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ĨŝŶĂŶĐŝŶŐ͕ĂŶĚŵĂŶĂŐŝŶŐĐŽŶƐƵůƚĂŶƚƐƌĞƚĂŝŶĞĚ ĨŽƌƉƌŽũĞĐƚĚĞůŝǀĞƌǇ͘ ^ĞƌǀĞƐĂƐƚŚĞŝƚǇ͛ƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞĨŽƌƚŚĞ ¾ ĚĞƐŝŐŶĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶŽĨD ŝŶĨƌĂƐƚƌƵĐƚƵƌĞƉƌŽũĞĐƚƐŝŶĐůƵĚŝŶŐǁĂƚĞƌ͕ ƐĞǁĞƌ͕ƐƚƌĞĞƚƌĞĐŽŶƐƚƌƵĐƚŝŽŶ͕ĂŶĚƐĞǁĞƌ ƉƌŽũĞĐƚƐ͘<ĞǇĐŽŵƉŽŶĞŶƚƐŽĨƚŚŝƐƌŽůĞ ŝŶĐůƵĚĞƐĂĐƚŝŶŐĂƐĂŶŽǁŶĞƌƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ĚƵƌŝŶŐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶƉŚĂƐĞ͕ŵĂŶĂŐŝŶŐ ƉƌŽũĞĐƚĨŝŶĂŶĐŝŶŐ͕ĂŶĚŵĂŶĂŐŝŶŐĐŽŶƐƵůƚĂŶƚƐ ƌĞƚĂŝŶĞĚĨŽƌƉƌŽũĞĐƚĚĞůŝǀĞƌǇ͘ WƌŽũĞĐƚDĂŶĂŐĞƌ͗^ƉĞĐŝĂů/ŶŝƚŝĂƚŝǀĞƐ&ŽĐƵƐƉƌŽũĞĐƚĚĞǀĞůŽƉŵĞŶƚ͕ĚĞůŝǀĞƌǇ͕ĂŶĚ ¾ ŵĂŶĂŐĞŵĞŶƚĨŽƌƚƌĂŶƐĨŽƌŵĂƚŝǀĞƉƌŽũĞĐƚƐ ƐƵĐŚĂƐ,ĞĂƌƚŽĨƚŚĞŝƚǇ͕ŝƐĐŽǀĞƌǇtĂůŬ͕ ĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐ͕ĂŶĚƐƚƌĂƚĞŐŝĐ ƌĞĚĞǀĞůŽƉŵĞŶƚ͘ WƌŽũĞĐƚDĂŶĂŐĞƌ͗tDĂŶĚ>ĞŐŝƐůĂƚŝǀĞdĂŬĞĂůĞĂĚƌŽůĞƉƌŽŵŽƚŝŶŐ͕ĚĞǀĞůŽƉŝŶŐ͕ĂŶĚ ¾ ŽŵƉůŝĂŶĐĞĞǀŽůǀŝŶŐƚŚĞtŽŵĞŶĂŶĚDŝŶŽƌŝƚǇƵƐŝŶĞƐƐ ŶƚĞƌƉƌŝƐĞƉƌŽŐƌĂŵ͕ƉƌĞǀĂŝůŝŶŐǁĂŐĞ͕ĂŶĚ ŵĞƌŝĐĂŶŵĂĚĞƐƚĞĞůƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƉƵďůŝĐ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞƉƌŽũĞĐƚƐĂŶĚƉƌŝǀĂƚĞƉƌŽũĞĐƚƐ ƌĞĐĞŝǀŝŶŐDƐƵƉƉŽƌƚ͘ ĚŵŝŶŝƐƚƌĂƚŝǀĞƐƐŝƐƚĂŶƚϮ^ƵƉƉŽƌƚƚŚĞǁŽƌŬŽĨƚŚĞƉƌŽũĞĐƚŵĂŶĂŐĞƌƐ ¾ ĂŶĚŽƚŚĞƌƚĞĂŵǁŽƌŬŝŶŐŽŶDĞĨĨŽƌƚƐ͘ 3DFNHW3J )D dŽĞŶƐƵƌĞƚŚĂƚƚŚĞĞĨĨŽƌƚƐĂƌĞƐǇŶĞƌŐŝƐƚŝĐĂŶĚŝŶƚĞŶƚŝŽŶĂůůǇƚĂƌŐĞƚĞĚƚŽǁĂƌĚDĂĐƚŝǀŝƚŝĞƐƚŚĞƚĞĂŵŝƐ 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DŝŶŶĞƐŽƚĂ^ƚĂƚĞ>ĞŐŝƐůĂƚƵƌĞŝŶŚĂƉƚĞƌϰϲϵ͘ϰϬŽĨƐƚĂƚĞƐƚĂƚƵƚĞĨŽƌĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚƉƵƌƉŽƐĞƐĂŶĚ ĐƌĞĂƚĞĚďǇƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘dŚĞDƐĞƌǀĞƐĂƐĂŐŽǀĞƌŶŝŶŐďŽĂƌĚĐŚĂƌŐĞĚǁŝƚŚŽǀĞƌƐĞĞŝŶŐƚŚĞ ƉůĂŶŶŝŶŐĂŶĚŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞDŝŶŝƚŝĂƚŝǀĞ͘dŚĞDŽĂƌĚŝƐĐŽŵƉƌŝƐĞĚŽĨĞŝŐŚƚŵĞŵďĞƌƐǁŚŽ ƉƌŽǀŝĚĞĞǆƉĞƌƚŝƐĞƚŽƐŚĂƉĞƚŚĞDǀŝƐŝŽŶĂŶĚƉŽƐŝƚŝŽŶZŽĐŚĞƐƚĞƌĂŶĚƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂĂƐĂŐůŽďĂů ŵĞĚŝĐĂůĚĞƐƚŝŶĂƚŝŽŶĨŽƌǇĞĂƌƐƚŽĐŽŵĞ͘ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐŽĨƚŚĞDŽĂƌĚĂƌĞ͗ x tŽƌŬǁŝƚŚƚŚĞŝƚǇĂŶĚƚŚĞDĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚŐĞŶĐǇ;ͿƚŽƉƌĞƉĂƌĞĂŶĚĂĚŽƉƚĂ ĞǀĞůŽƉŵĞŶƚWůĂŶ x ŶƐƵƌĞƚŚĂƚƚŚĞĞǀĞůŽƉŵĞŶƚWůĂŶŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŝƚǇ͛ƐĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶ x ƉƉƌŽǀĞƚŚĞĂŶŶƵĂůďƵĚŐĞƚĂŶĚĂƉƉƌŽǀĞƚŚĞƉƵďůŝĐƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞƉƌŽũĞĐƚƐƚŽŝŵƉůĞŵĞŶƚƚŚĞ ĞǀĞůŽƉŵĞŶƚWůĂŶ Ϯ͘ϯDĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚŐĞŶĐǇ dŚĞŶŽŶͲƉƌŽĨŝƚŝƐĂƉƌŝǀĂƚĞĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚĐŽƌƉŽƌĂƚŝŽŶĨŽƌŵĞĚďǇƚŚĞDĂǇŽůŝŶŝĐĂŶĚ ĂƵƚŚŽƌŝǌĞĚďǇƚŚĞDƐƚĂƚĞƐƚĂƚƵƚĞƚŽƉƌŽǀŝĚĞƐĞƌǀŝĐĞƐƚŽƚŚĞDŽĂƌĚ͘WƌŝŵĂƌǇĨƵŶĐƚŝŽŶƐŽĨƚŚĞ ŝŶĐůƵĚĞ͗ x ƐƐŝƐƚƚŚĞDĂŶĚƚŚĞŝƚǇŝŶƉƌĞƉĂƌŝŶŐƚŚĞDĞǀĞůŽƉŵĞŶƚWůĂŶ x ƐƐŝƐƚƚŚĞDŝŶĚĞǀĞůŽƉŝŶŐĂŶĚŵĂƌŬĞƚŝŶŐƚŚĞD x ŽůůĂďŽƌĂƚĞǁŝƚŚƚŚĞŝƚǇ͕ŽƵŶƚǇĂŶĚŽƚŚĞƌĐŽŵŵƵŶŝƚǇƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ x tŽƌŬǁŝƚŚƉƌŝǀĂƚĞĚĞǀĞůŽƉĞƌƐƚŽŚĞůƉĨĂĐŝůŝƚĂƚĞƉƌŝǀĂƚĞŝŶǀĞƐƚŵĞŶƚƐƚŚĂƚƐƵƉƉŽƌƚƚŚĞDǀŝƐŝŽŶ x WƌŽǀŝĚĞƐĞƌǀŝĐĞƐƚŽĂƐƐŝƐƚƚŚĞDĂŶĚŝƚǇŝŶŝŵƉůĞŵĞŶƚŝŶŐƚŚĞŐŽĂůƐ͕ŽďũĞĐƚŝǀĞƐĂŶĚƐƚƌĂƚĞŐŝĞƐŝŶƚŚĞ ĞǀĞůŽƉŵĞŶƚWůĂŶ 3DFNHW3J )E Ϯ͘ϰŝƚǇŽĨZŽĐŚĞƐƚĞƌ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌŝƐƚŚĞůĞĂĚĂŐĞŶĐǇĨŽƌŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨDĞǀĞůŽƉŵĞŶƚWůĂŶƚƌĂŶƐƉŽƌƚĂƚŝŽŶĂŶĚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝŵƉƌŽǀĞŵĞŶƚƐĂŶĚƚŚĞƌĞǀŝĞǁƐĂŶĚĂƉƉƌŽǀĂůƐŽĨĂůůDƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞƉƌŽũĞĐƚƐ͘ ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐŽĨƚŚĞŝƚǇĂƌĞ͗ x dŽŐĞƚŚĞƌǁŝƚŚƚŚĞDŽĂƌĚ͕ƚŚĞŝƚǇĂƉƉƌŽǀĞƐƚŚĞĂŶŶƵĂůďƵĚŐĞƚĨŽƌƚŚĞD x dŽŐĞƚŚĞƌǁŝƚŚƚŚĞDŽĂƌĚ͕ƚŚĞŝƚǇĂƉƉƌŽǀĞƐĂůůDƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞƉƌŽũĞĐƚƐĂŶĚƚŚĞďƵĚŐĞƚ ĨŽƌĞĂĐŚƉƌŽũĞĐƚ x ^ƚƵĚǇ͕ĚĞƐŝŐŶ͕ĂŶĚĐŽŶƐƚƌƵĐƚƚŚĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞƉƌŽũĞĐƚƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞDĞǀĞůŽƉŵĞŶƚWůĂŶ x ŶƐƵƌĞĐŽŶƐŝƐƚĞŶĐǇŽĨĂůůƉƌŽũĞĐƚƐǁŝƚŚƚŚĞŝƚǇ͛ƐŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶĂŶĚƚŚĞŝƚǇĚĞǀĞůŽƉŵĞŶƚƉƌŽĐĞƐƐ x ^ŚĂƌĞǁŝƚŚƚŚĞDŽĂƌĚƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƉƌŝŽƌŝƚŝǌŝŶŐƉƌŽũĞĐƚƐĨŽƌĐŽŶƐƚƌƵĐƚŝŽŶ͖ x ^ŚĂƌĞǁŝƚŚƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂĂŶĚKůŵƐƚĞĚŽƵŶƚǇƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƉƌŽǀŝĚŝŶŐƵƉƚŽΨϱϯϱ ŵŝůůŝŽŶĚŽůůĂƌƐŝŶƉƵďůŝĐĨƵŶĚŝŶŐƚŚƌŽƵŐŚůĞŐŝƐůĂƚŝǀĞůǇĂƵƚŚŽƌŝǌĞĚƌĞǀĞŶƵĞŵĞĐŚĂŶŝƐŵƐƌĞůĂƚĞĚƚŽƚŚĞD ŝŶŝƚŝĂƚŝǀĞ 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ĐĂƚĂůǇƚŝĐďƵƐŝŶĞƐƐĚĞǀĞůŽƉŵĞŶƚŽƉƉŽƌƚƵŶŝƚŝĞƐǁŝƚŚƚŚĞDĂǇŽůŝŶŝĐĂŶĚŽƚŚĞƌƐƚĂŬĞŚŽůĚĞƌƐ͖ƌĞĨŝŶĞƚŚĞ ĂƉƉƌŽĂĐŚƚŽĨŝŶĂŶĐŝĂůŵĂŶĂŐĞŵĞŶƚƚŚĂƚǁŝůůŐƵŝĚĞDŝŶǀĞƐƚŵĞŶƚĂŶĚƉƌŽũĞĐƚƐĞůĞĐƚŝŽŶ͖ĐŽŶƚŝŶƵĞƚŽ ĨŽƐƚĞƌĐŽŵŵƵŶŝƚǇŽƵƚƌĞĂĐŚĂŶĚĐŽůůĂďŽƌĂƚŝŽŶ͕ĂŶĚǁŽƌŬǁŝƚŚƉĂƌƚŶĞƌƐŽŶǁŽƌŬĨŽƌĐĞĚĞǀĞůŽƉŵĞŶƚ͘ Ϯ͘ϳŽŵŵƵŶŝƚǇKƵƚƌĞĂĐŚͬ/ŶƉƵƚWƌŽĐĞƐƐ x dŚĞĐŽŶƚŝŶƵĞƐŝƚƐŽŶŐŽŝŶŐŽƵƚƌĞĂĐŚĂĐƚŝǀŝƚŝĞƐŝŶĐůƵĚŝŶŐǁĞďƐŝƚĞƵƉĚĂƚĞƐ͕ďůŽŐƐ͕ĂďŝͲǁĞĞŬůǇ ŶĞǁƐůĞƚƚĞƌĂŶĚƉƌĞƐĞŶƚĂƚŝŽŶƐǁŝƚŚŝŶƚŚĞĐŽŵŵƵŶŝƚǇĂŶĚƚŚĞƌĞŐŝŽŶ͘ x ŽŽƌĚŝŶĂƚŝŽŶǁŝƚŚƚŚĞƚĞĂŵƌĞƐƉŽŶƐŝďůĞĨŽƌƵƉĚĂƚĞŽĨƚŚĞŝƚǇ͛ƐŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶƚĞĂŵŝƐŽŶŐŽŝŶŐ͘ Ɛƚ dŚĞŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶhƉĚĂƚĞƉƌŽĐĞƐƐŝƐĂŶƚŝĐŝƉĂƚĞĚƚŽĞǆƚĞŶĚŝŶƚŽƚŚĞϭŚĂůĨŽĨϮϬϭϲ͘ x ŽŵŵƵŶŝƚǇŶŐĂŐĞŵĞŶƚĂĐƚŝǀŝƚǇŚĂƐĞǆƉĂŶĚĞĚƚŽŝŶĐůƵĚĞŵĞĞƚŝŶŐƐǁŝƚŚƌĞĐĞŶƚůǇĨŽƌŵĞĚůŽĐĂůŐƌŽƵƉƐ͕ŝŶ ĂĚĚŝƚŝŽŶƚŽŵŽƌĞĚŝƐĐƵƐƐŝŽŶƐǁŝƚŚƚŚĞŶĞŝŐŚďŽƌŚŽŽĚŽƌŐĂŶŝǌĂƚŝŽŶƐƚŚĂƚĂƌĞĂĚũĂĐĞŶƚƚŽƚŚĞD ĞǀĞůŽƉŵĞŶƚŝƐƚƌŝĐƚ͘ Ϯ͘ϴ<ĞǇŽŶƐŝĚĞƌĂƚŝŽŶƐͬ/ĚĞŶƚŝĨŝĞĚZŝƐŬƐ x ŽŽƌĚŝŶĂƚŝŽŶŵŽŶŐtŽƌŬŝŶŐ'ƌŽƵƉƐ͘KŶŐŽŝŶŐĚŝƐĐƵƐƐŝŽŶƐĂŵŽŶŐƚŚĞtŽƌŬŝŶŐ'ƌŽƵƉƐǁŝůůďĞŶĞĞĚĞĚ ƚŽĐŽŽƌĚŝŶĂƚĞǁŝƚŚƚŚĞD͕D͕ĂŶĚŽƵŶƚǇŽŶŬĞǇŝƐƐƵĞƐ͕ŝŶĐůƵĚŝŶŐĂĚĚŝƚŝŽŶĂůƐƚƵĚŝĞƐ͕ƉŽůŝĐǇ 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ϲ͘ϭWƌŽǀŝĚĞŽǀĞƌĂůůůĞĂĚĞƌƐŚŝƉĂŶĚŵĂŶĂŐĞŵĞŶƚŝŶƉƌŽũĞĐƚĚĞǀĞůŽƉŵĞŶƚĂŶĚŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞD ƚƌĂŶƐƉŽƌƚĂƚŝŽŶĂŶĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞƉƌŽũĞĐƚƐ ϲ͘ϮĞǀĞůŽƉĂDƚƌĂŶƐƉŽƌƚĂƚŝŽŶĂŶĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞϮϬͲǇĞĂƌƉƌŽŐƌĂŵƐƵŵŵĂƌǇĂŶĚĂϱͲǇĞĂƌƉůĂŶ ĐŽŶƐŝƐƚŝŶŐŽĨĂ'/^ͲďĂƐĞĚŵĂƉ͕ĂŶĚƚŚĞƐĞƋƵĞŶĐŝŶŐŽĨĂŶƚŝĐŝƉĂƚĞĚƉŚĂƐĞƐŝŶĞĂĐŚŽĨƚŚĞƉůĂŶƉƌŽũĞĐƚƐ͘ ĞǀĞůŽƉĂďƵĚŐĞƚĂŶĚĨŝŶĂŶĐŝŶŐƉůĂŶĨŽƌƚŚĞŝƚǇĂŶĚƵƉĚĂƚĞƚŚĞƉůĂŶƚĂďƵůĂƚŝŽŶŽĨĞƐƚŝŵĂƚĞĚĐŽƐƚƐ ƌĞĐŽŐŶŝǌŝŶŐďďŽƚŚƉƌŽũĞĐƚĚĞǀĞůŽƉŵĞŶƚĂŶĚƉƌŽũĞĐƚĐŽŶƐƚƌƵĐƚŝŽŶĐŽƐƚƐ͘ ϲ͘ϯ/ĚĞŶƚŝĨǇĂĚĚŝƚŝŽŶĂůƐƚƵĚŝĞƐŶĞĐĞƐƐĂƌǇƚŽƌĞĨŝŶĞŬĞǇĂƐƐƵŵƉƚŝŽŶƐŝŶƚŚĞDĞǀĞůŽƉŵĞŶƚWůĂŶ;Ğ͘Ő͘ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶŵĂŶĂŐĞŵĞŶƚĂƐƐŽĐŝĂƚŝŽŶ͕ƚƌĂŶƐŝƚĂůƚĞƌŶĂƚŝǀĞƐĂŶĂůǇƐŝƐ͕ĂŶĚƉĂƌŬŝŶŐƌĂƚĞƐƚƵĚǇʹƐĞĞ ƚƚĂĐŚŵĞŶƚ<ĨŽƌĨƵƌƚŚĞƌƉƌĞůŝŵŝŶĂƌǇĚŝƐĐƵƐƐŝŽŶŽĨƚŚĞƐĞŶĞĞĚƐͿ͘ 3DFNHW3J )E ϲ͘ϰtŽƌŬŝŶĐŽŽƉĞƌĂƚŝŽŶǁŝƚŚƚŚĞŝƚǇĂŶĚƐƚĂŬĞŚŽůĚĞƌƐƚŽƌĞĨŝŶĞƚŚĞDƚƌĂŶƐƉŽƌƚĂƚŝŽŶĂŶĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ƉƌŽŐƌĂŵƚŽĂĚĚƌĞƐƐŬĞǇĐŽŶƐŝĚĞƌĂƚŝŽŶƐĂŶĚŝĚĞŶƚŝĨŝĞĚƌŝƐŬƐ͘ ϲ͘ϱƚƚĞŶĚƵƉƚŽĞŝŐŚƚ;ϴͿĂůůͲĚĂǇǁŽƌŬŝŶŐŵĞĞƚŝŶŐƐŝŶZŽĐŚĞƐƚĞƌ͘ƐƐƵŵĞƚŚĞƐĞŵĞĞƚŝŶŐƐǁŽƵůĚŶŽƚďĞŽŶ ĐŽŶƐĞĐƵƚŝǀĞĚĂǇƐ͘&ŽƵƌ;ϰͿŽĨƚŚĞĞŝŐŚƚ;ϴͿŵĞĞƚŝŶŐĚĂƚĞƐǁŝůůŝŶĐůƵĚĞĂƐƉĞĐŝĨŝĐŵĞĞƚŝŶŐŽĨƚŚĞŝƚǇ͛Ɛ 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ƚŚĞƉƌŽƉŽƐĂů͘dŚŝƐƐŚŽƵůĚŝŶĐůƵĚĞŝƚĞŵƐͬƚĂƐŬƐƚŚĂƚƚŚĞWƌŽƉŽƐĞƌŚĂƐĂƐƐƵŵĞĚƚŚĞŝƚǇǁŝůůƉĞƌĨŽƌŵ͕ ŝƚĞŵƐͬƚĂƐŬƐƌĞƋƵŝƌĞĚĨƌŽŵƚŚĞŝƚǇ͕ĂŶĚŝƚĞŵƐͬƚĂƐŬƐƚŚĂƚŚĂǀĞŶŽƚďĞĞŶŝŶĐůƵĚĞĚŝŶƚŚĞƉƌŽƉŽƐĂů;ŝƚĞŵƐ ƚŚĂƚƚŚĞWƌŽƉŽƐĞƌĨĞĞůƐĂƌĞŽƵƚƐŝĚĞƚŚĞƐĐŽƉĞŽĨǁŽƌŬͿ x ZŽůĞƐ͕ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͕ǆƉĞĐƚĂƚŝŽŶƐ ʹďƌŝĞĨƐƵŵŵĂƌǇŽĨƚŚĞĞǆƉĞĐƚĂƚŝŽŶƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐƚŚĂƚƚŚĞ WƌŽƉŽƐĞƌŚĂƐŽĨƚŚĞŝƚǇŽƌŝƚǇƉĞƌƐŽŶŶĞů͘ x ƌŝĞĨWƌŽũĞĐƚ^ĐŚĞĚƵůĞ ʹďƌŝĞĨƐƵŵŵĂƌǇŽĨƚŚĞƉƌŽũĞĐƚƐĐŚĞĚƵůĞŝŶĐůƵĚŝŶŐĐƌŝƚŝĐĂůĚĂƚĞƐ͕ƌŝƐŬǇĂĐƚŝǀŝƚŝĞƐ͕ ĂŶĚŬĞǇĚĞĐŝƐŝŽŶƉŽŝŶƚƐƚŚĂƚƌĞƋƵŝƌĞĚŝŶƉƵƚŽƌĂĐƚŝŽŶďǇƚŚĞĐůŝĞŶƚ͘ WƌŽũĞĐƚWůĂŶƚĞŵƉůĂƚĞŝƐƉƌŽǀŝĚĞĚŝŶƚŚŝƐĚŽĐƵŵĞŶƚĂŶĚŵƵƐƚďĞƵƐĞĚďǇĂůůƚŚĞWƌŽƉŽƐĞƌƐ͘WƌŽƉŽƐĞƌƐĂƌĞ EKdĂůůŽǁĞĚƚŽƌĞͲĐƌĞĂƚĞ͕ƌĞͲĨŽƌŵĂƚ͕ŽƌŵŽĚŝĨǇƚŚĞƚĞŵƉůĂƚĞ;ĐĂŶŶŽƚĂůƚĞƌĨŽŶƚƐŝǌĞ͕ĨŽŶƚƚǇƉĞ͕ĨŽŶƚĐŽůŽƌ͖ ĂĚĚĐŽůŽƌƐ͕ƉŝĐƚƵƌĞƐ͕ĚŝĂŐƌĂŵƐ͕ĞƚĐ͘Ϳ͘ 3DFNHW3J )E dŚĞWƌŽũĞĐƚWůĂŶƐŚŽƵůĚďĞďƌŝĞĨĂŶĚĐŽŶĐŝƐĞ͘dŚĞWƌŽũĞĐƚWůĂŶŵƵƐƚEKdĞǆĐĞĞĚĨŽƵƌ;ϰͿƉĂŐĞƐ;ĨƌŽŶƚƐŝĚĞ ŽĨƉĂŐĞŽŶůǇͿ͖ϭƉĂŐĞĨŽƌƚŚĞWƌŽƉŽƐĂů^ƵŵŵĂƌǇ͕ϭƉĂŐĞĨŽƌƐƐƵŵƉƚŝŽŶƐ͕ϭƉĂŐĞĨŽƌZŽůĞƐĂŶĚ ǆƉĞĐƚĂƚŝŽŶƐ͕ĂŶĚϭƉĂŐĞĨŽƌƚŚĞ^ĐŚĞĚƵůĞ͘ ϭϯ͘ϳsĂůƵĞƐƐĞƐƐŵĞŶƚWůĂŶ;ƚƚĂĐŚŵĞŶƚ/Ϳ 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ƚǇƉĞ͕ĨŽŶƚĐŽůŽƌ͖ĂĚĚĐŽůŽƌƐ͕ƉŝĐƚƵƌĞƐ͕ĚŝĂŐƌĂŵƐ͕ĞƚĐ͘Ϳ͘ dŚĞsĂůƵĞƐƐĞƐƐŵĞŶƚWůĂŶƐŚŽƵůĚďĞďƌŝĞĨĂŶĚĐŽŶĐŝƐĞ͘dŚĞsĂůƵĞƐƐĞƐƐŵĞŶƚWůĂŶŵƵƐƚEKdĞǆĐĞĞĚ ƚǁŽ;ϮͿƉĂŐĞƐ;ĨƌŽŶƚƐŝĚĞŽĨƉĂŐĞŽŶůǇͿ͘ ϭϯ͘ϴ&ĞĞWƌŽƉŽƐĂůĂŶĚƵƚŚŽƌŝǌĂƚŝŽŶ^ŝŐŶĂƚƵƌĞŽĐƵŵĞŶƚƐ;ƚƚĂĐŚŵĞŶƚƐ:ĂŶĚ<Ϳ dŚĞ&ĞĞWƌŽƉŽƐĂůĂŶĚƵƚŚŽƌŝǌĂƚŝŽŶ^ŝŐŶĂƚƵƌĞŽĐƵŵĞŶƚƐƐŚĂůůďĞƐƵďŵŝƚƚĞĚŝŶĂƐĞƉĂƌĂƚĞƐĞĂůĞĚĞŶǀĞůŽƉĞ &WZKWK^>DdƌĂŶƐƉŽƌƚĂƚŝŽŶĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞWƌŽŐƌĂŵDĂŶĂŐĞŵĞŶƚŽŶƐƵůƚĂŶƚ ŵĂƌŬĞĚ͘dŚĞ &ĞĞWƌŽƉŽƐĂůŝƐĨŽƌƚŚĞƉĞƌŝŽĚ^ĞƉƚĞŵďĞƌϭϬ͕ϮϬϭϱƚŚƌŽƵŐŚĞĐĞŵďĞƌϯϭ͕ϮϬϭϱĂŶĚƐŚĂůůŝŶĐůƵĚĞĂ ƐƉƌĞĂĚƐŚĞĞƚDĂƚƌŝǆŝŶĂĚĞƚĂŝůĞĚĨŽƌŵĂƚƚŚĂƚĐůĞĂƌůǇŝĚĞŶƚŝĨŝĞƐƚŚĞDĂũŽƌdĂƐŬƐ͕ƚŚĞ<ĞǇWĞƌƐŽŶŶĞůĂŶĚƚŚĞŝƌ ůĞǀĞůŽĨĞĨĨŽƌƚďǇdĂƐŬ͕ĂŶĚƚŚĞŶƵŵďĞƌŽĨŚŽƵƌƐĂŶĚĐŽƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚĞĂĐŚ<ĞǇWĞƌƐŽŶ͛ƐĐŽŶƚƌŝďƵƚŝŽŶĨŽƌ ĞĂĐŚdĂƐŬ͘dŚĞ&ĞĞWƌŽƉŽƐĂůƐŚĂůůŝŶĐůƵĚĞĂůůŽƚŚĞƌĂŶƚŝĐŝƉĂƚĞĚŶŽŶͲƉĞƌƐŽŶŶĞůĞǆƉĞŶƐĞƐ͘hƐĞƚŚĞĨŽƌŵƐ ƉƌŽǀŝĚĞĚŝŶƚƚĂĐŚŵĞŶƚ:ĂŶĚ<͘ ϭϰ͘Ϭs>hd/KEK&WZKWK^>^EKEdZdtZ dŚĞŝƚǇƌĞƐĞƌǀĞƐƚŚĞƐŽůĞƌŝŐŚƚƚŽĞǀĂůƵĂƚĞĂŶĚƐĞůĞĐƚƚŚĞƐƵĐĐĞƐƐĨƵůƉƌŽƉŽƐĂů͘ŶǀĂůƵĂƚŝŽŶŽŵŵŝƚƚĞĞǁŝůůƌĂƚĞĂůů ƉƌŽƉŽƐĂůƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĐƌŝƚĞƌŝĂƐĞƚĨŽƌƚŚďĞůŽǁ͘/ĨƚŚĞŝƚǇĞůĞĐƚƐƚŽƉƌŽĐĞĞĚǁŝƚŚŝŶƚĞƌǀŝĞǁƐŝƚŵĂǇĚĞǀĞůŽƉ 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WƌŽƉŽƐĂůƵĞĂƚĞtĞĚŶĞƐĚĂǇ͕:ƵůǇϮϮ͕ϮϬϭϱ ^ŚŽƌƚůŝƐƚĨŽƌ/ŶƚĞƌǀŝĞǁƐ;/ĨƉƉůŝĐĂďůĞͿtĞĚŶĞƐĚĂǇ͕ƵŐƵƐƚϱ͕ϮϬϭϱ /ŶƚĞƌǀŝĞǁƐ;ŝĨƉƉůŝĐĂďůĞͿdƵĞƐͲtĞĚƐ͕ƵŐϭϵͲϮϬ͕ϮϬϭϱ ŽŶĚŝƚŝŽŶĂů^ĞůĞĐƚŝŽŶ&ƌŝĚĂǇ͕ƵŐƵƐƚϮϭ͕ϮϬϭϱ ŽŶƚƌĂĐƚEĞŐŽƚŝĂƚŝŽŶƐƵŐϮϰʹ^ĞƉƚϮ͕ϮϬϭϱ ǁĂƌĚŽĨŽŶƚƌĂĐƚtĞĚŶĞƐĚĂǇ͕^ĞƉƚĞŵďĞƌϵ͕ϮϬϭϱ ϭϳ͘Ϭ/EdZs/t^ /ĨƚŚĞŝƚǇĞůĞĐƚƐƚŽŚŽůĚŝŶƚĞƌǀŝĞǁƐ͕ƚŚĞƉƵƌƉŽƐĞŽĨƚŚĞŝŶƚĞƌǀŝĞǁŝƐƚŽŐĂŝŶĂďĞƚƚĞƌƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨǇŽƵƌ ƋƵĂůŝĨŝĐĂƚŝŽŶƐĨŽƌƚŚĞƉƌŽũĞĐƚĂŶĚƚŚĞƉŽƚĞŶƚŝĂůĨŽƌĂĐŽŶƐƚƌƵĐƚŝǀĞǁŽƌŬŝŶŐƌĞůĂƚŝŽŶƐŚŝƉ͘WůĞĂƐĞůŝŵŝƚƉĂƌƚŝĐŝƉĂŶƚƐƚŽ ŬĞǇWDƐƚĂĨĨŵĞŵďĞƌƐ͘dŚŽƐĞŝŶĚŝǀŝĚƵĂůƐƐŚŽƵůĚďĞĂǀĂŝůĂďůĞŝŶƉĞƌƐŽŶĨŽƌŝŶƚĞƌǀŝĞǁƐ͘dŚĞŝƚǇǁŝůůŝŶĚŝĐĂƚĞŽŶŽƌ ďĞĨŽƌĞƵŐƵƐƚϱ͕ϮϬϭϱƚŚŽƐĞŵĞŵďĞƌƐŽĨƚŚĞƉƌŽƉŽƐŝŶŐWDƐƚĂĨĨƚŚĂƚĂƌĞƚŽďĞĂƚƚŚĞŝŶƚĞƌǀŝĞǁ͘&ĂŝůƵƌĞƚŽďĞ ƉƌĞƐĞŶƚŵĂǇũĞŽƉĂƌĚŝǌĞǇŽƵƌĨŝƌŵ͛ƐĐŽŵƉĞƚŝƚŝǀĞŶĞƐƐ͘/ŶĨŽƌŵĂƚŝŽŶƉƌĞƐĞŶƚĞĚĚƵƌŝŶŐƚŚĞŝŶƚĞƌǀŝĞǁŵĂǇďĞ ŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞŽŶƚƌĂĐƚŽĐƵŵĞŶƚƐ͘ ϭϴ͘ϬD/EKZ/dzEtKDEKtEh^/E^^EdZWZ/^^ ĐŽŶƚƌĂĐƚĨŽƌƐĞƌǀŝĐĞƐǁŝůůďĞƐƵďũĞĐƚƚŽƚŚĞŝƚǇ͛ƐDŝŶŽƌŝƚǇĂŶĚtŽŵĂŶKǁŶĞĚƵƐŝŶĞƐƐŶƚĞƌƉƌŝƐĞhƚŝůŝǌĂƚŝŽŶWůĂŶ͘ ĐŽƉǇŽĨƚŚĞƉůĂŶŝƐŝŶĐůƵĚĞĚĂƐƚƚĂĐŚŵĞŶƚ>͘dŚĞDt'ŽĂůĨŽƌƚŚŝƐZ&WŝƐĚĞƐĐƌŝďĞĚŝŶƚƚĂĐŚŵĞŶƚ>^ĞĐƚŝŽŶs͘ zŽƵǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉƌŽǀŝĚĞĞǀŝĚĞŶĐĞŽĨǇŽƵƌĐŽŵŵŝƚŵĞŶƚƚŽDtƉĂƌƚŝĐŝƉĂƚŝŽŶŝŶƚŚŝƐWƌŽũĞĐƚĂƚƚŚĞƚŝŵĞŽĨ 3DFNHW3J )E ƚŚĞŝŶƚĞƌǀŝĞǁ͘WĂƌƚŝĐŝƉĂƚŝŽŶůĞǀĞůƐŵǇďĞĂĐŚŝĞǀĞĚƚŚƌŽƵŐŚƚŚĞŝĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨƐƵďĐŽŶƐƵůƚĂŶƚƐĂƚƚŚĞŝŶƚĞƌǀŝĞǁĂŶĚ ƐƵďƐĞƋƵĞŶƚƌĞƚĞŶƚŝŽŶŽĨƚŚŽƐĞƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ 3DFNHW3J )E dd,DEd^ ƚƚĂĐŚŵĞŶƚ&ŽƌŵŽĨŽŶƚƌĂĐƚ ƚƚĂĐŚŵĞŶƚWƌŽƉŽƐĂů͗'ĞŶĞƌĂů/ŶĨŽƌŵĂƚŝŽŶͬWD^ƚĂĨĨKƌŐĂŶŝǌĂƚŝŽŶ ƚƚĂĐŚŵĞŶƚWƌŽƉŽƐĂů͗/ŶͲ,ŽƵƐĞdĞĐŚŶŝĐĂůZĞƐŽƵƌĐĞŚĞĐŬůŝƐƚ ƚƚĂĐŚŵĞŶƚWƌŽƉŽƐĂů͗ǆƉĞƌŝĞŶĐĞ ƚƚĂĐŚŵĞŶƚWƌŽƉŽƐĂů͗WĞƌƐŽŶŶĞů ƚƚĂĐŚŵĞŶƚ&WƌŽƉŽƐĂů͗tŽƌŬůŽĂĚ ƚƚĂĐŚŵĞŶƚ'WƌŽƉŽƐĂů͗ZŝƐŬƐƐĞƐƐŵĞŶƚWůĂŶ ƚƚĂĐŚŵĞŶƚ,WƌŽƉŽƐĂů͗WƌŽũĞĐƚWůĂŶ ƚƚĂĐŚŵĞŶƚ/WƌŽƉŽƐĂů͗sĂůƵĞƐƐĞƐƐŵĞŶƚWůĂŶ ƚƚĂĐŚŵĞŶƚ:WƌŽƉŽƐĂů͗&ĞĞWƌŽƉŽƐĂů&Žƌŵ ƚƚĂĐŚŵĞŶƚ<WƌŽƉŽƐĂů͗ƵƚŚŽƌŝǌĂƚŝŽŶ^ŝŐŶĂƚƵƌĞŽĐƵŵĞŶƚƐ ƚƚĂĐŚŵĞŶƚ>DthƚŝůŝǌĂƚŝŽŶWůĂŶ ƚƚĂĐŚŵĞŶƚDŝƐĐƵƐƐŝŽŶŽĨdƌĂŶƐƉŽƌƚĂƚŝŽŶWůĂŶŶŝŶŐ^ƚƵĚŝĞƐŶǀŝƐŝŽŶĞĚ 3DFNHW3J )E $77$&+0(17$ )RUPRI&RQWUDFW ŝƚǇŽĨZŽĐŚĞƐƚĞƌ WZK&^^/KE>d,E/>^Zs/^'ZDEd WƌŽũĞĐƚ/ĚĞŶƚŝĨŝĐĂƚŝŽŶ͗DdƌĂŶƐƉŽƌƚĂƚŝŽŶĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞWƌŽŐƌĂŵDĂŶĂŐĞŵĞŶƚ^ĞƌǀŝĐĞƐ ĐĐŽƵŶƚŝŶŐ/ŶĨŽƌŵĂƚŝŽŶ͗ &ŝƐĐĂůzĞĂƌ͗ϮϬϭϱͲϮϬϭϵ&ƵŶĚ͗WƌŽũĞĐƚEŽ͗͘ dŽƚĂůŽŶƚƌĂĐƚŵƚ͗Ψ:ŽďEŽ͗͘:Ͳ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ dŚŝƐŽŶƚƌĂĐƚďĞƚǁĞĞŶƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕DE;/dzͿĂŶĚͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ;͞E'/EZ͟Ϳ͖ ĚĚƌĞƐƐ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ t,Z^͕/dzĚŽĞƐŶŽƚŚĂǀĞĂǀĂŝůĂďůĞŶĞĐĞƐƐĂƌǇĂŶĚͬŽƌƋƵĂůŝĨŝĞĚƉĞƌƐŽŶŶĞůƚŽĐŽŶĚƵĐƚƚŚĞƐĞƌǀŝĐĞƐĂƐĚĞƐĐƌŝďĞĚ ŚĞƌĞŝŶ͖ĂŶĚ t,Z^͕E'/EZƌĞƉƌĞƐĞŶƚƐƚŚĂƚŝƚŝƐůŝĐĞŶƐĞĚĂŶĚĂŐƌĞĞƐƚŽƉĞƌĨŽƌŵĂůůƐĞƌǀŝĐĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ EKt͕d,Z&KZŝƚŝƐĂŐƌĞĞĚƚŚĂƚE'/EZ͕ǁŚŽŝƐŶŽƚĂĐŝƚǇĞŵƉůŽǇĞĞ͕ǁŝůůƉĞƌĨŽƌŵƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͕ŝŶĐůƵĚŝŶŐƚŚĞ^ƉĞĐŝĂůĂŶĚ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐĂŶĚĂŶǇĞǆŚŝďŝƚƐŽƌŽƚŚĞƌĐŽŶĚŝƚŝŽŶƐǁŚŝĐŚĂƌĞĂƚƚĂĐŚĞĚĂŶĚ ŝŶĐŽƌƉŽƌĂƚĞĚ͘ ^ĞƉƚĞŵďĞƌϭϬ͕ϮϬϭϱͺͺͺͺͺͺͺͺͺͺͺͺͺͺĞĐĞŵďĞƌϯϭ͕ϮϬϭϱͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ĨĨĞĐƚŝǀĞĂƚĞ͗ͺǆƉŝƌĂƚŝŽŶĂƚĞ͗ /Et/dE^^t,ZK&͕ƚŚĞƉĂƌƚŝĞƐŚĂǀĞĞǆĞĐƵƚĞĚƚŚŝƐĐŽŶƚƌĂĐƚŝŶƚĞŶĚŝŶŐƚŽďĞďŽƵŶĚ͘ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ E'/EZ Ǉ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ dŝƚůĞ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ŽƌƉŽƌĂƚĞ^ŝŐŶĂƚƵƌĞĐŬŶŽǁůĞĚŐĞŵĞŶƚ dŚŝƐŝŶƐƚƌƵŵĞŶƚǁĂƐĂĐŬŶŽǁůĞĚŐĞĚďĞĨŽƌĞŵĞƚŚŝƐͺͺͺͺĚĂǇŽĨͺͺͺͺͺͺͺϮϬͺͺ͕ďǇͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ;EĂŵĞͿ ƚŚĞͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺŽĨͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͘ ;dŝƚůĞͿ ΀EŽƚĂƌǇ^ĞĂů΁ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ EKdZzWh>/ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ /dzK&ZK,^dZ Ǉ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺŶĚǇ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ƌĚĞůů&͘ƌĞĚĞ͕DĂǇŽƌĂƌŽŶ^͘ZĞĞǀĞƐ͕ůĞƌŬ ŽƌƉŽƌĂƚĞ^ŝŐŶĂƚƵƌĞĐŬŶŽǁůĞĚŐĞŵĞŶƚ dŚŝƐŝŶƐƚƌƵŵĞŶƚǁĂƐĂĐŬŶŽǁůĞĚŐĞĚďĞĨŽƌĞŵĞƚŚŝƐͺͺͺͺĚĂǇŽĨͺͺͺͺͺͺͺϮϬͺͺ͕ďǇͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ;EĂŵĞͿ ƚŚĞͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺĂŶĚͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺƚŚĞͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ;EĂŵĞͿ ;dŝƚůĞͿ;dŝƚůĞͿ ŽĨͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͘ ΀EŽƚĂƌǇ^ĞĂů΁ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ 3DFNHW3J )E EKdZzWh>/ ^W/>KE/d/KE^ Zd/>ϭdZDK&KEdZd ĨĨĞĐƚŝǀĞĂƚĞ͗^ĞƉƚĞŵďĞƌϭϬ͕ϮϬϭϱ tŽƌŬŽŵƉůĞƚŝŽŶĂƚĞ͗ĞĐĞŵďĞƌϯϭ͕ϮϬϭϱ ǆƉŝƌĂƚŝŽŶĂƚĞ͗ĞĐĞŵďĞƌϯϭ͕ϮϬϭϱ Zd/>Ϯ^KWK&tKZ< ͘ĞƚĂŝůĞĚ^ĐŽƉĞŽĨtŽƌŬ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ͘WƌŽũĞĐƚĞůŝǀĞƌĂďůĞƐ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ͘'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ Zd/>ϯKE^/Zd/KEK&WzDEd ŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚďǇE'/EZ͕ĂƐĚĞĨŝŶĞĚďǇƚŚŝƐĐŽŶƚƌĂĐƚ͕ǁŝůůďĞƉĂŝĚďǇ/dzŽŶĂŶŚŽƵƌůǇ͕ ĨĞĞƐĐŚĞĚƵůĞďĂƐŝƐ͕ŶŽƚƚŽĞǆĐĞĞĚĨŽƌƚŚĞĨŽůůŽǁŝŶŐŝƚĞŵƐ͗ E'/EZ ^ĞƌǀŝĐĞƐŽƐƚ WƌŽŐƌĂŵDĂŶĂŐĞŵĞŶƚ dĂƐŬϭʹ dĂƐŬϮʹ dĂƐŬϯʹ dĂƐŬϰʹ dĂƐŬϱʹ dĂŬƐϲʹ dĂƐŬϳʹ dĂƐŬϴʹ dĂƐŬϵʹ dĂƐŬϭϬʹ dKd>KEdZdDKhEd͗Ψ Zd/>ϰE'/EZ͛^WZ^KEE> E'/EZ͛^ƵƚŚŽƌŝǌĞĚŐĞŶƚ͕Žƌ<ĞǇWĞƌƐŽŶŶĞů͗ EĂŵĞ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ dŝƚůĞ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ĚĚƌĞƐƐ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ WŚŽŶĞ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ŵĂŝů͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ZĞƐƉŽŶƐŝďŝůŝƚǇ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ /ĨE'/EZ͛^ƵƚŚŽƌŝǌĞĚŐĞŶƚĐŚĂŶŐĞƐĂƚĂŶǇƚŝŵĞĚƵƌŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŝŵŵĞĚŝĂƚĞůǇŶŽƚŝĨǇ/dz͘ Zd/>ϱ/dz͛^hd,KZ/'EdͬWZK:dDE'Z /dz͛^ƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ŽƌWƌŽũĞĐƚDĂŶĂŐĞƌǁŝůůďĞ͗ EĂŵĞ͗ͺͺ ZŝĐŚĂƌĚt͘&ƌĞĞƐĞ 3DFNHW3J )E dŝƚůĞ͗ͺͺŝƌĞĐƚŽƌ͕ĞƉƚWƵďůŝĐtŽƌŬƐ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ƚŚ ĚĚƌĞƐƐ͗ͺͺ ϮϬϭϰ^ƚƌĞĞƚ^͕͘͘ZŵϭϬϴ͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰͺͺ WŚŽŶĞ͗ͺͺ;ϱϬϳͿϯϮϴͲϮϰϮϲ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ŵĂŝů͗ͺͺ ƌĨƌĞĞƐĞΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ZĞƐƉŽŶƐŝďŝůŝƚǇ͗ͺͺWƌŽũĞĐƚDŐƌͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ /dz͛^ƵƚŚŽƌŝǌĞĚŐĞŶƚǁŝůůŚĂǀĞĂƵƚŚŽƌŝƚǇƚŽĂĐĐĞƉƚŽƌƌĞũĞĐƚE'/EZ͛^ƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐ͘/ĨƐƵĐŚƐĞƌǀŝĐĞƐ ĂŶĚĚĞůŝǀĞƌĂďůĞƐĂƌĞĂĐĐĞƉƚĂďůĞĂŶĚƐĂƚŝƐĨĂĐƚŽƌǇ͕ƚŚĞ/dz͛^ƵƚŚŽƌŝǌĞĚŐĞŶƚǁŝůůĐĞƌƚŝĨǇĞĂĐŚŝŶǀŽŝĐĞƐƵďŵŝƚƚĞĚĨŽƌ ƉĂǇŵĞŶƚďǇƚŚĞE'/EZ͘ 3DFNHW3J )E 'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ dZDK&KEdZd dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĞĨĨĞĐƚŝǀĞƵƉŽŶƚŚĞĚĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ŽƌƵƉŽŶĞǆĞĐƵƚŝŽŶĂŶĚ $ ĂƉƉƌŽǀĂůďǇƚŚĞĂƉƉƌŽƉƌŝĂƚĞ/dzŽĨĨŝĐŝĂůƐ͕ƉƵƌƐƵĂŶƚƚŽŝƚǇŽĨZŽĐŚĞƐƚĞƌ,ŽŵĞZƵůĞŚĂƌƚĞƌ͕ĂŶĚƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞE'/EZŽĨĨŝĐŝĂůƐ͕ǁŚŝĐŚĞǀĞƌĞǀĞŶƚŽĐĐƵƌƐůĂƚĞƌ͘dŚŝƐŽŶƚƌĂĐƚǁŝůůƌĞŵĂŝŶŝŶĞĨĨĞĐƚ ƵŶƚŝůƚŚĞǆƉŝƌĂƚŝŽŶĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ŽƌƵŶƚŝůĂůůŽďůŝŐĂƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐ ŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĨƵůĨŝůůĞĚ͕ǁŚŝĐŚĞǀĞƌĞǀĞŶƚŽĐĐƵƌƐĨŝƌƐƚ͘ &ŽƌĚĞůĂǇƐĞŶĐŽƵŶƚĞƌĞĚƚŚĂƚĂƌĞďĞǇŽŶĚE'/EZ͛ƐĐŽŶƚƌŽů͕ĂŶĚƵƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚĨƌŽŵ % E'/EZ͕ƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŵĂǇĞǆƚĞŶĚƚŚĞtŽƌŬŽŵƉůĞƚŝŽŶĂƚĞ͕ĂƐƐĞƚĨŽƌƚŚŝŶƚŚĞ ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞůĞŶŐƚŚŽĨƐƵĐŚƚŝŵĞĞǆƚĞŶƐŝŽŶǁŝůůďĞĚĞƚĞƌŵŝŶĞĚďǇƚŚĞ /dz͛ƐŐĞŶƚ͘ /ƚǁŝůůďĞE'/EZ͛ƐƌĞƐƉŽŶƐŝďŝůŝƚǇƚŽƌĞĂƐŽŶĂďůǇŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ŝŶǁƌŝƚŝŶŐ͕ŝĨ & E'/EZŚĂƐƌĞĂƐŽŶƚŽďĞůŝĞǀĞƚŚĞƉƌŽũĞĐƚǁŝůůŶŽƚďĞĐŽŵƉůĞƚĞĚĂƐƐĐŚĞĚƵůĞĚ͘/dz͛ƐƵƚŚŽƌŝǌĞĚ ŐĞŶƚǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĂĚũƵƐƚƚŚĞƐĐŚĞĚƵůĞĂŶĚĨŝŶĂůĐŽƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐƵĐŚĚĞůĂǇƐ͕ŝŶ ǁƌŝƚŝŶŐ͕ǁŝƚŚŝŶƚŚĞƚĞƌŵƐŽĨƚŚĞŽŶƚƌĂĐƚ͘ 'KsZE/E'>t͕:hZ/^/d/KE͕EsEh dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞŝŶƚĞƌƉƌĞƚĞĚƉƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ>Ăǁ͘ŶǇĐŝƚĂƚŝŽŶƚŽĨĞĚĞƌĂůŽƌƐƚĂƚĞůĂǁ $ ŝŶĐŽƌƉŽƌĂƚĞƐƚŚĞůĂŶŐƵĂŐĞŽĨƚŚĂƚůĂǁŝŶƚŽƚŚŝƐŽŶƚƌĂĐƚĂƐŝĨĨƵůůǇƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͘sĞŶƵĞĨŽƌĂůů ůĞŐĂůƉƌŽĐĞĞĚŝŶŐƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌďƌĞĂĐŚ͕ǁŝůůďĞŝŶƚŚĞĂƉƉůŝĐĂďůĞƐƚĂƚĞŽƌĨĞĚĞƌĂů ĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶKůŵƐƚĞĚŽƵŶƚǇ͕DŝŶŶĞƐŽƚĂ͘ dZD^K&'EZ>KE/d/KE^ ŶǇĂŶĚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨŽƌĐĞƵŶůĞƐƐƚŚĞǇĂƌĞƐƉĞĐŝĨŝĐĂůůǇ $ ĂŶĚĚĞůŝďĞƌĂƚĞůǇĐĂŶĐĞůĞĚŽƌŵŽĚŝĨŝĞĚ͕ŝŶǁƌŝƚŝŶŐ͕ďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŽƚŚĞĞǆƚĞŶƚŽĨĂŶǇŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ % ƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐǁŝůůĐŽŶƚƌŽů͘DŝŶŶĞƐŽƚĂ>ĂǁƐƵƉĞƌƐĞĚĞƐĂŶǇŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ 'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ dZD^K&WzDEd ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůĂŶĚ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚ $ ĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůǇƐƵƉƉůŝĞĚďǇE'/EZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďǇ/dz͘ ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕Zd/>ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨ WĂǇŵĞŶƚ͘͟ /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶǇƚŝŵĞƚŚĂƚE'/EZǁŝůůĞǆĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂů % ŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůǇ ŵĂŶŶĞƌ͘E'/EZŵĂǇŶŽƚďĞĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞǆĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚ ŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůǇĞǆĞĐƵƚĞĚ͕ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚ ďĞǇŽŶĚƚŚĂƚ͕ǁŚŝĐŚŝƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌǁƌŝƚƚĞŶĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďǇ /dz͕ŵĂǇďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌǇĂŶĚE'/EZŵĂǇŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌƚŚĞĞǆƚƌĂ ǁŽƌŬ͘ /ĨE'/EZĐůĂŝŵƐĂŶǇŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌĐŽŶĚŝƚŝŽŶƐĞǆŝƐƚƚŚĂƚĐĂƵƐĞĞǆƚƌĂĐŽƐƚ & ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶǇĞǆƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐϮϬĂůĞŶĚĂƌ 3DFNHW3J )E ĚĂǇƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶŽƌŽďƐĞƌǀĂŶĐĞŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚ ĂŶƚŝĐŝƉĂƚĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ŶǇĐůĂŝŵŵĂĚĞĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂǇďĞ ƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶĂŵĞŶĚŵĞŶƚƚŽ ƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůǇĂƉƉƌŽǀĞĚĂŶĚĞǆĞĐƵƚĞĚďǇƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚ E'/EZΖƐŽǁŶƌŝƐŬ͘ ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐĂĐƚƵĂůůǇĂŶĚŶĞĐĞƐƐĂƌŝůǇŝŶĐƵƌƌĞĚďǇE'/EZ ' ĂƐĂƌĞƐƵůƚŽĨƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞǆĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘E'/EZǁŝůůďĞƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌ ĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͘ WZKhZ&KZWzDEd WĂǇŵĞŶƚƐǁŝůůďĞŵĂĚĞďǇ/dzǁŝƚŚŝŶϯϬĚĂǇƐŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐ $ ƌĞƉŽƌƚƐ͕ƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚ͕ĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐĐŽŶƚƌĂĐƚ͘/dzƐŚĂůů ŶŽƚŝĨǇE'/EZŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂǇƐŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞǇďĞůŝĞǀĞƚŚĞ ƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐǁĞƌĞŶŽƚƉƌŽƉĞƌůǇƉĞƌĨŽƌŵĞĚŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĐŽŶƚƌĂĐƚ͘ /ŶǀŽŝĐĞƐĨŽƌƉĂǇŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďǇE'/EZŵŽŶƚŚůǇƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶ % ƚŚĞĨŽƌŵƉƌĞƐĐƌŝďĞĚďǇ/dz͘ƐĂŵƉůĞŝŶǀŽŝĐĞĨŽƌŵĂƚŝƐĂƚƚĂĐŚĞĚƚŽƚŚŝƐ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͘ /ŶǀŽŝĐĞƐŵƵƐƚŝĚĞŶƚŝĨǇƚŚĞĐŽƐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚĂŶĚ ŵƵƐƚƐĂƚŝƐĨǇƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ &ŽƌůƵŵƉƐƵŵĂŶĚŽƚŚĞƌĐŽŶƚƌĂĐƚƐ͗ ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůǇ ϭ͘ ŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚE'/EZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞ ĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞ ƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶǇƉƌŝŽƌŝŶǀŽŝĐĞ͘ dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚĨŽƌ Ϯ͘ ƌĞǀŝĞǁĂŶĚƉĂǇŵĞŶƚ͘ &ŽƌŽƚŚĞƌĐŽŶƚƌĂĐƚƐŽŶůǇ͗ ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂů ϯ͘ ŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝǌĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐ ƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐĂƌĞƉƌŽƉĞƌůǇĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂƌĞĂŶǇĐŽƐƚƐ ƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐĚŝƌĞĐƚůǇƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬŽĨƚŚĞE'/EZ͘^ƵƉƉŽƌƚŝŶŐ ĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ E'/EZŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐ ϰ͘ ĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ ŝƌĞĐƚƐĂůĂƌǇĐŽƐƚƐŽĨĞŵƉůŽǇĞĞƐΖƚŝŵĞĚŝƌĞĐƚůǇĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐ D ƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶ ŝĚĞŶƚŝĨǇŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽǇĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂǇ͕ŚŽƵƌƐ ǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂǇŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽǇĞĞůŝƐƚŝŶŐĚĂƚĞƐ E ĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚ ŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽǇĞĞΖƐŶĂŵĞ͕ŚŽƵƌůǇƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚ ŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂǇƉĞƌŝŽĚ͘ /ĨE'/EZŝƐĂƵƚŚŽƌŝǌĞĚďǇ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶǇƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕E'/EZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞ & ĂďŽǀĞƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚΖƐŽŶƚƌĂĐƚ͕ĂŶĚE'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚ 3DFNHW3J )E DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ƌĞƋƵŝƌŝŶŐƚŝŵĞůǇƉĂǇŵĞŶƚďǇE'/EZŽĨƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂǇŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞ ƐƵďĐŽŶƚƌĂĐƚŽƌƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ E'/EZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƚƌĂĐƚŽƌƐΖŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞ ' ŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzDEd ůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĞƌĨŽƌŵĞĚŝŶĂ $ ŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĂƚĚĞŐƌĞĞŽĨĐĂƌĞĂŶĚƐŬŝůůŽƌĚŝŶĂƌŝůǇĞǆĞƌĐŝƐĞĚďǇŵĞŵďĞƌƐŽĨƚŚĞƐĂŵĞ ƉƌŽĨĞƐƐŝŽŶĐƵƌƌĞŶƚůǇƉƌĂĐƚŝĐŝŶŐƵŶĚĞƌƐŝŵŝůĂƌĐŝƌĐƵŵƐƚĂŶĐĞƐ͘E'/EZŵĂŬĞƐŶŽǁĂƌƌĂŶƚŝĞƐ͕ ĞǆƉƌĞƐƐĞĚŽƌŝŵƉůŝĞĚ͕ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŽƌŽƚŚĞƌǁŝƐĞ͕ŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚE'/EZ͛ƐƐĞƌǀŝĐĞƐdŚĞ E'/EZĞŶĚĞĂǀŽƌƐƚŽĐŽŵƉůǇǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ ϭ͘ ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďǇĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵ Ϯ͘ E'/EZ͛ƐƐĞƌǀŝĐĞƐ͘ E'/EZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂǇŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ % ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ŽƌƌĞŐƵůĂƚŝŽŶƐ͘ ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďǇƉƌŽŐƌĞƐƐƉĂǇŵĞŶƚƐŵĂĚĞďǇ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚǇŽĨ/dz͘ & dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐE'/EZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐĞƌǀŝĐĞƐĂŶĚ ĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂǇŵĞŶƚƐŚĂǀĞďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶǇĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐ ǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dz ƵƐĞƐƚŚĞE'/EZ͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚƐŚĂůůŝŶĚĞŵŶŝĨǇ E'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽ ƚŚĞĞǆƚĞŶƚŽĨƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞE'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶǇǁĂǇƚŽƌĞůŝĞǀĞE'/EZĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽ ' ĐŽŵƉůĞƚĞƚŚĞƐĞƌǀŝĐĞƐĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞǆĐĞĞĚƚŚĂƚŝƐ ƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ ^^/'EDEd E'/EZŵĂǇŶĞŝƚŚĞƌĂƐƐŝŐŶŶŽƌƚƌĂŶƐĨĞƌĂŶǇƌŝŐŚƚƐŽƌŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚ $ ƉƌŝŽƌǁƌŝƚƚĞŶĂƵƚŚŽƌŝǌĂƚŝŽŶĨƌŽŵƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͘dŚĞǁƌŝƚƚĞŶĂƵƚŚŽƌŝƚǇǁŝůůŝŶŶŽǁĂǇ ƌĞůŝĞǀĞE'/EZĨƌŽŵƚŚĞƉƌŝŵĂƌǇƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐ ƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ ^hKEdZd^ E'/EZŵƵƐƚƌĞƋƵŝƌĞĂůůƐƵďĐŽŶƚƌĂĐƚŽƌĐŽŶƚƌĂĐƚƐƚŽĐŽŶƚĂŝŶĂůůĂƉƉƌŽƉƌŝĂƚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ $ ŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞƵƐĞŽĨƐƵďĐŽŶƚƌĂĐƚŽƌƐĚŽĞƐŶŽƚƌĞůŝĞǀĞƚŚĞE'/EZĨƌŽŵƉĞƌĨŽƌŵŝŶŐĂŶĚ ĚĞůŝǀĞƌŝŶŐƚŚĞǁŽƌŬƐƚĂƚĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ ĐŽƉǇŽĨĂŶǇĂŶĚĂůůƐƵďĐŽŶƚƌĂĐƚŽƌĐŽŶƚƌĂĐƚƐŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚĂĨƚĞƌ % ĞǆĞĐƵƚŝŽŶŽĨƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌĐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽǁŽƌŬƐƚĂƌƚŝŶŐƵŶĚĞƌƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌ ĐŽŶƚƌĂĐƚ͘ 3DFNHW3J )E DEDEd^͕,E'KZZ^͕DZ'Z͕KhEdZWZd^͕Et/sZ ŵĞŶĚŵĞŶƚƐƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĐŽŶƐŝĚĞƌĞĚŽŶůǇĨŽƌƵŶĨŽƌĞƐĞĞŶǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŚĂƚǁĞƌĞ $ ĞǆĐůƵĚĞĚŝŶƚŚĞ^ĐŽƉĞŽĨtŽƌŬ͕ĞŶƚŝƚůĞĚ͞ĞƚĂŝůĞĚ^ĐŽƉĞŽĨtŽƌŬ͕͟ĂŶĚƚŚĂƚĂƌĞĐŽŶƐŝĚĞƌĞĚĞƐƐĞŶƚŝĂů ƚŽƚŚĞǁŽƌŬ͘ŶǇǁƌŝƚƚĞŶĐůĂŝŵŵĂĚĞďǇE'/EZĨŽƌĞǆƚƌĂǁŽƌŬŽƌĐŽƐƚƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚ ŚĂƐďĞĞŶĂƉƉƌŽǀĞĚďǇƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŵƵƐƚďĞĞǀŝĚĞŶĐĞĚďǇĂŶĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐ ŽŶƚƌĂĐƚ͘ŵĞŶĚŵĞŶƚƐŵƵƐƚďĞŝŶǁƌŝƚŝŶŐĂŶĚĞǆĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚďǇƚŚĞƐĂŵĞƉĂƌƚŝĞƐĂŶĚ ŽĨĨŝĐŝĂůƐǁŚŽĞǆĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚƚŚĞŽƌŝŐŝŶĂůŽŶƚƌĂĐƚ͕ŽƌƚŚĞŝƌƐƵĐĐĞƐƐŽƌƐŝŶŽĨĨŝĐĞ͘E'/EZ ŵƵƐƚŶŽƚŝĨǇ/dz͛ƐWƌŽũĞĐƚDĂŶĂŐĞƌŝŶǁƌŝƚŝŶŐŝĨE'/EZǁŝůůďĞĚĞůĂǇĞĚŝŶĂŶǇǁĂǇĨƌŽŵ ĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚ % ƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞŽĨE'/EZ͘ŶǇĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůǇĂŶĚĨƵůůǇĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚ ĂƉƉƌŽǀĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚ ĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ŚĂŶŐĞƐŝŶƚŚĞdŽƚĂů ŽŶƚƌĂĐƚŵŽƵŶƚŽƌƚŚĞŽŶƚƌĂĐƚǆƉŝƌĂƚŝŽŶĂƚĞĂƌĞŶŽƚƉĞƌŵŝƚƚĞĚŝŶĂĐŚĂŶŐĞŽƌĚĞƌ͘ dŚŝƐĐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ & ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚǇƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚ ďǇďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůǇŝŶƚŚĞ ƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌ ƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͕ďǇƚŚĞ ƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝǌĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďǇĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞE'/EZŚĂƐƌĞĂĚ ƚŚŝƐŽŶƚƌĂĐƚ͕ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďǇŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĞǆĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶ ' ŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞĐŽŶƚƌĂĐƚ͘ KDW>/Et/d,>/E^^͕WZD/d^͕EKd,ZZ'h>d/KE^ E'/EZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌǇƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌ $ ƚŚŝƐŽŶƚƌĂĐƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/^E/Ed>>dh>WZKWZdz E'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƐŝƚ $ ĂƉƉůŝĞƐƚŽĂůůĚĂƚĂƉƌŽǀŝĚĞĚďǇ/dzŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚĂŶĚĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂ ĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ ŶǇƌĞƉŽƌƚƐ͕ƐƚƵĚŝĞƐ͕ƉŚŽƚŽŐƌĂƉŚƐ͕ŶĞŐĂƚŝǀĞƐ͕ŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐĐƌĞĂƚĞĚĂŶĚƉĂŝĚĨŽƌďǇE'/EZ % ŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂƌĞŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞŝŶƌĞƐƉĞĐƚƚŽ E'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĂƌĞƚŚĞĞǆĐůƵƐŝǀĞƉƌŽƉĞƌƚǇŽĨ/dz͘E'/EZŵƵƐƚƌĞŵŝƚĂůůƐƵĐŚŵĂƚĞƌŝĂůƐ ƚŽ/dzƵƉŽŶĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞ/dzǁŝůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌ ĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇƌĞƵƐĞŽĨƐƵĐŚŵĂƚĞƌŝĂůƐďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞŝƚǇƐŚĂůů ŐƌĂŶƚƚŚĞE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞĞǆƚĞŶƚŽĨƚŚĞ/dzΖƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞ ƚŚĞE'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘E'/EZǁĂŝǀĞƐĂůůĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞ/dzƌĞƐƵůƚŝŶŐŝŶĂŶǇ ǁĂǇĨƌŽŵĂŶǇƌĞƵƐĞŽĨƚŚĞE'/EZ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŝƌĞĐƚĞĚďǇ/dz͕ƚŚĞŽƌŝŐŝŶĂůƐŽĨƌĞƉŽƌƚƐ͕ĚƌĂǁŝŶŐƐĂŶĚƉůĂŶƐ͖ĂŶĚůĞŐŝďůǇ & ƌĞƉƌŽĚƵĐŝďůĞĐŽƉŝĞƐŽĨǁŽƌŬƐŚĞĞƚƐ͕ĨŝĞůĚŶŽƚĞƐ͕ĐŽŵƉƵƚĂƚŝŽŶƐ͕ĂŶĚŽƚŚĞƌƉƌŽũĞĐƚĚĂƚĂŵƵƐƚďĞ ƌĞůŝŶƋƵŝƐŚĞĚƚŽ/dz͗ hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ ϭ͘ hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĨŝĐĂƚŝŽŶďǇ/dz͘ Ϯ͘ 3DFNHW3J )E WƌŝŽƌƚŽĨŝŶĂůƉĂǇŵĞŶƚďǇ/dzƚŽE'/EZĨŽƌƚŚŝƐŽŶƚƌĂĐƚ͘ ϯ͘ ͘EŽƚǁŝƚŚƐƚĂŶĚŝŶŐƚŚĞĂďŽǀĞƉĂƌĂŐƌĂƉŚƐ͕ǁŽƌŬƉĂƉĞƌƐ͕ƉƌŽƉƌŝĞƚĂƌǇŝŶĨŽƌŵĂƚŝŽŶ͕ƉƌŽĐĞƐƐĞƐ͕ ŵĞƚŚŽĚŽůŽŐŝĞƐ͕ŬŶŽǁͲŚŽǁĂŶĚƐŽĨƚǁĂƌĞ;͞ŶŐŝŶĞĞƌŝŶŐĂƚĂ͟ͿƉƌĞǀŝŽƵƐůǇďĞůŽŶŐŝŶŐŽƌůŝĐĞŶƐĞĚƚŽ ŶŐŝŶĞĞƌĂŶĚƵƐĞĚƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůůƌĞŵĂŝŶƚŚĞƉƌŽƉĞƌƚǇŽĨE'/EZ͘͘ E'/EZƐŚĂůůƌĞƚĂŝŶĂŶŽǁŶĞƌƐŚŝƉĂŶĚƉƌŽƉĞƌƚǇŝŶƚĞƌĞƐƚƚŚĞƌĞŝŶ;ŝŶĐůƵĚŝŶŐƚŚĞĐŽƉǇƌŝŐŚƚĂŶĚƚŚĞ ƌŝŐŚƚŽĨƌĞƵƐĞĂƚƚŚĞĚŝƌĞĐƚŝŽŶŽĨƚŚĞE'/EZͿ͕ǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞWƌŽũĞĐƚŝƐĐŽŵƉůĞƚĞĚ͘dŽƚŚĞ ĞǆƚĞŶƚƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚďǇE'/EZĐŽŶƚĂŝŶŶŐŝŶĞĞƌŝŶŐĂƚĂ͕E'/EZŚĞƌĞďǇŐƌĂŶƚƐƚŽ /dzĂŶŽŶͲĞǆĐůƵƐŝǀĞ͕ŶŽŶͲĂƐƐŝŐŶĂďůĞ͕ƌŽǇĂůƚǇͲĨƌĞĞ͕ŝƌƌĞǀŽĐĂďůĞůŝĐĞŶƐĞƚŽƵƐĞƐƵĐŚŶŐŝŶĞĞƌŝŶŐĂƚĂ ĨŽƌƚŚĞƉƵƌƉŽƐĞƐƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͕ƐƵďũĞĐƚƚŽƚŚĞĨŽůůŽǁŝŶŐůŝŵŝƚĂƚŝŽŶƐ͗ƐƵĐŚŶŐŝŶĞĞƌŝŶŐĂƚĂĂƌĞ ŶŽƚŝŶƚĞŶĚĞĚŽƌƌĞƉƌĞƐĞŶƚĞĚƚŽďĞƐƵŝƚĂďůĞĨŽƌƵƐĞŽƌƌĞƵƐĞďǇ/dzŽŶĞǆƚĞŶƐŝŽŶŽĨƚŚĞWƌŽũĞĐƚŽƌŽŶ ĂŶǇŽƚŚĞƌƉƌŽũĞĐƚǁŝƚŚŽƵƚǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďǇE'/EZĂŶĚĂŶǇƐƵĐŚƌĞƵƐĞŽƌ ŵŽĚŝĨŝĐĂƚŝŽŶŽĨƚŚĞŶŐŝŶĞĞƌŝŶŐĂƚĂǁŝƚŚŽƵƚƚŚĞǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďǇE'/EZ ƐŚĂůůďĞĚŽŶĞĂƚ/dz͛ƐƐŽůĞƌŝƐŬĂŶĚǁŝƚŚŽƵƚůŝĂďŝůŝƚǇƚŽE'/EZ͘ >//>/dz 'ĞŶĞƌĂůͲ,ĂǀŝŶŐĐŽŶƐŝĚĞƌĞĚƚŚĞƉŽƚĞŶƚŝĂůůŝĂďŝůŝƚŝĞƐƚŚĂƚŵĂǇĞǆŝƐƚĚƵƌŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ $ ^ĞƌǀŝĐĞƐ͕ƚŚĞďĞŶĞĨŝƚƐŽĨƚŚĞƉƌŽũĞĐƚ͕ĂŶĚƚŚĞE'/EZ͛ƐĨĞĞĨŽƌƚŚĞ^ĞƌǀŝĐĞƐ͕ĂŶĚŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶ ŽĨƚŚĞƉƌŽŵŝƐĞƐĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕/dzĂŶĚE'/EZĂŐƌĞĞƚŽĂůůŽĐĂƚĞĂŶĚůŝŵŝƚƐƵĐŚ ůŝĂďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐƌƚŝĐůĞ͘ /ŶĚĞŵŶŝĨŝĐĂƚŝŽŶͲE'/EZĂŶĚ/dz;ƚŚĞ͞/ŶĚĞŵŶŝĨǇŝŶŐWĂƌƚǇ͟ͿƐŚĂůůďĞůŝĂďůĞĨŽƌŝƚƐŽǁŶŶĞŐůŝŐĞŶƚ % ĂĐƚƐ͕ĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐƚŽƚŚĞĞǆƚĞŶƚƉƌŽǀŝĚĞĚďǇůĂǁĂŶĚƐƵďũĞĐƚƚŽƚŚĞ/dz͛ƐĐĂƉŽŶŵƵŶŝĐŝƉĂů ƚŽƌƚůŝĂďŝůŝƚǇƵŶĚĞƌDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϰϲϲ͘Ϭϰ͕ĂŶĚŚĞƌĞďǇĂŐƌĞĞƐƚŽĚĞĨĞŶĚ͕ŝŶĚĞŵŶŝĨǇ͕ĂŶĚ ŚŽůĚŚĂƌŵůĞƐƐƚŚĞŽƚŚĞƌ;͞ƚŚĞ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚǇ͟Ϳ͕ĨƌŽŵĂŶǇůŝĂďŝůŝƚǇ͕ĚĂŵĂŐĞƐ͕ĂŶĚĐŽƐƚƐĂƌŝƐŝŶŐ ĨƌŽŵƚŚĞŶĞŐůŝŐĞŶƚĂĐƚƐŽĨE'/EZĂŶĚ/dzĂŶĚĂŶǇŽŶĞĨŽƌǁŚŽƐĞŶĞŐůŝŐĞŶƚĂĐƚƐƚŚĞǇŵĂǇďĞ ůŝĂďůĞĨŽƌŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚŝĐŚƚŚĞ /ŶĚĞŵŶŝĨŝĞĚWĂƌƚǇ͕ŝƚƐŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽǇĞĞƐŵĂǇŚĞƌĞĂĨƚĞƌƐƵƐƚĂŝŶ͕ŝŶĐƵƌŽƌďĞƌĞƋƵŝƌĞĚƚŽƉĂǇƚŽ ƚŚĞĨƵůůĞĨĨĞĐƚƉƌŽǀŝĚĞĚďǇDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϯϯϳ͕ƚŽƚŚĞĞǆƚĞŶƚƚŚĞE'/EZĂŶĚ/dz ĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐƵĐŚůŝĂďŝůŝƚǇ͕ĐŽƐƚƐ͕ĚĂŵĂŐĞƐ͕͕ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞǇƐ͛ĨĞĞƐ͕/ŶƚŚĞĞǀĞŶƚ ĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌĞǆƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďǇƚŚĞũŽŝŶƚŽƌĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨE'/EZ ĂŶĚ/dz͕ƚŚĞǇƐŚĂůůďĞďŽƌŶĞďǇĞĂĐŚƉĂƌƚǇŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ ^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨ & ƚŚŝƐŽŶƚƌĂĐƚŝƐƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶǇƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ tKZ<Z^ΖKDWE^d/KE ŶǇĂŶĚĂůůĞŵƉůŽǇĞĞƐŽĨE'/EZ͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶ $ ƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨĂŶǇǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞ ĐŽŶƐŝĚĞƌĞĚĞŵƉůŽǇĞĞƐŽĨ/dz͘ŶǇĂŶĚĂůůĐůĂŝŵƐƚŚĂƚŵĂǇĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ ĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶǇĂŶĚĂůů ĐůĂŝŵƐŵĂĚĞďǇĂŶǇƚŚŝƌĚƉĂƌƚǇĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶǇĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨE'/EZΖƐ ĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽĞŶŐĂŐĞĚŽŶĂŶǇŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶ ŶŽǁĂǇďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨ/dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐ ŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂǇĞŶƚĞƌŝŶƚŽĂĐŽŶƚƌĂĐƚǁŝƚŚE'/EZ͘ KE^ dŚŝƐƌƚŝĐůĞŝƐŚĞƌĞďǇĚĞůĞƚĞĚ͘ 3DFNHW3J )E /E^hZE ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞĨŽƌĞĂĐŚƚǇƉĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĨŝůĞĚǁŝƚŚ $ ƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚǁŝƚŚŝŶϯϬĚĂǇƐŽĨĞǆĞĐƵƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽ ĐŽŵŵĞŶĐĞŵĞŶƚŽĨĂŶǇǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ĂĐŚƉŽůŝĐǇŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞ ŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ/dzĂϯϬͲĚĂǇŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ E'/EZŵƵƐƚŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌǇĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗ % E'/EZƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƐŝƐ ϭ͘ ƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌǇĨŽƌƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐďǇE'/EZĂŶĚŝƚƐĞŵƉůŽǇĞĞƐ͘ dŚĞE'/EZƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐƐĞƉĂƌĂƚĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĞŶĚŽƌƐĞŵĞŶƚƐĨŽƌ Ϯ͘ ĞĂĐŚƐƵďĐŽŶƐƵůƚĂŶƚ͘E'/EZƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚ ůŝŵŝƚƐĨƌŽŵŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ tŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͗E'/EZǁŝůůƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌ ϯ͘ ĂůůE'/EZĞŵƉůŽǇĞĞƐĂŶĚ͕ŝŶĐĂƐĞĂŶǇǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕E'/EZǁŝůůƌĞƋƵŝƌĞƚŚĞ ƐƵďĐŽŶƚƌĂĐƚŽƌƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌǇ ƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/dzŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ͕ŵƉůŽǇĞƌ͛Ɛ>ŝĂďŝůŝƚǇ͕ĂƚůŝŵŝƚƐŶŽƚ ůĞƐƐƚŚĂŶΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĚŝƐĞĂƐĞƉĞƌĞŵƉůŽǇĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇ ĚŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĂĐĐŝĚĞŶƚ͘ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƚƌĂĐƚŽƌ͛Ɛ ŝŶƐƵƌĂŶĐĞƐŚĂůůďĞĨŝůĞĚǁŝƚŚƚŚĞE'/EZ͘ ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚǇ͗E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵ ϰ͘ ĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐ ŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚǇĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞ ĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďǇE'/EZŽƌďǇĂ ƐƵďĐŽŶƚƌĂĐƚŽƌŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͛Ɛ ůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞƐŚĂůůďĞƉƌŝŵĂƌǇƚŽĂŶǇůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďǇƚŚĞŝƚǇ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐ ĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ D Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ E /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ ŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ D WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚǇ E ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚǇ F EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ G ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚǇ͗E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵ ϱ͘ ĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐ ŽĨƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚǇĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞ ĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐǁĞƌĞďǇE'/EZŽƌďǇ ƐƵďĐŽŶƚƌĂĐƚŽƌŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞE'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐ ĨŽůůŽǁƐ͗ ϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞůŝŵŝƚĨŽƌŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇ Ψ ĂŵĂŐĞ 3DFNHW3J )E /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ͗ ϲ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůů ďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌĐůĂŝŵ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ dŚŝƐƉŽůŝĐǇǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐE'/EZǁŝůůďĞĐŽŵĞůĞŐĂůůǇŽďůŝŐĂƚĞĚƚŽƉĂǇ ƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽE'/EZΖƐ ƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ &ŽƌǁŽƌŬŽŶƌĂŝůƌŽĂĚƉƌŽƉĞƌƚǇ͕E'/EZŵƵƐƚŽďƚĂŝŶZĂŝůƌŽĂĚWƌŽƚĞĐƚŝǀĞ>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞŝŶ ϳ͘ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚDŶͬKd^ƉĞĐŝĨŝĐĂƚŝŽŶϭϳϬϴ͘Ϯ;ϭϵϵϱĚŝƚŝŽŶͿŽƌĂŶǇƐƵďƐĞƋƵĞŶƚĐŚĂŶŐĞƐŽƌ ŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽƚŚŝƐƐƉĞĐŝĨŝĐĂƚŝŽŶ͘ E'/EZŵƵƐƚ͗ & /ŶĐůƵĚĞůĞŐĂůĚĞĨĞŶƐĞĨĞĞƐŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐůŝĂďŝůŝƚǇƉŽůŝĐǇůŝŵŝƚƐ͕ǁŝƚŚƚŚĞĞǆĐĞƉƚŝŽŶŽĨ ϭ͘ WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞĂďŽǀĞ͖ĂŶĚ KďƚĂŝŶŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨƌŽŵĂŶŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶǇŚĂǀŝŶŐĂŶΗD^dΗƌĂƚŝŶŐŽĨͲs///Žƌ Ϯ͘ ďĞƚƚĞƌ͘ /dzƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůǇƌĞƐĐŝŶĚƚŚŝƐŽŶƚƌĂĐƚŝĨE'/EZŝƐŶŽƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚ ' ƚŚĞŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶǇůĞŐĂůƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚE'/EZ͘ hƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚďǇƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůůďĞŽƉĞŶƚŽ ŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵĂǇďĞƌĞƋƵĞƐƚĞĚ͘ >/sZ>^dEZ^ /dzǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĚŝƐĂƉƉƌŽǀĞŽƌƌĞũĞĐƚƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƚŚĂƚĂƌĞĚĞĨĞĐƚŝǀĞ͘ $ E'/EZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐǇŽĨŝƚƐǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂŶĚŵƵƐƚŵĂŬĞƚŝŵĞůǇ ƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐǁŝƚŚŽƵƚĐŽŵƉĞŶƐĂƚŝŽŶƌĞƐƵůƚŝŶŐĨƌŽŵĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽŶƚŚĞƉĂƌƚŽĨ E'/EZ͘dŚĞƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚƚŽ/dzďǇE'/EZŵƵƐƚďĞŽĨƐƵĐŚƋƵĂůŝƚǇƚŚĂƚ ƚŚĞǇĂƌĞƐƵŝƚĂďůĞĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ͘ E'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĂŐƌĞĞĚƚŽŝŶĂŶƚŝĐŝƉĂƚŝŽŶŽĨ % ƚŚĞŽƌĚĞƌůǇĂŶĚĐŽŶƚŝŶƵŽƵƐƉƌŽŐƌĞƐƐŽĨƚŚĞWƌŽũĞĐƚƚŚŽƵŐŚĐŽŵƉůĞƚŝŽŶ͘hŶůĞƐƐƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨ ƚŝŵĞŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐĨŽƌƉƌŽǀŝĚŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŽďůŝŐĂƚŝŽŶƚŽ ƌĞŶĚĞƌƐĞƌǀŝĐĞƐŚĞƌĞƵŶĚĞƌǁŝůůďĞĨŽƌĂƉĞƌŝŽĚǁŚŝĐŚŵĂǇƌĞĂƐŽŶĂďůǇďĞƌĞƋƵŝƌĞĨŽƌƚŚĞĐŽŵƉůĞƚŝŽŶ ŽĨƐĂŝĚƐĞƌǀŝĐĞƐ͘ /ĨŝŶƚŚŝƐŽŶƚƌĂĐƚƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞĨŽƌƌĞŶĚĞƌŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐĞƚĨŽƌƚŚŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐďǇ & ǁŚŝĐŚƐĞƌǀŝĐĞƐĂƌĞƚŽďĞĐŽŵƉůĞƚĞĚĂƌĞƉƌŽǀŝĚĞĚ͕ĂŶĚŝĨƐƵĐŚƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌĚĂƚĞƐĂƌĞĐŚĂŶŐĞĚ ƚŚƌŽƵŐŚŶŽĨĂƵůƚŽĨE'/EZ͕ƚŚĞƌĂƚĞƐĂŶĚĂŵŽƵŶƚƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽǀŝĚĞĚĨŽƌŚĞƌĞŝŶƐŚĂůůďĞ ƐƵďũĞĐƚƚŽĞƋƵŝƚĂďůĞĂĚũƵƐƚŵĞŶƚ͘/Ĩ/dzŚĂƐƌĞƋƵĞƐƚĞĚĐŚĂŶŐĞƐŝŶƚŚĞƐĐŽƉĞ͕ĞǆƚĞŶƚ͕ŽƌĐŚĂƌĂĐƚĞƌŽĨ ƚŚĞWƌŽũĞĐƚ͖ƚŚĞƚŝŵĞŽĨƉĞƌĨŽƌŵĂŶĐĞŽĨE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůůďĞĂĚũƵƐƚĞĚĞƋƵŝƚĂďůǇ͘ EĞŝƚŚĞƌƉĂƌƚǇǁŝůůďĞŚĞůĚƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞůĂǇŽƌĨĂŝůƵƌĞƚŽƉĞƌĨŽƌŵǁŚĞŶƐƵĐŚĚĞůĂǇŽƌĨĂŝůƵƌĞŝƐ ' ĚƵĞƚŽĂŶǇŽĨƚŚĞĨŽůůŽǁŝŶŐ͕ƵŶůĞƐƐƚŚĞĂĐƚŽƌŽĐĐƵƌƌĞŶĐĞĐŽƵůĚŚĂǀĞďĞĞŶƌĞĂƐŽŶĂďůǇĨŽƌĞƐĞĞŶĂŶĚ ƌĞĂƐŽŶĂďůĞĂĐƚŝŽŶĐŽƵůĚŚĂǀĞďĞĞŶƚĂŬĞŶƚŽƉƌĞǀĞŶƚƚŚĞĚĞůĂǇŽƌĨĂŝůƵƌĞ͗ĨŝƌĞ͕ĨůŽŽĚ͕ĞƉŝĚĞŵŝĐ͕ 3DFNHW3J )E ƐƚƌŝŬĞƐ͕ǁĂƌƐ͕ĂĐƚƐŽĨ'ŽĚ͕ƵŶƵƐƵĂůůǇƐĞǀĞƌĞǁĞĂƚŚĞƌ͕ŽƌĚĞůĂǇƐŽƌĚĞĨĂƵůƚƐĐĂƵƐĞĚďǇƉƵďůŝĐĐĂƌƌŝĞƌƐ͕ ƉƌŽǀŝĚĞĚƚŚĞĚĞĨĂƵůƚŝŶŐƉĂƌƚǇŐŝǀĞƐǁƌŝƚƚĞŶŶŽƚŝĐĞĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞƚŽƚŚĞŽƚŚĞƌƉĂƌƚǇŽĨŝƚƐ ŝŶĂďŝůŝƚǇƚŽƉĞƌĨŽƌŵ͘ &ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐŽŶƚƌĂĐƚƚŚĞƚĞƌŵ͞ĚĂǇ͟ŵĞĂŶƐĂĐĂůĞŶĚĂƌĚĂǇŽĨϮϰŚŽƵƌƐ͘ ( Ed/dZh^d E'/EZĂƐƐŝŐŶƐƚŽ/dzĂŶǇĂŶĚĂůůĐůĂŝŵƐĨŽƌŽǀĞƌĐŚĂƌŐĞƐĂƐƚŽƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚ $ ŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚƌĞƐƵůƚŝŶŐĨƌŽŵĂůůĞŐĞĚĂŶƚŝƚƌƵƐƚǀŝŽůĂƚŝŽŶƐ͕ǁŚŝĐŚĂƌŝƐĞƵŶĚĞƌƚŚĞ ĂŶƚŝƚƌƵƐƚůĂǁƐŽĨƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐĂŶĚƐƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͘ K&&//>^EKddKE&/d tŝƚŚŽƵƚƉƌŝŽƌǁƌŝƚƚĞŶĐŽŶƐĞŶƚŽĨ/dz͕E'/EZŵƵƐƚŶŽƚĞŵƉůŽǇĂŶǇƉƌŽĨĞƐƐŝŽŶĂůŽƌƚĞĐŚŶŝĐĂů $ ƉĞƌƐŽŶŶĞůǁŚŽĂƌĞŽƌŚĂǀĞďĞĞŶĂƚĂŶǇƚŝŵĞĚƵƌŝŶŐƚŚĞƚŝŵĞƉĞƌŝŽĚŽĨƚŚŝƐŽŶƚƌĂĐƚŝŶƚŚĞĞŵƉůŽǇŽĨ /dz͕ĞǆĐĞƉƚƌĞƚŝƌĞĚ/dzĞŵƉůŽǇĞĞƐ͕ǁŝƚŚŽƵƚǁƌŝƚƚĞŶĐŽŶƐĞŶƚĨƌŽŵ/dz͘ E'/EZǁĂƌƌĂŶƚƐƚŚĂƚŝƚŚĂƐŶŽƚĞŵƉůŽǇĞĚŽƌƌĞƚĂŝŶĞĚĂŶǇĐŽŵƉĂŶǇŽƌƉĞƌƐŽŶ͕ŽƚŚĞƌƚŚĂŶĂďŽŶĂ % ĨŝĚĞĞŵƉůŽǇĞĞǁŽƌŬŝŶŐƐŽůĞůǇĨŽƌE'/EZ͕ƚŽƐŽůŝĐŝƚŽƌƐĞĐƵƌĞƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚƚŚĂƚE'/EZ ŚĂƐŶŽƚƉĂŝĚŽƌĂŐƌĞĞĚƚŽƉĂǇĂŶǇĐŽŵƉĂŶǇŽƌƉĞƌƐŽŶ͕ŽƚŚĞƌƚŚĂŶĂďŽŶĂĨŝĚĞĞŵƉůŽǇĞĞǁŽƌŬŝŶŐĨŽƌ E'/EZ͕ĂŶǇĨĞĞ͕ĐŽŵŵŝƐƐŝŽŶƐ͕ƉĞƌĐĞŶƚĂŐĞ͕ďƌŽŬĞƌĂŐĞĨĞĞ͕ŐŝĨƚƐ͕ŽƌĂŶǇŽƚŚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ ĐŽŶƚŝŶŐĞŶƚƵƉŽŶŽƌƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞĂǁĂƌĚŽĨŵĂŬŝŶŐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ E>>d/KE dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐĂŶĐĞůĞĚďǇ/dzǁŝƚŚŝŶϯϬĚĂǇƐ͕ĂƚĂŶǇƚŝŵĞ͕ǁŝƚŚŽƌǁŝƚŚŽƵƚĐĂƵƐĞ͕ƵƉŽŶ $ ǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞE'/EZ͘/ŶƚŚĞĞǀĞŶƚŽĨƐƵĐŚĐĂŶĐĞůůĂƚŝŽŶE'/EZǁŝůůďĞĞŶƚŝƚůĞĚƚŽ ƉĂǇŵĞŶƚ͕ĚĞƚĞƌŵŝŶĞĚŽŶƉƌŽƌĂƚĂďĂƐŝƐ͕ĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉĞƌĨŽƌŵĞĚŽƌĚĞůŝǀĞƌĞĚ͘ /ŶƚŚĞĞǀĞŶƚ/dzĐĂŶŶŽƚŽƌĚŽĞƐŶŽƚŽďƚĂŝŶĨƵŶĚŝŶŐ͕ŽƌĨƵŶĚŝŶŐĐĂŶŶŽƚďĞĐŽŶƚŝŶƵĞĚĂƚĂůĞǀĞů % ƐƵĨĨŝĐŝĞŶƚƚŽĂůůŽǁĨŽƌƚŚĞƉƵƌĐŚĂƐŝŶŐŽĨƚŚĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐĐŽŶƚĂŝŶĞĚŚĞƌĞŝŶ͕ƚŚŝƐŽŶƚƌĂĐƚ ŵĂǇďĞĐĂŶĐĞůĞĚǁŝƚŚŝŶϯϬĚĂǇƐ͕Ăƚ/dzΖƐŽƉƚŝŽŶ͕ďǇǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶĚĞůŝǀĞƌĞĚŝŶ ƉĞƌƐŽŶ͕ďǇŵĂŝů͕ŽƌĨĂĐƐŝŵŝůĞƚŽE'/EZĂƚƚŚĞĂĚĚƌĞƐƐƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘/dzǁŝůůŶŽƚďĞ ŽďůŝŐĂƚĞĚƚŽƉĂǇĨŽƌĂŶǇƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇE'/EZĂĨƚĞƌƐƵĐŚŶŽƚŝĐĞŽĨ ĐĂŶĐĞůůĂƚŝŽŶ͘ ͘/ĨŝƚǇĨĂŝůƐƚŽŵĂŬĞĂŶǇƉĂǇŵĞŶƚĚƵĞƚŽE'/EZĨŽƌƐĞƌǀŝĐĞƐƐĂƚŝƐĨĂĐƚŽƌŝůǇƉĞƌĨŽƌŵĞĚĂŶĚ ĞǆƉĞŶƐĞƐǁŝƚŚŝŶƚŚŝƌƚǇĚĂǇƐĂĨƚĞƌƚŚĞĚĂƚĞŽĨE'/EZ͛ƐŝŶǀŽŝĐĞ͕E'/EZŵĂǇ͕ĂĨƚĞƌŐŝǀŝŶŐƐĞǀĞŶ ĚĂǇƐǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽ/dz͕ĂŶĚǁŝƚŚŽƵƚǁĂŝǀŝŶŐĂŶǇĐůĂŝŵŽƌƌŝŐŚƚĂŐĂŝŶƐƚ/dzĂŶĚǁŝƚŚŽƵƚ ŝŶĐƵƌƌŝŶŐůŝĂďŝůŝƚǇǁŚĂƚƐŽĞǀĞƌƚŽ/dz͕ƐƵƐƉĞŶĚƐĞƌǀŝĐĞƐĂŶĚǁŝƚŚŚŽůĚƉƌŽũĞĐƚĚĞůŝǀĞƌĂďůĞƐĚƵĞƵŶĚĞƌ ƚŚŝƐŽŶƚƌĂĐƚƵŶƚŝůE'/EZŚĂƐďĞĞŶƉĂŝĚŝŶĨƵůůĂůůĂŵŽƵŶƚƐĚƵĞĨŽƌƐĞƌǀŝĐĞƐ͕ĞǆƉĞŶƐĞƐĂŶĚ ĐŚĂƌŐĞƐ͘ ZZKZ^KZKD/^^/KE^ E'/EZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐǇŽĨŝƚƐǁŽƌŬĂŶĚŵƵƐƚƉƌŽŵƉƚůǇŵĂŬĞŶĞĐĞƐƐĂƌǇ $ ƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐƌĞƐƵůƚŝŶŐĨƌŽŵE'/EZΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚ ĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬďǇ/dzǁŝůůŶŽƚƌĞůŝĞǀĞE'/EZŽĨƚŚĞ ƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶǇ ĂŵďŝŐƵŝƚŝĞƐ͘ 3DFNHW3J )E ƚĂŶǇƚŝŵĞĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶŽƌĂŶǇƉŚĂƐĞŽĨǁŽƌŬƉĞƌĨŽƌŵĞĚďǇŽƚŚĞƌƐďĂƐĞĚŽŶĚĂƚĂƉƌŽǀŝĚĞĚ % ďǇE'/EZ͕E'/EZŵƵƐƚĐŽŶĨĞƌǁŝƚŚ/dzǁŚĞŶŶĞĐĞƐƐĂƌǇĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨŝŶƚĞƌƉƌĞƚŝŶŐƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶƐĞĐƵƌĞĚĂŶĚͬŽƌƚŽĐŽƌƌĞĐƚĂŶǇĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞďǇE'/EZ͘E'/EZ ŵƵƐƚƉƌĞƉĂƌĞĂŶǇĂŶĚĂůůƉůĂŶƐŽƌĚĂƚĂŶĞĞĚĞĚƚŽĐŽƌƌĞĐƚƚŚĞĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚ ĂĚĚĞĚĐŽŵƉĞŶƐĂƚŝŽŶ͕ĞǀĞŶƚŚŽƵŐŚĨŝŶĂůƉĂǇŵĞŶƚŵĂǇĂůƌĞĂĚǇŚĂǀĞďĞĞŶƌĞĐĞŝǀĞĚďǇE'/EZ͘ E'/EZŵƵƐƚŐŝǀĞŝŵŵĞĚŝĂƚĞĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŚĂŶŐĞƐƐŽƚŚĞƌĞǁŝůůďĞŵŝŶŝŵĂůĚĞůĂǇƚŽƚŚĞ ƉƌŽũĞĐƚ͘ /ĨŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂƌĞŵĂĚĞďǇE'/EZŝŶĂŶǇƉŚĂƐĞŽĨƚŚĞǁŽƌŬ͕ƚŚĞ & ĐŽƌƌĞĐƚŝŽŶŽĨǁŚŝĐŚŵĂǇƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZǁŝůůďĞƉƌŽŵƉƚůǇŶŽƚŝĨŝĞĚ ďǇ/dzĂŶĚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƐƵĐŚĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞ ŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘/ĨƚŚĞ E'/EZŝƐĂǁĂƌĞŽĨĂŶǇŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞŝŶĂŶǇƉŚĂƐĞŽĨŝƚƐǁŽƌŬ͕ƚŚĞ ĐŽƌƌĞĐƚŝŽŶƐŽĨǁŚŝĐŚŵĂǇƌĞƋƵŝƌĞĂŶǇĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZŵƵƐƚƉƌŽŵƉƚůǇ ƉĞƌĨŽƌŵƐƵĐŚĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕Žƌ ŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘ E'/EZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶǇĚĂŵĂŐĞƐŝŶĐƵƌƌĞĚĂƐĂƌĞƐƵůƚŽĨŝƚƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕Žƌ ' ŽŵŝƐƐŝŽŶƐĂŶĚĨŽƌĂŶǇůŽƐƐŽƌĐŽƐƚƚŽƌĞƉĂŝƌŽƌƌĞŵĞĚǇE'/EZΖƐĞƌƌŽƌƐ͕ŽŵŝƐƐŝŽŶƐŽƌŶĞŐůŝŐĞŶƚ ĂĐƚƐ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬďǇ/dzǁŝůůŶŽƚƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚ ĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇƐƵĐŚŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐ͕ŽƌŽĨůŝĂďŝůŝƚǇĨŽƌůŽƐƐŽƌĚĂŵĂŐĞƌĞƐƵůƚŝŶŐ ƚŚĞƌĞĨƌŽŵ͘ E'/EZŵƵƐƚƌĞƐƉŽŶĚƚŽ/dzΖƐŶŽƚŝĐĞŽĨĂŶǇĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŝŶƌĞĂƐŽŶĂďůĞƚŝŵĞĂŶĚ ( ŐŝǀĞŝŵŵĞĚŝĂƚĞĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŽƌƌĞĐƚŝŽŶƐƚŽŵŝŶŝŵŝǌĞĂŶǇĚĞůĂǇƐƚŽƚŚĞE'/EZ͘ /^WhdZ^K>hd/KE DĞĚŝĂƚŝŽŶ͘ŶǇĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐǇŽƌĚŝƐƉƵƚĞĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞƐƵďũĞĐƚƚŽŶŽŶͲ $ ďŝŶĚŝŶŐŵĞĚŝĂƚŝŽŶĂƐĂĐŽŶĚŝƚŝŽŶƉƌĞĐĞĚĞŶƚƚŽƚŚĞŝŶƐƚŝƚƵƚŝŽŶŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐďǇ ĞŝƚŚĞƌƉĂƌƚǇ͘dŚĞŵĞĚŝĂƚŝŽŶƐŚĂůůďĞĐŽŶĚƵĐƚĞĚŝŶKůŵƐƚĞĚŽƵŶƚǇ͕DŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂŝǀŝůDĞĚŝĂƚŝŽŶĐƚ͕DŝŶŶ͘^ƚĂƚ͘ϱϳϮ͘ϯϭ͕Ğƚ͕͘ƐĞƋ͘ŶǇĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐǇŽƌ 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YƵĞƐƚŝŽŶ͗tŚĂƚŚĂƉƉĞŶĞĚƚŚĂƚƚŚĞƉƌŽũĞĐƚĚŝĚŶŽƚŐĞƚĚŽŶĞĚƵƌŝŶŐƚŚĞŝŶŝƚŝĂůĨŝǀĞǇĞĂƌƐĨƌŽŵϮϬϭϯƚŽ ϮϬϭϴ͍ ŶƐǁĞƌ͗KǁŶĞƌƌĞƉůŝĞĚƚŚĂƚĂƉƌŽũĞĐƚƚŽďƵŝůĚĂ,ŽůŝĚĂǇ/ŶŶ,ŽƚĞůǁĂƐďƌŽƵŐŚƚĨŽƌǁĂƌĚŝŶϮϬϭϱͬϮϬϭϲďǇ ƌƵƚŐĞƌƋƵŝƚŝĞƐ͘dŚĞƉƌŽũĞĐƚŚĂĚĂƉƵďůŝĐĨŝŶĂŶĐŝŶŐĐŽŵƉŽŶĞŶƚƚŚĂƚŚĂĚĂƉƵďůŝĐƉĂƌŬŝŶŐůŽƚ͕ĂĐĐĞƐƐƚŽ ^ƚDĂƌǇ͛ƐĂŶĚŽƚŚĞƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝŵƉƌŽǀĞŵĞŶƚƐ͘dŚŝƐƉƌŽũĞĐƚŚĂĚĨŝŶĂŶĐŝŶŐĂƚƚĂĐŚĞĚĨŽƌƚŚĞƉƌŝǀĂƚĞ ŝŵƉƌŽǀĞŵĞŶƚƐďƵƚŶŽƚƚŚĞƉƵďůŝĐŝŵƉƌŽǀĞŵĞŶƚƐ͘hůƚŝŵĂƚĞůǇ͕ƌƵƚŐĞƌƉƵůůĞĚƚŚĞƉƌŽũĞĐƚǁŚĞŶƚŚĞD ǁĂƐŶŽƚĂďůĞƚŽƉƌŽǀŝĚĞĂƐƐŝƐƚĂŶĐĞǁŝƚŚƚŚĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘KƚŚĞƌĚĞǀĞůŽƉĞƌƐŚĂǀĞŶŽƚůŽŽŬĞĚƐĞƌŝŽƵƐůǇ ĂƚƚŚŝƐƉĂƌĐĞůĚƵĞƚŽĂƐƐŽƌƚĞĚƐƚŝŐŵĂƐĨƌŽŵƚŚĞ,ŽůŝĚĂǇ/ŶŶƉƌŽũĞĐƚ͘ YƵĞƐƚŝŽŶ͗tŚǇƚŚĞƐĞǀĞŶǇĞĂƌƐŝŶƐƚĞĂĚŽĨĨŝǀĞǇĞĂƌƐ͍ ŶƐǁĞƌ͗/ƚŝƐĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚƚŚĞƉƌŽũĞĐƚǁŝůůŐŽƚŚƌŽƵŐŚƚŚĞĚĞǀĞůŽƉŵĞŶƚƉůĂŶŶŝŶŐ͕ĚĞƐŝŐŶƉƌŽĐĞƐƐ͕ ĂƉƉƌŽǀĂů͕ĨŝŶĂŶĐŝŶŐĂŶĚŽƚŚĞƌƌĞƋƵŝƌĞĚƌĞǀŝĞǁƐĂŶĚĂƉƉƌŽǀĂůƐĂŶĚǁŽƵůĚďĞƌĞĂĚǇƚŽďƵŝůĚǁŚĞŶƚŚĞ ^ĞĐŽŶĚ^ƚƌĞĞƚŝŵƉƌŽǀĞŵĞŶƚƐĂƌĞĐŽŵƉůĞƚĞĚ͘dŚĞƌĞǁŝůůďĞĂƉƉƌŽǆŝŵĂƚĞůǇƚǁŽǇĞĂƌƐŽĨĐŽŶƐƚƌƵĐƚŝŽŶŝŶ ĨƌŽŶƚŽĨƚŚĞƉĂƌĐĞů͘/ƚƚĂŬĞƐƚŝŵĞƚŽůŝŶĞƵƉĨŝŶĂŶĐŝŶŐŝŶƚŚĞΨϴϬƚŽΨϭϬϬŵŝůůŝŽŶƌĂŶŐĞ͘ŽŵŵƵŶŝƚǇĂŶŬƐ ĐĂŶŶŽƚŝŶĚŝǀŝĚƵĂůůǇŵĂŬĞůŽĂŶƐŽĨƚŚŝƐĂŵŽƵŶƚ͘>ĂƌŐĞƌďĂŶŬƐŚĂǀĞĚŝĨĨĞƌĞŶƚ͕ŐĞŶĞƌĂůůǇůŽŶŐĞƌ͕ĂƉƉƌŽǀĂů ƉƌŽĐĞĚƵƌĞƐ͘ YƵĞƐƚŝŽŶ͗ĂŶǇŽƵŐĞƚƚŚĞƉƌŽũĞĐƚĚŽŶĞĞĂƌůŝĞƌ͍ ŶƐǁĞƌ͗KǁŶĞƌƌĞƉůŝĞĚƚŚĂƚƚŚĞƉƌŽũĞĐƚǁŝůůŶĞĞĚƚŽŐĞƚƐƚĂŐĞĚĂůŽŶŐĞŝƚŚĞƌ^ĞĐŽŶĚ^ƚƌĞĞƚ͕&ŝƌƐƚ^ƚƌĞĞƚ ^tŽƌϭϯ ƚŚ ǀĞŶƵĞ͘dŚĞƌĞǁŝůůďĞĐŽŶƐƚƌƵĐƚŝŽŶƉƌŽũĞĐƚƐŽŶƚǁŽŽĨƚŚĞƐĞƐƚƌĞĞƚƐ͘dŚŝƐƉƌŽũĞĐƚǁŝůůŚĂǀĞ ŵŽƌĞĚĞŶƐŝƚǇŽŶƚŚĞƉĂƌĐĞů;ϭ͘ϮϴĂĐƌĞƐͿĂŶĚƚŚĂƚƚŚĞƐƚĂŐŝŶŐǁŝůůŶĞĞĚƚŽďĞĚĞƐŝŐŶĂƚĞĚĨŽƌǀĞƌƚŝĐĂů ĐŽŶƐƚƌƵĐƚŝŽŶ͘ YƵĞƐƚŝŽŶ͗,ŽǁůŽŶŐĚŝĚǇŽƵƌDŝƌĂĐůĞDŝůĞƉƌŽũĞĐƚƚĂŬĞ͍ ŶƐǁĞƌ͗:ĂǀŽŶĞĂƌĞƐƉŽŶĚĞĚƚŚĂƚƚŚĞDŝƌĂĐůĞDĂƌŬĞƚƉƌŽũĞĐƚŝƐĂΨϯϴDŝůůŝŽŶƉƌŽũĞĐƚĐŽŵƉĂƌĞĚƚŽƚŚĞ ƉŽƚĞŶƚŝĂůΨϴϬͲΨϭϬϬŬŽĨĂ^ĞĐŽŶĚ^ƚƌĞĞƚƉƌŽũĞĐƚ͘/ƚƚŽŽŬŶĞĂƌůǇĨŽƵƌǇĞĂƌƐĨƌŽŵƚŚĞƚŝŵĞƚŚĞƉƌŽĐĞƐƐǁĂƐ ƐƚĂƌƚĞĚƚŽĐŽŵƉůĞƚŝŽŶ͘ YƵĞƐƚŝŽŶ͗tŚĂƚŚĂƉƉĞŶƐŝĨƚŚĞůŽƚŝƐĐůŽƐĞĚ͍ ŶƐǁĞƌ͗dŝŵ,ĂǁŬŝŶƐ͕ǁŝƚŚ<WE͕ŝŶĚŝĐĂƚĞĚƚŚĂƚŚĞǁŽƵůĚĞǆƉĞĐƚƉĂƌŬĞƌƐƚŽĚŝƐďƵƌƐĞƚŚƌŽƵŐŚƚŚĞ <ƵƚǌŬǇŶĞŝŐŚďŽƌŚŽŽĚ͘WĂƌĂůůĞůĚŝƐĐƵƐƐŝŽŶĨŽůůŽǁĞĚĂďŽƵƚƌĞƐŝĚĞŶƚŝĂůďĂĐŬǇĂƌĚƐďĞŝŶŐƚƵƌŶĞĚŝŶƚŽ ƵŶƉĞƌŵŝƚƚĞĚƉĂƌŬŝŶŐůŽƚƐ͘ YƵĞƐƚŝŽŶ͗,ŽǁĚŽǁĞŬŶŽǁǇŽƵǁŝůůŶŽƚŬĞĞƉŝƚĂƐĂƉĂƌŬŝŶŐůŽƚŝŶĚĞĨŝŶŝƚĞůǇ͍ 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