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dĞƌŵŽƌĂŶǇƌĞŶĞǁĂůƚĞƌŵƚŚĞŶŝŶĞĨĨĞĐƚ͘/ĨƚŚĞ/dzǁŝƐŚĞƐƚŽƌĞŶĞǁƚŚŝƐŐƌĞĞŵĞŶƚĂƐƐĞƚĨŽƌƚŚ ĂďŽǀĞ͕ŝƚƐŚĂůůƉƌŽǀŝĚĞǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽKZWKZd/KEŽĨŝƚƐŝŶƚĞŶƚƚŽƌĞŶĞǁŶŽůĂƚĞƌƚŚĂŶƚǁĞůǀĞ;ϭϮͿ ŵŽŶƚŚƐƉƌŝŽƌƚŽƚŚĞĞǆƉŝƌĂƚŝŽŶŽĨƚŚĞƚĞƌŵƚŚĞŶŝŶĞĨĨĞĐƚ͕ƉƌŽǀŝĚĞĚ͕ŚŽǁĞǀĞƌ͕ƚŚĂƚŝŶƚŚĞĂďƐĞŶĐĞŽĨ ƐƵĐŚŶŽƚŝĐĞ͕ƚŚĞŐƌĞĞŵĞŶƚƐŚĂůůĂƵƚŽŵĂƚŝĐĂůůǇƌĞŶĞǁĨŽƌĂŶĂĚĚŝƚŝŽŶĂůƚŚƌĞĞ;ϯͿǇĞĂƌƚĞƌŵ͘ ϮE''DEdK&KZWKZd/KEͲ^KWK&^Zs/^ ͘ Ϯ͘ϭŶŐĂŐĞŵĞŶƚ͘dŚĞ/dzŚĞƌĞďǇĞŶŐĂŐĞƐKZWKZd/KEĂƐƚŚĞƉƌŝŵĂƌǇƐĞƌǀŝĐĞƉƌŽǀŝĚĞƌƚŽŵĂŶĂŐĞ͕ ŵĂƌŬĞƚ͕ĂŶĚďŽŽŬƐƉŽƌƚƐĨĂĐŝůŝƚŝĞƐŝŶZŽĐŚĞƐƚĞƌĂƐƚŚĞĚĞƐƚŝŶĂƚŝŽŶĨŽƌŶĂƚŝŽŶĂů͕ƌĞŐŝŽŶĂůĂŶĚůŽĐĂů ƐƉŽƌƚŝŶŐĞǀĞŶƚƐ͘KZWKZd/KEƐŚĂůůƉĞƌĨŽƌŵĂŶĚƉƌŽǀŝĚĞƐƵĐŚƐĞƌǀŝĐĞƐĂƐĂƌĞĂƉƉƌŽƉƌŝĂƚĞĂŶĚ ŶĞĐĞƐƐĂƌǇŝŶĂĨŝƌƐƚͲĐůĂƐƐŵĂŶŶĞƌ͕ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƚĞƌŵƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͕ĂŶĚŝŶĐŽůůĂďŽƌĂƚŝŽŶ ǁŝƚŚƚŚĞ/dzĂŶĚĐŽŵŵƵŶŝƚǇƉĂƌƚŶĞƌƐ͕ǁŚŝĐŚĂƌĞĞŶŐĂŐĞĚŝŶ͕ĂŶĚƐƵƉƉŽƌƚ͕ƚŚĞŵŝƐƐŝŽŶŽĨƚŚĞ/dz͘ Ϯ͘Ϯ^ƉĞĐŝĨŝĐƐĞƌǀŝĐĞƐ͘tŝƚŚŽƵƚůŝŵŝƚŝŶŐƚŚĞŐĞŶĞƌĂůŝƚǇŽĨƚŚĞĨŽƌĞŐŽŝŶŐ͕KZWKZd/KEƐŚĂůůŚĂǀĞƚŚĞƌŝŐŚƚ͕ ĂƵƚŚŽƌŝƚǇĂŶĚŽďůŝŐĂƚŝŽŶƚŽƉĞƌĨŽƌŵƚŚĞƐĞƌǀŝĐĞƐƐĞƚĨŽƌƚŚďĞůŽǁĂŶĚŚĞƌĞĂĨƚĞƌƌĞĨĞƌƌĞĚƚŽĂƐƚŚĞ ͞^ĞƌǀŝĐĞƐ͗͟ ;ĂͿDĂŶĂŐĞĂůůĨŝŶĂŶĐŝĂůƐŝŶĐůƵĚŝŶŐĂůůĞǆƉĞŶƐĞƐƚŽĂŶĂŐƌĞĞĚƵƉŽŶďƵĚŐĞƚĂŶĚƉƌĞƉĂƌĞĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐĂŶĚƚŚĞƋƵĂŶƚŝƚĂƚŝǀĞĂŶĚƋƵĂůŝƚĂƚŝǀĞƌĞƐƵůƚƐĂƐŽƵƚůŝŶĞĚŝŶŐƌĞĞŵĞŶƚ͖ĂŶĚ ;ďͿWƌŽŵŽƚĞĂŶĚŵĂƌŬĞƚZŽĐŚĞƐƚĞƌ͕ĂƐĂƉƌĞŵŝĞƌĚĞƐƚŝŶĂƚŝŽŶĨŽƌƐƉŽƌƚŝŶŐĞǀĞŶƚƐŝŶĐŽůůĂďŽƌĂƚŝŽŶ ǁŝƚŚZŽĐŚĞƐƚĞƌDŝŶŶĞƐŽƚĂ͛ƐŽŶǀĞŶƚŝŽŶĂŶĚsŝƐŝƚŽƌƐƵƌĞĂƵ͖ĂŶĚ ;ĐͿ^ĞůůĂŶĚĐŽŽƌĚŝŶĂƚĞƚŚĞďŽŽŬŝŶŐĂŶĚƌĞƐĞƌǀĂƚŝŽŶŽĨƐƉŽƌƚƐĨĂĐŝůŝƚŝĞƐ͕ŚŽƚĞůƌŽŽŵƐ͕ĂŶĚŽƚŚĞƌŽĨĨͲ ƐŝƚĞǀĞŶƵĞƐĂƐŶĞĐĞƐƐĂƌǇŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƐƵĐŚƐƉŽƌƚŝŶŐĞǀĞŶƚƐĂŶĚZŽĐŚĞƐƚĞƌŚŽƚĞůƐŝŶŽƌĚĞƌƚŽ ƉƌŽǀŝĚĞƐĞĂŵůĞƐƐďŽŽŬŝŶŐƉƌŽĐĞƐƐĞƐĨŽƌƐƉĂĐĞĂŶĚŽƚŚĞƌŐƌŽƵƉŶĞĞĚƐ͖ ;ĚͿWĂƌƚŝĐŝƉĂƚĞŝŶĂƉƉƌŽƉƌŝĂƚĞƐƉŽƌƚƐĂƐƐŽĐŝĂƚŝŽŶ͛ƐĞǀĞŶƚƐĂŶĚƚƌĂĚĞƐŚŽǁƐƚŽĂƐƐƵƌĞƚŚĂƚĨĂǀŽƌĂďůĞ ZK,^dZDE^WKZd^ ĂŶĚƚĂƌŐĞƚĞĚƉƵďůŝĐŝƚǇĂďŽƵƚƚŚĞŝƚǇĂŶĚŝƐĐŽŶƚŝŶƵĞĚĂŶĚĞǆƉĂŶĚĞĚ͖ ;ĞͿWƌŽǀŝĚĞĞǀĞŶƚͲƉůĂŶŶŝŶŐƐĞƌǀŝĐĞƐƚŽĂƐƐŽĐŝĂƚŝŽŶƐ͕ďƵƐŝŶĞƐƐĞƐ͕ŽƌŐĂŶŝǌĂƚŝŽŶƐĂŶĚŐƌŽƵƉƐ ĐŽŶǀĞŶŝŶŐŽƌŚŽůĚŝŶŐƐƉŽƌƚŝŶŐĞǀĞŶƚƐŝŶƚŚĞŝƚǇ͖ ;ĨͿWƌĞƉĂƌĞ͕ƉƵďůŝƐŚĂŶĚƵƉĚĂƚĞĚƵƌŝŶŐƚŚĞƚĞƌŵŽĨƚŚŝƐŐƌĞĞŵĞŶƚĂŶĚĂŶǇƌĞŶĞǁĂůƐƚŚĞƌĞŽĨ͕ ZK,^dZDE^WKZd^ ŵĂƚĞƌŝĂůƐƉƌŽǀŝĚŝŶŐƐƉĞĐŝĨŝĐŝŶĨŽƌŵĂƚŝŽŶŽŶ͕ĂŶĚŚŽƚĞůƐ͕ƌĞƐƚĂƵƌĂŶƚƐ͕ ĞŶƚĞƌƚĂŝŶŵĞŶƚĂŶĚŽƚŚĞƌĂŵĞŶŝƚŝĞƐůŽĐĂƚĞĚŝŶƚŚĞŝƚǇ͕ĂŶĚĚŝƐƚƌŝďƵƚĞƐĂŝĚŵĂƚĞƌŝĂůƐƚŽĞǀĞŶƚ ƉůĂŶŶĞƌƐŽƌĐŽŽƌĚŝŶĂƚŽƌƐ͖ ;ŐͿŽŽƌĚŝŶĂƚĞǁŝƚŚŝƚǇŚŽƚĞůƐ͕ƌĞƐƚĂƵƌĂŶƚƐĂŶĚĞŶƚĞƌƚĂŝŶŵĞŶƚǀĞŶƵĞƐƚŚĞĐƌŽƐƐͲƐĞůůŝŶŐĂŶĚ ďŽŽŬŝŶŐŽĨƐĂŝĚĨĂĐŝůŝƚŝĞƐŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞďŽŽŬŝŶŐŽĨƐƉŽƌƚŝŶŐĞǀĞŶƚƐ͖ 3DFNHW3J )D ;ŚͿDĂŝŶƚĂŝŶĂŵĂƐƚĞƌƐĞƚŽĨďŽŽŬŝŶŐƐĂŶĚƐĐŚĞĚƵůĞƐ;ĂŶĚŽƚŚĞƌƌĞůĂƚĞĚďŽŽŬƐĂŶĚƌĞĐŽƌĚƐͿĨŽƌ ƐƉŽƌƚŝŶŐĞǀĞŶƚƐŝŶZŽĐŚĞƐƚĞƌ͖ ;ŝͿƌĞĂƚĞĂŶĚŵĂŝŶƚĂŝŶƐƚƌĂƚĞŐŝĐƌĞůĂƚŝŽŶƐŚŝƉƐĨŽƌƚŚĞĐŽŽƌĚŝŶĂƚŝŽŶŽĨƐĞƌǀŝĐĞƐǁŝƚŚƚŚĞ/dzĂŶĚ ŝƚƐďƵƐŝŶĞƐƐƉĂƌƚŶĞƌƐ͕ŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽƚŚĞ/dz͛^ĂƚŚůĞƚŝĐĨŝĞůĚƐ͕ZĞĐƌĞĂƚŝŽŶƐĞŶƚĞƌ͕ 