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ƌŝƚĞƌŝĂ/͘dŚĞůŽƚ͕ďůŽĐŬ͕ĂŶĚƐƚƌĞĞƚůĂǇŽƵƚĨŽƌĂůůĚĞǀĞůŽƉŵĞŶƚĂŶĚƚŚĞůŽƚĚĞŶƐŝƚǇĨŽƌ ƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚĂƌĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƐƵďĚŝǀŝƐŝŽŶĚĞƐŝŐŶƐƚĂŶĚĂƌĚƐ ĐŽŶƚĂŝŶĞĚŝŶ^ĞĐƚŝŽŶϲϰ͘ϭϬϬĂŶĚĐŽŵƉĂƚŝďůĞǁŝƚŚĞǆŝƐƚŝŶŐĂŶĚƉůĂŶŶĞĚĚĞǀĞůŽƉŵĞŶƚ ŽĨĂĚũĂĐĞŶƚƉĂƌĐĞůƐ͘ dŚĞůŽƚĂŶĚďůŽĐŬůĂǇŽƵƚĂŶĚƉƌŽƉŽƐĞĚĚĞŶƐŝƚǇŽĨƚŚŝƐ'WŵĞŶĚŵĞŶƚŝƐ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚĂƉƉůŝĐĂďůĞƌĞŐƵůĂƚŝŽŶƐĂƐĚĞƚĞƌŵŝŶĞĚŝŶƚŚĞƌĞǀŝĞǁŽĨƚŚĞ ĐŽŶĐƵƌƌĞŶƚůǇƌƵŶŶŝŶŐƉƌĞůŝŵŝŶĂƌǇƉůĂƚ͘ dŚĞŽŵŵŝƐƐŝŽŶŵĂǇĨŝŶĚƚŚĂƚƌŝƚĞƌŝĂ͞/͟ŚĂƐďĞĞŶŵĞƚ͘ ƌŝƚĞƌŝĂ:͘/ĨƚŚĞĞǀĞŶƚƵĂůƉůĂƚƚŝŶŐŽĨƚŚĞĂƌĞĂŝŶǀŽůǀĞƐĂƉƉƌŽǀĂůŽĨĂdǇƉĞ///>ĂŶĚ^ƵďĚŝǀŝƐŝŽŶ WĞƌŵŝƚ͕ƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŵƵƐƚƐĂƚŝƐĨǇŽŶĞŽĨƚŚĞĨŽůůŽǁŝŶŐĐĂƚĞŐŽƌŝĞƐŽĨ ĚĞǀĞůŽƉŵĞŶƚ͗ ĚĞǀĞůŽƉŵĞŶƚďŽƵŶĚĞĚŽŶĂůůƐŝĚĞƐďǇĂƌƚĞƌŝĂůŽƌŚŝŐŚĞƌůĞǀĞůƐƚƌĞĞƚƐ͕ƐƚƌĞĂŵƐ ϭ͘ ŽƌŽƚŚĞƌƚŽƉŽŐƌĂƉŚŝĐĐŽŶƐƚƌĂŝŶƚƐ͕ĞǆŝƐƚŝŶŐĚĞǀĞůŽƉŵĞŶƚ͕ůĂŶĚĂůƌĞĂĚǇŝŶĐůƵĚĞĚŝŶ ĂŶĂƉƉƌŽǀĞĚ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶ͕ŽƌƉĞƌŵĂŶĞŶƚŽƉĞŶƐƉĂĐĞƚŚĂƚůŝŵŝƚƐ ƚŚĞŝŶĐůƵƐŝŽŶŽĨŽƚŚĞƌĂďƵƚƚŝŶŐůĂŶĚƐ͗ dŚĞϭϬ͘ϭϴĂĐƌĞ'WŵĞŶĚŵĞŶƚŝƐůŽĐĂƚĞĚǁŝƚŚŝŶĂŶĞǆŝƐƚŝŶŐ'ĞŶĞƌĂů ĞǀĞůŽƉŵĞŶƚWůĂŶƌĞĂ͘ dŚĞ'WŵĞĞƚƐĐƌŝƚĞƌŝŽŶη:ϭ͘ ĚĞǀĞůŽƉŵĞŶƚǁŝƚŚĂĚĞƋƵĂƚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐĂŶĚĐŽŶƐƚŝƚƵƚŝŶŐƚŚĞĞŶƚŝƌĞ 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ƐŝƚĞĨŽůůŽǁŝŶŐĐŽŵƉůĞƚŝŽŶŽĨƚŚĞĞǆĐĂǀĂƚŝŽŶĂĐƚŝǀŝƚǇ͖ dŚĞůŽŶŐƚĞƌŵƉƌŽƉŽƐĞĚƵƐĞŽĨƚŚĞƐŝƚĞǁŝůůďĞƐŝŶŐůĞĨĂŵŝůǇĚĞƚĂĐŚĞĚŚŽŵĞƐ͕ǁŚŝĐŚŝƐ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƐƵƌƌŽƵŶĚŝŶŐĚĞǀĞůŽƉŵĞŶƚĂŶĚƉƌĞǀŝŽƵƐůǇĂƉƉƌŽǀĞĚƉůĂŶƐĨŽƌƚŚŝƐƐŝƚĞ͘ DŝŶŽƌůŽƐƐŽĨƐŚƌƵďƐĂŶĚƐŵĂůůƚƌĞĞƐǁŝůůŽĐĐƵƌĚƵĞƚŽƚŚĞŵĂƐƐŐƌĂĚŝŶŐŽĨƚŚĞƐŝƚĞ͘ WĂŐĞϱ 3DFNHW3J *D ϮϬϭϵͲϬϬϱW>d &͘dŚĞĂĐƚŝǀŝƚǇǁŝůůďĞĐŽŵƉĂƚŝďůĞǁŝƚŚĞǆŝƐƚŝŶŐĚĞǀĞůŽƉŵĞŶƚĂŶĚĚĞǀĞůŽƉŵĞŶƚ ĂŶƚŝĐŝƉĂƚĞĚŝŶƚŚĞĨƵƚƵƌĞ͕ŝŶĐůƵĚŝŶŐŽƚŚĞƌƵƐĞƐĂƐƐŚŽǁŶŝŶƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ͕ ŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͗ƉĂƚƚĞƌŶƐŽĨůĂŶĚƵƐĞ͕ƌĞĐƌĞĂƚŝŽŶĂůƵƐĞƐ͕ĞǆŝƐƚŝŶŐŽƌ ƉůĂŶŶĞĚĚĞǀĞůŽƉŵĞŶƚ͕ƉƵďůŝĐĨĂĐŝůŝƚŝĞƐ͕ŽƉĞŶƐƉĂĐĞƌĞƐŽƵƌĐĞƐĂŶĚŽƚŚĞƌŶĂƚƵƌĂů ƌĞƐŽƵƌĐĞƐ͖ dŚĞůŽŶŐƚĞƌŵƵƐĞĨŽƌƉƌŽƉĞƌƚǇŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞ'WŵĞŶĚŵĞŶƚƌƵŶŶŝŶŐ ĐŽŶĐƵƌƌĞŶƚůǇǁŝƚŚƚŚĞWƌĞůŝŵŝŶĂƌǇWůĂƚĂŶĚĐŽŵƉĂƚŝďůĞǁŝƚŚƐƵƌƌŽƵŶĚŝŶŐůĂŶĚƵƐĞƐ͘ '͘dŚĞĂĐƚŝǀŝƚǇǁŝůůŶŽƚƵŶĚƵůǇĂĨĨĞĐƚƚŚĞƵƐĞĂŶĚĞŶũŽǇŵĞŶƚŽĨĂĚũĂĐĞŶƚƉƌŽƉĞƌƚŝĞƐ͖ dŚĞƐƵďĚŝǀŝƐŝŽŶǁŝůůďĞĚĞǀĞůŽƉĞĚŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂƐƐƵƌƌŽƵŶĚŝŶŐĚĞǀĞůŽƉŵĞŶƚƐ͘ dŚĞŐƌĂĚŝŶŐǁŝůůďĞĐŽŶĨŝŶĞĚƚŽƚŚĞƐŝƚĞĂŶĚƉůĂŶŶĞĚƚŽďĞĐŽŵƉůĞƚĞŝŶĂƐŝŶŐůĞ ĐŽŶƐƚƌƵĐƚŝŽŶƐĞĂƐŽŶ͘dŚŝƐǁŽƌŬǁŝůůŶŽƚƵŶĚƵůǇĂĨĨĞĐƚƚŚĞƵƐĞĂŶĚĞŶũŽǇŵĞŶƚŽĨĂĚũĂĐĞŶƚ ͘ ƉƌŽƉĞƌƚŝĞƐ ,͘dŚĞƐŝƚĞƉůĂŶƉƌŽǀŝĚĞƐĨŽƌĂĚĞƋƵĂƚĞďƵĨĨĞƌƐĂŶĚƐĐƌĞĞŶŝŶŐǇĞĂƌͲƌŽƵŶĚĨƌŽŵƵŶƐŝŐŚƚůǇ ĨĞĂƚƵƌĞƐŽĨƚŚĞĞǆĐĂǀĂƚŝŽŶŽƉĞƌĂƚŝŽŶ͖ ǆĐĂǀĂƚŝŽŶǁŝůůďĞĐŽŵƉůĞƚĞĚŝŶĂƐŝŶŐůĞĐŽŶƐƚƌƵĐƚŝŽŶƐĞĂƐŽŶ͘dŚĞĂƌĞĂŝŶĞǆĐĞƐƐŽĨϭϬͲĨƚ ĨŝůůŝƐƐŵĂůůĂŶĚŝŶƚĞƌŶĂůƚŽƚŚĞƉƌŽũĞĐƚƐŝƚĞ͘ǆĐĂǀĂƚŝŽŶĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞĞǆŝƐƚŝŶŐƐŵĂůů ƐƚŽĐŬƉŝůĞƐŽŶƐŝƚĞĂŶĚǁŝůůďĞƌĞƐŚĂƉĞĚŝŶƚŚĞŐƌĂĚŝŶŐŽĨƚŚĞƉƌŽũĞĐƚƐŝƚĞ͘ /͘dŚĞƌĞĐůĂŵĂƚŝŽŶƉůĂŶƉƌŽǀŝĚĞƐĨŽƌĂĚĞƋƵĂƚĞĂŶĚĂƉƉƌŽƉƌŝĂƚĞƌĞƐƚŽƌĂƚŝŽŶĂŶĚ ƐƚĂďŝůŝǌĂƚŝŽŶŽĨĐƵƚĂŶĚĨŝůůĂƌĞĂƐ͖ dŚĞŐƌĂĚŝŶŐƉůĂŶǁŝůůƉƌŽǀŝĚĞĨŽƌƚŚĞƉƌŽƉĞƌƚǇƌĞƐƚŽƌĂƚŝŽŶŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŝƚǇĐŽĚĞ͘ dŚŝƐĐƌŝƚĞƌŝŽŶǁŝůůďĞǀĞƌŝĨŝĞĚŝŶƚŚĞŐƌĂĚŝŶŐƉůĂŶĂƉƉƌŽǀĂůƉƌŽĐĞƐƐ͘ :͘dŚĞĞǆĐĂǀĂƚŝŽŶĂĐƚŝǀŝƚǇǁŝůůŶŽƚƌĞƐƵůƚŝŶŶĞŐĂƚŝǀĞŝŵƉĂĐƚƐŽŶĚƌĂŝŶĂŐĞƉĂƚƚĞƌŶƐŽƌ ƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚĨĂĐŝůŝƚŝĞƐ͖ 'ƌĂĚŝŶŐǁŝůůŶŽƚƌĞƐƵůƚŝŶŶĞŐĂƚŝǀĞŝŵƉĂĐƚƚŽĚƌĂŝŶĂŐĞƉĂƚƚĞƌŶƐ͘DŽƐƚƌƵŶŽĨĨǁŝůůďĞ ĚŝƌĞĐƚĞĚƚŽƚŚĞĞǆŝƐƚŝŶŐƐƚŽƌŵǁĂƚĞƌƉŽŶĚƚŽƚŚĞŶŽƌƚŚĐŽŶƐƚƌƵĐƚĞĚǁŝƚŚ,Ăƌƚ&ĂƌŵƐ ^ŽƵƚŚŝŐŚƚŚ͘ <͘dŚĞƉƌŽƉŽƐĞĚĂĐƚŝǀŝƚǇǁŝůůŵŝŶŝŵŝǌĞŝŵƉĂĐƚƐŽŶƐŝŶŬŚŽůĞƐ͕ǁĞƚůĂŶĚƐĂŶĚŽƚŚĞƌŶĂƚƵƌĂů