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ǀĞŚŝĐůĞƐƚŽƌĞĂĐŚƚŚĞƚŚĞŶϭϱĐĂƌŵŝŶŝŵƵŵĂƐƐŽŽŶĂƐŚĞŬŶĞǁŚĞǁĂƐĂƉƉƌŽǀĞĚ͘dŚĂƚŶĞǀĞƌŚĂƉƉĞŶĞĚ͘ dŚĞϭϬĐĂƌƌĞƋƵŝƌĞŵĞŶƚ;ĚŽǁŶĨƌŽŵϭϱǁŚĞŶƚŚĞZ^dĨƌĂŶĐŚŝƐĞǁĂƐŐƌĂŶƚĞĚͿĂŶĚƚŚĞƌĞƋƵŝƌĞŵĞŶƚĨŽƌ ůĂƚĞŵŽĚĞůǀĞŚŝĐůĞƐŚĂǀĞďŽƚŚďĞĞŶĂŶŝƐƐƵĞ͕ĂŶĚŚĂǀĞŶĞǀĞƌďĞĞŶƌĞƐŽůǀĞĚďLJĞŝƚŚĞƌDƌ͘<ŚĂŶ͘/Ŷ ƌĞƐƉŽŶƐĞƚŽƌĞƉĞĂƚĞĚĐŽŶǀĞƌƐĂƚŝŽŶƐǁŝƚŚďŽƚŚŵLJƐĞůĨĂŶĚŵLJĚĞƉƵƚLJŽǀĞƌƚŚĞƉĂƐƚƐĞǀĞƌĂůŵŽŶƚŚƐ ŵĂŬŝŶŐĐůĞĂƌƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞŽƌĚŝŶĂŶĐĞĂƌĞŶŽƚĨůĞdžŝďůĞ͕ƉŝĞĐĞƐŽĨĂĚĚŝƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶŚĂǀĞ ďĞĞŶƉƌŽǀŝĚĞĚďŝƚďLJďŝƚ͕ďƵƚĂĨƵůůĂŶĚĐŽŵƉůĞƚĞĂƉƉůŝĐĂƚŝŽŶŚĂƐLJĞƚƚŽďĞƉƌŽǀŝĚĞĚ͕ŝŶĐůƵĚŝŶŐĐŽŶƐŝƐƚĞŶƚ ĂŶĚĐŽŵƉůĞƚĞŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚĂůůǀĞŚŝĐůĞƐƚŽďĞůŝĐĞŶƐĞĚ͘ dŚĞƌĞůĞǀĂŶƚƌĞƋƵŝƌĞŵĞŶƚƐĂďŽƵƚǀĞŚŝĐůĞůŝĐĞŶƐŝŶŐĨƌŽŵƚŚĞŝƚLJŽƌĚŝŶĂŶĐĞŝŶŚĂƉƚĞƌϵϱ;ĂĨƵůůĐŽƉLJŽĨ ǁŚŝĐŚǁĂƐƉƌŽǀŝĚĞĚƚŽDƌ͘<ŚĂŶŝŶKĐƚŽďĞƌĂŶĚŝƐĂůƐŽůŝŶŬĞĚŽŶƚŚĞŝƚLJǁĞďƐŝƚĞƵŶĚĞƌŽƌĚŝŶĂŶĐĞƐĂŶĚ ǁŝƚŚƚŚĞůŝĐĞŶƐĞĂƉƉůŝĐĂƚŝŽŶŝŶĨŽƌŵĂƚŝŽŶͿŝŶĐůƵĚĞ͗ ϵϱ͘Ϭϯ͘^ĞƌǀŝĐĞZĞƋƵŝƌĞĚ͘^ƵďĚŝǀŝƐŝŽŶϭ͘ŶLJĨƌĂŶĐŚŝƐĞĞƐŚĂůůƌĞŶĚĞƌĂŶŽǀĞƌĂůůƐĞƌǀŝĐĞƚŽƚŚĞ ƉƵďůŝĐĚĞƐŝƌŝŶŐƚŽƵƐĞdĂdžŝĐĂďƐĂŶĚƐŚĂůůŵĂŝŶƚĂŝŶĂĐĞŶƚƌĂůƉůĂĐĞŽĨďƵƐŝŶĞƐƐŝŶƚŚĞĐŝƚLJĨŽƌƚŚĞ ƐŚĂůůŽƉĞƌĂƚĞĂŵŝŶŝŵƵŵŽĨƚĞŶ ƉƵƌƉŽƐĞŽĨƌĞĐĞŝǀŝŶŐĐĂůůƐĂŶĚĚŝƐƉĂƚĐŚŝŶŐĐĂďƐ͘&ƌĂŶĐŚŝƐĞĞƐ dĂdžŝĐĂďƐ ͘ ǀĞƌLJǀĞŚŝĐůĞŽƉĞƌĂƚĞĚĂƐĂƚĂdžŝĐĂďƵŶĚĞƌƚŚĞĂƵƚŚŽƌŝƚLJŽĨĂŶLJ ϵϱ͘Ϭϱ͘>ŝĐĞŶƐĞƐ͘^ƵďĚŝǀŝƐŝŽŶϭ͘ ĨƌĂŶĐŚŝƐĞŵƵƐƚďĞůŝĐĞŶƐĞĚ ͘dŚĞůŝĐĞŶƐĞƐŚĂůůďĞƐŝŐŶĞĚďLJƚŚĞŵĂLJŽƌĂŶĚĐŝƚLJĐůĞƌŬĂŶĚƐŚĂůůďĞ ŝĚĞŶƚŝĨŝĞĚĂƐƚŽLJĞĂƌ͕ŵĂŬĞ͕ŵŽĚĞů͕ƐĞƌŝĂůŶƵŵďĞƌĂŶĚDŝŶŶĞƐŽƚĂ ŝƐƐƵĞĚƚŽƐƉĞĐŝĨŝĐǀĞŚŝĐůĞƐ ƌĞŐŝƐƚƌĂƚŝŽŶŽƌůŝĐĞŶƐĞŶƵŵďĞƌƐƌĞƋƵŝƌĞĚďLJƚŚĞĂƉƉůŝĐĂƚŝŽŶĨŽƌŵƐĨƵƌŶŝƐŚĞĚďLJƚŚĞĐŝƚLJĐůĞƌŬ͘ dŚĞůŝĐĞŶƐĞĨĞĞŝƐΨϭϴ͘ϬϬƉĞƌLJĞĂƌŽƌĨƌĂĐƚŝŽŶƚŚĞƌĞŽĨĨŽƌĞĂĐŚǀĞŚŝĐůĞ͘ >ŝĐĞŶƐĞƐƐŚĂůůďĞŝƐƐƵĞĚ ĨŽƌƚŚĞĐĂůĞŶĚĂƌLJĞĂƌĂŶĚƐŚĂůůĞdžƉŝƌĞĂƚŵŝĚŶŝŐŚƚŽŶĞĐĞŵďĞƌϯϭŽĨƚŚĞůŝĐĞŶƐĞLJĞĂƌ͘ WƌŝŽƌƚŽƚŚĞŝŶŝƚŝĂůƵƐĞĂŶĚŽƉĞƌĂƚŝŽŶŽĨĂŶLJ ϵϱ͘Ϭϴ͘/ŶƐƉĞĐƚŝŽŶŽĨsĞŚŝĐůĞƐ͘^ƵďĚŝǀŝƐŝŽŶϭ͘ ǀĞŚŝĐůĞƵŶĚĞƌƚŚĞĂƵƚŚŽƌŝƚLJŽĨĂŶLJĨƌĂŶĐŚŝƐĞ͕ƐĂŝĚǀĞŚŝĐůĞƐŚĂůůďĞƚŚŽƌŽƵŐŚůLJĞdžĂŵŝŶĞĚĂŶĚ ŝŶƐƉĞĐƚĞĚďLJĂĐĞƌƚŝĨŝĞĚŵĞĐŚĂŶŝĐĂŶĚĨŽƵŶĚƚŽĐŽŵƉůLJǁŝƚŚĂůůƐƚĂŶĚĂƌĚƐŽĨƐĂĨĞƚLJƉƌĞƐĐƌŝďĞĚ ďLJƚŚĞůĂǁƐŽĨƚŚĞƐƚĂƚĞŽƌƚŚĞĐŝƚLJ͘ŶŝŶƐƉĞĐƚŝŽŶƌĞƉŽƌƚƐŚŽǁŝŶŐƚŚĂƚĂǀĞŚŝĐůĞŚĂƐŵĞƚƚŚĞ ƐƚĂŶĚĂƌĚƐŽĨƐĂĨĞƚLJƉƌĞƐĐƌŝďĞĚďLJůĂǁŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽƚŚĞĐŝƚLJĐůĞƌŬĂƚƚŚĞƚŝŵĞŽĨůŝĐĞŶƐĞ ĂƉƉůŝĐĂƚŝŽ Ŷ͘ ǀĞƌLJǀĞŚŝĐůĞŽƉĞƌĂƚŝŶŐƵŶĚĞƌĂƵƚŚŽƌŝƚLJŽĨĂŶLJĨƌĂŶĐŚŝƐĞƐŚĂůůďĞŝŶƐƉĞĐƚĞĚĂŶŶƵĂůůLJ ^ƵďĚ͘Ϯ͘ ďLJĂĐĞƌƚŝĨŝĞĚŵĞĐŚĂŶŝĐĂŶĚĂŶŝŶƐƉĞĐƚŝŽŶƌĞƉŽƌƚƐŚŽǁŝŶŐƚŚĂƚƚŚĞǀĞŚŝĐůĞŚĂƐŵĞƚƚŚĞ ƐƚĂŶĚĂƌĚƐŽĨƐĂĨĞƚLJƉƌĞƐĐƌŝďĞĚďLJůĂǁŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽƚŚĞĐŝƚLJĐůĞƌŬƚŽŝŶƐƵƌĞƚŚĞ ĐŽŶƚŝŶƵĞĚŵĂŝŶƚĞŶĂŶĐĞŽĨƐĂĨĞŽƉĞƌĂƚŝŶŐĐŽŶĚŝƚŝŽŶƐ ͘dŚĞĐŝƚLJŵĂLJƌĂŶĚŽŵůLJŝŶƐƉĞĐƚĂŶLJ dŚĞŽƉĞƌĂƚŝŽŶŽĨĂŶLJǀĞŚŝĐůĞ ǀĞŚŝĐůĞŝŶƚŚĞĨůĞĞƚŽĨĂŶLJĨƌĂŶĐŚŝƐĞĂƐĚĞƚĞƌŵŝŶĞĚďLJƚŚĞĐŝƚLJ͘ ǁŚŝĐŚĨĂŝůƐƚŽŵĞĞƚƚŚĞƐƚĂŶĚĂƌĚƐŽĨƐĂĨĞƚLJƉƌĞƐĐƌŝďĞĚďLJůĂǁƐŚĂůůďĞĚŝƐĐŽŶƚŝŶƵĞĚƵŶƚŝůƐƵĐŚ ƚŝŵĞĂƐƚŚĞĚĞĨŝĐŝĞŶĐLJŝƐĞůŝŵŝŶĂƚĞĚ ͘ EŽĨƌĂŶĐŚŝƐĞĞƐŚĂůůƵƐĞŝŶŝƚƐĨůĞĞƚĂƚĂdžŝĐĂďŶŽƚŽĨůĂƚĞŵŽĚĞů͘ ^ƵďĚ͘ϯ͘ KĨĨŝĐĞŽĨƚŚĞŝƚLJůĞƌŬ ǁǁǁ͘ƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀϱϬϳͲϯϮϴͲϮϵϬϬůŝĐĞŶƐĞƐΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ 3DFNHW3J )D ͞>ĂƚĞŵŽĚĞů͟ŵĞĂŶƐĂǀĞŚŝĐůĞǁŝƚŚĂŵĂŶƵĨĂĐƚƵƌĞĚĂƚĞŶŽŵŽƌĞ ϵϱ͘Ϭϭ͘ĞĨŝŶŝƚŝŽŶƐ͘^ƵďĚ͘ϯ͘ ƚŚĂŶƚĞŶLJĞĂƌƐŝŶƚŚĞƉĂƐ ƚ͘dŚĞĐŝƚLJĐůĞƌŬŵĂLJŐƌĂŶƚĞdžĐĞƉƚŝŽŶƐƚŽƚŚŝƐŽŶĂĐĂƐĞďLJĐĂƐĞďĂƐŝƐĨŽƌ ĐůĂƐƐŝĐĂŶĚƐƉĞĐŝĂůƚLJǀĞŚŝĐůĞƐ͘ tŝƚŚƚŚĞĂƉƉůŝĐĂƚŝŽŶƐƵďŵŝƚƚĞĚŽŶKĐƚ͘ϭϵ͕ϮϬϭϴ͕ΨϭϬϴ͘ϬϬǁĂƐƉĂŝĚ͕ĐŽŶƐƚŝƚƵƚŝŶŐǀĞŚŝĐůĞůŝĐĞŶƐĞĨĞĞƐĨŽƌ ƚŚĞϲĂĚĚŝƚŝŽŶĂůǀĞŚŝĐůĞƐƌĞƋƵŝƌĞĚĨŽƌϮϬϭϴ͕ĂƐŽŶůLJĨŽƵƌǀĞŚŝĐůĞƐǁĞƌĞůŝĐĞŶƐĞĚǁŝƚŚƚŚĞϮϬϭϴƌĞŶĞǁĂůŝŶ :ĂŶƵĂƌLJ͘Dƌ͘<ŚĂŶǁĂƐƐĞĞŬŝŶŐŽŶĐĞĂŐĂŝŶĂƚƚŚĂƚƚŝŵĞŝŶKĐƚŽďĞƌƚŽƉƌŽǀŝĚĞƐĞƌǀŝĐĞĂƚƚŚĞĂŝƌƉŽƌƚ͕ĂŶĚ/ ƚŽůĚŚŝŵĂŐĂŝŶĂƚƚŚĂƚƚŝŵĞƚŚĂƚŝŶĂĚĚŝƚŝŽŶƚŽϭϬǀĞŚŝĐůĞƐďĞŝŶŐƌĞƋƵŝƌĞĚĨŽƌƌĞŶĞǁĂů͕ŚĞŚĂĚƚŽďĞ ĐƵƌƌĞŶƚůLJŽƉĞƌĂƚŝŶŐϭϬǀĞŚŝĐůĞƐŝŶƚŚĞϮϬϭϴůŝĐĞŶƐĞLJĞĂƌŝŶŽƌĚĞƌƚŽƉƌŽǀŝĚĞƐĞƌǀŝĐĞƚŽƚŚĞĂŝƌƉŽƌƚ͘EŽ ƉĂLJŵĞŶƚŚĂƐďĞĞŶŵĂĚĞĨŽƌĂŶLJǀĞŚŝĐůĞƐĨŽƌϮϬϭϵ͘ dŚĞƌĞŝƐĂůŝƐƚŽĨƐŝdžǀĞŚŝĐůĞƐƚŚĂƚǁĂƐƉƌŽǀŝĚĞĚŽŶƉĂŐĞϰŽĨƚŚĞƌĞŶĞǁĂůĂƉƉůŝĐĂƚŝŽŶ͕ĐŽŶƚĂŝŶŝŶŐĂůů ǀĞŚŝĐůĞƐǁŝƚŚŵŽĚĞůLJĞĂƌƐŽĨϮϬϭϬͲϮϬϭϮ͘dŚĞŝŶƐƉĞĐƚŝŽŶƌĞƉŽƌƚƐĨŽƌƚŚĞƐĞƐŝdžǀĞŚŝĐůĞƐǁĞƌĞĂůůĚĂƚĞĚKĐƚ͘ ϭϴ͕ϮϬϭϴ͕ŚŽǁĞǀĞƌ͕ƚǁŽŽĨƚŚĞǀĞŚŝĐůĞƐĨĂŝůĞĚƉĂƌƚƐŽĨƚŚĞŝŶƐƉĞĐƚŝŽŶĂŶĚĐĂŶŶŽƚďĞƵƐĞĚƵŶĚĞƌƚŚĞ ŽƌĚŝŶĂŶĐĞƵŶƚŝůƚŚĞĨĂŝůĞĚŝƚĞŵƐĂƌĞĐŽƌƌĞĐƚĞĚĂŶĚĂŶƵƉĚĂƚĞĚŝŶƐƉĞĐƚŝŽŶƉƌŽǀŝĚĞĚ͘ EŽƉƌŽŽĨŽĨŝŶƐƵƌĂŶĐĞǁĂƐƐƵďŵŝƚƚĞĚǁŝƚŚƚŚĞĂƉƉůŝĐĂƚŝŽŶŽŶKĐƚ͘ϭϵ͘dŚĞĨŝƌƐƚĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞ ĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞƌĞŶĞǁĂůƉƌŽǀŝĚĞĚǁĂƐĚĂƚĞĚEŽǀ͘Ϯ͕ϮϬϭϴ͕ŚŽǁĞǀĞƌŝƚŝŶĚŝĐĂƚĞĚĐŽǀĞƌĂŐĞĨŽƌŽŶůLJ ĨŽƵƌǀĞŚŝĐůĞƐ͕ŽŶůLJƚǁŽŽĨǁŚŝĐŚǁĞƌĞůŝƐƚĞĚŽŶƚŚĞǀĞŚŝĐůĞůŝƐƚ͕ŝŶĐůƵĚŝŶŐŽŶĞƚŚĂƚŚĂĚĂĨĂŝůĞĚŝŶƐƉĞĐƚŝŽŶ͘ dŚĞŽƚŚĞƌƚǁŽǀĞŚŝĐůĞƐǁĞƌĞϮϬϬϴŵŽĚĞůLJĞĂƌǀĞŚŝĐůĞƐŽƵƚƐŝĚĞŽĨƚŚĞůĂƚĞŵŽĚĞůĚĞĨŝŶŝƚŝŽŶŝŶƚŚĞ ŽƌĚŝŶĂŶĐĞƌĞƋƵŝƌĞĚĨŽƌǀĞŚŝĐůĞƐ͕ĂŶĚǁĞƌĞŶŽƚǀĞŚŝĐůĞƐůŝƐƚĞĚŽŶƚŚĞĂƉƉůŝĐĂƚŝŽŶŵĂƚĞƌŝĂůƐĂŶLJǁŚĞƌĞ͘ dŚĞŵŽƐƚƌĞĐĞŶƚŝŶĨŽƌŵĂƚŝŽŶƉƌŽǀŝĚĞĚĂďŽƵƚǀĞŚŝĐůĞƐ͕ŽŶĞĐ͘Ϯϴ͕ǁĂƐĂŶŝŶƐƵƌĂŶĐĞĐĞƌƚŝĨŝĐĂƚĞǁŚŝĐŚ ůŝƐƚĞĚƚĞŶŝŶƐƵƌĞĚǀĞŚŝĐůĞƐ͘^ŝdžŽĨƚŚĞƐĞĂƉƉĞĂƌƚŽďĞƚŚĞǀĞŚŝĐůĞƐƚŚĂƚǁĞƌĞůŝƐƚĞĚŽŶƚŚĞĂƉƉůŝĐĂƚŝŽŶ ŵĂƚĞƌŝĂůƐ͕ďƵƚƚŚĞĂƉƉůŝĐĂƚŝŽŶŚĂƐŶŽƚďĞĞŶƵƉĚĂƚĞĚǁŝƚŚŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚŚĞĂĚĚŝƚŝŽŶĂůĨŽƵƌǀĞŚŝĐůĞƐ͘ dŚĞŝŶƐƵƌĂŶĐĞůŝƐƚĚŽĞƐŶŽƚŝŶĐůƵĚĞƚŚĞDŝŶŶĞƐŽƚĂƌĞŐŝƐƚƌĂƚŝŽŶŽƌůŝĐĞŶƐĞŶƵŵďĞƌƐĂƐƌĞƋƵŝƌĞĚďLJƚŚĞ ŽƌĚŝŶĂŶĐĞ͘/ŶƚƌLJŝŶŐƚŽŵĂƚĐŚƵƉƚŚĞŝŶĨŽƌŵĂƚŝŽŶĨƌŽŵƚŚĞŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶLJǁŝƚŚƚŚĞŝŶĨŽƌŵĂƚŝŽŶ ƉƌŽǀŝĚĞĚŽŶƚŚĞĂƉƉůŝĐĂƚŝŽŶ͕ƚŚĞƌĞĂƌĞŵƵůƚŝƉůĞŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐĂŶĚŝŶĨŽƌŵĂƚŝŽŶŐĂƉƐ͘ KĨƚŚĞĨŽƵƌĂĚĚŝƚŝŽŶĂůǀĞŚŝĐůĞƐĨŽƵŶĚŽŶƚŚĞĞĐ͘ϮϴĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞ͕ƚǁŽĂĚĚŝƚŝŽŶĂůŝŶƐƉĞĐƚŝŽŶ ƌĞƉŽƌƚƐ͕ŽŶĞĚĂƚĞĚEŽǀ͘ϮϳĂŶĚƚŚĞŽƚŚĞƌEŽǀ͘Ϯϵ͕ŚĂǀĞďĞĞŶƉƌŽǀŝĚĞĚ͘&ŽƌĂƚŚŝƌĚǀĞŚŝĐůĞ͕ĂŶƵŶĚĂƚĞĚ ĂŶĚŝůůĞŐŝďůĞƐĐĂŶŽĨĂŶŝŶƐƉĞĐƚŝŽŶƌĞƉŽƌƚǁĂƐƉƌŽǀŝĚĞĚ͕ďƵƚŝƚĂƉƉĞĂƌƐƚŽďĞĂŶŽůĚŝŶƐƉĞĐƚŝŽŶĂƐŝƚ ŝŶĚŝĐĂƚĞƐ^ĂƌĚĂƌ<ŚĂŶĂƐƚŚĞŽǁŶĞƌŝŶƐƚĞĂĚŽĨYƵĚƌĂƚƵůůĂŚ<ŚĂŶĂƐƚŚĞŽƚŚĞƌŝŶƐƉĞĐƚŝŽŶƐĚŽ͘/ƚĐĂŶŶŽƚďĞ ĂĐĐĞƉƚĞĚǁŝƚŚŽƵƚĂĚĂƚĞŽƌƚŚĞĂďŝůŝƚLJƚŽƌĞĂĚǁŚŽƉĞƌĨŽƌŵĞĚƚŚĞŝŶƐƉĞĐƚŝŽŶ͘EŽŝŶƐƉĞĐƚŝŽŶƌĞƉŽƌƚŚĂƐ ďĞĞŶƉƌŽǀŝĚĞĚĨŽƌƚŚĞĨŽƵƌƚŚǀĞŚŝĐůĞ͘KĨƚŚĞƚĞŶǀĞŚŝĐůĞƐůŝƐƚĞĚŽŶƚŚĞŝŶƐƵƌĂŶĐĞĐĞƌƚŝĨŝĐĂƚĞ͕ǀĂůŝĚ ŝŶƐƉĞĐƚŝŽŶƌĞƉŽƌƚƐŚĂǀĞŽŶůLJďĞĞŶƉƌŽǀŝĚĞĚĨŽƌƐŝdž͘&ƵůůǀĞŚŝĐůĞŝŶĨŽƌŵĂƚŝŽŶŚĂƐŽŶůLJďĞĞŶƉƌŽǀŝĚĞĚĨŽƌĂ ĚŝĨĨĞƌĞŶƚŐƌŽƵƉŽĨƐŝdžǀĞŚŝĐůĞƐ͘ dǁŽŽĨƚŚĞǀĞŚŝĐůĞƐŽŶƚŚĞŝŶƐƵƌĂŶĐĞůŝƐƚ͕ďƵƚŶŽƚŽŶƚŚĞĂƉƉůŝĐĂƚŝŽŶǀĞŚŝĐůĞůŝƐƚ͕ĂƌĞϮϬϬϵŵŽĚĞůLJĞĂƌ ǀĞŚŝĐůĞƐ͘/ŶƌĞƐƉŽŶƐĞƚŽŽƵƌƌĞƋƵĞƐƚƐĨŽƌǀĞƌŝĨŝĐĂƚŝŽŶŽĨƚŚĞŵĂŶƵĨĂĐƚƵƌĞĚĂƚĞƐŽŶƚŚŽƐĞƚǁŽǀĞŚŝĐůĞƐ͕ Dƌ͘<ĂŚŶLJĞƐƚĞƌĚĂLJƐĞŶƚĂƉŚŽƚŽŽĨƚŚĞǀĞŚŝĐůĞŝŶĨŽƌŵĂƚŝŽŶƐƚŝĐŬĞƌĨŽƌŽŶĞŽĨƚŚĞǀĞŚŝĐůĞƐ͕ďƵƚŶŽƚĨŽƌ ƚŚĞƐĞĐŽŶĚ͘dŚĞƉŚŽƚŽƐƵƉƉůŝĞĚŚĂĚĂƐŝŵŝůĂƌs/EƚŽŽŶĞŽĨƚŚĞǀĞŚŝĐůĞƐŽŶƚŚĞŝŶƐƵƌĂŶĐĞĐĞƌƚŝĨŝĐĂƚĞ͕ďƵƚ ŝƚǁĂƐŶŽƚĂŶĞdžĂĐƚŵĂƚĐŚ͕ƐŽŝƚŝƐƵŶĐůĞĂƌŝĨƚŚĞƌĞǁĂƐĂƚƌĂŶƐƉŽƐŝƚŝŽŶŝŶƚŚĞŝŶƐƵƌĂŶĐĞ͕ŽƌŝĨƚŚĞƌĞŝƐ ĂŶŽƚŚĞƌŝƐƐƵĞ͘dŚĂƚŝƐĂůƐŽŽŶĞŽĨƚŚĞǀĞŚŝĐůĞƐƚŚĂƚĚŽĞƐŶŽƚŚĂǀĞĞŝƚŚĞƌĂŶŝŶƐƉĞĐƚŝŽŶƌĞƉŽƌƚŽƌĨƵůů ŝŶĨŽƌŵĂƚŝŽŶƉƌŽǀŝĚĞĚŽŶƚŚĞĂƉƉůŝĐĂƚŝŽŶ͘ KĨĨŝĐĞŽĨƚŚĞŝƚLJůĞƌŬ 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dŚĞŚŝƚĂŶĚƌƵŶŝŶĐŝĚĞŶƚůĂƐƚǁĞĞŬŝƐĂůƐŽǀĞƌLJĂůĂƌŵŝŶŐ͘/ŶƌĞǀŝĞǁŝŶŐƚŚĞƉŽůŝĐĞƌĞƉŽƌƚ͕ŝƚĂƉƉĞĂƌƐƚŚĞ ƉĞƌƐŽŶǁŚŽǁĂƐĚƌŝǀŝŶŐƚŚĞƚĂdžŝǁĂƐůŝŬĞůLJ^ĐŽƚƚDĂƚŚĞǁ'ŝůďƌĞĂƚŚ͕ǁŚŽŝƐůŝƐƚĞĚŽŶƚŚĞƌĞŶĞǁĂů