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ĨƌŽŵǁŽƌŬĞƌƐƌĞƐŝĚŝŶŐ ϮŶĚ^ƚƌĞĞƚ͕ŝǀŝĐŽŶ&ŝƌƐƚͬ,ǇĂƚƚ dZ'dh^/E^^EdZWZ/^hd/>/d/KEW>E ůĂƚƵƐ DW>KzDEd :ĂŶƵĂƌǇϮϬϮϬĐƵŵƵůĂƚŝǀĞ /dzK&ZK,^dZ͕D/EE^Kd ϭϬй Ͳ ,ŽƵƐŝŶŐ ,ŝƐƉĂŶŝĐͬ>ĂƚŝŶŵĞƌŝĐĂŶƐс s͘'K>^͕͘tKZ<&KZ ŵĞƌŝĐĂŶƐсϭй EĂƚŝǀĞŵĞƌŝĐĂŶƐсϮй ƐŝĂŶŵĞƌŝĐĂŶƐсϭй dŽƚĂů,ŽƵƌƐΎсϭ͕ϬϮϵ͕ϬϬϬ ůĂƚƵƐ ʹ ƌĞƐƵůƚƐƉƌŝůϮϬϭϳ WƌŽũĞĐƚƐ͗WĂƌŬŝŶŐ ͕,ŽƚĞů/ŶĚŝŐŽ͕ ĨƌŝĐĂŶ WĂƌƚŝĐŝƉĂƚŝŽŶ Ɛƚ ϭ Ύ 3DFNHW3J ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĐĞŶƐƵƐ͘ŐŽǀͬƋƵŝĐŬĨĂĐƚƐ ^d/Ed/KED/>EdZ dZ'dh^/E^^EdZWZ/^hd/>/d/KEW>E DW>KzDEd :ĂŶƵĂƌǇϮϬϮϬĐƵŵƵůĂƚŝǀĞ /dzK&ZK,^dZ͕D/EE^Kd s͘'K>^͕͘tKZ<&KZ ʹ ƌĞƐƵůƚƐƉƌŝůϮϬϭϳ WĂƌƚŝĐŝƉĂƚŝŽŶ Ύ 3DFNHW3J ĞĨĨĞĐƚŝǀĞ:ƵůǇϭϳ͕ϮϬϭϳ ƉĂƌƚŝĐŝƉĂƚŝŽŶ ϮϬϮϯ Ͳ ϵй ŐŽĂůƐͬǁŽƌŬĨŽƌĐĞ DŝŶŶĞƐŽƚĂǁŽƌŬĨŽƌĐĞŐŽĂůƐ Ͳ ϮϬϮϮ ϴй Ͳ Ͳ ŵŶ͘ŐŽǀͬŵĚŚƌͬĐĞƌƚŝĨŝĐĂƚĞƐͬƉĂƌƚŝĐŝƉĂƚŝŽŶ ϮϬϮϭ ϳй ŽĨ Ͳ ŵĂƉ ĞƉĂƌƚŵĞŶƚŽĨ,ƵŵĂŶZŝŐŚƚƐ ϮϬϭϱͲ ϮϬϮϬ ϲй Ͳ ͗ͬͬ ŚƚƚƉƐ DŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨ,ƵŵĂŶZŝŐŚƚƐŐŽĂů ZĞĐŽŵŵĞŶĚĞĚtŽŵĞŶtŽƌŬĨŽƌĐĞWĂƌƚŝĐŝƉĂƚŝŽŶ'ŽĂů ΎDŝŶŶĞƐŽƚĂ tŽƌŬĨŽƌĐĞWĂƌƚŝĐŝƉĂƚŝŽŶ'ŽĂůƐǁŝƚŚ ƵƌƌƌĞŶƚĂŶĚZĞĐŽŵŵĞŶĚĞĚ'ŽĂůƐĨŽƌtŽŵĞŶ ƵƌƌĞŶƚtŽŵĞŶtŽƌŬĨŽƌĐĞWĂƌƚŝĐŝƉĂƚŝŽŶ'ŽĂů DŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨ,ƵŵĂŶZŝŐŚƚƐ s͘'K>^͕͘tKZ<&KZDW>KzDEd ϵй Ύ͗ tŽŵĞŶ 'ŽĂůZĞĐŽŵŵĞŶĚĂƚŝŽŶ͗ ŝŶ^DŝŶŶĞƐŽƚĂĨŽƌ D ůŝŐŶ 3DFNHW3J ĞĨĨĞĐƚŝǀĞ:ƵůǇϭϳ͕ϮϬϭϳ ƉĂƌƚŝĐŝƉĂƚŝŽŶ Ͳ ŐŽĂůƐͬǁŽƌŬĨŽƌĐĞ DŝŶŶĞƐŽƚĂǁŽƌŬĨŽƌĐĞŐŽĂůƐ Ͳ ϮϬϮϯ ŵŶ͘ŐŽǀͬŵĚŚƌͬĐĞƌƚŝĨŝĐĂƚĞƐͬƉĂƌƚŝĐŝƉĂƚŝŽŶ ϭϱй Ͳ ŽĨ ϮϬϮϮ ϭϱй ŵĂƉ Ͳ ĞƉĂƌƚŵĞŶƚŽĨ,ƵŵĂŶZŝŐŚƚƐ ϮϬϮϭ ϭϱй Ͳ ͗ͬͬ ϮϬϭϱͲ ŚƚƚƉƐ ϮϬϮϬ ϰй DŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨ,ƵŵĂŶZŝŐŚƚƐŐŽĂů Ͳ ΎDŝŶŶĞƐŽƚĂ ϭϱй tŽƌŬĨŽƌĐĞWĂƌƚŝĐŝƉĂƚŝŽŶ'ŽĂůƐǁŝƚŚ WƌŽƉŽƐĞĚDŝŶŽƌŝƚǇtŽƌŬĨŽƌĐĞWĂƌƚŝĐŝƉĂƚŝŽŶ'ŽĂů Ύ͗ ZŝŐŚƚƐ ƵƌƌĞŶƚDŝŶŽƌŝƚǇtŽƌŬĨŽƌĐĞWĂƌƚŝĐŝƉĂƚŝŽŶ'ŽĂů WĞŽƉůĞŽĨŽůŽƌ s͘'K>^͕͘tKZ<&KZDW>KzDEd ĞƉĂƌƚŵĞŶƚŽĨ,ƵŵĂŶ ƵƌƌĞŶƚĂŶĚZĞĐŽŵŵĞŶĚĞĚ'ŽĂůƐ ͗ 'ŽĂůZĞĐŽŵŵĞŶĚĂƚŝŽŶ ŝŶ^DŝŶŶĞƐŽƚĂĨŽƌ DŝŶŶĞƐŽƚĂ D ůŝŐŶ 3DFNHW3J /ŵƉƌŽǀĞŵĞŶƚWůĂŶĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ 3DFNHW3J ƌĞĚĞǀĞůŽƉŵĞŶƚĂŶĚƉƵďůŝĐ͕ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ƉƌŽďĂďůĞƉƌŝǀĂƚĞŝŶǀĞƐƚŵĞŶƚƉƌŽũĞĐƚƐ ^d/Ed/KED/>EdZ dĂƌŐĞƚĞĚƵƐŝŶĞƐƐŶƚĞƌƉƌŝƐĞ'ŽĂů^ĞƚƚŝŶŐDĞƚŚŽĚŽůŽŐǇ dZ'dh^/E^^EdZWZ/^hd/>/d/KEW>E s͘'K>^͕͘dZ'dh^/E^^EdZWZ/^;dͿ ZĞǀŝĞǁĞĚ;ĨŽƌĨƵƚƵƌĞƚǇƉĞƐŽĨĐŽŶƚƌĂĐƚŝŶŐͿ ĞĐŽŶŽŵŝĐ ĞǀĞůŽƉĂĂƐĞ&ŝŐƵƌĞ ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ ĂƉŝƚĂů /dzK&ZK,^dZ͕D/EE^Kd ƉƌŽũĞĐƚƐ; ŽĨZŽĐŚĞƐƚĞƌ ƚƌĂŶƐŝƚͿ ďƵĚŐĞƚĞĚ Ͳ ^ƚĞƉKŶĞ ŝƚǇ ĂŶĚ ĂďůĞdƐĚŝǀŝĚĞĚďǇƚŚĞƚŽƚĂůŶƵŵďĞƌŽĨĂůůĨŝƌŵƐĨŽƌƚŚĞƚǇƉĞƐŽĨĐŽŶƚƌĂĐƚƐ 3DFNHW3J ƌĞůĂƚŝǀĞĂǀĂŝůĂďŝůŝƚǇŽĨdƐ;E/^ϮϯϳŚĞĂǀǇĐŽŶƐƚƌƵĐƚŝŽŶĐŽŶƚƌĂĐƚŽƌƐͿ dŚĞƌĞůĂƚŝǀĞĂǀĂŝůĂďŝůŝƚǇŽĨdƐŝƐƚŚĞƚŽƚĂůŶƵŵďĞƌŽĨƌĞĂĚǇ͕ǁŝůůŝŶŐĂŶĚ ĐŽŶƚƌĂĐƚŽƌƐͿ ƌĞůĂƚŝǀĞĂǀĂŝůĂďŝůŝƚǇŽĨdƐ;ĐŽŵďŝŶĞĚE/^ϮϯϴĂŶĚϮϯϳͿ ƚƌĂĚĞƐ ^d/Ed/KED/>EdZ ;E/^ϮϯϴƐƉĞĐŝĂůƚǇ dĂƌŐĞƚĞĚƵƐŝŶĞƐƐŶƚĞƌƉƌŝƐĞ'ŽĂů^ĞƚƚŝŶŐDĞƚŚŽĚŽůŽŐǇ dZ'dh^/E^^EdZWZ/^hd/>/d/KEW>E s͘'K>^͕͘dZ'dh^/E^^EdZWZ/^;dͿ ĞǀĞůŽƉĂĂƐĞ&ŝŐƵƌĞ dƐ ĂůĐƵůĂƚĞĚďĂƐĞĨŝŐƵƌĞƐƚĂƚĞǁŝĚĞ͗ ƌĞůĂƚŝǀĞĂǀĂŝůĂďŝůŝƚǇŽĨ ǁĞĂŶƚŝĐŝƉĂƚĞĂǁĂƌĚŝŶŐ͘ /dzK&ZK,^dZ͕D/EE^Kd Ͳ ^ƚĞƉKŶĞ ϳй Ϯйϲй 3DFNHW3J ϳϵϬ ϭϲϯϭϭϰϬϯ /ŶDE͕t/Θ/ d'ͬͬsK ^d/Ed/KED/>EdZ ϳϰϵ ϭϲϮϭϭϰϬϯ ŽǁŶĞĚdƐ ĂŶĚ dĂƌŐĞƚĞĚƵƐŝŶĞƐƐŶƚĞƌƉƌŝƐĞ'ŽĂů^ĞƚƚŝŶŐDĞƚŚŽĚŽůŽŐǇ /ŶDE DŶhW