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ƚŚĞŝƚǇĐŽŵŵŝƚƚĞĚƚŽ͞ŝŶĨƵƐĞĂŶĚƌĞĨůĞĐƚĐŽŵƉĂƐƐŝŽŶǁŝƚŚŝŶŝƚƐƉŽůŝĐŝĞƐ͕ƉƌŽĐĞĚƵƌĞƐĂŶĚƉƌŽŐƌĂŵŵŝŶŐ ŝŶĐůƵĚŝŶŐƚŚĞ͚WůĂŶŶŝŶŐϮ^ƵĐĐĞĞĚ͗ZŽĐŚĞƐƚĞƌŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶϮϬϰϬ͛͘͟^ŽƵƌĐĞ ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƌĂĐŝĂůĞƋƵŝƚǇĂůůŝĂŶĐĞ͘ŽƌŐͬũƵƌŝƐĚŝĐƚŝŽŶƐͬƌŽĐŚĞƐƚĞƌͬ͘ĐŽŵŵŝƚŵĞŶƚƚŽŝŶƚĞƌĐƵůƚƵƌĂůŝƐŵĐŽƵůĚ ĐĞƌƚĂŝŶůǇďĞŝŶĨĞƌƌĞĚ͕ďƵƚƚŚĞƌĞŚĂƐďĞĞŶŶŽĐůĞĂƌƉƵďůŝĐƐƚĂƚĞŵĞŶƚŵĂĚĞďǇƚŚĞDĂǇŽƌĂŶĚŝƚǇŽƵŶĐŝů ϰ 3DFNHW3J )ĨƚŚĞŝŶƚĞƌĐƵůƚƵƌĂůƐƚƌĂƚĞŐǇĂŶĚͬŽƌĂĐƚŝŽŶ ƉůĂŶ͍ z^ EKy /Ĩz^͕ƉůĞĂƐĞŐŝǀĞĚĞƚĂŝůƐ;ϱϬϬĐŚĂƌĂĐƚĞƌƐŵĂǆŝŵƵŵͿ /ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌĞƐƉŽŶƐĞƚŽƋƵĞƐƚŝŽŶηϱĂďŽǀĞ͕ƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌŚĂƐĂƚƚĂĐŚĞĚĂďƵĚŐĞƚƚŽƚŚĞ ŝŶƚĞƌĐƵůƚƵƌĂůĂĐƚŝŽŶƉůĂŶƵƉŽŶŝƚƐĚĞǀĞůŽƉŵĞŶƚŝŶϮϬϮϬ͘^ĞĞĚĚĞŶĚƵŵ͘ ϱ 3DFNHW3J ) )ǇŝǀĞƌƐŝƚǇŽƵŶĐŝů͕ /ŶƚĞƌĐƵůƚƵƌĂůDƵƚƵĂůƐƐŝƐƚĂŶĐĞƐƐŽĐŝĂƚŝŽŶ͕DĂǇŽůŝŶŝĐ͕ĂŶĚŽƚŚĞƌƐ͘ //dŚĞŝƚǇƚŚƌŽƵŐŚĂŶŝŶƚĞƌĐƵůƚƵƌĂůůĞŶƐ ůƚŚŽƵŐŚƚŚĞĨŽƌŵĂůĨƵŶĐƚŝŽŶƐĐŝƚŝĞƐĂŶĚŽƚŚĞƌůŽĐĂůĂƵƚŚŽƌŝƚŝĞƐĂƐƐƵŵĞǀĂƌǇĐŽŶƐŝĚĞƌĂďůǇĨƌŽŵŽŶĞĐŽƵŶƚƌǇƚŽ ĂŶŽƚŚĞƌ͕ĂůůĐŝƚŝĞƐŚĂǀĞƚŚĞƉƌŝŵĂƌǇƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌŵĂŝŶƚĂŝŶŝŶŐƐŽĐŝĂůĐŽŚĞƐŝŽŶĂŶĚƉƌĞƐĞƌǀŝŶŐƚŚĞƋƵĂůŝƚǇŽĨ 