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dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞŝŶƚĞƌƉƌĞƚĞĚƉƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ>Ăǁ͘ŶǇĐŝƚĂƚŝŽŶƚŽĨĞĚĞƌĂůŽƌƐƚĂƚĞůĂǁŝŶĐŽƌƉŽƌĂƚĞƐƚŚĞ $ ůĂŶŐƵĂŐĞŽĨƚŚĂƚůĂǁŝŶƚŽƚŚŝƐŽŶƚƌĂĐƚĂƐŝĨĨƵůůǇƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͘sĞŶƵĞĨŽƌĂůůůĞŐĂůƉƌŽĐĞĞĚŝŶŐƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŽƌďƌĞĂĐŚ͕ǁŝůůďĞŝŶƚŚĞĂƉƉůŝĐĂďůĞƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶKůŵƐƚĞĚŽƵŶƚǇ͕ DŝŶŶĞƐŽƚĂ͘ dZD^K&'EZ>KE/d/KE^ $57,&/( ŶǇĂŶĚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨŽƌĐĞƵŶůĞƐƐƚŚĞǇĂƌĞƐƉĞĐŝĨŝĐĂůůǇĂŶĚĚĞůŝďĞƌĂƚĞůǇ $ ĐĂŶĐĞůĞĚŽƌŵŽĚŝĨŝĞĚ͕ŝŶǁƌŝƚŝŶŐ͕ďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŽƚŚĞĞǆƚĞŶƚŽĨĂŶǇŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ % ǁŝůůĐŽŶƚƌŽů͘DŝŶŶĞƐŽƚĂ>ĂǁƐƵƉĞƌƐĞĚĞƐĂŶǇŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ dZD^K&WzDEd $57,&/( ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůĂŶĚ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůǇ $ ƐƵƉƉůŝĞĚďǇE'/EZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďǇ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͕Zd/>ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂǇŵĞŶƚ͘͟ /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶǇƚŝŵĞƚŚĂƚE'/EZǁŝůůĞǆĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ % ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůǇŵĂŶŶĞƌ͘E'/EZŵĂǇŶŽƚďĞ ĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞǆĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůǇĞǆĞĐƵƚĞĚ͕ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚďĞǇŽŶĚƚŚĂƚ͕ǁŚŝĐŚŝƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌ ǁƌŝƚƚĞŶĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďǇ/dz͕ŵĂǇďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌǇĂŶĚE'/EZŵĂǇŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌ ƚŚĞĞǆƚƌĂǁŽƌŬ͘ /ĨE'/EZĐůĂŝŵƐĂŶǇŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌĐŽŶĚŝƚŝŽŶƐĞǆŝƐƚƚŚĂƚĐĂƵƐĞĞǆƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ & E'/EZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶǇĞǆƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐϮϬĂůĞŶĚĂƌĚĂǇƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶŽƌŽďƐĞƌǀĂŶĐĞ ŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ŶǇĐůĂŝŵŵĂĚĞ ĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂǇďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶĂŵĞŶĚŵĞŶƚƚŽ ƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůǇĂƉƉƌŽǀĞĚĂŶĚĞǆĞĐƵƚĞĚďǇƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚE'/EZΖƐŽǁŶƌŝƐŬ͘ ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐĂĐƚƵĂůůǇĂŶĚŶĞĐĞƐƐĂƌŝůǇŝŶĐƵƌƌĞĚďǇE'/EZĂƐĂƌĞƐƵůƚŽĨ ' ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞǆĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘E'/EZǁŝůůďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͘ *& 3DFNHW3J (G WZKhZ&KZWzDEd $57,&/( WĂǇŵĞŶƚƐǁŝůůďĞŵĂĚĞďǇ/dzǁŝƚŚŝŶϯϬĚĂǇƐŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐ͕ƉƌŽƉĞƌůǇ $ ƉƌĞƉĂƌĞĚ͕ĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐĐŽŶƚƌĂĐƚ͘/dzƐŚĂůůŶŽƚŝĨǇE'/EZŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂǇƐ ŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞǇďĞůŝĞǀĞƚŚĞƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐ ǁĞƌĞŶŽƚƉƌŽƉĞƌůǇƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĐŽŶƚƌĂĐƚ͘ /ŶǀŽŝĐĞƐĨŽƌƉĂǇŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďǇE'/EZŵŽŶƚŚůǇƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶƚŚĞĨŽƌŵƉƌĞƐĐƌŝďĞĚďǇ % /dz͘ƐĂŵƉůĞŝŶǀŽŝĐĞĨŽƌŵĂƚŝƐĂƚƚĂĐŚĞĚƚŽƚŚŝƐ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͘/ŶǀŽŝĐĞƐŵƵƐƚŝĚĞŶƚŝĨǇƚŚĞĐŽƐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚĂŶĚŵƵƐƚƐĂƚŝƐĨǇƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ &ŽƌůƵŵƉƐƵŵĂŶĚŽƚŚĞƌĐŽŶƚƌĂĐƚƐ͗ ϭ͘ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůǇŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐ ĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚE'/EZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚ ĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶǇƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚƉĂǇŵĞŶƚ͘ &ŽƌŽƚŚĞƌĐŽŶƚƌĂĐƚƐŽŶůǇ͗ ϯ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝǌĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐĂƌĞƉƌŽƉĞƌůǇ ĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂƌĞĂŶǇĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐĚŝƌĞĐƚůǇƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬ ŽĨƚŚĞE'/EZ͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ ϰ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ ŝƌĞĐƚƐĂůĂƌǇĐŽƐƚƐŽĨĞŵƉůŽǇĞĞƐΖƚŝŵĞĚŝƌĞĐƚůǇĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ D dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨǇŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽǇĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂǇ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂǇŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽǇĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ E ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽǇĞĞΖƐŶĂŵĞ͕ŚŽƵƌůǇ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂǇƉĞƌŝŽĚ͘ /ĨE'/EZŝƐĂƵƚŚŽƌŝǌĞĚďǇ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶǇƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕E'/EZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ & ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚΖƐŽŶƚƌĂĐƚ͕ĂŶĚE'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůǇƉĂǇŵĞŶƚďǇE'/EZŽĨƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂǇŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞ ƐƵďĐŽŶƚƌĂĐƚŽƌŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ E'/EZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƚƌĂĐƚŽƌƐΖŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ' ĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzDEd $57,&/( ůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĞƌĨŽƌŵĞĚŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚ $ ƚŚĂƚĚĞŐƌĞĞŽĨĐĂƌĞĂŶĚƐŬŝůůŽƌĚŝŶĂƌŝůǇĞǆĞƌĐŝƐĞĚďǇŵĞŵďĞƌƐŽĨƚŚĞƐĂŵĞƉƌŽĨĞƐƐŝŽŶĐƵƌƌĞŶƚůǇƉƌĂĐƚŝĐŝŶŐƵŶĚĞƌƐŝŵŝůĂƌ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͘E'/EZŵĂŬĞƐŶŽǁĂƌƌĂŶƚŝĞƐ͕ĞǆƉƌĞƐƐĞĚŽƌŝŵƉůŝĞĚ͕ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŽƌŽƚŚĞƌǁŝƐĞ͕ŝŶĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚE'/EZ͛ƐƐĞƌǀŝĐĞƐdŚĞE'/EZĞŶĚĞĂǀŽƌƐƚŽĐŽŵƉůǇǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďǇĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐ͘ E'/EZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂǇŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ % ƌĞŐƵůĂƚŝŽŶƐ͘ ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďǇƉƌŽŐƌĞƐƐƉĂǇŵĞŶƚƐŵĂĚĞďǇ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚǇŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ & ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐE'/EZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂǇŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶǇĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞE'/EZ͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ *& 3DFNHW3J (G ƐŚĂůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞ ĞǆƚĞŶƚŽĨƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞE'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶǇǁĂǇƚŽƌĞůŝĞǀĞE'/EZĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐĞƌǀŝĐĞƐ ' ĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞǆĐĞĞĚƚŚĂƚŝƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ ^^/'EDEd $57,&/(ĞůĂǇĞĚŝŶĂŶǇǁĂǇĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ % ŽĨE'/EZ͘ŶǇĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůǇĂŶĚĨƵůůǇĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ŚĂŶŐĞƐŝŶƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚŽƌƚŚĞŽŶƚƌĂĐƚǆƉŝƌĂƚŝŽŶĂƚĞĂƌĞŶŽƚƉĞƌŵŝƚƚĞĚŝŶĂĐŚĂŶŐĞŽƌĚĞƌ͘ dŚŝƐĐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ & ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚǇƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůǇŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͕ ďǇƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝǌĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďǇĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞE'/EZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďǇŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĞǆĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ' ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞĐŽŶƚƌĂĐƚ͘ KDW>/Et/d,>/E^^͕WZD/d^͕EKd,ZZ'h>d/KE^ $57,&/( E'/EZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌǇƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶ $ ĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/^E/Ed>>dh>WZKWZdz $57,&/( E'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂ $ ƉƌŽǀŝĚĞĚďǇ/dzŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚĂŶĚĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚ ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ *& 3DFNHW3J (G ŶǇƌĞƉŽƌƚƐ͕ƐƚƵĚŝĞƐ͕ƉŚŽƚŽŐƌĂƉŚƐ͕ŶĞŐĂƚŝǀĞƐ͕ŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐĐƌĞĂƚĞĚĂŶĚƉĂŝĚĨŽƌďǇE'/EZŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ % ŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂƌĞŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞŝŶƌĞƐƉĞĐƚƚŽE'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĂƌĞƚŚĞĞǆĐůƵƐŝǀĞ ƉƌŽƉĞƌƚǇŽĨ/dz͘E'/EZŵƵƐƚƌĞŵŝƚĂůůƐƵĐŚŵĂƚĞƌŝĂůƐƚŽ/dzƵƉŽŶĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞ /dzǁŝůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇƌĞƵƐĞŽĨƐƵĐŚŵĂƚĞƌŝĂůƐďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞŝƚǇƐŚĂůůŐƌĂŶƚƚŚĞE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞĞǆƚĞŶƚŽĨƚŚĞ/dzΖƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘E'/EZǁĂŝǀĞƐĂůůĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞ/dzƌĞƐƵůƚŝŶŐŝŶĂŶǇǁĂǇĨƌŽŵĂŶǇƌĞƵƐĞŽĨ ƚŚĞE'/EZ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŝƌĞĐƚĞĚďǇ/dz͕ƚŚĞŽƌŝŐŝŶĂůƐŽĨƌĞƉŽƌƚƐ͕ĚƌĂǁŝŶŐƐĂŶĚƉůĂŶƐ͖ĂŶĚůĞŐŝďůǇƌĞƉƌŽĚƵĐŝďůĞĐŽƉŝĞƐŽĨǁŽƌŬ & ƐŚĞĞƚƐ͕ĨŝĞůĚŶŽƚĞƐ͕ĐŽŵƉƵƚĂƚŝŽŶƐ͕ĂŶĚŽƚŚĞƌƉƌŽũĞĐƚĚĂƚĂŵƵƐƚďĞƌĞůŝŶƋƵŝƐŚĞĚƚŽ/dz͗ ϭ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ Ϯ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĨŝĐĂƚŝŽŶďǇ/dz͘ 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ǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂǇĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚE'/EZ͘ *& 3DFNHW3J (G KE^ $57,&/( dŚŝƐƌƚŝĐůĞŝƐŚĞƌĞďǇĚĞůĞƚĞĚ͘ /E^hZE $57,&/( ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞĨŽƌĞĂĐŚƚǇƉĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĨŝůĞĚǁŝƚŚƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚ $ ŐĞŶƚǁŝƚŚŝŶϯϬĚĂǇƐŽĨĞǆĞĐƵƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽĐŽŵŵĞŶĐĞŵĞŶƚŽĨĂŶǇǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ĂĐŚ ƉŽůŝĐǇŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ/dzĂϯϬͲĚĂǇŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ E'/EZŵƵƐƚŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌǇĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗ % ϭ͘E'/EZƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƐŝƐƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌǇ ĨŽƌƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐďǇE'/EZĂŶĚŝƚƐĞŵƉůŽǇĞĞƐ͘ Ϯ͘dŚĞE'/EZƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐƐĞƉĂƌĂƚĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĞŶĚŽƌƐĞŵĞŶƚƐĨŽƌĞĂĐŚƐƵďĐŽŶƐƵůƚĂŶƚ͘ E'/EZƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐĨƌŽŵŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ tŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͗ ϯ͘E'/EZǁŝůůƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌĂůůE'/EZ ĞŵƉůŽǇĞĞƐĂŶĚ͕ŝŶĐĂƐĞĂŶǇǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕E'/EZǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌǇƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/dzŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ ͕ŵƉůŽǇĞƌ͛Ɛ>ŝĂďŝůŝƚǇ͕ĂƚůŝŵŝƚƐŶŽƚůĞƐƐƚŚĂŶΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĚŝƐĞĂƐĞƉĞƌĞŵƉůŽǇĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇ ŝŶũƵƌǇďǇĚŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϭϬϬ͕ϬϬ Ϭ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĂĐĐŝĚĞŶƚ͘ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƚƌĂĐƚŽƌ͛ƐŝŶƐƵƌĂŶĐĞƐŚĂůů ďĞĨŝůĞĚǁŝƚŚƚŚĞE'/EZ͘ ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚǇ͗ ϰ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌ ďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚǇ ĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďǇ E'/EZŽƌďǇĂƐƵďĐŽŶƚƌĂĐƚŽƌŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘E'/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 ƉƌŽƉĞƌƚǇĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďǇE'/EZŽƌďǇƐƵďĐŽŶƚƌĂĐƚŽƌŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞE'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞůŝŵŝƚĨŽƌŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ͗ ϲ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ *& 3DFNHW3J (G Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌĐůĂŝŵ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ dŚŝƐƉŽůŝĐǇǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐE'/EZǁŝůůďĞĐŽŵĞůĞŐĂůůǇŽďůŝŐĂƚĞĚƚŽƉĂǇƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇ ĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽE'/EZΖƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͘ ϳ͘&ŽƌǁŽƌŬŽŶƌĂŝůƌŽĂĚƉƌŽƉĞƌƚǇ͕E'/EZŵƵƐƚŽďƚĂŝŶZĂŝůƌŽĂĚWƌŽƚĞĐƚŝǀĞ>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ DŶͬKd^ƉĞĐŝĨŝĐĂƚŝŽŶϭϳϬϴ͘Ϯ;ϭϵϵϱĚŝƚŝŽŶͿŽƌĂŶǇƐƵďƐĞƋƵĞŶƚĐŚĂŶŐĞƐŽƌŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽƚŚŝƐƐƉĞĐŝĨŝĐĂƚŝŽŶ͘ 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'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƵŶĚĞƌƚ ŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĂŐƌĞĞĚƚŽŝŶĂŶƚŝĐŝƉĂƚŝŽŶŽĨƚŚĞŽƌĚĞƌůǇĂŶĚ % ĐŽŶƚŝŶƵŽƵƐƉƌŽŐƌĞƐƐŽĨƚŚĞWƌŽũĞĐƚƚŚŽƵŐŚĐŽŵƉůĞƚŝŽŶ͘hŶůĞƐƐƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐĨŽƌƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐĂƌĞƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŽďůŝŐĂƚŝŽŶƚŽƌĞŶĚ ĞƌƐĞƌǀŝĐĞƐŚĞƌĞƵŶĚĞƌǁŝůůďĞĨŽƌĂƉĞƌŝŽĚǁŚŝĐŚŵĂǇ ƌĞĂƐŽŶĂďůǇďĞƌĞƋƵŝƌĞĨŽƌƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƐĂŝĚƐĞƌǀŝĐĞƐ͘ /ĨŝŶƚŚŝƐŽŶƚƌĂĐƚƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞĨŽƌƌĞŶĚĞƌŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐĞƚĨŽƌƚŚŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐďǇǁŚŝĐŚƐĞƌǀŝĐĞƐĂƌĞƚŽďĞ & ĐŽŵƉůĞƚĞĚĂƌĞƉƌŽǀŝĚĞĚ͕ĂŶĚŝĨƐƵĐŚƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌĚĂƚĞƐĂƌĞĐŚĂŶŐĞĚƚŚƌŽƵŐŚŶŽĨĂƵůƚŽĨE'/EZ͕ƚŚĞƌĂƚĞƐĂŶĚ ĂŵŽƵŶƚƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽǀŝĚĞĚĨŽƌŚĞƌĞŝŶƐŚĂůůďĞƐƵďũĞĐƚƚŽĞƋƵŝƚĂďůĞĂĚũƵƐƚŵĞŶƚ͘/Ĩ/dzŚĂƐƌĞƋƵĞƐƚĞĚĐŚĂŶŐĞƐŝŶ ƚŚĞƐĐŽƉĞ͕ĞǆƚĞŶƚ͕ŽƌĐŚĂƌĂĐƚĞƌŽĨƚŚĞWƌŽũĞĐƚ͖ƚŚĞƚŝŵĞŽĨƉĞƌĨŽƌŵĂŶĐĞŽĨE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůůďĞĂĚũƵƐƚĞĚĞƋƵŝƚĂďůǇ͘ EĞŝƚŚĞƌƉĂƌƚǇǁŝůůďĞŚĞůĚƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞůĂǇŽƌĨĂŝůƵƌĞƚŽƉĞƌĨŽƌŵǁŚĞŶƐƵĐŚĚĞůĂǇŽƌĨĂŝůƵƌĞŝƐĚƵĞƚŽĂŶǇŽĨƚŚĞ ' ĨŽůůŽǁŝŶŐ͕ƵŶůĞƐƐƚŚĞĂĐƚŽƌŽĐĐƵƌƌĞŶĐĞĐŽƵůĚŚĂǀĞďĞĞŶƌĞĂƐŽŶĂďůǇĨŽƌĞƐĞĞŶĂŶĚƌĞĂƐŽŶĂďůĞĂĐƚŝŽŶĐŽƵůĚŚĂǀĞďĞĞŶ ƚĂŬĞŶƚŽƉƌĞǀĞŶƚƚŚĞĚĞůĂǇŽƌĨĂŝůƵƌĞ͗ĨŝƌĞ͕ĨůŽŽĚ͕ĞƉŝĚĞŵŝĐ͕ƐƚƌŝŬĞƐ͕ǁĂƌƐ͕ĂĐƚƐŽĨ'ŽĚ͕ƵŶƵƐƵĂůůǇƐĞǀĞƌĞǁĞĂƚŚĞƌ͕ŽƌĚĞůĂǇƐ ŽƌĚĞĨĂƵůƚƐĐĂƵƐĞĚďǇƉƵďůŝĐĐĂƌƌŝĞƌƐ͕ƉƌŽǀŝĚĞĚƚŚĞĚĞĨĂƵůƚŝŶŐƉĂƌƚǇŐŝǀĞƐǁƌŝƚƚĞŶŶŽƚŝĐĞĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞƚŽƚŚĞŽƚŚĞƌ ƉĂƌƚǇŽĨŝƚƐŝŶĂďŝůŝƚǇƚŽƉĞƌĨŽƌŵ͘ &ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐŽŶƚƌĂĐƚƚŚĞƚĞƌŵ͞ĚĂǇ͟ŵĞĂŶƐĂĐĂůĞŶĚĂƌĚĂǇŽĨϮϰŚŽƵƌƐ͘ ( Ed/dZh^d $57,&/( (G K&&//>^EKddKE&/d $57,&/( tŝƚŚŽƵƚƉƌŝŽƌǁƌŝƚƚĞŶĐŽŶƐĞŶƚŽĨ/dz͕E'/EZŵƵƐƚŶŽƚĞŵƉůŽǇĂŶǇƉƌŽĨĞƐƐŝŽŶĂůŽƌƚĞĐŚŶŝĐĂůƉĞƌƐŽŶŶĞůǁŚŽĂƌĞŽƌ $ ŚĂǀĞďĞĞŶĂƚĂŶǇƚŝŵĞĚƵƌŝŶŐƚŚĞƚŝŵĞƉĞƌŝŽĚŽĨƚŚŝƐŽŶƚƌĂĐƚŝŶƚŚĞĞŵƉůŽǇŽĨ/dz͕ĞǆĐĞƉƚƌĞƚŝƌĞĚ/dzĞŵƉůŽǇĞĞƐ͕ ǁŝƚŚŽƵƚǁƌŝƚƚĞŶĐŽŶƐĞŶƚĨƌŽŵ/dz͘ E'/EZǁĂƌƌĂŶƚƐƚŚĂƚŝƚŚĂƐŶŽƚĞŵƉůŽǇĞĚŽƌƌĞƚĂŝŶĞĚĂŶǇĐŽŵƉĂŶǇŽƌƉĞƌƐŽŶ͕ŽƚŚĞƌƚŚĂŶĂďŽŶĂĨŝĚĞĞŵƉůŽǇĞĞ % ǁŽƌŬŝŶŐƐŽůĞůǇĨŽƌE'/EZ͕ƚŽƐŽůŝĐŝƚŽƌƐĞĐƵƌĞƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚƚŚĂƚE'/EZŚĂƐŶŽƚƉĂŝĚŽƌĂŐƌĞĞĚƚŽƉĂǇĂŶǇ ĐŽŵƉĂŶǇŽƌƉĞƌƐŽŶ͕ŽƚŚĞƌƚŚĂŶĂďŽŶĂĨŝĚĞĞŵƉůŽǇĞĞǁŽƌŬŝŶŐĨŽƌE'/EZ͕ĂŶǇĨĞĞ͕ĐŽŵŵŝƐƐŝŽŶƐ͕ƉĞƌĐĞŶƚĂŐĞ͕ ďƌŽŬĞƌĂŐĞĨĞĞ͕ŐŝĨƚƐ͕ŽƌĂŶǇŽƚŚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ĐŽŶƚŝŶŐĞŶƚƵƉŽŶŽƌƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞĂǁĂƌĚŽĨŵĂŬŝŶŐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ E>>d/KE $57,&/( dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐĂŶĐĞůĞĚďǇ/dzǁŝƚŚŝŶϯϬĚĂǇƐ͕ĂƚĂŶǇƚŝŵĞ͕ǁŝƚŚŽƌǁŝƚŚŽƵƚĐĂƵƐĞ͕ƵƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞ $ E'/EZ͘/ŶƚŚĞĞǀĞŶƚŽĨƐƵĐŚĐĂŶĐĞůůĂƚŝŽŶE'/EZǁŝůůďĞĞŶƚŝƚůĞĚƚŽƉĂǇŵĞŶƚ͕ĚĞƚĞƌŵŝŶĞĚŽŶƉƌŽƌĂƚĂďĂƐŝƐ͕ĨŽƌ ƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉĞƌĨŽƌŵĞĚŽƌĚĞůŝǀĞƌĞĚ͘ /ŶƚŚĞĞǀĞŶƚ/dzĐĂŶŶŽƚŽƌĚŽĞƐŶŽƚŽďƚĂŝŶĨƵŶĚŝŶŐ͕ŽƌĨƵŶĚŝŶŐĐĂŶŶŽƚďĞĐŽŶƚŝŶƵĞĚĂƚĂůĞǀĞůƐƵĨĨŝĐŝĞŶƚƚŽĂůůŽǁĨŽƌƚŚĞ % ƉƵƌĐŚĂƐŝŶŐŽĨƚŚĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐĐŽŶƚĂŝŶĞĚŚĞƌĞŝŶ͕ƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐĂŶĐĞůĞĚǁŝƚŚŝŶϯϬĚĂǇƐ͕Ăƚ/dzΖƐ ŽƉƚŝŽŶ͕ďǇǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶĚĞůŝǀĞƌĞĚŝŶƉĞƌƐŽŶ͕ďǇŵĂŝů͕ŽƌĨĂĐƐŝŵŝůĞƚŽE'/EZĂƚƚŚĞĂĚĚƌĞƐƐƐƉĞĐŝĨŝĞĚ ŝŶƚŚŝƐŽŶƚƌĂĐƚ͘/dzǁŝůůŶŽƚďĞŽďůŝŐĂƚĞĚƚŽƉĂǇĨŽƌĂŶǇƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇE'/EZĂĨƚĞƌƐƵĐŚ ŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ &,I&LW\IDLOVWRPDNHDQ\SD\PHQWGXHWR(1*,1((5IRUVHUYLFHVVDWLVIDFWRULO\SHUIRUPHGDQGH[SHQVHVZLWKLQWKLUW\GD\VDIWHUWKHGDWH RI(1*,1((5¶VLQYRLFH(1*,1((5PD\DIWHUJLYLQJVHYHQGD\VZULWWHQQRWLFHWR&,7<DQGZLWKR XWZDLYLQJDQ\FODLPRUULJKWDJDLQVW &,7<DQGZLWKRXWLQFXUULQJOLDELOLW\ZKDWVRHYHUWR&,7<VXVSHQGVHUYLFHVDQGZLWKKROGSURMHFWGHOLYHUDEOHVGXHXQGHUWKLV&RQWUDFWXQWLO (1*,1((5KDVEHHQSDLGLQIXOODOODPRXQWVGXHIRUVHUYLFHVH[SHQVHVDQGFKDUJHV ZZKZ^KZKD/^^/KE^ $57,&/( E'/EZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐǇŽĨŝƚƐǁŽƌŬĂŶĚŵƵƐƚƉƌŽŵƉƚůǇŵĂŬĞŶĞĐĞƐƐĂƌǇƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐ $ ƌĞƐƵůƚŝŶŐĨƌŽŵE'/EZΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬ ďǇ/dzǁŝůůŶŽƚƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌ ĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶǇĂŵďŝŐƵŝƚŝĞƐ͘ ƚĂŶǇƚŝŵĞĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶŽƌĂŶǇƉŚĂƐĞŽĨǁŽƌŬƉĞƌĨŽƌŵĞĚďǇŽƚŚĞƌƐďĂƐĞĚŽŶĚĂƚĂƉƌŽǀŝĚĞĚďǇE'/EZ͕ % E'/EZŵƵƐƚĐŽŶĨĞƌǁŝƚŚ/dzǁŚĞŶŶĞĐĞƐƐĂƌǇĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨŝŶƚĞƌƉƌĞƚŝŶŐƚŚĞŝŶĨŽƌŵĂƚŝŽŶƐĞĐƵƌĞĚĂŶĚͬŽƌƚŽ ĐŽƌƌĞĐƚĂŶǇĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞďǇE'/EZ͘E'/EZŵƵƐƚƉƌĞƉĂƌĞĂŶǇĂŶĚĂůůƉůĂŶƐŽƌĚĂƚĂŶĞĞĚĞĚƚŽ ĐŽƌƌĞĐƚƚŚĞĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚĞĚĐŽŵƉĞŶƐĂƚŝŽŶ͕ĞǀĞŶƚŚŽƵŐŚĨŝŶĂůƉĂǇŵĞŶƚŵĂǇĂůƌĞĂĚǇŚĂǀĞďĞĞŶ ƌĞĐĞŝǀĞĚďǇE'/EZ͘E'/EZŵƵƐƚŐŝǀĞŝŵŵĞĚŝĂƚĞĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŚĂŶŐĞƐƐŽƚŚĞƌĞǁŝůůďĞŵŝŶŝŵĂůĚĞůĂǇƚŽƚŚĞ ƉƌŽũĞĐƚ͘ /ĨŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂƌĞŵĂĚĞďǇE'/EZŝŶĂŶǇƉŚĂƐĞŽĨƚŚĞǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨǁŚŝĐŚŵĂǇ & ƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZǁŝůůďĞƉƌŽŵƉƚůǇŶŽƚŝĨŝĞĚďǇ/dzĂŶĚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƐƵĐŚ ĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘/ĨƚŚĞE'/EZŝƐĂǁĂƌĞŽĨĂŶǇŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞŝŶĂŶǇƉŚĂƐĞ ŽĨŝƚƐǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶƐŽĨǁŚŝĐŚŵĂǇƌĞƋƵŝƌĞĂŶǇĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZŵƵƐƚƉƌŽŵƉƚůǇƉĞƌĨŽƌŵ ƐƵĐŚĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘ E'/EZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶǇĚĂŵĂŐĞƐŝŶĐƵƌƌĞĚĂƐĂƌĞƐƵůƚŽĨŝƚƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂŶĚĨŽƌĂŶǇ ' ůŽƐƐŽƌĐŽƐƚƚŽƌĞƉĂŝƌŽƌƌĞŵĞĚǇE'/EZΖƐĞƌƌŽƌƐ͕ŽŵŝƐƐŝŽŶƐŽƌŶĞŐůŝŐĞŶƚĂĐƚƐ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬďǇ/dzǁŝůůŶŽƚ ƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇƐƵĐŚŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐ͕ŽƌŽĨ ůŝĂďŝůŝƚǇĨŽƌůŽƐƐŽƌĚĂŵĂŐĞƌĞƐƵůƚŝŶŐƚŚĞƌĞĨƌŽŵ͘ E'/EZŵƵƐƚƌĞƐƉŽŶĚƚŽ/dzΖƐŶŽƚŝĐĞŽĨĂŶǇĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŝŶƌĞĂƐŽŶĂďůĞƚŝŵĞĂŶĚŐŝǀĞŝŵŵĞĚŝĂƚĞ ( ĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŽƌƌĞĐƚŝŽŶƐƚŽŵŝŶŝŵŝǌĞĂŶǇĚĞůĂǇƐƚŽƚŚĞE'/EZ͘ *& 3DFNHW3J (G /^WhdZ^K>hd/KE $57,&/( DĞĚŝĂƚŝŽŶ͘ŶǇĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐǇŽƌĚŝƐƉƵƚĞĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞƐƵďũĞĐƚƚŽŶŽŶͲďŝŶĚŝŶŐŵĞĚŝĂƚŝŽŶĂƐ $ ĂĐŽŶĚŝƚŝŽŶƉƌĞĐĞĚĞŶƚƚŽƚŚĞŝŶƐƚŝƚƵƚŝŽŶŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐďǇĞŝƚŚĞƌƉĂƌƚǇ͘dŚĞŵĞĚŝĂƚŝŽŶƐŚĂůůďĞ ĐŽŶĚƵĐƚĞĚŝŶKůŵƐƚĞĚŽƵŶƚǇ͕DŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂŝǀŝůDĞĚŝĂƚŝŽŶĐƚ͕DŝŶŶ͘^ƚĂƚ͘ϱϳϮ͘ϯϭ͕ Ğƚ͕͘ƐĞƋ͘ŶǇĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐǇŽƌĚŝƐƉƵƚĞŶŽƚƌĞƐŽůǀĞĚďǇŵĞĚŝĂƚŝŽŶŵĂǇďĞƚŚĞƐƵďũĞĐƚŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐ ĨŝůĞĚďǇĞŝƚŚĞƌƉĂƌƚǇ͘dŚĞůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐŵƵƐƚďĞǀĞŶƵĞĚŝŶKůŵƐƚĞĚŽƵŶƚǇ͕DŝŶŶĞƐŽƚĂ͘dŚĞƉĂƌƚŝĞƐ ǁĂŝǀĞĂůůƌŝŐŚƚƐƚŽĂŶĚĐůĂŝŵƐĨŽƌŵŽŶĞƚĂƌǇĂǁĂƌĚƐŽƚŚĞƌƚŚĂŶĐŽŵƉĞŶƐĂƚŽƌǇĚĂŵĂŐĞƐ͘ &Z>>h^^ $57,&/( /Ĩ&ĞĚĞƌĂů&ƵŶĚƐĂƌĞŝŶǀŽůǀĞĚǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞĨŽůůŽǁŝŶŐĂĚĚŝƚŝŽŶĂůĐŽŶĚŝƚŝŽŶƐĂƉƉůǇ͗ ŽŵƉůŝĂŶĐĞǁŝƚŚZĞŐƵůĂƚŝŽŶƐ͘dŚĞƐƵďĐŽŶƐƵůƚĂŶƚƐŚĂůůĐŽŵƉůǇǁŝƚŚZĞŐƵůĂƚŝŽŶƐƌĞůĂƚŝǀĞƚŽŶŽŶͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶŝŶ&ĞĚĞƌĂůůǇ $ ĂƐƐŝƐƚĞĚƉƌŽŐƌĂŵƐŽĨƚŚĞĞƉĂƌƚŵĞŶƚŽĨdƌĂŶƐƉŽƌƚĂƚŝŽŶ͕ŚĞƌĞŝŶĂĨƚĞƌƌĞĨĞƌƌĞĚƚŽĂƐ͞Kd͕͟dŝƚůĞϰϵ͕ŽĚĞŽĨ&ĞĚĞƌĂů ZĞŐƵůĂƚŝŽŶ Ɛ͕WĂƌƚϮ͕ĂƐƚŚĞǇŵĂǇďĞĂŵĞŶĚĞĚĨƌŽŵƚŝŵĞƚŽƚŝŵĞŚĞƌĞŝŶĂĨƚĞƌƌĞĨĞƌƌĞĚƚŽĂƐƚŚĞ͞ZĞŐƵůĂƚŝŽŶƐ͕͟ǁŚŝĐŚĂƌĞ ŚĞƌĞŝŶŝŶĐŽƌƉŽƌĂƚĞĚďǇƌĞĨĞƌĞŶĐĞĂŶĚŵĂĚĞƉĂƌƚŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͘ EŽŶͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶ͘dŚĞƐƵďĐŽŶƐƵůƚĂŶƚ͕ǁŝƚŚƌĞŐĂƌĚƚŽƚŚĞǁŽƌŬƉĞƌĨŽƌŵĞĚďǇŝƚĚƵƌŝŶŐƚŚŝƐĐŽŶƚƌĂĐƚ͕ƐŚĂůůŶŽƚ % ĚŝƐĐƌŝŵŝŶĂƚĞŽŶƚŚĞŐƌŽƵŶĚƐŽĨƌĂĐĞ͕ĐŽůŽƌ͕ŶĂƚŝŽŶĂůŽƌŝŐŝŶ͕ƐĞǆ͕ĚŝƐĂďŝůŝƚŝĞƐ͕ŽƌǀĞƚĞƌĂŶ͛ƐƐƚĂƚƵƐŝŶƚŚĞƐĞůĞĐƚŝŽŶĂŶĚ ƌĞƚĞŶƚŝŽŶŽĨƐƵďĐŽŶƐƵůƚĂŶƚƐ͕ƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ŝŶĐůƵĚŝŶŐƉƌŽĐƵƌĞŵĞŶƚŽĨŵĂƚĞƌŝĂůƐĂŶĚůĞĂƐĞƐŽĨĞƋƵŝƉŵĞŶƚ͘dŚĞ ƐƵďĐŽŶƐƵůƚĂŶƚƐŚĂůůŶŽƚƉĂƌƚŝĐŝƉĂƚĞĞŝƚŚĞƌĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇŝŶƚŚĞĚŝƐĐƌŝŵŝŶĂƚŝŽŶƉƌŽŚŝďŝƚĞĚďǇ^ĞĐƚŝŽŶϮϭ͘ϱŽĨƚŚĞ ZĞŐƵůĂƚŝŽŶƐ͕ŝŶĐůƵĚŝŶŐĞŵƉůŽǇŵĞŶƚƉƌĂĐƚŝĐĞƐǁŚĞŶƚŚĞĐŽŶƚƌĂĐƚĐŽǀĞƌƐĂƉƌŽŐƌĂŵƐĞƚĨŽƌƚŚŝŶƉƉĞŶĚŝǆŽĨƚŚĞ ZĞŐƵůĂƚŝŽŶƐ͘ ^ŽůŝĐŝƚĂƚŝŽŶƐĨŽƌ^ƵďĐŽŶƚƌĂĐƚƐ͕ŝŶĐůƵĚŝŶŐƉƌŽĐƵƌĞŵĞŶƚŽĨŵĂƚĞƌŝĂůƐĂŶĚĞƋƵŝƉŵĞŶƚ͘/ŶĂůůƐŽůŝĐŝƚĂƚŝŽŶƐĞŝƚŚĞƌďǇ & ĐŽŵƉĞƚŝƚŝǀĞďŝĚĚŝŶŐŽƌŶĞŐŽƚŝĂƚŝŽŶŵĂĚĞďǇƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚĨŽƌǁŽƌŬƚŽďĞƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂƐƵďĐŽŶƚƌĂĐƚ͕ŝŶĐůƵĚŝŶŐ ƉƌŽĐƵƌĞŵĞŶƚŽĨŵĂƚĞƌŝĂůƐŽƌůĞĂƐĞƐŽĨĞƋƵŝƉŵĞŶƚ͕ĞĂĐŚƉŽƚĞŶƚŝĂůƐƵďĐŽŶƚƌĂĐƚŽƌŽƌƐƵƉƉůŝĞƌƐŚĂůůďĞŶŽƚŝĨŝĞĚďǇƚŚĞ E'/EZŽĨƚŚĞĐŽŶƚƌĂĐƚŽƌ͛ƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐĐŽŶƚƌĂĐƚĂŶĚƚŚĞZĞŐƵůĂƚŝŽŶƐƌĞůĂƚŝǀĞƚŽŶŽŶ ͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶŽŶƚŚĞ ŐƌŽƵŶĚƐŽĨƌĂĐĞ͕ĐŽůŽƌ͕ŶĂƚŝŽŶĂůŽƌŝŐŝŶ͕ƐĞǆ͕ĚŝƐĂďŝůŝ ƚŝĞƐŽƌǀĞƚĞƌĂŶ͛ƐƐƚĂƚƵƐ͘ /ŶĨŽƌŵĂƚŝŽŶĂŶĚZĞƉŽƌƚƐ͘dŚĞƐƵďĐŽŶƐƵůƚĂŶƚƐŚĂůůƉƌŽǀŝĚĞĂůůŝŶĨŽƌŵĂƚŝŽŶĂŶĚƌĞƉŽƌƚƐƌĞƋƵŝƌĞĚďǇƚŚĞZĞŐƵůĂƚŝŽŶƐŽƌ ' ĚŝƌĞĐƚŝǀĞƐŝƐƐƵĞĚƉƵƌƐƵĂŶƚƚŚĞƌĞƚŽĂŶĚƐŚĂůůƉĞƌŵŝƚĂĐĐĞƐƐƚŽŝƚƐďŽŽŬƐ͕ƌĞĐŽƌĚƐ͕ĂĐĐŽƵŶƚƐ͕ŽƚŚĞƌƐŽƵƌĐĞƐŽĨŝŶĨŽƌŵĂƚŝŽŶ͕ ĂŶĚŝƚƐĨĂĐŝůŝƚŝĞƐĂƐŵĂǇďĞĚĞƚĞƌŵŝŶĞĚďǇƚŚĞE'/EZ͕ƐƉŽŶƐŽƌ͕ŽƌƚŚĞ&ĞĚĞƌĂůǀŝĂƚŝŽŶĚŵŝŶŝƐƚƌĂƚŝŽŶ;&ͿƚŽďĞ 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KƉƉŽƌƚƵŶŝƚǇKƉƉŽƌƚƵŶŝƚǇKƉƉŽƌƚƵŶŝƚǇ ĐƚŝŽŶĐƚŝŽŶĐƚŝŽŶĐƚŝŽŶĐƚŝŽŶĐƚŝŽŶĐƚŝŽŶ /ŵƉĂĐƚͬ^ŝŐŶŝĨŝĐ/ŵƉĂĐƚͬ^ŝŐŶŝĨŝĐ ĂŶƚŽŶƚƌŽůĂŶƚŽŶƚƌŽů ^ŝŐŶŝĨŝĐĂŶƚ^ŝŐŶŝĨŝĐĂŶƚ^ŝŐŶŝĨŝĐĂŶƚ /ŵƉĂĐƚ ZĞŶĞǁĂďůĞWŽǁĞƌZĞŶĞǁĂďůĞWŽǁĞƌZĞŶĞǁĂďůĞWŽǁĞƌZĞŶĞǁĂďůĞWŽǁĞƌ ZWhWŽůŝĐŝĞƐĂŶĚ /ŵƉƌŽǀĞ^ƵƉƉůǇ/ŵƉƌŽǀĞ^ƵƉƉůǇ/ŵƉƌŽǀĞ^ƵƉƉůǇ/ŵƉƌŽǀĞ^ƵƉƉůǇ ^ŝĚĞĨĨŝĐŝĞŶĐǇ^ŝĚĞĨĨŝĐŝĞŶĐǇ^ŝĚĞĨĨŝĐŝĞŶĐǇ^ŝĚĞĨĨŝĐŝĞŶĐǇ ŽŶƐĞƌǀĂƚŝŽŶŽŶƐĞƌǀĂƚŝŽŶŽŶƐĞƌǀĂƚŝŽŶŽŶƐĞƌǀĂƚŝŽŶ /ŶĐƌĞĂƐĞ/ŶĐƌĞĂƐĞ/ŶĐƌĞĂƐĞ/ŶĐƌĞĂƐĞ/ŶĐƌĞĂƐĞ/ŶĐƌĞĂƐĞ/ŶĐƌĞĂƐĞ/ŶĐƌĞĂƐĞ ^ŽƵƌĐĞƐ^ŽƵƌĐĞƐ^ŽƵƌĐĞƐ^ŽƵƌĐĞƐ WůĂŶƐ WŽǁĞƌ'ĞŶĞƌĂƚŝŽŶWŽǁĞƌ'ĞŶĞƌĂƚŝŽŶWŽǁĞƌ'ĞŶĞƌĂƚŝŽŶWŽǁĞƌ'ĞŶĞƌĂƚŝŽŶWŽǁĞƌ'ĞŶĞƌĂƚŝŽŶWŽǁĞƌ'ĞŶĞƌĂƚŝŽŶWŽǁĞƌ'ĞŶĞƌĂƚŝŽŶWŽǁĞƌ'ĞŶĞƌĂƚŝŽŶWŽǁĞƌ'ĞŶĞƌĂƚŝŽŶWŽǁĞƌ'ĞŶĞƌĂƚŝŽŶWŽǁĞƌ'ĞŶĞƌĂƚŝŽŶWŽǁĞƌ'ĞŶĞƌĂ ƚŝŽŶWŽǁĞƌ'ĞŶĞƌĂƚŝŽŶ ĂŶĚ^ƵƉƉůǇĂŶĚ^ƵƉƉůǇĂŶĚ^ƵƉƉůǇĂŶĚ^ƵƉƉůǇĂŶĚ^ƵƉƉůǇĂŶĚ^ƵƉƉůǇĂŶĚ^ƵƉƉůǇĂŶĚ^ƵƉƉůǇĂŶĚ^ƵƉƉůǇĂŶĚ^ƵƉƉůǇĂŶĚ^ƵƉƉůǇĂŶĚ^ƵƉƉůǇ Θ^ƵƉƉůǇ 3DFNHW3J )D EŽEŽEŽEŽ ĚĞĐŝƐŝŽŶŵĂŬĞƌƐƚŽ ƉĂƚŚǁŝƚŚ^DDW ŵŽŶŝƚŽƌŝŶŐWƵďůŝĐ ĚŝƐĐƵƐƐŝŽŶƐǁŝƚŚ ĂƉƉƌŽĂĐŚŝŶŐZWh ZĞƋƵŝƌĞƐĐůĞĂƌŝŶŐĂŶĚŝƚǇ͕ĨƵŶĚŝŶŐĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶ͘ ǀĂŝůĂďůĞŝŶϮϬϯϬ tŽƌŬƐĂĐƚŝǀŝƚŝĞƐ ZWhΘŝƚǇƐƚĂĨĨĂŶĚƉĞƌƐƵĂĚŝŶŐ ŽƵŶƚǇ͍/͍ ŝŶƐƚĂůůƉŝƉŝŶŐ͘ /ŝŶƉůĂĐĞ͕ <ƌŝŐŚƚŝŶ 'ĞŶ͘DŐƌ͘ ZĞƋƵŝƌĞƐZĞƋƵŝƌĞƐ KŶŐŽŝŶŐ ƵƐĞƌƐĐƌĞĂƚĞĚƚŽĞǀĂůƵĂƚĞŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌĐŽůůĂďŽƌĂƚŝŽŶŝŶƌĞĂůŝǌŝŶŐĞŶĞƌŐǇĞĨĨŝĐŝĞŶĐǇ /ŶƚĞŐƌĂƚŝŽŶŽŵŵŝƚƚĞĞ;/Ϳ͕ĂŶĞǁĐŽŵŵƵŶŝƚǇŐƌŽƵƉŽĨĞŶĞƌŐǇŐĞŶĞƌĂƚŽƌƐĂŶĚůĂƌŐĞ Ͳ&ĂĐŝůŝƚǇǁĂƐĞǆƉĂŶĚĞĚŝŶϮϬϭϬĂŶĚKt&ŚĂƐƚŚĞ ĨůĞǆŝďŝůŝƚǇƚŽŐĞŶĞƌĂƚĞŵŽƌĞŽĨƚŚĞŝƌŽǁŶůŽǁͲĐĂƌďŽŶƉŽǁĞƌĂŶĚĚŝƌĞĐƚůǇĂĐĐŽƵŶƚĨŽƌ ĂŐŐƌĞƐƐŝǀĞĚĞǀĞůŽƉŵĞŶƚŽĨ͞ďĞŚŝŶĚƚŚĞŵĞƚĞƌ͟ƉŽǁĞƌŐĞŶĞƌĂƚŝŽŶ͕ƐƵĐŚĂƐƌŽŽĨͲƚŽƉ tŽƌŬŽŶŵĂŬŝŶŐŝƚƉŽƐƐŝďůĞƚŽŝŶƐƚĂůůƐŽůĂƌĞůĞĐƚƌŝĐƉĂŶĞůƐŽŶŶĞǁŝǀŝĐĞŶƚĞƌƌŽŽĨ͘ ͲtŚĞŶƚŚĞ^DDWĐŽŶƚƌĂĐƚĞǆƉŝƌĞƐŝŶ ĂĐƌŽƐƐŽƌŐĂŶŝǌĂƚŝŽŶƐŝŶƚŚĞDŝƐƚƌŝĐƚ͘dŚĞŝƚǇĐĂŶƐƵƉƉŽƌƚƚŚĞǁŽƌŬŽĨƚŚĞ/ dĂŬĞƉƌŽͲĚŝƐƚƌŝĐƚŚĞĂƚŝŶŐƉŽƐŝƚŝŽŶĨŽƌŝŶƐƚĂůůĂƚŝŽŶŽĨƉŝƉŝŶŐĚƵƌŝŶŐƉƌŽũĞĐƚƐƐƵĐŚĂƐ ZĞƋƵĞƐƚZWhƚŽĞŵƉůŽǇŶĞǁZĞƐŽƵƌĐĞĐŽŶƐƵůƚĂŶƚƚŽƉƌŽǀŝĚĞŶĞǁƉĞƌƐƉĞĐƚŝǀĞŽŶ ͲZWhŝƐĂŵĞŵďĞƌŽĨƚŚĞŶĞƌŐǇ ĐĂƌďŽŶƌĞĚƵĐƚŝŽŶƐ͘/ŶĂĚĚŝƚŝŽŶ͕ZWhǁŝůůŚĂǀĞŶĞǁĨůĞǆŝďŝůŝƚǇƚŽŝŶĐĞŶƚŝǀŝǌĞŵŽƌĞ ŵƵŶŝĐŝƉĂůƐŽůŝĚǁĂƐƚĞ;DD^tͿŝŶƚŽƐƚĞĂŵĂŶĚ͕ƐĞĐŽŶĚ͕ƚŽƐĞůůŵŽƌĞƐƚĞĂŵĂŶĚĞůĞĐƚƌŝĐŝƚǇƚŽĐŽŵŵƵŶŝƚǇƵƐĞƌƐ͕ƌĞĐŽŐŶŝǌŝŶŐƌĞŐƵůĂƚŽƌǇůŝŵŝƚĂƚŝŽŶƐƐĞƚďǇWhZW͘ ĂŶĚĐŽŵŵƵŶŝƚǇƐŽůĂƌ͕ǁŝƚŚŽƵƚďĞŝŶŐĐŽŶƐƚƌĂŝŶĞĚďǇƉƌĞƐĞŶƚĐŽŶƚƌĂĐƚƵĂůƉŽǁĞƌ ϮϬϯϬ͕ŝƚǇĂŐĞŶĐŝĞƐůŝŬĞƚŚĞtĂƐƚĞǁĂƚĞƌZĞĐůĂŵĂƚŝŽŶWůĂŶƚǁŝůůŚĂǀĞĂĚĚŝƚŝŽŶĂů 'ŽƚŽϭϬϬй>ƐƚƌĞĞƚůŝŐŚƚƐ͘tĞƉƌŽŵŝƐĞĚ;ƚŚĞ'ĞƌŵĂŶͲDEĞŶĞƌŐǇĞǆĐŚĂŶŐĞ ƉƌŽŵŝƐŝŶŐŽƉƉŽƌƚƵŶŝƚŝĞƐĂƌĞ͕ĨŝƌƐƚ͕ƚŽƐŽƵƌĐĞĂŶĚĐŽŶǀĞƌƚŵŽƌĞƌĞŐŝŽŶĂůŵŝǆĞĚ ĐĂƉĂĐŝƚǇƚŽĚŝǀĞƌƚƐƵďƐƚĂŶƚŝĂůůǇŵŽƌĞǁĂƐƚĞĨƌŽŵůĂŶĚĚŝƐƉŽƐĂů͘dŚĞƚǁŽŵŽƐƚ KƉƚŝŵŝǌĂƚŝŽŶŽĨŽŵŵƵŶŝƚǇWŽǁĞƌ'ĞŶĞƌĂƚŝŽŶ ǆƉĂŶƐŝŽŶŽĨĞŚŝŶĚƚŚĞDĞƚĞƌ'ĞŶĞƌĂƚŝŽŶ ƚŚƌŽƵŐŚZWh͛ƐĞŶŐĂŐĞŵĞŶƚĂŶĚŽƚŚĞƌǁŝƐĞ͘ KůŵƐƚĞĚtĂƐƚĞƚŽŶĞƌŐǇ&ĂĐŝůŝƚǇ DĂǇŶĞĞĚƚŽƚĂŬĞƚŽ^DDW͘ ĞǆŝƐƚŝŶŐĂŶĚĨƵƚƵƌĞƉůĂŶƐ͘ ƐƚƌĞĞƚƌĞĐŽŶƐƚƌƵĐƚŝŽŶ͘ ƉƵƌĐŚĂƐĞŽďůŝŐĂƚŝŽŶƐ͘ ^ƵŐŐĞƐƚŝŽŶƐ͍^ƵŐŐĞƐƚŝŽŶƐ͍ ƉƌŽŐƌĂŵͿ͊ ŶĞƌŐǇŽŵŵŝƐƐŝŽŶŶĞƌŐǇŽŵŵŝƐƐŝŽŶŶĞƌŐǇŽŵŵŝƐƐŝŽŶŶĞƌŐǇŽŵŵŝƐƐŝŽŶŶĞƌŐǇŽŵŵŝƐƐŝŽŶŶĞƌŐǇŽŵŵŝƐƐŝŽŶ W/ŵƉƌŽǀĞŵĞŶƚW/ŵƉƌŽǀĞŵĞŶƚW/ŵƉƌŽǀĞŵĞŶƚ KƉƉŽƌƚƵŶŝƚǇKƉƉŽƌƚƵŶŝƚǇKƉƉŽƌƚƵŶŝƚǇ ĐƚŝŽŶĐƚŝŽŶĐƚŝŽŶĐƚŝŽŶĐƚŝŽŶĐƚŝŽŶ ^ŝŐŶŝĨŝĐĂŶƚ^ŝŐŶŝĨŝĐĂŶƚ^ŝŐŶŝĨŝĐĂŶƚ /ŵƉĂĐƚ/ŵƉĂĐƚ/ŵƉĂĐƚ KůŵƐƚĞĚtĂƐƚĞƚŽ KƉƚŝŵŝǌĞŶĞƌŐǇ /ŶĐƌĞĂƐĞĞŚŝŶĚ ŶĞƌŐǇ&ĂĐŝůŝƚǇ ŽŶƐĞƌǀĂƚŝŽŶŽŶƐĞƌǀĂƚŝŽŶ KƵƚƉƵƚĨƌŽŵ KƉƚŝŵŝǌĞůůKƉƚŝŵŝǌĞůůKƉƚŝŵŝǌĞůůKƉƚŝŵŝǌĞůůKƉƚŝŵŝǌĞůů 'ĞŶĞƌĂƚŝŽŶ'ĞŶĞƌĂƚŝŽŶ'ĞŶĞƌĂƚŝŽŶ'ĞŶĞƌĂƚŝŽŶ'ĞŶĞƌĂƚŝŽŶ'ĞŶĞƌĂƚŝŽŶ ƚŚĞDĞƚĞƌ /ŶĐƌĞĂƐĞ/ŶĐƌĞĂƐĞ WŽǁĞƌWŽǁĞƌWŽǁĞƌWŽǁĞƌWŽǁĞƌ WŽǁĞƌ'ĞŶĞƌĂƚŝŽŶWŽǁĞƌ'ĞŶĞƌĂƚŝŽŶWŽǁĞƌ'ĞŶĞƌĂƚŝŽŶWŽǁĞƌ'ĞŶĞƌĂƚŝŽŶWŽǁĞƌ'ĞŶĞƌĂƚŝŽŶWŽǁĞƌ'ĞŶĞƌĂƚŝŽŶWŽǁĞƌ'ĞŶĞƌĂƚŝŽŶWŽǁĞƌ'ĞŶĞƌĂƚŝŽŶWŽǁĞƌ'ĞŶĞƌĂƚŝŽŶ ĂŶĚ^ƵƉƉůǇĂŶĚ^ƵƉƉůǇĂŶĚ^ƵƉƉůǇĂŶĚ^ƵƉƉůǇĂŶĚ^ƵƉƉůǇĂŶĚ^ƵƉƉůǇĂŶĚ^ƵƉƉůǇĂŶĚ^ƵƉƉůǇ Θ^ƵƉƉůǇ 3DFNHW3J )D zĞƐ͕ĂƚƚĞŶĚŝŶŐ ŵĞĞƚŝŶŐƐ͍ EŽEŽEŽEŽEŽEŽ ĂŶĚƵŶĚĞƌƐƚĂŶĚŝŶŐ ZĞƋƵŝƌĞƐŽďƚĂŝŶŝŶŐ DĂŶĂŐĞƌĂŶĚŝƚǇ ƉƌŽĐĞƐƐĂŶĚĐŽƐƚ ŝƚǇ,ĂůůƉƌŽũĞĐƚ ƉŽƐŝƚŝŽŶƚŽŝƚǇWƌŽŐƌĞƐƐǁŝƚŚŝŶ ŝŶĨŽƌŵĂƚŝŽŶ͘ ĂĚǀŽĐĂƚŝŶŐ ƵŶĚĞƌǁĂǇ ZĞƋƵŝƌĞƐ /ŶĂĐƚŝǀĞ ŽƵŶĐŝů ĐƚŝǀĞ ƵŝůĚŝŶŐƐ D ʹdŚĞĂĚŽƉƚŝŽŶŽĨƐƵƐƚĂŝŶĂďůĞďƵŝůĚŝŶŐƉŽůŝĐŝĞƐƚŚĂƚĂƉƉůǇ ZŽĐŚĞƐƚĞƌƚŽƌĞĚƵĐĞĞŶĞƌŐǇƵƐĞĂŶĚ','ĞŵŝƐƐŝŽŶƐĨƌŽŵŝƚǇĂŶĚĐŽŵŵƵŶŝƚǇͲŽǁŶĞĚ ŵŽĚŝĨŝĐĂƚŝŽŶĐŽŶƐƚƌƵĐƚŝŽŶƉƌŽũĞĐƚƐƉƌĞƐĞŶƚĂƐŝŐŶŝĨŝĐĂŶƚŽƉƉŽƌƚƵŶŝƚǇƚŽŵŝƚŝŐĂƚĞ',' ZĞĐŽŵŵĞŶĚĐŚĂŶŐĞƐƚŽďƵŝůĚŝŶŐĐŽĚĞǁŚŝĐŚƌĞƋƵŝƌĞĂůůŶĞǁďƵŝůĚŝŶŐƐƚŽŵĞĞƚŚŝŐŚƚ ͲĂƚƚĞŶĚŵĞĞƚŝŶŐƐĂŶĚƌĞƉƌĞƐĞŶƚŶĞƌŐǇŽŵŵŝƐƐŝŽŶΖƐƉŽƐŝƚŝŽŶƐ 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;ϮͿĂĨĂĐŝůŝƚǇƚŚĂƚƐĞƌǀĞƐ^ƵďƐĐƌŝďĞƌƐǁŝƚŚŽƵƚƵƐŝŶŐĂŶǇƉƵďůŝĐƌŝŐŚƚͲŽĨͲǁĂǇ͖ ;ϯͿĂĨĂĐŝůŝƚǇŽĨĐŽŵŵŽŶĐĂƌƌŝĞƌǁŚŝĐŚŝƐƐƵďũĞĐƚ͕ŝŶǁŚŽůĞŽƌŝŶƉĂƌƚ͕ƚŽƚŚĞ ƉƌŽǀŝƐŝŽŶƐŽĨϰϳh͘^͘͘ΑϮϬϭĞƚƐĞƋ͕ĞǆĐĞƉƚƚŚĂƚƐƵĐŚĨĂĐŝůŝƚǇƐŚĂůůďĞĐŽŶƐŝĚĞƌĞĚĂĂďůĞ ^ǇƐƚĞŵ;ŽƚŚĞƌƚŚĂŶĨŽƌƉƵƌƉŽƐĞƐŽĨϰϳh͘^͘͘Αϱϰϭ;ĐͿͿƚŽƚŚĞĞǆƚĞŶƚƐƵĐŚĨĂĐŝůŝƚǇŝƐƵƐĞĚ ŝŶƚŚĞƚƌĂŶƐŵŝƐƐŝŽŶŽĨsŝĚĞŽWƌŽŐƌĂŵŵŝŶŐĚŝƌĞĐƚůǇƚŽ^ƵďƐĐƌŝďĞƌƐ͖ƵŶůĞƐƐƚŚĞĞǆƚĞŶƚŽĨ ƐƵĐŚƵƐĞŝƐƐŽůĞůǇƚŽƉƌŽǀŝĚĞŝŶƚĞƌĂĐƚŝǀĞŽŶͲĚĞŵĂŶĚƐĞƌǀŝĐĞƐ͖ ;ϰͿĂŶŽƉĞŶǀŝĚĞŽƐǇƐƚĞŵƚŚĂƚĐŽŵƉůŝĞƐǁŝƚŚϰϳh͘^͘͘Αϱϳϯ͖Žƌ ;ϱͿĂŶǇĨĂĐŝůŝƚŝĞƐŽĨĂŶǇĞůĞĐƚƌŝĐƵƚŝůŝƚǇƵƐĞĚƐŽůĞůǇĨŽƌŽƉĞƌĂƚŝŶŐŝƚƐĞůĞĐƚƌŝĐƵƚŝůŝƚǇ ƐǇƐƚĞŵ͘ ĂďůĞ^ǇƐƚĞŵĂƐĚĞĨŝŶĞĚŚĞƌĞŝŶƐŚĂůůďĞƚŚĞĚĞĨŝŶŝƚŝŽŶƐĞƚĨŽƌƚŚŝŶϰϳh͘^͘͘ΑϱϮϮ;ϳͿ͘ ;ŝͿΗŚĂŶŶĞůΗŵĞĂŶƐĂƉŽƌƚŝŽŶŽĨƚŚĞĞůĞĐƚƌŽŵĂŐŶĞƚŝĐĨƌĞƋƵĞŶĐǇƐƉĞĐƚƌƵŵǁŚŝĐŚŝƐƵƐĞĚŝŶ ĂĂďůĞ^ǇƐƚĞŵĂŶĚǁŚŝĐŚŝƐĐĂƉĂďůĞŽĨĚĞůŝǀĞƌŝŶŐĂƚĞůĞǀŝƐŝŽŶŚĂŶŶĞůĂƐĚĞĨŝŶĞĚďǇƚŚĞ&͘ ŚĂŶŶĞůĂƐĚĞĨŝŶĞĚŚĞƌĞŝŶƐŚĂůůďĞƚŚĞĚĞĨŝŶŝƚŝŽŶƐĞƚĨŽƌƚŚŝŶϰϳh͘^͘͘ΑϱϮϮ;ϰͿ͘'ƌĂŶƚĞĞ Ϯ ϰϱϰϭϮϵϬǀϭ 3DFNHW3J *D ƌĞƉƌĞƐĞŶƚƐƚŚĂƚĂƐŽĨƚŚĞĨĨĞĐƚŝǀĞĂƚĞ'ƌĂŶƚĞĞŽĨĨĞƌƐĂŶĂůůͲĚŝŐŝƚĂůĂďůĞ^ǇƐƚĞŵĂŶĚĚŽĞƐŶŽƚ ĂůůŽĐĂƚĞƐŝǆ;ϲͿD,ǌƉĞƌŚĂŶŶĞů͘ ;ũͿΗŝƚǇΗŵĞĂŶƐƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕ĂŵƵŶŝĐŝƉĂůĐŽƌƉŽƌĂƚŝŽŶ͕ŝŶƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͘ ;ŬͿΗŝƚǇŽĚĞΗŵĞĂŶƐƚŚĞDƵŶŝĐŝƉĂůŽĚĞŽĨZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͘ ;ůͿΗŝƚǇŽƵŶĐŝůΗŵĞĂŶƐƚŚĞŝƚǇŽƵŶĐŝůŽĨZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͘ ;ŵͿΗůĂƐƐ/sĂďůĞŽŵŵƵŶŝĐĂƚŝŽŶƐŚĂŶŶĞůΗŵĞĂŶƐĂƐŝŐŶĂůŝŶŐƉĂƚŚƉƌŽǀŝĚĞĚďǇĂĂďůĞ ^ǇƐƚĞŵƚŽƚƌĂŶƐŵŝƚƐŝŐŶĂůƐŽĨĂŶǇƚǇƉĞĨƌŽŵĂ^ƵďƐĐƌŝďĞƌƚĞƌŵŝŶĂůƚŽĂŶŽƚŚĞƌƉŽŝŶƚŝŶƚŚĞ ^ǇƐƚĞŵ͘ ;ŶͿΗŽŶǀĞƌƚĞƌΗŵĞĂŶƐĂŶĞůĞĐƚƌŽŶŝĐĚĞǀŝĐĞǁŚŝĐŚĐŽŶǀĞƌƚƐƐŝŐŶĂůƐƚŽĂĨƌĞƋƵĞŶĐǇ ĂĐĐĞƉƚĂďůĞƚŽĂƚĞůĞǀŝƐŝŽŶƌĞĐĞŝǀĞƌŽĨĂ^ƵďƐĐƌŝďĞƌ͘ ;ŽͿΗĂǇΗƵŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚƐŚĂůůŵĞĂŶĂĐĂůĞŶĚĂƌĂǇ͘ ;ƉͿΗƌŽƉΗŵĞĂŶƐƚŚĞĐĂďůĞƚŚĂƚĐŽŶŶĞĐƚƐƚŚĞŐƌŽƵŶĚďůŽĐŬŽŶƚŚĞ^ƵďƐĐƌŝďĞƌΖƐƌĞƐŝĚĞŶĐĞƚŽ ƚŚĞŶĞĂƌĞƐƚƚĞƌŵŝŶĂůŽŶƚŚĞĚŝƐƚƌŝďƵƚŝŽŶĐĂďůĞŽĨƚŚĞ^ǇƐƚĞŵ͘ ;ƋͿΗǁĞůůŝŶŐhŶŝƚƐΗŵĞĂŶƐĂůůƌĞƐŝĚĞŶƚŝĂůƐŝŶŐůĞĨĂŵŝůǇĂŶĚŵƵůƚŝͲĨĂŵŝůǇŚŽŵĞƐŽƌƵŶŝƚƐŝŶ ƚŚĞ&ƌĂŶĐŚŝƐĞƌĞĂƚŚĂƚĂƌĞĐĂƉĂďůĞŽĨƌĞĐĞŝǀŝŶŐ'ƌĂŶƚĞĞΖƐĂďůĞ^ĞƌǀŝĐĞƐǁŝƚŚŽƵƚƚŚĞŶĞĞĚĨŽƌ 'ƌĂŶƚĞĞƚŽŽďƚĂŝŶĂŶǇƉƌŝǀĂƚĞƉƌŽƉĞƌƚǇƌŝŐŚƚƐĨƌŽŵĂƚŚŝƌĚƉĂƌƚǇ͘ ;ƌͿΗĨĨĞĐƚŝǀĞĂƚĞΗƐŚĂůůŵĞĂŶͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͕ϮϬϭͺͺ͘ ;ƐͿΗ&ΗŵĞĂŶƐƚŚĞ&ĞĚĞƌĂůŽŵŵƵŶŝĐĂƚŝŽŶƐŽŵŵŝƐƐŝŽŶĂŶĚĂŶǇůĞŐĂůůǇĂƉƉŽŝŶƚĞĚ͕ ĚĞƐŝŐŶĂƚĞĚŽƌĞůĞĐƚĞĚĂŐĞŶƚŽƌƐƵĐĐĞƐƐŽƌ͘ ;ƚͿΗ&ƌĂŶĐŚŝƐĞΗƐŚĂůůŵĞĂŶƚŚĞƌŝŐŚƚŐƌĂŶƚĞĚďǇƚŚŝƐKƌĚŝŶĂŶĐĞĂŶĚƚŚĞƌĞŐƵůĂƚŽƌǇĂŶĚ ĐŽŶƚƌĂĐƚƵĂůƌĞůĂƚŝŽŶƐŚŝƉĞƐƚĂďůŝƐŚĞĚƚŚĞƌĞďǇ͘ ;ƵͿΗ&ƌĂŶĐŚŝƐĞƌĞĂΗŵĞĂŶƐƚŚĞĞŶƚŝƌĞŐĞŽŐƌĂƉŚŝĐĂƌĞĂǁŝƚŚŝŶƚŚĞŝƚǇĂƐŝƚŝƐŶŽǁ ĐŽŶƐƚŝƚƵƚĞĚŽƌŵĂǇŝŶƚŚĞĨƵƚƵƌĞďĞĐŽŶƐƚŝƚƵƚĞĚ͘ ;ǀͿΗ&ƌĂŶĐŚŝƐĞ&ĞĞΗƐŚĂůůďĞƚŚĞĚĞĨŝŶŝƚŝŽŶƐĞƚĨŽƌƚŚŝŶϰϳh͘^͘͘ΑϱϰϮ;ŐͿ͘ ;ǁͿΗ'WΗŵĞĂŶƐŐĞŶĞƌĂůůǇĂĐĐĞƉƚĞĚĂĐĐŽƵŶƚŝŶŐƉƌŝŶĐŝƉůĞƐĂƐƉƌŽŵƵůŐĂƚĞĚĂŶĚĚĞĨŝŶĞĚďǇ ƚŚĞ&ŝŶĂŶĐŝĂůĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐŽĂƌĚ;Η&^ΗͿ͕ŵĞƌŐŝŶŐ/ƐƐƵĞƐdĂƐŬ&ŽƌĐĞ;Η/d&ΗͿĂŶĚͬŽƌ ƚŚĞh͘^͘^ĞĐƵƌŝƚŝĞƐĂŶĚǆĐŚĂŶŐĞŽŵŵŝƐƐŝŽŶ;Η^ΗͿ͘ ;ǆͿΗ'ƌĂŶƚĞĞΗŝƐDEͲZh^͕/ŶĐ͕͘ĂŶ/ŶĚŝĂŶĂĐŽƌƉŽƌĂƚŝŽŶ͕ŝƚƐůĂǁĨƵůƐƵĐĐĞƐƐŽƌƐ͕ƚƌĂŶƐĨĞƌĞĞƐŽƌ ĂƐƐŝŐŶĞĞƐ͘ ;ǇͿΗ'ƌĂŶƚĞĞΖƐ^ĞƌǀŝĐĞdĞƌƌŝƚŽƌǇΗŵĞĂŶƐĂŶǇĂƌĞĂŽĨƚŚĞŝƚǇǁŚĞƌĞ'ƌĂŶƚĞĞΖƐĂďůĞ^ǇƐƚĞŵ ŝƐĐŽŶƐƚƌƵĐƚĞĚĂŶĚĐĂƉĂďůĞŽĨƉƌŽǀŝĚŝŶŐĂďůĞ^ĞƌǀŝĐĞƐƚŽƚŚĞǁĞůůŝŶŐhŶŝƚƐ͘ ;ǌͿΗ'ƌŽƐƐZĞǀĞŶƵĞƐΗŵĞĂŶƐĂŶǇĂŶĚĂůůƌĞǀĞŶƵĞƐĚĞƌŝǀĞĚďǇƚŚĞ'ƌĂŶƚĞĞĨƌŽŵƚŚĞ ŽƉĞƌĂƚŝŽŶŽĨƚŚĞĂďůĞ^ǇƐƚĞŵƚŽƉƌŽǀŝĚĞĂďůĞ^ĞƌǀŝĐĞƐŝŶƚŚĞŝƚǇ͘'ƌŽƐƐZĞǀĞŶƵĞƐƐŚĂůůŶŽƚ ϯ ϰϱϰϭϮϵϬǀϭ 3DFNHW3J *D ŝŶĐůƵĚĞĂŶǇƚĂǆ͕ĨĞĞŽƌĂƐƐĞƐƐŵĞŶƚŽĨŐĞŶĞƌĂůĂƉƉůŝĐĂďŝůŝƚǇ͘&ƌĂŶĐŚŝƐĞ&ĞĞŝƐŶŽƚƐƵĐŚĂƚĂǆ͕ĨĞĞ ŽƌĂƐƐĞƐƐŵĞŶƚ͘'ƌŽƐƐZĞǀĞŶƵĞƐƐŚĂůůŶŽƚŝŶĐůƵĚĞ͗W'&ĞĞƐ͖ƚŽǁĞƌƌĞŶƚ͖ďĂĚĚĞďƚǁƌŝƚƚĞŶŽĨĨďǇ 'ƌĂŶƚĞĞŝŶƚŚĞŶŽƌŵĂůĐŽƵƌƐĞŽĨŝƚƐďƵƐŝŶĞƐƐ͕ƉƌŽǀŝĚĞĚ͕ŚŽǁĞǀĞƌ͕ƚŚĂƚďĂĚĚĞďƚƌĞĐŽǀĞƌŝĞƐƐŚĂůů ďĞŝŶĐůƵĚĞĚŝŶ'ƌŽƐƐZĞǀĞŶƵĞƵƉŽŶĐŽůůĞĐƚŝŽŶ͖Žƌ^ƵďƐĐƌŝďĞƌĚĞƉŽƐŝƚƐ͘dŚĞŝƚǇĂĐŬŶŽǁůĞĚŐĞƐ ĂŶĚĂĐĐĞƉƚƐƚŚĂƚ'ƌĂŶƚĞĞƐŚĂůůŵĂŝŶƚĂŝŶŝƚƐďŽŽŬƐĂŶĚƌĞĐŽƌĚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ'W͘ tŚĞƌĞ'ƌĂŶƚĞĞďƵŶĚůĞƐ͕ŝŶƚĞŐƌĂƚĞƐ͕ƚŝĞƐ͕ŽƌĐŽŵďŝŶĞƐĂďůĞ^ĞƌǀŝĐĞǁŝƚŚŽƚŚĞƌƐĞƌǀŝĐĞƐŝŶĂ ďƵŶĚůĞĚƉĂĐŬĂŐĞĨŽƌǁŚŝĐŚ^ƵďƐĐƌŝďĞƌƐƉĂǇĂƐŝŶŐůĞĨĞĞ͕'ƌŽƐƐZĞǀĞŶƵĞƐĨŽƌƐƵĐŚďƵŶĚůĞĚ͕ ŝŶƚĞŐƌĂƚĞĚ͕ŽƌƚŝĞĚĐŽŵďŝŶĂƚŝŽŶŽĨƐĞƌǀŝĐĞƐƐŚĂůůďĞĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶĂƉƌŽƌĂƚĂĂůůŽĐĂƚŝŽŶ ĂŵŽŶŐƚŚĞƐĞƌǀŝĐĞƐŽĨĨĞƌĞĚƵŶůĞƐƐƐƵĐŚĂůůŽĐĂƚŝŽŶŵĞƚŚŽĚŽůŽŐǇŝƐĚŝƌĞĐƚůǇŝŶĐŽŶĨůŝĐƚǁŝƚŚ'W͕ ŝŶǁŚŝĐŚĐĂƐĞ'ƌĂŶƚĞĞƐŚĂůůĂůůŽĐĂƚĞďƵŶĚůĞĚƌĞǀĞŶƵĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ'W͘'ƌĂŶƚĞĞƐŚĂůů ŶŽƚƵƐĞďƵŶĚůĞĚƉĂĐŬĂŐĞŽĨĨĞƌŝŶŐƐĂƐĂŵĞĂŶƐŽĨĞǀĂĚŝŶŐƚŚĞƉĂǇŵĞŶƚŽĨ&ƌĂŶĐŚŝƐĞ&ĞĞƐŽƌW' &ĞĞƐ͘ ;ĂĂͿΗ/ŶƐƚĂůůĂƚŝŽŶ ΗŵĞĂŶƐƚŚĞĐŽŶŶĞĐƚŝŽŶŽĨƚŚĞ^ǇƐƚĞŵĨƌŽŵĚŝƐƚƌŝďƵƚŝŽŶĐĂďůĞƚŽƚŚĞƉŽŝŶƚ ŽĨĐŽŶŶĞĐƚŝŽŶ͕ŝŶĐůƵĚŝŶŐ^ƚĂŶĚĂƌĚ/ŶƐƚĂůůĂƚŝŽŶƐĂŶĚĐƵƐƚŽŵ/ŶƐƚĂůůĂƚŝŽŶƐ͘ ;ďďͿΗDŝŶŶĞƐŽƚĂĂďůĞŽŵŵƵŶŝĐĂƚŝŽŶƐĐƚΗŵĞĂŶƐƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨDŝŶŶĞƐŽƚĂůĂǁ ŐŽǀĞƌŶŝŶŐƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĂĐĂďůĞƚĞůĞǀŝƐŝŽŶĨƌĂŶĐŚŝƐĞĂƐƐĞƚĨŽƌƚŚŝŶDŝŶŶ͘^ƚĂƚ͘ΑϮϯϴ͕Ğƚ͘ ƐĞƋ͕͘ĂƐĂŵĞŶĚĞĚ͘ ;ĐĐͿΗEŽƌŵĂůƵƐŝŶĞƐƐ,ŽƵƌƐΗŵĞĂŶƐƚŚŽƐĞŚŽƵƌƐĚƵƌŝŶŐǁŚŝĐŚŵŽƐƚƐŝŵŝůĂƌďƵƐŝŶĞƐƐĞƐŝŶ ŝƚǇĂƌĞŽƉĞŶƚŽƐĞƌǀĞĐƵƐƚŽŵĞƌƐ͘/ŶĂůůĐĂƐĞƐ͕ΗEŽƌŵĂůƵƐŝŶĞƐƐ,ŽƵƌƐΗŵƵƐƚŝŶĐůƵĚĞƐŽŵĞ ĞǀĞŶŝŶŐŚŽƵƌƐ͕ĂƚůĞĂƐƚŽŶĞ;ϭͿŶŝŐŚƚƉĞƌǁĞĞŬĂŶĚͬŽƌƐŽŵĞǁĞĞŬĞŶĚŚŽƵƌƐ͘EŽƌŵĂůƵƐŝŶĞƐƐ ,ŽƵƌƐĂƐĚĞĨŝŶĞĚŚĞƌĞŝŶƐŚĂůůďĞƚŚĞĚĞĨŝŶŝƚŝŽŶƐĞƚĨŽƌƚŚŝŶϰϳ͘&͘Z͘Αϳϲ͘ϯϬϵ;ĚͿ͘ ;ĚĚͿΗEŽƌŵĂůKƉĞƌĂƚŝŶŐŽŶĚŝƚŝŽŶƐΗŵĞĂŶƐƚŚŽƐĞƐĞƌǀŝĐĞĐŽŶĚŝƚŝŽŶƐǁŚŝĐŚĂƌĞǁŝƚŚŝŶƚŚĞ ĐŽŶƚƌŽůŽĨƚŚĞ'ƌĂŶƚĞĞ͘dŚŽƐĞĐŽŶĚŝƚŝŽŶƐǁŚŝĐŚĂƌĞŶŽƚǁŝƚŚŝŶƚŚĞĐŽŶƚƌŽůŽĨƚŚĞ'ƌĂŶƚĞĞ ŝŶĐůƵĚĞ͕ďƵƚĂƌĞŶŽƚůŝŵŝƚĞĚƚŽ͕ŶĂƚƵƌĂůĚŝƐĂƐƚĞƌƐ͕ĐŝǀŝůĚŝƐƚƵƌďĂŶĐĞƐ͕ƉŽǁĞƌŽƵƚĂŐĞƐ͕ƚĞůĞƉŚŽŶĞ ŶĞƚǁŽƌŬŽƵƚĂŐĞƐ͕ĂŶĚƐĞǀĞƌĞŽƌƵŶƵƐƵĂůǁĞĂƚŚĞƌĐŽŶĚŝƚŝŽŶƐ͘dŚŽƐĞĐŽŶĚŝƚŝŽŶƐǁŚŝĐŚĂƌĞ ŽƌĚŝŶĂƌŝůǇǁŝƚŚŝŶƚŚĞĐŽŶƚƌŽůŽĨƚŚĞ'ƌĂŶƚĞĞŝŶĐůƵĚĞ͕ďƵƚĂƌĞŶŽƚůŝŵŝƚĞĚƚŽ͕ƐƉĞĐŝĂůƉƌŽŵŽƚŝŽŶƐ͕ ƉĂǇͲƉĞƌͲǀŝĞǁĞǀĞŶƚƐ͕ƌĂƚĞŝŶĐƌĞĂƐĞƐ͕ƌĞŐƵůĂƌƉĞĂŬŽƌƐĞĂƐŽŶĂůĚĞŵĂŶĚƉĞƌŝŽĚƐ͕ĂŶĚŵĂŝŶƚĞŶĂŶĐĞ ŽƌƵƉŐƌĂĚĞŽĨƚŚĞĂďůĞ^ǇƐƚĞŵ͘EŽƌŵĂůKƉĞƌĂƚŝŶŐŽŶĚŝƚŝŽŶƐĂƐĚĞĨŝŶĞĚŚĞƌĞŝŶƐŚĂůůďĞƚŚĞ ĚĞĨŝŶŝƚŝŽŶƐĞƚĨŽƌƚŚŝŶϰϳ͘&͘Z͘Αϳϲ͘ϯϬϵ;ĚͿ͘ ;ĞĞͿΗKƚŚĞƌWƌŽŐƌĂŵŵŝŶŐ^ĞƌǀŝĐĞΗŵĞĂŶƐŝŶĨŽƌŵĂƚŝŽŶƚŚĂƚĂĐĂďůĞŽƉĞƌĂƚŽƌŵĂŬĞƐĂǀĂŝůĂďůĞ ƚŽĂůů^ƵďƐĐƌŝďĞƌƐŐĞŶĞƌĂůůǇ͘KƚŚĞƌWƌŽŐƌĂŵŵŝŶŐ^ĞƌǀŝĐĞƐĂƐĚĞĨŝŶĞĚŚĞƌĞŝŶƐŚĂůůďĞƚŚĞ ĚĞĨŝŶŝƚŝŽŶƐĞƚĨŽƌƚŚŝŶϰϳh͘^͘͘ΑϱϮϮ;ϭϰͿ͘ ;ĨĨͿΗW'ΗŵĞĂŶƐƉƵďůŝĐ͕ĞĚƵĐĂƚŝŽŶĂůĂŶĚŐŽǀĞƌŶŵĞŶƚĂů͘ ;ŐŐͿΗWĞŶĞƚƌĂƚŝŽŶ>ĞǀĞůΗŵĞĂŶƐƚŚĞƉĞƌĐĞŶƚĂŐĞŽĨǁĞůůŝŶŐhŶŝƚƐƌĞĐĞŝǀŝŶŐĂďůĞ^ĞƌǀŝĐĞƐ ĨƌŽŵ'ƌĂŶƚĞĞŝŶ'ƌĂŶƚĞĞΖƐ^ĞƌǀŝĐĞdĞƌƌŝƚŽƌǇĂƐĚĞƚĞƌŵŝŶĞĚďǇĚŝǀŝĚŝŶŐƚŚĞƚŽƚĂůŶƵŵďĞƌŽĨ ǁĞůůŝŶŐhŶŝƚƐďǇƚŚĞŶƵŵďĞƌŽĨ'ƌĂŶƚĞĞ͛Ɛ^ƵďƐĐƌŝďĞƌƐ͘ ;ŚŚͿΗWĞƌƐŽŶΗŵĞĂŶƐĂŶǇƉĞƌƐŽŶ͕Ĩŝƌŵ͕ƉĂƌƚŶĞƌƐŚŝƉ͕ůŝŵŝƚĞĚůŝĂďŝůŝƚǇĞŶƚŝƚǇŽƌƉĂƌƚŶĞƌƐŚŝƉ͕ ĂƐƐŽĐŝĂƚŝŽŶ͕ĐŽƌƉŽƌĂƚŝŽŶ͕ĐŽŵƉĂŶǇ͕ŽƌŽƚŚĞƌůĞŐĂůĞŶƚŝƚǇ͘ ϰ ϰϱϰϭϮϵϬǀϭ 3DFNHW3J *D ;ŝŝͿΗ^ĞƌǀŝĐĞ/ŶƚĞƌƌƵƉƚŝŽŶΗŵĞĂŶƐƚŚĞůŽƐƐŽĨƉŝĐƚƵƌĞŽƌƐŽƵŶĚŽŶŽŶĞ;ϭͿŽƌŵŽƌĞŚĂŶŶĞůƐ͘ ^ĞƌǀŝĐĞ/ŶƚĞƌƌƵƉƚŝŽŶĂƐĚĞĨŝŶĞĚŚĞƌĞŝŶƐŚĂůůďĞƚŚĞĚĞĨŝŶŝƚŝŽŶƐĞƚĨŽƌƚŚŝŶϰϳ͘&͘Z͘Αϳϲ͘ϯϬϵ;ĚͿ͘ ;ũũͿΗ^ƚĂŶĚĂƌĚ/ŶƐƚĂůůĂƚŝŽŶΗŵĞĂŶƐĂŶǇƌĞƐŝĚĞŶƚŝĂů/ŶƐƚĂůůĂƚŝŽŶǁŚŝĐŚĐĂŶďĞĐŽŵƉůĞƚĞĚƵƐŝŶŐ ĂƌŽƉŽĨŽŶĞŚƵŶĚƌĞĚƚǁĞŶƚǇͲĨŝǀĞ;ϭϮϱͿĨĞĞƚ͘ 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Ϯϯϴ͘ϬϴĂŶĚĂŶǇŽƚŚĞƌĂƉƉůŝĐĂďůĞƐƚĂƚĞĂŶĚĨĞĚĞƌĂůůĞǀĞůƉůĂǇŝŶŐĨŝĞůĚƌĞƋƵŝƌĞŵĞŶƚƐ͘ ;ĂͿdŚĞŝƚǇƐƉĞĐŝĨŝĐĂůůǇƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŐƌĂŶƚ͕ĂƚĂŶǇƚŝŵĞ͕ƐƵĐŚĂĚĚŝƚŝŽŶĂůĨƌĂŶĐŚŝƐĞƐ ĨŽƌĂĂďůĞ^ǇƐƚĞŵĂƐŝƚĚĞĞŵƐĂƉƉƌŽƉƌŝĂƚĞƉƌŽǀŝĚĞĚ͕ŚŽǁĞǀĞƌ͕ƐƵĐŚĂĚĚŝƚŝŽŶĂůŐƌĂŶƚƐƐŚĂůůŶŽƚ ŽƉĞƌĂƚĞƚŽŵĂƚĞƌŝĂůůǇŵŽĚŝĨǇ͕ƌĞǀŽŬĞ͕ŽƌƚĞƌŵŝŶĂƚĞĂŶǇƌŝŐŚƚƐƉƌĞǀŝŽƵƐůǇŐƌĂŶƚĞĚƚŽ'ƌĂŶƚĞĞ ŽƚŚĞƌƚŚĂŶĂƐĚĞƐĐƌŝďĞĚŚĞƌĞŝŶ͘ ϱ ϰϱϰϭϮϵϬǀϭ 3DFNHW3J *D ;ďͿ/ĨĂŶǇŽƚŚĞƌtŝƌĞůŝŶĞDsWĞŶƚĞƌƐŝŶƚŽĂŶǇĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞŝƚǇƚŽƉƌŽǀŝĚĞ ŵƵůƚŝĐŚĂŶŶĞůǀŝĚĞŽƉƌŽŐƌĂŵŵŝŶŐŽƌŝƚƐĞƋƵŝǀĂůĞŶƚƚŽƌĞƐŝĚĞŶƚƐŝŶƚŚĞŝƚǇ͕ƚŚĞŝƚǇ͕ƵƉŽŶǁƌŝƚƚĞŶ ƌĞƋƵĞƐƚŽĨƚŚĞ'ƌĂŶƚĞĞ͕ƐŚĂůůƉĞƌŵŝƚƚŚĞ'ƌĂŶƚĞĞƚŽĐŽŶƐƚƌƵĐƚĂŶĚͬŽƌŽƉĞƌĂƚĞŝƚƐĂďůĞ^ǇƐƚĞŵ ĂŶĚƉƌŽǀŝĚĞŵƵůƚŝĐŚĂŶŶĞůǀŝĚĞŽƉƌŽŐƌĂŵŵŝŶŐŽƌŝƚƐĞƋƵŝǀĂůĞŶƚƚŽ^ƵďƐĐƌŝďĞƌƐŝŶƚŚĞŝƚǇƵŶĚĞƌ ƚŚĞƐƵďƐƚĂŶƚŝĂůůǇƐŝŵŝůĂƌŵĂƚĞƌŝĂůƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͕ĂƐĚĞƚĞƌŵŝŶĞĚŝŶŝƚǇΖƐƌĞĂƐŽŶĂďůĞ ĚŝƐĐƌĞƚŝŽŶ͕ĂƐĂƉƉůŝĐĂďůĞƚŽƚŚĞŶĞǁtŝƌĞůŝŶĞDsW͘tŝƚŚŝŶŶŝŶĞƚǇ;ϵϬͿĂǇƐĂĨƚĞƌƚŚĞ'ƌĂŶƚĞĞ ƐƵďŵŝƚƐĂǁƌŝƚƚĞŶƌĞƋƵĞƐƚƚŽƚŚĞŝƚǇ͕ƚŚĞ'ƌĂŶƚĞĞĂŶĚƚŚĞŝƚǇƐŚĂůůĞŶƚĞƌŝŶƚŽĂŶĂŐƌĞĞŵĞŶƚŽƌ ŽƚŚĞƌĂƉƉƌŽƉƌŝĂƚĞĂƵƚŚŽƌŝǌĂƚŝŽŶ;ŝĨŶĞĐĞƐƐĂƌǇͿĐŽŶƚĂŝŶŝŶŐƐƵďƐƚĂŶƚŝĂůůǇƐŝŵŝůĂƌŵĂƚĞƌŝĂůƚĞƌŵƐ ĂŶĚĐŽŶĚŝƚŝŽŶƐ͕ĂƐĚĞƚĞƌŵŝŶĞĚŝŶŝƚǇΖƐƌĞĂƐŽŶĂďůĞĚŝƐĐƌĞƚŝŽŶ͕ĂƐĂƌĞĂƉƉůŝĐĂďůĞƚŽƚŚĞŶĞǁ tŝƌĞůŝŶĞDsW͘ ;ĐͿdŚĞŝƚǇƐŚĂůůĐŽŵƉůǇǁŝƚŚDŝŶŶ͘^ƚĂƚ͘ŚĂƉƚĞƌϮϯϴĂŶĚĂůůƉƉůŝĐĂďůĞůĂǁƐƌĞůĂƚĞĚƚŽƚŚĞ ŝƚǇΖƐƉƌŽǀŝƐŝŽŶŽĨĂďůĞ^ĞƌǀŝĐĞƐŽǀĞƌĂĂďůĞ^ǇƐƚĞŵ͘ ;ĚͿdŚĞŝƚǇŚĞƌĞďǇĂƵƚŚŽƌŝǌĞƐ'ƌĂŶƚĞĞƚŽŽĐĐƵƉǇŽƌƵƐĞƚŚĞ^ƚƌĞĞƚƐƐƵďũĞĐƚƚŽ͗ϭͿƚŚĞ ƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐ&ƌĂŶĐŚŝƐĞƚŽƉƌŽǀŝĚĞĂďůĞ^ĞƌǀŝĐĞƐǁŝƚŚŝŶƚŚĞŝƚǇ͖ĂŶĚϮͿĂůůůĂǁĨƵůĂŶĚ ŶŽŶĚŝƐĐƌŝŵŝŶĂƚŽƌǇƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞŝƚǇŽĚĞ͕ĂƐŵĂǇďĞĂŵĞŶĚĞĚƉĞƌŝŽĚŝĐĂůůǇ͘EŽƚŚŝŶŐŝŶƚŚŝƐ &ƌĂŶĐŚŝƐĞƐŚĂůůďĞĐŽŶƐƚƌƵĞĚƚŽƉƌŽŚŝďŝƚƚŚĞ'ƌĂŶƚĞĞĨƌŽŵƉƌŽǀŝĚŝŶŐƐĞƌǀŝĐĞƐŽƚŚĞƌƚŚĂŶĂďůĞ ^ĞƌǀŝĐĞƐĂƐƉĞƌŵŝƚƚĞĚďǇƉƉůŝĐĂďůĞ>Ăǁ͘dŚĞŝƚǇŚĞƌĞďǇƌĞƐĞƌǀĞƐĂůůŽĨŝƚƐƌŝŐŚƚƐƚŽƌĞŐƵůĂƚĞ ƐƵĐŚŽƚŚĞƌƐĞƌǀŝĐĞƐƚŽƚŚĞĞǆƚĞŶƚŶŽƚƉƌŽŚŝďŝƚĞĚďǇƉƉůŝĐĂďůĞ>ĂǁĂŶĚŶŽƉƌŽǀŝƐŝŽŶŚĞƌĞŝŶƐŚĂůů ďĞĐŽŶƐƚƌƵĞĚƚŽůŝŵŝƚŽƌŐŝǀĞƵƉĂŶǇƌĞŐƵůĂƚŽƌǇƌŝŐŚƚŽĨƚŚĞŝƚǇ͘dŚĞĂďůĞ^ǇƐƚĞŵĐŽŶƐƚƌƵĐƚĞĚ ĂŶĚŵĂŝŶƚĂŝŶĞĚďǇ'ƌĂŶƚĞĞŽƌŝƚƐĂŐĞŶƚƐƐŚĂůůŶŽƚŝŶƚĞƌĨĞƌĞǁŝƚŚŽƚŚĞƌƵƐĞƐŽĨ^ƚƌĞĞƚƐ͘ ;ĞͿdŚŝƐ&ƌĂŶĐŚŝƐĞŝƐĂĐŽŶƚƌĂĐƚĂŶĚƚŚĞƚĞƌŵƐŽĨƚŚŝƐ&ƌĂŶĐŚŝƐĞƐŚĂůůĚĞĨŝŶĞƚŚĞĐŽŶƚƌĂĐƚƵĂů ƌŝŐŚƚƐĂŶĚŽďůŝŐĂƚŝŽŶƐŽĨ'ƌĂŶƚĞĞǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶŽĨĂďůĞ^ĞƌǀŝĐĞĂŶĚŽƉĞƌĂƚŝŽŶŽĨ ƚŚĞĂďůĞ^ǇƐƚĞŵŝŶŝƚǇ͘/ŶƚŚĞĞǀĞŶƚŽĨĂĐŽŶĨůŝĐƚďĞƚǁĞĞŶƚŚĞŝƚǇŽĚĞĂŶĚƚŚŝƐ&ƌĂŶĐŚŝƐĞ͕ƚŚĞ ĞǆƉƌĞƐƐƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐ&ƌĂŶĐŚŝƐĞƐŚĂůůŐŽǀĞƌŶ͘ ;ĨͿEŽƚǁŝƚŚƐƚĂŶĚŝŶŐĂŶǇƚŚŝŶŐŝŶ^ĞĐƚŝŽŶϮ͘ϯ;ďͿŚĞƌĞŝŶƚŽƚŚĞĐŽŶƚƌĂƌǇ͕ƚŚĞŵĂƚĞƌŝĂůƚĞƌŵƐ ĂŶĚĐŽŶĚŝƚŝŽŶƐĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐ&ƌĂŶĐŚŝƐĞŵĂǇŶŽƚďĞƵŶŝůĂƚĞƌĂůůǇĂůƚĞƌĞĚďǇƚŚĞŝƚǇƚŚƌŽƵŐŚ ƐƵďƐĞƋƵĞŶƚĂŵĞŶĚŵĞŶƚƐƚŽƚŚĞŝƚǇŽĚĞ͕ŽƌĚŝŶĂŶĐĞƐŽƌĂŶǇƌĞŐƵůĂƚŝŽŶŽĨŝƚǇ͕ĞǆĐĞƉƚŝŶƚŚĞ ůĂǁĨƵůĞǆĞƌĐŝƐĞŽĨŝƚǇΖƐƉŽůŝĐĞƉŽǁĞƌ͘'ƌĂŶƚĞĞƌĞƐĞƌǀĞƐĂůůƌŝŐŚƚƐŝƚŵĂǇŚĂǀĞƚŽĐŚĂůůĞŶŐĞĂŶǇ ŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽƚŚĞŝƚǇŽĚĞǁŚĞƚŚĞƌĂƌŝƐŝŶŐŝŶĐŽŶƚƌĂĐƚŽƌĂƚůĂǁ͘dŚĞŝƚǇƌĞƐĞƌǀĞƐĂůůŽĨŝƚƐ ƌŝŐŚƚƐĂŶĚĚĞĨĞŶƐĞƐƚŽƐƵĐŚĐŚĂůůĞŶŐĞƐǁŚĞƚŚĞƌĂƌŝƐŝŶŐŝŶĐŽŶƚƌĂĐƚŽƌĂƚůĂǁ͘ ;ŐͿEŽƚŚŝŶŐŝŶƚŚŝƐ&ƌĂŶĐŚŝƐĞƐŚĂůů;ͿĂďƌŽŐĂƚĞƚŚĞƌŝŐŚƚŽĨƚŚĞŝƚǇƚŽƉĞƌĨŽƌŵĂŶǇƉƵďůŝĐ ǁŽƌŬƐŽƌƉƵďůŝĐŝŵƉƌŽǀĞŵĞŶƚƐŽĨĂŶǇĚĞƐĐƌŝƉƚŝŽŶ͕;ͿďĞĐŽŶƐƚƌƵĞĚĂƐĂǁĂŝǀĞƌŽĨĂŶǇĐŽĚĞƐŽƌ ŽƌĚŝŶĂŶĐĞƐƉƌŽŵƵůŐĂƚĞĚďǇƚŚĞŝƚǇ͕Žƌ;ͿďĞĐŽŶƐƚƌƵĞĚĂƐĂǁĂŝǀĞƌŽƌƌĞůĞĂƐĞŽĨƚŚĞƌŝŐŚƚƐŽĨ ƚŚĞŝƚǇŝŶĂŶĚƚŽƚŚĞ^ƚƌĞĞƚƐ͘ ;ŚͿdŚŝƐ&ƌĂŶĐŚŝƐĞĐŽŵƉůŝĞƐǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂĨƌĂŶĐŚŝƐĞƐƚĂŶĚĂƌĚƐƐĞƚĨŽƌƚŚŝŶDŝŶŶĞƐŽƚĂ ^ƚĂƚƵƚĞƐ͕^ĞĐƚŝŽŶϮϯϴ͘Ϭϴϰ͘ ϰ͘&ƌĂŶĐŚŝƐĞdĞƌŵ͘dŚĞƚĞƌŵŽĨƚŚŝƐ&ƌĂŶĐŚŝƐĞƐŚĂůůďĞĨŽƌĂƉĞƌŝŽĚŽĨĨŝǀĞ;ϱͿǇĞĂƌƐĨƌŽŵƚŚĞĚĂƚĞŽĨ ĂĐĐĞƉƚĂŶĐĞďǇ'ƌĂŶƚĞĞ͕ƵŶůĞƐƐƌĞŶĞǁĞĚ͕ƌĞǀŽŬĞĚŽƌƚĞƌŵŝŶĂƚĞĚƐŽŽŶĞƌĂƐŚĞƌĞŝŶƉƌŽǀŝĚĞĚ;ΗdĞƌŵΗͿ͘ EŽƚŚŝŶŐŚĞƌĞŝŶƐŚĂůůƐĞƌǀĞƚŽǁĂŝǀĞ'ƌĂŶƚĞĞΖƐƌŝŐŚƚƚŽƌĞŶĞǁĂůŽĨƚŚĞ&ƌĂŶĐŚŝƐĞƵŶĚĞƌƉƉůŝĐĂďůĞ>Ăǁ͘ ϱ͘ZƵůĞƐŽĨ'ƌĂŶƚĞĞ͘dŚĞ'ƌĂŶƚĞĞƐŚĂůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽƉƌŽŵƵůŐĂƚĞƐƵĐŚƌƵůĞƐ͕ƌĞŐƵůĂƚŝŽŶƐ͕ ƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŐŽǀĞƌŶŝŶŐƚŚĞĐŽŶĚƵĐƚŽĨŝƚƐďƵƐŝŶĞƐƐĂƐƐŚĂůůďĞƌĞĂƐŽŶĂďůǇŶĞĐĞƐƐĂƌǇƚŽĞŶĂďůĞ ϲ ϰϱϰϭϮϵϬǀϭ 3DFNHW3J *D ƐĂŝĚ'ƌĂŶƚĞĞƚŽĞǆĞƌĐŝƐĞŝƚƐƌŝŐŚƚƐĂŶĚƉĞƌĨŽƌŵŝƚƐŽďůŝŐĂƚŝŽŶƵŶĚĞƌƚŚŝƐ&ƌĂŶĐŚŝƐĞĂŶĚƚŽĂƐƐƵƌĞ ƵŶŝŶƚĞƌƌƵƉƚĞĚƐĞƌǀŝĐĞƚŽĞĂĐŚĂŶĚĂůůŽĨŝƚƐ^ƵďƐĐƌŝďĞƌƐ͖ƉƌŽǀŝĚĞĚƚŚĂƚƐƵĐŚƌƵůĞƐ͕ƌĞŐƵůĂƚŝŽŶƐ͕ƚĞƌŵƐĂŶĚ ĐŽŶĚŝƚŝŽŶƐƐŚĂůůŶŽƚďĞŝŶĐŽŶĨůŝĐƚǁŝƚŚƉƌŽǀŝƐŝŽŶƐŚĞƌĞƚŽ͕ƚŚĞŝƚǇŽĚĞŽƌƉƉůŝĐĂďůĞ>Ăǁ͘ ϲ͘dĞƌƌŝƚŽƌŝĂůƌĞĂ/ŶǀŽůǀĞĚĂŶĚ>ŝŶĞǆƚĞŶƐŝŽŶ͘ ;ĂͿdŚŝƐ&ƌĂŶĐŚŝƐĞŝƐŐƌĂŶƚĞĚĨŽƌƚŚĞ&ƌĂŶĐŚŝƐĞƌĞĂ͘'ƌĂŶƚĞĞĂĐŬŶŽǁůĞĚŐĞƐƚŚĞŝƚǇΖƐĚĞƐŝƌĞ ĨŽƌĂůůƌĞƐŝĚĞŶƚƐŝŶƚŚĞ&ƌĂŶĐŚŝƐĞƌĞĂƚŽďĞŶĞĨŝƚĨƌŽŵĐŽŵƉĞƚŝƚŝǀĞĂďůĞ^ĞƌǀŝĐĞŽĨĨĞƌŝŶŐƐ͘dŚĞ ŝƚǇĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƌĞƋƵŝƌŝŶŐ'ƌĂŶƚĞĞ͕ĂƐĂƐĞĐŽŶĚŵĂƌŬĞƚĞŶƚƌĂŶƚ͕ƚŽŝŶŝƚŝĂůůǇďƵŝůĚŽƵƚĂůůŽĨ 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ŝŶƚŽĂŶǇƉŽƌƚŝŽŶŽĨƚŚĞ&ƌĂŶĐŚŝƐĞƌĞĂǁŚĞƌĞĂŶŽƚŚĞƌĨƌĂŶĐŚŝƐĞĚŽƉĞƌĂƚŽƌŝƐƉƌŽǀŝĚŝŶŐĂďůĞ ^ĞƌǀŝĐĞ͘ĂďůĞ^ĞƌǀŝĐĞŽĨĨĞƌĞĚƚŽ^ƵďƐĐƌŝďĞƌƐƉƵƌƐƵĂŶƚƚŽƚŚŝƐ&ƌĂŶĐŚŝƐĞƐŚĂůůďĞĐŽŶĚŝƚŝŽŶĞĚ ƵƉŽŶ'ƌĂŶƚĞĞŚĂǀŝŶŐůĞŐĂůĂĐĐĞƐƐƚŽĂŶǇƐƵĐŚ^ƵďƐĐƌŝďĞƌΖƐǁĞůůŝŶŐhŶŝƚŽƌŽƚŚĞƌƵŶŝƚƐǁŚĞƌĞŝŶ ƐƵĐŚĂďůĞ^ĞƌǀŝĐĞŝƐƉƌŽǀŝĚĞĚ͘EŽƚŚŝŶŐŚĞƌĞŝŶƐŚĂůůďĞĐŽŶƐƚƌƵĞĚƚŽůŝŵŝƚƚŚĞ'ƌĂŶƚĞĞΖƐĂďŝůŝƚǇ ƚŽŽĨĨĞƌŽƌƉƌŽǀŝĚĞďƵůŬƌĂƚĞĚŝƐĐŽƵŶƚƐŽƌƉƌŽŵŽƚŝŽŶƐ͘ ϳ͘tƌŝƚƚĞŶEŽƚŝĐĞ͘ůůŶŽƚŝĐĞƐ͕ƌĞƉŽƌƚƐ͕ŽƌĚĞŵĂŶĚƐƌĞƋƵŝƌĞĚƚŽďĞŐŝǀĞŶŝŶǁƌŝƚŝŶŐƵŶĚĞƌƚŚŝƐ &ƌĂŶĐŚŝƐĞƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞŐŝǀĞŶǁŚĞŶĚĞůŝǀĞƌĞĚƉĞƌƐŽŶĂůůǇƚŽĂŶǇŽĨĨŝĐĞƌŽĨ'ƌĂŶƚĞĞŽƌŝƚǇΖƐ ĚŵŝŶŝƐƚƌĂƚŽƌŽĨƚŚŝƐ&ƌĂŶĐŚŝƐĞŽƌĨŽƌƚǇͲĞŝŐŚƚ;ϰϴͿŚŽƵƌƐĂĨƚĞƌŝƚŝƐĚĞƉŽƐŝƚĞĚŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŵĂŝůŝŶ ϳ ϰϱϰϭϮϵϬǀϭ 3DFNHW3J *D ĂƐĞĂůĞĚĞŶǀĞůŽƉĞ͕ǁŝƚŚƌĞŐŝƐƚĞƌĞĚŽƌĐĞƌƚŝĨŝĞĚŵĂŝůƉŽƐƚĂŐĞƉƌĞƉĂŝĚƚŚĞƌĞŽŶ͕ĂĚĚƌĞƐƐĞĚƚŽƚŚĞƉĂƌƚǇƚŽ ǁŚŽŵŶŽƚŝĐĞŝƐďĞŝŶŐŐŝǀĞŶ͕ĂƐĨŽůůŽǁƐ͗ /ĨƚŽŝƚǇ͗ŝƚǇŽĨZŽĐŚĞƐƚĞƌ ϮϬϭϰƚŚ^ƚƌĞĞƚ^͕ZŽŽŵϮϲϲ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰ ddE͗ŝƚǇĚŵŝŶŝƐƚƌĂƚŽƌ /ĨƚŽ'ƌĂŶƚĞĞ͗DEͲZh^͕/ŶĐ͘ ddE͗>ĞŐĂůĞƉĂƌƚŵĞŶƚ ϴϴϯϳŽŶĚ^ƚƌĞĞƚ KǀĞƌůĂŶĚWĂƌŬ͕<^ϲϲϮϭϰ ^ƵĐŚĂĚĚƌĞƐƐĞƐŵĂǇďĞĐŚĂŶŐĞĚďǇĞŝƚŚĞƌƉĂƌƚǇƵƉŽŶŶŽƚŝĐĞƚŽƚŚĞŽƚŚĞƌƉĂƌƚǇŐŝǀĞŶĂƐƉƌŽǀŝĚĞĚŝŶƚŚŝƐ ƐĞĐƚŝŽŶ͘ ^d/KEϯ͘KWZd/KE/E^dZd^EZ/',d^ͲK&Ͳtz ϭ͘hƐĞŽĨ^ƚƌĞĞƚƐ͘'ƌĂŶƚĞĞŵĂǇ͕ƐƵďũĞĐƚƚŽƚŚĞƚĞƌŵƐŽĨƚŚŝƐ&ƌĂŶĐŚŝƐĞ͕ĞƌĞĐƚ͕ŝŶƐƚĂůů͕ĐŽŶƐƚƌƵĐƚ͕ ƌĞƉĂŝƌ͕ƌĞƉůĂĐĞ͕ƌĞĐŽŶƐƚƌƵĐƚĂŶĚƌĞƚĂŝŶŝŶ͕ŽŶ͕ŽǀĞƌ͕ƵŶĚĞƌ͕ƵƉŽŶ͕ĂĐƌŽƐƐĂŶĚĂůŽŶŐƚŚĞ^ƚƌĞĞƚƐǁŝƚŚŝŶƚŚĞ ŝƚǇƐƵĐŚůŝŶĞƐ͕ĐĂďůĞƐ͕ĐŽŶĚƵĐƚŽƌƐ͕ĚƵĐƚƐ͕ĐŽŶĚƵŝƚƐ͕ǀĂƵůƚƐ͕ŵĂŶŚŽůĞƐ͕ĂŵƉůŝĨŝĞƌƐ͕ĂƉƉůŝĂŶĐĞƐ͕ƉĞĚĞƐƚĂůƐ͕ ĂƚƚĂĐŚŵĞŶƚƐĂŶĚŽƚŚĞƌƉƌŽƉĞƌƚǇĂŶĚĞƋƵŝƉŵĞŶƚĂƐĂƌĞŶĞĐĞƐƐĂƌǇĂŶĚĂƉƉƵƌƚĞŶĂŶƚƚŽƚŚĞŽƉĞƌĂƚŝŽŶŽĨĂ ĂďůĞ^ǇƐƚĞŵƚŽƉƌŽǀŝĚĞĂďůĞ^ĞƌǀŝĐĞƐǁŝƚŚŝŶƚŚĞŝƚǇ͘tŝƚŚŽƵƚůŝŵŝƚŝŶŐƚŚĞĨŽƌĞŐŽŝŶŐ͕'ƌĂŶƚĞĞ ĞǆƉƌĞƐƐůǇĂŐƌĞĞƐƚŚĂƚŝƚǁŝůůĐŽŶƐƚƌƵĐƚ͕ŽƉĞƌĂƚĞĂŶĚŵĂŝŶƚĂŝŶŝƚƐĂďůĞ^ǇƐƚĞŵŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚ͕ĂŶĚ ƐƵďũĞĐƚƚŽ͕ƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞŝƚǇŽĚĞ͕ŝŶĐůƵĚŝŶŐďǇǁĂǇŽĨĞǆĂŵƉůĞĂŶĚŶŽƚůŝŵŝƚĂƚŝŽŶ͕ƚŚŽƐĞ ƌĞƋƵŝƌĞŵĞŶƚƐŐŽǀĞƌŶŝŶŐƚŚĞƉůĂĐĞŵĞŶƚŽĨ'ƌĂŶƚĞĞΖƐĂďůĞ^ǇƐƚĞŵ͖ĂŶĚǁŝƚŚŽƚŚĞƌĂƉƉůŝĐĂďůĞŝƚǇŽĚĞƐ͕ ĂŶĚǁŝůůŽďƚĂŝŶĂŶĚŵĂŝŶƚĂŝŶĂůůƉĞƌŵŝƚƐĂŶĚďŽŶĚƐƌĞƋƵŝƌĞĚďǇƚŚĞŝƚǇŽĚĞŝŶĂĚĚŝƚŝŽŶƚŽƚŚŽƐĞ ƌĞƋƵŝƌĞĚŝŶƚŚŝƐ&ƌĂŶĐŚŝƐĞ͘'ƌĂŶƚĞĞƐŚĂůůŶŽƚƉĞƌĨŽƌŵĂŶǇǁŽƌŬŝŶƚŚĞ^ƚƌĞĞƚƐ͕ŝŶĐůƵĚŝŶŐƚŚĞŽƉĞŶŝŶŐŽƌ ĚŝƐƚƵƌďĂŶĐĞŽĨĂŶǇ^ƚƌĞĞƚ͕ŽƌƉƌŝǀĂƚĞŽƌƉƵďůŝĐƉƌŽƉĞƌƚǇǁŝƚŚŝŶŝƚǇ͕ƵŶůĞƐƐ'ƌĂŶƚĞĞŚĂƐƐĞĐƵƌĞĚƚŚĞ ŶĞĐĞƐƐĂƌǇƉĞƌŵŝƚƐĨƌŽŵŝƚǇŽƌŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚĂůĂƵƚŚŽƌŝƚǇĂƐƌĞƋƵŝƌĞĚŝŶƚŚĞŝƚǇŽĚĞŽƌƉƉůŝĐĂďůĞ >Ăǁ͘ Ϯ͘EŽŶͲ/ŶƚĞƌĨĞƌĞŶĐĞ͘'ƌĂŶƚĞĞƐŚĂůůĞǆĞƌƚŝƚƐďĞƐƚĞĨĨŽƌƚƐƚŽĐŽŶƐƚƌƵĐƚĂŶĚŵĂŝŶƚĂŝŶĂĂďůĞ^ǇƐƚĞŵ ƐŽĂƐŶŽƚƚŽŝŶƚĞƌĨĞƌĞǁŝƚŚŽƚŚĞƌƵƐĞŽĨ^ƚƌĞĞƚƐ͘'ƌĂŶƚĞĞƐŚĂůů͕ǁŚĞƌĞĐŽŵŵĞƌĐŝĂůůǇƌĞĂƐŽŶĂďůĞŝŶƚŚĞ ĐĂƐĞŽĨĂďŽǀĞŐƌŽƵŶĚůŝŶĞƐ͕ŵĂŬĞƵƐĞŽĨĞǆŝƐƚŝŶŐƉŽůĞƐĂŶĚŽƚŚĞƌĨĂĐŝůŝƚŝĞƐĂǀĂŝůĂďůĞƚŽ'ƌĂŶƚĞĞ͘tŚĞŶ ƌĞƐŝĚĞŶƚƐƌĞĐĞŝǀŝŶŐƵŶĚĞƌŐƌŽƵŶĚƐĞƌǀŝĐĞŽƌǁŚŽǁŝůůďĞƌĞĐĞŝǀŝŶŐƵŶĚĞƌŐƌŽƵŶĚƐĞƌǀŝĐĞǁŝůůďĞĂĨĨĞĐƚĞĚďǇ ƉƌŽƉŽƐĞĚĐŽŶƐƚƌƵĐƚŝŽŶŽƌĂůƚĞƌĂƚŝŽŶ͕'ƌĂŶƚĞĞƐŚĂůůƉƌŽǀŝĚĞƐƵĐŚŶŽƚŝĐĞĂƐƐĞƚĨŽƌƚŚŝŶƚŚĞƉĞƌŵŝƚŽƌŝŶ ŝƚǇŽĚĞŽĨƚŚĞƐĂŵĞƚŽƐƵĐŚĂĨĨĞĐƚĞĚƌĞƐŝĚĞŶƚƐ͘ ϯ͘ŽŶƐŝƐƚĞŶĐǇǁŝƚŚĞƐŝŐŶĂƚĞĚhƐĞ͘EŽƚǁŝƚŚƐƚĂŶĚŝŶŐƚŚĞĂďŽǀĞŐƌĂŶƚƚŽƵƐĞ^ƚƌĞĞƚƐ͕ŶŽ^ƚƌĞĞƚ ƐŚĂůůďĞƵƐĞĚďǇ'ƌĂŶƚĞĞŝĨƚŚĞŝƚǇ͕ŝŶŝƚƐƐŽůĞŽƉŝŶŝŽŶ͕ĚĞƚĞƌŵŝŶĞƐƚŚĂƚƐƵĐŚƵƐĞŝƐŝŶĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞ ƚĞƌŵƐ͕ĐŽŶĚŝƚŝŽŶƐŽƌƉƌŽǀŝƐŝŽŶƐďǇǁŚŝĐŚƐƵĐŚ^ƚƌĞĞƚǁĂƐĐƌĞĂƚĞĚŽƌĚĞĚŝĐĂƚĞĚ͕ŽƌƉƌĞƐĞŶƚůǇƵƐĞĚƵŶĚĞƌ ƉƉůŝĐĂďůĞ>ĂǁƐ͘ ϰ͘tŽƌŬŽŶWƌŝǀĂƚĞWƌŽƉĞƌƚǇ͘ůůǁŽƌŬƉĞƌĨŽƌŵĞĚŽŶƉƌŝǀĂƚĞƉƌŽƉĞƌƚǇƐŚĂůůĐŽŵƉůǇǁŝƚŚƉƉůŝĐĂďůĞ >Ăǁ͘ ϴ ϰϱϰϭϮϵϬǀϭ 3DFNHW3J *D ^d/KEϰ͘KE^dZhd/KE^dEZ^ ϭ͘^ǇƐƚĞŵŽŶƐƚƌƵĐƚŝŽŶ͘ ;ĂͿWƵƌƐƵĂŶƚƚŽƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϮϯϴ͘Ϭϴϰ͕ƐƵďĚŝǀŝƐŝŽŶϭ;ŵͿ͕ ĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞĂďůĞ^ǇƐƚĞŵŝŶƚŚĞĂƐĞŽǀĞƌĂŐĞƌĞĂƐŚĂůůĐŽŵŵĞŶĐĞŶŽůĂƚĞƌƚŚĂŶƚǁŽ ŚƵŶĚƌĞĚĨŽƌƚǇ;ϮϰϬͿĂǇƐĂĨƚĞƌƚŚĞĨĨĞĐƚŝǀĞĂƚĞŽĨƚŚŝƐ&ƌĂŶĐŚŝƐĞ͘ŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞĂďůĞ ^ǇƐƚĞŵƐŚĂůůƉƌŽĐĞĞĚĂƚĂƌĞĂƐŽŶĂďůĞƌĂƚĞŽĨŶŽƚůĞƐƐƚŚĂŶĨŝĨƚǇ;ϱϬͿƉůĂŶƚŵŝůĞƐĐŽŶƐƚƌƵĐƚĞĚƉĞƌ ǇĞĂƌĚƵƌŝŶŐƚŚĞƚĞƌŵŽĨƚŚŝƐ&ƌĂŶĐŚŝƐĞ͘ŽŶƐƚƌƵĐƚŝŽŶƚŚƌŽƵŐŚŽƵƚƚŚĞĂƐĞŽǀĞƌĂŐĞƌĞĂƐŚĂůů ďĞƐƵďƐƚĂŶƚŝĂůůǇĐŽŵƉůĞƚĞĚǁŝƚŚŝŶĨŝǀĞ;ϱͿǇĞĂƌƐŽĨƚŚĞŐƌĂŶƚŽĨƚŚŝƐ&ƌĂŶĐŚŝƐĞ͘dŚĞƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨƚŚŝƐ^ĞĐƚŝŽŶϰ͘ϭ;ĂͿŵĂǇďĞǁĂŝǀĞĚďǇƚŚĞŝƚǇŽŶůǇƵƉŽŶƚŚĞŽĐĐƵƌƌĞŶĐĞŽĨƵŶĨŽƌĞƐĞĞŶĞǀĞŶƚƐ ŽƌĂĐƚƐŽĨ'ŽĚ͘ ;ďͿ'ƌĂŶƚĞĞĂŐƌĞĞƐƚŽŵĂŝŶƚĂŝŶƚŚĞĂďůĞ^ǇƐƚĞŵŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚ͕ŽƌŝŶĞǆĐĞƐƐ ŽĨƚŚĞƐƉĞĐŝĨŝĐĂƚŝŽŶƐŝŶ^ĞĐƚŝŽŶϱ͘ϭƚŚƌŽƵŐŚŽƵƚƚŚĞƚĞƌŵŽĨƚŚĞ&ƌĂŶĐŚŝƐĞǁŝƚŚƐƵĨĨŝĐŝĞŶƚ ĐĂƉĂďŝůŝƚǇĂŶĚƚĞĐŚŶŝĐĂůƋƵĂůŝƚǇƚŽĞŶĂďůĞƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶĂŶĚƉĞƌĨŽƌŵĂŶĐĞŽĨĂůůƚŚĞ 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ĨŽƵƌ;ϮϰͿŽƌŵŽƌĞĐŽŶƐĞĐƵƚŝǀĞŚŽƵƌƐ͕ƚŚĞ'ƌĂŶƚĞĞƐŚĂůů͕ƵƉŽŶƌĞƋƵĞƐƚďǇƚŚĞ^ƵďƐĐƌŝďĞƌ͕ĐƌĞĚŝƚ ƐƵĐŚ^ƵďƐĐƌŝďĞƌƉƌŽƌĂƚĂĨŽƌƐƵĐŚŝŶƚĞƌƌƵƉƚŝŽŶ͘&ŽƌƚŚŝƐƉƵƌƉŽƐĞ͕ĞǀĞƌǇŵŽŶƚŚǁŝůůďĞĂƐƐƵŵĞĚ ƚŽŚĂǀĞƚŚŝƌƚǇ;ϯϬͿĂǇƐ͘ ;ĚͿ>ĂƚĞ&ĞĞƐ͘'ƌĂŶƚĞĞƐŚĂůůĐŽŵƉůǇǁŝƚŚĂůůƉƉůŝĐĂďůĞ>ĂǁƐǁŝƚŚƌĞƐƉĞĐƚƚŽĂŶǇ ĂƐƐĞƐƐŵĞŶƚ͕ĐŚĂƌŐĞ͕ĐŽƐƚ͕ĨĞĞŽƌƐƵŵ͕ŚŽǁĞǀĞƌĐŚĂƌĂĐƚĞƌŝǌĞĚ͕ƚŚĂƚƚŚĞ'ƌĂŶƚĞĞŝŵƉŽƐĞƐƵƉŽŶĂ ^ƵďƐĐƌŝďĞƌĨŽƌůĂƚĞƉĂǇŵĞŶƚŽĨĂďŝůů͘dŚĞŝƚǇƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽĞŶĨŽƌĐĞ'ƌĂŶƚĞĞΖƐ ĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůƉƉůŝĐĂďůĞ>ĂǁƐƚŽƚŚĞŵĂǆŝŵƵŵĞǆƚĞŶƚůĞŐĂůůǇƉĞƌŵŝƐƐŝďůĞ͘ ϳ͘ŝƐƉƵƚĞƐ͘ůů^ƵďƐĐƌŝďĞƌƐĂŶĚŵĞŵďĞƌƐŽĨƚŚĞŐĞŶĞƌĂůƉƵďůŝĐŵĂǇĚŝƌĞĐƚĐŽŵƉůĂŝŶƚƐ͕ƌĞŐĂƌĚŝŶŐ 'ƌĂŶƚĞĞΖƐ^ĞƌǀŝĐĞŽƌƉĞƌĨŽƌŵĂŶĐĞƚŽƚŚĞŝƚǇĚŵŝŶŝƐƚƌĂƚŽƌŽĨƚŚĞŝƚǇŽƌƚŚĞŝƚǇĚŵŝŶŝƐƚƌĂƚŽƌΖƐ ĚĞƐŝŐŶĞĞ͕ǁŚŝĐŚŵĂǇďĞĂďŽĂƌĚŽƌĐŽŵŵŝƐƐŝŽŶŽĨƚŚĞŝƚǇ͘ ϴ͘^ƵďƐĐƌŝďĞƌWƌŝǀĂĐǇ͘dŽƚŚĞĞǆƚĞŶƚƌĞƋƵŝƌĞĚďǇDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ͕^ĞĐƚŝŽŶϮϯϴ͘Ϭϴϰ͕^ƵďĚŝǀŝƐŝŽŶ ϭ;ƐͿ'ƌĂŶƚĞĞƐŚĂůůĐŽŵƉůǇǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ;ĂͿEŽƐŝŐŶĂůƐŝŶĐůƵĚŝŶŐƐŝŐŶĂůƐŽĨĂůĂƐƐ/sŚĂŶŶĞůŵĂǇďĞƚƌĂŶƐŵŝƚƚĞĚĨƌŽŵĂ^ƵďƐĐƌŝďĞƌ ƚĞƌŵŝŶĂůĨŽƌƉƵƌƉŽƐĞƐŽĨŵŽŶŝƚŽƌŝŶŐŝŶĚŝǀŝĚƵĂůǀŝĞǁŝŶŐƉĂƚƚĞƌŶƐŽƌƉƌĂĐƚŝĐĞƐǁŝƚŚŽƵƚƚŚĞĞǆƉƌĞƐƐ ǁƌŝƚƚĞŶƉĞƌŵŝƐƐŝŽŶŽĨƚŚĞ^ƵďƐĐƌŝďĞƌ͘dŚĞƌĞƋƵĞƐƚĨŽƌƉĞƌŵŝƐƐŝŽŶŵƵƐƚďĞĐŽŶƚĂŝŶĞĚŝŶĂ ƐĞƉĂƌĂƚĞĚŽĐƵŵĞŶƚǁŝƚŚĂƉƌŽŵŝŶĞŶƚƐƚĂƚĞŵĞŶƚƚŚĂƚƚŚĞ^ƵďƐĐƌŝďĞƌŝƐĂƵƚŚŽƌŝǌŝŶŐƚŚĞ ƉĞƌŵŝƐƐŝŽŶŝŶĨƵůůŬŶŽǁůĞĚŐĞŽĨŝƚƐƉƌŽǀŝƐŝŽŶƐ͘^ƵĐŚǁƌŝƚƚĞŶƉĞƌŵŝƐƐŝŽŶƐŚĂůůďĞĨŽƌĂůŝŵŝƚĞĚ ƉĞƌŝŽĚŽĨƚŝŵĞŶŽƚƚŽĞǆĐĞĞĚŽŶĞ;ϭͿǇĞĂƌǁŚŝĐŚŵĂǇďĞƌĞŶĞǁĞĚĂƚƚŚĞŽƉƚŝŽŶŽĨƚŚĞ ^ƵďƐĐƌŝďĞƌ͘EŽƉĞŶĂůƚǇƐŚĂůůďĞŝŶǀŽŬĞĚĨŽƌĂ^ƵďƐĐƌŝďĞƌΖƐĨĂŝůƵƌĞƚŽƉƌŽǀŝĚĞŽƌƌĞŶĞǁƐƵĐŚ ƉĞƌŵŝƐƐŝŽŶ͘dŚĞƉĞƌŵŝƐƐŝŽŶƐŚĂůůďĞƌĞǀŽĐĂďůĞĂƚĂŶǇƚŝŵĞďǇƚŚĞ^ƵďƐĐƌŝďĞƌǁŝƚŚŽƵƚƉĞŶĂůƚǇŽĨ ĂŶǇŬŝŶĚǁŚĂƚƐŽĞǀĞƌ͘ ;ďͿEŽŝŶĨŽƌŵĂƚŝŽŶŽƌĚĂƚĂŽďƚĂŝŶĞĚďǇŵŽŶŝƚŽƌŝŶŐƚƌĂŶƐŵŝƐƐŝŽŶŽĨĂƐŝŐŶĂůĨƌŽŵĂ ^ƵďƐĐƌŝďĞƌƚĞƌŵŝŶĂů͕ŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽůŝƐƚƐŽĨƚŚĞŶĂŵĞƐĂŶĚĂĚĚƌĞƐƐĞƐŽĨ^ƵďƐĐƌŝďĞƌƐ ŽƌĂŶǇůŝƐƚƐƚŚĂƚŝĚĞŶƚŝĨǇƚŚĞǀŝĞǁŝŶŐŚĂďŝƚƐŽĨ^ƵďƐĐƌŝďĞƌƐƐŚĂůůďĞƐŽůĚŽƌŽƚŚĞƌǁŝƐĞŵĂĚĞ ĂǀĂŝůĂďůĞƚŽĂŶǇƉĂƌƚǇŽƚŚĞƌƚŚĂŶƚŽ'ƌĂŶƚĞĞŽƌŝƚƐĂŐĞŶƚƐĨŽƌ'ƌĂŶƚĞĞΖƐďƵƐŝŶĞƐƐƵƐĞ͕ĂŶĚĂůƐŽƚŽ ƚŚĞ^ƵďƐĐƌŝďĞƌƐƵďũĞĐƚŽĨƚŚĂƚŝŶĨŽƌŵĂƚŝŽŶ͕ƵŶůĞƐƐ'ƌĂŶƚĞĞŚĂƐƌĞĐĞŝǀĞĚƐƉĞĐŝĨŝĐǁƌŝƚƚĞŶ ƉĞƌŵŝƐƐŝŽŶĨƌŽŵƚŚĞ^ƵďƐĐƌŝďĞƌƚŽŵĂŬĞƐƵĐŚĚĂƚĂĂǀĂŝůĂďůĞ͘ ;ĐͿtƌŝƚƚĞŶƉĞƌŵŝƐƐŝŽŶĨƌŽŵƚŚĞ^ƵďƐĐƌŝďĞƌƐŚĂůůŶŽƚďĞƌĞƋƵŝƌĞĚĨŽƌƚŚĞĐŽŶĚƵĐƚŝŶŐŽĨ ƐǇƐƚĞŵǁŝĚĞŽƌŝŶĚŝǀŝĚƵĂůůǇĂĚĚƌĞƐƐĞĚĞůĞĐƚƌŽŶŝĐƐǁĞĞƉƐĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨǀĞƌŝĨǇŝŶŐ^ǇƐƚĞŵ ŝŶƚĞŐƌŝƚǇŽƌŵŽŶŝƚŽƌŝŶŐĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨďŝůůŝŶŐ͘ŽŶĨŝĚĞŶƚŝĂůŝƚǇŽĨƐƵĐŚŝŶĨŽƌŵĂƚŝŽŶƐŚĂůůďĞ ƐƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐĞƚĨŽƌƚŚŝŶƐƵďƉĂƌĂŐƌĂƉŚ;ďͿŽĨƚŚŝƐƐĞĐƚŝŽŶ͘ ^d/KEϳ͘Wh>/^^WZKs/^/KE^ ϭ͘ WƵďůŝĐ͕ĚƵĐĂƚŝŽŶĂůĂŶĚ'ŽǀĞƌŶŵĞŶƚĐĐĞƐƐ͘ ;ĂͿŝƚǇŽƌŝƚƐĚĞƐŝŐŶĞĞŝƐŚĞƌĞďǇĚĞƐŝŐŶĂƚĞĚƚŽŽƉĞƌĂƚĞ͕ĂĚŵŝŶŝƐƚĞƌ͕ƉƌŽŵŽƚĞ͕ĂŶĚŵĂŶĂŐĞ ƚŚĞW'ƉƌŽŐƌĂŵŵŝŶŐƚŽƚŚĞĂďůĞ^ǇƐƚĞŵĞƐƚĂďůŝƐŚĞĚƉƵƌƐƵĂŶƚƚŽƚŚŝƐ^ĞĐƚŝŽŶϳ͘ ;ďͿ'ƌĂŶƚĞĞƐŚĂůůĐŽŶƚŝŶƵĞƚŽĚĞĚŝĐĂƚĞĨŝǀĞ;ϱͿŚĂŶŶĞůƐĨŽƌW'ĂĐĐĞƐƐƵƐĞ͘hƐĞŽĨƚŚĞW' ŚĂŶŶĞůƐƐŚĂůůďĞĚĞƚĞƌŵŝŶĞĚŝŶŝƚǇΖƐƐŽůĞĚŝƐĐƌĞƚŝŽŶĂŶĚ'ƌĂŶƚĞĞƐŚĂůůŚĂǀĞŶŽƌĞƐƉŽŶƐŝďŝůŝƚǇ ĨŽƌƚŚĞĐŽŶƚĞŶƚ͕ŽƉĞƌĂƚŝŽŶƐŽƌƵƐĞŽĨƚŚĞW'ŚĂŶŶĞůƐŽƚŚĞƌƚŚĂŶĂƐƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶ͘ ϭϰ ϰϱϰϭϮϵϬǀϭ 3DFNHW3J *D ;ĐͿŝƚǇŵĂǇŶŽƚƌĞƋƵĞƐƚĂĚĚŝƚŝŽŶĂůŚĂŶŶĞůĐĂƉĂĐŝƚǇďĞǇŽŶĚƚŚĞĨŝǀĞ;ϱͿŚĂŶŶĞůƐĨŽƌW' ƵƐĞĞǆĐĞƉƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƉƉůŝĐĂďůĞ>ĂǁƐ͘ ;ĚͿdŚĞ'ƌĂŶƚĞĞĂŶĚƚŚĞŝƚǇƐŚĂůůĐŽŽƉĞƌĂƚĞƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞƋƵĂůŝƚǇŽĨƚŚĞW'ŚĂŶŶĞůƐ ŵĞĞƚƐ&ƚĞĐŚŶŝĐĂůƐƚĂŶĚĂƌĚƐŝŶĐůƵĚŝŶŐƚŚŽƐĞĂƉƉůŝĐĂďůĞƚŽƚŚĞĐĂƌƌŝĂŐĞŽĨW'ŚĂŶŶĞůƐ͖ ƉƌŽǀŝĚĞĚŚŽǁĞǀĞƌ͕ƚŚĂƚƚŚĞ'ƌĂŶƚĞĞŝƐŶŽƚƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞƉƌŽĚƵĐƚŝŽŶƋƵĂůŝƚǇŽĨW' ƉƌŽŐƌĂŵŵŝŶŐ͘ ;ĞͿ/ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ^ĞĐƚŝŽŶϲϭϭ;ĚͿŽĨƚŚĞĂďůĞĐƚ͕ƚŚĞŝƚǇƐŚĂůůƉƌĞƐĐƌŝďĞ;ϭͿƌƵůĞƐĂŶĚ ƉƌŽĐĞĚƵƌĞƐƵŶĚĞƌǁŚŝĐŚƚŚĞ'ƌĂŶƚĞĞŝƐƉĞƌŵŝƚƚĞĚƚŽƵƐĞƚŚĞĨŝǀĞ;ϱͿW'ŚĂŶŶĞůƐĨŽƌƚŚĞ ƉƌŽǀŝƐŝŽŶŽĨŽƚŚĞƌƐĞƌǀŝĐĞƐŝĨƐƵĐŚĐŚĂŶŶĞůĐĂƉĂĐŝƚǇŝƐŶŽƚďĞŝŶŐƵƐĞĚĨŽƌƚŚĞƉƵƌƉŽƐĞƐ ĚĞƐŝŐŶĂƚĞĚ͕ĂŶĚ;ϮͿƌƵůĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐƵŶĚĞƌǁŚŝĐŚƐƵĐŚƉĞƌŵŝƚƚĞĚƵƐĞƐŚĂůůĐĞĂƐĞ͘ ;ĨͿEŽůĂƚĞƌƚŚĂŶƚǁĞůǀĞ;ϭϮͿŵŽŶƚŚƐĨƌŽŵƚŚĞĨĨĞĐƚŝǀĞĂƚĞŽĨƚŚŝƐ&ƌĂŶĐŚŝƐĞ͕'ƌĂŶƚĞĞƐŚĂůů ƉƌŽǀŝĚĞ͕ĨƌĞĞŽĨĐŚĂƌŐĞ͕ĨŝďĞƌƉĂƚŚƐĨƌŽŵƚŚĞŝƚǇΖƐ'ŽǀĞƌŶŵĞŶƚĞŶƚĞƌůŽĐĂƚĞĚĂƚϮϬϭ&ŽƵƌƚŚ ^ƚƌĞĞƚ^͘͘;ΗŝƚǇ'ŽǀĞƌŶŵĞŶƚĞŶƚĞƌ ΗͿĂŶĚĨƌŽŵZŽĐŚĞƐƚĞƌŽŵŵƵŶŝƚǇĂŶĚdĞĐŚŶŝĐĂůŽůůĞŐĞƚŽ 'ƌĂŶƚĞĞΖƐĞƋƵŝƉŵĞŶƚŚƵƚƚŽĨĂĐŝůŝƚĂƚĞW'ŽƌŝŐŝŶĂƚŝŽŶͬƌĞƚƵƌŶĐĂƉĂĐŝƚǇŝŶƚŚĞŝƚǇ͘dŽƚŚĞĞǆƚĞŶƚ ĂƵƚŚŽƌŝǌĞĚďǇƉƉůŝĐĂďůĞ>Ăǁ͕ŝĨ'ƌĂŶƚĞĞĐŽŵŵĞŶĐĞƐĐŚĂƌŐŝŶŐĨŽƌƚŚĞƚƌĂŶƐƉŽƌƚŽĨW' ƉƌŽŐƌĂŵŵŝŶŐ͕'ƌĂŶƚĞĞƐŚĂůůƉƌŽǀŝĚĞŶŝŶĞƚǇ;ϵϬͿĂǇƐƉƌŝŽƌǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽŝƚǇĂŶĚƐŚĂůůŵĞĞƚ ǁŝƚŚŝƚǇŝŶŐŽŽĚĨĂŝƚŚƚŽǁŽƌŬƚŽǁĂƌĚŵƵƚƵĂůĂŐƌĞĞŵĞŶƚƌĞŐĂƌĚŝŶŐƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨ ĂŶǇŽŶͲŐŽŝŶŐW'ƚƌĂŶƐƉŽƌƚ͘'ƌĂŶƚĞĞƐŚĂůůŽŶůǇƐĞĞŬƚŽŝŵƉŽƐĞĐŚĂƌŐĞƐƚŽƚŚĞĞǆƚĞŶƚ'ƌĂŶƚĞĞ ĂůƐŽŝŵƉŽƐĞƐƚŚĞƐĂŵĞĐŚĂƌŐĞƐŝŶĂůůŽƚŚĞƌũƵƌŝƐĚŝĐƚŝŽŶƐǁŚĞƌĞ'ƌĂŶƚĞĞƉƌŽǀŝĚĞƐĨƌĂŶĐŚŝƐĞĚ ĂďůĞ^ĞƌǀŝĐĞ͘hŶƚŝůƐƵĐŚƚŝŵĞĂƐ'ƌĂŶƚĞĞŝŵƉůĞŵĞŶƚƐƚŚĞW'ŚĂŶŶĞůƐŽŶ'ƌĂŶƚĞĞ͛ƐĐŚĂŶŶĞů ůŝŶĞƵƉĂƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ&ƌĂŶĐŚŝƐĞ͕'ƌĂŶƚĞĞƐŚĂůůŝŶĐůƵĚĞĂŶŽƚĞŽŶƚŚĞĚĞƐŝŐŶĂƚĞĚW' ŚĂŶŶĞůƐƚŽĂůĞƌƚƚŚĞ^ƵďƐĐƌŝďĞƌƚŚĂƚƚŚĞW'ŚĂŶŶĞůƉƌŽŐƌĂŵŵŝŶŐŝƐ͞ĐŽŵŝŶŐƐŽŽŶ͘͟ ;ŐͿdŚĞŝƚǇŵĂǇĂƚĂŶǇƚŝŵĞĞůĞĐƚƚŽŽƌŝŐŝŶĂƚĞƚŚĞƉƵďůŝĐĐĐĞƐƐŚĂŶŶĞůĨƌŽŵƚŚĞŝƚǇ 'ŽǀĞƌŶŵĞŶƚĞŶƚĞƌǁŝƚŚŶŽƚƌĂŶƐƉŽƌƚĨĞĞŝŵƉŽƐĞĚďǇƚŚĞ'ƌĂŶƚĞĞĨŽƌƚŚĞƚĞƌŵŽĨƚŚŝƐ &ƌĂŶĐŚŝƐĞ͘dŚĞŝƚǇǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶǇĞƋƵŝƉŵĞŶƚŽŶŝƚǇΖƐƐŝĚĞŽĨƚŚĞĚĞŵĂƌĐĂƚŝŽŶ ƉŽŝŶƚ;ƚŚĞĚĞŵĂƌĐĂƚŝŽŶƉŽŝŶƚƚŽďĞŵƵƚƵĂůůǇĚĞƚĞƌŵŝŶĞĚďǇƚŚĞƉĂƌƚŝĞƐͿƌĞƋƵŝƌĞĚƚŽƚƌĂŶƐŵŝƚƚŚĞ ƉƵďůŝĐĐĐĞƐƐŚĂŶŶĞůƚŽ'ƌĂŶƚĞĞΖƐĞƋƵŝƉŵĞŶƚŚƵƚ͘/ŶƚŚĞĞǀĞŶƚƚŚĞ'ƌĂŶƚĞĞŝƐƌĞƋƵŝƌĞĚƚŽ ƌĞůŽĐĂƚĞƚŚĞĐŽŶŶĞĐƚŝŽŶƉŽŝŶƚĨƌŽŵZŽĐŚĞƐƚĞƌŽŵŵƵŶŝƚǇĂŶĚdĞĐŚŶŝĐĂůŽůůĞŐĞ;ΗZĞůŽĐĂƚŝŽŶΗͿ͕ 'ƌĂŶƚĞĞƐŚĂůůƉƌŽǀŝĚĞĂǁƌŝƚƚĞŶĞƐƚŝŵĂƚĞƚŽƚŚĞŝƚǇŽĨƚŚĞĐŽƐƚŽĨƐƵĐŚZĞůŽĐĂƚŝŽŶĂŶĚ͕ŝĨ ĂƉƉƌŽǀĞĚŝŶǁƌŝƚŝŶŐďǇƚŚĞŝƚǇ͕'ƌĂŶƚĞĞƐŚĂůůĐŽŵƉůĞƚĞƚŚĞZĞůŽĐĂƚŝŽŶĂƚƚŚĞĞǆƉĞŶƐĞŽĨƚŚĞ ŝƚǇ͘dŚĞŝƚǇŵĂǇƵƐĞƚŚĞƉƌŽĐĞĞĚƐŽĨƚŚĞW'&ĞĞƚŽƉĂǇĨŽƌƚŚĞZĞůŽĐĂƚŝŽŶ͘dŚĞŝƚǇƐŚĂůůĂůƐŽ ŚĂǀĞƚŚĞŽƉƚŝŽŶƚŽĐŽŶƐƚƌƵĐƚƐƵĐŚĐŽŶŶĞĐƚŝŽŶƉŽŝŶƚĂŶĚĂǀŽŝĚĂŶǇƌĞƋƵŝƌĞĚƉĂǇŵĞŶƚƚŽ'ƌĂŶƚĞĞ͘ Ϯ͘ ŝŐŝƚĂůĂŶĚ,W'ĂƌƌŝĂŐĞZĞƋƵŝƌĞŵĞŶƚƐ͘ ;ĂͿ'ƌĂŶƚĞĞƐŚĂůůƉƌŽǀŝĚĞ͕ĨƌĞĞŽĨĐŚĂƌŐĞ͕ƚŚĞW'ĐĐĞƐƐŚĂŶŶĞůƐŝŶĂƐƚĂŶĚĂƌĚĚŝŐŝƚĂů ;Η^ΗͿĨŽƌŵĂƚŽŶƚŚĞĂƐŝĐĂďůĞ^ĞƌǀŝĐĞƚŝĞƌŽƌƚŚĞůŽǁĞƐƚƚŝĞƌŽĨƐĞƌǀŝĐĞŽĨĨĞƌĞĚďǇ'ƌĂŶƚĞĞ͘ &ŽƌƐŽůŽŶŐĂƐĂƉƉůŝĐĂďůĞƵŶĚĞƌDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ͕^ĞĐƚŝŽŶϮϯϴ͘Ϭϴϰ͕^ƵďĚŝǀŝƐŝŽŶϭ͕ƚŚĞs,& ƐƉĞĐƚƌƵŵŵƵƐƚďĞƵƐĞĚĨŽƌĂƚůĞĂƐƚŽŶĞ;ϭͿŽĨƚŚĞW'ŚĂŶŶĞůƐƌĞƋƵŝƌĞĚŝŶƚŚŝƐ^ĞĐƚŝŽŶϳ͘Ϯ͘dŚĞ ŝƚǇĂŶĚ'ƌĂŶƚĞĞĂŐƌĞĞƚŚĂƚƚŚŝƐƚĞĐŚŶŝĐĂůƐƉĞĐŝĨŝĐĂƚŝŽŶŝƐůŝŬĞůǇƵŶĞŶĨŽƌĐĞĂďůĞŐŝǀĞŶƚŚĞ ƚĞĐŚŶŽůŽŐǇƵƐĞĚďǇ'ƌĂŶƚĞĞŝŶƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨŝƚƐĂďůĞ^ǇƐƚĞŵ͘EŽƚŚŝŶŐŚĞƌĞŝŶƉƌĞĐůƵĚĞƐ ƚŚĞ'ƌĂŶƚĞĞĨƌŽŵĐŚĂƌŐŝŶŐĨŽƌĂŶǇĞƋƵŝƉŵĞŶƚŶĞĞĚĞĚĨŽƌĂƐŝĐĂďůĞ^ĞƌǀŝĐĞ͘ ;ďͿ/ĨƌĞƋƵĞƐƚĞĚďǇƚŚĞŝƚǇ͕ƚŚĞ'ƌĂŶƚĞĞƐŚĂůů͕ĨƌĞĞŽĨĐŚĂƌŐĞƚŽƚŚĞŝƚǇ͕ƉƌŽǀŝĚĞƚŚĞW' ĐĐĞƐƐŚĂŶŶĞůƐƌĞƋƵŝƌĞĚďǇƚŚŝƐ^ĞĐƚŝŽŶϳŝŶďŽƚŚƐƚĂŶĚĂƌĚĚĞĨŝŶŝƚŝŽŶ;^ͿĂŶĚŚŝŐŚĚĞĨŝŶŝƚŝŽŶ ϭϱ ϰϱϰϭϮϵϬǀϭ 3DFNHW3J *D ;,ͿĨŽƌŵĂƚƐ͘dŚĞŝƚǇƐŚĂůůŽŶůǇďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞƉƌŽĚƵĐƚŝŽŶĐŽƐƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞ ƉƌŽǀŝƐŝŽŶŽĨĂŶ,ŚĂŶŶĞů͕ĂŶǇĂŶĚĂůůĐŽƐƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚĂŶǇŵŽĚŝĨŝĐĂƚŝŽŶŽĨƚŚĞW'ĐĐĞƐƐ ŚĂŶŶĞůƐŽƌƐŝŐŶĂůƐ͕ĂĨƚĞƌƚŚĞW'ĐĐĞƐƐŚĂŶŶĞůƐͬƐŝŐŶĂůƐůĞĂǀĞƚŚĞŝƚǇΖƐĐƵƌƌĞŶƚůǇĚĞƐŝŐŶĂƚĞĚ ƉůĂǇďĂĐŬĨĂĐŝůŝƚǇƐŚĂůůďĞƉƌŽǀŝĚĞĚĨƌĞĞŽĨĐŚĂƌŐĞďǇ'ƌĂŶƚĞĞ͘,ŽǁĞǀĞƌ͕ƚŚĞ'ƌĂŶƚĞĞƐŚĂůůŚĂǀĞ ƚŚĞƌŝŐŚƚƚŽŽĨĨƐĞƚĨƌŽŵƚŚĞW'&ĞĞŝƚƐƌĞĂƐŽŶĂďůĞĂĐƚƵĂůĐŽƐƚƐĨŽƌĐĂƉŝƚĂůĞƋƵŝƉŵĞŶƚǁŚŝĐŚ 'ƌĂŶƚĞĞŝƐƌĞƋƵŝƌĞĚƚŽƉƵƌĐŚĂƐĞƚŽĨĂĐŝůŝƚĂƚĞƚŚĞĚŝƐƚƌŝďƵƚŝŽŶŽĨƚŚĞW'ĐĐĞƐƐŚĂŶŶĞůƐ ƵƉƐƚƌĞĂŵƚŽ'ƌĂŶƚĞĞΖƐŚĞĂĚĞŶĚ͘ ;ĐͿdŚĞŝƚǇĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƌĞĐĞŝƉƚŽĨĂŶ,ĨŽƌŵĂƚŚĂŶŶĞůŵĂǇƌĞƋƵŝƌĞ^ƵďƐĐƌŝďĞƌƐƚŽ ďƵǇŽƌůĞĂƐĞƐƉĞĐŝĂůĞƋƵŝƉŵĞŶƚ͕ŽƌƉĂǇĂĚĚŝƚŝŽŶĂů,ĐŚĂƌŐĞƐĂƉƉůŝĐĂďůĞƚŽĂůů,ƐĞƌǀŝĐĞƐ ƉƌŽǀŝĚĞĚďǇ'ƌĂŶƚĞĞ͘^ƵďƐĐƌŝďĞƌƚŽƚŚĞĂƐŝĐĂďůĞ^ĞƌǀŝĐĞƚŝĞƌŽŶůǇǁŚŽŚĂƐ'ƌĂŶƚĞĞΖƐ, ĐĂƉĂďůĞƐĞƚͲƚŽƉďŽǆǁŝůůďĞĂďůĞƚŽƌĞĐĞŝǀĞƚŚĞ,W'ĐĐĞƐƐŚĂŶŶĞůŽŶƚŚĂƚŽƵƚůĞƚǁŝƚŚŽƵƚ ĂŶǇĂĚĚŝƚŝŽŶĂůĐŽƐƚ͘ ϯ͘ ĐĐĞƐƐŚĂŶŶĞů>ŽĐĂƚŝŽŶƐ͘ ;ĂͿ'ƌĂŶƚĞĞƐŚĂůůŵĂŬĞƌĞĂƐŽŶĂďůĞĞĨĨŽƌƚƐƚŽĐŽŽƌĚŝŶĂƚĞƚŚĞĐĂďůĞĐĂƐƚŝŶŐŽĨW' ƉƌŽŐƌĂŵŵŝŶŐŽŶƚŚĞĂďůĞ^ǇƐƚĞŵŽŶƚŚĞƐĂŵĞŚĂŶŶĞůĚĞƐŝŐŶĂƚŝŽŶƐĂƐƐƵĐŚƉƌŽŐƌĂŵŵŝŶŐŽŶ ŚĂŶŶĞůƐϭϴϬ͕ϭϴϭ͕ϭϴϳ͕ϭϴϴ͕ĂŶĚϭϴϵŽƌƚŽůŽĐĂƚĞƚŚĞW'ĐĐĞƐƐŚĂŶŶĞůƐŝŶƚŚĞŚĂŶŶĞů ŶĞŝŐŚďŽƌŚŽŽĚǁŝƚŚŝŶƌĞĂƐŽŶĂďůĞƉƌŽǆŝŵŝƚǇƚŽĂ^WEĐŚĂŶŶĞůŽĨĨĞƌĞĚďǇ'ƌĂŶƚĞĞŝŶƚŚĞŝƚǇŝŶ 'ƌĂŶƚĞĞΖƐƌĞĂƐŽŶĂďůĞĚŝƐĐƌĞƚŝŽŶ͘/ŶŶŽĞǀĞŶƚƐŚĂůůĂŶǇW'ĐĐĞƐƐŚĂŶŶĞůƌĞĂůůŽĐĂƚŝŽŶƐďĞ ŵĂĚĞƉƌŝŽƌƚŽƐŝǆƚǇ;ϲϬͿĂǇƐǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞŝƚǇďǇ'ƌĂŶƚĞĞ͕ĞǆĐĞƉƚĨŽƌĐŝƌĐƵŵƐƚĂŶĐĞƐ ďĞǇŽŶĚ'ƌĂŶƚĞĞΖƐƌĞĂƐŽŶĂďůĞĐŽŶƚƌŽů͘ ;ďͿ'ƌĂŶƚĞĞƌĞƉƌĞƐĞŶƚƐĂŶĚĂŐƌĞĞƐƚŚĂƚƚŚĞW'ĐĐĞƐƐŚĂŶŶĞůƐƐŚĂůůďĞĞŶĐƌǇƉƚĞĚŝŶ ĐŽŵƉůŝĂŶĐĞǁŝƚŚ&ΖƐĞŶĐƌǇƉƚŝŽŶŽƌĚĞƌ/ŶƚŚĞDĂƚƚĞƌŽĨĂƐŝĐdŝĞƌŶĐƌǇƉƚŝŽŶDŽĐŬĞƚEŽ͘ ϭϭͲϭϲϵ͕ZĞƉŽƌƚĂŶĚKƌĚĞƌĂĚŽƉƚĞĚKĐƚŽďĞƌϭϬ͕ϮϬϭϮ͘ ;ĐͿ'ƌĂŶƚĞĞƐŚĂůůƉƌŽǀŝĚĞƚŚĞŝƚǇĂŶĚĂůů^ƵďƐĐƌŝďĞƌƐǁŝƚŚĂƚůĞĂƐƚƐŝǆƚǇ;ϲϬͿĂǇƐƉƌŝŽƌ ǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĂŶǇƌĞůŽĐĂƚŝŽŶŽĨĂŶǇƉƵďůŝĐŽƌĞĚƵĐĂƚŝŽŶĂůĐĐĞƐƐŚĂŶŶĞůƚŽĂĚŝĨĨĞƌĞŶƚ ŚĂŶŶĞůŶƵŵďĞƌ͘/ŶƚŚĞĞǀĞŶƚĂŶǇW'ĐĐĞƐƐŚĂŶŶĞů;ƐͿŝƐƌĞůŽĐĂƚĞĚ͕'ƌĂŶƚĞĞƐŚĂůů͕ŝŶĂĚǀĂŶĐĞ ŽĨƚŚĞƌĞůŽĐĂƚŝŽŶ͕ŝŶĨŽƌŵ^ƵďƐĐƌŝďĞƌƐŽĨƚŚĞŶĞǁŚĂŶŶĞůůŽĐĂƚŝŽŶƚŚƌŽƵŐŚďŝůůŵĞƐƐĂŐĞƐĂŶĚͬŽƌ ďŝůůŝŶƐĞƌƚƐ͕ĂŶĚƐŚĂůůůŝƐƚƚŚĞŶĞǁůŽĐĂƚŝŽŶŽŶƚŚĞŽŶͲĂŝƌƉƌŽŐƌĂŵŐƵŝĚĞ͘dŚĞƉĂƌƚŝĞƐĂĐŬŶŽǁůĞĚŐĞ ƚŚĂƚ'ƌĂŶƚĞĞĐŽŶƚƌĂĐƚƐǁŝƚŚĂƚŚŝƌĚƉĂƌƚǇŽƌƉĂƌƚŝĞƐƚŽƉƌŽǀŝĚĞŽŶͲƐĐƌĞĞŶĂŶĚŽŶͲůŝŶĞƉƌŽŐƌĂŵ ůŝƐƚŝŶŐƐ͘/ƚƐŚĂůůďĞƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨƚŚĞŝƚǇ͕ŽƌŝƚƐĚĞƐŝŐŶĞĞ͕ƚŽƉƌŽǀŝĚĞƐƵĐŚĚĞƚĂŝůĞĚ ƉƌŽŐƌĂŵŝŶĨŽƌŵĂƚŝŽŶƚŽƚŚĞƚŚŝƌĚͲƉĂƌƚǇĞŶƚŝƚǇŽƌĞŶƚŝƚŝĞƐƚŚĂƚƉƌŽĚƵĐĞƐƵĐŚůŝƐƚŝŶŐƐĨŽƌ'ƌĂŶƚĞĞ ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĞĂĐŚƐƵĐŚĞŶƚŝƚǇΖƐŶŽƌŵĂůĨŽƌŵĂƚĂŶĚƐĐŚĞĚƵůŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚĂƚƚŚĞ ŝƚǇΖƐĐŽƐƚ͘ ϰ͘ W'dĞĐŚŶŝĐĂůYƵĂůŝƚǇ͘ ;ĂͿdŚĞƉůĂĐĞŵĞŶƚŽĨW'ĐĐĞƐƐŚĂŶŶĞůƐŽŶƚŚĞ^ǇƐƚĞŵƐŚĂůůŶŽƚƐƵďũĞĐƚƚŚĞW'ĐĐĞƐƐ ŚĂŶŶĞůƐƚŽŵŽƌĞŝŶƚĞƌĨĞƌĞŶĐĞŽƌŝŶŐƌĞƐƐƚŚĂŶƚŚĞƉƌŝŵĂƌǇƐŝŐŶĂůƐŽĨůŽĐĂůďƌŽĂĚĐĂƐƚƐƚĂƚŝŽŶƐ ƚŚĂƚĂƌĞĚĞůŝǀĞƌĞĚƵƐŝŶŐƐŝŵŝůĂƌƚƌĂŶƐŵŝƐƐŝŽŶƚĞĐŚŶŽůŽŐǇŝŶŝƚǇ͘ ;ďͿdŚĞ'ƌĂŶƚĞĞǁŝůůƉƌŽǀŝĚĞĂůů^W'ĐĐĞƐƐŚĂŶŶĞůƐƚŽ^ƵďƐĐƌŝďĞƌƐĂƚƌĞĂƐŽŶĂďůǇ ĞƋƵŝǀĂůĞŶƚǀŝƐƵĂůĂŶĚĂƵĚŝŽƋƵĂůŝƚǇƚŽƚŚĂƚŝŶǁŚŝĐŚƚŚĞ'ƌĂŶƚĞĞĚĞůŝǀĞƌƐƚŚĞ^^WEĐŚĂŶŶĞů͕ ŽƌŝƚƐĨƵƚƵƌĞĞƋƵŝǀĂůĞŶƚ͘dŚĞ'ƌĂŶƚĞĞǁŝůůƉƌŽǀŝĚĞĂůů,W'ĐĐĞƐƐŚĂŶŶĞůƐ͕ŝĨĂŶǇ͕ƚŽ ϭϲ ϰϱϰϭϮϵϬǀϭ 3DFNHW3J *D ^ƵďƐĐƌŝďĞƌƐĂƚƌĞĂƐŽŶĂďůǇĞƋƵŝǀĂůĞŶƚǀŝƐƵĂůĂŶĚĂƵĚŝŽƋƵĂůŝƚǇƚŽƚŚĂƚŝŶǁŚŝĐŚƚŚĞ'ƌĂŶƚĞĞ ĚĞůŝǀĞƌƐƚŚĞ,^WEĐŚĂŶŶĞů͕ŽƌŝƚƐĨƵƚƵƌĞĞƋƵŝǀĂůĞŶƚ͘ ;ĐͿdŚĞƌĞƐŚĂůůďĞŶŽƐŝŐŶŝĨŝĐĂŶƚĚĞƚĞƌŝŽƌĂƚŝŽŶŝŶĂW'ĐĐĞƐƐŚĂŶŶĞůΖƐƐŝŐŶĂůĐĂƵƐĞĚďǇ 'ƌĂŶƚĞĞĨƌŽŵƚŚĞƉŽŝŶƚŽĨŽƌŝŐŝŶĂƚŝŽŶƵƉƐƚƌĞĂŵƚŽƚŚĞƉŽŝŶƚŽĨƌĞĐĞƉƚŝŽŶĚŽǁŶƐƚƌĞĂŵŽŶƚŚĞ ĂďůĞ^ǇƐƚĞŵ͘ ;ĚͿhƉŽŶƌĞƋƵĞƐƚ͕ƚŚƌŽƵŐŚŽƵƚƚŚĞƚĞƌŵŽĨƚŚĞ&ƌĂŶĐŚŝƐĞ͕'ƌĂŶƚĞĞƐŚĂůůƉƌŽǀŝĚĞƵƉĚĂƚĞĚ ĐŽŶƚĂĐƚŝŶĨŽƌŵĂƚŝŽŶĨŽƌĂůŽĐĂůƚĞĐŚŶŝĐĂůƌĞƉƌĞƐĞŶƚĂƚŝǀĞǁŝƚŚůŽĐĂůŬŶŽǁůĞĚŐĞŽĨƚŚĞŝƚǇΖƐW' ŽƉĞƌĂƚŝŽŶƐ͕ǁŚŽƐŚĂůůďĞĂǀĂŝůĂďůĞƚŽƚŚĞŝƚǇĨŽƌĐŽŶƐƵůƚĂƚŝŽŶŽŶƚĞĐŚŶŝĐĂůŵĂƚƚĞƌƐĂƐƚŚĞŶĞĞĚ ŵĂǇĂƌŝƐĞ͘dŚŝƐƚĞĐŚŶŝĐĂůƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐŚĂůůďĞĂĐĐĞƐƐĞĚƚŚƌŽƵŐŚĂĚŝƌĞĐƚƚĞůĞƉŚŽŶĞŶƵŵďĞƌ ĂǀĂŝůĂďůĞƚŽƚŚĞŝƚǇ;ĂƐŽƉƉŽƐĞĚƚŽĂŐĞŶĞƌĂůƉƵďůŝĐŶƵŵďĞƌͿ͘dŚĞ'ƌĂŶƚĞĞƐŚĂůůŶŽƚŝŵƉŽƐĞĂŶǇ ĨĞĞƐŽƌĐŚĂƌŐĞƐƚŽƚŚĞŝƚǇĨŽƌƚŚŝƐƚĞĐŚŶŝĐĂůĐŽŶƐƵůƚĂƚŝŽŶ͘/ĨƐƵĐŚĐŽŶƐƵůƚĂƚŝŽŶŝƐŝŶƐƵĨĨŝĐŝĞŶƚƚŽ ĚŝĂŐŶŽƐĞƚŚĞŵĂƚƚĞƌŝŶƋƵĞƐƚŝŽŶ͕ǁŝƚŚŝŶƚǁĞŶƚǇͲĨŽƵƌ;ϮϰͿŚŽƵƌƐŽĨĂǁƌŝƚƚĞŶƌĞƋƵĞƐƚĨƌŽŵŝƚǇƚŽ ƚŚĞ'ƌĂŶƚĞĞŝĚĞŶƚŝĨǇŝŶŐĂƚĞĐŚŶŝĐĂůƉƌŽďůĞŵǁŝƚŚĂW'ĐĐĞƐƐŚĂŶŶĞůƐŝŐŶĂůĂŶĚƌĞƋƵĞƐƚŝŶŐ ĂƐƐŝƐƚĂŶĐĞ͕'ƌĂŶƚĞĞǁŝůůƉƌŽǀŝĚĞ͕ĨƌĞĞŽĨĐŚĂƌŐĞƚŽŝƚǇ͕ĚŝĂŐŶŽƐƚŝĐƐĞƌǀŝĐĞƐƚŽĚĞƚĞƌŵŝŶĞǁŚĞƚŚĞƌ ŽƌŶŽƚĂƉƌŽďůĞŵǁŝƚŚĂW'ƐŝŐŶĂůŝƐƚŚĞƌĞƐƵůƚŽĨŵĂƚƚĞƌƐĨŽƌǁŚŝĐŚ'ƌĂŶƚĞĞŝƐƌĞƐƉŽŶƐŝďůĞͿĂŶĚ ŝĨƐŽ͕'ƌĂŶƚĞĞǁŝůůƚĂŬĞƉƌŽŵƉƚĐŽƌƌĞĐƚŝǀĞĂĐƚŝŽŶ͕ĨƌĞĞŽĨĐŚĂƌŐĞƚŽŝƚǇ͕ƐƵďũĞĐƚƚŽƚŚĞůŝŵŝƚĂƚŝŽŶƐ ŽŶ'ƌĂŶƚĞĞΖƐƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŽƵƚůŝŶĞĚŝŶ^ĞĐƚŝŽŶϳ͘ϭŚĞƌĞŝŶ͘/ĨƚŚĞƉƌŽďůĞŵƉĞƌƐŝƐƚƐĂŶĚƚŚĞƌĞŝƐ 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&ƌĂŶĐŚŝƐĞ&ĞĞƵŶĚĞƌƚŚŝƐ&ƌĂŶĐŚŝƐĞŽƌĨŽƌƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨĂŶǇŽƚŚĞƌŽďůŝŐĂƚŝŽŶŽĨƚŚĞ 'ƌĂŶƚĞĞ͘ ϭϴ ϰϱϰϭϮϵϬǀϭ 3DFNHW3J *D Ϯ͘EŽƚ&ƌĂŶĐŚŝƐĞ&ĞĞƐ͘dĂǆĞƐ͘ ;ĂͿ'ƌĂŶƚĞĞĂĐŬŶŽǁůĞĚŐĞƐĂŶĚĂŐƌĞĞƐƚŚĂƚƚŚĞ&ƌĂŶĐŚŝƐĞ&ĞĞƐƉĂǇĂďůĞďǇ'ƌĂŶƚĞĞƚŽƚŚĞ ŝƚǇƉƵƌƐƵĂŶƚƚŽƚŚŝƐƐĞĐƚŝŽŶƐŚĂůůƚĂŬĞƉƌĞĐĞĚĞŶĐĞŽǀĞƌĂůůŽƚŚĞƌŵĂƚĞƌŝĂůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ &ƌĂŶĐŚŝƐĞĂŶĚƐŚĂůůŶŽƚďĞĚĞĞŵĞĚƚŽďĞŝŶƚŚĞŶĂƚƵƌĞŽĨĂƚĂǆ͘dŚĞ&ƌĂŶĐŚŝƐĞ&ĞĞƐƉĂǇĂďůĞďǇ 'ƌĂŶƚĞĞƚŽŝƚǇƉƵƌƐƵĂŶƚƚŽƚŚŝƐƐĞĐƚŝŽŶƐŚĂůůďĞĚĞĨŝŶĞĚĐŽŶƐŝƐƚĞŶƚǁŝƚŚϰϳh͘^͘͘ΑϱϰϮ;ŐͿ͘ ;ďͿhƉŽŶƚŚŝƌƚǇ;ϯϬͿĂǇƐƉƌŝŽƌǁƌŝƚƚĞŶŶŽƚŝĐĞ͕ŝƚǇƐŚĂůůŚĂǀĞƚŚĞƌŝŐŚƚƚŽĐŽŶĚƵĐƚĂŶ ŝŶĚĞƉĞŶĚĞŶƚƌĞǀŝĞǁͬĂƵĚŝƚŽĨ'ƌĂŶƚĞĞΖƐƌĞĐŽƌĚƐƐŽůĞůǇĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨĂƐƐĞƐƐŝŶŐ'ƌĂŶƚĞĞΖƐ ĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞ&ƌĂŶĐŚŝƐĞ&ĞĞŽďůŝŐĂƚŝŽŶƐŚĞƌĞŝŶ͘ ϯ͘ĐĐĞƐƐƚŽZĞĐŽƌĚƐ͘ ^ƵďũĞĐƚƚŽƚŚĞƉƌŝǀĂĐǇƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞĂďůĞĐƚ͕ƚŚƌŽƵŐŚŽƵƚƚŚĞƚĞƌŵŽĨ ƚŚŝƐ&ƌĂŶĐŚŝƐĞ͕ƚŚĞ'ƌĂŶƚĞĞĂŐƌĞĞƐƚŚĂƚƚŚĞŝƚǇ͕ƵƉŽŶƌĞĂƐŽŶĂďůĞƉƌŝŽƌǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨƚŚŝƌƚǇ;ϯϬͿĂǇƐ ƚŽƚŚĞ'ƌĂŶƚĞĞ͕ƐŚĂůůŚĂǀĞƚŚĞƌŝŐŚƚƚŽƌĞǀŝĞǁƐƵĐŚŽĨƚŚĞ'ƌĂŶƚĞĞΖƐďŽŽŬƐĂŶĚƌĞĐŽƌĚƐƌĞŐĂƌĚŝŶŐƚŚĞ ŽƉĞƌĂƚŝŽŶŽĨƚŚĞĂďůĞ^ǇƐƚĞŵĂŶĚƚŚĞƉƌŽǀŝƐŝŽŶŽĨĂďůĞ^ĞƌǀŝĐĞŝŶƚŚĞ&ƌĂŶĐŚŝƐĞƌĞĂǁŚŝĐŚĂƌĞ ƌĞĂƐŽŶĂďůǇŶĞĐĞƐƐĂƌǇƚŽŵŽŶŝƚŽƌĂŶĚĞŶĨŽƌĐĞ'ƌĂŶƚĞĞΖƐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐ&ƌĂŶĐŚŝƐĞ ;ΗZĞĐŽƌĚƐΗͿ͘^ƵĐŚŶŽƚŝĐĞƐŚĂůůƐƉĞĐŝĨŝĐĂůůǇƌĞĨĞƌĞŶĐĞƚŚŽƐĞƐĞĐƚŝŽŶƐŽĨƚŚĞ&ƌĂŶĐŚŝƐĞƚŚĂƚĂƌĞƵŶĚĞƌ ƌĞǀŝĞǁƐŽƚŚĂƚƚŚĞ'ƌĂŶƚĞĞŵĂǇŽƌŐĂŶŝǌĞƚŚĞŶĞĐĞƐƐĂƌǇZĞĐŽƌĚƐĨŽƌĞĂƐǇĂĐĐĞƐƐďǇƚŚĞŝƚǇ͘'ƌĂŶƚĞĞ ƐŚĂůůŵĂŬĞĂǀĂŝůĂďůĞĨŽƌƌĞǀŝĞǁƐƵĐŚZĞĐŽƌĚƐĂƚ'ƌĂŶƚĞĞΖƐƐŽůĞĐŽƐƚĂŶĚĞǆƉĞŶƐĞ͕ĨƌĞĞŽĨĐŚĂƌŐĞƚŽƚŚĞ ŝƚǇ͘ZĞĐŽƌĚƐƐŚĂůůďĞƌĞƚĂŝŶĞĚďǇƚŚĞ'ƌĂŶƚĞĞĨŽƌĂƉĞƌŝŽĚŽĨƐŝǆ;ϲͿǇĞĂƌƐ͕ƉƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ ^ƚĂƚƵƚĞƐ͕^ĞĐƚŝŽŶϱϰϭ͘Ϭϱ͘dŚĞ'ƌĂŶƚĞĞƐŚĂůůŶŽƚĚĞŶǇƚŚĞŝƚǇĂĐĐĞƐƐƚŽZĞĐŽƌĚƐŽŶƚŚĞďĂƐŝƐƚŚĂƚƚŚĞ ZĞĐŽƌĚƐĂƌĞƵŶĚĞƌƚŚĞĐŽŶƚƌŽůŽĨĂŶǇƉĂƌĞŶƚĐŽƌƉŽƌĂƚŝŽŶ͕ĨĨŝůŝĂƚĞŽƌĂƚŚŝƌĚƉĂƌƚǇ͘dŚĞŝƚǇŵĂǇƌĞƋƵĞƐƚ ŝŶǁƌŝƚŝŶŐĐŽƉŝĞƐŽĨĂŶǇƐƵĐŚZĞĐŽƌĚƐĂŶĚƚŚĞ'ƌĂŶƚĞĞƐŚĂůůƉƌŽǀŝĚĞƐƵĐŚĐŽƉŝĞƐǁŝƚŚŝŶƚŚŝƌƚǇ;ϯϬͿĂǇƐŽĨ ƚŚĞƌĞĐĞŝƉƚŽĨƐƵĐŚƌĞƋƵĞƐƚƐƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐƐĞĐƚŝŽŶƌĞŐĂƌĚŝŶŐĐŽŶĨŝĚĞŶƚŝĂůŝŶĨŽƌŵĂƚŝŽŶ͘ 'ƌĂŶƚĞĞƐŚĂůůƉƌŽǀŝĚĞĂůůZĞĐŽƌĚƐƌĞƋƵĞƐƚĞĚďǇƚŚĞŝƚǇŽƌŝƚǇΖƐĂŐĞŶƚŝŶƚŚĞĨŽůůŽǁŝŶŐŵĂŶŶĞƌ͗ϭͿĂƚĂ ĐŽŶĨĞƌĞŶĐĞƌŽŽŵŝŶŝƚǇ,Ăůů͖ŽƌϮͿĂƚ'ƌĂŶƚĞĞΖƐŽĨĨŝĐĞůŽĐĂƚĞĚŝŶƚŚĞŝƚǇŽƌŶŽĨƵƌƚŚĞƌƚŚĂŶĨŝǀĞ;ϱͿŵŝůĞƐ ĨƌŽŵƚŚĞŝƚǇůŝŵŝƚƐ͖ŽƌϯͿǀŝĂŵĂŝůŽƌĞůĞĐƚƌŽŶŝĐĐŽŵŵƵŶŝĐĂƚŝŽŶĂĐĐĞƉƚĂďůĞƚŽƚŚĞŝƚǇĂŶĚ'ƌĂŶƚĞĞ͘ ϰ͘ŽŶĨŝĚĞŶƚŝĂů/ŶĨŽƌŵĂƚŝŽŶ͘ ;ĂͿ^ƵďũĞĐƚƚŽƉƉůŝĐĂďůĞ>Ăǁ͕'ƌĂŶƚĞĞŵĂǇĐŚŽŽƐĞƚŽƉƌŽǀŝĚĞĂŶǇĐŽŶĨŝĚĞŶƚŝĂůŽƌ ƉƌŽƉƌŝĞƚĂƌǇZĞĐŽƌĚƐƚŚĂƚŝƚŝƐŽďůŝŐĂƚĞĚƚŽŵĂŬĞĂǀĂŝůĂďůĞƚŽƚŚĞŝƚǇƉƵƌƐƵĂŶƚƚŽƚŚŝƐ&ƌĂŶĐŚŝƐĞ͕ ďǇĂůůŽǁŝŶŐƚŚĞŝƚǇ͕ŽƌŝƚƐĚĞƐŝŐŶĂƚĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ;ƐͿ͕ƚŽǀŝĞǁƚŚĞZĞĐŽƌĚƐĂƚĂĐŽŶĨĞƌĞŶĐĞ ƌŽŽŵŝŶŝƚǇ,ĂůůŽƌĂƚ'ƌĂŶƚĞĞΖƐŽĨĨŝĐĞůŽĐĂƚĞĚŝŶƚŚĞŝƚǇ͕ǁŝƚŚŽƵƚŝƚǇŽďƚĂŝŶŝŶŐŝƚƐŽǁŶĐŽƉŝĞƐ ŽĨƐƵĐŚZĞĐŽƌĚƐ͘'ƌĂŶƚĞĞŵĂǇĂůƐŽĐŚŽŽƐĞƚŽƉƌŽǀŝĚĞĂŶǇĐŽŶĨŝĚĞŶƚŝĂůŽƌƉƌŽƉƌŝĞƚĂƌǇZĞĐŽƌĚƐ ƉƵƌƐƵĂŶƚƚŽĂŵƵƚƵĂůůǇĂĐĐĞƉƚĂďůĞŶŽŶͲĚŝƐĐůŽƐƵƌĞĂŐƌĞĞŵĞŶƚǁŝƚŚĂŝƚǇĚĞƐŝŐŶĂƚĞĚĂŐĞŶƚ͘dŚĞ ŝŶƚĞŶƚŽĨƚŚĞƉĂƌƚŝĞƐŝƐƚŽǁŽƌŬĐŽŽƉĞƌĂƚŝǀĞůǇƚŽŝŶƐƵƌĞƚŚĂƚƚŚŽƐĞZĞĐŽƌĚƐƌĞĂƐŽŶĂďůǇŶĞĐĞƐƐĂƌǇ ĨŽƌŝƚǇΖƐŵŽŶŝƚŽƌŝŶŐĂŶĚĞŶĨŽƌĐĞŵĞŶƚŽĨ&ƌĂŶĐŚŝƐĞŽďůŝŐĂƚŝŽŶƐĂƌĞƉƌŽǀŝĚĞĚƚŽŝƚǇ͘dŽƚŚĞ ĞǆƚĞŶƚƚŚĂƚ'ƌĂŶƚĞĞĚŽĞƐƉƌŽǀŝĚĞZĞĐŽƌĚƐĚŝƌĞĐƚůǇƚŽƚŚĞŝƚǇ͕ŝƚǇĂŐƌĞĞƐƚŽŬĞĞƉƐĂŝĚZĞĐŽƌĚƐ ĐŽŶĨŝĚĞŶƚŝĂůĂŶĚƉƌŽƉƌŝĞƚĂƌǇƚŽƚŚĞĨƵůůĞƐƚĞǆƚĞŶƚƉĞƌŵŝƚƚĞĚďǇƉƉůŝĐĂďůĞ>Ăǁ͘'ƌĂŶƚĞĞƐŚĂůůďĞ ƌĞƐƉŽŶƐŝďůĞĨŽƌĐůĞĂƌůǇĂŶĚĐŽŶƐƉŝĐƵŽƵƐůǇŝĚĞŶƚŝĨǇŝŶŐƚŚĞZĞĐŽƌĚƐĐŽŶĨŝĚĞŶƚŝĂůŽƌƉƌŽƉƌŝĞƚĂƌǇ͘ 'ƌĂŶƚĞĞĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞDŝŶŶĞƐŽƚĂĂƚĂWƌĂĐƚŝĐĞƐĐƚ;ΗDWΗͿƉůĂĐĞƐůŝŵŝƚĂƚŝŽŶƐŽŶ ƚŚĞĂďŝůŝƚǇŽĨƚŚĞŝƚǇƚŽƉƌŽƚĞĐƚĐĞƌƚĂŝŶŝŶĨŽƌŵĂƚŝŽŶƵŶůĞƐƐƐƵĐŚŝŶĨŽƌŵĂƚŝŽŶŵĞĞƚƐƚŚĞƐƚĂƚƵƚŽƌǇ ƌĞƋƵŝƌĞŵĞŶƚƐƐĞƚĨŽƌƚŚŝŶƚŚĞDW͘ ;ďͿ/ĨƚŚĞŝƚǇďĞůŝĞǀĞƐŝƚŵƵƐƚƌĞůĞĂƐĞĂŶǇƐƵĐŚĐŽŶĨŝĚĞŶƚŝĂůŽƌƉƌŽƉƌŝĞƚĂƌǇZĞĐŽƌĚƐŝŶƚŚĞ ĐŽƵƌƐĞŽĨĞŶĨŽƌĐŝŶŐƚŚŝƐ&ƌĂŶĐŚŝƐĞ͕ŽƌĨŽƌĂŶǇŽƚŚĞƌƌĞĂƐŽŶŝŶĐůƵĚŝŶŐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞDW͕ ŝƚƐŚĂůůĂĚǀŝƐĞ'ƌĂŶƚĞĞŝŶĂĚǀĂŶĐĞƐŽƚŚĂƚ'ƌĂŶƚĞĞŵĂǇƚĂŬĞĂƉƉƌŽƉƌŝĂƚĞƐƚĞƉƐƚŽƉƌŽƚĞĐƚŝƚƐ ϭϵ ϰϱϰϭϮϵϬǀϭ 3DFNHW3J *D ŝŶƚĞƌĞƐƚƐ͘dŚĞŝƚǇĂŐƌĞĞƐƚŚĂƚ͕ƚŽƚŚĞĞǆƚĞŶƚƉĞƌŵŝƚƚĞĚďǇƚŚĞDWĂŶĚƉƉůŝĐĂďůĞ>Ăǁ͕ŝƚƐŚĂůů ĚĞŶǇĂĐĐĞƐƐƚŽĂŶǇŽĨ'ƌĂŶƚĞĞΖƐZĞĐŽƌĚƐŵĂƌŬĞĚĐŽŶĨŝĚĞŶƚŝĂů͕ĂƐƐĞƚĨŽƌƚŚĂďŽǀĞ͕ƚŽĂŶǇWĞƌƐŽŶ ĂŶĚƚŚĂƚŝƚƐŚĂůůĨƵƌŶŝƐŚŽŶůǇƚŚĂƚƉŽƌƚŝŽŶŽĨƚŚĞ'ƌĂŶƚĞĞΖƐZĞĐŽƌĚƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚĞDWĂŶĚ ƉƉůŝĐĂďůĞ>Ăǁ͘ ϱ͘ZĞƉŽƌƚƐƚŽďĞ&ŝůĞĚǁŝƚŚŝƚǇ͘ ;ĂͿůůƌĞƉŽƌƚƐĂŶĚZĞĐŽƌĚƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ&ƌĂŶĐŚŝƐĞƐŚĂůůďĞĨƵƌŶŝƐŚĞĚĂƚƚŚĞƐŽůĞ ĞǆƉĞŶƐĞŽĨ'ƌĂŶƚĞĞ͘ ;ďͿ'ƌĂŶƚĞĞƐŚĂůůĂƚĂůůƚŝŵĞƐŵĂŝŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐƌĞĐŽƌĚƐĂŶĚŝŶĨŽƌŵĂƚŝŽŶƌĞůĂƚŝŶŐ ƐƉĞĐŝĨŝĐĂůůǇƚŽƚŚĞĂďůĞ^ǇƐƚĞŵƐĞƌǀŝŶŐƚŚĞŝƚǇĂƐŝĚĞŶƚŝĨŝĞĚďǇƚŚĞ&ŽŵŵƵŶŝƚǇhŶŝƚ /ĚĞŶƚŝĨŝĞƌ;Ηh/ ΗͿĂƐŽƉƉŽƐĞĚƚŽĂƌĞŐŝŽŶĂůĂďůĞ^ǇƐƚĞŵŽƌŽƚŚĞƌŽƉĞƌĂƚŝŶŐƵŶŝƚŽĨ'ƌĂŶƚĞĞĂŶĚ ƐŚĂůůƉƌŽǀŝĚĞƐƵĐŚŝŶĨŽƌŵĂƚŝŽŶƚŽŝƚǇƵƉŽŶŶŽůĞƐƐƚŚĂŶƚŚŝƌƚǇ;ϯϬͿĂǇƐĂĚǀĂŶĐĞǁƌŝƚƚĞŶ ƌĞƋƵĞƐƚ͗ ;ϭͿǁƌŝƚƚĞŶŽƌĐŽŵƉƵƚĞƌͲƐƚŽƌĞĚƌĞĐŽƌĚŽĨĂůůƚƌƵĐŬƌŽůůƐƵŶĚĞƌƚĂŬĞŶďǇƚŚĞ'ƌĂŶƚĞĞ ĨŽƌƚŚĞƉƌĞĐĞĚŝŶŐƚǁŽ;ϮͿǇĞĂƌƐ͘ ;ϮͿĐŽŵƉůĂŝŶƚƌĞĐŽƌĚĨŽƌĂďůĞ^ĞƌǀŝĐĞǁŚŝĐŚƐŚĂůůĐŽŶƚĂŝŶĂƐĞŵŝͲĂŶŶƵĂů;:ĂŶƵĂƌǇ ϭƚŚƌŽƵŐŚ:ƵŶĞϯϬĂŶĚ:ƵůǇϭƚŚƌŽƵŐŚĞĐĞŵďĞƌϯϭͿďƌĞĂŬĚŽǁŶŝŶĚŝĐĂƚŝŶŐƚŚĞƚŽƚĂů ŶƵŵďĞƌŽĨĞƐĐĂůĂƚĞĚĐŽŵƉůĂŝŶƚƐƌĞĐĞŝǀĞĚĨŽƌƚŚĞƉƌĞĐĞĚŝŶŐƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͕ĂŶĚƐŚĂůů ŝŶĚŝĐĂƚĞƚŚĞĐůĂƐƐŝĨŝĐĂƚŝŽŶƐŽĨĂůůŽƚŚĞƌĐŽŵƉůĂŝŶƚƐŝŶŐĞŶĞƌĂůĐĂƚĞŐŽƌŝĞƐƐƵĐŚĂƐ ĐŽŶƐƚƌƵĐƚŝŽŶ͕ďŝůůŝŶŐ͕ĐƵƐƚŽŵĞƌƌĞůĂƚŝŽŶƐͬƐĞƌǀŝĐĞĂŶĚŵŝƐĐĞůůĂŶĞŽƵƐ͘ƐĐĂůĂƚĞĚ ĐŽŵƉůĂŝŶƚƐƐŚĂůůŵĞĂŶƚŚŽƐĞĐŽŵƉůĂŝŶƚƐƚŚĂƚĂƌĞƌĞĐĞŝǀĞĚďǇƚŚĞŝƚǇ͕ŽƌƌĞĐĞŝǀĞĚŝŶ ǁƌŝƚŝŶŐďǇ'ƌĂŶƚĞĞΖƐĂƌĞĂŵĂŶĂŐĞŵĞŶƚ͘ ;ϯͿƚƚŚĞŝƚǇΖƐǁƌŝƚƚĞŶƌĞƋƵĞƐƚ͕'ƌĂŶƚĞĞƐŚĂůůƉƌŽǀŝĚĞƚŚĞŝƚǇǁŝƚŚŝŶĨŽƌŵĂƚŝŽŶ ǁŚŝĐŚƐŚĂůůĚĞƐĐƌŝďĞŝŶĚĞƚĂŝů'ƌĂŶƚĞĞΖƐĐŽŵƉůŝĂŶĐĞǁŝƚŚǆŚŝďŝƚŚĞƌĞƚŽ͘ ;ϰͿ'ƌĂŶƚĞĞƐŚĂůůƉƌŽǀŝĚĞŝƚǇǁŝƚŚĂŶĂŶŶƵĂůƐƚĂƚĞŵĞŶƚ͕ǁŝƚŚŝŶŶŝŶĞƚǇ;ϵϬͿĂǇƐŽĨ ƚŚĞĐůŽƐĞŽĨĞĂĐŚĐĂůĞŶĚĂƌǇĞĂƌĞŶĚƌĞĨůĞĐƚŝŶŐƚŚĞƚŽƚĂůĂŵŽƵŶƚƐŽĨ'ƌŽƐƐZĞǀĞŶƵĞƐĂŶĚ ĂůůƉĂǇŵĞŶƚƐĂŶĚĐŽŵƉƵƚĂƚŝŽŶƐŽĨƚŚĞ&ƌĂŶĐŚŝƐĞ&ĞĞĨŽƌƚŚĞƉƌĞǀŝŽƵƐĐĂůĞŶĚĂƌǇĞĂƌ͘ ;ϱͿ'ƌĂŶƚĞĞƐŚĂůůƐƵďŵŝƚĂǁƌŝƚƚĞŶĞŶĚŽĨƚŚĞǇĞĂƌƌĞƉŽƌƚƚŽƚŚĞŝƚǇƵƚŝůŝǌŝŶŐƚŚĞ ĨŽƌŵĂƚĂƚƚĂĐŚĞĚŚĞƌĞƚŽĂƐǆŚŝďŝƚ͘ ;ĐͿhƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞŝƚǇĂŶĚŽŶůǇƚŽƚŚĞĞǆƚĞŶƚŵƵƚƵĂůůǇƵƉŽŶďǇ'ƌĂŶƚĞĞŝŶŶŽĞǀĞŶƚ ůĂƚĞƌƚŚĂŶƚŚŝƌƚǇ;ϯϬͿĂǇƐĨƌŽŵƚŚĞĚĂƚĞŽĨƌĞĐĞŝƉƚŽĨƐƵĐŚƌĞƋƵĞƐƚ͕'ƌĂŶƚĞĞƐŚĂůů͕ƵƉŽŶŵƵƚƵĂůůǇ ĂĐĐĞƉƚĂďůĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͕ƉƌĞƉĂƌĞĂŶĚĨƵƌŶŝƐŚƚŽƚŚĞŝƚǇƐƵĐŚĂĚĚŝƚŝŽŶĂůƌĞƉŽƌƚƐǁŝƚŚ ƌĞƐƉĞĐƚƚŽŝƚƐŽƉĞƌĂƚŝŽŶ͕ĂĨĨĂŝƌƐ͕ƚƌĂŶƐĂĐƚŝŽŶƐŽƌƉƌŽƉĞƌƚǇ͕ĂƐŵĂǇďĞƌĞĂƐŽŶĂďůǇŶĞĐĞƐƐĂƌǇƚŽ ĞŶƐƵƌĞĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞƚĞƌŵƐŽĨƚŚŝƐ&ƌĂŶĐŚŝƐĞ͘EĞŝƚŚĞƌŝƚǇŶŽƌ'ƌĂŶƚĞĞƐŚĂůů ƵŶƌĞĂƐŽŶĂďůǇĚĞŵĂŶĚŽƌǁŝƚŚŚŽůĚŝŶĨŽƌŵĂƚŝŽŶƌĞƋƵĞƐƚĞĚƉƵƌƐƵĂŶƚǁŝƚŚƚŚĞƚĞƌŵƐŽĨƚŚŝƐ &ƌĂŶĐŚŝƐĞ͘dŚĞŝƚǇĂŐƌĞĞƐƚŽƌĞƋƵĞƐƚĂĐĐĞƐƐƚŽŽŶůǇƚŚŽƐĞďŽŽŬƐĂŶĚƌĞĐŽƌĚƐ͕ŝŶĞǆĞƌĐŝƐŝŶŐŝƚƐ ƌŝŐŚƚƐƵŶĚĞƌƚŚŝƐƐĞĐƚŝŽŶ͕ǁŚŝĐŚŝƚĚĞĞŵƐƌĞĂƐŽŶĂďůǇŶĞĐĞƐƐĂƌǇĨŽƌƚŚĞĞŶĨŽƌĐĞŵĞŶƚĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨƚŚŝƐ&ƌĂŶĐŚŝƐĞ͘ ^d/KEϵ͘'EZ>&/EE/>E/E^hZEWZKs/^/KE^ ϮϬ ϰϱϰϭϮϵϬǀϭ 3DFNHW3J *D ϭ͘>ĞƚƚĞƌŽĨƌĞĚŝƚ͘ ;ĂͿhƉŽŶƚŚĞĨĨĞĐƚŝǀĞĂƚĞ͕'ƌĂŶƚĞĞƐŚĂůůĚĞůŝǀĞƌƚŽŝƚǇĂĐĂƐŚĚĞƉŽƐŝƚŽƌĂŶŝƌƌĞǀŽĐĂďůĞ ĂŶĚƵŶĐŽŶĚŝƚŝŽŶĂůůĞƚƚĞƌŽĨĐƌĞĚŝƚ͕ŝŶĨŽƌŵĂŶĚƐƵďƐƚĂŶĐĞĂĐĐĞƉƚĂďůĞƚŽŝƚǇ͕ĨƌŽŵĂŶĂƚŝŽŶĂůŽƌ ƐƚĂƚĞďĂŶŬĂƉƉƌŽǀĞĚďǇŝƚǇ͕ŝŶƚŚĞĂŵŽƵŶƚŽĨ&ŽƌƚǇdŚŽƵƐĂŶĚĂŶĚEŽͬϭϬϬŽůůĂƌƐ;ΨϰϬ͕ϬϬϬ͘ϬϬͿ͘ /ŶƚĞƌĞƐƚŽŶƚŚĞĚĞƉŽƐŝƚƐŚĂůůĂĐĐƌƵĞƚŽƚŚĞ'ƌĂŶƚĞĞ͘hƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞŝƚǇ͕'ƌĂŶƚĞĞƐŚĂůů ƉƌŽǀŝĚĞĂĐŽƉǇŽĨƚŚĞůĞƚƚĞƌŽĨĐƌĞĚŝƚ͘ŝƚǇŵĂǇ͕ŝŶŝƚƐƐŽůĞĚŝƐĐƌĞƚŝŽŶ͕ƌĞĚƵĐĞƚŚĞĂŵŽƵŶƚŽĨƚŚĞ ůĞƚƚĞƌŽĨĐƌĞĚŝƚ͘ ;ďͿEŽƚŚŝŶŐŚĞƌĞŝŶƐŚĂůůďĞĚĞĞŵĞĚĂǁĂŝǀĞƌŽĨƚŚĞŶŽƌŵĂůƉĞƌŵŝƚĂŶĚďŽŶĚŝŶŐ ƌĞƋƵŝƌĞŵĞŶƚƐŵĂĚĞŽĨĂůůĐŽŶƚƌĂĐƚŽƌƐǁŽƌŬŝŶŐǁŝƚŚŝŶƚŚĞŝƚǇΖƐƌŝŐŚƚƐͲŽĨͲǁĂǇ͘ ;ĐͿdŚĞůĞƚƚĞƌŽĨĐƌĞĚŝƚƐŚĂůůƉƌŽǀŝĚĞƚŚĂƚĨƵŶĚƐǁŝůůďĞƉĂŝĚƚŽƚŚĞŝƚǇ͕ƵƉŽŶǁƌŝƚƚĞŶ ĚĞŵĂŶĚŽĨƚŚĞŝƚǇ͕ĂŶĚŝŶĂŶĂŵŽƵŶƚĂƐŽƵƚůŝŶĞĚŝŶƚŚĞƐĞĐƚŝŽŶŝŶƉĂǇŵĞŶƚĨŽƌƉĞŶĂůƚŝĞƐ ĐŚĂƌŐĞĚƉƵƌƐƵĂŶƚƚŽƚŚŝƐƐĞĐƚŝŽŶ͕ŝŶƉĂǇŵĞŶƚĨŽƌĂŶǇŵŽŶŝĞƐŽǁĞĚďǇ'ƌĂŶƚĞĞƚŽƚŚĞŝƚǇ ƉƵƌƐƵĂŶƚƚŽŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐ&ƌĂŶĐŚŝƐĞ͕ŽƌŝŶƉĂǇŵĞŶƚĨŽƌĂŶǇĚĂŵĂŐĞŝŶĐƵƌƌĞĚďǇƚŚĞ ŝƚǇĂƐĂƌĞƐƵůƚŽĨĂŶǇĂĐƚƐŽƌŽŵŝƐƐŝŽŶƐďǇ'ƌĂŶƚĞĞƉƵƌƐƵĂŶƚƚŽƚŚŝƐ&ƌĂŶĐŚŝƐĞ͘ ;ĚͿ/ŶĂĚĚŝƚŝŽŶƚŽƌĞĐŽǀĞƌǇŽĨĂŶǇŵŽŶŝĞƐŽǁĞĚďǇ'ƌĂŶƚĞĞƚŽƚŚĞŝƚǇŽƌĚĂŵĂŐĞƐƚŽƚŚĞ ŝƚǇĂƐĂƌĞƐƵůƚŽĨĂŶǇĂĐƚƐŽƌŽŵŝƐƐŝŽŶƐďǇ'ƌĂŶƚĞĞƉƵƌƐƵĂŶƚƚŽƚŚĞ&ƌĂŶĐŚŝƐĞ͕ƚŚĞŝƚǇŝŶ ĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚŝƐƐĞĐƚŝŽŶŵĂǇĐŚĂƌŐĞƚŽĂŶĚĐŽůůĞĐƚĨƌŽŵƚŚĞůĞƚƚĞƌŽĨĐƌĞĚŝƚƚŚĞĨŽůůŽǁŝŶŐ ůŝƋƵŝĚĂƚĞĚĚĂŵĂŐĞƐ͗ ;ϭͿ&ŽƌĨĂŝůƵƌĞƚŽƉƌŽǀŝĚĞĚĂƚĂ͕ĚŽĐƵŵĞŶƚƐ͕ƌĞƉŽƌƚƐŽƌŝŶĨŽƌŵĂƚŝŽŶŽƌƚŽĐŽŽƉĞƌĂƚĞ ǁŝƚŚŝƚǇĚƵƌŝŶŐĂŶĂƉƉůŝĐĂƚŝŽŶƉƌŽĐĞƐƐŽƌƐǇƐƚĞŵƌĞǀŝĞǁŽƌĂƐŽƚŚĞƌǁŝƐĞƉƌŽǀŝĚĞĚ ŚĞƌĞŝŶ͕ƚŚĞůŝƋƵŝĚĂƚĞĚĚĂŵĂŐĞƐƐŚĂůůďĞdǁŽ,ƵŶĚƌĞĚ&ŝĨƚǇĂŶĚEŽͬϭϬϬŽůůĂƌƐ;ΨϮϱϬ͘ϬϬͿ ƉĞƌĂǇĨŽƌĞĂĐŚĂǇ͕ŽƌƉĂƌƚƚŚĞƌĞŽĨ͕ƐƵĐŚĨĂŝůƵƌĞŽĐĐƵƌƐŽƌĐŽŶƚŝŶƵĞƐƵƉƚŽĂŵĂǆŝŵƵŵ ŽĨdĞŶdŚŽƵƐĂŶĚĂŶĚEŽͬϭϬϬŽůůĂƌƐ;ΨϭϬ͕ϬϬϬ͘ϬϬͿ͘ ;ϮͿ&ŽƌĨĂŝůƵƌĞƚŽĐŽŵƉůǇǁŝƚŚĐŽŶƐƚƌƵĐƚŝŽŶ͕ŽƉĞƌĂƚŝŽŶŽƌŵĂŝŶƚĞŶĂŶĐĞƐƚĂŶĚĂƌĚƐ͕ ƚŚĞůŝƋƵŝĚĂƚĞĚĚĂŵĂŐĞƐƐŚĂůůďĞdŚƌĞĞ,ƵŶĚƌĞĚ&ŝĨƚǇĂŶĚEŽͬϭϬϬŽůůĂƌƐ;ΨϯϱϬ͘ϬϬͿƉĞƌ ĂǇĨŽƌĞĂĐŚĂǇ͕ŽƌƉĂƌƚƚŚĞƌĞŽĨ͕ƐƵĐŚĨĂŝůƵƌĞŽĐĐƵƌƐŽƌĐŽŶƚŝŶƵĞƐƵƉƚŽĂŵĂǆŝŵƵŵŽĨ dĞŶdŚŽƵƐĂŶĚĂŶĚEŽͬϭϬϬŽůůĂƌƐ;ΨϭϬ͕ϬϬϬ͘ϬϬͿ͘ ;ϯͿ&ŽƌĨĂŝůƵƌĞƚŽŵĞĞƚƚŚĞW'ĂĐĐĞƐƐƌĞƋƵŝƌĞŵĞŶƚƐƐĞƚĨŽƌƚŚŝŶ^ĞĐƚŝŽŶϳ͕ŽĨƚŚŝƐ &ƌĂŶĐŚŝƐĞ͕ƚŚĞůŝƋƵŝĚĂƚĞĚĚĂŵĂŐĞƐƐŚĂůůďĞdǁŽ,ƵŶĚƌĞĚĂŶĚEŽͬϭϬϬŽůůĂƌƐ;ΨϮϬϬ͘ϬϬͿ ƉĞƌĂǇĨŽƌĞĂĐŚĂǇ͕ŽƌƉĂƌƚƚŚĞƌĞŽĨ͕ƐƵĐŚĨĂŝůƵƌĞŽĐĐƵƌƐŽƌĐŽŶƚŝŶƵĞƐƵƉƚŽĂŵĂǆŝŵƵŵ ŽĨdĞŶdŚŽƵƐĂŶĚĂŶĚEŽͬϭϬϬŽůůĂƌƐ;ΨϭϬ͕ϬϬϬ͘ϬϬͿ͘ ;ϰͿ&ŽƌĨĂŝůƵƌĞƚŽĐŽŵƉůǇǁŝƚŚĂŶǇŽĨƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐ&ƌĂŶĐŚŝƐĞ͕ŽƌŽƚŚĞƌŝƚǇ ŽƌĚŝŶĂŶĐĞƌĞůĂƚĞĚƚŽ&ƌĂŶĐŚŝƐĞŽƉĞƌĂƚŝŽŶƐĨŽƌǁŚŝĐŚůŝƋƵŝĚĂƚĞĚĚĂŵĂŐĞƐĂƌĞŶŽƚ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĐĂůůǇƉƌŽǀŝĚĞĚƉƵƌƐƵĂŶƚƚŽƚŚŝƐ^ĞĐƚŝŽŶϵ͕ƚŚĞůŝƋƵŝĚĂƚĞĚĚĂŵĂŐĞƐƐŚĂůů ďĞdǁŽ,ƵŶĚƌĞĚ&ŝĨƚǇĂŶĚEŽͬϭϬϬŽůůĂƌƐ;ΨϮϱϬ͘ϬϬͿƉĞƌĂǇĨŽƌĞĂĐŚĂǇ͕ŽƌƉĂƌƚ ƚŚĞƌĞŽĨ͕ƐƵĐŚĨĂŝůƵƌĞŽĐĐƵƌƐŽƌĐŽŶƚŝŶƵĞƐƵƉƚŽĂŵĂǆŝŵƵŵŽĨdĞŶdŚŽƵƐĂŶĚĂŶĚEŽͬϭϬϬ ŽůůĂƌƐ;ΨϭϬ͕ϬϬϬ͘ϬϬͿ͘ ;ĞͿĂĐŚǀŝŽůĂƚŝŽŶŽĨĂŶǇƉƌŽǀŝƐŝŽŶŽĨƚŚŝƐ&ƌĂŶĐŚŝƐĞƐŚĂůůďĞĐŽŶƐŝĚĞƌĞĚĂƐĞƉĂƌĂƚĞǀŝŽůĂƚŝŽŶ ĨŽƌǁŚŝĐŚĂƐĞƉĂƌĂƚĞƉĞŶĂůƚǇĐĂŶďĞŝŵƉŽƐĞĚ͘ Ϯϭ ϰϱϰϭϮϵϬǀϭ 3DFNHW3J *D ;ĨͿtŚĞŶĞǀĞƌƚŚĞŝƚǇĨŝŶĚƐƚŚĂƚ'ƌĂŶƚĞĞŚĂƐǀŝŽůĂƚĞĚŽŶĞ;ϭͿŽƌŵŽƌĞƚĞƌŵƐ͕ĐŽŶĚŝƚŝŽŶƐŽƌ ƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐ&ƌĂŶĐŚŝƐĞ͕ŽƌĨŽƌĂŶǇŽƚŚĞƌǀŝŽůĂƚŝŽŶĐŽŶƚĞŵƉůĂƚĞĚŝŶƚŚŝƐ^ĞĐƚŝŽŶϵ͕ĂďŽǀĞ͕Ă ǁƌŝƚƚĞŶŶŽƚŝĐĞƐŚĂůůďĞŐŝǀĞŶƚŽ'ƌĂŶƚĞĞŝŶĨŽƌŵŝŶŐŝƚŽĨƐƵĐŚǀŝŽůĂƚŝŽŶ͘ƚĂŶǇƚŝŵĞĂĨƚĞƌƚŚŝƌƚǇ ;ϯϬͿĂǇƐ;ŽƌƐƵĐŚůŽŶŐĞƌƌĞĂƐŽŶĂďůĞƚŝŵĞǁŚŝĐŚ͕ŝŶƚŚĞƐŽůĞĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞŝƚǇ͕ŝƐ ŶĞĐĞƐƐĂƌǇƚŽĐƵƌĞƚŚĞĂůůĞŐĞĚǀŝŽůĂƚŝŽŶͿĨŽůůŽǁŝŶŐůŽĐĂůƌĞĐĞŝƉƚŽĨŶŽƚŝĐĞ͕ƉƌŽǀŝĚĞĚ'ƌĂŶƚĞĞ ƌĞŵĂŝŶƐŝŶǀŝŽůĂƚŝŽŶŽĨŽŶĞ;ϭͿŽƌŵŽƌĞƚĞƌŵƐ͕ĐŽŶĚŝƚŝŽŶƐŽƌƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐ&ƌĂŶĐŚŝƐĞ͕ŝŶƚŚĞ ƐŽůĞŽƉŝŶŝŽŶŽĨƚŚĞŝƚǇ͕ƚŚĞŝƚǇŵĂǇĚƌĂǁĨƌŽŵƚŚĞůĞƚƚĞƌŽĨĐƌĞĚŝƚĂůůůŝƋƵŝĚĂƚĞĚĚĂŵĂŐĞƐĂŶĚ ŽƚŚĞƌŵŽŶŝĞƐĚƵĞƚŚĞŝƚǇĨƌŽŵƚŚĞĚĂƚĞŽĨƚŚĞůŽĐĂůƌĞĐĞŝƉƚŽĨŶŽƚŝĐĞ͘ ;ŐͿhƉŽŶƌĞĐĞŝƉƚŽĨƚŚĞǀŝŽůĂƚŝŽŶŶŽƚŝĐĞĨƌŽŵƚŚĞŝƚǇ͕ƚŚĞ'ƌĂŶƚĞĞŵĂǇǁŝƚŚŝŶƚŚŝƌƚǇ;ϯϬͿ ĂǇƐŽĨƐƵĐŚƌĞĐĞŝƉƚŶŽƚŝĨǇƚŚĞŝƚǇŝŶǁƌŝƚŝŶŐƚŚĂƚƚŚĞƌĞŝƐĂĚŝƐƉƵƚĞĂƐƚŽǁŚĞƚŚĞƌĂǀŝŽůĂƚŝŽŶŽƌ ĨĂŝůƵƌĞŚĂƐŝŶĨĂĐƚŽĐĐƵƌƌĞĚ͘^ƵĐŚǁƌŝƚƚĞŶŶŽƚŝĐĞďǇ'ƌĂŶƚĞĞƚŽƚŚĞŝƚǇƐŚĂůůƐƉĞĐŝĨǇǁŝƚŚ ƉĂƌƚŝĐƵůĂƌŝƚǇƚŚĞŵĂƚƚĞƌƐĚŝƐƉƵƚĞĚďǇ'ƌĂŶƚĞĞ͘^ƵĐŚŶŽƚŝĐĞďǇ'ƌĂŶƚĞĞƐŚĂůůƚŽůůƚŚĞƚŝŵĞĨƌĂŵĞƐ ŚĞƌĞŝŶĂŶĚƚŚĞĂĐĐƌƵĂůŽĨĂůůůŝƋƵŝĚĂƚĞĚĚĂŵĂŐĞƐĨƌŽŵƚŚĞƐĞĐƵƌŝƚǇĨƵŶĚƵŶƚŝůƚŚĞŝƚǇŝƐƐƵĞƐĂ ĚĞĐŝƐŝŽŶĨŽůůŽǁŝŶŐƚŚĞƌĞƋƵŝƌĞĚŚĞĂƌŝŶŐŝŶ^ĞĐƚŝŽŶϵ͘ϭ;ŐͿ;ϭͿŚĞƌĞŝŶ͘/Ĩ'ƌĂŶƚĞĞĚŽĞƐŶŽƚĚŝƐƉƵƚĞ ƚŚĞĂůůĞŐĞĚǀŝŽůĂƚŝŽŶƐĞƚĨŽƌƚŚŝŶƚŚĞǀŝŽůĂƚŝŽŶŶŽƚŝĐĞ͕'ƌĂŶƚĞĞƐŚĂůůŚĂǀĞƚŚŝƌƚǇ;ϯϬͿĂǇƐĨƌŽŵ ƚŚĞƌĞĐĞŝƉƚŽĨƚŚĞǀŝŽůĂƚŝŽŶŶŽƚŝĐĞƚŽĐƵƌĞƚŚĞĂůůĞŐĞĚĚĞĨĂƵůƚďĞĨŽƌĞƚŚĞŝƚǇŵĂǇŝŵƉŽƐĞ ůŝƋƵŝĚĂƚĞĚĚĂŵĂŐĞƐĂƐƐĞƚĨŽƌƚŚ^ĞĐƚŝŽŶϵŚĞƌĞŝŶ͘ ;ϭͿdŚĞŝƚǇƐŚĂůůŚĞĂƌ'ƌĂŶƚĞĞΖƐĚŝƐƉƵƚĞǁŝƚŚŝŶƐŝǆƚǇ;ϲϬͿĂǇƐĂŶĚƌĞŶĚĞƌĂĨŝŶĂů ĚĞĐŝƐŝŽŶǁŝƚŚŝŶƐŝǆƚǇ;ϲϬͿĂǇƐƚŚĞƌĞĂĨƚĞƌ͘ ;ϮͿhƉŽŶƚŚĞĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞŝƚǇƚŚĂƚŶŽǀŝŽůĂƚŝŽŶŚĂƐƚĂŬĞŶƉůĂĐĞ͕ƚŚĞŝƚǇ ƐŚĂůůƌĞĨƵŶĚƚŽ'ƌĂŶƚĞĞ͕ǁŝƚŚŽƵƚŝŶƚĞƌĞƐƚ͕ĂůůŵŽŶŝĞƐĚƌĂǁŶĨƌŽŵƚŚĞůĞƚƚĞƌŽĨĐƌĞĚŝƚďǇ ƌĞĂƐŽŶŽĨƚŚĞĂůůĞŐĞĚǀŝŽůĂƚŝŽŶ͘ ;ŚͿ/ĨƐĂŝĚůĞƚƚĞƌŽĨĐƌĞĚŝƚŽƌĂŶǇƐƵďƐĞƋƵĞŶƚůĞƚƚĞƌŽĨĐƌĞĚŝƚĚĞůŝǀĞƌĞĚƉƵƌƐƵĂŶƚƚŚĞƌĞƚŽ ĞǆƉŝƌĞƐĚƵƌŝŶŐƚŚĞƚĞƌŵŽĨƚŚŝƐ&ƌĂŶĐŚŝƐĞ͕ŝƚƐŚĂůůďĞƌĞŶĞǁĞĚŽƌƌĞƉůĂĐĞĚĚƵƌŝŶŐƚŚĞƚĞƌŵŽĨƚŚŝƐ &ƌĂŶĐŚŝƐĞ͘dŚĞƌĞŶĞǁĞĚŽƌƌĞƉůĂĐĞĚůĞƚƚĞƌŽĨĐƌĞĚŝƚƐŚĂůůďĞŽĨƚŚĞƐĂŵĞĨŽƌŵĂŶĚǁŝƚŚĂďĂŶŬ ĂƵƚŚŽƌŝǌĞĚŚĞƌĞŝŶĂŶĚĨŽƌƚŚĞĨƵůůĂŵŽƵŶƚƐƚĂƚĞĚŝŶƐƵďƉĂƌĂŐƌĂƉŚ;ĂͿŽĨƚŚŝƐƐĞĐƚŝŽŶ͘ ;ŝͿ/ĨƚŚĞŝƚǇĚƌĂǁƐƵƉŽŶƚŚĞůĞƚƚĞƌŽĨĐƌĞĚŝƚŽƌĂŶǇƐƵďƐĞƋƵĞŶƚůĞƚƚĞƌŽĨĐƌĞĚŝƚĚĞůŝǀĞƌĞĚ ƉƵƌƐƵĂŶƚŚĞƌĞƚŽ͕ŝŶǁŚŽůĞŽƌŝŶƉĂƌƚ͕'ƌĂŶƚĞĞƐŚĂůůƌĞƉůĂĐĞŽƌƌĞƉůĞŶŝƐŚƚŽŝƚƐĨƵůůĂŵŽƵŶƚƵƉƚŚĞ ŵĂǆŝŵƵŵƉƌŽǀŝĚĞĚďǇƚŚŝƐ^ĞĐƚŝŽŶϵ͘ϯ;ŚͿƚŚĞƐĂŵĞǁŝƚŚŝŶƚĞŶ;ϭϬͿĂǇƐĂŶĚƐŚĂůůĚĞůŝǀĞƌƚŽƚŚĞ ŝƚǇĂůŝŬĞƌĞƉůĂĐĞŵĞŶƚůĞƚƚĞƌŽĨĐƌĞĚŝƚŽƌĐĞƌƚŝĨŝĐĂƚŝŽŶŽĨƌĞƉůĞŶŝƐŚŵĞŶƚĨŽƌƚŚĞĨƵůůĂŵŽƵŶƚ ƐƚĂƚĞĚŝŶ^ĞĐƚŝŽŶϵ͘ϭ;ĂͿĂƐĂƐƵďƐƚŝƚƵƚŝŽŶŽĨƚŚĞƉƌĞǀŝŽƵƐůĞƚƚĞƌŽĨĐƌĞĚŝƚ͘dŚŝƐƐŚĂůůďĞĂ ĐŽŶƚŝŶƵŝŶŐŽďůŝŐĂƚŝŽŶĨŽƌĂŶǇĚƌĂǁƐƵƉŽŶƚŚĞůĞƚƚĞƌŽĨĐƌĞĚŝƚƵƉƚŽĂŶĂŐŐƌĞŐĂƚĞƚŽƚĂůŽĨ^ĞǀĞŶƚǇͲ &ŝǀĞdŚŽƵƐĂŶĚĂŶĚEŽͬϭϬϬŽůůĂƌƐ;Ψϳϱ͕ϬϬϬ͘ϬϬͿŽǀĞƌƚŚĞ&ƌĂŶĐŚŝƐĞƚĞƌŵ͘ ;ũͿdŚĞĨĂŝůƵƌĞƚŽƌĞƉůĂĐĞŽƌƌĞƉůĞŶŝƐŚĂŶǇůĞƚƚĞƌŽĨĐƌĞĚŝƚĂƐƌĞƋƵŝƌĞĚďǇ^ĞĐƚŝŽŶϵ͘ϯ;ŚͿŵĂǇ ĂůƐŽ͕ĂƚƚŚĞŽƉƚŝŽŶŽĨƚŚĞŝƚǇ͕ďĞĚĞĞŵĞĚĂĚĞĨĂƵůƚďǇ'ƌĂŶƚĞĞƵŶĚĞƌƚŚŝƐ&ƌĂŶĐŚŝƐĞ͘dŚĞ ĚƌĂǁŝŶŐŽŶƚŚĞůĞƚƚĞƌŽĨĐƌĞĚŝƚďǇŝƚǇ͕ĂŶĚƵƐĞŽĨƚŚĞŵŽŶĞǇƐŽŽďƚĂŝŶĞĚĨŽƌƉĂǇŵĞŶƚŽƌ ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞŽďůŝŐĂƚŝŽŶƐ͕ĚƵƚŝĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŽĨ'ƌĂŶƚĞĞǁŚŝĐŚĂƌĞŝŶĚĞĨĂƵůƚ͕ƐŚĂůů ŶŽƚďĞĂǁĂŝǀĞƌŽƌƌĞůĞĂƐĞŽĨƐƵĐŚĚĞĨĂƵůƚ͘ ;ŬͿdŚĞĐŽůůĞĐƚŝŽŶďǇƚŚĞŝƚǇŽĨĂŶǇůŝƋƵŝĚĂƚĞĚĚĂŵĂŐĞƐŽƌŵŽŶŝĞƐĨƌŽŵƚŚĞůĞƚƚĞƌŽĨĐƌĞĚŝƚ ƐŚĂůůŶŽƚĂĨĨĞĐƚĂŶǇŽƚŚĞƌƌŝŐŚƚŽƌƌĞŵĞĚǇĂǀĂŝůĂďůĞƚŽƚŚĞŝƚǇ͕ŶŽƌƐŚĂůůĂŶǇĂĐƚ͕ŽƌĨĂŝůƵƌĞƚŽĂĐƚ͕ ďǇƚŚĞŝƚǇƉƵƌƐƵĂŶƚƚŽƚŚĞůĞƚƚĞƌŽĨĐƌĞĚŝƚ͕ďĞĚĞĞŵĞĚĂǁĂŝǀĞƌŽĨĂŶǇƌŝŐŚƚŽĨƚŚĞŝƚǇƉƵƌƐƵĂŶƚ ƚŽƚŚŝƐ&ƌĂŶĐŚŝƐĞŽƌŽƚŚĞƌǁŝƐĞ͘ ϮϮ ϰϱϰϭϮϵϬǀϭ 3DFNHW3J *D ;ůͿEŽƐŽŽŶĞƌƚŚĂŶƚŚƌĞĞ;ϯͿǇĞĂƌƐĨŽůůŽǁŝŶŐƚŚĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƚŚŝƐ&ƌĂŶĐŚŝƐĞ͕'ƌĂŶƚĞĞ ƐŚĂůůŚĂǀĞƚŚĞƌŝŐŚƚƚŽƌĞƋƵĞƐƚƚŚĂƚƚŚĞŝƚǇƌĞĚƵĐĞŽƌĞůŝŵŝŶĂƚĞƚŚĞůĞƚƚĞƌŽĨĐƌĞĚŝƚĂŶĚŝŶůŝĞƵŽĨ ĂůĞƚƚĞƌŽĨĐƌĞĚŝƚŽƌĐĂƐŚĚĞƉŽƐŝƚ͕ĂůůŽǁ'ƌĂŶƚĞĞƚŽƉŽƐƚĂƉĞƌĨŽƌŵĂŶĐĞďŽŶĚŝŶĂĨŽƌŵĂŶĚǁŝƚŚĂ ƐƵƌĞƚǇĂĐĐĞƉƚĂďůĞƚŽƚŚĞŝƚǇ͘dŚĞŝƚǇƐŚĂůůŚĂǀĞƚŚĞƐŽůĞĚŝƐĐƌĞƚŝŽŶƚŽĚĞƚĞƌŵŝŶĞǁŚĞƚŚĞƌƚŽ ŐƌĂŶƚƐƵĐŚƌĞƋƵĞƐƚ͘ Ϯ͘ WƌŽĐĞĚƵƌĞƐĨŽƌZĞǀŽĐĂƚŝŽŶ͕dĞƌŵŝŶĂƚŝŽŶŽƌĂŶĐĞůůĂƚŝŽŶ͘ ;ĂͿdŚĞŝƚǇƐŚĂůůƉƌŽǀŝĚĞ'ƌĂŶƚĞĞǁŝƚŚǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĂĐĂƵƐĞĨŽƌƌĞǀŽĐĂƚŝŽŶ͕ ƚĞƌŵŝŶĂƚŝŽŶ͕ŽƌĐĂŶĐĞůůĂƚŝŽŶĂŶĚƚŚĞŝŶƚĞŶƚƚŽƌĞǀŽŬĞ͕ƚĞƌŵŝŶĂƚĞŽƌĐĂŶĐĞůĂŶĚƐŚĂůůĂůůŽǁ 'ƌĂŶƚĞĞƚŚŝƌƚǇ;ϯϬͿĂǇƐƐƵďƐĞƋƵĞŶƚƚŽƌĞĐĞŝƉƚŽĨƚŚĞŶŽƚŝĐĞŝŶǁŚŝĐŚƚŽĐŽƌƌĞĐƚƚŚĞǀŝŽůĂƚŝŽŶŽƌ ƚŽƉƌŽǀŝĚĞĂĚĞƋƵĂƚĞĂƐƐƵƌĂŶĐĞŽĨƉĞƌĨŽƌŵĂŶĐĞŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞ&ƌĂŶĐŚŝƐĞ͘/ŶƚŚĞŶŽƚŝĐĞ ƌĞƋƵŝƌĞĚƚŚĞƌĞŝŶ͕ƚŚĞŝƚǇƐŚĂůůƉƌŽǀŝĚĞ'ƌĂŶƚĞĞǁŝƚŚƚŚĞďĂƐŝƐŽĨƚŚĞƌĞǀŽĐĂƚŝŽŶ͕ƚĞƌŵŝŶĂƚŝŽŶŽƌ ĐĂŶĐĞůůĂƚŝŽŶ͘ ;ďͿ'ƌĂŶƚĞĞƐŚĂůůďĞƉƌŽǀŝĚĞĚƚŚĞƌŝŐŚƚƚŽĂƉƵďůŝĐŚĞĂƌŝŶŐĂĨĨŽƌĚŝŶŐĚƵĞƉƌŽĐĞƐƐďĞĨŽƌĞƚŚĞ ŝƚǇŽƵŶĐŝůƉƌŝŽƌƚŽƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƌĞǀŽĐĂƚŝŽŶ͕ƚĞƌŵŝŶĂƚŝŽŶ͕ŽƌĐĂŶĐĞůůĂƚŝŽŶ͕ǁŚŝĐŚƉƵďůŝĐ ŚĞĂƌŝŶŐƐŚĂůůĨŽůůŽǁƚŚĞƚŚŝƌƚǇ;ϯϬͿĂǇŶŽƚŝĐĞƉƌŽǀŝĚĞĚŝŶ^ĞĐƚŝŽŶϵ͘Ϯ;ĂͿĂďŽǀĞ͘dŚĞŝƚǇƐŚĂůů ƉƌŽǀŝĚĞ'ƌĂŶƚĞĞǁŝƚŚǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨŝƚƐĚĞĐŝƐŝŽŶƚŽŐĞƚŚĞƌǁŝƚŚǁƌŝƚƚĞŶĨŝŶĚŝŶŐƐŽĨĨĂĐƚ ƐƵƉƉůĞŵĞŶƚŝŶŐƐĂŝĚĚĞĐŝƐŝŽŶ͘ ;ĐͿKŶůǇĂĨƚĞƌƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐĂŶĚƵƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨƚŚĞĚĞƚĞƌŵŝŶĂƚŝŽŶďǇƚŚĞŝƚǇ ƚŽƌĞǀŽŬĞ͕ƚĞƌŵŝŶĂƚĞŽƌĐĂŶĐĞůƚŚĞ&ƌĂŶĐŚŝƐĞŵĂǇ'ƌĂŶƚĞĞĂƉƉĞĂůƐĂŝĚĚĞĐŝƐŝŽŶǁŝƚŚĂŶ ĂƉƉƌŽƉƌŝĂƚĞƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚŽƌĂŐĞŶĐǇ͘ ;ĚͿƵƌŝŶŐƚŚĞĂƉƉĞĂůƉĞƌŝŽĚ͕ƚŚĞ&ƌĂŶĐŚŝƐĞƐŚĂůůƌĞŵĂŝŶŝŶĨƵůůĨŽƌĐĞĂŶĚĞĨĨĞĐƚƵŶůĞƐƐƚŚĞ ƚĞƌŵƚŚĞƌĞŽĨƐŽŽŶĞƌĞǆƉŝƌĞƐŽƌƵŶůĞƐƐĐŽŶƚŝŶƵĂƚŝŽŶŽĨƚŚĞ&ƌĂŶĐŚŝƐĞǁŽƵůĚĞŶĚĂŶŐĞƌƚŚĞŚĞĂůƚŚ͕ ƐĂĨĞƚǇĂŶĚǁĞůĨĂƌĞŽĨĂŶǇWĞƌƐŽŶŽƌƚŚĞƉƵďůŝĐ͘ ϯ͘/ŶĚĞŵŶŝĨŝĐĂƚŝŽŶŽĨŝƚǇ͘ ;ĂͿ'ƌĂŶƚĞĞƐŚĂůůŝŶĚĞŵŶŝĨǇ͕ĚĞĨĞŶĚĂŶĚŚŽůĚƚŚĞŝƚǇ͕ĂŶĚƚŚĞŝƌŽĨĨŝĐĞƌƐ͕ďŽĂƌĚƐ͕ ĐŽŵŵŝƐƐŝŽŶƐ͕ĂŐĞŶƚƐĂŶĚĞŵƉůŽǇĞĞƐ;ĐŽůůĞĐƚŝǀĞůǇƚŚĞΗ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚŝĞƐΗͿŚĂƌŵůĞƐƐĨƌŽŵĂŶĚ ĂŐĂŝŶƐƚĂŶǇĂŶĚĂůůůĂǁƐƵŝƚƐ͕ĐůĂŝŵƐ͕ĐĂƵƐĞƐŽĨĂĐƚŝŽŶ͕ĂĐƚŝŽŶƐ͕ůŝĂďŝůŝƚǇ͕ĚĞŵĂŶĚƐ͕ĚĂŵĂŐĞƐ͕ ũƵĚŐŵĞŶƚƐ͕ƐĞƚƚůĞŵĞŶƚƐ͕ĚŝƐĂďŝůŝƚǇ͕ůŽƐƐĞƐ͕ĞǆƉĞŶƐĞƐ;ŝŶĐůƵĚŝŶŐĂƚƚŽƌŶĞǇƐΖĨĞĞƐĂŶĚ ĚŝƐďƵƌƐĞŵĞŶƚƐŽĨĐŽƵŶƐĞůͿĂŶĚĐŽƐƚƐŽĨĂŶǇŶĂƚƵƌĞƚŚĂƚĂŶǇŽĨƚŚĞ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚŝĞƐŵĂǇĂƚ ĂŶǇƚŝŵĞ͕ƐƵĨĨĞƌ͕ƐƵƐƚĂŝŶŽƌŝŶĐƵƌĂƌŝƐŝŶŐŽƵƚŽĨ͕ďĂƐĞĚƵƉŽŶŽƌŝŶĂŶǇǁĂǇĐŽŶŶĞĐƚĞĚǁŝƚŚƚŚĞ ŐƌĂŶƚŽĨƚŚŝƐ&ƌĂŶĐŚŝƐĞ͕ƚŚĞŽƉĞƌĂƚŝŽŶĐŽŶƐƚƌƵĐƚŝŽŶ͕ŵĂŝŶƚĞŶĂŶĐĞ͕ŽƌƌĞƉĂŝƌŽĨ'ƌĂŶƚĞĞΖƐ^ǇƐƚĞŵ͕ ƚŚĞďƌĞĂĐŚďǇ'ƌĂŶƚĞĞŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐ&ƌĂŶĐŚŝƐĞĂŶĚͬŽƌƚŚĞĂĐƚŝǀŝƚŝĞƐŽĨ'ƌĂŶƚĞĞ͕ŝƚƐ ƐƵďĐŽŶƚƌĂĐƚŽƌ͕ĞŵƉůŽǇĞĞƐĂŶĚĂŐĞŶƚƐŚĞƌĞƵŶĚĞƌ͘'ƌĂŶƚĞĞƐŚĂůůďĞƐŽůĞůǇƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶĚ ƐŚĂůůŝŶĚĞŵŶŝĨǇ͕ĚĞĨĞŶĚĂŶĚŚŽůĚƚŚĞ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚŝĞƐŚĂƌŵůĞƐƐĨƌŽŵĂŶĚĂŐĂŝŶƐƚĂŶǇĂŶĚĂůů ŵĂƚƚĞƌƐƌĞůĂƚŝǀĞƚŽƉĂǇŵĞŶƚŽĨ'ƌĂŶƚĞĞΖƐĞŵƉůŽǇĞĞƐ͕ŝŶĐůƵĚŝŶŐĐŽŵƉůŝĂŶĐĞǁŝƚŚ^ŽĐŝĂů^ĞĐƵƌŝƚǇ ĂŶĚǁŝƚŚŚŽůĚŝŶŐƐ͘ ;ďͿdŚĞŝŶĚĞŵŶŝĨŝĐĂƚŝŽŶŽďůŝŐĂƚŝŽŶƐŽĨ'ƌĂŶƚĞĞƐĞƚĨŽƌƚŚŝŶƚŚŝƐ&ƌĂŶĐŚŝƐĞĂƌĞŶŽƚůŝŵŝƚĞĚŝŶ ĂŶǇǁĂǇďǇƚŚĞĂŵŽƵŶƚŽƌƚǇƉĞŽĨĚĂŵĂŐĞƐŽƌĐŽŵƉĞŶƐĂƚŝŽŶƉĂǇĂďůĞďǇŽƌĨŽƌ'ƌĂŶƚĞĞƵŶĚĞƌ tŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ͕ĚŝƐĂďŝůŝƚǇŽƌŽƚŚĞƌĞŵƉůŽǇĞĞďĞŶĞĨŝƚĂĐƚƐ͕ĂĐĐĞƉƚĂŶĐĞŽĨŝŶƐƵƌĂŶĐĞ ĐĞƌƚŝĨŝĐĂƚĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ&ƌĂŶĐŚŝƐĞ͕ŽƌƚŚĞƚĞƌŵƐ͕ĂƉƉůŝĐĂďŝůŝƚǇŽƌůŝŵŝƚĂƚŝŽŶƐŽĨĂŶǇ ŝŶƐƵƌĂŶĐĞŚĞůĚďǇ'ƌĂŶƚĞĞ͘ Ϯϯ ϰϱϰϭϮϵϬǀϭ 3DFNHW3J *D ;ĐͿdŚĞŝƚǇĚŽĞƐŶŽƚ͕ĂŶĚƐŚĂůůŶŽƚ͕ǁĂŝǀĞĂŶǇƌŝŐŚƚƐĂŐĂŝŶƐƚ'ƌĂŶƚĞĞǁŚŝĐŚŝƚŵĂǇŚĂǀĞďǇ ƌĞĂƐŽŶŽĨƚŚĞŝŶĚĞŵŶŝĨŝĐĂƚŝŽŶƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐ&ƌĂŶĐŚŝƐĞ͕ďĞĐĂƵƐĞŽĨƚŚĞĂĐĐĞƉƚĂŶĐĞďǇŝƚǇ͕ ŽƌƚŚĞĚĞƉŽƐŝƚǁŝƚŚŝƚǇďǇ'ƌĂŶƚĞĞ͕ŽĨĂŶǇŽĨƚŚĞŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐ&ƌĂŶĐŚŝƐĞ͘ ;ĚͿdŚĞŝŶĚĞŵŶŝĨŝĐĂƚŝŽŶŽĨƚŚĞŝƚǇďǇ'ƌĂŶƚĞĞƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐ&ƌĂŶĐŚŝƐĞƐŚĂůůĂƉƉůǇƚŽ ĂůůĚĂŵĂŐĞƐĂŶĚĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐŽĨĂŶǇŬŝŶĚƐƵĨĨĞƌĞĚďǇƌĞĂƐŽŶŽĨĂŶǇŽĨƚŚĞ'ƌĂŶƚĞĞΖƐ ŽƉĞƌĂƚŝŽŶƐƌĞĨĞƌƌĞĚƚŽŝŶƚŚŝƐ&ƌĂŶĐŚŝƐĞ͕ƌĞŐĂƌĚůĞƐƐŽĨǁŚĞƚŚĞƌŽƌŶŽƚƐƵĐŚŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ ƐŚĂůůŚĂǀĞďĞĞŶĚĞƚĞƌŵŝŶĞĚƚŽďĞĂƉƉůŝĐĂďůĞƚŽĂŶǇƐƵĐŚĚĂŵĂŐĞƐŽƌĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐ͘ ;ĞͿ'ƌĂŶƚĞĞƐŚĂůůŶŽƚďĞƌĞƋƵŝƌĞĚƚŽŝŶĚĞŵŶŝĨǇŝƚǇĨŽƌĐůĂŝŵƐĂƌŝƐŝŶŐĨƌŽŵŝŶƚĞŶƚŝŽŶĂůĂĐƚƐ ŽƌŽŵŝƐƐŝŽŶƐŽƌŶĞŐůŝŐĞŶĐĞŽŶƚŚĞƉĂƌƚŽĨŝƚǇŽƌŝƚƐŽĨĨŝĐŝĂůƐ͕ďŽĂƌĚƐ͕ĐŽŵŵŝƐƐŝŽŶƐ͕ĂŐĞŶƚƐ͕Žƌ ĞŵƉůŽǇĞĞƐŽƌĨŽƌĂŶǇĐůĂŝŵƐŽƌĚĂŵĂŐĞƐĂƌŝƐŝŶŐŝŶĂŶǇǁĂǇĨƌŽŵƚŚĞW'ĐĐĞƐƐŚĂŶŶĞůƐ͘ ;ĨͿ/ŶŽƌĚĞƌĨŽƌŝƚǇƚŽĂƐƐĞƌƚŝƚƐƌŝŐŚƚƐƚŽďĞŝŶĚĞŵŶŝĨŝĞĚ͕ĚĞĨĞŶĚĞĚ͕ĂŶĚŚĞůĚŚĂƌŵůĞƐƐ͕ŝƚǇ ŵƵƐƚ͕ǁŝƚŚƌĞƐƉĞĐƚƚŽĞĂĐŚĐůĂŝŵ͗ ;ϭͿWƌŽŵƉƚůǇŶŽƚŝĨǇ'ƌĂŶƚĞĞǁŝƚŚŝŶƚĞŶ;ϭϬͿďƵƐŝŶĞƐƐĚĂǇƐŝŶǁƌŝƚŝŶŐŽĨĂŶǇĐůĂŝŵŽƌ ůĞŐĂůƉƌŽĐĞĞĚŝŶŐǁŚŝĐŚŐŝǀĞƐƌŝƐĞƚŽƐƵĐŚƌŝŐŚƚ͖ ;ϮͿĨĨŽƌĚ'ƌĂŶƚĞĞƚŚĞŽƉƉŽƌƚƵŶŝƚǇƚŽƉĂƌƚŝĐŝƉĂƚĞŝŶĂŶĚĨƵůůǇĐŽŶƚƌŽůĂŶǇ ĐŽŵƉƌŽŵŝƐĞ͕ƐĞƚƚůĞŵĞŶƚŽƌŽƚŚĞƌƌĞƐŽůƵƚŝŽŶŽƌĚŝƐƉŽƐŝƚŝŽŶŽĨĂŶǇĐůĂŝŵŽƌƉƌŽĐĞĞĚŝŶŐ͖ ĂŶĚ ;ϯͿŽŽƉĞƌĂƚĞǁŝƚŚƌĞĂƐŽŶĂďůĞƌĞƋƵĞƐƚƐŽĨ'ƌĂŶƚĞĞ͕Ăƚ'ƌĂŶƚĞĞΖƐĞǆƉĞŶƐĞ͕ŝŶŝƚƐ ƉĂƌƚŝĐŝƉĂƚŝŽŶŝŶ͕ĂŶĚĐŽŶƚƌŽů͕ĐŽŵƉƌŽŵŝƐĞ͕ƐĞƚƚůĞŵĞŶƚŽƌƌĞƐŽůƵƚŝŽŶŽƌŽƚŚĞƌĚŝƐƉŽƐŝƚŝŽŶ ŽĨƐƵĐŚĐůĂŝŵŽƌƉƌŽĐĞĞĚŝŶŐƐƵďũĞĐƚƚŽƐƵďƉĂƌĂŐƌĂƉŚ;ϮͿĂďŽǀĞ͘ ϰ͘/ŶƐƵƌĂŶĐĞ͘ 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ŝŶƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂǁŝƚŚĂƌĂƚŝŶŐďǇ͘D͘ĞƐƚΘŽ͘ŽƌŽƚŚĞƌƌĞƉƵƚĂďůĞƌĂƚŝŶŐĂŐĞŶĐǇŽĨ ŶŽƚůĞƐƐƚŚĂŶΗͲΗŽƌƐƵďƐƚĂŶƚŝĂůĞƋƵŝǀĂůĞŶƚƵƉŽŶƚŚĞĨĨĞĐƚŝǀĞĂƚĞŽĨƚŚŝƐ&ƌĂŶĐŚŝƐĞŽƌĂƚƚŚĞ ƚŝŵĞĂƐĂůĞŽƌƚƌĂŶƐĨĞƌŽĨŽǁŶĞƌƐŚŝƉŝƐĂƉƉƌŽǀĞĚďǇƚŚĞŝƚǇ͘ĂĐŚƉŽůŝĐǇŽĨŝŶƐƵƌĂŶĐĞƐŚĂůů ĐŽŶƚĂŝŶĂƐƚĂƚĞŵĞŶƚŽŶŝƚƐĨĂĐĞƚŚĂƚƚŚĞŝŶƐƵƌĞƌǁŝůůŶŽƚĐĂŶĐĞůƚŚĞƉŽůŝĐǇŽƌĨĂŝůƚŽƌĞŶĞǁƚŚĞ ƉŽůŝĐǇ͕ǁŚĞƚŚĞƌĨŽƌŶŽŶƉĂǇŵĞŶƚŽĨƉƌĞŵŝƵŵ͕ŽƌŽƚŚĞƌǁŝƐĞ͕ĂŶĚǁŚĞƚŚĞƌĂƚƚŚĞƌĞƋƵĞƐƚŽĨ Ϯϰ ϰϱϰϭϮϵϬǀϭ 3DFNHW3J *D 'ƌĂŶƚĞĞŽƌĨŽƌŽƚŚĞƌƌĞĂƐŽŶƐ͕ĞǆĐĞƉƚĂĨƚĞƌƚĞŶ;ϭϬͿĂǇƐĂĚǀĂŶĐĞǁƌŝƚƚĞŶŽƌĞůĞĐƚƌŽŶŝĐŶŽƚŝĐĞŚĂƐ ďĞĞŶƉƌŽǀŝĚĞĚƚŽƚŚĞŝƚǇďǇƚŚĞŝŶƐƵƌĞƌ͘ ;ĐͿ'ƌĂŶƚĞĞƐŚĂůůŽďƚĂŝŶĂŶĚŵĂŝŶƚĂŝŶtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞĨŽƌĂůůŽĨ'ƌĂŶƚĞĞΖƐ ĞŵƉůŽǇĞĞƐ͕ĂŶĚŝŶĐĂƐĞĂŶǇǁŽƌŬŝƐƐƵďůĞƚ͕'ƌĂŶƚĞĞƐŚĂůůƌĞƋƵŝƌĞĂŶǇƐƵďĐŽŶƚƌĂĐƚŽƌƐŝŵŝůĂƌůǇƚŽ ƉƌŽǀŝĚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞĨŽƌĂůůŽĨƚŚĞŝƌĞŵƉůŽǇĞĞƐ͕ĂůůŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚ ƐƚĂƚĞůĂǁƐ͕ĂŶĚƚŽĨƵůůǇŝŶĚĞŵŶŝĨǇƚŚĞŝƚǇĨƌŽŵĂŶĚĂŐĂŝŶƐƚĂŶǇĂŶĚĂůůǁŽƌŬĞƌΖƐĐŽŵƉĞŶƐĂƚŝŽŶ ĐůĂŝŵƐĂƌŝƐŝŶŐŽƵƚŽĨŽĐĐƵƌƌĞŶĐĞƐŽŶƚŚĞǁŽƌŬ͘'ƌĂŶƚĞĞŚĞƌĞďǇŝŶĚĞŵŶŝĨŝĞƐƚŚĞŝƚǇĨŽƌĂŶǇĂŶĚ ĂůůĐŽƐƚƐ͕ĞǆƉĞŶƐĞƐ;ŝŶĐůƵĚŝŶŐĂƚƚŽƌŶĞǇƐΖĨĞĞƐĂŶĚĚŝƐďƵƌƐĞŵĞŶƚƐŽĨĐŽƵŶƐĞůͿ͕ĚĂŵĂŐĞƐĂŶĚ 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ŽĨŽǁŶĞƌƐŚŝƉŝŶĐůƵĚŝŶŐ͕ďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͕ƚŚĞƌŝŐŚƚƚŽŽƉĞƌĂƚĞƚŚĞ^ǇƐƚĞŵŽƌƚƌĂŶƐĨĞƌƚŚĞ ^ǇƐƚĞŵƚŽĂŶŽƚŚĞƌĨŽƌŽƉĞƌĂƚŝŽŶďǇŝƚƉƵƌƐƵĂŶƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨϰϳh͘^͘͘Αϱϰϳ;ϭϵϴϵͿ͘ ϯ͘^ĂůĞŽƌdƌĂŶƐĨĞƌŽĨ&ƌĂŶĐŚŝƐĞ͘ Ϯϱ ϰϱϰϭϮϵϬǀϭ 3DFNHW3J *D ;ĂͿEŽƐĂůĞ͕ƚƌĂŶƐĨĞƌ͕ĂƐƐŝŐŶŵĞŶƚŽƌΗĨƵŶĚĂŵĞŶƚĂůĐŽƌƉŽƌĂƚĞĐŚĂŶŐĞΗ͕ĂƐĚĞĨŝŶĞĚŝŶ DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ͕^ĞĐƚŝŽŶϮϯϴ͘Ϭϴϯ͕ŽĨƚŚŝƐ&ƌĂŶĐŚŝƐĞƐŚĂůůƚĂŬĞƉůĂĐĞƵŶƚŝůƚŚĞƉĂƌƚŝĞƐƚŽƚŚĞ ƐĂůĞ͕ƚƌĂŶƐĨĞƌ͕ŽƌĨƵŶĚĂŵĞŶƚĂůĐŽƌƉŽƌĂƚĞĐŚĂŶŐĞĨŝůĞƐĂǁƌŝƚƚĞŶƌĞƋƵĞƐƚǁŝƚŚŝƚǇĨŽƌŝƚƐĂƉƉƌŽǀĂů͕ ƉƌŽǀŝĚĞĚ͕ŚŽǁĞǀĞƌ͕ƚŚĂƚƐĂŝĚĂƉƉƌŽǀĂůƐŚĂůůŶŽƚďĞƌĞƋƵŝƌĞĚǁŚĞƌĞ'ƌĂŶƚĞĞŐƌĂŶƚƐĂƐĞĐƵƌŝƚǇ ŝŶƚĞƌĞƐƚŝŶŝƚƐ&ƌĂŶĐŚŝƐĞĂŶĚĂƐƐĞƚƐƚŽƐĞĐƵƌĞĂŶŝŶĚĞďƚĞĚŶĞƐƐ͘ ;ďͿdŚĞŝƚǇƐŚĂůůŚĂǀĞƚŚŝƌƚǇ;ϯϬͿĂǇƐĨƌŽŵƚŚĞƚŝŵĞŽĨƚŚĞƌĞƋƵĞƐƚƚŽƌĞƉůǇŝŶǁƌŝƚŝŶŐĂŶĚ ŝŶĚŝĐĂƚĞĂƉƉƌŽǀĂůŽĨƚŚĞƌĞƋƵĞƐƚŽƌŝƚƐĚĞƚĞƌŵŝŶĂƚŝŽŶƚŚĂƚĂƉƵďůŝĐŚĞĂƌŝŶŐŝƐŶĞĐĞƐƐĂƌǇĚƵĞƚŽ ƉŽƚĞŶƚŝĂůĂĚǀĞƌƐĞĞĨĨĞĐƚŽŶ'ƌĂŶƚĞĞΖƐ^ƵďƐĐƌŝďĞƌƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞƐĂůĞŽƌƚƌĂŶƐĨĞƌ͘^ƵĐŚ ĂƉƉƌŽǀĂůŽƌĚĞƚĞƌŵŝŶĂƚŝŽŶƐŚĂůůďĞĞǆƉƌĞƐƐĞĚŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶƚŚŝƌƚǇ;ϯϬͿĂǇƐŽĨƌĞĐĞŝƉƚŽĨƐĂŝĚ ƌĞƋƵĞƐƚ͕ŽƌƚŚĞƌĞƋƵĞƐƚƐŚĂůůďĞĚĞĞŵĞĚĂƉƉƌŽǀĞĚĂƐĂŵĂƚƚĞƌŽĨůĂǁ͘ ;ĐͿ/ĨĂƉƵďůŝĐŚĞĂƌŝŶŐŝƐĚĞĞŵĞĚŶĞĐĞƐƐĂƌǇƉƵƌƐƵĂŶƚƚŽƐƵďƉĂƌĂŐƌĂƉŚ;ďͿĂďŽǀĞ͕ƐƵĐŚ ŚĞĂƌŝŶŐƐŚĂůůďĞĐŽŵŵĞŶĐĞĚǁŝƚŚŝŶƚŚŝƌƚǇ;ϯϬͿĂǇƐŽĨƐƵĐŚĚĞƚĞƌŵŝŶĂƚŝŽŶĂŶĚŶŽƚŝĐĞŽĨĂŶǇ ƐƵĐŚŚĞĂƌŝŶŐƐŚĂůůďĞŐŝǀĞŶŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚůŽĐĂůůĂǁŽƌĨŽƵƌƚĞĞŶ;ϭϰͿĂǇƐƉƌŝŽƌƚŽƚŚĞ ŚĞĂƌŝŶŐďǇƉƵďůŝƐŚŝŶŐŶŽƚŝĐĞƚŚĞƌĞŽĨŽŶĐĞŝŶĂŶĞǁƐƉĂƉĞƌŽĨŐĞŶĞƌĂůĐŝƌĐƵůĂƚŝŽŶŝŶŝƚǇ͘dŚĞ ŶŽƚŝĐĞƐŚĂůůĐŽŶƚĂŝŶƚŚĞĚĂƚĞ͕ƚŝŵĞĂŶĚƉůĂĐĞŽĨƚŚĞŚĞĂƌŝŶŐĂŶĚƐŚĂůůďƌŝĞĨůǇƐƚĂƚĞƚŚĞƐƵďƐƚĂŶĐĞ ŽĨƚŚĞĂĐƚŝŽŶƚŽďĞĐŽŶƐŝĚĞƌĞĚďǇƚŚĞŝƚǇ͘ ;ĚͿtŝƚŚŝŶƚŚŝƌƚǇ;ϯϬͿĂǇƐĂĨƚĞƌƚŚĞĐůŽƐŝŶŐŽĨƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͕ŝƚǇƐŚĂůůĂƉƉƌŽǀĞŽƌĚĞŶǇ ŝŶǁƌŝƚŝŶŐƚŚĞƐĂůĞŽƌƚƌĂŶƐĨĞƌƌĞƋƵĞƐƚ͘ŝƚǇƐŚĂůůƐĞƚĨŽƌƚŚŝŶǁƌŝƚŝŶŐǁŝƚŚƉĂƌƚŝĐƵůĂƌŝƚǇŝƚƐ ƌĞĂƐŽŶ;ƐͿĨŽƌĚĞŶǇŝŶŐĂƉƉƌŽǀĂů͘ŝƚǇƐŚĂůůŶŽƚƵŶƌĞĂƐŽŶĂďůǇǁŝƚŚŚŽůĚŝƚƐĂƉƉƌŽǀĂů͘ ;ĞͿdŚĞƉĂƌƚŝĞƐƚŽƚŚĞƐĂůĞŽƌƚƌĂŶƐĨĞƌŽĨƚŚĞ&ƌĂŶĐŚŝƐĞŽŶůǇ͕ǁŝƚŚŽƵƚƚŚĞŝŶĐůƵƐŝŽŶŽĨƚŚĞ ĂďůĞ^ǇƐƚĞŵŝŶǁŚŝĐŚƐƵďƐƚĂŶƚŝĂůĐŽŶƐƚƌƵĐƚŝŽŶŚĂƐĐŽŵŵĞŶĐĞĚ͕ƐŚĂůůĞƐƚĂďůŝƐŚƚŚĂƚƚŚĞƐĂůĞŽƌ ƚƌĂŶƐĨĞƌŽĨŽŶůǇƚŚĞ&ƌĂŶĐŚŝƐĞǁŝůůďĞŝŶƚŚĞƉƵďůŝĐŝŶƚĞƌĞƐƚ͘ ;ĨͿŶǇƐĂůĞŽƌƚƌĂŶƐĨĞƌŽĨƐƚŽĐŬŝŶ'ƌĂŶƚĞĞƐŽĂƐƚŽĐƌĞĂƚĞĂŶĞǁĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚŝŶƚŚĞ 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ϮϬ͘ĞŶƚƵƌǇ^ĞŶŝŽƌ,ŝŐŚ^ĐŚŽŽůϮϱϮϱsŝŽůĂZŽĂĚE͘͘ Ϯϭ͘:ŽŚŶDĂƌƐŚĂůů^ĞŶŝŽƌ,ŝŐŚ^ĐŚŽŽůϭϱϭϬʹϭϰ ƚŚ^ƚƌĞĞƚE͘t͘ ƚŚ ϮϮ͘DĂǇŽ^ĞŶŝŽƌ,ŝŐŚ^ĐŚŽŽůϭϰϮϬʹϭϭǀĞŶƵĞ^͘͘ Ϯϯ͘ĚŵŝŶŝƐƚƌĂƚŝŽŶƵŝůĚŝŶŐϲϭϱ^ĞǀĞŶƚŚ^ƚƌĞĞƚ^͘t͘ ƚŚ Ϯϰ͘ĚƵĐĂƚŝŽŶĂů^ĞƌǀŝĐĞƐĞŶƚĞƌͬWŚŽĞŶŝǆĐĂĚĞŵǇϯϯϰʹϭϲ^ƚƌĞĞƚ^͘͘ Ϯϱ͘ůƚĞƌŶĂƚŝǀĞ>ĞĂƌŶŝŶŐĞŶƚĞƌϮϲtŽŽĚůĂŬĞƌŝǀĞ Ϯϲ͘,ĂǁƚŚŽƌŶĞĚƵĐĂƚŝŽŶĞŶƚĞƌϳϬϬ&ŽƵƌƚŚǀĞŶƵĞ^͘͘ Ϯϳ͘,ĞĂůƚŚ^ĐŝĞŶĐĞƐĂƌĞĞƌĞŶƚĞƌϯϬϯϯϰϭƐƚ^ƚƌĞĞƚEt Ϯϴ͘/^ϱϯϱDĂŝŶƚĞŶĂŶĐĞ^ĞƌǀŝĐĞƐƵŝůĚŝŶŐϭϬϵͲϭͬϮ^ƚƌĞĞƚ^͘͘ Ϯϵ͘ZŽĐŚĞƐƚĞƌWƵďůŝĐ>ŝďƌĂƌǇϭϬϭ^͘͘^ĞĐŽŶĚ^ƚƌĞĞƚ ^ĞƌǀŝĐĞƚŽWƵďůŝĐƵŝůĚŝŶŐƐ ŝƚǇŽĨZŽĐŚĞƐƚĞƌ ZŽĐŚĞƐƚĞƌŝƚǇ,ĂůůϮϬϭ&ŽƵƌƚŚ^ƚƌĞĞƚ^͘͘ ZŽĐŚĞƐƚĞƌ&ŝƌĞ^ƚĂƚŝŽŶƐ;ĂůůͿ ZĞĐƌĞĂƚŝŽŶĞŶƚĞƌϮϭE͘t͘,ŝůůƐƌ͘ DĂǇŽŝǀŝĐĞŶƚĞƌϯϬ^͘͘ŝǀŝĐĞŶƚĞƌƌ͘ EŽƌƚŚƌŽƉŽŵŵƵŶŝƚǇ^ĞƌǀŝĐĞƐĞŶƚĞƌϴϭϱE͘t͘^ĞĐŽŶĚǀĞŶƵĞ 'ƌĂŚĂŵƌĞŶĂϮϬϭʹϭϲƚŚ^ƚƌĞĞƚ^͘͘ WƵďůŝĐhƚŝůŝƚŝĞƐ^ĞƌǀŝĐĞĞŶƚĞƌϰϬϬϬE͘͘ZŝǀĞƌZŽĂĚ WƵďůŝĐtŽƌŬƐͬdƌĂŶƐŝƚKƉĞƌĂƚŝŽŶƐĞŶƚĞƌϰϯϬϬĂƐƚZŝǀĞƌZŽĂĚE͘͘ KůŵƐƚĞĚŽƵŶƚǇ KůŵƐƚĞĚŽƵŶƚǇŽƵƌƚŚŽƵƐĞϭϱϭ^͘͘&ŽƵƌƚŚ^ƚƌĞĞƚ KƚŚĞƌĚƵĐĂƚŝŽŶĂů/ŶƐƚŝƚƵƚŝŽŶƐ ZŽĐŚĞƐƚĞƌƌĞĂsŽͲdĞĐŚ/ŶƐƚŝƚƵƚĞʹDĂŝŶůĚŐ͘ϭϵϮϲ^ĞĐŽŶĚ^ƚƌĞĞƚ^͘͘ ZŽĐŚĞƐƚĞƌƌĞĂsŽͲdĞĐŚ/ŶƐƚŝƚƵƚĞʹŶŶĞǆϯϯϰʹϭϲ ƚŚ^ƚƌĞĞƚ^͘͘ tŝŶŽŶĂ^ƚĂƚĞhŶŝǀĞƌƐŝƚǇʹZŽĐŚĞƐƚĞƌϴϱϭʹϯϬ ƚŚǀĞŶƵĞ^͘͘ ƚŚ ZŽĐŚĞƐƚĞƌŽŵŵƵŶŝƚǇΘdĞĐŚŶŝĐĂůŽůůĞŐĞϴϱϭʹϯϬǀĞŶƵĞ^͘͘ Ͳϭ ϰϱϰϭϮϵϬǀϭ 3DFNHW3J *D y,//d ƵƐƚŽŵĞƌ^ĞƌǀŝĐĞ^ƚĂŶĚĂƌĚƐ dŚĞĨŽůůŽǁŝŶŐƵƐƚŽŵĞƌ^ĞƌǀŝĐĞ^ƚĂŶĚĂƌĚƐƐŚĂůůĂƉƉůǇŽŶĐĞ'ƌĂŶƚĞĞƉƌŽǀŝĚĞƐĂďůĞ^ĞƌǀŝĐĞƚŽŝƚƐĨŝƌƐƚ ^ƵďƐĐƌŝďĞƌŝŶƚŚĞŝƚǇ͘ ;ĂͿĂďůĞ^ǇƐƚĞŵƚĞůĞƉŚŽŶĞĂǀĂŝůĂďŝůŝƚǇ͗ ;ϭͿ'ƌĂŶƚĞĞǁŝůůŵĂŝŶƚĂŝŶĂůŽĐĂů͕ƚŽůůͲĨƌĞĞŽƌĐŽůůĞĐƚĐĂůůƚĞůĞƉŚŽŶĞĂĐĐĞƐƐůŝŶĞǁŚŝĐŚǁŝůůďĞ ĂǀĂŝůĂďůĞƚŽŝƚƐ^ƵďƐĐƌŝďĞƌƐƚǁĞŶƚǇͲĨŽƵƌ;ϮϰͿŚŽƵƌƐĂĚĂǇ͕ƐĞǀĞŶ;ϳͿĚĂǇƐĂǁĞĞŬ͘ ;ϮͿdƌĂŝŶĞĚ'ƌĂŶƚĞĞƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐǁŝůůďĞĂǀĂŝůĂďůĞƚŽƌĞƐƉŽŶĚƚŽĐƵƐƚŽŵĞƌƚĞůĞƉŚŽŶĞ ŝŶƋƵŝƌŝĞƐĚƵƌŝŶŐEŽƌŵĂůƵƐŝŶĞƐƐ,ŽƵƌƐ͘ ;ϯͿĨƚĞƌEŽƌŵĂůƵƐŝŶĞƐƐ,ŽƵƌƐ͕ƚŚĞĂĐĐĞƐƐůŝŶĞŵĂǇďĞĂŶƐǁĞƌĞĚďǇĂƐĞƌǀŝĐĞŽƌĂŶ ĂƵƚŽŵĂƚĞĚƌĞƐƉŽŶƐĞƐǇƐƚĞŵ͕ŝŶĐůƵĚŝŶŐĂŶĂŶƐǁĞƌŝŶŐŵĂĐŚŝŶĞ͘/ŶƋƵŝƌŝĞƐƌĞĐĞŝǀĞĚĂĨƚĞƌEŽƌŵĂů ƵƐŝŶĞƐƐ,ŽƵƌƐŵƵƐƚďĞƌĞƐƉŽŶĚĞĚƚŽďǇĂƚƌĂŝŶĞĚ'ƌĂŶƚĞĞƌĞƉƌĞƐĞŶƚĂƚŝǀĞŽŶƚŚĞŶĞǆƚďƵƐŝŶĞƐƐ ĚĂǇ͘ ;ϰͿhŶĚĞƌEŽƌŵĂůKƉĞƌĂƚŝŶŐŽŶĚŝƚŝŽŶƐ͕ƚĞůĞƉŚŽŶĞĂŶƐǁĞƌƚŝŵĞďǇĂĐƵƐƚŽŵĞƌ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŝŶĐůƵĚŝŶŐǁĂŝƚƚŝŵĞ͕ƐŚĂůůŶŽƚĞǆĐĞĞĚƚŚŝƌƚǇ;ϯϬͿƐĞĐŽŶĚƐǁŚĞŶƚŚĞĐŽŶŶĞĐƚŝŽŶŝƐ ŵĂĚĞ͘/ĨƚŚĞĐĂůůŶĞĞĚƐƚŽďĞƚƌĂŶƐĨĞƌƌĞĚ͕ƚƌĂŶƐĨĞƌƚŝŵĞƐŚĂůůŶŽƚĞǆĐĞĞĚƚŚŝƌƚǇ;ϯϬͿƐĞĐŽŶĚƐ͘ dŚĞƐĞƐƚĂŶĚĂƌĚƐƐŚĂůůďĞŵĞƚŶŽůĞƐƐƚŚĂŶŶŝŶĞƚǇƉĞƌĐĞŶƚ;ϵϬйͿŽĨƚŚĞƚŝŵĞƵŶĚĞƌEŽƌŵĂů KƉĞƌĂƚŝŶŐŽŶĚŝƚŝŽŶƐ͕ŵĞĂƐƵƌĞĚŽŶĂƋƵĂƌƚĞƌůǇďĂƐŝƐ͘ ;ϱͿhŶĚĞƌEŽƌŵĂůKƉĞƌĂƚŝŶŐŽŶĚŝƚŝŽŶƐ͕ƚŚĞĐƵƐƚŽŵĞƌǁŝůůƌĞĐĞŝǀĞĂďƵƐǇƐŝŐŶĂůůĞƐƐƚŚĂŶ ƚŚƌĞĞƉĞƌĐĞŶƚ;ϯйͿŽĨƚŚĞƚŝŵĞ͘ ;ϲͿ&ŽƌĂŵŝŶŝŵƵŵŽĨĨŝǀĞ;ϱͿǇĞĂƌƐĨŽůůŽǁŝŶŐƚŚĞĨĨĞĐƚŝǀĞĂƚĞŽĨƚŚĞ&ƌĂŶĐŚŝƐĞ͕'ƌĂŶƚĞĞ ƐŚĂůůƉƌŽǀŝĚĞĂĐƵƐƚŽŵĞƌƐĞƌǀŝĐĞĂŶĚďŝůůƉĂǇŵĞŶƚƌĞƚĂŝůůŽĐĂƚŝŽŶǁŝƚŚŝŶƚŚĞ&ƌĂŶĐŚŝƐĞƌĞĂ͘^ƵĐŚ ůŽĐĂƚŝŽŶǁŝůůďĞŽƉĞŶĂƚůĞĂƐƚĚƵƌŝŶŐEŽƌŵĂůƵƐŝŶĞƐƐ,ŽƵƌƐ͘ ;ďͿ/ŶƐƚĂůůĂƚŝŽŶƐ͕KƵƚĂŐĞƐĂŶĚ^ĞƌǀŝĐĞĂůůƐ ͘hŶĚĞƌEŽƌŵĂůKƉĞƌĂƚŝŶŐŽŶĚŝƚŝŽŶƐ͕ĞĂĐŚŽĨƚŚĞ ĨŽůůŽǁŝŶŐƐƚĂŶĚĂƌĚƐǁŝůůďĞŵĞƚŶŽůĞƐƐƚŚĂŶŶŝŶĞƚǇͲĨŝǀĞƉĞƌĐĞŶƚ;ϵϱйͿŽĨƚŚĞƚŝŵĞŵĞĂƐƵƌĞĚŽŶĂ ƋƵĂƌƚĞƌůǇďĂƐŝƐ͗ ;ϭͿ^ƚĂŶĚĂƌĚ/ŶƐƚĂůůĂƚŝŽŶƐǁŝůůďĞƉĞƌĨŽƌŵĞĚǁŝƚŚŝŶƐĞǀĞŶ;ϳͿďƵƐŝŶĞƐƐĚĂǇƐĂĨƚĞƌĂŶŽƌĚĞƌ ŚĂƐďĞĞŶƉůĂĐĞĚ͘Η^ƚĂŶĚĂƌĚΗ/ŶƐƚĂůůĂƚŝŽŶƐĂƌĞƚŚŽƐĞƚŚĂƚĂƌĞůŽĐĂƚĞĚƵƉƚŽŽŶĞŚƵŶĚƌĞĚƚǁĞŶƚǇͲ ĨŝǀĞ;ϭϮϱͿĨĞĞƚĨƌŽŵƚŚĞĞǆŝƐƚŝŶŐĚŝƐƚƌŝďƵƚŝŽŶƐǇƐƚĞŵ͘ ;ϮͿǆĐůƵĚŝŶŐĐŽŶĚŝƚŝŽŶƐďĞǇŽŶĚƚŚĞĐŽŶƚƌŽůŽĨƚŚĞ'ƌĂŶƚĞĞ͕ƚŚĞ'ƌĂŶƚĞĞǁŝůůďĞŐŝŶǁŽƌŬŝŶŐ ŽŶΗ^ĞƌǀŝĐĞ/ŶƚĞƌƌƵƉƚŝŽŶƐΗƉƌŽŵƉƚůǇĂŶĚŝŶŶŽĞǀĞŶƚůĂƚĞƌƚŚĂŶƚǁĞŶƚǇͲĨŽƵƌ;ϮϰͿŚŽƵƌƐĂĨƚĞƌƚŚĞ ŝŶƚĞƌƌƵƉƚŝŽŶďĞĐŽŵĞƐŬŶŽǁŶ͘dŚĞ'ƌĂŶƚĞĞŵƵƐƚďĞŐŝŶĂĐƚŝŽŶƐƚŽĐŽƌƌĞĐƚŽƚŚĞƌƐĞƌǀŝĐĞƉƌŽďůĞŵƐ ƚŚĞŶĞǆƚďƵƐŝŶĞƐƐĚĂǇĂĨƚĞƌŶŽƚŝĨŝĐĂƚŝŽŶŽĨƚŚĞƐĞƌǀŝĐĞƉƌŽďůĞŵ͘ ;ϯͿdŚĞΗĂƉƉŽŝŶƚŵĞŶƚǁŝŶĚŽǁΗĂůƚĞƌŶĂƚŝǀĞƐĨŽƌ/ŶƐƚĂůůĂƚŝŽŶƐ͕ƐĞƌǀŝĐĞĐĂůůƐ͕ĂŶĚŽƚŚĞƌ /ŶƐƚĂůůĂƚŝŽŶĂĐƚŝǀŝƚŝĞƐǁŝůůďĞĞŝƚŚĞƌĂƐƉĞĐŝĨŝĐƚŝŵĞŽƌ͕ĂƚŵĂǆŝŵƵŵ͕ĂĨŽƵƌ;ϰͿŚŽƵƌƚŝŵĞďůŽĐŬ ĚƵƌŝŶŐEŽƌŵĂůƵƐŝŶĞƐƐ,ŽƵƌƐ͘;'ƌĂŶƚĞĞŵĂǇƐĐŚĞĚƵůĞƐĞƌǀŝĐĞĐĂůůƐĂŶĚŽƚŚĞƌ/ŶƐƚĂůůĂƚŝŽŶ ĂĐƚŝǀŝƚŝĞƐŽƵƚƐŝĚĞŽĨEŽƌŵĂůƵƐŝŶĞƐƐ,ŽƵƌƐĨŽƌƚŚĞĞǆƉƌĞƐƐĐŽŶǀĞŶŝĞŶĐĞŽĨƚŚĞĐƵƐƚŽŵĞƌ͘Ϳ Ͳϭ ϰϱϰϭϮϵϬǀϭ 3DFNHW3J *D ;ϰͿ'ƌĂŶƚĞĞŵĂǇŶŽƚĐĂŶĐĞůĂŶĂƉƉŽŝŶƚŵĞŶƚǁŝƚŚĂĐƵƐƚŽŵĞƌĂĨƚĞƌƚŚĞĐůŽƐĞŽĨďƵƐŝŶĞƐƐŽŶ ƚŚĞďƵƐŝŶĞƐƐĚĂǇƉƌŝŽƌƚŽƚŚĞƐĐŚĞĚƵůĞĚĂƉƉŽŝŶƚŵĞŶƚ͘ ;ϱͿ/Ĩ'ƌĂŶƚĞĞΖƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞŝƐƌƵŶŶŝŶŐůĂƚĞĨŽƌĂŶĂƉƉŽŝŶƚŵĞŶƚǁŝƚŚĂĐƵƐƚŽŵĞƌĂŶĚǁŝůů ŶŽƚďĞĂďůĞƚŽŬĞĞƉƚŚĞĂƉƉŽŝŶƚŵĞŶƚĂƐƐĐŚĞĚƵůĞĚ͕ƚŚĞĐƵƐƚŽŵĞƌǁŝůůďĞĐŽŶƚĂĐƚĞĚ͘dŚĞ ĂƉƉŽŝŶƚŵĞŶƚǁŝůůďĞƌĞƐĐŚĞĚƵůĞĚ͕ĂƐŶĞĐĞƐƐĂƌǇ͕ĂƚĂƚŝŵĞǁŚŝĐŚŝƐĐŽŶǀĞŶŝĞŶƚĨŽƌƚŚĞĐƵƐƚŽŵĞƌ͘ ;ĐͿŽŵŵƵŶŝĐĂƚŝŽŶƐďĞƚǁĞĞŶ'ƌĂŶƚĞĞĂŶĚ^ƵďƐĐƌŝďĞƌƐ͘'ƌĂŶƚĞĞƐŚĂůůĐŽŵƉůǇǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨ ϰϳ&ZΑϳϲ͘ϭϲϬϭͲϭϲϬϰŝŶĐŽŵŵƵŶŝĐĂƚŝŶŐǁŝƚŚ^ƵďƐĐƌŝďĞƌƐŝŶƚŚĞŝƚǇ͘ ;ϭͿ'ƌĂŶƚĞĞǁŝůůƉƌŽǀŝĚĞǁƌŝƚƚĞŶŝŶĨŽƌŵĂƚŝŽŶŽŶĞĂĐŚŽĨƚŚĞĨŽůůŽǁŝŶŐĂƌĞĂƐĂƚƚŚĞƚŝŵĞŽĨ /ŶƐƚĂůůĂƚŝŽŶŽĨ^ĞƌǀŝĐĞ͕ĂƚůĞĂƐƚĂŶŶƵĂůůǇƚŽĂůů^ƵďƐĐƌŝďĞƌƐ͕ĂŶĚĂƚĂŶǇƚŝŵĞƵƉŽŶƌĞƋƵĞƐƚ͗ ;ĂͿWƌŽĚƵĐƚƐĂŶĚ^ĞƌǀŝĐĞƐŽĨĨĞƌĞĚ͖ ;ďͿWƌŝĐĞƐĂŶĚŽƉƚŝŽŶƐĨŽƌƉƌŽŐƌĂŵŵŝŶŐƐĞƌǀŝĐĞƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƐƵďƐĐƌŝƉƚŝŽŶƚŽ ƉƌŽŐƌĂŵŵŝŶŐĂŶĚŽƚŚĞƌƐĞƌǀŝĐĞƐ͖ ;ĐͿ/ŶƐƚĂůůĂƚŝŽŶĂŶĚ^ĞƌǀŝĐĞŵĂŝŶƚĞŶĂŶĐĞƉŽůŝĐŝĞƐ͖ ;ĚͿ/ŶƐƚƌƵĐƚŝŽŶƐŽŶŚŽǁƚŽƵƐĞƚŚĞĂďůĞ^ĞƌǀŝĐĞ͖ ;ĞͿŚĂŶŶĞůƉŽƐŝƚŝŽŶƐŽĨƉƌŽŐƌĂŵŵŝŶŐĐĂƌƌŝĞĚŽŶƚŚĞ^ǇƐƚĞŵ͖ĂŶĚ ;ϭͿŝůůŝŶŐĂŶĚĐŽŵƉůĂŝŶƚƉƌŽĐĞĚƵƌĞƐ͕ŝŶĐůƵĚŝŶŐƚŚĞĂĚĚƌĞƐƐĂŶĚƚĞůĞƉŚŽŶĞ ŶƵŵďĞƌŽĨƚŚĞŝƚǇΖƐĐĂďůĞŽĨĨŝĐĞ͘^ƵďƐĐƌŝďĞƌƐƐŚĂůůďĞĂĚǀŝƐĞĚŽĨƚŚĞƉƌŽĐĞĚƵƌĞƐĨŽƌ ƌĞƐŽůƵƚŝŽŶŽĨĐŽŵƉůĂŝŶƚƐĂďŽƵƚƚŚĞƋƵĂůŝƚǇŽĨƚŚĞƚĞůĞǀŝƐŝŽŶƐŝŐŶĂůĚĞůŝǀĞƌĞĚďǇƚŚĞ 'ƌĂŶƚĞĞ͕ŝŶĐůƵĚŝŶŐƚŚĞĂĚĚƌĞƐƐŽĨƚŚĞƌĞƐƉŽŶƐŝďůĞŽĨĨŝĐĞƌŽĨƚŚĞŝƚǇ͘ ;ϮͿ^ƵďƐĐƌŝďĞƌƐǁŝůůďĞŶŽƚŝĨŝĞĚŽĨĂŶǇĐŚĂŶŐĞƐŝŶƌĂƚĞƐ͕ƉƌŽŐƌĂŵŵŝŶŐ ƐĞƌǀŝĐĞƐŽƌŚĂŶŶĞůƉŽƐŝƚŝŽŶƐĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞŝŶǁƌŝƚŝŶŐ͘EŽƚŝĐĞŵƵƐƚďĞŐŝǀĞŶƚŽ ^ƵďƐĐƌŝďĞƌƐĂŵŝŶŝŵƵŵŽĨƚŚŝƌƚǇ;ϯϬͿĂǇƐŝŶĂĚǀĂŶĐĞŽĨƐƵĐŚĐŚĂŶŐĞƐŝĨƚŚĞĐŚĂŶŐĞŝƐ ǁŝƚŚŝŶƚŚĞĐŽŶƚƌŽůŽĨƚŚĞ'ƌĂŶƚĞĞ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞ'ƌĂŶƚĞĞƐŚĂůůŶŽƚŝĨǇ^ƵďƐĐƌŝďĞƌƐƚŚŝƌƚǇ ;ϯϬͿĂǇƐŝŶĂĚǀĂŶĐĞŽĨĂŶǇƐŝŐŶŝĨŝĐĂŶƚĐŚĂŶŐĞƐŝŶƚŚĞŝŶĨŽƌŵĂƚŝŽŶƌĞƋƵŝƌĞĚďǇ^ĞĐƚŝŽŶ ;ĐͿϭ;ͿͶ;&ͿŽĨƚŚŝƐǆŚŝďŝƚ͘ ;ϯͿ/ŶĂĚĚŝƚŝŽŶƚŽƚŚĞƌĞƋƵŝƌĞŵĞŶƚŽĨƐƵďƉĂƌĂŐƌĂƉŚ;ϮͿŽĨƚŚŝƐƐĞĐƚŝŽŶ ƌĞŐĂƌĚŝŶŐĂĚǀĂŶĐĞŶŽƚŝĨŝĐĂƚŝŽŶƚŽ^ƵďƐĐƌŝďĞƌƐŽĨĂŶǇĐŚĂŶŐĞƐŝŶƌĂƚĞƐ͕ƉƌŽŐƌĂŵŵŝŶŐ ƐĞƌǀŝĐĞƐŽƌŚĂŶŶĞůƉŽƐŝƚŝŽŶƐ͕'ƌĂŶƚĞĞƐŚĂůůŐŝǀĞƚŚŝƌƚǇ;ϯϬͿĂǇƐΖǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽďŽƚŚ ^ƵďƐĐƌŝďĞƌƐĂŶĚƚŚĞŝƚǇďĞĨŽƌĞŝŵƉůĞŵĞŶƚŝŶŐĂŶǇƌĂƚĞŽƌƐĞƌǀŝĐĞĐŚĂŶŐĞ͘^ƵĐŚŶŽƚŝĐĞ ƐŚĂůůƐƚĂƚĞƚŚĞƉƌĞĐŝƐĞĂŵŽƵŶƚŽĨĂŶǇƌĂƚĞĐŚĂŶŐĞĂŶĚďƌŝĞĨůǇĞǆƉůĂŝŶŝŶƌĞĂĚŝůǇ ƵŶĚĞƌƐƚĂŶĚĂďůĞĨĂƐŚŝŽŶƚŚĞĐĂƵƐĞŽĨƚŚĞƌĂƚĞĐŚĂŶŐĞ;Ğ͘Ő͕͘ŝŶĨůĂƚŝŽŶ͕ĐŚĂŶŐĞŝŶĞǆƚĞƌŶĂů ĐŽƐƚƐŽƌƚŚĞĂĚĚŝƚŝŽŶͬĚĞůĞƚŝŽŶŽĨŚĂŶŶĞůƐͿ͘tŚĞŶƚŚĞĐŚĂŶŐĞŝŶǀŽůǀĞƐƚŚĞĂĚĚŝƚŝŽŶŽƌ ĚĞůĞƚŝŽŶŽĨŚĂŶŶĞůƐ͕ĞĂĐŚŚĂŶŶĞůĂĚĚĞĚŽƌĚĞůĞƚĞĚŵƵƐƚďĞƐĞƉĂƌĂƚĞůǇŝĚĞŶƚŝĨŝĞĚ͘&Žƌ ƉƵƌƉŽƐĞƐŽĨƚŚĞĐĂƌƌŝĂŐĞŽĨĚŝŐŝƚĂůďƌŽĂĚĐĂƐƚƐŝŐŶĂůƐ͕ƚŚĞ'ƌĂŶƚĞĞŶĞĞĚŽŶůǇŝĚĞŶƚŝĨǇĨŽƌ ^ƵďƐĐƌŝďĞƌƐ͕ƚŚĞƚĞůĞǀŝƐŝŽŶƐŝŐŶĂůĂĚĚĞĚĂŶĚŶŽƚǁŚĞƚŚĞƌƚŚĂƚƐŝŐŶĂůŵĂǇďĞŵƵůƚŝƉůĞǆĞĚ ĚƵƌŝŶŐĐĞƌƚĂŝŶĚĂǇƉĂƌƚƐ͘ ͲϮ ϰϱϰϭϮϵϬǀϭ 3DFNHW3J *D 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ƌĞĐĞŶƚůǇĂƉƉƌŽǀĞĚDŝƐƚƌŝĐƚĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐ͘tĞďĞůŝĞǀĞƚŚĂƚƚŚĞƉƌŽƉŽƐĞĚŚŽƐƉŝƚĂůŝƚǇƵƐĞ ǁŝůůĐŽŵƉůĞŵĞŶƚƐƵƌƌŽƵŶĚŝŶŐůĂŶĚƵƐĞƐĂŶĚƐĞƌǀĞZŽĐŚĞƐƚĞƌƌĞƐŝĚĞŶƚƐǁŝƚŚƚŚĞǀŝƐƵĂůĂƉƉĞĂůŽĨ ƚŚĞ^ŝŐŶĂƚƵƌĞĂƌĐŚŝƚĞĐƚƵƌĞĂŶĚƐĞƌǀĞǀŝƐŝƚŽƌƐƚŽZŽĐŚĞƐƚĞƌǁŚŽĚĞƐŝƌĞĐůŽƐĞƉƌŽǆŝŵĂƚĞůǇƚŽƚŚĞ ŝƚǇŽƌĞ͘ ;ϮͿ dŚĞŶĂƚƵƌĂůĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨƚŚĞƐŝƚĞƵŶĚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ŝŶĐůƵĚŝŶŐƚŽƉŽŐƌĂƉŚǇĂŶĚƐŽŝů ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ͕ŶĞĐĞƐƐŝƚĂƚĞŝŶĐƌĞĂƐĞĚĚĞŶƐŝƚǇƚŽĂůůŽǁĨŽƌĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƐŝƚĞ͘ Z^WKE^͗ dŚĞƐŝƚĞŝƐƚŽďĞůŽĐĂƚĞĚŽŶĂĐŽŶƐŽůŝĚĂƚŝŽŶŽĨƐĞǀĞƌĂůŝƌƌĞŐƵůĂƌůǇƐŚĂƉĞĚůŽƚƐǁŚŝĐŚ ĂƌĞƐƵƌƌŽƵŶĚĞĚďǇƉĞƌŝŵĞƚĞƌƌŽĂĚƐĂŶĚĂŶŝŶƐĞƌǀŝĐĞƌĂŝůƐƉƵƌ͘dŚĞĞǆŝƐƚŝŶŐƐŝƚĞŝƐĨƵůůǇĚĞǀĞůŽƉĞĚ ǁŝƚŚϵϮйŽĨƚŚĞƐŝƚĞĐŽŶƚĂŝŶŝŶŐĞŝƚŚĞƌĂŶŝŵƉĞƌǀŝŽƵƐďŝƚƵŵŝŶŽƵƐƐƵƌĨĂĐĞŽƌƚŚĞĞǆŝƐƚŝŶŐďƵŝůĚŝŶŐ͘ dŚĞůĂĐŬŽĨƚŚĞƉƌŽƉĞƌƚ Ǉ͛ƐŶĂƚƵƌĂůĞŶǀŝƌŽŶŵĞŶƚĂůĨĞĂƚƵƌĞƐĂŶĚƚŚĞƉƌŽǆŝŵŝƚǇŽĨƚŚĞƐŝƚĞůŽĐĂƚĞĚƐŽ ĐůŽƐĞůǇƚŽƚŚĞŽǁŶƚŽǁŶŽƌĞŝŶĂĚĞƐŝŐŶĂƚĞĚDĚĞǀĞůŽƉŵĞŶƚĚŝƐƚƌŝĐƚƉƌŽŵŽƚĞƐĂĚĞŶƐĞĂŶĚ ŽƉƚŝŵĂůŝŶĨŝůůĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƉƌŽƉĞƌƚǇ͘ ͘^ŝƚĞĞƐŝŐŶƌŝƚĞƌŝĂ͗ dŚĞŽŵŵŝƐƐŝŽŶĂŶĚŽƵŶĐŝůƐŚĂůůĨŝŶĚƚŚĂƚƚŚĞƉƌĞůŝŵŝŶĂƌǇĚĞǀĞůŽƉŵĞŶƚƉůĂŶ ĚĞƐŝŐŶŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐŐƵŝĚĞůŝŶĞƐ͗ ;ϭͿĂƉĂĐŝƚǇŽĨWƵďůŝĐ&ĂĐŝůŝƚŝĞƐ͗ dŚĞĞǆŝƐƚŝŶŐŽƌĨƵƚƵƌĞƉůĂŶŶĞĚƵƚŝůŝƚŝĞƐŝŶƚŚĞĂƌĞĂĂƌĞĂĚĞƋƵĂƚĞƚŽƐĞƌǀĞ ƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͘ Z^WKE^͗ WƵďůŝĐǁĂƚĞƌĂŶĚƐĂŶŝƚĂƌǇƐĞǁĞƌĨĂĐŝůŝƚŝĞƐĂƌĞĂǀĂŝůĂďůĞŝŶϭǀĞEtƚŽƐĞƌǀĞƚŚĞ Ɛƚ ƉƌŽũĞĐƚ͘&ŝŶĂůƵƚŝůŝƚǇƐŝǌŝŶŐĂŶĚĐŽŶŶĞĐƚŝŽŶƐǁŝůůďĞĐŽŽƌĚŝŶĂƚĞĚǁŝƚŚWƵďůŝĐtŽƌŬƐƉƌŝŽƌƚŽ ĚĞǀĞůŽƉŝŶŐĨŝŶĂůƉůĂŶƐ͘^ƚŽƌŵƐĞǁĞƌŝƐĂǀĂŝůĂďůĞŝŶϮ ŶĚǀĞEt͘ ĞĐĞŵďĞƌϭϮ͕ϮϬϭϴͮWĂŐĞϮ 3DFNHW3J *G ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕&ŝŶĂů/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ<EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ dŚĞĞǆŝƐƚŝŶŐƉƌŽũĞĐƚĐƵƌƌĞŶƚůǇĐŽŶƐŝƐƚƐŽĨĂϵϮйŝŵƉĞƌǀŝŽƵƐƐƵƌĨĂĐĞĂƌĞĂ͘dŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚ ϴϳй͘ ǁŝůůƌĞĚƵĐĞƚŚĞĂŵŽƵŶƚŽĨŝŵƉĞƌǀŝŽƵƐƐƵƌĨĂĐĞĂƚŐƌĂĚĞƚŽ ǆŝƐƚŝŶŐƐƚŽƌŵǁĂƚĞƌƚƌĞĂƚŵĞŶƚĂŶĚƌĂƚĞĐŽŶƚƌŽůǁŝůůďĞŵĞƚŽƌĞǆĐĞĞĚƚŚĞĐƵƌƌĞŶƚĐŽŶĚŝƚŝŽŶƐƚŽ ƚŚĞŵĂǆŝŵƵŵĞǆƚĞŶƚƉŽƐƐŝďůĞ͘ ;ϮͿ'ĞŽůŽŐŝĐ,ĂǌĂƌĚƐ͗ dŚĞĞǆŝƐƚĞŶĐĞŽĨĂƌĞĂƐŽĨŶĂƚƵƌĂůŽƌŐĞŽůŽŐŝĐŚĂǌĂƌĚ͕ƐƵĐŚĂƐƵŶƐƚĂďůĞƐůŽƉĞƐ͕ ƐŝŶŬŚŽůĞƐ͕ĨůŽŽĚƉůĂŝŶ͕ĞƚĐ͕͘ŚĂƐďĞĞŶŝĚĞŶƚŝĨŝĞĚĂŶĚƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƐĞĂƌĞĂƐŚĂƐďĞĞŶƚĂŬĞŶŝŶƚŽ ĂĐĐŽƵŶƚŽƌǁŝůůďĞĂĚĚƌĞƐƐĞĚŝŶƚŚĞĨŝŶĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶ͘ Z^WKE^͗ dŚĞƌĞĂƌĞŶŽŬŶŽǁŶŐĞŽůŽŐŝĐŚĂǌĂƌĚƐ͕ŶŽŬŶŽǁŶƐŝŶŬŚŽůĞƐ͕ŶŽŚǇĚƌŝĐŽƌĨůŽŽĚƉůĂŝŶ ƐŽŝůƐŽŶƚŚĞƐŝƚĞ͘ĂƐĞĚŽŶĂŶĂůǇƐŝƐŽĨƚŚĞƐŽŝůďŽƌŝŶŐƐĐŽŶĚƵĐƚĞĚŽŶƚŚĞƐŝƚĞ͕ŶŽŐĞŽůŽŐŝĐŚĂǌĂƌĚƐ ǁĞƌĞŝŶĚŝĐĂƚĞĚ͘ ;ϯͿEĂƚƵƌĂů&ĞĂƚƵƌĞƐ͗ &ŽƌĚĞǀĞůŽƉŵĞŶƚƐŝŶǀŽůǀŝŶŐŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶ͕ƚŚĞĂƌƌĂŶŐĞŵĞŶƚŽĨďƵŝůĚŝŶŐƐ͕ ƉĂǀĞĚĂƌĞĂƐĂŶĚŽƉĞŶƐƉĂĐĞŚĂƐ͕ƚŽƚŚĞĞǆƚĞŶƚƉƌĂĐƚŝĐĂů͕ƵƚŝůŝǌĞĚƚŚĞĞǆŝƐƚŝŶŐƚŽƉŽŐƌĂƉŚǇĂŶĚĞǆŝƐƚŝŶŐ ĚĞƐŝƌĂďůĞǀĞŐĞƚĂƚŝŽŶŽĨƚŚĞƐŝƚĞ͘ Z^WKE^͗ dŚĞƉƌŽƉŽƐĞĚƌĞĚĞǀĞůŽƉŵĞŶƚƐŝƚĞŚĂƐŵŝŶŝŵĂůǀĞŐĞƚĂƚŝŽŶ͘dŚĞƉƌŽƉŽƐĞĚŶĞǁ ĐŽŶƐƚƌƵĐƚŝŽŶ͛ƐĨŝŶŝƐŚĞĚĨůŽŽƌƐĂŶĚĞǆƚĞƌŝŽƌƉůĂŶŶĞĚĞůĞŵĞŶƚƐǁŝůůƐĞĂŵůĞƐƐůǇƐĞĞŬƚŽŵĂƚĐŚ ĞǆŝƐƚŝŶŐŐƌĂĚĞƐ͘dŚĞƌĞǁŝůůďĞĂĚĞĚŝĐĂƚŝŽŶƚŽŝŶƚƌŽĚƵĐŝŶŐĚĞƐŝƌĂďůĞǀĞŐĞƚĂƚŝŽŶƚŽƚŚĞƐŝƚĞ͘ ;ϰͿdƌĂĨĨŝĐ'ĞŶĞƌĂƚŝŽŶ/ŵƉĂĐƚ͗ ŶƚŝĐŝƉĂƚĞĚƚƌĂĨĨŝĐŐĞŶĞƌĂƚĞĚďǇƚŚĞĚĞǀĞůŽƉŵĞŶƚǁŝůůŶŽƚĐĂƵƐĞƚŚĞ ĐĂƉĂĐŝƚǇŽĨĂĚũĂĐĞŶƚƐƚƌĞĞƚƐƚŽďĞĞǆĐĞĞĚĞĚ͕ĂŶĚĐŽŶĐĞƉƚƵĂůŝŵƉƌŽǀĞŵĞŶƚƐŽƌƚŚĞŶĞĞĚĨŽƌ ŝŵƉƌŽǀĞŵĞŶƚƐƚŽƌĞĚƵĐĞƚŚĞŝŵƉĂĐƚŽĨĂĐĐĞƐƐƉŽŝŶƚƐŽŶƚŚĞƚƌĂĨĨŝĐĨůŽǁŽĨĂĚũĂĐĞŶƚƐƚƌĞĞƚƐŚĂǀĞďĞĞŶ ŝĚĞŶƚŝĨŝĞĚǁŚĞƌĞŶĞĞĚĞĚ͘ Z^WKE^͗ ƚƌĂĨĨŝĐŝŵƉĂĐƚĂŶĂůǇƐŝƐŚĂƐďĞĞŶƉĞƌĨŽƌŵĞĚĨŽƌƚŚĞƐŝƚĞƚŽĞǀĂůƵĂƚĞƚŚĞŝŵƉĂĐƚƐŽĨ ƚŚĞƚƌĂĨĨŝĐĂŶƚŝĐŝƉĂƚĞĚƚŽďĞŐĞŶĞƌĂƚĞĚďǇƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘tĞŚĂǀĞǁŽƌŬĞĚǁŝƚŚZŽĐŚĞƐƚĞƌŝƚǇ ŽĨWƵďůŝĐtŽƌŬƐƐƚĂĨĨƚŽĨƵůĨŝůůƚŚĞƐƚƵĚǇƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƚŚĞĐŽŶĚŝƚŝŽŶĂůĂƉƉƌŽǀĂůŐƌĂŶƚĞĚǁŝƚŚ ƚŚĞƌĞǀŝƐĞĚd/ZĂŶĚŚĂǀĞĂůƐŽĂŐƌĞĞĚƚŽƚŚĞĐŽŶĚŝƚŝŽŶƐŽĨĂĐĐĞƉƚĂŶĐĞƚŚĞƌĞŝŶ͘ dŚĞƐŝƚĞƉůĂŶĂĐĐŽŵƉĂŶǇŝŶŐƚŚĞĂƉƉůŝĐĂƚŝŽŶŚĂƐďĞĞŶĚĞƐŝŐŶĞĚƚŽŵŝŶŝŵŝǌĞŝŵƉĂĐƚƐƚŽŝǀŝĐ ĞŶƚĞƌƌŝǀĞEtĂŶĚϭ ƐƚǀĞEtďǇƉƌŽǀŝĚŝŶŐĂƵƐĞǁŚŝĐŚŝƐŝŶƐǇŶĐǁŝƚŚƚŚĞĂƐƉŝƌĂƚŝŽŶƐŽĨƚŚĞ DƚŽƌĞĚƵĐĞǀĞŚŝĐƵůĂƌdƌĂĨĨŝĐŝŶƚŚĞĚŽǁŶƚŽǁŶĐŽƌĞ͘dŚŝƐŝƐƉƌŽƉŽƐĞĚƚŽďĞĂĐĐŽŵƉůŝƐŚĞĚďǇ ƉƌŽǀŝĚŝŶŐĂƉĂƌŬŽŶĐĞĂůƚĞƌŶĂƚŝǀĞƚŽƚŚŽƐĞƉŽƚĞŶƚŝĂůƵƐĞƌƐǁŚŽǁŝůůŚĂǀĞĂƵƚŽŵŽďŝůĞƐ͘/ƚŝƐ ĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚŵƵůƚŝƉůĞĨŽƌŵƐŽĨƚƌĂŶƐƉŽƌƚĂƚŝŽŶǁŝůůďĞƵƚŝůŝǌĞĚĂŶĚƚŚĂƚƚŚĞůŽĐĂƚŝŽŶŝƚƐĞůĨǁŝůů ůĞŶĚƚŚĞƵƐĞƌƚŽĂĐĐĞƐƐƐĞƌǀŝĐĞƐǁŝƚŚŝŶƚŚĞĚŽǁŶƚŽǁŶĐŽƌĞďǇĨŽŽƚ͘ůůƚƌƵĐŬƚƌĂĨĨŝĐǁŝůůďĞůŝŵŝƚĞĚ ƚŽĞŶƚĞƌŝŶŐƚŚĞƐŝƚĞĨƌŽŵϮ ŶĚǀĞEtƚŚĞƌĞďǇůŝŵŝƚŝŶŐĐŽŶĨůŝĐƚƐďĞƚǁĞĞŶƚŚĞƉƵďůŝĐĞŶƚĞƌŝŶŐƚŚĞ ƐŝƚĞĂŶĚƐĞƌǀŝĐĞǀĞŚŝĐůĞƐĂŶĚƚƌƵĐŬƚƌĂĨĨŝĐ͘ ;ϱͿ,ĞŝŐŚƚ/ŵƉĂĐƚƐ͗ &ŽƌĚĞǀĞůŽƉŵĞŶƚƐŝŶǀŽůǀŝŶŐŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶ͕ƚŚĞŚĞŝŐŚƚƐĂŶĚƉůĂĐĞŵĞŶƚŽĨ ƉƌŽƉŽƐĞĚƐƚƌƵĐƚƵƌĞƐĂƌĞĐŽŵƉĂƚŝďůĞǁŝƚŚƚŚĞƐƵƌƌŽƵŶĚŝŶŐĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞĨŽůůŽǁŝŶŐŵĂŶŶĞƌ͗ ;ĂͿ dŚĞƐƚƌƵĐƚƵƌĞƐǁŝůůŶŽƚĚĞŶǇĂĚĞƋƵĂƚĞƐƵŶůŝŐŚƚƚŽƐƵƌƌŽƵŶĚŝŶŐƉƌŽƉĞƌƚŝĞƐ͖ĂŶĚ Z^WKE^͗ dŚĞƐŝƚĞŝƐďŽƵŶĚĞĚŽŶƚŚƌĞĞ;ϯͿƐŝĚĞƐďǇƉƵďůŝĐƐƚƌĞĞƚƐ;ŝ͘Ğ͕͘ŝǀŝĐĞŶƚĞƌƌŝǀĞEtƚŽ ƚŚĞŶŽƌƚŚ͕ϭǀĞEtƚŽƚŚĞĞĂƐƚĂŶĚϮǀĞEtƚŽƚŚĞǁĞƐƚͿĂŶĚŝƐďŽƵŶĚĞĚƚŽƚŚĞƐŽƵƚŚďǇĂŶ ƐƚŶĚ ĞǆŝƐƚŝŶŐƌĂŝůƐƉƵƌĂŶĚĞǆŝƐƚŝŶŐƉĂƌŬŝŶŐůŽƚĂŶĚƐŵĂůůďƵŝůĚŝŶŐĨƵƌƚŚĞƌƐŽƵƚŚ͘/ƚŝƐĞǆƉĞĐƚĞĚƚŚĂƚĚƵĞ ƚŽƚŚĞŚĞŝŐŚƚŽĨƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͕ƚŚĞƌĞǁŝůůďĞƐŚĂĚŽǁƐǁŚĞƌĞƚŚĞǇƉƌĞǀŝŽƵƐůǇĚŝĚŶŽƚ ĞĐĞŵďĞƌϭϮ͕ϮϬϭϴͮWĂŐĞϮ 3DFNHW3J *G ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕&ŝŶĂů/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ<EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ĞǆŝƐƚ͘,ŽǁĞǀĞƌ͕ĚƵĞƚŽƚŚĞĞǆŝƐƚĞŶĐĞŽĨĂĚũŽŝŶŝŶŐďƵƐŝŶĞƐƐĞƐĂŶĚƚƌĂŶƐŝƚĐŽƌƌŝĚŽƌƐ͕ƚŚŝƐůŝŵŝƚƐƚŚĞ ƉŽƚĞŶƚŝĂůŶĞŐĂƚŝǀĞĞĨĨĞĐƚƚŚĞŶĞǁďƵŝůĚŝŶŐǁŝůůŚĂǀĞƚŽŶĞŝŐŚďŽƌŝŶŐƉƌŽƉĞƌƚŝĞƐ͘dŚĞĞǆƉĞĐƚĞĚ ƐŚĂĚŽǁƉĂƚƚĞƌŶŝƐĂŶƚŝĐŝƉĂƚĞĚƚŽĨĂůůƉƌŝŵĂƌŝůǇŝŶƚŽƚŚĞƉƵďůŝĐZKtĂŶĚǁŝůůŶŽƚŚĂǀĞĂĚƌĂŵĂƚŝĐ ĞĨĨĞĐƚŽŶĂĚũĂĐĞŶƚƉƌŽƉĞƌƚŝĞƐ͘ ;ďͿ dŚĞƐŝƚŝŶŐŽĨƚŚĞƐƚƌƵĐƚƵƌĞƐǁŝůůŶŽƚĚĞƐƚƌŽǇǀŝĞǁƐĨƌŽŵƚŚĞƉƌŝŵĂƌǇĞǆƉŽƐƵƌĞƐŽĨĂĚũĂĐĞŶƚƌĞƐŝĚĞŶƚŝĂů ĚǁĞůůŝŶŐƐ͘ Z^WKE^͗ dŚĞƌĞĂƌĞŶŽƌĞƐŝĚĞŶƚŝĂůĚǁĞůůŝŶŐƐŝŵŵĞĚŝĂƚĞůǇĂĚũŽŝŶŝŶŐƚŚĞƉƌŽũĞĐƚ͘dŚĞƌĞĂƌĞ ƌĞƐŝĚĞŶƚŝĂůĚǁĞůůŝŶŐƐǁŝƚŚŝŶĂďůŽĐŬƐĚŝƐƚĂŶĐĞŽĨƚŚĞƐŝƚĞŝŶĐůƵĚŝŶŐƚŚĞŚĂƌƚĞƌ,ŽƵƐĞ͕ϭ ƐƚǀĞŶƵĞ &ůĂƚƐ͕ĂŶĚĞŶƚƌĂůdŽǁĞƌƐ͘dŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚĚŽĞƐŶŽƚŝŵƉĞĚĞĂŶǇǀŝĞǁƐƚŽĐŝƚǇƐŬǇůŝŶĞŽƌƚŚĞ ďůƵĨĨƐƐƵƌƌŽƵŶĚŝŶŐZŽĐŚĞƐƚĞƌ͘ ;ϲͿ^ĞƚďĂĐŬƐ͗ &ŽƌĚĞǀĞůŽƉŵĞŶƚƐŝŶǀŽůǀŝŶŐŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶ͕ƉƌŽƉŽƐĞĚƐĞƚďĂĐŬƐĂƌĞƌĞůĂƚĞĚƚŽďƵŝůĚŝŶŐ ŚĞŝŐŚƚĂŶĚďƵůŬŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĂƚƌĞƋƵŝƌĞĚĨŽƌƉĞƌŵŝƚƚĞĚƵƐĞƐŝŶƚŚĞƵŶĚĞƌůǇŝŶŐǌŽŶŝŶŐ ĚŝƐƚƌŝĐƚ͘ Z^WKE^͗ dŚĞƵŶĚĞƌůǇŝŶŐǌŽŶŝŶŐĚŝƐƚƌŝĐƚŽĨƚŚĞƐŝƚĞŝƐDͲϭ>ŝŐŚƚ/ŶĚƵƐƚƌŝĂů͘dŚĞĞǀĂůƵĂƚŝŽŶĨŽƌ ƚŚĞ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚWƌŽĐĞƐƐŽĨƚŚŝƐƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚĂůŝŐŶƐǁŝƚŚƚŚĞĞŶƚƌĂů ƵƐŝŶĞƐƐŝƐƚƌŝĐƚͲ&ƌŝŶŐĞƌĞĂ;Ͳ&ZͿ͘dŚĞƉƌŽƉŽƐĞĚƵƐĞŽĨĂŚŽƚĞů;>DĚĞĨŝŶŝƚŝŽŶŽĨ͞dƌĂŶƐŝĞŶƚ ĐĐŽŵŵŽĚĂƚŝŽŶƐ͟ͿŝƐĂdǇƉĞ/hƐĞ͘dŚĞ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚWƌŽǀŝƐŝŽŶƐŽĨ^ĞĐƚŝŽŶϲϮ͘ϲϬϬ ĚĞĨŝŶĞƐƚŚĞƌĞďĞŝŶŐŶŽƵƉƉĞƌůŝŵŝƚƌĞŐĂƌĚŝŶŐĂůůŽǁĞĚDĂǆŝŵƵŵ&ůŽŽƌƌĞĂZĂƚŝŽ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞ ƉƌŽƉŽƐĞĚďƵŝůĚŝŶŐĨŽŽƚƉƌŝŶƚĂŶĚŽǀĞƌĂůůŚĞŝŐŚƚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƉĞƌŵŝƚƚĞĚƵƐĞƐ͘ ;ϳͿ/ŶƚĞƌŶĂů^ŝƚĞĞƐŝŐŶ͗ &ŽƌĚĞǀĞůŽƉŵĞŶƚƐŝŶǀŽůǀŝŶŐŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶ͕ƚŚĞƉƌĞůŝŵŝŶĂƌǇƐŝƚĞůĂǇŽƵƚ ŝŶĚŝĐĂƚĞƐĂĚĞƋƵĂƚĞďƵŝůĚŝŶŐƐĞƉĂƌĂƚŝŽŶĂŶĚĚĞƐŝƌĂďůĞŽƌŝĞŶƚĂƚŝŽŶŽĨƚŚĞďƵŝůĚŝŶŐƐƚŽŽƉĞŶƐƉĂĐĞƐ͕ƐƚƌĞĞƚ ĨƌŽŶƚĂŐĞƐŽƌŽƚŚĞƌĨŽĐĂůƉŽŝŶƚƐ͘ Z^WKE^͗ 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ĐŽƌĞ͘dŚŝƐǁŝůůĐŽŵƉůŝŵĞŶƚĂĚũŽŝŶŝŶŐďƵŝůƚĐŽŶƚĞǆƚƵĂůĨĞĂƚƵƌĞƐ͘dŚĞƐĞďƵŝůĚŝŶŐƚǇƉĞƐĂƌĞĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŵĞƚŚŽĚƐŽĨƚŚĞĂƌĞĂ͘dŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚǁŝůůƉƌŽǀŝĚĞDƐƚĂŶĚĂƌĚ ƐŝĚĞǁĂůŬƉůĂĐĞŵĞŶƚĂŶĚƐƚƌĞĞƚƐĐĂƉŝŶŐĐŽŵƉŽŶĞŶƚƐ͘dŚĞĚĞƐŝŐŶŝƐĞĨĨŝĐŝĞŶƚĂŶĚƚŚĞůĂŶĚƵƐĞǁŝůů ĂĐƚŝǀĂƚĞƚŚĞƐƚƌĞĞƚƌĞƐƵůƚŝŶŐŝŶĂŵŽƌĞƉĞĚĞƐƚƌŝĂŶĨƌŝĞŶĚůǇĞŶǀŝƌŽŶŵĞŶƚ͘ ĞĐĞŵďĞƌϭϮ͕ϮϬϭϴͮWĂŐĞϮ 3DFNHW3J *G ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕&ŝŶĂů/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ<EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ dƌĂƐŚǁŝůůŽĐĐƵƌǁŝƚŚŝŶƚŚĞƐĞĞŶĐůŽƐĞĚƐĞƌǀŝĐĞĂƌĞĂƐ͘ ůůƉĂƌŬŝŶŐƐĞƌǀŝŶŐƚŚĞƐŝƚĞǁŝůůďĞƐƚƌƵĐƚƵƌĞĚ͘ ;ϵͿKƌĚŝŶĂŶĐĞZĞƋƵŝƌĞŵĞŶƚƐ͗ dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝŶĐůƵĚĞƐĂĚĞƋƵĂƚĞĂŵŽƵŶƚƐŽĨŽĨĨͲƐƚƌĞĞƚ ƉĂƌŬŝŶŐĂŶĚůŽĂĚŝŶŐĂƌĞĂƐĂŶĚ͕ŝŶƚŚĞĐĂƐĞŽĨŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶ͕ƚŚĞƌĞŝƐĂĚĞƋƵĂƚĞůĂŶĚƐĐĂƉĞĚĂƌĞĂƚŽ ŵĞĞƚŽƌĚŝŶĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐ͘ Z^WKE^͗ ůůƉĂƌŬŝŶŐǁŝůůďĞĞŶĐůŽƐĞĚǁŝƚŚŝŶƚŚĞĂďŽǀĞŐƌŽƵŶĚƉĂƌŬŝŶŐŐĂƌĂŐĞ͘ĚĞƋƵĂƚĞ ƉĂƌŬŝŶŐŝƐƉƌŽǀŝĚĞĚĨŽƌƚŚĞƵƐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŝƚǇ͛ƐƉĂƌŬŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐ͘dŚĞƌĞŝƐĂ ƌĞƋƵŝƌĞŵĞŶƚĨŽƌϱйůĂŶĚƐĐĂƉĞĂƌĞĂƚŽŵĞĞƚƚŚĞŵŝŶŝŵƵŵƐƚĂŶĚĂƌĚ͘dŚĞƐŝƚĞĚĞƐŝŐŶǁŝůů 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ƚŚĞŵĂǆŝŵƵŵĞǆƚĞŶƚƉŽƐƐŝďůĞ͘ ϮͿ dŚĞĚĞǀĞůŽƉŵĞŶƚƉƌŽƉŽƐĞƐƚŽŝŶƚĞŐƌĂƚĞƚŚĞƌĞƵƐĞŽĨĂŶĞǆŝƐƚŝŶŐƐƚƌƵĐƚƵƌĞǁŚŝĐŚŚĂƐďĞĞŶǀĂĐĂŶƚĨŽƌ ϮϰĐŽŶƐĞĐƵƚŝǀĞŵŽŶƚŚƐ͘ Z^WKE^͗ dŚŝƐĐƌŝƚĞƌŝĂĚŽĞƐŶŽƚĂƉƉůǇ͘ ϯͿ ĂƐĞŵĞŶƚƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĨůŽŽĚĐŽŶƚƌŽůƉƌŽũĞĐƚĂƌĞƉƌŽǀŝĚĞĚ͕ŽƌŽƚŚĞƌďĂŶŬƚƌĞĂƚŵĞŶƚŽƌƌŝǀĞƌ ďĞĂƵƚŝĨŝĐĂƚŝŽŶǁŚŝĐŚǁŝůůƌĞƐƵůƚŝŶŝŶĐƌĞĂƐĞĚƵƐĂŐĞŽĨƚŚĞĂƌĞĂĂůŽŶŐĞǆŝƐƚŝŶŐƐƚƌĞĂŵƐĨŽƌǁĂůŬŝŶŐ͕ƐŝƚƚŝŶŐ͕ ŽƌŽƚŚĞƌŵĞĂŶƐŽĨƉĂƐƐŝǀĞƌĞĐƌĞĂƚŝŽŶĂƌĞĚĞǀĞůŽƉĞĚ͘ Z^WKE^͗ dŚŝƐĐƌŝƚĞƌŝĂĚŽĞƐŶŽƚĂƉƉůǇ͘ ϰͿ ^ƚƌĞĞƚŝŵƉƌŽǀĞŵĞŶƚƐŶŽƌŵĂůůǇƉƌŽǀŝĚĞĚďǇƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĂƌĞĐŽŶƐƚƌƵĐƚĞĚ͕ĚĞĚŝĐĂƚĞĚŽƌƉĂŝĚ ĨŽƌďǇƚŚĞĚĞǀĞůŽƉĞƌ͘ǆĂŵƉůĞƐŝŶĐůƵĚĞƚŚĞƉƌŽǀŝƐŝŽŶŽĨƌŝŐŚƚͲŽĨͲǁĂǇĨŽƌĂƌƚĞƌŝĂůƐƚƌĞĞƚƐďĞǇŽŶĚƚŚĂƚ ŶŽƌŵĂůůǇƌĞƋƵŝƌĞĚƚŽďĞĚĞĚŝĐĂƚĞĚ͕ŽƌƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽƌƉĂǇŵĞŶƚĨŽƌƚƵƌŶůĂŶĞƐ͕ƐŝŐŶĂůůŝŐŚƚƐ͕ŝŶĐƌĞĂƐĞĚ ƉĂǀĞŵĞŶƚĚĞƉƚŚƐ͕ĞƚĐ͘ Z^WKE^͗ dŚĞĂƉƉůŝĐĂŶƚŝŶƚĞŶĚƐƚŽƉƌŽǀŝĚĞƉƵďůŝĐŝŵƉƌŽǀĞŵĞŶƚƐĂƐĨŽůůŽǁƐ͗ Ă͘WƌŽǀŝĚĞƐŝŐŶĂůĞƋƵŝƉŵĞŶƚŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽƚŚĞŶŽƌƚŚĂŶĚƐŽƵƚŚĂƉƉƌŽĂĐŚĞƐƚŽƚŚĞϭƐƚ [[485,2601,498,2654][11][,I,][Arial]] ǀĞŶƵĞͬŝǀŝĐĞŶƚĞƌƌŝǀĞŝŶƚĞƌƐĞĐƚŝŽŶ͘ ϱͿhƚŝůŝƚǇ^ĞƌǀŝĐĞ͗ dŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƐŝƚĞǁŝůůůĞĂĚƚŽŝŶĐƌĞĂƐĞĚĞĨĨŝĐŝĞŶĐǇŝŶƚŚĞĞǆŝƐƚŝŶŐƉƵďůŝĐ ƵƚŝůŝƚǇĚĞůŝǀĞƌǇƐǇƐƚĞŵŽƌƚŚĞŵŽƌĞĞĨĨŝĐŝĞŶƚƵƐĞŽĨĂůƌĞĂĚǇĞǆŝƐƚŝŶŐƵƚŝůŝƚŝĞƐ͘dŚŝƐŵĞĂŶƐ͕ĂͿƚŚĂƚƚŚĞ ŶĞĐĞƐƐĂƌǇƵƚŝůŝƚŝĞƐĂůƌĞĂĚǇĞǆŝƐƚŽŶƚŚĞƉƌŽƉĞƌƚǇƚŽďĞƐĞƌǀĞĚ͕ŽƌďͿƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƉƌŽƉĞƌƚǇǁŝůů ƉƌŽǀŝĚĞĂŶĞĐĞƐƐĂƌǇůŝŶŬŽƌĐŽŶŶĞĐƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐǇƐƚĞŵŽƌŝŵƉƌŽǀĞƐĞƌǀŝĐĞ͘ ĞĐĞŵďĞƌϭϮ͕ϮϬϭϴͮWĂŐĞϮ 3DFNHW3J *G ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕&ŝŶĂů/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ<EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ Z^WKE^͗ dŚĞĞǆŝƐƚŝŶŐƉƵďůŝĐƐĂŶŝƚĂƌǇƐĞǁĞƌ͕ǁĂƚĞƌ͕ƐƚŽƌŵǁĂƚĞƌ͕ĞůĞĐƚƌŝĐĂŶĚŐĂƐŚĂǀĞ ĐĂƉĂĐŝƚǇƚŽƐĞƌǀĞƚŚĞƉƌŽũĞĐƚĨƌŽŵ&ŝƌƐƚǀĞŶƵĞEt͘ ϲͿ/ŶƚĞŐƌĂƚĞĚWůĂŶŶŝŶŐ͗ dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝŶǀŽůǀĞƐƚŚĞŝŶƚĞŐƌĂƚĞĚĚĞǀĞůŽƉŵĞŶƚŽĨĂƐŝƚĞǁŚŝĐŚ ŝƐĂŵŝŶŝŵƵŵŽĨŽŶĞĂĐƌĞŝŶƐŝǌĞĂŶĚůŽĐĂƚĞĚŝŶĂŶĞƐƚĂďůŝƐŚĞĚĚŝƐƚƌŝĐƚ͘ Z^WKE^͗ dŚĞƉƌŽũĞĐƚĐĂŶŶŽƚƋƵĂůŝĨǇĨŽƌƚŚŝƐĚĞŶƐŝƚǇďŽŶƵƐĂƐŝƚŝƐůĞƐƐƚŚĂŶŽŶĞĂĐƌĞŝŶƐŝǌĞ͘ ϳͿ ĂĐŚĨŽƵƌ;ϰͿƉĞƌĐĞŶƚŝŶĐƌĞĂƐĞŝŶƚŚĞůĂŶĚƐĐĂƉĞĂƌĞĂƌĂƚŝŽĂďŽǀĞƚŚĞŵŝŶŝŵƵŵƌĞƋƵŝƌĞĚƐŚĂůůďĞ ĐŽŶƐŝĚĞƌĞĚĂƐŵĞĞƚŝŶŐƚŚĞĐƌŝƚĞƌŝĂĨŽƌďŽŶƵƐĚĞŶƐŝƚǇͬĨůŽŽƌĂƌĞĂŽƌĂŶŝŶĐƌĞĂƐĞŝŶƉůĂŶƚŵĂƚĞƌŝĂůƐƐŽĂƐƚŽ ĞǆĐĞĞĚŵŝŶŝŵƵŵƌĞƋƵŝƌĞŵĞŶƚƐ͘ Z^WKE^͗ dŚĞĞǆŝƐƚŝŶŐůĂŶĚƐĐĂƉĞĂƌĞĂŝƐĐƵƌƌĞŶƚůǇϴйŽĨƚŚĞƚŽƚĂůƐŝƚĞĂƌĞĂ͘dŚĞƌĞǁŝůůďĞĂŶ ĂĚĚŝƚŝŽŶŽĨϱйŵŽƌĞŐƌĞĞŶƐƉĂĐĞƚŽƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚƚŽƚĂůŝŶŐϭϯйůĂŶĚƐĐĂƉĞĂƚŐƌĂĚĞ͘ dŚĞͲ&ZĚŝƐƚƌŝĐƚĚŽĞƐŶŽƚŚĂǀĞĂŶƵƉƉĞƌůŝŵŝƚĨŽƌ&ůŽŽƌƌĞĂ͘,ŽǁĞǀĞƌ͕ƚŚĞĂĚĚŝƚŝŽŶŽĨ ůĂŶĚƐĐĂƉĞĚƐƵƌĨĂĐĞĂƌĞĂŝƐĂŶŝŵƉŽƌƚĂŶƚĂĞƐƚŚĞƚŝĐǀŝƐƵĂůĐŽŵƉŽŶĞŶƚŽĨƚŚĞŽǀĞƌĂůůƐŝƚĞĚĞƐŝŐŶ͘ ϴͿ dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŵŝŶŝŵŝǌĞƐĂĐĐĞƐƐƉŽŝŶƚƐďǇƵƚŝůŝǌŝŶŐƐŚĂƌĞĚĂĐĐĞƐƐƉŽŝŶƚƐǁŝƚŚĂĚũĂĐĞŶƚ ĚĞǀĞůŽƉŵĞŶƚƐ͕ƌĞƐƵůƚŝŶŐŝŶĂƌĞĚƵĐƚŝŽŶŝŶƚŚĞŶƵŵďĞƌŽĨĚƌŝǀĞǁĂǇŽƉĞŶŝŶŐƐŽŶĂĐŽůůĞĐƚŽƌŽƌŚŝŐŚĞƌůĞǀĞů ƐƚƌĞĞƚ͘ Z^WKE^͗ dŚĞƉƌŽũĞĐƚƐŝƚĞŝƐŶŽƚĂďůĞƚŽŵĞĞƚƚŚŝƐĚĞŶƐŝƚǇďŽŶƵƐƌĞƋƵŝƌĞŵĞŶƚĂƐƚŚĞƐŝƚĞŝƐ ďŽƵŶĚĞĚƚŽƚŚĞŶŽƌƚŚ͕ĞĂƐƚĂŶĚǁĞƐƚďǇƉƵďůŝĐƐƚƌĞĞƚƐĂŶĚƚŽƚŚĞƐŽƵƚŚďǇĂƌĂŝůƐƉƵƌ͘dŚĞ ĂƉƉůŝĐĂŶƚŚĂƐǁŽƌŬĞĚǁŝƚŚƚŚĞWƵďůŝĐtŽƌŬƐĞƉĂƌƚŵĞŶƚƚŽƌĞĚƵĐĞƚŚĞŶƵŵďĞƌŽĨĂĐĐĞƐƐƉŽŝŶƚƐ ŽŶ&ŝƌƐƚǀĞŶƵĞEt͘ ϵͿ WĂƌŬŝŶŐůŽƚůĂŶĚƐĐĂƉŝŶŐĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨƐĐƌĞĞŶŝŶŐƌĞƐŝĚĞŶƚŝĂůĂƌĞĂƐĂŶĚͬŽƌƌŝŐŚƚŽĨͲǁĂǇĂƌĞĂƐĨƌŽŵ ĐŽŶĐĞŶƚƌĂƚŝŽŶŽĨǀĞŚŝĐůĞƐ͘ Z^WKE^͗ dŚĞĂƉƉůŝĐĂŶƚŚĂƐĂƚƚĞŵƉƚĞĚƚŽŵĞĞƚƚŚŝƐĚĞŶƐŝƚǇďŽŶƵƐďǇƐĐƌĞĞŶŝŶŐƚŚĞƉĂƌŬŝŶŐ ŐĂƌĂŐĞǁŝƚŚĂƌĐŚŝƚĞĐƚƵƌĂůĨĞĂƚƵƌĞƐĂŶĚůĂŶĚƐĐĂƉŝŶŐƚŽŵŝŶŝŵŝǌĞƚŚĞǀŝƐƵĂůŝŵƉĂĐƚŽĨǀĞŚŝĐůĞƐ ŝŶƐŝĚĞƚŚĞŽŶͲƐŝƚĞƉĂƌŬŝŶŐŐĂƌĂŐĞ͘ ĞĐĞŵďĞƌϭϮ͕ϮϬϭϴͮWĂŐĞϮ 3DFNHW3J *G ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕&ŝŶĂů/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ<EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ϲϯ͘ϰϮϳŽǁŶƚŽǁŶWĂƌŬŝŶŐKǀĞƌůĂǇŽŶĞ;WKͿ ^ƵďĚ͘Ϯ͘ƐƚĂďůŝƐŚĞĚŽƵŶĚĂƌŝĞƐĂŶĚĨĨĞĐƚ͗ ͘ >ĂŶĚƐůǇŝŶŐǁŝƚŚŝŶƚŚĞďŽƵŶĚĂƌŝĞƐŽĨƚŚĞŽǁŶƚŽǁŶWĂƌŬŝŶŐKǀĞƌůĂǇŽŶĞ;WKͿƐŚĂůůďĞƚŚĞ ĂƌĞĂƐƐŚŽǁŶŽŶƚŚĞŽĨĨŝĐŝĂůǌŽŶŝŶŐŵĂƉ͘ƐŝŶŝƚŝĂůůǇĞƐƚĂďůŝƐŚĞĚƚŚĞWKĨŽůůŽǁƚŚĞƉůĂŶ ďŽƵŶĚĂƌǇŽĨƚŚĞ͞ŽǁŶƚŽǁŶZŽĐŚĞƐƚĞƌDĂƐƚĞƌWůĂŶZĞƉŽƌƚ͘͟ ͘ KŶDĂƌĐŚϮϯ͕ϮϬϭϱƚŚĞŝƚǇŽƵŶĐŝůĂĚŽƉƚĞĚƚŚĞĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌĞǀĞůŽƉŵĞŶƚWůĂŶ ;DͿƉůĂŶĂƐĂĨƌĂŵĞǁŽƌŬĨŽƌĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞDĞǀĞůŽƉŵĞŶƚŝƐƚƌŝĐƚ;DŝƐƚƌŝĐƚͿ͘ dŚĞDWůĂŶŝĚĞŶƚŝĨŝĞĚƚŚĞĨŽůůŽǁŝŶŐĨƌĂŵĞǁŽƌŬĂŶĚƉŽůŝĐŝĞƐĨŽƌƉĂƌŬŝŶŐ͗ ϭ͘WƌŝŽƌŝƚǇWĂƌŬŝŶŐĂĐĐŽŵŵŽĚĂƚŝŽŶŝŶƚŚĞDŝƐƚƌŝĐƚƐŚŽƵůĚďĞĨŽƌƌĞƐŝĚĞŶƚƐ͕ƐŚŽƌƚͲ ƚĞƌŵǀŝƐŝƚŽƌƐ͕ƌĞƚĂŝůƉĂƚƌŽŶƐĂŶĚŵĞĚŝĐĂůƉĂƚŝĞŶƚƐĂŶĚƚŚĞŝƌƚƌĂǀĞůĐŽŵƉĂŶŝŽŶƐ͘ Ϯ͘ŵƉůŽǇĞĞƉĂƌŬŝŶŐ͙͘ŵƉůŽǇĞĞ;ƐͿƐŚŽƵůĚďĞĞŶĐŽƵƌĂŐĞĚƚŽƵƐĞƚƌĂŶƐŝƚŽƌŽƚŚĞƌ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶŽƉƚŝŽŶƚŽƌĞĚƵĐĞƚŚĞŶĞĞĚĨŽƌƵƚŝůŝǌŝŶŐŚŝŐŚǀĂůƵĞůĂŶĚŝŶƚŚĞĞŶƚƌĂů ĞǀĞůŽƉŵĞŶƚŽƌĞĨŽƌƉĂƌŬŝŶŐƉƵƌƉŽƐĞƐ͘ ϯ͘ĞǀĞůŽƉĞƌƐƐŚŽƵůĚďĞĞŶĐŽƵƌĂŐĞĚƚŽƐŚĂƌĞƉĂƌŬŝŶŐ͙͘ Z^WKE^͗ ŐƌĞĞĚ͘ ^ƵďĚ͘ϯ͘ DĂŶǇĞŵƉůŽǇĞĞ͕ŚŽƚĞůŐƵĞƐƚƐ͕ŵĞĚŝĐĂůƉĂƚŝĞŶƚƐ͕ŚŽƐƉŝƚĂůǀŝƐŝƚŽƌƐĂŶĚŽƚŚĞƌĐƵƐƚŽŵĞƌŽƌƉĂƚƌŽŶƐ ƉĂƌŬƚŚĞŝƌǀĞŚŝĐůĞŽŶĐĞĨŽƌƚŚĞŝƌƉƌŝŵĂƌǇƚƌŝƉĂŶĚŵĂŬĞĂĚĚŝƚŝŽŶĂůƚƌĂǀĞůƐƚŽƉƐǁŝƚŚŽƵƚĂŶĂĚĚŝƚŝŽŶĂů ǀĞŚŝĐůĞƚƌŝƉĞŝƚŚĞƌĂƐƉĞĚĞƐƚƌŝĂŶƐŽƌƚŚƌŽƵŐŚƵƐĞŽĨƐŚƵƚƚůĞŽƌƚƌĂŶƐŝƚƐĞƌǀŝĐĞƐ͙͘͟ƉĂƌŬŽŶĐĞ͘͟ Z^WKE^͗ ŐƌĞĞĚ͘ ^ƵďĚ͘ϰ͘ EŽƚĂƉƉůŝĐĂďůĞ͘ ^ƵďĚ͘ϱ ͘dŽĨƵƌƚŚĞƌƚŚĞĚĞǀĞůŽƉŐŽĂůƐŽĨƚŚĞDŝƐƚƌŝĐƚ͕ƚŚĞƉƌŽǀŝƐŝŽŶŽĨƚŚĞDͲWKƐŚŽƵůĚ͗ ͘ZĞĚƵĐĞƚŚĞƉƌŽŵŝŶĞŶĐĞŽĨŽĨĨƐƚƌĞĞƚƉĂƌŬŝŶŐĂƐĂůĂŶĚƵƐĞŝŶƚŚĞDŝƐƚƌŝĐƚƚŽƌĞůĞĂƐĞ ŵŽƌĞůĂŶĚĨŽƌƌĞĚĞ ǀĞůŽƉŵĞŶƚ͙͘͘ĂŶĚĐƌĞĂƚĞĂƐĂĨĞƌƉĞĚĞƐƚƌŝĂŶĨƌŝĞŶĚůǇĂĐƚŝǀĞƐƚƌĞĞƚůĞǀĞů ĞŶǀŝƌŽŶŵĞŶƚ͘ Z^WKE^͗ ŽŵƉůŝĞƐ ͘>ŝŵŝƚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶĞǆĐĞƐƐƉĂƌŬŝŶŐĐĂƉĂĐŝƚǇ͘ Z^WKE^͗ ŽŵƉůŝĞƐ ͘ŶƐƵƌĞĂĚĞƋƵĂƚĞĨůĞǆŝďŝůŝƚǇƚŽŵĞĞƚƐŚŽƌƚƚĞƌŵŶĞĞĚƐĨŽƌƉĂƌŬŝŶŐǁŚŝůĞƉĞƌŵĂŶĞŶƚ [[486,2148,499,2201][11][,I,][Arial]] ŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝƐďĞŝŶŐĚĞǀĞůŽƉĞĚ͘ Z^WKE^͗ ŽŵƉůŝĞƐ ^ƵďĚ͘ϲ͘ WĂƌŬŝŶŐĚĞƐŝŐŶƉƌŝŶĐŝƉůĞƐƐŚŽƵůĚƌĞĨůĞĐƚĐŽŶĐĞƉƚƐĂŶĚƉŽůŝĐŝĞƐĨŽƌƉĂƌŬŝŶŐĨĂĐŝůŝƚŝĞƐĚĞƐĐƌŝďĞĚŝŶ ƚŚĞDW͕DWůĂŶĂŶĚĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌŝƐƚƌŝĐƚĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐ͘ Z^WKE^͗ ŽŵƉůŝĞƐ ^ƵďĚ͘ϳ͘ dŚĞDWKƐŚŽƵůĚĞŶĐŽƵƌĂŐĞĐŽůůĂďŽƌĂƚŝŽŶĂŵŽŶŐĂŶĚďĞƚǁĞĞŶƉƌŝǀĂƚĞŝŶƚĞƌĞƐƚƐĂŶĚƉƵďůŝĐ ŝŶƚĞƌĞƐƚƐƚŽũŽŝŶƚůǇĂŶĚĐƌĞĂƚŝǀĞůǇŵĞĞƚƉĂƌŬŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐƚŚŽƌŽƵŐŚŝŶŶŽǀĂƚŝǀĞĚĞǀĞůŽƉŵĞŶƚĂŶĚ ŵĂŶĂŐĞŵĞŶƚŽĨƉĂƌŬŝŶŐĨĂĐŝůŝƚŝĞƐƚŽĐƌĞĂƚĞĚŝƐƚƌŝĐƚͲǁŝĚĞƉĂƌŬŝŶŐƐƵƉƉůǇŵĂǆŝŵŝǌĞĚĨŽƌĞĨĨŝĐŝĞŶĐǇŝŶ ĨƵƌƚŚĞƌĂŶĐĞŽĨƉƵďůŝĐŐŽĂůƐĂŶĚƉƌŝǀĂƚĞŝŶƚĞƌĞƐƚƐ͘ Z^WKE^͗ ŽŵƉůŝĞƐ ĞĐĞŵďĞƌϭϮ͕ϮϬϭϴͮWĂŐĞϮ 3DFNHW3J *G ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕&ŝŶĂů/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ<EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ ϲϯ͘ϰϮϳŽǁŶƚŽǁŶWĂƌŬŝŶŐKǀĞƌůĂǇŽŶĞ;WKͿĐŽŶƚŝŶƵĞĚ͙͘ ^ƵďĚ͘ϴ͘DͲWKŽƵŶĚĂƌǇĂŶĚĨĨĞĐƚ͗ ͘Ϯ͘ ^ŵĂůů^ƚŽƌĞĨƌŽŶƚZĞƚĂŝůƵƐŝŶĞƐƐWĂƌŬŝŶŐǆĞŵƉƚŝŽŶ͗EĞǁƐĞůĞĐƚ͞ƌĞƚĂŝů͟ŶŽŶ ͲƌĞƐŝĚĞŶƚŝĂů ďƵƐŝŶĞƐƐƵƐĞƐ͙ZĞƚĂŝůdƌĂĚĞĐŽŶƚĂŝŶŝŶŐŶŽŵŽƌĞƚŚĂŶϮ͕ϬϬϬ^&ŽĨ͞ĨůŽŽƌĂƌĞĂ͟ĂƐĚĞĨŝŶĞĚŝŶ ƐĞĐƚŝŽŶϲϯ͘ϰϮϮƐƵďĚ͘ϮůŽĐĂƚĞĚŝŶĂďƵŝůĚŝŶŐƐƉĂĐĞŽŶƐƚƌĞĞƚůĞǀĞůĨƌŽŶƚŝŶŐŽŶƚŚĞƉƵďůŝĐ ƐŝĚĞǁĂůŬĂŶĚƉƌŽǀŝĚĞĚǁŝƚŚĚŝƌĞĐƚƉĞĚĞƐƚƌŝĂŶĨƌŽŵƉƵďůŝĐƐŝĚĞǁĂůŬŝŶƚŽƚŚĞďƵƐŝŶĞƐƐ͕ƐŚĂůů ďĞĞǆĞŵƉƚĨƌŽŵĂŶǇŵŝŶŝŵƵŵĂĐĐĞƐƐŽƌǇŽĨĨͲƐƚƌĞĞƚƉĂƌŬŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐ͘ dŚĞƉƌŽƉŽƐĞĚƌĞƚĂŝůĐŽŵƉŽŶĞŶƚŶŽƚĞĚŝŶƚŚĞĂƉƉůŝĐĂƚŝŽŶĂƐϭ͕Ϯϭϳ^&ƋƵĂůŝĨŝĞƐĨŽƌƚŚĞƉĂƌŬŝŶŐ ĞǆĞŵƉƚŝŽŶ͘ ͘ƉƉƌŽǀĂůWƌŽĐĞƐƐ͗ Z^WKE^͗ Ă͘EŽƚĞĚ [[635,1085,648,1138][11][,I,][Arial]] &͘KƚŚĞƌZĞƋƵŝƌĞŵĞŶƚƐ͗ [[483,1197,496,1250][11][,I,][Arial]] Z^WKE^͗ Ă͘EŽƚĞĚ [[635,1253,648,1306][11][,I,][Arial]] ^ƵďĚ͘ϵ͘ĂƐĞZĞƋƵŝƌĞŵĞŶƚƐĨŽƌKĨĨ^ƚƌĞĞƚsĞŚŝĐƵůĂƌWĂƌŬŝŶŐŝŶƚŚĞDͲWK >ŝƐƚŽĨZĞƋƵŝƌĞĚKĨĨ^ƚƌĞĞƚWĂƌŬŝŶŐDŝŶŝŵƵŵZĞƋƵŝƌĞĚKĨĨ^ƚƌĞĞƚWĂƌŬŝŶŐDĂǆŝŵƵŵ WĞƌŵŝƚƚĞĚ hƐĞƐ ŽŵŵĞƌĐŝĂů ϭƉĞƌϯŐƵĞƐƚƌŽŽŵƐнƉĂƌŬŝŶŐĞƋƵĂůƚŽϭƐƉĂĐĞƉĞƌŐƵĞƐƚƌŽŽŵнƉĂƌŬŝŶŐĞƋƵĂůƚŽ >ŽĚŐŝŶŐ͗ ϭϬйŽĨƚŚĞĐĂƉĂĐŝƚǇŽĨƚŚĞƉĞƌƐŽŶĨŽƌĂŶϯϬйŽĨƚŚĞĐĂƉĂĐŝƚǇŽĨƉĞƌƐŽŶƐĨŽƌĂŶ ,ŽƚĞůƐͬŵŽƚĞůƐ ĂĨĨŝůŝĂƚĞĚƵƐĞŽŶƐŝƚĞ;ŝ͘Ğ͘ŝŶŝŶŐŽƌĂĨĨŝůŝĂƚĞĚƵƐĞŽŶƐŝƚĞͿŝ͘Ğ͕͘ĚŝŶŝŶŐŽƌ ŵĞĞƚŝŶŐƌŽŽŵƐͿŵĞĞƚŝŶŐƌŽŽŵƐͿ WƌŽƉŽƐĞĚ͗ϭϳϮƌŽŽŵƐͬϯсϱϴϭϳϮŐƵĞƐƚƌŽŽŵƐ 'ĂƚŚĞƌŝŶŐZŽŽŵϰϵƉĞŽƉůĞΛϭϬйсϱ'ĂƚŚĞƌŝŶŐZŽŽŵϰϵƉĞŽƉůĞΛϯϬйсϭϱ ŽĂƌĚZŽŽŵϮϭƉĞŽƉůĞΛϭϬйсϯŽĂƌĚZŽŽŵϮϭƉĞŽƉůĞΛϯϬйсϳ dŽƚĂů,ŽƚĞůϲϲWĂƌŬŝŶŐ^ƚĂůůƐϭϵϳWĂƌŬŝŶŐ^ƚĂůůƐ ZĞƚĂŝůdƌĂĚĞ DŝŶŝŵƵŵϰƐƚĂůůƐ;ƐƉĂĐĞůĞƐƐƚŚĂŶϰ͕ϬϬϬƐĨͿϭƉĞƌϮϬϬƐĨ;&ϭ͕ϮϭϳͬϮϬϬͿсϳƐƚĂůůƐ dŽƚĂůZĞƚĂŝůϰWĂƌŬŝŶŐ^ƚĂůůƐϳWĂƌŬŝŶŐ^ƚĂůůƐ dŽƚĂůůůϳϬWĂƌŬŝŶŐ^ƚĂůůƐŵŝŶŝŵƵŵ;ǁŝƚŚƌĞƚĂŝůͿϮϬϰWĂƌŬŝŶŐ^ƚĂůůƐŵĂǆŝŵƵŵ ͘ŶǇŽǁŶƚŽǁŶƉƌŽƉĞƌƚǇŽǁŶĞƌǁŝƚŚĂŶĞƐƚĂďůŝƐŚĞĚdƌĂǀĞůĞŵĂŶĚDĂŶĂŐĞŵĞŶƚWƌŽŐƌĂŵĂŶĚĂŶŽŶͲ ƐŝƚĞWĂƌŬŝŶŐWŽůŝĐĞĂŶĚDĂŶĂŐĞŵĞŶƚWůĂŶĂƉƉƌŽǀĞĚďǇƚŚĞŝƚǇŵĂǇƵƐĞƐƵĐŚWĂƌŬŝŶŐWŽůŝĐǇĂŶĚ DĂŶĂŐĞŵĞŶƚWůĂŶĂƉƉƌŽǀĞĚďǇƚŚĞŝƚǇŵĂǇƵƐĞƐƵĐŚWĂƌŬŝŶŐWŽůŝĐǇĂŶĚDĂŶĂŐĞŵĞŶƚWůĂŶƚŽŐƵŝĚĞƚŚĞ ĚĞǀĞůŽƉŵĞŶƚŽĨŽĨĨͲƐƚƌĞĞƚƉĂƌŬŝŶŐ͘ '͘ZĞƋƵŝƌĞĚŝĐǇĐůĞWĂƌŬŝŶŐ͗ ϭ͙͙͘ŝŶĂŶĞǁŽƌĞǆƉĂŶĚĞĚƉĂƌŬŝŶŐĨĂĐŝůŝƚǇǁŝƚŚŵŽƌĞƚŚĂŶϭϬϬĂƵƚŽƉĂƌŬŝŶŐƐƉĂĐĞƐ͕ƚŚĞ ƌĞƋƵŝƌĞĚƌĂƚŝŽĨŽƌƚŚĞƉŽƌƚŝŽŶŽĨƉĂƌŬŝŶŐĂďŽǀĞϭϬϬŝƐ͘ϳϱŽĨĂŶŽĨĨƐƚƌĞĞƚďŝĐǇĐůĞƉĂƌŬŝŶŐ ƐƉĂĐĞĨŽƌĞǀĞƌǇϭϬĂƵƚŽƉĂƌŬŝŶŐƐƉĂĐĞ͘ ĞĐĞŵďĞƌϭϮ͕ϮϬϭϴͮWĂŐĞϮ 3DFNHW3J *G ŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞů͕&ŝŶĂů/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ͕ZŽĐŚĞƐƚĞƌ͕DEͮ<EĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉ Ă͘ϭϬϳƉĂƌŬŝŶŐƐƚĂůůƐсϳǆ͘ϳϱсϲďŝŬĞƌĂĐŬƐ [[710,302,723,355][11][,I,][Arial]] ď͘ZĞĨĞƌƚŽƐŚĞĞƚϮ͘ϬϮĨŽƌ/ŶƚĞƌŝŽƌŝŬĞZĂĐŬ>ŽĐĂƚŝŽŶ͘ [[710,358,723,411][11][,I,][Arial]] ^ƵďĚ͘ϭϬZĞĚƵĐƚŝŽŶƐƚŽŽĨĨ^ƚƌĞĞƚWĂƌŬŝŶŐZĞƋƵŝƌĞŵĞŶƚƐ ͘;ĐͿůƚĞƌŶĂƚŝǀĞƉƌŽĐĞĚƵƌĞ͗dŚĞƉƌĞůŝŵŝŶĂƌǇ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚWůĂŶĂůůŽǁĞĚƚŚĞĨŽůůŽǁŝŶŐƉĂƌŬŝŶŐ ĐƌŝƚĞƌŝĂĂƚƚŚĞƚŝŵĞŽĨĂƉƉƌŽǀĂů͗ ͘ tŝƚŚŝŶƚŚĞďŽƵŶĚĂƌŝĞƐŽĨƚŚĞWK͕ƚŚĞŵŝŶŝŵƵŵƌĞƋƵŝƌĞĚŶƵŵďĞƌŽĨĂĐĐĞƐƐŽƌǇŽĨĨͲƐƚƌĞĞƚ ƉĂƌŬŝŶŐƐƉĂĐĞƐĨŽƌĂŶĞǆŝƐƚŝŶŐŽƌĂŶĞǁŶŽŶͲƌĞƐŝĚĞŶƚŝĂůƵƐĞƌĞƋƵŝƌĞĚďǇƚŚĞƵŶĚĞƌůǇŝŶŐ͕ ĞƐƚĂďůŝƐŚĞĚǌŽŶŝŶŐĚŝƐƚƌŝĐƚ͕ĂƌĞƌĞĚƵĐĞĚďǇϱϬƉĞƌĐĞŶƚ͘ Z^WKE^͗ dŚĞƉƌŽƉŽƐĞĚϭϳϱƌŽŽŵŚŽƚĞůƌĞƋƵŝƌĞƐϭƐƚĂůůƉĞƌƵŶŝƚ͘ϱϬйƌĞĚƵĐƚŝŽŶĞƋƵĂůƐϴϴ ;ϴϳ͘ϱͿƐƚĂůůƐƌĞƋƵŝƌĞĚ͘ &ƵƌƚŚĞƌĂƉƉůŝĐĂďůĞƐƚĂŶĚĂƌĚƐŝŶĐŽŵƉůŝĂŶĐĞƚŽĚĂǇƐǌŽŶŝŶŐƐƚĂŶĚĂƌĚƐ͗ Ϯ͘^ƚĂŶĚĂƌĚZĞĚƵĐƚŝŽŶƐĨŽƌĂĐĐĞƐƐŽƌǇKĨĨ^ƚƌĞĞƚWĂƌŬŝŶŐĨŽƌEŽŶZĞƐŝĚĞŶƚŝĂůhƐĞƐ͘ ;ĐͿĂƉƚŝǀĞDĂƌŬĞƚZĞĚƵĐƚŝŽŶ͘ZĞƚĂŝůƚƌĂĚĞŵĂǇďĞƌĞĚƵĐĞĚďǇϭϬй Z^WKE^͗ ϴƐƚĂůůƐǆϭϬйсͲϭƐƚĂůů ;ĚͿĚũĂĐĞŶƚ͕DĞƚĞƌĞĚ͕KŶͲ^ƚƌĞĞƚWƵďůŝĐWĂƌŬŝŶŐ^ƉĂĐĞƐĚũƵƐƚŵĞŶƚ͗WƵďůŝĐ͕ŵĞƚĞƌĞĚŽŶͲ ƐƚƌĞĞƚƐƉĂĐĞƐůǇŝŶŐĂĚũĂĐĞŶƚ͕ŝŶǁŚŽůĞŽƌŝŶƉĂƌƚ͕ƚŽƚŚĞƉƌŽƉĞƌƚǇůŝŶĞŽĨƚŚĞǌŽŶŝŶŐůŽƚĨŽƌƚŚĞ ŶĞǁĚĞǀĞůŽƉŵĞŶƚǁŝƚŚĂŶŽŶͲƌĞƐŝĚĞŶƚŝĂůůĂŶĚƵƐĞƚŚĂƚŵƵƐƚƉƌŽǀŝĚĞĂĐĐĞƐƐŽƌǇŽĨĨͲƐƚƌĞĞƚ ƉĂƌŬŝŶŐŵĂǇĐŽƵŶƚƚŚĞĂĚũĂĐĞŶƚŵĞƚĞƌĞĚŽŶͲƐƚƌĞĞƚƐƉĂĐĞƐĂƐĂůůŽƌƉĂƌƚŽĨƚŚĞƌĞƋƵŝƌĞĚ͕ŶŽŶͲ ƌĞƐŝĚĞŶƚŝĂů͕ĂĐĐĞƐƐŽƌǇ͕ŽĨĨƐƚƌĞĞƚƉĂƌŬŝŶŐƐƉĂĐĞƐ͘ Z^WKE^͗ dŚĞƌĞĂƌĞĐƵƌƌĞŶƚůǇϮŵĞƚĞƌĞĚƉĂƌŬŝŶŐƐƉĂĐĞƐŽŶϭ ƐƚǀĞŶƵĞEtĂĚũĂĐĞŶƚƚŚĞ ƐŝƚĞ͘tŝƚŚƚŚĞƉƌŽƉŽƐĞĚƌĞŵŽǀĂůŽĨŽŶĞŽĨƚŚĞĚƌŝǀĞǁĂǇĂĐĐĞƐƐĞƐ͕ŝƚŝƐĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚƚŚĞƌĞ ĐŽƵůĚďĞƵƉƚŽϮĂĚĚŝƚŝŽŶĂůŵĞƚĞƌĞĚƐƉĂĐĞƐŶĞĂƌƚŚĞĞǆŝƐƚŝŶŐϮ͘&ŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƚŚŝƐ ĐĂůĐƵůĂƚŝŽŶŽŶůǇƚŚĞƚǁŽĞǆŝƐƚŝŶŐƐƉĂĐĞƐĂƌĞƵƚŝůŝǌĞĚ͘ Z^WKE^͗ сͲϮƐƚĂůůƐ ;ĞͿŝŬĞWĂƌŬŝŶŐ^ƵďƐƚŝƚƵƚŝŽŶ͗KĨĨͲƐƚƌĞĞƚďŝĐǇĐůĞƉĂƌŬŝŶŐƉƌŽǀŝƐŝŽŶƐůŽĐĂƚĞĚŝŶĂƉƵďůŝĐƐƉĂĐĞ ŽŶƚŚĞƐƚƌĞĞƚůĞǀĞůŵĂǇďĞƐƵďƐƚŝƚƵƚĞĚĨŽƌƵƉƚŽϱйŽĨƚŚĞĨŝŶĂůŵŽĚŝĨŝĞĚŶƵŵďĞƌŽĨŽĨĨ ƐƚƌĞĞƚĂĐĐĞƐƐŽƌǇƉĂƌŬŝŶŐƐƉĂ ĐĞƐ͙ǁŝƚŚ;ĐͿƐŝǆhͲůŽĐŬĨƌŝĞŶĚůǇďŝĐǇĐůĞƌĂĐŬƐƉĂĐĞƐƚŚĂƚƐƵƉƉŽƌƚ ƚŚĞďŝĐǇĐůĞƵƉƌŝŐŚƚďǇŝƚƐĨƌĂŵĞŝŶĂƚůĞĂƐƚƚǁŽƉůĂĐĞƐŽƌƉŽŝŶƚƐŽĨĐŽŶƚĂĐƚ͘ Z^WKE^͗ ϭϴϬǆ͘ϱсϵĂůůŽǁĞĚ;ͲϳďŝŬĞƐƚĂůůƐƉƌŽƉŽƐĞĚͿ Z^WKE^^hDDZz͗ tŝƚŚƉƌŝŽƌWƌĞůŝŵŝŶĂƌǇWůĂŶĂƉƉƌŽǀĂůŽĨϴϴƐƚĂůůƐǁŝƚŚƚŚĞĂĚĚŝƚŝŽŶĂůƐƚĂŶĚĂƌĚ ĚĞĚƵĐƚŝŽŶƐ͕ƚŚĞĂůůŽǁĞĚŵŝŶŝŵƵŵƐƚĂŶĚĂƌĚƐŽĨƐƚĂůůƐƌĞƋƵŝƌĞĚŝƐϳϴƐƚĂůůƐ͘ŝǀŝĐŽŶ&ŝƌƐƚƉƌŽƉŽƐĞƐϭϬϳ ƉĂƌŬŝŶŐƐƚĂůůƐƚŽďĞĐŽŶƚĂŝŶĞĚǁŝƚŚŝŶƚŚĞƉƌŽũĞĐƚ͘ ĞĐĞŵďĞƌϭϮ͕ϮϬϭϴͮWĂŐĞϮ 3DFNHW3J *G ZĞƐŽůƵƚŝŽŶŽŶĚŝƚŝŽŶƐŽĨƉƉƌŽǀĂůĨƌŽŵƚŚĞWƌĞůŝŵŝŶĂƌǇ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ ηZϮϬϭϳͲϬϮϵhWĂƉƉƌŽǀĞĚ:ƵŶĞϲ͕ϮϬϭϴ͘ ϭ͘^ƵďŵŝƐƐŝŽŶŽĨĨŝŶĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶƐƐŚĂůůŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗ Ă͘/ĚĞĂůǁŝĚƚŚƐĨŽƌƐŝĚĞǁĂůŬǌŽŶĞƐĨƌŽŵ^ĞĐƚŝŽŶ͘ϬϭŝŶƚŚĞDĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐƐŚĂůů ďĞƐŚŽǁŶŽŶƚŚĞďƵŝůĚŝŶŐƉůĂŶƐ͕͘ůĨƚŚĞƐĞǁŝĚƚŚƐĐĂŶŶŽƚďĞĂĐŚŝĞǀĞĚ͕ĂŶĞǆƉůĂŶĂƚŝŽŶƐŚĂůů ďĞƉƌŽǀŝĚĞĚ͘ ŝ͘dŚĞDƌĞĐŽŵŵĞŶĚĞĚĚĞƐŝŐŶŐƵŝĚĞůŝŶĞƐĨŽƌƐŝĚĞǁĂůŬǌŽŶĞƐǁĂƐŝŶĐŽƌƉŽƌĂƚĞĚ [[713,739,726,792][11][,I,][Arial]] ŝŶƚŽƚŚĞ&ŝŶĂůWůĂŶƐƚŽƚŚĞďĞƐƚĞǆƚĞŶĚƉŽƐƐŝďůĞ͘dŚĞŝƌƌĞŐƵůĂƌƐŚĂƉĞŽĨƚŚĞƉĂƌĐĞů ƌĞƋƵŝƌĞĚĐƌĞĂƚŝǀĞƵƐĞŽĨƐƉĂĐĞĂŶĚĂďĂůĂŶĐĞŽĨĚĞƐŝŐŶĞůĞŵĞŶƚƐŝŶƚŚĞƉƵďůŝĐ ĂŶĚƉƌŝǀĂƚĞƌĞĂůŵ͘ ď͘ĚĞƚĂŝůĞĚůŝƐƚŽĨďƵŝůĚŝŶŐŵĂƚĞƌŝĂůƐƐŚĂůůďĞƉƌŽǀŝĚĞĚ͘ ŝ͘ĚĞƚĂŝůĞĚůŝƐƚŽĨďƵŝůĚŝŶŐŵĂƚĞƌŝĂůƐŝƐƉƌŽǀŝĚĞĚŽŶƚŚĞĂƌĐŚŝƚĞĐƚƵƌĂůƉůĂŶƐŚĞĞƚƐ [[713,1075,726,1128][11][,I,][Arial]] ϲ͘Ϭϭ͕ϲ͘ϬϮĂŶĚŝƐƌĞĨĞƌĞŶĐĞĚƚŚƌŽƵŐŚŝŶŐƌĂƉŚŝĐŝůůƵƐƚƌĂƚŝŽŶĂŶĚdĂďůĞ͘ Đ͘ĚĞƚĂŝůĞĚůŝƐƚŽĨŐƌŽƵŶĚƐƵƌĨĂĐĞŵĂƐŚĂůůďĞƉƌŽǀŝĚĞĚ͘ ŝ͘ĚĞƚĂŝůĞĚ>ĂŶĚƐĐĂƉĞƉůĂŶǁŚŝĐŚĚĞƚĂŝůƐƐƵƌĨĂĐĞŵĂƚĞƌŝĂůƚƌĞĂƚŵĞŶƚƐǁŝƚŚ ŽƌŶĂŵĞŶƚĂůƉůĂŶƚƐƉĞĐŝĞƐŝƐĨŽƵŶĚŽŶƉĂŐĞƐ>ϭ͘ϬϭĂŶĚ>ϭ͘ϬϮ͘>ĂŶĚƐĐĂƉĞ ƌĐŚŝƚĞĐƚƵƌĞĂŶĚŝǀŝůŶŐŝŶĞĞƌŝŶŐWůĂŶƐƉƌŽǀŝĚĞĚĞƚĂŝůĞĚƐƵƌĨĂĐĞŝŶĨŽƌŵĂƚŝŽŶ ƌĞŐĂƌĚŝŶŐƚŚĞƉůĂĐĞŵĞŶƚĂŶĚƚǇƉĞƐŽĨƉĂǀĞŵĞŶƚƐĂŶĚŵƵůĐŚŵĂƚĞƌŝĂůƐ͘dŚŝƐ ŝŶĨŽƌŵĂƚŝŽŶĐĂŶďĞĨŽƵŶĚŽŶƉĂŐĞƐϯ͘Ϭϭ͕ϯ͘ϬϮ͕ϯ͘Ϭϯ͕ϰ͘Ϭϭ͕ϰ͘ϬϮĂŶĚƚŚĞ ŶŽƚĞĚ>ĂŶĚƐĐĂƉĞWůĂŶƐŶŽƚĞĚĂďŽǀĞ͘ Ě͘^ƚƌĞĞƚĨƵƌŶŝƚƵƌĞĂŶĚŽƚŚĞƌƉĞĚĞƐƚƌŝĂŶĞůĞŵĞŶƚƐƐŚĂůůďĞŝĚĞŶƚŝĨŝĞĚ͘ ŝ͘^ƚƌĞĞƚĨƵƌŶŝƚƵƌĞĂŶĚƉĞĚĞƐƚƌŝĂŶĞůĞŵĞŶƚƐĂƌĞŝĚĞŶƚŝĨŝĞĚŽŶƉůĂŶƐŚĞĞƚϯ͘Ϭϭ͕ [[713,1746,726,1799][11][,I,][Arial]] >ϭ͘ϬϭĂŶĚ>ϭ͘ϬϮǁŝƚŚŵŽǀĞĂďůĞĨƵƌŶŝƚƵƌĞ͕ŵĞƚĂůƚƌĞůůŝƐ͕ĨŽŽĚƉƌĞƉĐŽƵŶƚĞƌǁŝƚŚ Őƌŝůů͕ďĞŶĐŚĞƐ͕ďŝŬĞƌĂĐŬƐĂŶĚĚĞůŝŶĞĂƚĞĚƉĞĚĞƐƚƌŝĂŶƐƉĂĐĞƉůĂǌĂƐĂŶĚǁĂůŬǁĂǇƐ͘ Ğ͘dŚĞĨŝŶĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶƐƐŚĂůůĚĞŵŽŶƐƚƌĂƚĞĐŽŵƉůŝĂŶĐĞǁŝƚŚǀĞŚŝĐůĞĂŶĚďŝĐǇĐůĞ ƉĂƌŬŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐŽƌƐŚĂůůŝŶĐůƵĚĞĂƌĞƋƵĞƐƚĨŽƌĂĐůĂƌŝĨŝĐĂƚŝŽŶƚŽƚŚĞƐĞƐƚĂŶĚĂƌĚƐ͘ ŝ͘dŚĞƌĞĂƌĞϭϬϳƉĂƌŬŝŶŐƐƉĂĐĞƐĂŶĚϭϭďŝŬĞƉĂƌŬŝŶŐƐƉĂĐĞƐďĞƚǁĞĞŶŝŶƚĞƌŝŽƌĂŶĚ [[713,2082,726,2135][11][,I,][Arial]] ĞǆƚĞƌŝŽƌůŽĐĂƚŝŽŶƐ͘ƌĞƋƵĞƐƚĨŽƌĐůĂƌŝĨŝĐĂƚŝŽŶĨŽƌƉĂƌŬŝŶŐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞ ŽƌĚŝŶĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐŝƐƐŽƵŐŚƚ͘ Ĩ͘dŚĞůĂŶĚƐĐĂƉĞĂƌĞĂŝŶĐůƵĚĞĚŝŶƚŚĞůĂŶĚƐĐĂƉĞĂƌĞĂĐĂůĐƵůĂƚŝŽŶƐŚĂůůďĞƐŚŽǁŶŽŶ ƚŚĞƉůĂŶƐ͘ ŝ͘dŚĞ>ĂŶĚƐĐĂƉĞĂƌĞĂŚĂƐďĞĞŶŝŶĐůƵĚĞĚƚŽƐŚŽǁƚŚĞŶĞǁůǇĐƌĞĂƚĞĚůŽƚĂƌĞĂ [[713,2418,726,2471][11][,I,][Arial]] ĐŽŵƉůŝĂŶĐĞ͘ĚĚŝƚŝŽŶĂůĚĂƚĂŚĂƐďĞĞŶƉƌŽǀŝĚĞĚƚŽĚĞŵŽŶƐƚƌĂƚĞĞǆĐĞƉƚŝŽŶĂů ŵĞĂƐƵƌĞƐƚŽŝŶĐůƵĚĞŐƌĞĞŶŝŶĨƌĂƐƚƌƵĐƚƵƌĞŽŶĂƐŵƵĐŚŽĨƚŚĞƐŝƚĞĂƐƉƌĂĐƚŝĐĂďůĞ ŝŶĐůƵĚŝŶŐĂŐƌĞĞŶƌŽŽĨĐŽŵƉŽŶĞŶƚ͘ Ő͘ŽŵƉůŝĂŶĐĞǁŝƚŚďŽƵůĞǀĂƌĚƚƌĞĞƌĞƋƵŝƌĞŵĞŶƚƐŝŶƚŚĞŽŶŝŶŐKƌĚŝŶĂŶĐĞŽƌĂ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶĨƌŽŵƚŚĞZŽĐŚĞƐƚĞƌWĂƌŬĂŶĚZĞĐƌĞĂƚŝŽŶĞƉĂƌƚŵĞŶƚĨŽƌĂƉůĂŶĨŽƌ ĂůƚĞƌŶĂƚŝǀĞĐŽŵƉůŝĂŶĐĞ͘ ŝ͘dŚĞŽƵůĞǀĂƌĚdƌĞĞƐĂƌĞƐŚŽǁŶƉůĂŶƚĞĚŽŶƐŝƚĞƚŽƚŚĞĞǆƚĞŶƚƉƌĂĐƚŝĐĂďůĞ͘ [[713,2865,726,2918][11][,I,][Arial]] ŽƵůĞǀĂƌĚƚƌĞĞƋƵĂŶƚŝƚŝĞƐĂƌĞĨŽƵŶĚŽŶϯ͘ϬϭĂŶĚƉƌŽƉŽƐĞĚƐƉĞĐŝĞƐĂƌĞĨŽƵŶĚŽŶ 3DFNHW3J *G >ϭ͘Ϭϭ͘dƌĞĞƐƚŚĂƚĐĂŶŶŽƚďĞƉůĂŶƚĞĚĚƵĞƚŽƚŚĞƉƌŽƉŽƐĞĚďƵŝůƚĞŶǀŝƌŽŶŵĞŶƚǁŝůů ďĞĂůƚĞƌŶĂƚĞůǇĐŽŵƉůŝĞĚǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƚŚƌŽƵŐŚĂĐĂƐŚŝŶůŝĞƵŽĨƉĂǇŵĞŶƚ͘ Ś͘>ŽĐĂƚŝŽŶƐĂŶĚƐĐƌĞĞŶŝŶŐŽĨŵĞĐŚĂŶŝĐĂůĞƋƵŝƉŵĞŶƚƐŚĂůůďĞŝĚĞŶƚŝĨŝĞĚ͘ ŝ͘dŚĞDĞĐŚĂŶŝĐĂůĞƋƵŝƉŵĞŶƚǁĂƐƉůĂĐĞĚŝŶƚŚĞ^ŽƵƚŚĂƐƚĐŽƌŶĞƌŽĨƚŚĞƐŝƚĞďĂƐĞĚ ŽŶĐŽŶƐƵůƚĂƚŝŽŶǁŝƚŚĂƌĞĂƵƚŝůŝƚǇƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͘ůůƉĂĚůŽĐĂƚŝŽŶƐĂƌĞŶŽƚĞĚŝŶ Ăůů^ŝƚĞ͕ŝǀŝůĂŶĚ>ĂŶĚƐĐĂƉĞƌĐŚŝƚĞĐƚƵƌĂůƉůĂŶƐǁŝƚŚƐĐƌĞĞŶŶŽƚĞĚƐƉĞĐŝĨŝĐĂůůǇŝŶ ƚŚĞůĂŶĚƐĐĂƉĞƉůĂŶƐ͘ Ϯ͘WƌŝŽƌƚŽĨŝŶĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶĂƉƉƌŽǀĂů͕'ƌĂĚŝŶŐΘƌĂŝŶĂŐĞWůĂŶĂƉƉƌŽǀĂůŝƐƌĞƋƵŝƌĞĚĨŽƌƚŚŝƐ ƉƌŽũĞĐƚ͘ Ă͘dŚĞ'ƌĂĚŝŶŐĂŶĚƌĂŝŶĂŐĞƉůĂŶƐƐƵďŵŝƚƚĂůǁŝůůďĞŵĂĚĞƚŽƚŚĞZŽĐŚĞƐƚĞƌWƵďůŝĐtŽƌŬƐ [[560,917,573,970][11][,I,][Arial]] ĞƉĂƌƚŵĞŶƚƉƌŝŽƌƚŽƚŚĞWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDĞĞƚŝŶŐ͘ ϯ͘WƌŝŽƌƚŽĨŝŶĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶĂƉƉƌŽǀĂů͕ƚŚĞĐŽŶĚŝƚŝŽŶƐŽĨƚŚĞƚƌĂĨĨŝĐŝŵƉĂĐƚƌĞƉŽƌƚƐŚĂůů ďĞƌĞǀŝƐĞĚƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚĞĂůƚĞƌŶĂƚŝǀĞƐŝƚĞƉůĂŶůĂǇŽƵƚĂŶĚƌĞǀŝĞǁĞĚďǇƚŚĞWƵďůŝĐ tŽƌŬƐĞƉĂƌƚŵĞŶƚ͘ Ă͘ƌĞǀŝƐĞĚd/ZǁĂƐƐƵďŵŝƚƚĞĚƚŽƚŚĞŝƚǇŽĨWƵďůŝĐtŽƌŬƐĞƉĂƌƚŵĞŶƚĂŶĚƚŚĞĐŽŶĚŝƚŝŽŶĂů [[560,1253,573,1306][11][,I,][Arial]] ĂƉƉƌŽǀĂůŐƌĂŶƚĞĚǁŝƚŚƚŚĞĂŐƌĞĞŵĞŶƚŽĨĨƵůĨŝůůŵĞŶƚŽĨƚŚĞĐŽŶĚŝƚŝŽŶƐǁŝƚŚŝŶ͘ ŽƌƌĞƐƉŽŶĚĞŶĐĞŚĂƐƚƌĂŶƐƉŝƌĞĚďĞƚǁĞĞŶŝƚǇŽĨZŽĐŚĞƐƚĞƌWƵďůŝĐtŽƌŬƐĂŶĚƚŚĞWůĂŶŶŝŶŐ ĞƉĂƌƚŵĞŶƚƚŽǀĞƌŝĨǇƚŚĂƚŚĂƐŽĐĐƵƌƌĞĚ͘ ϰ͘͘ŶĐŽŵƉůŝĂŶƚƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐƐŚĂůůďĞƉƌŽǀŝĚĞĚĨƌŽŵƚŚĞƉƵďůŝĐƉĞĚĞƐƚƌŝĂŶĨĂĐŝůŝƚŝĞƐ ĂůŽŶŐϭ ƐƚǀĞ͘EtƚŽƚŚĞƵŝůĚŝŶŐĞŶƚƌĂŶĐĞ͘ Ă͘WůĞĂƐĞƌĞĨĞƌƚŽƉůĂŶƐŚĞĞƚϯ͘ϬϭĂŶĚ>ϭ͘ϬϭĂŶĚĚĞƚĂŝůĞĚŝŶĨŽƌŵĂƚŝŽŶĨŽƌ ĐŽŵƉůŝĂŶĐĞĨŽƵŶĚŽŶϰ͘ϬϭĂŶĚϰ͘ϬϮŐƌĂĚŝŶŐƉůĂŶĚĞƚĂŝůƐ͘ ϱ͘WƌŝŽƌƚŽďƵŝůĚŝŶŐƉĞƌŵŝƚĂƉƉƌŽǀĂů͕Ă͕ŝƚǇƉƌĞƉĂƌĞĚĂŐƌĞĞŵĞŶƚƐŚĂůůďĞĞǆĞĐƵƚĞĚƚŽĂĚĚƌĞƐƐŝŶ ƉĂƌƚ͕ƚŚĞĚĞǀĞůŽƉĞƌΖƐĨŝŶĂŶĐŝĂůŽďůŝŐĂƚŝŽŶƐĨŽƌƐŝŐŶĂůĂŶĚƐƚƌĞĞƚŵŽĚŝĨŝĐĂƚŝŽŶƐƚŚĂƚŵĂǇďĞ ƌĞƋƵŝƌĞĚƚŽŝǀŝĐĞŶƚĞƌƌŝǀĞEt͕ĂŶĚϭƐƚǀĞEt͘ Ă͘ŐƌĞĞĚ͘ [[560,1980,573,2033][11][,I,][Arial]] ϲ͘ŶǇĞŶĐƌŽĂĐŚŵĞŶƚƐŝŶƚŽƉƵďůŝĐĞĂƐĞŵĞŶƚƐŽƌƉƵďůŝĐZKt͕ŽƚŚĞƌƚŚĂŶƚƵƌĨͬďŽƵůĞǀĂƌĚƚƌĞĞƐ͕ǁŝůů ƌĞƋƵŝƌĞƉƌŝŽƌŝƚǇŽƵŶĐŝůĂƉƉƌŽǀĂůŽĨĂůĞŐĂůĚŽĐƵŵĞŶƚĚĞĞŵĞĚĂƉƉƌŽƉƌŝĂƚĞďǇƚŚĞWƵďůŝĐ tŽƌŬƐŝƌĞĐƚŽƌĂŶĚŝƚǇƚƚŽƌŶĞǇ͘dŚĞƌĞƋƵŝƌĞŵĞŶƚĨŽƌĂŶĂƉƉƌŽƉƌŝĂƚĞůĞŐĂůĚŽĐƵŵĞŶƚ ŝŶĐůƵĚĞƐĂŶǇƉƌŝǀĂƚĞĨĂĐŝůŝƚŝĞƐǁŚŝĐŚǁŝůůĞǆƚĞŶĚŝŶƚŽƚŚĞƉƵďůŝĐƌŝŐŚƚͲŽĨͲǁĂǇŽƌƉƵďůŝĐ ĞĂƐĞŵĞŶƚƐ͕ĂďŽǀĞ͕Ăƚ͕ŽƌďĞůŽǁŐƌĂĚĞ͘ Ă͘ŐƌĞĞĚ͘ [[560,2372,573,2425][11][,I,][Arial]] ϳ͘ǆĞĐƵƚŝŽŶŽĨĂŝƚǇͲKǁŶĞƌŽŶƚƌĂĐƚǁŝůůďĞƌĞƋƵŝƌĞĚĨŽƌĂŶǇŶĞǁƉƵďůŝĐŝŵƉƌŽǀĞŵĞŶƚƐƌĞƋƵŝƌĞĚ [[410,2484,423,2537][11][,I,][Arial]] ĨŽƌƚŚŝƐƉƌŽƉŽƐĞĚƌĞĚĞǀĞůŽƉŵĞŶƚ͕ĂƐǁĞůůĂƐ͕ĨŽƌĂŶǇƌĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨĞǆŝƐƚŝŶŐƉƵďůŝĐ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ Ă͘ŐƌĞĞĚ͘ [[560,2652,573,2705][11][,I,][Arial]] ϴ͘dŚĞĞǆŝƐƚŝŶŐǁĂƚĞƌƐĞƌǀŝĐĞŵƵƐƚďĞĂďĂŶĚŽŶĞĚĂƚƚŚĞŵĂŝŶďǇĐƵƚƚŝŶŐŽƵƚƚŚĞƚĂƉƉŝŶŐƐůĞĞǀĞ͘ WƌŽǀŝĚĞĂŶĞǁϴΗŐĂƚĞǀĂůǀĞŽŶƚŚĞǁĂƚĞƌƐĞƌǀŝĐĞŶĞĂƌƚŚĞϲΗǁĂƚĞƌŵĂŝŶ͘ Ă͘ŐƌĞĞĚ͘ [[560,2875,573,2928][11][,I,][Arial]] 3DFNHW3J *G ϵ͘ŚĂƌŐĞƐͬĨĞĞĂƉƉůŝĐĂďůĞƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚŝƐƉƌŽƉĞƌƚǇŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐĂŶĚƵŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƚĂƚĞĚƐŚĂůůďĞƉĂŝĚƉƌŝŽƌƚŽŝƐƐƵĂŶĐĞŽĨƵƚŝůŝƚǇĐŽŶŶĞĐƚŝŽŶƉĞƌŵŝƚ;ƐͿ͕ŽƌĂƚƚŚĞ ŝƚǇΖƐĚŝƐĐƌĞƚŝŽŶ͕ǁŝƚŚŝŶϯϬĚĂǇƐĂĨƚĞƌŝŶǀŽŝĐŝŶŐ;ƌĂƚĞƐĂƌĞǀĂůŝĚƚŚƌŽƵŐŚϳͬϯϭͬϭϴĂŶĚƐƵďũĞĐƚ ƚŽĂŶEZĂĚũƵƐƚŵĞŶƚƚŚĞƌĞĂĨƚĞƌͿ͗ ^ĞǁĞƌǀĂŝůĂďŝůŝƚǇŚĂƌŐĞ;^Ϳ tĂƚĞƌǀĂŝůĂďŝůŝƚǇŚĂƌŐĞ;tͿ ^ƚŽƌŵtĂƚĞƌDĂŶĂŐĞŵĞŶƚƌĞĂŚĂƌŐĞͲ/ĨĂƉƉůŝĐĂďůĞ WůĂŶƚ/ŶǀĞƐƚŵĞŶƚ&ĞĞ;W/&Ϳ Ă͘ŐƌĞĞĚ ϭϬ͘dŚĞĂƉƉůŝĐĂŶƚƐŚĂůůƉƌŽƉŽƐĞǁŝƚŚƚŚĞŝƌĨŝŶĂůƉůĂŶĂƉƉůŝĐĂƚŝŽŶĂŶĞŶĚĚĂƚĞĨŽƌƌĞŵŽǀĂůŽĨ ƚŚĞĞůĞĐƚƌŽŶŝĐŵĞƐƐĂŐĞďŽĂƌĚ͘ Ă͘dŚĞĞůĞĐƚƌŽŶŝĐŵĞƐƐĂŐĞďŽĂƌĚŽƌďŝůůďŽĂƌĚƐŝŐŶǁŝůůŚĂǀĞĂϭϬǇĞĂƌůĞĂƐĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚ ŝƚ͛ƐƉůĂĐĞŵĞŶƚŽŶƚŚĞŝǀŝĐŽŶ&ŝƌƐƚƵŝůĚŝŶŐ͘ ϭϭ͘dŚĞĂƉƉůŝĐĂŶƚƐŚĂůůƉƌŽǀŝĚĞǁŝƚŚƚŚĞĨŝŶĂůƐƵďŵŝƚƚĂůƚŚĞƚĞĐŚŶŝĐĂůĚĞƐŝŐŶĚĞƚĂŝůƚŽůŝŵŝƚƚŚĞ ŝŵƉĂĐƚŽĨƚŚĞĞůĞĐƚƌŽŶŝĐďŝůůďŽĂƌĚƚŽƚŚĞƐƵƌƌŽƵŶĚŝŶŐŶĞŝŐŚďŽƌŚŽŽĚ͘ůƚĞƌŶĂƚŝǀĞůǇƚŚĞĂƉƉůŝĐĂŶƚ ĐĂŶĐŽŶƐŝĚĞƌƚŚĞĂĐĐĞƉƚĂŶĐĞŽĨƐŝŐŶĐƌĞĚŝƚĨŽƌƚŚĞĞůĞĐƚƌŽŶŝĐďŝůůďŽĂƌĚĨŽƌƚŚĞƌĞŵŽǀĂůŽĨƚŚĞ ĞůĞĐƚƌŽŶŝĐďŝůůďŽĂƌĚĨƌŽŵƚŚŝƐůŽĐĂƚŝŽŶ͘;ĂƐƉƌŽƉŽƐĞĚŽŶƚŚĞďƵŝůĚŝŶŐŽƌĂƚƚŚĞĐƵƌƌĞŶƚůŽĐĂƚŝŽŶͿ͘ Ă͘WůĞĂƐĞƌĞĨĞƌƚŽƚŚĞĂƚƚĂĐŚĞĚǆŚŝďŝƚͲŝǀŝĐŽŶ&ŝƌƐƚ,ŽƚĞůͲŝůůďŽĂƌĚWůĂĐĞŵĞŶƚĂŶĚ EĞŝŐŚďŽƌŚŽŽĚŽŶƚĞǆƚDĂƉ͘dŚŝƐĞǆŚŝďŝƚĂŶĚĐŽŶƚĞŶƚǁŝƚŚŝŶĚĞŵŽŶƐƚƌĂƚĞƐƚŚĂƚďǇ ƉůĂĐĞŵĞŶƚŽĨƚŚĞƐŝŐŶǁŝƚŚĂŽŶĞƐŝĚĞƌŽƚĂƚĞĚĂǁĂǇĨƌŽŵƚŚĞƐƵƌƌŽƵŶĚŝŶŐ ŶĞŝŐŚďŽƌŚŽŽĚ͕ƚŚĞŝŵƉĂĐƚŽĨůŝŐŚƚƉƌŽũĞĐƚŝŽŶŝƐŵŝŶŝŵŝǌĞĚƚŽƌĞƐŝĚĞŶƚŝĂůƉƌŽƉĞƌƚŝĞƐ͘ 3DFNHW3J *G 3DFNHW3J *G 3DFNHW3J *G &/E>/EEd/ss>KWDEd͕/s/KE&/Z^d,Kd> ZŽĐŚĞƐƚĞƌĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌŝƐƚƌŝĐƚĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐ WƌŽũĞĐƚZĞǀŝĞǁŚĞĐŬůŝƐƚ dŚĞZŽĐŚĞƐƚĞƌDŝƐƚƌŝĐƚĞƐŝŐŶ'ƵŝĚĞůŝŶĞŚĂǀĞƚǁŽĐŽŵƉŽŶĞŶƚƐ͗;ϭͿƉůĂŶŶŝŶŐĂŶĚĚĞƐŝŐŶ WĞƌĨŽƌŵĂŶĐĞ'ƵŝĚĞůŝŶĞƐĨŽƌƚŚĞDŝƐƚƌŝĐƚ͕ƐƚƌĞĞƚ͕ĂŶĚďƵŝůĚŝŶŐ͕ĂŶĚ;ϮͿĞƐŝŐŶĞƚĂŝůƐĨŽƌƐƚƌĞĞƚƐ ĂŶĚďƵŝůĚŝŶŐƐ͘ сĨĨŝƌŵĂƚŝǀĞ 9 сEŽƚƉƉůŝĐĂďůĞŽƌEĞŐĂƚŝǀĞ ϬϮ/ŽǁŶƚŽǁŶŝƐƚƌŝĐƚ ͘ϬϭƌĞĂƚĞĂ^ĂĨĞ͕/ŶǀŝƚŝŶŐĂŶĚŽŶŶĞĐƚĞĚWƵďůŝĐZĞĂůŵ ŽĞƐƚŚĞWůĂŶŽƌƉƌŽũĞĐƚĐŽŶƚƌŝďƵƚĞƚŽĐƌĞĂƚŝŶŐĂƐĂĨĞ͕ŝŶǀŝƚŝŶŐĂŶĚĐŽŶŶĞĐƚĞĚƉƵďůŝĐƌĞĂůŵ͍ 9 x dŚĞWƵďůŝĐĂƌĞĂƐŽĨƚŚĞ^ŝƚĞŝŶĐůƵĚĞƐĂĨĞ͕ŝŶǀŝƚŝŶŐ͕ĂŶĚĂƚƚƌĂĐƚŝǀĞůĂŶĚƐĐĂƉŝŶŐĂŶĚ ƐƵƐƚĂŝŶĂďůĞĨƵƌŶŝƐŚŝŶŐƐǁŚŝĐŚƐŽĨƚĞŶƚŚĞƉůĂŶĞƐŽĨƚŚĞŚĂƌĚƐĐĂƉĞŵĂƚĞƌŝĂůƐƵƐĞĚŝŶ ƉĂǀŝŶŐĂŶĚďƵŝůĚŝŶŐŵĂƚĞƌŝĂůƐ͘ŶĞƌŐǇĞĨĨŝĐŝĞŶƚůŝŐŚƚŝŶŐǁŝůůďĞƵƐĞĚƚŽĂƌƚŝƐƚŝĐĂůůǇ ƉƌŽǀŝĚĞƐĂĨĞǁĂǇĨŝŶĚŝŶŐĂŶĚŝůůƵŵŝŶĂƚĞƐĞĂƚŝŶŐĂƌĞĂƐ͘ ƌĞƚŚĞĞǆŝƐƚŝŶŐǀŝĞǁƐĂŶĚǀŝĞǁĐŽƌƌŝĚŽƌƐĞŶŚĂŶĐĞĚ͍ 9 dŚĞůŽĐĂƚŝŽŶŽĨƚŚŝƐƐŝƚĞǁŝƚŚŝŶƚŚĞĐŽŶƚĞǆƚŽĨƚŚĞŝƚǇĂƐƐƵƌĞƐƚŚĂƚĂƉĂƚƌŽŶǁŝƚŚŝŶ ƚŚĞŚŽƚĞůůŽŽŬƐƚŽ,ŝƐƚŽƌŝĐĞŶƚƌĂůWĂƌŬĂŶĚĚŝƌĞĐƚůǇƚŽǁĂƌĚƚŚĞŐƌŽǁŝŶŐŽǁŶƚŽǁŶ ^ŬǇůŝŶĞ͘dŚĞǀŝƚĂůƚƌĂŶƐƉŽƌƚĂƚŝŽŶĐŽƌƌŝĚŽƌƐŽĨŝǀŝĐĞŶƚĞƌƌŝǀĞĂŶĚƌŽĂĚǁĂǇĂƌĞ ǀŝƐŝďůĞƚŽƚŚĞŶŽƌƚŚĂůŽŶŐǁŝƚŚƚŚĞƐĐĞŶŝĐďůƵĨĨƐƚŚĂƚǁĞƌĞĐƌĞĂƚĞĚďǇƚŚĞƵŵďƌŽ ZŝǀĞƌĐŚĂŶŶĞů͘ ͘ϬϮŶŚĂŶĐĞŽŶŶĞĐƚŝŽŶƚŽEĂƚƵƌĞĂŶĚEĂƚƵƌĂů^ǇƐƚĞŵƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĐŽŶƚƌŝďƵƚĞƚŽĞŶŚĂŶĐŝŶŐĐŽŶŶĞĐƚŝŽŶƐƚŽŶĂƚƵƌĞĂŶĚŶĂƚƵƌĂů 9 ƐǇƐƚĞŵƐ͍ x dŚĞƉƌŽũĞĐƚŝŶĐŽƌƉŽƌĂƚĞƐĂƌŝĐŚůĂŶĚƐĐĂƉĞƉĂůĞƚƚĞŽĨŶĂƚŝǀĞƐƉĞĐŝĞƐ͘ŵŝǆƚƵƌĞŽĨ ƚƌĞĞƐ͕ƐŚƌƵďƐ͕ĂŶĚƉĞƌĞŶŶŝĂůƐƚŚĂƚĂƌĞŶĂƚŝǀĞƚŽƚŚĞĂƌĞĂĂƌĞƉƌŽƉŽƐĞĚƚŽƉƌŽǀŝĚĞ ƐĞĂƐŽŶŝŶƚĞƌĞƐƚǇĞĂƌͲƌŽƵŶĚ͘^ƉĞĐŝĨŝĐƐƉĞĐŝĞƐǁŝůůďĞƵƚŝůŝǌĞĚĨŽƌďĞƐƚƉĞƌĨŽƌŵĂŶĐĞŝŶ ƚŚĞŵŝĐƌŽĐůŝŵĂƚĞƚŚĞǇĂƌĞƉƌŽƉŽƐĞĚĨŽƌ͘&ŽƌŝŶƐƚĂŶĐĞ͕ƐĞĚƵŵƉĞƌĞŶŶŝĂůƐǁŝůůďĞ ŝŶĐŽƌƉŽƌĂƚĞĚŽŶƚŚĞŐƌĞĞŶƌŽŽĨǁŚŝĐŚƚŽůĞƌĂƚĞƐƵŶ͕ŚĞĂƚ͕ĂŶĚůŝƚƚůĞŵŽŝƐƚƵƌĞƌĞĚƵĐŝŶŐ ƚŚĞŶĞĞĚĨŽƌĐŽŶƚŝŶƵŽƵƐŝƌƌŝŐĂƚŝŽŶǇĞƚƉƌŽǀŝĚŝŶŐǀŝƐƵĂůĐŽůŽƌĂŶĚŝŶƚĞƌĞƐƚĂƐǁĞůůĂƐ ĨůŽǁĞƌƐĂŶĚŚĂďŝƚĂƚĨŽƌƉŽůůŝŶĂƚŝŶŐďƵŐƐĂŶĚŝŶƐĞĐƚƐ͘ ͘ϬϯƐƚĂďůŝƐŚŝƐƚƌŝĐƚĂŶĚ^ƵďͲŝƐƚƌŝĐƚ/ĚĞŶƚŝƚǇ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĐŽŶƚƌŝďƵƚĞƚŽĞƐƚĂďůŝƐŚŝŶŐĚŝƐƚƌŝĐƚĂŶĚƐƵďͲĚŝƐƚƌŝĐƚŝĚĞŶƚŝƚǇ͍ 9 dŚĞWƌŽũĞĐƚĂƌĐŚŝƚĞĐƚƵƌĞƐĞĞŬƐƚŽďŽƚŚƐĞƚƚŝŶŐƚŚĞƚŽŶĞĨŽƌƚŚĞĞŶƚƌĂů^ƚĂƚŝŽŶ dƌĂŶƐŝƚŝƐƚƌŝĐƚďƵŝůƚĞŶǀŝƌŽŶŵĞŶƚ͘dŚĞƉƌŽƉŽƐĞĚŚŽƚĞůďƌŝŶŐƐĂƵŶŝƋƵĞĂŶĚĚǇŶĂŵŝĐ ĨĂĕĂĚĞƚƌĞĂƚŵĞŶƚƚŚĂƚŝƐŶŽƚĨŽƵŶĚŝŶĂŶǇŽƚŚĞƌůŽĐĂƚŝŽŶƐǁŝƚŚŝŶƚŚĞDĚŝƐƚƌŝĐƚ͘ ϭϮ͘ϭϳ͘ϭϴŝǀŝĐŽŶ&ŝƌƐƚDŚĞĐŬůŝƐƚ 3DFNHW3J *G &/E>/EEd/ss>KWDEd͕/s/KE&/Z^d,Kd> ZŽĐŚĞƐƚĞƌĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌŝƐƚƌŝĐƚĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐ ͘Ϭϰ^ƚƌĞŶŐƚŚĞŶ'ĂƚĞǁĂǇƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĐŽŶƚƌŝďƵƚĞƚŽƐƚƌĞŶŐƚŚĞŶŝŶŐŐĂƚĞǁĂǇƐďĞƚǁĞĞŶƐƵďͲĚŝƐƚƌŝĐƚ͍ 9 xŽƚŚƚŚĞƐŝƚĞƉůĂŶĂŶĚƚŚĞƐƚƌƵĐƚƵƌĂůĞůĞŵĞŶƚƐŽĨƚŚĞƉƌŽũĞĐƚĂůŽŶŐǁŝƚŚƚŚĞůŽĐĂƚŝŽŶ ŽĨƚŚĞƐŝƚĞƐƚƌĞŶŐƚŚĞŶƚŚĞŐĂƚĞǁĂǇĐŽŶŶĞĐƚŝŽŶĂŶĚĂƚƚĞŵƉƚƐƚŽǀŝƐƵĂůůǇƐƚƌĞƚĐŚƚŚĞ ƌĞĂĐŚŽĨƚŚĞDĚŝƐƚƌŝĐƚƐŶŽƌƚŚĞƌůǇďĞǇŽŶĚŝǀŝĐĞŶƚĞƌƌŝǀĞ͘ ͘ϬϱƐƚĂďůŝƐŚ^ŝŐŶĂƚƵƌĞKƉĞŶ^ƉĂĐĞƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĐŽŶƚƌŝďƵƚĞƚŽŽƌĞƐƚĂďůŝƐŚ^ŝŐŶĂƚƵƌĞKƉĞŶ^ƉĂĐĞƐ͍ 9 x dŚĞĐŽŶƐƚƌĂŝŶƚƐŽĨƚŚĞƐŝƚĞĂƌĞĂƉƌŽŚŝďŝƚƚŚĞĂďŝůŝƚǇƚŽĐƌĞĂƚĞƐŝŐŶĂƚƵƌĞŽƉĞŶƐƉĂĐĞƐ ǁŚŝĐŚǁŽƵůĚƐĞƌǀĞĂůĂƌŐĞƉŽƉƵůĂƚŝŽŶ͘,ŽǁĞǀĞƌ͕ĞŶƚƌĂůWĂƌŬŝƐůĞƐƐƚŚĂŶЪďůŽĐŬ ĂǁĂǇĨƌŽŵƚŚĞƐŝƚĞĂŶĚŝƐĂĐĐĞƐƐŝďůĞƚŽƚŚĞƉƌŽũĞĐƚ͘ ͘ϬϲZĞƵƐĞĂŶĚZĞƐƚŽƌĞƵŝůĚŝŶŐƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚZĞƵƐĞĂŶĚZĞƐƚŽƌĞƵŝůĚŝŶŐƐ͍ 9 x dŚĞĞǆŝƐƚŝŶŐƐƚƌƵĐƚƵƌĞĚŝĚŶŽƚůĞŶĚŝƚƐĞůĨƚŽƌĞƵƐĞ͘ ͘Ϭϳ/ŶĨƵƐĞƚŚĞŝƚǇǁŝƚŚWƵďůŝĐƌƚ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚ/ŶĨƵƐĞƚŚĞŝƚǇǁŝƚŚWƵďůŝĐƌƚ͍ 9 x dŚĞŚŽƚĞůǁŝůůŝŶĐŽƌƉŽƌĂƚĞĂƌƚǁŝƚŚŝŶƚŚĞƉƵďůŝĐĂƌĞĂƐǁŚĞƌĞƐƵŝƚĂďůĞ͘ xǆƚĞƌŝŽƌƌƚƉůĂĐĞŵĞŶƚŝƐƵŶĚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶĂŶĚŽŶĞůŽĐĂƚŝŽŶĐŽƵůĚďĞĂůŽŶŐƚŚĞ ƐŽƵƚŚǁĂůůĂůŽŶŐƚŚĞĞǆŝƐƚŝŶŐƌĂŝůƌŽĂĚZŝŐŚƚŽĨtĂǇ͘ ͘ϬϴĞǀĞůŽƉDŝǆĞĚhƐĞEĞŝŐŚďŽƌŚŽŽĚƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞǀĞůŽƉDŝǆĞĚhƐĞEĞŝŐŚďŽƌŚŽŽĚƐ͍ 9 dŚĞƉƌŽƉŽƐĞĚ,ŽƚĞůĂŶĚĂŵĞŶŝƚŝĞƐŝŶũĞĐƚĂƵƐĞƚŚĂƚŚĂƐŶŽƚƉƌĞǀŝŽƵƐůǇĞǆŝƐƚĞĚŝŶƚŚŝƐ ŐĞŽŐƌĂƉŚŝĐĂƌĞĂ͘dŚĞƉƌŽƉŽƐĞĚƵƐĞƐǁŝƚŚŝŶƚŚĞĐŽŶƚĞǆƚŽĨƚŚĞůĂƌŐĞƌŶĞŝŐŚďŽƌŚŽŽĚ ǁŝƚŚĂĚũŽŝŶŝŶŐƌĞƐƚĂƵƌĂŶƚƐ͕ŽĨĨŝĐĞƐƉĂĐĞ͕ƉĂƌŬƐƉĂĐĞ͕ƐĞŶŝŽƌŚŽƵƐŝŶŐ͕ǁŽƌŬĨŽƌĐĞ ŚŽƵƐŝŶŐ͕ĂŶĚƚŚĞŶĞĂƌďǇƚƌĂŶƐŝƚĐŽƌƌŝĚŽƌĐƌĞĂƚĞĂŵŝǆĞĚͲƵƐĞĐŽŵŵƵŶŝƚǇ͘ ͘ϬϵWƌŽŵŽƚĞhƌďĂŶŐƌŝĐƵůƚƵƌĞ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚWƌŽŵŽƚĞhƌďĂŶŐƌŝĐƵůƚƵƌĞ͍ 9 x dŚĞƌĞĂƌĞĐƵƌƌĞŶƚůǇŶŽƉůĂŶƐƚŽŝŶĐůƵĚĞƵƌďĂŶĂŐƌŝĐƵůƚƵƌĞǁŝƚŚŝŶƚŚĞƉƌŽũĞĐƚ͘ ͘ϭϬƌĞĂƚĞŝƐƚƌŝĐƚWĂƌŬŝŶŐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚƌĞĂƚĞŝƐƚƌŝĐƚWĂƌŬŝŶŐ͍ 9 x dŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚĚŽĞƐŶŽƚŚĂǀĞĂĚĞƋƵĂƚĞƐŝƚĞĂƌĞĂƚŽĐƌĞĂƚĞƉĂƌŬŝŶŐĨŽƌ ĞǆƚĞƌŶĂůƵƐĞƌƐ͘,ŽǁĞǀĞƌ͕ƚŚĞĂŶƚŝĐŝƉĂƚĞĚƵƐĞƌƐŽĨƚŚĞŚŽƚĞůǁŝůůďĞƐĞƌǀĞĚƚŚƌŽƵŐŚ ƚŚĞŝŶƚĞŐƌĂƚŝŽŶŽĨĞĂƐŝůǇĂĐĐĞƐƐŝďůĞĂĐĐĞƐƐƚŽƉĞĚĞƐƚƌŝĂŶǁĂůŬǁĂǇƐ͕ďŝŬĞƉĂƌŬŝŶŐ͕ƉĂǇ ĂƐǇŽƵŐŽƚƌĂŶƐƉŽƌƚĂƚŝŽŶƐƵĐŚĂƐhďĞƌŽƌ>ǇĨƚ͕ĂŶĚƉůĂŶŶĞĚĞĂƐĞŽĨĂĐĐĞƐƐƚŽƉƵďůŝĐ ƚƌĂŶƐŝƚŽƉƉŽƌƚƵŶŝƚŝĞƐŶŽǁĂŶĚŝŶƚŚĞĨƵƚƵƌĞ͘ ϭϮ͘ϭϳ͘ϭϴŝǀŝĐŽŶ&ŝƌƐƚDŚĞĐŬůŝƐƚ 3DFNHW3J *G &/E>/EEd/ss>KWDEd͕/s/KE&/Z^d,Kd> ZŽĐŚĞƐƚĞƌĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌŝƐƚƌŝĐƚĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐ ͘ϭϭƌĞĂƚĞ^ƵƐƚĂŝŶĂďůĞŽŵŵƵŶŝƚǇŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚƌĞĂƚĞ^ƵƐƚĂŝŶĂďůĞŽŵŵƵŶŝƚǇŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͍ x dŚĞƉƌŽũĞĐƚĚŽĞƐŶŽƚĐƌĞĂƚĞƐƵƐƚĂŝŶĂďůĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞƐǇƐƚĞŵ͘dŚĞƌĞĂƌĞĞǆŝƐƚŝŶŐ ĐŽŶƐƚƌĂŝŶƚƐͬďĂƌƌŝĞƌƐĞǆƚĞƌŝŽƌƚŽƚŚĞƐŝƚĞďŽƵŶĚĂƌŝĞƐ͘ ͘ϭϮƌĞĂƚĞĂ,ĞĂůƚŚǇŽŵŵƵŶŝƚǇ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚƌĞĂƚĞĂ,ĞĂůƚŚǇŽŵŵƵŶŝƚǇ͍ 9 x dŚĞŝŶƚĞŶƚŝŽŶĂůƉůĂĐĞŵĞŶƚŽĨƚŚĞƉƌŽũĞĐƚĂŶĚƚŚĞĚĞƐŝŐŶŽĨƚŚĞƉůĂŶĂƌĞƚŽĨĂĐŝůŝƚĂƚĞ ŚĞĂůƚŚĂŶĚǁĞůůͲďĞŝŶŐŽĨĂůůŝŶĚŝǀŝĚƵĂůƐ͕ĞŵƉůŽǇĞĞƐ͕ĂŶĚǀŝƐŝƚŽƌƐĂůŝŬĞďǇƉƌŽŵŽƚŝŶŐ ƚŚĞĐŽŶǀĞŶŝĞŶĐĞŽĨǁĂůŬĂďŝůŝƚǇ͕ƚŚĞƵƐĞŽĨďŝĐǇĐůĞƐ͕ĂŶĚĂůƚĞƌŶĂƚĞĨŽƌŵƐŽĨƚƌĂŶƐŝƚ͘ ͘^ƚƌĞĞƚƐĂŶĚŽƌƌŝĚŽƌƐ;ĨŽƌĐůĂƌŝƚǇ͕ƚŚĞƵƐĞŽĨƚŚĞǁŽƌĚ͞ƐƚƌĞĞƚ͟ŝƐďƌŽĂĚůǇŝŶƚĞƌƉƌĞƚĞĚďĞůŽǁĂƐ͞Ă ƉĂƚŚǁĂǇ͟Žƌ͞ƌŽƵƚĞ͟ĂŶĚŶŽƚŽŶůǇĂƐĂ͞ƌŽĂĚ͟ǁŚĞƌĞŵŽƚŽƌŝǌĞĚǀĞŚŝĐůĞƐƚƌĂǀĞůͿ ͘ϬϭĞƐŝŐŶ^ƚƌĞĞƚƐƚŽĐĐŽŵŵŽĚĂƚĞWĞĚĞƐƚƌŝĂŶƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶ^ƚƌĞĞƚƐƚŽĐĐŽŵŵŽĚĂƚĞWĞĚĞƐƚƌŝĂŶƐ͍ 9 x zĞƐ͘dŚĞƌĞŝƐƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐŝŶĂůůƉĞƌŝŵĞƚĞƌƐŽĨƚŚĞƐŝƚĞǁŚŝĐŚĂĚũŽŝŶƉƵďůŝĐƌŽĂĚƐ ĂŶĚƚŚƌŽƵŐŚƚŚĞŝŶƚĞƌŝŽƌƉĞĚĞƐƚƌŝĂŶƉůĂǌĂĂŶĚǁĂůŬǁĂǇƐǁŝƚŚŝŶƚŚĞƐŝƚĞ͘ ͘ϬϮĞƐŝŐŶ^ƚƌĞĞƚƐƚŽĐĐŽŵŵŽĚĂƚĞŝĐǇĐůĞƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶ^ƚƌĞĞƚƐƚŽĐĐŽŵŵŽĚĂƚĞŝĐǇĐůĞƐ͍ 9 x zĞƐ͘dŚĞƌĞŝƐďŝŬĞƉĂƌŬŝŶŐĨŽƌƵƐĞďǇƚŚĞƉƵďůŝĐĂŶĚƐƚĂĨĨ͘dŚĞƉĞƌŝŵĞƚĞƌŶŽƌƚŚĞƌůǇ ƐŝĚĞǁĂůŬŝƐĂŶĞǆƉĂŶĚĞĚǁŝĚƚŚƚŽĂĐĐŽŵŵŽĚĂƚĞďŽƚŚƉĞĚĞƐƚƌŝĂŶƐĂŶĚĐǇĐůŝƐƚƐ͘ ͘ϬϯĞƐŝŐŶ^ƚƌĞĞƚƚŽĐĐŽŵŵŽĚĂƚĞDĂƐƐdƌĂŶƐŝƚ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶ^ƚƌĞĞƚƚŽĐĐŽŵŵŽĚĂƚĞDĂƐƐdƌĂŶƐŝƚ͍ 9 x zĞƐ͘dŚĞƌĞĂƌĞƉůĂŶŶĞĚƉŝĐŬƵƉĂŶĚĚƌŽƉŽĨĨůŽĐĂƚŝŽŶƐĨŽƌƉĂǇƉĞƌƵƐĞǀĞŚŝĐůĞƐŶĞĂƌ ƚŚĞŚŽƚĞůŵĂŝŶĞŶƚƌĂŶĐĞ͘dŚĞƐŝƚĞŝƐĂĚũĂĐĞŶƚƚŚĞŝŶƚĞŐƌĂƚĞĚƚƌĂŶƐŝƚĐŽƌƌŝĚŽƌƌŽƵƚĞŽĨ ŝǀŝĐĞŶƚĞƌƌŝǀĞĂŶĚŝƐĐůŽƐĞƚŽďƵƐƐƚŽƉƐƐĞƌǀŝŶŐŵĂŶǇƚƌĂŶƐƉŽƌƚĂƚŝŽŶƌŽƵƚĞƐ͘ ͘ϬϰĞƐŝŐŶ^ĂĨĞĨĨŝĐŝĞŶƚZŽĂĚǁĂǇƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶ^ĂĨĞĨĨŝĐŝĞŶƚZŽĂĚǁĂǇƐ͍ 9 x dŚĞƚƌĂŶƐŝƚƐƚƵĚǇƚŚĂƚĂĐĐŽŵƉĂŶŝĞƐƚŚŝƐƉƌŽƉŽƐĂůĚĞŵŽŶƐƚƌĂƚĞƐƚŚĂƚƚŚĞŝŶĐƌĞĂƐĞŽĨ ƉŽƚĞŶƚŝĂůǀŝƐŝƚŽƌƐĂŶĚƵƐĞƌƐŽĨƚŚĞƉƌŽũĞĐƚǁŝůůŶŽƚŶĞŐĂƚŝǀĞůǇĂĨĨĞĐƚƚŚĞĞǆŝƐƚŝŶŐ ƚƌĂŶƐŝƚƐǇƐƚĞŵĂƐĂůůůĞǀĞůƐŽĨƐĞƌǀŝĐĞŽƉĞƌĂƚĞĂƚƌĞƋƵŝƌĞĚĐŝƚǇƐƚĂŶĚĂƌĚƐ͘ ͘ϬϱĞƐŝŐŶ^ĂĨĞDƵůƚŝŵŽĚĂů/ŶƚĞƌƐĞĐƚŝŽŶƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶ^ĂĨĞDƵůƚŝŵŽĚĂů/ŶƚĞƌƐĞĐƚŝŽŶƐ͍ 9 x dŚĞƉƌŽũĞĐƚĂĚĚƌĞƐƐĞƐDƵůƚŝŵŽĚĂůĂĐĐĞƐƐƚŚŽƌŽƵŐŚĐĂƌĞĨƵůƉůĂŶŶŝŶŐŽĨǀĞŚŝĐƵůĂƌ ĞŐƌĞƐƐĂŶĚŝŶŐƌĞƐƐƉŽŝŶƚƐ͕ƉƌŽƚĞĐƚĞĚĂŶĚǁĞůůͲŵĂƌŬĞĚƉĞĚĞƐƚƌŝĂŶĨĂĐŝůŝƚŝĞƐƐƵĐŚĂƐ ƐŝĚĞǁĂůŬƐĂŶĚǁŝůůƵƐĞǁĂǇĨŝŶĚŝŶŐƐŝŐŶĂŐĞ͘dŚĞƉƌŽƉŽƐĞĚĚĞƐŝŐŶĂůƐŽƐƚƌŝǀĞƐƚŽ ŵŝŶŝŵŝǌĞƚŚĞƐĞŝŶƚĞƌƐĞĐƚŝŽŶƐĨŽƌŽƉƚŝŵƵŵŽƉĞƌĂƚŝŽŶĂŶĚƌĞĚƵĐĞǀĞŚŝĐůĞĂŶĚ ƉĞĚĞƐƚƌŝĂŶĐŽŶĨůŝĐƚƐ͘ ϭϮ͘ϭϳ͘ϭϴŝǀŝĐŽŶ&ŝƌƐƚDŚĞĐŬůŝƐƚ 3DFNHW3J *G &/E>/EEd/ss>KWDEd͕/s/KE&/Z^d,Kd> ZŽĐŚĞƐƚĞƌĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌŝƐƚƌŝĐƚĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐ ͘ϬϲƐƚĂďůŝƐŚƚŚĞhƌďĂŶ&ŽƌĞƐƚ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚƐƚĂďůŝƐŚƚŚĞhƌďĂŶ&ŽƌĞƐƚ͍ 9 x dŚĞƌĞŝƐĂŶĂďŝůŝƚǇƚŽŝŶĐƌĞĂƐĞƚŚĞƋƵĂŶƚŝƚǇŽĨĐĂŶŽƉǇĂŶĚŽƌŶĂŵĞŶƚĂůƚƌĞĞƐǁŝƚŚŝŶ ƚŚĞƐŝƚĞďŽƵŶĚĂƌŝĞƐĂŶĚǁŝƚŚŝŶƚŚĞĐƌĞĂƚĞĚƉůĂŶƚĞĚďŽƵůĞǀĂƌĚƐŝŶƚŚĞZŝŐŚƚŽĨtĂǇ ĂƐƉĂƌƚŽĨƚŚŝƐĚĞǀĞůŽƉŵĞŶƚ͘ ͘ϬϳĞǀĞůŽƉ^ƵƐƚĂŝŶĂďůĞtĂƚĞƌDĂŶĂŐĞŵĞŶƚ^ƚƌĂƚĞŐŝĞƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞǀĞůŽƉ^ƵƐƚĂŝŶĂďůĞtĂƚĞƌDĂŶĂŐĞŵĞŶƚ^ƚƌĂƚĞŐŝĞƐ͍ 9 xƐĂƌĞĚĞǀĞůŽƉŵĞŶƚŝŶĨŝůůƐŝƚĞ͕ŝŶƚŚĞŝǀŝůŶŐŝŶĞĞƌŝŶŐĚƌĂŝŶĂŐĞĂŶĂůǇƐŝƐŝƚǁĂƐ ĚĞƚĞƌŵŝŶĞĚƚŚĂƚƚŚĞƌĞŝƐŶŽƌĞƋƵŝƌĞĚƐƚŽƌŵǁĂƚĞƌƚƌĞĂƚŵĞŶƚĨŽƌƚŚŝƐƉƌŽũĞĐƚ͘dŚĞ ĞǆŝƐƚŝŶŐŝŵƉĞƌǀŝŽƵƐйŽĨƚŚĞƐŝƚĞŝƐϴϭ͘ϰйĂŶĚƚŚĞƉƌŽƉŽƐĞĚŝŵƉĞƌǀŝŽƵƐŝƐϴϴй͘dŚŝƐ ƋƵĂŶƚŝĨŝĐĂƚŝŽŶŝƐĞŶƚŝƌĞƐĐŽƉĞŽĨƚŚĞƉƌŽũĞĐƚĚŝƐƚƵƌďĂŶĐĞĂŶĚŶŽƚƐƉĞĐŝĨŝĐƚŽƚŚĞůŝŵŝƚƐ ŽĨƚŚĞƐŝƚĞďŽƵŶĚĂƌŝĞƐ͘dŚĞƉůĂŶĐŽŶĨŽƌŵƐƚŽĞǆŝƐƚŝŶŐƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚ ƉƌĂĐƚŝĐĞƐ͘ x^ĞƉĂƌĂƚĞĨƌŽŵƚŚĞŝǀŝůĞŶŐŝŶĞĞƌŝŶŐĂŶĂůǇƐŝƐ͕ƚŚĞƐŝƚĞĂƌĞĂƐǁŚŝĐŚǁŝůůŚĂǀĞƉůĂŶƚĞĚ ŐƌĞĞŶƐƉĂĐĞĂƌĞƋƵĂŶƚŝĨŝĞĚĂƐĨŽůůŽǁƐ͗ >ĂŶĚƐĐĂƉĞĂƌĞĂǁŝƚŚŝŶƉƌŽƉĞƌƚǇůŝŵŝƚƐ͗ϯ͕ϲϴϱƐ͘Ĩ͘ >ĂŶĚƐĐĂƉĞĂƌĞĂŽƵƚƐŝĚĞƉƌŽƉĞƌƚǇůŝŵŝƚƐ;ǁŝƚŚŝŶZKtͿ͗ϭ͕ϳϳŐƐ͘Ĩ͘ 'ƌĞĞŶƌŽŽĨůĂŶĚƐĐĂƉĞĂƌĞĂ͗ϰ͕ϮϬϬƐ͘Ĩ͘ ͘ϬϴĞƐŝŐŶ^ŵĂƌƚ^ƚƌĞĞƚƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶ^ŵĂƌƚ^ƚƌĞĞƚƐ͍ 9 xŽŶƐƵŵĞƌƉƌŝǀĂƚĞŚĂŶĚŚĞůĚĞůĞĐƚƌŽŶŝĐĐŽŵŵƵŶŝĐĂƚŝŽŶĚĞǀŝĐĞƐĐŽŶƚŝŶƵĞƚŽĞǀŽůǀĞ ĂŶĚǁŝůůďĞŐŝŶƚŽŝŶƚĞŐƌĂƚĞƚŽƚŚĞǁŽƌůĚĂƌŽƵŶĚŝƚ͘/ƚŝƐĞǆƉĞĐƚĞĚƚŚĂƚŚŽƚĞůƐĞƌǀŝĐĞƐ ǁŝůůĂůƐŽŶĞĞĚƚŽĂĚĂƉƚƚŽƚĞĐŚŶŽůŽŐǇĂĚǀĂŶĐĞƐƚŽƐĞƌǀĞƚŚĞŶĞĞĚƐŽĨƚŚĞƉĂƚƌŽŶƐ͘ tĂǇĨŝŶĚŝŶŐƐŝŐŶĂŐĞĂŶĚĐŽŵŵƵŶŝĐĂƚŝŽŶƐƚŽŽůƐŽĨĂůůŬŝŶĚƐǁŝůůŶĞĞĚƚŽĐƌŽƐƐĐƵůƚƵƌĂů ůŝŶĞƐĂŶĚĂůƐŽƐĞƌǀĞƚŚŽƐĞŝŶĚŝǀŝĚƵĂůƐǁŝƚŚŚĞĂůƚŚĐŚĂůůĞŶŐĞƐ͘^ŚŽƵůĚĂĚĚŝƚŝŽŶĂůďŝŬĞ ƐŚĂƌŝŶŐŬŝŽƐŬƐďĞĐŽŵĞŵŽƌĞĨƵůůǇŝŶƚĞŐƌĂƚĞĚǁŝƚŚƚŚĞĚŽǁŶƚŽǁŶĐŽƌĞ͕ƚŚŝƐƐŝƚĞ ǁŽƵůĚďĞĂŶŝĚĞĂůůŽĐĂƚŝŽŶĂƐĂĐŽŶĚƵŝƚƚŽƌĞĐƌĞĂƚŝŽŶĂůĂŶĚĐŽŵŵƵƚĞƌĐǇĐůŝŶŐ ĂĚǀŽĐĂƚĞƐƚŽĂŶĚĨƌŽŵƚŚĞĚŽǁŶƚŽǁŶĐŽƌĞ͘ ͘ϬϵĞƐŝŐŶ^ƚƌĞĞƚǁŝƚŚ&ůĞǆŝďŝůŝƚǇĂŶĚĚĂƉƚĂďŝůŝƚǇĨŽƌ&ƵƚƵƌĞhƐĞƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶ^ƚƌĞĞƚǁŝƚŚ&ůĞǆŝďŝůŝƚǇĂŶĚĚĂƉƚĂďŝůŝƚǇĨŽƌ&ƵƚƵƌĞhƐĞƐ͍ x dŚĞƉůĂŶŶĞĚďƵŝůĚŝŶŐŵĂƐƐŝŶŐĂůŽŶŐǁŝƚŚƚŚĞƐŝƚĞƐŝǌĞĐŽŶƐƚƌĂŝŶƚƐůŝŵŝƚƚŚĞĂďŝůŝƚǇĨŽƌ ƚŚĞƐŝƚĞƚŽƚƌĂŶƐŝƚŝŽŶĞĂƐŝůǇƚŽĂŶĞŶƚŝƌĞůǇĚŝĨĨĞƌĞŶƚƵƐĞ͘,ŽǁĞǀĞƌ͕ĚĞƉĞŶĚŝŶŐŽŶƚŚĞ ƐĐĂůĞŽĨƚŚĞƉƌŽƉŽƐĂůĂŶĚƚŚĞĚƵƌĂƚŝŽŶŽĨƚŚĞĞŶĚĞĂǀŽƌ͕ǁŝƚŚĂŐŽŽĚĚĞƐŝŐŶĞƌ͕ ĂŶǇƚŚŝŶŐŝƐƉŽƐƐŝďůĞ͘ ͘ϭϬŽŶŶĞĐƚ^ƚƌĞĞƚ͕^ŬǇǁĂǇ͕^ƵďǁĂǇ>ĞǀĞůƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚŽŶŶĞĐƚ^ƚƌĞĞƚ͕^ŬǇǁĂǇ͕^ƵďǁĂǇ>ĞǀĞůƐ͍ 9 x dŚĞƉƌŽũĞĐƚŝƐďĞǇŽŶĚƚŚĞƌĞĂĐŚŽĨĞǆŝƐƚŝŶŐƐƵďǁĂǇĂŶĚƐŬǇǁĂǇĐŽŶŶĞĐƚŝŽŶƐǁŚŝĐŚ ǁĞƌĞƐŽƵŐŚƚŝŶƚŚĞǀĞƌǇƉƌĞůŝŵŝŶĂƌǇĨĞĂƐŝďŝůŝƚǇƐƚƵĚŝĞƐŽĨƚŚĞĂƌĞĂ͘ ϭϮ͘ϭϳ͘ϭϴŝǀŝĐŽŶ&ŝƌƐƚDŚĞĐŬůŝƐƚ 3DFNHW3J *G &/E>/EEd/ss>KWDEd͕/s/KE&/Z^d,Kd> ZŽĐŚĞƐƚĞƌĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌŝƐƚƌŝĐƚĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐ ͘/ŶĚŝǀŝĚƵĂů^ŝƚĞƐĂŶĚƵŝůĚŝŶŐƐ ͘ϬϭĞƐŝŐŶƵŝůĚŝŶŐƐƚŽƐƚĂďůŝƐŚ^ĞŶƐĞŽĨhƌďĂŶŶĐůŽƐƵƌĞ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶƵŝůĚŝŶŐƐƚŽƐƚĂďůŝƐŚ^ĞŶƐĞŽĨhƌďĂŶŶĐůŽƐƵƌĞ͍ 9 x dŚĞůŽĐĂƚŝŽŶŽĨƚŚĞƉƌŽũĞĐƚŶĞĂƌƚŚĞŶŽƌƚŚĞƌŶĞĚŐĞŽĨƚŚĞĚŽǁŶƚŽǁŶĐŽƌƌŝĚŽƌͬD ĚŝƐƚƌŝĐƚďŽƵŶĚĂƌŝĞƐĨŽƌŵŽŶĞƐŝĚĞŽĨĂŶƵƌďĂŶĞŶĐůŽƐƵƌĞ͘dŚĞůĂĐŬŽĨĂĚũŽŝŶŝŶŐ ďƵŝůĚŝŶŐƐŽĨĞƋƵĂůŚĞŝŐŚƚŽƌŐƌĞĂƚĞƌƚŽƚŚĞǁĞƐƚ͕ŶŽƌƚŚ͕ŽƌĞĂƐƚƉƌĞǀĞŶƚƚŚĞƐĞŶƐĞŽĨ ĂŶĞŶĐůŽƐĞĚƵƌďĂŶĞŶǀŝƌŽŶŵĞŶƚŝŶƚŚĞĐƵƌƌĞŶƚĞŶǀŝƌŽŶŵĞŶƚ͘dŚŝƐĐĂŶĐŚĂŶŐĞ ĚƌĂŵĂƚŝĐĂůůǇŝŶĨƵƚƵƌĞƉŚĂƐĞƐŽĨĚŽǁŶƚŽǁŶƌĞĚĞǀĞůŽƉŵĞŶƚĂŶĚĂƐDĞǀŽůǀĞƐ͘ ͘ϬϮĞƐŝŐŶdĂůůƵŝůĚŝŶŐƚŽWƌĞƐĞƌǀĞ^ƵŶůŝŐŚƚ͕ŽŵĨŽƌƚĂŶĚsŝĞǁƐ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚĞƐŝŐŶdĂůůƵŝůĚŝŶŐƚŽWƌĞƐĞƌǀĞ^ƵŶůŝŐŚƚ͕ŽŵĨŽƌƚĂŶĚsŝĞǁƐ͍ 9 x dŚĞƉƌŽƉŽƐĞĚŚŽƚĞůƉƌŽǀŝĚĞƐĂŶĂďƵŶĚĂŶĐĞŽĨǁŝŶĚŽǁƐŝŶƚŚĞŚŽƚĞůƌĞƐŝĚĞŶƚŝĂůĨůŽŽƌƐ ŽƉƚŝŵŝǌŝŶŐǀŝĞǁĨƌŽŵƚŚĞƐŝƚĞ͘dŚĞůŽĐĂƚŝŽŶŽĨƚŚŝƐĚĞǀĞůŽƉŵĞŶƚĂĚũĂĐĞŶƚĂƚƌĂŶƐŝƚ ĐŽƌƌŝĚŽƌĂůůŽǁƐƚŚĞŐƌĞĂƚĞƌŚĞŝŐŚƚƚŚĂŶƚŚĞƉƌĞƐĐƌŝďĞĚϳϱ͛ƚŚƌĞƐŚŽůĚĨŽƌďƵŝůĚŝŶŐƐ ǁŝƚŚŝŶƚŚĞƚĂůůďƵŝůĚŝŶŐǌŽŶĞ͘ ͘ϬϯŽŶƚƌŝďƵƚĞƚŽĂsŝďƌĂŶƚ^ƚƌĞĞƚƐĐĂƉĞ ŽĞƐƚŚĞƉůĂŶŽƌƉƌŽũĞĐƚŽŶƚƌŝďƵƚĞƚŽĂsŝďƌĂŶƚ^ƚƌĞĞƚƐĐĂƉĞ͍ 9 x dŚĞŝŶƚĞƌŝŽƌŚŽƚĞůůŽďďǇƐƉĂĐĞĂůŽŶŐǁŝƚŚƚŚĞůŽƵŶŐĞĂŶĚƌĞƚĂŝůĂŵĞŶŝƚŝĞƐĂƌĞĂ 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[[1209,1364,1222,1417][11][,I,][Arial]] [[1222,1364,1448,1417][11][,I,][Arial]]DGGUHVVHG [[1445,1364,1463,1417][ 11][,I,][Arial]] [[1463,1364,1476,1417][11][,I,][Arial]] 6WUHHWVDQG&RUULGRUV [[375,1522,536,1575][11][,I,][Arial]]3RVLWLYH [[536,1522,549,1575][11][,I,][Arial]] [[549,1522,738,1575][11][,I,][Arial]]DWWULEXWHV [[738,1522,751,1574][11][,,][Arial]] 0D[LPL]LQJVLGHZDONZLGWKVLVGHVLUDEOH3URSRVHGVLGHZDONVPHHWWKHSUHIHUUHGZLGWK UHFRPPHQGHGLQWKHJXLGHOLQHVRIIHHWIRUWKHSULPDU\SHGHVWULDQ]RQH6WUHHWWUHHVDUH EHLQJSURYLGHGWRSURWHFWDQGVKDGHSHGHVWULDQV&XUEH[WHQVLRQVDUHQRWHGRQWKH GUDZLQJVDVEHLQJSDUWRID&LW\LQLWLDWLYHZKLFKZLOOJUHDWO\LPSURYHSHGHVWULDQFURVVLQJV [[526,1789,669,1842][11][,I,][Arial]] [[669,1789,682,1842][11][,I,][Arial]] [[682,1789,882,1842][11][,I,][Arial]]FRPPHQW [[883,1789,896,1842][11][,I,][Arial]] [[896,1789,987,1842][11][,I,][Arial]]3ODQ [[988,1789,1001,1842][11][ ,I,][Arial]] [[1001,1789,1034,1842][11][,I,][Arial]]LV [[1033,1789,1046,1842][11][,I,][Arial]] 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[[850,1842,863,1895][11][,I,][Arial]] [[863,1842,901,1895][11][,I,][Arial]]WR [[901,1842,914,1895][11][,I,][Arial]] [[914,1842,1034,1895][11][,I,][Arial]]ZLGHQ [[1033,1842,1046,1895][11][,I,][Aria l]] [[1046,1842,1110,1895][11][,I,][Arial]]WKH [[1110,1842,1123,1895][11][,I,][Arial]] [[1123,1842,1302,1895][11][,I,][Arial]]VLGHZDON [[1298,1842,1311,1895][11][,I,][Arial]] [[1311,1842,1349,1895 ][11][,I,][Arial]]WR [[1349,1842,1362,1895][11][,I,][Arial]] [[1362,1842,1413,1895][11][,I,][Arial]] [[1413,1842,1426,1895][11][,I,][Arial]] [[1426,1842,1514,1895][11][,I,][Arial]]IHHW [[1515,1842,1528,1895][11][,I,][Arial]] [[1528,1842,1645,1895][11][,I,][Arial]]ZKLFK [[1645,1842,1658,1895][11][,I,][Arial]] [[1658,1842,1831,1895][11][,I,][Arial]]SURYLGHV [[1831,1842,1844,1895][ 11][,I,][Arial]] [[1844,1842,1895,1895][11][,I,][Arial]]DQ [[1895,1842,1908,1895][11][,I,][Arial]] [[1908,1842,1934,1895][11][,I,][Arial]] [[1933,1842,1948,1895][11][,I,][Arial]] [[1948,1842,2027,1895][11][,I,][Arial]]IRRW [[2025,1842,2038,1895][11][,I,][Arial]] [[2037,1842,2082,1895][11][,I,][Arial]]SU [[2078,1842,2193,1895][11][,I,][Arial]]LPDU\ [[2190,1842,2203,1895][11] [,I,][Arial]] [[526,1894,740,1947][11][,I,][Arial]]SHGHVWULDQ [[741,1894,754,1947][11][,I,][Arial]] [[754,1894,852,1947][11][,I,][Arial]]]RQH [[852,1894,865,1947][11][,I,][Arial]] [[865,1894,944,1947][11][,I,][A rial]]DQG [[941,1894,954,1947][11][,I,][Arial]] [[954,1894,980,1947][11][,I,][Arial]]D [[980,1894,993,1947][11][,I,][Arial]] [[993,1894,1019,1947][11][,I,][Arial]] [[1018,1894,1033,1947][11][,I,][ Arial]] [[1033,1894,1112,1947][11][,I,][Arial]]IRRW [[1110,1894,1123,1947][11][,I,][Arial]] [[1123,1894,1281,1947][11][,I,][Arial]]EXLOGLQJ [[1280,1894,1293,1947][11][,I,][Arial]] [[1293,1894,1461,1947][11][,I,][Arial]]IURQWDJH [[1462,1894,1475,1947][11][,I,][Arial]] [[1475,1894,1574,1947][11][,I,][Arial]]]RQH [[1574,1894,1587,1947][11][,I,][Arial]] [[1587,1894,1645,1947][1 1][,I,][Arial]]IRU [[1640,1894,1653,1947][11][,I,][Arial]] [[1653,1894,1752,1947][11][,I,][Arial]]SRWV [[1752,1894,1765,1947][11][,I,][Arial]] [[1765,1894,1838,1947][11][,I,][Arial]]HWF [[1839,1894,1852,1947][11][,I,][Arial]] [[1852,1894,2038,1947][11][,I,][Arial]]6LGHZDON [[2035,1894,2048,1947][11][,I,][Arial]] [[2048,1894,2081,1947][11][,I,][Arial]]LV [[2081,1894,2094,1947][11] [,I,][Arial]] [[2094,1894,2178,1947][11][,I,][Arial]]DOVR [[2178,1894,2191,1947][11][,I,][Arial]] [[1063,1943,1087,1977][7][,I,][Arial]]VW [[526,1947,700,2000][11][,I,][Arial]]ZLGHQHG [[697,1947,710,2000][11][,I,][Arial]] [[710,1947,748,2000][11][,I,][Arial]]WR [[748,1947,761,2000][11][,I,][Arial]] [[761,1947,812,2000][11][,I,][Arial] ] [[812,1947,825,2000][11][,I,][Arial]] [[825,1947,904,2000][11][,I,][Arial]]IHHW [[902,1947,915,2000][11][,I,][Arial]] [[915,1947,1027,2000][11][,I,][Arial]]DORQJ [[1026,1947,1039,2000][11][,I,] [Arial]] [[1039,1947,1065,2000][11][,I,][Arial]] [[1085,1947,1098,2000][11][,I,][Arial]] [[1097,1947,1254,2000][11][,I,][Arial]]$YHQXH [[1253,1947,1266,2000][11][,I,][Arial]] [[1267,1947,1353,200 0][11][,I,][Arial]]6: [[1350,1947,1368,2000][11][,I,][Arial]] [[1368,1947,1381,2000][11][,I,][Arial]] [[375,2053,571,2106][11][,I,][Arial]]&RQFHUQV [[571,2053,584,2105][11][,,][Arial]] 7KHXVHRISODQWHGWUHHRSHQLQJVDOORZLQJXQGHUVWRU\SODQWVZLOODOORZIRUJUHDWHU VWRUPZDWHULQILOWUDWLRQDQGDPRUHEHDXWLIXOVWUHHWVFDSH8VHRISHUPHDEOHSDYHUVEHWZHHQ SODQWHGWUHHRSHQLQJVZLOODGGPRUHSHUYLRXVDUHDVIRULQILOWUDWLRQ [[525,2267,668,2320][11][,I,][Arial]] [[668,2267,681,2320][11][,I,][Arial]] [[681,2267,766,2320][11][,I,][Arial]]FRP [[767,2267,881,2320][11][,I,][Arial]]PHQW [[882,2267,895,2320][11][,I,][Arial]] [[895,2267,1116,2320][11][,I,] [Arial]]3HUPHDEOH [[1116,2267,1129,2320][11][,I,][Arial]] [[1129,2267,1267,2320][11][,I,][Arial]]SDYHUV [[1267,2267,1280,2320][11][,I,][Arial]] [[1280,2267,1347,2320][11][,I,][Arial]]DUH [[1346,2267,1359,2320][11][,I,][Arial]] [[1359,2267,1385,2320][11][,I,][Arial]]Q [[1384,2267,1424,2320][11][,I,][Arial]]RW [[1422,2267,1435,2320][11][,I,][Arial]] [[1435,2267,1661,2320][11][,I,][A rial]]DGGUHVVHG [[1662,2267,1675,2320][11][,I,][Arial]] [[1675,2267,1703,2320][11][,I,][Arial]],W [[1700,2267,1713,2320][11][,I,][Arial]] [[1713,2267,1879,2320][11][,I,][Arial]]DSSHDUV [[1879,2267,1892,2320][11][,I,][Arial]] [[1891,2267,1970,2320][11][,I,][Arial]]WKDW [[1968,2267,1981,2320][11][,I,][Arial]] [[1981,2267,2028,2320][11][,I,][Arial]]DOO [[2026,2267,2039,2320][11][,I ,][Arial]] [[2039,2267,2175,2320][11][,I,][Arial]]SDYLQJ [[2174,2267,2187,2320][11][,I,][Arial]] [[2187,2267,2220,2320][11][,I,][Arial]]LV [[2220,2267,2233,2320][11][,I,][Arial]] [[525,2319,714,2372][11][,I,][Arial]]FRQFUHWH [[714,2319,727,2372][11][,I,][Arial]] [[727,2319,864,2372][11][,I,][Arial]]/DUJHU [[859,2319,872,2372][11][,I,][Arial]] [[872,2319,951,2372][11][,I,][ Arial]]WUHH [[951,2319,964,2372][11][,I,][Arial]] [[964,2319,1149,2372][11][,I,][Arial]]RSHQLQJV [[1149,2319,1162,2372][11][,I,][Arial]] [[1162,2319,1213,2372][11][,I,][Arial]]RQ [[1213,2319,1226,2 372][11][,I,][Arial]] [[1226,2319,1290,2372][11][,I,][Arial]]WK [[1290,2319,1303,2372][11][,I,][Arial]] [[1303,2319,1428,2372][11][,I,][Arial]]6WUHHW [[1425,2319,1438,2372][11][,I,][Arial]] [[1438,2319,1518,2372][11][,I,][Arial]]6: [[1511,2319,1524,2372][11][,I,][Arial]] [[1524,2319,1590,2372][11][,I,][Arial]]ZLOO [[1587,2319,1600,2372][11][,I,][Arial]] [[1600,2319,1751,2372][11][,I, ][Arial]]SURYLGH [[1751,2319,1764,2372][11][,I,][Arial]] [[1763,2319,1868,2372][11][,I,][Arial]]PRUH [[1868,2319,1881,2372][11][,I,][Arial]] [[1881,2319,1973,2372][11][,I,][Arial]]DUHD [[1972,2319,1985,2372][11][,I,][Arial]] [[1985,2319,2043,2372][11][,I,][Arial]]IRU [[2039,2319,2052,2372][11][,I,][Arial]] [[2052,2319,2260,2372][11][,I,][Arial]]LQILOWUDWLRQ [[2260,2319,2273,237 2][11][,I,][Arial]] [[2273,2319,2299,2372][11][,I,][Arial]]D [[2299,2319,2312,2372][11][,I,][Arial]] [[525,2372,693,2425][11][,I,][Arial]]SRVLWLYH [[691,2372,709,2425][11][,I,][Arial]] [[709,2372,722,2425][11][,I,][Arial]] [[721,2372,734,2425][11][,I,][Arial]] ,WLVDOVRVXJJHVWHGWKDWWKHGHYHORSHUH[SORUHWKHSRVVLELOLW\RISURYLGLQJURRIWRSGHWHQWLRQ WRPDQDJHZDWHUTXDOLW\DQGYROXPHEHIRUHUHOHDVLQJLWLQWRWKH&LW\V\VWHP [[526,2533,669,2586][11][,I,][Arial]] [[668,2533,681,2586][11][,I,][Arial]] [[682,2533,882,2586][11][,I,][Arial]]FRPPHQW [[883,2533,896,2586][11][,I,][Arial]] [[896,2533,969,2586][11][,I,][Arial]]1RW [[967,2533,980,2586][11][,I ,][Arial]] [[980,2533,1197,2586][11][,I,][Arial]]DGGUHVVHG [[1193,2533,1206,2586][11][,I,][Arial]] [[1207,2533,1286,2586][11][,I,][Arial]]DQG [[1283,2533,1296,2586][11][,I,][Arial]] [[1296,2533,1536,2586][11][,I,][Arial]]SUHVXPDEO\ [[1532,2533,1545,2586][11][,I,][Arial]] [[1545,2533,1581,2586][11][,I,][Arial]]Z [[1579,2533,1611,2586][11][,I,][Arial]]LOO [[1609,2533,1622,2586][ 11][,I,][Arial]] [[1622,2533,1688,2586][11][,I,][Arial]]QRW [[1685,2533,1698,2586][11][,I,][Arial]] [[1698,2533,1749,2586][11][,I,][Arial]]EH [[1749,2533,1762,2586][11][,I,][Arial]] [[1762,2533,1863,2586][11][,I,][Arial]]XVHG [[1861,2533,1874,2586][11][,I,][Arial]] [[1874,2533,1932,2586][11][,I,][Arial]]IRU [[1927,2533,1940,2586][11][,I,][Arial]] [[1940,2533,2019,2586][11][,I ,][Arial]]WKDW [[2017,2533,2030,2586][11][,I,][Arial]] [[2029,2533,2207,2586][11][,I,][Arial]]SXUSRVH [[2205,2533,2223,2586][11][,I,][Arial]] [[2223,2533,2236,2586][11][,I,][Arial]] [[376,2638,531,2691][11][,I,][Arial]]0LVVLQJ [[531,2638,544,2691][11][,I,][Arial]] [[544,2638,589,2691][11][,I,][Arial]]RU [[585,2638,598,2691][11][,I,][Arial]] [[598,2638,753,2691][11][,I,][Arial] ]XQFOHDU [[748,2638,761,2691][11][,I,][Arial]] [[761,2638,988,2691][11][,I,][Arial]]LQIRUPDWLRQ [[987,2638,1000,2690][11][,,][Arial]] 7KHEXLOGLQJZLOOEHSURYLGLQJLQWHULRUELNHUDFNVEXWLWLVXQFOHDULIWKH\ZLOOEHZDOOPRXQWHG RUVXUIDFHUDFNV,WLVUHFRPPHQGHGWKDWPRUHSXEOLFELNHUDFNVEHORFDWHGRXWVLGHWKH EXLOGLQJ7KHVWUHHWVFDSHSODQFDQHDVLO\DFFRPPRGDWHUDFNV WZREHWZHHQHDFKRIWKH SODQWHGWUHHRSHQLQJV ZKLFKZLOODFFRPPRGDWHWKHUDSLGO\LQFUHDVLQJXVHRIELNHVDVD VHULRXVPRGHRIPRYHPHQWLQWKH&LW\ 3DFNHW3J *J 0'&3URMHFW5HYLHZ²7KH$SDUWPHQWV²²3DJH [[525,301,668,354][11][,I,][Arial]] [[668,301,681,354][11][,I,][Arial]] [[681,301,881,354][11][,I,][Arial]]FRPPHQW [[882,301,895,354][11][,I,][Arial]] [[895,301,1002,354][11][,I,][Arial]])RUW\ [[999,301,1014,354][11][,I,][Ari al]] [[1014,301,1070,354][11][,I,][Arial]]VL[ [[1070,301,1083,354][11][,I,][Arial]] [[1083,301,1119,354][11][,I,][Arial]]Z [[1117,301,1164,354][11][,I,][Arial]]DOO [[1162,301,1175,354][11][,I,][Ari al]] [[1175,301,1357,354][11][,I,][Arial]]PRXQWHG [[1353,301,1366,354][11][,I,][Arial]] [[1366,301,1475,354][11][,I,][Arial]]UDFNV [[1476,301,1489,354][11][,I,][Arial]] [[1489,301,1555,354][11][,I ,][Arial]]DUH [[1555,301,1568,354][11][,I,][Arial]] [[1568,301,1655,354][11][,I,][Arial]]QRZ [[1652,301,1665,354][11][,I,][Arial]] [[1664,301,1797,354][11][,I,][Arial]]VKRZQ [[1797,301,1810,354][11 ][,I,][Arial]] [[1810,301,1861,354][11][,I,][Arial]]RQ [[1861,301,1874,354][11][,I,][Arial]] [[1873,301,1937,354][11][,I,][Arial]]WKH [[1937,301,1950,354][11][,I,][Arial]] [[1950,301,2059,354][11] [,I,][Arial]]SODQV [[2059,301,2072,354][11][,I,][Arial]] [[2072,301,2191,354][11][,I,][Arial]]LQVLGH [[2192,301,2205,354][11][,I,][Arial]] [[2205,301,2220,354][11][,I,][Arial]]W [[2218,301,2269,354 ][11][,I,][Arial]]KH [[2268,301,2281,354][11][,I,][Arial]] [[1532,350,1556,384][7][,I,][Arial]]VW [[2115,350,2139,384][7][,I,][Arial]]WK [[525,354,668,407][11][,I,][Arial]]JDUDJH [[668,354,681,407][11][,I,][Arial]] [[681,354,694,407][11][,I,][Arial]] [[694,354,791,407][11][,I,][Arial]]2QO\ [[788,354,801,407][11][,I,][Arial]] [[801,354,877,407][11][,I,][Arial]]RQH [[877,354,890,407][11][,I,][Arial]] [[890,354,1046,407][11][,I,][Arial]]H[WHULRU [[1043,354,1056,407][11][,I,][Arial]] [[1056,354,1140,407][11][,I,][Arial]]E LNH [[1140,354,1153,407][11][,I,][Arial]] [[1152,354,1242,407][11][,I,][Arial]]UDFN [[1239,354,1252,407][11][,I,][Arial]] [[1252,354,1285,407][11][,I,][Arial]]LV [[1285,354,1298,407][11][,I,][Arial ]] [[1298,354,1430,407][11][,I,][Arial]]VKRZQ [[1430,354,1443,407][11][,I,][Arial]] [[1443,354,1494,407][11][,I,][Arial]]RQ [[1494,354,1507,407][11][,I,][Arial]] [[1507,354,1533,407][11][,I,][Aria l]] [[1554,354,1567,407][11][,I,][Arial]] [[1566,354,1723,407][11][,I,][Arial]]$YHQXH [[1722,354,1735,407][11][,I,][Arial]] [[1736,354,1816,407][11][,I,][Arial]]6: [[1809,354,1822,407][11][,I,][Ar ial]] [[1822,354,1901,407][11][,I,][Arial]]DQG [[1899,354,1912,407][11][,I,][Arial]] [[1912,354,2014,407][11][,I,][Arial]]QRQH [[2013,354,2026,407][11][,I,][Arial]] [[2026,354,2077,407][11][,I,][A rial]]RQ [[2077,354,2090,407][11][,I,][Arial]] [[2090,354,2116,407][11][,I,][Arial]] [[2139,354,2152,407][11][,I,][Arial]] [[2152,354,2277,407][11][,I,][Arial]]6WUHHW [[2275,354,2288,407][11][,I,] [Arial]] [[525,407,611,460][11][,I,][Arial]]6: [[612,407,625,460][11][,I,][Arial]] [[625,407,675,460][11][,I,][Arial]]: [[668,407,694,460][11][,I,][Arial]]H [[694,407,707,460][11][,I,][Arial]] [[707,407,852,460][11][,I,][Arial]]EHOLHYH [[851,407,864,460][11][,I,][Arial]] [[864,407,954,460][11][,I,][Arial]]WKH\ [[951,407,964,460][11][,I,][Arial]] [[964,407,1068,460][11][,I,][Arial]]QHHG [[1065,407,1078,460][11][,I,][Arial]] [[1078,407,1104,460][11][,I,][Arial]] [[1104,407,1119,460][11][,I,][Arial]] [[1119,407,1146,460][11][,I,][Arial]] [[1144,407,1157,460][11][,I,][Arial]] [[1157,407,1266,460][11][,I,][Arial]]UDFNV [[1267,407,1280,460][11][,I,][Arial]] [[1279,407,1317,460][11][,I,][Arial]]WR [[1318,407,1331,460][11][,I,][Arial]] [[1331,407,1619,460][11][,I,][Arial]] DFFRPPRGDWH [[1618,407,1631,460][11][,I,][Arial]] [[1631,407,1657,460][11][,I,][Arial]] [[1656,407,1671,460][11][,I,][Arial]] [[1672,407,1723,460][11][,I,][Arial]] [[1723,407,1736,460][11][,I,][ Arial]] [[1736,407,1843,460][11][,I,][Arial]]ELNHV [[1842,407,1855,460][11][,I,][Arial]] [[1855,407,2003,460][11][,I,][Arial]]RXWVLGH [[2003,407,2016,460][11][,I,][Arial]] [[2016,407,2080,460][11] [,I,][Arial]]WKH [[2079,407,2092,460][11][,I,][Arial]] [[2092,407,2250,460][11][,I,][Arial]]EXLOGLQJ [[2249,407,2262,460][11][,I,][Arial]] [[2260,407,2278,460][11][,I,][Arial]] [[2278,407,2291,460][11][,I,][Arial]] 7KHGUDZLQJVGRQRWLQGLFDWHDEXVVWRSLQIURQWRIWKHQHZEXLOGLQJDOWKRXJKDEHQFKLV VKRZQ,IDEXVVWRSH[LVWVRULVSODQQHGIRUWKHFRUQHULWVKRXOGEHQRWHGRQWKHGUDZLQJV DQGDFFRPPRGDWLRQVIRUWUDQVLWXVHUVGHVFULEHG [[525,620,668,673][11][,I,][Arial]] [[668,620,681,673][11][,I,][Arial]] [[681,620,881,673][11][,I,][Arial]]FRPPHQW [[882,620,895,673][11][,I,][Arial]] [[895,620,927,673][11][,I,][Arial]],I [[920,620,933,673][11][,I,][Arial]] [[933,620,1037,673][11][,I,][Arial]]WKHUH [[1037,620,1050,673][11][,I,][Arial]] [[1050,620,1083,673][11][,I,][Arial]]LV [[1083,620,1096,673][11][,I,][Arial]] [[1096,620,1122,673][11][,I,][Arial]]D [[1122,620,1135,673][11][,I,][Arial]] [[1135,620,1209,673][11][,I,][Arial]]EXV [[1209,620,1222,673][11][,I,][Arial]] [[1222,620,1321,673][11][,I,][Arial]]VWRS [[1321,620,1334,673][11][,I,][Arial] ] [[1334,620,1359,673][11][,I,][Arial]]LW [[1356,620,1369,673][11][,I,][Arial]] [[1369,620,1402,673][11][,I,][Arial]]LV [[1402,620,1415,673][11][,I,][Arial]] [[1415,620,1481,673][11][,I,][Arial]]Q RW [[1479,620,1492,673][11][,I,][Arial]] [[1492,620,1609,673][11][,I,][Arial]]QRWHG [[1606,620,1619,673][11][,I,][Arial]] [[1619,620,1670,673][11][,I,][Arial]]RQ [[1670,620,1683,673][11][,I,][Arial ]] [[1683,620,1747,673][11][,I,][Arial]]WKH [[1746,620,1759,673][11][,I,][Arial]] [[1759,620,1942,673][11][,I,][Arial]]GUDZLQJV [[1943,620,1956,673][11][,I,][Arial]] [[1952,620,1970,673][11][,I,][ Arial]] [[1970,620,1983,673][11][,I,][Arial]] ,QGLYLGXDO6LWHDQG%XLOGLQJ [[376,778,537,831][11][,I,][Arial]]3RVLWLYH [[536,778,549,831][11][,I,][Arial]] [[549,778,738,831][11][,I,][Arial]]DWWULEXWHV [[738,778,751,830][11][,,][Arial]] 7KHJXLGHOLQHIRUWKLVORFDWLRQUHTXLUHVWKDWWKHEXLOGLQJEHSODFHGRQWKHSURSHUW\OLQHVZLWK QRVHWEDFNV7KHEXLOGLQJKDVQRVHWEDFNVDQGIRUPVWKHVWUHHWZDOORQWK6WUHHW6:DQG VW$YHQXH6: 7KHJXLGHOLQHUHTXLUHVDVL[VWRU\KHLJKWOLPLW RU IHHW$KLJKHUIORRUWRIORRUKHLJKWRQWKHORZHUOHYHOSDUNLQJZRXOGPDNHLWPRUHDGDSWDEOH WRIXWXUHXVHV [[376,2492,572,2545][11][,I,][Arial]]&RQFHUQV [[572,2492,585,2544][11][,,][Arial]] )RUIXWXUHDGDSWDELOLW\JXLGHOLQHVUHFRPPHQGIHHWPLQLPXPIORRUWRIORRUKHLJKWRQDOO OHYHOV H[FHSWJURXQGOHYHOZKLFKLVKLJKHU 7KHGHVLJQLVOHVVWKDQIHHWRQDOOOHYHOV H[FHSWWKHILUVW [[452,2710,595,2763][11][,I,][Arial]] [[595,2710,608,2763][11][,I,][Arial]] [[608,2710,808,2763][11][,I,][Arial]]FRPPHQW [[809,2710,822,2763][11][,I,][Arial]] [[821,2710,890,2763][11][,I,][Arial]]:H [[890,2710,903,2763][11][,I, ][Arial]] [[903,2710,1002,2763][11][,I,][Arial]]KDYH [[1002,2710,1015,2763][11][,I,][Arial]] [[1015,2710,1163,2763][11][,I,][Arial]]VHULRXV [[1163,2710,1176,2763][11][,I,][Arial]] [[1176,2710,1362,2763][11][,I,][Arial]]FRQFHUQV [[1362,2710,1375,2763][11][,I,][Arial]] [[1375,2710,1492,2763][11][,I,][Arial]]DERXW [[1489,2710,1502,2763][11][,I,][Arial]] [[1502,2710,1553,2763][ 11][,I,][Arial]]DQ [[1553,2710,1566,2763][11][,I,][Arial]] [[1566,2710,1749,2763][11][,I,][Arial]]HOHFWULFDO [[1747,2710,1760,2763][11][,I,][Arial]] [[1759,2710,1774,2763][11][,I,][Arial]]W [[1772,2710,1998,2763][11][,I,][Arial]]UDQVIRUPHU [[1994,2710,2007,2763][11][,I,][Arial]] [[2006,2710,2123,2763][11][,I,][Arial]]ZKLFK [[2124,2710,2137,2763][11][,I,][Arial]] [[2137,2710,2211,2763 ][11][,I,][Arial]]KDV [[2210,2710,2223,2763][11][,I,][Arial]] [[2223,2710,2325,2763][11][,I,][Arial]]EHHQ [[2325,2710,2338,2763][11][,I,][Arial]] [[452,2762,590,2815][11][,I,][Arial]]SODFHG [[587,2762,600,2815][11][,I,][Arial]] [[600,2762,635,2815][11][,I,][Arial]]LQ [[635,2762,648,2815][11][,I,][Arial]] [[648,2762,712,2815][11][,I,][Arial]] WKH [[712,2762,725,2815][11][,I,][Arial]] [[725,2762,909,2815][11][,I,][Arial]]GULYHZD\ [[906,2762,919,2815][11][,I,][Arial]] [[918,2762,956,2815][11][,I,][Arial]]WR [[956,2762,969,2815][11][,I,][A rial]] [[969,2762,1033,2815][11][,I,][Arial]]WKH [[1033,2762,1046,2815][11][,I,][Arial]] [[1046,2762,1159,2815][11][,I,][Arial]]ORZHU [[1155,2762,1168,2815][11][,I,][Arial]] [[1168,2762,1264,2815] [11][,I,][Arial]]OHYHO [[1262,2762,1275,2815][11][,I,][Arial]] [[1275,2762,1437,2815][11][,I,][Arial]]SDUNLQJ [[1438,2762,1451,2815][11][,I,][Arial]] [[1451,2762,1627,2815][11][,I,][Arial]]UHGXFLQ J [[1626,2762,1639,2815][11][,I,][Arial]] [[1639,2762,1703,2815][11][,I,][Arial]]WKH [[1703,2762,1716,2815][11][,I,][Arial]] [[1716,2762,1816,2815][11][,I,][Arial]]GULYH [[1815,2762,1828,2815][11][ ,I,][Arial]] [[1828,2762,1866,2815][11][,I,][Arial]]WR [[1866,2762,1879,2815][11][,I,][Arial]] [[1879,2762,1955,2815][11][,I,][Arial]]RQH [[1955,2762,1968,2815][11][,I,][Arial]] [[1968,2762,2067,2 815][11][,I,][Arial]]ODQH [[2067,2762,2080,2815][11][,I,][Arial]] [[2080,2762,2167,2815][11][,I,][Arial]]7KLV [[2167,2762,2180,2815][11][,I,][Arial]] [[2179,2762,2261,2815][11][,I,][Arial]]ZDV [[2261,2762,2274,2815][11][,I,][Arial]] [[452,2815,518,2868][11][,I,][Arial]]QRW [[516,2815,529,2868][11][,I,][Arial]] [[529,2815,661,2868][11][,I,][Arial]]VKRZQ [[661,2815,674,2868][11][,I,][Arial]] [[674,2815,709,2868][11][,I,][Arial]] LQ [[709,2815,722,2868][11][,I,][Arial]] [[723,2815,787,2868][11][,I,][Arial]]WKH [[786,2815,799,2868][11][,I,][Arial]] [[799,2815,931,2868][11][,I,][Arial]]HDUOLHU [[926,2815,939,2868][11][,I,][Ar ial]] [[939,2815,1135,2868][11][,I,][Arial]]GUDZLQJV [[1135,2815,1148,2868][11][,I,][Arial]] [[1148,2815,1217,2868][11][,I,][Arial]]:H [[1217,2815,1230,2868][11][,I,][Arial]] [[1230,2815,1391,286 8][11][,I,][Arial]]DVVXPH [[1390,2815,1403,2868][11][,I,][Arial]] [[1403,2815,1467,2868][11][,I,][Arial]]WKH [[1466,2815,1479,2868][11][,I,][Arial]] [[1479,2815,1678,2868][11][,I,][Arial]]GHVLJQHUV [[1678,2815,1691,2868][11][,I,][Arial]] [[1691,2815,1841,2868][11][,I,][Arial]]ZRUNHG [[1838,2815,1851,2868][11][,I,][Arial]] [[1851,2815,1946,2868][11][,I,][Arial]]KDUG [[1943,2815,1956,2868][11] [,I,][Arial]] [[1956,2815,1994,2868][11][,I,][Arial]]WR [[1994,2815,2007,2868][11][,I,][Arial]] [[2007,2815,2084,2868][11][,I,][Arial]]ILQG [[2081,2815,2094,2868][11][,I,][Arial]] [[2094,2815,2305,2868][11][,I,][Arial]]DOWHUQDWLYH [[2305,2815,2318,2868][11][,I,][Arial]] [[452,2868,646,2921][11][,I,][Arial]]ORFDWLRQV [[646,2868,659,2921][11][,I,][Arial]] [[659,2868,738,2921][11][,I,][Arial]]DQG [[735,2868,748,2921][11][,I,][Arial]] [[748,2868,807,2921][11][,I,][Ar ial]]ZH [[807,2868,820,2921][11][,I,][Arial]] [[820,2868,982,2921][11][,I,][Arial]]VWURQJO\ [[980,2868,993,2921][11][,I,][Arial]] [[993,2868,1210,2921][11][,I,][Arial]]HQFRXUDJH [[1209,2868,1222,29 21][11][,I,][Arial]] [[1222,2868,1286,2921][11][,I,][Arial]]WKH [[1286,2868,1299,2921][11][,I,][Arial]] [[1298,2868,1400,2921][11][,I,][Arial]]WHDP [[1400,2868,1413,2921][11][,I,][Arial]] [[1413,2868,1428,2921][11][,I,][Arial]]W [[1426,2868,1452,2921][11][,I,][Arial]]R [[1451,2868,1464,2921][11][,I,][Arial]] [[1464,2868,1586,2921][11][,I,][Arial]]UHYLVLW [[1584,2868,1597,2921][11][, I,][Arial]] [[1596,2868,1668,2921][11][,I,][Arial]]WKLV [[1668,2868,1681,2921][11][,I,][Arial]] [[1681,2868,1851,2921][11][,I,][Arial]]VROXWLRQ [[1851,2868,1864,2921][11][,I,][Arial]] [[1864,2868,1985,2921][11][,I,][Arial]]&RXOG [[1983,2868,1996,2921][11][,I,][Arial]] [[1996,2868,2022,2921][11][,I,][Arial]]D [[2022,2868,2035,2921][11][,I,][Arial]] [[2035,2868,2157,2921][11][,I, ][Arial]]EHORZ [[2154,2868,2169,2921][11][,I,][Arial]] [[2170,2868,2287,2921][11][,I,][Arial]]JUDGH [[2287,2868,2300,2921][11][,I,][Arial]] [[452,2920,551,2973][11][,I,][Arial]]YDXOW [[549,2920,562,2973][11][,I,][Arial]] [[562,2920,850,2973][11][,I,][Arial]]DFFRPPRGDWH [[850,2920,863,2973][11][,I,][Arial]] [[863,2920,927,2973][11][,I,] [Arial]]WKH [[926,2920,939,2973][11][,I,][Arial]] [[939,2920,1186,2973][11][,I,][Arial]]WUDQVIRUPHU [[1186,2920,1199,2973][11][,I,][Arial]] [[1199,2920,1244,2973][11][,I,][Arial]]RU [[1240,2920,1253,2973][11][,I,][Arial]] [[1253,2920,1365,2973][11][,I,][Arial]]FRXOG [[1362,2920,1375,2973][11][,I,][Arial]] [[1375,2920,1401,2973][11][,I,][Arial]]D [[1400,2920,1413,2973][11][,I, ][Arial]] [[1413,2920,1591,2973][11][,I,][Arial]]VWUXFWXUH [[1592,2920,1605,2973][11][,I,][Arial]] [[1605,2920,1656,2973][11][,I,][Arial]]EH [[1655,2920,1668,2973][11][,I,][Arial]] [[1668,2920,1856,2973][11][,I,][Arial]]GHVLJQHG [[1854,2920,1867,2973][11][,I,][Arial]] [[1867,2920,1946,2973][11][,I,][Arial]]WKDW [[1943,2920,1956,2973][11][,I,][Arial]] [[1956,2920,2079,2973][1 1][,I,][Arial]]ZRXOG [[2076,2920,2089,2973][11][,I,][Arial]] [[2089,2920,2155,2973][11][,I,][Arial]]JHW [[2152,2920,2165,2973][11][,I,][Arial]] [[2165,2920,2190,2973][11][,I,][Arial]]LW [[2188,2920,2201,2973][11][,I,][Arial]] [[2201,2920,2252,2973][11][,I,][Arial]]XS [[2252,2920,2265,2973][11][,I,][Arial]] 3DFNHW3J *J 0'&3URMHFW5HYLHZ²7KH$SDUWPHQWV²²3DJH [[450,301,529,354][11][,I,][Arial]]DQG [[526,301,539,354][11][,I,][Arial]] [[540,301,606,354][11][,I,][Arial]]RXW [[603,301,616,354][11][,I,][Arial]] [[616,301,660,354][11][,I,][Arial]]RI [[654,301,667,354][11][,I,][Arial]] [[667,301,804,354][11][,I,][Arial]]KDUP¶V [[804,301,817,354][11][,I,][Arial]] [[817,301,925,354][11][,I,][Arial]]ZD\" [[924,301,937,354][11][,I,][Arial]] [[937,301,1034,354][11][,I,][Arial]]&DUV [[1034,301,1047,354][11][,I,][Arial]] [[1047,301,1126,354][11][,I,][Arial]]DQG [[1123,301,1136,354][11][,I,][Arial]] [[1136,301,1319,354][11][,I,][Arial]]H OHFWULFDO [[1317,301,1330,354][11][,I,][Arial]] [[1329,301,1587,354][11][,I,][Arial]]WUDQVIRUPHUV [[1587,301,1600,354][11][,I,][Arial]] [[1600,301,1700,354][11][,I,][Arial]]GRQ¶W [[1698,301,1711,35 4][11][,I,][Arial]] [[1711,301,1783,354][11][,I,][Arial]]PL[ [[1783,301,1796,354][11][,I,][Arial]] [[1795,301,1876,354][11][,I,][Arial]]ZHOO [[1874,301,1887,354][11][,I,][Arial]] [[1887,301,1997,354][11][,I,][Arial]]ZKHQ [[1997,301,2010,354][11][,I,][Arial]] [[2010,301,2074,354][11][,I,][Arial]]WKH [[2073,301,2086,354][11][,I,][Arial]] [[2086,301,2325,354][11][,I,][Arial]] WUDQVIRUPHU [[2320,301,2333,354][11][,I,][Arial]] [[450,354,483,407][11][,I,][Arial]]LV [[483,354,496,407][11][,I,][Arial]] [[496,354,646,407][11][,I,][Arial]]ORFDWHG [[644,354,657,407][11][,I,][Arial]] [[657,354,767,407][11][,I,][Arial]]DZD\ [[764,354,777,407][11][,I,][Arial]] [[777,354,869,407][11][,I,][Arial]]IURP [[868,354,881,407][11][,I,][Arial]] [[881,354,1005,407][11][,I,][Arial]]WUDIILF [[1006,354,1019,407][11][,I,][Arial]] [[1019,354,1152,407][11][,I,][Arial]]PL[LQJ [[1151,354,1164,407][11][,I,][Arial]] [[1164,354,1266,407][11][,I,][Arial]]WKHP [[1266,354,1279,407][11][,I,][Arial]] [[1278,354,1451,407][11][,I,][Aria l]]WRJHWKHU [[1447,354,1460,407][11][,I,][Arial]] [[1459,354,1525,407][11][,I,][Arial]]ZLOO [[1523,354,1536,407][11][,I,][Arial]] [[1536,354,1587,407][11][,I,][Arial]]EH [[1587,354,1600,407][11][,I ,][Arial]] [[1600,354,1864,407][11][,I,][Arial]]SUREOHPDWLF [[1864,354,1877,407][11][,I,][Arial]] [[375,407,388,460][11][,I,][Arial]] [[375,459,530,512][11][,I,][Arial]]0LVVLQJ [[530,459,543,512][11][,I,][Arial]] [[543,459,588,512][11][,I,][Arial]]RU [[584,459,597,512][11][,I,][Arial]] [[597,459,752,512][11][,I,][Arial]]XQFOHDU [[747,459,760,512][11][,I,][Arial]] [[760,459,987,512][11][,I,][Arial]]LQIRUPDWLRQ [[987,459,1000,511][11][,,][Arial]] *XLGHOLQHVUHTXLUHXVHRIKLJKTXDOLW\PDWHULDOV([WHULRUPDWHULDOVDUHGHVLJQDWHGDVPHWDO SDQHOFHPHQWLWLRXVSDQHOZLWKDOXPLQXPUHYHDOEULFNDQGFDVWVWRQH´0RUHLQIRUPDWLRQLV QHHGHGRQVSHFLILFPDWHULDOVDQGFRORUV *OD]LQJRQVWUHHWOHYHOPXVWKDYH97QROHVVWKDQ7KLVQHHGVWREHYHULILHG [[526,729,669,782][11][,I,][Arial]] [[669,729,682,782][11][,I,][Arial]] [[682,729,882,782][11][,I,][Arial]]FRPPHQW [[883,729,896,782][11][,I,][Arial]] [[896,729,1086,782][11][,I,][Arial]]'UDZLQJV [[1086,729,1099,782][11][,I,] [Arial]] [[1099,729,1257,782][11][,I,][Arial]]LQGLFDWH [[1257,729,1270,782][11][,I,][Arial]] [[1270,729,1338,782][11][,I,][Arial]]³$OO [[1336,729,1349,782][11][,I,][Arial]] [[1349,729,1494,782][11 ][,I,][Arial]]JOD]LQJ [[1493,729,1506,782][11][,I,][Arial]] [[1506,729,1544,782][11][,I,][Arial]]WR [[1545,729,1558,782][11][,I,][Arial]] [[1558,729,1609,782][11][,I,][Arial]]EH [[1609,729,1622,782 ][11][,I,][Arial]] [[1622,729,1733,782][11][,I,][Arial]]FOHDU [[1734,729,1747,782][11][,I,][Arial]] [[1747,729,1798,782][11][,I,][Arial]]QR [[1797,729,1810,782][11][,I,][Arial]] [[1810,729,1903,782][11][,I,][Arial]]WLQW´ [[1898,729,1911,782][11][,I,][Arial]] [[1911,729,1987,782][11][,I,][Arial]]6WLOO [[1985,729,1998,782][11][,I,][Arial]] [[1998,729,2103,782][11][,I,][Ari al]]QHHG [[2100,729,2113,782][11][,I,][Arial]] [[2113,729,2151,782][11][,I,][Arial]]WR [[2151,729,2164,782][11][,I,][Arial]] [[2164,729,2276,782][11][,I,][Arial]]YHULI\ [[2274,729,2287,782][11][,I, ][Arial]] [[526,781,589,834][11][,I,][Arial]]97 [[584,781,597,834][11][,I,][Arial]] [[597,781,648,834][11][,I,][Arial]]QR [[648,781,661,834][11][,I,][Arial]] [[661,781,743,834][11][,I,][Arial]]OHVV [[743,781,756,834][11][,I,][Arial]] [[755,781,844,834][11][,I,][Arial]]WKDQ [[844,781,857,834][11][,I,][Arial]] [[857,781,973,834][11][,I,][Arial]] [[974,781,987,833][11][,,][Arial]] *XLGHOLQHVKDYHVSHFLILFUHTXLUHPHQWVDQGGHWDLOVIRUVLJQDJHSURMHFWLQJVLJQVDZQLQJV DQGOLJKWLQJ(QVXUHWKDWWKHVHDUHPHW [[526,942,669,995][11][,I,][Arial]] [[669,942,682,995][11][,I,][Arial]] [[682,942,882,995][11][,I,][Arial]]FRPPHQW [[883,942,896,995][11][,I,][Arial]] [[896,942,1113,995][11][,I,][Arial]]*XLGHOLQHV [[1112,942,1125,995][11][,I ,][Arial]] [[1125,942,1208,995][11][,I,][Arial]]OLPLW [[1207,942,1220,995][11][,I,][Arial]] [[1220,942,1419,995][11][,I,][Arial]]SURMHFWLQJ [[1418,942,1431,995][11][,I,][Arial]] [[1431,942,1591,99 5][11][,I,][Arial]]VLJQDJH [[1591,942,1604,995][11][,I,][Arial]] [[1604,942,1718,995][11][,I,][Arial]]DUHDV [[1719,942,1732,995][11][,I,][Arial]] [[1732,942,1826,995][11][,I,][Arial]]RYHU [[1821,942,1834,995][11][,I,][Arial]] [[1834,942,2032,995][11][,I,][Arial]]VLGHZDONV [[2032,942,2045,995][11][,I,][Arial]] [[2045,942,2083,995][11][,I,][Arial]]WR [[2083,942,2096,995][11][,I,][Ari al]] [[2096,942,2122,995][11][,I,][Arial]] [[2122,942,2135,995][11][,I,][Arial]] [[2135,942,2274,995][11][,I,][Arial]]VTXDUH [[2274,942,2287,995][11][,I,][Arial]] [[526,995,605,1048][11][,I,][Arial]]IHHW [[603,995,616,1048][11][,I,][Arial]] [[616,995,687,1048][11][,I,][Arial]]SHU [[682,995,695,1048][11][,I,][Arial]] [[695,995,779,1048][11][,I,][Arial]]VLJQ [[779,995,792,1048][11][,I,][Arial]] [[791,995,804,1048][11][,I,][Arial]] [[805,995,884,1048][11][,I,][Arial]]7KH [[883,995,896,1048][11][,I,][Arial]] [[897,995,1036,1048][11][,I,][Arial]]SURMHFW [[1033,995,1046,1048][11][,I,][Arial]] [[1047,995,1230,1048][11][,I,][Arial]]GUDZLQJV [[1230,995,1243,1048][11][,I,][Arial]] [[1243,995,1352,1048][11][,I,][Arial]]VKRZ [[1350,995,1363,1048][11][,I ,][Arial]] [[1363,995,1435,1048][11][,I,][Arial]]WZR [[1434,995,1447,1048][11][,I,][Arial]] [[1447,995,1646,1048][11][,I,][Arial]]SURMHFWLQJ [[1645,995,1658,1048][11][,I,][Arial]] [[1658,995,1765,1048][11][,I,][Arial]]VLJQV [[1765,995,1778,1048][11][,I,][Arial]] [[1778,995,1822,1048][11][,I,][Arial]]RI [[1816,995,1829,1048][11][,I,][Arial]] [[1829,995,1923,1048][11][,I,][Ar ial]]RYHU [[1918,995,1931,1048][11][,I,][Arial]] [[1931,995,1982,1048][11][,I,][Arial]] [[1982,995,1995,1048][11][,I,][Arial]] [[1995,995,2134,1048][11][,I,][Arial]]VTXDUH [[2135,995,2148,1048][1 1][,I,][Arial]] [[2147,995,2226,1048][11][,I,][Arial]]IHHW [[2224,995,2237,1048][11][,I,][Arial]] [[527,1048,627,1101][11][,I,][Arial]]HDFK [[626,1048,639,1101][11][,I,][Arial]] [[639,1048,652,1101][11][,I,][Arial]] [[652,1048,772,1101][11][,I,][Arial]]2WKHU [[766,1048,779,1101][11][,I,][Arial] ] [[779,1048,861,1101][11][,I,][Arial]]&LW\ [[858,1048,871,1101][11][,I,][Arial]] [[871,1048,915,1101][11][,I,][Arial]]RI [[909,1048,922,1101][11][,I,][Arial]] [[922,1048,1136,1101][11][,I,][Arial ]]5RFKHVWHU [[1131,1048,1144,1101][11][,I,][Arial]] [[1144,1048,1412,1101][11][,I,][Arial]]UHTXLUHPHQWV [[1411,1048,1424,1101][11][,I,][Arial]] [[1424,1048,1482,1101][11][,I,][Arial]]IRU [[1477,1048,1490,1101][11][,I,][Arial]] [[1490,1048,1650,1101][11][,I,][Arial]]VLJQDJH [[1650,1048,1663,1101][11][,I,][Arial]] [[1663,1048,1746,1101][11][,I,][Arial]]OLPLW [[1745,1048,1758,1101][1 1][,I,][Arial]] [[1758,1048,1957,1101][11][,I,][Arial]]SURMHFWLQJ [[1956,1048,1969,1101][11][,I,][Arial]] [[1969,1048,2075,1101][11][,I,][Arial]]VLJQV [[2076,1048,2089,1101][11][,I,][Arial]] [[2089,1048,2127,1101][11][,I,][Arial]]WR [[2127,1048,2140,1101][11][,I,][Arial]] [[2140,1048,2191,1101][11][,I,][Arial]] [[2191,1048,2204,1101][11][,I,][Arial]] [[527,1101,668,1154][11][,I,][Arial]]VTXDUH [[667,1101,680,1154][11][,I,][Arial]] [[680,1101,759,1154][11][,I,][Arial]]IHHW [[756,1101,769,1154][11][,I,][Arial]] [[769,1101,827,1154][11][,I,][Arial ]]IRU [[823,1101,836,1154][11][,I,][Arial]] [[835,1101,899,1154][11][,I,][Arial]]WKH [[899,1101,912,1154][11][,I,][Arial]] [[912,1101,1027,1154][11][,I,][Arial]]HQWLUH [[1026,1101,1039,1154][11][,I ,][Arial]] [[1039,1101,1197,1154][11][,I,][Arial]]EXLOGLQJ [[1197,1101,1210,1154][11][,I,][Arial]] [[1207,1101,1225,1154][11][,I,][Arial]] [[1225,1101,1238,1154][11][,I,][Arial]] 6HUYLFHHQWUDQFHVXWLOLW\WUDVKDQGPHFKDQLFDOHTXLSPHQWPXVWEHVFUHHQHG7UDVKSLFNXS ZLWKLQWKHILUVWOHYHOJDUDJHDSSHDUVWRFRPSO\5RRIWRSPHFKDQLFDOHTXLSPHQWLVQRWVKRZQ (QVXUHWKDWWKHVHHOHPHQWVDUHSURSHUO\VFUHHQHGWRFRPSO\ [[525,1315,668,1368][11][,I,][Arial]] [[668,1315,681,1368][11][,I,][Arial]] [[681,1315,881,1368][11][,I,][Arial]]FRPPHQW [[882,1315,895,1368][11][,I,][Arial]] [[895,1315,1101,1368][11][,I,][Arial]]6FUHHQLQJ [[1100,1315,1113,136 8][11][,I,][Arial]] [[1114,1315,1172,1368][11][,I,][Arial]]IRU [[1167,1315,1180,1368][11][,I,][Arial]] [[1180,1315,1323,1368][11][,I,][Arial]]URRIWRS [[1323,1315,1336,1368][11][,I,][Arial]] [[1335,1315,1569,1368][11][,I,][Arial]]PHFKDQLFDO [[1567,1315,1580,1368][11][,I,][Arial]] [[1580,1315,1613,1368][11][,I,][Arial]]LV [[1613,1315,1626,1368][11][,I,][Arial]] [[1626,1315,1713,1368][1 1][,I,][Arial]]QRZ [[1710,1315,1723,1368][11][,I,][Arial]] [[1723,1315,1855,1368][11][,I,][Arial]]VKRZQ [[1855,1315,1868,1368][11][,I,][Arial]] [[1868,1315,1919,1368][11][,I,][Arial]]RQ [[1919,1315,1932,1368][11][,I,][Arial]] [[1932,1315,1996,1368][11][,I,][Arial]]WKH [[1996,1315,2009,1368][11][,I,][Arial]] [[2008,1315,2219,1368][11][,I,][Arial]]GUDZLQJV [[2220,1315,2233,1368][11][,I,][Arial]] *XLGHOLQHVUHFRPPHQGPHHWLQJDQHVWDEOLVKHGVXVWDLQDEOHDQGKHDOWK\EXLOGLQJUDWLQJ V\VWHP7KHVXEPLVVLRQLQGLFDWHVWKDWWKHSURMHFWZLOOKDYHHQHUJ\SHUIRUPDQFHJUHDWHU WKDQVWDQGDUG7KLVPXVWEHFRQVLVWHQWZLWK'0&UHTXLUHPHQWV0RUHLQIRUPDWLRQLVQHHGHG IRUFRPSOLDQFHZLWKWKLVJXLGHOLQH [[525,1581,668,1634][11][,I,][Arial]] [[668,1581,681,1634][11][,I,][Arial]] [[681,1581,881,1634][11][,I,][Arial]]FRPPHQW [[882,1581,895,1634][11][,I,][Arial]] [[895,1581,954,1634][11][,I,][Arial]]1R [[953,1581,966,1634][11][,I, ][Arial]] [[966,1581,1103,1634][11][,I,][Arial]]IXUWKHU [[1099,1581,1112,1634][11][,I,][Arial]] [[1112,1581,1338,1634][11][,I,][Arial]]LQIRUPDWLRQ [[1338,1581,1351,1634][11][,I,][Arial]] [[1352,1581,1385,1634][11][,I,][Arial]]LV [[1384,1581,1397,1634][11][,I,][Arial]] [[1398,1581,1576,1634][11][,I,][Arial]]SURYLGHG [[1572,1581,1585,1634][11][,I,][Arial]] [[1586,1581,1637,1634][11] [,I,][Arial]]RQ [[1636,1581,1649,1634][11][,I,][Arial]] [[1649,1581,1812,1634][11][,I,][Arial]]PHHWLQJ [[1812,1581,1825,1634][11][,I,][Arial]] [[1825,1581,1897,1634][11][,I,][Arial]]WKLV [[1896,1581,1909,1634][11][,I,][Arial]] [[1909,1581,2119,1634][11][,I,][Arial]]JXLGHOLQH [[2120,1581,2133,1633][11][,,][Arial]] 3DFNHW3J *J 0'&3URMHFW5HYLHZ²7KH$SDUWPHQWV²²3DJH '0&',675,&7'(6,*1*8,'(/,1(6 &203/,$1&(6800$5<²7+($3$570(176352-(&7 $SSOLFDELOLW\&RPSOLDQFH $'RZQWRZQ'LVWULFW $&UHDWHD6DIH,QYLWLQJDQG&RQQHFWHG3XEOLF5HDOP<HV<HV $(QKDQFH&RQQHFWLRQVWR1DWXUHDQG1DWXUDO6\VWHPV<HV<HV $(VWDEOLVK'LVWULFWDQG6XEGLVWULFW,GHQWLW\<HV[[1950,665,2029,718][11][,I,][Arial]]<HV $6WUHQJWKHQ*DWHZD\V<HV<HV $(VWDEOLVK6LJQDWXUH2SHQ6SDFHV1R² $5HXVHDQG5HVWRUH%XLOGLQJV1R² $ & *J 0'&3URMHFW5HYLHZ²7KH$SDUWPHQWV²²3DJH $'2:172:1',675,&7 $&UHDWHD6DIH,QYLWLQJDQG&RQQHFWHG3XEOLF5HDOP $SSOLFDELOLW\<HVWKHGHYHORSHULVUHVSRQVLEOHIRUVWUHQJWKHQLQJVDIHDQGYLEUDQWOLQNVEHWZHHQ GHVWLQDWLRQV &RPSOLDQFH<HV 7KHSURMHFWVXFFHVVIXOO\UHLQIRUFHV5RFKHVWHU¶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²LQFOXGLQJGLVWULFWSDUNLQJ²WRKHOSUHVROYHWKH SDUNLQJLVVXH [[526,1370,669,1423][11][,I,][Arial]] [[669,1370,682,1423][11][,I,][Arial]] [[682,1370,882,1423][11][,I,][Arial]]FRPPHQW [[883,1370,896,1423][11][,I,][Arial]] [[896,1370,975,1423][11][,I,][Arial]]7KH [[975,1370,988,1423][11][,I ,][Arial]] [[988,1370,1012,1423][11][,I,][Arial]]F [[1011,1370,1077,1423][11][,I,][Arial]]XUE [[1077,1370,1090,1423][11][,I,][Arial]] [[1090,1370,1152,1423][11][,I,][Arial]]FXW [[1151,1370,1164,142 3][11][,I,][Arial]] [[1164,1370,1232,1423][11][,I,][Arial]]VWLOO [[1229,1370,1242,1423][11][,I,][Arial]] [[1242,1370,1338,1423][11][,I,][Arial]]H[LVW [[1337,1370,1372,1423][11][,I,][Arial]]V [[1372,1370,1385,1423][11][,I,][Arial]] [[1385,1370,1451,1423][11][,I,][Arial]]EXW [[1449,1370,1462,1423][11][,I,][Arial]] [[1461,1370,1525,1423][11][,I,][Arial]]WKH [[1525,1370,1538,1423][11][,I, ][Arial]] [[1538,1370,1723,1423][11][,I,][Arial]]GULYHZD\ [[1719,1370,1732,1423][11][,I,][Arial]] [[1731,1370,1839,1423][11][,I,][Arial]]ZLGWK [[1839,1370,1852,1423][11][,I,][Arial]] [[1852,1370,1885,1423][11][,I,][Arial]]LV [[1884,1370,1897,1423][11][,I,][Arial]] [[1898,1370,2065,1423][11][,I,][Arial]]UHGXFHG [[2063,1370,2076,1423][11][,I,][Arial]] [[2076,1370,2168,1423][11][ ,I,][Arial]]IURP [[2167,1370,2180,1423][11][,I,][Arial]] [[2180,1370,2231,1423][11][,I,][Arial]] [[2231,1370,2244,1423][11][,I,][Arial]] [[2244,1370,2282,1423][11][,I,][Arial]]WR [[2282,1370,2295,1423][11][,I,][Arial]] [[526,1423,577,1476][11][,I,][Arial]] [[577,1423,590,1476][11][,I,][Arial]] [[590,1423,678,1476][11][,I,][Arial]]IHHW [[679,1423,692,1476][11][,I,][Arial]] [[692,1423,718,1476][11][,I,][Arial]]D [[718,1423,731,1476][11][,I,][Arial]] [[731,1423,886,1476][11][,I,][Arial]]SRVLWLYH [[886,1423,899,1476][11][,I,][Arial]] [[899,1423,1061,1476][11][,I,][Arial]]FKDQJH [[1062,1423,1075,1476][11][, I,][Arial]] [[1075,1423,1134,1476][11][,I,][Arial]]1R [[1133,1423,1146,1476][11][,I,][Arial]] [[1146,1423,1309,1476][11][,I,][Arial]]PHQWLRQ [[1309,1423,1322,1476][11][,I,][Arial]] [[1322,1423,1355,1476][11][,I,][Arial]]LV [[1355,1423,1368,1476][11][,I,][Arial]] [[1367,1423,1482,1476][11][,I,][Arial]]PDGH [[1482,1423,1495,1476][11][,I,][Arial]] [[1496,1423,1540,1476][11][,I, ][Arial]]RI [[1533,1423,1546,1476][11][,I,][Arial]] [[1546,1423,1732,1476][11][,I,][Arial]]H[SORULQJ [[1732,1423,1745,1476][11][,I,][Arial]] [[1745,1423,1879,1476][11][,I,][Arial]]GLVWULFW [[1877,1423,1890,1476][11][,I,][Arial]] [[1890,1423,2041,1476][11][,I,][Arial]]SDUNLQJ [[2040,1423,2053,1476][11][,I,][Arial]] [[2053,1423,2134,1476][11][,I,][Arial]]ZLWK [[2135,1423,2148,1476][11 ][,I,][Arial]] [[527,1476,722,1529][11][,I,][Arial]]PXQLFLSDO [[720,1476,733,1529][11][,I,][Arial]] [[733,1476,838,1529][11][,I,][Arial]]UDPS [[838,1476,851,1529][11][,I,][Arial]] [[851,1476,986,1529][11][,I,][Ar ial]]DFURVV [[986,1476,999,1529][11][,I,][Arial]] [[999,1476,1072,1529][11][,I,][Arial]]VW [[1072,1476,1085,1529][11][,I,][Arial]] [[1084,1476,1241,1529][11][,I,][Arial]]$YHQXH [[1241,1476,1254,1 529][11][,I,][Arial]] [[1254,1476,1339,1529][11][,I,][Arial]]6: [[1337,1476,1355,1529][11][,I,][Arial]] [[1355,1476,1368,1529][11][,I,][Arial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rial]]<HV [[605,2434,618,2486][11][,,][Arial]] 7KHGHVLJQDSSHDUVWRUHODWHZHOOWRDGMDFHQWVWUXFWXUHVDQGVXSSRUWVWKHPL[HGXVH FKDUDFWHURIWKHGLVWULFW 7KHQDUUDWLYHGHVFULEHVWKHSRGLXPUHWDLOOHYHORIWKHEXLOGLQJDV³ZKHDWFRORUHGEULFN´WKH UHQGHULQJVKRZHYHUVKRZDFKDUFRDOFRORUHGEULFNDQGGDUNKRUL]RQWDOVLGLQJRIVRPHVRUW DWJUDGH7KHEDODQFHRIWKHEXLOGLQJFRPSULVHVPHWDOSDQHOVXVHGLQKRUL]RQWDODQGYHUWLFDO SDWWHUQV0RUHGHWDLORQWKHFRORUDQGW\SHRIPHWDOSDQHOLQJDQGWKHDWJUDGHPDWHULDOVLV QHHGHG 3DFNHW3J *J 0'&3URMHFW5HYLHZ²7KH$SDUWPHQWV²²3DJH2477][11][,I,][Arial]]DUW [[1086,2424,1099,2477][11][,I,][Arial]] [[1099,2424,1132,2477][11][,I,][Arial]]LV [[1132,2424,1145,2477][11][,I,][Arial]] [[1145,2424,1211,2477][11][,I,][Arial]]QRW [[1209,2424,1222,2477][11][,I,][Arial]] [[1222,2424,1448,2477][11][,I,][Arial]]DGGUHVVHG [[1445,2424,1463,2477][11][,I,][Arial]] [[1463,2424,1476,2477][11][,I,][Arial]] $'HYHORS0L[HG8VH1HLJKERUKRRGV $SSOLFDELOLW\<HVSURMHFWVWKDWEURDGHQWKHPL[RIXVHVDUHHQFRXUDJHGZKHUHDSSURSULDWH &RPSOLDQFH<HV²VHHFRPPHQWV 7KHSURMHFWLQFOXGHVUHWDLODWJUDGHZLWKKRXVLQJDERYHVXFFHVVIXOO\DGGUHVVLQJWKH JXLGHOLQHVRIEURDGHQLQJWKHPL[RIXVHV 7KHQDUUDWLYHQRWHV³WKHSURMHFWLVGHVLJQHGWRDWWUDFWVWXGHQWVDQGVLQJOHSHRSOHZKRDUH ZRUNLQJLQWKHGRZQWRZQDUHD«´7KLVVXSSRUWVWKHJRDOVWDWHGLQWKHJXLGHOLQHVWR³HQVXUH 3DFNHW3J *J 0'&3URMHFW5HYLHZ²7KH$SDUWPHQWV²²3DJH WKDWWKHUHLVDPL[RILQFRPHOHYHOVDJHVXQLWW\SHVDQGVL]HVLQKRXVLQJ«´7KHSURSRVHG VWXGLRRQHDQGWZREHGURRPPLFURXQLWVKHOSDFKLHYHWKDWJRDO $3URPRWH8UEDQ$JULFXOWXUH $SSOLFDELOLW\1R &RPSOLDQFH1$ $&UHDWH'LVWULFW3DUNLQJ $SSOLFDELOLW\<HV &RPSOLDQFH[[525,880,584,933][11][,I,][Arial]]1R [[584,880,597,932][11][,,][Arial]] 7KH*XLGHOLQHVUHFRPPHQGDFRPSUHKHQVLYHVWUDWHJ\WRPDQDJHSDUNLQJZLWKLQYDULRXV GLVWULFWVRIWKH&LW\WKDWSURPRWHVVKDUHGSDUNLQJDQGUHGXFHVWKHQHHGIRULQGLYLGXDO GHYHORSPHQWVWRVDWLVI\WKHLUHQWLUHSDUNLQJQHHGVRQVLWH*LYHQWKHFORVHSUR[LPLW\RIWKH VW SXEOLFSDUNLQJUDPSDFURVV $YHQXH6:WKHGHYHORSPHQWWHDPLVVWURQJO\HQFRXUDJHGWR ZRUNZLWKWKH&LW\DQGUDPSRSHUDWRUWRSURYLGHUHVHUYHGVSDFHVIRUUHWDLODQGUHVLGHQWLDO XVHUVRIWKHQHZGHYHORSPHQW [[525,1305,668,1358][11][,I,][Arial]] [[668,1305,681,1358][11][,I,][Arial]] [[681,1305,881,1358][11][,I,][Arial]]FRPPHQW [[882,1305,895,1358][11][,I,][Arial]] [[895,1305,954,1358][11][,I,][Arial]]1R [[953,1305,966,1358][11][,I, ][Arial]] [[966,1305,1129,1358][11][,I,][Arial]]PHQWLRQ [[1129,1305,1142,1358][11][,I,][Arial]] [[1142,1305,1175,1358][11][,I,][Arial]]LV [[1175,1305,1188,1358][11][,I,][Arial]] [[1188,1305,1303,1 358][11][,I,][Arial]]PDGH [[1303,1305,1316,1358][11][,I,][Arial]] [[1316,1305,1360,1358][11][,I,][Arial]]RI [[1354,1305,1367,1358][11][,I,][Arial]] [[1367,1305,1553,1358][11][,I,][Arial]]H[SORULQJ [[1552,1305,1565,1358][11][,I,][Arial]] [[1565,1305,1602,1358][11][,I,][Arial]]GL [[1601,1305,1700,1358][11][,I,][Arial]]VWULFW [[1698,1305,1711,1358][11][,I,][Arial]] [[1711,1305,1861,1358][11][, I,][Arial]]SDUNLQJ [[1861,1305,1874,1358][11][,I,][Arial]] [[1874,1305,1956,1358][11][,I,][Arial]]ZLWK [[1955,1305,1968,1358][11][,I,][Arial]] [[1968,1305,2162,1358][11][,I,][Arial]]PXQLFLSDO [[2161,1305,2174,1358][11][,I,][Arial]] [[2174,1305,2279,1358][11][,I,][Arial]]UDPS [[2279,1305,2292,1358][11][,I,][Arial]] [[526,1358,662,1411][11][,I,][Arial]]DFURVV [[661,1358,674,1411][11][,I,][Arial]] [[674,1358,747,1411][11][,I,][Arial]]VW [[748,1358,761,1411][11][,I,][Arial]] [[760,1358,917,1411][11][,I,][Arial ]]$YHQXH [[916,1358,929,1411][11][,I,][Arial]] [[929,1358,1014,1411][11][,I,][Arial]]6: [[1012,1358,1030,1411][11][,I,][Arial]] [[1030,1358,1043,1411][11][,I,][Arial]] $&UHDWH6XVWDLQDEOH&RPPXQLW\,QIUDVWUXFWXUH $SSOLFDELOLW\1R &RPSOLDQFH1$²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²7KH$SDUWPHQWV²²3DJH %'HVLJQ0XOWLPRGDO6WUHHWVIRU3HGHVWULDQV $SSOLFDELOLW\<HV²7KHGHYHORSHULVUHVSRQVLEOHIRUVLGHZDON]RQHVDURXQGWKHEXLOGLQJ &RPSOLDQFH<HV $VVWDWHGHDUOLHUPD[LPL]LQJVLGHZDONZLGWKVLVGHVLUDEOH3URSRVHGVLGHZDONVPHHWWKH SUHIHUUHGZLGWKUHFRPPHQGHGLQWKHJXLGHOLQHVRIIHHWIRUWKHSULPDU\SHGHVWULDQ]RQH [[525,725,668,778][11][,I,][Arial]] [[668,725,681,778][11][,I,][Arial]] [[681,725,881,778][11][,I,][Arial]]FRPPHQW [[882,725,895,778][11][,I,][Arial]] [[895,725,986,778][11][,I,][Arial]]3ODQ [[987,725,1000,778][11][,I,][Arial ]] [[1000,725,1033,778][11][,I,][Arial]]LV [[1032,725,1045,778][11][,I,][Arial]] [[1045,725,1195,778][11][,I,][Arial]]UHYLVHG [[1193,725,1206,778][11][,I,][Arial]] [[1206,725,1257,778][11][,I,][Ar ial]]RQ [[1257,725,1270,778][11][,I,][Arial]] [[1269,725,1333,778][11][,I,][Arial]]WKH [[1333,725,1346,778][11][,I,][Arial]] [[1346,725,1410,778][11][,I,][Arial]]WK [[1410,725,1423,778][11][,I,][A rial]] [[1423,725,1547,778][11][,I,][Arial]]6WUHHW [[1545,725,1558,778][11][,I,][Arial]] [[1558,725,1638,778][11][,I,][Arial]]6: [[1631,725,1644,778][11][,I,][Arial]] [[1644,725,1728,778][11][,I,] [Arial]]VLGH [[1728,725,1741,778][11][,I,][Arial]] [[1741,725,1945,778][11][,I,][Arial]] UHPRYLQJ [[1945,725,1958,778][11][,I,][Arial]] [[1957,725,2029,778][11][,I,][Arial]]WZR [[2029,725,2042,778][11][,I,][Arial]] [[2041,725,2190,778][11][,I,][Arial]]SDUDOOHO [[2189,725,2202,778][11][ ,I,][Arial]] [[525,778,676,831][11][,I,][Arial]]SDUNLQJ [[676,778,689,831][11][,I,][Arial]] [[689,778,848,831][11][,I,][Arial]]VSDFHV [[849,778,862,831][11][,I,][Arial]] [[862,778,900,831][11][,I,][Arial]]WR [[900,778,913,831][11][,I,][Arial]] [[913,778,1033,831][11][,I,][Arial]]ZLGHQ [[1032,778,1045,831][11][,I,][Arial]] [[1045,778,1109,831][11][,I,][Arial]]WKH [[1109,778,1122,831][11][,I,][Arial]] [[1122,778,1301,831][11][,I,][Arial]]VLGHZDON [[1297,778,1310,831][11][,I,][Arial]] [[1310,778,1348,831][11][,I,][Ari al]]WR [[1348,778,1361,831][11][,I,][Arial]] [[1362,778,1413,831][11][,I,][Arial]] [[1412,778,1425,831][11][,I,][Arial]] [[1425,778,1513,831][11][,I,][Arial]]IHHW [[1515,778,1528,831][11][,I,][A rial]] [[1527,778,1644,831][11][,I,][Arial]]ZKLFK [[1644,778,1657,831][11][,I,][Arial]] [[1658,778,1831,831][11][,I,][Arial]]SURYLGHV [[1831,778,1844,831][11][,I,][Arial]] [[1844,778,1895,831][11] [,I,][Arial]]DQ [[1894,778,1907,831][11][,I,][Arial]] [[1907,778,1933,831][11][,I,][Arial]] [[1933,778,1948,831][11][,I,][Arial]] [[1948,778,2027,831][11][,I,][Arial]]IRRW [[2024,778,2037,831][11] [,I,][Arial]] [[2037,778,2193,831][11][,I,][Arial]]SULPDU\ [[2190,778,2203,831][11][,I,][Arial]] [[526,831,740,884][11][,I,][Arial]]SHGHVWULDQ [[740,831,753,884][11][,I,][Arial]] [[753,831,851,884][11][,I,][Arial]]]RQH [[851,831,864,884][11][,I,][Arial]] [[864,831,943,884][11][,I,][Arial]]DQG [[941,831,954,884][11][,I,][Arial]] [[954,831,980,884][11][,I,][Arial]]D [[979,831,992,884][11][,I,][Arial]] [[992,831,1018,884][11][,I,][Arial]] [[1018,831,1033,884][11][,I,][Arial]] [[1033,831,1112,884][11][,I,][Arial]]IRRW [[1109,831,1122,884][11][,I,][Arial]] [[1122,831,1280,884][11][,I,][Arial]]EXLOGLQJ [[1279,831,1292,884][11][,I,][Arial]] [[1293,831,1461,884][11][,I,][Ar ial]]IURQWDJH [[1461,831,1474,884][11][,I,][Arial]] [[1475,831,1574,884][11][,I,][Arial]]]RQH [[1573,831,1586,884][11][,I,][Arial]] [[1586,831,1644,884][11][,I,][Arial]]IRU [[1640,831,1653,884][11] [,I,][Arial]] [[1653,831,1752,884][11][,I,][Arial]]SRWV [[1752,831,1765,884][11][,I,][Arial]] [[1765,831,1838,884][11][,I,][Arial]]HWF [[1838,831,1851,884][11][,I,][Arial]] [[1851,831,2037,884][ 11][,I,][Arial]]6LGHZDON [[2034,831,2047,884][11][,I,][Arial]] [[2047,831,2080,884][11][,I,][Arial]]LV [[2080,831,2093,884][11][,I,][Arial]] [[2093,831,2177,884][11][,I,][Arial]]DOVR [[2177,831,2190,884][11][,I,][Arial]] [[1063,880,1087,914][7][,I,][Arial]]VW [[526,884,700,937][11][,I,][Arial]]ZLGHQHG [[697,884,710,937][11][,I,][Arial]] [[709,884,747,937][11][,I,][Arial]]WR [[748,884,761,937][11][,I,][Arial]] [[761,884,812,937][11][,I,][Arial]] [[811,884,824,937][11][,I,][Arial]] [[824,884,903,937][11][,I,][Arial]]IHHW [[901,884,914,937][11][,I,][Arial]] [[914,884,1026,937][11][,I,][Arial]]DORQJ [[1025,884,1038,937][11][,I,][Arial]] [[1038,884,1064,937][11][,I,][Arial]] [[1085,884,1098,937][11][,I,][Arial]] [[1097,884,1177,937][11][,I,][Arial]]$YH [[1177,884,1253,937][11][,I,][Arial]]QXH [[1253,884,1266,937][11][,I,][Arial]] [[1267,884,1353,937][11][,I,][Arial]]6: [[1350,884,1368,937][11][,I,][Arial]] [[1369,884,1382,936][11][,,][Arial]] [[1381,884,1394,937][11][,I,][Arial]] 6WUHHWWUHHVDUHEHLQJSURYLGHGWRSURWHFWDQGVKDGHSHGHVWULDQV &XUEH[WHQVLRQVDUHQRWHGRQWKHGUDZLQJVDVEHLQJSDUWRID&LW\LQLWLDWLYHZKLFKZLOO JUHDWO\LPSURYHSHGHVWULDQFURVVLQJV %'HVLJQ6WUHHWVIRU%LF\FOHV $SSOLFDELOLW\<HV²7KHGHYHORSHULVUHVSRQVLEOHIRUVXSSRUWLQJSHUVRQDODQGVKDUHGELF\FOHXVH &RPSOLDQFH[[526,1311,658,1364][11][,I,][Arial]]3DUWLDO [[656,1311,669,1363][11][,,][Arial]] [[668,1311,681,1363][11][,,][Arial]] 7KHEXLOGLQJZLOOEHSURYLGLQJLQWHULRUELNHUDFNVEXWLWLVXQFOHDULIWKH\ZLOOEHZDOOPRXQWHG RUVXUIDFHUDFNV [[525,1526,668,1579][11][,I,][Arial]] [[668,1526,681,1579][11][,I,][Arial]] [[681,1526,881,1579][11][,I,][Arial]]FRPPHQW [[882,1526,895,1579][11][,I,][Arial]] [[895,1526,1002,1579][11][,I,][Arial]])RUW\ [[999,1526,1014,1579][11 ][,I,][Arial]] [[1014,1526,1070,1579][11][,I,][Arial]]VL[ [[1070,1526,1083,1579][11][,I,][Arial]] [[1083,1526,1164,1579][11][,I,][Arial]]ZDOO [[1162,1526,1175,1579][11][,I,][Arial]] [[1175,1526,1357,1579][11][,I,][Arial]]PRXQWHG [[1353,1526,1366,1579][11][,I,][Arial]] [[1366,1526,1475,1579][11][,I,][Arial]]UDFNV [[1476,1526,1489,1579][11][,I,][Arial]] [[1489,1526,1555,1579][1 1][,I,][Arial]]DUH [[1555,1526,1568,1579][11][,I,][Arial]] [[1568,1526,1655,1579][11][,I,][Arial]]QRZ [[1652,1526,1665,1579][11][,I,][Arial]] [[1664,1526,1797,1579][11][,I,][Arial]]VKRZQ [[1797,1526,1810,1579][11][,I,][Arial]] [[1810,1526,1861,1579][11][,I,][Arial]]RQ [[1861,1526,1874,1579][11][,I,][Arial]] [[1873,1526,1937,1579][11][,I,][Arial]]WKH [[1937,1526,1950,1579][11][,I,] [Arial]] [[1950,1526,2059,1579][11][,I,][Arial]]SODQV [[2059,1526,2072,1579][11][,I,][Arial]] [[2072,1526,2191,1579][11][,I,][Arial]]LQVLGH [[2192,1526,2205,1579][11][,I,][Arial]] [[2205,1526,2269,1579][11][,I,][Arial]]WKH [[2268,1526,2281,1579][11][,I,][Arial]] [[525,1578,695,1631][11][,I,][Arial]]JDUDJH [[696,1578,709,1630][11][,,][Arial]] [[709,1578,722,1631][11][,I,][Arial]] ,WLVUHFRPPHQGHGWKDWPRUHSXEOLFELNHUDFNVEHORFDWHGRXWVLGHWKHEXLOGLQJ7KH VWUHHWVFDSHSODQFDQHDVLO\DFFRPPRGDWHUDFNV WZREHWZHHQHDFKRIWKHSODQWHGWUHH RSHQLQJV ZKLFKZLOODFFRPPRGDWHWKHUDSLGO\LQFUHDVLQJXVHRIELNHVDVDVHULRXVPRGHRI WK PRYHPHQWLQWKH&LW\:HQRWHWKDWWKHDGMDFHQWEXLOGLQJRQ6WUHHW6:7KH)UDQFLV +RWHOKDVWZRUDFNVWKDWDSSHDUWREHYHU\ZHOOXVHG [[1733,1894,1757,1928][7][,I,][Arial]]VW [[525,1898,668,1951][11][,I,][Arial]] [[668,1898,681,1951][11][,I,][Arial]] [[681,1898,881,1951][11][,I,][Arial]]FRPPHQW [[882,1898,895,1951][11][,I,][Arial]] [[895,1898,992,1951][11][,I,][Arial]]2QO\ [[989,1898,1002,1951][11][ ,I,][Arial]] [[1002,1898,1078,1951][11][,I,][Arial]]RQH [[1078,1898,1091,1951][11][,I,][Arial]] [[1091,1898,1248,1951][11][,I,][Arial]]H[WHULRU [[1244,1898,1257,1951][11][,I,][Arial]] [[1257,1898,1341,1951][11][,I,][Arial]]ELNH [[1341,1898,1354,1951][11][,I,][Arial]] [[1354,1898,1444,1951][11][,I,][Arial]]UDFN [[1440,1898,1453,1951][11][,I,][Arial]] [[1453,1898,1486,1951][11][, I,][Arial]]LV [[1486,1898,1499,1951][11][,I,][Arial]] [[1499,1898,1631,1951][11][,I,][Arial]]VKRZQ [[1631,1898,1644,1951][11][,I,][Arial]] [[1644,1898,1695,1951][11][,I,][Arial]]RQ [[1695,1898,1708,1951][11][,I,][Arial]] [[1708,1898,1734,1951][11][,I,][Arial]] [[1755,1898,1768,1951][11][,I,][Arial]] [[1767,1898,1924,1951][11][,I,][Arial]]$YHQXH [[1923,1898,1936,1951][11][,I ,][Arial]] [[1937,1898,2017,1951][11][,I,][Arial]]6: [[2010,1898,2023,1951][11][,I,][Arial]] [[2023,1898,2102,1951][11][,I,][Arial]]DQG [[2099,1898,2112,1951][11][,I,][Arial]] [[2112,1898,2214,195 1][11][,I,][Arial]]QRQH [[2214,1898,2227,1951][11][,I,][Arial]] [[2227,1898,2278,1951][11][,I,][Arial]]RQ [[2278,1898,2291,1951][11][,I,][Arial]] [[551,1947,575,1981][7][,I,][Arial]]WK [[525,1951,551,2004][11][,I,][Arial]] [[575,1951,588,2004][11][,I,][Arial]] [[588,1951,713,2004][11][,I,][Arial]]6WUHHW [[710,1951,723,2004][11][,I,][Arial]] [[723,1951,808,2004][11][,I,][Arial]]6 : [[810,1951,823,2004][11][,I,][Arial]] [[822,1951,891,2004][11][,I,][Arial]]:H [[891,1951,904,2004][11][,I,][Arial]] [[904,1951,1049,2004][11][,I,][Arial]]EHOLHYH [[1049,1951,1062,2004][11][,I,][ Arial]] [[1062,1951,1152,2004][11][,I,][Arial]]WKH\ [[1148,1951,1161,2004][11][,I,][Arial]] [[1161,1951,1265,2004][11][,I,][Arial]]QHHG [[1263,1951,1276,2004][11][,I,][Arial]] [[1276,1951,1302,200 4][11][,I,][Arial]] [[1301,1951,1316,2004][11][,I,][Arial]] [[1317,1951,1344,2004][11][,I,][Arial]] [[1342,1951,1355,2004][11][,I,][Arial]] [[1355,1951,1465,2004][11][,I,][Arial]]UDFNV [[1464,1951,1477,2004][11][,I,][Arial]] [[1477,1951,1515,2004][11][,I,][Arial]]WR [[1515,1951,1528,2004][11][,I,][Arial]] [[1528,1951,1817,2004][11][,I,][Arial]]DFFRPPRGDWH [[1816,1951,1829,2004][ 11][,I,][Arial]] [[1829,1951,1855,2004][11][,I,][Arial]] [[1854,1951,1869,2004][11][,I,][Arial]] [[1870,1951,1921,2004][11][,I,][Arial]] [[1920,1951,1933,2004][11][,I,][Arial]] [[1933,1951,2039,2004][11][,I,][Arial]]ELNHV [[2040,1951,2053,2004][11][,I,][Arial]] [[2053,1951,2201,2004][11][,I,][Arial]]RXWVLGH [[2200,1951,2213,2004][11][,I,][Arial]] [[2213,1951,2277,2004][1 1][,I,][Arial]]WKH [[2277,1951,2290,2004][11][,I,][Arial]] [[525,2003,709,2056][11][,I,][Arial]]EXLOGLQJ [[711,2003,724,2056][11][,I,][Arial]] ([SORUHWKHSRVVLELOLW\RILQFRUSRUDWLQJDELNHVKDUHV\VWHPLQWRWKHSURMHFW %'HVLJQ6WUHHWVIRU0DVV7UDQVLW $SSOLFDELOLW\<HV²7KHGHYHORSHUVKRXOGEHDZDUHRISODQQHGWUDQVLWLPSURYHPHQWVDIIHFWLQJWKH GHYHORSPHQWVLWH &RPSOLDQFH1HHGPRUHLQIRUPDWLRQ 7KHGUDZLQJVGRQRWLQGLFDWHDEXVVWRSLQIURQWRIWKHQHZEXLOGLQJDOWKRXJKDEHQFKLV VKRZQ,IDEXVVWRSH[LVWVRULVSODQQHGIRUWKHFRUQHULWVKRXOGEHQRWHGRQWKHGUDZLQJV DQGDFFRPPRGDWLRQVIRUWUDQVLWXVHUVGHVFULEHG [[525,2642,668,2695][11][,I,][Arial]] [[668,2642,681,2695][11][,I,][Arial]] [[681,2642,881,2695][11][,I,][Arial]]FRPPHQW [[882,2642,895,2695][11][,I,][Arial]] [[895,2642,927,2695][11][,I,][Arial]],I [[920,2642,933,2695][11][,I, ][Arial]] [[933,2642,1037,2695][11][,I,][Arial]]WKHUH [[1037,2642,1050,2695][11][,I,][Arial]] [[1050,2642,1083,2695][11][,I,][Arial]]LV [[1083,2642,1096,2695][11][,I,][Arial]] [[1096,2642,1122,269 5][11][,I,][Arial]]D [[1122,2642,1135,2695][11][,I,][Arial]] [[1135,2642,1209,2695][11][,I,][Arial]]EXV [[1208,2642,1221,2695][11][,I,][Arial]] [[1221,2642,1320,2695][11][,I,][Arial]]VWRS [[1320,2642,1333,2695][11][,I,][Arial]] [[1333,2642,1358,2695][11][,I,][Arial]]LW [[1356,2642,1369,2695][11][,I,][Arial]] [[1369,2642,1402,2695][11][,I,][Arial]]LV [[1402,2642,1415,2695][11][,I,][ Arial]] [[1415,2642,1481,2695][11][,I,][Arial]]QRW [[1478,2642,1491,2695][11][,I,][Arial]] [[1491,2642,1608,2695][11][,I,][Arial]]QRWHG [[1606,2642,1619,2695][11][,I,][Arial]] [[1619,2642,1670,269 5][11][,I,][Arial]]RQ [[1669,2642,1682,2695][11][,I,][Arial]] [[1682,2642,1746,2695][11][,I,][Arial]]WKH [[1746,2642,1759,2695][11][,I,][Arial]] [[1759,2642,1942,2695][11][,I,][Arial]]GUDZLQJV [[1942,2642,1969,2695][11][,I,][Arial]] [[1970,2642,1995,2694][11][,,][Arial]] [[1995,2642,2008,2695][11][,I,][Arial]] %'HVLJQ6DIH(IILFLHQW5RDGZD\V $SSOLFDELOLW\1R &RPSOLDQFH1$ 3DFNHW3J *J 0'&3URMHFW5HYLHZ²7KH$SDUWPHQWV²²3DJH %'HVLJQ6DIH0XOWLPRGDO,QWHUVHFWLRQV $SSOLFDELOLW\1R &RPSOLDQFH1$ 1RWH7KH&LW\LVUHZRUNLQJWKHLQWHUVHFWLRQRIVW$YHQXHDQGWK6WUHHW6:ZLWKFXUE H[WHQVLRQVWRUHGXFHWKHGLVWDQFHIRUFURVVLQJWKHVWUHHW %(VWDEOLVKWKH8UEDQ)RUHVW $SSOLFDELOLW\<HV²3ULYDWHGHYHORSPHQWSURMHFWVDUHUHVSRQVLEOHIRUPHHWLQJWKHJXLGHOLQHVIRUQHZ WUHHDQGODQGVFDSHLQVWDOODWLRQ &RPSOLDQFH<HV 6WUHHWWUHHVDUHSODQQHGIRUWKHSXEOLFVLGHVRIWKHEXLOGLQJ ,QDFFRUGDQFHZLWKWKHJXLGHOLQHVGUDZLQJVLQGLFDWHWKHXVHRI&8VWUXFWXUDOVRLOVZKLFKZLOO EHQHILWWKHWUHHVLQWKHXUEDQHQYLURQPHQW &RRUGLQDWHWUHHVSHFLHVVHOHFWLRQZLWK&LW\)RUHVWHU 7KHXVHRISODQWHGWUHHRSHQLQJVDOORZLQJXQGHUVWRU\SODQWVZLOODOORZIRUJUHDWHU VWRUPZDWHULQILOWUDWLRQDQGDPRUHEHDXWLIXOVWUHHWVFDSH [[526,1423,669,1476][11][,I,][Arial]] [[669,1423,682,1476][11][,I,][Arial]] [[682,1423,882,1476][11][,I,][Arial]]FRPPHQW [[883,1423,896,1476][11][,I,][Arial]] [[896,1423,1033,1476][11][,I,][Arial]]/DUJHU [[1028,1423,1041,1476][ 11][,I,][Arial]] [[1041,1423,1120,1476][11][,I,][Arial]]WUHH [[1120,1423,1133,1476][11][,I,][Arial]] [[1133,1423,1319,1476][11][,I,][Arial]]RSHQLQJV [[1319,1423,1332,1476][11][,I,][Arial]] [[1332,1423,1383,1476][11][,I,][Arial]]RQ [[1383,1423,1396,1476][11][,I,][Arial]] [[1396,1423,1460,1476][11][,I,][Arial]]WK [[1459,1423,1472,1476][11][,I,][Arial]] [[1472,1423,1596,1476][11][,I,] [Arial]]6WUHHW [[1594,1423,1607,1476][11][,I,][Arial]] [[1607,1423,1687,1476][11][,I,][Arial]]6: [[1681,1423,1694,1476][11][,I,][Arial]] [[1693,1423,1759,1476][11][,I,][Arial]]ZLOO [[1757,1423,1770,1476][11][,I,][Arial]] [[1770,1423,1921,1476][11][,I,][Arial]]SURYLGH [[1920,1423,1933,1476][11][,I,][Arial]] [[1933,1423,2038,1476][11][,I,][Arial]]PRUH [[2037,1423,2050,1476][11 ][,I,][Arial]] [[2050,1423,2142,1476][11][,I,][Arial]]DUHD [[2142,1423,2155,1476][11][,I,][Arial]] [[2155,1423,2213,1476][11][,I,][Arial]]IRU [[2209,1423,2222,1476][11][,I,][Arial]] [[527,1476,736,1529][11][,I,][Arial]]LQILOWUDWLRQ [[735,1476,748,1529][11][,I,][Arial]] [[749,1476,775,1529][11][,I,][Arial]]D [[774,1476,787,1529][11][,I,][Arial]] [[787,1476,969,1529][11][,I,][A rial]]SRVLWLYH [[970,1476,983,1529][11][,I,][Arial]] [[983,1476,996,1529][11][,I,][Arial]] %O [[2027,2164,2040,2217][11][,I,][Arial]] [[2040,2164,2176,2217][11][,I,][Arial]]SDYLQJ [[2175,2164,2188,2217][11][,I,][Arial]] [[2188,2164,2221,2217][11][,I,][Arial]]LV [[2221,2164,2234,2217][1 1][,I,][Arial]] [[526,2217,715,2270][11][,I,][Arial]]FRQFUHWH [[715,2217,728,2270][11][,I,][Arial]] [[728,2217,865,2270][11][,I,][Arial]]/DUJHU [[860,2217,873,2270][11][,I,][Arial]] [[872,2217,951,2270][11][,I,][ Arial]]WUHH [[951,2217,964,2270][11][,I,][Arial]] [[964,2217,1149,2270][11][,I,][Arial]]RSHQLQJV [[1150,2217,1163,2270][11][,I,][Arial]] [[1163,2217,1214,2270][11][,I,][Arial]]RQ [[1214,2217,1227,2 270][11][,I,][Arial]] [[1227,2217,1291,2270][11][,I,][Arial]]WK [[1290,2217,1303,2270][11][,I,][Arial]] [[1303,2217,1428,2270][11][,I,][Arial]]6WUHHW [[1425,2217,1438,2270][11][,I,][Arial]] [[1438,2217,1518,2270][11][,I,][Arial]]6: [[1512,2217,1525,2270][11][,I,][Arial]] [[1524,2217,1590,2270][11][,I,][Arial]]ZLOO [[1588,2217,1601,2270][11][,I,][Arial]] [[1601,2217,1752,2270][11][,I, ][Arial]]SURYLGH [[1751,2217,1764,2270][11][,I,][Arial]] [[1764,2217,1869,2270][11][,I,][Arial]]PRUH [[1868,2217,1881,2270][11][,I,][Arial]] [[1881,2217,1973,2270][11][,I,][Arial]]DUHD [[1973,2217,1986,2270][11][,I,][Arial]] [[1986,2217,2044,2270][11][,I,][Arial]]IRU [[2039,2217,2052,2270][11][,I,][Arial]] [[2052,2217,2260,2270][11][,I,][Arial]]LQILOWUDWLRQ [[2261,2217,2274,227 0][11][,I,][Arial]] [[2274,2217,2300,2270][11][,I,][Arial]]D [[2299,2217,2312,2270][11][,I,][Arial]] [[526,2269,708,2322][11][,I,][Arial]]SRVLWLYH [[709,2269,722,2322][11][,I,][Arial]] [[722,2269,735,2322][11][,I,][Arial]] ,WLVDOVRVXJJHVWHGWKDWWKHGHYHORSHUH[SORUHWKHSRVVLELOLW\RISURYLGLQJURRIWRSGHWHQWLRQWR PDQDJHZDWHUTXDOLW\DQGYROXPHEHIRUHUHOHDVLQJLWLQWRWKH&LW\V\VWHP [[526,2431,669,2484][11][,I,][Arial]] [[669,2431,682,2484][11][,I,][Arial]] [[682,2431,882,2484][11][,I,][Arial]]FRPPHQW [[883,2431,896,2484][11][,I,][Arial]] [[896,2431,969,2484][11][,I,][Arial]]1RW [[967,2431,980,2484][11][,I ,][Arial]] [[980,2431,1197,2484][11][,I,][Arial]]DGGUHVVHG [[1194,2431,1207,2484][11][,I,][Arial]] [[1207,2431,1286,2484][11][,I,][Arial]]DQG [[1283,2431,1296,2484][11][,I,][Arial]] [[1296,2431,1536,2484][11][,I,][Arial]]SUHVXPDEO\ [[1533,2431,1546,2484][11][,I,][Arial]] [[1546,2431,1612,2484][11][,I,][Arial]]ZLOO [[1609,2431,1622,2484][11][,I,][Arial]] [[1622,2431,1688,2484] [11][,I,][Arial]]QRW [[1686,2431,1699,2484][11][,I,][Arial]] [[1699,2431,1750,2484][11][,I,][Arial]]EH [[1750,2431,1763,2484][11][,I,][Arial]] [[1763,2431,1864,2484][11][,I,][Arial]]XVHG [[1862,2431,1875,2484][11][,I,][Arial]] [[1874,2431,1932,2484][11][,I,][Arial]]IRU [[1928,2431,1941,2484][11][,I,][Arial]] [[1941,2431,2020,2484][11][,I,][Arial]]WKDW [[2017,2431,2030,2484][11][,I ,][Arial]] [[2030,2431,2223,2484][11][,I,][Arial]]SXUSRVH [[2223,2431,2236,2484][11][,I,][Arial]] 5HIHUWRWKH'0&''*IRUDGGLWLRQDOUHFRPPHQGHGVWRUPZDWHUPDQDJHPHQWVWUDWHJLHV %'HVLJQ6PDUW6WUHHWV 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[[1622,1792,1733,1845][11][,I,][Arial]]FOHDU [[1734,1792,1747,1845][11][,I,][Arial]] [[1747,1792,1798,1845][11][,I,][Arial]]QR [[1797,1792,1810,1845][11][,I,][Arial]] [[1810,1792,1903,1845][11][,I,][Arial]]WLQW´ [[1898,1792,1911,1845][11][,I,][Arial]] [[1911,1792,1987,1845][11][, I,][Arial]]6WLOO [[1985,1792,1998,1845][11][,I,][Arial]] [[1998,1792,2103,1845][11][,I,][Arial]]QHHG [[2100,1792,2113,1845][11][,I,][Arial]] [[2113,1792,2151,1845][11][,I,][Arial]]WR [[2151,1792,2164,1845][11][,I,][Arial]] [[2164,1792,2276,1845][11][,I,][Arial]]YHULI\ [[2274,1792,2287,1845][11][,I,][Arial]] [[526,1845,589,1898][11][,I,][Arial]]97 [[584,1845,597,1898][11][,I,][Arial]] [[597,1845,648,1898][11][,I,][Arial]]QR [[648,1845,661,1898][11][,I,][Arial]] [[661,1845,743,1898][11][,I,][Arial]]OHVV [[743,1845,756,1898][11][,I,][Arial]] [[755,1845,844,1898][11][,I,][Arial]]WKDQ [[844,1845,857,1898][11][,I,][Arial]] [[857,1845,973,1898][11][,I,][Arial]] [[974,1845,987,1897][11][,,][Arial]] &'HVLJQIRU&RKHUHQF\ $SSOLFDELOLW\<HV &RPSOLDQFH[[526,2108,658,2161][11][,I,][Arial]]3DUWLDO [[656,2108,669,2160][11][,,][Arial]] *XLGHOLQHVKDYHVSHFLILFUHTXLUHPHQWVDQGGHWDLOVIRUVLJQDJHSURMHFWLQJVLJQVDZQLQJV DQGOLJKWLQJ*XLGHOLQHVOLPLWSURMHFWLQJVLJQDJHDUHDVRYHUVLGHZDONVWRVTXDUHIHHWSHU VLJQ7KHSURMHFWGUDZLQJVVKRZSURMHFWLQJVLJQVRIRYHUVTXDUHIHHW7KLVQHHGVWREH UHFRQFLOHGZLWKRWKHU&LW\RI5RFKHVWHUUHTXLUHPHQWVIRUVLJQDJH [[526,2427,669,2480][11][,I,][Arial]] [[669,2427,682,2480][11][,I,][Arial]] [[682,2427,882,2480][11][,I,][Arial]]FRPPHQW [[883,2427,896,2480][11][,I,][Arial]] [[896,2427,1016,2480][11][,I,][Arial]]2WKHU [[1011,2427,1024,2480][1 1][,I,][Arial]] [[1023,2427,1105,2480][11][,I,][Arial]]&LW\ [[1102,2427,1115,2480][11][,I,][Arial]] [[1115,2427,1159,2480][11][,I,][Arial]]RI [[1153,2427,1166,2480][11][,I,][Arial]] [[1166,2427,1380,2480][11][,I,][Arial]]5RFKHVWHU [[1375,2427,1388,2480][11][,I,][Arial]] [[1388,2427,1656,2480][11][,I,][Arial]]UHTXLUHPHQWV [[1655,2427,1668,2480][11][,I,][Arial]] 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[[1154,2480,1323,2533][11 ][,I,][Arial]]EXLOGLQJ [[1324,2480,1337,2533][11][,I,][Arial]] [[1337,2480,1375,2533][11][,I,][Arial]],Q [[1375,2480,1388,2533][11][,I,][Arial]] [[1388,2480,1464,2533][11][,I,][Arial]]RQH [[1464,2480,1477,2533][11][,I,][Arial]] [[1477,2480,1606,2533][11][,I,][Arial]]UHFHQW [[1605,2480,1618,2533][11][,I,][Arial]] [[1618,2480,1715,2533][11][,I,][Arial]]FDVH [[1715,2480,1728,2533][11] [,I,][Arial]] [[1727,2480,1844,2533][11][,I,][Arial]]ZLWKLQ [[1845,2480,1858,2533][11][,I,][Arial]] [[1857,2480,1921,2533][11][,I,][Arial]]WKH [[1921,2480,1934,2533][11][,I,][Arial]] [[1934,2480,2050,2533][11][,I,][Arial]]'0& [[2051,2480,2064,2533][11][,I,][Arial]] [[2064,2480,2115,2533][11][,I,][Arial]] [[2115,2480,2128,2533][11][,I,][Arial]] [[2127,2480,2206,2533][11][,I, ][Arial]]IHHW [[2204,2480,2217,2533][11][,I,][Arial]] [[2217,2480,2288,2533][11][,I,][Arial]]SHU [[2283,2480,2296,2533][11][,I,][Arial]] [[527,2533,611,2586][11][,I,][Arial]]VLJQ [[611,2533,624,2586][11][,I,][Arial]] [[624,2533,706,2586][11][,I,][Arial]]ZDV [[705,2533,718,2586][11][,I,][Arial]] [[718,2533,885,2586][11][,I,][Arial]]D OORZHG [[883,2533,901,2586][11][,I,][Arial]] [[901,2533,914,2586][11][,I,][Arial]] 6HUYLFHHQWUDQFHVXWLOLW\WUDVKDQGPHFKDQLFDOHTXLSPHQWPXVWEHVFUHHQHG7UDVKSLFNXS ZLWKLQWKHILUVWOHYHOJDUDJHDSSHDUVWRFRPSO\(OHYDWRUDQGVWDLUVSDFHVRQWKHURRIWRSDUH VHWEDFNIURPWKHVWUHHWUHGXFLQJWKHLUYLVLELOLW\IURPVWUHHWOHYHO5RRIWRSPHFKDQLFDO HTXLSPHQWLVQRWVKRZQ(QVXUHWKDWWKHVHHOHPHQWVDUHSURSHUO\VFUHHQHGWRFRPSO\ [[526,2799,669,2852][11][,I,][Arial]] [[669,2799,682,2852][11][,I,][Arial]] [[682,2799,882,2852][11][,I,][Arial]]FRPPHQW [[883,2799,896,2852][11][,I,][Arial]] [[896,2799,1102,2852][11][,I,][Arial]]6FUHHQLQJ [[1101,2799,1114,285 2][11][,I,][Arial]] [[1114,2799,1172,2852][11][,I,][Arial]]IRU [[1168,2799,1181,2852][11][,I,][Arial]] [[1181,2799,1324,2852][11][,I,][Arial]]URRIWRS [[1323,2799,1336,2852][11][,I,][Arial]] [[1336,2799,1570,2852][11][,I,][Arial]]PHFKDQLFDO [[1568,2799,1581,2852][11][,I,][Arial]] [[1581,2799,1614,2852][11][,I,][Arial]]LV [[1614,2799,1627,2852][11][,I,][Arial]] [[1627,2799,1714,2852][1 1][,I,][Arial]]QRZ [[1711,2799,1724,2852][11][,I,][Arial]] [[1724,2799,1856,2852][11][,I,][Arial]]VKRZQ [[1856,2799,1869,2852][11][,I,][Arial]] [[1869,2799,1920,2852][11][,I,][Arial]]RQ [[1920,2799,1933,2852][11][,I,][Arial]] [[1932,2799,1996,2852][11][,I,][Arial]]WKH [[1996,2799,2009,2852][11][,I,][Arial]] [[2009,2799,2220,2852][11][,I,][Arial]]GUDZLQJV [[2220,2799,2233,2852][11][,I,][Arial]] [[526,2852,669,2905][11][,I,][Arial]] [[669,2852,682,2905][11][,I,][Arial]] [[682,2852,882,2905][11][,I,][Arial]]FRPPHQW [[883,2852,896,2905][11][,I,][Arial]] [[895,2852,964,2905][11][,I,][Arial]]:H [[964,2852,977,2905][11][,I, ][Arial]] [[977,2852,1076,2905][11][,I,][Arial]]KDYH [[1076,2852,1089,2905][11][,I,][Arial]] [[1089,2852,1237,2905][11][,I,][Arial]]VHULRXV [[1237,2852,1250,2905][11][,I,][Arial]] [[1250,2852,1436,2905][11][,I,][Arial]]FRQFHUQV [[1436,2852,1449,2905][11][,I,][Arial]] [[1449,2852,1566,2905][11][,I,][Arial]]DERXW [[1563,2852,1576,2905][11][,I,][Arial]] [[1576,2852,1627,2905][ 11][,I,][Arial]]DQ [[1627,2852,1640,2905][11][,I,][Arial]] [[1640,2852,1823,2905][11][,I,][Arial]]HOHFWULFDO [[1821,2852,1834,2905][11][,I,][Arial]] [[1833,2852,2072,2905][11][,I,][Arial]]WUDQVIRUP HU [[2068,2852,2081,2905][11][,I,][Arial]] [[2080,2852,2197,2905][11][,I,][Arial]]ZKLFK [[2198,2852,2211,2905][11][,I,][Arial]] [[2211,2852,2285,2905][11][,I,][Arial]]KDV [[2284,2852,2297,2905][11] [,I,][Arial]] [[526,2905,628,2958][11][,I,][Arial]]EHHQ [[628,2905,641,2958][11][,I,][Arial]] [[641,2905,779,2958][11][,I,][Arial]]SODFHG [[776,2905,789,2958][11][,I,][Arial]] [[789,2905,824,2958][11][,I,][Arial ]]LQ [[824,2905,837,2958][11][,I,][Arial]] [[837,2905,901,2958][11][,I,][Arial]]WKH [[901,2905,914,2958][11][,I,][Arial]] [[914,2905,1098,2958][11][,I,][Arial]]GULYHZD\ [[1094,2905,1107,2958][11][, I,][Arial]] [[1107,2905,1145,2958][11][,I,][Arial]]WR [[1145,2905,1158,2958][11][,I,][Arial]] [[1158,2905,1222,2958][11][,I,][Arial]]WKH [[1222,2905,1235,2958][11][,I,][Arial]] [[1235,2905,1348,29 58][11][,I,][Arial]]ORZHU [[1344,2905,1357,2958][11][,I,][Arial]] [[1357,2905,1453,2958][11][,I,][Arial]]OHYHO [[1451,2905,1464,2958][11][,I,][Arial]] [[1464,2905,1626,2958][11][,I,][Arial]]SDUNLQJ [[1627,2905,1640,2958][11][,I,][Arial]] [[1640,2905,1817,2958][11][,I,][Arial]]UHGXFLQJ [[1815,2905,1828,2958][11][,I,][Arial]] [[1828,2905,1892,2958][11][,I,][Arial]]WKH [[1892,2905,1905,2958][1 1][,I,][Arial]] [[1905,2905,2004,2958][11][,I,][Arial]]GULYH [[2004,2905,2017,2958][11][,I,][Arial]] [[2017,2905,2055,2958][11][,I,][Arial]]WR [[2055,2905,2068,2958][11][,I,][Arial]] [[2068,2905,2144,2958][11][,I,][Arial]]RQH [[2144,2905,2157,2958][11][,I,][Arial]] [[2157,2905,2256,2958][11][,I,][Arial]]ODQH [[2257,2905,2270,2958][11][,I,][Arial]] 3DFNHW3J *J 0'&3URMHFW5HYLHZ²7KH$SDUWPHQWV²²3DJH [[525,301,612,354][11][,I,][Arial]]7KLV [[612,301,625,354][11][,I,][Arial]] [[625,301,707,354][11][,I,][Arial]]ZDV [[706,301,719,354][11][,I,][Arial]] [[719,301,785,354][11][,I,][Arial]]QRW [[783,301,796,354][11][,I,][Arial]] [[796,301,928,354][11][,I,][Arial]]VKRZQ [[928,301,941,354][11][,I,][Arial]] [[941,301,976,354][11][,I,][Arial]]LQ [[976,301,989,354][11][,I,][Arial]] [[989,301,1053,354][11][,I,][Arial]]WKH [[1053,301,1066,354][11][,I,][Arial]] [[1066,301,1198,354][11][,I,][Arial]]HDUOLHU [[1193,301,1206,354][11][,I,][Arial]] [[1206,301,1401,354][11][,I,][Arial ]]GUDZLQJV [[1402,301,1415,354][11][,I,][Arial]] [[1414,301,1484,354][11][,I,][Arial]]:H [[1483,301,1496,354][11][,I,][Arial]] [[1496,301,1657,354][11][,I,][Arial]]DVVXPH [[1656,301,1669,354][11][ ,I,][Arial]] [[1669,301,1733,354][11][,I,][Arial]]WKH [[1733,301,1746,354][11][,I,][Arial]] [[1746,301,1945,354][11][,I,][Arial]]GHVLJQHUV [[1944,301,1957,354][11][,I,][Arial]] [[1957,301,2107,354 ][11][,I,][Arial]]ZRUNHG [[2105,301,2118,354][11][,I,][Arial]] [[2118,301,2213,354][11][,I,][Arial]]KDUG [[2209,301,2222,354][11][,I,][Arial]] [[2222,301,2260,354][11][,I,][Arial]]WR [[2260,301,2273,354][11][,I,][Arial]] [[525,354,602,407][11][,I,][Arial]]ILQG [[599,354,612,407][11][,I,][Arial]] [[612,354,823,407][11][,I,][Arial]]DOWHUQDWLYH [[824,354,837,407][11][,I,][Arial]] [[837,354,1030,407][11][,I,][Arial]]OR FDWLRQV [[1030,354,1043,407][11][,I,][Arial]] [[1043,354,1122,407][11][,I,][Arial]]DQG [[1119,354,1132,407][11][,I,][Arial]] [[1132,354,1191,407][11][,I,][Arial]]ZH [[1191,354,1204,407][11][,I,][A rial]] [[1203,354,1366,407][11][,I,][Arial]]VWURQJO\ [[1364,354,1377,407][11][,I,][Arial]] [[1377,354,1593,407][11][,I,][Arial]]HQFRXUDJH [[1593,354,1606,407][11][,I,][Arial]] [[1606,354,1670,407] [11][,I,][Arial]]WKH [[1669,354,1682,407][11][,I,][Arial]] [[1682,354,1784,407][11][,I,][Arial]]WHDP 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[[1695,407,1708,460][11][,I,][Arial]] [[1708,407,1753,460][11][,I,][Arial]]RU [[1748,407,1761,460][11][,I,][Arial]] [[1761,407,1810,460][11][,I,][Arial]]FR [[1809,407,1872,460][ 11][,I,][Arial]]XOG [[1870,407,1883,460][11][,I,][Arial]] [[1883,407,1909,460][11][,I,][Arial]]D [[1909,407,1922,460][11][,I,][Arial]] [[1922,407,2100,460][11][,I,][Arial]]VWUXFWXUH [[2100,407,2113,460][11][,I,][Arial]] [[2113,407,2164,460][11][,I,][Arial]]EH [[2163,407,2176,460][11][,I,][Arial]] [[525,459,713,512][11][,I,][Arial]]GHVLJQHG [[711,459,724,512][11][,I,][Arial]] [[724,459,803,512][11][,I,][Arial]]WKDW [[801,459,814,512][11][,I,][Arial]] [[813,459,936,512][11][,I,][Arial]]ZRXOG [[933,459,946,512][11][,I,][Arial]] [[946,459,1012,512][11][,I,][Arial]]JHW [[1010,459,1023,512][11][,I,][Arial]] [[1023,459,1048,512][11][,I,][Arial]]LW [[1045,459,1058,512][11][,I,][Arial]] [[1058,459,1109,512][11][,I,][Arial]]XS [[1109,459,1122,512][11][,I,][Arial]] [[1122,459,1201,512][11][,I,][Arial]]DQG 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[[666,564,930,617][11][,I,][Arial]]SUREOHPDWLF [[931,564,944,617][11][,I,][Arial]] &'HVLJQIRU)OH[LELOLW\DQG$GDSWDELOLW\IRU)XWXUH8VH $SSOLFDELOLW\<HV &RPSOLDQFH3DUWLDO *XLGHOLQHVUHFRPPHQGIRRWPLQLPXPIORRUWRIORRUKHLJKWRQWKHILUVWOHYHO,QWKH FRPPHUFLDODQGSDUNLQJDUHDRQWKHILUVWOHYHOWKHIORRUWRIORRUKHLJKWLVIHHW8QGHUWKH PH]]DQLQHLWLVRQO\IHHW *XLGHOLQHVUHFRPPHQGIHHWPLQLPXPIORRUWRIORRUKHLJKWRQDOOOHYHOV7KHGHVLJQLV¶ ´RQWKHORZHUSDUNLQJOHYHO¶´RQIORRUVDQG¶´RQIORRU *XLGHOLQHVUHFRPPHQGIHHWPLQLPXPFROXPQVSDFLQJ3URMHFWDSSHDUVWRKDYHIHHW FROXPQVSDFLQJLQPRVWSODFHVRQWKHORZHUDQGILUVWOHYHOV1HHGWRYHULI\ &319,1650,2372][11][,I,][Arial]] [[1650,2319,1813,2372][11][,I,][Arial]]PHHWLQJ [[1813,2319,1826,2372][11][,I,][Arial]] [[1826,2319,1898,2372][11][,I,][Arial]]WKLV [[1897,2319,1910,2372][11][,I,] [Arial]] [[1910,2319,2120,2372][11][,I,][Arial]]JXLGHOLQH [[2121,2319,2134,2371][11][,,][Arial]] &&RQQHFWWR'LVWULFW6\VWHPV $SSOLFDELOLW\<HV &RPSOLDQFH1HHGVPRUHLQIR 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