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ĚĞĨŝŶĞĚŝŶ/ŶƚĞƌŶĂůZĞǀĞŶƵĞŽĚĞ^ĞĐƚŝŽŶƐϰϮ;ŝͿ;ůͿ;ŝͿĂŶĚϰϮ;ŚͿ;ϲͿ;Ϳ͕ƐŚĂůůďĞ ƉĞƌĨŽƌŵĞĚďǇDŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐ͘DŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐƐŚĂůůƉĞƌĨŽƌŵƚŚĞ ĐŽŵƉůŝĂŶĐĞŵŽŶŝƚŽƌŝŶŐƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĨŽƌƚŚĞƉƌŽũĞĐƚƐƉƵƌƐƵĂŶƚƚŽƚŚĞ ĐŽŵƉůŝĂŶĐĞŵŽŶŝƚŽƌŝŶŐƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞϮϬϮϬYW͕ƚŚĞ,dŽŵƉůŝĂŶĐĞDĂŶƵĂů ͕ ĂŶĚϮϲ&Z^ĞĐƚŝŽŶϭ͘ϰϮ͘ϱĂůůĂƐŵĂǇďĞĂŵĞŶĚĞĚĨƌŽŵƚŝŵĞƚŽƚŝŵĞ͘ ŽŵƉĞŶƐĂƚŝŽŶ͘ ϯ͘KŶůǇDŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐƐŚĂůůĐŚĂƌŐĞĂŶĚƌĞĐĞŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶ ĨŽƌƚŚĞĂůůŽĐĂƚŝŽŶĂŶĚĐŽŵƉůŝĂŶĐĞĚƵƚŝĞƐĂŶĚƐŚĂůůĚŽƐŽŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ ,dWƌŽĐĞĚƵƌĂůDĂŶƵĂůĂŶĚƚŚĞ,dŽŵƉůŝĂŶĐĞDĂŶƵĂů͘dŚĞĐŽŵƉĞŶƐĂƚŝŽŶ ƐŚĂůůďĞƉĂŝĚƚŽDŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐĚŝƌĞĐƚůǇďǇƚŚĞƚĂǆĐƌĞĚŝƚĂƉƉůŝĐĂŶƚͬŽǁŶĞƌĂƚ ƚŚĞƚŝŵĞƐĂŶĚŝŶƚŚĞĂŵŽƵŶƚƐƐĞƚĨŽƌƚŚƚŚĞƌĞŝŶ͘ ͘ dĞƌŵŽĨŽŶƚƌĂĐƚ͘ ϰ^ƵďũĞĐƚƚŽĞǆĞĐƵƚŝŽŶďǇĂůůŽĨƚŚĞƉĂƌƚŝĞƐ͛ŚĞƌĞŝŶďĞůŽǁ͕ƚŚŝƐ ŐƌĞĞŵĞŶƚƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶ͘tŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞĂůůŽĐĂƚŝŽŶ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŚĞƌĞŝŶ͕ƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůŶŽƚƚĞƌŵŝŶĂƚĞƵŶƚŝůĂůůĂůůŽĐĂƚŝŽŶ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚŚĂǀĞďĞĞŶĐŽŵƉůĞƚĞĚ͘tŝƚŚƌĞƐƉĞĐƚƚŽ ĂǁĂƌĚƐŽĨƚĂǆĐƌĞĚŝƚƐƚŽĚĞǀĞůŽƉŵĞŶƚƐĨŝŶĂŶĐĞĚǁŝƚŚƚĂǆĞǆĞŵƉƚďŽŶĚƐ͕ƚŚŝƐ ŐƌĞĞŵĞŶƚƐŚĂůůƚĞƌŵŝŶĂƚĞĂƚƚŚĞĐŽŶĐůƵƐŝŽŶŽĨĐĂůĞŶĚĂƌǇĞĂƌϮϬϮϬ͘tŝƚŚ ƌĞƐƉĞĐƚƚŽƚŚĞĐŽŵƉůŝĂŶĐĞŵŽŶŝƚŽƌŝŶŐƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŚĞƌĞŝŶ͕ƐĂŝĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ƐŚĂůůĐŽŶƚŝŶƵĞĨƌŽŵƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞŽŵƉůŝĂŶĐĞWĞƌŝŽĚƚŚƌŽƵŐŚƚŚĞĞŶĚŽĨ ƚŚĞǆƚĞŶĚĞĚhƐĞWĞƌŝŽĚ͕ĂƐƚŚŽƐĞƚĞƌŵƐĂƌĞĚĞĨŝŶĞĚƵŶĚĞƌ/Z^ĞĐƚŝŽŶϰϮ͘ ĚĚƌĞƐƐĞƐĨŽƌEŽƚŝĐĞƐ ϲ͘͘ůůŶŽƚŝĐĞƐƚŽďĞŐŝǀĞŶďǇĞŝƚŚĞƌƉĂƌƚǇƚŽƚŚĞŽƚŚĞƌ ŚĞƌĞƵŶĚĞƌƐŚĂůůďĞŝŶǁƌŝƚŝŶŐĂĚĚƌĞƐƐĞĚĂƐĨŽůůŽǁƐ͗ ϮϬϮϬ,d:ŽŝŶƚWŽǁĞƌƐŐƌĞĞŵĞŶƚ ϮƉƌŝůϮϬϭϵ 3DFNHW3J )D ƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ ;ĂͿdŽĂƚ͗ ŝƚǇŽĨZŽĐŚĞƐƚĞƌ ƚŚ ϮϬϭϰ^ƚƌĞĞƚ^͕ZŽŽŵϮϲϲ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰ ƚƚŶ͗ŝƚǇĚŵŝŶŝƐƚƌĂƚŽƌ ͗ ;ďͿdŽDŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐĂƚ DŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐ&ŝŶĂŶĐĞŐĞŶĐǇ ϰϬϬtĂďĂƐŚĂ^ƚƌĞĞƚEŽƌƚŚ͕^ƵŝƚĞϰϬϬ ϱϱ ^ƚ͘WĂƵů͕DŝŶŶĞƐŽƚĂϭϬϮ ŽƌĂĚĚƌĞƐƐĞĚƚŽĂŶǇƐƵĐŚƉĂƌƚǇĂƚƐƵĐŚŽƚŚĞƌĂĚĚƌĞƐƐĂƐƐƵĐŚƉĂƌƚǇƐŚĂůů ŚĞƌĞĂĨƚĞƌĨƵƌŶŝƐŚďǇŶŽƚŝĐĞƚŽƚŚĞŽƚŚĞƌƉĂƌƚǇ͘ ƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ ZĞĐŽƌĚƐ͘ ϳ͘ŽƚŚDŝŶŶĞƐŽƚĂ,ŽƵƐŝŶŐĂŶĚĂŐƌĞĞƚŚĂƚŝƚǁŝůů ŵĂŬĞĂǀĂŝůĂďůĞĂůůƉĞƌƚŝŶĞŶƚŝŶĨŽƌŵĂƚŝŽŶ͕ĚĂƚĂĂŶĚƌĞĐŽƌĚƐƵŶĚĞƌƚŚĞŝƌƌĞƐƉĞĐƚŝǀĞ ĐŽŶƚƌŽůĨŽƌĞĂĐŚŽƚŚĞƌ͛ƐƵƐĞŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͕ĂŶĚǁŝůůĂƐƐŝƐƚ ƚŚĞŽƚŚĞƌ͕ǁŚĞŶĞǀĞƌƉŽƐƐŝďůĞ͕ƚŽŽďƚĂŝŶƐƵĐŚƌĞĐŽƌĚƐ͕ĚĂƚĂĂŶĚŝŶĨŽƌŵĂƚŝŽŶ͘ >ŝĂďŝůŝƚǇ͘ 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ƉŽƌƚŝŽŶƐŽĨĂŶǇŝŶǀŽŝĐĞƐŚĂůůďĞĚƵĞǁŝƚŚŝŶϯϬĚĂǇƐŽĨŽŶƐƵůƚĂŶƚƐŝŶǀŽŝĐĞĚĂƚĞ͕ŝĨĂĚĚŝƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶŝƐ ƌĞƋƵĞƐƚĞĚ͕DƵŶŝĐŝƉĂůŝƚǇǁŝůůƐƵďŵŝƚƉĂǇŵĞŶƚǁŝƚŚŝŶƚŚŝƌƚǇ;ϯϬͿĚĂǇƐŽĨƌĞƐŽůƵƚŝŽŶŽĨƚŚĞĚŝƐƉƵƚĞ͘ ϱ͘dZD dŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶƚŚĞůĂƚĞƐƚĚĂƚĞŽŶǁŚŝĐŚƚŚŝƐŐƌĞĞŵĞŶƚŝƐĨƵůůǇĞǆĞĐƵƚĞĚďǇďŽƚŚWĂƌƚŝĞƐ͘ dŚĞŝŶŝƚŝĂůƚĞƌŵŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞƚǁĞůǀĞ;ϭϮͿŵŽŶƚŚƐ͕ƐƵďƐĞƋƵĞŶƚůǇ͕ŐƌĞĞŵĞŶƚƐŚĂůůĂƵƚŽŵĂƚŝĐĂůůǇ ƌĞŶĞǁĨŽƌƚǁĞůǀĞ;ϭϮͿŵŽŶƚŚƚĞƌŵƐ͖ƵŶůĞƐƐƉƌŝŽƌŶŽƚŝĨŝĐĂƚŝŽŶŝƐĚĞůŝǀĞƌĞĚƚŽĞŝƚŚĞƌWĂƌƚǇƚŚŝƌƚǇ;ϯϬͿĚĂǇƐŝŶ ĂĚǀĂŶĐĞŽĨƚŚĞƌĞŶĞǁĂůĚĂƚĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘/ŶƚŚĞĂďƐĞŶĐĞŽĨǁƌŝƚƚĞŶĚŽĐƵŵĞŶƚĂƚŝŽŶ͕ƚŚŝƐŐƌĞĞŵĞŶƚ ǁŝůůĐŽŶƚŝŶƵĞŝŶĨŽƌĐĞƵŶƚŝůƐƵĐŚƚŝŵĞĂƐĞŝƚŚĞƌWĂƌƚǇŶŽƚŝĨŝĞƐƚŚĞŽƚŚĞƌŽĨƚŚĞŝƌĚĞƐŝƌĞƚŽƚĞƌŵŝŶĂƚĞƚŚŝƐ ŐƌĞĞŵĞŶƚ͘ WĂŐĞϭŽĨϳ 3DFNHW3J )D ϲ͘dZD/Ed/KE ŝƚŚĞƌƉĂƌƚǇŵĂǇƚĞƌŵŝŶĂƚĞƚŚŝƐŐƌĞĞŵĞŶƚ͕ŽƌĂŶǇƉĂƌƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚƵƉŽŶŶŝŶĞƚǇ;ϵϬͿĚĂǇƐǁƌŝƚƚĞŶ ŶŽƚŝĐĞ͕ǁŝƚŚŽƌǁŝƚŚŽƵƚĐĂƵƐĞĂŶĚǁŝƚŚŶŽƉĞŶĂůƚǇŽƌĂĚĚŝƚŝŽŶĂůĐŽƐƚďĞǇŽŶĚƚŚĞƌĂƚĞƐƐƚĂƚĞĚŝŶƚŚŝƐŐƌĞĞŵĞŶƚ͘ /ŶĐĂƐĞŽĨƐƵĐŚƚĞƌŵŝŶĂƚŝŽŶ͕ŽŶƐƵůƚĂŶƚƐŚĂůůďĞĞŶƚŝƚůĞĚƚŽƌĞĐĞŝǀĞƉĂǇŵĞŶƚĨŽƌǁŽƌŬĐŽŵƉůĞƚĞĚƵƉƚŽĂŶĚ ŝŶĐůƵĚŝŶŐƚŚĞĚĂƚĞŽĨƚĞƌŵŝŶĂƚŝŽŶǁŝƚŚŝŶƚŚŝƌƚǇ;ϯϬͿĚĂǇƐŽĨƚŚĞƚĞƌŵŝŶĂƚŝŽŶ͘ ϳ͘&/^>EKEͲWWZKWZ/d/KE>h^ &ŝŶĂŶĐŝĂůŽďůŝŐĂƚŝŽŶƐŽĨDƵŶŝĐŝƉĂůŝƚǇƉĂǇĂďůĞĂĨƚĞƌƚŚĞĐƵƌƌĞŶƚĨŝƐĐĂůǇĞĂƌĂƌĞĐŽŶƚŝŶŐĞŶƚƵƉŽŶĨƵŶĚƐĨŽƌƚŚĂƚ ƉƵƌƉŽƐĞďĞŝŶŐĂƉƉƌŽƉƌŝĂƚĞĚ͕ďƵĚŐĞƚĞĚ͕ĂŶĚŽƚŚĞƌǁŝƐĞŵĂĚĞĂǀĂŝůĂďůĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌƵůĞƐ͕ ƌĞŐƵůĂƚŝŽŶƐ͕ĂŶĚƌĞƐŽůƵƚŝŽŶƐŽĨDƵŶŝĐŝƉĂůŝƚǇ͕ĂŶĚŽƚŚĞƌĂƉƉůŝĐĂďůĞůĂǁ͘hƉŽŶƚŚĞĨĂŝůƵƌĞƚŽĂƉƉƌŽƉƌŝĂƚĞƐƵĐŚ ĨƵŶĚƐ͕ƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞƚĞƌŵŝŶĂƚĞĚ͘ ϴ͘DhE//W>/dzK>/'d/KE^ DƵŶŝĐŝƉĂůŝƚǇƐŚĂůůƚŝŵĞůǇƉƌŽǀŝĚĞĂůůĚĂƚĂ͕ŝŶĨŽƌŵĂƚŝŽŶ͕ƉůĂŶƐ͕ƐƉĞĐŝĨŝĐĂƚŝŽŶƐĂŶĚŽƚŚĞƌĚŽĐƵŵĞŶƚĂƚŝŽŶ ƌĞĂƐŽŶĂďůǇƌĞƋƵŝƌĞĚďǇŽŶƐƵůƚĂŶƚƚŽƉĞƌĨŽƌŵ^ĞƌǀŝĐĞƐ͘DƵŶŝĐŝƉĂůŝƚǇŐƌĂŶƚƐŽŶƐƵůƚĂŶƚĨƵůůƉƌŝǀŝůĞŐĞ͕ŶŽŶͲ ĞǆĐůƵƐŝǀĞ͕ŶŽŶͲƚƌĂŶƐĨĞƌĂďůĞůŝĐĞŶƐĞƚŽƵƐĞĂůůƐƵĐŚŵĂƚĞƌŝĂůƐĂƐƌĞĂƐŽŶĂďůǇƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵ^ĞƌǀŝĐĞ͘ ϵ͘WZ&KZDE^dEZ^ ŽŶƐƵůƚĂŶƚƐŚĂůůƉĞƌĨŽƌŵƚŚĞ^ĞƌǀŝĐĞƐƵƐŝŶŐƚŚĂƚĚĞŐƌĞĞŽĨĐĂƌĞ͕ƐŬŝůů͕ĂŶĚƉƌŽĨĞƐƐŝŽŶĂůŝƐŵŽƌĚŝŶĂƌŝůǇĞǆĞƌĐŝƐĞĚ ƵŶĚĞƌƐŝŵŝůĂƌĐŝƌĐƵŵƐƚĂŶĐĞƐďǇŵĞŵďĞƌƐŽĨƚŚĞƐĂŵĞƉƌŽĨĞƐƐŝŽŶƉƌĂĐƚŝĐŝŶŐŽƌƉĞƌĨŽƌŵŝŶŐƚŚĞƐƵďƐƚĂŶƚŝĂůůǇ ƐĂŵĞŽƌƐŝŵŝůĂƌƐĞƌǀŝĐĞƐ͘ŽŶƐƵůƚĂŶƚƌĞƉƌĞƐĞŶƚƐƚŽDƵŶŝĐŝƉĂůŝƚǇƚŚĂƚŽŶƐƵůƚĂŶƚƌĞƚĂŝŶƐĞŵƉůŽǇĞĞƐƚŚĂƚ ƉŽƐƐĞƐƐƚŚĞƐŬŝůůƐ͕ŬŶŽǁůĞĚŐĞ͕ĂŶĚĂďŝůŝƚŝĞƐƚŽĐŽŵƉĞƚĞŶƚůǇ͕ƚŝŵĞůǇ͕ĂŶĚƉƌŽĨĞƐƐŝŽŶĂůůǇƉĞƌĨŽƌŵ^ĞƌǀŝĐĞƐŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŐƌĞĞŵĞŶƚ͘DƵŶŝĐŝƉĂůŝƚǇ͛ƐƐŽůĞƌĞŵĞĚǇĂŶĚŽŶƐƵůƚĂ Ŷƚ͛ƐƐŽůĞŽďůŝŐĂƚŝŽŶŝŶƚŚĞĞǀĞŶƚŽĨ ĨĂŝůƵƌĞƚŽƉĞƌĨŽƌŵ^ĞƌǀŝĐĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƚĞƌŵƐŽĨƚŚŝƐ^ĞĐƚŝŽŶƐŚĂůůďĞƌĞͲƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞƐĞƌǀŝĐĞƐ ďǇŽŶƐƵůƚĂŶƚ͘ ϭϬ͘/EWEEdKEdZdKZ ŽŶƐƵůƚĂŶƚŝƐĂŶŝŶĚĞƉĞŶĚĞŶƚĐŽŶƚƌĂĐƚŽƌ͕ĂŶĚŶĞŝƚŚĞƌŽŶƐƵůƚĂŶƚ͕ŶŽƌĂŶǇĞŵƉůŽǇĞĞŽƌĂŐĞŶƚƚŚĞƌĞŽĨ͕ƐŚĂůůďĞ ĚĞĞŵĞĚĨŽƌĂŶǇƌĞĂƐŽŶƚŽďĞĂŶĞŵƉůŽǇĞĞŽƌĂŐĞŶƚŽĨDƵŶŝĐŝƉĂůŝƚǇ͘ƐŽŶƐƵůƚĂŶƚŝƐĂŶŝŶĚĞƉĞŶĚĞŶƚ ĐŽŶƚƌĂĐƚŽƌ͕DƵŶŝĐŝƉĂůŝƚǇƐŚĂůůŚĂǀĞŶŽůŝĂďŝůŝƚǇŽƌƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌĂŶǇĚŝƌĞĐƚƉĂǇŵĞŶƚŽĨĂŶǇƐĂůĂƌŝĞƐ͕ǁĂŐĞƐ͕ ƉĂǇƌŽůůƚĂǆĞƐ͕ŽƌĂŶǇĂŶĚĂůůŽƚŚĞƌĨŽƌŵƐŽƌƚǇƉĞƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶŽƌďĞŶĞĨŝƚƐƚŽĂŶǇƉĞƌƐŽŶŶĞůƉĞƌĨŽƌŵŝŶŐ ƐĞƌǀŝĐĞƐĨŽƌDƵŶŝĐŝƉĂůŝƚǇƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͘ŽŶƐƵůƚĂŶƚƐŚĂůůďĞƐŽůĞůǇƌĞƐƉŽŶƐŝďůĞĨŽƌĂůůĐŽŵƉĞŶƐĂƚŝŽŶ͕ ďĞŶĞĨŝƚƐ͕ŝŶƐƵƌĂŶĐĞĂŶĚĞŵƉůŽǇŵĞŶƚͲƌĞůĂƚĞĚƌŝŐŚƚƐŽĨĂŶǇƉĞƌƐŽŶƉƌŽǀŝĚŝŶŐ^ĞƌǀŝĐĞƐŚĞƌĞƵŶĚĞƌĚƵƌŝŶŐƚŚĞ ĐŽƵƌƐĞŽĨŽƌĂƌŝƐŝŶŐŽƌĂĐĐƌƵŝŶŐĂƐĂƌĞƐƵůƚŽĨĂŶǇĞŵƉůŽǇŵĞŶƚ͕ǁŚĞƚŚĞƌƉĂƐƚŽƌƉƌĞƐĞŶƚ͕ǁŝƚŚŽŶƐƵůƚĂŶƚ͕ĂƐ ǁĞůůĂƐĂůůůĞŐĂůĐŽƐƚƐŝŶĐůƵĚŝŶŐĂƚƚŽƌŶĞǇ͛ƐĨĞĞƐŝŶĐƵƌƌĞĚŝŶƚŚĞĚĞĨĞŶƐĞŽĨĂŶǇĐŽŶĨůŝĐƚŽƌůĞŐĂůĂĐƚŝŽŶƌĞƐƵůƚŝŶŐ ĨƌŽŵƐƵĐŚĞŵƉůŽǇŵĞŶƚŽƌƌĞůĂƚĞĚƚŽƚŚĞĐŽƌƉŽƌĂƚĞĂŵĞŶŝƚŝĞƐŽĨƐƵĐŚĞŵƉůŽǇŵĞŶƚ͘ ϭϭ͘/EDE/&/d/KE dŽƚŚĞĨƵůůĞƐƚĞǆƚĞŶƚƉĞƌŵŝƚƚĞĚďǇůĂǁ͕ŽŶƐƵůƚĂŶƚƐŚĂůůĚĞĨĞŶĚ͕ŝŶĚĞŵŶŝĨǇ͕ĂŶĚŚŽůĚŚĂƌŵůĞƐƐDƵŶŝĐŝƉĂůŝƚǇ͕ŝƚƐ ĞůĞĐƚĞĚĂŶĚĂƉƉŽŝŶƚĞĚŽĨĨŝĐŝĂůƐ͕ĞŵƉůŽǇĞĞƐĂŶĚǀŽůƵŶƚĞĞƌƐĂŶĚŽƚŚĞƌƐǁŽƌŬŝŶŐŽŶďĞŚĂůĨŽĨDƵŶŝĐŝƉĂůŝƚǇ͕ĨƌŽŵ ĂŶĚĂŐĂŝŶƐƚĂŶǇĂŶĚĂůůƚŚŝƌĚͲƉĂƌƚǇĐůĂŝŵƐ͕ĚĞŵĂŶĚƐ͕ƐƵŝƚƐ͕ĐŽƐƚƐ;ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞůĞŐĂůĐŽƐƚƐͿ͕ĞǆƉĞŶƐĞƐ͕ ĂŶĚůŝĂďŝůŝƚŝĞƐ;͞ůĂŝŵƐ͟ͿĂůůĞŐŝŶŐƉĞƌƐŽŶĂůŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐďŽĚŝůǇŝŶũƵƌǇŽƌĚĞĂƚŚ͕ĂŶĚͬŽƌƉƌŽƉĞƌƚǇĚĂŵĂŐĞ͕ ďƵƚŽŶůǇƚŽƚŚĞĞǆƚĞŶƚƚŚĂƚĂŶǇƐƵĐŚůĂŝŵƐĂƌĞĐĂƵƐĞĚďǇƚŚĞŶĞŐůŝŐĞŶĐĞŽĨ͕ŽƌŵĂƚĞƌŝĂůďƌĞĂĐŚŽĨĂŶǇ ŽďůŝŐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚďǇ͕ŽŶƐƵůƚĂŶƚŽƌĂŶǇŽĨĨŝĐĞƌ͕ĞŵƉůŽǇĞĞ͕ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŽƌĂŐĞŶƚŽĨ ŽŶƐƵůƚĂŶƚ͘ŽŶƐƵůƚĂŶƚƐŚĂůůŚĂǀĞŶŽŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐ^ĞĐƚŝŽŶƚŽƚŚĞĞǆƚĞŶƚƚŚĂƚĂŶǇůĂŝŵĂƌŝƐĞƐĂƐĂ ƌĞƐƵůƚŽĨŽŶƐƵůƚĂŶƚƐĐŽŵƉůŝĂŶĐĞǁŝƚŚDƵŶŝĐŝƉĂůůĂǁ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ƌĞŐƵůĂƚŝŽŶƐ͕ƌĞƐŽůƵƚŝŽŶ͕ĞǆĞĐƵƚŝǀĞ ŽƌĚĞƌƐŽƌŽƚŚĞƌŝŶƐƚƌƵĐƚŝŽŶƐƌĞĐĞŝǀĞĚĨƌŽŵDƵŶŝĐŝƉĂůŝƚǇ͘ dŽƚŚĞĨƵůůĞƐƚĞǆƚĞŶƚƉĞƌŵŝƚƚĞĚďǇůĂǁĂŶĚǁŝƚŚŽƵƚǁĂŝǀĞƌŽĨƐŽǀĞƌĞŝŐŶŝŵŵƵŶŝƚǇ͕DƵŶŝĐŝƉĂůŝƚǇƐŚĂůůĚĞĨĞŶĚ͕ ŝŶĚĞŵŶŝĨǇ͕ĂŶĚŚŽůĚŚĂƌŵůĞƐƐŽŶƐƵůƚĂŶƚ͕ŝƚƐŽĨĨŝĐĞƌƐ͕ĞŵƉůŽǇĞĞƐ͕ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͕ĂŶĚĂŐĞŶƚƐ͕ĨƌŽŵĂŶĚ ĂŐĂŝŶƐƚĂŶǇĂŶĚĂůůůĂŝŵƐĂůůĞŐŝŶŐƉĞƌƐŽŶĂůŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐďŽĚŝůǇŝŶũƵƌǇŽƌĚĞĂƚŚ͕ĂŶĚͬŽƌƉƌŽƉĞƌƚǇĚĂŵĂŐĞ͕ ďƵƚŽŶůǇƚŽƚŚĞĞǆƚĞŶƚƚŚĂƚƐƵĐŚůĂŝŵƐĂƌĞĐĂƵƐĞĚďǇ;ĂͿƚŚĞŶĞŐůŝŐĞŶĐĞŽĨ͕ŽƌŵĂƚĞƌŝĂůďƌĞĂĐŚŽĨĂŶǇŽďůŝŐĂƚŝŽŶ WĂŐĞϮŽĨϳ 3DFNHW3J )D ƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚďǇ͕DƵŶŝĐŝƉĂůŝƚǇŽƌĂŶǇŽĨĨŝĐĞƌ͕ĞŵƉůŽǇĞĞ͕ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŽƌĂŐĞŶƚŽĨDƵŶŝĐŝƉĂůŝƚǇŽƌ ;ďͿŽŶƐƵůƚĂŶƚ͛ƐĐŽŵƉůŝĂŶĐĞǁŝƚŚDƵŶŝĐŝƉĂůůĂǁ͕ŽƌĚŝŶĂŶĐĞ Ɛ͕ƌƵůĞƐ͕ƌĞŐƵůĂƚŝŽŶƐ͕ƌĞƐŽůƵƚŝŽŶƐ͕ĞǆĞĐƵƚŝǀĞŽƌĚĞƌƐ ŽƌŽƚŚĞƌŝŶƐƚƌƵĐƚŝŽŶƐƌĞĐĞŝǀĞĚĨƌŽŵDƵŶŝĐŝƉĂůŝƚǇ͘ /ĨĞŝƚŚĞƌWĂƌƚǇďĞĐŽŵĞƐĂǁĂƌĞŽĨĂŶǇŝŶĐŝĚĞŶƚůŝŬĞůǇƚŽŐŝǀĞƌŝƐĞƚŽĂůĂŝŵƵŶĚĞƌƚŚĞĂďŽǀĞŝŶĚĞŵŶŝƚŝĞƐ͕ŝƚƐŚĂůů ŶŽƚŝĨǇƚŚĞŽƚŚĞƌĂŶĚďŽƚŚWĂƌƚŝĞƐƐŚĂůůĐŽŽƉĞƌĂƚĞĨƵůůǇŝŶŝŶǀĞƐƚŝŐĂƚŝŶŐƚŚĞŝŶĐŝĚĞŶƚ͘ ϭϮ͘^^/'EDEd EĞŝƚŚĞƌƉĂƌƚǇƐŚĂůůĂƐƐŝŐŶĂůůŽƌƉĂƌƚŽĨŝƚƐƌŝŐŚƚƐ͕ĚƵƚŝĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͕ŶŽƌďĞŶĞĨŝƚƐƐĞƚĨŽƌƚŚŝŶ ƚŚŝƐŐƌĞĞŵĞŶƚƚŽĂŶŽƚŚĞƌĞŶƚŝƚǇǁŝƚŚŽƵƚƚŚĞǁƌŝƚƚĞŶĂƉƉƌŽǀĂůŽĨďŽƚŚWĂƌƚŝĞƐ͖ĐŽŶƐĞŶƚƐŚĂůůŶŽƚďĞ ƵŶƌĞĂƐŽŶĂďůǇǁŝƚŚŚĞůĚ͘EŽƚǁŝƚŚƐƚĂŶĚŝŶŐƚŚĞƉƌĞĐĞĚŝŶŐ͕ŽŶƐƵůƚĂŶƚŵĂǇĂƐƐŝŐŶƚŚŝƐŐƌĞĞŵĞŶƚƚŽŝƚƐƉĂƌĞŶƚ͕ ƐƵďƐŝĚŝĂƌŝĞƐŽƌƐŝƐƚĞƌĐŽŵƉĂŶŝĞƐ;ĨĨŝůŝĂƚĞƐͿǁŝƚŚŽƵƚŶŽƚŝĐĞƚŽDƵŶŝĐŝƉĂůŝƚǇ͘ŽŶƐƵůƚĂŶƚŵĂǇƐƵďĐŽŶƚƌĂĐƚĂŶǇ ŽƌĂůůŽĨƚŚĞƐĞƌǀŝĐĞƐƚŽŝƚƐĨĨŝůŝĂƚĞƐǁŝƚŚŽƵƚŶŽƚŝĐĞƚŽDƵŶŝĐŝƉĂůŝƚǇ͘ŽŶƐƵůƚĂŶƚŵĂǇƐƵďĐŽŶƚƌĂĐƚĂŶǇŽƌĂůůŽĨ ƚŚĞƐĞƌǀŝĐĞƐƚŽŽƚŚĞƌƚŚŝƌĚƉĂƌƚŝĞƐƉƌŽǀŝĚĞĚƚŚĂƚŽŶƐƵůƚĂŶƚŐŝǀĞƐDƵŶŝĐŝƉĂůŝƚǇƉƌŝŽƌǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨƚŚĞ ƉĞƌƐŽŶƐŽƌĞŶƚŝƚŝĞƐǁŝƚŚǁŚŝĐŚŽŶƐƵůƚĂŶƚŚĂƐƐƵďĐŽŶƚƌĂĐƚĞĚ͘ŽŶƐƵůƚĂŶƚƌĞŵĂŝŶƐƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶǇ ĨĨŝůŝĂƚĞ͛ƐŽƌƐƵďĐŽŶƚƌĂĐƚŽƌ͛ƐƉĞƌĨŽƌŵĂŶĐĞŽƌĨĂŝůƵƌĞƚŽƉĞƌĨŽƌŵ͘ĨĨŝůŝĂƚĞƐĂŶĚƐƵďĐŽŶƚƌĂĐƚŽƌƐǁŝůůďĞƐƵďũĞĐƚ ƚŽƚŚĞƐĂŵĞƉĞƌĨŽƌŵĂŶĐĞĐƌŝƚĞƌŝĂĞǆƉĞĐƚĞĚŽĨŽŶƐƵůƚĂŶƚ͘WĞƌĨŽƌŵĂŶĐĞƐĐůĂƵƐĞƐǁŝůůďĞŝŶĐůƵĚĞĚŝŶ ĂŐƌĞĞŵĞŶƚƐǁŝƚŚĂůůƐƵďĐŽŶƚƌĂĐƚŽƌƐƚŽĂƐƐƵƌĞƋƵĂůŝƚǇůĞǀĞůƐĂŶĚĂŐƌĞĞĚƵƉŽŶƐĐŚĞĚƵůĞƐĂƌĞŵĞƚ͘ ϭϯ͘/E^hZE ͘ŽŶƐƵůƚĂŶƚĂŐƌĞĞƐĚƵƌŝŶŐƚŚĞƚĞƌŵŽĨƚŚŝƐŐƌĞĞŵĞŶƚƚŽƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶ͕ĂƚŝƚƐŽǁŶĐŽƐƚ͕Ă ƉŽůŝĐǇŽƌƉŽůŝĐŝĞƐŽĨŝŶƐƵƌĂŶĐĞƐƵĨĨŝĐŝĞŶƚƚŽŝŶƐƵƌĞĂŐĂŝŶƐƚĂůůůŝĂďŝůŝƚǇ͕ĐůĂŝŵƐ͕ĚĞŵĂŶĚƐ͕ĂŶĚŽƚŚĞƌ ŽďůŝŐĂƚŝŽŶƐĂƐƐƵŵĞĚďǇŽŶƐƵůƚĂŶƚƉƵƌƐƵĂŶƚƚŽƚŚŝƐŐƌĞĞŵĞŶƚ͘^ƵĐŚŝŶƐƵƌĂŶĐĞƐŚĂůůďĞŝŶĂĚĚŝƚŝŽŶ 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ϮϬϭϰ ƚŚ^ƚƌĞĞƚ^ʹZŽŽŵϮϲϲϯϳϱϱWƌĞĐŝƐŝŽŶƌŝǀĞ͕^ƵŝƚĞϭϰϬ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰ>ŽǀĞůĂŶĚ͕KϴϬϱϯϴ ŵĂŝů͗ĂƉĂƌƌŝĐŚΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀŵĂŝů͗ƚǁŝůŬĂƐΛƐĂĨĞďƵŝůƚ͘ĐŽŵ WŚŽŶĞ͗ϱϬϳͲϯϮϴͲϮϬϬϲͬ&Ăǆ͗ϱϬϳͲϯϮϴͲϮϳϮϳ ϮϮ͘&KZD:hZ ŶǇĚĞůĂǇŽƌŶŽŶƉĞƌĨŽƌŵĂŶĐĞŽĨĂŶǇƉƌŽǀŝƐŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚďǇĞŝƚŚĞƌWĂƌƚǇ;ǁŝƚŚƚŚĞĞǆĐĞƉƚŝŽŶŽĨ ƉĂǇŵĞŶƚŽďůŝŐĂƚŝŽŶƐͿǁŚŝĐŚŝƐĐĂƵƐĞĚďǇĞǀĞŶƚƐďĞǇŽŶĚƚŚĞƌĞĂƐŽŶĂďůĞĐŽŶƚƌŽůŽĨƐƵĐŚƉĂƌƚǇ͕ƐŚĂůůŶŽƚ ĐŽŶƐƚŝƚƵƚĞĂďƌĞĂĐŚŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͕ĂŶĚƚŚĞƚŝŵĞĨŽƌƉĞƌĨŽƌŵĂŶĐĞŽĨƐƵĐŚƉƌŽǀŝƐŝŽŶ͕ŝĨĂŶǇ͕ƐŚĂůůďĞĚĞĞŵĞĚ ƚŽďĞĞǆƚĞŶĚĞĚĨŽƌĂƉĞƌŝŽĚĞƋƵĂůƚŽƚŚĞĚƵƌĂƚŝŽŶŽĨƚŚĞĐŽŶĚŝƚŝŽŶƐƉƌĞǀĞŶƚŝŶŐƐƵĐŚƉĞƌĨŽƌŵĂŶĐĞ͘ Ϯϯ͘/^WhdZ^K>hd/KE /ŶƚŚĞĞǀĞŶƚĂĚŝƐƉƵƚĞĂƌŝƐĞƐŽƵƚŽĨŽƌƌĞůĂƚĞƐƚŽƚŚŝƐŐƌĞĞŵĞŶƚ͕ŽƌƚŚĞďƌĞĂĐŚƚŚĞƌĞŽĨ͕ĂŶĚŝĨƐĂŝĚĚŝƐƉƵƚĞ ĐĂŶŶŽƚďĞƐĞƚƚůĞĚƚŚƌŽƵŐŚŶĞŐŽƚŝĂƚŝŽŶ͕WĂƌƚŝĞƐĂŐƌĞĞĨŝƌƐƚƚŽƚƌǇŝŶŐŽŽĚĨĂŝƚŚƚŽƐĞƚƚůĞƚŚĞĚŝƐƉƵƚĞďǇŵĞĚŝĂƚŝŽŶ͕ ďĞĨŽƌĞƌĞƐŽƌƚŝŶŐƚŽĂƌďŝƚƌĂƚŝŽŶ͕ůŝƚŝŐĂƚŝŽŶ͕ŽƌƐŽŵĞŽƚŚĞƌĚŝƐƉƵƚĞƌĞƐŽůƵƚŝŽŶƉƌŽĐĞĚƵƌĞ͘dŚĞĐŽƐƚƚŚĞƌĞŽĨƐŚĂůů ďĞďŽƌŶĞĞƋƵĂůůǇďǇĞĂĐŚWĂƌƚǇ͘ Ϯϰ͘ddKZEz͛^&^ /ŶƚŚĞĞǀĞŶƚŽĨĚŝƐƉƵƚĞƌĞƐŽůƵƚŝŽŶŽƌůŝƚŝŐĂƚŝŽŶƚŽĞŶĨŽƌĐĞĂŶǇŽĨƚŚĞƚĞƌŵƐŚĞƌĞŝŶ͕ĞĂĐŚWĂƌƚǇƐŚĂůůƉĂǇĂůůŝƚƐ ŽǁŶĐŽƐƚƐĂŶĚĂƚƚŽƌŶĞǇ͛ƐĨĞĞƐ͘ WĂŐĞϱŽĨϳ 3DFNHW3J )D Ϯϱ͘hd,KZ/dzdKyhd dŚĞƉĞƌƐŽŶŽƌƉĞƌƐŽŶƐĞǆĞĐƵƚŝŶŐƚŚŝƐŐƌĞĞŵĞŶƚƌĞƉƌĞƐĞŶƚĂŶĚǁĂƌƌĂŶƚƚŚĂƚƚŚĞǇĂƌĞĨƵůůǇĂƵƚŚŽƌŝǌĞĚƚŽ ƐŝŐŶĂŶĚƐŽĞǆĞĐƵƚĞƚŚŝƐŐƌĞĞŵĞŶƚĂŶĚƚŽďŝŶĚƚŚĞŝƌƌĞƐƉĞĐƚŝǀĞĞŶƚŝƚŝĞƐƚŽƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨŝƚƐ ŽďůŝŐĂƚŝŽŶƐŚĞƌĞƵŶĚĞƌ͘ Ϯϲ͘'KsZE/E'>tEsEh dŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞĐŽŶƐƚƌƵĞĚƵŶĚĞƌĂŶĚŐŽǀĞƌŶĞĚďǇƚŚĞůĂǁƐŽĨƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂĂŶĚĂůůƐĞƌǀŝĐĞƐ ƚŽďĞƉƌŽǀŝĚĞĚǁŝůůďĞƉƌŽǀŝĚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞĂŶĚůŽĐĂůůĂǁ͕ǁŝƚŚŽƵƚƌĞŐĂƌĚƚŽ ŝƚƐĐŽŶĨůŝĐƚŽĨůĂǁƐƉƌŽǀŝƐŝŽŶƐ͘ Ϯϳ͘KhEdZWZd^ dŚŝƐŐƌĞĞŵĞŶƚĂŶĚĂŶǇĂŵĞŶĚŵĞŶƚƐŵĂǇďĞĞǆĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞ ĚĞĞŵĞĚĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨǁŚŝĐŚƐŚĂůůĐŽŶƐƚŝƚƵƚĞŽŶĞĂŶĚƚŚĞƐĂŵĞŝŶƐƚƌƵŵĞŶƚ͘&ŽƌƉƵƌƉŽƐĞƐŽĨĞǆĞĐƵƚŝŶŐ ƚŚŝƐŐƌĞĞŵĞŶƚ͕ƐĐĂŶŶĞĚƐŝŐŶĂƚƵƌĞƐƐŚĂůůďĞĂƐǀĂůŝĚĂƐƚŚĞŽƌŝŐŝŶĂů͘ Ϯϴ͘t/sZ &ĂŝůƵƌĞƚŽĞŶĨŽƌĐĞĂŶǇƉƌŽǀŝƐŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůŶŽƚďĞĚĞĞŵĞĚĂǁĂŝǀĞƌŽĨƚŚĂƚƉƌŽǀŝƐŝŽŶ͘tĂŝǀĞƌŽĨ ĂŶǇƌŝŐŚƚŽƌƉŽǁĞƌĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůŶŽƚďĞĚĞĞŵĞĚǁĂŝǀĞƌŽĨĂŶǇŽƚŚĞƌƌŝŐŚƚŽƌƉŽǁĞƌ͘ Ϯϵ͘Ed/Z'ZDEd dŚŝƐŐƌĞĞŵĞŶƚ͕ĂůŽŶŐǁŝƚŚĂƚƚĂĐŚĞĚĞǆŚŝďŝƚƐ͕ĐŽŶƐƚŝƚƵƚĞƐƚŚĞĐŽŵƉůĞƚĞ͕ĞŶƚŝƌĞĂŶĚĨŝŶĂůĂŐƌĞĞŵĞŶƚŽĨƚŚĞ 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dŚĞǀĂƌŝĞƚǇŽĨƵƐĞƐĂŶĚƚŚĞƉĂƌƚŶĞƌƐŚŝƉƐƚŚĞǇŚĂǀĞĂůƌĞĂĚǇĐƌĞĂƚĞĚǁŝƚŚŝŶƚŚĞĐŽŵŵƵŶŝƚǇ͘dŚĞŝƌ ĐŽŵŵŝƚŵĞŶƚƚŽŚĂǀĞƚŚĞƐƉĂĐĞďĞĂĨĨŽƌĚĂďůĞĨŽƌůŽĐĂůŐƌŽƵƉƐƚŽƌĞŶƚ͘ dŚĞǀĂƌŝĞƚǇŽĨĞǀĞŶƚƐĂŶĚƚŚĞƉŽƐƐŝďŝůŝƚǇŽĨĂĐŚŝůĚƌĞŶΖƐƚŚĞĂƚĞƌ͘ /ƚ͛ƐƚŚĞŽŶůǇůŽĐĂůůǇĚĞƌŝǀĞĚŽƉƚŝŽŶ͘/ƚ͛ƐĐŽŵƉƌĞŚĞŶƐŝǀĞĂŶĚďƌŝŶŐƐƚŽŐĞƚŚĞƌĂůĂƌŐĞŐƌŽƵƉŽĨ>K> ĂƌƚƐŽƌŐĂŶŝǌĂƚŝŽŶƐĂůůůŽŽŬŝŶŐĨŽƌĂƉůĂĐĞ ƚŽĐĂůůŚŽŵĞ͘ ZĂŶŐĞŽĨŐƌŽƵƉƐсƌĂŶŐĞŽĨƌĞƐŝĚĞŶƚƐĂŶĚǀŝƐŝƚŽƌƐ /ƚŬĞĞƉƐƚŚĞƌƵŶŶŝŶŐůŽĐĂůĂŶĚƌƚƐĨŽĐƵƐĞĚĂƚƚŚĞƐĂŵĞƚŝŵĞƚŚĂƚŝƚŽƉĞŶƐŝƚƵƉĨŽƌĂǀĂƌŝĞƚǇŽĨĂƌƚƐĂŶĚ ĐƵůƚƵƌĞƵƐĞƐ͘tĞŚĂǀĞŵŽǀŝĞƚŚĞĂƚƌĞƐ͕ǁĞŚĂǀĞĂǀĞŶƵĞĨŽƌƚŽƵƌŝŶŐŐƌŽƵƉƐ͕ǁŚĂƚǁĞĚŽŶΖƚŚĂǀĞŝƐĂ ĐĞŶƚĞƌǁŚĞƌĞůŽƚƐŽĨĚŝĨĨĞƌĞŶƚĂƌƚƐ͕;ĂůůĨŽƌŵƐͿĐƵůƚƵƌĞƐ͕ĞƚĐ͘tŽƌŬƚŽŐĞƚŚĞƌĂŶĚƐŚĂƌĞĂƐƉĂĐĞƚŽƵƚŝůŝǌĞ ŝƚΖƐƉŽƚĞŶƚŝĂů͘ >ŽĐĂůůǇŵĂŶĂŐĞĚ͕ŶŽƚůŽŽŬŝŶŐũƵƐƚƚŽƉƌŽĨŝƚ͕ƐŽƚŚĞƌĞŝƐĂĨŽĐƵƐŽŶƚŚĞ'ZdĞǀĞŶƚƐ͕ŶŽƚũƵƐƚŽŶĞƐƚŚĂƚ ĂƌĞƐƵƉƉŽƐĞĚƚŽĞĂƌŶĂůŽƚŽĨŵŽŶĞǇ͘/ĂůƐŽůŽǀĞƚŚĞĨĂĐƚƚŚĂƚƚŚŝƐŝĚĞĂŐŝǀĞƐƐŽŵĞƚŚŝŶŐƚŽK͕ŶŽƚũƵƐƚ ůŽŽŬĂƚĚƵƐƚǇĞǆŚŝďŝƚƐŽĨdŚĞĞĂƚůĞƐĂŶĚ,ĂƌůĞǇͲĂǀŝĚƐŽŶŵŽƚŽƌĐǇĐůĞƐ͘dŚĞŵŽƌĞŵƵƐŝĐĂŶĚ ƉĞƌĨŽƌŵĂŶĐĞƐǁĞĐĂŶŬĞĞƉŝŶƚŚŝƐŐƌĞĂƚƉůĂĐĞŵĞĂŶƚĂƐĂƉĞƌĨŽƌŵĂŶĐĞǀĞŶƵĞ͕ƚŚĞďĞƚƚĞƌ͘ ƉƌŽǀŝĚĞƐƐƉĂĐĞĨŽƌůŽĐĂůŽƌŐĂŶŝǌĂƚŝŽŶƐ͕ŝŶĐůƵĚĞƐŵŽǀŝĞƐĂŶĚĐŽŶĐĞƌƚƐ dŚĞdKDƉƌŽƉŽƐĂůƐĞƚƐƵƉƚŚĞƐƉĂĐĞƚŽďĞƵƐĞĚĂƐĂƚŚĞĂƚƌŝĐĂůǀĞŶƵĞĂŶĚŬĞĞƉƐŝƚŝŶƚŚĞŚĂŶĚƐŽĨƚŚĞ ůŽĐĂůĐŽŵŵƵŶŝƚǇ͘dŚŝƐƉƌŽƉŽƐĂůĚŽĞƐĂǁŽŶĚĞƌĨƵůũŽďŽĨďƌŝŶŐŝŶŐƚŽŐĞƚŚĞƌůŽĐĂůĂƌƚŝƐƚƐĂŶĚƉĞƌĨŽƌŵĞƌƐ ĂƐǁĞůůĂƐƉƌŽǀŝĚŝŶŐĂƐƉĂĐĞĨŽƌĐŽŵŵƵŶŝƚǇĞǀĞŶƚƐĂŶĚŵĞĞƚŝŶŐƐͲƚƌƵůǇŵĂŬĞƐƚŚĞŚĂƚĞĂƵŝŶƚŽĂ ĐŽŵŵƵŶŝƚǇĂƐƐĞƚ͘dŚĞZŽĐŚĞƐƚĞƌĂƌĞĂŝƐĂůƐŽďƵƌŐĞŽŶŝŶŐǁŝƚŚƚŚĞĂƚƌŝĐĂůƚĂůĞŶƚĂŶĚĚŽĞƐŶΖƚŚĂǀĞĞŶŽƵŐŚ ƉĞƌĨŽƌŵĂŶĐĞƐƉĂĐĞƐ͕ǁŚŝĐŚƚŚŝƐƉƌŽƉŽƐĂůĂĚĚƌĞƐƐĞƐ͘dKDǁŝůůŐŝǀĞZŽĐŚĞƐƚĞƌĂĐŚĂŶĐĞƚŽŐĞƚƵƐĞĚƚŽ ŐŽŝŶŐƚŽƚŚĞŚĂƚĞĂƵĨŽƌĞŶƚĞƌƚĂŝŶŵĞŶƚĂŶĚĐŽŵŵƵŶŝƚǇĞǀĞŶƚƐ͕ƐŽůŝĚŝĨǇŝŶŐƐƵƉƉŽƌƚĨŽƌĨƵƌƚŚĞƌ ĚĞǀĞůŽƉŵĞŶƚŽŶƚŚĞƐŝƚĞĨŽƌĂƐƚĂƚĞͲŽĨͲƚŚĞͲĂƌƚƚŚĞĂƚƌŝĐĂůǀĞŶƵĞŝŶƚŚĞĨƵƚƵƌĞ͘ 3DFNHW3J *D /ĚŽŶΖƚůŝŬĞƚŚĂƚĂůĂƌŐĞƉĞƌĐĞŶƚĂŐĞǁŽƵůĚďĞĨŽƌŵĞĞƚŝŶŐƐ͕ĐŽŶǀĞŶƚŝŽŶƵƐĞ͕ĞƚĐ͘͘ŬĞĞƉŝƚĨŽĐƵƐĞĚŽŶůŽĐĂů ƚĂůĞŶƚ͕ĞǀĞŶƚƐĨŽƌůŽĐĂůƌĞƐŝĚĞŶƚƐ͕ĞƚĐ͘ŽŶΖƚĨĞĞůĂŶǇŽĨƚŚĞďŝĚĚĞƌƐƐŚŽƵůĚŚĂǀĞƵƐĞŽĨŐŽǀĞƌŶŵĞŶƚ ŵŽŶĞǇĨŽƌƚŚĞĞŶĚĞĂǀŽƌ͘ EŽƚŚŝŶŐƌĞĂůůǇͲĞǆĐĞƉƚĨŽƌƚŚĞĨĂĐƚƚŚĂƚƚŚĞǇĂƌĞŚŽŶĞƐƚŝŶůĞƚƚŝŶŐƵƐŬŶŽǁŵŽƌĞĐŝƚǇĨŝŶĂŶĐŝĂůƐƵƉƉŽƌƚŝƐ ŶĞĞĚĞĚ͘ ƐŵĞŶƚŝŽŶĞĚĨŽƌƚŚĞ'ƉƌŽƉŽƐĂů͕/ĚŽŶŽƚƵŶĚĞƌƐƚĂŶĚŚŽǁƚŚĞdKDƉƌŽƉŽƐĂůŝƐĂƵŶŝƋƵĞŽĨĨĞƌŝŶŐ ĚŝĨĨĞƌĞŶƚĨƌŽŵǁŚĂƚŝƐĂůƌĞĂĚǇďĞŝŶŐƉƌŽǀŝĚĞĚƚŚƌŽƵŐŚĂǀĂƌŝĞƚǇŽĨƐŽƵƌĐĞƐĂŶĚǀĞŶƵĞƐŝŶZŽĐŚĞƐƚĞƌ͍/ƚ ƐĞĞŵƐƚŚĂƚǁŚĂƚŝƐďĞŝŶŐƉƌŽƉŽƐĞĚŝƐĂůƌĞĂĚǇďĞŝŶŐƉƌŽǀŝĚĞĚďǇŽƚŚĞƌĂƌƚĂŶĚĐƵůƚƵƌĂůŐƌŽƵƉƐĂĐƌŽƐƐ ŽƚŚĞƌŶŽŶƉƌŽĨŝƚƐ͕ĂŶĚƚŚĞĐŝƚǇ͕ƐĐŚŽŽůƐ͕ĐŽƵŶƚǇ͕ĂŶĚƐƚĂƚĞƉƌŽŐƌĂŵƐ͘ <ĞǀŝŶŽďĞŝƐĂŶĂĐĐŽŵƉůŝƐŚĞĚĂƌƚŝƐƚ͕ŐƌĂŶƚƌĞĐŝƉŝĞŶƚ͕ĂŶĚĂĐĂĚĞŵŝĐ͘tĞĂƌĞĨŽƌƚƵŶĂƚĞƚŽŚĂǀĞŚŝƐ ƉƌĞƐĞŶĐĞ͘ dŚĞĐŽŵŵƵŶŝƚǇĂƉƉƌŽĂĐŚ͘ EŽƚŚŝŶŐ ΖŵĂůŝƚƚůĞƌĞƐĞƌǀĞĚŽŶƚŚŝƐĂƐ/ĨĞĞůƚŚĂƚƚŚĞƌĞŝƐĂůŽƚŽĨdŚĞĂƚƌĞŝŶŽƵƌƌĞŐŝŽŶĂůĂƌĞĂŽĨZŽĐŚĞƐƚĞƌ͕DE ĂŶĚƐƵƌƌŽƵŶĚŝŶŐ͕ƚŚĂƚŶĞĞĚƐƚŽĐŽŶƚŝŶƵĞƚŽďĞĐŽŶĐĞŶƚƌĂƚĞĚŽŶƚŽŬĞĞƉŐŽŝŶŐĨŽƌƚŚĞĐŽŵŵƵŶŝƚŝĞƐ͕ ƌĂƚŚĞƌƚŚĂŶĂĚĚŝŶŐǇĞƚĂŶĂĚĚŝƚŝŽŶĂůƐƉĂĐĞĨŽƌƚŚĞĂƚƌĞ͘ /ΖŵƵŶƐƵƌĞŝĨƚŚŝƐǁŝůůǁŽƌŬǁŝƚŚZdĚŽŝŶŐĂƐŝŵŝůĂƌďƵƐŝŶĞƐƐŵŽĚĞů͘ WůĞĂƐĞĐŝƚǇĐŽƵŶĐŝůĐĂůůĂŶĚĂƐŬZdĂŶĚZŽĐŚĞƐƚĞƌZĞƉĞƌƚŽƌǇdŚĞĂƚƌĞ͕ƚŚĞǇĂƌĞĂƚĐĂƉĂĐŝƚǇĂŶĚĐĂŶŶŽƚ ŚŽƐƚĂŶǇŵŽƌĞƚŚĞĂƚƌĞĐŽŵƉĂŶŝĞƐƚŚĂƚĂƌĞĂůƌĞĂĚǇŝŶZŽĐŚĞƐƚĞƌ͘dŚŽƐĞĐŽŵƉĂŶŝĞƐĂƌĞŚĞƌĞďĞĐĂƵƐĞƚŚĞ ƉŽƉƵůĂƚŝŽŶŝƐŐƌŽǁŝŶŐĂŶĚƚŚĞŶĞĞĚŝƐŶŽǁŐƌĞĂƚĞƌĨŽƌŵŽƌĞĂƌƚƐĂŶĚĞŶƚĞƌƚĂŝŶŵĞŶƚ͘dŚŽƐĞĐŽŵƉĂŶŝĞƐ 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/ƚƵƚŝůŝǌĞƐůŽĐĂůŽƌŐĂŶŝǌĂƚŝŽŶƐĂŶĚůŽĐĂůƚĂůĞŶƚ͘>ŽĐĂůƚĂǆƉĂǇĞƌƐĂƌĞƉĂǇŝŶŐĨŽƌƚŚŝƐďƵŝůĚŝŶŐ͕ĂŶĚůŽĐĂůƐ ƐŚŽƵůĚďĞĂďůĞƚŽďƌĞĂƚŚĞůŝĨĞŝŶƚŽŝƚ͘ůƐŽ͕ŝƚǁĂƐďƵŝůƚĂƐĂƚŚĞĂƚƌŝĐĂůǀĞŶƵĞ͘ƚŚĞĂƚƌŝĐĂůǀĞŶƵĞŝƚƐŚŽƵůĚ ƌĞŵĂŝŶ͘ dŚĞďĞƐƚƉĂƌƚŝƐƚŚĂƚƚŚĞƐĞĂƌĞĂůů>K>ĂƌƚŝƐƚƐ͊dŚĞƌĞĂƌĞϮϬͲϯϬůŽĐĂůĂƌƚŝƐƚŐƌŽƵƉƐƵŶĚĞƌƚŚĞƵŵďƌĞůůĂ ŽĨdKD͊ dŚĞŵŽƐƚĐŽŵƉĞůůŝŶŐƉĂƌƚŽĨdKD͚ƐƉůĂŶŝƐƚŚĞĨŽĐƵƐŽŶĨŝůůŝŶŐĂĐŽŵŵƵŶŝƚǇŶĞĞĚ;ƌĞŚĞĂƌƐĂůƐƉĂĐĞĨŽƌ ĞǆŝƐƚŝŶŐŐƌŽƵƉƐĂƚĂŶĂĨĨŽƌĚĂďůĞƌĂƚĞͿƚŚĂƚƐƵƉƉŽƌƚƐƚŚĞŐƌŽǁƚŚĂŶĚĚĞǀĞůŽƉŵĞŶƚŽĨůŽĐĂůŐƌŽƵƉƐ͘dŚĞǇ ĂƌĞǀĞƌǇĐůĞĂƌĂďŽƵƚďĞŝŶŐĂ͞ƐƚŽƉŐĂƉ͟ƚǇƉĞŽĨƉ ƌŽƉŽƐŝƚŝŽŶ͕ǁŚŝĐŚŝƐǁŚĂƚƚŚĞZ&WǁĂƐŝŶƚĞŶĚĞĚĨŽƌ͘ /ƚΖƐĨƌŽŵĂůŽĐĂůŐƌŽƵƉ͘/ƚƐĞĞŵƐƚŽŽĨĨĞƌĞǀĞƌǇƚŚŝŶŐ/ΖŵůŽŽŬŝŶŐĨŽƌƚŚĞŚĂƚĞĂƵƚŽďĞĐŽŵĞ /ůŝŬĞƚŚĂƚƚŚĞǇĂƌĞĨŽĐƵƐĞĚŽŶŚĂǀŝŶŐůŽĐĂůƉĞŽƉůĞͬĞǀĞŶƚƐĂƐŵƵĐŚĂƐƉŽƐƐŝďůĞ͘/ůŝŬĞƚŚĞǇĂƌĞĂŶŽŶͲ ƉƌŽĨŝƚ͘/ďĞůŝĞǀĞƚŚĂƚƚŚĞǇĂƌĞƚŚĞďĞƐƚĐŚŽŝĐĞĨŽƌZŽĐŚĞƐƚĞƌ͘ tŽƌŬŝŶŐǁŝƚŚĂǀĂƌŝĞƚǇŽĨĐŽŵŵƵŶŝƚǇƉĂƌƚŶĞƌƐ͘tĞŶĞĞĚƐŽŵĞƚŚŝŶŐƚŽďŽŽƐƚůŽĐĂůŽƌŐĂŶŝǌĂƚŝŽŶƐĂŶĚ ůŽĐĂůĞĐŽŶŽŵǇ͘>ŽĐĂůŽƌŐĂŶŝǌĂƚŝŽŶƐ͕ůŽĐĂůďƵƐŝŶĞƐƐĞƐ͕ĂŶĚůŽĐĂůĐŝƚŝǌĞŶƐǁŽƵůĚĂůůďĞŶĞĨŝƚ͘tĞŶĞĞĚ 3DFNHW3J *D 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/ĚŽůŝŬĞƚŚĞŝĚĞĂŽĨďƌŝŶŐŝŶŐŵŽƌĞĐƵůƚƵƌĞƚŽZŽĐŚĞƐƚĞƌ͊͘/ĨĞĞůǁŝƚŚƚŚĞůĂƌŐĞŶƵŵďĞƌŽĨDĂǇŽƉĂƚŝĞŶƚƐ ǁŚŽĐŽŵĞƚŽZŽĐŚĞƐƚĞƌ͕ƚŚĞƌĞƐŚŽƵůĚďĞƌĞĂůůǇŐŽŽĚĐƵůƚƵƌĞΘĞŶƚĞƌƚĂŝŶŵĞŶƚ͘dŚŝƐǁŽƵůĚĂůƐŽďĞŶĞĨŝƚ ƚŚĞůŽĐĂůƉŽƉƵůĂƚŝŽŶ͘^ŽŵĞƵƐĂŐĞƐŚŽƵůĚďĞĨŽƌůŽĐĂůĂƌƚŝƐƚƐΘĞǆŚŝďŝƚƐ͘,ŽǁĞǀĞƌ͕ǁĞůůͲŬŶŽǁŶƚĂůĞŶƚ͕ ĞǆŚŝďŝƚƐ͕ĞƚĐ͘ƐŚŽƵůĚĂůƐŽďĞĂƉĂƌƚŽĨƚŚĞŽǀĞƌĂůůƉŝĐƚƵƌĞ͘ /ƉƵƚƚŚŝƐĂŶƐǁĞƌƵŶĚĞƌ'ŐƌŽƵƉďǇŵŝƐƚĂŬĞ͘/ůŝŬĞƚŚĂƚƚŚĞ'ŐƌŽƵƉǁĂŶƚƐƚŽƵƐĞƚŚŝƐƐƉĂĐĞ ĐŽŵƉůĞƚĞůǇĨŽƌƚŚĞƉƵďůŝĐ͘dŚĞĐŽŵŵƵŶŝƚǇŶĞĞĚƐĂƐƉĂĐĞƚŽĐĂůůƚŚĞŝƌǁŽŶ͘dŚĞŝǀŝĐdŚĞĂƚƌĞƵƐĞĚƚŽďĞ ƚŚĂƚƐƉĂĐĞ͕ďƵƚƚŚĞǇŚĂǀĞƌƵŝŶĞĚƚŚĂƚ͘ 3DFNHW3J *D dŚĞƌĞŝƐŶŽƚŚŝŶŐƵŶŝƋƵĞĂďŽƵƚƚŚĞ'ƉƌŽƉŽƐĂů͘/ƚƐĞĞŵƐƚŚĂƚǁŚĂƚŝƐďĞŝŶŐƉƌŽƉŽƐĞĚŝƐĂůƌĞĂĚǇďĞŝŶŐ ƉƌŽǀŝĚĞĚďǇŽƚŚĞƌĂƌƚĂŶĚĐƵůƚƵƌĂůŐƌŽƵƉƐĂĐƌŽƐƐŽƚŚĞƌŶŽŶƉƌŽĨŝƚƐ͕ĂŶĚƚŚĞĐŝƚǇ͕ƐĐŚŽŽůƐ͕ĐŽƵŶƚǇ͕ĂŶĚ ƐƚĂƚĞƉƌŽŐƌĂŵƐ͘tŚǇǁŽƵůĚǁĞƐƉĞŶĚΨϮϯϬ͕ϬϬϬŽĨƉƵďůŝĐŵŽŶĞǇŽŶƐƵƉƉŽƌƚŝŶŐĚƵƉůŝĐĂƚŝŽŶŽĨƐĞƌǀŝĐĞƐ͍ ŽŽůĞǆŚŝďŝƚƐ ǆŚŝďŝƚƐƉĂĐĞŝƐĂŶƵŶƵƐƵĂůĐŽŶĐĞƉƚ͘ sĂƌŝĞƚǇĂŶĚĐŚĂŶŐŝŶŐĞǆŚŝďŝƚƐ͕ĐŽŶƐƚĂŶƚƵƐĞĂŶĚƉƌŽǀŝĚĞƐĐŝƚŝǌĞŶƐĂŶĚǀŝƐŝƚŽƌƐǁŝƚŚƵŶŝƋƵĞƚŚŝŶŐƐƚŽĚŽ͕ ƚŚŝŶŐƐƚŚĂƚĐĂŶΖƚďĞĨŽƵŶĚĂŶǇǁŚĞƌĞĞůƐĞŶĞĂƌZŽĐŚĞƐƚĞƌ͘ /ƉƌĞĨĞƌŽƵƌƌƚ^ĐĞŶĞƚŽďĞůŽĐĂůůǇŽƌŐĂŶŝǌĞĚǁŝƚŚƚŚĞŽƉƉŽƌƚƵŶŝƚǇƚŽĐƵƌĂƚĞĂŶĚŝŶǀŝƚĞĂĚŝǀĞƌƐĞƌĂŶŐĞ ŽĨĂƌƚŝƐƚƐͬƉĞƌĨŽƌŵĞƌƐŝŶƚŽŽƵƌĐŽŵŵƵŶŝƚǇ͘ /ĚŽŶΖƚůŝŬĞƚŚŝƐƉƌŽƉŽƐĂůĂƚĂůů 3DFNHW3J *E Ɖƌŝůϭϴ͕ϮϬϭϵ dK͗DĂǇŽƌEŽƌƚŽŶ͕ŽƵŶĐŝůWƌĞƐŝĚĞŶƚ^ƚĂǀĞƌĂŶĚŽƵŶĐŝůDĞŵďĞƌƐ &ƌŽŵ͗ĂƌŽŶWĂƌƌŝƐŚ͕ĞƉƵƚǇŝƚǇĚŵŝŶŝƐƚƌĂƚŽƌ WĂƚƌŝĐŬ^ĞĞď͕ŝƌĞĐƚŽƌŽĨĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚĂŶĚWůĂĐĞŵĂŬŝŶŐ Z͗ŚĂƚĞĂƵdŚĞĂƚƌĞĐƚŝǀĂƚŝŽŶWƌŽƉŽƐĂůƐ ZĞƋƵĞƐƚĨŽƌWƌŽƉŽƐĂůƐ;Z&WͿǁĂƐŝƐƐƵĞĚŽŶĞĐĞŵďĞƌϭϵ͕ϮϬϭϴŝŶĂŶĞĨĨŽƌƚƚŽƐĞůĞĐƚĂŶĞŶƚŝƚǇƚŽ ŽƉĞƌĂƚĞĂŶĚŵĂŶĂŐĞƚŚĞŚŝƐƚŽƌŝĐŚĂƚĞĂƵdŚĞĂƚƌĞ͛ƐŝŶŝƚŝĂůĂĐƚŝǀĂƚŝŽŶ͘KŶƉƌŝůϮϱ͕ƚŚƌĞĞŐƌŽƵƉƐǁŝůů ƉƌĞƐĞŶƚƚŚĞŝƌƉƌŽƉŽƐĂůƐƚŽǇŽƵĂƚĂƐƉĞĐŝĂůŝƚǇŽƵŶĐŝůŵĞĞƚŝŶŐ͘ZĞƐƉŽŶƐĞƐƚŽƚŚĞZ&WĂƌĞĂƚƚĂĐŚĞĚ͘ /ŶƚŽƚĂů͕ĨŝǀĞƉƌŽƉŽƐĂůƐǁĞƌĞŽƌŝŐŝŶĂůůǇƌĞĐĞŝǀĞĚ͘ŵƵůƚŝͲĚŝƐĐŝƉůŝŶĂƌǇƚĞĂŵĐŽŵƉƌŝƐĞĚŽĨƚĞĂŵŵĂƚĞƐĨƌŽŵ ƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĂŶĚĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚŐĞŶĐǇƌĞǀŝĞǁĞĚƚŚĞ ƉƌŽƉŽƐĂůƐĂŶĚĞŶŐĂŐĞĚǁŝƚŚĞĂĐŚŽĨƚŚĞĨŝǀĞĞŶƚŝƚŝĞƐĚƵƌŝŶŐĂWƌŽƉŽƐĂůZĞǀŝĞǁ^ĞƐƐŝŽŶ͘ƐŽƵƚůŝŶĞĚŝŶ ƚŚĞZ&W͕ƚŚĞƌĞǁĞƌĞĨŝǀĞŽƉĞƌĂƚŝŽŶĂůƉƌŝŽƌŝƚŝĞƐĐŽŶƐŝĚĞƌĞĚǁŚĞŶƌĞĐŽŵŵĞŶĚŝŶŐƚŚĞƚŚƌĞĞǁŚŽǁŝůůďĞŝŶ ĨƌŽŶƚŽĨǇŽƵ͘dŚĞƐĞŝŶĐůƵĚĞ͗ DĂŶĂŐĞƚŚĞĚĂǇͲƚŽĚĂǇďƵŝůĚŝŶŐŽƉĞƌĂƚŝŽŶƐŽĨƚŚĞŚĂƚĞĂƵdŚĞĂƚƌĞŝŶĂĐŽƐƚĞĨĨĞĐƚŝǀĞĂŶĚŚŝŐŚ x ƋƵĂůŝƚǇŵĂŶŶĞƌ͖ tŽƌŬƐƚƌĂƚĞŐŝĐĂůůǇƚŽĂĐŚŝĞǀĞĂŚŝŐŚůĞǀĞůŽĨĂĐƚŝǀĂƚŝŽŶŽĨƚŚĞďƵŝůĚŝŶŐĨŽƌĞǀĞŶƚƐŶŽƚƚŽĞǆĐĞĞĚ x ϯϵϬŽĐĐƵƉĂŶƚƐ͖ ƌĞĂƚĞĂǀŝďƌĂŶƚĞŶƚĞƌƚĂŝŶŵĞŶƚ͕ĞĚƵĐĂƚŝŽŶ͕ĂŶĚĐƵůƚƵƌĂůŚƵďŝŶƚŚĞ,ĞĂƌƚŽĨƚŚĞŝƚǇ͖ x ĞǀĞůŽƉĂŶĚŝŵƉůĞŵĞŶƚƐƚƌĂƚĞŐŝĞƐƚŽĞŶŐĂŐĞǁŝƚŚĞǆŝƐƚŝŶŐĐŽŵŵƵŶŝƚǇŐƌŽƵƉƐĂŶĚĂƚƚĂĐŚŶĞǁ x ƉĂƌƚŶĞƌƐĂŶĚĞǀĞŶƚƐ͖ ^ƵƉƉŽƌƚƚŚĞŝƚǇ͛ƐŝŶǀĞƐƚŵĞŶƚŝŶƚŚĞŚĂƚĞĂƵdŚĞĂƚƌĞƚŚƌŽƵŐŚĞǆĞƌĐŝƐŝŶŐƚŚĞŚŝŐŚĞƐƚƐƚĂŶĚĂƌĚŽĨ x ŵĂŝŶƚĞŶĂŶĐĞĂŶĚƉƌĞƐĞƌǀĂƚŝŽŶŽĨƚŚĞďƵŝůĚŝŶŐ͘ tĞĨĞĞůƚŚƌĞĞĞǆĐĞůůĞŶƚƉƌŽƉŽƐĂůƐŚĂǀĞďĞĞŶŝĚĞŶƚŝĨŝĞĚĨŽƌǇŽƵƌƌĞǀŝĞǁĂŶĚĐŽŶƐŝĚĞƌĂƚŝŽŶ͘ ĂĐŚŐƌŽƵƉǁŝůůŚĂǀĞϯϬŵŝŶƵƚĞƐŽŶƚŚĞĂŐĞŶĚĂ͕ϮϬŵŝŶƵƚĞƐƚŽƉƌĞƐĞŶƚǁŝƚŚĂϭϬŵŝŶƵƚĞYΘ͘dŚĞ ƉƌĞƐĞŶƚĂƚŝŽŶƐǁŝůůŽĐĐƵƌŝŶƚŚĞĨŽůůŽǁŝŶŐŽƌĚĞƌ͕ƐƚĂƌƚŝŶŐĂƚϱ͗ϬϬWD͘ WƌŽƉŽƐĂůĞƐĐƌŝƉƚŝŽŶŽĨŶƚŝƚǇ^ƉĂĐĞĐƚŝǀĂƚŝŽŶĂƉŝƚĂůZĞƋƵĞƐƚ ǆŚŝďŝƚƐ'ŝŐŶŝƚĞƐĂŶĚƉƌŽŵŽƚĞƐůŽƐĞƚŽϭϬϬйƉƵďůŝĐΨϮϯϬ< ĞǀĞůŽƉŵĞŶƚĐƵůƚƵƌĂůĞǆĐŚĂŶŐĞďǇĂĐƚŝǀĂƚŝŽŶƚŚƌŽƵŐŚ 'ƌŽƵƉ;'ͿďƌŝŶŐŝŶŐŚŝŐŚƋƵĂůŝƚǇĞǆŚŝďŝƚŝŽŶĂŶĚ ƚƌĂǀĞůŝŶŐĞǆŚŝďŝƚŝŽŶƐŽĨĂƌƚ͕ůŽƵŶŐĞͬĐĂĨĠƐƉĂĐĞ ƐĐŝĞŶĐĞ͕ŚŝƐƚŽƌǇĂŶĚ ƉŽƉƵůĂƌĐƵůƚƵƌĞƚŽĂ ĚŝǀĞƌƐĞĂƵĚŝĞŶĐĞ ǁŽƌůĚǁŝĚĞ;ĐƌĞĂƚŝŽŶĚĂƚĞ͍Ϳ ƌƚƐdƌƵƐƚŽĨEŽŶͲƉƌŽĨŝƚŽƌŐĂŶŝǌĂƚŝŽŶϱϬйWƵďůŝĐƵƐĞʹΨϯϳϲ< DŝŶŶĞƐŽƚĂĐƌĞĂƚĞĚƐƉĞĐŝĨŝĐĂůůǇƚŽƚŚĞĂƚƌŝĐĂů ;dKDͿĂĐƚŝǀĂƚĞƚŚĞŚĂƚĞĂƵƉĞƌĨŽƌŵĂŶĐĞƐ͕ dŚĞĂƚƌĞďǇƉƌŽǀŝĚŝŶŐĂĐŽŶĐĞƌƚƐ͕ŵŽǀŝĞƐ͕ĞƚĐ͘ ĐŽůůĞĐƚŝǀĞŚŽŵĞĨŽƌĂ 3DFNHW3J *E ǀĂƌŝĞƚǇŽĨĐŽŵŵƵŶŝƚǇĂŶĚϱϬйWƌŝǀĂƚĞĞǀĞŶƚƐ ĂƌƚƐŽƌŐĂŶŝǌĂƚŝŽŶƐĂŶĚǁĞĚĚŝŶŐƐ ŶƚŽƵƌĂŐĞ^ƉĞĐŝĂůŝǌĞƐŝŶĂĚĂƉƚŝǀĞϮϴйWƵďůŝĐĂŶĚΨϯϬϬͲϰϬϬ< ǀĞŶƚƐ'ƌŽƵƉƌĞƵƐĞŽĨŚŝƐƚŽƌŝĐďƵŝůĚŝŶŐƐ͕ĐŽŵŵƵŶŝƚǇĞǀĞŶƚƐ ĞǀĞŶƚƉƌŽĚƵĐƚŝŽŶ͕ǀĞŶƵĞϲϮйWƌŝǀĂƚĞĞǀĞŶƚƐ ŵĂŶĂŐĞŵĞŶƚĂŶĚďƌŝŶŐŝŶŐĂŶĚǁĞĚĚŝŶŐƐ ǀĂůƵĞƚŽƚŚĞĐŝƚǇĂƌƚŝƐƚŝĐĂůůǇ ĂŶĚĞĐŽŶŽŵŝĐĂůůǇƐŝŶĐĞ ϮϬϭϮ͘ /ŵƉŽƌƚĂŶƚhƉĐŽŵŝŶŐĂƚĞƐ͗ DĂǇϲ ƚŚͲŝƚǇŽƵŶĐŝůŝĚĞŶƚŝĨŝĞƐƚŚĞƉƌĞĨĞƌƌĞĚƉƌŽƉŽƐĂů DĂǇϴ ƚŚͲDĞĞƚΘ'ƌĞĞƚǁŝƚŚƚŚĞƐĞůĞĐƚĞĚŽƉĞƌĂƚŽƌĚƵƌŝŶŐĂWƵďůŝĐKƉĞŶ,ŽƵƐĞŽŶWĞĂĐĞWůĂǌĂĂƐĂƉĂƌƚ ŽĨƚŚĞ,ĞĂƌƚŽĨƚŚĞŝƚǇWƵďůŝĐŶŐĂŐĞŵĞŶƚWƌŽĐĞƐƐ DĂǇϮϯ ƌĚͲDŽĂƌĚƌĞǀŝĞǁƐĐĂƉŝƚĂůŝŶǀĞƐƚŵĞŶƚ :ƵŶĞϯŽƌϭϳ ƌĚƚŚͲŝƚǇŽƵŶĐŝůƌĞǀŝĞǁƐĨŝŶĂůĂŐƌĞĞŵĞŶƚ ƐŶŽƚĞĚ͕ĐŽŵŵƵŶŝĐĂƚŝŽŶƐĂŶĚĞŶŐĂŐĞŵĞŶƚǁŝůůŽĐĐƵƌĂƐĂƉĂƌƚŽĨƚŚŝƐƉƌŽĐĞƐƐ͘dŚŝƐǁŝůůŝŶĐůƵĚĞ͗ >ŝǀĞƐƚƌĞĂŵŽĨƚŚĞŵĞĞƚŝŶŐ x KŶůŝŶĞƐƵŵŵĂƌǇŽĨƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ǁŚŝĐŚǁŝůůĂůƐŽďĞƐŚĂƌĞĚǀŝĂǀĂƌŝŽƵƐĐŚĂŶŶĞůƐ x KŶůŝŶĞƉŽůůƵƐŝŶŐWK>KƚŽĚĞƚĞƌŵŝŶĞĞƐƐĞŶĐĞŽĨƉƌŽƉŽƐĂůƐƚŚĂƚƚŚĞƉƵďůŝĐƉƌĞĨĞƌƐ x tĞĂƌĞŚĂƉƉǇƚŽĂŶƐǁĞƌĂŶǇƋƵĞƐƚŝŽŶƐƚŚĂƚǇŽƵŚĂǀĞƉƌŝŽƌƚŽƚŚĞŵĞĞƚŝŶŐ͘dŚĂŶŬǇŽƵĨŽƌǇŽƵƌƚŝŵĞĂŶĚ ĐŽŶƐŝĚĞƌĂƚŝŽŶ͘ 3DFNHW3J *E /ŶƚĞƌǀŝĞǁΘWƌĞƐĞŶƚĂƚŝŽŶ&ŽůůŽǁͲƵƉͮƉƌŝůϮ͕ϮϬϭϵͮϭϭ͗ϬϬĂŵʹϭϮ͗ϬϬƉŵ ǆŚŝďŝƚƐĞǀĞůŽƉŵĞŶƚ'ƌŽƵƉWƌŽƉŽƐĂůĨŽƌZ&WKƉĞƌĂƚŝŽŶĂŶĚDĂŶĂŐĞŵĞŶƚŽĨƚŚĞŚĂƚĞĂƵdŚĞĂƚĞƌ Ɖƌŝůϱ͕ϮϬϭϵ ^dZd'z ĂƐĞĞƐƚŝŵĂƚĞ͗ϭϮϬ͕ϬϬϬǀŝƐŝƚŽƌƐͬǇĞĂƌ͖&ƵůůĐĂƉĂĐŝƚǇ͗ϯϲϬ͕ϬϬϬǀŝƐŝƚŽƌƐͬǇĞĂƌ ϰϬнǁĞĞŬƐŽĨƉƌŽŐƌĂŵŵŝŶŐ ϲ͕ϬϲϬƐƋ͘Ĩƚ͘WƵďůŝĐƌĞĂ ϱ͕ϬϬϬƐƋ͘Ĩƚ͘ǆŚŝďŝƚŝŽŶͲǆƉĞƌŝĞŶƚŝĂů^ƉĂĐĞ ϮϲϬƐƋ͘Ĩƚ͘ZĞƚĂŝůͬdŝĐŬĞƚƌĞĂ ϴϬϬƐƋ͘Ĩƚ͘ĂĨĠĂŶĚ>ŽƵŶŐĞƌĞĂ ǆŚŝďŝƚŝŽŶ^ƉĂĐĞ ǁŝůůďĞƉƌŽŐƌĂŵŵĞĚĨŽƌϰϬǁĞĞŬƐͬǇĞĂƌǁŝƚŚƌŽďƵƐƚĞǆŚŝďŝƚŝŽŶƐ x ƐƉĂŶŶŝŶŐĂƌƚ͕ŚŝƐƚŽƌǇ͕^dDĂŶĚƐĐŝĞŶĐĞůĞĂƌŶŝŶŐ͕ĂŶĚƉŽƉĐƵůƚƵƌĞ͘ ZĞƚĂŝů^ƉĂĐĞ ǁŝůůďĞŽƉĞŶϱϮǁĞĞŬƐͬǇĞĂƌǁŝƚŚĂǀĂƌŝĞĚĂŶĚŚŝŐŚͲƋƵĂůŝƚǇƐĞůĞĐƚŝŽŶŽĨ x ƉƌŽĚƵĐƚƐŝŶƐƉŝƌĞĚďǇƚŚĞĞǆŚŝďŝƚŝŽŶƐĂŶĚůŽĐĂůĐŽŵŵƵŶŝƚǇ͘ >ŽƵŶŐĞĂŶĚĂĨĠ ǁŝůůďĞŵŽĚƵůĂƌĨŽƌĚĂŝůǇĐĂĨĠƵƐĞ͕ĞǀĞŶŝŶŐĞǀĞŶƚƐ͕ĂŶĚ x ƉĞƌĨŽƌŵĂŶĐĞĂŶĚůĞĐƚƵƌĞƐƉĂĐĞĨŽƌƐĞĂƚĞĚĂƵĚŝĞŶĐĞƐŽĨϮϬͲϱϬ͘ KƚŚĞƌƵƐĞ ĐŽƵůĚďĞĐŽŶƐŝĚĞƌĞĚďĞƚǁĞĞŶƚŚĞĐŚĂŶŐĞŽǀĞƌŽĨĞǆŚŝďŝƚŝŽŶƐďǇŽƚŚĞƌ x ĞǀĞŶƚƐĂƐĂŐƌĞĞĚĂŶĚŵĂŶĂŐĞĚďǇ';ŝĞ͘DĂǇŽƵƐĞ͕ŝƚǇƵƐĞ͕ĞƚĐͿ͘ KƉĞŶŝŶŐͲdďĂƐĞĚŽŶŝƚǇƐĐŚĞĚƵůĞĂŶĚƉƌĞͲĐŽŶĨŝƌŵĞĚĚĂƚĞƐ ^ƵŐŐĞƐƚĞĚKƉĞƌĂƚŝŶŐ,ŽƵƌƐ͗ tĞĞŬĚĂǇ,ŽƵƌƐ͗ϭϬĂŵʹϲƉŵ tĞĞŬĞŶĚ,ŽƵƌƐ͗EŽŽŶʹϱƉŵ ǀĞŶŝŶŐ,ŽƵƌƐΘ^ƉĞĐŝĂůǀĞŶƚƐ͗d zĞĂƌϭWůĂŶΎ ΎĂůůĞǆŚŝďŝƚŝŽŶƐĂƌĞďĂƐĞĚŽŶĂǀĂŝůĂďŝůŝƚǇĂŶĚŵĂǇĐŚĂŶŐĞĂƚ'͛ƐĚŝƐĐƌĞƚŝŽŶĚƵĞƚŽĂǀĂŝůĂďŝůŝƚǇĂŶĚĨŝŶĂů ƐĐŚĞĚƵůĞ ĞǇŽŶĚZƵďŝŬ͛ƐƵďĞ KƉĞŶŝŶŐ^ƵŵŵĞƌϮϬϭϵʹ:ĂŶƵĂƌǇϮϬϮϬ 3DFNHW3J *E WƌŽŐƌĂŵŵŝŶŐ 'ƌŽƵƉƚƌŝƉƐ͕ƐĐŚŽŽůĨŝĞůĚƚƌŝƉƐ͕ĐĂŵƉƐ͕ŐŝƌůƐĐŽƵƚƐ͕ďŽǇƐĐŽƵƚƐ͕ϰͲ,͕ĞƚĐ͘ x ĚƵĐĂƚŝŽŶŽƵƚƌĞĂĐŚƚŽƉƌĞƐĐŚŽŽůʹƵŶŝǀĞƌƐŝƚǇůĞǀĞů͗^dDĐůĂƐƐƌŽŽŵĂĐƚŝǀŝƚŝĞƐ x KƵƚďŽƵŶĚ^dDŝŶƚĞƌĂĐƚŝǀĞƉƌĞƐĞŶƚĂƚŝŽŶƐƚŽĐůĂƐƐĞƐĂŶĚĐŽŵŵƵŶŝƚǇŐƌŽƵƉƐ x >ĞĐƚƵƌĞƐĨƌŽŵĞǆƉĞƌƚƐŽŶƚŚĞƐĐŝĞŶƚŝĨŝĐĂŶĚĐƵůƚƵƌĂůŝŵƉĂĐƚŽĨƚŚĞĐƵďĞ x ^ƉĞĞĚͲĐƵďŝŶŐĐŽŵƉĞƚŝƚŝŽŶƐ x ZƵďŝŬ͛ƐĐƵďĞĐƌĞĂƚŝǀŝƚǇĨĞƐƚŝǀĂůĚĞƐŝŐŶĞĚďǇ>^ͬ'ŽŽŐůĞ x ĚƵůƚŐĂŵĞŶŝŐŚƚƐ x ŝƌƚŚĚĂǇƉĂƌƚŝĞƐ x 'ƵŝŶŶĞƐƐtŽƌůĚZĞĐŽƌĚĞǀĞŶƚ x ƌĞĂƚŝŽŶŽĨĐƵďĞŵŽƐĂŝĐǁĂůůŝŶĞǆŚŝďŝƚŝŽŶ͕ƉůĂǌĂĂŶĚͬŽƌDĂǇŽ x DĂŐŝĐĂů,ŝƐƚŽƌǇdŽƵƌ͗ĞĂƚůĞƐDĞŵŽƌĂďŝůŝĂǆŚŝďŝƚŝŽŶ KƉĞŶŝŶŐ&ĞďƌƵĂƌǇϮϬϮϬƚŚƌŽƵŐŚDĂǇŽƌ^ĞƉƚĞŵďĞƌϮϬϮϬ WƌŽŐƌĂŵŵŝŶŐ DƵƐŝĐĨĞƐƚŝǀĂůƐĂůŝŐŶĞĚƚŽĐƵƌƌĞŶƚZŽĐŚĞƐƚĞƌĐŽŶĐĞƌƚƐ͕ĞǀĞŶƚƐĂŶĚƉƌŽŐƌĂŵŵŝŶŐ x DƵƐŝĐĐŽŵƉĞƚŝƚŝŽŶǁŝƚŚDŝŶŶĞƐŽƚĂDƵƐŝĐŽĂůŝƚŝŽŶĂŶĚŽƚŚĞƌŵƵƐŝĐŐƌŽƵƉƐ x >ĞĐƚƵƌĞƐĂŶĚƉƌĞƐĞŶƚĂƚŝŽŶƐĨƌŽŵƌĞŐŝŽŶĂůĞǆƉĞƌƚƐŽŶƚŚĞĐƵůƚƵƌĂůŝŵƉĂĐƚŽĨƚŚĞ x ĞĂƚůĞƐ ĞĂƚůĞƐŵŽǀŝĞŶŝŐŚƚƐďĞĨŽƌĞͬĂĨƚĞƌŽƵƚĚŽŽƌĐŽŶĐĞƌƚƐ x ^ĐŚŽŽůŐƌŽƵƉƐĂŶĚŵƵƐŝĐŽƌŐĂŶŝǌĂƚŝŽŶƐ x ŽŵŵƵŶŝƚǇƐƚŽƌǇƚĞůůŝŶŐĂƌŽƵŶĚĞĂƚůĞƐĞǆƉĞƌŝĞŶĐĞƐĂŶĚƐƚŽƌŝĞƐ x ĚƵůƚĞǀĞŶƚƐĂŶĚĐŽĐŬƚĂŝůŶŝŐŚƚƐʹĞĂƚůĞŵĂŶŝĂ͊ x ƵůƚƵƌĂů͕ŽƐƚƵŵĞŽƌWŽƉƵůƚƵƌĞƌƚŝĨĂĐƚǆŚŝďŝƚŝŽŶ ;ŽǁŶƚŽŶďďĞǇ͕,ĂƌůĞǇĂǀŝĚƐŽŶ͕:ĂŶĞƵƐƚĞŶ͕Žƌhd͊ŽƐƚƵŵĞĂŶĚƚŚĞŝŶĞŵĂͿ KƉĞŶŝŶŐ:ƵŶĞϮϬϮϬƚŚƌŽƵŐŚ^ĞƉƚĞŵďĞƌϮϬϭϵŽƌ:ĂŶƵĂƌǇϮϬϮϬ WƌŽŐƌĂŵŵŝŶŐ &ĂŶͲĐĞŶƚƌŝĐĞǀĞŶƚƐ x >ĞĐƚƵƌĞƐĂŶĚƉƌĞƐĞŶƚĂƚŝŽŶƐ x dŚĞŵĞĚĚŝŶŶĞƌƐĂŶĚĞǀĞŶƚƐ x ĚƵůƚǀĞŶƚƐĂŶĚĐŽĐŬƚĂŝůŶŝŐŚƚƐ x dƌƵŶŬƐŚŽǁƐ x &ĂƐŚŝŽŶͬĐĂƌƐŚŽǁƐ x DƵƐŝĐĞǀĞŶƚƐĂůŝŐŶĞĚǁŝƚŚƚŚĞďƌĂŶĚ;ƐͿ x 3DFNHW3J *E ^ƵƉƉůĞŵĞŶƚĂůǀĞŶƚƐƵƌŝŶŐǆŚŝďŝƚŝŽŶ/ŶƐƚĂůůĂŶĚĞͲŝŶƐƚĂůůWĞƌŝŽĚƐ 'ĐŽƵůĚĚĞǀĞůŽƉĂŶĚĐƵƌĂƚĞĂƉŽƉͲƵƉĞǆŚŝďŝƚŝŽŶ;Ğ͘Ő͘,ŝƐƚŽƌǇŽĨƚŚĞŚĂƚĞĂƵdŚĞĂƚƌĞ͕ x D͕ĞƚĐ͘ͿĂǀĂŝůĂďůĞĨŽƌĚŝƐƉůĂǇĚƵƌŝŶŐĐŚĂŶŐĞŽǀĞƌƉĞƌŝŽĚƐĨŽƌůŽĐĂůƐĂŶĚǀŝƐŝƚŽƌƐƚŽĞŶũŽǇ͘ 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EĞƚ^ŚĂƌĞĚƵĞƚŽŝƚǇŽĨZŽĐŚĞƐƚĞƌϭϬй Ψϲϭϴ͕ϮϲϬ 3DFNHW3J 3DFNHW3J 3DFNHW3J 3DFNHW3J 3DFNHW3J WĂĐŝĨŝĐƵƐƚƌĂůŝĂEĞǁĞĂůĂŶĚ Ͳ dŚĞŵĞƌŝĐĂƐƵƌŽƉĞDŝĚĚůĞĂƐƚƐŝĂ 3DFNHW3J 3DFNHW3J ĞŶŐŝŶĞƐͬ /ŶƚĞƌŶĂƚŝŽŶĂůǆŚŝďŝƚŝŽŶŽĨ ͕ƐƵƉƉŽƌƚŝŶŐ ŐĞŶĞƌĂƚŝŶŐ'W͕ƐƚŝŵƵůĂƚŝŶŐũŽďƐ͕ĂŶĚ ƚŚĞĞǆŚŝďŝƚŝŽŶǁĂƐĂƚƚŚĞŵƵƐĞƵŵ͕ŚŽƚĞůŽĐĐƵƉĂŶĐǇǁĂƐƵƉϰйĂŶĚƌĞǀĞŶƵĞƐƵƉϴй͖ƚŚĞĞǆŚŝďŝƚŝŽŶƌĂŝƐĞĚŵŽƌĞƚŚĂŶ ͖ĚƵƌŝŶŐƚŚĞŵŽŶƚŚƐ ΨϭϮďŝůůŝŽŶŝŶƚĂǆĞƐ;ůŽĐĂů͕ƐƚĂƚĞ͕ĂŶĚĨĞĚĞƌĂů Ͳ ĞĐŽŶŽŵŝĐ Ͳ ĂƐ ŵƵƐĞƵŵƐĂƐƚƌƵĞĞĐŽŶŽŵŝĐĞŶŐŝŶĞƐĨŽƌƚŚĞŝƌĐŽŵŵƵŶŝƚŝĞƐ Ͳ ƵƐ͘ŽƌŐͬϮϬϭϴͬϬϭͬϭϵͬŵƵƐĞƵŵƐ EĂƚŝŽŶĂůZĞƉŽƌƚďǇŵĞƌŝĐĂŶůůŝĂŶĐĞŽĨDƵƐĞƵŵƐ ƌĞƐƐŝŶŐŽǁŶƚŽŶ ŵĂũŽƌdŝĞƌƐĐŝĞŶĐĞ/ŶƐƚŝƚƵƚŝŽŶŚŽƐƚƌĂŝƐĞĚΨϲϬϬ͕ϬϬϬĂƚƚŚĞŝƌĂŶŶƵĂůŐĂůĂůĞǀĞƌĂŐŝŶŐ'͛Ɛ Ͳ ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĂĂŵ Ͷ dŚĞƚŽƚĂůĞĐŽŶŽŵŝĐĐŽŶƚƌŝďƵƚŝŽŶŽĨŵƵƐĞƵŵƐŝŶϮϬϭϲĂŵŽƵŶƚĞĚƚŽŵŽƌĞƚŚĂŶ͗ >ŝŐŚƚŶĞƌDƵƐĞƵŵ͕^ƚ͘ƵŐƵƐƚŝŶĞ͕&>͕ĂǁĂƌĚĞĚϮϬϭϳdŽƵƌŝƐŵ/ŵƉĂĐƚǁĂƌĚĨŽƌ ƚŽƚŚĞŶĂƚŝŽŶĂůĞĐŽŶŽŵǇŽĨƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ ũŽďƐĂŶĚǁĂŐĞƐƚŚĂƚĂƌĞǀŝƚĂůƚŽƚŚĞŚĞĂůƚŚŽĨƚŚĞŝƌŚŽŵĞƚŽǁŶƐ͘ ϳϮϲ͕ϮϬϬũŽďƐ ϮϬϭϴ͘ dŚĞŶƵŵďĞƌƐƚĞůůĂŶŝŶĚŝƐƉƵƚĂďůĞƐƚŽƌǇĂďŽƵƚ ʹ ƵůƚƵƌĂůsĞŶƵĞƐĂƐĐŽŶŽŵŝĐŶŐŝŶĞƐ Ͳ ΨϱϬ͕ϬϬϬ͕ϬϬϬĨŽƌŚŽƐƚǀĞŶƵĞƐĨƌŽŵϮϬϭϱ ĂƐƚŚĞŝƌĨƵŶĚƌĂŝƐĞƌ dŚĞŵƵƐĞƵŵƐĞĐƚŽƌŝƐĞƐƐĞŶƚŝĂů 'ĞǆĂŵƉůĞƐŝŶĐůƵĚĞ͗ ĐŽŶƚƌŝďƵƚŝŶŐƚĂǆĞƐ͘ ^ŚĞƌůŽĐŬ,ŽůŵĞƐ ΨϱϬďŝůůŝŽŶŝŶ'W 3DFNHW3J 3DFNHW3J ^W/>sEd^ >dhZ^ hd/KE y,//d/KE^ d,dZ &^d/s>^ Dh^/ 3DFNHW3J ;ĂƉƉƌŽǆŝŵĂƚĞůǇϱϬϬǀŝƐŝƚŽƌƐƉĞƌĚĂǇͿ ϯϲϬĂǇƐƉĞƌǇĞĂƌ ʹ ĂƉĂĐŝƚǇ'ŽĂůŽĨϯϲϬ͕ϬϬϬǀŝƐŝƚŽƌƐƉĞƌǇĞĂƌ ĂƐĞ'ŽĂůŽĨϭϮϬ͕ϬϬϬǀŝƐŝƚŽƌƐƉĞƌǇĞĂƌ 3DFNHW3J ŽĨĨŝĐĞ͕ƐƚŽƌĂŐĞ͕ƌĞƐƚƌŽŽŵƐŶŽƚŝŶĐůƵĚĞĚŝŶĂďŽǀĞͿ ϲ͕ϬϲϬƐƋƵĂƌĞĨĞĞƚ ϱ͕ϬϬϬƐƋƵĂƌĞĨĞĞƚϲ͕ϬϲϬƐƋƵĂƌĞĨĞĞƚ ϮϲϬƐƋƵĂƌĞĨĞĞƚϴϬϬƐƋƵĂƌĞĨĞĞƚ ǆŚŝďŝƚŝŽŶ^ƉĂĐĞ͗ >ŽƵŶŐĞĂŶĚĂĨĠ͗ ĨƵŶĐƚŝŽŶ͗ ĨƵŶĐƚŝŽŶ͗ ZĞƚĂŝů^ƉĂĐĞ͗ KZh^ Ͳ Ͳ Ͳ DƵůƚŝ ;ĂĚŵŝŶ DƵůƚŝ 3DFNHW3J :ĂŶƵĂƌǇϮϬϮϬ Ͳ KƉĞŶŝŶŐ:ƵůǇϮϬϭϵ ͗ ĞǇŽŶĚZƵďŝŬ͛ƐƵďĞ 3DFNHW3J 3DFNHW3J ͕:ĂŶĞƵƐƚĞŶ͕hd͊ŽƐƚƵŵĞĂŶĚƚŚĞŝŶĞŵĂͿ ƵůƚƵƌĂůŽƐƚƵŵĞŽƌWŽƉƵůƚƵƌĞƌƚŝĨĂĐƚǆŚŝďŝƚŝŽŶ ĂǀŝĚƐŽŶ ^ĞƉƚĞŵďĞƌϮϬϮϬ Ͳ ,ĂƌůĞǇ ;ŽǁŶƚŽŶďďĞǇ͕ Ͳ KƉĞŶŝŶŐ:ƵŶĞ 3DFNHW3J ĂůĞƐ ŽƉƉŽƌƚƵŶŝƚŝĞƐ Ɛ ƚŝĐŬĞƚ WƌŽŐƌĂŵŵŝŶŐ ǆŚŝďŝƚŝŽŶ ZĞŶƚĂů ZĞƚĂŝů ĂĨĠ 3DFNHW3J 3DFNHW3J WƌŽŐƌĂŵŵŝŶŐĂŶĚĚƵĐĂƚŝŽŶĂůKƵƚƌĞĂĐŚŽŽƌĚŝŶĂƚŽƌ &ĂĐŝůŝƚĂƚŽƌƐ ǆŚŝďŝƚŝŽŶĂŶĚǀĞŶƚƐ>ĞĂĚƐĂŶĚ DĂŝŶƚĞŶĂŶĐĞ ĂŶĚsŽůƵŶƚĞĞƌƐ DĂƌŬĞƚŝŶŐDĂŶĂŐĞƌ sĞŶƵĞDĂŶĂŐĞƌ :ĂŶŝƚŽƌŝĂůĂŶĚ ŽĐĞŶƚƐ 3DFNHW3J 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ƴńġǛńöǔġļŸŭġƴŸļƞġöƴŢġŭļƴńƦƴŸŭŸƴŸŭŢǛƛƞġƦġƞǔġƴńġńŊƦƴŸƞŊēƝƼöŢŊƴŊġƦŸĻͳ ƴńġĒƼŊŢĚŊŭļƦ͇ĒƼƴĒƞŊŭļƴŸŢŊĻġƴńġēńöƞöēƴġƞƴńöƴūöŞġƦƴńġūƦŸƼŭŊƝƼġ͌ͳ 0ŭƴŸƼƞöļġńöƦĚġēöĚġƦŸĻġǚƛġƞŊġŭēġŊŭġǔġŭƴūöŭöļġūġŭƴ͇ĻöēŊŢŊƴǛͳ ūöŭöļġūġŭƴ͇ĒŸŸŞŊŭļöŭĚƦöŢġƦ͇ĻŸŸĚöŭĚĒġǔġƞöļġ͇öŭĚńŊƦƴŸƞŊēͳ ƛƞġƦġƞǔöƴŊŸŭ͌ÀńŊƦŊƦǕńǛ0ŭƴŸƼƞöļġ0ǔġŭƴƦJƞŸƼƛŊƦƴńġƛġƞĻġēƴŸƛġƞöƴŸƞŸĻͳ Àńġ!ńöƴġöƼÀńġöƴƞġĻŸƞƴńġēŊƴǛŸĻªŸēńġƦƴġƞ͌ÀńġǛǕŊŢŢƛƞġƦġƞǔġƴńŊƦńŊƦƴŸƞŊēͳ ūŸŭƼūġŭƴ͇öēƴŊǔöƴġƴńġƦƛöēġöŭĚƛƞŸǔŊĚġŊŭēƞġĚŊĒŢġǔöŢƼġƴŸƴńġēŊƴǛ͇ͳ ƞġƦŊĚġŭƴƦöŭĚǔŊƦŊƴŸƞƦöŢŊŞġ͌ͳͳ ͳ ÀńġªŸēńġƦƴġƞƞġƛƞġƦġŭƴöƴŊǔġĻŸƞƴńŊƦƛƞŸƛŸƦöŢŊƦ²ƼŭŭǛ§ƞöĒńöŞöƞ͌ͳ ²ƼŭŭǛ§ƞöĒńöŞöƞŊƦöǔġƞǛöēƴŊǔġöŭĚŊŭǔŸŢǔġĚƞġƦŊĚġŭƴŸĻƴńġªŸēńġƦƴġƞ͇wyͳ ēŸūūƼŭŊƴǛ͌ ŸƞŭöŭĚƞöŊƦġĚŊŭªŸēńġƦƴġƞ͇wy͇ńġĒƞŊŭļƦǛġöƞƦŸĻġǔġŭƴͳ ūöŭöļġūġŭƴöŭĚūöƞŞġƴŊŭļġǚƛġƞŊġŭēġƴŸƴńġƴġöū͌RġŊƦƴńġĻŸƼŭĚġƞŸĻͳ Àńġ!ŸūūŊƦƦŊŸŭǕńŊēńŊƦƴńġǛŸƼŭļƛƞŸĻġƦƦŊŸŭöŢŸƞļöŭŊǥöƴŊŸŭƴńöƴĻŸēƼƦġƦͳ ŸŭūöŞŊŭļöƛŸƦŊƴŊǔġŊūƛöēƴŊŭªŸēńġƦƴġƞƴńƞŸƼļńĚġǔġŢŸƛŊŭļƦƼƦƴöŊŭöĒŢġͳ ƛƞŸļƞöūƦƦƼƞƞŸƼŭĚŊŭļūġŭƴŸƞƦńŊƛ͇ƞġŢöƴŊŸŭƦńŊƛĒƼŊŢĚŊŭļöŭĚƛƞŸĻġƦƦŊŸŭöŢͳ ĚġǔġŢŸƛūġŭƴ͌Àńġ!ŸūūŊƦƦŊŸŭńöƦĚƞöƦƴŊēöŢŢǛēńöŭļġĚƴńġǕöǛªŸēńġƦƴġƞͳ ēġŢġĒƞöƴġƦƴńġ̊ƴńŸĻhƼŢǛŸǔġƞƴńġŢöƦƴ̊ǛġöƞƦöŭĚńöƦēƞġöƴġĚöĻġƦƴŊǔöŢͳ ēöŢŢġĚ²öŢƼƴġƴŸƴńġ̊ƴń͌ÀńŊƦĻġƦƴŊǔöŢĒƞŊŭļƦƴŸļġƴńġƞƴńġƞġƦŊĚġŭƴƦöŭĚǔŊƦŊƴŸƞƦͳ ŸĻªŸēńġƦƴġƞöŭĚƛöƞƴŊēŊƛöŭƴƦŊŭŊƴƦͬēŸŭƴġƦƴƦēŸūġĻƞŸūŸǔġƞ̊ĚŊĻĻġƞġŭƴͳ ƦƴöƴġƦ͌ǔġƞ͇̌̆̆̆̆ƛġŸƛŢġöƞġŭŸǕƴƞġöƴġĚƴŸŭŸƴŸŭŢǛöĻŊƞġǕŸƞŞƦĚŊƦƛŢöǛ͇ĒƼƴͳ öŢƦŸöĻŸŸĚƴƞƼēŞĻġƦƴŊǔöŢ͇ēöƞτūŸƴŸƞēǛēŢġƦńŸǕ͇ŞŊĚƦöēƴŊǔŊƴŊġƦ͇ŢŊǔġĒöŭĚƦ͇ͳ ƦŞöƴġĒŸöƞĚτĒūǚēŸŭƴġƦƴöŭĚūŸƞġ͌²ƼŭŭǛ§ƞöĒńöŞöƞǕŸƞŞƦĻŸƞöŢġöĚŊŭļͳ ĚŊļŊƴöŢūöƞŞġƴŊŭļĻŊƞūŊŭªŸēńġƦƴġƞöŭĚƞƼŭƦńŊƦǔġŭƴŊ0ŭƴġƞƴöŊŭūġŭƴ͡ö(hͳ ēŸūƛöŭǛǕŊƴńöŢŸŭļƛŸƦŊƴŊǔġƴƞöēŞƞġēŸƞĚŊŭ²0wyöŭĚöƞŸƼŭĚƴńġēŸƼŭƴƞǛ͌ͳ RġńŸŢĚƦńŊƦ ͌͌ŊŭwöƞŞġƴŊŭļwöŭöļġūġŭƴöŭĚwöƦƴġƞͬƦŸĻ ƼƦŊŭġƦƦͳ ĚūŊŭŊƦƴƞöƴŊŸŭĻƞŸū!ŸŭēŸƞĚŊöÇŭŊǔġƞƦŊƴǛ͇²ƴ͌§öƼŢöŭĚƼŭĚġƞƦƴöŭĚƦńŸǕƴŸͳ ƛƞŸƛġƞŢǛƞƼŭġǔġŭƴūöƞŞġƴŊŭļ͌ͳͳ ĚĚŊƴŊŸŭöŢŢǛ͇²ƼŭŭǛ͌öŢƦŸƦġƞǔġƦŸŭƴńġhŸƼƞŭġǛ̈JƞŸǕƴń ŸöƞĚ͇ƴńġͳ JƞġöƴġƞªŸēńġƦƴġƞƞƴƦöŭĚ!ƼŢƴƼƞöŢÀƞƼƦƴ ŸöƞĚ͇ƴńġ(ġƦƴŊŭöƴŊŸŭwġĚŊēöŢͳ !ġŭƴġƞ͡RġöƞƴŸĻƴńġ!ŊƴǛ!ŸūūƼŭŊƴǛēƴŊŸŭ!ŸūūŊƴƴġġ͇öŭĚƴńġªŸēńġƦƴġƞͳ ƞġö!ńöūĒġƞŸĻ!ŸūūġƞēġJŸǔġƞŭūġŭƴĻĻöŊƞƦ!ŸūūŊƴƴġġ͌RġŊƦͳ ēŸūūŊƴƴġĚƴŸƦġƞǔŊŭļƴńġƞġƦŊĚġŭƴƦöŭĚǔŊƦŊƴŸƞƦöŢŊŞġŊŭªŸēńġƦƴġƞöŭĚͳ ƼŭĚġƞƦƴöŭĚƦƴńġēŊƴǛͬƦŭġġĚƦöŭĚŸƛƛŸƞƴƼŭŊƴŊġƦǕġŢŢ͌ͳͳ ͳ ²ƴƞƼēƴƼƞġŸĻĻŊƞū͒ŸƞļöŭŊǥöƴŊŸŭ͆ ͳ ͳ ͡!ŸƞƛŸƞöƴŊŸŭ 3DFNHW3J *E æġöƞƦƴńöƴĻŊƞū͒ŸƞļöŭŊǥöƴŊŸŭńöƦĒġġŭŊŭĒƼƦŊŭġƦƦ͆ ͳ ͡0ŭƴŸƼƞöļġ0ǔġŭƴƦJƞŸƼƛ²Ŋŭēġ̈̆̇̈ͳ IŊŭöŭēŊöŢŊŭĻŸƞūöƴŊŸŭŊŭƴńġĻŸƞūŸĻöēƼƞƞġŭƴĻŊŭöŭēŊöŢƦƴöƴġūġŭƴöŭĚͳ ĒöŢöŭēġƦńġġƴ͆ͳ ͡àŊŢŢƦġŭĚƦġƛöƞöƴġŢǛ ͳ ͌ƦƛöƞƴŸĻƴńġƦƼĒūŊƴƴöŢ͇öĚġƦēƞŊƛƴŊŸŭŸĻŊŭƴġŭĚġĚƼƦġŸĻƴńġĒƼŊŢĚŊŭļͳ ūƼƦƴĒġƦƼĒūŊƴƴġĚ͌ÀńŊƦĚġƦēƞŊƛƴŊŸŭƦūƼƦƴŊŭēŢƼĚġƴńġĻŸŢŢŸǕŊŭļūöƴġƞŊöŢ͆ͳͳ ͳ ƼŊŢĚŊŭļƛġƞöƴŊŸŭƦ͡ͳͳ ͳ XŭƴġƞŭöŢŢǛ͇ĒƼŊŢĚŊŭļŸƛġƞöƴŊŸŭƦǕŊŢŢŊŭēŢƼĚġöĻöēŊŢŊƴǛūöŭöļġƞƴŸūŸŭŊƴŸƞƴńġͳ ĒƼŊŢĚŊŭļöŭĚĒġƴńġƛŸŊŭƴŸĻēŸŭƴöēƴĻŸƞöŭǛƦġƞǔŊēġƞġŢöƴġĚŭġġĚƦ͌ÀńŊƦĻöēŊŢŊƴǛͳ ūöŭöļġƞǕŊŢŢĒġöĒŢġƴŸńöŭĚŢġƦŊūƛŢġƦġƞǔŊēġƦöŭĚƞġƛöŊƞƦƦƼēńöƦēńöŭļŊŭļͳ ŢŊļńƴĒƼŢĒƦ͇ŢŸēŞƦ͇ēŢŸļļġĚĚƞöŊŭƦġƴē͌ͳ ͳ àġǕŸƼŢĚŢŊŞġƴńġ!ŊƴǛŸĻªŸēńġƦƴġƞƴŸĒġƞġƦƛŸŭƦŊĒŢġĻŸƞƴńġġǚƛġŭƦġƦŸĻƴńġͳ ƼƛŞġġƛŸĻƴńġĒƼŊŢĚŊŭļŊŭēŢƼĚŊŭļ͇öŢŢūöŊŭƴġŭöŭēġƞġŢöƴġĚŊƴġūƦ͇ŸƼƴƦŊĚġŸĻͳ ǕńöƴńöƦĒġġŭŸƼƴŢŊŭġĚöĒŸǔġ͇öŭĚēöƛŊƴöŢŊūƛƞŸǔġūġŭƴƦ͌XŭƴńġēöƦġŸĻöŭͳ ġūġƞļġŭēǛŸƞǕġöƞöŭĚƴġöƞŸŭƴńġĒƼŊŢĚŊŭļƴńġ!ŊƴǛŸĻªŸēńġƦƴġƞǕŊŢŢĒġͳ ƞġƦƛŸŭƦŊĒŢġ͇öƦƴńġŸǕŭġƞŸĻƴńġĒƼŊŢĚŊŭļ͇ƴŸēŸǔġƞöŢŢġǚƛġŭƦġƦƞġŢöƴġĚƴŸƴńġͳ ƞġƛöŊƞŸĻƴńġĒƼŊŢĚŊŭļ͌ͳͳ ͳ ƦǕġļġƴŊŭƴŸƴńġƦƛöēġöŭĚƦġġŸƛƛŸƞƴƼŭŊƴŊġƦĻŸƞēöƛŊƴöŢŊūƛƞŸǔġūġŭƴƦƴńöƴͳ ǕŊŢŢöŊĚŊŭĻƼŢĻŊŢŢŊŭļƴńġŢŸŭļ͡ƴġƞūǔŊƦŊŸŭŸĻƴńġ!ńöƴġöƼ͇ǕġǕŊŢŢūöŞġƴńġͳ ƞġēŸūūġŭĚöƴŊŸŭƦĻŸƞƴńġƦġŊūƛƞŸǔġūġŭƴƦƴŸĒġūöĚġ͇ƴŸöŊĚŊŭƴńġŊŭƴġƞŊūͳ ƼƦġƦŸĻƴńġƦƛöēġ͌ͳͳ ͳ ŭǛƞġƛöŊƞƦŸƞŊūƛƞŸǔġūġŭƴƦŭġġĚġĚƞġŢöƴġĚƴŸƴńġġƝƼŊƛūġŭƴƴńöƴͳ 0ŭƴŸƼƞöļġ0ǔġŭƴƦJƞŸƼƛĒƞŊŭļƦŊŭƴŸƴńġƦƛöēġ͇ǕŊŢŢĒġƴńġƞġƦƛŸŭƦŊĒŊŢŊƴǛŸĻͳ 0ŭƴŸƼƞöļġ0ǔġŭƴƦJƞŸƼƛ͌ͳͳ ͳ wöŭöļġūġŭƴŸĻ0ǔġŭƴēƴŊǔŊƴŊġƦ͡ͳͳ ͳ ÀńġöēƴŊǔöƴŊŸŭŸĻƴńġ!ńöƴġöƼÀńġöƴƞġƦƛöēġŊƦŭŸƴŸŭŢǛǔŊƴöŢƴŸƴńġƦƼēēġƦƦŸĻͳ ƴńġĒƼŊŢĚŊŭļ͇ĒƼƴŊƴŊƦöŢƦŸöēƞƼēŊöŢƛŊġēġƴŸöēƴŊǔöƴġƴńġ§ġöēġ§ŢöǥööƞġööƦöͳ ǕńŸŢġ͌0ŭƴŸƼƞöļġ0ǔġŭƴƦJƞŸƼƛǕŊŢŢǕŸƞŞǕŊƴńƛöƞƴŭġƞƦŊŭƴġƞŭöŢŢǛöŭĚͳ ġǚƴġƞŭöŢŢǛƴŸöēƴŊǔöƴġƴńŊƦƦƛöēġŊŭöŭġǚēŊƴŊŭļöŭĚŊŭŭŸǔöƴŊǔġūöŭŭġƞ͌Àńġͳ ēŸūĒŊŭġĚĚġēöĚġƦŸĻġǚƛġƞŊġŭēġŊŭńŊƦƴŸƞŊēĒƼŊŢĚŊŭļöēƴŊǔöƴŊŸŭöŭĚġǔġŭƴͳ ūöŭöļġūġŭƴŊŭŸƼƞŊŭƴġƞŭöŢƴġöūǕŊŢŢġŭƦƼƞġƴńöƴŸƼƞöēƴŊǔŊƴŊġƦǕŊŢŢĒġͳ 3DFNHW3J *E ĒöēŞġĚĒǛġǚƴġŭƦŊǔġŞŭŸǕŢġĚļġŸĻƴńġŊŭĚƼƦƴƞǛ͌àġǕŊŢŢǕŸƞŞēŢŸƦġŢǛǕŊƴńƴńġͳ ªŸēńġƦƴġƞ(ŸǕŭƴŸǕŭŢŢŊöŭēġöŭĚŸƴńġƞēŊƴǛļƞŸƼƛƦƴŸöŢŊļŭƛƞŊŸƞŊƴŊġƦĻŸƞƴńġͳ ĚŸǕŭƴŸǕŭöƞġööŭĚǕŸƞŞƴŸļġƴńġƞƴŸĒƞŊŭļǔŊĒƞöŭēǛƴŸƴńġ§ġöēġ§Ţöǥö͌ͳͳ ͳ ƼƞƴġöūǕŊŢŢöēƴŊǔġŢǛƦġġŞƴŸƛƞŸļƞöūƴńġƦƛöēġǕŊƴńūƼƦŊēƛġƞĻŸƞūöŭēġƦ͇ͳ ēŸūġĚŊēġŭƴġƞƴöŊŭūġŭƴ͇ŢŸēöŢġǔġŭƴƦ͇öŭĚēŸƞƛŸƞöƴġĻƼŭēƴŊŸŭƦ͌àġǕŊŢŢƼƦġͳ ŸƼƞŭġƴǕŸƞŞƴŸƞƼŭŸƼƞŸǕŭġǔġŭƴƦöŭĚūöƞŞġƴƴńġƦƛöēġƴŸƴńġēŸūūƼŭŊƴǛͳ ƴŸļöŊŭŊŭƴġƞġƦƴŊŭĒŸŸŞŊŭļƦ͌ĚĚŊƴŊŸŭöŢŢǛ͇ǕġǕŊŢŢǕŸƞŞēŢŸƦġŢǛǕŊƴńŸƴńġƞƼƦġƞƦͳ ŸĻƴńġ§ġöēġ§Ţöǥö͇ŊŭēŢƼĚŊŭļƴńġªŸēńġƦƴġƞ(ŸǕŭƴŸǕŭŢŢŊöŭēġ͇ƴŸġŭńöŭēġͳ §ġöēġ§ŢöǥöġǔġŭƴƦƴńöƴöƞġöŢƞġöĚǛƦēńġĚƼŢġĚ͌àġǕŊŢŢƛƞŸǔŊĚġöŢŢŸĻƴńġͳ ŭġēġƦƦöƞǛƦƴöļŊŭļ͇ß͇ŢŊļńƴŊŭļöŭĚƛƞŸĚƼēƴŊŸŭƴńöƴŊƦŭġġĚġĚƴŸġǚġēƼƴġŸŭͳ ƴńġǕŊĚġǔöƞŊġƴǛŸĻġǔġŭƴƦͳͳ ͳ Àńġ!ńöƴġöƼÀńġöƴƞġǕŊŢŢĒġĚŊƦƴŊŭēƴŊŭēŸūƛöƞŊƦŸŭƴŸŸƴńġƞġǔġŭƴǔġŭƼġƦͳ ƦƼēńöƦƴńġ!ŸūūƼŭŊƴǛ!öƦƴŢġ͇ƴńġwöǛŸ!ŊǔŊē!ġŭƴġƞöŭĚŸƴńġƞĚŸǕŭƴŸǕŭͳ ġǔġŭƴƦƛöēġƦ͌ÀńŊƦńŊƦƴŸƞŊēƴńġöƴƞġƛƞŸǔŊĚġƦöƼŭŊƝƼġöġƦƴńġƴŊēġǚƛġƞŊġŭēġͳ ǕŊƴńƴńġūöƞƝƼġġ͇ŢöƞļġēġŊŢŊŭļƦöŭĚńŊƦƴŸƞŊēŭöƴƼƞġŸĻƴńġƦƛöēġ͌Ƽƞͳ ƴöŢġŭƴġĚĒŸŸŞŊŭļƴġöūǕŊŢŢŭŸƴŸŭŢǛĒġöĒŢġƴŸńöŭĚŢġĒŸŸŞŊŭļƦĻŸƞļƞŸƼƛƦͳ ƴńöƴǕöŭƴƴŸƼƦġƴńġƦƛöēġ͇ĒƼƴǕġǕŊŢŢöŢƦŸĒġöĒŢġƴŸöēƴŊǔġŢǛƛƞŸļƞöūƴńġͳ ƦƛöēġǕŊƴńŢŊǔġġŭƴġƞƴöŊŭūġŭƴöŭĚĚŊƦƛŢöǛƦ͌ƼƞƛƞŸĚƼēƴŊŸŭƴġöūƴƞöŭƦĻŸƞūƦͳ ǔġŭƼġƦĻƞŸūĻŸƼƞǕöŢŢƦöŭĚöĻŢŸŸƞƴŸöŭƼŭĻŸƞļġƴƴöĒŢġġǚƛġƞŊġŭēġöŭĚǕġͳ ńöǔġĚŸŭġġǔġŭƴƛƞŸĚƼēƴŊŸŭöŢŢŸǔġƞƴńġǕŸƞŢĚĻŸƞŢöƞļġēŸūƛöŭŊġƦöŭĚͳ ƛƞŊǔöƴġġǔġŭƴƦ͌ÀńġġǚƛġƞŊġŭēġöƴƴńġ!ńöƴġöƼÀńġöƴƞġǕŊŢŢĒġƼŭŢŊŞġöŭǛŸƴńġƞͳ ƦƛöēġƴńġēŊƴǛŸĻªŸēńġƦƴġƞńöƦġǔġƞƦġġŭĒġĻŸƞġöŭĚŊƴǕŊŢŢġǚēġġĚƴńġͳ ġǚƛġēƴöƴŊŸŭƦŸĻƴńġƞġƦŊĚġŭƴƦöŭĚǔŊƦŊƴŸƞƦöŢŊŞġ͌ͳͳ ͳ àġńöǔġƛƞŸǔġŭġǚƛġƞŊġŭēġŊŭĻŢŊƛƛŊŭļöƦƛöēġƴŸĒġöĒŢġƴŸĒġƼƦġĚĻŸƞͳ ūƼŢƴŊƛŢġƛƼƞƛŸƦġƦŊŭöƦńŸƞƴƴŊūġĻƞöūġ͌àġēöŭĻŢŊƛöƞŸŸūĻƞŸūöͳ ēŸūūƼŭŊƴǛġǔġŭƴĚƼƞŊŭļƴńġĚöǛƴŸöŢŊǔġūƼƦŊēēŸŭēġƞƴŊŭƴńġġǔġŭŊŭļöŭĚͳ ĒöēŞƴŸööƞƴĚŊƦƛŢöǛƴńġŭġǚƴĚöǛ͌ƼƞƴġöūŊƦġǚƛġƞŊġŭēġĚŊŭġĻĻŊēŊġŭƴͳ ŸƛġƞöƴŊŸŭöŢƛƞöēƴŊēġƦöŭĚēƞġöƴŊǔġƦŸŢƼƴŊŸŭƦƴŸūöǚŊūŊǥġƴńġƦƛöēġöŭĚͳ ƛƞŸļƞöūūŊŭļ͌XĻǕġöƞġēńŸƦġŭƴŸŸƛġƞöƴġƴńŊƦĻöēŊŢŊƴǛǕġǕŊŢŢńöǔġƛŢöŭƦƴŸͳ öĚĚöŢŸēöŢǕöƞġńŸƼƦġƦƛöēġŊŭªŸēńġƦƴġƞƴŸƦƴŸƞġƴńġŭġēġƦƦöƞǛġƝƼŊƛūġŭƴͳ öŭĚƛƞŸĚƼēƴŊŸŭūöƴġƞŊöŢƦƴŸġŭƦƼƞġƴńöƴƴńġƦƛöēġńöƦġǔġƞǛƴńŊŭļƴńöƴŊƴͳ ŭġġĚƦƴŸöēēŸūūŸĚöƴġöūƼŢƴŊƴƼĚġŸĻĚŊĻĻġƞġŭƴġǔġŭƴƦ͌ͳͳ ͳ àġǕŊŢŢǕŸƞŞǕŊƴńŸƼƞŢŸēöŢġǔġŭƴƛöƞƴŭġƞƦ͡wǛÀŸǕŭwǛwƼƦŊē͇ǔġŭƴŊͳ 0ŭƴġƞƴöŊŭūġŭƴ͇ªŸēńġƦƴġƞ!ŊǔŊēÀńġöƴƞġ͇ªŸēńġƦƴġƞ!ŊǔŊēwƼƦŊēöŭĚūŸƞġƴŸͳ ƛƞŸļƞöūƴńġƦƛöēġǕŊƴńġǚēŊƴŊŭļġǔġŭƴƦöŭĚġŭƴġƞƴöŊŭūġŭƴĻŸƞƴńġͳ 3DFNHW3J *E ēŸūūƼŭŊƴǛöŭĚǔŊƦŊƴŸƞƦöŢŊŞġ͌àġǕŊŢŢöŢƦŸǕŸƞŞēŢŸƦġŢǛǕŊƴńƴńġªŸēńġƦƴġƞƞƴͳ !ġŭƴġƞ͇!öƦƴŢġ!ŸūūƼŭŊƴǛ͇wöǛŸ!ŊǔŊē!ġŭƴġƞ͇ŢŸēöŢńŸƴġŢƦöŭĚŸƴńġƞƦƴŸͳ ġƦƴöĒŢŊƦńöŭġƴǕŸƞŞŸĻöǔöŊŢöĒŢġƦƛöēġƦƴńöƴēöŭĒġƼƦġĚĒǛƴńġƛƼĒŢŊē͌ÀńġƦġͳ ƛöƞƴŭġƞƦǕŊŢŢĒġġƦƦġŭƴŊöŢŊŭēƞġöƴŊŭļĚöǛƴŊūġġŭƴġƞƴöŊŭūġŭƴġǚƛġƞŊġŭēġƦĻŸƞͳ ƴńġēŸūūƼŭŊƴǛƴŸġŭśŸǛ͌àġēöŭńŸŢĚöŭöƞƴġǚńŊĒŊƴĚƼƞŊŭļƴńġĚöǛ͇ĻŢŊƛƴńġͳ ƞŸŸūĻŸƞöƛƞŊǔöƴġġǔġŭŊŭļƞġēġƛƴŊŸŭöŭĚńöǔġƴńġöƞƴġǚńŊĒŊƴƛƼƴĒöēŞĻŸƞͳ ĚŊƦƛŢöǛĻŸƞƴńġŭġǚƴĚöǛ͌ƼƞļŸöŢǕŊŢŢĒġƴŸńöǔġöńġöŢƴńǛūŊǚŸĻƛƞŊǔöƴġöŭĚͳ ƛƼĒŢŊēġǔġŭƴƦŊŭƴńġƦƛöēġ͌ͳͳ ͳ XŭŸƼƞĒġƦƴġƦƴŊūöƴŊŸŭƦǕġĒġŢŊġǔġƴńġġǔġŭƴƦĒƞġöŞĚŸǕŭǕŊŢŢĒġƦŊūŊŢöƞƴŸƴńġͳ ĻŸŢŢŸǕŊŭļ͆ͳ ̈̉Ϊ§ƼĒŢŊē0ǔġŭƴƦ͵ ͛͡!ŸūūƼŭŊƴǛ!ġŢġĒƞöƴŊŸŭƦ͇mŊǔġwƼƦŊē͇ͳ 0ŭƴġƞƴöŊŭūġŭƴ͇ÀŊēŞġƴġĚ0ǔġŭƴƦ͇ƛġŭRŸƼƦġƦ͇(ŊƦƛŢöǛƦöŭĚ0ǚńŊĒŊƴƦ͜͡ͳ ̋̆§ƼĒŢŊē0ǔġŭƴƦͳ ̋̊Ϊ§ƞŊǔöƴġ0ǔġŭƴƦ͵ ̇̈̆͡͡§ƞŊǔöƴġ0ǔġŭƴƦͳ ̋Ϊ!ŸūūƼŭŊƴǛ0ǔġŭƴƦ͂͵ ̇̈͡͡0ǔġŭƴƦǕŊƴńªŸŸūªġŭƴöŢIġġàöŊǔġĚ͌ͳͳ ̇̎ΪàġĚĚŊŭļƦ͵ ̊̆͡͡àġĚĚŊŭļƦͳ ͡ÀŸƴöŢ0ƦƴŊūöƴġĚ0ǔġŭƴƦ̈̈̈͡ƛġƞǛġöƞͳͳ ͳ ͂àġǕöŭƴƴńŊƦƦƛöēġƴŸĒġöēŸūūƼŭŊƴǛƦƛöēġöŭĚŸƛġŭƴŸƴńġļƞŸƼƛƦöŭĚͳ ƛġŸƛŢġƴńöƴŭġġĚŊƴ͌ÀŸƦƼƛƛŸƞƴŸƼƞŭŸŭƛƞŸĻŊƴƦöŭĚēŸūūƼŭŊƴǛŸƞļöŭŊǥöƴŊŸŭƦͳ ǕġǕŊŢŢŸƛġŭƴńġƦƛöēġĻŸƞŸŭġġǔġŭƴƛġƞūŸŭƴńöŭĚǕöŊǔġƴńġƞġŭƴöŢĻġġĻŸƞͳ ƴńġƦƛöēġ͌àġǕöŭƴƴŸĒġöĒŢġƴŸġŭƦƼƞġƴńöƴƴńŸƦġŊŭŸƼƞēŸūūƼŭŊƴǛǕńŸͳ öƞġĚŸŊŭļƦŸūƼēńļŸŸĚǕŸƞŞńöǔġöƦƛöēġƴŸēġŢġĒƞöƴġöŭĚöƼŭŊƝƼġǔġŭƼġͳ ƴŸĒƞŊŭļƴńġŊƞļƼġƦƴƦ͌ͳͳ ͳ XŭŸƞĚġƞƴŸūöŞġöŢŢŸĻƴńġƦġġǔġŭƴǕŸƞŞŊŭƴńġƦƛöēġǕġƞġƝƼġƦƴöĻġǕƴġŭöŭƴͳ ŊūƛƞŸǔġūġŭƴƦöŭĚƞġƝƼġƦƴƦƴńöƴǕŊŢŢĚġŢŊǔġƞƼƦöƞġöĚǛ͡ƴŸ͡ƼƦġĻöēŊŢŊƴǛ͌Àńġͳ !öƛŊƴöŢXūƛƞŸǔġūġŭƴªġƝƼġƦƴƦöƞġöƦĻŸŢŢŸǕƦ͆ͳ ͡0ǚƛöŭĚƴńġĒöƴńƞŸŸūƦöŭĚĒƼŊŢĚŸƼƴƴńġĻŊŭŊƦńġƦͳ ͡ ƼŊŢĚö²ƴöŊƞēöƦġĻƞŸūƴńġƦŞǛǕöǛƴŸƴńġĻƞŸŭƴġŭƴƞöŭēġͳ ͡ǔŸŊĚƴńġēöƞƛġƴŸŭƴńġĻŢŸŸƞŸĻƴńġǔġŭƼġͳ ͡(ŸƛŸŢŊƦńġĚēŸŭēƞġƴġŸŭƴńġĻŢŸŸƞŊŭƦƴġöĚͳ ͡ĒŊŢŊƴǛƴŸġǚƴġŭĚƴńġŢŊƝƼŸƞŢŊēġŭƦġƴŸġǚƴġŭĚƴŸƴńġŸƼƴĚŸŸƞƛöƴŊŸͳ ͡XŭēŢƼĚġƴńġŢŢġǛŊŭƴńġġǔġŭƴƦƛöēġͳͳ ͡IƼƞŭŊƦńöŭĚĒƼŊŢĚƛŢöƴġ͡ŊŭŞŊƴēńġŭͳ ͡àöŢŞ͡Ŋŭ!ŸŸŢġƞͳ ̉͡!Ÿūƛöƞƴūġŭƴ²ŊŭŞͳ ͡RöŭĚƦŊŭŞͳ 3DFNHW3J *E ͡XēġūöēńŊŭġͳ ̈̆͡Iƴ͌wġǥǥöŭŊŭġöĚĚġĚŸŭƴŸƴńġġǚŊƦƴŊŭļĒöŢēŸŭǛƴńöƴēŸŭŭġēƴƦƴŸƴńġͳ ƦƴöŊƞēöƦġͳͳ ͡àŊƴńƴńŊƦwġǥǥöŭŊŭġĻġöƴƼƞġǕġǕŊŢŢĒġöĒŢġƴŸöƴƴƞöēƴūŸƞġͳ ƼŭŊƝƼġöŭĚǔŊĒƞöŭƴġǔġŭƴƦƴŸƴńġƦƛöēġ͌ͳͳ ͳ àġġƦƴŊūöƴġƴńġƦġƴġŭöŭƴŊūƛƞŸǔġūġŭƴƦǕŊŢŢēŸƦƴĒġƴǕġġŭͺ͇̉̆̆̆̆̆͡ͳ ͺ͇̊̆̆̆̆̆ƴŸĒƼŊŢĚŸƼƴ͇öŭĚƴńġĻŊŭŊƦńġĚƛƞŸĚƼēƴǕŊŢŢĒġöĻƼŭēƴŊŸŭŊŭļĻöēŊŢŊƴǛͳ ƴńöƴŊƦƞġöĚǛƴŸĒġūöƞŞġƴġĚĻŸƞƴńġġǔġŭƴƦöŭĚĻŸƞƴńġēŸūūƼŭŊƴǛ͌àġǕŊŢŢͳ ǕŸƞŞńöŭĚŊŭńöŭĚǕŊƴńƴńġ!ŊƴǛŸĻªŸēńġƦƴġƞöŭĚƴńġöƦƦŸēŊöƴġĚēŸŭƴƞöēƴŸƞƦͳ ƴŸĒƞŊŭļƴńġǔŊƦŊŸŭƴŸŢŊĻġ͌àġǕŸƼŢĚöŢƦŸǕŸƞŞǕŊƴńƴńġēŸŭƴƞöēƴŸƞƦŸŭƴńġͳ ĻŊŭŊƦńġƦĻŸƞƴńġġǚŊƦƴŊŭļēŸŭƴƞöēƴƴŸġŭƦƼƞġƴńöƴƞġƦŸƼƞēġƦöƞġĒġŊŭļƦƛġŭƴͳ ġĻĻŊēŊġŭƴŢǛöŭĚƛƞŸļƞġƦƦŊƦĒġŊŭļūöĚġƴŸǕöƞĚƴńġŸǔġƞöŢŢļŸöŢŸĻƴńġƦƛöēġ͌ͳͳ ͳ àġƞġƝƼġƦƴƴńöƴöƦƴöŊƞēöƦġĒġĒƼŊŢƴĻƞŸūƴńġƦŞǛǕöǛƦŊĚġŸĻƴńġƦġēŸŭĚĻŢŸŸƞ͇ͳ ļŸŊŭļĚŸǕŭƴŸƴńġūöŊŭĻŢŸŸƞŸĻƴńġÀńġöƴƞġ͌ÀńŊƦǕŊŢŢöŊĚŊŭƴńġƛƞŸĚƼēƴŊŸŭŸĻͳ ƴńġġǔġŭƴƦöŭĚūöŞġƴńġƦŞǛǕöǛöēēġƦƦƼƦöĒŢġĻŸƞƦƴöĻĻöŭĚƦƴöļŊŭļ͌àŊƴńŸƼƴͳ ƴńŊƦƦƴöŊƞēöƦġŊƴǕŊŢŢĒġĚŊĻĻŊēƼŢƴƴŸēŸŸƞĚŊŭöƴġǔöƞŊŸƼƦġǔġŭƴƦöŭĚǕġǕŊŢŢͳ ƛƞŸǔŊĚġĚŊƞġēƴŊŸŭŸŭƴńġƴǛƛġŸĻƦƴöŊƞēöƦġƴńöƴǕŸƼŢĚǕŸƞŞĒġƦƴ͌àġǕŊŢŢǕŸƞŞͳ ēŢŸƦġŢǛǕŊƴńƴńġēŊƴǛƴŸǕŸƞŞŸŭöĚġƦŊļŭƴńöƴŊƦöƛƛġöŢŊŭļöŭĚġĻĻŊēŊġŭƴĻŸƞͳ ġǔġƞǛŸŭġ͌àġǕŸƼŢĚöŢƦŸŢŊŞġƴŸƞġƝƼġƦƴƴńöƴƴńġĒöƴńƞŸŸūƦĒġƞġŭŸǔöƴġĚͳ öŭĚġǚƛöŭĚġĚ͌àġǕŊŢŢńöŭĚŢġƴńġĻŊŭŊƦńġƦ͡ƴŊŢġ͇ĻŢŸŸƞŊŭļöŭĚƛöŊŭƴ͇ĒƼƴǕġͳ ǕŸƼŢĚŢŊŞġƴńġ!ŊƴǛŸĻªŸēńġƦƴġƞƴŸŊŭǔġƦƴŊŭƴńġĒƼŊŢĚŸƼƴ͌IŊŭöŢŢǛöƛŢöƴġ͡Ŋŭͳ ŞŊƴēńġŭƴńöƴńöƦö̉͡ēŸūƛöƞƴūġŭƴƦŊŭŞ͇ńöŭĚƦŊŭŞ͇ŊēġūöēńŊŭġöŭĚǕöŢŞ͡Ŋŭͳ ēŸŸŢġƞƦńŸƼŢĚĒġŊŭƦƴöŢŢġĚŊŭƴńġƦƛöēġƴŸöēēŸūūŸĚöƴġƴńġĚŊĻĻġƞġŭƴƴǛƛġƦŸĻͳ ġǔġŭƴƦƴńöƴǕŊŢŢĒġńöƛƛġŭŊŭļöƴÀńġ!ńöƴġöƼ͌ĚĚŊƴŊŸŭöŢŢǛ͇öŭǛƛƞŸƛġƞƴǛͳ ƴöǚġƦöŭĚöƦƦġƦƦūġŭƴƦǕŊŢŢĒġƴńġƞġƦƛŸŭƦŊĒŊŢŊƴǛŸĻƴńġĒƼŊŢĚŊŭļŸǕŭġƞ͡ƴńġͳ !ŊƴǛŸĻªŸēńġƦƴġƞ͌ͳͳ ͳ àġĒġŢŊġǔġƴńöƴƴńġġƦƴŊūöƴġĚļƞŸƦƦƞġǔġŭƼġƴńƞŸƼļńƴńġƦƼēēġƦƦĻƼŢͳ ŸƛġƞöƴŊŸŭŸĻƴńġĒƼŊŢĚŊŭļǕŊŢŢĒġöƛƛƞŸǚŊūöƴġŢǛͺ͇͇̈̆̆̆̆̆̆ƛġƞǛġöƞ͌ÀńŊƦŊƦöͳ ƞŸƼļńġƦƴŊūöƴġŸĻǕńöƴŊƦƴŸĒġġǚƛġēƴġĚĒöƦġĚŸŭƴńġƼƦġƴńöƴǕġńöǔġͳ ĚġƴöŊŢġĚöĒŸǔġ͌àńŊŢġǕġēöŭŭŸƴĒġńġŢĚƴŸƴńŊƦŭƼūĒġƞ͇ǕġĒġŢŊġǔġƴńöƴŊĻǕġͳ öƞġļŊǔġŭöƞġöĚǛ͡ƴŸ͡ƼƦġĻöēŊŢŊƴǛǕŊƴńƴńġēöƛŊƴöŢŊūƛƞŸǔġūġŭƴƦūöĚġĻŸƞƴńŊƦͳ ƼƦġ͇ǕġēöŭńöǔġöƦƼēēġƦƦĻƼŢƛöƞƴŭġƞƦńŊƛǕŊƴńƴńġ!ŊƴǛŸĻªŸēńġƦƴġƞ͌Àńġƴöǚͳ ƞġǔġŭƼġƴńöƴǕŸƼŢĚĒġļġŭġƞöƴġĚǕŊƴńƴńġġǔġŭƴƦöŭĚġŭƴġƞƴöŊŭūġŭƴƴńöƴǕġͳ ǕŸƼŢĚĒġĒƞŊŭļŊŭļŊŭƴŸĚŸǕŭƴŸǕŭªŸēńġƦƴġƞǕŸƼŢĚńöǔġöŢöƞļġŊūƛöēƴŸŭͳ ƴńġēŊƴǛĻŊŭöŭēŊöŢŢǛöŭĚöŢƦŸŸƼƞƛƞŸƛŸƦöŢƛƞŸǔŊĚġƦƴńġŊŭƴöŭļŊĒŢġǔöŢƼġƴńöƴͳ ƴńġǔŊĒƞöŭēǛǕŊŢŢĒƞŊŭļƴńƞŸƼļńƴńġöēƴŊǔöƴŊŸŭŸĻƴńġƦƛöēġ͌XŭƴġƞūƦŸĻͳ 3DFNHW3J *E ƞġǔġŭƼġƦńöƞŊŭļ͇0ŭƴŸƼƞöļġ0ǔġŭƴƦJƞŸƼƛǕŸƼŢĚŢŊŞġƴŸƛƞŸƛŸƦġöƛƞŸĻŊƴͳ ƦńöƞŊŭļŸĻ̌ΪŊŭǛġöƞ͇̈̍ΪŊŭǛġöƞ̉öŭĚ̎ΪŊŭǛġöƞ̊τ͇̋ƴńöƴǕŸƼŢĚļŸĒöēŞͳ ƴŸƴńġ!