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^ĂĨĞƚǇŶĞĞĚƐƚŽďĞƚŚĞŵĂŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌŝĨͬǁŚĞŶͬǁŚĞƌĞĂĐĐĞƐƐŝƐƉƌŽǀŝĚĞĚĂĚũĂĐĞŶƚƚŽ DĞŵďĞƌƐƐƵŐŐĞƐƚƉĞŶĂůŝǌŝŶŐĞǆƚĞŶƐŝŽŶƐǁŝƚŚĂĚĚŝƚŝŽŶĂůĨĞĞƐͬŝŶĐĞŶƚŝǀŝǌŝŶŐƚŝŵĞůŝŶĞƐƐĂŶĚ DĞŵďĞƌƐƐƵŐŐĞƐƚĂŵŽƌĞĚĞƚĂŝůĞĚƉĞƌŵŝƚĂƉƉůŝĐĂƚŝŽŶƉƌŽĐĞƐƐƚŽŚĞůƉƉůĂŶĂĐĐĞƐƐ͘ ^ƚĂŬĞŚŽůĚĞƌ/ŶƉƵƚ ĂƌĞŶŽƚƚŚĞŵĂŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶĨƌŽŵƚŚĞŝƌƉŽŝŶƚŽĨǀŝĞǁ͘ ͘ ƐĞƚƚŝŶŐƌĞĂƐŽŶĂďůĞĞǆƉĞĐƚĂƚŝŽŶƐƵƉĨƌŽŶƚ tĂƌŶƉĞĚĞƐƚƌŝĂŶƐƐŽŽŶĞƌ͍ ƌĞĂƵŝůĚĞƌƐ ƚŚĞƐŝƚĞ͘ ZŽĐŚĞƐƚĞƌ 3DFNHW3J 3DFNHW3J ǆĂŵƉůĞƐ 3DFNHW3J KďƐƚƌƵĐƚŝŽŶ ůůĞǇ y dƌĂĨĨŝĐ>ĂŶĞKďƐƚƌƵĐƚŝŽŶ yyy KďƐƚƌƵĐƚŝŽŶ ŝŬĞ>ĂŶĞ yy WĂƌŬŝŶŐ>ĂŶĞ KďƐƚƌƵĐƚŝŽŶ yyy KďƐƚƌƵĐƚŝŽŶ ŽƵůĞǀĂƌĚ ZKt&ĞĞƐ y KďƐƚƌƵĐƚŝŽŶ ^ŝĚĞǁĂůŬ yyy ;ƉĞƌŵŝƚĨĞĞŽŶůǇͿ 'ĞŶĞƌĂůZKt KďƐƚƌƵĐƚŝŽŶ yyyy DĞƚĞƌ &ĞĞƐ yyyyy ǆĐĂǀĂƚŝŽŶ WĞƌŵŝƚ yyyy ηŽĨWĞƌŵŝƚ ^ƚĂĨĨ ϭϰϭ Ϯϯϯϯ ZŽĐŚĞƐƚĞƌ;ĐƵƌƌĞŶƚͿ ƌŽŽŬůǇŶWĂƌŬ ůŽŽŵŝŶŐƚŽŶ DŝŶŶĞĂƉŽůŝƐ 3DFNHW3J ŽŶĐůƵƐŝŽŶƐ ƐƚƌĞĞƚŵŝǆ͘ŶĞƚ ͗ͬͬ ŚƚƚƉƐ ǁĂǇ͕ƐŽ ĂĐĐĞƐƐĂŐĂŝŶƐƚƐĂĨĞƚǇͬƚǇƉĞŽĨĐŽŶƐƚƌƵĐƚŝŽŶ͘ ĞĂƐǇĨŽƌ ĐŽŶƚƌĂĐƚŽƌƐƚŽǁĞŝŐŚƉĞĚĞƐƚƌŝĂŶĂŶĚďŝŬĞ WĞĚĞƐƚƌŝĂŶĂŶĚďŝŬĞĚĞƚŽƵƌƐǁŝůůŶŽƚďĞ ůŝŵŝƚĞĚ WƵďůŝĐtŽƌŬƐƐƚĂĨĨŶĞĞĚƚŽǁŽƌŬǁŝƚŚ Ͳ ŽĨ ĞůŝŵŝŶĂƚĞĚ͕ďƵƚƐŚŽƵůĚďĞƌĞĚƵĐĞĚ͘ Ͳ ʹ ĨŽƌƚŚĞŝƚǇ͘ tĞŚĂǀĞĂĨŝŶŝƚĞĂŵŽƵŶƚŽĨƌŝŐŚƚ ĞĞƉƉƌŽŐƌĂŵƌĞůĂƚŝǀĞůǇƐŝŵƉůĞ ĐŽŶƚƌĂĐƚŽƌƐƚŽƵŶĚĞƌƐƚĂŶĚĂŶĚ ƉƌŝŽƌŝƚŝĞƐŵƵƐƚďĞĞƐƚĂďůŝƐŚĞĚ͘ ĂĚĚŝƚŝŽŶĂůƚŝŵĞͬĐŽƐƚ ŚĂŶŐĞŝƐŶĞĞĚĞĚ͘ 3DFNHW3J WtWŽůŝĐŝĞƐͬ'ƵŝĚĂŶĐĞ Ͳ ĐŽŶƐƚƌƵĐƚŝŽŶ Ͳ ƐŝĚĞǁĂůŬ Ͳ ƉƌŽĐĞĚƵƌĞƐ Ͳ ƚŚƌĞĞͬĂƉƉůŝĐĂƚŝŽŶ Ͳ ͗ͬͬƐƚƌĞĞƚǁŽƌŬƐŵĂŶƵĂů͘ŶǇĐͬĐŚĂƉƚĞƌ ĐŽŶƚĞŶƚ Ͳ ƉĞƌŵŝƚηŵĂŝŶ ŚƚƚƉƐ ʹ ZĞĐŽŵŵĞŶĚĞĚŚĂŶŐĞƐ ĂĨĞůǇŵŝŶŝŵŝǌĞƉĞĚĞƐƚƌŝĂŶĂŶĚďŝŬĞĚŝƐƌƵƉƚŝŽŶƐ͘ ǆƉĞĐƚĂƚŝŽŶ͗WƌŽũĞĐƚƐǁŽƌŬǁŝƚŚWƵďůŝĐtŽƌŬƐƚŽ ͬĚĂǇĨŽƌZKtƵƐĞƚŚĂƚĐůŽƐĞƐĂĐĐĞƐƐ͘ dƌĞĂƚŵĞŶƚŽĨƌĞǀŝƐŝŽŶƐͬĞǆƚĞŶƐŝŽŶƐ͘ ŽŶƐŝĚĞƌƐŬǇǁĂǇƐĂŶĚƐƵďǁĂǇƐ͘ &ŝƌƐƚϳĚĂǇƐĂƌĞ͞ŽŶƚŚĞŚŽƵƐĞ͘͟ ͞ZĞǁĂƌĚ͟ŵĂŝŶƚĂŝŶĞĚĂĐĐĞƐƐ͘ ZĞĂůůŽĐĂƚŝŽŶŽĨĞǆŝƐƚŝŶŐƐƚĂĨĨ͘ WĂƌŬŝŶŐĐůŽƐƵƌĞƐ͕ůĂŶĞƐŚŝĨƚƐ͘ ZKtŝŶƐƉĞĐƚŝŽŶƐŵŽŶƚŚůǇ͘ ĚĚƌĞƐƐŵĞƚĞƌďŝůůŝŶŐ͘ &ŝŶĞƐĨŽƌďĂĚĂĐƚŽƌƐ͘ ĨĞĞƐ͘ Ϯ dŝĞƌƉĞƌŵŝƚ ΨϬ͘ϬϬϮϱͬĨƚ 3DFNHW3J ͕ ĂĚĚŝƚŝŽŶƚŽĐƵƌƌĞŶƚĞǆƉĞĐƚĂƚŝŽŶƐĨŽƌƚƌĂĨĨŝĐĐŽŶƚƌŽůůĂǇŽƵƚƐĂŶĚŐĞŶĞƌĂůĚĞĨŝŶŝƚŝŽŶŽĨƉƌŽũĞĐƚĂƌĞĂ ǆƉĞĐƚĂƚŝŽŶƐĨŽƌŽŶƚƌĂĐƚŽƌƐ ʹ ĐůŽƐƵƌĞƐ͘ ZĞĐŽŵŵĞŶĚĞĚŚĂŶŐĞƐ ŽĨǁŽƌŬŽĐĐƵƌƌŝŶŐŝŶĂŶĚŝŵŵĞĚŝĂƚĞůǇĂĚũĂĐĞŶƚƚŽ ƉŚĂƐĞĚ͞ƌĞůĞĂƐĞ͟ŽĨZKtďĂĐŬƚŽƉƵďůŝĐƵƐĞ͘ ͘ ƉĞĚĞƐƚƌŝĂŶͬďŝŬĞĚĞƚŽƵƌƐĚƵƌŝŶŐĐůŽƐƵƌĞƐŽĨĂĐĐĞƐƐ ĂĐĐĞƐƐ͘ ŝŵƉĂĐƚƐ͘ ƉĞĚĞƐƚƌŝĂŶĂŶĚďŝŬĞƐĂĨĞƚǇĂŐĂŝŶƐƚ ŽĨZKt ƵƉƐ͘ ƌŽƵƚĞƐ͘ Ͳ ƐĞƚ ĚƵƌĂƚŝŽŶƐ ŽĨĐƌĂŶĞ ĚĞůŝǀĞƌǇ ĐŽŶƚƌĂĐƚŽƌƐƉƌŽǀŝĚĞ͗ ĂŶĚ >ŽĐĂƚŝŽŶƐ DĂƚĞƌŝĂů ĞĨŝŶĞ ĂƚĞƐ dǇƉĞ WƌŽǀŝĚĞ tĞŝŐŚ /Ŷ 3DFNHW3J EŽƚ/ŶĐůƵĚĞĚŝŶZĞĐŽŵŵĞŶĚĞĚŚĂŶŐĞƐ ŽŵƉůŝĐĂƚĞĚZKtĐĂůĐƵůĂƚŝŽŶƐ ĚĚŝƚŝŽŶĂůŵĞƚĞƌďĂŐŐŝŶŐĨĞĞƐ ďĂƐĞĚĨĞĞƐ ďůŽĐŬĐŚĂƌŐĞƐ EĞǁŝƚǇƐƚĂĨĨ Ͳ 'ĞŽŐƌĂƉŚǇ Ͳ &Ƶůů 3DFNHW3J dKd> Ψϭ͕ϮϬϰΨϯ͕ϵϮϰ ΨϮ͕ϵϯϮ Ψϯ͕ϬϵϬΨϴ͕ϯϮϬ ;EŽWͿΨϭϮϵΨϬ ΨϮϲ͕ϱϴϯΨϭϵ͕ϰϬϱ z^z^z^z^z^ &ŝŶĞƐEKEKEK z^ ůůĞǇ KďƐƚƌƵĐƚŝŽŶͲͲͲͲͲͲͲͲ Ͳ dƌĂĨĨŝĐ>ĂŶĞ Ψϭ͕ϮϲϬΨϵ͕ϮϯϴΨϲ͕Ϭϰϭ ͲͲͲͲͲ KďƐƚƌƵĐƚŝŽŶ Ͳ ΨϲϮϬ ŝŬĞ>ĂŶĞΨϮ͕ϯϭϬ ͲͲͲͲͲͲ KďƐƚƌƵĐƚŝŽŶ Ͳ ZKt&ĞĞǆĂŵƉůĞ ΨϲϲϬ WĂƌŬŝŶŐ>ĂŶĞΨϮ͕ϯϭϬ KďƐƚƌƵĐƚŝŽŶͲͲͲͲͲͲ Ͳ ΨϯϲϬ ŽƵůĞǀĂƌĚ KďƐƚƌƵĐƚŝŽŶͲͲͲͲͲͲͲ Ͳ ^ŝĚĞǁĂůŬ Ψϭ͕ϱϲϬΨϮ͕ϯϭϬΨϲ͕ϱϭϬ ͲͲͲͲͲ KďƐƚƌƵĐƚŝŽŶ Ͳ ͬĚĂǇ ΨϭϮϵΨϭϬϬ Ψϭ͕ϳϬϲΨϮ͕Ϭϴϰ 'ĞŶĞƌĂůZKt ͲͲͲͲ Ψϭ͕ϬϵϮ KďƐƚƌƵĐƚŝŽŶ Ϯ ͬĚĂǇǀƐ͘ΨϬ͘ϬϬϮϱͬĨƚ ͕ ϭŵŽŶƚŚ DĞƚĞƌ Ψϭ͕ϯϴϰΨϰ͕ϰϴϬΨϭϬ͕ϰϭϲΨϲ͕ϮϯϰΨϭ͕ϭϬϰΨϭ͕ϴϰϬ &ĞĞƐͲͲ Ψϭ͕ϴϰϬ DĞƚĞƌĨĞĞƐŝŶĐƌĞĂƐĞĚ ǆĐĂǀĂƚŝŽŶΨϯϲϬΨϭϬϮΨϮϬϬΨϮϬϬΨϮϬϬ WĞƌŵŝƚͲͲͲ ΨϮϬϬ ŝƐĐŽǀĞƌǇ^ƋƵĂƌĞ͕ ^ƚĂĨĨ ηŽĨWĞƌŵŝƚ ϰ ϭ͘ϱ Ϯϭϭ͍ ϯϯϯ Ϯ Ϭ͘ϬϬϱͬĨƚ Ϳ ǆĂŵƉůĞ Ψ Ϳ ;ƵƌƌĞŶƚ ;ZĞĐŽŵŵĞŶĚĞĚͿ ^ĞƐƐŝŽŶ 3DFNHW3J &ŝŶĞƐ &ŝŶĞƐ z^ 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