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'ϬϬϬϯϳ>,ŽƐƉŝƚĂůŝƚǇ'ƌŽƵƉ>>ŚĂƌůŝĞΖƐĂƚĞƌǇĂŶĚWƵďϭϲϱϰ,tzϱϮEt͕ &Ƶůů/ŶƚŽǆŝĐĂƚŝŶŐKŶͲ^ĂůĞ ZK,^dZ͕DEϱϱϵϬϭ >ŝĐĞŶƐĞ 3DFNHW3J )D 'ϬϬϬϯϴ>&Ƶůů/ŶƚŽǆŝĐĂƚŝŶŐKŶͲ^ĂůĞĂƌƉĞŶƚĞƌΘdŽƌŐĞƌƐŽŶ//>>ŽƵƌƚǇĂƌĚďǇDĂƌƌŝŽƚƚϭϲϭϭϯd,s^t͕ >ŝĐĞŶƐĞZK,^dZ͕DEϱϱϵϬϮ 'ϬϬϬϰϬ>&Ƶůů/ŶƚŽǆŝĐĂƚŝŶŐKŶͲ^ĂůĞ'DZ//ŶĐ͘KůŝǀĞ'ĂƌĚĞŶηϭϲϬϬϯϴϬϭϳd,sEt͕ >ŝĐĞŶƐĞZK,^dZ͕DEϱϱϵϬϭ 'ϬϬϬϰϮ>&Ƶůů/ŶƚŽǆŝĐĂƚŝŶŐKŶͲ^ĂůĞD/ŶĐ͘,ĞĨĞZŽũŽͬEĞǁƚƐϮϭϲϭ^ds^t͕ >ŝĐĞŶƐĞZK,^dZ͕DEϱϱϵϬϮ 'ϬϬϬϰϰ>&Ƶůů/ŶƚŽǆŝĐĂƚŝŶŐKŶͲ^ĂůĞdĞƌǌĂ>>dĞƌǌĂϯϬϯ^d^͕ZK,^dZ͕ >ŝĐĞŶƐĞDEϱϱϵϬϰ 'ϬϬϬϰϲ>&Ƶůů/ŶƚŽǆŝĐĂƚŝŶŐKŶͲ^ĂůĞEĞǁƚƐϲϯ/ŶĐEĞǁƚƐϲϯϭϮϬϭ^ZKtz͕^d >ŝĐĞŶƐĞϱϬϴ͕ZK,^dZ͕DE ϱϱϵϬϰ 'ϬϬϬϰϴ>&Ƶůů/ŶƚŽǆŝĐĂƚŝŶŐKŶͲ^ĂůĞWŽƌĐŚΘĞůůĂƌ>>WŽƌĐŚΘĞůůĂƌϮϬϰd,^d^͕ >ŝĐĞŶƐĞZK,^dZ͕DEϱϱϵϬϰ 'ϬϬϬϰϵ>&Ƶůů/ŶƚŽǆŝĐĂƚŝŶŐKŶͲ^ĂůĞƵůŝŶĂƌǇDĂƌŬĞƚ>>,ŽƚŚŝƉƵƌŐĞƌĂƌϭϭϵϬϭϲ^d^t͕^d >ŝĐĞŶƐĞϲϬϬ͕ZK,^dZ͕DE ϱϱϵϬϮ 'ϬϬϬϱϬ>&Ƶůů/ŶƚŽǆŝĐĂƚŝŶŐKŶͲ^ĂůĞdŚŝƌƐƚǇĞůŐŝĂŶ>>dŚŝƌƐƚǇĞůŐŝĂŶĂƌΘϮϲϱϬ^ZKtz >ŝĐĞŶƐĞ<ŝƚĐŚĞŶ s͕ZK,^dZ͕DE ϱϱϵϬϰ 'ϬϬϬϱϭ>&Ƶůů/ŶƚŽǆŝĐĂƚŝŶŐKŶͲ^ĂůĞƌĞĂƚŝǀĞƵŝƐŝŶĞ/ŶĐ͘ZĞĚǁŽŽĚZŽŽŵϯϬϬϭ^dsEt͕ >ŝĐĞŶƐĞZK,^dZ͕DEϱϱϵϬϭ 'ϬϬϬϱϮ>&Ƶůů/ŶƚŽǆŝĐĂƚŝŶŐKŶͲ^ĂůĞĂƚĞƌŝŶŐǇĞƐŝŐŶ͕/ŶĐĂƚĞƌŝŶŐǇĞƐŝŐŶϴϵϴϳd,^dEt͕ 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'ϬϬϬϭϬ>>ŝƋƵŽƌͲĞĞƌϯ͘ϮKĨĨ^ĂůĞ,ǇͲsĞĞ͕/ŶĐ͘,ǇͲsĞĞϭϯϭϱϲd,^dEt͕ >ŝĐĞŶƐĞZK,^dZ͕DEϱϱϵϬϭ 'ϬϬϬϭϲ>>ŝƋƵŽƌͲĞĞƌϯ͘ϮKĨĨ^ĂůĞ,ǇͲsĞĞ͕/ŶĐ͘,ǇͲsĞĞϱϬϬϯϳ^dEt͕ >ŝĐĞŶƐĞZK,^dZ͕DEϱϱϵϬϭ 'ϬϬϬϮϰ>>ŝƋƵŽƌͲĞĞƌϯ͘ϮKĨĨ^ĂůĞdĂƌŐĞƚŽƌƉŽƌĂƚŝŽŶdĂƌŐĞƚ^ƚŽƌĞdͲϮϯϮϭϰϲϭϭD/Es^͕ >ŝĐĞŶƐĞZK,^dZ͕DEϱϱϵϬϰ 'ϬϬϮϬϭ>>ŝƋƵŽƌͲĞĞƌϯ͘ϮKĨĨ^ĂůĞĂŐůĞƌƵŐŽĨZŽĐŚĞƐƚĞƌ/ŶĐ͘ĂŐůĞ'ƌŽĐĞƌǇϭϭϲϭǀĞ^t >ŝĐĞŶƐĞZK,^dZ͕DEϱϱϵϬϮ 'ϬϬϬϮϲ>>ŝƋƵŽƌͲĞĞƌϯ͘ϮKĨĨ^ĂůĞdĂƌŐĞƚŽƌƉŽƌĂƚŝŽŶdĂƌŐĞƚ^ƚŽƌĞdͲϭϯϱϭϯϴϮϳDZ<dW> >ŝĐĞŶƐĞZ/sEt͕ZK,^dZ͕ DEϱϱϵϬϭ 'ϬϬϬϰϱ>>ŝƋƵŽƌͲĞĞƌϯ͘ϮKĨĨ^ĂůĞ>ĂŬĞƐsĞŶƚƵƌĞ͕>>&ƌĞƐŚdŚǇŵĞ&ĂƌŵĞƌƐϰϬϭϳd,s^t͕ >ŝĐĞŶƐĞDĂƌŬĞƚη^h/dϭϬ͕ZK,^dZ͕ DEϱϱϵϬϮϭϵϬϬ 'ϬϬϬϲϯ>>ŝƋƵŽƌͲĞĞƌϯ͘ϮKĨĨ^ĂůĞ^hWZs>h/ŶĐ͘Ƶď&ŽŽĚƐηϭϲϬϮϭϬϮϭϭϱd,s^͕ >ŝĐĞŶƐĞZK,^dZ͕DEϱϱϵϬϰ 'ϬϬϬϳϵ>>ŝƋƵŽƌͲĞĞƌϯ͘ϮKĨĨ^ĂůĞtĂůŵĂƌƚ/ŶĐ͘tĂůŵĂƌƚηϭϵϳϭϯϰϬϬϱϱd,^dEt͕ >ŝĐĞŶƐĞZK,^dZ͕DEϱϱϵϬϭ 'ϬϬϬϴϱ>>ŝƋƵŽƌͲĞĞƌϯ͘ϮKĨĨ^ĂůĞtĂůŵĂƌƚ/ŶĐ͘tĂůŵĂƌƚηϮϴϭϮϮϱϮϱd,^d^͕ >ŝĐĞŶƐĞZK,^dZ͕DEϱϱϵϬϰ 'ϬϬϭϯϯ>>ŝƋƵŽƌͲĞĞƌϯ͘ϮKĨĨ^ĂůĞKƵĚĂůŶƚĞƌƉƌŝƐĞƐ/ŶĐ͘^ŝůǀĞƌ>ĂŬĞ&ŽŽĚƐϭϰϬϮEZKtz >ŝĐĞŶƐĞs͕ZK,^dZ͕DE ϱϱϵϬϲ 3DFNHW3J )D 'ϬϬϭϴϯ>>ŝƋƵŽƌͲĞĞƌϯ͘ϮKĨĨ^ĂůĞŶŐĞůŝĐŝ͕ŶŶĂ^ƵŶŶǇDĂƌŬĞƚϭϭϯϵϮ^d^t͕ >ŝĐĞŶƐĞZK,^dZ͕DEϱϱϵϬϮ 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'ϬϬϬϲϲ>>ŝƋƵŽƌͲKĨĨͲ^ĂůĞ>ŝĐĞŶƐĞ>ĂŬĞƐsĞŶƚƵƌĞ͕>>&ƌĞƐŚdŚǇŵĞ>ŝƋƵŽƌϰϬϭϳd,s^t͕ η^h/dηϮϬ͕ ZK,^dZ͕DEϱϱϵϬϮ 'ϬϬϬϳϮ>>ŝƋƵŽƌͲKĨĨͲ^ĂůĞ>ŝĐĞŶƐĞ^ĂŵΖƐtĞƐƚ/ŶĐ^ĂŵΖƐůƵďηϲϰϮϳϯϰϭϬϱϱd,^dEt͕ ZK,^dZ͕DEϱϱϵϬϭ 'ϬϬϬϳϯ>>ŝƋƵŽƌͲKĨĨͲ^ĂůĞ>ŝĐĞŶƐĞtĂůŵĂƌƚ/ŶĐ͘tĂůŵĂƌƚηϮϴϭϮϮϱϮϱd,^d^͕ ZK,^dZ͕DEϱϱϵϬϰ 'ϬϬϬϳϲ>>ŝƋƵŽƌͲKĨĨͲ^ĂůĞ>ŝĐĞŶƐĞEy>,ŽůĚŝŶŐƐ>>dĞƐƐĂΖƐKĨĨŝĐĞϰϯZ^d^t͕ ZK,^dZ͕DEϱϱϵϬϮ 3DFNHW3J )D 'ϬϬϬϴϬ>>ŝƋƵŽƌͲKĨĨͲ^ĂůĞ>ŝĐĞŶƐĞsĂŶĚŝŽƌƉ͘ƉŽůůŽtŝŶĞΘ^ƉŝƌŝƚƐ^ŽƵƚŚϰϱϯϬD/Es^͕ ^dϱϬϭ͕ZK,^dZ͕ DEϱϱϵϬϰ 'ϬϬϬϵϬ>>ŝƋƵŽƌͲKĨĨͲ^ĂůĞ>ŝĐĞŶƐĞE>ŝƋƵŽƌ/ŶĐ͘ƉŽůůŽ>ŝƋƵŽƌEϮϰϳϳ>Z>EE͕^d ϭϬϬ͕ZK,^dZ͕DE ϱϱϵϬϲ 'ϬϬϬϵϴ>>ŝƋƵŽƌͲKĨĨͲ^ĂůĞ>ŝĐĞŶƐĞ^>>ŝƋƵŽƌ/ŶĐ^ŝůǀĞƌ>ĂŬĞ>ŝƋƵŽƌϭϰϬϬEZKtz s͕ZK,^dZ͕DE ϱϱϵϬϲ 'ϬϬϭϬϲ>>ŝƋƵŽƌͲKĨĨͲ^ĂůĞ>ŝĐĞŶƐĞWĞŽƉůĞΖƐ&ŽŽĚŽŽƉĞƌĂƚŝǀĞ͕/ŶĐ͘WĞŽƉůĞΖƐ&ŽŽĚŽͲŽƉtŝŶĞϱϭϵϭ^ds^t͕ ĞĞƌΘ^ƉŝƌŝƚƐZK,^dZ͕DEϱϱϵϬϮ 'ϬϬϭϬϳ>>ŝƋƵŽƌͲKĨĨͲ^ĂůĞ>ŝĐĞŶƐĞĂƐƚǁŽŽĚ>ŝƋƵŽƌ/ŶĐ͘ƉŽůůŽ>ŝƋƵŽƌĂƐƚǁŽŽĚϭϱϭϯϭϮd,^d^͕ ZK,^dZ͕DEϱϱϵϬϰ 'ϬϬϭϬϵ>>ŝƋƵŽƌͲKĨĨͲ^ĂůĞ>ŝĐĞŶƐĞĞŶƚƌĂů>ŝƋƵŽƌ/ŶĐ͘ƉŽůůŽ>ŝƋƵŽƌĞŶƚƌĂůϰϮϬZK^^ZK^Z ^t͕ZK,^dZ͕DE ϱϱϵϬϮ 'ϬϬϭϭϬ>>ŝƋƵŽƌͲKĨĨͲ^ĂůĞ>ŝĐĞŶƐĞĞƐƚtŝŶĞΘ^ƉŝƌŝƚƐ/ŶĐ͘ƉŽůůŽ>ŝƋƵŽƌĞƐƚϰϬϰϬ,tzϱϮE͕ ZK,^dZ͕DEϱϱϵϬϭ 'ϬϬϭϭϰ>>ŝƋƵŽƌͲKĨĨͲ^ĂůĞ>ŝĐĞŶƐĞůƵĞŶsŝŶŽ>>ůƵĞŶsŝŶŽϭϴϯϭϮϰd,^dEt͕ ZK,^dZ͕DEϱϱϵϬϭ 'ϬϬϭϱϳ>>ŝƋƵŽƌͲKĨĨͲ^ĂůĞ>ŝĐĞŶƐĞ/<>ŝƋƵŽƌ/ŶĐ͘EŽƌƚŚǁĞƐƚ>ŝƋƵŽƌƐϯϱϭϰϱϱ^dEt͕ ZK,^dZ͕DEϱϱϵϬϭ 'ϬϬϭϱϴ>>ŝƋƵŽƌͲKĨĨͲ^ĂůĞ>ŝĐĞŶƐĞŶĚǇƐDĂƌŬĞƚƉůĂĐĞ>ŝƋƵŽƌ/ŶĐŶĚǇΖƐDĂƌŬĞƚƉůĂĐĞϮϵϯϮϰϭ^dEt͕ ZK,^dZ͕DEϱϱϵϬϭ 'ϬϬϭϱϵ>>ŝƋƵŽƌͲKĨĨͲ^ĂůĞ>ŝĐĞŶƐĞ>ŝƋƵŽƌ/ŶĐ͘ŶĚǇΖƐ>ŝƋƵŽƌǆƉƌĞƐƐϴϮϯϲd,sEt͕ ZK,^dZ͕DEϱϱϵϬϭ 'ϬϬϭϲϬ>>ŝƋƵŽƌͲKĨĨͲ^ĂůĞ>ŝĐĞŶƐĞ>ŝƋƵŽƌ/ŶĐŶĚǇΖƐ>ŝƋƵŽƌϯϭϮϱEt>>EZZ͕ ZK,^dZ͕DEϱϱϵϬϲ 'ϬϬϭϲϭ>>ŝƋƵŽƌͲKĨĨͲ^ĂůĞ>ŝĐĞŶƐĞD>ŝƋƵŽƌƐ/ŶĐ͘ŶĚǇΖƐ>ŝƋƵŽƌŽǁŶƚŽǁŶϭϱϬ^ZKtzs͕ ZK,^dZ͕DEϱϱϵϬϰ 'ϬϬϭϲϮ>>ŝƋƵŽƌͲKĨĨͲ^ĂůĞ>ŝĐĞŶƐĞŶĚǇΖƐƌŽƐƐƌŽĂĚƐ>ŝƋƵŽƌ/ŶĐ͘ŶĚǇΖƐϭϮϬϭ^ZKtz s͕^dϱϲ͕ ZK,^dZ͕DEϱϱϵϬϰ 'ϬϬϮϭϴ>>ŝƋƵŽƌͲKĨĨͲ^ĂůĞ>ŝĐĞŶƐĞ&ŝŶďƌĞǁ>>>ŝƚƚůĞdŚŝƐƚůĞƌĞǁŝŶŐϮϬϯϭϭϰ^dEt͕ ZK,^dZ͕DEϱϱϵϬϭ 'ϬϬϮϭϵ>>ŝƋƵŽƌͲKĨĨͲ^ĂůĞ>ŝĐĞŶƐĞ<ŝŶŶĞǇƌĞĞŬƌĞǁĞƌǇ>><ŝŶŶĞǇƌĞĞŬƌĞǁĞƌǇϭϬϭϲϳ^dEt͕ ZK,^dZ͕DEϱϱϵϬϭ 3DFNHW3J )D 'ϬϬϮϮϬ>>ŝƋƵŽƌͲKĨĨͲ^ĂůĞ>ŝĐĞŶƐĞ>d^ƌĞǁŝŶŐŽŵƉĂŶǇϮϬϬϭϯϮsEt͕ ZK,^dZ͕DEϱϱϵϬϭ 'ϬϬϮϮϭ>>ŝƋƵŽƌͲKĨĨͲ^ĂůĞ>ŝĐĞŶƐĞĐĐŝĚĞŶƚĂůůĞŵĞŶƚƐ͕>>͘dŚĞƐŝƐĞĞƌWƌŽũĞĐƚϭϵϮϵϮ^d^t͕ ZK,^dZ͕DEϱϱϵϬϮ 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&ŝŶŝƐŚDŽǁŝŶŐ͗ Ϯ͘dŽďĞĐŽŵƉůĞƚĞĚĂƚĂĨƌĞƋƵĞŶĐǇŽĨϴƚŝŵĞƐƉĞƌǇĞĂƌĂƚĞĂĐŚƐŝƚĞ;ĂƐĐĂŶ ďĞƐĞĞŶŽŶƚŚĞĂƚƚĂĐŚĞĚĐŽƐƚƉƌŽƉŽƐĂůƐƉƌĞĂĚƐŚĞĞƚĂŶĚĐŽƌƌĞƐƉŽŶĚŝŶŐƐŝƚĞƉŚŽƚŽƐͿ͘dŚŝƐǁŝůů ƌĞƋƵŝƌĞƚŚĞƵƐĞŽĨŵŽƚŽƌŝǌĞĚĨŝŶŝƐŚĞĚŵŽǁŝŶŐĞƋƵŝƉŵĞŶƚ͕ĂŶĚŝŶĐĂƐĞƐǁŝƚŚŽƚŚĞƌŵĞƚŚŽĚƐ ŵĂǇďĞŶĞĞĚĞĚ͕ƐƵĐŚĂƐƵƐŝŶŐĂǁĂůŬͲďĞŚŝŶĚŵŽǁĞƌ͕ǁĞĞĚͲǁŚĂĐŬĞƌ͕ŽƌĂŵŽǁĞƌǁŝƚŚďĂŐŐĞƌ͘ ͘&ŝŶŝƐŚŵŽǁŝŶŐ;Ϯ͘ϱ͟Ͳϯ͘ϱ͟ŚĞŝŐŚƚͿ͕ĂƉƉƌŽǆŝŵĂƚĞůǇĞŝŐŚƚƚŝŵĞƐƉĞƌǇĞĂƌ͕ĂƚĚĞƐŝŐŶĂƚĞĚƚƵƌĨ ĂƌĞĂƐĂƚƌĞŐƵůĂƌŝŶƚĞƌǀĂůƐƚŚƌŽƵŐŚŽƵƚƚŚĞŐƌŽǁŝŶŐƐĞĂƐŽŶ͘dŚĞĐŽƐƚƉƌŽƉŽƐĂůĨŽƌŵŚĂƐ ůŝƐƚĞĚƚŚĞŵŽǁŝŶŐĨƌĞƋƵĞŶĐǇĨŽƌĞĂĐŚƐŝƚĞƚŽďĞĐŽŵƉůĞƚĞĚĞŝŐŚƚƚŝŵĞƐƉĞƌǇĞĂƌ͘^ŝƚĞƐ ŵĂǇƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůŵŽǁŝŶŐĚƵĞƚŽŐƌŽǁŝŶŐŽƌƐŝƚĞĐŽŶĚŝƚŝŽŶƐ͘ĚĚŝƚŝŽŶĂůƐŝƚĞƐŵĂǇ ďĞĂĚĚĞĚŽƌƌĞŵŽǀĞĚĨŽƌĨŝŶŝƐŚŵŽǁŝŶŐƚŚƌŽƵŐŚŽƵƚƚŚĞǇĞĂƌ͘^ŝƚĞƐŵĂǇďĞƌĞŵŽǀĞĚĂƚ ĂŶǇƚŝŵĞĚƵĞƚŽĐŽŶƐƚƌƵĐƚŝŽŶ͕ƵƚŝůŝƚǇƉƌŽũĞĐƚƐ͕ŽƌĐŚĂŶŐĞƚŽůĞƐƐŵŽǁƉůĂŶƚŝŶŐƐ͘ ϯ͘^ŶŽǁĂŶĚ/ĐĞZĞŵŽǀĂůƉĞƌKĐĐƵƌƌĞŶĐĞĂƚ^ŝĚĞǁĂůŬƐĂůŽŶŐ^ƚŽƌŵtĂƚĞƌ&ĂĐŝůŝƚŝĞƐ͗ ͘^ŶŽǁĂŶĚŝĐĞƌĞŵŽǀĂůĂůŽŶŐƐŝĚĞǁĂůŬƐĂŶĚƉĞĚĞƐƚƌŝĂŶƌĂŵƉƐĂďƵƚƚŝŶŐŝƚǇͲŽǁŶĞĚƐƚŽƌŵ ǁĂƚĞƌƉŽŶĚƐŽƌĚƌĂŝŶĂŐĞǁĂǇƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƐŝƚĞŵĂƉƐĂŶĚĐŽƐƚƉƌŽƉŽƐĂůĨŽƌŵƐ͘dŚĞ 3DFNHW3J )D ĐŽƐƚƉƌŽƉŽƐĂůĨŽƌŵŚĂƐƐŶŽǁƌĞŵŽǀĂůůŝƐƚĞĚĂƐϭϬƚŝŵĞƐƉĞƌǇĞĂƌ͕ƚŚŝƐǁŝůůǀĂƌǇĞĂĐŚ ǁŝŶƚĞƌ͘ ͘dŝŵŝŶŐĂŶĚKĐĐƵƌƌĞŶĐĞƐ͗Ŷ͞ŽĐĐƵƌƌĞŶĐĞ͟ŝƐŐĞŶĞƌĂůůǇĚĞĨŝŶĞĚĂƐĂƐŶŽǁĨĂůůĚĞƉƚŚƚŚĂƚŝƐ ƌĞŵŽǀĂďůĞ;Ğ͘Ő͕͘ƌĞŵŽǀĂůǁŝƚŚĞƋƵŝƉŵĞŶƚ͕ďůĂĚĞ͕ďůŽǁĞƌ͕ƐŚŽǀĞůͿ͘/ƚŝƐĐŽŶĐĞŝǀĂďůĞƚŚĂƚ ŽƚŚĞƌĐŽŵďŝŶĂƚŝŽŶƐŽĨƐŶŽǁĂŶĚŝĐĞĂŵŽƵŶƚƐ͕ƚĞŵƉĞƌĂƚƵƌĞ͕ĂŶĚĐŽŶƚƌŝďƵƚŝŶŐ ƉƌĞĐŝƉŝƚĂƚŝŽŶĐŽŶĚŝƚŝŽŶƐŵĂǇĂůƐŽďĞĚĞƐŝŐŶĂƚĞĚĂƐŽĐĐƵƌƌĞŶĐĞƐ͘/ŶĂůůĐĂƐĞƐŝƚǇƐƚĂĨĨ ŵĂǇŝŶĚŝĐĂƚĞƚŽƚŚĞƐĞůĞĐƚĞĚĐŽŶƚƌĂĐƚŽƌƚŚƌƵƉŚŽŶĞŽƌĞŵĂŝůǁŚĞŶĂƐŶŽǁŽĐĐƵƌƌĞŶĐĞ ŚĂƐŽĐĐƵƌƌĞĚ͘dŚĞƐĞůĞĐƚĞĚĐŽŶƚƌĂĐƚŽƌŝƐŶŽƚƚŽƉĞƌĨŽƌŵƐŶŽǁƌĞŵŽǀĂůƵŶƚŝůŶŽƚŝĐĞŝƐ ŐŝǀĞŶĨŽƌƚŚĞĐŽŶƚƌĂĐƚŽƌƚŽƉƌŽĐĞĞĚ͘dŚĞƐĞůĞĐƚĞĚĐŽŶƚƌĂĐƚŽƌǁŝůůŶĞĞĚƚŽŚĂǀĞ ĂƉƉƌŽƉƌŝĂƚĞĞƋƵŝƉŵĞŶƚƚŽƉĞƌĨŽƌŵƐŶŽǁƌĞŵŽǀĂů͖ǁĞƌĞƋƵŝƌĞƚŚĂƚƚŚĞĐŽŶƚƌĂĐƚŽƌǁŝůů ŚĂǀĞƐŶŽǁďůŽǁŝŶŐŽƌƐŶŽǁŵŽǀŝŶŐĞƋƵŝƉŵĞŶƚǁŚŝĐŚǁŝůůďĞĐĂƉĂďůĞŽĨƌĞŵŽǀŝŶŐĂŶĚ ŵŽǀŝŶŐƐŶŽǁĂƚĐŽŶĨŝŶĞĚůŽĐĂƚŝŽŶƐ;Ğ͘Ő͕͘ƉĞĚĞƐƚƌŝĂŶƌĂŵƉƐĂƚϱĨŽŽƚǁŝĚĞƐŝĚĞǁĂůŬƐ ǁŚŝĐŚŐĞƚƉůŽǁĞĚŝŶͿ͘ ϰ͘ĚĚŝƚŝŽŶĂůtŽƌŬKƌĚĞƌ/ƚĞŵƐ dŚĞĨŽůůŽǁŝŶŐƚĂƐŬƐŵĂǇďĞĂƐƐŝŐŶĞĚŽŶĂŶĂƐͲŶĞĞĚĞĚďĂƐŝƐƚŽƚŚĞƐĞůĞĐƚĞĚĐŽŶƚƌĂĐƚŽƌ ƚŚƌŽƵŐŚŽƵƚƚŚĞƚĞƌŵŽĨƚŚĞĐŽŶƚƌĂĐƚ͘ ŽŵƉůĂŝŶƚZĞƐƉŽŶƐĞtĞĞĚŽŶƚƌŽů͗ Ă͘dŽďĞĐŽŵƉůĞƚĞĚŝŶƌĞƐƉŽŶƐĞƚŽĐŽŵƉůĂŝŶƚƐŽĨ ƚŚŝƐƚůĞƐĂŶĚŽƚŚĞƌŶŽǆŝŽƵƐǁĞĞĚƐ͘tĞĞĚĐŽŶƚƌŽůŵĂǇďĞĂĐĐŽŵƉůŝƐŚĞĚďǇŵŽǁŝŶŐŽƌ ĐƵƚƚŝŶŐ͕ƵƐŝŶŐŵŽƚŽƌŝǌĞĚŽƌŚĂŶĚͲŚĞůĚĞƋƵŝƉŵĞŶƚ͕ĂƐŶĞĞĚĞĚ͘DŽǁŝŶŐĨŽƌǁĞĞĚĐŽŶƚƌŽů ǁŝůůƚǇƉŝĐĂůůǇŽĐĐƵƌďĞĨŽƌĞƚŚĞǁĞĞĚƐŐŽƚŽƐĞĞĚ;ƚŝŵŝŶŐŝƐĐƌŝƚŝĐĂů͕ďƵƚĐĂŶǀĂƌǇĞĂĐŚ ǇĞĂƌͿ͘tĞĞĚĐŽŶƚƌŽůĂƚƐŝƚĞƐŵĂǇƌĞƋƵŝƌĞƚŚĞĞŶƚŝƌĞƐŝƚĞƚŽďĞŵŽǁĞĚŽƌũƵƐƚƐĞůĞĐƚĞĚ ƐƉŽƚŵŽǁŝŶŐ͘tŚĞŶǁĞĞĚĐŽŶƚƌŽůŝƐĂĐĐŽŵƉůŝƐŚĞĚďǇŵŽǁŝŶŐ͕ƚŚĞĞƋƵŝƉŵĞŶƚǁŝůůŶĞĞĚ ƚŽďĞƚŚŽƌŽƵŐŚůǇĚƌǇͲďƌƵƐŚĞĚŽƌƐƉƌĂǇͲǁĂƐŚĞĚďĞĨŽƌĞůĞĂǀŝŶŐƚŚĞƐŝƚĞƚŽƉƌĞǀĞŶƚƚŚĞ ĚŝƐƉĞƌƐĂůŽĨǁĞĞĚƐĞĞĚƐƚŽŽƚŚĞƌƐŝƚĞƐ;ŶŽǆŝŽƵƐĂŶĚŝŶǀĂƐŝǀĞƐƉĞĐŝĞƐůĂǁͿ͘DŽƐƚǁĞĞĚ ĐŽŵƉůĂŝŶƚƐĂƌĞƚǇƉŝĐĂůůǇƌĞĐĞŝǀĞĚďǇ:ƵůǇŽĨĞĂĐŚŐƌŽǁŝŶŐƐĞĂƐŽŶ͕ďƵƚĐĂŶďĞƌĞĐĞŝǀĞĚ ĨƌŽŵDĂǇƚŚƌŽƵŐŚƵŐƵƐƚ͘ dƌĞĞͬƌƵƐŚZĞŵŽǀĂůĂŶĚdƌĂŶƐƉŽƌƚƚŽŝƐƉŽƐĂů^ŝƚĞ͗ ď͘dŽďĞĐŽŵƉůĞƚĞĚĂƚƚŚĞĚŝƌĞĐƚŝŽŶ ŽĨWƵďůŝĐtŽƌŬƐƐƚĂĨĨ͕ĂƐŶĞĞĚĞĚ͕ƚŽƌĞŵŽǀĞĚĞĂĚŽƌĚǇŝŶŐƚƌĞĞƐŽƌďƌƵƐŚŽŶƐƚŽƌŵǁĂƚĞƌ ŵĂŶĂŐĞŵĞŶƚůĂŶĚƐ͘dŚŝƐĐĂŶďĞĐŽŵƉůĞƚĞĚƚŚƌŽƵŐŚƚŚĞƵƐĞŽĨĐŚĂŝŶƐĂǁƐŽƌĂƉƉƌŽƉƌŝĂƚĞ ŵŽƚŽƌŝǌĞĚĞƋƵŝƉŵĞŶƚ͘ƌƵƐŚŵĂǇŶĞĞĚƚŽďĞŚĂƵůĞĚƚŽĂŶĂƉƉƌŽǀĞĚĚŝƐƉŽƐĂůĨĂĐŝůŝƚǇ ƐƵĐŚĂƐ,ĂƚŚĂǁĂǇ͘ >ŝƚƚĞƌͬĞďƌŝƐŽůůĞĐƚŝŽŶĂŶĚdƌĂŶƐƉŽƌƚƚŽŝƐƉŽƐĂů^ŝƚĞ͗ Đ͘WĞƌŝŽĚŝĐĂůůǇ͕ƉƵďůŝĐůĂŶĚƐ ďĞĐŽŵĞƚĂƌŐĞƚƐĨŽƌĚƵŵƉŝŶŐŽĨůŝƚƚĞƌŽƌĚĞďƌŝƐ͕ĂŶĚƐƵĐŚĚĞďƌŝƐŵĂǇďĞĞŶĐŽƵŶƚĞƌĞĚĂƚ ƚŚĞƚŝŵĞŽĨŵŽǁŝŶŐ͘ĨƚĞƌŶŽƚŝĨŝĐĂƚŝŽŶďǇWƵďůŝĐtŽƌŬƐƐƚĂĨĨĂŶĚŝŶŽƌĚĞƌƚŽĨĂĐŝůŝƚĂƚĞ ŵŽǁŝŶŐ͕ƚŚĞĚĞďƌŝƐǁŝůůŶĞĞĚƚŽďĞĐŽůůĞĐƚĞĚĂŶĚĚĞůŝǀĞƌĞĚƚŽĂŶĂƉƉƌŽƉƌŝĂƚĞ͕ůŝĐĞŶƐĞĚ ŽƌƉĞƌŵŝƚƚĞĚĚŝƐƉŽƐĂůĨĂĐŝůŝƚǇƐƵĐŚĂƐƚŚĞKůŵƐƚĞĚtĂƐƚĞƚŽŶĞƌŐǇŽƌZĞĐǇĐůŝŶŐĞŶƚĞƌ͘ 3DFNHW3J )D 'ƌĂĚŝŶŐĂŶĚ^ĞĞĚŝŶŐWƌŽũĞĐƚƐŽŶdƵƌĨ'ƌĂƐƐƌĞĂƐ͗ Ě͘^ŝƚĞƐŵĂǇŶĞĞĚƚŽďĞĨŝŶĞŐƌĂĚĞĚĨŽƌ ƚƵƌĨĞƐƚĂďůŝƐŚŵĞŶƚ͘ĚĚŝƚŝŽŶĂůŐƌĂĚŝŶŐĂŶĚƐĞĞĚŝŶŐƉƌŽũĞĐƚƐǁŝůůďĞĚŝƌĞĐƚĞĚďǇWƵďůŝĐ tŽƌŬƐƐƚĂĨĨ͘^ĞĞĚŝŶŐĂŶĚĞƌŽƐŝŽŶĐŽŶƚƌŽůŵĂƚĞƌŝĂůƐǁŝůůďĞƉƌŽǀŝĚĞĚďǇƚŚĞŝƚǇĂŶĚ ĨƵƌŶŝƐŚĞĚƚŽƚŚĞĐŽŶƚƌĂĐƚŽƌƚŽƵƐĞĨŽƌƐƉĞĐŝĨŝĐůŽĐĂƚŝŽŶƐ͘'ƌĂĚŝŶŐĂŶĚƐĞĞĚŝŶŐƉƌŽũĞĐƚƐ ǁŝůůǀĂƌǇŝŶƐĐŽƉĞĂŶĚƐŝǌĞĞĂĐŚǇĞĂƌ͘ ϱ͘ŽŶƚƌĂĐƚĂŶĚdĂƐŬDĂŶĂŐĞŵĞŶƚ Ă͘dŚĞŝƚǇĞǆƉĞĐƚƐƚŝŵĞůǇĂŶĚŽƉĞŶĐŽŵŵƵŶŝĐĂƚŝŽŶƐǁŝƚŚŝƚƐƐĞůĞĐƚĞĚĐŽŶƚƌĂĐƚŽƌƚŽ ĂĚĚƌĞƐƐĂŶǇĐŽŶƚƌĂĐƚŝƐƐƵĞƐƚŚĂƚŵĂǇĂƌŝƐĞŽƌƚŽƌĞƉŽƌƚĂŶǇƉƌŽďůĞŵƐŽďƐĞƌǀĞĚŽŶƐŝƚĞƐ͘ dŚĞŝƚǇĂůƐŽĞǆƉĞĐƚƐƚŚĂƚŝƚƐƐĞůĞĐƚĞĚĐŽŶƚƌĂĐƚŽƌǁŝůůĂĚĞƋƵĂƚĞůǇƚƌĂŝŶŝƚƐƐƚĂĨĨƐŽƚŚĂƚ ĐŽŶƐŝƐƚĞŶƚĂŶĚƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐĂƌĞƉƌŽǀŝĚĞĚ͘'ƌĂƐƐĐůŝƉƉŝŶŐƐĂƌĞƚŽďĞĚŝƌĞĐƚĞĚƚŽ 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ƉƌŝĐĞƐƉƌŽƉŽƐĞĚ͘hŶĚĞƌƚŚŝƐĐŽŶƚƌĂĐƚƚŚĞĐŽŶƚƌĂĐƚŽƌŶĞĞĚƐƚŽƚĂŬĞĂůůŵŽďŝůŝǌĂƚŝŽŶĐŽƐƚƐ ŝŶƚŽƚŚĞŝƌŚŽƵƌůǇƌĂƚĞ͕ŶŽĂĚĚŝƚŝŽŶĂůŵŽďŝůŝǌĂƚŝŽŶĐŚĂƌŐĞǁŝůůďĞŝŶĐůƵĚĞĚ͘ 3DFNHW3J )D Đ͘ĚĚŝƚŝŽŶĂůƚĂƐŬƐƚŚĂƚĐŽŵĞƵƉĚƵƌŝŶŐƚŚĞǇĞĂƌĂƚĞĂĐŚƐŝƚĞǁŝůůďĞŶĞŐŽƚŝĂƚĞĚŽŶĐĞƚŚĞ ƐĞůĞĐƚĞĚĐŽŶƚƌĂĐƚŽƌŝƐĐŚŽƐĞŶ͘/ƚŝƐĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚůĞƐƐƚŚĂŶϭϬйŽĨƚŚĞĐŽŶƚƌĂĐƚŽƌǁŝůů ďĞĨƌŽŵĂĚĚŝƚŝŽŶĂůƚĂƐŬƐ͗ ŝ͘ŽŵƉůĂŝŶƚƌĞƐƉŽŶƐĞǁĞĞĚĐŽŶƚƌŽůŵŽǁŝŶŐʹĐŽƐƚƉĞƌƐŝƚĞ͘ ŝŝ͘dƌĞĞͬďƌƵƐŚƌĞŵŽǀĂůĂŶĚƚƌĂŶƐƉŽƌƚƚŽĚŝƐƉŽƐĂůƐŝƚĞʹĐŽƐƚƉĞƌƐŝƚĞ;ĚŝƐƉŽƐĂůĨĞĞ ĐŚĂƌŐĞĚĚŝƌĞĐƚůǇƚŽƚŚĞŝƚǇͿ ŝŝŝ͘>ŝƚƚĞƌͬĚĞďƌŝƐĐŽůůĞĐƚŝŽŶĂŶĚƚƌĂŶƐƉŽƌƚƚŽĚŝƐƉŽƐĂůƐŝƚĞͲĐŽƐƚƉĞƌƐŝƚĞ;ĚŝƐƉŽƐĂůĨĞĞ ĐŚĂƌŐĞĚĚŝƌĞĐƚůǇƚŽƚŚĞŝƚǇͿ ŝǀ͘'ƌĂĚŝŶŐĂŶĚƐĞĞĚŝŶŐƉƌŽũĞĐƚƐʹĐŽƐƚƉĞƌƐŝƚĞ;ŵĂƚĞƌŝĂůƐƉƌŽǀŝĚĞĚďǇƚŚĞŝƚǇͿ ϵ͘&ƵĞů^ƵƌĐŚĂƌŐĞ Ă͘dŚĞŝƚǇƌĞĐŽŐŶŝǌĞƐƚŚĂƚƉƌŝĐĞƐƉƌŽƉŽƐĞĚĨŽƌϮϬϮϬǁŝůůďĞƌĞĨůĞĐƚŝǀĞŽĨƚŚĞĨƵĞů ƉƌŝĐĞͬŐĂůůŽŶĂƚƚŚĞƚŝŵĞŽĨƚŚĞƉƌŽƉŽƐĂů͘/ŶŽƌĚĞƌƚŽŽďƚĂŝŶĐŽŵƉĂƌĂďůĞƉƌŝĐĞƉƌŽƉŽƐĂůƐ͕ ƉƌŽƉŽƐĞƌƐƐŚŽƵůĚŝŶĐůƵĚĞŝŶƚŚĞŝƌĐŽƐƚƉƌŽƉŽƐĂůĂϮϱйǀĂƌŝĂƚŝŽŶŝŶƚŚĞĐŽƐƚŽĨŐĂƐĂŶĚ ĚŝĞƐĞůĨŽƌƚŚĞƐƵďƐĞƋƵĞŶƚǇĞĂƌƐŽĨƚŚĞĐŽŶƚƌĂĐƚ͘/ĨŐĂƐŽůŝŶĞŽƌĚŝĞƐĞůƉƌŝĐĞƐĂƌĞ ƐŝŐŶŝĨŝĐĂŶƚůǇŚŝŐŚĞƌŽƌůŽǁĞƌƚŚĂŶƚŚĞƉƌŽƉŽƐĞĚĞƐƚŝŵĂƚĞƐ͕ƚŚĞŝƚǇǁŝůůŶĞŐŽƚŝĂƚĞĂŐĂƐ ƐƵƌĐŚĂƌŐĞŽƌƌĞĚƵĐƚŝŽŶǁŝƚŚƚŚĞƐĞůĞĐƚĞĚĐŽŶƚƌĂĐƚŽƌ͘ ϭϬ͘^ƵďŵŝƚƚĂůƐ /ŶĂĚĚŝƚŝŽŶƚŽƐƵďŵŝƚƚĂůŽĨƚŚĞƚǁŽĐŽŵƉůĞƚĞĚĐŽƐƚƉƌŽƉŽƐĂůĨŽƌŵƐ;ĨŝŶŝƐŚŵŽǁŝŶŐĂŶĚƐŶŽǁ ƌĞŵŽǀĂůͿĚĞƐĐƌŝďĞĚĂďŽǀĞ͕ĞĂĐŚĐŽŶƚƌĂĐƚŽƌŵƵƐƚĂůƐŽƐƵďŵŝƚƚŚĞĨŽůůŽǁŝŶŐ͗ WĞƌĨŽƌŵĂŶĐĞĂŶĚWĂǇŵĞŶƚŽŶĚ͗ WĞƌĨŽƌŵĂŶĐĞĂŶĚƉĂǇŵĞŶƚďŽŶĚƐǁŝůůďĞƌĞƋƵŝƌĞĚĨŽƌ D ĂŶǇƉŽƌƚŝŽŶŽĨƚŚĞǁŽƌŬŝĨƐƵďͲĐŽŶƚƌĂĐƚŽƌƐĂƌĞƚŽďĞƵƐĞĚ͘ ƋƵŝƉŵĞŶƚ>ŝƐƚ͗ dŚĞƉƌŽƉŽƐĞƌŵƵƐƚƐƵďŵŝƚĂůŝƐƚŽĨƚŚĞĞƋƵŝƉŵĞŶƚŝƚŝŶƚĞŶĚƐƚŽƵƐĞŝŶ E ƚŚĞĞǆĞĐƵƚŝŽŶŽĨĂůůĂƐƉĞĐƚƐŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͘^ƉĞĐŝĨǇǁŚŝĐŚĞƋƵŝƉŵĞŶƚŝƐƚŽďĞƵƐĞĚ͕ƚŚĞ ƚǇƉĞŽĨŵŽǁĞƌ͕ƐŝǌĞŽĨƚŚĞĞƋƵŝƉŵĞŶƚ;ĞŶŐŝŶĞƐŝǌĞͿ͕ƐŶŽǁďůŽǁĞƌ͕ƐŶŽǁƉůŽǁŽƌŽƚŚĞƌ ŝŶĨŽƌŵĂƚŝŽŶ͘ ^ƚĂĨĨĂƉĂĐŝƚǇ͗ dŚĞƉƌŽƉŽƐĞƌŵƵƐƚŝŶĐůƵĚĞĂůŝƐƚŽĨƚŚĞƐƚĂĨĨŝƚŝŶƚĞŶĚƐƚŽƵƐĞŝŶƚŚĞ F ĞǆĞĐƵƚŝŽŶŽĨƚŚŝƐĐŽŶƚƌĂĐƚĂŶĚĂƐƚĂƚĞŵĞŶƚƚŚĂƚǁŝůůĂƐƐƵƌĞƚŚĞŝƚǇƚŚĂƚƚŚĞ ĐŽŵŵŝƚŵĞŶƚƐŶĞĞĚĞĚƵŶĚĞƌƚŚŝƐĐŽŶƚƌĂĐƚǁŝůůŶŽƚĐŽŶĨůŝĐƚǁŝƚŚŽƚŚĞƌǁŽƌŬŽƌĐŽŶƚƌĂĐƚ ĐŽŵŵŝƚŵĞŶƚƐ͘ ZĞĨĞƌĞŶĐĞƐ͗ dŚĞƉƌŽƉŽƐĞƌǁŝůůƐƵďŵŝƚƚǁŽƉƌŽĨĞƐƐŝŽŶĂůƌĞĨĞƌĞŶĐĞƐƚŚĂƚĐĂŶĂƚƚĞƐƚƚŽƚŚĞ G ĐŽŶƚƌĂĐƚŽƌ͛ƐĂďŝůŝƚǇƚŽĐŽŵƉůĞƚĞǁŽƌŬŽĨĂƐŝŵŝůĂƌƐĐŽƉĞ͘dŚŝƐŵƵƐƚŝŶĐůƵĚĞƚŚĞŶĂŵĞŽĨ ƚŚĞƌĞĨĞƌĞŶĐĞ͕ƚŚĞŝƌƉŚŽŶĞηĂŶĚĞͲŵĂŝůĂĚĚƌĞƐƐ͕ĂŶĚƚŚĞƉƌŽũĞĐƚƐĐŽŵƉůĞƚĞĚĨŽƌƚŚĂƚ ƌĞĨĞƌĞŶĐĞ͘ĞĨŽƌĞƐĞůĞĐƚŝŽŶŽĨƚŚĞĐŽŶƚƌĂĐƚŽƌŝƐŵĂĚĞ͕ƚŚĞƌĞĨĞƌĞŶĐĞƐǁŝůůďĞĐŽŶƚĂĐƚĞĚ͘ dŚƌĞĞĐŽƉŝĞƐŽĨƚŚĞĐŽŶƚƌĂĐƚŽƌ͛ƐƉƌŽƉŽƐĂůƉĂĐŬĂŐĞĚĞƐĐƌŝďĞĚĂďŽǀĞŵƵƐƚďĞƌĞƚƵƌŶĞĚďǇŵĂŝůŽƌ ϭϭ͗ϬϬĂ͘ŵ͘ŽŶdŚƵƌƐĚĂǇƉƌŝůϮϯ͕ϮϬϮϬ͘ ĚĞůŝǀĞƌǇŶŽůĂƚĞƌƚŚĂŶWƌŽƉŽƐĂůƐƐƵďŵŝƚƚĞĚďǇĨĂǆŽƌĞͲ ŵĂŝůĂƌĞŶŽƚĂĐĐĞƉƚĂďůĞ͘WƌŽƉŽƐĂůƐŵƵƐƚďĞƌĞĐĞŝǀĞĚďǇƚŚĞŝƚǇůĞƌŬ͛ƐŽĨĨŝĐĞĂŶĚǁŝůůďĞƐƚŽƌĞĚ 3DFNHW3J )D ͞&ŝŶŝƐŚDŽǁŝŶŐĂŶĚ^ŶŽǁZĞŵŽǀĂů ƵŶƚŝůƚŚĞŽƉĞŶŝŶŐ͘dŚĞĞŶǀĞůŽƉĞƐŚŽƵůĚďĞůĂďĞůĞĚ͗ ŽŶƚƌĂĐƚϮϬϮϬͲϮϬϮϰ͟ ŝƚǇůĞƌŬ ZŽĐŚĞƐƚĞƌŝƚǇ,Ăůů͕ZŽŽŵϭϯϱ ϮϬϭϰ ƚŚ^ƚ͘^͕ZŽŽŵ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰ ϭϭ͘DŝŶŝŵƵŵ>ŝŵŝƚƐŽĨ/ŶƐƵƌĂŶĐĞZĞƋƵŝƌĞŵĞŶƚƐ Ă͘dŚĞƐĞůĞĐƚĞĚĐŽŶƚƌĂĐƚŽƌǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞƐĂĨĞƚǇŽĨŝƚƐŽǁŶĞŵƉůŽǇĞĞƐĂŶĚ ĂĐƚŝŽŶƐŽĨƚŚĞƐĞůĞĐƚĞĚĐŽŶƚƌĂĐƚŽƌŵĂǇŶŽƚƉƵƚƚŚĞƉƵďůŝĐĂƚƌŝƐŬ͘ ď͘dŚĞƐĞůĞĐƚĞĚĐŽŶƚƌĂĐƚŽƌǁŝůůďĞƌĞƋƵŝƌĞĚƚŽŚĂǀĞŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƚŚĂƚŵĞĞƚƐƚŚĞ ŝƚǇ͛ƐŵŝŶŝŵƵŵůŝŵŝƚƐŽĨŝŶƐƵƌĂŶĐĞ͕ĂƐĚĞƐĐƌŝďĞĚďĞůŽǁ͗ ŝ͘>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ͘dŚĞĐŽŶƚƌĂĐƚŽƌƐŚĂůůŽďƚĂŝŶĂŶĚŵĂŝŶƚĂŝŶĂĐŽŵŵĞƌĐŝĂůůŝĂďŝůŝƚǇ ŝŶƐƵƌĂŶĐĞƉŽůŝĐǇǁŝƚŚůŝŵŝƚƐŽĨŶŽůĞƐƐƚŚĂŶΨϭ͕ϱϬϬ͕ϬϬϬĞĂĐŚŽĐĐƵƌƌĞŶĐĞͬĂŐŐƌĞŐĂƚĞ ĨŽƌďŽƚŚďŽĚŝůǇŝŶũƵƌǇΘƉƌŽƉĞƌƚǇĚĂŵĂŐĞůŝĂďŝůŝƚǇƚŽĐŽǀĞƌĐůĂŝŵƐĨŽƌŝŶũƵƌǇŽƌ ĚĂŵĂŐĞƌĞƐƵůƚŝŶŐŽƌĂƌŝƐŝŶŐĨƌŽŵƚŚĞĂĐƚŝŽŶƐŽĨƚŚĞĐŽŶƚƌĂĐƚŽƌ͕ŝƚƐŽĨĨŝĐĞƌƐ͕ ĞŵƉůŽǇĞĞƐŽƌĂŐĞŶƚƐĚƵƌŝŶŐƚŚĞƚĞƌŵŽĨƚŚĞĐŽŶƚƌĂĐƚ͘WƌŽĚƵĐƚƐĂŶĚĐŽŵƉůĞƚĞĚ ŽƉĞƌĂƚŝŽŶƐĐŽǀĞƌĂŐĞŝƐƚŽďĞŝŶĐůƵĚĞĚǁŝƚŚŝŶƚŚĞƌĞƋƵŝƌĞĚůŝŵŝƚƐ͘ ŝŝ͘ƵƚŽ/ŶƐƵƌĂŶĐĞ͘dŚĞĐŽŶƚƌĂĐƚŽƌƐŚĂůůŽďƚĂŝŶĂŶĚŵĂŝŶƚĂŝŶĂĐŽŵŵĞƌĐŝĂůĂƵƚŽ ŝŶƐƵƌĂŶĐĞƉŽůŝĐǇǁŝƚŚůŝŵŝƚƐŽĨŶŽůĞƐƐΨϭ͕ϱϬϬ͕ϬϬϬĞĂĐŚŽĐĐƵƌƌĞŶĐĞͬĂŐŐƌĞŐĂƚĞĨŽƌ ďŽƚŚďŽĚŝůǇŝŶũƵƌǇΘƉƌŽƉĞƌƚǇĚĂŵĂŐĞůŝĂďŝůŝƚǇƚŽĐŽǀĞƌĐůĂŝŵƐĨŽƌŝŶũƵƌǇŽƌĚĂŵĂŐĞ ƌĞƐƵůƚŝŶŐŽƌĂƌŝƐŝŶŐĨƌŽŵƚŚĞĂĐƚŝŽŶƐŽĨƚŚĞĐŽŶƚƌĂĐƚŽƌ͕ŝƚƐŽĨĨŝĐĞƌƐ͕ĞŵƉůŽǇĞĞƐŽƌ ĂŐĞŶƚƐĚƵƌŝŶŐƚŚĞĐŽŶƚƌĂĐƚ͘ ŝŝŝ͘tŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶ͘dŚĞĐŽŶƚƌĂĐƚŽƌƐŚĂůůŽďƚĂŝŶĂŶĚŵĂŝŶƚĂŝŶĂǁŽƌŬĞƌƐ͛ ĐŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞƉŽůŝĐǇǁŝƚŚůŝŵŝƚƐŽĨĂƚůĞĂƐƚΨϱϬϬ͕ϬϬϬƉĞƌŝŶĐŝĚĞŶƚŽƌ ŝŶũƵƌǇƚŽĐŽǀĞƌĐůĂŝŵƐĨŽƌŝŶũƵƌǇŽƌĚŝƐĞĂƐĞƌĞƐƵůƚŝŶŐŽƌĂƌŝƐŝŶŐĨƌŽŵƚŚĞĂĐƚŝŽŶƐŽĨ ƚŚĞĐŽŶƚƌĂĐƚŽƌ͕ŝƚƐŽĨĨŝĐĞƌƐ͕ĞŵƉůŽǇĞĞƐŽƌĂŐĞŶƚƐĚƵƌŝŶŐƚŚĞĐŽŶƚƌĂĐƚ͘/ŶƐƵƌĂŶĐĞ ĐŽǀĞƌĂŐĞǁŝůůŵĞĞƚƐƚĂƚƵƚŽƌǇƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌDŝŶŶĞƐŽƚĂ͘ 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ƉƌŽĨĞƐƐŝŽŶĂůǁŽƌŬŚĞƌĞŝŶĚĞƐĐƌŝďĞĚŝŶƚŚĞƐĐŽƉĞŽĨǁŽƌŬĚĂƚĞĚDĂƌĐŚϲ͕ϮϬϮϬ;ƚƚĂĐŚŵĞŶƚͿ͘^ƵĐŚǁŽƌŬ ƐŚĂůůďĞƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚĨŽƌƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶƐƚĂƚĞĚ͘ //͘^KWK&tKZ< ͘ŽŶƐƵůƚĂŶƚǁŝůůƉĞƌĨŽƌŵƚŚĞƐĐŽƉĞŽĨƐĞƌǀŝĐĞƐĚĞƐĐƌŝďĞĚŝŶdd,DEdĂŶĚŚĞƌĞďǇŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽ ƚŚŝƐŽŶƚƌĂĐƚ͘ ///͘/Zd/KEK&tKZ< ϭ 3DFNHW3J +D ͘ůůŵĂƉƐ͕ĚĂƚĂ͕ƌĞƉŽƌƚƐ͕ƌĞƐĞĂƌĐŚ͕ŐƌĂƉŚŝĐƉƌĞƐĞŶƚĂƚŝŽŶŵĂƚĞƌŝĂůƐ͕ĞƚĐ͕͘ƉƌĞƉĂƌĞĚďǇƚŚĞŽŶƐƵůƚĂŶƚĂƐƉĂƌƚ ŽĨŝƚƐǁŽƌŬƵŶĚĞƌƚŚĞŽŶƚƌĂĐƚƐŚĂůůďĞĐŽŵĞƚŚĞƉƌŽƉĞƌƚǇŽĨƚŚĞŝƚǇŝŶƚŚĞĨŽƌŵŽĨĂƵŶƌĞƐƚƌŝĐƚĞĚůŝĐĞŶƐĞ ƚŽƵƐĞĨŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƚŚĞWƌŽũĞĐƚƵƉŽŶƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚŽƌĂŶǇƉŚĂƐĞƚŚĞƌĞŽĨŽƌ͕ŝŶƚŚĞ ĞǀĞŶƚŽĨƚĞƌŵŝŶĂƚŝŽŶƵŶĚĞƌƌƚŝĐůĞ/yŚĞƌĞŽĨ͕ĂƚƚŚĞƚŝŵĞŽĨƉĂǇŵĞŶƚƵŶĚĞƌƐĂŝĚƌƚŝĐůĞ/yĨŽƌǁŽƌŬĂĐƚƵĂůůǇ ƉĞƌĨŽƌŵĞĚĂŶĚĂĐĐŽŵƉůŝƐŚĞĚ͘dŚĞŽŶƐƵůƚĂŶƚƐŚĂůůƌĞƚĂŝŶƚŚĞĐŽƉǇƌŝŐŚƚĂŶĚŝŶƚƌŝŶƐŝĐŝŶƚĞůůĞĐƚƵĂůƉƌŽƉĞƌƚǇ ŝŶƚŚĞǁŽƌŬ͘ ͘dŚĞŽŶƐƵůƚĂŶƚƐŚĂůůŶŽƚĂƐƐŝŐŶĂŶǇŝŶƚĞƌĞƐƚƚŽƚŚŝƐŽŶƚƌĂĐƚŶŽƌĚĞůĞŐĂƚĞƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨĂŶǇŽĨŝƚƐ ĚƵƚŝĞƐŚĞƌĞƵŶĚĞƌĞǆĐĞƉƚĨŽƌƚŚŽƐĞŝĚĞŶƚŝĨŝĞĚƐƵďĐŽŶƚƌĂĐƚŽƌƐŝŶƚŚĞŽŶƐƵůƚĂŶƚΖƐƉƌŽƉŽƐĂůĚĂƚĞĚ:ĂŶƵĂƌǇ ϭϯ͕ϮϬϮϬ͕ǁŝƚŚŽƵƚƚŚĞƉƌŝŽƌǁƌŝƚƚĞŶĐŽŶƐĞŶƚŽĨƚŚĞŝƚǇ͘ ͘dŚĞŽŶƐƵůƚĂŶƚƐŚĂůůƉƌŽǀŝĚĞŵŽŶƚŚůǇWƌŽŐƌĞƐƐZĞƉŽƌƚƐŝŶǁƌŝƚŝŶŐŽŶŽƌĂďŽƵƚƚŚĞϭϱƚŚŽĨĞĂĐŚŵŽŶƚŚ ĚĞƐĐƌŝďŝŶŐƚŚĞǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶƚŚĞƉƌŝŽƌŵŽŶƚŚĂŶĚĐŽŵƉĂƌŝŶŐƚŚĞĂŵŽƵŶƚŽĨǁŽƌŬĐŽŵƉůĞƚĞĚƚŽĚĂƚĞ ĂƐĐŽŵƉĂƌĞĚƚŽƚŚĞŽǀĞƌĂůůǁŽƌŬƉůĂŶĂŶĚďƵĚŐĞƚ͘dŚĞƌĞƉŽƌƚŵƵƐƚĂůƐŽŝŶĐůƵĚĞĚĞƚĂŝůƐƉĞƌƚĂŝŶŝŶŐƚŽƚŚĞ ĂŵŽƵŶƚŽĨǁŽƌŬĐŽŵƉůĞƚĞĚďǇĐŽŶƐƵůƚĂŶƚƐĂŶĚŚŽǁŵƵĐŚŽĨƚŚĞǁŽƌŬĐŽŵƉůĞƚĞĚďǇŵŝŶŽƌŝƚǇ͕ǁŽŵĞŶĂŶĚ ŽƚŚĞƌĚŝƐĂĚǀĂŶƚĂŐĞĞŵƉůŽǇĞĞƐĂŶĚĨŝƌŵƐ͘ ͘dŚĞƉĂƌƚŝĞƐŚĞƌĞƚŽŵĂǇĨƌŽŵƚŝŵĞƚŽƚŝŵĞĂŵĞŶĚƚŚŝƐŐƌĞĞŵĞŶƚŽŶůǇďǇǁƌŝƚƚĞŶĂŵĞŶĚŵĞŶƚĂƉƉƌŽǀĞĚ ďǇƚŚĞŝƚǇĂŶĚŽŶƐƵůƚĂŶƚ͘ ͘EŽƉĂƌƚŽĨƚŚŝƐĂŐƌĞĞŵĞŶƚŵĂǇďĞĂƐƐŝŐŶĞĚŽƌƉůĞĚŐĞĚďǇŽŶƐƵůƚĂŶƚǁŝƚŚŽƵƚƉƌŝŽƌǁƌŝƚƚĞŶĐŽŶƐĞŶƚŽĨƚŚĞ ŝƚǇ͘hƉŽŶŝƚǇĂƉƉƌŽǀĂů͕ŽŶƐƵůƚĂŶƚŵĂǇƵƐĞĂƐƵďĐŽŶƚƌĂĐƚŽƌŽƌƐƵďĐŽŶƚƌĂĐƚŽƌƐƚŽĨƵůĨŝůůĂƉŽƌƚŝŽŶŽĨƚŚĞ ǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďǇƚŚŝƐŽŶƚƌĂĐƚ͘EŽǁŽƌŬŽƌƐĞƌǀŝĐĞƐƐŚĂůůďĞƐƵďĐŽŶƚƌĂĐƚĞĚǁŝƚŚŽƵƚƚŚĞŝƚǇ͛Ɛ ĂƉƉƌŽǀĂů͘ /s͘dZD ͘dŚĞŝŶŝƚŝĂůƚĞƌŵŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůĐŽŵŵĞŶĐĞƉƌŝůϭ͕ϮϬϮϬĂŶĚƐŚĂůůĐŽŶƚŝŶƵĞƚŚƌŽƵŐŚDĂƌĐŚϯϭ͕ϮϬϮϱ͘ ͘/ĨĂƚĂŶǇƉŽŝŶƚƚŚĞŝƚǇĚĞƚĞƌŵŝŶĞƐƚŚĂƚƚŚĞƉƌŽũĞĐƚĐĂŶŶŽƚ͕ŽƌƐŚŽƵůĚŶŽƚƉƌŽĐĞĞĚ͕ŶŽǁŽƌŬǁŝůůďĞ ĂƵƚŚŽƌŝǌĞĚďĞǇŽŶĚƚŚĂƚƉŽŝŶƚ͘dŽĂĐĐŽŵŵŽĚĂƚĞĐŚĂŶŐĞƐŝŶƚŚĞƉƌŽũĞĐƚ͕ƐĞƉĂƌĂƚĞŶŽƚŝĐĞƐͲƚŽͲƉƌŽĐĞĞĚǁŝůů ďĞŝƐƐƵĞĚĨŽƌĞĂĐŚŽĨƚŚĞĨŽůůŽǁŝŶŐƉŚĂƐĞƐŽĨǁŽƌŬ͗ Ă͘EW͕ŝŶŝƚŝĂůƉƌĞůŝŵŝŶĂƌǇĞŶŐŝŶĞĞƌŝŶŐĂĐƚŝǀŝƚŝĞƐĂŶĚĐŽŵƉůĞƚŝŽŶŽĨϯϬƉĞƌĐĞŶƚĚĞƐŝŐŶ͖ ď͘ŽŵƉůĞƚŝŽŶŽĨϵϬƉĞƌĐĞŶƚĂĚǀĂŶĐĞĚĚĞƐŝŐŶ͖ Đ͘ŽŵƉůĞƚŝŽŶŽĨĨŝŶĂůĚĞƐŝŐŶ͖ĂŶĚ Ě͘ĞƐŝŐŶƐƵƉƉŽƌƚƐĞƌǀŝĐĞƐĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͘ ͘dŚĞŐƌĞĞŵĞŶƚŵĂǇďĞƐƵďũĞĐƚƚŽǆƚĞŶĚĞĚdĞƌŵƐŝĨƚŚĞŝƚǇĞǆĞƌĐŝƐĞƐŽƉƚŝŽŶƐƚŽĐŽŶƚŝŶƵĞƚŚĞŐƌĞĞŵĞŶƚ ĨŽƌŽŶĞĂĚĚŝƚŝŽŶĂůƚŝŵĞƉĞƌŝŽĚŽĨϭϮŵŽŶƚŚƐ͕ĂŶĚĨŽƌƵƉƚŽƚŚƌĞĞƐƵĐĐĞƐƐŝǀĞĂĚĚŝƚŝŽŶĂůƚŝŵĞƉĞƌŝŽĚƐŽĨϭϮ ŵŽŶƚŚƐĞĂĐŚ͘/ŶƚŚĞĞǀĞŶƚƚŚĞŐƌĞĞŵĞŶƚƌĞŵĂŝŶƐŝŶƉůĂĐĞĨŽƌƚŚĞŝŶŝƚŝĂůdĞƌŵĂŶĚĂůůǆƚĞŶĚĞĚdĞƌŵƐ͕ ƚŚĞŐƌĞĞŵĞŶƚƐŚĂůůĐŽŶƚŝŶƵĞƚŚƌŽƵŐŚĞĐĞŵďĞƌϯϭ͕ϮϬϮϵ͘ ͘&ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͕ƚŚĞƚĞƌŵ͞ŽŶƚƌĂĐƚzĞĂƌ͟ƐŚĂůůŵĞĂŶƚŚĞŽŶĞͲǇĞĂƌƉĞƌŝŽĚĐŽŵŵĞŶĐŝŶŐŽŶ ƉƌŝůϭŽĨĞĂĐŚǇĞĂƌĚƵƌŝŶŐƚŚĞƚĞƌŵŽĨƚŚŝƐĂŐƌĞĞŵĞŶƚ͘ ͘dŚĞŽŶƐƵůƚĂŶƚŝƐŶŽƚůŝĂďůĞĨŽƌĚĞůĂǇŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞǁŚŝĐŚŝƐĐĂƵƐĞĚďǇƉĂƌƚŝĞƐ͕ĞǀĞŶƚƐŽƌ ĐŝƌĐƵŵƐƚĂŶĐĞƐŽƵƚƐŝĚĞŽĨŝƚƐĐŽŶƚƌŽů͘ s͘K^dΘWzDEd Ϯ 3DFNHW3J +D ͘dŚĞƚŽƚĂůĐŽƐƚƚŽƚŚĞŝƚǇĨŽƌƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨǁŽƌŬƉƵƌƐƵĂŶƚƚŽƚŚŝƐĐŽŶƚƌĂĐƚ͕ƐŚĂůůŶŽƚĞǆĐĞĞĚ Ψϭϳ͕ϴϯϰ͕ϯϰϮ͘ϰϭ͕ƉĞƌƚŚĞŽŶƐƵůƚĂŶƚ͛ƐĐŽƐƚƉƌŽƉŽƐĂůĚĂƚĞĚDĂƌĐŚϲ͕ϮϬϮϬ͘ ͘/ŶĐŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌƐĞƌǀŝĐĞƐƌĞŶĚĞƌĞĚŚĞƌĞƵŶĚĞƌ͕ƚŚĞŝƚǇƐŚĂůůƉĂǇƚŽƚŚĞŽŶƐƵůƚĂŶƚĂůůƐƵŵƐĚƵĞĂŶĚ ŽǁŶŝŶŐĂŶĚĐĂůĐƵůĂƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌĂƚĞƐƐĞƚĨŽƌƚŚŝŶdd,DEdƚŽƚŚŝƐŐƌĞĞŵĞŶƚ͘EŽƚ ůĂƚĞƌƚŚĂŶƚŚĞϭϱǁŽƌŬŝŶŐĚĂǇĂĨƚĞƌƚŚĞĞŶĚŽĨĞĂĐŚŵŽŶƚŚĚƵƌŝŶŐƚŚĞ/ŶŝƚŝĂůdĞƌŵĂŶĚĂŶǇǆƚĞŶĚĞĚ ƚŚ dĞƌŵƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͕ŽŶƚƌĂĐƚŽƌǁŝůůƐƵďŵŝƚƚŽŝƚǇĂƐƚĂƚĞŵĞŶƚŽĨŝƚƐƐĞƌǀŝĐĞƐƌĞŶĚĞƌĞĚĚƵƌŝŶŐƚŚĞ ƉƌŝŽƌŵŽŶƚŚ͘WƌŽŵƉƚůǇĂĨƚĞƌƚŚĞƌĞĐĞŝƉƚŽĨĞĂĐŚŝŶǀŽŝĐĞ͕ďƵƚŶŽůĂƚĞƌƚŚĂŶϯϬĚĂǇƐĂĨƚĞƌŝƚƐƌĞĐĞŝƉƚ͕ƚŚĞ ŝƚǇƐŚĂůůŵĂŬĞƉĂǇŵĞŶƚƚŽƚŚĞŽŶƐƵůƚĂŶƚ͘ ͘dŚĞŝƚǇƐŚĂůůŶŽƚďĞŽďůŝŐĂƚĞĚƚŽƌĞŝŵďƵƌƐĞƚŚĞŽŶƐƵůƚĂŶƚĨŽƌĂŶǇĐŽƐƚŝŶĐƵƌƌĞĚŝŶĞǆĐĞƐƐŽĨƚŚĞƚŽƚĂůƐĞƚ ĨŽƌƚŚŝŶƚŚŝƐƌƚŝĐůĞsƵŶůĞƐƐƚŚĞŽŶƚƌĂĐƚŝƐĚƵůǇĂŵĞŶĚĞĚŝŶĂĐĐŽƌĚǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƌƚŝĐůĞ///͘ s//͘ZKZ^Eh/d^ ͘dŚĞŽŶƐƵůƚĂŶƚƐŚĂůůŵĂŝŶƚĂŝŶĐŽŵƉůĞƚĞĂŶĚĂĐĐƵƌĂƚĞƌĞĐŽƌĚƐǁŝƚŚƌĞƐƉĞĐƚƚŽĂůůŽǁĂďůĞĐŽƐƚƐŝŶĐƵƌƌĞĚ ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ůůƐƵĐŚƌĞĐŽƌĚƐƐŚĂůůďĞŵĂŝŶƚĂŝŶĞĚŽŶĂŐĞŶĞƌĂůůǇĂĐĐĞƉƚĞĚĂĐĐŽƵŶƚŝŶŐďĂƐŝƐĂŶĚ ƐŚĂůůďĞĐůĞĂƌůǇŝĚĞŶƚŝĨŝĞĚĂŶĚƌĞĂĚŝůǇĂĐĐĞƐƐŝďůĞ͘ 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͘dŚĞŽŶƚƌĂĐƚĐŽŶƐŝƐƚƐŽĨƚŚĞĨŽůůŽǁŝŶŐĐŽŵƉŽŶĞŶƚƉĂƌƚƐ͕ĂůůŽĨǁŚŝĐŚĂƌĞĨƵůůǇĂƉĂƌƚŽĨƚŚŝƐĐŽŶƚƌĂĐƚĂƐŝĨ ŚĞƌĞŝŶƐĞƚŽƵƚǀĞƌďĂƚŝŵ͕ŽƌŝĨŶŽƚĂƚƚĂĐŚĞĚ͕ĂƐŝĨŚĞƌĞƚŽĂƚƚĂĐŚĞĚ͕ƚŽǁŝƚ͗ dŚŝƐŽŶƚƌĂĐƚ x ^ĐŽƉĞŽĨtŽƌŬ x ,ŽƵƌůǇĐŽƐƚƐƚƌƵĐƚƵƌĞ x &ĞĚĞƌĂůŽŶƚƌĂĐƚůĂƵƐĞƐ x >ŽďďǇŝŶŐĞƌƚŝĨŝĐĂƚŝŽŶ;ƐŝŐŶĞĚďǇŽŶƐƵůƚĂŶƚͿ x ŝƐĂĚǀĂŶƚĂŐĞĚƵƐŝŶĞƐƐŶƚĞƌƉƌŝƐĞƐ;Ϳ^ƉĞĐŝĂůWƌŽǀŝƐŝŽŶƐ x /y͘dZD/Ed/KEK&KEdZd dŚĞŝƚǇƐŚĂůůŚĂǀĞƚŚĞƌŝŐŚƚƚŽƚĞƌŵŝŶĂƚĞƚŚŝƐĐŽŶƚƌĂĐƚƵŶĚĞƌĂŶǇŽĨƚŚĞĨŽůůŽǁŝŶŐĐŝƌĐƵŵƐƚĂŶĐĞƐ͗ ϯ 3DFNHW3J +D ͘ZĞĚƵĐĞĚ&ƵŶĚŝŶŐͲdŚĞŝƚǇƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽƚĞƌŵŝŶĂƚĞƚŚĞŽŶƚƌĂĐƚĂǁĂƌĚĞĚŚĞƌĞƵŶĚĞƌƵƉŽŶϯϬ ĚĂǇƐƉƌŝŽƌŶŽƚŝĐĞƚŽƚŚĞŽŶƐƵůƚĂŶƚŝŶƚŚĞĞǀĞŶƚŽĨƌĞĚƵĐĞĚĨƵŶĚŝŶŐ͘hƉŽŶƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞŽŶƚƌĂĐƚŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƉƌĞĐĞĚŝŶŐƐĞŶƚĞŶĐĞ͕ƚŚĞŝƚǇůŝĂďŝůŝƚǇƐŚĂůůďĞůŝŵŝƚĞĚƚŽƉĂǇŵĞŶƚĨŽƌǁŽƌŬĐŽŵƉůĞƚĞĚ ƚŽƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƚĞƌŵŝŶĂƚŝŽŶ͘ ͘dĞƌŵŝŶĂƚŝŽŶĨŽƌŽŶǀĞŶŝĞŶĐĞͲdŚĞŝƚǇŵĂǇƚĞƌŵŝŶĂƚĞƚŚŝƐŽŶƚƌĂĐƚ͕ŝŶǁŚŽůĞŽƌŝŶƉĂƌƚ͕ĂƚĂŶǇƚŝŵĞďǇ ǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞŽŶƐƵůƚĂŶƚ͘dŚĞŽŶƐƵůƚĂŶƚƐŚĂůůďĞƉĂŝĚŝƚƐĐŽƐƚƐ͕ŝŶĐůƵĚŝŶŐŽŶƚƌĂĐƚĐůŽƐĞͲŽƵƚĐŽƐƚƐ ĂŶĚƉƌŽĨŝƚŽŶǁŽƌŬƉĞƌĨŽƌŵĞĚƵƉƚŽƚŚĞƚŝŵĞŽĨƚĞƌŵŝŶĂƚŝŽŶ͘dŚĞŽŶƐƵůƚĂŶƚƐŚĂůůƉƌŽŵƉƚůǇƐƵďŵŝƚŝƚƐ ƚĞƌŵŝŶĂƚŝŽŶĐůĂŝŵƚŽƚŚĞŝƚǇƚŽďĞƉĂŝĚƚŚĞŽŶƐƵůƚĂŶƚ͘/ĨƚŚĞŽŶƐƵůƚĂŶƚŚĂƐĂŶǇƉƌŽƉĞƌƚǇŝŶŝƚƐ ƉŽƐƐĞƐƐŝŽŶďĞůŽŶŐŝŶŐƚŽƚŚĞŝƚǇ͕ƚŚĞŽŶƐƵůƚĂŶƚǁŝůůĂĐĐŽƵŶƚĨŽƌƚŚĞƐĂŵĞ͕ĂŶĚĚŝƐƉŽƐĞŽĨŝƚŝŶƚŚĞŵĂŶŶĞƌ ƚŚĞŝƚǇĚŝƌĞĐƚƐ͘ ͘dĞƌŵŝŶĂƚŝŽŶĨŽƌŽŶƐƵůƚĂŶƚ&ĂŝůƵƌĞͲ/ĨƚŚƌŽƵŐŚĂŶǇĐĂƵƐĞƚŚĞŽŶƐƵůƚĂŶƚƐŚĂůůĨĂŝůƚŽĨƵůĨŝůůŝŶĂƚŝŵĞůǇĂŶĚ ƉƌŽƉĞƌŵĂŶŶĞƌŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚĞŽŶƐƵůƚĂŶƚƐŚĂůůǀŝŽůĂƚĞĂŶǇŽĨƚŚĞĐŽǀĞŶĂŶƚƐ͕ ĂŐƌĞĞŵĞŶƚƐŽƌƐƚŝƉƵůĂƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞŝƚǇƐŚĂůůƚŚĞƌĞƵƉŽŶŚĂǀĞƚŚĞƌŝŐŚƚƚŽƚĞƌŵŝŶĂƚĞƚŚŝƐ ŽŶƚƌĂĐƚďǇŐŝǀŝŶŐǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞŽŶƐƵůƚĂŶƚŽĨƐƵĐŚĚĞƚĞƌŵŝŶĂƚŝŽŶƚŽƚĞƌŵŝŶĂƚĞ͕ƚŚĞƌĞĂƐŽŶ;ƐͿĨŽƌ ƐƵĐŚƚĞƌŵŝŶĂƚŝŽŶĂŶĚƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞƚŚĞƌĞŽĨ͘hƉŽŶƌĞĐĞŝƉƚŽĨƐƵĐŚǁƌŝƚƚĞŶŶŽƚŝĐĞ͕ŶŽĨƵƌƚŚĞƌĐŽƐƚƐ ŝŶĐƵƌƌĞĚďǇƚŚĞŽŶƐƵůƚĂŶƚƐŚĂůůďĞĂĐĐĞƉƚĞĚ͘/ŶƐƵĐŚĞǀĞŶƚ͕ƚŚĞŽŶƐƵůƚĂŶƚƐŚĂůůŚĂǀĞĂƚĞŶͲĚĂǇƉĞƌŝŽĚŝŶ ǁŚŝĐŚƚŽĐƵƌĞƚŚĞďƌĞĂĐŚ͘/ĨƚŚĞŽŶƐƵůƚĂŶƚŵĂŬĞƐĂƉŽƐŝƚŝǀĞĞĨĨŽƌƚƚŽĐƵƌĞ͕ƚŚĞŝƚǇŵĂǇĞǆƚĞŶĚƚŚĞƚĞŶͲ ĚĂǇƉĞƌŝŽĚĂŶŽƚŚĞƌƚĞŶĚĂǇƐ͖ŝĨŶŽƚ͕ƚŚĞŝƚǇǁŝůůƚĞƌŵŝŶĂƚĞƚŚĞŽŶƚƌĂĐƚ͘ ͘EŽĂŐƌĞĞŵĞŶƚďǇƚŚĞƉĂƌƚŝĞƐŝƐƌĞƋƵŝƌĞĚďĞĨŽƌĞƚŚĞŝƚǇƚĞƌŵŝŶĂƚĞƐƚŚĞŽŶƚƌĂĐƚ͘/ŶƐƵĐŚĞǀĞŶƚ͕Ăůů ĨŝŶŝƐŚĞĚŽƌƵŶĨŝŶŝƐŚĞĚĚŽĐƵŵĞŶƚƐ͕ĚĂƚĂ͕ƐƚƵĚŝĞƐ͕ƐƵƌǀĞǇƐ͕ĚƌĂǁŝŶŐƐ͕ŵĂƉƐ͕ĂŶĚƌĞƉŽƌƚƐƉƌĞƉĂƌĞĚďǇƚŚĞ ŽŶƐƵůƚĂŶƚƐŚĂůůďĞĐŽŵĞƚŚĞƉƌŽƉĞƌƚǇŽĨƚŚĞŝƚǇĂŶĚƚŚĞŽŶƐƵůƚĂŶƚƐŚĂůůďĞĞŶƚŝƚůĞĚƚŽũƵƐƚĂŶĚĞƋƵŝƚĂďůĞ ĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌĂŶǇƐĂƚŝƐĨĂĐƚŽƌǇǁŽƌŬĐŽŵƉůĞƚĞĚŽŶƐƵĐŚĚŽĐƵŵĞŶƚƐ͘/ŶƚŚĞĞǀĞŶƚƚŚĂƚƚŚĞŽŶƐƵůƚĂŶƚŝƐ ƚĞƌŵŝŶĂƚĞĚ͕ƚŚĞŽŶƐƵůƚĂŶƚŝƐŶŽƚůŝĂďůĞĨŽƌĂŶǇĐŚĂŶŐĞƐŽƌŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽŝƚƐǁŽƌŬĂĨƚĞƌŝƚƐŝŶǀŽůǀĞŵĞŶƚ͘ y͘/EDE/&/d/KE ͘ǆĐĞƉƚƚŽƚŚĞĞǆƚĞŶƚƌĞůĂƚĞĚƚŽŽŶƐƵůƚĂŶƚ͛ƐƉĞƌĨŽƌŵĂŶĐĞŽĨƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐĂŶĚƚŽƚŚĞĨƵůůĞƐƚ ĞǆƚĞŶƚĂůůŽǁĞĚďǇůĂǁ͕ŽŶƐƵůƚĂŶƚĂŐƌĞĞƐƚŚĂƚŝƚǁŝůůƐĂǀĞĂŶĚƉƌŽƚĞĐƚ͕ŚŽůĚŚĂƌŵůĞƐƐ͕ŝŶĚĞŵŶŝĨǇ͕ĂŶĚ ĚĞĨĞŶĚƚŚĞŝƚǇ͕ŝƚƐĂŐĞŶƚƐ͕ŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽǇĞĞƐĂŐĂŝŶƐƚĂŶǇĂŶĚĂůůĐůĂŝŵƐ͕ĞǆƉĞŶƐĞƐ;ŝŶĐůƵĚŝŶŐ ĂƚƚŽƌŶĞǇƐ͛ĨĞĞƐͿ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌůĂǁƐƵŝƚƐƚŽƚŚĞĞǆƚĞŶƚĐĂƵƐĞĚŽƌƌĞƐƵůƚŝŶŐĨƌŽŵ͕͕ƚŚĞŽŶƐƵůƚĂŶƚ͛Ɛ ĂĐƚƐŽƌŽŵŝƐƐŝŽŶƐŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶĐůƵĚŝŶŐĂĐƚƐŽƌŽŵŝƐƐŝŽŶƐŽĨŝƚƐĞŵƉůŽǇĞĞƐ͕ ƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͕ĂŐĞŶƚƐ͕ŽƌĂŶǇŽŶĞĞůƐĞĨŽƌǁŚŽŵƚŚĞǇŵĂǇďĞůŝĂďůĞ͘ ͘tŝƚŚƌĞƐƉĞĐƚƚŽĂŶǇĂŶĚĂůůĐůĂŝŵƐ͕ĞǆƉĞŶƐĞƐ;ŝŶĐůƵĚŝŶŐĂƚƚŽƌŶĞǇƐ͛ĨĞĞƐͿ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌůĂǁƐƵŝƚƐ ƚŽƚŚĞĞǆƚĞŶƚĐĂƵƐĞĚ͕ďǇƚŚĞŽŶƐƵůƚĂŶƚΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ ƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐ͕ƚŚĞŽŶƐƵůƚĂŶƚĂŐƌĞĞƐƚŽĚĞĨĞŶĚ͕ŝŶĚĞŵŶŝĨǇĂŶĚŚŽůĚŚĂƌŵůĞƐƐƚŚĞŝƚǇ͕ŝƚƐ ŵĞŵďĞƌƐ͕ĂŐĞŶƚƐ͕ŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽǇĞĞƐ͘ y/͘sEh ͘sĞŶƵĞĂŶĚũƵƌŝƐĚŝĐƚŝŽŶŽĨĂŶǇƐƵŝƚ͕ƌŝŐŚƚŽƌĐĂƵƐĞŽĨĂĐƚŝŽŶĂƌŝƐŝŶŐƵŶĚĞƌŽƌŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐ ŽŶƚƌĂĐƚƐŚĂůůůŝĞĞǆĐůƵƐŝǀĞůǇŝŶƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͘dŚŝƐŽŶƚƌĂĐƚƐŚĂůůďĞŐŽǀĞƌŶĞĚďǇĂŶĚĐŽŶƐƚƌƵĞĚ ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞůĂǁƐŽĨƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͘ ϰ 3DFNHW3J +D y//͘^h^^KZ^/E/EdZ^d ͘dŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďĞďŝŶĚŝŶŐƵƉŽŶĂŶĚƐŚĂůůŝŶƵƌĞƚŽƚŚĞďĞŶĞĨŝƚŽĨƚŚĞƉĂƌƚŝĞƐŚĞƌĞƚŽ ĂŶĚƚŚĞŝƌƌĞƐƉĞĐƚŝǀĞƐƵĐĐĞƐƐŽƌƐĂŶĚĂƐƐŝŐŶƐ͘ y///͘^^/'EDEd ͘EĞŝƚŚĞƌƉĂƌƚǇŵĂǇĂƐƐŝŐŶŽƌƚƌĂŶƐĨĞƌŝƚƐŝŶƚĞƌĞƐƚŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚƚŚĞĞǆƉƌĞƐƐǁƌŝƚƚĞŶĐŽŶƐĞŶƚŽĨ ƚŚĞŽƚŚĞƌƉĂƌƚǇ͘ y/s͘DEDEd^ ͘dŚĞƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůŶŽƚďĞǁĂŝǀĞĚ͕ĂůƚĞƌĞĚ͕ŵŽĚŝĨŝĞĚ͕ƐƵƉƉůĞŵĞŶƚĞĚŽƌĂŵĞŶĚĞĚŝŶĂŶǇ ŵĂŶŶĞƌǁŚĂƚƐŽĞǀĞƌĞǆĐĞƉƚďǇǁƌŝƚƚĞŶĐŽŶƐĞŶƚŽĨďŽƚŚƉĂƌƚŝĞƐ͘ ys͘DZ'Z ͘dŚŝƐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞŽŶƚƌĂĐƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘dŚŝƐŽŶƚƌĂĐƚƐƵƉĞƌƐĞĚĞƐĂůůƉƌŝŽƌ ŶĞŐŽƚŝĂƚŝŽŶƐ͕ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐĂŶĚƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͘dŚĞƌĞĂƌĞŶŽŽƌĂůŽƌǁƌŝƚƚĞŶ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶ͘dŚĞƉĂƌƚŝĞƐ͕ďǇƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁ ŽĨƚŚĞŝƌĂƵƚŚŽƌŝǌĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͕ŚĞƌĞďǇĂĐŬŶŽǁůĞĚŐĞƚŚĂƚƚŚĞǇŚĂǀĞƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ƵŶĚĞƌƐƚĂŶĚŝƚ ĂŶĚĂŐƌĞĞƚŽďĞďŽƵŶĚďǇŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ ys/͘KEhZZE ͘ǇĞǆĞĐƵƚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞƉĂƌƚŝĞƐĂĐŬŶŽǁůĞĚŐĞƚŚĂƚƚŚĞǇ͗;ĂͿĞŶƚĞƌŝŶƚŽĂŶĚĞǆĞĐƵƚĞƚŚŝƐŽŶƚƌĂĐƚ ŬŶŽǁŝŶŐůǇ͕ǀŽůƵŶƚĂƌŝůǇĂŶĚǁŝůůŝŶŐůǇŽĨƚŚĞŝƌŽǁŶǀŽůŝƚŝŽŶǁŝƚŚƐƵĐŚĐŽŶƐƵůƚĂƚŝŽŶǁŝƚŚůĞŐĂůĐŽƵŶƐĞůĂƐƚŚĞǇ ĚĞĞŵĂƉƉƌŽƉƌŝĂƚĞ͖;ďͿŚĂǀĞŚĂĚĂƐƵĨĨŝĐŝĞŶƚĂŵŽƵŶƚŽĨƚŝŵĞƚŽĐŽŶƐŝĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͛ƐƚĞƌŵƐĂŶĚ ĐŽŶĚŝƚŝŽŶƐ͕ĂŶĚƚŽĐŽŶƐƵůƚĂŶĂƚƚŽƌŶĞǇďĞĨŽƌĞƐŝŐŶŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͖;ĐͿŚĂǀĞƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚĂůůŽĨŝƚƐƚĞƌŵƐ͕ĂƉƉƌĞĐŝĂƚĞƚŚĞƐŝŐŶŝĨŝĐĂŶĐĞŽĨƚŚŽƐĞƚĞƌŵƐĂŶĚŚĂǀĞŵĂĚĞƚŚĞĚĞĐŝƐŝŽŶƚŽ ĂĐĐĞƉƚƚŚĞŵĂƐƐƚĂƚĞĚŚĞƌĞŝŶ͖ĂŶĚ;ĚͿŚĂǀĞŶŽƚƌĞůŝĞĚƵƉŽŶĂŶǇƌĞƉƌĞƐĞŶƚĂƚŝŽŶŽƌƐƚĂƚĞŵĞŶƚŶŽƚƐĞƚĨŽƌƚŚ ŚĞƌĞŝŶ͘ ys//͘dWZd/^EKd/ ͘ƐƌĞƋƵŝƌĞĚďǇDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ͕ƐĞĐƚŝŽŶϭϯ͘Ϭϱ͕ƐƵďĚ͘ϭϭ;ĂͿ͕ŽŶƐƵůƚĂŶƚĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚŝƚŝƐƐƵďũĞĐƚ ƚŽƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐĐŚĂƉƚĞƌϭϯŝŶĐƌĞĂƚŝŶŐ͕ĐŽůůĞĐƚŝŶŐ͕ƌĞĐĞŝǀŝŶŐ͕ƐƚŽƌŝŶŐ͕ƵƐŝŶŐ͕ ŵĂŝŶƚĂŝŶŝŶŐ͕ŽƌĚŝƐƐĞŵŝŶĂƚŝŶŐƚŚĞĚĂƚĂƉĞƌƚĂŝŶŝŶŐƚŽƚŚŝƐŽŶƚƌĂĐƚ͘ ͘dŚĞŽŶƐƵůƚĂŶƚ͛ƐƚŽƚĂůůŝĂďŝůŝƚǇĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďĞůŝŵŝƚĞĚƚŽΨϭ͕ϬϬϬ͕ϬϬϬ͘ ϱ 3DFNHW3J +D 3DFNHW3J +D dd,DEd &d^dEZ>h^^ WZK&^^/KE>^Zs/^ EK'KsZEDEdK>/'d/KEdKd,/ZWZd/^ ;ϭͿdŚĞWƵƌĐŚĂƐĞƌĂŶĚŽŶƚƌĂĐƚŽƌĂĐŬŶŽǁůĞĚŐĞĂŶĚĂŐƌĞĞƚŚĂƚ͕ŶŽƚǁŝƚŚƐƚĂŶĚŝŶŐĂŶǇĐŽŶĐƵƌƌĞŶĐĞďǇƚŚĞ &ĞĚĞƌĂů'ŽǀĞƌŶŵĞŶƚŝŶŽƌĂƉƉƌŽǀĂůŽĨƚŚĞƐŽůŝĐŝƚĂƚŝŽŶŽƌĂǁĂƌĚŽĨƚŚĞƵŶĚĞƌůǇŝŶŐĐŽŶƚƌĂĐƚ͕ĂďƐĞŶƚƚŚĞĞǆƉƌĞƐƐ ǁƌŝƚƚĞŶĐŽŶƐĞŶƚďǇƚŚĞ&ĞĚĞƌĂů'ŽǀĞƌŶŵĞŶƚ͕ƚŚĞ&ĞĚĞƌĂů'ŽǀĞƌŶŵĞŶƚŝƐŶŽƚĂƉĂƌƚǇƚŽƚŚŝƐĐŽŶƚƌĂĐƚĂŶĚƐŚĂůů ŶŽƚďĞƐƵďũĞĐƚƚŽĂŶǇŽďůŝŐĂƚŝŽŶƐŽƌůŝĂďŝůŝƚŝĞƐƚŽƚŚĞWƵƌĐŚĂƐĞƌ͕ŽŶƚƌĂĐƚŽƌ͕ŽƌĂŶǇŽƚŚĞƌƉĂƌƚǇ;ǁŚĞƚŚĞƌŽƌŶŽƚ ĂƉĂƌƚǇƚŽƚŚĂƚĐŽŶƚƌĂĐƚͿƉĞƌƚĂŝŶŝŶŐƚŽĂŶǇŵĂƚƚĞƌƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞƵŶĚĞƌůǇŝŶŐĐŽŶƚƌĂĐƚ͕ ;ϮͿdŚĞŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐƚŽŝŶĐůƵĚĞƚŚĞĂďŽǀĞĐůĂƵƐĞŝŶĞĂĐŚƐƵďĐŽŶƚƌĂĐƚĨŝŶĂŶĐĞĚŝŶǁŚŽůĞŽƌŝŶƉĂƌƚǁŝƚŚ &ĞĚĞƌĂůĂƐƐŝƐƚĂŶĐĞƉƌŽǀŝĚĞĚďǇ&d͘/ƚŝƐĨƵƌƚŚĞƌĂŐƌĞĞĚƚŚĂƚƚŚĞĐůĂƵƐĞƐŚĂůůŶŽƚďĞŵŽĚŝĨŝĞĚ͕ĞǆĐĞƉƚƚŽ ŝĚĞŶƚŝĨǇƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌǁŚŽǁŝůůďĞƐƵďũĞĐƚƚŽŝƚƐƉƌŽǀŝƐŝŽŶƐ͘ WZK'ZD&ZhE&>^KZ&Zhh>Ed^ddDEd^EZ>dd^ ϯϭh͘^͘͘ϯϴϬϭĞƚƐĞƋ͘ ϰϵ&ZWĂƌƚϯϭϭϴh͘^͘͘ϭϬϬϭ ϰϵh͘^͘͘ϱϯϬϳ ;ϭͿdŚĞŽŶƚƌĂĐƚŽƌĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞWƌŽŐƌĂŵ&ƌĂƵĚŝǀŝůZĞŵĞĚŝĞƐĐƚŽĨϭϵϴϲ͕ĂƐ ĂŵĞŶĚĞĚ͕ϯϭh͘^͘͘ΑϯϴϬϭĞƚƐĞŐ͘ĂŶĚh͘^͘KdƌĞŐƵůĂƚŝŽŶƐ͕ΗWƌŽŐƌĂŵ&ƌĂƵĚŝǀŝůZĞŵĞĚŝĞƐ͕Ηϰϵ͘&͘Z͘WĂƌƚϯϭ͕ ĂƉƉůǇƚŽŝƚƐĂĐƚŝŽŶƐƉĞƌƚĂŝŶŝŶŐƚŽƚŚŝƐWƌŽũĞĐƚ͘hƉŽŶĞǆĞĐƵƚŝŽŶŽĨƚŚĞƵŶĚĞƌůǇŝŶŐĐŽŶƚƌĂĐƚ͕ƚŚĞŽŶƚƌĂĐƚŽƌ ĐĞƌƚŝĨŝĞƐŽƌĂĨĨŝƌŵƐƚŚĞƚƌƵƚŚĨƵůŶĞƐƐĂŶĚĂĐĐƵƌĂĐǇŽĨĂŶǇƐƚĂƚĞŵĞŶƚŝƚŚĂƐŵĂĚĞ͕ŝƚŵĂŬĞƐ͕ŝƚŵĂǇŵĂŬĞ͕Žƌ ĐĂƵƐĞƐƚŽďĞŵĂĚĞ͕ƉĞƌƚĂŝŶŝŶŐƚŽƚŚĞƵŶĚĞƌůǇŝŶŐĐŽŶƚƌĂĐƚŽƌƚŚĞ&dĂƐƐŝƐƚĞĚƉƌŽũĞĐƚĨŽƌǁŚŝĐŚƚŚŝƐĐŽŶƚƌĂĐƚ ǁŽƌŬŝƐďĞŝŶŐƉĞƌĨŽƌŵĞĚ͘/ŶĂĚĚŝƚŝŽŶƚŽŽƚŚĞƌƉĞŶĂůƚŝĞƐƚŚĂƚŵĂǇďĞĂƉƉůŝĐĂďůĞ͕ƚŚĞŽŶƚƌĂĐƚŽƌĨƵƌƚŚĞƌ ĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚŝĨŝƚŵĂŬĞƐ͕ŽƌĐĂƵƐĞƐƚŽďĞŵĂĚĞ͕ĂĨĂůƐĞ͕ĨŝĐƚŝƚŝŽƵƐ͕ŽƌĨƌĂƵĚƵůĞŶƚĐůĂŝŵ͕ƐƚĂƚĞŵĞŶƚ͕ ƐƵďŵŝƐƐŝŽŶ͕ŽƌĐĞƌƚŝĨŝĐĂƚŝŽŶ͕ƚŚĞ&ĞĚĞƌĂů'ŽǀĞƌŶŵĞŶƚƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵƉŽƐĞƚŚĞƉĞŶĂůƚŝĞƐŽĨƚŚĞ WƌŽŐƌĂŵ&ƌĂƵĚŝǀŝůZĞŵĞĚŝĞƐĐƚŽĨϭϵϴϲŽŶƚŚĞŽŶƚƌĂĐƚŽƌƚŽƚŚĞĞǆƚĞŶƚƚŚĞ&ĞĚĞƌĂů'ŽǀĞƌŶŵĞŶƚĚĞĞŵƐ ĂƉƉƌŽƉƌŝĂƚĞ͘ ;ϮͿdŚĞŽŶƚƌĂĐƚŽƌĂůƐŽĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚŝĨŝƚŵĂŬĞƐ͕ŽƌĐĂƵƐĞƐƚŽďĞŵĂĚĞ͕ĂĨĂůƐĞ͕ĨŝĐƚŝƚŝŽƵƐ͕ŽƌĨƌĂƵĚƵůĞŶƚ 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ŽŶƚƌĂĐƚŽƌƐŚĂůůŶŽƚƉĞƌĨŽƌŵĂŶǇĂĐƚ͕ĨĂŝůƚŽƉĞƌĨŽƌŵĂŶǇĂĐƚ͕ŽƌƌĞĨƵƐĞƚŽĐŽŵƉůǇǁŝƚŚĂŶǇ;ŶĂŵĞŽĨŐƌĂŶƚĞĞͿ ƌĞƋƵĞƐƚƐǁŚŝĐŚǁŽƵůĚĐĂƵƐĞ;ŶĂŵĞŽĨŐƌĂŶƚĞĞͿƚŽďĞŝŶǀŝŽůĂƚŝŽŶŽĨƚŚĞ&dƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ ϭϬ 3DFNHW3J +D EZ'zKE^Zsd/KEZYh/ZDEd^ ϰϮh͘^͘͘ϲϯϮϭĞƚƐĞƋ͘ ϰϵ&ZWĂƌƚϭϴ ŶĞƌŐǇŽŶƐĞƌǀĂƚŝŽŶͲdŚĞĐŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐƚŽĐŽŵƉůǇǁŝƚŚŵĂŶĚĂƚŽƌǇƐƚĂŶĚĂƌĚƐĂŶĚƉŽůŝĐŝĞƐƌĞůĂƚŝŶŐƚŽ ĞŶĞƌŐǇĞĨĨŝĐŝĞŶĐǇǁŚŝĐŚĂƌĞĐŽŶƚĂŝŶĞĚŝŶƚŚĞƐƚĂƚĞĞŶĞƌŐǇĐŽŶƐĞƌǀĂƚŝŽŶƉůĂŶŝƐƐƵĞĚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞ ŶĞƌŐǇWŽůŝĐǇĂŶĚŽŶƐĞƌǀĂƚŝŽŶĐƚ͘ dZD/Ed/KE ϰϵh͘^͘͘WĂƌƚϭϴ &dŝƌĐƵůĂƌϰϮϮϬ͘ϭ Ă͘dĞƌŵŝŶĂƚŝŽŶĨŽƌŽŶǀĞŶŝĞŶĐĞ;'ĞŶĞƌĂůWƌŽǀŝƐŝŽŶͿdŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌŵĂǇƚĞƌŵŝŶĂƚĞƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝŶ ǁŚŽůĞŽƌŝŶƉĂƌƚ͕ĂƚĂŶǇƚŝŵĞďǇǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞŽŶƚƌĂĐƚŽƌǁŚĞŶŝƚŝƐŝŶƚŚĞ'ŽǀĞƌŶŵĞŶƚΖƐďĞƐƚŝŶƚĞƌĞƐƚ͘ dŚĞŽŶƚƌĂĐƚŽƌƐŚĂůůďĞƉĂŝĚŝƚƐĐŽƐƚƐ͕ŝŶĐůƵĚŝŶŐĐŽŶƚƌĂĐƚĐůŽƐĞͲŽƵƚĐŽƐƚƐ͕ĂŶĚƉƌŽĨŝƚŽŶǁŽƌŬƉĞƌĨŽƌŵĞĚƵƉƚŽ ƚŚĞƚŝŵĞŽĨƚĞƌŵŝŶĂƚŝŽŶ͘dŚĞŽŶƚƌĂĐƚŽƌƐŚĂůůƉƌŽŵƉƚůǇƐƵďŵŝƚŝƚƐƚĞƌŵŝŶĂƚŝŽŶĐůĂŝŵƚŽ;ŝƚǇŽĨZŽĐŚĞƐƚĞƌͿƚŽ ďĞƉĂŝĚƚŚĞŽŶƚƌĂĐƚŽƌ͘/ĨƚŚĞŽŶƚƌĂĐƚŽƌŚĂƐĂŶǇƉƌŽƉĞƌƚǇŝŶŝƚƐƉŽƐƐĞƐƐŝŽŶďĞůŽŶŐŝŶŐƚŽƚŚĞ;ŝƚǇŽĨ ZŽĐŚĞƐƚĞƌͿ͕ƚŚĞŽŶƚƌĂĐƚŽƌǁŝůůĂĐĐŽƵŶƚĨŽƌƚŚĞƐĂŵĞ͕ĂŶĚĚŝƐƉŽƐĞŽĨŝƚŝŶƚŚĞŵĂŶŶĞƌƚŚĞ;ŝƚǇŽĨZŽĐŚĞƐƚĞƌͿ ĚŝƌĞĐƚƐ͘ ď͘dĞƌŵŝŶĂƚŝŽŶĨŽƌĞĨĂƵůƚ΀ƌĞĂĐŚŽƌĂƵƐĞ΁;'ĞŶĞƌĂůWƌŽǀŝƐŝŽŶͿ/ĨƚŚĞŽŶƚƌĂĐƚŽƌĚŽĞƐŶŽƚĚĞůŝǀĞƌƐƵƉƉůŝĞƐŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĐŽŶƚƌĂĐƚĚĞůŝǀĞƌǇƐĐŚĞĚƵůĞ͕Žƌ͕ŝĨƚŚĞĐŽŶƚƌĂĐƚŝƐĨŽƌƐĞƌǀŝĐĞƐ͕ƚŚĞŽŶƚƌĂĐƚŽƌĨĂŝůƐƚŽ ƉĞƌĨŽƌŵŝŶƚŚĞŵĂŶŶĞƌĐĂůůĞĚĨŽƌŝŶƚŚĞĐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚĞŽŶƚƌĂĐƚŽƌĨĂŝůƐƚŽĐŽŵƉůǇǁŝƚŚĂŶǇŽƚŚĞƌƉƌŽǀŝƐŝŽŶƐ ŽĨƚŚĞĐŽŶƚƌĂĐƚ͕ƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌŵĂǇƚĞƌŵŝŶĂƚĞƚŚŝƐĐŽŶƚƌĂĐƚĨŽƌĚĞĨĂƵůƚ͘dĞƌŵŝŶĂƚŝŽŶƐŚĂůůďĞĞĨĨĞĐƚĞĚďǇ ƐĞƌǀŝŶŐĂŶŽƚŝĐĞŽĨƚĞƌŵŝŶĂƚŝŽŶŽŶƚŚĞĐŽŶƚƌĂĐƚŽƌƐĞƚƚŝŶŐĨŽƌƚŚƚŚĞŵĂŶŶĞƌŝŶǁŚŝĐŚƚŚĞŽŶƚƌĂĐƚŽƌŝƐŝŶ ĚĞĨĂƵůƚ͘dŚĞĐŽŶƚƌĂĐƚŽƌǁŝůůŽŶůǇďĞƉĂŝĚƚŚĞĐŽŶƚƌĂĐƚƉƌŝĐĞĨŽƌƐƵƉƉůŝĞƐĚĞůŝǀĞƌĞĚĂŶĚĂĐĐĞƉƚĞĚ͕ŽƌƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŵĂŶŶĞƌŽĨƉĞƌĨŽƌŵĂŶĐĞƐĞƚĨŽƌƚŚŝŶƚŚĞĐŽŶƚƌĂĐƚ͘/ĨŝƚŝƐůĂƚĞƌĚĞƚĞƌŵŝŶĞĚďǇ ƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌƚŚĂƚƚŚĞŽŶƚƌĂĐƚŽƌŚĂĚĂŶĞǆĐƵƐĂďůĞƌĞĂƐŽŶĨŽƌŶŽƚƉĞƌĨŽƌŵŝŶŐ͕ƐƵĐŚĂƐĂƐƚƌŝŬĞ͕ĨŝƌĞ͕Žƌ ĨůŽŽĚ͕ĞǀĞŶƚƐǁŚŝĐŚĂƌĞŶŽƚƚŚĞĨĂƵůƚŽĨŽƌĂƌĞďĞǇŽŶĚƚŚĞĐŽŶƚƌŽůŽĨƚŚĞŽŶƚƌĂĐƚŽƌ͕ƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕ 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Ě͘tĂŝǀĞƌŽĨZĞŵĞĚŝĞƐĨŽƌĂŶǇƌĞĂĐŚ/ŶƚŚĞĞǀĞŶƚƚŚĂƚ;ŝƚǇŽĨZŽĐŚĞƐƚĞƌͿĞůĞĐƚƐƚŽǁĂŝǀĞŝƚƐƌĞŵĞĚŝĞƐĨŽƌĂŶǇ ďƌĞĂĐŚďǇŽŶƚƌĂĐƚŽƌŽĨĂŶǇĐŽǀĞŶĂŶƚ͕ƚĞƌŵŽƌĐŽŶĚŝƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͕ƐƵĐŚǁĂŝǀĞƌďǇ;ŝƚǇŽĨZŽĐŚĞƐƚĞƌͿ ϭϭ 3DFNHW3J +D ƐŚĂůůŶŽƚůŝŵŝƚ;ŝƚǇŽĨZŽĐŚĞƐƚĞƌͿ͚ƐƌĞŵĞĚŝĞƐĨŽƌĂŶǇƐƵĐĐĞĞĚŝŶŐďƌĞĂĐŚŽĨƚŚĂƚŽƌŽĨĂŶǇŽƚŚĞƌƚĞƌŵ͕ĐŽǀĞŶĂŶƚ͕ ŽƌĐŽŶĚŝƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ Ğ͘dĞƌŵŝŶĂƚŝŽŶĨŽƌŽŶǀĞŶŝĞŶĐĞ;WƌŽĨĞƐƐŝŽŶĂůͿdŚĞ;ŝƚǇŽĨZŽĐŚĞƐƚĞƌͿ͕ďǇǁƌŝƚƚĞŶŶŽƚŝĐĞ͕ŵĂǇƚĞƌŵŝŶĂƚĞƚŚŝƐ ĐŽŶƚƌĂĐƚ͕ŝŶǁŚŽůĞŽƌŝŶƉĂƌƚ͕ǁŚĞŶŝƚŝƐŝŶƚŚĞ'ŽǀĞƌŶŵĞŶƚΖƐŝŶƚĞƌĞƐƚ͘/ĨƚŚŝƐĐŽŶƚƌĂĐƚŝƐƚĞƌŵŝŶĂƚĞĚ͕ƚŚĞŝƚǇŽĨ ZŽĐŚĞƐƚĞƌƐŚĂůůďĞůŝĂďůĞŽŶůǇĨŽƌƉĂǇŵĞŶƚƵŶĚĞƌƚŚĞƉĂǇŵĞŶƚƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐĐŽŶƚƌĂĐƚĨŽƌƐĞƌǀŝĐĞƐƌĞŶĚĞƌĞĚ ďĞĨŽƌĞƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƚĞƌŵŝŶĂƚŝŽŶ͘ Ĩ͘dĞƌŵŝŶĂƚŝŽŶĨŽƌŽŶǀĞŶŝĞŶĐĞŽƌĞĨĂƵůƚ;ƌĐŚŝƚĞĐƚĂŶĚŶŐŝŶĞĞƌŝŶŐͿdŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌŵĂǇƚĞƌŵŝŶĂƚĞ ƚŚŝƐĐŽŶƚƌĂĐƚŝŶǁŚŽůĞŽƌŝŶƉĂƌƚ͕ĨŽƌƚŚĞZĞĐŝƉŝĞŶƚΖƐĐŽŶǀĞŶŝĞŶĐĞŽƌďĞĐĂƵƐĞŽĨƚŚĞĨĂŝůƵƌĞŽĨƚŚĞŽŶƚƌĂĐƚŽƌƚŽ ĨƵůĨŝůůƚŚĞĐŽŶƚƌĂĐƚŽďůŝŐĂƚŝŽŶƐ͘dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌƐŚĂůůƚĞƌŵŝŶĂƚĞďǇĚĞůŝǀĞƌŝŶŐƚŽƚŚĞŽŶƚƌĂĐƚŽƌĂEŽƚŝĐĞŽĨ 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ĂŶĚƐŽĨƚǁĂƌĞ͘^ĞƉĂƌĂƚĞƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƌŽůůŝŶŐƐƚŽĐŬĂƌĞƐĞƚŽƵƚĂƚϰϵh͘^͘͘ϱϯϮϯ;ũͿ;ϮͿ;ͿĂŶĚϰϵ͘&͘Z͘ ϲϲϭ͘ϭϭ͘ZŽůůŝŶŐƐƚŽĐŬŵƵƐƚďĞĂƐƐĞŵďůĞĚŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐĂŶĚŚĂǀĞĂϲϬƉĞƌĐĞŶƚĚŽŵĞƐƚŝĐĐŽŶƚĞŶƚ͘ ďŝĚĚĞƌŽƌŽĨĨĞƌŽƌŵƵƐƚƐƵďŵŝƚƚŽƚŚĞ&dƌĞĐŝƉŝĞŶƚƚŚĞĂƉƉƌŽƉƌŝĂƚĞƵǇŵĞƌŝĐĂĐĞƌƚŝĨŝĐĂƚŝŽŶ;ďĞůŽǁͿǁŝƚŚĂůů ďŝĚƐŽƌŽĨĨĞƌƐŽŶ&dͲĨƵŶĚĞĚĐŽŶƚƌĂĐƚƐ͕ĞǆĐĞƉƚƚŚŽƐĞƐƵďũĞĐƚƚŽĂŐĞŶĞƌĂůǁĂŝǀĞƌ͘ŝĚƐŽƌŽĨĨĞƌƐƚŚĂƚĂƌĞŶŽƚ ĂĐĐŽŵƉĂŶŝĞĚďǇĂĐŽŵƉůĞƚĞĚƵǇŵĞƌŝĐĂĐĞƌƚŝĨŝĐĂƚŝŽŶŵƵƐƚďĞƌĞũĞĐƚĞĚĂƐŶŽŶƌĞƐƉŽŶƐŝǀĞ͘dŚŝƐƌĞƋƵŝƌĞŵĞŶƚ ĚŽĞƐŶŽƚĂƉƉůǇƚŽůŽǁĞƌƚŝĞƌƐƵďĐŽŶƚƌĂĐƚŽƌƐ͘ ĞƌƚŝĨŝĐĂƚŝŽŶƌĞƋƵŝƌĞŵĞŶƚĨŽƌƉƌŽĐƵƌĞŵĞŶƚŽĨƐƚĞĞů͕ŝƌŽŶ͕ŽƌŵĂŶƵĨĂĐƚƵƌĞĚƉƌŽĚƵĐƚƐ͘ ĞƌƚŝĨŝĐĂƚĞŽĨŽŵƉůŝĂŶĐĞǁŝƚŚϰϵh͘^͘͘ϱϯϮϯ;ũͿ;ϭͿ dŚĞďŝĚĚĞƌŽƌŽĨĨĞƌŽƌŚĞƌĞďǇĐĞƌƚŝĨŝĞƐƚŚĂƚŝƚǁŝůůŵĞĞƚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨϰϵh͘^͘͘ϱϯϮϯ;ũͿ;ϭͿĂŶĚƚŚĞ ĂƉƉůŝĐĂďůĞƌĞŐƵůĂƚŝŽŶƐŝŶϰϵ͘&͘Z͘WĂƌƚϲϲϭ͘ϱ͘ ĂƚĞͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ^ŝŐŶĂƚƵƌĞͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ϭϱ 3DFNHW3J +D >E/Z ͘͘͘ ͘ ϰϮh^ϳϰϬϭĞƚƐĞƋ ϰϬ&Zϭϱ͘ϲϭ ϰϵ&ZWĂƌƚϭϴ ͘ ůĞĂŶŝƌ ;ϭͿdŚĞŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐƚŽĐŽŵƉůǇǁŝƚŚĂůůĂƉƉůŝĐĂďůĞƐƚĂŶĚĂƌĚƐ͕ŽƌĚĞƌƐŽƌƌĞŐƵůĂƚŝŽŶƐŝƐƐƵĞĚƉƵƌƐƵĂŶƚƚŽƚŚĞ ůĞĂŶŝƌĐƚ͕ĂƐĂŵĞŶĚĞĚϰϮh͘^͘͘ΑΑϳϬϰĞƚƐĞƋ͘dŚĞŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐƚŽƌĞƉŽƌƚĞĂĐŚǀŝŽůĂƚŝŽŶƚŽƚŚĞ WƵƌĐŚĂƐĞƌĂŶĚƵŶĚĞƌƐƚĂŶĚƐĂŶĚĂŐƌĞĞƐƚŚĂƚƚŚĞWƵƌĐŚĂƐĞƌǁŝůů͕ŝŶƚƵƌŶ͕ƌĞƉŽƌƚĞĂĐŚǀŝŽůĂƚŝŽŶĂƐƌĞƋƵŝƌĞĚƚŽ ĂƐƐƵƌĞŶŽƚŝĨŝĐĂƚŝŽŶƚŽ&dĂŶĚƚŚĞĂƉƉƌŽƉƌŝĂƚĞWZĞŐŝŽŶĂůKĨĨŝĐĞ͘ ;ϮͿdŚĞŽŶƚƌĂĐƚŽƌĂůƐŽĂŐƌĞĞƐƚŽŝŶĐůƵĚĞƚŚĞƐĞƌĞƋƵŝƌĞŵĞŶƚƐŝŶĞĂĐŚƐƵďĐŽŶƚƌĂĐƚĞǆĐĞĞĚŝŶŐΨϭϬϬ͕ϬϬϬ ĨŝŶĂŶĐĞĚŝŶƉĂƌƚǁŝƚŚ&ĞĚĞƌĂůĂƐƐŝƐƚĂŶĐĞƉƌŽǀŝĚĞĚďǇ&d͘ >ZtdZZYh/ZDEd^ ͘͘ ͘ ϯϯh^ϭϮϱϭ ůĞĂŶtĂƚĞƌ͘ ;ϭͿdŚĞŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐƚŽĐŽŵƉůǇǁŝƚŚĂůůĂƉƉůŝĐĂďůĞƐƚĂŶĚĂƌĚƐ͕ŽƌĚĞƌƐŽƌƌĞŐƵůĂƚŝŽŶƐŝƐƐƵĞĚƉƵƌƐƵĂŶƚƚŽƚŚĞ &ĞĚĞƌĂůtĂƚĞƌWŽůůƵƚŝŽŶŽŶƚƌŽůĐƚ͕ĂƐĂŵĞŶĚĞĚ͕ϯϯh͘^͘͘ϭϮϱϭĞƚƐĞƋ͘dŚĞŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐƚŽƌĞƉŽƌƚĞĂĐŚ ǀŝŽůĂƚŝŽŶƚŽƚŚĞWƵƌĐŚĂƐĞƌĂŶĚƵŶĚĞƌƐƚĂŶĚƐĂŶĚĂŐƌĞĞƐƚŚĂƚƚŚĞWƵƌĐŚĂƐĞƌǁŝůů͕ŝŶƚƵƌŶ͕ƌĞƉŽƌƚĞĂĐŚǀŝŽůĂƚŝŽŶ ĂƐƌĞƋƵŝƌĞĚƚŽĂƐƐƵƌĞŶŽƚŝĨŝĐĂƚŝŽŶƚŽ&dĂŶĚĂƉƉƌŽƉƌŝĂƚĞWZĞŐŝŽŶĂůKĨĨŝĐĞ͘ ;ϮͿdŚĞŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐƚŽŝŶĐůƵĚĞƚŚĞƐĞƌĞƋƵŝƌĞŵĞŶƚƐŝŶĞĂĐŚƐƵďĐŽŶƚƌĂĐƚĞǆĐĞĞĚŝŶŐΨϭϬϬ͕ϬϬϬĨŝŶĂŶĐĞĚŝŶ ǁŚŽůĞŽƌŝŶƉĂƌƚǁŝƚŚ&ĞĚĞƌĂůĂƐƐŝƐƚĂŶĐĞƉƌŽǀŝĚĞĚďǇ&d͘ &>zDZ/ZYh/ZDEd^ ͘͘͘ ϰϵh^ϰϬϭϭϴ Α ϰϭ&ZWĂƌƚϯϬϭϭϬ Ͳ &ůǇŵĞƌŝĐĂZĞƋƵŝƌĞŵĞŶƚƐ dŚĞŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐƚŽĐŽŵƉůǇǁŝƚŚϰϵh͘^͘͘ϰϬϭϭϴ;ƚŚĞΗ&ůǇŵĞƌŝĐĂΗĐƚͿŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ'ĞŶĞƌĂů ^ĞƌǀŝĐĞƐĚŵŝŶŝƐƚƌĂƚŝŽŶΖƐƌĞŐƵůĂƚŝŽŶƐĂƚϰϭ&ZWĂƌƚϯϬϭͲϭϬ͕ǁŚŝĐŚƉƌŽǀŝĚĞƚŚĂƚƌĞĐŝƉŝĞŶƚƐĂŶĚĂŶǇƐƵďͲ ƌĞĐŝƉŝĞŶƚƐŽĨ&ĞĚĞƌĂůĨƵŶĚƐĂŶĚƚŚĞŝƌĐŽŶƚƌĂĐƚŽƌƐĂƌĞƌĞƋƵŝƌĞĚƚŽƵƐĞh͘^͘&ůĂŐĂŝƌĐĂƌƌŝĞƌƐĨŽƌh͘^'ŽǀĞƌŶŵĞŶƚͲ ĨŝŶĂŶĐĞĚŝŶƚĞƌŶĂƚŝŽŶĂůĂŝƌƚƌĂǀĞůĂŶĚƚƌĂŶƐƉŽƌƚĂƚŝŽŶŽĨƚŚĞŝƌƉĞƌƐŽŶĂůĞĨĨĞĐƚƐŽƌƉƌŽƉĞƌƚǇ͕ƚŽƚŚĞĞǆƚĞŶƚƐƵĐŚ ƐĞƌǀŝĐĞŝƐĂǀĂŝůĂďůĞ͕ƵŶůĞƐƐƚƌĂǀĞůďǇĨŽƌĞŝŐŶĂŝƌĐĂƌƌŝĞƌŝƐĂŵĂƚƚĞƌŽĨŶĞĐĞƐƐŝƚǇ͕ĂƐĚĞĨŝŶĞĚďǇƚŚĞ&ůǇŵĞƌŝĐĂ Đƚ͘dŚĞŽŶƚƌĂĐƚŽƌƐŚĂůůƐƵďŵŝƚ͕ŝĨĂĨŽƌĞŝŐŶĂŝƌĐĂƌƌŝĞƌǁĂƐƵƐĞĚ͕ĂŶĂƉƉƌŽƉƌŝĂƚĞĐĞƌƚŝĨŝĐĂƚŝŽŶŽƌ ŵĞŵŽƌĂŶĚƵŵĂĚĞƋƵĂƚĞůǇĞǆƉůĂŝŶŝŶŐǁŚǇƐĞƌǀŝĐĞďǇĂh͘^͘ĨůĂŐĂŝƌĐĂƌƌŝĞƌǁĂƐŶŽƚĂǀĂŝůĂďůĞŽƌǁŚǇŝƚǁĂƐ ŶĞĐĞƐƐĂƌǇƚŽƵƐĞĂĨŽƌĞŝŐŶĂŝƌĐĂƌƌŝĞƌĂŶĚƐŚĂůů͕ŝŶĂŶǇĞǀĞŶƚ͕ƉƌŽǀŝĚĞĂĐĞƌƚŝĨŝĐĂƚĞŽĨĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞ&ůǇ ŵĞƌŝĐĂƌĞƋƵŝƌĞŵĞŶƚƐ͘dŚĞŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐƚŽŝŶĐůƵĚĞƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚŝƐƐĞĐƚŝŽŶŝŶĂůůƐƵďĐŽŶƚƌĂĐƚƐ ƚŚĂƚŵĂǇŝŶǀŽůǀĞŝŶƚĞƌŶĂƚŝŽŶĂůĂŝƌƚƌĂŶƐƉŽƌƚĂƚŝŽŶ͘ Ed/KE>/Ed>>/'EddZE^WKZdd/KE^z^dD^Z,/ddhZE^dEZ^ dŽƚŚĞĞǆƚĞŶƚĂƉƉůŝĐĂďůĞ͕ƚŚĞKE^h>dEdĂŐƌĞĞƐƚŽĐŽŶĨŽƌŵƚŽƚŚĞEĂƚŝŽŶĂů/ŶƚĞůůŝŐĞŶƚdƌĂŶƐƉŽƌƚĂƚŝŽŶ ^ǇƐƚĞŵƐ;/d^ͿƌĐŚŝƚĞĐƚƵƌĞĂŶĚ^ƚĂŶĚĂƌĚƐĂƐƌĞƋƵŝƌĞĚďǇ^&dͲ>hΑϱϯϬϳ;ĐͿ͕Ϯϯh͘^͘͘ΑϱϭϮŶŽƚĞ͕ĂŶĚƚŽ ϭϲ 3DFNHW3J +D ĐŽŵƉůǇǁŝƚŚ&dEŽƚŝĐĞ͕Η&dEĂƚŝŽŶĂů/d^ƌĐŚŝƚĞĐƚƵƌĞWŽůŝĐǇŽŶdƌĂŶƐŝƚWƌŽũĞĐƚƐΗϲϲ&ĞĚ͘ZĞŐ͘ϭϰϱϱĞƚƐĞƋ͕͘ :ĂŶƵĂƌǇϴ͕ϮϬϬϭ͕ĂŶĚŽƚŚĞƌĨĞĚĞƌĂůƌĞƋƵŝƌĞŵĞŶƚƐƚŚĂƚŵĂǇďĞŝƐƐƵĞĚ͘ Z'KWZ&ZEZYh/ZDEd^ ϰϲh͘^͘͘ϭϮϰϭ ϰϲ&ZWĂƌƚϯϴϭ ĂƌŐŽWƌĞĨĞƌĞŶĐĞͲhƐĞŽĨhŶŝƚĞĚ^ƚĂƚĞƐͲ&ůĂŐsĞƐƐĞůƐͲ dŚĞĐŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐ͗ Ă͘ƚŽƵƐĞƉƌŝǀĂƚĞůǇŽǁŶĞĚhŶŝƚĞĚ^ƚĂƚĞƐͲ&ůĂŐĐŽŵŵĞƌĐŝĂůǀĞƐƐĞůƐƚŽƐŚŝƉĂƚůĞĂƐƚϱϬƉĞƌĐĞŶƚŽĨƚŚĞŐƌŽƐƐ ƚŽŶŶĂŐĞ;ĐŽŵƉƵƚĞĚƐĞƉĂƌĂƚĞůǇĨŽƌĚƌǇďƵůŬĐĂƌƌŝĞƌƐ͕ĚƌǇĐĂƌŐŽůŝŶĞƌƐ͕ĂŶĚƚĂŶŬĞƌƐͿŝŶǀŽůǀĞĚ͕ǁŚĞŶĞǀĞƌ ƐŚŝƉƉŝŶŐĂŶǇĞƋƵŝƉŵĞŶƚ͕ŵĂƚĞƌŝĂů͕ŽƌĐŽŵŵŽĚŝƚŝĞƐƉƵƌƐƵĂŶƚƚŽƚŚĞƵŶĚĞƌůǇŝŶŐĐŽŶƚƌĂĐƚƚŽƚŚĞĞǆƚĞŶƚƐƵĐŚ ǀĞƐƐĞůƐĂƌĞĂǀĂŝůĂďůĞĂƚĨĂŝƌĂŶĚƌĞĂƐŽŶĂďůĞƌĂƚĞƐĨŽƌhŶŝƚĞĚ^ƚĂƚĞƐͲ&ůĂŐĐŽŵŵĞƌĐŝĂůǀĞƐƐĞůƐ͖ ď͘ƚŽĨƵƌŶŝƐŚǁŝƚŚŝŶϮϬǁŽƌŬŝŶŐĚĂǇƐĨŽůůŽǁŝŶŐƚŚĞĚĂƚĞŽĨůŽĂĚŝŶŐĨŽƌƐŚŝƉŵĞŶƚƐŽƌŝŐŝŶĂƚŝŶŐǁŝƚŚŝŶƚŚĞhŶŝƚĞĚ ^ƚĂƚĞƐŽƌǁŝƚŚŝŶϯϬǁŽƌŬŝŶŐĚĂǇƐĨŽůůŽǁŝŶŐƚŚĞĚĂƚĞŽĨůĞĂĚŝŶŐĨŽƌƐŚŝƉŵĞŶƚƐŽƌŝŐŝŶĂƚŝŶŐŽƵƚƐŝĚĞƚŚĞhŶŝƚĞĚ 