ĂƉƉůŝĐĂƚŝŽŶĂƐĂŶZ^dĚƌŝǀĞƌ͕ďƵƚǁŚŽŚĂƐŶĞǀĞƌŚĂĚĂŝƚLJŽĨZŽĐŚĞƐƚĞƌƚĂdžŝĚƌŝǀĞƌůŝĐĞŶƐĞĂƐƌĞƋƵŝƌĞĚ͘ dŚĞƉŽůŝĐĞƌĞƉŽƌƚĚŽĐƵŵĞŶƚƐƚŚĞĐŚĂůůĞŶŐĞƐĨĂĐĞĚďLJďŽƚŚƚŚĞŽƚŚĞƌĚƌŝǀĞƌŝŶǀŽůǀĞĚŝŶƚŚĞĂĐĐŝĚĞŶƚĂŶĚ ƚŚĞƉŽůŝĐĞƚŚĞŵƐĞůǀĞƐŝŶƚƌLJŝŶŐƚŽĨŽůůŽǁƵƉǁŝƚŚZ^dĂĨƚĞƌƚŚĞŝŶĐŝĚĞŶƚ͘ /ƚĂƉƉĞĂƌƐĨƌŽŵƚŚŝƐƌĞƉŽƌƚƚŚĞďƵƐŝŶĞƐƐŵĂLJŶŽƚďĞŽƉĞƌĂƚŝŶŐŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŽƌĚŝŶĂŶĐĞ͕ ƐƉĞĐŝĨŝĐĂůůLJƌĞƋƵŝƌŝŶŐĂĐĞŶƚƌĂůƉůĂĐĞŽĨďƵƐŝŶĞƐƐŝŶƚŚĞĐŝƚLJĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨƌĞĐĞŝǀŝŶŐĐĂůůƐĂŶĚ ĚŝƐƉĂƚĐŚŝŶŐĐĂďƐ͘/ƚĂƉƉĞĂƌƐǁŚĞŶƚŚĞŝŶĚŝǀŝĚƵĂůŝŶǀŽůǀĞĚŝŶƚŚĞĂĐĐŝĚĞŶƚƚƌŝĞĚƚŽĐĂůůZ^d͕ŚĞƌĐĂůůƐǁĞŶƚ ĚŝƌĞĐƚůLJƚŽƚŚĞƐĂŵĞĚƌŝǀĞƌǁŚŽŚĂĚŚŝƚŚĞƌ͕ƌĂƚŚĞƌƚŚĂŶƚŽĂĐĞŶƚƌĂůĚŝƐƉĂƚĐŚ͘ ŶLJĨƌĂŶĐŚŝƐĞĞƐŚĂůůƌĞŶĚĞƌĂŶŽǀĞƌĂůůƐĞƌǀŝĐĞƚŽƚŚĞ ϵϱ͘Ϭϯ͘^ĞƌǀŝĐĞZĞƋƵŝƌĞĚ͘^ƵďĚŝǀŝƐŝŽŶϭ͘ ƉƵďůŝĐĚĞƐŝƌŝŶŐƚŽƵƐĞdĂdžŝĐĂďƐĂŶĚƐŚĂůůŵĂŝŶƚĂŝŶĂĐĞŶƚƌĂůƉůĂĐĞŽĨďƵƐŝŶĞƐƐŝŶƚŚĞĐŝƚLJĨŽƌƚŚĞ ƉƵƌƉŽƐĞŽĨƌĞĐĞŝǀŝŶŐĐĂůůƐĂŶĚĚŝƐƉĂƚĐŚŝŶŐĐĂďƐ͘ &ƌĂŶĐŚŝƐĞĞƐƐŚĂůůŽƉĞƌĂƚĞĂŵŝŶŝŵƵŵŽĨƚĞŶ 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