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ĐŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƌĞŐƵůĂƚŝŽŶƐĂƉƉůŝĐĂďůĞƚŽƚŚĞŝƌǁŽƌŬĞŶǀŝƌŽŶŵĞŶƚ͘dŚŝƐŝŶĐůƵĚĞƐĂůůĞŵƉůŽǇĞĞƐ x ^ŽŝůƐŵƵƐƚďĞƐůŽƉĞĚƉĞƌƐŽŝůĐůĂƐƐŝĨŝĐĂƚŝŽŶŽƌƉĞƌƐƉĞĐŝĨŝĐƐŝƚĞƌĞƋƵŝƌĞŵĞŶƚƐ͘ ĨƌŽŵĂůůƐƵďĐŽŶƚƌĂĐƚŽƌƐǁŚŽŵĂǇǁŽƌŬŽŶƐŝƚĞ͘dŚŝƐ:ŽďƐŝƚĞŵƉůŽǇĞĞKƌŝĞŶƚĂƚŝŽŶǁŝůůďĞƵƐĞĚƚŽ x ƌĂĐŝŶŐ͕ƐŚŽƌŝŶŐĂŶĚƵŶĚĞƌƉŝŶŶŝŶŐŵƵƐƚŵĞĞƚďĞƐƵƉĞƌǀŝƐĞĚďǇĂĐŽŵƉĞƚĞŶƚƉĞƌƐŽŶ͘ x ůůƚƌĞŶĐŚĞƐĂŶĚĞǆĐĂǀĂƚŝŽŶƐϰĨĞĞƚŽƌŐƌĞĂƚĞƌŝŶĚĞƉƚŚŵƵƐƚŚĂǀĞĂƐĂĨĞŵĞĂŶƐŽĨĞŐƌĞƐƐǁŝƚŚŝŶϮϱĨƚ͘ ƉƌŽŵŽƚĞƐĂĨĞƚǇĂƚƚŚĞƚŝŵĞƚŚĞŶĞǁǁŽƌŬĞƌďĞŐŝŶƐǁŽƌŬŽŶŚŝƐŽƌŚĞƌĨŝƌƐƚĚĂǇŽŶƐŝƚĞ͘ ϱ͘ůĞĐƚƌŝĐĂů^ĂĨĞƚǇ͗ WƌŽĐĞĚƵƌĞ x ůůĞůĞĐƚƌŝĐĂůĐŽƌĚƐĂŶĚĞƋƵŝƉŵĞŶƚƐŚĂůůďĞŝŶƐƉĞĐƚĞĚĚĂŝůǇĂŶĚŵƵƐƚďĞŝŵŵĞĚŝĂƚĞůǇƌĞŵŽǀĞĚĨƌŽŵ ƐĞƌǀŝĐĞŝĨĚĞĨĞĐƚŝǀĞ͘ ͘ůůŽŶƐŝƚĞǁŽƌŬĞƌƐŝŶĐůƵĚŝŶŐƐƵďĐŽŶƚƌĂĐƚŽƌĞŵƉůŽǇĞĞƐǁŝůůŝŵŵĞĚŝĂƚĞůǇƌĞƉŽƌƚƚŽƚŚĞũŽďƐŝƚĞ x '&/͛ƐĂƌĞƌĞƋƵŝƌĞĚĂƚĂůůƚŝŵĞƐ͘ ƚƌĂŝůĞƌͬŽĨĨŝĐĞĨŽƌĂ:ŽďƐŝƚĞŵƉůŽǇĞĞKƌŝĞŶƚĂƚŝŽŶŽŶƚŚĞŝƌĨŝƌƐƚĚĂǇŽŶƐŝƚĞ͘ x KŶůǇĂƵƚŚŽƌŝǌĞĚĞůĞĐƚƌŝĐŝĂŶƐĂƌĞĂůůŽǁĞĚƚŽƉĞƌĨŽƌŵǁŽƌŬŽŶƉƌŝŵĂƌǇĞůĞĐƚƌŝĐĂůƐǇƐƚĞŵƐ͘ ͘dŚĞũŽďƐŝƚĞĞŵƉůŽǇĞĞŽƌŝĞŶƚĂƚŝŽŶǁŝůůĐŽŶƐŝƐƚŽĨƚŚĞƐƵƉĞƌŝŶƚĞŶĚĞŶƚͬĨŽƌĞŵĂŶƌĞǀŝĞǁŝŶŐũŽďƐŝƚĞ x