dZ'dh^/E^^EdZWZ/^hd/>/d/KEW>E s͘'K>^͕͘dZ'dh^/E^^EdZWZ/^;dͿ ϮϬ Ϭ ϭϯ Ͳ ͕ ůŽĐĂůůǇ Zd /Ŷϱϱϵyy ZĞĐŽŐŶŝǌĞƚŚƌĞĞĐĞƌƚŝĨŝĐĂƚŝŽŶƐ͗ ŽĨ ĚũƵƐƚĨŽƌĐƵƌƌĞŶƚĐĂƉĂĐŝƚǇ ĚũƵƐƚĂƐĞ&ŝŐƵƌĞ /dzK&ZK,^dZ͕D/EE^Kd ϭϬ Ϭϲ /ŶZŽĐŚĞƐƚĞƌ ʹ DŶhW d'ͬ ^ƚĞƉdǁŽ Zd 3DFNHW3J DĞŵďĞƌƐŽĨZŽĐŚĞƐƚĞƌƌĞĂŚĂŵďĞƌŽĨŽŵŵĞƌĐĞ;ϯͬϭϬͬϮϬϮϬͿ DĞŵďĞƌƐŽĨZŽĐŚĞƐƚĞƌƌĞĂƵŝůĚĞƌƐ͕/ŶĐ͘;ϯͬϭϬͬϮϬϮϬͿ ^d/Ed/KED/>EdZ dĂƌŐĞƚĞĚƵƐŝŶĞƐƐŶƚĞƌƉƌŝƐĞ'ŽĂů^ĞƚƚŝŶŐDĞƚŚŽĚŽůŽŐǇ ϭйϮй dZ'dh^/E^^EdZWZ/^hd/>/d/KEW>E s͘'K>^͕͘dZ'dh^/E^^EdZWZ/^;dͿ ϯйϰй ϭϯͬϭϯϬϬсϮϬͬϭϯϬϬс ϭϯͬϱϭϮсϮϬͬϱϭϮс /Ŷϱϱϵyy/Ŷϱϱϵyy ĚũƵƐƚĂƐĞ&ŝŐƵƌĞ сϭй с͘ϱй ϭϬͬϱϭϮсϮй /ŶZŽĐŚĞƐƚĞƌ/ŶZŽĐŚĞƐƚĞƌ /dzK&ZK,^dZ͕D/EE^Kd ϲͬϱϭϮсϭй ϭϬͬϭϯϬϬ ϲͬϭϯϬϬ DŶhWDŶhW d'ͬd'ͬ ʹ ^ƚĞƉdǁŽ ϭϯϬϬ ϱϭϮ ĚũƵƐƚĞĚĨŽƌĚŝƐĐƌŝŵŝŶĂƚŝŽŶďĂƐĞĚŽŶϮϬϭϳDE:ŽŝŶƚŝƐƉĂƌŝƚǇ^ƚƵĚǇ 3DFNHW3J ϯ͘ϭϯй ĂǀĂŝůĂďŝůŝƚǇƉĂƐƚхƉƌŽďĂďůĞĨƵƚƵƌĞƉƌŽũĞĐƚƐ͗ ϮϬϮϭ͗ Ϯϭ͗ Ͳ ZŽĐŚĞƐƚĞƌ/ŶƚĞƌŶĂƚŝŽŶĂůŝƌƉŽƌƚĐŽŶƐƚƌƵĐƚŝŽŶŐŽĂůϮϬϭϵ Ͳ DŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨdƌĂŶƐƉŽƌƚĂƚŝŽŶŐŽĂůƐϮϬϭϵ Ϯй ^d/Ed/KED/>EdZ Ϯϭ͗ ŽŶƐŝĚĞƌĞĚŐŽĂůƐĂŶĚŐŽĂůƐĞƚƚŝŶŐŵĞƚŚŽĚŽůŽŐǇĨŽƌ͗ Ͳ ZŽĐŚĞƐƚĞƌDĂƐƐdƌĂŶƐŝƚŽƉĞƌĂƚŝŽŶƐŐŽĂůϮϬϭϵ ϭϮ͘Ϯϯй dĂƌŐĞƚĞĚƵƐŝŶĞƐƐŶƚĞƌƉƌŝƐĞ'ŽĂů^ĞƚƚŝŶŐDĞƚŚŽĚŽůŽŐǇ ϵ͘ϭϮй dZ'dh^/E^^EdZWZ/^hd/>/d/KEW>E s͘'K>^͕͘dZ'dh^/E^^EdZWZ/^;dͿ ĨƵŶĚĞĚĐŽŶƚƌĂĐƚƐŐŽĂů͗ ĨƵŶĚĞĚƉƌŽũĞĐƚƐŐŽĂů͗ ĂůĐƵůĂƚĞĚǁĞŝŐŚƚĞĚƌĞůĂƚŝǀĞ ĚũƵƐƚĂƐĞ&ŝŐƵƌĞ /dzK&ZK,^dZ͕D/EE^Kd Ͳ &,t Ͳ &d ʹ ^ƚĞƉdǁŽ 3DFNHW3J ƌĞƐƵůƚƐΎ :ĂŶƵĂƌǇϮϬϮϬƵŵƵůĂƚŝǀĞ ŽǁŶĞĚĐŽŵƉĂŶŝĞƐ ϭϲ͘ϴϲй ŽǁŶĞĚĐŽŵƉĂŶŝĞƐ ϭϳй ZĞǀŝĞǁĞĚDƉƌŽũĞĐƚƐdĂƌŐĞƚĞĚƵƐŝŶĞƐƐ;dͿĐŽŶƚƌĂĐƚŝŶŐƉĂƐƚ ϱ͘ϭϮй ǀĂůƵĂƚĞĚDŽƌƚĞŶƐŽŶKŶĞŝƐĐŽǀĞƌǇ^ƋƵĂƌĞƉƌŽũĞĐƚdƌĞƐƵůƚ͗ ŽǁŶĞĚĐŽŵƉĂŶŝĞƐ; ^d/Ed/KED/>EdZ ͗ WƌŽĨĞƐƐŝŽŶĂů^ĞƌǀŝĐĞƐΘŽŶƐƚƌƵĐƚŝŽŶĚŵŝŶŝƐƚƌĂƚŝŽŶ Ͳ ʹ KƉƉŽƌƚƵŶŝƚǇƚŽŝŶĐƌĞĂƐĞĐŽŶƚƌĂĐƚƐǁŝƚŚŵŝŶŽƌŝƚǇ ƉƌŝůϮϬϭϳ Ͳ KƉƉŽƌƚƵŶŝƚǇƚŽŝŶĐƌĞĂƐĞĐŽŶƚƌĂĐƚƐǁŝƚŚůŽĐĂůůǇ dĂƌŐĞƚĞĚƵƐŝŶĞƐƐŶƚĞƌƉƌŝƐĞ'ŽĂů^ĞƚƚŝŶŐDĞƚŚŽĚŽůŽŐǇ dZ'dh^/E^^EdZWZ/^hd/>/d/KEW>E s͘'K>^͕͘dZ'dh^/E^^EdZWZ/^;dͿ Ͳ Ύ ĐŽŶƚƌĂĐƚƐǁŝƚŚǁŽŵĞŶ ĚũƵƐƚĂƐĞ&ŝŐƵƌĞ /dzK&ZK,^dZ͕D/EE^Kd ϳ͘Ϯй ,ŝŐŚƉĞƌĐĞŶƚŽĨ ͗ ŽŶƐƚƌƵĐƚŝŽŶ ʹ ^ƚĞƉdǁŽ 3DFNHW3J ƚƌĂĚĞƐĐŽŶƐƚƌƵĐƚŝŽŶĐŽŵƉĂŶŝĞƐƚŽĐŽŶŶĞĐƚǁŝƚŚƉƌŝŵĞĐŽŶƚƌĂĐƚŽƌƐ ĐĞƌƚŝĨŝĐĂƚŝŽŶ ŽǁŶĞĚƐƉĞĐŝĂůƚǇ tŽƌŬĨŽƌĐĞĂŶĚdĂƌŐĞƚĞĚƵƐŝŶĞƐƐŐŽĂůƐ ŽǁŶĞĚ ŽǁŶĞĚĐŽŵƉĂŶŝĞƐǁĂŶƚŐƌĞĂƚĞƌ ŽǁŶĞĚĐŽŵƉĂŶŝĞƐƐĞĞŬŝŶŐ Ͳ /ĚĞŶƚŝĨǇĂŶĚĚĞĐƌĞĂƐĞďĂƌƌŝĞƌƐĨŽƌĨƌŝĐĂŶŵĞƌŝĐĂŶ ^d/Ed/KED/>EdZ Ͳ ĂƚĂůǇǌĞŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌĨƌŝĐĂŶŵĞƌŝĐĂŶ dĂƌŐĞƚĞĚƵƐŝŶĞƐƐŶƚĞƌƉƌŝƐĞ'ŽĂů^ĞƚƚŝŶŐDĞƚŚŽĚŽůŽŐǇ dZ'dh^/E^^EdZWZ/^hd/>/d/KEW>E s͘'K>^͕͘dZ'dh^/E^^EdZWZ/^;dͿ ŝŶƉƵƚĨƌŽŵŝŶƚĞƌĞƐƚĞĚƉĂƌƚŝĞƐ ĐŽŵƉĂŶŝĞƐƚŽďŝĚŽŶDƉƌŽũĞĐƚƐ Ͳ ^ƵƉƉŽƌƚĨƌŝĐĂŶŵĞƌŝĐĂŶ Ͳ ĨƌŝĐĂŶŵĞƌŝĐĂŶ ƉĂƌƚŝĐŝƉĂƚŝŽŶĂŶĚŚŝŐŚĞƌ ĚũƵƐƚĂƐĞ&ŝŐƵƌĞ /dzK&ZK,^dZ͕D/EE^Kd /ŶĐŽƌƉŽƌĂƚĞĚ EW͗ ʹ ^ƚĞƉdǁŽ 3DFNHW3J ϮϬϮϯ ϳйϰй ϮϬϮϮ ϳйϰй Ͳ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶ ^d/Ed/KED/>EdZ ϮϬϮϭ ϳйϰй Ͳ ϮϬϭϱͲϮϬϮϬ ϰй dZ'dh^/E^^EdZWZ/^hd/>/d/KEW>E s͘'K>^͕͘dZ'dh^/E^^EdZWZ/^;dͿ ͲͲ dĂƌŐĞƚĞĚƵƐŝŶĞƐƐŶƚĞƌƉƌŝƐĞ;dͿƉƌŽŐƌĂŵŐŽĂů dĂƌŐĞƚĞĚƵƐŝŶĞƐƐƵƌƌĞŶƚĂŶĚWƌŽƉŽƐĞĚ'ŽĂůƐ WƌŽƉŽƐĞĚ,ĞĂǀǇŽŶƐƚƌƵĐƚŝŽŶWƌŽũĞĐƚƐ'ŽĂů WƌŽƉŽƐĞĚWƌŽŐƌĂŵdĂƌŐĞƚĞĚƵƐŝŶĞƐƐ'ŽĂů /dzK&ZK,^dZ͕D/EE^Kd ƵƌƌĞŶƚdĂƌŐĞƚĞĚƵƐŝŶĞƐƐ'ŽĂů 3DFNHW3J ďŝĚƐƚŚĂƚĚŽŶŽƚŵĞĞƚdŐŽĂůƐǁŚĞŶ'&ŚĂǀĞŶŽƚďĞĞŶ WZKhZ^dKE^hZd,dKEdZdKZ^D<'KK&/d,&&KZd^ WWKZdhE/dzdKd^/EDWh>//E&Z^dZhdhZ ĨƌŽŵ'ŽŽĚ&ĂŝƚŚĨĨŽƌƚƐƉƌŽĐĞƐƐ Ă'ŽŽĚ&ĂŝƚŚĨĨŽƌƚƐŐƵŝĚĞůŝŶĞƐͬĐŚĞĐŬůŝƐƚŝŶdZĞƋƵŝƌĞŵĞŶƚƐ;ďŝĚ ^d/Ed/KED/>EdZ dZ'dh^/E^^EdZWZ/^hd/>/d/KEW>E ZĞŵŽǀĞĚŵŝŶŝƐƚƌĂƚŝǀĞZĞĐŽŶƐŝĚĞƌĂƚŝŽŶ /dzK&ZK,^dZ͕D/EE^Kd WZK:d^ ĂĚĞƋƵĂƚĞůǇĐŽŶĚƵĐƚĞĚ͘ ƌĞũĞĐƚ Yh> KE^dZhd/KE ĚŽĐƵŵĞŶƚƐͿ ŽƵŶĐŝů WZKs/ ĚĚ ŝƚǇ dK ͘ /y 3DFNHW3J 3DFNHW3J ŝƚǇŽĨ ^ƵƉƉŽƌƚŽƌŐĂŶŝǌĂƚŝŽŶĂůĞĨĨŽƌƚƐĨŽĐƵƐĞĚŽŶďƵŝůĚŝŶŐĂŶŝŶĐůƵƐŝǀĞĂŶĚ ŐĂƉƐ ƚŽŽƚŚĞƌͬĂůů ƵĚŐĞƚĞĐŝƐŝŽŶƐWĂĐŬĂŐĞƐ;ƐĞĞŶŽƚĞƐͿ ŝŶƚĞŶƚŝŽŶĂůƉůĂŶŶŝŶŐƚŽĨŝůů ^d/Ed/KED/>EdZ tŽƌŬĨŽƌĐĞĂŶĚdĂƌŐĞƚĞĚƵƐŝŶĞƐƐŐŽĂůƐ dZ'dh^/E^^EdZWZ/^hd/>/d/KEW>E WĂƌƚŝĐŝƉĂƚĞŝŶƵƉĐŽŵŝŶŐƉƵďůŝĐǁŽƌŬƐŚŽƉƐ ƉƉƌŽǀĞƌĞĐŽŵŵĞŶĚĞĚdWůĂŶƵƉĚĂƚĞƐ /ŶƚĞƌĐƵůƚƵƌĂůŝƚŝĞƐ/ŶĚĞǆ KƚŚĞƌƐƵŐŐĞƐƚŝŽŶƐŽƌƋƵĞƐƚŝŽŶƐ͍ tŚĂƚĐĂŶŝƚǇŽƵŶĐŝůĚŽŝŶϮϬϮϬ͍ /dzK&ZK,^dZ͕D/EE^Kd Ͳ &ƵƚƵƌĞĐŽŶƐŝĚĞƌĂƚŝŽŶƐ ƉƌŽũĞĐƚƐ ƚĞĂŵ ǆƉĂŶĚD ZŽĐŚĞƐƚĞƌ ŶŐĂŐĞŝŶ ĚŝǀĞƌƐĞ )E DdĂƌŐĞƚĞĚƵƐŝŶĞƐƐŶƚĞƌƉƌŝƐĞhƚŝůŝǌĂƚŝŽŶWůĂŶ'ŽĂů^ĞƚƚŝŶŐĂŶĚĂƉĂĐŝƚǇ dĂƌŐĞƚĞĚƵƐŝŶĞƐƐŶƚĞƌƉƌŝƐĞhƚŝůŝǌĂƚŝŽŶ tŚĂƚĚŽǁĞǁĂŶƚ;ĚƌĞĂŵͿ͍ x /ŶĐůƵƐŝŽŶͬƌĞƉƌĞƐĞŶƚĂƚŝŽŶ R ƋƵĂůƚŽƚŚĞŵŝŶŽƌŝƚǇƉŽƉƵůĂƚŝŽŶŝŶZŽĐŚĞƐƚĞƌ >ĞĂĚĞƌƐͬDĞŶƚŽƌƐƚŚĂƚƐŚŽǁƚŚĞǁĂǇĨŽƌƚŚĞŶĞǆƚŐĞŶĞƌĂƚŝŽŶ /ŶĐƌĞĂƐĞĚĐĂƉĂĐŝƚŝĞƐ R /ŶĐƌĞĂƐĞĚƚƌĂŝŶŝŶŐͬĞĚƵĐĂƚŝŽŶŽƉƉŽƌƚƵŶŝƚŝĞƐ R ůĞĂƌŐŽĂůƐĂŶĚƚĂƐŬƐ R WƌĞƉĂƌĞĨŽƌůŽŶŐĞǀŝƚǇ R 'ŽďĞǇŽŶĚDĞĨĨŽƌƚƐ͖ĞŶƐƵƌĞƚŚĂƚĞĨĨŽƌƚƐǁŝƚŚƐƵƌǀŝǀĞďĞǇŽŶĚ tŝůůǁĞďĞůĞĨƚǁŝƚŚĂŶĂďƵŶĚĂŶĐĞŽƌůĂĐŬŝŶŐŽĨŽƉƉŽƌƚƵŶŝƚŝĞƐ͍ x ŽŵŵƵŶŝƚǇ R ƵŝůĚĂƐĞŶƐĞŽĨĐŽŵŵƵŶŝƚǇ͖ďƵŝůĚƚŚĞƐĞŶƐĞƚŚĂƚǁĞĂƌĞŝŶƚŚŝƐƚŽŐĞƚŚĞƌ ^ƵƉƉŽƌƚĂŶĚĂƉƉƌĞĐŝĂƚŝŽŶĨƌŽŵƚŚŽƐĞŽƵƚƐŝĚĞŽĨƚŚĞƚƌĂĚĞƐ dƌĂĐŬĞĚĞĨĨŽƌƚƐ R ,ĂǀĞƐŚŽƌƚͲĨĂůůƐŶŽƚŝĐĞĚĂŶĚĐŽƌƌĞĐƚĞĚ DĞĂƐƵƌĞŵĞŶƚƐĂŶĚŵĞƚƌŝĐƐƐŚŽǁŝŶŐƉƌŽŐƌĞƐƐ ŶĚƚŽƌĂĐŝƐŵ R tŚĂƚŝƐĚŝƐĞŶĂďůŝŶŐƵƐ;ďĂƌƌŝĞƌƐͿƚŽƌĞĂĐŚƚŚĞƐĞŐŽĂůƐ͍ x ĚƵĐĂƚŝŽŶƐǇƐƚĞŵ R dƌĂĚĞǁŽƌŬƐĞĞŶĂƐĂŶ͞ĂůƚĞƌŶĂƚŝǀĞƚŽĞĚƵĐĂƚŝŽŶ͟ŝŶƐƚĞĂĚŽĨĂŶ͞ĂůƚĞƌŶĂƚŝǀĞĞĚƵĐĂƚŝŽŶ͟ tŚĂƚŝƐĞŶĂďůŝŶŐƵƐ;ŚĞůƉŝŶŐͿƚŽƌĞĂĐŚƚŚĞƐĞŐŽĂůƐ͍ x tŚĂƚĐŽƵůĚǁĞĚŽƚŽƌĞĂĐŚƚŚĞƐĞŐŽĂůƐ͍ x ϯͲĨŽůĚĂƉƉƌŽĂĐŚ͗ R 'ŽǀĞƌŶŵĞŶƚĂŐĞŶĐŝĞƐ͗ƵƐĞĚĂƚĂƚŽĂƐƐĞƐƐĐĂƉĂĐŝƚǇĂŶĚƐĞůĞĐƚƌĞĂƐŽŶĂďůĞŐŽĂůƐ͕ŚŽůĚŐĞŶĞƌĂů ĐŽŶƚƌĂĐƚŽƌƐĂĐĐŽƵŶƚĂďůĞďĞǇŽŶĚ'ŽŽĚ&ĂŝƚŚĨĨŽƌƚƐ 'ĞŶĞƌĂůĐŽŶƚƌĂĐƚŽƌƐ͗ŝŶĐƌĞĂƐĞĞĨĨŽƌƚƐŝŶƌĞůĂƚŝŽŶƐŚŝƉͲďƵŝůĚŝŶŐǁŝƚŚŵŝŶŽƌŝƚǇͲĂŶĚǁŽŵĞŶͲŽǁŶĞĚ ďƵƐŝŶĞƐƐĞƐ͖ŝŵƉƌŽǀĞŽƉĞŶŶĞƐƐƌĞŐĂƌĚŝŶŐǁŚĂƚƚŚĞǇĂƌĞůŽŽŬŝŶŐĨŽƌ ŶƚƌĞƉƌĞŶĞƵƌƐ͗ĚĞǀĞůŽƉƐǇƐƚĞŵƐĂŶĚĞĚƵĐĂƚŝŽŶƐĨŽƌƚŚĞĨŝƌŵ͖ĂǁĂƌĚƐͬĐŽŶƚƌĂĐƚƐŝĨƚŚŝƐƐǇƐƚĞŵŝƐ ŝŶƉůĂĐĞ dĞůůƐƵĐĐĞƐƐƐƚŽƌŝĞƐ R ^ŚŽǁŝŶĐůƵƐŝǀŝƚǇŽĨƚŚĞƚƌĂĚĞĂŶĚƚŚĞƌĞƐƵůƚƐŽĨƚŚĞǁŽƌŬ ŚĂŶŐĞƚŚĞƐĐŚŽŽůƐǇƐƚĞŵ R /ŶĐƌĞĂƐĞŝŶĚƵƐƚƌŝĂůƚĞĐŚĂŶĚŽƚŚĞƌƚƌĂĚĞƐĨŽƌĂŶĞĂƌůŝĞƌŝŶƚƌŽĚƵĐƚŝŽŶƚŽƚŚĞŝŶĚƵƐƚƌǇ /ŶĐƌĞĂƐĞĞǆƉŽƐƵƌĞĨŽƌƚŚĞǇŽƵƚŚƚŽƐŚŽǁƚŚĞďĞŶĞĨŝƚƐŽĨƚƌĂĚĞĐĂƌĞĞƌƐ͗ x KŶͲƚŚĞͲũŽďƚƌĂŝŶŝŶŐ R ^ƚĂƌƚĂĐĂƌĞĞƌǁŝƚŚŽƵƚĚĞďƚ R DĂŬĞĞůĞĐƚŝǀĞƐĂǀĂŝůĂďůĞ͖ĐŽŶƐŝĚĞƌŵĂŬŝŶŐŝƚĂƌĞƋƵŝƌĞŵĞŶƚĨŽƌƐƚƵĚĞŶƚƐ x /ŶĐƌĞĂƐĞĞǆƉŽƐƵƌĞƚŽĚŝĨĨĞƌĞŶƚƚƌĂĚĞƐĂŶĚĂůůŽǁƚŚĞŵƚŽ͞ƚƌǇŽƵƚ͟ƚŚĞĐĂƌĞĞƌƐ x DĞŶƚŽƌƐŚŝƉƐͬƉƉƌĞŶƚŝĐĞƐŚŝƉƐ R tŚĂƚǁŝůůǁĞĚŽ;ĂĐƚŝŽŶƐͿƚŽƌĞĂĐŚƚŚĞƐĞŐŽĂůƐ͍ x 3DFNHW3J )E tŽƌŬ&ŽƌĐĞĂƉĂĐŝƚǇ tŚĂƚĚŽǁĞǁĂŶƚ;ĚƌĞĂŵͿ͍ x /ŶĐƌĞĂƐĞĚĂǁĂƌĞŶĞƐƐ R hƐĞĚĂƚĂƚŽƵŶĚĞƌƐƚĂŶĚƐĐŽƉĞ͕ĂǀĂŝůĂďůĞͬƉŽƚĞŶƚŝĂůǁŽƌŬ͕ĐŽĚŝŶŐ͕ĂŶĚŐŽĂůƐ hƐĞĚĂƚĂƚŽĐƌĞĂƚĞƌĞĂůŝƐƚŝĐŐŽĂůƐ tŚĂƚŝƐĚŝƐĞŶĂďůŝŶŐƵƐ;ďĂƌƌŝĞƌƐͿƚŽƌĞĂĐŚƚŚĞƐĞŐŽĂůƐ͍ x /ŶǀĂůŝĚĂƚĞĚĐĂƌĞĞƌŽƉƚŝŽŶ R ŝƐƚĂŶƚ R tĂŶƚƚŽŚĞůƉǁŽŵĞŶͲĂŶĚŵŝŶŽƌŝƚǇͲŽǁŶĞĚďƵƐŝŶĞƐƐĞƐǁŚĞƌĞǀĞƌƚŚĞǇĂƌĞĨƌŽŵ ƌŝŶŐŶĞǁďƵƐŝŶĞƐƐĞƐƚŽƵƐ͖ŝŶĐƌĞĂƐĞůŝŬĞůŝŚŽŽĚŽĨŶĞǁŽĨĨŝĐĞƐͬďƌĂŶĐŚĞƐŝŶZŽĐŚĞƐƚĞƌ tŚĂƚŝƐĞŶĂďůŝŶŐƵƐ;ŚĞůƉŝŶŐͿƚŽƌĞĂĐŚƚŚĞƐĞŐŽĂůƐ͍ x tŚĂƚĐŽƵůĚǁĞĚŽƚŽƌĞĂĐŚƚŚĞƐĞŐŽĂůƐ͍ x WĞŶĂůƚŝĞƐ R &ŽƌƚŚŽƐĞƚŚĂƚĚŽŶŽƚŵĞĞƚƚŚĞŐŽĂůƐ ZĞŵŽǀĞ'ŽŽĚ&ĂŝƚŚĨĨŽƌƚƐĂƐŝƚŝƐƚŽŽǀĂŐƵĞ ŚĂŶŐĞĐŽŶƚƌĂĐƚƉƌŽĐĞƐƐ R ůůŽǁĨŽƌŶĞŐŽƚŝĂƚŝŽŶƐǁŝƚŚĨŝƌŵƐŝĨƐƵďŵŝƚƚĞĚǁŝƚŚŝŶĐĞƌƚĂŝŶƚŝŵĞůŝŶĞ͖ƉƌŽǀŝĚĞŝŶƐŝŐŚƚ ͞/ŶĞĞĚǇŽƵƚŽŶĞŐŽƚŝĂƚĞďĞĐĂƵƐĞƚŚĞďŝĚŝƐƚŽŽŚŝŐŚ͟ x ^ŚĂƌĞƐŚŽƌƚͲĐŽŵŝŶŐƐ͕ĐƌĞĂƚĞƌĞƉŽƌƚƐƌĞŐĂƌĚŝŶŐĂƌĞĂƐǁŚĞƌĞƚŚĞǇĐŽƵůĚŝŵƉƌŽǀĞ x /ŶĐƌĞĂƐĞĞĚƵĐĂƚŝŽŶ R ǆĂŵƉůĞƉƌŽŐƌĂŵ;ϯƐĞƐƐŝŽŶƐͿ͗ ^ĞƐƐŝŽŶϭ͗^ŚĂƌĞĐŚĂůůĞŶŐĞƐͬďĂƌƌŝĞƌƐ͕ďƌĂŝŶƐƚŽƌŵƐŽůƵƚŝŽŶƐƚŽŽǀĞƌĐŽŵĞďĂƌƌŝĞƌƐ x ^ĞƐƐŝŽŶϮ͗tŽƌŬŽŶƐĞůĨͲĐŽŶĨŝĚĞŶĐĞĂŶĚĞůĞǀĂƚŽƌƉŝƚĐŚ x ^ĞƐƐŝŽŶϯ͗ZĞǀŝĞǁĐĞƌƚŝĨŝĐĂƚŝŽŶƐƚĞƉƐĂŶĚƐŚĂƌĞƐƵĐĐĞƐƐƐƚŽƌŝĞƐͬůĞĂƌŶĞĚůĞƐƐŽŶƐ x WŽĚĐĂƐƚ ƵŝůĚƌĞůĂƚŝŽŶƐŚŝƉƐ R ŽŶƚĂĐƚďƵƐŝŶĞƐƐĞƐǁŚĞŶƚŚĞǇĂƌĞŶĞǁ͖ŵĂŬĞĐŽŶŶĞĐƚŝŽŶƐĂŶĚƵƉĚĂƚĞďŝĚůŝƐƚ ƌĞĂƚĞŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌďƵƐŝŶĞƐƐĞƐƚŽƐŚĂƌĞǁŚĂƚŝƐŵŝƐƐŝŶŐͬůĂĐŬŝŶŐĨƌŽŵĂƉƉůŝĐĂƚŝŽŶƐ ͞tŚĂƚĐĂŶǁĞĚŽƚŽŵĂŬĞďŝĚƐŵŽƌĞĐŽŵƉĞƚŝƚŝǀĞůǇƉƌŝĐĞĚ͍,ŽǁĐĂŶǁĞďĞĐŽŵĞŵŽƌĞ x ĂĐĐĞƐƐŝďůĞ͍͟ ŽƵůĚŚĂǀĞďƵƐŝŶĞƐƐĞƐĐŽŵƉůĞƚĞĂƐƵƌǀĞǇŽŶŚŽǁƚŚĞǇĂƌĞĐŽŵƉůĞƚŝŶŐďŝĚƐĞůĞĐƚŝŽŶĂŶĚ x ƚŚĞŝƌĞǀĂůƵĂƚŝŽŶƉƌŽĐĞƐƐ hƉůŝĨƚŽƚŚĞƌƐŝŶƚŚĞĐŽŵŵƵŶŝƚǇ ǀĂůƵĂƚĞŐŽĂůƐ R ^ŚŽƌƚͲƚĞƌŵ͕ŵĞĚŝƵŵͲƚĞƌŵ͕ůŽŶŐͲƚĞƌŵ ůůŽǁƐƵƐƚŽŝĚĞŶƚŝĨǇƋƵŝĐŬǁŝŶƐĂŶĚďƵŝůĚŵŽŵĞŶƚƵŵ ^ĞƉĂƌĂƚĞŐŽĂůƐ R ŽŶŽƚŝŶĐůƵĚĞǁŽŵĞŶŝŶŵŝŶŽƌŝƚǇͲŐŽĂůƐƚŽĞŶƐƵƌĞƚŚĂƚŐŽĂůƐĂƌĞƐƵĨĨŝĐŝĞŶƚ tŚĂƚǁŝůůǁĞĚŽ;ĂĐƚŝŽŶƐͿƚŽƌĞĂĐŚƚŚĞƐĞŐŽĂůƐ͍ x ΀tĞĚŶĞƐĚĂǇϯ͗ϱϲWD΁^h^EK,D ǇĞ͗ͲͿ ΀tĞĚŶĞƐĚĂǇϯ͗ϱϲWD΁ :ŽŚŶƐŽŶ͕:ŽƌƌŝĞƌĞŵŽǀĞĚ'ƵĞƐƚĨƌŽŵƚŚĞŵĞĞƚŝŶŐ͘ ΀tĞĚŶĞƐĚĂǇϯ͗ϱϲWD΁ZŽďďŝĞĂŶŬŽ 3DFNHW3J )E dŚĂŶŬǇŽƵĨŽƌŽƌŐĂŶŝǌŝŶŐ͘,ĂǀĞĂŐƌĞĂƚĂĨƚĞƌŶŽŽŶ͊ ΀tĞĚŶĞƐĚĂǇϯ͗ϱϲWD΁ :ŽŚŶƐŽŶ͕:ŽƌƌŝĞƌĞŵŽǀĞĚ'ƵĞƐƚĨƌŽŵƚŚĞŵĞĞƚŝŶŐ͘ ΀tĞĚŶĞƐĚĂǇϯ͗ϱϲWD΁ :ŽŚŶƐŽŶ͕:ŽƌƌŝĞƌĞŵŽǀĞĚt͘͘:ŽƌĚĂŶĨƌŽŵƚŚĞŵĞĞƚŝŶŐ͘ ΀tĞĚŶĞƐĚĂǇϯ͗ϱϲWD΁ :ŽŚŶƐŽŶ͕:ŽƌƌŝĞƌĞŵŽǀĞĚ'ƵĞƐƚĨƌŽŵƚŚĞŵĞĞƚŝŶŐ͘ ΀zĞƐƚĞƌĚĂǇϵ͗ϰϮD΁ů>ƵŶ;dĞĐŚ^ƵƉƉŽƌƚͿ ŝĞŶŶĂ^ĂďŽůŐŽŽĚĐŽŶǀĞƌƐĂƚŝŽŶĂƚ:ŽƌƌŝĞΖƐŵĞĞƚŝŶŐ͘^ŽŵĞƌĞĂůůǇŐŽŽĚĐŽŶƚĂĐƚƐ͘ ;ϭůŝŬĞĚͿ΀zĞƐƚĞƌĚĂǇϭϬ͗ϭϳD΁:ŽŚŶƐŽŶ͕:ŽƌƌŝĞ ů͕/ĂƉƉƌĞĐŝĂƚĞƚŚĂƚ͘dŚĂŶŬǇŽƵĨŽƌƉĂƌƚŝĐŝƉĂƚŝŶŐ͘ ΀zĞƐƚĞƌĚĂǇϭϬ͗ϰϰD΁ĚĞǀĞůŽƉŵĞŶƚΛĚŝǀĞƌƐŝƚǇĐŽƵŶĐŝů͘ŽƌŐ WůĞĂƐĞƌĞŵĞŵďĞƌƚŽƐĞŶĚǇŽƵƌĐƚŝŽŶWůĂŶƚŚĂƚǇŽƵĂƌĞǁŽƌŬŝŶŐŽŶƚŽŽ͘ ΀zĞƐƚĞƌĚĂǇϭϭ͗ϯϬD΁:ŽŚŶƐŽŶ͕:ŽƌƌŝĞ /ǁŝůů͊/ďĞƚƚĞƌŐĞƚŝƚĂƉƉƌŽǀĞĚŝŶƚĞƌŶĂůůǇďĞĨŽƌĞƌĞůĞĂƐŝŶŐŝƚĞǆƚĞƌŶĂůůǇ͘ 3DFNHW3J )F ŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌdĂƌŐĞƚĞĚƵƐŝŶĞƐƐhƚŝůŝǌĂƚŝŽŶWůĂŶ ZĞĐŽŵŵĞŶĚĂƚŝŽŶƐϯϬĂǇWƵďůŝĐŽŵŵĞŶƚWĞƌŝŽĚ͗DĂǇϭʹ:ƵŶĞϭ͕ϮϬϮϬ ͘ŽŵŵƵŶŝĐĂƚŝŽŶ DŽŶĚĂǇ͕DĂǇϰ͕ϮϬϮϬ ^ĞŶƚƉƌĞƐƐƌĞůĞĂƐĞƚŽĂůůĐŽŶƚƌĂĐƚŽƌƐͬƐƵďĐŽŶƚƌĂĐƚŽƌƐŝŶhƉEĞƚ ^ĞŶƚƉƌĞƐƐƌĞůĞĂƐĞƚŽWDĂŶĚWƵďůŝĐtŽƌŬƐƚĞĂŵŵĂƚĞƐ hƉĚĂƚĞĚŝƚǇǁĞďƐŝƚĞ dƵĞƐĚĂǇ͕DĂǇϱ͕ϮϬϮϬ DƐƚĂĨĨƚŽƵƉĚĂƚĞĚDǁĞďƉĂŐĞ ^ƵďŵŝƚƚĞĚĐŽŶƚĂĐƚƌĞƋƵĞƐƚŽŶůŝŶĞ ^ĞŶƚƉƌĞƐƐƌĞůĞĂƐĞƚŽƉĂƐƚǁŽƌŬƐŚŽƉƉĂƌƚŝĐŝƉĂŶƚƐ ͘dĂƌŐĞƚĞĚƵƐŝŶĞƐƐĂŶĚtŽƌŬĨŽƌĐĞWĂƌƚŝĐŝƉĂƚŝŽŶ'ŽĂů^ĞƚƚŝŶŐĂŶĚĂƉĂĐŝƚǇƵŝůĚŝŶŐtŽƌŬƐŚŽƉ͕ 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)ƐĂŶǇŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ dZD^K&WzDEd $57,&/( $ ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůĂŶĚ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůǇ ƐƵƉƉůŝĞĚďǇE'/EZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďǇ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͕Zd/>ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂǇŵĞŶƚ͘͟ % /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶǇƚŝŵĞƚŚĂƚE'/EZǁŝůůĞǆĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůǇŵĂŶŶĞƌ͘E'/EZŵĂǇŶŽƚďĞ ĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞǆĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůǇĞǆĞĐƵƚĞĚ͕ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚďĞǇŽŶĚƚŚĂƚ͕ǁŚŝĐŚŝƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌ ǁƌŝƚƚĞŶĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďǇ/dz͕ŵĂǇďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌǇĂŶĚE'/EZŵĂǇŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌ ƚŚĞĞǆƚƌĂǁŽƌŬ͘ & /ĨE'/EZĐůĂŝŵƐĂŶǇŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌĐŽŶĚŝƚŝŽŶƐĞǆŝƐƚƚŚĂƚĐĂƵƐĞĞǆƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ E'/EZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶǇĞǆƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐϮϬĂůĞŶĚĂƌĚĂǇƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶŽƌŽďƐĞƌǀĂŶĐĞ ŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ŶǇĐůĂŝŵŵĂĚĞ ĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂǇďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶĂŵĞŶĚŵĞŶƚƚŽ ƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůǇĂƉƉƌŽǀĞĚĂŶĚĞǆĞĐƵƚĞĚďǇƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚE'/EZΖƐŽǁŶƌŝƐŬ͘ ' ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐĂĐƚƵĂůůǇĂŶĚŶĞĐĞƐƐĂƌŝůǇŝŶĐƵƌƌĞĚďǇE'/EZĂƐĂƌĞƐƵůƚŽĨ ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞǆĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘E'/EZǁŝůůďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͘ *& 3DFNHW3J )ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨǇŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽǇĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂǇ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂǇŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ E ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽǇĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽǇĞĞΖƐŶĂŵĞ͕ŚŽƵƌůǇ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂǇƉĞƌŝŽĚ͘ & /ĨE'/EZŝƐĂƵƚŚŽƌŝǌĞĚďǇ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶǇƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕E'/EZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚΖƐŽŶƚƌĂĐƚ͕ĂŶĚE'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůǇƉĂǇŵĞŶƚďǇE'/EZŽĨƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂǇŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞ ƐƵďĐŽŶƚƌĂĐƚŽƌŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ ' E'/EZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƚƌĂĐƚŽƌƐΖŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzDEd $57,&/( $ ůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĞƌĨŽƌŵĞĚŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚ ƚŚĂƚĚĞŐƌĞĞŽĨĐĂƌĞĂŶĚƐŬŝůůŽƌĚŝŶĂƌŝůǇĞǆĞƌĐŝƐĞĚďǇŵĞŵďĞƌƐŽĨƚŚĞƐĂŵĞƉƌŽĨĞƐƐŝŽŶĐƵƌƌĞŶƚůǇƉƌĂĐƚŝĐŝŶŐƵŶĚĞƌƐŝŵŝůĂƌ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͘E'/EZŵĂŬĞƐŶŽǁĂƌƌĂŶƚŝĞƐ͕ĞǆƉƌĞƐƐĞĚŽƌŝŵƉůŝĞĚ͕ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŽƌŽƚŚĞƌǁŝƐĞ͕ŝŶĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚE'/EZ͛ƐƐĞƌǀŝĐĞƐdŚĞE'/EZĞŶĚĞĂǀŽƌƐƚŽĐŽŵƉůǇǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďǇĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐ͘ % E'/EZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂǇŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ ƌĞŐƵůĂƚŝŽŶƐ͘ & ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďǇƉƌŽŐƌĞƐƐƉĂǇŵĞŶƚƐŵĂĚĞďǇ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚǇŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐE'/EZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂǇŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶǇĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞE'/EZ͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ *& 3DFNHW3J )ĞĚŝŶĂŶǇǁĂǇĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ % dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ ŽĨE'/EZ͘ŶǇĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůǇĂŶĚĨƵůůǇĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ŚĂŶŐĞƐŝŶƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚŽƌƚŚĞŽŶƚƌĂĐƚǆƉŝƌĂƚŝŽŶĂƚĞĂƌĞŶŽƚƉĞƌŵŝƚƚĞĚŝŶĂĐŚĂŶŐĞŽƌĚĞƌ͘ & dŚŝƐĐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚǇƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůǇŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͕ ďǇƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝǌĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďǇĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞE'/EZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďǇŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ ' dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĞǆĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞĐŽŶƚƌĂĐƚ͘ KDW>/Et/d,>/E^^͕WZD/d^͕EKd,ZZ'h>d/KE^ $57,&/( $ E'/EZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌǇƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶ ĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/^E/Ed>>dh>WZKWZdz $57,&/( $ E'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂ ƉƌŽǀŝĚĞĚďǇ/dzŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚĂŶĚĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚ ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ *& 3DFNHW3J )RWKHUSURMHFWZLWKRXWZULWWHQYHULILFDWLRQRU DGDSWDWLRQE\(1*,1((5DQGDQ\VXFKUHXVHRUPRGLILFDWLRQRIWKH(QJLQHHULQJ'DWDZLWKRXWWKHZULWWHQYHULILFDWLRQRUDGDSWDWLRQE\ (1*,1((5VKDOOEHGRQHDW&,7<¶VVROHULVNDQGZLWKRXWOLDELOLW\WR(1*,1((5 >//>/dz $57,&/( $ 'ĞŶĞƌĂůͲ,ĂǀŝŶŐĐŽŶƐŝĚĞƌĞĚƚŚĞƉŽƚĞŶƚŝĂůůŝĂďŝůŝƚŝĞƐƚŚĂƚŵĂǇĞǆŝƐƚĚƵƌŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ^ĞƌǀŝĐĞƐ͕ƚŚĞďĞŶĞĨŝƚƐ ŽĨƚŚĞƉƌŽũĞĐƚ͕ĂŶĚƚŚĞE'/EZ͛ƐĨĞĞĨŽƌƚŚĞ^ĞƌǀŝĐĞƐ͕ĂŶĚŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞƉƌŽŵŝƐĞƐĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ /dzĂŶĚE'/EZĂŐƌĞĞƚŽĂůůŽĐĂƚĞĂŶĚůŝŵŝƚƐƵĐŚůŝĂďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐƌƚŝĐůĞ͘ % /ŶĚĞŵŶŝĨŝĐĂƚŝŽŶͲE'/EZĂŶĚ/dz;ƚŚĞ͞/ŶĚĞŵŶŝĨǇŝŶŐWĂƌƚǇ͟ͿƐŚĂůůďĞůŝĂďůĞĨŽƌŝƚƐŽǁŶŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐĂŶĚ ŽŵŝƐƐŝŽŶƐƚŽƚŚĞĞǆƚĞŶƚƉƌŽǀŝĚĞĚďǇůĂǁĂŶĚƐƵďũĞĐƚƚŽƚŚĞ/dz͛ƐĐĂƉŽŶŵƵŶŝĐŝƉĂůƚŽƌƚůŝĂďŝůŝƚǇƵŶĚĞƌDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ ^ĞĐƚŝŽŶϰϲϲ͘Ϭϰ͕ĂŶĚŚĞƌĞďǇĂŐƌĞĞƐƚŽĚĞĨĞŶĚ͕ŝŶĚĞŵŶŝĨǇ͕ĂŶĚŚŽůĚŚĂƌŵůĞƐƐƚŚĞŽƚŚĞƌ;͞ƚŚĞ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚǇ͟Ϳ͕ĨƌŽŵ ĂŶǇůŝĂďŝůŝƚǇ͕ĚĂŵĂŐĞƐ͕ĂŶĚĐŽƐƚƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞŶĞŐůŝŐĞŶƚĂĐƚƐŽĨE'/EZĂŶĚ/dzĂŶĚĂŶǇŽŶĞĨŽƌǁŚŽƐĞŶĞŐůŝŐĞŶƚ ĂĐƚƐƚŚĞǇŵĂǇďĞůŝĂďůĞĨŽƌŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚŝĐŚƚŚĞ/ŶĚĞŵŶŝĨŝĞĚ WĂƌƚǇ͕ŝƚƐŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽǇĞĞƐŵĂǇŚĞƌĞĂĨƚĞƌƐƵƐƚĂŝŶ͕ŝŶĐƵƌŽƌďĞƌĞƋƵŝƌĞĚƚŽƉĂǇƚŽƚŚĞĨƵůůĞĨĨĞĐƚƉƌŽǀŝĚĞĚďǇ DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϯϯϳ͕ƚŽƚŚĞĞǆƚĞŶƚƚŚĞE'/EZĂŶĚ/dzĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐƵĐŚůŝĂďŝůŝƚǇ͕ĐŽƐƚƐ͕ĚĂŵĂŐĞƐ͕ ͕ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞǇƐ͛ĨĞĞƐ͕/ŶƚŚĞĞǀĞŶƚĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌĞǆƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďǇƚŚĞũŽŝŶƚŽƌ ĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨE'/EZĂŶĚ/dz͕ƚŚĞǇƐŚĂůůďĞďŽƌŶĞďǇĞĂĐŚƉĂƌƚǇŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ & ^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚŝƐŽŶƚƌĂĐƚŝƐ ƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶǇƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ tKZ<Z^ΖKDWE^d/KE $57,&/( $ ŶǇĂŶĚĂůůĞŵƉůŽǇĞĞƐŽĨE'/EZ͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ ĂŶǇǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽǇĞĞƐŽĨ/dz͘ŶǇĂŶĚĂůů ĐůĂŝŵƐƚŚĂƚŵĂǇĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐ ǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶǇĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďǇĂŶǇƚŚŝƌĚƉĂƌƚǇĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶǇĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨ E'/EZΖƐĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽĞŶŐĂŐĞĚŽŶĂŶǇŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶŶŽǁĂǇ ďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨ/dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞ ǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂǇĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚE'/EZ͘ *& 3DFNHW3J )ƐŚĂůůďĞƉƌŝŵĂƌǇƚŽĂŶǇůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďǇƚŚĞŝƚǇ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶ ƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ D Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ E Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ D ŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ E WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚǇ F ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚǇ G EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚǇ͗ ϱ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐ ĨŽƌďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌ ƉƌŽƉĞƌƚǇĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďǇE'/EZŽƌďǇƐƵďĐŽŶƚƌĂĐƚŽƌŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞE'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞůŝŵŝƚĨŽƌŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ͗ ϲ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ *& 3DFNHW3J )ƌĞƋƵŝƌĞĨŽƌƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƐĂŝĚƐĞƌǀŝĐĞƐ͘ & /ĨŝŶƚŚŝƐŽŶƚƌĂĐƚƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞĨŽƌƌĞŶĚĞƌŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐĞƚĨŽƌƚŚŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐďǇǁŚŝĐŚƐĞƌǀŝĐĞƐĂƌĞƚŽďĞ ĐŽŵƉůĞƚĞĚĂƌĞƉƌŽǀŝĚĞĚ͕ĂŶĚŝĨƐƵĐŚƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌĚĂƚĞƐĂƌĞĐŚĂŶŐĞĚƚŚƌŽƵŐŚŶŽĨĂƵůƚŽĨE'/EZ͕ƚŚĞƌĂƚĞƐĂŶĚ ĂŵŽƵŶƚƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽǀŝĚĞĚĨŽƌŚĞƌĞŝŶƐŚĂůůďĞƐƵďũĞĐƚƚŽĞƋƵŝƚĂďůĞĂĚũƵƐƚŵĞŶƚ͘/Ĩ/dzŚĂƐƌĞƋƵĞƐƚĞĚĐŚĂŶŐĞƐŝŶ ƚŚĞƐĐŽƉĞ͕ĞǆƚĞŶƚ͕ŽƌĐŚĂƌĂĐƚĞƌŽĨƚŚĞWƌŽũĞĐƚ͖ƚŚĞƚŝŵĞŽĨƉĞƌĨŽƌŵĂŶĐĞŽĨE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůůďĞĂĚũƵƐƚĞĚĞƋƵŝƚĂďůǇ͘ ' EĞŝƚŚĞƌƉĂƌƚǇǁŝůůďĞŚĞůĚƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞůĂǇŽƌĨĂŝůƵƌĞƚŽƉĞƌĨŽƌŵǁŚĞŶƐƵĐŚĚĞůĂǇŽƌĨĂŝůƵƌĞŝƐĚƵĞƚŽĂŶǇŽĨƚŚĞ ĨŽůůŽǁŝŶŐ͕ƵŶůĞƐƐƚŚĞĂĐƚŽƌŽĐĐƵƌƌĞŶĐĞĐŽƵůĚŚĂǀĞďĞĞŶƌĞĂƐŽŶĂďůǇĨŽƌĞƐĞĞŶĂŶĚƌĞĂƐŽŶĂďůĞĂĐƚŝŽŶĐŽƵůĚŚĂǀĞďĞĞŶ ƚĂŬĞŶƚŽƉƌĞǀĞŶƚƚŚĞĚĞůĂǇŽƌĨĂŝůƵƌĞ͗ĨŝƌĞ͕ĨůŽŽĚ͕ĞƉŝĚĞŵŝĐ͕ƐƚƌŝŬĞƐ͕ǁĂƌƐ͕ĂĐƚƐŽĨ'ŽĚ͕ƵŶƵƐƵĂůůǇƐĞǀĞƌĞǁĞĂƚŚĞƌ͕ŽƌĚĞůĂǇƐ ŽƌĚĞĨĂƵůƚƐĐĂƵƐĞĚďǇƉƵďůŝĐĐĂƌƌŝĞƌƐ͕ƉƌŽǀŝĚĞĚƚŚĞĚĞĨĂƵůƚŝŶŐƉĂƌƚǇŐŝǀĞƐǁƌŝƚƚĞŶŶŽƚŝĐĞĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞƚŽƚŚĞŽƚŚĞƌ ƉĂƌƚǇŽĨŝƚƐŝŶĂďŝůŝƚǇƚŽƉĞƌĨŽƌŵ͘ ( &ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐŽŶƚƌĂĐƚƚŚĞƚĞƌŵ͞ĚĂǇ͟ŵĞĂŶƐĂĐĂůĞŶĚĂƌĚĂǇŽĨϮϰŚŽƵƌƐ͘ Ed/dZh^d $57,&/( )ŽŶƐǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬ ďǇ/dzǁŝůůŶŽƚƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌ ĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶǇĂŵďŝŐƵŝƚŝĞƐ͘ % ƚĂŶǇƚŝŵĞĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶŽƌĂŶǇƉŚĂƐĞŽĨǁŽƌŬƉĞƌĨŽƌŵĞĚďǇŽƚŚĞƌƐďĂƐĞĚŽŶĚĂƚĂƉƌŽǀŝĚĞĚďǇE'/EZ͕ E'/EZŵƵƐƚĐŽŶĨĞƌǁŝƚŚ/dzǁŚĞŶŶĞĐĞƐƐĂƌǇĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨŝŶƚĞƌƉƌĞƚŝŶŐƚŚĞŝŶĨŽƌŵĂƚŝŽŶƐĞĐƵƌĞĚĂŶĚͬŽƌƚŽ ĐŽƌƌĞĐƚĂŶǇĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞďǇE'/EZ͘E'/EZŵƵƐƚƉƌĞƉĂƌĞĂŶǇĂŶĚĂůůƉůĂŶƐŽƌĚĂƚĂŶĞĞĚĞĚƚŽ ĐŽƌƌĞĐƚƚŚĞĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚĞĚĐŽŵƉĞŶƐĂƚŝŽŶ͕ĞǀĞŶƚŚŽƵŐŚĨŝŶĂůƉĂǇŵĞŶƚŵĂǇĂůƌĞĂĚǇŚĂǀĞďĞĞŶ ƌĞĐĞŝǀĞĚďǇE'/EZ͘E'/EZŵƵƐƚŐŝǀĞŝŵŵĞĚŝĂƚĞĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŚĂŶŐĞƐƐŽƚŚĞƌĞǁŝůůďĞŵŝŶŝŵĂůĚĞůĂǇƚŽƚŚĞ ƉƌŽũĞĐƚ͘ & /ĨŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂƌĞŵĂĚĞďǇE'/EZŝŶĂŶǇƉŚĂƐĞŽĨƚŚĞǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨǁŚŝĐŚŵĂǇ ƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZǁŝůůďĞƉƌŽŵƉƚůǇŶŽƚŝĨŝĞĚďǇ/dzĂŶĚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƐƵĐŚ ĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘/ĨƚŚĞE'/EZŝƐĂǁĂƌĞŽĨĂŶǇŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞŝŶĂŶǇƉŚĂƐĞ ŽĨŝƚƐǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶƐŽĨǁŚŝĐŚŵĂǇƌĞƋƵŝƌĞĂŶǇĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZŵƵƐƚƉƌŽŵƉƚůǇƉĞƌĨŽƌŵ 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