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ǇƐƵďŵŝƚƚŝŶŐƚŚŝƐZ&WƌĞƐƉŽŶƐĞ͕ƚŚĞƵŶĚĞƌƐŝŐŶĞĚŵĂŬĞƐƚŚĞĨŽůůŽǁŝŶŐƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͗ ϭ͘/ĂŵĨĂŵŝůŝĂƌǁŝƚŚĂůůƌĞƋƵŝƌĞŵĞŶƚƐ͕ĐŽŶĚŝƚŝŽŶƐ͕ƐƉĞĐŝĨŝĐĂƚŝŽŶƐ͕ĂŶĚŝŶƐƚƌƵĐƚŝŽŶƐŝŶƚŚĞZ&W͘ Ϯ͘/ĂŵĨĂŵŝůŝĂƌǁŝƚŚĂůůŵĂƚƚĞƌƐĂĨĨĞĐƚŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ŝŶĐůƵĚŝŶŐĂůůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ ĂŶĚƌĞŐƵůĂƚŝŽŶƐƚŚĂƚĂĨĨĞĐƚŽƌŵĂǇĂĨĨĞĐƚƚŚĞƐĞƌǀŝĐĞƐƌĞŶĚĞƌĞĚ͕ƌĞůĂƚĞĚƉĞƌĨŽƌŵĂŶĐĞ͕ĂŶĚƚŚĞƉĞƌƐŽŶƐĞŵƉůŽǇĞĚ͘ ϯ͘/ĂŶĚƚŚĞĐŽŵƉĂŶǇ/ƌĞƉƌĞƐĞŶƚĂƌĞŝŶƚŚĞƉƵďůŝĐƚƌĂŶƐƉŽƌƚĂƚŝŽŶďƵƐŝŶĞƐƐĂŶĚŚĂǀĞƚŚĞŬŶŽǁůĞĚŐĞ͕ĞǆƉĞƌŝĞŶĐĞ͕ĂŶĚƐŬŝůůƐ ŶĞĐĞƐƐĂƌǇƚŽƉƌŽǀŝĚĞĂůůĂƐƉĞĐƚƐŽĨƚŚĞƐĞƌǀŝĐĞƐĐŽŶƚĞŵƉůĂƚĞĚŝŶƚŚŝƐZ&WĂŶĚĂƌĞǁŝůůŝŶŐĂŶĚĂďůĞƚŽƐĂƚŝƐĨǇƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐŽĨĂĐŽŶƚƌĂĐƚƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐZ&WĨŽƌƚŚĞĐŽƐƚƐƐƚĂƚĞĚŝŶƚŚĞƉƌŽƉŽƐĂůĂƐƐƵďŵŝƚƚĞĚ͘ ϰ͘dŚĞĐŽŵƉĂŶǇ/ƌĞƉƌĞƐĞŶƚŚĂƐŵĂĚĞĂŶŝŶĚĞƉĞŶĚĞŶƚƉƌŝĐĞĚĞƚĞƌŵŝŶĂƚŝŽŶĨŽƌƚŚŝƐZ&WƌĞƐƉŽŶƐĞĂŶĚŚĂƐŶŽƚĐŽůůƵĚĞĚ͕ ĐŽŶƐƉŝƌĞĚ͕ŽƌĂŐƌĞĞĚ͕ĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇ͕ǁŝƚŚĂŶǇŽƚŚĞƌŽŶƚƌĂĐƚŽƌ͕ƉĞƌƐŽŶ͕ŽƌĞŶƚŝƚǇƚŽƌĞĨƌĂŝŶĨƌŽŵƐƵďŵŝƚƚŝŶŐĂ ƌĞƐƉŽŶƐĞƚŽƚŚĞZ&W͘&ƵƌƚŚĞƌ͕ŶĞŝƚŚĞƌ/ŶŽƌƚŚĞĐŽŵƉĂŶǇ/ƌĞƉƌĞƐĞŶƚŚĂǀĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇƐŽƵŐŚƚďǇĂŐƌĞĞŵĞŶƚ͕ ĐŽůůƵƐŝŽŶ͕ĐŽŵŵƵŶŝĐĂƚŝŽŶ͕ŽƌĐŽŶĨĞƌĞŶĐĞǁŝƚŚĂŶǇƉĞƌƐŽŶŽƌĞŶƚŝƚǇƚŽĨŝǆƚŚĞŽƐƚWƌŽƉŽƐĂůĂŵŽƵŶƚŚĞƌĞŝŶŽƌƚŚĂƚŽĨĂŶǇ ŽƚŚĞƌŽŶƚƌĂĐƚŽƌ͕ŽƌƚŽĨŝǆĂŶǇŽǀĞƌŚĞĂĚ͕ƉƌŽĨŝƚ͕ŽƌĐŽƐƚĞůĞŵĞŶƚŽĨƐƵĐŚƉƌŽƉŽƐĂůĂŵŽƵŶƚŽƌƚŚĂƚŽĨĂŶǇŽƚŚĞƌŽŶƚƌĂĐƚŽƌ͕ ŽƌƚŽƐĞĐƵƌĞĂŶǇĂĚǀĂŶƚĂŐĞĂŐĂŝŶƐƚƚŚĞŝƚǇŽƌĂŶǇƉĞƌƐŽŶŝŶƚĞƌĞƐƚĞĚŝŶƚŚĞƉƌŽƉŽƐĞĚŽŶƚƌĂĐƚ͘ ϱ͘/ĚŽŶŽƚŚĂǀĞĂŶǇŝŶƚĞƌĞƐƚŶŽƌƐŚĂůů/ĂĐƋƵŝƌĞĂŶǇŝŶƚĞƌĞƐƚ͕ĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇ͕ƚŚĂƚǁŽƵůĚĐŽŶĨůŝĐƚŝŶĂŶǇŵĂŶŶĞƌŽƌ ĚĞŐƌĞĞǁŝƚŚƚŚĞĨĂŝƚŚĨƵůƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞŽŶƚƌĂĐƚĐŽŶƚĞŵƉůĂƚĞĚďǇƚŚŝƐZ&W͘dŽƚŚĞďĞƐƚŽĨŵǇŬŶŽǁůĞĚŐĞĂĨƚĞƌ ĚŝůŝŐĞŶƚŝŶƋƵŝƌǇ͕ŶŽĚŝƌĞĐƚŽƌ͕ŽĨĨŝĐĞƌ͕ŽǁŶĞƌ͕ŽƌĞŵƉůŽǇĞĞŽĨƚŚĞĐŽŵƉĂŶǇ/ƌĞƉƌĞƐĞŶƚŚĂƐĂŶǇŝŶƚĞƌĞƐƚ͕ĚŝƌĞĐƚůǇŽƌ ŝŶĚŝƌĞĐƚůǇ͕ƚŚĂƚǁŽƵůĚĐŽŶĨůŝĐƚŝŶĂŶǇŵĂŶŶĞƌŽƌĚĞŐƌĞĞǁŝƚŚƚŚĞĨĂŝƚŚĨƵůƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞŽŶƚƌĂĐƚĐŽŶƚĞŵƉůĂƚĞĚďǇƚŚŝƐ Z&W͘ ϲ͘/Ĩ/ĂĐƋƵŝƌĞŝŶĨŽƌŵĂƚŝŽŶǁŚŝĐŚŝŶĚŝĐĂƚĞƐĂŶǇĂĐƚƵĂůŽƌĂƉƉĂƌĞŶƚĐŚĂŶŐĞƚŽƚŚĞĨŽƌĞŐŽŝŶŐ͕/ƐŚĂůůƉƌŽŵƉƚůǇŝŶĨŽƌŵƚŚĞZ&W ƌĞǀŝĞǁĂŶĚŝŶǀĞƐƚŝŐĂƚŝŽŶŽĨƚŚĞƐĂŵĞ͘/ƐŚĂůůĐŽŵƉůǇǁŝƚŚĂŶǇ ŝŶƐƚƌƵĐƚŝŽŶƐĨƌŽŵƚŚĞŝƚǇŝŶƌĞŐĂƌĚƚŽĂŶǇŵĂƚƚĞƌĂĨĨĞĐƚŝŶŐƚŚŝƐZ&WŽƌƚŚĞŽŶƚƌĂĐƚĐŽŶƚĞŵƉůĂƚĞĚďǇƚŚŝƐZ&W͘ ϳ͘/ƵŶĚĞƌƐƚĂŶĚƚŚĂƚƚŚĞĂǁĂƌĚŽĨĂŶǇĐŽŶƚƌĂĐƚǁŝůůďĞďĂƐĞĚŽŶƚŚĞƌĞůŝĂďŝůŝƚǇŽĨƚŚĞĨŽƌĞŐŽŝŶŐƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐĂŶĚĂůůŽĨ ƚŚĞƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐĐŽŶƚĂŝŶĞĚŝŶƚŚĞZ&WƌĞƐƉŽŶƐĞ͘ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ƵƚŚŽƌŝǌĞĚ^ŝŐŶĂƚƵƌĞdŝƚůĞ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ĂƚĞ 3DFNHW3J )F ĐŬŶŽǁůĞĚŐĞŵĞŶƚŽĨĂĚĚĞŶĚĂ ĨƚĞƌĚŝƐƚƌŝďƵƚŝŽŶŽĨƚŚĞZ&WĂŶĚƉƌŝŽƌƚŽƚŚĞ^ƵďŵŝƐƐŝŽŶĞĂĚůŝŶĞ͕ƚŚĞDŽĚĞƌĂƚŽƌŵĂǇƉĞƌŝŽĚŝĐĂůůǇŵĂŬĞĐŚĂŶŐĞƐ͕ ĐŽƌƌĞĐƚŝŽŶƐ͕ĐůĂƌŝĨŝĐĂƚŝŽŶƐ͕ŽƌƵƉĚĂƚĞƐƚŽŝŶĨŽƌŵĂƚŝŽŶĐŽŶƚĂŝŶĞĚŝŶƚŚĞZ&WĚŽĐƵŵĞŶƚƐ͘dŚŽƐĞĐŚĂŶŐĞƐ͕ĐŽƌƌĞĐƚŝŽŶƐ͕ ĐůĂƌŝĨŝĐĂƚŝŽŶƐ͕ŽƌƵƉĚĂƚĞƐƚŽŝŶĨŽƌŵĂƚŝŽŶǁŝůůďĞƉƌŽǀŝĚĞĚďǇĞŵĂŝůǁŚĞŶƚŚĞǇĂƌĞĂǀĂŝůĂďůĞƚŽĞĂĐŚŽŶƚƌĂĐƚŽƌǁŚŽ ĐŽŵƉůĞƚĞƐĂZĞĐĞŝƉƚŽŶĨŝƌŵĂƚŝŽŶĨŽƌƚŚŝƐZ&W͘/ĨĂŶǇŽĨƚŚŽƐĞĐŚĂŶŐĞƐ͕ĐŽƌƌĞĐƚŝŽŶƐ͕ĐůĂƌŝĨŝĐĂƚŝŽŶƐ͕ŽƌƵƉĚĂƚĞƐƚŽ ŝŶĨŽƌŵĂƚŝŽŶĂƌĞƚŽďĞĐŽŶƐŝĚĞƌĞĚĂŶĂĚĚĞŶĚƵŵƚŽĂŶĚďĞĐŽŵĞƉĂƌƚŽĨƚŚĞZ&WĚŽĐƵŵĞŶƚƐ͕ƚŚĞǇǁŝůůďĞůŝƐƚĞĚďǇƐƵďũĞĐƚ͕ ƚŝŵĞ͕ĂŶĚĚĂƚĞŝŶĂĨŝŶĂůĞŵĂŝůĨƌŽŵƚŚĞDŽĚĞƌĂƚŽƌƉƌŝŽƌƚŽƚŚĞƐƵďŵŝƐƐŝŽŶĚĞĂĚůŝŶĞĨŽƌƚŚĞZ&W͘ŽŶƚƌĂĐƚŽƌƐŵƵƐƚ ĂĐŬŶŽǁůĞĚŐĞƌĞĐĞŝƉƚŽĨĂŶǇĂŶĚĂůůƐƵĐŚĂĚĚĞŶĚĂ͕ĂŶĚŝŶĐůƵĚĞƐƵĐŚĂĐŬŶŽǁůĞĚŐŵĞŶƚǁŝƚŚƚŚĞZ&WƌĞƐƉŽŶƐĞ͘&ĂŝůƵƌĞƚŽ ĂĐŬŶŽǁůĞĚŐĞƌĞĐĞŝƉƚŽĨĂůůĂĚĚĞŶĚĂŵĂǇĐĂƵƐĞƚŚĞZ&WƌĞƐƉŽŶƐĞƚŽďĞĐŽŶƐŝĚĞƌĞĚŶŽŶƌĞƐƉŽŶƐŝǀĞƚŽƚŚĞƐŽůŝĐŝƚĂƚŝŽŶ͘ dŚĞĨŽůůŽǁŝŶŐĂĐŬŶŽǁůĞĚŐĞŵĞŶƚƐŚĂůů dŚĞƵŶĚĞƌƐŝŐŶĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞŚĞƌĞďǇĂĐŬŶŽǁůĞĚŐĞƐƌĞĐĞŝƉƚŽĨĂůůŽĨƚŚĞĨŽůůŽǁŝŶŐĂĚĚĞŶĚĂƚŽƚŚĞZ&W ĚŽĐƵŵĞŶƚƐ͗ dŚĞƵŶĚĞƌƐŝŐŶĞĚĨƵƌƚŚĞƌŚĞƌĞďǇĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞŽŶƚƌĂĐƚŽƌƵŶĚĞƌƐƚĂŶĚƐĂŶĚĂŐƌĞĞƐƚŚĂƚĞĂĐŚƐƵĐŚĂĚĚĞŶĚĂ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ƵƚŚŽƌŝǌĞĚ^ŝŐŶĂƚƵƌĞdŝƚůĞ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ĂƚĞ 3DFNHW3J )F ŝƐĐůŽƐƵƌĞŽĨĐŽŶƚƌĂĐƚŽƌƌĞƐƉŽŶƐŝďŝůŝƚǇ ŽŶƚƌĂĐƚŽƌŵƵƐƚƉƌŽǀŝĚĞĐŽŵƉůĞƚĞĂŶĚĂĐĐƵƌĂƚĞƌĞƐƉŽŶƐĞƐĨŽƌĂůůŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶĂŶĚĂƚƚĂĐŚŝƚƚŽƚŚŝƐĨŽƌŵ͘ &ĂŝůƵƌĞƚŽĚŝƐĐůŽƐĞƌĞƐƉŽŶƐŝǀĞŝŶĨŽƌŵĂƚŝŽŶǁŝůůďĞŐƌŽƵŶĚƐĨŽƌĚŝƐƋƵĂůŝĨŝĐĂƚŝŽŶĨƌŽŵĐŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌƚŚĞŽŶƚƌĂĐƚŽƌĨŽƌ ƚĞƌŵŝŶĂƚŝŽŶŽĨĂŶǇŽŶƚƌĂĐƚĂǁĂƌĚĞĚƚŽƚŚĞŽŶƚƌĂĐƚŽƌďǇƚŚĞŝƚǇ͘ ϭ͘ŶǇĂŶĚĂůůĐŽŶǀŝĐƚŝŽŶƐĨŽƌĂŶǇŽĨĨĞŶƐĞŽĨĂŶǇƉĞƌƐŽŶ͕ƐƵďƐŝĚŝĂƌǇ͕ŽƌĂĨĨŝůŝĂƚĞŽĨƚŚĞŽŶƚƌĂĐƚŽƌĂƌŝƐŝŶŐŽƵƚŽĨŽďƚĂŝŶŝŶŐ͕ 