ůůĐŝƌĐƵŝƚƐŵƵƐƚďĞĚĞͲĞŶĞƌŐŝǌĞĚǁŝƚŚĂƉƉƌŽƉƌŝĂƚĞůŽĐŬŽƵƚͬƚĂŐŽƵƚƉƌŽĐĞĚƵƌĞƐŝŶƉůĂĐĞǁŚĞŶƌĞƋƵŝƌĞĚ͘ ƌƵůĞƐĂŶĚũŽďƐŝƚĞƐƉĞĐŝĨŝĐŚĂǌĂƌĚƐǁŚŝĐŚĂƌĞŽƵƚůŝŶĞĚŝŶƚŚĞ:ŽďƐŝƚĞŵƉůŽǇĞĞKƌŝĞŶƚĂƚŝŽŶ x /ĚĞŶƚŝĨǇƉŽǁĞƌůŝŶĞƐĂŶĚĚĞƚĞƌŵŝŶĞƉƌŽƉĞƌƐĂĨĞƚǇƉƌĞĐĂƵƚŝŽŶƐ͘ĞͲĞŶĞƌŐŝǌĞͬƌĞůŽĐĂƚĞͬĚŝƐƚĂŶĐĞ͘ ϲ͘&ĂůůWƌŽƚĞĐƚŝŽŶ͗ ŚĞĐŬůŝƐƚ;ƉƉĞŶĚŝǆ͍Ϳ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞƐƵƉĞƌŝŶƚĞŶĚĞŶƚͬĨŽƌĞŵĂŶǁŝůůĞŶĚĞĂǀŽƌƚŽŶŽƚĞĂŶǇ x ϭϬϬйƚŝĞŽĨĨŝƐƌĞƋƵŝƌĞĚǁŚĞŶĞǆƉŽƐĞĚƚŽĂĨĂůůƉŽƚĞŶƚŝĂůϲ͛ŽƌŐƌĞĂƚĞƌĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂůůK^, ƐƉĞĐŝĂůǁŽƌŬĐŽŶĚŝƚŝŽŶƐͬŚĂǌĂƌĚƐƚŚĂƚŵĂǇďĞƉƌĞƐĞŶƚƚŚĞĚĂǇŽĨƚŚĞŽƌŝĞŶƚĂƚŝŽŶ͘ ƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĂƉƉůŝĐĂďůĞƐĐŽƉĞƐŽĨǁŽƌŬŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͕ƚŚĞĨŽůůŽǁŝŶŐ͗ƐƚĞĞůĞƌĞĐƚŝŽŶ͕ ͘dŚĞǁŽƌŬĞƌǁŝůůƚŚĞŶǀŝĞǁĂŶĞǁĞŵƉůŽǇĞĞŽƌŝĞŶƚĂƚŝŽŶǀŝĚĞŽŝĨƚŚĞǇŚĂǀĞŶŽƚĂůƌĞĂĚǇĚŽŶĞƐŽ͘ ŽǀĞƌŚĂŶĚďƌŝĐŬůĂǇŝŶŐ͕ĐĞƌƚĂŝŶƌŽŽĨŝŶŐĂĐƚŝǀŝƚŝĞƐĂŶĚǁŽƌŬŝŶŐĨƌŽŵůĂĚĚĞƌƐŽƌƐĐĂĨĨŽůĚŝŶŐ͘ tŽƌŬĞƌƐĂƌĞƌĞƋƵŝƌĞĚƚŽǁĂƚĐŚƚŚĞ<:ŽďƐŝƚĞŵƉůŽǇĞĞKƌŝĞŶƚĂƚŝŽŶǀŝĚĞŽĂƚĂŵŝŶŝŵƵŵŽĨ x 'ƵĂƌĚƌĂŝůƐŵƵƐƚďĞĐŽŶƐƚƌƵĐƚĞĚͬĂŶĚŵĂŝŶƚĂŝŶĞĚƉĞƌK^,ƌĞƋƵŝƌĞŵĞŶƚƐ͘ ŽŶĐĞƉĞƌĐĂůĞŶĚĂƌǇĞĂƌ͘ x ůůŽƉĞŶŝŶŐƐϮŝŶĐŚĞƐŽƌŐƌĞĂƚĞƌŵƵƐƚďĞĐŽǀĞƌĞĚ͕ƐĞĐƵƌĞĚĂŶĚĐĂƉĂďůĞŽĨǁŝƚŚƐƚĂŶĚŝŶŐϮƚŝŵĞƐƚŚĞ ŵĂǆŝŵƵŵŝŶƚĞŶĚĞĚůŽĂĚĂŶĚŵĂƌŬĞĚĂƉƉƌŽƉƌŝĂƚĞůǇǁŝƚŚƚŚĞǁŽƌĚ͞,ŽůĞ͟Žƌ͞ŽǀĞƌ͘͟ ͘tŽƌŬĞƌƐĂƌĞƌĞƋƵŝƌĞĚƚŽƐŝŐŶŽĨĨŽŶƚŚĞ:ŽďƐŝƚĞKƌŝĞŶƚĂƚŝŽŶŚĞĐŬůŝƐƚĐŬŶŽǁůĞĚŐĞŵĞŶƚĨŽƌŵ x ůůĨĂůůƉƌŽƚĞĐƚŝŽŶŵƵƐƚďĞŝŶƐƉĞĐƚĞĚĚĂŝůǇĂŶĚƵƚŝůŝǌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂůůK^,ƌĞƋƵŝƌĞŵĞŶƚƐ͘ ĂŶĚǁŝůůƚŚĞŶƌĞĐĞŝǀĞĂŚĂƌĚŚĂƚĚĞĐĂůŝŶĚŝĐĂƚŝŶŐĐŽŵƉůĞƚŝŽŶ͘ x /ŵƉĂůĞŵĞŶƚƉƌŽƚĞĐƚŝŽŶƐŚĂůůďĞƵƚŝůŝǌĞĚŽŶĂůůŝŵƉĂůĞŵĞŶƚŚĂǌĂƌĚƐ͘ ͘ĚĂƚĞǁŝůůďĞŵĂƌŬĞĚŽŶƚŚĞĚĞĐĂůŝŶĚŝĐĂƚŝŶŐƚŚĞĚĂǇƚŚĞǁŽƌŬĞƌƉĂƌƚŝĐŝƉĂƚĞĚŝŶƚŚĞũŽďƐŝƚĞ x >ĂĚĚĞƌƐŵƵƐƚďĞŝŶƐƉĞĐƚĞĚĚĂŝůǇ͕ĞƌĞĐƚĞĚƉƌŽƉĞƌůǇ͕ĂŶĚƵƚŝůŝǌĞĚŵĞĞƚŝŶŐĂůůK^,ƌĞƋƵŝƌĞŵĞŶƚƐ͘ ĞŵƉůŽǇĞĞŽƌŝĞŶƚĂƚŝŽŶĂŶĚǀŝĞǁĞĚƚŚĞǀŝĚĞŽ͘ x ^ĐĂĨĨŽůĚƐŵƵƐƚďĞĞƌĞĐƚĞĚďǇĂĐŽŵƉĞƚĞŶƚƉĞƌƐŽŶĂŶĚŵĞĞƚĂůůĂƉƉůŝĐĂďůĞK^,ƌĞƋƵŝƌĞŵĞŶƚƐ͘ &͘,ĂƌĚŚĂƚĚĞĐĂůƐǁŝůůďĞƉůĂĐĞĚŽŶƚŚĞŚĂƌĚŚĂƚ͘ &ŝƌĞWƌŽƚĞĐƚŝŽŶ͗ ϳ ͘ x ůůŝŶĚŝǀŝĚƵĂůƐŵƵƐƚďĞƚƌĂŝŶĞĚŝŶƚŚĞƉƌŽƉĞƌƵƐĞĂŶĚŝŶƐƉĞĐƚŝŽŶŽĨĨŝƌĞĨŝŐŚƚŝŶŐĞƋƵŝƉŵĞŶƚ͘ '͘ůůŽŶƐŝƚĞǁŽƌŬĞƌƐǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉĂƌƚŝĐŝƉĂƚĞŝŶĂ:ŽďƐŝƚĞŵƉůŽǇĞĞKƌŝĞŶƚĂƚŝŽŶŽŶĂůů< x &ůĂŵŵĂďůĞůŝƋƵŝĚƐŵƵƐƚďĞƐƚŽƌĞĚŝŶĂƉƉƌŽǀĞĚĐŽŶƚĂŝŶĞƌƐŽƵƚƐŝĚĞŽĨƚŚĞďƵŝůĚŝŶŐ͘ ũŽďƐŝƚĞƐďǇƌĞǀŝĞǁŝŶŐĂŶĚƐŝŐŶŝŶŐƚŚĞ:ŽďƐŝƚĞŵƉůŽǇĞĞKƌŝĞŶƚĂƚŝŽŶŚĞĐŬůŝƐƚ͘ x ,ŽƚǁŽƌŬƉĞƌŵŝƚƐŵƵƐƚďĞƐƚƌŝĐƚůǇĨŽůůŽǁĞĚǁŝƚŚĂĚĞƐŝŐŶĂƚĞĚĨŝƌĞǁĂƚĐŚŝŶƉůĂĐĞ͘ ,͘ŶǇǁŽƌŬĞƌŶŽƚŚĂǀŝŶŐĂƉƌŽƉĞƌŚĂƌĚŚĂƚĚĞĐĂůŽƌŽŶĞƚŚĂƚǁĂƐŶŽƚŝƐƐƵĞĚŝŶƚŚĞƉĂƐƚĐĂůĞŶĚĂƌ x &ŝƌĞĞǆƚŝŶŐƵŝƐŚĞƌƐŵƵƐƚďĞŝŵŵĞĚŝĂƚĞůǇĂǀĂŝůĂďůĞĨŽƌĂůůŚŽƚǁŽƌŬ͘ ǇĞĂƌǁŝůůŶĞĞĚƚŽǀŝĞǁƚŚĞ<:ŽďƐŝƚĞŵƉůŽǇĞĞKƌŝĞŶƚĂƚŝŽŶǀŝĚĞŽƉƌŝŽƌƚŽŐŽŝŶŐŽŶƐŝƚĞ͘ x ůůƉƌŝŵĂƌǇǁĂůŬǁĂǇƐ͕ƐƚĂŝƌǁĂǇƐĂŶĚŵĞĂŶƐŽĨĞŐƌĞƐƐŵƵƐƚďĞĨƌĞĞŽĨŽďƐƚƌƵĐƚŝŽŶƐ͘ /͘ĞůŝǀĞƌǇĚƌŝǀĞƌƐĂƌĞŶŽƚƌĞƋƵŝƌĞĚƚŽƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞ:ŽďƐŝƚĞŵƉůŽǇĞĞKƌŝĞŶƚĂƚŝŽŶďƵƚǁŝůůďĞ ƌĂŶĞĂŶĚ,ŽŝƐƚŝŶŐ^ĂĨĞƚǇ͗ ϴ͘ ƌĞƋƵŝƌĞĚƚŽĨŽůůŽǁĂůůƌƵůĞƐĨŽƌƚŚĞƐŝƚĞ͘x ůůĐƌĂŶĞŽƉĞƌĂƚŽƌƐ͕ƐŝŐŶĂůĞƌƐĂŶĚƌŝŐŐĞƌƐŵƵƐƚƐƵďŵŝƚĐƵƌƌĞŶƚƚƌĂŝŶŝŶŐĐĞƌƚŝĨŝĐĂƚŝŽŶƐƚŽ<͘ x ĞƚĂŝůĞĚƉŝĐŬƉůĂŶƐŵƵƐƚďĞƐƵďŵŝƚƚĞĚƚŽ<ƉƌŝŽƌƚŽĞĂĐŚĂƉƉůŝĐĂďůĞƐĐŽƉĞŽĨǁŽƌŬ͘ :͘dŚĞ:ŽďƐŝƚĞŵƉůŽǇĞĞKƌŝĞŶƚĂƚŝŽŶŚĞĐŬůŝƐƚǁŝůůďĞĨŝůĞĚŝŶƚŚĞũŽďƐŝƚĞƚƌĂŝůĞƌͬŽĨĨŝĐĞĨŽƌ ĐŬŶŽǁůĞĚŐĞŵĞŶƚ͗ ϵ͘ ŝŵŵĞĚŝĂƚĞƌĞĨĞƌĞŶĐĞĂŶĚĨŝůĞĚǁŝƚŚũŽďƐŝƚĞĚŽĐƵŵĞŶƚƐĂƚƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƚŚĞũŽď͘ x /ĂĐŬŶŽǁůĞĚŐĞ/ŚĂǀĞƉĂƌƚŝĐŝƉĂƚĞĚŝŶƚŚĞ<ũŽďƐŝƚĞǁŽƌŬĞƌŽƌŝĞŶƚĂƚŝŽŶ͘/ǁĂƐŝŶƐƚƌƵĐƚĞĚŝŶƚŚĞ <͘EŽƚŚŝŶŐŝŶƚŚŝƐƉŽůŝĐǇĂŶĚƉƌŽĐĞĚƵƌĞŝƐŝŶƚĞŶĚĞĚƚŽƐƚĂƚĞĂůůŽĨƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌŚĞĂůƚŚĂŶĚ 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ďĂƌŚŝŐŚǁŝƚŚŝŶŝƚŝĂůĚĞǀĞůŽƉŵĞŶƚŝŶŶĞŝŐŚďŽƌŚŽŽĚƐ͕ƉŽƚĞŶƚŝĂůůǇĂƚƚƌĂĐƚŝŶŐŚŝŐŚĞƌƋƵĂůŝƚǇĚĞǀĞůŽƉŵĞŶƚ ĚĞĞƉĞƌŝŶƚŽƚŚĞZͲϮǆĐŽƌĞŶĞŝŐŚďŽƌŚŽŽĚƐ͘ tĞĞŶǀŝƐŝŽŶŚŝŐŚĞƌƋƵĂůŝƚǇĚĞƐŝŐŶƐƚĂŶĚĂƌĚƐŝŶĐůƵĚĞ͗ x ƵƌŝĞĚƉŽǁĞƌůŝŶĞƐƚŽĚĞǀĞůŽƉŵĞŶƚ͘ R WĂƌŬŝŶŐďƵŝůƚŝŶƚŽďƵŝůĚŝŶŐƐƚƌƵĐƚƵƌĞŝŶdKǌŽŶĞƐ͘ R ǀŽŝĚŝŶŐƚŚĞƵƐĞŽĨƉůĂƐƚŝĐŽƌǀŝŶǇůƐŝĚŝŶŐŝŶZͲϮǆ͘ R ŝƐĂůůŽǁĞǆƉŽƐĞĚƵŶŝƚƐĞǆƚĞŶĚŝŶŐŽƵƚĨƌŽŵĞĂĐŚƌĞŶƚĂůƵŶŝƚŽŶďƵŝůĚŝŶŐĨĂĐĂĚĞƐŽƌ R ǁŝŶĚŽǁƐ͘ >ŝŵŝƚŽĨĞǆŚĂƵƐƚǀĞŶƚƐŽŶƚŽƉŽĨƌŽŽĨ͕ƵŶůĞƐƐƉƌŽƉĞƌůǇĐŽŶĐĞĂůĞĚǁŝƚŚĨĂĕĂĚĞƐŽƌƉĂƌĂƉĞƚƐ͘ R ZĞƋƵŝƌĞĂŵŝǆŽĨďƵŝůĚŝŶŐŵĂƚĞƌŝĂůƐƵƐĞĚƚŽŵŝŶŝŵŝǌĞůĂƌŐĞƌĐŽŵƉůĞǆĞƐĨƌŽŵďĞŝŶŐƐŽůĞůǇ R ĐŽŶƐƚƌƵĐƚĞĚǁŝƚŚǀŝŶǇůƐŝĚŝŶŐ͕ŽƌĞĐŽŶŽŵŝĐĂůůŽŽŬŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶŝŶZͲϮǆǌŽŶĞƐ͘ ZĞƋƵŝƌĞĂŶĚĞŶĐŽƵƌĂŐĞŽǀĞƌŚĂŶŐƐ͕ƉŽƌĐŚĞƐ͕ĂŶĚƚŚĞƵƐĞŽĨǁŝŶĚŽǁŵƵŶƚŝŶ͛ƐŝŶZͲϮǆǌŽŶĞƐ R ĐŽŶƐŝƐƚĞŶƚǁŝƚŚĐŚĂƌĂĐƚĞƌŽĨŶĞŝŐŚďŽƌŚŽŽĚƐ͘ EŽĐŚĂŝŶůŝŶŬĨĞŶĐĞƐĂŶĚŵĂǆŝŵƵŵŚĞŝŐŚƚƌĞƐƚƌŝĐƚŝŽŶƐŽŶĨĞŶĐĞƐƚŽŵŝŶŝŵŝǌĞƚŚĞĨĞĞůŝŶŐŽĨ R ƐĞƉĂƌĂƚŝŽŶĂŶĚŵĂǆŝŵŝǌĞƚŚĞĨĞĞůŝŶŐŽĨŵŽƌĞŽƉĞŶƐƉĂĐĞ͘ ŶĐŽƵƌĂŐĞďƌŽǁŶƐƚŽŶĞƚǇƉĞĚĞǀĞůŽƉŵĞŶƚǁŝƚŚƐƵŶŬĞŶĨƌŽŶƚƉŽƌĐŚͬĐŽŵŵŽŶƐƉĂĐĞĂƌĞĂƐ R ǁŚĞƌĞŐĂƌĚĞŶƐŵĂǇďĞŝŶĐŽƌƉŽƌĂƚĞĚĨŽƌƵƌďĂŶŐĂƌĚĞŶŝŶŐͬƐƵƐƚĂŝŶĂďŝůŝƚǇ͘ 