȱȱȱȱ¢ȱȱ Ŝȱ 3DFNHW3J 'D ȱȱȱȱǯȱȱȱ ȱȱȱȱ ȱȱ ȱȱȱȱ Ȭȱ ȱȱ ȱ¢ȱȱ ȱȱȱȱȱȱ Ȭȱ ȱǯȱȱȱǰȱ ȱȱ ȱȱ Ȭȱ ȱȱȱȱȱ Ȭ ȱ ȱǯȱȱ Ȭȱ ȱȱ¢ȱȱȱȱ ȱǯȱ ǻǼȱ Ȭȱ ȱǯȱȱ Ȭȱ ȱȱȱ ȱ¢ȱȱȱȱ ȱȱȱȱȱȱ¢ȱȱ ȱȱȱȱǯȱȱȱȱȱȱȱ ȱȱ ȱȱȱȱ Ȭȱ ȱȱ ȱ¢ȱȱ ȱȱȱȱȱȱ Ȭȱ ȱǯȱȱȱǰȱ ȱȱ ȱȱ Ȭȱ ȱȱȱȱȱ Ȭ ȱ ȱǯȱȱ Ȭȱ ȱȱ¢ȱȱȱȱ ȱǯȱ ȱ ŝȱ 3DFNHW3J 'D ¢ȱȱȱ ȱ ȱȱȱȱȱȱƽȱȱȱ ȱȱ¡ȱ Ȭȱȱ Ƹȱ ȱȱȱȱȱȱȱȱ¡ȱ Ȭȱȱ Ƹȱ ȱȱȱȱȱȱȱȱ Ȭȱ ȱȱ Ƹȱ ȱȱȱȱȱȱȱȱ Ȭȱ ȱȱȱ Ƹȱ ȱȱ ȱȱ¡ȱ Ȭȱȱŗȱ ȱȱ Ƹȱ ȱȱȱŗȱȱ¡ȱ Ȭȱȱ ŗȱȱȱ ȱ ȱȱȱȱȱȱƽȱȱȱȱ ȱȱ¡ȱ Ȭȱȱ Ƹȱ ȱȱȱȱȱȱȱȱ¡ȱ Ȭȱȱ Ƹȱ ȱȱȱȱȱȱȱȱ Ȭȱ ȱȱ Ƹȱ ȱȱȱȱȱȱȱȱ Ȭȱ ȱȱȱ Ƹȱ ȱȱ ȱȱ¡ȱ Ȭȱȱŗȱ ȱȱ Ƹȱ ȱȱȱŗȱȱ¡ȱ Ȭȱȱŗȱ ȱȱ ȱ Şȱ 3DFNHW3J 'D řǯŚȱȱ¢ȱǯȱȱ ȱȱȱȱȱȱȱȱ ȱȱřǯřǰȱȱȱȱȱȱǰȱȱȱȱ ȱ ¢ȱ¢ȱȱǞŜŚǰśŞřǯřřȱȱǰȱȱȱȱȱȱȱȱȱ Ȭȱȱȱȱȱ ȱȱȱȱ ȱȱ ȱȱ ȱ¢ȱ Ȭȱ ȱȱȦȱ Ȭȱ ȱ ǰȱȱ ȱȱȱȱȱȱȱ ȱȂȱȱ ¢ȱǯȱȱȱ řǯŞ ȱȱȱȱǯ ȱȱȱ ȱȱȱȱ ȱȱȱȱǰȱǰȱȱȱȱȱǯȱȱȱ ȱ ȱȱȱȱȱȱȱȱȱȱ şȱ 3DFNHW3J 'D ȱȱȱȱ¢ȱȱȱȱȱǯȱȱȱȱȱ¢ȱ ȱȱȱȱȱȱřǯŞȱȱȱȱȱȱȱȱȱ ȱŞǯşǯȱ řǯş ȱȱǯȱȱȱȱȱȱȱȱȱȱȱȱ¢ȱ ǰȱǰȱȱȱȱǻǼȱ ȱŗŖȱȱ¢ȱȱȱȱ ȱȱǯȱȱȱȱȱȱ¢ȱȱȱǰȱȱǰȱ ȱȱȱ¢ǰȱ ȱǰȱȱȱȱȱȱȱȱŗŘȱȱ ȱȱȱȱȱȱȱǻȱȱǼȱȱ ȱȱȱǰȱ ȱȱǯȱȱȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱȱ ȱ Śǯŗȱǯȱȱȱȱȱȱȱȱȱǰȱ ȱȱ ȱȱ ȱȱȱȱȱȱȱȱřǯřȱȱȱ ǰȱȱȱȱ¢ȱ¢ȱ ȱȱȱȱȱȱȱ ȱřǯŚȱȱȱǯȱȱ ȱȱǰȱȂȱȱ ¢ȱȱȱȱȱȱȱȱȱȱȱ¢ȱ¢ȱȱ ȱřǯŜȱȱȱȱȱȱ ȱȱřǯśȱȱȱǯȱ ŚǯŘȱȱǯȱȱȱȱ ȱȱȱȱȱȱřŗǰȱŘŖřŖǰȱ ȱȱȱȱȱ¡¢ȱȱǯȱȱȱȂȱȱ ȱȱȱȱȱȱȱȱȱȱȱȱ ȱȱ¢ȱȱǯȱ ȱ Śǯř ȱȱ ǯȱȱȱȱ¢ȱȱ ȱȱȱȱȱ¢ǰȱ ȱ¢ȱ¢ȱ ȱȱȱȱȱȱ¢ȱȱ ȱȱ ǯȱȱ ȱȱȱȱȱ ȱȱ ǰȱȱ ȱ¢ȱ ȱȱȱȱ ǰȱȱȱȱ¢ǰȱȱȱȱ ȱȱ ȱȱȱȱȱȱ ȱ ǯȱȱȱȱȱ ȱ¢ȇȱȱȱȱȱȱ ȱȱȱ ȱȱ ǰȱȱȱȱȱȱȱ ȱȱȱȱȱȱǯȱȱȱȱȱȱ ȱȱȱ ŗŖȱ 3DFNHW3J 'D ȱȱȱȱȱȱ¢ȱȱǱȱǻǼȱ¢ȱȱȱ ȱȱ ǲȱ ȱǻǼȱȱȱ ȱȱ ȱ¢ȱ¢ȱȱ¢ǯȱ ŚǯŚȱȱȱ ȱǯ ȱȱ ȱȱȱȱȱȱȱȱ ȱȱȱ ȱȱȱȱȱȱȱȱȱȬȱȱ ȱȱ ȱȱȱǰȱȱȱȱȱȱȱȱȱȱȱ ǯȱȱ ȱȱȱȱȱȱȱȱȱǰȱȱ¢ȱ¢ȱ ȱȱȱȱȱǯȱȱ ȱ¢ȱȱǰȱȱ¢ȱȱȱ ȱȱ ȱȱȱȱȱȱȱȱȱȱȬ ȱ ȱȱȱȱȱȱȱȱȱȬȱȱ ȱȱȱȱȱȱȱȱȱǰȱȱȬȱȱȱ ȱ ȱȱȱ ȱȱȱȱȱȱȱȱȱȱȱ ȱǯȱȱ ȱǰȱȱȱ¢ȱȱȱȱȱ¢ȱȱ ǰȱȱȱȱȱȱȱȱȱȱȱ ȱ ȱȱȱȱȱȱȱȱȱȱȱ¡ȱ¢ȱǰȱ ȱȱȱȱ¢ȱȱ ȱȱȱȱȱ ȱ ȱȱȱȱȱǯȱȱȱȱȱȱȱȱȱȱ ¢ȱȱȱǱȱǻǼȱȱ¢ȱȱȱȱřǯŚȱȱȱ ǻǼȱȱȱȱ¢ȱȱȱȱȂȱȱȱȱǰȱȱ ȱȱȱȬȱ ȱȱȱȱȱȱȱ ȱşȱǻȱǼȱ¢ȱȱ ȱȱȱȱ¢ȱȱȱȂȱȱ ȱȱȱŘŖǰȱȱȱȱȱȱȬȱȬȱȱ ¢ȱȱȱȱ¡ȱȱ¢ȱȱȱ¢ȱȱȱ ȱ ȱ ȱȂȱ¢ȱȱ ȱȱȱşȱǻȱǼȱȱȱ ȱȱȱȱ ȱȱȱȱȱ ȱȱȱ ȱǯȱȱȱ ȱȱȱȱȱȱȱǰȱȱȱȱȱ ȱȱȱ W ȱȱȱȱ¢ȱȱȱȱȱȱ ȱȱȱȱ ȱ ȃȱȄȱȱȱ ȱ¢ȱȱȱȱȱȃȄȱ ȱȱ ȱǻȱȱȱȱŞǯŞǼǯȱ Śǯś ȱȱŘŖȱǯ ȱȱ ȱȱȱȱȱǰȱȱȱȱȱȱ ǰȱȱȱȱȱȱȱ¢ȱȱȱ ȱǻȃ ȱȄǼǰȱ ȱ¢ȱ ȱȱȱȱȱ ȱǰȱȱȱȱȱȱȱȱȱ ȱȂȱ ȱȱȱȱȱŘŖǰȱȱȱȱȱ ǯȱȱȱ ǻǼȱȱȱȱŚǯśǻǼȱȱǻǼǰȱȱ¢ȱȱȱȱȱ ȱȱȱȱ ȱǰȱȱ ȱǰȱȱ¢ȱȱȱ ǰȱȱȱȱ ȱȱȱ¢ȱȱȱȱȱȱȱ ȱȱȱȱ ȱȂȱȱȱȱȱŘŖȱȱȱ ȱǰȱȱȱȱȱȱǰȱȱȱǯȱȱȱ ŗŗȱ 3DFNHW3J 'D ǻǼȱ ȱȱ ȱȱȱȱȱȱȱȱǻȱ ȱȱǼȱȱȱȱȱȱȱȱŘŖȱȱȱȱ ȱǰȱȱȱȱȱȱȱȱȱ¢ȱȱȱȱȱȱ¢ȱ ȱȱȱȱȱȱȱȱ ȱȱȱȱȱȱ ȱ ȱȱȱȱȱȱȬȱȱȱȱ ȱ ȱǰȱȱ¢ȱȱ¢ȱȱȱ¢ȱȱȱ ȱȱȱǻȱǼȱȱȱ ȱȱ ȱȱ ȱȬȱǯȱȱȱ ǻǼȱȱȱ¢ȱȱǰȱ¢ȱȱȱȱ ȱȱ ȱȱȱȱȱȱȱȱȱȱ ȱ ȱȱȱǱȱȱǻŗǼȱȱȱȱȱȱȂȱȱ ǰȱǻŘǼȱȱȱȱȱȱȱȱȱȱȱ¢ȱ ȱȱȱřǯŚȱǰȱȱǻřǼȱȱȱ ȱȱȱȱ¢ȱȱȱ ȱ¢ȱȱȱȱřǯŚȱǯȱȱ¢ȱȱȱȱȱȱ ȱȱȱȱȱȱȱȱǻǼȱȱȃȱȄȱȱ ȱ ȱ ȱ¢ȱȱȱȱȱȃȄȱȱȱ ȱǻȱ ȱȱȱŞǯŞǼȱȱȱ¢ȱȱȱȱȱǰȱȱǻǼȱȱȱ ȱȱȱ¢ȱ ȱȱȱ¢ȱ¢ȱ¢ȱȱȱȱȱȱ ȱ ǰȱȱȱȱȱǯȱȱ ǻǼȱȱȱȱ¢ȱȱȱȱ ȱȱȱȱȱ ȱȱȱȱȱȱŘŖȱ ȱȱ ȱȱȱȱȱȱ ȱȱȱ ȱȱȱȱȱȱȱ¢ȱȱȱ ȱȱ ȱȱȱǯȱȱ ȱ ȱȱ ȱ ȱ ȱȱ ȱ śǯŗȱȱȱȱȱȱȱǯȱȱȱ¢ȱ ȱ¢ȱȱǰȱȱȱ¢ȱ ȱȱȱȱȱ ȱȱȱȱȱȱȱȱ¡ȱȱȱǰȱȱȱȱ¡¢ȱ ȱȱȱǰȱ ȱȱȱȱȱȱǯȱȱ ȱȱ ȱȱȱȱȱ ȱȱȱȱȱȱȱȱ ȱȱȱ¢ȱ ȱȱȱȱȱȱ ȱȱ ȱȱ ȱȱ ȱȱǰȱȱȱ ȱȱȱȱȱȱȱȱ ȱ¢ȱȱȱȱȱȱǰȱ¢ȱȱ ȱȱȱȱřǯřǯȱ ŗŘȱ 3DFNHW3J 'D śǯŘȱȱȱȱȱȱȱȱȱ ǯȱȱ ȱ¢ȱȱȱ¢ȱȱȱȱȱǰȱȱ ȱȱȱǰȱȱ¢ȱȱȱȱȱ ȱȱȱȱȱ ȱ¢ȱȱȱǯȱȱȱȱ¢ȱȱȱȱ ȱǰȱȱȱȱȱǰȱȱ¢ȱȱȱȱȱ ȱ ȱȱȱȱȱ¢ȱȱȱȱȱȱȱȱȱǯȱ ȱ ȱ ȱ ȱ Ŝǯŗȱǯȱȱȱȱ¢ȱȱȱ¢ȱ¢ȱȱ ȱȱ ¢ȱ¡ȱ¢ȱȱǯȱȱȱȱȱ¢ȱȱȱȱȱ ȱȱ ȱȱȱȱȱȱȱȱȱ ȱ¢ȱȱȱȱǯȱȱȱ ȱ ȱ ȱ ȱ ŝǯŗȱȱȱǯȱȱ¢ȱȱȱ¢ȱȱȱȱ ȱȱȱȱȱȱȱȱȱǻǼȱȱȱ¢ȱ ȱȱȱȱȱȱȱ¢ȱȱǯȱȱȱ¢ȱ¢ȱȱȱ ȱ¢ȱȱ ȱȱȱȱȱȱȱȱ¢ǯȱȱ ȱȱȱȱ ȱȱȱȱȱȱȱȱ ȱ¡¢ȱǻŜŖǼȱ¢ǰȱȱ¢ȱ¢ȱ ȱ¢ȱȱȱȱ ȱȱȱ¢ǰȱȱȱ¢ȱȱȱ¢ȱ ¢ȱȱȱ¢ȱȱȱȱȱȱȱǯȱȱȱ¢ȱ ȱȱȱȱȱȱȱȱȱȱǯȱȱȱȱ ¢ȱ ȱȱȱȱȱ¢ȱȱȱ¢ȱǯȱȱ ŝǯŘȱǯȱȱ¢ȱȱ ȱ¢ȱȱ¢ȱȱȱȱȱȱȱ ȱȱǰȱ ȱǰȱ ȱȱǻŗŖǼȱ¢ȱ ȱȱȱȱȱ ȱ ȱȱ¢ȱȱǯȱȱȱ ȱ ȱ ȱ ȱ ȱ ŗřȱ 3DFNHW3J 'D Şǯŗȱȱȱ ȱȱȱȱȱȱȱȱȱȱ ȱȱȱȱȱȱȱȱȱȱȱȱȱ ǯȱ ŞǯŘȱȱ ȱ ǯȱȱȱȱȱȱȱȱȱȱȱ ȱ ȱȱȱȱȱǰȱ¡ȱȱȱ¡ȱȱ¢ȱȱ ȱȱȱ ȱȱȱǯȱȱȱ Şǯřȱȱȱȱǯ ȱȱȱȱȱȱȱȱȱǰȱȱȱ ȱǰȱȱȱȱȱǯȱ ŞǯŚȱȱ¢ȱȱǯ ȱȱȱȱȱȱȱȱȱȱ ǰȱ ȱȱȱȱ¢ȱȱȦȱȱǰȱȱǰȱȱȱ ȱȱȱǯȱȱ¢ȱȱȱȱȱȱ ȱȱ ȱȱȱȱȱǱȱǼȱȱ¢ǰȱȱȱ¢ȱȱȦȱ ȱȱȱȱǲȱȱǼȱȱǰȱȱȱ¢ȱȱ ȱǯȱȱȱȱȱ ȱȱȱȱȱȱȱȱȱȱ ȱǰȱ ȱ¢ȱȱȱ¢ȱȱȱȱȱ ȱȱ ȱǯȱȱȱ Şǯśȱȱȱȱǯ ȱȱȱǰȱȱ¢ȱȱǰȱ ȱȱȱȱ ȱȱȱ ȱȱȱȱȱȱ ȱȱǰȱȱȱȱȱȱȱȱ¢ȱȱȱ ¢ȱȱȱ ȱȱȱ¢ȱȱ¢ȱȱȱ ȱȱȱȱȱǯȱ ŞǯŜȱǯ ȱȱȱȱ¢ȱȱ¡ȱȱǰȱȱȱ ȱ ȱȱȱȱȱ ȱȱȱȱȱȱȱȱȱȱ ǯȱȱ Şǯŝȱȱǯȱ ȱȱȱȱȱȱȂȱǰȱ ȱ ȱǰȱȱȱȱǯȱȱ ȱȱȱȱȱ ȱȱȱȱȱȱǰȱȱȱ ȱȱȱ ǰȱȱ ȱȱȱǰȱȱȱ ȱȱȱȱȱȱȱ ǰȱ¡ȱȱȱȂȱȱȱȱȱȱȱȱȱ ¢ȱ¢ȱȱȱȱȱȱȱȱȱȱ ȱȱȱȱȱȱ¢ȱ ȱȱȱȱȱȱ ǯȱȱ ŞǯŞȱȱȱȱǯ ȱȱȱȱȱ¡¢ȱ ȱȱȱ ǰȱȱȱ ȱȱȱȱ¢ȱȱȱȱȱȱȱȂȱȱ ŗŚȱ 3DFNHW3J 'D ȱǯȱȱȱ ȱȱȱȱȱȱȱȱȱ ȱȱȱȱ ȱȱȱ ȱ ȱȱȱ ȱȱȱȱȱȱȱȱȂȱȱ ȱȱ ¢ǯȱ ǰȱȱȱ¢ȱ ȱȱȱȱȱȱȱȱȱ ȱȱȱǯȱȱ ȱȱȱȱȱȱ )RUPDWWHG )RQW3DODWLQR/LQRW\SH ȱǰȱȱȱȱȱȱ¢ȱȬȱȱȱȱȱ ȱȱȱȱȱȱȱȱȱȱȱȱȱ ȱȱȱ¡ȱȱȱȱȱȱȱȱ ǯȱȱ ȱ ȱȱȱ ȱȱ¢ȱȱȱȱȱȱȱȱ ȱȱȱ ȱ¢ȱȱ¢ȱȱ¢ȱȱȱȱȃȱȄȱȱȱ ȱȱȱ ȱ ȱ¢ȱȱȱȱȱȃȄȱȱȱ ǯ ȱȱ ȱȱǯȱǯȱȱ ȱȱǯȱ ȱȱǯȱ ǰȱřśŖȱǯǯȱřřŘȱǻŗşśŜǼǰȱ ȱȱ ȱǯȱ¢ȱȱ ȱ ǯȱǯȱǯȱ ǰȱřśŖȱǯǯȱřŚŞȱǻŗşśŜǼǰȱȱ ǯȱǯȱǯȱŗ ǰȱśśŚȱǯǯȱśŘŝȱǻŘŖŖŞǼǯȱȱȱȱȱ ȱȱ¢ȱȱȱ ȱ ȱȱȱȱȱ¢ȱ¢ȱȬ¢ǰȱȱ¢ȱ ȱ ȱȱȱȱȱȱǰȱ ȱȱȱȱ ȱȱȱ¢ȱ ǯȱ 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ƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐĂƌĞĂĐĐĞƉƚĂďůĞĂŶĚƐĂƚŝƐĨĂĐƚŽƌǇ͕ƚŚĞ/dz͛^ƵƚŚŽƌŝǌĞĚŐĞŶƚǁŝůůĐĞƌƚŝĨǇĞĂĐŚŝŶǀŽŝĐĞ ƐƵďŵŝƚƚĞĚĨŽƌƉĂǇŵĞŶƚďǇƚŚĞŶŐŝŶĞĞƌ͘ 3DFNHW3J 'E ' EZ>KE/d/KE^ dZDK&KEdZd͕K>/'d/KE^ $57,&/( dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĞĨĨĞĐƚŝǀĞƵƉŽŶƚŚĞůĂƚĞƌŽĨƚŚĞĚĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌƵƉŽŶĞǆĞĐƵƚŝŽŶĂŶĚĂƉƉƌŽǀĂůďǇ $ ďŽƚŚƉĂƌƚŝĞƐ͘dŚŝƐŽŶƚƌĂĐƚǁŝůůƌĞŵĂŝŶŝŶĞĨĨĞĐƚƵŶƚŝůƚŚĞǆƉŝƌĂƚŝŽŶĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌƵŶƚŝůĂůů ŽďůŝŐĂƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĨƵůĨŝůůĞĚ͘ &ŽƌĚĞůĂǇƐĞŶĐŽƵŶƚĞƌĞĚƚŚĂƚĂƌĞďĞǇŽŶĚE'/EZ͛ƐĐŽŶƚƌŽů͕ĂŶĚƵƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚĨƌŽŵE'/EZ͕ƚŚĞ/dzΖƐ % ƵƚŚŽƌŝǌĞĚŐĞŶƚŵĂǇĞǆƚĞŶĚƚŚĞtŽƌŬŽŵƉůĞƚŝŽŶĂƚĞĞƐƚĂďůŝƐŚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞůĞŶŐƚŚ ŽĨƐƵĐŚƚŝŵĞĞǆƚĞŶƐŝŽŶǁŝůůďĞĚĞƚĞƌŵŝŶĞĚďǇƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͘ /ƚǁŝůůďĞE'/EZ͛ƐƌĞƐƉŽŶƐŝďŝůŝƚǇƚŽƌĞĂƐŽŶĂďůǇŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ŝŶǁƌŝƚŝŶŐ͕ŝĨE'/EZŚĂƐƌĞĂƐŽŶƚŽ & ďĞůŝĞǀĞƚŚĞƉƌŽũĞĐƚǁŝůůŶŽƚďĞĐŽŵƉůĞƚĞĚĂƐƐĐŚĞĚƵůĞĚ͘/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĂĚũƵƐƚƚŚĞ ƐĐŚĞĚƵůĞĂŶĚĨŝŶĂůĐŽƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐƵĐŚĚĞůĂǇƐ͕ĂƐƉƌŽǀŝĚĞĚŝŶƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͘ ŶŐŝŶĞĞƌƐŚĂůůĨƵƌŶŝƐŚĂůůŵĂƚĞƌŝĂůƐ͕ĂůůŶĞĐĞƐƐĂƌǇƚŽŽůƐĂŶĚĞƋƵŝƉŵĞŶƚ͕ĂŶĚƉĞƌĨŽƌŵĂůůǁŽƌŬĂŶĚůĂďŽƌŶĞĐĞƐƐĂƌǇƚŽ ' ĚĞƚĞƌŵŝŶĞŽŶƚƌĂĐƚŽƌ͛ƐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞWƌŽũĞĐƚĐŽŶƐŝƐƚĞŶƚǁŝƚŚŝƚǇĚĞƐŝŐŶƐƉĞĐŝĨŝĐĂƚŝŽŶƐĂŶĚ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂƉƉƌŽǀĞĚĐŝǀŝůĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶƐĨŽƌƚŚĞWƌŽũĞĐƚ͘ /dzƌĞĐŽŐŶŝǌĞƐƚŚĂƚE'/EZƉƌŽǀŝĚĞĚƐĞƌǀŝĐĞƐƚŽƚŚĞKǁŶĞƌƵŶĚĞƌĂŝƚǇͲKǁŶĞƌĐŽŶƚƌĂĐƚĂƵƚŚŽƌŝǌŝŶŐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶ ( ŽĨƚŚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐĨŽƌǁŚŝĐŚĐŽŶƐƚƌƵĐƚŝŽŶŝŶƐƉĞĐƚŝŽŶĂŶĚŽďƐĞƌǀĂƚŝŽŶƐĞƌǀŝĐĞƐĂƌĞďĞŝŶŐƌĞƋƵĞƐƚĞĚ͘/dzǁĂŝǀĞƐĂŶǇ ĂŶĚĂůůĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚƌŝŐŚƚƐĂŐĂŝŶƐƚE'/EZƌĞůĂƚŝǀĞƚŽƚŚŝƐĂƌƌĂŶŐĞŵĞŶƚ͘ 'KsZE/E'>t͕:hZ/^/d/KE͕EsEh $57,&/( dŚŝƐŽŶƚƌĂĐƚƐŚĂůůďĞŐŽǀĞƌŶĞĚďǇĂŶĚĐŽŶƐƚƌƵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞůĂǁƐŽĨƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͘sĞŶƵĞĨŽƌĂůůůĞŐĂů $ ƉƌŽĐĞĞĚŝŶŐƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞŝŶƚŚĞĂƉƉůŝĐĂďůĞƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶ KůŵƐƚĞĚŽƵŶƚǇĂŶĚDŝŶŶĞƐŽƚĂƌĞƐƉĞĐƚŝǀĞůǇ͘ dZD^K&'EZ>KE/d/KE^ $57,&/( ŶǇĂŶĚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨŽƌĐĞƵŶůĞƐƐƚŚĞǇĂƌĞƐƉĞĐŝĨŝĐĂůůǇĂŶĚĚĞůŝďĞƌĂƚĞůǇ $ ĐĂŶĐĞůĞĚŽƌŵŽĚŝĨŝĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŽƚŚĞĞǆƚĞŶƚŽĨĂŶǇŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ % ǁŝůůĐŽŶƚƌŽů͘DŝŶŶĞƐŽƚĂ>ĂǁƐƵƉĞƌƐĞĚĞƐĂŶǇŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ dZD^K&WzDEd $57,&/( ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůǇƐƵƉƉůŝĞĚďǇ $ E'/EZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďǇ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ Zd/>ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂǇŵĞŶƚ͘͟ /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶǇƚŝŵĞƚŚĂƚE'/EZǁŝůůĞǆĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ % ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůǇŵĂŶŶĞƌ͘E'/EZŵĂǇŶŽƚďĞ ĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞǆĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůǇĞǆĞĐƵƚĞĚ͕ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚďĞǇŽŶĚƚŚĂƚŝĚĞŶƚŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌǁƌŝƚƚĞŶ ĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďǇ/dzŵĂǇďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌǇĂŶĚE'/EZŵĂǇŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌƚŚĞĞǆƚƌĂ ǁŽƌŬ͘ /ĨE'/EZĐůĂŝŵƐĂŶǇŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌŽƚŚĞƌĐŽŶĚŝƚŝŽŶƐĞǆŝƐƚƚŚĂƚƌĞƋƵŝƌĞĞǆƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐ & ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶǇĞǆƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϮϬĂůĞŶĚĂƌĚĂǇƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶ ŽƌŽďƐĞƌǀĂŶĐĞŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ ŶǇĐůĂŝŵŵĂĚĞĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂǇďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶ 3DFNHW3J 'E ĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůǇĂƉƉƌŽǀĞĚĂŶĚĞǆĞĐƵƚĞĚďǇƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚ E'/EZΖƐŽǁŶƌŝƐŬ͘ ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐĂĐƚƵĂůůǇĂŶĚŶĞĐĞƐƐĂƌŝůǇŝŶĐƵƌƌĞĚďǇE'/EZĂƐĂƌĞƐƵůƚŽĨ ' ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞǆĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘E'/EZŵĂǇďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͕ĂŶĚŝĚĞŶƚŝĨŝĞĚŝŶ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ƌƚŝĐůĞϯ͘ WZKhZ&KZWzDEd $57,&/( WĂǇŵĞŶƚƐǁŝůůďĞŵĂĚĞďǇ/dzǁŝƚŚŝŶϯϬĚĂǇƐŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐ $ ƌĞƉŽƌƚƐĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘/dzƐŚĂůůŶŽƚŝĨǇE'/EZŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂǇƐŽĨ E'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞǇďĞůŝĞǀĞƚŚĞƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐǁĞƌĞ ŶŽƚƉƌŽƉĞƌůǇƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽŶƚƌĂĐƚ͘ /ŶǀŽŝĐĞƐĨŽƌƉĂǇŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďǇE'/EZŵŽŶƚŚůǇƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶƚŚĞĨŽƌŵƉƌĞƐĐƌŝďĞĚďǇ % /dz͘/ŶǀŽŝĐĞƐƐŚŽƵůĚŝĚĞŶƚŝĨǇƚŚĞƉƌŽũĞĐƚĂŶĚƚŚĞĐŽƐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚĂŶĚ ŵƵƐƚƐĂƚŝƐĨǇƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ ϭ͘ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůǇŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐ ĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚE'/EZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚ ĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶǇƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚƉĂǇŵĞŶƚ͘ ϯ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝǌĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐĂƌĞƉƌŽƉĞƌůǇ ĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂƌĞĂŶǇĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐĚŝƌĞĐƚůǇƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬ ŽĨƚŚĞE'/EZ͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ ϰ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ ŝƌĞĐƚƐĂůĂƌǇĐŽƐƚƐŽĨĞŵƉůŽǇĞĞƐΖƚŝŵĞĚŝƌĞĐƚůǇĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ D dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨǇŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽǇĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂǇ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂǇŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽǇĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ E ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽǇĞĞΖƐŶĂŵĞ͕ŚŽƵƌůǇ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂǇƉĞƌŝŽĚ͘ ϱ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞĂĐŽƉǇŽĨƚŚĞŝŶǀŽŝĐĞƚŚĞǇĨŽƌǁĂƌĚĞĚƚŽƚŚĞĐŝƚǇƚŽƚŚĞĚĞǀĞůŽƉĞƌĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐ͘ dŚŝƐĚŽĐƵŵĞŶƚƐŚŽƵůĚďĞĐůĞĂƌĞĚƐƚĂƚĞĚƚŚĂƚŝƚ͛ƐĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐŽŶůǇ͘ /ĨE'/EZŝƐĂƵƚŚŽƌŝǌĞĚďǇ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚƐ͕E'/EZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ & ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŽŶƚƌĂĐƚ͕ĂŶĚE'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůǇƉĂǇŵĞŶƚďǇE'/EZŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͛Ɛ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂǇŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞƐƵď ĐŽŶƐƵůƚĂŶƚŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ E'/EZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ' ĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzDEd $57,&/( &ŽƌĂůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞŶŐŝŶĞĞƌƐŚĂůůŵĂŝŶƚĂŝŶŝƚƐĞƚŚŝĐĂůĂŶĚ $ ůĞŐĂůĚƵƚǇŽĨĂƉƌŽĨĞƐƐŝŽŶĂůƚŽĞǆĞƌĐŝƐĞƚŚĞůĞǀĞůŽĨĐĂƌĞ͕ĚŝůŝŐĞŶĐĞ͕ĂŶĚƐŬŝůůƉƌĞƐĐƌŝďĞĚŝŶƚŚĞĐŽĚĞŽĨƉƌĂĐƚŝĐĞŽĨŚŝƐŽƌŚĞƌ ƉƌŽĨĞƐƐŝŽŶ͕ŽƌĂƐŽƚŚĞƌƉƌŽĨĞƐƐŝŽŶĂůƐŝŶƚŚĞƐĂŵĞĚŝƐĐŝƉůŝŶĞǁŽƵůĚŝŶƚŚĞƐĂŵĞŽƌƐŝŵŝůĂƌĐŝƌĐƵŵƐƚĂŶĐĞƐ͘dŚĞE'/EZ ƐŚĂůůĐŽŵƉůǇǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďǇĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐ͘ 3DFNHW3J 'E E'/EZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂǇŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ % ƌĞŐƵůĂƚŝŽŶƐ͘ ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďǇƉƌŽŐƌĞƐƐƉĂǇŵĞŶƚƐŵĂĚĞďǇ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚǇŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ & ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐE'/EZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂǇŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶǇĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞE'/EZ͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ ƐŚĂůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞ ĞǆƚĞŶƚŽĨƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞE'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶǇǁĂǇƚŽƌĞůŝĞǀĞE'/EZĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐĞƌǀŝĐĞƐ ' ĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞǆĐĞĞĚƚŚĂƚŝƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ E'/EZŝƐŶŽƚĂƵƚŚŽƌŝǌĞĚƚŽĚŝƌĞĐƚƚŚĞǁŽƌŬŽĨŽŶƚƌĂĐƚŽƌ͕ƵŶůĞƐƐŝƚǇŝƐŐŝǀĞŶƐƵĐŚĂƵƚŚŽƌŝƚǇ͕ŝŶǁƌŝƚŝŶŐ͕ďǇKǁŶĞƌ͘ ( E'/EZĐŽŵŵƵŶŝĐĂƚŝŽŶƐŚĂůůďĞĚŝƌĞĐƚůǇǁŝƚŚKǁŶĞƌ͛ƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞ;ŽŶƐƚƌƵĐƚŝŽŶĨŽƌĞŵĞŶŽƌƐƵƉĞƌŝŶƚĞŶĚĞŶƚŽƌ ŽƚŚĞƌŵĞŵďĞƌŝĚĞŶƚŝĨŝĞĚĂƐWƌŽũĞĐƚDĂŶĂŐĞƌͿ͕ĂŶĚƚŽŝƚǇŶŐŝŶĞĞƌŽƌŚŝƐĚĞƐŝŐŶĞĞ͘ ^^/'EDEd $57,&/(ĞĚŝŶƚŚŝƐ ŽŶƚƌĂĐƚ͘ ĐŽƉǇŽĨĂŶǇĂŶĚĂůůƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚƐŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚĂĨƚĞƌĞǆĞĐƵƚŝŽŶŽĨƚŚĞƐƵď % ĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽǁŽƌŬƐƚĂƌƚŝŶŐƵŶĚĞƌƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚ͘ DEDEd^͕,E'KZZ^͕DZ'Z͕KhEdZWZd^͕Et/sZ $57,&/( ŵĞŶĚŵĞŶƚƐƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĐŽŶƐŝĚĞƌĞĚŽŶůǇĨŽƌƵŶĨŽƌĞƐĞĞŶǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŚĂƚǁĞƌĞĞǆĐůƵĚĞĚŝŶƚŚĞ^ĐŽƉĞŽĨ $ tŽƌŬ͕ĞŶƚŝƚůĞĚ͞ĞƚĂŝůĞĚ^ĐŽƉĞŽĨtŽƌŬ͕͟ĂŶĚƚŚĂƚĂƌĞĐŽŶƐŝĚĞƌĞĚĞƐƐĞŶƚŝĂůƚŽƚŚĞǁŽƌŬ͘ŶǇǁƌŝƚƚĞŶĐůĂŝŵŵĂĚĞďǇ E'/EZĨŽƌĞǆƚƌĂǁŽƌŬŽƌĐŽƐƚƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐďĞĞŶĂƉƉƌŽǀĞĚďǇƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŵƵƐƚďĞ ĞǀŝĚĞŶĐĞĚďǇĂŶĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚ͘ŵĞŶĚŵĞŶƚƐŵƵƐƚďĞŝŶǁƌŝƚŝŶŐĂŶĚĞǆĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚďǇƚŚĞƐĂŵĞ ƉĂƌƚŝĞƐĂŶĚŽĨĨŝĐŝĂůƐǁŚŽĞǆĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚƚŚĞŽƌŝŐŝŶĂůŽŶƚƌĂĐƚ͕ŽƌƚŚĞŝƌƐƵĐĐĞƐƐŽƌƐŝŶŽĨĨŝĐĞ͘E'/EZŵƵƐƚŶŽƚŝĨǇ /dz͛ƐWƌŽũĞĐƚDĂŶĂŐĞƌŝŶǁƌŝƚŝŶŐŝĨE'/EZǁŝůůďĞĚĞůĂǇĞĚŝŶĂŶǇǁĂǇĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ % ŽĨE'/EZ͘ŶǇĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůǇĂŶĚĨƵůůǇĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ & ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚǇƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůǇŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͕ ďǇƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝǌĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďǇĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞE'/EZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďǇŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĞǆĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ' ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞŽŶƚƌĂĐƚ͘ 3DFNHW3J 'E KDW>/Et/d,>/E^^͕WZD/d^͕EKd,ZZ'h>d/KE^ $57,&/( E'/EZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ĐĞƌƚŝĨŝĐĂƚŝŽŶƐ͕ĞĚƵĐĂƚŝŽŶ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌǇƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐ $ ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/^E/Ed>>dh>WZKWZdz $57,&/( dŚĞDŝŶŶĞƐŽƚĂ'ŽǀĞƌŶŵĞŶƚĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ $ ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ ŶǇƌĞƉŽƌƚƐ͕ƐƚƵĚŝĞƐ͕ƉŚŽƚŽŐƌĂƉŚƐ͕ŶĞŐĂƚŝǀĞƐ͕ŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐĐƌĞĂƚĞĚĂŶĚƉĂŝĚĨŽƌďǇE'/EZŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ % ŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂƌĞŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞŝŶƌĞƐƉĞĐƚƚŽE'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĂƌĞƚŚĞĞǆĐůƵƐŝǀĞ ƉƌŽƉĞƌƚǇŽĨ/dz͘E'/EZŵƵƐƚƌĞŵŝƚĂůůƐƵĐŚŵĂƚĞƌŝĂůƐƚŽ/dzƵƉŽŶĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞ /dzǁŝůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇƌĞƵƐĞŽĨƐƵĐŚŵĂƚĞƌŝĂůƐďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞŝƚǇƐŚĂůůŐƌĂŶƚƚŚĞE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞĞǆƚĞŶƚŽĨƚŚĞ/dzΖƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘E'/EZǁĂŝǀĞƐĂůůĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞ/dzƌĞƐƵůƚŝŶŐŝŶĂŶǇǁĂǇĨƌŽŵĂŶǇƌĞƵƐĞŽĨ ƚŚĞE'/EZ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŝƌĞĐƚĞĚďǇ/dz͕ƚŚĞŽƌŝŐŝŶĂůƐŽĨƌĞƉŽƌƚƐ͕ƚĞƐƚƐ͕ĚƌĂǁŝŶŐƐĂŶĚƉůĂŶƐ͖ĂŶĚůĞŐŝďůǇƌĞƉƌŽĚƵĐŝďůĞĐŽƉŝĞƐŽĨ & ǁŽƌŬƐŚĞĞƚƐ͕ĨŝĞůĚŶŽƚĞƐ͕ĐŽŵƉƵƚĂƚŝŽŶƐ͕ƉŚŽƚŽƐ͕ƚĞƐƚƌĞƐƵůƚƐ͕ĂŶĚŽƚŚĞƌƉƌŽũĞĐƚĚĂƚĂŵƵƐƚďĞƌĞůŝŶƋƵŝƐŚĞĚƚŽ/dz͗ ϭ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ Ϯ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĨŝĐĂƚŝŽŶďǇ/dz͘ ϯ͘WƌŝŽƌƚŽĨŝŶĂůƉĂǇŵĞŶƚďǇ/dzƚŽE'/EZĨŽƌƚŚŝƐŽŶƚƌĂĐƚ͘ ͘EŽƚǁŝƚŚƐƚĂŶĚŝŶŐƚŚĞĂďŽǀĞƉĂƌĂŐƌĂƉŚƐ͕ǁŽƌŬƉĂƉĞƌƐ͕ƉƌŽƉƌŝĞƚĂƌǇŝŶĨŽƌŵĂƚŝŽŶ͕ƉƌŽĐĞƐƐĞƐ͕ŵĞƚŚŽĚŽůŽŐŝĞƐ͕ŬŶŽǁͲŚŽǁĂŶĚ ƐŽĨƚǁĂƌĞ;͞E'/EZĂƚĂ͟ͿƉƌĞǀŝŽƵƐůǇďĞůŽŶŐŝŶŐŽƌůŝĐĞŶƐĞĚƚŽE'/EZĂŶĚƵƐĞĚƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůů ƌĞŵĂŝŶƚŚĞƉƌŽƉĞƌƚǇŽĨE'/EZ͘E'/EZƐŚĂůůƌĞƚĂŝŶĂŶŽǁŶĞƌƐŚŝƉĂŶĚƉƌŽƉĞƌƚǇŝŶƚĞƌĞƐƚƚŚĞƌĞŝŶ;ŝŶĐůƵĚŝŶŐƚŚĞĐŽƉǇƌŝŐŚƚ ĂŶĚƚŚĞƌŝŐŚƚŽĨƌĞƵƐĞĂƚƚŚĞĚŝƐĐƌĞƚŝŽŶŽĨƚŚĞE'/EZͿ͕ǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞWƌŽũĞĐƚŝƐĐŽŵƉůĞƚĞĚ͘dŽƚŚĞĞǆƚĞŶƚƚŚĞƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚďǇE'/EZĐŽŶƚĂŝŶE'/EZĂƚĂ͕E'/EZŚĞƌĞďǇŐƌĂŶƚƐƚŽ/dzĂŶŽŶͲĞǆĐůƵƐŝǀĞ͕ŶŽŶͲĂƐƐŝŐŶĂďůĞ͕ƌŽǇĂůƚǇͲ ĨƌĞĞ͕ŝƌƌĞǀŽĐĂďůĞůŝĐĞŶƐĞƚŽƵƐĞƐƵĐŚE'/EZĂƚĂĨŽƌƚŚĞƉƵƌƉŽƐĞƐƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͕ƐƵďũĞĐƚƚŽƚŚĞĨŽůůŽǁŝŶŐůŝŵŝƚĂƚŝŽŶƐ͗ ƐƵĐŚE'/EZĂƚĂĂƌĞŶŽƚŝŶƚĞŶĚĞĚŽƌƌĞƉƌĞƐĞŶƚĞĚƚŽďĞƐƵŝƚĂďůĞĨŽƌƵƐĞŽƌƌĞƵƐĞďǇ/dzŽŶĞǆƚĞŶƐŝŽŶŽĨƚŚĞWƌŽũĞĐƚŽƌ ŽŶĂŶǇŽƚŚĞƌƉƌŽũĞĐƚǁŝƚŚŽƵƚǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďǇE'/EZĂŶĚĂŶǇƐƵĐŚƌĞƵƐĞŽƌŵŽĚŝĨŝĐĂƚŝŽŶŽĨƚŚĞ E'/EZĂƚĂǁŝƚŚŽƵƚƚŚĞǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďǇE'/EZƐŚĂůůďĞĚŽŶĞĂƚ/dz͛ƐƐŽůĞƌŝƐŬĂŶĚǁŝƚŚŽƵƚ ůŝĂďŝůŝƚǇƚŽE'/EZ͘ >//>/dz $57,&/( 'ĞŶĞƌĂůͲ,ĂǀŝŶŐĐŽŶƐŝĚĞƌĞĚƚŚĞƉŽƚĞŶƚŝĂůůŝĂďŝůŝƚŝĞƐƚŚĂƚŵĂǇĞǆŝƐƚĚƵƌŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ^ĞƌǀŝĐĞƐ͕ƚŚĞďĞŶĞĨŝƚƐ $ ŽĨƚŚĞƉƌŽũĞĐƚ͕ĂŶĚƚŚĞE'/EZ͛ƐĨĞĞĨŽƌƚŚĞ^ĞƌǀŝĐĞƐ͕ĂŶĚŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞƉƌŽŵŝƐĞƐĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ /dzĂŶĚE'/EZĂŐƌĞĞƚŽĂůůŽĐĂƚĞĂŶĚůŝŵŝƚƐƵĐŚůŝĂďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐƌƚŝĐůĞ͘ /ŶĚĞŵŶŝĨŝĐĂƚŝŽŶͲE'/EZĂŶĚ/dz;ƚŚĞ͞/ŶĚĞŵŶŝĨǇŝŶŐWĂƌƚǇ͟ͿƐŚĂůůďĞůŝĂďůĞĨŽƌŝƚƐŽǁŶŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐĂŶĚ % ŽŵŝƐƐŝŽŶƐƚŽƚŚĞĞǆƚĞŶƚƉƌŽǀŝĚĞĚďǇůĂǁĂŶĚƐƵďũĞĐƚƚŽƚŚĞ/dz͛ƐĐĂƉŽŶŵƵŶŝĐŝƉĂůƚŽƌƚůŝĂďŝůŝƚǇƵŶĚĞƌDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ ^ĞĐƚŝŽŶϰϲϲ͘Ϭϰ͕ĂŶĚŚĞƌĞďǇĂŐƌĞĞƐƚŽĚĞĨĞŶĚ͕ŝŶĚĞŵŶŝĨǇ͕ĂŶĚŚŽůĚŚĂƌŵůĞƐƐƚŚĞŽƚŚĞƌ;͞ƚŚĞ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚǇ͟Ϳ͕ĨƌŽŵ ĂŶǇůŝĂďŝůŝƚǇ͕ĚĂŵĂŐĞƐ͕ĂŶĚĐŽƐƚƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞŶĞŐůŝŐĞŶƚĂĐƚƐŽĨE'/EZĂŶĚ/dzĂŶĚĂŶǇŽŶĞĨŽƌǁŚŽƐĞŶĞŐůŝŐĞŶƚ ĂĐƚƐƚŚĞǇŵĂǇďĞůŝĂďůĞĨŽƌŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚŝĐŚƚŚĞ/ŶĚĞŵŶŝĨŝĞĚ WĂƌƚǇ͕ŝƚƐŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽǇĞĞƐŵĂǇŚĞƌĞĂĨƚĞƌƐƵƐƚĂŝŶ͕ŝŶĐƵƌŽƌďĞƌĞƋƵŝƌĞĚƚŽƉĂǇƚŽƚŚĞĨƵůůĞĨĨĞĐƚƉƌŽǀŝĚĞĚďǇ DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϯϯϳ͕ƚŽƚŚĞĞǆƚĞŶƚƚŚĞE'/EZĂŶĚ/dzĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐƵĐŚůŝĂďŝůŝƚǇ͕ĐŽƐƚƐ͕ĚĂŵĂŐĞƐ͕ ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞǇƐ͛ĨĞĞƐ͘/ŶƚŚĞĞǀĞŶƚĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌĞǆƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďǇƚŚĞũŽŝŶƚŽƌ ĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨE'/EZĂŶĚ/dz͕ƚŚĞǇƐŚĂůůďĞďŽƌŶĞďǇĞĂĐŚƉĂƌƚǇŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ ^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚŝƐŽŶƚƌĂĐƚŝƐ & ƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶǇƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ 3DFNHW3J 'E tKZ<Z^ΖKDWE^d/KE $57,&/( ŶǇĂŶĚĂůůĞŵƉůŽǇĞĞƐŽĨE'/EZ͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ $ ĂŶǇǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽǇĞĞƐŽĨ/dz͘ŶǇĂŶĚĂůů ĐůĂŝŵƐƚŚĂƚŵĂǇĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐ ǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶǇĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďǇĂŶǇƚŚŝƌĚƉĂƌƚǇĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶǇĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨ E'/EZΖƐĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽĞŶŐĂŐĞĚŽŶĂŶǇŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶŶŽǁĂǇ ďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨ/dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞ ǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂǇĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚE'/EZ͘ KE^ $57,&/( dŚŝƐƌƚŝĐůĞŝƐŚĞƌĞďǇĚĞůĞƚĞĚ͘ /E^hZE $57,&/( ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞĨŽƌĞĂĐŚƚǇƉĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĨŝůĞĚǁŝƚŚƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚ $ ŐĞŶƚƉƌŝŽƌƚŽĞǆĞĐƵƚŝŽŶŽĨƚŚĞŽŶƚƌĂĐƚďǇŝƚǇ͘ĂĐŚƉŽůŝĐǇŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ /dzĂϯϬͲĚĂǇŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ E'/EZŵƵƐƚŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌǇĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗ % ϭ͘E'/EZƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƐŝƐƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌǇ ĨŽƌƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐďǇE'/EZĂŶĚŝƚƐĞŵƉůŽǇĞĞƐ͘ Ϯ͘dŚĞE'/EZƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐƐĞƉĂƌĂƚĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĞŶĚŽƌƐĞŵĞŶƚƐĨŽƌĞĂĐŚƐƵďĐŽŶƐƵůƚĂŶƚ͘ E'/EZƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐĨƌŽŵŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ tŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͗ ϯ͘E'/EZǁŝůůƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌĂůůE'/EZ ĞŵƉůŽǇĞĞƐĂŶĚ͕ŝŶĐĂƐĞĂŶǇǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕E'/EZǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌǇƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/dzŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ ͕ŵƉůŽǇĞƌ͛Ɛ>ŝĂďŝůŝƚǇ͕ĂƚůŝŵŝƚƐŶŽƚůĞƐƐƚŚĂŶΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĚŝƐĞĂƐĞƉĞƌĞŵƉůŽǇĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇ ŝŶũƵƌǇďǇĚŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĂĐĐŝĚĞŶƚ͘ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͚ƐŝŶƐƵƌĂŶĐĞƐŚĂůů ďĞĨŝůĞĚǁŝƚŚƚŚĞE'/EZ͘ ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚǇ͗ ϰ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌ ďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚǇ ĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďǇ E'/EZŽƌďǇĂƐƵďĐŽŶƐƵůƚĂŶƚŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͛Ɛ ůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞƐŚĂůůďĞƉƌŝŵĂƌǇƚŽĂŶǇůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďǇƚŚĞŝƚǇ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶ ƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ D Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ E /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ ŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ D WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚǇ E ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚǇ F EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ G ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚǇ͗ ϱ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐ ĨŽƌďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌ 3DFNHW3J 'E ƉƌŽƉĞƌƚǇĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďǇE'/EZŽƌďǇƐƵďĐŽŶƐƵůƚĂŶƚŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞE'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞůŝŵŝƚĨŽƌŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ͗ ϲ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌĐůĂŝŵ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ dŚŝƐƉŽůŝĐǇǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐE'/EZǁŝůůďĞĐŽŵĞůĞŐĂůůǇŽďůŝŐĂƚĞĚƚŽƉĂǇƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇ ĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽE'/EZΖƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͘ E'/EZŵƵƐƚ͗ & ϭ͘/ŶĐůƵĚĞůĞŐĂůĚĞĨĞŶƐĞĨĞĞƐŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐůŝĂďŝůŝƚǇƉŽůŝĐǇůŝŵŝƚƐ͕ǁŝƚŚƚŚĞĞǆĐĞƉƚŝŽŶŽĨWƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ ĂďŽǀĞ͖ĂŶĚ Ϯ͘KďƚĂŝŶŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨƌŽŵĂŶŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶǇŚĂǀŝŶŐĂŶΗD^dΗƌĂƚŝŶŐŽĨͲs///ŽƌďĞƚƚĞƌ͘ /dzƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůǇƌĞƐĐŝŶĚƚŚŝƐŽŶƚƌĂĐƚŝĨE'/EZŝƐŶŽƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŝŶƐƵƌĂŶĐĞ ' ƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶǇůĞŐĂůƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚE'/EZ͘hƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚďǇƚŚĞ/dzΖƐ ƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůůďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵĂǇďĞƌĞƋƵĞƐƚĞĚ͘ >/sZ>^dEZ^ $57,&/( /dzǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĚŝƐĂƉƉƌŽǀĞŽƌƌĞũĞĐƚƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƚŚĂƚĂƌĞĚĞĨĞĐƚŝǀĞ͘E'/EZǁŝůůďĞ $ ƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐǇŽĨŝƚƐǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂŶĚŵƵƐƚŵĂŬĞƚŝŵĞůǇƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐǁŝƚŚŽƵƚ ĐŽŵƉĞŶƐĂƚŝŽŶƌĞƐƵůƚŝŶŐĨƌŽŵĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽŶƚŚĞƉĂƌƚŽĨE'/EZ͘dŚĞƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚƚŽ/dz ďǇE'/EZŵƵƐƚďĞŽĨƐƵĐŚƋƵĂůŝƚǇƚŚĂƚƚŚĞǇĂƌĞƐƵŝƚĂďůĞĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ͘ E'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĂŐƌĞĞĚƚŽŝŶĂŶƚŝĐŝƉĂƚŝŽŶŽĨƚŚĞŽƌĚĞƌůǇĂŶĚ % ĐŽŶƚŝŶƵŽƵƐƉƌŽŐƌĞƐƐŽĨƚŚĞWƌŽũĞĐƚƚŚŽƵŐŚĐŽŵƉůĞƚŝŽŶ͘hŶůĞƐƐƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐĨŽƌƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐĂƌĞƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŽďůŝŐĂƚŝŽŶƚŽƌĞŶĚĞƌƐĞƌǀŝĐĞƐŚĞƌĞƵŶĚĞƌǁŝůůďĞĨŽƌĂƉĞƌŝŽĚǁŚŝĐŚŵĂǇ ƌĞĂƐŽŶĂďůǇďĞƌĞƋƵŝƌĞĨŽƌƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƐĂŝĚƐĞƌǀŝĐĞƐ͘ /ĨŝŶƚŚŝƐŽŶƚƌĂĐƚƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞĨŽƌƌĞŶĚĞƌŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐĞƚĨŽƌƚŚŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐďǇǁŚŝĐŚƐĞƌǀŝĐĞƐĂƌĞƚŽďĞ & ĐŽŵƉůĞƚĞĚĂƌĞƉƌŽǀŝĚĞĚ͕ĂŶĚŝĨƐƵĐŚƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌĚĂƚĞƐĂƌĞĐŚĂŶŐĞĚƚŚƌŽƵŐŚŶŽĨĂƵůƚŽĨE'/EZ͕ƚŚĞƌĂƚĞƐĂŶĚ ĂŵŽƵŶƚƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽǀŝĚĞĚĨŽƌŚĞƌĞŝŶƐŚĂůůďĞƐƵďũĞĐƚƚŽĞƋƵŝƚĂďůĞĂĚũƵƐƚŵĞŶƚ͘/Ĩ/dzŚĂƐƌĞƋƵĞƐƚĞĚĐŚĂŶŐĞƐŝŶ ƚŚĞƐĐŽƉĞ͕ĞǆƚĞŶƚ͕ŽƌĐŚĂƌĂĐƚĞƌŽĨƚŚĞWƌŽũĞĐƚ͖ƚŚĞƚŝŵĞŽĨƉĞƌĨŽƌŵĂŶĐĞŽĨE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůůďĞĂĚũƵƐƚĞĚĞƋƵŝƚĂďůǇ͘ EĞŝƚŚĞƌƉĂƌƚǇǁŝůůďĞŚĞůĚƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞůĂǇŽƌĨĂŝůƵƌĞƚŽƉĞƌĨŽƌŵǁŚĞŶƐƵĐŚĚĞůĂǇŽƌĨĂŝůƵƌĞŝƐĚƵĞƚŽĂŶǇŽĨƚŚĞ ' ĨŽůůŽǁŝŶŐ͕ƵŶůĞƐƐƚŚĞĂĐƚŽƌŽĐĐƵƌƌĞŶĐĞĐŽƵůĚŚĂǀĞďĞĞŶƌĞĂƐŽŶĂďůǇĨŽƌĞƐĞĞŶĂŶĚƌĞĂƐŽŶĂďůĞĂĐƚŝŽŶĐŽƵůĚŚĂǀĞďĞĞŶ ƚĂŬĞŶƚŽƉƌĞǀĞŶƚƚŚĞĚĞůĂǇŽƌĨĂŝůƵƌĞ͗ĨŝƌĞ͕ĨůŽŽĚ͕ĞƉŝĚĞŵŝĐ͕ƐƚƌŝŬĞƐ͕ǁĂƌƐ͕ĂĐƚƐŽĨ'ŽĚ͕ƵŶƵƐƵĂůůǇƐĞǀĞƌĞǁĞĂƚŚĞƌ͕ŽƌĚĞůĂǇƐ ŽƌĚĞĨĂƵůƚƐĐĂƵƐĞĚďǇƉƵďůŝĐĐĂƌƌŝĞƌƐ͕ƉƌŽǀŝĚĞĚƚŚĞĚĞĨĂƵůƚŝŶŐƉĂƌƚǇŐŝǀĞƐǁƌŝƚƚĞŶŶŽƚŝĐĞĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞƚŽƚŚĞŽƚŚĞƌ ƉĂƌƚǇŽĨŝƚƐŝŶĂďŝůŝƚǇƚŽƉĞƌĨŽƌŵ͘ &ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐŽŶƚƌĂĐƚƚŚĞƚĞƌŵ͞ĚĂǇ͟ŵĞĂŶƐĂĐĂůĞŶĚĂƌĚĂǇŽĨϮϰŚŽƵƌƐ͘ ( 3DFNHW3J 'E Ed/dZh^d $57,&/(ƌĞĐƚŝŽŶƐ $ ƌĞƐƵůƚŝŶŐĨƌŽŵE'/EZΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬ ďǇ/dzǁŝůůŶŽƚƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌ ĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶǇĂŵďŝŐƵŝƚŝĞƐ͘ /ĨŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂƌĞŵĂĚĞďǇE'/EZŝŶĂŶǇƉŚĂƐĞŽĨƚŚĞǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨǁŚŝĐŚŵĂǇ % ƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZǁŝůůďĞƉƌŽŵƉƚůǇŶŽƚŝĨŝĞĚďǇ/dzĂŶĚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƐƵĐŚ ĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘/ĨƚŚĞE'/EZŝƐĂǁĂƌĞŽĨĂŶǇŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞŝŶĂŶǇƉŚĂƐĞ ŽĨŝƚƐǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶƐŽĨǁŚŝĐŚŵĂǇƌĞƋƵŝƌĞĂŶǇĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZŵƵƐƚƉƌŽŵƉƚůǇƉĞƌĨŽƌŵ ƐƵĐŚĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘ E'/EZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶǇĚĂŵĂŐĞƐŝŶĐƵƌƌĞĚĂƐĂƌĞƐƵůƚŽĨŝƚƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂŶĚĨŽƌĂŶǇ & 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Dƌ͘dŚƌŽŶĚƐŽŶŶŽƚĞĚƚŚĞĞǆŝƐƚŝŶŐĐŽŶĐƌĞƚĞŶĞĂƌƚŚĞƐƚƌƵĐƚƵƌĞ͕ĂŶĚŝƚŝƐĐƵƌƌĞŶƚůǇĚŝĨĨĞƌĞŶƚƚŚĂŶŽƚŚĞƌ ƌĞƐŝĚĞŶƚŝĂůƐƚƌƵĐƚƵƌĞƐĂŶĚĚƌŝǀĞǁĂǇƐŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘ WůĂŶŶŝŶŐƐƚĂĨĨƌĞƐƉŽŶĚĞĚ͘ DƐ͘DĂũĞƌƵƐŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ dŚĞĂƉƉůŝĐĂŶƚ͕Dƌ͘DŝŬĞ,ĂǇĚŽŶ͕ƌĞƐŝĚŝŶŐĂƚϲϭϱϳ ƚŚǀĞŶƵĞ^t͕ZŽĐŚĞƐƚĞƌ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞƐƚĂƚĞĚŚĞŝƐƚŚĞďƵŝůĚĞƌĂŶĚŶĞŝŐŚďŽƌŽĨƚŚĞƌĞƐŝĚĞŶƚƐ͕ŚĞŶŽƚĞĚƚŚĞŽǁŶĞƌǁŽƵůĚůŝŬĞ ƚŽƐƚĂǇŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚĂŶĚŶĞĞĚƚŽĂĚĚůŝǀŝŶŐƐƉĂĐĞƚŽƚŚĞŝƌĞǆŝƐƚŝŶŐŚŽŵĞĨŽƌĂŐƌŽǁŝŶŐĨĂŵŝůǇ͘,Ğ ĞǆƉůĂŝŶĞĚƚŚĞŝŶƚĞŶƚŽĨƚŚĞƉƌŽũĞĐƚďǇĂĚĚŝŶŐƐƉĂĐĞƚŽƚŚĞŝŶƚĞƌŝŽƌŽĨƚŚĞŚŽŵĞ͘ DƐ͘DĂũĞƌƵƐĂƐŬĞĚŝĨƚŚĞĂƉƉůŝĐĂŶƚǁŽƵůĚůŝŬĞƚŽĂĚĚƌĞƐƐŽŶĂŶǇŽĨƚŚĞĐƌŝƚĞƌŝĂ͘ Dƌ͘,ĂǇĚŽŶŶŽƚĞĚƚŚĞƌĞŝƐĂŚŽŵĞŝŶƚŚĞĂƌĞĂǁŚŝĐŚůŽŽŬƐůŝŬĞŝƚǁĂƐŽƌŝŐŝŶĂůůǇĂƐŝŶŐůĞ Ͳ ƐƚŽƌǇŚŽŵĞĂŶĚĂ ƐĞĐŽŶĚĨůŽŽƌǁĂƐĂĚĚĞĚŽŶ͕ƚŚŝƐǁŽƵůĚďĞƐŝŵŝůĂƌƚŽƚŚĞƉƌŽƉĞƌƚǇƚŚĞǇĂƌĞĂƉƉůǇŝŶŐĨŽƌ͘ Dƌ͘tĂůƚĞƌƐĂƐŬĞĚĂďŽƵƚƚŚĞŽŶĞƐƚŽƌǇǀĞƌƐƵƐƚǁŽƐƚŽƌǇĂƌĞĂĐĐĞƉƚĂďůĞ͕ƚŚĞĐŽŶĐĞƌŶŝƐďĞŝŶŐĐůŽƐĞƚŽƚŚĞ ƉƌŽƉĞƌƚǇůŝŶĞƐ͘ Dƌ͘,ĂǇĚŽŶŶŽƚĞĚƚŚĞĂƉƉůŝĐĂŶƚǁŽƵůĚůŝŬĞƚŚĞƚǁŽ Ͳ ĐĂƌŐĂƌĂŐĞƐŝŶĐĞƚŚĞĐŽŶĐƌĞƚĞŝƐĂůƌĞĂĚǇŝŶƉůĂĐĞ͖ ĂůŽŶŐǁŝƚŚƚŚĞĂĚĚĞĚƐƚŽƌǇ͘ Dƌ͘WĂƚƌŝĐŬDƵƌƉŚǇ͕ƌĞƐŝĚŝŶŐĂƚϵϯϳϭϭЬ^ƚƌĞĞƚ͕ZŽĐŚĞƐƚĞƌ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞŶŽƚĞĚ ƐƵƉƉŽƌƚĨŽƌƚŚĞǀĂƌŝĂŶĐĞƌĞƋƵĞƐƚ͕ĂŶĚŚĞŶŽƚĞĚďĞŝŶŐĂƌĞƐŝĚĞŶƚŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘ Dƌ͘:ŽŶZǇĂŶ͕ƌĞƐŝĚŝŶŐĂƚϵϯϴϭϭЬ^ƚƌĞĞƚ͕ZŽĐŚĞƐƚĞƌ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞŝƐƚŚĞŽǁŶĞƌ ŽĨƚŚĞƉƌŽƉĞƌƚǇ͕ŚĞĞǆƉůĂŝŶĞĚƚŚĞŶĞĞĚĨŽƌƚŚĞƚǁŽŐĂƌĂŐĞĞůŝŵŝŶĂƚĞƐƉĂƌŬŝŶŐŽŶƚŚĞƐƚƌĞĞƚ͖ŶŽƚĞƐƚŚĞǇ ůŝŬĞůŝǀŝŶŐŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͖ĂŶĚƐƚĂƚĞĚƚŚĞǇƐƉŽŬĞǁŝƚŚŶĞŝŐŚďŽƌƐĂŶĚŚĂǀĞƌĞĐĞŝǀĞĚƐƵƉƉŽƌƚ͘ Dƌ͘dŚƌŽŶĚƐŽŶĂƐŬĞĚŚŽǁůŽŶŐƚŚĞĂƉƉůŝĐĂŶƚŚĂĚďĞĞŶŝŶƚŚĞŚŽŵĞ͘ Dƌ͘ZǇĂŶŶŽƚĞĚƚŚĞǇŚĂǀĞůŝǀĞĚŝŶƚŚĞŚŽŵĞĨŽƌĨŽƵƌǇĞĂƌƐ͘ ƚŚ Dƌ͘ŽĚǇtĂůŬĞƌ͕ƌĞƐŝĚŝŶŐĂƚϭϬϭϵϭϭ^ƚƌĞĞƚ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞƐƚĂƚĞĚƐƵƉƉŽƌƚŽĨƚŚĞ ǀĂƌŝĂŶĐĞƌĞƋƵĞƐƚ͕ůŝŬĞƐƚŽƐĞĞŝŵƉƌŽǀĞŵĞŶƚƐƚŽƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘ _3DJH 3DFNHW3J )F ŝƚǇŽĨZŽĐŚĞƐƚĞƌŽŶŝŶŐŽĂƌĚŽĨƉƉĞĂůƐDĞĞƚŝŶŐĂƚĞ͗^ĞƉƚĞŵďĞƌϲ͕ϮϬϭϳ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕DƐ͘DĂũĞƌƵƐĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘>ŽĐŚƌŝĚŐĞŵŽǀĞĚƚŽĚĞŶǇsĂƌŝĂŶĐĞηZϮϬϭϳ Ͳ ϬϬϲsZďǇDŝŬĞ,ĂǇĚŽŶǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐƐƚĂĨĨ ĨŝŶĚŝŶŐƐ͘Dƌ͘tĂůƚĞƌƐƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘ Dƌ͘>ŽĐŚƌŝĚŐĞŶŽƚĞĚŚŝƐƌĞĂƐŽŶĨŽƌĚĞŶǇŝŶŐƚŚĞĂƉƉůŝĐĂƚŝŽŶŝƐŶŽƚďĞĐĂƵƐĞŽĨƚŚĞƚǁŽƐƚŽƌǇŝƚŝƐďĞĐĂƵƐĞ ŽĨƚŚĞŽǀĞƌŚĂŶŐǁŚŝĐŚǁŝůůĞǆŝƐƚŽǀĞƌƚŚĞƵƚŝůŝƚǇĂƌĞĂĂŶĚƚŚĞĐůŽƐĞŶĞƐƐŽĨƚŚĞĂĚũĂĐĞŶƚƉƌŽƉĞƌƚǇ͖ŝƚŝƐƉƌĞ Ͳ ĐŽĚĞŶŽŶ Ͳ ĐŽŶĨŽƌŵŝŶŐƵƐĞƌĞƋƵĞƐƚ͘,ĞĨĞĞůƐďŽƵŶĚďǇƚŚĞĐƌŝƚĞƌŝĂĞƐƚĂďůŝƐŚĞĚƚŽƵƐĞĂƐĂŐƵŝĚĞĨŽƌ ŵĂŬŝŶŐĂĚĞĐŝƐŝŽŶ͘ Dƌ͘tĂůƚĞƌƐŶŽƚĞĚŚĞƐĞĐŽŶĚĞĚďĞĐĂƵƐĞǁŚĞŶůŽŽŬŝŶŐĂƚƚŚĞĐƌŝƚĞƌŝĂƚŚĞƌĞŝƐŶŽƚĂŶǇƵŶŝƋƵĞŶĞƐƐŽĨƚŚĞ ƉƌŽƉĞƌƚǇĐŽŵƉĂƌĞĚƚŽŽƚŚĞƌƉƌŽƉĞƌƚǇŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͖ĂůƚŚŽƵŐŚƐƵƉƉŽƌƚŝŶŐƚŚĞŝĚĞĂŽĨƚŚĞƉƌŽũĞĐƚ ĨŽƌƚŚĞĂƉƉůŝĐĂŶƚ͖ŶŽƚŝŶŐƚŚĞƐƚƌŝĐƚŶĞƐƐŽĨƐŝĚĞůŽƚůŝŶĞƐŶĞĞĚƐƚŽďĞĐŽƌƌĞĐƚĞĚďǇƚŚĞŝƚǇ͘ Dƌ͘dŚƌŽŶĚƐŽŶĞǆƉƌĞƐƐĞĚƵŶĚĞƌƐƚĂŶĚŝŶŐĨŽƌƚŚĞĂƉƉůŝĐĂŶƚ͖ŚĞĨĞĞůƐƌƵůĞƐĂŶĚƌĞŐƵůĂƚŝŽŶƐĂƌĞƐĞƚŝŶƉůĂĐĞ ĨŽƌĂƌĞĂƐŽŶĂŶĚŶĞĞĚƚŽďĞĨŽůůŽǁĞĚ͘ Dƌ͘<ĞĂŶĞŶŽƚĞĚƐƵƉƉŽƌƚĨŽƌƚŚĞŵŽƚŝŽŶĨŽƌĚĞŶŝĂů͘ Dƌ͘WƌƵƐƐĂĐŬƐƉŽŬĞŝŶĂŐƌĞĞŵĞŶƚǁŝƚŚŽƚŚĞƌŵĞŵďĞƌƐŝŶƐƵƉƉŽƌƚŝŶŐĚĞŶŝĂů͘ dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϲ Ͳ Ϭ͘ &/E/E'^͗ ƌŝƚĞƌŝŽŶ͘dŚĞƌĞĂƌĞĞǆƚƌĂŽƌĚŝŶĂƌǇĐŽŶĚŝƚŝŽŶƐŽƌĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ƐƵĐŚĂƐŝƌƌĞŐƵůĂƌŝƚǇ͕ŶĂƌƌŽǁŶĞƐƐ͕ ŽƌƐŚĂůůŽǁŶĞƐƐŽĨƚŚĞůŽƚŽƌĞǆĐĞƉƚŝŽŶĂůƚŽƉŽŐƌĂƉŚŝĐĂůŽƌƉŚǇƐŝĐĂůĐŽŶĚŝƚŝŽŶƐǁŚŝĐŚĂƌĞƉĞĐƵůŝĂƌƚŽ ƚŚĞƉƌŽƉĞƌƚǇĂŶĚĚŽŶŽƚĂƉƉůǇƚŽŽƚŚĞƌůĂŶĚƐǁŝƚŚŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚŽƌƚŚĞƐĂŵĞĐůĂƐƐŽĨǌŽŶŝŶŐ ĚŝƐƚƌŝĐƚ͘ ^ƚĂĨĨ&ŝŶĚŝŶŐƐ͗dŚĞƌĞĚŽĞƐŶŽƚĂƉƉĞĂƌƚŽďĞĂŶĞǆĐĞƉƚŝŽŶĂůĐŝƌĐƵŵƐƚĂŶĐĞŽƌĐŽŶĚŝƚŝŽŶƚŚĂƚĂƉƉůŝĞƐƚŽ ƚŚĞĂƉƉůŝĐĂŶƚ͛ƐƉƌŽƉĞƌƚǇƚŚĂƚŵĂǇŶŽƚĂƉƉůǇŐĞŶĞƌĂůůǇƚŽŽƚŚĞƌƉƌŽƉĞƌƚŝĞƐŝŶƚŚĞƐĂŵĞŶĞŝŐŚďŽƌŚŽŽĚ ŽƌǌŽŶŝŶŐĚŝƐƚƌŝĐƚ͘dŚĞĂƉƉůŝĐĂŶƚ͛ƐƉƌŽƉĞƌƚǇŝƐƐŝŵŝůĂƌŝŶƐŝǌĞƚŽƚŚĞĂĚũĂĐĞŶƚƉƌŽƉĞƌƚŝĞƐ͘DŽƐƚŽĨƚŚĞ ĞǆŝƐƚŝŶŐŚŽŵĞƐŝŶƚŚŝƐŶĞŝŐŚďŽƌŚŽŽĚǁĞƌĞĐŽŶƐƚƌƵĐƚĞĚƉƌŝŽƌƚŽƚŚĞĐƵƌƌĞŶƚƐĞƚďĂĐŬƌĞƋƵŝƌĞŵĞŶƚƐŝŶ ƚŚĞZŽĐŚĞƐƚĞƌŽŶŝŶŐKƌĚŝŶĂŶĐĞ͕ĂŶĚĂƐƐƵĐŚŵŽƐƚŚŽŵĞƐĚŽŶŽƚŵĞĞƚƚŚĞƐĞƚďĂĐŬƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚĂƌĞĐŽŶƐŝĚĞƌĞĚůĞŐĂů͕ŶŽŶ Ͳ ĐŽŶĨŽƌŵŝŶŐ͘ ƌŝƚĞƌŝŽŶ͘dŚĞĞǆƚƌĂŽƌĚŝŶĂƌǇĐŽŶĚŝƚŝŽŶƐŽƌĐŝƌĐƵŵƐƚĂŶĐĞƐĂƌĞĚƵĞƚŽĐŝƌĐƵŵƐƚĂŶĐĞƐƵŶŝƋƵĞƚŽƚŚĞ ƉƌŽƉĞƌƚǇŶŽƚĐƌĞĂƚĞĚďǇƚŚĞůĂŶĚŽǁŶĞƌ͘ ^ƚĂĨĨ&ŝŶĚŝŶŐƐ͗dŚĞĞǆƚƌĂŽƌĚŝŶĂƌǇĐŽŶĚŝƚŝŽŶƐŽƌĐŝƌĐƵŵƐƚĂŶĐĞƐĂƌĞĚƵĞƚŽĐŝƌĐƵŵƐƚĂŶĐĞƐƵŶŝƋƵĞƚŽ ƚŚĞƉƌŽƉĞƌƚǇĂŶĚǁĞƌĞŶŽƚĐƌĞĂƚĞĚďǇƚŚĞĐƵƌƌĞŶƚůĂŶĚŽǁŶĞƌ͘dŚĞĞǆŝƐƚŝŶŐŚŽŵĞĂŶĚƐĞƚďĂĐŬƐƉƌĞ Ͳ ĚĂƚĞƚŚĞŽŶŝŶŐKƌĚŝŶĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐ͘ ƌŝƚĞƌŝŽŶ͘dŚĞǀĂƌŝĂŶĐĞŝƐŶĞĐĞƐƐĂƌǇƚŽŽǀĞƌĐŽŵĞƉƌĂĐƚŝĐĂůĚŝĨĨŝĐƵůƚŝĞƐŝŶĐŽŵƉůǇŝŶŐǁŝƚŚƚŚĞǌŽŶŝŶŐ ŽƌĚŝŶĂŶĐĞƐŽƚŚĂƚƚŚĞƉƌŽƉĞƌƚǇĐĂŶďĞƵƐĞĚŝŶĂƌĞĂƐŽŶĂďůĞŵĂŶŶĞƌŶŽƚƉĞƌŵŝƚƚĞĚďǇƚŚĞŽƌĚŝŶĂŶĐĞ͘ 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ƚŽƚĂůǁĂůůƐŝŐŶĂŐĞƉĞƌƚĞŶĂŶƚƐŚĂůůŶŽƚĞǆĐĞĞĚďŽƚŚĞŝƚŚĞƌϭϬйŽĨƚŚĞƚĞŶĂŶƚǁĂůůĂƌĞĂĂŶĚ ŽƌϱϬƐƋƵĂƌĞĨĞĞƚ͕ǁŚŝĐŚĞǀĞƌŝƐŐƌĞĂƚĞƌ͘ ϮͿdŚĞĨŽůůŽǁŝŶŐƐŚĂůůďĞĂĚĚĞĚƚŽ^ƵďĚ͘ϳ͕͘Ϯ;ďͿ;ϭͿ͗KŶĞŵŽƵŶƚĞĚǁĂůůƐŝŐŶŝƐĂůůŽǁĞĚĨŽƌ ĞĂĐŚĨĂĕĂĚĞǀŝƐŝďůĞĨƌŽŵĂĚĞĚŝĐĂƚĞĚƌŝŐŚƚ Ͳ ŽĨ Ͳ ǁĂǇŽƌƉƌŝǀĂƚĞƐƚƌĞĞƚ͘^ĂǁƚŽŽƚŚƐ͕ƉƌŽũĞĐƚŝŽŶƐ͕ ĂŶĚƐŚŽƌƚůĞŶŐƚŚƐŽĨǁĂůůĂƌĞŶŽƚĐŽŶƐŝĚĞƌĞĚĂƐĂŵĂũŽƌĨĂĕĂĚĞ͘&ŽƌŵƵůƚŝ Ͳ ƚĞŶĂŶƚďƵŝůĚŝŶŐƐ͕Ă ŵĂǆŝŵƵŵŽĨŽŶĞŵŽƵŶƚĞĚǁĂůůƐŝŐŶŝƐĂůůŽǁĞĚĨŽƌĞĂĐŚƉŽƌƚŝŽŶŽĨƚĞŶĂŶƚƐƉĂĐĞĂůŽŶŐĂ ĨĂĕĂĚĞǀŝƐŝďůĞĨƌŽŵĂĚĞĚŝĐĂƚĞĚƌŝŐŚƚ Ͳ ŽĨ Ͳ ǁĂǇŽƌƉƌŝǀĂƚĞƐƚƌĞĞƚ͘dĞŶĂŶƚƐƉĂĐĞƐŶŽƚůŽĐĂƚĞĚ ĂůŽŶŐĂĨĂĕĂĚĞǀŝƐŝďůĞĨƌŽŵĂĚĞĚŝĐĂƚĞĚƌŝŐŚƚ Ͳ ŽĨ Ͳ ǁĂǇŽƌƉƌŝǀĂƚĞƐƚƌĞĞƚĂƌĞƉĞƌŵŝƚƚĞĚĂ ŵĂǆŝŵƵŵŽĨŽŶĞǁĂůůƐŝŐŶƚŽďĞůŽĐĂƚĞĚŽŶŽŶĞŽĨƚŚĞǀŝƐŝďůĞĨĂĐĂĚĞƐ͘ dŚĞĨŽůůŽǁŝŶŐƐŚĂůůďĞĂĚĚĞĚƚŽ^ƵďĚ͘ϳ͕͘Ϯ;ďͿ;ϱͿ;ĞͿ͗&ŽƌŵƵůƚŝ Ͳ ƚĞŶĂŶƚďƵŝůĚŝŶŐƐ͕ƚĞŶĂŶƚƐ ƚŚĂƚŽĐĐƵƉǇŐƌĞĂƚĞƌƚŚĂŶϱϬйŽĨƚŚĞŐƌŽƐƐƐƋƵĂƌĞĨŽŽƚĂŐĞ͕ƚŽƚĂůǁĂůůƐŝŐŶĂŐĞƐŚĂůůŶŽƚ ĞǆĐĞĞĚϭϬϬƐƋƵĂƌĞĨĞĞƚ͘ dŚĞĨŽůůŽǁŝŶŐƐŚĂůůďĞĂĚĚĞĚƚŽ^ƵďĚ͘ϳ͕͘Ϯ;ĐͿ;ϲͿ͗/ŶƚĞƌŶĂůůŝŐŚƚŝŶŐĂůůŽǁĞĚĨŽƌĐĂŶŽƉǇƐŝŐŶ ŝůůƵŵŝŶĂƚŝŽŶ͘/ŶƚĞƌŶĂůůǇ Ͳ ŝůůƵŵŝŶĂƚĞĚĐĂŶŽƉǇƐŝŐŶƐƐŚĂůůďĞĐŽŶƐŝĚĞƌĞĚĂƐtĂůů^ŝŐŶƐĨŽƌ ƉĞƌŵŝƚƚĞĚƐŝŐŶƐŝǌĞ͘ ϱͿdŚĞĨŽůůŽǁŝŶŐƐŚĂůůďĞĂĚĚĞĚƚŽ^Ƶď͘ϳ͕͕WĂƌĂŐƌĂƉŚƐ;ϮͿĂŶĚ;ϯͿ͗ ;ϮͿ&ƌĞĞ Ͳ^ƚĂŶĚŝŶŐŶƚƌǇĂŶŽƉǇ^ŝŐŶ,ĞŝŐŚƚ͗ ;ĂͿ&ƌĞĞ^ƚĂŶĚŝŶŐ^ŝŐŶĂƚĞŶƚƌǇĐĂŶŽƉǇƐŚĂůůŶŽƚĞǆĐĞĞĚĨŝǀĞƐƋƵĂƌĞĨĞĞƚŝŶƐŝǌĞ͘ ;ďͿDĂǆŝŵƵŵŚĞŝŐŚƚƐŚĂůůŶŽƚĞǆĐĞĞĚϭϮĨĞĞƚŵĞĂƐƵƌĞĚĨƌŽŵŐƌĂĚĞƚŽƚŽƉŽĨƐŝŐŶ͘ ;ĐͿ/ŶƚĞƌŶĂůůŝŐŚƚŝŶŐĂůůŽǁĞĚĨŽƌƐŝŐŶŝůůƵŵŝŶĂƚŝŽŶ͘ ;ϯͿtĂůů^ŝŐŶƐ͗ ;ĂͿKŶĞŵŽƵŶƚĞĚǁĂůůƐŝŐŶŝƐĂůůŽǁĞĚŽŶƐŽƵƚŚǁĞƐƚĨĂĕĂĚĞ͘ ;ďͿ^ŝŐŶŚĞŝŐŚƚŶŽƚƚŽĞǆĐĞĞĚďƵŝůĚŝŶŐŚĞŝŐŚƚ͘ ;ĐͿ DĂǆŝŵƵŵƐŝǌĞƐŚĂůůŶŽƚĞǆĐĞĞĚϭϮƐƋƵĂƌĞĨĞĞƚ͘ WƵďůŝĐ,ĞĂƌŝŶŐƐ͗ 'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶηZϬϬϯϰϳ'WďǇsĂŐĂďŽŶĚDŝŶŶĞƐŽƚĂWĂƌƚŶĞƌƐ/͕>>͕ƚŽďĞŬŶŽǁŶĂƐ ^ƚŽŶĞǁŽŽĚ͕ĨŽƌĚĞǀĞůŽƉŵĞŶƚĐŽŶƐŝƐƚŝŶŐŽĨƌĞƐŝĚĞŶƚŝĂůůŽƚƐĂŶĚŽŶĞŽƵƚůŽƚŽŶϰϭ͘ϬϳĂĐƌĞƐ͘dŚĞƐŝƚĞŝƐ ůŽĐĂƚĞĚƐŽƵƚŚǁĞƐƚŽĨŚŝŐŚǁĂǇϱϮ͕ŶŽƌƚŚŽĨdŚĂĚĚĞƵƐZŽĂĚ^t͕ĂŶĚĞĂƐƚŽĨϯϬƚŚ^ƚƌĞĞƚ^t͘ WƌĞůŝŵŝŶĂƌǇWůĂƚZϮϬϭϳ Ͳ ϬϮϮW>dďǇsĂŐĂďŽŶĚDŝŶŶĞƐŽƚĂWĂƌƚŶĞƌƐ/͕>>͕ƚŽďĞŬŶŽǁŶĂƐ^ƚŽŶĞǁŽŽĚ ^ƵďĚŝǀŝƐŝŽŶ͕ĨŽƌĂĚĞǀĞůŽƉŵĞŶƚĐŽŶƐŝƐƚŝŶŐŽĨϮϴƌĞƐŝĚĞŶƚŝĂůůŽƚƐĂŶĚϭŽƵƚůŽƚŽŶϰϭ͘ϬϳĂĐƌĞƐ͘dŚĞƐŝƚĞŝƐ ůŽĐĂƚĞĚƐŽƵƚŚǁĞƐƚŽĨŚŝŐŚǁĂǇϱϮ͕ŶŽƌƚŚŽĨdŚĂĚĚĞƵƐZŽĂĚ^t͕ĂŶĚĞĂƐƚŽĨϯϬƚŚ^ƚƌĞĞƚ^t͘dŚŝƐ ĂƉƉůŝĐĂƚŝŽŶŝŶĐůƵĚĞƐĂƌĞƋƵĞƐƚĨŽƌĂƐƵďƐƚĂŶƚŝĂůůĂŶĚĂůƚĞƌĂƚŝŽŶ͘ DƐ͘^ŽƐĂƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ^ĞƉƚĞŵďĞƌϭϯ͕ϮϬϭϳ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐ ŽŶĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ DƐ͘DĞĞŬŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ _3DJH 3DFNHW3J )I ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗^ĞƉƚĞŵďĞƌϭϯ͕ϮϬϭϳ Dƌ͘ŝůůdŽŝŶƚŽŶ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚt^ΘƐƐŽĐŝĂƚĞƐ͕ůŽĐĂƚĞĚĂƚϭϲϰϴdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌ͕DE͕ ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞƉƌĞƐĞŶƚĞĚĂŶŽǀĞƌǀŝĞǁŽĨƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͕ƐŚŽǁĞĚĂ ĐŽŵƉĂƌŝƐŽŶƚŚĞ'WŝŶϮϬϬϳƚŽƚŚĞǁŚĂƚŝƐĐƵƌƌĞŶƚůǇďĞŝŶŐƉƌŽƉŽƐĞĚ͖ĞǆƉůĂŝŶĞĚƚŚĞŝŶĐƌĞĂƐĞŝŶƐŝǌĞŽĨ ƚŚĞůŽƚƐǁŚŝĐŚĂƌĞŝŶĐŽŶĨŽƌŵĂŶĐĞǁŝƚŚĂĚũĂĐĞŶƚĚĞǀĞůŽƉĞĚůŽƚƐ͖ĂŶĚĂƌĞŝŶĂŐƌĞĞŵĞŶƚǁŝƚŚƐƚĂĨĨ ĨŝŶĚŝŶŐƐ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĂƐŬĞĚĂďŽƵƚƚŚĞĂŵŽƵŶƚŽĨĂƌĞĂǁŚŝĐŚǁŝůůďĞĚŝƐƚƵƌďĞĚďǇƚŚĞ^>͘ Dƌ͘dŽŝŶƚŽŶĞǆƉůĂŝŶĞĚƚŚĞĂƌĞĂƐǁŚŝĐŚĂƌĞďĞŝŶŐĚŝƐƚƵƌďĞĚĂƌĞƌĞƋƵŝƌĞĚďǇƚŚĞĚĞƐŝŐŶŽĨƚŚĞƌŽĂĚ͕ĂŶĚ ŶŽƚĞĚŚĞĚŝĚŶŽƚĨĞĞůƚŚĞ^>ǁŽƵůĚŶŽƚĂĨĨĞĐƚƚŚĞŶĂƚƵƌĂůĂĞƐƚŚĞƚŝĐŽĨƚŚĞƉƌŽƉĞƌƚǇ͘ DƐ͘DĞĞŬĂƐŬĞĚĂďŽƵƚƚŚĞƉĞĚĞƐƚƌŝĂŶĞĂƐĞŵĞŶƚ͘ Dƌ͘dŽŝŶƚŽŶƐƚĂƚĞĚWƵďůŝĐtŽƌŬƐŚĂƐĂƐŬĞĚĨŽƌƚŚĞĞĂƐĞŵĞŶƚĨŽƌĨƵƚƵƌĞƚƌĂŝůƐǇƐƚĞŵƚŽĐŽŶŶĞĐƚŝŶƚŽ ĞǆŝƐƚŝŶŐƚƌĂŝůƐǇƐƚĞŵ͘ Dƌ͘ĂƐĞǇĂůĚǁĞůů͕ƌĞƐŝĚŝŶŐĂƚϯϬϭϱsĂůůĞǇǁŽŽĚƌŝǀĞ^t͕ZŽĐŚĞƐƚĞƌ͕DE͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞƐƚĂƚĞĚĐŽŶĐĞƌŶǁŝƚŚƚŚĞ<ĂƌƐƚĨŽƌŵĂƚŝŽŶŝŵƉĂĐƚŝŶƚŚĞĂƌĞĂĂŶĚƚŚĞĞĨĨĞĐƚƐŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚŵĂǇ ŚĂǀĞ͘,ĞŚĂƐĂƉƌŝǀĂƚĞǁĞůůĂŶĚŝƐĐŽŶĐĞƌŶĞĚǁŝƚŚƚŚĞŶĞŐĂƚŝǀĞĞĨĨĞĐƚƐ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕DƐ͘DĞĞŬĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘ƵƌƐƚŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶηZϬϬϯϰϳ'WǁŝƚŚƚŚĞ ƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘Dƌ͘DŽŚƐƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶŝŶƌĞŐĂƌĚƐƚŽƚŚĞƌŽĂĚǁĂǇƐǇƐƚĞŵ͕ĂĐĐĞƐƐƚŽƚŚĞƐŝƚĞďǇ ƌĞƐŝĚĞŶƚƐ͕ĂŶĚƚŚĞǀĂƌŝĂďůĞĞĨĨĞĐƚƐŽĨƉƵďůŝĐĂŶĚƉƌŝǀĂƚĞƌŽĂĚǁĂǇƐ͘ dŚĞŵŽƚŝŽŶĨĂŝůĞĚϰ Ͳ ϰ͘DƐ͘DĞĞŬ͕Dƌ͘tĂůƚĞƌƐ͕Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌ͕ĂŶĚDƌ͘ĂƐƚƌŽǀŽƚŝŶŐŶĂǇ͘ Dƌ͘tĂůƚĞƌƐŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĚĞŶŝĂůŽĨ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶηZϬϬϯϰϳ'WŽŶƚŚĞŐƌŽƵŶĚ ŝƚĨĂŝůƐƚŽŵĞĞƚƌŝƚĞƌŝĂ͘Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌƐĞĐŽŶĚĞĚ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶŝŶƌĞŐĂƌĚƐƚŽƚŚĞƉƵďůŝĐĂŶĚƉƌŝǀĂƚĞƵƚŝůŝƚŝĞƐƐĞƌǀĞĚƚŽƚŚĞ ĂĚũĂĐĞŶƚƉƌŽƉĞƌƚŝĞƐĂŶĚŚŽǁƚŚŝƐǁŽƵůĚĂĚŚĞƌĞƚŽĂƉŽƌƚŝŽŶŽĨƌŝƚĞƌŝĂ͘ dŚĞŵŽƚŝŽŶĨĂŝůĞĚϯ Ͳ ϱ͘Dƌ͘ƵƌƐƚ͕Dƌ͘,ŝůů͕Dƌ͘ĂƐƚƌŽ͕DƐ͘tŝůƐŽŶ͕Dƌ͘DŽŚƐ͘ Dƌ͘,ŝůůŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶηZϬϬϯϰϳ'WǁŝƚŚƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘Dƌ͘DŽŚƐƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϱ Ͳ ϯ͘ DƐ͘DĞĞŬ͕Dƌ͘tĂůƚĞƌƐ͕Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌǀŽƚŝŶŐŶĂǇ͘ KE/d/KE^͗ ϭ͘dŚĞ'WŵƵƐƚďĞƵƉĚĂƚĞĚǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗ Ă͘ĞŶƐŝƚǇŵƵƐƚďĞƐŚŽǁŶďǇƐƚĂƚŝŶŐƚŚĂƚƚŚĞƉƌŽƉŽƐĞĚ'WĂƌĞĂǁŝůůďĞΗůŽǁĚĞŶƐŝƚǇ ƌĞƐŝĚĞŶƚŝĂů͘͟ _3DJH 3DFNHW3J )I ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗^ĞƉƚĞŵďĞƌϭϯ͕ϮϬϭϳ ď͘dŽƉŽŐƌĂƉŚǇŵƵƐƚďĞŝĚĞŶƚŝĨŝĞĚŽŶƚŚĞ'W͕ǁŝƚŚĐŽŶƚŽƵƌŝŶƚĞƌǀĂůƐŽĨŶŽƚŵŽƌĞƚŚĂŶϱ ĨĞĞƚ͘ Đ͘^ůŽƉĞƐŽǀĞƌϭϱйŵƵƐƚďĞŝĚĞŶƚŝĨŝĞĚŽŶƚŚĞƉůĂŶ͘ ƚŚ Ě͘dŚĞƌŽĂĚǁĂǇŶĂŵĞĚϯϬ^ƚƌĞĞƚ^t͕ǁŝůůŶĞĞĚƚŽďĞƌĞŶĂŵĞĚsĂůůĞǇǁŽŽĚZŽĂĚ^t͘ Ğ͘ŶĂĚĚŝƚŝŽŶĂůƌŽĂĚǁĂǇŶĂŵĞǁŝůůŶĞĞĚŝƐƌĞƋƵŝƌĞĚĨŽƌƚŚĞǁĞƐƚĞƌŶĐƵů Ͳ ĚĞ Ͳ ƐĂĐŝĚĞŶƚŝĨŝĞĚ ĂƐ^ƚŽŶĞǁŽŽĚ>ĂŶĞ^tŽŶƚŚĞ'W͘ Ϯ͘dŚĞƌĞĂƌĞŝŶĂĚĞƋƵĂƚĞŽŶĂŶĚŽĨĨƐŝƚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐ͕ƐƉĞĐŝĨŝĐĂůůǇWƵďůŝĐZŽĂĚǁĂǇƐ͕^ĂŶŝƚĂƌǇ ^ĞǁĞƌ͕tĂƚĞƌ͕ĂŶĚ^ƚŽƌŵtĂƚĞƌDĂŶĂŐĞŵĞŶƚ&ĂĐŝůŝƚŝĞƐ͕ĞǆŝƐƚŝŶŐƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚĞ ĚĞǀĞůŽƉŵĞŶƚŽĨƚŚŝƐWƌŽƉĞƌƚǇ͘EŽĚĞǀĞůŽƉŵĞŶƚǁŝůůďĞĂůůŽǁĞĚƚŽŽĐĐƵƌƵŶƚŝůƚŚĞŝƚǇŽƵŶĐŝů ŚĂƐĚĞƚĞƌŵŝŶĞĚƚŚĂƚĂůůƌĞƋƵŝƌĞĚƉƵďůŝĐĨĂĐŝůŝƚŝĞƐĂƌĞĂĚĞƋƵĂƚĞĨŽƌƐĂŝĚĚĞǀĞůŽƉŵĞŶƚ͘dŚĞ ĚĞǀĞůŽƉĞƌŵĂǇƌĞƋƵĞƐƚƚŽũŽŝŶǁŝƚŚƚŚĞŝƚǇŝŶŵĂŬŝŶŐƚŚĞƐĞŝŶĂĚĞƋƵĂƚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐ ĂĚĞƋƵĂƚĞĨŽƌƚŚŝƐĚĞǀĞůŽƉŵĞŶƚ͕ĂŶĚŵĂǇƌĞƋƵĞƐƚƚŚĞŝƚǇƉƌĞƉĂƌĞĂĚĞǀĞůŽƉŵĞŶƚĂŐƌĞĞŵĞŶƚ ĨŽƌKǁŶĞƌ͛ƐĞǆĞĐƵƚŝŽŶƉƌŝŽƌƚŽƌĞĐŽƌĚŝŶŐƚŚĞ&ŝŶĂůWůĂƚ͕ƚŚĂƚŽƵƚůŝŶĞƐƚŚĞĞǀĞůŽƉĞƌΖƐĂŶĚŝƚǇΖƐ ŽďůŝŐĂƚŝŽŶƐƌĞůĂƚĞĚ͕ďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͗ĂĐĐĞƐƐ͕ƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚ;ŝŶĐůƵĚŝŶŐĂŶǇ ŽďůŝŐĂƚŝŽŶƐĨŽƌŽŶŽƌŽĨĨ Ͳ ƐŝƚĞĨĂĐŝůŝƚŝĞƐͿ͕ƚƌĂŶƐƉŽƌƚĂƚŝŽŶŝŵƉƌŽǀĞŵĞŶƚƐ;ŝŶĐůƵĚŝŶŐŽĨĨ Ͳ ƐŝƚĞ ŝŵƉƌŽǀĞŵĞŶƚƐͿ͕ƉĞĚĞƐƚƌŝĂŶĨĂĐŝůŝƚŝĞƐ͕ŝŶĐůƵĚŝŶŐƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐƚŽĂďƵƚƚŝŶŐƐƵďĚŝǀŝƐŝŽŶ͕ ĐŽŶƚƌŝďƵƚŝŽŶƐĨŽƌĞǆŝƐƚŝŶŐΘĨƵƚƵƌĞƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĂŶĚƚŚĞĞǆƚĞŶƐŝŽŶŽĨƉƵďůŝĐƵƚŝůŝƚŝĞƐƚŽ ĂďƵƚƚŝŶŐƉƌŽƉĞƌƚŝĞƐǁŚĞƌĞĂƉƉůŝĐĂďůĞ͘ ϯ͘ŶĂƉƉƌŽǀĞĚ'ƌĂĚŝŶŐĂŶĚƌĂŝŶĂŐĞWůĂŶŝƐƌĞƋƵŝƌĞĚƉƌŝŽƌƚŽ&ŝŶĂůWůĂƚƐƵďŵŝƚƚĂů͘ ϰ͘KǁŶĞƌƐŚŝƉĂŶĚƉĞƌƉĞƚƵĂůŵĂŝŶƚĞŶĂŶĐĞŽĨƉƌŽƉŽƐĞĚKƵƚůŽƚ͟͞ƐŚĂůůďĞĂĚĚƌĞƐƐĞĚĂƐƉĂƌƚŽĨƚŚĞ ĞǀĞůŽƉŵĞŶƚŐƌĞĞŵĞŶƚĂŶĚ'ƌĂĚŝŶŐWůĂŶĂƉƉƌŽǀĂů͘ ϱ͘WĂǇŵĞŶƚŝŶůŝĞƵŽĨƉĂƌŬůĂŶĚĚĞĚŝĐĂƚŝŽŶŝƐƌĞƋƵŝƌĞĚƉƌŝŽƌƚŽƌĞĐŽƌĚŝŶŐƚŚĞĨŝŶĂůƉůĂƚ͘ 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