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ƉƵƌƉŽƐĞŽĨŵĂŶĂŐŝŶŐĨŽƌĞƐƚƐ͕ƉƌĂŝƌŝĞƐ͕ŽƌǁŝůĚůŝĨĞŚĂďŝƚĂƚƐďǇĂŶĞŶƚŝƚǇŵĞĞƚŝŶŐĐĞƌƚŝĨŝĐĂƚŝŽŶ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ƉƌĞƐĐƌŝďĞĚďƵƌŶƚŚĂƚŚĂƐĞǆĐĞĞĚĞĚŝƚƐƉƌĞƐĐƌŝďĞĚďŽƵŶĚĂƌŝĞƐĂŶĚƌĞƋƵŝƌĞƐ ŝŵŵĞĚŝĂƚĞƐƵƉƉƌĞƐƐŝŽŶĂĐƚŝŽŶďǇĨŝƌĞƉĞƌƐŽŶŶĞůŝƐĐŽŶƐŝĚĞƌĞĚĂǁŝůĚĨŝƌĞ͘ ͞ŽŶƚƌĂĐƚŽƌ͟ ͘ƐŚĂůůŵĞĂŶƚŚĞƉƌŝŵĂƌǇĐŽŶƚƌĂĐƚŽƌͬďƵŝůĚĞƌŽƌƐƵďĐŽŶƚƌĂĐƚŽƌĨŽƌĂƉĂƌƚŝĐƵůĂƌ ĐŽŶƐƚƌƵĐƚŝŽŶƐŝƚĞĨŽƌǁŚŝĐŚĂďƵŝůĚŝŶŐƉĞƌŵŝƚŚĂƐďĞĞŶŝƐƐƵĞĚ͘ ͞ĞǀĞůŽƉĞƌ͟ ͘ƐŚĂůůŵĞĂŶƚŚĞŝŶĚŝǀŝĚƵĂůŽƌŚŝƐͬŚĞƌĚĞƐŝŐŶĞĞƚŚĂƚŝƐĚĞǀĞůŽƉŝŶŐĂƉĂƌĐĞůŽĨůĂŶĚĨŽƌ ĐŽŵŵĞƌĐŝĂůŽƌƌĞƐŝĚĞŶƚŝĂůƵƐĞ͘dŚŝƐŝŶĚŝǀŝĚƵĂůŵƵƐƚŚĂǀĞĂƐŝŐŶĞĚĞǀĞůŽƉŵĞŶƚŽŶƚƌĂĐƚǁŝƚŚ ƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘ ͞ĞƌƚŝĨŝĞĚWƌŽĨĞƐƐŝŽŶĂů͟ ͘ƐŚĂůůŵĞĂŶƉĞƌƐŽŶŽƌĐŽŵƉĂŶǇͬďƵƐŝŶĞƐƐǁŚŽŝƐĐĞƌƚŝĨŝĞĚŝŶƚŚĞƐƚĂƚĞŽĨ DŝŶŶĞƐŽƚĂĂƐĂDEĞƌƚŝĨŝĞĚWƌĞƐĐƌŝďĞĚƵƌŶĞƌ͕ŽƌŝƐĂďůĞƚŽďĞƌĞĐŽŐŶŝǌĞĚĂƐŚĂǀŝŶŐƉƌŝŽƌ ůĞĂƌŶŝŶŐĂŶĚĞǆƉĞƌŝĞŶĐĞŽŶƚŚĞDEWƌĞƐĐƌŝďĞĚƵƌŶĞƌ^ĐŽƌĞĂƌĚ͘ ͞ŝƌƵƌƚĂŝŶĞƐƚƌƵĐƚŽƌ͟ &͘ŝƐĚĞĨŝŶĞĚĂƐĂƉŽƌƚĂďůĞŽƌƐƚĂƚŝŽŶĂƌǇĐŽŵďƵƐƚŝŽŶĚĞǀŝĐĞƚŚĂƚĚŝƌĞĐƚƐĂ ƉůĂŶĞŽĨŚŝŐŚǀĞůŽĐŝƚǇĨŽƌĐĞĚĚƌĂĨƚĂŝƌƚŚƌŽƵŐŚĂŵĂŶŝĨŽůĚŚĞĂĚŝŶƚŽĂďƵƌŶĐŚĂŵďĞƌǁŝƚŚǀĞƌƚŝĐĂů ϭ 3DFNHW3J )E ŝƚǇŽĨZŽĐŚĞƐƚĞƌ KƉĞŶƵƌŶWŽůŝĐǇ KĐƚŽďĞƌϭ͕ϮϬϮϬ ǁĂůůƐŝŶƐƵĐŚĂŵĂŶŶĞƌĂƐƚŽŵĂŝŶƚĂŝŶĂĐƵƌƚĂŝŶŽĨĂŝƌŽǀĞƌƚŚĞƐƵƌĨĂĐĞŽĨƚŚĞďƵƌŶĐŚĂŵďĞƌĂŶĚ ĂƌĞĐŝƌĐƵůĂƚŝŶŐŵŽƚŝŽŶŽĨĂŝƌƵŶĚĞƌƚŚĞĐƵƌƚĂŝŶ͘ WŽůŝĐǇZĞƋƵŝƌĞŵĞŶƚ ůůŽƉĞŶďƵƌŶŝŶŐǁŝƚŚŝŶƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌƌĞƋƵŝƌĞƐĂƉƉƌŽǀĂůďǇ&ŝƌĞĞƉĂƌƚŵĞŶƚWĞƌŵŝƚ͘ KƉĞŶƵƌŶWĞƌŵŝƚƐŝƐƐƵĞĚǁŝƚŚŝŶƚŚĞŝƚǇ ͘sĞŐĞƚĂƚŝŽŶDĂŶĂŐĞŵĞŶƚ͗ƚŚĞƌĞĂƌĞĂŶƵŵďĞƌŽĨĐŽŶƚƌŽůůĞĚďƵƌŶƐĨŽƌŵĂŶĂŐĞŵĞŶƚŽĨ ǀĞŐĞƚĂƚŝŽŶ͘͞WƌĂŝƌŝĞƌĞƐƚŽƌĂƚŝŽŶ͟ďƵƌŶŝŶŐŝƐĂΗWƌĞƐĐƌŝďĞĚďƵƌŶΗĐŽŶĚƵĐƚĞĚďǇĐĞƌƚŝĨŝĞĚ ƉƌŽĨĞƐƐŝŽŶĂůƐƚŽƌĞƐƚŽƌĞŶĂƚƵƌĂůŐƌĂƐƐĞƐĂŶĚƉůĂŶƚůŝĨĞ͘͞tŽŽĚůĂŶĚƌĞƐƚŽƌĂƚŝŽŶ͟ďƵƌŶŝŶŐŝƐ ďƵƌŶŝŶŐĐŽŶĚƵĐƚĞĚďǇƉƌŽĨĞƐƐŝŽŶĂůƐŝŶĂǁŽŽĚůĂŶĚĂƌĞĂƚŽĐŽŶƚƌŽůŝŶǀĂƐŝǀĞƉůĂŶƚŐƌŽǁƚŚƐƵĐŚĂƐ ďƵĐŬƚŚŽƌŶ͘ůůĞĨĨŽƌƚƐƚŽƌĞŵŽǀĞƌĞƐƵůƚŝŶŐďƌƵƐŚĂŶĚĚĞďƌŝƐĨƌŽŵƚŚĞƐŝƚĞƚŽĂůĂŶĚĨŝůůƐŚĂůůďĞ ĐŽŶĚƵĐƚĞĚďĞĨŽƌĞďƵƌŶŝŶŐŝƐĂůůŽǁĞĚĂƚƚŚĞƐŝƚĞ͘ ͘>ĂŶĚĞǀĞůŽƉŵĞŶƚ͗ŝƐƚŚĞĐŽŶǀĞƌƐŝŽŶŽĨƌĂǁůĂŶĚŝŶƚŽĐŽŶƐƚƌƵĐƚŝŽŶƌĞĂĚǇŚŽƵƐŝŶŐ͕ĐŽŵŵĞƌĐŝĂů͕ ŽƌŝŶĚƵƐƚƌŝĂůďƵŝůĚŝŶŐƐŝƚĞƐ͘dŚĞůĂŶĚĚĞǀĞůŽƉŵĞŶƚƉƌŽĐĞƐƐŝŶǀŽůǀĞƐŝŵƉƌŽǀĞŵĞŶƚƐƚŚĂƚŚĂǀĞ ŝŶĚĞĨŝŶŝƚĞůŝĨĞ͕ƐƵĐŚĂƐĚƌĂŝŶŝŶŐ͕ĞǆĐĂǀĂƚŝŶŐ͕ŐƌĂĚŝŶŐ͕ƉĂǀŝŶŐ͕ĚƌŝǀĞǁĂǇƐ͕ƉĂƌŬŝŶŐƐƉĂĐĞƐ͕ ƉĂǀĞŵĞŶƚƐĞƚĐ͘͘͘dŽĚŝƐƉŽƐĞŽĨĂůůͲŶĂƚƵƌĂůůĂŶĚĚĞďƌŝƐ͕ĐŽŶƚƌĂĐƚŽƌƐŚĂǀĞƚŚĞĨŽůůŽǁŝŶŐƚǁŽ ŽƉƚŝŽŶƐ͗ x&ŽƌƉƌŽƉĞƌƚŝĞƐůĞƐƐƚŚĂŶϱĂĐƌĞƐŝŶƐŝǌĞ͕ďƵƌŶĂůůĚƌŝĞĚǁŽŽĚŝŶƉŝůĞƐŶŽƚĞǆĐĞĞĚŝŶŐϭϬϬϬ ĐƵďŝĐĨĞĞƚ;ĞǆĂŵƉůĞ͗ϭϬ͛ǆϭϬ͛ǆϭϬ͛ŚŝŐŚͿǁŝƚŚϭϬϬ͛ŽĨƐĞƉĂƌĂƚŝŽŶďĞƚǁĞĞŶƉŝůĞƐĂŶĚϭϬϬ͛ ĂǁĂǇĨƌŽŵĂŶǇƐƚƌƵĐƚƵƌĞƐĂŶĚǁŽŽĚĞĚůĂŶĚ͘&ŽƌƉƌŽƉĞƌƚŝĞƐŐƌĞĂƚĞƌƚŚĂŶϱĂĐƌĞƐŝŶƐŝǌĞ͕ ďƵƌŶĂůůĚƌŝĞĚǁŽŽĚŝŶƉŝůĞƐŶŽƚĞǆĐĞĞĚŝŶŐϰϬϬϬĐƵďŝĐĨĞĞƚ;ĞǆĂŵƉůĞ͗ϮϬ͛ǆϮϬ͛ǆϭϬ͛ŚŝŐŚͿ ǁŝƚŚϭϬϬ͛ŽĨƐĞƉĂƌĂƚŝŽŶďĞƚǁĞĞŶƉŝůĞƐĂŶĚϭϬϬ͛Ăǁ ĂǇĨƌŽŵĂŶǇƐƚƌƵĐƚƵƌĞƐŽƌǁŽŽĚĞĚ ůĂŶĚ͘dŚĞƐĞƉŝůĞƐŵĂǇŶŽƚĐŽŶƚĂŝŶƌŽŽƚďĂůůƐ͕ŐƌĞĞŶǁŽŽĚŽƌǁĞƚĨƵĞůƐ͘>ŝŵŝƚŝŶŐƉŝůĞƐŝǌĞ ĂůůŽǁƐƚŚĞĂďŝůŝƚǇƚŽĞǆƚŝŶŐƵŝƐŚƚŚĞĨŝƌĞŝĨǁĞĂƚŚĞƌĐŽŶĚŝƚŝŽŶƐĐŚĂŶŐĞƵŶĞǆƉĞĐƚĞĚůǇ͘ ƵƌŶŝŶŐŽĨƚŚĞƐĞƉŝůĞƐĚŽĞƐƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůŵĂŶĂŐĞŵĞŶƚĂŶĚĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨǁŝŶĚ ĂŶĚǁĞĂƚŚĞƌ͘ x hƐĞŝƌƵƌƚĂŝŶĞƐƚƌƵĐƚŽƌ;Ϳ͛͘ƐƉƌŽĚƵĐĞůŽǁĞƌƐŵŽŬĞĞŵŝƐƐŝŽŶƐŽǀĞƌƚŚĞĐŝƚǇĂƐ ĐŽŵƉĂƌĞĚƚŽƉŝůĞďƵƌŶŝŶŐ͕ďƵƌŶĂŐƌĞĂƚĞƌǀĂƌŝĞƚǇŽĨŵĂƚĞƌŝĂů͕ƌĞĚƵĐĞĨŝƌĞƌŝƐŬĂŶĚ ŽƵƚďƌĞĂŬŽĨŝŶƐĞĐƚƉƌŽďůĞŵƐ͕ĞĂƐŝůǇĐŽŶƚĂŝŶƚŚĞĨŝƌĞ͕ĂŶĚĂůůŽǁĨŝƌĞƚŽďĞƋƵŝĐŬůǇ ĞǆƚŝŶŐƵŝƐŚĞĚŝĨŶĞĐĞƐƐĂƌǇ͘dŚĞǇĐĂŶďĞƵƐĞĚĂŶǇƚŝŵĞĂŶĚĂƌĞŶŽƚƌĞƐƚƌŝĐƚĞĚďǇǁŝŶĚ ǀĞůŽĐŝƚǇ͕ƚĞŵƉĞƌĂƚƵƌĞŽƌĂƚŵŽƐƉŚĞƌŝĐƐƚĂďŝůŝƚǇ͖ŶŽƌĚŽƚŚĞǇƌĞůǇŽŶĨĂǀŽƌĂďůĞǁĞĂƚŚĞƌ ĐŽŶĚŝƚŝŽŶƐ͘ ͘EĂƚƵƌĂůĚŝƐĂƐƚĞƌĚĞĐůĂƌĂƚŝŽŶŽƌĞŵĞƌŐĞŶĐǇĚĞĐůĂƌĞĚďǇƚŚĞDĂǇŽƌ͘ Ϯ 3DFNHW3J )E ŝƚǇŽĨZŽĐŚĞƐƚĞƌ KƉĞŶƵƌŶWŽůŝĐǇ KĐƚŽďĞƌϭ͕ϮϬϮϬ KƉĞŶƵƌŶŝŶŐWĞƌŵŝƚZĞƋƵŝƌĞŵĞŶƚƐ ůůŽƉĞŶďƵƌŶŝŶŐƐŚĂůůďĞĂƵƚŚŽƌŝǌĞĚďǇƚŚĞ&ŝƌĞDĂƌƐŚĂůŽƌ&ŝƌĞŽĚĞKĨĨŝĐŝĂůǁŝƚŚĂǁƌŝƚƚĞŶƉĞƌŵŝƚ͘ ͘WĞƌŵŝƚƐĂƌĞŽŶůǇǀĂůŝĚĨŽƌĂƉĞƌŝŽĚŽĨŽŶĞŵŽŶƚŚƵŶůĞƐƐƐƉĞĐŝĨŝĞĚŽƚŚĞƌǁŝƐĞĂŶĚƚŚĞĞĨĨĞĐƚŝǀĞ ĚĂƚĞ;ƐͿĨŽƌŽƉĞŶďƵƌŶŝŶŐƐŚĂůůĂƉƉĞĂƌŽŶƚŚĞƉĞƌŵŝƚĨŽƌŵ͘ ͘dŚĞƉĞƌŵŝƚŝƐŶŽƚƚƌĂŶƐĨĞƌĂďůĞƚŽĂŶŽƚŚĞƌƉĞƌƐŽŶŽƌƉƌŽƉĞƌƚǇ͘ƐŝŶŐůĞƉĞƌŵŝƚŵĂǇŶŽƚďĞƵƐĞĚ ĂĐƌŽƐƐŵƵůƚŝƉůĞƉƌŽƉĞƌƚŝĞƐ͘ ͘WĞƌŵŝƚƐĨŽƌŽƉĞŶďƵƌŶŝŶŐŵƵƐƚďĞĂǀĂŝůĂďůĞŽŶƚŚĞƐŝƚĞ͘ ͘dŚĞŚŽůĚĞƌŽĨƚŚĞƉĞƌŵŝƚŵƵƐƚĐĂůůϱϬϳͲϯϮϴͲϮϴϯϬďĞĨŽƌĞƐƚĂƌƚŝŶŐĂŶǇďƵƌŶƚŽǀĞƌŝĨǇƚŚĂƚƚŚĞ ƉĞƌŵŝƚŝƐǀĂůŝĚĨŽƌƚŚĂƚĚĂǇ͘ ͘ůůŵĂƚĞƌŝĂůƚŽďĞďƵƌŶĞĚŵƵƐƚďĞĚƌǇĂŶĚŝŶĂůůŽƚŚĞƌƌĞƐƉĞĐƚƐďĞŝŶĂƐƚĂƚĞƚŽƐƵƐƚĂŝŶŐŽŽĚ ĐŽŵďƵƐƚŝŽŶ͘dŚŝƐĞǆĐůƵĚĞƐƚŚĞďƵƌŶŝŶŐŽĨƌŽŽƚďĂůůƐ͕ŐƌĞĞŶǁŽŽĚ͕ŽƌǁĞƚĨƵĞůƐ͘ǆĐĞƉƚŝŽŶŝƐƵƐĞ ŽĨŝƌƵƌƚĂŝŶĞƐƚƌƵĐƚŽƌƐĨŽƌƌŽŽƚďĂůůƐ͕ŐƌĞĞŶǁŽŽĚ͕ŽƌǁĞƚĨƵĞůƐ͘ &͘dŚĞŐƌĂŶƚŝŶŐŽĨĂŶŽƉĞŶďƵƌŶŝŶŐƉĞƌŵŝƚƐŚĂůůŝŶŶŽǁĂǇƌĞůŝĞǀĞƚŚĞƉĞƌƐŽŶƌĞƐƉŽŶƐŝďůĞĨŽƌƐƵĐŚ ďƵƌŶŝŶŐĨƌŽŵƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨŽďƚĂŝŶŝŶŐƌĞƋƵŝƌĞĚƉĞƌŵŝƚƐĨƌŽŵŽƚŚĞƌĂŐĞŶĐŝĞƐ͕ŽƌƚŚĞ ĐŽŶƐĞƋƵĞŶĐĞƐŽƌĚĂŵĂŐĞƐ͕ŝŶũƵƌŝĞƐ͕ŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƐƵĐŚďƵƌŶŝŶŐ͘ '͘dŚĞƉĂƌƚǇĐŽŶĚƵĐƚŝŶŐƚŚĞďƵƌŶŝŶŐŵƵƐƚĐŽŶƐƚĂŶƚůǇĂƚƚĞŶĚƚŚĞďƵƌŶŝŶŐŵĂƚĞƌŝĂů;D^&ϯϬϳ͘ϱͿ͘ ,͘dŚĞƌĞƐƉŽŶƐŝďůĞƉĂƌƚǇŵƵƐƚŚĂǀĞĂŶĂĐĐĞƉƚĂďůĞůĞǀĞůŽĨĨŝƌĞĞǆƚŝŶŐƵŝƐŚŝŶŐĞƋƵŝƉŵĞŶƚƉƌĞƐĞŶƚ ĂŶĚďĞŬŶŽǁůĞĚŐĞĂďůĞŝŶƚŚĞƵƐĞŽĨƐƵĐŚ͘͞&ŝƌĞǆƚŝŶŐƵŝƐŚŝŶŐƋƵŝƉŵĞŶƚ͟ƐŚĂůůŵĞĂŶĂŵŝŶŝŵƵŵ ŽĨŽŶĞƉŽƌƚĂďůĞĨŝƌĞĞǆƚŝŶŐƵŝƐŚĞƌǁŝƚŚĂŵŝŶŝŵƵŵϰͲƌĂƚŝŶŐŽƌŽƚŚĞƌĂƉƉƌŽǀĞĚŽŶƐŝƚĞĨŝƌĞͲ ĞǆƚŝŶŐƵŝƐŚŝŶŐĞƋƵŝƉŵĞŶƚ͕ƐƵĐŚĂƐĚŝƌƚ͕ƐĂŶĚ͕ǁĂƚĞƌďĂƌƌĞů͕ŐĂƌĚĞŶŚŽƐĞŽƌǁĂƚĞƌƚƌƵĐŬ͕ĂǀĂŝůĂďůĞ ĨŽƌŝŵŵĞĚŝĂƚĞƵƚŝůŝǌĂƚŝŽŶ;D^&ϯϬϳ͘ϱͿ͘ ůůŽƉĞŶďƵƌŶŝŶŐƐŚĂůůŵĞĞƚƚŚĞĨŽůůŽǁŝŶŐůŽĐĂƚŝŽŶĂŶĚƐŝǌĞƌĞƋƵŝƌĞŵĞŶƚƐ ͘dŚĞƐŝƚĞŽĨƐƵĐŚďƵƌŶŝŶŐŵĂǇŶŽƚďĞůŽĐĂƚĞĚŶĞĂƌĞƌƚŚĂŶŽŶĞͲŚĂůĨŵŝůĞƚŽĂŶĂŝƌƉŽƌƚ͕ŚŽƐƉŝƚĂů͕ ŶƵƌƐŝŶŐŚŽŵĞ͕ƐĐŚŽŽů͕ĂŶĚǁŝůĚůŝĨĞĂƌĞĂ͘ ͘dŚĞƐŝƚĞŽĨƐƵĐŚďƵƌŶŝŶŐŝƐŶŽƚŶĞĂƌĞƌƚŚĂŶĨŝǀĞŚƵŶĚƌĞĚ;ϱϬϬͿĨĞĞƚƚŽĂŶǇƌĞŐŝƐƚĞƌĞĚƐĂŶŝƚĂƌǇ ůĂŶĚĨŝůů͕ŽƌŽƚŚĞƌůĂŶĚĚŝƐƉŽƐĂůƐŝƚĞƐĨŽƌĐŽŵďƵƐƚŝďůĞƐŽůŝĚǁĂƐƚĞ͕ŽƌŽƚŚĞƌƐŝŵŝůĂƌĨĂĐŝůŝƚŝĞƐ͘ ͘KƉĞŶďƵƌŶŝŶŐĐĂŶŶŽƚďĞůŽĐĂƚĞĚĐůŽƐĞƌƚŚĂŶŽŶĞŚƵŶĚƌĞĚ;ϭϬϬͿĨĞĞƚƚŽĂŶǇƐƚƌƵĐƚƵƌĞ͘ ͘ƵƌŶŝŶŐŵĂǇŶŽƚďĞůŽĐĂƚĞĚĐůŽƐĞƌƚŚĂŶŽŶĞŚƵŶĚƌĞĚ;ϭϬϬͿĨĞĞƚƚŽĂŶǇǁŽŽĚĞĚůĂŶĚ͘ ϯ 3DFNHW3J )E ŝƚǇŽĨZŽĐŚĞƐƚĞƌ KƉĞŶƵƌŶWŽůŝĐǇ KĐƚŽďĞƌϭ͕ϮϬϮϬ ͘&ŽƌƉƌŽƉĞƌƚŝĞƐůĞƐƐƚŚĂŶϱĂĐƌĞƐŝŶƐŝǌĞ͕ďƵƌŶĂůůĚƌŝĞĚǁŽŽĚŝŶƉŝůĞƐŶŽƚĞǆĐĞĞĚŝŶŐϭϬϬϬĐƵďŝĐ ĨĞĞƚ;ĞǆĂŵƉůĞ͗ϭϬ͛ǆϭϬ͛ǆϭϬ͛ŚŝŐŚͿ͘&ŽƌƉƌŽƉĞƌƚŝĞƐŐƌĞĂƚĞƌƚŚĂŶϱĂĐƌĞƐŝŶƐŝǌĞ͕ďƵƌŶĂůůĚƌŝĞĚ ǁŽŽĚŝŶƉŝůĞƐŶŽƚĞǆĐĞĞĚŝŶŐϰϬϬϬĐƵďŝĐĨĞĞƚ;ĞǆĂŵƉůĞ͗ϮϬ͛ǆϮϬ͛ǆϭϬ͛Ś ŝŐŚͿ͘ &͘ŵŝŶŝŵƵŵŽĨϭϬϬ͛ŽĨƐĞƉĂƌĂƚŝŽŶďĞƚǁĞĞŶƉŝůĞƐŽŶĂůůƐŝƚĞĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚƐ͘ ǆĐĞƉƚŝŽŶƚŽƵƌŶWĞƌŵŝƚZĞƋƵŝƌĞŵĞŶƚƐ ƵƌŶŝŶŐŵĂǇďĞĐŽŶĚƵĐƚĞĚƵŶĚĞƌƚŚĞĨŽůůŽǁŝŶŐĐŽŶĚŝƚŝŽŶƐǁŝƚŚŽƵƚĂƵƌŶWĞƌŵŝƚ͕ƉƌŽǀŝĚĞĚƚŚĂƚŶŽ ĐŽŵƉůĞƚĞŽƉĞŶďƵƌŶŝŶŐďĂŶŚĂƐďĞĞŶŝƐƐƵĞĚďǇƚŚĞEZŽƌ&ŝƌĞDĂƌƐŚĂů͘ ͘&ŝƌĞƐƐĞƚĨŽƌƚƌĂŝŶŝŶŐĂŶĚŝŶƐƚƌƵĐƚŝŽŶŽĨƉƵďůŝĐŽƌƉƌŝǀĂƚĞĨŝƌĞͲĨŝŐŚƚŝŶŐƉĞƌƐŽŶŶĞů͘ ͘&ŝƌĞƐƐĞƚĂƚƚŚĞĚŝƌĞĐƚŝŽŶŽĨƌĞƐƉŽŶƐŝďůĞĨŝƌĞĐŽŶƚƌŽůĂŐĞŶĐŝĞƐĨŽƌƚŚĞƉƌĞǀĞŶƚŝŽŶ͕ĞůŝŵŝŶĂƚŝŽŶ͕Žƌ ƌĞĚƵĐƚŝŽŶŽĨĂĨŝƌĞŚĂǌĂƌĚ͘ ͘^ŵŽŬĞůĞƐƐĨůĂƌĞƐŽƌƐĂĨĞƚǇĨůĂƌĞƐĨŽƌƚŚĞĐŽŵďƵƐƚŝŽŶŽĨǁĂƐƚĞŐĂƐƐĞƐ͘ ͘&ŝƌĞƐƐĞƚĂƚƚŚĞĚŝƌĞĐƚŝŽŶŽĨůĂǁĞŶĨŽƌĐĞŵĞŶƚĂŐĞŶĐŝĞƐ͕ŽƌĐŽƵƌƚƐ͕ĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨĚĞƐƚƌƵĐƚŝŽŶ ŽĨĐŽŶƚƌŽůůĞĚƐƵďƐƚĂŶĐĞƐĂŶĚŝůůĞŐĂůĚƌƵŐƐƐĞŝǌĞĚĂƐĐŽŶƚƌĂďĂŶĚ͘ ͘KƉĞŶďƵƌŶŝŶŐĚŽĞƐŶŽƚŝŶĐůƵĚĞƌĞĐƌĞĂƚŝŽŶĂůĨŝƌĞƐ͕ƌŽĂĚĨůĂƌĞƐ͕ŽƌĚĞǀŝĐĞƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐĂĨĞƚǇ ŽƌŽĐĐƵƉĂƚŝŽŶĂůƵƐĞƐƚǇƉŝĐĂůůǇĐŽŶƐŝĚĞƌĞĚŽƉĞŶĨůĂŵĞƐ͕ƐƵĐŚĂƐƐŵƵĚŐĞƉŽƚƐ͘ EƵŝƐĂŶĐĞ͕,ĂǌĂƌĚŽƵƐŽƌKďũĞĐƚŝŽŶĂďůĞ&ŝƌĞƐ dŚĞĨŝƌĞĐŽĚĞŽĨĨŝĐŝĂůŝƐĂƵƚŚŽƌŝǌĞĚƚŽŽƌĚĞƌƚŚĞĞǆƚŝŶŐƵŝƐŚŵĞŶƚŽĨŽƉĞŶďƵƌŶŝŶŐƚŚĂƚĐƌĞĂƚĞƐŽƌĂĚĚƐƚŽĂ ŚĂǌĂƌĚŽƵƐŽƌŽďũĞĐƚŝŽŶĂďůĞƐŝƚƵĂƚŝŽŶ;D^&ϯϬϳ͘ϯͿ͘ WƌŽŚŝďŝƚŝŽŶƐ KƉĞŶďƵƌŶŝŶŐƉƌŽŚŝďŝƚŝŽŶƐƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐƐĞĐƚŝŽŶĂƌĞŝŶĞĨĨĞĐƚĂƚĂůůƚŝŵĞƐŽĨƚŚĞǇĞĂƌ͘ ͘EŽƉĞƌƐŽŶƐŚĂůůĐŽŶĚƵĐƚ͕ĐĂƵƐĞ͕ŽƌƉĞƌŵŝƚŽƉĞŶďƵƌŶŝŶŐĚƵƌŝŶŐĂďƵƌŶŝŶŐďĂŶƉƵƚŝŶƚŽĞĨĨĞĐƚďǇĂ ůŽĐĂůĂƵƚŚŽƌŝƚǇ͕ĐŽƵŶƚǇ͕ŽƌĂƐƚĂƚĞĂŐĞŶĐǇ͘ĂŝůǇŝŶĨŽƌŵĂƚŝŽŶĐĂŶďĞĨŽƵŶĚŽŶƚŚĞEZǁĞďƐŝƚĞ Ăƚ͗ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĚŶƌ͘ƐƚĂƚĞ͘ŵŶ͘ƵƐͬĨŽƌĞƐƚƌǇͬĨŝƌĞͬĨŝƌĞƌĂƚŝŶŐͺƌĞƐƚƌŝĐƚŝŽŶƐ͘Śƚŵů EŽĨŝƌĞƐŚĂůůďĞŝŐŶŝƚĞĚƵŶůĞƐƐƚŚĞDEWŽůůƵƚŝŽŶŽŶƚƌŽůŐĞŶĐǇƌĂƚĞƐƚŚĞĐƵƌƌĞŶƚĂŝƌƋƵĂůŝƚǇĂƐ ͞'ŽŽĚ͘͟WĞƌŵŝƚŚŽůĚĞƌƐĂƌĞƌĞƋƵŝƌĞĚƚŽƐĞĞŬĐƵƌƌĞŶƚĂŝƌƋƵĂůŝƚǇƐƚĂƚƵƐĨŽƌZŽĐŚĞƐƚĞƌďĞĨŽƌĞ ŝŐŶŝƚŝŶŐƚŚĞĨŝƌĞ͘ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƉĐĂ͘ƐƚĂƚĞ͘ŵŶ͘ƵƐͬĂŝƌͬĐƵƌƌĞŶƚͲĂŝƌͲƋƵĂůŝƚǇ ͘EŽĨŝƌĞƐŚĂůůďĞŝŐŶŝƚĞĚƵŶůĞƐƐƚŚĞƉƌĞĚŝĐƚĞĚǁŝŶĚĚŝƌĞĐƚŝŽŶŝƐĨĂǀŽƌĂďůĞƚŽƚŚĂƚĚĞƐŝŐŶĂƚĞĚŝŶƚŚĞ ƉĞƌŵŝƚ͘WůĞĂƐĞĐŽŶƐƵůƚǁĞĂƚŚĞƌĨŽƌĞĐĂƐƚĨŽƌϮϬĨŽŽƚǁŝŶĚƉƌĞĚŝĐƚŝŽŶƐƉƌŝŽƌƚŽŝŐŶŝƚŝŶŐƚŚĞĨŝƌĞ͘ ŚƚƚƉƐ͗ͬͬĨŽƌĞĐĂƐƚ͘ǁĞĂƚŚĞƌ͘ŐŽǀͬƉƌŽĚƵĐƚ͘ƉŚƉ͍ƐŝƚĞсZyΘŝƐƐƵĞĚďǇсZyΘƉƌŽĚƵĐƚс&t&ΘĨŽƌŵĂƚсƚǆƚ ΘǀĞƌƐŝŽŶсϭΘŐůŽƐƐĂƌǇсϭ ϰ 3DFNHW3J )E ŝƚǇŽĨZŽĐŚĞƐƚĞƌ KƉĞŶƵƌŶWŽůŝĐǇ KĐƚŽďĞƌϭ͕ϮϬϮϬ ͘EŽƉĞƌƐŽŶƐŚĂůůĐŽŶĚƵĐƚ͕ĐĂƵƐĞ͕ŽƌƉĞƌŵŝƚŽƉĞŶďƵƌŶŝŶŐŽĨ͗ x dŝƌĞƐĂŶĚŽƚŚĞƌƌƵďďĞƌƉƌŽĚƵĐƚƐ͕ǀŝŶǇůƐŚŝŶŐůĞƐĂŶĚƐŝĚŝŶŐ͕ŽƚŚĞƌƉůĂƐƚŝĐƐ͕ĐŚĞŵŝĐĂůůǇ ƚƌĞĂƚĞĚŵĂƚĞƌŝĂůƐ͕ĂƐƉŚĂůƚƐŚŝŶŐůĞƐĂŶĚŽƚŚĞƌĂƐƉŚĂůƚƌŽŽĨŝŶŐŵĂƚĞƌŝĂůƐ͕ĂƐďĞƐƚŽƐ ĐŽŶƚĂŝŶŝŶŐŵĂƚĞƌŝĂůƐ͕ƉůǇǁŽŽĚ͕ĨŝďĞƌďŽĂƌĚ͕ƉĂƌƚŝĐůĞďŽĂƌĚ͕ƉĂŶĞůŝŶŐ͕ǁŝƌŝŶŐ͕ƉĂŝŶƚ͕ƉĂŝŶƚ ĨŝůƚĞƌƐ͕ǁŽŽĚƚƌĞĂƚĞĚƚŽƉƌĞǀĞŶƚŝŶƐĞĐƚŽƌƌŽƚĚĂŵĂŐĞĂŶĚͬŽƌĨĂůůĞŶůĞĂǀĞƐ;DE^ƚĂƚƵƚĞ ϴϴ͘ϭϳϭͿ͘ x,ĂǌĂƌĚŽƵƐǁĂƐƚĞĂƐĚĞĨŝŶĞĚŝŶDE^ƚĂƚƵƚĞƐĞĐƚŝŽŶϭϭϲ͘Ϭϲ͘ x/ŶĚƵƐƚƌŝĂůƐŽůŝĚǁĂƐƚĞŐĞŶĞƌĂƚĞĚĨƌŽŵĂŶŝŶĚƵƐƚƌŝĂůŽƌŵĂŶƵĨĂĐƚƵƌŝŶŐƉƌŽĐĞƐƐŽƌĨƌŽŵĂ ƐĞƌǀŝĐĞ͘ xƵŝůĚŝŶŐŵĂƚĞƌŝĂůŐĞŶĞƌĂƚĞĚĨƌŽŵĚĞŵŽůŝƚŝŽŶŽĨĐŽŵŵĞƌĐŝĂůŽƌŝŶƐƚŝƚƵƚŝŽŶĂůƐƚƌƵĐƚƵƌĞƐ͘ ĨĂƌŵďƵŝůĚŝŶŐŝƐŶŽƚĂĐŽŵŵĞƌĐŝĂůƐƚƌƵĐƚƵƌĞ͘ xŝƐĐĂƌĚĞĚŵĂƚĞƌŝĂůƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞŚĂŶĚůŝŶŐ͕ƉƌŽĐĞƐƐŝŶŐ͕ƐƚŽƌĂŐĞ͕ƉƌĞƉĂƌĂƚŝŽŶ͕ ƐĞƌǀŝŶŐ͕ŽƌĐŽŶƐƵŵƉƚŝŽŶŽĨĨŽŽĚ͘ x DŽƚŽƌǀĞŚŝĐůĞƐĨŽƌƉƌŽĐĞƐƐŝŶŐďǇŽƉĞŶďƵƌŶŝŶŐ͘ ͘&ŝƌĞƐŵƵƐƚŶŽƚďĞĂůůŽǁĞĚƚŽƐŵŽůĚĞƌǁŝƚŚŶŽĨůĂŵĞƉƌĞƐĞŶƚ͕ĞǆĐĞƉƚǁŚĞŶĐŽŶĚƵĐƚĞĚĨŽƌƚŚĞ ƉƵƌƉŽƐĞŽĨŵĂŶĂŐŝŶŐĨŽƌĞƐƚƐ͕ƉƌĂŝƌŝĞƐ͕ŽƌǁŝůĚůŝĨĞŚĂďŝƚĂƚƐ͘ &ĞĞƐ WĞƌŵŝƚƐŵĂǇďĞŽďƚĂŝŶĞĚŽŶůŝŶĞĂƚ͗ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀͬŚŽŵĞͬƐŚŽǁĚŽĐƵŵĞŶƚ͍ŝĚсϮϲϰϴϴ dŚĞ&ŝƌĞDĂƌƐŚĂůŽƌŚŝƐͬŚĞƌĚĞƐŝŐŶĞĞŵĂǇŐƌĂŶƚĂƐŝŶŐůĞŽŶĞͲǁĞĞŬĞǆƚĞŶƐŝŽŶƚŽĂƉĞƌŵŝƚƉƌŽǀŝĚĞĚƚŚĞ ŵĞƚĞŽƌŽůŽŐŝĐĂůĐŽŶĚŝƚŝŽŶƐǁĞƌĞŶŽƚĨĂǀŽƌĂďůĞĨŽƌďƵƌŶŝŶŐ͘ KƉĞŶƵƌŶŝŶŐ͗;KŶůǇĂƐĂƉƉƌŽǀĞĚďǇƚŚĞ&ŝƌĞDĂƌƐŚĂů͛ƐKĨĨŝĐĞͿhƉƚŽΨϯϬϬ͘ϬϬ͘ WƌĂŝƌŝĞŽƌtŽŽĚůĂŶĚZĞƐƚŽƌĂƚŝŽŶďƵƌŶŝŶŐ͗ΨϭϱϬ͘ϬϬ͘ sŝŽůĂƚŝŽŶƐ ͘ŶǇƉĞƌƐŽŶǁŚŽƐƚĂƌƚƐĂŶĚĨĂŝůƐƚŽĐŽŶƚƌŽůŽƌĞǆƚŝŶŐƵŝƐŚƚŚĞĨŝƌĞ͕ǁŚĞƚŚĞƌŽŶŽǁŶĞĚƉƌŽƉĞƌƚǇŽƌ ŽŶƚŚĞƉƌŽƉĞƌƚǇŽĨĂŶŽƚŚĞƌ͕ďĞĨŽƌĞƚŚĞĨŝƌĞĞŶĚĂŶŐĞƌƐŽƌĐĂƵƐĞƐĚĂŵĂŐĞƚŽƚŚĞƉƌŽƉĞƌƚǇŽĨ ĂŶŽƚŚĞƌƉĞƌƐŽŶŽƌƚŚĞƐƚĂƚĞŝƐŐƵŝůƚǇŽĨĂŵŝƐĚĞŵĞĂŶŽƌ;DE^ƚĂƚƵƚĞϴϴ͘ϭϵϱͿ͘ ͘ŶǇƉĞƌƐŽŶǁŚŽŚĂƐĂďƵƌŶŝŶŐƉĞƌŵŝƚĂŶĚĨĂŝůƐƚŽŬĞĞƉƚŚĞƉĞƌŵŝƚƚĞĚĨŝƌĞĐŽŶƚĂŝŶĞĚǁŝƚŚŝŶƚŚĞ ĂƌĞĂĚĞƐĐƌŝďĞĚŽŶƚŚĞďƵƌŶŝŶŐƉĞƌŵŝƚŽƌǁŚŽĨĂŝůƐƚŽŬĞĞƉƚŚĞĨŝƌĞƌĞƐƚƌŝĐƚĞĚƚŽƚŚĞŵĂƚĞƌŝĂůƐ ƐƉĞĐŝĨŝĐĂůůǇůŝƐƚĞĚŽŶƚŚĞďƵƌŶŝŶŐƉĞƌŵŝƚŝƐŐƵŝůƚǇŽĨĂŵŝƐĚĞŵĞĂŶŽƌ;DE^ƚĂƚƵƚĞϴϴ͘ϭϵϱͿ͘ ͘ŶǇƉĞƌƐŽŶǁŚŽĐĂƌĞůĞƐƐůǇŽƌŶĞŐůŝŐĞŶƚůǇƐƚĂƌƚƐĂĨŝƌĞƚŚĂƚĞŶĚĂŶŐĞƌƐŽƌĐĂƵƐĞƐĚĂŵĂŐĞƚŽƚŚĞ ƉƌŽƉĞƌƚǇŽĨĂŶŽƚŚĞƌƉĞƌƐŽŶŽƌƚŚĞƐƚĂƚĞŝƐŐƵŝůƚǇŽĨĂŵŝƐĚĞŵĞĂŶŽƌ;DE^ƚĂƚƵƚĞϴϴ͘ϭϵϱͿ͘ ϱ 3DFNHW3J )E ŝƚǇŽĨZŽĐŚĞƐƚĞƌ KƉĞŶƵƌŶWŽůŝĐǇ KĐƚŽďĞƌϭ͕ϮϬϮϬ ͘ŶǇƉĞƌƐŽŶǁŚŽƉĂƌƚŝĐŝƉĂƚĞƐŝŶĂŶĂĐƚŝŶǀŽůǀŝŶŐĐĂƌĞůĞƐƐŽƌŶĞŐůŝŐĞŶƚƵƐĞŽĨŵŽƚŽƌǀĞŚŝĐůĞƐ͕ ŽƚŚĞƌŝŶƚĞƌŶĂůĐŽŵďƵƐƚŝŽŶĞŶŐŝŶĞƐ͕ĨŝƌĞĂƌŵƐǁŝƚŚƚƌĂĐĞƌƐŽƌĐŽŵďƵƐƚŝďůĞǁĂĚƐ͕ĨŝƌĞǁŽƌŬƐ͕ ƐŵŽŬŝŶŐŵĂƚĞƌŝĂůƐ͕ĞůĞĐƚƌŝĐĨĞŶĐĞƐ͕ƚŽƌĐŚĞƐ͕ĨůĂƌĞƐ͕ŽƌŽƚŚĞƌďƵƌŶŝŶŐŽƌƐŵŽůĚĞƌŝŶŐƐƵďƐƚĂŶĐĞƐ ǁŚĞƌĞďǇĂĨŝƌĞŝƐƐƚĂƌƚĞĚĂŶĚŝƐŶŽƚŝŵŵĞĚŝĂƚĞůǇĞǆƚŝŶŐƵŝƐŚĞĚďĞĨŽƌĞƚŚĞĨŝƌĞĞŶĚĂŶŐĞƌƐŽƌ ĐĂƵƐĞƐĚĂŵĂŐĞƚŽƚŚĞƉƌŽƉĞƌƚǇŽĨĂŶŽƚŚĞƌƉĞƌƐŽŶŽƌƚŚĞƐƚĂƚĞŝƐŐƵŝůƚǇŽĨĂŵŝƐĚĞŵĞĂŶŽƌ;DE ^ƚĂƚƵƚĞϴϴ͘ϭϵϱͿ͘ WĞŶĂůƚǇĨŽƌsŝŽůĂƚŝŽŶŽĨWĞƌŵŝƚ ŶǇǀŝŽůĂƚŝŽŶƚŽƚŚĞĂďŽǀĞƐƚĂƚĞĚƌĞƋƵŝƌĞŵĞŶƚƐƐŚĂůůƌĞƐƵůƚŝŶĂŵŝƐĚĞŵĞĂŶŽƌĨŝŶĞŽĨƵƉƚŽΨϭ͕ϬϬϬ͘ϬϬ͘ dŚĞǀŝŽůĂƚŽƌƐŚĂůůĂůƐŽďĞďĂŶŶĞĚĨƌŽŵŽďƚĂŝŶŝŶŐĂƉĞƌŵŝƚĨŽƌĂƉĞƌŝŽĚŽĨŶŽůĞƐƐƚŚĂŶϭǇĞĂƌĨŽƌƚŚĞĨŝƌƐƚ ŽĨĨĞŶƐĞ͘ ZĞĨĞƌĞŶĐĞƐ ĞĨŝŶŝƚŝŽŶƐ͕ŶĂƚƵƌĂůƌĞƐŽƵƌĐĞƐůĂǁ͕DE^ƚĂƚƵƚĞƐϮϬϭϵϴϴ͘Ϭϭ ŝƐĞĂƐĞĚƐŚĂĚĞƚƌĞĞĚŝƐƉŽƐĂů͕DE^ƚĂƚƵƚĞƐϮϬϭϵϭϭϲ͘Ϭϳ &ŝƌĞĨŝŐŚƚĞƌƚƌĂŝŶŝŶŐ͕DE^ƚĂƚƵƚĞƐϮϬϭϵϴϴ͘ϭϳ 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ŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽƚŚĞĂĐƚŝǀŝƚŝĞƐ͕ŐŽĂůƐŽƌďƵĚŐĞƚŵƵƐƚŚĂǀĞǁƌŝƚƚĞŶŝƚǇĂƉƉƌŽǀĂůƉƌŝŽƌƚŽ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘ WĂǇŵĞŶƚĂŶĚŝƐďƵƌƐĞŵĞŶƚƐZĞƋƵĞƐƚƐ ͗dŚĞŝƚǇƐŚĂůůĚŝƐďƵƌƐĞĨƵŶĚƐƚŽƚŚĞ'ƌĂŶƚĞĞƉƵƌƐƵĂŶƚƚŽ ƚŚŝƐĂŐƌĞĞŵĞŶƚ͕ďĂƐĞĚƵƉŽŶĂƉĂǇŵĞŶƚƌĞƋƵĞƐƚƐƵďŵŝƚƚĞĚďǇƚŚĞ'ƌĂŶƚĞĞ͕ƌĞǀŝĞǁĞĚĂŶĚ 3DFNHW3J )D ĂƉƉƌŽǀĞĚďǇƚŚĞŝƚǇ͘&ŽƌĂůůƌĞƋƵĞƐƚƐ͕ƚŚĞ'ƌĂŶƚĞĞƐŚĂůůƉƌŽǀŝĚĞĚŽĐƵŵĞŶƚĂƚŝŽŶƐƵĨĨŝĐŝĞŶƚƚŽ ĞǀŝĚĞŶĐĞŝŶƉƌŽƉĞƌĚĞƚĂŝů;ŝŶǀŽŝĐĞƐ͕ƌĞĐĞŝƉƚƐ͕ǀŽƵĐŚĞƌƐͿƚŚĞŶĂƚƵƌĞ͕ƚŚĞƉƌŽƉƌŝĞƚǇŽĨƚŚĞ ĞǆƉĞŶĚŝƚƵƌĞƌĞƋƵĞƐƚĂŶĚƚŚĂƚƚŚĞĞǆƉĞŶƐĞŚĂƐŽĐĐƵƌƌĞĚŽŶŽƌƉƌŝŽƌƚŽEŽǀĞŵďĞƌϭϱ͕ϮϬϮϬ ϰ͘&ůĞǆŝďŝůŝƚǇŝŶƵĚŐĞƚ ͗dŚĞ'ƌĂŶƚĞĞƐŚĂůůŵĂŬĞĞǆƉĞŶĚŝƚƵƌĞƐĂĐĐŽƌĚŝŶŐƚŽƚŚĞůŝŶĞŝƚĞŵƐĚĞƐĐƌŝďĞĚ ŝŶƚƚĂĐŚŵĞŶƚŽĨƚŚŝƐĂŐƌĞĞŵĞŶƚ͘ŶǇĂŶĚĂůůĂŵĞŶĚŵĞŶƚƐŵƵƐƚďĞƐƵďŵŝƚƚĞĚƚŽƚŚĞŝƚǇĨŽƌ ƌĞǀŝĞǁĂŶĚĂƉƉƌŽǀĂů͘ ϱ͘dŝŵĞůŝŶĞƐƐ ͘dŚĞŝƚǇŵĂǇĐĂŶĐĞůƚŚŝƐŐƌĞĞŵĞŶƚĂŶĚƌĞĚƵĐĞƚŚĞZ^ĐƚĨƵŶĚƐŝĨŝƚĚĞƚĞƌŵŝŶĞƐ ƚŚĂƚƚŚĞƐƚĂƌƚĂŶĚĐŽŵƉůĞƚŝŽŶŽĨƚŚĞĂĐƚŝǀŝƚǇŝƐŶŽƚǁŝƚŚŝŶĂƌĞĂƐŽŶĂďůĞƚŝŵĞĨƌĂŵĞ͘ĚĞƋƵĂƚĞ ƉƌŽŐƌĞƐƐǁŝůůďĞĚĞƚĞƌŵŝŶĞĚďǇƚŚĞŝƚǇŝŶĐŽŽƉĞƌĂƚŝŽŶǁŝƚŚƚŚĞ'ƌĂŶƚĞĞ͘ ϲ͘ZĞĐŽƌĚ<ĞĞƉŝŶŐ͘ dŚĞ'ƌĂŶƚĞĞƐŚĂůůƌĞƚĂŝŶĂůů;ĂƉƉůŝĐĂďůĞͿƌĞĐŽƌĚƐŶĞĐĞƐƐĂƌǇƚŽŵĂŶĂŐĞƚŚĞ 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ĞŵƉůŽǇŵĞŶƚƌŝŐŚƚƐŝŶ͕ďĞĚĞŶŝĞĚƚŚĞďĞŶĞĨŝƚƐŽĨ͕ŽƌďĞŽƚŚĞƌǁŝƐĞƐƵďũĞĐƚƚŽĚŝƐĐƌŝŵŝŶĂƚŝŽŶŝŶƚŚĞ Z^ĐƚĂĐƚŝǀŝƚǇƚŚĂƚŝƐƚŚĞƐƵďũĞĐƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚŽŶƚŚĞďĂƐŝƐŽĨƌĂĐĞ͕ĐƌĞĞĚ͕ĐŽůŽƌ͕ƐĞǆ͕ ŵĂƌŝƚĂůƐƚĂƚƵƐ͕ƐĞǆƵĂůƉƌĞĨĞƌĞŶĐĞ͕ƉƵďůŝĐĂƐƐŝƐƚĂŶĐĞƐƚĂƚƵƐ͕ĂŐĞ͕ĚŝƐĂďŝůŝƚǇŽƌŶĂƚŝŽŶĂůŽƌŝŐŝŶ͘ ϭϬ͘ƌƵŐͲĨƌĞĞtŽƌŬƉůĂĐĞͬƌƵŐͲ&ƌĞĞtŽƌŬƉůĂĐĞǁĂƌĞŶĞƐƐWƌŽŐƌĂŵ͘ dŚĞ'ƌĂŶƚĞĞĂŐƌĞĞƐƚŽƉƌŽǀŝĚĞ ĂĚƌƵŐͲĨƌĞĞǁŽƌŬƉůĂĐĞďǇŶŽƚŝĨǇŝŶŐĞŵƉůŽǇĞĞƐƚŚĂƚƵŶůĂǁĨƵůŵĂŶƵĨĂĐƚƵƌĞ͕ĚŝƐƚƌŝďƵƚŝŽŶ͕ ĚŝƐƉĞŶƐĂƚŝŽŶ͕ƉŽƐƐĞƐƐŝŽŶŽƌƵƐĞŽĨĂĐŽŶƚƌŽůůĞĚƐƵďƐƚĂŶĐĞŝƐƉƌŽŚŝďŝƚĞĚŝŶƚŚĞ'ƌĂŶƚĞĞ͛Ɛ ǁŽƌŬƉůĂĐĞĂŶĚƐƉĞĐŝĨǇŝŶŐĂĐƚŝŽŶƐƚŚĂƚǁŝůůďĞƚĂŬĞŶĂŐĂŝŶƐƚĞŵƉůŽǇĞĞƐĨŽƌǀŝŽůĂƚŝŽŶŽĨƐƵĐŚ ƉƌŽŚŝďŝƚŝŽŶ͘dŚĞ'ƌĂŶƚĞĞŵĂǇĂůƐŽĞƐƚĂďůŝƐŚĂĚƌƵŐͲĨƌĞĞǁŽƌŬƉůĂĐĞĂǁĂƌĞŶĞƐƐƉƌŽŐƌĂŵƚŽŝŶĨŽƌŵ ĞŵƉůŽǇĞĞƐĂďŽƵƚƚŚĞĚĂŶŐĞƌŽĨĚƌƵŐĂďƵƐĞ͕ƚŚĞĂǀĂŝůĂďŝůŝƚǇŽĨĚƌƵŐĐŽƵŶƐĞůŝŶŐĂŶĚƉĞŶĂůŝƚŝĞƐĨŽƌ ǀŝŽůĂƚŝŽŶƐŽĨƚŚĞĚƌƵŐͲĨƌĞĞǁŽƌŬƉůĂĐĞƉŽůŝĐǇ͘ ϭϭ͘/ŶĚĞƉĞŶĚĞŶƚŽŶƚƌĂĐƚŽƌ͘ &ŽƌƚŚĞƉƵƌƉŽƐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͕ƚŚĞ'ƌĂŶƚĞĞƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞ ĂŶŝŶĚĞƉĞŶĚĞŶƚĐŽŶƚƌĂĐƚŽƌĂŶĚŶŽƚĂŶĞŵƉůŽǇĞĞŽĨƚŚĞŝƚǇ͘ŶǇĂŶĚĂůůĞŵƉůŽǇĞĞƐŽĨƚŚĞ 'ƌĂŶƚĞĞ͕ŽƚŚĞƌƚŚĂŶŝƚǇŵƉůŽǇĞĞƐ͕ǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨĂŶǇǁŽƌŬŽƌƐĞƌǀŝĐĞƐ ƌĞƋƵŝƌĞĚďǇƚŚĞ'ƌĂŶƚĞĞƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͕ƐŚĂůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽǇĞĞƐŽĨƚŚĞŝƚǇ͘ ŶǇĂŶĚĂůůĐůĂŝŵƐďǇĂŶǇƚŚŝƌĚƉĂƌƚǇĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶǇĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨƚŚĞ 3DFNHW3J )D 'ƌĂŶƚĞĞ͕ŝƚƐĞŵƉůŽǇĞĞƐŽƌŽƚŚĞƌƉĞƌƐŽŶƐƐŚĂůůďĞƚŚĞŽďůŝŐĂƚŝŽŶŽĨƚŚĞ'ƌĂŶƚĞĞ͘dŚĞ'ƌĂŶƚĞĞ ƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂůůĐŽŶƚƌĂĐƚƵĂůŽďůŝŐĂƚŝŽŶƐĞŶƚĞƌĞĚŝŶƚŽƉƵƌƐƵĂŶƚƚŽĂŶĚŝŶƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘tŝƚŚŚŽůĚŝŶŐĂŶĚƉĂǇŵĞŶƚŽĨĨĞĚĞƌĂůĂŶĚƐƚĂƚĞŝŶĐŽŵĞƚĂǆĞƐ ĂŶĚ&/͕ĂŶĚŝƚƐĞŵƉůŽǇĞĞƐƐŚĂůůďĞƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨƚŚĞ'ƌĂŶƚĞĞ͘dŚĞ'ƌĂŶƚĞĞƐŚĂůůƉĂǇŽŶ ďĞŚĂůĨŽĨĐŽŶƚƌŝďƵƚŝŽŶƐƚŽƚŚĞƵŶĞŵƉůŽǇŵĞŶƚĐŽŵƉĞŶƐĂƚŝŽŶĨƵŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞůĂǁ͘ ϭϮ͘EŽƵƐŝŶĞƐƐ^ƵďƐŝĚǇ͘ dŚĞƉĂƌƚŝĞƐĂŐƌĞĞƚŚĂƚƚŚĞ'ƌĂŶƚŝƐŶŽƚĂďƵƐŝŶĞƐƐƐƵďƐŝĚǇĂƐ ĚĞĨŝŶĞĚŝŶDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ͕^ĞĐƚŝŽŶƐϭϭϲ:͘ϵϵϯƚŽϭϭϲ:͘ϵϵϱ͕ĂƐĂŵĞŶĚĞĚ;ƚŚĞ͞ƵƐŝŶĞƐƐ ^ƵďƐŝĚǇĐƚ͟Ϳ͕ďĞĐĂƵƐĞdŚĞ>ĂŶĚŝŶŐDEŝƐĂŶŽŶƉƌŽĨŝƚƚŚĂƚĞŵƉůŽǇƐůĞƐƐƚŚĂŶϭϬϬĞŵƉůŽǇĞĞƐ͘ ϭϯ͘/ŶƐƵƌĂŶĐĞ͘ dŚĞ'ƌĂŶƚĞĞƐŚĂůů͗ƵƌŝŶŐƚŚĞƚĞƌŵŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͕ƐŚĂůůƚĂŬĞŽƵƚ͕ƉĂǇĨŽƌ͕ĂŶĚ ŵĂŝŶƚĂŝŶĐŽŵƉƌĞŚĞŶƐŝǀĞŐĞŶĞƌĂůůŝĂďŝůŝƚǇĂŶĚŽƚŚĞƌŝŶƐƵƌĂŶĐĞĂƐĨŽůůŽǁƐ͗ Ă͘ ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ 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ϭϲ͘^ƵƐƉĞŶƐŝŽŶĂŶĚdĞƌŵŝŶĂƚŝŽŶ͘ dŚŝƐ'ƌĂŶƚŵĂǇďĞĐĂŶĐĞůĞĚďǇƚŚĞŝƚǇĨŽƌĐŽŶǀĞŶŝĞŶĐĞĂƚĂŶǇ ƚŝŵĞ͕ƵƉŽŶƚŚŝƌƚǇ;ϯϬͿĚĂǇƐǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞ'ƌĂŶƚĞĞ͘/ŶƚŚĞĞǀĞŶƚŽĨƐƵĐŚĐĂŶĐĞůůĂƚŝŽŶ͕ 'ƌĂŶƚĞĞƐŚĂůůďĞĞŶƚŝƚůĞĚƚŽƉĂǇŵĞŶƚ͕ĚĞƚĞƌŵŝŶĞĚŽŶĂƉƌŽͲƌĂƚĞĚďĂƐŝƐ͕ĨŽƌǁŽƌŬŽƌƐĞƌǀŝĐĞƐ ƐĂƚŝƐĨĂĐƚŽƌŝůǇƉĞƌĨŽƌŵĞĚ͘/Ĩ'ƌĂŶƚĞĞƚĞƌŵŝŶĂƚĞƐƚŚŝƐĐŽŶƚƌĂĐƚďĞĨŽƌĞŽƉĞƌĂƚŝŶŐƚŚĞĂǇĞŶƚĞƌĨŽƌ ϲŵŽŶƚŚƐ͕ƌĞƉĂǇŵĞŶƚǁŝůůďĞĚƵĞƚŽƚŚĞŝƚǇŽŶĂƉƌŽͲƌĂƚĞĚďĂƐŝƐŽĨΨϯϬ͕ϬϬϬͬŵŽŶƚŚĨŽƌŵŽŶƚŚƐ ŶŽƚƉĞƌĨŽƌŵĞĚ͘ ϭϳ͘ƐƐŝŐŶŵĞŶƚ͘ EĞŝƚŚĞƌƉĂƌƚǇƚŽƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůĂƐƐŝŐŶĂŶǇƌŝŐŚƚŽƌŽďůŝŐĂƚŝŽŶŚĞƌĞƵŶĚĞƌŝŶ ǁŚŽůĞŽƌƉĂƌƚ͕ǁŝƚŚŽƵƚƚŚĞƉƌŝŽƌǁƌŝƚƚĞŶĐŽŶƐĞŶƚŽĨƚŚĞŽƚŚĞƌƉĂƌƚǇŚĞƌĞƚŽ͘EŽĂƐƐŝŐŶŵĞŶƚŽƌ ƚƌĂŶƐĨĞƌŽĨĂŶǇŝŶƚĞƌĞƐƚƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞĚĞĞŵĞĚƚŽƌĞůĞĂƐĞƚŚĞĂƐƐŝŐŶŽƌĨƌŽŵĂŶǇ ůŝĂďŝůŝƚǇŽƌŽďůŝŐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͕ŽƌĐĂƵƐĞĂŶǇƐƵĐŚůŝĂďŝůŝƚǇŽƌŽďůŝŐĂƚŝŽŶƚŽďĞ ƌĞĚƵĐĞĚƚŽĂƐĞĐŽŶĚĂƌǇůŝĂďŝůŝƚǇŽƌŽďůŝŐĂƚŝŽŶ͘dŚĞƐĞĐŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚĂƌĞ ďŝŶĚŝŶŐŽŶƚŚĞƐƵĐĐĞƐƐŽƌƐĂŶĚĂƐƐŝŐŶƐŽĨƚŚĞƉĂƌƚŝĞƐŚĞƌĞƚŽ͘EŽƚǁŝƚŚƐƚĂŶĚŝŶŐĂŶǇƚŚŝŶŐŝŶƚŚĞ ^ĞĐƚŝŽŶƚŽƚŚĞĐŽŶƚƌĂƌǇ͕'ƌĂŶƚĞĞŵĂǇĞŵƉůŽǇĂŶǇŽŶĞŽƌŵŽƌĞƐƵďͲĐŽŶƚƌĂĐƚŽƌƐ͕ǀĞŶĚŽƌƐ͕ĂŐĞŶƚƐ͕ ŽƌƐƵƉƉůŝĞƌƐŝƚĐŚŽŽƐĞƐƚŽĐĂƌƌǇŽƵƚƚŚĞZ^ĐƚĂĐƚŝǀŝƚŝĞƐ͘ ϭϴ͘ŵĞŶĚŵĞŶƚ͕DŽĚŝĨŝĐĂƚŝŽŶ͕ŽƌtĂŝǀĞƌ͘ EŽĂŵĞŶĚŵĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌǁĂŝǀĞƌŽĨĂŶǇĐŽŶĚŝƚŝŽŶ͕ ƉƌŽǀŝƐŝŽŶŽƌƚĞƌŵŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞǀĂůŝĚŽƌŽĨĂŶǇĞĨĨĞĐƚ͕ƵŶůĞƐƐŵĂĚĞŝŶǁƌŝƚŝŶŐ͕ƐŝŐŶĞĚ ďǇƚŚĞŝƚǇĂŶĚ'ƌĂŶƚĞĞ͕ŽƌĚƵůǇĂƵƚŚŽƌŝǌĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ;ƐͿŽĨƚŚĞŝƚǇĂŶĚ'ƌĂŶƚĞĞĂŶĚ ƐƉĞĐŝĨǇŝŶŐǁŝƚŚƉĂƌƚŝĐƵůĂƌŝƚǇƚŚĞŶĂƚƵƌĞĂŶĚĞǆƚĞŶƚŽĨƐƵĐŚĂŵĞŶĚŵĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌǁĂŝǀĞƌ͘ ŶǇǁĂŝǀĞƌďǇƚŚĞŝƚǇŽƌ'ƌĂŶƚĞĞŽĨĂŶǇĚĞĨĂƵůƚƐŚĂůůŶŽƚĂĨĨĞĐƚŽƌŝŵƉĂŝƌĂŶǇƌŝŐŚƚĂƌŝƐŝŶŐĨƌŽŵ ĂŶǇƐƵďƐĞƋƵĞŶƚĚĞĨĂƵůƚ͘EŽƚŚŝŶŐŚĞƌĞŝŶƐŚĂůůůŝŵŝƚƚŚĞƌĞŵĞĚŝĞƐŽƌƌŝŐŚƚƐŽĨƚŚĞŝƚǇŽƌ'ƌĂŶƚĞĞ ŚĞƌĞƚŽƵŶĚĞƌĂŶĚƉƵƌƐƵĂŶƚƚŽƚŚŝƐŐƌĞĞŵĞŶƚ͘ ϭϵ͘^ĞǀĞƌĂďůĞWƌŽǀŝƐŝŽŶƐ͘ ĂĐŚƉƌŽǀŝƐŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚŝƐŝŶƚĞŶĚĞĚƚŽďĞƐĞǀĞƌĂďůĞ͘/ĨĂŶǇ ƉƌŽǀŝƐŝŽŶŚĞƌĞŽĨŝƐŝůůĞŐĂůŽƌŝŶǀĂůŝĚĨŽƌĂŶǇƌĞĂƐŽŶǁŚĂƚƐŽĞǀĞƌ͕ƐƵĐŚŝůůĞŐĂůŝƚǇŽƌŝŶǀĂůŝĚŝƚǇƐŚĂůů ŶŽƚĂĨĨĞĐƚƚŚĞǀĂůŝĚŝƚǇŽĨƚŚĞƌĞŵĂŝŶĚĞƌŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘ ϮϬ͘&ŽƌĐĞDĂũĞƵƌĞ ͘EŽƉĂƌƚǇƚŽƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶǇĚĞůĂǇƐŽƌĨĂŝůƵƌĞƐƚŽ ƉĞƌĨŽƌŵĂŶǇŽďůŝŐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚĚƵĞƚŽĂĐƚƐŽĨ'ŽĚ͕ƐƚƌŝŬĞƐŽƌŽƚŚĞƌĚŝƐƚƵƌďĂŶĐĞƐ͕ 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