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ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĂŶĚƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƐĞŽƉƉŽƌƚƵŶŝƚǇǌŽŶĞƐ͕ĂŶĚƚƌĂŶƐŝƚͲŽƌŝĞŶƚĞĚ ĚĞǀĞůŽƉŵĞŶƚĐŽƌƌŝĚŽƌƐ͘ ZĞƋƵŝƌĞĚĞƐŝŐŶŐƵŝĚĞůŝŶĞƐƚŚĂƚĞŶƐƵƌĞƋƵĂůŝƚǇĚĞǀĞůŽƉŵĞŶƚƚŚĂƚƐƵƉƉŽƌƚƐĂŶĚĞŶĐŽƵƌĂŐĞƐĂŵŝǆŽĨƵƐĞƐ x ĂŶĚĂƚƚƌĂĐƚƐŝŶĚŝǀŝĚƵĂůƐǁŝƚŚĂŵŝǆŽĨŝŶĐŽŵĞƐƚŽĂǀŽŝĚƐŽĐŝĂůĞĐŽŶŽŵŝĐŝŶũƵƐƚŝĐĞŝŶƐĞůĞĐƚƋƵĂĚƌĂŶƚƐŽĨ ƚŚĞĚŽǁŶƚŽǁŶĐŽƌĞǁŝƚŚŝŶƚŚĞƐĞůĞĐƚĞĚŽƉƉŽƌƚƵŶŝƚǇǌŽŶĞƐ;ZͲϮǆͿĂƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƉůĂŶŶŝŶŐĞĨĨŽƌƚ͘ ĞůŽǁĂƌĞƐŽŵĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐƚŽĂĐŚŝĞǀĞƚŚĞƐĞŐƵŝĚĞůŝŶĞƐĂŶĚĐŽŵŵƵŶŝĐĂƚĞďĞƚǁĞĞŶ ŝƚǇͬĞǀĞůŽƉĞƌĂŶĚŝŶǀĞƐƚĞĚEĞŝŐŚďŽƌŚŽŽĚƐ͘ ŶĐŽƵƌĂŐĞĚĞǀĞůŽƉĞƌƐĂŶĚƉůĂŶƌĞǀŝĞǁĞƌƐƚŽƚŚŝŶŬŽƵƚƐŝĚĞƚŚĞďŽǆƚŽĞŶƐƵƌĞƋƵĂůŝƚǇĚĞƐŝŐŶƚŚĂƚ x ĂƚƚƌĂĐƚƐŽƚŚĞƌĚĞǀĞůŽƉĞƌƐƚŚĂƚĂƌĞůŝŬĞͲŵŝŶĚĞĚƚŽƉƌŽƚĞĐƚƚŚĞŝƌŝŶǀĞƐƚŵĞŶƚƐĂŶĚƐƵƉƉŽƌƚƵƌďĂŶůŝǀŝŶŐ ŝŶǀĞƐƚŵĞŶƚƐŵĂĚĞďǇƚŚŽƐĞǁŚŽŚĂǀĞĂůƌĞĂĚǇĐŚŽƐĞƚŽůŝǀĞŝŶĂŶƵƌďĂŶĐŽƌĞĂŶĚĂƌĞĂůƌĞĂĚǇ ƐƵƉƉŽƌƚŝŶŐƉƵďůŝĐƚƌĂŶƐƉŽƌƚĂƚŝŽŶŽƌŽƚŚĞƌŵƵůƚŝͲŵŽĚĞƐŽĨƚƌĂŶƐƉŽƌƚĂƚŝŽŶƚŚĂƚƌĞĚƵĐĞƐƚŚĞďƵƌĚĞŶŽĨ ĐŽŶŐĞƐƚŝŽŶĂŶĚƉĂƌŬŝŶŐĚŽǁŶƚŽǁŶ͕ĂŶĚŝŶĐƌĞĂƐĞĚƚĂǆďĂƐĞƚŽƐƵƉƉŽƌƚƚŚĞƐĞŝŶŝƚŝĂƚŝǀĞƐ͘ tĞƵŶĚĞƌƐƚĂŶĚƚŚĞĚĞƐŝŐŶŽĨƚŚĞƚƌĂŶƐŝƚĐŝƌĐƵůĂƚŽƌ;ƉůĂŶŶĞĚƉŽƚĞŶƚŝĂůůǇĨŽƌϮϬϮϱͲϮϬϯϬͿĐƵƌƌĞŶƚůǇŚĂƐ x 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ďƵŶŐĂůŽǁƐƚǇůĞǁŝƚŚĂŶĂƌƚĨŽĐƵƐͿ͕ĚĞƐŝŐŶĨĞĂƚƵƌĞƐ͕ĂŶĚďĞĂĐŽůůĞĐƚŝǀĞǀŽŝĐĞĂŶĚĂĚǀŽĐĂƚĞŽŶďĞŚĂůĨŽĨ ƚŚĞĂĨĨĞĐƚĞĚŶĞŝŐŚďŽƌŚŽŽĚƐƚŽŬĞĞƉĞĂĐŚĚŝƐƚŝŶĐƚŶĞŝŐŚďŽƌŚŽŽĚƚƌƵĞƚŽƚŚĞŝƌŽǁŶĐŚĂƌĂĐƚĞƌ͘tĞ ĞŶǀŝƐŝŽŶƚŚŝƐƉŽƐŝƚŝŽŶǁŽƵůĚďĞĨƵůůͲƚŝŵĞŝƚǇƐƚĂĨĨ͕ŝŶĂĚĚŝƚŝŽŶƚŽZEĞŝŐŚďŽƌƐ;ŶŽƚĂƐƵďƐƚŝƚƵƚĞͿƚŚĂƚǁŝůů ĂĚǀŽĐĂƚĞĨŽƌŶĞŝŐŚďŽƌŚŽŽĚƐĚƵƌŝŶŐƚŚĞƉůĂŶŶŝŶŐƉƌŽĐĞƐƐ͘dŚŝƐĐŽƵůĚďĞƐĞƚƵƉƚŽĨŽůůŽǁĂƉƌŽĐĞƐƐ ƐŝŵŝůĂƌƚŽƚŚĞ͚ŶĞŝŐŚďŽƌŚŽŽĚĐŽƵŶĐŝůƐ͛ŝŶ^ƚ͘WĂƵůǁŚĞƌĞƚŚĞŝƚǇŚŝƌĞƐĂĚĞĚŝĐĂƚĞĚŶĞŝŐŚďŽƌŚŽŽĚ ĐŽƵŶĐŝůůĞĂĚĞƌŝŶĞĂĐŚŶĞŝŐŚďŽƌŚŽŽĚƚŽƉƌŽǀŝĚĞŐƵŝĚĂŶĐĞƚŽƚŚĞŝƌĞůĞĐƚĞĚŽĨĨŝĐŝĂů͕ŚŽǁĞǀĞƌǁĞĂƌĞŽŶůǇ ĂƐŬŝŶŐĨŽƌ;ϭͿŚŝƌĞĚƐƚĂĨĨĂƐŵĞŶƚŝŽŶĞĚĂďŽǀĞĨŽƌƚŚĞZͲϮǆΘdKĂĨĨĞĐƚĞĚŶĞŝŐŚďŽƌŚŽŽĚƐŝŶƚŚĞ ĚŽǁŶƚŽǁŶĐŽƌĞ͘ ŽŶůǇ ZĞĐŽŵŵĞŶĚƐŽŵĞŝŶĐĞŶƚŝǀĞƐĂƌĞŽĨĨĞƌĞĚŝŶƚŚĞ͞ŽƉƉŽƌƚƵŶŝƚǇǌŽŶĞƐ͟ƐƵĐŚĂƐdKĂŶĚZͲϮǆǌŽŶĞƐ x ŝĨŚŝŐŚĞƌƋƵĂůŝƚǇĚĞƐŝŐŶƐƚĂŶĚĂƌĚƐĂƌĞŝŵƉůĞŵĞŶƚĞĚ;ŝ͘Ğ͘ŚŝŐŚĞƌƋƵĂůŝƚǇďƵŝůĚŝŶŐŵĂƚĞƌŝĂůƐ͕ƌĞƚĂŝůďĞůŽǁ ŝŶdK͕ĂŶĚŽŶĐŽƌŶĞƌůŽƚƐŝŶZͲϮǆ͕ŝŶĐůƵƐŝŽŶŽĨƉƵďůŝĐĂƌƚŝŶďŽƚŚ͕ĂŶĚͬŽƌŝŶĂĐŽŵďŝŶĂƚŝŽŶŽĨĂůůŽĨƚŚĞ ĂďŽǀĞƉůƵƐƉƌŽǀŝĚŝŶŐĂŵŝǆŽĨŵĂƌŬĞƚƌĂƚĞĂŶĚĂŵŝŶŝŵƵŵŽĨϯϬйĂĨĨŽƌĚĂďůĞƵŶŝƚƐͿ͘ ŶĐŽƵƌĂŐĞŝŶĐĞŶƚŝǀĞƐĞĂƌůǇŽŶƚŽĞŶƐƵƌĞŚŝŐŚĞƌƋƵĂůŝƚǇƉƌŽũĞĐƚƐĂƌĞĐŽŶƐƚƌƵĐƚĞĚŝŶĂŶĞĨĨŽƌƚƚŽƐĞƚƚŚĞ x ďĂƌŚŝŐŚǁŝƚŚŝŶŝƚŝĂůĚĞǀĞůŽƉŵĞŶƚŝŶŶĞŝŐŚďŽƌŚŽŽĚƐ͕ƉŽƚĞŶƚŝĂůůǇĂƚƚƌĂĐƚŝŶŐŚŝŐŚĞƌƋƵĂůŝƚǇĚĞǀĞůŽƉŵĞŶƚ ĚĞĞƉĞƌŝŶƚŽƚŚĞZͲϮǆĐŽƌĞŶĞŝŐŚďŽƌŚŽŽĚƐ͘ tĞĞŶǀŝƐŝŽŶŚŝŐŚĞƌƋƵĂůŝƚǇĚĞƐŝŐŶƐƚĂŶĚĂƌĚƐŝŶĐůƵĚĞ͗ x ƵƌŝĞĚƉŽǁĞƌůŝŶĞƐƚŽĚĞǀĞůŽƉŵĞŶƚ͘ R WĂƌŬŝŶŐďƵŝůƚŝŶƚŽďƵŝůĚŝŶŐƐƚƌƵĐƚƵƌĞŝŶdKǌŽŶĞƐ͘ R ǀŽŝĚŝŶŐƚŚĞƵƐĞŽĨƉůĂƐƚŝĐŽƌǀŝŶǇůƐŝĚŝŶŐŝŶZͲϮǆ͘ R ŝƐĂůůŽǁĞǆƉŽƐĞĚƵŶŝƚƐĞǆƚĞŶĚŝŶŐŽƵƚĨƌŽŵĞĂĐŚƌĞŶƚĂůƵŶŝƚŽŶďƵŝůĚŝŶŐĨĂĐĂĚĞƐŽƌ R ǁŝŶĚŽǁƐ͘ >ŝŵŝƚŽĨĞǆŚĂƵƐƚǀĞŶƚƐŽŶƚŽƉŽĨƌŽŽĨ͕ƵŶůĞƐƐƉƌŽƉĞƌůǇĐŽŶĐĞĂůĞĚǁŝƚŚĨĂĕĂĚĞƐŽƌƉĂƌĂƉĞƚƐ͘ R ZĞƋƵŝƌĞĂŵŝǆŽĨďƵŝůĚŝŶŐŵĂƚĞƌŝĂůƐƵƐĞĚƚŽŵŝŶŝŵŝǌĞůĂƌŐĞƌĐŽŵƉůĞǆĞƐĨƌŽŵďĞŝŶŐƐŽůĞůǇ R ĐŽŶƐƚƌƵĐƚĞĚǁŝƚŚǀŝŶǇůƐŝĚŝŶŐ͕ŽƌĞĐŽŶŽŵŝĐĂůůŽŽŬŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶŝŶZͲϮǆǌŽŶĞƐ͘ ZĞƋƵŝƌĞĂŶĚĞŶĐŽƵƌĂŐĞŽǀĞƌŚĂŶŐƐ͕ƉŽƌĐŚĞƐ͕ĂŶĚƚŚĞƵƐĞŽĨǁŝŶĚŽǁŵƵŶƚŝŶ͛ƐŝŶZͲϮǆǌŽŶĞƐ R ĐŽŶƐŝƐƚĞŶƚǁŝƚŚĐŚĂƌĂĐƚĞƌŽĨŶĞŝŐŚďŽƌŚŽŽĚƐ͘ EŽĐŚĂŝŶůŝŶŬĨĞŶĐĞƐĂŶĚŵĂǆŝŵƵŵŚĞŝŐŚƚƌĞƐƚƌŝĐƚŝŽŶƐŽŶĨĞŶĐĞƐƚŽŵŝŶŝŵŝǌĞƚŚĞĨĞĞůŝŶŐŽĨ R ƐĞƉĂƌĂƚŝŽŶĂŶĚŵĂǆŝŵŝǌĞƚŚĞĨĞĞůŝŶŐŽĨŵŽƌĞŽƉĞŶƐƉĂĐĞ͘ 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