ĨĞĂƚƵƌĞƐĂĨĨĞĐƚŝŶŐŐƌŽƵŶĚǁĂƚĞƌŽƌƐƵƌĨĂĐĞǁĂƚĞƌƋƵĂůŝƚǇ͖ dŚĞƌĞĂƌĞŶŽŬŶŽǁŶƐŝŶŬŚŽůĞƐŝĚĞŶƚŝĨŝĞĚŽŶƚŚĞƉƌŽƉĞƌƚǇ͘ĐƚŝǀŝƚǇǁŝůůŶŽƚĂĨĨĞĐƚ ŐƌŽƵŶĚǁĂƚĞƌŽƌƐƵďƐƵƌĨĂĐĞǁĂƚĞƌƋƵĂůŝƚǇŽŶĐĞƌĞƐƚŽƌĂƚŝŽŶŝƐĐŽŵƉůĞƚĞ͘ >͘dŚĞŝŶƚĞŶƐŝƚǇĂŶĚƚŚĞĂŶƚŝĐŝƉĂƚĞĚĚƵƌĂƚŝŽŶŽĨƚŚĞƉƌŽƉŽƐĞĚĞǆĐĂǀĂƚŝŽŶĂĐƚŝǀŝƚǇŝƐ ĂƉƉƌŽƉƌŝĂƚĞĨŽƌƚŚĞƐŝǌĞĂŶĚůŽĐĂƚŝŽŶŽĨƚŚĞĂĐƚŝǀŝƚǇ͖ dŚĞŝŶƚĞŶƐŝƚǇĂŶĚĂŶƚŝĐŝƉĂƚĞĚĚƵƌĂƚŝŽŶŽĨƚŚĞƌĞůĂƚŝǀĞůǇƐŵĂůů^>ŝƐĨŽƌƚŚĞĚĞǀĞůŽƉŵĞŶƚ ŽĨŶĞǁƌŽĂĚƐĂŶĚƌĞƐŝĚĞŶƚŝĂůůŽƚƐ͘dŚĞĞǆĐĂǀĂƚŝŽŶĂĐƚŝǀŝƚǇƐŚŽƵůĚŽŶůǇƚĂŬĞŽŶĞ WĂŐĞϲ 3DFNHW3J *D ϮϬϭϵͲϬϬϱW>d ĐŽŶƐƚƌƵĐƚŝŽŶƐĞĂƐŽŶĂŶĚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂĚũĂĐĞŶƚůŽƚŐƌĂĚŝŶŐĂŶĚǁŝƚŚĐŽŶƐƚƌƵĐƚŝŽŶ ƉƌĂĐƚŝĐĞƐŽĨƐŝŵŝůĂƌƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚƐ͘ D͘WĞƌŵĂŶĞŶƚĂŶĚŝŶƚĞƌŝŵĞƌŽƐŝŽŶĂŶĚƐĞĚŝŵĞŶƚĐŽŶƚƌŽůƉůĂŶƐŚĂǀĞďĞĞŶĂƉƉƌŽǀĞĚďǇ ƚŚĞŝƚǇ͖ dŚŝƐĐƌŝƚĞƌŝŽŶǁŝůůďĞǀĞƌŝĨŝĞĚŝŶƚŚĞŐƌĂĚŝŶŐƉůĂŶĂƉƉƌŽǀĂůƉƌŽĐĞƐƐ͘EĂƚŝŽŶĂůWŽůůƵƚĂŶƚ ŝƐĐŚĂƌŐĞůŝŵŝŶĂƚŝŽŶ^ǇƐƚĞŵ;EW^ͿƉĞƌŵŝƚĂŶĚ^ƚŽƌŵtĂƚĞƌWŽůůƵƚŝŽŶWƌĞǀĞŶƚŝŽŶ WůĂŶ;^tWWWͿǁŝůůŐŽǀĞƌŶŐƌĂĚŝŶŐĂĐƚŝǀŝƚǇƚŽĞŶƐƵƌĞďĞƐƚŵĂŶĂŐĞŵĞŶƚƉƌĂĐƚŝĐĞƐ͘ E͘^ƵƌĞƚǇŚĂƐďĞĞŶƉƌŽǀŝĚĞĚƚŚĂƚŐƵĂƌĂŶƚĞĞƐƚŚĞƐŝƚĞǁŝůůďĞĨƵůůǇƌĞƐƚŽƌĞĚ͕ĂĨƚĞƌ ĐŽŵƉůĞƚŝŽŶŽĨƚŚĞĞǆĐĂǀĂƚŝŽŶĂĐƚŝǀŝƚǇ͕ƚŽĂƐĂĨĞĐŽŶĚŝƚŝŽŶ͕ĂŶĚŽŶĞƚŚĂƚƉĞƌŵŝƚƐƌĞƵƐĞ ŽĨƚŚĞƐŝƚĞŝŶĂŵĂŶŶĞƌĐŽŵƉĂƚŝďůĞǁŝƚŚƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ͕ŶĞŝŐŚďŽƌŚŽŽĚƉůĂŶƐ͕ ƚŚĞ>ĂŶĚhƐĞWůĂŶĂŶĚĂƉƉůŝĐĂďůĞŝƚǇƉŽůŝĐŝĞƐ͘ WĞƌϲϮ͘ϭϭϬϵ͘ϭ;ŝͿĂƉĞƌĨŽƌŵĂŶĐĞĂŶĚƉĂǇŵĞŶƚďŽŶĚŝƐƌĞƋƵŝƌĞĚĨŽƌĂůůǁŽƌŬĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨŝŵƉƌŽǀĞŵĞŶƚƐ͘dŚŝƐďŽŶĚǁŝůůďĞƉƌŽǀŝĚĞĚďǇƚŚĞƐƵĐĐĞƐƐĨƵů ďŝĚĚŝŶŐĐŽŶƚƌĂĐƚŽƌ͘ K͘dŚĞƉƌŽƉŽƐĞĚĂĐƚŝǀŝƚǇĐŽŵƉůŝĞƐǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞĂĚŽƉƚĞĚďƵŝůĚŝŶŐĐŽĚĞ͘ dŚŝƐĂƉƉůŝĐĂƚŝŽŶŝƐĨŽƌŐƌĂĚŝŶŐŽĨƚŚĞƐŝƚĞŝŶƉƌĞƉĂƌĂƚŝŽŶŽĨƌĞƐŝĚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚ͘ůů ďƵŝůĚŝŶŐĐŽĚĞƌĞŐƵůĂƚŝŽŶƐǁŝůůďĞǀĞƌŝĨŝĞĚĂƚƚŚĞďƵŝůĚŝŶŐƉĞƌŵŝƚƐƚĂŐĞŽĨĚĞǀĞůŽƉŵĞŶƚ͘ W͘&ŽƌĂƌĞĂƐŽĨƚŚĞĞĐŽƌĂŚĚŐĞŽƌƚŚĞƵŵŵŝŶŐƐǀŝůůĞ&ŽƌŵĂƚŝŽŶƚŚĂƚĂƌĞǁŝƚŚŝŶϭ͕ϬϬϬ ĨĞĞƚŽĨĚŐĞ^ƵƉƉŽƌƚƌĞĂƐ͕ŐƌŽƵŶĚǁĂƚĞƌƐƵƉƉŽƌƚĞĚǁĞƚůĂŶĚƐ͕ŽƌǁĞůůŚĞĂĚƉƌŽƚĞĐƚŝŽŶ ĞŵĞƌŐĞŶĐǇƌĞƐƉŽŶƐĞĂƌĞĂĂŶĚĚĞůŝŶĞĂƚĞĚďǇZŽĐŚĞƐƚĞƌWƵďůŝĐhƚŝůŝƚŝĞƐĨŽƌŵƵŶŝĐŝƉĂů ǁĞůůƐ͕ƚŚĞůĂŶĚĂůƚĞƌĂƚŝŽŶŝƐƚŚĞŵŝŶŝŵƵŵĂŵŽƵŶƚŶĞĐĞƐƐĂƌǇƚŽĚĞǀĞůŽƉĂƚƚŚĞƐŝƚĞ ĐĂƉĂĐŝƚǇĚĞƚĞƌŵŝŶĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ^ĞĐƚŝŽŶϲϭ͘ϱϯϮ͘ EŽĞĐŽƌĂŚĚŐĞŽƌƵŵŵŝŶŐƐǀŝůůĞĨŽƌŵĂƚŝŽŶƐĂƌĞĞǆƉĞĐƚĞĚŝŶƚŚĞǀŝĐŝŶŝƚǇŽĨƚŚĞ ƉƌŽƉŽƐĞĚĐŽŶƐƚƌƵĐƚŝŽŶ͘,ŽǁĞǀĞƌ͕ŝĨƚŚĞǇĂƌĞĞŶĐŽƵŶƚĞƌĞĚ͕ƚŚĞĂƉƉůŝĐĂŶƚƐŚŽƵůĚŚĂǀĞ 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