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&ŽƌĞǆĂŵƉůĞ͕ďǇŝĚĞŶƚŝĨǇŝŶŐƚŚĞƐƉĞĐŝĨŝĐŶĞĞĚƐŽĨĨĂŵŝůŝĞƐ͕ǁŽŵĞŶ͕ĞůĚĞƌůǇƉĞŽƉůĞ͕ĐŚŝůĚƌĞŶ͕ƚĞĞŶĂŐĞƌƐ͕ĞƚĐ͕͘ĂŶĚ ĚĞƐŝŐŶŝŶŐƉƵďůŝĐďƵŝůĚŝŶŐƐͬƐƉĂĐĞƐƐŽƚŚĂƚŶŽďŽĚǇĨĞĞůƐĞǆĐůƵĚĞĚ͕ďǇĂĚĂƉƚŝŶŐŽƉĞŶŝŶŐŚŽƵƌƐĂŶĚƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐƚĂŝůŽƌĞĚƚŽƚŚĞŶĞĞĚƐŽĨĂĚŝǀĞƌƐĞƉŽƉƵůĂƚŝŽŶ͕ĞƚĐ͘ /Ĩz^͕ƉůĞĂƐĞŐŝǀĞĂŶĞǆĂŵƉůĞƚŽǀĂůŝĚĂƚĞǇŽƵƌĂŶƐǁĞƌ;ϴϬϬĐŚĂƌĂĐƚĞƌƐŵĂǆŝŵƵŵͿ ƐƉĂƌƚŽĨƚŚĞƉůĂŶŶŝŶŐĂŶĚŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞZŽĐŚĞƐƚĞƌƉĂƌŬƐĂŶĚZĞĐƌĞĂƚŝŽŶĞƉĂƌƚŵĞŶƚ͛ƐDĂƐƚĞƌWůĂŶ ϮϬϭϱͬϮϬϭϲ͕ƚŚĞŝƚǇŚĂƐďĞĞŶŝŶĂǇĞĂƌͲůŽŶŐƉƌŽĐĞƐƐƚŽŝŶǀŽůǀĞĐŽŵŵƵŶŝƚŝĞƐĂŶĚƉĂƌƚŶĞƌƐǁŝƚŚƉĂƌŬůŽĐĂƚŝŽŶ͕ ĚĞǀĞůŽƉŵĞŶƚĂŶĚƉƌŽŐƌĂŵŵŝŶŐ͘ŵĂũŽƌǀŝƐŝŽŶŝƐƚŽƐƚƌĞŶŐƚŚĞŶƚŚĞůŝŶŬƐƚŽŶĞŝŐŚďŽƌŚŽŽĚƐĂŶĚŚŝŐŚůŝŐŚƚƚŚĞ ĂƌƚƐĂŶĚĐƵůƚƵƌĞŽĨĚŝǀĞƌƐĞĐŽŵŵƵŶŝƚŝĞƐ͘^ŽƵƌĐĞ͗ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀͬĚĞƉĂƌƚŵĞŶƚƐͬƉĂƌŬƐͲĂŶĚͲ ƌĞĐƌĞĂƚŝŽŶͬƐǇƐƚĞŵͲƉůĂŶͲƉƌŽũĞĐƚ͘ůƐŽ͕ĨŽƌƉƵďůŝĐƐƉĂĐĞĚŽǁŶƚŽǁŶƚŚĞŝƚǇƉĂƌƚŶĞƌƐŽŶƚŚĞ,ĞĂƌƚŽĨƚŚĞŝƚǇ ƉƌŽũĞĐƚŚƚƚƉƐ͗ͬͬŚĞĂƌƚŽĨƚŚĞĐŝƚǇͲĚŵĐ͘ĐŽŵͬ͘ĂƐƚWĂƌŬǁĂƐƌĞŶĂŵĞĚƚŽDĂƌƚŝŶ>ƵƚŚĞƌ<ŝŶŐ:ƌ͘WĂƌŬ͘ĂƐĐĂĚĞWĂƌŬ ĞǀŽůǀĞĚŽǀĞƌǇĞĂƌƐŽĨĞŶŐĂŐĞŵĞŶƚ͘tŽƌŬŝƐƵŶĚĞƌǁĂǇƚŽĨŽƌŵĂůŝǌĞĂĐŽŵŵƵŶŝƚǇͲďĂƐĞĚŶĂŵŝŶŐĂŶĚƌĞŶĂŵŝŶŐ ϭϲ 3DFNHW3J ) z^͕ĂŵƵůƚŝͲƐĞĐƚŽƌĂůƉŽůŝĐǇĐŽŵďŝŶŝŶŐƉŽůŝĐŝŶŐ͕ƐŽĐŝĂů ǁŽƌŬĂŶĚĐŽŵŵƵŶŝĐĂƚŝŽŶĂŶĚĚĞĨŝŶĞĚĂĨƚĞƌ ĐŽŶƐƵůƚĂƚŝŽŶŽĨƚŚĞƉŽƉƵůĂƚŝŽŶŽĨƚŚĞĂƌĞĂ EKy &ŽƌĞǆĂŵƉůĞ͕ďǇŽƌŐĂŶŝƐŝŶŐŵĞĞƚŝŶŐƐŝŶĚĂǇĐĞŶƚƌĞƐ͕ƐĐŚŽŽůƐ͕ĐƵůƚƵƌĂůĐĞŶƚƌĞƐ͕ĞƚĐ͕͘ŽƌĚƵƌŝŶŐƐŽĐŝĂůĞǀĞŶƚƐƚŽ ĚŝƐĐƵƐƐƉƌŽďůĞŵƐŽƉĞŶůǇǁŝƚŚƚŚĞƉĞŽƉůĞŵŽƐƚĂĨĨĞĐƚĞĚďǇƚŚĞŵ͕ďǇůĂƵŶĐŚŝŶŐĂƉĂƌƚŝĐŝƉĂƚŝǀĞƉƌŽĐĞƐƐƚŽŝĚĞŶƚŝĨǇ ƐŽůƵƚŝŽŶƐĂŶĚŽďƐƚĂĐůĞƐ͕ďǇĞŶŐĂŐŝŶŐƉŽƐŝƚŝǀĞůǇǁŝƚŚůĞĂĚĞƌƐĂŶĚŽƌŐĂŶŝƐĂƚŝŽŶƐŽĨƚŚĞĚŽŵŝŶĂƚŝŶŐĐŽŵŵƵŶŝƚǇ͕ĞƚĐ͘ /Ĩz^͕ƉůĞĂƐĞĚĞƐĐƌŝďĞƚŚĞƉŽůŝĐǇ;ϴϬϬĐŚĂƌĂĐƚĞƌƐŵĂǆŝŵƵŵͿ ///DĞĚŝĂƚŝŽŶĂŶĚĐŽŶĨůŝĐƚƌĞƐŽůƵƚŝŽŶ /ŶĚŝǀĞƌƐĞƐŽĐŝĞƚŝĞƐƚŚĞƌĞŝƐĂůǁĂǇƐƚŚĞƉŽƚĞŶƚŝĂůĨŽƌŵŝƐƵŶĚĞƌƐƚĂŶĚŝŶŐĂŶĚĐŽŶĨůŝĐƚŽǀĞƌǀĂůƵĞƐ͕ďĞŚĂǀŝŽƵƌŽƌ ƌĞƐŽƵƌĐĞƐ͘/ŶĐŝƚŝĞƐ͕ǁŚĞƌĞƉĞŽƉůĞǁŝƚŚĚŝĨĨĞƌĞŶƚĐƵůƚƵƌĂůďĂĐŬŐƌŽƵŶĚƐĂŶĚƐŽĐŝŽͲĞĐŽŶŽŵŝĐƐƚĂƚƵƐĞƐůŝǀĞƚŽŐĞƚŚĞƌ ŝŶĐůŽƐĞƉƌŽǆŝŵŝƚǇ͕ƐƵĐŚƚĞŶƐŝŽŶƐĂƌĞŶĂƚƵƌĂůĂŶĚŝŶĚĞĞĚƉĂƌƚŽĨĞǀĞƌǇĚĂǇůŝĨĞ͘/ŶƐƚĞĂĚŽĨĚĞŶǇŝŶŐ͕ŝŐŶŽƌŝŶŐ͕Žƌ ϭϳ 3DFNHW3J )ǇŽƵŶĐŝůƚŽƉƵďůŝĐ͘ ϰϬ͘/ŶǇŽƵƌĐŝƚǇ͕ŝŶǁŚŝĐŚĐŽŶƚĞǆƚŝƐŝŶƚĞƌĐƵůƚƵƌĂůŵĞĚŝĂƚŝŽŶƉƌŽǀŝĚĞĚ;DƵůƚŝƉůĞĂŶƐǁĞƌƐƉŽƐƐŝďůĞͿ͍ /ŶƐƉĞĐŝĂůŝƐĞĚŝŶƐƚŝƚƵƚŝŽŶƐƐƵĐŚĂƐŚŽƐƉŝƚĂůƐ͕ƉŽůŝĐĞ͕y ǇŽƵƚŚĐůƵďƐ͕ŵĞĚŝĂƚŝŽŶĐĞŶƚƌĞƐ͕ƌĞƚŝƌĞŵĞŶƚŚŽŵĞƐ͕ ĞƚĐ͘ƐĐŚŽŽůƐ /ŶƚŚĞĐŝƚǇĂĚŵŝŶŝƐƚƌĂƚŝŽŶĨŽƌŐĞŶĞƌĂůƉƵƌƉŽƐĞƐ /ŶƚŚĞŶĞŝŐŚďŽƵƌŚŽŽĚƐ͕ŽŶƚŚĞƐƚƌĞĞƚƐ͕ĂĐƚŝǀĞůǇ ƐĞĞŬŝŶŐƚŽŵĞĞƚƌĞƐŝĚĞŶƚƐĂŶĚĚŝƐĐƵƐƐƉƌŽďůĞŵƐ /ŶŽƚŚĞƌĐŽŶƚĞǆƚƐ;ƉůĞĂƐĞƐƉĞĐŝĨǇͿ EŽŝŶƚĞƌĐƵůƚƵƌĂůŵĞĚŝĂƚŝŽŶŝƐƉƌŽǀŝĚĞĚŝŶƚŚĞĐŝƚǇ WůĞĂƐĞŐŝǀĞĂŶĞǆĂŵƉůĞƚŽǀĂůŝĚĂƚĞǇŽƵƌĂŶƐǁĞƌ;ϴϬϬĐŚĂƌĂĐƚĞƌƐŵĂǆŝŵƵŵͿ DĞĚŝĂƚŝŽŶĂŶĚŽŶĨůŝĐƚ^ŽůƵƚŝŽŶƐƐĞƌǀĞƐŝŶƚŚŝƐĐĂƉĂĐŝƚǇǁŝƚŚŝŶZŽĐŚĞƐƚĞƌWƵďůŝĐ^ĐŚŽŽůƐĂŶĚŝƐĂǀĂŝůĂďůĞ ĞǆƚĞƌŶĂůůǇ͘KƚŚĞƌŵĞĚŝĂƚŝŽŶƐĞƌǀŝĐĞƐĂŶĚƌĞƐŽƵƌĐĞƐĂƌĞŐĞŶĞƌĂůĂŶĚĂǀĂŝůĂďůĞǁŝƚŚŝŶŽƌŐĂŶŝǌĂƚŝŽŶƐ͕ƚŚŽƵŐŚŶŽƚ ƐƉĞĐŝĨŝĐƚŽŽƌŶĞĐĞƐƐĂƌŝůǇƉƌĞƉĂƌĞĚĨŽƌŝŶƚĞƌĐƵůƚƵƌĂůĐŽŶĨůŝĐƚ͘ ϰϭ͘/ƐƚŚĞƌĞĂŶŽƌŐĂŶŝƐĂƚŝŽŶŝŶǇŽƵƌĐŝƚǇĚĞĂůŝŶŐƐƉĞĐŝĨŝĐĂůůǇǁŝƚŚŝŶƚĞƌͲƌĞůŝŐŝŽƵƐƌĞůĂƚŝŽŶƐ͍ z^͕ĂŵƵŶŝĐŝƉĂůƐĞƌǀŝĐĞĚĞǀŽƚĞĚƚŽŝŶƚĞƌͲƌĞůŝŐŝŽƵƐ ƌĞůĂƚŝŽŶƐŽŶůǇ z^͕ĂŐĞŶĞƌĂůŝƐƚŵƵŶŝĐŝƉĂůƐĞƌǀŝĐĞǁŚŝĐŚĂůƐŽĚĞĂůƐ ǁŝƚŚƌĞůŝŐŝŽƵƐĐŽŶĨůŝĐƚƐ ϭϴ 3DFNHW3J )ĐŚĞƐƚĞƌWƵďůŝĐ^ĐŚŽŽůƐ͗^ƉĂŶŝƐŚĂŶĚ ƌĞŐƵůĂƌůĂŶŐƵĂŐĞŽƉƚŝŽŶĂǀĂŝůĂďůĞƚŽĞǀĞƌǇŽŶĞ&ƌĞŶĐŚĂƐŐĞŶĞƌĂůǁŽƌůĚůĂŶŐƵĂŐĞƐ z^͕ƐƵƉƉŽƌƚĨŽƌƉƌŝǀĂƚĞͬĐŝǀŝůƐĞĐƚŽƌŽƌŐĂŶŝƐĂƚŝŽŶƐ ƉƌŽǀŝĚŝŶŐůĂŶŐƵĂŐĞƚƌĂŝŶŝŶŐŝŶŵŝŐƌĂŶƚͬŵŝŶŽƌŝƚǇ ůĂŶŐƵĂŐĞƐ z^͕ŽƚŚĞƌƐ;ƉůĞĂƐĞƐƉĞĐŝĨǇͿ EKyŝƚǇŐŽǀĞƌŶŵĞŶƚĚŽĞƐŶŽƚƉƌŽǀŝĚĞĂŶǇ ŽĨƚŚĞƐĞƐĞƌǀŝĐĞƐ͘dŚĞǇĂƌĞƉĞƌĨŽƌŵĞĚ ďǇŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚĂŐĞŶĐŝĞƐĂŶĚ ƚŚĞƉƌŝǀĂƚĞƐĞĐƚŽƌ͘ /Ĩz^͕ƉůĞĂƐĞŐŝǀĞĞǆĂŵƉůĞƐƚŽǀĂůŝĚĂƚĞǇŽƵƌĂŶƐǁĞƌ;ϴϬϬĐŚĂƌĂĐƚĞƌƐŵĂǆŝŵƵŵͿ dŚĞŝƚǇŐŽǀĞƌŶŵĞŶƚĚŽĞƐŶŽƚƉƌŽǀŝĚĞĂŶǇŽĨƚŚĞƐĞƐĞƌǀŝĐĞƐ͘dŚĞǇĂƌĞƉĞƌĨŽƌŵĞĚďǇŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚ ĂŐĞŶĐŝĞƐ͕ƐƵĐŚĂƐƚŚĞƉƵďůŝĐͲƐĐŚŽŽůƐǇƐƚĞŵ͕ĂŶĚďǇƚŚĞƉƌŝǀĂƚĞƐĞĐƚŽƌ͘ZŽĐŚĞƐƚĞƌWƵďůŝĐ^ĐŚŽŽůƐŚĂƐƚŚĞŶŐůŝƐŚ >ĞĂƌŶĞƌWƌŽŐƌĂŵĨŽƌĂďŽƵƚϮ͕ϬϵϬ͞ŶŐůŝƐŚ>ĞĂƌŶĞƌ͟<ͲϭϮƐƚƵĚĞŶƚƐ͕ǁŚŝĐŚŝƐĂďŽƵƚϭϭйŽĨƚŚĞƚŽƚĂůƐƚƵĚĞŶƚ ƉŽƉƵůĂƚŝŽŶ͕ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƌŽĐŚĞƐƚĞƌƐĐŚŽŽůƐ͘ŽƌŐͬĂĐĂĚĞŵŝĐƐͬĞŶŐůŝƐŚͲůĞĂƌŶĞƌƐ͘,ĂǁƚŚŽƌŶĞĚƵĐĂƚŝŽŶĞŶƚĞƌ ŽĨĨĞƌƐŶŐůŝƐŚĂƐ^ĞĐŽŶĚ>ĂŶŐƵĂŐĞ͕ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƌŽĐŚĞƐƚĞƌĐĞ͘ŽƌŐͬĂĚƵůƚͲůŝƚĞƌĂĐǇͬƉƌŽŐƌĂŵƐ͘'ĂŐĞůĞŵĞŶƚĂƌǇ ^ĐŚŽŽůĂŶĚ>ŝƐƚŽƐWƌĞƐĐŚŽŽůŽĨĨĞƌĂ^ƉĂŶŝƐŚŝŵŵĞƌƐŝŽŶƉƌŽŐƌĂŵ͘^ŽƵƌĐĞ͗DŝŶŶĞƐŽƚĂĚǀŽĐĂƚĞƐĨŽƌ/ŵŵĞƌƐŝŽŶ EĞƚǁŽƌŬ ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŵŶŝŵŵĞƌƐŝŽŶ͘ŽƌŐͬƌĞƐŽƵƌĐĞƐͬWŝĐƚƵƌĞƐͬ^ƚĂƚĞǁŝĚĞйϮϬ/ŵŵĞƌƐŝŽŶdĂďůĞ&ŽƌŵĂƚĞĐϮϬϭϲ͘ƉĚĨ͘ƚ ZŽĐŚĞƐƚĞƌĞŶƚƌĂů>ƵƚŚĞƌĂŶ^ĐŚŽŽů;ƉƌŝǀĂƚĞͿ͕^ƉĂŶŝƐŚŝƐĂƌĞƋƵŝƌĞĚĐŽƵƌƐĞŐƌĂĚĞƐ<Ͳϱ͕ĂŶĚĞůĞĐƚŝǀĞƚŚĞƌĞĂĨƚĞƌ͘ ϭϵ 3DFNHW3J ) ŵŝŐƌĂŶƚͬŵŝŶŽƌŝƚǇďĂĐŬŐƌŽƵŶĚƐŝŶƚŚĞůŽĐĂůŵĞĚŝĂ͍ z^ EK͕ƚŚĞƌĞĂƌĞŽĐĐĂƐŝŽŶĂůĂĐƚŝŽŶƐ EKy /Ĩz^͕ƉůĞĂƐĞŐŝǀĞĂŶĞǆĂŵƉůĞƚŽǀĂůŝĚĂƚĞǇŽƵƌĂŶƐǁĞƌ;ϴϬϬĐŚĂƌĂĐƚĞƌƐŵĂǆŝŵƵŵͿ ƐƚƌĂƚĞŐǇĂŶĚƉƌŽĐĞƐƐĂƌĞŝŶƚŚĞǁŽƌŬƐďƵƚŶŽƚŚŝŶŐǇĞƚŝŶǁƌŝƚŝŶŐ͘^ŽƵƌĐĞ͗ZŽĐŚĞƐƚĞƌKĨĨŝĐĞŽĨŽŵŵƵŶŝĐĂƚŝŽŶƐ ϮϬ 3DFNHW3J ) )ďĞĐĂƵƐĞŽƵƌĐŝƚǇŚŽƐƚƐŶŽƵŶŝǀĞƌƐŝƚǇ &ŽƌĞǆĂŵƉůĞ͕ďǇŽƌŐĂŶŝƐŝŶŐĨĂŝƌƐĂŶĚĞǀĞŶƚƐǁŚĞƌĞĨŽƌĞŝŐŶƐƚƵĚĞŶƚƐĐĂŶŵĞĞƚůŽĐĂůƉĞŽƉůĞ͕ďǇƉƌŽǀŝĚŝŶŐƐƵƉƉŽƌƚ ǁŝƚŚũŽďƐĞĂƌĐŚĂŶĚŚŽƵƐŝŶŐĂĨƚĞƌŐƌĂĚƵĂƚŝŽŶ͕ďǇƐĞƚƚŝŶŐƵƉŽƌĂƚƚĞŶĚŝŶŐǁĞůĐŽŵŝŶŐĞǀĞŶƚƐ͕ďǇŽƉĞŶŝŶŐĂŶ ŝŶĨŽƌŵĂƚŝŽŶĚĞƐŬĂƚŝŵƉŽƌƚĂŶƚƐƚƵĚĞŶƚŐĂƚŚĞƌŝŶŐƐ͕ĞƚĐ͘ /Ĩz^͕ƉůĞĂƐĞŐŝǀĞĂŶĞǆĂŵƉůĞƚŽǀĂůŝĚĂƚĞǇŽƵƌĂŶƐǁĞƌ;ϱϬϬĐŚĂƌĂĐƚĞƌƐŵĂǆŝŵƵŵͿ WƌŝǀĂƚĞĂŶĚŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚĂůŽƌŐĂŶŝǌĂƚŝŽŶƐŚĂǀĞŽƵƚƌĞĂĐŚƉƌŽŐƌĂŵƐĐŽŶŶĞĐƚŝŶŐƐƚƵĚĞŶƚƐƚŽĐŽŵŵƵŶŝƚǇĨŽƌ ŝŶƐƚĂŶĐĞ͕ĐŽůůĞŐĞŚŽĐŬĞǇƐŽĐĐĞƌƉůĂǇĞƌƐ͘ZŽƚĂƌǇĞǆĐŚĂŶŐĞƐƚƵĚĞŶƚƐĂƌĞŚŽƐƚĞĚďǇĨĂŵŝůŝĞƐ͘dŚĞƌĞĂƌĞŝŶƚĞƌŶƐ ƚŚƌŽƵŐŚ/DĂŶĚDĂǇŽ͕ĐŚŽƌĂůĂŶĚƐǇŵƉŚŽŶǇŵƵƐŝĐŝĂŶƐĨƌŽŵĂƌŽƵŶĚƚŚĞǁŽƌůĚĂƌĞŚŽƐƚĞĚďǇǀŽůƵŶƚĞĞƌƐ͘ ϮϮ 3DFNHW3J )ĞĂŶĞǆĂŵƉůĞƚŽǀĂůŝĚĂƚĞǇŽƵƌĂŶƐǁĞƌ;ϴϬϬĐŚĂƌĂĐƚĞƌƐŵĂǆŝŵƵŵͿ dŚĞŝǀĞƌƐŝƚǇŽƵŶĐŝůĐŽŶĚƵĐƚƐĂůŽŶŐŝƚƵĚŝŶĂůZĂĐŝĂůƚƚŝƚƵĚĞƐ^ƵƌǀĞǇĨŽƌKůŵƐƚĞĚŽƵŶƚǇĂŶĚŽƚŚĞƌŝŶŝƚŝĂƚŝǀĞƐ͕ ƐƵĐŚĂƐƚŚĞŽŵŵƵŶŝƚǇ,ĞĂůƚŚƐƐĞƐƐŵĞŶƚĂŶĚWůĂŶŶŝŶŐWƌŽĐĞƐƐ͕ŝŶĐůƵĚĞƐƵĐŚƋƵĞƐƚŝŽŶƐĂƐǁĞůů͘ ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĚŝǀĞƌƐŝƚǇĐŽƵŶĐŝů͘ŽƌŐͬϮϬϭϲͲƌĂĐŝĂůͲĂƚƚŝƚƵĚĞƐͲƐƵƌǀĞǇ͖ ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĐŽ͘ŽůŵƐƚĞĚ͘ŵŶ͘ƵƐͬKW,^ͬƌĞƉŽƌƚƐͬEĞĞĚƐйϮϬƐƐĞƐƐŵĞŶƚͬWĂŐĞƐͬĚĞĨĂƵůƚ͘ĂƐƉǆ͘ Ϯϯ 3DFNHW3J )ƚĂǇ͕ǁŚĂƚĞǀĞƌƚŚĞŝƌĐŝƌĐƵŵƐƚĂŶĐĞƐ;ĞǆƉĂƚƐ͕ŵŝŐƌĂŶƚǁŽƌŬĞƌƐ͕ƐƉŽƵƐĞƐ͕ ƌĞĨƵŐĞĞƐ͕ƵŶĂĐĐŽŵƉĂŶŝĞĚŵŝŶŽƌƐ͕ƌĞƚŝƌĞĚƉĞƌƐŽŶƐ͕ĞƚĐ͘Ϳ͕ĂƌĞůŝŬĞůǇĨŝŶĚƚŚĞŵƐĞůǀĞƐĚŝƐŽƌŝĞŶƚĂƚĞĚ͘dŚĞůĞƐƐĨĂŵŝůŝĂƌ ƚŚĞǇĂƌĞǁŝƚŚƚŚĞŶĞǁĞŶǀŝƌŽŶŵĞŶƚ͕ƚŚĞŵŽƌĞƐƵƉƉŽƌƚƚŚĞǇǁŝůůŶĞĞĚƚŽĨĞĞůĐŽŵĨŽƌƚĂďůĞĂŶĚĐŽŶĨŝĚĞŶƚĞŶŽƵŐŚ ƚŽƐƚĂƌƚďƵŝůĚŝŶŐĂŶĞǁƐŽĐŝĂůĂŶĚƉƌŽĨĞƐƐŝŽŶĂůŶĞƚǁŽƌŬ͘dŚĞǁĂǇŝŶǁŚŝĐŚƚŚĞĐŝƚǇĐŽŽƌĚŝŶĂƚĞƐĂŶĚĞĨĨĞĐƚŝǀĞůǇ ĚĞůŝǀĞƌƐǀĂƌŝŽƵƐƐƵƉƉŽƌƚŵĞĂƐƵƌĞƐƐƚƌŽŶŐůǇĐŽŶĚŝƚŝŽŶƐƚŚĞŝƌĐĂƉĂĐŝƚǇƚŽŝŶƚĞŐƌĂƚĞŽƌ͕ĐŽŶǀĞƌƐĞůǇ͕ƚŚĞŝƌƚĞŶĚĞŶĐǇ ƚŽƌĞŵĂŝŶĐŽŶĨŝŶĞĚƚŽĂĐƵůƚƵƌĂů͞ŐŚĞƚƚŽ͘͟dŚŝƐĂůƐŽĚĞƉĞŶĚƐƚŽĂŐƌĞĂƚĚĞŐƌĞĞŽŶǁŚĞƚŚĞƌƚŚĞƌĞƐƚŽĨƚŚĞĐŝƚǇ͛Ɛ ƉŽƉƵůĂƚŝŽŶŝƐŽƉĞŶƚŽƚŚĞŝĚĞĂŽĨǁĞůĐŽŵŝŶŐŶĞǁĐŽŵĞƌƐŝŶƚŚĞŝƌĐĂƉĂĐŝƚǇĂƐƌĞƐŝĚĞŶƚƐĂŶĚĐŝƚŝǌĞŶƐŽƌ͕ŽŶƚŚĞ ĐŽŶƚƌĂƌǇ͕ŝƐĂĐĐƵƐƚŽŵĞĚƚŽǀŝĞǁŝŶŐŶĞǁĐŽŵĞƌƐĂƐŽƵƚƐŝĚĞƌƐǁŚŽƉŽƐĞĂƉŽƚĞŶƚŝĂůƚŚƌĞĂƚ͘ŐĂŝŶ͕ŝƚŝƐƚŚĞŵĞƐƐĂŐĞ ƚŚĞĂƵƚŚŽƌŝƚŝĞƐĐŽŶǀĞǇŽŶĚŝǀĞƌƐŝƚǇ͕ŝŶĐŽŵŵƵŶŝĐĂƚŝŽŶŽƌƚŚƌŽƵŐŚĐŽŶĐƌĞƚĞĂĐƚŝŽŶƐ͕ƚŚĂƚĚĞƚĞƌŵŝŶĞƐƚŽĂĐĞƌƚĂŝŶ ĚĞŐƌĞĞĂƚƚŝƚƵĚĞƐƚŽǁĂƌĚƐŶĞǁĐŽŵĞƌƐ͘ ϲϬ͘ŽĞƐǇŽƵƌĐŝƚǇŚĂǀĞĂĚĞƐŝŐŶĂƚĞĚĂŐĞŶĐǇ͕ƵŶŝƚ͕ƉĞƌƐŽŶ͕ŽƌƉƌŽĐĞĚƵƌĞƚŽǁĞůĐŽŵĞŶĞǁĐŽŵĞƌƐ͍ z^ EKy Ϯϰ 3DFNHW3J )ƚƐŽĨƚŚĞĐŝƚǇŝƌƌĞƐƉĞĐƚŝǀĞŽĨƚŚĞŝƌŽƌŝŐŝŶ͕ŶĂƚŝŽŶĂůŝƚǇŽƌƌĞƐŝĚĞŶĐĞ ƐƚĂƚƵƐ͘&ŽƌŵĂůƉŽůŝƚŝĐĂůƌŝŐŚƚƐĂƚƚŚĞůŽĐĂůůĞǀĞůĂƌĞĚĞƚĞƌŵŝŶĞĚŶĂƚŝŽŶĂůůǇŽƌĂƚƚŚĞƌĞŐŝŽŶĂůůĞǀĞůŝŶƐŽŵĞĨĞĚĞƌĂů ƐƚĂƚĞƐ͘EŽŶĞƚŚĞůĞƐƐ͕ƚŚĞƌĞŝƐŵƵĐŚƚŚĂƚĂĐŝƚǇĐŽƵŶĐŝůĐĂŶĚŽƚŽŝŶĨůƵĞŶĐĞƚŚĞǁĂǇŝŶǁŚŝĐŚĚŝǀĞƌƐĞŐƌŽƵƉƐŝŶƚĞƌĂĐƚ ĂŶĚĐŽͲŽƉĞƌĂƚĞĂƌŽƵŶĚƚŚĞĂůůŽĐĂƚŝŽŶŽĨƉŽǁĞƌĂŶĚƌĞƐŽƵƌĐĞƐ͘ŶŝŶƚĞƌĐƵůƚƵƌĂůĐŝƚǇƐƚƌŝǀĞƐƚŽŝŶĐůƵĚĞĂůůƌĞƐŝĚĞŶƚƐ ŝŶƚŚĞƉŽůŝĐǇͲŵĂŬŝŶŐƉƌŽĐĞƐƐĂŶĚĞŶƐƵƌĞƐƚŚĞƌĞďǇƚŚĂƚƉƵďůŝĐƐĞƌǀŝĐĞƐĂƌĞƉƌŽǀŝĚĞĚĂĐĐŽƌĚŝŶŐƚŽƚŚĞŝƌĚŝǀĞƌƐĞ ŶĞĞĚƐĂŶĚŶŽƚĂĐĐŽƌĚŝŶŐƚŽƚŚĞŝƌĐƵůƚƵƌĂůŽƌƉŽůŝƚŝĐĂůƉƌŽǆŝŵŝƚǇƚŽƉƵďůŝĐĚĞĐŝƐŝŽŶͲŵĂŬĞƌƐ͘ Ϯϱ 3DFNHW3J ) )ůŝĚĂƚĞǇŽƵƌĂŶƐǁĞƌ;ϴϬϬĐŚĂƌĂĐƚĞƌƐŵĂǆŝŵƵŵͿ dŚĞƌĞŝƐŶŽŝƚǇŐŽǀĞƌŶŵĞŶƚƉŽůŝĐǇ͘ƉƌŝǀĂƚĞƐĞĐƚŽƌƉƌŽŐƌĂŵĐĂůůĞĚZĞĂĚǇƚŽ>ĞĂĚ͕ǁŚŝĐŚŝƐƐƵƉƉŽƌƚĞĚďǇ ZŽĐŚĞƐƚĞƌWƵďůŝĐ>ŝďƌĂƌǇ͕ƌĞĐƌƵŝƚƐ͕ĞŶĐŽƵƌĂŐĞƐĂŶĚĞĚƵĐĂƚĞƐƉĞŽƉůĞƚŽƐĞƌǀĞŽŶĐŝǀŝůƐŽĐŝĞƚǇĂŶĚŐŽǀĞƌŶŵĞŶƚ ďŽĂƌĚƐĂŶĚĐŽŵŵŝƚƚĞĞƐ͕ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƌĞĂĚǇƚŽůĞĂĚ͘ŽƌŐͬ͘KƚŚĞƌƉƌŽŐƌĂŵƐŝŶĐůƵĚĞŽŵŵƵŶŝƚǇ/ŶƚĞƌĨĂŝƚŚ ŝĂůŽŐƵĞŽŶ/ƐůĂŵ͕ŚƚƚƉƐ͗ͬͬĐŝĚŝŵŶ͘ŽƌŐͬĂďŽƵƚͲƵƐ͖ůůŝĂŶĐĞŽĨŚŝĐĂŶŽƐ͕,ŝƐƉĂŶŽ͕>ĂƚŝŶŽŵĞƌŝĐĂŶƐ;,>Ϳ ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĨĂĐĞďŽŽŬ͘ĐŽŵͬůůŝĂŶĐĞͲŽĨͲŚŝĐĂŶŽƐͲ,ŝƐƉĂŶŽͲ>ĂƚŝŶŽͲŵĞƌŝĐĂŶƐͲ,>ͲϭϮϵϯϬϳϳϱϯϴϮϳϮϯϬ͖ͬDŽƌĞ tŽŵĞŶKŶdŚĞDŽǀĞĞŶĐŽƵƌĂŐĞƐǁŽŵĞŶƚŽƌƵŶĨŽƌƉƵďůŝĐŽĨĨŝĐĞ͕ ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĨĂĐĞďŽŽŬ͘ĐŽŵͬDŽƌĞtŽŵĞŶŽŶƚŚĞDŽǀĞͬ͘ yŶƚŝͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶ Ϯϳ 3DFNHW3J )ƚĞŶƚǁŝƚŚĨĞĚĞƌĂůůĂǁ͕ƋƵĂůŵƉůŽǇŵĞŶƚKƉƉŽƌƚƵŶŝƚǇ;KͿůĂǁƐƉƌŽŚŝďŝƚƐƉĞĐŝĨŝĐƚǇƉĞƐŽĨ ũŽďĚŝƐĐƌŝŵŝŶĂƚŝŽŶŝŶĐĞƌƚĂŝŶǁŽƌŬƉůĂĐĞƐ͘^ĞĞĚĚĞŶĚƵŵ'͘ ϳϮ͘ŽĞƐǇŽƵƌĐŝƚǇŚĂǀĞĂĚĞĚŝĐĂƚĞĚƐĞƌǀŝĐĞƚŚĂƚĂĚǀŝƐĞƐĂŶĚƐƵƉƉŽƌƚƐǀŝĐƚŝŵƐŽĨĚŝƐĐƌŝŵŝŶĂƚŝŽŶ͍ z^y EK͕ƚŚŝƐŝƐĚŽŶĞĂƚƚŚĞƌĞŐŝŽŶĂůĂŶĚͬŽƌŶĂƚŝŽŶĂůůĞǀĞů͘ EK͕ƚŚŝƐŝƐĚŽŶĞďǇĐŝǀŝůƐŽĐŝĞƚǇŽƌŐĂŶŝƐĂƚŝŽŶƐ EK͕ƐƵƉƉŽƌƚĂŶĚĂĚǀŝĐĞĂƌĞŶŽƚƉƌŽǀŝĚĞĚ /Ĩz^͕ƉůĞĂƐĞŐŝǀĞĚĞƚĂŝůƐƚŽǀĂůŝĚĂƚĞǇŽƵƌĂŶƐǁĞƌ;ϱϬϬĐŚĂƌĂĐƚĞƌƐŵĂǆŝŵƵŵͿ dŚĞŝƚǇŐŽǀĞƌŶŵĞŶƚĚŽĞƐŶŽƚ͘tŚĞŶĂƉĞƌƐŽŶǁŝƐŚĞƐƚŽĨŝůĞĂŶŽĨĨŝĐŝĂůĐŽŵƉůĂŝŶƚĂďŽƵƚĚŝƐĐƌŝŵŝŶĂƚŝŽŶ͕ƚŚĞǇ 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