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ϰϰϰϰϱϰϳϮϳϳϰϰϰϳϯϰϰϰϱϭϰϴϮϮϮϰϰϴϭϱϰϰϰϱϱϰϰϰϲϵϰϰϰϲϭϰϳϮϰϮϰϰϰϲϯϰϰϴϯϵϰϴϭϭϯϰϰϱϬϮϰϲϰϵϯϰϰϱϯϭϰϰϰϳϭϰϴϯϯϭϰϳϵϲϵϰϰϰϳϳ ĐĐŽƵŶƚ ŶƵŵďĞƌ WW>D/EE^Kd>>WW>Ζ^E/',KZ,KK'Z/>>ͬZ D'ZK,^dZϭϲZ^dhZEd^^K/d^͕>>KtKz WW>D/EE^Kd>>WW>Ζ^E/',KZ,KK'Z/>>Θ ZWEdZΘdKZ'Z^KE//>>KhZdzZzDZZ/Kdd ^>EZd/sh/^/E>>^>EZd/s >h>>EdZWZ/^^/E>h>>dd,DzK/s/ /'Z^KEZKtz>>/'Z^KEZKtz ,K^W/d>/dz'ZKhW>>,Z>/Ζ^dZzEWh Z>K^KΖ<>>zΖ^/EZ>K^KΖ<>>zΖ^Dy/E& Kt>K/dzEdZd/EDEdEdZ/E͘Kt>K/dz ZKd,Z^ZΘ'Z/>>/E͘ZKd,Z^ZΘ'Z/>> Zd/sh/^/E/E͘ϯϬϬ&/Z^dͬZtKKZKKD d>Ζ^ZΘ'Z/>>/Ed>Ζ^ZE'Z/>> dZ/E'z^/'E/E͘dZ/E'z^/'E WZK,^dZ/EZKK<W/Ed>,Kh^ Z>z/Z,K^W/d>/dz'ZKhW>>DK /EDy^dZd&KZ>>Dy,dh :EdZWZ/^^/E͘EKZd,^dZZ 'ϱ,Kd>>>Kh>dZ,Kd> ,Z/^dKW,ZWWW^WWWzΖ^W> /ddZΘWKhZ>>/ddZΘWKhZ D/E͘,&ZK:KEEtdΖ^ h>/EZzDZ<d>>,Kd,/W ΘW//E͘Ζ^W/Z/ ^<Z^d///EϯϯϭyWZ^^ <͕>>>hh<</d,E ZD>/E͘'>zEEZΖ^Wh ,^dZΖ^</d,EΘZ>> EdZd/EDEdEdZ ^dtKK'Z/>>͕>> h/^/EΘt/E &dt/>>zΖ^>> ĐĐŽƵŶƚŶĂŵĞ EdZ :<^ Z ϯϭϲϬt>>EZZE^dϱϬϬ ϳϯϴϲ/ZWKZds/tZ^t ϭϮϬϭ^ZKtz^dϱϴ ϱϮϯϭ&ZKEd'ZEt ϰϳϮϭt/Z>Z/sEt ϭϵϵϭKDDZZEt ϱϬϬZK^^ZK^Z^tϰϲϬZK^^ZK^Z^t ϭϲϰϱZKtzsE ϮϬϰϯ^hWZ/KZZEt ϰϮϮϭt/Z>ZEt ϯϭϲZKtzs^ ϰϭϰϰ,/',tzϱϮE ϯϰϰϵϮϮEsEt ϰϯϰϬD/Es^ ϭϳϮϲ^ZKtzϭϮϬϭ^ZKtz ϯϬϭEZKtz ϯϴϬϭϳd,sEt ϮϮϱ^ZKtzϯϭϴ^ZKtzϯϬϳ^ZKtz ϱϬϬϯϳd,^dEtϭϯϭϱϲd,^dEt ϭϮϬϯϮE^d^t ĐĐŽƵŶƚĂĚĚƌĞƐƐ ϯϭϴϭ^ds^tϮϱϱϭ^ds^t ϰϭϮϯZs^ ϭϬEdZ^d ϴϯϮϳd,^dEt ϰϬϭϲd,^d^t ϮϬϯZ^d^t ϭϭϰd,^d^ ϮĂ͘ŵ͘ z^z^z^z^z^ ϰϳϰϯϱ KƚŚĞƌ ϰϴϭϮϬϰϰϲϴϲϰϰϲϴϰ ϰϰϲϵϱϰϰϲϴϵ ĂŶĐĞEŽ͘ ϰϰϱϳϬϰϰϱϵϰϰϲϬϭϰϰϲϴϴϰϰϰϱϳϲϰϰϱϴϬϰϴϰϯϲϰϴϰϰϲϰϲϭϰϬϰϰϱϴϲϰϰϱϵϲϰϳϰϮϰ ϰϴϯϰϯϰϲϴϯϭϰϲϵϮϳϰϴϬϬϭϰϰϱϳϮϰϰϱϳϱϰϴϮϱϯϰϰϱϰϵϰϲϳϭϴϰϲϬϭϱϰϳϴϯϴϰϰϱϳϴϰϰϱϳϵϰϴϬϱϯϰϰϱϴϴϰϱϲϬϯϰϰϱϵϭϰϰϱϵϮϰϲϰϱϵϰϴϬϯϭϰϰϱϵϱ ^ƵŶĚĂǇEŽ͘ ϰϲϵϮϲϰϰϱϬϰϰϴϭϳϲϰϲϬϭϲϰϳϴϭϰϰϰϰϴϲϰϰϱϬϬϰϴϬϯϬϰϰϱϬϲ ϰϴϮϵϮϰϰϰϳϴϰϲϳϮϭϰϳϵϯϳϰϰϰϳϵϰϲϲϳϴϰϰϰϱϵϰϲϳϭϳϰϲϬϭϯϰϲϴϴϯϰϰϰϴϯϰϰϰϴϱϰϰϰϴϳϰϴϬϱϭϰϴϰϯϱϰϴϰϰϱϰϲϭϯϵϰϰϰϵϱϰϱϲϬϮϰϰϰϵϯϰϰϱϬϭϰϲϰϱϴϰϰϱϬϱϰϳϰϮϯ ĐĐŽƵŶƚ ŶƵŵďĞƌ Khd<^d<,Kh^K&&>KZ/͕>>Khd<^d<,Kh^ WKZEYh/^/d/KE^K&DEE/>>͕>>ZK,^dZ'>yz ,KE<ZEdZWZ/^^͕/E͘E/E,KE<ZZ^dhZEd >'z,K^W/d>/dz/͕>>,/>dKEZK,^dZDzK>/E/ :ΘD&D/>zZ^dhZEd/E͘dt/'Ζ^dsZEΘ'Z/>> &>/WW/EKh',>>ZKtzZΘW/ZK,^dZ 'ZZK,^dZ͕>>'ZKhEZKhE'Z/>>EZ &/^dDy/EZ^dhZEd͕/E͘&/^d&Z &/>,K&&K>>&/>,K&&K 'DZ//Ed,K>/s'ZE/d>/EZ^dhZEd 's>KWDEd>>,/>dKE'ZE/EE EKZd,ZEE/EdEEKZd,ZEE/EdE &/st^d>>&/st^d</d,EEZ ,zͲs/E,zͲsDZ<d'Z/>>ηϰ ,zͲs/E,zͲsDZ<d&ηϮ,zͲs/E,zͲsDZ<d&ηϯ DZDZK,^dZ/EKK>z^Wh /D'K&ZK,^dZ/Eϲϯ>h DhZW,zΘd>͕/E͘<d,zΖ^Wh :EW,/:WE^^d<,Kh^>> >Wd/d&>>>Wd/d& ,>&ZZ>>>Zh&&>K DE'Kd,/>>DE'Kd,/ :&&Zz>&/^>Z>'E^ <hDKϵϵϴϵ>><hDK^h^,/ &h^/KE>>&h^/KE>KhE' >KKWZK,>>d,>KKW >/EY/E'>>/,/dK<zK ,zͲs/EDZ<d& Etd^ϱϮ/EEtd^ϱϮEtd^ϲϯ/EEtd^ϲϯ K^<ZK/EK^< />E>>K> ĐĐŽƵŶƚŶĂŵĞ ϭϰ/E Z ϯϭϬϬKhEdZz>hZ^t ϰϱϳϲD/Es^^dϰϬϭ ϯϭϮϬt>>EZZE^dϮ ϮϲϱϬ^ZKtz^dϲϬϬ ϭϬϮϮϬd,^d^^dϯϬϬ ϮϮϴϬ^hWZ/KZZEtϭϱϭϳϭϲd,^d^t^d ϮϮϬZKtzs^ϯϭϳZKtzs^ϴϬϴZKtzs^ ϮϰϳtKK><Z^ ϳϯϯϯ/ZWKZdZ^t ϭϲϭϭ,/',tzϱϮE ϰϯϭϭϲd,sEtϯϬϬϭϳd,sEt ϭϱϬ^ZKtz ϯϰϱϴϱϱd,^dEtϯϯϱϬϱϱd,^dEtϭϴϮϴϭϰd,^dEt ϭϳϬϬϰϴd,^d^t ϭϮϴϬ,tzϭϰ^t ϮϭϭϮϮE^d^t ĐĐŽƵŶƚĂĚĚƌĞƐƐ ϭϬϭϭ^ds^tϯϬϰϭ^ds^t ϳϵϯϭϲd,^d^t ϮϬϮEs^t ϵϯZsEt ϭϬϯZ^d^t ϳϭ^ds^t ϯϬϯZ^d^ ϮϬϰd,^d^ ϮĂ͘ŵ͘ ϰϴϰϬϵ KƚŚĞƌ ϰϰϲϴϯϰϰϲϵϭϰϰϲϵϮ ĂŶĐĞEŽ͘ ϰϰϲϬϬϰϰϲϬϲϰϱϵϰϰϰϴϭϳϬϰϰϱϴϰϰϰϲϬϰϰϴϮϮϲϰϳϯϮϬϰϴϬϰϲϰϲϲϱϬϰϱϲϮϬϰϴϰϭϬϰϰϲϮϬϰϴϰϭϰ ϰϳϯϰϵϰϰϲϬϮϰϴϬϵϳϰϰϱϲϴϰϳϬϬϮϰϰϱϴϵϰϰϲϬϱϰϳϬϬϱϰϰϲϬϴϰϲϭϯϴϰϲϮϵϳϰϰϲϭϮϰϱϵϯϵϰϰϲϭϱϰϰϲϭϵϰϰϲϮϭϰϰϲϮϮϰϰϲϬϵ ^ƵŶĚĂǇEŽ͘ 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'K>&KhZ^ E'Z/>> EdZ 3DFNHW3J (D ϭϮϱ>dKE,/>>^ZEt ϭϲϲd,^d^tηϭϴ ϵϭϳϭϱd,s^ ϯϭϱϭ^dsEt ĐĐŽƵŶƚĂĚĚƌĞƐƐ D>KE^^D>KE^^D>KE^^D>KE^^ >ŝĐĞŶƐĞ ^ƚĂƚĞ ŽĚĞ ĂŶĐĞWĞƌŵŝƚ KŶ^ĂůĞůƵď ϰϰϲϴϭϰϰϲϵϲ ŶŽŶĞŶŽŶĞ EŽ͘ ϰϰϲϭϰ ϰϰϱϳϭ ϰϰϱϯϱ ^ƵŶĚĂǇ^ĂůĞƐ EŽ͘ ϰϰϱϯϰ ϰϰϱϯϮϰϳϰϮϮ ϰϰϱϯϯ ĐĐŽƵŶƚ ŶƵŵďĞƌ ^E/KZ/d/E^Zs/^/E͘ϭϮϱ>/s D>'ϵϮt/>>/Dd͘DKzWK^d &KZ/ϮϮϮϴ'>^>h ĐĐŽƵŶƚŶĂŵĞ s&tϭϮϭϱ 3DFNHW3J (D ϯϳϴϬDZ<dW>ZEt ϯϵϯϮDZ<dW>ZEt ϭϬϯϱ/s/EdZZEt ϭϮϬϭ^ZKtz^dϴϬ ϮϲϲϱKDDZZEt ϮϳϭϭKDDZZEt ϰϭϮZK^^ZK^Z^t ϭϮϬ>dKE,/>>^ZEtϵϮϵt&ZKEd'ZK ϭϭϬϳZKtzsEϭϲϯϵZKtzsE ϮϬ/s/EdZZ^ ϭϱϬϯ,/',tzϭϰ ϰϭϴϬϭϴd,sEt ϭϮϬϭ^ZKtzϭϵϰϬ^ZKtzϭϲϰϳ^ZKtz ϭϭϬϲϭϱd,s^ ϰϬϰϬϮϴd,^dEtϴϰϰ^ZKtzϯϭϬϬϭϵd,^dEt ϭϲϱϭϯd,s^t ϰϰϭtEdZ^d ϭϭϮϬϳd,^dEt ĐĐŽƵŶƚĂĚĚƌĞƐƐ ϭϯϬϱd,^d^t ,tzϱϮE ^dϭϬϬ^dϭϬϬ ϰϰϯϱϴϰϰϯϲϰϰϰϯϴϰϰϰϯϵϴϰϰϰϬϰ ϰϳϮϵϵϰϲϭϱϵϰϰϯϵϲϰϰϯϳϬϰϰϴϵϬϰϰϰϬϭϰϰϯϳϵϰϰϯϴϮϰϰϯϴϲϰϲϳϬϭϰϰϯϵϳϰϳϭϲϮϰϰϯϵϵϰϳϯϲϮϰϰϰϬϮ ϰϰϯϲϱϰϲϵϭϱϰϳϱϲϲϰϰϰϬϯϰϰϰϬϱ ϯ͘ϮEŽ͘ >ŝĐĞŶƐĞdǇƉĞ DtEKE^DtEKE^DtEKE^DtEKE^DtEKE^DtEKE^DtEKE^DtEKE^DtEKE^DtEKE^DtEKE^DtEKE^DtEKE^DtEKE^DtEKE^DtEKE^DtEKE^DtEKE^DtEKE^DtEKE^DtEKE^DtEKE^DtEKE^ DtKE^>DtKE^> KŶ^ĂůĞtŝŶĞ 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ĞƉůĂŶƐŽĨƚZs/tͲ^^ͲĐĐĞŬĂWƌĞĨĞƌƌĞĚ ƵƐƚŽŵĞƌŝƐĐŽƵŶƚ ϭϱhƐĞƌ>ŝĐĞŶƐĞΨϭ͕ϱϬϬ͘ϬϬΨϮϮ͕ϱϬϬ͘ϬϬ ĐĐĞůĂ/ŶƚĞŐƌĂƚŝŽŶDĂŶĂŐĞŵĞŶƚ^ĞƌǀŝĐĞ ϭΨϲ͕ϬϬϬ͘ϬϬΨϲ͕ϬϬϬ͘ϬϬ ŶŶƵĂů^ĂĂ^ĨĞĞĚƵĞĂƚƐŝŐŶŝŶŐ^ƵďͲƚŽƚĂůΨϮϴ͕ϱϬϬ͘ϬϬ W>E^K&dZs/t^hDDZzK&K^ddKd>W,^ϭEϮ Ψϰϱ͕ϬϬϬ ĞƉůĂŶƐŽĨƚZs/tͲ^^Ͳ ϯϬhƐĞƌ>ŝĐĞŶƐĞ ΨϭϮ͕ϬϬϬ ĐĐĞůĂ/ŶƚĞŐƌĂƚƌŝŽŶDĂŶĂŐĞŵĞŶƚ^ĞƌǀŝĐĞ Ϯ dŽƚĂů^ƵďƐĐƌŝƉƚŝŽŶ&ĞĞƐΨϱϳ͕ϬϬϬ /ŵƉůĞŵĞŶƚĂƚŝŝŽŶĂŶĚdƌĂŝŶŝŶŐ&ĞĞƐΨϮϬ͕ϰϬϬ͘ϬϬ dŽƚĂů^ƵďƐĐƌŝƉƚŝŽŶĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ&ĞĞƐΨϳϳ͕ϰϬϬ͘ϬϬ dŚŝƐYƵŽƚĞŝƐŐŽǀĞƌŶĞĚďǇƚŚĞĞͲWůĂŶ^ŽĨƚDĂƐƚĞƌ^ĞƌǀŝĐĞƐŐƌĞĞŵĞŶƚ͘ Ύ^ƵďƐĐƌŝƉƚŝŽŶ>ŝĐĞŶƐĞΘWŽƌƚĂůĨĞĞƐĂƌĞĐŚĂƌŐĞĚĂŶŶƵĂůůǇĂŶĚŝŶĐůƵĚĞĐůŽƵĚŚŽƐƚŝŶŐ͕ĨĞĂƚƵƌĞƌĞůĞĂƐĞƐ͕ƉƌŽĚƵĐƚƵƉĚĂƚĞƐ͕ƵƐĞƌ ĚŽĐƵŵĞŶƚĂƚŝŽŶ͕ƚĞůĞƉŚŽŶĞ͕ĞŵĂŝů͕ĂŶĚŽŶůŝŶĞƐƵƉƉŽƌƚ͘ Ύ^ƵďƐĐƌŝƉƚŝŽŶ>ŝĐĞŶƐĞΘWŽƌƚĂů&ĞĞƐĂƌĞƐƵďũĞĐƚƚŽĂŶĂŶŶƵĂůŝŶĐƌĞĂƐĞĂĚũƵƐƚŵĞŶƚ͘ Ύ^ƵďƐĐƌŝƉƚŝŽŶĨĞĞƐĂŶĚĞƐĐĂůĂƚŝŽŶƌĂƚĞĐĂŶďĞĂĚũƵƐƚĞĚďĂƐĞĚŽŶƚĞƌŵĂŐƌĞĞŵĞŶƚƐĂŶĚŽƌƉƌĞͲƉĂŝĚĂŶŶƵĂůĨĞĞƐ ΎWƌŽĨĞƐƐŝŽŶĂů^ĞƌǀŝĐĞƐdƌĂǀĞůĞǆƉĞŶƐĞƐΘWĞƌŝĞŵďŝůůĞĚĂƚŽƐƚ͘ WĞƌƵƐĞƌƉƌŝĐŝŶŐŝƐĞǆƚĞŶĚĞĚƚŚƌŽƵŐŚůŝĨĞŽĨĐŽŶƚƌĂĐƚǁŝƚŚĨŽůůŽǁŝŶŐĐŽŶĚƚŝŽŶ͗ ďŽǀĞƉƌŝĐŝŶŐďĂƐĞĚŽŶŵŝŶŝŵƵŵŽĨϯϬŶĂŵĞĚƵƐĞƌƐ͘ϭϱĂĚĚŝƚŝŽŶĂůƵƐĞƌƐƚŽďĞƉƵƌĐŚĂƐĞĚǁŝƚŚŝŶϭϮŵŽŶƚŚƐŽĨĐŽŶƚƌĂĐƚĚĂƚĞ ĞůƐĞƉƌŝĐŝŶŐƌĞǀĞƌƚƐƚŽůŝƐƚƉƌŝĐĞŽĨϮ͕ϬϬϬ͘ϬϬƉĞƌŶĂŵĞĚƵƐĞƌ Ϯ ΎΎΎdŚŝƐŝƐĂYƵŽƚĞŝƐǀĂůŝĚĨŽƌϯϬĂǇƐ͘ 3DFNHW3J )D ƚƚĂĐŚŵĞŶƚƐ͗ DĂƐƚĞƌŐƌĞĞŵĞŶƚ ^ĞƌǀŝĐĞ>ĞǀĞůŐƌĞĞŵĞŶƚ ϯ 3DFNHW3J )E D^dZ'ZDEd ddEd/KE͊d,&K>>Kt/E'dZD^EKE/d/KE^;͞dZD^K&^Zs/͟Ϳt/>>>'>>z/E/E'KE>/E^ ;͞>/E^͟KZ͞>/E^͟ͿhWKEyhd/KEK&d,ͲW>E^K&d;͞>/E^KZ͟ͿD^dZ'ZDEd/E>h/E' EzZ&ZE^,h>^EEhD^;͞'ZDEd͟Ϳ͘>/E^^,Kh>Z&h>>zZd, &K>>Kt/E'dZD^K&^Zs/&KZyhd/E'd,'ZDEd͘ ^ĞĐƚŝŽŶ,ĞĂĚŝŶŐƐĂŶĚEƵŵďĞƌƐ͘ ĞƌƚĂŝŶ^ĞĐƚŝŽŶƐŵĂǇŚĂǀĞďĞĞŶƌĞŶĂŵĞĚĂŶĚͬŽƌƌĞŶƵŵďĞƌĞĚŝŶƚŚŝƐĚŽĐƵŵĞŶƚĨŽƌĐŽŶǀĞŶŝĞŶĐĞŽŶůǇĂŶĚƐƵĐŚ ƌĞŶĂŵŝŶŐĂŶĚͬŽƌƌĞŶƵŵďĞƌŝŶŐǁŝůůŶŽƚĂĨĨĞĐƚƚŚĞǀĂůŝĚŝƚǇ͕ĐŽŶƐƚƌƵĐƚŝŽŶŽƌŝŶƚĞƌƉƌĞƚĂƚŝŽŶŽĨƚŚĞŐƌĞĞŵĞŶƚ͘ZĞĨĞƌĞŶĐĞƐ ŝŶƚŚĞdĞƌŵƐŽĨ^ĞƌǀŝĐĞƚŽĂŶǇ^ĞĐƚŝŽŶŶĂŵĞƐŽƌŶƵŵďĞƌƐƵŶĚĞƌƚŚŝƐĚŽĐƵŵĞŶƚǁŝůůďĞĚĞĞŵĞĚƚŽďĞĂƌĞĨĞƌĞŶĐĞƚŽƚŚĞ ŝĚĞŶƚŝĨŝĞĚŽƌĐŽƌƌĞƐƉŽŶĚŝŶŐƉƌŽǀŝƐŝŽŶƐŝŶƚŚŝƐĚŽĐƵŵĞŶƚƚŽĂĐĐŽŵƉůŝƐŚƚŚĞƌĞĂƐŽŶĂďůĞŝŶƚĞŶƚĂŶĚŽďũĞĐƚŝǀĞƐŽĨƐƵĐŚ ƉƌŽǀŝƐŝŽŶƐƚŽƚŚĞŐƌĞĂƚĞƐƚĞǆƚĞŶƚƉŽƐƐŝďůĞƵŶĚĞƌĂƉƉůŝĐĂďůĞůĂǁ͘ ϭ͘ĞĨŝŶŝƚŝŽŶƐ ͞^ĂůĞƐKƌĚĞƌ͟ŵĞĂŶƐĞƐƚŝŵĂƚĞ͕ƋƵŽƚĞ͕ƌĞŶĞǁĂůŶŽƚŝĨŝĐĂƚŝŽŶ͕ƐĂůĞƐŽƌĚĞƌ͕ŽƌŽƌĚĞƌĨŽƌŵƉƌŽǀŝĚĞĚďǇ>ŝĐĞŶƐŽƌŝŶƚŚĞ ŶĂŵĞŽĨĂŶĚĞǆĞĐƵƚĞĚďǇ>ŝĐĞŶƐĞĞŽƌŝƚƐĨĨŝůŝĂƚĞĂŶĚĂĐĐĞƉƚĞĚďǇ>ŝĐĞŶƐŽƌǁŚŝĐŚƐƉĞĐŝĨŝĞƐƚŚĞ^ĞƌǀŝĐĞ͕ĂŶĚĂŶǇ^ƵƉƉŽƌƚ ^ĞƌǀŝĐĞƐĂŶĚͬŽƌWƌŽĨĞƐƐŝŽŶĂů^ĞƌǀŝĐĞƐƚŽďĞƉƌŽǀŝĚĞĚďǇ>ŝĐĞŶƐŽƌƐƵďũĞĐƚƚŽƚŚĞƚĞƌŵƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘ ͞^ƵďƐĐƌŝƉƚŝŽŶ͟ŵĞĂŶƐƵƐŝŶŐƚŚĞƵƐĞŽĨ^ĞƌǀŝĐĞďǇ>ŝĐĞŶƐĞĞďǇĂĚĞĨŝŶĞĚŶƵŵďĞƌŽĨƵŶŝƋƵĞ>ŝĐĞŶƐĞĞƵƐĞƌƐŝŶĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ^ĂůĞƐKƌĚĞƌĚĞƚĂŝůƐĨŽƌĂƉĞƌŝŽĚŽĨƚŝŵĞĚĞĨŝŶĞĚŝŶ^ĂůĞƐKƌĚĞƌ͘ ͞^ĞƌǀŝĐĞ͟ŵĞĂŶƐ͕ĐŽůůĞĐƚŝǀĞůǇ͕>ŝĐĞŶƐŽƌ͛Ɛ^ĂĂ^ƉƌŽĚƵĐƚƐ͕ŵĂŝŶƚĞŶĂŶĐĞƵƉĚĂƚĞƐ͕ŽŶůŝŶĞĚŽĐƵŵĞŶƚĂƚŝŽŶ͕ĂŶĚƚĞĐŚŶŝĐĂů ƐƵƉƉŽƌƚ͘dŚĞ^ĞƌǀŝĐĞŝƐƉƌŽǀŝĚĞĚƚŽ>ŝĐĞŶƐĞĞĂƐĂ^ƵďƐĐƌŝƉƚŝŽŶĨŽƌĂƉĞƌŝŽĚŽĨƚŝŵĞĚĞĨŝŶĞĚŝŶƚŚĞ^ĂůĞƐKƌĚĞƌ͕ŝŶĐůƵĚŝŶŐ ƌĞŶĞǁĂůƚĞƌŵƐĂŶĚƌĞŶĞǁĂůƌĂƚĞƐ͘EŽƉĞƌƉĞƚƵĂůůŝĐĞŶƐĞŝƐŐƌĂŶƚĞĚƚŽ>ŝĐĞŶƐĞĞǁŚĞŶƵƐŝŶŐ^ĞƌǀŝĐĞ͘ ͞ǆĞĐƵƚŝŽŶŽĨ>ŝĐĞŶƐŽƌDĂƐƚĞƌŐƌĞĞŵĞŶƚ͟ŵĞĂŶƐĂĐĐĞƉƚĂŶĐĞŽĨƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐĚĞĨŝŶĞĚďǇŐƌĞĞŵĞŶƚǁŚĞŶ͕ ĂͿƵƉŽŶƚŚĞĨŝƌƐƚƵƐĞŽĨ^ĞƌǀŝĐĞďǇƚŚĞĨŝƌƐƚĂƵƚŚŽƌŝǌĞĚƵƐĞƌĂĨƚĞƌ>ŝĐĞŶƐŽƌƉƌŽǀŝĚĞƐĂůŝĐĞŶƐĞŬĞǇĂŶĚƵƐĞƌŶĂŵĞĂŶĚ ƉĂƐƐǁŽƌĚ͕ĂŶĚďͿǁŚĞŶƚŚĞ>ŝĐĞŶƐĞĞƐŝŐŶƐƚŚĞŐƌĞĞŵĞŶƚƉƌŝŽƌƚŽƌĞĐĞŝǀŝŶŐƚŚĞůŝĐĞŶƐĞŬĞǇĂŶĚƵƐĞƌŶĂŵĞĂŶĚƉĂƐƐǁŽƌĚ ĨŽƌƚŚĞĨŝƌƐƚĂƵƚŚŽƌŝǌĞĚƵƐĞƌ͘ ͞hƐĞƌ͟Žƌ͞hƐĞƌƐ͟ŵĞĂŶƐŝŶĚŝǀŝĚƵĂůƐǁŚŽĂƌĞĂƵƚŚŽƌŝǌĞĚďǇ>ŝĐĞŶƐĞĞƚŽƵƐĞƚŚĞ^ĞƌǀŝĐĞƉƵƌƐƵĂŶƚƚŽƚŚŝƐŐƌĞĞŵĞŶƚŽƌ ĂƐŽƚŚĞƌǁŝƐĞĚĞĨŝŶĞĚ͕ƌĞƐƚƌŝĐƚĞĚŽƌůŝŵŝƚĞĚŝŶĂŶ^ĂůĞƐKƌĚĞƌŽƌĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŐƌĞĞŵĞŶƚ͕ĨŽƌǁŚŽŵƐƵďƐĐƌŝƉƚŝŽŶƐ ƚŽĂ^ĞƌǀŝĐĞŚĂǀĞďĞĞŶƉƌŽĐƵƌĞĚ͕ĂŶĚǁŚŽŚĂǀĞďĞĞŶƐƵƉƉůŝĞĚƵƐĞƌŝĚĞŶƚŝĨŝĐĂƚŝŽŶƐĂŶĚƉĂƐƐǁŽƌĚƐďǇ>ŝĐĞŶƐĞĞ;ŽƌďǇ >ŝĐĞŶƐŽƌĂƚ>ŝĐĞŶƐĞĞ͛ƐƌĞƋƵĞƐƚͿ͘hƐĞƌƐŵĂǇŝŶĐůƵĚĞďƵƚĂƌĞŶŽƚůŝŵŝƚĞĚƚŽ>ŝĐĞŶƐĞĂŶĚ>ŝĐĞŶƐĞĞĨĨŝůŝĂƚĞƐ͛ĞŵƉůŽǇĞĞƐ͕ ĐŽŶƐƵůƚĂŶƚƐ͕ĐŽŶƚƌĂĐƚŽƌƐĂŶĚĂŐĞŶƚƐ͘ ͞ĨĨŝůŝĂƚĞƐ͟ŵĞĂŶƐĂŶǇĞŶƚŝƚǇǁŚŝĐŚĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇ͕ƚŚƌŽƵŐŚŽŶĞŽƌŵŽƌĞŝŶƚĞƌŵĞĚŝĂƌŝĞƐ͕ĐŽŶƚƌŽůƐ͕ŽƌŝƐĐŽŶƚƌŽůůĞĚ ďǇ͕ŽƌŝƐƵŶĚĞƌĐŽŵŵŽŶĐŽŶƚƌŽůǁŝƚŚĂƉĂƌƚǇƚŽƚŚŝƐŐƌĞĞŵĞŶƚ͕ďǇǁĂǇŽĨŵĂũŽƌŝƚǇǀŽƚŝŶŐƐƚŽĐŬŽǁŶĞƌƐŚŝƉŽƌƚŚĞĂďŝůŝƚǇ ƚŽŽƚŚĞƌǁŝƐĞĚŝƌĞĐƚŽƌĐĂƵƐĞƚŚĞĚŝƌĞĐƚŝŽŶŽĨƚŚĞŵĂŶĂŐĞŵĞŶƚĂŶĚƉŽůŝĐŝĞƐŽĨƐƵĐŚƉĂƌƚǇ͘ ĞͲWůĂŶ^ŽĨƚDĂƐƚĞƌŐƌĞĞŵĞŶƚϭ ZĞǀ͘ϵͬϭϴͬϮϬϭϴ 3DFNHW3J )E ͞ŽŶĨŝĚ ĞŶƚŝĂů/ŶĨŽƌŵĂƚŝŽŶ͟ŵĞĂŶƐ͗;ĂͿ>ŝĐĞŶƐĞĞĂƚĂ͖;ďͿƚŚĞƚĞƌŵƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚĂŶĚ;ĐͿĂŶǇĐŽŵŵĞƌĐŝĂů͕ĨŝŶĂŶĐŝĂů͕ 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ͲZĞůĂƚŝǀĞůǇƐŝŵƉůĞƌŽƵƚĞ͖ŚŽǁĞǀĞƌ͕ĂůŝŐŶŵĞŶƚůĞĂǀĞƐƚŚĞŵĂŝŶͲ^ŝŵƉůĞƌŽƵƚĞǁŝƚŚƚŚĞĞǆĐĞƉƚŝŽŶŽĨĐŽŶŶĞĐƚŝŽŶƚŽƚŚĞŵŽďŝůŝƚǇŚƵď^Z&ǀĂůƵĂƚŝŽŶ Ͳ^ŝŵƉůĞƌŽƵƚĞǁŝƚŚŵŝŶŝŵĂůĚĞǀŝĂƚŝŽŶƐĨƌŽŵŵĂŝŶĐŽŵŵĞƌĐŝĂůĐŽƌƌŝĚŽƌ ĐŽŵŵĞƌĐŝĂůĐŽƌƌŝĚŽƌƐƚƌƵĐƚƵƌĞ͘ dƌĂǀĞůdŝŵĞϭϮŵŝŶϭϯŵŝŶϱ͘ϱŵŝŶ^Z&ǀĂůƵĂƚŝŽŶ ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ ZE</E'͗,ŝŐŚŽŵƉĂƚŝďŝůŝƚǇ ZE</E'͗>ŽǁŽŵƉĂƚŝďŝůŝƚǇZE</E'͗>ŽǁƚŽDĞĚŝƵŵŽŵƉĂƚŝďŝůŝƚǇ ͲdŚĞƉŽƚĞŶƚŝĂůĨŽƌƐƚƌŽŶŐƚƌĂŶƐŝƚŽƌŝĞŶƚĞĚĚĞǀĞůŽƉŵĞŶƚĞǆŝƐƚƐĂƚƚŚŝƐ ͲdŚĞƐŝƚĞƐŝǌĞƐƵƉƉŽƌƚƐŵŽďŝůŝƚǇŚƵďĚĞǀĞůŽƉŵĞŶƚ͕ďƵƚŝƚǁŽƵůĚďĞĂƵƚŽͲdŚĞƌĞĂůĞƐƚĂƚĞĐƌĞĂƚĞĚďǇƚŚĞ>/ĐŽŶĐĞƉƚĐŽƵůĚŚĂǀĞĚĞǀĞůŽƉŵĞŶƚ KƉƉŽƌƚƵŶŝƚǇŽŶƐŝƚĞďĞǇŽŶĚƉĂƌŬŝŶŐ͍ůŽĐĂƚŝŽŶ͘dŚĞƉƌŽǆŝŵŝƚǇƚŽŵĂũŽƌĞŵƉůŽǇŵĞŶƚĐĞŶƚĞƌƐ͕ĞŵĞƌŐŝŶŐdKŝŶ^ƚĂĨĨǀĂůƵĂƚŝŽŶĂŶĚƐŝƚĞƐŝǌĞ ĐĞŶƚƌŝĐŐŝǀĞŶƚŚĂƚ,ŝŐŚǁĂǇϭϰĂŶĚŝǀŝĐĞŶƚĞƌƐŝƚĞĂƌĞĚŝƐĐŽŶŶĞĐƚĞĚŝŶƚĞŐƌĂƚĞĚ͕ďƵƚƚŚĞŵŽƌĞĐŽŵŵŽŶĂƉƉƌŽĂĐŚŝƐƚŽĐƌĞĂƚĞĂƉůĂƚĨŽƌŵĨŽƌ ƚŚĞĐŽƌƌŝĚŽƌ͕ƉƌŽǆŝŵŝƚǇƚŽĂƐĐĂĚĞ>ĂŬĞ͕ĂŶĚĞǆŝƐƚŝŶŐĂŵĞŶŝƚŝĞƐŵĂŬĞƚŚŝƐ ĨƌŽŵƚŚĞD͘ƉĂƌŬŝŶŐĂŶĚŽƉĞŶƐƉĂĐĞ͘ ƐŝƚĞƉĂƌƚŝĐƵůĂƌůǇĂƚƚƌĂĐƚŝǀĞĨŽƌĚĞǀĞůŽƉŵĞŶƚ͘ ĂƚĂůǇƚŝĐĞǀĞůŽƉŵĞŶƚKƉƉŽƌƚƵŶŝƚǇ͍ZE</E'͗>ŽǁƚŽDĞĚŝƵŵŽŵƉĂƚŝďŝůŝƚǇZE</E'͗,ŝŐŚŽŵƉĂƚŝďŝůŝƚǇZE</E'͗>ŽǁƚŽDĞĚŝƵŵŽŵƉĂƚŝďŝůŝƚǇ^ƚĂĨĨǀĂůƵĂƚŝŽŶ͕sŝƐŝďůĞŝƚǇŶĂůǇƐŝƐ ZE</E'͗>ŽǁƚŽDĞĚŝƵŵŽŵƉĂƚŝďŝůŝƚǇ Ͳ/ĨĚĞǀĞůŽƉŵĞŶƚŝƐĚŽŶĞŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞ>/ŝƚĐŽƵůĚƐƵƉƉŽƌƚ ZE</E'͗>ŽǁŽŵƉĂƚŝďŝůŝƚǇZE</E'͗,ŝŐŚŽŵƉĂƚŝďŝůŝƚǇ ŵŝǆĞĚƵƐĞĚĞǀĞůŽƉŵĞŶƚĂŶĚdK͘/ƚŚĂƐƚŚĞĂĚǀĂŶƚĂŐĞŽĨĐĂƉƚƵƌŝŶŐ ͲWĂƌĐĞůĐŽŶĨŝŐƵƌĂƚŝŽŶĂůŽŶŐƚŚĞĐŽƌƌŝĚŽƌŝƐŶŽƚĐŽŶĚƵĐŝǀĞƚŽŵŝǆĞĚƵƐĞͲƌĞĂƚŝŶŐĂŵŽďŝůŝƚǇŚƵďĂƚƚŚŝƐůŽĐĂƚŝŽŶǁŽƵůĚĐƌĞĂƚĞŵŝǆĞĚǀĞŚŝĐůĞƐƉƌŝŽƌƚŽĐŽŵŝŶŐŝŶƚŽƚŚĞĐŽƌƌŝĚŽƌ͕ƐŽƚŚĂƚŚĂƐƚŚĞƉŽƚ ĞŶƚŝĂůƚŽ ^ƵƉƉŽƌƚƐŵŝǆĞĚƵƐĞĚĞǀĞůŽƉŵĞŶƚͬďƵŝůĚŝŶŐŽŶĞǆŝƐƚŝŶŐdK^ƚĂĨĨǀĂůƵĂƚŝŽŶĂŶĚƐŝƚĞƐŝǌĞ ŽƌƚƌĂŶƐŝƚŽƌŝĞŶƚĞĚĚĞǀĞůŽƉŵĞŶƚ͖ŝǀŝĐĞŶƚĞƌƌŝǀĞŝƐĂďĂƌƌŝĞƌĨŽƌŵŝǆĞĚĚĞǀĞůŽƉŵĞŶƚŽŶƚŚĞƐŝƚĞ͕ďƵŝůĚŽŶƚŚĞdKĞŵĞƌŐŝŶŐŝŶƚŚĞĐŽƌƌŝĚŽƌ͕ĂŶĚŵŝŶŝŵŝǌĞƚƌĂĨĨŝĐǀŽůƵŵĞƐŝŶƚŚĞDŝƐƚƌŝĐƚ͘dŚĞ> /ĐŽŶƐƚƌƵĐƚŝŽŶĐŽƐƚƐ ƵƐĞĂŶĚƚƌĂŶƐŝƚŽƌŝĞŶƚĞĚĚĞǀĞůŽƉŵĞŶƚ͘;WͿĞŶĐŽƵƌĂŐĞĂĚĚŝƚŝŽŶĂůƌĞĚĞǀĞůŽƉŵĞŶƚ͘;WͿǁŽƵůĚĂůƐŽůŝŬĞůǇůŝŵŝƚƚŚĞĨŽŽƚƉƌŝŶƚŽĨĚĞǀĞůŽƉŵĞŶƚ;WͿ ͲZĞƐƚƌŝĐƚƵƐĞƐƚŽƉƵďůŝĐƵƐĞƐƐŽƉƌŝǀĂƚĞĚĞǀĞůŽƉŵĞŶƚǁŽƵůĚďĞĚŝĨĨĞƌĞŶƚ ƚŚĂŶƉĂƐƚƉƌĞĐĞĚĞŶƚ ZE</E'͗>ŽǁŽŵƉĂƚŝďŝůŝƚǇ ͲdŚŝƐĂůŝŐŶŵĞŶƚŝƐƐŝŵŝůĂƌďƵƚƐŚŽƌƚĞƌƚŚĂŶƚŚĞDĂǇŽtĞƐƚůŽƚ͘hƐŝŶŐ ZE</E'͗>ŽǁŽŵƉĂƚŝďŝůŝƚǇZE</E'͗,ŝŐŚŽŵƉĂƚŝďŝůŝƚǇ ƚŚĞ>/ĂƐĂŶĞǆĐůƵƐŝǀĞŽƉƚŝŽŶĚŽĞƐŶŽƚƉƌŽǀŝĚĞƚŚĞŽƉƉŽƌƚƵŶŝƚǇƚŽ ĞǀĞůŽƉŵĞŶƚƉŽƐƐŝďŝůŝƚǇĂůŽŶŐƌŽƵƚĞ͍Ͳ>ŽǁĞƌƉŽƚĞŶƚŝĂůŐŝǀĞŶƚŚĞŶĞĞĚĂůŝŐŶŵĞŶƚĂůŽŶŐϭϭƚŚĂŶĚ,ŝŐŚǁĂǇͲ,ŝŐŚƉŽƚĞŶƚŝĂůĂůƚŚŽƵŐŚůĂƌŐĞůǇŝŶƚŚĞĨŽƌŵŽĨĂĚĂƉƚŝǀĞƌĞƵƐĞĂŶĚ^ƚĂĨĨǀĂůƵĂƚŝŽŶĂŶĚƐŝƚĞƐ ŝǌĞ ĐŽŶŶĞĐƚǁĞƐƚŽĨƚŚĞďƌŝĚŐĞǁŚĞƌĞĞǆŝƐƚŝŶŐĐŽŵŵĞƌĐŝĂů͕ƌĞƐŝĚĞŶƚŝĂů͕ĂŶĚ ŽƌŝĞŶƚĞĚĚĞǀĞůŽƉŵĞŶƚĂůŽŶŐ,ŝŐŚǁĂǇϭϰ͘ƌĞĚĞǀĞůŽƉŵĞŶƚ ŵƵůƚŝĨĂŵŝůǇĚĞǀĞůŽƉŵĞŶƚǁŽƵůĚďĞŶĞĨŝƚ͘ Ͳ>ŝŵŝƚĞĚƉŽƚĞŶƚŝĂůŽĨƐŝƚĞ ^ŝƚĞĐƋƵŝƐŝƚŝŽŶ ZE</E'͗ŽŵƉĂƚŝďůĞ ZE</E'͗>ŽǁŽŵƉĂƚŝďŝůŝƚǇ ͲdŚĞƉƌŽƉĞƌƚǇŝƐĐƵƌƌĞŶƚůǇŽǁŶĞĚďǇDĂǇŽůŝŶŝĐĂŶĚƵƐĞĚĨŽƌƉĂƌŬŝŶŐ͘ZE</E'͗>ŽǁŽŵƉĂƚŝďŝůŝƚǇ ͲĐƋƵŝƐŝƚŝŽŶĐŽƐƚŝƐƵŶĚĞƚĞƌŵŝŶĞĚ͕ďƵƚĂŶƚŝĐŝƉĂƚĞĚƚŽďĞĞǆƉĞŶƐŝǀĞŐŝǀĞŶdŚĞǇŚĂǀĞĞǆƉƌĞƐƐĞĚĂŶŝŶƚĞƌĞƐƚŝŶƉĂƌƚŶĞƌŝŶŐŽŶƚŚĞƐŝƚĞ͕ŚĂǀĞŵĂŶǇͲEŽƐŝƚĞĞǆŝƐƚƐ͕ďƵƚĐŽŶƐƚƌƵĐƚŝŽŶĐŽƐƚƐƌĞůĂƚŝǀĞƚŽĂŶǇ ĚĞǀĞůŽƉĂďůĞĂƌĞĂ^ƚĂĨĨǀĂůƵĂƚŝŽŶ ƚŚĞĞǆŝƐƚŝŶŐƐƚŽƌĂŐĞƵŶŝƚĚĞǀĞůŽƉŵĞŶƚŽŶƚŚĞƐŝƚĞ͘ƐŚĂƌĞĚƉŽůŝĐǇŐŽĂůƐ͕ĂŶĚĂƚƌĂĐŬƌĞĐŽƌĚŽĨĚĞǀĞůŽƉŝŶŐƉƵďůŝĐͲƉƌŝǀĂƚĞĂƌĞůŝŬĞůǇƚŚĞŚŝŐŚĞƐƚŽĨĂůůƚŚĞŽƉƚŝŽŶƐĞǀĂůƵĂƚĞĚ͘ ƉĂƌƚŶĞƌƐŚŝƉƐ͘ ZE</E'͗>ŽǁŽŵƉĂƚŝďŝůŝƚǇZE</E'͗ŽŵƉĂƚŝďůĞZE</E'͗>ŽǁŽŵƉĂƚŝďŝůŝƚǇ ͲĞƉĞŶĚĞŶƚŽŶƉƌŽƉĞƌƚǇŽǁŶĞƌŝŶƚĞƌĞƐƚ͕ďƵƚƚĞŶĂŶƚƌĞůŽĐĂƚŝŽŶĂŶĚͲdŚŝƐŝƐƐƵďũĞĐƚĨƵƌƚŚĞƌĚŝƐĐƵƐƐŝŽŶǁŝƚŚƚŚĞDĂǇŽůŝŶŝĐ͕ďƵƚǁĞƉƌŽũĞĐƚĂͲdŚŝƐŝƐĚŝĨĨŝĐƵůƚƚŽĂƐĐĞƌƚĂŝŶ͕ďƵƚǁŽƌŬŝŶŐŽƵƚƚŚĞĞŶŐ ŝŶĞĞƌŝŶŐĂŶĚƉŽůŝĐǇ ^ƚĂĨĨǀĂůƵĂƚŝŽŶ ĞǆŝƐƚŝŶŐůĞĂƐĞŽďůŝŐĂƚŝŽŶƐĨŽƌƐƚŽƌĂŐĞƚĞŶĂŶƚƐǁŽƵůĚůŝŬĞůǇƌĞƋƵŝƌĞĂŶƚĞƌŵƐŚĞĞƚĐŽƵůĚďĞĨŝŶĂůŝǌĞĚƐŽǁĞĐĂŶƉƌŽĐĞĞĚǁŝƚŚƚŚĞ&d^ŵĂůůŝƐƐƵĞƐǁŝƚŚDEKdƉĂƌƚŝĐƵůĂƌůǇĨŽƌƉƌŝǀĂƚĞĚĞǀĞůŽƉŵĞŶƚǁŽƵůĚ ůŝŬĞůǇ ĞǆƚĞŶĚĞĚƚŝŵĞĨƌĂŵĞƚŽĂĐƋƵŝƌĞ͘^ƚĂƌƚƐƉƉůŝĐĂƚŝŽŶWƌŽĐĞƐƐ͘ƚĂŬĞƐŝŐŶŝĨŝĐĂŶƚƚŝŵĞ͘ ZE</E'͗>ŽǁŽŵƉĂƚŝďŝůŝƚǇ ͲĞƉĞŶĚĞŶƚŽŶƉƌŽƉĞƌƚǇŽǁŶĞƌŝŶƚĞƌĞƐƚ͕ďƵƚƚĞŶĂŶƚƌĞůŽĐĂƚŝŽŶĂŶĚZE</E'͗ŽŵƉĂƚŝďůĞZE</E'͗>ŽǁŽŵƉĂƚŝďŝůŝƚǇ ^ƚĂĨĨǀĂůƵĂƚŝŽŶ ĞǆŝƐƚŝŶŐůĞĂƐĞŽďůŝŐĂƚŝŽŶƐĨŽƌƐƚŽƌĂŐĞƚĞŶĂŶƚƐǁŽƵůĚůŝŬĞůǇƌĞƋƵŝƌĞĂŶͲEŽƚĚŝĨĨŝĐƵůƚŝĨĂŵƵƚƵĂůůǇďĞŶĞĨŝĐŝĂůƌĞůĂƚŝŽŶƐŚŝƉĐĂŶďĞĞƐƚĂďůŝƐŚĞĚ͘ͲŶƚŝĐŝƉĂƚĞĚƚŽďĞƚŝŵĞŝŶƚĞŶƐŝǀĞ͘ ĞǆƚĞŶĚĞĚƚŝŵĞĨƌĂŵĞƚŽĂĐƋƵŝƌĞ͘ ZĞůĂƚŝŽŶƐŚŝƉƚŽǆŝƐƚŝŶŐŵĞŶŝƚŝĞƐ ZE</E'͗>ŽǁŽŵƉĂƚŝďŝůŝƚǇZE</E'͗>ŽǁƚŽDĞĚŝƵŵŽŵƉĂƚŝďŝůŝƚǇZE</E'͗,ŝŐŚŽŵƉĂƚŝďŝůŝƚǇ sŝƐŝďůĞŝƚǇŶĂůǇƐŝƐ ƵƌƌĞŶƚĂŵĞŶŝƚǇĂĐƚŝǀŝƚǇ;ƌĞƚĂŝů͕ĨŽŽĚ͕ĐŽŵŵƵŶŝƚǇƐĞƌǀŝĐĞƐďƚǁϭϭƚŚĂǀĞZE</E'͗>ŽǁƚŽDĞĚŝƵŵŽŵƉĂƚŝďŝůŝƚǇZE</E'͗ŽŵƉĂƚŝďůĞZE</E'͗>ŽǁƚŽDĞĚŝƵŵŽŵƉĂƚŝďŝůŝƚǇ ^ƚĂĨĨǀĂůƵĂƚŝŽŶ ;ƌŽƵŐŚůǇϭϭĚŝƐƚŝŶĐƚƐĞƌǀŝĐĞƐĂůŽŶŐƌŽƵƚĞͿ;ƌŽƵŐŚůǇϭϳĚŝƐƚŝŶĐƚƐĞƌǀŝĐĞƐĂůŽŶŐƌŽƵƚĞͿ;ƌŽƵŐŚůǇϳĚŝƐƚŝŶĐƚƐĞƌǀŝĐĞƐĂůŽŶŐƌŽƵƚĞͿ ZŽƵƚĞĂŵĞŶŝƚŝĞƐ;ǁĂůŬƐĐŽƌĞĂůŽŶŐĚŝƐƚŝŶĐƚƌŽƵƚĞͿZE</E'͗>ŽǁƚŽDĞĚŝƵŵŽŵƉĂƚŝďŝůŝƚǇZE</E'͗ŽŵƉĂƚŝďůĞZE</E'͗,ŝŐŚŽŵƉĂƚŝďŝůŝƚǇ sŝƐŝďůĞŝƚǇŶĂůǇƐŝƐ ZE</E'͗>ŽǁŽŵƉĂƚŝďŝůŝƚǇZE</E'͗ŽŵƉĂƚŝďůĞZE</E'͗,ŝŐŚŽŵƉĂƚŝďŝůŝƚǇ sŝƐŝďůĞŝƚǇŶĂůǇƐŝƐ ĨĨŝĐŝĞŶĐǇŽĨƵŝůĚŝŶŐŽŶ^ŝƚĞ ZE</E'͗>ŽǁŽŵƉĂƚŝďŝůŝƚǇ ZE</E'͗>ŽǁŽŵƉĂƚŝďŝůŝƚǇ ͲĐĐĞƐƐǁŽƵůĚďĞĐŚĂůůĞŶŐŝŶŐĂŶĚůŝŬĞůǇƌĞƋƵŝƌĞĞǆƚĞŶƐŝǀĞDEKd ZE</E'͗ŽŵƉĂƚŝďůĞ Ͳ^ŝƚĞĚĞǀĞůŽƉŵĞŶƚŝƐĂŶƚŝĐŝƉĂƚĞĚƚŽďĞĐŽŵƉůĞǆ ĂƉƉƌŽǀĂůƐŝĨƚƌĂŶƐŝƚĐŽŶŶĞĐƚŝŽŶƐƚŽƚŚĞ,ŝŐŚǁĂǇǁĞƌĞƚŽďĞ^ƚĂĨĨǀĂůƵĂƚŝŽŶ Ͳ^ŝƚĞĚĞǀĞůŽƉŵĞŶƚŝƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚƚŽďĞĐŽŵƉůĞǆͲ^ŝŐŶŝĨŝĐĂŶƚƐƚƌƵĐƚƵƌĂůĐŽŵƉůĞǆŝƚǇ;ůŽŶŐƐƉĂŶƐͿ͖ŶĞĞĚƚŽĂĚĚƌĞƐƐĂŝƌ ĂĐĐŽŵƉůŝƐŚĞĚ͘dŚŝƐǁŽƵůĚŝŶĐƌĞĂƐĞƚŚĞƐŝƚĞŝŵƉƌŽǀĞŵĞŶƚĐŽƐƚƐĨŽƌƚŚĞ ƋƵĂůŝƚǇͬŚŽŵĞůĂŶĚƐĞĐƵƌŝƚǇŝƐƐƵĞƐďĞŶĞĂƚŚƚŚĞƐƚƌƵĐƚƵƌĞ ƉƌŽũĞĐƚ͘ ZE</E'͗>ŽǁŽŵƉĂƚŝďŝůŝƚǇ ZE</E'͗ŽŵƉĂƚŝďůĞZE</E'͗ŽŵƉĂƚŝďůĞ ͲhŶĚĞƚĞƌŵŝŶĞĚ͕ďƵƚůŝŬĞůǇƚŚĞŵŽƐƚĐŽƐƚůǇŽƉƚŝŽŶ;WͿ^ƚĂĨĨǀĂůƵĂƚŝŽŶ ͲhŶĚĞƚĞƌŵŝŶĞĚ͕ďƵƚŶŽƚĂŶƚŝĐŝƉĂƚĞĚƚŽďĞĂƚǇƉŝĐĂůͲhŶĚĞƚĞƌŵŝŶĞĚ͕ďƵƚŶŽƚĂŶƚŝĐŝƉĂƚĞĚƚŽďĞĂƚǇƉŝĐĂů͘ ͲфхΨϭϬϬŵŝůůŝŽŶƉĂƌŬŝŶŐƐƚƌƵĐƚƵƌĞнфхΨϰϬŵŝůůŝŽŶĂĐĐĞƐƐƌĂ WŽƉƵůĂƚŝŽŶǁŝƚŚŝŶϭͬϮŵŝůĞŽĨĂůŝŐŶŵĞŶƚϭϭ͕ϮϳϭͲϭϯ͕ϱϱϭϭϮ͕ϳϰϮͲϭϱ͕Ϭϲϲϭϱ͕ϲϵϭͲϭϴ͕ϯϵϬ^Z&ǀĂůƵĂƚŝŽŶ ŵƉůŽǇŵĞŶƚǁŝƚŚŝŶϭͬϮŵŝůĞŽĨĂůŝŐŶŵĞŶƚϰϱ͕ϯϰϬͲϰϳ͕ϴϭϮϰϱ͕ϴϵϬͲϰϴ͕ϮϵϬϰϳ͕ϴϭϱͲϱϬ͕Ϯϰϴ^Z&ǀĂůƵĂƚŝŽŶ ŝƚŚŽƵƚǀĞŚŝĐůĞƐ͖ϭϲ͘ϰͲϭϵ͘ϱйƉŽǀĞƌƚǇϭϳ͘ϳͲϭϵ͘ϴй,,ǁŝƚŚŽƵƚǀĞŚŝĐůĞƐ͖ϭϱ͘ϳͲϭϴ͘ϱйƉŽǀĞƌƚǇϭϳ͘ϭͲϭϴ͘ϱй,,ǁŝƚŚŽƵƚǀĞŚŝĐůĞƐ͖ϭϲ͘ϭͲϭϴ͘ϰйƉŽǀĞƌƚǇ^Z&ǀĂůƵĂƚŝŽŶ ZE</E'͗ŽŵƉĂƚŝďůĞZE</E'͗,ŝŐŚŽŵƉĂƚŝďŝůŝƚǇ Ͳ^ĞƌǀĞƐĂůůŬĞǇĚŽǁŶƚŽǁŶĚĞƐƚŝŶĂƚŝŽŶƐ͖ŚŽǁĞǀĞƌ͕ĚŽĞƐŶŽƚƉƌŽǀŝĚĞͲ^ĞƌǀĞƐĂůůŬĞǇĚŽǁŶƚŽǁŶĚĞƐƚŝŶĂƚŝŽŶƐĂŶĚŶĞŝŐŚďŽƌŚŽŽĚƐƚŽƚŚĞĞĂƐƚ͖Ͳ^ĞƌǀĞƐĂůůŬĞǇĚŽǁŶƚŽǁŶĚĞƐƚŝŶĂƚŝŽŶƐĂƐǁĞůůĂƐĂĐĐĞƐƐƚŽ'ƌĂ ĂĐĐĞƐƐƚŽKůŵƐƚĞĚDĞĚŝĐĂůĞŶƚĞƌŽƌ'ƌĂŚĂŵWĂƌŬŚŽǁĞǀĞƌ͕ĚŽĞƐŶŽƚƉƌŽǀŝĚĞĂĐĐĞƐƐƚŽ'ƌĂŚĂŵWĂƌŬĂŶĚŶĞŝŐŚďŽƌŚŽŽĚƐƚŽƚŚĞĞĂƐƚ ZE</E'͗,ŝŐŚŽŵƉĂƚŝďŝůŝƚǇZE</E'͗,ŝŐŚŽŵƉĂƚŝďŝůŝƚǇZE</E'͗,ŝŐŚŽŵƉĂƚŝďŝůŝƚǇ 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ĐŽŶƐŝĚĞƌĞĚƚŽĐƌĞĂƚĞƚŚĞƌŝŐŚƚǀŝƐŝŽŶĨŽƌƚŚĞƐŝƚĞ͘ ZE</E'͗>ŽǁŽŵƉĂƚŝďŝůŝƚǇZE</E'͗ŽŵƉĂƚŝďůĞZE</E'͗,ŝŐŚŽŵƉĂƚŝďŝůŝƚǇ ZĂŶŬŝŶŐ͗,ŝŐŚŽŵƉĂƚŝďŝůŝƚǇ ZĂŶŬŝŶŐ͗,ŝŐŚŽŵƉĂƚŝďŝůŝƚǇ ZĂŶŬŝŶŐ͗>ŽǁƚŽDĞĚŝƵŵŽŵƉĂƚŝďŝůŝƚǇ ͲƚĂůŵŽƐƚϭϭĂĐƌĞƐŝŶƐŝǌĞƚŚĞƐŝƚĞƉƌŽǀŝĚĞƐƚŚĞŽƉƉŽƌƚƵŶŝƚǇĨŽƌ ͲƌĞĂƚŝŶŐĂŵŽďŝůŝƚǇŚƵďĂƚƚŚŝƐůŽĐĂƚŝŽŶǁŽƵůĚĐƌĞĂƚĞŵŝǆĞĚ ͲǀĞŶǁŝƚŚǀĞƌƚŝĐĂůůǇĨŽĐƵƐĞĚĚĞǀĞůŽƉŵĞŶƚ͕ŝƚŝƐĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚƉĂƌŬŝŶŐŝŶƚĞŐƌĂƚĞĚƚƌĂŶƐŝƚ͕ƉĂƌŬŝŶŐ͕ĂŶĚŵŝǆĞĚƵƐĞĚĞǀĞůŽƉŵĞŶƚ͘dŚĞƉƌŽǆŝŵŝƚǇ ĚĞǀĞůŽƉŵĞŶƚŽŶƚŚĞƐŝƚĞ͕ďƵŝůĚŽŶƚŚĞdKĞŵĞƌŐŝŶŐŝŶƚŚĞĐŽƌƌŝ ĂŶĚƚƌĂŶƐŝƚĨĞĂƚƵƌĞƐǁŽƵůĚŽĐĐƵƉǇĂƐŝŐŶŝĨŝĐĂŶƚĂŵŽƵŶƚŽĨƚŚĞƐŝƚĞ͘ƚŽƚŚĞŽǁŶƚŽǁŶĂůƐŽĂůůŽǁƐĨŽƌŵŽƌĞǀĞƌƚŝĐĂůĚĞǀĞůŽƉŵĞŶƚƚŚĂŶ ĞŶĐŽƵƌĂŐĞĂĚĚŝƚŝŽŶĂůƌĞĚĞǀĞůŽƉŵĞŶƚ͘ ůŽĐĂƚŝŽŶƐĨƵƌƚŚĞƌĨƌŽŵƚŚĞŽǁŶƚŽǁŶĐŽƌĞ͘ ZĂŶŬŝŶŐ͗,ŝŐŚŽŵƉĂƚŝďŝůŝƚǇ ZE</E'͗>ŽǁŽŵƉĂƚŝďŝůŝƚǇZE</E'͗ŽŵƉĂƚŝďůĞ ͲdŚĞƌĞĂƌĞĂŶƵŵďĞƌŽĨƐŝŐŶŝĨŝĐĂŶƚƐƚƌĂƚĞŐŝĐƌĞĚĞǀĞůŽƉŵĞŶƚ Ͳ>ŝŵŝƚĞĚĚĞǀĞůŽƉŵĞŶƚĂŶĚƌĞĚĞǀĞůŽƉŵĞŶƚŽƉƉŽƌƚƵŶŝƚŝĞƐĂƌĞĐĂƉƚƵƌĞĚͲtŚŝůĞŵƵĐŚŽĨƚŚĞƌŽƵƚĞĨĞĂƚƵƌĞƐĞƐƚĂďůŝƐŚĞĚĚĞǀĞůŽƉŵĞŶƚ͕ƚŚĞƌĞĂƌĞĂ ŽƉƉŽƌƚƵŶŝƚŝĞƐŝŶƚŚŝƐĐŽƌƌŝĚŽƌŝŶĐůƵĚŝŶŐƚŚĞ&ƵůůĞƌƚŽŶ>Žƚ͕<D ƐŝŶĐĞƚŚŝƐŝƐƚŚĞĐůŽƐĞƐƚƐŝƚĞƚŽƚŚĞŽǁŶƚŽǁŶ͘DŽƐƚĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞĨĞǁŬĞǇƉĂƌĐĞůƐǁŝƚŚĂƌŽĂĚǁĂǇĂůŝŐŶŵĞŶƚƚŚĂƚĐŽƵůĚďĞĞŶŚĂŶĐĞĚǁŝƚŚ ĂŶĚƉƌŽƉĞƌƚǇŽǁŶĞĚďǇhDZ͘,ŽǁĞǀĞƌ͕ŵŽƐƚŽĨƚŚĞŽƉƉŽƌƚƵŶŝƚŝĞƐ ϯƌĚǀĞŶƵĞĐŽƌƌŝĚŽƌǁŽƵůĚĨŽĐƵƐŽŶƐŵĂůůĞƌůŽƚƌĞĚĞǀĞůŽƉŵĞŶƚ͘ŵŽƌĞŝŶƚĞŶƐŝǀĞƚƌĂŶƐŝƚŽƌŝĞŶƚĞĚĚĞǀĞůŽƉŵĞŶƚ͘ ŝŶƚŚĞĨŽƌŵŽĨĂĚĂƉƚŝǀĞƌĞƵƐĞĂŶĚƌĞĚĞǀĞůŽƉŵĞŶƚ͘ ZE</E'͗ŽŵƉĂƚŝďůĞ ZE</E'͗>ŽǁƚŽDĞĚŝƵŵŽŵƉĂƚŝďŝůŝƚǇ ͲdŚĞƉƌŽƉĞƌƚǇŝƐĐƵƌƌĞŶƚůǇŽǁŶĞĚďǇKůŵƐƚĞĚŽƵŶƚǇĂŶĚŝƐŚŽŵĞ ͲdŚĞƉƌŽƉĞƌƚǇŝƐĐƵƌƌĞŶƚůǇŽǁŶĞĚďǇDĂǇŽůŝŶŝĐĂŶĚƵƐĞĚĨŽƌƉĂƌŬŝŶŐ͘ͲĐƋƵŝƐŝƚŝŽŶĐŽƐƚŝƐƵŶĚĞƚĞƌŵŝŶĞĚ͕ďƵƚŝƚŝƐĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚƚŚŝƐĐŽƵůĚďĞ &ĂŝƌŐƌŽƵŶĚƐĂŶĚƵƐĞĚĂƐĂůĞĂƐĞĚƉĂƌŬĂŶĚƌŝĚĞůŽĐĂƚŝŽŶ͘dŚĞ dŚĞǇŚĂǀĞŵĂŶǇƐŚĂƌĞĚƉŽůŝĐǇŐŽĂůƐ͕ĂŶĚĂƚƌĂĐŬƌĞĐŽƌĚŽĨĚĞǀĞůŽƉŝŶŐĂŚŝŐŚĞƌĐŽƐƚŽƉƚŝŽŶŐŝǀĞŶĞǆŝƐƚŝŶŐůĂŶĚǀĂůƵĞƐƉƌŽǆŝŵĂƚĞƚŽƚŚĞD ĞǆƉƌĞƐƐĞĚĂŶŝŶƚĞƌĞƐƚŝŶƉĂƌƚŶĞƌŝŶŐŽŶƚŚĞƐŝƚĞ͕ŚĂǀĞŵĂŶǇƐŚĂƌ ƉƵďůŝĐͲƉƌŝǀĂƚĞƉĂƌƚŶĞƌƐŚŝƉƐ͘ŝƐƚƌŝĐƚ͘ ŐŽĂůƐ͕ĂŶĚĂƚƌĂĐŬƌĞĐŽƌĚŽĨĚĞǀĞůŽƉŝŶŐƉƵďůŝĐͲƉƌŝǀĂƚĞƉĂƌƚŶĞƌƐ ZE</E'͗>ŽǁƚŽDĞĚŝƵŵŽŵƉĂƚŝďŝůŝƚǇZE</E'͗ŽŵƉĂƚŝďůĞ 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[[543,1151,588,1204][11][,I,][Arial]]RU [[584,1151,597,1204][11][,I,][Arial]] [[597,1151,623,1204][11][,I,][Arial] ]X [[623,1151,753,1204][11][,I,][Arial]]QFOHDU [[747,1151,760,1204][11][,I,][Arial]] [[760,1151,987,1204][11][,I,][Arial]]LQIRUPDWLRQ [[987,1151,1000,1203][11][,,][Arial]] 7KHQDUUDWLYHVWDWHVWKDWSXEOLFDUWLVQRWEHLQJFRQVLGHUHGDWWKLVWLPH,QWKHVSLULWRI SURPRWLQJDFLW\ZLGHSXEOLFDUWVSURJUDPLWLVVXJJHVWHGWKDWWKHGHYHORSPHQWWHDPGLVFXVV SRVVLELOLWLHVZLWKORFDODUWVJURXSV [[525,1364,668,1417][11][,I,][Arial]] [[668,1364,681,1417][11][,I,][Arial]] [[681,1364,856,1417][11][,I,][Arial]]FRPPHQ [[857,1364,882,1417][11][,I,][Arial]]W [[882,1364,895,1417][11][,I,][Arial]] [[895,1364,1021,1417][11][,I,] [Arial]]3XEOLF [[1020,1364,1033,1417][11][,I,][Arial]] [[1033,1364,1089,1417][11][,I,][Arial]]DUW [[1086,1364,1099,1417][11][,I,][Arial]] [[1099,1364,1132,1417][11][,I,][Arial]]LV [[1132,1364,1145,1417][11][,I,][Arial]] [[1145,1364,1211,1417][11][,I,][Arial]]QRW [[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]] [[1046,1789,1196,1842][11][,I,][Arial]]UHYLVHG [[1194,1789,1207,1842][11][,I,][Arial]] [[1207,1789,1258,1842][11][,I,][Arial]]RQ [[1258,1789,1271,1842][11][,I,][Arial]] [[1270,1789,1334,1842][11][,I,][Arial]]WKH [[1334,1789,1347,1842][11][,I,][Arial]] [[1347,1789,1411,1842][11][,I,] [Arial]]WK [[1411,1789,1424,1842][11][,I,][Arial]] [[1424,1789,1548,1842][11][,I,][Arial]]6WUHHW [[1546,1789,1559,1842][11][,I,][Arial]] [[1559,1789,1639,1842][11][,I,][Arial]]6: [[1632,1789,1645,1842][11][,I,][Arial]] [[1645,1789,1729,1842][11][,I,][Arial]]VLGH [[1729,1789,1742,1842][11][,I,][Arial]] [[1742,1789,1946,1842][11][,I,][Arial]] UHPRYLQJ [[1946,1789,1959,1842][11][,I,][Arial]] [[1958,1789,2030,1842][11][,I,][Arial]]WZR [[2030,1789,2043,1842][11][,I,][Arial]] [[2042,1789,2191,1842][11][,I,][Arial]]SDUDOOHO [[2190,1789,2203,1842][11][,I,][Arial]] [[526,1842,677,1895][11][,I,][Arial]]SDUNLQJ [[677,1842,690,1895][11][,I,][Arial]] [[690,1842,849,1895][11][,I,][Arial]]VSDFHV [[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 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[[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 *N 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 *N 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 *N 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 $ & *N 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 *N 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 $SSOLFDELOLW\<HVSURMHFWVWKDWEURDGHQWKHPL[RIXVHVDUHHQFRXUDJHGZKHUHDSSURSULDWH &RPSOLDQFH<HV²VHHFRPPHQWV 7KHSURMHFWLQFOXGHVUHWDLODWJUDGHZLWKKRXVLQJDERYHVXFFHVVIXOO\DGGUHVVLQJWKH JXLGHOLQHVRIEURDGHQLQJWKHPL[RIXVHV 7KHQDUUDWLYHQRWHV³WKHSURMHFWLVGHVLJQHGWRDWWUDFWVWXGHQWVDQGVLQJOHSHRSOHZKRDUH ZRUNLQJLQWKHGRZQWRZQDUHD«´7KLVVXSSRUWVWKHJRDOVWDWHGLQWKHJXLGHOLQHVWR³HQVXUH 3DFNHW3J *N 0'&3URMHFW5HYLHZ²7KH$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 *N 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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0'&3URMHFW5HYLHZ²7KH$SDUWPHQWV²²3DJH &&RQWULEXWHWRD9LEUDQW6WUHHWVFDSH $SSOLFDELOLW\<HV &RPSOLDQFH<HV *XLGHOLQHVUHTXLUHSHUFHQWJOD]LQJRQVWUHHWOHYHO7KHSURMHFWDSSHDUVWRFRPSO\WKHWK 6WUHHW6:DQGVW$YHQXH6:HOHYDWLRQV5HPRYLQJWKHYHKLFOHHQWU\DQGILUVWOHYHOSDUNLQJ WK RQ 6WUHHW6: PHQWLRQHGHOVHZKHUHLQWKLVUHYLHZ DQGUHSODFLQJLWZLWKPRUHFRPPHUFLDO VSDFHZRXOGDGGPRUHJOD]LQJDQGSHGHVWULDQRULHQWHGDFWLYLW\RQWKHVWUHHW *XLGHOLQHVUHTXLUHDFWLYHXVHVDQGPXOWLSOHHQWUDQFHVDWVWUHHWOHYHO7KHSURMHFWFRPSOLHV VWWK E\SODFLQJUHWDLOVSDFHDORQJWKHHQWLUH$YHQXH6:IDoDGHDQGPRVWRIWKH6WUHHW6: VW IDo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´0RUHLQIRUPDWLRQLV QHHGHGRQVSHFLILFPDWHULDOVDQGFRORUV *OD]LQJRQVWUHHWOHYHOPXVWKDYH97QROHVVWKDQ7KLVQHHGVWREHYHULILHG [[526,1792,669,1845][11][,I,][Arial]] [[669,1792,682,1845][11][,I,][Arial]] [[682,1792,882,1845][11][,I,][Arial]]FRPPHQW [[883,1792,896,1845][11][,I,][Arial]] [[896,1792,1086,1845][11][,I,][Arial]]'UDZLQJV [[1086,1792,1099,1845 ][11][,I,][Arial]] [[1099,1792,1194,1845][11][,I,][Arial]]LQGLF [[1193,1792,1257,1845][11][,I,][Arial]]DWH [[1257,1792,1270,1845][11][,I,][Arial]] [[1270,1792,1338,1845][11][,I,][Arial]]³$OO [[1336,1792,1349,1845][11][,I,][Arial]] [[1349,1792,1494,1845][11][,I,][Arial]]JOD]LQJ [[1493,1792,1506,1845][11][,I,][Arial]] [[1506,1792,1544,1845][11][,I,][Arial]]WR [[1545,1792,1558,1845][11][ ,I,][Arial]] [[1558,1792,1609,1845][11][,I,][Arial]]EH [[1609,1792,1622,1845][11][,I,][Arial]] [[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]] [[1668,2427,1726,2480][11][,I,][Arial]]IRU [[1722,2427,1735,2480][11][,I,][Arial]] [[1734,2427,1895,2480][11][,I,][Arial]]VLJQDJH [[1895,2427,1908,2480][11][,I,][Arial]] [[1908,2427,1991,2480][11] [,I,][Arial]]OLPLW [[1989,2427,2002,2480][11][,I,][Arial]] [[2002,2427,2201,2480][11][,I,][Arial]]SURMHFWLQJ [[2201,2427,2214,2480][11][,I,][Arial]] [[2214,2427,2321,2480][11][,I,][Arial]]VLJQV [[2320,2427,2333,2480][11][,I,][Arial]] [[526,2480,564,2533][11][,I,][Arial]]WR [[565,2480,578,2533][11][,I,][Arial]] [[578,2480,629,2533][11][,I,][Arial]] [[628,2480,641,2533][11][,I,][Arial]] [[641,2480,782,2533][11][,I,][Arial]]VTXD UH [[781,2480,794,2533][11][,I,][Arial]] [[794,2480,873,2533][11][,I,][Arial]]IHHW [[871,2480,884,2533][11][,I,][Arial]] [[883,2480,941,2533][11][,I,][Arial]]IRU [[937,2480,950,2533][11][,I,][Arial ]] [[949,2480,1013,2533][11][,I,][Arial]]WKH [[1013,2480,1026,2533][11][,I,][Arial]] [[1026,2480,1141,2533][11][,I,][Arial]]HQWLUH [[1141,2480,1154,2533][11][,I,][Arial]] [[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 *N 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 [[1784,354,1797,407][11][,I,][Arial]] [[1797,354,1835,407][11][,I,][Arial]]WR [[1835,354,1848,40 7][11][,I,][Arial]] [[1848,354,1970,407][11][,I,][Arial]]UHYLVLW [[1967,354,1980,407][11][,I,][Arial]] [[1980,354,2050,407][11][,I,][Arial]]WKLV [[2051,354,2064,407][11][,I,][Arial]] [[2064,354,2234,407][11][,I,][Arial]]VROXWLRQ [[2235,354,2248,407][11][,I,][Arial]] [[525,407,646,460][11][,I,][Arial]]&RXOG [[645,407,658,460][11][,I,][Arial]] [[658,407,684,460][11][,I,][Arial]]D [[683,407,696,460][11][,I,][Arial]] [[696,407,818,460][11][,I,][Arial]]EHORZ [[816,407,831,460][11][,I,][Arial]] [[831,407,948,460][11][,I,][Arial]]JUDGH [[948,407,961,460][11][,I,][Arial]] [[961,407,1059,460][11][,I,][Arial]]YDXOW [[1058,407,1071,460][11][,I,][Arial]] [[1071,407,1359,460][11][,I,][Arial]]DFFRPPRGDWH [[1359,407,1372,460][11][,I,][Arial]] [[1371,407,1435,460][11][,I,][Arial]]WKH [[1435,407,1448,460][11][,I,][Arial]] [[1448,407,1694,460][11][,I,][ Arial]]WUDQVIRUPHU [[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 [[1198,459,1211,512][11][,I,][Arial]] [[1211,459,1277,512][11][,I,][Arial]]RX W [[1275,459,1288,512][11][,I,][Arial]] [[1288,459,1332,512][11][,I,][Arial]]RI [[1326,459,1339,512][11][,I,][Arial]] [[1339,459,1476,512][11][,I,][Arial]]KDUP¶V [[1475,459,1488,512][11][,I,][Arial ]] [[1489,459,1596,512][11][,I,][Arial]]ZD\" [[1595,459,1608,512][11][,I,][Arial]] [[1609,459,1706,512][11][,I,][Arial]]&DUV [[1705,459,1718,512][11][,I,][Arial]] [[1718,459,1797,512][11][,I,][Ari al]]DQG [[1794,459,1807,512][11][,I,][Arial]] [[1808,459,1990,512][11][,I,][Arial]]HOHFWULFDO [[1988,459,2001,512][11][,I,][Arial]] [[2001,459,2259,512][11][,I,][Arial]]WUDQVIRUPHUV [[2258,459,2271,512][11][,I,][Arial]] [[526,512,627,565][11][,I,][Arial]]GRQ¶W [[625,512,638,565][11][,I,][Arial]] [[638,512,710,565][11][,I,][Arial]]PL[ [[709,512,722,565][11][,I,][Arial]] [[722,512,802,565][11][,I,][Arial]]ZHOO [[801,512,814,565][11][,I,][Arial]] [[814,512,924,565][11][,I,][Arial]]ZKHQ [[923,512,936,565][11][,I,][Arial]] [[936,512,1000,565][11][,I,][Arial]]WKH [[1000,512,1013,565][11][,I,][Arial]] [[1013,512,1252,565][11][,I,][Arial]]WUDQVIRUPHU [[1247,512,1260,565][11][,I,][Arial]] [[1260,512,1293,565][11][,I,][Arial]]LV [[1293,512,1306,565][11][,I,][Arial]] [[1306,512,1456,565][11][,I,][A rial]]ORFDWHG [[1453,512,1466,565][11][,I,][Arial]] [[1466,512,1576,565][11][,I,][Arial]]DZD\ [[1573,512,1586,565][11][,I,][Arial]] [[1586,512,1678,565][11][,I,][Arial]]IURP [[1678,512,1691,565][11 ][,I,][Arial]] [[1691,512,1815,565][11][,I,][Arial]]WUDIILF [[1815,512,1828,565][11][,I,][Arial]] [[1828,512,1961,565][11][,I,][Arial]]PL[LQJ [[1961,512,1974,565][11][,I,][Arial]] [[1973,512,2075,565][11][,I,][Arial]]WKHP [[2075,512,2088,565][11][,I,][Arial]] [[2088,512,2261,565][11][,I,][Arial]]WRJHWKHU [[2256,512,2269,565][11][,I,][Arial]] [[526,564,592,617][11][,I,][Arial]]ZLOO [[589,564,602,617][11][,I,][Arial]] [[602,564,653,617][11][,I,][Arial]]EH [[653,564,666,617][11][,I,][Arial]] [[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 $SSOLFDELOLW\<HV &RPSOLDQFH1HHGVPRUHLQIR *XLGHOLQHVUHFRPPHQGLQVWDOOLQJ+9$&V\VWHPVFRPSDWLEOHZLWKGLVWULFWKHDWLQJDQGFRROLQJ LIWKH\EHFRPHDYDLODEOH0RUHLQIRUPDWLRQLVQHHGHGIRUFRPSOLDQFHZLWKWKLVJXLGHOLQH *XLGHOLQHVUHFRPPHQGFRQQHFWLQJWRV\VWHPVLIDYDLODEOH8QFHUWDLQZKHWKHUWKLVV\VWHP ZLOOEHDYDLODEOHKHUH 3DFNHW3J *N 0'&3URMHFW5HYLHZ²7KH$SDUWPHQWV²²3DJH &'HVLJQ5RRIVIRU9LVXDO,PSDFWDQG6XVWDLQDELOLW\ $SSOLFDELOLW\<HV &RPSOLDQFH1HHGVPRUHLQIR *XLGHOLQHVUHFRPPHQGXVHRIJUHHQURRIVVRODUFROOHFWRUVDQGRWKHUDWWUDFWLYHURRIWRS XVHV7KHSURMHFWKDVDGHFNRYHUSDUWRIWKHURRIWRSZLWKDFRQYHQWLRQDOURRIHOVHZKHUH &RQVLGHUGHVLJQLQJWKHIODWURRIVWRVXSSRUWVRODUFROOHFWRUV [[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]] [[895,725,1055,778][11][,I,][Arial]]5RRIWRS [[1055,725,1068,778][11][,I,][ Arial]] [[1068,725,1168,778][11][,I,][Arial]]GHFN [[1166,725,1179,778][11][,I,][Arial]] [[1179,725,1212,778][11][,I,][Arial]]LV [[1211,725,1224,778][11][,I,][Arial]] [[1224,725,1311,778][11][,I,][ Arial]]QRZ [[1308,725,1321,778][11][,I,][Arial]] [[1321,725,1453,778][11][,I,][Arial]]VKRZQ [[1453,725,1466,778][11][,I,][Arial]] [[1466,725,1517,778][11][,I,][Arial]]RQ [[1517,725,1530,778][11][,I ,][Arial]] [[1530,725,1594,778][11][,I,][Arial]]WKH [[1594,725,1607,778][11][,I,][Arial]] [[1607,725,1817,778][11][,I,][Arial]]GUDZLQJV [[1818,725,1831,777][11][,,][Arial]] *XLGHOLQHVUHFRPPHQGVFUHHQLQJPHFKDQLFDOHTXLSPHQWRQWKHURRI(TXLSPHQWDQG VFUHHQLQJDUHQRWFOHDURQWKHGUDZLQJV [[526,887,669,940][11][,I,][Arial]] [[669,887,682,940][11][,I,][Arial]] [[682,887,882,940][11][,I,][Arial]]FRPPHQW [[883,887,896,940][11][,I,][Arial]] [[896,887,1102,940][11][,I,][Arial]]6FUHHQLQJ [[1101,887,1114,940][11][,I, ][Arial]] [[1114,887,1172,940][11][,I,][Arial]]IRU [[1168,887,1181,940][11][,I,][Arial]] [[1181,887,1324,940][11][,I,][Arial]]URRIWRS [[1323,887,1336,940][11][,I,][Arial]] [[1336,887,1570,940][11] [,I,][Arial]]PHFKDQLFDO [[1568,887,1581,940][11][,I,][Arial]] [[1581,887,1614,940][11][,I,][Arial]]LV [[1614,887,1627,940][11][,I,][Arial]] [[1627,887,1714,940][11][,I,][Arial]]QRZ [[1711,887,1724,940][11][,I,][Arial]] [[1724,887,1856,940][11][,I,][Arial]]VKRZQ [[1856,887,1869,940][11][,I,][Arial]] [[1869,887,1920,940][11][,I,][Arial]]RQ [[1920,887,1933,940][11][,I,][Arial]] [[1932,887,1996,940][11][,I,][Arial]]WKH [[1996,887,2009,940][11][,I,][Arial]] [[2009,887,2220,940][11][,I,][Arial]]GUDZLQJV [[2220,887,2233,939][11][,,][Arial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hŶŝƚƐǁŝƚŚƚŚƌĞĞŽƌŵŽƌĞďĞĚƌŽŽŵƐĂƌĞĞƋƵŝǀĂůĞŶƚƚŽϭ͘ϯϬƵŶŝƚƐ ůůŽƚŚĞƌƵŶŝƚƐĂƌĞĐĂůĐƵůĂƚĞĚĂƐϭ͘ϬϬƵŶŝƚ͘ ŵĞŶĚϲϮ͘ϭϰϬ͗hƐĞĂƚĞŐŽƌŝĞƐ ;ŽŵŵĞŶƚϭϰϰͿ h^d'KZ/^͗ ϲϮ͘ϭϰϬ ŽŶƚĂŝŶĞĚŝŶƚŚŝƐƐĞĐƚŝŽŶĂƌĞƚŚĞĚĞƐĐƌŝƉƚŝŽŶƐŽĨĞĂĐŚĐĂƚĞŐŽƌǇŽĨƵƐĞǁŚŝĐŚŵĂǇďĞůŝƐƚĞĚĂƐĂ WĞƌŵŝƚƚĞĚŽƌŽŶĚŝƚŝŽŶĂůhƐĞŝŶƚŚĞŽŶŝŶŐŝƐƚƌŝĐƚdĂďůĞƐ͘&ŽƌĞǀĞƌǇĚĞǀĞůŽƉŵĞŶƚĂƉƉůŝĐĂƚŝŽŶ ĚĞƚĞƌŵŝŶĞǁŚŝĐŚƵƐĞĐĂƚĞŐŽƌǇƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŵŽƐƚĐůŽƐĞůǇĐŽƌƌĞƐƉŽŶĚƐƚŽĂŶĚ ǁŚĞƚŚĞƌƚŚĞƵƐĞŝƐƉĞƌŵŝƚƚĞĚŝŶƚŚĞĂƉƉůŝĐĂďůĞǌŽŶŝŶŐĚŝƐƚƌŝĐƚ͘ ZĞƐŝĚĞŶƚŝĂůhƐĞƐ ϲϮ͘ϭϰϭ͗^ƵďĚŝǀŝƐŝŽŶϭ͘dŚĞĨŽůůŽǁŝŶŐŝƐĂůŝƐƚĂŶĚĚĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞƌĞƐŝĚĞŶƚŝĂůƵƐĞ ĐĂƚĞŐŽƌŝĞƐ͗ ^ŝŶŐůĞ&ĂŵŝůǇĞƚĂĐŚĞĚ͗ ^ƵďĚ͘Ϯ͘ŽŶĞĨĂŵŝůǇĚĞƚĂĐŚĞĚĚǁĞůůŝŶŐĂƐĚĞĨŝŶĞĚ͘ Z&dϭͬϭϲͬϮϬϭϵ ϳ 3DFNHW3J *F ^ŝŶŐůĞ&ĂŵŝůǇƚƚĂĐŚĞĚ ^ƵďĚ͘ϯ͗͘ŽŶĞĨĂŵŝůǇĂƚƚĂĐŚĞĚĚǁĞůůŝŶŐĂƐĚĞĨŝŶĞĚ͘ ƵƉůĞǆ͗ ^ƵďĚ͘ϰ͘ƚǁŽĨĂŵŝůǇĚǁĞůůŝŶŐĂƐĚĞĨŝŶĞĚ͘ ƚƚĂĐŚĞĚǁĞůůŝŶŐ͗ ^ƵďĚ͘ϱ͘ŶĂƚƚĂĐŚĞĚĚǁĞůůŝŶŐ͕ĂƐĚĞĨŝŶĞĚ͘ WĞƌĨŽƌŵĂŶĐĞZĞƐŝĚĞŶƚŝĂůĞǀĞůŽƉŵĞŶƚ͗ ^ƵďĚ͘ϲ͘ĚĞǀĞůŽƉŵĞŶƚĐŽŶƐŝƐƚŝŶŐŽĨŽŶĞŽƌ ŵŽƌĞƚǇƉĞƐŽĨĚĞƚĂĐŚĞĚŽƌĂƚƚĂĐŚĞĚŽŶĞĂŶĚƚǁŽĨĂŵŝůǇĚǁĞůůŝŶŐƐĚĞǀĞůŽƉĞĚĂĐĐŽƌĚŝŶŐƚŽƚŚĞ ƐƚĂŶĚĂƌĚƐĞƐƚĂďůŝƐŚĞĚĨŽƌƉĞƌĨŽƌŵĂŶĐĞƌĞƐŝĚĞŶƚŝĂůƵƐĞŝŶƚŚŝƐŽƌĚŝŶĂŶĐĞ͘/ŶƚŚĞEͲEZĚŝƐƚƌŝĐƚ͕ ƉĞƌĨŽƌŵĂŶĐĞƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚƐĂƌĞƌĞĨĞƌƌĞĚƚŽĂƐ͞ƚŽǁŶŚŽƵƐĞƐ͟ǁŚŝĐŚĂƌĞĂƚǇƉĞŽĨ ĂƚƚĂĐŚĞĚŽŶĞĨĂŵŝůǇĚǁĞůůŝŶŐƐƚŚĂƚŵƵƐƚŽŶůǇŵĞĞƚƐĞůĞĐƚĞĚƐƚĂŶĚĂƌĚƐĞƐƚĂďůŝƐŚĞĚĨŽƌ ƉĞƌĨŽƌŵĂŶĐĞƌĞƐŝĚĞŶƚŝĂůƵƐĞƐŝŶϲϮ͘ϮϲϭŽƌƐĞƚďĂĐŬƐŝŶƐĞĐƚŝŽŶƐϲϮ͘ϮϴϯͲϲϮ͘Ϯϴϱ͘ ŽƚƚĂŐĞĞǀĞůŽƉŵĞŶƚ͗ ^ƵďĚ͘ϳ͘ĐŽƚƚĂŐĞĚĞǀĞůŽƉŵĞŶƚ͕ĂƐĚĞĨŝŶĞĚ͘ DƵůƚŝͲ&ĂŵŝůǇZĞƐŝĚĞŶƚŝĂů͗ ^ƵďĚ͘ϴ͘ďƵŝůĚŝŶŐĐŽŶƚĂŝŶŝŶŐƚŚƌĞĞŽƌŵŽƌĞĚǁĞůůŝŶŐƵŶŝƚƐ͘ dŚĞƚĞƌŵŝŶĐůƵĚĞƐĐŽŽƉĞƌĂƚŝǀĞĂƉĂƌƚŵĞŶƚƐ͕ĐŽŶĚŽŵŝŶŝƵŵƐ͕ĂŶĚƚŚĞůŝŬĞ͘&ŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨ ƚŚĞƐĞƌĞŐƵůĂƚŝŽŶƐ͕ƌĞŐĂƌĚůĞƐƐŽĨŚŽǁƌĞŶƚĂůƵŶŝƚƐĂƌĞĞƋƵŝƉƉĞĚ͕ĂŶǇŵƵůƚŝĨĂŵŝůǇĚǁĞůůŝŶŐŝŶ ǁŚŝĐŚƵŶŝƚƐĂƌĞĂǀĂŝůĂďůĞĨŽƌƌĞŶƚĂůƉĞƌŝŽĚƐŽĨŽŶĞǁĞĞŬŽƌůĞƐƐƐŚĂůůďĞĐŽŶƐŝĚĞƌĞĚĂŚŽƚĞů͘ 'ƌŽƵƉZĞƐŝĚĞŶƚŝĂůĂƌĞ͗ ^ƵďĚ͘ϵ͘'ƌŽƵƉƌĞƐŝĚĞŶƚŝĂůĐĂƌĞƵƐĞƐŝŶĐůƵĚĞĂŶǇĚĂǇĐĂƌĞ ĨĂĐŝůŝƚŝĞƐŽƌƌĞƐŝĚĞŶƚŝĂůĨĂĐŝůŝƚŝĞƐĂƐĞĂĐŚĂƌĞĚĞĨŝŶĞĚďǇƚŚŝƐŽĚĞ͘ ^ĞŵŝͲdƌĂŶƐŝĞŶƚĐĐŽŵŵŽĚĂƚŝŽŶƐ͗ ^ƵďĚ͘ϭϬ͘^ĞŵŝͲƚƌĂŶƐŝĞŶƚĂĐĐŽŵŵŽĚĂƚŝŽŶƐŝŶĐůƵĚĞ ƌŽŽŵŝŶŐŚŽƵƐĞƐĂŶĚĨƌĂƚĞƌŶŝƚǇŽƌƐŽƌŽƌŝƚǇŚŽƵƐĞƐĂƐĚĞĨŝŶĞĚďǇƚŚŝƐŽĚĞ͘ DĂŶƵĨĂĐƚƵƌĞĚ,ŽƵƐŝŶŐ͗ 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ďƵŝůĚŝŶŐ͕ƐƚƌƵĐƚƵƌĞŽƌƵƐĞƚŽǁŚŝĐŚŝƚŝƐƌĞůĂƚĞĚ͕ǁŚŝĐŚŝƐϭͿĐůĞĂƌůǇŝŶĐŝĚĞŶƚĂůƚŽ͕ĂŶĚĐƵƐƚŽŵĂƌŝůǇ ĨŽƵŶĚŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚ͕ƐƵĐŚƉƌŝŶĐŝƉĂůďƵŝůĚŝŶŐŽƌƵƐĞĂŶĚϮͿŝƐŽƉĞƌĂƚĞĚĂŶĚŵĂŝŶƚĂŝŶĞĚĨŽƌ ƚŚĞďĞŶĞĨŝƚŽƌĐŽŶǀĞŶŝĞŶĐĞŽĨƚŚĞŽǁŶĞƌƐ͕ŽĐĐƵƉĂŶƚƐ͕ĞŵƉůŽǇĞĞƐ͕ĐƵƐƚŽŵĞƌƐŽƌǀŝƐŝƚŽƌƐŽĨƚŚĞ ůŽƚ͘^ĞĞϲϮ͘ϮϳϴĨŽƌĚĞƚĂŝůĞĚůŝƐƚŽĨĂĐĐĞƐƐŽƌǇƵƐĞƌĞŐƵůĂƚŝŽŶƐ͘ Z&dϭͬϭϲͬϮϬϭϵ ϴ 3DFNHW3J *F ŵĞŶĚϲϮ͘ϮϲϬ͗ĞƚĂŝůĞĚhƐĞZĞŐƵůĂƚŝŽŶƐ͖ZĞƐŝĚĞŶƚŝĂůŝƐƚƌŝĐƚƐ ;ŽŵŵĞŶƚϲΘϭϯϵͿ ZĞǀŝƐĞ^ĞĐƚŝŽŶϲϮ͘Ϯϲϭ͕^ƵďĚ͘Ϯ͘͘ϲďǇĂĚĚŝŶŐŶĞǁĐůĂƵƐĞ;ŝŝͿ͗ ϲ͘dŚĞŵĂǆŝŵƵŵŶƵŵďĞƌŽĨďƵŝůĚŝŶŐƐǁŚŝĐŚŵĂǇďĞĂƚƚĂĐŚĞĚŝŶĂŶZͲϭǆŽƌZͲϮŝƐƚƌŝĐƚŝƐĨŝǀĞ͕ ĂŶĚŶŝŶĞŝŶĂŶǇŽƚŚĞƌĚŝƐƚƌŝĐƚǁŝƚŚƚŚĞĞǆĐĞƉƚŝŽŶŽĨ;ŝͿƚŚĞEͲEZŝƐƚƌŝĐƚ͕ǁŚĞƌĞƚŚĞůŝŵŝƚƚŽ ƚŚĞŶƵŵďĞƌŽĨĂƚƚĂĐŚĞĚĚǁĞůůŝŶŐƐŝƐƚŚƌĞĞĂŶĚĐĂŶŶŽƚďĞŝŶĐƌĞĂƐĞĚĂƐŽƚŚĞƌĚŝƐƚƌŝĐƚƐĐĂŶ ĂĐĐŽƌĚŝŶŐƚŽƚŚĞƌĞŵĂŝŶĚĞƌŽĨƚŚŝƐƐĞĐƚŝŽŶ͕ĂŶĚ;ŝŝͿƚŚĞZͲϮǆŝƐƚƌŝĐƚ͕ǁŚĞƌĞƚŚĞŶƵŵďĞƌŽĨ ƵŶŝƚƐŝƐůŝŵŝƚĞĚďǇĂŵĂǆŝŵƵŵďƵŝůĚŝŶŐůĞŶŐƚŚŽĨϭϱϬĨĞĞƚ͕ƌĂƚŚĞƌƚŚĂŶďǇĂĨŝǆĞĚŶƵŵďĞƌŽĨ ƵŶŝƚƐ͘/ŶĐƌĞĂƐĞƐƚŽƚŚŝƐĂƌĞƉĞƌŵŝƚƚĞĚƐƵďũĞĐƚƚŽƚŚĞĨŽůůŽǁŝŶŐƌƵůĞƐ͗ ϳ͘ƚƚĂĐŚĞĚǁĞůůŝŶŐƐŝŶƚŚĞZϮǆǌŽŶĞŵƵƐƚŚĂǀĞǀĞŚŝĐƵůĂƌĂĐĐĞƐƐƚŽĞŝƚŚĞƌĂŶĂůůĞǇŽƌƉƌŝǀĂƚĞ ƐƚƌĞĞƚ͘ ƚƚĂĐŚĞĚǁĞůůŝŶŐ͗ 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ϳ͘ŽŶŝŶŐĚŝƐƚƌŝĐƚůŽƚĂŶĚƐĞƚďĂĐŬƌĞƋƵŝƌĞŵĞŶƚƐƐŚĂůůĂƉƉůǇƚŽƚŚĞƉƌŽũĞĐƚƐŝƚĞĂƐĂǁŚŽůĞ͕ďƵƚŶŽƚƚŽ ŝŶĚŝǀŝĚƵĂůĚǁĞůůŝŶŐƐ͘ ϴ͘/ĨƚŚĞǌŽŶŝŶŐĚŝƐƚƌŝĐƚĂůůŽǁƐĚƵƉůĞǆĞƐ͕ĂƚƚĂĐŚĞĚĚǁĞůůŝŶŐƐ͕ŽƌƐŝŶŐůĞͲĨĂŵŝůǇĂƚƚĂĐŚĞĚĚǁĞůůŝŶŐƐ͕Ă ĐŽƚƚĂŐĞĚĞǀĞůŽƉŵĞŶƚŵĂǇŝŶĐůƵĚĞƚŚŽƐĞĚǁĞůůŝŶŐƚǇƉĞƐ͘ ϵ͘ĐĐĞƐƐĚƌŝǀĞƐǁŝƚŚŝŶĂĐŽƚƚĂŐĞĚĞǀĞůŽƉŵĞŶƚƐŚĂůůďĞĐŽŶƐƚƌƵĐƚĞĚƚŽĐŝƚǇƐƚĂŶĚĂƌĚƐ͘ ϭϬ͘dŚĞĂƉƉůŝĐĂŶƚƐŚĂůůƐƵďŵŝƚĂƐŝƚĞƉůĂŶŝĚĞŶƚŝĨǇŝŶŐŝŶĚŝǀŝĚƵĂůĐŽƚƚĂŐĞĚĞǀĞůŽƉŵĞŶƚƐŝƚĞƐ͕ƐƚƌĞĞƚƐ͕ ƉĂƌŬŝŶŐĂƌĞĂƐ͕ƐƚŽƌŵǁĂƚĞƌĨĂĐŝůŝƚŝĞƐ͕ĐŽŵŵŽŶĂƌĞĂƐ͕ĂŶĚĂŶǇŽƚŚĞƌĨĞĂƚƵƌĞƐƌĞƋƵŝƌĞĚƚŽďĞ ŝĚĞŶƚŝĨŝĞĚďǇƚŚŝƐ>DŽƌƐƚĂƚĞĐŽŶĚŽŵŝŶŝƵŵůĂǁ͘ >ŝǀĞͬtŽƌŬǁĞůůŝŶŐ͗ ϲϮ͘ϮϲydŚĞĨŽůůŽǁŝŶŐƌĞŐƵůĂƚŝŽŶƐĂƉƉůǇƚŽůŝǀĞͬǁŽƌŬĚǁĞůůŝŶŐƐ͗;ŽŵŵĞŶƚϭϰϭͿ ϭ͘dŚĞďƵŝůĚŝŶŐŵĂǇďĞƵƐĞĚĨŽƌďŽƚŚƌĞƐŝĚĞŶĐĞƐĂŶĚĨŽƌĂďƵƐŝŶĞƐƐďĞŝŶŐĐŽŶĚƵĐƚĞĚďǇĂƌĞƐŝĚĞŶƚ ŽĨƚŚĞďƵŝůĚŝŶŐĂŶĚƚŚĂƚĚŽĞƐŶŽƚƋƵĂůŝĨǇĂƐĂŚŽŵĞŽĐĐƵƉĂƚŝŽŶ͘ Ϯ͘WŽƌƚŝŽŶƐŽĨƚŚĞƐƚƌƵĐƚƵƌĞƵƐĞĚĨŽƌƌĞƐŝĚĞŶƚŝĂůĂŶĚŶŽŶƌĞƐŝĚĞŶƚŝĂůƵƐĞƐƐŚĂůůŚĂǀĞĂĐŽŶŶĞĐƚŝŽŶ ďĞƚǁĞĞŶƚŚĞŵůŽĐĂƚĞĚŝŶƐŝĚĞƚŚĞďƵŝůĚŝŶŐ͘ Z&dϭͬϭϲͬϮϬϭϵ ϵ 3DFNHW3J *F ϯ͘ǁĂůůƐŝŐŶŶŽŵŽƌĞƚŚĂŶϮƐƋƵĂƌĞĨĞĞƚŝŶƐŝǌĞĂŶĚůŽĐĂƚĞĚŶŽŚŝŐŚĞƌƚŚĂŶƚŚĞĨŝƌƐƚĨůŽŽƌŽĨƚŚĞ ďƵŝůĚŝŶŐŝƐƉĞƌŵŝƚƚĞĚ͘ ϰ͘EŽŵŽƌĞƚŚĂŶƚǁŽŶŽŶͲƌĞƐŝĚĞŶƚĞŵƉůŽǇĞĞƐĂƌĞƉĞƌŵŝƚƚĞĚŝŶĂĚĚŝƚŝŽŶƚŽƚŚĞƌĞƐŝĚĞŶƚƐŽĨƚŚĞ ĚǁĞůůŝŶŐ͘ ϱ͘EŽŶƌĞƐŝĚĞŶƚŝĂůƵƐĞƐĂƌĞůŝŵŝƚĞĚƚŽƚŚŽƐĞƚŚĂƚĂƌĞ;ĂͿĐŽŶĚƵĐƚĞĚŝŶĚŽŽƌƐ͕ĂŶĚ;ďͿĞŶŐĂŐĞĚŝŶ ƉƌŽĚƵĐŝŶŐĂŐŽŽĚŽƌƉƌŽĚƵĐƚƚŚĂƚŝƐƐŽůĚĨƌŽŵƚŚĞƉƌĞŵŝƐĞƐ͕ĂŶĚ;ĐͿĚŽŶŽƚŝŶǀŽůǀĞƚŚĞƐĂůĞŽĨ ĂůĐŽŚŽůŝĐďĞǀĞƌĂŐĞƐ͕ĨŝƌĞĂƌŵƐ͕ƚŽďĂĐĐŽ͕ŽƌƌĞůĂƚĞĚŐŽŽĚƐ͘^ĂůĞƐŽĨŐŽŽĚƐŝƐůŝŵŝƚĞĚƚŽ;ĂͿŐŽŽĚƐ ƉƌŽĚƵĐĞĚŽŶƚŚĞƉƌĞŵŝƐĞƐ͕ĂŶĚ;ďͿŝŶĐŝĚĞŶƚĂůƌĞƐĂůĞŽĨŐŽŽĚƐƉƵƌĐŚĂƐĞĚĞůƐĞǁŚĞƌĞƚŚĂƚĂƌĞ ƌĞůĂƚĞĚƚŽŽƌƵƐĞĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐƉƌŽĚƵĐĞĚŽŶƚŚĞƉƌĞŵŝƐĞƐ͕ƉƌŽǀŝĚĞĚ ƚŚĂƚƚŚĞĂƌĞĂƵƐĞĨŽƌƐƵĐŚƌĞƐĂůĞƐĚŽĞƐŶŽƚĞǆĐĞĞĚϱƉĞƌĐĞŶƚŽĨƚŚĞŐƌŽƐƐĨůŽŽƌĂƌĞĂŽĨƚŚĞ ŶŽŶƌĞƐŝĚĞŶƚŝĂůƉŽƌƚŝŽŶŽĨƚŚĞƐƚƌƵĐƚƵƌĞ͘ DŽĚŝĨǇϲϮ͘Ϯϲϯ;ϮͿ;Ϳ͗KƚŚĞƌZĞƐŝĚĞŶƚŝĂůhƐĞƐ 'ƌŽƵƉZĞƐŝĚĞŶƚŝĂůĂƌĞ͗ ^ƵďĚ͘Ϯ͘hƐĞƐƐŚĂůůďĞůŝĐĞŶƐĞĚƵŶĚĞƌƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂWƵďůŝĐtĞůĨĂƌĞ >ŝĐĞŶƐŝŶŐĐƚĂŶĚƉƌŽŽĨŽĨƐƵĐŚůŝĐĞŶƐŝŶŐƐŚĂůůďĞƌĞƋƵŝƌĞĚƉƌŝŽƌƚŽǌŽŶŝŶŐĐĞƌƚŝĨŝĐĂƚĞĂƉƉƌŽǀĂů͘ ͘/ŶĂůůĚŝƐƚƌŝĐƚƐ͕ĂĚĂǇĐĂƌĞĨĂĐŝůŝƚǇƐĞƌǀŝŶŐϭϰŽƌĨĞǁĞƌĚĞƉĞŶĚĞŶƚƐŽƌĂƌĞƐŝĚĞŶƚŝĂůĨĂĐŝůŝƚǇ ƐĞƌǀŝŶŐϱŽƌĨĞǁĞƌĚĞƉĞŶĚĞŶƚƐŝƐĂƉĞƌŵŝƚƚĞĚdǇƉĞ/ƵƐĞƐƵďũĞĐƚƚŽŵĞĞƚŝŶŐƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƐŝŶŐůĞĨĂŵŝůǇĚĞƚĂĐŚĞĚĚǁĞůůŝŶŐƐ͘tŚĞƌĞƐŝŶŐůĞĨĂŵŝůǇĚǁĞůůŝŶŐƐĂƌĞ ŶŽƚƉĞƌŵŝƚƚĞĚ͕ƚŚĞĂƉƉůŝĐĂďůĞƌĞƋƵŝƌĞŵĞŶƚƐƐŚĂůůďĞƚŚŽƐĞŽĨƚŚĞZͲϮŝƐƚƌŝĐƚ͘ ͘ĚĂǇĐĂƌĞĨĂĐŝůŝƚǇƐĞƌǀŝŶŐďĞƚǁĞĞŶϭϰĂŶĚϮϬŽƌĂƌĞƐŝĚĞŶƚŝĂůĨĂĐŝůŝƚǇƐĞƌǀŝŶŐďĞƚǁĞĞŶ ƐĞǀĞŶĂŶĚϭϲĚĞƉĞŶĚĞŶƚƐŝƐĂƉĞƌŵŝƚƚĞĚdǇƉĞ/ŵƵůƚŝĨĂŵŝůǇƵƐĞŝŶƚŚĞZͲϯĂŶĚZͲϰ ŝƐƚƌŝĐƚƐ͕ƐƵďũĞĐƚƚŽƚŚĞƐĂŵĞƌĞƋƵŝƌĞŵĞŶƚƐĂƐŵƵůƚŝĨĂŵŝůǇƌĞƐŝĚĞŶƚŝĂůĚǁĞůůŝŶŐƐ͘/ŶƚŚĞ ZͲϭ͕EͲEZ͕ZͲϭy͕ĂŶĚZͲϮ͕ĂŶĚZͲϮyŝƐƚƌŝĐƚƐ͕ƐƵĐŚĚĞǀĞůŽƉŵĞŶƚƐŚĂůůďĞĂdǇƉĞ// ĐŽŶĚŝƚŝŽŶĂůƵƐĞ͘ ͘ĂǇĐĂƌĞĨĂĐŝůŝƚŝĞƐƐĞƌǀŝŶŐŵŽƌĞƚŚĂŶϮϬĂŶĚƌĞƐŝĚĞŶƚŝĂůĨĂĐŝůŝƚŝĞƐƐĞƌǀŝŶŐŵŽƌĞƚŚĂŶϭϲ ĚĞƉĞŶĚĞŶƚƐĂƌĞĂdǇƉĞ///ƵƐĞŝŶƌĞƐŝĚĞŶƚŝĂůĚŝƐƚƌŝĐƚƐƐƵďũĞĐƚƚŽƚŚĞ'ĞŶĞƌĂůŽŶŝŶŐ ŝƐƚƌŝĐƚZĞŐƵůĂƚŝŽŶƐĂŶĚƚŽƚŚĞ^ĞƚďĂĐŬƌĞŐƵůĂƚŝŽŶƐĂƉƉůŝĐĂďůĞƚŽƌĞĂĐĐĞƐƐŽƌǇ ĞǀĞůŽƉŵĞŶƚƐŝŶƚŚĞƐĂŵĞǌŽŶŝŶŐĚŝƐƚƌŝĐƚ͘ DƵůƚŝͲ&ĂŵŝůǇZĞƐŝĚĞŶƚŝĂůĞǀĞůŽƉŵĞŶƚ͗ ^ƵďĚ͘ϱ͘;ŽŵŵĞŶƚϲͿ ͘DƵůƚŝĨĂŵŝůǇƌĞƐŝĚĞŶƚŝĂůƵƐĞƐĞǆĐĞĞĚŝŶŐƉĞƌŵŝƚƚĞĚĚĞŶƐŝƚǇŽƌĨůŽŽƌĂƌĞĂƐƚĂŶĚĂƌĚƐďƵƚ ŵĞĞƚŝŶŐĂůůŽƚŚĞƌƐƚĂŶĚĂƌĚƐƐŚĂůůďĞĐŽŶƐŝĚĞƌĞĚĂdǇƉĞ//ƵƐĞ͖ĚĞǀĞůŽƉŵĞŶƚƐǁŚŝĐŚ ĞǆĐĞĞĚƚŚĞƐĞƐƚĂŶĚĂƌĚƐĂƐǁĞůůĂƐŽƚŚĞƌƐƚĂŶĚĂƌĚƐƐŚĂůůďĞĐŽŶƐŝĚĞƌĞĚĂdǇƉĞ///ƵƐĞ͘ 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ƉƌŽƉĞƌƚǇ͕ƚŚĞĐŝƌĐƵůĂƚŝŽŶƐǇƐƚĞŵŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĂƚƐŚŽǁŶŽŶƚŚĞ^ŵĂůů ƌĞĂWůĂŶŽƌ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶ͖Žƌ ͘/ĨƚŚĞƌĞŝƐŶŽĂƉƉƌŽǀĞĚ^ŵĂůůƌĞĂWůĂŶŽƌ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶƚŚĂƚ [[715,1512,728,1569][12][,I,][Arial]] ŝŶĐůƵĚĞƐƚŚĞƉƌŽƉĞƌƚǇ͕ƚŚĞĐŝƌĐƵůĂƚŝŽŶƐǇƐƚĞŵĂůůŽǁƐǀĞŚŝĐƵůĂƌ͕ďŝĐǇĐůĞ͕ĂŶĚ ƉĞĚĞƐƚƌŝĂŶĐƌŽƐƐͲĂĐĐĞƐƐďĞƚǁĞĞŶƚŚĞĐŝƌĐƵůĂƚŝŽŶƐǇƐƚĞŵƐŽĨƚŚĞƉƌŽƉŽƐĞĚ ĚĞǀĞůŽƉŵĞŶƚĂŶĚƚŚĞĐŝƌĐƵůĂƚŝŽŶƐǇƐƚĞŵƐŽĨĞǆŝƐƚŝŶŐŽƌĂůůŽǁĂďůĞĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚŽŶĂĚũŽŝŶŝŶŐůŽƚƐƚŽƚŚĞŵĂǆŝŵƵŵĞǆƚĞŶƚƉƌĂĐƚŝĐĂďůĞ͘ Ϯ͘/ƐƚŚĞƌĞĂŐƌŽƵŶĚĨůŽŽƌƌĞƚĂŝůƌĞƋƵŝƌĞŵĞŶƚ͍^ŚŽƵůĚƚŚĞƌĞďĞ͍ Ă͘dŚĞƉƌŽƉŽƐĞĚŽƌĚŝŶĂŶĐĞĚŽĞƐŶŽƚƌĞƋƵŝƌĞŐƌŽƵŶĚĨůŽŽƌƌĞƚĂŝůĂŶĚƉƌŽƚĞĐƚƐǁĂůŬĂďŝůŝƚǇďǇ ƉƌŽŚŝďŝƚŝŶŐƉĂƌŬŝŶŐ͕ƐƚŽƌĂŐĞ͕ĂŶĚƵƚŝůŝƚǇƵƐĞƐŽŶƚŚĞŐƌŽƵŶĚĨůŽŽƌͬŽĨƚŚĞĨƌŽŶƚƐŝĚĞŽĨdK ƉƌŽũĞĐƚƐ͘ ϯ͘tŚĂƚŚĂƉƉĞŶƐƚŽƉĂƌĐĞůƚŚĂƚĂƌĞŶŽǁŶŽŶͲĐŽŶĨŽƌŵŝŶŐĚƵĞƚŽƚŚĞƌĞͲǌŽŶŝŶŐ͍ Ă͘EŽŶͲĐŽŶĨŽƌŵŝŶŐƵƐĞƐĐĂŶĂůǁĂǇƐƌĞŵĂŝŶŝŶƉůĂĐĞ͘ǆƉĂŶƐŝŽŶŽĨŶŽŶͲĐŽŶĨŽƌŵŝŶŐƵƐĞƐŝƐ ĂĚĚƌĞƐƐĞĚŝŶƚŚĞdKĚƌĂĨƚƚŚŽƵŐŚƚĞǆƚĂŵĞŶĚŵĞŶƚƐƚŽĐŚĂƉƚĞƌϲϱ͘ϯϮϬ͘ ϰ͘ŽŶĐĞƌŶƐĂƌŽƵŶĚƵƚŝůŝƚǇĐŽŶŶĞĐƚŝŽŶƐǁŝƚŚhƐ Ă͘ƵƌƌĞŶƚZWhǁĂƚĞƌƉŽůŝĐǇƐƚĂƚĞƐ͗ ŝ͘ϰϬϴ͘ϭ/ĨĂŶĂĚĚŝƚŝŽŶĂůďƵŝůĚŝŶŐƵŶĚĞƌƚŚĂƚƐĂŵĞŽǁŶĞƌƐŚŝƉŝƐƉůĂĐĞĚŽƌĐŽŶƐƚƌƵĐƚĞĚŽŶĂ [[488,2593,501,2650][12][,I,][Arial]] ƉĂƌĐĞůŽĨůĂŶĚǁŝƚŚĂŶĞǆŝƐƚŝŶŐďƵŝůĚŝŶŐŽƌďƵŝůĚŝŶŐƐĂŶĚƌĞƋƵŝƌĞĚǁĂƚĞƌƐĞƌǀŝĐĞ͕Ă ĐŽŵŵŽŶǁĂƚĞƌƐĞƌǀŝĐĞǁŝůůďĞƉĞƌŵŝƚƚĞĚŝĨZWhĚĞƚĞƌŵŝŶĞƐƚŚĞĞǆŝƐƚŝŶŐƐĞƌǀŝĐĞŚĂƐ ƐƵĨĨŝĐŝĞŶƚŚǇĚƌĂƵůŝĐĐĂƉĂĐŝƚǇ͘dŚĞǁĂƚĞƌƐĞƌǀŝĐĞĞǆƚĞŶƐŝŽŶƚŽƚŚĞĂĚĚŝƚŝŽŶĂůďƵŝůĚŝŶŐ ƐŚĂůů͗ &DPSXV'ULYH6(6XLWH5RFKHVWHU01 *G ϭ͘ŽŶŶĞĐƚƚŽƚŚĞĞǆŝƐƚŝŶŐƐĞƌǀŝĐĞŽƵƚƐŝĚĞƚŚĞĞǆŝƐƚŝŶŐďƵŝůĚŝŶŐĂŶĚďĞĨŽƌĞƚŚĞ [[638,703,651,760][12][,I,][Arial]] ĞǆŝƐƚŝŶŐǁĂƚĞƌŵĞƚĞƌ Ϯ͘EŽƚĞǆƚĞŶĚƚŚƌŽƵŐŚƚŚĞĞǆŝƐƚŝŶŐďƵŝůĚŝŶŐ [[638,834,651,891][12][,I,][Arial]] ϯ͘ĞƐĞƉĂƌĂƚĞůǇŵĞƚĞƌĞĚ͘ [[638,900,651,957][12][,I,][Arial]] ď͘ƵƌƌĞŶƚŝƚǇWƵďůŝĐtŽƌŬƐƉŽůŝĐǇŽŶƐĞǁĞƌĐŽŶŶĞĐƚŝŽŶƐƐƚĂƚĞƐƚŚĂƚĞĂĐŚďƵŝůĚŝŶŐǁŽƵůĚďĞ ƌĞƋƵŝƌĞĚƚŽŚĂǀĞŝƚƐŽǁŶƐĞƌǀŝĐĞĐŽŶŶĞĐƚŝŽŶƚŽƚŚĞŵĂŝŶůŝŶĞƐĞǁĞƌŝŶƚŚĞƐƚƌĞĞƚ͘ dŚŝƐŝƐƐƵĞǁŽƵůĚŶĞĞĚƚŽďĞĂĚĚƌĞƐƐĞĚďǇZŽĐŚĞƐƚĞƌWƵďůŝĐtŽƌŬƐ͕ZŽĐŚĞƐƚĞƌWƵďůŝĐhƚŝůŝƚŝĞƐ͕ĂŶĚƚŚĞ ZŽĐŚĞƐƚĞƌŝƚǇŽƵŶĐŝů͘ ϱ͘,ŽǁĚŽƚŚĞZϮǆĐŚĂŶŐĞƐŚĞůƉĚĞǀĞůŽƉĞƌƐǁŽƌŬǁŝƚŚƚŚĞŶĞŝŐŚďŽƌŚŽŽĚƐ͍ 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dKŽƌĚŝŶĂŶĐĞŝŶĐůƵĚĞƐĂĚĞĐůŝŶŝŶŐƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚĞŶƐƵƌĞƐĂůůŝŶĐůƵĚĞĚƵƐĞƐƉƌŽǀŝĚĞďĂƐŝĐ ůĞǀĞůƐŽĨďŝĐǇĐůĞƉĂƌŬŝŶŐǁŚŝůĞĂǀŽŝĚŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌůĂƌŐĞŶƵŵďĞƌƐŽĨƐƉĂĐĞƐƚŚĂƚǁŝůůůŝŬĞůǇ ŶŽƚďĞƵƐĞĚ͘ ϵ͘tĞĂůůŶĞĞĚƚŽŐĞƚƉĂƐƚĂƌŐƵŝŶŐĂďŽƵƚƚŚĞĐŽŶĐĞƉƚŽĨƚŚŝƐŝŶĐƌĞĂƐĞŝŶůĂŶĚƵƐĞŝŶƚĞŶƐŝƚǇĂŶĚĚĞŶƐŝƚǇŝŶ ƚŚĞĚĞƐŝŐŶĂƚĞĚdKŝƐƚƌŝĐƚƐ͘dŚĞƉŽůŝĐǇĚĞĐŝƐŝŽŶŚĂƐďĞĞŶĂƉƉƌŽǀĞĚĂƐƉĂƌƚŽĨƚŚĞWůĂŶŶŝŶŐϮ^ƵĐĐĞĞĚ ŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ͘/ǁŽƵůĚĞŶĐŽƵƌĂŐĞĨŽĐƵƐŽŶƚŚĞĚĞƚĂŝůƐŽĨƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶƚŽďĞƐƵƌĞŝƚǁŝůů ĂĐŚŝĞǀĞƚŚĞĚĞƐŝƌĞĚƌĞƐƵůƚƐ͘ &DPSXV'ULYH6(6XLWH5RFKHVWHU01 *G Ă͘ŽŵŵĞŶƚŶŽƚĞĚ ϭϬ͘tĞĐŽƵůĚƵƐĞĂŶŝůůƵƐƚƌĂƚĞĚĐŽŵƉĂƌŝƐŽŶŽĨƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚĚĞŶƐŝƚǇƚŽƚŚĞĐƵƌƌĞŶƚĚĞŶƐŝƚǇ͘ ŶĚŝƐƚŚĞŝŶĐƌĞĂƐĞĞŶŽƵŐŚƚŽũƵƐƚŝĨǇƚŚĞĐŚĂŶŐĞͲĂŶĚǁŝůůŝƚŵĞĞƚdKŐŽĂůƐ͍ Ă͘ƵĞƚŽƚŚŝƐĐŽŵŵĞŶƚ͕ƐƚĂĨĨƉƌŽǀŝĚĞĚǀŝƐƵĂůĞǆĂŵƉůĞƐŽĨďƵŝůĚŝŶŐƐĨƌŽŵZŽĐŚĞƐƚĞƌƚŚĂƚǁŽƵůĚďĞ ĞŝƚŚĞƌƉĞƌŵŝƚƚĞĚŽƌŶŽƚƉĞƌŵŝƚƚĞĚďĂƐĞĚŽŶƚŚĞŚĞŝŐŚƚͬůĞŶŐƚŚŽĨƚŚĞďƵŝůĚŝŶŐ͘ ϭϭ͘/ƐŝƚĐŽƌƌĞĐƚƚŽĂƐƐƵŵĞƚŚĂƚƚŚĞĐƵƌƌĞŶƚƵŶĚĞƌůǇŝŶŐǌŽŶŝŶŐǁŝůůŐŽĂǁĂǇŝŶƚŚŽƐĞĂƌĞĂƐƚŚĂƚǁŝůůŶŽǁďĞ ǌŽŶĞĚZϮǆŽƌdK͍/ĨŶŽƚ͕ŚŽǁǁŝůůƚŚĂƚďĞĂĚŵŝŶŝƐƚĞƌĞĚ͍ Ă͘zĞƐ͕ƚŚĞĐƵƌƌĞŶƚƵŶĚĞƌůǇŝŶŐǌŽŶŝŶŐǁŽƵůĚŐŽĂǁĂǇ͘ 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ĂĚĚƌĞƐƐĞĚŝŶƚŚĞdKĚƌĂĨƚƚŚƌŽƵŐŚƚĞǆƚĂŵĞŶĚŵĞŶƚƐƚŽĐŚĂƉƚĞƌϲϱ͘ϯϮϬ͘ ^ƚĂĨĨZĞĐŽŵŵĞŶĚƐ ď͘ĂŵĞŶĚŝŶŐϲϱ͘ϰϭϬ^ƵďĚ͘ϮƐƚĂƚŝŶŐƚŚĂƚŝĨŝŶƐŝĚĞĂdKǌŽŶĞƚŚĞĞǆƉĂŶƐŝŽŶŽĨ ĂŶŽŶͲĐŽŶĨŽƌŵŝŶŐƐƚƌƵĐƚƵƌĞďǇϮϱйŽƌůĞƐƐǁŽƵůĚďĞĞǆĞŵƉƚĨƌŽŵƚŚĞŵŝŶŝŵƵŵŚĞŝŐŚƚ ƌĞƋƵŝƌĞŵĞŶƚ͘ Ϯϭ͘/ƐŝƚƉŽƐƐŝďůĞƚŽŚĂǀĞĂŶŽĚĞƐŽŵĞǁŚĞƌĞǁĞƐƚŽĨϱϮŽŶϮƐƚƌĞĞƚ͍ ŶĚ Ă͘ƚƚŚŝƐƚŝŵĞ͕ƚŚĂƚĂƌĞĂŝƐŶŽƚŝĚĞŶƚŝĨŝĞĚĂƐĂŶŽĚĞŝŶƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ͘dŚĞWůĂŶǁŝůůďĞ ƵƉĚĂƚĞĚĞǀĞƌǇĨŝǀĞǇĞĂƌƐ͘/ĨǁĂƌƌĂŶƚĞĚ͕ƚŚŝƐĂƌĞĂĐŽƵůĚďĞŝĚĞŶƚŝĨŝĞĚĂƐĂŶŽĚĞŝŶƚŚĞĨƵƚƵƌĞ ϮϮ͘dŚĞĐŚĂůůĞŶŐĞǁŝůůďĞŚŽǁƚŚŝƐŝŵƉĂĐƚƐďƵƐŝŶĞƐƐĞƐĂůƌĞĂĚǇŝŶƉůĂĐĞ Ă͘ŽŵŵĞŶƚŶŽƚĞĚ Ϯϯ͘tŚǇŚĂǀĞĂƉĂƌŬŝŶŐŵŝŶŝŵƵŵ͍ Ă͘dŚĞƌĞĂƌĞƐĞǀĞƌĂůƌĞĂƐŽŶƐƚŽŝŵƉůĞŵĞŶƚĂƉĂƌŬŝŶŐŵŝŶŝŵƵŵ͘ŽŶĞŽĨƚŚĞƉƌŝŵĂƌǇƌĞĂƐŽŶƐĨŽƌ ƉĂƌŬŝŶŐŵŝŶŝŵƵŵƐŝƐƚŽƉƌŽƚĞĐƚĂĚũĂĐĞŶƚŶĞŝŐŚďŽƌŚŽŽĚƐ͘ dKͬ/ŶĨŝůůΘZĞĚĞǀĞůŽƉŵĞŶƚ^ƚĂŬĞŚŽůĚĞƌŐƌŽƵƉƐ Ϯϰ͘^ŚŽƵůĚĚƌŝǀĞƚŚƌƵƉƌŽƚĞĐƚŝŽŶƐĂƉƉůǇŝŶZϮǆĂƌĞĂƐ͍tŚǇĚŽŶ͛ƚƚŚĞǇ͍ ^ƚĂĨĨZĞĐŽŵŵĞŶĚƐ Ă͘ĂĚĚŝŶŐZϮǆƚŽƚŚĞƌĞƐŝĚĞŶƚŝĂůƉƌŽƚĞĐƚŝŽŶƐƚĂŶĚĂƌĚƐ;ϲϮ͘ǆǆǆ^ƵďĚ͘ϭϯͿ &DPSXV'ULYH6(6XLWH5RFKHVWHU01 ZZZFRROPVWHGPQXVZZZURFKHVWHUPQJRY ϭͬϭϰͬϭϵ WĂŐĞϰ 3DFNHW3J *G ^ƚĂĨĨZĞĐŽŵŵĞŶĚƐ 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Ă͘EŽŶͲĐŽŶĨŽƌŵŝŶŐƵƐĞƐĐĂŶĂůǁĂǇƐƌĞŵĂŝŶŝŶƉůĂĐĞ͘ǆƉĂŶƐŝŽŶŽĨŶŽŶͲĐŽŶĨŽƌŵŝŶŐƵƐĞƐŝƐ ĂĚĚƌĞƐƐĞĚŝŶƚŚĞdKĚƌĂĨƚƚŚŽƵŐŚƚĞǆƚĂŵĞŶĚŵĞŶƚƐƚŽĐŚĂƉƚĞƌϲϱ͘ϯϮϬ͘ ^ƚĂĨĨZĞĐŽŵŵĞŶĚƐ ď͘ĂŵĞŶĚŝŶŐϲϱ͘ϰϭϬ^ƵďĚ͘ϮƐƚĂƚŝŶŐƚŚĂƚŝĨŝŶƐŝĚĞĂdKǌŽŶĞƚŚĞĞǆƉĂŶƐŝŽŶŽĨ ĂŶŽŶͲĐŽŶĨŽƌŵŝŶŐƐƚƌƵĐƚƵƌĞďǇϮϱйŽƌůĞƐƐǁŽƵůĚďĞĞǆĞŵƉƚĨƌŽŵƚŚĞŵŝŶŝŵƵŵŚĞŝŐŚƚ ƌĞƋƵŝƌĞŵĞŶƚ͘ ϯϱ͘ŽƵůĚǁĞĐŚĂŶŐĞƚŚĞŚĞŝŐŚƚƐƚĂŶĚĂƌĚƚŽƉĞƌŵŝƚϯϱĨĞĞƚĂŶǇǁŚĞƌĞ͕ďƵƚŝĨƚŚĞǇǁĂŶƚϰϱĨĞĞƚƚŚĞǇŶĞĞĚ ƚŽǁŽƌŬǁŝƚŚƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͍ ^ƚĂĨĨZĞĐŽŵŵĞŶĚƐ Ă͘ĂŵĞŶĚŝŶŐƚŚĞZϮǆĚƌĂĨƚƚŽĂϰϱĨŽŽƚŵĂǆŝŵƵŵŚĞŝŐŚƚ͘ƵŝůĚŝŶŐƐƚĂůůĞƌƚŚĂŶ ϯϱĨĞĞƚƌĞƋƵŝƌĞƚŚĂƚƚŚĞƚŽƉĨůŽŽƌďĞƐĞƚďĂĐŬĂƚůĞĂƐƚϭϬĨĞĞƚŽŶĂůůƐŝĚĞƐŽĨƚŚĞƐƚƌƵĐƚƵƌĞŝĨƚŚĞ ƐƚƌƵĐƚƵƌĞŝƐĂďƵƚƚŝŶŐĂŶZϭ͕Zϭǆ͕ZϮ͕ŽƌZϮǆĚŝƐƚƌŝĐƚ͘ŽƌŶĞƌůŽƚƐĂƌĞĞǆĞŵƉƚĨƌŽŵƚŚĞƚŽƉĨůŽŽƌ ƐĞƚďĂĐŬŽŶƚŚĞƐŝĚĞƐŽĨƚŚĞďƵŝůĚŝŶŐǁŝƚŚƐƚƌĞĞƚĨƌŽŶƚĂŐĞ͘ ^ƚĂĨĨƌĞĐŽŵŵĞŶĚƐ ď͘ĂĚĚŝŶŐĂĚĞǀĞůŽƉŵĞŶƚŝŶĨŽƌŵĂƚŝŽŶĂůŵĞĞƚŝŶŐ;ϲϬ͘ϲϬϱͿƌĞƋƵŝƌĞŵĞŶƚĨŽƌĂůů ŶŽŶͲƌĞƐŝĚĞŶƚŝĂůƵƐĞƐĂŶĚƌĞƐŝĚĞŶƚŝĂůƵƐĞƐŽĨϰŽƌŵŽƌĞƵŶŝƚƐŝŶƚŚĞZϮǆĚŝƐƚƌŝĐƚ ϯϲ͘,ŽǁǁŝůůƚŚĞƐĞŚĞŝŐŚƚƐĐŚĂŶŐĞŝŶŝŶĐĞŶƚŝǀĞƐŝƚƵĂƚŝŽŶƐ͍ Ă͘dŚŝƐƋƵĞƐƚŝŽŶǁŝůůďĞĞǆĂŵŝŶĞĚŝŶƚŚĞŶĞǆƚƉŚĂƐĞŽĨƚŚĞ>DƵƉĚĂƚĞƉƌŽũĞĐƚ͘ ϯϳ͘ĂŶǁĞƉƵƚƉƌŽƚĞĐƚŝŽŶƐŝŶZϮǆƚŚĂƚƉƌĞǀĞŶƚĂĐĞƌƚĂŝŶŶƵŵďĞƌŽĨůŽƚĂƐƐĞŵďůǇǁŝƚŚŽƵƚĂƉůĂŶ͕ƐŝŵŝůĂƌƚŽ ƚŚĞdKϭϬͲĂĐƌĞƌĞƋƵŝƌĞŵĞŶƚ͍ Ă͘^ƚĂĨĨďĞůŝĞǀĞƐƚŚĂƚďǇĐŽŶƚƌŽůůŝŶŐƚŚĞƐŝǌĞŽĨďƵŝůĚŝŶŐƐŝŶƚŚĞZϮǆĂƌĞĂ͕ǁĞ͛ƌĞĂĚĚƌĞƐƐŝŶŐƚŚŝƐ ĐŽŶĐĞƌŶ ϯϴ͘dŚŝŶŬƐϰϱĨĞĞƚǁŽƵůĚďĞĂƉƉƌŽƉƌŝĂƚĞŝŶĐĞƌƚĂŝŶĂƌĞĂƐŽĨƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͕ďƵƚŶŽƚƚŚĞĞŶƚŝƌĞĂƌĞĂƚŚĂƚ ŝƐŵĂƉƉĞĚ͘ ^ƚĂĨĨZĞĐŽŵŵĞŶĚƐ Ă͘ĂĚĚŝŶŐĂĚĞǀĞůŽƉŵĞŶƚŝŶĨŽƌŵĂƚŝŽŶĂůŵĞĞƚŝŶŐ;ϲϬ͘ϲϬϱͿƌĞƋƵŝƌĞŵĞŶƚĨŽƌĂůů ŶŽŶͲƌĞƐŝĚĞŶƚŝĂůƵƐĞƐĂŶĚƌĞƐŝĚĞŶƚŝĂůƵƐĞƐŽĨϰŽƌŵŽƌĞƵŶŝƚƐŝŶƚŚĞZϮǆĚŝƐƚƌŝĐƚ͘ ^ƚĂĨĨZĞĐŽŵŵĞŶĚƐ ď͘ĂŵĞŶĚŝŶŐƚŚĞZϮǆĚƌĂĨƚƚŽĂϰϱĨŽŽƚŵĂǆŝŵƵŵŚĞŝŐŚƚ͘ƵŝůĚŝŶŐƐƚĂůůĞƌƚŚĂŶ ϯϱĨĞĞƚƌĞƋƵŝƌĞƚŚĂƚƚŚĞƚŽƉĨůŽŽƌďĞƐĞƚďĂĐŬĂƚůĞĂƐƚϭϬĨĞĞƚŽŶĂůůƐŝĚĞƐŽĨƚŚĞƐƚƌƵĐƚƵƌĞŝĨƚŚĞ ƐƚƌƵĐƚƵƌĞŝƐĂďƵƚƚŝŶŐĂŶZϭ͕Zϭǆ͕ZϮ͕ŽƌZϮǆĚŝƐƚƌŝĐƚ͘ŽƌŶĞƌůŽƚƐĂƌĞĞǆĞŵƉƚĨƌŽŵƚŚĞƚŽƉĨůŽŽƌ ƐĞƚďĂĐŬŽŶƚŚĞƐŝĚĞƐŽĨƚŚĞďƵŝůĚŝŶŐǁŝƚŚƐƚƌĞĞƚĨƌŽŶƚĂŐĞ͘ &DPSXV'ULYH6(6XLWH5RFKHVWHU01 *G ϯϵ͘tŽƵůĚůŝŬĞƚŽƐĞĞĚƌŝǀĞͲƚŚƌƵƐƌĞŵŽǀĞĚĂůůƚŽŐĞƚŚĞƌ Ă͘^ƚĂĨĨďĞůŝĞǀĞƐƚŚĂƚǁĞŚĂǀĞƉƌŽƚĞĐƚĞĚƚŚĞǁĂůŬĂďŝůŝƚǇŽĨƚŚŝƐĐŽƌƌŝĚŽƌƚŚƌŽƵŐŚƚŚĞƉƌŽƉŽƐĞĚ ƐƚĂŶĚĂƌĚƐ͘tŚŝůĞƐƚŝůůĂůůŽǁŝŶŐďƵƐŝŶĞƐƐĞƐƚŚĂƚƌĞƋƵŝƌĞĂĚƌŝǀĞͲƚŚƌƵƚŚĞĂďŝůŝƚǇƚŽĐƌĞĂƚŝǀĞůǇ ƉƌŽƉŽƐĞĂƐŝƚĞůĂǇŽƵƚǁŝƚŚĂĚƌŝǀĞͲƚŚƌƵ͘ ϰϬ͘ĂŶǁĞƌĞƋƵŝƌĞƚŚĂƚƚŚĞƐĞĐŽŶĚĨůŽŽƌŝŶĂdKůŽŽŬůŝŬĞĂƐĞĐŽŶĚĨůŽŽƌ͕ĞǀĞŶŝĨŝƚŝƐŶ͛ƚ͍ ^ƚĂĨĨƌĞĐŽŵŵĞŶĚƐ Ă͘ĂŵĞŶĚŝŶŐĚĚŝƚŝŽŶĂů^ŝƚĞĞǀĞůŽƉŵĞŶƚ^ƚĂŶĚĂƌĚƐ͕^ƵďĚŝǀŝƐŝŽŶϯƚŽƐƚĂƚĞ͗ ^ƵďĚ͘ϯ͘DŝŶŝŵƵŵƵŝůĚŝŶŐ,ĞŝŐŚƚ ͘/ŶdKEŽĚĞƐ͕ƉŽƌƚŝŽŶƐŽĨŶĞǁƉƌŝŵĂƌǇƐƚƌƵĐƚƵƌĞƐůŽĐĂƚĞĚǁŝƚŚŝŶϭϬϬĨĞĞƚŽĨE͘ ĂŶĚ^͘ƌŽĂĚǁĂǇǀĞ͕͘Ϯ^ƚ^t͕ĂŶĚϰ^ƚ^ͬŽůůĞŐĞǀŝĞǁZĚ͘ƐŚĂůůďĞĂ ŶĚƚŚ ŵŝŶŝŵƵŵŽĨϰϬĨĞĞƚŝŶŚĞŝŐŚƚĂďŽǀĞŐƌĂĚĞ͘ ͘/ŶdKŽƌƌŝĚŽƌƐ͕ƉŽƌƚŝŽŶƐŽĨŶĞǁƉƌŝŵĂƌǇƐƚƌƵĐƚƵƌĞƐůŽĐĂƚĞĚǁŝƚŚŝŶϭϬϬĨĞĞƚŽĨ E͘ĂŶĚ^͘ƌŽĂĚǁĂǇǀĞ͕Ϯ ŶĚ^ƚ^t͕ĂŶĚϰ ƚŚ^ƚ^ƐŚĂůůďĞĂŵŝŶŝŵƵŵŽĨϮϱĨĞĞƚŝŶ ŚĞŝŐŚƚ͘ ͘/ŶdKEŽĚĞƐĂŶĚdKŽƌƌŝĚŽƌƐ͕ƚŚĞƌĞƋƵŝƌĞĚŵŝŶŝŵƵŵďƵŝůĚŝŶŐŚĞŝŐŚƚƐŚĂůů ĐŽŶƚĂŝŶĂƚůĞĂƐƚƚǁŽĨůŽŽƌƐŽĨƐƉĂĐĞĚĞƐŝŐŶĞĚĂŶĚĐŽŶƐƚƌƵĐƚĞĚĨŽƌŚƵŵĂŶ ŽĐĐƵƉĂŶĐǇ͕ǁŝƚŚƚŚĞƐĞĐŽŶĚĨůŽŽƌŚĂǀŝŶŐĂŐƌŽƐƐĨůŽŽƌĂƌĞĂĂƚůĞĂƐƚϱϬƉĞƌĐĞŶƚĂƐ ůĂƌŐĞĂƐƚŚĞŐƌŽƐƐĨůŽŽƌĂƌĞĂŽĨƚŚĞŐƌŽƵŶĚĨůŽŽƌ͘ ϰϭ͘/ƐƚŚĞƌĞĂǁĂǇƚŽƉŚĂƐĞƚŚŝƐŝŶĨŽƌdK͍&ĞĞůƐƚŚĞƐƉŝŶĞƐĂƌĞĞǆƚƌĞŵĞůǇůŽŶŐ͘ Ă͘dŚĞƐĞǁĞƌĞůĂďĞůĞĚĂƐƚŚĞŚŝŐŚƉƌŝŽƌŝƚǇĐŽƌƌŝĚŽƌƐĨŽƌƚŚĞWdEŝŶƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ͘dŚĞ ŵĂƌŬĞƚǁŝůůƉŚĂƐĞŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚŝƐĐŽƌƌŝĚŽƌ͘ ϰϮ͘tŽƵůĚůŝŬĞƚŽƐĞĞŵŽƌĞŽŶŵŝƐƐŝŶŐŵŝĚĚůĞŚŽƵƐŝŶŐŝŶƚŚĞZϮǆĂƌĞĂƐ͘ Ă͘^ƚĂĨĨĨĞĞůƐŵŝƐƐŝŶŐŵŝĚĚůĞŚŽƵƐŝŶŐĐĂŶďĞĂĚĚƌĞƐƐĞĚƚŚƌŽƵŐŚƚŚĞĐƌĞĂƚŝŽŶŽĨƚŚĞZϮǆǌŽŶĞ͘ ϰϯ͘tŽƵůĚůŝŬĞƚŽƐĞĞĂϭƚŽϭƵŶŝƚƚŽƉĂƌŬŝŶŐƐƚĂůůƌĞƋƵŝƌĞŵĞŶƚĨŽƌƐŵĂůůĞƌDƵůƚŝͲ&ĂŵŝůǇďƵŝůĚŝŶŐ͕ƚŚĞŶ ƌĞĚƵĐĞĚŽŶĐĞƚŚĞďƵŝůĚŝŶŐŐĞƚƐůĂƌŐĞƌŝŶƚŚĞZϮǆĚŝƐƚƌŝĐƚ ^ƚĂĨĨƌĞĐŽŵŵĞŶĚƐ Ă͘ĂŵĞŶĚŝŶŐƚŚĞŵƵůƚŝͲĨĂŵŝůǇƌĞƋƵŝƌĞĚŽĨĨƐƚƌĞĞƚƉĂƌŬŝŶŐƚŽĂŵŝŶŝŵƵŵŽĨŽŶĞ ƐƉĂĐĞƉĞƌƵŶŝƚĨŽƌďƵŝůĚŝŶŐƐǁŝƚŚĞŝŐŚƚŽƌĨĞǁĞƌƵŶŝƚƐ͘ƵŝůĚŝŶŐƐǁŝƚŚŵŽƌĞƚŚĂŶϴƵŶŝƚƐǁŽƵůĚ ƌĞƋƵŝƌĞ͘ϳϱƐƉĂĐĞƐƉĞƌƵŶŝƚ͘ ϰϰ͘,ŽǁĚŽǁĞƐĞĞŝŶĐĞŶƚŝǀŝǌŝŶŐĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐƚŚƌƵƚŚŝƐŽƌĚŝŶĂŶĐĞ͍ Ă͘/ŶĐĞŶƚŝǀŝǌŝŶŐĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐŝƐŶŽƚĂŶĂƐƉĞĐƚŽĨƚŚŝƐŽƌĚŝŶĂŶĐĞ͖ŝƚŵĂǇďĞĂŶĂƐƉĞĐƚŽĨƚŚĞ ŶĞǆƚƉŚĂƐĞŽĨƚŚĞ>DhƉĚĂƚĞ͘ &DPSXV'ULYH6(6XLWH5RFKHVWHU01 *G ϰϱ͘ůůĞǇĂĐĐĞƐƐĨŽƌďƵƐŝŶĞƐƐĞƐ͘WĂƌƚŝĐƵůĂƌůǇǁŝƚŚůŝŵŝƚĂƚŝŽŶƐŝŶĐƵƌďĐƵƚƐĂůŽŶŐƌŽĂĚǁĂǇĂŶĚŽƚŚĞƌŵĂŝŶ ƐƚƌĞĞƚƐ;ǁŚŝĐŚŵĂŬĞƐƐĞŶƐĞĨƌŽŵĂƚƌĂŶƐƉŽƌƚĂƚŝŽŶ͕ƐĂĨĞƚǇ͕ĂŶĚǁĂůŬĂďŝůŝƚǇƉĞƌƐƉĞĐƚŝǀĞͿŚĂƐƚŚĞƌĞďĞĞŶ ĂŶǇŵŽƌĞĚŝƐĐƵƐƐŝŽŶŽĨĂůůĞǇĂĐĐĞƐƐĨŽƌďƵƐŝŶĞƐƐƚƌĂĨĨŝĐĐŝƌĐƵůĂƚŝŽŶ͍/ŬŶŽǁƐŽŵĞĐŽŵŵƵŶŝƚŝĞƐŚĂǀĞ ŝƐƐƵĞƐǁŝƚŚďƵƐŝŶĞƐƐĞƐƐŚĂƌŝŶŐĂůůĞǇƐĂůƐŽƵƐĞĚďǇƌĞƐŝĚĞŶƚŝĂůƵƐĞƐʹƚŚŽƵŐŚƚŚŝƐŵĂǇŝŶĚĞĞĚďĞƚŚĞ ŵŽƐƚĞĨĨŝĐŝĞŶƚǁĂǇƚŽĐŝƌĐƵůĂƚĞƚƌĂĨĨŝĐ͘tŝƚŚƚŚĞĨŽĐƵƐŽŶƉƵƚƚŝŶŐƉĂƌŬŝŶŐƚŽƚŚĞƌĞĂƌŽĨƐŝƚĞƐ͕ŝƚƐĞĞŵƐ ůŝŬĞĂůůĞǇĂĐĐĞƐƐǁŝůůŽŶůǇĐŽŶƚŝŶƵĞƚŽŐƌŽǁĂƐĂŶŝƐƐƵĞ͕ĂƚůĞĂƐƚŝŶĂƉůĂĐĞǁŚĞƌĞƚŚĞƌĞŝƐĂŶĂůůĞǇ ƉĂƌĂůůĞůƚŽƚŚĞƐƚƌĞĞƚ͘ Ă͘tĞĂƌĞŶŽƚĂǁĂƌĞŽĨĂŶǇŝƐƐƵĞƐǁŝƚŚũŽŝŶƚĐŽŵŵĞƌĐŝĂůͬƌĞƐŝĚĞŶƚŝĂůƵƐĞŽĨĂůůĞǇƐƚŚĂƚǁŽƵůĚ ŽƵƚǁĞŝŐŚƚŚĞďĞŶĞĨŝƚƐŽĨƌĞƐƚƌŝĐƚĞĚĂĐĐĞƐƐĂůŽŶŐƌŽĂĚǁĂǇǀĞͬϮ ŶĚ^ƚ^tͬϰ ƚŚ^ƚ^͘ ϰϲ͘EŽŶĐŽŶĨŽƌŵŝŶŐĚƌŝǀĞͲƚŚƌƵƐ͘ƐĞǀŝĚĞŶĐĞĚĨƌŽŵƚŚĞŵĞĞƚŝŶŐ͕/͛ŵŐƵĞƐƐŝŶŐĚƌŝǀĞ ͲƚŚƌƵƐǁŝůůĐŽŶƚŝŶƵĞƚŽ ďĞĂŶŝƐƐƵĞ͘KŶĞƋƵĞƐƚŝŽŶƚŚĂƚƐŚŽƵůĚďĞƌĂŝƐĞĚʹŝĨĂƉƌŽƉĞƌƚǇŚĂƐĂŶĞǆŝƐƚŝŶŐĚƌŝǀĞƚŚƌŽƵŐŚĂŶĚ ƌĞĚĞǀĞůŽƉƐ;ĞŝƚŚĞƌǁŝƚŚƚŚĞƐĂŵĞŽƌĂĚŝĨĨĞƌĞ ŶƚƵƐĞͿĐŽƵůĚƚŚĂƚďĞŝŶƚĞƌƉƌĞƚĞĚĂƐŚĂǀŝŶŐĂ͞ƌŝŐŚƚ͟ƚŽ ƉƵƚďĂĐŬŝŶĂĚƌŝǀĞƚŚƌƵ͍dŚŝƐǁŝůůŵĂƚƚĞƌƚŽƐŽŵĞďƵƐŝŶĞƐƐĞƐ͘ůƐŽ͕ƋƵĞƐƚŝŽŶƐŽŶǁŚĂƚƉƌŽǀŝƐŝŽŶƐ ƌĞůĂƚĞĚƚŽƚŚĞŝƌƉůĂĐĞŵĞŶƚĂŶĚŽƌŝĞŶƚĂƚŝŽŶĐŽƵůĚďĞǀĂƌŝĞĚ͕ŝĨĂŶǇ͘ Ă͘dŚĞĚƌŝǀĞƚŚƌŽƵŐŚŝƐĐŽŶƐŝĚĞƌĞĚĂŶĞƐƚĂďůŝƐŚĞĚƵƐĞ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞĚƌŝǀĞƚŚƌŽƵŐŚǁŽƵůĚďĞ ĂůůŽǁĞĚƚŽďĞĂĐŽŶƚŝŶƵĞĚƵƐĞŽŶƚŚĂƚƉƌŽƉĞƌƚǇ͕ƐƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨĐŚĂƉƚĞƌϲϱEŽŶͲ ŽŶĨŽƌŵŝƚŝĞƐ͘ ϰϳ͘EŽŶĐŽŶĨŽƌŵŝŶŐƐŝƚĞƐĐŚĂŶŐĞƐ͘dŚĞĚƌĂĨƚdKůĂŶŐƵĂŐĞĐŽǀĞƌƐĞǆƉĂŶƐŝŽŶŽĨŶŽŶĐŽŶĨŽƌŵŝŶŐƵƐĞ͕ďƵƚŝƐ ƚŚĞƌĞĂŶǇƚŚŝŶŐƚŚĂƚƚƌŝŐŐĞƌƐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŶĞǁƐƚĂŶĚĂƌĚƐǁŝƚŚĂŶǇŽĨƚŚĞĨŽůůŽǁŝŶŐ͗ Ă͘^ƵďƐƚĂŶƚŝĂůƌĞŚĂďƚŚĂƚĚŽĞƐŶ͛ƚĂĚĚƐƋƵĂƌĞĨŽŽƚĂŐĞ ŝ͘EŽ [[488,2045,501,2102][12][,I,][Arial]] ď͘/ŶƚĞŶƐŝĨŝĐĂƚŝŽŶŽĨĞǆŝƐƚŝŶŐƵƐĞ;Ğ͘Ő͘ŵŽƌĞĞŵƉůŽǇĞĞƐŽƌƚƌĂĨĨŝĐͿ ŝ͘EŽ [[488,2167,501,2224][12][,I,][Arial]] Đ͘ŚĂŶŐĞƚŽĂƐŝŵŝůĂƌďƵƚŶŽƚŝĚĞŶƚŝĐĂůƵƐĞ͍ ŝ͘ŽŶǀĞƌƐŝŽŶƚŽĂŶǇƉĞƌŵŝƚƚĞĚƵƐĞŝƐKŬĂŶĚǁŽƵůĚŶŽƚƚƌŝŐŐĞƌĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŶĞǁ [[488,2289,501,2346][12][,I,][Arial]] ƐƚĂŶĚĂƌĚƐ͖ŚŽǁĞǀĞƌ͕ĐŽŶǀĞƌƐŝŽŶƚŽĂŶŽƚŚĞƌŶŽŶͲĐŽŶĨŽƌŵŝŶŐƵƐĞƌĞƋƵŝƌĞƐdǇƉĞϯ ĐŽŶĚŝƚŝŽŶƵƐĞƉĞƌŵŝƚ͕ƌĞƐƚƌŝĐƚĞĚĚĞǀĞůŽƉŵĞŶƚĂƉƉƌŽǀĂů͘ Ě͘dŚĞƐĞŵĂǇĂůƌĞĂĚǇďĞĂŶƐǁĞƌĞĚƚŽĞǀĞƌǇŽŶĞ͛ƐƐĂƚŝƐĨĂĐƚŝŽŶƐŽŵĞǁŚĞƌĞŝŶƚŚĞĐŽĚĞďƵƚƌĂŝƐŝŶŐ ƐŝŶĐĞŵĂŶĂŐŝŶŐŶŽŶĐŽŶĨŽƌŵŝƚŝĞƐǁŝůůůŝŬĞůǇďĞĂůŽŶŐͲƚĞƌŵŝƐƐƵĞĨŽƌƚŚĞƐĞĂƌĞĂƐŽĨƚŚĞĐŝƚǇ͘ ŝ͘tĞŐĞŶĞƌĂůůǇƌĞĐŽŵŵĞŶĚŶŽƚĐƌĞĂƚŝŶŐĂĚŝĨĨĞƌĞŶƚƌƵůĞĨŽƌƚŚĞdKŽƌZͲϮǆŝƐƚƌŝĐƚƐ͘ŶǇ [[488,2595,501,2652][12][,I,][Arial]] ĐŚĂŶŐĞǁŽƵůĚŶĞĞĚƚŽďĞĂƉƉůŝĐĂďůĞĐŝƚǇͲǁŝĚĞ ϰϴ͘WĂƌĐĞůĂƐƐĞŵďůǇ Ă͘dŚĞdKůĂŶŐƵĂŐĞŚĂƐŐƵŝĚĂŶĐĞƌĞůĂƚĞĚƚŽƉĂƌĐĞůĂƐƐĞŵďůǇ;ƚƌŝŐŐĞƌŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌϭн ĂĐƌĞƐͿďƵƚĚŽĞƐŶ͛ƚƐĞĞŵƚŚĂƚ͛ƐŝŶƚŚĞZϮǆĚƌĂĨƚ͘^ŚŽƵůĚŝ ƚďĞ͍ &DPSXV'ULYH6(6XLWH5RFKHVWHU01 *G ŝ͘^ƚĂĨĨďĞůŝĞǀĞƐƚŚĂƚďǇĐŽŶƚƌŽůůŝŶŐƚŚĞƐŝǌĞŽĨďƵŝůĚŝŶŐƐŝŶƚŚĞZϮǆĂƌĞĂ͕ǁĞ͛ƌĞĂĚĚƌĞƐƐŝŶŐ [[488,703,501,760][12][,I,][Arial]] ƚŚŝƐĐŽŶĐĞƌŶ ď͘dŚĞƌĞƐĞĞŵĞĚƚŽďĞĐŽŵŵƵŶŝƚǇĐŽŶĐĞƌŶƐĂďŽƵƚŚĂǀŝŶŐŝŶĐƌĞĂƐĞĚƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌůĂƌŐĞƌ ƌĞĚĞǀĞůŽƉŵĞŶƚƐŝƚĞƐ͍/ǁĂƐĂůƐŽǁŽŶĚĞƌŝŶŐĂďŽƵƚƚŚĞϭϬнĂĐƌĞůŝŵŝƚĨŽƌĂĚĚŝƚŝŽŶĂů ƌĞƋƵŝƌĞŵĞŶƚƐʹƐĞĞŵƐůŝŬĞƚŚĂƚǁŽƵůĚŽŶůǇĂƉƉůǇŝŶĂƐĞůĞĐƚĨĞǁůŽĐĂƚŝŽŶƐ͍ ŝ͘^ƚĂĨĨďĞůŝĞǀĞƐƚŚĂƚďǇĐŽŶƚƌŽůůŝŶŐƚŚĞƐŝǌĞŽĨďƵŝůĚŝŶŐƐŝŶƚŚĞZϮǆĂƌĞĂ͕ǁĞ͛ƌĞĂĚĚƌĞƐƐŝŶŐ [[488,1008,501,1065][12][,I,][Arial]] ƚŚŝƐĐŽŶĐĞƌŶ ϰϵ͘ĞŶƐŝƚǇĨŽƌƚƌĂŶƐŝƚ͘dŚŝƐŝƐŶ͛ƚƌĞĂůůǇĂĐŽĚĞŝƐƐƵĞ͕ď ƵƚĂƐĂĐŽŵŵƵŶŝĐĂƚŝŽŶƉŝĞĐĞĨŽƌƚŚĞůĂƌŐĞƌ ĐŽŶǀĞƌƐĂƚŝŽŶ͗dŚĞŝƚǇ͛ƐƚƌĂŶƐŝƚƉůĂŶŶŝŶŐǁŽƌŬƉŽŝŶƚƐƚŽǁĂƌĚŵŝŶŝŵƵŵĚĞƐŝƌĂďůĞĚĞŶƐŝƚŝĞƐƚŚĂƚ ƐƵƉƉŽƌƚƚƌĂŶƐŝƚ͕ŝŶĐůƵĚŝŶŐZd͘,ĂƐƚŚĞƌĞďĞĞŶǁŽƌŬƚŽƐŚŽǁƚŚĞŶĞǆƵƐďĞƚǁĞĞŶŚŽǁĂĐŚŝĞǀĂďůĞ ĚĞŶƐŝƚŝĞƐŝŶƚŚŝƐĂƌĞĂĐĂŶƌĞƐƵůƚŝŶƚƌĂŶƐŝƚƐƵƉƉŽƌƚŝǀĞĚĞǀĞůŽƉŵĞŶƚ͍/͛ŵŐƵĞƐƐŝŶŐƚŚĞƌĞŝƐƉůĞŶƚǇŽĨ ŵĂƚĞƌŝĂůƚŚĂƚĐĂŶďĞƵƐĞĚĨƌŽŵƚŚĞĐŽŵƉƉůĂŶƉƌŽĐĞƐƐ͘ Ă͘dŚŝƐƋƵĞƐƚŝŽŶŝƐĂĚĚƌĞƐƐĞĚŝŶƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ͘dŚŝƐŝƐƐƵĞŝƐŶŽƚďĞŝŶŐƌĞŐƵůĂƚĞĚƚŚŽƵŐŚ ƚŚĞƐĞƉƌŽƉŽƐĞĚǌŽŶŝŶŐĚŝƐƚƌŝĐƚƐ͘ ϱϬ͘,ŽŵĞďĂƐĞĚďƵƐŝŶĞƐƐ͘dŚĞůŝǀĞͬǁŽƌŬĚĞǀĞůŽƉŵĞŶƚĨŽƌŵĞƌĂŝƐĞĚƋƵĞƐƚŝŽŶƐĂďŽƵƚŚŽǁƚŚĞŝƚǇ ƌĞŐƵůĂƚĞƐŚŽŵĞďĂƐĞĚďƵƐŝŶĞƐƐĞƐŝŶŐĞŶĞƌĂů͖ĂůƐŽ͕ŝĨƚŚŝƐŝƐĂŵŽĚĞůĨŽƌĂƌƚŝƐƚŚŽƵƐŝŶŐǁŝƚŚƐƚƵĚŝŽƐƉĂĐĞ ;ŚĂƐƚŚŝƐďĞĞŶĐŽŶƐŝĚĞƌĞĚŝŶZŽĐŚĞƐƚĞƌ͍Ϳ Ă͘ƵƌƌĞŶƚůǇƚŚĞŝƚǇƌĞŐƵůĂƚĞƐŚŽŵĞďĂƐĞĚďƵƐŝŶĞƐƐĞƐƚŚƌŽƵŐŚƚŚĞ,ŽŵĞKĐĐƵƉĂƚŝŽŶƐĞĐƚŝŽŶ ϲϮ͘Ϯϳϴ͘ ϱϭ͘ĂƌƐŚĂƌŝŶŐƐĞƌǀŝĐĞƐ͘dŚŝƐŵŝŐŚƚďĞŵŽƌĞƐƉĞĐŝĨŝĐƚŚĂŶŶĞĐĞƐƐĂƌǇ͕ďƵƚĂůŽŶŐƐŝĚĞĂĐĐŽŵŵŽĚĂƚŝŽŶĨŽƌ ďŝŬĞƐŝŶƚŚĞdKĚŝƐƚƌŝĐƚ͕ŝƐƚŚĞƌĞĂŶǇĐŽŶƐŝĚĞƌĂƚŝŽŶĂƌŽƵŶĚĂĐĐŽŵŵŽĚĂƚŝŶŐĐĂƌƐŚĂƌŝŶŐĂŶĚͬŽƌ ĚĞůŝǀĞƌǇƚƌĂĨĨŝĐ͍ Ă͘ƵƌƌĞŶƚůǇ͕ƚŚŝƐĐĂŶďĞƵƐĞĚĨŽƌĂƉĂƌŬŝŶŐƌĞĚƵĐƚŝŽŶŝŶƚŚĞŽǁŶƚŽǁŶWĂƌŬŝŶŐKǀĞƌůĂǇ ŽŶĞ;WKͿ͘^ƚĂĨĨŚĂƐŶŽƚƉƌŽƉŽƐĞĚĞǆƚĞŶĚŝŶŐƚŚĂƚƉƌŽǀŝƐŝŽŶŝŶƚŽƚŚĞƉƌŽƉŽƐĞĚdKĚŝƐƚƌŝĐƚ͘/Ĩ ƚŚŝƐĐŽŵŵĞŶƚŝƐƌĞĨĞƌƌŝŶŐƚŽƌŝĚĞƐŚĂƌĞ͕ǌŽŶŝŶŐĚŽĞƐŶŽƚƌĞŐƵůĂƚĞƵƐĞŽĨƚŚĞƉƵďůŝĐƌŝŐŚƚŽĨǁĂǇ͘ ϱϮ͘ĐƚŝǀĞŐƌŽƵŶĚĨůŽŽƌƵƐĞƐ͘tŝƚŚǁŝŶĚŽǁƌĞƋƵŝƌĞŵĞŶƚƐ͕ƐŽƵŶĚƐůŝŬĞƚŚĞŐƌŽƵŶĚĨůŽŽƌƐŝŶdKǁŝůůŚĂǀĞ ĂƚůĞĂƐƚƐŽŵĞƚƌĂŶƐƉĂƌĞŶĐǇ͘tŽƌƚŚĚŝƐĐƵƐƐŝŶŐǁŚĂƚƐŽƌƚŽĨƵƐĞƐǁŝůůŐŽŝŶƚŚĞƌĞ͘ƵƐŝŶĞƐƐĞƐŵĂŬĞ ƐĞŶƐĞ͕ŝĨŝƚ͛ƐĂŐŽŽĚůŽĐĂƚŝŽŶĨŽƌƌĞƚĂŝůͬƐĞƌǀŝĐĞ͘ZĞƐŝĚĞŶƚŝĂůĐĂŶďĞK<͕ďƵƚƐŽŵĞƚŝŵĞƐŐƌŽƵŶĚĨůŽŽƌ ƌĞƐŝĚĞŶƚŝĂůŶĞĞĚƐƐŽŵĞǁŚĂƚŽĨĂďƵĨĨĞƌ͘KƚŚĞƌƵƐĞƐ;Ğ͘Ő͘ĐŽŵŵŽŶƐƉĂĐĞĨŽƌŵƵůƚŝĨĂŵŝůǇƵƐĞƐͿĂƌĞ ŽƉƚŝŽŶƐ͘ Ă͘dŚĞdKǌŽŶŝŶŐĚŝƐƚƌŝĐƚƉƌŽŵŽƚĞƐŵŝǆĞĚƵƐĞĚĞǀĞůŽƉŵĞŶƚ͕ďƵƚŝƚĚŽĞƐŶŽƚĞǆĐůƵĚĞƚŚĞŽƉƚŝŽŶ ĨŽƌŐƌŽƵŶĚĨůŽŽƌƌĞƐŝĚĞŶƚŝĂů͕ŶŽƌĚŽĞƐŝƚƌĞƋƵŝƌĞŐƌŽƵŶĚĨůŽŽƌƌĞƚĂŝů͘ &DPSXV'ULYH6(6XLWH5RFKHVWHU01 *G ϱϯ͘ůƚĞƌŶĂƚŝǀĞĐŽŵƉůŝĂŶĐĞĨŽƌůĂŶĚƐĐĂƉŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐ͘ƐƉĞĐŝĂůůǇǁŝƚŚŚŝŐŚĞƌĚĞŶƐŝƚǇĚĞǀĞůŽƉŵĞŶƚĂŶĚ ǌĞƌŽƐĞƚďĂĐŬƌĞƋƵŝƌĞŵĞŶƚƐ͕ƐƉĂĐĞƚŽĨŝƚůĂŶĚƐĐĂƉŝŶŐĐŽƵůĚďĞĐŚĂůůĞŶŐŝŶŐʹĂƚůĞĂƐƚŝŶĂŵĞĂŶŝŶŐĨƵůĂŶĚ ĂƚƚƌĂĐƚŝǀĞǁĂǇ͘ZŽĐŚĞƐƚĞƌĐŽƵůĚĐŽŶƐŝĚĞƌƐŽŵĞƐŽƌƚŽĨĂůƚĞƌŶĂƚŝǀĞĐŽŵƉůŝĂŶĐĞŽŶƚŚĂƚƐƚĂŶĚĂƌĚƐ͘^ĞĞ ƐĂŵƉůĞůĂŶŐƵĂŐĞ;ĨƌŽŵDŝŶŶĞĂ ƉŽůŝƐ͛ŽƌĚŝŶĂŶĐĞͿĐŽƉŝĞĚďĞůŽǁ͗ ϱϯϬ͘ϴϬ͘ůƚĞƌŶĂƚŝǀĞĐŽŵƉůŝĂŶĐĞ͘dŚĞĐŝƚǇƉůĂŶŶŝŶŐĐŽŵŵŝƐƐŝŽŶŽƌǌŽŶŝŶŐĂĚŵŝŶŝƐƚƌĂƚŽƌŵĂǇĂƉƉƌŽǀĞ ĂůƚĞƌŶĂƚŝǀĞƐƚŽĂŶǇƐŝƚĞƉůĂŶƌĞǀŝĞǁƌĞƋƵŝƌĞŵĞŶƚƵƉŽŶĨŝŶĚŝŶŐĂŶǇŽĨƚŚĞĨŽůůŽǁŝŶŐ͗;ϭͿdŚĞĂůƚĞƌŶĂƚŝǀĞ ŵĞĞƚƐƚŚĞŝŶƚĞŶƚŽĨƚŚŝƐĐŚĂƉƚĞƌĂŶĚƚŚĞƐŝƚĞƉůĂŶŝŶĐůƵĚĞƐĂŵĞŶŝƚŝĞƐŽƌŝŵƉƌŽǀĞŵĞŶƚƐƚŚĂƚĂĚĚƌĞƐƐ ĂŶǇĂĚǀĞƌƐĞĞĨĨĞĐƚƐŽĨƚŚĞĂůƚĞƌŶĂƚŝǀĞ͘^ŝƚĞĂŵĞŶŝƚŝĞƐŵĂǇŝŶĐůƵĚĞďƵƚĂƌĞŶŽƚůŝŵŝƚĞĚƚŽĂĚĚŝƚŝŽŶĂů 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ďĞǀĞƌĂŐĞƐ͕ĨŝƌĞĂƌŵƐŽƌƌĞůĂƚĞĚŐŽŽĚƐ͕ŽƌƚŽďĂĐĐŽŽƌƌĞůĂƚĞĚŐŽŽĚƐŽƌŽƚŚĞƌŐŽŽĚƐƚŚĂƚĂƌĞƐƵďũĞĐƚƚŽ ƐƚĂƚĞŽƌĨĞĚĞƌĂůůŝĐĞŶƐŝŶŐŽƌƉĞƌŵŝƚƚŝŶŐ͘^ĂůĞƐŽĨŐŽŽĚƐŝƐůŝŵŝƚĞĚƚŽ;ĂͿŐŽŽĚƐƉƌŽĚƵĐĞĚŽŶƚŚĞ ƉƌĞŵŝƐĞƐ͕ĂŶĚ;ďͿŝŶĐŝĚĞŶƚĂůƌĞƐĂůĞƐŽĨŐŽŽĚƐƉƵƌĐŚĂƐĞĚĞůƐĞǁŚĞƌĞƚŚĂƚĂƌĞƌĞůĂƚĞĚƚŽŽƌƵƐĞĚŝŶ ĐŽŶũƵŶĐƚŝŽŶǁŝƚŚŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐƉƌŽĚƵĐĞĚŽŶƚŚĞƉƌĞŵŝƐĞƐ͕ƉƌŽǀŝĚĞĚƚŚĂƚƚŚĞĂƌĞĂƵƐĞĨŽƌƐƵĐŚ ƌĞƐĂůĞƐĚŽĞƐŶŽƚĞǆĐĞĞĚϱƉĞƌĐĞŶƚŽĨƚŚĞŐƌŽƐƐĨůŽŽƌĂƌĞĂŽĨƚŚĞŶŽŶƌĞƐŝĚĞŶƚŝĂůƉŽƌƚŝŽŶŽĨƚŚĞ ƐƚƌƵĐƚƵƌĞ͘ ϭϰϮ͘ŵĞŶĚĞĚϲϮ͘ϮϲyŽƚƚĂŐĞĞǀĞůŽ ƉŵĞŶƚϱƚŽƐƚĂƚĞ͞ƐŚĂƌĞĚůĂŶĚ ƐĐĂƉĞĂƌĞĂĐŽŶƚĂŝŶŝŶŐĂŵŝŶŝŵƵŵŽĨ ϭϬƉĞƌĐĞŶƚŽĨƚŚĞƉƌŽũĞĐƚĂƌĞĂƐŚĂůůďĞƉƌŽǀŝĚĞĚ͘͟ ϭϰϯ͘ŵĞŶĚĞĚϲϮ͘ϮϲyŽƚƚĂŐĞĞǀĞůŽƉŵĞŶƚϲƚŽƐƚĂƚĞ͞ĂĐŚĚǁĞůůŝŶŐƐƚƌƵĐƚƵƌĞƐŚĂůůďĞƐĞƉĂƌĂƚĞĚĨƌŽŵ ŽƚŚĞƌĚǁĞůůŝŶŐƵŶŝƚƐďǇĂŵŝŶŝŵƵŵŽĨϲĨĞĞƚ͘͟ ϭϰϰ͘ƌĞĂƚŝŽŶŽĨϲϮ͘ϭϰϭ^ƵďĚ͘ϭϱŝŶƚŚĞZϮǆĚƌĂĨƚ ĐĐĞƐƐŽƌǇƵƐĞŝƐĚĞĨŝŶĞĚĂƐĂďƵŝůĚŝŶŐ͕ƐƚƌƵĐƚƵƌĞŽƌƵƐĞůŽĐĂƚĞĚŽƌĐŽŶĚƵĐƚĞĚƵƉŽŶƚŚĞƐĂŵĞůŽƚ;ŽƌŽŶ ĂĐŽŶƚŝŐƵŽƵƐůŽƚŝŶƚŚĞƐĂŵĞŽǁŶĞƌƐŚŝƉͿĂƐƚŚĞƉƌŝŶĐŝƉĂůďƵŝůĚŝŶŐ͕ƐƚƌƵĐƚƵƌĞŽƌƵƐĞƚŽǁŚŝĐŚŝƚŝƐ ƌĞůĂƚĞĚ͕ǁŚŝĐŚŝƐϭͿĐůĞĂƌůǇŝŶĐŝĚĞŶƚĂůƚŽ͕ĂŶĚĐƵƐƚŽŵĂƌŝůǇĨŽƵŶĚŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚ͕ƐƵĐŚƉƌŝŶĐŝƉĂů 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dŚĂŶŬǇŽƵĨŽƌƉƌŽǀŝĚŝŶŐĂŶŽƉƉŽƌƚƵŶŝƚǇĨŽƌƚŚĞĐŽƌĞŶĞŝŐŚďŽƌŚŽŽĚƌĞƐŝĚĞŶƚƐƚŽĞǆƉƌĞƐƐŽƵƌƐĞƌŝŽƵƐ ĐŽŶĐĞƌŶƐŽǀĞƌƚŚĞƐĞƉƌŽƉŽƐĞĚǌŽŶŝŶŐĐŚĂŶŐĞƐ͘WůĞĂƐĞŬŶŽǁƚŚĂƚŽƵƌŝŶƚĞƌĞƐƚĐŽŵĞƐĨƌŽŵƚŚĞ ŝŶǀĞƐƚŵĞŶƚĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚǇǁĞŚĂǀĞ͕ďĞǇŽŶĚŽƵƌůĞŐĂůŚŽŵĞŽǁŶĞƌƐŚŝƉďƵƚĂůƐŽŝŶƚŚĞĨĂďƌŝĐŽĨŽƵƌ ůŝǀŝŶŐƐƉĂĐĞƐĂŶĚŚŽǁĞĂĐŚĞůĞŵĞŶƚŐƌŽǁƐĂŶĚƚŚƌŝǀĞƐƚŽŐĞƚŚĞƌ͘ ^ŝŶĐĞƌĞůǇ͕ EĞŝŐŚďŽƌŚŽŽĚƐƐŽĐŝĂƚŝŽŶZĞƉƌĞƐĞŶƚĂƚŝǀĞƐ xĂƚŚǇůĞƌŵŽŶƚ͕^ůĂƚƚĞƌůǇWĂƌŬ x<ĞůůǇƵŶĂŐĂŶ͕^ƵŶŶǇƐŝĚĞ xŚƌŝƐƚŝŶĞ^ĐŚƵůƚǌĞ͕,ŝƐƚŽƌŝĐ^t x dŝŵ,ĂǁŬŝŶƐ͕<ƵƚǌŬǇWĂƌŬ x DĂƌǇ/ĚƐŽ͕>ŽǁĞƌƚŽǁŶ 3DFNHW3J *H >ĞƚƚĞƌĨƌŽŵ>ŽǁĞƌƚŽǁŶEĞŝŐŚďŽƌŚŽŽĚƐƐŽĐŝĂƚŝŽŶ dŚĞ>ŽǁĞƌƚŽǁŶEĞŝŐŚďŽƌŚŽŽĚƐƐŽĐŝĂƚŝŽŶ;ĂůŽŶŐǁŝƚŚĨŽƵƌŽƚŚĞƌZŽĐŚĞƐƚĞƌŶĞŝŐŚďŽƌŚŽŽĚĂƐƐŽĐŝĂƚŝŽŶƐͿƐŝŐŶĞĚĂ ǌŽŶŝŶŐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐůĞƚƚĞƌĚĂƚĞĚEŽǀĞŵďĞƌϮϳƚŚ͘dŚĂƚůĞƚƚĞƌŚĂĚƐŝǆďƵůůĞƚƉŽŝŶƚƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌǇŽƵƌ ĐŽŶƐŝĚĞƌĂƚŝŽŶƌĞůĂƚŝǀĞƚŽƚŚĞƌĂĨƚ>ĂŶĚĞǀĞůŽƉŵĞŶƚZĞŐƵůĂƚŝŽŶƐƉƌŽƉŽƐĞĚǌŽŶŝŶŐĐŚĂŶŐĞƐƚŽƉƌŽŵŽƚĞdƌĂŶƐŝƚ KƌŝĞŶƚĞĚĞǀĞůŽƉŵĞŶƚ;dKͿĂŶĚŝŶĨŝůůͬƌĞĚĞǀĞůŽƉŵĞŶƚ͘dŚĞ>EďĞůŝĞǀĞƐƚŚŽƐĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĂƌĞŐŽŽĚƉŽŝŶƚƐ ĨŽƌƵƉĐŽŵŝŶŐĚŝƐĐƵƐƐŝŽŶĂŶĚŶĞŐŽƚŝĂƚŝŽŶƌĞŐĂƌĚŝŶŐƚŚĞƉƌŽƉŽƐĞĚǌŽŶŝŶŐĐŚĂŶŐĞƐ͘ 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ĐŽŶƐƚƌƵĐƚĞĚǁŝƚŚǀŝŶǇůƐŝĚŝŶŐ͕ŽƌĞĐŽŶŽŵŝĐĂůůŽŽŬŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶŝŶZͲϮǆǌŽŶĞƐ͘ ZĞƋƵŝƌĞĂŶĚĞŶĐŽƵƌĂŐĞŽǀĞƌŚĂŶŐƐ͕ƉŽƌĐŚĞƐ͕ĂŶĚƚŚĞƵƐĞŽĨǁŝŶĚŽǁŵƵŶƚŝŶ͛ƐŝŶZͲϮǆǌŽŶĞƐ R ĐŽŶƐŝƐƚĞŶƚǁŝƚŚĐŚĂƌĂĐƚĞƌŽĨŶĞŝŐŚďŽƌŚŽŽĚƐ͘ EŽĐŚĂŝŶůŝŶŬĨĞŶĐĞƐĂŶĚŵĂǆŝŵƵŵŚĞŝŐŚƚƌĞƐƚƌŝĐƚŝŽŶƐŽŶĨĞŶĐĞƐƚŽŵŝŶŝŵŝǌĞƚŚĞĨĞĞůŝŶŐŽĨ R ƐĞƉĂƌĂƚŝŽŶĂŶĚŵĂǆŝŵŝǌĞƚŚĞĨĞĞůŝŶŐŽĨŵŽƌĞŽƉĞŶƐƉĂĐĞ͘ ŶĐŽƵƌĂŐĞďƌŽǁŶƐƚŽŶĞƚǇƉĞĚĞǀĞůŽƉŵĞŶƚǁŝƚŚƐƵŶŬĞŶĨƌŽŶƚƉŽƌĐŚͬĐŽŵŵŽŶƐƉĂĐĞĂƌĞĂƐ R ǁŚĞƌĞŐĂƌĚĞŶƐŵĂǇďĞŝŶĐŽƌƉŽƌĂƚĞĚĨŽƌƵƌďĂŶŐĂƌĚĞŶŝŶŐͬƐƵƐƚĂŝŶĂďŝůŝƚǇ͘ ZĞƋƵŝƌĞƉƵďůŝĐĂƌƚŝŶǀĞƐƚŵĞŶƚ͘ R WƌŽǀŝĚĞĐůĂƌŝƚǇĨŽƌŚŽǁƚŚĞ/ŵĂŐŝŶĞ^ůĂƚƚĞƌůǇsŝƐŝŽŶWůĂŶǁĂƐŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚŝƐŶĞǁƉůĂŶŶŝŶŐ x ĞĨĨŽƌƚ͕ŽĨĞŶĐŽƵƌĂŐŝŶŐƌĞĚĞǀĞůŽƉŵĞŶƚŽĨϯ ƌĚǀĞ^Θϰ ƚŚ^ƚƌĞĞƚ^;dKǌŽŶĞƐͿ͘ ZĞĐŽŵŵĞŶĚĂƉŚĂƐĞĚĂƉƉƌŽĂĐŚƚŽŵŝŶŝŵŝǌĞ͞ƐƉŽƚǌŽŶŝŶŐ͟ƚŚĂƚŵĂǇŽĐĐƵƌĂƐĂƌĞƐƵůƚŽĨŚĂƉŚĂǌĂƌĚ x ĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞĐŽƌĞZͲϮǆǌŽŶĞďĞĨŽƌĞdKĨƵůůǇĚĞǀĞůŽƉƐĂůŽŶŐϯǀĞ^Žƌϰ^ƚ^͘ŐĂŝŶ͕Ă ƌĚƚŚ ĐŽƌƌŝĚŽƌƐƚƵĚǇŵĂǇŚĞůƉĨůƵƐŚŽƵƚŬĞǇƚƌĂŶƐŝƚĂŶĚĚĞƐŝŐŶĐŽŶĐĞƉƚƐŝŶĂĚǀĂŶĐĞŽĨŝŶĚŝǀŝĚƵĂůƉƌŽƉŽƐĂůƐ 3DFNHW3J *H :ĂŶƵĂƌǇϮϯ͕ϮϬϭϵ WĂŐĞϯŽĨϯ ŽŽŵŵĞŶƚƐZĞ͗ĞǀĞůŽƉŵĞŶƚDĂŶƵĂůhƉĚĂƚĞĨŽƌdKͬZͲϮǆ;/ŶĨŝůůĂŶĚZĞĚĞǀĞůŽƉŵĞŶƚͿ ƌĞĚĞǀĞůŽƉŝŶŐĨƌŽŵƚŚĞĐŽƌĞZͲϮyƚŽǁĂƌĚƐdK͘tĞďĞůŝĞǀĞƚŚŝƐŝƐŝŵƉŽƌƚĂŶƚƚŽĂǀŽŝĚŵŽƌĞ ĞĐŽŶŽŵŝĐĂůƋƵŝĐŬͲďƵƌŶĚĞǀĞůŽƉŵĞŶƚƐƚŚĂƚůĂĐŬĐŚĂƌĂĐƚĞƌĂŶĚƐĞƚƚŚĞƚŽŶĞĨŽƌůŽǁĞƌƋƵĂůŝƚǇ ĚĞǀĞůŽƉŵĞŶƚƐŝŶZͲϮǆǌŽŶĞƐ͕ǁŚŝĐŚǁŽƵůĚĨƵƌƚŚĞƌůĞĂĚƚŽĚĞĐƌĞĂƐĞĚŝŶǀĞƐƚŵĞŶƚĂŶĚůŽǁĞƌƋƵĂůŝƚǇ ĚĞǀĞůŽƉŵĞŶƚŝŶdKǌŽŶĞƐ͘/ĨůŽǁĞƌƋƵĂůŝƚǇĚĞǀĞůŽƉŵĞŶƚƐĂƌĞďƵŝůƚĨŝƌƐƚĂƉƵďůŝĐƉĞƌĐĞƉƚŝŽŶƚŚĂƚ ƚƌĂŶƐŝƚŽƌŝĞŶƚĞĚĚĞǀĞůŽƉŵĞŶƚŝƐĨŽƌůŽǁĞƌĞĐŽŶŽŵŝĐĂůĐůĂƐƐĞƐ͘dŚŝƐĐŽƵůĚďĞŽĨĨƐĞƚǁŝƚŚƐŽŵĞƚǇƉĞŽĨ ŝŶĐĞŶƚŝǀĞĚĞǀĞůŽƉŵĞŶƚĂƐŵĞŶƚŝŽŶĞĚƚŽĂůůŽǁďŽƚŚǌŽŶĞƐƚŽĚĞǀĞůŽƉŝŶƚĂŶĚĞŵƚŚĂƚĞŶƐƵƌĞƐƚŚĞƐĞ ŽƉƉŽƌƚƵŶŝƚǇǌŽŶĞƐĚĞǀĞůŽƉĨŽƌĂŵŝǆŽĨĞĐŽŶŽŵŝĐĐůĂƐƐĞƐ͘ ŶĐŽƵƌĂŐĞĚĞǀĞůŽƉĞƌƐƚŽǁŽƌŬǁŝƚŚŶĞŝŐŚďŽƌŚŽŽĚƐƚŽŝŶƐƚĂůůƉƵďůŝĐĂƌƚ͕ŽƌŽƚŚĞƌƉƵďůŝĐŝŶǀĞƐƚŵĞŶƚƚŚĂƚ x ďĞŶĞĨŝƚƐĂŶĂƌĞĂǁŝƚŚŚŝŐŚĞƌĚĞŶƐŝƚǇĂƐƉƌŽƉŽƐĞĚǁŝƚŚZͲϮǆĂŶĚdKŽƉƉŽƌƚƵŶŝƚǇǌŽŶĞƐ͘/ƚŚĂƐďĞĞŶ ƉƌŽǀĞĚƚŚĂƚƌƚŝŶĐƌĞĂƐĞƐŽƉƉŽƌƚƵŶŝƚǇĨŽƌǇŽƵƚŚƌĂŝƐĞĚŝŶĞŶǀŝƌŽŶŵĞŶƚƐǁŝƚŚƉƵďůŝĐĂƌƚ͘ ZĞƋƵŝƌĞĂƚƌĂŶƐŝƚŝŽŶǌŽŶĞŽƌƐƚĞƉĚŽǁŶĨƌŽŵdKƚŽZͲϮǆ;ŵŝĚĚůĞŚĞŝŐŚƚΛϯϱĨĞĞƚͿ͕ĂŶĚŝŶZͲϮǆǌŽŶĞƐ͘ x DŝŶŝŵŝǌĞŵĂǆůĞŶŐƚŚƚŽůĞƐƐƚŚĂŶϭϬϬĨĞĞƚŝŶZͲϮǆǌŽŶĞƐǁŝƚŚďƌĞĂŬƐŝŶƚŚĞĨĂĕĂĚĞƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚ x ĐŚĂƌĂĐƚĞƌŽĨŶĞŝŐŚďŽƌŚŽŽĚĂŶĚϭϱϬĨĞĞƚdKǌŽŶĞƐŝĨŚŝŐŚĞƌĚĞƐŝŐŶƐƚĂŶĚĂƌĚƐĂƌĞŝŵƉůĞŵĞŶƚĞĚ;ƐĞĞ ůŝƐƚŽĨŚŝŐŚĞƌĚĞƐŝŐŶƐƚĂŶĚĂƌĚƐͿ͘ Ğ x ZĞƋƵŝƌĞƚŚĂƚďŽƵůĞǀĂƌĚƐĂƌĞŵĂŝŶƚĂŝŶĞĚĂŶĚŶŽƚŝŶĐůƵĚĞĚŝŶƚŚĞĨƌŽŶƚǇĂƌĚƐĞƚďĂĐŬƐŝŶZͲϮǆ R ǌŽŶĞƐ͘ ZĞƋƵŝƌĞƚƌĂƐŚĞŶĐůŽƐƵƌĞƐďĞŚŝŶĚďƵŝůĚŝŶŐƐƚŚĂƚĚŽŶ͛ƚŝŶĨƌŝŶŐĞŽŶƐŝŐŚƚůŝŶĞƐŽĨĂĚũŽŝŶŝŶŐ R ŶĞŝŐŚďŽƌ͛ƐďĂĐŬǇĂƌĚƐ͕ŽƌƐƚƌĞĞƚĨƌŽŶƚŝŶďŽƚŚǌŽŶĞƐ͘ ŝƐĂůůŽǁǀŝŶǇůŽƌƉůĂƐƚŝĐƐŝĚŝŶŐŽŶƐƚƌƵĐƚƵƌĞƐŝŶƚŚĞdKǌŽŶĞƐŝĚĞŶƚŝĨŝĞĚǁŝƚŚĂŚĞŝŐŚƚďŽŶƵƐ͘ R ŝƐĂůůŽǁĂƐƉŚĂůƚƐŚŝŶŐůĞĚƐƚƌƵĐƚƵƌĞƐŝŶdKǌŽŶĞƐŝĚĞŶƚŝĨŝĞĚǁŝƚŚŚĞŝŐŚƚďŽŶƵƐ͘ R ĚĚƌĞƋƵŝƌĞŵĞŶƚĨŽƌŵĂŝŶƚĂŝŶŝŶŐƚƌĞĞĐĂŶŽƉǇ͘ R tĞƌĞĐŽŵŵĞŶĚƌĞƋƵŝƌŝŶŐĨŽƌĞĂĐŚŽůĚŐƌŽǁƚŚƚƌĞĞƚŚĂƚŝƐůŽƐƚĨƌŽŵƚŚĞĐĂŶŽƉǇĂŶŽĨĨͲ ƐĞƚƚŚĂƚŝƐĞƋƵĂůƚŽƚŚĞĚŝĂŵĞƚĞƌďƌĞĂƐƚŚĞŝŐŚƚ;,ͿŽĨƚŚĞĐƵƚƚƌĞĞďĞƌĞƉůĂĐĞĚŽŶƚŚĞ ůŽƚ͕ŽƌƌĞƋƵŝƌĞƚŚĞĚĞǀĞůŽƉĞƌƚŽƉƌŽǀŝĚĞĨƵŶĚƐƚŽƚŚĞŝƚǇ&ŽƌƐƚĞƌĨŽƌĨƵƚƵƌĞďŽƵůĞǀĂƌĚ ƚƌĞĞƉůĂŶƚŝŶŐƐĚĞĚŝĐĂƚĞĚŝŶŶĞŝŐŚďŽƌŚŽŽĚƐǁŚĞƌĞƚƌĞĞƐǁĞƌĞĚŝƐƉůĂĐĞĚ͘ dŚĂŶŬǇŽƵŝŶĂĚǀĂŶĐĞĨŽƌĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞƐĞƐƵŐŐĞƐƚŝŽŶƐǁŚŝĐŚǁŝůůŚĞůƉŵĂŝŶƚĂŝŶŽƵƌĞƐƐĞŶƚŝĂůĐŚĂƌĂĐƚĞƌ ĂƐƚŚĞĐŽƌĞŶĞŝŐŚďŽƌŚŽŽĚƐďĞĐŽŵĞŵŽƌĞƵƌďĂŶŝǌĞĚ͘ ^ŝŶĐĞƌĞůǇ͕ tĂǇŶĞ&ůŽĐŬ ƌƚŽŶƚŚĞǀĞŽĂƌĚWƌĞƐŝĚĞŶƚ;ŽŶďĞŚĂůĨŽĨŽĂƚůĂƌŐĞŵĞŵďĞƌƐͿ 3DFNHW3J *H &Ğď͘ϱ͕ϮϬϭϵ ZĞ͗ŶĚǇDĂƐƚĞƌƉŽůĞ͛ƐĐŽŵŵĞŶƚƐŽŶƉƌŽƉŽƐĞĚdKKǀĞƌůĂǇĂŶĚZ ͲϮǆŝƐƚƌŝĐƚKƌĚŝŶĂŶĐĞƐ dŚĂŶŬǇŽƵĨŽƌƚŚĞŽƉƉŽƌƚƵŶŝƚǇƚŽĐŽŵŵĞŶƚŽŶƚŚĞƐĞŶĞǁŽƌĚŝŶĂŶĐĞƐ͘/ĂƉƉƌĞĐŝĂƚĞƚŚĞĂďŝůŝƚǇƚŽŚĂǀĞ ƚŚĞƐĞŽĨĨŝĐŝĂůĐŽŵŵĞŶƚƐŝŶĐůƵĚĞĚŝŶƚŚĞƐƚĂĨĨƌĞǀŝĞǁƉƵďůŝĐƉĂĐŬĞƚ͘ /ŚĂǀĞĂƚƚĞŶĚĞĚĞǀĞƌǇƉƵďůŝĐŽƉĞŶŚŽƵƐĞĂŶĚƐƚĂŬĞŚŽůĚĞƌŵĞĞƚŝŶŐŚĞůĚŽŶƚŚĞƐĞƚǁŽŽƌĚŝŶĂŶĐĞƐ͘/ŚĂǀĞ ŵĂĚĞƐĞǀĞƌĂůǀĞƌďĂůĂŶĚǁƌŝƚƚĞŶĐŽŵŵĞŶƚƐĂƚƚŚŽƐĞŵĞĞƚŝŶŐƐĂŶĚ/ŚĂǀĞĂůƐŽĐŽŵŵƵŶŝĐĂƚĞĚǀŝĂ ƉŚŽŶĞͬĞͲŵĂŝůǁŝƚŚƉůĂŶŶŝŶŐƐƚĂĨĨ͘ /ĚŽƐƵƉƉŽƌƚďŽƚŚŽĨƚŚĞƐĞŽƌĚŝŶĂŶĐĞƐĂŶĚƚŚĞƉƵďůŝĐĞŶŐĂŐĞŵĞŶƚƉƌŽĐĞƐƐƚŚĂƚŚĂƐŽĐĐƵƌƌĞĚ͘/ŚĂǀĞĂůƐŽ ĂĚǀŽĐĂƚĞĚĨŽƌĐŚĂŶŐĞƐƚŽƚŚĞ>DƚŚĂƚǁŽƵůĚĂĚĚƌĞƐƐĐŽƌĞŶĞŝŐŚďŽƌŚŽŽĚŝƐƐƵĞƐĨŽƌϭϱǇĞĂƌƐ͘/Ăŵ ŐƌĂƚĞĨƵůƚŚŝƐƚŝŵĞŚĂƐĨŝŶĂůůǇĐŽŵĞƚŽƐƚĂƌƚƚŚĞƌĞǌŽŶŝŶŐƉƌŽĐĞƐƐŝŶƚŚĞĐŽƌĞŶĞŝŐŚďŽƌŚŽŽĚƐ͘/ĚŽŚĂǀĞ ƐĞǀĞƌĂůŝƐƐƵĞƐͬĂƌĞĂƐŽĨĐŽŶĐĞƌŶƚŚĂƚ/ǁŽƵůĚůŝŬĞƚŽƐĞĞĨƵƌƚŚĞƌĚŝƐĐƵƐƐŝŽŶĂŶĚƌĞĨŝŶĞŵĞŶƚ͘ dKKǀĞƌůĂǇ ƵŝůĚŝŶŐWůĂĐĞŵĞŶƚ ^ƵďĚ͘ϭ͘ ZWhƚǇƉŝĐĂůůǇƌĞƋƵŝƌĞƐĂϭϬ͛ƵƚŝůŝƚǇĞĂƐĞŵĞŶƚ;hͿŽŶĞǀĞƌǇƉƌŽũĞĐƚ͕ǁŚĞƚŚĞƌƚŚĞǇŶĞĞĚŝƚŽƌŶŽƚ͘ ƵŝůĚŝŶŐĨŽŽƚŝŶŐƐ͕ŽǀĞƌŚĂŶŐƐĂŶĚĐĂŶŽƉŝĞƐǁŽƵůĚĂůůĞŶĐƌŽĂĐŚŝŶƚŽƚŚĞϭϬh͘ůƐŽ͕͞ƐƚƌĞĞ ƚ ƐĐĂƉĞ͟ ĞůĞŵĞŶƚƐƐƵĐŚĂƐƐƚĞƉƐ͕ǁĂůůƐ͕ƐĞĂƚŝŶŐ͕ĂƌƚǁŽƌŬ͕ůŝŐŚƚŝŶŐ͕ƐƉĞĐŝĂůƉĂǀŝŶŐ͕ĞƚĐǁŽƵůĚĂůůďĞŝŶƚŚĞĞĂƐĞŵĞŶƚ͘ dŚŝƐŝƐƉƌŽďůĞŵĂƚŝĐƉƵƚƚŝŶŐƚŚŽƐĞĞůĞŵĞŶƚƐŝŶĂŶĞĂƐ ĞŵĞŶƚƚŚĂƚĐŽƵůĚŐĞƚƚŽƌŶƵƉĂƚƚŚĞŽǁŶĞƌ͛Ɛ ĞǆƉĞŶƐĞ͘ dŚŝƐŝƐŶŽƚĂŶŽƌĚŝŶĂŶĐĞŝƐƐƵĞͲďƵƚƉƵůůŝŶŐďƵŝůĚŝŶŐƐƚŽƚŚĞƐƚƌĞĞƚĂŶĚŬĞĞƉŝŶŐƵŶƐŝŐŚƚůǇŽǀĞƌŚĞĂĚƉŽǁĞƌ ůŝŶĞƐŝƐĂůƐŽĂƉƌŽďůĞŵ͘/ƚƉƌŽŚŝďŝƚƐůĂƌŐĞƌƐƚƌĞĞƚƚƌĞĞƐ͘ZWhŶĞĞĚƐƚŽĚĞǀĞůŽƉĂƉŽůŝĐǇƚŽďƵƌǇƉŽǁĞƌůŝŶĞƐ ŽŶdKƉƌŽũĞĐƚƐ͘ ƵŝůĚŝŶŐĞƐŝŐŶ ^ƵďĚ͘Ϯ͘ ͘DĂǆďƵŝůĚŝŶŐůĞŶŐƚŚƐŚŽƵůĚďĞƐŚŽƌƚĞŶĞĚĨƌŽŵϭϱϬ͛ƚŽϭϬϬ͛͘ ͘dŚĞĂƌĐŚŝƚĞĐƚƵƌĂůĨĞĂƚƵƌĞƐƌĞƋƵŝƌĞŵĞŶƚƐĂƌĞǁĞĂŬĂŶĚŶŽƚǀŝƐƵĂůůǇŝŵƉĂĐƚĨƵů͘ϲϬͲ ϴϵ͛ůŽŶŐ ďƵŝůĚŝŶŐǁŽƵůĚŽŶůǇŶĞĞĚƚŽĐŚĂŶŐĞŝƚƐƌŽŽĨůŝŶĞŽƌĐŚ ĂŶŐĞŝƚƐƉĂƌĂƉĞƚďǇϮ͛͘ ;ϲͿsĞƌƚŝĐĂůůǇŽƌŝĞŶƚĞĚƌĞĐĞƐƐĞƐƐŚŽƵůĚďĞůĂƌŐĞƌƚŚĂŶϴ͟ʹϭϴͲ Ϯϰ͟ƌĞĐŽŵŵĞŶĚĞĚ͘ tŚǇŶŽƚĐƌĞĂƚĞĂƐƚƌŽŶŐĞƌůŝƐƚŽĨϰͲϱ͍ŵŝŶŝŵƵŵƌĞƋƵŝƌĞŵĞŶƚƐƉĞƌůĞŶŐƚŚ͕ŝŶƐƚĞĂĚŽĨŽŶĞ ŵŝŶŝŵƵŵ͍ WůĞĂƐĞƉƌŽŚŝďŝƚĂůů:ƵůŝĞƚĂůĐŽŶŝĞƐ͊ 'ƌŽƵŶĚ&ůŽŽƌtŝŶĚŽǁƐ ^ƵďĚ͘ϲ͘ WůĞĂƐĞĂĚĚŶŽǁŝŶĚŽǁƐƚŝĐŬĞƌƐ͕ĚĞĐĂůƐ͕ĐůŝŶŐƐ͙ĂŶĚĨƵƌŶŝƐŚŝŶŐƐ;&ŝĚĚůĞŚĞĂĚͿĂƌĞĂůůŽǁĞĚŝŶƚŚĞϯͲ ϴ͛ǁŝŶĚŽǁǌŽŶĞ͘ ĐĐĞƐƐĂŶĚŽŶŶĞĐƚŝǀŝƚǇ ^ƵďĚ͘ϳ͘ ͘tŚĂƚŝƐĂƌĞĂƐŽŶĂďůĞƉĞƌŝŽĚŽĨƚŝŵĞ͍dŚĂƚƐŚŽƵůĚďĞĨƵƌƚŚĞƌĚĞĨŝŶĞĚ͘ 3DFNHW3J *H ƉůĂŶƚŝŶŐƐƚƌŝƉĂƚůĞĂƐƚϳ͛Ͳ Ϭ͟ ;ϮͿĂ͘ŚĂŶŐĞϭϬ͛ǁĂůŬƚŽϴ͛Ă ŶĚƚŚĞ͕ŵĞĂƐƵƌĞĚĨƌŽŵƚŚĞďĂĐŬŽĨĐƵƌď;ƚŚŝƐŝƐ ĨŽƌƉƌŽƉĞƌƐƚƌĞĞƚƚƌĞĞŐƌŽǁƚŚͿ͘ ƉůĂŶƚŝŶŐƐƚƌŝƉʹŵƵƐƚďĞĂƚůĞĂƐƚϳ͛Ͳ Ϭ͕͟ ď͘ϱ͛ŝƐƚŽŽŶĂƌƌŽǁĨŽƌŵĞĂƐƵƌĞĚĨƌŽŵƚŚĞďĂĐŬŽĨĐƵƌď WĂƌŬŝŶŐĞƐŝŐŶ^ƚĂŶĚĂƌĚƐ ^ƵďĚ͘ϴ͘ ͘;ϭͿ͘/ƐƚŚŝƐĨŽƌĂůůƉĂƌŬŝŶŐůŽƚƐ͍/ĨƐŽ͕ƉůĞĂƐĞĐůĂƌŝĨǇ͘ ϯ͘ŶĞĞĚƚŽĚĞĨŝŶĞůĂŶĚƐĐĂƉĞĂƌĞĂƐʹŚŽǁŵĂŶǇĂŶĚǁŚĞƌĞ͍DŝŶŝŵƵŵǁŝĚƚŚŽĨŝƐůĂŶĚƐ;ϭϮ͛ƚŽƐƵƉƉŽƌƚ ƚƌĞĞƐͿ tĞŚĂǀĞŶŽƉĂƌŬŝŶŐůŽƚĚĞƐŝŐŶƐƚĂŶĚĂƌĚƐ;ĞǆĐĞƉƚZͲϰŚŝŐŚĚĞŶƐŝƚǇƌĞƐŝĚĞŶƚŝĂůǌŽŶĞͿ͘ŝƚŚĞƌƚŚĞǇŶĞĞĚ ƚŽďĞĚĞǀĞůŽƉĞĚŽƌƵƐĞƚŚĞZͲϰZĞƐŝĚĞŶƚŝĂůƐƚĚƐ͘ ;ϮͿWĂƌŬŝŶŐ'ĂƌĂŐĞ ͘ŽŶ͛ƚǁĞǁĂŶƚƚŽĂĐƚŝǀĂƚĞƚŚĞŽƵƚƐŝĚĞŽĨĂůůƉĂƌŬŝŶŐŐĂƌĂŐĞƐ͍ ͘ϲϯ͘ϰϮϳ^ƵďĚ͘ϭϮ,ŝƐŶŽƚǁƌŝƚƚĞŶƐƚƌŽŶŐĞŶŽƵŐŚƚŽƚƌƵůǇĂĐƚŝǀĂƚĞƉĂƌŬŝŶŐŐĂƌĂŐĞƐ͘ WĞĚĞƐƚƌŝĂŶĂŶĚ^ŝƚĞĞƐŝŐŶ^ƚĂŶĚĂƌĚƐ ^ƵďĚ͘ϭϬ͘ Ăƚ ͘dŚĞƐĞĂƌĞǁĞĂŬʹďĂƐŝĐĂůůǇŝƚ͛ƐŽŬƚŽũƵƐƚƐƚƌŝƉĞĂĐƌŽƐƐǁĂůŬƚŚƌŽƵŐŚĂƉĂƌŬŝŶŐůŽƚ͘;ƐĞĞ^ĐŚĞĞůƐ ƉĂĐŚĞDĂůůͿ ^ŝĚĞǁĂůŬƐƚŚƌŽƵŐŚƉĂƌŬŝŶŐůŽƚƐƐŚŽƵůĚŝŶĐůƵĚĞĐƵƚƚŝŶŐƚŚƌŽƵŐŚůĂŶĚƐĐĂƉĞĚŝƐůĂŶĚƐ͘ƌĂǁŝŶŐƐǁŽƵůĚďĞƐŽ ŚĞůƉĨƵůǁŝƚŚŵĂŶǇŽĨƚŚĞƐĞƐƚĂŶĚĂƌĚƐ͘ ͘EĞŝŐŚďŽƌŚŽŽĚWƌŽƚĞĐƚŝŽŶ^ƚĂŶĚĂƌĚƐ ^ƵďĚϭϯ d,ZZEK>E^W/E'ZYh/ZDEd^&KZEzdKs>KWDEd ;ϮͿ>ĂŶĚƐĐĂƉŝŶŐʹ 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ƐƚƌĞĞƚ;ŶŽƚŝŶĐůƵĚŝŶŐĂůůĞǇƐͿƚŚĂŶƚŚĞĨĂĕĂĚĞŽĨĂƉƌŝŵĂƌǇƐƚƌƵĐƚƵƌĞ͕ǁŚŝĐŚĞǀĞƌ ƌĞƋƵŝƌĞƐƚŚĞŐƌĞĂƚĞƌĚŝƐƚĂŶĐĞĨƌŽŵƚŚĞĨƌŽŶƚůŽƚůŝŶĞ͘ Ϯ͘dŚĞĂƌĞĂďĞƚǁĞĞŶĞĂĐŚĞĚŐĞŽĨƚŚĞƉĂƌŬŝŶŐůŽƚĨĂĐŝŶŐĂƉƵďůŝĐŽƌƉƌŝǀĂƚĞƐƚƌĞĞƚ ĂŶĚƚŚĂƚƐƚƌĞĞƚƐŚĂůůďĞŽĐĐƵƉŝĞĚďǇĂƉĞĚĞƐƚƌŝĂŶŐĂƚŚĞƌŝŶŐƐƉĂĐĞǁŝƚŚƐĞĂƚŝŶŐ͕Ă ďŝĐǇĐůĞƉĂƌŬŝŶŐĂƌĞĂ͕ŽƌĂůĂŶĚƐĐĂƉĞĚďƵĨĨĞƌĂƚůĞĂƐƚϲĨĞĞƚŝŶǁŝĚƚŚ͘ ϯ͘^ƵƌĨĂĐĞƉĂƌŬŝŶŐůŽƚƐǁŝƚŚŵŽƌĞƚŚĂŶϭϬϬƉĂƌŬŝŶŐƐƉĂĐĞƐƐŚĂůůďĞŽƌŐĂŶŝǌĞĚŝŶƚŽ ƐŵĂůůĞƌŵŽĚƵůĞƐƚŚĂƚĐŽŶƚĂŝŶϱϬŽƌĨĞǁĞƌƐƉĂĐĞƐĞĂĐŚĂŶĚƚŚĂƚĂƌĞǀŝƐƵĂůůǇ ƐĞƉĂƌĂƚĞĚĨƌŽŵŽƚŚĞƌƉĂƌŬŝŶŐŵŽĚƵůĞƐďǇďƵŝůĚŝŶŐƐŽƌůĂŶĚƐĐĂƉĞĚĂƌĞĂƐ͘ ϰ͘^ƵƌĨĂĐĞƉĂƌŬŝŶŐůŽƚƐĂŶĚƐƚƌƵĐƚƵƌĞƐĐŽŶƚĂŝŶŝŶŐŵŽƌĞƚŚĂŶϱϬƉĂƌŬŝŶŐƐƉĂĐĞƐƐŚĂůů ƉƌŽǀŝĚĞĐůĞĂƌůǇŝĚĞŶƚŝĨŝĞĚƉĞĚĞƐƚƌŝĂŶƌŽƵƚĞƐďĞƚǁĞĞŶƉĂƌŬŝŶŐĂƌĞĂƐĂŶĚƚŚĞ ƉƌŝŵĂƌǇƉĞĚĞƐƚƌŝĂŶĞŶƚƌĂŶĐĞ;ƐͿƚŽƚŚĞďƵŝůĚŝŶŐ;ƐͿƐĞƌǀĞĚďǇƚŚĞƉĂƌŬŝŶŐĂƌĞĂƐ͘ dŚĞƉĞĚĞƐƚƌŝĂŶƌŽƵƚĞƐƐŚĂůůďĞĚĞƐŝŐŶĞĚĂŶĚůŽĐĂƚĞĚƚŽŵŝŶŝŵŝǌĞƚŚĞƉĞĚĞƐƚƌŝĂŶ ƌŽƵƚĞƐŝŶƚĞƌĨĂĐĞǁŝƚŚƚƌĂĨĨŝĐĐŝƌĐƵůĂƚŝŽŶƌŽƵƚĞƐ͕ĂŶĚƚŽƉƌŽǀŝĚĞƉĞĚĞƐƚƌŝĂŶ ǁĂůŬǁĂǇƐǁŝƚŚĚŝƌĞĐƚƉĞĚĞƐƚƌŝĂŶĂŶĚĂĐĐĞƐƐƚŽƚŚĞƉƌŝŵĂƌǇďƵŝůĚŝŶŐ ĞŶƚƌĂŶĐĞ;ƐͿ͘ ;ϮͿWĂƌŬŝŶŐ'ĂƌĂŐĞ 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͘tŚĞƌĞƚŚĞƐƚĂŶĚĂƌĚƐŽĨƚŚĞdKŝƐƚƌŝĐƚĂƌĞŝŶĐŽŶĨůŝĐƚǁŝƚŚƚŚĞWĞĚĞƐƚƌŝĂŶĂŶĚ^ŝƚĞĞƐŝŐŶ ^ƚĂŶĚĂƌĚƐ͕ƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐdKŝƐƚƌŝĐƚƐŚĂůůŐŽǀĞƌŶ͘ ŽŶƐŽůŝĚĂƚŝŽŶŽƌ^ƵďĚŝǀŝƐŝŽŶŽĨǆŝƐƚŝŶŐ>ŽƚƐ͗ ^ƵďĚ͘ϭϭ͘EŽĐŽŶƐŽůŝĚĂƚŝŽŶŽĨƚǁŽŽƌŵŽƌĞůŽƚƐĞǆŝƐƚŝŶŐ ŽŶƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƚŚŝƐƐĞĐƚŝŽŶŝŶƚŽĂƉĂƌĐĞůŽĨŽŶĞĂĐƌĞŽƌůĂƌŐĞƌƐŚĂůůďĞĂƉƉƌŽǀĞĚ͕ĂŶĚŶŽ ƐƵďĚŝǀŝƐŝŽŶŽĨůŽƚƐĞǆŝƐƚŝŶŐŽŶƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƚŚŝƐƐĞĐƚŝŽŶƐŚĂůůďĞĂƉƉƌŽǀĞĚ͕ƵŶůĞƐƐƚŚĞĂƉƉůŝĐĂŶƚ ŚĂƐƐƵďŵŝƚƚĞĚĂ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶĚĞŵŽŶƐƚƌĂƚŝŶŐƚŚĂƚĂŚŝŐŚůĞǀĞůŽĨƉĞĚĞƐƚƌŝĂŶ͕ďŝĐǇĐůĞ͕ĂŶĚ ŵŽƚŽƌǀĞŚŝĐůĞĐŽŶŶĞĐƚŝǀŝƚǇǁŝůůďĞŵĂŝŶƚĂŝŶĞĚƚŚƌŽƵŐŚƚŚĞĐŽŶƐŽůŝĚĂƚĞĚŽƌƐƵďĚŝǀŝĚĞĚƉĂƌĐĞůŽƌƉĂƌĐĞůƐ͕ ĂŶĚƚŚĞŝƚǇŚĂƐĂƉƉƌŽǀĞĚƚŚĂƚƉůĂŶĂƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŐŽĂůƐŽĨƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶĂŶĚǁŝƚŚĂŶǇ ŽƚŚĞƌĂƉƉƌŽǀĞĚĐŽŶŶĞĐƚŝǀŝƚǇƉůĂŶƐĨŽƌĂďƵƚƚŝŶŐŽƌŶĞĂƌďǇƉƌŽƉĞƌƚŝĞƐ͘ Z&dϭͬϭϲͬϮϬϭϵ ϴ 3DFNHW3J *F ;ŽŵŵĞŶƚϭͿ 'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶZĞƋƵŝƌĞĚ ^ƵďĚ͘ϭϮ͘ ͘ĂĐŚƉƌŽƉĞƌƚǇůŽĐĂƚĞĚŝŶĂdKEŽĚĞƚŚĂƚĐŽŶƚĂŝŶƐŵŽƌĞƚŚĂŶϭϬĂĐƌĞƐŽĨƐŝƚĞĂƌĞĂ;ƚĂŬĞŶ ŝŶĚŝǀŝĚƵĂůůǇŽƌǁŝƚŚĂĚũĂĐĞŶƚƉĂƌĐĞůƐŝŶĐŽŵŵŽŶŽƌƌĞůĂƚĞĚŽǁŶĞƌƐŚŝƉͿƐŚĂůůŽďƚĂŝŶĂƉƉƌŽǀĂůŽĨĂ 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ŽǀĞƌƚŚĞĐƵƌƌĞŶƚůĞǀĞůŽĨĂĐƚŝǀŝƚǇǁŝƚŚƚŚĞĂĚĚŝƚŝŽŶŽĨƚŚĞŶĞǁƐƚƌƵĐƚƵƌĞƐ͘ DŽĚŝĨǇϲϱ͘ϰϭϬ͗ŶůĂƌŐĞŵĞŶƚŽƌůƚĞƌĂƚŝŽŶ ;ŽŵŵĞŶƚϮϬ͕ϯϰ͕ΘϭϯϲͿ ϲϱ͘ϰϭϬE>Z'DEdKZ>dZd/KE͗ ŶŽŶĐŽŶĨŽƌŵŝŶŐƐƚƌƵĐƚƵƌĞƐŚĂůůŶŽƚďĞĞŶůĂƌŐĞĚŽƌĂůƚĞƌĞĚŝŶĂŶǇǁĂǇǁŚŝĐŚŝŶĐƌĞĂƐĞƐŝƚƐ ŶŽŶĐŽŶĨŽƌŵŝƚǇĞǆĐĞƉƚƵŶĚĞƌƚŚĞƉƌŽĐĞƐƐŽƵƚůŝŶĞĚŝŶ^ĞĐƚŝŽŶƐϲϱ͘ϯϮϬĂŶĚϲϱ͘ϯϯϬ͘/ĨƚŚĞ ƐƚƌƵĐƚƵƌĞŝƐůŽĐĂƚĞĚŝŶĂdKĚŝƐƚƌŝĐƚ͕ƚŚĞĞǆƉĂŶƐŝŽŶŽĨĂŶŽŶͲĐŽŶĨŽƌŵŝŶŐƐƚƌƵĐƚƵƌĞďǇ ϮϱйŽƌůĞƐƐǁŽƵůĚďĞĞǆĞŵƉƚĨƌŽŵƚŚĞŵŝŶŝŵƵŵŚĞŝŐŚƚƌĞƋƵŝƌĞŵĞŶƚ͘ DŽĚŝĨǇϲϬ͘ϮϬϬ͗ĚĚƚŚĞĨŽůůŽǁŝŶŐĞĨŝŶŝƚŝŽŶƐ Z ͗ĐŽǀĞƌĞĚƉĂƐƐĂŐĞǁĂǇ͕ƚǇƉŝĐĂůůǇĨŽƵŶĚĂƚƐƚƌĞĞƚůĞǀĞůĂŶĚŽĨƚĞŶĐŽŵƉƌŝƐĞĚŽĨĂƐĞƌŝĞƐ ŽĨĂƌĐŚĞƐƐƵƉƉŽƌƚĞĚďǇĐŽůƵŵŶƐ͕ǁŚŝĐŚŝƐĂĐĐĞƐƐŝďůĞĂŶĚŽƉĞŶƚŽƚŚĞƉƵďůŝĐ͘ tE/E' ͗ƐŚĞůƚĞƌƉƌŽũĞĐƚŝŶŐĨƌŽŵĂŶĚƐƵƉƉŽƌƚĞĚďǇƚŚĞĞǆƚĞƌŝŽƌǁĂůůŽĨĂďƵŝůĚŝŶŐ ĐŽŶƐƚƌƵĐƚĞĚŽĨŶŽŶͲƌŝŐŝĚŵĂƚĞƌŝĂůƐŽŶĂƐƵƉƉŽƌƚŝŶŐĨƌĂŵĞǁŽƌŬ͕ŽĨƚĞŶŵĂĚĞŽĨǁŽŽĚ͕ĐůŽƚŚ͕ ǀŝŶǇů͕ŽƌŽƚŚĞƌĨůĞǆŝďůĞŵĂƚĞƌŝĂů͘ĂŶďĞƌĞƚƌĂĐƚĂďůĞŽƌĨŝǆĞĚ͘ Z&dϭͬϭϲͬϮϬϭϵ ϭϯ 3DFNHW3J *F >KEz ͗ƉŽƌĐŚŽƌŽƚŚĞƌƉĂƌƚŝĂůůǇĞŶĐůŽƐĞĚĞǆƚĞƌŝŽƌƉůĂƚĨŽƌŵĚĞƐŝŐŶĞĚĨŽƌŽƵƚĚŽŽƌƵƐĞ ĂƚƚĂĐŚĞĚƚŽƚŚĞƵƉƉĞƌĨůŽŽƌƐŽĨĂďƵŝůĚŝŶŐ͘ KZE/ ͗ŚŽƌŝǌŽŶƚĂůĚĞĐŽƌĂƚŝǀĞƉƌŽũĞĐƚŝŽŶůŽĐĂƚĞĚĂƚƚŚĞƚŽƉŽĨĂďƵŝůĚŝŶŐŶĞĂƌƚŚĞƌŽŽĨůŝŶĞ͕ ǁŚŝĐŚŵĂǇŝŶĐůƵĚĞĂƌŽŽĨŽǀĞƌŚĂŶŐ͘ WZWd ͗ŶĞǆƚĞŶƐŝŽŶŽĨƚŚĞŵĂŝŶǁĂůůƐŽĨĂďƵŝůĚŝŶŐĂďŽǀĞƚŚĞƌŽŽĨůŝŶĞ͘ W/>^dZ ͗ƌĞĐƚĂŶŐƵůĂƌ͕ŶŽŶͲďĞĂƌŝŶŐĐŽůƵŵŶĂƚƚĂĐŚĞĚƚŽĂďƵŝůĚŝŶŐĨĂĕĂĚĞĂƐĂŶŽƌŶĂŵĞŶƚĂů ĚĞƐŝŐŶĨĞĂƚƵƌĞ DŽĚŝĨǇϲϬ͘ϮϬϬ͗ŵĞŶĚƚŚĞĨŽůůŽǁŝŶŐĚĞĨŝŶŝƚŝŽŶ ;ŽŵŵĞŶƚϭϯϳͿ WZ</E'&/>/dz͗ ƐƚƌƵĐƚƵƌĞŽƌĂƚͲŐƌĂĚĞƐŝƚĞŝŵƉƌŽǀĞĚĨŽƌƚŚĞƉĂƌŬŝŶŐŽĨĨŽƵƌ;ϰͿŽƌŵŽƌĞ ǀĞŚŝĐůĞƐǁŚĞƌĞŝŶĚŝǀŝĚƵĂůƉĂƌŬŝŶŐƐƉĂĐĞƐĂƌĞĂĐĐĞƐƐĞĚĨƌŽŵĂƌŽĂĚǁĂǇďǇŵĞĂŶƐŽĨĂĚƌŝǀĞǁĂǇ ĂŶĚĐŝƌĐƵůĂƚŝŽŶĂŝƐůĞƐ͘/ŶƚŚĞdKĚŝƐƚƌŝĐƚĂƉĞƌŵŝƚƚĞĚƉĂƌŬŝŶŐĨĂĐŝůŝƚǇĂƐƐŽĐŝĂƚĞĚǁŝƚŚĂŝƚǇ ĚĞƐŝŐŶĂƚĞĚƉĂƌŬĂŶĚƌŝĚĞŵĂǇƉƌŽǀŝĚĞĂƵƚŽŵŽďŝůĞŵĂŝŶƚĞŶĂŶĐĞƐĞƌǀŝĐĞƐ͕ƐƵĐŚĂƐŽŝůĐŚĂŶŐĞƐ ĂŶĚĐĂƌǁĂƐŚĞƐ͕ĂƐĂŶĂĐĐĞƐƐŽƌǇƵƐĞ͘ Z&dϭͬϭϲͬϮϬϭϵ ϭϰ 3DFNHW3J 1257+(51+(,*+76'5 6 71( 1: 67 : 6 71: *G ZͬŚĂŵďĞƌ ϭ͘^ŚŽƵůĚƚŚĞƌĞďĞĂ͞ůŽŽŬ Ͳ ďĂĐŬ͟ƌƵůĞŽŶƚŚĞϭϬ Ͳ ĂĐƌĞ'WƌĞƋƵŝƌĞŵĞŶƚ͍tŚĂƚ͛ƐƚŽƐƚŽƉƐŽŵĞŽŶĞĨ ƌŽŵ ƐƉůŝƚƚŝŶŐŝŶƚŽƚǁŽϱĂĐƌĞƐ͍ ^ƚĂĨĨƌĞĐŽŵŵĞŶĚƐ Ă͘ĚĞůĞƚŝŶŐdK^ŝƚĞĞǀĞůŽƉŵĞŶƚ^ƵďĚ͘ϭϮĂŶĚƌĞŶƵŵďĞƌŝŶŐĐƵƌƌĞŶƚ^ƵďĚ͘ϭϯ ƚŽϭϮ͘ ^ƚĂĨĨƌĞĐŽŵŵĞŶĚƐ ď͘ƌĞǀŝƐŝŶŐdK^ŝƚĞĞǀĞůŽƉŵĞŶƚ^ƵďĚ͘ϳ͘͘ϭƚŽƌĞĂĚ͗ ĂĐŚĂƉƉůŝĐĂƚŝŽŶĨŽƌĚĞǀĞůŽƉŵĞŶƚŽĨĂŶĞǁƉƌŝŵĂƌǇƐƚƌƵĐƚƵƌĞŝŶĂdKEŽĚĞƐŚĂůů ƐƵďŵŝƚĂ^ŝƚĞWůĂŶŝůůƵƐƚƌĂƚŝŶŐƚŚĞƉƌŽƉŽƐĞĚŝŶƚĞƌŶĂůǀĞŚŝĐƵůĂƌ͕ďŝĐǇĐůĞ͕ĂŶĚƉĞĚĞƐƚƌŝĂŶ ĐŝƌĐƵůĂƚŝŽŶƐǇƐƚĞŵƐ;͞ĐŝƌĐƵůĂƚŝŽŶƐǇƐƚĞŵƐ͟ͿĂŶĚĚĞŵŽŶƐƚƌĂƚŝŶŐƚŚĂƚ͗ ͘/ĨĂŶĂƉƉƌŽǀĞĚ^ŵĂůůƌĞĂWůĂŶŽƌ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶŝŶĐůƵĚĞƐƚŚĞ [[717,1329,730,1386][12][,I,][Arial]] ƉƌŽƉĞƌƚǇ͕ƚŚĞĐŝƌĐƵůĂƚŝŽŶƐǇƐƚĞŵŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĂƚƐŚŽǁŶŽŶƚŚĞ^ŵĂůů ƌĞĂWůĂŶŽƌ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶ͖Žƌ ͘/ĨƚŚĞƌĞŝƐŶŽĂƉƉƌŽǀĞĚ^ŵĂůůƌĞĂWůĂŶŽƌ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶƚŚĂƚ [[715,1512,728,1569][12][,I,][Arial]] ŝŶĐůƵĚĞƐƚŚĞƉƌŽƉĞƌƚǇ͕ƚŚĞĐŝƌĐƵůĂƚŝŽŶƐǇƐƚĞŵĂůůŽǁƐǀĞŚŝĐƵůĂƌ͕ďŝĐǇĐůĞ͕ĂŶĚ ƉĞĚĞƐƚƌŝĂŶĐƌŽƐƐͲĂĐĐĞƐƐďĞƚǁĞĞŶƚŚĞĐŝƌĐƵůĂƚŝŽŶƐǇƐƚĞŵƐŽĨƚŚĞƉƌŽƉŽƐĞĚ ĚĞǀĞůŽƉŵĞŶƚĂŶĚƚŚĞĐŝƌĐƵůĂƚŝŽŶƐǇƐƚĞŵƐŽĨĞǆŝƐƚŝŶŐŽƌĂůůŽǁĂďůĞĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚŽŶĂĚũŽŝŶŝŶŐůŽƚƐƚŽƚŚĞŵĂǆŝŵƵŵĞǆƚĞŶƚƉƌĂĐƚŝĐĂďůĞ͘ Ϯ͘/ƐƚŚĞƌĞĂŐƌŽƵŶĚĨůŽŽƌƌĞƚĂŝůƌĞƋƵŝƌĞŵĞŶƚ͍^ŚŽƵůĚƚŚĞƌĞďĞ͍ Ă͘dŚĞƉƌŽƉŽƐĞĚŽƌĚŝŶĂŶĐĞĚŽĞƐŶŽƚƌĞƋƵŝƌĞŐƌŽƵŶĚĨůŽŽƌƌĞƚĂŝůĂŶĚƉƌŽƚĞĐƚƐǁĂůŬĂďŝůŝƚǇďǇ ƉƌŽŚŝďŝƚŝŶŐƉĂƌŬŝŶŐ͕ƐƚŽƌĂŐĞ͕ĂŶĚƵƚŝůŝƚǇƵƐĞƐŽŶƚŚĞŐƌŽƵŶĚĨůŽŽƌͬŽĨƚŚĞĨƌŽŶƚƐŝĚĞŽĨdK ƉƌŽũĞĐƚƐ͘ ϯ͘tŚĂƚŚĂƉƉĞŶƐƚŽƉĂƌĐĞůƚŚĂƚĂƌĞŶŽǁŶŽŶͲĐŽŶĨŽƌŵŝŶŐĚƵĞƚŽƚŚĞƌĞͲǌŽŶŝŶŐ͍ Ă͘EŽŶͲĐŽŶĨŽƌŵŝŶŐƵƐĞƐĐĂŶĂůǁĂǇƐƌĞŵĂŝŶŝŶƉůĂĐĞ͘ǆƉĂŶƐŝŽŶŽĨŶŽŶͲĐŽŶĨŽƌŵŝŶŐƵƐĞƐŝƐ ĂĚĚƌĞƐƐĞĚŝŶƚŚĞdKĚƌĂĨƚƚŚŽƵŐŚƚĞǆƚĂŵĞŶĚŵĞŶƚƐƚŽĐŚĂƉƚĞƌϲϱ͘ϯϮϬ͘ ϰ͘ŽŶĐĞƌŶƐĂƌŽƵŶĚƵƚŝůŝƚǇĐŽŶŶĞĐƚŝŽŶƐǁŝƚŚhƐ Ă͘ƵƌƌĞŶƚZWhǁĂƚĞƌƉŽůŝĐǇƐƚĂƚĞƐ͗ ŝ͘ϰϬϴ͘ϭ/ĨĂŶĂĚĚŝƚŝŽŶĂůďƵŝůĚŝŶŐƵŶĚĞƌƚŚĂƚƐĂŵĞŽǁŶĞƌƐŚŝƉŝƐƉůĂĐĞĚŽƌĐŽŶƐƚƌƵĐƚĞĚŽŶĂ [[488,2593,501,2650][12][,I,][Arial]] ƉĂƌĐĞůŽĨůĂŶĚǁŝƚŚĂŶĞǆŝƐƚŝŶŐďƵŝůĚŝŶŐŽƌďƵŝůĚŝŶŐƐĂŶĚƌĞƋƵŝƌĞĚǁĂƚĞƌƐĞƌǀŝĐĞ͕Ă ĐŽŵŵŽŶǁĂƚĞƌƐĞƌǀŝĐĞǁŝůůďĞƉĞƌŵŝƚƚĞĚŝĨZWhĚĞƚĞƌŵŝŶĞƐƚŚĞĞǆŝƐƚŝŶŐƐĞƌǀŝĐĞŚĂƐ ƐƵĨĨŝĐŝĞŶƚŚǇĚƌĂƵůŝĐĐĂƉĂĐŝƚǇ͘dŚĞǁĂƚĞƌƐĞƌǀŝĐĞĞǆƚĞŶƐŝŽŶƚŽƚŚĞĂĚĚŝƚŝŽŶĂůďƵŝůĚŝŶŐ ƐŚĂůů͗ &DPSXV'ULYH6(6XLWH5RFKHVWHU01 *G ϭ͘ŽŶŶĞĐƚƚŽƚŚĞĞǆŝƐƚŝŶŐƐĞƌǀŝĐĞŽƵƚƐŝĚĞƚŚĞĞǆŝƐƚŝŶŐďƵŝůĚŝŶŐĂŶĚďĞĨŽƌĞƚŚĞ [[638,703,651,760][12][,I,][Arial]] ĞǆŝƐƚŝŶŐǁĂƚĞƌŵĞƚĞƌ Ϯ͘EŽƚĞǆƚĞŶĚƚŚƌŽƵŐŚƚŚĞĞǆŝƐƚŝŶŐďƵŝůĚŝŶŐ [[638,834,651,891][12][,I,][Arial]] ϯ͘ĞƐĞƉĂƌĂƚĞůǇŵĞƚĞƌĞĚ͘ [[638,900,651,957][12][,I,][Arial]] ď͘ƵƌƌĞŶƚŝƚǇWƵďůŝĐtŽƌŬƐƉŽůŝĐǇŽŶƐĞǁĞƌĐŽŶŶĞĐƚŝŽŶƐƐƚĂƚĞƐƚŚĂƚĞĂĐŚďƵŝůĚŝŶŐǁŽƵůĚďĞ 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ůŝŬĞůǇƚŽŐĞŶĞƌĂƚĞďŝĐǇĐůĞƚƌĂĨĨŝĐďĞŝŶŐĞǆĞŵƉƚͿ͘,ŽǁĞǀĞƌ͕ŝŶŽƵƌĞǆƉĞƌŝĞŶĐĞ͕ǁŚĞŶĂĨŝǆĞĚƌĂƚŝŽ ƐƚĂŶĚĂƌĚƉƌŽĚƵĐĞƐĂǀĞƌǇŚŝŐŚŶƵŵďĞƌŽĨƌĞƋƵŝƌĞĚƐƉĂĐĞƐ͕ĂƉƉůŝĐĂŶƚƐŽĨƚĞŶƉƵƐŚďĂĐŬĂŐĂŝŶƐƚ ďŝĐǇĐůĞƉĂƌŬŝŶŐŝŶŐĞŶĞƌĂůŽƌƐĞĞŬǀĂƌŝĂŶĐĞƐƚŽůŽǁĞƌƚŚĞŶƵŵďĞƌ͘&ŽƌƚŚĂƚƌĞĂƐŽŶ͕ƚŚĞĚƌĂĨƚ dKŽƌĚŝŶĂŶĐĞŝŶĐůƵĚĞƐĂĚĞĐůŝŶŝŶŐƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚĞŶƐƵƌĞƐĂůůŝŶĐůƵĚĞĚƵƐĞƐƉƌŽǀŝĚĞďĂƐŝĐ ůĞǀĞůƐŽĨďŝĐǇĐůĞƉĂƌŬŝŶŐǁŚŝůĞĂǀŽŝĚŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌůĂƌŐĞŶƵŵďĞƌƐŽĨƐƉĂĐĞƐƚŚĂƚǁŝůůůŝŬĞůǇ ŶŽƚďĞƵƐĞĚ͘ ϵ͘tĞĂůůŶĞĞĚƚŽŐĞƚƉĂƐƚĂƌŐƵŝŶŐĂďŽƵƚƚŚĞĐŽŶĐĞƉƚŽĨƚŚŝƐŝŶĐƌĞĂƐĞŝŶůĂŶĚƵƐĞŝŶƚĞŶƐŝƚǇĂŶĚĚĞŶƐŝƚǇŝŶ ƚŚĞĚĞƐŝŐŶĂƚĞĚdKŝƐƚƌŝĐƚƐ͘dŚĞƉŽůŝĐǇĚĞĐŝƐŝŽŶŚĂƐďĞĞŶĂƉƉƌŽǀĞĚĂƐƉĂƌƚŽĨƚŚĞWůĂŶŶŝŶŐϮ^ƵĐĐĞĞĚ ŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ͘/ǁŽƵůĚĞŶĐŽƵƌĂŐĞĨŽĐƵƐŽŶƚŚĞĚĞƚĂŝůƐŽĨƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶƚŽďĞƐƵƌĞŝƚǁŝůů ĂĐŚŝĞǀĞƚŚĞĚĞƐŝƌĞĚƌĞƐƵůƚƐ͘ &DPSXV'ULYH6(6XLWH5RFKHVWHU01 *G Ă͘ŽŵŵĞŶƚŶŽƚĞĚ ϭϬ͘tĞĐŽƵůĚƵƐĞĂŶŝůůƵƐƚƌĂƚĞĚĐŽŵƉĂƌŝƐŽŶŽĨƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚĚĞŶƐŝƚǇƚŽƚŚĞĐƵƌƌĞŶƚĚĞŶƐŝƚǇ͘ ŶĚŝƐƚŚĞŝŶĐƌĞĂƐĞĞŶŽƵŐŚƚŽũƵƐƚŝĨǇƚŚĞĐŚĂŶŐĞͲĂŶĚǁŝůůŝƚŵĞĞƚdKŐŽĂůƐ͍ Ă͘ƵĞƚŽƚŚŝƐĐŽŵŵĞŶƚ͕ƐƚĂĨĨƉƌŽǀŝĚĞĚǀŝƐƵĂůĞǆĂŵƉůĞƐŽĨďƵŝůĚŝŶŐƐĨƌŽŵZŽĐŚĞƐƚĞƌƚŚĂƚǁŽƵůĚďĞ 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ϯϵ͘tŽƵůĚůŝŬĞƚŽƐĞĞĚƌŝǀĞͲƚŚƌƵƐƌĞŵŽǀĞĚĂůůƚŽŐĞƚŚĞƌ Ă͘^ƚĂĨĨďĞůŝĞǀĞƐƚŚĂƚǁĞŚĂǀĞƉƌŽƚĞĐƚĞĚƚŚĞǁĂůŬĂďŝůŝƚǇŽĨƚŚŝƐĐŽƌƌŝĚŽƌƚŚƌŽƵŐŚƚŚĞƉƌŽƉŽƐĞĚ ƐƚĂŶĚĂƌĚƐ͘tŚŝůĞƐƚŝůůĂůůŽǁŝŶŐďƵƐŝŶĞƐƐĞƐƚŚĂƚƌĞƋƵŝƌĞĂĚƌŝǀĞͲƚŚƌƵƚŚĞĂďŝůŝƚǇƚŽĐƌĞĂƚŝǀĞůǇ ƉƌŽƉŽƐĞĂƐŝƚĞůĂǇŽƵƚǁŝƚŚĂĚƌŝǀĞͲƚŚƌƵ͘ ϰϬ͘ĂŶǁĞƌĞƋƵŝƌĞƚŚĂƚƚŚĞƐĞĐŽŶĚĨůŽŽƌŝŶĂdKůŽŽŬůŝŬĞĂƐĞĐŽŶĚĨůŽŽƌ͕ĞǀĞŶŝĨŝƚŝƐŶ͛ƚ͍ ^ƚĂĨĨƌĞĐŽŵŵĞŶĚƐ Ă͘ĂŵĞŶĚŝŶŐĚĚŝƚŝŽŶĂů^ŝƚĞĞǀĞůŽƉŵĞŶƚ^ƚĂŶĚĂƌĚƐ͕^ƵďĚŝǀŝƐŝŽŶϯƚŽƐƚĂƚĞ͗ ^ƵďĚ͘ϯ͘DŝŶŝŵƵŵƵŝůĚŝŶŐ,ĞŝŐŚƚ ͘/ŶdKEŽĚĞƐ͕ƉŽƌƚŝŽŶƐŽĨŶĞǁƉƌŝŵĂƌǇƐƚƌƵĐƚƵƌĞƐůŽĐĂƚĞĚǁŝƚŚŝŶϭϬϬĨĞĞƚŽĨE͘ ĂŶĚ^͘ƌŽĂĚǁĂǇǀĞ͕͘Ϯ^ƚ^t͕ĂŶĚϰ^ƚ^ͬŽůůĞŐĞǀŝĞǁZĚ͘ƐŚĂůůďĞĂ ŶĚƚŚ ŵŝŶŝŵƵŵŽĨϰϬĨĞĞƚŝŶŚĞŝŐŚƚĂďŽǀĞŐƌĂĚĞ͘ ͘/ŶdKŽƌƌŝĚŽƌƐ͕ƉŽƌƚŝŽŶƐŽĨŶĞǁƉƌŝŵĂƌǇƐƚƌƵĐƚƵƌĞƐůŽĐĂƚĞĚǁŝƚŚŝŶϭϬϬĨĞĞƚŽĨ E͘ĂŶĚ^͘ƌŽĂĚǁĂǇǀĞ͕Ϯ ŶĚ^ƚ^t͕ĂŶĚϰ ƚŚ^ƚ^ƐŚĂůůďĞĂŵŝŶŝŵƵŵŽĨϮϱĨĞĞƚŝŶ ŚĞŝŐŚƚ͘ ͘/ŶdKEŽĚĞƐĂŶĚdKŽƌƌŝĚŽƌƐ͕ƚŚĞƌĞƋƵŝƌĞĚŵŝŶŝŵƵŵďƵŝůĚŝŶŐŚĞŝŐŚƚƐŚĂůů ĐŽŶƚĂŝŶĂƚůĞĂƐƚƚǁŽĨůŽŽƌƐŽĨƐƉĂĐĞĚĞƐŝŐŶĞĚĂŶĚĐŽŶƐƚƌƵĐƚĞĚĨŽƌŚƵŵĂŶ ŽĐĐƵƉĂŶĐǇ͕ǁŝƚŚƚŚĞƐĞĐŽŶĚĨůŽŽƌŚĂǀŝŶŐĂŐƌŽƐƐĨůŽŽƌĂƌĞĂĂƚůĞĂƐƚϱϬƉĞƌĐĞŶƚĂƐ ůĂƌŐĞĂƐƚŚĞŐƌŽƐƐĨůŽŽƌĂƌĞĂŽĨƚŚĞŐƌŽƵŶĚĨůŽŽƌ͘ ϰϭ͘/ƐƚŚĞƌĞĂǁĂǇƚŽƉŚĂƐĞƚŚŝƐŝŶĨŽƌdK͍&ĞĞůƐƚŚĞƐƉŝŶĞƐĂƌĞĞǆƚƌĞŵĞůǇůŽŶŐ͘ Ă͘dŚĞƐĞǁĞƌĞůĂďĞůĞĚĂƐƚŚĞŚŝŐŚƉƌŝŽƌŝƚǇĐŽƌƌŝĚŽƌƐĨŽƌƚŚĞWdEŝŶƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ͘dŚĞ ŵĂƌŬĞƚǁŝůůƉŚĂƐĞŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚŝƐĐŽƌƌŝĚŽƌ͘ ϰϮ͘tŽƵůĚůŝŬĞƚŽƐĞĞŵŽƌĞŽŶŵŝƐƐŝŶŐŵŝĚĚůĞŚŽƵƐŝŶŐŝŶƚŚĞZϮǆĂƌĞĂƐ͘ Ă͘^ƚĂĨĨĨĞĞůƐŵŝƐƐŝŶŐŵŝĚĚůĞŚŽƵƐŝŶŐĐĂŶďĞĂĚĚƌĞƐƐĞĚƚŚƌŽƵŐŚƚŚĞĐƌĞĂƚŝŽŶŽĨƚŚĞZϮǆǌŽŶĞ͘ ϰϯ͘tŽƵůĚůŝŬĞƚŽƐĞĞĂϭƚŽϭƵŶŝƚƚŽƉĂƌŬŝŶŐƐƚĂůůƌĞƋƵŝƌĞŵĞŶƚĨŽƌƐŵĂůůĞƌDƵůƚŝͲ&ĂŵŝůǇďƵŝůĚŝŶŐ͕ƚŚĞŶ ƌĞĚƵĐĞĚŽŶĐĞƚŚĞďƵŝůĚŝŶŐŐĞƚƐůĂƌŐĞƌŝŶƚŚĞZϮǆĚŝƐƚƌŝĐƚ ^ƚĂĨĨƌĞĐŽŵŵĞŶĚƐ Ă͘ĂŵĞŶĚŝŶŐƚŚĞŵƵůƚŝͲĨĂŵŝůǇƌĞƋƵŝƌĞĚŽĨĨƐƚƌĞĞƚƉĂƌŬŝŶŐƚŽĂŵŝŶŝŵƵŵŽĨŽŶĞ ƐƉĂĐĞƉĞƌƵŶŝƚĨŽƌďƵŝůĚŝŶŐƐǁŝƚŚĞŝŐŚƚŽƌĨĞǁĞƌƵŶŝƚƐ͘ƵŝůĚŝŶŐƐǁŝƚŚŵŽƌĞƚŚĂŶϴƵŶŝƚƐǁŽƵůĚ ƌĞƋƵŝƌĞ͘ϳϱƐƉĂĐĞƐƉĞƌƵŶŝƚ͘ ϰϰ͘,ŽǁĚŽǁĞƐĞĞŝŶĐĞŶƚŝǀŝǌŝŶŐĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐƚŚƌƵƚŚŝƐŽƌĚŝŶĂŶĐĞ͍ Ă͘/ŶĐĞŶƚŝǀŝǌŝŶŐĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐŝƐŶŽƚĂŶĂƐƉĞĐƚŽĨƚŚŝƐŽƌĚŝŶĂŶĐĞ͖ŝƚŵĂǇďĞĂŶĂƐƉĞĐƚŽĨƚŚĞ ŶĞǆƚƉŚĂƐĞŽĨƚŚĞ>DhƉĚĂƚĞ͘ &DPSXV'ULYH6(6XLWH5RFKHVWHU01 *G ϰϱ͘ůůĞǇĂĐĐĞƐƐĨŽƌďƵƐŝŶĞƐƐĞƐ͘WĂƌƚŝĐƵůĂƌůǇǁŝƚŚůŝŵŝƚĂƚŝŽŶƐŝŶĐƵƌďĐƵƚƐĂůŽŶŐƌŽĂĚǁĂǇĂŶĚŽƚŚĞƌŵĂŝŶ ƐƚƌĞĞƚƐ;ǁŚŝĐŚŵĂŬĞƐƐĞŶƐĞĨƌŽŵĂƚƌĂŶƐƉŽƌƚĂƚŝŽŶ͕ƐĂĨĞƚǇ͕ĂŶĚǁĂůŬĂďŝůŝƚǇƉĞƌƐƉĞĐƚŝǀĞͿŚĂƐƚŚĞƌĞďĞĞŶ ĂŶǇŵŽƌĞĚŝƐĐƵƐƐŝŽŶŽĨĂůůĞǇĂĐĐĞƐƐĨŽƌďƵƐŝŶĞƐƐƚƌĂĨĨŝĐĐŝƌĐƵůĂƚŝŽŶ͍/ŬŶŽǁƐŽŵĞĐŽŵŵƵŶŝƚŝĞƐŚĂǀĞ ŝƐƐƵĞƐǁŝƚŚďƵƐŝŶĞƐƐĞƐƐŚĂƌŝŶŐĂůůĞǇƐĂůƐŽƵƐĞĚďǇƌĞƐŝĚĞŶƚŝĂůƵƐĞƐʹƚŚŽƵŐŚƚŚŝƐŵĂǇŝŶĚĞĞĚďĞƚŚĞ ŵŽƐƚĞĨĨŝĐŝĞŶƚǁĂǇƚŽĐŝƌĐƵůĂƚĞƚƌĂĨĨŝĐ͘tŝƚŚƚŚĞĨŽĐƵƐŽŶƉƵƚƚŝŶŐƉĂƌŬŝŶŐƚŽƚŚĞƌĞĂƌŽĨƐŝƚĞƐ͕ŝƚƐĞĞŵƐ ůŝŬĞĂůůĞǇĂĐĐĞƐƐǁŝůůŽŶůǇĐŽŶƚŝŶƵĞƚŽŐƌŽǁĂƐĂŶŝƐƐƵĞ͕ĂƚůĞĂƐƚŝŶĂƉůĂĐĞǁŚĞƌĞƚŚĞƌĞŝƐĂŶĂůůĞǇ ƉĂƌĂůůĞůƚŽƚŚĞƐƚƌĞĞƚ͘ Ă͘tĞĂƌĞŶŽƚĂǁĂƌĞŽĨĂŶǇŝƐƐƵĞƐǁŝƚŚũŽŝŶƚĐŽŵŵĞƌĐŝĂůͬƌĞƐŝĚĞŶƚŝĂůƵƐĞŽĨĂůůĞǇƐƚŚĂƚǁŽƵůĚ ŽƵƚǁĞŝŐŚƚŚĞďĞŶĞĨŝƚƐŽĨƌĞƐƚƌŝĐƚĞĚĂĐĐĞƐƐĂůŽŶŐƌŽĂĚǁĂǇǀĞͬϮ ŶĚ^ƚ^tͬϰ ƚŚ^ƚ^͘ ϰϲ͘EŽŶĐŽŶĨŽƌŵŝŶŐĚƌŝǀĞͲƚŚƌƵƐ͘ƐĞǀŝĚĞŶĐĞĚĨƌŽŵƚŚĞŵĞĞƚŝŶŐ͕/͛ŵŐƵĞƐƐŝŶŐĚƌŝǀĞ ͲƚŚƌƵƐǁŝůůĐŽŶƚŝŶƵĞƚŽ ďĞĂŶŝƐƐƵĞ͘KŶĞƋƵĞƐƚŝŽŶƚŚĂƚƐŚŽƵůĚďĞƌĂŝƐĞĚʹŝĨĂƉƌŽƉĞƌƚǇŚĂƐĂŶĞǆŝƐƚŝŶŐĚƌŝǀĞƚŚƌŽƵŐŚĂŶĚ ƌĞĚĞǀĞůŽƉƐ;ĞŝƚŚĞƌǁŝƚŚƚŚĞƐĂŵĞŽƌĂĚŝĨĨĞƌĞ ŶƚƵƐĞͿĐŽƵůĚƚŚĂƚďĞŝŶƚĞƌƉƌĞƚĞĚĂƐŚĂǀŝŶŐĂ͞ƌŝŐŚƚ͟ƚŽ ƉƵƚďĂĐŬŝŶĂĚƌŝǀĞƚŚƌƵ͍dŚŝƐǁŝůůŵĂƚƚĞƌƚŽƐŽŵĞďƵƐŝŶĞƐƐĞƐ͘ůƐŽ͕ƋƵĞƐƚŝŽŶƐŽŶǁŚĂƚƉƌŽǀŝƐŝŽŶƐ ƌĞůĂƚĞĚƚŽƚŚĞŝƌƉůĂĐĞŵĞŶƚĂŶĚŽƌŝĞŶƚĂƚŝŽŶĐŽƵůĚďĞǀĂƌŝĞĚ͕ŝĨĂŶǇ͘ Ă͘dŚĞĚƌŝǀĞƚŚƌŽƵŐŚŝƐĐŽŶƐŝĚĞƌĞĚĂŶĞƐƚĂďůŝƐŚĞĚƵƐĞ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞĚƌŝǀĞƚŚƌŽƵŐŚǁŽƵůĚďĞ ĂůůŽǁĞĚƚŽďĞĂĐŽŶƚŝŶƵĞĚƵƐĞŽŶƚŚĂƚƉƌŽƉĞƌƚǇ͕ƐƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨĐŚĂƉƚĞƌϲϱEŽŶͲ ŽŶĨŽƌŵŝƚŝĞƐ͘ ϰϳ͘EŽŶĐŽŶĨŽƌŵŝŶŐƐŝƚĞƐĐŚĂŶŐĞƐ͘dŚĞĚƌĂĨƚdKůĂŶŐƵĂŐĞĐŽǀĞƌƐĞǆƉĂŶƐŝŽŶŽĨŶŽŶĐŽŶĨŽƌŵŝŶŐƵƐĞ͕ďƵƚŝƐ ƚŚĞƌĞĂŶǇƚŚŝŶŐƚŚĂƚƚƌŝŐŐĞƌƐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŶĞǁƐƚĂŶĚĂƌĚƐǁŝƚŚĂŶǇŽĨƚŚĞĨŽůůŽǁŝŶŐ͗ Ă͘^ƵďƐƚĂŶƚŝĂůƌĞŚĂďƚŚĂƚĚŽĞƐŶ͛ƚĂĚĚƐƋƵĂƌĞĨŽŽƚĂŐĞ ŝ͘EŽ [[488,2045,501,2102][12][,I,][Arial]] ď͘/ŶƚĞŶƐŝĨŝĐĂƚŝŽŶŽĨĞǆŝƐƚŝŶŐƵƐĞ;Ğ͘Ő͘ŵŽƌĞĞŵƉůŽǇĞĞƐŽƌƚƌĂĨĨŝĐͿ ŝ͘EŽ [[488,2167,501,2224][12][,I,][Arial]] Đ͘ŚĂŶŐĞƚŽĂƐŝŵŝůĂƌďƵƚŶŽƚŝĚĞŶƚŝĐĂůƵƐĞ͍ ŝ͘ŽŶǀĞƌƐŝŽŶƚŽĂŶǇƉĞƌŵŝƚƚĞĚƵƐĞŝƐKŬĂŶĚǁŽƵůĚŶŽƚƚƌŝŐŐĞƌĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŶĞǁ [[488,2289,501,2346][12][,I,][Arial]] ƐƚĂŶĚĂƌĚƐ͖ŚŽǁĞǀĞƌ͕ĐŽŶǀĞƌƐŝŽŶƚŽĂŶŽƚŚĞƌŶŽŶͲĐŽŶĨŽƌŵŝŶŐƵƐĞƌĞƋƵŝƌĞƐdǇƉĞϯ ĐŽŶĚŝƚŝŽŶƵƐĞƉĞƌŵŝƚ͕ƌĞƐƚƌŝĐƚĞĚĚĞǀĞůŽƉŵĞŶƚĂƉƉƌŽǀĂů͘ Ě͘dŚĞƐĞŵĂǇĂůƌĞĂĚǇďĞĂŶƐǁĞƌĞĚƚŽĞǀĞƌǇŽŶĞ͛ƐƐĂƚŝƐĨĂĐƚŝŽŶƐŽŵĞǁŚĞƌĞŝŶƚŚĞĐŽĚĞďƵƚƌĂŝƐŝŶŐ ƐŝŶĐĞŵĂŶĂŐŝŶŐŶŽŶĐŽŶĨŽƌŵŝƚŝĞƐǁŝůůůŝŬĞůǇďĞĂůŽŶŐͲƚĞƌŵŝƐƐƵĞĨŽƌƚŚĞƐĞĂƌĞĂƐŽĨƚŚĞĐŝƚǇ͘ ŝ͘tĞŐĞŶĞƌĂůůǇƌĞĐŽŵŵĞŶĚŶŽƚĐƌĞĂƚŝŶŐĂĚŝĨĨĞƌĞŶƚƌƵůĞĨŽƌƚŚĞdKŽƌZͲϮǆŝƐƚƌŝĐƚƐ͘ŶǇ [[488,2595,501,2652][12][,I,][Arial]] ĐŚĂŶŐĞǁŽƵůĚŶĞĞĚƚŽďĞĂƉƉůŝĐĂďůĞĐŝƚǇͲǁŝĚĞ ϰϴ͘WĂƌĐĞůĂƐƐĞŵďůǇ Ă͘dŚĞdKůĂŶŐƵĂŐĞŚĂƐŐƵŝĚĂŶĐĞƌĞůĂƚĞĚƚŽƉĂƌĐĞůĂƐƐĞŵďůǇ;ƚƌŝŐŐĞƌŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌϭн ĂĐƌĞƐͿďƵƚĚŽĞƐŶ͛ƚƐĞĞŵƚŚĂƚ͛ƐŝŶƚŚĞZϮǆĚƌĂĨƚ͘^ŚŽƵůĚŝ ƚďĞ͍ &DPSXV'ULYH6(6XLWH5RFKHVWHU01 *G ŝ͘^ƚĂĨĨďĞůŝĞǀĞƐƚŚĂƚďǇĐŽŶƚƌŽůůŝŶŐƚŚĞƐŝǌĞŽĨďƵŝůĚŝŶŐƐŝŶƚŚĞZϮǆĂƌĞĂ͕ǁĞ͛ƌĞĂĚĚƌĞƐƐŝŶŐ [[488,703,501,760][12][,I,][Arial]] ƚŚŝƐĐŽŶĐĞƌŶ ď͘dŚĞƌĞƐĞĞŵĞĚƚŽďĞĐŽŵŵƵŶŝƚǇĐŽŶĐĞƌŶƐĂďŽƵƚŚĂǀŝŶŐŝŶĐƌĞĂƐĞĚƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌůĂƌŐĞƌ ƌĞĚĞǀĞůŽƉŵĞŶƚƐŝƚĞƐ͍/ǁĂƐĂůƐŽǁŽŶĚĞƌŝŶŐĂďŽƵƚƚŚĞϭϬнĂĐƌĞůŝŵŝƚĨŽƌĂĚĚŝƚŝŽŶĂů ƌĞƋƵŝƌĞŵĞŶƚƐʹƐĞĞŵƐůŝŬĞƚŚĂƚǁŽƵůĚŽŶůǇĂƉƉůǇŝŶĂƐĞůĞĐƚĨĞǁůŽĐĂƚŝŽŶƐ͍ ŝ͘^ƚĂĨĨďĞůŝĞǀĞƐƚŚĂƚďǇĐŽŶƚƌŽůůŝŶŐƚŚĞƐŝǌĞŽĨďƵŝůĚŝŶŐƐŝŶƚŚĞZϮǆĂƌĞĂ͕ǁĞ͛ƌĞĂĚĚƌĞƐƐŝŶŐ [[488,1008,501,1065][12][,I,][Arial]] ƚŚŝƐĐŽŶĐĞƌŶ ϰϵ͘ĞŶƐŝƚǇĨŽƌƚƌĂŶƐŝƚ͘dŚŝƐŝƐŶ͛ƚƌĞĂůůǇĂĐŽĚĞŝƐƐƵĞ͕ď ƵƚĂƐĂĐŽŵŵƵŶŝĐĂƚŝŽŶƉŝĞĐĞĨŽƌƚŚĞůĂƌŐĞƌ ĐŽŶǀĞƌƐĂƚŝŽŶ͗dŚĞŝƚǇ͛ƐƚƌĂŶƐŝƚƉůĂŶŶŝŶŐǁŽƌŬƉŽŝŶƚƐƚŽǁĂƌĚŵŝŶŝŵƵŵĚĞƐŝƌĂďůĞĚĞŶƐŝƚŝĞƐƚŚĂƚ ƐƵƉƉŽƌƚƚƌĂŶƐŝƚ͕ŝŶĐůƵĚŝŶŐZd͘,ĂƐƚŚĞƌĞďĞĞŶǁŽƌŬƚŽƐŚŽǁƚŚĞŶĞǆƵƐďĞƚǁĞĞŶŚŽǁĂĐŚŝĞǀĂďůĞ ĚĞŶƐŝƚŝĞƐŝŶƚŚŝƐĂƌĞĂĐĂŶƌĞƐƵůƚŝŶƚƌĂŶƐŝƚƐƵƉƉŽƌƚŝǀĞĚĞǀĞůŽƉŵĞŶƚ͍/͛ŵŐƵĞƐƐŝŶŐƚŚĞƌĞŝƐƉůĞŶƚǇŽĨ ŵĂƚĞƌŝĂůƚŚĂƚĐĂŶďĞƵƐĞĚĨƌŽŵƚŚĞĐŽŵƉƉůĂŶƉƌŽĐĞƐƐ͘ Ă͘dŚŝƐƋƵĞƐƚŝŽŶŝƐĂĚĚƌĞƐƐĞĚŝŶƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ͘dŚŝƐŝƐƐƵĞŝƐŶŽƚďĞŝŶŐƌĞŐƵůĂƚĞĚƚŚŽƵŐŚ ƚŚĞƐĞƉƌŽƉŽƐĞĚǌŽŶŝŶŐĚŝƐƚƌŝĐƚƐ͘ ϱϬ͘,ŽŵĞďĂƐĞĚďƵƐŝŶĞƐƐ͘dŚĞůŝǀĞͬǁŽƌŬĚĞǀĞůŽƉŵĞŶƚĨŽƌŵĞƌĂŝƐĞĚƋƵĞƐƚŝŽŶƐĂďŽƵƚŚŽǁƚŚĞŝƚǇ ƌĞŐƵůĂƚĞƐŚŽŵĞďĂƐĞĚďƵƐŝŶĞƐƐĞƐŝŶŐĞŶĞƌĂů͖ĂůƐŽ͕ŝĨƚŚŝƐŝƐĂŵŽĚĞůĨŽƌĂƌƚŝƐƚŚŽƵƐŝŶŐǁŝƚŚƐƚƵĚŝŽƐƉĂĐĞ ;ŚĂƐƚŚŝƐďĞĞŶĐŽŶƐŝĚĞƌĞĚŝŶZŽĐŚĞƐƚĞƌ͍Ϳ Ă͘ƵƌƌĞŶƚůǇƚŚĞŝƚǇƌĞŐƵůĂƚĞƐŚŽŵĞďĂƐĞĚďƵƐŝŶĞƐƐĞƐƚŚƌŽƵŐŚƚŚĞ,ŽŵĞKĐĐƵƉĂƚŝŽŶƐĞĐƚŝŽŶ ϲϮ͘Ϯϳϴ͘ ϱϭ͘ĂƌƐŚĂƌŝŶŐƐĞƌǀŝĐĞƐ͘dŚŝƐŵŝŐŚƚďĞŵŽƌĞƐƉĞĐŝĨŝĐƚŚĂŶŶĞĐĞƐƐĂƌǇ͕ďƵƚĂůŽŶŐƐŝĚĞĂĐĐŽŵŵŽĚĂƚŝŽŶĨŽƌ ďŝŬĞƐŝŶƚŚĞdKĚŝƐƚƌŝĐƚ͕ŝƐƚŚĞƌĞĂŶǇĐŽŶƐŝĚĞƌĂƚŝŽŶĂƌŽƵŶĚĂĐĐŽŵŵŽĚĂƚŝŶŐĐĂƌƐŚĂƌŝŶŐĂŶĚͬŽƌ ĚĞůŝǀĞƌǇƚƌĂĨĨŝĐ͍ Ă͘ƵƌƌĞŶƚůǇ͕ƚŚŝƐĐĂŶďĞƵƐĞĚĨŽƌĂƉĂƌŬŝŶŐƌĞĚƵĐƚŝŽŶŝŶƚŚĞŽǁŶƚŽǁŶWĂƌŬŝŶŐKǀĞƌůĂǇ ŽŶĞ;WKͿ͘^ƚĂĨĨŚĂƐŶŽƚƉƌŽƉŽƐĞĚĞǆƚĞŶĚŝŶŐƚŚĂƚƉƌŽǀŝƐŝŽŶŝŶƚŽƚŚĞƉƌŽƉŽƐĞĚdKĚŝƐƚƌŝĐƚ͘/Ĩ 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ƵŶŝƚŽŶƚŚĞůŽƚ͕ĞŝƚŚĞƌƚŚĞƉƌŝŶĐŝƉĂůĚǁĞůůŝŶŐƵŶŝƚŽƌƚŚĞĂĐĐĞƐƐŽƌǇĚǁĞůůŝŶŐƵŶŝƚŵƵƐƚďĞƚŚĞ ƉƌŝŵĂƌǇƉĞƌŵĂŶĞŶƚƌĞƐŝĚĞŶĐĞŽĨƚŚĞŽǁŶĞƌŽĨƚŚĞůŽƚ͘ ϯ͘ŶĂĐĐĞƐƐŽƌǇĚǁĞůůŝŶŐƵŶŝƚŵĂǇďĞůŽĐĂƚĞĚǁŝƚŚŝŶŽƌĂƚƚĂĐŚĞĚƚŽƚŚĞƉƌŝŶĐŝƉĂůƐƚƌƵĐƚƵƌĞ;Ğ͘Ő͕͘Ă ĚŽǁŶƐƚĂŝƌƐŽƌƵƉƐƚĂŝƌƐĂƉĂƌƚŵĞŶƚͿ͕ŽƌŵĂǇĞǆŝƐƚǁŝƚŚŝŶŽƌĂƐĂĚĞƚĂĐŚĞĚƐƚƌƵĐƚƵƌĞ;Ğ͘Ő͕͘ĂŶ ĂƉĂƌƚŵĞŶƚĂďŽǀĞĂĚĞƚĂĐŚĞĚŐĂƌĂŐĞŽƌĂŐƵĞƐƚŚŽƵƐĞͿ͘ ϰ͘ŶĂĐĐĞƐƐŽƌǇĚǁĞůůŝŶŐƵŶŝƚŵƵƐƚ͗ Ă͘EŽƚĐŽŶƚĂŝŶŵŽƌĞƚŚĂŶϲϬϬƐƋƵĂƌĞĨĞĞƚŽĨŐƌŽƐƐĨůŽŽƌĂƌĞĂ͘ ď͘EŽƚŚĂǀĞŵŽƌĞƚŚĂŶƚǁŽďĞĚƌŽŽŵƐ͘ Đ͘EŽƚďĞůĞĂƐĞĚŽƌƌĞŶƚĞĚĨŽƌƚĞŶĂŶĐŝĞƐŽĨůĞƐƐƚŚĂŶϯϬĚĂǇƐ͘ Ě͘hƐĞƚŚĞƐĂŵĞǁĂƚĞƌ͕ƐĂŶŝƚĂƌǇƐĞǁĞƌ͕ŐĂƐ͕ĂŶĚĞůĞĐƚƌŝĐƵƚŝůŝƚŝĞƐĂƐƚŚĞƉƌŝŶĐŝƉĂůĚǁĞůůŝŶŐ͘ Ğ͘DĂŝŶƚĂŝŶƚŚĞĂƌĐŚŝƚĞĐƚƵƌĂůĚĞƐŝŐŶ͕ƐƚǇůĞ͕ĂƉƉĞĂƌĂŶĐĞ͕ĂŶĚĐŚĂƌĂĐƚĞƌŽĨƚŚĞƉƌŝŶĐŝƉĂů ĚǁĞůůŝŶŐďǇŝŶĐŽƌƉŽƌĂƚŝŶŐĚĞƐŝŐŶĞůĞŵĞŶƚƐŽĨƚŚĞƉƌŝŶĐŝƉĂůƌĞƐŝĚĞŶĐĞƐƵĐŚĂƐƐŝŵŝůĂƌ ĨĂĕĂĚĞŵĂƚĞƌŝĂůƐ͕ĨĂĕĂĚĞĐŽůŽƌƐ͕ǁŝŶĚŽǁƐƚǇůĞͬƚƌĞĂƚŵĞŶƚ͕ĂŶĚƌŽŽĨĚĞƐŝŐŶĂŶĚƉŝƚĐŚ͘ Ĩ͘,ĂǀĞŽŶĞŬŝƚĐŚĞŶ͘ Ő͘,ĂǀĞŽŶĞĨƵůůďĂƚŚƌŽŽŵ͘ ŶĂƚƚĂĐŚĞĚĚǁĞůůŝŶŐƵŶŝƚĐƌĞĂƚĞĚĂĨƚĞƌƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƚŚŝƐĂŵĞŶĚŵĞŶƚƐŚĂůůŵĂŝŶƚĂŝŶƚŚĞ ĂƌĐŚŝƚĞĐƚƵƌĂůĚĞƐŝŐŶ͕ƐƚǇůĞ͕ĂƉƉĞĂƌĂŶĐĞ͕ĂŶĚĐŚĂƌĂĐƚĞƌŽĨƚŚĞƉƌŝŶĐŝƉĂůĚǁĞůůŝŶŐďǇŝŶĐŽƌƉŽƌĂƚŝŶŐ ĚĞƐŝŐŶĞůĞŵĞŶƚƐŽĨƚŚĞƉƌŝŶĐŝƉĂůƌĞƐŝĚĞŶĐĞƐƵĐŚĂƐƐŝŵŝůĂƌĨĂĕĂĚĞŵĂƚĞƌŝĂůƐ͕ĨĂĕĂĚĞĐŽůŽƌƐ͕ǁŝŶĚŽǁ ƐƚǇůĞͬƚƌĞĂƚŵĞŶƚ͕ĂŶĚƌŽŽĨĚĞƐŝŐŶĂŶĚƉŝƚĐŚ͕ĂŶĚƐŚĂůůŶŽƚŚĂǀĞĂƉƌŝŵĂƌǇĞŶƚƌĂŶĐĞƚŽƚŚĞĂĐĐĞƐƐŽƌǇ ĚǁĞůůŝŶŐƵŶŝƚůŽĐĂƚĞĚŽŶƚŚĞĨƌŽŶƚĨĂĕĂĚĞŽĨƚŚĞƉƌŝŵĂƌǇƐƚƌƵĐƚƵƌĞ͘ ,ŽŵĞŽĐĐƵƉĂƚŝŽŶƐŝŶǀŽůǀŝŶŐĂŶǇĂĐƚŝǀŝƚŝĞƐĚŝƐĐĞƌŶŝďůĞŽƵƚƐŝĚĞƚŚĞĂĐĐĞƐƐŽƌǇĚǁĞůůŝŶŐƵŶŝƚĂƌĞŶŽƚ ĂůůŽǁĞĚ͘ &DPSXV'ULYH6(6XLWH5RFKHVWHU01 *G ŵĂŶƵĨĂĐƚƵƌĞĚŚŽŵĞŽƌƌĞĐƌĞĂƚŝŽŶĂůǀĞŚŝĐůĞ͕ƚƌĂǀĞůƚƌĂŝůĞƌ͕ĐĂŵƉĞƌ͕ŽƌƐŝŵŝůĂƌǀĞŚŝĐůĞƐŚĂůůŶŽƚďĞ ƵƐĞĚĂƐĂŶĂĐĐĞƐƐŽƌǇĚǁĞůůŝŶŐƵŶŝƚ͘ EŽƉŽƌƚŝŽŶŽĨĂůŽƚŽŶǁŚŝĐŚĂŶĂĐĐĞƐƐŽƌǇĚǁĞůůŝŶŐƵŶŝƚŝƐůŽĐĂƚĞĚŵĂǇďĞƐƵďĚŝǀŝĚĞĚĨƌŽŵŽƌ ůĞŐĂůůǇĚĞƐĐƌŝďĞĚĚŝĨĨĞƌĞŶƚůǇƚŚĂŶ͕ƚŚĞůŽƚĐŽŶƚĂŝŶŝŶŐƚŚĞƉƌŝŵĂƌǇƌĞƐŝĚĞŶƚŝĂůƵŶŝƚ͕ĂŶĚŶŽƉŽƌƚŝŽŶŽĨ ĂƐƚƌƵĐƚƵƌĞĐŽŶƚĂŝŶŝŶŐĂŶĂĐĐĞƐƐŽƌǇĚǁĞůůŝŶŐƵŶŝƚŵĂǇŚĂǀĞŽǁŶĞƌƐŚŝƉĚŝĨĨĞƌĞŶƚĨƌŽŵƚŚĞ ŽǁŶĞƌƐŚŝƉŽĨƚŚĞƉƌŝŵĂƌǇĚǁĞůůŝŶŐƵŶŝƚ͘ ϭϯϵ͘ŵĞŶĚĞĚϲϮ͘ϮϲyƌĞƋƵŝƌŝŶŐƚŚĂƚĂƚƚĂĐŚĞĚŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚƐŝŶZϮǆŚĂǀĞǀĞŚŝĐƵůĂƌĂĐĐĞƐƐƚŽĞŝƚŚĞƌ ĂŶĂůůĞǇŽƌƉƌŝǀĂƚĞƐƚƌĞĞƚ͘ 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ĐĐĞƐƐŽƌǇƵƐĞŝƐĚĞĨŝŶĞĚĂƐĂďƵŝůĚŝŶŐ͕ƐƚƌƵĐƚƵƌĞŽƌƵƐĞůŽĐĂƚĞĚŽƌĐŽŶĚƵĐƚĞĚƵƉŽŶƚŚĞƐĂŵĞůŽƚ;ŽƌŽŶ ĂĐŽŶƚŝŐƵŽƵƐůŽƚŝŶƚŚĞƐĂŵĞŽǁŶĞƌƐŚŝƉͿĂƐƚŚĞƉƌŝŶĐŝƉĂůďƵŝůĚŝŶŐ͕ƐƚƌƵĐƚƵƌĞŽƌƵƐĞƚŽǁŚŝĐŚŝƚŝƐ ƌĞůĂƚĞĚ͕ǁŚŝĐŚŝƐϭͿĐůĞĂƌůǇŝŶĐŝĚĞŶƚĂůƚŽ͕ĂŶĚĐƵƐƚŽŵĂƌŝůǇĨŽƵŶĚŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚ͕ƐƵĐŚƉƌŝŶĐŝƉĂů ďƵŝůĚŝŶŐŽƌƵƐĞĂŶĚϮͿŝƐŽƉĞƌĂƚĞĚĂŶĚŵĂŝŶƚĂŝŶĞĚĨŽƌƚŚĞďĞŶĞĨŝƚŽƌĐŽŶǀĞŶŝĞŶĐĞŽĨƚŚĞŽǁŶĞƌƐ͕ &DPSXV'ULYH6(6XLWH5RFKHVWHU01 *G ŽĐĐƵƉĂŶƚƐ͕ĞŵƉůŽǇĞĞƐ͕ĐƵƐƚŽŵĞƌƐŽƌǀŝƐŝƚŽƌƐŽĨƚŚĞůŽƚ͘^ĞĞϲϮ͘ϮϳϴĨŽƌĚĞƚĂŝůĞĚůŝƐƚŽĨĂĐĐĞƐƐŽƌǇƵƐĞ ƌĞŐƵůĂƚŝŽŶƐ͘ ϭϰϱ͘/ŶƚŚĞZϮǆƌĂĨƚ͕ĂŵĞŶĚĞĚϲϮ͘ϮϳϯƚŽƐƚĂƚĞ͗ dŚĞĨŽůůŽǁŝŶŐŐĞŶĞƌĂůƌĞŐƵůĂƚŝŽŶƐĂƉƉůǇƚŽŐĂƌĂŐĞƐ͕ĂĐĐĞƐƐŽƌǇďƵŝůĚŝŶŐƐĂŶĚƐƚƌƵĐƚƵƌĞƐŝŶƌĞƐŝĚĞŶƚŝĂů ĚŝƐƚƌŝĐƚƐ͕ƉƌŽǀŝĚĞĚƚŚĂƚ͕ŝĨƚŚĞƐĞƐƚĂŶĚĂƌĚƐĐŽŶĨůŝĐƚǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨ^ĞĐƚŝŽŶϲϮ͘yyyĂƉƉůŝĐĂďůĞƚŽ ĂĐĐĞƐƐŽƌǇĚǁĞůůŝŶŐƵŶŝƚƐŝŶĚĞƚĂĐŚĞĚƐƚƌƵĐƚƵƌĞƐŝŶƌĞƐŝĚĞŶƚŝĂůĚŝƐƚƌŝĐƚƐ͕ƚŚĞƐƚĂŶĚĂƌĚƐŝŶ^ĞĐƚŝŽŶϲϮ͘yyy ƐŚĂůůĂƉƉůǇ͘ ϭϰϲ͘ŵĞŶĚĞĚϲϯ͘ϰϰϭŽŵŵĞƌĐŝĂůWĂƌŬŝŶŐǆƚĞŶƐŝŽŶƚŽŝŶĐůƵĚĞZϮǆĂƐĂƚǇƉĞ///ƌĞǀŝĞǁ͘ ϭϰϳ͘ĚĚĞĚdKĂŶĚZϮǆƚŽƚŚĞϲϬ͘ϯϭϬƚĂďůĞĂŶĚĂĚĚŝŶŐĂŶŝŶĚŝĐĂƚŝŽŶŽĨǁŚŝĐŚĚŝƐƚƌŝĐƚƐĂƌĞĐŽŶƐŝĚĞƌĞĚ 