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ĂŶĚƚŚĞĐĞƌƚŝĨŝĐĂƚŝŽŶŽĨĐŽŵƉůŝĂŶĐĞŝƐƐƵĞĚŽŶƚŚĞƉƌŽũĞĐƚ͘ WZK,//d/EdZ^d^ EŽŵĞŵďĞƌ͕ŽĨĨŝĐĞƌ͕ŽƌĞŵƉůŽǇĞĞŽĨƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕ŽƌŽĨĂůŽĐĂůƉƵďůŝĐďŽĚǇĚƵƌŝŶŐƚŚĞŝƌƚĞŶƵƌĞŽƌĨŽƌ ŽŶĞǇĞĂƌƚŚĞƌĞĂĨƚĞƌǁŝůůŚĂǀĞĂŶǇŝŶƚĞƌĞƐƚƐ͕ĚŝƌĞĐƚŽƌŝŶĚŝƌĞĐƚ͕ŝŶĂĐŽŶƚƌĂĐƚŽƌƚŚĞƉƌŽĐĞĞĚƐƚŚĞƌĞŽĨ͘ ϭ͘/ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚϰϭh͘^͘͘ϮϮ͕ƚŚĞŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐƚŚĂƚŝƚǁŝůůŶŽƚĂĚŵŝƚĂŶǇŵĞŵďĞƌŽĨŽƌĚĞůĞŐĂƚĞƚŽ ƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŽŶŐƌĞƐƐƚŽĂŶǇƐŚĂƌĞŽƌƉĂƌƚŽĨƚŚĞWƌŽũĞĐƚŽƌĂŶǇďĞŶĞĨŝƚĚĞƌŝǀĞĚƚŚĞƌĞĨƌŽŵ͘ ^^ ŽŶƚƌĂĐƚŽƌƐŵƵƐƚĐŽŵƉůǇǁŝƚŚĂƉƉůŝĐĂďůĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞŵĞƌŝĐĂŶƐǁŝƚŚŝƐĂďŝůŝƚŝĞƐĐƚŽĨϭϵϵϬ;Ϳ͕ ^ĞĐƚŝŽŶϱϬϰŽĨƚŚĞZĞŚĂďŝůŝƚĂƚŝŽŶĐƚŽĨϭϵϳϯ͕ĂŶĚh^Kdͬ&dŝŵƉůĞŵĞŶƚŝŶŐƌĞŐƵůĂƚŝŽŶƐ͘ ϭϳ 3DFNHW3J +D ϭϴ 3DFNHW3J +D ϭϵ 3DFNHW3J +D ϮϬ 3DFNHW3J +D Ϯϭ 3DFNHW3J +D ϮϮ 3DFNHW3J +D Ϯϯ 3DFNHW3J +D dd,DEd ^ĐŽƉĞŽĨtŽƌŬ dŚŝƐWĂŐĞŝƐ/ŶƚĞŶƚŝŽŶĂůůǇ>ĞĨƚůĂŶŬ Ϯϰ 3DFNHW3J +D ŽǁŶƚŽǁŶZŽĐŚĞƐƚĞƌZĂƉŝĚdƌĂŶƐŝƚ>ŝŶĞ ΘĞƐŝŐŶ^ĞƌǀŝĐĞƐ^ĐŽƉĞŽĨtŽƌŬ DĂƌĐŚϲ͕ϮϬϮϬ ϭ͘ŽŶƚƌĂĐƚDĂŶĂŐĞŵĞŶƚĂŶĚĚŵŝŶŝƐƚƌĂƚŝŽŶ ƐƐƵŵƉƚŝŽŶƐ͗ ͲĞƐŝŐŶ^ĐŚĞĚƵůĞ͗&ĞďƌƵĂƌǇϮϬϮϬƚŚƌŽƵŐŚƵŐƵƐƚϮϬϮϱ;ϲϲDŽŶƚŚƐͿ ͲDŽŶƚŚůǇďŝůůŝŶŐƐǁŝůůŝŶĐůƵĚĞĐŽƉŝĞƐŽĨƌĞĐĞŝƉƚƐĨŽƌĂůůĚŝƌĞĐƚĞǆƉĞŶƐĞƐ͘ 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ϭ͘ϭ͘ϭtĞĞŬůǇƌĞǀŝĞǁƐŽĨƐĐŽƉĞƉƌŽŐƌĞƐƐ͕ďƵĚŐĞƚ͕ƐƚĂĨĨĂůůŽĐĂƚŝŽŶƐĂŶĚĂƐƐŝŐŶŵĞŶƚƐĂƐƌĞƋƵŝƌĞĚƚŽŵĞĞƚĐŽŶƚƌĂĐƚ ƐĐŽƉĞďƵĚŐĞƚĂŶĚƐĐŚĞĚƵůĞƌĞƋƵŝƌĞŵĞŶƚƐ;ϮϲϬǁĞĞŬƐͿ ϭ͘ϭ͘ϮWƌĞƉĂƌĞĂŶĚĂĚŵŝŶŝƐƚĞƌƐƵďĐŽŶƚƌĂĐƚƐ ϭ͘ϭ͘ϯWƌĞƉĂƌĞŵŽŶƚŚůǇďŝůůŝŶŐǁŝƚŚĂƐƐŽĐŝĂƚĞĚďĂĐŬƵƉĚŽĐƵŵĞŶƚĂƚŝŽŶĨƌŽŵƚŝŵĞĂŶĚĞǆƉĞŶƐĞĐŚĂƌŐĞƐ͕ŝŶĐůƵĚŝŶŐ ƌĞƉŽƌƚƐ ϭ͘ϭ͘ϰWƌĞƉĂƌĞŵŽŶƚŚůǇƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐ ϭ͘ϭ͘ϱůŝĞŶƚĐŽŽƌĚŝŶĂƚŝŽŶĂŶĚƉƌŽũĞĐƚƐƚƌĂƚĞŐǇ ϭ͘ϮKǀĞƌƐŝŐŚƚWƌŽũĞĐƚDĞĞƚŝŶŐƐ ϭ͘Ϯ͘ϭWƌĞƉĂƌĞŽǀĞƌƐŝŐŚƚƉƌŽũĞĐƚŵĞĞƚŝŶŐƐƐĐŚĞĚƵůĞ ϭ͘Ϯ͘ϮDŽŶƚŚůǇtŽƌŬŝŶŐ'ƌŽƵƉŵĞĞƚŝŶŐƐ /ŶĐůƵĚĞƐƚŝŵĞĨŽƌƵƉƚŽƚŚŝƌƚǇͲĨŽƵƌ;ϯϰͿŵĞĞƚŝŶŐƐǁŝƚŚĨŽƵƌ;ϰͿƐƚĂĨĨŵĞŵďĞƌƐĂŶĚƐŝǆ;ϲͿŚŽƵƌƐƉĞƌ ŵĞĞƚŝŶŐ͕ŝŶĐůƵĚŝŶŐƚƌĂǀĞůƚŝŵĞ͘/ĨtŽƌŬŝŶŐ'ƌŽƵƉŵĞĞƚŝŶŐƐĂƌĞŶĞĞĚĞĚĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͕ǁĞĂƐƐƵŵĞ ŝƚǇǁŝůůůĞĂĚĂƐƚŚĞǇǁŝůůďĞŽǀĞƌƐĞĞŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ ϭ͘Ϯ͘Ϯ͘ϭWƌĞƉĂƌĞŵĞĞƚŝŶŐĂŐĞŶĚĂƐ͕ŐƌĂƉŚŝĐƐĂŶĚŶŽƚĞƐĂŶĚĚŝƐƚƌŝďƵƚĞƚŽƚŚĞŝƚǇĂŶĚŵĞĞƚŝŶŐĂƚƚĞŶĚĞĞƐ ϭ͘Ϯ͘ϯŝͲtĞĞŬůǇWDdŵĞĞƚŝŶŐƐ hƉƚŽĨŽƌƚǇ;ϰϬͿŵĞĞƚŝŶŐƐǁŝůůďĞŝŶͲƉĞƌƐŽŶǁŝƚŚƚŚƌĞĞ;ϯͿƐƚĂĨĨŵĞŵďĞƌƐĨŽƌƐŝǆ;ϲͿŚŽƵƌƐƉĞƌŵĞĞƚŝŶŐ͘Ŷ ĂĚĚŝƚŝŽŶĂůƚŚŝƌƚǇͲĨŝǀĞ;ϯϱͿŵĞĞƚŝŶŐƐǁŝůůďĞǀŝĂĐŽŶĨĞƌĞŶĐĞĐĂůůǁŝƚŚƚŚƌĞĞ;ϯͿƐƚĂĨĨŵĞŵďĞƌƐĨŽƌƚǁŽ;ϮͿ ŚŽƵƌƐƉĞƌŵĞĞƚŝŶŐ͘ƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͕WDdŵĞĞƚŝŶŐƐǁŝůůďĞŚĞůĚŽŶĂŵŽŶƚŚůǇďĂƐŝƐ;ϯϮŵŽŶƚŚƐͿǁŝƚŚ ƚǁŽ;ϮͿƐƚĂĨĨŵĞŵďĞƌƐĨŽƌƚǁŽ;ϮͿŚŽƵƌƐƉĞƌŵĞĞƚŝŶŐ ϭ͘Ϯ͘ϯ͘ϭWƌĞƉĂƌĞŵĞĞƚŝŶŐĂŐĞŶĚĂƐ͕ŐƌĂƉŚŝĐƐĂŶĚŶŽƚĞƐĂŶĚĚŝƐƚƌŝďƵƚĞƚŽƚŚĞŝƚǇĂŶĚŵĞĞƚŝŶŐĂƚƚĞŶĚĞĞƐ ϭ͘ϯWƵďůŝĐDĞĞƚŝŶŐƐ͕KƉĞŶ,ŽƵƐĞƐ͕WƌĞƐĞŶƚĂƚŝŽŶƐ /ŶĐůƵĚĞƐƚŝŵĞĨŽƌƵƉƚŽĨŽƌƚǇ;ϰϬͿŵĞĞƚŝŶŐƐ͘tĞƉƌŽƉŽƐĞƵƉƚŽƚǁĞůǀĞ;ϭϮͿŽƉĞŶŚŽƵƐĞƐ͕ƚǁĞůǀĞ;ϭϮͿƉŽƉͲ ƵƉƐĂŶĚƐŝǆƚĞĞŶ;ϭϲͿŽƚŚĞƌĐŽŵŵƵŶŝƚǇŵĞĞƚŝŶŐƐ ϭ͘ϯ͘ϭKƉĞŶ,ŽƵƐĞƐ ƚƚĞŶĚĂŶĐĞ͗ĂƐƐƵŵĞƐƐŝǆ;ϲͿƉĞŽƉůĞĨŽƌĞŝŐŚƚ;ϴͿŚŽƵƌƐƉĞƌŵĞĞƚŝŶŐ͘ƐƐƵŵĞƐƵƉƚŽƚǁĞůǀĞ;ϭϮͿŽƉĞŶ ŚŽƵƐĞƐ DĞĞƚŝŶŐƉƌĞƉĂƌĂƚŝŽŶĂƐƐƵŵĞƐƉƌĞƉĂƌĂƚŝŽŶŽĨƐŝǆ;ϲͿƐĞƚƐŽĨŵĂƚĞƌŝĂůƐĨŽƌƉƌĞƐĞŶƚĂƚŝŽŶĂƚƵƉƚŽƚǁĞůǀĞ;ϭϮͿ ŽƉĞŶŚŽƵƐĞƐ ϭ͘ϯ͘ϮWŽƉͲƵƉƐĂŶĚŽŵŵƵŶŝƚǇDĞĞƚŝŶŐƐ ƚƚĞŶĚĂŶĐĞ͗ĂƐƐƵŵĞƐƚǁŽ;ϮͿƉĞŽƉůĞĨŽƌƐŝǆ;ϲͿŚŽƵƌƐĨŽƌƵƉƚŽƚǁĞŶƚǇͲĞŝŐŚƚ;ϮϴͿŵĞĞƚŝŶŐƐ͘ DĞĞƚŝŶŐWƌĞƉĂƌĂƚŝŽŶĂƐƐƵŵĞƐƉƌĞƉĂƌĂƚŝŽŶŽĨŵĂƚĞƌŝĂůƐĨŽƌƵƉƚŽƚǁĞŶƚǇͲĞŝŐŚƚ;ϮϴͿŵĞĞƚŝŶŐƐ͘ ϭ͘ϯ͘ϯWƌĞƐĞŶƚĂƚŝŽŶƐ ƐƐƵŵĞƐĂƚƚĞŶĚĂŶĐĞĂŶĚƉƌĞƐĞŶƚĂƚŝŽŶƐĂƚƵƉƚŽĨŽƌƚǇͲĞŝŐŚƚ;ϰϴͿŝƚǇŽƵŶĐŝů͕ŽƵŶƚǇŽĂƌĚ͕DŽĂƌĚ ĂŶĚZKK'ŵĞĞƚŝŶŐƐ͘ƐƐƵŵĞƐŽŶĞ;ϭͿƉĞƌƐŽŶĨŽƌƐŝǆ;ϲͿŚŽƵƌƐ DĞĞƚŝŶŐWƌĞƉĂƌĂƚŝŽŶĂƐƐƵŵĞƐƉƌĞƉĂƌĂƚŝŽŶŽĨŵĂƚĞƌŝĂůƐĨŽƌƵƉƚŽĨŽƌƚǇͲĞŝŐŚƚ;ϰϴͿŵĞĞƚŝŶŐƐ ϭ͘ϯ͘ϰŽŵŵƵŶŝƚǇŶŐĂŐĞŵĞŶƚWůĂŶĂŶĚWƌŽĐĞƐƐŽĐƵŵĞŶƚĂƚŝŽŶ ϭ͘ϯ͘ϱKŶůŝŶĞŶŐĂŐĞŵĞŶƚŽŶƚĞŶƚ /ŶĐůƵĚĞƐŵŽŶƚŚůǇǁĞďƐŝƚĞƵƉĚĂƚĞƐ͕ƐŽĐŝĂůŵĞĚŝĂĐŽŶƚĞŶƚĨŽƌŽƉĞŶŚŽƵƐĞƐ͕ĂŶĚƚǁŽ;ϮͿWŽůĐŽƐƵƌǀĞǇƐ͘ /ŶĐůƵĚĞƐƚŝŵĞĨŽƌŵŽƌĞĨƌĞƋƵĞŶƚƵƉĚĂƚĞƐĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ Ϯϲ 3DFNHW3J +D ϭ͘ϰĚŵŝŶŝƐƚƌĂƚŝǀĞĂŶĚ&ŝŶĂŶĐĞĐƚŝǀŝƚǇ^ƵƉƉŽƌƚ ϭ͘ϰ͘ϭWƌĞƉĂƌĞ&d^ŵĂůů^ƚĂƌƚƐĨŝŶĂŶĐŝĂůƉůĂŶĂŶĚƐƵŵŵĂƌǇƌĞƉŽƌƚƐĐŚĞĚƵůĞ ϭ͘ϰ͘ϮhƉĚĂƚĞ&d^ŵĂůů^ƚĂƌƚƐĨŝŶĂŶĐŝĂůƉůĂŶƵƉƚŽƚŚƌĞĞ;ϯͿƚŝŵĞƐ ϭ͘ϰ͘ϯWƌĞƉĂƌĞ&d^ŵĂůů^ƚĂƌƚƐƉƌŽũĞĐƚƌĂƚŝŶŐĂƉƉůŝĐĂƚŝŽŶ ϭ͘ϰ͘ϯ͘ϭĞǀĞůŽƉƉƌŽũĞĐƚĚĞĨŝŶŝƚŝŽŶĨŽƌƵƐĞŝŶƚŚĞ^ŵĂůů^ƚĂƌƚƐĂƉƉůŝĐĂƚŝŽŶ ϭ͘ϰ͘ϯ͘ϮWƌĞƉĂƌĞƉƌŽũĞĐƚĚĞƐĐƌŝƉƚŝŽŶǁŽƌŬƐŚĞĞƚĂŶĚƐƵƉƉŽƌƚŝŶŐƚĞǆƚĂŶĚŵĂƉƐ ϭ͘ϰ͘ϯ͘ϯWƌĞƉĂƌĞƐĞƌǀŝĐĞƉůĂŶĂŶĚŽƉĞƌĂƚŝŽŶƐĂŶĚŵĂŝŶƚĞŶĂŶĐĞĐŽƐƚƐƵƐŝŶŐƚŚĞĂŐƌĞĞĚͲƵƉŽŶƉƌŽũĞĐƚĚĞĨŝŶŝƚŝŽŶ͘ ŽĐƵŵĞŶƚĂůůĂƐƐƵŵƉƚŝŽŶƐ͕ŵĞƚŚŽĚƐ͕ĂŶĚƵŶŝƚĐŽƐƚƐ ϭ͘ϰ͘ϯ͘ϰWƌĞƉĂƌĞĐĂƉŝƚĂůĐŽƐƚĞƐƚŝŵĂƚĞŽĨĚĞĨŝŶĞĚƉƌŽũĞĐƚƵƐŝŶŐ^ďƵŝůĚǁŽƌŬƐŚĞĞƚƐ͘ŽĐƵŵĞŶƚĂƐƐƵŵƉƚŝŽŶƐĂŶĚ ĐŽƐƚĚƌŝǀĞƌƐ ϭ͘ϰ͘ϯ͘ϱWƌĞƉĂƌĞƌĞƋƵĞƐƚƚŽƵƐĞƌŝĚĞƌƐŚŝƉǁĂƌƌĂŶƚƐŝŶĐůƵĚŝŶŐĐŽƌƌŝĚŽƌƌŽƵƚĞŝŶĨŽƌŵĂƚŝŽŶĂŶĚŵĂƉƐ͘ƐƐƵŵĞ 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ϯ͘ϭ͘ϯŽŶƚĂĐƚƌĞŐƵůĂƚŽƌǇĂŐĞŶĐŝĞƐĂŶĚĂƉƉƌŽǀŝŶŐƌŽĂĚǁĂǇĂƵƚŚŽƌŝƚŝĞƐƚŽĚĞƚĞƌŵŝŶĞĂƉƉƌŽƉƌŝĂƚĞĨŽƌŵĂƚƐĂŶĚ ĂŶŶŽƚĂƚŝŽŶĨŽƌƉƌŽũĞĐƚĚĞůŝǀĞƌĂďůĞƐ ϯ͘ϭ͘ϰŽŽƌĚŝŶĂƚĞǁŝƚŚŝƚǇƚŽĂƌƌĂŶŐĞĂŶĚƉƌĞƉĂƌĞĨŽƌŵĞĞƚŝŶŐƐŽƌĐŽƌƌĞƐƉŽŶĚĞŶĐĞ /ŶĐůƵĚĞƐƚŝŵĞĨŽƌƵƉƚŽĨŽƌƚǇͲĨŝǀĞ;ϰϱͿŵĞĞƚŝŶŐƐĨŽƌƚǁŽ;ϮͿƐƚĂĨĨŵĞŵďĞƌƐ ϯ͘ϭ͘ϱWƌĞƉĂƌĞĂŐĞŶĚĂƐĂŶĚƐƵƉƉŽƌƚŝŶĨŽƌŵĂƚŝŽŶĨŽƌŵĞĞƚŝŶŐƐ /ŶĐůƵĚĞƐƚŝŵĞĨŽƌƵƉƚŽĨŽƌƚǇͲĨŝǀĞ;ϰϱͿŵĞĞƚŝŶŐƐĨŽƌŽŶĞ;ϭͿƐƚĂĨĨŵĞŵďĞƌ ϯ͘ϭ͘ϲWƌĞƉĂƌĞŵŝŶƵƚĞƐŽĨĞĂĐŚŵĞĞƚŝŶŐĂŶĚĚŝƐƚƌŝďƵƚĞƚŽŝƚǇƐƚĂĨĨ /ŶĐůƵĚĞƐƚŝŵĞĨŽƌƵƉƚŽĨŽƌƚǇͲĨŝǀĞ;ϰϱͿŵĞĞƚŝŶŐƐĨŽƌŽŶĞ;ϭͿƐƚĂĨĨŵĞŵďĞƌ ϯ͘ϭ͘ϳWƌĞƉĂƌĞŶĞĐĞƐƐĂƌǇƉĞƌŵŝƚĂƉƉůŝĐĂƚŝŽŶƐ͕ĚŽĐƵŵĞŶƚƐĂŶĚƌĞƉŽƌƚƐ ϯ͘ϭ͘ϴĞǀĞůŽƉƐƚĂƚŝŽŶƉŽƌƚŝŽŶƐŽĨĚĞƐŝŐŶĐƌŝƚĞƌŝĂĚŽĐƵŵĞŶƚ Ϯϴ 3DFNHW3J +D ϯ͘ϮĞƐŝŐŶŽŶĐĞƉƚZĞǀŝĞǁDĞĞƚŝŶŐƐ dŝŵĞŝŶƚŚŝƐƐĞĐƚŝŽŶƌĞůĂƚĞƐƚŽƚŚĞĞƐƚĂďůŝƐŚŵĞŶƚŽĨĂŶ/ƐƐƵĞZĞƐŽůƵƚŝŽŶdĞĂŵ;/ZdͿƉƌŽĐĞƐƐ͘ ϯ͘Ϯ͘ϭŽŽƌĚŝŶĂƚĞǁŝƚŚŝƚǇƚŽĂƌƌĂŶŐĞƚŚĞŵĞĞƚŝŶŐƐ ϯ͘Ϯ͘ϮWƌĞƉĂƌĞĂŐĞŶĚĂĂŶĚƐƵƉƉŽƌƚŝŶĨŽƌŵĂƚŝŽŶĨŽƌŵĞĞƚŝŶŐƐ /ŶĐůƵĚĞƐƚŝŵĞĨŽƌƵƉƚŽŽŶĞŚƵŶĚƌĞĚ;ϭϬϬͿŵĞĞƚŝŶŐƐĨŽƌŽŶĞ;ϭͿƐƚĂĨĨŵĞŵďĞƌƉĞƌŵĞĞƚŝŶŐ͘ ϯ͘Ϯ͘ϯWĂƌƚŝĐŝƉĂƚĞŝŶŵĞĞƚŝŶŐƐƚŽƐŽůŝĐŝƚŝŶƉƵƚ /ŶĐůƵĚĞƐƚŝŵĞĨŽƌƵƉƚŽŽŶĞŚƵŶĚƌĞĚ;ϭϬϬͿŵĞĞƚŝŶŐƐĨŽƌƚǁŽ;ϮͿͲƐŝǆ;ϲͿƐƚĂĨĨŵĞŵďĞƌƐ ϯ͘Ϯ͘ϰWƌĞƉĂƌĞŵŝŶƵƚĞƐŽĨĞĂĐŚŵĞĞƚŝŶŐĂŶĚĚŝƐƚƌŝďƵƚĞƚŽŝƚǇƐƚĂĨĨ /ŶĐůƵĚĞƐƚŝŵĞĨŽƌƵƉƚŽŽŶĞŚƵŶĚƌĞĚ;ϭϬϬͿŵĞĞƚŝŶŐƐĨŽƌŽŶĞ;ϭͿƐƚĂĨĨŵĞŵďĞƌ ϯ͘Ϯ͘ϱŽŽƌĚŝŶĂƚĞĂŶĚŵĞĞƚǁŝƚŚĂĨĨĞĐƚĞĚĂŐĞŶĐŝĞƐƚŽĐŽŽƌĚŝŶĂƚĞĚĞƐŝŐŶŝŶĐůƵĚŝŶŐĂĐƋƵŝƐŝƚŝŽŶ͕ŐƌĂĚĞƐĂŶĚ ĚƌĂŝŶĂŐĞ ϯ͘Ϯ͘ϲWĂƌƚŝĐŝƉĂƚĞŝŶƉƵďůŝĐŵĞĞƚŝŶŐƐ;dŝŵĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚŝƐŝƐŝŶĐůƵĚĞĚƵŶĚĞƌdĂƐŬϭͿ ϯ͘ϯĞƐŝŐŶZĞǀŝĞǁDĞĞƚŝŶŐƐ dŝŵĞŝŶƚŚŝƐƐĞĐƚŝŽŶƌĞůĂƚĞƐƚŽƚŚĞĞƐƚĂďůŝƐŚŵĞŶƚŽĨĂŶ/ƐƐƵĞZĞƐŽůƵƚŝŽŶdĞĂŵ;/ZdͿƉƌŽĐĞƐƐŝŶĐůƵĚĞĚŝŶ ƐĞĐƚŝŽŶϯ͘Ϯ͘ ϯ͘ϰsĂůƵĞŶŐŝŶĞĞƌŝŶŐ ϯ͘ϰ͘ϭWƌĞƉĂƌĞƉĞƌŝŽĚŝĐǀĂůƵĞĞŶŐŝŶĞĞƌŝŶŐƐƚĂƚƵƐƌĞƉŽƌƚƐ͖ZĞƉŽƌƚƐƚŽďĞƐƵďŵŝƚƚĞĚĂĨƚĞƌƚŚĞϯϬй͕ϲϬй͕ĂŶĚϵϬй ƐƵďŵŝƚƚĂůƐ͘ ϯ͘ϱZdǆƉůŽƌĂƚŝŽŶdƌŝƉ ŽŽƌĚŝŶĂƚŝŽŶ͕WůĂŶŶŝŶŐĂŶĚƚƚĞŶĚĂŶĐĞ dĂƐŬϯĞůŝǀĞƌĂďůĞƐ͗ ͲZĞŐƵůĂƚŽƌǇŐĞŶĐǇĂŶĚZŽĂĚǁĂǇƵƚŚŽƌŝƚǇŽŽƌĚŝŶĂƚŝŽŶ ͲŽĚĞĂŶĚZĞŐƵůĂƚŝŽŶ/ƐƐƵĞ&ŝŶĚŝŶŐƐdĞĐŚŶŝĐĂůDĞŵŽƌĂŶĚƵŵ ͲŝƚǇDĞĞƚŝŶŐŽŽƌĚŝŶĂƚŝŽŶ ͲDĞĞƚŝŶŐŐĞŶĚĂƐ͕DĂƚĞƌŝĂůƐĂŶĚDŝŶƵƚĞƐ ͲWĞƌŵŝƚƉƉůŝĐĂƚŝŽŶƐ͕ŽĐƵŵĞŶƚƐĂŶĚZĞƉŽƌƚƐ ͲDĞĞƚŝŶŐWĂƌƚŝĐŝƉĂƚŝŽŶ ͲŐĞŶĐǇĞƐŝŐŶŽŽƌĚŝŶĂƚŝŽŶ ͲWƵďůŝĐDĞĞƚŝŶŐǆŚŝďŝƚƐĂŶĚŽŵŵĞŶƚ>ŽŐƐ ͲDŝůĞƐƚŽŶĞΗƐ/ƐΗƌĂǁŝŶŐƐĂŶĚ^ƉĞĐŝĨŝĐĂƚŝŽŶƐ ͲsĂůƵĞŶŐŝŶĞĞƌŝŶŐ^ƚĂƚƵƐZĞƉŽƌƚƐ ϰ͘WƌĞůŝŵŝŶĂƌǇŶŐŝŶĞĞƌŝŶŐĐƚŝǀŝƚŝĞƐ ƐƐƵŵƉƚŝŽŶƐ͗ ͲŽŵƉůĞƚĞƚŽƉŽŐƌĂƉŚŝĐƐŝƚĞƐƵƌǀĞǇƐƐŚĂůůĚĞƉŝĐƚƐŝƚĞĞůĞǀĂƚŝŽŶƐ͕ĂďŽǀĞĂŶĚƵŶĚĞƌŐƌŽƵŶĚƵƚŝůŝƚŝĞƐ͕ŐƌŽƵŶĚ ĐŽǀĞƌ͕ĂŶĚůĂŶĚƐĐĂƉŝŶŐ͕ĂƚĂŵŝŶŝŵƵŵ͘ Ͳ^ƵƌǀĞǇƐǁŝůůďĞƌĞƋƵŝƌĞĚĂƚĞĂĐŚŽĨƚŚĞƉƌŽƉŽƐĞĚƐƚĂƚŝŽŶůŽĐĂƚŝŽŶƐĂůŽŶŐƚŚĞĐŽƌƌŝĚŽƌ͘ Ϯϵ 3DFNHW3J +D