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.\OH0LWWOLHGHU -XQH 3DJH 6LQFHUHO\ 6+257(//,277+(1'5,&.621,1& 6FRWW6DPXHOVRQ 3ULQFLSDO $WWDFKPHQW 3DFNHW3J )F ǣ ʹ ǣƬ ȀȀ ȀȀ ǦǦ ͸ǤͲ ǦǦ ͶǤͲ ȀǤǦ ͸ǤͲ ͷ͵ǤͲ Ǧ ǦͶǤͲ )F ' EZ>KE/d/KE^ dZDK&KEdZd͕K>/'d/KE^ $57,&/( dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĞĨĨĞĐƚŝǀĞƵƉŽŶƚŚĞůĂƚĞƌŽĨƚŚĞĚĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌƵƉŽŶĞǆĞĐƵƚŝŽŶĂŶĚĂƉƉƌŽǀĂůďǇ $ ďŽƚŚƉĂƌƚŝĞƐ͘dŚŝƐŽŶƚƌĂĐƚǁŝůůƌĞŵĂŝŶŝŶĞĨĨĞĐƚƵŶƚŝůƚŚĞǆƉŝƌĂƚŝŽŶĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌƵŶƚŝůĂůů ŽďůŝŐĂƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĨƵůĨŝůůĞĚ͘ &ŽƌĚĞůĂǇƐĞŶĐŽƵŶƚĞƌĞĚƚŚĂƚĂƌĞďĞǇŽŶĚE'/EZ͛ƐĐŽŶƚƌŽů͕ĂŶĚƵƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚĨƌŽŵE'/EZ͕ƚŚĞ/dzΖƐ % ƵƚŚŽƌŝǌĞĚŐĞŶƚŵĂǇĞǆƚĞŶĚƚŚĞtŽƌŬŽŵƉůĞƚŝŽŶĂƚĞĞƐƚĂďůŝƐŚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞůĞŶŐƚŚ ŽĨƐƵĐŚƚŝŵĞĞǆƚĞŶƐŝŽŶǁŝůůďĞĚĞƚĞƌŵŝŶĞĚďǇƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͘ /ƚǁŝůůďĞE'/EZ͛ƐƌĞƐƉŽŶƐŝďŝůŝƚǇƚŽƌĞĂƐŽŶĂďůǇŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ŝŶǁƌŝƚŝŶŐ͕ŝĨE'/EZŚĂƐƌĞĂƐŽŶƚŽ & ďĞůŝĞǀĞƚŚĞƉƌŽũĞĐƚǁŝůůŶŽƚďĞĐŽŵƉůĞƚĞĚĂƐƐĐŚĞĚƵůĞĚ͘/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĂĚũƵƐƚƚŚĞ ƐĐŚĞĚƵůĞĂŶĚĨŝŶĂůĐŽƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐƵĐŚĚĞůĂǇƐ͕ĂƐƉƌŽǀŝĚĞĚŝŶƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͘ ŶŐŝŶĞĞƌƐŚĂůůĨƵƌŶŝƐŚĂůůŵĂƚĞƌŝĂůƐ͕ĂůůŶĞĐĞƐƐĂƌǇƚŽŽůƐĂŶĚĞƋƵŝƉŵĞŶƚ͕ĂŶĚƉĞƌĨŽƌŵĂůůǁŽƌŬĂŶĚůĂďŽƌŶĞĐĞƐƐĂƌǇƚŽ ' ĚĞƚĞƌŵŝŶĞŽŶƚƌĂĐƚŽƌ͛ƐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞWƌŽũĞĐƚĐŽŶƐŝƐƚĞŶƚǁŝƚŚŝƚǇĚĞƐŝŐŶƐƉĞĐŝĨŝĐĂƚŝŽŶƐĂŶĚ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂƉƉƌŽǀĞĚĐŝǀŝůĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶƐĨŽƌƚŚĞWƌŽũĞĐƚ͘ /dzƌĞĐŽŐŶŝǌĞƐƚŚĂƚE'/EZƉƌŽǀŝĚĞĚƐĞƌǀŝĐĞƐƚŽƚŚĞKǁŶĞƌƵŶĚĞƌĂŝƚǇͲKǁŶĞƌĐŽŶƚƌĂĐƚĂƵƚŚŽƌŝǌŝŶŐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶ ( ŽĨƚŚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐĨŽƌǁŚŝĐŚĐŽŶƐƚƌƵĐƚŝŽŶŝŶƐƉĞĐƚŝŽŶĂŶĚŽďƐĞƌǀĂƚŝŽŶƐĞƌǀŝĐĞƐĂƌĞďĞŝŶŐƌĞƋƵĞƐƚĞĚ͘/dzǁĂŝǀĞƐĂŶǇ ĂŶĚĂůůĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚƌŝŐŚƚƐĂŐĂŝŶƐƚE'/EZƌĞůĂƚŝǀĞƚŽƚŚŝƐĂƌƌĂŶŐĞŵĞŶƚ͘ 'KsZE/E'>t͕:hZ/^/d/KE͕EsEh $57,&/( dŚŝƐŽŶƚƌĂĐƚƐŚĂůůďĞŐŽǀĞƌŶĞĚďǇĂŶĚĐŽŶƐƚƌƵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞůĂǁƐŽĨƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͘sĞŶƵĞĨŽƌĂůůůĞŐĂů $ ƉƌŽĐĞĞĚŝŶŐƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞŝŶƚŚĞĂƉƉůŝĐĂďůĞƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶ KůŵƐƚĞĚŽƵŶƚǇĂŶĚDŝŶŶĞƐŽƚĂƌĞƐƉĞĐƚŝǀĞůǇ͘ dZD^K&'EZ>KE/d/KE^ $57,&/( ŶǇĂŶĚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨŽƌĐĞƵŶůĞƐƐƚŚĞǇĂƌĞƐƉĞĐŝĨŝĐĂůůǇĂŶĚĚĞůŝďĞƌĂƚĞůǇ $ ĐĂŶĐĞůĞĚŽƌŵŽĚŝĨŝĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŽƚŚĞĞǆƚĞŶƚŽĨĂŶǇŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ % ǁŝůůĐŽŶƚƌŽů͘DŝŶŶĞƐŽƚĂ>ĂǁƐƵƉĞƌƐĞĚĞƐĂŶǇŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ dZD^K&WzDEd $57,&/( ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůǇƐƵƉƉůŝĞĚďǇ $ E'/EZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďǇ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ Zd/>ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂǇŵĞŶƚ͘͟ /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶǇƚŝŵĞƚŚĂƚE'/EZǁŝůůĞǆĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ % ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůǇŵĂŶŶĞƌ͘E'/EZŵĂǇŶŽƚďĞ ĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞǆĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůǇĞǆĞĐƵƚĞĚ͕ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚďĞǇŽŶĚƚŚĂƚŝĚĞŶƚŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌǁƌŝƚƚĞŶ ĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďǇ/dzŵĂǇďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌǇĂŶĚE'/EZŵĂǇŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌƚŚĞĞǆƚƌĂ ǁŽƌŬ͘ /ĨE'/EZĐůĂŝŵƐĂŶǇŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌŽƚŚĞƌĐŽŶĚŝƚŝŽŶƐĞǆŝƐƚƚŚĂƚƌĞƋƵŝƌĞĞǆƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐ & ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶǇĞǆƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϮϬĂůĞŶĚĂƌĚĂǇƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶ ŽƌŽďƐĞƌǀĂŶĐĞŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ ŶǇĐůĂŝŵŵĂĚĞĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂǇďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶ 3DFNHW3J )F ĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůǇĂƉƉƌŽǀĞĚĂŶĚĞǆĞĐƵƚĞĚďǇƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚ E'/EZΖƐŽǁŶƌŝƐŬ͘ ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐĂĐƚƵĂůůǇĂŶĚŶĞĐĞƐƐĂƌŝůǇŝŶĐƵƌƌĞĚďǇE'/EZĂƐĂƌĞƐƵůƚŽĨ ' ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞǆĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘E'/EZŵĂǇďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͕ĂŶĚŝĚĞŶƚŝĨŝĞĚŝŶ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ƌƚŝĐůĞϯ͘ WZKhZ&KZWzDEd $57,&/( WĂǇŵĞŶƚƐǁŝůůďĞŵĂĚĞďǇ/dzǁŝƚŚŝŶϯϬĚĂǇƐŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐ $ ƌĞƉŽƌƚƐĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘/dzƐŚĂůůŶŽƚŝĨǇE'/EZŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂǇƐŽĨ E'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞǇďĞůŝĞǀĞƚŚĞƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐǁĞƌĞ ŶŽƚƉƌŽƉĞƌůǇƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽŶƚƌĂĐƚ͘ /ŶǀŽŝĐĞƐĨŽƌƉĂǇŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďǇE'/EZŵŽŶƚŚůǇƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶƚŚĞĨŽƌŵƉƌĞƐĐƌŝďĞĚďǇ % /dz͘/ŶǀŽŝĐĞƐƐŚŽƵůĚŝĚĞŶƚŝĨǇƚŚĞƉƌŽũĞĐƚĂŶĚƚŚĞĐŽƐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚĂŶĚ ŵƵƐƚƐĂƚŝƐĨǇƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ ϭ͘ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůǇŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐ ĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚE'/EZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚ ĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶǇƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚƉĂǇŵĞŶƚ͘ ϯ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝǌĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐĂƌĞƉƌŽƉĞƌůǇ ĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂƌĞĂŶǇĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐĚŝƌĞĐƚůǇƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬ ŽĨƚŚĞE'/EZ͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ ϰ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ ŝƌĞĐƚƐĂůĂƌǇĐŽƐƚƐŽĨĞŵƉůŽǇĞĞƐΖƚŝŵĞĚŝƌĞĐƚůǇĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ D dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨǇŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽǇĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂǇ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂǇŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽǇĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ E ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽǇĞĞΖƐŶĂŵĞ͕ŚŽƵƌůǇ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂǇƉĞƌŝŽĚ͘ ϱ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞĂĐŽƉǇŽĨƚŚĞŝŶǀŽŝĐĞƚŚĞǇĨŽƌǁĂƌĚĞĚƚŽƚŚĞĐŝƚǇƚŽƚŚĞĚĞǀĞůŽƉĞƌĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐ͘ dŚŝƐĚŽĐƵŵĞŶƚƐŚŽƵůĚďĞĐůĞĂƌĞĚƐƚĂƚĞĚƚŚĂƚŝƚ͛ƐĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐŽŶůǇ͘ /ĨE'/EZŝƐĂƵƚŚŽƌŝǌĞĚďǇ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚƐ͕E'/EZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ & ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŽŶƚƌĂĐƚ͕ĂŶĚE'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůǇƉĂǇŵĞŶƚďǇE'/EZŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͛Ɛ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂǇŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞƐƵď ĐŽŶƐƵůƚĂŶƚŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ E'/EZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ' ĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzDEd $57,&/( &ŽƌĂůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞŶŐŝŶĞĞƌƐŚĂůůŵĂŝŶƚĂŝŶŝƚƐĞƚŚŝĐĂůĂŶĚ $ ůĞŐĂůĚƵƚǇŽĨĂƉƌŽĨĞƐƐŝŽŶĂůƚŽĞǆĞƌĐŝƐĞƚŚĞůĞǀĞůŽĨĐĂƌĞ͕ĚŝůŝŐĞŶĐĞ͕ĂŶĚƐŬŝůůƉƌĞƐĐƌŝďĞĚŝŶƚŚĞĐŽĚĞŽĨƉƌĂĐƚŝĐĞŽĨŚŝƐŽƌŚĞƌ ƉƌŽĨĞƐƐŝŽŶ͕ŽƌĂƐŽƚŚĞƌƉƌŽĨĞƐƐŝŽŶĂůƐŝŶƚŚĞƐĂŵĞĚŝƐĐŝƉůŝŶĞǁŽƵůĚŝŶƚŚĞƐĂŵĞŽƌƐŝŵŝůĂƌĐŝƌĐƵŵƐƚĂŶĐĞƐ͘dŚĞE'/EZ ƐŚĂůůĐŽŵƉůǇǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďǇĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐ͘ 3DFNHW3J )F E'/EZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂǇŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ % ƌĞŐƵůĂƚŝŽŶƐ͘ ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďǇƉƌŽŐƌĞƐƐƉĂǇŵĞŶƚƐŵĂĚĞďǇ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚǇŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ & ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐE'/EZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂǇŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶǇĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞE'/EZ͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ ƐŚĂůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞ ĞǆƚĞŶƚŽĨƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞE'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶǇǁĂǇƚŽƌĞůŝĞǀĞE'/EZĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐĞƌǀŝĐĞƐ ' ĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞǆĐĞĞĚƚŚĂƚŝƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ E'/EZŝƐŶŽƚĂƵƚŚŽƌŝǌĞĚƚŽĚŝƌĞĐƚƚŚĞǁŽƌŬŽĨŽŶƚƌĂĐƚŽƌ͕ƵŶůĞƐƐŝƚǇŝƐŐŝǀĞŶƐƵĐŚĂƵƚŚŽƌŝƚǇ͕ŝŶǁƌŝƚŝŶŐ͕ďǇKǁŶĞƌ͘ ( E'/EZĐŽŵŵƵŶŝĐĂƚŝŽŶƐŚĂůůďĞĚŝƌĞĐƚůǇǁŝƚŚKǁŶĞƌ͛ƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞ;ŽŶƐƚƌƵĐƚŝŽŶĨŽƌĞŵĞŶŽƌƐƵƉĞƌŝŶƚĞŶĚĞŶƚŽƌ ŽƚŚĞƌŵĞŵďĞƌŝĚĞŶƚŝĨŝĞĚĂƐWƌŽũĞĐƚDĂŶĂŐĞƌͿ͕ĂŶĚƚŽŝƚǇŶŐŝŶĞĞƌŽƌŚŝƐĚĞƐŝŐŶĞĞ͘ ^^/'EDEd $57,&/(ĞĚŝŶƚŚŝƐ ŽŶƚƌĂĐƚ͘ ĐŽƉǇŽĨĂŶǇĂŶĚĂůůƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚƐŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚĂĨƚĞƌĞǆĞĐƵƚŝŽŶŽĨƚŚĞƐƵď % ĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽǁŽƌŬƐƚĂƌƚŝŶŐƵŶĚĞƌƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚ͘ DEDEd^͕,E'KZZ^͕DZ'Z͕KhEdZWZd^͕Et/sZ $57,&/( ŵĞŶĚŵĞŶƚƐƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĐŽŶƐŝĚĞƌĞĚŽŶůǇĨŽƌƵŶĨŽƌĞƐĞĞŶǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŚĂƚǁĞƌĞĞǆĐůƵĚĞĚŝŶƚŚĞ^ĐŽƉĞŽĨ $ tŽƌŬ͕ĞŶƚŝƚůĞĚ͞ĞƚĂŝůĞĚ^ĐŽƉĞŽĨtŽƌŬ͕͟ĂŶĚƚŚĂƚĂƌĞĐŽŶƐŝĚĞƌĞĚĞƐƐĞŶƚŝĂůƚŽƚŚĞǁŽƌŬ͘ŶǇǁƌŝƚƚĞŶĐůĂŝŵŵĂĚĞďǇ E'/EZĨŽƌĞǆƚƌĂǁŽƌŬŽƌĐŽƐƚƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐďĞĞŶĂƉƉƌŽǀĞĚďǇƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŵƵƐƚďĞ ĞǀŝĚĞŶĐĞĚďǇĂŶĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚ͘ŵĞŶĚŵĞŶƚƐŵƵƐƚďĞŝŶǁƌŝƚŝŶŐĂŶĚĞǆĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚďǇƚŚĞƐĂŵĞ ƉĂƌƚŝĞƐĂŶĚŽĨĨŝĐŝĂůƐǁŚŽĞǆĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚƚŚĞŽƌŝŐŝŶĂůŽŶƚƌĂĐƚ͕ŽƌƚŚĞŝƌƐƵĐĐĞƐƐŽƌƐŝŶŽĨĨŝĐĞ͘E'/EZŵƵƐƚŶŽƚŝĨǇ /dz͛ƐWƌŽũĞĐƚDĂŶĂŐĞƌŝŶǁƌŝƚŝŶŐŝĨE'/EZǁŝůůďĞĚĞůĂǇĞĚŝŶĂŶǇǁĂǇĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ % ŽĨE'/EZ͘ŶǇĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůǇĂŶĚĨƵůůǇĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ & ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚǇƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůǇŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͕ ďǇƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝǌĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďǇĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞE'/EZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďǇŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĞǆĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ' ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞŽŶƚƌĂĐƚ͘ 3DFNHW3J )F KDW>/Et/d,>/E^^͕WZD/d^͕EKd,ZZ'h>d/KE^ $57,&/( E'/EZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ĐĞƌƚŝĨŝĐĂƚŝŽŶƐ͕ĞĚƵĐĂƚŝŽŶ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌǇƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐ $ ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/^E/Ed>>dh>WZKWZdz $57,&/( dŚĞDŝŶŶĞƐŽƚĂ'ŽǀĞƌŶŵĞŶƚĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ $ ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ ŶǇƌĞƉŽƌƚƐ͕ƐƚƵĚŝĞƐ͕ƉŚŽƚŽŐƌĂƉŚƐ͕ŶĞŐĂƚŝǀĞƐ͕ŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐĐƌĞĂƚĞĚĂŶĚƉĂŝĚĨŽƌďǇE'/EZŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ % ŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂƌĞŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞŝŶƌĞƐƉĞĐƚƚŽE'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĂƌĞƚŚĞĞǆĐůƵƐŝǀĞ ƉƌŽƉĞƌƚǇŽĨ/dz͘E'/EZŵƵƐƚƌĞŵŝƚĂůůƐƵĐŚŵĂƚĞƌŝĂůƐƚŽ/dzƵƉŽŶĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞ /dzǁŝůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇƌĞƵƐĞŽĨƐƵĐŚŵĂƚĞƌŝĂůƐďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞŝƚǇƐŚĂůůŐƌĂŶƚƚŚĞE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞĞǆƚĞŶƚŽĨƚŚĞ/dzΖƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘E'/EZǁĂŝǀĞƐĂůůĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞ/dzƌĞƐƵůƚŝŶŐŝŶĂŶǇǁĂǇĨƌŽŵĂŶǇƌĞƵƐĞŽĨ ƚŚĞE'/EZ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŝƌĞĐƚĞĚďǇ/dz͕ƚŚĞŽƌŝŐŝŶĂůƐŽĨƌĞƉŽƌƚƐ͕ƚĞƐƚƐ͕ĚƌĂǁŝŶŐƐĂŶĚƉůĂŶƐ͖ĂŶĚůĞŐŝďůǇƌĞƉƌŽĚƵĐŝďůĞĐŽƉŝĞƐŽĨ & ǁŽƌŬƐŚĞĞƚƐ͕ĨŝĞůĚŶŽƚĞƐ͕ĐŽŵƉƵƚĂƚŝŽŶƐ͕ƉŚŽƚŽƐ͕ƚĞƐƚƌĞƐƵůƚƐ͕ĂŶĚŽƚŚĞƌƉƌŽũĞĐƚĚĂƚĂŵƵƐƚďĞƌĞůŝŶƋƵŝƐŚĞĚƚŽ/dz͗ ϭ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ Ϯ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĨŝĐĂƚŝŽŶďǇ/dz͘ ϯ͘WƌŝŽƌƚŽĨŝŶĂůƉĂǇŵĞŶƚďǇ/dzƚŽE'/EZĨŽƌƚŚŝƐŽŶƚƌĂĐƚ͘ ͘EŽƚǁŝƚŚƐƚĂŶĚŝŶŐƚŚĞĂďŽǀĞƉĂƌĂŐƌĂƉŚƐ͕ǁŽƌŬƉĂƉĞƌƐ͕ƉƌŽƉƌŝĞƚĂƌǇŝŶĨŽƌŵĂƚŝŽŶ͕ƉƌŽĐĞƐƐĞƐ͕ŵĞƚŚŽĚŽůŽŐŝĞƐ͕ŬŶŽǁͲŚŽǁĂŶĚ ƐŽĨƚǁĂƌĞ;͞E'/EZĂƚĂ͟ͿƉƌĞǀŝŽƵƐůǇďĞůŽŶŐŝŶŐŽƌůŝĐĞŶƐĞĚƚŽE'/EZĂŶĚƵƐĞĚƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůů ƌĞŵĂŝŶƚŚĞƉƌŽƉĞƌƚǇŽĨE'/EZ͘E'/EZƐŚĂůůƌĞƚĂŝŶĂŶŽǁŶĞƌƐŚŝƉĂŶĚƉƌŽƉĞƌƚǇŝŶƚĞƌĞƐƚƚŚĞƌĞŝŶ;ŝŶĐůƵĚŝŶŐƚŚĞĐŽƉǇƌŝŐŚƚ ĂŶĚƚŚĞƌŝŐŚƚŽĨƌĞƵƐĞĂƚƚŚĞĚŝƐĐƌĞƚŝŽŶŽĨƚŚĞE'/EZͿ͕ǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞWƌŽũĞĐƚŝƐĐŽŵƉůĞƚĞĚ͘dŽƚŚĞĞǆƚĞŶƚƚŚĞƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚďǇE'/EZĐŽŶƚĂŝŶE'/EZĂƚĂ͕E'/EZŚĞƌĞďǇŐƌĂŶƚƐƚŽ/dzĂŶŽŶͲĞǆĐůƵƐŝǀĞ͕ŶŽŶͲĂƐƐŝŐŶĂďůĞ͕ƌŽǇĂůƚǇͲ ĨƌĞĞ͕ŝƌƌĞǀŽĐĂďůĞůŝĐĞŶƐĞƚŽƵƐĞƐƵĐŚE'/EZĂƚĂĨŽƌƚŚĞƉƵƌƉŽƐĞƐƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͕ƐƵďũĞĐƚƚŽƚŚĞĨŽůůŽǁŝŶŐůŝŵŝƚĂƚŝŽŶƐ͗ ƐƵĐŚE'/EZĂƚĂĂƌĞŶŽƚŝŶƚĞŶĚĞĚŽƌƌĞƉƌĞƐĞŶƚĞĚƚŽďĞƐƵŝƚĂďůĞĨŽƌƵƐĞŽƌƌĞƵƐĞďǇ/dzŽŶĞǆƚĞŶƐŝŽŶŽĨƚŚĞWƌŽũĞĐƚŽƌ ŽŶĂŶǇŽƚŚĞƌƉƌŽũĞĐƚǁŝƚŚŽƵƚǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďǇE'/EZĂŶĚĂŶǇƐƵĐŚƌĞƵƐĞŽƌŵŽĚŝĨŝĐĂƚŝŽŶŽĨƚŚĞ E'/EZĂƚĂǁŝƚŚŽƵƚƚŚĞǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďǇE'/EZƐŚĂůůďĞĚŽŶĞĂƚ/dz͛ƐƐŽůĞƌŝƐŬĂŶĚǁŝƚŚŽƵƚ ůŝĂďŝůŝƚǇƚŽE'/EZ͘ >//>/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 ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞǇƐ͛ĨĞĞƐ͘/ŶƚŚĞĞǀĞŶƚĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌĞǆƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďǇƚŚĞũŽŝŶƚŽƌ ĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨE'/EZĂŶĚ/dz͕ƚŚĞǇƐŚĂůůďĞďŽƌŶĞďǇĞĂĐŚƉĂƌƚǇŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ ^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚŝƐŽŶƚƌĂĐƚŝƐ & ƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶǇƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ 3DFNHW3J )F tKZ<Z^ΖKDWE^d/KE $57,&/( ŶǇĂŶĚĂůůĞŵƉůŽǇĞĞƐŽĨE'/EZ͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ $ ĂŶǇǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽǇĞĞƐŽĨ/dz͘ŶǇĂŶĚĂůů ĐůĂŝŵƐƚŚĂƚŵĂǇĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐ ǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶǇĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďǇĂŶǇƚŚŝƌĚƉĂƌƚǇĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶǇĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨ E'/EZΖƐĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽĞŶŐĂŐĞĚŽŶĂŶǇŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶŶŽǁĂǇ ďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨ/dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞ ǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂǇĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚE'/EZ͘ KE^ $57,&/( dŚŝƐƌƚŝĐůĞŝƐŚĞƌĞďǇĚĞůĞƚĞĚ͘ /E^hZE $57,&/( ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞĨŽƌĞĂĐŚƚǇƉĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĨŝůĞĚǁŝƚŚƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚ $ ŐĞŶƚƉƌŝŽƌƚŽĞǆĞĐƵƚŝŽŶŽĨƚŚĞŽŶƚƌĂĐƚďǇŝƚǇ͘ĂĐŚƉŽůŝĐǇŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ /dzĂϯϬͲĚĂǇŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ E'/EZŵƵƐƚŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌǇĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗ % ϭ͘E'/EZƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƐŝƐƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌǇ ĨŽƌƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐďǇE'/EZĂŶĚŝƚƐĞŵƉůŽǇĞĞƐ͘ Ϯ͘dŚĞE'/EZƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐƐĞƉĂƌĂƚĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĞŶĚŽƌƐĞŵĞŶƚƐĨŽƌĞĂĐŚƐƵďĐŽŶƐƵůƚĂŶƚ͘ E'/EZƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐĨƌŽŵŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ tŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͗ ϯ͘E'/EZǁŝůůƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌĂůůE'/EZ ĞŵƉůŽǇĞĞƐĂŶĚ͕ŝŶĐĂƐĞĂŶǇǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕E'/EZǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌǇƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/dzŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ ͕ŵƉůŽǇĞƌ͛Ɛ>ŝĂďŝůŝƚǇ͕ĂƚůŝŵŝƚƐŶŽƚůĞƐƐƚŚĂŶΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĚŝƐĞĂƐĞƉĞƌĞŵƉůŽǇĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇ ŝŶũƵƌǇďǇĚŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĂĐĐŝĚĞŶƚ͘ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͚ƐŝŶƐƵƌĂŶĐĞƐŚĂůů ďĞĨŝůĞĚǁŝƚŚƚŚĞE'/EZ͘ ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚǇ͗ ϰ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌ ďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚǇ ĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďǇ E'/EZŽƌďǇĂƐƵďĐŽŶƐƵůƚĂŶƚŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͛Ɛ ůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞƐŚĂůůďĞƉƌŝŵĂƌǇƚŽĂŶǇůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďǇƚŚĞŝƚǇ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶ ƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ D Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ E /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ ŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ D WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚǇ E ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚǇ F EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ G ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚǇ͗ ϱ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐ ĨŽƌďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌ 3DFNHW3J )F ƉƌŽƉĞƌƚǇĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďǇE'/EZŽƌďǇƐƵďĐŽŶƐƵůƚĂŶƚŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞE'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞůŝŵŝƚĨŽƌŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ͗ ϲ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌĐůĂŝŵ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ dŚŝƐƉŽůŝĐǇǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐE'/EZǁŝůůďĞĐŽŵĞůĞŐĂůůǇŽďůŝŐĂƚĞĚƚŽƉĂǇƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇ ĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽE'/EZΖƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͘ E'/EZŵƵƐƚ͗ & ϭ͘/ŶĐůƵĚĞůĞŐĂůĚĞĨĞŶƐĞĨĞĞƐŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐůŝĂďŝůŝƚǇƉŽůŝĐǇůŝŵŝƚƐ͕ǁŝƚŚƚŚĞĞǆĐĞƉƚŝŽŶŽĨWƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ ĂďŽǀĞ͖ĂŶĚ Ϯ͘KďƚĂŝŶŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨƌŽŵĂŶŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶǇŚĂǀŝŶŐĂŶΗD^dΗƌĂƚŝŶŐŽĨͲs///ŽƌďĞƚƚĞƌ͘ /dzƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůǇƌĞƐĐŝŶĚƚŚŝƐŽŶƚƌĂĐƚŝĨE'/EZŝƐŶŽƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŝŶƐƵƌĂŶĐĞ ' ƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶǇůĞŐĂůƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚE'/EZ͘hƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚďǇƚŚĞ/dzΖƐ ƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůůďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵĂǇďĞƌĞƋƵĞƐƚĞĚ͘ >/sZ>^dEZ^ $57,&/( /dzǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĚŝƐĂƉƉƌŽǀĞŽƌƌĞũĞĐƚƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƚŚĂƚĂƌĞĚĞĨĞĐƚŝǀĞ͘E'/EZǁŝůůďĞ $ ƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐǇŽĨŝƚƐǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂŶĚŵƵƐƚŵĂŬĞƚŝŵĞůǇƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐǁŝƚŚŽƵƚ ĐŽŵƉĞŶƐĂƚŝŽŶƌĞƐƵůƚŝŶŐĨƌŽŵĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽŶƚŚĞƉĂƌƚŽĨE'/EZ͘dŚĞƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚƚŽ/dz ďǇE'/EZŵƵƐƚďĞŽĨƐƵĐŚƋƵĂůŝƚǇƚŚĂƚƚŚĞǇĂƌĞƐƵŝƚĂďůĞĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ͘ E'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĂŐƌĞĞĚƚŽŝŶĂŶƚŝĐŝƉĂƚŝŽŶŽĨƚŚĞŽƌĚĞƌůǇĂŶĚ % ĐŽŶƚŝŶƵŽƵƐƉƌŽŐƌĞƐƐŽĨƚŚĞWƌŽũĞĐƚƚŚŽƵŐŚĐŽŵƉůĞƚŝŽŶ͘hŶůĞƐƐƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐĨŽƌƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐĂƌĞƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŽďůŝŐĂƚŝŽŶƚŽƌĞŶĚĞƌƐĞƌǀŝĐĞƐŚĞƌĞƵŶĚĞƌǁŝůůďĞĨŽƌĂƉĞƌŝŽĚǁŚŝĐŚŵĂǇ ƌĞĂƐŽŶĂďůǇďĞƌĞƋƵŝƌĞĨŽƌƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƐĂŝĚƐĞƌǀŝĐĞƐ͘ /ĨŝŶƚŚŝƐŽŶƚƌĂĐƚƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞĨŽƌƌĞŶĚĞƌŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐĞƚĨŽƌƚŚŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐďǇǁŚŝĐŚƐĞƌǀŝĐĞƐĂƌĞƚŽďĞ & ĐŽŵƉůĞƚĞĚĂƌĞƉƌŽǀŝĚĞĚ͕ĂŶĚŝĨƐƵĐŚƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌĚĂƚĞƐĂƌĞĐŚĂŶŐĞĚƚŚƌŽƵŐŚŶŽĨĂƵůƚŽĨE'/EZ͕ƚŚĞƌĂƚĞƐĂŶĚ ĂŵŽƵŶƚƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽǀŝĚĞĚĨŽƌŚĞƌĞŝŶƐŚĂůůďĞƐƵďũĞĐƚƚŽĞƋƵŝƚĂďůĞĂĚũƵƐƚŵĞŶƚ͘/Ĩ/dzŚĂƐƌĞƋƵĞƐƚĞĚĐŚĂŶŐĞƐŝŶ ƚŚĞƐĐŽƉĞ͕ĞǆƚĞŶƚ͕ŽƌĐŚĂƌĂĐƚĞƌŽĨƚŚĞWƌŽũĞĐƚ͖ƚŚĞƚŝŵĞŽĨƉĞƌĨŽƌŵĂŶĐĞŽĨE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůůďĞĂĚũƵƐƚĞĚĞƋƵŝƚĂďůǇ͘ EĞŝƚŚĞƌƉĂƌƚǇǁŝůůďĞŚĞůĚƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞůĂǇŽƌĨĂŝůƵƌĞƚŽƉĞƌĨŽƌŵǁŚĞŶƐƵĐŚĚĞůĂǇŽƌĨĂŝůƵƌĞŝƐĚƵĞƚŽĂŶǇŽĨƚŚĞ ' ĨŽůůŽǁŝŶŐ͕ƵŶůĞƐƐƚŚĞĂĐƚŽƌŽĐĐƵƌƌĞŶĐĞĐŽƵůĚŚĂǀĞďĞĞŶƌĞĂƐŽŶĂďůǇĨŽƌĞƐĞĞŶĂŶĚƌĞĂƐŽŶĂďůĞĂĐƚŝŽŶĐŽƵůĚŚĂǀĞďĞĞŶ ƚĂŬĞŶƚŽƉƌĞǀĞŶƚƚŚĞĚĞůĂǇŽƌĨĂŝůƵƌĞ͗ĨŝƌĞ͕ĨůŽŽĚ͕ĞƉŝĚĞŵŝĐ͕ƐƚƌŝŬĞƐ͕ǁĂƌƐ͕ĂĐƚƐŽĨ'ŽĚ͕ƵŶƵƐƵĂůůǇƐĞǀĞƌĞǁĞĂƚŚĞƌ͕ŽƌĚĞůĂǇƐ ŽƌĚĞĨĂƵůƚƐĐĂƵƐĞĚďǇƉƵďůŝĐĐĂƌƌŝĞƌƐ͕ƉƌŽǀŝĚĞĚƚŚĞĚĞĨĂƵůƚŝŶŐƉĂƌƚǇŐŝǀĞƐǁƌŝƚƚĞŶŶŽƚŝĐĞĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞƚŽƚŚĞŽƚŚĞƌ ƉĂƌƚǇŽĨŝƚƐŝŶĂďŝůŝƚǇƚŽƉĞƌĨŽƌŵ͘ &ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐŽŶƚƌĂĐƚƚŚĞƚĞƌŵ͞ĚĂǇ͟ŵĞĂŶƐĂĐĂůĞŶĚĂƌĚĂǇŽĨϮϰŚŽƵƌƐ͘ ( 3DFNHW3J )F Ed/dZh^d $57,&/(ƌĞĐƚŝŽŶƐ $ ƌĞƐƵůƚŝŶŐĨƌŽŵE'/EZΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬ ďǇ/dzǁŝůůŶŽƚƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌ ĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶǇĂŵďŝŐƵŝƚŝĞƐ͘ /ĨŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂƌĞŵĂĚĞďǇE'/EZŝŶĂŶǇƉŚĂƐĞŽĨƚŚĞǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨǁŚŝĐŚŵĂǇ % ƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZǁŝůůďĞƉƌŽŵƉƚůǇŶŽƚŝĨŝĞĚďǇ/dzĂŶĚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƐƵĐŚ ĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘/ĨƚŚĞE'/EZŝƐĂǁĂƌĞŽĨĂŶǇŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞŝŶĂŶǇƉŚĂƐĞ ŽĨŝƚƐǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶƐŽĨǁŚŝĐŚŵĂǇƌĞƋƵŝƌĞĂŶǇĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZŵƵƐƚƉƌŽŵƉƚůǇƉĞƌĨŽƌŵ ƐƵĐŚĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘ E'/EZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶǇĚĂŵĂŐĞƐŝŶĐƵƌƌĞĚĂƐĂƌĞƐƵůƚŽĨŝƚƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂŶĚĨŽƌĂŶǇ & 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/ƚǁŝůůďĞE'/EZ͛ƐƌĞƐƉŽŶƐŝďŝůŝƚǇƚŽƌĞĂƐŽŶĂďůǇŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ŝŶǁƌŝƚŝŶŐ͕ŝĨE'/EZŚĂƐƌĞĂƐŽŶƚŽ & ďĞůŝĞǀĞƚŚĞƉƌŽũĞĐƚǁŝůůŶŽƚďĞĐŽŵƉůĞƚĞĚĂƐƐĐŚĞĚƵůĞĚ͘/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĂĚũƵƐƚƚŚĞ ƐĐŚĞĚƵůĞĂŶĚĨŝŶĂůĐŽƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐƵĐŚĚĞůĂǇƐ͕ĂƐƉƌŽǀŝĚĞĚŝŶƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͘ ŶŐŝŶĞĞƌƐŚĂůůĨƵƌŶŝƐŚĂůůŵĂƚĞƌŝĂůƐ͕ĂůůŶĞĐĞƐƐĂƌǇƚŽŽůƐĂŶĚĞƋƵŝƉŵĞŶƚ͕ĂŶĚƉĞƌĨŽƌŵĂůůǁŽƌŬĂŶĚůĂďŽƌŶĞĐĞƐƐĂƌǇƚŽ ' ĚĞƚĞƌŵŝŶĞŽŶƚƌĂĐƚŽƌ͛ƐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞWƌŽũĞĐƚĐŽŶƐŝƐƚĞŶƚǁŝƚŚŝƚǇĚĞƐŝŐŶƐƉĞĐŝĨŝĐĂƚŝŽŶƐĂŶĚ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂƉƉƌŽǀĞĚĐŝǀŝůĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶƐĨŽƌƚŚĞWƌŽũĞĐƚ͘ /dzƌĞĐŽŐŶŝǌĞƐƚŚĂƚE'/EZƉƌŽǀŝĚĞĚƐĞƌǀŝĐĞƐƚŽƚŚĞKǁŶĞƌƵŶĚĞƌĂŝƚǇͲKǁŶĞƌĐŽŶƚƌĂĐƚĂƵƚŚŽƌŝǌŝŶŐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶ ( ŽĨƚŚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐĨŽƌǁŚŝĐŚĐŽŶƐƚƌƵĐƚŝŽŶŝŶƐƉĞĐƚŝŽŶĂŶĚŽďƐĞƌǀĂƚŝŽŶƐĞƌǀŝĐĞƐĂƌĞďĞŝŶŐƌĞƋƵĞƐƚĞĚ͘/dzǁĂŝǀĞƐĂŶǇ ĂŶĚĂůůĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚƌŝŐŚƚƐĂŐĂŝŶƐƚE'/EZƌĞůĂƚŝǀĞƚŽƚŚŝƐĂƌƌĂŶŐĞŵĞŶƚ͘ 'KsZE/E'>t͕:hZ/^/d/KE͕EsEh $57,&/( dŚŝƐŽŶƚƌĂĐƚƐŚĂůůďĞŐŽǀĞƌŶĞĚďǇĂŶĚĐŽŶƐƚƌƵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞůĂǁƐŽĨƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͘sĞŶƵĞĨŽƌĂůůůĞŐĂů $ ƉƌŽĐĞĞĚŝŶŐƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞŝŶƚŚĞĂƉƉůŝĐĂďůĞƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶ KůŵƐƚĞĚŽƵŶƚǇĂŶĚDŝŶŶĞƐŽƚĂƌĞƐƉĞĐƚŝǀĞůǇ͘ dZD^K&'EZ>KE/d/KE^ $57,&/( ŶǇĂŶĚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨŽƌĐĞƵŶůĞƐƐƚŚĞǇĂƌĞƐƉĞĐŝĨŝĐĂůůǇĂŶĚĚĞůŝďĞƌĂƚĞůǇ $ ĐĂŶĐĞůĞĚŽƌŵŽĚŝĨŝĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŽƚŚĞĞǆƚĞŶƚŽĨĂŶǇŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ % ǁŝůůĐŽŶƚƌŽů͘DŝŶŶĞƐŽƚĂ>ĂǁƐƵƉĞƌƐĞĚĞƐĂŶǇŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ dZD^K&WzDEd $57,&/( ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůǇƐƵƉƉůŝĞĚďǇ $ E'/EZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďǇ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ Zd/>ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂǇŵĞŶƚ͘͟ /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶǇƚŝŵĞƚŚĂƚE'/EZǁŝůůĞǆĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ % ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůǇŵĂŶŶĞƌ͘E'/EZŵĂǇŶŽƚďĞ ĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞǆĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůǇĞǆĞĐƵƚĞĚ͕ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚďĞǇŽŶĚƚŚĂƚŝĚĞŶƚŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌǁƌŝƚƚĞŶ ĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďǇ/dzŵĂǇďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌǇĂŶĚE'/EZŵĂǇŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌƚŚĞĞǆƚƌĂ ǁŽƌŬ͘ /ĨE'/EZĐůĂŝŵƐĂŶǇŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌŽƚŚĞƌĐŽŶĚŝƚŝŽŶƐĞǆŝƐƚƚŚĂƚƌĞƋƵŝƌĞĞǆƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐ & ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶǇĞǆƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϮϬĂůĞŶĚĂƌĚĂǇƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶ ŽƌŽďƐĞƌǀĂŶĐĞŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ ŶǇĐůĂŝŵŵĂĚĞĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂǇďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶ 3DFNHW3J )F ĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůǇĂƉƉƌŽǀĞĚĂŶĚĞǆĞĐƵƚĞĚďǇƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚ E'/EZΖƐŽǁŶƌŝƐŬ͘ ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐĂĐƚƵĂůůǇĂŶĚŶĞĐĞƐƐĂƌŝůǇŝŶĐƵƌƌĞĚďǇE'/EZĂƐĂƌĞƐƵůƚŽĨ ' ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞǆĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘E'/EZŵĂǇďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͕ĂŶĚŝĚĞŶƚŝĨŝĞĚŝŶ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ƌƚŝĐůĞϯ͘ WZKhZ&KZWzDEd $57,&/( WĂǇŵĞŶƚƐǁŝůůďĞŵĂĚĞďǇ/dzǁŝƚŚŝŶϯϬĚĂǇƐŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐ $ ƌĞƉŽƌƚƐĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘/dzƐŚĂůůŶŽƚŝĨǇE'/EZŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂǇƐŽĨ E'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞǇďĞůŝĞǀĞƚŚĞƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐǁĞƌĞ ŶŽƚƉƌŽƉĞƌůǇƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽŶƚƌĂĐƚ͘ /ŶǀŽŝĐĞƐĨŽƌƉĂǇŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďǇE'/EZŵŽŶƚŚůǇƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶƚŚĞĨŽƌŵƉƌĞƐĐƌŝďĞĚďǇ % /dz͘/ŶǀŽŝĐĞƐƐŚŽƵůĚŝĚĞŶƚŝĨǇƚŚĞƉƌŽũĞĐƚĂŶĚƚŚĞĐŽƐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚĂŶĚ ŵƵƐƚƐĂƚŝƐĨǇƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ ϭ͘ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůǇŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐ ĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚE'/EZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚ ĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶǇƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚƉĂǇŵĞŶƚ͘ ϯ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝǌĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐĂƌĞƉƌŽƉĞƌůǇ ĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂƌĞĂŶǇĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐĚŝƌĞĐƚůǇƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬ ŽĨƚŚĞE'/EZ͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ ϰ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ ŝƌĞĐƚƐĂůĂƌǇĐŽƐƚƐŽĨĞŵƉůŽǇĞĞƐΖƚŝŵĞĚŝƌĞĐƚůǇĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ D dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨǇŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽǇĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂǇ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂǇŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽǇĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ E ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽǇĞĞΖƐŶĂŵĞ͕ŚŽƵƌůǇ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂǇƉĞƌŝŽĚ͘ ϱ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞĂĐŽƉǇŽĨƚŚĞŝŶǀŽŝĐĞƚŚĞǇĨŽƌǁĂƌĚĞĚƚŽƚŚĞĐŝƚǇƚŽƚŚĞĚĞǀĞůŽƉĞƌĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐ͘ dŚŝƐĚŽĐƵŵĞŶƚƐŚŽƵůĚďĞĐůĞĂƌĞĚƐƚĂƚĞĚƚŚĂƚŝƚ͛ƐĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐŽŶůǇ͘ /ĨE'/EZŝƐĂƵƚŚŽƌŝǌĞĚďǇ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚƐ͕E'/EZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ & ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŽŶƚƌĂĐƚ͕ĂŶĚE'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůǇƉĂǇŵĞŶƚďǇE'/EZŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͛Ɛ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂǇŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞƐƵď ĐŽŶƐƵůƚĂŶƚŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ E'/EZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ' ĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzDEd $57,&/( &ŽƌĂůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞŶŐŝŶĞĞƌƐŚĂůůŵĂŝŶƚĂŝŶŝƚƐĞƚŚŝĐĂůĂŶĚ $ ůĞŐĂůĚƵƚǇŽĨĂƉƌŽĨĞƐƐŝŽŶĂůƚŽĞǆĞƌĐŝƐĞƚŚĞůĞǀĞůŽĨĐĂƌĞ͕ĚŝůŝŐĞŶĐĞ͕ĂŶĚƐŬŝůůƉƌĞƐĐƌŝďĞĚŝŶƚŚĞĐŽĚĞŽĨƉƌĂĐƚŝĐĞŽĨŚŝƐŽƌŚĞƌ ƉƌŽĨĞƐƐŝŽŶ͕ŽƌĂƐŽƚŚĞƌƉƌŽĨĞƐƐŝŽŶĂůƐŝŶƚŚĞƐĂŵĞĚŝƐĐŝƉůŝŶĞǁŽƵůĚŝŶƚŚĞƐĂŵĞŽƌƐŝŵŝůĂƌĐŝƌĐƵŵƐƚĂŶĐĞƐ͘dŚĞE'/EZ ƐŚĂůůĐŽŵƉůǇǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďǇĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐ͘ 3DFNHW3J )F E'/EZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂǇŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ % ƌĞŐƵůĂƚŝŽŶƐ͘ ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďǇƉƌŽŐƌĞƐƐƉĂǇŵĞŶƚƐŵĂĚĞďǇ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚǇŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ & ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐE'/EZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂǇŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶǇĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞE'/EZ͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ ƐŚĂůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞ ĞǆƚĞŶƚŽĨƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞE'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶǇǁĂǇƚŽƌĞůŝĞǀĞE'/EZĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐĞƌǀŝĐĞƐ ' ĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞǆĐĞĞĚƚŚĂƚŝƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ E'/EZŝƐŶŽƚĂƵƚŚŽƌŝǌĞĚƚŽĚŝƌĞĐƚƚŚĞǁŽƌŬŽĨŽŶƚƌĂĐƚŽƌ͕ƵŶůĞƐƐŝƚǇŝƐŐŝǀĞŶƐƵĐŚĂƵƚŚŽƌŝƚǇ͕ŝŶǁƌŝƚŝŶŐ͕ďǇKǁŶĞƌ͘ ( E'/EZĐŽŵŵƵŶŝĐĂƚŝŽŶƐŚĂůůďĞĚŝƌĞĐƚůǇǁŝƚŚKǁŶĞƌ͛ƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞ;ŽŶƐƚƌƵĐƚŝŽŶĨŽƌĞŵĞŶŽƌƐƵƉĞƌŝŶƚĞŶĚĞŶƚŽƌ ŽƚŚĞƌŵĞŵďĞƌŝĚĞŶƚŝĨŝĞĚĂƐWƌŽũĞĐƚDĂŶĂŐĞƌͿ͕ĂŶĚƚŽŝƚǇŶŐŝŶĞĞƌŽƌŚŝƐĚĞƐŝŐŶĞĞ͘ ^^/'EDEd $57,&/(ĞĚŝŶƚŚŝƐ ŽŶƚƌĂĐƚ͘ ĐŽƉǇŽĨĂŶǇĂŶĚĂůůƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚƐŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚĂĨƚĞƌĞǆĞĐƵƚŝŽŶŽĨƚŚĞƐƵď % ĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽǁŽƌŬƐƚĂƌƚŝŶŐƵŶĚĞƌƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚ͘ DEDEd^͕,E'KZZ^͕DZ'Z͕KhEdZWZd^͕Et/sZ $57,&/( ŵĞŶĚŵĞŶƚƐƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĐŽŶƐŝĚĞƌĞĚŽŶůǇĨŽƌƵŶĨŽƌĞƐĞĞŶǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŚĂƚǁĞƌĞĞǆĐůƵĚĞĚŝŶƚŚĞ^ĐŽƉĞŽĨ $ tŽƌŬ͕ĞŶƚŝƚůĞĚ͞ĞƚĂŝůĞĚ^ĐŽƉĞŽĨtŽƌŬ͕͟ĂŶĚƚŚĂƚĂƌĞĐŽŶƐŝĚĞƌĞĚĞƐƐĞŶƚŝĂůƚŽƚŚĞǁŽƌŬ͘ŶǇǁƌŝƚƚĞŶĐůĂŝŵŵĂĚĞďǇ E'/EZĨŽƌĞǆƚƌĂǁŽƌŬŽƌĐŽƐƚƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐďĞĞŶĂƉƉƌŽǀĞĚďǇƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŵƵƐƚďĞ ĞǀŝĚĞŶĐĞĚďǇĂŶĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚ͘ŵĞŶĚŵĞŶƚƐŵƵƐƚďĞŝŶǁƌŝƚŝŶŐĂŶĚĞǆĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚďǇƚŚĞƐĂŵĞ ƉĂƌƚŝĞƐĂŶĚŽĨĨŝĐŝĂůƐǁŚŽĞǆĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚƚŚĞŽƌŝŐŝŶĂůŽŶƚƌĂĐƚ͕ŽƌƚŚĞŝƌƐƵĐĐĞƐƐŽƌƐŝŶŽĨĨŝĐĞ͘E'/EZŵƵƐƚŶŽƚŝĨǇ /dz͛ƐWƌŽũĞĐƚDĂŶĂŐĞƌŝŶǁƌŝƚŝŶŐŝĨE'/EZǁŝůůďĞĚĞůĂǇĞĚŝŶĂŶǇǁĂǇĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ % ŽĨE'/EZ͘ŶǇĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůǇĂŶĚĨƵůůǇĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ & ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚǇƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůǇŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͕ ďǇƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝǌĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďǇĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞE'/EZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďǇŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĞǆĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ' ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞŽŶƚƌĂĐƚ͘ 3DFNHW3J )F KDW>/Et/d,>/E^^͕WZD/d^͕EKd,ZZ'h>d/KE^ $57,&/( E'/EZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ĐĞƌƚŝĨŝĐĂƚŝŽŶƐ͕ĞĚƵĐĂƚŝŽŶ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌǇƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐ $ ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/^E/Ed>>dh>WZKWZdz $57,&/( dŚĞDŝŶŶĞƐŽƚĂ'ŽǀĞƌŶŵĞŶƚĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ $ ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ ŶǇƌĞƉŽƌƚƐ͕ƐƚƵĚŝĞƐ͕ƉŚŽƚŽŐƌĂƉŚƐ͕ŶĞŐĂƚŝǀĞƐ͕ŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐĐƌĞĂƚĞĚĂŶĚƉĂŝĚĨŽƌďǇE'/EZŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ % ŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂƌĞŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞŝŶƌĞƐƉĞĐƚƚŽE'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĂƌĞƚŚĞĞǆĐůƵƐŝǀĞ ƉƌŽƉĞƌƚǇŽĨ/dz͘E'/EZŵƵƐƚƌĞŵŝƚĂůůƐƵĐŚŵĂƚĞƌŝĂůƐƚŽ/dzƵƉŽŶĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞ /dzǁŝůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇƌĞƵƐĞŽĨƐƵĐŚŵĂƚĞƌŝĂůƐďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞŝƚǇƐŚĂůůŐƌĂŶƚƚŚĞE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞĞǆƚĞŶƚŽĨƚŚĞ/dzΖƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘E'/EZǁĂŝǀĞƐĂůůĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞ/dzƌĞƐƵůƚŝŶŐŝŶĂŶǇǁĂǇĨƌŽŵĂŶǇƌĞƵƐĞŽĨ ƚŚĞE'/EZ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŝƌĞĐƚĞĚďǇ/dz͕ƚŚĞŽƌŝŐŝŶĂůƐŽĨƌĞƉŽƌƚƐ͕ƚĞƐƚƐ͕ĚƌĂǁŝŶŐƐĂŶĚƉůĂŶƐ͖ĂŶĚůĞŐŝďůǇƌĞƉƌŽĚƵĐŝďůĞĐŽƉŝĞƐŽĨ & ǁŽƌŬƐŚĞĞƚƐ͕ĨŝĞůĚŶŽƚĞƐ͕ĐŽŵƉƵƚĂƚŝŽŶƐ͕ƉŚŽƚŽƐ͕ƚĞƐƚƌĞƐƵůƚƐ͕ĂŶĚŽƚŚĞƌƉƌŽũĞĐƚĚĂƚĂŵƵƐƚďĞƌĞůŝŶƋƵŝƐŚĞĚƚŽ/dz͗ ϭ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ Ϯ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĨŝĐĂƚŝŽŶďǇ/dz͘ ϯ͘WƌŝŽƌƚŽĨŝŶĂůƉĂǇŵĞŶƚďǇ/dzƚŽE'/EZĨŽƌƚŚŝƐŽŶƚƌĂĐƚ͘ ͘EŽƚǁŝƚŚƐƚĂŶĚŝŶŐƚŚĞĂďŽǀĞƉĂƌĂŐƌĂƉŚƐ͕ǁŽƌŬƉĂƉĞƌƐ͕ƉƌŽƉƌŝĞƚĂƌǇŝŶĨŽƌŵĂƚŝŽŶ͕ƉƌŽĐĞƐƐĞƐ͕ŵĞƚŚŽĚŽůŽŐŝĞƐ͕ŬŶŽǁͲŚŽǁĂŶĚ ƐŽĨƚǁĂƌĞ;͞E'/EZĂƚĂ͟ͿƉƌĞǀŝŽƵƐůǇďĞůŽŶŐŝŶŐŽƌůŝĐĞŶƐĞĚƚŽE'/EZĂŶĚƵƐĞĚƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůů ƌĞŵĂŝŶƚŚĞƉƌŽƉĞƌƚǇŽĨE'/EZ͘E'/EZƐŚĂůůƌĞƚĂŝŶĂŶŽǁŶĞƌƐŚŝƉĂŶĚƉƌŽƉĞƌƚǇŝŶƚĞƌĞƐƚƚŚĞƌĞŝŶ;ŝŶĐůƵĚŝŶŐƚŚĞĐŽƉǇƌŝŐŚƚ ĂŶĚƚŚĞƌŝŐŚƚŽĨƌĞƵƐĞĂƚƚŚĞĚŝƐĐƌĞƚŝŽŶŽĨƚŚĞE'/EZͿ͕ǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞWƌŽũĞĐƚŝƐĐŽŵƉůĞƚĞĚ͘dŽƚŚĞĞǆƚĞŶƚƚŚĞƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚďǇE'/EZĐŽŶƚĂŝŶE'/EZĂƚĂ͕E'/EZŚĞƌĞďǇŐƌĂŶƚƐƚŽ/dzĂŶŽŶͲĞǆĐůƵƐŝǀĞ͕ŶŽŶͲĂƐƐŝŐŶĂďůĞ͕ƌŽǇĂůƚǇͲ ĨƌĞĞ͕ŝƌƌĞǀŽĐĂďůĞůŝĐĞŶƐĞƚŽƵƐĞƐƵĐŚE'/EZĂƚĂĨŽƌƚŚĞƉƵƌƉŽƐĞƐƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͕ƐƵďũĞĐƚƚŽƚŚĞĨŽůůŽǁŝŶŐůŝŵŝƚĂƚŝŽŶƐ͗ ƐƵĐŚE'/EZĂƚĂĂƌĞŶŽƚŝŶƚĞŶĚĞĚŽƌƌĞƉƌĞƐĞŶƚĞĚƚŽďĞƐƵŝƚĂďůĞĨŽƌƵƐĞŽƌƌĞƵƐĞďǇ/dzŽŶĞǆƚĞŶƐŝŽŶŽĨƚŚĞWƌŽũĞĐƚŽƌ ŽŶĂŶǇŽƚŚĞƌƉƌŽũĞĐƚǁŝƚŚŽƵƚǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďǇE'/EZĂŶĚĂŶǇƐƵĐŚƌĞƵƐĞŽƌŵŽĚŝĨŝĐĂƚŝŽŶŽĨƚŚĞ E'/EZĂƚĂǁŝƚŚŽƵƚƚŚĞǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďǇE'/EZƐŚĂůůďĞĚŽŶĞĂƚ/dz͛ƐƐŽůĞƌŝƐŬĂŶĚǁŝƚŚŽƵƚ ůŝĂďŝůŝƚǇƚŽE'/EZ͘ >//>/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 ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞǇƐ͛ĨĞĞƐ͘/ŶƚŚĞĞǀĞŶƚĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌĞǆƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďǇƚŚĞũŽŝŶƚŽƌ ĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨE'/EZĂŶĚ/dz͕ƚŚĞǇƐŚĂůůďĞďŽƌŶĞďǇĞĂĐŚƉĂƌƚǇŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ ^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚŝƐŽŶƚƌĂĐƚŝƐ & ƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶǇƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ 3DFNHW3J )F tKZ<Z^ΖKDWE^d/KE $57,&/( ŶǇĂŶĚĂůůĞŵƉůŽǇĞĞƐŽĨE'/EZ͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ $ ĂŶǇǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽǇĞĞƐŽĨ/dz͘ŶǇĂŶĚĂůů ĐůĂŝŵƐƚŚĂƚŵĂǇĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐ ǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶǇĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďǇĂŶǇƚŚŝƌĚƉĂƌƚǇĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶǇĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨ E'/EZΖƐĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽĞŶŐĂŐĞĚŽŶĂŶǇŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶŶŽǁĂǇ ďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨ/dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞ ǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂǇĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚE'/EZ͘ KE^ $57,&/( dŚŝƐƌƚŝĐůĞŝƐŚĞƌĞďǇĚĞůĞƚĞĚ͘ /E^hZE $57,&/( ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞĨŽƌĞĂĐŚƚǇƉĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĨŝůĞĚǁŝƚŚƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚ $ ŐĞŶƚƉƌŝŽƌƚŽĞǆĞĐƵƚŝŽŶŽĨƚŚĞŽŶƚƌĂĐƚďǇŝƚǇ͘ĂĐŚƉŽůŝĐǇŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ /dzĂϯϬͲĚĂǇŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ E'/EZŵƵƐƚŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌǇĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗ % ϭ͘E'/EZƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƐŝƐƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌǇ ĨŽƌƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐďǇE'/EZĂŶĚŝƚƐĞŵƉůŽǇĞĞƐ͘ Ϯ͘dŚĞE'/EZƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐƐĞƉĂƌĂƚĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĞŶĚŽƌƐĞŵĞŶƚƐĨŽƌĞĂĐŚƐƵďĐŽŶƐƵůƚĂŶƚ͘ E'/EZƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐĨƌŽŵŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ tŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͗ ϯ͘E'/EZǁŝůůƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌĂůůE'/EZ ĞŵƉůŽǇĞĞƐĂŶĚ͕ŝŶĐĂƐĞĂŶǇǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕E'/EZǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌǇƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/dzŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ ͕ŵƉůŽǇĞƌ͛Ɛ>ŝĂďŝůŝƚǇ͕ĂƚůŝŵŝƚƐŶŽƚůĞƐƐƚŚĂŶΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĚŝƐĞĂƐĞƉĞƌĞŵƉůŽǇĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇ ŝŶũƵƌǇďǇĚŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĂĐĐŝĚĞŶƚ͘ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͚ƐŝŶƐƵƌĂŶĐĞƐŚĂůů ďĞĨŝůĞĚǁŝƚŚƚŚĞE'/EZ͘ ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚǇ͗ ϰ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌ ďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚǇ ĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďǇ E'/EZŽƌďǇĂƐƵďĐŽŶƐƵůƚĂŶƚŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͛Ɛ ůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞƐŚĂůůďĞƉƌŝŵĂƌǇƚŽĂŶǇůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďǇƚŚĞŝƚǇ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶ ƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ D Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ E /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ ŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ D WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚǇ E ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚǇ F EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ G ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚǇ͗ ϱ͘E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐ ĨŽƌďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌ 3DFNHW3J )F ƉƌŽƉĞƌƚǇĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďǇE'/EZŽƌďǇƐƵďĐŽŶƐƵůƚĂŶƚŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞE'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞůŝŵŝƚĨŽƌŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ͗ ϲ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌĐůĂŝŵ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ dŚŝƐƉŽůŝĐǇǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐE'/EZǁŝůůďĞĐŽŵĞůĞŐĂůůǇŽďůŝŐĂƚĞĚƚŽƉĂǇƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇ ĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽE'/EZΖƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͘ E'/EZŵƵƐƚ͗ & ϭ͘/ŶĐůƵĚĞůĞŐĂůĚĞĨĞŶƐĞĨĞĞƐŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐůŝĂďŝůŝƚǇƉŽůŝĐǇůŝŵŝƚƐ͕ǁŝƚŚƚŚĞĞǆĐĞƉƚŝŽŶŽĨWƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ ĂďŽǀĞ͖ĂŶĚ Ϯ͘KďƚĂŝŶŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨƌŽŵĂŶŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶǇŚĂǀŝŶŐĂŶΗD^dΗƌĂƚŝŶŐŽĨͲs///ŽƌďĞƚƚĞƌ͘ /dzƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůǇƌĞƐĐŝŶĚƚŚŝƐŽŶƚƌĂĐƚŝĨE'/EZŝƐŶŽƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŝŶƐƵƌĂŶĐĞ ' ƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶǇůĞŐĂůƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚE'/EZ͘hƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚďǇƚŚĞ/dzΖƐ ƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůůďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵĂǇďĞƌĞƋƵĞƐƚĞĚ͘ >/sZ>^dEZ^ $57,&/( /dzǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĚŝƐĂƉƉƌŽǀĞŽƌƌĞũĞĐƚƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƚŚĂƚĂƌĞĚĞĨĞĐƚŝǀĞ͘E'/EZǁŝůůďĞ $ ƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐǇŽĨŝƚƐǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂŶĚŵƵƐƚŵĂŬĞƚŝŵĞůǇƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐǁŝƚŚŽƵƚ ĐŽŵƉĞŶƐĂƚŝŽŶƌĞƐƵůƚŝŶŐĨƌŽŵĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽŶƚŚĞƉĂƌƚŽĨE'/EZ͘dŚĞƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚƚŽ/dz ďǇE'/EZŵƵƐƚďĞŽĨƐƵĐŚƋƵĂůŝƚǇƚŚĂƚƚŚĞǇĂƌĞƐƵŝƚĂďůĞĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ͘ E'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĂŐƌĞĞĚƚŽŝŶĂŶƚŝĐŝƉĂƚŝŽŶŽĨƚŚĞŽƌĚĞƌůǇĂŶĚ % ĐŽŶƚŝŶƵŽƵƐƉƌŽŐƌĞƐƐŽĨƚŚĞWƌŽũĞĐƚƚŚŽƵŐŚĐŽŵƉůĞƚŝŽŶ͘hŶůĞƐƐƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐĨŽƌƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐĂƌĞƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŽďůŝŐĂƚŝŽŶƚŽƌĞŶĚĞƌƐĞƌǀŝĐĞƐŚĞƌĞƵŶĚĞƌǁŝůůďĞĨŽƌĂƉĞƌŝŽĚǁŚŝĐŚŵĂǇ ƌĞĂƐŽŶĂďůǇďĞƌĞƋƵŝƌĞĨŽƌƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƐĂŝĚƐĞƌǀŝĐĞƐ͘ /ĨŝŶƚŚŝƐŽŶƚƌĂĐƚƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞĨŽƌƌĞŶĚĞƌŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐĞƚĨŽƌƚŚŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐďǇǁŚŝĐŚƐĞƌǀŝĐĞƐĂƌĞƚŽďĞ & ĐŽŵƉůĞƚĞĚĂƌĞƉƌŽǀŝĚĞĚ͕ĂŶĚŝĨƐƵĐŚƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌĚĂƚĞƐĂƌĞĐŚĂŶŐĞĚƚŚƌŽƵŐŚŶŽĨĂƵůƚŽĨE'/EZ͕ƚŚĞƌĂƚĞƐĂŶĚ ĂŵŽƵŶƚƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽǀŝĚĞĚĨŽƌŚĞƌĞŝŶƐŚĂůůďĞƐƵďũĞĐƚƚŽĞƋƵŝƚĂďůĞĂĚũƵƐƚŵĞŶƚ͘/Ĩ/dzŚĂƐƌĞƋƵĞƐƚĞĚĐŚĂŶŐĞƐŝŶ ƚŚĞƐĐŽƉĞ͕ĞǆƚĞŶƚ͕ŽƌĐŚĂƌĂĐƚĞƌŽĨƚŚĞWƌŽũĞĐƚ͖ƚŚĞƚŝŵĞŽĨƉĞƌĨŽƌŵĂŶĐĞŽĨE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůůďĞĂĚũƵƐƚĞĚĞƋƵŝƚĂďůǇ͘ EĞŝƚŚĞƌƉĂƌƚǇǁŝůůďĞŚĞůĚƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞůĂǇŽƌĨĂŝůƵƌĞƚŽƉĞƌĨŽƌŵǁŚĞŶƐƵĐŚĚĞůĂǇŽƌĨĂŝůƵƌĞŝƐĚƵĞƚŽĂŶǇŽĨƚŚĞ ' ĨŽůůŽǁŝŶŐ͕ƵŶůĞƐƐƚŚĞĂĐƚŽƌŽĐĐƵƌƌĞŶĐĞĐŽƵůĚŚĂǀĞďĞĞŶƌĞĂƐŽŶĂďůǇĨŽƌĞƐĞĞŶĂŶĚƌĞĂƐŽŶĂďůĞĂĐƚŝŽŶĐŽƵůĚŚĂǀĞďĞĞŶ ƚĂŬĞŶƚŽƉƌĞǀĞŶƚƚŚĞĚĞůĂǇŽƌĨĂŝůƵƌĞ͗ĨŝƌĞ͕ĨůŽŽĚ͕ĞƉŝĚĞŵŝĐ͕ƐƚƌŝŬĞƐ͕ǁĂƌƐ͕ĂĐƚƐŽĨ'ŽĚ͕ƵŶƵƐƵĂůůǇƐĞǀĞƌĞǁĞĂƚŚĞƌ͕ŽƌĚĞůĂǇƐ ŽƌĚĞĨĂƵůƚƐĐĂƵƐĞĚďǇƉƵďůŝĐĐĂƌƌŝĞƌƐ͕ƉƌŽǀŝĚĞĚƚŚĞĚĞĨĂƵůƚŝŶŐƉĂƌƚǇŐŝǀĞƐǁƌŝƚƚĞŶŶŽƚŝĐĞĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞƚŽƚŚĞŽƚŚĞƌ ƉĂƌƚǇŽĨŝƚƐŝŶĂďŝůŝƚǇƚŽƉĞƌĨŽƌŵ͘ &ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐŽŶƚƌĂĐƚƚŚĞƚĞƌŵ͞ĚĂǇ͟ŵĞĂŶƐĂĐĂůĞŶĚĂƌĚĂǇŽĨϮϰŚŽƵƌƐ͘ ( 3DFNHW3J )F Ed/dZh^d $57,&/(ƌĞĐƚŝŽŶƐ $ ƌĞƐƵůƚŝŶŐĨƌŽŵE'/EZΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬ ďǇ/dzǁŝůůŶŽƚƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌ ĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶǇĂŵďŝŐƵŝƚŝĞƐ͘ /ĨŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂƌĞŵĂĚĞďǇE'/EZŝŶĂŶǇƉŚĂƐĞŽĨƚŚĞǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨǁŚŝĐŚŵĂǇ % ƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZǁŝůůďĞƉƌŽŵƉƚůǇŶŽƚŝĨŝĞĚďǇ/dzĂŶĚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƐƵĐŚ 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ˇ˛˘˦˜˧˘˜˦˭ˢˡ˘˗ʶ˘ˡ˧˥˔˟ʷ˘˩˘˟ˢˣˠ˘ˡ˧ʶˢ˥˘ʛʶʷʶʜ˔ˡ˗˜˦˟ˢ˖˔˧˘˗˪˜˧˛˜ˡ˧˛˘ʷˢ˪ˡ˧ˢ˪ˡ ˊ˔˧˘˥˙˥ˢˡ˧ʷˀʶ˦˨˕ʠ˗˜˦˧˥˜˖˧ʡ 3DFNHW3J ʶʼˇˌ˂ʹ˅˂ʶʻʸˆˇʸ˅˅ʸ˄ˈʸˆˇʹ˂˅˃˅˂˃˂ˆʴʿˆ ˅˜˩˘˥˙˥ˢˡ˧ˆˠ˔˟˟ʴ˥˘˔˃˟˔ˡ˯ʽ˨˟ˬʤʬ˧˛ʟʥʣʥʤ )D ˇ˛˘˥˘ˤ˨˘˦˧˘˗ˣ˟˔ˡ˦˘ˠ˘˥˚˜ˡ˚˙˥ˢˠ˧˛˘˩˜˦˜ˢˡ˜ˡ˚ˣ˥ˢ˖˘˦˦˦˛ˢ˨˟˗˜ˡ˖˟˨˗˘˔ˣ˛˔˦˘˗ ˩˜˦˜ˢˡ˙ˢ˥˥˘˗˘˩˘˟ˢˣˠ˘ˡ˧ʟ˪˜˧˛˔˃˛˔˦˘ʤˣ˟˔ˡ˙ˢ˥ˣ˨˕˟˜˖˥˘˔˟ˠ˜ˠˣ˥ˢ˩˘ˠ˘ˡ˧˦˧˛˔˧˖ˢ˨˟˗ ˕˘˔˖˧˜˩˔˧˘˗˔˦˘˔˥˟ˬ˔˦ˆˣ˥˜ˡ˚ʢˆ˨ˠˠ˘˥ʥʣʥʥʡˇ˛˘ˣ˟˔ˡ˦˛ˢ˨˟˗˔˟˦ˢ˖ˢˡ˧˘ˠˣ˟˔˧˘˟˜ˡ˘˔˥ ˖ˢˡˡ˘˖˧˜ˢˡ˦˧ˢ˙˨˧˨˥˘˥˘˗˘˩˘˟ˢˣˠ˘ˡ˧˦˜˧˘˦˜ˡ˖˟˨˗˜ˡ˚˧˛˘ʷˢ˪ˡ˧ˢ˪ˡˊ˔˧˘˥˙˥ˢˡ˧ˆʸˆˠ˔˟˟ ʴ˥˘˔˃˟˔ˡʟ˞ˡˢ˪ˡ˔˦˧˛˘˙ˢ˥ˠ˘˥ʴˀ˃ʼ˦˜˧˘ʛ˦˘˘ʴˣˣ˘ˡ˗˜˫ʴʜʟ˔ˡ˗˧˛˘ˡ˘˔˥˕ˬ˖˜˧ˬʠˢ˪ˡ˘˗ ˣ˥ˢˣ˘˥˧ˬʟ˟˜˦˧˘˗˔˦Ϣ˚ˢ˩˘˥ˡˠ˘ˡ˧˖˘ˡ˧˘˥ˣ˔˥˞˜ˡ˚ϣ˔˧˧˛˘˖ˢ˥ˡ˘˥ˢ˙ʦ˥˗ʴ˩˘˔ˡ˗ʧ˧˛ˆ˧˥˘˘˧ˆˊʡ ʹ˨˧˨˥˘ˣ˛˔˦˘˦ˢ˙˥˘˗˘˩˘˟ˢˣˠ˘ˡ˧˦˛ˢ˨˟˗˕˘˖ˢˡ˦˜˦˧˘ˡ˧˪˜˧˛˗ˢ˪ˡ˧ˢ˪ˡ˜ˡЃ˟˟˔˗˝˔˖˘ˡ˧˧ˢ ˥˜˩˘˥˙˥ˢˡ˧˔ˡ˗ʻ˜˦˧ˢ˥˜˖˗˜˦˧˥˜˖˧˦ʡ ʼ˧˜˦˔ˡ˧˜˖˜ˣ˔˧˘˗˧˛˔˧˖ˢˠˣ˟˘˧˘˗ˣ˟˔ˡ˦˪ˢ˨˟˗ˢ˨˧˟˜ˡ˘ʭ ϧˠ˜˫ˢ˙˟˔ˡ˗˨˦˘˦ϧ˚˨˜˗˔ˡ˖˘˙ˢ˥˨˥˕˔ˡ˗˘˦˜˚ˡ ϧˣ˨˕˟˜˖˥˘˔˟ˠ˖ˢˡ˖˘ˣ˧˗˘˦˜˚ˡϧ˦˨˦˧˔˜ˡ˔˕˟˘˗˘˦˜˚ˡ˘˟˘ˠ˘ˡ˧˦ ϧ˛˘˥˜˧˔˚˘ˣ˥˘˦˘˥˩˔˧˜ˢˡˢ˕˝˘˖˧˜˩˘˦ϧ˚˘ˡ˘˥˔˟˕˨˜˟˗˜ˡ˚˙ˢ˥ˠ˦ ϧ˦˧˥˘˘˧˔ˡ˗˕˟ˢ˖˞˟˔ˬˢ˨˧˦ϧ˙˨˧˨˥˘˜ˡ˙˥˔˦˧˥˨˖˧˨˥˘ˡ˘˘˗˦ ϧ˥˘˦˜˗˘ˡ˧˜˔˟˗˘ˡ˦˜˧˜˘˦ ˇ˛˘ˣ˟˔ˡ˪˜˟˟˘˦˧˔˕˟˜˦˛˔ˣ˘ˢˣ˟˘ʠ˖˘ˡ˧˥˜˖ˣ˟˔˖˘˧˛˔˧˟˘˩˘˥˔˚˘˦ˡ˔˧˨˥˔˟˔ˡ˗˖˨˟˧˨˥˔˟ ˥˘˦ˢ˨˥˖˘˦˔ˡ˗˦˨ˣˣˢ˥˧˦ˠ˨˟˧˜ʠˠˢ˗˔˟˖ˢˡˡ˘˖˧˜˩˜˧ˬ˧ˢ˔˗˝˔˖˘ˡ˧˔˥˘˔˦˜ˡ˖˟˨˗˜ˡ˚˧˛˘ ʷˢ˪ˡ˧ˢ˪ˡʡ 3DFNHW3J ʶʼˇˌ˂ʹ˅˂ʶʻʸˆˇʸ˅˅ʸ˄ˈʸˆˇʹ˂˅˃˅˂˃˂ˆʴʿˆ ˅˜˩˘˥˙˥ˢˡ˧ˆˠ˔˟˟ʴ˥˘˔˃˟˔ˡ˯ʽ˨˟ˬʤʬ˧˛ʟʥʣʥʤ )D ˣ˥ˢ˝˘˖˧˚ˢ˔˟˦ ˇ˛˜˦˦ˠ˔˟˟˔˥˘˔ˣ˟˔ˡ˪˜˟˟˚˨˜˗˘˧˛˘˧˥˔ˡ˦˙ˢ˥ˠ˔˧˜ˢˡˢ˙˧˛˘˦˜˧˘˙˥ˢˠ˜˧˦˖˨˥˥˘ˡ˧˦˧˔˧˘˧ˢ ˙˨˧˨˥˘˨˦˘ʛ˦ʜ˧˛˔˧˪˜˟˟˖˔ˣ˜˧˔˟˜˭˘ˢˡ˜˧˦ˣ˥ˢ˫˜ˠ˜˧ˬ˧ˢ˧˛˘˅˜˩˘˥˙˥ˢˡ˧˔ˡ˗˧˛˘˗ˢ˪ˡ˧ˢ˪ˡ ˛˜˦˧ˢ˥˜˖˔˥˘˔˔ˡ˗ˢ˧˛˘˥˔˥˘˔˦˦˛ˢ˪ˡˢˡ˧˛˘ˠ˔ˣ˦˔˕ˢ˩˘ʡ ˇ˛˘ʶ˜˧ˬʶˢ˨ˡ˖˜˟˥˘˖˘ˡ˧˟ˬ˖ˢˠˣ˟˘˧˘˗˜˧˦ʥʣʥʤ˦˧˥˔˧˘˚˜˖ˣ˟˔ˡˡ˜ˡ˚ˣ˥ˢ˖˘˦˦˔ˡ˗˛˔˦˜˗˘ˡ˧˜Ѓ˘˗ ˧˛˘˙ˢ˟˟ˢ˪˜ˡ˚˔˦˧˛˘˜˥˧ˢˣ˧˛˥˘˘ˣ˥˜ˢ˥˜˧˜˘˦ʭ ʤ ʴ˙˙ˢ˥˗˔˕˟˘ʿ˜˩˜ˡ˚ʡ ʥ ʸ˖ˢˡˢˠ˜˖ˉ˜˕˥˔ˡ˖ˬ˔ˡ˗ʺ˥ˢ˪˧˛ˀ˔ˡ˔˚˘ˠ˘ˡ˧ʡ ʦ ˄˨˔˟˜˧ˬˆ˘˥˩˜˖˘˦˙ˢ˥˄˨˔˟˜˧ˬʿ˜˩˜ˡ˚ʡˇ˛˜˦ˣ˟˔ˡ˦˛ˢ˨˟˗˦˨ˣˣˢ˥˧˧˛˘˦˘ˣ˥˜ˢ˥˜˧˜˘˦ʡ ʼˡ˔˗˗˜˧˜ˢˡ˗˜˩˘˥˦˜˧ˬʟ˘ˤ˨˜˧ˬ˔ˡ˗˜ˡ˖˟˨˦˜ˢˡ˔˟ˢˡ˚˪˜˧˛˦˨˦˧˔˜ˡ˔˕˜˟˜˧ˬ˔˥˘˖ˢˠˠ˨ˡ˜˧ˬ ˣ˥˜ˢ˥˜˧˜˘˦ʡ˅ˢ˖˛˘˦˧˘˥Ϡ˦˖ˢˠˠ˜˧ˠ˘ˡ˧˧ˢ˖˥˘˔˧˜ˡ˚˔˦˨˦˧˔˜ˡ˔˕˟˘˔ˡ˗˥˘˦˜˟˜˘ˡ˧˙˨˧˨˥˘˙ˢ˖˨˦˘˗ ˢˡ˔˧˛˥˘˘ʠˣ˥ˢˡ˚˘˗˦˧˥˔˧˘˚ˬ˙ˢ˥˘ˡ˩˜˥ˢˡˠ˘ˡ˧˔˟ʟ˘˖ˢˡˢˠ˜˖˔ˡ˗˦ˢ˖˜˔˟˘ˤ˨˜˧ˬ˜˦˘˩˜˗˘ˡ˖˘˗ ˕ˬ˜˧˦˗˘˦˜˚ˡ˔˧˜ˢˡ˔˦˧˛˘Ѓ˥˦˧ʿʸʸʷʺˢ˟˗ʶ˘˥˧˜Ѓ˘˗˖˜˧ˬ˜ˡ˧˛˘˦˧˔˧˘ˢ˙ˀ˜ˡˡ˘˦ˢ˧˔ʡˊ˜˧˛˔ ˖ˢˡ˦˧˔ˡ˧˘ˠˣ˛˔˦˜˦ˢˡ˜ˠˣ˥ˢ˩˘ˠ˘ˡ˧ʟ˧˛˘˥˘˜˦˔˦˧˥ˢˡ˚˗˘˦˜˥˘˧ˢ˜ˡ˧˘˚˥˔˧˘˕˘˦˧ˣ˥˔˖˧˜˖˘˦ ˙˥ˢˠ˔˥ˢ˨ˡ˗˧˛˘˪ˢ˥˟˗˙ˢ˥˔˟˟˙˔˖˘˧˦ˢ˙˘ˤ˨˜˧ˬ˔ˡ˗˦˨˦˧˔˜ˡ˔˕˜˟˜˧ˬʡ ˉʼˆʼ˂ˁ ϧˇ˥˔ˡ˦˙ˢ˥ˠ˔˧˜˩˘ˢˡ˘ʠˢ˙ʠ˔ʠ˞˜ˡ˗ˣ˥ˢ˝˘˖˧ ϧʿ˔ˡ˗˔ˡ˗˘ˡ˩˜˥ˢˡˠ˘ˡ˧˔˥˘˥˘ˡ˘˪˘˗˔ˡ˗˦˨˦˧˔˜ˡ˘˗ ϧˊ˘˟˖ˢˠ˜ˡ˚˧ˢ˔˟˟˔ˡ˗˪˜˧˛˗˜˩˘˥˦˘˖ˢˠˠ˨ˡ˜˧ˬ˔ˣˣ˘˔˟ ϧˉ˜˕˥˔ˡ˧ˣ˨˕˟˜˖˦ˣ˔˖˘˦˔ˡ˗˜ˡ˧˘˚˥˔˧˜ˢˡˢ˙ˡ˔˧˨˥˘ ϧʶˢˡˡ˘˖˧˘˗ˣ˛ˬ˦˜˖˔˟˟ˬ˔ˡ˗˦ˢ˖˜˔˟˟ˬ ϧˌ˘˔˥˥ˢ˨ˡ˗˨˦˘˪˜˧˛˘˔˦ˬ˥˜˩˘˥˙˥ˢˡ˧˔˖˖˘˦˦ ϧˁ˔˧˨˥˔˟˜ˡ˧˘˚˥˔˧˜ˢˡˢ˙ˡ˘˜˚˛˕ˢ˥˛ˢˢ˗˖˛˔˥˔˖˧˘˥˜˦˧˜˖˦ ϧʸˡ˖ˢˠˣ˔˦˦˅ˢ˖˛˘˦˧˘˥Ϡ˦ˣ˔˦˧˔˦˪˘˟˟˔˦˙˨˧˨˥˘ ϧʴ˦ʴˠ˘˥˜˖˔Ϡ˦ʶ˜˧ˬ˙ˢ˥ʻ˘˔˟˧˛ʟ˧˛˘ʶ˜˧ˬˢ˙˅ˢ˖˛˘˦˧˘˥˜˦˔˚˟ˢ˕˔˟ˠ˘˗˜˖˔˟˗˘˦˧˜ˡ˔˧˜ˢˡʡ ʴ˖˖ˢ˥˗˜ˡ˚˟ˬʟ˜˧˜˦˘˦˦˘ˡ˧˜˔˟˧˛˔˧˔ˡˬˣ˥ˢ˝˘˖˧˜ˡ˖ˢ˥ˣˢ˥˔˧˘˦˔˖˖˘˦˦˜˕˜˟˜˧ˬ˙ˢ˥˔˟˟˔˕˜˟˜˧˜˘˦˔ˡ˗ ˖˘ˡ˧˘˥˛˨ˠ˔ˡ˪˘˟˟˕˘˜ˡ˚˜ˡ˜˧˦˗˘˦˜˚ˡʡ 3DFNHW3J ʶʼˇˌ˂ʹ˅˂ʶʻʸˆˇʸ˅˅ʸ˄ˈʸˆˇʹ˂˅˃˅˂˃˂ˆʴʿˆ ˅˜˩˘˥˙˥ˢˡ˧ˆˠ˔˟˟ʴ˥˘˔˃˟˔ˡ˯ʽ˨˟ˬʤʬ˧˛ʟʥʣʥʤ )D ˃˥ˢ˝˘˖˧˚ˢ˔˟˦˜ˡ˖˟˨˗˘˧˛˘˙ˢ˟˟ˢ˪˜ˡ˚ʭ ˩˜˦˜ˢˡ ϧʴ˙ˢ˥˧˛˘˥˘˗˘˩˘˟ˢˣˠ˘ˡ˧˔˥˘˔˧˛˔˧˪˜˟˟˘˦˧˔˕˟˜˦˛ˢˣ˘ˡ˦ˣ˔˖˘˔ˡ˗˚˘ˡ˘˥˔˟ ˕˨˜˟˗˜ˡ˚˙ˢ˥ˠ˦˔ˡ˗˨˥˕˔ˡ˗˘˦˜˚ˡ˦˧˔ˡ˗˔˥˗˦˖ˢˡ˦˜˦˧˘ˡ˧˪˜˧˛˧˛˘ʶʷʶʶ˘ˡ˧˥˔˟ʵ˨˦˜ˡ˘˦˦ ʷ˜˦˧˥˜˖˧ʛʶʵʷʜ˭ˢˡ˜ˡ˚˗˜˦˧˥˜˖˧˥˘˚˨˟˔˧˜ˢˡ˦ʟ˧˛˘˩˜˦˜ˢˡˢ˙˧˛˘˅ˢ˖˛˘˦˧˘˥ʷˢ˪ˡ˧ˢ˪ˡˀ˔˦˧˘˥ ˃˟˔ˡʟ˧˛˘ʷˀʶʷ˜˦˧˥˜˖˧ʷ˘˦˜˚ˡʺ˨˜˗˘˟˜ˡ˘˦˔ˡ˗ˣ˥ˢ˩˜˗˘˔˙ˢ˨ˡ˗˔˧˜ˢˡ˙ˢ˥˙˨˧˨˥˘ˣˢ˟˜˖˜˘˦ʟ ˦˧˔ˡ˗˔˥˗˦ʟ˔ˡ˗ˣ˥ˢ˚˥˔ˠ˦˧ˢ˕˥˜ˡ˚˧˛˘˩˜˦˜ˢˡ˧ˢ˥˘˔˟˜˧ˬʡ ˜˟˟˨˦˧˥˔˧˜˩˘ˠ˔ˣ ϧʴˡˢ˙˧˛˘ˍ˨ˠ˕˥ˢ˅˜˩˘˥˔ˡ˗˧˥˜˕˨˧˔˥˜˘˦ʟ˔ˡ˗˔˗˝˔˖˘ˡ˧˟˔ˡ˗˨˦˘ʟ˔˖˖˘˦˦ ˔ˡ˗˥˘˟˘˩˔ˡ˧˖ˢˡ˗˜˧˜ˢˡ˦˔˦˜˧ˣ˔˦˦˘˦˧˛˥ˢ˨˚˛˧˛˘ʶ˜˧ˬˢ˙˅ˢ˖˛˘˦˧˘˥˧ˢ˘˦˧˔˕˟˜˦˛˥˜˩˘˥ ˖ˢ˥˥˜˗ˢ˥˖ˢˡ˧˘˫˧˜ˡ˪˛˜˖˛˧ˢ˦˜˧˨˔˧˘˧˛˜˦ˣ˔˥˧˜˖˨˟˔˥ˣ˥ˢ˝˘˖˧˦˜˧˘˩˜˦˜ˢˡʡ ˣ˛˔˦˜ˡ˚˦˧˥˔˧˘˚ˬ ϧ˃˥ˢ˝˘˖˧˘˗˙ˢ˥˧˛˘˥˘˗˘˩˘˟ˢˣˠ˘ˡ˧˔˥˘˔˔ˡ˗˗˘˖ˢˡ˦˧˥˨˖˧˜ˢˡˢ˙˧˛˘ ˖˨˥˥˘ˡ˧ˣ˔˥˞˜ˡ˚˥˔ˠˣʡʼˡ˖˟˨˗˘˔˦˧˥˔˧˘˚ˬ˧ˢ˥˘˗˨˖˘˧˛˘ˡ˨ˠ˕˘˥ˢ˙ˣ˔˥˞˜ˡ˚˦ˣ˔˖˘˦˧ˢ ˣ˥ˢˠˢ˧˘˧˛˘˥˘˨˦˘˔ˡ˗˔˖˧˜˩˔˧˜ˢˡˢ˙˔˥˜˩˘˥˙˥ˢˡ˧˦˜˧˘˙ˢ˥˔˨˦˘ˢ˧˛˘˥˧˛˔ˡˣ˔˥˞˜ˡ˚ʡ ˜ˡ˧˘˥˜ˠ˔˖˧˜˩˔˧˜ˢˡ ϧ˃˟˔ˡ˦˙ˢ˥ˢ˙˧˛˘˦ˣ˔˖˘ʟ˔˟˟ˢ˪˜ˡ˚ˣ˘ˢˣ˟˘˧ˢ˘˫ˣ˘˥˜˘ˡ˖˘˔ˡ˗˨˧˜˟˜˭˘˧˛˘ ˦˜˧˘ʡ˃˥ˢˣˢ˦˔˟˦˛ˢ˨˟˗˜ˡ˖˟˨˗˘˔ˠ˘˧˛ˢ˗ˢ˟ˢ˚ˬ˙ˢ˥˖ˢˠˠ˨ˡ˜˧ˬ˙˘˘˗˕˔˖˞˕˔˦˘˗ˢˡ˧˛˜˦ ˨˧˜˟˜˭˔˧˜ˢˡ˔ˡ˗˛ˢ˪˜˧˪˜˟˟˕˘˨˦˘˗˧ˢ˜ˡ˙ˢ˥ˠ˙˨˧˨˥˘˗˘˩˘˟ˢˣˠ˘ˡ˧ʡ ˣ˨˕˟˜˖ˢˣ˘ˡ˦ˣ˔˖˘ʟ ϧʶˢˡ˖˘ˣ˧˗˘˦˜˚ˡ˦˙ˢ˥˖ˢˡˡ˘˖˧˘˗ˡ˔˧˨˥˔˟˔ˡ˗˖˨˟˧˨˥˔˟˔ˠ˘ˡ˜˧˜˘˦ ˜ˡ˖˟˨˗˜ˡ˚˜ˠˣ˥ˢ˩˘˗ˣ˨˕˟˜˖˔˖˖˘˦˦˧ˢ˧˛˘˥˜˩˘˥˙˥ˢˡ˧˧˛˔˧˖ˢˠˣ˟˜˘˦˪˜˧˛ˈˡ˜˧˘˗ˆ˧˔˧˘˦ ʴ˥ˠˬʶˢ˥ˣˢ˙ʸˡ˚˜ˡ˘˘˥˦ʟʹ˘˗˘˥˔˟ʸˠ˘˥˚˘ˡ˖ˬʴ˗ˠ˜ˡ˜˦˧˥˔˧˜ˢˡʢˀ˜ˡˡ˘˦ˢ˧˔ʷ˘ˣ˔˥˧ˠ˘ˡ˧ˢ˙ ˁ˔˧˨˥˔˟˅˘˦ˢ˨˥˖˘˦˔ˡ˗ʹ˟ˢˢ˗ʶˢˡ˧˥ˢ˟ˣ˥ˢ˚˥˔ˠ˙ˢ˥˅ˢ˖˛˘˦˧˘˥ʡ ˚˥˘˘ˡ˦ˣ˔˖˘˔˥˧ ϧ˂ˣ˧˜ˠ˜˭˔˧˜ˢˡˢ˙ˣ˨˕˟˜˖˔ˡ˗ˣ˨˕˟˜˖ˢˣˣˢ˥˧˨ˡ˜˧˜˘˦˪˜˧˛˜ˡ˧˛˘˦˜˧˘ʡ ˥˘˨˦˘ ϧʶˢˡ˦˜˗˘˥˔˧˜ˢˡˢ˙˧˛˘ˣˢ˧˘ˡ˧˜˔˟ˢ˙˛˜˦˧ˢ˥˜˖˦˧˥˨˖˧˨˥˘˦˔ˡ˗ˢ˕˝˘˖˧˦ʟ˔ˡ˗˗˘˦˜˚ˡ ˖ˢˡ˖˘ˣ˧˦˧˛˔˧˜ˡ˧˘˚˥˔˧˘˧˛˘˛˜˦˧ˢ˥ˬˢ˙˧˛˘˥˘˗˘˩˘˟ˢˣˠ˘ˡ˧˔˥˘˔˜ˡ˖˟˨˗˜ˡ˚˧˛˘ˣˢ˧˘ˡ˧˜˔˟ ˧ˢ˜ˡ˖ˢ˥ˣˢ˥˔˧˘ʴ˥˖˛˔˘ˢ˟ˢ˚˜˖˔˟˥˘˦ˢ˨˥˖˘˦˜ˡ˧ˢ˗˘˦˜˚ˡ˔ˡ˗ʢˢ˥˥˘˗˘˩˘˟ˢˣˠ˘ˡ˧ʡ ϧˆ˧ˢ˥ˠ˪˔˧˘˥ˠ˔ˡ˔˚˘ˠ˘ˡ˧ ˦˧˥˔˧˘˚˜˘˦˧˛˔˧˜ˡ˖ˢ˥ˣˢ˥˔˧˘˟ˢ˪ʠ˜ˠˣ˔˖˧˗˘˦˜˚ˡˣ˥˔˖˧˜˖˘˦ ˔ˡ˗˚˥˘˘ˡ˜ˡ˙˥˔˦˧˥˨˖˧˨˥˘˪˛˜˟˘˥˘˖ˢ˚ˡ˜˭˜ˡ˚˧˛˘ˡ˘˘˗˧ˢ˗˘˩˘˟ˢˣ˦ˬˡ˘˥˚˜˘˦˕˘˧˪˘˘ˡ ˜ˡ˗˜˩˜˗˨˔˟˗˘˩˘˟ˢˣ˘˥˦˔ˡ˗˧˛˘ʶ˜˧ˬ˧ˢ˔˖˛˜˘˩˘˔ˡ˜ˡ˧˘˚˥˔˧˘˗˦˧ˢ˥ˠ˪˔˧˘˥ˠ˔ˡ˔˚˘ˠ˘ˡ˧ ˦ˬ˦˧˘ˠ˪˜˧˛˜ˡ˧˛˘ˢ˩˘˥˔˟˟˗˘˩˘˟ˢˣˠ˘ˡ˧ʡ ˣ˨˕˟˜˖˘ˡ˚˔˚˘ˠ˘ˡ˧ ϧ˅ˢ˕˨˦˧˧˛˔˧˜ˡ˩ˢ˟˩˘˦˧˛˘˥˘˦˜˗˘ˡ˧˦˔ˡ˗˕˨˦˜ˡ˘˦˦˘˦˪˜˧˛˜ˡ˔ˡ˗ ˔˗˝˔˖˘ˡ˧˧ˢ˧˛˘˥˘˗˘˩˘˟ˢˣˠ˘ˡ˧˔˥˘˔ʟ˜ˡ˙ˢ˥ˠ˦˧˛˘ˣ˨˕˟˜˖˧˛˥ˢ˨˚˛ˢ˨˧˧˛˘ˣ˥ˢ˖˘˦˦ˢ˙ ˩˜˦˜ˢˡ˙ˢ˥˧˛˘˥˘˗˘˩˘˟ˢˣˠ˘ˡ˧˔˥˘˔ʟ˔ˡ˗˙˨˥˧˛˘˥˜ˡ˩ˢ˟˩˘˦˧˛˘˚˘ˡ˘˥˔˟ˣ˨˕˟˜˖˪˜˧˛˔˦ˣ˘˖˧˦ ˢ˙˧˛˘ˣ˟˔ˡ˥˘˟˔˧˜ˡ˚˧ˢ˧˛˘˟˔˥˚˘˥˜ˡЄ˨˘ˡ˖˘˔˥˘˔ʡʸˠˣ˛˔˦˜˦ˢˡ˔˗˜˩˘˥˦˘˔ˡ˗˜ˡ˖˟˨˦˜˩˘ ˘ˡ˚˔˚˘ˠ˘ˡ˧˨˧˜˟˜˭˜ˡ˚˔˖ˢʠ˗˘˦˜˚ˡˣ˥ˢ˖˘˦˦ʡ ˕˨˗˚˘˧ˣ˥ˢ˙ˢ˥ˠ˔ ϧʶˢˡ˖˘ˣ˧˨˔˟˔ˡ˗˛˜˚˛ʠ˟˘˩˘˟˧ˢ˧˘˦˧˧˛˘ˠ˔˥˞˘˧˩˜˔˕˜˟˜˧ˬˢ˙˧˛˘ˣ˟˔ˡ ˦˖˘ˡ˔˥˜ˢ˦ʡ 3DFNHW3J ʶʼˇˌ˂ʹ˅˂ʶʻʸˆˇʸ˅˅ʸ˄ˈʸˆˇʹ˂˅˃˅˂˃˂ˆʴʿˆ ˅˜˩˘˥˙˥ˢˡ˧ˆˠ˔˟˟ʴ˥˘˔˃˟˔ˡ˯ʽ˨˟ˬʤʬ˧˛ʟʥʣʥʤ )D ˖ˢˠˠ˨ˡ˜˧ˬ˔ˡ˗ˣ˟˔ˡˡ˜ˡ˚˔˥˘˔˕˔˖˞˚˥ˢ˨ˡ˗ ˇ˛˘ʶ˜˧ˬˢ˙˅ˢ˖˛˘˦˧˘˥˜˦˧˛˘˧˛˜˥˗˟˔˥˚˘˦˧˖˜˧ˬ˜ˡ˧˛˘ˆ˧˔˧˘ˢ˙ˀ˜ˡˡ˘˦ˢ˧˔˪˜˧˛˔ˣˢˣ˨˟˔˧˜ˢˡ ˢ˙ˢ˩˘˥ʤʤʪʟʣʣʣ˔ˡ˗˔ˡ˧˜˖˜ˣ˔˧˘˗˧ˢ˚˥ˢ˪˕ˬʨʣʘˢ˩˘˥˧˛˘ˡ˘˫˧ʥʣˬ˘˔˥˦ʡ˅ˢ˖˛˘˦˧˘˥˜˦ ˛ˢˠ˘˧ˢˠ˔˝ˢ˥˘ˠˣ˟ˢˬ˘˥˦˜ˡ˖˟˨˗˜ˡ˚ˀ˔ˬˢʶ˟˜ˡ˜˖ʟ˧˛˘ˡ˨ˠ˕˘˥ˢˡ˘˛ˢ˦ˣ˜˧˔˟˜ˡ˧˛˘ˈˡ˜˧˘˗ ˆ˧˔˧˘˦˪˛˜˖˛˘ˠˣ˟ˢˬ˦ˢ˩˘˥ʦʣʟʣʣʣˣ˘ˢˣ˟˘ʟ˔ˡ˗ʼʵˀʡˇ˛˘ʶ˜˧ˬϠ˦˖˥˘˗˜˧˥˔˧˜ˡ˚˜˦ʴʴʴʟ˔ˡ˗ ˧˛˘ʶ˜˧ˬ˛˔˦˔ʥʣʥʤ˔ˡˡ˨˔˟˕˨˗˚˘˧ˢ˙ʗʧʪʥˠ˜˟˟˜ˢˡʡ˅ˢ˖˛˘˦˧˘˥˛˔˦˕˘˘ˡ˥˘˖ˢ˚ˡ˜˭˘˗˔˦ ˔ˡʴ˟˟ʠʴˠ˘˥˜˖˔ˡʶ˜˧ˬʮ˔ʺˢ˟˗ʿʸʸʷ˖˘˥˧˜Ѓ˘˗ʶ˜˧ˬ˔ˡ˗˜˦˖ˢˡ˦˜˦˧˘ˡ˧˟ˬ˥˘˖ˢ˚ˡ˜˭˘˗˔˦ˢˡ˘ˢ˙ ʴˠ˘˥˜˖˔Ϡ˦ˠˢ˦˧˟˜˩˔˕˟˘˖˜˧˜˘˦ʡ˂˩˘˥ʦʡʨˠ˜˟˟˜ˢˡˣ˘ˢˣ˟˘˩˜˦˜˧˅ˢ˖˛˘˦˧˘˥˘˔˖˛ˬ˘˔˥˙˥ˢˠˢ˩˘˥ ʤʥʣ˖ˢ˨ˡ˧˥˜˘˦˔ˡ˗˧˛˘˥˘˔˥˘ʥʦ˖ˢˠˠˢˡ˟˔ˡ˚˨˔˚˘˦˦ˣˢ˞˘ˡ˜ˡˢ˨˥ʶ˜˧ˬʡ ˇ˛˘˦˜˧˘˜˦˪˜˧˛˜ˡ˧˛˘ʷ˘˦˧˜ˡ˔˧˜ˢˡˀ˘˗˜˖˔˟ʶ˘ˡ˧˘˥ʛʷˀʶʜʷ˜˦˧˥˜˖˧ʡˇ˛˘ʷˀʶ˜ˡ˜˧˜˔˧˜˩˘˜˦ˢˡ˘ ˢ˙˧˛˘˟˔˥˚˘˦˧˔ˡ˗ˠˢ˦˧˜ˡˡˢ˩˔˧˜˩˘˘˖ˢˡˢˠ˜˖˗˘˩˘˟ˢˣˠ˘ˡ˧˦˧˥˔˧˘˚˜˘˦˘˩˘˥˨ˡ˗˘˥˧˔˞˘ˡ ˜ˡˀ˜ˡˡ˘˦ˢ˧˔ʡʼ˧˦ˣ˨˥ˣˢ˦˘˜˦˧ˢ˦˘˖˨˥˘˅ˢ˖˛˘˦˧˘˥Ϡ˦˔ˡ˗ˀ˜ˡˡ˘˦ˢ˧˔Ϡ˦˦˧˔˧˨˦˔˦˔˚˟ˢ˕˔˟ ˠ˘˗˜˖˔˟˗˘˦˧˜ˡ˔˧˜ˢˡˡˢ˪˔ˡ˗˜ˡ˧˛˘˙˨˧˨˥˘ʡʼ˧˜˦˔ˡ˧˜˖˜ˣ˔˧˘˗˧˛˔˧˧˛˘ʷˀʶ˜ˡ˜˧˜˔˧˜˩˘ ˪˜˟˟˥˘˦˨˟˧˜ˡʗʨʡʩ˕˜˟˟˜ˢˡ˜ˡˣ˥˜˩˔˧˘˜ˡ˩˘˦˧ˠ˘ˡ˧˦˜ˡ˗ˢ˪ˡ˧ˢ˪ˡ˅ˢ˖˛˘˦˧˘˥ʡˇ˛˜˦˜ˡ˖˟˨˗˘˦ ˜ˡ˩˘˦˧ˠ˘ˡ˧˦˕ˬˀ˔ˬˢʶ˟˜ˡ˜˖˔ˡ˗ˢ˧˛˘˥ˣ˥˜˩˔˧˘˜ˡ˩˘˦˧ˢ˥˦ʟ˔ˡ˗ʗʨʫʨˠ˜˟˟˜ˢˡ˜ˡˣ˨˕˟˜˖˙˨ˡ˗˜ˡ˚ ˙ˢ˥ˣ˨˕˟˜˖˜ˡ˙˥˔˦˧˥˨˖˧˨˥˘˔ˡ˗˧˥˔ˡ˦ˣˢ˥˧˔˧˜ˢˡˣ˥ˢ˝˘˖˧˦ʡ ʷ˨˥˜ˡ˚˧˛˘Ѓ˥˦˧ʨˬ˘˔˥˦ˢ˙˧˛˘ʷˀʶ˜ˡ˜˧˜˔˧˜˩˘ʟˢ˩˘˥ʪʟʣʣʣ˝ˢ˕˦˪˘˥˘˖˥˘˔˧˘˗˔ˡ˗ʗʬʩʥˠ˜˟˟˜ˢˡ ˜ˡˣ˥˜˩˔˧˘˜ˡ˩˘˦˧ˠ˘ˡ˧ˢ˖˖˨˥˥˘˗˜ˡ˧˛˘ʷˀʶ˗˜˦˧˥˜˖˧˥˘˦˨˟˧˜ˡ˚˜ˡ˔ˡ˜ˡ˖˥˘˔˦˘˗˧˔˫˖˔ˣ˔˖˜˧ˬˢ˙ ˗ˢ˪ˡ˧ˢ˪ˡˣ˔˥˖˘˟˦˔˦˦˛ˢ˪ˡ˜ˡ˧˛˘˚˥˔ˣ˛˜˖˕˘˟ˢ˪ʛ˦ˢ˨˥˖˘ʭʥʣʥʣʷˀʶʼˠˣ˔˖˧˅˘ˣˢ˥˧ʜʡ ˆʼˇʸʻʼˆˇ˂˅ˌ ˇ˛˘˦˜˧˘˜ˡ˖˟˨˗˘˦˔ˡˢ˪ ˩˔˖˔ˡ˧˖ˢˠˠ˘˥˖˜˔˟ˣ˥ˢˣ˘˥˧ˬ ˪˛˜˖˛˜˦ˢˡ˧˛˘˖˜˧ˬϠ˦ˣˢ˧˘ˡ˧˜˔˟ ˟˔ˡ˗ˠ˔˥˞˟˜˦˧˔ˡ˗˖˨˥˥˘ˡ˧˟ˬ ˨ˡ˗˘˥˥˘˩˜˘˪˙ˢ˥˜˧˦˛˜˦˧ˢ˥˜˖ ˦˜˚ˡ˜Ѓ˖˔ˡ˖˘ʡˇ˛˘˦˜˧˘˪˔˦ ˣ˟˔˧˧˘˗˜ˡʤʫʨʪʟ˜ˡ˖˟˨˗˜ˡ˚˔ˡ ˘ˡ˧˜˥˘˕˟ˢ˖˞˕˘˜ˡ˚˥˘˦˘˥˩˘˗˧ˢ ˧˛˘ˀ˜˟˟˪˛˜˖˛˪˔˦˔˟˥˘˔˗ˬ˜ˡ ˢˣ˘˥˔˧˜ˢˡˢˡ˧˛˘˥˜˩˘˥Ϡ˦˘˗˚˘ ˔˧ʦ˥˗ˆ˧˥˘˘˧˕ˬ˧˛˔˧˧˜ˠ˘ʡ ˇ˛˘ˀ˜˟˟˪ˢ˨˟˗˚˥ˢ˪˜ˡ˦˜˭˘ ˔ˡ˗˥˘ˠ˔˜ˡ˔˦˧˥ˢˡ˚˩˜˦˨˔˟ ˣ˥˘˦˘ˡ˖˘˧˛˥ˢ˨˚˛˧˛˘ʤʬʨʣϠ˦ ˪˛˘ˡ˜˧˪˔˦˗˘ˠˢ˟˜˦˛˘˗ʡ ˅˘ˠ˔˜ˡ˦ˢ˙˧˛˘ˠ˜˟˟˥˔˖˘ˠ˔ˬ ˦˧˜˟˟˕˘˨ˡ˗˘˥˚˥ˢ˨ˡ˗˪˜˧˛˜ˡ˧˛˘˦˜˧˘ʡ˂ˡ˘˕˟ˢ˖˞˧ˢ˧˛˘˪˘˦˧ʟʵ˥ˢ˔˗˪˔ˬʴ˩˘ˡ˨˘˚˥˘˪˔˦˧˛˘ ˣ˥˜ˠ˔˥ˬ˖ˢˠˠ˘˥˖˜˔˟˖ˢ˥˥˜˗ˢ˥˙˥ˢˠ˧˛˘ʤʫʪʣϠ˦˜ˡ˧ˢ˧˛˘ʤʬʩʣϠ˦ʡʴ˖ˢˠˠ˘˥˖˜˔˟˛˜˦˧ˢ˥˜˖˗˜˦˧˥˜˖˧ ˖ˢˠˣ˥˜˦˘˗ˢ˙ʥʫ˖ˢˡ˧˥˜˕˨˧˜ˡ˚ˣ˥ˢˣ˘˥˧˜˘˦˧ˢ˧˛˔˧˘˥˔˪˔˦˜˗˘ˡ˧˜Ѓ˘˗˜ˡʥʣʤʬʡˇ˛˘ˣ˥ˢˣˢ˦˘˗ ˗˜˦˧˥˜˖˧˜ˡ˖˟˨˗˘˦˔ˣˢ˥˧˜ˢˡˢ˙ʵ˥ˢ˔˗˪˔ˬʴ˩˘ˡ˨˘˔ˡ˗ʦ˥˗ˆ˧˥˘˘˧˝˨˦˧˪˘˦˧ˢ˙˧˛˘ˣ˥ˢ˝˘˖˧˦˜˧˘ʡ 3DFNHW3J ʶʼˇˌ˂ʹ˅˂ʶʻʸˆˇʸ˅˅ʸ˄ˈʸˆˇʹ˂˅˃˅˂˃˂ˆʴʿˆ ˅˜˩˘˥˙˥ˢˡ˧ˆˠ˔˟˟ʴ˥˘˔˃˟˔ˡ˯ʽ˨˟ˬʤʬ˧˛ʟʥʣʥʤ )D ˣ˥ˢˣˢ˦˔˟˦˨˕ˠ˜˦˦˜ˢˡ˥˘ˤ˨˜˥˘ˠ˘ˡ˧˦ ˇ˛˘ˣ˥ˢˣˢ˦˔˟˦˛˔˟˟˜ˡ˖˟˨˗˘˧˛˘˙ˢ˟˟ˢ˪˜ˡ˚˜ˡ˙ˢ˥ˠ˔˧˜ˢˡ˔ˡ˗˦˛˔˟˟˕˘ˢ˥˚˔ˡ˜˭˘˗˜ˡ˧˛˘ˠ˔ˡˡ˘˥ ˦ˣ˘˖˜Ѓ˘˗˕˘˟ˢ˪ʡ˃˟˘˔˦˘˦˨˕ˠ˜˧ˢˡ˘˘˟˘˖˧˥ˢˡ˜˖˖ˢˣˬˢ˙˔ˣ˥ˢˣˢ˦˔˟ˡˢ˧˧ˢ˘˫˖˘˘˗ʥʣ˙˔˖˘ ˣ˔˚˘˦ʡʴˡ˔ˣˣ˘ˡ˗˜˫˪˜˧˛˧˘˔ˠ˕˜ˢ˦ˠ˔ˬ˕˘˜ˡ˖˟˨˗˘˗˪˜˧˛˨ˣ˧ˢʨ˔˗˗˜˧˜ˢˡ˔˟˙˔˖˘ˣ˔˚˘˦ʡ ʿʸˇˇʸ˅˂ʹˇ˅ʴˁˆˀʼˇˇʴʿ ʴ˖ˢ˩˘˥˟˘˧˧˘˥˦˜˚ˡ˘˗˕ˬ˔ˡ˔˨˧˛ˢ˥˜˭˘˗˥˘ˣ˥˘˦˘ˡ˧˔˧˜˩˘ˢ˙˧˛˘ʶˢˡ˦˨˟˧˔ˡ˧˧˘˔ˠ˕˥˜˘Єˬ ˢ˨˧˟˜ˡ˜ˡ˚˧˛˘˧˘˔ˠϠ˦˨ˡ˗˘˥˦˧˔ˡ˗˜ˡ˚ˢ˙˧˛˘˪ˢ˥˞ʡˇ˛˘˖ˢ˩˘˥˟˘˧˧˘˥ˠ˨˦˧˖ˢˡ˧˔˜ˡ˔ ˖ˢˠˠ˜˧ˠ˘ˡ˧˧ˢˣ˥ˢ˩˜˗˘˧˛˘˦˘˥˩˜˖˘˦˗˘˦˖˥˜˕˘˗˔ˡ˗˧˛˘ˡ˔ˠ˘ʟ˔˗˗˥˘˦˦ʟ˧˘˟˘ˣ˛ˢˡ˘ ˡ˨ˠ˕˘˥ʟ˔ˡ˗˘ˠ˔˜˟ˢ˙˧˛˘˖ˢˡ˦˨˟˧˔ˡ˧Ϡ˦ˣ˥˜ˠ˔˥ˬ˖ˢˡ˧˔˖˧ˣ˘˥˦ˢˡʡ ˄ˈʴʿʼʹʼʶʴˇʼ˂ˁˆ˂ʹʹʼ˅ˀʛˆʜ ϧʿ˜˦˧˧˛˘ˡ˔ˠ˘˦ˢ˙˧˛˘ˣ˥˜ˠ˔˥ˬˣ˥ˢ˝˘˖˧ˠ˔ˡ˔˚˘˥˔ˡ˗ˢ˧˛˘˥˞˘ˬˣ˘˥˦ˢˡˡ˘˟˔˦˦ˢ˖˜˔˧˘˗ ˪˜˧˛˧˛˘ˣ˥ˢ˝˘˖˧ʡʴ˦˨ˠˠ˔˥ˬˢ˙ˤ˨˔˟˜Ѓ˖˔˧˜ˢˡ˦˔ˡ˗˘˫ˣ˘˥˜˘ˡ˖˘˦˛ˢ˨˟˗˕˘˔˧˧˔˖˛˘˗˜ˡ˔ˡ ˔ˣˣ˘ˡ˗˜˫˔˟ˢˡ˚˪˜˧˛˧˛˘ˣ˘˥˖˘ˡ˧˔˚˘ˢ˙˧˜ˠ˘˘˔˖˛ˣ˘˥˦ˢˡ˜˦˔ˡ˧˜˖˜ˣ˔˧˘˗˧ˢ˗˘˩ˢ˧˘˧ˢ ˧˛˘ˣ˥ˢ˝˘˖˧ʡˇ˛˘˦˨˖˖˘˦˦˙˨˟˧˘˔ˠ˜˦˘˫ˣ˘˖˧˘˗˧ˢ˗˘˩˘˟ˢˣ˔˛˜˚˛˟˘˩˘˟ˢ˙˙˔ˠ˜˟˜˔˥˜˧ˬ˪˜˧˛ ˧˛˘˦˜˧˘ʟ˦˨˥˥ˢ˨ˡ˗˜ˡ˚˔˥˘ʟ˔ˡ˗˖ˢˠˠ˨ˡ˜˧ˬʡ ϧʷ˘˦˖˥˜˕˘˧˛˘ˡ˔ˠ˘˔ˡ˗˟ˢ˖˔˧˜ˢˡˢ˙˔ˡˬ˦˨˕˖ˢˡ˦˨˟˧˔ˡ˧˦˧˛˔˧˪˜˟˟˕˘˨˦˘˗˕ˬ˧˛˘ˣ˥˜ˠ˔˥ˬ Ѓ˥ˠʡ˃˟˘˔˦˘˜˗˘ˡ˧˜˙ˬ˧˛˘˔ˣˣ˥ˢ˫˜ˠ˔˧˘ˣ˘˥˖˘ˡ˧˔˚˘ˢ˙˪ˢ˥˞˧˛˔˧˪ˢ˨˟˗˕˘ˣ˘˥˙ˢ˥ˠ˘˗˕ˬ ˘˔˖˛ˢ˙˧˛˘˦˘Ѓ˥ˠ˦ʡʼˡ˖˟˨˗˘˧˛˘˘˫ˣ˘˥˜˘ˡ˖˘˔ˡ˗ˤ˨˔˟˜Ѓ˖˔˧˜ˢˡ˦ˢ˙˧˛˘˦˨˕˖ˢˡ˦˨˟˧˔ˡ˧ Ѓ˥ˠ˔ˡ˗˧˛˘˜˥˞˘ˬˣ˘˥˦ˢˡˡ˘˟˜ˡ˪ˢ˥˞˜ˡ˚ˢˡ˦˜ˠ˜˟˔˥ˣ˥ˢ˝˘˖˧˦ʡ ϧʼˡ˖˟˨˗˘ˬˢ˨˥˦˧˥˔˧˘˚ˬ˙ˢ˥ˠ˘˘˧˜ˡ˚˧˛˘ʶ˜˧ˬˢ˙˅ˢ˖˛˘˦˧˘˥˪ˢ˥˞˙ˢ˥˖˘˚ˢ˔˟˦˜ˡ˖˟˨˗˜ˡ˚ʭ ˇ˔˥˚˘˧˘˗ʵ˨˦˜ˡ˘˦˦˔˥˘˘˖ˢˡˢˠ˜˖˔˟˟ˬ˗˜˦˔˗˩˔ˡ˧˔˚˘˗˦ˠ˔˟˟˕˨˦˜ˡ˘˦˦˘ˡ˧˘˥ˣ˥˜˦˘˦˪˜˧˛ ˠ˔˝ˢ˥˜˧ˬˢ˪ˡ˘˥˦˛˜ˣ˛˘˟˗˕ˬˠ˜ˡˢ˥˜˧ˬʟ˪ˢˠ˘ˡʟ˩˘˧˘˥˔ˡ˦ʟˢ˥˗˜˦˔˕˟˘˗ˣ˘˥˦ˢˡ˦ʡˇ˛˘ʶ˜˧ˬ ˛˔˦˔˚ˢ˔˟ˢ˙ʪʘˇ˔˥˚˘˧˘˗ʵ˨˦˜ˡ˘˦˦˘˦˔˦ˣ˔˥˧ˢ˙ˣ˥ˢ˙˘˦˦˜ˢˡ˔˟˦˘˥˩˜˖˘˦ˣ˥ˢ˝˘˖˧˧˘˔ˠ˦ʡ ˊˢ˥˞˙ˢ˥˖˘ʸˠˣ˟ˢˬˠ˘ˡ˧ˈ˧˜˟˜˭˔˧˜ˢˡʺˢ˔˟˦˦˘˧˙ˢ˥˧˛˔˥˘˘˫ˣ˥˘˦˦˘˗˜ˡˣ˘˥˖˘ˡ˧˔˚˘˧˘˥ˠ˦ ˙ˢ˥˧˛˘˧ˢ˧˔˟˛ˢ˨˥˦ˢ˙˟˔˕ˢ˥ˣ˘˥˙ˢ˥ˠ˘˗˕ˬˠ˜ˡˢ˥˜˧ˬ˔ˡ˗˙˘ˠ˔˟˘˪ˢ˥˞˘˥˦ʡˇ˛˘ʶ˜˧ˬ˛˔˦ ˔˚ˢ˔˟ˢ˙ʤʨʘˠ˜ˡˢ˥˜˧ˬ˔ˡ˗ʪʘ˙˘ˠ˔˟˘˨˧˜˟˜˭˔˧˜ˢˡ˜ˡʥʣʥʤʡ ˆ˘˘ʴˣˣ˘ˡ˗˜˫ʵ˙ˢ˥˙˨˥˧˛˘˥˗˘˧˔˜˟˦˥˘˚˔˥˗˜ˡ˚ˇ˔˥˚˘˧˘˗ʵ˨˦˜ˡ˘˦˦˥˘˖˥˨˜˧˜ˡ˚˔ˡ˗ ʴˣˣ˘ˡ˗˜˫ʶ˙ˢ˥˧˛˘ʵ˜˗ʶˢˠˣ˟˜˔ˡ˖˘ʶ˛˘˖˞˟˜˦˧ʡ ϧʷ˘˦˖˥˜˕˘˧˛˘˘˫ˣ˘˥˜˘ˡ˖˘ˢ˙˧˛˘Ѓ˥ˠ˜ˡ˖ˢˡ˗˨˖˧˜ˡ˚˦˜ˠ˜˟˔˥ˣ˥ˢ˝˘˖˧˦ʡʼˡ˖˟˨˗˘ˣ˥˘˩˜ˢ˨˦ ˣ˥ˢ˝˘˖˧˦˪˜˧˛˦˜ˠ˜˟˔˥˕˨˗˚˘˧˦˔ˡ˗˗˘˔˗˟˜ˡ˘˦˔ˡ˗˪˛˘˧˛˘˥˧˛˘Ѓ˥ˠˠ˘˧˧˛˘˘˦˧˔˕˟˜˦˛˘˗ ˖˥˜˧˘˥˜˔ʡʸ˫˔ˠˣ˟˘˦ˢ˙ˣ˥ˢ˝˘˖˧˦˪˛˘˥˘˧˛˘˖˜˧ˬ˪˔˦˔˕˟˘˧ˢ˜ˠˣ˟˘ˠ˘ˡ˧˧˛˘˦ˠ˔˟˟˔˥˘˔ˣ˟˔ˡ ˔˥˘˘˦ˣ˘˖˜˔˟˟ˬ˥˘ˤ˨˘˦˧˘˗ʡ ϧʼˡ˖˟˨˗˘˔ˣ˥ˢ˝˘˖˧˟˜˦˧˪˜˧˛˖ˢˡ˧˔˖˧˦˙ˢ˥˔˟˟˦˜ˠ˜˟˔˥ˣ˥ˢ˝˘˖˧˦˧˛˔˧˛˔˩˘˕˘˘ˡ˖ˢˠˣ˟˘˧˘˗˜ˡ ˧˛˘ˣ˔˦˧ʦˬ˘˔˥˦ʡʼ˗˘ˡ˧˜˙ˬ˧˛˘˞˘ˬˣ˘˥˦ˢˡˡ˘˟˪˛ˢ˪ˢ˥˞˘˗ˢˡ˧˛˘˥˘˙˘˥˘ˡ˖˘˗ˣ˥ˢ˝˘˖˧ʡ ϧʷ˜˦˖˨˦˦˧˛˘Ѓ˥ˠϠ˦ˣ˥˜ˢ˥˘˫ˣ˘˥˜˘ˡ˖˘˜ˡ˪ˢ˥˞˜ˡ˚˪˜˧˛˔ˠ˨˟˧˜ʠ˦˧˔˞˘˛ˢ˟˗˘˥˧˔˦˞˙ˢ˥˖˘ʟ ˣ˔˥˧˜˖˨˟˔˥˟ˬˠ˔˗˘˨ˣˢ˙˖˜˧ˬ˥˘ˣ˥˘˦˘ˡ˧˔˧˜˩˘˦˔˦˪˘˟˟˔˦˥˘ˣ˥˘˦˘ˡ˧˔˧˜˩˘˦˙˥ˢˠ ˣ˔˥˧ˡ˘˥ˢ˥˚˔ˡ˜˭˔˧˜ˢˡ˦ʟˣ˥ˢˣ˘˥˧ˬˢ˪ˡ˘˥˦˔ˡ˗ˡ˘˜˚˛˕ˢ˥˛ˢˢ˗˥˘˦˜˗˘ˡ˧˦ˢ˥ˢ˧˛˘˥ˣ˨˕˟˜˖ ˥˘ˣ˥˘˦˘ˡ˧˔˧˜˩˘˦ʡʼ˙˗˜˥˘˖˧˘˫ˣ˘˥˜˘ˡ˖˘˪˜˧˛˔˖ˢˠˠ˨ˡ˜˧ˬ˖ˢʠ˗˘˦˜˚ˡˣ˥ˢ˖˘˦˦˜˦˔˩˔˜˟˔˕˟˘ ˪˜˧˛˜ˡˬˢ˨˥˧˘˔ˠˣ˟˘˔˦˘˜ˡ˖˟˨˗˘˧˛˔˧˜ˡ˙ˢ˥ˠ˔˧˜ˢˡʡ ϧʷ˜˦˖˨˦˦˧˛˘Ѓ˥ˠϠ˦˔˕˜˟˜˧ˬ˧ˢ˜ˡ˧˘˚˥˔˧˘˧˛˜˦ˣ˥ˢ˝˘˖˧˜ˡ˧ˢ˧˛˘Ѓ˥ˠϠ˦ˣ˥˘˦˘ˡ˧˪ˢ˥˞˟ˢ˔˗ʡ ϧʼˡ˖˟˨˗˘˘˫ˣ˘˥˜˘ˡ˖˘˪ˢ˥˞˜ˡ˚˪˜˧˛˧˛˘ˈˡ˜˧˘˗ˆ˧˔˧˘˦ʴ˥ˠˬʶˢ˥ˣˢ˙ʸˡ˚˜ˡ˘˘˥˦ʟ˜ʡ˘ʡˆ˘˖˧˜ˢˡ ʧʣʫ˃˥ˢ˖˘˦˦ʡ ϧʼˡ˖˟˨˗˘˘˫ˣ˘˥˜˘ˡ˖˘˪˜˧˛˗˘˩˘˟ˢˣˠ˘ˡ˧˘˖ˢˡˢˠ˜˖˔ˡ˔˟ˬ˦˜˦ʡ 3DFNHW3J ʶʼˇˌ˂ʹ˅˂ʶʻʸˆˇʸ˅˅ʸ˄ˈʸˆˇʹ˂˅˃˅˂˃˂ˆʴʿˆ ˅˜˩˘˥˙˥ˢˡ˧ˆˠ˔˟˟ʴ˥˘˔˃˟˔ˡ˯ʽ˨˟ˬʤʬ˧˛ʟʥʣʥʤ )D ˆʶ˂˃ʸ˂ʹˆʸ˅ˉʼʶʸˆ ˃˟˘˔˦˘ˣ˥ˢ˩˜˗˘˔ˣ˥ˢˣˢ˦˘˗˦˖ˢˣ˘ˢ˙˦˘˥˩˜˖˘˦˧˛˔˧˔˗˗˥˘˦˦˘˦˧˛˘˙ˢ˟˟ˢ˪˜ˡ˚ʭ ˇ˛˘ʶ˜˧ˬˢ˙˅ˢ˖˛˘˦˧˘˥ʟˀ˜ˡˡ˘˦ˢ˧˔˜˦˦ˢ˟˜˖˜˧˜ˡ˚ˣ˥ˢˣˢ˦˔˟˦˙˥ˢˠˤ˨˔˟˜Ѓ˘˗˖ˢˡ˦˨˟˧˜ˡ˚Ѓ˥ˠ˦ ʛʶˢˡ˦˨˟˧˔ˡ˧ʜ˧ˢˣ˥ˢ˩˜˗˘˔˦ˠ˔˟˟˔˥˘˔ˣ˟˔ˡ˘ˡ˖ˢˠˣ˔˦˦˜ˡ˚ˡ˘˔˥˟ˬʥʡʨ˔˖˥˘˦ˢ˙˟˔ˡ˗ʡ ʴˆˆˈˀ˃ˇʼ˂ˁˆʭ ϧˇ˛˘ˣ˟˔ˡ˦˛˔˟˟˕˘˜ˡ˔˖˖ˢ˥˗˔ˡ˖˘˪˜˧˛ˢ˥˙˨˥˧˛˘˥˗˘˩˘˟ˢˣˣ˥˘˩˜ˢ˨˦˟ˬ˔ˣˣ˥ˢ˩˘˗ˣ˟˔ˡ˦ ˙ˢ˥˧˛˜˦ˣ˔˥˧ˢ˙˧˛˘ʶ˜˧ˬˢ˙˅ˢ˖˛˘˦˧˘˥ˢ˥˪˜˟˟ˣ˥ˢ˩˜˗˘˥˘˔˦ˢˡ˦˔ˡ˗ˠ˘˧˛ˢ˗˦˙ˢ˥˧˛˘ ˗˜˩˘˥˚˘ˡ˖˘˙˥ˢˠ˧˛˘˦˘ʡ ϧˇ˛˘ˣ˟˔ˡ˦˛˔˟˟˖ˢˡ˦˜˗˘˥˔ˡ˘˩˘ˡ˧˨˔˟ʦ˥˗ˆ˧˥˘˘˧˥˘˗˘˦˜˚ˡ˧ˢ˦˘˥˩˘˔˦˚˔˧˘˪˔ˬ˙˥ˢˠ˧˛˘ ˅˜˩˘˥˙˥ˢˡ˧˜ˡ˧ˢ˧˛˘ʦ˥˗ˆ˧˥˘˘˧˗˜˦˧˥˜˖˧˪˜˧˛˘ˡ˛˔ˡ˖˘˗˖ˢˡˡ˘˖˧˜ˢˡ˧ˢ˧˛˘˥˜˩˘˥ʟ˚ˢ˩˘˥ˡˠ˘ˡ˧ ˖˘ˡ˧˘˥ʟ˔ˡ˗˟˜˕˥˔˥ˬʡ ϧˇ˛˘ˣ˟˔ˡ˪˜˟˟˜ˡ˖˟˨˗˘˥˘˖ˢˠˠ˘ˡ˗˔˧˜ˢˡ˦˧ˢ˜ˡ˖ˢ˥ˣˢ˥˔˧˘ˣ˨˕˟˜˖˔˖˖˘˦˦˧ˢ˧˛˘ˍ˨ˠ˕˥ˢ ˅˜˩˘˥˜ˡ˔˗˘˦˜˚ˡ˖ˢˠˣ˔˧˜˕˟˘˜ˡˡ˔˧˨˥˘˔ˡ˗˖ˢˠˣ˟˘ˠ˘ˡ˧˔˥ˬ˧ˢ˧˛˘ˡ˔˧˨˥˔˟˔ˡ˗˕˨˜˟˧ ˘ˡ˩˜˥ˢˡˠ˘ˡ˧ʟ˔ˡ˗˖ˢˡ˦˜˦˧˘ˡ˧˪˜˧˛ʶˢ˥ˣˢ˙ʸˡ˚˜ˡ˘˘˥˦˔ˡ˗ʷˁ˅Ϡ˦˦˧˔ˡ˗˔˥˗˦˔ˡ˗˧˛˘ʶ˜˧ˬϠ˦ ʹ˟ˢˢ˗ʶˢˡ˧˥ˢ˟˃˥ˢ˚˥˔ˠʮ ϧˇ˛˘ˣ˟˔ˡ˪˜˟˟ˣ˥ˢ˩˜˗˘˙ˢ˥ˣ˛ˬ˦˜˖˔˟˖ˢˡˡ˘˖˧˜ˢˡ˦˧ˢ˕ˢ˧˛˘˫˜˦˧˜ˡ˚˔ˡ˗ˣ˟˔ˡˡ˘˗ ˧˥˔ˡ˦ˣˢ˥˧˔˧˜ˢˡ˘˟˘ˠ˘ˡ˧˦˪˜˧˛˜ˡ˧˛˘˜ˡЄ˨˘ˡ˖˘˔˥˘˔ʮ ϧˇ˛˘ˣ˟˔ˡ˪˜˟˟˜ˡ˖˟˨˗˘ˢˣˣˢ˥˧˨ˡ˜˧˜˘˦˙ˢ˥˔ˠ˜˫ˢ˙˟˔ˡ˗˨˦˘ʟ˖ˢˡˡ˘˖˧˘˗ˣ˔˥˞˦˔ˡ˗ˣ˨˕˟˜˖ ˦ˣ˔˖˘˦ʟ˛˘˥˜˧˔˚˘ˣ˥˘˦˘˥˩˔˧˜ˢˡ˔ˡ˗ˣ˨˕˟˜˖˔˥˧ ʷʸʿʼˉʸ˅ʴʵʿʸˆʟʼˁʶʿˈʷʼˁʺʵˈˇˁ˂ˇʿʼˀʼˇʸʷˇ˂ʭ ϧ˃˨˕˟˜˖˘ˡ˚˔˚˘ˠ˘ˡ˧ˣ˟˔ˡˢ˨˧˟˜ˡ˜ˡ˚˛ˢ˪˥˘˦˜˗˘ˡ˧˦˔ˡ˗ˣ˥ˢˣ˘˥˧ˬˢ˪ˡ˘˥˦˪˜˟˟˕˘˜ˡ˩ˢ˟˩˘˗ ˜ˡ˧˛˘ˣ˟˔ˡˡ˜ˡ˚ˣ˥ˢ˖˘˦˦ʟ˔ˡ˗˛ˢ˪˧˛˘˟˔˥˚˘˥˅ˢ˖˛˘˦˧˘˥˖ˢˠˠ˨ˡ˜˧ˬ˪˜˟˟˕˘˜ˡ˙ˢ˥ˠ˘˗ ˧˛˥ˢ˨˚˛ˢ˨˧˧˛˘ˣ˥ˢ˖˘˦˦ʡˇ˛˜˦˦˛ˢ˨˟˗˜ˡ˖˟˨˗˘˔ˣ˟˔ˡ˙ˢ˥ˣ˨˕˟˜˖˘ˡ˚˔˚˘ˠ˘ˡ˧˔˖˧˜˩˜˧˜˘˦ ˜ˡ˖˟˨˗˜ˡ˚˕˨˧ˡˢ˧˟˜ˠ˜˧˘˗˧ˢˢˣ˘ˡ˛ˢ˨˦˘˦ʟ˦˜˧˘˩˜˦˜˧˦ʟˣ˨˕˟˜˖ˠ˘˘˧˜ˡ˚˦ʟ˘˧˖ʡ˃˟˘˔˦˘˜ˡ˖˟˨˗˘ Ѓ˥ˠ˦˘˫ˣ˘˥˜˘ˡ˖˘˪ˢ˥˞˜ˡ˚˪˜˧˛ˠ˨˟˧˜ʠ˦˧˔˞˘˛ˢ˟˗˘˥˧˔˦˞˙ˢ˥˖˘˦ʡʴ˧˔ˠ˜ˡ˜ˠ˨ˠʟ˜˧˜˦˘˫ˣ˘˖˧ ˧˛˔˧˧˛˘˖ˢˡ˦˨˟˧˔ˡ˧˪˜˟˟ʭ ʿ˘˔˗˔˖ˢˠˠ˨ˡ˜˧ˬ˖ˢʠ˗˘˦˜˚ˡˣ˥ˢ˖˘˦˦˧˛˔˧˜ˡ˖˟˨˗˘˦˔ˣ˔˜˗˧˘˔ˠˢ˙˖ˢˠˠ˨ˡ˜˧ˬ˖ˢʠ ˗˘˦˜˚ˡ˘˥˦˙˥ˢˠ˧˛˘˦˧˔˥˧ˢ˙˧˛˘ˣ˥ˢ˝˘˖˧˗˘˦˜˚ˡˣ˥ˢ˖˘˦˦ ˃˥˘ˣ˔˥˘˔˗˥˔˙˧˔ˡ˗Ѓˡ˔˟˥˘ˣˢ˥˧˦˨ˠˠ˔˥˜˭˜ˡ˚˧˛˘ˣ˥ˢ˖˘˦˦˔ˡ˗˦˧˥˔˧˘˚˜˘˦˙ˢ˥ˣ˨˕˟˜˖ ˜ˡ˩ˢ˟˩˘ˠ˘ˡ˧ʡ ˇ˥˔˖˞ˣ˨˕˟˜˖˖ˢˠˠ˘ˡ˧˦˔ˡ˗˥˘˦ˣˢˡ˦˘˦˔ˡ˗ˣ˥ˢ˩˜˗˘˧ˢ˧˛˘ʶ˜˧ˬ˧˛˥ˢ˨˚˛ˢ˨˧˧˛˘ ˗˨˥˔˧˜ˢˡˢ˙˧˛˘ˣ˥ˢ˝˘˖˧˨ˣ˧ˢ˔ˡ˗˜ˡ˖˟˨˗˜ˡ˚ˣˢ˦˧ʠ˖ˢˠˣ˟˘˧˜ˢˡʡ ʸˡ˦˨˥˘˔˟˟ˠ˔˧˘˥˜˔˟˦˔˥˘ˢˡ˟˜ˡ˘ʠ˖ˢˠˣ˔˧˜˕˟˘ʟʴʷʴ˔˖˖˘˦˦˜˕˟˘ʟ˔ˡ˗˖ˢˠˣˢ˦˘˗˨˦˜ˡ˚ ˖ˢˠˠˢˡ˟˔ˡ˚˨˔˚˘˔ˡ˗˧˘˥ˠ˜ˡˢ˟ˢ˚ˬʡ ˃˥˘ˣ˔˥˘˔ˡ˗ˣ˥ˢ˩˜˗˘˟ˢ˚˜˦˧˜˖˔˟˦˨ˣˣˢ˥˧ʟ˜ˡ˖˟˨˗˜ˡ˚˔˦˦ˢ˖˜˔˧˘˗˙˘˘˦ʟ˙ˢ˥˔˟˟ˣ˨˕˟˜˖ ˠ˘˘˧˜ˡ˚˦ʡ ˃˥ˢ˩˜˗˘˧˥˔ˡ˦˟˔˧˜ˢˡ˦˘˥˩˜˖˘˦˪˛˘ˡˡ˘˘˗˘˗˔˧ˣ˨˕˟˜˖ˠ˘˘˧˜ˡ˚˦˔ˡ˗˧˥˔ˡ˦˟˔˧˜ˢˡˢ˙ ˦ˢˠ˘˪˥˜˧˧˘ˡˠ˔˧˘˥˜˔˟˦˙ˢ˥ˣ˨˕˟˜˖˖ˢˡ˦˨ˠˣ˧˜ˢˡʡ ϧʴЃˡ˔˟ˣ˟˔ˡ˜ˡ˘˜˧˛˘˥˔˗ˢ˖˨ˠ˘ˡ˧ˢ˥ˢ˧˛˘˥˨˦˔˕˟˘˙ˢ˥ˠ˔˧˔˩˔˜˟˔˕˟˘˧ˢ˘˔˦˜˟ˬ˦˛˔˥˘˪˜˧˛ ˧˛˘ˣ˨˕˟˜˖ʟ˘˫˜˦˧˜ˡ˚˔ˡ˗˙˨˧˨˥˘˦˧˔˞˘˛ˢ˟˗˘˥˦ ϧˀ˔ˣ˦ʟ˗˜˔˚˥˔ˠ˦ʟ˔ˡ˗˜˟˟˨˦˧˥˔˧˜ˢˡ˦˧˛˔˧˦˛ˢ˪˛ˢ˪˧˛˘˜˗˘ˡ˧˜Ѓ˘˗˚ˢ˔˟˦˙ˢ˥˧˛˘ˣ˥ˢ˝˘˖˧˪˜˟˟ ˕˘ˠ˘˧˕ˬ˧˛˘ʶ˜˧ˬʟˣ˥ˢˣ˘˥˧ˬˢ˪ˡ˘˥˦˔ˡ˗˦˧˔˞˘˛ˢ˟˗˘˥˦ ϧʴ˟˧˘˥ˡ˔˧˜˩˘ˣˢ˟˜˖˜˘˦ʟˢ˥˗˜ˡ˔ˡ˖˘˦ʟˣ˥ˢ˚˥˔ˠ˦˔ˡ˗ˢ˧˛˘˥˦˧˥˔˧˘˚˜˘˦˧ˢ˕˥˜ˡ˚˧˛˘˩˜˦˜ˢˡ˧ˢ ˙˥˨˜˧˜ˢˡ 3DFNHW3J ʶʼˇˌ˂ʹ˅˂ʶʻʸˆˇʸ˅˅ʸ˄ˈʸˆˇʹ˂˅˃˅˂˃˂ˆʴʿˆ ˅˜˩˘˥˙˥ˢˡ˧ˆˠ˔˟˟ʴ˥˘˔˃˟˔ˡ˯ʽ˨˟ˬʤʬ˧˛ʟʥʣʥʤ )D ϧʺʼˆˀ˔ˣˣ˜ˡ˚˗˔˧˔ʢЃ˟˘˦˜ˡʸˆ˅ʼ˙ˢ˥ˠ˔˧ʟˠ˔ˣ˗ˢ˖˨ˠ˘ˡ˧˦˜ˡʴ˥˖ˀ˔ˣˢ˥ʴ˥˖˃˥ˢ˙ˢ˥ˠ˔˧ ϧ˃˛˔˦˜ˡ˚ˣ˟˔ˡ˦ʟ˜ˡ˖˟˨˗˜ˡ˚ˣ˟˔ˡ˦˙ˢ˥˜ˡ˧˘˥˜ˠ˔˖˧˜˩˔˧˜ˢˡˢ˙˧˛˘˦˜˧˘ ϧʻ˜˚˛ʠ˟˘˩˘˟˘˖ˢˡˢˠ˜˖˜ˠˣ˔˖˧˔ˡ˔˟ˬ˦˜˦ ϧʻ˜˚˛ʠ˟˘˩˘˟˘ˡ˩˜˥ˢˡˠ˘ˡ˧˔˟˜ˠˣ˔˖˧˔ˡ˔˟ˬ˦˜˦ ϧ˂˨˧˟˜ˡ˘ˣ˥ˢˣˢ˦˘˗ˣ˥ˢ˖˘˦˦˧ˢ˚ˢ˙˥ˢˠˠ˨˟˧˜ˣ˟˘˖ˢˡ˖˘ˣ˧˦˧ˢ˔Ѓˡ˔˟ˣ˟˔ˡʡ ˃˅˂˃˂ˆʸʷ˃˅˂ʽʸʶˇˆʶʻʸʷˈʿʸ ʸˠˣ˛˔˦˜˦˪˜˟˟˕˘ˣ˟˔˖˘˗˨ˣˢˡ˦˘˟˘˖˧˜ˡ˚˔ˤ˨˔˟˜Ѓ˘˗Ѓ˥ˠ˪˛ˢ˗˘˟˜˩˘˥˦˔ˡ˜ˡˡˢ˩˔˧˜˩˘˔ˡ˗ ˩˜˦˜ˢˡ˔˥ˬˣ˥ˢˣˢ˦˔˟ʡ˃˥ˢ˩˜˗˘˔ˣ˥ˢ˝˘˖˧˦˖˛˘˗˨˟˘ˢ˨˧˟˜ˡ˜ˡ˚˧˛˘˧˜ˠ˘ˣ˘˥˜ˢ˗˔ˡ˗˘˦˧˜ˠ˔˧˘˗ ˖ˢˠˣ˟˘˧˜ˢˡ˗˔˧˘ˢ˙˧˛˘ˣ˥ˢˣˢ˦˘˗˦˖ˢˣ˘ˢ˙˪ˢ˥˞˙ˢ˥˗˘˦˜˚ˡ˦˘˥˩˜˖˘˦ʡˇ˛˜˦˦˛ˢ˨˟˗˜ˡ˖˟˨˗˘˔ ˦˖˛˘˗˨˟˘˙ˢ˥˔ˡ˗˗˘˦˖˥˜ˣ˧˜ˢˡˢ˙˔˟˟˗˘˟˜˩˘˥˔˕˟˘ˣ˥ˢ˗˨˖˧˦˧˛˥ˢ˨˚˛ˢ˨˧˧˛˘ˣ˘˥˜ˢ˗˙ˢ˥˗˘˦˜˚ˡ ˦˘˥˩˜˖˘˦ʡ˃˟˘˔˦˘˜ˡ˖˟˨˗˘ˣ˥˜˖˘˔ˡ˗˥˘˖ˢˠˠ˘ˡ˗˔˧˜ˢˡˢ˙˔˗˗˜˧˜ˢˡ˔˟˦˘˥˩˜˖˘˦ˢ˥ˣ˥ˢ˗˨˖˧˦ ˧˛˔˧ˬˢ˨˥Ѓ˥ˠ˪ˢ˨˟˗˥˘˖ˢˠˠ˘ˡ˗˔˦ˣ˔˥˧ˢ˙˧˛˜˦ˣ˥ˢ˖˘˦˦ʡ ʹʸʸˆʴˁʷʶ˂ˀ˃ʸˁˆʴˇʼ˂ˁ ˃˥ˢ˩˜˗˘˔ˣ˥ˢˣˢ˦˘˗˖ˢ˦˧ˣ˟˨˦˘˫ˣ˘ˡ˦˘˦˕˨˗˚˘˧˙ˢ˥˖ˢˠˣ˟˘˧˜ˢˡˢ˙˧˛˘˦˖ˢˣ˘ˢ˙˦˘˥˩˜˖˘˦ ˪˜˧˛˖ˢ˦˧˕˥˘˔˞˗ˢ˪ˡ˦˕ˬ˦˖ˢˣ˘˘˟˘ˠ˘ˡ˧ʡ˄˨ˢ˧˔˧˜ˢˡˢ˙˙˘˘˦˔ˡ˗˖ˢˠˣ˘ˡ˦˔˧˜ˢˡ˦˛˔˟˟ ˥˘ˠ˔˜ˡЃ˥ˠ˙ˢ˥˔ˣ˘˥˜ˢ˗ˢ˙˔˧˟˘˔˦˧ʬʣ˗˔ˬ˦˙˥ˢˠ˧˛˘ˣ˥ˢˣˢ˦˔˟˦˨˕ˠ˜˦˦˜ˢˡ˗˘˔˗˟˜ˡ˘ʡ ˃˟˘˔˦˘ˣ˥ˢ˩˜˗˘˧˛˘ˣ˥ˢˣˢ˦˘˗˕˨˗˚˘˧˨ˡ˗˘˥˦˘ˣ˔˥˔˧˘˖ˢ˩˘˥ʡʼˡ˜˧˜˔˟˦˖˥˘˘ˡ˜ˡ˚˪˜˟˟˕˘˗ˢˡ˘ ˕ˬ˧˛˘˦˘˟˘˖˧˜ˢˡ˖ˢˠˠ˜˧˧˘˘˪˜˧˛ˢ˨˧˧˛˘˕˘ˡ˘Ѓ˧ˢ˙˞ˡˢ˪˜ˡ˚˧˛˘ˣ˥ˢˣˢ˦˘˗˙˘˘˙ˢ˥˦˘˥˩˜˖˘˦ʡ ˦˨˕ˠ˜˦˦˜ˢˡ˥˘ˤ˨˜˥˘ˠ˘ˡ˧˦ ʴˡ˘˟˘˖˧˥ˢˡ˜˖˖ˢˣˬ˦˛˔˟˟˕˘˥˘˖˘˜˩˘˗˜ˡʶ˜˧ˬʴ˗ˠ˜ˡ˜˦˧˥˔˧˜ˢˡ˕ˬ˘ˠ˔˜˟˜ˡ˚ ʽˊ˜˟˦ˢˡʳ˥ˢ˖˛˘˦˧˘˥ˠˡʡ˚ˢ˩ʡ ˆ˨˕ˠ˜˧˧˔˟˦˦˛˔˟˟ˡˢ˧˕˘ˠˢ˥˘˧˛˔ˡʥʣ˙˔˖˘ˣ˔˚˘˦ˢ˙ʫ̏ˋʤʤϣ˦˜˭˘˗ˣ˔ˣ˘˥˜ˡ˖˟˨˦˜˩˘ˢ˙ ˦˔ˠˣ˟˘ˣ˥ˢ˝˘˖˧˦ʟ˔ˡ˗˥˘˦ˣˢˡ˦˘˧ˢ˦˖ˢˣ˘ʟ˦˖˛˘˗˨˟˘ʟ˔ˡ˗˔˗˗˜˧˜ˢˡ˔˟˜ˡ˙ˢ˥ˠ˔˧˜ˢˡ˗˘˦˜˥˘˗˧ˢ ˣ˥˘˦˘ˡ˧ʡʴˡ˔ˣˣ˘ˡ˗˜˫˪˜˧˛˧˘˔ˠ˕˜ˢ˦ˠ˔ˬ˕˘˜ˡ˖˟˨˗˘˗˪˜˧˛˨ˣ˧ˢʨ˔˗˗˜˧˜ˢˡ˔˟˙˔˖˘ˣ˔˚˘˦ʡ ʸ˔˖˛˖ˢˡ˦˨˟˧˔ˡ˧˔˦˦˨ˠ˘˦˙˨˟˟˥˘˦ˣˢˡ˦˜˕˜˟˜˧ˬ˙ˢ˥˗˘˟˜˩˘˥ˬ˔ˡ˗˗˘ˣˢ˦˜˧ˢ˙˧˛˘˖ˢˠˣ˟˘˧˘˗ ˣ˥ˢˣˢ˦˔˟ˣ˔˖˞˔˚˘ˢˡˢ˥˕˘˙ˢ˥˘˧˛˘˗˘˔˗˟˜ˡ˘ʡˇ˛˘ʶ˜˧ˬˢ˙˅ˢ˖˛˘˦˧˘˥˜˦ˡˢ˧˥˘˦ˣˢˡ˦˜˕˟˘˙ˢ˥ ˔ˡˬ˟ˢ˦˦ˢ˥˗˘˟˔ˬ˪˜˧˛˥˘˦ˣ˘˖˧˧ˢ˗˘˟˜˩˘˥ˬˢ˙˧˛˘ˣ˥ˢˣˢ˦˔˟˦ʡ ʴ˟˟ˣ˥ˢˣˢ˦˔˟˦˕˘˖ˢˠ˘˧˛˘ˣ˥ˢˣ˘˥˧ˬˢ˙˧˛˘ʶ˜˧ˬˢ˙˅ˢ˖˛˘˦˧˘˥˔ˡ˗˪˜˟˟ˡˢ˧˕˘˥˘˧˨˥ˡ˘˗ʡ ˇ˛˘ʶ˜˧ˬˢ˙˅ˢ˖˛˘˦˧˘˥˥˘˦˘˥˩˘˦˧˛˘˥˜˚˛˧˧ˢ˥˘˝˘˖˧˔ˡˬ˔ˡ˗˔˟˟ˣ˥ˢˣˢ˦˔˟˦ˢ˥ˣˢ˥˧˜ˢˡ˦ˢ˙ ˣ˥ˢˣˢ˦˔˟˦˔ˡ˗˧ˢˡ˘˚ˢ˧˜˔˧˘˖˛˔ˡ˚˘˦˪˜˧˛˔ˡˬ˖ˢˡ˦˨˟˧˔ˡ˧ʡ ˇ˛˘ʶ˜˧ˬˢ˙˅ˢ˖˛˘˦˧˘˥˜˦ˡˢ˧˟˜˔˕˟˘˙ˢ˥˔ˡˬ˖ˢ˦˧˜ˡ˖˨˥˥˘˗˕ˬ˔ˡˬ˖ˢˡ˦˨˟˧˔ˡ˧ˣ˥˜ˢ˥˧ˢ˧˛˘ ˘˫˘˖˨˧˜ˢˡˢ˙˔ˡ˔˚˥˘˘ˠ˘ˡ˧ˢ˥˖ˢˡ˧˥˔˖˧ʟˡˢ˥˦˛˔˟˟˧˛˘ʶ˜˧ˬˢ˙˅ˢ˖˛˘˦˧˘˥˕˘˟˜˔˕˟˘˙ˢ˥˔ˡˬ ˖ˢ˦˧˦˜ˡ˖˨˥˥˘˗˕ˬ˧˛˘˖ˢˡ˦˨˟˧˔ˡ˧˧˛˔˧˔˥˘ˡˢ˧˦ˣ˘˖˜Ѓ˘˗˜ˡ˔ˡˬ˖ˢˡ˧˥˔˖˧ʡ ˇ˛˘ʶ˜˧ˬˢ˙˅ˢ˖˛˘˦˧˘˥˜˦˔ˡʸˤ˨˔˟ʸˠˣ˟ˢˬˠ˘ˡ˧˂ˣˣˢ˥˧˨ˡ˜˧ˬʸˠˣ˟ˢˬ˘˥ʡ 3DFNHW3J )D ˘˩˔˟˨˔˧˜ˢˡ˖˥˜˧˘˥˜˔ ˃˥ˢˣˢ˦˔˟˦˪˜˟˟˕˘˦˖˥˘˘ˡ˘˗˧ˢ˘ˡ˦˨˥˘˧˛˔˧˧˛˘ˬˠ˘˘˧˧˛˘ˠ˜ˡ˜ˠ˨ˠ˥˘ˤ˨˜˥˘ˠ˘ˡ˧˦ˢ˙˧˛˘ ˣ˥ˢˣˢ˦˔˟˙ˢ˥ˠ˔˧ʡʴ˦˘˟˘˖˧˜ˢˡ˖ˢˠˠ˜˧˧˘˘˪˜˟˟˘˩˔˟˨˔˧˘ˤ˨˔˟˜˙ˬ˜ˡ˚ˣ˥ˢˣˢ˦˔˟˦ʡʹ˔˖˧ˢ˥˦˧ˢ˕˘ ˖ˢˡ˦˜˗˘˥˘˗˕ˬ˧˛˘˖ˢˠˠ˜˧˧˘˘˜ˡ˖˟˨˗˘˧˛˘˙ˢ˟˟ˢ˪˜ˡ˚ʭ ϧ˄˨˔˟˜Ѓ˖˔˧˜ˢˡ˦ʟ˦˔ˠˣ˟˘ˣ˥ˢ˝˘˖˧˦ʟ˔ˡ˗˘˫ˣ˘˥˜˘ˡ˖˘ˢ˙Ѓ˥ˠ˔ˡ˗˔ˡˬ˦˨˕˖ˢˡ˦˨˟˧˔ˡ˧˦ʮ ϧ˄˨˔˟˜Ѓ˖˔˧˜ˢˡ˦˔ˡ˗˘˫ˣ˘˥˜˘ˡ˖˘ˢ˙˧˛˘ˣ˥˜ˡ˖˜ˣ˔˟˖ˢˡ˦˨˟˧˜ˡ˚˦˧˔˙˙˔ˡ˗ˢ˙˦˨˕˖ˢˡ˦˨˟˧˜ˡ˚ ˦˧˔˙˙˪˛ˢ˪˜˟˟˪ˢ˥˞ˢˡ˧˛˘ˣ˥ˢ˝˘˖˧ʮ ϧˈˡ˗˘˥˦˧˔ˡ˗˜ˡ˚ˢ˙ˣ˥ˢ˝˘˖˧˦˖ˢˣ˘˔ˡ˗˟˘˩˘˟ˢ˙˜ˡ˧˘˥˘˦˧ʮ ϧʴˣˣ˥ˢ˔˖˛˧ˢ˖ˢˠˣ˟˘˧˜ˡ˚˦˖ˢˣ˘ˢ˙˦˘˥˩˜˖˘˦˜ˡ˖˟˨˗˜ˡ˚˖˥˘˔˧˜˩˜˧ˬ˔ˡ˗ˣ˥ˢ˕˟˘ˠ˦ˢ˟˩˜ˡ˚ʮ ϧ˅˘˦ˣˢˡ˦˜˩˘ˡ˘˦˦˔ˡ˗˖ˢˠˣ˔˧˜˕˜˟˜˧ˬ˕˘˧˪˘˘ˡ˖ˢˡ˦˨˟˧˔ˡ˧˦˔ˡ˗˧˛˘ʶ˜˧ˬʮ ϧʴ˗˘ˠˢˡ˦˧˥˔˧˘˗˖˟˘˔˥˨ˡ˗˘˥˦˧˔ˡ˗˜ˡ˚ˢ˙˧˛˘ˣ˥ˢ˝˘˖˧˦˜˧˘ʟ˦˨˥˥ˢ˨ˡ˗˜ˡ˚ˡ˘˜˚˛˕ˢ˥˛ˢˢ˗ ˔ˡ˗˖ˢˠˠ˨ˡ˜˧ˬʮ ϧʸˡ˚˔˚˘ˠ˘ˡ˧ʢʶˢˠˠ˨ˡ˜˖˔˧˜ˢˡˆ˧˥˔˧˘˚ˬʮ ϧʷ˘˟˜˩˘˥˔˕˟˘ˣ˥ˢ˗˨˖˧ʮ˔ˡ˗ ϧˆ˖˛˘˗˨˟˘ʟ˜ˠˣ˟˘ˠ˘ˡ˧˔˧˜ˢˡʟ˔ˡ˗ˣ˛˔˦˜ˡ˚ˣ˟˔ˡ ʹˢ˟˟ˢ˪˜ˡ˚˥˘˩˜˘˪˔ˡ˗˥˔ˡ˞˜ˡ˚ˢ˙˧˛˘˦˘ˣ˥ˢˣˢ˦˔˟˦ʟ˖ˢ˦˧ˠ˔ˬ˕˘˖ˢˡ˦˜˗˘˥˘˗˔˦˔Ѓˡ˔˟ ˗˘˧˘˥ˠ˜ˡ˜ˡ˚˙˔˖˧ˢ˥˪˛˘ˡ˦˘˟˘˖˧˜ˡ˚˔Ѓ˥ˠʡ ʶˢˡ˦˨˟˧˔ˡ˧˦ˠ˔ˬ˕˘˜ˡ˩˜˧˘˗˧ˢ˔ˡ˜ˡ˧˘˥˩˜˘˪˪˜˧˛˧˛˘˦˘˟˘˖˧˜ˢˡ˖ˢˠˠ˜˧˧˘˘ˣ˥˜ˢ˥˧ˢ ˖ˢˠˠ˜˧˧˘˘˦˘˟˘˖˧˜ˢˡʡ ˅ʹ˃ˆʶʻʸʷˈʿʸʹ˂˅ˆʸʿʸʶˇʼ˂ˁʭ ʽ˨˟ˬʤʬʟʥʣʥʤ ʼ˦˦˨˘˅ʹ˃ ʴ˨˚˨˦˧ʤʪʟʥʣʥʤ ˅ʹ˃˗˨˘˔˧ʧʭʦʣˣʡˠʡ ʴ˨˚˨˦˧ʥʨʟʥʣʥʤ ʴˡ˧˜˖˜ˣ˔˧˘˗ʼˡ˧˘˥˩˜˘˪˦ ˆ˘ˣ˧˘ˠ˕˘˥ʥʣʟʥʣʥʤ ˅˘˖ˢˠˠ˘ˡ˗˔˧˜ˢˡ˧ˢʶ˜˧ˬʶˢ˨ˡ˖˜˟ ˂˖˧ˢ˕˘˥ʥʣʥʤ ˃˥ˢ˝˘˖˧ʾ˜˖˞ˢ˙˙ ˄˨˘˦˧˜ˢˡ˦˥˘˚˔˥˗˜ˡ˚˧˛˜˦˅ʹ˃˦˛ˢ˨˟˗˕˘˗˜˥˘˖˧˘˗˧ˢʽ˔ˬˠ˜ˊ˜˟˦ˢˡ ʨʣʪʠʦʥʫʠʥʣʥʦ˝˪˜˟˦ˢˡʳ˥ˢ˖˛˘˦˧˘˥ˠˡʡ˚ˢ˩ʡ ˔˧ˢ˥ 3DFNHW3J ʶʼˇˌ˂ʹ˅˂ʶʻʸˆˇʸ˅˅ʸ˄ˈʸˆˇʹ˂˅˃˅˂˃˂ˆʴʿˆ ˅˜˩˘˥˙˥ˢˡ˧ˆˠ˔˟˟ʴ˥˘˔˃˟˔ˡ˯ʽ˨˟ˬʤʬ˧˛ʟʥʣʥʤ )D ʴ˃˃ʸˁʷʼˋʴʭʴʷʷʼˇʼ˂ˁʴʿʵʴʶʾʺ˅˂ˈˁʷʴˁʷ˅ʸˆ˂ˈ˅ʶʸˆ ˇ˛˘˙ˢ˟˟ˢ˪˜ˡ˚ˣ˟˔ˡ˦˔ˡ˗˜ˡ˜˧˜˔˧˜˩˘˦ˣ˥ˢ˩˜˗˘˔˗˗˜˧˜ˢˡ˔˟˜ˡ˙ˢ˥ˠ˔˧˜ˢˡˢˡ˅ˢ˖˛˘˦˧˘˥˔ˡ˗˦˛ˢ˨˟˗ ˜ˡ˙ˢ˥ˠ˧˛˜˦˦ˠ˔˟˟˔˥˘˔ˣ˟˔ˡʡ ˅ˢ˖˛˘˦˧˘˥Ϡ˦ʶˢˠˣ˥˘˛˘ˡ˦˜˩˘˃˟˔ˡʟ˃˔ˡˡ˜ˡ˚ʥˆ˨˖˖˘˘˗ʥʣʧʣ ˛˧˧ˣ˦ʭʢʢ˪˪˪ʡ˥ˢ˖˛˘˦˧˘˥ˠˡʡ˚ˢ˩ʢ˛ˢˠ˘ʢ˦˛ˢ˪ˣ˨˕˟˜˦˛˘˗˗ˢ˖˨ˠ˘ˡ˧ʢʥʧʥʥʥʢʩʦʩʬʣʦʬʩʬʬʣʬʥʦʣʣʣʣ ˅ˢ˖˛˘˦˧˘˥˅˔ˣ˜˗ˇ˥˔ˡ˦˜˧˂˥˜˘ˡ˧˘˗ʷ˘˩˘˟ˢˣˠ˘ˡ˧˃˥ˢ˝˘˖˧ ˛˧˧ˣ˦ʭʢʢ˪˪˪ʡ˥ˢ˖˛˘˦˧˘˥ˠˡʡ˚ˢ˩ʢ˗˘ˣ˔˥˧ˠ˘ˡ˧˦ʢ˔˗ˠ˜ˡ˜˦˧˥˔˧˜ˢˡʢ˥ˢ˖˛˘˦˧˘˥ʠ˥˔ˣ˜˗ʠ˧˥˔ˡ˦˜˧ʠʦʩʩʬ ʷˢ˪ˡ˧ˢ˪ˡ˅ˢ˖˛˘˦˧˘˥ʥʣʤʣˀ˔˦˧˘˥˃˟˔ˡʛ˅˜˩˘˥˙˥ˢˡ˧˔ˡ˗ʴ˥˧˦ʷ˜˦˧˥˜˖˧ˣ˔˚˘ʪʫʜ ˛˧˧ˣ˦ʭʢʢ˪˪˪ʡ˥ˢ˖˛˘˦˧˘˥ˠˡʡ˚ˢ˩ʢ˛ˢˠ˘ʢ˦˛ˢ˪ˣ˨˕˟˜˦˛˘˗˗ˢ˖˨ˠ˘ˡ˧ʢʨʤʨʧʢʩʦʨʩʦʨʫʫʧʤʣʪʤʪʣʣʣʣ ʷˢ˪ˡ˧ˢ˪ˡˊ˔˧˘˥˙˥ˢˡ˧ˆʸˆˠ˔˟˟ʴ˥˘˔˃˟˔ˡ ˛˧˧ˣ˦ʭʢʢ˪˪˪ʡ˥ˢ˖˛˘˦˧˘˥ˠˡʡ˚ˢ˩ʢ˛ˢˠ˘ʢ˦˛ˢ˪ˣ˨˕˟˜˦˛˘˗˗ˢ˖˨ˠ˘ˡ˧ʢʦʤʨʤʬʢʩʦʪʨʫʫʧʬʣʦʩʧʫʦʣʣʣʣ ʷ˘˦˧˜ˡ˔˧˜ˢˡˀ˘˗˜˖˔˟ʶ˘ˡ˧˘˥ ˛˧˧ˣ˦ʭʢʢ˗ˠ˖ʡˠˡʢ ˅ˢ˖˛˘˦˧˘˥˃˔˥˞˦ˬ˦˧˘ˠˣ˟˔ˡ ˛˧˧ˣ˦ʭʢʢ˪˪˪ʡ˥ˢ˖˛˘˦˧˘˥ˠˡʡ˚ˢ˩ʢ˛ˢˠ˘ʢ˦˛ˢ˪˗ˢ˖˨ˠ˘ˡ˧ʲ˜˗ʰʤʤʨʪʣ ˅ˢ˖˛˘˦˧˘˥ʶˢˠˠ˨ˡ˜˧ˬʷ˘˩˘˟ˢˣˠ˘ˡ˧˅˘˦ˢ˨˥˖˘˦ ˛˧˧ˣ˦ʭʢʢ˪˪˪ʡ˥ˢ˖˛˘˦˧˘˥ˠˡʡ˚ˢ˩ʢ˚ˢ˩˘˥ˡˠ˘ˡ˧ʢ˗˘ˣ˔˥˧ˠ˘ˡ˧˦ʢ˖ˢˠˠ˨ˡ˜˧ˬʠ˗˘˩˘˟ˢˣˠ˘ˡ˧ʢˠ˔ˣ˦ʠ˟˜ˡ˞˦ʠ˔ˡ˗ʠ ˥˘˦ˢ˨˥˖˘˦ ˅ˢ˖˛˘˦˧˘˥˃˨˕˟˜˖ˊˢ˥˞˦ʶˢˡ˦˧˥˨˖˧˜ˢˡ˃˥ˢ˝˘˖˧˦ ˛˧˧ˣ˦ʭʢʢ˪˪˪ʡ˥ˢ˖˛˘˦˧˘˥ˠˡʡ˚ˢ˩ʢ˚ˢ˩˘˥ˡˠ˘ˡ˧ʢ˗˘ˣ˔˥˧ˠ˘ˡ˧˦ʢˣ˨˕˟˜˖ʠ˪ˢ˥˞˦ʢ˖ˢˡ˦˧˥˨˖˧˜ˢˡʠˣ˥ˢ˝˘˖˧˦ ˅ˢ˖˛˘˦˧˘˥ʶ˜˧ˬʴ˗ˠ˜ˡ˜˦˧˥˔˧˜ˢˡʟʸ˖ˢˡˢˠ˜˖ʷ˘˩˘˟ˢˣˠ˘ˡ˧ ˛˧˧ˣ˦ʭʢʢ˪˪˪ʡ˥ˢ˖˛˘˦˧˘˥ˠˡʡ˚ˢ˩ʢ˚ˢ˩˘˥ˡˠ˘ˡ˧ʢ˗˘ˣ˔˥˧ˠ˘ˡ˧˦ʢ˔˗ˠ˜ˡ˜˦˧˥˔˧˜ˢˡʢ˘˖ˢˡˢˠ˜˖ʠ˗˘˩˘˟ˢˣˠ˘ˡ˧ ʵ˜˖ˬ˖˟˘ˀ˔˦˧˘˥˃˟˔ˡ ˛˧˧ˣ˦ʭʢʢ˪˪˪ʡ˖ˢʡˢ˟ˠ˦˧˘˗ʡˠˡʡ˨˦ʢˣ˟˔ˡˡ˜ˡ˚ʢ˧˥ˡ˦ˣ˥˧ˡˣ˟ˡ˚ʢ˥ˢ˖ˢ˚ʢ˕˜˞˘ˠ˔˦˧˘˥ˣ˟˔ˡʥʣʤʤʢ˃˔˚˘˦ʢ˗˘˙˔˨˟˧ʡ˔˦ˣ˫ ˂˟ˠ˦˧˘˗ʶˢ˨ˡ˧ˬʶˢˠˣ˥˘˛˘ˡ˦˜˩˘ʻˢ˨˦˜ˡ˚ˆ˧˨˗ˬ ˛˧˧ˣ˦ʭʢʢ˪˪˪ʡ˥ˢ˖˛˘˦˧˘˥ˠˡʡ˚ˢ˩ʢ˛ˢˠ˘ʢ˦˛ˢ˪ˣ˨˕˟˜˦˛˘˗˗ˢ˖˨ˠ˘ˡ˧ʢʥʬʪʫʥʢʩʦʪʧʦʣʥʩʨʨʬʧʥʣʣʣʣʣ ʼˡ˧˘˚˥˔˧˘˗ˇ˥˔ˡ˦˜˧ˆ˧˨˗ˬʛʼˇˆʜ ˛˧˧ˣ˦ʭʢʢ˪˪˪ʡ˥ˢ˖˛˘˦˧˘˥ˠˡʡ˚ˢ˩ʢ˚ˢ˩˘˥ˡˠ˘ˡ˧ʢ˗˘ˣ˔˥˧ˠ˘ˡ˧˦ʢˣ˨˕˟˜˖ʠ˪ˢ˥˞˦ʢ˗ˠ˖ʠ˥˘˟˔˧˘˗ʠ˧˥˔ˡ˦˜˧ʠ˦˧˨˗˜˘˦ ˅ˢ˖˛˘˦˧˘˥ʶˢˠˠ˘˥˖˜˔˟ʻ˜˦˧ˢ˥˜˖ʷ˜˦˧˥˜˖˧ʷ˘˦˜˚ˡ˔˧˜ˢˡˆ˧˨˗ˬ ˛˧˧ˣ˦ʭʢʢ˪˪˪ʡ˥ˢ˖˛˘˦˧˘˥ˠˡʡ˚ˢ˩ʢ˛ˢˠ˘ʢ˦˛ˢ˪ˣ˨˕˟˜˦˛˘˗˗ˢ˖˨ˠ˘ˡ˧ʲ˜˗ʰʥʦʬʨʤ 3DFNHW3J ʶʼˇˌ˂ʹ˅˂ʶʻʸˆˇʸ˅˅ʸ˄ˈʸˆˇʹ˂˅˃˅˂˃˂ˆʴʿˆ ˅˜˩˘˥˙˥ˢˡ˧ˆˠ˔˟˟ʴ˥˘˔˃˟˔ˡ˯ʽ˨˟ˬʤʬ˧˛ʟʥʣʥʤ )D ʴ˃˃ʸˁʷʼˋʵʭʨˆˇʸ˃ˆˇ˂ʴʶʻʼʸˉʼˁʺˇʴ˅ʺʸˇʸʷʵˈˆʼˁʸˆˆʺ˂ʴʿˆ ʴ˖˧˜˩˘˟ˬ˔ˡ˗˔˚˚˥˘˦˦˜˩˘˟ˬ 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