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/͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭ ĂƌƌŝĞƌƐ͕^ŽůƵƚŝŽŶƐΘEĞdžƚ^ƚĞƉƐŝƐĐƵƐƐŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϯ W,^//ʹEĞĂƌͲdĞƌŵĐƚŝŽŶ͕ϮϬϮϬͲϮϬϮϯ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϲ WŚĂƐĞ//ĐƚŝŽŶƐ͗ĐƚŝŽŶƐĂƌĞůŝƐƚĞĚŝŶƚŚĞŽƌĚĞƌŝŶǁŚŝĐŚƚŚĞLJƐŚŽƵůĚďĞŝŶŝƚŝĂƚĞĚŽƌĐŽŵƉůĞƚĞĚďLJƚŚĞ /͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϳ ĂƌƌŝĞƌƐ͕^ŽůƵƚŝŽŶƐΘEĞdžƚ^ƚĞƉƐŝƐĐƵƐƐŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϵ W,^///ʹDŝĚƚŽ>ŽŶŐͲdĞƌŵĐƚŝŽŶ͕ĞLJŽŶĚϮϬϮϯ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϮ 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ƚŽƉŽƚĞŶƚŝĂůďĂƌƌŝĞƌƐƚŽĂĐŚŝĞǀŝŶŐƚŚĞ/͛ƐĐĂƌďŽŶĂŶĚĞŶĞƌŐLJŐŽĂůƐ͘ ƐƚŚĞĂĐƚŝŽŶƐĂŶĚƐƚƌĂƚĞŐŝĞƐŽĨƚŚŝƐWůĂŶĂƌĞĂĐĐŽŵƉůŝƐŚĞĚ͕ŝƚǁŝůůďĞŝŵƉŽƌƚĂŶƚƚŽĐĞůĞďƌĂƚĞƐƵĐĐĞƐƐĞƐĂŶĚ ƉƌŽŐƌĞƐƐĂůŽŶŐƚŚĞǁĂLJ͘^ŽŵĞŽĨƚŚĞƐĞǀŝĐƚŽƌŝĞƐŝŶĐůƵĚĞŝŶĐƌĞĂƐĞĚƌĞŶĞǁĂďůĞĞŶĞƌŐLJƉƌŽĐƵƌĞŵĞŶƚ͕ƚŚĞƌŽůůͲŽƵƚ ŽĨĞŶŚĂŶĐĞĚƵƚŝůŝƚLJĐŽŶƐĞƌǀĂƚŝŽŶƉƌŽŐƌĂŵƐĂŶĚƐĞƌǀŝĐĞƐ͕ĚĞĞƉĞƌĞŶĞƌŐLJƐĂǀŝŶŐƐĨŽƌĐƵƐƚŽŵĞƌƐ͕ĂŶĚĂĐĐĞƐƐƚŽ ĨŝŶĂŶĐŝŶŐŽƉƚŝŽŶƐĂǀĂŝůĂďůĞĨŽƌďƵŝůĚŝŶŐĞŶĞƌŐLJŝŵƉƌŽǀĞŵĞŶƚƐ͘ Ǥ ‡”‰›Ƭƒ”„‘  ƵƌŝŶŐƚŚĞŶĞƌŐLJĐƚŝŽŶWůĂŶŶŝŶŐƉƌŽĐĞƐƐ͕ƚŚĞŽŵŵŝƚƚĞĞƌĞĂĨĨŝƌŵĞĚƚŚĞŝƌĐŽŵŵŝƚŵĞŶƚƚŽĐŝƚLJͲůĞǀĞůĂŶĚDͲ ůĞǀĞůŐŽĂůƐ͘dŚĞŽďũĞĐƚŝǀĞŽĨƚŚĞŽŵŵŝƚƚĞĞŝƐƚŽŚĞůƉŝĚĞŶƚŝĨLJ͕ĚĞǀĞůŽƉ͕ƐƵƉƉŽƌƚĂŶĚƉĂƌƚŝĐŝƉĂƚĞŝŶĞĨĨŽƌƚƐƚŚĂƚ ĂĐŚŝĞǀĞƚŚĞŝƚLJĂŶĚDĞŶĞƌŐLJĂŶĚĐůŝŵĂƚĞŐŽĂůƐŽƵƚůŝŶĞĚďĞůŽǁ͘  ŝƚLJŽĨZŽĐŚĞƐƚĞƌΖƐŶĞƌŐLJΘůŝŵĂƚĞ'ŽĂůƐ;ŶĞƌŐLJĐƚŝŽŶWůĂŶ͕ϮϬϭϲͿ͗  ϭ͘ϭ͘ϱйĂŶŶƵĂůƌĞƚĂŝůĞŶĞƌŐLJĞĨĨŝĐŝĞŶĐLJƐĂǀŝŶŐƐ;ĂůŝŐŶƐǁŝƚŚĐƵƌƌĞŶƚƐƚĂƚĞŐŽĂůͿ Ϯ͘ϮϱйƌĞŶĞǁĂďůĞĞŶĞƌŐLJďLJϮϬϮϱ;DŝŶŶĞƐŽƚĂZĞŶĞǁĂďůĞŶĞƌŐLJ^ƚĂŶĚĂƌĚͿ ϯ͘^ƚĂƚĞǁŝĚĞŐƌĞĞŶŚŽƵƐĞŐĂƐ;','ͿĞŵŝƐƐŝŽŶƐƌĞĚƵĐƚŝŽŶƐŽĨϭϱйďLJϮϬϭϱ͕ϯϬйďLJϮϬϮϱ͕ϴϬйďLJϮϬϱϬ  DŶĞƌŐLJΘůŝŵĂƚĞ/ŵƉĂĐƚ'ŽĂůƐ;DĞǀĞůŽƉŵĞŶƚWůĂŶ͕ϮϬϭϱͿ͗  ϭ͘ƚƚĂŝŶĐĂƌďŽŶŶĞƵƚƌĂůŝƚLJĂĐƌŽƐƐƚŚĞDŝƐƚƌŝĐƚ Ϯ͘ϮϱйĞŶĞƌŐLJƌĞĚƵĐƚŝŽŶďĞůŽǁϮϬϭϬůĞǀĞůƐďLJϮϬϯϬ ϯ͘ZĞĚƵĐĞDͲǁŝĚĞĞŵŝƐƐŝŽŶƐƉĞƌƐƋƵĂƌĞĨŽŽƚďLJϴϬйďĞůŽǁϮϬϬϱůĞǀĞůƐďLJϮϬϱϬ Ǥ‹‡Ž‹‡Ƭ”‹–‹ ƒŽƒ–Š dŚŝƐƐĞĐƚŝŽŶƌĞĨůĞĐƚƐƚŚĞŝŶǀĞŶƚŽƌLJĂŶĚĞǀĂůƵĂƚŝŽŶŽĨĚĞĂĚůŝŶĞƐĂŶĚĐŽŶƐƚƌĂŝŶƚƐƚŚĂƚƚŚĞ/ƐŚŽƵůĚĐŽŶƐŝĚĞƌĂƐ ƚŚĞLJĐƌĞĂƚĞĂŶŽƌŐĂŶŝnjĞĚ͕ƉƌŝŽƌŝƚŝnjĞĚWƌŽũĞĐƚWůĂŶ͘dŚĞĂĐƚŝǀŝƚŝĞƐŝŶǀĞŶƚŽƌŝĞĚĚƵƌŝŶŐƉƌŽũĞĐƚƉůĂŶŶŝŶŐŝŶĐůƵĚĞD ĂŶĚŝƚLJĚĞǀĞůŽƉŵĞŶƚƚŝŵĞůŝŶĞƐ͕ĐĂƉŝƚĂůŝŵƉƌŽǀĞŵĞŶƚƉůĂŶŶŝŶŐĐLJĐůĞƐ͕ƌĞůĞĂƐĞŽĨƌĞƉŽƌƚƐĂŶĚƐƚƵĚŝĞƐ͕ĨƵŶĚŝŶŐ ZŽĐŚĞƐƚĞƌ/ͮŶĞƌŐLJĐƚŝŽŶWůĂŶ;ĚƌĂĨƚͿWĂŐĞϱ 3DFNHW3J )E ŽƉƉŽƌƚƵŶŝƚŝĞƐ͕ƉůĂŶŶŝŶŐĂŶĚƌĞŐƵůĂƚŽƌLJƉƌŽĐĞƐƐĞƐ͕ĐŽŶƚƌĂĐƚƚĞƌŵŝŶĂƚŝŽŶƐ͕ĂŶĚƚĞƌŵƐĂŶĚĐLJĐůĞƐĨŽƌĞůĞĐƚĞĚĂŶĚ ĂƉƉŽŝŶƚĞĚŽĨĨŝĐŝĂůƐ͘  dŚĞƉƌŽũĞĐƚƉůĂŶŶŝŶŐƉƌŽĐĞƐƐƌĞƋƵŝƌĞĚƚŚĞ/ƚŽƉƌŝŽƌŝƚŝnjĞǁŚĞƌĞƚŚĞLJǁĂŶƚƚŽĨŽĐƵƐƚŚĞŝƌĞĨĨŽƌƚƐĂŶĚĂƚƚĞŶƚŝŽŶ͘ >ŝŬĞĂůůŽƌŐĂŶŝnjĂƚŝŽŶƐĂŶĚďƵƐŝŶĞƐƐĞƐ͕ƚŚĞ/ŝƐďŽƵŶĚďLJƚŚĞĐŽŶƐƚƌĂŝŶƚƐŽĨƚŝŵĞ͕ĞĨĨŽƌƚ͕ĂŶĚƌĞƐŽƵƌĐĞƐ͘DĂŶLJ ŽƉƉŽƌƚƵŶŝƚŝĞƐůŝĞĂŚĞĂĚ͕ĂŶĚƚŚĞƉƌŝŽƌŝƚŝnjĂƚŝŽŶĞĨĨŽƌƚŽĨƚŚĞ/ĐĂƉƚƵƌĞĚŚĞƌĞƌĞĨůĞĐƚƐĐĂƌĞĨƵůƚŚŽƵŐŚƚĂƌŽƵŶĚ 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ǁĞƌĞŝĚĞŶƚŝĨŝĞĚĂƐƚŚŽƐĞƚŚĂƚƐŚŽƵůĚďĞƉŽƐŝƚŝŽŶĞĚŝŶƚŚĞ͞ŝŵŵĞĚŝĂƚĞͲĂĐƚŝŽŶ/ĂŶĚĨĂĐŝůŝƚĂƚŽƌƐĨƌŽŵƚŚĞĞŶƚĞƌ ĨŽƌŶĞƌŐLJĂŶĚŶǀŝƌŽŶŵĞŶƚŵĂĚĞĚƵƌŝŶŐƚŚĞƉƌŽũĞĐƚƉůĂŶŶŝŶŐƉƌŽĐĞƐƐ͘͟Žƌ͞ĞĂƌůLJͲĂĐƚŝŽŶ͟ƉŚĂƐĞƐŽĨƚŚĞWƌŽũĞĐƚ WůĂŶ͘/ƚŝƐŝŵƉŽƌƚĂŶƚƚŽŶŽƚĞƚŚĂƚƉĂƌƚŝĐŝƉĂƚŝŽŶŝŶƚŚĞƐĞƐƚƌĂƚĞŐŝĞƐǁŝůůďĞĚŽŶĞŽŶĂǀŽůƵŶƚĂƌLJďĂƐŝƐďLJƚŚĞ ŽƌŐĂŶŝnjĂƚŝŽŶƐ͕ĂŶĚŝŶƐŽŵĞĐĂƐĞƐ͕ŝŶǀŽůǀĞŵĞŶƚǁŝůůƌĞƋƵŝƌĞďŽĂƌĚŽƌĐŽƵŶĐŝůĂƉƉƌŽǀĂů͘  &ŝŐƵƌĞϰ͘ŽŵƉĂƌŝƐŽŶŽĨ^ƚƌĂƚĞŐŝĞƐďLJĞǀĞůŽƉŵĞŶƚĨĨŽƌƚĂŶĚƵƌĂƚŝŽŶŽĨdŝŵĞEĞĞĚĞĚ ϱ ͘^ƚƵĚLJŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌ ƵƚŝůŝnjŝŶŐǁĂƐƚĞŚĞĂƚĂƚDƐŝƚĞ ͘WĂƌƚŶĞƌƚŽƉƌŽĐƵƌĞůŽĐĂůŽƌ ϰ ŽŶͲƐŝƚĞƌĞŶĞǁĂďůĞƐŝŶZŽĐŚĞƐƚĞƌ ;ĚŽǁŶƚŽǁŶͿ  ƵƌĂƚŝŽŶŽĨdŝŵĞEĞĞĚĞĚ ͘ĚǀĂŶĐĞĚŵĞƚĞƌŝŶŐ  ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ;D/ͿĐŽŵďŝŶĞĚ ϯ  ǁŝƚŚŶĞǁƌĂƚĞŽĨĨĞƌŝŶŐƐ ͘ƌĞĂƚĞKŶŐŽŝŶŐ ŽŵŵŝƐƐŝŽŶŝŶŐƉƌŽŐƌĂŵĨŽƌ Θ& Ϯ ĐŽŵŵĞƌĐŝĂůĐƵƐƚŽŵĞƌƐ ͘ĞǀĞůŽƉ/ŝŶĐĞŶƚŝǀĞƐŽƌ ĨŝŶĂŶĐŝŶŐĨŽƌŚĂƌĚͲƚŽͲĂĚǀĂŶĐĞ ϭ ƐƚƌĂƚĞŐŝĞƐ &͘/ŵƉƌŽǀĞĂŶĚĞdžƉĂŶĚĂĐĐĞƐƐƚŽ ĞŶĞƌŐLJĚĞƐŝŐŶĂƐƐŝƐƚĂŶĐĞ Ϭ ƉƌŽŐƌĂŵƐĞƌǀŝĐĞƐ ϬϭϮϯϰϱ ĨĨŽƌƚEĞĞĚĞĚ     ƵƌĂƚŝŽŶŵĂLJĞdžƚĞŶĚĚƵĞƚŽĂƉƉƌŽǀĂůƉƌŽĐĞƐƐĞƐ͕ĂŶŶƵĂůďƵĚŐĞƚƐ͕ŽƌƚŚĞŚƵŵĂŶĐĂƉĂĐŝƚLJĂǀĂŝůĂďůĞƚŽĐŽŵƉůĞƚĞĂƉƌŽũĞĐƚ͘ ϭ ZŽĐŚĞƐƚĞƌ/ͮŶĞƌŐLJĐƚŝŽŶWůĂŶ;ĚƌĂĨƚͿWĂŐĞϴ 3DFNHW3J )E tŚŝůĞŶŽƚƐŚŽǁŶŝŶ&ŝŐƵƌĞϰ͕ƚŚĞƌĞĂƌĞŽƚŚĞƌƐƚƌĂƚĞŐŝĞƐƚŚĂƚŵĂLJďĞŶĞĨŝƚĨƌŽŵďĞŝŶŐŝŵƉůĞŵĞŶƚĞĚŝŶůĂƚĞƌƉŚĂƐĞƐ ŽĨƚŚĞWƌŽũĞĐƚWůĂŶ͕ƐƵĐŚĂƐĚĞǀĞůŽƉŝŶŐŝŶĐĞŶƚŝǀĞƐĂŶĚĨŝŶĂŶĐŝŶŐŽƉƚŝŽŶƐĨŽƌƉƌŽũĞĐƚƐƚŚĂƚŵĞĞƚŝƚLJĂŶĚD ĞŶǀŝƌŽŶŵĞŶƚĂůŐŽĂůƐ͘tŚŝůĞƚĂĐŬůŝŶŐƚŚŝƐƐƚƌĂƚĞŐLJĞĂƌůŝĞƌŵĂLJŝŶĐƌĞĂƐĞŝŶĐƌĞŵĞŶƚĂůŝŵƉĂĐƚŽǀĞƌƚŝŵĞ͕ǁĂŝƚŝŶŐ ĂůůŽǁƐƚŚĞ/ƚŽƚĂƌŐĞƚƌĞƐŽƵƌĐĞƐďĂƐĞĚŽŶĂƌĞĂƐǁŚĞƌĞŽƉƉŽƌƚƵŶŝƚŝĞƐĂƌĞŐƌĞĂƚĞƐƚĂŶĚŝŶĐĞŶƚŝǀĞƐŽƌĂǁĂƌĞŶĞƐƐ ĂƌĞŶĞĞĚĞĚƚŚĞŵŽƐƚ͘ Ǥ”‘Œ‡ –Žƒ ‘ —•”‡ƒ• dŚŝƐƐĞĐƚŝŽŶŽƵƚůŝŶĞƐƚŚĞĨŝǀĞĨŽĐƵƐĂƌĞĂƐŝŶƚŽǁŚŝĐŚƚŚĞƐƚƌĂƚĞŐŝĞƐŽĨƚŚŝƐWƌŽũĞĐƚWůĂŶĂƌĞĐĂƚĞŐŽƌŝnjĞĚ͘/ ŵĞŵďĞƌƐĚĞǀĞůŽƉĞĚƚŚĞƐĞĨŽĐƵƐĂƌĞĂƐĚƵƌŝŶŐƚŚĞƉůĂŶŶŝŶŐƉƌŽĐĞƐƐ͕ĂƐƉĂƌƚŽĨƐƚƌĂƚĞŐLJƌĞĨŝŶĞŵĞŶƚĂŶĚ ƉƌŝŽƌŝƚŝnjĂƚŝŽŶĂĐƚŝǀŝƚŝĞƐ͘tŚŝůĞŶƵŵďĞƌĞĚďĞůŽǁ͕ƚŚĞĨŽĐƵƐĂƌĞĂƐŶƵŵĞƌŝĐĂůǀĂůƵĞĂƐƐŝŐŶƐŶŽǁĞŝŐŚƚŝŶĚŝĐĂƚŝŶŐŝƚƐ ƉŽƚĞŶƚŝĂůǀĂůƵĞŽƌŝŵƉĂĐƚƚŽǁĂƌĚƚŚĞ/͛ƐŐŽĂůƐ͕ĂƐĞĂĐŚĨŽĐƵƐĂƌĞĂǁŝůůƐĞƌǀĞĂŶŝŵƉŽƌƚĂŶƚƌŽůĞŐŽŝŶŐĨŽƌǁĂƌĚ͘ hƐŝŶŐƚŚĞƐĞĨŽĐƵƐĂƌĞĂƐ͕ƚŚĞ/ĐŽŶƐŝĚĞƌĞĚǁŚŝĐŚƐƚƌĂƚĞŐŝĞƐĨĞůůŝŶƚŽĞĂĐŚĐĂƚĞŐŽƌLJĂŶĚĐŽŶƐŝĚĞƌĞĚ ŽƉƉŽƌƚƵŶŝƚŝĞƐƵŶĚĞƌĞĂĐŚĨŽƌƚŚĞWůĂŶ͛ƐƉŚĂƐŝŶŐ͘   dŽŵĞĞƚŐŽĂůƐ͕/͛ƐƐƚƌĂƚĞŐŝĞƐĨĂůůŝŶƚŽĨŝǀĞƉƌŝŵĂƌLJĐĂƚĞŐŽƌŝĞƐ͗ ϭ͘KƌŐĂŶŝnjĂƚŝŽŶĂůĂŶĚ&ŝŶĂŶĐŝŶŐ  Ϯ͘ŶĞƌŐLJĨĨŝĐŝĞŶƚĞƐŝŐŶĂŶĚKƉĞƌĂƚŝŽŶƐ  ϯ͘ZĞŶĞǁĂďůĞŶĞƌŐLJ;ŐƌŝĚͲŵŝdžĂŶĚŽŶͲƐŝƚĞͿ  ϰ͘ŝƐƚƌŝĐƚŶĞƌŐLJ  ϱ͘/ŶŶŽǀĂƚŝŽŶĂŶĚůĞĐƚƌŝĨŝĐĂƚŝŽŶ    &ŝŐƵƌĞϱ͘WƌŽũĞĐƚWůĂŶ&ŽĐƵƐƌĞĂƐ  ǤŠƒ•‡†‡”‰›”‘Œ‡ –Žƒ dŽĨŽĐƵƐŽŶƵƌŐĞŶƚĂĐƚŝŽŶƐĂŶĚĨŽƵŶĚĂƚŝŽŶĂůĂĐƚŝǀŝƚŝĞƐĂŶĚƉƌŽĐĞƐƐĞƐƚŚĂƚǁŝůůŚĞůƉŝŶƐƚŝůůŽŵŵŝƚƚĞĞ ĐŽůůĂďŽƌĂƚŝŽŶĂŶĚĂĐĐŽƵŶƚĂďŝůŝƚLJ͕ƚŚŝƐƉƌŽũĞĐƚƉůĂŶĨŽĐƵƐĞƐŽŶƐƚƌĂƚĞŐŝĞƐĂŶĚĞĨĨŽƌƚƐƚŚĂƚǁŝůůƚĂŬĞƉůĂĐĞƉƌŝŵĂƌŝůLJ ŽǀĞƌƚŚĞŶĞdžƚĨŝǀĞLJĞĂƌƐ͘  dŚŝƐƉůĂŶŝƐŽƌŐĂŶŝnjĞĚŝŶƚŚƌĞĞƉŚĂƐĞƐ͘dŚĞĨŝƌƐƚŽĨƚŚĞƐĞƉŚĂƐĞƐŝƐƚŚĞ͞ŝŵŵĞĚŝĂƚĞĂĐƚŝŽŶ͟ƉŚĂƐĞǁŝƚŚƐƚƌĂƚĞŐŝĞƐ ƚŚĂƚƐŚŽƵůĚďĞŝŵƉůĞŵĞŶƚĞĚŝŶƚŚĞŶĞdžƚϭϮͲϭϱŵŽŶƚŚƐ͘dŚĞƐĞĐŽŶĚƉŚĂƐĞŝƐƚŚĞ͞ŶĞĂƌͲƚĞƌŵĂĐƚŝŽŶ͟ƉŚĂƐĞĂŶĚ ZŽĐŚĞƐƚĞƌ/ͮŶĞƌŐLJĐƚŝŽŶWůĂŶ;ĚƌĂĨƚͿWĂŐĞϵ 3DFNHW3J )E ŽƵƚůŝŶĞƐƐƚƌĂƚĞŐŝĞƐƚŚĂƚƐŚŽƵůĚďĞŝŶŝƚŝĂƚĞĚŽƌĐŽŵƉůĞƚĞĚďĞƚǁĞĞŶϮϬϮϬĂŶĚϮϬϮϮ͘dŚĞƚŚŝƌĚƉŚĂƐĞŝƐƚŚĞ͞ŵŝĚͲ ƚĞƌŵĂĐƚŝŽŶ͟ƉŚĂƐĞ͕ĨŽĐƵƐĞĚŽŶĂĐƚŝǀŝƚŝĞƐĂŶĚƐƚƌĂƚĞŐŝĞƐƚŚĂƚĂƌĞůĞƐƐƵƌŐĞŶƚĐŽŵƉĂƌĞĚƚŽŽƚŚĞƌĂĐƚŝǀŝƚŝĞƐ͘  &ŝŐƵƌĞϲ͘WƌŽũĞĐƚWůĂŶWŚĂƐŝŶŐ WŚĂƐĞ/WŚĂƐĞ//WŚĂƐĞ/// dĞƌŵĐƚŝŽŶdĞƌŵ ĐƚŝŽŶ /ŵŵĞĚŝĂƚĞĐƚŝŽŶ dŽĚĂLJͲϮϬϮϬ;YϭͿϮϬϮϬ;YϮͿͲϮϬϮϯϮϬϮϱΘĞLJŽŶĚ ͲͲ EĞĂƌ DŝĚ    Ȃ ‡†‹ƒ–‡ –‹‘ǡʹͲͳͻƬƒ”Ž›ʹͲʹͲ WŚĂƐĞ/ŝŶĐůƵĚĞƐϭϬƉƌŝŽƌŝƚLJĂĐƚŝŽŶƐ͕ǁŚŝĐŚĨĂůůĂĐƌŽƐƐĨŽƵƌŽĨƚŚĞĨŝǀĞĨŽĐƵƐĂƌĞĂƐŝĚĞŶƚŝĨŝĞĚďLJƚŚĞ/͘;^ĞĞ&ŝŐƵƌĞ ϱ͘ͿdŚĞŝŶƚĞŶƚŝƐƚŚĂƚƚŚĞ/ǁŝůůŝŶŝƚŝĂƚĞĞĂĐŚŽĨƚŚĞƐĞĂĐƚŝǀŝƚŝĞƐďĞĨŽƌĞƚŚĞĞŶĚŽĨϮϬϮϬ͘/ŶƐŽŵĞĐĂƐĞƐ͕ƚŚĞƐĞ ĂĐƚŝǀŝƚŝĞƐĂƌĞƚŽďĞĐŽŵƉůĞƚĞĚǁŝƚŚŝŶϭϮƚŽϭϴŵŽŶƚŚƐ͘ ZŽĐŚĞƐƚĞƌ/ͮŶĞƌŐLJĐƚŝŽŶWůĂŶ;ĚƌĂĨƚͿWĂŐĞϭϬ 3DFNHW3J )E Šƒ•‡  –‹‘•ǣ ĐƚŝŽŶƐĂƌĞůŝƐƚĞĚŝŶƚŚĞŽƌĚĞƌŝŶǁŚŝĐŚƚŚĞLJĂƌĞƚŽďĞŝŶŝƚŝĂƚĞĚŽƌĐŽŵƉůĞƚĞĚďLJƚŚĞ/͘  ŽŵƉůĞƚĞďLJ:ĂŶƵĂƌLJƚŚƌŽƵŐŚDĂƌĐŚϮϬϭϵ ʹďLJĞŶĚŽĨDĂƌĐŚϮϬϭϵ ϭ͘ƌĞĂƚĞĂŶ/ĐŽŵŵŝƚŵĞŶƚͬĐŚĂƌƚĞƌĚŽĐƵŵĞŶƚ  ŽŶŐŽŝŶŐ Ϯ͘^ƵƉƉŽƌƚƵŝůĚŝŶŐĞŶĐŚŵĂƌŬŝŶŐƌŽůůͲŽƵƚƚŚƌŽƵŐŚƌĞĐƌƵŝƚŵĞŶƚĂŶĚƌĞĐŽŐŶŝƚŝŽŶʹ  ďLJƉƌŝůϮϬϭϵ ϯ͘/ŶƉƵƚĨƌŽŵĨƵƚƵƌĞŝƐƚƌŝĐƚŶĞƌŐLJƐƵďĐŽŵŵŝƚƚĞĞƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐŽŶĐŽŶƐƵůƚŝŶŐƐĞƌǀŝĐĞƐʹ   ŽŵƉůĞƚĞďLJƉƌŝůƚŚƌŽƵŐŚ:ƵůLJϮϬϭϵ ʹďLJƉƌŝůϮϬϭϵ ϰ͘;ĂͿ/ŝŶĨŽƌŵĞĚĂďŽƵƚZWh͛ƐƉĞŶĚŝŶŐZĞƐŽƵƌĐĞ;/ŶĨƌĂƐƚƌƵĐƚƵƌĞͿWůĂŶǀŝĂƉƌĞƐĞŶƚĂƚŝŽŶ  ;ďͿǀĂůƵĂƚĞĂůŝŐŶŵĞŶƚďĞƚǁĞĞŶŝƚLJĂŶĚDĞŶǀŝƌŽŶŵĞŶƚĂůŐŽĂůƐĂŶĚZĞƐŽƵƌĐĞWůĂŶ͖DĞŵďĞƌƐǁŝůů  ʹďLJDĂLJͬ:ƵŶĞϮϬϭϵ ƉƌŽǀŝĚĞŝŶƉƵƚƚŽZWhŽĂƌĚ ϱ͘ZĞƐƉŽŶĚƚŽƉĞŶĚŝŶŐZWhǁŚŝƚĞƉĂƉĞƌĨŝŶĚŝŶŐƐŽŶůŽŶŐͲƚĞƌŵĐůĞĂŶĞŶĞƌŐLJĂŶĚĐĂƌďŽŶďĞŶĞĨŝƚƐĂŶĚ  ʹďLJĞŶĚŽĨƉƌŝůͬDĂLJϮϬϭϵ ĨƵƌƚŚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨŝŶŶŽǀĂƚŝǀĞƚĞĐŚŶŽůŽŐLJŝŶƚĞŐƌĂƚŝŽŶ ʹďLJĞŶĚŽĨDĂLJϮϬϭϵ ϲ͘ĞŐŝŶŵĞŵďĞƌƉƌŽĐƵƌĞŵĞŶƚŽĨůŽĐĂůŽƌŽŶͲƐŝƚĞƌĞŶĞǁĂďůĞĞŶĞƌŐLJ   /ŶŝƚŝĂƚĞŽƌŽŵƉůĞƚĞďLJƵŐƵƐƚƚŚƌŽƵŐŚDĂƌĐŚ;YϭϮϬϮϬͿ ʹďĞŐŝŶďLJ ϳ͘WĂƌƚŝĐŝƉĂƚŝŶŐŽƌŐĂŶŝnjĂƚŝŽŶƐƚŽĨƵŶĚĂŶ/ŵĞŵďĞƌĞůĞĐƚƌŝĐǀĞŚŝĐůĞ;sͿĨůĞĞƚĐŽŶǀĞƌƐŝŽŶƐƚƵĚLJ  ĞŶĚŽĨDĂLJϮϬϭϵ  ʹďLJĞŶĚŽĨϮϬϭϵ ϴ͘WƌŽǀŝĚĞŝŶƉƵƚŽŶDDŽďŝůŝƚLJ,ƵďĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐĐƌŝƚĞƌŝĂĂŶĚĚĞƐŝŐŶ  ϵ͘/ŶƚĞŐƌĂƚĞůŝĨĞĐLJĐůĞĐŽƐƚŝŶŐĂŶĂůLJƐŝƐŝŶƚŽŵĞŵďĞƌĐĂƉŝƚĂůŝŵƉƌŽǀĞŵĞŶƚƉůĂŶƐƚŽĞǀĂůƵĂƚĞĚĞĐŝƐŝŽŶƐĂŐĂŝŶƐƚ  ʹďĞŐŝŶďLJĞŶĚŽĨϮϬϭϵ DͬŝƚLJĞŶǀŝƌŽŶŵĞŶƚĂůŐŽĂůƐ ʹďĞŐŝŶďLJ ϭϬ͘ǀĂůƵĂƚĞƚŚĞƉŽƐƐŝďŝůŝƚLJŽĨĂĨŽƌŵĂůũŽŝŶƚĐŽŵŵĞƌĐŝĂůĚĞƐŝŐŶĂƐƐŝƐƚĂŶĐĞƉƌŽŐƌĂŵ;ZWhнDZͿ  ĞŶĚŽĨϮϬϭϵ   &ŝŐƵƌĞϳ͘WŚĂƐĞ/ĐƚŝŽŶdŝŵĞůŝŶĞ ^ƚƌĂƚĞŐŝĞƐϮϬϭϵϮϬϮϬ  YϭYϮYϯYϰYϭYϮYϯYϰ  /ŚĂƌƚĞƌ ŽĚŝĨLJĞĨŽƌĞƉƌŝů >ƚŽŝŶĨŽƌŵ /ŶŝƚŝĂƚĞĞĨŽƌĞDĂƌĐŚϮϬϭϵ͖ ŽŵƉůĞƚĞďLJYϮϮϬϮϬ ĂƉŝƚĂůWůĂŶŶŝŶŐ EĞǁŽŶƐƚƌƵĐƚŝŽŶ  ϲWƌŽũĞĐƚƐŽŵƉůĞƚĞ /ŶĐĞŶƚŝǀĞWƌŽŐƌĂŵ ĞĨŽƌĞϮϬϮϭ  ĞŶĐŚŵĂƌŬŝŶŐ^ƵƉƉŽƌƚ ZĞĐƌƵŝƚƚŚƌƵDĂLJ^ƵƉƉŽƌƚZĞĐƌƵŝƚŵĞŶƚƚŚƌƵDĂLJ WƌĞƐĞŶƚĂƚŝŽŶƚŽ/ƉƌŝůͬDĂLJ͖ ZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ ŽŵŵĞŶƚŽŶWůĂŶŝŶ^ƵŵŵĞƌ ĞŐŝŶŵĞŵďĞƌ džƉĂŶĚĞĚƉƌŽĐƵƌĞŵĞŶƚƚŽŵĞĞƚ WƌŽĐƵƌĞZĞŶĞǁĂďůĞƐ ƉƌŽĐƵƌĞŵĞŶƚ ŐƌŽǁŝŶŐďƵŝůĚŝŶŐĂŶĚsůŽĂĚƐ ďLJDĂLJ  ŝƐĐŽǀĞƌLJtĂůŬ  ^ĐŽƉĞΘ/ŶŝƚŝĂƚĞ^ƚƵĚLJ ŝƐƚƌŝĐƚ  ͞tŚŝƚĞWĂƉĞƌ͟/ŶƉƵƚ ^ƵƉƉůLJ/ŶƉƵƚƉƌŝů  DŽďŝůŝƚLJ,ƵďƌŝƚĞƌŝĂ WƌŽǀŝĚĞďĞĨŽƌĞϮϬϮϬ  WƌŽĐƵƌĞWƌŽǀŝĚĞƌĞĨŽƌĞƵŐƵƐƚ s&ůĞĞƚ^ƚƵĚLJ   ZŽĐŚĞƐƚĞƌ/ͮŶĞƌŐLJĐƚŝŽŶWůĂŶ;ĚƌĂĨƚͿWĂŐĞϭϭ 3DFNHW3J )E &ŝŐƵƌĞϴ͘WŚĂƐĞ/ĐƚŝŽŶ^ƵŵŵĂƌLJ  KďũĞĐƚŝǀĞƐŬƉƉƌŽĂĐŚ  DĞŵďĞƌŽƌŐĂŶŝnjĂƚŝŽŶƐĐŽŵŵŝƚ&ŽƌŵĂůĐŽŵŵŝƚŵĞŶƚĚŽĐƵŵĞŶƚ KΘ& ^ƚƌĞŶŐƚŚĞŶƚŚĞ/͛ƐĂĐƚŝŽŶ  ƚŽĂĚǀĂŶĐŝŶŐŐŽĂůƐƚŚƌŽƵŐŚƚŚĞǁŝƚŚϭŽƌϮƚŝĞƌƐŽĨ ĐĂƉĂĐŝƚLJĂŶĚĂĐĐŽƵŶƚĂďŝůŝƚLJ ĂĚǀŝƐŝŶŐ͕ƐƚƵĚLJŝŶŐŽƌĐŽŵŵŝƚŵĞŶƚ͖ŝŶŝƚŝĂů  ƚŚƌŽƵŐŚĐŽůůĞĐƚŝǀĞĐŽŵŵŝƚŵĞŶƚ /ŽŵŵŝƚŵĞŶƚΘ ŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƉƌŝŽƌŝƚLJĐŽŵŵŝƚŵĞŶƚƚŚƌŽƵŐŚϮϬϮϱ͕ ĂŶĚďƵLJͲŝŶĂƚƚŚĞůĞĂĚĞƌƐŚŝƉͲ ŚĂƌƚĞƌŽĐƵŵĞŶƚ ĂĐƚŝŽŶƐǁŝƚŚƌĞĐƵƌƌŝŶŐƌĞŶĞǁĂů ůĞǀĞů /ŶƚĞŐƌĂƚĞ>ŝŶƚŽƌĞĂƚĞƌĞŽĐĐƵƌƌŝŶŐ/ĚĞŶƚŝĨLJĂŶĚĂĚŽƉƚŽŶĞŽƌŵŽƌĞDĂŬĞ͞ůŝĨĞĐLJĐůĞĐŽƐƚƐ͟Ă ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽĂůŝŐŶŝŶǀĞƐƚŵĞŶƚĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐĚĞĐŝƐŝŽŶŵĞƚƌŝĐŝŶƐƚĞĂĚŽĨ͞ĨŝƌƐƚ WůĂŶĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐŝŶǀĞƐƚŵĞŶƚƐǁŝƚŚŐŽĂůƐ͕ĂƚƚŚĞĐƌŝƚĞƌŝĂƚŚĂƚŚĞůƉĂůŝŐŶĚĞĐŝƐŝŽŶͲĐŽƐƚƐ͖͟ĞdžƉĂŶĚĐŽŶƐŝĚĞƌĂƚŝŽŶ 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ŽƉĞƌĂƚŝŽŶƐ͕ƚŚĞ/ǁŝůůůĞǀĞƌĂŐĞŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽƐƉĞĂŬĂƚĞǀĞŶƚƐŽŶƚŚĞďĞŶĞĨŝƚƐŽĨƉĂƌƚŝĐŝƉĂƚŝŽŶĂŶĚĞǀĞŶŚŽƐƚ ŽŶĞŽƌŵŽƌĞĞǀĞŶƚƐƚŽďƵŝůĚĐŽŵŵƵŶŝƚLJĂǁĂƌĞŶĞƐƐ͕ďƵLJͲŝŶ͕ĂŶĚĐƵƌŝŽƐŝƚLJĂďŽƵƚƚŚĞƉƌŽŐƌĂŵ͘  ^ƵĐĐĞƐƐĨƵůďĞŶĐŚŵĂƌŬŝŶŐƉƌŽŐƌĂŵƐĂĐƌŽƐƐƚŚĞĐŽƵŶƚƌLJĞŶŐĂŐĞůŽĐĂůƐƚĂŬĞŚŽůĚĞƌŐƌŽƵƉƐƚŽďƵŝůĚůŽĐĂůĐĂƉĂĐŝƚLJ ĂŶĚŚĞůƉĐƌĞĂƚĞĂĐƵůƚƵƌĞŽĨƉĂƌƚŝĐŝƉĂƚŝŽŶĂŶĚƐŚĂƌŝŶŐŽĨůĞƐƐŽŶƐůĞĂƌŶĞĚ͘&ƵƌƚŚĞƌ͕ƐƵĐĐĞƐƐĨƵůƉƌŽŐƌĂŵƐůĞǀĞƌĂŐĞ ƉĂƌƚŝĐŝƉĂŶƚƌĞĐŽŐŶŝƚŝŽŶĂƐĂǁĂLJŽĨƚĞůůŝŶŐƐƵĐĐĞƐƐƐƚŽƌŝĞƐĂŶĚďĞƐƚƉƌĂĐƚŝĐĞƐ͘dŚĞ/͕ŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞ ZŽĐŚĞƐƚĞƌŶĞƌŐLJŽŵŵŝƐƐŝŽŶ;ZͿ͕ǁŝůůƵƐĞŝƚƐĞŶĞƌŐLJĞdžƉĞƌƚŝƐĞƚŽůĞĂĚƌĞĐŽŐŶŝƚŝŽŶĞĨĨŽƌƚƐĨŽƌƚŚĞƉƌŽŐƌĂŵ͘ dŚŝƐŵĂLJŝŶĐůƵĚĞƚŚĞƐĞůĞĐƚŝŽŶŽĨĂǁĂƌĚĞĞƐ͕ŚŽƐƚŝŶŐƉƵďůŝĐĞǀĞŶƚƐƚŽĐĞůĞďƌĂƚĞĂǁĂƌĚĞĞƐ͕ĂŶĚƚŽŚĞůƉďƵŝůĚůŽĐĂů ŝŶĚƵƐƚƌLJƉƌŝĚĞŝŶĞĂƌŶŝŶŐƚŚĞƐĞĂǁĂƌĚƐ͘  ZŽĐŚĞƐƚĞƌ/ͮŶĞƌŐLJĐƚŝŽŶWůĂŶ;ĚƌĂĨƚͿWĂŐĞϭϰ  3DFNHW3J )E   WƌŽǀŝĚĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞWůĂŶŶŝŶŐ/ŶƉƵƚƚŽZWhĂŶĚƚŚĞZWhŽĂƌĚ;ϮϬϭϵͿ ƵĞƚŽƚŚĞĚĞĂĚůŝŶĞƐĂƉƉƌŽĂĐŚŝŶŐŝŶƐƵŵŵĞƌϮϬϭϵĨŽƌďŽƚŚƌĞƐŽƵƌĐĞƉůĂŶŶŝŶŐĂŶĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞƉůĂŶŶŝŶŐ͕ƚŚĞ /ŝĚĞŶƚŝĨŝĞĚĂĐƚŝŽŶĂƌŽƵŶĚďŽƚŚŽĨƚŚĞƐĞƉƌŽĐĞƐƐĞƐĂƐǀĞƌLJŝŵƉŽƌƚĂŶƚ͘tŚŝůĞƐŽŵĞĐŽŶǀĞƌƐĂƚŝŽŶƐŚĂǀĞƐƚĂƌƚĞĚ ǁŝƚŚŝŶƚŚĞ/ĂƐǁĞůůĂƐĂŵŽŶŐŝƚLJ͕D͕ĂŶĚZWhƐƚĂĨĨ͕ƚŚĞ/ŚĂƐŶŽƚƉƌŽǀŝĚĞĚƐƚƌƵĐƚƵƌĞĚŝŶƉƵƚĨŽƌ ĞŝƚŚĞƌƉƌŽĐĞƐƐ͘  dŚĞŽŵŵŝƚƚĞĞǁŽƵůĚůŝŬĞƚŽƐĞĞĂƐƐƵŵƉƚŝŽŶƐĂŶĚƐĐĞŶĂƌŝŽƐĨŽƌďŽƚŚƌĞƐŽƵƌĐĞĂŶĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞƉůĂŶŶŝŶŐƚŚĂƚ ƌĞĨůĞĐƚƚŚĞŝƌƌĞůĂƚŝǀĞŝŵƉĂĐƚŽŶƚŚĞŝƚLJĂŶĚDƌĞŶĞǁĂďůĞĞŶĞƌŐLJ͕ĞŶĞƌŐLJĞĨĨŝĐŝĞŶĐLJ͕ĂŶĚĐĂƌďŽŶƌĞĚƵĐƚŝŽŶ ŐŽĂůƐ͘dŚŝƐŝŶĐůƵĚĞƐŵŽĚĞƌĂƚĞƚŽŚŝŐŚͲƉĞŶĞƚƌĂƚŝŽŶŽĨƌĞŶĞǁĂďůĞƐŝŶƚŚĞŐƌŝĚŵŝdž͕ůĞǀĞůƐƚŚĂƚŵĂLJŶŽƚďĞĂůŝŐŶĞĚ ǁŝƚŚƚŚĞŝƚLJ͛ƐϭϬϬйƌĞŶĞǁĂďůĞďLJϮϬϯϭŐŽĂů͕ϮďƵƚŝƐĐŽƐƚͲĞĨĨĞĐƚŝǀĞĂŶĚĂůůŽǁƐƚŚĞŝƚLJĂŶĚDƚŽďƵŝůĚƚŽǁĂƌĚ ŝƚƐůŽŶŐͲƚĞƌŵŐŽĂůƐ͘tŝƚŚƚŚĞƐĞĐĂƌďŽŶƌĞĚƵĐƚŝŽŶŐŽĂůƐƚŚĂƚŐŽďĞLJŽŶĚƚŚĞƵƐĞŽĨĞŶĞƌŐLJŝŶďƵŝůĚŝŶŐƐĂůŽŶĞ͕ƚŚĞ /ǁŽƵůĚůŝŬĞƚŽƐĞĞƌĞƐŽƵƌĐĞĂŶĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞƉůĂŶŶŝŶŐƐĐĞŶĂƌŝŽƐƚŚĂƚĐŽŶƐŝĚĞƌǀĂƌLJŝŶŐĚĞŐƌĞĞƐŽĨ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶĞůĞĐƚƌŝĨŝĐĂƚŝŽŶ͕ƐƚŽƌĂŐĞ͕ĂŶĚĚĞŵĂŶĚƌĞƐƉŽŶƐĞ͘ŽƚŚƚŚĞƌĞƐŽƵƌĐĞĂŶĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞƉůĂŶƐƐŚŽƵůĚ ĂŶĂůLJnjĞƚŚĞůŝĨĞƚŝŵĞĐŽƐƚͲĞĨĨĞĐƚŝǀĞŶĞƐƐŽĨĂůƚĞƌŶĂƚŝǀĞƚĞĐŚŶŽůŽŐLJŝŶǀĞƐƚŵĞŶƚƐĂŶĚŶŽŶͲƚƌĂĚŝƚŝŽŶĂůƉƌŽĐƵƌĞŵĞŶƚ ŽĨƌĞŶĞǁĂďůĞĞŶĞƌŐLJƌĞƐŽƵƌĐĞƐ͘ŐĂŝŶ͕ƚŚĞZWhŽĂƌĚĂŶĚŝƚLJŽƵŶĐŝůĂƌĞƚŚĞƵůƚŝŵĂƚĞĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐ ĂƵƚŚŽƌŝƚŝĞƐŽŶƚŚĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞƉůĂŶ͘  ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƵƚŝůŝƚLJĚŝǀĞ͘ĐŽŵͬŶĞǁƐͬŵŝŶŶĞƐŽƚĂͲƚŽǁŶͲƚĂƌŐĞƚƐͲϭϬϬͲƌĞŶĞǁĂďůĞͲĞŶĞƌŐLJͲďLJͲϮϬϯϭͬϰϬϳϯϴϭͬ Ϯ  ZŽĐŚĞƐƚĞƌ/ͮŶĞƌŐLJĐƚŝŽŶWůĂŶ;ĚƌĂĨƚͿWĂŐĞϭϱ  3DFNHW3J )E  /ŶƉƵƚŽŶdƌĂŶƐŝƚ,ƵďWůĂŶŶŝŶŐΘ^ŝƚŝŶŐ /ŶĞĂƌůLJϮϬϭϵ͕ƚŚĞDŝƐǁŽƌŬŝŶŐƚŚƌŽƵŐŚƐŝƚŝŶŐĨŽƌƚǁŽƚƌĂŶƐŝƚŚƵďƐƚŚĂƚǁŝůůďĞĐĞŶƚĞƌƐĨŽƌůŽĐĂůĐŝƌĐƵůĂƚŽƌƐĂŶĚ ƌĞŐŝŽŶĂůďƵƐƚƌĂŶƐŝƚƐƚĂƚŝŽŶƐ͕ĂƐǁĞůůĂƐůĂƌŐĞƉĂƌŬŝŶŐĂƌĞĂƐ͘dŚĞůŽĐĂƚŝŽŶŽĨƚŚĞƐĞŚƵďƐĂŶĚĐŽŽƌĚŝŶĂƚŝŽŶƚŽ ƐƵƉƉůLJƐƵĨĨŝĐŝĞŶƚĞůĞĐƚƌŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂƚƚŚĞƐĞƐŝƚĞƐǁŝůůďĞǀŝƚĂůƚŽƐƵƉƉŽƌƚĂĚŽƉƚŝŽŶŽĨĞůĞĐƚƌŝĐǀĞŚŝĐůĞƐ͘dŚĞ/ ŚĂƐĂǀĞƌLJŝŵŵĞĚŝĂƚĞŽƉƉŽƌƚƵŶŝƚLJƚŽƉƌŽǀŝĚĞŝŶƉƵƚŽŶƚŚĞƐŝƚŝŶŐŽĨƚŚĞƐĞŚƵďƐĂŶĚĐĂŶĞŶƐƵƌĞƚŚĂƚƚŚĞƌĞĂƌĞ ŶŽǁĚŝƐƚƌŝďƵƚŝŽŶƐLJƐƚĞŵĂĚǀĂŶƚĂŐĞƐƚŽƐŽŵĞƐŝƚĞƐŽǀĞƌŽƚŚĞƌƐ͘ĚĚŝƚŝŽŶĂůůLJ͕ƚŚĞ/ĐĂŶďĞƐƵƌĞƚŽĐŽŵŵƵŶŝĐĂƚĞ ƚŚĞǀĂůƵĞsĂŶĚsĐŚĂƌŐŝŶŐǀŝƐŝďŝůŝƚLJŝŶƚŚĞĐŽŵŵƵŶŝƚLJ͕ĂƐƚŚĞƐĞĂƌĞŝŵƉŽƌƚĂŶƚĨĂĐƚŽƌƐƚŽƌĞĚƵĐĞƌĂŶŐĞĂŶdžŝĞƚLJ ĂŶĚŝŶĐƌĞĂƐĞĐŽŶƐƵŵĞƌĐŽŶĨŝĚĞŶĐĞŝŶƉƵƌĐŚĂƐŝŶŐĂŶs͘  dŚĞ/ƐŚŽƵůĚĞŶŐĂŐĞƚŚĞƚƌĂŶƐŝƚŚƵďƉůĂŶŶŝŶŐƉƌŽĐĞƐƐĂƐĂĨŝƌƐƚĂĐƚŝŽŶŝŶϮϬϭϵ͕ĞŝƚŚĞƌƚŚƌŽƵŐŚƉƌŽĐĞƐƐ ƉĂƌƚŝĐŝƉĂƚŝŽŶŽƌŝŶǁƌŝƚŝŶŐ͘  WĂƌƚŝĐŝƉĂƚŝŶŐKƌŐĂŶŝnjĂƚŝŽŶƐƚŽ&ƵŶĚĂŶůĞĐƚƌŝĐsĞŚŝĐůĞ;sͿ&ůĞĞƚ^ƚƵĚLJ dŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌŝƐĂůƌĞĂĚLJƉůĂŶŶŝŶŐƚŽƉƵƌƐƵĞŝƚƐŽǁŶsĨůĞĞƚƐƚƵĚLJ͕ǁŚŝĐŚǁŝůůĂƐƐĞƐƐǁŚŝĐŚĐŝƚLJǀĞŚŝĐůĞƐ ĂƌĞŵŽƐƚĂƉƉƌŽƉƌŝĂƚĞĨŽƌĐŽŶǀĞƌƐŝŽŶƚŽĞůĞĐƚƌŝĐǀĞŚŝĐůĞƐ͘dŚŝƐŝƐďĂƐĞĚŽŶĚƌŝǀŝŶŐƉĂƚƚĞƌŶƐ;Ğ͘Ő͕͘ŵŝůĞƐĚƌŝǀĞŶƉĞƌ ĚĂLJ͕ůĞŶŐƚŚŽĨƚƌŝƉƐ͕ŚŽƵƌƐĂǀĂŝůĂďůĞĨŽƌĐŚĂƌŐŝŶŐͿĂŶĚƚLJƉĞŽĨǀĞŚŝĐůĞĂŶĚƉƌŽǀŝĚĞƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐďĂƐĞĚŽŶ ƚŽƚĂůĐŽƐƚŽĨŽǁŶĞƌƐŚŝƉĂŶĚĐĂƌďŽŶŝŵƉĂĐƚƐ͘tŚŝůĞƚŚĞŝƚLJƉůĂŶƐƚŽƉƵƌƐƵĞƚŚŝƐĂĐƚŝǀŝƚLJŽŶŝƚƐŽǁŶ͕ƚŚĞ/ ŝĚĞŶƚŝĨŝĞĚƚŚŝƐĂƐĂŶĂĐƚŝǀŝƚLJƚŚĂƚƐŚŽƵůĚďĞƉƵƌƐƵĞĚũŽŝŶƚůLJďLJŽƌŐĂŶŝnjĂƚŝŽŶƐƚŚĂƚǀŽůƵŶƚĂƌŝůLJĞůĞĐƚƚŽĚŽƐŽ͘LJ ĐŽůůĞĐƚŝǀĞůLJĨƵŶĚŝŶŐĂŶsĨůĞĞƚƐƚƵĚLJ͕ƚŚĞƉĂƌƚŝĐŝƉĂƚŝŶŐ/ŽƌŐĂŶŝnjĂƚŝŽŶƐǁŝůůďĞŶĞĨŝƚĨƌŽŵƐŚĂƌŝŶŐůĞƐƐŽŶƐ ůĞĂƌŶĞĚĂůŽŶŐƚŚĞǁĂLJĂŶĚůŝŬĞůLJďĞŵŽƚŝǀĂƚĞĚƚŽĂĐƚĐŽůůĞĐƚŝǀĞůLJŽŶĐĞƐƚƵĚLJƌĞƐƵůƚƐĂƌĞŝŶŚĂŶĚ͘     Ȃ‡ƒ”Ǧ‡” –‹‘ǡʹͲʹͲǦʹͲʹ͵ WŚĂƐĞ//ŝŶĐůƵĚĞƐŶŝŶĞƉƌŝŽƌŝƚLJĂĐƚŝŽŶƐ͕ǁŚŝĐŚĨĂůůĂĐƌŽƐƐĨŽƵƌŽĨƚŚĞĨŝǀĞĨŽĐƵƐĂƌĞĂƐ͘dŚĞƐĞƐƚƌĂƚĞŐŝĞƐĂƌĞǁŚĞƌĞ ƚŚĞ/ǁŝůůĨŽĐƵƐƚŚĞŝƌĞĨĨŽƌƚƐƐƚĂƌƚŝŶŐŝŶƚŚĞƐĞĐŽŶĚĂŶĚƚŚŝƌĚƋƵĂƌƚĞƌƐŽĨϮϬϮϬĂĨƚĞƌĐŽŵƉůĞƚŝŶŐ͕ŽƌŝŶƐŽŵĞ ĐĂƐĞƐŝŶŝƚŝĂƚŝŶŐ͕ƚŚĞƐƚƌĂƚĞŐŝĞƐŽƵƚůŝŶĞĚŝŶWŚĂƐĞ/ŽĨƚŚĞƉƌŽũĞĐƚƉůĂŶ͘  ZŽĐŚĞƐƚĞƌ/ͮŶĞƌŐLJĐƚŝŽŶWůĂŶ;ĚƌĂĨƚͿWĂŐĞϭϲ  3DFNHW3J )E KƵƚůŝŶĞĚŝŶ&ŝŐƵƌĞϵĂƌĞƚŚĞĚĞĨŝŶŝŶŐĨĂĐƚŽƌƐŽĨĞĂĐŚWŚĂƐĞ//ƐƚƌĂƚĞŐLJ͘dŚŝƐŝŶĐůƵĚĞƐƚŚĞŽďũĞĐƚŝǀĞ͕ĂƐŬƐ͕ĂŶĚ ĂƉƉƌŽĂĐŚƚŚĂƚƚŚĞ/ƉůĂŶƐƚŽƚĂŬĞĂŶĚŝƐŝŶƚĞŶĚĞĚƚŽĨƵŶĐƚŝŽŶĂƐĂƌĞĨĞƌĞŶĐĞĨŽƌƚŚĞ/ĂŶĚŽƚŚĞƌƐƚĂŬĞŚŽůĚĞƌƐ ĚƵƌŝŶŐWŚĂƐĞ//ĚĞǀĞůŽƉŵĞŶƚĂŶĚŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘  Šƒ•‡  –‹‘•ǣ ĐƚŝŽŶƐĂƌĞůŝƐƚĞĚŝŶƚŚĞŽƌĚĞƌŝŶǁŚŝĐŚƚŚĞLJƐŚŽƵůĚďĞŝŶŝƚŝĂƚĞĚŽƌĐŽŵƉůĞƚĞĚďLJƚŚĞ/͘  /ŶŝƚŝĂƚĞĚŝŶϮϬϮϬ ʹďĞŐŝŶƉƌŽŵŽƚŝŽŶĞĂƌůLJϮϬϮϬ ϭ͘>ĞǀĞƌĂŐĞWĨŝŶĂŶĐŝŶŐĨŽƌĐŽŶƐĞƌǀĂƚŝŽŶĂŶĚƌĞŶĞǁĂďůĞĞŶĞƌŐLJƉƌŽũĞĐƚƐ  ʹŐŽĂů͗ Ϯ͘^ƚƵĚLJŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌŝŶŶŽǀĂƚŝǀĞĨŝŶĂŶĐŝŶŐĂŶĚŽǁŶĞƌƐŚŝƉŽĨĚŝƐƚƌŝĐƚĞŶĞƌŐLJƚŽƐĞƌǀĞƚŚĞD  ŝŶŝƚŝĂƚĞĂƐƵƌǀĞLJŽĨŝŶŶŽǀĂƚŝǀĞŵŽĚĞůƐďLJƐƵŵŵĞƌϮϬϮϬ   /ŶŝƚŝĂƚĞĚŝŶϮϬϮϭŽƌϮϬϮϮ ʹŐŽĂů͗ŝŶŝƚŝĂůƚĞĐŚŶŝĐĂůĂŶĚ ϯ͘/ŶǀĞƐƚŝŐĂƚĞĞdžƉĂŶƐŝŽŶŽĨŽƵŶƚLJĚŝƐƚƌŝĐƚĞŶĞƌŐLJƐĞƌǀŝĐĞƐĨŽƌDĂŶĚhDZ  ĞĐŽŶŽŵŝĐĨĞĂƐŝďŝůŝƚLJƐƚƵĚLJĐŽŵƉůĞƚĞďLJϮϬϮϭ  ʹŐŽĂů͗ŝŶŝƚŝĂƚĞƉŝůŽƚŽĨĨĞƌŝŶŐďLJϮϬϮϭ 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ƐŝƚĞďƵŝůĚŝŶŐŽƉĞƌĂƚŽƌƐǁŚĞƌĞƉĞƌĨŽƌŵĂŶĐĞͲďĂƐĞĚŝŶĐĞŶƚŝǀĞƐĂŶĚƚŝŵĞͲďĂƐĞĚƌĂƚĞƐĐŽƵůĚďĞǀĂůƵĂďůĞƚŽ ƚŚĞƵƚŝůŝƚLJĂŶĚŽĨĨĞƌĐƵƐƚŽŵĞƌƐĐŽƐƚƐĂǀŝŶŐƐ͘  dŚĞ/ŽƌŐĂŶŝnjĂƚŝŽŶƐĂƌĞŝŶƚĞƌĞƐƚĞĚƚŽĞdžƉĞƌŝĞŶĐĞĂŶĚƚĞƐƚƚŚĞƉŽƚĞŶƚŝĂůďĞŶĞĨŝƚƐŽĨŚĂǀŝŶŐĂĚǀĂŶĐĞĚďŝͲ ĚŝƌĞĐƚŝŽŶĂůŵĞƚĞƌƐ͕ŽƌŽƚŚĞƌƚLJƉĞƐŽĨƌĞĂůͲƚŝŵĞĞŶĞƌŐLJƐŚĂƌŝŶŐĚĞǀŝĐĞƐĐŽƵƉůĞĚǁŝƚŚĂůƚĞƌŶĂƚŝǀĞĚLJŶĂŵŝĐ ƌĂƚĞƐƚƌƵĐƚƵƌĞƐ͘dŚĞ/ŵĞŵďĞƌƐǁŽƵůĚůŝŬĞƚŽĐŽůůĂďŽƌĂƚĞǁŝƚŚZWh;ĂŶĚƉŽƐƐŝďůLJDZͿƚŽƚĞƐƚƚŚŝƐ ĐŽŶĐĞƉƚŝŶĂƐĂŵƉůĞŽĨďƵŝůĚŝŶŐƐĂŶĚƚŽƉŝůŽƚŽŶĞŽƌŵŽƌĞƚŝŵĞͲďĂƐĞĚƌĂƚĞƐ͘dŽŽǀĞƌĐŽŵĞƚŚĞďĂƌƌŝĞƌŽĨ ƵƉĨƌŽŶƚĐŽƐƚƐ͕ƚŚĞ/ǁŽƵůĚǁŽƌŬǁŝƚŚZWhƚŽĨŝŶĚĂǁĂLJƚŽƐŚĂƌĞƚŚĞĐŽƐƚ͖ĂǀĂůƵĞƚŚĂƚŽƚŚĞƌǁŝƐĞĐŽƵůĚ ďĞĐŽƐƚͲƉƌŽŚŝďŝƚŝǀĞƚŽƌĞĐƌƵŝƚŵĞŶƚ͘dŚĞLJǁŽƵůĚƚŚĞŶǁŽƌŬƚŽŚĞůƉĐƌĞĂƚĞŽŶĞŽƌŵŽƌĞĐĂƐĞƐƚƵĚŝĞƐƚŚĂƚ ĚĞŵŽŶƐƚƌĂƚĞƚŚĞďĞŶĞĨŝƚƐĂŶĚĐŚĂůůĞŶŐĞƐŽĨƐǁŝƚĐŚŝŶŐƚŽƚŝŵĞͲďĂƐĞĚƌĂƚĞƐ͘&ƌŽŵƚŚŝƐĞdžƉĞƌŝĞŶĐĞ͕ďŽƚŚ ƚŚĞďƵŝůĚŝŶŐŽƉĞƌĂƚŽƌĐŽŵŵƵŶŝƚLJĂƐǁĞůůĂƐZWhǁŽƵůĚŐĂŝŶŚĂŶĚƐͲŽŶĞdžƉĞƌŝĞŶĐĞǁŝƚŚƚŚĞǀĂůƵĞĂŶĚ ĐŽƐƚƐŽĨŽĨĨĞƌŝŶŐĚŝĨĨĞƌĞŶƚŵĞƚĞƌŝŶŐƚĞĐŚŶŽůŽŐLJĂŶĚƌĂƚĞƐ͕ǁŚŝĐŚĐŽƵůĚůĞĂĚƚŽĂŶŽŶŐŽŝŶŐŽƌĞdžƉĂŶĚĞĚ ĐƵƐƚŽŵĞƌŽĨĨĞƌŝŶŐƉĂĐŬĂŐĞ͘  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ZŽĐŚĞƐƚĞƌ/ͮŶĞƌŐLJĐƚŝŽŶWůĂŶ;ĚƌĂĨƚͿWĂŐĞϮϭ  3DFNHW3J )E ƌĞĂƐŽŶ͕ƚŚĞ/ĨĞĞůƐƚŚĂƚƚŚŝƐŽƉƉŽƌƚƵŶŝƚLJŵĂLJďĞďĞƐƚƵƐĞĚŝŶƌĞƐƉŽŶƐĞƚŽǁŚĂƚŝƐĂŶĚŝƐŶŽƚǁŽƌŬŝŶŐ ǁĞůůǁŝƚŚŽƵƚƚĂƌŐĞƚĞĚĨƵŶĚŝŶŐƐƵƉƉŽƌƚ͘  ĨƚĞƌƉƌŝŽƌŝƚŝnjŝŶŐŽƚŚĞƌĨŝƌƐƚĂĐƚŝŽŶƐŽƵƚůŝŶĞĚŝŶWŚĂƐĞ/ĂŶĚWŚĂƐĞ//͕ŝƚǁŝůůůŝŬĞůLJďĞĂŐŽŽĚƚŝŵĞĨŽƌƚŚĞ /ƚŽĞŶŐĂŐĞŝŶĂ͞ĚĞĞƉĚŝǀĞ͕͟ĐŽůůĂďŽƌĂƚŝǀĞďƌĂŝŶƐƚŽƌŵŝŶŐƉƌŽĐĞƐƐ͘ƚƚŚŝƐƚŝŵĞ͕ĞdžŝƐƚŝŶŐŐĂƉƐĂŶĚ ŽƉƉŽƌƚƵŶŝƚLJĨŽƌĨƵŶĚŝŶŐƐƵƉƉŽƌƚĐĂŶďĞĂƐƐĞƐƐĞĚƚŽŵĂdžŝŵŝnjĞĞdžŝƐƚŝŶŐĞĨĨŽƌƚƐĂƐǁĞůůĂƐŶĞǁŝŶŶŽǀĂƚŝǀĞ  ŽƉƉŽƌƚƵŶŝƚŝĞƐƐƚŝůůƚŽĐŽŵĞ͘  ĞŶƚƌĂůŝnjĞŝƚLJƵŝůĚŝŶŐKƉĞƌĂƚŝŽŶƐ dŽŵĂdžŝŵŝnjĞƚŚĞďĞŶĞĨŝƚƐŽĨĞŶĞƌŐLJĞĨĨŝĐŝĞŶĐLJƉƌŽŐƌĂŵƐĂŶĚďƵŝůĚŝŶŐŽƉĞƌĂƚŽƌĐĞƌƚŝĨŝĐĂƚŝŽŶƐ͕ƚŚĞƌĞĐĂŶ ďĞĂƐŝŐŶŝĨŝĐĂŶƚďĞŶĞĨŝƚƚŽŚĂǀŝŶŐĨĂĐŝůŝƚLJŽƉĞƌĂƚŽƌƐǁŝƚŚƐƉĞĐŝĨŝĐĞŶĞƌŐLJĞdžƉĞƌƚŝƐĞ͘,ŽǁĞǀĞƌ͕ŝƚŝƐ ĐŚĂůůĞŶŐŝŶŐƚŽŚĂǀĞƚŚŽƐĞĞdžƉĞƌƚƐŝŶĂůůĨĂĐŝůŝƚŝĞƐ͕ĂƐŽƉĞƌĂƚŝŽŶĂůďƵĚŐĞƚƐĂŶĚǁŽƌŬĨŽƌĐĞƐƵƉƉůLJŵŝŐŚƚ ŶŽƚƐƵƉƉŽƌƚƚŚŝƐ͘ĞŶƚƌĂůŝnjŝŶŐďƵŝůĚŝŶŐŽƉĞƌĂƚŝŽŶƐĂĐƌŽƐƐĂŶŽƌŐĂŶŝnjĂƚŝŽŶŽƌůŽĐĂůŐŽǀĞƌŶŵĞŶƚƚŽŽŶĞ ŝŶĚŝǀŝĚƵĂůŽƌƚĞĂŵŽĨĞŶĞƌŐLJŵĂŶĂŐĞƌƐĐĂŶŚĞůƉŝŶĐƌĞĂƐĞďƵŝůĚŝŶŐĞĨĨŝĐŝĞŶĐLJ͘dŚŝƐŚĞůƉƐĂǁŚŽůĞƉŽƌƚĨŽůŝŽ ŽĨďƵŝůĚŝŶŐƐƚŽŐĞƚƐŝŵŝůĂƌĂƚƚĞŶƚŝŽŶĂŶĚŚĞůƉƐŽŶĞĚĞĐŝƐŝŽŶƚŽĂĨĨĞĐƚŵŽƌĞƐƋƵĂƌĞĨŽŽƚĂŐĞ͘  &ŽůůŽǁŝŶŐƚŚĞŽƵŶƚLJ͛ƐĞdžĂŵƉůĞ͕ƚŚĞŝƚLJŝƐĞdžƉůŽƌŝŶŐĂŶŽƉƉŽƌƚƵŶŝƚLJƚŽŵŽǀĞĂůůĞŶĞƌŐLJͲƌĞůĂƚĞĚďƵŝůĚŝŶŐ ŽƉĞƌĂƚŝŽŶƐƚŽĂĐĞŶƚƌĂůŵĂŶĂŐĞƌŽƌƚĞĂŵƚŽŵĂŬĞƚŚĞďĞƐƚƵƐĞŽĨĞŶŐĂŐĞŵĞŶƚǁŝƚŚƵƚŝůŝƚLJĞĨĨŝĐŝĞŶĐLJ ƉƌŽŐƌĂŵƐĂŶĚƚŚĞƐŚĂƌŝŶŐŽĨŽƵƚĐŽŵĞƐĂŶĚďĞƐƚƉƌĂĐƚŝĐĞƐƚŚĂƚƌĞƐƵůƚ͘/ŶƚƵƌŶ͕ƚŚĞŝƚLJĂŶĚŽƵŶƚLJǁŝůů ƐŚĂƌĞƚŚĞďĞŶĞĨŝƚƐŽĨĐĞŶƚƌĂůŝnjĂƚŝŽŶƚŽĞŶĐŽƵƌĂŐĞŽƚŚĞƌůĂƌŐĞďƵƐŝŶĞƐƐĞƐĂŶĚŽƌŐĂŶŝnjĂƚŝŽŶƐƚŽĚŽƚŚĞ ƐĂŵĞ͘    Ȃ‹†–‘‘‰Ǧ‡” –‹‘ǡ‡›‘†ʹͲʹ͵ WŚĂƐĞ///ŝŶĐůƵĚĞƐƚŚƌĞĞƉƌŝŽƌŝƚLJĂĐƚŝŽŶƐ͘dŚĞƐĞĂĐƚŝŽŶƐĨĂůůĂĐƌŽƐƐƚǁŽŽĨƚŚĞĨŝǀĞĨŽĐƵƐĂƌĞĂƐŽƵƚůŝŶĞĚŝŶ ƚŚŝƐWƌŽũĞĐƚWůĂŶ͕ǁŝƚŚĂƉƌŝŵĂƌLJĨŽĐƵƐŽŶĞŶĞƌŐLJĞĨĨŝĐŝĞŶĐLJ͘,ŽǁĞǀĞƌ͕ƚŚĞ/ǁŝůůŚĂǀĞƚŚĞŽŶŐŽŝŶŐ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĨƌŽŵƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƐƚƌĂƚĞŐŝĞƐƚŚĂƚŚĂǀĞĐŽŵĞďĞĨŽƌĞĂƐǁĞůůĂƐŶĞǁĞŵĞƌŐŝŶŐ ŽƉƉŽƌƚƵŶŝƚŝĞƐ͘dŚŝƐƉŚĂƐĞŽĨƚŚĞWƌŽũĞĐƚWůĂŶƐĞƌǀĞƐĂƐĂůŝƐƚŽĨƐƚƌĂƚĞŐŝĞƐƚŚĂƚŶĞĞĚƚŽďĞŝŵƉůĞŵĞŶƚĞĚ ďƵƚĂƌĞƉƌŽǀŝĚĞĚŝŶůĞƐƐĚĞƚĂŝůĂŶĚĨŽĐƵƐŵŽƌĞŽŶŐƵŝĚĂŶĐĞĂƌŽƵŶĚƚŚĞƐĞĂĐƚŝŽŶƐ͛ŝŶƚĞŶƚŝŽŶƐƚŽƌĞŵĂŝŶ ƌĞůĞǀĂŶƚĨŽƌƚŚĞŝƌƚŝŵĞŽĨŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘  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ƚŚŝƌĚͲƉĂƌƚLJƉƌŽǀŝĚĞƌĂŶĚ  ƉƌŽǀŝĚĞƌĞŶŐĂŐĞůŽĐĂůĐŽĚĞ /ŶĐƌĞĂƐĞĐŽŵŵĞƌĐŝĂůĞŶĞƌŐLJ ƐƵƉƉŽƌƚďLJĐŚĂŵƉŝŽŶŝŶŐƚŚĞ ŽĨĨŝĐŝĂůƐ͕ĚĞǀĞůŽƉĞƌƐ͕ĂŶĚƵƚŝůŝƚŝĞƐ ĐŽĚĞĐŽŵƉůŝĂŶĐĞ͕ĞƐƉĞĐŝĂůůLJ ƉƌŽŐƌĂŵǁŝƚŚŝŶƚŚĞŝƚLJĂŶĚ ŶĞƌŐLJŽĚĞ ĞĂƌůLJĂďŽƵƚƚŚĞďĞŶĞĨŝƚƐĂŶĚ ĚƵƌŝŶŐƉĞƌŝŽĚƐŽĨŚŝŐŚŐƌŽǁƚŚ͕ ĚĞǀĞůŽƉŵĞŶƚĐŽŵŵƵŶŝƚLJƚŽ ŽŵƉůŝĂŶĐĞŝƚLJ ĨůĞdžŝďŝůŝƚLJŽĨƚŚĞƐĞƌǀŝĐĞ ƚŽŝŶĐƌĞĂƐĞĞŶĞƌŐLJ ƉƌŽǀŝĚĞĂƉƌŽũĞĐƚƉŝƉĞůŝŶĞ ^ƵƉƉŽƌƚWƌŽŐƌĂŵ ĐŽŶƐĞƌǀĂƚŝŽŶ tŽƌŬǁŝƚŚƉŽƚĞŶƚŝĂů ďĞŶĐŚŵĂƌŬŝŶŐƉĂƌƚŝĐŝƉĂŶƚƐƚŽ hƚŝůŝƚLJŶĞƌŐLJĂƚĂ^ƚƌĞĂŵůŝŶĞƚŚĞďƵŝůĚŝŶŐ,ĞůƉĐŽŶĚƵĐƚĂŶĞŶŐĂŐĞŵĞŶƚ ƵŶĚĞƌƐƚĂŶĚƚŚĞďĂƌƌŝĞƌƐƚŽ ŐŐƌĞŐĂƚŝŽŶdŽŽůĨŽƌďĞŶĐŚŵĂƌŬŝŶŐƉƌŽĐĞƐƐĨŽƌĞǀĞŶƚĂŶĚͬŽƌƐƵƌǀĞLJƚŽŐĂƚŚĞƌ ƉĂƌƚŝĐŝƉĂƚŝŽŶ͖ŚĞůƉĞĚƵĐĂƚĞ ĞŶĐŚŵĂƌŬŝŶŐĐƵƌƌĞŶƚƉĂƌƚŝĐŝƉĂŶƚƐĂŶĚĨĞĞĚďĂĐŬĨƌŽŵĞdžŝƐƚŝŶŐĂŶĚ ZWhĂŶĚDZĂďŽƵƚƚŚĞ WĂƌƚŝĐŝƉĂŶƚƐƌĞĚƵĐĞďĂƌƌŝĞƌƐĨŽƌŶĞǁƉƌŽƐƉĞĐƚŝǀĞďĞŶĐŚŵĂƌŬŝŶŐ ƚLJƉĞŽĨƚŽŽů;ƐͿƚŚĂƚǁŽƵůĚďĞ ƉĂƌƚŝĐŝƉĂŶƚƐƉĂƌƚŝĐŝƉĂŶƚƐĨŽƌƵƚŝůŝƚLJƐŚĂƌŝŶŐ ŚĞůƉĨƵůĨŽƌƉĂƌƚŝĐŝƉĂŶƚƐ >ĂƵŶĐŚKŶĞͲ^ƚŽƉ^ƵƉƉŽƌƚĐŽŶƐĞƌǀĂƚŝŽŶŶŐĂŐĞƚŚĞďƵƐŝŶĞƐƐ,ĞůƉDZĂŶĚZWhĐŽůůĂďŽƌĂƚĞŝŶ ŽŶƐĞƌǀĂƚŝŽŶŽƉƉŽƌƚƵŶŝƚŝĞƐďĞLJŽŶĚƚŚĞĐŽŵŵƵŶŝƚLJƚŽƵŶĚĞƌƐƚĂŶĚƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨĂŽŶĞͲƐƚŽƉ 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ƌĞƉŽƌƚ͕ƉƌĞƐĞŶƚŝŶŐĂĐĐŽŵƉůŝƐŚŵĞŶƚƐďŽƚŚƚŽƚŚĞƉƵďůŝĐĂŶĚŝŶƚĞƌŶĂůůĞĂĚĞƌƐŚŝƉ͕ĂŶĚͬŽƌƐŚĂƌŝŶŐƐƵĐĐĞƐƐĞƐ ǁŝƚŚƚŚĞĐŽŵŵƵŶŝƚLJƚŚƌŽƵŐŚƚŚĞůŽĐĂůŶĞǁƐƉĂƉĞƌ͘dŚĞƐĞĞĨĨŽƌƚƐǁŽƵůĚďĞĚŽŶĞŝŶĐŽůůĂďŽƌĂƚŝŽŶǁŝƚŚƚŚĞ ŝƚLJ͛ƐŶĞƌŐLJŽŵŵŝƐƐŝŽŶ͕^ƵƐƚĂŝŶĂďŝůŝƚLJKĨĨŝĐĞ͕ĂŶĚŽƚŚĞƌĞŶǀŝƌŽŶŵĞŶƚĂůŽƌŐĂŶŝnjĂƚŝŽŶƐ͘/ŶƉĂƌƚŝĐƵůĂƌ͕ ƉƌĞƐĞŶƚĂƚŝŽŶƐŵĂĚĞƚŽƚŚĞDĂŶĚůĞĂĚĞƌƐŚŝƉĐŽƵůĚƌĞŝŶĨŽƌĐĞƚŚĞǀĂůƵĞĂŶĚĞĨĨŝĐĂĐLJŽĨƚŚĞ/͛ƐǁŽƌŬ ƚŽĞŶƐƵƌĞƚŚĂƚƌĞƐŽƵƌĐĞƐĐŽŶƚŝŶƵĞƚŽďĞŝŶǀĞƐƚĞĚŝŶƚŚŝƐǁŽƌŬ͘dŚŽƵŐŚŝƚŝƐƵŶůŝŬĞůLJƚŚĂƚƚŚĞ/ǁŝůůŶĞĞĚ ƚŽƉƵƌƐƵĞĂůůƚŚƌĞĞĨŽƌŵƐŽĨĐŽŵŵƵŶŝĐĂƚŝŽŶĞĂĐŚLJĞĂƌ͕ĐŽŵŵƵŶŝĐĂƚŝŶŐĂĚǀĂŶĐĞŵĞŶƚƚŽǁĂƌĚĞŶĞƌŐLJĂŶĚ ĐůŝŵĂƚĞŐŽĂůƐĐĂŶŚĞůƉďƵŝůĚĐŽŵŵƵŶŝƚLJŝĚĞŶƚŝƚLJĂƌŽƵŶĚĐůĞĂŶĞŶĞƌŐLJƐŽůƵƚŝŽŶƐĂŶĚŝŶƐƉŝƌĞƌĞƐŝĚĞŶƚƐĂŶĚ ďƵƐŝŶĞƐƐĞƐƚŽƚĂŬĞĂĐƚŝŽŶĂƐǁĞůů͘  ZŽĐŚĞƐƚĞƌ/ͮŶĞƌŐLJĐƚŝŽŶWůĂŶ;ĚƌĂĨƚͿWĂŐĞϮϱ  3DFNHW3J )E   &ŝŐƵƌĞϭϮ͘KŶŐŽŝŶŐ^ƚƌĂƚĞŐLJ'ŽĂůƐΘDŝůĞƐƚŽŶĞƐ  ŶŶƵĂů'ŽĂůƐ ĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚ͗&ŝƌƐƚŝŶƚĞƌŶĂůĂŶŶƵĂůƌĞƉŽƌƚƚŽ  ͻ ϮϬϮϬ  /ďLJĞŶĚŽĨϮϬϮϬĂƐƐĞƐƐŝŶŐƚŚĞŝŵƉĂĐƚƐŽĨĂŶ ŽƌŐĂŶŝnjĂƚŝŽŶĂĚŽƉƚŝŶŐŝŶǀĞƐƚŵĞŶƚĐƌŝƚĞƌŝĂƚŚĂƚĂƌĞ  ůŝĨĞĐLJĐůĞĐŽƐƚďĂƐĞĚ͘  ͻsZĞƉůĂĐĞŵĞŶƚ͗LJƚŚĞĞŶĚŽĨϮϬϮϬ͕ŚĂǀĞĂŶŝŶͲƵƐĞ ĚĂƚĞŝĚĞŶƚŝĨŝĞĚĨŽƌĨŝƌƐƚͲƌŽƵŶĚĨůĞĞƚsƐĨŽƌĂůů/  ŵĞŵďĞƌƐƚŚĂƚƉĂƌƚŝĐŝƉĂƚĞĚŝŶƚŚĞϮϬϭϵsĨůĞĞƚƐƚƵĚLJ͘ ϮϬϮϭ  x WƌŽŵŽƚĞW&ŝŶĂŶĐŝŶŐ͗LJĞĐĞŵďĞƌϮϬϮϭ͕ĨŽƵƌ  ůŽĐĂůWƉƌŽũĞĐƚƐĂƌĞŝŶŵŽƚŝŽŶŽƌĐŽŵƉůĞƚĞĚ͘   x ĞƐŝŐŶƐƐŝƐƚĂŶĐĞ͗ŶŐĂŐĞĂŶĚĐŽŵƉůĞƚĞϭϬƉƌŽũĞĐƚƐŝŶ   ƚŚĞĨŝƌƐƚƚŚƌĞĞLJĞĂƌƐŽĨĨƵůůͲƉƌŽũĞĐƚŽƉĞƌĂƚŝŽŶ;ϮϬϮϬ͕ ϮϬϮϭ͕ĂŶĚϮϬϮϮͿ͘   ϮϬϮϮ  WĞƌĞŶŶŝĂů'ŽĂůƐ  x ĞŶĐŚŵĂƌŬŝŶŐZĞĐƌƵŝƚŵĞŶƚ͗'ƌŽǁƉƌŽŐƌĂŵ  ƉĂƌƚŝĐŝƉĂƚŝŽŶϭϬйĂŶŶƵĂůůLJ;ďLJďƵŝůĚŝŶŐĐŽƵŶƚͿ   x sĞŶĚĞƌĚƵĐĂƚŝŽŶ͗ƐƚĂďůŝƐŚĐŚĂŶŶĞůƐĨŽƌŽŶŐŽŝŶŐ  ůĞĂƌŶŝŶŐǁŝƚŚŽĨĨĞƌŝŶŐƐĂƚůĞĂƐƚĞǀĞƌLJƚǁŽLJĞĂƌƐ   ϮϬϮϯ  ŽŵŵŝƐƐŝŽŶŝŶŐWƌŽŐƌĂŵ͗ĨƚĞƌϮϬϮϮ͕ĂĨƵůůͲƐĐĂůĞ ͻ ĐŽŵŵŝƐƐŝŽŶŝŶŐƉƌŽŐƌĂŵŝƐƐĞƌǀŝŶŐĨŝǀĞďƵŝůĚŝŶŐƐ  ĂŶŶƵĂůůLJ͘     ŝƐƚƌŝĐƚŶĞƌŐLJ͗LJƚŚĞĞŶĚŽĨϮϬϮϰ͕ĐŽŵƉůĞƚĞĞŶŽƵŐŚ ͻ 'Ž͕EŽͲ'Ž ĚƵĞĚŝůŝŐĞŶĐĞƚŽŵĂŬĞĂĚĞĐŝƐŝŽŶĂďŽƵƚ ϮϬϮϰ  ĞdžƉĂŶƐŝŽŶŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌĞdžŝƐƚŝŶŐĚŝƐƚƌŝĐƚƐLJƐƚĞŵƐ ŶĞĂƌD͘   //ŶĐĞŶƚŝǀĞƐ͗ǀĂůƵĂƚĞŝŶĐĞŶƚŝǀĞƐĂŶĚĨŝŶĂŶĐŝŶŐ ͻ  ŽƉƚŝŽŶƐƚŚĂƚƚŚĞ/ͬDŚĂƐďĞĞŶŽĨĨĞƌŝŶŐƚŽ ƵŶĚĞƌƐƚĂŶĚŝŵƉĂĐƚĂŶĚĞĨĨĞĐƚŝǀĞŶĞƐƐ͘LJƚŚĞĞŶĚŽĨ  ϮϬϮϰ͕ŵĂŬĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐŽŶĚĞƐŝŐŶŽƌ ĂƉƉƌŽĂĐŚĞƐƚŽƉƌŽŵŽƚŝŽŶĂŶĚƐŚĂƌĞǁŝƚŚ ϮϬϮϱ  ŝŵƉůĞŵĞŶƚĂƚŝŽŶƉĂƌƚŶĞƌƐ͘   ZŽĐŚĞƐƚĞƌ/ͮŶĞƌŐLJĐƚŝŽŶWůĂŶ;ĚƌĂĨƚͿWĂŐĞϮϲ  3DFNHW3J )E  Ǥ‡ ‘‡†ƒ–‹‘•Ƭ–”ƒ–‡‰‹ ‡š––‡’• dŽŚĞůƉƚŚĞ/ƚƌĂŶƐŝƚŝŽŶĨƌŽŵƚŚĞĞŶĞƌŐLJƉƌŽũĞĐƚƉůĂŶŶŝŶŐƉƌŽĐĞƐƐďĂĐŬƚŽĂŵŽĚĞŽĨŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ ƚŚŝƐƐĞĐƚŝŽŶƐƵŵŵĂƌŝnjĞƐĂĚĚŝƚŝŽŶĂůƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐƚŚĂƚƚŚĞŽŵŵŝƚƚĞĞŵĂLJǁĂŶƚƚŽĐŽŶƐŝĚĞƌƚŽ ŝŵƉƌŽǀĞĞĨĨŝĐŝĞŶĐLJ͕ƉƌŽĐĞƐƐ͕ŽƌĞŶŐĂŐĞŵĞŶƚǁŝƚŚƐƚĂŬĞŚŽůĚĞƌƐ͘dŚĞƐĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐǁĞƌĞĐŽůůĞĐƚĞĚ ĚƵƌŝŶŐƚŚĞĞŶĞƌŐLJƉƌŽũĞĐƚƉůĂŶŶŝŶŐƉƌŽĐĞƐƐĨƌŽŵ/ĐŽŶǀĞƌƐĂƚŝŽŶƐĂŶĚďƵŝůƚƵƉŽŶďLJĞŶƚĞƌĨŽƌŶĞƌŐLJ ĂŶĚŶǀŝƌŽŶŵĞŶƚƚŽŝŶĐŽƌƉŽƌĂƚĞďĞƐƚƉƌĂĐƚŝĐĞƐĂŶĚĂĚĚŝƚŝŽŶĂůĚĞƚĂŝů͘ ‘‹––‡‡”‘ ‡••Ƭ”ƒ ‹‰ x ŽƚƚŽŵͲhƉ^ƚƌĂƚĞŐLJdƌĂĐŬŝŶŐ͗ ƐƚĂďůŝƐŚĂŵĞƚŚŽĚĨŽƌƚƌĂĐŬŝŶŐƉƌŽŐƌĞƐƐŽĨŝŶĚŝǀŝĚƵĂůƐƚƌĂƚĞŐŝĞƐ  ƚŚĂƚŚĞůƉƚŚĞŽŵŵŝƚƚĞĞĂƐĂǁŚŽůĞĂŶĚŝŶĚŝǀŝĚƵĂůƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐƚĂŬĞƐƚŽĐŬƌĞŐƵůĂƌůLJŽĨ ǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞŽŵŵŝƚƚĞĞŝƐŽŶƚƌĂĐŬǁŝƚŚƚŚĞƚŝŵĞůŝŶĞŽĨƚŚĞWƌŽũĞĐƚWůĂŶ͘dŚĞƵŶĚĞƌůLJŝŶŐ ŝŶƚĞŶƚŝƐƚŽƉƌŽǀŝĚĞĐŽůůĂďŽƌĂƚŝǀĞĂĐĐŽƵŶƚĂďŝůŝƚLJĨŽƌ/ŵĞŵďĞƌƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐĂƚĂŶŝŶĚŝǀŝĚƵĂůͲ ůĞǀĞůǁŚŝůĞĂůƐŽďƵŝůĚŝŶŐĂƌĞĂůŝƐƚŝĐƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞŽŵŵŝƚƚĞĞ͛ƐĐĂƉĂĐŝƚLJĨŽƌƚŚĞĨƵƚƵƌĞ͘ dŚŝƐǁŝůůŬĞĞƉƵƉĐŽŵŵŝƚƚĞĞŵŽƌĂůĞĂŶĚŚĞůƉŝƚĨƵŶĐƚŝŽŶĂƐĂƚĞĂŵ͘  x dŽƉͲŽǁŶ'ŽĂůdƌĂĐŬŝŶŐ͗ ƐƚĂďůŝƐŚǁŚŝĐŚďƌŽĂĚĞƌŵĞƚƌŝĐƐĂƌĞƚŚĞŵŽƐƚŚĞůƉĨƵůĂŶĚĨĞĂƐŝďůĞ  ŵĞƚƌŝĐƐƚŽƚƌĂĐŬƚŚĞŽǀĞƌĂƌĐŚŝŶŐŐŽĂůƐŽĨƚŚĞŝƚLJĂŶĚD͕ƐƵĐŚĂƐĐĂƌďŽŶĞŵŝƐƐŝŽŶƌĞĚƵĐƚŝŽŶƐ͕ ĂŶĚƉĞƌĐĞŶƚŽĨůŽĂĚŽƌĚĞŵĂŶĚ;ĚĞĨŝŶĞǁŚŝĐŚͿŝƐďĞŝŶŐƐĞƌǀĞĚďLJƌĞŶĞǁĂďůĞƐ͘LJƐĞůĞĐƚŝŶŐƚǁŽ ŽƌƚŚƌĞĞŐŽĂůͲďĂƐĞĚŵĞƚƌŝĐƐ͕ƚŚĞ/ǁŝůůďĞƉŽƐŝƚŝŽŶĞĚǁĞůůƚŽƌĞƉŽƌƚƚŽƚŚĞŵĞŵďĞƌ ŽƌŐĂŶŝnjĂƚŝŽŶƐĂŶĚƚŚĞƉƵďůŝĐĂďŽƵƚƚŚĞŝƌǀĂůƵĞĂŶĚĞĨĨĞĐƚŝǀĞŶĞƐƐ͘dŚĞƐĞŵĞƚƌŝĐƐǁŝůůĂůƐŽŚĞůƉ ŝŶĐƌĞĂƐĞŽƌŐĂŶŝnjĂƚŝŽŶĂůĂĐĐŽƵŶƚĂďŝůŝƚLJĂŶĚƌĞĐŽŐŶŝƚŝŽŶĨŽƌƚŚĞŝƌĞĨĨŽƌƚƐ͘  x DĞĞƚŝŶŐ&ƌĞƋƵĞŶĐLJΘ&ŽƌŵĂƚ͗ ƐĂŽŵŵŝƚƚĞĞ͕ĞƐƚĂďůŝƐŚĂƉĂĐĞŽĨŵĞĞƚŝŶŐƐƚŚĂƚŝƐ  ĐŽŵŵĞŶƐƵƌĂƚĞǁŝƚŚƚŚĞǁŽƌŬƚŚĂƚŶĞĞĚƐƚŽďĞĂĐĐŽŵƉůŝƐŚĞĚ͖ĚĞƚĞƌŵŝŶĞŝĨ/ŵĞĞƚŝŶŐƐƐŚŽƵůĚ ŽĐĐƵƌŵŽƌĞŽĨƚĞŶ͘  x ƐƚĂďůŝƐŚ^ƵďĐŽŵŵŝƚƚĞĞƐ͗ tŚĞŶĂƚŽƉŝĐƌĞƋƵŝƌĞƐĂĚĞĞƉĚŝǀĞ͕ƐƵĐŚĂƐĚŝƐƚƌŝĐƚĞŶĞƌŐLJƐLJƐƚĞŵƐŽƌ  ƵƚŝůŝƚLJƉƌŽŐƌĂŵĚĞƐŝŐŶĂŶĚĚĞůŝǀĞƌLJ͕ĨŽƌŵĂƐƵďĐŽŵŵŝƚƚĞĞƚŽĨŽĐƵƐƚŚŽƐĞǁŝƚŚƚŚĞŵŽƐƚ ĞdžƉĞƌƚŝƐĞĂŶĚŝŶƚĞƌĞƐƚŽŶƚŚĞƚĂƐŬĂƚŚĂŶĚ͘dŚĞ/ŵĂLJĚĞƚĞƌŵŝŶĞǁŚĂƚƚŚĞŽďũĞĐƚŝǀĞŽĨĂ ƐƵďĐŽŵŵŝƚƚĞĞŝƐĂŶĚƐŚŽƵůĚďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐĞƚƚŝŶŐĂĚĞĂĚůŝŶĞƚŚĂƚĂůŝŐŶƐǁŝƚŚƚŚĞƉŚĂƐŝŶŐŝŶ ƚŚŝƐWƌŽũĞĐƚWůĂŶ͘dŚĞƐƵďĐŽŵŵŝƚƚĞĞŝƐƚŚĞŶƌĞƐƉŽŶƐŝďůĞĨŽƌĞƐƚĂďůŝƐŚŝŶŐƚŚĞƋƵĞƐƚŝŽŶƐƚŚĂƚƚŚĞLJ ǁŝůůĞdžƉůŽƌĞĂŶĚĂŶƐǁĞƌ͕ǁŚĞŶĂƐƵĨĨŝĐŝĞŶƚĐŽŶĐůƵƐŝŽŶŚĂƐďĞĞŶƌĞĂĐŚĞĚ͕ĂŶĚƚŚĞĨŽƌŵŽĨĂĨŝŶĂů ĚĞůŝǀĞƌĂďůĞ͘  –‡”ƒŽƬš–‡”ƒŽ‘—‹ ƒ–‹‘Ƭ‡’‘”–‹‰ x /ŶĐƌĞĂƐĞŽŵŵƵŶŝĐĂƚŝŽŶΘŽŽƌĚŝŶĂƚŝŽŶ͗ /ŶĐƌĞĂƐĞĐŽŽƌĚŝŶĂƚŝŽŶĂĐƌŽƐƐ/ŵĞŵďĞƌ  ŽƌŐĂŶŝnjĂƚŝŽŶƐĂŶĚƚŽďĞĂďůĞƚŽĐƌĞĂƚĞŵŽŵĞŶƚƵŵǁŝƚŚŝŶƚŚĞŽŵŵŝƚƚĞĞĂŶĚĂƉĂĐĞŽĨǁŽƌŬ ĂŶĚĐŽůůĂďŽƌĂƚŝŽŶƚŚĂƚŝƐĐŽŵŵĞŶƐƵƌĂƚĞǁŝƚŚƌŽůůŝŶŐŽƉƉŽƌƚƵŶŝƚŝĞƐ͘dŚŝƐĐŽƵůĚďĞĂĐĐŽŵƉůŝƐŚĞĚ ďLJŚĂǀŝŶŐƚŚĞĞdžƉĞĐƚĂƚŝŽŶĨŽƌƌĞƉŽƌƚŝŶŐŝŶĚƵƌŝŶŐĞĂĐŚ/ŵĞĞƚŝŶŐĂŶĚŽƵƚǁŝƚŚŝŶLJŽƵƌ ŽƌŐĂŶŝnjĂƚŝŽŶŽŶĂƌĞŐƵůĂƌďĂƐŝƐ͘ ZŽĐŚĞƐƚĞƌ/ͮŶĞƌŐLJĐƚŝŽŶWůĂŶ;ĚƌĂĨƚͿWĂŐĞϮϳ  3DFNHW3J )E ^ŚĂƌĞƵƉĚĂƚĞƐ͕ƵƉĐŽŵŝŶŐĚĞĐŝƐŝŽŶƐ͕ĂŶĚĚĞĂĚůŝŶĞƐĨƌŽŵǁŝƚŚŝŶLJŽƵƌŽǁŶŽƌŐĂŶŝnjĂƚŝŽŶƐ͘  R ƌŝŶŐďĂĐŬ/ƵƉĚĂƚĞƐĂŶĚƐŚĂƌĞŝŶĨŽƌŵĂƚŝŽŶǁŝƚŚǀŝƚĂůĐŽůůĞĂŐƵĞƐĂŶĚůĞĂĚĞƌƐ͘  R ƐƚĂďůŝƐŚǁŚŽƚŚĞƐĞƉĞŽƉůĞĂƌĞĂŶĚĚĞƚĞƌŵŝŶĞŝĨLJŽƵŶĞĞĚƚŚĞŝƌŝŶƉƵƚŽƌƚŚĞLJŶĞĞĚLJŽƵƌ ŝŶĨŽƌŵĂƚŝŽŶ͕ŽƌďŽƚŚ͘dŚŝƐǁŝůůŚĞůƉLJŽƵĚĞƚĞƌŵŝŶĞŚŽǁŽĨƚĞŶLJŽƵĐŽŵŵƵŶŝĐĂƚĞĂŶĚƚŚĞ ůĞǀĞůŽĨŝŶĨŽƌŵĂƚŝŽŶĚĞƚĂŝůƚŚĂƚŝƐŶĞĐĞƐƐĂƌLJƚŽƐŚĂƌĞ͘  x /sŝƐŝďŝůŝƚLJ͗ /ŶĐƌĞĂƐĞ/ǀŝƐŝďŝůŝƚLJǁŝƚŚŝŶĞĂĐŚƌĞƐƉĞĐƚŝǀĞŵĞŵďĞƌŽƌŐĂŶŝnjĂƚŝŽŶĂŶĚǁŝƚŚŝŶƚŚĞ  ĐŽŵŵƵŶŝƚLJ͘ ƐƚĂďůŝƐŚŵĞĞƚŝŶŐƐǁŝƚŚŽƌŐĂŶŝnjĂƚŝŽŶĂůůĞĂĚĞƌƐŽƌĞƐƚĂďůŝƐŚƌĞŐƵůĂƌŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽ  R ƉƌĞƐĞŶƚƚŽĐŽƵŶĐŝůƐŽƌďŽĂƌĚƐ͘ ŶŶƵĂůůLJŽƌƐĞŵŝͲĂŶŶƵĂůůLJ͕ŝŶǀŝƚĞůĞĂĚĞƌƐŚŝƉĨƌŽŵĞĂĐŚ/ŽƌŐĂŶŝnjĂƚŝŽŶƚŽƉĂƌƚŝĐŝƉĂƚĞŝŶ  R ĂƌŽƵŶĚƚĂďůĞ/ŵĞĞƚŝŶŐ͘dŚŝƐǁŝůůŝŶĐƌĞĂƐĞǀŝƐŝďŝůŝƚLJŽĨ/ĂĐƚŝǀŝƚLJĂƐǁĞůůĂƐƉƌŽǀŝĚĞĂ ĨŽƌƵŵĨŽƌĚŝƐĐƵƐƐŝŶŐƌĞƐŽƵƌĐĞƐĂŶĚĐŽůůĂďŽƌĂƚŝŽŶŽŶŝŶŝƚŝĂƚŝǀĞƐŵŽǀŝŶŐĨŽƌǁĂƌĚ͘ ŽŶƐŝĚĞƌƐĞůĞĐƚŝŶŐŽŶĞŽƌƚǁŽŽƉƉŽƌƚƵŶŝƚŝĞƐĞĂĐŚLJĞĂƌĨŽƌƚŚĞ/ƚŽƉƵďůŝƐŚĂƉƌĞƐƐ  R ƌĞůĞĂƐĞĂŶĚĚŝƐƐĞŵŝŶĂƚĞƚŽŵĂũŽƌŶĞǁƐƐŽƵƌĐĞƐŝŶZŽĐŚĞƐƚĞƌĂŶĚƚŚĞdǁŝŶŝƚŝĞƐƚŚĂƚ ŚĞůƉƐĐŽŵŵƵŶŝĐĂƚĞƚŚĞǁŽƌŬƚŚĂƚƚŚĞ/ŝƐĚŽŝŶŐ͕ƚŚĞƌŽůĞƚŚĂƚƚŚĞLJƉůĂLJŝŶĂĐŚŝĞǀŝŶŐ ƚŚĞŝƚLJĂŶĚDĐůŝŵĂƚĞĂŶĚĞŶĞƌŐLJŐŽĂůƐ͕ƚŚĞŝƌĞĨĨŽƌƚƐƚŽĐŽůůĂďŽƌĂƚĞǁŝƚŚŽƚŚĞƌ ĞŶǀŝƌŽŶŵĞŶƚĂůůLJͲĨŽĐƵƐĞĚďŽĚŝĞƐ͕ůŝŬĞƚŚĞŶĞƌŐLJŽŵŵŝƐƐŝŽŶ͕ĂŶĚƚŽƐƵƉƉŽƌƚ ĂĐĐŽƵŶƚĂďŝůŝƚLJĂŶĚƌĞĐŽŐŶŝƚŝŽŶĨŽƌ/ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐĂŶĚŽƌŐĂŶŝnjĂƚŝŽŶƐ͘  ƒ‹–ƒ‹Ƭ ˆ—•‡‘ŽŽƒ„‘”ƒ–‹‘ x ŚĂƚŚĂŵ,ŽƵƐĞZƵůĞ͗ ƵƌŝŶŐƚŚĞĞŶĞƌŐLJƉƌŽũĞĐƚƉůĂŶŶŝŶŐƉƌŽĐĞƐƐ͕ƚŚĞ/ĂŐƌĞĞĚƚŽŽƉĞƌĂƚĞ  ƉĂƌƚŝĐŝƉĂŶƚƐĂƌĞĨƌĞĞƚŽ ƵŶĚĞƌƚŚĞŚĂƚŚĂŵ,ŽƵƐĞZƵůĞ͕ƐƵŐŐĞƐƚŝŶŐŽĨŵĞĞƚŝŶŐƉĂƌƚŝĐŝƉĂŶƚƐƚŚĂƚ͗ ƵƐĞƚŚĞŝŶĨŽƌŵĂƚŝŽŶƌĞĐĞŝǀĞĚ͕ďƵƚŶĞŝƚŚĞƌƚŚĞŝĚĞŶƚŝƚLJŶŽƌƚŚĞĂĨĨŝůŝĂƚŝŽŶŽĨƚŚĞƐƉĞĂŬĞƌ;ƐͿ͕ŶŽƌ ƚŚĂƚŽĨĂŶLJŽƚŚĞƌƉĂƌƚŝĐŝƉĂŶƚ͕ŵĂLJďĞƌĞǀĞĂůĞĚ͘ ƵƌŝŶŐƉƌŽũĞĐƚƉůĂŶŶŝŶŐ͕ƚŚĞŽŵŵŝƚƚĞĞĚĞĐŝĚĞĚ ƚŚĞLJǁŽƵůĚĂĚŽƉƚŚĂƚŚĂŵ,ŽƵƐĞZƵůĞĂƐĂŶŽŶŐŽŝŶŐƉƌĂĐƚŝĐĞ͘/ŶŬĞĞƉŝŶŐǁŝƚŚĚĞĐŝƐŝŽŶ͕ƚŚĞ/ ŚŽƉĞƐƚŽŵĂŝŶƚĂŝŶƚƌƵƐƚĂŶĚƚŚĞŵŽƐƚŽƉĞŶĂŶĚĞĨĨĞĐƚŝǀĞĐŽůůĂďŽƌĂƚŝŽŶƉŽƐƐŝďůĞ͘  x ĞĞƉŝǀĞƐ͗ &ŝŶĂŶĐŝŶŐĂŶĚŝŶĐĞŶƚŝǀĞƐǁĞƌĞĐĂůůĞĚŽƵƚĂƐĂƵŶŝƋƵĞĂŶĚƉŽƚĞŶƚŝĂůůLJƉŽǁĞƌĨƵů  ƐƚƌĂƚĞŐLJƚŚĂƚƚŚĞ/ĐŽƵůĚĚĞǀĞůŽƉ͘dŚĞŽŵŵŝƚƚĞĞŝƐĚƌĂǁŶƚŽŝŶĐĞŶƚŝǀĞƐĂŶĚĨŝŶĂŶĐŝŶŐĂƐĂ ƐƚƌĂƚĞŐLJƚŚĂƚŝƐĐƌĞĂƚĞĚĂŶĚĂƉƉůŝĞĚǁŚĞŶŶŽŶͲŝŶĐĞŶƚŝǀĞƐƚƌĂƚĞŐŝĞƐĂƌĞŶŽƚĚŽŝŶŐƚŚĞũŽď͘dŚŝƐ ƐƚƌĂƚĞŐLJĂƌĞĂŝƐƌŝƉĞĨŽƌ/ŵĞŵďĞƌƚŽĞdžƉůŽƌĞƚŚƌŽƵŐŚĂ͞ĚĞĞƉĚŝǀĞ͕͟ĂďƌĂŝŶƐƚŽƌŵŝŶŐƉƌŽĐĞƐƐ ƚŚĂƚĨŽĐƵƐĞƐŽŶŽƉƉŽƌƚƵŶŝƚŝĞƐĂŶĚŝŶŶŽǀĂƚŝǀĞƚŚŝŶŬŝŶŐĨŝƌƐƚĂŶĚĐŽŶƐƚƌĂŝŶƚƐĂŶĚďĂƌƌŝĞƌƐƐĞĐŽŶĚ͘ /ƚŝƐƌĞĐŽŵŵĞŶĚĞĚƚŚĂƚƐƵĐŚĂƉƌŽĐĞƐƐďĞƵŶĚĞƌƚĂŬĞŶĂĨƚĞƌϮϬϭϵĂůŽŶŐǁŝƚŚŽƌŝŶƌĞƐƉŽŶƐĞƚŽĂŶ ĞǀĂůƵĂƚŝŽŶŽĨĐƵƌƌĞŶƚƐƚƌĂƚĞŐLJĂŶĚŝŵƉůĞŵĞŶƚĂƚŝŽŶĞĨĨĞĐƚŝǀĞŶĞƐƐ͘  ‡––‹‰‰‡†ƒ•Ƭ‡‡–‹‰  x ^ĞƚƚŝŶŐŐĞŶĚĂƐƚŽDĞĞƚ&ŝƌƐƚͲLJĞĂƌĐƚŝŽŶ'ŽĂůƐĂŶĚdŝŵĞĨƌĂŵĞƐ͗ tŝƚŚŵĂŶLJƚŝŵĞͲƐĞŶƐŝƚŝǀĞ  ƐƚƌĂƚĞŐŝĞƐƐĐŚĞĚƵůĞĚƚŽƚĂŬĞƉůĂĐĞŝŶWŚĂƐĞ/ŽĨƚŚŝƐWůĂŶ͕ƚŚĞ/ǁŝůůŶĞĞĚƚŽĨƵƌƚŚĞƌƐƚƌĂƚĞŐŝnjĞ ZŽĐŚĞƐƚĞƌ/ͮŶĞƌŐLJĐƚŝŽŶWůĂŶ;ĚƌĂĨƚͿWĂŐĞϮϴ  3DFNHW3J )E ƚŚĞƌĞƐƉŽŶƐŝďůĞůĞĂĚŽƌŐĂŶŝnjĂƚŝŽŶͬŵĞŵďĞƌ͕ƌĞƐŽƵƌĐĞƐŶĞĞĚĞĚ͕ĂŶĚŝŶƚĞƌŵĞĚŝĂƚĞĂĐƚŝŽŶƐ ƌĞƋƵŝƌĞĚƚŽŵĞĞƚĚĞĂĚůŝŶĞƐŝŶƚŚĞĨŝƌƐƚLJĞĂƌ͘&ƵƌƚŚĞƌŐƵŝĚĂŶĐĞŽŶƚŚŝƐƉƌŽĐĞƐƐĐĂŶďĞĨŽƵŶĚŝŶ ƉƉĞŶĚŝdž͘ x ƐƚĂďůŝƐŚŝŶŐDĞƚƌŝĐƐĨŽƌ^ƵĐĐĞƐƐĂŶĚŽŵŵŝƚƚĞĞĨĨĞĐƚŝǀĞŶĞƐƐ͗ dŚĞ/ƐƚŝůůŶĞĞĚƐƚŽĐŽůůĞĐƚŝǀĞůLJ  ĞƐƚĂďůŝƐŚŵĞƚƌŝĐƐĨŽƌĞǀĂůƵĂƚŝŶŐŝƚƐĞĨĨŝĐĂĐLJĂŶĚƐƵĐĐĞƐƐ͕ŽƚŚĞƌƚŚĂŶŽďƚĂŝŶŝŶŐŝƚƐŽǀĞƌĂƌĐŚŝŶŐ ŐŽĂůƐ͘tŚŝůĞDĞƚƌŝĐƐĨŽƌĚǀĂŶĐĞŵĞŶƚΘĞŶĐŚŵĂƌŬŝŶŐWƌŽŐƌĞƐƐ;^ĞĐƚŝŽŶsͿŽĨĨĞƌƐƐŽŵĞĂŶŶƵĂů ŐŽĂůƐĂŶĚŵŝůĞƐƚŽŶĞƐƚŽďĞŵŝŶĚĨƵůŽĨ͕ĞƐƚĂďůŝƐŚŝŶŐĂŵŽƌĞƌŝŐŽƌŽƵƐĞǀĂůƵĂƚŝŽŶƉƌŽĐĞƐƐĐĂŶ ŝŵƉƌŽǀĞŽŵŵŝƚƚĞĞĂĐĐŽƵŶƚĂďŝůŝƚLJĂŶĚůŝŬĞůŝŚŽŽĚŽĨƐƚĂLJŝŶŐŽŶƚĂƌŐĞƚƚŽǁĂƌĚƚŚĞŐŽĂů͘  ǤŽ‘•‹‰ dŚƌŽƵŐŚǁŽƌŬŝŶŐĐŽůůĞĐƚŝǀĞůLJŽŶƚŚĞĂĐƚŝŽŶƐĂŶĚƐƚƌĂƚĞŐŝĞƐŽƵƚůŝŶĞĚŝŶƚŚŝƐWůĂŶ͕ƚŚĞ/ŚĂƐƚŚĞƉŽƚĞŶƚŝĂů ƚŽƐŝŐŶŝĨŝĐĂŶƚůLJƌĞĚƵĐĞĞŶĞƌŐLJƵƐĞĂŶĚĐĂƌďŽŶĞŵŝƐƐŝŽŶƐŝŶƉƵƌƐƵŝƚŽĨƚŚĞ/͛ƐŐŽĂůƐ͘/ŶĂƌĂƉŝĚůLJ ĐŚĂŶŐŝŶŐĐůŝŵĂƚĞ͕ƚŚĞĞĨĨŽƌƚƐŽĨƚŚĞ/ǁŝůůŶŽƚŽŶůLJƐĂǀĞďƵƐŝŶĞƐƐĞƐĂŶĚƌĞƐŝĚĞŶƚƐŵŽŶĞLJ͕ďƵƚƉƌŽǀŝĚĞĂ ŚĞĂůƚŚŝĞƌ͕ŵŽƌĞĐŽŵƉĞƚŝƚŝǀĞĂŶĚƐƵƐƚĂŝŶĂďůĞĨƵƚƵƌĞĨŽƌƚŚĞDĂŶĚƚŚĞZŽĐŚĞƐƚĞƌĐŽŵŵƵŶŝƚLJĂƚůĂƌŐĞ͘ ƐǁŝƚŚĂůůƐƚĂƚŝĐĚŽĐƵŵĞŶƚƐ͕ƚŚĞƐƚƌĂƚĞŐŝĞƐŽƵƚůŝŶĞĚŝŶƚŚŝƐWůĂŶĂƌĞŽƌŐĂŶŝnjĞĚďLJƚŚĞŝƌůĞǀĞůŽĨƵƌŐĞŶĐLJ ĂŶĚƉŽƚĞŶƚŝĂůŝŵƉĂĐƚĂƐĂƐƐĞƐƐĞĚŝŶƚŚĞƉƌĞƐĞŶƚ͘tŚŝůĞŽƉƉŽƌƚƵŶŝƚŝĞƐĂŶĚďĂƌƌŝĞƌƐĨŽƌĐĂƌďŽŶͲƐĂǀŝŶŐƐĂƌĞ ĨĂŝƌůLJǁĞůůƵŶĚĞƌƐƚŽŽĚĨŽƌWŚĂƐĞ/ĂŶĚWŚĂƐĞ//ƐƚƌĂƚĞŐŝĞƐ͕ƚŚĞƌĞŝƐŶĂƚƵƌĂůůLJůĞƐƐĐĞƌƚĂŝŶƚLJŽĨĂƌŽƵŶĚƚŚĞ ƉƌŝŽƌŝƚLJ͕ŝŵƉĂĐƚ͕ĂŶĚĨĞĂƐŝďŝůŝƚLJŽĨƐƚƌĂƚĞŐŝĞƐĐĂƚĞŐŽƌŝnjĞĚŝŶWŚĂƐĞ///ŐŝǀĞŶƚŚĞŝƌŵŽƌĞĚŝƐƚĂŶƚƚŝŵĞůŝŶĞĨŽƌ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘dŚŝƐĂůůŽǁƐƚŚĞ/ƚŽĚĞǀŽƚĞŵŽƌĞĂƚƚĞŶƚŝŽŶƚŽƚŚĞƉŽƐƐŝďŝůŝƚŝĞƐŽĨƚŚĞƉƌĞƐĞŶƚǁŚŝůĞ ůĞǀĞƌĂŐŝŶŐƚŚĞŐƌŽǁŝŶŐƌĞůĂƚŝŽŶƐŚŝƉƐĂŵŽŶŐŽŵŵŝƚƚĞĞŵĞŵďĞƌƐƚŽƐƵƐƚĂŝŶĐŽŵŵƵŶŝĐĂƚŝŽŶĂŶĚ ĐŽŵŵŝƚŵĞŶƚƚŽĐŽůůĂďŽƌĂƚŝǀĞůLJǁŽƌŬŽŶƐŚĂƌĞĚŐŽĂůƐŐŽŝŶŐĨŽƌǁĂƌĚ͘tŝƚŚƌĂƉŝĚůLJĂĚǀĂŶĐŝŶŐƚĞĐŚŶŽůŽŐLJ ĂŶĚĨůƵĐƚƵĂƚŝŶŐƉŽůŝƚŝĐĂůƐƵƉƉŽƌƚ͕ŶĞǁƐƚƌĂƚĞŐŝĞƐǁŝůůĞŵĞƌŐĞĂŶĚĂĐƚŝŽŶƐƚŚĂƚĂƌĞĐƵƌƌĞŶƚůLJŝŶĐŽŶĐĞŝǀĂďůĞ ŵĂLJďĞĐŽŵĞŵŽƌĞŝŵƉŽƌƚĂŶƚƚŽĨŽůůŽǁƚŚĂŶƚŚŽƐĞŝŶĐůƵĚĞĚŝŶƚŚŝƐƉůĂŶ͘dŚĂƚƐĂŝĚ͕ŵĂŶLJŽĨƚŚĞƐƚƌĂƚĞŐŝĞƐ ƉƌŽǀŝĚĞĚŝŶWŚĂƐĞ/ƌĞƋƵŝƌĞŝŵŵĞĚŝĂƚĞĂƚƚĞŶƚŝŽŶĨƌŽŵƚŚĞ/ĂƐĂŵĞĂŶƐŽĨƐĞƚƚŝŶŐƚŚĞƐƚĂŐĞĨŽƌĂ ĚĞĐĂƌďŽŶŝnjĞĚĨƵƚƵƌĞĂƚĂƚŝŵĞŽĨŝŶƚĞŶƐĞĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ͘ dŽĐŽŶĐůƵĚĞ͕ƚŚĞĞŶŐĂŐĞŵĞŶƚĂŶĚƚŝŵĞĐŽŵŵŝƚŵĞŶƚƉƌŽǀŝĚĞĚďLJƚŚĞ/ƚŽĚĂƚĞŚŽůĚƐƐŝŐŶŝĨŝĐĂŶƚ ƉƌŽŵŝƐĞƚŚĂƚƚŚĞŽŵŵŝƚƚĞĞǁŝůůŵĂŬĞƉƌŽŐƌĞƐƐƚŽǁĂƌĚŵĞĞƚŝŶŐĚĞĂĚůŝŶĞƐĂŶĚĂĐĐŽŵƉůŝƐŚŝŶŐƚŚĞŝƚƐ ĞŶĞƌŐLJĂŶĚĐůŝŵĂƚĞŐŽĂůƐ͘tŝƚŚƐƵƐƚĂŝŶĞĚĐŽŵŵŝƚŵĞŶƚĂŶĚĐŽŵŵƵŶŝĐĂƚŝŽŶͶďŽƚŚĂŵŽŶŐ/ŵĞŵďĞƌƐ ĂŶĚƚŚĞŝƌƌĞƐƉĞĐƚŝǀĞŽƌŐĂŶŝnjĂƚŝŽŶƐͶƚŚĞƐƚƌĂƚĞŐŝĞƐƉƌĞƐĞŶƚĞĚŝŶƚŚŝƐƉůĂŶǁŝůůďĞŽďƚĂŝŶĂďůĞĂŶĚƉƌŽǀŝĚĞ ĐŽƐƚĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůďĞŶĞĨŝƚƐƚŽƚŚŽƐĞƚŚĂƚƉĂƌƚŝĐŝƉĂƚĞ͘  ZŽĐŚĞƐƚĞƌ/ͮŶĞƌŐLJĐƚŝŽŶWůĂŶ;ĚƌĂĨƚͿWĂŐĞϮϵ  3DFNHW3J )E ’’‡†‹šǣ ‡‡–‹‰‰‡†ƒ ȋ͸ͶͷͿȌ  dŽŵĂdžŝŵŝnjĞƚŚĞŝŵƉĂĐƚŽĨƚŚĞŽƉƉŽƌƚƵŶŝƚŝĞƐŝĚĞŶƚŝĨŝĞĚĚƵƌŝŶŐWŚĂƐĞ/ŽĨƚŚŝƐWƌŽũĞĐƚWůĂŶ͕ƚŚĞ ŽƌŐĂŶŝnjĂƚŝŽŶĂŶĚƐĞƋƵĞŶĐŝŶŐŽĨĂĐƚŝǀŝƚŝĞƐŝŶƚŚĞĨŝƌƐƚƐŝdžŵŽŶƚŚƐǁŝůůƌĞƋƵŝƌĞĐŽŶĐĞƌƚĞĚĞĨĨŽƌƚĂŶĚ ŽƌŐĂŶŝnjĞĚƉůĂŶŶŝŶŐ͘ƵƌŝŶŐƚŚŝƐƚŝŵĞƚŚĞŽŵŵŝƚƚĞĞǁŝůůĂĐĐůŝŵĂƚĞƚŽƐŽŵĞŶĞǁŽƉĞƌĂƚŝŽŶĂůƉƌĂĐƚŝĐĞƐ ĞƐƚĂďůŝƐŚĞĚĚƵƌŝŶŐƉƌŽũĞĐƚƉůĂŶŶŝŶŐ͕ĂŶĚǁŽƌŬƚŽĨƵƌƚŚĞƌďƵŝůĚĂĐƵůƚƵƌĞŽĨĐŽůůĂďŽƌĂƚŝŽŶ͘&ŽƌƚŚŝƐƌĞĂƐŽŶ͕ ĂŶŝŶŝƚŝĂůƐĐŚĞĚƵůĞŽĨĂĐƚŝǀŝƚŝĞƐŝƐŽĨĨĞƌĞĚŝŶƚŚŝƐƉůĂŶƚŽŚĞůƉŐƵŝĚĞƚŚĞŽŵŵŝƚƚĞĞƚŽĨŽĐƵƐŽŶƚŚĞǁŽƌŬ ĂƚŚĂŶĚĂŶĚŬĞĞƉŵŽŵĞŶƚƵŵŝŶƚŽϮϬϮϬĂŶĚƚŚĞďĞŐŝŶŶŝŶŐŽĨWŚĂƐĞ//͘  ĞůŽǁŝƐĂŐƵŝĚĞĨŽƌǁŚĂƚƚŚĞ/ǁŝůůƚĂĐŬůĞĞĂĐŚŽĨƚŚĞĨŝƌƐƚƐŝdžŵŽŶƚŚƐŝŶϮϬϭϵ͘dŚĞĂŐĞŶĚĂƐǁŝůůĐŽŶƚĂŝŶ ŽŶĞŽƌŵŽƌĞŽĨƚŚƌĞĞĞůĞŵĞŶƚƐ͗ϭ͘ͿŝŶĨŽƌŵĂƚŝŽŶŐĂƚŚĞƌŝŶŐŽƌƌĞƉŽƌƚŝŶŐ͕Ϯ͘ͿĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐ͕Žƌϯ͘Ϳ ƉƌŽĚƵĐƚŝŽŶĂŶĚĐŽŵƉůĞƚŝŽŶŽĨĞĨĨŽƌƚƐ͘dŚĞƐĞĞůĞŵĞŶƚƐĂƌĞďĞƐƚƉƌĂĐƚŝĐĞƐƚŚĂƚƚŚĞŽŵŵŝƚƚĞĞĐŽƵůĚ ĐŚŽŽƐĞƚŽĂĚŽƉƚĂƐĂŶŽŶŐŽŝŶŐƐƚƌƵĐƚƵƌĞʹĂĚĞĐŝƐŝŽŶƚŚĞLJĐŽƵůĚĂƐƐĞƐƐŝŶƚŚĞƐĞĐŽŶĚŚĂůĨŽĨϮϬϭϵ͘  ĞĨŝŶŝƚŝŽŶƐ͗  /ŶĨŽƌŵĂƚŝŽŶ'ĂƚŚĞƌŝŶŐ͗ ĚƵĐĂƚĞĂŶĚŝŶƐƉŝƌĞ/ŵĞŵďĞƌƐďLJďƌŝŶŐŝŶŐŝŶĨƌĞƐŚŝŶĨŽƌŵĂƚŝŽŶƚŚĂƚŝƐ ƌĞůĞǀĂŶƚƚŽĐƵƌƌĞŶƚŽƌƵƉĐŽŵŝŶŐƚŽƉŝĐƐ͘dŚŝƐǁŽƵůĚŝŶĐůƵĚĞƉƌĞƐĞŶƚĂƚŝŽŶƐĨƌŽŵĞdžƚĞƌŶĂůĞdžƉĞƌƚƐĂƐǁĞůů ĂƐƌĞŐƵůĂƌƵƉĚĂƚĞƐĂŶĚƐŚĂƌŝŶŐŽĨůĞƐƐŽŶƐůĞĂƌŶĞĚĨƌŽŵŽƚŚĞƌ/ŵĞŵďĞƌƐ;Ğ͘Ő͘ŝŶĐŽƌƉŽƌĂƚŝŶŐŝƚLJ ĂŶĚͬŽƌDĞŶǀŝƌŽŶŵĞŶƚĂůŐŽĂůƐŝŶƚŽĐĂƉŝƚĂůŝŵƉƌŽǀĞŵĞŶƚƉůĂŶƐŽƌĨĞĞĚďĂĐŬĨƌŽŵĂƵƚŝůŝƚLJƉŝůŽƚ  ƉƌŽŐƌĂŵͿ͘ dŝƉ͗ x ƐŬĞĂĐŚŵĞŵďĞƌƚŽƉƌŽǀŝĚĞŽƌŐĂŶŝnjĂƚŝŽŶĂůƵƉĚĂƚĞƐĂƚĞĂĐŚŵĞĞƚŝŶŐ͘dŚŝƐǁŝůůĞŶŚĂŶĐĞƚŚĞ  ǀĂůƵĞŽĨƚŚĞŵĞĞƚŝŶŐƐĨŽƌŵĞŵďĞƌƐĂƐƚŚŝƐŝŶĨŽƌŵĂƚŝŽŶǁŝůůďĞŚĞůƉĨƵůďĞLJŽŶĚƚŚĞǁŽƌŬŽĨƚŚĞ  /ĂŶĚǁŝůůŝŶĐƌĞĂƐĞƚŚĞŽƉƉŽƌƚƵŶŝƚLJĨŽƌƚŝŵĞůLJĐŽůůĂďŽƌĂƚŝŽŶƐ͘  dŝƉ͗ x /ŶǀŝƚŝŶŐŽƵƚƐŝĚĞƐƉĞĂŬĞƌƐƚŽƉƌĞƐĞŶƚŽŶĂďŝͲŵŽŶƚŚůLJďĂƐŝƐŝƐĂŐŽŽĚƐƚĂƌƚŝŶŐƌŚLJƚŚŵ͘   ĞĐŝƐŝŽŶͲDĂŬŝŶŐΘƉƉƌŽǀĂů͗ ĂůůŽƵƚƚŽƚŚĞ/ŝŶƚŚĞĂŐĞŶĚĂĂŚĞĂĚŽĨƚŝŵĞǁŚŝĐŚƚŽƉŝĐƐǁŝůůƌĞƋƵŝƌĞ  ĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐƐŽƚŚĂƚƚŚĞLJĐĂŶĐŽŽƌĚŝŶĂƚĞĂƐŶĞĞĚĞĚǁŝƚŚĐŽůůĞĂŐƵĞƐďĞĨŽƌĞĂƚƚĞŶĚŝŶŐ͘  tŽƌŬŝŶŐ^ĞƐƐŝŽŶƐΘWƌŽĚƵĐƚŝŽŶ͗ ^ŽŵĞŵĞĞƚŝŶŐƐǁŝůůďĞďĞƐƚƐƉĞŶƚĐŽͲĐƌĞĂƚŝŶŐĂŶĞŶĚƉƌŽĚƵĐƚ͘dŚƌŽƵŐŚ ƐŚĂƌĞĚĚŝƐĐƵƐƐŝŽŶ͕ƚŚĞŽŵŵŝƚƚĞĞǁŝůůďƵŝůĚĂŵŽƌĞĚƵƌĂďůĞĂƉƉƌŽĂĐŚƚŽĨƌĂŵŝŶŐĂƚŽƉŝĐŽƌĚĞůŝǀĞƌŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ͘tŚĞŶƚŚŝƐŝƐŶĞĞĚĞĚ͕ĐĂůůƚŚŝƐŽƵƚĂƐĂ͞ǁŽƌŬŝŶŐƐĞƐƐŝŽŶ͟ĂŚĞĂĚŽĨƚŝŵĞƐŽƚŚĂƚƉĞŽƉůĞĐŽŵĞ ƉƌĞƉĂƌĞĚƚŽĂĐƚŝǀĞůLJƉĂƌƚŝĐŝƉĂƚĞ͘dŚĞƐĞƐĞƐƐŝŽŶƐĐĂŶƌĞƐƵůƚŝŶƌĞƋƵĞƐƚŝŶŐƚŚĂƚŽŶĞŽƌƚǁŽ/ŵĞŵďĞƌƐ ƚĂŬĞƚŚĞůĞĂĚŽŶƚƌĂŶƐůĂƚŝŶŐƚŚĞĚŝƐĐƵƐƐŝŽŶŽƌĚĞĐŝƐŝŽŶƐŝŶƚŽĂĚĞůŝǀĞƌĂďůĞƚŚĂƚĐĂŶďĞƐŚĂƌĞĚďĞLJŽŶĚƚŚĞ  ŽŵŵŝƚƚĞĞ͘    ZŽĐŚĞƐƚĞƌ/ͮŶĞƌŐLJĐƚŝŽŶWůĂŶ;ĚƌĂĨƚͿWĂŐĞϯϬ  3DFNHW3J 3DFNHW3J )E ƚĂďůĞƐŚŽƵůĚďĞŚĞůĚĨŽƌ ƐŝƚĞƌĞŶĞǁĂďůĞƐ ƉƌĞƐĞŶƚ ŚŝƚĞ ĨŽƌĚĞŵĂŶĚƌĞƐƉŽŶƐĞŽƉƉŽƌƚƵŶŝƚŝĞƐĂŶĚ ƐƵďŵŝƚƚŽZWhƌĞŐĂƌĚŝŶŐĐŽŶƐŝĚĞƌĂƚŝŽŶƐ ĂďŽƵƚŝŶǀĞƐƚŵĞŶƚŝŶŽƌƉƌŽĐƵƌĞŵĞŶƚŽĨ KƵƚůŝŶĞĐŽŵŵĞŶƚƐƚŽ ƉƌĞƐĞŶƚĂƚŝŽŶƚŽĨƵƌƚŚĞƌŽƉĞŶŝĚĞĂƐĂŶĚ ĞƚĞƌŵŝŶĞŝĨĂŶĚǁŚĞŶĂ/ ŽŶĨŝƌŵƚŚĞŶĞĞĚĨŽƌĂŶĚ ƐƵďĐŽŵŵŝƚƚĞĞĂŶĚǁŚŽĐŽŵƉƌŝƐĞƐŝƚ͖ ƐŝŽŶ ǁŝƌĞƐĂůƚĞƌŶĂƚŝǀĞƐǁ ŽƌŵĂůůLJĞƐƚĂďůŝƐŚĂĚŝƐƚƌŝĐƚĞŶĞƌŐLJƉƉƌŽǀĞ/ĐŽŵŵĞŶƚƐŽŶZWh  ƐŝƚĞŽƌůŽĐĂůƌĞŶĞǁĂďůĞĞŶĞƌŐLJ  ŚŽǁƚŽƚŚĞ/ĐĂŶĂĐƚŝŶƐƵƉƉŽƌƚ  ŶŐĂŶĚƐƵďŵŝƚŽƌ ^ĞĐŽŶĚĚŝƐĐƵƐ ZWhƚŽƉƌĞƐĞŶƚŽŶ džƚĞƌŶĂůĞdžƉĞƌƚ  ;ŝ͘Ğ͕͘ƉƌĞƐĞŶƚĂƚŝŽŶĨƌŽŵZWhͿ Ͳ ŽƉƉŽƌƚƵŶŝƚŝĞƐůŽĐĂůŽƌŽŶ Ͳ  tŽƌŬŝŶŐ^ĞƐƐŝŽŶ͗  tŽƌŬŝŶŐ^ĞƐƐŝŽŶ͗ ůĞĂĚĞƌƐŚŝƉƌŽƵŶĚ Ͳ ƌĞƐŽƵƌĐĞƉůĂŶŶŝ ŝŶŶŽǀĂƚŝŽŶͬŶŽŶ /ŶĨŽƌŵĂƚŝŽŶ͗ /ŶĨŽƌŵĂƚŝŽŶ͗  ϭ͘Ϳ ĞĐŝƐŝŽŶ͗ ĞĐŝƐŝŽŶ͗  DZ,  ƚŽZWh  ĂƉĞƌ  ϮϬϭϵ Ͳ ŽŶ Ϯ͘Ϳ Ɖ Ĩ  ϯϭ WĂŐĞ :hE    /ĚĞŶƚŝĨLJĂŶĚĚŽĐƵŵĞŶƚ WƌŽũĞĐƚWůĂŶ͖Ϯ͘ͿĞƚĞƌŵŝŶĞĂĚĂƚĞĨŽƌĂŶ  /ĐŽŶĐĞƌŶƐĂŶĚĂƐŬƐŽĨZWh͛ƐƌĞƐŽƵƌĐĞ  WƌŽƉŽƐĞĂƐƐƵŵƉƚŝŽŶƐƌĞĂƚĞƐƚĞƉƐĨŽƌĞĂĐŚ ƚŽ ďĞƐƚƉƌĂĐƚŝĐĞƐĨŽƌĞŵďĞĚĚŝŶŐ͞ůŝĨĞĐLJĐůĞ džƚĞƌŶĂůƉƌĞƐĞŶƚĂƚŝŽŶŽŶ  ƉƉƌŽǀĞsĨůĞĞƚƐƚƵĚLJĂŶĚ ƚĞƌŵ  ĂƉƉƌŽǀĂůƐĂƌĞĐŽŵƉůĞƚĞŽƌƵŶĚĞƌǁĂLJ  ĞŶĐŚŵĂƌŬŝŶŐ^ƉĞĂŬĞƌ ŵĂŬŝŶŐĐƌŝƚĞƌŝĂĨŽƌ ϭ͘ͿƉƉƌŽǀĞĨŝŶĂůŶĞƌŐLJ ƌĞƚƵƌŶƐŝŶƚŽĐĂƉŝƚĂůŝŵƉƌŽǀĞŵĞŶƚ Ͳ ŵĂŬŝŶŐŽƌŝƚLJŽƌD /ŽƌŐĂŶŝnjĂƚŝŽŶƚŽĞŵďĞĚůŽŶŐ  /ďĞŶĐŚŵĂƌŬŝŶŐƌĞĐƌƵŝƚŵĞŶƚ ĐŽŶĨŝƌŵƚŚĂƚĂůůŽƌŐĂŶŝnjĂƚŝŽŶĂů ĐĂƉŝƚĂůŝŵƉƌŽǀĞŵĞŶƚƉůĂŶŶŝŶŐ   ŽƵƚ  Ě ĞǀĂůƵĂƚĞ Ͳ ůĞĂƌŶĂďŽƵƚƉƌŽŐƌĂŵƌŽůů   ĞŶǀŝƌŽŶŵĞŶƚĂůŐŽĂůƐ ďĞ tŽƌŬŝŶŐ^ĞƐƐŝŽŶ͗ tŽƌŬŝŶŐ^ĞƐƐŝŽŶ͗  Ͳ ƉƌŽĐĞƐƐ͖ ĐŽƐƚ͟ĂƐĚĞĐŝƐŝŽŶ  ŽƌƐĐĞŶĂƌŝŽƐƚŽ ŵĞĞƚŝŶŐͬĞǀĞŶƚ /ŶĨŽƌŵĂƚŝŽŶ͗ /ŶĨŽƌŵĂƚŝŽŶ͗    ͗ĞĐŝƐŝŽŶ͗ &ZhZz Ͳ  ĞĐŝƐŝŽŶ ƉůĂŶŶŝŶŐ ĚĞĐŝƐŝŽŶ  Dz   ;ŝŶĐůƵĚŝŶŐŝŶƉƵƚĂďŽƵƚƉĂŝƌŝŶŐ ĂŶĚ /ŶĞƌŐLJ   ƉƌĞƐĞŶƚƚŽZWh͖Ϯ͘ͿĞƚĞƌŵŝŶĞǁŚŝĐŚYϭ ZWhĚŝƐƚƌŝďƵƚŝŽŶƉůĂŶŶŝŶŐĂŶĚƐƵďŵŝƚŽƌ dƌĂŶƐŝƚ  ǁŽƌŬĂŶĚďĞŶĞĨŝƚƐƉƌĞƐĞŶƚĞĚƚŽ/ƉůƵƐ ϭ͘ͿƉƉƌŽǀĞ/ĐŽŵŵĞŶƚƐŽŶ ŐƵĞƐƚƐ͖Ϯ͘ͿdžƚĞƌŶĂůĞdžƉĞƌƚƉƌĞƐĞŶƚĂƚŝŽŶ sĨůĞĞƚƐƚƵĚLJƐĐŽƉĞŽĨ Ͳ  ΘŽŵŵŝƚŵĞŶƚŽĐƵŵĞŶƚ ZĞƐŽƵƌĐĞWůĂŶĂŶĚĚŝƐĐƵƐƐ/ŵĞŵďĞƌ ŽŶĂƉƉƌŽĂĐŚĞƐƚŽĂĐŚŝĞǀŝŶŐůŽĐĂůŽƌŽŶ   ZŽĐŚĞƐƚĞƌ/ͮŶĞƌŐLJĐƚŝŽŶWůĂŶ;ĚƌĂĨƚͿ /ŽĨĚĞĐŝƐŝŽŶ  ĞĨĨŽƌƚƐƚŽŝŶĐůƵĚĞŝŶĂƉƌĞƐƐƌĞůĞĂƐĞ  ƚƌĂŶƐŝƚŚƵďƐǁŝƚŚůŽĐĂůƌĞŶĞǁĂďůĞƐͿ   ŽŶƐŝĚĞƌZWh͛Ɛ  ƉƌŽĐƵƌĞŵĞŶƚŽĨůŽĐĂůƌĞŶĞǁĂďůĞƐ /ŶĨŽƌŵĂƚŝŽŶΘtŽƌŬŝŶŐ^ĞƐƐŝŽŶ͗ ZĞǀŝĞǁĚƌĂĨƚ   ,ƵďƐƉĞĂŬĞƌƚŽŝŶĨŽƌŵ ϭ͘Ϳ tŽƌŬŝŶŐ^ĞƐƐŝŽŶ͗ƌŬŝŶŐ^ĞƐƐŝŽŶ͗ :EhZzDd/E'   ƐŝƚĞƌĞŶĞǁĂďůĞ /ŶĨŽƌŵĂƚŝŽŶ͗  tKZ<^,KWϰ ŐĂƚŚĞƌŝŶƉƵƚ  WůĂŶ :EhZz  ĞĐŝƐŝŽŶ͗   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