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ƵƚŚŽƌŝǌĞĚŽŵƉĂŶǇZĞƉƌĞƐĞŶƚĂƚŝǀĞ;ƉƌŝŶƚĞĚͿƵƚŚŽƌŝǌĞĚŽŵƉĂŶǇZĞƉƌĞƐĞŶƚĂƚŝǀĞ;ƐŝŐŶĂƚƵƌĞͿ ^ƵďƐĐƌŝďĞĚĂŶĚƐǁŽƌŶďĞĨŽƌĞŵĞƚŚŝƐͺͺͺͺͺͺĚĂǇŽĨͺͺͺͺͺͺͺͺ͕ϮϬϮϬ ĚĂƚĞDŽŶƚŚ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ EŽƚĂƌǇWƵďůŝĐ 3DFNHW3J )F ϰϵ&ZWZdϮϬͲͲZd/&/d/KEZ'Z/E'>Kz/E' ĞƌƚŝĨŝĐĂƚŝŽŶĨŽƌŽŶƚƌĂĐƚƐ͕'ƌĂŶƚƐ͕>ŽĂŶƐ͕ĂŶĚŽŽƉĞƌĂƚŝǀĞŐƌĞĞŵĞŶƚƐ ;dŽďĞƐƵďŵŝƚƚĞĚǁŝƚŚĞĂĐŚďŝĚŽƌŽĨĨĞƌĞǆĐĞĞĚŝŶŐΨϭϬϬ͕ϬϬϬͿ dŚĞƵŶĚĞƌƐŝŐŶĞĚ΀ŽŶƚƌĂĐƚŽƌ΁ĐĞƌƚŝĨŝĞƐ͕ƚŽƚŚĞďĞƐƚŽĨŚŝƐŽƌŚĞƌŬŶŽǁůĞĚŐĞĂŶĚďĞůŝĞĨ͕ƚŚĂƚ͗ ;ϭͿEŽ&ĞĚĞƌĂůĂƉƉƌŽƉƌŝĂƚĞĚĨƵŶĚƐŚĂǀĞďĞĞŶƉĂŝĚŽƌǁŝůůďĞƉĂŝĚ͕ďǇŽƌŽŶďĞŚĂůĨŽĨƚŚĞƵŶĚĞƌƐŝŐŶĞĚ͕ƚŽĂŶǇƉĞƌƐŽŶĨŽƌ ŝŶĨůƵĞŶĐŝŶŐŽƌĂƚƚĞŵƉƚŝŶŐƚŽŝŶĨůƵĞŶĐĞĂŶŽĨĨŝĐĞƌŽƌĞŵƉůŽǇĞĞŽĨĂŶĂŐĞŶĐǇ͕ĂDĞŵďĞƌŽĨŽŶŐƌĞƐƐ͕ĂŶŽĨĨŝĐĞƌŽƌĞŵƉůŽǇĞĞ ŽĨŽŶŐƌĞƐƐ͕ŽƌĂŶĞŵƉůŽǇĞĞŽĨĂDĞŵďĞƌŽĨŽŶŐƌĞƐƐŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞĂǁĂƌĚŝŶŐŽĨĂŶǇ&ĞĚĞƌĂůĐŽŶƚƌĂĐƚ͕ƚŚĞ ŵĂŬŝŶŐŽĨĂŶǇ&ĞĚĞƌĂůŐƌĂŶƚ͕ƚŚĞŵĂŬŝŶŐŽĨĂŶǇ&ĞĚĞƌĂůůŽĂŶ͕ƚŚĞĞŶƚĞƌŝŶŐŝŶƚŽŽĨĂŶǇĐŽŽƉĞƌĂƚŝǀĞĂŐƌĞĞŵĞŶƚ͕ĂŶĚƚŚĞ ĞǆƚĞŶƐŝŽŶ͕ĐŽŶƚŝŶƵĂƚŝŽŶ͕ƌĞŶĞǁĂů͕ĂŵĞŶĚŵĞŶƚ͕ŽƌŵŽĚŝĨŝĐĂƚŝŽŶŽĨĂŶǇ&ĞĚĞƌĂůĐŽŶƚƌĂĐƚ͕ŐƌĂŶƚ͕ůŽĂŶ͕ŽƌĐŽŽƉĞƌĂƚŝǀĞ ĂŐƌĞĞŵĞŶƚ͘ 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