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September 18, 2017 Agenda Packet
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/s/͘dŚĞĚĞĐŝƐŝŽŶŽĨƚŚĞďŽĂƌĚŽŶƚŚĞƐĞŵĂƚƚĞƌƐǁŝůůƌĞƐƚŝŶƚŚĞŝƌƐŽůĞ ĚŝƐĐƌĞƚŝŽŶ͕ĂŶĚƚŚĞŝƌĐŽŶĐĞƌŶŵƵƐƚďĞƚŚĞǁĞůĨĂƌĞŽĨd, /s/ĂŶĚƚŚĞĂĚǀĂŶĐĞŵĞŶƚŽĨŝƚƐ ƉƵƌƉŽƐĞ͘ 3DFNHW3J 'E ͘tŚĞŶĂĐŽŶĨůŝĐƚĞdžŝƐƚƐ͕ƌĞƐŽůƵƚŝŽŶŽĨƚŚĞŵĂƚƚĞƌŵĂLJŝŶĐůƵĚĞ;ĂͿĂƉƉƌŽǀŝŶŐŽƌ ĚŝƐĂƉƉƌŽǀŝŶŐĂŶLJƚƌĂŶƐĂĐƚŝŽŶŽƌƐŝƚƵĂƚŝŽŶĂƚŝƐƐƵĞ͖;ďͿƌĞƋƵŝƌŝŶŐƚŚĞĚŝƌĞĐƚŽƌƚŽƌĞŵŽǀĞ ŚŝŵƐĞůĨŽƌŚĞƌƐĞůĨĨƌŽŵƉŽƐŝƚŝŽŶƐŝŶǁŚŝĐŚƚŚĞĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚĞdžŝƐƚƐƵŶƚŝůƚŚĞƌĞŝƐŶŽ ůŽŶŐĞƌĂĐŽŶĨůŝĐƚ͖Žƌ;ĐͿƌĞƋƵŝƌŝŶŐƚŚĞĚŝƌĞĐƚŽƌƚŽĚŝƐĐŽŶƚŝŶƵĞ͕ƌĞĚƵĐĞ͕ŽƌŵŽĚŝĨLJŚŝƐŽƌŚĞƌ ƉĂƌƚŝĐŝƉĂƚŝŽŶŝŶƚŚĞďŽĂƌĚ͕ĐŽŵŵŝƚƚĞĞƐ͕ŽƌƚĂƐŬĨŽƌĐĞƐǁŚĞƌĞƚŚĞĐŽŶĨůŝĐƚĞdžŝƐƚƐ͘ ϳ͘ĐŬŶŽǁůĞĚŐŵĞŶƚĂŶĚŶŶƵĂůŝƐĐůŽƐƵƌĞ ŝƌĞĐƚŽƌƐĂŶĚƐƚĂĨĨǁŝůůƌĞĐĞŝǀĞƚŚŝƐŽŶĨůŝĐƚͲŽĨͲ/ŶƚĞƌĞƐƚWŽůŝĐLJĂŶĚWƌŽĐĞĚƵƌĞƐĂŶĚƐŚĂůůďĞ ƌĞƋƵŝƌĞĚƚŽƐŝŐŶĂŶĚĚĂƚĞƚŚĞƉŽůŝĐLJĚŝƐĐůŽƐƵƌĞĨŽƌŵĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞŝƌƚĞƌŵŽĨƐĞƌǀŝĐĞ͘ ŝƌĞĐƚŽƌƐĂŶĚƐƚĂĨĨĂůƐŽƐŚĂůůďĞƌĞƋƵŝƌĞĚƚŽƐŝŐŶĂŶĚƵƉĚĂƚĞƚŚĞƉŽůŝĐLJĚŝƐĐůŽƐƵƌĞĨŽƌŵĂƚƚŚĞ ďĞŐŝŶŶŝŶŐŽĨĞĂĐŚĨŝƐĐĂůLJĞĂƌ͘&ĂŝůƵƌĞƚŽƵƉĚĂƚĞŽƌƐŝŐŶƚŚĞƉŽůŝĐLJĚŝƐĐůŽƐƵƌĞĨŽƌŵ͕ŚŽǁĞǀĞƌ͕ĚŽĞƐ ŶŽƚŶƵůůŝĨLJĂĚŝƌĞĐƚŽƌŽĨƐƚĂĨĨŵĞŵďĞƌ͛ƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐƉŽůŝĐLJ͘ EEh>^dd D EdKE ZE/E' WK^^/> KE&>/dK&/Ed Z ^d 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^ĞĐƚŝŽŶϲ͘ZĞŵŽǀĂůĨƌŽŵKĨĨŝĐĞ͗ŶLJŵĞŵďĞƌŽĨƚŚĞŽĂƌĚŵĂLJďĞƌĞŵŽǀĞĚĨƌŽŵŽĨĨŝĐĞ ĨŽƌŵĂůĨĞĂƐĂŶĐĞŽƌůĂĐŬŽĨƉĂƌƚŝĐŝƉĂƚŝŽŶďLJĂǀŽƚĞŽĨƚǁŽͲƚŚŝƌĚƐŽĨƚŚĞŵĞŵďĞƌƐŽĨƚŚĞ ŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͘ ^ĞĐƚŝŽŶϳ͘sŽƚŝŶŐ͗ ĂĐŚŵĞŵďĞƌŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐƐŚĂůůďĞĞŶƚŝƚůĞĚƚŽŽŶĞǀŽƚĞŽŶ ŵĂƚƚĞƌƐĐŽŵŝŶŐƚŽĂǀŽƚĞďĞĨŽƌĞƚŚĞŽĂƌĚŝŶƚŚĞĞdžĞĐƵƚŝŽŶŽĨƚŚĞďƵƐŝŶĞƐƐŽĨƚŚĞ ŽƌƉŽƌĂƚŝŽŶ͘ ^ĞĐƚŝŽŶϴ͘YƵŽƌƵŵ͗ƚĂůůŵĞĞƚŝŶŐƐŽĨƚŚĞŽĂƌĚ͕ĂƋƵŽƌƵŵƐƵĨĨŝĐŝĞŶƚĨŽƌƚƌĂŶƐĂĐƚŝŶŐ ďƵƐŝŶĞƐƐƐŚĂůůĐŽŶƐŝƐƚŽĨĂƐŝŵƉůĞŵĂũŽƌŝƚLJŽĨƚŚĞŵĞŵďĞƌƐŽĨƚŚĞŽĂƌĚ͘ džĐĞƉƚǁŚĞƌĞ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚďLJƐƚĂƚƵƚĞ͕ƚŚĞƌƚŝĐůĞƐŽĨ/ŶĐŽƌƉŽƌĂƚŝŽŶ͕ŽƌƚŚĞƐĞLJůĂǁƐ͕ĚĞĐŝƐŝŽŶƐŽĨ ƚŚĞŽĂƌĚƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŝĨĂƉƉƌŽǀĞĚďLJĂŵĂũŽƌŝƚLJŽĨƚŚĞŵĞŵďĞƌƐƉƌĞƐĞŶƚĂƚƚŚĞ ŵĞĞƚŝŶŐ͘/ĨĂƋƵŽƌƵŵŝƐŶŽƚƉƌĞƐĞŶƚĂƚĂŶLJŵĞĞƚŝŶŐŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͕ƚŚĞ 3DFNHW3J 'E ŵĞŵďĞƌƐƉƌĞƐĞŶƚŵĂLJŶŽƚƚĂŬĞĂĐƚŝŽŶŽŶďĞŚĂůĨŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶŽƚŚĞƌƚŚĂŶƚŽĂĚũŽƵƌŶ ƚŽĂƐƉĞĐŝĨŝĞĚĚĂƚĞĂŶĚƚŝŵĞ͘ ^ĞĐƚŝŽŶϵ͘ŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚ͗ŶLJĚŝƌĞĐƚŽƌǁŚŽŚĂƐĂĨŝŶĂŶĐŝĂů͕ƉĞƌƐŽŶĂůŽƌŽĨĨŝĐŝĂů ĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚŵƵƐƚĚŝƐĐůŽƐĞƐĂŝĚĐŽŶĨůŝĐƚƚŽƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĂƐĂǁŚŽůĞĂŶĚ ŵĂLJďĞƌĞƋƵŝƌĞĚƚŽƌĞĐƵƐĞƚŚĞŵƐĞůǀĞƐĨƌŽŵŽĂƌĚĂĐƚŝŽŶƐƚŚĂƚŵĂLJďLJŝŶĨůƵĞŶĐĞĚďLJƐĂŝĚ ĐŽŶĨůŝĐƚ͘ Zd/> s/͗'Ks ZEE ^ĞĐƚŝŽŶϭ͘ƵƚŝĞƐŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͗dŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐƐŚĂůůďĞƚŚĞŐŽǀĞƌŶŝŶŐ ďŽĚLJŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶ͘dŚĞŽĂƌĚƐŚĂůů͗ Ă͘ĞƐƚĂďůŝƐŚƚŚĞŝŶƚĞŶĚĞĚŽƵƚĐŽŵĞƐĂŶĚƉƌŝŽƌŝƚŝĞƐŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶŝŶĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚƚŚĞƐƚĂƚĞĚƉƵƌƉŽƐĞƐŽĨƚŚĞŽƌŐĂŶŝnjĂƚŝŽŶ͘ ď͘ĞŶƐƵƌĞƚŚĂƚƚŚĞŽƌƉŽƌĂƚŝŽŶĂǀŽŝĚƐĂĐƚŝŽŶƐĂŶĚƐŝƚƵĂƚŝŽŶƐƚŚĂƚĂƌĞƵŶĞƚŚŝĐĂůŽƌ ŝŵƉƌƵĚĞŶƚĂŶĚĚŽŶŽƚƐƵƉƉŽƌƚƚŚĞŐŽĂůƐŽĨƚŚĞŽƌŐĂŶŝnjĂƚŝŽŶ͘ Đ͘ĞŶŐĂŐĞƚŚĞ džĞĐƵƚŝǀĞŝƌĞĐƚŽƌ͕ĚĞůĞŐĂƚĞĂƵƚŚŽƌŝƚLJĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƚŚĞ ĂĐŚŝĞǀĞŵĞŶƚŽĨƚŚĞŝŶƚĞŶĚĞĚŽƵƚĐŽŵĞƐƚŽƚŚĞĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌ͕ĂŶĚŵŽŶŝƚŽƌƚŚĞ ĂĐĐŽŵƉůŝƐŚŵĞŶƚƐŽĨƚŚĞĞdžĞĐƵƚŝǀĞƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞƌĞƐŽƵƌĐĞƐŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶ ĂƌĞƵƚŝůŝnjĞĚƚŽĂĐĐŽŵƉůŝƐŚƚŚĞƉƵƌƉŽƐĞƐŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶ͘ ^ĞĐƚŝŽŶϮ͘ƵƚŝĞƐŽĨKĨĨŝĐĞƌƐ͗dŚĞƐƉĞĐŝĨŝĐĚƵƚŝĞƐŽĨƚŚĞŽĨĨŝĐĞƌƐƐŚĂůůďĞĂƐĨŽůůŽǁƐ͗ Ă͘WƌĞƐŝĚĞŶƚ͘dŚĞWƌĞƐŝĚĞŶƚƐŚĂůů͗ ϭ͘ƐĞƌǀĞĂƐŚŝĞĨ'ŽǀĞƌŶŝŶŐKĨĨŝĐĞƌŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶ͘ Ϯ͘ĐŽŶǀĞŶĞĂŶĚƉƌĞƐŝĚĞĂƚĂůůŵĞĞƚŝŶŐƐŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͘ ϯ͘ƐĞƌǀĞĂƐƐƉŽŬĞƐƉĞƌƐŽŶĨŽƌƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐƚŽĞdžƚĞƌŶĂůĞŶƚŝƚŝĞƐǁŝƚŚƌĞŐĂƌĚƚŽ ŽĂƌĚͲƐƚĂƚĞĚƉŽƐŝƚŝŽŶƐ͘ ď͘sŝĐĞWƌĞƐŝĚĞŶƚ͘dŚĞsŝĐĞWƌĞƐŝĚĞŶƚƐŚĂůů͗ ϭ͘ĂƐƐƵŵĞƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĂŶĚĚƵƚŝĞƐŽĨƚŚĞWƌĞƐŝĚĞŶƚŝŶƚŚĞĂďƐĞŶĐĞŽĨƚŚĞ WƌĞƐŝĚĞŶƚ͘ Đ͘^ĞĐƌĞƚĂƌLJ͘dŚĞ^ĞĐƌĞƚĂƌLJƐŚĂůů͗ ϭ͘ŵĂŝŶƚĂŝŶĂƌĞĐŽƌĚŽĨĂĐƚŝŽŶƐŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͘ Ϯ͘ďĞĂĐĐŽƵŶƚĂďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐLJŽĨŽĂƌĚĚŽĐƵŵĞŶƚƐ͘ Ě͘dƌĞĂƐƵƌĞƌ͘dŚĞdƌĞĂƐƵƌĞƌƐŚĂůů͗ ϭ͘ĂĚǀŝƐĞƚŚĞŽĂƌĚǁŝƚŚƌĞŐĂƌĚƚŽŝƚƐĨŝŶĂŶĐŝĂůƉŽůŝĐŝĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͘ 3DFNHW3J 'E Zd/> s//͗D d/E'^ ^ĞĐƚŝŽŶϭ͘&ƌĞƋƵĞŶĐLJ͘dŚĞŽĂƌĚƐŚĂůůŵĞĞƚĂƚůĞĂƐƚƚĞŶ;ϭϬͿƚŝŵĞƐĚƵƌŝŶŐƚŚĞLJĞĂƌ͘ DĞĞƚŝŶŐƐƐŚĂůůďĞĐĂůůĞĚďLJƚŚĞWƌĞƐŝĚĞŶƚŽƌďLJŽŶĞƚŚŝƌĚŽĨƚŚĞŽĂƌĚŵĞŵďĞƌƐ͘ ^ĞĐƚŝŽŶϮ͘WůĂĐĞƐŽĨDĞĞƚŝŶŐƐ͘ůůŵĞĞƚŝŶŐƐŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶ ƐŚĂůůďĞŚĞůĚĂƚƚŚĞƌĞŐŝƐƚĞƌĞĚŽĨĨŝĐĞŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶŽƌĂƚĂŶLJŽƚŚĞƌƉůĂĐĞǁŝƚŚŝŶ KůŵƐƚĞĚŽƵŶƚLJ͕ǁŚŝĐŚƐŚĂůůďĞƐƉĞĐŝĨŝĐĂůůLJĚĞƐŝŐŶĂƚĞĚďLJƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŝŶƚŚĞ ŶŽƚŝĐĞŽĨĂŶLJƐƵĐŚŵĞĞƚŝŶŐ͘ƚƚĞŶĚĂŶĐĞďLJƚĞůĞƉŚŽŶĞŽƌƚĞůĞĐŽŶĨĞƌĞŶĐĞƐŚĂůůďĞƐƵĨĨŝĐŝĞŶƚ ƚŽĨƵůĨŝůůƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨĂƋƵŽƌƵŵĂŶĚĂǀŽƚĞďLJĂŶLJƌĞŵŽƚĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐƐLJƐƚĞŵ͕ ƚĞůĞƉŚŽŶĞ͕ƚĞůĞĐŽŶĨĞƌĞŶĐĞ͕ĞůĞĐƚƌŽŶŝĐŵĞĂŶƐŽƌĞŵĂŝůƐŚĂůůŚĂǀĞƚŚĞƐĂŵĞĞĨĨĞĐƚĂƐĂǀŽƚĞ ŵĂĚĞŝŶƉĞƌƐŽŶ͘ ^ĞĐƚŝŽŶϯ͘ZƵůĞƐŽĨKƌĚĞƌ͘ZŽďĞƌƚΖƐZƵůĞƐŽĨKƌĚĞƌƐŚĂůůďĞƚŚĞĞƐƚĂďůŝƐŚĞĚƌƵůĞƐŽĨŽƌĚĞƌ͘ ^ĞĐƚŝŽŶϰ͘EŽƚŝĐĞŽĨDĞĞƚŝŶŐƐ͘tƌŝƚƚĞŶŶŽƚŝĐĞŽĨŵĞĞƚŝŶŐƐƐŚĂůůďĞƉƌŽǀŝĚĞĚƚŽĞĂĐŚ ŵĞŵďĞƌŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĂƚůĞĂƐƚĨŝǀĞ;ϱͿĚĂLJƐƉƌŝŽƌƚŽƚŚĞŵĞĞƚŝŶŐ͘ Zd/> s///͗KDD/dd ^ ^ĞĐƚŝŽŶϭͲŽŵŵŝƚƚĞĞĨŽƌŵĂƚŝŽŶ͗dŚĞďŽĂƌĚŵĂLJĐƌĞĂƚĞĐŽŵŵŝƚƚĞĞƐĂƐŶĞĞĚĞĚ͕ƐƵĐŚĂƐ ĨƵŶĚƌĂŝƐŝŶŐ͕ƉĞƌƐŽŶŶĞů͕ŶŽŵŝŶĂƚŝŶŐ͕ŐŽǀĞƌŶĂŶĐĞ͕ĞƚĐ͘dŚĞďŽĂƌĚĐŚĂŝƌĂƉƉŽŝŶƚƐĂůů ĐŽŵŵŝƚƚĞĞĐŚĂŝƌƐ͘ ^ĞĐƚŝŽŶϮͲ džĞĐƵƚŝǀĞŽŵŵŝƚƚĞĞ͗dŚĞĨŽƵƌŽĨĨŝĐĞƌƐƐĞƌǀĞĂƐƚŚĞŵĞŵďĞƌƐŽĨƚŚĞ džĞĐƵƚŝǀĞŽŵŵŝƚƚĞĞ͘ džĐĞƉƚĨŽƌƚŚĞƉŽǁĞƌƚŽĂŵĞŶĚƚŚĞƌƚŝĐůĞƐŽĨ/ŶĐŽƌƉŽƌĂƚŝŽŶĂŶĚ ďLJůĂǁƐ͕ƚŚĞ džĞĐƵƚŝǀĞŽŵŵŝƚƚĞĞƐŚĂůůŚĂǀĞĂůůƚŚĞƉŽǁĞƌƐĂŶĚĂƵƚŚŽƌŝƚLJŽĨƚŚĞďŽĂƌĚ ŽĨĚŝƌĞĐƚŽƌƐŝŶƚŚĞŝŶƚĞƌǀĂůƐďĞƚǁĞĞŶŵĞĞƚŝŶŐƐŽĨƚŚĞďŽĂƌĚŽĨĚŝƌĞĐƚŽƌƐ͕ĂŶĚŝƐƐƵďũĞĐƚ ƚŽƚŚĞĚŝƌĞĐƚŝŽŶĂŶĚĐŽŶƚƌŽůŽĨƚŚĞĨƵůůďŽĂƌĚ͘ ^ĞĐƚŝŽŶϯͲ&ŝŶĂŶĐĞŽŵŵŝƚƚĞĞ͗dŚĞƚƌĞĂƐƵƌĞƌŝƐƚŚĞĐŚĂŝƌŽĨƚŚĞ&ŝŶĂŶĐĞŽŵŵŝƚƚĞĞ͕ ǁŚŝĐŚĐŽƵůĚŝŶĐůƵĚĞƵƉƚŽƚǁŽŽƚŚĞƌďŽĂƌĚŵĞŵďĞƌƐ͘dŚĞ&ŝŶĂŶĐĞŽŵŵŝƚƚĞĞŝƐ ƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞǀĞůŽƉŝŶŐĂŶĚƌĞǀŝĞǁŝŶŐĨŝƐĐĂůƉƌŽĐĞĚƵƌĞƐ͕ĨƵŶĚƌĂŝƐŝŶŐƉůĂŶƐ͕ĂŶĚƚŚĞ ĂŶŶƵĂůďƵĚŐĞƚǁŝƚŚƐƚĂĨĨĂŶĚŽƚŚĞƌďŽĂƌĚŵĞŵďĞƌƐ͘dŚĞďŽĂƌĚŵƵƐƚĂƉƉƌŽǀĞƚŚĞ 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ƉƌĞƐŝĚĞŶƚ͕ƐĞĐƌĞƚĂƌLJ͕ĂŶĚƚƌĞĂƐƵƌĞƌ͘tŝƚŚƚŚĞĞdžĐĞƉƚŝŽŶŽĨƚŚĞƉĂƐƚƉƌĞƐŝĚĞŶƚ͕ƚŚĞŽĨĨŝĐĞƌƐƐŚĂůůďĞ ĞůĞĐƚĞĚĂŶŶƵĂůůLJĨŽƌƚǁŽLJĞĂƌƚĞƌŵƐ;ŝĨƚŚĞLJĐŚŽŽƐĞͿďLJĂĨĨŝƌŵĂƚŝǀĞŵĂũŽƌŝƚLJǀŽƚĞŽĨƚŚĞďŽĂƌĚŵĞŵďĞƌƐƉƌĞƐĞŶƚ ĂƚƚŚĞĞĐĞŵďĞƌŵĞĞƚŝŶŐ͘ůůŽĨĨŝĐĞƌƐƐŚĂůůďĞŵĞŵďĞƌƐŽĨƚŚĞďŽĂƌĚ͘dŚĞŽĨĨŝĐĞƌ͛ƐĚƵƚŝĞƐĂƌĞĂƐĨŽůůŽǁƐ͗ x dŚĞƉƌĞƐŝĚĞŶƚƐŚĂůůƉƌĞƐŝĚĞĂƚĂůůŵĞĞƚŝŶŐƐŽĨƚŚĞďŽĂƌĚ͘,ĞͬƐŚĞŵĂLJƐŝŐŶĂŶLJĚĞĞĚ͕ŵŽƌƚŐĂŐĞ͕ďŽŶĚƐ͕ ĐŽŶƚƌĂĐƚƐŽƌŽƚŚĞƌŝŶƐƚƌƵŵĞŶƚƐƚŚĂƚƚŚĞďŽĂƌĚŚĂƐĂƵƚŚŽƌŝnjĞĚƚŽďĞĞdžĞĐƵƚĞĚ͘dŚĞƉƌĞƐŝĚĞŶƚƐŚĂůůƐŝŐŶ ƐƵĐŚĚŽĐƵŵĞŶƚƐǁŝƚŚƚŚĞƐĞĐƌĞƚĂƌLJŽƌĂŶLJŽƚŚĞƌƉƌŽƉĞƌŽĨĨŝĐĞƌŽĨZEĞŝŐŚďŽƌƐĂƐĂƵƚŚŽƌŝnjĞĚďLJƚŚĞ ďŽĂƌĚ͕ĞdžĐĞƉƚŝŶĐĂƐĞƐǁŚĞƌĞƐŝŐŶŝŶŐŽĨĂŶĞdžĞĐƵƚŝŽŶƚŚĞƌĞŽĨƐŚĂůůďĞĞdžƉƌĞƐƐůLJĚĞůĞŐĂƚĞĚƚŽƐŽŵĞŽƚŚĞƌ ŽĨĨŝĐĞƌŽƌĂŐĞŶƚŽĨƚŚĞZEĞŝŐŚďŽƌƐ͘dŚĞƉƌĞƐŝĚĞŶƚǁŝůůĂůƐŽƉĞƌĨŽƌŵĂůůĚƵƚŝĞƐŝŶĐŝĚĞŶƚƚŽƚŚĞŽĨĨŝĐĞŽĨƚŚĞ ƉƌĞƐŝĚĞŶƚĂŶĚƐƵĐŚŽƚŚĞƌĚƵƚŝĞƐƚŚĂƚƐŚĂůůďĞƉƌĞƐĐƌŝďĞĚďLJƚŚĞďŽĂƌĚĂŶĚͬŽƌƐƚĂĨĨ͘dŚĞƉƌĞƐŝĚĞŶƚƐŚĂůů ĂƉƉŽŝŶƚĂůůĐŽŵŵŝƚƚĞĞƐĂƐŵĂLJďĞĚĞĞŵĞĚŶĞĐĞƐƐĂƌLJ͘dŚĞƉƌĞƐŝĚĞŶƚƐŚĂůůďĞĂŶĞdž Ͳ ŽĨĨŝĐŝŽŵĞŵďĞƌŽĨĂůů $SSURYHG51HLJKERUV%RDUG0HHWLQJ 3DFNHW3J 'G ĐŽŵŵŝƚƚĞĞƐĞdžĐĞƉƚƚŚĞŶŽŵŝŶĂƚŝŶŐĐŽŵŵŝƚƚĞĞĂŶĚƐŚĂůůŚĂǀĞĐŚĞĐŬƐŝŐŶŝŶŐĂƵƚŚŽƌŝƚLJĨŽƌƚŚĞ ŽƌŐĂŶŝnjĂƚŝŽŶ͘ x dŚĞǀŝĐĞ Ͳ ƉƌĞƐŝĚĞŶƚ ƐŚĂůůƉĞƌĨŽƌŵƚŚĞĚƵƚŝĞƐŽĨƚŚĞƉƌĞƐŝĚĞŶƚŝŶƚŚĞĞǀĞŶƚŽĨƚŚĞƉƌĞƐŝĚĞŶƚ͛ƐŝŶĂďŝůŝƚLJŽƌ ƌĞĨƵƐĂůƚŽĂĐƚĂŶĚǁŚĞŶƐŽĂĐƚŝŶŐƐŚĂůůŚĂǀĞĂůůŽĨƚŚĞƌĞƐƚƌŝĐƚŝŽŶƐĂƐƚŚĞƉƌĞƐŝĚĞŶƚ͘KŶŽĐĐĂƐŝŽŶ͕ƚŚĞ ǀŝĐĞ Ͳ ƉƌĞƐŝĚĞŶƚƐŚĂůůƉĞƌĨŽƌŵŽƚŚĞƌĚƵƚŝĞƐĂƐŵĂLJďĞĂƐƐŝŐŶĞĚďLJƚŚĞƉƌĞƐŝĚĞŶƚ͕ƚŚĞďŽĂƌĚ͕ĂŶĚͬŽƌƚŚĞ ƐƚĂĨĨ͘ x dŚĞƉĂƐƚƉƌĞƐŝĚĞŶƚƐŚĂůůĂƐƐŝƐƚƚŚĞƉƌĞƐŝĚĞŶƚǁŝƚŚĂůůĚƵƚŝĞƐŽĨƚŚĞŽĨĨŝĐĞŽĨƉƌĞƐŝĚĞŶƚ͘dŚĞƉĂƐƚƉƌĞƐŝĚĞŶƚ ƐŚĂůůďĞĂƐƐŝŐŶĞĚĚƵƚŝĞƐďLJƚŚĞƉƌĞƐŝĚĞŶƚĂƐŶĞĞĚĞĚ͘ x dŚĞƐĞĐƌĞƚĂƌLJƐŚĂůůƌĞĐŽƌĚƚŚĞŵŝŶƵƚĞƐŽĨƚŚĞďŽĂƌĚŵĞĞƚŝŶŐƐĂŶĚƐĞĞƚŚĂƚĂůůŶŽƚŝĐĞƐĂƌĞĚƵůLJŐŝǀĞŶŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞďLJůĂǁƐ͘dŚĞƐĞĐƌĞƚĂƌLJƐŚĂůůƉĞƌĨŽƌŵĂůůĚƵƚŝĞƐŝŶĐŝĚĞŶƚƚŽƚŚĞ ŽĨĨŝĐĞŽĨƐĞĐƌĞƚĂƌLJĂŶĚƐƵĐŚŽƚŚĞƌĚƵƚŝĞƐƚŚĂƚŵĂLJďĞĂƐƐŝŐŶĞĚďLJƚŚĞƉƌĞƐŝĚĞŶƚ͕ƚŚĞďŽĂƌĚ͕ĂŶĚͬŽƌƚŚĞ ƐƚĂĨĨ͘ x dŚĞƚƌĞĂƐƵƌĞƌ ƐŚĂůůŵĂŬĞĂƌĞƉŽƌƚĂƚĞĂĐŚďŽĂƌĚŵĞĞƚŝŶŐ͘dŚĞƚƌĞĂƐƵƌĞƌƐŚĂůůŽǀĞƌƐĞĞƚŚĞĨŝŶĂŶĐŝĂůǁŽƌŬ ŽĨƚŚĞƐƚĂĨĨĂŶĚďŽĂƌĚĂƵƚŚŽƌŝnjĞĚĂĐĐŽƵŶƚĂŶƚ͘dŚĞƚƌĞĂƐƵƌĞƌŽƌĚĞƐŝŐŶĂƚĞĚĂŐĞŶƚƐŚĂůůŚĂǀĞĐŚĂƌŐĞĂŶĚ 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ĚŝƌĞĐƚŽƌƐ͘EŽƐƵĐŚĂŵĞŶĚŵĞŶƚƐŚĂůůŝŶĨƌŝŶŐĞƵƉŽŶƚŚĞŵŝƐƐŝŽŶĂŶĚƉƵƌƉŽƐĞŽĨZEĞŝŐŚďŽƌƐ͘WƌŽƉŽƐĞĚ ĂŵĞŶĚŵĞŶƚƐŵƵƐƚďĞƐƵďŵŝƚƚĞĚƚŽƚŚĞƐĞĐƌĞƚĂƌLJƚŽďĞƐĞŶƚŽƵƚǁŝƚŚƌĞŐƵůĂƌďŽĂƌĚĂŶŶŽƵŶĐĞŵĞŶƚƐƚǁŽǁĞĞŬƐ ƉƌŝŽƌƚŽĂƌĞŐƵůĂƌůLJƐĐŚĞĚƵůĞĚďŽĂƌĚŵĞĞƚŝŶŐ͘ $SSURYHG51HLJKERUV%RDUG0HHWLQJ 3DFNHW3J 'G Zd/> s///ͶEKE/^Z/D/Ed/KE ^ĞĐƚŝŽŶϭͶ͗ ^ƚĂƚĞŵĞŶƚŽĨEŽŶŝƐĐƌŝŵŝŶĂƚŝŽŶ ZEĞŝŐŚďŽƌƐƐŚĂůůƉƌŽǀŝĚĞĞƋƵĂůŽƉƉŽƌƚƵŶŝƚLJƚŽĂůůƉĞŽƉůĞǁŝƚŚŽƵƚ ƌĞŐĂƌĚƚŽƌĂĐĞ͕ĐŽůŽƌ͕ĐƌĞĞĚ͕ƐĞdž͕ĂŐĞ͕ĚŝƐĂďŝůŝƚLJ͕ƐĞdžƵĂůŽƌŝĞŶƚĂƚŝŽŶŽƌŶĂƚŝŽŶĂůŽƌŝŐŝŶŝŶƌĞŐĂƌĚƚŽŵĞŵďĞƌƐŚŝƉŽŶ ƚŚĞďŽĂƌĚŽĨĚŝƌĞĐƚŽƌƐ͕ĞŵƉůŽLJŵĞŶƚďLJZEĞŝŐŚďŽƌƐŽƌĂŶLJŽƚŚĞƌĂĐƚŝŽŶŽƌĂĐƚŝǀŝƚLJŽĨƚŚĞZŽĐŚĞƐƚĞƌ EĞŝŐŚďŽƌŚŽŽĚZĞƐŽƵƌĐĞĞŶƚĞƌ͘ Zd/&/d/KE dŚĞƐĞďLJůĂǁƐǁĞƌĞƌĞǀŝƐĞĚĂŶĚĂƉƉƌŽǀĞĚĂƚĂŵĞĞƚŝŶŐŽĨƚŚĞZEĞŝŐŚďŽƌƐďŽĂƌĚŽĨĚŝƌĞĐƚŽƌƐďLJĂŵĂũŽƌŝƚLJǀŽƚĞ ŽŶDĂƌĐŚϭϲ͕ϮϬϭϲ͘ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺDĂƌĐŚϭϲ͕ϮϬϭϲ <ĞůůLJŽƌďŝŶ͕WƌĞƐŝĚĞŶƚĂƚĞ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺDĂƌĐŚϭϲ͕ϮϬϭϲ :ƵĚLJKŚůLJ͕^ĞĐƌĞƚĂƌLJĂƚĞ $SSURYHG51HLJKERUV%RDUG0HHWLQJ 3DFNHW3J 'G ƚƚĂĐŚŵĞŶƚ ZEĞŝŐŚďŽƌƐŽĂƌĚDĞŵďĞƌŽŵŵŝƚŵĞŶƚ>ĞƚƚĞƌ ƐĂƉƉƌŽǀĞĚďLJƚŚĞZEĞŝŐŚďŽƌƐŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽŶϭϬ͘ϭϳ͘ϮϬϭϯ 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^ƵďĚŝǀŝƐŝŽŶϭ͘dŚŝƐƐĞĐƚŝŽŶĂƉƉůŝĞƐƚŽĐĞƌƚĂŝŶƐƉĞĐŝĨŝĐ͕ŝŶƚĞŶƐŝǀĞůĂŶĚƵƐĞĂĐƚŝǀŝƚŝĞƐƚŚĂƚŚĂǀĞƵŶŝƋƵĞ ŝŵƉĂĐƚƐďŽƚŚŽŶͲĂŶĚŽĨĨͲƐŝƚĞ͕ǁŚŝĐŚƌĞƋƵŝƌĞƐƉĞĐŝĂůƌĞŐƵůĂƚŝŽŶƐĂŶĚĂƉƉƌŽǀĂůƉƌŽĐĞƐƐĞƐƚŽĞŶƐƵƌĞƚŚĞŝƌ ƐŚŽƌƚͲĂŶĚůŽŶŐͲƚĞƌŵĐŽŵƉĂƚŝďŝůŝƚLJǁŝƚŚĂĚũĂĐĞŶƚƉƌŽƉĞƌƚŝĞƐĂŶĚŶĞŝŐŚďŽƌŚŽŽĚƐ͘dŚŝƐŽƌĚŝŶĂŶĐĞƐŚĂůů ĂƉƉůLJƚŽ/ŶĚŽŽƌ'ƵŶZĂŶŐĞƐ͕ŚĞƌĞŝŶĚĞĨŝŶĞĚďĞůŽǁ͘ ^ƵďĚŝǀŝƐŝŽŶϮ͘ĞĨŝŶŝƚŝŽŶŽĨĐƚŝǀŝƚŝĞƐ͗ ϭͿŶ/ŶĚŽŽƌ'ƵŶZĂŶŐĞƐŚĂůůŽŶůLJďĞƉĞƌŵŝƚƚĞĚŝŶƚŚĞĨŽůůŽǁŝŶŐnjŽŶŝŶŐĚŝƐƚƌŝĐƚƐƉƵƌƐƵĂŶƚƚŽƚŚĞ dLJƉĞ///͕WŚĂƐĞ//ĐŽŶĚŝƚŝŽŶĂůƵƐĞƉĞƌŵŝƚƉƌŽĐĞƐƐĂŶĚƐƚĂŶĚĂƌĚƐ͕ĂŶĚƚŚĞƐŝƚĞůŽĐĂƚŝŽŶĐƌŝƚĞƌŝĂ͕ ĞdžƚĞƌŝŽƌƐƚŽƌĂŐĞƌĞŐƵůĂƚŝŽŶƐĂŶĚƌĞĐůĂŵĂƚŝŽŶƐƚĂŶĚĂƌĚƐĂƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐKƌĚŝŶĂŶĐĞ͗ ĂͿͲϰ'ĞŶĞƌĂůŽŵŵĞƌĐŝĂů ďͿDͲϭDŝdžĞĚŽŵŵĞƌĐŝĂůʹ/ŶĚƵƐƚƌŝĂů ĐͿDͲϮ/ŶĚƵƐƚƌŝĂů ^ƵďĚ͘ϯ͘dŚĞŝƚLJŝŶǀŽŬĞƐƚŚĞĂƵƚŚŽƌŝƚLJƉƌŽǀŝĚĞĚƚŽŝƚďLJDŝŶŶ͘^ƚĂƚ͘ƐĞĐƚŝŽŶϴϳ͘Ϭϴ͕ƐƵďĚ͘ϭ;ĂͿŝŶ ĂĚŽƉƚŝŶŐƚŚĞŽƌĚŝŶĂŶĐĞƐĨŽƵŶĚŝŶĐŚĂƉƚĞƌϲϮ͘ϭϮϬϬ ϲϮ͘ϭϮϬϮWƌŽĐĞĚƵƌĞƐ͗ ŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚZĞƋƵŝƌĞĚ ϭͿ ůů/ŶĚŽŽƌ'ƵŶZĂŶŐĞƐĂƐĚĞĨŝŶĞĚŚĞƌĞŝŶƐŚĂůůďĞĐŽŶƐŝĚĞƌĞĚ͞ŽŶĚŝƚŝŽŶĂůhƐĞ͟ŝŶĂůůŽĨƚŚĞ njŽŶŝŶŐĚŝƐƚƌŝĐƚƐŝŶǁŚŝĐŚƚŚĞLJĂƌĞůŝƐƚĞĚ͕ĂŶĚƌĞƋƵĞƐƚƐĨŽƌĂƉƉƌŽǀĂůŽĨƐƵĐŚĂĐƚŝǀŝƚŝĞƐƐŚĂůůďĞ ƉƌŽĐĞƐƐĞĚƉƵƌƐƵĂŶƚƚŽƚŚĞdLJƉĞ///͕WŚĂƐĞ//ŚĞĂƌŝŶŐƉƌŽĐĞƐƐ;ƉƵďůŝĐŚĞĂƌŝŶŐǁŝƚŚďŽƚŚƚŚĞ WůĂŶŶŝŶŐΘŽŶŝŶŐŽŵŵŝƐƐŝŽŶĂŶĚŝƚLJŽƵŶĐŝůͿĂƐƐĞƚĨŽƌƚŚŝŶ^ĞĐƚŝŽŶϲϭ͘ϭϰϬ͕ĞƚƐĞƋ͘ ϲϮ͘ϭϮϬϯWĞƌĨŽƌŵĂŶĐĞƌŝƚĞƌŝĂĨŽƌ/ŶĚŽŽƌ'ƵŶZĂŶŐĞ ͗ ^ƵďĚŝǀŝƐŝŽŶϭ͘dŚĞŝƚLJƐŚĂůůĂƉƉƌŽǀĞĂĐŽŶĚŝƚŝŽŶĂůƵƐĞƉĞƌŵŝƚĂƵƚŚŽƌŝnjŝŶŐĂŶ/ŶĚŽŽƌ'ƵŶZĂŶŐĞŽŶůLJŝĨĂůů ŽĨƚŚĞĨŽůůŽǁŝŶŐĐƌŝƚĞƌŝĂĨŽƵŶĚŝŶƐƵďĚŝǀŝƐŝŽŶϮǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞƉƌŽƉŽƐĞĚĂĐƚŝǀŝƚLJĂƌĞƐĂƚŝƐĨŝĞĚ͕ŝŶ ĂĚĚŝƚŝŽŶƚŽƚŚŽƐĞůŝƐƚĞĚŝŶ^ĞĐƚŝŽŶϲϭ͘ϭϰϲ͗ ^ƵďĚŝǀŝƐŝŽŶϮ͘dŚĞĐƌŝƚĞƌŝĂĨŽƌĂƉƉƌŽǀĂůŽĨƚŚĞĐŽŶĚŝƚŝŽŶĂůƵƐĞƉĞƌŵŝƚĂƌĞĂƐĨŽůůŽǁƐ͗ ϭͿ/ŶĚŽŽƌŐƵŶƌĂŶŐĞƐƐŚĂůůŶŽƚƐĞůůŽƌĚŝƐƉĞŶƐĞĂůĐŽŚŽůŝĐďĞǀĞƌĂŐĞƐ͕ŶŽƌƐŚĂůůƚŚĞLJďĞůŽĐĂƚĞĚŝŶĂ ďƵŝůĚŝŶŐǁŚŝĐŚĐŽŶƚĂŝŶƐĂďƵƐŝŶĞƐƐƚŚĂƚƐĞůůƐŽƌĚŝƐƉĞŶƐĞƐĂůĐŽŚŽůŝĐďĞǀĞƌĂŐĞƐ͘ůĐŽŚŽůŝĐ ďĞǀĞƌĂŐĞƐƐŚĂůůŶŽƚďĞĂůůŽǁĞĚƚŽďĞƐŽůĚ͕ƐƚŽƌĞĚŽƌĐŽŶƐƵŵĞĚŽŶƚŚĞƉƌĞŵŝƐĞƐŽĨƚŚĞ/ŶĚŽŽƌ 'ƵŶZĂŶŐĞĂƚĂŶLJƚŝŵĞ͘ ϮͿdŚĞďƵŝůĚŝŶŐĂŶĚŵĞƚŚŽĚŽĨŽƉĞƌĂƚŝŽŶƐŚĂůůĐŽŵƉůLJǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϴϳ ^ŚŽŽƚŝŶŐZĂŶŐĞƐ͘ /ŶĚŽŽƌ'ƵŶZĂŶŐĞϮͮWĂŐĞ 3DFNHW3J )E /EKKZ'hEZE' >E s >KWD EdDEh>D ED Ed ϴͲϮϯͲϮϬϭϳZϮϬϭϳͲϬϬϴd ϯͿWƌŽǀŝĚĞĚŽĐƵŵĞŶƚĂƚŝŽŶƚŚĂƚƚŚĞ/ŶĚŽŽƌ'ƵŶZĂŶŐĞǁŝůůĐŽŶĨŽƌŵƚŽƚŚĞEŽŝƐĞ^ƚĂŶĚĂƌĚƐ 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ŵŵƵŶŝƚŝŽŶ͕DƵnjnjůĞsĞůŽĐŝƚŝĞƐĂŶĚDŝŶŝŵƵŵ^ƚĞĞůWůĂƚƚŚŝĐŬŶĞƐƐĨŽƌDĞƚĂůĂĐŬƐƚŽƉƐ͕ĞĨůĞĐƚŽƌ WůĂƚĞƐ;ĂĨĨůĞƐͿ͕ĂŶĚƵůůĞƚdƌĂƉƐ͘ ϲϮ͘ϭϮϬϰZĞƋƵŝƌĞĚWůĂŶƐĂŶĚ/ŶĨŽƌŵĂƚŝŽŶ͗ ŶĂƉƉůŝĐĂƚŝŽŶĨŽƌĂŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚĨŽƌĂŶŝŶĚŽŽƌŐƵŶƌĂŶŐĞƐŚĂůůŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ͕ŝŶĂĚĚŝƚŝŽŶƚŽƚŚĂƚƌĞƋƵŝƌĞĚďLJ^ĞĐƚŝŽŶϲϭ͘ϭϰϬ;ŝŶĨŽƌŵĂƚŝŽŶƌĞƋƵŝƌĞĚĨŽƌŽŶĚŝƚŝŽŶĂůhƐĞ WĞƌŵŝƚƐͿ͘/ŶĨŽƌŵĂƚŝŽŶƐŚĂůůďĞƐƵďŵŝƚƚĞĚŝŶƉƌŽƉĞƌǁƌŝƚƚĞŶĂŶĚͬŽƌŐƌĂƉŚŝĐĨŽƌŵ͘ ZĞƋƵŝƌĞĚWůĂŶƐĂŶĚŝŶĨŽƌŵĂƚŝŽŶ ϭͿ͗ ĂͿůůƉƉůŝĐĂŶƚƐĨŽƌĂĐŽŶĚŝƚŝŽŶĂůƵƐĞƉĞƌŵŝƚĨŽƌĂŶ/ŶĚŽŽƌ'ƵŶZĂŶŐĞŵƵƐƚ͕ŝŶĂĚĚŝƚŝŽŶƚŽĂůů ŽƚŚĞƌƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĐŽŶĚŝƚŝŽŶĂůƵƐĞƉĞƌŵŝƚƐĂƐƐĞƚĨŽƌƚŚŝŶ^ĞĐƚŝŽŶϲϭ͘ϭϰϬĞƚƐĞƋ͕͘ƐƵďŵŝƚ ƚŚĞĨŽůůŽǁŝŶŐƉůĂŶƐ͗ /ŶĚŽŽƌ'ƵŶZĂŶŐĞϯͮWĂŐĞ 3DFNHW3J )E /EKKZ'hEZE' >E s >KWD EdDEh>D ED Ed ϴͲϮϯͲϮϬϭϳZϮϬϭϳͲϬϬϴd ŝ͘^ŝƚĞͬ'ƌĂĚŝŶŐWůĂŶ ŝŝ͘ƵŝůĚŝŶŐWůĂŶƐΘ ůĞǀĂƚŝŽŶƐ ŝŝŝ͘^ĂĨĞƚLJWůĂŶ ŝǀ͘KƵƚƐŝĚĞ^ĞĐƵƌŝƚLJWůĂŶ ǀ͘ZĞƉŽƌƚĚŽĐƵŵĞŶƚŝŶŐĐŽŶĨŽƌŵĂŶĐĞǁŝƚŚ^ŚŽŽƚŝŶŐZĂŶŐĞWĞƌĨŽƌŵĂŶĐĞ^ƚĂŶĚĂƌĚƐŝŶ ƚŚĞĐƵƌƌĞŶƚĞĚŝƚŝŽŶŽĨƚŚĞEĂƚŝŽŶĂůZŝĨůĞƐƐŽĐŝĂƚŝŽŶ͛ƐZĂŶŐĞ^ŽƵƌĐĞŽŽŬ͗'ƵŝĚĞƚŽ WůĂŶŶŝŶŐĂŶĚŽŶƐƚƌƵĐƚŝŽŶ͘ ǀŝ͘KƚŚĞƌƉůĂŶƐĂŶĚͬŽƌŝŶĨŽƌŵĂƚŝŽŶ͕ĂƐŵĂLJďĞƌĞĂƐŽŶĂďůLJƌĞƋƵĞƐƚĞĚďLJŝƚLJ^ƚĂĨĨƚŽ ǀĞƌŝĨLJĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚŝƐKƌĚŝŶĂŶĐĞŽƌƵŶŝƋƵĞĐŽŶĚŝƚŝŽŶƐƚŚĂƚĂƉƉůLJƚŽƚŚĞƐŝƚĞ͘ ϲϮ͘ϭϮϬϱZĞƋƵŝƌĞĚĞƌƚŝĨŝĐĂƚĞŽĨKĐĐƵƉĂŶĐLJŽĐƵŵĞŶƚĂƚŝŽŶ͗ WƌŝŽƌƚŽŽĐĐƵƉLJŝŶŐƚŚĞďƵŝůĚŝŶŐ͕ƌĞƋƵĞƐƚŝŶŐĂƚĞŵƉŽƌĂƌLJĐĞƌƚŝĨŝĐĂƚĞŽĨŽĐĐƵƉĂŶĐLJŽƌĂĨŝŶĂůĐĞƌƚŝĨŝĐĂƚĞŽĨ ŽĐĐƵƉĂŶĐLJƚŚĞĂƉƉůŝĐĂŶƚƐŚĂůůƉƌŽǀŝĚĞƚŚĞĨŽůůŽǁŝŶŐ͗ ĂͿĐĞƌƚŝĨŝĞĚŝŶƐƉĞĐƚŝŽŶĨƌŽŵƚŚĞĞŶŐŝŶĞĞƌƚŚĂƚĚĞŵŽŶƐƚƌĂƚĞƐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞĐŽŶĨŽƌŵĂŶĐĞ ĐƌŝƚĞƌŝĂĨŽƌĂŶ/ŶĚŽŽƌ'ƵŶZĂŶŐĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ>ĂŶĚĞǀĞůŽƉŵĞŶƚDĂŶƵĂů^ĞĐƚŝŽŶϲϮ͘ϭϮϬϯ ƌĞůĂƚŝŶŐƚŽ͗ ŝ͘ƵŝůĚŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ ŝŝ͘ŽŶƚĂŝŶŵĞŶƚĚĞƐŝŐŶĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶ ŝŝŝ͘ĂůŝďĞƌŽĨ&ŝƌĞĂƌŵƐĨŽƌǁŚŝĐŚ/ŶĚŽŽƌ'ƵŶZĂŶŐĞŝƐĐĞƌƚŝĨŝĞĚ ŝǀ͘EŽŝƐĞƌĞƋƵŝƌĞŵĞŶƚƐ ďͿ džĞĐƵƚĞĚƉƌŽŽĨŝŶƐƵƌĂŶĐĞ /ŶĨŽƌŵĂƚŝŽŶƚŽďĞĂĚĚĞĚƚŽŽŶŝŶŐŝƐƚƌŝĐƚdĂďůĞƐ ;ĚĚƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶƚŽƚŚĞĂƉƉƌŽƉƌŝĂƚĞnjŽŶŝŶŐƚĂďůĞƐͿ ϲϮ͘ϯϮϮͲϰ^ŝƚĞƉƉĞĂƌĂŶĐĞ^ƚĂŶĚĂƌĚƐ >ŝƐƚŽĨWĞƌŵŝƚƚĞĚhƐĞƐ͗/ŶĚŽŽƌ'ƵŶZĂŶŐĞ hƐĞdLJƉĞ͗/// ĚĚŝƚŝŽŶĂůĞƚĂŝůĞĚZĞŐƵůĂƚŝŽŶƐ͗ϲϮ͘ϭϮϬϬ ,ŽƵƌƐŽĨKƉĞƌĂƚŝŽŶ͗ϳ͗ϬϬDʹϭϬ͗ϬϬWD džƚĞƌŝŽƌ>ŝŐŚƚŝŶŐ͗ ^ŝŐŶZĞŐƵůĂƚŝŽŶ͗ >ĂŶĚƐĐĂƉĞDĂƚĞƌŝĂůWŽŝŶƚĂƐĞ͗ϱ džƚĞƌŝŽƌ^ƚŽƌĂŐĞ͗d ^ŝƚĞ>ŽĐĂƚŝŽŶZĞƋƵŝƌĞŵĞŶƚ͗D ƵĨĨĞƌLJĂƌĚ/ŶĚŝĐĂƚŽƌ͗s// ZĞƋƵŝƌĞĚKĨĨ^ƚƌĞĞƚWĂƌŬŝŶŐ͗ϭƉĞƌϯƉĞƌƐŽŶƐďĂƐĞĚŽŶDĂdžŝŵƵŵĂƉĂĐŝƚLJŽĨƵŝůĚŝŶŐ ϲϮ͘ϯϰϮDͲϭ^ŝƚĞƉƉĞĂƌĂŶĐĞ^ƚĂŶĚĂƌĚƐ >ŝƐƚŽĨWĞƌŵŝƚƚĞĚhƐĞƐ͗/ŶĚŽŽƌ'ƵŶZĂŶŐĞ hƐĞdLJƉĞ͗/// ĚĚŝƚŝŽŶĂůĞƚĂŝůĞĚZĞŐƵůĂƚŝŽŶƐ͗ϲϮ͘ϭϮϬϬ ,ŽƵƌƐŽĨKƉĞƌĂƚŝŽŶ͗ϳ͗ϬϬDʹϭϬ͗ϬϬWD džƚĞƌŝŽƌ>ŝŐŚƚŝŶŐ͗ ^ŝŐŶZĞŐƵůĂƚŝŽŶ͗ >ĂŶĚƐĐĂƉĞDĂƚĞƌŝĂůWŽŝŶƚĂƐĞ͗ϱ /ŶĚŽŽƌ'ƵŶZĂŶŐĞϰͮWĂŐĞ 3DFNHW3J )E /EKKZ'hEZE' >E s >KWD EdDEh>D ED Ed ϴͲϮϯͲϮϬϭϳZϮϬϭϳͲϬϬϴd džƚĞƌŝŽƌ^ƚŽƌĂŐĞ͗d ^ŝƚĞ>ŽĐĂƚŝŽŶZĞƋƵŝƌĞŵĞŶƚ͗D ƵĨĨĞƌLJĂƌĚ/ŶĚŝĐĂƚŽƌ͗s// ZĞƋƵŝƌĞĚKĨĨ^ƚƌĞĞƚWĂƌŬŝŶŐ͗ϭƉĞƌϯƉĞƌƐŽŶƐďĂƐĞĚŽŶDĂdžŝŵƵŵĂƉĂĐŝƚLJŽĨƵŝůĚŝŶŐ ϲϮ͘ϯϰϮDͲϮ^ŝƚĞƉƉĞĂƌĂŶĐĞ^ƚĂŶĚĂƌĚƐ >ŝƐƚŽĨWĞƌŵŝƚƚĞĚhƐĞƐ͗/ŶĚŽŽƌ'ƵŶZĂŶŐĞ hƐĞdLJƉĞ͗/// ĚĚŝƚŝŽŶĂůĞƚĂŝůĞĚZĞŐƵůĂƚŝŽŶƐ͗ϲϮ͘ϭϮϬϬ ,ŽƵƌƐŽĨKƉĞƌĂƚŝŽŶ͗ϳ͗ϬϬDʹϭϬ͗ϬϬWD džƚĞƌŝŽƌ>ŝŐŚƚŝŶŐ͗ ^ŝŐŶZĞŐƵůĂƚŝŽŶ͗ >ĂŶĚƐĐĂƉĞDĂƚĞƌŝĂůWŽŝŶƚĂƐĞ͗ϱ džƚĞƌŝŽƌ^ƚŽƌĂŐĞ͗d ^ŝƚĞ>ŽĐĂƚŝŽŶZĞƋƵŝƌĞŵĞŶƚ͗D ƵĨĨĞƌLJĂƌĚ/ŶĚŝĐĂƚŽƌ͗s// ZĞƋƵŝƌĞĚKĨĨ^ƚƌĞĞƚWĂƌŬŝŶŐ͗ϭƉĞƌϯƉĞƌƐŽŶƐďĂƐĞĚŽŶDĂdžŝŵƵŵĂƉĂĐŝƚLJŽĨƵŝůĚŝŶŐ /ŶĚŽŽƌ'ƵŶZĂŶŐĞϱͮWĂŐĞ 3DFNHW3J )F dŽ͗DĂLJŽƌ͕ŝƚLJŽƵŶĐŝůDĞŵďĞƌƐ͕ŚŝĞĨŽĨWŽůŝĐĞ͕DŝƚnjŝĂŬĞƌ͕DĂƌŬ ŶŐĞů͕ĂƌŽŶZĞĞǀĞƐ ĞƉƌŽƉŽƐĞĚ,ĞĂƌƚůĂŶĚ'ƵŶůƵďŝƐůĞƐƐƚŚĂŶϱϬϬĨĞĞƚĨƌŽŵƚŚĞƉƌŽƉĞƌƚLJ ZĞƐŝĚĞŶƚƐĐŽŶĐůƵĚĞƚŚĂƚŐƌĂŶƚŝŶŐƉĞƌŵŝƚƐƚŽĂ ůŝŶĞŽĨƌĞƐŝĚĞŶƚŝĂůŚŽŵĞƐ͕ĂŶĚůĞƐƐƚŚĂŶϮϱϬĨĞĞƚƚŽĂŶĂĐƚŝǀĞĞĂŐůĞΖƐŶĞƐƚ͘ ŐƵŶĐůƵďĂŶĚƐŚŽŽƚŝŶŐƌĂŶŐĞŝŶƚŚŝƐůŽĐĂƚŝŽŶŝƐĚĞƚƌŝŵĞŶƚĂůƚŽƚŚĞƐĂĨĞƚLJ͕ƉƌŽƚĞĐƚŝŽŶ͕ĂŶĚǁĞůůͲďĞŝŶŐŽĨƌĞƐŝĚĞŶƚƐĂŶĚ ǁŝůĚůŝĨĞ͘ŽŶĚŝƚŝŽŶĂůƵƐĞƉĞƌŵŝƚƐŶĞĞĚƐƚƌŽŶŐĂŶĚƐƉĞĐŝĨŝĐǁŽƌĚŝŶŐƚŚĂƚǀĂůƵĞƐĂŶĚƉƌŽƚĞĐƚƐƚŚĞƉƌŽƉĞƌƚLJŽǁŶĞƌƐƚŚĂƚ ůŝǀĞĂĚũĂĐĞŶƚƚŽƚŚĞƉƌŽƉŽƐĞĚƉƌŽƉĞƌƚLJ͘ dŚĞĐŽƌĞƉƌŝŶĐŝƉůĞƐŽĨƚŚĞŝƚLJŽƵŶĐŝůƉƌŽǀŝĚĞĨŽƌƚŚĞŵĂŝŶƚĞŶĂŶĐĞŽĨĂ ĐŽŵŵŝƚŵĞŶƚƚŽŚĞĂůƚŚ͕ǁĞůůŶĞƐƐ͕ĂŶĚƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͘zĞƚ͕ƚŚĞŝŶƚĞŐƌŝƚLJŽĨƚŚĞĞdžŝƐƚŝŶŐŶĞŝŐŚďŽƌŚŽŽĚĂŶĚƚŚĞ ĞŶǀŝƌŽŶŵĞŶƚŝƐĂƚƌŝƐŬ͘ ŽŶĐĞƌŶƐŽĨƌĞƐŝĚĞŶƚƐĂƌĞĂƐůŝƐƚĞĚ͗ >ĞĂĚƉŽŝƐŽŶŝŶŐͬĐŽŶƚĂŵŝŶĂƚŝŽŶ͘ ϭ͘dŚĞ,ĞĂƌƚůĂŶĚ'ƵŶůƵďƐƚĂƚĞƐƚŚĂƚĂďĞŶĞĨŝƚƚŽƚŚĞĐŽŵŵƵŶŝƚLJĞdžŝƐƚƐŝŶƚŚĂƚƚŚĞ ŐƵŶĐůƵďǁŝůůŽĨĨĞƌŐƵŶƚƌĂŝŶŝŶŐƚŽďŽƚŚǁŽŵĞŶĂŶĚLJŽƵƚŚ͘zĞƚ͕ƌĞƐĞĂƌĐŚ;DĂLJŽĂŶĚĐĂĚĞŵLJŽĨWĞĚŝĂƚƌŝĐƐͿ ƉƌŽǀŝĚĞƐĚŽĐƵŵĞŶƚĂƚŝŽŶƚŚĂƚǁŽŵĞŶĂŶĚĐŚŝůĚƌĞŶĂƌĞŵŽƐƚǀƵůŶĞƌĂďůĞƚŽůĞĂĚƉŽŝƐŽŶŝŶŐ͘tŽŵĞŶǁŚŽĂƌĞ ƉƌĞŐŶĂŶƚ͕ƐŽŵĞƵŶŬŶŽǁŝŶŐůLJ͕ĂƌĞǀƵůŶĞƌĂďůĞƚŽƌĂƉŝĚĂďƐŽƌƉƚŝŽŶŽĨůĞĂĚƚŚĂƚĐĂŶĐĂƵƐĞďŝƌƚŚĚĞĨĞĐƚƐĂŶĚůŽƐƐŽĨ ƉƌĞŐŶĂŶĐLJ͘EŽůĞǀĞůƐŽĨůĞĂĚĂƌĞƐĂĨĞĨŽƌĐŚŝůĚƌĞŶ͕LJĞƚ,ĞĂƌƚůĂŶĚƐƚĂƚĞƐƚŚĂƚŝƚǁŝůůŽĨĨĞƌŐƵŶƚƌĂŝŶŝŶŐĨŽƌLJŽƵƚŚ͘ 'ƵŶƌĂŶŐĞƐƚŚƌŽƵŐŚŽƵƚƚŚĞŶĂƚŝŽŶƐƚƌƵŐŐůĞǁŝƚŚĐŽŶƚĂŝŶŵĞŶƚŽĨůĞĂĚƌĞƐŝĚƵĞ͕ďŽƚŚŝŶƐŝĚĞĂŶĚŽƵƚƐŝĚĞƚŚĞĨĂĐŝůŝƚLJ͘ DĂŶLJĚŽĐƵŵĞŶƚĞĚƐƚƵĚŝĞƐĂĚĚƌĞƐƐƚŚĞĨĂĐƚƚŚĂƚůĞĂĚĚƵƐƚŝŶƐŝĚĞĨĂĐŝůŝƚŝĞƐĐĂŶďĞŝŶŚĂůĞĚŽƌĐĂŶĐŽŶƚĂŵŝŶĂƚĞƐŬŝŶ ĂŶĚĐůŽƚŚŝŶŐ͘DŽŶŝƚŽƌŝŶŐĂŶĚĞŶĨŽƌĐĞŵĞŶƚŽĨǀŝŽůĂƚŝŽŶƐĂŐĂŝŶƐƚĐŽŶƚĂŵŝŶĂƚŝŽŶŽĨůĞĂĚĚƵƐƚĂŶĚĨƌĂŐŵĞŶƚƐŶĞĞĚƐ ƐƚƌŝĐƚĞŶĨŽƌĐĞŵĞŶƚ͘/ŶƚŝŵĞ͕ŝƚǁŝůůĂĨĨĞĐƚƚŚĞŚĞĂůƚŚĂŶĚƐĂĨĞƚLJŽĨĞŵƉůŽLJĞĞƐ͕ĐůŝĞŶƚƐ͕ǁĂƚĞƌƌƵŶŽĨĨ͕ĂŶĚƚŚĞƐŽŝů͘ ĐĐŽƌĚŝŶŐƚŽWϮ^ZŽĐŚĞƐƚĞƌŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶϮϬϰϬĚƌĂĨƚ͕͞DĂŶLJŽĨZŽĐŚĞƐƚĞƌ͛ƐƐŽŝůƐĂƌĞƐŚĂůůŽǁƚŽƚŚĞǁĂƚĞƌ 3DFNHW3J )F ƚĂďůĞ͕ƉƌŽǀŝĚŝŶŐŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌĐŽŶƚĂŵŝŶĂŶƚƐƚŽƋƵŝĐŬůLJƌĞĂĐŚƚŚĞŐƌŽƵŶĚǁĂƚĞƌ͘͟dŚĞƌĞĨŽƌĞ͕ƐƉĞĐŝĨŝĐ ŐƵŝĚĞůŝŶĞƐĂŶĚƚĞƐƚŝŶŐĨŽƌůĞĂĚĐŽŶƚĂŵŝŶĂƚŝŽŶŽĨĞŵƉůŽLJĞĞƐĂŶĚƚŚĞĐŽŶƚĂŵŝŶĂƚŝŽŶŽĨƚŚĞĂŝƌ͕ǁĂƚĞƌ͕ĂŶĚƐŽŝů ŶĞĞĚƚŽďĞĂĚĚƌĞƐƐĞĚǁŚĞŶŐƌĂŶƚŝŶŐƉĞƌŵŝƚƐ͘ ͞ůƵď͟ůŝĂďŝůŝƚŝĞƐĂŶĚƌĞƐƚƌŝĐƚŝŽŶƐ͘ Ϯ͘DĞŵďĞƌƐŽĨƚŚĞĐŽŵŵƵŶŝƚLJĐŽŵŵƵŶŝĐĂƚĞĂĚŝƐƚƌƵƐƚŽĨ,ĞĂƌƚůĂŶĚ͛ƐĐůĂŝŵƐ͘ 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dƌĂǀŝƐũŽƌŶƐŽŶ͕ϲϮϲ^ŽƵƚŚĞƌŶtŽŽĚƐŝƌĐůĞ ĞŶŶŝƐDĐEĞŝůů͕ϲϯϰ^ŽƵƚŚĞƌŶtŽŽĚƐŝƌĐůĞ^t DĂƌĐŝĂKĚĞŶďĂĐŚ͕ϲϯϲ^ŽƵƚŚĞƌŶtŽŽĚƐŝƌĐůĞ^t ŽŶĂŶĚŝĂŶŶĞ&ƌĞƌŝĐŚƐ͕ϲϰϰ^ŽƵƚŚĞƌŶtŽŽĚƐŝƌĐůĞ^t 'ĂƌƌLJĂŶĚDĂƌĐŝĂDƵƐƐŵĂŶŶ͕ϲϱϮ^ŽƵƚŚĞƌŶtŽŽĚƐŝƌĐůĞ^t tĂLJŶĞtƌŽůƐŽŶ͕ϳϬϲ^ŽƵƚŚĞƌŶtŽŽĚƐŝƌĐůĞ^t ŝĂŶĂŽůĂŶĚ͕ϳϮϲ^ŽƵƚŚĞƌŶtŽŽĚƐŝƌĐůĞ^t :ĂƐŽŶ'ŝůůŵŽƌĞ͕ϲϬϰ^ŽƵƚŚĞƌŶtŽŽĚƐŝƌĐůĞ^t ƌŝŶ:ĂŐŽĚnjŝŶƐŬŝ͕ϲϬϵ^ŽƵƚŚĞƌŶtŽŽĚƐŝƌĐůĞ^t Žď:ĂŐŽĚnjŝŶƐŬŝ͕ϲϬϵ^ŽƵƚŚĞƌŶtŽŽĚƐŝƌĐůĞ^t ƐŚůĞLJ:ĂŐŽĚnjŝŶƐŬŝ͕ϲϬϵ^ŽƵƚŚĞƌŶtŽŽĚƐŝƌĐůĞ^t WĂƵůsĞůƐŽƌ͕ϳϰϲ^ŽƵƚŚĞƌŶtŽŽĚƐŝƌĐůĞ^t <ĂƌĞŶsĞůƐŽƌ͕ϳϰϲ^ŽƵƚŚĞƌŶtŽŽĚƐŝƌĐůĞ^t >ŝƐĂŚĞƌŶ͕ϳϭϰ^ŽƵƚŚĞƌŶtŽŽĚƐŝƌĐůĞ^t EĂŽŵŝ'ĂďƌŝĞůƐŽŶ͕ϳϰϳ^ŽƵƚŚĞƌŶtŽŽĚƐŝƌĐůĞ^t ^ĂŶĚƌĂ<ĂƌĂďĂƚƐŽƐ͕ϱϭϵϬ^ŽƵƚŚǁŽŽĚ>ĂŶĞ^t ^ƵĞĂŶĚ:ĂLJ^ĐŚŶĞŝĚĞƌ͕ϭϭϬϲtŝůůŽǁ>ĂŶĞ^t ƌƵĐĞĂŶĚĂŶĂůĂƚƚŝ͕ϱϮϮϬ^ŽƵƚŚǁŽŽĚƌ͘^t 3DFNHW3J )F ĨĂůĐŽŚŽůŽƌĚƌƵŐƐĐĂƌƌŝĞƐ ƉĞŶĂůƚŝĞƐƐŝŵŝůĂƌƚŽt/ͬh/͘ dŚŝƐƐĞĐƚŝŽŶƐŚŽƵůĚĂůƐŽŝŶĐůƵĚĞEKƌƵŐƐŽŶƚŚĞƉƌŽƉĞƌƚLJŽƌĂůůŽǁƉĞƌƐŽŶƐƵŶĚĞƌƚŚĞŝŶĨůƵĞŶĐĞ ŽĨĂůĐŽŚŽůŽƌĚƌƵŐƐƚŽďĞƉƌĞƐĞŶƚŽŶƚŚĞƉƌŽƉĞƌƚLJ͘ dŚĞƌĞƐŚŽƵůĚĂůƐŽďĞƉƌŽǀŝƐŝŽŶƐƌĞŐƵůĂƚŝŶŐƚŚĞƵƐĞͬĂĐƚŝǀŝƚŝĞƐŽĨŽƵƚĚŽŽƌĂƌĞĂƐŽŶĂŐƵŶƌĂŶŐĞ ƉƌŽƉĞƌƚLJ͘ 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Dƌ͘WĂƚ ĂŐĞŶ͕,ĞĂƌƚůĂŶĚ'ƵŶZĂŶŐĞ͕ůŽĐĂƚĞĚĂƚϱϭϬϱŽŵŵĞƌĐŝĂůƌŝǀĞ^t͕ZŽĐŚĞƐƚĞƌDE͕ĂĚĚƌĞƐƐĞĚ ƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞƉƌĞƐĞŶƚĞĚĂŶŽǀĞƌǀŝĞǁŽĨƚŚĞďƵƐŝŶĞƐƐƌĞŐƵůĂƚŝŽŶƐĨŽƌŐƵŶƌĂŶŐĞƐĨƌŽŵ&ĞĚĞƌĂů͕ K^,͕^ƚĂƚĞ͕ W͕DW͕d&͖ŶŽƚŝŶŐƚŚĞƉŽƚĞŶƚŝĂůƉƌŽũĞĐƚǁŽƵůĚďĞĂŶŝŶĚŽŽƌŐƵŶƌĂŶŐĞ͖ĂŶĚŚĞ ƉƌĞƐĞŶƚĞĚĐŽƌĞǀĂůƵĞƐ͖ĚŽĞƐĨĞĞůƚŚĞLJŚĂǀĞďĞĞŶƚƌĞĂƚĞĚĞƋƵŝƚĂďůLJ͖ŚĞƐƚĂƚĞĚƚŚĞƌĞĂƌĞŶŽŝŶƚĞŶƚŝŽŶƐŽĨ ĂƉƉůLJŝŶŐĨŽƌĂŶĂůĐŽŚŽůůŝĐĞŶƐĞ͖ĂŶĚĞdžƉůĂŝŶĞĚŽƚŚĞƌĂƌĞĂƐǁŚĞƌĞŐƵŶƌĂŶŐĞƐĞdžŝƐƚŶĞĂƌƌĞƐŝĚĞŶƚŝĂůĂƌĞĂƐ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕DƐ͘DĞĞŬĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĂƐŬĞĚĂďŽƵƚƚŚĞŵĂdžŝŵƵŵĚĞĐŝďĞůƐĂůůŽǁĞĚ͘ _3DJH 3DFNHW3J )J ŝƚLJWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗ƵŐƵƐƚϮϯ͕ϮϬϭϳ WůĂŶŶŝŶŐ^ƚĂĨĨƌĞƐƉŽŶĚĞĚ͘ Dƌ͘tĂůƚĞƌƐĂƐŬĞĚĨŽƌĐůĂƌŝĨŝĐĂƚŝŽŶŽŶƚŚĞƵƐĞŽƌĂůůŽǁĞĚƵƐĞŽĨĂůĐŽŚŽůŽŶĂƉƌĞŵŝƐĞ͕ĚŽĞƐƚŚŝƐŝŶĐůƵĚĞ ƚŚĞƉĂƌĐĞů͘ WůĂŶŶŝŶŐ^ƚĂĨĨƌĞƐƉŽŶĚĞĚ͕ĚŝƌĞĐƚĞĚƋƵĞƐƚŝŽŶƚŽůĞŐĂůĐŽƵŶƐĞů͘ >ĞŐĂůĐŽƵŶƐĞůƌĞƐƉŽŶĚĞĚǁŝƚŚĂĚĞĨŝŶŝƚŝŽŶŽĨ͞ƉƌĞŵŝƐĞ͟ĂƐŽƵƚůŝŶĞĚŝŶƚŚĞĂƉƉůŝĐĂƚŝŽŶĨŽƌĂůĐŽŚŽůůŝĐĞŶƐĞ͘ Dƌ͘ƵƌƐƚŝŶƋƵŝƌĞĚŝŶƚŽŚŽǁƚŚĞďƵĨĨĞƌĚŝƐƚĂŶĐĞǁĂƐĂĐƋƵŝƌĞĚ͘ Dƌ͘ 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