ŊƴǛŸĻªŸēńġƦƴġƞ͌ÀńġĻŊƞƦƴǛġöƞǕŊŢŢƞġƝƼŊƞġŢġöƞŭŊŭļöŭĚƴġƦƴŊŭļƴŸļġƴͳ ƴńġēŸƞƞġēƴƛƞŸēġƦƦġƦƛƼƴŊŭƴŸƛŢöēġĻŸƞƴńŊƦūöƞŞġƴ͌ͳͳ ͳ àġǕŸƼŢĚŢŊŞġƴŸǕŸƞŞǕŊƴńƴńġ(w!ƴġöū͇ª(͇ƴńġ!ŊƴǛŸĻªŸēńġƦƴġƞöŭĚͳ ēŸūūƼŭŊƴǛƛöƞƴŭġƞƦƴŸēƞġöƴġöJƞöŭĚƛġŭŊŭļjŊēŞŸĻĻàġġŞġŭĚ0ǚƛġƞŊġŭēġ͌ͳ ÀńŊƦǕŸƼŢĚŊŭēŢƼĚġŸƛġŭƴŸƼƞƦŸĻƴńġƦƛöēġ͇ŢŊǔġūƼƦŊēöŭĚġŭƴġƞƴöŊŭūġŭƴ͇ͳ ƛƼĒŢŊēġǔġŭƴƦöŭĚūŸƞġ͌àġńöǔġńöĚūöŭǛǛġöƞƦŸĻġǚƛġƞŊġŭēġŊŭͳ ēŸŸƞĚŊŭöƴŊŭļƴńġƦġļƞöŭĚŸƛġŭŊŭļġǔġŭƴƦǕŊƴńēŸūūƼŭŊƴǛŢġöĚġƞƦŊŭƴńġͳ wŊŭŭġöƛŸŢŊƦöƞġööŭĚŢŸŸŞĻŸƞǕöƞĚƴŸĒƞŊŭļŊŭļƴńŊƦġǚēŊƴġūġŭƴƴŸªŸēńġƦƴġƞ͌ͳͳ ͳ mŊƦƴŊŭļŸĻöŭǛŢŊƴŊļöƴŊŸŭ͛ǕŊƴńŊŭƴńġŢöƦƴ̇̆ǛġöƞƦ͜ŊŭǔŸŢǔŊŭļƴńġĻŊƞūŸƞŊƴƦͳ öļġŭƴƦŸƞġūƛŢŸǛġġƦǕŊƴńƞġƦƛġēƴƴŸöŭǛǕŸƞŞƛġƞĻŸƞūġĚ͑ͳͳ ͳ yŸŭġͳ ͳ yöūġƦŸĻƛġƞƦŸŭƦǕńŸēöŭĒġēŸŭƴöēƴġĚöƦƞġĻġƞġŭēġƦ͌ƴŢġöƦƴ̉ͳ ƞġĻġƞġŭēġƦūƼƦƴĒġƛƞŸǔŊĚġĚ͑ͳͳ ̇͌ŭĚƞġǕ!ńöĻŸƼŢŊöƦ͡!0ŸĻÀŊƴöŭ(ġǔġŢŸƛūġŭƴƦͳ ö͌§ńŸŭġyƼūĒġƞ͛̎̍̍̎̊̎̈̌̉̊͜͡͡ͳ Ē͌0ūöŊŢ͡͵öēńöĻσƴŊƴöŭĚġǔġŢŸƛūġŭƴ͌ƼƦͳ ͵ Ŋ͌ƦƦƴ͌jǛŢŊ²ƴöƼĚöēńġƞ͡ŞƦƴöƼĚöēńġƞσƴŊƴöŭĚġǔġŢŸƛūġŭƴ͌ƼƦͳ ̈͌höēŸĒIƞġǛ͡wŊŭŭġöƛŸŢŊƦ!ŊƴǛ!ŸƼŭēŊŢūġūĒġƞöŭĚwöǛŸƞöŢ!öŭĚŊĚöƴġͳ ö͌§ńŸŭġyƼūĒġƞ͛̌̇̈̏̌̎̊̊̊̉͜͡͡ͳ Ē͌0ūöŊŢ͡śöēŸĒ͌ĻƞġǛσūŊŭŭġöƛŸŢŊƦūŭ͌ļŸǔͳ Ŋ͌ƦƦƴ͌RġŊĚŊªŊƴēńŊġ͡ńġŊĚŊ͌ƞŊƴēńŊσūŊŭŭġöƛŸŢŊƦūŭ͌ļŸǔͳ ̉͌²ƴġǔġ!ƞöūġƞ͡wŊŭŭġöƛŸŢŊƦ(ŸǕŭƴŸǕŭ!ŸƼŭēŊŢ͡§ƞġƦŊĚġŭƴͳ ö͌§ńŸŭġyƼūĒġƞ͛͡͵ͳ ̌̇̈̉̉̎̉̎̆̍͜͡ Ē͌0ūöŊŢ͡͵ƦēƞöūġƞσĚŸǕŭƴŸǕŭūŊŭŭġöƛŸŢŊƦ͌ēŸūͳ ̊͌wġĚöƞŊöƞƞöĚŸŭĚŸ͡!ńŊġĻŸĻ§ŸŢŊēġͳ ö͌§ńŸŭġyƼūĒġƞ͛̌̇̈̈̏̆̉̋̊̇͜͡͡ͳͳ Ē͌0ūöŊŢ͡͵ūġĚöƞŊö͌öƞƞöĚŸŭĚŸσūŊŭŭġöƛŸŢŊƦūŭ͌ļŸǔͳ ̋͌hŸöŭŭġjöƼĻūöŭ͡àöƞġńŸƼƦġ(ŊƦƴƞŊēƴ ƼƦŊŭġƦƦƦƦŸēŊöƴŊŸŭ͡0ǚġēƼƴŊǔġͳ (ŊƞġēƴŸƞͳ ö͌§ńŸŭġyƼūĒġƞ͛̌̇̈̉̉̊̉̇̉̇͜͡͡ͳ Ē͌0ūöŊŢ͡͵ͳ ǕĚĒöσūƛŢƦǕöƞġńŸƼƦġ͌ēŸū ̌͌(öƞŊŸŭƦġŢūŸ͡wy²ƴöƴġ²ġŭöƴŸƞ͡IŸƞūġƞŸǕŭġƞŸĻƴńġIŊŭġmŊŭġͳ wƼƦŊē!öĻġͳ 3DFNHW3J *E ö͌§ńŸŭġyƼūĒġƞ͛̌̇̈̉̈̋̆̇̉̆͜͡͡ͳ Ē͌0ūöŊŢ͡͵ĚöƞŊŸƛ̊̆σļūöŊŢ͌ēŸūͳ ̍͌ŭĚǛàöƞļ͡Àöƞļġƴ!ġŭƴġƞ͡(ŊƞġēƴŸƞŸĻ ŸŸŞŊŭļͳ ö͌§ńŸŭġyƼūĒġƞ͛͡͵ͳ ̌̇̈̌̍̉̇̉̆̆͜͡ Ē͌0ūöŊŢ͡͵öŭĚǛǕöƞļσƴöƞļġƴēġŭƴġƞ͌ēŸū ͳ ͳ (ġūŸŭƦƴƞöƴŊŸŭŸĻöĒŊŢŊƴǛƴŸŸĒƴöŊŭöŢŢöƛƛƞŸƛƞŊöƴġēöƦƼöŢƴǛ͒ŢŊöĒŊŢŊƴǛŊŭƦƼƞöŭēġͳ ēŸǔġƞöļġöƛƛŢŊēöĒŢġƴŸƴńġƛƞŸƛŸƦöŢ͌ͳͳ !Ƽƞƞġŭƴ!ŸūūġƞēŊöŢXŭƦƼƞöŭēġļġŭƴƦͳ ͡hƼƦƴŊŭªġǥöƴƴŸ͡ªġǥöƴƴŸJƞŸƼƛͳͳ ̌̆̋̉̎̆̊̉̏̏͡͡͡ͳͳ ͡śƼƦƴŊŭσƞġǥöƴƴŸļƞŸƼƛ͌ēŸūͳ ͳ ͡hġĻĻ²ƴöŭŢġǛ͡§öƼŢġƴ²ŢöƴġƞļġŭēǛͳ ̌̋̇̈̌̇̍̍̋̎͡͡͡ͳͳ ͡śēƦƴöŭŢġǛσƛöƼŢġƴƦŢöƴġƞ͌ēŸū ͳ ͳ ƛƛŢŊēöŭƴ͐Ʀ©ƼöŢŊĻŊēöƴŊŸŭƦ²ƼūūöƞŊǥġƴńġöƛƛŢŊēöŭƴͬƦġǚƛġƞŊġŭēġŸŭƦŊūŊŢöƞͳ ƛƞŸśġēƴƦ͇öēƴŊǔŊƴŊġƦūöŭöļġĚ͇ŸƞƛƞŸƛġƞƴŊġƦŸƛġƞöƴġĚ͌XŭēŢƼĚġƴńġŢŊƦƴŊŭļ͇ƦŊǥŊŭļ͇ͳ öŭĚĚġƦēƞŊƛƴŊŸŭŸĻŸƴńġƞĻöēŊŢŊƴŊġƦƴńöƴöƛƛŢŊēöŭƴńöƦūöŭöļġĚ͌ ͳͳ ͳ 0ŭƴŸƼƞöļġ0ǔġŭƴƦJƞŸƼƛǕŭƦöŭĚƛġƞöƴġƦƴńġĻŸŢŢŸǕŊŭļǔġŭƼġƦ͡ͳͳ ͡ÀńġwöŭƦŊŸŭöƴÇƛƴŸǕŭ͡͵ńƴƴƛ͆͒͒ūöŭƦŊŸŭūƛŢƦ͌ēŸū͵͡ͳͳ ̈̏̆̇͡RġŭŭġƛŊŭǔġ͌wŊŭŭġöƛŸŢŊƦ͇wyͳͳ ͡ƛƞġūŊġƞġǔġŭƴƦƛöēġŊŭöƞġŭŸǔöƴġĚńŊƦƴŸƞŊēŢŊĒƞöƞǛĒƼŊŢƴŊŭ̇̏̇̇͌ͳ àŊƴńŊŭÇƛƴŸǕŭŸĻwŊŭŭġöƛŸŢŊƦ͇ƴńŊƦƼŭŊƝƼġƦƛöēġēöŭĒġġöƦŊŢǛͳ ƴƞöŭƦĻŸƞūġĚĻŸƞǛŸƼƞƦƛġēŊöŢġǔġŭƴ͌ͳ ͳ ͡ÀńġwŊŭŭġöƛŸŢŊƦ0ǔġŭƴƦ!ġŭƴġƞ͡ǕǕǕ͌ġŭƴŸƼƞöļġġǔġŭƴƦļƞŸƼƛ͌ēŸūͳ ͡ÀńġªŊǔġƞƦŊĚġ²ƛöēġ͡ġŭƴŸƼƞöļġġǔġŭƴƦļƞŸƼƛ͌ēŸū͒ƞŊǔġƞƦŊĚġͳ ͡ªŊǔġƞƦŊĚġöƴwŊŭŭġöƛŸŢŊƦ0ǔġŭƴ!ġŭƴġƞƦēġŢġĒƞöƴġƦƴńġͳ ƞġŭŸǔöƴŊŸŭŸĻöńŊƦƴŸƞŊēĒƼŊŢĚŊŭļŸǔġƞŢŸŸŞŊŭļƴńġƞŊǔġƞĻƞŸŭƴ͌ͳ ēƼƦƴŸū͡ūöĚġĻŊĒġƞŸƛƴŊēēńöŭĚġŢŊġƞŊƦƴńġĻŸēöŢƛŸŊŭƴŸĻͳ ƴńġƞŸŸū͌ĒƼŭĚöŭƴŭöƴƼƞöŢŢŊļńƴ͇ġŢġǔöƴġĚēġŊŢŊŭļƦ͇öŭĚͳ ƦƴƼŭŭŊŭļǔŊġǕƦŸĻĚŸǕŭƴŸǕŭĻƼƦġƴŸēƞġöƴġöūöļŊēöŢŢǛͳ ŊŭǔŊƴŊŭļƦƛöēġ͉ͳ 3DFNHW3J *E ͳ ͡ÀńġJƞöŭĚ̇̎̋̎²ƛöēġ͡ġŭƴŸƼƞöļġġǔġŭƴƦļƞŸƼƛ͌ēŸū͒ļƞöŭĚ̇̎̋̎ͳ ͡ ƼŊŢƴŊŭ͇̇̎̋̎ÀńġJƞöŭĚġūĒƞöēġƦƴńġńŊƦƴŸƞŊēĒġöƼƴǛŸĻƴńġͳ ĒƞŸǕŭƦƴŸŭġƦƴǛŢġǕńŊŢġŊŭēŸƞƛŸƞöƴŊŭļöƴŸƼēńŸĻūŸĚġƞŭͳ ġŢġļöŭēġ͌ÀńġƞŸŸūĻġöƴƼƞġƦöŭŸƛġŭĻŢŸŸƞƛŢöŭöŭĚöŭͳ öŢŢ͡ļŢöƦƦöƴƞŊƼūƴńöƴŢġöĚƦļƼġƦƴƦƴŸöŢƼƦńƛƞŊǔöƴġļöƞĚġŭ͌ͳ ͳ ͡wŊŭŭġöƛŸŢŊƦƞūŸƞǛ͡öƞūŸƞǛūŭ͌ēŸūͳ ͡ÀńġĒƼŊŢĚŊŭļǕöƦĚġƦŊļŭġĚĒǛ²ƴ͌§öƼŢöƞēńŊƴġēƴ§͌!͌ ġƴƴġŭĒƼƞļ͇ͳ ǕńŸǕöƦöŢƦŸöūöśŸƞŊŭƴńġwŊŭŭġƦŸƴöyöƴŊŸŭöŢJƼöƞĚ͌IƞŸūƴńġͳ Ţöƴġ̇̏̉̆ƦƴńƞŸƼļńƴńġ̇̏̍̆Ʀ͇ŊƴǕöƦöǔġŭƼġĻŸƞēŊǔŊēġǔġŭƴƦ͇ͳ ŊŭēŢƼĚŊŭļēŸŭēġƞƴƦ͇ƛŸŢŊƴŊēöŢēŸŭǔġŭƴŊŸŭƦöŭĚƦƛŸƞƴŊŭļġǔġŭƴƦ͌ͳ yŸǕ͇ƴńġwŊŭŭġöƛŸŢŊƦƞūŸƞǛŊƦƛŸŊƦġĚƴŸūöŞġöƴƞŊƼūƛńöŭƴͳ ƞġƴƼƞŭ͌ÀńġǔġŭƼġńöƦƞġƴƼƞŭġĚƴŸŊƴƦƞŸŸƴƦ͡ĒġŊŭļƴńġńŸƦƴƴŸöͳ ŭƼūĒġƞŸĻƦŸēŊöŢĻƼŭēƴŊŸŭƦ͆ēŸŭēġƞƴƦ͇ƦƛŸƞƴŊŭļġǔġŭƴƦ͇ƴƞöĚġͳ ƦńŸǕƦ͇öŭĚŸƴńġƞƛƞŊǔöƴġēġŢġĒƞöƴŊŸŭƦ͌ͳ ͡!öƛöēŊƴǛ͇̎̊̆̆͡ͳ ͳ 0ŭƴŸƼƞöļġ0ǔġŭƴƦJƞŸƼƛƛġƞöƴġƦöŭĚwöŭöļġƦ§ƞŊǔöƴġ0ǔġŭƴƦöƴƴńġͳ ĻŸŢŢŸǕŊŭļǔġŭƼġƦ͡ͳͳ 3DFNHW3J *E ͡IŊƞƦƴǔġŭƼġ͡ġŭƴŸƼƞöļġġǔġŭƴƦļƞŸƼƛ͌ēŸū͒ĻŊƞƦƴöǔġŭƼġ ͡IŊƞƦƴǔġŭƼġŊƦŸŭġŸĻƴńġŢŸŭļġƦƴ͡ƞƼŭŭŊŭļŊŭĚġƛġŭĚġŭƴŢǛ͡ŸǕŭġĚͳ öŭĚŸƛġƞöƴġĚēŢƼĒŊŭƴńġÇŭŊƴġĚ²ƴöƴġƦ͇öƦǕġŢŢöƦŸŭġŸĻƴńġūŸƦƴͳ ēġŢġĒöƴġĚ͌IŊƞƦƴǔġŭƼġͬƦ͇̈̈̆̆̆ƦƝ͌Ļƴ͌ĚŸǕŭƴŸǕŭĻöēŊŢŊƴǛŊŭŢƼĚġƦͳ ƴǕŸŢġǔġŢƦ͇ƴǕŸƞŸŸūƦ͇ö͇̇̆̆̆ƦƝ͌Ļƴ͌ĚöŭēġĻŢŸŸƞöŭĚƴńġŢġļġŭĚöƞǛͳ ūöŊŭƞŸŸūƦƴöļġ͌ͳͳ ƞöǔġyġǕàŸƞŞƦńŸƛ͡ͳ ͡ ġŭƴŸƼƞöļġġǔġŭƴƦļƞŸƼƛ͌ēŸū͒ĒƞöǔġŭġǕǕŸƞŞƦńŸƛͳ ͡ ƞöǔġyġǕàŸƞŞƦńŸƛͬƦ0ǚƛġƞŊūġŭƴöŢÀńŊŭŞŊŭļ!ġŭƴƞġ͛0À!͜ŊƦöͳ ƦƴöƴġŸĻƴńġöƞƴ͇͇̉̆̆̆ƦƝƼöƞġĻŸŸƴġǔġŭƴǔġŭƼġŢŸēöƴġĚŸŭƴńġͳ ūöŊŭĻŢŸŸƞŸĻŸƼƞƴńġöƴƞġĻöēŊŢŊƴǛöƴ̎̈̊RġŭŭġƛŊŭǔġŭƼġ͇Ŋŭƴńġͳ ńġöƞƴŸĻƴńġƴńġöƴƞġĚŊƦƴƞŊēƴŊŭĚŸǕŭƴŸǕŭwŊŭŭġöƛŸŢŊƦ͌RŸŢĚŊŭļͳ ƴƞƼġƴŸƴńġ ƞöǔġyġǕàŸƞŞƦńŸƛͬƦēŸūġĚŊēƦƴǛŢġöŭĚƴƞöĚŊƴŊŸŭŸĻͳ ƴŸƛŭŸƴēńēƼƦƴŸūġƞƦġƞǔŊēġ͇ƴńġ0À!ŸĻĻġƞƦöŢŊļńƴ͡ńġöƞƴġĚ͇ͳ ŊŭƴŊūöƴġ͇öŭĚĻƞŊġŭĚŢǛöƴūŸƦƛńġƞġ͑ƛƞŸĻġƦƦŊŸŭöŢĒƼƦŊŭġƦƦ͡ūŊŭĚġĚͳ öŭĚöēēŸūūŸĚöƴŊŭļƦƴöĻĻöŭĚūöŭöļġūġŭƴ͑ƴƞŊēŞġĚŸƼƴöƼĚŊŸ͇ͳ ǔŊĚġŸ͇öŭĚŢŊļńƴŊŭļēöƛöĒŊŢŊƴŊġƦ͑öŭĚƴńġĻŢġǚŊĒŊŢŊƴǛƴŸēŸūĻŸƞƴöĒŢǛͳ ńŸƦƴöǔöƞŊġƴǛŸĻġǔġŭƴƦƞöŭļŊŭļĻƞŸūĒƼƦŊŭġƦƦūġġƴŊŭļƦöŭĚͳ ńŸŢŊĚöǛƛöƞƴŊġƦƴŸēŸŭēġƞƴƦöŭĚƴƞöŊŭŊŭļƦġƦƦŊŸŭƦöŭĚūƼēńūŸƞġ͌ͳ ͳ ͡Àńġ§öŢöēġÀńġöƴƞġ͡ġŭƴŸƼƞöļġġǔġŭƴƦļƞŸƼƛ͌ēŸū͒ƛöŢöēġƴńġöƴƞġ ͡ ƼŊŢƴŊŭ̇̏̇̌öŭĚŭġǕŢǛƞġŸƛġŭġĚŊŭwöƞēńŸĻ͇̈̆̇̍ƴńġ§öŢöēġͳ 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