Ͳ^ƵƌǀĞǇĂƚĞĂĐŚƐƚĂƚŝŽŶůŽĐĂƚŝŽŶǁŝůůďĞŽĨĂŶĂƉƉƌŽƉƌŝĂƚĞĂƌĞĂƚŽŝŶĨŽƌŵƚŚĞĚĞƐŝŐŶ͘ ͲůŝŵŝƚĞĚŶƵŵďĞƌŽĨĂĚĚŝƚŝŽŶĂůĨŝĞůĚƐƵƌǀĞǇƐǁŝůůďĞƌĞƋƵŝƌĞĚďǇƚŚĞĚĞƐŝŐŶƚĞĂŵŝĨƉƌŽƉŽƐĞĚůŝŵŝƚƐŽĨ ĐŽŶƐƚƌƵĐƚŝŽŶĞǆƚĞŶĚďĞǇŽŶĚƚŚĞƐƵƌǀĞǇŝŶŝƚŝĂůůǇĐŽůůĞĐƚĞĚ͘ ͲEŽƐƵƌǀĞǇǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚŝŶƚĞƌƐĞĐƚŝŽŶƐƚŚĂƚǁŝůůŝŵƉůĞŵĞŶƚd^W͘ Ͳ'ĞŽƚĞĐŚŶŝĐĂůĞǀĂůƵĂƚŝŽŶƌĞƉŽƌƚǁŝůůĚĞĨŝŶĞƚŚĞƐƵďƐƵƌĨĂĐĞĐŽŶĚŝƚŝŽŶƐĂŶĚƉƌŽǀŝĚĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌ ŝƚĞŵƐŝŶĐůƵĚŝŶŐ͕ďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͕ƐƵďŐƌĂĚĞƉƌĞƉĂƌĂƚŝŽŶ͕ƉĂǀĞŵĞŶƚĚĞƐŝŐŶ͕ĨŽƵŶĚĂƚŝŽŶĚĞƐŝŐŶĂŶĚďĞůŽǁͲ ŐƌĂĚĞǁĂůůƐ͘ ͲŽĐƵŵĞŶƚĞĚĞŶǀŝƌŽŶŵĞŶƚĂůĐŚĞĐŬůŝƐƚĚŽĐƵŵĞŶƚƐƚŽďĞĐŽŵƉůĞƚĞĚƉĞƌ&dŐƵŝĚĞůŝŶĞƐ͘ ͲdƌĂĨĨŝĐŵŽĚĞůŝŶŐ͕ůĞǀĞůŽĨƐĞƌǀŝĐĞĂŶĂůǇƐŝƐĨŽƌĞǀĂůƵĂƚŝŽŶŽĨƉŽƚĞŶƚŝĂůƉƌŽũĞĐƚŵŝƚŝŐĂƚŝŽŶƐ͕ĂŶĚĂƐƐĞƐƐŵĞŶƚ ŽĨŵŝƚŝŐĂƚŝŽŶƐƚƌĂƚĞŐŝĞƐƐƵĐŚĂƐƐŝŐŶĂůĐŽŽƌĚŝŶĂƚŝŽŶŽƌĐĂƉĂĐŝƚǇĞŶŚĂŶĐĞŵĞŶƚǁŝůůďĞĐŽŶĚƵĐƚĞĚŝŶĂĚĚŝƚŝŽŶ ƚŽǁŽƌŬĚĞĨŝŶĞĚŝŶdĂƐŬϰ͘ϯ͘ ͲdŚĞŽŶƐƵůƚĂŶƚǁŝůůĐŽŵƉůĞƚĞƚŚĞĚŽĐƵŵĞŶƚĂƚŝŽŶŶĞĐĞƐƐĂƌǇƚŽƐĂƚŝƐĨǇƚŚĞEĂƚŝŽŶĂůŶǀŝƌŽŶŵĞŶƚĂůWŽůŝĐǇ Đƚ;EWͿĂŶĚ^ĞĐƚŝŽŶϭϬϲŽĨƚŚĞEĂƚŝŽŶĂů,ŝƐƚŽƌŝĐWƌĞƐĞƌǀĂƚŝŽŶĐƚƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞƐĞůĞĐƚĞĚ ĂůƚĞƌŶĂƚŝǀĞ͘/ƚŝƐĞǆƉĞĐƚĞĚƚŚĂƚƚŚŝƐǁŽƌŬǁŝůůďĞĐŽŵƉůĞƚĞĚĨƌŽŵ:ĂŶƵĂƌǇƚŽƵŐƵƐƚŽĨϮϬϮϬ͘ĨŝŶĂů ĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞƐĐŽƉĞŽĨƌĞǀŝĞǁŚĂƐŶŽƚǇĞƚďĞĞŶĚĞƚĞƌŵŝŶĞĚ͕ďƵƚƚŚĞƉƌŽũĞĐƚǁŝůůĞŝƚŚĞƌƌĞƋƵŝƌĞĂŶ ŶǀŝƌŽŶŵĞŶƚĂůƐƐĞƐƐŵĞŶƚ;ͿŽƌĂŽĐƵŵĞŶƚĞĚĂƚĞŐŽƌŝĐĂůǆĐůƵƐŝŽŶ;Ϳ͘ ͲǆƚĞƌŶĂůEWŵĞĞƚŝŶŐƐǁŝůůŝŶĐůƵĚĞƚŚĞ&dĂŶĚͬŽƌŽƚŚĞƌĐŽŶƐƵůƚŝŶŐƉĂƌƚŝĞƐ͘ ͲƌĞĂŽĨWŽƚĞŶƚŝĂůĨĨĞĐƚ;WͿĂŶĂůǇƐŝƐǁŝůůŝŶĐůƵĚĞƚƌĂĨĨŝĐĂŶĚĐŽŶŐĞƐƚŝŽŶŝŵƉĂĐƚƐ͕ĂĞƐƚŚĞƚŝĐŝŵƉĂĐƚƐ͕Ăŝƌ ƋƵĂůŝƚǇ͕ĞŶǀŝƌŽŶŵĞŶƚĂůũƵƐƚŝĐĞ͕ĨůŽŽĚƉůĂŝŶ͕ŚĂǌĂƌĚŽƵƐŵĂƚĞƌŝĂůƐ͕ŶŽŝƐĞĂŶĚǀŝďƌĂƚŝŽŶ͕ĨĂƌŵůĂŶĚƐĂŶĚǁĂƚĞƌ ƋƵĂůŝƚǇ͘ ͲƵůƚƵƌĂůĂŶĚŚŝƐƚŽƌŝĐĂůƌĞƐŽƵƌĐĞƐĂůŽŶŐƚŚĞĐŽƌƌŝĚŽƌŝŶĐůƵĚĞŚŝƐƚŽƌŝĐƐƚƌƵĐƚƵƌĞƐĂŶĚĂƌĐŚĂĞŽůŽŐŝĐĂůĚĞƉŽƐŝƚƐ͘ ͲWƌĞůŝŵŝŶĂƌǇĚƌĂǁŝŶŐƐǁŝůůďĞƉƌĞƉĂƌĞĚĐŽŶƐŝƐƚĞŶƚǁŝƚŚŝŶĚƵƐƚƌǇƐƚĂŶĚĂƌĚƐĂŶĚǁŝůůŝŶĐůƵĚĞĂƐƉĂĐĞŝŶƚŚĞ ƚŝƚůĞďůŽĐŬĨŽƌƚŚĞŝƚǇƚŝƚůĞĂŶĚůŽŐŽ͘ ͲWƌŽƉŽƐĞĚĚƌĂǁŝŶŐůŝƐƚǁŝůůďĞƵƉĚĂƚĞĚŵŽŶƚŚůǇĂƚĂŵŝŶŝŵƵŵ͘ Ͳ/ĨƌĞƋƵĞƐƚĞĚďǇƚŚĞŝƚǇ͕ƌĞǀŝĞǁŵĞĞƚŝŶŐƐǁŝůůďĞŚĞůĚǁŝƚŚŝŶƚĞŶ;ϭϬͿĚĂǇƐĨƌŽŵƌĞĐĞŝƉƚŽĨĐŽŵŵĞŶƚƐ͘ ͲdŚĞYƵĂůŝƚǇDĂŶĂŐĞŵĞŶƚWůĂŶǁŝůůĞŶƐƵƌĞƚŚĂƚĂƉƌŽƉĞƌƋƵĂůŝƚǇƌĞǀŝĞǁƉƌŽĐĞƐƐǁŝůůďĞĨŽůůŽǁĞĚĂŶĚƚŚĂƚ ĞĂĐŚĚĞƐŝŐŶĚŝƐĐŝƉůŝŶĞŚĂƐĐŽŽƌĚŝŶĂƚĞĚŝƚƐĚĞƐŝŐŶĂƐƉĞĐƚƐǁŝƚŚĂůůŽƚŚĞƌĚĞƐŝŐŶĚŝƐĐŝƉůŝŶĞƐĂŶĚƚŚĂƚĂůů ƉŽƚĞŶƚŝĂůĐŽŶĨůŝĐƚƐďĞƚǁĞĞŶĚŝƐĐŝƉůŝŶĞƐŚĂǀĞďĞĞŶĂĚĚƌĞƐƐĞĚĂŶĚĞůŝŵŝŶĂƚĞĚ͘ ͲWƌĞůŝŵŝŶĂƌǇĐŝǀŝůĚƌĂǁŝŶŐƐǁŝůůŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/ŶĚĞǆŽĨĚƌĂǁŝŶŐƐ͕ĂďďƌĞǀŝĂƚŝŽŶƐ͕ ƐǇŵďŽůƐĂŶĚŐĞŶĞƌĂůŶŽƚĞƐ͕ĚŝŵĞŶƐŝŽŶĞĚƐƚƌĞĞƚĂŶĚƐŝĚĞǁĂůŬĐŽŶĨŝŐƵƌĂƚŝŽŶƐ͕ĐƌŽƐƐƐĞĐƚŝŽŶƐ͕ƐŝŐŶĂůƉůĂŶ ƐŚĞĞƚƐ͕ŝŶŝƚŝĂůƐŝĚĞǁĂůŬĂŶĚĐƵƌďƌĂŵƉĚĞƐŝŐŶ͕ŝŶŝƚŝĂůƉĂǀĞŵĞŶƚĚĞƐŝŐŶ͕ďĂƐŝĐŵĂŝŶƚĞŶĂŶĐĞŽĨƚƌĂĨĨŝĐƉůĂŶƐ͕ ƉĂǀĞŵĞŶƚŵĂƌŬŝŶŐƐ͕ďŝĚƋƵĂŶƚŝƚŝĞƐ͕ƌĞƚĂŝŶŝŶŐǁĂůůůŽĐĂƚŝŽŶƐ͕ƐƚŽƌŵǁĂƚĞƌĐŽůůĞĐƚŝŽŶƚǇƉŝĐĂůĚĞƚĂŝůƐ͕ƐƚĂƚŝŽŶ ůŽĐĂƚŝŽŶƐĂŶĚĐŽŶĨŝŐƵƌĂƚŝŽŶƐ͕ƉĂƌŬͲĂŶĚͲƌŝĚĞĨĂĐŝůŝƚǇůŽĐĂƚŝŽŶƐĂŶĚĐŽŶĨŝŐƵƌĂƚŝŽŶƐ͕ƌŽĂĚǁĂǇƉůĂŶƐ͕ƐĞĐƚŝŽŶƐ ĂŶĚƚǇƉŝĐĂůĚĞƚĂŝůƐ͕ĐŽŵƉŽƐŝƚĞƵƚŝůŝƚǇƉůĂŶƐ͕ŽƚŚĞƌĂŐĞŶĐǇŝŵƉĂĐƚƐ͕ƐƚĂƚŝŽŶƐŝƚĞƉůĂŶƐĨŽƌĞĂĐŚƐƚĂƚŝŽŶ͕ĂŶĚ ĐŽŶƐƚƌƵĐƚŝŽŶůŝŵŝƚƐĂŶĚZKt͘ ͲWƌĞůŝŵŝŶĂƌǇƐƚĂƚŝŽŶĚƌĂǁŝŶŐƐǁŝůůŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/ŶĚĞǆŽĨĚƌĂǁŝŶŐƐ͕ĂďďƌĞǀŝĂƚŝŽŶƐ͕ ƐǇŵďŽůƐĂŶĚŐĞŶĞƌĂůŶŽƚĞƐ͕ƐƚĂƚŝŽŶƉůĂŶƐ͕ĞůĞǀĂƚŝŽŶƐ͕ƐĞĐƚŝŽŶƐĂŶĚƚǇƉŝĐĂůĚĞƚĂŝůƐ͕ĐŽŶƐƚƌƵĐƚŝŽŶůŝŵŝƚƐĂŶĚ ZKt͕ƚǇƉŝĐĂůĚĞƚĂŝůƐŽĨƐƚĂƚŝŽŶĨƵƌŶŝƚƵƌĞĂŶĚŽƚŚĞƌĂƌĐŚŝƚĞĐƚƵƌĂůĨĞĂƚƵƌĞƐ͕ůŽĐĂƚŝŽŶŽĨƚƌĂǀĞůƚŝŵĞĚŝƐƉůĂǇ͕ ĂŶĚůŽĐĂƚŝŽŶŽĨĨĂƌĞĐŽůůĞĐƚŝŽŶĞƋƵŝƉŵĞŶƚ͘ ϯϬ 3DFNHW3J +D ͲWƌĞůŝŵŝŶĂƌǇďƌŝĚŐĞĚƌĂǁŝŶŐƐǁŝůůŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/ŶĚĞǆŽĨĚƌĂǁŝŶŐƐ͕ĂďďƌĞǀŝĂƚŝŽŶƐ͕ ƐǇŵďŽůƐĂŶĚŐĞŶĞƌĂůŶŽƚĞƐ͕ƉƌĞůŝŵŝŶĂƌǇďƌŝĚŐĞŐĞŶĞƌĂůƉůĂŶƐ͕ĞůĞǀĂƚŝŽŶƐ͕ƐĞĐƚŝŽŶƐ͕ƉƌŽĨŝůĞƐĂŶĚĚĞƚĂŝůƐŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚDŶKdƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌϯϬйƉůĂŶƐ͕ĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶůŝŵŝƚƐĂŶĚZKt͘ Ͳ^ƵƌǀĞǇĂƐͲďƵŝůƚŝŶĨŽƌŵĂƚŝŽŶĂŶĚŵŽĚŝĨŝĐĂƚŝŽŶƐƉƌŽƉŽƐĞĚďǇƚŚĞƵƚŝůŝƚŝĞƐǁŝůůďĞƌĞǀŝĞǁĞĚƚŽĐŽŶƐŽůŝĚĂƚĞĚ ǁŝƚŚƵƚŝůŝƚǇĨŝĞůĚŵĞĂƐƵƌĞŵĞŶƚƐĐŽŵƉůĞƚĞĚďǇƚŚĞŽŶƐƵůƚĂŶƚ͘WŽƚĞŶƚŝĂůƵƚŝůŝƚǇŝŵƉĂĐƚƐĂŶĚŵŝƚŝŐĂƚŝŽŶ ƐƚƌĂƚĞŐŝĞƐǁŝůůďĞŝĚĞŶƚŝĨŝĞĚĨŽƌĞĂĐŚƵƚŝůŝƚǇƚŽďĞĂƉƉůŝĞĚĂƚƐŝƚĞͲƐƉĞĐŝĨŝĐĐŽŶĚŝƚŝŽŶƐŝŶƚŚĞĚĞƐŝŐŶƉƌŽĐĞƐƐ͘ ͲdŚĞŽŶƐƵůƚĂŶƚǁŝůůĂĐƚĂƐĂůŝĂŝƐŽŶǁŝƚŚƚŚĞĂĨĨĞĐƚĞĚƵƚŝůŝƚŝĞƐ͕ƉƌŽǀŝĚŝŶŐƚŚĞƵƚŝůŝƚǇĐŽŵŵƵŶŝĐĂƚŝŽŶĂŶĚ 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ϰ͘Ϯ'ĞŽƚĞĐŚŶŝĐĂů/ŶǀĞƐƚŝŐĂƚŝŽŶ 'ĞŽƚĞĐŚŶŝĐĂů/ŶǀĞƐƚŝŐĂƚŝŽŶ ϰ͘ϯŶĂůǇǌĞdƌĂĨĨŝĐ/ŵƉĂĐƚƐŽĨWƌŽũĞĐƚůƚĞƌŶĂƚŝǀĞ ϰ͘ϯ͘ϭŽŶĚƵĐƚƉƌĞůŝŵŝŶĂƌǇĨĂĐƚŐĂƚŚĞƌŝŶŐĂŶĚĚĂƚĂĐŽůůĞĐƚŝŽŶŶĞĞĚĞĚƚŽƐƵƉƉŽƌƚƚƌĂĨĨŝĐŝŵƉĂĐƚĂƐƐĞƐƐŵĞŶƚ ϰ͘ϯ͘ϮŽŶĚƵĐƚƉƌĞůŝŵŝŶĂƌǇĂŶĂůǇƐŝƐŽĨƚƌĂĨĨŝĐŝŵƉĂĐƚĨŝŶĚŝŶŐƐ ϰ͘ϯ͘ϯWƌĞƉĂƌĞĚƌĂĨƚƚĞĐŚŶŝĐĂůŵĞŵŽƌĂŶĚƵŵĨŽƌƌĞǀŝĞǁǁŝƚŚƉƌŽũĞĐƚĐŽŵŵŝƚƚĞĞƐ ϰ͘ϯ͘ϰZĞĨŝŶĞĂŶĂůǇƐŝƐĂŶĚƚĞĐŚŶŝĐĂůŵĞŵŽƌĂŶĚƵŵĂƐŶĞĐĞƐƐĂƌǇďĂƐĞĚŽŶĨĞĞĚďĂĐŬŽĨƉƌŽũĞĐƚĐŽŵŵŝƚƚĞĞƐ ϰ͘ϯ͘ϱWƌŽǀŝĚĞĨŽƌĨŝŶĂůĚĞůŝǀĞƌĂďůĞƐ ϰ͘ϰEWŽĐƵŵĞŶƚWƌĞƉĂƌĂƚŝŽŶ ϰ͘ϰ͘ϭůĂƐƐŽĨĂĐƚŝŽŶĚŽĐƵŵĞŶƚ ϰ͘ϰ͘ϮŶŶŽƚĂƚĞĚŽƵƚůŝŶĞ ϰ͘ϰ͘ϯWƵƌƉŽƐĞĂŶĚŶĞĞĚĂŶĚĂůƚĞƌŶĂƚŝǀĞƐĐŚĂƉƚĞƌƐ;<,Ϳ ϰ͘ϰ͘ϰŶĂůǇƐŝƐŽĨƉŽƚĞŶƚŝĂůƉƌŽũĞĐƚŽƉĞƌĂƚŝŽŶƐĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶŝŵƉĂĐƚƐ ϰ͘ϰ͘ϰ͘ϭdƌĂĨĨŝĐ͕WĂƌŬŝŶŐĂŶĚdƌĂŶƐƉŽƌƚĂƚŝŽŶ;^Z&Ϳ ϰ͘ϰ͘ϰ͘Ϯ>ĂŶĚhƐĞ͕ŽŶŝŶŐ͕ĂŶĚ^ŽĐŝŽĞĐŽŶŽŵŝĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ;^Z&Ϳ ϰ͘ϰ͘ϰ͘ϯEĞŝŐŚďŽƌŚŽŽĚƐĂŶĚŽŵŵƵŶŝƚǇZĞƐŽƵƌĐĞƐ;^Z&Ϳ ϰ͘ϰ͘ϰ͘ϰ,ŝƐƚŽƌŝĐĂŶĚƵůƚƵƌĂůZĞƐŽƵƌĐĞƐ;^ĞĐƚŝŽŶϭϬϲͿ;DĞĂĚΘ,ƵŶƚ͕dǁŽWŝŶĞƐͿ ϰ͘ϰ͘ϰ͘ϱsŝƐƵĂůĂŶĚĞƐƚŚĞƚŝĐŽŶĚŝƚŝŽŶƐ;^Z&Ϳ ϰ͘ϰ͘ϰ͘ϲZŝŐŚƚŽĨtĂǇĂŶĚĐƋƵŝƐŝƚŝŽŶƐ;^Z&Ϳ ϰ͘ϰ͘ϰ͘ϳ/ŶĚŝƌĞĐƚĂŶĚƵŵƵůĂƚŝǀĞ/ŵƉĂĐƚƐ;<,Ϳ ϰ͘ϰ͘ϰ͘ϴ^ŽŝůƐͬ'ĞŽůŽŐǇ;<,Ϳ ϰ͘ϰ͘ϰ͘ϵŝƌYƵĂůŝƚǇĂŶĚ'ƌĞĞŶŚŽƵƐĞ'ĂƐŵŝƐƐŝŽŶƐ;^Z&Ϳ ϰ͘ϰ͘ϰ͘ϭϬEŽŝƐĞĂŶĚsŝďƌĂƚŝŽŶ;^Ϳ ϰ͘ϰ͘ϰ͘ϭϭtĂƚĞƌZĞƐŽƵƌĐĞƐ;<,Ϳ ϰ͘ϰ͘ϰ͘ϭϮtŝůĚůŝĨĞĂŶĚsĞŐĞƚĂƚŝŽŶ;<,Ϳ ϰ͘ϰ͘ϰ͘ϭϯdŚƌĞĂƚĞŶĞĚĂŶĚŶĚĂŶŐĞƌĞĚ^ƉĞĐŝĞƐ;<,Ϳ ϰ͘ϰ͘ϰ͘ϭϰ,ĂǌĂƌĚŽƵƐ͕ŽŶƚĂŵŝŶĂƚĞĚĂŶĚZĞŐƵůĂƚĞĚDĂƚĞƌŝĂůƐ;<,Ϳ ϰ͘ϰ͘ϰ͘ϭϱ^ĂĨĞƚǇĂŶĚ^ĞĐƵƌŝƚǇ;<,Ϳ ϰ͘ϰ͘ϰ͘ϭϲhƚŝůŝƚŝĞƐ;^Z&Ϳ ϰ͘ϰ͘ϰ͘ϭϳŶĞƌŐǇhƐĞ;^Z&Ϳ ϰ͘ϰ͘ϰ͘ϭϴ^ĞĐƚŝŽŶϰ;ĨͿZĞƐŽƵƌĐĞƐ;WĂƌŬůĂŶĚƐĂŶĚZĞĐƌĞĂƚŝŽŶƌĞĂƐͬ^ĞĐƚŝŽŶϲ;ĨͿͿ;<,Ϳ ϰ͘ϰ͘ϰ͘ϭϵŶǀŝƌŽŶŵĞŶƚĂů:ƵƐƚŝĐĞ;^Z&Ϳ ϰ͘ϰ͘ϰ͘ϮϬŽŵŵƵŶŝƚǇŶŐĂŐĞŵĞŶƚ;^Z&Ϳ ϯϮ 3DFNHW3J +D ϰ͘ϰ͘ϱZĞƐƉŽŶĚƚŽŽŶĞ;ϭͿƌŽƵŶĚŽĨĐůŝĞŶƚĞĚŝƚƐ͕ŽŶĞ;ϭͿƌŽƵŶĚŽĨǁŽƌŬŝŶŐŐƌŽƵƉŵĞŵďĞƌĞĚŝƚƐ͕ĂŶĚƵƉƚŽƚŚƌĞĞ ;ϯͿƌŽƵŶĚƐŽĨ&dƌĞǀŝĞǁƐŽŶƚŚĞ ϰ͘ϰ͘ϲWƌĞƉĂƌĞEWͲƌĞůĂƚĞĚĐŽŶƚĞŶƚĨŽƌƉƵďůŝĐŵĞĞƚŝŶŐ;ƐͿĚƵƌŝŶŐƉƵďůŝĐĐŽŵŵĞŶƚƉĞƌŝŽĚ;ĂƚƚĞŶĚĂŶĐĞŝƐ ĂƐƐƵŵĞĚŝŶdĂƐŬϭͿ ϰ͘ϰ͘ϳŽĐƵŵĞŶƚĂŶĚƌĞƐƉŽŶĚƚŽĂůůƉƵďůŝĐĐŽŵŵĞŶƚƐƌĞĐĞŝǀĞĚŽŶƚŚĞĚƵƌŝŶŐƚŚĞĐŽŵŵĞŶƚƉĞƌŝŽĚ ϰ͘ϰ͘ϴΗWƌĞƉĂƌĞŶǀŝƌŽŶŵĞŶƚĂůĞƚĞƌŵŝŶĂƚŝŽŶĚŽĐƵŵĞŶƚ ;&KE^/ĂƐƐƵŵĞĚͿΗ ϰ͘ϰ͘ϵhWƚŽƚǁĞůǀĞ;ϭϮͿŝŶƚĞƌŶĂůĐŽŽƌĚŝŶĂƚŝŽŶŵĞĞƚŝŶŐƐĂŶĚƚǁĞůǀĞ;ϭϮͿ&dĂŶĚͬŽƌĐŽŶƐƵůƚŝŶŐƉĂƌƚǇŵĞĞƚŝŶŐƐ͘ ƐƐƵŵĞƐƵƉƚŽƐŝǆ;ϲͿŵĞĞƚŝŶŐƐŝŶƉĞƌƐŽŶĂŶĚƵƉƚŽĞŝŐŚƚĞĞŶ;ϭϴͿǀŝĂĐŽŶĨĞƌĞŶĐĞĐĂůů ϰ͘ϱWƌĞůŝŵŝŶĂƌǇĞƐŝŐŶ ϰ͘ϱ͘ϭWƌĞƉĂƌĞƉƌĞůŝŵŝŶĂƌǇĚĞƐŝŐŶĚŽĐƵŵĞŶƚƐĂŶĚĐĂůĐƵůĂƚŝŽŶƐĨŽƌƚŚĞƐĞůĞĐƚĞĚĐŽŶĐĞƉƚƐďĂƐĞĚŽŶƚĂƐŬƐŝŶ ^ĞĐƚŝŽŶϯ͗ĞƐŝŐŶ/ŶƉƵƚ ϰ͘ϱ͘ϮĞǀĞůŽƉĂŶĚƐƵďŵŝƚĂůŝƐƚŽĨƉƌŽƉŽƐĞĚĚƌĂǁŝŶŐƐ ϰ͘ϱ͘ϯĞǀĞůŽƉĂŶĚƐƵďŵŝƚĂƉƌŽƉŽƐĞĚƚĂďůĞŽĨĐŽŶƚĞŶƚƐĨŽƌƚŚĞƐƉĞĐŝĨŝĐĂƚŝŽŶƐƐĞĐƚŝŽŶƐĂŶĚŝŶĐŽƌƉŽƌĂƚĞƉƵďůŝĐ ĂŶĚƌĞŐƵůĂƚŽƌǇĂŐĞŶĐǇĐŽŵŵĞŶƚƐĂƐĚŝƌĞĐƚĞĚďǇƚŚĞŝƚǇ ϰ͘ϱ͘ϰWĞƌĨŽƌŵŝŶƚĞƌŶĂůYƵĂůŝƚǇƐƐƵƌĂŶĐĞͬYƵĂůŝƚǇŽŶƚƌŽů;YͬYͿĐŚĞĐŬƐƉƌŝŽƌƚŽƐƵďŵŝƚƚŝŶŐĚŽĐƵŵĞŶƚƐĂŶĚ ĞŶƐƵƌĞĐŽŵŵĞŶƚƐĨƌŽŵƌĞǀŝĞǁƐŚĂǀĞďĞĞŶŝŶĐŽƌƉŽƌĂƚĞĚ ϰ͘ϱ͘ϱZĞǀŝĞǁŝƚǇǁƌŝƚƚĞŶƌĞǀŝĞǁĐŽŵŵĞŶƚƐĂŶĚŵĂƌŬĞĚĚƌĂǁŝŶŐƐĞƚƐ ϰ͘ϱ͘ϲƌƌĂŶŐĞĂŶĚŚŽůĚƌĞǀŝĞǁŵĞĞƚŝŶŐƐĂƚƚŚĞƌĞƋƵĞƐƚŽĨƚŚĞŝƚǇ /ŶĐůƵĚĞƐƚŝŵĞĨŽƌƵƉƚŽƚŚƌĞĞ;ϯͿŵĞĞƚŝŶŐƐǁŝƚŚƚǁŽ;ϮͿƐƚĂĨĨŵĞŵďĞƌƐĂŶĚƚǁŽ;ϮͿŚŽƵƌƐƉĞƌŵĞĞƚŝŶŐ ϰ͘ϱ͘ϳŽŵƉŝůĞĂŶĚƉƌĞƉĂƌĞŵĞĞƚŝŶŐŵŝŶƵƚĞƐĂŶĚĚŝƐƚƌŝďƵƚĞƚŽŝƚǇƐƚĂĨĨ ϰ͘ϱ͘ϴĞǀĞůŽƉƚƌĂŶƐŝƚƚĞĐŚŶŽůŽŐǇĐŽŶĐĞƉƚƵĂůĚĞƐŝŐŶŵĞŵŽƌĂŶĚƵŵƐ ϰ͘ϱ͘ϵƚƚĞŶĚŵŽŶƚŚůǇƚĂƐŬůĞĂĚĞƌĐŽŽƌĚŝŶĂƚŝŽŶŵĞĞƚŝŶŐƐ /ŶĐůƵĚĞƐƚŝŵĞĨŽƌƵƉƚŽϭϮŵĞĞƚŝŶŐƐǁŝƚŚŽŶĞ;ϭͿƐƚĂĨĨŵĞŵďĞƌĂŶĚŽŶĞ;ϭͿŚŽƵƌƐƉĞƌŵĞĞƚŝŶŐ ϰ͘ϱ͘ϭϬWĞƌĨŽƌŵŽŶĞƐŝƚĞǀŝƐŝƚĂŶĚĚŽĐƵŵĞŶƚƉƌŽũĞĐƚĂƌĞĂǁŝƚŚƉŚŽƚŽŐƌĂƉŚƐ ϰ͘ϱ͘ϭϭZĞƐĞĂƌĐŚĂƉƉůŝĐĂďůĞZdƐƚĂƚŝŽŶĚĞƐŝŐŶƉƌĞĐĞĚĞŶƚƐĨƌŽŵŽƚŚĞƌĐŝƚŝĞƐĂŶĚƉƌĞƉĂƌĞĂŵĞŵŽƌĂŶĚƵŵ ϰ͘ϱ͘ϭϮZĞƐĞĂƌĐŚĞǆŝƐƚŝŶŐĂŶĚƉůĂŶŶĞĚůĂŶĚƵƐĞĂŶĚƉĞĚĞƐƚƌŝĂŶĂŶĚďŝĐǇĐůĞŶĞƚǁŽƌŬƐŝŶƚŚĞƉƌŽũĞĐƚǀŝĐŝŶŝƚǇ ϰ͘ϱ͘ϭϯĞǀĞůŽƉƐƚĂƚŝŽŶĚĞƐŝŐŶƉƌŝŶĐŝƉůĞƐĂŶĚƉƌŽŐƌĂŵƐ ϰ͘ϱ͘ϭϰĞǀĞůŽƉƉƌŽƚŽƚǇƉŝĐĂůZdƉůĂƚĨŽƌŵƉůĂŶ ϰ͘ϱ͘ϭϱZĞǀŝĞǁĐŽŶĐĞƉƚƵĂůƐŚĞůƚĞƌĚĞƐŝŐŶŽƉƚŝŽŶƐ ϰ͘ϱ͘ϭϲƌĞĂƚĞŝůůƵƐƚƌĂƚŝǀĞƐƚĂƚŝŽŶƐŝƚĞƉůĂŶƐ;ϵƚŽƚĂůͿ ϰ͘ϱ͘ϭϳƌĞĂƚĞƉĞƌƐƉĞĐƚŝǀĞƌĞŶĚĞƌŝŶŐƐŽĨƐƚĂƚŝŽŶƐ;ϵƚŽƚĂůͿ ϰ͘ϱ͘ϭϴĞǀĞůŽƉĂŶŝůůƵƐƚƌĂƚŝǀĞƐƚƌĞĞƚƐĐĂƉĞƉůĂŶĨŽƌϮŶĚ^ƚ͘ďĞƚǁĞĞŶϭϲƚŚǀĞ͘ĂŶĚϭϭƚŚǀĞ͘ ϰ͘ϱ͘ϭϵŽŽƌĚŝŶĂƚĞDŝŶŶĞƐŽƚĂϯ^ƵƐƚĂŝŶĂďůĞƵŝůĚŝŶŐ'ƵŝĚĞůŝŶĞƐĂŶĚĚĞǀĞůŽƉĚŽĐƵŵĞŶƚĂƚŝŽŶ͘ ϰ͘ϲhƚŝůŝƚǇŽŽƌĚŝŶĂƚŝŽŶ^ĞƌǀŝĐĞƐ ϰ͘ϲ͘ϭKďƚĂŝŶĂƐͲďƵŝůƚƐĨƌŽŵƵƚŝůŝƚŝĞƐŝŶĂƌĞĂƐĚĞƚĞƌŵŝŶĞĚƚŚĂƚŵĂǇĂĨĨĞĐƚƵƚŝůŝƚŝĞƐĂŶĚƌĞǀŝƐĞƚŚĞďĂƐĞƉůĂŶǁŝƚŚ ƵƚŝůŝƚǇŝŶĨŽƌŵĂƚŝŽŶďĂƐĞĚŽŶƚŚĞĂƐͲďƵŝůƚƐĂŶĚŵŽĚŝĨŝĐĂƚŝŽŶƐƉƌŽƉŽƐĞĚďǇƚŚĞƵƚŝůŝƚŝĞƐ ϰ͘ϲ͘ϮDĂŝŶƚĂŝŶĂƵƚŝůŝƚǇŵĂƚƌŝǆǁŚŝĐŚŝĚĞŶƚŝĨŝĞƐƚŚĞƉŽƚĞŶƚŝĂůĐŽŶĨůŝĐƚƐďǇƐƚĂƚŝŽŶůŽĐĂƚŝŽŶ͕ƚƌĂĐŬƐĐŽŽƌĚŝŶĂƚŝŽŶ ŝƐƐƵĞƐĂŶĚĚĞĐŝƐŝŽŶƐŵĂĚĞ;<,Ϳ ϰ͘ϲ͘ϯsĞƌŝĨǇĞůĞĐƚƌŝĐĂůĐĂƉĂĐŝƚǇƚŽĞŶƐƵƌĞĞǆŝƐƚŝŶŐƐĞƌǀŝĐĞŝƐĂĚĞƋƵĂƚĞĨŽƌƐƚĂƚŝŽŶĐŽŶŶĞĐƚŝŽŶŶĞĞĚƐ 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ͲŝĚĚŝŶŐŽĐƵŵĞŶƚƐŝŶůĞĐƚƌŽŶŝĐ&ŽƌŵĂƚ ϲ͘ϭ&ŝŶĂůĞƐŝŐŶĂŶĚŽŶƐƚƌƵĐƚŝŽŶƌĂǁŝŶŐƐ ϲ͘ϭ͘ϭ/ŶĐŽƌƉŽƌĂƚĞĐŽŵŵĞŶƚƐĨƌŽŵϵϬйƌĞǀŝĞǁ ϲ͘ϭ͘ϮWƌĞƉĂƌĞĂŶĚƉƌŽǀŝĚĞĂǁƌŝƚƚĞŶƌĞƐƉŽŶƐĞƚŽŝƚǇƌĞǀŝĞǁĐŽŵŵĞŶƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞϵϬйĚĞƐŝŐŶƌĞǀŝĞǁ ϲ͘ϭ͘ϯ^ĞĂůĂŶĚƐŝŐŶĂůůĚŽĐƵŵĞŶƚƐ ϲ͘ϭ͘ϰĞůŝǀĞƌďŝĚĚŝŶŐĚŽĐƵŵĞŶƚƐŽĨĂůůďŝĚƉĂĐŬĂŐĞƐƚŽŝƚǇĨŽƌƌĞƉƌŽĚƵĐƚŝŽŶ ϲ͘ϭ͘ϱƐƚŝŵĂƚĞƉŚǇƐŝĐĂůĐŽŶƐƚƌƵĐƚŝŽŶĐŽƐƚƐďĂƐĞĚŽŶϭϬϬйĚĞƐŝŐŶĚŽĐƵŵĞŶƚƐ dĂƐŬϲĞůŝǀĞƌĂďůĞƐ͗ ͲŽŶƚƌĂĐƚͲ^ƉĞĐŝĨŝĐŝĚĚŝŶŐŽĐƵŵĞŶƚƐŝŶ,ĂƌĚŽƉǇĂŶĚůĞĐƚƌŽŶŝĐ&ŽƌŵĂƚ ϳ͘ϬWƌĞͲŝĚĂŶĚŝĚĐƚŝǀŝƚŝĞƐ ƐƐƵŵƉƚŝŽŶƐ͗ ͲWƌĞͲďŝĚŵĞĞƚŝŶŐĂĐƚŝǀŝƚŝĞƐǁŝůůŝŶĐůƵĚĞĐŽŶĚƵĐƚŝŶŐƚŚĞďŝĚŽƉĞŶŝŶŐ͕ŵĂŬŝŶŐĂƉƌĞƐĞŶƚĂƚŝŽŶŽŶƚĞĐŚŶŝĐĂů ĂƐƉĞĐƚƐŽĨƚŚĞĐŽŶƚƌĂĐƚǁŽƌŬ͕ĂŶĚƌĞƐƉŽŶĚŝŶŐƚŽƚĞĐŚŶŝĐĂůƋƵĞƐƚŝŽŶƐƌĂŝƐĞĚ͘ ͲdĞĐŚŶŝĐĂůƐƉĞĐŝĨŝĐĂƚŝŽŶƐǁŝůůďĞƉƌŝŶƚĞĚŽŶϴͲϭͬϮΗďǇϭϭΗƐŚĞĞƚƐ͘KƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶƚŽďĞŝŶĐůƵĚĞĚŝŶƚŚĞ WƌŽũĞĐƚDĂŶƵĂůǁŝůůďĞƉƌŝŶƚĞĚŽŶϴͲϭͬϮΗďǇϭϭΗŽƌϭϭΗďǇϭϳΗƐŚĞĞƚƐ͘ ůŝĞŶƚĞůŝǀĞƌĂďůĞƐ͗ ͲŝĚĚŝŶŐŽĐƵŵĞŶƚƐWƌŝŶƚŝŶŐ ͲWƌŽũĞĐƚĚǀĞƌƚŝƐĞŵĞŶƚĂŶĚWůĂŶ,ŽůĚĞƌΖƐ>ŝƐƚ ͲŝĚ^ƵŵŵĂƌŝĞƐĂŶĚdĂďƵůĂƚŝŽŶƐ ϯϳ 3DFNHW3J +D Ͳ&ŝŶĂůǁĂƌĚŽĨŽŶƚƌĂĐƚƐZĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ͲEŽƚŝĐĞŽĨǁĂƌĚ ͲŽŶƐƚƌƵĐƚŝŽŶŽŶƚƌĂĐƚŽĐƵŵĞŶƚƐǆĞĐƵƚŝŽŶ 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ĂŶĚƚŽŝŶĐŽƌƉŽƌĂƚĞĂŶǇƌĞǀŝƐŝŽŶƐ͕ĐŚĂŶŐĞƐ͕ĂĚĚŝƚŝŽŶƐŽƌĚĞůĞƚŝŽŶƐŝĚĞŶƚŝĨŝĞĚďǇƚŚĞĚĞƐŝŐŶƚĞĂŵ͕ƚŚĞŝƚǇŽƌ ŽƚŚĞƌƐ ϳ͘Ϯ͘ϮDĂŝŶƚĂŝŶůŽŐƐŽĨĂŶǇƚĞůĞƉŚŽŶĞĐĂůůƐƌĞĐĞŝǀĞĚĨƌŽŵƉŽƚĞŶƚŝĂůďŝĚĚĞƌƐĂŶĚƉůĂŶŚŽůĚĞƌƐĚƵƌŝŶŐƚŚĞďŝĚ ƉĞƌŝŽĚ ϳ͘Ϯ͘ϯDĂŝŶƚĂŝŶĨŝůĞƐŽĨĂŶǇĐŽƌƌĞƐƉŽŶĚĞŶĐĞƌĞĐĞŝǀĞĚĨƌŽŵƉŽƚĞŶƚŝĂůďŝĚĚĞƌƐĂŶĚƉůĂŶŚŽůĚĞƌƐĚƵƌŝŶŐƚŚĞďŝĚ ƉĞƌŝŽĚ ϳ͘ϯWƌĞƉĂƌĞŽŶĨŽƌŵŝŶŐŽŶƐƚƌƵĐƚŝŽŶŽĐƵŵĞŶƚ^Ğƚ ϳ͘ϯ͘ϭ/ŶĐŽƌƉŽƌĂƚĞĂůůďŝĚĂĚĚĞŶĚĂŝŶƚŽƚŚĞĚƌĂǁŝŶŐƐĂŶĚƐƉĞĐŝĨŝĐĂƚŝŽŶƐ ϳ͘ϯ͘Ϯ^ĞĂůĂŶĚƐŝŐŶĂůůĚŽĐƵŵĞŶƚƐ ϳ͘ϯ͘ϯĞůŝǀĞƌĐŽŶƐƚƌƵĐƚŝŽŶĚŽĐƵŵĞŶƚƐƚŽƚŚĞŝƚǇĨŽƌƌĞƉƌŽĚƵĐƚŝŽŶ dĂƐŬϳĞůŝǀĞƌĂďůĞƐ͗ ͲWƌĞͲŝĚDĞĞƚŝŶŐŐĞŶĚĂƐ͕DĂƚĞƌŝĂůƐĂŶĚDŝŶƵƚĞƐ ͲWƌĞͲŝĚDĞĞƚŝŶŐDŝŶƵƚĞƐZĞǀŝĞǁĂŶĚŽŵŵĞŶƚƐ ͲƉƉĂƌĞŶƚ>ŽǁŝĚĚĞƌZĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ͲĚĚĞŶĚĂWƌĞƉĂƌĂƚŝŽŶ ͲŝĚĚĞƌZĞĐŽƌĚƐŽĨdĞůĞƉŚŽŶĞŽŶǀĞƌƐĂƚŝŽŶƐĂŶĚŽƌƌĞƐƉŽŶĚĞŶĐĞ Ͳ^ŝŐŶĞĚŽŶƐƚƌƵĐƚŝŽŶŽĐƵŵĞŶƚKƌŝŐŝŶĂůƐŝŶ,ĂƌĚŽƉǇĂŶĚůĞĐƚƌŽŶŝĐ&ŽƌŵĂƚ ϯϴ 3DFNHW3J +D ϴ͘Ϭ^ĞƌǀŝĐĞƐƵƌŝŶŐŽŶƐƚƌƵĐƚŝŽŶ ƐƐƵŵƉƚŝŽŶƐ͗ ͲŽŶƐƚƌƵĐƚŝŽŶŵĞĞƚŝŶŐƐǁŝůůďĞĂƐŶĞĞĚĞĚĚƵƌŝŶŐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶƉŚĂƐĞ͘dŚĞŽŶƐƵůƚĂŶƚǁŝůůďĞĂǀĂŝůĂďůĞ ďǇƚĞůĞƉŚŽŶĞŽŶĂǁĞĞŬůǇďĂƐŝƐĂƚƚŚĞƚŝŵĞŽĨĐŽŶƐƚƌƵĐƚŝŽŶŵĞĞƚŝŶŐƐǁŚĞŶĂƚƚĞŶĚĂŶĐĞŝƐŶŽƚƌĞƋƵĞƐƚĞĚ͘ ͲZ&/ƌĞƐƉŽŶƐĞƐǁŝůůďĞƉƌŽǀŝĚĞĚǁŝƚŚŝŶƚŚƌĞĞ;ϯͿĚĂǇƐƵŶůĞƐƐƐƚĂƚƵƐŝƐŵŽƌĞƵƌŐĞŶƚ͘ Ͳ^ƵďŵŝƚƚĂůƐƌĞǀŝĞǁĞĚǁŝůůŝŶĐůƵĚĞƐŚŽƉĚƌĂǁŝŶŐƐĂŶĚĐĞƌƚŝĨŝĞĚƚĞƐƚƌĞƉŽƌƚƐĂŶĚǁŝůůďĞƌĞƚƵƌŶĞĚƚŽƚŚĞŝƚǇ ĂƐĂƉƉƌŽƉƌŝĂƚĞǁŝƚŚŝŶƚĞŶ;ϭϬͿĐĂůĞŶĚĂƌĚĂǇƐŽĨƌĞĐĞŝƉƚĨƌŽŵƚŚĞĐŽŶƚƌĂĐƚŽƌ͘ ͲŝƚǇƵƚŚŽƌŝǌĞĚZĞƉƌĞƐĞŶƚĂƚŝǀĞ;ZͿǁŝůůďĞŶŽƚŝĨŝĞĚŝĨŶĞĞĚĞĚ͕ĂŶĚŝƚǇĚŝƌĞĐƚŝŽŶǁŝůůďĞŽďƚĂŝŶĞĚďĞĨŽƌĞ ƉƌŽĐĞĞĚŝŶŐǁŝƚŚĂŶǇĚĞƐŝŐŶĐŚĂŶŐĞ͘ ͲĞƐŝŐŶƐƵƉƉŽƌƚŝŶĨŽƌŵĂƚŝŽŶǁŝůůďĞĐĞƌƚŝĨŝĞĚďǇĂƉƌŽĨĞƐƐŝŽŶĂůĞŶŐŝŶĞĞƌŽƌĂƌĐŚŝƚĞĐƚ͕ĂƐĂƉƉƌŽƉƌŝĂƚĞ͕ ƌĞŐŝƐƚĞƌĞĚŝŶƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͘ ͲŚĂŶŐĞĨŝůĞƐǁŝůůďĞƵƉĚĂƚĞĚǁŝƚŚŝŶƚŚŝƌƚǇ;ϯϬͿĚĂǇƐŽĨƌĞĐĞŝƉƚŽĨƌĞǀŝƐŝŽŶĚŽĐƵŵĞŶƚƐĨƌŽŵƚŚĞZ͘ ͲhƉĚĂƚĞĚĐŽŶƚƌĂĐƚĚŽĐƵŵĞŶƚƐǁŝůůďĞƐƵďŵŝƚƚĞĚƚŽƚŚĞZǁŝƚŚŝŶĨŽƌƚǇͲĨŝǀĞ;ϰϱͿĚĂǇƐŽĨƌĞĐĞŝƉƚŽĨƌĞǀŝƐŝŽŶ ĚŽĐƵŵĞŶƚƐĨƌŽŵƚŚĞZ͘ ͲƐͲƌĞĐŽƌĚĞĚĐŽŶƚƌĂĐƚĚŽĐƵŵĞŶƚƐǁŝůůďĞƉƌĞƉĂƌĞĚĂŶĚƐƵďŵŝƚƚĞĚƚŽƚŚĞZǁŝƚŚŝŶƚŚŝƌƚǇ;ϯϬͿĚĂǇƐ ĨŽůůŽǁŝŶŐƐƵďƐƚĂŶƚŝĂůĐŽŵƉůĞƚŝŽŶŽĨĐŽŶƐƚƌƵĐƚŝŽŶ͘ ͲƐͲƌĞĐŽƌĚĞĚĐŽŶƚƌĂĐƚĚŽĐƵŵĞŶƚƐƵďŵŝƚƚĂůǁŝůůŝŶĐůƵĚĞĂůůĞůĞĐƚƌŽŶŝĐĨŝůĞƐ͕ƉƌŽĚƵĐĞĚƉĞƌŝŶĚƵƐƚƌǇƐƚĂŶĚĂƌĚƐ͘ DǇůĂƌĐŽƉŝĞƐŽĨĂůůĚƌĂǁŝŶŐƐĂŶĚƚŚƌĞĞ;ϯͿƉĂƉĞƌĐŽƉŝĞƐǁŝůůďĞƌĞƋƵŝƌĞĚ͘ ůŝĞŶƚĞůŝǀĞƌĂďůĞƐ͗ ͲWƌĞĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚŽŶƐƚƌƵĐƚŝŽŶDĞĞƚŝŶŐ>ĞĂĚĞƌƐŚŝƉ ͲDĞĞƚŝŶŐDŝŶƵƚĞƐĂŶĚŝƐƚƌŝďƵƚŝŽŶ ͲZĞƋƵĞƐƚĨŽƌ/ŶĨŽƌŵĂƚŝŽŶ;Z&/ͿŽŽƌĚŝŶĂƚŝŽŶ ͲŽŶƐƚƌƵĐƚŝŽŶKďƐĞƌǀĂƚŝŽŶ ͲŽŶƚƌĂĐƚŽƌĂŶĚŽŶƐƵůƚĂŶƚŽŵŵƵŶŝĐĂƚŝŽŶƐdƌĂŶƐŵŝƐƐŝŽŶ ͲŽŶƚƌĂĐƚŽƌ^ƵďŵŝƚƚĂů>ŽŐĂŶĚŽŽƌĚŝŶĂƚŝŽŶ ͲŽŶƐƵůƚĂŶƚZĞƐƉŽŶƐĞZĞǀŝĞǁ ͲŽŶƐƵůƚĂŶƚZĞƐƉŽŶƐĞŝƐƚƌŝďƵƚŝŽŶ Ͳ^ƵďŵŝƚƚĂů>ŽŐ ͲDĂƌŬĞĚWůĂŶƐ͕^ŬĞƚĐŚĞƐ͕EŽƚĞƐ͕ŚĂŶŐĞKƌĚĞƌƐ͕&ŝĞůĚDŽĚŝĨŝĐĂƚŝŽŶZĞĐŽƌĚƐĂŶĚŚĂŶŐĞ^ĐŚĞĚƵůĞŽƉŝĞƐ ͲĂƚĂĂŶĚZĞĐŽƌĚƐ/ŶƚĞƌƉƌĞƚĂƚŝŽŶƐƐŝƐƚĂŶĐĞ ϴ͘ϭŽŶƐƚƌƵĐƚŝŽŶĚŵŝŶŝƐƚƌĂƚŝŽŶ^ƵƉƉŽƌƚ ϴ͘ϭ͘ϭƚƚĞŶĚƉƌĞĐŽŶƐƚƌƵĐƚŝŽŶĐŽŶĨĞƌĞŶĐĞĂŶĚƉůĂŶŶŝŶŐŵĞĞƚŝŶŐƐ ϴ͘ϭ͘ϮƚƚĞŶĚƉĞƌŵŝƚŵĞĞƚŝŶŐ ϴ͘ϭ͘ϯƚƚĞŶĚƐĐŚĞĚƵůĞĚĐŽŶƐƚƌƵĐƚŝŽŶŵĞĞƚŝŶŐƐ͕ĂƐĚŝƌĞĐƚĞĚďǇƚŚĞƉƌŽũĞĐƚŵĂŶĂŐĞƌ͕ĂŶĚĐŽŶĚƵĐƚƵŶƐĐŚĞĚƵůĞĚ ƐŝƚĞǀŝƐŝƚƐĂƐƌĞƋƵĞƐƚĞĚ ϴ͘ϭ͘ϰWƌŽǀŝĚĞĂǁƌŝƚƚĞŶƌĞƐƉŽŶƐĞƚŽĂůůZ&/Ɛ ϴ͘ϭ͘ϱDĂŝŶƚĂŝŶĨŝůĞƐŽĨĂůůZ&/Ɛ ϴ͘ϭ͘ϲtŚĞŶƌĞƋƵĞƐƚĞĚďǇƚŚĞŝƚǇ͕ĐŽŵŵƵŶŝĐĂƚĞĂŶĚĐŽŽƌĚŝŶĂƚĞƐƉĞĐŝĨŝĐƉƌŽũĞĐƚŶĞĞĚƐǁŝƚŚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶ ĐŽŶƚƌĂĐƚŽƌ ϴ͘ϭ͘ϳƚƚŚĞĞŶĚŽĨƚŚĞƉƌŽũĞĐƚ͕ĐůŽƐĞŽƵƚƉƌŽũĞĐƚĨŝůĞƐ ϴ͘ϭ͘ϴZĞǀŝĞǁŽŶƚƌĂĐƚŽƌ^ĐŚĞĚƵůĞ^ƵďŵŝƚƚĂůƐ;ĂƐĞůŝŶĞ͕ZĞǀŝƐĞĚĂƐĞůŝŶĞ͕ϮϰDŽŶƚŚůǇhƉĚĂƚĞƐͿ ϯϵ 3DFNHW3J +D ϴ͘ϮZĞǀŝĞǁ^ŚŽƉƌĂǁŝŶŐ^ƵďŵŝƚƚĂůƐ 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ͲWƌĞĐŽŶƐƚƌƵĐƚŝŽŶŽŶĨĞƌĞŶĐĞ͕WůĂŶŶŝŶŐĂŶĚWĞƌŵŝƚDĞĞƚŝŶŐƚƚĞŶĚĂŶĐĞ ͲZ&/>ŽŐĂŶĚZĞƐƉŽŶƐĞƐ ͲWƌŽũĞĐƚ&ŝůĞůŽƐĞͲKƵƚ ͲŽŶƚƌĂĐƚŽƌ^ƵďŵŝƚƚĂů>ŽŐ ͲtĞĞŬůǇZhƉĚĂƚĞƐ Ͳ^ƵďŵŝƚƚĂů&ŝůĞƐDĂŝŶƚĞŶĂŶĐĞ ͲtĞĞŬůǇ^ƵďŵŝƚƚĂů^ƚĂƚƵƐZĞƉŽƌƚƐ Ͳ^ŚŽƉƌĂǁŝŶŐDĂƌŬͲhƉƐ Ͳ/ŶŝƚŝĂů>ŝƐƚŽĨ^ƵďŵŝƚƚĂůƐ ͲŚĂŶŐĞKƌĚĞƌŽĐƵŵĞŶƚKƌŝŐŝŶĂůƐĂŶĚ&ŝǀĞ;ϱͿŽƉŝĞƐ ͲZĞĐŽƌĚƌĂǁŝŶŐƐŝŶůĞĐƚƌŽŶŝĐĂŶĚ,ĂƌĚŽƉǇ&ŽƌŵĂƚ ϵ͘ϬĂƐƚdƌĂŶƐŝƚsŝůůĂŐĞWĂƌŬŝŶŐ^ƚƌƵĐƚƵƌĞ ƐƐƵŵƉƚŝŽŶƐ͗ ͲWƌĞůŝŵŝŶĂƌǇĚƌĂǁŝŶŐƐǁŝůůďĞƉƌĞƉĂƌĞĚĐŽŶƐŝƐƚĞŶƚǁŝƚŚŝŶĚƵƐƚƌǇƐƚĂŶĚĂƌĚƐĂŶĚǁŝůůŝŶĐůƵĚĞĂƐƉĂĐĞŝŶƚŚĞ ƚŝƚůĞďůŽĐŬĨŽƌƚŚĞŝƚǇƚŝƚůĞĂŶĚůŽŐŽ͘ ͲWƌŽƉŽƐĞĚĚƌĂǁŝŶŐůŝƐƚǁŝůůďĞƵƉĚĂƚĞĚŵŽŶƚŚůǇĂƚĂŵŝŶŝŵƵŵ͘ Ͳ/ĨƌĞƋƵĞƐƚĞĚďǇƚŚĞŝƚǇ͕ƌĞǀŝĞǁŵĞĞƚŝŶŐƐǁŝůůďĞŚĞůĚǁŝƚŚŝŶƚĞŶ;ϭϬͿĚĂǇƐĨƌŽŵƌĞĐĞŝƉƚŽĨĐŽŵŵĞŶƚƐ͘ ͲdŚĞYƵĂůŝƚǇDĂŶĂŐĞŵĞŶƚWůĂŶǁŝůůĞŶƐƵƌĞƚŚĂƚĂƉƌŽƉĞƌƋƵĂůŝƚǇƌĞǀŝĞǁƉƌŽĐĞƐƐǁŝůůďĞĨŽůůŽǁĞĚĂŶĚƚŚĂƚ ĞĂĐŚĚĞƐŝŐŶĚŝƐĐŝƉůŝŶĞŚĂƐĐŽŽƌĚŝŶĂƚĞĚŝƚƐĚĞƐŝŐŶĂƐƉĞĐƚƐǁŝƚŚĂůůŽƚŚĞƌĚĞƐŝŐŶĚŝƐĐŝƉůŝŶĞƐĂŶĚƚŚĂƚĂůů ϰϬ 3DFNHW3J +D ƉŽƚĞŶƚŝĂůĐŽŶĨůŝĐƚƐďĞƚǁĞĞŶĚŝƐĐŝƉůŝŶĞƐŚĂǀĞďĞĞŶĂĚĚƌĞƐƐĞĚĂŶĚĞůŝŵŝŶĂƚĞĚ͘ ͲWƌĞůŝŵŝŶĂƌǇĐŝǀŝůĚƌĂǁŝŶŐƐǁŝůůŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/ŶĚĞǆŽĨĚƌĂǁŝŶŐƐ͕ĂďďƌĞǀŝĂƚŝŽŶƐ͕ 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