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ǌŽŶŝŶŐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐůĞƚƚĞƌĚĂƚĞĚEŽǀĞŵďĞƌϮϳƚŚ͘dŚĂƚůĞƚƚĞƌŚĂĚƐŝǆďƵůůĞƚƉŽŝŶƚƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌǇŽƵƌ ĐŽŶƐŝĚĞƌĂƚŝŽŶƌĞůĂƚŝǀĞƚŽƚŚĞƌĂĨƚ>ĂŶĚĞǀĞůŽƉŵĞŶƚZĞŐƵůĂƚŝŽŶƐƉƌŽƉŽƐĞĚǌŽŶŝŶŐĐŚĂŶŐĞƐƚŽƉƌŽŵŽƚĞdƌĂŶƐŝƚ KƌŝĞŶƚĞĚĞǀĞůŽƉŵĞŶƚ;dKͿĂŶĚŝŶĨŝůůͬƌĞĚĞǀĞůŽƉŵĞŶƚ͘dŚĞ>EďĞůŝĞǀĞƐƚŚŽƐĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĂƌĞŐŽŽĚƉŽŝŶƚƐ ĨŽƌƵƉĐŽŵŝŶŐĚŝƐĐƵƐƐŝŽŶĂŶĚŶĞŐŽƚŝĂƚŝŽŶƌĞŐĂƌĚŝŶŐƚŚĞƉƌŽƉŽƐĞĚǌŽŶŝŶŐĐŚĂŶŐĞƐ͘ tĞĂƉƉƌĞĐŝĂƚĞƚŚĞŽƉƉŽƌƚƵŶŝƚŝĞƐĂĨĨŽƌĚĞĚƚŚĞƉƵďůŝĐƚŽƌĞǀŝĞǁƚŚĞƐĞǌŽŶŝŶŐƉƌŽƉŽƐĂůƐŽŶͲůŝŶĞĂŶĚĂƚƚŚĞŵƵůƚŝƉůĞ ŽƉĞŶŚŽƵƐĞƐŚĞůĚƚŚŝƐŵŽŶƚŚ͘ĂƐĞĚŽŶƚŚĞƐĞƌĞǀŝĞǁƉƌŽĐĞƐƐĞƐĂŶĚŽŶŝŶƚĞƌŶĂůĚŝƐĐƵƐƐŝŽŶƐĂƚƚŚĞŐĞŶĞƌĂů >ŽǁĞƌƚŽǁŶEĞŝŐŚďŽƌŚŽŽĚƐƐŽĐŝĂƚŝŽŶŵĞĞƚŝŶŐƐĂŶĚ>EĞǀĞůŽƉŵĞŶƚŽŵŵŝƚƚĞĞŵĞĞƚŝŶŐƐ͕ǁĞŚĂǀĞƐŽŵĞ ĂĚĚŝƚŝŽŶĂůĐŽŶĐĞƌŶƐƐƉĞĐŝĨŝĐƚŽƚŚĞ>ŽǁĞƌƚŽǁŶŶĞŝŐŚďŽƌŚŽŽĚĂŶĚƉŽƚĞŶƚŝĂůĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚ͘tĞŐĞŶĞƌĂůůǇ ĂŐƌĞĞǁŝƚŚƚŚĞƐƚĂƚĞĚŐŽĂůƐŽĨƚŚĞĐŝƚǇ͛ƐĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶͬWůĂŶŶŝŶŐϮ^ƵĐĐĞĞĚĚŽĐƵŵĞŶƚĂŶĚǁĂŶƚƚŽƐĞ ĞĂ ƚƌĂŶƐƉĂƌĞŶƚĂŶĚĞĨĨŝĐŝĞŶƚƉƌŽĐĞƐƐŐŽŝŶŐĨŽƌǁĂƌĚƚŽĞŶƐƵƌĞĚĞǀĞůŽƉŵĞŶƚƚŚĂƚŵĞĞƚƐƚŚĞŽǀĞƌĂůůĐŝƚǇŐŽĂůƐĂŶĚŶĞĞĚƐ ŽĨ>ŽǁĞƌƚŽǁŶƌĞƐŝĚĞŶƚƐĐƵƌƌĞŶƚĂŶĚĨƵƚƵƌĞ͘/ƚŝƐĐůĞĂƌƚŽƵƐƚŚĂƚ>ŽǁĞƌƚŽǁŶǁŝůůďĞĂŶĞŝŐŚďŽƌŚŽŽĚƚŚĂƚŝƐŵŽƐƚ 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ĂƚƚƌĂĐƚŝŶŐƋƵĂůŝƚǇĚĞǀĞůŽƉŵĞŶƚƚŚĂƚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚĂĚũĂĐĞŶƚůĂŶĚƵƐĞƐĂŶĚƐƵƉƉŽƌƚĚŽǁŶƚŽǁŶ͛Ɛ ƌĞǀŝƚĂůŝǌĂƚŝŽŶ͕ƌĂƚŚĞƌƚŚĂŶĚĞǀĞůŽƉĂŶĞŐĂƚŝǀĞƉƵďůŝĐƉĞƌĐĞƉƚŝŽŶŽĨdKĚĞǀĞůŽƉŵĞŶƚĂŶĚƉƵďůŝĐ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶƚŚĞĐŝƚǇŚĂƐĂŶĚŝƐƉůĂŶŶŝŶŐƚŽŝŶǀĞƐƚŝŶ͘ 3DFNHW3J *H :ĂŶƵĂƌǇϮϯ͕ϮϬϭϵ WĂŐĞϮŽĨϯ ŽŽŵŵĞŶƚƐZĞ͗ĞǀĞůŽƉŵĞŶƚDĂŶƵĂůhƉĚĂƚĞĨŽƌdKͬZͲϮǆ;/ŶĨŝůůĂŶĚZĞĚĞǀĞůŽƉŵĞŶƚͿ ZĞĐŽŵŵĞŶĚƚŚĂƚĚĞǀĞůŽƉŵĞŶƚǁŝƚŚŝŶƚŚĞDǌŽŶĞƚŚĂƚŽǀĞƌůĂƉƐǁŝƚŚdKĚĞǀĞůŽƉŵĞŶƚĂƌĞĂƐĨŽůůŽǁ x DĚĞƐŝŐŶŐƵŝĚĞůŝŶĞƐƚŚĂƚĂƌĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĞǆƚĞŶƐŝǀĞŝŶǀĞƐƚŵĞŶƚŵĂĚĞďǇƚŚĞŝƚǇĂŶĚD͕ ĂŶĚĨŽůůŽǁƚŚĞƌĞƋƵŝƌĞĚƌĞǀŝĞǁƐŽĨƚŚĞDďŽĂƌĚ͘ ZĞƋƵĞƐƚƚŚĞŝƚǇŚŝƌĞĂĚĞĚŝĐĂƚĞĚŝƚǇƌĞƉƌĞƐĞŶƚĂƚŝǀĞǁŝƚŚĂĞǀĞůŽƉŵĞŶƚĂŶĚƌĐŚŝƚĞĐƚƵƌĂů x ďĂĐŬŐƌŽƵŶĚƚŚĂƚǁŽƵůĚƵŶĚĞƌƐƚĂŶĚĞĂĐŚŶĞŝŐŚďŽƌŚŽŽĚ͛ƐƵŶŝƋƵĞĐŚĂƌĂĐƚĞƌ͕;ŝ͘Ğ͘^ůĂƚƚĞƌůǇWĂƌŬϭϵϮϬƐ ďƵŶŐĂůŽǁƐƚǇůĞǁŝƚŚĂŶĂƌƚĨŽĐƵƐͿ͕ĚĞƐŝŐŶĨĞĂƚƵƌĞƐ͕ĂŶĚďĞĂĐŽůůĞĐƚŝǀĞǀŽŝĐĞĂŶĚĂĚǀŽĐĂƚĞŽŶďĞŚĂůĨŽĨ ƚŚĞĂĨĨĞĐƚĞĚŶĞŝŐŚďŽƌŚŽŽĚƐƚŽŬĞĞƉĞĂĐŚĚŝƐƚŝŶĐƚŶĞŝŐŚďŽƌŚŽŽĚƚƌƵĞƚŽƚŚĞŝƌŽǁŶĐŚĂƌĂĐƚĞƌ͘tĞ ĞŶǀŝƐŝŽŶƚŚŝƐƉŽƐŝƚŝŽŶǁŽƵůĚďĞĨƵůůͲƚŝŵĞŝƚǇƐƚĂĨĨ͕ŝŶĂĚĚŝƚŝŽŶƚŽZEĞŝŐŚďŽƌƐ;ŶŽƚĂƐƵďƐƚŝƚƵƚĞͿƚŚĂƚǁŝůů ĂĚǀŽĐĂƚĞĨŽƌŶĞŝŐŚďŽƌŚŽŽĚƐĚƵƌŝŶŐƚŚĞƉůĂŶŶŝŶŐƉƌŽĐĞƐƐ͘dŚŝƐĐŽƵůĚďĞƐĞƚƵƉƚŽĨŽůůŽǁĂƉƌŽĐĞƐƐ ƐŝŵŝůĂƌƚŽƚŚĞ͚ŶĞŝŐŚďŽƌŚŽŽĚĐŽƵŶĐŝůƐ͛ŝŶ^ƚ͘WĂƵůǁŚĞƌĞƚŚĞŝƚǇŚŝƌĞƐĂĚĞĚŝĐĂƚĞĚŶĞŝŐŚďŽƌŚŽŽĚ ĐŽƵŶĐŝůůĞĂĚĞƌŝŶĞĂĐŚŶĞŝŐŚďŽƌŚŽŽĚƚŽƉƌŽǀŝĚĞŐƵŝĚĂŶĐĞƚŽƚŚĞŝƌĞůĞĐƚĞĚŽĨĨŝĐŝĂů͕ŚŽǁĞǀĞƌǁĞĂƌĞŽŶůǇ ĂƐŬŝŶŐĨŽƌ;ϭͿŚŝƌĞĚƐƚĂĨĨĂƐŵĞŶƚŝŽŶĞĚĂďŽǀĞĨŽƌƚŚĞZͲϮǆΘdKĂĨĨĞĐƚĞĚŶĞŝŐŚďŽƌŚŽŽĚƐŝŶƚŚĞ ĚŽǁŶƚŽǁŶĐŽƌĞ͘ ŽŶůǇ ZĞĐŽŵŵĞŶĚƐŽŵĞŝŶĐĞŶƚŝǀĞƐĂƌĞŽĨĨĞƌĞĚŝŶƚŚĞ͞ŽƉƉŽƌƚƵŶŝƚǇǌŽŶĞƐ͟ƐƵĐŚĂƐdKĂŶĚZͲϮǆǌŽŶĞƐ x ŝĨŚŝŐŚĞƌƋƵĂůŝƚǇĚĞƐŝŐŶƐƚĂŶĚĂƌĚƐĂƌĞŝŵƉůĞŵĞŶƚĞĚ;ŝ͘Ğ͘ŚŝŐŚĞƌƋƵĂůŝƚǇďƵŝůĚŝŶŐŵĂƚĞƌŝĂůƐ͕ƌĞƚĂŝůďĞůŽǁ ŝŶdK͕ĂŶĚŽŶĐŽƌŶĞƌůŽƚƐŝŶZͲϮǆ͕ŝŶĐůƵƐŝŽŶŽĨƉƵďůŝĐĂƌƚŝŶďŽƚŚ͕ĂŶĚͬŽƌŝŶĂĐŽŵďŝŶĂƚŝŽŶŽĨĂůůŽĨƚŚĞ ĂďŽǀĞƉůƵƐƉƌŽǀŝĚŝŶŐĂŵŝǆŽĨŵĂƌŬĞƚƌĂƚĞĂŶĚĂŵŝŶŝŵƵŵŽĨϯϬйĂĨĨŽƌĚĂďůĞƵŶŝƚƐͿ͘ ŶĐŽƵƌĂŐĞŝŶĐĞŶƚŝǀĞƐĞĂƌůǇŽŶƚŽĞŶƐƵƌĞŚŝŐŚĞƌƋƵĂůŝƚǇƉƌŽũĞĐƚƐĂƌĞĐŽŶƐƚƌƵĐƚĞĚŝŶĂŶĞĨĨŽƌƚƚŽƐĞƚƚŚĞ x ďĂƌŚŝŐŚǁŝƚŚŝŶŝƚŝĂůĚĞǀĞůŽƉŵĞŶƚŝŶŶĞŝŐŚďŽƌŚŽŽĚƐ͕ƉŽƚĞŶƚŝĂůůǇĂƚƚƌĂĐƚŝŶŐŚŝŐŚĞƌƋƵĂůŝƚǇĚĞǀĞůŽƉŵĞŶƚ ĚĞĞƉĞƌŝŶƚŽƚŚĞZͲϮǆĐŽƌĞŶĞŝŐŚďŽƌŚŽŽĚƐ͘ tĞĞŶǀŝƐŝŽŶŚŝŐŚĞƌƋƵĂůŝƚǇĚĞƐŝŐŶƐƚĂŶĚĂƌĚƐŝŶĐůƵĚĞ͗ x ƵƌŝĞĚƉŽǁĞƌůŝŶĞƐƚŽĚĞǀĞůŽƉŵĞŶƚ͘ R WĂƌŬŝŶŐďƵŝůƚŝŶƚŽďƵŝůĚŝŶŐƐƚƌƵĐƚƵƌĞŝŶdKǌŽŶĞƐ͘ R ǀŽŝĚŝŶŐƚŚĞƵƐĞŽĨƉůĂƐƚŝĐŽƌǀŝŶǇůƐŝĚŝŶŐŝŶZͲϮǆ͘ R ŝƐĂůůŽǁĞǆƉŽƐĞĚƵŶŝƚƐĞǆƚĞŶĚŝŶŐŽƵƚĨƌŽŵĞĂĐŚƌĞŶƚĂůƵŶŝƚŽŶďƵŝůĚŝŶŐĨĂĐĂĚĞƐŽƌ R ǁŝŶĚŽǁƐ͘ >ŝŵŝƚŽĨĞǆŚĂƵƐƚǀĞŶƚƐŽŶƚŽƉŽĨƌŽŽĨ͕ƵŶůĞƐƐƉƌŽƉĞƌůǇĐŽŶĐĞĂůĞĚǁŝƚŚĨĂĕĂĚĞƐŽƌƉĂƌĂƉĞƚƐ͘ R ZĞƋƵŝƌĞĂŵŝǆŽĨďƵŝůĚŝŶŐŵĂƚĞƌŝĂůƐƵƐĞĚƚŽŵŝŶŝŵŝǌĞůĂƌŐĞƌĐŽŵƉůĞǆĞƐĨƌŽŵďĞŝŶŐƐŽůĞůǇ R ĐŽŶƐƚƌƵĐƚĞĚǁŝƚŚǀŝŶǇůƐŝĚŝŶŐ͕ŽƌĞĐŽŶŽŵŝĐĂůůŽŽŬŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶŝŶZͲϮǆǌŽŶĞƐ͘ ZĞƋƵŝƌĞĂŶĚĞŶĐŽƵƌĂŐĞŽǀĞƌŚĂŶŐƐ͕ƉŽƌĐŚĞƐ͕ĂŶĚƚŚĞƵƐĞŽĨǁŝŶĚŽǁŵƵŶƚŝŶ͛ƐŝŶZͲϮǆǌŽŶĞƐ R ĐŽŶƐŝƐƚĞŶƚǁŝƚŚĐŚĂƌĂĐƚĞƌŽĨŶĞŝŐŚďŽƌŚŽŽĚƐ͘ EŽĐŚĂŝŶůŝŶŬĨĞŶĐĞƐĂŶĚŵĂǆŝŵƵŵŚĞŝŐŚƚƌĞƐƚƌŝĐƚŝŽŶƐŽŶĨĞŶĐĞƐƚŽŵŝŶŝŵŝǌĞƚŚĞĨĞĞůŝŶŐŽĨ R ƐĞƉĂƌĂƚŝŽŶĂŶĚŵĂǆŝŵŝǌĞƚŚĞĨĞĞůŝŶŐŽĨŵŽƌĞŽƉĞŶƐƉĂĐĞ͘ ŶĐŽƵƌĂŐĞďƌŽǁŶƐƚŽŶĞƚǇƉĞĚĞǀĞůŽƉŵĞŶƚǁŝƚŚƐƵŶŬĞŶĨƌŽŶƚƉŽƌĐŚͬĐŽŵŵŽŶƐƉĂĐĞĂƌĞĂƐ R ǁŚĞƌĞŐĂƌĚĞŶƐŵĂǇďĞŝŶĐŽƌƉŽƌĂƚĞĚĨŽƌƵƌďĂŶŐĂƌĚĞŶŝŶŐͬƐƵƐƚĂŝŶĂďŝůŝƚǇ͘ ZĞƋƵŝƌĞƉƵďůŝĐĂƌƚŝŶǀĞƐƚŵĞŶƚ͘ R WƌŽǀŝĚĞĐůĂƌŝƚǇĨŽƌŚŽǁƚŚĞ/ŵĂŐŝŶĞ^ůĂƚƚĞƌůǇsŝƐŝŽŶWůĂŶǁĂƐŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚŝƐŶĞǁƉůĂŶŶŝŶŐ x ĞĨĨŽƌƚ͕ŽĨĞŶĐŽƵƌĂŐŝŶŐƌĞĚĞǀĞůŽƉŵĞŶƚŽĨϯ ƌĚǀĞ^Θϰ ƚŚ^ƚƌĞĞƚ^;dKǌŽŶĞƐͿ͘ ZĞĐŽŵŵĞŶĚĂƉŚĂƐĞĚĂƉƉƌŽĂĐŚƚŽŵŝŶŝŵŝǌĞ͞ƐƉŽƚǌŽŶŝŶŐ͟ƚŚĂƚŵĂǇŽĐĐƵƌĂƐĂƌĞƐƵůƚŽĨŚĂƉŚĂǌĂƌĚ x ĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞĐŽƌĞZͲϮǆǌŽŶĞďĞĨŽƌĞdKĨƵůůǇĚĞǀĞůŽƉƐĂůŽŶŐϯǀĞ^Žƌϰ^ƚ^͘ŐĂŝŶ͕Ă ƌĚƚŚ ĐŽƌƌŝĚŽƌƐƚƵĚǇŵĂǇŚĞůƉĨůƵƐŚŽƵƚŬĞǇƚƌĂŶƐŝƚĂŶĚĚĞƐŝŐŶĐŽŶĐĞƉƚƐŝŶĂĚǀĂŶĐĞŽĨŝŶĚŝǀŝĚƵĂůƉƌŽƉŽƐĂůƐ 3DFNHW3J *H :ĂŶƵĂƌǇϮϯ͕ϮϬϭϵ WĂŐĞϯŽĨϯ ŽŽŵŵĞŶƚƐZĞ͗ĞǀĞůŽƉŵĞŶƚDĂŶƵĂůhƉĚĂƚĞĨŽƌdKͬZͲϮǆ;/ŶĨŝůůĂŶĚZĞĚĞǀĞůŽƉŵĞŶƚͿ ƌĞĚĞǀĞůŽƉŝŶŐĨƌŽŵƚŚĞĐŽƌĞZͲϮyƚŽǁĂƌĚƐdK͘tĞďĞůŝĞǀĞƚŚŝƐŝƐŝŵƉŽƌƚĂŶƚƚŽĂǀŽŝĚŵŽƌĞ ĞĐŽŶŽŵŝĐĂůƋƵŝĐŬͲďƵƌŶĚĞǀĞůŽƉŵĞŶƚƐƚŚĂƚůĂĐŬĐŚĂƌĂĐƚĞƌĂŶĚƐĞƚƚŚĞƚŽŶĞĨŽƌůŽǁĞƌƋƵĂůŝƚǇ ĚĞǀĞůŽƉŵĞŶƚƐŝŶZͲϮǆǌŽŶĞƐ͕ǁŚŝĐŚǁŽƵůĚĨƵƌƚŚĞƌůĞĂĚƚŽĚĞĐƌĞĂƐĞĚŝŶǀĞƐƚŵĞŶƚĂŶĚůŽǁĞƌƋƵĂůŝƚǇ ĚĞǀĞůŽƉŵĞŶƚŝŶdKǌŽŶĞƐ͘/ĨůŽǁĞƌƋƵĂůŝƚǇĚĞǀĞůŽƉŵĞŶƚƐĂƌĞďƵŝůƚĨŝƌƐƚĂƉƵďůŝĐƉĞƌĐĞƉƚŝŽŶƚŚĂƚ ƚƌĂŶƐŝƚŽƌŝĞŶƚĞĚĚĞǀĞůŽƉŵĞŶƚŝƐĨŽƌůŽǁĞƌĞĐŽŶŽŵŝĐĂůĐůĂƐƐĞƐ͘dŚŝƐĐŽƵůĚďĞŽĨĨƐĞƚǁŝƚŚƐŽŵĞƚǇƉĞŽĨ ŝŶĐĞŶƚŝǀĞĚĞǀĞůŽƉŵĞŶƚĂƐŵĞŶƚŝŽŶĞĚƚŽĂůůŽǁďŽƚŚǌŽŶĞƐƚŽĚĞǀĞůŽƉŝŶƚĂŶĚĞŵƚŚĂƚĞŶƐƵƌĞƐƚŚĞƐĞ ŽƉƉŽƌƚƵŶŝƚǇǌŽŶĞƐĚĞǀĞůŽƉĨŽƌĂŵŝǆŽĨĞĐŽŶŽŵŝĐĐůĂƐƐĞƐ͘ ŶĐŽƵƌĂŐĞĚĞǀĞůŽƉĞƌƐƚŽǁŽƌŬǁŝƚŚŶĞŝŐŚďŽƌŚŽŽĚƐƚŽŝŶƐƚĂůůƉƵďůŝĐĂƌƚ͕ŽƌŽƚŚĞƌƉƵďůŝĐŝŶǀĞƐƚŵĞŶƚƚŚĂƚ x 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ůŽƚ͕ŽƌƌĞƋƵŝƌĞƚŚĞĚĞǀĞůŽƉĞƌƚŽƉƌŽǀŝĚĞĨƵŶĚƐƚŽƚŚĞŝƚǇ&ŽƌƐƚĞƌĨŽƌĨƵƚƵƌĞďŽƵůĞǀĂƌĚ ƚƌĞĞƉůĂŶƚŝŶŐƐĚĞĚŝĐĂƚĞĚŝŶŶĞŝŐŚďŽƌŚŽŽĚƐǁŚĞƌĞƚƌĞĞƐǁĞƌĞĚŝƐƉůĂĐĞĚ͘ dŚĂŶŬǇŽƵŝŶĂĚǀĂŶĐĞĨŽƌĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞƐĞƐƵŐŐĞƐƚŝŽŶƐǁŚŝĐŚǁŝůůŚĞůƉŵĂŝŶƚĂŝŶŽƵƌĞƐƐĞŶƚŝĂůĐŚĂƌĂĐƚĞƌ ĂƐƚŚĞĐŽƌĞŶĞŝŐŚďŽƌŚŽŽĚƐďĞĐŽŵĞŵŽƌĞƵƌďĂŶŝǌĞĚ͘ ^ŝŶĐĞƌĞůǇ͕ tĂǇŶĞ&ůŽĐŬ ƌƚŽŶƚŚĞǀĞŽĂƌĚWƌĞƐŝĚĞŶƚ;ŽŶďĞŚĂůĨŽĨŽĂƚůĂƌŐĞŵĞŵďĞƌƐͿ 3DFNHW3J *H &Ğď͘ϱ͕ϮϬϭϵ ZĞ͗ŶĚǇDĂƐƚĞƌƉŽůĞ͛ƐĐŽŵŵĞŶƚƐŽŶƉƌŽƉŽƐĞĚdKKǀĞƌůĂǇĂŶĚZ ͲϮǆŝƐƚƌŝĐƚKƌĚŝŶĂŶĐĞƐ dŚĂŶŬǇŽƵĨŽƌƚŚĞŽƉƉŽƌƚƵŶŝƚǇƚŽĐŽŵŵĞŶƚŽŶƚŚĞƐĞŶĞǁŽƌĚŝŶĂŶĐĞƐ͘/ĂƉƉƌĞĐŝĂƚĞƚŚĞĂďŝůŝƚǇƚŽŚĂǀĞ ƚŚĞƐĞŽĨĨŝĐŝĂůĐŽŵŵĞŶƚƐŝŶĐůƵĚĞĚŝŶƚŚĞƐƚĂĨĨƌĞǀŝĞǁƉƵďůŝĐƉĂĐŬĞƚ͘ /ŚĂǀĞĂƚƚĞŶĚĞĚĞǀĞƌǇƉƵďůŝĐŽƉĞŶŚŽƵƐĞĂŶĚƐƚĂŬĞŚŽůĚĞƌŵĞĞƚŝŶŐŚĞůĚŽŶƚŚĞƐĞƚǁŽŽƌĚŝŶĂŶĐĞƐ͘/ŚĂǀĞ ŵĂĚĞƐĞǀĞƌĂůǀĞƌďĂůĂŶĚǁƌŝƚƚĞŶĐŽŵŵĞŶƚƐĂƚƚŚŽƐĞŵĞĞƚŝŶŐƐĂŶĚ/ŚĂǀĞĂůƐŽĐŽŵŵƵŶŝĐĂƚĞĚǀŝĂ ƉŚŽŶĞͬĞͲŵĂŝůǁŝƚŚƉůĂŶŶŝŶŐƐƚĂĨĨ͘ /ĚŽƐƵƉƉŽƌƚďŽƚŚŽĨƚŚĞƐĞŽƌĚŝŶĂŶĐĞƐĂŶĚƚŚĞƉƵďůŝĐĞŶŐĂŐĞŵĞŶƚƉƌŽĐĞƐƐƚŚĂƚŚĂƐŽĐĐƵƌƌĞĚ͘/ŚĂǀĞĂůƐŽ ĂĚǀŽĐĂƚĞĚĨŽƌĐŚĂŶŐĞƐƚŽƚŚĞ>DƚŚĂƚǁŽƵůĚĂĚĚƌĞƐƐĐŽƌĞŶĞŝŐŚďŽƌŚŽŽĚŝƐƐƵĞƐĨŽƌϭϱǇĞĂƌƐ͘/Ăŵ ŐƌĂƚĞĨƵůƚŚŝƐƚŝŵĞŚĂƐĨŝŶĂůůǇĐŽŵĞƚŽƐƚĂƌƚƚŚĞƌĞǌŽŶŝŶŐƉƌŽĐĞƐƐŝŶƚŚĞĐŽƌĞŶĞŝŐŚďŽƌŚŽŽĚƐ͘/ĚŽŚĂǀĞ ƐĞǀĞƌĂůŝƐƐƵĞƐͬĂƌĞĂƐŽĨĐŽŶĐĞƌŶƚŚĂƚ/ǁŽƵůĚůŝŬĞƚŽƐĞĞĨƵƌƚŚĞƌĚŝƐĐƵƐƐŝŽŶĂŶĚƌĞĨŝŶĞŵĞŶƚ͘ dKKǀĞƌůĂǇ ƵŝůĚŝŶŐWůĂĐĞŵĞŶƚ ^ƵďĚ͘ϭ͘ ZWhƚǇƉŝĐĂůůǇƌĞƋƵŝƌĞƐĂϭϬ͛ƵƚŝůŝƚǇĞĂƐĞŵĞŶƚ;hͿŽŶĞǀĞƌǇƉƌŽũĞĐƚ͕ǁŚĞƚŚĞƌƚŚĞǇŶĞĞĚŝƚŽƌŶŽƚ͘ ƵŝůĚŝŶŐĨŽŽƚŝŶŐƐ͕ŽǀĞƌŚĂŶŐƐĂŶĚĐĂŶŽƉŝĞƐǁŽƵůĚĂůůĞŶĐƌŽĂĐŚŝŶƚŽƚŚĞϭϬh͘ůƐŽ͕͞ƐƚƌĞĞ ƚ ƐĐĂƉĞ͟ ĞůĞŵĞŶƚƐƐƵĐŚĂƐƐƚĞƉƐ͕ǁĂůůƐ͕ƐĞĂƚŝŶŐ͕ĂƌƚǁŽƌŬ͕ůŝŐŚƚŝŶŐ͕ƐƉĞĐŝĂůƉĂǀŝŶŐ͕ĞƚĐǁŽƵůĚĂůůďĞŝŶƚŚĞĞĂƐĞŵĞŶƚ͘ dŚŝƐŝƐƉƌŽďůĞŵĂƚŝĐƉƵƚƚŝŶŐƚŚŽƐĞĞůĞŵĞŶƚƐŝŶĂŶĞĂƐ ĞŵĞŶƚƚŚĂƚĐŽƵůĚŐĞƚƚŽƌŶƵƉĂƚƚŚĞŽǁŶĞƌ͛Ɛ ĞǆƉĞŶƐĞ͘ dŚŝƐŝƐŶŽƚĂŶŽƌĚŝŶĂŶĐĞŝƐƐƵĞͲďƵƚƉƵůůŝŶŐďƵŝůĚŝŶŐƐƚŽƚŚĞƐƚƌĞĞƚĂŶĚŬĞĞƉŝŶŐƵŶƐŝŐŚƚůǇŽǀĞƌŚĞĂĚƉŽǁĞƌ ůŝŶĞƐŝƐĂůƐŽĂƉƌŽďůĞŵ͘/ƚƉƌŽŚŝďŝƚƐůĂƌŐĞƌƐƚƌĞĞƚƚƌĞĞƐ͘ZWhŶĞĞĚƐƚŽĚĞǀĞůŽƉĂƉŽůŝĐǇƚŽďƵƌǇƉŽǁĞƌůŝŶĞƐ ŽŶdKƉƌŽũĞĐƚƐ͘ ƵŝůĚŝŶŐĞƐŝŐŶ ^ƵďĚ͘Ϯ͘ ͘DĂǆďƵŝůĚŝŶŐůĞŶŐƚŚƐŚŽƵůĚďĞƐŚŽƌƚĞŶĞĚĨƌŽŵϭϱϬ͛ƚŽϭϬϬ͛͘ ͘dŚĞĂƌĐŚŝƚĞĐƚƵƌĂůĨĞĂƚƵƌĞƐƌĞƋƵŝƌĞŵĞŶƚƐĂƌĞǁĞĂŬĂŶĚŶŽƚǀŝƐƵĂůůǇŝŵƉĂĐƚĨƵů͘ϲϬͲ ϴϵ͛ůŽŶŐ ďƵŝůĚŝŶŐǁŽƵůĚŽŶůǇŶĞĞĚƚŽĐŚĂŶŐĞŝƚƐƌŽŽĨůŝŶĞŽƌĐŚ ĂŶŐĞŝƚƐƉĂƌĂƉĞƚďǇϮ͛͘ ;ϲͿsĞƌƚŝĐĂůůǇŽƌŝĞŶƚĞĚƌĞĐĞƐƐĞƐƐŚŽƵůĚďĞůĂƌŐĞƌƚŚĂŶϴ͟ʹϭϴͲ Ϯϰ͟ƌĞĐŽŵŵĞŶĚĞĚ͘ tŚǇŶŽƚĐƌĞĂƚĞĂƐƚƌŽŶŐĞƌůŝƐƚŽĨϰͲϱ͍ŵŝŶŝŵƵŵƌĞƋƵŝƌĞŵĞŶƚƐƉĞƌůĞŶŐƚŚ͕ŝŶƐƚĞĂĚŽĨŽŶĞ ŵŝŶŝŵƵŵ͍ WůĞĂƐĞƉƌŽŚŝďŝƚĂůů:ƵůŝĞƚĂůĐŽŶŝĞƐ͊ 'ƌŽƵŶĚ&ůŽŽƌtŝŶĚŽǁƐ ^ƵďĚ͘ϲ͘ WůĞĂƐĞĂĚĚŶŽǁŝŶĚŽǁƐƚŝĐŬĞƌƐ͕ĚĞĐĂůƐ͕ĐůŝŶŐƐ͙ĂŶĚĨƵƌŶŝƐŚŝŶŐƐ;&ŝĚĚůĞŚĞĂĚͿĂƌĞĂůůŽǁĞĚŝŶƚŚĞϯͲ ϴ͛ǁŝŶĚŽǁǌŽŶĞ͘ ĐĐĞƐƐĂŶĚŽŶŶĞĐƚŝǀŝƚǇ ^ƵďĚ͘ϳ͘ ͘tŚĂƚŝƐĂƌĞĂƐŽŶĂďůĞƉĞƌŝŽĚŽĨƚŝŵĞ͍dŚĂƚƐŚŽƵůĚďĞĨƵƌƚŚĞƌĚĞĨŝŶĞĚ͘ 3DFNHW3J *H ƉůĂŶƚŝŶŐƐƚƌŝƉĂƚůĞĂƐƚϳ͛Ͳ Ϭ͟ ;ϮͿĂ͘ŚĂŶŐĞϭϬ͛ǁĂůŬƚŽϴ͛Ă ŶĚƚŚĞ͕ŵĞĂƐƵƌĞĚĨƌŽŵƚŚĞďĂĐŬŽĨĐƵƌď;ƚŚŝƐŝƐ ĨŽƌƉƌŽƉĞƌƐƚƌĞĞƚƚƌĞĞŐƌŽǁƚŚͿ͘ ƉůĂŶƚŝŶŐƐƚƌŝƉʹŵƵƐƚďĞĂƚůĞĂƐƚϳ͛Ͳ Ϭ͕͟ ď͘ϱ͛ŝƐƚŽŽŶĂƌƌŽǁĨŽƌŵĞĂƐƵƌĞĚĨƌŽŵƚŚĞďĂĐŬŽĨĐƵƌď WĂƌŬŝŶŐĞƐŝŐŶ^ƚĂŶĚĂƌĚƐ ^ƵďĚ͘ϴ͘ ͘;ϭͿ͘/ƐƚŚŝƐĨŽƌĂůůƉĂƌŬŝŶŐůŽƚƐ͍/ĨƐŽ͕ƉůĞĂƐĞĐůĂƌŝĨǇ͘ ϯ͘ŶĞĞĚƚŽĚĞĨŝŶĞůĂŶĚƐĐĂƉĞĂƌĞĂƐʹŚŽǁŵĂŶǇĂŶĚǁŚĞƌĞ͍DŝŶŝŵƵŵǁŝĚƚŚŽĨŝƐůĂŶĚƐ;ϭϮ͛ƚŽƐƵƉƉŽƌƚ ƚƌĞĞƐͿ tĞŚĂǀĞŶŽƉĂƌŬŝŶŐůŽƚĚĞƐŝŐŶƐƚĂŶĚĂƌĚƐ;ĞǆĐĞƉƚZͲϰŚŝŐŚĚĞŶƐŝƚǇƌĞƐŝĚĞŶƚŝĂůǌŽŶĞͿ͘ŝƚŚĞƌƚŚĞǇŶĞĞĚ ƚŽďĞĚĞǀĞůŽƉĞĚŽƌƵƐĞƚŚĞZͲϰZĞƐŝĚĞŶƚŝĂůƐƚĚƐ͘ ;ϮͿWĂƌŬŝŶŐ'ĂƌĂŐĞ ͘ŽŶ͛ƚǁĞǁĂŶƚƚŽĂĐƚŝǀĂƚĞƚŚĞŽƵƚƐŝĚĞŽĨĂůůƉĂƌŬŝŶŐŐĂƌĂŐĞƐ͍ ͘ϲϯ͘ϰϮϳ^ƵďĚ͘ϭϮ,ŝƐŶŽƚǁƌŝƚƚĞŶƐƚƌŽŶŐĞŶŽƵŐŚƚŽƚƌƵůǇĂĐƚŝǀĂƚĞƉĂƌŬŝŶŐŐĂƌĂŐĞƐ͘ WĞĚĞƐƚƌŝĂŶĂŶĚ^ŝƚĞĞƐŝŐŶ^ƚĂŶĚĂƌĚƐ ^ƵďĚ͘ϭϬ͘ Ăƚ ͘dŚĞƐĞĂƌĞǁĞĂŬʹďĂƐŝĐĂůůǇŝƚ͛ƐŽŬƚŽũƵƐƚƐƚƌŝƉĞĂĐƌŽƐƐǁĂůŬƚŚƌŽƵŐŚĂƉĂƌŬŝŶŐůŽƚ͘;ƐĞĞ^ĐŚĞĞůƐ ƉĂĐŚĞDĂůůͿ ^ŝĚĞǁĂůŬƐƚŚƌŽƵŐŚƉĂƌŬŝŶŐůŽƚƐƐŚŽƵůĚŝŶĐůƵĚĞĐƵƚƚŝŶŐƚŚƌŽƵŐŚůĂŶĚƐĐĂƉĞĚŝƐůĂŶĚƐ͘ƌĂǁŝŶŐƐǁŽƵůĚďĞƐŽ ŚĞůƉĨƵůǁŝƚŚŵĂŶǇŽĨƚŚĞƐĞƐƚĂŶĚĂƌĚƐ͘ ͘EĞŝŐŚďŽƌŚŽŽĚWƌŽƚĞĐƚŝŽŶ^ƚĂŶĚĂƌĚƐ ^ƵďĚϭϯ d,ZZEK>E^W/E'ZYh/ZDEd^&KZEzdKs>KWDEd ;ϮͿ>ĂŶĚƐĐĂƉŝŶŐʹ ;ĞǆĐĞƉƚĨŽƌďƵĨĨĞƌǇĂƌĚƐĂŶĚƐƚƌĞĞƚƚƌĞĞƐͿ͘/ǁŽƵůĚƌĞĐŽŵŵĞŶĚĂĚĚŝŶŐůĂŶĚƐĐĂƉŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐ ;ŶƵŵďĞƌŽĨƚƌĞĞƐ͕ƐŚƌƵďƐƉĞƌďƵŝůĚŝŶŐŽƌůŽƚƐŝǌĞŽƌŽƚŚĞƌŵĞƚŚŽĚͿ ϲϮ͘ϯϴϯ͘ƌŝǀĞʹ/Ŷ&ĂĐŝůŝƚŝĞƐ /EdK/^dZ/d͕WZK,//dZ/sʹd,ZKh',&/>/d/^͘ ^ƵďĚ͘Ϯʹ ϲϮ͘ϳϮϳ;ϭͿ dǇƉĞϭĂƉƉƌŽǀĂů͍KŶůǇŝĨĂƌĐŚŝƚĞĐƚƵƌĂůĂŶĚƐŝƚĞƐƚĂŶĚĂƌĚƐĂƌĞƐƚƌĞŶŐƚŚĞŶĞĚ͘ ϲϯ͘Ϯϲϱ^ƵďĚϱͲ ZŽĂĚĂƵƚŚŽƌŝƚǇŽƌŽƵŶƚǇʹdŚŝƐŝƐŶŽƚĂŶŽƌĚŝŶĂŶĐĞŝƐƐƵĞ͕ďƵƚĂŶǇŽƵŶƚǇZŽĂĚŝŶƚŚĞ ŝƚǇǁŝůůŶŽƚďĞĂůůŽǁĞĚƚŽŚĂǀĞƐƚƌĞĞƚƚƌĞĞƐ͘dŚŝƐƉŽůŝĐǇŵƵƐƚĐŚĂŶŐĞ͘ DĂƉʹ/ƐƐƵĞƐ͗ x^ŚŽƵůĚDĂǇŽtĞƐƚWĂƌŬŝŶŐ>ŽƚďĞĂdKEŽĚĞ͍ x Ϯ^ƚ͘^tďĞƚǁĞĞŶϲǀĞ^tĂŶĚ,ǁǇϱϮʹ^ŚŽƵůĚďĞŝŶĂdKĐŽƌƌŝĚŽƌKZƚŚĞϮ^ƚ͘^t ŶĚƚŚŶĚ ŽƌƌŝĚŽƌWůĂŶŶĞĞĚƐƚŽĨŽůůŽǁĞĚĂŶĚĞŶĨŽƌĐĞĚ͕ǁŚŝĐŚŝƚĐƵƌƌĞŶƚůǇŝƐŶŽƚ͙EƚŚĞ^ƚ͘DĂƌǇƐWůĂĐĞ WƵďůŝĐZĞĂůŵWůĂŶƐŚŽƵůĚďĞĂĚŽƉƚĞĚĂŶĚĐŽĚŝĨŝĞĚ͘ 3DFNHW3J *H ZͲϮǆŝƐƚƌŝĐƚ /ƚĂƉƉĞĂƌƐƚŚĞEͲEZŝƐƚƌŝĐƚǁŝůůƐƚŝůůĞǆŝƐƚ͘/ƚŚĂƐŶĞǀĞƌďĞĞŶŵĂƉƉĞĚ͘tŝůůŵĂƉƉŝŶŐƚŚĂƚďĞĂƉĂƌƚŽĨ ƚŚŝƐƉƌŽĐĞƐƐ͍ ƚƚĂĐŚĞĚǁĞůůŝŶŐ͗ ϲϮ͘Ϯϲy ϭϱϬ͛ďƵŝůĚŝŶŐůĞŶŐƚŚďĞƐŚŽƌƚĞŶĞĚƚŽϭϬϬ͛ /ǁŽƵůĚůŝŬĞƚŽƐĞĞƚŚĞ͘DĂŶǇĐŽƌĞůŽƚƐĂƌĞϱϬ͛ǁŝĚĞ͕ƐŽ ƚŚĂƚ͛ƐƚǁŽůŽƚƐ;ϰƵŶŝƚƐͿŝŶƐƚĞĂĚŽĨƚŚƌĞĞ;ϲƵŶŝƚƐͿ͕ƚŚĂƚĐŽƵůĚďĞƌĞĚĞǀĞůŽƉĞĚĂƐĂƚƚĂĐŚĞĚƵŶŝƚƐ͘/ Đ ŽƵůĚƐƵƉƉŽƌƚƚŚĞϭϱϬ͛ůĞŶŐƚŚ͕ŝĨŵŽƌĞĚĞƚĂŝůĞĚĂƌĐŚŝƚĞĐƚƵƌĂůͬƐŝƚĞƐƚĂŶĚĂƌĚƐǁĞƌĞƌĞƋƵŝƌĞĚ͘ ϲϮ͘Ϯϲϯ^ƵďĚ͘Ϯ ʹ^ŚŽƵůĚĂǇĐĂƌĞĨĂĐŝůŝƚŝĞƐŽĨϳͲϭϲƵŶŝƚƐďĞĂdǇƉĞ///ƵƐĞ͍ ^ƵďĚ͘ϱDƵůƚŝͲ&ĂŵŝůǇZĞƐŝĚĞŶƚŝĂůĞǀĞůŽƉŵĞŶƚ ĞǆĐĞĞĚdǇƉĞ/// ͘D&ƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚƐƚŚĂƚĚĞŶƐŝƚǇĂŶĚ&ZƌĞƋƵŝƌĞŵĞŶƚƐƐŚŽƵůĚďĞĂ ƵƐĞ͘ ͘ϭϬϬ͛ŵĂǆďƵŝůĚŝŶŐůĞŶŐƚŚ͕ƵŶůĞƐƐƚŚĞƌĞĂƌĞǁĂǇŵŽƌĞĂƌĐŚŝƚĞĐƚƵƌĂůͬƐŝƚĞƐƚĂŶĚĂƌĚƐ ͘ϭ͘ƌĐŚŝƚĞĐƚƵƌĂůŝŶƐĞƚƐͬƉƌŽũĞĐƚŝŽŶƐƐŚŽƵůĚďĞϮ͛Ͳ Ϭ͕͟ŝŶƐƚĞĂĚŽĨϭ͛Ͳ Ϭ͟ ŵŽƌĞĂƌĐŚŝƚĞĐƚƵƌĂů͕ƐŝƚĞĂŶĚůĂŶĚƐĐĂƉŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐ x KǀĞƌĂůů͕/ǁŽƵůĚůŝŬĞƚŽƐĞĞĨŽƌD&ĂŶĚ ŵŝǆĞĚͲƵƐĞƉƌŽũĞĐƚƐŝŶƚŚĞZͲϮǆĚŝƐƚƌŝĐƚ͘ ϲϮ͘Ϯϲϰ;ϲͿZĞƚĂŝůdƌĂĚĞ͗ 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