'ƌĂŚĂŵƌĞŶĂ͕ĂŶĚDĂǇŽŝǀŝĐĞŶƚĞƌ͕ĂŵŽŶŐŽƚŚĞƌƐ͘ ϯ&/EE/>'ZDEd ͘ ϯ͘ϭWĞƌĨŽƌŵĂŶĐĞŵĞƚƌŝĐƐ͘KZWKZd/KEƐŚĂůůŵĞĂƐƵƌĞĂŶĚƌĞƉŽƌƚƐƵĐĐĞƐƐĂŐĂŝŶƐƚĂŐƌĞĞĚƵƉŽŶŵĞƚƌŝĐƐ͕ ĂŶĚŬĞǇƉĞƌĨŽƌŵĂŶĐĞŝŶĚŝĐĂƚŽƌƐ;͞<W/Ɛ͟ͿŽĨƚŚĞWĂƌƚŝĞƐ͘^ƵĐŚŵĞƚƌŝĐƐǁŝůůŵĞĂƐƵƌĞWůĂŶWĞƌĨŽƌŵĂŶĐĞ ZK,^dZDE^WKZd^ ĂŶĚƐŚĂůůŝŶĐůƵĚĞ͗;ŝͿĨŝƐĐĂůƉĞƌĨŽƌŵĂŶĐĞŽĨ;ĂŐĂŝŶƐƚďƵĚŐĞƚͿ;ŝŝͿĂĐƚƵĂůƌŽŽŵ ŶŝŐŚƚƐĐŽŶƐƵŵĞĚĂŶĚďŽŽŬĞĚĂŶŶƵĂůůǇĂƚZŽĐŚĞƐƚĞƌŚŽƚĞůƐŐĞŶĞƌĂƚĞĚĨƌŽŵďŽŽŬŝŶŐƐĚŝƌĞĐƚůǇƚŝĞĚƚŽ ƐƉŽƌƚŝŶŐĞǀĞŶƚƐ;ŝŝŝͿŶƵŵďĞƌŽĨƐƉŽƌƚŝŶŐĞǀĞŶƚƐŚĞůĚĂŶŶƵĂůůǇŝŶZŽĐŚĞƐƚĞƌ;ĐŽůůĞĐƚŝǀĞůǇ͕ƚŚĞ ͞WĞƌĨŽƌŵĂŶĐĞDĞƚƌŝĐƐ͟Ϳ͘dŚ ĞKZWKZd/KEǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉƌĞƐĞŶƚƚŽƚŚĞ/dzĂŶŶƵĂůůǇǁŝƚŚ ƵƉĚĂƚĞƐĂŐĂŝŶƐƚƚŚĞƐĞ<W/Ɛ͘dŚĞKZWKZd/KEǁŝůůĐƌĞĂƚĞ͕ŵĂŝŶƚĂŝŶĂŶĚĨƌĞƋƵĞŶƚůǇƵƉĚĂƚĞĂƉƵďůŝĐ ĚĂƐŚďŽĂƌĚŽĨŝƚƐ<W/ƐƚŽĞŶƐƵƌĞƚƌĂŶƐƉĂƌĞŶĐǇ͘dŚĞĚĂƐŚďŽĂƌĚǁŝůůďĞůŽĐĂƚĞĚŽŶƚŚĞKZWKZd/KE͛Ɛ ŚŽŵĞǁĞďƉĂŐĞ͘ ϯ͘Ϯ&ƵŶĚŝŶŐŽĨĂƉƉƌŽǀĞĚďƵĚŐĞƚ͘ ;ĂͿdŚĞ/dzƐŚĂůůĂůůŽĐĂƚĞΨϲϬϬ͕ϬϬϬ͘ϬϬĂŶŶƵĂůůǇĨŽƌĞĂĐŚǇĞĂƌŽĨƚŚĞŝŶŝƚŝĂůƚĞƌŵŽĨƚŚŝƐ ĂŐƌĞĞŵĞŶƚĨƌŽŵƚŚĞŚŽƚĞůƚĂǆƌĞǀĞŶƵĞĂŶŶƵĂůůǇƚŽĨƵŶĚƚŚĞKZWKZd/KE͘ ;ďͿĂƐĞĚŽŶƚŚĞĂƉƉƌŽǀĞĚƵĚŐĞƚ͕/dzƐŚĂůůĨƵŶĚKZWKZd/KEŝŶƚǁŽ;ϮͿĞƋƵĂůŝŶƐƚĂůůŵĞŶƚƐŽŶ :ĂŶƵĂƌǇϭϱ͕ĂŶĚ:ƵůǇϭϱŽĨĞĂĐŚƵĚŐĞƚǇĞĂƌ͘/dzƐŚĂůůŵĂŬĞĂůůƉĂǇŵĞŶƚƐďǇĞůĞĐƚƌŽŶŝĐĨƵŶĚƐ ƚƌĂŶƐĨĞƌƚŽƚŚĞďĂŶŬĂĐĐŽƵŶƚĚĞƐŝŐŶĂƚĞĚďǇKZWKZd/KE͘ ϯ͘ϯ>ŝŵŝƚĂƚŝŽŶƐŽŶ/dzĨƵŶĚŝŶŐ͘ ;ĂͿůůĨƵŶĚƐƉƌŽǀŝĚĞĚƚŽKZWKZd/KEƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞĚĞƌŝǀĞĚŽŶůǇĨƌŽŵĂ ƉŽƌƚŝŽŶŽĨƚŚĞŚŽƚĞůƚĂǆƌĞǀĞŶƵĞƐĂĐƚƵĂůůǇ͕ĂŶĚŽŶůǇƚŽƚŚĞĞǆƚĞŶƚ͕ƌĞĐĞŝǀĞĚďǇƚŚĞ/dz͘ ;ďͿ/dzƐŚĂůůŶŽƚďĞŽďůŝŐĂƚĞĚƚŽŵĂŬĞƉĂǇŵĞŶƚŚĞƌĞƵŶĚĞƌĨƌŽŵĂŶǇŽƚŚĞƌƐŽƵƌĐĞŽĨĨƵŶĚƐ͘ ;ĐͿEŽƚǁŝƚŚƐƚĂŶĚŝŶŐĂŶǇƉƌŽǀŝƐŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚŽƌĂŶǇĞǆŚŝďŝƚŽƌŽƚŚĞƌĂŐƌĞĞŵĞŶƚŽƌ ĚŽĐƵŵĞŶƚƌĞůĂƚĞĚŚĞƌĞƚŽƚŽƚŚĞĐŽŶƚƌĂƌǇ͕/dz͛ƐƉĂǇŵĞŶƚŽĨĨƵŶĚƐƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚŝƐŝŶ ĂůůƌĞƐƉĞĐƚƐƐƵďũĞĐƚƚŽĂŶŶƵĂůĂƉƉƌŽƉƌŝĂƚŝŽŶďǇƚŚĞ/dz͘dŚĞ/dz͛ƐĞŶƚŝƌĞŽďůŝŐĂƚŝŽŶƵŶ ĚĞƌ ƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞůŝŵŝƚĞĚƚŽƚŚĞĂŵŽƵŶƚĂƉƉƌŽƉƌŝĂƚĞĚ͖ƐƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐƐĞƚ ĨŽƌƚŚŝŶƚŚŝƐƐĞĐƚŝŽŶ͘ ϰ&/EE/>h/d^ ͘ ϰ͘ϭƵĚŝƚZĞƉŽƌƚ͘tŝƚŚŝŶŽŶĞŚƵŶĚƌĞĚƚǁĞŶƚǇ;ϭϮϬͿĚĂǇƐĂĨƚĞƌƚŚĞĞŶĚŽĨĞĂĐŚǇĞĂƌ͕KZWKZd/KEƐŚĂůů ƉƌĞƉĂƌĞĂŶĚƐƵďŵŝƚƚŽƚŚĞ/dzĂƚKZWKZd/KE͛ƐĞǆƉĞŶƐĞĂŶĂŶŶƵĂůĂƵĚŝƚƌĞƉŽƌƚŽĨƌĞǀĞŶƵĞƐĂŶĚ ĞǆƉĞŶƐĞƐƌĞůĂƚĞĚƚŽƚŚŝƐŐƌĞĞŵĞŶƚĂŶĚĂŶŽƉŝŶŝŽŶƚŚĞƌĞŽŶƉƌĞƉĂƌĞĚďǇĂŶŝŶĚĞƉĞŶĚĞŶƚĐĞƌƚŝĨŝĞĚ ƉƵďůŝĐĂĐĐŽƵŶƚŝŶŐĨŝƌŵ͘dŚĞĂƵĚŝƚƌĞƉŽƌƚƐŚĂůůŝŶĐůƵĚĞĂŶĂŶŶƵĂůĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƉƌĞƉĂƌĞĚŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚŐĞŶĞƌĂůůǇĂĐĐĞƉƚĞĚĂĐĐŽƵŶƚŝŶŐƉƌŝŶĐŝƉůĞƐ;'WͿĂŶĚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƚĂƚĞŵĞŶƚ 3DFNHW3J )D ŽĨ&ŝŶĂŶĐŝĂůĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐEŽ͘ϭϭϳ;&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐŽĨEŽƚͲĨŽƌͲWƌŽĨŝƚ KƌŐĂŶŝǌĂƚŝŽŶƐͿ͘KZWKZd/KEƐŚĂůůŵĂŬĞĂǀĂŝůĂďůĞƚŽƚŚĞ/dzĂůůǁŽƌŬƉĂƉĞƌƐĂŶĚƌĞĐŽƌĚƐƉƌŽĚƵĐĞĚ ďǇƚŚĞĂƵĚŝƚŽƌƉĞƌƚĂŝŶŝŶŐƚŽƚŚĞĂƵĚŝƚ͕ŽƌĐŽƉŝĞƐƚŚĞƌĞŽĨ͕ǁŝƚŚŝŶƚĞŶ;ϭϬͿǁŽƌŬŝŶŐĚĂǇƐĂĨƚĞƌŶŽƚŝĐĞďǇ /dzƚŽĚŽƐŽ͘ ϰ͘Ϯ/ŶƐƉĞĐƚŝŽŶŽĨŽŽŬƐĂŶĚZĞĐŽƌĚƐ͘dŚĞ/dzŽƌŝƚƐĂŐĞŶƚŵĂǇŝŶƐƉĞĐƚKZWKZd/KE͛ƐďŽŽŬƐĂŶĚƌĞĐŽƌĚƐ ƚŚĂƚƌĞůĂƚĞƚŽƚŚŝƐŐƌĞĞŵĞŶƚĂƚƐƵĐŚƚŝŵĞƐĚƵƌŝŶŐŶŽƌŵĂůďƵƐŝŶĞƐƐŚŽƵƌƐƚŚĂƚƚŚĞ/dzĚĞĞŵƐ ĂƉƉƌŽƉƌŝĂƚĞ͕ƵƉŽŶŽŶĞďƵƐŝŶĞƐƐĚĂǇŶŽƚŝĐĞ͘hƉŽŶƌĞĂƐŽŶĂďůĞƌĞƋƵĞƐƚ͕KZWKZd/KEƐŚĂůůĨƵƌŶŝƐŚ ĐŽƉŝĞƐŽĨĂůůďŽŽŬƐĂŶĚƌĞĐŽƌĚƐƚŽƚŚĞ/dz͕ĂƚŶŽĐŽƐƚƚŽƚŚĞ/dz͘ ϱ͘WZ^KEE> ϱ͘ϭKZWKZd/KEƐŚĂůůŚĂǀĞƚŚĞƌŝŐŚƚƚŽĐŚĂŶŐĞŝƚƐƉĞƌƐŽŶŶĞůĚĞƐŝŐŶĂƚĞĚƚŽƉƌŽǀŝĚĞƐĞƌǀŝĐĞƐƚŽƚŚĞ/dz͕ ƐƵďũĞĐƚƚŽƚŚĞ/dz͛ƐƌŝŐŚƚƚŽĐŽŶƐƵůƚǁŝƚŚKZWKZd/KEĂƐƚŽĂŶǇĐŚĂŶŐĞƚŽƚŚĞŝƌĞĐƚŽƌƉŽƐŝƚŝŽŶ͘ KZWKZd/KEƐŚĂůůŵĂŬĞƚŚĞĨŝŶĂůĚĞƚĞƌŵŝŶĂƚŝŽŶĂƐƚŽĂůůƉĞƌƐŽŶŶĞůĂŶĚƚŚĞŝƌĞĐƚŽƌŝŶŝƚƐƐŽůĞĂŶĚ ĂďƐŽůƵƚĞĚŝƐĐƌĞƚŝŽŶ͘ ϱ͘ϮŽŶĨŝĚĞŶƚŝĂůŝƚǇ͘dŽƚŚĞĨƵůůĞƐƚĞǆƚĞŶƚĂůůŽǁĞĚďǇůĂǁ͕KZWKZd/KEƐŚĂůůĐĂƵƐĞŝƚƐĞǆĞĐƵƚŝǀĞĂŶĚƐĂůĞƐ ƉĞƌƐŽŶŶĞůƚŽĞǆĞĐƵƚĞĐŽŶĨŝĚĞŶƚŝĂůŝƚǇĂŶĚŶŽŶͲĐŽŵƉĞƚĞĂŐƌĞĞŵĞŶƚƐ͕ǁŚŝĐŚĂŐƌĞĞŵĞŶƚƐƐŚĂůůƌĞŵĂŝŶ ŝŶĨƵůůĨŽƌĐĞĂŶĚĞĨĨĞĐƚĚƵƌŝŶŐƚŚĞƚĞƌŵŽĨƐƵĐŚƉĞƌƐŽŶŶĞů͛ƐĞŵƉůŽǇŵĞŶƚĂŶĚƐŚĂůůƚŽƚŚĞĞǆƚĞŶƚ ƉƌĂĐƚŝĐĂů͕ƐĞĞŬƚŽŽďƚĂŝŶĂĐŽŶĨŝĚĞŶƚŝĂůŝƚǇĂŶĚŶŽŶͲĐŽŵƉĞƚĞĂŐƌĞĞŵĞŶƚĨŽƌĂŽŶĞͲǇĞĂƌƉĞƌŝŽĚ 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WĂƌƚǇƵŶůĞƐƐƐƵĐŚǁĂŝǀĞƌŝƐŐŝǀĞŶŝŶǁƌŝƚŝŶŐƚŽƚŚĞŽƚŚĞƌWĂƌƚǇ͘dŚĞĨĂŝůƵƌĞŽĨĂŶǇWĂƌƚǇƚŽŝŶƐŝƐƚƵƉŽŶ ƐƚƌŝĐƚƉĞƌĨŽƌŵĂŶĐĞŽĨĂŶǇŽĨƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŚĞƌĞŽĨ͕ŽƌĨĂŝůƵƌĞŽƌĚĞůĂǇƚŽĞǆĞƌĐŝƐĞĂŶǇƌŝŐŚƚƐ ƉƌŽǀŝĚĞĚŚĞƌĞŝŶŽƌďǇůĂǁ͕ƐŚĂůůŶŽƚďĞĚĞĞŵĞĚĂǁĂŝǀĞƌŽĨĂŶǇƌŝŐŚƚƐŽĨĞŝƚŚĞƌWĂƌƚǇ͘dŚŝƐŐƌĞĞŵĞŶƚ ƐŚĂůůŶŽƚďĞĂŵĞŶĚĞĚŽƌŵŽĚŝĨŝĞĚƵŶůĞƐƐƐĞƚĨŽƌƚŚŝŶĂǁƌŝƚƚĞŶĂŵĞŶĚŵĞŶƚŚĞƌĞƚŽĂŶĚĞǆĞĐƵƚĞĚďǇ ƚŚĞĚƵůǇĂƵƚŚŽƌŝǌĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐŽĨĞĂĐŚWĂƌƚǇ͘ 3DFNHW3J )D ϳ͘ϲŶƚŝƌĞŐƌĞĞŵĞŶƚ͖^ĞǀĞƌĂďŝůŝƚǇ͘dŚĞĨŽƌĞŐŽŝŶŐƉĂƌĂŐƌĂƉŚƐĂŶĚƌĞĨĞƌĞŶĐĞƐ͕ŝŶĐůƵĚŝŶŐĂůůĞǆŚŝďŝƚƐ ŚĞƌĞƚŽ͕ĐŽŶƚĂŝŶƚŚĞĞŶƚŝƌĞŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞWĂƌƚŝĞƐĂŶĚƐƵƉĞƌƐĞĚĞĂŶǇƉƌĞǀŝŽƵƐ ƵŶĚĞƌƐƚĂŶĚŝŶŐ͕ĐŽŵŵŝƚŵĞŶƚ͕ŽƌĂŐƌĞĞŵĞŶƚ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͘ŶǇƉƌŽǀŝƐŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚǁŚŝĐŚ ŝƐƉƌŽŚŝďŝƚĞĚŽƌƵŶĞŶĨŽƌĐĞĂďůĞŝŶĂŶǇũƵƌŝƐĚŝĐƚŝŽŶƐŚĂůů͕ĂƐƚŽƐƵĐŚũƵƌŝƐĚŝĐƚŝŽŶ͕ďĞŝŶĞĨĨĞĐƚŝǀĞƚŽƚŚĞ ĞǆƚĞŶƚŽĨƐƵĐŚƉƌŽŚŝďŝƚŝŽŶŽƌƵŶĞŶĨŽƌĐĞĂďŝůŝƚǇǁŝƚŚŽƵƚŝŶǀĂůŝĚĂƚŝŶŐƚŚĞƌĞŵĂŝŶŝŶŐƉƌŽǀŝƐŝŽŶƐŚĞƌĞŽĨ͕ ĂŶĚĂŶǇƐƵĐŚƉƌŽŚŝďŝƚŝŽŶŽƌƵŶĞŶĨŽƌĐĞĂďŝůŝƚǇŝŶĂŶǇũƵƌŝƐĚŝĐƚŝŽŶƐŚĂůůŶŽƚŝŶǀĂůŝĚĂƚĞŽƌƌĞŶĚĞƌ ƵŶĞŶĨŽƌĐĞĂďŝůŝƚǇƐƵĐŚƉƌŽǀŝƐŝŽŶŝŶĂŶǇŽƚŚĞƌũƵƌŝƐĚŝĐƚŝŽŶ͘ ϳ͘ϳEŽƚŝĐĞ͘ůůŶŽƚŝĐĞƐĂŶĚŽƚŚĞƌĐŽŵŵƵŶŝĐĂƚŝŽŶƐŐŝǀĞŶŽƌŵĂĚĞƉƵƌƐƵĂŶƚƚŽƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞŝŶ ǁƌŝƚŝŶŐĂŶĚƐŚĂůůďĞĚĞĞŵĞĚĞĨĨĞĐƚŝǀĞůǇŐŝǀĞŶƵƉŽŶƚŚĞĞĂƌůŝĞƌŽĨĂĐƚƵĂůƌĞĐĞŝƉƚŽƌ͗;ŝͿƉĞƌƐŽŶĂů ĚĞůŝǀĞƌǇƚŽƚŚĞWĂƌƚǇƚŽďĞŶŽƚŝĨŝĞĚ͕;ŝŝͿǁŚĞŶƐĞŶƚ͕ŝĨƐĞŶƚďǇĞůĞĐƚƌŽŶŝĐŵĂŝůŽƌĨĂĐƐŝŵŝůĞĚƵƌŝŶŐŶŽƌŵĂů ďƵƐŝŶĞƐƐŚŽƵƌƐŽĨƚŚĞƌĞĐŝƉŝĞŶƚĂŶĚŝĨŶŽƚƐĞŶƚĚƵƌŝŶŐŶŽƌŵĂůďƵƐŝŶĞƐƐŚŽƵƌƐ͕ƚŚĞŶŽŶƚŚĞƌĞĐŝƉŝĞŶƚ͛Ɛ ŶĞǆƚďƵƐŝŶĞƐƐĚĂǇ͕;ŝŝŝͿĨŝǀĞ;ϱͿĚĂǇƐĂĨƚĞƌŚĂǀŝŶŐďĞĞŶƐĞŶƚďǇƌĞŐŝƐƚĞƌĞĚŽƌĐĞƌƚŝĨŝĞĚŵĂŝů͕ƌĞƚƵƌŶƌĞĐĞŝƉƚ ƌĞƋƵĞƐƚĞĚ͕ƉŽƐƚĂŐĞƉƌĞƉĂŝĚ͕Žƌ;ǀͿŽŶĞ;ϭͿďƵƐŝŶĞƐƐĚĂǇĂĨƚĞƌďĞŝŶŐ;ǆͿƐĞŶƚďǇh͘^͘ǆƉƌĞƐƐDĂŝů͕ƌĞƚƵƌŶ ƌĞĐĞŝƉƚƌĞƋƵĞƐƚĞĚ͕Žƌ;ǇͿĚĞƉŽƐŝƚĞĚǁŝƚŚĂŶĂƚŝŽŶĂůůǇƌĞĐŽŐŶŝǌĞĚŽǀĞƌŶŝŐŚƚĐŽƵƌŝĞƌ͕ĨƌĞŝŐŚƚƉƌĞƉĂŝĚ͕ ƐƉĞĐŝĨǇŝŶŐŶĞǆƚďƵƐŝŶĞƐƐĚĂǇĚĞůŝǀĞƌ͕ǁŝƚŚǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽĨƌĞĐĞŝƉƚ͘ůůƐƵĐŚŶŽƚŝĐĞƐŽƌŽƚŚĞƌ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐŚĂůůďĞƐĞŶƚƚŽĂŶǇWĂƌƚǇĂƚƚŚĞĂĚĚƌĞƐƐƐĞƚĨŽƌƚŚďĞůŽǁ͗ /ĨƚŽKZWKZd/KE͗ZŽĐŚĞƐƚĞƌDE^ƉŽƌƚƐ ƚƚĞŶƚŝŽŶ͗ǆĞĐƵƚŝǀĞŝƌĞĐƚŽƌ WŚŽŶĞEŽ͗;ϱϬϳͿϮϴϬͲϰϳϬϮ ŵĂŝů͗ŵĞƐĂƵΛƌŽĐŚĞƐƚĞƌŵŶƐƉŽƌƚƐ͘ŽƌŐ tŝƚŚĂĐŽƉǇƚŽ͗<ƌĞŐ͘<ĂƵĨĨŵĂŶ WŚŽŶĞ͗ϱϬϳͲϮϴϱͲϱϯϱϬ ŵĂŝů͗ŬŬĂƵĨĨŵĂŶΛŬĂƵĨĨŵĂŶůĂǁĨŝƌŵ͘ĐŽŵ /ĨƚŽ/dz͗ŝƚǇŽĨZŽĐŚĞƐƚĞƌ ƚƚĞŶƚŝŽŶ͗ŝƚǇĚŵŝŶŝƐƚƌĂƚŽƌ WŚŽŶĞEŽ͗;ϱϬϳͿϯϮϴͲϮϬϬϰ ŵĂŝů͗^ZǇŵĞƌΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ tŝƚŚĂĐŽƉǇƚŽ͗ŝƚǇŽĨZŽĐŚĞƐƚĞƌ ƚƚĞŶƚŝŽŶ͗ŝƚǇƚƚŽƌŶĞǇ WŚŽŶĞEŽ͗;ϱϬϳͿϯϮϴͲϮϭϬϯ ŵĂŝů͗:ůŽŽƐΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ϳ͘ϴtĂŝǀĞƌŽĨ:ƵƌǇdƌŝĂů͘,WZdz͕&KZ/d^>&EKE,>&K&/d^&&/>/d^͕,Zzt/s^/d^ Z/',ddKdZ/>z:hZz/EEzd/KE͕>t^h/dKZWZK/E'Z>d/E'dKEz/^Whd Z/^/E'hEZKZ/EKEEd/KEt/d,d,/^'ZDEdKZEzdZE^d/KE^Z//E d,/^'ZDEdKZ/^WhddtEd,WZd/^͘ ϳ͘ϵƵŵƵůĂƚŝǀĞZĞŵĞĚŝĞƐ͘EŽƌĞŵĞĚǇĐŽŶĨĞƌƌĞĚƵƉŽŶĂŶǇWĂƌƚǇƉƵƌƐƵĂŶƚƚŽƚŚŝƐŐƌĞĞŵĞŶƚŝƐŝŶƚĞŶĚĞĚ ƚŽďĞĞǆĐůƵƐŝǀĞŽĨĂŶǇŽƚŚĞƌƌĞŵĞĚǇĂǀĂŝůĂďůĞƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚŽƌĂƉƉůŝĐĂďůĞůĂǁĂŶĚĞĂĐŚ 3DFNHW3J )D ƌĞŵĞĚǇƐŚĂůůďĞĐƵŵƵůĂƚŝǀĞĂŶĚƐŚĂůůďĞŝŶĂĚĚŝƚŝŽŶƚŽĞǀĞƌǇŽƚŚĞƌƌĞŵĞĚǇĂǀĂŝůĂďůĞƵŶĚĞƌƚŚŝƐ ŐƌĞĞŵĞŶƚŽƌĂƉƉůŝĐĂďůĞůĂǁŶŽǁŽƌŝŶƚŚĞĨƵƚƵƌĞ͘ ϳ͘ϭϬŽƵŶƚĞƌƉĂƌƚƐ͘dŚŝƐŐƌĞĞŵĞŶƚŵĂǇďĞĞǆĞĐƵƚĞĚŝŶƐĞǀĞƌĂůĐŽƵŶƚĞƌƉĂƌƚƐ͘/ĨƐŽĞǆĞĐƵƚĞĚ͕ĞĂĐŚŽĨ ƐƵĐŚĐŽƵŶƚĞƌƉĂƌƚƐƐŚĂůůďĞĚĞĞŵĞĚĂŶŽƌŝŐŝŶĂůĨŽƌĂůůƉƵƌƉŽƐĞƐĂŶĚĂůůĐŽƵŶƚĞƌƉĂƌƚƐƐŚĂůů͕ĐŽůůĞĐƚŝǀĞůǇ ĐŽŶƐƚŝƚƵƚĞŽŶĂŐƌĞĞŵĞŶƚ͘/ŶŵĂŬŝŶŐƉƌŽŽĨŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͕ŝƚƐŚĂůůŶŽƚďĞŶĞĐĞƐƐĂƌǇƚŽƉƌŽĚƵĐĞŽƌ ĂĐĐŽƵŶƚĨŽƌŵŽƌĞƚŚĂŶŽŶĞƐƵĐŚĐŽƵŶƚĞƌƉĂƌƚ͘ ϳ͘ϭϭ&ĂĐƐŝŵŝůĞŽƌůĞĐƚƌŽŶŝĐ^ŝŐŶĂƚƵƌĞ͘ŝƚŚĞƌWĂƌƚǇŵĂǇĚĞůŝǀĞƌŝƚƐƐŝŐŶĂƚƵƌĞƚŽƚŚŝƐŐƌĞĞŵĞŶƚŽƌĂŶǇ ŶŽƚŝĐĞŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŐƌĞĞŵĞŶƚďǇĨĂĐƐŝŵŝůĞŽƌŽƚŚĞƌĞůĞĐƚƌŽŶŝĐƚƌĂŶƐŵŝƐƐŝŽŶ ƚŽƚŚĞŽƚŚĞƌWĂƌƚǇ͘ŶǇĚŽĐƵŵĞŶƚƐŝŐŶĞĚĂŶĚĚĞůŝǀĞƌĞĚďǇĂƉĂƌƚǇďǇĨĂĐƐŝŵŝůĞŽƌŽƚŚĞƌĞůĞĐƚƌŽŶŝĐ ƚƌĂŶƐŵŝƐƐŝŽŶĂŶĚƌĞĂƐŽŶĂďůǇďĞůŝĞǀĞĚďǇƚŚĞƌĞĐŝƉŝĞŶƚƚŽŚĂǀĞďĞĞŶƐĞŶƚďǇŽƌŽŶďĞŚĂůĨŽĨƚŚĂƚWĂƌƚǇ ƐŚĂůů;ĂͿďĞďŝŶĚŝŶŐƵƉŽŶĂŶĚĨƵůůǇĞŶĨŽƌĐĞĂďůĞĂŐĂŝŶƐƚƚŚĂƚWĂƌƚǇĂƐƚŚŽƵŐŚŝƚŚĂĚĚĞůŝǀĞƌĞĚĂ ŵĂŶƵĂůůǇͲƐŝŐŶĞĚĐŽƵŶƚĞƌƉĂƌƚƚŽƚŚĞƌĞĐŝƉŝĞŶƚĂŶĚ;ďͿďĞĂĐĐĞƉƚĞĚďǇĂŶǇĐŽƵƌƚĂƐĞƋƵŝǀĂůĞŶƚƚŽĂ ŵĂŶƵĂůůǇͲƐŝŐŶĞĚĐŽƵŶƚĞƌƉĂƌƚĨŽƌƉƵƌƉŽƐĞƐŽĨĂŶǇĞǀŝĚĞŶƚŝĂƌǇƌƵůĞ͘ ͘ ϳ͘ϭϮ&ŽƌĐĞDĂũĞƵƌĞ&ŽƌĐĞDĂũĞƵƌĞǀĞŶƚƐ͗WĞƌĨŽƌŵĂŶĐĞďǇĞŝƚŚĞƌWĂƌƚǇƐŚĂůůŶŽƚďĞĚĞĞŵĞĚƚŽďĞŝŶ ĚĞĨĂƵůƚǁŚĞƌĞĚĞůĂǇƐŽƌĨĂŝůƵƌĞƚŽƉĞƌĨŽƌŵĂƌĞƚŚĞƌĞƐƵůƚŽĨĂŶǇŽĨƚŚĞĨŽůůŽǁŝŶŐĂĐƚƐ͕ĞǀĞŶƚƐŽƌ ĐŽŶĚŝƚŝŽŶƐŽƌĂŶǇĐŽŵďŝŶĂƚŝŽŶƚŚĞƌĞŽĨ;͞&ŽƌĐĞDĂũĞƵƌĞǀĞŶƚƐ͟ͿƚŚĂƚ;ŝͿŚĂǀĞŚĂĚĂĚŝƌĞĐƚ͕ŵĂƚĞƌŝĂů͕ ĂĚǀĞƌƐĞĞĨĨĞĐƚŽŶƚŚĞƌŝŐŚƚƐŽƌŽďůŝŐĂƚŝŽŶƐŽĨƚŚĞWĂƌƚŝĞƐĂŶĚ;ŝŝͿĂƌĞďĞǇŽŶĚƚŚĞƌĞĂƐŽŶĂďůĞĐŽŶƚƌŽůŽĨ ƚŚĞWĂƌƚǇƌĞůǇŝŶŐƚŚĞƌĞŽŶĂƐũƵƐƚŝĨŝĐĂƚŝŽŶĨŽƌŶŽƚƉĞƌĨŽƌŵŝŶŐĂŶŽďůŝŐĂƚŝŽŶŽƌĐŽŵƉůǇŝŶŐǁŝƚŚĂŶǇ 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